ECONOMY

Shipping Report

TANKERS Med. market seems more active despite ample tonnage for mid-June. Rates at W/S 115 for modern Aframax, while N. Sea market remains flat. Stasco for 80,000 tons of cargo loading June 6 Denmark, discharging UKC, has fixed M/T «Jag Leela» at W/S 105. – Suezmax at steady levels out of W. Africa despite lesser activity. – Med. at W/S 77.5 for cargoes out of Novorossisk and N. Sea at W/S 67.5 with destination USAC as per Emerald fixture of M/T «Front Fighter.» – In the Med., Most for 80,000 tons of cargo loading June 6 Tunisia, discharging Italy, has fixed M/T «Caithness» at W/S 120. – In the Cont., Exxonmobil for 80,000 tons of cargo loading June 2 UK, discharging UKC, has fixed M/T «Valiant» at W/S 107.5. – In Caribs, Premcor has fixed AET tonnage for 70,000 tons of cargo, loading June 2 Mexico, discharging US Gulf, at W/S 135. DRY CARGO There are only a few highlights in the chartering market. – Panamaxes are improving in the Pacific, while rate levels in the Atlantic remain stable. – On Capers, Atlantic still provides better freight rates than the Pacific with gap continuing to widen, although Richards Bay is quite active in soaking up the cheaper Pacific tonnage. – Handymaxes stable. – On Panamax in Far East, Kline has fixed M/V «Marigo P» 73,800 dwt, built 2002, delivery / redelivery end May Japan trip via Australia at USD 6,300 daily. – In Atlantic, Bunge has fixed M/V «Botafogo» 76,625 dwt, built 2001, delivery Argentine end May, redelivery UKC / Med., at USD 8,500 daily and USD 160,000 ballast bonus. – On grain cargoes, Baumarine for 54,000 tons of cargo loading US Gulf end June, discharging Japan, has paid USD 21.00 per ton with 11 days all purposes. A German man who killed his woman companion, chopped her into pieces with a hacksaw, burnt her body and hid her bones in a dried-out well was sentenced to life in prison by an Iraklion court yesterday. Igo Gutman, 32, killed Ursula Fless, 69, in September 2000 in Palaiohora, south of Hania. It took six months to detect his crime.