ECONOMY

Shipping Report

TANKERS Stable rates for VLCCs out of the Arabian Gulf. NGT for 270,000 tons of cargo, loading February 28, discharging Japan, has fixed M/T «C. Trust» at W/S 141.25. – The West Africa market is also at stable levels for destinations US Gulf. Hess has fixed M/T «Overseas Ann» for 260,000 tons of cargo, loading February 23, discharging Caribs at W/S 205. – On Suezmaxes, Repsol for 130,000 tons of cargo, loading February 10, discharging Spain, has fixed M/T «Nordic Brazilia» at W/S 260. – Aframaxes in the Med. and Cont. are at almost the same rates as last week with Saras having fixed M/T «Laura» for 80,000 tons of cargo, loading January 31 Algeria, discharging Med., at W/S 305, while Caribs have dropped to W/S 225 for 70,000-ton round-trip voyages. – In the Cont., J&S for 100,000 tons of cargo, loading February 10 Poland, discharging UKC, has fixed M/T «Eagle Augusta» at W/S 242.5. – In Arabian Gulf, Eni for 280,000 tons of cargo, loading February 25, discharging Red Sea, has fixed M/T «Astro Callisto» at W/S 190. DRY CARGO Trading remains very slow and is expected to begin to move in the middle of this week, when Chinese charterers are back in their offices. – Shourong has fixed M/V «Primo,» 132,049 dwt, built 1982, delivery February 5-9 China for Australian round-trip voyage at USD 72,500 daily. – The Panamax market has started to pick up in both the Atlantic and Far East. Period rates remain strong, with charterers chasing tonnage but most owners prefer to wait, anticipating higher freight levels after the return of the Chinese charters. – Corus has fixed M/V «Tian Tong Feng,» 74,275 dwt, built 2001, delivery Passero via Brazil, redelivery UK, at USD 40,000 daily, while Kline has fixed M/V «Galateia,» 71,504 dwt, built 1993, delivery Japan February 1-5 for 3-5 months’ trading at 45,000 daily. – On smaller sizes, BBT has fixed M/V «Warrior,» 38,880 dwt, built 1984, delivery China end-January, trip via Australia, redelivery Iraq, at USD 20,500 daily.