ECONOMY

Shipping Report

TANKERS More cargoes are on the market in all sizes. – A number of VLCC cargoes coming out of Arabian Gulf with destination East with fixtures at W/S 72.5. – Suezmaxes also appear steadier out of W. Africa and are expected to rise. – Aframaxes in the Med. are firmer, with cross-cargoes in the area at W/S 240. Black Sea also expected to move upward. – N. Sea looks healthier, with a number of cargoes mainly out of Baltic. The 100,000-ton cargoes are fixed above W/S 400. – Caribs quiet but active, with 70,000-ton cargoes having been fixed at W/S 170. – In Med., Chevtex for 80,000 tons of cargo, loading Feb. 3, discharging Med., has fixed M/T «Panagia Armata» at W/S 235. – On Suezmax, Erg has fixed M/T «Histria Crown» for 130,000 tons of cargo, loading Feb. 2 Libya, discharging Italy, at W/S 130. – In the Cont., BP for 80,000 tons of cargo, loading Jan. 23 Ventspils, discharging UKC, has fixed M/T «Torm Gudrun» at W/S 170, while Vitol for 100,000 tons of cargo, loading Feb. 5, discharging UKC, has fixed M/T «Sakhalin Island» at W/S 402.5. – In Caribs, Conoco has fixed M/T «Jag Laxmi» for 70,000 tons of cargo, loading Jan. 23 EC Mexico, discharging US Gulf, at W/S 160. – In W. Africa, Sun has fixed M/T «Cosmic» for 130,000 tons of cargo, loading Feb. 21, discharging USAC, at W/S 139. – In Arabian Gulf, Hyundai has fixed Front Tonnage for 265,000 tons of cargo, loading Feb. 23, discharging S. Korea, at W/S 72.5. DRY CARGO Capesize rates continue slight in the East. The Atlantic market remains steady, with some fixing. – Panamax market has lost momentum, with rates slipping in the East while Atlantic market is in a standoff situation. – Rather long list of orders still to be fixed in the Atlantic, but little evidence of activity so far. – SK shipping has fixed M/V «Formosabulk Clement,» 170,108 dwt, built 2001, delivery Jan. 29-30 Rotterdam, for transatlantic round-trip voyage redelivery UKC – Med. at USD 77,750 daily. On Panamax in the Far East, Ikhlas has fixed M/V «Ascanius,» 76,878 dwt, built 2000, delivery WC India Jan. 28 – Feb. 1, redelivery China, at USD 50,000 daily. – In the Atlantic, Pan Ocean has fixed M/V «Ji May,» 75,900 dwt, built 2001, delivery Feb. 1-5 US Gulf, redelivery Far East, at USD 40,000 daily and USD 700,000 ballast bonus. On smaller sizes, HMM has fixed M/V «Aditya Gautam,» 43,815 dwt, built 1994, delivery end Jan. Greece, trip via Black Sea, redelivery Far East, at USD 35,000 daily. – On ore cargoes, Cobelfret has fixed M/V «Penelope» for 140,000 tons of cargo, loading S. Africa Feb. 15-22, discharging Yugoslavia, at USD 19.50 per ton with 2 days load and 25,000 tons discharge.