nd th november 2015 | week 45 no ve mb er 2 01 5 | we ek€¦ · 06 nov 30 oct ±% 2015 2014 baltic...

1

06 Nov ±∆ ±%BDI 631 q -90 -12.5%

BCI 1,003 q -226 -18.4%

BPI 603 q -72 -10.7%

BSI 571 q -58 -9.2%

BHSI 323 q -26 -7.4%

W-O-W change

The steel market has made its way into the spot light this week, as several European

states have increased the pressure on ac!on to be taken against the excess dumping

of “cheep” Chinese steel into their markets. The supply glut has been around for some

!me now and while global steel produc!on has been on the decline for the most part

of 2015, it seems as though the market is s!ll out of balance and heavily over sup-

plied. Chinese steel produc!on for the year up un!l September has been down by 2%

compared to the same period last year and with China represen!ng just over 50% of

the global steel produc!on, this is a considerable drop in the total volume. However it

seems that in an effort to slow down its produc!on more gradually over the course of

the year, China has been pushing a large por!on of its excess supply onto other mar-

kets, causing a dras!c drop in the price of steel while hoping to retain if not increase

its market share. This has hit several of the higher costs producers, especially in Eu-

rope and the U.S. The U.S. and other countries have already taken steps in order to

prevent market distor!ons brought about by this “ar!ficially” low priced steel from

China, while pressure has been now moun!ng from the U.K and other E.U. member

states for similar ac!on to be taken within Europe as well.

With the Chinese steel industry already no!ng a strong decline this year and with

trade restric!ons now looking likely to push it into further decline, it looks as though

we will likely see a drop in trade not only for finished steel products out of China but

also in imports of both Iron ore and coking coal, with both these imports being the

main trades for the Capesize sector. A key point to note here is that despite the slow-

down in steel produc!on this year, China has s!ll managed to keep iron ore imports

on the rise, using the opportunity of the currently low commodity prices to not only

lower the average price of the stockpiles it held, but also increase the total volume of

those stockpiles in order to hedge any future upward shi$ in price. This has translated

into an es!mated 2% increase in the volume of iron ore imported into China since the

beginning of the year. The issue is that this rise has proved to be grossly inadequate in

keeping the freight market for Capes buoyant. The big losses in the volume of sea-

borne coal trade has proved costly and with less vessels now ac!vely involved in car-

rying coal to China there has been an increase in available tonnage compe!ng for the

same amount of iron ore cargoes. What makes this even more drama!c is that it has

been done despite the fact that the total capesize fleet has remained overall on par in

terms of vessel numbers with what it was in the final quarter of 2014.

Taking this into account and with expecta!ons now for a further slowdown in steel

produc!on (the level of which will obviously be dependent on the severity of any new

trade restric!ons brought about in the market) this will surely detriment things fur-

ther, something that will likely be reflected in the first quarter of 2016 which is sea-

sonally a low point in the market. Couple this with the fact that demand for industrial

commodi!es such as steel is not showing any poten!al for strong growth, as demand

from major economies such as China, Europe and the U.S. has been in decline, it looks

as though the Capesize market s!ll has a considerably large re-balancing act to make

moving forward and although the orderbook currently stands at 240 vessels

(equivalent to 16% of the current fleet) the number of vessels which are 20 years old

or over are only 116 .

George Lazaridis

Head of Market Research & Asset Valua!ons

02nd - 06th November 2015 | Week 45

Dry Bulk Freight Market

Secondhand Market

Newbuilding Market

Demoli!on Market

Economic Indicators

Tanker Freight Market

06 Nov ±∆ ±%BDTI 828 p 40 5.1%

BCTI 464 u 0 0.0%

W-O-W change

Avg Price Index (main 5 regions)

06 Nov ±∆ ±%Dry 246 p 3 1.2%

Wet 262 p 1 0.4%

W-O-W change

Aggregate Price Index

06 Nov ±∆ ±%Bulkers 80 q 0 -0.2%

Cont 100 q -3 -2.8%

Tankers 101 q -1 -0.7%

Gas 100 u 0 0.0%

M-O-M change

06 Nov ±∆ ±%Gold $ 1,089 q -52 -4.5%

Oil WTI $ 44 q -1 -2.9%

Oil Brent $ 47 q -1 -1.6%

Iron Ore 48 q -7 -12.5%

Coal 53 p 3 6.6%

M-O-M change

Aggregate Price Index

06 Nov ±∆ ±%Capesize 47 q -7 -12.9%

Panamax 44 q -5 -9.5%

Supramax 49 q -3 -6.7%

Handysize 55 q -4 -7.0%

M-O-M change

VLCC 108 q -2 -1.5%

Suezmax 97 q -2 -2.0%

Aframax 120 p 2 1.4%

MR 126 u 0 0.0%

02nd - 06th November 2015 | Week5 | We

2

2014 2015

02nd - 06th November 2015

Capesize - With ac!vity picking up in West Australia it seemed as though momen-

tum was slowly picking up despite an overall nega!ve week-on-week change in

rates being seen on the main freight rates. The issue is now, as to what extent this

momentum will be s!fled by the upcoming vaca!ons in Singapore, though never-

theless we should start to see slightly be'er interest levels being noted for the

rest of the November program.

Panamax - With limited trading and posi!on lists now considerably swollen both

in the Pacific and Atlan!c basins, the drop was considerable in overall freight rates

this week. Sen!ment is now at one of its lowest levels leaving owners cornered

when nego!a!ng with charterers and keeping a strong downward pressure for

most November dates.

Supramax - With the larger sizes seeping with pessimism and s!fled with excess

tonnage and limited fresh interest, the Supras were faced with equally grim pro-

spects as voyages in the Atlan!c were no!ng significant weakening in rates, while

the Pacific was unable to provide any improved prospects or support for that

ma'er.

Handysize - Handies seemed to have limited their drop this week compared to

the larger dry bulk size segments, though with the North Atlan!c being swamped

by a large number of open vessels in the area and with ac!vity in the U.S. Gulf not

showing the same glamour it was two months ago, it seems as though li'le could

be done here as well to slow down the descent.

0

10

20

30

40

50'000 US$/day

02nd - 06th Novemberer 2 2 2015 2015

06 Nov 30 Oct ±% 2015 2014

Baltic Dry IndexBDI 631 721 -12.5% 745 1,104

CapesizeBCI 1,003 1,229 -18.4% 1,061 1,961

BCI 5TC $ 7,358 $ 9,065 -18.8% $ 8,298 $ 15,278ATLANTIC RV $ 5,575 $ 7,455 -25.2% $ 8,382 $ 14,130

Cont / FEast $ 15,000 $ 18,075 -17.0% $ 16,934 $ 32,135PACIFIC RV $ 7,914 $ 8,900 -11.1% $ 7,686 $ 14,319

FEast / ECSA $ 8,241 $ 10,109 -18.5% $ 8,719 $ 13,932Panamax

BPI 603 675 -10.7% 732 964BPI - TCA $ 4,823 $ 5,398 -10.7% $ 5,845 $ 7,714

ATLANTIC RV $ 4,535 $ 5,040 -10.0% $ 6,387 $ 6,861Cont / FEast $ 9,895 $ 10,805 -8.4% $ 11,078 $ 15,315PACIFIC RV $ 4,213 $ 5,003 -15.8% $ 5,344 $ 7,844

FEast / Cont $ 649 $ 743 -12.7% $ 571 $ 835Supramax

BSI 571 629 -9.2% 696 939BSI - TCA $ 5,971 $ 6,575 -9.2% $ 7,277 $ 9,816

Cont / FEast $ 9,350 $ 10,100 -7.4% $ 10,265 $ 14,974Med / Feast $ 9,307 $ 10,286 -9.5% $ 9,703 $ 13,840PACIFIC RV $ 5,233 $ 5,496 -4.8% $ 6,169 $ 8,873

FEast / Cont $ 3,310 $ 3,648 -9.3% $ 5,111 $ 6,179USG / Skaw $ 9,031 $ 10,000 -9.7% $ 11,618 $ 14,638Skaw / USG $ 2,993 $ 3,929 -23.8% $ 4,066 $ 4,971

HandysizeBHSI 323 349 -7.4% 378 523

BHSI - TCA $ 4,722 $ 5,087 -7.2% $ 5,569 $ 7,680Skaw / Rio $ 3,770 $ 4,250 -11.3% $ 3,893 $ 5,625

Skaw / Boston $ 4,133 $ 4,608 -10.3% $ 4,152 $ 5,273Rio / Skaw $ 6,783 $ 7,456 -9.0% $ 9,181 $ 10,072

USG / Skaw $ 6,014 $ 6,471 -7.1% $ 7,579 $ 10,743SEAsia / Aus / Jap $ 3,829 $ 3,936 -2.7% $ 4,293 $ 7,022

PACIFIC RV $ 4,707 $ 5,021 -6.3% $ 5,581 $ 7,840

Spot market rates & indices Average

0

1,000

2,000

3,000

4,000

BDI BCI BPI BSI BHSI

0

5

10

15'000 US$/day

0

5

10

15'000 US$/day

0

3

6

9

12

15'000 US$/day

3

2014 2015

Crude Oil Carriers - A sudden demand surge and be'er reposi!oning of vessels

was enough to give a good boost to the VLCC market which witnessed a strong

improvement this week sending rates for Eastbound voyages from the MEG back

into the high 60’s—70’s range, while a lack in available tonnage in the WAF

pushed the few reported fixtures into the US$ +100,000pd range. Things were

not as rosy however for the smaller Suezmaxes and Aframaxes were despite some

small gains made in the Black Sea /Med region and Caribs, it looked as though

things s!ll felt fairly se'led overall at their current freight rate mark.

Oil Products - There was s!ll nega!ve pressure being felt in the U.S. Gulf, while

there was only a hint of an incline towards slightly increased levels being noted ex

-Con!nent. The main gains were being seen in the Caribs region thanks to limited

supply of open tonnage, while the limited price arbitrage between regions meant

that demand remained stale in the Black Sea/Med and MEG regions.

02nd - 06th November 2015 02nd - 06th NoNovevevember 2015 vembervembervemb

06 Nov 30 Oct ±% 2015 2014

Baltic Tanker IndicesBDTI 828 788 5.1% 806 777BCTI 464 464 0.0% 653 602

VLCCWS 37.29 30.63 21.7% 34.65 28.24

$/day $ 37,322 $ 26,869 38.9% $ 28,135 -$ 6,110WS 68.00 58.11 17.0% 61.92 48.36

$/day $ 67,342 $ 56,486 19.2% $ 57,815 $ 37,314WS 66.50 56.68 17.3% 60.62 47.70

$/day $ 75,301 $ 61,581 22.3% $ 63,992 $ 25,202WS 77.50 72.75 6.5% 71.16 57.22

$/day $ 100,523 $ 92,721 8.4% $ 70,745 $ 32,821SUEZMAX

WS 92.50 107.50 -14.0% 81.23 75.11$/day $ 57,262 $ 68,097 -15.9% $ 45,707 $ 27,044

WS 109.73 105.45 4.1% 89.68 82.23$/day $ 62,325 $ 58,489 6.6% $ 44,432 $ 26,364

AFRAMAXWS 115.00 115.28 -0.2% 110.44 109.50

$/day $ 41,540 $ 41,456 0.2% $ 35,960 $ 23,581WS 97.61 89.00 9.7% 111.28 107.79

$/day $ 26,995 $ 23,460 15.1% $ 30,367 $ 16,427WS 148.61 132.78 11.9% 131.38 127.51

$/day $ 44,795 $ 38,063 17.7% $ 36,625 $ 24,895WS 100.00 100.28 -0.3% 92.92 89.14

$/day $ 49,069 $ 49,403 -0.7% $ 43,081 $ 29,167DPP

WS 150.00 112.50 33.3% 134.51 139.78$/day $ 36,064 $ 23,591 52.9% $ 28,770 $ 21,213

WS 121.75 113.50 7.3% 121.41 127.00$/day $ 31,817 $ 28,424 11.9% $ 29,152 $ 19,144

WS 94.88 92.88 2.2% 109.85 96.35$/day $ 29,957 $ 29,034 3.2% $ 34,980 $ 17,892

WS 105.89 106.61 -0.7% 106.89 104.64$/day $ 35,565 $ 35,579 0.0% $ 34,459 $ 21,008

CPPWS 69.89 76.11 -8.2% 109.56 96.90

$/day $ 16,554 $ 18,927 -12.5% $ 29,815 $ 14,208WS 105.45 97.95 7.7% 138.49 123.74

$/day $ 13,631 $ 12,064 13.0% $ 19,215 $ 9,516WS 100.00 100.00 0.0% 132.14 110.57

$/day $ 14,780 $ 14,547 1.6% $ 21,232 $ 7,995WS 57.14 62.50 -8.6% 95.27 92.94

$/day $ 4,435 $ 5,465 -18.8% $ 11,127 $ 3,442

BALTIC-UKC

ARA-USG

Spot market rates & indices Average

MED-MED

CONT-USAC

USG-CONT

MEG-USG

MEG-SPORE

WAF-USG

BSEA-MED

MEG-SPORE

MEG-JAPAN

WAF-USAC

NSEA-CONT

CARIBS-USG

CARIBS-USAC

SEASIA-AUS

MEG-JAPAN

CARIBS-USAC

450

650

850

1,050

1,250

1,450

BDTI BCTI

-100

102030405060708090

'000 US$/day

-25

0

25

50

75

100'000 US$/day

0

20

40

60

80

100'000 US$/day

5101520253035

'000 US$/day

4

last 5 years

06 Nov 02 Oct ±% Min Avg Max

VLCC

$ 50,000 $ 52,500 -4.8% $ 18,000 $ 29,722 $ 55,000

$ 43,250 $ 42,500 1.8% $ 22,000 $ 31,967 $ 45,000

Suezmax

$ 39,000 $ 36,000 8.3% $ 15,250 $ 22,973 $ 42,500

$ 33,500 $ 33,500 0.0% $ 17,000 $ 24,385 $ 35,000

Aframax

$ 30,000 $ 30,000 0.0% $ 13,000 $ 17,273 $ 30,000

$ 26,750 $ 27,000 -0.9% $ 14,750 $ 18,609 $ 27,000

MR

$ 19,500 $ 19,500 0.0% $ 12,500 $ 14,418 $ 21,000

$ 17,500 $ 17,500 0.0% $ 13,500 $ 14,940 $ 18,250

12 months

36 months

Tanker period market TC rates

12 months

36 months

12 months

36 months

12 months

36 months

last 5 years


Capesize

$ 9,500 $ 13,000 -26.9% $ 7,950 $ 19,025 $ 40,200

$ 10,250 $ 11,750 -12.8% $ 9,950 $ 18,749 $ 33,700

Panamax

$ 7,250 $ 8,250 -12.1% $ 6,450 $ 13,494 $ 30,450

$ 8,000 $ 8,750 -8.6% $ 7,950 $ 13,030 $ 22,450

Supramax

$ 7,250 $ 8,250 -12.1% $ 7,200 $ 12,732 $ 24,950

$ 7,500 $ 8,250 -9.1% $ 7,450 $ 12,293 $ 18,700

Handysize

$ 7,000 $ 7,000 0.0% $ 6,200 $ 10,194 $ 18,700

$ 7,250 $ 7,250 0.0% $ 6,950 $ 10,325 $ 15,200

36 months

12 months

36 months

36 months

12 months

36 months

12 months

12 months

Dry Bulk period market TC rates last 5 yearsDry Bulk period market TC rates


Latest indica!ve Dry Bulk Period Fixtures

Latest indica!ve Tanker Period Fixtures


81012141618202224262830

6

7

8

9

10

11

12

13

7

8

8

9

9

10

10

11

6

7

8

9

10

11

20

25

30

35

40

45

50

55

60

15

20

25

30

35

40

45

12

17

22

27

32

1213141516171819202122M/T ''BUNGA KASTURI ENAM'', 298500 dwt, built 2008, $42,500, for 2

years trading, to VALERO

M/T ''TRIATHLON'', 164000 dwt, built 2002, $34,900, for 18 months

trading, to KOCH

M/T ''RAYSUT'', 104000 dwt, built 2009, $28,000, for 1 year trading, to

KOCH

M/T ''ARCITC FLOUNDER'', 74900 dwt, built 2009, $23,000, for 18 months

trading, to LITASCO

M/T ''MARLIN AMETRINE'', 50000 dwt, built 2015, $17,000, for 3-5 years

trading, to TRAFIGURA

M/V ''DREAM CANARY'', 180002 dwt, built 2015, dely Amsterdam 12/15

Nov, $11,250, for 11/14 months trading, to SwissMarine

M/V ''ALPHA PRUDENCE'', 178002 dwt, built 2007, dely Fangcheng 15/20

Nov, $9,000, for 3/6 months trading, to Pacific Bulk

M/V ''MAIA'', 82193 dwt, built 2009, dely Butterworth in d/c about 10

Nov, $7,500, for 17/21 months trading, to RWE

M/V ''MACHERAS'', 81000 dwt, built 2015, dely Zhanjiang 07/09 Nov,

$7,900, for 4/7 months trading, to Marubeni

M/V ''KM IMBARI'', 76619 dwt, built 2009, dely Zhangiang 07/12 Nov,

$6,500, for 4/6 months trading, to MOL

5

Reported Transac!ons

Gas carriers took center stage this week as the emergence of a num-

ber of VLGCs increased their orderbook tally while giving an essence

of the bullish sen!ment being noted in these large LPGs. We also

witnessed two orders for MR tankers, one placed by Stena Bulk at

China’s CSSC group while the other being op!ons declared by Scor-

pio Tankers which seems to be shi$ing its focus once again on its

MR fleet. Nevertheless, the volume of ac!vity is s!ll marginal and

with pressure s!ll moun!ng on shipbuilders, further price drops

were being noted on quoted figures by shipbuilders. It looks as

though this slow downward trend will likely con!nue, especially for

dry bulkers were ac!vity this year has been almost negligible. The

price gap between a newbuilding and a secondhand con!nues to

remain wide, while the further drop in secondhand prices being not-

ed is preven!ng any sort of catch up by shipbuilders despite the de-

creases already noted since early September.



10

20

30

40

50

60

Capesize Panamax Supramax Handysize

US$ million

30

50

70

90

110VLCC Suezmax Aframax LR1 MR

US$ million

Indicative Dry NB Prices (US$ million) last 5 years


Dry Bulkers

Capesize (180,000dwt) 47.0 47.5 -1.1% 46.0 52.0 60.0

Kamsarmax (82,000dwt) 26.5 26.5 0.0% 26.5 30.6 38.0

Panamax (77,000dwt) 26.0 26.0 0.0% 25.8 29.4 34.5

Ultramax (64,000dwt) 24.5 24.5 0.0% 24.3 27.3 32.0

Handysize (37,000dwt) 20.5 20.5 0.0% 20.5 23.2 27.8

Container

Post Panamax (9,000teu) 88.0 88.0 0.0% 76.5 87.3 97.0

Panamax (5,200teu) 56.0 57.5 -2.6% 48.6 57.8 65.6

Sub Panamax (2,500teu) 29.5 30.0 -1.7% 29.5 33.6 41.5

Feeder (1,700teu) 20.5 22.0 -6.8% 20.5 24.8 29.8

Indicative Wet NB Prices (US$ million) last 5 years


Tankers

VLCC (300,000dwt) 95.0 95.5 -0.5% 89.5 97.6 107.5

Suezmax (160,000dwt) 63.5 64.5 -1.6% 55.8 62.2 68.0

Aframax (115,000dwt) 52.3 53.0 -1.4% 47.0 52.4 58.0

LR1 (75,000dwt) 45.8 45.8 0.0% 40.5 44.1 47.0

MR (56,000dwt) 35.5 35.5 0.0% 33.5 35.3 37.3

Gas

LNG 160k cbm 200.0 200.0 0.0% 198.0 200.9 211.5

LPG LGC 80k cbm 77.0 77.0 0.0% 69.5 73.5 80.0

LPG MGC 55k cbm 67.5 67.5 0.0% 62.0 64.4 68.5

LPG SGC 25k cbm 45.0 45.0 0.0% 41.0 44.3 46.5

Type Units Size Shipbuilder Price Buyer Delivery Comments

TANKER 3+2 50,000 dwt CSSC OFFSHORE, China $ 40.0m STENA BULK AB - Sweden 2017/2018

TANKER 4 50,000 dwt HYUNDAI MIPO, S. Korea $ 36.0m SCORPIO - Monaco 2017 options declared

CONT 2 3,800 teuJIANGSU NEW YANGZIJIANG,

China$ 42.0m COSTAMARE - Greece 2017

GAS 1 84,000 cbm HYUNDAI H.I, S. Korea $ 77.0m KSS LINE - S. Korea 2017

GAS 2 84,000 cbm JIANGNAN SHIPYARD, China N/ANAFTOMAR SHIPPING &

TRADING - Greece2017

GAS 1 83,000 cbm MITSUBISHI H.I, Japan N/A ASTOMOS ENERGY - Japan 2018

GAS 2 82,200 cbm KAWASAKI H.I, Japan N/A ASTOMOS ENERGY - Japan 2019

GAS 1 82,200 cbm KAWASAKI H.I, Japan N/A KUMIAI NAVIGATION - Japan 2019

6

Indicative Dry Bulk Values (US$ million)


CapesizeResale 44.0 46.0 -4.3% 36.0 53.2 74.0

5 year old 29.0 35.0 -17.1% 29.0 41.9 61.010 year old 16.5 20.0 -17.5% 16.5 29.7 45.515 year old 9.0 10.5 -14.3% 9.0 18.1 29.5

PanamaxResale 27.5 28.0 -1.8% 24.5 33.7 46.0


SupramaxResale 24.5 25.5 -3.9% 23.5 31.0 40.0


HandysizeResale 21.0 21.0 0.0% 21.0 24.6 30.0


last 5 years



Correc!on: further to our last week’s report, it has come to our

a"en!on that the reported sale of the M/V DAUNTLESS (28K dwt,

blt Japan 2002) has been falsely rumored in the market.

Ac!vity in the dry bulk market was noted in all size segments this

week with par!cular focus being made on the more modern units

available in the market. This is likely to con!nue to be the prevailing

trend, as we have seen a strong number of modern units enter the

market, while the ample supply will likely push for even further price

decreases at least in the near term.

On the tanker side, it seemed as though the much an!cipated price

correc!ons started to reveal themselves in actual market transac-

!ons while the ac!vity being noted in the larger crude oil carriers

pointed to a more realis!c approach from sellers.

-17%

-6%

-12%

-31%-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%

1 month diff 3 months diff6 months diff 12 months diff

-11%

-3% -3%

-22%-25%

-20%

-15%

-10%

-5%

0%


-6%

+3%

-6%

-32%-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%


-12% -12%-15%

-36%-40%

-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%


Indicative Tanker Values (US$ million)


VLCCResale 100.0 105.0 -4.8% 80.0 97.3 117.0

5 year old 79.0 80.0 -1.3% 55.0 72.2 91.010 year old 55.0 55.0 0.0% 33.8 48.4 65.015 year old 38.0 38.0 0.0% 16.9 27.0 41.0

SuezmaxResale 69.0 72.0 -4.2% 53.0 65.1 74.5

5 year old 59.0 61.0 -3.3% 38.0 51.3 63.410 year old 42.0 42.0 0.0% 24.0 35.0 46.015 year old 22.0 22.0 0.0% 14.0 19.5 26.6

AframaxResale 56.0 56.0 0.0% 39.0 49.5 60.0

5 year old 46.0 45.0 2.2% 27.0 37.6 47.010 year old 31.0 30.0 3.3% 16.0 24.6 33.015 year old 17.0 17.0 0.0% 8.0 13.3 18.5

MRResale 38.5 38.5 0.0% 32.0 36.6 39.3

5 year old 29.0 29.0 0.0% 22.0 26.8 30.510 year old 20.0 20.0 0.0% 13.8 17.7 20.415 year old 13.5 13.5 0.0% 9.0 11.0 13.8

last 5 years

-1%

-6%

-2%

+3%

-7%-6%-5%-4%-3%-2%-1%0%1%2%3%4%


-3% -3%

+0%

+9%

-4%

-2%

0%

2%

4%

6%

8%

10%


+2%

+0%

+2%

+10%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%


+0%

+4%

+7%

+14%

0%

2%

4%

6%

8%

10%

12%

14%

16%


7

02nd - 06th November 2015 02nd - 06th November 2015

Size Name Dwt Built Shipbuilder M/E Coating Price Buyers Comments

VLCC COSMIC JEWEL 300,955 1997 MITSUBISHI

NAGASAKI, JapanMitsubishi $ 30.2m Chinese - CSSC

SUEZ MINDANAO 159,211 1998 DAEWOO HEAVY,

S. KoreaB&W $ 21.0m Far Eastern

SUEZ AL MUBARAKAH 149,258 1994 FINCANTIERI

BREDA VEN, ItalySulzer $ 13.2m Indian - Arya Shipping DD due Nov '15

LR EXPLORER 105,715 1999 NAMURA, Japan SulzerZINC

Coated$ 15.75m undisclosed IMO III

MR FRIDA MAERSK 31,687 2001

HANJIN HI &

CONST - BU, S.

Korea

B&WZINC

Coated$ 12.4m Far Eastern - Unkown IMO II

PROD/

CHEMARDMORE CALYPSO 17,589 2010

SAMHO SHIP

TONGYONG, S.

Korea

MAN-B&WEPOXY

PHEN$ 19.0m

PROD/

CHEMARDMORE CAPELLA 17,567 2010

SAMHO SHIP

TONGYONG, S.

Korea

MAN-B&WEPOXY

PHEN$ 19.0m

PROD/

CHEMGOLDEN TIFFANY 16,466 1998

KURINOURA

YAWATAHAMA,

Japan

Mitsubishi StSt $ 8.0m S. Korean

PROD/

CHEMDALE 13,032 2007 INP, S. Korea MAN-B&W

EPOXY

PHENN/A Turkish - Chemfleet

PROD/

CHEMGOLDEN TOP 12,705 2004

HAKATA HAKATA,

JapanMAN-B&W StSt $ 12.0m undisclosed

SMALL SINAR BUKOM 3,097 1990 YAMANAKA, Japan Akasaka ZS $ 0.4m

Singaporean -

Samudera Energy

Limited

Size Name Dwt Built Shipbuilder M/E Gear Price Buyers Comments

CAPE AURORA VENUS 180,274 2009 KOYO

MIHARA, JapanMAN-B&W $ 25.0m U. K. Based - Zodiac

CAPE CHURCHILL BULKER 179,362 2011 HYUNDAI HEAVY

INDUSTRI, S. KoreaMAN-B&W $ 28.5m Greek - Diana

POST

PMAXWELSUCCESS 93,328 2010

JIANGSU NEW

YANGZIJIAN, ChinaMAN-B&W $ 14.0m undisclosed

PMAXBRUNHILDE

SALAMON75,940 2001

KANASASHI HEAVY

TOYOHA, JapanMAN-B&W $ 5.1m Chinese

SMAX GALVESTON 51,201 2002 NEW CENTURY,

ChinaMAN-B&W

4 X 30t

CRANESN/A

SMAX BYRON 51,187 2003 NEW CENTURY,

ChinaMAN-B&W

4 X 30t

CRANESN/A

HMAX PACIFIC EMERALD 49,016 1996

OSHIMA

SHIPBUILDING,

Japan

B&W4 X 35t

CRANES$ 3.7m undisclosed

HANDY GREAT DREAM 33,745 2004

OSHIMA

SHIPBUILDING,

Japan

MAN-B&W4 X 30t


Tankers

Bulk Carriers

Ukrainian

undisclosed

8


Type Name Dwt Built Shipbuilder M/E Gear Price Buyers Comments

General

CargoHONG 19,347 2010

HUDONG-

ZHONGHUA

SHIPBU, China

MAN-B&W

2 X 700t

CRANES,

1 X 180t

CRANES

$ 26.5m undisclosed Ice Class 1A

Size Name TEU Built Shipbuilder M/E Gear Price Buyers Comments

PMAX JOSEPH CONRAD 4,249 2010 JIANGSU NEW

YANGZIJIAN, ChinaMAN-B&W $ 16.0m German

SUB

PMAX

E.R.

WILHELMSHAVEN2,496 2002 SSW, Germany Sulzer

3 X 45t


Gen. Cargo

Containers

9

With minimal interest amongst owners to push their overage assets

to the market and with increased appe!te amongst Bangladeshi and

Pakistani buyers, the market noted a slight upward movement mostly

thanks to increased compe!!on amongst the few end buyers who

were ac!ve in the market this week. Despite this Indian buyers were

mostly absent from the ac!vity taking on this week while their num-

bers were considerably lacking compared to the rest of the Indian

Sub-Con!nent. Eyes are now set on any poten!al by local govern-

ments in the area to counter the large “dumping” of cheep Chinese

steel in the market, something that could poten!ally note a slight

improvement in the overall fundamentals. Even with this however

the downward pressure is looking set to con!nue keeping prices

fairly level to where they are now if not lower. The bigger issue will

start to be the increasing strength of the dollar, which has the poten-

!al of pushing things below the current “floor” if it con!nues on its

current roll.


Reported Transac!ons

100150200250300350400450500

Bangladesh India Pakistan China Turkey

US$/ldt

100150200250300350400450500

Bangladesh India Pakistan China Turkey

US$/ldt

Indicative Wet Prices ($/ldt) last 5 years


Indian Sub Continent

Bangladesh 330 325 1.5% 280 438 540

India 310 310 0.0% 300 445 550

Pakistan 325 325 0.0% 300 441 525

Far East Asia

China 155 155 0.0% 140 352 485

Mediterranean

Turkey 190 190 0.0% 165 291 355

Indicative Dry Prices ($/ldt) last 5 years


Indian Sub Continent

Bangladesh 315 305 3.3% 250 415 515

India 295 295 0.0% 280 420 525

Pakistan 310 305 1.6% 285 415 510

Far East Asia

China 135 135 0.0% 120 334 455

Mediterranean

Turkey 175 175 0.0% 155 280 355

Type Vessel's Name Dwt Built Country Built Ldt US$/ldt Buyer Sale Comments

Bulker PANAMAX BLESSING 69,997 1996 China 12,178 $ 320/Ldt Pakistani

Bulker PANAMAX APPLAUSE 69,123 1997 Japan 9,737 $ 320/Ldt Pakistani

Bulker SEA VENUS 68,849 1990 Japan 9,937 $ 315/Ldt Pakistani

Cont PUSAN 63,645 1997 S. Korea 18,851 $ 315/Ldt undisclosed bss 'as is' S'pore, incl. 69tns propeller

Cont EVER RACER 57,904 1994 Japan 22,144 $ 323/Ldt undisclosed bss 'as is' S'pore

Cont MSC CHALLENGER 37,915 1986 Japan 14,966 $ 336/Ldt Bangladeshi

10

400

450

500

550

600

650

700

750

800


US Dollar per Euro Yen per US Dollar

Iron Ore (TSI) Coal Price Index

Yuan per US Dollar US Dollar INDEX

Oil WTI $ Palm Oil

02nd 06th November 2015

Teekay Corp announced a $200m bond sale Friday that it will use to

pay down exis!ng debt and to replenish cash.

The New York-listed tanker giant and offshore vessel owner, which

oversees a stable of separately listed daughter companies, said the

senior unsecured notes will be sold in a private offering.

The notes are an add-on to an exis!ng series carrying an 8.5% coupon

rate and a 2020 maturity date. Teekay said the proceeds will pay the

remaining debt on a $500m credit facility, in addi!on to restore cash

used to pay off Norwegian kroner-denominated bonds that matured in

October.

The company said the new offering is subject to market condi!ons.

The announcement comes a day a$er Teekay reported a group-wide,

bo'om-line net loss of $16.6m during the third quarter, flipping net

income of $87.8m a year earlier. But the result translated an adjusted

profit of $2.83m, reversing an adjusted loss of $12.6m a year earlier.

The adjusted earnings were broadly in line with analyst expecta!ons .

Source: Tradewinds

1.05

1.10

1.15

1.20

1.25

1.30

1.35

1.40

95.00

100.00

105.00

110.00

115.00

120.00

125.00

130.00

6.006.056.106.156.206.256.306.356.406.45

84.00

89.00

94.00

99.00

104.00

109.00

40.00

50.00

60.00

70.00

80.00

90.00

100.00

45.00

50.00

55.00

60.00

65.00

70.00

40.0045.0050.0055.0060.0065.0070.0075.0080.0085.00


Markets

10year US Bond 2.33 1.99 17.1% 1.67 2.14 2.48

S&P 500 2,099.2 1,951.4 7.6% 1,868 2,060 2,131

Nasdaq 5,147.1 4,707.8 9.3% 4,506 4,895 5,219

Dow Jones 17,910.3 16,472.4 8.7% 15,666 17,611 18,312

FTSE 100 6,353.8 6,130.0 3.7% 5,899 6,646 7,104

FTSE All-Share UK 3,483.5 3,370.7 3.3% 3,246 3,605 3,834

CAC40 4,984.2 4,458.9 11.8% 4,005 4,753 5,269

Xetra Dax 10,988.0 9,553.1 15.0% 9,211 10,789 12,375

Nikkei 19,265.6 17,725.1 8.7% 176 18,801 20,868

Hang Seng 22,867.3 21,506.1 6.3% 20,557 24,528 28,443

DJ US Maritime 220.9 203.5 8.5% 198.0 253.3 348.8

Currencies

$ per € 1.09 1.12 -2.9% 1.06 1.13 1.25

$ per ₤ 1.51 1.52 -0.3% 1.46 1.54 1.59

₤ per € 0.72 0.74 -2.5% 0.70 0.74 0.80

¥ per $ 122.1 120.0 1.8% 114.4 120.4 125.1

$ per Au$ 0.71 0.70 1.2% 0.69 0.77 0.87

$ per NoK 0.12 0.12 -1.8% 0.12 0.13 0.15

$ per SFr 1.00 0.98 2.3% 0.86 0.96 1.02

Yuan per $ 6.35 6.35 0.0% 6.13 6.23 6.41

Won per $ 1,144.2 1,179.2 -3.0% 1,069.2 1,122.2 1,203.3

$ INDEX 104.8 103.4 1.4% 94.2 101.4 105.5

Commoditites

Gold $ 1,088.9 1,140.8 -4.5% 1,080.8 1,176.3 1,295.8

Oil WTI $ 44.3 45.6 -2.9% 38.8 52.9 78.7

Oil Brent $ 47.4 48.2 -1.6% 43.3 58.0 83.4

Palm Oil 547.8 546.8 0.2% 437.5 597.4 735.0

Iron Ore 47.7 54.5 -12.5% 44.1 60.5 82.2

Coal Price Index 53.0 49.7 6.6% 48.0 59.5 68.5

White Sugar 400.9 378.4 5.9% 333.6 381.0 449.4

last 12 months

11

AERAKIS GEORGEMOBILE: +30 6946 04 57 37

BOLIS ILIASMOBILE: +30 6937 02 65 00

DASKALAKIS GEORGEMOBILE: +30 6932 24 80 07

DRAKOGIANNOPOULOS STAVROSMOBILE: +30 6932 20 15 65

DRAKOGIANNOPOULOS SAKISMOBILE: +30 6944 88 58 08

HATZIGEORGIOU NASSOSMOBILE: +30 6944 73 33 93

KARADIMAS COSTASMOBILE: +30 6932 20 15 64

KLONIZAKIS JOHNMOBILE: +30 6948 50 55 81

KOSTOYANNIS JOHNMOBILE: +30 6932 43 39 99

MANOLAS NIKOLASMOBILE: +30 6940 63 22 56

MOISSOGLOU THEODOROSMOBILE: +30 6932 45 52 41

PAPOUIS THASSOSMOBILE: +30 6944 29 49 89

PRACHALIAS ARGIRISMOBILE: +30 6947 62 82 62

STASSINAKIS JOHNMOBILE: +30 6972 60 92 09

TOBALOGLOU EVAGELOSMOBILE: +30 6932 40 56 20

TSALPATOUROS COSTISMOBILE: +30 6932 20 15 63

VARVAROS PLUTONMOBILE: +30 6937 25 15 15

LAZARIDIS GEORGE MOBILE: +30 6946 95 69 40

Maritime Research & Valuations

Sale & PurchaseALEXOPOULOS PANOS

MOBILE: +30 6944 34 66 15

DAOULAS SPYROS MOBILE: +30 6932 27 88 40

KANELLOS DIMITRIS MOBILE: +30 6945 07 47 85

KAPPA ANGELIKI MOBILE: +30 6975 85 60 84

KARAMANIS COSTASMOBILE: +30 6941 54 14 65

KARAMANI NATALIA MOBILE: +30 6984 58 82 99

MANOLOPOULOS VASSILISMOBILE: +30 6988 88 13 05

MAVRIKOU GEORGINA MOBILE: +30 6974 18 07 84

PATELIS DIMITRIS MOBILE: +30 6944 04 43 61

THEODOTOS ARISTOFANIS MOBILE: +30 6951 79 82 89

TSALPATOUROU MARGARITA MOBILE: +30 6934 74 22 16

FLOURIS JOHN MOBILE: +30 6955 80 15 03

FOUROULI STELLA MOBILE: +30 6947 35 68 48

PAPANTONOPOULOS NICOLAS MOBILE: +30 6945 23 21 88

Dry Cargo Chartering

Tanker Chartering

ALLIED SHIPBROKING INC. 48, Aigialeias Street, 4th Floor, Maroussi 151 25, Greece Tel: +30 210 45 24 500 Fax: +30 210 45 25 017/ 019 E-mail: [email protected]

ALLIED CHARTERING S.A. 48, Aigialeias Street, 4th Floor, Maroussi 151 25, Greece Tel : +30 210 42 88 100 Fax: +30 210 45 24 201

E-mail: [email protected]

E-mail: [email protected]


12

Disclaimer

The informa!on contained within this report has been provided by Allied Shipbroking Inc. and Allied Chartering S.A. for general informa!on

purposes.

All the informa!on is compiled through Allied Shipbroking Inc. and Allied Chartering S.A. databases, as well as from other market sources. De-

spite having taken reasonable care in the gathering, filtering and audi!ng of this informa!on and believing that the informa!on is accurate and

correct, it may s!ll contain errors, as a lot of the views regarding market levels are par!ally derived from es!mates and/or subject judgments

while the reported transac!on ac!vity is gathered from several sources and rumors, some of which are some!mes hard to validate in full their

accuracy and truthfulness. As such we advise that the informa!on be taken cau!ously, while advising that this informa!on does not obviate the

need to also make further enquiries and seek further informa!on in order to obtain a more accurate outlook. As we make no warran!es of any

kind, both expressed or implied, as to the completeness, accuracy, reliability or completeness of the informa!on herein, Allied Shipbroking Inc.

and its connected persons shall not be held liable to any loss or damage of any kind, including direct, indirect and/or consequen!al damages

caused by negligence of any kind on our part.

Any choice to rely on this informa!on provided is strictly at the recipient’s own risk.

This report and its informa!on is confiden!al and solely for the internal use of its recipients, while any re-produc!on or re-distribu!on of the

report and its material is strictly prohibited without prior permission from Allied Shipbroking Inc.

If you wish to subscribe to this or any other report we produce, please contact us directly.

Appendix

Aggregate Price Index quoted on the first page for both Newbuilding and Secondhand relates to the current average prices levels compared to

where they stood at 1st January 2010 (i.e. index 100 = 01/01/2010)

Demoli!on market average price index refers to the combina!on of the average prices currently offered in the Indian Sub-Con!nent, Far East

and Mediterranean.

Period rates currently relate to Capesize of 180,000dwt, Panamax of 76,000dwt, Supramax of 56,000dwt and Handysize of 33,000dwt on the

Dry Bulk side and VLCC of 250,000dwt, Suezmax of 150,000dwt, Aframax of 115,000dwt and MR of 52,000dwt on the Tankers side respec-

!vely.

In terms of Secondhand Asset Prices their levels are quoted based on following descrip!on:

All vessels built to European specifica!ons

by top Japanese shipbuilders, with dwt size

based on the below table.


Resale 5 year old 10 year old 15 year old

Capesize 180,000dwt 170,000dwt 170,000dwt 150,000dwt

Panamax 82,000dwt 76,000dwt 75,000dwt 73,000dwt

Supramax 64,0000dwt 56,000dwt 52,000dwt 52,000dwt

Handysize 35,000dwt 32,000dwt 32,000dwt 28,000dwt

VLCC 310,000dwt 310,000dwt 250,000dwt 250,000dwt

Suezmax 160,000dwt 150,000dwt 150,000dwt 150,000dwt

Aframax 110,000dwt 110,000dwt 105,000dwt 95,000dwt

MR 52,000dwt 45,000dwt 45,000dwt 45,000dwt

nd th november 2015 | week 45 no ve mb er 2 01 5 | we ek€¦ · 06 nov 30 oct ±% 2015 2014 baltic...

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