ECONOMY

Shipping Report

TANKERS The Med. market is still pretty active, especially for modern Aframax. Rates have been moved upward to approach W/S 140. Maturer vessels are fixed mainly out of Black Sea for early cargoes at rates between W/S 115-120. – Suezmax remains in the area around W/S 80. North Sea, after the drop to W/S 105-110 for modern Aframax tonnage, looks tighter for mid-month’s positions. There is increased inquiry, mainly out of Primorsk and East Coast UK. – Caribs appears weaker, with the 70,000 tons cargo liftings having been fixed at W/S 125-130. – W. Africa on Suezmax is receiving fewer inquiries mainly due to Vlccs’ fixtures. Rates currently vary from W/S 62.5 – 67.5 for US Gulf / USAC destinations. – In the Med., Api for 80,000 tons of cargo, loading May 19 Syria, discharging Med., has fixed Stentex tonnage at W/S 140. – In the Continent, Fortum for 80,000 tons of cargo, loading May 14, discharging UKC, has fixed M/T «Nordic Svenita» at W/S 102.5. – In Caribs, Orion has fixed M/T «Mersey Spirit» for 70,000 tons of cargo, loading May 14, discharging US Gulf, at W/S 122.5. – In W. Africa, Agip has fixed M/T «Crude Sun» for 130,000 tons of cargo, loading May 25, discharging East, at W/S 87.5. DRY CARGO Market seems to be reacting after the holidays, with the Baltic index moving upward over the last two days, reaching up to a total of 1025. – Capers market has moved the same way with the Backhaul voyages marked down to about USD 9,300 daily. This is about in line with Nyk’s fixture of the 1996, 168,000 dwt M/V «Grand Clipper» for Japan via W. Australia to Redcar at USD 9,500 daily. Otherwise there are more reported fixtures and inquiry seems to be strengthening a little. – Handymaxes are also more busy lately, with the US Gulf continuing to provide high freight levels. – Continent seems to have developed into a two-tier market. Large and modern bulkers are easily fixed, while 15-30,000 dwt are struggling to find proper employment. – On Panamax in Far East, PLC has fixed M/V «Nordelbe» 75,080 dwt, built 2001, delivery Indonesia end-May, redelivery Spain, at USD 5,000 daily. – In Atlantic, Pan Ocean has fixed M/V «Santa Vitoria» 75,966 dwt, built 2002, delivery Rotterdam May 12-13 redelivery China at USD 9,750 daily. The Council of Europe said in a report last week that Turkey’s forcible removal of migrants was «inexcusable» and called for a halt in expelling those who risked ill treatment back home.