ECONOMY

Shipping Report

TANKERS The market is a very poor one at present, with owners working hard to maintain present low levels. – In the Med., modern Aframaxes are still being fixed at W/S 87.5, while older units at even less than W/S 70. ERG for 80,000 tons of cargo, loading Libya, has fixed M/T «Seaborne» at W/S 69.5. – Cont. remains weak with fixtures even less than W/S 87.5. Gunvor out of Baltic (Tallinn) has fixed M/T «Prospect» for 84,000 tons of cargo, loading Sept. 15, discharging UKC, at W/S 87.5. – Caribs nothing to report due to Labor Day. – Suezmaxes Stable with Petraco having fixed M/T «Yiannis P» for 140,000 tons of cargo, loading Novorossisk Sept. 14, discharging UKC / Med., at W/S 67.5, while Repsol for 137,000 tons of cargo, loading Egypt Sept. 12, discharging Spain, has fixed M/T «Searacer» at same levels. – In the Med., Agip for 80,000 tons of cargo, loading Sept. 5-7 Egypt, discharging Italy, has fixed M/T «Express» at W/S 72.5. – In the Cont., Atmi for 73,000 tons of cargo, loading Sept. 12 Germany, discharging USAC, has fixed Sibo tonnage at W/S 95. – In Caribs, BP for 70,000 tons of cargo, loading Sept. 7, discharging US Gulf, has fixed M/T «Genmar Agamemnon» at W/S 100. – In W. Africa, Sun for 130,000 tons of cargo, loading Sept. 28, discharging USAC, has fixed M/T «Sea Star» at W/S 66. DRY CARGO Slow start to the week, which was anticipated due to last Monday’s Labor Day holiday in the USA and Canada. However, all indexes are moving upward with that of Capers gaining 5 points totaling 1,210. – M/V «SG Enterprise» 211,201 dwt, built 1997, was booked out of China for 5-7 months trading with Swiss Marine at USD 12,500 daily, while Glory Wealth has fixed M/V «Irfon» 165,729 dwt, built 1996, delivery beg. Sept. China, redelivery China, trip via W. Australia, at USD 8,800 daily. – The Atlantic market for Panamaxes is still giving the impression that the sector is strengthening with some fixtures being concluded and some others having failed on subs. Glencore’s fixture of M/V «Lowlands Comfort» 75,650 dwt, built 2000, with delivery Med. trip, via Black Sea, redelivery Cont., at USD 9,750 daily, was not confirmed, while M/V «Heinrich Oldendorf» and M/V «Hedwig» 73,926 dwt, built 2001, are both booked for transatlantic round trips at close to USD 10,000 daily. – On smaller sizes, Pan Ocean has fixed M/V «Port Lisboa» 53,000 dwt, built 2001, delivery Black Sea beg. September, redelivery Far East at USD 14,000 daily. – Knees are another frequent source of problems. The culprit is often degenerative arthritis.