ECONOMY

Shipping Report

TANKERS Quieter conditions for VLCCs out of Arabian Gulf and West Africa. – Out of Arabian Gulf for East, the 260,000-ton cargoes being negotiated around W/S 150, while with destination Singapore, Exxonmobil has fixed M/T «Front Commander» for 270,000 tons of cargo, loading Jan. 13 at W/S 160. – In W. Africa, CPC for 260,000 tons of cargo, loading Jan. 20, discharging Taiwan, has fixed M/T «Golden Stream» at W/S 150, while Koch for same cargo, loading Jan. 22, discharging US Gulf, has fixed M/T «Astypalaia» at W/S 165. – Suezmax rates have moved higher on increased activity out of W. Africa. Tonnage in short supply up to the 12th for transatlantic cargoes. Market expected to move higher. – N. Sea rates at about W/S 220, which is similar to W. Africa rates. – In the Med., rates moving higher to W/S 220 for cross-Med. trips, with Navion having fixed M/T «Sea Racer» for 135,000 tons of cargo, loading Jan. 13, discharging UKC-Med. at W/S 225, while Lukoil for 140,000 tons of cargo, loading Jan. 9 with same destination has fixed M/T «Kaspiy» at W/S 220. – Aframaxes in the Med. are stable, with the latest fixtures for cross-trip 80,000-ton cargoes at W/S 320. – OMV has fixed M/T «Atlantic Hero,» loading Dec. 29 Libya, discharging Italy, at W/S 320, while IES has fixed M/T «Gaetano d’Alesio,» loading Jan. 7 with same destination at same levels. – In Caribs, rates steady with 70,000-ton cargo liftings at W/S 350, while in N. Sea rates are moving up. – In the N. Sea, CSSA has fixed M/T «Petropavlovsk» for 80,000 tons of cargo, loading Jan. 4, discharging UKC, at W/S 275, while on 100,000-ton cargoes from Baltic, Lukoil has fixed M/T «Sparto,» loading Jan. 10 with same destination at W/S 410. DRY CARGO Capesize rates steadied in the East after at least six fixtures by Tranfield in the area, with rates from mid-USD 50,000 to low 70,000. – Panamax market still weak with several early ships. – Atlantic easier, though in the East fixtures are weak for spot/prompt positions but healthier for tonnage coming open in southeast Asia. – NYK has fixed M/V «Mineral Azalea,» 171,199 dwt, built 1999, delivery China Dec. 23-25 trip via Australia, redelivery Japan at USD 65,000 daily. – On Panamax in Far East, Noble has fixed M/V «Tai Profit,» 73,105 dwt, built 2001, delivery Taiwan Dec. 23-29 trip via SW Australia, redelivery China at USD 38,500 daily. – In Atlantic, M/V «Nemea,» 68,870 dwt, built 1989, delivery end Dec. Ireland for 11-13 months’ trading was fixed at USD 36,500 daily. On smaller sizes, Bunge has fixed M/V «Alexia,» 37,585 dwt, built 1983, delivery US Gulf end Dec., redelivery Syria, at USD 28,5000 daily.