ECONOMY

Shipping Report

TANKERS Except for VLCC runs in the Arabian Gulf, rates in the Far East remain stable in all other areas and sizes rates are weakening. – Modern Aframaxes in the Med. are being fixed at W/S 110, while in the North Sea the latest fixtures are around W/S 160. – In Caribs, the 70,000-ton round voyages are fixed at W/S 205, while the 50,000 tons in the area are fixed at W/S 185. – West Africa rates on Suezmaxes have softened to W/S 150 for European discharge, although the transatlantic rates are still hovering around W/S 157.5. – In the Med., Tamoil for 80,000 tons of cargo, loading Feb. 26 Libya, discharging Med., has fixed M/T «Forward Bridge» at W/S 130. – In the Cont., Stasco has fixed M/T «Rebecca» for 80,000 tons of cargo, loading Feb. 26 Latvia, discharging USAC, at W/S 190. – In Caribs, Sun for 70,000 tons of cargo, loading Feb. 28 discharging US Gulf – Atlantic, has fixed Astro TBN at W/S 206.25. – In Arabian Gulf, Chevtex has fixed tanker tonnage for 285,000 tons of cargo, loading March 15, discharging US Gulf – USAC, at W/S 120 and W/S 135 respectively. DRY CARGO Capesize rates remain strong in the East, with round-trip voyages at USD 70,000 daily. – Shinwa has fixed M/V «George T,» 171,871 dwt, built 1990, delivery China Feb. 24-25, for an Australia/Japan run at USD 70,000 daily. – Cargill has fixed M/V «Cape Europe,» 149,425 dwt, built 1993, delivery Feb. 28 Korea, trip via South Africa, redelivery Rotterdam, at USD 51,000 daily. – Panamax rates in the Atlantic have started to move up, with improved levels already agreed for transatlantic round-trip voyages. – Period activity also remains strong, with Bottiglieri having fixed M/V «Ribbon,» 74,522 dwt, built 1998, delivery Feb. 25-28 UK, for 12-13 months’ trading at USD 38,000 daily, while d’Amato has fixed M/V «Samjohn Amity,» 74,744 dwt, built 1998, delivery end March – beg. April Portugal, for 23-25 months’ trading at USD 32,000 daily. – On Panamax in Far East, d’Amico has fixed M/V «Irene,» 65,671 dwt, built 1993, delivery Aden March 5-15, trip via South Africa, redelivery UKC-Med., at USD 34,000 daily. – In the Atlantic, Pan Ocean has fixed M/V «Pandesia,» 72,861 dwt, built 1997, delivery US Gulf end-Feb., redelivery Far East, at USD 38,000 daily and USD 670,000 ballast bonus. – On smaller sizes, Armada has fixed M/V «Sanko Summit,» 50,655 dwt, built 1999, delivery end-Feb. East Coast Mexico, trip via North Coast South America, redelivery Spain, at USD 34,500 daily.