ECONOMY

Shipping Report

With the uncertainty of Al Bakr loadings at the start of the new week, VLCCs at W/S 37.5-40 for west/east options. -Suezmaxes at downward trend at W/S 65-67.5, depending on destination/condition of vessel, while in Med. at W/S 80 with lesser inquiry. -On Aframax, rates in the Caribs/East Coast Mexico increased almost by 20 percent at W/S 157.5/160 levels with charterers looking to cover until the end of the year. Lighter activity in the same area at USD 28,000/30,000 per day. -In the Med., rates stable at W/S 105, while in Cont. at W/S 100. -In the Med., Petraco has fixed M/T Nilos for 80,000 tons of cargo loading Dec. 26 Banias (Syria), discharging Med. at W/S 95, while Alpine for same cargo quantity loading Dec. 21 Black Sea with same destination has fixed M/T Marivic at W/S 85. -In the Continent, Exxon has fixed M/T Magnitude for 80,000 tons of cargo loading Dec. 24 UK, discharging UKC at W/S 100, while TTMI for same cargo quantity loading Dec. 29 for UKC round voyage has fixed M/T Prospect at W/S 97.5. -In Caribs, Premcor for 70,000 tons of cargo loading Dec. 25 East Coast Mexico, disharging US Gulf, has fixed M/T Nordlight at W/S 160. -In W. Africa, Sun for 130,000 tons of cargo loading Jan. 11, discharging USAC, has fixed M/T Algarrobo at W/S 62.5. DRY CARGO A fairly quiet chartering market offers very little news to be reported. Charterers/owners are looking forward more to the Christmas break than to the short-term chartering market. Expectations however remain low. -In the Atlantic, Panamaxes seem to have steadied at the current low levels with grain cargoes US Gulf/Japan been fixed at USD 16.10 per ton with Dec. loading dates and 11 days total purposes. -Tweendeck tonnage, if available in the Cont., is being traded at firm rates. -On Panamax in Far East, PCL has fixed M/V An Angel Express 61,537 dwt, built 1982, delivery S. Australia Dec. 25-30 trip via Persian Gulf, redelivery Muscat at USD 5,000 daily and USD 70,000 ballast bonus. -In Atlantic, Pan Ocean has fixed M/V Eleranta 73,222 dwt, built 1995, delivery UK end Dec. for 2-4 months period at USD 6,250 daily, while Transfield has fixed M/V Nordmax 72,515 dwt, built 1995, delivery US Gulf Jan. 1-10, redelivery Continent at USD 6,500 daily and USD 75,000 ballast bonus.