ECONOMY

Shipping Report

TANKERS A quiet start to the week with minimum fresh inquiry in the Cont. and Med. rates on modern Aframax at W/S 117.5-120 and W/S 110 respectively. – On Suezmax, Med. stable at W/S 77.5 for 135,000 tons of cargoes. – Caribs weakening with latest fixtures for the 70,000-ton cargo liftings at W/S 150. – W. Africa on a downward trend, with rates for 135,000 tons of cargoes to USAC at W/S 77.5. – In the Med., Lukoil for 80,000 tons of cargo loading June 29 Black Sea, discharging UKC/Med., has fixed M/T «Seabravery II» at W/S 115. – In the Cont., Ergon for 80,000 tons of cargo loading July 3, discharging US Gulf, has fixed M/T «Nordic Yukon» at W/S 127.5. – In Caribs, Premcor for 70,000 tons of cargo loading June 24, discharging US Gulf, has fixed M/T «Seacharm» at W/S 150. DRY CARGO Capers remain weak with modern tonnage in the East piling up. Atlantic also has nothing important to provide. Wellmix has fixed M/V «Csk Enterprise» for 150,000 tons of ore, loading Brazil end June, discharging China at USD 7.90 per ton with 2 days load and 12,000 tons discharge. – Quieter conditions also in Panamaxes. In the Atlantic, Oldendorff has fixed M/V «Afovos» 74,306 dwt, built 2001, delivery US Gulf end June / early July, redelivery Far East at USD 8,100 daily and USD 100,000 ballast bonus, while Cargill has fixed M/V «Angelic Power» 74,759 dwt, built 2002, delivery Brazil July 23-27, redelivery Skaw/Passero, at USD 6,500 daily and USD 132,500 ballast bonus. – In comparison, Handymax / Handies market still at high rates, with Cargill having fixed a 1986-built 29,300 dwt, vessel for the trip from Argentina to Chile at USD 8,500 daily while a similarly aged 38,000 dwt vessel achieved USD 7,250 from Durban to the Continent. – On Panamax in Far East, J. Lauritzen has fixed M/V «Global F» 73,729 dwt, built 1998, delivery Japan June 26-30 for 3 years T/C at USD 9,000 daily. – In the Atlantic, Worthington has fixed M/V «Thalia» 75,115 dwt, built 2001, delivery Brazil mid-June redelivery UKC / Med. at USD 7,000 daily and USD 150,000 ballast bonus. – On smaller sizes, IVS has fixed M/V «Yordan Lutibrodski» 38,575 dwt, built 1986, delivery S. Africa July 5-15, redelivery UKC at USD 7,250 daily. The July meeting will not provide him with a way out either. What will be decided there will be the method of transition to the post-Simitis era.