Feb 02, 2004. /Lesprom Network/. Gabon and Cameroon and the other producer countries report a very serious shortage of freight space, International Tropical Timber Organization reported. The previously used vessels, which had a southbound routing carrying coal to Far East, has changed from European ports to South Africa so there is now very limited Northbound traffic available. The northbound sailings used to pick up timber for Europe at W. African ports. Some container freight is reportedly available but freight rates have risen. However it is the reduction of available cargo space which is the more serious problem and producers say that log and lumber stocks at ports are rising fast. This is adding to the already difficult financing situation as banks are unwilling to advance credit in what is viewed as a high risk business. Sapele prices have held on to the gains made earlier this month. However Sipo prices remain weak because of poor demand, analysts expect prices to weaken further. FOB prices for Bubinga have risen by euro 61per cubic metre for LM and B grades for the European market and by euro 30 per cubic metre for LM grade for Asian buyers. Producer's report China is buying Bubinga to balance out some over-stocking of other species. For Europe, the only price change seen recent has been for Bubinga but there are some modest downwards adjustments in prices for Asian buyers, for example Acajou B grade reported down euro 8 per cubic metre. Fromager and Movingui are both reported down euro 15 per cubic metre in the LM and B grades while Tali is said to be down a modest euro 4 per cubic metre for LM and B grades. The most significant price change is the drop in Okoume prices by the SNBG. Prices are quoted as down 5% for CI (choix industriel) grade, 8% down for CE (choix economique) and 9% down for CS (choix supplémentaire) grades, which China buys in the proportions of 40-40-20%. However, buyers for China are still not taking up normal volumes from Gabon and still buying at lower prices from Congo (Brazzaville) and Equatorial Guinea.