ECONOMY

Shipping Report

TANKERS Weaker conditions in all areas and sizes. – VLCCs out of Arabian Gulf are being fixed around W/S 42.5 for destinations both east and west. – Suezmaxes also are weaker, with Exxonmobil out of W. Africa having fixed M/T «Zallaq» for 130,000 tons of cargo, loading July 22, discharging US Gulf, at W/S 73.5. – The picture is similar for Aframaxes, with the 80,000-ton cargoes in the Med. being fixed around W/S 150 and at less than W/S 130 in the Cont. – In Caribs, 70,000-ton cargoes are being fixed at W/S 170. – In the Med., Noc for 80,000 tons of cargo, loading July 13 Libya, discharging Italy, has fixed M/T «Vukovar» at W/S 130. – In the Cont., Petrogal has fixed Lundqvist tonnage for 80,000 tons of cargo, loading July 15 UK, discharging USAC, at W/S 134.5. – In Caribs, BP for 70,000 tons of cargo, loading July 10, discharging US Gulf – Atlantic, has fixed M/T «Genmar Baltic» at W/S 120. – In W. Africa, Exxonmobil for 130,000 tons of cargo, loading July 27, discharging US Gulf, has fixed M/T «Ceres» at W/S 72.5. DRY CARGO Capesizes appear to be more active in the east, with several ships being fixed mainly for cargoes with destination China. M/V «Nike,» 151,688 dwt, built 1995, delivery July 16-19 Philippines via W. Australia, redelivery China, was fixed at USD 28,000 daily. – On T/C periods, Coeclerici has fixed M/V «Setsuyo Star,» 170,808 dwt, built 1985, delivery July 10-20 Philippines for 1 year’s trading at USD 19,000 daily. – Atlantic rates remain easier, with talk of under USD 16.00 being booked on the iron ore run from Tubarao / China. – On Panamaxes, the sentiment is bullish, especially in the Atlantic, with good demand for mineral cargoes with destinations east. – On T/C periods, Louis Dreyfus has fixed M/V «Pruva,» 74,137 dwt, built 1995, delivery mid-July Israel for 12 months’ trading at USD 14,000 daily. – On Handies / Handymaxes, US Gulf rates remain firm. – On smaller sizes, Ed&F Man has fixed M/V «Tai Gu Hai,» 37,393 dwt, built 1985, delivery USAC July 10-20, redelivery UKC, at USD 14,000 daily.