ECONOMY

Shipping Report

Unchanged conditions in the Med., while Cont. reacting again for the end of the month loadings with Aframax rates at W/S 120-125. -Caribs weaker with rates even less than W/S 120. Exxon has fixed M/T Pedoulas for 70,000 tons of cargo loading Nov. 27 Venezuela, discharging US Gulf at W/S 117.5. -Suezmax rates unchanged in the Med. and Cont., while W. Africa appears even weaker with Koch having fixed M/T Velez Blanco for 130,000 tons of cargo loading Dec. 13, discharging US Gulf at W/S 62.5. -In the Med., Dea for 80,000 tons of cargo loading mid. Nov. Libya, discharging Italy, has fixed M/T Alfa Germania at W/S 110. -In the Continent, Exxon for 80,000 tons of cargo loading Nov. 25 UK, discharging UKC, has fixed M/T Nordic Yukon at W/S 120. -In Caribs, Premcor has fixed M/T Moscow Kremlin for 70,000 tons of cargo loading Nov. 22 East Coast Mexico, discharging US Gulf at W/S 120. DRY CARGO The East Caper market is looking brighter with more cargoes while the particular index has gained 9 points. -Atlantic on Panamaxes seems quiet but it is too early to draw conclusions. East seems to have bottomed out. -The best pickings for Handies and Handymaxes remains Med./Black Sea area, although Cont. brings more cargoes to the market. A 38,000 dwt bulker is on subs with destination East at USD 7,750 daily, while out of Black Sea the rate would have been USD 9,000-9,500 daily. -On Panamax in Far East, Shinwa has fixed M/V Ispat Guarav 71,535 dwt, built 1994, delivery end Nov. China redelivery Japan at USD 5,500 daily, while M/V Eastern Queen 70,196 dwt, built 1994, delivery China also end Nov., redelivery Philippines, has fixed at USD 5,000 daily. -In Atlantic, Samsun has fixed M/V Spear 69,001 dwt, built 1983, delivery end Nov.-beg. Dec. US Gulf, redelivery Japan, at USD 6,200 daily and USD 120,000 ballast bonus. -On smaller sizes, Intermare has fixed M/V Mare 38,864 dwt, built 1981, delivery mid-Nov. US Gulf are delivery UK at USD 5,650 daily. -On grain cargoes Dreyfus for 25,000 tons of cargo loading end Nov. Brazil, discharging Croatia, has fixed at USD 16.00 per ton with 5,000 tons load and 4,000 tons discharge.