ECONOMY

Shipping Report

TANKERS Very firm conditions continue to apply for VLCCs in Arabian Gulf. Charterers have had to split their cargoes to 2 Suezmaxes. – CPC has fixed 2 Suezmaxes M/T «Jag Laadki» and M/T «Front Hunter» for 130,000 tons each, loading Dec. 5, discharging Far East, at W/S 155 and W/S 157.5 respectively. – In the Atlantic the market is softening, especially in W. Africa, with Exxonmobil having fixed M/T «Zallaq» for 130,000 tons of cargo, loading Dec. 10, discharging Med., at W/S 127.5. – In the Med. rates almost stable, with Sibneft having fixed M/T «Genmar Phoenix» for 145,000 tons of cargo, loading Dec. 6, discharging UKC/Med., at W/S 135. – Aframaxes stable in all areas, with 80,000 tons of cargoes in Med. and Cont. trading at W/S 200 and W/S 185 respectively, while 70,000 tons in Caribs trading around W/S 200. – In the Med. Europet for 80,000 tons of cargo, loading end-Nov. Black Sea, discharging Med., has fixed M/T «Sereno II» at W/S 182.5. – In the Cont., ATMI has fixed M/T «Beryl» for 80,000 tons of cargo, loading end-Nov. Germany, discharging US Gulf, at W/S 190. – In W. Africa, CSSA for 130,000 tons of cargo, loading Dec. 7, discharging UKC/Med., has fixed M/T «Kuzbass» at W/S 132.5. – In the Arabian Gulf, Sinochem for 260,000 tons of cargo, loading 8 Dec., discharging China, has fixed M/T «Falcon» at W/S 160. DRY CARGO Another slow day for Capesizes, with charterers continuing to take forward cover. – Their index lost another 42 points, totaling 5,867. – Panamaxes after a number of days have gained 3 points, now totaling 3,811. – On periods, Chinese charterers fixed M/V «Ianthe» 151,143 dwt, built 1995, del. June 2004 for 5 years’ trading at USD 20,500 daily; on Panamax Bunge fixed M/V «Metrofin» 76,000 dwt, del. Japan beg.-April for 2 years’ trading at USD 19,500 daily. – On Panamaxes in East more inquiries; in Atlantic evidence charterers prefer to split cargoes from Capers to Panamaxes due to favorable differential rates. – SK shipping has fixed 2 coal cargoes, loading Colombia, discharging Denmark, at USD 17.25-17.50 per ton. – On Panamax in Far East, NNC has fixed M/V «Nordems» 75,253 dwt, built 2001, del. Japan end-Nov., trip via Australia, redel. Passero, at USD 35,000 daily. – In the Atlantic, Transgrain has fixed M/V «Poros» 72,917 dwt, built 2000, delivery end-Nov. France, trip via US Gulf, redelivery Muscat, at USD 26,000 daily. – On smaller sizes, Oldendorff has fixed M/V «Rea,» 53,125 dwt, built 2003, delivery Japan end-Nov. for 6-8 months, at USD 27,000 daily. – On coal, Sail fixed M/V «Pacific Emerald» for 50,000 tons of cargo, loading Dec. 5-15 Australia, discharging East Coast India, at USD 29.00/ton, 20,000 tons load and 5,000 tons discharge.