ECONOMY

Shipping Report

TANKERS Conditions in all areas are quiet. – In the Med., due to very limited fresh inquiry rates are expected to move downward close to W/S 115 levels for the 80,000 tons of cargoes. – North Sea rates are expected to come under increased pressure, due to a prolonged period of inactivity. – Caribs remain stable, mainly because of the weather delays in the US Gulf ports. The 70,000 tons cargo liftings are fixed at around W/S 200. – Suezmaxes are stable, with M/T «Paros» out of W. Africa been fixed by Hess, loading August 20, discharging Caribs, at W/S 97.5. – VLCCs out of the same area are fixed at near W/S 50. Stasco for 260,000 tons of cargo, loading mid-August, discharging US Gulf, has fixed M/T «Else Maersk» at W/S 51.25. – In the Med., ENI for 80,000 tons of cargo, loading August 2 Egypt, discharging Med., has fixed M/T «Arafura Sea» at W/S 120. – In the Cont., BP has fixed M/T «Gotland Spirit» for 80,000 tons of cargo, loading August 2 for UKC round voyage, at W/S 130. – In Caribs, Valero has fixed M/T «Front Glory» for 135,000 tons of cargo, loading July 31, discharging USAC, at W/S 110. DRY CARGO Panamax rates have eased in the East, but charterers continue to take tonnage on period charter. – In the Atlantic the tone is more positive, with several ships reported fixed at steady rates. Panocean has fixed M/V «Doric Chariot,» 73,500 dwt, built 1994, delivery UK August 4-10, redelivery Far East, at USD 20,500 daily. – On Capers, the East market generally remains period-driven, with Cosco having fixed M/V «Pitsa D,» 170,109 dwt, built 2002, delivery China August 20-31 for 12-month period, at USD 24,750 daily. – Handy/Handymax still enjoy high freight levels, especially out of US Gulf and Black Sea. M/V «Britannia,» 48,377 dwt, built 1983, delivery S. Africa end July for 2 legs, has fixed at USD 11,750 daily. – On Panamax in Far East, Daiichi has fixed M/V «Bahia Blanca,» 74,043 dwt, built 1998, delivery Taiwan July 28-31, trip via Indonesia, redelivery Japan, at USD 18,000 daily. – In Atlantic, Daeyang has fixed M/V «Gao Zhou Hai,» 69,963 dwt, built 1994, delivery Netherlands end-July, trip via Baltic, redelivery China, at USD 18,750 daily. – On smaller sizes, M/V «Pandora P,» 37,614 dwt, built 1983, delivery S. Africa end-July for 2 legs, redelivery Atlantic, at USD 11,750 daily.