ECONOMY

Shipping Report

TANKERS Weaker conditions in the Cont., with market holding steady at W/S 170 for modern Aframax while Med. remains at W/S 260 for a cross-Med. voyage. – Suezmaxes out of W. Africa have a number of failures and replacements. Rates are generally around W/S 165, depending on destinations. – Caribs are still in good demand of modern tonnage, with 70,000 tons of cargo liftings been fixed at W/S 250. In the Med., Karran for 80,000 tons of cargo, loading February 8 Black Sea, discharging Med., has fixed M/T «Minerva Libra» at W/S 280. – In the Cont., BP for 80,000 tons of cargo, loading February 5 N. Sea, discharging UKC, has fixed M/T «Nordic Yukon» at W/S 170. – In Caribs, Citgo has fixed M/T «Genmar Zoe» for 130,000 tons of cargo, loading February 16, discharging US Gulf, at W/S 167.5. DRY CARGO Charters on Panamaxes continue to talk rates lower in Asia as well as in the Atlantic, with the Chinese New Year holiday upcoming. – Minor activity on Capers as well, with Kline failing with the 164,188 dwt, 1996-built M/V «Eurosailor» for a trip from Korea via W. Australia to China at USD 20,250 daily. – On Panamax in Far East, M/V «Bunga Saga Tiga,» 73,000 dwt, built 1994, delivery China February 1-5, trip via Indonesia, redelivery Bakar, has fixed at USD 11,250 daily. – In the Atlantic, BTC has fixed M/V «Master Nicos,» 69,668 dwt, built 1989, delivery Belgium end January, trip via India, redelivery Red Sea, at USD 14,100 daily. – On smaller sizes, Oldendorff has fixed M/V «Shou Guang Iiai,» 45,148 dwt, built 1985, delivery Japan end January, for 4-6 months’ period, at USD 9,900 daily. – On coal cargoes, Sasol for 130,000 tons of cargo, loading S. Africa March 1-15, discharging Netherlands, has fixed M/V «Millenium Star» at USD 9.25 per ton with 2-day load and 25,000 tons discharge.