Broker’s insight by Timos Papadimitriou

Another year of specula�on, an�cipa�on, pessimism and more specula�on

has passed. If 2011 was a year of aggression with the majority of the ship-

ping world trea�ng it as a short slow down before the next bonanza, 2012

was a major slap in the face and a party killer making most people (there is a

reason that I say most) realize the rates are on a downhill with no breaks. 3

words in 2012 in my humble opinion were the most popular in the shipping

world. “Distressed,” “ECO” and “Finance.”

Star�ng with “Distressed,” the market has been looking for the so called “fire

sales” of modern assets since 2010 to no avail, at least not to the extent

many would like. But why is that? Charterers have being defaul�ng, owners

have being defaul�ng, and many yards are for sure to default. But the really

low prices have yet to be witnessed. We have started to slowly but surely see

assets being marketed cheap in the container sector, but these 90’s units are

hardly of interest any more. Will dry bulkers and tankers provide similar op-

portuni�es for modern distressed assets? It’s doub5ul. Units built a7er 2007

had been contracted at much higher levels compared to today’s NB prices

and keep in mind that the finance that these vessels operate on, is unlikely to

have been completely repaid yet. As such, the banks will be reluctant to sac-

rifice these vessels to the market just yet. It’s more likely that we will con�n-

ue seeing the “invi�ng offers” dance followed by the “withdrawn from the

market” maneuver and finishing strong with either a private sale or a second

dance of an “invi�ng offers.” Time will tell.

The crowd favorite “ECO” is next. ECO tankers, ECO Bulkers, ECO containers

and so on. There so many different opinions, predic�ons and ques�ons. Will

the new vessels render the older ones obsolete? Will the ECOs see the an�ci-

pated premiums? How will they perform under bad weather? Can the older

vessels be cheaply retrofi>ed to run as efficiently? And what if oil prices

drop? The last ques�on cracks me up every �me! In my very humble opinion

it will come down to the owner/operator. Undeniably, what’s more im-

portant than the vessel itself, is to know how to manage/operate a vessel.

It’s “back to basics,” and the charterers are well aware of that. Yes the ECO

vessels will a>ract curiosity but their value might not only be in the FOC they

boast but also in other features they will be fi>ed with that will allow them

to comply with new regula�ons and laws. Again �me will tell.

And last but not least we have reached our final point, “Finance.” These days

finance resembles “Nessie” the Loch Ness Monster. There is something out

there but what exactly is it? that we don’t know yet. European banks are

silent or playing dead (emphasis on “playing”) making the credit thirsty par-

�es look to China for Nessie but with no consistency in the sigh�ngs. Truth to

be told, there is some finance from China as well as other sources like the

recently reported Bumi deal which was backed up by Indian money. So fi-

nance might not be easily found or even acquired, but taking the right steps

and most importantly having a healthy financial past will lead you to the end

of the rainbow. Once again �me will tell.

The shipping market has always been a steady supplier of surprises and curve

balls. When all things point to one direc�on, something has always happened

that defied all odds and changed the market’s course. Yes there are s�ll A

LOT of bulk carriers to be delivered, yes the global economic environment

does not favor end products that are shipped with containers and yes the

tanker market is struggling to find its foo�ng but maybe the New Year will

lead to new opportuni�es emerging. Time will indeed tell...

Chartering (Wet: Firm+ / Dry: So er- )

The downward slope con�nued in the dry bulk market, as the Atlan�c

basin showed limited ac�vity and the Pacific was too calm to keep things

posi�ve on its own. The BDI closed Friday (21/12/2012) at 700 points,

down by 8 points compared to Thursday’s levels (20/12/2012) and an

decrease of 84 points compared to the previous Friday’s levels

(14/12/2012). The crude oil tanker market managed to witness a final

rally before the close of the year as the harsh winter condi�ons show

their face in most of North Europe and America. The BDTI Friday

(21/12/2012), was at 774, 28 points up and the BCTI at 763, an increase

of 13 points compared to the previous Frinday’s levels (21/12/2012).

Sale & Purchase (Wet: Stable- / Dry: Stable- )

The seasonal drop was noted once again before the Christmas holidays,

with decreased ac�vity seen in both the wet and dry markets. On the

Tankers side, we had the sale of the “Freja Dania” (53,755dwt-blt 07

Japan), which was reported sold to Tu7on Oceanic at a price of around $

20.0m. While on the dry bulker side, we had the sale of the

“Vogebulker” (169,168dwt-blt 99 S. Korea Japan), which reportedly

went for a price of $ 14.2m to Greek based buyer Polembros.

Newbuilding (Wet: Stable- / Dry: Stable- )

We men�oned last week how demand for ECO designs has been slowly

gathering support throughout the year. Despite the financial restraints

in raising capital, it looks like shareholders are further warming up to the

ECO story. D’Amico managed to raise more than EUR65m in its recent

public offering. The raised cash will be used to fund newbuilding orders

for ECO design product tankers, along with cash injec�ons from the sale

of older vessels which are set to take place once the market picks up,

according to management expecta�ons. The company announced last

week that it would exercise the op�on for two addi�onal MRs at Hyun-

dai Mipo, S. Korea for about $32m each. The tankers are according to

the latest IMO II MR requirements with fuel savings of 6-7 tons/day

compared to the respec�ve tradi�onal design. We expect that within

2013, the industry will provide a be>er indica�on as to whether the ECO

frenzy is here to stay or if market fundamentals will keep favouring

secondhand tonnage. In terms of reported deals this week, of note was

the order placed by Sinokor for 10 MRs (50,000dwt) at Hyundai Mipo, S.

Korea for a price of $31.0m each on the back of �me charter to Shell.

Demoli(on (Wet: Stable- / Dry: Stable- )

The seasonal slowdown just before the holidays began, and with limited

candidates now circula�ng the market and now one in great hurry to

conclude deals in the midst of the current market condi�ons, offered

prices held stable yet again. No doubt there is s�ll a lot of uncertainty in

the market and things are s�ll fairly unstable. There was some ac�vity

reportedly from China and Turkey this week though we did not no�ce

any posi�ve movement in prices there, Indian breakers showed more

subdued interest as they are s�ll trying to clear out most of their previ-

ous purchases, while Pakistan and Bangladesh seemed to be mainly for

the lookout for high profile units. Prices for wet tonnages were at

around 380-420$/ldt and dry units were seeing levels of about 365-390

$/ldt.

Weekly Market Report

Week 51|Monday 24th December 2012

© Intermodal Research 24/12/2012 2

2012 2011

WS

points$/day

WS

points$/day $/day $/day

265k AG-JAPAN 50 30,844 47 26,066 6% 21,698 18,217

280k AG-USG 30 3,785 28 584 7% 1,612 2,504

260k WAF-USG 53 34,934 50 30,977 5% 31,416 25,714

130k MED-MED 90 39,959 73 24,237 24% 22,090 25,125

130k WAF-USAC 78 23,580 68 15,443 15% 13,223 13,373

130k AG-CHINA 70 19,441 70 19,843 0% 22,243 14,815

80k AG-EAST 90 13,031 90 13,555 0% 14,208 12,726

80k MED-MED 100 22,649 85 14,879 18% 13,633 13,577

80k UKC-UKC 103 28,825 95 23,250 8% 18,317 18,604

70k CARIBS-USG 88 7,164 88 7,143 0% 12,359 8,240

75k AG-JAPAN 110 19,715 115 22,165 -4% 11,095 10,467

55k AG-JAPAN 145 23,304 145 23,433 0% 10,626 7,768

37K UKC-USAC 158 15,654 155 15,228 2% 9,172 11,022

30K MED-MED 180 27,842 190 30,728 -5% 18,864 18,458

55K UKC-USG 135 22,764 135 22,986 0% 16,474 11,266

55K MED-USG 135 20,893 135 20,946 0% 14,640 9,676

50k CARIBS-USAC 115 11,735 115 11,684 0% 13,077 10,700

Dir

tyA

fram

ax

Cle

anV

LCC

Sue

zmax

Spot Rates

Vessel Routes

Week 51 Week 50

±%

Dec-12 Nov-12 ±% 2012 2011 2010

300KT DH 57.0 58.6 -2.7% 63.1 77.6 87.2

150KT DH 40.0 40.8 -2.0% 45.0 54.4 62.6

110KT DH 27.7 27.5 0.6% 31.2 39.1 44.7

75KT DH 25.0 24.0 4.2% 26.7 35.2 38.8

52KT DH 25.0 22.4 11.6% 24.6 28.4 26.5

VLCC

Suezmax

Indicative Market Values ($ Million) - Tankers

Vessel 5yrs old

MR

Aframax

LR1

Chartering

It seems as though the Christmas spirit had a li>le surprise le7 for the VLCC

market just before the end of the year. Demand boosted freight level quick-

ly as the harsh winter condi�ons noted in parts of Northern Europe and

North America increased the requirements for hea�ng oil. There was a swi7

clearing of posi�on lists in both the Meg and WAF regions leaving space for

owners to finally push for a significant improvement in going rates. This

may well have been the final rally before 2013, however it looks as though

things could well stay posi�ve for the first part of the year.

Suezmaxes con�nued to ride on their previous upward momentum, with

the now limited supply of promptly open vessels giving owners the upper

hand. Both the Black Sea/Med and WAF regions closed the week with a

strong gain in freight levels. Bullish sen�ment seems to have returned back

to market players who are now seemingly unwilling to drop their ideas just

yet.

With demand con�nuing to further enhance the North Sea/Bal�c and Black

Sea/Med regions and with limited vessels s�ll avaialable for late De-

cemeber/early January fixing, here two it seems that owners had the upper

hand. The cold weather is definitely feeding the sen�ment of further im-

provements over the next couple of days and likely providing the ground

work for a good start to the year.

Sale & Purchase

In the MR sector segment this week, we had the sale of the “Freja Da-

nia” (53,755dwt-blt 07 Japan), which was reported sold to Tu7on Oceanic

at a price of around $ 20.0m.

Wet Market

Indicative Period Charters

- 15+60days - 'Desh Rakshak' 2003 113,000dwt

- - $ 12,250/day - BP

20

40

60

80

100

120

140

160

WS poin

ts

DIRTY - WS RATESTD3 TD5 TD8 TD4

Week 51 Week 50 ±% Diff 2012 2011

300k 1yr TC 21,500 22,000 -2.3% -500 22,397 25,197

300k 3yr TC 27,000 27,000 0.0% 0 27,205 31,681

150k 1yr TC 17,500 18,000 -2.8% -500 17,613 19,837

150k 3yr TC 22,000 22,000 0.0% 0 21,141 23,830

110k 1yr TC 14,500 14,500 0.0% 0 13,882 15,707

110k 3yr TC 16,000 16,250 -1.5% -250 16,077 18,335

75k 1yr TC 15,000 15,000 0.0% 0 13,216 14,995

75k 3yr TC 15,500 15,500 0.0% 0 14,352 16,263

52k 1yr TC 14,000 13,750 1.8% 250 13,765 13,918

52k 3yr TC 14,750 14,500 1.7% 250 14,592 14,738

36k 1yr TC 13,000 13,000 0.0% 0 12,564 12,471

36k 3yr TC 13,750 13,750 0.0% 0 13,376 13,412

Panamax

MR

Handy

size

TC Rates

$/day

VLCC

Suezmax

Aframax

6080

100120140160180200220240260

WS poin

ts

CLEAN - WS RATESTC2 TC4 TC6 TC1

© Intermodal Research 24/12/2012 3

0

1,000

2,000

3,000

4,000

5,000

Index

Baltic Indices

BCI BPI BSI BHSI BDI

0

10,000

20,000

30,000

40,000

50,000$/d

ay

Average T/C Rates

AVR 4TC BCI AVR 4TC BPI AVR 5TC BSI AVR 6TC BHSI

Index $/day Index $/day Index Index

BDI 700 784 -10.7% -84 922 1,549

BCI 1,228 $4,814 1,440 $6,633 -14.7% -212 1,572 2,237

BPI 710 $5,622 839 $6,660 -15.4% -129 966 1,749

BSI 732 $7,654 745 $7,785 -1.7% -13 907 1,377

BHSI 446 $6,587 443 $6,543 0.7% 3 518 718

14-12-2012

Baltic IndicesWeek 51

21-12-2012

Week 50

±%2012 2011Point

Diff

170K 6mnt TC 12,000 12,750 -6% -750 13,585 18,474

170K 1yr TC 12,000 12,000 0% 0 13,928 17,138

170K 3yr TC 14,000 14,000 0% 0 15,313 17,599

76K 6mnt TC 8,850 9,500 -7% -650 11,056 17,238

76K 1yr TC 8,375 8,500 -1% -125 9,944 14,863

76K 3yr TC 9,250 9,250 0% 0 10,926 14,500

55K 6mnt TC 9,750 9,500 3% 250 11,210 15,587

55K 1yr TC 9,250 9,250 0% 0 10,357 14,308

55K 3yr TC 10,250 10,250 0% 0 11,220 14,046

45k 6mnt TC 8,250 8,000 3% 250 9,403 13,416

45k 1yr TC 8,000 8,000 0% 0 8,872 12,450

45k 3yr TC 8,750 8,750 0% 0 9,597 12,403

30K 6mnt TC 7,500 7,500 0% 0 8,276 11,712

30K 1yr TC 7,750 7,750 0% 0 8,444 11,787

30K 3yr TC 9,000 9,000 0% 0 9,465 12,044

Ha

nd

yma

xH

an

dy

size

Period

2011

Pa

nam

axSu

pra

ma

x

Week

51

Week

50

Cap

esi

ze

2012$/day ±% Diff

Chartering

With a shortage in fresh demand for iron ore cargoes and slacking overall

condi�ons in the Atlan�c basin, Capes con�nued again this week on their

downward decent, with spot freight levels having now lost almost all of

their previous gains and reaching close to their yearly lows. There is li>le

indica�on that things may change dras�cally in the first week of 2013,

though with demand for iron ore possibly ramping up in the first quarter of

2013, we may well have a good start of the year set out.

The Panamax sector was also in the red this week, as the lack in ac�vity in

the Atlan�c basin le7 li>le room for improvement as well as an overall

bearish sen�ment. There is not much posi�ve outlook for the Panamaxes

come January, as the overwhelming supply of newbuilding deliveries is set

to con�nue and is likely to be strong enough to counter any growth in de-

mand.

Supras and Handies held fairly stable this week, with the former no�ng only

a small nega�ve trend mainly due to decreased ac�vity in the Atlan�c,

while the later, benefi�ng from a more firm Pacific basin, was able to close

of the week with a small posi�ve gain. There has been a sideward move-

ment in the coal and grain trades, however there is s�ll ample demand and

things should start to look more promising once fresh inquiries start to pour

in.

Sale & Purchase

In the Capesize sector we had rumors of the resale of the

“Vogebulker” (169,168dwt-blt 99 S. Korea Japan), which reportedly went

for a price of $ 14.2m to Greek based buyer Polembros.

While also worth men�oning is the sale of the slightly older Japanese built

“Cemtex Renaissance” (71,400dwt-blt 98 Japan) which is said to have been

picked up for a price of about $ 8.0m by Greek buyers.

Dec-12 Nov-12 ±% 2012 2011 2010

180k 32.5 32.5 0.0% 34.6 43.5 57.4

76K 18.0 18.6 -3.2% 22.8 31.3 39.0

56k 19.8 20.0 -0.8% 23.0 28.1 32.2

30K 15.8 16.0 -1.0% 18.2 23.5 26.2

Capesize

Panamax

Supramax

Indicative Market Values ($ Million) - Bulk Carriers

Vessel 5 yrs old

Handysize

Indicative Period Charters

- 4/8 mos - 'Cape Kasos' 2012 81,400dwt

- dely retro WC India 12 Dec - $ 7,950/day - Ultrabulk

- 9/13 mos - 'Euro Carrier' 2004 76,602dwt

- dely Fangcheng 24/26 Dec - $ 7,500/day - Priminds

Dry Market

© Intermodal Research 24/12/2012 4

Secondhand Sales

Name Dwt Built Yard M/E SS due Gear Price Buyers Comments

JIA LONG 5,025 2011 WENLING, ChinaChinese

Std. Typeundi s closed Korean

MPP/General Cargo

Size Name Teu Built Yard M/E SS due Gear Price Buyers Comments

SUB

PMAXMAERSK JENAZ 2,824 2006

HYUNDAI MIPO,

S. KoreaMAN-B&W Sep-16 $ 13.5m undisclosed

Containers

Name Dwt Built Yard M/E SS due Cbm Price Buyers Comments

GAS EASTERN 5,054 1996KURINOURA,

JapanMitsubishi Jun-16 4,900 undis closed undis closed

Gas/LPG/LNG

Name Loa(m) Cars Built Yard M/E SS due Price Buyers Comments

FENG HOU 108.96 609 1992 Yamanishi , Japan B&W Jul -15 $ 4.0m Thai low $4m

PCCs

Size Name Dwt Built Yard M/E SS due Hull Price Buyers Comments

MR FREJA DANIA 53,755 2007SHIN KURUSHIMAI,

JapanMitsubishi Feb-17 DH $ 20.0m

U.S.A. based

(Tufton Oceanic)on subs

Tankers

Size Name Dwt Built Yard M/E SS due Gear Price Buyers Comments

CAPE VOGEBULKER 169,168 1999HALLA ENG & HI,

S. KoreaB&W Aug-14 $ 14.2m

Greek

(Polembros)

PMAXDIAMOND

STREAM76,741 2006

SASEBO SASEBO,

JapanMAN-B&W Mar-16 $ 17.0m undisclosed

PMAXCEMTEX

RENAISSANCE71,400 1998

HITACHI ZOSEN,

JapanB&W Jan-13 $ 8.0m Greek SS/DD due

SMAX PRABHU JIVESH 50,992 2002 OSHIMA, Japan MAN-B&W Jun-174 X 30t

CRANES$ 14.1m undisclosed

HANDY KEN JYO 23,583 1996 SAIKI, Japan B&W Jun-154 X 30t

CRANES$ 4.8m undisclosed

Bulk Carriers

© Intermodal Research 24/12/2012 5

The seasonal slowdown just before the holidays began, and with limited can-

didates now circula�ng the market and now one in great hurry to conclude

deals in the midst of the current market condi�ons, offered prices held stable

yet again. No doubt there is s�ll a lot of uncertainty in the market and things

are s�ll fairly unstable. There was some ac�vity reportedly from China and

Turkey this week though we did not no�ce any posi�ve movement in prices

there, Indian breakers showed more subdued interest as they are s�ll trying

to clear out most of their previous purchases, while Pakistan and Bangladesh

seemed to be mainly for the lookout for high profile units. Prices for wet

tonnages were at around 380-420$/ldt and dry units were seeing levels of

about 365-390$/ldt.

Most notable this price this week was that paid by Indian breakers for the

container ‘Hanjin Osaka’ (62,681dwt-18,650ldt-blt 92), which was sold for a

very firm price of $ 447/ldt basis delivery India and including a very heavy

propeller.

Demoli(on Market

Week

51

Week

50±% 2012 2011 2010

Bangladesh 415 415 0.0% 440 523 422

India 410 410 0.0% 445 511 427

Pakistan 415 415 0.0% 444 504 425

China 380 385 -1.3% 384 451 383

Bangladesh 385 385 0.0% 415 498 375

India 375 375 0.0% 419 484 394

Pakistan 380 380 0.0% 417 477 388

China 365 370 -1.4% 365 432 364

Dry

Indicative Demolition Prices ($/ldt)

Markets

We

t

250

300

350

400

450

500

550

$/ld

t

Wet Demolition Prices

Bangladesh India Pakistan China

250

300

350

400

450

500

550

$/ldt

Wet Demolition Prices

Bangladesh India Pakistan China

250

300

350

400

450

500

550

$/ldt

Dry Demolition Prices

Bangladesh India Pakistan China

Name Size Ldt Built Yard Type $/ldt Breakers Comments

LUYANG HONGKONG 67,485 11,725 1981 IHI - AIOI, Japan BULKER $ 375/Ldt Chinese

HANJIN OSAKA 62,681 18,650 1992HANJIN HI CO LTD -

BUS, S. KoreaCONT $ 447/Ldt Indian

very heavy propeller, basis India

delivery

MSC BRASILIA 43,270 14,173 1986

DAEWOO

SHIPBUILDING &, S.

Korea

CONT $ 443/Ldt undisclosedas is Singapore, incl. 350t bunkers

ROB

LEROS 42,083 8,412 1985KOYO MIHARA,

JapanBULKER $ 320/Ldt Turkish

PROVIDENCE 39,750 9,651 1982UDDEVALLAVARVET,

SwedenTANKER $ 400/Ldt Indian as is Singapore, inc. 150t bunkers

CAPAHUARI 28,840 10,827 1993KHERSONSKIY SSZ -

UKE, UkraineTANKER $ 288/Ldt undisclosed as is Peru

GOLDEN LIGHT 15,100 3,844 1980

AUSTIN & P (BS)

SWK, United

Kingdom

GC $ 322/Ldt Chinese

Demolition Sales

© Intermodal Research 24/12/2012 6

Week

51

Week

50±% 2012 2011 2010

Capesize 170k 45.5 45.5 0.0% 46 53 58

Panamax 78k 25.3 25.3 0.0% 26 33 35

Supramax 57k 24.3 24.3 0.0% 25 30 31

Handysize 30k 20.5 20.5 0.0% 21 25 27

VLCC 300k 92.5 92.5 0.0% 94 102 103

Suezmax 160k 56.0 56.5 -0.9% 57 64 66

Aframax 115k 47.5 48.0 -1.0% 49 54 55

LR1 75k 41.0 41.0 0.0% 42 45 46

MR 52k 33.5 33.5 0.0% 33 36 36

LPG M3 80k 69.5 69.5 0.0% 70 73 72

LPG M3 52k 61.5 61.5 0.0% 61 64 65

LPG M3 23k 40.5 40.5 0.0% 43 46 46

Indicative Newbuilding Prices (million$)

Ga

s

Vessel

Bu

lke

rsTa

nk

ers

We men�oned last week how demand for ECO designs has been slowly gath-

ering support throughout the year. Despite the financial restraints in raising

capital, it looks like shareholders are further warming up to the ECO story.

D’Amico managed to raise more than EUR65m in its recent public offering.

The raised cash will be used to fund newbuilding orders for ECO design prod-

uct tankers, along with cash injec�ons from the sale of older vessels which

are set to take place once the market picks up, according to management

expecta�ons. The company announced last week that it would exercise the

op�on for two addi�onal MRs at Hyundai Mipo, S. Korea for about $32m

each. The tankers are according to the latest IMO II MR requirements with

fuel savings of 6-7 tons/day compared to the respec�ve tradi�onal design.

We expect that within 2013, the industry will provide a be>er indica�on as

to whether the ECO frenzy is here to stay or if market fundamentals will keep

favouring secondhand tonnage.

Most notable was the order placed by Sinokor for 10 MRs, (50,000dwt) at

Hyundai Mipo, S. Korea for a price of $31.0m each on the back of �me char-

ter to Shell.

Newbuilding Market

20

40

60

80

100

120

million $

Tankers Newbuilding Prices (m$)

VLCC Suezmax Aframax LR1 MR

10

20

30

40

50

60

70

million $

Bulk Carriers Newbuilding Prices (m$)

Capesize Panamax Supramax Handysize

Units Type Yard Delivery Buyer Price Comments

2 Tanker 52,000 dwtHyundai Vinashin, S.

Korea2014 Singaporean (Wilmar) $ 31.0m

1 Tanker 50,000 dwt STX Dalian, China 2015Indian (Great Eastern

Shipping )$ 30.0m

ECO design, plus

options

10 Tanker 50,000 dwtHyundai Mipo, S.

Korea2014 S.Korean (Sinokor) $ 31.0m

on the back of TC

to Shell

4 Bulker 48,500 dwt Chengxi, China 2014Chinese (Jiangsu Ligang

electric power)undisclosed

4 Bulker 39,500 dwt Chengxi, China 2014 Chinese (China Navigation) undisclosed open hutch

1 Offshore 21,500 php Arctech, Finland 08/2015 Russian (Mintrans) $ 133.0m

1+1 Gas 80,000 cbm Hyundai, S. Korea 07/2014 Mexican (Tomza) $ 74.0m

Size

Newbuilding Orders

The informa�on contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such informa�on to be factual and reliable without mak-

ing guarantees regarding its accuracy or completeness. Whilst every care has been taken in the produc�on 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 informa�on 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 wri>en authoriza�on of Intermodal Shipbrokers Co.

Compiled by Intermodal Research & Valua�ons Department | Mr George Lazaridis

E-mail: research@intermodal.gr

On behalf of Intermodal Sale & Purchase, Newbuilding and Chartering Departments

E-mail: snp@intermodal.gr, tankers@intermodal.gr, dry@intermodal.gr

1,620

1,640

1,660

1,680

1,700

1,720

80

90

100

110

120

130

goldoil

Basic Commodities Weekly Summary

Oil WTI $ Oil Brent $ Gold $

21-Dec-12 14-Dec-12W-O-W

Change %

Rotterdam 911.0 907.0 0.4%

Houston 990.0 985.0 0.5%

Singapore 931.0 915.0 1.7%

Rotterdam 585.0 574.0 1.9%

Houston 607.0 607.5 -0.1%

Singapore 612.5 594.5 3.0%

Rotterdam 610.0 607.0 0.5%

Houston 667.5 672.5 -0.7%

Singapore 612.0 612.0 0.0%

Bunker Prices

MD

O3

80

cst

18

0cs

t

World Economy News

Mario Mon�, Italy’s technocrat prime minister, has ended weeks of specula-

�on over his future by declaring his readiness to shed his neutrality and seek

office early next year if he sees “credible” support emerging for his reform

programme. Presen�ng his “Mon� agenda” for Italy and Europe at an eagerly

an�cipated press conference on Sunday, the former EU commissioner spoke

of the “moral impera�ve” driving his decision. But he later admi>ed that his

tenta�ve move into poli�cs carried “many risks” and a “high probability of

not succeeding”. (Financial Times)

Energy & Commodi(es

Investors cut bullish commodity bets to the lowest in almost six months as

U.S. budget talks stalled, increasing concern that lawmakers’ failure to reach

an agreement with push the world’s biggest economy back into a recession.

Hedge funds and money managers reduced net-long posi�ons across 18 U.S.

futures and op�ons by 5.6 percent to 758,256 contracts in the week ended

Dec. 18, the lowest since June 26, U.S. Commodity Futures Trading Commis-

sion data show. Gold holdings dropped to the lowest since August, while

those for silver tumbled 14 percent, the most since July 24. (Bloomberg)

Finance News

Banks retain a collec�ve shipping exposure of

$475bn, which is li>le less than the gross domes�c

product of Norway: that fact needs to be stressed

a7er a 2012 in which nega�ve headlines dominated

Lloyd’s List’s coverage of ship finance.

It underlines the point that shipping remains an im-

portant niche market, even in a year when Com-

merzbank announced that it is pulling out of the sec-

tor altogether and other players were scrabbling to

sell up.

The German lender said in its most recent quarterly

results statement that it expected to lose more than

$340m on shipping loans associated with its Deutsche

Schiffsbank unit. So it can hardly be blamed for

wan�ng out.

Nor is it the only one. In June, France’s Société Gé-

nérale offloaded a third of its shipping por5olio,

worth about $2bn, to Ci�bank of the US. Meanwhile,

Lloyd’s finally got shot of a $750m tranche of its

worst shipping loans at a deep discount.

Among the other financial ins�tu�ons, Santander is

seeking to dispose of loans inherited when it acquired

Alliance & Leicester in 2010 and Bank of Ireland is

also heading for the door. (Lloyds List)

CompanyStock

ExchangeCurr. 21-Dec-12 14-Dec-12

W-O-W

Change %Max 51wk Min 51wk

AEGEAN MARINE PETROL NTWK NYSE USD 5.08 4.99 1.8% 5.28 5.07

BALTIC TRADING NYSE USD 3.16 3.08 2.6% 3.16 3.09

BOX SHIPS INC NYSE USD 4.16 4.45 -6.5% 4.37 4.15

CAPITAL PRODUCT PARTNERS LP NASDAQ USD 6.57 6.45 1.9% 6.64 6.46

COSTAMARE INC NYSE USD 14.07 14.00 0.5% 14.32 13.75

DANAOS CORPORATION NYSE USD 2.61 2.74 -4.7% 2.66 2.60

DIANA SHIPPING NYSE USD 7.47 7.33 1.9% 7.50 7.30

DRYSHIPS INC NASDAQ USD 1.73 1.83 -5.5% 1.79 1.73

EAGLE BULK SHIPPING NASDAQ USD 1.47 1.83 -19.7% 1.85 1.45

EUROSEAS LTD. NASDAQ USD 0.88 0.88 0.0% 0.92 0.88

EXCEL MARITIME CARRIERS NYSE USD 0.51 0.48 6.3% 0.53 0.46

FREESEAS INC NASDAQ USD 0.09 0.11 -18.2% 0.11 0.09

GENCO SHIPPING NYSE USD 3.62 2.72 33.1% 3.62 2.97

GLOBUS MARITIME LIMITED NASDAQ USD 1.60 1.65 -3.0% 1.65 1.59

GOLDENPORT HOLDINGS INC LONDON GBX 37.00 38.20 -3.1% 39.00 37.00

HELLENIC CARRIERS LIMITED LONDON GBX 15.10 16.11 -6.3% 16.11 15.10

NAVIOS MARITIME ACQUISITIONS NYSE USD 2.12 2.22 -4.5% 2.17 2.11

NAVIOS MARITIME HOLDINGS NYSE USD 3.44 3.51 -2.0% 3.48 3.42

NAVIOS MARITIME PARTNERS LP NYSE USD 12.56 12.67 -0.9% 13.12 12.47

NEWLEAD HOLDINGS LTD NASDAQ USD 0.37 0.36 2.8% 0.40 0.36

PARAGON SHIPPING INC. NYSE USD 2.39 2.34 2.1% 2.53 2.39

SAFE BULKERS INC NYSE USD 3.48 3.26 6.7% 3.51 3.35

SEANERGY MARITIME HOLDINGS CORP NASDAQ USD 1.13 1.28 -11.7% 1.24 1.10

STAR BULK CARRIERS CORP NASDAQ USD 6.04 6.09 -0.8% 6.24 6.00

STEALTHGAS INC NASDAQ USD 8.23 7.68 7.2% 8.23 7.68

TSAKOS ENERGY NAVIGATION NYSE USD 3.80 3.23 17.6% 3.82 3.22

TOP SHIPS INC NASDAQ USD 1.01 1.00 1.0% 1.01 0.95

Maritime Stock Data

Commodi(es & Financials

21-Dec-12 20-Dec-12 19-Dec-12 18-Dec-12 17-Dec-12W-O-W

Change %

10year US Bond 1.750 1.800 1.800 1.830 1.760 2.3%

S&P 500 1,430.15 1,443.69 1,435.81 1,446.79 1,430.36 1.2%

Nasdaq 3,021.01 3,050.39 3,044.36 3,054.53 3,010.60 1.7%

Dow Jones 13,190.84 13,311.72 13,251.97 13,350.96 13,235.39 0.4%

FTSE 100 5,939.99 5,958.34 5,961.59 5,935.90 5,912.15 0.3%

FTSE All-Share UK 3,111.17 3,121.27 3,122.32 3,106.57 3,093.05 0.4%

CAC40 3,661.40 3,666.73 3,664.59 3,648.63 3,638.10 0.5%

Xetra Dax 7,636.23 7,672.10 7,668.50 7,653.58 7,604.94 0.5%

Nikkei 9,940.06 10,039.33 10,160.40 9,923.01 9,828.88 2.1%

Hang Seng 22,506.29 22,659.78 22,623.37 22,494.73 22,513.61 -0.4%

Dow Jones 227.02 228.48 226.29 224.14 218.12 5.1%

$ / € 1.32 1.32 1.33 1.32 1.32 0.9%

$ / ₤ 1.62 1.63 1.63 1.62 1.62 0.5%

₤ / € 0.81 0.81 0.82 0.81 0.81 0.4%

¥ / $ 84.08 84.29 84.40 83.98 83.86 0.4%

$ / Au$ 1.04 1.05 1.05 1.05 1.05 -1.1%

$ / NoK 0.18 0.18 0.18 0.18 0.18 1.6%

$ / SFr 0.92 0.91 0.91 0.91 0.92 -0.7%

Yuan / $ 6.24 6.24 6.25 6.25 6.25 0.0%

Won / $ 1,075.34 1,073.79 1,072.42 1,073.00 1,072.66 0.0%

$ INDEX 81.00 80.80 80.70 80.70 80.70 0.1%

Market Data

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