ECONOMY

Shipping Report

TANKERS Firmer rates for VLCCs out of Arabian Gulf, with SPC having fixed M/T «Front Duchess» for 270,000 tons of cargo, loading April 6, discharging Singapore, at W/S 137.5. – Improved rates for same size vessels out of W. Africa. Latest fixtures at W/S 135 with destinations West and W/S 97.5 with destinations East, while tonnage is thinning out for April dates. – Suezmaxes out of W. Africa in balance. Rates at mid W/S 160s, while Med. firmer for cargoes out of Ceyhan, with the latest fixtures near W/S 160. – Aframaxes stable in the Med. and Cont., with ENI having fixed M/T «Gaetano d’Alesio» for 80,000 tons of cargo, loading March 21 Egypt, discharging Italy, at W/S 210, while in the Cont., BP has fixed M/T «Rebecca» for same cargo, loading March 19, discharging UKC, at W/S 152.5. – Caribs even firmer, with Stusco having fixed M/T «Bergitta» for 70,000 tons of cargo, loading March 21, discharging USAC, at W/S 285, while Citgo has fixed M/T «Four Bay» for same cargo, loading March 20, discharging US Gulf, at W/S 275. DRY CARGO Trading in the East has been largely overshadowed by force majeure declared at W. Australian ports due to flood problems getting ore to Cape Lambert and Dampier. – Capesize owners are now keen to get back to the Atlantic or drop their rates to secure alternative cargoes for round-trip voyages. – On the T/C period fixtures, Swiss Marine has fixed M/V «Cape Cosmos,» 138,102 dwt, built 1981, delivery Med. beg. April for two years’ trading at USD 45,000 daily, while same charterers have fixed M/V «Tian Li Hai,» 148,225 dwt, built 1999, for 4-6 months’ trading at USD 75,000 daily. – The Panamax market is interesting in both areas, particularly in the Atlantic, with the minerals still dominating trade. – China Steel has fixed M/V «Torm Rotna,» 75,971 dwt, built 2001, delivery France beg. March, trip via East Coast S. America, redelivery Taiwan, at USD 52,000 daily, while M/V «Anitra,» 73,095 dwt, built 1995, delivery Cape Passero March 13-15 for 2 laden legs, redelivery Atlantic, was fixed at USD 46,000 daily. – In Far East, NYK has fixed M/V «Lake Sequoia,» 75,955 dwt, built 2001, delivery China March 12-13, trip via Queensland, redelivery Japan, at USD 46,000 daily, while Daeyang has fixed M/V «Rain Kiss,» 69,053 dwt, built 1996, delivery Japan March 18-20, trip via Nopac, redelivery Taiwan, at same levels. – Strong period rates were agreed upon for Handymaxes, with Samsun having fixed M/V «Pindos,» 50,383 dwt, built 1994, delivery beg. June for 12 months’ trading, at USD 35,000 daily.