ECONOMY

Shipping Report

TANKERS Steadier conditions on Aframax in the Cont. and increased activity in the Med. However, rates stable at W/S 105 for the 80,000-ton round trip voyages. – Cont. with some additional cargoes for end June loadings, mainly out of Baltic Sea, while in the Med. there are still 2-3 cargoes to be covered out of the Black Sea. – Caribs with lesser inquiry. The 70,000-ton cargo liftings are fixed at W/S 165. – W. Africa firmer with Sun for July 2 loading having fixed M/T «Butron» with destination USAC at W/S 72.5. – 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 The quiet start to the week continues despite additional inquiry, including some contracts for Capers in the East. Rumors that Korea Line has fixed M/V «Formosabulk Duke» 170,085 dwt, built 2001, delivery Taiwan, end June for 5-7 months period at USD 12,850 daily. – The situation in the East for Panamaxes is confused and this is not helped by a lack of concrete facts surrounding fixtures. Market talks of M/V «Doceisland» 72,861 dwt, built 1997, fixture by South Koreans with delivery June 12 China for 30-40 days period, redelivery Far East, at USD 6,250 daily. – Atlantic also quiet on Aframaxes with BHP Billiton having fixed M/V «Torm Baltic» 68,000 dwt, built 1997, delivery US Gulf end June, redelivery Far East, at USD 8,000 daily and USD 140,000 ballast bonus. – 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 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. Parking areas are to be located near the auxiliary buildings for the beach volleyball and are for athletes and officials, as the public will have to leave their cars in parking areas at what is now the racetrack, where buses will be waiting to take them to the events.