ECONOMY

Shipping Report

TANKERS A quiet start to the week in the Mediterranean, with minor fresh inquiry out of the Black Sea. Rates are holding at W/S 110-115 and W/S 100-105 for the normal cross-Med. voyages. – In the Cont., Baltic inquiry is continuing to drive the market, especially as far as cargoes out of Primorsk are concerned. Rates for 100,000-ton cargoes are being fixed at W/S 150. – Caribs are firming, with the latest 70,000-ton cargo liftings being fixed at W/S 150. – The Suezmax market is stable in West Africa as well as in the Mediterranean. Cargo sizes of 130,000 and 135,000 tons are being fixed at rates of W/S 120 and W/S 135, respectively. – On VLCCs and in the Arabian Gulf, Engen has fixed M/T «Iran Harsin» for 270,000 tons of cargo, loading May 9, discharging South Africa, at W/S 102.5, while IOC for 276,000 tons of cargo, loading May 8, discharging India, has fixed M/T «Settebello» at W/S 95. – In the Med., Tamoil for 80,000 tons of cargo, loading May 7 Libya, discharging Mediterranean, has fixed M/T «Gaetano d’Alesio» at W/S 95. – In the Cont., Lukoil for 100,000 tons of cargo, loading May 4, discharging UKC, has fixed M/T «Minerva Helen» at W/S 147.5. – In Caribs, BP for 70,000 tons of cargo, loading May 9, discharging US Gulf, has fixed Teekay tonnage at W/S 142.5. DRY CARGO The Capesize market is quieter with almost stable rates in the Atlantic while it’s weakening in the Far East. Last Friday (April 23)’s index has lost 86 points, totaling 5,485, while the Panamax index has lost 140 points, totaling 4,459. – The latest Caper fixture is that of M/V «Pacific Confidence,» 180,000 dwt, built 2004, which was fixed for a transatlantic voyage, delivery Italy, at USD 75,000 daily. – The Panamax rates in the East have dropped by several dollars and so far there is no sign that the market has reached bottom. – Kline has fixed M/V «Gianfranca d’Amato,» 74,710 dwt, built 2000, delivery end April Japan, trip via Indonesia, at USD 29,500 daily, while Dreyfus has fixed M/V «Willi Salamon,» 74,000 dwt, built 2000, delivery Japan end April, redelivery Far East, at USD 33,500 daily. – In Atlantic, Ugland has fixed M/V «Kookaburra,» 75,607 dwt, built 2000, delivery France May 5-7, trip via Poland, redelivery Italy, at USD 42,000 daily. – On smaller sizes, WBC has fixed M/V «Jovialty,» 45,564 dwt, built 1982, delivery May 2-5 Turkey, trip via Black Sea, redelivery US Gulf, at USD 23,000 daily.