ECONOMY

Shipping Report

Med markets appear more active with a number of new cargoes such as Lukoil, Repsol, Cepsa, Nafta and Glencore. However rates between W/S 100-105. -Cont. remains quiet with modern Aframax fixed at W/S 110, while Caribs on 70,000 ton cargo liftings market maintains levels of W/S 145-150. -Suezmaxes at W/S 75 in the Med. and W. Africa for 135,000 tons and 130,000 respectively. -VLCCs at W/S 35-37.5 out of Arabian Gulf with destination East/West. -In the Med., Erg for 80,000 tons of cargo loading Nov. 16 Egypt discharging Italy has fixed M/T Silba at W/S 85. -On Suezmax Alpine for 135,000 tons of cargo loading Nov. 12 Turkey discharging UKC/Med. has fixed Alliance tonnage at W/S 75. -In the Continent, CSSA for 80,000 tons of cargo loading Nov. 17 discharging UKC has fixed M/T Magnitude at W/S 110. -In Caribs Exxon has fixed M/T Genmar Star for 70,000 tons of cargo loading NOv. 17 discharging US Gulf at W/S 147.5. DRY CARGO Several Cape fixtures are being concluded with no details so far M/V Cape Venus for 150,000 tons of ore loading Nov. 20-30 Brazil discharging China has fixed at USD 6.05 per ton with 2 days load and 25,000 ton discharge. -For Panamaxes there are no areas of encouragement in the East. Local charterers are bidding USD 3,000 daily to tonnage for a trip to the Continent. -Atlantic with better prospects with M/V Myrto 74,400 dwt, built 2001, delivery Belgium mid Nov. 2 laden legs redelivery Gibraltar-Skaw having fixed at USD 6,700 daily. -On Handies market still provides occasionally better rates. M/V Helen Pride 24,126 dwt, built 1985, was taken by NYK bulkship London with delivery Italy Nov. 8-12 trip via Persian Gulf redelivery Passing Muscat at USD 7,350 daily. -On Panamax in Far East PCL has fixed M/V Bunga Saga Empat 72,338 dwt, built 1994, delivery Australia end Nov. redelivery Italy at USD 5,000 daily and USD 50,000 ballast bonus. -In Atlantic Bulfracht has fixed M/V Oinoussian Father 64,313 dwt, built 1987, delivery mid-Nov. Skaw trip via Baltic redelivery US Gulf at USD 6,200 daily.