ECONOMY

Shipping Report

TANKERS Weaker conditions in all areas except for VLCCs out of Arabian Gulf with latest fixtures at W/S 60-62.5 with destination East and W/S 52.5 for trips West. – On Suezmaxes out of W. Africa, Petrogal for 130,000 tons of cargo, loading Nigeria July 21, discharging Portugal, has five offers at W/S 115. – Aframaxes almost steady in the Med. but market thinning while the 80,000-ton round-trip voyages in the Cont. are hovering around W/S 130. – Caribs weaker than last week with the 70,000-ton cargo liftings being fixed at W/S 105-110. – In the Med., Chevtex for 80,000 tons of cargo, loading June 30 Libya, discharging Med., has fixed Lundqvist tonnage at W/S 190. – In the Cont., Navion for 80,000 tons of cargo, loading July 1, discharging UKC, has fixed M/T «Eagle Trenton» at W/S 150. – In Caribs, Valero has fixed M/T «Corcovado» for 70,000 tons of cargo, loading July 2 East Coast Mexico, discharging US Gulf, at W/S 120. DRY CARGO Trading on the Capesize market appears to have almost ground to a halt. Posco awarded Korea Line its tender to move an August 1-15, 150,000 to 187,000-ton ore cargo from Ponta da Madeira to Kwangyang at an easier USD 14.44 per ton. – On Panamaxes, the action has switched to the Atlantic and, though late in the season, the refreshed activity from S. America has firmed freights to Eastern destinations at near USD 18,000 daily. – M/V «Atlantic Eagle,» 74,086 dwt, built 2001, delivery Lagos July 1-5 trip via S. America, redelivery Far East, was fixed at USD 17,750 daily. – In the East, for this type of vessel, the pressure remains for early ships. However, big modern tonnage vessels still enjoy healthy figures. NYK has fixed M/V «Tian Tong Feng,» 74,275 dwt, built 2001, delivery China July 4-7, trip via Newcastle, redelivery Japan at USD 17,500 daily. – In the Atlantic, Cargill has fixed M/V «Shekou Sea,» 72,394 dwt, built 1996, delivery Passero end June, trip via Brazil, redelivery Spain at USD 15,500 daily. – On smaller sizes, Hanjin has fixed M/V «K. Topaz,» 43,797 dwt, built 1996, delivery US Gulf July 8-10, redelivery Japan at USD 20,500 daily.