ECONOMY

Shipping Report

TANKERS Mediterranean market, as was expected, has now bounced to W/S 160 and probably to W/S 180 without anything being confirmed yet. However, Thenamaris, replacing tonnage for loading December 14 Libya, is negotiating around W/S 205. – Primorsk in the North Sea continues to drive market with a steady outflow of cargoes, although the 80,000-ton cargoes across to the UK are being fixed at W/S 200. – Caribs remain quiet, with less than W/S 400 for 70,000-ton cargo liftings. – Very little activity for Suezmaxes out of West Africa, while VLCC rates are expected to soften as well. – Sun out of this area has fixed M/T «Sea Star» for 130,000 tons of cargo, loading December 20, at W/S 317.5. – On Aframaxes in the Mediterranean, Tupras has fixed M/T «Merbabu» for 80,000 tons of cargo, loading December 10 Syria, discharging Turkey, at W/S 135, while BP for same cargo, loading Egypt December 13, discharging Mediterranean, has fixed M/T «Maratha» at W/S 140. – In the Cont., Exxonmobil for 80,000 tons of cargo, loading December 15, discharging USAC, has fixed M/T «Framura» at W/S 275. – In Caribs, Stusco for 70,000 tons of cargo, loading December 15 Colombia, discharging US Gulf, has fixed M/T «Tsunami» at W/S 387.5. – In Arabian Gulf, S. Oil for 270,000 tons of cargo, loading December 30, discharging South Korea, has fixed M/T «Cosglory Lake» at W/S 300. DRY CARGO A very strong market for Capers irrespective of areas. M/V «Channel Alliance» was rumored to have been fixed for an Australian round-trip voyage at a rate between USD 105,000 and USD 110,000 daily. – Panamax rates in the Far East are holding nicely, while the Atlantic market looks slightly twitchy, with a few early ships still not fixed. – On T/C periods, however, Daeyang has fixed M/V «Pacific Eagle,» 75,000 dwt, built 2004, delivery Passero end-December, for 13-15 months’ trading at USD 40,500 daily. – In Far East, Lalemant has fixed M/V «Lian Hua Feng,» 74,000 dwt, built 2000, delivery China, for an Australian round-trip at USD 51,500 daily. – In Atlantic, NNC has fixed M/V «Seattle Trader,» 75,981 dwt, built 2000, delivery Passero beginning-December, trip via Argentina and Egypt, redelivery Passero, at USD 49,500 daily.