ECONOMY

Shipping Report

TANKERS A very active market for Suezmaxes in the Med., with rates rising due to a short supply of tonnage and additional fresh inquiry, mostly out of Black Sea. The last fixed for 145,000-ton cargoes was near W/S 147.5. The W. Africa market is also on a similar course. Koch has fixed Alliance tonnage for 130,000 tons of cargo, loading June 8, discharging US Gulf, at W/S 140. Aframaxes also are firming in the Med., with round-trip voyages at W/S 150. In the N. Sea, Exxonmobil for 80,000 tons of cargo, loading end May, discharging UKC, has fixed M/T «Nordic Torinita» at W/S 150, while BP for same cargo, loading Baltic end May, same destination, has fixed M/T «Kuban» at same levels. Caribs quieter, while on VLCCs, BP has fixed tanker tonnage for 280,000 tons of cargo, loading June 13, discharging US Gulf – USAC at W/S 90 – W/S 100, respectively. In W. Africa, Hess for 130,000 tons of cargo, loading June 15, discharging Caribs, has fixed M/T «Genmar Macedon» at W/S 136.25. In Arabian Gulf, Tupras for 295,000 tons of cargo, loading June 1, discharging Red Sea, has fixed M/T «Al Shegaya» at W/S 150. DRY CARGO Trading in Capers and Panamaxes remains very slow. Rates expected to fall further. China Steel in Far East has fixed M/V «Mellow Wind,» 170,164 dwt, built 1997, delivery end May Philippines via Australia, redelivery Taiwan, at USD 35,000 daily, while Transfield has fixed M/V «Virginia 1,» 194,160 dwt, built 1981, delivery Taiwan May 17-19, trip via Western Australia, redelivery China, at USD 42,000 daily. A slow start, as we have reported, for Panamaxes too. Market once again is lacking fresh inquiry. The Atlantic remains very short for fronthaul business, particularly for grain cargoes. Wilmar has fixed M/V «Coral Wind,» 72,456 dwt, built 1997, delivery end May Belgium, redelivery China, at USD 32,000 daily. On Panamax in Far East, Source Link has fixed M/V «Minoan Hope,» 64,877 dwt, built 1982, delivery Taiwan May 17-19, trip via Australia, redelivery East Coast India, at USD 18,000 daily. On smaller sizes, TGP has fixed M/V «Adrianople,» 37,700 dwt, built 1989, delivery Morocco end May, redelivery East Coast Mexico, at USD 20,000 daily. On coal cargoes, Carboex has fixed Bottiglieri tonnage for 70,000 tons of cargo, loading June 1-15, Richards Bay, discharging Italy, at USD 18.10 per ton with one-day load and 15,000 tons discharge.