ECONOMY

Shipping Report

TANKERS Present levels remain unaltered in the Med. and Cont., with good demand of prompt tonnage. Weather conditions, especially in the Med., are the reason for the rescheduling of tonnage. – Caribs are even weaker, mainly due to a strike in Venezuela with 70,000-ton cargoes out of East Coast Mexico at W/S 105. Owners with vessels in USAC and Carib. area are seriously considering ballasting their vessels to Europe and the Med., respectively. – Suezmaxes in good demand out of W. Africa, not only due to Venezuela’s situation but due to the recent increased number of VLCCs fixtures with destinations East. – In the Med., Repsol has fixed M/T «Gelibolu» for 80,000 tons of cargo, loading Dec. 27 Banias, discharging Spain, at W/S 200. – In the Cont., Conoco has fixed Stentex tonnage for 80,000 tons of cargo, loading Dec. 29 Tees, discharging Whitegate, at W/S 220. – In Caribs, BP has fixed M/T «Genmar Agamemnon» for 70,000 tons of cargo, loading Dec. 16, discharging US Gulf, at W/S 110. – In W. Africa, Addax has fixed M/T «Olympic Flair» for 130,000 tons of cargo, loading Jan. 5, discharging US Gulf, at W/S 110. DRY CARGO Capers market remains fundamentally strong with tonnage in tight supply. The M/V «Great Lady,» 175,075 dwt, built 1992, stranded off W. Africa was fixed by Hanjin for a trip from Nouadhibou to Fos at USD 22,000 daily. – The market in the East is similar with fresh inquiry out of Australia and increased trading from S. Africa. – Panamaxes in the Atlantic are at steady rates, despite the lesser inquiry. Ships in the area are talking reasonable fixing levels to charterers. – In the East, rates remain at healthy levels with more new business. Pioneer has fixed M/V «Princess Natalie,» 70,242 dwt, built 1989, delivery S. China end Dec. trip via W. Australia, redelivery China, at USD 12,400 daily. – In the Atlantic, SK Shipping has fixed M/V «Antonis I. Angelicoussis,» 69,346 dwt, built 1989, delivery US Gulf Jan. 1-7, redelivery Far East, at USD 11,200 daily and USD 300,000 ballast bonus. – On smaller sizes, Korea Line has fixed M/V «Sabrina Venture,» 45,736 dwt, built 1997, delivery Philippines end Dec. for one year’s trading at USD 9,250, daily option one year at USD 9,500 daily.