Jennifer B. please print, Jen F. please get this on the fundy's page....Jeff
----- Forwarded by Jeffrey A Shankman/HOU/ECT on 02/12/2001 07:50 AM -----

	Chris Connelly
	02/11/2001 02:44 PM
		 
		 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 06/2001




Highlight

Cape market is bouncing back after having fallen for the best part of two 
months.  The bounce is expected to be gentle and not long lasting.  Owners 
are raising their rates for March cargoes as there appears to be a few more 
cargoes around mostly attributed to the fact that Japanese steel mills expect 
coal and Iron Ore prices for this year to increase and are therefore 
maximising their current contracts.  Furthermore, Bunkers have risen sharply 
over the last 10 days to over $130 in Rotterdam which was not expected by the 
market.  Of interest, Bocimar is redelivering ships it had taken on short 
period last year back to the head owner earlier than their contract allows 
for which has a few owners thinking about suing Bocimar for damages.  

The panamax atlantic market has been falling hard over the last week with 
little grain movement from the US gulf and fresh Japanese concerns of GM 
crops imports from the US.  However, the Plate season is expected to start in 
March and market anticipates a return to healthy rates then.   The pacific is 
also falling from incredibly strong rates seen three weeks ago before the 
Chinese new year.

On the long term time charter with Mitsui, Mitsui has officially lifted their 
board of approval subjects and we are working through the internal 
documentation/proper sign off at this stage.  

We have offered some competitive freight rates to the US steel group to 
import steel slabs from Turkey to US in the hope of providing the freight for 
this business when it happens.  Pierre is meeting with the pulp and paper 
guys while in Houston at the end of Feb and also going through NYC to meet up 
with the Enron metals shipping guy to discuss joint efforts in shipping to 
maximise synergy's and cost savings.  Furthermore, we are currently 
discussing with the US weather group the possibility of offering protection 
to ship owners for days lost at seas due to severe weather.

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

Cape  (  Since last report 2 weeks ago )  
Average time charter rate: $ 17,063 ( -1514 )
Spot RBCT/Rotterdam: $ 8.25 ( -.54)
Spot Tubaro/China: $9.95 (-1.10)
Spot Bolivar/Rotterdam: $ 6.30 ( -.41)

Panamax

Average time charter rate: $ 11,500 ( -807 )
Spot US Gulf/Japan: $21.60 ( - 0.57 )

Deals Done
Physical Freight
ECS freight 
Fixed RBCT/Rotterdam with CC at $8.35
Third parties freight deals
In discusions with several charterers for cargo contracts
OTC 
FFA s
Numerous swaps on both the Cape and Panamax routes.
EOL
Traded 150,000 tons with EDF

Travels
All three of us should be in 


Chris