ECONOMY

Shipping Report

Steady rates for Aframaxes in the Med., with modern offers around W/S 230 and expected to be fixed around W/S 210. – Older units are being fixed around W/S 190 for 80,000-ton round-trip voyages. – Continent market is firmer, with Petrogal having fixed M/T «Mayon Spirit» for 80,000 tons of cargo, loading July 19 Norway, discharging Portugal at W/S 155, while Exxonmobil for same cargo, loading July 19 UK, discharging UKC, has fixed M/T «Nordic Yukon» at W/S 150. – In Caribs, the latest fixtures for 70,000-ton cargo liftings are at less than W/S 190. – Stasco has fixed Skaugen tonnage, loading July 20 East Coast, Mexico, discharging US Gulf at W/S 187.5, while Chevtex for same cargo, loading July 23 with same destination, has fixed M/T «Iblea» at W/S 185. – The Suezmax market remains slow in the N.Sea, while the Med. is being fixed at lower levels than last. – W. Africa remains slow, though July dates seem to have been covered. – VLCCs continue firming, with latest fixtures at W/S 110 and W/S 140 for West and East destinations, respectively. – Teekay has fixed M/T «Front Tobago» for 260,000 tons of cargo, loading August 6, discharging Japan at W/S 140, while Shell has fixed M/T «Iran Harsin» for 270,000 tons of cargo, loading August 8, discharging Philippines at same levels. DRY CARGO Capesize rates in the Atlantic continue to climb, with brokers expecting shortly levels of USD 100,000 daily for the front-haul trips. – The East appears steady and solid, with the coal business supplementing the shortage of ore cargoes. – Corus has fixed M/V «Taunton,» 186,324 dwt, built 1986, delivery June 17-18 China trip via S. Africa, redelivery UK at USD 45,000 daily, while Cosco has fixed M/V «Cape Kassos,» 170,000 dwt, built 2004, delivery end July Korea for three years’ trading at USD 36,000 daily. – Panamax market continues to be firm, with rates even higher for period and single trips. – The Asia market for single trips so far is out packing the Atlantic. – Norden has fixed M/V «Great Bright,» 73,242 dwt, built 1997, delivery Taiwan trip via Indonesia, redelivery Spain at USD 31,500 daily. – On smaller sizes, Atlas has fixed M/V «Darya Lakshmi,» 37,722 dwt, built 1985, delivery US Gulf end July trip via Jamaica, redelivery UKC at USD 17,500 daily.