ECONOMY

Shipping Report

TANKERS A lot of activity for Panamaxes in N. Sea. More than seven vessels are on subjects but rates remain unaltered. The 80,000-ton cargoes are still being fixed at W/S 140. – Another quiet day in the Med., with rates hovering around W/S 140-145 for the same-sized vessels, while in Caribs, Petrobras for 70,000 tons of cargo, loading May 25, discharging USAC, has fixed M/T «Regent» at W/S 210. – Suezmaxes at W/S 130 out of W. Africa due to thinning list of vessels. N. Sea expected to follow, with latest fixtures at W/S 102.5 with destination US Gulf. TTMI has fixed M/T «Front Fighter» for 135,000 tons of cargo, loading May 22, at above-said levels. – In the Med., the cross cargoes are being fixed at W/S 110, while out of B. Sea are being fixed 5-10 points above that level. – On VLCCs, Vela for 300,000 tons of cargo, loading June 8, discharging US Gulf, has fixed M/T «Folk Sea» at W/S 88, while with destination Singapore SPC for 260,000 tons of cargo, loading June 6, has fixed M/T «Eastern Fortune» at W/S 108. – In the Med., Tamoil for 80,000 tons of cargo, loading May 24 Libya, discharging Med., has fixed M/T «Pacific Sapphire» at W/S 145. – In the Cont., BHP for 80,000 tons of cargo, loading May 26, discharging UKC, has fixed M/T «Nordic Yukon» at W/S 147.5. – In Caribs, Petrobras has fixed M/T «Rich Duchess» for 70,000 tons of cargo, loading May 25, discharging USAC, at W/S 210. – In W. Africa, Sun for 130,000 tons of cargo, loading June 9, discharging USAC, has fixed M/T «Genmar Harriet» at W/S 117.5. – In Arabian Gulf, SPC has fixed M/T «Eastern Fortune» for 260,000 tons of cargo, loading June 6, discharging Singapore, at W/S 108. DRY CARGO Several Capesize vessels have been fixed in the East, while rates continue to slip due to presence of tonnage. – The lower rates have attracted some period interest with Rio Tinto closely working a Kline 205,000 dwt, newbuilding for delivery ex-yard Imabari end 2005 or early 2006 for 10 days’ trading at a much lower USD 18,500 daily, while Cosco was reportedly on subs with the M/V «Cic Captain Veniamis,» 171,448 dwt, built 2001, for July-August this year for 5 years’ trading at USD 26,000 daily. – On round-trip voyages in the East, Seyang has fixed M/V «Kyushu Star,» 143,936 dwt, built 1982, delivery China May 21-23, trip via Australia, redelivery S. Korea, at USD 32,750 daily. – Panamax rates are under pressure both in the East and Atlantic. – In Far East, Daiichi has fixed M/V «Eleranta,» 73,222 dwt, built 1995, delivery Taiwan May 21-22, trip via Australia, redelivery Japan, at USD 31,000 daily. – In Atlantic, BTG has fixed M/V «Juno Island,» 72,080 dwt, built 1997, delivery May 14-16 Skaw, redelivery Fos, at USD 33,000 daily. – On smaller sizes, PLC has fixed M/V «Chief,» 23,509 dwt, built 1985, delivery Indonesia end May, trip via W. Australia, redelivery Far East, at USD 18,000 daily. – On grain cargoes, Glencore has fixed Turkish tonnage for 25,000 tons of cargo, loading US Gulf end May, discharging Algeria, at USD 35.90 per ton with 5,000-ton load and 4,000 tons discharge.