ECONOMY

Shipping Report

TANKERS Steady conditions for VLCCS out of the Arabian Gulf with destinations to the East, while on Suezmax the West Africa market seems to have peaked. – Aframaxes in the Med. are at stable levels, with modern still fixed above W/S 205. – The Cont. is firming, with round voyages for 80,000 tons of cargoes at W/S 155 and expected soon to move up to the W/S 165 region. – Caribs is weak, and is expected to remain so with the strike in Venezuela persisting. The 70,000 tons cargo liftings either for the East Coast of Mexico or Colombia is near to W/S 110. – In the Med., Europet for 80,000 tons of cargo loading January 20 Black Sea, discharging Med., has fixed M/T «Minerva Maya» at W/S 217.5. – In the Cont., Petrogal for 80,000 tons of cargo loading January 27 UK, discharging Portugal, has fixed Lundqvist tonnage at W/S 155. In Caribs, Emerald for 70,000 tons of cargo loading January 20 Colombia, discharging USAC, has fixed M/T «Columbia Spirit» at W/S 112.5. – In West Africa, Vitol for 130,000 tons of cargo loading February 11, discharging US Gulf, has fixed M/T «Arteaga» at W/S 190. DRYCARGO Capers in the East are fixed at easier rates, while the Atlantic market is in a lull with the underlying fundamentals strong. – Panamaxes in Far East remain strong, with charterers having difficulty in finding prompt tonnage. – Daeyang has fixed M/V «Ad Astra» 72,891 dwt, built 1999, delivery China end January for 4-6 months, at USD 14,250 daily, while M/V «Irenes Power” 69,841 dwt, built 1984, delivery Indonesia end January trip via Australia, redelivery Muscat, has fixed at USD 16,800 daily. – In the Atlantic, the market appears stable, with Glencore having fixed M/V «Sun P» 65,738 dwt, built 1981, delivery end January, Turkey trip via Black Sea redelivery S. Africa, at USD 10,000 daily. – On Handies / Handymax there are signs that rates are steadying mainly out of Cont. – Oldendorff has fixed M/V «Full Rich» 43,217 dwt, built 1995, delivery end January, Turkey trip via Black Sea redelivery Far East, at USD 10,000 daily.