ECONOMY

Shipping Report

TANKERS With a majority of double-hulled vessels being confirmed on Friday, the Med. market is expected to be firmer this week. However, it seems that the area is still plagued by overtonnage, so rates will remain close to W/S 100. -Quiet start in the Continent also, with the 80,000 tons of cargoes being fixed at W/S 105. -Latest fixtures in Caribs for the 70,000 tons cargo liftings at W/S 140-150. -On Suezmax, rates in the Med. at W/S 75 Ex Novo and W/S 62.5-65 out of W. Africa for USAC destination. -In the Med., API for 80,000 tons of cargo loading Jan. 12 Syria, discharging Med., has fixed M/T «Gelibolu» at W/S 97.5, while same charterers for same cargo quantity loading Jan. 14 Egypt, discharging Italy, have fixed M/T «Enalios Apollon» at W/S 92.5. -In the Continent, CSSA for 80,000 tons of cargo loading Jan. 7 for UK Cont. round trip voyage has fixed M/T «Nordic Yukon» at W/S 105. -In Caribs, Premcor has fixed M/T «Venus V» for 70,000 tons of cargo loading Jan. 12 East Coast Mexico, discharging US Gulf, at W/S 150. -In W. Africa, Koch for 130,000 tons of cargo loading Jan. 2, discharging US Gulf, has fixed M/T «North Star» at W/S 60. DRY CARGO Despite all the present negative indicators, one can expect activity to gain momentum from the second half January. In the meantime, Panamaxes have been doing somewhat better after the holidays. -Handysize tonnage of 25-30,000 dwt is being traded at just over USD 4,000 daily for a trip to the USC. Demand for smaller tonnage is in decline, although rates for certain trades appear unaffected by the present slump. -On Capers, Coeclerici has fixed M/V «Global Victory» 149,155 dwt, built 1996, delivery China Jan. 7-9 for 2 laden legs -USD 8,00 daily. -On Panamax in Far East, Noble has fixed M/V «Afros» 75,040 dwt, built 1985, delivery India Jan. 10-15 redelivery China at USD 7,000 daily. -In Atlantic, Bottiglieri has fixed M/V «Darya Preeth» 73,081 dwt, built 1995, delivery Passero Jan. 10 for 3-5 months period at USD 6,750 daily. -On smaller sizes, Samsun has fixed M/V «Yasa H. Muller» 52,000 dwt, delivery Korea for 11-13 months at USD 7,750 daily.