ECONOMY

Shipping Report

Low levels with Repsol having fixed Suezmax out of W. Africa at W/S 59, although market still at W/S 60-62.5 with destination the USA. -VLCCs as low as W/S 37.5-40 out of Arabian Gulf with destination East/West, while out of W. Africa rates at W/S 47.5-50. -Aframax rates remain low in Med. and Cont. at W/S 110-115. -In the Med. and on Suezmax, Wincor has fixed M/T Lucky Sailor for 140,000 tons of cargo loading Nov. 8 Russia, discharging UKC/Med. at W/S 77.5, while Alpine for same cargo quantity loading Nov. 13 with same destination has fixed M/T Glen Roy at same levels. -In the Continent, BHP for 80,000 tons of cargo loading Nov. 11, discharging UKC, has fixed M/T Hanne Knutsen at W/S 120 while CSSA for same cargo quantity, loading Nov. 11 East Coast UK/W. Coast Norway with same destination, has fixed M/T Petrodvorets at W/S 115. -In Caribs, Chevtex for 70,000 tons of cargo loading Nov. 11 East Coast Mexico, discharging US Gulf, has fixed M/T Genmar Alex at W/S 140. DRY CARGO Another quiet day with all indexes falling. Caper index has lost another 14 points and in the same trend Panamax and Handymax by 9 and 15 points, respectively. -Panamaxes in the Atlantic still achieve better rates than in the Far East. Daeyang has fixed M/V Hua Shan Hai 72,700 dwt, built 1998, delivery China Nov. 10-15, redelivery Malaysia at USD 5,000 daily, while Pan Ocean has fixed M/V Ioannis Zafirakis 64,916 dwt, built 1982, delivery Nov. 10-15 US Gulf, redelivery Far East at USD 6,000 daily and USD 135,000 ballast bonus. -On grain route, US Gulf (Mobile)/Japan M/V Arethusa was fixed for 54,000 tons of cargo at USD 18.35 per ton, while Tradigrain has fixed M/V Kavo Delfini for 55,000 tons of cargo, loading Nov. 5-15 Galveston, discharging Egyptian Med. at USD 11.75 per ton with 10,000-ton load and 6,000 tons discharge. -Alfred C. Toepfer for 55,000 tons of cargo, loading Black Sea Nov. 2-10, discharging Saudi Arabia, has fixed at USD 13.75 per ton with 5,000-ton load and 3,000 tons discharge. -On coal cargoes, Swiss Marine has fixed M/V Aquabella for 140,000 tons of cargo loading S. Africa beg. Nov., discharging Netherlands, at USD 5.00 per ton with 2 days load and 25,000 tons discharge. To fall further there is an expectation that (central bank overnight rates) will have to fall, said a banker.