ECONOMY

Shipping Report

TANKERS It seems that the market on VLCCs out of the Arabian Gulf has bottomed out and there is positive news that freights will move upward from recent levels of W/S 60 with destinations eastward. – Suezmaxes in the Med. are still performing nicely at around W/S 150, while W. Africa is still at around W/S 110-112.5 with poor fresh inquiry. – Aframaxes in the Med. are quieter at around W/S 140 for modern tonnage, while Cont. has a bit more activity at W/S 120. – Caribs are softening, with the latest fixtures at W/S 220 for the 70,000-ton cargo liftings. – In the Med., Chevtex for 80,000 tons of cargo, loading Nov. 24 Russia, discharging UKC/Med., has fixed M/T «Gotland Spirit» at W/S 145. – In the Cont., Dreyfus for 80,000 tons of cargo, loading mid-Nov. UK, discharging UKC, has fixed M/T «Geritta» at W/S 120. – In Caribs, Atmi has fixed M/T «Crude Princess» for 70,000 tons of cargo, loading Nov. 15, discharging US Gulf, at W/S 197.5. DRY CARGO Confidence is building on Capers in the East as well as in the West. Even older units are taking advantage of this adequate demand. The 1981-built, 138,166 dwt, «Pacifist» was booked by Europeans with delivery Gibraltar for an Atlantic round trip at USD 11,500 daily, while the 1981-built, 136,211 dwt «Prima 11» is to perform a front haul from Rotterdam via Brazil to China at an impressive USD 14,250 daily. – Panamaxes in the East are on an upward trend. M/V «Silverstone,» 72,500 dwt, built 2001, was fixed by Coecleric, delivery Indonesia for an Australian round-trip voyage, at USD 12,000 daily. – In the Atlantic, Bottiglieri has fixed M/V «Conrad Oldendorff,» 76,623 dwt, built 2002, delivery Nov. 12-15 Brazil for 2-3 legs, redelivery Atlantic, at USD 10,500 daily and USD 235,000 ballast bonus option, redelivery Far East at USD 11,750 daily and USD 255,000 ballast bonus. – Black Sea market on Handies has, at least temporarily, stopped its upward movement after several vessels failed on subjects. – On smaller sizes, Glencore has fixed M/V «Alycia,» 35,164 dwt, built 1978, delivery Spain mid-Nov., trip via UKC, redelivery Morocco, at USD 8,200 daily.