ECONOMY

Shipping Report

TANKERS After quiet days the Med. market has started to move upward due to increased inquiry mainly out of Black Sea. Normal round-trip voyages are at W/S 120-125 and in some instances above W/S 130. – Cont. market is starting to rise too, due to Baltic cargoes. Karran has fixed M/T «Moscow» for 100,000 tons of cargo loading October 8 discharging UKC at W/S 97.5. – Suezmax out of West Africa steady and at W/S 110-115 for US Gulf / USAC destinations, while VLCCs are moving at W/S 107.5 for the traditional trip Arabian Gulf / Far East. – In the Med., Arcadia has fixed M/T «Sebarok Spirit» for 80,000 tons of cargo, loading October 9-10 Syria, discharging Med., at W/S 122.5. – In Cont., CSSA for 80,000 tons of cargo, loading North Sea, discharging UKC, has fixed M/T «Moss» at W/S 110. – In West Africa Sun has fixed M/T «Aegean Lady» for 130,000 tons of cargo, loading October 11, discharging USAC, at W/S 110. DRY CARGO Capers are even firmer in Far East. Talk has now emerged that 54,000 daily has been agreed for an Australian round voyage. In this runaway market, a ship earlier failed at USD 50,000 daily. – Owners are reluctant to put rates on tonnage now, with many at a loss for words to describe this market. Their Biffex index before yesterday has gained 146 points totalling 3,801. – Panamax rates are also firming. It is said that USD 21,750 daily was agreed for a Nopac round voyage. – On Handies/Handymax, the shortage of early tonnage in the same area continues to drive rates up, but with little definite details on fixtures. – In Far East, BHP Billiton has fixed M/V «Africa Graeca,» 74,133 dwt, built 2002, delivery Taiwan September 28-30 for 5-7 months’ trading at USD 21,000 daily. – In Atlantic, Rice Co. has fixed M/V «Despina,» 65,644 dwt, built 1993, delivery US Gulf end September, redelivery Rotterdam, at USD 14,000 daily and USD 280,000 ballast bonus. – On smaller sizes, Fayette has fixed M/V «Trident Unity,» 53,146 dwt, built 2002, delivery Varna October 5-10, redelivery Far East, at USD 19,000 daily. – On ore cargoes, BM minerals for 150,000 tons of cargo, loading Brazil October 15-30, discharging China, has fixed M/V «Princess Susana» at USD 21.50 per ton with 50,000-ton load and 30,000-ton discharge.