ECONOMY

Shipping Report

TANKERS A very quiet market, with an absence of cargoes in all areas. – Aframaxes in the Med. with ample supply, while latest fixtures for 80,000-ton cargoes at W/S 120. – Northern Europe market looks the same, with Dreyfus having fixed M/T «Progress» for 80,000 tons of cargo, loading Feb. 24 East Coast UK, discharging UKC, at W/S 160. Market expected to remain inactive with owners starting to feel increasingly under pressure. – Caribs moved rapidly down from last week’s rates of W/S 335 for 70,000-ton cargoes (Marathon, East Mexico / loop fixture) to W/S 245. Valero has fixed OSG tonnage for 70,000 tons of cargo, loading Feb. 28, discharging US Gulf, at above-said levels. – Suezmaxes also quiet, with limited inquiry in all areas. – CSSA in the North Sea has fixed M/T «Grena» for 135,000 tons of cargo, loading UKC, discharging UK, at W/S 180. – On VLCCs and out of Arabian Gulf, Chevtex for 260,000 tons of cargo, loading March 10, discharging Far East, has fixed M/T «Sebu» at W/S 125. – In the Med., AOT has fixed M/T «Montiron» for 80,000 tons of cargo, loading Feb. 23 Morocco, discharging UKC-Med., at W/S 150. – In West Africa and on VLCCs, Vitol for 260,000 tons of cargo, loading March 3, discharging Far East, has fixed M/T «Agios Nikolaos» at W/S 126.5. DRY CARGO Supply of Capers in the Atlantic remains tight, while activity is increasing. – In the East, rates are expected to move upward after a number of new cargoes in the market. – In the Atlantic, Mol Navix has fixed M/V «Alpha Action,» 150,790 dwt, built 1994, delivery Feb. 20-22 Rotterdam, trip via Brazil, redelivery Japan, at USD 100,000 daily. – In Far East, Cargill for 150,000 tons of coal, loading beg. March, S. Africa, discharging Israel, has fixed M/V «Karteria» at USD 22.90 per ton, while Panocean has fixed M/V «Aquagem,» 167,102 dwt, built 1997, delivery Feb. 22-27 for Australian round-trip voyage, at USD 68,000 daily. – Panamax market is firmer in both the Atlantic and Far East but the number of ships being fixed has been limited. – In the Atlantic, rates have firmed several thousand dollars in some cases and this without any significant fresh grain business. – In the East, the Chinese remained long on tonnage but several European charterers and the Japanese have been active. – On smaller sizes, Dreyfus has fixed M/V «Sea Venus,» 50,913 dwt, built 2000, delivery China end Feb., redelivery Taiwan, at USD 33,500 daily. – On ore cargoes, Deiulemar has fixed M/V «KWK Genesis» for 155,000 tons of cargo, loading Brazil March 10-20, discharging Rotterdam, at USD 20.75 per ton with six days all purposes.