ECONOMY

Shipping Report

A quiet start, with most countries in Europe on holiday. – Aframax rates in the Med. still at W/S 430, while in the North Sea there are still a number of outstanding Baltic cargoes to be transported between Nov. 20-25. Rates look firm at present at W/S 327.5. – In Caribs, rates have increased slightly, with 70,000-ton cargoes being fixed at W/S 440. – Stusco has fixed M/T «Akaki,» loading Nov. 8 East Coast Mexico, discharging US Gulf at W/S 440, while Conoco, loading beginning Nov. with same destination, has fixed M/T «Harmony» at W/S 450. – West Africa Suezmax rates steady with tonnage evenly spread for the rest of the month. – Sun for 130,000 tons of cargo, loading Dec. 1, discharging USAC, has fixed M/T «Poetic» at W/S 305, while same charters, loading Nov. 28 with same destination, have fixed M/T «Oliver Jacob» at W/S 312.5. – In the Med., there are few cargoes left to be set, while rates hover around W/S 360. – Arcadia has fixed M/T «Minerva Symphony,» for 135,000 tons of cargo, loading Nov. 21, discharging UKC-Med. at W/S 350, while Repsol, for same cargo, loading Nov. 17 Turkey, discharging Spain, has fixed M/T «Marina M» at W/S 365. – On Aframaxes in the Med., Saras for 80,000 tons of cargo, loading Nov. 11, Syria, discharging Med., has fixed M/T «Paula Maersk» at W/S 430, while in the North Sea, Chevtex has fixed M/T «Zeus» for 80,000 tons of cargo, loading Nov. 23, discharging US Gulf, at W/S 400. – On VLCCs in Arabian Gulf, S. Oil for 275,000 tons, loading Nov. 26, discharging South Korea, has fixed M/T «Astro Leon» at W/S 275. DRY CARGO Capesize tonnage in the Atlantic is being fixed at about USD 90,000 daily for transatlantic or Far East destinations. – Rates in the East also remain strong and tight for tonnage for the rest of the month. – Panamax rates steady, with Atlantic market trading over USD 40,000 daily either for round-trip voyages or with Far East destinations. – There has been interest in tonnage for transatlantic round-trip voyages, although a firm capesize market prompted some charters to split cargoes. – On Capers, Rio Tinto has fixed M/V «Cape A Raxos,» 170,726 dwt, built 2001, delivery Japan Nov. 7-10, trip via Australia, redelivery France, at USD 55,000 daily. – On panamaxes in the Far East, Dreyfus has fixed M/V «Carl Mesem,» 74,001 dwt, built 2001, delivery Nov. 11-15, redelivery Far East, at USD 39,500 daily. – In the Atlantic, NNC has fixed M/V «Theodoros P,» 73,870 dwt, built 2002, delivery Nov. 10-15 Germany, redelivery Far East, at USD 40,100 daily. – On smaller sizes, Fremery has fixed M/V «Protector,» 42,833 dwt, built 1984, delivery beginning Nov. Pakistan, trip via West Coast India, redelivery China, at USD 26,500 daily.