ECONOMY

Shipping Report

TANKERS A quiet start to the week, with modern Aframaxes in the Med. showing signs of strengthening due to increased inquiry out of the Black Sea. – Suezmaxes in the same area are quiet, hovering around W/S 105. – N. Sea with limited trading, as are Caribs. – W. Africa with 2-3 VLCC fixtures with destination India. – On Suezmaxes, market is expected to weaken due to lack of new cargoes, so rates are expected to fall from W/S 110 to W/S 105 with destination US. – In the Med., CSSA for 80,000 tons of cargo, loading end Sept. Algeria, discharging UKC, has fixed M/T «Minerva Concert» at W/S 117.5. – On Suezmaxes, Petrogal for 130,000 tons of cargo, loading Oct. 10 Libya, discharging Portugal, has fixed M/T «Donta» at W/S 103.75. – In the Cont., BP for 80,000 tons of cargo, loading beg. October, discharging UK, has fixed M/T «Nordatlantic» at W/S 110. – In Caribs, Navion has fixed Teekay tonnage for 70,000 tons of cargo, loading Oct. 11, discharging US Gulf, at W/S 160. DRY CARGO Firm market with Capers and Panamax indices increasing by 82 and 126 points, respectively, and totaling 4,199 and 2,741. – The average 12-month fixtures for Capers in the East used to be at USD 30,000 daily, while today a 170,000-tonner is being negotiated around USD 37,000. – Round-trip voyages to China/Japan are easily negotiated above USD 50,000 daily. Shinwa has fixed M/V «Sea Grace,» 157,600 dwt, built 1994, delivery Oct. 3-5 China, trip via Australia, redelivery Japan, at USD 54,000 daily. – Panamaxes also are very firm with Enel having fixed M/V «Fen Jin Hai,» 69,857 dwt, built 1995, delivery Indonesia Sept. 30 – Oct. 5, redelivery Koper, at USD 22,000 daily. – On Handymaxes in Asia, rates remain very strong. These fixers are asking USD 14,000 daily for two years’ trading. The 51,000 dwt, 2003-built «Christina l,» Oct. 3-5 in Shanghai was rumored to be booked for a trip to India at USD 16,500 daily. – On Panamaxes in Far East, Baumarine has fixed M/V «Pina Cafiero,» 75,668 dwt, built 2002, delivery Korea Oct. 13-18 for 14-16 months’ trading at USD 18,000 daily, while Hanjin has fixed M/V «Pruva,» 74,137 dwt, built 1995, delivery Oct. 5-10 Japan for 5-7 month period at USD 22,500 daily. – In Atlantic, Noble has fixed M/V «King Arthur,» 72,873 dwt, built 1997, delivery Porto Vesme end Sept., trip via Argentina, redelivery Muscat, at USD 19,000 daily. – On smaller sizes, Pan Ocean has fixed M/V «Tai Hua Hai,» 47,377 dwt, built 1991, delivery end Sept. Gibraltar, trip via US Gulf, redelivery Far East, at USD 14,675 daily. – On ore cargoes, Ansdk for 150,000 tons, loading Norway Oct. 1-15, discharging Egypt, has fixed M/V «Cape Mercury» at USD 9.00 per ton with two-day load and 30,000 tons discharge.