ECONOMY

Shipping Report

TANKERS – In the Med., the only new cargoes are those of Noc and Erg from North Africa with destination Italy. Rates nearing W/S 100 for modern tonnage. – Cont. also quiet at W/S 97.5 for normal round voyages, while in Caribs, nothing to be reported due to the Martin Luther King holiday in the USA. – On Suezmaxes, nothing fresh to be reported out of W. Africa. – In the Med., M/T «United Reliance» for 80,000 tons of cargo loading Feb. 4 Algeria. discharging USAC, has fixed at W/S 90 while M/T «Vergina II» for same cargo quantity, loading Libya end January, discharging Med., has fixed at W/S 96. – In the Continent, BP for 80,000 tons of cargo loading Jan. 23 UK, discharging UKC, has fixed M/T «Navion Scotia» at W/S 100. – In Caribs, Exxon for 70,000 tons of cargo loading Jan. 27, discharging US Gulf, has fixed M/T «Genmar Star» at W/S 97.5. – 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 Slow chartering activity with a very limited number of new fixtures. – Freights on Panamaxes are on a downward trend, with last week’s levels being difficult repeat. For this reason, period enquiry is slowing down and charterers are now focusing on covering contract and oppositional requirements. – Handymax rates in the East at a standstill with a number of vessels being delivered out of yards to an already oversupplied market. – On Capers, Kline has fixed M/V «Pacific Vitality» 165,811 dwt, built 1996, delivery Feb.1-2 China trip via East Australia, redelivery Japan, at USD 8,250 daily. – On Panamax in Far East, PCL has fixed M/V «Tai Profit» 73,000 dwt, built 2001, delivery Taiwan Feb. 1-5 trip via Indonesia, redelivery Spain, at USD 6,500 daily. – In Atlantic, Baumarine has fixed M/V «Hispania Graecia» 74,133 dwt, built 2001, delivery S. Africa end Jan-beg. Feb., redelivery Spain, at USD 6,250 daily and USD 100,000 ballast bonus.