ECONOMY

Shipping Report

TANKERS With few exceptions, Caribs rates in the Med. and Cont. remain stable. – Modern Aframaxes in the Med. and Cont. are still fixed at W/S 90. Veba has fixed M/T «Valbruna» for 80,000 tons of cargo, loading Algeria mid-Sept., discharging Trieste at said levels, while in the Cont., due to increased activity (CSSA has at least 5 vessels on subs), rates are expected to move upward. – In Caribs, the 70,000-ton cargo liftings are being fixed at W/S 140 due to adverse weather conditions. Chevtex has fixed M/T «Framura,» loading Sept. 11 East Coast Mexico, discharging US Gulf, at W/S 140. – Suezmaxes steady with the 135,000-ton cargoes being fixed at W/S 70, while in the Cont., Sun has fixed Alliance tonnage, loading Sept. 27 N. Sea, discharging USAC at W/S 72.5. – In the Med., Erg for 80,000 tons of cargo, loading Sept. 16 Egypt, discharging Italy, has fixed M/T «Bravery» at W/S 85. – In the Cont., Stasco has fixed Stentex tonnage for 80,000 tons of cargo loading Sept. 16 Denmark, discharging Sweden, at W/S 90. – In Caribs, BP for 70,000 tons of cargo, loading Sept. 13, discharging US Gulf, has fixed M/T «Sealoyalty» at W/S 125. – In W. Africa, Repsol has fixed Alliance tonnage for 130,000 tons of cargo, loading Sept. 15, discharging Spain, at W/S 70. DRY CARGO Capers leading the market at higher levels. M/V «Channel Potern,» 171,978 dwt, was fixed by Pioneer Delivery Amsterdam mid-Sept. for a trip via Brazil to China at the impressive USD 14,750 daily, while rumors want M/V «Stonegate,» 187,000 dwt, to be fixed for similar trip with delivery Gibraltar, at something in excess of USD 16,000 daily. – Panamax rates in the Atlantic seem to be on the right path with NNC having fixed M/V «Eeni,» 73,040 dwt, built 1996, delivery France Sept. 10-15, trip via Egypt, redelivery Passero, at USD 10,300 daily. – There is also good news in the East where the fancy M/V «Pythagoras» 75,000 dwt, built 2002, was booked by Mol Navix with delivery Kashima for a round-trip voyage via Newcastle at USD 7,100 daily. – Handymaxes quieter with less fixtures reported. Market for Handies is somewhat mixed. The owners enjoy their positions on the Cont. and Med., including the Black Sea, and are holding out stiff rate levels. – On smaller sizes, Copenship has fixed M/V «Wana Naree,» 26,977 dwt, built 1980, delivery UKC Sept. 9-12, redelivery S. Africa, at USD 8,000 daily.