ECONOMY

Shipping Report

TANKERS A quiet start with few Aframax cargoes in the Mediterranean, but rates are not expected to move quickly above W/S 130 due to prompt modern tonnage in the area. – Cross 80,000 tons of cargoes are fixed at W/S 127.5, while in the Cont. similar sized vessels are fixed around W/S 175. – The 100,000-ton cargoes out of the Baltic in the North Sea are fixed at W/S 435 (as ice-classed vessels), while out of Gdansk CSSA has fixed M/T «Petrodvrts,» loading January 25-27 Poland, discharging UKC, at W/S 220. – Suezmax rates around W/S 170 out of West Africa with destination States. Rates are expected to weaker further due to prompt tonnage and to cargoes going on alternatives of vessels such as VLCCs and Aframaxes. – On VLCCs out of West Africa, Sun has fixed M/T «Regal Unity» for 260,000 tons of cargo, loading January 23, discharging USAC, at W/S 130, while Shell for same cargo, loading January 27, discharging US Gulf, has fixed M/T «Eagle Vermont» at W/S 107.5. – Caribs stable and Exxonmobil has fixed M/T «Regent» for 70,000 tons of cargo, loading January 9 East Coast Mexico, discharging US Gulf, at W/S 355. – On smaller sizes, Lukoil has fixed M/T «Saetta» for 50,000 tons of cargo, loading January 8, discharging P. Rico, at W/S 340. – In the Cont., Dreyfus for 80,000 tons of cargo, loading January 9 UK, discharging Germany, has fixed M/T «Olympia» at W/S 175. DRY CARGO Capesize is trading very slow after several ships were fixed mostly in the East. The market anticipates being more active in the coming days. – BHP Billiton has fixed M/V «Channel Alliance,» 171,798 dwt, built 1996, delivery China beginning of January, trip via Australia, at USD 62,000 daily. – A strong end for Panamaxes, with owners reporting significant interest for short periods up to two to three years. – The market has moved in the Atlantic at a quicker pace than most had anticipated. – In the East there have been some easier rates for spot tonnage. – NCS has fixed M/V «Red Queen,» 76,000 dwt, delivery Japan January 12, for 4-6 months’ trading at USD 38,000 daily. – In the Atlantic, Pan Ocean has fixed M/V «An Ho,» 77,834 dwt, built 2004, delivery US Gulf February 1-3, redelivery Far East, at USD 42,000 daily and USD 800,000 ballast bonus. – On smaller sizes, Armada has fixed M/V «Annetta,» 42,537 dwt, built 1998, delivery China beginning of January, redelivery Far East, at USD 24,250 daily.