ECONOMY

Shipping Report

TANKERS Another quiet start with modern Aframaxes in the Med. still around W/S 140. – The Cont. has become very interesting since Friday, due to tight tonnage supply; 80,000-ton cargoes for round-trip voyages are being fixed at W/S 165. – Caribs quiet with the 70,000-ton cargo liftings being fixed at W/S 210. – Suezmaxes are steady in the Med. at around W/S 140, while W. Africa is displaying more cargoes. Rates for 130,000-ton cargoes, with destination US Gulf, at W/S 110. – In the Med., Europet for 80,000 tons of cargo, loading Nov. 28 Black Sea, discharging Med., has fixed M/T «Gerani» at W/S 120. – In the Cont., Murphy has fixed M/T «Clare Spirit» for 80,000 tons of cargo, loading Nov. 29 Norway, discharging UK at W/S 165. – In Caribs, Citgo for 70,000 tons of cargo, loading Nov. 18, discharging US Gulf, has fixed AET tonnage at W/S 210. – In W. Africa, Chevtex for 130,000 tons of cargo, loading Dec. 15, discharging USAC, has fixed Alliance tonnage at W/S 125. DRY CARGO Panamaxes in the Atlantic are holding steady, although by the end of the week brokers had spotted signs of weakness. – The Far East market is steady, not only on Panamaxes but also in Capers, mainly due to ore cargoes. – On Handymaxes, the S. American West Coast has become a very exciting area. Cargoes and time charter orders from Chile are being fixed at ever higher levels. Modern 50,000 dwt Handymaxes are being offered at over USD 16,000 for a trip to the East, while 40-45,000 dwt vessels are still commanding rates of USD 13-14,000 daily. – The Cont. is another place where good freights are available. – The market for smaller vessels in the Med. / B. Sea is still very strong. – On Panamaxes in Far East, Hanjin has fixed M/V «Basic Spirit,» 73,660 dwt, built 1999, delivery Nov. 23-24 Japan for 1 year trading, at USD 9,900 daily. – In Atlantic, BTG has fixed M/V «Jupiter Applause,» 69,123 dwt, built 1997, delivery end Nov. Ireland, redelivery France, at USD 10,250 daily. – On smaller sizes, Armada has fixed M/V «Nikkei Phoenix,» 45,635 dwt, built 2002, delivery W. Africa end Nov. for 2 legs, redelivery Atlantic, at USD 10,500 daily.