print
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 11/13/2000 
10:03 AM ---------------------------
   
	Enron Capital & Trade Resources Corp. - Europe
	
	From:  Chris Connelly                           11/12/2000 09:06 AM
	

To: George McClellan/HOU/ECT@ECT, Stuart Staley/LON/ECT@ECT, Jeffrey A 
Shankman/HOU/ECT@ECT, Mike McConnell/HOU/ECT@ECT, Kevin 
McGowan/Corp/Enron@ENRON, Tom Mcquade/HOU/ECT@ECT
cc: Peter Bradley/LON/ECT@ECT, Jez Peters/LON/ECT@ECT, Candace 
Parker/LON/ECT@ECT, Kenny Nicoll/LON/ECT@ECT, Dimitri Taylor/LON/ECT@ECT, 
Andy James/EU/Enron@Enron, Cornelia Luptowitsch/LON/ECT@ECT 
Subject: Freight weekly report


Enron Shipping Services Weekly report 44/2000




Highlight

The cape market is starting to show signs of weakening in the spot market as 
the Panamax market is trading at a discount to most major cape routes and 
charterers have started to split cape stems into two panamax stems.  As for 
next year, the cape market is still trading at robust numbers but the 
sentiment on the panamax market has definitely turned bearish as the massive 
new order of vessels and the lack of grain cargoes from the US is front page 
news everywhere.  We are now starting to see big grain houses really starting 
to sell the panamax freight market for next year.  We are also having several 
large owners calling us directly over the last few days to try to convince us 
to take their tonnage for next year or fix COA's.  We are short approximatly 
45 pananamx cargoes world wide next year.

The long term Coeclerici deal was finally concluded this week and booked for 
$1.3 Million.  We have another smaller deal with Coeclerici which we will put 
into the books within next week and are looking currently at repeating the 
same strategy on a smaller panamax vessel to be delivered in 2003/2004 with a 
purchase option included in the deal.  
Last week we added to our short panamax position for next year by agreeing to 
sell an additional 6 panamax cargoes to National Power ( now called Innogy 
).  In total we now have sold 12 panamax cargoes to Innogy from RBCT to the 
UK for 2001.  Further, we are in discussion with Intercore to sell them an 
additional 3 capes for Q4 2001 from Puerto Bolivar to Rotterdam ( we have 
already sold them 4 capes for next year ) and also discussing selling 3 capes 
or 6 panamax cargoes ( our option ) to Glencore for Q1 01 from RBCT to the UK.

On the EOL front, last week was an active week as we traded with EDF trading 
a total of 375,000 tons of sea freight and then on Friday, just before going 
home, Louis Dreyfus transacted 5 times on our new grain panamax route ( U.S 
Gulf/Japan ) for a total of 270,000 tons.  


Market
	Short term	Medium term	Long Term
Handy Max	Flat	Flat	Flat
Panamax	Down	Down	Down
Cape Size	Flat	Down	Down


Deals Done
Physical Freight
ECS freight 
None

Third parties freight deals
Sold 6 panamax to Innogy from RBCT to Rotterdam


OTC 
FFA s
Numerous swaps on both the Cape and Panamax routes
      
EOL
Traded 375,000 tons with EDF Trading and 270,000 with Louis Dreyfus

Travels
All three of us should be in all week