Market insight By Yannis Olziersky

SnP Broker

As we get closer to the end of June, we can safely say that the 1st half of the year is leaving the dry bulk market with a bitter taste that we all wish to forget. The BDI was fluctuating around its lowest point ever recorded for the entire first half. The last two weeks though have given a much needed lift to the market, which nonetheless will need further momentum to make some actual difference in both sentiment and returns. Whether this momentum will be found in order to stabilize market rates at least above OPEX, is some-thing that is hard to predict. However, and since we are coming out of the "dusk" of H1 and slowly moving towards the "dawn" of H2, a recap in titles could be of interest to our readers.

Starting with Capers, levels are currently at the highest point since January. With the Chinese iron ore inventories at their lowest point since November 2013 and with the price of iron ore at slightly above $60/ton, a mild recov-ery in terms of traded volume is expected. On the supply side, heavy demoli-tion activity in H1 (more than 10mill dwt have been demolished since the beginning of the year) together with slippage, cancellation and conversions of dry bulk orders to tankers or containers, is restricting the growth of an already oversupplied market. On the other hand, China’s decision to support Vale’s iron ore expansion plan, may lead to an increase in iron ore supply. One would think that such decision would help the market recover on the back of tonne miles increase, however since most of Vale's transported iron ore will be shipped in Valemax ships the positive effect on rates will be hard to materialize.

On the Panamaxes, although rates have not seen today's levels since De-cember 2014, the outlook remains negative as demand for coal is diminish-ing. Environmental concerns in many nations and especially in China have pushed towards usage of cleaner resources of energy. As a result, coal im-ports have declined significantly YoY and a revival is hard to be expected despite the fact that other big economies like India are increasing demand but doing so in a more moderated level. On the other hand, some support could be founded in the grain market on the back of the increased produc-tion of exporting countries like US, Canada and Brazil.

On the smaller sizes, Supramaxes have found support in the Atlantic thanks to grains and petcoke cargoes. India's high petcoke imports from the US have helped increase tonne miles in the sector, while in the Pacific, rates are also correcting upwards on the back of bauxite and nickel ore imports, with China being behind most of the latter. Handysizes are also trying to take advantage of the increase of shipments of both grains and other minor bulk commodities, however the impact on freights is moderate as charterers prefer to use bigger vessels for the transportation of commodities, especially for the Transatlantic trade.

In general, the market is being in doldrums and nothing exciting should be expected during the next couple of months, some spikes could give glimpses of hope. However, the next big thing will most probably be the fourth quar-ter of this year, a time when the market is traditionally advancing. What will happen this year remains to be seen with great interest. Therefore from the “dusk” of H1 till the “dawn” of the H2 nothing really crazy should be ex-pected, apart maybe from some humans turning into vampires somewhere in a bar close to the Mexican borders...

Chartering (Wet: Firm + / Dry: Firm + )

Positive sentiment emerged last week in the Dry Bulk market following a surge in rates and superb performance in the Capesize segment. The BDI closed today (23/06/2015) at 790 points, up by 11 points compared to Monday’s levels (22/06/2015) and an increase of 109 points when com-pared to previous Tuesday’s closing (16/06/2015). Strong activity across all key trading regions pushed rates for the crude carriers even higher last week. The BDTI Monday (22/06/2015) was at 1046 points, an in-crease of 129 points and the BCTI at 743, an increase of 15 points com-pared to previous Monday’s (15/06/2015) levels.

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

The SnP market remained busy last week with VL candidates receiving impressive buying interest. On the tanker side, we had the en-bloc re-sale of the “HYUNDAI SAMHO S779” (300,000dwt-blt 16, S. Korea) and the “HYUNDAI SAMHO S780” (300,000dwt-blt 16, S. Korea) which were sold to Greek owner, Tsakos Energy Navigation for a price in the region of $97.0m each. On the dry bulker side we had the sale of the “REA” (53,125dwt-blt 03, Japan), which was sold to for a price in the region of $8.5m.

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

Bring on the subsidies! The commitment of the Chinese government to keep on supporting its newbuilding industry, which has been going through challenging times during the past year, has once more proven to be strong. Under the existing scheme, which kicked off in 2013 and was originally planned to last until the end of this year, owners were offered a subsidy to replace vintage tonnage with new, environmental friendly designed vessels. The program that has now been extended to the end of 2017, has been the incentive behind a number of orders placed in Chinese yards during the past couple of years, with that of COSCO’s for thirteen 20,000teu containerships being one of the most recent ones. Following the dramatic decline in new orders, extending the program is a decision that makes sense for Chinese shipbuilders, while on the other hand, as far as freight rates are concerned (especially in dry bulk), scrapping that isn't followed by new orders is more sensi-ble. In terms of recently reported deals, Norwegian owner, Frontline 2012, has placed an order for two firm plus four optional VLCCs (300,000dwt) at STX Shipbuilding, in S. Korea, for a price in the region of low $90.0m each and delivery set in 2017.

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

More storm clouds kept gathering during the last week over the demoli-tion market, which seems to be losing its few points of strength left supporting it following the past couple of months of turbulence. The eye catching drop in activity added to the already soft sentiment, while the stability in price levels last week is not expected to last for too long, with the majority of the market expecting further downside sooner rather than later especially as the Ramadan approaches. On the demand side, breakers across the Indian subcontinent appeared to be moving back to the sidelines, with a number of renegotiations taking place in both Paki-stan and Bangladesh, while even in India where things have admittedly been more stable lately, buying appetite seemed completely lost. On the supply side, the rebound in dry bulk freight rates over the past weeks seems to have already convinced perspective sellers of overage units to hold fire for now hoping to benefit more from a potential fur-ther market upside compared to what sending their vessels for scrap right now could earn them. Prices this week for wet tonnage were at around 225-380 $/ldt and dry units received about 210-360 $/ldt.

Weekly Market Report

Issue: Week 25 | Tuesday 23th June 2015

© Intermodal Research 23/06/2015 2

2014 2013

WS

points$/day

WS

points$/day $/day $/day

265k MEG-JAPAN 72.5 77,028 61 58,883 30.8% 30,469 21,133

280k MEG-USG 38.5 56,554 34.5 46,771 20.9% 17,173 7,132

260k WAF-USG 85 85,962 75 70,016 22.8% 40,541 26,890

130k MED-MED 105 61,187 95 52,490 16.6% 30,950 17,714

130k WAF-USAC 97.5 45,328 84 35,589 27.4% 24,835 13,756

130k BSEA-MED 110 71,354 96 54,306 31.4% 30,950 17,714

80k MEG-EAST 160 57,636 145 49,835 15.7% 19,956 11,945

80k MED-MED 135 49,024 145 53,399 -8.2% 28,344 13,622

80k UKC-UKC 165 76,760 159 72,088 6.5% 33,573 18,604

70k CARIBS-USG 175 48,326 138 37,717 28.1% 25,747 16,381

75k MEG-JAPAN 126 42,299 126 41,742 1.3% 16,797 12,011

55k MEG-JAPAN 141 32,037 141 31,325 2.3% 14,461 12,117

37K UKC-USAC 180 27,223 165 22,780 19.5% 10,689 11,048

30K MED-MED 185 29,272 180 27,644 5.9% 18,707 17,645

55K UKC-USG 132.5 28,714 130 27,796 3.3% 23,723 14,941

55K MED-USG 132.5 26,808 130 26,287 2.0% 21,089 12,642

50k CARIBS-USAC 155 28,902 143 25,664 12.6% 25,521 15,083

Dir

tyA

fram

axC

lean

VLC

CSu

ezm

ax

Spot Rates

Vessel Routes

Week 25 Week 24$/day

±%

Jun-15 May-15 ±% 2014 2013 2012

300KT DH 80.5 80.6 -0.1% 73.6 56.2 62.9

150KT DH 59.0 58.9 0.2% 50.2 40.1 44.9

110KT DH 45.0 45.0 0.0% 38.6 29.2 31.2

75KT DH 35.7 34.4 3.7% 32.8 28.0 26.7

52KT DH 26.5 26.6 -0.4% 27.2 24.7 24.6

Aframax

LR1

VLCC

Suezmax

Indicative Market Values ($ Million) - Tankers

Vessel 5yrs old

MR

Chartering

It’s a crude, crude summer! After a fairly slow first half of June for the crude carriers market, last week’s performance must have convinced even the most conservative of the strength the sector has, while the return of a more active period market, came as the cherry on the top of an already robust environment. The Middle East and the West Africa markets displayed great momentum last week and just the right amount of tonnage in both regions combined with the fact that charterers were as eager as ever to move to next month’s dates, gave a substantial push to rates , while in terms of TCE, falling bunker prices also sided with owners.

Rates for VLs surged last week on the back of a strong Middle East, the spill-overs of which were enjoyed across all key trading routes. At the same time things in West Africa also got busy following a couple of fairly slow weeks, while the market expectation is that the following weeks will keep on sup-porting rates for the segment.

The Atlantic was very busy for Suezmax tonnage as well, with Westbound enquiry pushing rates higher, while positive sentiment all around and fresh business emerging during the second part of the week managed to also lift rates in the recently slow cross-Med and Black Sea/Med regions.

With the exception of a slower Med, rates for Aframaxes also moved up last week, with the Caribs Afra surging on the back of delays in the USG that held available tonnage in shortage of fresh business in the region.

Sale & Purchase

In the VLCC sector we had the en-bloc resale of the “HYUNDAI SAMHO S779” (300,000dwt-blt 16, S. Korea) and the “HYUNDAI SAMHO S780” (300,000dwt-blt 16, S. Korea) which were sold to Greek owner, Tsa-kos Energy Navigation for a price in the region of $97.0m each.

In the Aframax sector, we had the sale of the “KUBAN” (106,562dwt-blt 00, Japan) which was picked up by Indonesian buyer Soechi, for a price of $17.2m.

Wet Market

Indicative Period Charters

-24 mos - 'COSGLORY LAKE' 2003 299,100 dwt

- - $45,000/day - Mjolner Shipping

-12 mos - 'PRISCO ELENA' 2009 51,000 dwt

- - $16,300/day - Novatek

20

70

120

170

220

WS

po

ints

DIRTY - WS RATESTD3 TD4 TD6 TD9

Week 25 Week 24 ±% Diff 2014 2013

300k 1yr TC 46,500 45,000 3.3% 1500 28,346 20,087

300k 3yr TC 42,500 42,500 0.0% 0 30,383 23,594

150k 1yr TC 34,000 34,000 0.0% 0 22,942 16,264

150k 3yr TC 32,500 32,500 0.0% 0 24,613 18,296

110k 1yr TC 26,750 26,750 0.0% 0 17,769 13,534

110k 3yr TC 24,000 24,000 0.0% 0 19,229 15,248

75k 1yr TC 21,750 21,500 1.2% 250 16,135 15,221

75k 3yr TC 19,250 19,250 0.0% 0 16,666 15,729

52k 1yr TC 18,000 17,500 2.9% 500 14,889 14,591

52k 3yr TC 16,500 16,250 1.5% 250 15,604 15,263

36k 1yr TC 16,000 15,500 3.2% 500 14,024 13,298

36k 3yr TC 15,000 15,000 0.0% 0 14,878 13,907

Panamax

MR

Handy

size

TC Rates

$/day

VLCC

Suezmax

Aframax

60

90

120

150

180

210

240

270

WS

po

ints

CLEAN - WS RATESTC1 TC2 TC5 TC6

© Intermodal Research 23/06/2015 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

Following those depressive last six months, the BDI closed off on Friday

noting a substantial weekly increase, which pushed the index back to levels

last visited at the end of 2014. Led mainly by the impressive jump in rates

for the bigger size segments, market sentiment has further improved, with

gains noted across the board. At the same time, period activity also in-

creased further, with owners benefitting from the improved levels offered

by charterers and the latter looking to fix longer contracts ahead of a possi-

ble additional market improvement in the following weeks.

The Capesize segment proved to be the strongest link last week on the back

of substantially improved enquiry across both basins, while period interest

remained strong for a second week in a row with numbers reported being

at levels well off last dones. The average rate for the segment was today

reported by the Baltic at $ 9,134/day, which is a 140% increase from the

low of $3,793/day noted back in March and which certainly gives some

much needed confidence to Cape owners.

Charterers in the Atlantic made a great effort to keep rates for Panamaxes

at levels favourable to themselves, but improved sentiment across the mar-

ket allowed overall stable numbers with some increases noted positionally,

while the Pacific Panamax was admittedly more active compared to what

we have been used to in the past months.

The Pacific Handysize/ Handymax/ Supramax market remained overall sta-

ble, with most of the activity for the geared sizes once more concentrated

in the North Atlantic, while things in the Continent finally improved in terms

of both enquiry and earnings following a few very disappointing weeks.

Sale & Purchase

In the Kamsarmax sector, we had the sale of the “DAEBO LUMUT” (81,444dwt-blt 11, S. Korea), which was reported being sold to Greek own-ers, Aeolos, for a price of $17.3m.

In the Supramax sector we had the sale of the “REA” (53,125dwt-blt 03, Japan), which was sold to for a price in the region of $8.5m.

Jun-15 May-15 ±% 2014 2013 2012

180k 31.7 33.2 -4.6% 47.3 35.8 34.6

76K 17.0 16.9 0.6% 24.5 21.3 22.7

56k 14.7 15.5 -5.4% 24.7 21.5 23.0

30K 13.3 13.5 -1.2% 19.5 18.2 18.2Handysize

Capesize

Panamax

Supramax

Indicative Market Values ($ Million) - Bulk Carriers

Vessel 5 yrs old

Indicative Period Charters

- 10 to 14 mos - 'MINELAR DALIAN ' 2009 180,171dwt

- China 05/15 July - $ 10,250/day - EdF

- 20 to 24 mos - 'NAVIOS FANTASTIKS' 2005 180,265 dwt

Dangjin 15/17 Jun - $ 13,650/day - CNR

Dry Market

Index $/day Index $/day Index Index

BDI 779 642 137 1,097 1,205

BCI 1,241 $8,671 820 $5,467 421 58.6% 1,943 2,106

BPI 851 $6,782 719 $5,735 132 18.3% 960 1,186

BSI 721 $7,538 678 $7,085 43 6.4% 937 983

BHSI 355 $5,258 338 $4,989 17 5.4% 522 562

12/06/2015

Baltic IndicesWeek 25

19/06/2015Week 24

Point

Diff

2014 2013$/day

±%

170K 6mnt TC 10,500 8,000 31.3% 2,500 22,020 17,625

170K 1yr TC 10,250 8,500 20.6% 1,750 21,921 15,959

170K 3yr TC 12,000 9,750 23.1% 2,250 21,097 16,599

76K 6mnt TC 7,750 7,000 10.7% 750 12,300 12,224

76K 1yr TC 7,250 7,000 3.6% 250 12,259 10,300

76K 3yr TC 7,750 7,750 0.0% 0 13,244 10,317

55K 6mnt TC 8,500 8,000 6.3% 500 12,008 11,565

55K 1yr TC 7,750 7,500 3.3% 250 11,589 10,234

55K 3yr TC 7,750 7,750 0.0% 0 11,585 10,482

30K 6mnt TC 6,250 6,000 4.2% 250 9,113 8,244

30K 1yr TC 6,500 6,250 4.0% 250 9,226 8,309

30K 3yr TC 6,750 6,750 0.0% 0 9,541 8,926Han

dys

ize

Period

2013

Pan

amax

Sup

ram

ax

Week

25

Week

24

Cap

esi

ze

2014$/day ±% Diff

© Intermodal Research 23/06/2015 4

Secondhand Sales

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

VLCC DS VIDONIA 306,507 2006

DAEWOO

SHIPBUILDING &, S.

Korea

Sulzer Jul -16 DH $ 57.3m Greek

VLCC PIONEER 306,397 1999SAMSUNG HEAVY

INDUSTRI, S. KoreaMAN-B&W Dec-19 DH $ 31.2m

VLCC PROGRESS 306,397 2000SAMSUNG HEAVY

INDUSTRI, S. KoreaMAN-B&W - DH $ 34.6m

VLCCBRITISH

PURPOSE306,307 2000

SAMSUNG HEAVY

INDUSTRI, S. KoreaB&W Aug-15 DH $ 34.6m

VLCC PRIDE 305,994 2000SAMSUNG HEAVY

INDUSTRI, S. KoreaMAN-B&W Nov-15 DH $ 34.6m

VLCCHYUNDAI SAMHO

S779300,000 2016

HYUNDAI SAMHO

HEAVY IN, S. KoreaMAN-B&W DH $ 97.0m

VLCCHYUNDAI SAMHO

S780300,000 2016

HYUNDAI SAMHO

HEAVY IN, S. KoreaMAN-B&W DH $ 97.0m

VLCC NEW CORAL 297,580 2010

SHANGHAI

JIANGNAN CHAN,

China

MAN-B&W Jan-20 DH $ 82.0m

VLCC NEW MEDAL 297,395 2009

SHANGHAI

JIANGNAN CHAN,

China

MAN-B&W Jan-19 DH $ 78.0m

VLCC NEW FOUNDER 297,395 2008

SHANGHAI

JIANGNAN CHAN,

China

MAN-B&W Oct-18 DH $ 74.0m

AFRA KUBAN 106,562 2000NKK CORP - TSU,

JapanSulzer Jan-20 DH $ 17.2m

Indones ian

(Soechi )

AFRA BLS ADVANCE 84,999 2002SASEBO SASEBO,

JapanB&W Oct-17 DH $ 19.9m

Greek(Avin

International )

MR ELUX LUCIS 45,789 2003MINAMI-NIPPON

USUKI, JapanB&W Mar-18 DH $ 14.5m undisclosed

MR HAMBISA 44,549 1997SZCZECINSKA

STOCZNIA S, PolandSulzer Oct-17 DH $ 6.8m Far Eastern

PROD/

CHEMJURMO 25,049 2004 JINLING, China Warts i la Mar-19 DH $ 13.5m Ice Class 1A

PROD/

CHEMPURHA 25,000 2003 JINLING, China Warts i la Sep-18 DH $ 14.0m Ice Class 1A

PROD/

CHEMNEW BRIGHT 12,099 2005

MINAMIAWAJI

ZOSEN CO L, JapanMAN-B&W Mar-20 DH $ 13.5m

S. Korean (Dong-

A Tankers )

Tankers

US based

(Ridgebury

Tankers )

subject to finance

Greek (Tsakos

Energy

Navigation

Japan based

(Shinyo

International )

Swedish

(Donsotank)

© Intermodal Research 23/06/2015 5

Secondhand Sales

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

CAPE CECILIA 170,565 1999NAMURA IMARI,

JapanMAN-B&W Jun-19 $ 7.5m Greek

previous sa le

fa i led

KMAX DAEBO LUMUT 81,444 2011

HYUNDAI SAMHO

HEAVY IN, S.

Korea

MAN-B&W Aug-16 $ 17.3m Greek (Aeolos) at auction

KMAX MIRAERO BRAVE 81,375 2012

SUNGDONG

SHIPBUILDING, S.

Korea

MAN-B&W Jul-17 $ 17.9m Greek

SMAX FRONT RUNNER 55,666 2009MITSUI TAMANO,

JapanMAN-B&W Jan-19

4 X 30t

CRANES$ 14.2m Greek

SMAX ASTON TRADER I 55,496 2008

OSHIMA

SHIPBUILDING,

Japan

MAN-B&W Feb-184 X 30t

CRANES$ 13.6m Greek

SMAX REA 53,125 2003 IWAGI, Japan MAN-B&W Nov-184 X 30,5t

CRANESreg $ 8.5m undisclosed

SMAX GLOBAL GALAXY 53,020 2003

OSHIMA

SHIPBUILDING,

Japan

Mitsubishi Oct-184 X 30t

CRANES$ 8.0m Greek

HMAX DAEBO YEOSU 46,601 1995SANOYAS HISHINO

MIZ'MA, JapanSulzer -

4 X 30t

CRANES$ 3.0m Chinese

Bulk Carriers

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

POST

PMAXARISTOKLIS 9,443 2015

HYUNDAI SAMHO

HEAVY IN, S.

Korea

YYY $ 98.0m incl. 5yrs+2yrs T/C

POST

PMAXASKLIPOS 9,443 2016

HYUNDAI SAMHO

HEAVY IN, S.

Korea

YYY $ 98.0m incl. 5yrs+2yrs T/C

POST

PMAXARISTOMENIS 9,162 2016

DAEWOO-

MANGALIA,

Romania

Wartsila $ 98.0m incl. 5yrs+2yrs T/C

FEEDER CFS PALENCIA 591 2000 SELAH, Turkey MaK Dec-152 X 40t

CRANESundisclosed Turkish

FEEDER MARGARETA B 523 1998

ELBEWERFT

BOIZENBURG,

Germany

MaK Jan-18 $ 1.5m undisclosed

FEEDER AL ARISH 411 2000

DAE SUN

SHIPBUILDING &,

S. Korea

MAN Feb-20 $ 2.5m undisclosed

Containers

Bermuda based

(SFL)

© Intermodal Research 23/06/2015 6

Bring on the subsidies! The commitment of the Chinese government to keep on supporting its newbuilding industry, which has been going through chal-lenging times during the past year, has once more proven to be strong. Un-der the existing scheme, which kicked off in 2013 and was originally planned to last until the end of this year, owners were offered a subsidy to replace vintage tonnage with new, environmental friendly designed vessels. The program that has now been extended to the end of 2017, has been the in-centive behind a number of orders placed in Chinese yards during the past couple of years, with that of COSCO’s for thirteen 20,000teu containerships being one of the most recent ones. Following the dramatic decline in new orders, extending the program is a decision that makes sense for Chinese shipbuilders, while on the other hand, as far as freight rates are concerned (especially in dry bulk), scrapping that isn't followed by new orders is more sensible.

In terms of recently reported deals, Norwegian owner, Frontline 2012, has placed an order for two firm plus four optional VLCCs (300,000dwt) at STX Shipbuilding, in S. Korea, for a price in the region of low $90.0m each and delivery set in 2017.

Newbuilding Market

20

60

100

140

180

mil

lion

$

Tankers Newbuilding Prices (m$)

VLCC Suezmax Aframax LR1 MR

Week

25

Week

24±% 2014 2013 2012

Capesize 180k 49.5 50.0 -1.0% 55.8 49 47

Kamsarmax 82k 27.5 27.5 0.0% 30.4 27 28

Panamax 77k 26.5 26.5 0.0% 29.2 26 27

Ultramax 63k 25.0 25.5 -2.0% 27 25 25

Handysize 38k 21.5 21.5 0.0% 23 21 22

VLCC 300k 95.5 96.0 -0.5% 98.6 91 96

Suezmax 160k 64.5 64.5 0.0% 65 56 58

Aframax 115k 53.0 53.0 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

77.0 77.0 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+2+2 Tanker 300,000 dwtSTX Shipbuilding, S.

Korea2017 Norwegian (Frontline 2012) low $ 90.0 m

1 Tanker 160,000 dwt Hyundai, S. Korea 2017KNOT (JV between Knutsen

& NYK)undisclosed

option, total 3 on order,

shuttle tanker, DP2, T/C

to BG Group

4+2 Container 20,000 teu SWS, Chinastarting

2017undisclosed

3+2 Container 20,000 teu Nantong COSCO, Chinastarting

2017undisclosed

2 Container 20,000 teuDalian Shipbuilding,

China

starting

2017undisclosed

9+7 Container 14,000 teu Hyundai, S. Korea 2017-2018 Danish (AP Moller Maersk) undisclosed LOI stage

2+1 Gas 174,000 cbmHyundai Samho, S.

Korea2019 Canadian (Teekay LNG) undisclosed 13-yr T/C to BP

1 Gas 82,200 cbm Kawasaki, Japan Sep-17Japanese (Iino Kaiun

Kaisha)undisclosed

LPG, total 2 on order,

long T/C to Astomos

5+5 PCTC 7,800 ceu Yangfan, Chinastarting

2017Italian (Grimaldi Group) $ 60.0m

Newbuilding Orders Size

Chinese (COSCO)

© Intermodal Research 23/06/2015 7

More storm clouds kept gathering during the last week over the demolition market, which seems to be losing its few points of strength left supporting it following the past couple of months of turbulence. The eye catching drop in activity added to the already soft sentiment, while the stability in price levels last week is not expected to last for too long, with the majority of the market expecting further downside sooner rather than later especially as the Rama-dan approaches. On the demand side, breakers across the Indian subconti-nent appeared to be moving back to the sidelines, with a number of renego-tiations taking place in both Pakistan and Bangladesh, while even in India where things have admittedly been more stable lately, buying appetite seemed completely lost. On the supply side, the rebound in dry bulk freight rates over the past weeks seems to have already convinced perspective sellers of overage units to hold fire for now hoping to benefit more from a potential further market upside compared to what sending their vessels for scrap right now could earn them. Prices this week for wet tonnage were at around 225-380 $/ldt and dry units received about 210-360 $/ldt.

The highest prices amongst recently reported deals, was that paid by Paki-stani breakers for the Handysize “MASTER ISMAIL” (25,413dwt-6,216ldt-blt 82), which received $379/ldt.

Demolition Market

Week

25

Week

24±% 2014 2013 2012

Bangladesh 375 375 0.0% 469 422 441

India 375 375 0.0% 478 426 445

Pakistan 380 380 0.0% 471 423 444

China 225 225 0.0% 313 365 384

Bangladesh 360 360 0.0% 451 402 415

India 360 360 0.0% 459 405 419

Pakistan 360 360 0.0% 449 401 416

China 210 210 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

$/ld

t

Dry Demolition Prices

Bangladesh India Pakistan China

Name Size Ldt Built Yard Type $/ldt Breakers Comments

XING AN DA 33,024 6,727 1984

MITSUBISHI

SHIMONOSEKI,

Japan

BULKER $ 370/Ldt Indian

MASTER ISMAIL 25,413 6,216 1982IMABARI IMABARI,

JapanBULKER $ 379/Ldt Pakistani

SAMUDRIKA-6 1,237 1,002 1986 HINDUSTAN, India OFFSH $ 325/Ldt Indian

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

“Euroseas clear to reverse

Aristides Pittas-led Euroseas has cleared the way for a reverse stock split.

Directors of Nasdaq-listed Euroseas were given clear-ance for anything up to a one-for-twelve reverse at the company’s annual general meeting this week.

The shipowner was warned by the Times Square ex-change in January that its trading performance had slipped below the required level and given six months to address the issue.

Its stock closed at $0.72 each yesterday, close to the bottom of the 52 week range of $1.22 to $0.70 per share.

In January, Symeon Pariaros, chief administrative officer at Euroseas, told a Marine Money conference in London that the company could separate its dry cargo and container fleets

Pariaros explained investors wanted to "place their bets on a sector, not a company".

"For us, Euroseas, I'd say when our size permits we will look to separate our fleets.".” (Andy Pierce, Trade Winds)

Commodities & Ship Finance

19-Jun-15 18-Jun-15 17-Jun-15 16-Jun-15 15-Jun-15W-O-W

Change %

10year US Bond 2.260 2.350 2.320 2.320 2.360 -5.4%

S&P 500 2,109.99 2,121.24 2,100.44 2,096.29 2,084.43 0.8%

Nasdaq 5,117.00 5,132.95 5,064.88 5,055.55 5,029.97 1.3%

Dow Jones 18,015.95 18,115.84 17,935.74 17,904.48 17,791.17 0.7%

FTSE 100 6,710.45 6,707.88 6,680.55 6,710.10 6,710.52 -1.1%

FTSE All-Share UK 3,660.06 3,658.53 3,647.63 3,660.84 3,660.91 -1.1%

CAC40 4,815.37 4,803.48 4,790.62 4,839.86 4,815.36 -1.8%

Xetra Dax 11,040.10 11,100.30 10,978.01 11,044.01 10,984.97 0.5%

Nikkei 20,174.24 19,990.82 20,219.27 20,257.94 20,387.79 -1.0%

Hang Seng 26,760.53 26,694.66 26,753.79 26,566.70 26,861.81 -1.9%

DJ US Maritime 257.19 256.50 249.34 251.31 251.28 1.5%

$ / € 1.14 1.14 1.14 1.12 1.13 0.8%

$ / ₤ 1.59 1.59 1.58 1.56 1.56 2.1%

¥ / $ 122.70 123.00 123.54 123.44 123.42 -0.6%

$ / NoK 0.13 0.13 0.13 0.13 0.13 0.2%

Yuan / $ 6.21 6.21 6.21 6.21 6.21 0.0%

Won / $ 1,102.80 1,105.35 1,113.75 1,118.95 1,116.65 -0.9%

$ INDEX 85.64 85.62 85.81 86.23 86.21 -0.8%

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

70

goldoil

Basic Commodities Weekly Summary

Oil WTI $ Oil Brent $ Gold $

19-Jun-15 12-Jun-15W-O-W

Change %

Rotterdam 557.5 564.0 -1.2%

Houston 606.5 625.0 -3.0%

Singapore 557.5 563.5 -1.1%

Rotterdam 327.5 334.0 -1.9%

Houston 329.5 342.5 -3.8%

Singapore 367.5 369.5 -0.5%

Bunker Prices

MD

O3

80

cst

CompanyStock

ExchangeCurr. 19-Jun-15 12-Jun-15

W-O-W

Change %

AEGEAN MARINE PETROL NTWK NYSE USD 13.12 13.96 -6.0%

BALTIC TRADING NYSE USD 1.56 1.54 1.3%

BOX SHIPS INC NYSE USD 1.05 1.02 2.9%

CAPITAL PRODUCT PARTNERS LP NASDAQ USD 8.43 8.55 -1.4%

COSTAMARE INC NYSE USD 19.49 19.75 -1.3%

DANAOS CORPORATION NYSE USD 6.48 6.51 -0.5%

DIANA SHIPPING NYSE USD 7.64 7.06 8.2%

DRYSHIPS INC NASDAQ USD 0.71 0.67 6.0%

EAGLE BULK SHIPPING NASDAQ USD 7.22 8.98 -19.6%

EUROSEAS LTD. NASDAQ USD 0.71 0.71 0.0%

FREESEAS INC NASDAQ USD 0.07 0.05 40.0%

GLOBUS MARITIME LIMITED NASDAQ USD 1.36 1.38 -1.4%

GOLDENPORT HOLDINGS INC LONDON GBX 128.56 118.69 8.3%

HELLENIC CARRIERS LIMITED LONDON GBX 17.00 17.03 -0.2%

NAVIOS MARITIME ACQUISITIONS NYSE USD 3.39 3.63 -6.6%

NAVIOS MARITIME HOLDINGS NYSE USD 3.85 3.63 6.1%

NAVIOS MARITIME PARTNERS LP NYSE USD 11.52 10.80 6.7%

PARAGON SHIPPING INC. NYSE USD 0.73 0.69 5.8%

SAFE BULKERS INC NYSE USD 3.24 3.05 6.2%

SEANERGY MARITIME HOLDINGS CORP NASDAQ USD 0.61 0.60 1.7%

STAR BULK CARRIERS CORP NASDAQ USD 3.22 3.11 3.5%

STEALTHGAS INC NASDAQ USD 6.56 6.81 -3.7%

TSAKOS ENERGY NAVIGATION NYSE USD 9.95 9.91 0.4%

TOP SHIPS INC NASDAQ USD 1.06 1.06 0.0%

Maritime Stock Data

© Intermodal Shipbrokers Co

9

23/06/2015

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