ECONOMY

Shipping Report

TANKERS The market is falling in the Med., with modern Aframax tonnage being fixed at W/S 165, while in the North Sea, 100,000-ton cargoes are being fixed at W/S 137.5 out of the Baltic. – In the Mediterranean, Erg has fixed M/T «P. Maersk» for 80,000 tons of cargo, loading Egypt August 15, discharging Italy, at W/S 165, while M/T «Parthenon» for same cargo, loading Libya August 14, discharging Mediterranean, was fixed at the same levels. – In the North Sea, Lukoil has fixed M/T «Evita» for 100,000 tons of cargo, loading Baltic August 21-22, discharging UKC, at W/S 137.5, while Sibneft for same cargo has fixed M/T «Moscow,» loading August 17-18, discharging US Gulf, at W/S 162.5. – Suezmaxes in the Mediterranean are drifting softer, while in West Africa fixtures have slipped to W/S 160 with destinations US Gulf and to W/S 167.5 with destinations Europe. – Exxonmobil has fixed M/T «Velez Blanco» for 130,000 tons of cargo, loading September 2, discharging US Gulf, at W/S 160, while Petrogal for same cargo, loading September 1, discharging Portugal, has fixed M/T «North Star» at W/S 167.5. – The Ag market continues to be active with the Ag/West and Ag/East being fixed at W/S 170 and above W/S 200 respectively. – On VLCCs out of Arabian Gulf, S. Oil for 259,000 tons of cargo, loading August 26, discharging Korea, has fixed M/T «Grand Atlantic» at W/S 116. DRY CARGO The market remains firm in the Atlantic for Capers, especially for front-haul routes. The established rates are at USD 90,000 daily for modern economical types. – Market expected to firm further, at least in the near future, due to a short supply of tonnage. – In the Pacific, there is some fresh inquiry and thus rates are expected to improve. – On Panamaxes, the market remains static in the Atlantic and is expected to hold at present levels. There is a reasonable amount of mineral inquiry, as well as grain business. – Bottiglieri has fixed M/V «Alpha Afovos,» 74,428 dwt, built 2001, delivery Spain beg. August, for 16-18 months’ trading at USD 31,000 daily. – In Far East, China Steel has fixed M/V «Mishima,» 76,598 dwt, built 2002, delivery Japan end August, trip via Australia, redelivery China, at USD 32,000 daily. – On smaller sizes, Britannia Bulk has fixed M/V «Elikon,» 28,234 dwt, built 1980, delivery August 5-10 US Gulf, for 3-5 months’ trading at USD 17,800 daily.