OPINION

Shipping Report

Rates continue weak as a result of the current economic recession and uncertainty of future OPEC and non-OPEC operation, curtailed charterers’ interest in moving cargoes. -Rates on Vlccs have fallen to W/S 35 for East/West destinations while on Suezmaxes, with several vessels experiencing tonnage in W. Africa, they saw a slight premium. -Aframax rates in the Med. and Cont. at W/S 105-110, with Caribs market coming off at W/S 125-130 vessels for 70,000 tons of cargo liftings. -Arcadia for 80,000 tons of cargo, loading Nov. 25 Syria, discharging Med., has fixed M/T Sea Loyalty at W/S 105, while Veba for same cargo quantity, loading Nov. 25 Libya with same destination has fixed M/T Iran Amol at W/S 107.5. -On the Cont., Koch for 80,000 tons of cargo, loading Nov. 14 UK, discharging UKC, has fixed M/T Golden Destiny at W/S 107.5. -In Caribs, Orion has fixed M/T Kuban for 70,000 tons of cargo, loading Nov. 19 East Coast Mexico, discharging US Gulf at W/S 140. DRY CARGO Capers remain quiet with rumors that Enron has taken 2-4 units for short period of employment. -Panamaxes continue to show spirit in the Atlantic with nearby positions commanding premiums. M/V Ever Victory, 69,146 dwt, built 1998, was fixed by Noble at USD 7,800 daily and with USD 175,000 ballast bonus with delivery US Gulf, redelivery China. -Handies are beginning to make welcome returns in the East Mediterranean. This is the right place if you are under 40,000 dwt to trade in earning more than a Panamax. -On Panamax in Far East, Korea Line has fixed M/V Pearl of Abu Dhabi, 65,622 dwt, built 1987, delivery Indonesia end-Nov., redelivery Korea, at USD 4,750 daily. -In Atlantic, Samsun has fixed M/V Spear, 69,001 dwt, built 1983, delivery Korea end-Nov., beg.-December US Gulf, redelivery Japan at USD 6,200 daily and USD 120,000 ballast bonus. -On smaller sizes, Martrade has fixed M/V Tower Bridge, 17,328 dwt, built 1992, delivery Black Sea mid-November, redelivery Muscat at USD 6,500 daily.