ECONOMY

Shipping Report

TANKERS A quiet start in the Med., with modern ships still being negotiated at W/S 320 for cross-trip 80,000-ton cargoes. – N. Sea with a lot activity out of Primorsk. The few charterers who moved early managed to achieve W/S 330. Owners rates are now well in excess of these levels. – Caribs stable, with 70,000-ton cargo liftings at W/S 350-355. – In W. Africa, Suezmaxes rates are settling at about W/S 200. We might see further improvement as prompt tonnage is being absorbed. – Med. rates moving slightly above W/S 200 for cross-trip cargoes, while in Caribs, there is interest in this type of vessel at W/S 330. – Repsol for 80,000 tons of cargo, loading Dec. 29 Libya, discharging Spain, has fixed M/T «Vigour» at W/S 320. – In the Cont., Eni has fixed M/T «Nordic Yukon» for 80,000 tons of cargo, loading Jan. 3, discharging UKC, at W/S 240. – In Caribs, Ursa for 70,000 tons of cargo, loading Jan. 2, discharging USAC, has fixed M/T «Genmar Minotaur» at W/S 357.5. – In W. Africa, Navion for 130,000 tons of cargo, loading Jan. 22, discharging US Gulf, has fixed M/T «Endless» at W/S 197.5. – In Arabian Gulf, Tupras has fixed M/T «Yiomaral» for 300,000 tons of cargo, loading Jan. 13, discharging Red Sea, at W/S 235. DRY CARGO Capesize rates lower in the East but with brokers suggesting that they have seen more prompt cargoes in the area. – Panamaxes appear to have steadied in the East, with brokers talking of the market having bottomed out. – Rates in the Atlantic are also largely steady but volume remains very thin. – Period rates have dipped but were still at healthy levels underlining optimism in the longer term. – On Panamaxes in Far East, Dreyfus has fixed M/V «Blumenau,» 73,992 dwt, built 2000, delivery Dec. 25-27 China, redelivery Far East at USD 36,000 daily. – In Atlantic, Bunge has fixed M/V «Betis,» 76,759 dwt, built 2004, delivery US Gulf Jan. 2-3, redelivery UKC-Med., at USD 39,000 daily. – On smaller sizes, Pan Ocean has fixed M/V «Great Calm,» 45,215 dwt, built 1996, delivery Dec. 23-25 Japan, redelivery Far East, at USD 29,200 daily.