ECONOMY

Shipping Report

TANKERS The VLCC market is quieter in the Arabian Gulf with Exxon receiving 14 offers for her cargo with destination East. Rates are hovering around W/S 80 and W/S 95 for West and East, respectively. – The picture is similar for Suezmaxes out of W. Africa, with rates around W/S 115, while Med. cargoes are being negotiated at W/S 130-135 levels. – Aframax cargoes in the Med. are being fixed at W/S 120-125 out of the Black Sea, while the cross Med. voyages are still being fixed at W/S 105-110 levels. – Baltic in the N. Sea remains fairly active for the first half of May, with rates for 100,000-ton cargoes at W/S 147.5. – In Caribs, the 70,000-ton cargo liftings are being fixed at W/S 150-155. Citgo has fixed M/T «Genmar Minotaur,» loading May 11, discharging US Gulf, at W/S 155, while Valero for same cargo, loading April 30 East Coast Mexico, discharging US Gulf, has fixed M/T «Jag Laxmi» at W/S 150. – In the Med., Minco for 80,000 tons of cargo, loading beg. May Black Sea, discharging Med., has fixed M/T «Hellas Warrior» at W/S 115. – In the Cont., CSSA has fixed Navion tonnage for 80,000 tons of cargo, loading mid-May, discharging UKC, at W/S 150. – In W. Africa, Sun for 130,000 tons of cargo, loading May 20, discharging USAC, has fixed M/T «Wilana» at W/S 115. – In Arabian Gulf, Petrobras for 270,000 tons of cargo, loading May 8, discharging Brazil, has fixed M/T «Astro Leon» at W/S 87.5. DRY CARGO Panamax rates generally lower, with Cargil having three ships in the market willing to accept USD 41,000 daily with destination East. – Dreyfus has fixed M/V «Triton,» 75,336 dwt, built 2001, delivery May 7-14 US Gulf, redelivery Japan, at USD 44,500 daily and USD 700,000 ballast bonus. – In the East, there is some activity but generally the outlook is gloomy. S. Korean charterers now are talking in the upper USD 20,000 daily for round-trip voyages. – On Capers, Coscobulk has fixed M/V «Faneromeni,» 149,212 dwt, built 1989, delivery China May 1-8, trip via Australia, at USD 53,750 daily. – On Panamax in Far East, Nasl has fixed M/V «An Angel Omonia,» 73,519 dwt, built 1996, delivery May 1-2 Korea, trip via Nopac, redelivery China, at USD 33,800 daily. – On smaller sizes, Ed&F Man has fixed M/V «Pontokratis,» 28,738 dwt, built 1981, delivery US Gulf end April, redelivery East Med., at USD 26,500 daily. – On coal cargoes, Taipower has fixed Sun united tonnage for 120,000 tons of cargo, loading Australia June 2-15, discharging Taiwan, at USD 18.66 per ton, with 35,000-ton load and 24,000 tons discharge.