ECONOMY

Shipping Report

TANKERS Despite new inquiries in the Mediterranean due to oversupply of tonnage, rates for modern Aframaxes are being negotiated near W/S 120 while Suezmaxes in a very quiet and untested market expect rates to be near W/S 180. – North Sea is stable, with the cross 80,000-ton cargoes at W/S 165 while the 100,000-ton cargoes out of Primorsk are being fixed at W/S 330. – Caribs as per latest reports are at W/S 200 for the 70,000-ton cargo liftings. – Suezmaxes in West Africa are settling at W/S 160 for transatlantic voyages, while VLCCs with destination East are at W/S 110. – North Sea rates are in line with West Africa in the W/S 160s, while as stated above, the Mediterranean remains quiet. – In the Mediterranean, Tamoil for 80,000 tons of cargo, loading Libya February 28, discharging UKC-Med., has fixed M/T «New Vanguard» at W/S 130. – In the Cont., Exxonmobil has fixed M/T «Braveheart» for 80,000 tons of cargo, loading February 27, for UKC around W/S 160. – In Caribs, Marathon for 70,000 tons of cargo, loading February 26, discharging US Gulf, has fixed M/T «British Vine» at W/S 185. – In West Africa, Hess has fixed M/T «Genmar Argus» for 130,000 tons of cargo, loading March 13, discharging Caribs, at W/S 160. DRY CARGO There is a stronger Capesize market in the East, while activity is limited. Sentiment appears to be pulling up rates in the Atlantic, with rates with destination East above USD 80,000 daily and brokers foreseeing near to USD 90,000 daily soon. – In the East, M/V «Channel Alliance» 171,978 dwt, built 1996, was rumored to have been fixed for delivery Feb. 15-16 China at USD 71,000 daily for a round-trip voyage in the area. – On Panamaxes, the market gives a firmer tone not only on round-trip voyages but also for those with destination East. – In the trade, M/V «Samjohn Amity,» 74,744 dwt, built 1998, is said to be on subs for 2 years’ trading at USD 32,000 daily. – In the East rates have strengthened, but so far little fresh news is being reported. – In the Far East and on Panamaxes, ETA has fixed M/V «Danae,» 75,106 dwt, built 2001, delivery Japan Feb. 25-28, for 23-25 months’ trading at USD 30,000 daily. – In the Atlantic, Grand Ocean has fixed M/V «Ming May,» 74,009 dwt, built 1997, delivery Brazil Feb. 20-21, redelivery Far East, at USD 41,000 daily and USD 700,000 ballast bonus. – On smaller sizes, Noble has fixed M/V «Shou Ning Hai,» 45,149 dwt, built 1985, delivery Thailand mid-Feb., trip via India, redelivery Singapore-Japan, at USD 19,000 daily.