Take the bribe. What about the bride? (your call, on a case by case basis)

Talking about Egypt, grain traders are linked on a 30,000mt bulk wheat from Nikatera to Egypt at said something along US$16pmt. This is surely part of the GASC deals to import massively wheat from everywhere, and preferably from Black Sea. Last tender, cnf priceof the wheat was (rounded) at $210pmt, for 240kmt, with freight, rounded again from $12.40pmt to $15.05pmt sub origin on 60’000mts stems. So, it makes something like a $50million bill for Egyptian authorities. On the other side, main US$ provider for Egypt is the Suez Canal, which Brought « only » $375.8million in Feb ($20million more in January). The $8 billion investments to expand (and double) Suez Capacity are not yet ready to be reimbursed

Back to this Nikatera to Egypt, it’s said to be equal to something along $9,000 daily which seems a decent number for charterers. As we understood Owners now managing to obtain more than $10,000 daily now for dely Canakkale redel Central Med via Blsea.

Few weeks ago we were mentionning you some financial revenue drop from big bulker owners, Cosco (main chinese owners) is reporting profit drop by 29% when they managed to increase their revenue by $200Million in the same period. How come ?

Going the other way of Atlantic, after mentionning this week some nice practice from bunkers suppliers, Tradewinds is today talking about Argentinean corruption in some ports, declaring to get inspected holds clear of any remarks could cost up to $80,000, which seems to go in inspector (and his friends)’ pockets. According to Tradewinds, the problem is not over but situation improving thanks to « collective buying power of shipowners »… this being black money, I’m wondering if the today’s BHSI HS3 10,067 (+109) is taking this into account, or not ?

Have a nice evening, afternoon, and we are still here to try to fix your ship/cargo,. Please bare in mind our commission in such case will be 1.25% and we’ll pay our taxes in our lovely country, helping our French inspectors to make decent salary (and our politicians to pay 50keuros their 15yrs old kids for their great job at Assemblée Nationale / alternatively their wife more than €80’000 yearly for assisting in the daily tasks). But this is another story.

Regards

Jerome

 

 

 

 

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