ECONOMY

Shipping Report

TANKERS Owners of VLCCs remain optimistic for the second half of June, although at present rates are set back from W/S 65 to W/S 55 for the run Arabian Gulf / Japan. – W. Africa on Suezmax still at mid-60s with charterers easily covering their needed June positions. – Aframax weaker than last week with Med. for modern tonnage at W/S 115-117.5 and Cont. at W/S 107.5. – Caribs on the 70,000-ton cargo liftings at W/S 127.5-130 and expected to be quiet due to the holiday. – In the Med., Cepsa for 80,000 tons of cargo loading June 4 Algeria, discharging Spain, has fixed M/T «Atalandi» at W/S 122.5. – In the Cont., BHP for 80,000 tons of cargo loading June 10 UK, discharging UKC, has fixed M/T «N. Svenita» at W/S 110. – In Caribs, Emerald has fixed M/T «Hudson Spirit» for 70,000 tons of cargo loading June 5, discharging US Gulf, at W/S 125. – In W. Africa, Sun for 130,000 tons of cargo loading June 19, discharging US Gulf, has fixed M/T «Nandu» at W/S 65. – In Arabian Gulf, OTC for 230,000 tons of cargo loading June 1, discharging Singapore, has fixed M/T «Bergamo» at W/S 65. DRY CARGO Capers look more optimistic in Atlantic with good demand for short T/C periods. Coeclerici has fixed M/V «Sea Gloria» 157,462 dwt, built 1994, delivery Rotterdam May 24-30 for 3-5 months trading at USD 10,400 daily. – Panamaxes are reflecting signs of improvement as well, with a slight increase in their index. – Far East reports of some more activity with demand of T/C periods. Kline has fixed M/V «Ikan Beliak» 72,493 dwt, built 1999, delivery Japan June 5 for 3-5 months trading at USD 8,300 daily. – Handies and Handymax firming up in areas such as Cont. and Black Sea. East still remains weak and rates paid are not attractive to owners. – On Panamax in Far East, Kline has fixed M/V «Atlantic» 73,500 dwt, built 1996, delivery/redelivery Hong Kong end May trip via Indonesia at USD 7,500 daily. – In Atlantic, IVS has fixed M/V «Anastassia» 52,245 dwt, delivery S. Africa beg. June redelivery UKC at USD 8,400 daily. – On smaller sizes, Pan Ocean has fixed M/V «Tetien» 40,045 dwt, built 1984, delivery USAC end May, redelivery S. Korea, at USD 6,000 daily and USD 60,000 ballast bonus. – Those on watch may be armed, or there may be a second, larger watch being kept, armed or otherwise.