Market insight By Linos Kogevinas

Marketing - Harbour Towage & Port Agency

Cotzias Intermodal Shipping Inc.

Parking the Capes

It is no secret that recent times have been anything but kind towards ship-ping, and no sector has suffered more lately than the dry bulk one. While we have seen various correctional signals for the wet sector (especially for the MR and VLCC segments), the dry market has had very few reasons to be hopeful. The BDI has been fairing at historical lows over the past few months and this had created a climate of widespread anxiety among dry bulk ship-owners as there are limited hints of a recovery in the short-term.

With current cape spot market rates being significantly below OPEX levels, it seems that the patience of many Cape owners has finally begun to run out. As a result, they are left with a few options on how to proceed. There are two value-maximizing (or rather loss-minimizing) options; one is of course scrapping the vessel, almost certainly at a loss compared to the initial capital investment. With the scrap market revolving predominantly around bulk carriers and container vessels during the past weeks, it seems that many owners have selected this option.

On the other hand, some of the largest European Capesize players have selected the alternative route of parking their capes. A number of them have selected Kaohsiung, Taiwan as the ideal place to park their capes until rates pick up from the current depressing rates. Eastern Pacific has reportedly parked a number of their capes in anchorages (favoring the Kaohsiung an-chorage).

Navios is also reported to have alluded to following the same route even going as far as suggesting that cold layups are the next step in order to cut what costs they can. The effects of such decisions on the market are hard to predict unless they are followed by a bigger number of owners, therefore for now it is expected that there will be a minor and more importantly tem-porary (lasting only until they’re back in the market) support in the market.

How sustainable will this strategy be? While the larger owners (many of whom have diversified fleets, thus hedging their exposure to the dry market troubles) may be able to sustain themselves long enough to survive through the current market slump, smaller players and those primarily invested in the cape segments will most definitely have trouble surviving where the situation is to persist for long.

With current conditions pushing more and more vessels out of the market, owners are awaiting Q2 in order to decide on their future moves. While short-term prospects are dire, the Indian coal market together with the Chi-nese steel import market, are possible candidates to partially help in the medium-long term recovery/ revival of the dry market sector.

As always, the amount of new orders that will be placed during the next quarters will play a determining role in the segment’s recovery, but given how quiet the newbuilding market for Capes has been since the summer of 2014, we believe that this should currently be the least of our worries.

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

The performance of the Capesize segment continues to weigh down heavily on the entire Dry Bulk market, while the geared sizes continue to witness slightly improved enquiry, placing them in a much better posi-tion compared to the rest of the market. The BDI closed today (17/03/2015) at 568 points, up by 4 points compared to Monday’s levels (16/03/2015) and unchanged compared to previous Tuesday’s closing (10/03/2015). Things in the crude carriers market continued moving sideways, while slow enquiry ex-MEG was the main reason behind the slight softening of rates last week as well. The BDTI Monday (17/03/2015) was at 809 points, a decrease of 28 points and the BCTI at 722, an increase of 53 points compared to previous Monday’s (09/03/2015) levels.

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

Following a couple of weeks of intense buying activity, the number of dry bulkers deals returned to the low volumes we have been used to since the end of 2014, while MR candidates remained popular, with Norden reportedly selling a pair of them to Chilean owner CCNI at mar-ket levels. On the tanker side, we had the sale of the “UNIVERSAL PRIME” (299,985dwt-blt 97, S.Korea), which was sold to Chinese buyers for a price in the region of $31.2m. On the dry bulker side, we had the sale of the “CAPE STORK” (171,039dwt-blt 96, Japan), which was sold to Chinese buyers for a price in the region of $7.7m.

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

The number of newbuilding contracts reported last week was in line with the slightly increased volume of activity that we have been witness-ing this month. Most notably, the number of tanker orders coming through, the majority of which was placed by Greek owners, is evidence of the positive sentiment that prevails in the sector, where fundamen-tals in the short to medium term are expected to remain stronger com-pared to the dry bulkers, but still unable in our opinion to create an impressive wave of newbuilding activity even on the tanker side. Saying that, reports of the impressive order for 21 Handysize bulkers by Orix, according to which the owner is betting on a dry bulk market recovery, comes as a reminder that our industry is not only experiencing high newbuilding activity during good times but sometimes when the market is overall depressed and newbuilding prices possibly offer an opportuni-ty to asset play once a recovery takes place. The problem with that is of course the added dwt that comes in the market based purely on specu-lation and which itself delays the recovery even further. In terms of recently reported deals, Greek owner, Thenamaris, placed an order for one firm Suezmax (159,000dwt) at Hyundai, in S. Korea, for a price of $ 67.0m and delivery set in 2016.

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

Demo prices were unchanged last week, with a firm number of dry can-didates continuing to find its way into the demo market, while despite this recent price stability, sentiment hardly improved. Let’s not forget that very recently, a similar short-lived stability period took place, only to be followed by a sudden drop in prices, which is what the current market fundamentals are also implying for the weeks ahead. The situa-tion in the Indian market remains extremely fragile, with the pressure exerted both in local steel prices and the Indian Rupee increasing and weighing down on sentiment across the entire subcontinent, while cheap Chinese scrap steel is still trying to be absorbed pushing global steel prices further down. Prices this week for wet tonnage were at around 230-395 $/ldt and dry units received about 215-370 $/ldt.

Weekly Market Report

Issue: Week 11 | Tuesday 17th March 2015

© Intermodal Research 17/03/2015 2

2014 2013

WS points $/dayWS

points$/day $/day $/day

265k MEG-JAPAN 52 47,600 50 46,650 2.0% 30,469 21,133

280k MEG-USG 28 31,663 28 30,592 3.5% 17,173 7,132

260k WAF-USG 65 61,743 66 62,649 -1.4% 40,541 26,890

130k MED-MED 110 64,170 112 67,614 -5.1% 30,950 17,714

130k WAF-USAC 99 50,077 106 52,593 -4.8% 24,835 13,756

130k BSEA-MED 104 67,641 105 67,789 -0.2% 30,950 17,714

80k MEG-EAST 107 30,404 107.5 30,564 -0.5% 19,956 11,945

80k MED-MED 102.5 31,060 105 31,927 -2.7% 28,344 13,622

80k UKC-UKC 95 26,126 95 25,616 2.0% 33,573 18,604

70k CARIBS-USG 170 46,243 187 53,358 -13.3% 25,747 16,381

75k MEG-JAPAN 106 29,905 105 29,561 1.2% 16,797 12,011

55k MEG-JAPAN 128 26,490 126 25,921 2.2% 14,461 12,117

37K UKC-USAC 185 27,110 165 24,947 8.7% 10,689 11,048

30K MED-MED 190 30,693 190 30,494 0.7% 18,707 17,645

55K UKC-USG 125 26,898 125 26,427 1.8% 23,723 14,941

55K MED-USG 125 25,402 125 25,030 1.5% 21,089 12,642

50k CARIBS-USAC 165 33,959 180 37,901 -10.4% 25,521 15,083

Dir

tyA

fram

axC

lean

VLC

CSu

ezm

ax

Spot Rates

Vessel Routes

Week 11 Week 10$/day

±%

Mar-15 Feb-15 ±% 2014 2013 2012

300KT DH 81.0 80.6 0.5% 73.6 56.2 62.9

150KT DH 58.5 59.0 -0.8% 50.2 40.1 44.9

110KT DH 45.0 45.0 0.0% 38.6 29.2 31.2

75KT DH 36.0 35.6 1.1% 32.8 28.0 26.7

52KT DH 25.0 25.6 -2.4% 27.2 24.7 24.6

VLCC

Suezmax

Indicative Market Values ($ Million) - Tankers

Vessel 5yrs old

MR

Aframax

LR1

Chartering

Things in the crude carriers market were overall stable last week as far as TCE are concerned, while in those cases where the pressure on WS rates was more evident, bunkers prices helped to partially offset the losses as they remained on a free fall for a third week in a row. A much quieter than originally expected Middle East region is still the main reason behind the inability of the market progressing further in March, while as long as other key trading areas continue to witness healthy activity, sentiment remains positive overall despite this recent pullback in rates. Rates for VLs were overall stable last week with period interest remaining limited, while we expect things to remain largely unchanged in the following days, given that activity ex-WAF will continue to support the segment while things in the MEG remain unchanged.

Rates for Suezmaxes were under downward pressure last week, on the back of activity in the WAF region slowing down, which also set the tone for ide-as in the Black Sea/Med region, while an slightly softening market is ex-pected for the segment during the second half of the month as well.

The Aframax market also noted a pullback at the end of the week, with fairly small discounts being noted in most key routes, while the Caribs Afra greatly underperformed the market on the back of enquiry in the region dropping significantly for a second week in row.

Sale & Purchase

In the VLCC sector we had the sale of the “UNIVERSAL PRIME” (299,985dwt-blt 97, S.Korea), which was sold to Chinese buyers for a price in the region of $31.2m.

In the MR sector we had the sale of the “GOLD EXPRESS” (47,410dwt-blt 09, Japan), which was sold to US based owner, Wilson Oil, for $22.8m.

Wet Market

Indicative Period Charters

- 24mos - 'OHIO' 2009 105,000 dwt

- - $22,000/day - Shell

-12 mos - 'RITA M ' 2009 46,000 dwt

- - $15,100/day - Norden

20

70

120

170

220

WS

po

ints

DIRTY - WS RATESTD3 TD4 TD6 TD9

Week 11 Week 10 ±% Diff 2014 2013

300k 1yr TC 40,000 40,000 0.0% 0 28,346 20,087

300k 3yr TC 41,000 41,000 0.0% 0 30,383 23,594

150k 1yr TC 33,000 33,000 0.0% 0 22,942 16,264

150k 3yr TC 33,000 33,000 0.0% 0 24,613 18,296

110k 1yr TC 23,000 23,000 0.0% 0 17,769 13,534

110k 3yr TC 23,000 23,000 0.0% 0 19,229 15,248

75k 1yr TC 21,000 20,000 5.0% 1000 16,135 15,221

75k 3yr TC 18,500 18,000 2.8% 500 16,666 15,729

52k 1yr TC 15,000 15,000 0.0% 0 14,889 14,591

52k 3yr TC 15,000 15,000 0.0% 0 15,604 15,263

36k 1yr TC 14,000 13,500 3.7% 500 14,024 13,298

36k 3yr TC 14,000 14,000 0.0% 0 14,878 13,907

Panamax

MR

Handy

size

TC Rates

$/day

VLCC

Suezmax

Aframax

6080

100120140160180200220240

WS

po

ints

CLEAN - WS RATESTC1 TC2 TC5 TC6

© Intermodal Research 17/03/2015 3

0500

1,0001,5002,0002,5003,0003,5004,0004,500

Ind

ex

Baltic Indices

BCI BPI BSI BHSI BDI

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000$

/da

y

Average T/C Rates

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

Chartering

The even heavier losses noted in the Capesize segment last week, denied

the Dry Bulk market a third weekly positive, while the smaller size segments

continued to outperform the rest of the market. Despite the admittedly

better market the latter have been witnessing in the past weeks and even if

Panamaxes have also been seeing more steady numbers all around, the fact

that Capesizes have been unable to catch a break so far, is causing further

worries across the market. The BDI has slipped 27% since the beginning of

the year and as long as Capes remain under pressure it will be very hard to

even get close to the 1,000 psychological level of the Index.

The average rate for Capes moved to below $ 4,000/day last week, with

fresh enquiry being limited across both basins, while as the segment is still

operating well below OPEX, we expect negative sentiment to largely contin-

ue dictate both the paper and physical market. At the moment, it seems

that even the most optimistic market participants out there have written

off entirely the first half of the year in terms of a substantial market recov-

ery taking place within this period.

Atlantic Panamax activity continued to be centred on cargoes from East

Coast South America, with rates holding onto recent gains as the week fin-

ished. At the same time, activity in the Pacific saw a quiet close to the week,

with little change to rates and limited new business, while this current week

has kicked off on a slightly improved tone.

The Handy/Handymax/Supra market continued improving last week, with

Atlantic enquiry providing most of the support, while the Pacific market

also started to pick up mid-week onwards.

Sale & Purchase

In the Capesize sector, we had the sale of the “CAPE STORK” (171,039dwt-

blt 96, Japan), which was sold to Chinese buyers for a price in the region of

$7.7m.

In the Handysize sector we had the sale of the “NAVISION ALLI-

ANCE” (28,460dwt-blt 95, Japan), which was sold to Turkish buyers for

$3.2m.

Mar-15 Feb-15 ±% 2014 2013 2012

180k 35.8 36.8 -2.7% 47.3 35.8 34.6

76K 17.8 18.6 -4.7% 24.5 21.3 22.7

56k 18.8 19.5 -3.8% 24.7 21.5 23.0

30K 14.0 15.3 -8.2% 19.5 18.2 18.2

Capesize

Panamax

Supramax

Indicative Market Values ($ Million) - Bulk Carriers

Vessel 5 yrs old

Handysize

Indicative Period Charters

- 11 to 14 mos - 'ERATO ' 2004 74,444dwt

- Cape Passero - $ 7,100/day -Glencore

- 4 to 7 mos - 'THOR' 2005 76,838dwt

- Hong Kong 10/15 Mar - $ 7,600/day -Bunge

Dry Market

Index $/day Index $/day Index Index

BDI 562 565 -3 1,097 1,205

BCI 378 $3,982 470 $4,768 -92 -16.5% 1,943 2,106

BPI 585 $4,692 587 $4,706 -2 -0.3% 960 1,186

BSI 606 $6,334 566 $5,916 40 7.1% 937 983

BHSI 368 $5,363 352 $5,107 16 5.0% 522 562

06/03/2015

Baltic IndicesWeek 11

13/03/2015Week 10

Point

Diff

2014 2013$/day

±%

170K 6mnt TC 8,250 8,500 -2.9% -250 22,020 17,625

170K 1yr TC 10,000 10,000 0.0% 0 21,921 15,959

170K 3yr TC 11,500 11,500 0.0% 0 21,097 16,599

76K 6mnt TC 7,500 7,500 0.0% 0 12,300 12,224

76K 1yr TC 7,500 7,500 0.0% 0 12,259 10,300

76K 3yr TC 9,000 9,500 -5.3% -500 13,244 10,317

55K 6mnt TC 7,750 7,250 6.9% 500 12,008 11,565

55K 1yr TC 8,000 7,500 6.7% 500 11,589 10,234

55K 3yr TC 8,500 8,500 0.0% 0 11,585 10,482

30K 6mnt TC 6,750 6,750 0.0% 0 9,113 8,244

30K 1yr TC 7,250 7,250 0.0% 0 9,226 8,309

30K 3yr TC 7,750 7,750 0.0% 0 9,541 8,926Han

dys

ize

Period

2013

Pan

amax

Sup

ram

ax

Week

11

Week

10

Cap

esi

ze

2014$/day ±% Diff

© Intermodal Research 17/03/2015 4

Secondhand Sales

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

VLCCUNIVERSAL

PRIME299,985 1997

HYUNDAI HEAVY

INDS - U, S. KoreaB&W Aug-17 DH $ 31.2m Chinese

MR GOLD EXPRESS 47,410 2009 ONOMICHI, Japan MAN-B&W Jul-19 DH $ 22.8mUS-based

(Wi lson Oi l )

MRSAPPHIRE

EXPRESS47,402 2009 ONOMICHI, Japan MAN-B&W Jun-19 DH $ 21.0m Greek

MR SIMOA 40,354 2004HYUNDAI MIPO

DOCKYARD, S. KoreaB&W Oct-19 DH $ 14.8m Greek on subjects

Tankers

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

CAPE CAPE STORK 171,039 1996 IHI - KURE, Japan Sulzer Jun-16 $ 7.7m Chinese

POST

PMAXSEKIYO 91,439 1998

HITACHI ZOSEN -

NAGASU, JapanB&W Feb-16 undisclosed Chinese

HANDYNAVISION

ALLIANCE28,460 1995

KANDA KAWAJIRI,

JapanMitsubishi May-15

4 X 30t

CRANES$ 3.2m Turkish

Bulk Carriers

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

CHEROKEE PRINCESS 22,918 1990 IHI - AIOI, Japan Pielstick Mar-155 X 25t

CRANES$ 3.3m Chinese

MPP/General Cargo

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

SUB

PMAX

E.R.

BREMERHAVEN2,496 2002

SSW FAEHR- &

SPEZIALSC,

Germany

Sulzer May-173 X 45t

CRANESundisclosed

Greek

(Goldenport)

SUB

PMAXFLEX BOX 2,105 1997

DAEWOO HEAVY

INDUSTRIE, S.

Korea

B&W Aug-174 X 40t

CRANES$ 5.8m Far Eastern

FEEDER MARIE SCHULTE 1,730 2001

SZCZECINSKA

PORTA HOLD,

Poland

Sulzer Jul-163 X 40t

CRANES$ 5.1m Greek (Lomar)

FEEDER MIZAR 1,341 2005

JIANGSU

YANGZIJIANG SH,

China

B&W Mar-152 X 45t

CRANES$ 7.3m Greek

Containers

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

LPG OCEAN PRIMUS 4444 1992DUNSTON HESSLE,

U. K.MaK Feb-17 4,312 $ 1.7m Turkish

Gas/LPG/LNG

© Intermodal Research 17/03/2015 5

The number of newbuilding contracts reported last week was in line with the slightly increased volume of activity that we have been witnessing this month. Most notably, the number of tanker orders coming through, the ma-jority of which was placed by Greek owners, is evidence of the positive senti-ment that prevails in the sector, where fundamentals in the short to medium term are expected to remain stronger compared to the dry bulkers, but still unable in our opinion to create an impressive wave of newbuilding activity even on the tanker side. Saying that, reports of the impressive order for 21 Handysize bulkers by Orix, according to which the owner is betting on a dry bulk market recovery, comes as a reminder that our industry is not only ex-periencing high newbuilding activity during good times but sometimes when the market is overall depressed and newbuilding prices possibly offer an opportunity to asset play once a recovery takes place. The problem with that is of course the added dwt that comes in the market based purely on specu-lation and which itself delays the recovery even further.

In terms of recently reported deals, Greek owner, Thenamaris, placed an order for one firm Suezmax (159,000dwt) at Hyundai, in S. Korea, for a price of $ 67.0m and delivery set in 2016.

Newbuilding Market

20

60

100

140

180

mil

lion

$

Tankers Newbuilding Prices (m$)

VLCC Suezmax Aframax LR1 MR

Week

11

Week

10±% 2014 2013 2012

Capesize 180k 52.5 53.0 -0.9% 55.8 49 47

Kamsarmax 82k 29.0 29.0 0.0% 30.4 27 28

Panamax 77k 28.5 28.5 0.0% 29.2 26 27

Ultramax 63k 26.0 26.0 0.0% 27 25 25

Handysize 38k 22.0 22.0 0.0% 23 21 22

VLCC 300k 96.5 96.5 0.0% 98.6 91 96

Suezmax 160k 65.0 65.0 0.0% 65 56 58

Aframax 115k 53.5 53.5 0.0% 54 48 50

LR1 75k 46.0 46.0 0.0% 45.9 41 42

MR 50k 36.5 36.5 0.0% 36.9 34 34

190.0 190.0 0.0% 186.0 185 186

78.0 78.0 0.0% 78.4 71 71

68.0 68.0 0.0% 66.9 63 62

46.0 46.0 0.0% 44.3 41 44

Vessel

Indicative Newbuilding Prices (million$)

Bu

lke

rsTa

nke

rs

LNG 160k cbm

LGC LPG 80k cbm

MGC LPG 55k cbm

SGC LPG 25k cbm

Gas

10

30

50

70

90

110

mil

lion

$Bulk Carriers Newbuilding Prices (m$)

Capesize Panamax Supramax Handysize

Units Type Yard Delivery Buyer Price Comments

2 Tanker 159,000 dwt Hyundai, S. Korea 2016 Greek (Arcadia) $ 67.0m

1 Tanker 159,000 dwt Hyundai, S. Korea 2016 Greek (Thenamaris) $ 67.0m

4 Tanker 157,500 dwt New Times, China 2017 Greek (Dynacom Tankers) $ 60.0molder deal surfacing

now

2 Tanker 115,000 dwtHyundai Samho, S.

Korea2016 Belgian (Transpetrol) $ 55.0m

1 Tanker 16,000 dwt Kurinoura, Japan 2016Singaporean (Marex

Maritime)undisclosed chemical

1 Bulker 7,200 dwt JT Cement, Netherlands 2016 Dutch (Ferus Smit) undisclosedCement Carrier, dual

fuel, ice 1A

3 Container 20,500 teu Hyundai, S. Korea 2017 French (CMA CGM) $ 145.0m LOI stage

Newbuilding Orders Size

© Intermodal Research 17/03/2015 6

Demo prices were unchanged last week, with a firm number of dry candi-dates continuing to find its way into the demo market, while despite this recent price stability, sentiment hardly improved. Let’s not forget that very recently, a similar short-lived stability period took place, only to be followed by a sudden drop in prices, which is what the current market fundamentals are also implying for the weeks ahead. The situation in the Indian market remains extremely fragile, with the pressure exerted both in local steel prices and the Indian Rupee increasing and weighing down on sentiment across the entire subcontinent, while cheap Chinese scrap steel is still trying to be ab-sorbed pushing global steel prices further down. Prices this week for wet tonnage were at around 230-395 $/ldt and dry units received about 215-370 $/ldt.

One of the highest prices amongst recently reported deals, was that paid by Bangladeshi breakers for the small tanker “P OCEAN” (2,525dwt-760ldt-blt 71), which received a price of $419/ldt.

Demolition Market

Week

11

Week

10±% 2014 2013 2012

Bangladesh 385 385 0.0% 469 422 440

India 380 380 0.0% 478 426 445

Pakistan 395 395 0.0% 471 423 444

China 230 230 0.0% 313 365 384

Bangladesh 370 370 0.0% 451 402 414

India 365 365 0.0% 459 405 419

Pakistan 370 370 0.0% 449 401 416

China 215 215 0.0% 297 350 365

Dry

Indicative Demolition Prices ($/ldt)

Markets

We

t

200

250

300

350

400

450

500

550

$/l

dt

Wet Demolition Prices

Bangladesh India Pakistan China

200

250

300

350

400

450

500

550$/

ldt

Dry Demolition Prices

Bangladesh India Pakistan China

Name Size Ldt Built Yard Type $/ldt Breakers Comments

THE WATCHFUL 69,451 9,646 1992HASHIHAMA SHBLDG

- TAD, JapanBULKER $ 400/Ldt Pakistani incl. 750T ROB

HE YUAN 48,280 8,679 1985NKK CORP -

TSURUMI - Y, JapanBULKER $ 365/Ldt Bangladeshi

MANUELA 21,540 8,018 1993 SIETAS KG, Germany CONT $ 380/Ldt Indian as-is Singapore. incl. 150T ROB

UNI-CHART 17,446 5,823 1992KANDA KAWAJIRI,

JapanCONT $ 332/Ldt undisclosed as-is S.Korea

UNI-CROWN 17,446 5,823 1992KANDA KAWAJIRI,

JapanCONT $ 332/Ldt undisclosed as-is S.Korea

UNI-CORONA 17,446 5,822 1992KANDA KAWAJIRI,

JapanCONT $ 332/Ldt undisclosed as-is S.Korea

SHEHAB

ALMUHIEDDINE26,523 5,500 1985

KANASASHI ZOSEN -

TOYO, JapanBULKER $ 380/Ldt Indian

PACIFIC SUN 18,657 4,939 1982 EIDES, Norway TANKER $ 680/Ldt Indian incl. 765T of StSt + full spares

P OCEAN 2,525 760 1971KYOKUYO CHOFU,

JapanTANKER $ 419/Ldt Bangladeshi

Demolition Sales

The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without mak-ing guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.

Compiled by Intermodal Research & Valuations Department | research@intermodal.gr Ms. Eva Tzima | e.tzima@intermodal.gr

Mr. Vassilis Logothetis | v.logothetis@intermodal.gr

Finance News

“OSG sheds the red

Overseas Shipholding Group (OSG) has emerged as the latest beneficiary of rising rates for crude and product tankers.

On Monday evening the US operator posted a gain of $26.5m for the three months to 31 December 2014, versus a loss of $447.3m in the fourth-quarter of 2013.

In a statement chief executive Ian Blackley said he was pleased to report adjusted net income of $22.1m in his company’s first full quarter of financial results since the completion of a Chapter 11 restructuring last year.

“In the quarter, higher crude spot rates combined with the continuing strength of the US-Flag market had a positive impact on our earnings,” he added.

OSG, which carded a full-year loss of $152.3m, said shipping revenues for the fourth fell to $216.9m from $273.1m year-on-year.

OSG is based in New York where it oversees 81 tank-ers, floating storage units and articulated tug-barges. Of these, 63 units are owned and the remainder are chartered-in. ”(Aaron Kelley, Trade Winds)

Commodities & Ship Finance

13-Mar-15 12-Mar-15 11-Mar-15 10-Mar-15 9-Mar-15W-O-W

Change %

10year US Bond 2.130 2.100 2.110 2.140 2.200 -4.9%

S&P 500 2,053.40 2,065.95 2,040.24 2,044.16 2,079.43 -0.9%

Nasdaq 4,871.76 4,893.29 4,849.94 4,859.79 4,942.44 -1.1%

Dow Jones 17,749.31 17,895.22 17,635.39 17,662.94 17,995.72 -0.6%

FTSE 100 6,740.58 6,761.07 6,721.51 6,702.84 6,876.47 -2.5%

FTSE All-Share UK 3,648.24 3,655.28 3,633.90 3,624.77 3,710.08 -2.2%

CAC40 5,010.46 4,987.33 4,997.75 4,881.95 4,937.20 0.9%

Xetra Dax 11,901.61 11,799.39 11,805.99 11,500.38 11,582.11 2.8%

Nikkei 19,254.25 18,991.11 18,723.52 18,665.11 18,790.55 2.5%

Hang Seng 23,823.21 23,797.96 23,717.97 23,896.98 24,123.05 -1.4%

DJ US Maritime 241.63 247.57 249.37 244.71 249.60 -3.3%

$ / € 1.05 1.06 1.05 1.07 1.08 -3.2%

$ / ₤ 1.47 1.49 1.49 1.51 1.51 -1.9%

¥ / $ 121.39 121.32 121.42 121.05 121.43 0.5%

$ / NoK 0.12 0.12 0.12 0.12 0.13 -3.7%

Yuan / $ 6.26 6.26 6.26 6.26 6.26 -0.1%

Won / $ 1,138.05 1,125.20 1,132.00 1,127.20 1,114.50 2.4%

$ INDEX 89.33 88.58 89.08 88.48 87.71 1.8%

Market Data

Cu

rre

nci

es

Sto

ck E

xch

ange

Dat

a

1,100

1,150

1,200

1,250

1,300

1,350

40

45

50

55

60

65

goldoil

Basic Commodities Weekly Summary

Oil WTI $ Oil Brent $ Gold $

13-Mar-15 6-Mar-15W-O-W

Change %

Rotterdam 520.5 560.0 -7.1%

Houston 631.5 656.0 -3.7%

Singapore 534.5 562.5 -5.0%

Rotterdam 299.0 313.5 -4.6%

Houston 320.0 332.5 -3.8%

Singapore 330.0 352.5 -6.4%

Bunker Prices

MD

O3

80

cst

CompanyStock

ExchangeCurr. 13-Mar-15 06-Mar-15

W-O-W

Change %

AEGEAN MARINE PETROL NTWK NYSE USD 13.49 13.80 -2.2%

BALTIC TRADING NYSE USD 1.44 1.52 -5.3%

BOX SHIPS INC NYSE USD 0.87 0.90 -3.3%

CAPITAL PRODUCT PARTNERS LP NASDAQ USD 9.29 9.41 -1.3%

COSTAMARE INC NYSE USD 18.57 18.75 -1.0%

DANAOS CORPORATION NYSE USD 6.21 6.41 -3.1%

DIANA SHIPPING NYSE USD 6.48 6.50 -0.3%

DRYSHIPS INC NASDAQ USD 0.85 0.88 -3.4%

EAGLE BULK SHIPPING NASDAQ USD 9.37 9.91 -5.4%

EUROSEAS LTD. NASDAQ USD 0.75 0.75 0.0%

FREESEAS INC NASDAQ USD 0.08 0.08 0.0%

GLOBUS MARITIME LIMITED NASDAQ USD 1.51 1.59 -5.0%

GOLDENPORT HOLDINGS INC LONDON GBX 124.00 128.00 -3.1%

HELLENIC CARRIERS LIMITED LONDON GBX 17.25 18.00 -4.2%

NAVIOS MARITIME ACQUISITIONS NYSE USD 3.45 3.44 0.3%

NAVIOS MARITIME HOLDINGS NYSE USD 4.29 4.25 0.9%

NAVIOS MARITIME PARTNERS LP NYSE USD 11.77 12.33 -4.5%

PARAGON SHIPPING INC. NYSE USD 1.31 1.73 -24.3%

SAFE BULKERS INC NYSE USD 3.29 3.55 -7.3%

SEANERGY MARITIME HOLDINGS CORP NASDAQ USD 0.90 0.85 5.9%

STAR BULK CARRIERS CORP NASDAQ USD 3.37 3.84 -12.2%

STEALTHGAS INC NASDAQ USD 6.03 6.03 0.0%

TSAKOS ENERGY NAVIGATION NYSE USD 7.28 7.11 2.4%

TOP SHIPS INC NASDAQ USD 1.06 1.13 -6.2%

Maritime Stock Data

© Intermodal Shipbrokers Co

8

17/03/2015

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