ECONOMY

Shipping Report

TANKERS Fairly interesting market with rates firmer during «Posidonia» week. – Modern Aframaxes in the Med. are being fixed at W/S 200, while 80,000-ton cargoes in the N. Sea are being negotiated around W/S 155. – The 100,000-ton cargoes in the same area out of the Baltic are also being fixed at W/S 155. Vitol has fixed M/T «P. Pavlovsk,» loading June 28-29, discharging UKC, at the above-said levels. – The market is also interesting in Caribs with the latest fixtures for 70,000-ton cargo liftings at W/S 210. – Stusco has fixed M/T «Columbia Spirit,» loading East Coast Mexico June 17, discharging US Gulf, at W/S 210, while Ursa for same cargo, loading June 21, with same destination, has fixed M/T «Four Bay» at same levels. – Suezmaxes stable, with 130,000-ton cargoes in the Med. being fixed at W/S 170. Petrogal, loading June 24 Libya, discharging Portugal, has fixed M/T «Iran Saveh» at W/S 167.5; Lukoil, loading June 25 Black Sea without loading port expenses, discharging Med., has fixed M/T «Front Ardenne» at W/S 215. – W. Africa market relatively quiet. Rates for 130,000-ton cargoes are hovering around W/S 150. On VLCCs out of the same area, Stasco has fixed M/T «Hyundai Sun» for 260,000 tons of cargo, discharging US Gulf, at W/S 116. – On VLCCs out of Arabian Gulf, Chevtex has fixed M/T «Astro Carina» for 275,000 tons of cargo, loading June 14, discharging US Gulf, at W/S 107.5, while Thai Oil for 270,000 tons of cargo, loading June 28, discharging Thailand, has fixed M/T «Al Shegaya» at W/S 138.5. DRY CARGO Freight rates continue to slide in all areas and sizes. – Capesize vessels, delivery Atlantic, redelivery Far East, are being fixed at USD 55,000 daily, while a week ago this rate was still around USD 65,000 daily. – Sealink has fixed M/V «Cape Falcon,» 161,475 dwt, built 1993, delivery Rotterdam June 13-18, trip via Brazil, redelivery China, at USD 55,000 daily. – In the East, North China Lines has fixed M/V «New Forest,» 185,688 dwt, built 1996, delivery China June 20-22, trip via W. Australia, at USD 42,000 daily. – An extremely slow week of «Posidonia.» Rates have retreated in all areas, with brokers expecting further falls. – Round-trip voyages in the Atlantic are being fixed around USD 22,000 daily, while in the Far East, similar voyages are being fixed around USD 18,000 daily. – Baumarine has fixed M/V «Four Sterling,» 69,616 dwt, built 1993, delivery June 15-20 Ireland, redelivery UKC/ Med., at USD 21,000 daily; in Far East, Mol Navix has fixed M/V «Maritime Queen,» 73,350 dwt, built 1994, delivery China June 14-18, trip via Philippines, redelivery Japan, at USD 18,750 daily. – On smaller sizes, Bunge has fixed M/V «Angel III,» 43,665 dwt, built 1989, delivery US Gulf June 11-13, redelivery Med., at USD 19,750 daily.