ECONOMY

Shipping Report

TANKERS Conditions for VLCCs out of Arabian Gulf are weaker. The 270,000 tons of cargoes are fixed at less than W/S 50 with destination East. Formosa has fixed M/T «Lania» for 240,000 tons of cargo loading November 1, discharging Taiwan, at W/S 47.5. – The scenario is the same for Suezmaxes out of West Africa. Rates are lower than W/S 100 with destination USA. Addax has fixed M/T «Arteaga» for 130,000 tons of cargo, loading November 13, discharging Caribs, at W/S 97.5. – The picture is different for Aframaxes in the Med. and Cont. Rates are still at W/S 200 and W/S 145 respectively. – Noc has fixed M/V «Seanostrum» for 80,000 tons of cargo, loading October 20 Libya, discharging Italy, at W/S 190. – Caribs is steady at W/S 170-175 for 70,000 tons of cargo liftings. BP has fixed M/T «Genmar Sun,» loading October 24 East Coast Mexico, discharging US Gulf, at W/S 170. – In the Cont., CSSA for 80,000 tons of cargo, loading October 29, discharging UKC, has fixed M/T «Bahamas Spirit» at W/S 147.5. DRY CARGO Words fail to describe the Capesize market, which seems to be nudging ever nearer the 100,000 daily rate. The market remains very solid, with the Atlantic still firming and the East described by one broker as super-strong. – In the Atlantic, M/V «Front Viewer,» 169,416 dwt, built 1992, was fixed by Chinese, with delivery to the UK via Brazil and redelivery China, at USD 79,000 daily. – There are slower trading conditions for Panamaxes after the sharp increases in the Atlantic, and even stronger rates in the East. There is less business in the Atlantic for early tonnage and more early ships in the East. – On Panamax in Far East, Klaveness has fixed M/V «Kavo Sapphire,» 75,574 dwt, built 1999, delivery Japan mid-October for a 5-7-month period at USD 33,000 daily. – In the Atlantic, Sanko has fixed M/V «Belisland» 76,602 dwt, built 2003, delivery to the US Gulf November 8-15, with redelivery Japan, at USD 33,500 daily and USD 540,000 ballast bonus. – On smaller sizes, Cosco has fixed M/V «Ince Atlantic,» 45,608 dwt, built 2002, delivery October 15-20, redelivery Far East, at USD 17,000 daily.