ECONOMY

Shipping Report

All the adverse weather conditions in the Med. have been beneficial to the market. Ships running late and replacements are expensive, with modern Aframax tonnage been fixed at W/S 105-107.5. – In the Continent, market gives signs of tightening. Rates at W/S 97.5 but modest gains are expected. – Suezmaxes in the Med. very tight for prompt positions while W. Africa still with limited activity. – In the Med., Sibneft for 80,000 tons of cargo loading Dec. 21 Tuapse (Russia), discharging Med., has fixed M/T P Armata at W/S 105, while Dea for same cargo quantity loading Dec. 24 Syria, discharging UKC/Med., has fixed M/T Sintra at W/S 97.5. – In the Continent, Repsol for 80,000 tons of cargo loading Dec. 18 UK, discharging UKC, has fixed M/T Progress at W/S 95 while BP for same cargo quantity loading Dec. 18 for UKC round voyage has fixed M/T Pedoulas at same levels. – In Caribs, Equiva has fixed M/T Kuban for 70,000 tons of cargo loading Dec. 19 East Coast Mexico, discharging US Gulf at W/S 137.5, while Chevtex for same cargo quantity loading Dec. 20 with same destination has fixed M/T Eurydice at W/S 135. – In W. Africa, Petrobras for 130,000 tons of cargo loading Dec. 24 discharging Brazil has fixed M/T Front Spirit at W/S 80. DRY CARGO Panamax activity in the Atlantic very slow with US Gulf/Japan grain trade being concluded at USD 16.00 per ton for January dates. – The East although still brighter is certainly not set for improvement, taking into account that about 50 Panamax new buildings are expected to be delivered within 2002. – Handymaxes/Handies are facing unexciting conditions in the East with Pacific presently looking better. – On Capers, Eastern Rich has fixed M/V Aquahope 167,109 dwt, built 1997, delivery Korea Dec. 25-Jan. 5 trip via Australia, redelivery China at USD 7,000 daily. – On Panamax in Far East, Farenco has fixed M/V Nordmosel 75,080 dwt, built 2001, delivery China end Dec., redelivery Taiwan at USD 7,250 daily, while Samsun has fixed M/V Southern Star 76,600 dwt, built 2001, delivery Japan mid- Dec. for an Australian round voyage at USD 6,350 daily. – In Atlantic, Oldendorff has fixed M/V Capella 73,049 dwt, built 1997, delivery Dec. 20-30 S. Africa redelivery Continent at USD 7,000 daily and USD 130,000 ballast bonus. – On smaller sizes, Mur has fixed M/V Pacific Ocean 38,816 dwt, built 1984, delivery S. Africa Dec. 12-18, redelivery Far East at USD 7,000 daily. – On grain cargoes, Samsun has fixed M/V Apj Jit for 54,000 tons of cargo loading US Gulf Jan. 5-15, discharging Japan at USD 16.00 per ton with 11 days all purposes.