ECONOMY

Shipping Report

TANKERS VLCCs at stable rates for destinations east. Most cargoes are still being fixed at W/S 8.5, while Suezmaxes are being fixed at lower numbers in W. Africa. – Exxonmobil has fixed M/T «Tromso Fidelity» and M/T «Nisyros» for 130,000 tons each, loading end June, discharging US Gulf at W/S 134. – Stable conditions on Aframaxes in the Med./Cont. and Caribs. – In the Med., due to activity out of Black Sea, rates for 80,000-ton cargoes are holding at around W/S 200. – In the Cont., modern Aframaxes are being fixed at W/S 160 for round-trip voyages, while in Caribs 70,000-ton cargo liftings are still being fixed at W/S 240-242.5. – In the Med., Vitol for 80,000 tons of cargo, loading June 13 Black Sea, discharging Med., has fixed M/T «Gaetano d’Alesio» at W/S 200. – In the Cont., Petrogal for 80,000 tons of cargo, loading June 18 UK, discharging USAC, has fixed M/T «Luzon Spirit» at W/S 157.5. – In Caribs, Conoco has fixed M/T «Eagle Toledo» for 70,000 tons of cargo, loading June 14 Venezuela, discharging US Gulf at W/S 235. DRY CARGO Bullish market on Capers, with a number of vessels still on subject. There is talk of a very large Capesize having turned down USD 40,000 daily for the run east. – Eastern market is definitely much more active, with owners revising sharply upward their rate quotes. A vessel of 170,000 dwt, built 1985, has turned down USD 28,000 daily for a round-trip voyage in the area. – Panamax rates remain weak, especially in the Atlantic, with more vessels appearing in the market. – Rates in the east remain stable, with Kline having fixed M/V «Silver One,» 72,900 dwt, built 2000, delivery Hong Kong beg. June trip via India, redelivery Japan, at USD 16,500 daily. – In the Atlantic, Bunge has fixed M/V «Red Fern,» 73,326 dwt, built 1998, delivery Argentine mid-June, redelivery Far East at USD 17,000 daily and USD 380,000 ballast bonus. – On smaller sizes, Peninsular has fixed M/V «Med Integrity,» 43,381 dwt, built 1984, delivery mid-June US Gulf, redelivery Turkey at USD 19,500 daily and USD 30,000 ballast bonus.