ECONOMY

Shipping Report

TANKERS Despite the activity in the N. Sea, rates seem to be holding at W/S 130 for modern Aframaxes. – Med. looks balanced at the moment on cargoes and vessels with rates around W/S 120. – Caribs appears quieter with a number of fixtures at W/S 142.5 with destination either US Gulf or USAC. – Suezmaxes easier in the Med., at W/S 75 for 135,000-ton cargoes as well in W. Africa after the numerous fixtures of VLCCs for US destinations. – In the Med., Veba for 80,000 tons of cargo loading June 29 Libya, discharging Med., has fixed M/T «Atlantic Hero» at W/S 117.5. – In the Cont., BP for 80,000 tons of cargo loading June 25 for UK round voyage has fixed M/T «Braveheart» at W/S 115. – In Caribs, Emerald for 70,000 tons of cargo loading June 27, discharging US Gulf, has fixed M/T «Hudson Spirit» at W/S 150. DRY CARGO The Panamax downward trend in the Atlantic has eased for the time being due to significant activity from the US Gulf and S. Atlantic. Rates however, remain depressed. – The Far East market is not very clear, with some impressive and some poor fixtures. M/V «Aifos» 69,146 dwt, built 1998, was fixed by Kline for an Australian round-trip voyage with delivery/redelivery Japan at USD 7,500 daily, while Dreyfus has fixed M/V «El Flamenco» 69,351 dwt, built 1989, delivery June 20-25 Nopac, redelivery China at USD 6,500 daily and USD 150,000 ballast bonus. – On Handies, Black Sea continues to pay good freights with WBC having fixed M/V «George Lyras» 35,730 dwt, built 1984, delivery Black Sea June 20-25, redelivery US Gulf, at USD 6,550 daily. – On Panamax in Far East, Cargill has fixed M/V «Scythia Graeca» 74,000 dwt, built 1997, delivery S. Korea end June for 3-5 month period at USD 7,500 daily. – In Atlantic, Pan Ocean has fixed M/V «Stalo» 73,034 dwt, built 1995, delivery Brazil June 23-29 for 2-leg trip via US Gulf, redelivery Far East, at USD 8,000 daily and USD 120,000 ballast bonus. – On smaller sizes, Cosbulk has fixed M/V «Kalma» 34,681 dwt, built 1981, delivery June 20-25 India, redelivery China at USD 4,750 daily.