ECONOMY

Shipping Report

-VLCCs out of Arabian Gulf at W/S 45 for destinations either east or west. -Suezmaxes out of W. Africa and Med. at W/S 90 and W/S 95, respectively. -Aframaxes in the Med., less than W/S 140, and W/S 145 in the Continent. -Caribs seem to be weakening further with rates at W/S 145 for the 70,000 tons of cargo liftings. -In the Med., Petraco for 80,000 tons of cargo, loading October 28 Black Sea, discharging Med., has fixed M/T Everton at W/S 105. -In the Continent, ESSO for 80,000 tons of cargo loading October 28 UK, discharging UKC, has fixed M/T Valiant at W/S 155. -In Caribs, Valero for 70,000 tons of cargo, loading November 1, discharging US Gulf, has fixed M/T Crude Baltic at W/S 145. DRY CARGO The slowdown continues with predictions that there is a severe oversupply of tonnage in the Atlantic for November. -A lot of discussions without details for a number of Atlantic Panamax fixtures with some better deals than others. M/V Marina, 76,000 dwt, built 2001, delivery UK October 25-20, believed covered with Cargill for a round at about USD 7,200 daily. -The environment for Handies on the Continent remains comparatively healthy. Good modern quality tonnage usually finds tankers fairly easily. Rates are ranging from USD 6,000 to USD 8,000 daily depending on destinations. -On Panamax in Far East, Sanko has fixed M/V SA Warrior, 74,410 dwt, built 2001, delivery Australia end October – early November, redelivery Japan, at USD 6,000 daily and USD 8,000 ballast bonus. -In Atlantic, PCL has fixed M/V Mustafa Nevzat, 74,100 dwt, built 1995, delivery Richards Bay (S. Africa) November 1-15, redelivery UKC, at USD 6,000 daily and USD 87,000 ballast bonus. -On smaller sizes, Fayette has fixed M/V Tate J, 43,685 dwt, built 1993, delivery Turkey end October, trip via Black Sea, redelivery Far East, at USD 9,200 daily. -On grain cargoes, Dreyfus has fixed M/V Istria for 57,000 tons of cargo loading USAC end October, discharging UKC, at USD 8.00 per ton with 12 total days all purposes.