ECONOMY

Shipping Report

TANKERS Weaker conditions on VLCCs with the Arabian Gulf cargoes for destinations East hovering at around W/S 70. – Suezmaxes also very quiet out of West Africa with rates still around W/S 105 with destination States. Repsol has fixed M/T «Sea Princess» for 130,000 tons of cargo, loading October 23, discharging Spain, at W/S 110. – Firmer conditions on Aframaxes in the Med. due to Black Sea, with rates around W/S 130 for modern tonnage. Vitol has fixed M/T «Hellas Warrior,» loading end October, discharging Trieste, at W/S 130. – Cont. relatively quiet, as are Caribs, with rates holding level at W/S 150 for 70,000-ton cargo liftings. – In the Cont., Koch for 80,000 tons of cargo, loading mid-October Baltic, discharging UKC-US Gulf, has fixed M/T «Lynn Craig» at W/S 115-125. – In Caribs, Atmi has fixed Aet tonnage for 70,000 tons of cargo, loading October 4, discharging US Gulf, at W/S 150. – In West Africa, Cepsa has fixed M/T «Knock Muir» for 130,000 tons of cargo, loading October 16, discharging Spain, at W/S 112.5. DRY CARGO Even firmer conditions for Capers: A sparkling rate of USD 63,000 daily has now been agreed to, not for fronthaul, but for a round-trip voyage in the East. The M/V «Cape Kennedy,» 170,726 dwt, built 2001, delivery China beg. October, trip via Australia, redelivery Japan, was fixed at USD 63,000 daily, although sources heard that the rate was USD 67,000 daily. – Good demand also for T/C period fixtures. Coeclerici has fixed M/V «Cic Oslo,» 171,218 dwt, delivery November 1-15 for two years’ trading at USD 32,000 daily. – The Panamax market is at very high numbers, especially in the East. Cosbulk has fixed M/V «Yong Feng,» 74,099 dwt, built 2000, delivery October 7-8 China, redelivery Japan, at USD 33,000 daily. – The Atlantic is definitely moving at much lower rates. M/V «Guang Feng,» 73,978 dwt, built 2002, delivery France October 10-15 for transatlantic voyage, redelivery UKC, was fixed at USD 20,250 daily. – Handymax rates also in the East have not reached rates that would have been considered strong for Panamaxes just a few days ago. – On smaller sizes, Star Shipping has fixed M/V «Mystras,» 48,377 dwt, built 2001, delivery October 14-20 for 5-7 months’ trading at USD 16,750 daily.