ECONOMY

Shipping Report

TANKERS Vlccs are moving nicely out of Arabian Gulf to low 50s with destination Far East, while out of W. Africa rates also are firming at mid/high 40s with destination US Gulf. – Cont. is firming with the highest Aframax rate so far negotiated at W/S 133.25. Suezmax in the same area at stable levels with Valero having fixed Genmar tonnage for 130,000 tons of cargo, loading Norway, discharging ECC at W/S 72.5. – Med. is having lighter activity, although prompt modern tonnage has been absorbed. Rates at W/S 130. – Caribs weak, with a number of fixtures at W/S 117.5-120 levels for Mexico and Deep Caribs rounds. – In the Med., Petrogal, for 80,000 tons of cargo, loading May 29 Egypt, discharging Portugal, has fixed M/T «Enalios Zephyros» at W/S 112.5. – On the Cont., J&S, for 80,000 tons of cargo, loading May 31 Poland, discharging UKC, has fixed M/T «Hanne Knutsen» at W/S 115. – In Caribs, Valero has fixed M/T «Golden Destiny» for 70,000 tons of cargo, loading May 14, discharging USAC at W/S 115. – In W. Africa and on Vlcc, Glencore, for 260,000 tons of cargo, has fixed M/T «Astro Centaurus,» loading June 5, discharging Far East at W/S 37.5. DRY CARGO There is more inquiry in the Atlantic for Capers, but this is not enough to lift the freight rates. Seven mountains have been busy coming into the market with a 170,000 Sepetiba to Korea basis 40,000 tons load, 50,000 tons discharge. – Panamax in the Atlantic still at good demand with Pan Ocean having fixed M/V «Hephaistos,» 74,300 dwt, built 2002, delivery Amsterdam May 18, trip via Finland, redelivery Far East at USD 10,500 daily, while M/V «Afovos,» 74,306 dwt, built 2001, delivery Spain May 20-25 for 3.5 months trading, has fixed at USD 9,650 daily. – A big differential has opened up between East and West for the Handymaxes, with almost a USD 4,500 daily premium to be found in the Atlantic. As usual, fixtures are hard to come by in this market, but USD 11,500 would seem to be the going rate for 45,000 dwt units from the Black Sea to the East. This explains why the 22,000 tons of steel cargoes from 19 USD have moved to USD 22 / 23 per ton. Two home-made firebombs which damaged the ATMs of two banks in separate incidents early yesterday morning were carried out in memory of urban guerrilla Christos Tsoutsouvis, an anonymous caller told Flash Radio yesterday. The first attack occurred at 3.35 a.m. in the Athens district of Galatsi and was followed 20 minutes later by the second blast in Ambelokipi. Tsoutsouvis was killed in a shootout with police in Gyzi in 1985. The Associated Press reported that the attacks were also in protest at the increased use by police of surveillance cameras.