ECONOMY

Shipping Report

TANKERS Cont. market continues to look very firm in both Baltic and North Sea. Reports say that Petrogal has fixed at W/S 180, while charterers are now beginning to move with early second-decade Baltic requirements. – Similar is the picture in the North Sea due to Turkish straits delays thrown onto owners. Latest fixtures ranging from W/S 130 to W/S 150, depending on the loading dates. – Caribs have also moved upward, with Sutsco having fixed M/T «Sea Scout» for 70,000 tons of cargo, loading September 26 East Coast Mexico, discharging US Gulf, at W/S 250, while Marathon has fixed Skaugen tonnage for same cargo, loading September 29 with same destination, at W/S 235. – Suezmax market has jumped dramatically upward to W/S 162.5, with a number of cargoes remaining as yet uncovered. – VLCCs in the area in very short supply. – CSSA has fixed M/T «Cosmic» for 130,000 tons of cargo, loading October 20, discharging US Gulf, at W/S 152.5, while Chevtex for same cargo, loading October 19 with same destination, has fixed M/T «Poetic» at W/S 155. – On VLCCs in West Africa, Sinochem has fixed M/T «Soro» for 260,000 tons of cargo, loading October 27, discharging China, at W/S 100. – In Arabian Gulf, Jomo has fixed M/T «Artois» for 273,000 tons of cargo, loading October 23, discharging Japan, at W/S 130, while Shell for 280,000 tons of cargo, loading October 23, discharging UKC, has fixed M/T «Utik» at W/S 112.5. DRY CARGO Capesize market seems to be experiencing a temporarily lull. – In the Atlantic and on T/C periods, Hanjin has fixed M/V «Savina,» 156,700 dwt, built 1996, delivery Passero, for 4-6 months’ trading at USD 60,500 daily. – In the East, rates have eased significantly, with modern tonnage being fixed on the round-trip from Australia to China at less than USD 60,000 daily. – The older unit M/V «Ji Mei Fu,» formerly the «Leopardi,» 132,086 dwt, built 1982, was fixed for China round-trip at USD 42,000 daily. – Panamax rates nudged toward the mid-USD 30,000 daily for ships with Japan delivery. Nopac round-trip voyages are being fixed at a low 30,000 USD daily. – In Far East, Shinwa has fixed M/V «Juno Island,» 72,080 dwt, built 1997, delivery end-September Japan, for Indonesia round-trip voyage at USD 31,000 daily. – On smaller sizes, M/V «Chryssoula,» 52,350 dwt, built 1991, delivery US Gulf, redelivery UKC, was fixed at USD 30,000 daily.