ECONOMY

Shipping Report

TANKERS Aframax market at higher freight rates in the Mediterranean, with the latest fixtures for end-month loading at W/S 130. – Petroval, loading end-September Black Sea, discharging Mediterranean, has fixed M/T Iran Astaneh at W/S 140. – Suezmax rates stable, with Tamoil having fixed M/T Algeciras Spirit for 130,000 tons of cargo, loading September 29 Libya, discharging UKC-Mediterranean at W/S 130. – The North Sea market is seeing further activity. The 80,000-ton round-trip voyages at W/S 115 have moved upward to W/S 125. BP has fixed M/T Sea Lady, loading September 18 Baltic, discharging UKC, at W/S 125. – Better freight rates in Caribs too. Ursa for 70,000 tons of cargo, loading September 18 East Coast Panama, discharging US Gulf, has fixed M/T Astro Arcturus at W/S 145. – West Africa Suezmax rates at a low W/S 140, although less done on earlier dates. Releta tonnage reasonable spread for October. We expect to see resistance at W/S 140. – VLCCs out of the same area are improving to W/S 122.5 for transatlantic voyages. – Indians have a number of stems that may put pressure in the market. – On VLCCs in Arabian Gulf, Exxonmobil has fixed M/T Nuri for 270,000 tons of cargo, loading October 8, discharging Red Sea – Far East at W/S 102.5. DRY CARGO The capesize market is quieter, with very little being reported. – In the East, NSS has fixed M/V Setsuyo Star, 170,808 dwt, built 1985, delivery Japan mid-September, for an Australian round-trip voyage at USD 60,000 daily. – On Panamaxes, there is very little change evident in rates, not only in the Atlantic, but in the Pacific as well. – There are some healthy rates being paid in the Atlantic, particularly for the older ships with a big clearout of tonnage supply. – Cargill has fixed M/V Harmony Express, 76,000 dwt, built 2002, delivery France mid-September, for two legs at USD 36,000 daily. – In Far East, rates still hovering around USD 30,000 to near mid-30,000 daily. – ETA has fixed M/V Cic Piraeus, 76,296 dwt, built 2001, delivery September 18-24 Hong Kong, trip via Australia, redelivery India, at USD 34,000 daily. – On smaller sizes, Noble has fixed M/V Global Wind, 53,026 dwt, built 2003, delivery East Coast India September 18-25, redelivery China, at USD 33,000 daily.