ECONOMY

Shipping Report

TANKERS The Mediterranean market remains static, despite additional inquiry. The oversupply of tonnage is having a negative affect on freights. The 80,000-ton cargoes for round-trip voyages are still being fixed at W/S 145. – Similar is the picture in the North Sea, with replacement units agreeing to levels of W/S 172.5 for 100,000-ton cargoes out of Primorsk. For later dates, rates are hovering around W/S 145-150. – Caribs do not have many fixtures available. ATMI has fixed Genmar tonnage for 70,000 tons of cargo, loading June 2, discharging US Gulf, at W/S 202.5, while Citgo, for 145,000 tons of cargo, loading beg. June, with same destination, has fixed M/T «Zallaq» at W/S 105. – The Suezmax market is even weaker. In the Mediterranean, cross-Mediterranean cargoes are being fixed at W/S 135, while in West Africa, rates have stabilized to W/S 110-115 for USAC destinations. – In Arabian Gulf, rates are at about W/S 80 to the west and W/S 90 for destinations east. – On VLCCs out of Arabian Gulf, Chevron has fixed M/T «Opalia» for 270,000 tons of cargo, loading June 20, discharging Thailand, at W/S 60, while Knoc, for same cargo, loading June 20, with destination South Korea, has fixed M/T «Astro Lyra» at W/S 62. – In the Mediterranean, Saras, for 80,000 tons of cargo, loading June 7 Libya, discharging Italy, has fixed M/T «Coral Sea» at W/S 145. – In West Africa, CSSA, for 130,000 tons of cargo, loading June 15, discharging UKC-Mediterranean, has fixed M/T «Yannis P» at W/S 110. DRY CARGO Capesize market remains quiet, with limited inquiry. Their index on May 25 had lost 159 points, totaling 4,310, while the Panamax index had lost 32, totaling 3,111. – In the Far East, BHP has fixed M/V «Grand Clipper,» 168,146 dwt, built 1996, delivery China June 6-10, trip via Western Australia, at USD 38,000 daily. – On Panamaxes in the Far East, Noble has fixed M/V «Gaurav,» 71,535 dwt, built 1994, delivery end May Japan, trip via West Coast America, redelivery Far East, at USD 19,800 daily. – In the Atlantic, Cargill has fixed M/V «Alpha Melody,» 74,374 dwt, built 2002, delivery UK end May, trip via East Coast South America, redelivery UKC-Mediterranean, at USD 28,500 daily. – On smaller sizes, Norden has fixed M/V «Prabhu Puni,» 43,595 dwt, built 1992, delivery China June 3-10, for 3-5 months’ trading at USD 20,000