ECONOMY

Shipping Report

TANKERS The Baltic cargoes in the North Sea continue to dominate rates in the area. The 100,000-ton cargoes out of Primorsk are paying between W/S 155-160 for UK/Cont. discharge. – The 80,000-ton cargoes in the area are being fixed at W/S 165. – There is reasonable activity in the Mediterranean too. Repsol, however, has succeeded in fixing around W/S 230 for two cargoes out of Libya with destination Spain. – Caribs stable with the 70,000-ton cargo liftings at W/S 205. – Petrobras has fixed M/T «Minerva Concert,» loading June 28, discharging USAC, at W/S 205, while Navion for same size cargo, loading July 2, discharging US Gulf, has fixed AET tonnage at same levels. – Stable rates for Suezmaxes out of West Africa, with prompt dates paying a bonus. – VLCC rates weaker, with plentiful tonnage for third decade. – CSSA for 130,000 tons of cargo, loading July 16, discharging US Gulf, has fixed M/T «Genmar Hope» at W/S 157.5, while Emerald has fixed M/T «Front Falcon» for 260,000 tons of cargo, loading July 15, discharging US Gulf-ECC, at W/S 120 – W/S 122.5, respectively. – VLCC rates slipping further, with Sasoil having fixed M/T «Pacific Crystal» for 260,000 tons of cargo, loading July 14, discharging South Korea, at W/S 115. DRY CARGO Stable Capers rates in both areas. Asia market remains well-supported and, despite the holiday in the area, several ships were fixed. – In the Atlantic, rates have eased but there is talk of more charterers off market looking at tonnage. – In Far East, Panocean has fixed M/V «Star Europe,» 170,698 dwt, built 1985, delivery June 24-26 China, trip via Australia, at USD 39,000 daily, while in the Atlantic, NCL has fixed M/V «Princess Nadia,» 152,328 dwt, built 1987, delivery Skaw July 3-5, trip via Brazil, redelivery China, at USD 34,500 daily. – On Panamaxes in the Atlantic, Cargill has fixed M/V «Gemstar,» 74,000 dwt, built 1999, delivery end June France, for South American round-trip voyage at USD 15,950 daily, while Oldendorff has fixed a modern tonnage delivery to South America, redelivery Far East, at USD 19,000 daily and USD 450,000 ballast bonus.