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TRANSCRIPT
trend of Chinese steel exports
-
0.5
1.0
1.5
2.0
2.5
-
20
40
60
80
100
120
Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15
iron
ore
po
rt inv. / ste
el p
rod
uctio
n
5-yr a
vera
ge
iro
n
ore
po
rt i
nve
nto
ry
in m
il. t
on
ne
s
5-y
r a
vera
ge
Source: Bloomberg L.P., World Steel Association
(mil. tonnes)
Market insight
By Eva Tzima
Research Analyst
Dry Bulk owners, always look at September as the 0me that the market
“signals” what lies ahead for the remainder of the year. The Chinese iron ore
restocking that tradi0onally picks up during Q4, is currently stealing the
spotlight. The Capesize summer rally proved to be short-lived, with the aver-
age rate for the segment losing most of its gains and se6ling around $8,000/
day. Spot rates have nonetheless increased more than 70% during last week.
Looking at the short term momentum, this appears to be favoring another
boost for the big bulkers. Iron ore stockpiles at Chinese ports are currently
well below the five year average. The 14% drop in imports that took place in
August, has at the same 0me created an addi0onal “gap” to be filled. The
ra0o of the present inventory of iron ore over steel produc0on, which is also
well below the five-year average, points out to a bigger than usual por0on of
iron ore stockpiles being consumed by Chinese mills and turned into steel.
Despite the fact that domes0c steel consump0on has been faltering as of
last year, produc0on has found support in exports, which are up a whopping
27% in the first 8 months of the year. With low inventories of iron ore, steel
produc0on inching up last month, and a very strong trend of steel exports
year to date, everything points out to another round of stockpiling and pos-
sibly another mini Capesize rally in the way, “mini” being the opera0ve word
here.
Although rates appear set to advance further in the following days, I am
skep0c in regards to how long posi0ve momentum can be sustained. The
reality is that despite the decrease in Chinese iron ore produc0on levels,
these are s0ll considerable given the current steel output in the country,
se<ng a limit in imports and consequently the spikes Cape rates enjoy. As
steel producers in China turn to higher quality imported iron ore and local
iron ore producers exit the market amidst low prices, things certainly move
towards the “right” direc0on but we are hardly there yet.
Addi0onally and even most importantly, China remains the top steel con-
suming market worldwide and despite the fact that shipping its steel to India
and other SE Asian countries might be offse<ng part of the gap created by
the domes0c consump0on slowdown, it doesn’t even get close to filling it.
With Chinese steel consump0on and produc0on expected to shiB into an
even lower gear, the amount of iron ore required by Chinese producers
going forward is set to keep less and less dwt busy. Muddy waters for Capes.
Chartering (Wet: Firm + / Dry: Firm + )
The Dry Bulk market gained significant ground supported by Capesize
performance, which resulted in rates for the big bulkers surging during
the second half of the week. The BDI closed today (22/09/2015) at 923
points, down by 55 points compared to Monday’s levels (21/09/2015)
and an increase of 121 points when compared to previous Tuesday’s
closing (15/09/2015). Rates for VLs kept overperforming the crude carri-
ers market, which is con0nuing to enjoy improved sen0ment. The BDTI
Monday (21/09/2015) was at 671 points, an increase of 42 points and
the BCTI at 514, a decrease of 21 points compared to previous Tuesday’s
(14/09/2015) levels.
Sale & Purchase (Wet: So& - / Dry: Stable + )
SnP ac0vity in the tanker sector eased off, while buying interest was for
another week concentrated around MR candidates. At the same 0me
Greek owners con0nued showing interest in second hand Dry Bulk ton-
nage <84,000dwt. On the tanker side, we had the en-bloc sale of the
“CENITO” (53,116dwt-blt 09, China) and the “POSILLIPO” (53,116dwt-blt
10, China) which were sold for a price in the region of $54.0m. On the
dry bulker side, we had the sale of the “MARATHA PROVIDENCE”
(47,574dwt-blt 95, Japan), which was sold to Kuwai0 owners, Jawhrt
Berlin, for a price in the region of $3.8m.
Newbuilding (Wet: Firm + / Dry: Stable - )
Bring on the Tankers! The newbuilding market, which has been witness-
ing unexpectedly high levels of ac0vity in the past couple of months,
was nearly monopolised by tanker orders last week. The tanker bonanza
covered a wide range of sizes, from small bitumen carriers to VLs, while
the presence of crude carriers was definitely standing out in the list of
freshly inked deals. The outstanding volume of this recent ordering,
which coincides with the revival of rates in the crude carriers sector,
reaffirms the faith owners are s0ll placing on the sector, which opposite
to dry bulk seems to have convinced the market of its strong fundamen-
tals. As far as the newbuilding industry is concerned, this recent firming
in ordering is certainly more than welcome, but when it comes to prices
we don’t see yards “experimen0ng” any0me soon with higher levels
even if this trend of strong ordering persists. In terms of recently report-
ed deals Greek owner, Maran Tankers, has placed an order for two firm
Suezmaxes (156,000dwt) at DSME, in S.Korea, with delivery set in 2017.
Demoli,on (Wet: Firm + / Dry: Firm + )
It was refreshing to see a meaningful improvement in the Chinese demo
market last week that was stuck at dismal levels for quite some 0me
now, while following a month of prices advancing in the Indian subcon0-
nent demo market, things quiet down a bit last week in the region. This
hardly affected the number of deals concluded though, with a significant
number of dry deals being reported for scrap in the region. Most no0ce-
ably, vintage Capesize bulkers remained prominent demo candidates
last week, fact which allowed for renewed hopes of an even less con-
gested Capesize market by the end of the year. At the same 0me, the
fact that we are s0ll seeing post 2000 built vessels heading for scrap, is
an obvious sign of how big the will to scrap remains on behalf of some
owners, who are keen to take advantage of the recent improvement in
demo prices, despite the fact that their vessels are not close to what is
tradi0onally considered their scrapping age. Prices this week for wet
tonnage were at around 160-350 $/ldt and dry units received about 140-
330 $/ldt.
Weekly Market Report
Issue: Week 38 | Tuesday 22nd
September 2015
© Intermodal Research 22/09/2015 2
2014 2013
WS
points$/day
WS
points$/day $/day $/day
265k MEG-JAPAN 63 70,640 48 47,146 49.8% 30,469 21,133
280k MEG-USG 34.5 50,274 27 34,752 44.7% 17,173 7,132
260k WAF-USG 62.5 69,181 55 53,633 29.0% 40,541 26,890
130k MED-MED 62.5 30,365 62.5 30,345 0.1% 30,950 17,714
130k WAF-USAC 62.5 26,507 57.5 20,404 29.9% 24,835 13,756
130k BSEA-MED 65 35,470 65 35,551 -0.2% 30,950 17,714
80k MEG-EAST 87.5 31,118 95 29,445 5.7% 19,956 11,945
80k MED-MED 72.5 20,524 75 21,924 -6.4% 28,344 13,622
80k UKC-UKC 85 20,811 95 27,770 -25.1% 33,573 18,604
70k CARIBS-USG 110 31,639 102.5 28,460 11.2% 25,747 16,381
75k MEG-JAPAN 82 27,346 92.5 31,845 -14.1% 16,797 12,011
55k MEG-JAPAN 103.5 23,939 115 27,502 -13.0% 14,461 12,117
37K UKC-USAC 100 14,779 110 16,676 -11.4% 10,689 11,048
30K MED-MED 135 17,818 135 17,832 -0.1% 18,707 17,645
55K UKC-USG 87.5 17,361 85 16,474 5.4% 23,723 14,941
55K MED-USG 87.5 16,502 85 15,848 4.1% 21,089 12,642
50k CARIBS-USAC 85 13,369 85 13,182 1.4% 25,521 15,083
Dir
tyA
fram
axC
lean
VLC
CS
ue
zmax
Spot Rates
Vessel Routes
Week 38 Week 37$/day
±%
Sep-15 Aug-15 ±% 2014 2013 2012
300KT DH 83.0 84.0 -1.2% 73.6 56.2 62.9
150KT DH 61.0 61.0 0.0% 50.2 40.1 44.9
110KT DH 45.5 46.0 -1.1% 38.6 29.2 31.2
75KT DH 37.5 37.0 1.4% 32.8 28.0 26.7
52KT DH 28.2 28.0 0.6% 27.2 24.7 24.6
VLCC
Suezmax
Indicative Market Values ($ Million) - Tankers
Vessel 5yrs old
MR
Aframax
LR1
Chartering
The crude carriers market con0nued to gain momentum during last week
with sen0ment finding further support in the performance of the VL seg-
ment, which once more displayed great strength. As we move closer to the
end of September it seems that the market is gaining back its strength,
shaking off doubts in regards to how strong are the fundamentals presently
driving the crude trade. With all eyes already on the upcoming winter sea-
son, the market seems set for a strong quarter, one that is expected to
allow rates regain the highs witnessed a few months ago, while we expect
period enquiry to also pick up further in the following weeks.
Rates for Vls rose substan0ally supported by strong enquiry throughout the
week in both the Middle East and West Africa regions. Market talk at the
moment reveals op0mism that a Q4 rally might be on the way, an expecta-
0on strongly suggested by forward month enquiries as well.
The West Africa Suezmax finally managed to correct upwards last week on
the back of an excep0onally busy market in the region, while the Med mar-
ket was overall stable.
Rates for Aframaxes at the same 0me moved sideways as increased supply
of tonnage pushed ideas down in the Med, while on the other hand things
in the Caribs kept improving, with owners comfortably holding the upper
hand .
Sale & Purchase
In the MR sector, we had the sale of the “STI HIGHLANDER” (37,145dwt-blt
07, S. Korea) which was sold to Danish owners, Norden, for a price in the
region of $19.5m.
In the same sector we had the en-bloc sale of the “CENITO” (53,116dwt-blt
09, China) and the “POSILLIPO” (53,116dwt-blt 10, China) which were sold
for a price in the region of $54.0m.
Wet Market
Indicative Period Charters
-6 mos - 'ALTER EGO' 2001 309,400 dwt
- - $37,500/day - Koch
-9 mos - 'AMORE MIO II' 2001 160,000 dwt
- - $33,750/day - Shell
20
70
120
170
220
WS
po
ints
DIRTY - WS RATESTD3 TD4 TD6 TD9
Week 38 Week 37 ±% Diff 2014 2013
300k 1yr TC 45,000 45,000 0.0% 0 28,346 20,087
300k 3yr TC 42,500 42,500 0.0% 0 30,383 23,594
150k 1yr TC 36,000 36,000 0.0% 0 22,942 16,264
150k 3yr TC 33,500 33,500 0.0% 0 24,613 18,296
110k 1yr TC 29,000 29,000 0.0% 0 17,769 13,534
110k 3yr TC 25,000 25,000 0.0% 0 19,229 15,248
75k 1yr TC 27,000 27,000 0.0% 0 16,135 15,221
75k 3yr TC 22,500 22,500 0.0% 0 16,666 15,729
52k 1yr TC 19,250 19,000 1.3% 250 14,889 14,591
52k 3yr TC 17,500 17,250 1.4% 250 15,604 15,263
36k 1yr TC 17,500 17,500 0.0% 0 14,024 13,298
36k 3yr TC 16,250 16,250 0.0% 0 14,878 13,907
Panamax
MR
Handy
TC Rates
$/day
VLCC
Suezmax
Aframax
60
90
120
150
180
210
240
270
WS
po
ints
CLEAN - WS RATESTC1 TC2 TC5 TC6
© Intermodal Research 22/09/2015 3
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Ind
ex
Baltic Indices
BCI BPI BSI BHSI BDI
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000$
/da
y
Average T/C Rates
AVR 4TC BCI AVR 4TC BPI AVR 5TC BSI AVR 6TC BHSI
Chartering
You can always count on Capes to shake the en0re Dry Bulk market and
last week was one of those that leaves everyone with a smile...well almost
everyone that is. Despite the fact that the BDI jumped over 17% in just one
week, the board was split, with the geared sizes “denying” any posi0ve
spillovers from the bigger size segments, while paper values for the forward
month moved upwards last week for the en0re market. At the same 0me,
period business was steady, with those charterers that were ac0ve, enquir-
ing longer periods than what we have been seeing lately.
Rates for Capes spiked last week, with firm enquiry ex both Brazil and W.
Australia sending rates through the roof. We expect the segment to con0n-
ue finding support in the next few days, while the paper market suggests
rates in excess of $15,000/day for both the forward month and the forward
quarter contract. Hopes that a further improvement of rates will also in-
spire stronger and longer period business that will 0e up more spot ton-
nage and allow addi0onal balance in the market have also started building
up following last week, but whether this will be the case is too soon to tell.
Strong period enquiry as well as the stellar performance of the Capesize
segment, mainly supported rates for Panamaxes last week, while the fact
that spot business in the Atlan0c was mainly posi0onal, denied the market
a clear direc0on together with a more meaningful improvement of rates in
the region.
The Atlan0c Handy/Handymax/Supramax market is s0ll wai0ng for the USG
grains to start breathing life into rates but it seems that traders are holding
back for now, while Pacific business remained rather una6rac0ve for yet
another week, with an obvious lack of steel and mineral shipments..
Sale & Purchase
In the Kamsarmax sector, we had the sale of the “TIARE” (83,688dwt-blt 09,
Japan), which was reported being sold to Greek owners, for a price of
$17.7m.
In the Handymax sector we had the sale of the “MARATHA PROVIDENCE”
(47,574dwt-blt 95, Japan), which was sold to Kuwai0 owners, Jawhrt Berlin,
for a price in the region of $3.8m.
Sep-15 Aug-15 ±% 2014 2013 2012
180k 35.0 34.4 1.8% 47.3 35.8 34.6
76K 18.0 18.0 0.0% 24.5 21.3 22.7
56k 15.5 15.0 3.3% 24.7 21.5 23.0
30K 13.0 13.0 0.0% 19.5 18.2 18.2
Capesize
Panamax
Supramax
Indicative Market Values ($ Million) - Bulk Carriers
Vessel 5 yrs old
Handysize
Indicative Period Charters
- 3 to 6 mos - 'KONSTANTINOS II' 2013 81,698 dwt
- CJK 16/18 Sep - $ 7,500/day - ADMI
- 10 to 12 mos - 'STAR IRIS' 2004 76,466 dwt
- Tianjin 13/15 Sep - $ 7,500/day - cnr
Dry Market
Index $/day Index $/day Index Index
BDI 960 818 142 1,097 1,205
BCI 1,995 $14,658 1,198 $8,614 797 70.2% 1,943 2,106
BPI 753 $6,035 735 $5,878 18 2.7% 960 1,186
BSI 762 $7,972 810 $8,473 -48 -5.9% 937 983
BHSI 426 $6,150 460 $6,679 -34 -7.9% 522 562
11/09/2015
Baltic IndicesWeek 38
18/09/2015
Week 37Point
Diff
2014 2013$/day
±%
180K 6mnt TC 14,500 10,500 38.1% 4,000 22,020 17,625
180K 1yr TC 11,250 10,750 4.7% 500 21,921 15,959
180K 3yr TC 11,250 11,250 0.0% 0 21,097 16,599
76K 6mnt TC 8,250 8,250 0.0% 0 12,300 12,224
76K 1yr TC 8,250 8,250 0.0% 0 12,259 10,300
76K 3yr TC 8,500 8,500 0.0% 0 13,244 10,317
55K 6mnt TC 8,750 9,250 -5.4% -500 12,008 11,565
55K 1yr TC 8,250 8,250 0.0% 0 11,589 10,234
55K 3yr TC 8,000 8,000 0.0% 0 11,585 10,482
30K 6mnt TC 6,500 6,750 -3.7% -250 9,113 8,244
30K 1yr TC 6,750 6,750 0.0% 0 9,226 8,309
30K 3yr TC 7,000 7,000 0.0% 0 9,541 8,926Han
dys
ize
Period
2013
Pa
na
ma
xS
up
ram
ax
Week
38
Week
37
Cap
esi
ze
2014$/day ±% Diff
© Intermodal Research 22/09/2015 4
Secondhand Sales
Size Name Dwt Built Yard M/E SS due Hull Price Buyers Comments
MR CENITO 53,116 2009 Zhao, China Warts i la Nov-19 DH
MR POSILLIPO 53,116 2010 Zhao, China Warts i la Jan-20 DH
MR STI HIGHLANDER 37,145 2007HYUNDAI MIPO
DOCKYARD, S. KoreaMAN-B&W Jan-17 DH $ 19.5m Danis h (Norden)
PROD/
CHEMYELLOW RAY 19,937 2003
USUKI SHIPYARD,
JapanB&W Jun-18 DH undisclos ed
Vietnames e
(TPL)
undisclos eden-bloc
$ 54.0m
Tankers
Size Name Dwt Built Yard M/E SS due Gear Price Buyers Comments
KMAX TIARE 83,688 2009 SANOYAS, Japan MAN-B&W Apr-19 $ 17.7m Greek
PMAXLAN HAI ZHAO
YANG79,659 2011
NANJING
WUJIAZUI SHIPB,
China
MAN-B&W Oct-16 $ 10.0m
PMAXLAN HAI YANG
GUANG79,412 2011
NANJING
WUJIAZUI SHIPB,
China
MAN-B&W Dec-16 $ 10.0m
PMAX LAN HAI XU RI 79,366 2011
NANJING
WUJIAZUI SHIPB,
China
MAN-B&W Dec-16 $ 10.0m
SMAXLAN HAI DONG
FENG57,190 2010
YANGFAN GROUP
CO LTD, ChinaMAN-B&W Nov-15 $ 5.6m
SMAXLAN HAI YANG
FAN57,155 2010
YANGFAN GROUP
CO LTD, ChinaMAN-B&W Dec-15 $ 5.6m
SMAX LAN HAI QIAN JIN 57,000 2011YANGFAN GROUP
CO LTD, ChinaMAN-B&W Jun-16
4 X 30t
CRANES$ 9.0m
SMAXLAN HAI YING
XIN57,000 2011
YANGFAN GROUP
CO LTD, ChinaMAN-B&W Sep-16
4 X 30t
CRANES$ 9.0m
SMAX LAN HAI LIAN HE 57,000 2011YANGFAN GROUP
CO LTD, ChinaMAN-B&W Aug-16
4 X 30t
CRANES$ 8.9m
PMAX EASTERN VIEW 73,350 1995HYUNDAI HEAVY
INDS - U, S. KoreaB&W Jan-20
4 X 25t
CRANES$ 5.0m Middle Eastern
PMAXNEWLEAD
MARKELA71,749 1990
HITACHI ZOSEN -
MAIZUR, JapanB&W Jul-19 $ 3.2m Dubai based
HMAXMARATHA
PROVIDENCE47,574 1995
OSHIMA
SHIPBUILDING,
Ja pan
Sulzer Feb-204 X 25t
CRANES$ 3.8m
Kuwai ti (Jawhrt
Berl in)
at auctionGreek (Sea Traders )
Bulk Carriers
© Intermodal Research 22/09/2015 5
Secondhand Sales
Size Name Teu Built Yard M/E SS due Gear Price Buyers Comments
FEEDER SKY EVOLUTION 1,032 1996IMABARI
IMABARI, JapanB&W Oct-16 $ 4.0m
S. Korean (CK
Line)
FEEDER JORK RANGER 803 2005
DAMEN
HOOGEZAND,
Netherlands
MaK Oct-15 $ 5.0m undisclosed
FEEDER STAR JUPITER 735 2002SIETAS KG,
GermanyMaK Sep-17 $ 3.6m
German
(Conmar
Shipping)
at auction
Containers
Type Name Dwt Built Yard M/E SS due Cbm Price Buyers Comments
LPG B GAS LANRICK 3,620 1992RICHARDS
LOWESTOFT, U. K.Warts i la May-17 3,215 $ 1.5m
Peruvian
(Transgas
Shipping Lines)
Gas/LPG/LNG
© Intermodal Research 22/09/2015 6
Bring on the Tankers! The newbuilding market, which has been witnessing
unexpectedly high levels of ac0vity in the past couple of months, was nearly
monopolised by tanker orders last week. The tanker bonanza covered a wide
range of sizes, from small bitumen carriers to VLs, while the presence of
crude carriers was definitely standing out in the list of freshly inked deals.
The outstanding volume of this recent ordering, which coincides with the
revival of rates in the crude carriers sector, reaffirms the faith owners are s0ll
placing on the sector, which opposite to dry bulk seems to have convinced
the market of its strong fundamentals. As far as the newbuilding industry is
concerned, this recent firming in ordering is certainly more than welcome,
but when it comes to prices we don’t see yards “experimen0ng” any0me
soon with higher levels even if this trend of strong ordering persists.
In terms of recently reported deals Greek owner, Maran Tankers, has placed
an order for two firm Suezmaxes (156,000dwt) at DSME, in S.Korea, with
delivery set in 2017.
Newbuilding Market
20
60
100
140
180
mil
lio
n $
Tankers Newbuilding Prices (m$)
VLCC Suezmax Aframax LR1 MR
Week
38
Week
37±% 2014 2013 2012
Capesize 180k 48.0 48.0 0.0% 55.8 49 47
Kamsarmax 82k 26.5 26.5 0.0% 30.4 27 28
Panamax 77k 26.0 26.0 0.0% 29.2 26 27
Ultramax 63k 24.5 24.5 0.0% 27 25 25
Handysize 38k 20.5 20.5 0.0% 23 21 22
VLCC 300k 94.5 94.5 0.0% 98.6 91 96
Suezmax 160k 64.5 64.5 0.0% 65 56 58
Aframax 115k 53.0 53.0 0.0% 54 48 50
LR1 75k 46.0 46.0 0.0% 45.9 41 42
MR 50k 35.5 35.5 0.0% 36.9 34 34
190.0 190.0 0.0% 186.0 185 186
77.0 77.0 0.0% 78.4 71 71
68.0 68.0 0.0% 66.9 63 62
45.5 45.5 0.0% 44.3 41 44
LNG 160k cbm
LGC LPG 80k cbm
MGC LPG 55k cbm
SGC LPG 25k cbm
Gas
Bu
lke
rsTa
nke
rs
Vessel
Indicative Newbuilding Prices (million$)
10
30
50
70
90
110m
illi
on
$
Bulk Carriers Newbuilding Prices (m$)
Capesize Panamax Supramax Handysize
Units Type Yard Delivery Buyer Price Comments
1 Tanker 319,000 dwtDalian Shipbuilding,
China2018 Chinese (Dal ian Ocean) undisclosed
option, total 3 on
order
1 Tanker 319,000 dwt DACKS, China 2018 Chinese (Dal ian Ocean) undisclosedoption, total 4 on
order
2 Tanker 158,600 dwtHyundai Samho, S.
Korea2017 Greek (Thenamaris) $ 65.0m total 3 on order
2+2 Tanker 158,000 dwt Hyundai, S. Korea 2017 Turkish (Gungen) $ 65.0m
2 Tanker 156,000 dwt DSME, S. Korea 2017 Greek (Maran Tankers) $ 63.0m
2 Tanker 111,000 dwt New Times, China 2017 Norwegian (Frontline2012) $ 48.0m LR2, options
2 Tanker 74,000 dwt Hyundai Mipo, S.Korea 2018 S.Korean (Sinokor) $ 46.0m LR1
2 Tanker 49,800 dwt Onomichi, Japan 2018USA based (Fairfield-
Maxwell)undisclosed
older deal surfacing
now
2 Tanker 49,800 dwt Onomichi, Japan 2018 Japanese (Marubeni) undisclosedolder deal surfacing
now
2 Tanker 7,500 dwt CSC Qinshan, China 2017Hong Kong based (Xin Yuan
Ocean Shpg.)undisclosed
asphalt/bitumen
carriers
8 Container 1,400 teu Taizhou Kouan, China 2017-2018 German (Harren & Partner) $ 24.0m
2+2 Gas 78,700 cbm Hyundai H.I., S.Korea 2017Bermuda registered
(Petredec)$ 75.5m LPG
1 Ro-Pax 800 pax Huanghai, China 2017 Chinese (Shandong Bohai) $ 41.9m plus 460 teu
Newbuilding Orders Size
© Intermodal Research 22/09/2015 7
It was refreshing to see a meaningful improvement in the Chinese demo
market last week that was stuck at dismal levels for quite some 0me now,
while following a month of prices advancing in the Indian subcon0nent demo
market, things quiet down a bit last week in the region. This hardly affected
the number of deals concluded though, with a significant number of dry
deals being reported for scrap in the region. Most no0ceably, vintage
Capesize bulkers remained prominent demo candidates last week, fact which
allowed for renewed hopes of an even less congested Capesize market by the
end of the year. At the same 0me, the fact that we are s0ll seeing post 2000
built vessels heading for scrap, is an obvious sign of how big the will to scrap
remains on behalf of some owners, who are keen to take advantage of the
recent improvement in demo prices, despite the fact that their vessels are
not close to what is tradi0onally considered their scrapping age. Prices this
week for wet tonnage were at around 160-350 $/ldt and dry units received
about 140-330 $/ldt.
The highest price amongst recently reported deals, was that paid by Bangla-
deshi breakers for the Container vessel “APL GARNET” (66,618dwt-21,468ldt-
blt 95), which received $368/ldt including 150T ROB.
Demoli,on Market
Week
38
Week
37±% 2014 2013 2012
Bangladesh 335 330 1.5% 469 422 441
India 350 350 0.0% 478 426 445
Pakistan 340 340 0.0% 471 423 444
China 160 145 10.3% 313 365 384
Bangladesh 305 300 1.7% 451 402 415
India 330 330 0.0% 459 405 419
Pakistan 310 310 0.0% 449 401 416
China 140 125 12.0% 297 350 365
Dry
Indicative Demolition Prices ($/ldt)
Markets
We
t
120
220
320
420
520
$/l
dt
Wet Demolition Prices
Bangladesh India Pakistan China
50
150
250
350
450
550
$/l
dt
Dry Demolition Prices
Bangladesh India Pakistan China
Name Size Ldt Built Yard Type $/ldt Breakers Comments
AQUAGRACE 167,105 22,092 1997HALLA ENG & HI -
SAMHO, S. KoreaBULKER $ 334/Ldt undisclosed as-is Singapore
APL GARNET 66,618 21,468 1995SAMSUNG HEAVY
INDUSTRI, S. KoreaCONT $ 368/Ldt Bangladeshi incl. 150T ROB
EVER RESULT 58,912 19,924 1995MITSUBISHI KOBE,
JapanCONT $ 352/Ldt undisclosed as-is Thailand
DUNFENG MANILA 154,249 19,822 1994NAMURA IMARI,
JapanBULKER $ 330/Ldt Pakistani
TSUNOMINE 156,818 19,701 2000TSUNEISHI SHBLDG -
TAD, JapanBULKER $ 340/Ldt Indian green recycling
ARCA EMERALD 13,208 10,743 1984TSUNEISHI SHBLDG -
FUK, JapanRORO $ 357/Ldt undisclosed option Indian subcontinent
Demolition Sales
The informa0on contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such informa0on to be factual and reliable without mak-
ing guarantees regarding its accuracy or completeness. Whilst every care has been taken in the produc0on 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 informa0on 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 wri6en authoriza0on of Intermodal Shipbrokers Co.
Compiled by Intermodal Research & Valua0ons Department | [email protected]
Ms. Eva Tzima | [email protected]
Mr. Vassilis Logothe0s | [email protected]
Finance News
“More Maersk US bonds
AP Moller Maersk has returned to the US bond mar-
ket for the second 0me in a li6le over a year to raise
$1bn.
The Danish giant has launched and priced a $500m
five year bond due in September 2020 and a $500m
ten-year bond due in September 2025.
The bonds carry coupons of 2.875% and 3.875% re-
spec0vely. The net proceeds will be used for general
corporate purposes.
The transac0on is AP Moller Mærsk’s second USD
bond offering and both tranches are expected to be
rated BBB+ by S&P and Baa1 by Moody’s.
Underwriters for the latest issue were BNP PARIBAS,
BofA Merrill Lynch, Credit Agricole CIB, Deutsche
Bank Securi0es and JP Morgan.
In September 2014 it launched a $750m four year
bond due in September 2019 and a $500m ten-year
bond due in September 2024 with coupons of 2.55%
and 3.75% respec0vely.” (Dale Wainwright, Trade
Winds)
Commodi,es & Ship Finance
18-Sep-15 17-Sep-15 16-Sep-15 15-Sep-15 14-Sep-15W-O-W
Change %
10year US Bond 2.130 2.210 2.300 2.280 2.180 -3.2%
S&P 500 1,958.03 1,990.20 1,995.31 1,978.09 1,953.03 -0.2%
Nasdaq 4,827.23 4,893.95 4,889.24 4,860.52 4,805.76 0.1%
Dow Jones 16,384.58 16,674.74 16,739.95 16,599.85 16,370.96 -0.3%
FTSE 100 6,104.11 6,186.99 6,229.21 6,137.60 6,084.59 -0.2%
FTSE All-Share UK 3,365.68 3,405.53 3,424.54 3,380.92 3,356.57 -0.2%
CAC40 4,535.85 4,655.14 4,645.84 4,569.37 4,518.15 -0.3%
Xetra Dax 9,916.16 10,229.58 10,227.21 10,188.13 10,131.74 -2.1%
Nikkei 18,070.21 18,432.27 18,171.60 18,026.48 17,965.70 0.6%
Hang Seng 21,920.83 21,854.63 21,966.66 21,455.23 21,561.90 1.9%
DJ US Maritime 222.85 228.00 231.22 226.30 221.08 -1.0%
$ / € 1.13 1.14 1.13 1.13 1.13 -0.2%
$ / ₤ 1.55 1.56 1.55 1.53 1.54 0.7%
¥ / $ 119.58 120.09 120.54 120.43 120.37 -0.8%
$ / NoK 0.12 0.12 0.12 0.12 0.12 -0.2%
Yuan / $ 6.37 6.36 6.37 6.37 6.37 -0.1%
Won / $ 1,173.30 1,166.70 1,171.00 1,178.90 1,182.60 -0.8%
$ INDEX 87.91 87.49 87.98 88.33 88.19 -0.4%
Market Data
Cu
rre
nci
es
Sto
ck E
xch
an
ge
Da
ta
1,000
1,050
1,100
1,150
35
40
45
50
55
60
goldoil
Basic Commodities Weekly Summary
Oil WTI $ Oil Brent $ Gold $
18-Sep-15 11-Sep-15W-O-W
Change %
Rotterdam 439.5 441.0 -0.3%
Houston 481.0 475.5 1.2%
Singapore 438.5 440.0 -0.3%
Rotterdam 221.5 224.5 -1.3%
Houston 220.0 224.0 -1.8%
Singapore 237.5 229.5 3.5%
Bunker Prices
MD
O3
80
cst
CompanyStock
ExchangeCurr. 18-Sep-15 11-Sep-15
W-O-W
Change %
AEGEAN MARINE PETROL NTWK NYSE USD 6.83 7.43 -8.1%
BOX SHIPS INC NYSE USD 0.63 0.59 6.8%
CAPITAL PRODUCT PARTNERS LP NASDAQ USD 7.11 6.66 6.8%
COSTAMARE INC NYSE USD 14.75 14.63 0.8%
DANAOS CORPORATION NYSE USD 6.01 6.10 -1.5%
DIANA SHIPPING NYSE USD 6.81 6.18 10.2%
DRYSHIPS INC NASDAQ USD 0.23 0.23 0.0%
EAGLE BULK SHIPPING NASDAQ USD 7.46 6.66 12.0%
EUROSEAS LTD. NASDAQ USD 4.45 4.43 0.5%
FREESEAS INC NASDAQ USD 0.29 0.29 0.0%
GLOBUS MARITIME LIMITED NASDAQ USD 1.12 1.33 -15.8%
GOLDENPORT HOLDINGS INC LONDON GBX 99.95 120.25 -16.9%
HELLENIC CARRIERS LIMITED LONDON GBX 19.00 19.00 0.0%
NAVIOS MARITIME ACQUISITIONS NYSE USD 3.92 3.74 4.8%
NAVIOS MARITIME HOLDINGS NYSE USD 2.82 2.63 7.2%
NAVIOS MARITIME PARTNERS LP NYSE USD 8.40 8.70 -3.4%
PARAGON SHIPPING INC. NYSE USD 0.36 0.36 0.0%
SAFE BULKERS INC NYSE USD 3.25 3.14 3.5%
SEANERGY MARITIME HOLDINGS CORP NASDAQ USD 0.78 0.74 5.4%
STAR BULK CARRIERS CORP NASDAQ USD 2.38 2.26 5.3%
STEALTHGAS INC NASDAQ USD 4.39 4.41 -0.5%
TSAKOS ENERGY NAVIGATION NYSE USD 8.81 8.00 10.1%
TOP SHIPS INC NASDAQ USD 1.02 1.07 -4.7%
Maritime Stock Data
© Intermodal Shipbrokers Co
9
22/09/2015
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