ECONOMY

Shipping Report

TANKERS VLCC market is firming not only in Arabian Gulf but in W. Africa too. – A number of new cargoes are to be covered and thus rates are expected to rise. – At present, the 280,000 tons of cargo for the Arabian / US Gulf are fixed at W/S 92.5 and at W/S 110-112.5 with destination China. – On Suezmaxes, N. Sea market seems a little slower while Med. still active, with rates rising to W/S 242.5 loading out of Novorossisk and W/S 290 loading out incurred. – Lukoil, for 135,000 tons of cargo, loading June 13, discharging UKC-Med., has fixed M/T «Olympic Faith» at W/S 242.5 while Unocal, for same cargo, loading June 17, with same destination has fixed M/T «Minerva Symphony» at W/S 250. – W. Africa is a little slower, with market focusing on VLCC cargoes. CSSA for 260,000 tons of cargo, loading June 25, discharging US Gulf – UKC/Med., has fixed M/T «Crude Creation» at W/S 110 – W/S 112.5 W/S 115 respectively. – Aframax in the Med. at firmer rates, with Tamoil having fixed M/T «Iran Abadeh» for 80,000 tons of cargo, loading beg.-June Libya, discharging Italy, at W/S 205, while NOC, for same cargo, has fixed M/T «Merbabu» at W/S 202.5. – In the Cont., Clearlake, for 80,000 tons of cargo, loading June 10 Tallinn, discharging UKC, has fixed M/T «Petrovsk» at W/S 155, while in Caribs, Koch, for 70,000 tons of cargo, loading June 1, discharging US Gulf, has fixed M/T «Jag Lata» at W/S 142.5. – In W. Africa, Chevtex has fixed alliance tonnage for 130,000 tons of cargo, loading June 15, discharging US Gulf at W/S 180. – In Arabian Gulf, CSSA for 280,000 tons of cargo, loading June 29, discharging US Gulf, has fixed M/T «Front Champion» at W/S 91.25. DRY CARGO Another quiet trading day for the Capers. The new biz are limited and very few ships so far reported fixed. – Transfield has fixed M/V «Tian Sheng Hai,» 169,420 dwt, built 1997, delivery end-May Spain, trip via Brazil, redelivery China at USD 60,000 daily. – Panamax market in the Atlantic is a touch more positive, with mineral biz driving the market. Rates steadier, with brokers describing this market as still trying to move higher. – Bunge has fixed M/V «Dimitris l,» 73,193 dwt, built 2001, delivery end-May Amsterdam, for two legs, redelivery UKC/Med., at USD 26,000 daily. – In the East, the outlook is still less clear but there are encouraging signs of longer period deals being agreed. – Bottiglieri has fixed newbuilding M/V «Millenium Two (II),» 76,000 dwt, delivery June 15-30 Japan, for 12 months, trading at USD 22,500 daily. – On coal cargoes, ATIC for 70,000 tons of cargo, loading June 1-15 Colombia, discharging France, has paid USD 16.50 per ton with 30,000 tons load and 15,000 tons discharge.