ECONOMY

Shipping Report

TANKERS The VLCCs market is softening with 260,000-ton cargoes to the Arabian Gulf / Far East hovering around W/S 77.5. – Suezmaxes out of W. Africa also appear weaker with less inquiry. Latest fixtures at W/S 143 for 130,000-ton cargoes and expected to move into the W/S 130s shortly. – In the Cont. for the same sized vessels, market seems stable with 135,000-ton cargoes being fixed at W/S 150. – Aframaxes in the Med. are being fixed around W/S 187.5, while Cont., due to lack of inquiry, is expected to move to less than W/S 150. – In Caribs, Premcor has fixed M/T «Genmar Nestor» for 70,000 tons of cargo, loading June 20, discharging US Gulf, at W/S 232.5, while Hess for 50,000 tons of cargo, loading Caribs, discharging USAC, has fixed M/T «United Sunrise» at W/S 200. – In the Med., KPC for 80,000 tons of cargo, loading June 25 Libya, discharging Italy, has fixed M/T «Hamane Spirit» at W/S 192.5. – In the Cont., BP for 80,000 tons of cargo, loading June 28, discharging UKC, has fixed M/T «Overseas JC» at W/S 155. – In W. Africa, Petrobras has fixed M/T «Al Dawha» for 130,000 tons of cargo, loading June 28, discharging Brazil at W/S 145. DRY CARGO Panamax rates remain strong in the East, with round-trip Pacific/Australia voyages at USD 17,000 daily or more. Owners prefer to stay in the area or to fix for short periods than to employ the vessel for backhaul employment. – In Atlantic, at least 10 new orders are quoted in the market addressed to a similar number of available vessels. – Cape rates have eased in the Atlantic with early tonnage, particularly older types, still unfixed. – Asian rates remain strong with Mol Navix having fixed M/V «KWK Exemplar,» 169,300 dwt, built 2001, delivery Taiwan July 7-10 trip via W. Australia, redelivery Japan at USD 34,000 daily. – Handy/Handymax rates expected to rise out of US Gulf, due to scarcity of tonnage in the area. – On Panamax in Far East, Noble has fixed M/V «Arabella,» 75,592 dwt, built 2001, delivery Korea June 19-24 for 4-6 month period at USD 15,800 daily. – In Atlantic, Sanko has fixed M/V «Rain Kiss,» 69,053 dwt, built 1996, delivery Brazil June 27-30, redelivery Japan, at USD 17,000 daily and USD 350,000 ballast bonus. – On smaller sizes, IVS has fixed M/V «Swift,» 36,850 dwt, built 1983, delivery S. Africa June 20-30, redelivery Continent at USD 11,000 daily.