ECONOMY

Shipping Report

TANKERS A slow start in the North Sea, while Primorsk activity seems to have slowed down after all the activity for dates in the first half of May. The cross-North Sea rate is anticipated at around W/S 140 while the market does need to be tested. – The picture is similar in the Mediterranean, with normal cross cargoes hovering at around W/S 205-210. – CSSA has fixed M/T «Athina M» for 80,000 tons of cargo, loading 10 May Syria, discharging Med., at W/S 195, while Tamoil for same cargo, loading Libya, discharging Med., has fixed M/T «Gaetano d’Alesio» at W/S 200. – Exxon has fixed M/T «Baltic Sea» for 80,000 tons of cargo, loading Tunisia, discharging Italy, at W/S 210. – Caribs stable, with latest rates for cross 70,000-ton cargo liftings at W/S 160. – Suezmax rates are also weak out of West Africa. Sun confirmed M/T «Venetia» for 130,000 tons of cargo, loading May 26, discharging USAC, at W/S 107.5, and due to sparse inquiry for the rest of May rates are expected to fall further still. – North Sea is at W/S 105 for transatlantic voyages, while in the Med. rates are expected to stabilize at around W/S 110, taking into account the latest increases of Aframax. – VLCCs market is still weak, with Zhenrong having fixed M/T «Progress» for 255,000 tons of cargo, loading May 25, discharging China, at W/S 78.5. In the meantime, Stasco has fixed M/T «Radiant Jewel» for 275,000 tons of cargo, loading May 10, discharging US Gulf, at W/S 65. DRY CARGO A slow start after the bank holiday. – On the latest fixtures and on Capers, Swiss Marine has fixed M/V «Princess Nadia,» 152,329 dwt, built 1987, delivery May 7-9 China, trip via South Africa, redelivery Rotterdam, at USD 31,500 daily. – On Panamax in the Far East, Keoyang has fixed M/V «Anina,» 73,040 dwt, built 1996, delivery Japan mid-May, trip via Australia, redelivery Malaysia, at USD 23,500 daily, while Dreyfus has fixed M/V «Lacerta,» 71,862 dwt, built 1994, delivery mid-May Japan too, redelivery Far East, at USD 22,850 daily. – In the Atlantic, Flame has fixed M/V «Seaguardian,» 75,200 dwt, built 1999, delivery US Gulf May 8-10, redelivery Rotterdam, at USD 33,750 daily and USD 540,000 ballast bonus, while Navios has fixed M/V «Altair,» 74,665 dwt, built 2001, delivery Spain mid-May for two legs via Saint Lawrence & US Gulf, redelivery Japan, at USD 38,000 daily.