ECONOMY

Shipping Report

TANKERS Modern Aframax in the Med. getting tighter with rates due to move above W/S 100. Several charterers with cargoes trying to find suitable ’80s-built vessels, tonnage still plentiful. – Cont. market remains quiet, with the 80,000 tons of cargoes been fixed less than W/S 100. – Caribs quite active with rates moving upward after the delays due to Hurricane Isidore. Premcor has fixed M/T «Torben Spirit» for 70,000 tons of cargo loading Sept. 28 Covenas discharging US Gulf at W/S 105. – Suezmax steady in the Med. and W. Africa while on VLCCs rates since last Friday have moved upward by W/S 7.5 points, mainly with Far East destinations. – In the Med., BP for 80,000 tons of cargo, loading Sept. 27 Algeria, discharging Spain, has fixed M/T «Bravery» at W/S 90. – In the Cont., Conoco has fixed M/T «Alphatank» for 80,000 tons of cargo, loading Sept. 28, discharging US Gulf, at W/S 95. – In Caribs, BP has fixed M/T «Eurydice» for 70,000 tons of cargo, loading Sept. 30, discharging US Gulf, at W/S 95. – In W. Africa, Sun for 130,000 tons of cargo, loading Oct. 18, discharging USAC, has fixed M/T «Fairway» at W/S 75. DRY CARGO Market on Capers keeps going despite the recent holiday in Japan. NYK has fixed M/V «SA Altius» 171,480 dwt, built 2001, delivery Cont. end Sept., trip via Brazil, redelivery Far East, at USD 18,500 daily. – Panamaxes are still going strong, even though the published amount of business appears less than the circulated tonnage. Cont./Med./Black Sea still provides good demand. – Far East active, with freight rate levels still quite below those in the West. M/V «Lake Sequoia» 75,955 dwt, built 2001, was fixed by Chinese charterers, delivery Hong Kong end Sept., trip via Australia, redelivery China, at USD 7,800 daily. – On Handymax/Handies, market unchanged with MCL having fixed M/V «J. Friend» 35,493 dwt, built 1984, delivery S. Africa Oct. 1-8, redelivery Continent, at USD 6,750 daily. – On Panamax in Far East, Glory Wealth has fixed M/V «Hephaestus» 74,329 dwt, built 2001, delivery end Sept. Singapore, trip via Australia, redelivery China, at USD 9,250 daily. – In Atlantic, AP Moller has fixed M/V «Mihalis P» 64,930 dwt, built 1982, delivery S. Africa Sept. 22-25, redelivery UKC / Med., at USD 6,400 daily and USD 120,000 ballast bonus. – On smaller sizes, NDL has fixed M/V «Sea Athina» 17,520 dwt, built 1980, delivery UKC end Sept., redelivery W. Africa, at USD 6,750 daily.