ECONOMY

Shipping Report

TANKERS The Mediterranean market is still active, with Aframaxes trading with May 19-25 loading dates. – North Sea and Baltic are very firm, with rates expected to firm further in both areas toward the end of the month. – The picture is similar for Caribs, with ATMI having fixed OSG tonnage for 70,000 tons of cargo, loading May 17, discharging US Gulf, at W/S 280, while on smaller sizes, Valero has fixed Heidmar tonnage for 50,000 tons of cargo, loading May 16 East Coast Mexico, discharging US Gulf, at W/S 285. – On Suezmaxes in the Mediterranean, BP has fixed M/T «Aegean Dignity» for 135,000 tons of cargo, loading May 20 Egypt, discharging UKC-Med., at W/S 165. – In West Africa and on VLCCs, Vitol for 260,000 tons of cargo, loading June 7, discharging US Gulf, has fixed M/T «Oly Loyalty’ at W/S 95. – In the Arabian Gulf, Zhenrong has fixed M/T «Hebei Spirit» for 260,000 tons of cargo, loading May 28, discharging China, at W/S 85. DRY CARGO Despite charterers’ efforts to drive Capesize rates lower, levels remain stable with adequate fresh inquiry. – In the East, Cargill has fixed M/V «Cape Kennedy,» 170,726 dwt, built 2001, delivery China, for Australian round trip at USD 57,000 daily, while same charterers and for the same voyage have fixed M/V «Pacific Navigator,» 165,782 dwt, built 1995, at USD 61,000 daily. – In the Atlantic there is a shortage of early tonnage, and depending on the new cargoes we might see freight rates move upward. – Quieter conditions prevail for Panamaxes in both areas. – The bounce in the east appears very short-lived, in contrast to the Atlantic market, where for tight positions we still see strong rates. – Daeyang has fixed M/V «Medi Tokyo,» 74,356 dwt, built 1999, delivery May 15-17 US Gulf, redelivery Far East at USD 38,000 daily and USD 600,000 ballast bonus. – In the Far East, Noble has fixed M/V «Hebei Lion,» 75,577 dwt, built 1983, delivery China May 9-10, trip via India, at USD 18,000 daily. – On smaller sizes, M/V «Achilles,» 37,740 dwt, built 1984, delivery end-May West Africa, trip via East Coast South America, redelivery Mediterranean, at USD 25,000 daily. – On ore cargoes, Cetragpa for 160,000 tons, loading Brazil June 10-24, discharging France, has fixed SK tonnage at USD 16.50 per ton with 6 days all purposes.