ECONOMY

Shipping Report

Market conditions remain unchanged. Very limited demand for Aframaxes on the Continent, while in Med., despite a number of new cargoes, mainly out of Black Sea, rates are still at W/S 92.5-95. -Med. seems more active on Suezmaxes with 6-7 cargoes to be fixed while W. Africa on this size maintains last levels of W/S 72.5-75 for USA and Cont. -In the Med., Gunvor for 80,000 tons of cargo, loading December 18, Russia, discharging UKC/Med., has fixed M/T Panaghia Armata at W/S 92.5. -On the Continent, Stasco for 75,000 tons of cargo, loading December 17, Latvia, discharging UKC, has fixed M/T Magnitude at W/S 140, while CSSA for 80,000 tons of cargo, loading December 13 UK /Norway, discharging UKC, has fixed M/T Overs Shirley at W/S 95. -In Caribs, Valero has fixed Teekay tonnage for 70,000 tons of cargo, loading December 14, discharging USAC, at W/S 136.25. DRY CARGO The chartering market does not provide any sign of improvement and this is likely to remain unchanged for some time. -Panamax owners are puzz- led, not only because of the absence of new cargoes, but also because of an oversupply of new buildings which are been introduced to a market already in deep depression. -Handies/Handymax rates from S. Africa are in line with overall development, while Black Sea area gives signs of weakening conditions. -On Panamax in Far East, Pan Ocean has fixed M/V Moleson, 73,018 dwt, built 1998, delivery December 15 Japan, for 3-5-month period at USD 6,250 daily, while HMM has fixed M/V Oceanic Enterpise, 71,259 dwt, built 1995, delivery China mid-December, redelivery Japan at USD 7,300 daily. -In Atlantic, Hanjin has fixed M/V World Rule 73,744 dwt, built 1999, beg. January delivery UKC for 2 years at USD 7,250 daily for the 1st year and USD 8,250 daily for the 2nd. -On smaller sizes, IVSs has fixed M/V Brahms, 33,700 dwt, built 1986, delivery S. Africa Dec. 10-19, redelivery UKC at USD 6,000 daily.