ECONOMY

Shipping Report

TANKERS Cont. market still at W/S 110-115 on modern Aframax despite the Agip fixture with end-May dates at W/S 130. – Med. quieter with lesser demand. Rates around W/S 130 for modern units while on Suezmax at W/S 85 for 135,000 tons of cargo. – Caribs weak with the 70,000 tons of cargo liftings fixed at W/S 115-120. – The only positive news, the activity of Vlccs out of Arabian Gulf. Rates with destination East less than W/S 50 while for West at W/S 42.5. – In the Med., Petroplus for 80,000 tons of cargo, loading May 27 Syria, discharging UKC, has fixed M/T «Orkney Spirit» at W/S 130. – On the Continent, Stasco for 80,000 tons of cargo, loading May 22 UK, discharging UKC, has fixed M/T «Futura» at W/S 105. – In Caribs, Emerald has fixed M/T «Kuban» for 70,000 tons of cargo, loading May 18, discharging US Gulf at W/S 115. DRY CARGO Capers are producing little concrete evidence to influence the market. The Carboex contract, for 150,000 tons of cargo, loading Richards Bay, discharging Spain, is interesting, with «Mosk TB» fixed at USD 7.10 per ton with two days load and 25,000 tons discharge. – Panamaxes continue improving in the Pacific although this is at the expense of older units. NYK has fixed M/V «Cymbeline,» 73,060 dwt, built 2001, delivery Aden May 20-30, trip via Goa (India), redelivery Japan, at USD 9,000 daily. – Atlantic rates relatively firm. MSK has fixed «Aep tbn» for 54,000 tons of grain, loading May 29-June 9 US Gulf, discharging Japan, at USD 20.90 per ton, relet to Hanjin at USD 21.50 per ton, giving a 60-cent profit in just under 4 days. – On smaller sizes, WBC has fixed M/V «Equinox Dawn,» 50,832 dwt, built 2002, delivery India mid-May for 3-5 months at USD 8,450 daily.