ECONOMY

Shipping Report

TANKERS Another quiet start following a very calm week of little action and more failing than fixing, especially for large tonnage. – On VLCCs, activity is limited to replacement, while on Suezmax W. Africa provided no more than one cargo with end Feb. loading dates. Rates continue around W/S 60 for all destinations. – Aframax in the Med. at stable levels and at W/S 105-110, while the 135,000-ton cargoes are fixed at W/S 67.5. – Cont. very weak with the 80,000-ton cargo liftings at less than W/S 90, while Caribs with a small improvement at W/S 115 for the 70,000-ton cargoes. – In the Med., Conoco for 80,000 tons of cargo loading Feb. 10 Syria, discharging Italy, has fixed M/T «Nassau Spirit» at W/S 102.5. – In the Continent, Lukoil for 90,000 tons of cargo loading Feb. 19 Baltic, discharging UKC, has fixed M/T «Athina M» at W/S 195. – In Caribs, Cities for 70,000 tons of cargo loading Feb. 13, discharging US Gulf, has fixed M/T «Clyde Spirit» at W/S 115. – In W. Africa, CSSA for 130,000 tons of cargo loading Feb. 25, discharging UKC/Med., has fixed M/T «Glen Roy» at W/S 62.5. DRY CARGO Another uneventful day with scepticism for owners and charterers. Present economic conditions do not provide hopes for a brighter future. – Panamax market in the east is dominated by a lack of demand and by a good supply of tonnage. – Atlantic also remains weak with MSK having fixed Korean TBN for 54,000 tons of cargo loading end Feb. – beg. March US Gulf, discharging Japan, at USD 16.80 per ton with 11 days all purposes. – Handymax market in the East appears steadier but with less business available from EC Australia. – On Capers, Worldlink has fixed M/V «Irene’s Vision» 145,177 dwt, built 1982, delivery Redcar (UK) trip via Brazil redelivery China at USD 6,500 daily. – On Panamax in Far East, Cosco has fixed M/V «Bariloche» 73,018 dwt, built 1999, delivery Japan Feb. 4-8 for 8-10 months period at USD 7,350 daily. – In Atlantic, Conagra has fixed M/V «Oinoussian Legend» 71,685 dwt, built 1991, delivery US Gulf Feb. 10-12, redelivery Japan, at USD 7,250 daily and USD 115,000 ballast bonus.