Market insight By Panos Tsilingiris SnP Broker The mini-boom in dry bulker values catapulted ship prices too fast too far over the last one-and-a-half year. The concurrence of historically low prices in both second-hand and newbuilding markets, which approached the post Asian crisis lows in inflation-adjusted terms, offered the perfect background for asset play, but this is much easier said than done.

Most real-world buy-low-sell-higher cases concentrated on the flipping of newbuildings contracted at rock-bottom prices when we witnessed Handysize Newbuildings at sub-20musd levels, Ultramaxes at sub-24musd, Kamsarmaxes at rgn 26musd, and Capes at low-mid 40s. Notably, Cargill penned in May 2013 3x180kdwt Capes at SWS, acknowledging they would not operate these ships forever, and by the end of the same year sold them to Scorpio at 57musd each at a stunning rgn10musd profit per vessel. Olden-dorff purchased a Crown-63 resale in late 2012 for mid-24s and after trading her, sold her for rgn31musd to Greeks. The same interests recently sold to Diana, a 180k Capesize resale under construction at Qingdao Beihai, for 58musd and a profit in excess of 10musd.

S&P-wise, the appreciation was spectacular on all dry asset classes last year. Regarding LME Panamaxes, ex-Ocean Planet (‘05 Sasebo) was committed in January 2013 by Chartworld at sub-m$15 while ex-Ocean Lily (’06 Imabari) was sold to Sanko close to 25musd this March, resulting in a 2/3 value ap-preciation in 14mos. While initial appreciation was substantiated, it went on irrationally (mimicry, artificial liquidity by the speculative funds, fear of ‘losing’ the market or even having money in the bank, taxation considera-tions, low interest rates, etc). On a few S&P asset play cases, in late 2012 Norwegian interests committed the 2006-built Tsuneishi Kamsarmax ex ‘Mizunagi Maru’ arnd 18.4musd and sold her a year later at 23.5musd to Greek interests enjoying a 5musd profit. Chinese owners also got on the bandwagon, having sold two late 90s Capes (m/v Lian Fu Star and m/v Tai Fu Star) to Ukrainians at mid/high teens recording a profit of rgn/xs 5musd per vessel in less than a year.

The current price correction is evidenced by the sale of the ‘Yusho Spica’ at rgn 20musd marked an abrupt 5musd discount from her same-year built sister ‘Ocean Lily’ 3 months ago. This brings asset values back to May 2013 when the ex-Shoyo (76k ’06 Namura) was sold at 20.25musd to Diana. Most likely, the current correction will not break soon the previous lows, because the costs of creating a new asset, ie, newbuilding prices, are well above pre-vious lows and there are still many buyers/funds getting ready to step in, should a further correction in asset values occurs.

Well-timed acquisitions materialize when the others are fearful, when the banks do not lend money, when speculative money becomes disappointed. Nobody knows where we are heading but the recent past has benchmarked a lower bound for assets. As such, there may be longer-term value in mod-ern S&P deals priced up to a 20% premium above the rock-bottom (e.g. a 2006/7 Japanese built Panamax BC at 18musd) and at a respective 10% pre-mium for newbuildings (e.g., rgn/sub 29-30musd for Kamsa NBs from top Chinese yards). We may be getting close to there, but there are strong re-sistance forces as well.

Perhaps the wildest scenario would arise if the freight market stays de-pressed for another year and asset prices deteriorate further. What would then be the reaction of the speculative funds that, having a short-term in-vestment horizon anyway, may massively look for an exit? In case this hap-pens, it may signal the biggest asset play opportunity in the coming years.

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

The revival of Panamax rates has been the cause of some much needed relief in the Dry Bulk market, while there is still much pressure across the board as freight rates are still faring at year lows. The BDI closed today (08/07/2014) at 881 points, down by 7 points compared to Mon-day’s levels (07/07/2014) and a decrease of 13 points compared to pre-vious Tuesday’s closing (01/07/2014). Increased enquiry ex-MEG has helped VL rates to perform better than Suezmaxes, as rates for the latter softened on the back of uninspiring demand in the Black Sea-Med re-gions. The BDTI Monday (07/06/2014), was at 736 points, an increase of 12 points and the BCTI at 528, a decrease of 21 points compared to pre-vious Monday (30/06/2014).

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

It appears that Greek owners are still looking for opportunities in second hand vessels and despite the noticeable slow down of activity in the SnP market overall, their presence this past week was equally strong in both tankers and dry bulkers. On the tanker side, we had the en-bloc resale of the “SPP TONGYEONG S1179” (50,300dwt-blt 15, S. Korea) and the “SPP TONGYEONG S1180” (50,300dwt-blt 15, S. Korea), which were picked up by Greek buyers for a price of US$ 37.0m each. On the dry bulker side, we had the sale of the “ETERNAL SALUTE” (87,144dwt-blt 06, Japan), which was picked up by Greek buyers for a price of $ 21.9m.

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

Activity in the newbuilding market has slowed down considerably this past week and as we are now almost in the middle of the summer it is clear that this trend will continue well throughout Q3 and most probably Q4 as well, which might be bad news for the yards but is definitely good news for the market, which is due for a much needed breath following the flooding of new orders that took place last year. Having said that, there is a sense that prices will keep correcting downwards across all segments, with dry bulkers feeling most of the pressure and this might be the one thing that might jeopardize this vital break from intense or-dering. This would be the case if softening prices enticed owners to re-turn back into action, chasing asset play opportunities in the same way they did last year when resales had their fair share on the SnP activity. In terms of recently reported deals, German owner, Oldendorf, returned to Jiangsu Hantong, in China, to exercise an option for a pair of VLOCs (208,000dwt), for a price of US $ 52.00m each and with delivery set in 2016.

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

Prices have stalled in the demolition front this past week. There is a wait and see attitude in the market, with the majority of breakers in the Indi-an Sub-Continent sitting on the sidelines, while the Ramadan is now well underway and business should be impacted for the month the celebra-tions run through. At the same time the monsoon progression could be impacting India’s market all together, as the rains that normally boost grains’ production have been well below expectations so far, bringing up worries regarding the country's crop this year. And although a softer monsoon would theoretically help demolition activity in India, at the same time a bad crop would have a severe impact on the domestic economy and the Indian Rupee as well, which would consequently be bad news for breakers and steel prices in the country. Meanwhile the competition has sat still, with Bangladesh being ignored by demo candi-dates and Pakistan failing to compete with India all together. Average prices this week for wet tonnage were at around 325-485$/ldt and dry units received about 310-460$/ldt.

Weekly Market Report

Issue: Week 27| Tuesday 8th July 2014

© Intermodal Research 08/07/2014 2

2014 2013

WS

points$/day

WS

points$/day $/day $/day

265k MEG-JAPAN 48 25,596 50 28,109 -8.9% 25,281 21,133

280k MEG-USG 28 12,724 29 14,449 -11.9% 16,676 7,132

260k WAF-USG 55 33,676 55 33,465 0.6% 36,250 26,890

130k MED-MED 77 24,708 90 35,421 -30.2% 27,312 17,714

130k WAF-USAC 78 24,311 80 25,717 -5.5% 19,907 13,756

130k BSEA-MED 78 26,523 82.5 29,970 -11.5% 27,312 17,714

80k MEG-EAST 98 18,859 100 19,324 -2.4% 16,378 11,945

80k MED-MED 80 9,773 80 9,405 3.9% 25,150 13,622

80k UKC-UKC 100 11,704 95 9,515 23.0% 31,637 18,604

70k CARIBS-USG 133 26,682 115 19,342 38.0% 25,497 16,381

75k MEG-JAPAN 80 9,326 80 8,907 4.7% 10,786 12,011

55k MEG-JAPAN 98 9,459 105 11,129 -15.0% 10,989 12,117

37K UKC-USAC 90 2,354 90 1,970 19.5% 8,322 11,048

30K MED-MED 125 17,952 130 16,037 11.9% 16,411 17,645

55K UKC-USG 107.5 14,795 105 13,242 11.7% 22,899 14,941

55K MED-USG 100 10,795 100 10,468 3.1% 20,816 12,642

50k CARIBS-USAC 127.5 19,402 118 15,443 25.6% 25,229 15,083

Dir

tyA

fram

axC

lean

VLC

CSu

ezm

ax

Spot Rates

Vessel Routes

Week 27 Week 26$/day

±%

Jul-14 Jun-14 ±% 2014 2013 2012

300KT DH 74.0 74.8 -1.0% 71.9 56.2 62.9

150KT DH 49.0 49.8 -1.5% 48.6 40.1 44.9

110KT DH 37.0 37.3 -0.7% 36.7 29.2 31.2

75KT DH 32.5 32.6 -0.4% 32.9 28.0 26.7

52KT DH 27.0 27.3 -0.9% 29.0 24.7 24.6

VLCC

Suezmax

Indicative Market Values ($ Million) - Tankers

Vessel 5yrs old

MR

Aframax

LR1

Chartering

The crude carriers market witnessed some softening during last week, with the exception of the Aframax segment, rates for which firmed following a fairly disappointing performance the week prior. We expected the market to stabilize following an overall good couple of weeks and it seems that for the short term things will keep moving sideways. The good thing is that enquiry is still at satisfactory levels and last week was no exception, despite the holiday in the US at the end of the week that removed some of the potential enquiry on Friday. The VL market closed slightly down week-on-week, while the rate for the Westbound voyage witnessed the biggest pres-sure, with the average earnings for the segment still holding in the mid $ 20,000 though.

Rates for Suezmaxes have come off their recent highs but meanwhile the segment is still the best performing across the crude carriers market. In the flagship route WAF/USAC, and despite fresh business keep coming through for the bigger part of the week in the region, rates were off last dones but overall stable, while at the same time activity in the Med remained slow.

The Aframax market once again deviated from the rest of the market, with rates for the segment firming this time round, as enquiries in the North Sea were strong pushing rates to WS 100, while the Caribs Afras jumped to over WS 130 at the same time on the back of limited tonnage around.

Sale & Purchase

In the MR sector, we had the en-bloc resale of the “SPP TONGYEONG S1179” (50,300dwt-blt 15, S. Korea) and the “SPP TONGYEONG S1180” (50,300dwt-blt 15, S. Korea), which were picked up by Greek buyers for a price of US$ 37.0m each.

In the same sector we had the sale of the “HELLAS PROGRESS” (46,152dwt-blt 99, S. Korea), which was picked up for a price of US$ 10.5m.

Wet Market

Indicative Period Charters

- - 'NS CONSUL' 2006 105,703dwt

- - $ 15,000/day - TOTAL

- 4 mos - 'BUDDY' 2009 50,100dwt

- - $ 14,000/day - Shell

20

70

120

170

220

WS

po

ints

DIRTY - WS RATESTD3 TD5 TD8 TD4

Week 27 Week 26 ±% Diff 2014 2013

300k 1yr TC 25,250 23,750 6.3% 1500 25,694 20,087

300k 3yr TC 28,250 27,750 1.8% 500 27,163 23,594

150k 1yr TC 20,250 19,250 5.2% 1000 20,120 16,264

150k 3yr TC 23,250 23,250 0.0% 0 22,256 18,296

110k 1yr TC 16,250 16,250 0.0% 0 15,769 13,534

110k 3yr TC 17,250 17,250 0.0% 0 17,107 15,248

75k 1yr TC 15,250 15,250 0.0% 0 15,481 15,221

75k 3yr TC 16,500 16,500 0.0% 0 16,348 15,729

52k 1yr TC 14,750 14,250 3.5% 500 15,111 14,591

52k 3yr TC 15,500 15,500 0.0% 0 15,941 15,263

36k 1yr TC 14,500 14,500 0.0% 0 14,630 13,298

36k 3yr TC 15,500 15,500 0.0% 0 15,431 13,907

Panamax

MR

Handy

size

TC Rates

$/day

VLCC

Suezmax

Aframax

60

80

100

120

140

160

180

200

WS

po

ints

CLEAN - WS RATESTC2 TC4 TC6 TC1

© Intermodal Research 08/07/2014 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

170K 6mnt TC 21,750 23,750 -8.4% -2,000 25,121 17,625

170K 1yr TC 20,250 22,250 -9.0% -2,000 25,570 15,959

170K 3yr TC 22,500 22,000 2.3% 500 23,719 16,599

76K 6mnt TC 10,000 9,500 5.3% 500 14,089 12,224

76K 1yr TC 10,750 10,250 4.9% 500 13,739 10,300

76K 3yr TC 12,250 12,500 -2.0% -250 14,160 10,317

55K 6mnt TC 10,000 10,250 -2.4% -250 12,904 11,565

55K 1yr TC 10,250 10,500 -2.4% -250 12,496 10,234

55K 3yr TC 10,750 11,250 -4.4% -500 12,543 10,482

45k 6mnt TC 8,750 9,000 -2.8% -250 11,117 9,771

45k 1yr TC 8,750 8,750 0.0% 0 10,737 8,852

45k 3yr TC 9,500 9,750 -2.6% -250 10,839 9,237

30K 6mnt TC 9,000 9,000 0.0% 0 9,959 8,244

30K 1yr TC 9,250 9,250 0.0% 0 9,907 8,309

30K 3yr TC 9,500 9,500 0.0% 0 10,107 8,926

Han

dym

axH

and

ysiz

e

Period

2013

Pan

amax

Sup

ram

ax

Week

27

Week

26

Cap

esi

ze

2014$/day ±% Diff

Chartering

The Dry Bulk market has closed off on Friday on a more positive note, with

most segments noting weekly gains and the Panamax market finally cor-

recting upwards, following an extremely bad performance during almost

the entire month of June, while with the exception of Panamaxes, period

figures across the board were off last dones.

Rates for Capes kicked off the week witnessing substantial firming, although

as the days progressed a substantial part of the gains got erased, on the

back of limited business in both basins. As of yesterday, the Atlantic

Capesize market remains a bit slow while Pacific Capesize business contin-

ues to ease, indicating that the negative trend will continue at least for the

short term.

Panamax rates on the other hand, bounced off their lows and kept on

strengthening throughout the week, with the average TC more than dou-

bling week-on-week, while the Atlantic kept offering fresh cargoes, allowing

for key areas to breath over less tonnage availablility. It looks like this week

will most probably offer some further rate upside as well, as we are cur-

rently seeing rates in both basins to keep firming. A continuous infusion of

fresh inquiry will be needed to sustain these gains though, as lists of availa-

ble tonnage are still quite long.

In the smaller size segments things remained overall unchanged, with rates

for Supras moving slightly up and those for Handies slightly down respec-

tively rates softened further, with rates for Supras finding support in slightly

increased Pacific enquiry, while the USG business remained thin throughout

the week.

Sale & Purchase

In the Capesize sector, we had the sale of the “SILVER PIO-NEER” (172,559dwt-blt 02, Japan) , which was picked up by S. Korean buy-ers for a price of $32.0m.

In the Post-Panamax sector we had the sale of the “ETERNAL SA-

LUTE” (87,144dwt-blt 06, Japan), which was picked up by Greek buyers for a

price of $ 21.9m.

Jul-14 Jun-14 ±% 2014 2013 2012

180k 47.0 49.8 -5.5% 49.1 35.8 34.6

76K 24.0 25.4 -5.4% 26.7 21.3 22.7

56k 25.0 25.1 -0.5% 26.3 21.5 23.0

30K 19.5 20.0 -2.5% 20.6 18.2 18.2

Capesize

Panamax

Supramax

Indicative Market Values ($ Million) - Bulk Carriers

Vessel 5 yrs old

Handysize

Indicative Period Charters

- 4 to 8 mos - 'LYRIC POET ' 2012 81,276dwt

- Cheju prompt - $ 9,000/day - GMI

- 7 to 10 mos - 'MARIA' 2003 76,015dwt

- Qingdao 06/11 Jul - $ 9,100/day - Hudson

Dry Market

Index $/day Index $/day Index Index

BDI 893 831 62 1,164 1,205

BCI 1,864 $14,101 1,773 $13,387 91 5.3% 1,959 2,106

BPI 640 $5,122 419 $3,362 221 52.3% 1,027 1,186

BSI 682 $7,129 678 $7,093 4 0.5% 976 983

BHSI 403 $6,008 420 $6,276 -17 -4.3% 588 562

27/06/2014

Baltic IndicesWeek 27

04/07/2014Week 26

Point

Diff

2014 2013$/day

±%

© Intermodal Research 08/07/2014 4

Secondhand Sales

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

VLCC B WHALE 319,869 2010HYUNDAI HEAVY

INDS - U, S. KoreaWarts i la Feb-15 DH $ 60.0m

VLCC H WHALE 318,700 2011HYUNDAI HEAVY

INDS - U, S. KoreaWarts i la Jun-16 DH $ 60.0m

MRSPP TONGYEONG

S117950,300 2015

SPP SHIPBUILDING -

TON, S. KoreaMAN-B&W - DH $ 37.0m

MRSPP TONGYEONG

S118050,300 2015

SPP SHIPBUILDING -

TON, S. KoreaMAN-B&W - DH $ 37.0m

MRHELLAS

PROGRESS46,152 1999

HYUNDAI HEAVY

INDS - U, S. KoreaMAN-B&W Nov-14 DH $ 10.5m undisclosed epoxy

Greek

Greek

Tankers

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

SUB

PMAX

NATALIE

SCHULTE2,200 2005

VOLKSWERFT,

GermanyB&W -

3 X 45t

CRANES-

SUB

PMAX

ISABELLE

SCHULTE2,200 2005

VOLKSWERFT,

GermanyB&W -

3 X 45t

CRANES-

US based fund

Containers

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

CAPE SILVER PIONEER 172,559 2002NKK CORP - TSU,

Japan B&W Jul-17 $ 32.0m S. Korean

CAPEEQUATOR

PROSPER171,191 2000

NAMURA IMARI,

Japan B&W Oct-15 undisclosed

CAPE EQUATOR PEACE 171,191 2000NAMURA IMARI,

Japan B&W Jul-15 undisclosed

POST

PMAXETERNAL SALUTE 87,144 2006

IHI MARINE

UNITED - YO,

Japan

Sulzer Oct-16 $ 21.9m Greek

SMAXMANDARIN

HARVEST57,000 2009

HANTONG SHIP

HEAVY IND, ChinaMAN-B&W Jul-14

4 X 35t

CRANES$ 18.1m Greek

SMAX BRIGHT MOON 56,071 2007MITSUI TAMANO,

Japan MAN-B&W Aug-17

4 X 30t

CRANES$ 20.0m Thai (Thoresen)

HANDY A HANDY 36,839 2011

HYUNDAI MIPO

DOCKYARD, S.

Korea

MAN-B&W Apr-164 X 30,5t

CRANES$ 18.0 - 18.5m

HANDY B HANDY 31,440 2011

HYUNDAI MIPO

DOCKYARD, S.

Korea

MAN-B&W May-164 X 30,5t

CRANES$ 18.0 - 18.5m

Singaporean

(Global United

Shipping)

Greek

Bulk Carriers

© Intermodal Research 08/07/2014 5

Secondhand Sales

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

AHT PW RESOURCE 438 2009JIANGSU WUXI

SHIPYARD, ChinaYanmar 2,002 $ 3.2m Middle Eastern

Offshore

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

LPG JAG VIDHI 49,701 1990KAWASAKI HEAVY

INDS , Japan MAN-B&W - 75,386 $ 24.0m Far Eastern

LPG CLIPPER SKAGEN 16,137 1989

MEYER GMBH/CO

PAPENBUR,

Germany

B&W Oct-14 14,793 undisclosedGreek (Benelux

Overseas)

Gas/LPG/LNG

© Intermodal Research 08/07/2014 6

Activity in the newbuilding market has slowed down considerably this past week and as we are now almost in the middle of the summer it is clear that this trend will continue well throughout Q3 and most probably Q4 as well, which might be bad news for the yards but is definitely good news for the market, which is due for a much needed breath following the flooding of new orders that took place last year. Having said that, there is a sense that prices will keep correcting downwards across all segments, with dry bulkers feeling most of the pressure and this might be the one thing that might jeopardize this vital break from intense ordering. This would be the case if softening prices enticed owners to return back into action, chasing asset play opportu-nities in the same way they did last year when resales had their fair share on the SnP activity.

In terms of recently reported deals, German owner, Oldendorf, returned to Jiangsu Hantong, in China, to exercise an option for a pair of VLOCs (208,000dwt), for a price of US $ 52.00m each and with delivery set in 2016.

Newbuilding Market

20

60

100

140

180

mil

lion

$

Tankers Newbuilding Prices (m$)

VLCC Suezmax Aframax LR1 MR

Week

27

Week

26±% 2014 2013 2012

Capesize 180k 57.0 57.5 -0.9% 56.5 49 47

Kamsarmax 82k 30.5 30.8 -1.0% 30.5 27 28

Panamax 77k 29.5 29.5 0.0% 29.2 26 27

Supramax 58k 27.5 28.0 -1.8% 27 25 25

Handysize 35k 23.5 23.5 0.0% 23 21 22

VLCC 300k 100.0 100.0 0.0% 99.0 91 96

Suezmax 160k 66.0 66.0 0.0% 65 56 58

Aframax 115k 55.0 55.0 0.0% 54 48 50

LR1 75k 45.5 45.5 0.0% 45.9 41 42

MR 52k 37.0 37.0 0.0% 36.9 34 34

186.0 186.0 0.0% 185.7 185 186

79.5 80.0 -0.6% 77.7 71 71

67.0 67.3 -0.4% 66.0 63 62

44.0 44.3 -0.7% 43.7 41 44

LNG 160k cbm

LGC LPG 80k cbm

MGC LPG 55k cbm

SGC LPG 25k cbm

Gas

Bu

lke

rsTa

nke

rs

Vessel

Indicative Newbuilding Prices (million$)

10

30

50

70

90

110

mil

lion

$

Bulk Carriers Newbuilding Prices (m$)

Capesize Panamax Supramax Handysize

Units Type Yard Delivery Buyer Price Comments

6 Tanker 25,000 dwt Hyundai Mipo, S.Korea 2015-2016 US based (Alterna Capital) $ 30.8m

2 Tanker 12,500 dwt Usuki Zosensho, Japan 2016Japanese (NYK Stolt

Shipholding)undisclosed

2 Bulker 208,000 dwtJiangsu Hantong,

China2016 German (Oldendorff) $ 52.0m options

4 Bulker 180,600 dwtHyundai Samho,

S.Korea2016

South Korean (Dong-A

Tanker)undisclosed

2+2 Bulker 64,000 dwtZhejiang Yangfan,

China2016 Korea Line $ 27.8m

2 Container 2,500 teu Zhejiang Ouhua, China 2017 Turkish (Arkas Denizcil ik) undisclosed options

4 Gas 174,000 cbmHudong Zhonghua,

China2017-2019 British (BG Group) LNG

1 Gas 82,200 cbm Kawasaki, Japan 2016Japanese (Astomos Energy

Corp.)undisclosed LPG

2 MPP 50,000 dwtQingdao Wuchuan,

China2016

HK based (United Faith

Offshore)undisclosed

options, semi-

submersible

Newbuilding Orders Size

© Intermodal Research 08/07/2014 7

Prices have stalled in the demolition front this past week. There is a wait and see attitude in the market, with the majority of breakers in the Indian Sub-Continent sitting on the sidelines, while the Ramadan is now well underway and business should be impacted for the month the celebrations run through. At the same time the monsoon progression could be impacting India’s market all together, as the rains that normally boost grains’ produc-tion have been well below expectations so far, bringing up worries regarding the country's crop this year. And although a softer monsoon would theoreti-cally help demolition activity in India, at the same time a bad crop would have a severe impact on the domestic economy and the Indian Rupee as well, which would consequently be bad news for breakers and steel prices in the country. Meanwhile the competition has sat still, with Bangladesh being ignored by demo candidates and Pakistan failing to compete with India all together.

The highest price amongst recently reported deals, was that paid by Indian breakers for the Container vessel ‘MSC CORINNA (38,466dwt-14,630ldt-blt 84), which received a price of $ 490/ldt.

Demolition Market

Week

27

Week

26±% 2013 2012 2011

Bangladesh 475 475 0.0% 422 440 523

India 485 485 0.0% 426 445 511

Pakistan 470 470 0.0% 423 444 504

China 325 325 0.0% 365 384 451

Bangladesh 450 450 0.0% 402 414 498

India 460 460 0.0% 405 419 484

Pakistan 450 450 0.0% 401 416 477

China 310 310 0.0% 350 365 432

Dry

Indicative Demolition Prices ($/ldt)

Markets

We

t

250

300

350

400

450

500

550

$/l

dt

Wet Demolition Prices

Bangladesh India Pakistan China

250

300

350

400

450

500

550

$/l

dt

Dry Demolition Prices

Bangladesh India Pakistan China

Name Size Ldt Built Yard Type $/ldt Breakers Comments

MSC CORINNA 38,466 14,360 1984BOELWERF TEMSE,

BelgiumCONT $ 490/Ldt Indian

SZARE SZEREGI 73,470 13,575 1991 B&W, Denmark BULKER $ 465/Ldt Indian

ALIANCA BRASIL 32,984 13,503 1994 CCN MAUA, Brazil CONT $ 360/Ldt Turkish

AKTI A 28,280 10,020 1996KHERSONSKIY SSZ -

UKE, UkraineTANKER $ 450/Ldt Bangladeshi as-is Nakhodka

KASHIMA BAY 10,664 5,754 1984HITACHI ZOSEN -

INNOSH, REEFER $ 480/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

Analysts: Mr. George Lazaridis | g.lazaridis@intermodal.gr

Ms. Eva Tzima | e.tzima@intermodal.gr

Finance News

“GasLog takes a hit

Shares in US-listed LNG company GasLog lost almost 10% of their value at one point in trading on Monday. It saw its shares go from $30.85 at the opening in New York to as low as $27.95, before ending the day’s trading at $28.23 each.

There was no official announcement from GasLog on Monday which may have prompted the dramatic sell-off.

However, some industry observers suggested that investors may have been spooked by Monday’s an-nouncement of a tie-up between Teekay and BG.

Teekay LNG Partners (TGP) agreed a deal to acquire ownership interests in four 174,000-cbm LNG carriers from BG.

The four ships are building at China’s Hudong-Zhonghua Shipbuilding for delivery between Septem-ber 2017 and January 2019.

US-listed master limited partnership TGP will take 30% and 20% stakes in the first and second pairs of ships respectively.

On delivery they will each operate under 20-year time-charter contracts, plus extension options, with BG subsidiary Methane Services.

Up until now BG had been a major client of GasLog and had carried out a number of sale-and-leaseback deals with the Peter Livanos company. ”(Trade Winds)

Commodities & Ship Finance

4-Jul-14 3-Jul-14 2-Jul-14 1-Jul-14 30-Jun-14W-O-W

Change %

10year US Bond - 2.650 2.630 2.560 2.520 4.7%

S&P 500 - 1,985.44 1,974.62 1,973.32 1,960.23 1.2%

Nasdaq - 4,485.93 4,457.73 4,458.65 4,408.18 2.0%

Dow Jones - 17,068.26 16,976.24 16,956.07 16,826.60 1.3%

FTSE 100 6,866.10 6,865.20 6,816.40 6,802.90 6,743.90 1.6%

FTSE All-Share UK 3,666.23 3,665.06 3,638.13 3,630.37 3,600.19 1.7%

CAC40 4,468.98 - 4,444.72 4,461.12 4,422.84 0.7%

Xetra Dax 10,009.08 - 9,911.27 9,902.41 9,833.07 2.0%

Nikkei 15,437.13 15,348.29 15,369.97 15,326.20 15,162.10 2.3%

Hang Seng 23,546.36 - 23,549.62 - 23,190.72 1.4%

DJ US Maritime - 390.81 387.66 389.32 386.90 2.4%

$ / € 1.36 1.36 1.37 1.37 1.37 -0.3%

$ / ₤ 1.72 1.71 1.72 1.71 1.71 0.7%

¥ / $ 102.05 102.01 101.69 101.49 101.32 0.6%

$ / NoK 0.16 0.16 0.16 0.16 0.16 -0.9%

Yuan / $ 6.21 6.20 6.19 6.18 6.20 0.2%

Won / $ 1,010.14 1,009.33 1,009.92 1,011.53 1,011.73 -0.5%

$ INDEX 86.20 86.20 86.00 85.90 85.80 0.2%

Market Data

Cu

rre

nci

es

Sto

ck E

xch

ange

Dat

a

1,290

1,300

1,310

1,320

1,330

1,340

1,350

90

95

100

105

110

115

120

goldoil

Basic Commodities Weekly Summary

Oil WTI $ Oil Brent $ Gold $

4-Jul-14 27-Jun-14W-O-W

Change %

Rotterdam 868.0 891.0 -2.6%

Houston 976.0 986.0 -1.0%

Singapore 890.5 912.0 -2.4%

Rotterdam 579.0 596.0 -2.9%

Houston 597.5 607.5 -1.6%

Singapore 597.5 611.0 -2.2%

Bunker Prices

MD

O3

80

cst

CompanyStock

ExchangeCurr. 04-Jul-14 27-Jun-14

W-O-W

Change %

AEGEAN MARINE PETROL NTWK NYSE USD 9.90 10.03 -1.3%

BALTIC TRADING NYSE USD 5.93 5.81 2.1%

BOX SHIPS INC NYSE USD 1.51 1.50 0.7%

CAPITAL PRODUCT PARTNERS LP NASDAQ USD 11.56 11.56 0.0%

COSTAMARE INC NYSE USD 23.55 23.42 0.6%

DANAOS CORPORATION NYSE USD 5.80 5.98 -3.0%

DIANA SHIPPING NYSE USD 11.13 10.86 2.5%

DRYSHIPS INC NASDAQ USD 3.24 3.22 0.6%

EAGLE BULK SHIPPING NASDAQ USD 2.86 3.11 -8.0%

EUROSEAS LTD. NASDAQ USD 1.16 1.16 0.0%

FREESEAS INC NASDAQ USD 0.73 0.64 14.1%

GLOBUS MARITIME LIMITED NASDAQ USD 3.56 3.56 0.0%

GOLDENPORT HOLDINGS INC LONDON GBX 376.80 365.00 3.2%

HELLENIC CARRIERS LIMITED LONDON GBX 41.00 41.00 0.0%

NAVIOS MARITIME ACQUISITIONS NYSE USD 3.65 3.70 -1.4%

NAVIOS MARITIME HOLDINGS NYSE USD 9.92 9.93 -0.1%

NAVIOS MARITIME PARTNERS LP NYSE USD 19.54 19.42 0.6%

NEWLEAD HOLDINGS LTD NASDAQ USD 0.15 0.28 -46.4%

PARAGON SHIPPING INC. NYSE USD 5.92 5.88 0.7%

SAFE BULKERS INC NYSE USD 9.27 9.32 -0.5%

SEANERGY MARITIME HOLDINGS CORP NASDAQ USD 1.66 1.32 25.8%

STAR BULK CARRIERS CORP NASDAQ USD 12.78 12.95 -1.3%

STEALTHGAS INC NASDAQ USD 11.59 11.28 2.7%

TSAKOS ENERGY NAVIGATION NYSE USD 6.94 6.69 3.7%

TOP SHIPS INC NASDAQ USD 2.17 2.17 0.0%

Maritime Stock Data

© Intermodal Shipbrokers Co

9

08/07/2014

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