ECONOMY

Shipping Report

TANKERS Increased activity on Aframax continues in the Med., while Suezmax rates remain flat at around W/S 80. – A number of new cargoes have emerged in the N. Sea, with rates on Aframaxes at W/S 92.5, while Hess for 135,000 tons of cargo, loading September 20 Tees, discharging St Croix has fixed M/T «Genmar Horn» at W/S 82.5. – W. Africa quiet, at steady levels with Sun having fixed M/T «Paros» for 130,000-ton cargo, loading Sep. 23, discharging USAC at W/S 80 and Cepsa for same cargo, loading Sep. 21, discharging Spain, has fixed M/T «Sea Triumph» at same levels. – In the Med., Erg for 80,000 tons of cargo loading September 16 Libya, discharging Italy, has fixed M/T «Velimir Skorpik» at W/S 80. – In the Cont., CSSA for 80,000 tons of cargo, loading September 11 N. Sea, discharging UKC, has fixed M/T «Navion Scotia» at W/S 92.5. – In Caribs, Cepsa for 130,000 tons of cargo, loading September 25 East Coast Mexico, discharging Spain, has fixed M/T «Wilma Yangtze» at W/S 61.25. – In W. Africa, Sun has fixed M/T «Cosmic» for 130,000 tons of cargo, loading September 23, discharging USAC, at W/S 80. DRY CARGO The activity on Capers has been focused in the East, while the Atlantic market continues to move at a sluggish pace. – Strong interest also is being shown for T/C periods. BHP Billiton has fixed M/V «Front Rider,» 169,146 dwt, built 1994, for 12 months of trading with delivery Hong Kong at USD 26,250 daily. – Optimism is returning to the Atlantic market on Panamaxes. Owners are bullish and rates are expected to rise. Fresh interest has come from charterers mainly with mineral cargoes. – In the Far East, rates remain stable with a number of period business being discussed or concluded. The 75,265 dwt M/V «Giovanni Bottiglieri,» built 1995, has been fixed for delivery to S. China for 7-9 months trading at USD 17,000 daily. – In Atlantic, Glencore has fixed M/V «Amphion,» 64,442 dwt, built 1987, delivery Rotterdam mid-September, trip via Saudi Arabia, redelivery Muscat, at USD 17,000 daily. – On smaller sizes, Fednav has fixed M/V «Maro I,» 40,048 dwt, built 1985, delivery US Gulf mid-September, redelivery UKC/Med., at USD 17,000 daily. – On grain cargoes, Dreyfus has fixed M/V «China Glory» for 60,000 tons of cargo loading US Gulf September 1-5, discharging Egypt, at USD 21.50 per ton with 5 days’ all purposes.