ECONOMY

Shipping Report

The Cont. market is very firm, especially on Aframaxes with rates near or above W/S 200, while Suezmaxes still at W/S 110 with destination USAC. – The Med. is steadily improving with the 80,000 tons of cargoes fixed at W/S 145, while Suezmaxes seem weaker due to prompt tonnage in the area. Rates however, for 135,000 tons of cargoes out of Black Sea at W/S 105. – Due to the activity of VLCCs out of W. Africa, rates for Suezmax are expected to decline for loadings after October 10. – In the Med., Agip for 80,000 tons of cargo loading October 19, discharging Italy, has fixed M/T Framura at W/S 147.5, while Veba for same cargo quantity loading October 25 Libya, discharging Med., has fixed M/T Niriis at W/S 145. – In the Continent, BP for 80,000 tons of cargo loading October 22 N. Sea, discharging UKC, has fixed M/T Ragnhild Knutsen at W/S 185. -In Caribs, M/T Beryl for 70,000 tons of cargp loading October 20, discharging US Gulf, has fixed at W/S 150. DRY CARGO There is more activity in the Caper market despite the small decline in yesterday’s index. Period deals are being discussed though no details are leaking out at this stage. M/V Anangel Century, 174,415 dwt, built 2000, was delivered by Cobelfret for the first 90 days at USD 11,000, for the rest 11,750 daily and for the second year at 12,000 daily, but it is also understood that there is a profit/loss arrangement between owners and charterers. – The Panamaxes are in an interesting situation with more activity and fresh orders. – Some activity has also been reported concerning the Handies, although as usual it is hard to get hold of serious details. – Korean charterers are aiming to fix in October a modern Handymax on ABT USD 7,000 for 5-7 months delivery Far East. – On Panamax in Far East, Daeyang has fixed M/V Oceanic Esprit, 69,458 dwt, built 1990, delivery China end October, redelivery Hong Kong, at USD 5,200 daily. – In Atlantic, NCC has fixed M/W Konstantinos A, 71,550 dwt, built 1995, delivery US Gulf beginning November, redelivery Egypt Med., at USD 7,100 daily and USD 100,000 ballast bonus. – On smaller sizes, Pan Ocean has fixed M/V Negril Bay, 25,590 dwt, built 1983, delivery US Gulf mid-October, redelivery Far East, at USD 6,000 daily.