ECONOMY

Shipping Report

TANKERS Limited inquiry in all areas, with Aframax rates in the Mediterranean holding at W/S 180-190 for cross voyages and W/S 250-260 out of Black Sea. – North Sea shows more activity, although rates have dipped as low as W/S 145. The 100,000-ton cargoes out of Baltic are fixed at W/S 290. – Ursa has fixed M/T «Isabella» for 100,000 tons of cargo, loading December 11-12, discharging UKC, at the above levels. – Caribs shows limited inquiry on Aframaxes, while on Suezmax Citgo has fixed M/T «Angelica» for 135,000 tons of cargo, loading December 10, discharging US Gulf, at W/S 350, while BP for same cargo, loading December 14, with the same destination, has fixed Alliance tonnage at W/S 337. – Suezmax rates out of West Africa are weakening further, while VLCCs out of the Arabian Gulf are fixed less than W/S 300 with destination East. – Chevtex for 270,000 tons of cargo, loading January 2, discharging Far East, has fixed M/T «Front Falcon» at W/S 320, while KPC for 280,000 tons of cargo, loading January 7, discharging US Gulf – UKC, has fixed M/T «Gemini Voyage» at W/S 207.5 – W/S 210 respectively. – In the Mediterranean and on Aframax, Tamoil for 80,000 tons of cargo, loading December 10 Libya, discharging Mediterranean, has fixed M/T «Panagia Armata» at W/S 190. – In the Cont., Irving has fixed Teekay tonnage for 80,000 tons of cargo, loading December 18 Norway, discharging ECC, at W/S 255. DRY CARGO Another slow day for Capesizes, with brokers again suggesting the market is topping, particularly in the East. – Owners/operators are still resisting pressure to drop rates on transpacific round voyages but appear to be willing to discount on the backhaul. – Panamax rates have also been softening in the Atlantic and East, with trading still very sluggish. – In the Far East, Glory Wealth has fixed M/V «Yong Huan,» 74,500 dwt, built 2000, delivery December 10-12 Taiwan, trip via Western Australia, redelivery China, at USD 48,000 daily. – In the Atlantic, Pan Ocean has fixed M/V «Galene,» 73,760 dwt, built 1995, delivery US Gulf mid-December, redelivery Far East, at USD 47,000 daily. – On smaller sizes, Daeyang has fixed M/V «Chang Fu Star,» 63,560 dwt, built 1982, delivery end-December China, trip via Australia, redelivery Taiwan, at USD 37,000 daily. – On coal cargoes, TKS for 150,000 tons of cargo, loading January 5-20 Canada, discharging Rotterdam, has fixed Mosk tonnage at USD 45.00 per ton with 6 days all purposes.