ECONOMY

Shipping Report

TANKERS Good activity in the N. Sea, and the outlook is promising for most owners. Rates have started rising with the 80,000-ton cargoes being negotiated above W/S 100. – Med. on Aframaxes seems quieter with limited inquiry. Rates on modern tonnage at W/S 107.5. – Caribs with steady activity with the 70,000-ton cargo liftings being fixed at W/S 115. – Suezmaxes very active, especially out of W. Africa with US Gulf and USAC being paid at W/S 75 and W/S 77.5 respectively. – In the Cont., Navion has fixed M/T «Eurosky» for 135,000 tons of cargo loading Oct.19 West Coast Norway, discharging US Gulf, at W/S 70, while El Paso has fixed Alliance tonnage for same cargo quantity loading Oct. 16, discharging USAC, at W/S 70-72.5. – In the Med., Erg for 80,000 tons of cargo loading Oct. 12 Egypt, discharging Italy, has fixed M/T «Nilos» at W/S 89. – In the Cont., Exxonmobil for 80,000 tons of cargo loading Oct. 13 UK, discharging Rotterdam, has fixed M/T «Moss» at W/S 97.5. – In Caribs, Atmi has fixed Teekay tonnage for 70,000 tons of cargo loading Oct. 8, discharging US Gulf, at W/S 115. DRY CARGO Subdued activity in the Capers market due to holidays in China and Korea. – Quiet conditions in the Panamax market as well in both areas, with charterers trying to take advantage of the holidays in the Far East by withdrawing their orders and aiming for lower freight rates. – Tonnage of 15-25,000 dwt is in tight supply in the Continent. Modern 14,000-dwt multipurpose vessels have been offered at USD 7,000 plus for round-trip voyages. – On Panamax in Far East, Noble has fixed M/V «Umberto d’Amato,» 75,300 dwt, built 1997, delivery Pakistan Oct. 10-15, redelivery Far East, at USD 12,300 daily. – In the Atlantic, World Link has fixed M/V «Captain George I» 63,900 dwt, built 1984, delivery Oct. 13-17 US Gulf, trip via Australia, redelivery China, at USD 6,800 daily. – On smaller sizes, Armada has fixed M/V «Alberto Topic,» 43,743 dwt, built 1991, delivery Brazil beg. October for 2-4 months period, at USD 9,000 daily and USD 135,000 ballast bonus.