ECONOMY

Shipping Report

TANKERS Despite the increased number of VLCC fixtures out of the Arabian Gulf, rates remain low and at W/S 62.5-65 for western and eastern destinations. – Aframaxes in the Med. are extremely quiet with a lack of fresh inquiry. The rates for 80,000-ton cargoes have moved downward from W/S 240 to W/S 200 and are expected to weaken further. – In the N. Sea, the 80,000-ton cargoes are being fixed at W/S 190, while in Caribs the 70,000-ton cargo liftings are being fixed at W/S 250. – Suezmaxes are at about W/S 150 for the 130,000-ton cargoes out of W. Africa with destination USAC. – VLCCs out of the same are at W/S 90 for same destination, while the eastern-bound market has not been tested recently. – Suezmax cargoes out of Arabian Gulf are hardly in existence with such low VLCC rates. – On Aframaxes in the Med., Vitol for 80,000 tons of cargo, loading June 4 Black Sea, discharging UKC-Med., has fixed M/T «Eagle Columbus» at W/S 200. – In the N. Sea, CSSA has fixed M/T «Stena Confidence» for 80,000 tons of cargo, loading May 29 Denmark, discharging UKC, at W/S 192.5. – On Caribs, Koch for 70,000 tons of cargo, loading May 24, discharging US Gulf, has fixed M/T «Elise Schulte» at W/S 250. – In W. Africa, Petrogal for 130,000 tons of cargo, loading June 7, discharging Portugal, has fixed M/T «Ingeborg» at W/S 172.5. DRY CARGO Capesize rates continue to slip in all areas. – The Atlantic market is once again particularly slow. – In Far East, vessels ballasting to Brazil for round-trip voyages are being fixed at USD 40,000 daily. M/V «Winner,» 174,001 dwt, built 1985, delivery May 18 China, trip via Brazil or S. Africa, redelivery Far East, was fixed at the above-said levels, while Rio Tinto has fixed M/V «Sea Grace,» 157,600 dwt, built 1994, open May 18-19 China, for an Australian round-trip at USD 47,000 daily. – On Panamaxes, Atlantic market seems to be improved but with pressure largely on transatlantic round-trip voyages. Market still tight out of the Cont., with Eta having fixed M/V «Zella Oldendorff,» 73,931 dwt, built 2001, delivery Germany May 24-25, trip via Sweden, at USD 36,800 daily. – In the East, rates remain weak, although there was talk that M/V «Spring Peacock,» 72,497 dwt, built 1998, open China May 24-28, was said to have been fixed at USD 19,000 daily. – On smaller sizes, IVS has fixed M/V «Jop,» 28,075 dwt, built 200, delivery S. Africa May 20-30, redelivery UKC-Med., at USD 24,000 daily.