ECONOMY

Shipping Report

TANKERS A quiet start, with a number of VLCC cargoes out of Arabian Gulf that needed to be covered. Existing rates for this particular market for East and West destinations are at W/S 135 and W/S 105 respectively. – Suezmaxes are quieter in the Mediterranean, while VSSIs position is considered tight. – The West Africa market seems stable, with latest fixtures at W/S 170 and W/S 175 for US Gulf / USAC destinations. – Their market is interesting in the East and especially out of the Arabian Gulf, with rates exceeding W/S 175 for Japan / Korea discharge. – Aframaxes are stable in all areas. In the Mediterranean, the 80,000 tons of cargoes are fixed around W/S 190, while in the North Sea they are still at W/S 150. – In Caribs, Valero has fixed M/T «Mare Adriacum» for 70,000 tons of cargo, loading June 8, discharging USAC, at W/S 145, while the same charterers have fixed M/T «Champion,» loading beginning of June, discharging US Gulf, at W/S 160. – In the Mediterranean, CSSA has fixed M/T «Maria Tsakos» for 80,000 tons of cargo, loading June 12 Syria, discharging UKC/Med., at W/S 195. – In the Cont., M/T «Bergitta» for 80,000 tons of cargo, loading June 6, discharging UKC, was fixed at W/S 155. DRY CARGO A positive end to the week for capers in the East. Rates have improved, with round voyages over USD 11.00 per ton, while out of Richards Bay cargoes could pay as much as USD 16.00 per ton. – On T/C periods, Transfield has fixed M/V «Hui Tai,» 149,228 dwt, built 1996, delivery Far East for 11-13 months’ trading at USD 30,000 daily, while Nyk has on subs M/V «CSK Tribute» 158,000 dwt, built 1991, delivery China June 8-10, for 3-5 months’ trading at USD 40,000 daily. – The Atlantic market remains tight, with no ballasters from the East with destination Brazil. – The Far East market on Panamaxes is quite weak, with freight rates around USD 20,000 daily for round voyages and for trips with destination Atlantic. – Mol Navix has fixed M/V «Seafarer,» 75,700 dwt, built 2000, delivery Hong Kong beg. June, for Australian round voyage at USD 20,000 daily. – Stable freight rates for Panamaxes in the Atlantic. Cargill has fixed M/V «Talisman,» 73,670 dwt, built 1993, delivery beg. June Belgium, for 2 laden legs, redelivery Atlantic, at USD 27,500 daily. – On coal cargoes, CMC for 150,000 tons of cargo, loading beg. July Bolivar, discharging UK, has fixed Transfield tonnage at USD 14.00 per ton with 55,000-ton load and 33,000 tons discharge.