ECONOMY

Shipping Report

TANKERS Stable conditions in the Med., with marginal inquiry. Rates for 80,000-ton cargoes at about W/S 160, while Suezmax cargoes of 135,000 tons are being fixed at W/S 110. – Similar conditions in the N. Sea, while in Caribs 70,000-ton cargoes are being fixed at W/S 165. – Suezmaxes in W. Africa, after a brisk start to the week, have subsided. Rates expected to remain steady at present levels and at about W/S 115-120 for 130,000-ton cargoes with destination USAC. – VLCCs out of the same area at W/S 90 but expected to firm if Arabian Gulf continues to give signs of further improvement. – In the N. Sea, last rates were at W/S 115 for transatlantic destinations and expected to stay in line with the W. African market. – VLCCs out of Arabian Gulf at W/S 92.5 with destination Japan. – In the Med., Repsol for 80,000 tons of cargo, loading April 24, discharging Spain, has fixed M/T «Vigour» at W/S 160, while Dreyfus for 100,000 tons of cargo, loading April 29 Algeria, discharging UKC, has fixed M/T «Lucky Sailor» at W/S 100. – In Caribs, Stusco for 70,000 tons of cargo, loading April 22 East Coast Mexico, discharging US Gulf, has fixed Skaugen tonnage at W/S 165. – In W. Africa, Petrobras has fixed M/T «Genmar Sky» for 130,000 tons of cargo, loading April 25, discharging Brazil, at W/S 110. In Arabian Gulf, Exxonmobil for 265,000 tons of cargo, loading May 1, discharging Red Sea, has fixed M/T «Tsurusaki» at W/S 92.5. DRY CARGO Capesize rates in Far East, despite the light volume of fixing, remain steady. – M/V «Maria A. Angelicoussi,» 169,163 dwt, built 2001, was confirmed by Cosco for a round-trip via Australia at USD 71,000 daily. – In the Atlantic, the market retains the optimist. Transfield has fixed M/V «Big Bang,» 171,306 dwt, built 1985, delivery Rotterdam April 17-20, trip via Brazil, redelivery China, at USD 95,000 daily. – The market is positive for Panamaxes too in both areas. Charterers are prepared to book tonnage on both short- and long-term periods. There are rumors that M/V «Isminaki,» 74,577 dwt, built 1998, delivery Netherlands April 15, was fixed for 3-5 months’ trading without any further details. – In Far East, a 1999-built 73,000dwt, vessel open Hong Kong May 1 was rumored to have been booked by an unnamed charterer at about USD 36,000 daily for 4-6 months’ trading. – Grain demand from East Coast S. America is continuing to attract tonnage from the less fruitful Indian Ocean area. It was reported that Bunge had fixed the 1995-built, 73,222dwt «Eleranta,» delivery Muscat spot for a trip via EC S. America with redelivery Far East, at about USD 39,500 daily.