ECONOMY

Shipping Report

Market conditions remain unexciting. VLCCs are stable at W/S 45, while Suezmaxes out of W. Africa at W/S 80-85. – Aframaxes in the Med. at W/S 135 with lack of additional inquiry. – No fresh orders in Cont. and Caribs. – In the Med., Noc for 80,000 tons of cargo, loading Nov. 7 Libya, discharging Med., has fixed M/T Four Islands at W/S 135. – In the Continent, BHP for 80,000 tons of cargo loading beg. Nov. UK, discharging UKC, has fixed M/T Knock Whillan at W/S 155. – In Caribs, Valero for 70,000 tons of cargo loading Nov. 1, discharging US Gulf, has fixed M/T Crude Baltic at W/S 145. – In W. Africa, Sun has fixed M/T North Star for 130,000 tons of cargo, loading Nov. 13, discharging West Coast, USA at W/S 95. DRY CARGO Atlantic Panamaxes are still at USD 7,000 daily for short T/C periods. Coeclerici has fixed M/V World Raven 72,394 dwt, built 1996, delivery Sweden Nov. 7-10 for 6-8 months period at USD 7,000 daily. – In the traditional grain route, US Gulf/Japan for 54,000 tons of cargo rate is USD 17.50 per ton with 11 days total purposes. – On Handies there is little on which to comment. Eastern Med. area is awaiting the supposed surge in November, while US Gulf continues to struggle for new cargoes. – The steel trade from Black Sea goes on but rates being dicussed do not differ from levels paid three months ago. – On Panamax in Far East, Cosco has fixed M/V Nord Rhine 72,500 dwt, built 2001, delivery Korea end Oct. for 1 year trading at USD 7,600 daily option, 2nd year at USD 8,600 daily. – In Atlantic, Wilmar has fixed M/V Top Beauty 73,600 dwt, built 1999, delivery Nov. 10-20 US Gulf, redelivery Far East at USD 7,300 daily and USD 130,000 ballast bonus, while Seven Mountains has fixed M/V Giovanni Iuliano 75,265 dwt, built 1997, delivery US Gulf also Nov. 1-10, redelivery Japan at USD 7,500 daily and USD 150,000 ballast bonus. – On smaller sizes SK Shipping has fixed M/V Glorious Marine 47,000 dwt, built 1997, delivery Korea mid-November for 1 year trading at USD 6,500 daily.