ECONOMY

Shipping Report

VLCCs at steady levels with destinations such as India, the East, S. Africa, and the West being fixed at W/S 85.5, 80, 82.5 and 75, respectively. -In the meantime, owners are trying to cover themselves from the extra premiums imposed for war-risk insurance such as the Arabian Gulf, Oman, Gulf of Aqaba, Egypt, Pakistan, and the Red Sea. -Suezmaxes at steady levels in the Med. as well as in W. Africa in spite of vessel replacements being held in most of the Brazilian ports. Cargoes of 130,000 tons are fixed at W/S 95. -Aframaxes in the Med. at W/S 135 and Continent at W/S 157.5. -Caribs seem to be improving slightly with the 70,000 tons cargo liftings been fixed at W/S 120. -In the Med., CSSA for 80,000 tons of cargo loading September 28, Algeria, discharging UKC/Med., has fixed Minerva at W/S 130. -In the Continent, Dea for 80,000 tons of cargo, loading September 25 for a UKC round trip voyage, has fixed at W/S 150 while Exxon for same cargo quantity, loading September 28 and for same trip, has fixed M/T Natura at W/S 157.5. -In Caribs BP has fixed M/T Pedoulas for 70,000 tons of cargo loading September 19, discharging US Gulf at W/S 110. DRY CARGO With very little physical activity reported in the cape market, it came as a surprise that the BCI jumped by 69 points. However, what is interesting is the latest fixture of M/V An Angel Century, 170,415 dwt, built 2000, by Goldbeam with delivery Korea September 24-28 for an Australian trip, redelivery China at USD 10,000 daily. -A worrying development has started to apply in the Panamax market with the freshly imposed restrictions for vessels calling at US ports and especially for the US Gulf grain route to Egypt. -Market is not getting any better for the Handies/ Handymaxes in the US Gulf due to lack of inquiry. -On Panamax in Far East, Masefield has fixed M/V Port Lisboa 52,827 dwt, built 2001, delivery China September 25-30, redelivery Far East at USD 8,000 daily. -In Atlantic, Cargill has fixed M/V Alpha Effort 72,844 dwt, built 1999, delivery end September, Amsterdam, redelivery Far East at USD 7,500 daily. -On grain cargoes, Cargill for 25,000 tons, loading September 15-25 US Gulf, discharging Tunisia has fixed at USD 18.00 per ton with 6,000 tons load and 3,000 tons discharge. Annunziata said that given the rise in global tension in the wake of the attacks on the United States, Turkey should also look again at perhaps going back to a hard currency peg.