ECONOMY

Shipping Report

Active market on Suezmax, especially in the Med. with Olympic having fixed out of Black Sea and for 135,000 tons at W/S 105, while Sun out of W. Africa has fixed Alliance tonnage for 130,000 tons of cargo at W/S 102.5 with destination USAC. – Quieter conditions on Aframax in the Med. with rates all over for old and modern units. The 80,000 tons of cargoes are still fixed at W/S 135-140. – Suezmaxes in good demand in N. Sea with rates above W/S 100. – Caribs are quieter with FINA having fixed M/T Continental for 70,000 tons of cargo loading October 18, discharging US Gulf, at W/S 152.5 and Blanchard for same cargo quantity, loading October 12 with same destination, having fixed M/T Aegean Pride at W/S 150. – In the Med., API for 80,000 tons of cargo loading October 8 Syria, discharging Italy, has fixed M/T Minerva Concert at W/S 140, while Kock for same cargo quantity loading October 15 Algeria, discharging US Gulf, has fixed M/T Torben Spirit at W/S 110. – In the Continent, Exxon Mobil for 80,000 tons of cargo, loading October 20 Turkey, discharging Italy, has fixed Iran tonnage at W/S 102.5. – In Caribs, Blanchard for 70,000 tons of cargo loading October 12 East Coast Mexico, discharging US Gulf, has fixed M/T Rich Duchess at W/S 150. DRY CARGO The market is without news other than the continuing decline of the Baltic Exchange Indexes. Some sources are still optimistic, though the majority of the shipping industry sees no other trend in freights than that following the weakening world economy. – On capers, there is talk that the M/V Heythrop, 165,000 dwt, built 1996, is on subs for a short period, while M/V SA Altius covered a 130,000 ore stem from Newcastle to Hadera for November 1-15, at USD 8.05 per ton with Cobelfret. – The Panamax scene reflects something similar. There are rumors that a vessel built in the early 1980s, 65,000 dwt, has been fixed for a delivery N. Continent, prompt dates for a trip via the Baltic and Brazil with pig iron to the Far East, at a very respectable USD 6,500 daily. – On Panamax in Far East, PCL has fixed M/V Bunga Saga Empat, 72,338 dwt, built 1994, delivery Pakistan, October 10-15 trip via India, redelivery Japan, at USD 7,500 daily. -In Atlantic, NNC has fixed M/V SD Triumph, 70,029 dwt, built 1994, delivery October 10-14 France, redelivery Egypt Med. at USD 7,150 daily. On smaller sizes MCL has fixed M/V Sotive Trader 46,223 dwt, built 1999, delivery October 8-14 East Africa, redelivery US Gulf, at USD 7,700 daily.