ECONOMY

Shipping Report

TANKERS The VLCC rates are even weaker, with Arabian Gulf / Far East hovering around W/S 55-57.5. – West Africa on Suezmaxes also showing signs of softening. Sun, replacing Genmar tonnage, has fixed M/T «Oly Flair» for 130,000 tons of cargo, loading October 17, discharging USAC, at W/S 100. – The picture is quite the opposite for Aframaxes in the Med., mainly due to the continuous appearance of new cargoes out of the Black Sea. Latest fixtures for 80,000-ton cargoes at W/S 137.5. – BP has fixed M/T «Baltic Sea,» loading October 8, discharging Med., at W/S 133.75. – Cont. stable with the 80,000-ton cargoes at W/S 110-112.5, while Caribs seem weaker with 70,000-ton cargoes being fixed at W/S 145-147.5. – In the Med., Tamoil has fixed M/T «Hamane Spirit» for 80,000 tons of cargo, loading Libya October 12, discharging Med., at W/S 127.5. DRY CARGO Another interesting day and a very firm market, especially in Capers and Panamaxes in the Far East. Wednesday’s Capers index has gained 222 points, totaling 4,608, while the BDI has moved upward, 145 totaling 3,138. – BHP Billiton has fixed M/V «China Steel Growth,» 175,775 dwt, built 2002, delivery Japan October 18-19, trip via South Africa or Australia, redelivery UKC/Med., at USD 50,000 daily, while on T/C periods, Cosco Tianjin for three years’ trading has fixed M/V «Mineral Ordaz,» 172,632 dwt, built 1997, delivery beginning of December China, at USD 27,000 daily. – As stated, rates on Panamaxes are also following the same path. Round-trip voyages in the East are outstripping the rounds in the Atlantic by at least USD 8,500 daily. – NYK has fixed M/V «Cemtex Renaissance,» 71,400 dwt, built 1998, delivery Taiwan October 8-10, trip via Australia, at USD 31,000 daily, while Worthington has fixed M/V «Red Rose,» 76,600 dwt, built 2003, delivery Passero mid-October, trip via Brazil, redelivery UKC, at USD 22,250 daily. – Rates on Handymaxes are also moving at a very fast pace brokers said. Setaf has fixed M/V «Astromar,» 45,501 dwt, built 1985, delivery October 1-5 Colombia via US Gulf, redelivery UKC, at USD 22,000 daily.