Samho Dream: pirates have not made contact

CHUNGMUGONG YISUNSHIN DDH-975 KDX-2 class destroyer, sister to ROKN Dae Joyeong (DDH977), arrived in waters near the Samho Dream at around 1:20 a.m. (Seoul time) and is now operating in its vicinity. The 4,500-ton destroyer was keeping a close watch over the hijacked vessel about 30 miles away, . The South Korean-operated tanker, carrying five The destroyer, which had been operating in Somali waters as part of global efforts to fight piracy, was ordered to speed to the seized ship. Foreign ministry officials earlier said the destroyer will not attempt to intercept or board the hijacked vessel, as the move could put the ship''s crew at a greater risk. The ship''s South Korean operator, Samho Shipping Co., said the pirates have not yet made any contact to make demands for the release of the ship and its crew members

.Balloonimg VLCC traffic past Somalia
The number of very large crude carriers chartered on the spot market for March loadings closed at 107 yesterday — 23 more than the same month in 2009, and just under the 108 reported in March 2007.
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Rise in VLCC charters pushes rates near $60,000 per day.

Spike sees charterers pay a premium on spot market to cover loading dates at end of month.

The number of very large crude carriers chartered on the spot market for March loadings closed at 107 yesterday — 23 more than the same month in 2009, and just under the 108 reported in March 2007.

The spike in March loadings saw charterers pay a premium to cover dates for the final days of the month, thinning out tonnage available for the first 10 days of April.

As a result, daily earnings for VLCCs shipping crude from the Middle East Gulf to Asia are nearing $60,000, and are up 48% since March 1 on the major index route from Saudi Arabia to Japan.

But rates remain soft for Atlantic trading, with VLCCs heading west to the US recording lesser gains, to hit nearly $26,000 per day. Brokers said westbound rates might improve as high distillate draws motivate refiners to increase runs in the US.

So far, some 16 VLCCs have been booked to c over cargoes for the first 10 days of April. Another 30 are expected to come into the market over the next week for this time period, one broker reported, with two VLCCs already booked for later loadings.