ECONOMY

Shipping Report

Market conditions remain unexciting although latest Vlccs fixtures with destination Far East are fixed at W/S 67.5 for 270,000 tons of cargo. -On Aframax, the downward rally in Caribs continues with the latest fixtures at W/S 105 while Continent remains stable at W/S 115. -Med. seems moving in the right direction with more demand, mainly for latest Sept. loading dates. -W. Africa seems quiet on Suezmaxes. -In the Med., Cssa for 80,000 tons of cargo, loading Sept. 21, discharging UKC/Med., has fixed M/T Iran Amol at W/S 127.5 while Agip for same cargo quantity, loading Sept. 17 Egypt, discharging Italy. has fixed M/T Sea Loyalty at W/S 125. -On the Continent, Dea, for 80,000 tons of cargo, loading Sept. 19 UK, discharging UKC, has fixed Shell tonnage at W/S 115 while Cssa on Suezmax for 135,000 tons, loading Sept. 14 west coast Norway, discharging UKC, has fixed M/T Knock Whillan at W/S 100. -In Caribs, Premc, for 70,000 tons of cargo, loading Sept. 22, discharging US Gulf, has fixed M/V Compass I at W/S 105. DRY CARGO There is a slight optimism for modern Capers in Far East due to a shortage of prompt tonnage although the timecharter average is still hovering around USD 6,000 daily. Their index moved upwards by 11 points totaling to 909. -Panamax owners in the area are hoping that the optimism in the Cape camp will have a positive effect on their sector, though this remains to be seen. -In the Atlantic, the M/V Maratha Memory, 72,873 dwt, built 1997, fixed by Cargill for a South American round voyage with delivery Tarragona at USD 6,750, seems interesting although the next fixture moved to USD 6,500 and not USD 7,000 daily. -On Panamax in Pacific, Irisl has fixed M/V Sj Liberty, 74,700 dwt, built 1998, delivery Sept. 25-30 Australia, trip via Iran, redelivery Muscat, at USD 6,250 daily with USD 120,000 ballast bonus. -In Atlantic, Azure has fixed M/V North Prince, 75,542 dwt, built 1999, delivery Sept. 12-13 Spain, trip via east coast S. America, redelivery UKC/Med. at USD 7,500 daily. -On smaller sizes, Fayette has fixed M/V Emerald Halo, 46,500 dwt, built 1997, delivery Black Sea mid Sept., redelivery Far East, at USD 10,750 daily. Foreign currency assets held by Turkish banks totaled 43 percent of total assets in June 2001 compared to 37 percent in June 2000 as they sought shelter from a volatile lira.