ECONOMY

Shipping Report

TANKERS Another quiet start to the week, with rates on VLCCs remaining firm. SK shipping has fixed M/T «Falcon» for 260,000 tons of cargo, loading December 8, discharging South Korea, at W/S 165. – Weaker conditions on Suezmaxes with rates in the Med. at W/S 150 while West Africa is hovering around W/S 140 for destination States. – Aframaxes stable with lesser inquiry in the Med. ERG has fixed Minerva tonnage for 80,000 tons of cargo, loading November 27 Algeria, discharging Italy, at W/S 194. – On the Cont., Koch for 80,000 tons of cargo, loading November 23, discharging UKC-USG, has fixed M/T «Shetland Spirit» at W/S 182.5 – W/S 190 respectively. – In Caribs, Premcor for 70,000 tons of cargo, loading November 24 Colombia, discharging US Gulf, has fixed M/T «Eagle Columbus» at W/S 210. – In West Africa, Hess for 130,000 tons of cargo, loading December 6, discharging Caribs, has fixed M/T «Nikator» at W/S 140. DRY CARGO The market for Capers looks set to be dull, with their index last week losing 509 points, totaling 5,984, within five working days. – Atlantic rates have been leading lower, with older early ships struggling to fix. – The view for Panamaxes is mixed in both East and West. Some brokers are saying that the rates have bottomed out, but expect fresh grain inquiry while others still expect Caper cargoes to be split among two Panamaxes. – On Panamax in Far East, Mol Navix has fixed M/V «Montrose,» 75,592 dwt, built 2002, delivery Taiwan November 21-22, trip via Indonesia, redelivery Japan, at USD 42,000 daily. – In Atlantic, Navios has fixed M/V «Euro Ace,» 73,880 dwt, built 1999, delivery Germany end of November for two to three legs at USD 30,000 daily for the first 90 days and USD 32,000 daily for the balance. – On Handy/Handymax, the Atlantic market remains strong in most areas. – ED&F Man has fixed M/V «Hawk,» 45,111 dwt, built 1994, delivery north coast of South America end of November, redelivery Black Sea, at USD 25,000 daily. – On grain cargoes, M/V «Master Nicos,» for 55,000 tons of cargo, loading US Gulf November 25-30, discharging China, has fixed at USD 45.00 per ton, with 10,000 tons load and 5,000 tons discharge.