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---------------------- 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
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