ECONOMY

Shipping Report

TANKERS A firmer VLCC market, with rates out of the Arabian Gulf with destination East at W/S 185. – Aframaxes in all areas relatively quiet. Rates in the North Sea near W/S 120, while Caribs still at W/S 150. – In the Mediterranean, market has not been tested but rates are ranging from W/S 250 to W/S 270. – Suezmaxes have picked up in West Africa on the back of VLCC improvement. Rates for 130,000-ton cargoes with destination USAC have moved upward by almost 30 points, with the latest fixtures around W/S 170. – In the Mediterranean, BP for 80,000 tons of cargo, loading February 7 Algeria, discharging Mediterranean, has fixed M/T «Katja» at W/S 285. – In the Cont., BP has fixed M/T «Minerva Eleonora» for 80,000 tons of cargo, loading February 8, for UKC round-trip voyage at W/S 122.5. – In Caribs, Marathon has fixed M/T «Aegean Faith» for 70,000 tons of cargo, loading February 6 East Coast Mexico, discharging US Gulf, at W/S 150. – In West Africa, CSSA for 130,000 tons of cargo, loading February 19, discharging UKC-Mediterranean, has fixed M/T «Genmar Phoenix» at W/S 162.5. – In Arabian Gulf, NGT for 270,000 tons of cargo, loading February 24, discharging Japan, has fixed M/T «Front Century» at W/S 122.5. DRY CARGO Capesize activity continues, with rates firmer for long period charters. Cetragpa has fixed M/V «Mineral Belgium,» 175,000 dwt, built 2005, delivery Belgium, for three years’ trading at USD 48,500 daily. – NYK has fixed M/V «Sea Gloria,» 157,600 dwt, built 1994, delivery February 9-10 China, trip via Australia, redelivery Japan, at USD 53,500 daily. – On Panamaxes in Far East, Dreyfus has fixed M/V «Mulberry Wilton,» 76,274 dwt, built 2004, delivery China February 5-10, for 4-6 months’ trading at USD 40,000 daily. – In Atlantic, Cobelfret has fixed M/V «Gallia Graeca,» 74,133 dwt, built 2001, delivery US Gulf February 8-10, redelivery UKC, at USD 34,500 daily.