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.

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