spot market rates & indices · 1 15 may ±∆ ±% bdi 634 s 60 10.5% bci 954 s 338 54.9% bpi...

1

15 May ±∆ ±%BDI 634 p 60 10.5%

BCI 954 p 338 54.9%

BPI 579 q -15 -2.5%

BSI 628 p 10 1.6%

BHSI 327 q -2 -0.6%

W-O-W change

With the global glut in dry bulk commodities seemingly determined to stay for a while,

difficulties keep propping up around most major traders. On the iron ore front and de-

spite the short rally in freight rates noted this past week, troubles keep on circulating

the major Australian and Brazilian producers, while other regions such as West Africa

have seen their iron ore exporting ambitions dwindled. Yet through all this, it seems

there is one part of the dry bulk trade that could possibly continue to ramp up even

during downward trends. Agricultural commodities and in particular grains such as

wheat, soybeans, rice and sugar are a vital part of human sustenance and as such are

more directly linked with world population growth rather than economic growth. Their

importance has been well acknowledged by most governments for centuries, with most

keeping strict observation on their internal production as well as stockpiling reserves

as a safety guard against bad harvests, droughts and the inevitable famine they may

bring about. In the past this had pushed most of the major closed economies (USSR,

China etc.) to plan for self-reliance and provide strong financial backing for their agri-

culture. However with the dawn of the 21st Century, the growing opening of trade has

pushed most to find ways to open this heavily protected industry to global competition

despite it being one of the last strongholds of protectionism.

China which is the world’s second largest economy has instinctively held on to the Mao

principles of self-reliance for food produce, making it one of the world’s largest provid-

ers of farm subsidies and in turn one of the world’s largest producers despite its lacking

farm yield growth and output plateau over the past couple of years. Yet it seems that a

mood for change is in the air. It is not something that can be expected soon as the main

government line is still for an 85% of its annual consumption to be met by domestic

production. Nevertheless, China has also become the world’s largest importer of agri-

cultural produce and as its population becomes more well-off, it will inevitably bring

about one of the largest shifts in global agricultural trade. At the same time, it will be

the ever rising costs in local production that will inevitably push the Chinese govern-

ment to soften much of its protectionist measures. The rapid rise in labour costs cou-

pled with issues brought recently upon the seasonal inflow of migrant farm workers

from outside China, will mean that the absolute influence of each dollar spent on agri-

cultural subsidies will be ever less effective. It is already the case that imports, which

face large freight costs and import taxes are still considerably cheaper than local pro-

duce especially for commodities such as cane sugar. At the same time, the recent scan-

dals that have broken out regarding corruption within the purchasing of reserves by

government officials may provide added pressure for relaxing of the subsidies scheme.

All this might point to a growing demand for the grain trade moving forward and as

recent developments regarding deals struck by China with both Ukraine and Russia

regarding import volumes for the 2015/2016 grain season, we might be seeing a prel-

ude of what is to come. For the moment it looks as though we will face a global grain

trade volume this year that will be slightly lower than last year’s volumes. Yet moving

forward it looks as though the benefit that could be brought to the medium and small

sized dry bulk vessels could be considerable despite the lesser role played by grains

within the overall dry bulk seaborne trade.

George Lazaridis

Head of Market Research & Asset Valuations

11th - 15th May 2015 | Week 20

Dry Bulk Freight Market

Secondhand Market

Newbuilding Market

Demolition Market

Economic Indicators

Tanker Freight Market

15 May ±∆ ±%BDTI 829 p 76 10.1%

BCTI 643 p 19 3.0%

W-O-W change

Avg Price Index (main 5 regions)

15 May ±∆ ±%Dry 312 u 0 0.0%

Wet 333 q -3 -0.9%

W-O-W change

Aggregate Price Index

15 May ±∆ ±%Bulkers 83 q -2 -2.4%

Cont 104 u 0 0.0%

Tankers 103 q 0 -0.1%

Gas 100 q 0 -0.2%

M-O-M change

15 May ±∆ ±%Gold $ 1,221 p 13 1.1%

Oil WTI $ 60 p 8 15.8%

Oil Brent $ 67 p 9 15.5%

Iron Ore 61 p 13 28.0%

Coal 67 p 9 16.2%

M-O-M change

Aggregate Price Index

15 May ±∆ ±%Capesize 53 q -3 -5.2%

Panamax 48 q -2 -3.2%

Supramax 55 q 0 -0.8%

Handysize 61 u 0 0.0%

M-O-M change

VLCC 102 q 0 -0.3%

Suezmax 95 q -1 -0.6%

Aframax 116 u 0 0.0%

MR 116 p 0 0.3%

2

2014 2015

11th - 15th May 2015

Capesize - The Capesize market came to life this week with a flurry of fixing early

on in the week pulling rates up significantly on all major routes and leaving a sense

of optimism amongst owners as things started to heat up. Things should a small

sense of correction come Friday. Nevertheless, it looks as though things might con-

tinue on the positive note over the coming days as the volume of activity keeps

strong.

Panamax - Despite a sense of improving conditions in the Pacific basin this week, a

large disappointment was left behind as the Atlantic started to lose traction due to

the holiday on Thursday and left the market without its much needed support.

Supramax - Witnesing a reversal in overall sentiment from previous weeks, owners

started to gain ground showing a small but firm improvement from previous levels

across almost all routes. It was only in the North Atlantic were things seemed to be

a touch more difficult, with the slow activity eating away on the higher rates

achieved a couple of weeks back.

Handysize - Mixed messages overall for the Handies, with rates from the Conti-

nent making headway thanks to an improved number of fresh inquiries emerging

this week, while position lists had been somewhat limited in comparison. At the

same time difficulties in North and South America, coupled with a slower week in

the Pacific lead to an overall negative trend although the correction was only mar-

ginal.

0

10

20

30

40

50'000 US$/day

15 May 08 May ±% 2015 2014

Baltic Dry IndexBDI 634 574 10.5% 607 1,104

CapesizeBCI 954 616 54.9% 561 1,961

BCI 5TC $ 6,946 $ 4,737 46.6% $ 5,352 $ 15,278ATLANTIC RV $ 7,000 $ 4,660 50.2% $ 5,883 $ 14,130

Cont / FEast $ 14,040 $ 10,010 40.3% $ 13,300 $ 32,135PACIFIC RV $ 6,695 $ 4,836 38.4% $ 4,599 $ 14,319

FEast / ECSA $ 7,445 $ 5,690 30.8% $ 5,886 $ 13,932Panamax

BPI 579 594 -2.5% 609 964BPI - TCA $ 4,630 $ 4,734 -2.2% $ 4,867 $ 7,714

ATLANTIC RV $ 4,853 $ 5,435 -10.7% $ 4,851 $ 6,861Cont / FEast $ 8,723 $ 9,323 -6.4% $ 9,806 $ 15,315PACIFIC RV $ 4,634 $ 3,907 18.6% $ 4,466 $ 7,844FEast / Cont $ 310 $ 269 15.2% $ 345 $ 835

SupramaxBSI 628 618 1.6% 618 939

BSI - TCA $ 6,566 $ 6,460 1.6% $ 6,459 $ 9,816Cont / FEast $ 9,217 $ 9,092 1.4% $ 8,865 $ 14,974Med / Feast $ 8,500 $ 8,383 1.4% $ 7,375 $ 13,840PACIFIC RV $ 5,625 $ 5,417 3.8% $ 5,903 $ 8,873FEast / Cont $ 4,880 $ 4,790 1.9% $ 5,195 $ 6,179USG / Skaw $ 9,586 $ 9,757 -1.8% $ 9,880 $ 14,638Skaw / USG $ 4,217 $ 4,033 4.6% $ 3,355 $ 4,971

HandysizeBHSI 327 329 -0.6% 357 523

BHSI - TCA $ 4,832 $ 4,876 -0.9% $ 5,311 $ 7,680Skaw / Rio $ 3,488 $ 3,238 7.7% $ 3,120 $ 5,625

Skaw / Boston $ 3,680 $ 3,380 8.9% $ 3,253 $ 5,273Rio / Skaw $ 8,756 $ 9,381 -6.7% $ 8,073 $ 10,072

USG / Skaw $ 6,325 $ 6,592 -4.1% $ 7,042 $ 10,743SEAsia / Aus / Jap $ 3,554 $ 3,579 -0.7% $ 4,569 $ 7,022

PACIFIC RV $ 4,650 $ 4,629 0.5% $ 5,933 $ 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 - After the slow start of the month things rapidly turned bullish

once more, with a rapid jump in activity coming out of the MEG helping lift rates up

fairly quickly and quickly clearing position lists while charterers started to move

quickly into the June program. On the back of this and with a good number of late

May cargoes emerging this week, things started to quickly heat up for Suezmaxes

as well, though here things have seemingly reached a temporary peak and should

be less firm over the coming days. Through all of this, Afras were also able to make

some headway in the MEG and Caribs, though at the same time there was a correc-

tion in rates to be seen in the North Sea and Baltic region as there was a fresh in

flow of ballasters coming in.

Oil Products - Things moved fairly well in the products markets as well, especially

for CPPs, were the lack of promptly available units helped keep the balance in the

ship owners favor, while further demand out of US Gulf might drive things further

during the next couple of days .

11th - 15th May 2015

15 May 08 May ±% 2015 2014

Baltic Tanker IndicesBDTI 829 753 10.1% 833 777BCTI 643 624 3.0% 669 602

VLCCWS 47.00 34.42 36.5% 32.71 28.24

$/day $ 44,251 $ 23,646 87.1% $ 22,078 -$ 6,110WS 79.18 63.11 25.5% 60.60 48.36

$/day $ 75,112 $ 55,291 35.8% $ 54,983 $ 37,314WS 76.82 61.68 24.5% 59.44 47.70

$/day $ 81,513 $ 59,572 36.8% $ 61,730 $ 25,202WS 80.00 70.54 13.4% 69.60 57.22

$/day $ 76,706 $ 65,015 18.0% $ 66,103 $ 32,821SUEZMAX

WS 97.50 72.50 34.5% 83.96 75.11$/day $ 54,793 $ 35,711 53.4% $ 46,618 $ 27,044

WS 104.23 77.73 34.1% 92.37 82.23$/day $ 49,736 $ 28,118 76.9% $ 48,244 $ 26,364

AFRAMAXWS 104.44 119.44 -12.6% 110.88 109.50

$/day $ 26,499 $ 37,707 -29.7% $ 37,059 $ 23,581WS 121.67 109.72 10.9% 110.15 107.79

$/day $ 30,427 $ 24,874 22.3% $ 29,726 $ 16,427WS 111.94 101.94 9.8% 147.96 127.51

$/day $ 24,422 $ 20,042 21.9% $ 44,691 $ 24,895WS 80.83 86.39 -6.4% 100.02 89.14

$/day $ 27,978 $ 31,772 -11.9% $ 49,821 $ 29,167DPP

WS 95.00 125.00 -24.0% 147.84 139.78$/day $ 13,561 $ 23,062 -41.2% $ 32,217 $ 21,213

WS 120.75 121.75 -0.8% 128.57 127.00$/day $ 26,163 $ 26,298 -0.5% $ 30,826 $ 19,144

WS 114.00 106.63 6.9% 103.63 96.35$/day $ 32,994 $ 29,127 13.3% $ 32,124 $ 17,892

WS 92.78 103.06 -10.0% 113.48 104.64$/day $ 22,776 $ 28,186 -19.2% $ 38,736 $ 21,008

CPPWS 104.22 103.44 0.8% 98.77 96.90

$/day $ 24,593 $ 23,762 3.5% $ 25,279 $ 14,208WS 160.00 147.05 8.8% 142.80 123.74

$/day $ 21,005 $ 18,371 14.3% $ 20,439 $ 9,516WS 140.00 130.00 7.7% 130.26 110.57

$/day $ 21,508 $ 18,884 13.9% $ 20,205 $ 7,995WS 117.14 98.21 19.3% 92.90 92.94

$/day $ 13,708 $ 9,640 42.2% $ 10,509 $ 3,442

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

BALTIC-UKC

ARA-USG

Spot market rates & indices Average

450

650

850

1,050

1,250

1,450

BDTI BCTI

-100

10203040506070

'000 US$/day

-25

0

25

50

75

100'000 US$/day

0

20

40

60

80

100'000 US$/day

4

9

14

19

24

29'000 US$/day

4

last 5 years

15 May 10 Apr ±% Min Avg Max

VLCC

$ 47,500 $ 45,000 5.6% $ 18,000 $ 27,941 $ 52,500

$ 42,500 $ 41,500 2.4% $ 22,000 $ 30,949 $ 45,000

Suezmax

$ 34,000 $ 33,000 3.0% $ 15,250 $ 21,681 $ 34,000

$ 32,500 $ 33,000 -1.5% $ 17,000 $ 23,567 $ 33,000

Aframax

$ 25,000 $ 23,000 8.7% $ 13,000 $ 16,267 $ 25,000

$ 23,500 $ 23,000 2.2% $ 14,750 $ 18,021 $ 23,500

MR

$ 17,250 $ 15,750 9.5% $ 12,500 $ 13,980 $ 17,250

$ 16,000 $ 15,250 4.9% $ 13,500 $ 14,753 $ 16,000

12 months

36 months

12 months

36 months

Tanker period market TC rates

12 months

36 months

12 months

36 months

last 5 years


Capesize

$ 8,500 $ 8,500 0.0% $ 7,950 $ 19,715 $ 40,200

$ 10,250 $ 10,250 0.0% $ 9,950 $ 19,363 $ 33,700

Panamax

$ 7,000 $ 8,000 -12.5% $ 6,950 $ 13,993 $ 30,450

$ 8,000 $ 8,500 -5.9% $ 7,950 $ 13,444 $ 22,450

Supramax

$ 7,500 $ 8,250 -9.1% $ 7,450 $ 13,150 $ 24,950

$ 8,000 $ 8,500 -5.9% $ 7,950 $ 12,673 $ 18,700

Handysize

$ 6,500 $ 7,250 -10.3% $ 6,450 $ 10,494 $ 18,700

$ 7,000 $ 7,500 -6.7% $ 6,950 $ 10,611 $ 15,200

12 months

Dry Bulk period market TC rates

12 months

36 months

36 months

12 months

36 months

12 months

36 months

11th - 15th May 2015

Latest indicative Dry Bulk Period Fixtures

Latest indicative Tanker Period Fixtures

81012141618202224262830

7

8

9

10

11

12

13

14

7

8

9

10

11

12

13

6

7

8

9

10

11

20

25

30

35

40

45

50

55

15

20

25

30

35

12

14

16

18

20

22

24

26

12

13

14

15

16

17M/T ''BUNGA KASTURI TIGA'', 298100 dwt, built 2006, $28000, for 12 months

trading, to CPC

M/T ''DESH MAHIMA'', 114686 dwt, built 2010, $30000, for 60-90 days

trading, to BP

M/T ''SEA BAY'', 108650 dwt, built 2009, $30000, for 60-90 days trading, to

PETROCHINA

M/T ''MERKUR O'', 74999 dwt, built 2004, $20,250, for 12 months trading, to

KOCH

M/T ''VENDOME STREET'', 47917 dwt, built 2011, $17,250, for 12 months

trading, to KOCH

M/V ''YM RIGHTNESS'', 77684 dwt, built 2004, dely Hong Kong 18/20 May,

$5,650, for 4/6 months trading, to Noble

M/V ''NORD SATURN'', 77288 dwt, built 2012, dely Paradip prompt, 6,900,

for 4/8 months trading, to GMI

M/V ''N.BONANZA'', 76500 dwt, built 2006, dely Fangcheng 16/18 May,

$4,600 1st 40 days balance $6,600, for 4/6 months trading, to Noble

M/V ''DA SHUN'', 81068 dwt, built 2013, dely aps Indonesia prompt, $6,000,

for 4-7 months trading, to Noble

M/V ''STAR KAPPA '', 52055 dwt, built 2001, dely aps Togo 18/20 May,

$8,500, for min 3/max 6 months trading, to Ultrabulk

5

Reported Transactions

The pressure keeps on mounting on the newbuilding front, as the sub

par performance in terms of new contracting is bringing on the pres-

sure and forcing for further competition in terms of pricing beyond

the sectors which are facing the biggest difficulties. We have slowly

started to see discounts being offered beyond the dry bulk sector, as

shipbuilders try to feed the market with incentive for further order-

ing. Nevertheless, it all looks as though we may well close the year

with some of the lowest activity volumes noted since the early 2000’s.

Though many will see this as a positive, bringing about a fast paced

decrease in the orderbook, which is something that we have been

hoping for over the past five years, but at the same time the pressure

placed on the market will put strong financial pressure on shipbuild-

ers, possibly leaving a possibility for a small domino effect onto any

parties that have provided backing for those same shipbuilders. In

effect effort will now have to be placed on closer co-operation be-

tween closely linked shipbuilders, while it might be the much needed

push to drive the shipbuilding industry into further consolidation and

leave fertile ground for further merger and acquisition deals to take

place.

11th - 15th May 2015

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) 50.0 52.0 -3.8% 50.0 54.8 58.0

Kamsarmax (82,000dwt) 27.3 27.8 -1.8% 27.3 30.0 30.8

Panamax (77,000dwt) 26.8 27.0 -0.9% 26.8 28.9 29.5

Ultramax (64,000dwt) 25.3 26.0 -2.9% 25.3 27.1 28.0

Handysize (37,000dwt) 21.5 22.0 -2.3% 21.5 22.9 23.5

Container

Post Panamax (9,000teu) 88.0 88.0 0.0% 88.0 88.7 91.0

Panamax (5,200teu) 58.0 58.0 0.0% 55.3 57.5 58.5

Sub Panamax (2,500teu) 31.0 31.0 0.0% 31.0 31.8 33.0

Feeder (1,700teu) 22.5 22.5 0.0% 22.5 25.5 27.0

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


Tankers

VLCC (300,000dwt) 96.0 96.5 -0.5% 94.0 98.0 101.0

Suezmax (160,000dwt) 65.0 65.0 0.0% 59.5 64.9 66.0

Aframax (115,000dwt) 53.5 53.5 0.0% 52.5 54.0 55.0

LR1 (75,000dwt) 45.8 45.8 0.0% 43.0 45.9 47.0

MR (56,000dwt) 36.5 36.5 0.0% 35.0 36.8 37.3

Gas

LNG 160k cbm 200.0 200.0 0.0% 198.0 199.6 200.0

LPG LGC 80k cbm 77.0 77.5 -0.6% 75.0 78.3 80.0

LPG MGC 55k cbm 67.5 67.5 0.0% 65.0 67.2 68.5

LPG SGC 25k cbm 45.0 45.0 0.0% 43.0 44.5 45.5

Type Units Size Shipbuilder Price Buyer Delivery Comments

BULK 5 38,500 dwt JIANGSU HONGQIANG, China N/A NAVIBULGAR - Bulgary 2017

BULK 3 17,500 dwt HONDA ZOSEN, Japan N/A MITSUI O.S.K. LINES - Japan 2016/2017

TANKER 1+1 160,000 dwt HYUNDAI SAMHO, S. Korea $ 67.0m BLUMENTHAL - Germany 2017switch from Capesize order

from July 2014

CONT 3+3 11,000 teu CCSC, China $ 90.0m OCEANBULK - Greece 2017switch from 5+5 Capesize

order

LNG 1 178,000 cbm IMABARI, Japan N/ATRINITY LNG TRANSPORT -

Japan2020

JV between K-Line, Imabari &

Mitsui

LNG 2 165,000 cbm MHI NAGASAKI, Japan N/A NYK - Japan 2018to go on T/C to subsidiary of

Mitsubishi Corp

ROPAX 2 7,000 ceu ULJANIK, Croatia $ 55.0m SIEM SHIPPING - U. S. Based 2017

6

Indicative Dry Bulk Values (US$ million)


CapesizeResale 47.0 48.0 -2.1% 36.0 53.9 74.0

5 year old 33.0 33.0 0.0% 31.5 42.7 61.010 year old 19.0 21.0 -9.5% 19.0 30.7 45.515 year old 11.0 12.5 -12.0% 11.0 18.8 29.5

PanamaxResale 28.5 28.5 0.0% 24.5 34.2 46.0

5 year old 16.5 16.5 0.0% 16.5 26.6 40.310 year old 11.5 12.0 -4.2% 11.5 20.5 33.815 year old 7.0 8.0 -12.5% 7.0 14.2 24.5

SupramaxResale 27.5 27.5 0.0% 23.5 31.5 40.0

5 year old 15.5 16.0 -3.1% 15.5 24.6 32.310 year old 11.0 11.0 0.0% 11.0 18.5 26.315 year old 6.5 6.5 0.0% 6.5 13.1 21.6

HandysizeResale 21.5 21.5 0.0% 21.0 24.9 30.0

5 year old 13.5 13.5 0.0% 13.5 20.2 27.410 year old 9.5 9.5 0.0% 9.5 15.4 21.815 year old 6.0 6.0 0.0% 6.0 10.8 16.5

last 5 years

11th - 15th May 2015

With asset prices having dropped significantly over the past couple of

months and the pressure on several owners to release some of their

still their underperforming tonnage, has continued to feed the sale

and purchase market over the past couple of weeks. Buyers are still

fairly reluctant to act fast, but it seems as though the offered dis-

counts are enticing enough for most asset players to make their play.

On the tanker side, things have been equally busy with another round

of resales from Navig8 having been reported this week. Prices here

having been holding their ground slightly better though the premise

still holds that in terms of earnings things should be slightly more bull-

ish.

+0%

-3%

-21%

-37%-40%

-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%

1 month diff 3 months diff6 months diff 12 months diff

+0%

-8%

-20%

-39%-45%

-40%

-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%


-3%

-14%

-30%

-42%-45%

-40%

-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%


+0%

-7%

-25%

-34%-40%

-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%


Indicative Tanker Values (US$ million)


VLCCResale 105.0 105.0 0.0% 80.0 96.6 117.0

5 year old 80.0 81.0 -1.2% 55.0 71.3 91.010 year old 52.0 52.0 0.0% 33.8 47.7 65.015 year old 31.0 31.0 0.0% 16.9 26.0 32.0

SuezmaxResale 70.0 70.0 0.0% 53.0 64.5 74.5

5 year old 57.5 57.5 0.0% 38.0 50.5 63.410 year old 40.0 41.0 -2.4% 24.0 34.5 46.015 year old 22.0 22.0 0.0% 14.0 19.2 26.6

AframaxResale 56.0 56.0 0.0% 39.0 48.9 60.0


MRResale 37.5 37.0 1.4% 32.0 36.5 39.3


last 5 years

-1% -1%

+4%

+7%

-2%

-1%

0%

1%

2%

3%

4%

5%

6%

7%

8%


+0%

-4%

+5%

+15%

-10%

-5%

0%

5%

10%

15%

20%


+0%

-2%

+7%

+18%

-5%

0%

5%

10%

15%

20%


+0% +0%

+8%

-7%-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%


7

11th - 15th May 2015

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

LR1 STX JINHAE 1651 73,800 2015 STX OFFSHORE &

SHBLDG, S. KoreaMAN-B&W

EPOXY

coated



EPOXY

coated



EPOXY

coated



EPOXY

coated

MR FLAGSHIP IRIS 51,551 2012 HYUNDAI MIPO, S.

KoreaMAN-B&W

EPOXY

coated$ 30.5m Danish - Maersk

incl. 6 mos. T/C to Trafigura

at abt $15,600pd.

MR IVER EXPERT 45,809 1997 HALLA ENG & HI -

SAMHO, S. KoreaB&W

EPOXY

PHEN$ 8.5m Chinese - Sinochem ice class 1D

PROD/

CHEMVEGA SPRING 22,780 2001 KITANIHON, Japan Mitsubishi ZS N/A undisclosed

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

CAPE BLUE CHO OYU 180,161 2011 DAEHAN SHBLDG,

S. KoreaMAN-B&W $ 29.0m undisclosed

CAPE SUNGDONG 1215 180,000 2015 SUNGDONG, S.

KoreaMAN-B&W $ 43.5m undisclosed

CAPE JIANG JUN SHAN 176,924 2006 NAMURA IMARI,

JapanMAN-B&W $ 18.2m

Chinese Taipei -

Winning Shipping

CAPE CECILIA 170,565 1999 NAMURA IMARI,

JapanMAN-B&W $ 8.8m European

PMAX TIARA GLOBE 72,928 1998

HUDONG

SHIPBUILDING,

China

B&W4 X 30t

CRANES$ 5.8m Chinese geared panamax

SMAX HUDSON TRADER 2 58,110 2009

TSUNEISHI

ZHOUSHAN HUL,

China

MAN-B&W4 X 30t

CRANES$ 14.2m Greek

HMAX AGIA 45,296 1994 SHIN KURUSHIMA

ONISHI, JapanMitsubishi

4 X 25,4t

CRANES$ 3.4m Chinese

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

SUB

PMAXSFL HUNTER 2,824 2006

HYUNDAI MIPO, S.

KoreaMAN-B&W

SUB

PMAXCLYDE 2,824 2007

HYUNDAI MIPO, S.

KoreaMAN-B&W

SUB

PMAXPASSAT SPRING 2,732 2006

GDANSKA GDYNIA,

PolandMAN-B&W $ 14.2m

U. K. Based - Borealis

Maritime

SUB

PMAX

CALEDONIAN

EXPRESS2,702 2006

NORDSEEWERKE,

GermanyMAN-B&W $ 14.3m Turkish - Arkas

SUB

PMAXE.R. CANNES 2,556 2005

HYUNDAI HEAVY

INDUSTRI, S. KoreaSulzer

4 X 40t

CRANES$ 14.3m Greek

Tankers

Bulk Carriers

Containers

$ 214.0m

$ 31.0m Turkish - Arkas

Greek - Prime

Maritime

8

11th - 15th May 2015

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

FEEDER ANTARES J 1,150 2002 PEENE-WERFT,

GermanyB&W

2 X 40t

CRANES

FEEDER AURIGA J 1,150 2001 PEENE-WERFT,

GermanyB&W

2 X 45t

CRANES

FEEDER WMS ROTTERDAM 698 2005 MAWEI, China MaK N/A

FEEDER WMS VLISSINGEN 698 2005 MAWEI, China MaK N/A

FEEDER WMS AMSTERDAM 698 2005 MAWEI, China MaK N/A

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

LNG LNG SWIFT 67,024 1989 MITSUBISHI

NAGASAKI, JapanMitsubishi 127,580 $ 20.5m S. Korean - Sinokor

LPG GAS SCORPIO 49,679 1995 MITSUBISHI

NAGASAKI, JapanMitsubishi 76,892 $ 38.0m

Vietnamese - Truong

Phat

Gas Carriers

Philipino

German - Navalis

Shipping$ 10.6m

Containers - contineud

9

With most of the Indian Sub-Continent having filled up their quotas

and looking to be taking their time going through their current inven-

tories, activity started to slump slightly pulling down the offered pric-

es with it. Taking into account however the performance of the mar-

ket this year so far, it looks as though once the current purchases have

been “digested” we may well be looking at another small price rally.

The market has seemingly been able to keep pace with the large num-

ber of demo candidates that have been offered and looks more then

ready to take on the rest of the year with similar zeal. Having said that

we are slowly moving closer to the Monsoon season and it looks as

though we will likely see 1-2 more firm round of purchases before the

seasonally quieter early summer period begins. The lack of support

from Chinese breakers still leaves a big gap in the market, though it

looks as though the market has managed to hold up fairly well up to

now despite their overall absence. This last point is likely to translate

into an even softer monsoon season comparatively to what we wit-

nessed in previous years in terms of pricing, though with the gap nar-

rowing it might motivate for more tonnage to head their during the

summer months at least.

11th - 15th May 2015

Reported Transactions

150200250300350400450500550

Bangladesh India Pakistan China Turkey

US$/ldt

150200250300350400450500550

Bangladesh India Pakistan China Turkey

US$/ldt

Indicative Wet Prices ($/ldt) last 5 years

15 May 08 May ±% Min Avg Max

Indian Sub Continent

Bangladesh 390 400 -2.5% 380 452 490

India 395 400 -1.3% 380 459 510

Pakistan 395 400 -1.3% 380 454 500

Far East Asia

China 220 220 0.0% 220 288 350

Mediterranean

Turkey 265 260 1.9% 230 312 355

Indicative Dry Prices ($/ldt) last 5 years

15 May 08 May ±% Min Avg Max

Indian Sub Continent

Bangladesh 365 370 -1.4% 350 433 475

India 370 370 0.0% 350 439 500

Pakistan 370 370 0.0% 350 432 475

Far East Asia

China 200 200 0.0% 200 270 340

Mediterranean

Turkey 255 250 2.0% 220 301 355

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

Tanker TUMA 136,100 1975 Sweden - N/A Bangladeshi

Bulker MELCHIOR 73,670 1995 S. Korea 10,336 N/A Bangladeshi

Bulker CAPT NAZIH 43,648 1985 Japan 8,032 $ 376/Ldt Pakistani pre-budget dely

Tanker AMADEO 39,203 1996 Romania 11,509 $ 282/Ldt undisclosed bss 'as is' River Plate

Tanker LAGES 29,995 1991 Brazil 8,127 N/A Pakistani

Gen.

CargoOMOLON 7,075 1987 Poland 4,174 $ 364/Ldt Indian

10

400

500

600

700

800

900

1,000

11th - 15th May 2015

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

DryShips is in talks to extend the maturity of a loan that has already

lapsed . The Nasdaq-listed bulker and tanker owner revealed the nego-

tiations in a filing with the US Securities & Exchange Commission (SEC)

but did not identify the loan or the banks involved.

The talks over the loan add to long-disclosed negotiations with lenders

to obtain waivers of covenant breaches and extend existing waivers of

prior breaches.

But the disclosure also follows a long effort to bolster liquidity at the

Athens-based bulker and tanker owner, including the recent sale of its

entire fleet of 10 tankers to its chief executive, George Economou.

“We expect that our lenders will not demand payment of the loans re-

lating to our dry-bulk and tanker fleet under which we are in breach of

certain financial and loan-to-value ratio covenants before their maturi-

ty, provided that we pay scheduled loan installments and accumulated

or accrued interest as they fall due under the existing credit facilities,”

DryShips said in today’s filing.

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

6.00

6.05

6.10

6.15

6.20

6.25

6.30

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

110.00

120.00

55.00

60.00

65.00

70.00

75.00

80.00

40.00

50.00

60.00

70.00

80.00

90.00

100.00

110.00

120.00


Markets

10year US Bond 2.14 1.95 9.7% 1.67 2.26 2.65

S&P 500 2,122.7 2,102.1 1.0% 1,862 2,015 2,123

Nasdaq 5,048.3 4,996.0 1.0% 4,069 4,632 5,092

Dow Jones 18,272.6 18,057.7 1.2% 16,117 17,367 18,289

FTSE 100 6,960.5 7,089.8 -1.8% 6,183 6,742 7,104

FTSE All-Share UK 3,780.0 3,830.9 -1.3% 3,309 3,613 3,834

CAC40 4,993.8 5,240.5 -4.7% 3,919 4,519 5,269

Xetra Dax 11,447.0 12,374.7 -7.5% 8,572 10,185 12,375

Nikkei 19,732.9 19,907.6 -0.9% 176 16,823 20,188

Hang Seng 27,822.3 27,272.4 2.0% 22,586 24,325 28,443

DJ US Maritime 266.0 256.7 3.6% 238.0 322.7 405.7

Currencies

$ per € 1.14 1.06 7.2% 1.06 1.23 1.37

$ per ₤ 1.57 1.46 7.6% 1.46 1.59 1.72

₤ per € 0.72 0.73 -0.4% 0.70 0.77 0.82

¥ per $ 119.5 120.4 -0.7% 101.2 112.0 121.4

$ per Au$ 0.80 0.77 4.7% 0.76 0.86 0.95

$ per NoK 0.14 0.12 10.6% 0.12 0.15 0.17

$ per SFr 0.92 0.98 -6.3% 0.86 0.94 1.02

Yuan per $ 6.18 6.18 -0.1% 6.12 6.18 6.27

Won per $ 1,089.3 1,094.6 -0.5% 1,009.3 1,067.0 1,134.0

$ INDEX 99.6 104.1 -4.3% 85.8 94.4 105.3

Commoditites

Gold $ 1,220.5 1,207.4 1.1% 1,141.2 1,235.4 1,345.6

Oil WTI $ 59.9 51.7 15.8% 44.7 75.1 107.3

Oil Brent $ 66.9 58.0 15.5% 47.3 80.9 115.1

Palm Oil 615.5 582.8 5.6% 574.5 708.8 910.0

Iron Ore 61.2 47.8 28.0% 46.7 76.6 102.8

Coal Price Index 66.8 57.5 16.2% 57.5 66.7 77.5

White Sugar 370.1 360.8 2.6% 355.4 436.7 1066.5

last 12 months

11

COSTAS KARAMANISMOBILE: +30 6941 54 14 65

MARGARITA TSALPATOUROU MOBILE: +30 6934 74 22 16

DIMITRIS KANELLOSMOBILE: +30 6945 07 47 85

PANOS ALEXOPOULOSMOBILE: +30 6944 34 66 15

ARISTOFANIS THEODOTOSMOBILE: +30 6951 79 82 89

DIMITRIS PATELISMOBILE: +30 6944 04 43 61

VASSILIS MANOLOPOULOS MOBILE: +30 6988 88 13 05

GEORGINA MAVRIKOUMOBILE: +30 697 4 18 07 84

ANGELIKI KAPPAMOBILE: +30 697 5 85 60 84

NATALIA KARAMANIMOBILE: +30 698 4 58 82 99

JOHN FLOURISMOBILE: +30 6955 80 15 03

NICOLAS PAPANTONOPOULOSMOBILE: +30 6945 23 21 88

STELLA FOUROULIMOBILE: +30 6947 35 68 48

Dry Cargo Chartering

Tanker Chartering

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

GEORGE LAZARIDISMOBILE: +30 6946 95 69 40

Maritime Research & Valuations

Sale & Purchase

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]

11th - 15th May 2015 | Week 20

mailto:[email protected]

12

Disclaimer

The information contained within this report has been provided by Allied Shipbroking Inc. and Allied Chartering S.A. for general information pur-

poses.

All the information is compiled through Allied Shipbroking Inc. and Allied Chartering S.A. databases, as well as from other market sources. Despite

having taken reasonable care in the gathering, filtering and auditing of this information and believing that the information is accurate and correct,

it may still contain errors, as a lot of the views regarding market levels are partially derived from estimates and/or subject judgments while the

reported transaction activity is gathered from several sources and rumors, some of which are sometimes hard to validate in full their accuracy and

truthfulness. As such we advise that the information be taken cautiously, while advising that this information doesn’t not obviate the need to also

make further enquiries and seek further information in order to obtain a more accurate outlook. As we make no warranties of any kind, both ex-

pressed or implied, as to the completeness, accuracy, reliability or completeness of the information herein, Allied Shipbroking Inc. and its connect-

ed persons shall not be held liable to any loss or damage of any kind, including direct, indirect and/or consequential damages caused by negligence

of any kind on our part.

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

This report and its information is confidential and solely for the internal use of its recipients, while any re-production or re-distribution of the re-

port 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

Agregate 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)

Demolition market average price index refers to the combination of the average prices currently offered in the Indian Sub-Continent, Far East

and Mediterranean.

Period rates 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 respectively.

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

All vessels built to European specifications by top Japanese shipbuilders, with dwt size based on the below table.

11th - 15th May 2015 | Week 20

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

spot market rates & indices · 1 15 may ±∆ ±% bdi 634 s 60 10.5% bci 954 s 338 54.9% bpi...

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