ECONOMY

Shipping Report

TANKERS The North Sea market is very active, with increased inquiry mainly out of Baltic Sea. The list of available tonnage is incredibly tight, giving owners the chance to negotiate at much higher levels. – Koch for 100,000 tons of cargo, loading October 15-16 Baltic, discharging US Gulf, has fixed overseas tonnage at W/S 220, while CSSA for same cargo, loading October 17-18, discharging UKC-Med., has fixed M/T «Seaqueen» at W/S 240. – The 80,000-ton cargoes are fixed at W/S 280. Shell has fixed Lundqvist tonnage, loading October 12-14, discharging UKC, at the aforesaid levels. – Med. appears steady as supply and demand look balanced. Rates are holding at W/S 220-225 for the 80,000-ton cargoes. – Petroval has fixed M/T «Mare Dorico,» loading Russia October 16, discharging UKC-Med., at W/S 225, while BP for same cargo, loading Egypt October 11, with same destination, has fixed M/T «Poul Spirit» at W/S 220. – In Caribs the market remains firm, with the 70,000-ton cargo liftings having been fixed at W/S 340. – Marathon has fixed M/T «Olympic Spirit,» loading October 9, discharging US Gulf, at W/S 320. – On smaller sizes, Conoco for 50,000 tons of cargo, loading October 2, discharging UKC, has fixed M/T «Evros» at W/S 212.5. – Suezmaxes also very firm in all areas. – In the Med. the 140,000-ton cargoes are fixed at W/S 225, while in West Africa rates are hovering around W/S 210 and expected to rise further as most European tonnage are willing to ballast to this area. – In the Med., Sibneft has fixed M/T «Marina M» for 140,000 tons of cargo, loading October 20 Russia, discharging UKC-Med., at W/S 225. – In West Africa, CSSA for 130,000 tons of cargo, loading October 27, discharging South Africa-US Gulf, has fixed alliance tonnage at W/S 259-W/S 240 respectively. – In Arabian Gulf reliance has fixed M/T «Eleuthera» for 250,000 tons of cargo, loading October 15, discharging India, at W/S 165. DRY CARGO As expected, there is very little change on Capers due to holidays in the Far East. Rates in the area for round voyages are holding at about USD 55,000 daily. – Transfield has fixed M/V «Cape Hawk,» 161,425 dwt, built 1995, delivery China Oct. 7, for an Australian round at USD 50,000 daily, while NCL has fixed M/V «Irfon,» 165,729 dwt, built 1996, delivery China, for same voyage at USD 58,500 daily. – On Panamaxes, the market remains quiet. – In Far East, SK shipping has fixed M/V «Bulk Two,» 76,429 dwt, built 2004, delivery China Oct. 8-10, trip via Australia, redelivery East Coast India, at USD 32,00 daily. – In the Atlantic, Noble has fixed M/V «Platanos,» 65,000 dwt, built 1990, delivery Sweden end-Sept., trip via Baltic, redelivery China, at USD 32,000 daily.