ECONOMY

Shipping Report

-Modern Aframax in the Med. and Cont. at W/S 130 and W/S 120 respectively while in Caribs, 70,000 tons of cargo liftings are fixed at W/S 130. -Suezmaxes also at low freight rates which in the Med. are fixed at W/S 80-85 and in W. Africa around W/S 80. -In the Med., OMV, for 80,000 tons of cargo, loading Nov. 6 Libya, discharging Italy, has fixed M/T Vukovar at W/S 130. -On the Continent, CSSA has fixed M/T Nordlight for 80,000 tons of cargo, loading UK end-October, discharging US Gulf, at W/S 125. -In Caribs, Valero for 70,000 tons of cargo, loading Nov. 5, discharging US Gulf, has fixed M/T Hudson Spirit at W/S 130. DRY CARO Slow activity remains the main feature of the chartering market while the future outlook remains very bleak. -The negative economic indicators and the growing uncertainty of the next day have had a very severe impact on the world trade. -On the chartering side, Atlantic Panamaxes are still performing better than those in Far East while on Handies, market is fairly mixed. Modern Handymax in the East are fairly firm while tonnage is available at discount levels in the US Gulf area. -W. Africa offers very few decent fixing opportunities for owners. -On Capers, Transfield has fixed M/V Cape Kestrel, 160,849 dwt, built 1993, delivery Nov. 5-12 China, for two legs at USD 8,500 daily. -On Panamax in Far East, Transyang has fixed M/V Far Eastern Express, 69,310 dwt, built 1992, delivery Australia November 1-10, redelivery Taiwan, at USD 5,000 daily and USD 55,000 ballast bonus. -In Atlantic, Azur Parcel Line has fixed M/V Triton 75,079 dwt, built 2001, delivery Gibraltar Nov. 3-10 trip via East Coast S. America, redelivery Gibraltar at USD 7,050 daily. -On smaller sizes, Armada has fixed M/V Bulk Capella, 45,000 dwt, built 1995, delivery end-October Venezuela, redelivery Portugal at USD 9,000 daily. -On grain cargoes, Louis Dreyfus for 55,000 tons of cargo, loading November 5-10 US Gulf, discharging Egypt, has fixed at USD 11.25 per ton with 10,000-ton load and 5,000-ton discharge.