ECONOMY

Shipping Report

The Aframax market, especially in the Continent, is moving rapidly upward. Rates even at W/S 180 for prompt lifting. – In the Med., rates still appear stable at W/S 105-110, despite the continuous flow of new cargoes out of the Black Sea. – Suezmax market at W/S 80 in the Med. and W/S 67.5 in W. Africa. – In the Med.,Karran for 80,000 tons of cargo loading Dec. 22 Black Sea, discharging Med, has fixed M/T Gerani at W/S 85 while BP has fixed M/T Bering Sea for same cargo quantity loading Dec. 30 Algeria, discharging Med at W/S 105. -In the Continent, Dow for 80,000 tons of cargo loading Dec. 30 North Sea, discharging UKC, has fixed M/T Fosna at W/S 125 while CSSA for same cargo quantity loading Dec. 29. N. Sea, discharging UKC has fixed Lundquist tonnage at W/S 115. – In Caribs, Conoco for 70,000 tons of cargo loading Dec. 29 East Coast Mexico, discharging US Gulf, has fixed M/T Genmar Alexandros at W/S 175. – In W. Africa, Sinochem for 130,000 tons of cargo loading Jan. 6, discharging Med, has fixed M/T Seavoyager at W/S 75. DRY CARGO The same conditions in the market, with Cargill having fixed 60,000 tons of grain loading US Gulf Jan. 3-7, discharging Cont. at USD 8.60 per ton with 10 days all purposes while M/V Top Leader for 55,000 tons of cargo loading Jan. 1-10, discharging China, has fixed at USD 15.75 per ton with 10,000-ton load and 5,000 tons discharge. – On Capers, Cobelfret has fixed M/V Cape Jupiter for 160,000 tons of coal loading Richards Bay (S. Africa) Jan. 20-30, discharging Rotterdam at USD 4.75 per ton with 2 days load and 25,000 tons discharge. – On Panamax in Far East, Apmoller has fixed M/V Mercury K 72,421 dwt, built 1997, delivery / redelivery Japan end Dec. trip via Indonesia at USD 5,900 daily, while Noble has fixed M/V Full Strong 70,171 dwt, built 1994, delivery East Coast Australia Jan. 5-15, redelivery Far East at USD 5,700 daily and USD 80,000 ballast bonus. – In Atlantic, Transfield has fixed M/V Amazon 74,875 dwt, built 2001, delivery US Gulf end Dec., redelivery Continent at USD 6,850 daily and USD 100,000 ballast bonus. – On smaller sizes, Sanko has fixed M/V New Harmony 45,300 dwt, built 1995, delivery Muscat Dec. 25-30 for 11-13 months period at USD 5,900 daily for the first 50 days and USD 6,250 for the balance. – On grain cargoes, Cargill for 60,000 tons of cargo loading US Gulf Jan. 3-7, discharging Continent, has fixed at USD 8.60 per ton with 10 days all purposes. Of Turkey’s large state banks, Vakifbank was hit the least hard by the financial crises in November last year and February. It has close links to religious and charitable foundations.