ECONOMY

Shipping Report

TANKERS A quiet day with little activity in the N. Sea. Rates are being maintained, with 100,000-ton cargoes being fixed at W/S 165. – The normal cross-UK voyages are still being fixed at W/S 190. Dreyfus has fixed M/T «Navion Scotia,» loading Norway Nov. 5, discharging UKC at the above-said levels. – In the Med., rates appear to be holding around W/S 210, while intermed rates are discounted by 10-15 points depending on the cargo and charterer. – The Caribs market is firming, with the latest fixtures for 70,000-ton cargoes at W/S 195. – Suezmaxes in the Med. quieter, while a number of VLCCs are being fixed out of W. Africa. CSSA has fixed M/T «Olympic Loyalty» for 260,000 tons of cargo, loading Nov. 29, discharging US Gulf / UKC-Med., at W/S 100 – W/S 102.5, respectively. – In the Med., Vitol has fixed M/T «Nord Pacific 2» for 80,000 tons of cargo, loading Nov. 16 Odessa, discharging Med., at W/S 207.5. – In the Cont., Europet for 100,000 tons of cargo, loading Nov. 15, discharging UKC, has fixed M/T «Eagle Charlotte» at W/S 165. – In Caribs, Marathon for 70,000 tons of cargo, loading Nov. 15 East Coast Mexico, discharging US Gulf, has fixed M/T «Genmar Nestor» at W/S 190. – In W. Africa, SK has fixed M/T «Okinoshima Maru» for 260,000 tons of cargo, loading Dec. 7, discharging S. Korea, at W/S 76. – In Arabian Gulf, Thaioil has fixed M/T «Olympic Legend» for 260,000 tons of cargo, loading Nov. 18, discharging Thailand, at W/S 79.5. DRY CARGO Rates for Capers remain very strong in the East, with older ships still being fixed at very healthy rates. – S. Koreans have fixed M/V «La Mer,» 138,166 dwt, built 1982, delivery China Nov. 3-10, redelivery Far East, at USD 65,000 daily. – In the Atlantic, rates have eased due to early ship availability. However, rates are still healthy. – On Panamaxes, spot rates are widely variable in the East, with early tonnage under pressure. – Mol Navix has fixed M/V «Rio Verde,» 69,562 dwt, built 1994, delivery/redelivery Japan Nov. 1-10, trip via East Coast Australia, at USD 45,000 daily, while Hanjin has fixed M/V «New Herald,» 72,875 dwt, built 1997, delivery Japan mid-Nov., trip via N. China, at USD 31,000 daily. – On Handymaxes, there are still some early ships in the US Gulf area. Brokers continue to talk of a significant volume of new business for later in November. – On smaller sizes, Korea Line has fixed M/V «Energy Ranger,» 45,219 dwt, built 1996, delivery US Gulf Nov. 5-7, redelivery Far East, at USD 30,000 daily.