ECONOMY

Shipping Report

-Vlccs West of Suez not much happening, with rates holding at W/S 65 for W. Africa/North Sea to US Gulf. -Suezmax rates have dipped below W/S 90 from W. Africa this week although owners were putting up a firm resistance to anything below these levels. -Aframax in Caribs has hit W/S 110 for 70,000 tons of cargo liftings. -In the Med., and in spite of the scarcity of modern tonnage, 80,000 tons of cargo are fixed at W/S 125-130 while on Cont., same size of cargo is fixed at W/S 115. -BP has fixed M/T Minerva Libra for 80,000 tons of cargo, loading Sept. 20 Algeria, discharging Med. at W/S 127.5 while CSSA has fixed Iran TB at same levels for same cargo quantity, loading Sept. 21 Libya, discharging UKC/Med. -On the Continent, Dea has fixed Shell tonnage at W/S 115 for 80,000 tons of cargo, loading Sept. 19 UK, discharging UKC. -In Caribs, Blanchart has fixed M/T Sks Tanaro at W/S 107.5 for 70,000 tons of cargo, loading Sept. 17 East Coast Mexico, discharging US Gulf. DRY CARGO In the Panamax section of the market very little trading activity is reported. Charterers are said to be switching stems from USG to Nopac, taking advantage of the even lower rates in that area. -In the Atlantic and on the traditional grain route US Gulf/Japan, a fixture has just been concluded at USD 17.75 per ton. -On Handies, W. Africa still provides sufficient demand while in the tweendeck section of the market, Chilean charterers are linked with a 22,000 dwt Mpps for a trip Chile to Brazil at an unexciting USD 4,800 daily. -On Panamax in Atlantic, NNC has fixed M/V Triton, 75,000 dwt, built 2001, delivery Sept. 20-30 Argentina, redelivery Skaw/Passero at USD 7,000 daily and USD 130,000 ballast bonus while Damato has fixed M/V Heinrich Oldendorff, 73,926 dwt, built 2001, delivery US Gulf Sept. 20-25, redelivery Cont./Med. at USD 7,500 daily and USD 145,000 ballast bonus. -On smaller sizes AP Moller has fixed M/V San Paolo, 47,000 dwt, built 1997, delivery Turkey end Sept., trip via Black Sea, redelivery Singapore/Japan at USD 10,750 daily. -On grain cargoes Cargill has fixed M/V Willi Slamon, for 54,000 tons of cargo, loading US Gulf Sept. 25/Oct. 5, discharging Japan at USD 17.75 per ton with 11 days all purposes.