ECONOMY

Shipping Report

TANKERS Improved conditions in the Med., at least for Aframaxes, with Arcadia having fixed M/T «Olympic Symphony» for a cargo of 80,000 tons, loading Banias Sept. 29, discharging Med. at W/S 97.5, while Exxon for similar cargo loading out of Tartous had a very poor response. – The Cont. seems quieter after having quoted all or most of Sept. loading cargoes. Rates still at W/S 102.5 but thinning. – Carib market is extremely quiet with rates having returned to W/S 97.5 for 70,000-ton cargo liftings. – Suezmaxes steady in the Med. and for 135,000-ton cargoes at W/S 70, while W. Africa still active with a number of cargoes expected to emerge. Petrogal, loading Oct. 16, is expected to fix at W/S 80, with destination Sines. – In the Med., Api for 80,000 tons of cargo loading Oct. 1 Egypt, discharging Italy, has fixed M/T «Kentucky» at W/S 72.5. – In the Cont., Navion for 80,000 tons of cargo, loading Oct. 7 N. Sea, discharging US Gulf, has fixed M/T «Genmar Agamemnon» at W/S 95. – In W. Africa, Stasco has fixed M/T «Nandu» for 130,000 tons of cargo, loading Oct. 11, discharging US Gulf / Atlantic at W/S 70-72.5 respectively. DRY CARGO Last Friday’s holiday in Korea and Monday’s in Japan was the reason for the week’s quiet start. – Optimism however exists after the exciting news that the M/V «Pashalis D,» 171,188 dwt, built 2002 obtained the juicy rate of USD 15,500 daily for its Continent delivery end of Oct., redelivery worldwide by Coeclerici. – Panamaxes are still showing last week’s strength with plenty of fixing. M/V «Lemnos,» 86,722 dwt, built 1982, is under close negotiations with Logmar, delivery Bourgas beg. October, redelivery Arabian Gulf, at USD 13,000 daily, while Cosbulk has fixed M/V «Ocean Pride,» 72,416 dwt, built 1997, delivery Oct. 14-15 US Gulf, redelivery Singapore/Japan at USD 10,000 daily and USD 300,000 ballast bonus. – In the East, NCS has fixed M/V «South Fortune,» 69,071 dwt, built 1995, delivery Taiwan end Sept. trip via EC India, redelivery S. China at USD 8,000 daily. – Good demand for Handymaxes in all areas with Armada having relet M/V «Aghios Anastasios,» 52,067 dwt, built 2001, to HBC for a trip basis delivery Greece prompt via Black Sea, redelivery Far East, at a steep rate of USD 14,750 daily. – On smaller sizes, Armada has fixed M/V «An Angel Dignity,» 44,000 dwt, built 1984, delivery end Sept. UKC for 2 years trading at USD 7,500 daily.