ECONOMY

Shipping Report

Very little to report on VLCCs, with rates persisting on W/S 30-32.5 for East and Red Sea voyages. It has been a long time since rates last reached this level. With cuts postponed until January, things might perk up a bit, but don’t expect any major moves. -Suezmax with more inquiry out of W. Africa, with rates near to W/S 70, although Repsol has fixed Alliance tonnage at W/S 77.5 with destination Spain. -Med. at W/S 75 for the same type vessels. -Aframaxes stable in the Med. at W/S 105-110, while in Cont. last Friday’s market moved as much as W/S 140. -Caribs at W/S 130-132 for the 70,000-ton cargo liftings. -In the Med., Noc for 80,000 tons of cargo, loading Libya Nov. 24-26, discharging Italy, has fixed M/T Bering Sea at W/S 110. -In the Cont., Gunvor for 80,000 tons of cargo loading Nov. 28 Russia, discharging UKC, has fixed Navion Tonnage at W/S 140. -In Caribs, Int. Sea W. for 70,000 tons of cargo loading Dec. 1, discharging US Gulf, has fixed M/T Torben Spirit at W/S 128.75. DRY CARGO The Far Eastern Panamax market is still at risk. Trips to the Atlantic are being fixed at a low USD 4,000 daily, even for tonnage built in the ’90s. Australian sources do not seem to be overly optimistic and rather expect the market to soften even further before one can start thinking of any future recovery. -The same sources are equally pessimistic for Handymaxes. -On Capers, Seven Mountains has fixed M/V Courageous 149,190 dwt, built 1995, delivery Dec. 10, Mexico, redelivery Korea at USD 10,150 daily. -On Panamax in Far East, ENC has fixed M/V Hispania Graecia 74,000 dwt, built 2001, delivery end Nov. East Australia, redelivery Egyptian Red Sea at USD 5,500 daily and USD 85,000 ballast bonus option, redelivery Egypt Med. at USD 5,250 daily. -In Atlantic, Azur has fixed M/V Cape Tenaron 75,245 dwt, built 2001, delivery end Nov. UKC for 12 months period at USD 7,000 daily. -On smaller sizes, Dantas has fixed M/V Sveti Vlaho 39,443 dwt, built 1984, delivery Argentine end Nov., redelivery Brazil at USD 7,500 daily.