ECONOMY

Shipping Report

– As expected, rates on VLCC have come down somewhat as activity has slowed down. There appears to be ample tonnage through October, so no increases are expected in the short term. – On Suezmax, a flurry of end-October activity has created a two-tiered market with tonnage fixing in the mid-90s for Med./UKC discharge, while WAFR/USAC was up to W/S 110. – Aframaxes in the Med. at W/S 140, Continent at W/S 147.5 and Caribs for 70,000 tons of cargo at W/S 152.5. – In the Med. EXXON-Mobil for 80,000 tons of cargo loading October 17 Egypt, discharging Med., has fixed M/T Almare Nona at W/S 140. – In the Continent, Koch for 80,000 tons of cargo loading Baltic October 19, discharging UKC/Med., has fixed M/T Wilmington at W/S 140-135 respectively. – In Caribs, Chevron for 70,000 tons of cargo loading October 15 Venezuela, discharging US Gulf, has fixed M/T Genmar Star at W/S 145. DRY CARGO The latter part of last week showed a healthy amount of activity for Capers in spite of the drop in the index. – Dreyfus on Panamaxes in Far East has fixed 4 to 6 units for Nopac Rounds at USD 6,000-6,200 daily and USD 120-130,000 ballast bonus. – In the Atlantic and in the grain route US Gulf/Japan, Samsun for 54,000 tons of cargo loading US Gulf end October/early November, discharging Japan, has fixed at USD 17.25 per ton with 11 tons all purposes, while MSK for same cargo quantity loading November 1-10 has fixed at USD 17.05 per ton with same days all purpose. – On Capers, Swiss Marine has fixed M/V Kohyosan, 170,000 dwt, built 2001, delivery October 10-20 Japan trip via Roberts Bank and Turkey, redelivery Passero, at USD 8,000 daily. – On Panamax in Far East, BTC has fixed M/V Full Sources, 69,600 dwt, built 1994, delivery Indonesia mid-October for 4-6 month period at USD 5,800 daily for the first 45 days, and USD 7,500 for the balance of the period. – In Atlantic, Bunge has fixed M/V Nordems, 75,000 dwt, built 2001, delivery US Gulf October 12-18, redelivery Continent, at USD 7,500 daily and USD 115,000 ballast bonus. – On smaller sizes, Star Shipping has fixed M/V Blue Fortune, 36,174 dwt, built 1982, delivery Durban October 16-20, redelivery UK, at USD 6,100 daily.