ECONOMY

Shipping Report

Med. market seems more active on Aframaxes with rates near W/S 100 while Suezmaxes are still fixed at W/S 80-82.5. – Continent quiet, as well as caribs. – In W. Africa, Suezmax market looks like it was firming several weeks ago, but things have cooled off again and rates have slipped back into the low to mid ’70s. – VLCCs still quiet, although rates have strengthened slightly over the last several weeks. Rates East and West have climbed back to ABT, the W/S 40 level, but volume is still lacking. – In the Med., Chevtex for 80,000 tons of cargo loading December 21 Black Sea, discharging Med., has fixed M/T Genmar Trader at W/S 92.5, while BP for 100,000 tons of cargo loading December 21 Turkey, discharging UKC/ Med has fixed M/T SKS Tiete at W/S 80. – In the Continent, CSSA for 80,000 tons of cargo loading December 15 for UKC round voyage has fixed M/T Navion Scotia at W/S 95 while Gunvor for same cargo quantity loading December 23, discharging UKC has fixed Lundquist tonnage W/S 97.5. – In Caribs, Chevtex for 70,000 tons of cargo loading December 22, discharging US Gulf, has fixed M/T Genmar Agamemnon at W/S 137.5. DRY CARGO Market has entered another unexciting week with very little news to please the chartering community. The facts continue to be unfavorable to the owners, with very low freight rates and a number of prompt vessels in all areas. – On Capers, China Steel Express has fixed M/V An Angel Solidarity 161,643 dwt, built 1993, delivery mid-December China trip via W. Australia, redelivery Taiwan at USD 7,500 daily. – On Panamax in Far East, Cargill has fixed M/V Nordmosel 75,080 dwt, built 2001, delivery China mid-December for 2 years trading at USD 7,500 daily for the first year and USD 8,500 daily for the second. – In Atlantic, Transfield has fixed M/V Full Sources 69,573 dwt, built 1994, delivery US Gulf December 22-27, redelivery Far East at USD 6,900 daily and USD 100,000 ballast bonus while M/V Alpha Happiness 72,845 dwt, built 1999, delivery Gibraltar mid-December via Richards Bay, redelivery Continent has fixed at USD 6,000 daily. – On smaller size, Pan Ocean has fixed M/V An Angel Success 41,502 dwt, built 1984, delivery Turkey mid December trip via Black Sea, redelivery Far East at USD 9,250 daily, while Combac has fixed M/V Aghia Thalassini I 36,850 dwt, built 1984, delivery Skaw mid-December, redelivery US Gulf at USD 6,250 daily. It will initially carry 8 billion cubic meters of gas a year.