ECONOMY

Shipping Report

The Med. market is steadily improving on Aframaxes with rates at W/S 145 as per VEBA and DEA latest fixtures. -Continent, however, remains quiet at W/S 132.5, while Caribs continue actively with 70,000 tons of cargoes fixed at W/S 160. -Suezmaxes on W. Africa at W/S 95-100 for USA and Continent respectively. -In the Med., NOC for 80,000 tons of cargo loading October 6 Libya, discharging Italy, has fixed M/T Scorpius at W/S 150, while Chevron for same cargo quantity loading October 11 Russia, discharging Med., has fixed M/T Yiannis M at W/S 137.5. -In the Continent, Esso Pet for 80,000 tons of cargo loading October 2 UK, discharging UKC, has fixed M/T New Ace at W/S 132.5. -In Caribs, Equiva for 70,000 tons of cargo loading October 8 East Coast Mexico, discharging US Gulf, has fixed M/T Astro Altair at W/S 157.5. -In W. Africa, BP for 130,000 tons of cargo loading October 15, discharging Italy, has fixed M/T Nisyros at W/S 95. DRY CARGO No real action can be reported from all markets. Activity for Capers and Panamaxes is slowing down, expressing itself through the fall of Baltic indexes. -In light of the upcoming holidays in the Far East next week, further decline will not be surprising. -On Capers, Seven Mountain has fixed M/V Grand Trader, 170,000 dwt, built 2001, delivery October 1-15, Far East for 11-13 month period, at USD 12,500 daily. -On Panamax in Far East, Aimcor has fixed M/V Sam John Amity, 74,700 dwt, built 1998, delivery end September Japan, trip via West Coast USA, redelivery UKC, at USD 6,000 daily. -In Atlantic, PLC has fixed M/V Thetis, 73,000 dwt, built 1993, delivery Richards Bay, S. Africa October 1-10, redelivery Atlantic, at USD 6,000 daily and USD 90,000 ballast bonus. -On smaller sizes, M/V Sincere Oceanus, 38,000 dwt, built 1984, delivery end September Japan, redelivery India, has fixed at USD 7,000 daily.