ECONOMY

Shipping Report

TANKERS Mediterranean market at steady levels on Aframaxes with latest fixtures at W/S 150 – 152.5, while Cont. remains quiet, driven mainly by cargoes out of Primorsk. – Caribs shows numerous fixtures but rates remain low, ranging from W/S 160 up to W/S 170. – Firmer tone in West Africa for Suezmaxes, with rates for vetable units moving from W/S 115 to W/S 120. Additional improvement is expected. – Better rates for fixtures out of North Sea and at W/S 142.5 for transatlantic voyages. – Mediterranean is expected to soften, with rates trying to find a much lower settling point. – Little interest out of Arabian Gulf, with rates playing in the high W/S 90s for East and West destinations. – In the Mediterranean and on Aframax, BP, for 80,000 tons of cargo, loading July 9 Black Sea, discharging Mediterranean, has fixed M/T «Stella Voyager» at W/S 152.5. In the Cont., Vitol has fixed M/T «Chios Spirit» for 100,000 tons of cargo, loading July 7, discharging UKC, at W/S 130. – In Caribs, Citgo for 70,000 tons of cargo, loading beg. July Venezuela, discharging US Gulf, has fixed M/T «Genmar Minotaur» at W/S 170. – In West Africa, Exxonmobil, for 130,000 tons of cargo, loading July 24, discharging US Gulf, has fixed M/T «Aldawha» at W/S 120. DRY CARGO The firmer sentiment of last week for Capers is thinning out, especially in the Far East where the fresh inquiry is limited. – In the Atlantic, brokers are speaking of some new cargoes under negotiation, with owners ready to discount for staying in the area. – Kleimar has fixed M/V «Cape Merlin» 150,966 dwt, built 1994, delivery Rotterdam, trip via Brazil, redelivery China, at USD 39,000 daily. – In the Far East, BHP Billiton has fixed M/V «Cape Lowlands,» 172,515 dwt, built 1999, delivery end June, redelivery Atlantic, at USD 20,000 daily. – Panamaxes are weaker, with lesser inquiry in the Atlantic and a number of vessels in ballast from the East. – Dreyfus in the Atlantic has fixed M/V «Hamburg Max,» 73,498 dwt, built 1998, delivery July 5-7 Argentina, redelivery Far East, at USD 26,000 daily and USD 575,000 ballast bonus. A few days ago the above vessel lost the subjects for same voyage at USD 27,000 daily and USD 650,000 ballast bonus. – In the Far East, Cargill has fixed M/V «Medi Rotterdam,» 75,735 dwt, built 2002, delivery Hong Kong, trip via Australia, redelivery China, at USD 14,000 daily. – On smaller sizes, Bunge has fixed M/V «Alanya,» 38,793 dwt, built 1986, delivery US Gulf beg. July, redelivery UKC-Med., at USD 18,000 daily.