DAILY TRADING REPORT C a p i t a l L i n k THURSDAY J ULY...

DAILY TRADING REPORT

THURSDAY, JULY 07, 2011

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C a p i t a l L i n k

MARKET REPORT

The Dow Jones Industrial Average rose 93.5 points, or 0.74%, to 12,719, the S&P 500 climbed

14 points, or 1.1%, to 1,353 and the Nasdaq Composite rallied 38.6 points, or 1.4%, to 2,873.

The Nasdaq has soared 8.3% over the last eight days -- the best eight-day run in two years.

The private sector tacked on 157,000 jobs last month, according to the ADP Employment

Report. Wall Street had been looking for a much smaller increase of 68,000 jobs. Small

businesses led the increase, adding 88,000 jobs, while large and medium sized businesses

combined attributed 69,000 jobs.

First time claims for unemployment benefits fell to 418,000 from a revised 432,000 the prior

week. Economists forecast claims to have fallen to 420,000 for the week. Both reports lead up to

the closely-followed release of the monthly employment situation from the Labor Department on

Friday.

Gains in energy markets heated up, with gasoline and oil settling at the highest levels in three

weeks, amid hopes a more robust economic recovery will mean increasing demand for energy.

Crude stocks fell 889,000 barrels last week, short of the 2.3 million barrel draw analysts

estimated. However, gasoline inventories were down 634,000 barrels, opposed to forecasts of a

100,000 barrel build. Lower levels of supply can push prices higher. Light, sweet crude gained

$2.02, or 2.1%, to $98.67 a barrel. Wholesale RBOB gasoline soared 13 cents, or 4.3%, to $3.13

a gallon. Prices at the pump have been ticking higher over the last two days. A gallon of regular

gasoline costs $3.58 on average nationwide, lower than $3.76 last month, but well above the

$2.72 drivers paid last year, according to the AAA Fuel Gauge report.

In metals, gold climbed $1.40, or 0.09%, to $1,531 a troy ounce. Silver jumped 62 cents, or

1.7%, to $36.54.

The European Central Bank boosted interest rates by 0.25% to 1.5% as was expected, as it works

to keep inflation in check. The Bank of England, however, held rates steady. While higher rates

help reduce inflation, they can also slow down economic expansion.

The euro gained 0.27% against the U.S. dollar and the greenback fell 0.1% against a basket of

world currencies.

The English FTSE 100 gained 0.92% to 6,058, the French CAC 40 climbed 0.6% to 3,985 and

the German DAX rose 0.59% to 7,475. In Asia, the Japanese Nikkei 225 fell 0.11% to 10,071.

The Chinese Hang Seng edged higher by 0.06% to 22,530.

(Source from Foxbusiness.com)








ANALYST REPORTS & COMMENTS

From Wilhelm Gedde-Dahl of Pareto Securities

Shipping Daily - July 7, 2011

“Tankers: Active, but soft

Decent activity in both the VLCC and suezmax market yesterday, however not enough to lift

rates. Bassøe in fact assesses a VLCC MEG – East run to pay WS 48.5 at the moment,

marginally below recent levels and Baltic’s TD3 quote of WS 49. This implies a meager ~USD

3,000/day. The second decade MEG program is getting close to completion with ~81 cargoes

covered for July in total (Imarex). With an estimated ~40 cargoes remaining for July and 67

double hull VLCCs available to cover these, rates should be steady going forward. A WAF –

USG trip was fixed at a soft WS 64 yesterday in the suezmax market, equating to ~WS 66.5 for

the benchmark TD5/ WAF-USAC leg. Still, Bassøe marks TD5 to WS 67.5 / USD 7,000 per day,

expected to be next done on this leg.

Dry Bulk: BDI up 1.1% to 1,443 points

Cape business was concluded at levels above last done in both basins yesterday. In the Pacific a

vessels was rumoured fixed at USD 8.75/ton on the West Australia –China leg with the the bid -

offer ending the day at USD 8.35/ton – USD 8.55/ton (index at USD 8.35/ton). In the Atlantic

Owners are holding out for USD 17,000/day for round voyages vs the index at USD 16,900/day.

Panamax rates increased in both basins yesterday, with the average TC rate marked 2.0%

higher by the Baltic Exchange to USD 13,000/day.”

From Frode Mørkedal of RS Platou Markets

Shipping Daily – July 7, 2011

“BDI gains on robust fixing activity, momentum to sustain short term but rates likely to take a

breather. Baltic Dry Index gained 1.1% yesterday on continued strength in the Capesize segment

and recovery in Panamax rates. Strong Capesize fixing activity continued with both Atlantic and

Pacific markets building on recent gains. Spot rates on the Australia-China voyage trade were

reported at $8.35/ton whereas fixture reports indicate Rio Tinto paid $8.75/ton implying rates

could have further upside. However, as noted earlier we don’t believe in a runaway rally for the

Capesize segment on supply demand imbalance but expect a gradual recovery in the segment’s

earnings through 2H’11 with rate volatility to continue. Our view is based on recovering exports

out of Australia and Brazil and constrained supplies of Indian iron ore supporting long haul

tonne-mile growth. The Panamax market was seen recovering yesterday but rates could take a








breather as the market stays oversupplied with plenty of prompt ships available as fixing

activities remained low in the past few weeks. The Panamax segment is likely to remain subdued

in our view as Chinese thermal coal demand subsides but expect US Gulf/South American grain

to provide floor to rates.

Vale sees iron ore prices to sustain $150 level for at least the next five years, FT reports. Vale

SA, the world’s largest iron-ore producer expects the price of iron ore to remain above $150 a

tonne for at least the next five years; Financial Times reported citing the finance director of the

mining group. The miner’s optimism stems from booming Asian demand and production

constraints as miners struggle to get capacity online. We believe sustained levels of high iron ore

prices is detrimental to the dry bulk demand as Chinese buyers being price sensitive will not

realize an arbitrage window to increase incremental demand as Chinese domestic iron ore

production stays profitable at these prices.

Vale to restructure VLOC newbuildings, likely cancelled or reduced in size, Tradewinds says.

According to a Tradewinds report published yesterday, Vale might be “considering

renegotiating a series of 12 VLOCs on order from Jiangsu Rongsheng Heavy Industries and

instead seeking large Capesizes in the 200,000-dwt to 250,000-dwt range.” The report also

added that a couple of VLOCs at the Jiangsu Rongsheng orders have already been cancelled.

Though the reports remain unconfirmed, we see the developments as a positive, orderbook cuts

to the downside eases the big supply overhang in the Capesize segment and potentially paves the

way to earlier than expected market recovery in late 2012/2013.

Macro

Chinese raises interest rate again, tightening seen easing in 2H’11 could support shipping

demand. China raised benchmark interest rates for the third time this year, Bloomberg reported.

Market economists believe the June inflation accelerated to the quickest pace since 2008 and

current tightening cycle might be coming to an end as slowing growth and tight liquidity sees

inflation peaking soon. As we have noted in the past, the Chinese economy is a prime driver of

global shipping demand and the current depressed state of the shipping markets can also be

partly attributed to slowing Chinese growth. However, with market observers expecting Chinese

government nearing the end of the policy tightening cycle and the current interest rate hike to be

the last with Chinese central bank expected to keep rates steady and potentially ease liquidity in

the 2H’11, the shipping markets and commodity demand could see a boost with demand

fundamentals becoming isolated more positive for key dry bulk and tanker segments, in our

view.”

From Ole Slorer of Morgan Stanley

The Captain’s Log, Global Shipping – July 7, 2011








“Overall, the VLCC market softened today as activity slows and the Arabian Gulf and West

Africa markets continue to experience an over supply of tonnage. Suezmax rates out of West

Africa hold at current levels. In the Aframax market, Cross Mediterranean rates firmed today as

demand begins to gain momentum out of the region. UK coast to US Atlantic coast clean product

tanker rates have begun to see some improvement before the end of the week.”

From Urs Dur of Lazard Capital

NMM: 2Q Preview: Dry bulk in doldrums due to oversupply, but contract cover sound; lowering

estimates a touch – June 7, 2011

“Dry bulk freight rates remain in the doldrums...Dry bulk freight rates remain in the doldrums

and the conventional wisdom is that they will remain there for some time as the market is

oversupplied with newbuild ships, particularly Capes.”

Usr Dur of Lazard Capital reiterated a buy rating and a price target of $23 on Navios

Maritime Partners (NYSE: NMM). He also lowered 2Q EPS and 2011 EPS estimates to $0.28

and $1.31 from $0.30 and $1.36, respectively.








BALTIC DRY INDEX

BALTIC INDICES CHANGES

Baltic Indices

% Change in Year

Date of 52 Week High

% Change of 52 Week High

BDIY -14.18% 6/1/2010 -64.33%

BCIY -6.96% 6/2/2010 -61.03%

BPIY -7.51% 6/1/2010 -59.25%

BSI -9.78% 6/1/2010 -56.25%

BHSI -12.89% 6/1/2010 -52.11%

BDTI -10.69% 12/21/2010 -30.31%

BCTI 6.46% 4/27/2011 -24.38%

BALTIC INDICES

Index Symbol 7-July-11 6-July-11 % Change 3-Jan-11 YTD- Change

Baltic Dry Index BDIY 1,453 1,443 0.69% 1,693 -14.18%

Baltic Capesize Index BCIY 2,126 2,116 0.47% 2,285 -6.96%

Baltic Panamax Index BPIY 1,663 1,626 2.28% 1,798 -7.51%

Baltic Supramax Index BSI 1,282 1,286 -0.31% 1,421 -9.78%

Baltic Handysize Index BHSI 703 704 -0.14% 807 -12.89%

Baltic Dirty Tanker Index BDTI 752 753 -0.13% 842 -10.69%

Baltic Clean Tanker Index BCTI 676 678 -0.29% 635 6.46%

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000Jan F… M…

Apr M…

Jun

Jul A… S…

Oct N…

D…

2008

2009

2010

2011








Since July 1, 2011, Alexander & Baldwin Inc. (NYSE: ALEX) is no longer a component of CL Maritime Index and CL Container Index.

CAPITAL LINK MARITIME INDEX

CAPITAL LINK MARITIME INDICES CHANGES

Capital Link Indices

% Change in Year

Date of 52 Week High

% Change of 52 Week High

CLMI 0.70% 4/4/2011 -11.53%

CLTI -10.93% 6/15/2010 -18.58%

CLDBI -8.98% 11/8/2010 -17.14%

CLCI -43.07% 4/4/2011 -57.87%

CLLG 19.46% 4/4/2011 -0.01%

CLMFI -7.40% 3/8/2011 -13.34%

CLMLP 0.89% 3/31/2011 -6.22%

CAPITAL LINK MARITIME INDICES

Index Symbol 7-July-11 6-July-11 % Change 3-Jan-11 YTD- Change

Capital Link Maritime Index CLMI 2,046.21 2,024.76 1.06% 2,031.89 0.70%

Tanker Index CLTI 2,098.18 2,077.39 1.00% 2,355.67 -10.93%

Drybulk Index CLDBI 814.53 796.90 2.21% 894.91 -8.98%

Container Index CLCI 1,242.44 1,215.95 2.18% 2,182.51 -43.07%

LNG/LPG Index CLLG 3,589.70 3,576.50 0.37% 3,004.87 19.46%

Mixed Fleet Index CLMFI 1,799.80 1,776.59 1.31% 1,943.64 -7.40%

MLP Index CLMLP 2,989.67 2,975.60 0.47% 2,963.32 0.89%

0

1,000

2,000

3,000

4,000

5,000

6,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2008

2009

2010

2011








MARITIME INDEX DAILY COMPARISON CHARTS (6 MONTHS)

0.90

0.95

1.00

1.05

1.10

1.15

1/14/11 2/14/11 3/14/11 4/14/11 5/14/11 6/14/11

Capital Link Maritime Index

S&P 500

Russell 2000

0.35

0.50

0.65

0.80

0.95

1.10

1.25

1.40

1/14/11 2/14/11 3/14/11 4/14/11 5/14/11 6/14/11

Capital Link Drybulk Index

Baltic Dry Index

0.70

0.80

0.90

1.00

1.10

1.20

1.30

1.40

1.50

1/14/11 2/14/11 3/14/11 4/14/11 5/14/11 6/14/11

Capital Link Tanker Index

Baltic Clean Tanker Index

Baltic Dirty Tanker Index








*As of 5:00 PM ET

MAJOR INDICES

Index Ticker Close Prev. Close

Change %

January 3, 2011

Today's Close

YTD Change

Dow Jones INDU 12,719.49 12,626.02 0.74% 11,670.75 12,719.49 8.99%

Dow Jones Transp. TRAN 5,618.25 5,566.07 0.94% 5,174.93 5,618.25 8.57%

NASDAQ CCMP 2,872.66 2,834.02 1.36% 2,691.52 2,872.66 6.73%

NASDAQ Transp. CTRN 2,606.70 2,577.34 1.14% 2,600.41 2,606.70 0.24%

S&P 500 SPX 1,353.22 1,339.22 1.05% 1,271.87 1,353.22 6.40%

Russell 2000 Index RTY 858.11 845.23 1.52% 798.56 858.11 7.46%

Amex Oil Index XOI 1,335.96 1,315.74 1.54% 1,225.81 1,335.96 8.99%

FTSE 100 Index UKX 6,054.55 6,002.92 0.86% 6,013.87 6,054.55 0.68%

*KEY CURRENCY RATES

Rate Close Prev. Close

Change %

January 3, 2011

Today's Close

YTD Change

3-Month LIBOR (USD) 0.24605 0.24575 0.12% 0.3028 0.2461 -18.74%

10-Yr US Treasury Yield 3.1423 3.108 1.10% 3.3362 3.1423 -5.81%

USD/EUR 0.6964 0.6983 -0.27% 0.7488 0.6964 -7.00%

USD/GBP 0.626 0.6249 0.18% 0.6459 0.6260 -3.08%

USD/JPY 81.22 80.98 0.30% 81.73 81.2200 -0.62%

USD/CNY 6.4655 6.4658 0.00% 6.601 6.4655 -2.05%

*KEY FUTURES

Commodities Symbol 7-July-11 6-July-11 % Change YTD

Change

Gas Oil Futures (ICE) QSA 973.25 933.25 4.29% 22.85%

WTI Crude Future (ICE) CLA 98.70 96.65 2.12% 7.72%

Natural Gas Future (ICE) NG1 4.17 4.22 -1.09% -9.91%

Heating Oil Future (ICE) HOA 309.55 296.33 4.46% 20.97%

Gasoline RBOB Future (ICE) XBA 311.75 299.76 4.00% 28.24%

Brent Crude Oil COY 113.10 112.80 0.27% 21.35%








PRECIOUS METALS

7-July-11 6-July-11 % Change YTD %Chg

Gold 1,531.95 1,526.55 0.35% 8.33%

Silver 36.46 35.93 1.46% 18.78%

Platinum 1,745.75 1,719.30 1.54% -1.34%

Copper 442.75 433.50 2.13% -0.17%

Palladium 783.85 773.20 1.38% -1.59%

KEY AGRICULTURAL & CONSUMER COMMODITIES

7-July-11 6-July-11 % Change YTD %Chg

Corn 615.50 608.50 1.15% -0.81%

Soybeans 1337.75 1318.50 1.46% -2.99%

Wheat 634.50 627.00 1.20% -21.23%

Cocoa 3186.00 3188.00 -0.06% 4.98%

Coffee 268.60 267.50 0.41% 11.68%

Cotton 113.52 113.42 0.09% -20.17%

Sugar #11 29.52 27.68 6.65% -8.09%








GENERAL MINERS

GENERAL MINER Ticker Close Prev. Close

Change %

Open Day’s Range Volume Avg. Vol (3m)

BHP Billiton Ltd. BHP 96.80 95.06 1.83% 96.59 96.50 - 97.37 2,758,102 3,810,740

Fortescue Metal FSUMF.PK 6.95 6.82 1.91% 6.82 6.82 - 6.96 24,249 1,503,880

Rio Tinto plc RIO 73.63 72.34 1.78% 73.62 73.41 - 74.00 2,047,319 3,102,480

Xstrata plc XSRAF.PK 22.75 22.44 1.38% N/A 22.55 - 22.75 9,231 12,294

TRANSPORTATION STOCKS

DRYBULK Ticker Close Prev. Close

Change %

Open Day’s Range

Volume Avg. Vol (3m)

Baltic Trading BALT 5.64 5.53 1.99% 5.53 5.53 - 5.65 109,347 190,724

Diana DSX 11.08 11.01 0.64% 11.08 11.02 - 11.17 430,861 588,827

DryShips DRYS 4.20 4.12 1.94% 4.17 4.14 - 4.23 4,499,942 8,289,100

Eagle Bulk EGLE 2.48 2.30 7.83% 2.35 2.30 - 2.49 2,093,893 1,012,460

Excel Maritime EXM 3.22 3.20 0.62% 3.23 3.19 - 3.23 432,359 665,068

Freeseas FREE 1.85 1.77 4.52% 1.77 1.80 - 1.91 23,852 19,116

Genco Shipping GNK 7.49 7.39 1.35% 7.46 7.44 - 7.62 408,156 1,037,960

Globus Maritime GLBS 7.32 7.38 -0.88% 7.30 7.28 - 7.60 25,075 21,271

Navios Maritime NM 5.17 5.14 0.58% 5.22 5.17 - 5.24 347,506 552,640

Navios Maritime Partners NMM 19.13 18.71 2.24% 18.73 18.73 - 19.24 282,073 364,113

OceanFreight Inc. OCNFD 6.89 7.65 -9.93% 6.63 6.50 - 7.65 18,727 13,616

Paragon Shipping PRGN 2.02 1.99 1.51% 1.99 1.99 - 2.02 128,966 394,065

Safe Bulkers SB 7.92 7.68 3.13% 7.77 7.69 - 7.93 233,582 304,225

Seanergy Maritime SHIPD 5.00 4.91 1.83% 5.00 4.98 - 5.00 600 5,763

Star Bulk Carriers SBLK 2.06 2.03 1.48% 2.02 2.01 - 2.09 191,356 165,589

TBS International TBSI 2.23 2.21 0.90% 2.30 2.20 - 2.35 221,349 119,289

TANKERS Ticker Close Prev. Change Open Day's Range Volume Avg. Vol

(3m)

Aegean Maritime ANW 7.22 7.05 2.41% 7.13 7.08 - 7.28 270,722 534,049

Capital Product Ptnrs CPLP 9.18 9.16 0.22% 9.28 9.15 - 9.43 73,111 172,981

Crude Carriers Corp. CRU 13.49 13.50 -0.07% 13.60 13.46 - N/A 34,083 129,227

Double Hull DHT 3.79 3.80 -0.26% 3.82 3.77 - 3.87 296,323 406,248

Frontline FRO 14.02 13.92 0.72% 13.95 13.92 - 14.12 1,649,432 1,553,680

General Maritime GMR 1.17 1.29 -9.30% 1.29 1.16 - 1.30 4,716,172 2,237,420








Navios Maritime Acquisition Corp NNA 3.58 3.62 -1.10% 3.66 3.58 - 3.73 129,452 43,456

Nordic American NAT 22.32 22.41 -0.40% 22.47 22.24 - 22.85 405,067 451,332

Omega Navigation ONAV 0.31 0.29 6.68% 0.33 0.30 - 0.35 56,260 48,351

OSG America LP OSG 26.91 26.16 2.87% 26.45 26.04 - 27.04 610,416 782,654

Scorpio Tankers STNG 9.73 9.84 -1.12% 9.94 9.66 - 9.96 123,860 132,329

Teekay Offshore TOO 29.80 29.73 0.24% 29.91 29.77 - 30.16 111,547 146,246

Teekay Shipping TK 31.24 31.03 0.68% 31.33 31.10 - 31.43 204,877 399,059

Teekay Tankers TNK 9.22 9.20 0.22% 9.29 9.20 - 9.30 309,004 526,330

TORM TRMD 3.91 3.90 0.27% 3.93 3.87 - 3.95 16,656 6,654

Tsakos Energy TNP 10.02 9.98 0.40% 10.03 10.00 - 10.11 51,969 147,857

CONTAINERS Ticker Close Prev. Change Open Day's Range Volume Avg. Vol. (3m)

Box Ships TEU 10.00 9.97 0.30% 10.04 9.80 - N/A 53,442 230,126

Costamare CMRE 16.99 17.08 -0.53% 17.23 16.89 - 17.23 44,337 87,259

Danaos DAC 5.63 5.64 -0.18% 5.71 5.60 - 5.74 26,515 75,121

Diana Containers DCIX 7.17 7.10 0.99% 7.11 7.05 - 7.20 172,250 276,976

Global Ship Lease GSL 5.32 5.32 0.00% 5.37 5.29 - 5.44 29,016 102,990

Horizon Lines HRZ 1.18 1.13 4.42% 1.15 1.13 - 1.22 599,212 2,276,330

Seaspan Corp SSW 16.38 15.58 5.13% 15.88 15.82 - 16.42 552,183 487,270

CONTAINER LEASING Ticker Close Prev. Change Open Day's Range Volume Avg. Vol. (3m)

Cai CAP 20.80 20.22 2.87% 20.57 20.23 - 20.89 106,688 130,521

SeaCube BOX 16.90 16.65 1.50% 16.81 16.80 - 17.00 188,173 132,811

Tal International TAL 35.58 34.97 1.74% 35.24 35.10 - 35.86 354,558 357,560

Textainer Group TGH 31.21 30.90 1.00% 31.27 31.03 - 31.60 83,974 105,849

LPG/LNG Ticker Close Prev. Change Open Day's Range Volume Avg. Vol (3m)

Golar LNG GLNG 37.96 37.81 0.40% 37.45 36.69 - 38.43 1,136,086 658,946

Golar LNG Partners LP GMLP 28.77 28.86 -0.31% 28.85 28.29 - 29.00 64,378 375,736

StealthGas GASS 4.20 4.24 -0.94% 4.23 4.18 - 4.28 163,698 68,071

Teekay LNG TGP 37.87 37.72 0.40% 37.98 37.69 - 38.03 117,550 183,614

MIXED FLEET Ticker Close Prev. Change Open Day’s Range Volume Avg. Vol

(3m)

B & H Ocean BHO 3.99 3.98 0.32% 3.98 3.98 - 3.99 1,718 3,124

Euroseas ESEA 4.36 4.31 1.19% 4.30 4.23 - 4.40 48,051 32,335

Knightsbridge VLCCF 22.16 22.09 0.32% 22.26 22.06 - 22.49 85,775 161,468

NewLead Holdings NEWL 2.60 3.36 -22.62% 3.34 2.60 - 3.32 19,820 3,095

Ship Finance SFL 18.31 18.00 1.72% 18.15 18.13 - 18.40 228,561 355,754

Top Ships TOPSD 3.50 3.50 0.00% 3.51 3.50 - 4.20 7,567 3,067








OFFSHORE DRILL RIGS Ticker Close Prev. Change Open Day’s Range Volume Avg. Vol

(3m)

Atwood Oceanics ATW 45.11 45.05 0.13% 45.80 44.84 - 45.86 561,706 713,027

Diamond Offshore Drilling DO 70.88 70.63 0.35% 71.38 70.10 - 71.54 1,327,735 1,862,770

Ensco International ESV 53.13 53.05 0.15% 53.68 52.25 - 53.70 4,425,263 3,366,390

Hercules Offshore HERO 5.55 5.42 2.40% 5.52 5.46 - 5.60 2,151,477 4,725,120

Noble Corp. NE 37.69 38.35 -1.72% 38.69 37.62 - 38.95 6,621,476 3,503,710

Rowan Companies RDC 38.82 38.90 -0.21% 39.45 38.54 - 39.48 1,921,304 2,077,120

Seadrill Ltd. SDRL 35.96 35.49 1.32% 35.93 35.76 - 36.10 1,555,784 1,958,150

Transocean RIG 62.47 62.23 0.39% 63.24 61.90 - 63.61 5,960,053 4,568,060

LONDON LISTED COMPANY (GBp)

Ticker Close Prev. Change Open Day's Range Volume Avg. Vol.

(3m)

Hellenic Carriers HCL.L 63 63 0.00% 63 63 750 24137.05

LONDON LISTED MIXED FLEET

Ticker Close Prev. Change Open Day’s Range Volume Avg. Vol

(3m)

Goldenport (GBp) GPRT.L 107.5 107.25 0.23% 109.25 107.5-109.5 6401 12715.03








FFA RATES (SOURCE: BALTIC EXCHANGE)

BALTIC FORWARD ASSESSMENTS CAPESIZE; 4 TIMECHARTER ROUTES AVERAGE

TC Rates are for: current month, current quarter, the next four quarters, and the next three calendar years.

BALTIC FORWARD ASSESSMENTS PANAMAX; 4 TIMECHARTER ROUTES AVERAGE

TC rates are for: current month, current quarter, the next four quarters, and the next three calendar years.








BFA SUPRAMAX: 5 TIMECHARTER AVERAGE

TC rates are for: current month, current quarter, the next four quarters, and the next three calendar years.

BALTIC FORWARD ASSESSMENTS HANDYSIZE: TIMECHARTER AVERAGE

TC rates are for: current month, current quarter, the next four quarters, and the next three calendar years








BALTIC FOWARD ASSESSMENTS CLEAN TANKERS

TC2 - 37000mt Continent to USAC TC4 - 30000mt Singapore to Japan

TC5 - 55000mt Middle East to Japan

TC Rates are for: current month, the next five months, the current quarter, the next four quarters, and the next two calendar years.








BALTIC FORWARD ASSESSMENTS DIRTY TANKERS

TD3 - 260000mt ME Gulf to Japan

TD5 - 130000mt W Africa to USAC TD7 - 80000mt North Sea to Cont

TC Rates include: current month, the next five months, the current quarter, the next four quarters, and the next two calendar years

DAILY TRADING REPORT C a p i t a l L i n k THURSDAY J ULY...

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