ECONOMY

Shipping Report

TANKERS The VLCCS tonnage list with dates late May – first half of June has thinned considerably, thus the market has risen to the low W/S 60s for East destination. – On Suezmax, Black Sea activity continues with rates holding in the low 80s for 135,000 tons of cargoes. – W. Africa due to oversupply of modern tonnage remains at W/S 65 for US Gulf / USAC destinations. – Aframaxes in Caribs are on the correct path, with rates expected to reach above W/S 130 for 70,000 tons cargo liftings. – Med. quieter with lesser inquiry. Rates at W/S 130 for 80,000 tons of cargoes while Cont. has no activity. Rates are expected to drop. – Naftex for 80,000 tons of cargo loading May 28 Black Sea discharging Med. has fixed M/T «Gerani» at W/S 115. – In the Cont., Koch for 80,000 tons of cargo loading May 30 Baltic discharging US Gulf has fixed M/T «Glenbuck» at W/S 115. – In Caribs, Valero for 70,000 tons of cargo loading May 24 discharging US Gulf has fixed M/T «Eos» at W/S 125. DRY CARGO Capers in Atlantic are more active without rates having reacted accordingly. Swiss Marine in the Richards Bay / Rotterdam run has fixed recently at USD 5.50 per ton. Cargill for 150,000 tons of coal loading June 15-20 has fixed M/V «La Cordillera» at USD 5.40 per ton with 2 days load and 25,000 tons discharge. – In the Atlantic, due to grain movements market is strengthening. Damato has fixed a 74,500 dwt vessel for grain cargo Mississippi to Amsterdam with dates May-June 25 and 10 days all purposes at USD 760,500 lumpsum (abt USD 13.00 per ton). – Pacific is quieter, while the upward trend is easing. Daeyang has fixed M/V «Sea Magnolia» 66,043 dwt, built 1991, delivery end May China redelivery Philippines at USD 6,500 daily. – On Panamax in Far East, Lucky Well has fixed M/V «Pelopidas» 76,000 dwt, built 2002, delivery May 20-30 China redelivery UKC at USD 6,000 daily. – In Atlantic Hanjin has fixed M/V «Pacemperor» 74,381 dwt, built 2000, delivery Portugal May 22 trip via US Gulf redelivery Japan at USD 10,000 daily.