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The corresponding time charter equivalent earnings for these
small tankers were $32,000 in January, $35,500 in April, $16,400 in November and $20,800 in December. For these two vessel sizes the rates increased in early 2004 and peaked in February at WS232 and WS256 respectively. During the first week of March there were still some good fixtures, such as the one reported for the one-year-old Energy Century chartered by Addax to carry a 62,000 ton parcel of oil products from the Middle East Gulf to Japan at WS267. Afterwards the trend was clearly downwards. For instance, in June PDI chartered Maersk Princess at WS205 to carry 75,000 tons along the same route. Freight rates for tankers in the range 35,000–50,000 dwt trading from the Caribbean to the Gulf and East Coast of North America started the year with rates at WS190, and these climbed during March and April to WS271 and WS267 respectively. The following months saw substantial volatility with depths in June–July and September–October; but the recovery started in November continued in December when rates fetched WSWS267. Overall, there was a 40.5 per cent rate increase during the year. Rates continued to increase during early 2004 and peaked in February at WS341. In March, there were good fixtures such as those recorded for Galahad: one for 38,000 tons at WS350 for Citgo and the other for 40,000 tons at WS330 for Hess. But then rates eased. In June the same charterer concluded a fixture for Elka Glory at WS265 to take 40,000 tons from the Caribbean to the US East Coast. Smaller tankers in the range of 25,000–35,000 dwt trading out of Singapore to East Asian destinations started the year at WS275. Rates also peaked in April at WS346 and then they drifted downwards with a minor recovery in August at WS293 at the time of increased demand from Japan. Rates bottomed out in October at WS175 and climbed to WS267 in December. Overall, there was a 2.9 per cent decrease in rates during the year. A similar pattern was recorded by rates for tankers of the same size trading from the Caribbean to the Gulf and East coasts of North America. Rates started at WS248, peaked in March at WS363, then drifted downwards in the following months with a minor recovery in August at WS256 and reached WS330 in December. On this route there was a 33 per cent rate increase during the year. The corresponding time charter equivalents on this route were $14,600 in January, $25,000 in March, $15,900 and $22,600 in December. The recovery at the end of the year continued during early 2004 and peaked in February at WS346 for shipments from Singapore to East Asian destinations and at WS418 for Caribbean trading. For the latter in March two fixtures were reported that suggested that rates had started to ease: the Akritas was chartered at WS325 by PMI to carry 30,000 tons to the east coast of Mexico and the Ocean Fidelity fetched WS410 to take 28,000 tons to the east coast of North America. The trend continued until mid-year, as shown by two fixtures in June. Royal Dutch Shell chartered Sheng Chi at WS250 to carry 30,000 tons from Singapore to Japan. Global chartered Shannon at WS300 to take 28,500 tons from the Caribbean to the US East Coast. Tanker-period charter market Chartering activity was particularly substantial during the first five months of 2003, with over 1.5 million dwt being traded every month. The peak months were April and May, with 2.3 and 2.5 million dwt respectively. In April 49.5 per cent of the charters were for more than two years and 44.2 per cent corresponded to Aframax tonnage. In May, 67.8 per cent of the charters were for durations of less than six months and 53.9 per cent were Suezmax and larger vessels. During subsequent months chartering activity was above 1.0 million dwt, except in November and December when reached only 0.8 million dwt. ULCC tankers were almost exclusively chartered in March and May and during this period a five-year-old vessels chartered for one year and for prompt delivery fetched above $31,000 per day, with a peak of $40,000 per day in March. By December rates again approached these levels, although chartering activity was low. Suezmax and larger tankers made up 54 per cent of chartering activity during that month. Chartering activity for Aframax tonnage was particularly significant during June, when it made up 61.3 per cent of the total chartering activity of the month, which reached 1.1 million dwt. Estimated period charter rates for 10-year-old tankers on a one-year contract and for prompt delivery fluctuated around $17,000 per day during most of the year. Rates for five-year-old tankers were slightly higher — in the $18,000–19,000 range. During early 2004 chartering activity was particularly good in February, when it reached 2.4 million dwt, of which 48 per cent were VLCC over 200,000 dwt. By April chartering activity had dropped to a low 0.4 million dwt, almost half of it being Aframax tonnage. It was above 1.0 million dwt until June, with most of it being Suezmax and VLCC tonnage during that month. B. DRY BULK SHIPPING MARKET 1. Dry bulk trade For large Capesize vessels, the main activity in this market was along the iron ore routes from Australia to the Far East and from Brazil to the Far East and Europe. During the year the remarkable increase in China’s iron ore imports and to a lesser extent the growth of Japan’s thermal coal imports pushed up demand for these vessels in the Pacific. Panamax vessels were deployed on several routes, including the transatlantic coal and iron ore routes from the East Coast of North America and Canada respectively and those from South Africa. Panamax tonnage was also deployed on iron ore and coal routes within Asia, such those originating in India, China and Indonesia, and within Europe originating in Sweden. Some Panamax tonnage was deployed from the United States Gulf and the East Coast of South America for carrying grain. Smaller vessels, such as handy-sized ones, were employed for carrying grain to several destinations, notably those that have ports with restricted drafts. These vessels were also used on bauxite, alumina and rock phosphate routes. 2. Dry bulk freight rates The freight rates for all sectors and sizes of dry bulk carriers finished the year 2003 at levels well above those prevailing at the beginning of it. The Baltic Dry Index recorded a remarkable increase of 174 per cent during the year to 4,765, with increases being particularly steep during the last quarter. As shown in table 32, the dry cargo tramp time-charter increased during the year to 459 — an increase of 39.1 per cent over the year. The dry cargo tramp tripcharter stood over the 200 mark during the year and Period Dry cargo tramp time-charter b Dry cargo tramp trip-charter c (1971 = 100) (July 1965 to June 1966 = 100) 2001 2002 2003 2004 2001 2002 2003 2004 January 264 228 330 431 193 194 216 244 February 267 232 344 507 198 199 216 244 March 260 223 339 195 199 216 April 258 259 354 200 194 226 May 262 229 366 206 207 235 June 272 244 352 205 202 230 July 272 240 374 205 201 230 August 253 240 377 192 201 229 September 248 244 361 193 204 235 October 249 268 381 195 204 244 November 227 343 402 194 215 244 December 231 337 459 195 215 244 Annual average 255 257 370 198 203 230 Table 32 Dry cargo freight indices, 2001–2004 a (monthly figures) a All indices have been rounded to the nearest whole number. No data are available from March 2004 onwards. b Compiled by the German Ministry of Transport. c Compiled and published by Lloyd’s Ship Manager. ended at 244 points — an increase of 13.0 per cent from the level at the beginning of the year. The average timecharter index for 2003 was more than 100 points higher than that for the previous year, while the average tripcharter index was almost 30 points above the average for the previous year. Owners of dry cargo vessels benefited from increased demand due to congestion in several bulk ports and to a lesser extent from bunker prices. Over the year bunker prices — the average posted prices for IFO 180 at nine ports collected by Lloyd’s Ship Manager — went down from $197 to $174. During the year there was increased concern about the cost impact of implementing security measures (see box 2). The substantial improvement in freight rates dissipated any enthusiasm that shipowners may have had about staying in pools. Early in the year Cape-size Asian owners held inconclusive discussions about setting up a pool. Existing pools were maintained notably for serving niche markets, such as the 60-ship Panamax pool Baumarine, which accounted for about half of the shipments of bauxite and alumina. Flaring spot prices during the last quarter of the year triggered a search for extended time-charters, with durations being progressively extended as spot freight rates increased. This particularly affected larger vessels as Cape-size newbuildings were unlikely to be commissioned in the next two years and little Panamax tonnage was delivered during the year. By the end of 2003, the two-year charter for Cape-size vessels was at $52,500 per day, while for Panamax it was $30,000 per day. In early 2004, this upward trend continued unabated — it was reported that as Cape-size freight rates hit $100,000 per day, the three-year charters were secured at $50,000 per day and five-year ones were at $37,000 per day. Box 2 Secure ship operation Estimates prepared by the OECD in July 2003 put the total bill to ship operators for implementing security measures at $1,279 million initially and $730 million thereafter. Crew management was also an area of concern for operators. The cancellation of the crew visa procedure for seamen on board ships calling at ports in the United States prompted negotiations for a workable arrangement for seamen. In the representations made by BIMCO to the US authorities it was explained that additional staff had been posted to deal with visa backlog and that seamen were able to ask for US visas outside their own countries and without specifying the entry port or vessel. The issue for seamen having positive (i.e. the holder of the document is the person to whom it was issued) and verifiable (i.e. the document is authentic by reference to an issuer) identification was discussed at the 91st ILO Conference when the C185 Seafarers’ Identity Documents Convention (Revised), 2003 was adopted on 19 June. This Convention replaced the C108 Seafarers’ Identity Documents Convention, 1958. Doubts about the usefulness of this Convention were raised a few months afterwards because of incompatibility with Schengen rules of the EU and the lack of agreed technical standards for biometric technology, which was deemed to delay application of the Convention. By mid-2003 there were differing views on the way in which Part B of the ISPS Code should be implemented with some countries (i.e. China) deeming it voluntary and selectively applicable by maritime administrations, while others (i.e. the United States) regarded it as an integral and essential part of the Code. Late in the year, the American Bureau of Shipping reissued its guideline for ship security to reflect IMO clarifications Dry bulk time-charter (trips) Some representative fixtures concluded for vessels of different sizes on typical routes illustrate the evolution of rates during 2003. At the beginning of the year the recovery of rates that had started at the end of 2002 continued unabated. Cape-size tonnage was chartered for round trips over the transatlantic and Singapore–Japan to Australia routes at rates of $24,050 and $22,050 per day. By September the corresponding rates were $39,850 and $36,325 per day and in December they were as high as $74,045 and $78,615 per day respectively. On both routes the rates more than trebled over the year. Panamax tonnage chartered at the beginning of the year for round trips from Northern Europe to the East Coast of South America fetched $11,650 per day; rates moved up steadily, reached $17,500 per day in September and flared up in October at $27,500 per day, by December standing at $33,590 — an increase of 188.3 per cent in 2003. The pattern was slightly different for Panamax tonnage engaged for round trips from the Far East to the eastern coast of Australia: rates started the year at $13,850 per day and slid backwards during the following two months to $12,000 per day. In April rates recovered and reached $16,675 per day in September and peaked in October at $39,400 but dropped in November to $38,400. In December rates rebounded to $40,070 per day; overall, it was an 189.3 per cent increase for the year. Handymax tonnage chartered for Far East to Australia round trips secured $10,000 per day in January and rate gains were modest until September when they fetched $13,770, and then they almost doubled to $25,645 in December — an increase of 156.4 per cent for the year. Handy-size tonnage chartered for trips from Northern Europe to the West Coast of Africa achieved less impressive gains over the same period: at the beginning of the year rates were $8,500 per day and progressed steadily to reach $18,000 in December — an increase of 111.8 per cent for the year. In early 2004 rates for all these vessel sizes were high until early March and by April they were lower than the levels reached in December. There was a further decline in rates in subsequent months, although with considerable volatility. Dry bulk time-charter (periods) Estimates of rates for chartering vessels for a 12-month period and prompt delivery indicate that rate increases were slightly less pronounced for smaller vessels. Fiveyear- old Cape-size vessels in the range of 150,000- 160,000 dwt were getting $18,750 per day in January 2003; this figure almost trebled by December, rising to $56,000 per day. Freight rates for a five-year-old Panamax started at $12,250 in January and increased by almost two and a half times in December to reach $32,500 per day. The increase was only marginally lower for 15-year-old vessels, whose rates went up from $11,000 to $26,000 per day during the same period. Rate improvement for a 15-year-old Handymax tonnage was also remarkable, from $9,000 per day in January to $24,500 per day in December, and very similar to the rate gains achieved by five-year-old vessels — from $7,500 per day in January to $20,500 per day in December. Handy-size tonnage aged about 15 years also recorded similar rate increases: $6,750 per day in January and $15,000 per day in December. Rates for chartering vessels continued to rise during early 2004; some of them peaked in February, but in April they were all higher than those prevailing in December 2003. Afterwards they declined until mid-year. Dry bulk trip-charter Over the year rates for Cape-size tonnage improved substantially, notably during the fourth quarter. Iron ore freight rates from Brazil to China started the year at $13.60 per ton and moved up steadily to $17.20 in June; from September increases were greater, rising to $33.20 per ton in December. The evolution for coal rates from Richards Bay (South Africa) to Western Europe was similar — they started at $9.65 per ton in January, slowly moved up to $13.40 per ton in September and then almost doubled by December to $25.75 per ton. Panamax tonnage trading with grain between the North America Gulf and Western Europe was getting $15.85 per ton in January, $20.10 per ton in August and $29.65 in December. There were lesser rate increases for handysize tonnage: scrap was moved from the US West Coast to the Republic of Korea at $30.65 per ton in January and this increased to $46.60 by the end of the year. During the period until April 2004 the rates for grain and scrap continued to rise, while the rate for iron ore held steady. There was a one-third drop in coal rates during the same period. By June all rates pointed downwards. |
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C. LINER SHIPPING MARKET
1. Development in liner markets General developments The impact of containerization in liner trades is greater than that implied by the size and growth of the fully cellular containership fleet analysed in table 7 of chapter 2. Total seaborne container carrying capacity during 2003 rose by 0.6 million TEUs to reach 8.6 million TEUs — an increase of 7.5 per cent. Fully cellular containerships increased their share of this total by 1 per cent to 74.7 per cent at the beginning of 2004, totalling 6.4 million TEUs. The share of general cargo ships reached almost 18 per cent. Single-deck vessels accounted for 0.9 million TEUs — 10.4 per cent — while multi-deck ships added 0.61 million TEUs — about 8 per cent. During the year single-deck tonnage increased by 4 per cent while multi-deck tonnage actually decreased by 3 per cent. Ro-ro cargo and ro-ro passenger ships accounted for 0.33 million TEUs and increased by 1 per cent during the year. Their share of total container carrying capacity is 3.8 per cent. Bulk carriers maintained their container carrying capacity at 0.21 million TEUs, with their share of the total decreasing to 2.5 per cent. The balance of about 1 per cent was TEU carrying capacity available in reefer, tanker, specialized and passenger vessels. Moreover, the growth of the fully cellular containership fleet mentioned in chapter 2 continued, albeit at a slightly slower pace. As indicated in table 33, additions to the fleet during 2003 totalled 622,000 TEUs, while 44,000 TEUs were retired from operations and broken up. Scrapping was lower than that of the previous year owing to the good freight rates achieved by small and, generally old, tonnage. The growth of the cellular fleet is poised to accelerate, with larger vessels increasing their share. During 2003, compared with the previous two years, ship orders increased more than fourfold to a record of 1,995,000 TEUs, with a fifth of this total achieved in September. For that month, post-Panamax vessels made up over half of the total and ordering vessels having capacity over 8,000 TEUs became commonplace — two German owners ordered ten ships and a further eight were ordered by two East Asian owners. The push for larger vessels has kept alive the question of their deployment, which would be restricted to the main east–west mainline routes because of the volumes required to fill such vessels. One view is that these very large vessels should call exclusively at a few very large transhipment hubs at both ends of the route. Another view, on the basis of diminishing economies of scale for vessels above the 2,500 to 3,000 TEU size, is that there should be direct services, with smaller vessels calling at multiple ports at both ends of the route. Large carriers operating along mainline routes espouse the former view and continue to rely on dedicated transhipment terminals and feeder services provided by their subsidiaries. The implementation of security initiatives in a number of major ports would work in favour of transhipment hubs. In any case, the influx of larger containerships on the main routes heralds the deployment of larger vessels in feeder routes too. Table 33 Growth of the world cellular container fleet (in thousand TEU at the beginning of the year) 2002 29 639 5 285 407 2003 65 625 5 845 481 2004 44 622 6 423 1 995 Year Broken up Additions Fleet as of Orders as of 1 January 1 January Source: UNCTAD secretariat on the basis of Containerisation International, issues February 2003 and 2004, p. 19. Concentration in liner shipping The concentration process of recent years is resulting in increased carrying capacity being deployed by the largest liner operators. As table 34 indicates, over a one-year period ending 30 September 2003 the top 10 liner operators increased their carrying capacity by 13.0 per cent to 3.8 million TEUs — 45.7 per cent of the world total container carrying capacity. Similarly, the share of the top 20 liner operators increased by 12.8 per cent to 5.4 million TEUs — 64.4 per cent of the world total container carrying capacity. A clear reflection of the momentum being gained by industry consolidation is the lack of new entrants for the list of the top 20 carriers. Only three carriers — AP Moller, MSC and K Line — maintained their positions in the table. AP Moller, the parent company of Maersk-Sea Land, confirmed its dominance among container carriers by marginally increasing its share of world TEU capacity from 10 to 10.1 per cent. MSC tried to catch up and increased its share from 5.4 to 6.2 per cent. Seven carriers moved up the list with CMA-CGM Group being the most successful (up by three places), followed by NYK and Yang Ming (each up by two places) while Evergreen Group, OOCL, Hapag Lloyd and CSAV went up by only one place. Half of the carriers on the list went down by one place, except China Shipping, which slipped back by two places. Mid-2003 financial indicators announced for some of the above carriers were encouraging. Maersk and CP Ships recorded average revenue increases of 5 per cent. P&O Nedlloyds did even better with a 7.5 per cent increase, while NOL/APL recorded an impressive 17 per cent increase in average revenue. The latter seemed to be targeting high-value cargo as the volume carried decreased by 2 per cent during the same period. All other carriers reported double-digit increases in cargo volumes, except P&O Nedlloyd, which reported only a 7 per cent increase. Satisfactory financial results highlighted a clear recovery from the dismal results of the past two years, but this was not the case for all companies — the Taiwan Province of China shipowner Kien Hung went bankrupt in May, with most of its vessels being seized by banks and other creditors. Other carriers faced specific difficulties. NYK, MOL and K Line enforced strict costcutting measures to counter appreciation of the yen as about 80 per cent of their revenues were in US dollars. By the end of 2003 the positive financial results made it attractive to list some companies on the stock exchanges. The parent company of P&O Nedlloyd stated its readiness to list the shipping arm on the Amsterdam stock exchange, and Hapag Lloyd and China Shipping were said to be ready to float 33 and 25 per cent of shares respectively. In a separate development Zim was fully privatized at the beginning of 2004. A number of carriers provide services on several routes, being part of conferences, alliances and/or agreements, which imply some degree of agreement on operational and marketing issues, notably pricing and number of sailings. Traditionally, regulators of many countries have provided anti-trust exemption to carriers participating in these agreements on the understanding that the benefits are greater than the disadvantages. Late in 2003 the European Commission started a formal review of Regulation 4056/86, which exempts carriers from some rules of competition law. A panel of academics reported that competition restrictions, in the form of shipping conferences, are a low-cost way to ensure that the liner market is sustainable, and suggested a compromise between abolishing price-setting immunity and ensuring conditions that safeguard liner shipping alliances. Carriers set up a European Liner Affairs Association to argue their case, and the Commission asserted that the burden of proof rested with the carriers. Shippers welcomed the review and noted that there was no automatic review period for the regulation. The first hearing was conducted in December 2003. 2. Freight level of containerized services Chartering of containership Global liner shipping market developments are best reflected in movements of the containership charter market. This market is largely dominated by German owners, and more particularly by members of the Hamburg Shipbrokers’ Association (VHSS), who control some 75 per cent of all containership charter tonnage available in the free market. Since 1998, the association3 had published the “Hamburg Index”, which provides a market analysis of containership time charter rates with a minimum of three months. For the period from 1998 until June 2002, rates on 14-ton slot (TEU) per day have been published on a monthly basis for three gearless and six geared size group and compared with those obtained on average in 1997. The year 1997 was chosen as the reference year because it was the last year when a remunerative rate level could be achieved. Since July 2002, rates have been published for two types of gearless vessels up to 500 TEU capacity, two types of gearless/geared vessels over 2,000 TEU capacity and six types of geared vessels up to 1,999 TEU capacity. Table 34 Leading 20 container service operators as of 30 September on the basis of number of ships and total shipboard capacity (TEUs) No. of TEU TEU Ranking Operator Country/territory ships in capacity in capacity in 2003 2003 2002 1 A.P. Moller Group Denmark 328 844 626 773 931 2 MSC Switzerland 217 516 876 413 814 3 Evergreen Group Taiwan Province of China 152 442 310 403 932 4 P&O Nedlloyd UK/Netherlands 157 419 527 406 654 5 CMA-CGM Group France 150 299 174 225 436 6 Hanjin/DSR-Senator Republic of Korea/Germany 76 290 677 304 409 7 COSCO China 148 274 128 255 937 8 NOL/APL Singapore 82 273 573 227 749 9 NYK Japan 91 233 934 177 700 10 MOL Japan 72 222 533 188 326 Total 1-10 1 473 3 817 358 3 377 888 11 CP Ships Group Canada 85 201 706 187 890 12 K Line Japan 63 186 017 168 413 13 OOCL Hong Kong (China) 55 185 502 157 493 14 Zim Israel 79 174 480 164 350 15 Hapag Lloyd Germany 41 154 850 135 953 16 Yang Ming Taiwan Province of China 55 153 783 120 319 17 China Shipping China 94 143 655 148 212 18 Hyundai Republic of Korea 35 136 548 122 713 19 CSAV Chile 55 123 378 90 625 20 PIL Group Singapore 92 106 508 97 827 Total 1-20 2 127 5 383 785 4 771 683 World fleet estimated at 1 July 2003 and 2002 8 354 000 7 713 000 Source: UNCTAD secretariat, compiled from Containerisation International, January, p. 12, and November 2003, p. 57; and International Shipping and Logistics (Bremen), January/February 2004, p. 36. Note: All subsidiaries are consolidated. in the ISPS code and recent US requirements from the Coast Guard. Moreover, BIMCO designed a standard clause for charter parties to clarify doubts arising from costs of implementing the ISPS code. Source: Lloyd’s List Daily News. |
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Hi bluesharckct! I translate for you a small, small part, i try to make all the best i could and i stopped here because is a verry hard thing for me to continue. i don't have patience and time to finish. So:
"Corespunzător timpului navlosit echivalent câştigurilor pentru aceste petroliere mici ar fi 32,000 în Ianuarie, $35,500 în Aprilie, $16,400 în Noiembrie şi $20,800 în Decembrie. Pentru aceste două vase (vapoare) tariful creşte la începutul lui 2004 şi scade în Februarie la WS232 şi respectiv WS256. Până în timpul primei săptămâni din martie ar fi încă ceva armături bune, aşa cum se înregistrează pentru un an vechime la Energy Century navlosit de Addax pentru a căra 62.000 tone parcelă de produse petroliere din Golful Orientului Mijlociu în Japonia la WS267. După aceea tendinţa a fost evident descrescătoare. Ca exemplu, PDI a navlosit în Iunie Maersk Princess la WS205 să care 75.000 tone pe aceeaşi rută. Tarifele navlului pentru petroliere cresc de la 35.000 până la 50.000 având în vedere comerţul din Caraibe în golf şi Coasta de Est a Americii de Nord începând anul cu un tarif de WS190 şi acesta crescând în Martie şi Aprilie la WS271 respectiv WS267. Următoarele luni au avut un caracter schimbător cu valori minime în Iunie – Iulie şi Septembrie – Octombrie, dar recuperarea (revenirea) începută în noiembrie a continuat şi în Decembrie când tarifele au ajuns la WS267. În general, a fost o creştere a tarifelor de 40.5% în timpul anului. Tarifele continuă să crească în timpul lui 2004 şi scad în Februarie la WS341. În Martie, au fost navluri bune, acestea înregistrând pentru Galahad: unu pentru 38.000 tone la WS350 pentru Citgo şi celelalte 40.000 tone la WS330 pentru Hess. Iar apoi tarifele sunt oarecum constante. În Iunie acelaşi navlositor încheie un navlu pentru Elka glory la WS265 să încarce 40.000 tone din Caraibe până pe Coasta de Est a Americii de Nord. Petroliere mai mici în jur de 25.000 – 35.000, având în vedere comerţul dinspre Singapore către destinaţiile din Estul Asiei începând de la WS275. Tarifele de asemenea cresc în Aprilie la WS346 şi apoi descresc încet cu o mică revenire în August la WS293 în timpul creşterii cererii din Japonia. Tarifele ating nivelul cel mai scăzut în Octombrie la WS175 şi urcă la WS267 în Decembrie. În general, a fost o descreştere a tarifelor de 2.9% în timpul anului. O situaţie similară a fost înregistrată de tarifele pentru petrolierele de aceeaşi mărime ce transportă din Caraibe în Golf şo Coasta de Est a Americii de Nord. Tarifele pornesc de la WS248, ajung în Martie la WS363, apoi descresc încet şi au o mică revenire în August la Ws265 şi ajung din nou la WS330 în Decembrie. Pe această rută a fost o creştere a tarifelor de 33% în timpul anului. Corespunzător timpului navlosit echivalent câştigurilor pentru aceste petroliere mici ar fi $14.600 în Ianuarie, $25.000 în Martie, $15.900 şi $22.600 în Decembrie……" I want to ask to someone else to help you. Bye bye Danutza
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Danutza ![]()
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Ajutor la traduceri (Romanian) : The international discussion forum : from english to romanian plsss
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