ECONOMY

Shipping Report

TANKERS Mediterranean with more cargoes, although still ample vessels in the area. Rates are holding at W/S 150 for 80,000-ton cross Mediterranean cargoes. – N. Sea with more activity with charterers moving their first decade cargoes out of Baltic. The 100,000-ton cargoes are fixed at W/S 167.5 while 80,000-ton round voyages are at W/S 185, although market has not been recently tested. – Caribbean with more cargoes, with the last 70,000-ton cargo liftings having been fixed at W/S 195. – Suezmax rates out of W. Africa are slipping further to W/S 115 due to supply of tonnage. VLCCs with no fresh activity, however, rates at W/S 85 for West and W/S 75 for East destinations. – In the Med., rates for the cross cargoes in the area are at W/S 150. – In the Med., Eni, for 80,000-ton cargo, loading June 3 Egypt, discharging Italy, has fixed M/T «Gaetano d’Alesio» at W/S 150. – In the Cont., for 120,000-ton cargo, loading June 8 Baltic, discharging UKC, M/T «Seaprincess» has been fixed at W/S 170. – In Caribbean, Citgo, for 70,000-ton cargo, loading June 1, discharging US Gulf, has fixed M/T «Genmar Minotaur» at W/S 195. – In W. Africa, Sun, for 130,000 tons of cargo, loading June 11, discharging USAC, has fixed M/T «North Star» at W/S 115. – In Arabian Gulf and for 260,000-ton cargo, Zhenrong has fixed M/T «Al Salheia,» loading June 17, discharging China, at W/S 50. DRY CARGO Capesize rates continue to be under pressure in Far East with charterers withdrawing or hiding their cargoes. – Pacific Bulk has fixed M/V «Zorbas,» 174,505 dwt, built 1996, delivery end May China, for an Australian round at USD 38,000 daily. – On the coal business out of Richards Bay, Panocean has fixed at USD 15.50 per ton, with Rotterdam destination, i.e. 0.50 cents down on the last done. – Inquiry for Panamaxes is limited, while rates even out of Cont. are lower due to a number of vessels in ballast. – In Far East, the round voyages are still fixed at USD 20,000 daily out of Australia or West Coast N. America. – On Capers, Chinese charterers have fixed M/V «La Mer,» 138,166 dwt, built 1981, delivery S. Africa end May-June 5, redelivery China, at USD 36,000 daily and USD 1 million ballast bonus. – On Panamax in Far East, AWB has fixed M/V «Armia Krajowa,» 73,505 dwt, built 1991, delivery May 22-24 Indonesia, trip via Australia, redelivery Far East, at USD 25,500 daily. – In Atlantic, Oldendorff has fixed M/V «Pontovremon,» 76,318 dwt, built 2001, delivery Passero end May, trip via Kamsar, redelivery Ireland, at USD 28,500 daily. – On smaller sizes, Ark has fixed M/V «Annita,» 53,800 dwt, built 2005, delivery East Coast India May 25-30, redelivery Far East, at USD 28,000 daily. – On coal cargoes, Taipower has fixed Alpha tonnage for 63,000 tons, loading Australia July 1-14, discharging Taiwan, at USD 12.68 per ton with 1 day load and 28,000 tons discharge.