ECONOMY

Shipping Report

TANKERS Weaker conditions in the Med.for both Aframaxes and Suezmaxes. Rates for modern units around W/S 87.5 and W/S 67.5 respectively. – In the Cont., rates are improving due to an end-Sept. rush for loadings. Modern Aframaxes at W/S 92.5, heading toward W/S 97.5. – Caribs quieter, with 70,000-ton cargo liftings being fixed at W/S 117.5-120. BP has fixed M/T «Strimon,» loading Sept. 29, discharging US Gulf, at W/S 117.5. – Suezmaxes are also quieter, not only in the Med. but in W. Africa too. BP for 130,000 tons of cargo, loading Oct. 10, discharging UKCM, has fixed M/T «Nisyros» at W/S 65, while Irving for same cargo quantity, loading Oct. 15, discharging East Coast Canada, has fixed M/T «SCF Caucasus» at W/S 70. – In the Med., Karran for 80,000 tons of cargo, loading Sept. 27, discharging Med., has fixed M/T «Prospect» at W/S 87.5. – In the Cont., Stasco for 80,000 tons of cargo, loading Sept. 25, discharging UKC, has fixed M/T «New Ace» at W/S 92.5. – In Caribs, Emerald for 70,000 tons of cargo, loading Sept. 24, discharging US Gulf, has fixed M/T «Nordocean» at W/S 135. DRY CARGO Due to a holiday in Japan, the trading on Capers and Panamaxes has been quieter. Sasol for 150,000 tons of coal, loading Oct. 1-15 Richards Bay, discharging Netherlands, has fixed M/V «Mona Lisa» at USD 6.40/ton with 2-days load and 25,000 tons discharge. – Panamax situation similar with only interesting fixture that of M/V «Kouryu,» 64,186 dwt, built 1982, at USD 13,000 daily, delivery Canakkale, Sept. 24-29 trip via Black Sea, redelivery Far East. – Black Sea and Med. areas are still very busy, not only on Panamaxes, but also with Handymaxes. M/V «Rishikesh,» 47,315 dwt, built 1986, delivery Egypt, end Sept. trip via Black Sea, redelivery Muscat, was fixed at USD 13,000 daily. – Good demand for T/C periods with charterers willing to meet rates of USD 8,500 for 1st year, USD 9,500 for 2nd for newbuildings of 50,000 tons dwt. – On Panamax in Far East, Noble has fixed M/V «Rose,» 63,212 dwt, built 1981, delivery Sept. 15-25 India, redelivery Far East, at USD 6,000 daily and USD 60,000 ballast bonus. – In Atlantic, Bulfracht has fixed M/V «Mass Glory,» 69,550 dwt, built 1993, delivery end Sept. Egypt for 2 legs, redelivery Atlantic at USD 9,800 daily. Against whom or what are they defending themselves?