ECONOMY

Shipping Report

– Med. on modern Aframax at W/S 110 while in Cont. at W/S 107.5. -On Suezmaxes Cont. quite active with rates around W/S 80 while Med. with cargoes mainly out of Black Sea at W/S 75-77.5. -Caribs on Aframax at W/S 147.5 for the 70,000 tons cargo liftings while W. Africa on Suezmax at W/S 72.5 with destination USA. -In the Med., BP has fixed M/T Sea Loyalty for 80,000 tons of cargo loading Nov. 12 Syria, discharging Med. at W/S 112.5, while Most, for same cargo quantity loading Nov. 14 with same destination, has fixed M/T Valbruna at same levels. -In the Continent, Petrogal for 80,000 tons of cargo, loading Nov. 13 UK, discharging Portugal, has fixed Teekay tonnage at W/S 109.5. -In Caribs, Exxon for 70,000 tons of cargo loading Nov. 17, discharging US Gulf, has fixed M/T Genmar Star at W/S 147.5, while Cities for same cargo quantity, loading Nov. 24 with same destination, has fixed M/T Tromso Fidelity at same levels. DRY CARGO Market quiet on Capers, while the siuation for Panamaxes in the East goes from bad to worse. The M/V Morviken 72,926 dwt, built 1999, was booked by Sinostar for Vancouver to China at USD 5,000 daily and USD 68,000 ballast bonus. -The Atlantic gives confusing signals, although no one can deny that there are better prospects presently for trade in this particular area. -On Capers, EDF trading has fixed M/V Pacifist for 130,000 tons of coal loading Nov. 1-15 S. Africa, discharging France, at USD 4.50 per ton with 2 days load and 25,000 tons discharge. -On Panamax in Atlantic, Baumarine has fixed M/V Princess Vanya 70,300 dwt, built 1989, delivery Nov. 7-13 Passero for 3-5 months period at USD 6,500 daily, while Cargill has fixed M/V Amira 75,000 dwt, built 2001, delivery Passero mid-November for 2-3 legs at USD 6,250 daily. -On smaller sizes Tormar has fixed M/V Vori 34,544 dwt, built 1984, delivery Skaw Nov. 5-7 trip via Baltic, redelivery US Gulf, at USD 6,250 daily, while Martrade has fixed M/V Tower Bridge 17,328 dwt, built 1992, delivery Black Sea mid-November redelivery Muscat at USD 6,500 daily.