ECONOMY

Shipping Report

-In spite of the activity of Suezmaxes out of W. Africa, rates remain as low as W/S 62.5-63 with destination Continent and the USA. – Aframaxes in the Med. and Cont. at W/S 115 and W/S 110 respectively, while Caribs continued improving with the latest fixtures at W/S 145. – In the Med., Equistar for 80,000 tons of cargo loading Nov. 24 Algeria, discharging US Gulf, has fixed SKS tonnage at W/S 120. – In the Continent, Gunvor has fixed Texaco tonnage for 80,000 tons of cargo loading Nov. 9 Russia, discharging UKC, at W/S 120. – In Caribs, Cities for 70,000 tons of cargo, loading Nov. 11 East Coast Mexico, discharging US Gulf, has fixed M/T Sabine Spirit at W/S 137.5. – In W. Africa, Sun for 130,000 tons of cargo loading Nov. 20, discharging USAC, has fixed M/T British Unter, at W/S 62.5. DRY CARGO The Caper market offers very little to talk about. Deiulemar has fixed M/V An Angel Friendship for 140,000 tons of ore, loading Norway Nov. 1-15, discharging Egypt, at USD 2,98 per ton with 2 days load and 30,000 tons discharge. – Atlantic Panamxes appear surprisingly firm with some owners regreting having been pushed into fixing ahead. – The South American Handy market has been fairly quiet, but fortunately rates have not been pushed lower. Danish charterers are linked with two modern 32,000 dwt vessels at low USD 7,000 daily for a trip to the USG/Atlantic. – On Capers, Cargill has fixed M/V Star Zulu, 107,698 dwt, built 1986, delivery end Oct. Rotterdam, trip via S. Africa, redelivery UKC/Med., at USD 7,250 daily. – On Panamax in Far East, Transfiels has fixed M/V Young Tai, 74,061 dwt, built 2000, delivery end Oct. Indonesia, redelivery Philippines, at USD 5,000 daily and USD 20,000 ballast bonus. – In Atlantic, Deiulemar has fixed M/V Dione, 75,000 dwt, built 2001, delivery end Oct. US Gulf, for 2 legs at USD 7,300 daily and USD 130,000 ballast bonus. – On smaller sizes, Mur has fixed M/V Zeno, 40,947 dwt, built 1982, delivery China end October for 3-5 month period at USD 4,900 daily.