ECONOMY

Shipping Report

TANKERS There is still a good demand for modern Aframaxes in the Med., with rates above W/S 230, while Caribs’ rates, due to a short supply of tonnage and an increased number of cargoes out of East Mexico, have moved from W/S 140 to W/S 230 in two days of trading. – Suezmaxes with more inquiry out of W. Africa, however the oversupply of tonnage has led rates downward, with most of fixtures at W/S 167.5 for various destinations. – Cont. relatively quiet, however ships continue to disappear, mainly being fixed out of Baltic. – In the Med., Vitol for 80,000 tons of cargo, loading Feb. 4 Russia, discharging Med., has fixed M/T «Minerva Astra» at W/S 222.5. – In the Cont., Navion for 80,000 tons of cargo, loading Jan. 28 W. Coast Norway, discharging UKC, has fixed M/T «Athina M» at W/S 170. – In Caribs, Valero has fixed M/T «Columbia Spirit» for 70,000 tons of cargo, loading Feb. 5, discharging USAC, at W/S 128.75. – In W. Africa, Sun for 130,000 tons of cargo, loading Feb. 17, discharging USAC, has fixed M/T «Genmar Spartiate» at W/S 167.5. DRY CARGO Caper rates in the Atlantic have slipped further, although several shps were fixed in late trade. – Great Pacific has fixed M/V «Irfon,» 165,628 dwt, built 1996, delivery Passero end January, trip via Brazil, redelivery N. China, at USD 26,750 daily. – In Far East, rates appear to be rising again, with charterers managing to secure tonnage at reasonable rates due to adequate prompt supply. – Quieter conditions in Panamaxes, with tonnage building up in Far East from Feb. 1 onward. – In the Atlantic, Bunge has fixed M/V «Vitapride,» 69,153 dwt, built 1993, delivery Hamburg Feb. 4-10 for 2-3 legs, redelivery Skaw/Passero at USD 11,000 daily. – On Handies, owners with tonnage in the US Gulf remain bullish with rates still firm for the larger units. – USAC has fixed M/V «Angel Light,» 30,413 dwt, built 1981, delivery Antwerp Jan. 28-31, trip via Arabian Gulf, redelivery Muscat, at USD 9,325 daily. – On coal cargoes, AEP has fixed M/V «Buccleuch» for 160,000 tons of cargo, loading Feb. 1-15 Australia, discharging Rotterdam, at USD 12.20 per ton with 50,000-ton load and 25,000 tons discharge.