ECONOMY

Shipping Report

TANKERS Mediterranean and Cont. Aframax market are tracking the previous week’s levels with rates at W/S 97.5 and W/S 95, respectively. – Caribs have lost as much as 30 percent with rates for the 70,000 tons cargo liftings being fixed at less than W/S 100. – W. Africa on Suezmaxes after the W/S 60’s rates, have bounced back to W/S 67.5, while VLCCS from the same area are still getting around W/S 40. – In the Med., Agip for 80,000 tons of cargo loading Jan. 20 Egypt, discharging Italy. has fixed M/T «Enalios Zephyros» at W/S 85, while Cepsa has fixed M/T «Iran Amol» for same cargo quantity loading Jan. 21, discharging UKC, at W/S 97.5 – In the Continent, Dea for 80,000 tons of cargo loading Jan. 21, discharging UKC, has fixed Lundquist tonnage at W/S 95. – In Caribs, Petrobras has fixed M/T «Clyde Spirit» for 70,000 tons of cargo loading Jan. 23, discharging USAC, 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 Owners of large and modern Panamaxes, due to increased inquiry, keep raising their ideas for improved T/C freight levels, despite the fact that the world economic situation remains unchanged. – Handy market in the East remains flat with occasional spot fixtures giving higher returns. – Black Sea on Handymax still provides better returns with Igi having fixed M/V «Athinoula» 42,842 dwt, built 1985, delivery Turkey mid January trip via Black Sea and Arabian Gulf, redelivery Muscat, at USD 9,300 daily. – On capers, Eastern Rich has fixed M/V «Shun Kim» 148,160 dwt, built 1990, delivery China end Jan. for 1 year period at USD 8,800 daily. – On Panamax in Far East, PCL has fixed M/V «Dimitris L,» 73,105 dwt, built 2001, delivery Jan. 16. China for 2 laden legs, redelivery UKC/Med. at USD 7,500 daily. – In Atlantic, BTG has fixed M/V «Medi Roma,» 74,255 dwt, built 2001, delivery Spain mid-Jan. for 2 laden legs, redelivery UKC/Med. at USD. 7,400 daily. – On smaller sizes, Pan Ocean has fixed M/V «Prabhu Jivesh,» 37,651 dwt, built 1995, delivery Australia end Jan., redelivery East Coast India, at USD 7,000 daily and USD 100,000 ballast bonus. – On grain cargoes, ADM has fixed M/V «Angelic Protector» for 60,000 tons of cargo loading Jan. 15-25 USAC, discharging Continent at USD 8.75 per ton with 10 days all purposes.