ECONOMY

Shipping Report

TANKERS Aframaxes in the Med. at stable rates, though they are expected to firm further due to extensive delays in the Bosporus. – Modern Aframaxes are being fixed at W/S 195 for Black Sea voyages and on Suezmaxes, Lukoil has fixed M/T «Max Jacob» for 140,000 tons of cargo, loading November 2, discharging UKC/Med. at W/S 145. – Firmer conditions in the North Sea too, with Exxon having fixed for all options M/T «SKS Torrens» for 80,000 tons of cargo, loading October 29 UK, discharging UKC/USAC, at W/S 167.5. – Carib rates, despite the increased number of fixtures, are hovering around W/S 160. – Citgo for 70,000 tons of cargo, loading October 27, discharging US Gulf, has fixed M/T «Astro Arcturus» at W/S 155, while Koch for same cargo quantity, loading October 26 Colombia with same destination, has fixed AET tonnage at W/S 152.5. – Suezmaxes also at improved rates, with Sun having fixed M/T «Potomac» for 130,000 tons of cargo, loading November 9, discharging USAC, at W/S 110. – In the Med., Erg for 80,000 tons of cargo, loading October 31 Libya, discharging Med., has fixed M/T «Histria Emerald» at W/S 160. DRY CARGO The market is becoming increasingly more difficult to describe, as rates on Capers are steadily moving upward. – In Far East, Mol Navix has fixed M/V «Channel Navigator,» 172,058 dwt, built 1997, delivery beginning of November, China trip via South Africa, redelivery UKC, at USD 83,000 daily. – On Panamaxes, rates appear to be taking a turn for the better, though there are a few early ships still unfixed in the Atlantic for which charterers are trying to take advantage. The underlying sentiment remains positive and the feeling is that the market will rise again within a week or two. – The East has already shown signs of recovery and owners are continuing to look for long period cover. – Noble has fixed M/V «Annoula,» 70,281 dwt, built 1999, delivery Far East for 23-25 month period at USD 18,000 daily. – In Atlantic, Rice Co has fixed M/V «Tian Song Feng,» 74,271 dwt, built 2000, delivery US Gulf October 22-23, redelivery UKC, at USD 24,500 daily and USD 415,000 ballast bonus. – On smaller sizes, Tamai has fixed M/V «Brother Glory,» 46,211 dwt, built 1998, delivery Thailand end of October, redelivery Japan, at USD 25,000 daily.