ECONOMY

Shipping Report

Market steadily improving in the Med., not only due to a number of cargoes with dates end of the month but also due to adverse weather conditions mainly in Black Sea. – Cont. also seems to be improving for late Dec. loadings, while Caribs already at W/S 150 with 2-3 cargoes to be fixed out of Mexico. – On Suezmax, W. Africa market weaker with limited inquiry and rates below W/S 70 for USAC. – In the Med., Exxon for 80,000 tons of cargo loading Dec. 24 Tunisia discharging Med. has fixed M/T Lynncraig at W/S 97.5 while Arcadia for same cargo quantity loading Dec. 27 Algeria discharging UKC/Med. has fixed M/T Nissos Christiana at W/S 102.5. – In the Continent, CSSA for 80,000 tons of cargo loading Dec. 15 for UKC round voyage has fixed M/T Navion Scotia at W/S 95. – In Caribs, Valero has fixed Teekay tonnage for 70,000 tons of cargo loading Dec. 14 discharging USAC at W/S 136.25. DRY CARGO Good news for Atlantic, Panamax fairly limited. In a dull market with very slow activity, rates tend to go down. – On Panamax in Far East PCL has fixed M/V Ming May 74,009 dwt, built 1997, delivery Thailand mid Dec. for 2 legs trip via Australia and S. Africa redelivery UKC/Med. at USD 6,400 daily, while Cosco has fixed M/V Celeste 69,428 dwt, built 1981, delivery Dec. 20-26 China redelivery Malaisia at USD 5,000 daily. – In Atlantic Pan Ocean has fixed M/V Wadi Alarab 64,214 dwt, built 1995, delivery US Gulf end Dec.-beg. January redelivery Japan at USD 6,750 daily and USD 95,000 ballast bonus while Cargill has fixed M/V Alcyon 75,247 dwt, built 2001, delivery Dec. 19 US Gulf redelivery UKC/Med. at USD 6,250 daily and USD 75,000 ballast bonus. – On smaller sizes Italmare has fixed M/V Pacific Governor 43,222 dwt, built 1995, delivery US Gulf mid-December redelivery Adriatic at USD 8,300 daily, while Mur has fixed M/V Pacific Ocean 38,816 dwt, built 1984, delivery Dec.12-18 S. Africa redelivery Far East at USD 7,000 daily.