ECONOMY

Shipping Report

TANKERS Med. at steady levels despite fewer cargoes. ERG, for a cross-Med. cargo Zueitina/Savona, loading on May 23, has already received five offers. – Cont. seems quiet with a number of Aframax fixtures between W/S 102.5-107.5 while, for Suezmax, Atmi, for 135,000 tons of cargo, loading May 28 UK, discharging US Gulf, has fixed M/T «North Star» at W/S 65. – Caribs at W/S 130-135 for 70,000 tons of cargo. W. Africa on Suezmax still at W/S 62.5-65 with Emerald and Petrobras having fixed M/T «Tromso Trust» and M/T «Kamlesh» at W/S 65 for USAC and Brazil respectively. – In the Med., Exoil for 80,000 tons of cargo, loading May 18 Russia, discharging Med., has fixed M/T «Missouri» at W/S 115. – On the Cont., Gunvor, for 80,000 tons of cargo, loading May 16 Baltic, discharging UKC, has fixed M/T «Apageon» at W/S 100. – In Caribs, Equiva for 70,000 tons of cargo, loading May 17 East Coast Mexico, discharging US Gulf, has fixed M/T «Crude Princess» at W/S 130. DRY CARGO Increased activity with a number of reported fixtures, the most interesting being that of M/V «Aquadonna,» 161,010 dwt, built 1995, by BHP Billiton at USD 9,500 daily, with delivery Taiwan early May via Australia, redelivery Far East, option Skaw-Passero, indicating a perfect balance between East and West. – Improved freight rates on Panamaxes and a number of fixtures in Far East mainly on short T/C periods. Oceantrade has fixed M/V «World Rule,» 73,500 dwt, built 1999, delivery May 11-12 for 3-5 months trading, redelivery worldwide at USD 8,150 daily. – On Handymax, S. American market is firming, with good 40,000 dwt bulkers easily achieving far in excess of USD 10,000 with destination East. – On smaller sizes, Indian Ocean with a number of fertilizer cargoes ranging from 11,000 to 20,000 tons. – On Panamax in Far East, Seyang has fixed M/V «Flipper,» 73,726 dwt, built 1999, delivery Japan mid-May, trip via Newcastle, redelivery Taiwan at USD 7,500 daily. – In Atlantic, Korea line has fixed M/V «Wadi Alkarnak,» 64,214 dwt, built 1997, delivery US Gulf end-May, redelivery Far East at USD 9,300 daily and USD 230,000 ballast bonus.