ECONOMY

Shipping Report

TANKERS The firm conditions still apply on VLCCs and, as a consequence, Suezmax rates out of West Africa have started to move upward, with good demand and rates at around W/S 105. – Steady conditions continue for Aframaxes in the Mediterranean and Cont., with modern tonnage at W/S 105 and W/S 95, respectively. – Caribs firmer with 70,000-ton cargo liftings being fixed at W/S 165. – In the Med., Vitol has fixed M/T «Nord Pacific» for 80,000 tons of cargo, loading September 21 Black Sea, discharging Med., at W/S 97.5. – In the Cont., Enel for 80,000 tons of cargo, loading September 12 Norway, discharging Med., has fixed M/T «Seabarok Spirit» at W/S 92.5. – In Caribs, Conoco has fixed M/T «Genmar Sun» for 70,000 tons of cargo, loading September 18 East Coast, Mexico, discharging US Gulf, at W/S 162.5. DRY CARGO The market remains strong for Capers, with charterers having been sidelined using the South Korean holidays as an excuse to sit tight, trying to talk rates down. – Pioneer metals has fixed M/V «Gargantua,» 224,666 dwt, built 1983, delivery Italy September 10-14, trip via Brazil, redelivery Far East, at USD 44,000 daily, while SK Shipping has fixed M/V «Heythrop,» 165,720 dwt, built 1996, delivery October 25-31 China, trip via South Africa, redelivery UKC/Med., at USD 27,000 daily, option via Western Australia, at USD 28,000 daily. – Another slow day for Panamaxes due to harvest holidays in Korea. Charterers also are staying away from the market. – In Far East, Pioneer has fixed M/V «Great Glory,» 73,251 dwt, built 1997, delivery September 17-19, trip via Australia, redelivery Passero, at USD 13,000 daily. – In the Atlantic, Cargill has fixed M/V «Sparta,» 75,115 dwt, built 2001, delivery Germany mid-September, redelivery Saudi Arabia, at USD 19,000 daily. – On smaller sizes, Noble has fixed M/V «Hina Trader,» 48,320 dwt, built 1990, delivery India September 10-15, redelivery Far East, at USD 12,100 daily. – On grain cargoes, Dreyfus has fixed M/V «Shadab» for 52,000 tons of cargo, loading Canada September 20-30, discharging Pakistan at USD 30.70 per ton with 7,000-ton load and 4,000 tons’ discharge.