ECONOMY

Shipping Report

TANKERS Even firmer conditions for VLCCs and Suezmaxes irrespective of the loading areas. – VLCCs out of Arabian Gulf at W/S 100. Stena for 270,000 tons of cargo, loading Nov. 12, discharging S. Africa, has fixed M/T «New Victory» at W/S 100. – On Suezmaxes, Exxon out of W. Africa after failing M/T «Nisyros» has fixed M/T «Unicorn» for 130,000 tons of cargo at W/S 110, while, in the meantime, BP has fixed the M/T «Nisyros» at W/S 100 with destination US Gulf / UKC Med. – Modern Aframaxes in the Med. are very near W/S 140, while in the Cont. the end-month activity will give a firmer tone to rates. – A little improvement in the Caribs market with a number of fixtures at W/S 125 for 70,000-ton cargo liftings. – In the Med., Koch for 80,000 tons of cargo, loading Oct. 26 Algeria, discharging UKC, has fixed M/T «Afragold» at W/S 110. – In the Cont., BP for 80,000 tons of cargo, loading Oct. 26 UK, discharging UKC, has fixed Lundqvist tonnage at W/S 115. – In Caribs, Atmi has fixed M/T «Mersey Spirit» for 70,000 tons of cargo loading Oct. 28, discharging US Gulf, at W/S 117.5. – In W. Africa, Stasco for 130,000 tons of cargo loading Nov. 9, discharging US Gulf – UKC/Med., has fixed M/T «Venetia» at W/S 95-100 respectively. DRY CARGO Activity in the Panamax market is still subdued. Rates reported for trips to the East from the Black Sea still demonstrate strength, while transatlantic fixtures are still moving below USD 10,000 daily. – The Far East is gradually improving, not only on the T/C trips but with good demand on T/C periods. Panocean has fixed M/V «Hephaestus,» 74,900 dwt, built 2001, delivery China Oct. 19-20 for 3-5 months at USD 8,500 daily. – In the Handymax/Handies market there is no doubt that the Cont. / Black Sea areas have become even more interesting. Owners of a 29,000 dwt, bulker built in 1995 have indicated a price of USD 13,500 daily for a trip to the Far East, while for late round-trip voyages, owners are asking USD 10,250 daily for 26-28,000 dwt tonnage. – In the Atlantic, Glory Wealth has fixed M/V «National Star,» 73,500 dwt, built 1997, delivery US Gulf end Oct. – beg. Nov., redelivery China at USD 11,000 daily and USD 300,000 ballast bonus. – On smaller sizes, Korea Line has fixed M/V «An Angel Faith» 37,017 dwt, built 1984, delivery Korea end Oct. for round trip via Australia at USD 6,000 daily.