ECONOMY

Shipping Report

TANKERS Med. market active, with modern Aframaxes being fixed at W/S 115 and firming to W/S 120. – Cont. relatively quieter, with the 80,000-ton cargoes still at W/S 105. Cargoes of 100,000 tons out of the Baltic are being fixed at W/S 92.5. – Caribs remain quiet with Spi having fixed M/T «Genmar Ajax» for 70,000 tons of cargo, loading September 28, discharging USAC, at W/S 155. – Suezmaxes very active out of West Africa with a number of fixtures, while rates have started to move upward. Irving for 130,000 tons of cargo, loading October 15, discharging Eccanada, has fixed M/T «Genmar Horn» at W/S 115. – VLCCs at steady levels, with cargoes out of Arabian Gulf to Far East at W/S 130. – In the Med., Petroplus for 80,000 tons of cargo, loading September 23 Algeria, discharging Med., has fixed M/T «Glenbuck» at W/S 115. – In the Cont., Karran for 80,000 tons of cargo, loading September 28, discharging UKC, has fixed M/T «Olympic Sponsor» at W/S 117.5. – In West Africa, Vitol has fixed M/T «Tromso Confidence» for 130,000 tons of cargo, loading October 15, discharging US Gulf, at W/S 103.75. DRY CARGO Activity on Panamaxes continues to drive the market upward, with charterers having to pay USD 17,000 daily for one year’s trade. – Good demand also for two years, especially on Capers, with charterers now registing booking for three years. – Same picture on smaller sizes too, with Sinochart having fixed M/V «Luhai,» 46,672 dwt, built 1998, delivery China end-September – beg-October for one year’s trading at USD 13,250 daily. – Transfield on Capers has fixed M/V «Bartolomeu Dias,» 151,040 dwt, built 1990, delivery end-September Japan, trip via Australia, redelivery China, at USD 31,000 daily. – In Pacific, NNC has fixed M/V «Ais Nikolas,» 68,405 dwt, built 1984, delivery end-September China, redelivery Passero, at USD 12,700 daily. – In Atlantic, Daeyang has fixed M/V «Joy Sea,» 68,675 dwt, built 1990, delivery Netherlands end-September, trip via US Gulf, redelivery Far East, at USD 19,500 daily. – On smaller sizes, Fayette has fixed M/V «Velebit,» 42,249 dwt, built 1990, delivery Russia end-September trip via Black Sea, redelivery Far East, at USD 15,500 daily.