ECONOMY

Shipping Report

TANKERS Market remains quiet with a limited amount of new cargo in the Med. and on the Cont. Rates for Aframaxes, however, remain stable due to a number of delays in France and Italy. Modern Aframax in the Med. are fixed at W/S 107.5 while on the Cont., rates are moving near to W/S 120. Caribs at steady levels with 70,000 tons of cargo fixed at W/S 132.5. Suezmax rates are steadily strengthening especially out of N. Sea and W. Africa. In the Med., Arcadia for 80,000 tons of cargo, loading Nov. 25 Syria, discharging UKC/Med., has fixed M/T «Four Bay» at W/S 117.5. In Caribs, Ergon has fixed M/T «Mare Dorico» for 70,000 tons of cargo, loading Nov. 24, discharging US Gulf at W/S 130. In W. Africa, BP has fixed M/T «Astro Capella» for 130,000 tons of cargo, loading Dec. 15, discharging Med. at W/S 70. DRY CARGO Market conditions remain discouraging with only very few bright spots around where owners still manage to achieve reasonable returns. In Atlantic, Cosco has fixed M/V «Pacific Carrier,» 70,349 dwt, built 1996, delivery US Gulf Dec. 1-10, redelivery Far East, at USD 7,300 daily and with USD 130,000 ballast bonus. Far East rates remain comparatively lower than in Atlantic. Korea line has fixed M/V «Suka,» 64,982 dwt, built 1989, delivery China end-Nov., redelivery Korea at USD 4,050 daily. On Handies, rates are softening from the Baltic and Continent with charterers receiving ample tonnage for their cargoes. On Capers, NYK has fixed M/V «Cape Jupiter,» 172,425 dwt, built 1997, delivery Nov. 25-30 China, trip via Australia, redelivery Japan at USD 8,250 daily. On Panamax, in Far East Bunge has fixed M/V «Great Jade,» 73,300 dwt, built 1997, delivery end-Nov. Japan, for 3-5-month period at USD 6,200 daily. In Atlantic, M/V «Bergen Trader,» 75,933 dwt, built 2001, delivery US Gulf end-Nov., redelivery Far East, has fixed at USD 7,400 daily and with USD 140,000 ballast bonus. On smaller sizes, Samsun has fixed M/V «Faros,» 42,609 dwt, built 1982, delivery Colombia beg.-Dec., redelivery UKC, at USD 7,500 daily.