ECONOMY

Shipping Report

TANKERS A much busier market in the Mediterranean for cross-trips as well as Black Sea cargoes. Rates, however, still at W/S 140-145 and W/S 160 out of the Black Sea. – North Sea with more stems out of Primorsk, although the latest fixtures for 100,000-ton cargoes are at W/S 212.5. The 80,000-ton cargoes are being negotiated close to W/S 130. – Caribs remains quiet, with BP having fixed M/T «Pacific Sapphire» for 70,000 tons of cargo, loading East Coast Mexico, discharging US Gulf, at W/S 130, while Chemoil for same cargo and destination, loading April 11, has fixed M/T «Champion» at W/S 137.5. – Suezmaxes with more stems out of Black Sea and cargoes of 140,000 tons being negotiated at W/S 120. – In West Africa, rates have moved down to W/S 115 for USAC on the back of renewed inquiry after a long quiet period. – VLCCs out of the same area at downward pressure to W/S 95 with North Sea destination. Rates to the East at W/S 85. – On VLCCs out of Arabian Gulf, Idemitsu has fixed M/T «Pacific Ruby» for 250,000 tons of cargo, loading April 30, discharging Japan, at W/S 81. – In the Mediterranean and on Aframaxes, BP for 80,000 tons of cargo, loading April 18 Algeria, discharging UKC-Mediterranean, has fixed M/T «Minerva Emma» at W/S 140. DRY CARGO Capesize rates remain strong in the Atlantic, with most of the fixtures covering cargoes out of Brazil with destination Far East. – In Asia, rates are steady but expected to firm. – On T/C periods, Kline has fixed M/V «Luigi d’Amato,» 180,000 dwt, delivery Japan December 2005 – January 2006 for five years’ trading at USD 35,000 daily, while Cargill has fixed M/V «Xin Fa Hai,» 174,766 dwt, built 2004, delivery Korea April 12-13, trip via South Africa, redelivery UKC, at USD 50,000 daily. – Panamax still low in both areas. However, Atlantic expected to rise on the back of a strong Capesize market in the area. Charterers are trying to split Caper cargoes in to two Panamaxes. – In Far East, Hanjin has fixed M/V «Maratha Messenger,» 71,252 dwt, built 1995, delivery Malaysia April 16-20, trip via East Coast India, redelivery Japan, at USD 35,000 daily. – In the Atlantic, Wilmar has fixed M/V «Lowlands Maine,» 76,500 dwt, built 2005, delivery Argentina April 28 – May 5, redelivery China, at USD 45,500 daily and USD 950,000 ballast bonus. – On smaller sizes, Bunge has fixed M/V «Energy Ranger,» 45,945 dwt, built 1996, delivery Japan mid-April, for 3-5 months’ trading at USD 28,250 daily.