ECONOMY

Shipping Report

TANKERS Market remains firm for Aframaxes in the Med., with latest fixtures at W/S 217.5. API has fixed Minerva tonnage for 80,000 tons of cargo, loading Egypt August 6, discharging Italy, at above-said levels. – In the N. Sea, fresh inquiry appears fairly limited. Baltic stems are now being looked at. Rates are expected to move at W/S 165 for 80,000 tons of cargo and at W/S 157.5 for 100,000 tons of cargo out of Baltic. – Caribs remains stable, with 70,000 tons of cargo liftings fixed at about W/S 190. – Stusco has fixed M/T «Iblea,» loading August 4 East Coast Mexico, discharging US Gulf, at W/S 187.5, while Conoco has fixed M/T «Genmar Revenge,» loading August 4 with same destination, at W/S 190. – On smaller sizes, Hess, for 50,000 tons of cargo, loading end-July, discharging USAC, has fixed Heidmar tonnage at W/S 210. – Suezmax rates are firming, with W. Africa stabilizing in the mid- to high 170s for transatlantic voyages. – Sun has fixed M/T «SCF Khibiny» for 130,000 tons of cargo, loading August 23, discharging USAC, at W/S 177.5. – N. Sea with little activity, while rates for transatlantic are expected to be around W/S 160. – Med. rates out of Black Sea at about W/S 210, while out of Sidi Kerir, rates at W/S 202.5. – Rates out of Arabian Gulf in West and East at W/S 150 and W/S 180 respectively. – In Arabian Gulf and on VLCCs, Reliance has fixed M/T «Namur» for 280,000 tons of cargo, loading August 10, discharging India, at W/S 187.5. DRY CARGO There is more activity on Capers in the East. BHP Billiton has fixed M/V «Eurosailor,» 164,188 dwt, built 1996, delivery end-July Japan, for two legs at USD 48,000 daily, while same charterers have fixed M/T «Sabina,» 151,000 dwt, built 1996, delivery China Aug. 10-20, for four-six months’ trading at undisclosed rate. – In the Atlantic, Hanjin has fixed M/V «Tianronghai,» 172,000 dwt, built 2000, delivery Rotterdam August 18-25, for three-five months’ trading at USD 60,000 daily. – Firmer rates for Panamaxes in the Atlantic too. Market is aided by the additional grain inquiry from S. America. The overall result is an improvement of about USD 3,000-4,000 daily for LME types for both round voyages and trips to the East. – In the East, the market is finely balanced. – In the Atlantic, Grant has fixed M/V «Heinrich Oldendorff,» 73,926 dwt, built 2001, delivery end-July, for two legs, redelivery Atlantic, at USD 32,000 daily. – In Far East, Noble has fixed M/V «Nordelbe,» 75,100 dwt, built 2001, delivery Hong Kong end-July, trip via East Australia, redelivery Arabian Gulf, at USD 28,000 daily. – On smaller sizes, Cargill has fixed M/V «Little Annou,» 44,874 dwt, built 1994, delivery Mexico Aug. 1-10, redelivery UKC/Med., at USD 25,000 daily.