ECONOMY

Shipping Report

The Aframax market is rather active in the Continent with rates near W/S 160, while Med. seems to be improving steadily with a short supply of modern tonnage. Rates are at W/S 145 and moving upward. – Caribs are quiet, with a limited number of new fixtures at W/S 150 for the 70,000 tons cargo liftings. – Suezmax are at good demand in Cont./Med. and W. Africa. – In the Med., Hess for 80,000 tons of cargo loading October 25 Algeria, discharging USAC, has fixed M/T Mare Oriens at W/S 110. – In the Continent, DEA for 80,000 tons of cargo loading October 19 UK, discharging UKC, has fixed Lundqvist tonnage at W/S 155, while Veba for same cargo quantity loading October 20 West Coast Norway with same destination, has fixed M/T Nordic Svenita at W/S Q45. – In Caribs, Murphy has fixed M/T Sanko Quest for 70,000 tons of cargo loading October 17 East COast Mexico, discharging US Gulf, at W/S 150. DRY CARGO The end of holidays in the Far East has not changed the shipping scenario at all over the past few days. – Capers are not in demand and there is little to report. – The picture for Panamaxes seems much clearer. Pacific strengthens by the Dreyfus NOPAC interest, establishing rates of USD 6,300 daily and USD 130,000 ballast bonus. -Atlantic rates remain sluggish despite a certain amount of Egyptian interest. – Market very difficult for Handies with M/V Marine Universal 11 having booked by MUR with delivery S. Africa for a trip to the Far East at USD 5,750 daily. -On Capers, Eastern Rich has fixed M/V Quorn, 179,869 dwt, built 1996, delivery Australia October 10-12, redelivery China, at USD 6,550 daily and USD 145,000 ballast bonus. – On Panamax in Far East, Normarine has fixed Global Star, 69,659 dwt, built 1994, delivery Malasia October 10-15 for 4-6 months, at USD 6,400 daily. – In Atlantic, MISR has fixed M/V Ever Shining, 74,346 dwt, built 1999, delivery October 15-25 France, redelivery Egyptian Mediterranean, at USD 7,000 daily. – On smaller sizes, MUR has fixed Marine Universal II, 35,025 dwt, built 1982, delivery S. Africa October 20-25, redelivery Far East at USD 5,750 daily.