ECONOMY

Shipping Report

TANKERS Quieter conditions for VLCCs in the market, with rates from Arabian Gulf to Far East around W/S 115. – Rates on Suezmaxes out of W. Africa are easing, with the latest fixtures at W/S 115 for 130,000-ton cargoes with destination US Gulf / USAC. – Fewer new cargoes in the Med. for modern Aframaxes and rates are still hovering around W/S 117.5-120. – Cont. stable with the 80,000-ton cargoes being fixed at W/S 102.5-105. Karran has fixed M/T «Channel Dragon» for 90,000 tons of cargo, loading September 28, discharging UKC, at W/S 97.5. – On Suezmaxes in the same area, CSSA for 135,000 tons of cargo, loading October 8 for UKC on a round-trip voyage, has fixed M/T «SKS Senne» at W/S 105. – Weaker conditions in Caribs too, with BP having fixed M/T «Regent» for 70,000 tons of cargo, loading October 2 East Coast, Mexico, discharging US Gulf, at W/S 150. – In the Med., Europet for 80,000 tons of cargo, loading October 1, discharging Med., has fixed M/T «Cerigo» at W/S 95. – On Suezmaxes, Sibneft for 135,000 tons of cargo, loading October 3 Russia, discharging UKC/Med., has fixed M/T «Kaspiy» at W/S 100. – In the Cont., Europet has fixed M/T «Bergitta» for 100,000 tons of cargo, loading October 1, Baltic, discharging UKC, at W/S 105. DRY CARGO Capesize rates are continuing to rise, especially in the East where brokers have suggested that the rate for modern 172,000-tonners should now be in the low 40,000 daily range for round-trip voyages. One broker’s off-the-cuff remark a couple of weeks ago that the BCI could reach 4,000 now appears to be achievable. – On the most recent fixtures, Keoyang has fixed M/V «Johnny K,» 165,289 dwt, built 1984, delivery China end October, trip via Australia at USD 40,000 daily, while Daeyang has fixed M/V «Good Luck,» 173,028 dwt, built 1984, delivery China October 10-15 for 4-6 months’ trading, at USD 36,000 daily. – There are rather similar conditions in the case of Panamaxes, especially in Far East with charterers increasing their rates to USD 1,000 daily, in some instances in an attempt to secure tonnage. – NCS has fixed M/V «Ernst Salamon,» 74,002 dwt, built 1999, delivery end September Pakistan, trip via W. Coast India, redelivery Far East, at USD 21,000 daily. – On Panamax in Far East, Sinochart has fixed M/V «Kavo Sapphire,» 75,574 dwt, built 1999, delivery China September 23-28 for 7-9 months’ trading at USD 18,750 daily. – On smaller sizes, SBC has fixed M/V «Habibe Ana,» 43,474 dwt, built 1985, delivery US Gulf October 5-10, redelivery UKC, at USD 17,000 daily.