ECONOMY

Shipping Report

TANKERS Increased W/S rates for modern Aframax in the Cont., although Med. rates remain static. In the Cont., the latest cargoes are being fixed at W/S 102.5, while Exxon for cargo loading Sept. 29 has offers of W/S 110. – In the Med., Karran has fixed M/T «Athina M» for 80,000 tons of cargo, loading Sept. 27 Black Sea, discharging Med., at W/S 90, while Petroplus for same cargo quantity, loading end Sept. Libya with same destination, has fixed M/T «Progress» at W/S 87.5. – Caribs weaker with the 70,000-ton cargoes being fixed around W/S 100. Orion has fixed Teekay tonnage, loading Sept. 25 East Coast Mexico, discharging US Gulf, at W/S 97.5. – The Suezmax market appears active out of W. Africa, with the volume of cargoes and rates firmer than last year. Emerald has fixed M/T «Front Brabant,» loading Oct. 3, discharging USAC, at W/S 72.5. – In the Med., Petroplus for 80,000 tons of cargo, loading Sept. 27 Libya, discharging Med., has fixed M/T «Progress» at W/S 87.5. – In the Cont., CSSA for 80,000 tons of cargo, loading Sept. 27 N. Sea, discharging UKC, has fixed M/T «Minerva Zenia» at W/S 97.5. – In Caribs, Premcor for 70,000 tons of cargo, loading Sept. 28, discharging US Gulf, has fixed Teekay tonnage at W/S 105. DRY CARGO Though the Japanese holiday is over, action in the Capers market remains limited. – The Panamax market in the Atlantic has also slowed down, although rates are being maintained. – In the East, there are reports of more fixtures, although rates are still far from Western levels. It is believed that it will take some time for them to reach Atlantic levels. – The benefits, however, are reflected in the Handymax market, not only in the Atlantic basin but also in the Pacific. Their freight levels are similar to larger sister Panamaxes. – Handies, out of Cont./Med. are also in good demand. – On Panamax in Far East, PCL has fixed M/V «Spring Peacock,» 72,497 dwt, built 1997, delivery Sept. 18 Singapore, redelivery UKC at USD 6,750 daily. – In Atlantic MISR has fixed M/V «Great Bless» 73,251 dwt, built 1997, delivery Ghent Sept. 20-21 trip via N. France and Egypt, redelivery Cape Passero at USD 10,350 daily. – On smaller sizes, Transfield has fixed M/V «Luzern,» 45,269 dwt, built 1997, delivery N. China end Sept., redelivery India at USD 7,500 daily.