monthly report baltic dry index - hellenic shipping news ... · 45k 20y 6.0 6.2 6.2 6.5 8.5 5.1 5.3...

ATHENIAN SHIPBROKERS S.A. 107-109, Vas. Pavlou Str., GR 166 73, Voula , Athens, Greece

Tel: 210 9659700 - Fax: 210 8996040

Internet Mail: athenian(at)atheniansa(dot)gr

www.atheniansa.gr

August 2017

M O N T H L Y R E P O R T

0

500

1000

1500

2000

2500

Au

g-1

2

Oct

-12

De

c-1

2

Feb

-13

Ap

r-1

3

Jun

-13

Au

g-1

3

Oct

-13

De

c-1

3

Feb

-14

Ap

r-1

4

Jun

-14

Au

g-1

4

Oct

-14

De

c-1

4

Feb

-15

Ap

r-1

5

Jun

-15

Au

g-1

5

Oct

-15

De

c-1

5

Feb

-16

Ap

r-1

6

Jun

-16

Au

g-1

6

Oct

-16

De

c-1

6

Feb

-17

Ap

r-1

7

Jun

-17

Au

g-1

7

Baltic Dry Index

PRICES TANKERS ($ MIO)

* Prices reflect Year’s End 2011* 2012* 2013* 2014* 2015* 2016* Aug-17

VLCC 5Y 55.6 56.0 55.8 77.1 80 60 63

VLCC 10Y 34.1 35.0 35.0 52.1 55 40 39

SUEZMAX 5Y 45.6 40.2 39.5 56.8 60 40 40

AFRAMAX 5Y 34.7 28.0 27.8 41.9 46 29 30

AFRAMAX10Y 19.3 16.3 16.3 26.8 31 18 20

PANAMAX5Y 30.9 24.3 24.3 33.4 35 28 26.5

47K 5Y D/H 25.8 23.0 23.3 23.8 28.9 22 23.5

45K 10Y D/H 15.8 15.5 15.7 15.2 19.6 15.5 16

45K 20Y 6.0 6.2 6.2 6.5 8.5 5.1 5.3

PRICES BULKERS ($ MIO)

* Prices reflect Year’s End 2011* 2012* 2013* 2014* 2015* 2016* Aug-17

CAPESIZE 5Y 36.3 32.0 43.9 39.5 25 24 33

CAPESIZE 10Y 26.8 20.5 31.0 27.8 13.6 15 21

CAPESIZE 15Y 15.2 12.7 18.2 16.3 8.5 8 15

CAPESIZE 20Y 10.5 9.3 10.1 9.0 5.6 5.5 7.5

KAMSARMAX 5Y♦ 26.4 18.0 25.6 20.1 14 14 21.5

PANAMAX 10Y 18.6 12.5 17.9 14.6 8.5 8.5 13.5

PANAMAX 15Y 12.4 8.3 12.0 10.0 5 5.4 9

PANAMAX 20Y 8.1 5.4 7.5 5.4 3.6 3.6 5.5

SUPRAMAX 5Y 26.4 23.3 24.3 20.8 13.6 14 16.3

SUPRAMAX 10Y 18.0 13.0 17.4 13.8 8 9.5 12.5

HANDYMAX15Y 11.1 8.7 10.9 9.1 4.5 5.8 8.5

HANDYMAX20Y 7.9 6.3 6.4 6.2 3.5 2.8 5

www.atheniansa.gr ATHENIAN SHIPBROKERS S.A.

2

♦Prior 2017 76-78k dwt

S E C O N D H A N D S A L E S & C H A R T E R F I X T U R E T R E N D S

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

Pri

ce (

US

D M

io)

Monthly Tanker Market Trend

VLCC 5Y VLCC 10Y SMAX 5Y AMAX 5Y

AMAX 10Y PMAX 5Y 47K 5Y D/H 45K 10Y D/H

0

10000

20000

30000

40000

50000

60000

70000

Pri

ce (

US

D)

Monthly 1 Yr TC Rates

VLCC 1 Yr T/C SMAX 1 Yr T/C AMAX 1 Yr T/C

PMAX 1 Yr T/C MR 1 Yr T/C

0.0

10.0

20.0

30.0

40.0

50.0

60.0

Pri

ces

(US

D M

io)

Monthly Bulk Carrier Market Trend

CAPE 5Y CAPE 10Y CAPE 15Y

KMAX 5Y PMAX 10Y PMAX 15Y

SUPRA 5Y SUPRA 10Y HMAX 15Y

0

5000

10000

15000

20000

25000

30000

35000

Pri

ce (

US

D)

Monthly 1 Yr TC Rates

CAPE 1 Yr T/C PMAX 1 Yr T/C

SUPRA 1 Yr T/C HMAX 1 Yr T/C


3

S E C O N D H A N D T O N N A G E M A R K E T

*Excluding demolition sales

Sale and Purchase Market

Ship Type Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Total

BULK 72 62 42 34 31 41 282

TANK 30 29 44 34 21 13 171

GAS 6 1 1 5 1 3 17

CONT 25 29 20 12 23 6 115

TWEEN/MPP 0 2 0 3 5 5 15

REEF 0 0 0 0 0 0 0

RORO 0 0 0 0 0 0 0

FERRY 0 0 1 0 0 0 1

CRUISE 0 0 0 0 0 0 0

Total 133 123 108 88 81 68 601

252

41

250

31

0

100

200

300

THIS MONTH - PREVIOUS MONTH

S&P Activity Dry(>5,000 Dwt)

AVAILABLE FOR SALE

REPORTED SOLD

PREVIOUS MONTH A/BLE FORSALEPREVIOUS MONTH SALES

117

13

140

21

0

50

100

150

THIS MONTH - PREVIOUS MONTH

S&P Activity Tankers(>5,000 Dwt)

AVAILABLE FOR SALE

REPORTED SOLD

PREVIOUS MONTH A/BLE FORSALEPREVIOUS MONTH SALES


4

TANKER SALES

NAME DWT BLT PRICE $ BUYER

OANA 6474 2008 CHINA DH 2.8 MIO UNDISCLOSED (At auction)

SICHEM DUBAI 12936 2007 SOUTH KOREA DH 9.2 MIO VIETNAM (Epoxy, SS/DD D 12/17)

KY VENUS 13049 2010 SOUTH KOREA DH 10 MIO SINGAPOREAN (At auction)

TORM FOX 37025 2005 SOUTH KOREA DH 10.7 MIO FAR EASTERN

BETELGEUSE 45513 1999 SOUTH KOREA DH 5.25 MIO ENBLOC BSS▼

SPICA 46168 1999 SOUTH KOREA DH 5.25 MIO UNDISCLOSED (Price each)

EPIPHANY 47465 2002 CROATIA DH 8 MIO GREEK

HIGH DISCOVERY 50000 2014 SOUTH KOREA DH 28 MIO UNDISCLOSED (Incl 10 yrs BBB)

BOX 50577 2009 SOUTH KOREA DH 19.2 MIO UNDISCLOSED

MARE PACIFIC 68467 2001 JAPAN DH 6.5 MIO ENBLOC BSS▼

MARE ATLANTIC 68467 2001 JAPAN DH 6.5 MIO UNDISCLOSED (Price each)

PHOENIX LIGHT 105599 2009 SOUTH KOREA DH 23.25 MIO GREAT EASTERN SHIPPING

GENER8 PERICLES 105674 2003 JAPAN DH 11 MIO GREEK

GAS SALES

NAME DWT BLT CBM PRICE $ BUYER

EPIC CAPRI 3942 1997 JAPAN 3244 3.3 MIO VIETNAMESE (FGAS)

GALEA 72781 2002 JAPAN 135269 * ENBLOC BSS▼

GALLINA 72781 2002 JAPAN 135269 40 MIO FAR EASTERN (Ttl price)

421

857

634

320

420

520

620

720

820

920

27 30 33 36 39 42 45 48 51 2 5 8 11 14 17 20 23 26

WEEK NO

Baltic Clean Tanker - Yearly

20172016

514

1048

653

400

500

600

700

800

900

1000

1100

27 30 33 36 39 42 45 48 51 2 5 8 11 14 17 20 23 26

WEEK NO

Baltic Dirty Tanker - Yearly

20172016

543

511

648

450

500

550

600

650

700

750

01/08/2017 08/08/2017 15/08/2017 22/08/2017 29/08/2017

Baltic Clean Tanker - Monthly

632

621

667

580

600

620

640

660

680

700

01/08/2017 08/08/2017 15/08/2017 22/08/2017 29/08/2017

Baltic Dirty Tanker - Monthly


5

798010330

64500

10000

20000

30000

40000

50000

60000

70000

Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17

$/D

ay

Spot Market - Tankers

VLCC

SUEZMAX

AFRAMAX

27000

18000

14500

10000

15000

20000

25000

30000

35000


$/D

ay

Period Market - Tankers 1 Year T/C

VLCC

SUEZMAX

AFRAMAX


6

BULKER SALES

NAME DWT BLT GEAR PRICE $ BUYER

KAVAFIS 7300 2007 CHINA GLESS 2 MIO UNDISCLOSED

TEAMWORTH NO. 2 22631 2012 CHINA CR 3X30.5 4.91 MIO ENBLOC BSS▼

TEAMWORTH NO. 1 22733 2011 CHINA CR 3X30.5 4.85 MIO CHINESE (Price each)

NICOLINA 24159 1997 JAPAN CR 3X30 2.57 MIO UNDISCLOSED

PACIFIC STAR 28251 1996 JAPAN CR 4X30.5 3.1 MIO CHINESE

VOULA SEAS 28495 2002 JAPAN CR 4X30 5.3 MIO CHINESE (SS passed during May)

CAPETAN VASSILIS 51196 2003 CHINA CR 4X30 6.9 MIO CHINESE BUYERS (Open hatch)

OCEAN PROMISE 51687 2010 JAPAN CR 4X30 11.9 MIO UNDISCLOSED

LIBERTY PRRUDENCIA 52191 2003 KOREA CR 4X30 3.5 MIO UNDISCLOSED (Basis ‘as is’ China in

need of repairs and other

outstandings)

ATA-M 53098 2003 JAPAN CR 4X30 8 MIO FAR EASTERN

PRIVSEA 55000 2007 CHINA CR 4X31 9.5 MIO UNDISCLOSED

OCEAN HAWK I 56039 2007 JAPAN CR 4X30 12.5 MIO UNDISCLOSED

OCEAN LEADER 56136 2010 JAPAN CR 4X30 14.5 MIO GREEK

PACIFIC KOREA 56452 2012 CHINA CR 4X35 12 MIO UNDISCLOSED

IN SHIMANAMI 61392 2014 JAPAN CR 4X30.5 18.6 MIO OLDENDORFF CARRIERS

IN IWAGI 61411 2014 JAPAN CR 4X30.5 18.6 MIO OLDENDORFF CARRIERS

TIGER BEEJING 63493 2015 CHINA CR 4X30 * ENBLOC BSS▼

TIGER HONGKONG 63570 2015 CHINA CR 4X30 * ENBLOC BSS▼

TIGER TIANJIN 63592 2015 CHINA CR 4X30 * ENBLOC BSS▼

TIGER ZHEJIANG 64000 2015 CHINA CR 4X30 80 MIO UNDISCLOSED (Ttl price)

TIGER SHANGHAI 63514 2014 CHINA CR 4X30 19 MIO ENBLOC BSS▼

TIGER ANHUI 63542 2014 CHINA CR 4X30 19 MIO GREEK (Price each)

QC ATHINA 72917 2000 KOREA GLESS 7.3 MIO UNDISCLOSED

492

466

482

440

450

460

470

480

490

500

01/08/2017 08/08/2017 15/08/2017 22/08/2017 29/08/2017

Baltic Handysize

779759

851

700

750

800

850

900

01/08/2017 08/08/2017 15/08/2017 22/08/2017 29/08/2017

Baltic Supramax

1143

1310

1195

1000

1050

1100

1150

1200

1250

1300

1350

1400

01/08/2017 08/08/2017 15/08/2017 22/08/2017 29/08/2017

Baltic Panamax

1331

2093

2381

1000

1500

2000

2500

3000

01/08/2017 08/08/2017 15/08/2017 22/08/2017 29/08/2017

Baltic Capesize


7

PRIVATLANTIC 75051 2012 JAPAN GLESS 18.5 MIO UNDISCLOSED

FORTUNE EAST 75615 2000 JAPAN GLESS 5.2 MIO CHINESE

LEVANTES 75900 2001 JAPAN GLESS 8.2 MIO CHINESE

STAR OF SAWARA 76553 2008 JAPAN GLESS 13.5 MIO UNDISCLOSED

ABY DIVA 76596 2007 JAPAN GLESS 12.7 MIO GREEK (SS passed in March)

FORTUNE CLOVER 77430 2006 JAPAN GLESS 11.9 MIO UNDISCLOSED

UNICORN OCEAN 78888 2008 JAPAN GLESS 15 MIO GREEK (BBHP 5 YRS)

MIDLAND SKY 81466 2010 JAPAN GLESS 18 MIO SONGA BULK

HB PRINCESS 81684 2013 CHINA GLESS 17 MIO UNDISCLOSED (Bank sale)

GODDESS SANTOSH

DEVI 81918 2014 JAPAN GLESS 22.75 MIO SONGA BULK

UNITED WORLD 82026 2013 JAPAN GLESS 21.5 MIO JP MORGAN GLOBAL

MARITIME

HARBOR HIROSE 83494 2011 JAPAN GLESS 19.3 MIO SONGA BULK

BOAVISTA 93077 2010 CHINA GLESS 14.3 MIO OLDENDORFF CARRIERS

TRANS NANJING 93226 2011 CHINA GLESS 15.75 MIO FAR EASTERN

ASTERIX 178978 2010 KOREA GLESS 29.5 MIO GREEK (Part shares-Part cash)

CAPE LIBERTY 185897 2005 JAPAN GLESS 19 MIO GOODBULK/CTM

SHANDONG DA CHENG 402285 2012 KOREA GLESS 90.8 MIO BANK OF COMMUNICATIONS (Incl 12YRS T/C)

SHANDONG DA DE 402303 2011 KOREA GLESS 87.2 MIO BANK OF COMMUNICATIONS (Incl 12YRS T/C)

20150

11200

6750

0

5000

10000

15000

20000

25000


$/D

ay

Spot Market - BulkersCAPESIZE

PANAMAX

HANDYMAX

16500

11000

7750

4100

6100

8100

10100

12100

14100

16100

18100


$/D

ay

Period Market - Bulkers 1 Year T/CCAPE

PMAX

HANDYMAX


8

CONTAINER SALES

NAME DWT BLT GEAR TEU PRICE $ BUYER

ORIENT SPIRIT 8713 1995 JAPAN CR 2X36 500 1.5 MIO FAR EASTERN

KAPALUA KONTOR 13750 2007 CHINA GLESS 1118 3 MIO ENBLOC BSS▼

PINE VALLEY KONTOR 13809 2008 CHINA GLESS 1118 3 MIO UNDISCLOSED (Price

each)

CHINDWIN STAR 20058 1996 GERMANY CR 2X40 1512 2.75 MIO SINGAPORIAN

HANSA NORDBURG 23493 2002 CHINA GEARLESS 1740 3.5 MIO UNDISCLOSED

EURO MAX 39307 2002 POLAND CR 3X45 2732 5.4 MIO UNDISCLOSED

HS CHOPIN 46344 2007 KOREA GEARLESS 3768 9 MIO QATAR NAVIGATION

SEASPAN GROUSE 51653 2009 KOREA GLESS 4275 9.7 MIO ENBLOC BSS▼

SEASPAN KENYA 51733 2008 KOREA GLESS 4275 9.7 MIO ENBLOC BSS▼

SEASPAN MOURNE 51733 2009 KOREA GLESS 4275 9.7 MIO ENBLOC BSS▼

SEASPAN ALPS 51750 2009 KOREA GLESS 4275 9.7 MIO GERMAN (Price each)

CLIVIA 55490 2004 KOREA GLESS 4239 8 MIO SIMATECH SHIPPING

ATLANTIC ALTAIR 66939 2005 KOREA GLESS 5075 8.7 MIO GREEK

ACE SPAIN 67009 2004 JAPAN GLESS 5928 9 MIO UNDISCLOSED

ANL WOOMERA 86017 2005 KOREA GLESS 5060 7.5 MIO ENBLOC BSS▼

MARGRIT RICKMERS 68042 2005 KOREA GLESS 5060 7.5 MIO ENBLOC BSS▼

JULIETTE RICKMERS 68168 2005 KOREA GLESS 5060 7.5 MIO CHINESE (Price each)

PINEHURST KONTOR 68187 2004 KOREA GLESS 5050 6.85 MIO CHINESE

MPP/TWEEN SALES

NAME DWT BLT GEAR TEU PRICE $ BUYER

RICKMERS

JAKARTA 29822 2003 CHINA

CR 2X320 -

1X100 - 1X45 1888 * ENBLOC BSS▼

RICKMERS

DALIAN 29827 2004 CHINA

CR 2X320 -

1X100 - 1X45 1888 * ENBLOC BSS▼

RICKMERS NEW

ORLEANS 29878 2003 CHINA

CR 2X320 -

1X100 - 1X45 1888 * ENBLOC BSS▼

RICKMERS

SINGAPORE 30018 2003 CHINA

CR 2X320 -

1X100 - 1X45 1888 * ENBLOC BSS▼

RICKMERS

SEOUL 30151 2003 CHINA

CR 2X320 -

1X100 - 1X45 1888 35 MIO GERMAN (Ttl price)


9

N E W B U I L D I N G M A R K E T A N D R E P O R T E D C O N T R A C T S

Ship Type 2017 2018 2019+ Total

Capesize 28 54 44 126

Panamax 45 56 42 143

Supra/Hmax 97 51 23 173

Handies 85 69 26 180

Total 255 230 135 620


ULCC/VLCC 17 48 25 90

Suezmax 27 31 10 68

Aframax 36 58 39 133

Panamax 19 17 7 43

MR+Small 94 129 103 326

Total 193 283 184 660


VLGC 10 8 13 33

LGC 0 0 0 0

MR 4 13 4 21

Handy 7 5 1 13

Small 2 2 0 4

Total 23 28 18 69

81

54

43

33.5

20

40

60

80

100

Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Apr-17 Aug-17

$m

Tanker Prices VLCC Suezmax

Aframax MR

42.5

24.5

2321

10

15

20

25

30

35

40

45

50

55

Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Apr-17 Aug-17

$m

Bulker Prices Capesize Panamax

Supramax Handysize


10

398

79

130

235

47

108

208

80

30

0

100

200

300

400

500

2015 2016 Aug-17

No

. o

f V

es

se

ls

Newbuilding Sales Tankers >10,000 dwt

Bulkers >10,000 dwt

Containerships

19.9

23.8

17.2

12.8

26.6

12.7

0

5

10

15

20

25

30

Aug-17 2018 2019+

m. d

wt

Delivery Schedule Bulkers >10,000 dwt.

Tankers >10,000 dwt

28.1

10.7

15.1

3.2

11.2

0

5

10

15

20

25

30

August 2017

m.

dw

t

Tanker Newbuildings on Order VLCC Suezmax

Aframax Panamax

Products

32.1

11.810.5

6.4

0

5

10

15

20

25

30

35

August 2017

m. d

wt

Bulker Newbuildings on Order Capesize Panamax

Handymax Handysize

Newbuilding Historical Prices ($m)

Tankers Jul-17 2016 2015 2014 2013 2012 2011 2010 2008 2005 2000 1995 1990 1985

320,000 DWT1 81 84.5 93.7 97.3 93.8 93.2 98.9 104.8 150 120 76.5 85.3 87.4

2 38.2

170,000 DWT1 54 54.5 63 65.5 59.6 57.1 60.3 66.3 90 71.5 52.5 54 66.1

2 28.2

115,000 DWT1 43 44.5 52 53.6 52.2 48.5 52.2 56 74 58 41.5 43.3 53.2

2 18.1

47,000 DWT1 33.5 32.5 35.4 36.8 34.6 33.8 35.2 36.1 46.5 43 29.5 33.2

3 32.1

3 13.3

Bulkers

180,000 DWT1 42.5 42 46 54.2 53.6 45.7 48.4 57.2 87 58.5 40.5 42.3 60.2 29.3

81,000 DWT1 ♦

24.5 24.5 25.7 29 27.8 25.6 28.7 34.3 45.5 36 22.5 27.9 30 13.4

62,000 DWT♦ 23 22.3 24.1 27.2 26.5 23.7 26.7 31.1 41 31 20.5 24.1 25.3 12.4

35,000 DWT♦ 21 19.5 20.3 22.8 22.2 20.5 22.2 26.3 31 25.5 15 19.2 21.3 9.7

1 Before 2001 sizes to read 280,000 - 140,000 - 95,000 - 40,000 respectively for tankers and 150,000 - 69,000 for Bulkers

2 Single Hull

3 30,000

DWT ♦Prior 2017 to read 73 – 76k dwt, 45k dwt & 30k dwt

(note: above is for vessels built Japan / Korea, you should also consider US$ / Yen / Won relation for the years mentioned)


11

The Shipbuilding Market TYPE DWT BUILDER DELIVERY PRICE $ OWNER NOTES

Bulk 208000 CSBC (Kaohsiung) 2019 China Steel Express

Bulk 208000 CSBC (Kaohsiung) 2019 China Steel Express

Bulk 85000 Oshima Shipbuilding 2020 Foremost Maritime

Bulk 85000 Oshima Shipbuilding 2020 Foremost Maritime

Bulk 20500 Fujian Southeast SB 2019 Fujian Anda Shpg

Chem & Oil 7950 AVIC Dingheng SB 2019 SOCATRA

Chem & Oil 7950 AVIC Dingheng SB 2019 SOCATRA

Chem & Oil 7950 AVIC Dingheng SB 2019 SOCATRA Option

Container 37000 Zhejiang Ouhua SB 2019 Cape Shipping

Container 37000 Zhejiang Ouhua SB 2019 Cape Shipping

Container 12000 Dae Sun Shipbuilding 2018 SITC






Container 30000 Keppel AMFELS 2020 Pasha Hawaii

Container 30000 Keppel AMFELS 2020 Pasha Hawaii

Container 30000 Keppel AMFELS 2021 Pasha Hawaii Option

Container 30000 Keppel AMFELS 2021 Pasha Hawaii Option

Crew Boat Grandweld 2018 KSC




LPG 55000 Hyundai HI (Ulsan) 2019 Vitol Group

LPG 55000 Hyundai HI (Ulsan) 2019 Vitol Group

LPG 55000 Hyundai HI (Ulsan) 2020 Vitol Group Option






Pass/Car Cat Austal Pty.Ltd 2020 Fjord Line AS


12

D E M O L I T I O N M A R K E T

Demolition Historical Data

330 325365

395355 350

380405

180

230

280

330

380

430

480

530

580

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

US

D/t

on

Price Tankers* 2014 2015

2016 2017

*India month's end prices

315 315350

380

340 335355

385

180

230

280

330

380

430

480

530

580

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

US

D/t

on

Price Bulkers*2014 2015

2016 2017

*India month's end prices

25.6

14.5

4.92.35

4.6 3.8

15.916.718.9

15.518

15.6

25

30.5

22.4

28.428.5 27

105.5 6.5 5

12

28.925.7

31.58

50.3

41.8

34.338.8

44.6

23.6

0

10

20

30

40

50

60

Mil

lio

n d

wt

Total Demolition (Dwt)

* Bss reported sales

Demolition Prices

Gen Cargo Tanker

India USD 385 /lt Ldt USD 405 /lt Ldt

Bangladesh USD 395 /lt Ldt USD 415 /lt Ldt

Pakistan USD 390 /lt Ldt USD 400 /lt Ldt

China USD 260 /lt Ldt USD 270 /lt Ldt


13

HISTORICAL DEMOLITION PRICES (*Indian Year’s End)

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 CURR.

TANK 136 174 135 174 262 362 302 405 507 287 338 485 482 405 435 425 300 300 405

BULK 143 170 135 181 267 381 332 392 472 268 328 437 456 375 410 400 285 280 385

India

TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS

CONT MANDRAKI 60639 1988 23451 385 As is Singapore incl. 500t bunkers,

green recycling.

GAS SUN ARIES 50357 1991 16761 395 As is Khor Fakkan with 500t of

bunkers

REEF BALTIC MERCHANT 11055 1988 5973 405

TANK ARMADA INTREPID 152630 1998 42325 335 As is Batam under tow for

guaranteed HK SOC green

recycling

TANK FPSO OPPORTUNITY 149494 1972 35097 320 As is Johor under tow for

guaranteed HK SOC green

recycling

Bangladesh


BULK TAIO COSMOS 43524 1988 8592 356

BULK GORNOZAVODSK 4705 1991 2461 365

BULK GRACE OCEAN 17792 1986 4470 360

BULK THORCO SAPPHIRE 10037 2004 4470 360

BULK JENWIN III 8844 1981 2474 345

BULK FRISIA 13920 1985 10536 422 As is Colombo

COMBO KARADENIZ POWERSHIP

ESRA SULTA 109906 1996 18500 410

GAS PP 2 1123 1985 310

RORO HYUNDAI NO.107 12939 1987 11992 430

RORO PEARL VI 4824 1988 9296 352

RORO ATLANTIC OCEAN 18820 1993 8920 402 With about 300t bunkers rob

TANK BORNEO PIONEER 16937 1988 4543 403 Including 86t sus316 solid stst and

13t of sus 304

TANK JADE PALMS 298306 1995 42802 390 As is Singapore

TANK EAGLE BOSTON 99328 1996 16726 389

TANK SANMAR SERENADE 45696 1992 8254 382 As is Colombo with 200t of bunkers

TANK PERSIA 19990 1984 6540 371

TANK MARAN CENTAURUS 300294 1995 40894 403 As is Singapore

TANK Q.T. ONE 38864 1987 9616 371

0

100

200

300

400

500

600

US

D/t

on

Historical Demolition Prices (India Year's End)

TANKERS

BULKERS

Avg. Trend


14

TANK B.P.P. 25 2391 1979 1022 310

TANK HADIYAH 121109 1989 20147 400 As is Kuwait

TWEEN OCEAN GRACE 20949 1976 4470 360

China


BULK FU MIN 72437 1997 10185 270

BULK YONG LI 74382 2001 9910 270

Pakistan


BULK BERGE YOTEI 172846 1997 21000 425

COMBO E.OLDENDORFF 78488 1982 17357 380

Turkey


N/A N/A

Other


CONT ALEXANDRA RICKMERS 30781 1997 11400 380 As is Port Said

TANK NADIN 298731 1996 42403 382 As is Singapore

TANK KEROS WARRIOR 103368 2000 14364 393 As is Singapore

TANK EAGLE COLUMBUS 107166 1997 16711 405 As is Singapore . Gas free for Hot

Works


15

H I S T O R I C A L B U N K E R P R I C E S

HISTORICAL BUNKER PRICES

Rotterdam Fujeirah Houston

380 cst MGO 380 cst MGO 380 cst MGO

1993 67 150.5 70 202.5 71.1 160.6

1994 86 133.2 80.9 182.6 80.8 148.8

1995 97 140.6 94.6 175.8 93.2 148

1996 107 175.1 104.4 207.5 105.8 186

1997 92 155.4 99.3 205.6 97.3 179.9

1998 66.5 112.2 69.2 152.2 67.2 136.9

1999 94 133 98.5 157.2 93.3 143.9

2000 139 231.6 155.3 263.5 136 255.7

2001 116 192.4 129.7 244.7 112.8 227.5

2002 135 188.2 145.9 222.8 134 196

2003 151 230.4 166.3 265.2 160.2 265.1

2004 154 313.4 176.7 359.3 167.3 328.7

2005 236 458.4 256.6 500.1 248.3 508.5

2006 195 524.1 310.9 631.8 303 562.3

2007 347 571.3 373.7 664.7 351.8 608.6

2008 469 850.7 509.4 1037.7 496.8 933.2

2009 355 490.6 372.8 657 360.7 525

2010 452 667.1 468.2 712.9 449.3 683

2011 548 848.6 587.5 897.5 542.1 862.4

2012 585 920 606 1005 610 1005

2013 585 920 620 1010 580 985

2014 310 570 350 880 315 695

2015 140 311 170 560 140 360

2016 307 472 340 546 310 525

Aug-17 303 490 305 550 299 502

0

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D/t

on

Bunkers Cost (380 cst)

Rotterdam

Fujeirah

Houston

Average Trend

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US

D/t

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Bunkers Cost (MGO)

Rotterdam

Fujeirah

Houston

Average Trend


16

M A R K E T I N D I C A T O R S

GBP CAD EUR JPY CHF USD

AUD

GBP 1 0.61575 0.92329 0.00703 0.8072 0.77381 0.6143

CAD 1.62356 1 1.49919 0.1141 1.31069 1.25652 0.99751

EUR 1.08287 0.66685 1 0.00761 0.87422 0.83804 0.66532

JPY 142.23 87.59 131.33 1 114.82 110.07 87.38

CHF 1.23849 0.76269 1.14363 0.00871 1 0.95847 0.7609

USD 1.29211 0.79573 1.19312 0.00908 1.04311 1 0.79387

AUD 1.6273 1.00216 1.50272 0.1144 1.31371 1.25941 1 * 31/08/2017 values

60

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130

0.40

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1.00

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1.60

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USD

-JP

Y

USD

-EU

R

CurrenciesUSD-EUR

USD-JPY

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$/B

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Brent Oil


17

S T O C K W A T C H

NAME TICKER THIS MONTH* LAST MONTH CHANGE % 52w HIGH 52w LOW

Capital Product Partners CPLP 3.52 3.65 -3.6 4.00 2.73

Diana Shipping Inc. DSX 3.97 3.90 1.8 6.20 2.21

Dryships Inc. DRYS 2.72 1.76 54.5 799681.62 0.98

Dynagas LNG Partners LP DLNG 14.04 14.74 -4.7 17.93 12.76

Eagle Bulk Shipping Inc. EGLE 4.53 4.35 4.1 11.16 4.06

Euroseas Ltd. ESEA 1.48 1.39 6.5 8.07 1.04

Freeseas Inc. FREEF 0.00 0.00 0 38.00 0.00

Costamare Inc. CMRE 6.27 6.57 -4.6 9.54 5.07

Navios Maritime Holdings NM 1.54 1.28 20.3 2.40 0.95

GasLog Ltd. GLOG 16.80 17.90 -6.1 18.35 12.39

Paragon Shipping Inc. PRGNF 0.04 0.47 -91.5 56.97 0.01

Safe Bulkers Inc. SB 3.24 2.65 22.3 3.34 1.09

Star Bulk Carriers Corp. SBLK 11.41 10.42 9.5 13.40 4.03

Stealthgas Inc. GASS 3.22 3.00 7.3 4.78 2.65

TEN Inc. TNP 4.50 4.91 -8.4 5.41 3.92

TOP Ships Inc. TOPS 0.57 0.33 71.2 75607.10 0.47

Box Ships Inc. TEUFF 0.03 0.13 -73.2 1.97 0.00

Diana Containerships Inc. DCIX 0.56 0.52 7.7 7694.36 0.51

Danaos Corporation DAC 1.65 2.05 -19.5 4.40 1.25

Aegean Marine Petroleum ANW 5.05 4.80 5.2 13.10 4.20 * 31/08/2017 closing values

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Disclaimer: Information and data that appear in this report have been obtained from various sources which are believed to be

correct and reliable. However, Athenian Shipbrokers S.A. does not guarantee their accuracy or completeness and therefore cannot

be held liable for any loss incurred as a result of reliance in any way whatsoever on the information contained herein.

Kind Regards,

ATHENIAN SHIPBROKERS S.A.

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