ECONOMY

Shipping Report

TANKERS All the markets are noticeable by their lack of fresh inquiry, with the result that rates will weaken further due to oversupply of tonnage. – Modern Aframax in the Med. are not fixed more than W/S 95 while Cont. at W/S 90. – Suezmaxes in the same area adequate so that Exxon could fix M/T «Glen Maye» for 135,000 tons of cargo loading Jan. 28 Egypt discharging US Gulf at W/S 57.5. – Caribs steady at the low W/S 100 for the 70,000 tons cargo liftings while W. Africa with lesser inquiry for Suezmaxes. – In the Med., Agip for 80,000 tons of cargo loading Jan. 20 Egypt discharging Italy has fixed M/T «Panagia Armata» at W/S 100 while Gunvor for same cargo quantity loading Jan. 25 Russia discharging Med. has fixed M/T «Black Sea» at W/S 99.5. – In the Cont., Petrogal for 80,000 tons of cargo loading Jan. 28 UK discharging Portugal has fixed M/T «Channel Dragon» at W/S 90. – In Caribs Equiva for 70,000 tons of cargo loading Jan. 24 East Coast Mexico discharging US Gulf has fixed M/T «Sentinel» at W/S 100. – In W. Africa, Petrogal for 130,000 tons of cargo loading Feb. 7 discharging Portugal has fixed M/T «Polar» at W/S 67.5. DRY CARGO Caper market still moves forward mainly due to prolonged delays in the main Chinese ports. – In the Atlantic and on Panamaxes, there are a lot of private approaches to specific tonnage showing the existing strength. The M/V «Samjohn Liberty» 74,761 dwt, built 1998, with delivery Passero mid January for the trip out to the Far East via Brazil has been fixed at USD 8,250 daily. – On Handies, there is a big buildup situation in the S. Atlantic and grain voyage business does not add up to the odd timecharter inquiry. – On Capers, Cobam has fixed M/V «Sanko Oasis» 161,192 dwt, built 1995, delivery Jan. 20-25 Japan for 11-13 months period at USD 9,900 daily. – On Panamax in Far East PCL has fixed M/V «Southern Star» 76,000 dwt, built 2001, delivery China Jan. 20-23 trip via Australia redelivery Skaw at USD 7,650 daily. – In Atlantic BHP Billiton has fixed M/V «Blumenau» 73,992 dwt, built 2000, delivery Passero mid Jan. for 3-5 months period at USD 7,775 daily. – On smaller sizes MCL has fixed M/V «Kissamos Wave» 40,187 dwt, built 1990, delivery S. Africa Jan. 20-28 redelivery UKC option US Gulf at USD 6,000 daily.