is this on the web site.  can you get on the distribution?  Thanks.
----- Forwarded by Jeffrey A Shankman/HOU/ECT on 02/20/2001 10:01 AM -----

	Chris Connelly
	02/19/2001 04:36 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, Dorte 
Kjaergaard/LON/ECT@ECT, Fiona Ryan/LON/ECT@ECT, Jennifer Burns/HOU/ECT@ECT, 
Jeff Andrews/NA/Enron@Enron
		 Subject: Freight weekly report


Enron Shipping Services Weekly report 07/2001




Highlight

The cape market is still rising, but very gently.  Owners are still quite 
concerned about the year as a whole and are actively seeking coverage.  We 
spend much of last week covering all our short positions thru to May.  Plan 
is to sit back for a couple weeks and then sell short again for Q2, Q3 and Q4 
if feasible.  

We struck a deal last Friday with Cetragpa ( Pierre's ex co. ) by which we 
agreed a collar on the RBCT/Rotterdam route for 2002/2003.  We bought a call 
at $7.80 and sold a put at $6.80 for 600,000 MT ( this could be valuable 
hedge for the first 2 years of the Gijon Business).

On the panamax front, Pacific market is still relatively active and strong 
while the Atlantic is soft with few grain cargoes from the US Gulf.  We fixed 
last week a contract to supply 3 panamax vessels of coal and Petcoke to 
Aceralia ( Spanish Steel Mill ).

We are also currently seeking freight for our first freight and coal business 
into the US east coast ( Thanks to the US coal guys ) on a Belted self 
discharge handy max to load in second half of this year.  
Market
	Short term	Medium term	Long Term
Handy Max	Down	Down	Down
Panamax	Up	Flat	Down
Cape Size	Up	Flat	Down

Cape  
Average time charter rate: $ 17,310 ( +247 )
Spot RBCT/Rotterdam: $ 8.522 ( +.272)
Spot Tubaro/China: $10.125 (+.175)
Spot Bolivar/Rotterdam: $ 6.503 ( +.203)

Panamax

Average time charter rate: $ 11,110 ( -390 )
Spot US Gulf/Japan: $21.481 ( - 0.119 )

Deals Done
Physical Freight
ECS freight 
Fixed RBCT/Rotterdam with CC at $8.60
Third party freight deals
Sold three panamax cargoes to Elcano from Roberts Bank to Gijon for May 01  
thru to March 02
FFA s
Numerous swaps on both the Cape and Panamax routes.
EOL
Traded 25,000 tons with Billiton

Travels
All three of us should be in 


Chris