ECONOMY

Shipping Report

TANKERS Weaker conditions for VLCCs for destinations East and West from the Arabian Gulf, with rates at W/S 57.5 and W/S 45 respectively. – Lesser demand also for Suezmaxes in the Med., with rates around W/S 160 for 135,000-ton cargoes. – Market in W. Africa has not been yet tested. The latest fixtures are at W/S 110 for 130,000-ton cargoes with destination USAC. – Aframaxes steady in the Med. but with lesser new inquiry. The 80,000-ton cargoes are still being fixed at W/S 180. – Cont. and Caribs weaker. – In the Med., Eni for 80,000 tons of cargo, loading June 28 Libya, discharging Italy, has fixed M/T «Kalymnos» at W/S 165. – In Caribs, Premcor for 70,000 tons of cargo, loading July 1, discharging US Gulf, has fixed M/T «Rich Duchess» at W/S 177.5. – In Arabian Gulf, KPC has fixed M/T «New Vanguard» for 275,000 tons of cargo, loading July 11, discharging US Gulf/UKC/Red Sea at W/S 47.5 / W/S 50 and W/S 57.5, respectively. DRY CARGO Several Capers have been fixed in the Atlantic with rates holding steady. Korea Line has fixed M/V «Pantagruel,» 151,053 dwt, built 1995, delivery Immingham July 15-25, for 3-5 months’ trading at USD 27,000 daily. – In the East, 150,000-tonners are being fixed at USD 28,000 daily for the normal round-trip voyages. – Rates remain strong for Panamaxes in the East. Noble has fixed M/V «SD Glory,» 68,634 dwt, built 1987, delivery Philippines July 3-10, trip via W. Australia, redelivery China, at USD 16,000 daily. – In the Atlantic, owners of large modern types continue to offer tonnage at USD 16,500 daily for the run to the East. – Handymax rates are firmer from the US Gulf and N. Coast of S. America. Smasun has fixed M/V «Navios Mercator,» 53,552 dwt, built 2002, delivery USAC for a trip via North Coast S. America to the UK at USD 17,000 daily. – In Far East, Keoyang has fixed M/V «Rodon Amarandon,» 74,090 dwt, built 2001, delivery China end June, trip via Australia, redelivery Port Kelang, at USD 17,050 daily. – In the Atlantic, Von Appen has fixed M/V «Saturn V,» 62,200 dwt, built 1980, delivery July 5-10 Spain via UKC, redelivery S.E. Asia, at USD 13,750 daily. – On smaller sizes, Bunge has fixed M/V «Obi Wan,» 41,762 dwt, built 1984, delivery US Gulf end June for 2-3 laden legs, redelivery Atlantic, at USD 13,250 daily. – On coal cargoes, Ispat has fixed M/V «Lara» for 70,000 tons of cargo, loading USAC end June – beg. July, discharging Algeria, at USD 12.00 per ton with 30,000-ton load and 10,000 tons discharge.