ECONOMY

Shipping Report

TANKERS Market seems to be finding its way after last week’s quietness due to holidays in the UK and the Posidonia events. – In the Cont., a number of fixtures found at W/S 105, while market is expected to firm. – Med. seems to have hit bottom with older vessels continuing to do well in comparison to the modern which presently are fixed at W/S 102.5. – Suezmax firmer in N. Sea and steady at W. Africa with the 130,000-ton cargoes been fixed at W/S 67.5 with destination USAC. – In the Med., Petrogal for 80,000 tons of cargo loading June 19 Egypt, discharging Portugal has fixed M/T «Westchester» at W/S 90. – In the Cont., Koch for 80,000 tons of cargo loading June 12 Baltic, discharging UKC, has fixed M/T «New Ace» at W/S 105. – In Caribs, Ergon for 70,000 tons of cargo loading June 15, discharging US Gulf, has fixed M/T «Nordgulf» at W/S 170. DRY CARGO Weaker conditions for Capers in the East with adequate presence of tonnage in the area. – In the Atlantic, Noble has fixed M/V «Star Europe» 170,698 dwt, built 1986, delivery Cape Passero mid-June trip via Brazil redelivery China at USD 11,250 daily. – Same scenario for Panamaxes with little inquiry in the Pacific. NOPAC market virtually dead for non-sulphur trades, while Australian market is building up steam with only relatively short duration business. – Improved rates for Handies in the East due to increased demand from Australia. – In the Far East, Noble has fixed M/V «Royal Taian» 71,747 dwt, built 1995, delivery Sri Lanka June 10-15 trip via India, redelivery China, at USD 8,250 daily. – In the Atlantic, Noble has fixed M/V «Yong Tong» 74,382 dwt, built 2001, delivery US Gulf end June, redelivery Far East, at USD 8200 daily and USD 145,000 ballast bonus. – On smaller sizes, Ed&F Man has fixed M/V «Kildrecht» 33,230 dwt, built 1989, delivery Sweden end June, redelivery USAC, at USD 6,950 daily.