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Market insight By Yannis Olziersky
SnP Broker
As we get closer to the end of June, we can safely say that the 1st half of the year is leaving the dry bulk market with a bitter taste that we all wish to forget. The BDI was fluctuating around its lowest point ever recorded for the entire first half. The last two weeks though have given a much needed lift to the market, which nonetheless will need further momentum to make some actual difference in both sentiment and returns. Whether this momentum will be found in order to stabilize market rates at least above OPEX, is some-thing that is hard to predict. However, and since we are coming out of the "dusk" of H1 and slowly moving towards the "dawn" of H2, a recap in titles could be of interest to our readers.
Starting with Capers, levels are currently at the highest point since January. With the Chinese iron ore inventories at their lowest point since November 2013 and with the price of iron ore at slightly above $60/ton, a mild recov-ery in terms of traded volume is expected. On the supply side, heavy demoli-tion activity in H1 (more than 10mill dwt have been demolished since the beginning of the year) together with slippage, cancellation and conversions of dry bulk orders to tankers or containers, is restricting the growth of an already oversupplied market. On the other hand, China’s decision to support Vale’s iron ore expansion plan, may lead to an increase in iron ore supply. One would think that such decision would help the market recover on the back of tonne miles increase, however since most of Vale's transported iron ore will be shipped in Valemax ships the positive effect on rates will be hard to materialize.
On the Panamaxes, although rates have not seen today's levels since De-cember 2014, the outlook remains negative as demand for coal is diminish-ing. Environmental concerns in many nations and especially in China have pushed towards usage of cleaner resources of energy. As a result, coal im-ports have declined significantly YoY and a revival is hard to be expected despite the fact that other big economies like India are increasing demand but doing so in a more moderated level. On the other hand, some support could be founded in the grain market on the back of the increased produc-tion of exporting countries like US, Canada and Brazil.
On the smaller sizes, Supramaxes have found support in the Atlantic thanks to grains and petcoke cargoes. India's high petcoke imports from the US have helped increase tonne miles in the sector, while in the Pacific, rates are also correcting upwards on the back of bauxite and nickel ore imports, with China being behind most of the latter. Handysizes are also trying to take advantage of the increase of shipments of both grains and other minor bulk commodities, however the impact on freights is moderate as charterers prefer to use bigger vessels for the transportation of commodities, especially for the Transatlantic trade.
In general, the market is being in doldrums and nothing exciting should be expected during the next couple of months, some spikes could give glimpses of hope. However, the next big thing will most probably be the fourth quar-ter of this year, a time when the market is traditionally advancing. What will happen this year remains to be seen with great interest. Therefore from the “dusk” of H1 till the “dawn” of the H2 nothing really crazy should be ex-pected, apart maybe from some humans turning into vampires somewhere in a bar close to the Mexican borders...
Chartering (Wet: Firm + / Dry: Firm + )
Positive sentiment emerged last week in the Dry Bulk market following a surge in rates and superb performance in the Capesize segment. The BDI closed today (23/06/2015) at 790 points, up by 11 points compared to Monday’s levels (22/06/2015) and an increase of 109 points when com-pared to previous Tuesday’s closing (16/06/2015). Strong activity across all key trading regions pushed rates for the crude carriers even higher last week. The BDTI Monday (22/06/2015) was at 1046 points, an in-crease of 129 points and the BCTI at 743, an increase of 15 points com-pared to previous Monday’s (15/06/2015) levels.
Sale & Purchase (Wet: Stable + / Dry: Stable + )
The SnP market remained busy last week with VL candidates receiving impressive buying interest. On the tanker side, we had the en-bloc re-sale of the “HYUNDAI SAMHO S779” (300,000dwt-blt 16, S. Korea) and the “HYUNDAI SAMHO S780” (300,000dwt-blt 16, S. Korea) which were sold to Greek owner, Tsakos Energy Navigation for a price in the region of $97.0m each. On the dry bulker side we had the sale of the “REA” (53,125dwt-blt 03, Japan), which was sold to for a price in the region of $8.5m.
Newbuilding (Wet: Soft - / Dry: Soft - )
Bring on the subsidies! The commitment of the Chinese government to keep on supporting its newbuilding industry, which has been going through challenging times during the past year, has once more proven to be strong. Under the existing scheme, which kicked off in 2013 and was originally planned to last until the end of this year, owners were offered a subsidy to replace vintage tonnage with new, environmental friendly designed vessels. The program that has now been extended to the end of 2017, has been the incentive behind a number of orders placed in Chinese yards during the past couple of years, with that of COSCO’s for thirteen 20,000teu containerships being one of the most recent ones. Following the dramatic decline in new orders, extending the program is a decision that makes sense for Chinese shipbuilders, while on the other hand, as far as freight rates are concerned (especially in dry bulk), scrapping that isn't followed by new orders is more sensi-ble. In terms of recently reported deals, Norwegian owner, Frontline 2012, has placed an order for two firm plus four optional VLCCs (300,000dwt) at STX Shipbuilding, in S. Korea, for a price in the region of low $90.0m each and delivery set in 2017.
Demolition (Wet: Soft - / Dry: Soft - )
More storm clouds kept gathering during the last week over the demoli-tion market, which seems to be losing its few points of strength left supporting it following the past couple of months of turbulence. The eye catching drop in activity added to the already soft sentiment, while the stability in price levels last week is not expected to last for too long, with the majority of the market expecting further downside sooner rather than later especially as the Ramadan approaches. On the demand side, breakers across the Indian subcontinent appeared to be moving back to the sidelines, with a number of renegotiations taking place in both Paki-stan and Bangladesh, while even in India where things have admittedly been more stable lately, buying appetite seemed completely lost. On the supply side, the rebound in dry bulk freight rates over the past weeks seems to have already convinced perspective sellers of overage units to hold fire for now hoping to benefit more from a potential fur-ther market upside compared to what sending their vessels for scrap right now could earn them. Prices this week for wet tonnage were at around 225-380 $/ldt and dry units received about 210-360 $/ldt.
Weekly Market Report
Issue: Week 25 | Tuesday 23th June 2015
© Intermodal Research 23/06/2015 2
2014 2013
WS
points$/day
WS
points$/day $/day $/day
265k MEG-JAPAN 72.5 77,028 61 58,883 30.8% 30,469 21,133
280k MEG-USG 38.5 56,554 34.5 46,771 20.9% 17,173 7,132
260k WAF-USG 85 85,962 75 70,016 22.8% 40,541 26,890
130k MED-MED 105 61,187 95 52,490 16.6% 30,950 17,714
130k WAF-USAC 97.5 45,328 84 35,589 27.4% 24,835 13,756
130k BSEA-MED 110 71,354 96 54,306 31.4% 30,950 17,714
80k MEG-EAST 160 57,636 145 49,835 15.7% 19,956 11,945
80k MED-MED 135 49,024 145 53,399 -8.2% 28,344 13,622
80k UKC-UKC 165 76,760 159 72,088 6.5% 33,573 18,604
70k CARIBS-USG 175 48,326 138 37,717 28.1% 25,747 16,381
75k MEG-JAPAN 126 42,299 126 41,742 1.3% 16,797 12,011
55k MEG-JAPAN 141 32,037 141 31,325 2.3% 14,461 12,117
37K UKC-USAC 180 27,223 165 22,780 19.5% 10,689 11,048
30K MED-MED 185 29,272 180 27,644 5.9% 18,707 17,645
55K UKC-USG 132.5 28,714 130 27,796 3.3% 23,723 14,941
55K MED-USG 132.5 26,808 130 26,287 2.0% 21,089 12,642
50k CARIBS-USAC 155 28,902 143 25,664 12.6% 25,521 15,083
Dir
tyA
fram
axC
lean
VLC
CSu
ezm
ax
Spot Rates
Vessel Routes
Week 25 Week 24$/day
±%
Jun-15 May-15 ±% 2014 2013 2012
300KT DH 80.5 80.6 -0.1% 73.6 56.2 62.9
150KT DH 59.0 58.9 0.2% 50.2 40.1 44.9
110KT DH 45.0 45.0 0.0% 38.6 29.2 31.2
75KT DH 35.7 34.4 3.7% 32.8 28.0 26.7
52KT DH 26.5 26.6 -0.4% 27.2 24.7 24.6
Aframax
LR1
VLCC
Suezmax
Indicative Market Values ($ Million) - Tankers
Vessel 5yrs old
MR
Chartering
It’s a crude, crude summer! After a fairly slow first half of June for the crude carriers market, last week’s performance must have convinced even the most conservative of the strength the sector has, while the return of a more active period market, came as the cherry on the top of an already robust environment. The Middle East and the West Africa markets displayed great momentum last week and just the right amount of tonnage in both regions combined with the fact that charterers were as eager as ever to move to next month’s dates, gave a substantial push to rates , while in terms of TCE, falling bunker prices also sided with owners.
Rates for VLs surged last week on the back of a strong Middle East, the spill-overs of which were enjoyed across all key trading routes. At the same time things in West Africa also got busy following a couple of fairly slow weeks, while the market expectation is that the following weeks will keep on sup-porting rates for the segment.
The Atlantic was very busy for Suezmax tonnage as well, with Westbound enquiry pushing rates higher, while positive sentiment all around and fresh business emerging during the second part of the week managed to also lift rates in the recently slow cross-Med and Black Sea/Med regions.
With the exception of a slower Med, rates for Aframaxes also moved up last week, with the Caribs Afra surging on the back of delays in the USG that held available tonnage in shortage of fresh business in the region.
Sale & Purchase
In the VLCC sector we had the en-bloc resale of the “HYUNDAI SAMHO S779” (300,000dwt-blt 16, S. Korea) and the “HYUNDAI SAMHO S780” (300,000dwt-blt 16, S. Korea) which were sold to Greek owner, Tsa-kos Energy Navigation for a price in the region of $97.0m each.
In the Aframax sector, we had the sale of the “KUBAN” (106,562dwt-blt 00, Japan) which was picked up by Indonesian buyer Soechi, for a price of $17.2m.
Wet Market
Indicative Period Charters
-24 mos - 'COSGLORY LAKE' 2003 299,100 dwt
- - $45,000/day - Mjolner Shipping
-12 mos - 'PRISCO ELENA' 2009 51,000 dwt
- - $16,300/day - Novatek
20
70
120
170
220
WS
po
ints
DIRTY - WS RATESTD3 TD4 TD6 TD9
Week 25 Week 24 ±% Diff 2014 2013
300k 1yr TC 46,500 45,000 3.3% 1500 28,346 20,087
300k 3yr TC 42,500 42,500 0.0% 0 30,383 23,594
150k 1yr TC 34,000 34,000 0.0% 0 22,942 16,264
150k 3yr TC 32,500 32,500 0.0% 0 24,613 18,296
110k 1yr TC 26,750 26,750 0.0% 0 17,769 13,534
110k 3yr TC 24,000 24,000 0.0% 0 19,229 15,248
75k 1yr TC 21,750 21,500 1.2% 250 16,135 15,221
75k 3yr TC 19,250 19,250 0.0% 0 16,666 15,729
52k 1yr TC 18,000 17,500 2.9% 500 14,889 14,591
52k 3yr TC 16,500 16,250 1.5% 250 15,604 15,263
36k 1yr TC 16,000 15,500 3.2% 500 14,024 13,298
36k 3yr TC 15,000 15,000 0.0% 0 14,878 13,907
Panamax
MR
Handy
size
TC Rates
$/day
VLCC
Suezmax
Aframax
60
90
120
150
180
210
240
270
WS
po
ints
CLEAN - WS RATESTC1 TC2 TC5 TC6
© Intermodal Research 23/06/2015 3
0500
1,0001,5002,0002,5003,0003,5004,0004,500
Ind
ex
Baltic Indices
BCI BPI BSI BHSI BDI
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000$
/da
y
Average T/C Rates
AVR 4TC BCI AVR 4TC BPI AVR 5TC BSI AVR 6TC BHSI
Chartering
Following those depressive last six months, the BDI closed off on Friday
noting a substantial weekly increase, which pushed the index back to levels
last visited at the end of 2014. Led mainly by the impressive jump in rates
for the bigger size segments, market sentiment has further improved, with
gains noted across the board. At the same time, period activity also in-
creased further, with owners benefitting from the improved levels offered
by charterers and the latter looking to fix longer contracts ahead of a possi-
ble additional market improvement in the following weeks.
The Capesize segment proved to be the strongest link last week on the back
of substantially improved enquiry across both basins, while period interest
remained strong for a second week in a row with numbers reported being
at levels well off last dones. The average rate for the segment was today
reported by the Baltic at $ 9,134/day, which is a 140% increase from the
low of $3,793/day noted back in March and which certainly gives some
much needed confidence to Cape owners.
Charterers in the Atlantic made a great effort to keep rates for Panamaxes
at levels favourable to themselves, but improved sentiment across the mar-
ket allowed overall stable numbers with some increases noted positionally,
while the Pacific Panamax was admittedly more active compared to what
we have been used to in the past months.
The Pacific Handysize/ Handymax/ Supramax market remained overall sta-
ble, with most of the activity for the geared sizes once more concentrated
in the North Atlantic, while things in the Continent finally improved in terms
of both enquiry and earnings following a few very disappointing weeks.
Sale & Purchase
In the Kamsarmax sector, we had the sale of the “DAEBO LUMUT” (81,444dwt-blt 11, S. Korea), which was reported being sold to Greek own-ers, Aeolos, for a price of $17.3m.
In the Supramax sector we had the sale of the “REA” (53,125dwt-blt 03, Japan), which was sold to for a price in the region of $8.5m.
Jun-15 May-15 ±% 2014 2013 2012
180k 31.7 33.2 -4.6% 47.3 35.8 34.6
76K 17.0 16.9 0.6% 24.5 21.3 22.7
56k 14.7 15.5 -5.4% 24.7 21.5 23.0
30K 13.3 13.5 -1.2% 19.5 18.2 18.2Handysize
Capesize
Panamax
Supramax
Indicative Market Values ($ Million) - Bulk Carriers
Vessel 5 yrs old
Indicative Period Charters
- 10 to 14 mos - 'MINELAR DALIAN ' 2009 180,171dwt
- China 05/15 July - $ 10,250/day - EdF
- 20 to 24 mos - 'NAVIOS FANTASTIKS' 2005 180,265 dwt
Dangjin 15/17 Jun - $ 13,650/day - CNR
Dry Market
Index $/day Index $/day Index Index
BDI 779 642 137 1,097 1,205
BCI 1,241 $8,671 820 $5,467 421 58.6% 1,943 2,106
BPI 851 $6,782 719 $5,735 132 18.3% 960 1,186
BSI 721 $7,538 678 $7,085 43 6.4% 937 983
BHSI 355 $5,258 338 $4,989 17 5.4% 522 562
12/06/2015
Baltic IndicesWeek 25
19/06/2015Week 24
Point
Diff
2014 2013$/day
±%
170K 6mnt TC 10,500 8,000 31.3% 2,500 22,020 17,625
170K 1yr TC 10,250 8,500 20.6% 1,750 21,921 15,959
170K 3yr TC 12,000 9,750 23.1% 2,250 21,097 16,599
76K 6mnt TC 7,750 7,000 10.7% 750 12,300 12,224
76K 1yr TC 7,250 7,000 3.6% 250 12,259 10,300
76K 3yr TC 7,750 7,750 0.0% 0 13,244 10,317
55K 6mnt TC 8,500 8,000 6.3% 500 12,008 11,565
55K 1yr TC 7,750 7,500 3.3% 250 11,589 10,234
55K 3yr TC 7,750 7,750 0.0% 0 11,585 10,482
30K 6mnt TC 6,250 6,000 4.2% 250 9,113 8,244
30K 1yr TC 6,500 6,250 4.0% 250 9,226 8,309
30K 3yr TC 6,750 6,750 0.0% 0 9,541 8,926Han
dys
ize
Period
2013
Pan
amax
Sup
ram
ax
Week
25
Week
24
Cap
esi
ze
2014$/day ±% Diff
© Intermodal Research 23/06/2015 4
Secondhand Sales
Size Name Dwt Built Yard M/E SS due Hull Price Buyers Comments
VLCC DS VIDONIA 306,507 2006
DAEWOO
SHIPBUILDING &, S.
Korea
Sulzer Jul -16 DH $ 57.3m Greek
VLCC PIONEER 306,397 1999SAMSUNG HEAVY
INDUSTRI, S. KoreaMAN-B&W Dec-19 DH $ 31.2m
VLCC PROGRESS 306,397 2000SAMSUNG HEAVY
INDUSTRI, S. KoreaMAN-B&W - DH $ 34.6m
VLCCBRITISH
PURPOSE306,307 2000
SAMSUNG HEAVY
INDUSTRI, S. KoreaB&W Aug-15 DH $ 34.6m
VLCC PRIDE 305,994 2000SAMSUNG HEAVY
INDUSTRI, S. KoreaMAN-B&W Nov-15 DH $ 34.6m
VLCCHYUNDAI SAMHO
S779300,000 2016
HYUNDAI SAMHO
HEAVY IN, S. KoreaMAN-B&W DH $ 97.0m
VLCCHYUNDAI SAMHO
S780300,000 2016
HYUNDAI SAMHO
HEAVY IN, S. KoreaMAN-B&W DH $ 97.0m
VLCC NEW CORAL 297,580 2010
SHANGHAI
JIANGNAN CHAN,
China
MAN-B&W Jan-20 DH $ 82.0m
VLCC NEW MEDAL 297,395 2009
SHANGHAI
JIANGNAN CHAN,
China
MAN-B&W Jan-19 DH $ 78.0m
VLCC NEW FOUNDER 297,395 2008
SHANGHAI
JIANGNAN CHAN,
China
MAN-B&W Oct-18 DH $ 74.0m
AFRA KUBAN 106,562 2000NKK CORP - TSU,
JapanSulzer Jan-20 DH $ 17.2m
Indones ian
(Soechi )
AFRA BLS ADVANCE 84,999 2002SASEBO SASEBO,
JapanB&W Oct-17 DH $ 19.9m
Greek(Avin
International )
MR ELUX LUCIS 45,789 2003MINAMI-NIPPON
USUKI, JapanB&W Mar-18 DH $ 14.5m undisclosed
MR HAMBISA 44,549 1997SZCZECINSKA
STOCZNIA S, PolandSulzer Oct-17 DH $ 6.8m Far Eastern
PROD/
CHEMJURMO 25,049 2004 JINLING, China Warts i la Mar-19 DH $ 13.5m Ice Class 1A
PROD/
CHEMPURHA 25,000 2003 JINLING, China Warts i la Sep-18 DH $ 14.0m Ice Class 1A
PROD/
CHEMNEW BRIGHT 12,099 2005
MINAMIAWAJI
ZOSEN CO L, JapanMAN-B&W Mar-20 DH $ 13.5m
S. Korean (Dong-
A Tankers )
Tankers
US based
(Ridgebury
Tankers )
subject to finance
Greek (Tsakos
Energy
Navigation
Japan based
(Shinyo
International )
Swedish
(Donsotank)
© Intermodal Research 23/06/2015 5
Secondhand Sales
Size Name Dwt Built Yard M/E SS due Gear Price Buyers Comments
CAPE CECILIA 170,565 1999NAMURA IMARI,
JapanMAN-B&W Jun-19 $ 7.5m Greek
previous sa le
fa i led
KMAX DAEBO LUMUT 81,444 2011
HYUNDAI SAMHO
HEAVY IN, S.
Korea
MAN-B&W Aug-16 $ 17.3m Greek (Aeolos) at auction
KMAX MIRAERO BRAVE 81,375 2012
SUNGDONG
SHIPBUILDING, S.
Korea
MAN-B&W Jul-17 $ 17.9m Greek
SMAX FRONT RUNNER 55,666 2009MITSUI TAMANO,
JapanMAN-B&W Jan-19
4 X 30t
CRANES$ 14.2m Greek
SMAX ASTON TRADER I 55,496 2008
OSHIMA
SHIPBUILDING,
Japan
MAN-B&W Feb-184 X 30t
CRANES$ 13.6m Greek
SMAX REA 53,125 2003 IWAGI, Japan MAN-B&W Nov-184 X 30,5t
CRANESreg $ 8.5m undisclosed
SMAX GLOBAL GALAXY 53,020 2003
OSHIMA
SHIPBUILDING,
Japan
Mitsubishi Oct-184 X 30t
CRANES$ 8.0m Greek
HMAX DAEBO YEOSU 46,601 1995SANOYAS HISHINO
MIZ'MA, JapanSulzer -
4 X 30t
CRANES$ 3.0m Chinese
Bulk Carriers
Size Name Teu Built Yard M/E SS due Gear Price Buyers Comments
POST
PMAXARISTOKLIS 9,443 2015
HYUNDAI SAMHO
HEAVY IN, S.
Korea
YYY $ 98.0m incl. 5yrs+2yrs T/C
POST
PMAXASKLIPOS 9,443 2016
HYUNDAI SAMHO
HEAVY IN, S.
Korea
YYY $ 98.0m incl. 5yrs+2yrs T/C
POST
PMAXARISTOMENIS 9,162 2016
DAEWOO-
MANGALIA,
Romania
Wartsila $ 98.0m incl. 5yrs+2yrs T/C
FEEDER CFS PALENCIA 591 2000 SELAH, Turkey MaK Dec-152 X 40t
CRANESundisclosed Turkish
FEEDER MARGARETA B 523 1998
ELBEWERFT
BOIZENBURG,
Germany
MaK Jan-18 $ 1.5m undisclosed
FEEDER AL ARISH 411 2000
DAE SUN
SHIPBUILDING &,
S. Korea
MAN Feb-20 $ 2.5m undisclosed
Containers
Bermuda based
(SFL)
© Intermodal Research 23/06/2015 6
Bring on the subsidies! The commitment of the Chinese government to keep on supporting its newbuilding industry, which has been going through chal-lenging times during the past year, has once more proven to be strong. Un-der the existing scheme, which kicked off in 2013 and was originally planned to last until the end of this year, owners were offered a subsidy to replace vintage tonnage with new, environmental friendly designed vessels. The program that has now been extended to the end of 2017, has been the in-centive behind a number of orders placed in Chinese yards during the past couple of years, with that of COSCO’s for thirteen 20,000teu containerships being one of the most recent ones. Following the dramatic decline in new orders, extending the program is a decision that makes sense for Chinese shipbuilders, while on the other hand, as far as freight rates are concerned (especially in dry bulk), scrapping that isn't followed by new orders is more sensible.
In terms of recently reported deals, Norwegian owner, Frontline 2012, has placed an order for two firm plus four optional VLCCs (300,000dwt) at STX Shipbuilding, in S. Korea, for a price in the region of low $90.0m each and delivery set in 2017.
Newbuilding Market
20
60
100
140
180
mil
lion
$
Tankers Newbuilding Prices (m$)
VLCC Suezmax Aframax LR1 MR
Week
25
Week
24±% 2014 2013 2012
Capesize 180k 49.5 50.0 -1.0% 55.8 49 47
Kamsarmax 82k 27.5 27.5 0.0% 30.4 27 28
Panamax 77k 26.5 26.5 0.0% 29.2 26 27
Ultramax 63k 25.0 25.5 -2.0% 27 25 25
Handysize 38k 21.5 21.5 0.0% 23 21 22
VLCC 300k 95.5 96.0 -0.5% 98.6 91 96
Suezmax 160k 64.5 64.5 0.0% 65 56 58
Aframax 115k 53.0 53.0 0.0% 54 48 50
LR1 75k 46.0 46.0 0.0% 45.9 41 42
MR 50k 36.5 36.5 0.0% 36.9 34 34
190.0 190.0 0.0% 186.0 185 186
77.0 77.0 0.0% 78.4 71 71
68.0 68.0 0.0% 66.9 63 62
46.0 46.0 0.0% 44.3 41 44
Vessel
Indicative Newbuilding Prices (million$)
Bu
lke
rsTa
nke
rs
LNG 160k cbm
LGC LPG 80k cbm
MGC LPG 55k cbm
SGC LPG 25k cbm
Gas
10
30
50
70
90
110
mil
lion
$
Bulk Carriers Newbuilding Prices (m$)
Capesize Panamax Supramax Handysize
Units Type Yard Delivery Buyer Price Comments
2+2+2 Tanker 300,000 dwtSTX Shipbuilding, S.
Korea2017 Norwegian (Frontline 2012) low $ 90.0 m
1 Tanker 160,000 dwt Hyundai, S. Korea 2017KNOT (JV between Knutsen
& NYK)undisclosed
option, total 3 on order,
shuttle tanker, DP2, T/C
to BG Group
4+2 Container 20,000 teu SWS, Chinastarting
2017undisclosed
3+2 Container 20,000 teu Nantong COSCO, Chinastarting
2017undisclosed
2 Container 20,000 teuDalian Shipbuilding,
China
starting
2017undisclosed
9+7 Container 14,000 teu Hyundai, S. Korea 2017-2018 Danish (AP Moller Maersk) undisclosed LOI stage
2+1 Gas 174,000 cbmHyundai Samho, S.
Korea2019 Canadian (Teekay LNG) undisclosed 13-yr T/C to BP
1 Gas 82,200 cbm Kawasaki, Japan Sep-17Japanese (Iino Kaiun
Kaisha)undisclosed
LPG, total 2 on order,
long T/C to Astomos
5+5 PCTC 7,800 ceu Yangfan, Chinastarting
2017Italian (Grimaldi Group) $ 60.0m
Newbuilding Orders Size
Chinese (COSCO)
© Intermodal Research 23/06/2015 7
More storm clouds kept gathering during the last week over the demolition market, which seems to be losing its few points of strength left supporting it following the past couple of months of turbulence. The eye catching drop in activity added to the already soft sentiment, while the stability in price levels last week is not expected to last for too long, with the majority of the market expecting further downside sooner rather than later especially as the Rama-dan approaches. On the demand side, breakers across the Indian subconti-nent appeared to be moving back to the sidelines, with a number of renego-tiations taking place in both Pakistan and Bangladesh, while even in India where things have admittedly been more stable lately, buying appetite seemed completely lost. On the supply side, the rebound in dry bulk freight rates over the past weeks seems to have already convinced perspective sellers of overage units to hold fire for now hoping to benefit more from a potential further market upside compared to what sending their vessels for scrap right now could earn them. Prices this week for wet tonnage were at around 225-380 $/ldt and dry units received about 210-360 $/ldt.
The highest prices amongst recently reported deals, was that paid by Paki-stani breakers for the Handysize “MASTER ISMAIL” (25,413dwt-6,216ldt-blt 82), which received $379/ldt.
Demolition Market
Week
25
Week
24±% 2014 2013 2012
Bangladesh 375 375 0.0% 469 422 441
India 375 375 0.0% 478 426 445
Pakistan 380 380 0.0% 471 423 444
China 225 225 0.0% 313 365 384
Bangladesh 360 360 0.0% 451 402 415
India 360 360 0.0% 459 405 419
Pakistan 360 360 0.0% 449 401 416
China 210 210 0.0% 297 350 365
Dry
Indicative Demolition Prices ($/ldt)
Markets
We
t
200
250
300
350
400
450
500
550
$/l
dt
Wet Demolition Prices
Bangladesh India Pakistan China
200
250
300
350
400
450
500
550
$/ld
t
Dry Demolition Prices
Bangladesh India Pakistan China
Name Size Ldt Built Yard Type $/ldt Breakers Comments
XING AN DA 33,024 6,727 1984
MITSUBISHI
SHIMONOSEKI,
Japan
BULKER $ 370/Ldt Indian
MASTER ISMAIL 25,413 6,216 1982IMABARI IMABARI,
JapanBULKER $ 379/Ldt Pakistani
SAMUDRIKA-6 1,237 1,002 1986 HINDUSTAN, India OFFSH $ 325/Ldt Indian
Demolition Sales
The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without mak-ing guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
Compiled by Intermodal Research & Valuations Department | research@intermodal.gr Ms. Eva Tzima | e.tzima@intermodal.gr
Mr. Vassilis Logothetis | v.logothetis@intermodal.gr
Finance News
“Euroseas clear to reverse
Aristides Pittas-led Euroseas has cleared the way for a reverse stock split.
Directors of Nasdaq-listed Euroseas were given clear-ance for anything up to a one-for-twelve reverse at the company’s annual general meeting this week.
The shipowner was warned by the Times Square ex-change in January that its trading performance had slipped below the required level and given six months to address the issue.
Its stock closed at $0.72 each yesterday, close to the bottom of the 52 week range of $1.22 to $0.70 per share.
In January, Symeon Pariaros, chief administrative officer at Euroseas, told a Marine Money conference in London that the company could separate its dry cargo and container fleets
Pariaros explained investors wanted to "place their bets on a sector, not a company".
"For us, Euroseas, I'd say when our size permits we will look to separate our fleets.".” (Andy Pierce, Trade Winds)
Commodities & Ship Finance
19-Jun-15 18-Jun-15 17-Jun-15 16-Jun-15 15-Jun-15W-O-W
Change %
10year US Bond 2.260 2.350 2.320 2.320 2.360 -5.4%
S&P 500 2,109.99 2,121.24 2,100.44 2,096.29 2,084.43 0.8%
Nasdaq 5,117.00 5,132.95 5,064.88 5,055.55 5,029.97 1.3%
Dow Jones 18,015.95 18,115.84 17,935.74 17,904.48 17,791.17 0.7%
FTSE 100 6,710.45 6,707.88 6,680.55 6,710.10 6,710.52 -1.1%
FTSE All-Share UK 3,660.06 3,658.53 3,647.63 3,660.84 3,660.91 -1.1%
CAC40 4,815.37 4,803.48 4,790.62 4,839.86 4,815.36 -1.8%
Xetra Dax 11,040.10 11,100.30 10,978.01 11,044.01 10,984.97 0.5%
Nikkei 20,174.24 19,990.82 20,219.27 20,257.94 20,387.79 -1.0%
Hang Seng 26,760.53 26,694.66 26,753.79 26,566.70 26,861.81 -1.9%
DJ US Maritime 257.19 256.50 249.34 251.31 251.28 1.5%
$ / € 1.14 1.14 1.14 1.12 1.13 0.8%
$ / ₤ 1.59 1.59 1.58 1.56 1.56 2.1%
¥ / $ 122.70 123.00 123.54 123.44 123.42 -0.6%
$ / NoK 0.13 0.13 0.13 0.13 0.13 0.2%
Yuan / $ 6.21 6.21 6.21 6.21 6.21 0.0%
Won / $ 1,102.80 1,105.35 1,113.75 1,118.95 1,116.65 -0.9%
$ INDEX 85.64 85.62 85.81 86.23 86.21 -0.8%
Market Data
Cu
rre
nci
es
Sto
ck E
xch
ange
Dat
a
1,100
1,150
1,200
1,250
1,300
1,350
40
45
50
55
60
65
70
goldoil
Basic Commodities Weekly Summary
Oil WTI $ Oil Brent $ Gold $
19-Jun-15 12-Jun-15W-O-W
Change %
Rotterdam 557.5 564.0 -1.2%
Houston 606.5 625.0 -3.0%
Singapore 557.5 563.5 -1.1%
Rotterdam 327.5 334.0 -1.9%
Houston 329.5 342.5 -3.8%
Singapore 367.5 369.5 -0.5%
Bunker Prices
MD
O3
80
cst
CompanyStock
ExchangeCurr. 19-Jun-15 12-Jun-15
W-O-W
Change %
AEGEAN MARINE PETROL NTWK NYSE USD 13.12 13.96 -6.0%
BALTIC TRADING NYSE USD 1.56 1.54 1.3%
BOX SHIPS INC NYSE USD 1.05 1.02 2.9%
CAPITAL PRODUCT PARTNERS LP NASDAQ USD 8.43 8.55 -1.4%
COSTAMARE INC NYSE USD 19.49 19.75 -1.3%
DANAOS CORPORATION NYSE USD 6.48 6.51 -0.5%
DIANA SHIPPING NYSE USD 7.64 7.06 8.2%
DRYSHIPS INC NASDAQ USD 0.71 0.67 6.0%
EAGLE BULK SHIPPING NASDAQ USD 7.22 8.98 -19.6%
EUROSEAS LTD. NASDAQ USD 0.71 0.71 0.0%
FREESEAS INC NASDAQ USD 0.07 0.05 40.0%
GLOBUS MARITIME LIMITED NASDAQ USD 1.36 1.38 -1.4%
GOLDENPORT HOLDINGS INC LONDON GBX 128.56 118.69 8.3%
HELLENIC CARRIERS LIMITED LONDON GBX 17.00 17.03 -0.2%
NAVIOS MARITIME ACQUISITIONS NYSE USD 3.39 3.63 -6.6%
NAVIOS MARITIME HOLDINGS NYSE USD 3.85 3.63 6.1%
NAVIOS MARITIME PARTNERS LP NYSE USD 11.52 10.80 6.7%
PARAGON SHIPPING INC. NYSE USD 0.73 0.69 5.8%
SAFE BULKERS INC NYSE USD 3.24 3.05 6.2%
SEANERGY MARITIME HOLDINGS CORP NASDAQ USD 0.61 0.60 1.7%
STAR BULK CARRIERS CORP NASDAQ USD 3.22 3.11 3.5%
STEALTHGAS INC NASDAQ USD 6.56 6.81 -3.7%
TSAKOS ENERGY NAVIGATION NYSE USD 9.95 9.91 0.4%
TOP SHIPS INC NASDAQ USD 1.06 1.06 0.0%
Maritime Stock Data
© Intermodal Shipbrokers Co
9
23/06/2015
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