ECONOMY

Shipping Report

TANKERS Firmer conditions in W. Africa with rates at W/S 82.5 for 130,000 tons of cargo with destination US Gulf. Exxonmobil has fixed M/T «Front Glory» at the above rate while BP with loading date July 3 to UKC/Med. has fixed M/T «Front Fillo» at same levels. – The Aframax market is busier in the Med., with total having fixed more than seven vessels for various destinations while rates have moved upward to W/S 115 for modern tonnage. – Cont. market still suffering. Charterers have stretched out to end-June positions and covered easily in the low 100s. – Caribs weakening with latest fixtures of 130,000 tons of cargo liftings at W/S 157.5. – In the Med., BP for 80,000 tons of cargo, loading June 20 Algeria, discharging UKC/Med., has fixed M/T «Sea Loyalty» at W/S 100. – On the Cont., Koch for 80,000 tons of cargo, loading June 12 Russia, discharging UKC, has fixed M/T «New Ace» at W/S 105. – In Caribs, Exxonmobil has fixed M/T «Moscow Kremlin» for 70,000 tons of cargo, loading June 15, discharging US Gulf, at W/S 165. – In W. Africa, Sun for 130,000 tons of cargo, loading July 2, discharging USAC, has fixed M/T «Butron» at W/S 72.5. DRY CARGO Capers are still looking depressed in all areas although better rates can be achieved on some occasions. Erdemir, for 150,000 tons of ore, loading July 20-30 Brazil, discharging Eregli (Turkey) has fixed Zihni tonnage at USD 7.21 per ton with two days’ load and 25,000 tons discharge. – Panamax market in the East appears more active, with some fixtures and negotiations commanding significantly higher levels. Korea Line has fixed M/V «Leto,» 75,169 dwt, built 2001, delivery June 18-20 N. China, redelivery Japan at USD 8,500 daily. – Atlantic remains steady, with some evidence that the S. American market has started to provide more grain export cargoes. – On Panamax in Far East, Noble has fixed M/V «Lia,» 68,350 dwt, built 1978, delivery June 20-30 East Coast India, redelivery China at USD 6,000 daily. – In Atlantic Bulfracht has fixed M/V «Oriental Sun,» 72,651 dwt, built 1998, delivery mid-June Gibraltar for two-three legs at USD 8,000 daily. – On smaller sizes, Jarrett has fixed M/V «Stamatis S,» 38,888 dwt, built 1985, delivery Brazil June 17-18 redelivery UKC at USD 7,500 daily and USD 50,000 ballast bonus.