ECONOMY

Shipping Report

TANKERS Rates on VLCCs continue to hold present levels with charterers having covered their loading positions till Feb. 25. – On Suezmax rates continue to dip in spite of the VLCCs strength, while Aframaxes still at low figures especially in the Med. and Cont. – In Caribs, rates have moved higher for early Feb. loading positions. Fog and weather delays were mainly the reason for this small recovery. – In the Med., Karran for 80,000 tons of cargo loading Jan. 31 Black Sea, discharging Med., has fixed M/T «Iran Abadeh» at W/S 95. – In the Continent, Exxon for 80,000 tons of cargo loading Feb. 1 for UKC round trip voyage has fixed M/T «Braveheart» at W/S 90. – In Caribs, Vitol for 70,000 tons of cargo loading Feb. 2, discharging USAC, has fixed M/T «Afragold» at W/S 97.5. – In W. Africa, Stasco has fixed M/T «Genmar Zoe» for 130,000 tons of cargo loading Feb. 20, discharging US Gulf at W/S 62.5. DRY CARGO Another quiet start of the week with freight rates weak and all indexes on a downward trend. – The bulk carriers index has lost 4 points, totaling 1065, while the Panamax index has lost 9, reading 945. – On the grain route out of US Gulf, the new inquiry remains very limited. Armada for 55,000 tons of cargo loading Feb. 11-20, discharging UKC, has fixed at USD 9.000 per ton with 10 days all purposes, while Dreyfus for 45,000 tons of cargo loading beg. February, discharging Egyptian Med., has fixed M/V «Caravos Trader» at USD 10.40 per ton with 10,000-ton load and 7,000 tons discharge. – On Capers, BHP Billiton for 150,000 tons of coal loading Feb. 5-24 S. Africa, discharging Rotterdam, has fixed M/V «Cape Maria» at USD 5.00 per ton with 2 days load and 25,000 tons discharge. – On Panamax in Far East, Cosco has fixed M/V «Spring Peacock» 72,500 dwt, built 1998, delivery beg. Feb. China for 6-8 months period at USD 7,200 daily. – In Atlantic, Cosbulk has fixed M/V «Oceanis» 75,200 dwt, built 2001, delivery Feb. 2-5 US Gulf, redelivery Thailand, at USD 7,100 daily and USD 110,000 ballast bonus. With the restoration of democracy, Constantine Karamanlis tried to restore the system’s reputation by bringing back staff who had been fired, but he was largely unsuccessful.