ECONOMY

Shipping Report

Aframax market in the Med. is very firm. Modern vessels available for the Black Sea prior to the 10th are hard to find. Vitol has fixed Minerva tonnage for 80,000 tons of cargo, loading Novorossisk end-January, discharging Med. at W/S 222.5. – Cont. market stable, with rates hovering around W/S 170 for 80,000 tons of cargo liftings. – Suezmaxes market weaker with Sun having fixed out of W. Africa M/T «Astro Capella,» loading Feb. 19 with destination USAC, at W/S 175, while Chinaoil has fixed M/T «Glen Roy» for 135,000 tons of cargo, loading Feb. 9 Arabian Gulf, discharging Thailand, at W/S 165. – In the Med., Repsol, for 80,000 tons of cargo, loading beg. February Libya, discharging Spain, has fixed M/T «Braveheart» at W/S 195. – On Suezmax, Alpine, for 135,000 tons of cargo, loading Feb. 8 Turkey, discharging Morocco, has fixed Thenamaris tonnage at W/S 190. – On the Cont., CSSA, for 80,000 tons of cargo, loading end Jan. Latvia, discharging UKC, has fixed M/T «Sarren» at W/S 180. – In Caribs, Orion, for 70,000 tons of cargo, loading Jan. 28 East Coast Mexico, discharging US Gulf, has fixed Chevron tonnage at W/S 112.5. – In Arabian Gulf, Reliance has fixed M/T «Front Sabang» for 280,000 tons of cargo, loading Feb. 17, discharging Far East at W/S 180. DRY CARGO Capesize rates in the East are weaker, with charterers taking advantage of short T/C periods. – Atlantic also with lesser inquiry. Great Pacific has booked M/V «Irfon,» 165,682 dwt, built 1996, delivery end January Cape Passero, for a trip via Brazil, redelivery China at USD 26,750 daily. – On Panamaxes, longer round-voyage rates in the East such as Australia and Nopac have leveled off from the highs seen last week with owners of the large modern types dropping their rate ideas. – In Atlantic, activity is limited while rates remain steady. Bulfracht has fixed M/V «Ming May,» 74,009 dwt, built 1997, delivery US Gulf end Jan.-beg. Feb., redelivery Far East, at USD 14,000 daily and USD 285,000 ballast bonus. – On smaller sizes, Kroon has fixed M/V «Federal Schelde,» 34,167 dwt, built 1997, delivery end Jan. S. Africa, redelivery US Gulf, at USD 8,900 daily and USD 25,000 ballast bonus.