J.B.  please print.  J.F.  are you on the distribution, and is this linked to 
the fundy page?
----- Forwarded by Jeffrey A Shankman/HOU/ECT on 02/26/2001 09:46 AM -----

	Andy James@ENRON
	02/23/2001 10:27 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@EC
		 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, Carrie Southard/LON/ECT@ECT
		 Subject: Freight weekly report

Enron Shipping Services Weekly report 08/2001




Highlight
Despite sharp movement in spot rates for both sectors week in general has 
been relatively quiet. Capes saw majority of strength in Pacific with Intra 
Pacific rates rising around $1800 since last week. Late surge in Japanese 
buying ahead of the close of their financial year is main reason attributed 
to this rise. Atlantic Capesize been pretty flat to marginally better, no 
exciting news. Outlook for coming week is that Far East strength will be 
maintained although pace definitely slowing. No change sentiment in Pacific.

Panamax has seen opposite effect, grain stems finally rolling from S America 
which has been the major driver of the Atlantic market, for March loaders. 
market was under impression that Pacific likely to come under downward 
pressure but once the demand has been strong enough epecially for modern 
tonnage and outlook for coming week is that reates are likely to maintain 
firmness. Atlantic expected continue run for next week.

Short term we have established small long for nearby Capes, but maintain 
overall perspective to sell forward curve on appreciable rallies. Panamax 
very similar approach.

Panamax we fixed timecharter tonnage to cover 14 / 26 Mch Dreyfus Ist 
nomination USG / Far East grain cargo. Have also taken option to extend 
period of vessel for short Trans-Pacific voyage if market maintains strength 
longer than we think.

Capes nothing
 
Market
	Short term	Medium term	Long Term
Handy Max	Flat	Up	Down
Panamax	Up	Flat	Down
Cape Size	Up	Flat	Down

Cape  
Average time charter rate: $ 18,315 ( +$1005 )
Spot RBCT/Rotterdam: $ 8.678 ( +$0.156)
Spot Tubaro/China: $10.285 (+$0.16)
Spot Bolivar/Rotterdam: $ 6.625 ( +$0.122)

Panamax

Average time charter rate: $ 11,654 ( + 544 )
Spot US Gulf/Japan: $21.994 ( + $0.513 )

Deals Done
Physical Freight
ECS freight 


Third party freight deals
As above Panamax 
OTC FFA s
Quieter week few swaps on both the Cape and Panamax routes.
EOL
Traded 150,000 tons BCI 4 with Bocimar 
Travels
Pierre in Houston all week.


Andy