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---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 12/18/2000 
08:03 AM ---------------------------
   
	Enron Capital & Trade Resources Corp. - Europe
	
	From:  Chris Connelly                           12/18/2000 01:56 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 51/2000




Highlight

The cape market continues on its downward momentum with this time bunkers ( 
Fuel Oil ) helping the slide as they have lost approx. $30 in the last couple 
weeks and make the costs of running the ships significantly less.  Panamaxes 
have on the other hand, started a slow upward trend.  Most bundits think that 
this latest rise might be the 'dead cat bounce'.  The Japanese buyers and the 
US exporters of grain had stopped shipping grains over the last few weeks 
while arguing over 'starlink' which is basically genetically modified crops 
while all the panamaxes were getting stuck in the US gulf awaiting the news 
of resumed shipping.  When the US and Japan settled their dispute last week, 
Shipments of grain to Japan immediately resumed, and the panamax market 
quickly reversed trend and starting going up.  

With the Christmas season quickly approaching, we expect the market to slow 
down dramatically with owners and charterers wanting to fix their remaining 
positions quickly.   This is the last report in 2000.  Have a good holiday 
and see you next year !!!


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


Deals Done
Physical Freight
ECS freight 
Fixed a Cape on TC to cover our short against the Ausi/Constanza deal for Dec 
loading
Third parties freight deals
We fixed clean the Bao Steel contract 
OTC 
FFA s
Numerous swaps on both the Cape and Panamax routes
      
EOL
Traded with two new counterparties:  Billiton & Duke energy for a total of 
385,000 tons
Travels
All three of us should be in all week