CMB REPORTS SOARING BULK, TANKER RATES

CMB REPORTS SOARING BULK, TANKER RATES    Bulk shipping operator CMB, of Belgium, reported a dramatic recovery in freight rates in the dry bulk and tanker sectors when compared to last year.
   Following an annual general shareholders’ meeting on May 12, CMB said that the maritime industry has seen “a considerable improvement” during the first months of the year.
   In the dry bulk division, freight rates for a Capesize vessel increased to $18,000 a day at the end of April, compared to a 1999 average of $10,000 a day.
   In the tanker sector, current rates for a modern very large crude carrier are $47,000 a day, compared to $20,000 a day at the beginning of the year.
   “This increase is mainly due to the continued demand for crude oil in the industrialized countries and the increase in OPEC production,” CMB said. “Also the tightening of vetting policies for oil tankers, in the wake of several incidents, has had a positive impact on the demand for modern vessels,” it added.
   CMB is involved in dry bulk shipping through its arm Bocimar and in the tanker sector through its division Euronav.