ECONOMY

Shipping Report

In the Med. market, there are a number of fresh inquiries for Aframax tonnage. Total, Erg, Chevron and others have quoted from various areas, while rates are still around W/S 90-95. -At similar levels, Continent with DEA have fixed M/T Faster Spirit for 80,000 tons of cargo loading Dec. 11-12 UK, discharging UKC, at W/S 95, while Veba for same cargo quantity loading 18-20 Dec. Germany with same destination has fixed Fortune tonnage at same levels. – W. Africa still steady with a number of VLCC fixtures at rates around W/S 40, while Suezmaxes remain stable with rates at W/S 75 for almost all options. – In the Med., Select for 80,000 tons of cargo loading Dec. 15 Black Sea, discharging Med., has fixed M/T Arctica at W/S 85 while Erg for same cargo quantity loading Dec. 15 Libya, discharging Italy, has fixed Iran tonnage at W/S 88.75. – In the Continent, BP for 80,000 tons of cargo loading Dec. 6 for UKC round trip voyage has fixed M/T Valiant at W/S 97.5. – In Caribs, BP Amoco for 70,00 tons of cargo loading Dec. 7 Colombia, discharging US Gulf, has fixed M/T Nordisle at W/S 135. DRY CARGO Panamaxes in the Atlantic remain weak and brokers report that they will not be surprised if they see a rate on the traditional grain route of US Gulf/Japan below USD 16.00 per ton. – There is not much of a change in the East. Modern tonnage built from 1995 onward is given preference by many charterers, which is said to be one of the reasons that rates have recently improved in the area. – On Panamax in Far East, NYK has fixed M/V Rialto 70,316 dwt, built 1996, delivery mid Dec. redelivery Japan at USD 7,500 daily while M/V Rubin Bright 70,296 dwt, built 1996, delivery Taiwan Dec. 10 for Australian round voyage has fixed at USD 6,250 daily. -In Atlantic, Copenship has fixed M/V An Angel Progress 69,406 dwt, built 1989, delivery Skaw Dec. 10-15, redelivery Red Sea at USD 6,250 daily. -On smaller sizes, Setaf has fixed M/V Konamar 42,226 dwt, built 1991, delivery Thailand Dec. 5-10, redelivery US Gulf at USD 5,500 daily.