ECONOMY

Shipping Report

TANKERS A quiet start, with prompt Aframaxes in the Med. and the latest fixtures for 80,000-ton cargoes at W/S 160. – Repsol has fixed M/T «Genmar Defiance» for 80,000 tons of cargo, loading Syria mid-April, discharging Spain, at the above-said levels. – Cont. remains quiet too, with the same size cargoes at W/S 135, while 100,000-ton cargoes out of Primorsk are being fixed at W/S 240. – Caribs with a similar picture, with the 70,000-ton cargoes being fixed at W/S 150. – Suezmaxes quiet in all areas. – In the Med., Shell has fixed M/T «African Ruby» for 135,000 tons of cargo, loading April 19 Novorossisk, discharging UKC-Med., at W/S 130. – In W. Africa, 130,000-ton cargoes are being negotiated at W/S 125 for transatlantic voyages with market seeking bottom at these levels. – VLCCs remain steady out of the same area, at W/S 110 for double hulls for east Cont. Rates continue to slide on weaken ag alternatives. – Same size vessels out of Arabian Gulf are being fixed around W/S 82.5 with destination Taiwan-China and W/S 70-72.5 with destination West. – In the Med., Tamoil for 80,000 tons of cargo, loading April 8 Libya, discharging UKC-Med., has fixed M/T «Ce-Merapi» at W/S 195. – In the Cont., Vitol for 100,000 tons of cargo, loading April 17 Baltic, discharging UKC, has fixed M/T «Delta Victory» at W/S 245. – In Caribs, Shell for 70,000 tons of cargo, loading April 10 East Coast, Mexico, discharging USAC, has fixed M/T «Aral Sea» at W/S 155. – In W. Africa, Vitol for 260,000 tons of cargo, loading May 5, discharging Far East, has fixed frontline tonnage at W/S 85. DRY CARGO Capesize rates in the Atlantic still firm, with very tight position until mid-April. M/V «Giuseppe Lembo,» 172,000 dwt, is said to have received a bid at USD 91,5000 daily for a trip to China but then was fixed somewhere else. – In the East and on short T/C periods, Mosk has on subs M/V «Alameda,» 170,726 dwt, built 2001, delivery Japan April 15, for 5-7 months’ trading at USD 67,000 daily. – On Panamaxes in Far East, market remains weak and it is not clear whether rates have reached bottom. – Modern tonnage freights have slipped to just above USD 30,000 daily for round-trip voyages. China Steel has fixed M/V «Tian Zhu Feng,» 74,200 dwt, built 2004, delivery Japan trip via W. Coast Canada, redelivery Taiwan, at USD 32,000 daily. – On smaller sizes, Pan Ocean has fixed M/V «Ken Cape,» 45,690 dwt, built 1999, delivery Japan mid-April, for 4-7 months’ trading at USD 28,500 daily.