ECONOMY

Shipping Report

TANKERS Another quiet day in the Med., with Suezmaxes entering the Aframax market in the area. Rates are expected to decline. – The Cont. market has picked up slightly after a couple of relatively quiet days although rates remain unaltered. – Ursa has fixed M/T «Progress» for 100,000 tons of cargo, loading May 18-19 Primorsk, discharging UKC, at W/S 137.5. – Caribs are firming and from the last levels of W/S 160 for the 70,000-ton round-trip voyages have moved to W/S 210-215. Atmi has fixed M/T «Serenity» at W/S 210, loading May 14, discharging US Gulf. – Suezmax market out of W. Africa is extremely quiet, with rates less than W/S 100 for the 130,000-ton cargoes with destination USAC. – Sun has fixed M/T «Genmar Prometheus» for 130,000 tons of cargo, loading May 30, discharging USAC, at W/S 95. – N. Sea market remains low and rates are expected to fall in line with W. African market. The picture is similar for this type of tonnage in Caribs but activity is expected after the improved Aframax rates. – VLCCs quiet, with limited fresh inquiry. Valero has fixed M/T «Hampstead» for 277,000 tons of cargo, loading May 22, at W/S 69.5, with destination US Gulf, while Hyundai for 270,000 tons of cargo, loading May 12, discharging S. Korea, has fixed M/T «Oriental Venture» at W/S 82.5. DRY CARGO Very limited inquiry for Capers in both areas as opposed to the Panamax market. – In the first working day, the Panamax index has lost 110 points, totaling 4,734, while the Panamax index has gained 61 points, totaling 3,909. – On Capers, Kleimar has fixed M/V «Zorbas,» 174,505 dwt, built 1996, delivery China May 8-9, trip via S. Africa, redelivery UKC, at USD 32,000 daily. – On Panamax in Far East, Pan Ocean has fixed M/V «Sofia III,» 69,146 dwt, built 1998, delivery May 5-8 Japan, redelivery Far East, at USD 25,000 daily. – In Atlantic, Transfield has fixed M/V «United Seas,» 74,500 dwt, built 1998, delivery May 1-17 Italy, redelivery East Med., at USD 32,500 daily. – On coal cargoes, Formosa Bulk Plastics has fixed M/V «Erradale» for 150,000 tons of cargo, loading June 9-18 S. Africa, discharging China, at USD 17.00 per ton with two-day load and 30,000 tons discharge.