ECONOMY

Shipping Report

TANKERS Market in a rising mood, especially on Suezmaxes in all areas. In the North Sea, the market is very active, with cargoes for all destinations. Transatlantic ones are fixed at W/S 140 and trades are set to rise in excess of W/S 150 in line with West Africa. – Med. on the same path, with latest fixtures at W/S 160 out of Novorossiysk. Tonnage tight until June 10 and rates are expected to increase further. – West Africa market is very active and W/S 160 is fixed for US Gulf destinations. – VLCCs are also very active from this particular area. – Conoco has fixed M/V «Meridian Lion» for 260,000 tons of cargo, loading June 16, discharging US Gulf / East Coast Canada, at W/S 107.5 – W/S 110 respectively while Arcadia has fixed M/T «Eagle Virginia» for same cargo, loading June 26, discharging US Gulf, at W/S 107.5. – Aframax market is picking up too, with a busy day in all areas. – In the Med., Saras has fixed M/T «Moss» for 80,000 tons of cargo, loading May 29 Libya, discharging Med., at W/S 140. – On the Cont., Vitol has fixed M/T «Prospect,» for 80,000 tons of cargo, loading May 28, discharging UKC, at W/S 145. – In Caribs, Stusco, for 70,000 tons of cargo, loading May 25 East Coast Mexico, discharging US Gulf, has fixed M/T «Corcovado» at W/S 150. DRY CARGO Another day of falling rates, mostly for big sizes. – On Capers, and due to absence of Chinese charterers, freight rates are falling, especially on the backhauls. M/V «Rubin Hope,» 171,409 dwt, built 1997, was fixed at USD 30,000 daily, with destination UKC. – BHP Billiton, for a round trip in the area, has fixed M/V «Cape Kestrel,» 161,000 dwt, built 1993, delivery end-May China, at USD 35,000 daily. – In the Atlantic, ANSDK has fixed M/V «Sea Gloria» for 150,000 tons of ore, loading June 10-19 Brazil, discharging Egypt, at USD 15.20 per ton. – Further falls are evident on Panamaxes in both the Atlantic and Far East markets. The list of ships being fixed is lengthening but with no impression on rates. – In Far East, Sealink has fixed M/V «Solidarnosc,» 73,470 dwt, built 1991, delivery Japan May 21-22, trip via Australia, redelivery China, at USD 24,000 daily. – In Atlantic, Cargill has fixed M/V «Joy Sea,» 68,214 dwt, built 1990, delivery June 2-4 US Gulf, redelivery Japan, at USD 27,500 daily and USD 500,000 ballast bonus.