ECONOMY

Shipping Report

TANKERS Enough tonnage in the Mediterranean in a quiet start to week, indicating the market might be softening. – A slow start for the UK/Contintental market with charterers having covered Baltic positions up to the end of the month. – Caribbean market seems stable with the latest 70,000-ton cargo fixtures at W/S 215-220. – The market for Suezmaxes is quiet too in all areas. – In the Mediterranean the 135,000-ton cargoes are fixed at W/S 117.5, while the 130,000-ton cargoes out of West Africa with destination USA are at the same numbers. – North Sea market in line with West Africa while out of Arabian Gulf the activity is minor with an ample supply of tonnage. – In the Mediterranean and on Aframax, Erg, for 80,000 tons of cargo, loading June 24 Libya, discharging Italy, has fixed M/T «Gaetano d’Alesio» at W/S 1809. – On Suezmax, BP, for 135,000 tons of cargo, loading June 28 Egypt, discharging Mediterrean, has fixed M/T «Minerva Symphony» at W/S 117,5. – In the Contintental, BP, for 80,000 tons of cargo, loading 20 June 20 N. Sea, discharging UKC, has fixed M/T «Luzon Spirit» at W/S 145. – In Caribbean, Exxonmobil, for 70,000 tons of cargo, loading June 21, discharging US Gulf, has fixed M/T «Tamara» at W/S 218.5. – In W. Africa, Sun has fixed M/T «Authentic» for 130,000 tons of cargo, loading beginning July, discharging USAC-US Gulf, at W/S 118.75. – In Arabian Gulf, Chevron, for 280,000 tons of cargo, loading July 8, discharging WC America, has fixed M/T «Kos» at W/S 72.5. DRY CARGO The market remains weak for Capers. In the Atlantic there is a rumor that Richards Bay/Rotterdam Coal Cargo was paid near USD 11.00 per ton. – In the Pacific, Mosk has booked M/V «Cape Kennedy,» 172,000 dwt, built 2002, delivery China June 15-20, for a Nopac round at USD 28,500 daily but has lost the subjects. – On Panamaxes, rates continue to drift lower in all areas. – In Far East, market talks of a latest fixture at USD 17,000 daily for a Pacific round and USD 350,000 ballast bonus without any other information having been made available. – In the Atlantic, Bunge has fixed M/V «Yong Tai,» 74,061 dwt, built 2000, delivery mid-June Belgium, trip via Brazil, redelivery UKC-Mediterranean, at USD 24,000 daily. – On smaller sizes, Cosco has fixed M/V «Mystras,» 48,377 dwt, built 2001, delivery China mid-June, for 3-5 months’ trading at USD 22,250 daily.