ECONOMY

Shipping Report

TANKERS Rates are softening in all areas. – VLCCs out of Arabian Gulf with destination Far East are fixed at W/S 58-59 and W/S 40 for West. – N. Sea market continues to be weak while tonnage is accumulating. – Med. with some early vessels seeking employment. The 80,000-ton cargoes are fixed at W/S 120, while Suezmax out of Novorossisk for 135,000 tons are fixed at W/S 77.5. – Caribs at steady levels with the 70,000-ton cargo liftings at W/S 122.5, while W. Africa on Suezmax at W/S 65 with destination USAC. – In the Med., Lukoil for 80,000 tons of cargo loading June 1 Russia, discharging Med., has fixed Teekay tonnage at W/S 120. – In the Cont., Gunvor for 80,000 tons of cargo loading June 6 Baltic, discharging UKC, has fixed M/T «Bering Sea» at W/S 120. – In Caribs, Petrobras for 70,000 tons of cargo loading June 5, discharging US Gulf, has fixed M/T «Pioneer» at W/S 122.5. DRY CARGO There is no change in market conditions. Atlantic Panamaxes are still doing better compared to those in Far East. Pan Ocean has fixed M/V «Yong Huan» 74,500 dwt, built 2000, delivery UKC end May trip via Finland redelivery China at USD 10,000 daily while Misr has fixed M/V «Capt. Stefanos» 74,000 dwt, delivery Australia end May trip via Egypt, redelivery Aden or Cape Passero, at USD 6,350 daily and USD 130,000 ballast bonus. – Capers steady with Jin Jiang Shipping having fixed M/V «World Nord» 150,903 dwt, built 1995, delivery Rotterdam, May 23-24 trip via Brazil redelivery China at USD 8,700 daily. – Coeclerici for 135,000 tons of coal loading Richards Bay June 17 – July 1, discharging Portugal, has fixed M/V «An Angel Splendour» at USD 4.75 per ton with 2 days load and 30,000 tons discharge. – On Panamax in Far East, M/V «Magna Graecia» 74,132 dwt, built 2001, delivery Japan, May 20-25 for 3-5 months period has fixed at USD 8,400 daily. – In Atlantic, Korea Line has fixed M/V «Catalunya» 72,900 dwt, built 1999, delivery US Gulf June 5-10, redelivery Far East, at USD 9,300 daily and USD 230,000 ballast bonus. The woman wavered for a moment, but regained control and said: «This is a test of loyalty to Palestine. These militias and security branches have a track record proving that their first loyalty is to their homeland. Today is an ideal opportunity for them to prove that. The new cabinet has to organize the security branches and bring them under the law. It has to collect weapons and give the opportunity to the different parties to join the political landscape and establish parties to enter parliamentary elections.»