ECONOMY

Shipping Report

Market remained active on VLCCs out of the Arabian Gulf with a number of fixtures at W/S 80-82.5 with destinations west. -Suezmaxes out of W. Africa were fixed at W/S 95 with destinations in Europe while in Med. rates remained unchanged. -On Aframaxes Med. fixtures are around W/S 135 while the Continent market has shown a good improvement with latest fixtures at W/S 150. -Caribs remained quiet. -In the Med., Exxonmobil for 80,000 tons of cargo loading September 28, Tunisia, discharging UKC/Med., has fixed M/T Niriis at W/S 130 while CSSA for same cargo quantity loading end September, Syria with same destination, has fixed M/T Eagle Lyra at same levels. -In the Continent BP for 80,000 tons of cargo loading September 28, UK, discharging UKC, has fixed M/T Eliane at W/S 117.5. -In Caribs, Premcor for 70,000 tons of cargo loading September 22, discharging US Gulf, has fixed M/T Compass I at W/S 105. DRY CARGO The Caper index jumped 34 points last Friday, totaling almost an 100-point improvement during the week. -Panamaxes at steady levels with good supply in both East and West. Cargill took the 74,430 dwt, M/V Myrto, built 2001, with prompt delivery on the Continent, for 2 laden legs and redelivery in the Atlantic at USD 7,300 daily. -On smaller sizes, Continent looks brighter where a good 16-18,000 dwt, singledecker can be fixed in excess of USD 6,000 daily for a trip to W. Africa. -On Panamax in Far East, Dreyfus has fixed M/V Ji May, 76,000 dwt, built 2001, delivery Japan end September via Nopac, redelivery Taiwan at USD 6,500 daily. -In Atlantic, Hanjin has fixed M/V Coral Wind, 72,456 dwt, built 1997, delivery US Gulf, October 4-15, redelivery Japan at USD 8,200 daily and USD 150,000 ballast bonus. -On smaller sizes, Bulk Shipping has fixed M/V Star Sea Cosmos, 48,000 dwt, built 2000, delivery US Gulf end September, redelivery Med. at USD 9,500 daily.