Platou Monthly December 2009b
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Transcript of Platou Monthly December 2009b
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7/28/2019 Platou Monthly December 2009b
1/11
ANALYSES & COMMENTS
DRY BULK MARKET
SALE AND PURCHASE-Tankers-Bulk Carriers-Representative Sales
CONTAINER SHIPS
CONTACT DETAILS
TANKER MARKET
NEWBUILDING
-Representative ReportedContracts
RS Platou Monthly
While care has been taken to ensure the information in this report is accurate, it is a general guide and not intended to be reliedupon for any specific purpose. R.S. Platou Economic Research A.S. cannot accept any responsibility for any errors or anyconsequences arising therefrom. Reproducing any materials from this report without prior approval from R.S. Platou is strictly
forbidden.
December 2009
VLCC SUEZMAX AFRAMAX CLEAN MR
0
20
40
60
80
10 0
0
20
40
60
80
10 0
1000 $/DAY
20 03 2 004 2 00 5 2 006 2 007 20 08 20 09
AVERAGE T/C-RESULTS FOR TANKERS
2003-09
CAPESIZE PANAMAX HANDYMAX HANDYSIZE
0
2 0
4 0
6 0
8 0
10 0
12 0
14 0
0
2 0
4 0
6 0
8 0
1 00
1 20
1 40
1000 $ /DAY
2 00 3 20 0 4 2 00 5 2 0 06 2 00 7 2 0 08 2 00 9
AVERAGE T/C-RESULTS FOR BULK CARRIERS2003-09
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7/28/2019 Platou Monthly December 2009b
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WORLD SHIPPING 2009A SHARP DECLINE, BUT BETTER THAN
EXPECTED
ANALYSES & COMMENTS
World shipping in general was somewhat better in 2009than we expected at the beginning of the year. It was a
well-founded fear that we were entering a long-term
structural overcapacity, a situation where even a robust
upturn in the global economy was not sufficient to
absorb the accumulated overcapacity. We wrote on this
place a year ago that it was necessary to remove 35 to
40 percent of the order books for bulk carriers and
container ships and minimum 10 percent of the order
book for tankers. After 12 months we are still of the
same opinion, but unfortunately not able to say anything
precise about the realism for such a scenario. The
deliveries for bulk as well as for container ships arelagging behind the delivery schedule by between 35 and
40 percent, for tankers 10 percent behind.
The growth rate for the world total merchant fleet was
then somewhat weaker than the 9 to 10 percent we
expected, the growth now seems have been between 7
and 8 percent. There is a well-known correlation
between the global economy and the need for seaborne
transportation capacity. After many consecutive years
with exceptionally high global economic growth
contributing to annual tonnage demand growth of 8 to 9
percent the need for tonnage seems to have fallen by 3percent in 2009. The utilization rate for the total
merchant fleet declined from 90 percent last year (as we
define as full capacity utilization) to 81 percent this
year, the lowest level since the 1980s.
The most recent forecasts for the world economy
indicates a growth in tonnage demand in 2010 of 6 to 7
percent. If deliveries of newbuildings continue to stretch
out in time we may see a certain upturn in the utilization
rate, but it is a long way to go before we reach 90
percent and full capacity utilization.
Newbuilding prices fell on average by 25 percent over
the year and with an expected very modest ordering
activity in 2010 the price decline will most likely
continue.
TANKER MARKETA STRONG SUPPORT FROM
FLOATING STORAGE
Despite a 7 percent fleet growth and an estimated
decline of 5 percent in seaborne oil trade in volume
terms tanker rates in 2009 were on average significantly
above lay-up levels, but not covering full capital costs.
A persistent oversupply of oil accumulated some 170 millbbls as floating storage at the end of the year and tied up as
much as 6 percent of the tanker fleet. Without this
employment we believe freight rates had been close to
operating cost. Instead we reached an average of $28,000
per day for VLCCs, down from $88,000 in 2008.
Preliminary data suggest that tonnage demand fell by 1
percent for the total year resulting in a utilization rate of 84
percent compared to 91 percent in 2008. Transport distances
fell sharply in the first half and increased in the second half.
China's crude imports contributed strongly to this trend.
World oil demand fell by 1.6 percent, in OECD countriesthe decline was 4 to 5 percent, in emerging markets there
was an increase of 2 percent. Oil production was reduced by
2 percent, in Middle East the decline was 8 percent.
DRY BULK MARKETSTRONGER THAN
EXPECTED
2009 turned out stronger for dry bulk shipping than
expected at the start of the year. However, on a yearly
average basis, freight rates were around 60 percent lower
than in 2008. After a very weak start of the year, freightrates recovered significantly over the year driven by a
substantial increase in Chinese dry bulk imports.
Preliminary figures suggest the world seaborne trade in dry
bulk commodities and tonnage demand to have remained
more or less unchanged from 2008 to 2009. The active dry
bulk fleet increased by 7 percent calculated on a yearly
average basis. The fleet utilization rate fell thus by
approximately 7 percentage points.
Chinas dry bulk imports increased by 270 mill tonnes from
2008 to 2009. Iron ore imports rose around 170 mill tonnes(39 percent), while coal imports jumped nearly 80 mill
tonnes (160 percent). India raised its dry bulk imports by
30 mill tonnes, mainly driven by higher coal imports. In
other countries, dry bulk imports fell about 300 mill tonnes.
The strongest drops were seen in Japan and Europe and by
commodity, iron ore and coal suffered most.
R.S. Platou Economic Research a.s
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7/28/2019 Platou Monthly December 2009b
3/11
ORDERBOOK in no/mill dwt
NEW ORDERS in no/mill dwt
NEWBUILDING PRICES in mill $
NEWBUILDING
This months seemingly biggest order is placed by Almi
Tankers with Daewoo shipyard for Suezmax tankers.
Additionally Centrofin took three Suezmax tankers at
Samsung.
VLCC
Suezmax
Aframax
MR Clean
Capesize
Panamax
Handymax
08/12
134
Tankers
39
82
66
09/11
52
09/12
29
60
94/95
34
52
61
36
51
96
54
Bulk
C
arriers
44
45
76
34
36
29
VLCC 106 33.3 0 0.0 18 5.8
Suezmax 37 5.8 20 3.2 21 3.3
Aframax 34 3.8 0 0.0 3 0.3
Small 226 7.2 10 0.2 70 1.7
Total 403 50.1 30 3.4 112 11.1
Capesize 216 42.8 6 1.1 61 14.3
PostPnmx* 130 11.3 2 0.2 48 4.0
Panamax 70 4.9 10 0.8 47 3.4
Handy 751 31.7 35 1.6 283 11.8
Total 1167 90.7 53 3.6 439 33.6
*80,000-99,999 dwt
2008 09/12 2009
Tankers
B
ulkCarriers
20
40
60
80
100
120
140
160
20
40
60
80
100
120
140
160
99 00 01 02 03 04 05 06 07 08 09
MILL. $
BUILDING PRICES FOR TANKERS
MR CLEAN AFRAMAX SUEZMAX VLCC
10
20
30
40
50
60
70
80
90
100
10
20
30
40
50
60
70
80
90
100
99 00 01 02 03 04 05 06 07 08 09
MILL. $
BUILDING PRICES FOR BULK CARRIERS
HANDYMAX PANAMAX CAPESIZE
600
800
1000
1200
1400
1600
1800
80
100
120
140
160
180
200
99 00 01 02 03 04 05 06 07 08 09
WON/$YEN/$
EXCHANGE RATES
YEN/$ WON/$
VLCC 205 63.7 12 3.5 74 22.8 119 37.4
Suezmax 146 22.8 12 1.8 56 8.7 78 12.2
Aframax 186 20.4 24 2.6 92 10.1 70 7.7
Small 827 30.5 165 4.7 363 12.9 299 12.9
Total 1364 137.3 213 12.7 585 54.4 566 70.2
Capesize 711 138.1 30 5.5 305 54.7 376 77.9
PostPnmx 453 39.0 39 3.4 165 14.2 249 21.4
Panamax 218 15.5 15 1.1 83 6.0 120 8.4
Handy 1780 77.4 331 12.2 736 32.4 713 32.7
Total 3162 269.9 415 22.2 1289 107.3 1458 140.4
* incl. Chemical carriers **Post Panamax: 80,000-99,999 dwt
Delay 09End Dec 09 Total
BulkCarriers**
2010 2011+
Tankers*
In the Capesize sector Sungdong have secured orders for six
ships for Greek and Korean owners. Chinese shipowners still
active with Da Sin ordering five Supramaxes at Hantong
Shipyard.
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7/28/2019 Platou Monthly December 2009b
4/11
OIL FLEET DEVELOPMENT in mill dwt
OIL MARKET in mbd
AVERAGE FREIGHT RATES in $ 1,000/day
THE TANKER MARKET
Incl. chemical carriers
Large tankers maintained firm rates in December despite
modest overall tanker demand. The Q4 rally boosted earnings
as expected. However, the prior eight years VLCCs have
averaged about $69,000/day in Q4, more than double this
year's figure of $29,000/day. With the single hull phase out
now upon us and the forward demand scenario improving step-
by-step, many consider the backdrop for 2010 to be somewhat
improved over expectations from only months ago. The fact
that rates did rise throughout Q4 2009 has provided hope to
owners that the mismatch in fundamentals will not be severe
and profitability will continue moving forward.
2008 2009 09/11 09/12
VLCC mod 88.4 28.0 27.7 39.4
Suezmax mod 67.2 25.9 31.2 29.7
Aframax mod 49.8 16.1 16.3 24.6
LR2 Clean mod 44.7 18.1 19.7 27.0
MR Clean mod 23.5 7.9 4.9 12.3
VLCC mod 72.5 36.1 28.0 31.0Suezmax mod 47.5 26.7 22.5 23.5
Aframax mod 34.2 18.8 16.0 17.3
LR2 Clean mod 33.3 17.7 16.5 16.5
MR Clean mod 22.7 13.1 9.5 10.0
SingleVoyage
12m
t/cendmonth
Deliver. Delet. End % chg
2009 2009 December 12 mths
10-199,999 dwt 31.3 6.8 276.4 9.7
200,000 dwt+ 16.7 10.8 156.2 3.9
Total tanker fleet 47.9 17.6 432.6 7.5
08 - 11m 09 - 11m % 09/08
- OECD 47.6 45.6 -4.3- Non OECD 38.2 39.0 2.3
World demand 85.8 84.6 -1.4
- M.East 23.2 21.3 -8.2
- Africa 9.5 8.9 -6.3
- L.America 10.0 10.0 -0.6
- N.America 10.8 11.2 4.1
- W.Europe 4.7 4.5 -5.3
- Asia 7.3 7.4 1.8
- FSU 12.7 13.2 3.2
World supply 86.5 84.9 -1.9
2007 2008 2009 F
World seaborne oil trade 44.1 44.8 43.0
Demand
Supply
10
15
20
25
30
35
40
45
10
15
20
25
30
35
40
45
06 Nov 20 Nov 04 Dec 18 Dec
$1,000/DAY
WEEKLY SPOT RATES FOR CRUDE CARRIERS
AFRAMAX MOD SUEZMAX MOD VLCC MOD
0
5
10
15
20
25
30
35
0
5
10
15
20
25
30
35
06 Nov 20 Nov 04 Dec 18 Dec
$1,000/DAY
WEEKLY SPOT RATES FOR CLEAN CARRIERS
MR CLEAN MOD LR2 MOD
-6.0 %
-4.0 %
-2.0 %
0.0 %
2.0 %
4.0 %
6.0 %
8.0 %
-6.0 %
-4.0 %
-2.0 %
0.0 %
2.0 %
4.0 %
6.0 %
8.0 %
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Percent
WORLD OIL CONSUMPTIONMONTHLY 2000-2009
12 m moving average
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7/28/2019 Platou Monthly December 2009b
5/11
BALTIC SALE & PURCHASE ASSESSMENTS (BSPA)
SOLD FOR SCRAPPING in no/mill dwt
ESTIMATED VALUES in mill $
DEMOLITION PRICES in $/ldt
OTHER REMOVALS* in no/mill dwt
* Including total loss/conversions/reclass
SALE AND PURCHASE TANKERS
The average values for the vessels in our report fell by some 25
percent during 2009 or about 50 percent since the peak mid
2008. The number of vessels sold during the year fell from
about 300 in 2008 to about 170 vessels with a total value of
about $4 billion in 2009 representing a fall of some 60 percent
and more than 70 percent since 2007.
At the moment values seem to have leveled out and we believe
the charter market will be the most influential factor to
determine prices /values in the months to come. On the positive
side single hull tankers will be faced out during the year and
with about 80 single hull VLCCs still around compared to
about 75 scheduled for delivery during 2010 the market couldwell be better than most market players expect.
08/12 09/10 09/11 09/12
310,000 dwt resale 120.0 95.0 95.0 100.0
305,000 dwt 5 years 102.0 78.0 78.0 82.0
300,000 dwt 10 years 80.0 60.0 60.0 68.0
160,000 dwt resale 85.0 68.0 68.0 68.0
160,000 dwt 5 years 71.0 56.0 56.0 56.0
150,000 dwt 10 years 54.0 40.0 40.0 40.0
105,000 dwt resale 65.0 50.0 52.5 52.5
105,000 dwt 5 years 53.0 40.0 40.0 40.0
105,000 dwt 10 years 42.0 28.0 24.0 24.0
C 75,000 dwt resale 57.0 45.0 45.0 50.0
C 75,000 dwt 5 years n.a. 38.0 35.0 38.0
C 50,000 dwt resale 50.0 35.0 33.0 33.0
C 47,000 dwt 5 years 38.0 28.0 25.0 25.0
C 47,000 dwt 10 years 28.0 18.0 16.0 16.0
C 37,000 dwt 5 years n.a. 24.0 21.0 21.0
End month
Average Baltic panel assessments in mill $
Vessel 14 Dec 21 Dec
VLCC - 5 years old 305,000 dwt 77.063 77.083
AFRAMAX - 5 years old 105,000 dwt 37.950 37.969
MR PROD - 5 years old 45,000 dwt 23.636 23.556
Tankers 08/12 09/10 09/11 09/12
Far East 230.0 290/300 275/285 315.0
Sub continent 280.0 330/340 330/340 390.0
Tankers
10-69,999 dwt 53 1.78 1 0.03 92 2.99
70-119,999 dwt 9 0.81 1 0.10 14 1.34
120-199,999 dwt 1 0.15 2 0.29 7 1.07
200,000 dwt+ 5 1.31 0 0.00 9 2.35
Total 68 4.05 4 0.42 122 7.75
2008 09/12 2009
Tankers
10-199,999 dwt 86 7.30 5 0.26 19 1.42
200,000 dwt+ 22 5.94 1 0.27 31 8.42
Total 108 13.25 6 0.52 50 9.84
2008 09/12 2009
20
40
60
80
100
120
140
160
20
40
60
80
100
120
140
160
99 00 01 02 03 04 05 06 07 08 09
MILL.$
SH VALUES FOR CRUDE CARRIERS5 YEARS OLD
AFRAMAX SUEZMAX VLCC
10
15
20
25
30
35
40
45
50
55
10
15
20
25
30
35
40
45
50
55
99 00 01 02 03 04 05 06 07 08 09
MILL. $
SH VALUES FOR CLEAN CARRIERS40,000 DWT / 45,000 DWT
10 YEARS DB 10 YEARS DH 5 YEARS
60
70
80
90
100
110
120
60
70
80
90
100
110
120
00 01 02 03 04 05 06 07 08 09
PERCENT
SH IN PERCENT OF NEWBUILDING PRICES5 YEARS OLD TANKERS
AFRAMAX SUEZMAX VLCC
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7/28/2019 Platou Monthly December 2009b
6/11
DRY BULK FLEET DEVELOPMENT in mill dwt
INDUSTRIAL PRODUCTION % change
AVERAGE FREIGHT RATES in $ 1,000/day
STEEL PRODUCTION in mill tonnes
THE DRY BULK MARKET
Freight rates for Capesizes weakened during the second half of
December resulting from less Chinese activity in iron ore.
The Panamax sector showed a firmer tendency towards the end
of the year driven by higher Atlantic grain activity and
increased fixtures of coal in the Pacific.
In the Handy and Supramax sectors, freight rates remained
relatively steady over the last month. The main element behind
firm tonnage demand for the smaller sizes was firm Pacific
activity in steel and other minor bulks.
2008 2009 09/11 09/12
Capesize 95.7 39.1 65.9 52.2
Panamax 50.3 19.7 32.1 29.9
Supramax 41.7 17.1 22.8 24.6
Handysize 29.3 11.2 14.3 17.3
Capesize 103.6 32.6 40.0 35.0
Panamax 53.2 18.1 22.0 21.0
Supramax 42.7 14.8 18.0 17.5
Handysize 27.8 10.8 13.0 12.5
Tripchart.
12mt/cend
month
2008 2009 E 2010 F
USA -2.2 -10.0 4.1
Euro zone -1.8 -14.6 3.4
Japan -3.4 -22.3 12.1
China 12.9 10.8 14.1
Other Asia 1.4 -3.3 7.7
08 - 11m 09 - 11m % 09/08
USA 87.4 52.6 -39.8
Japan 111.3 78.6 -29.4
EU 27 189.0 126.3 -33.2
China 462.5 518.2 12.0
Other Asia 119.1 110.0 -7.6
Total World 1,222.4 1,090.4 -10.8
0
25
50
75
100
125
150
0
25
50
75
100
125
150
2003.1 2004.1 2005.1 .2006.1 2007.1 2008.1 2009.1 .
MILL MT/MONTH
WORLD STEEL PRODUCTION
CHINA REST OF THE WORLD TOTAL WORLD
0
20
40
60
80
100
120
140
160
180
0
20
40
60
80
100
120
140
160
180
99 00 01 02 03 04 05 06 07 08 09
$1,000/DAY
12 MONTHS T/C RATES FOR BULK CARRIERS
CAPESIZE PANAMAX SUPRAMAX HANDYSIZE
0
10
20
30
40
50
60
70
80
0
10
20
30
40
50
60
70
80
06 Nov 20 Nov 04 Dec 18 Dec
$1,000/DAY
WEEKLY SPOT RATES FOR BULK CARRIERS
CAPESIZE PANAMAX SUPRAMAX HANDYSIZE
Deliver. * Delet. End % chg
2009 2009 December 12 mths
10-59,999 dwt 13.3 6.3 172.8 4.3
60-79,999 dwt 3.2 1.8 97.6 1.7
80-99,999 dwt 4.9 0.1 22.6 26.2
100,000 dwt+ 26.9 1.5 165.8 18.6Total bulk fleet 48.2 9.8 458.8 9.4
*Incl. conversions
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7/28/2019 Platou Monthly December 2009b
7/11
.
SOLD FOR SCRAPPING in no/mill dwt
ESTIMATED VALUES in mill $
DEMOLITION PRICES in $/ldt
SALE AND PURCHASE BULK CARRIERS
The year ended with solid activity in the dry-cargo sale &
purchase market where Chinese buyers continued the trend
seen throughout the year and picked up the majority of vessels
reported sold in December. Prices remain firm and we
understand a Capesize resale for delivery ex Japanese yard
April 2010 has just been committed for a strong $71.5 mill toChinese buyers. Despite a very uncertain start of the year in
respect of second-hand values, the market improved drastically
during 2009 both in terms of values and liquidity. We estimate
the value for a new Capesize increased more than 15 percent
over the year while Panamaxes and Supramaxes gained above
10 percent. Whereas the activity in terms of number of sales
almost doubled in 2009 compared to 2008, the total value of all
transactions concluded were considerable below the 2008figures reflecting the substantially drop in values since the peak
which ended in the early autumn 2008.
BALTIC SALE & PURCHASE ASSESSMENTS (BSPA)
08/12 09/10 09/11 09/12
180,000 dwt resale 60.0 66.0 67.0 70.0
172,000 dwt 5 years 49.0 52.5 55.0 55.0
170,000 dwt 10 years 37.5 43.0 45.0 45.0
76,000 dwt resale 37.0 39.0 40.0 41.0
74,000 dwt 5 years 30.0 31.5 33.0 34.0
72,000 dwt 10 years 23.0 26.0 26.5 27.5
56,000 dwt resale 33.5 35.0 35.0 35.0
52,000 dwt 5 years 26.5 26.5 28.0 28.0
46,000 dwt 10 years 20.5 22.5 22.5 22.5
32,000 dwt resale 26.0 26.5 26.5 26.5
28,000 dwt 5 years 21.0 21.0 21.0 21.0
28,000 dwt 10 years 16.0 17.5 17.5 17.5
End month
Average Baltic panel assessments in mill $
Vessel 14 Dec 21 Dec
CAPESIZE - 5 years old 172,000 dwt 53.132 53.015
PANAMAX - 5 years old 74,000 dwt 33.339 33.424
SUPER HANDY - 5 years old 52,000 27.371 27.308
Bulk carriers 08/12 09/10 09/11 09/12
Far East 220.0 280/290 260/270 315.0
Sub continent 250.0 290/300 285/295 330.0
Bulk carriers
10-59,999 dwt 59 1.82 8 0.23 218 6.32
60-79,999 dwt 19 1.25 0 0.00 28 1.85
80-99,999 dwt 0 0.00 0 0.00 1 0.09
100,000 dwt+ 9 1.38 0 0.00 9 1.53Total 87 4.44 8 0.23 256 9.79
09/12 20092008
0
20
40
60
80
100
120
140
160
0
20
40
60
80
100
120
140
160
99 00 01 02 03 04 05 06 07 08 09
MILL.$
SH VALUES FOR BULK CARRIERS5 YEARS OLD
HANDYMAX PANAMAX CAPESIZE
0
20
40
60
80
100
120
140
160
0
20
40
60
80
100
120
140
160
99 00 01 02 03 04 05 06 07 08 09
MILL.$
SH VALUES FOR BULK CARRIERS10 YEARS OLD
HANDYMAX PANAMAX CAPESIZE
50
70
90
110
130
150
170
190
50
70
90
110
130
150
170
190
00 01 02 03 04 05 06 07 08 09
PERCENT
SH IN PERCENT OF NEWBUILDING PRICES5 YEARS OLD BULK CARRIERS
HANDYMAX PANAMAX CAPESIZE
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7/28/2019 Platou Monthly December 2009b
8/11
ORDERBOOK in no/1,000 TEUs
AVERAGE CHARTER RATES in $ 1,000/day
FLEET DEVELOPMENT in 1,000 TEUs
NEW ORDERS in no/1,000 TEUs
CELLULAR CONTAINER SHIPS
Preliminary figures suggest some 67 percent drop in container
volumes from 2008 to 2009. At the same time, the container ship
fleet increased by 8 percent calculated on a yearly average basis.
The capacity utilization rate decreased thus by 1415
percentage points from 2008 to 2009.
2009 was a disastrous year for container shipping. Charter rates
hovered around lay-up levels most of the year, while box rates
increased over the last months mainly resulting from a
significant adjustment of the operating container ship capacity.
At year end 11.4 percent (1.5 mill teu) of the container ship
fleet was reported to be idle.
Deliver. Delet. End % chg
2009 2009 December 12 mths
Below 1,000 teu 23.4 12.0 772.3 1.5
1,000 - 1,999 teu 86.3 88.5 1,823.4 -0.1
2,000 - 3,999 teu 111.6 214.7 2,963.8 -3.4
4,000 teu + 834.6 35.7 7,201.1 12.5
Total container fleet 1,055.9 350.9 12,760.5 5.8
End Dec 09
Below 1,000 93 71 45 32 39 33 9 6
1,000 - 1,999 154 223 46 70 73 101 35 52
2,000 - 3,999 108 318 11 34 54 157 43 127
4,000 + 568 4,405 48 302 210 1,458 310 2,645Total 923 5,017 150 439 376 1,749 397 2,830
2010 2011+Total Delay 09
Below 1,000 49.0 33.6 0 0.0 4 1.8
1,000 - 1,999 77.0 112.6 0 0.0 11 16.8
2,000 - 3,999 36.0 103.4 0 0.0 4 11.0
4,000 + 118.0 855.9 0 0.0 6 45.1
Total 280.0 1,105.6 0 0.0 25 74.8
09/12 20092008
Modern vessels 2008 2009 09/11 09/12
1,000 teu 10.7 4.2 4.0 4.0
1,700 teu 14.3 4.7 4.3 4.3
3,000 teu 24.0 5.8 5.5 5.5
4,500 teu 30.8 8.8 6.5 6.5
10
20
30
40
50
60
70
80
90
100
110
120
10
20
30
40
50
60
70
80
90
100
110
120
99 00 01 02 03 04 05 06 07 08 09
MILL. $
BUILDING PRICES FOR CONTAINER SHIPS
1,000 teu 1,700 teu 3,000 teu 4,500 teu 6,000 teu
5
15
25
35
45
55
65
75
85
5
15
25
35
45
55
65
75
85
99 00 01 02 03 04 05 06 07 08 09 10
MILL. $
SH VALUES FOR CONTAINER SHIPS
5 YEARS OLD
1,000 teu 1,700 teu 3,000 teu 4,500 teu
PRICES PER END FEB 2009
0
10
20
30
40
50
0
10
20
30
40
50
99 00 01 02 03 04 05 06 07 08 09 10
$1,000/DAY
1,000 teu 1,700 teu 3,000 teu 4,500 teu
12 MONTHS T/C RATES FOR CONTAINER SHIPS
-
7/28/2019 Platou Monthly December 2009b
9/11
Representative reported contracts
The Platou Monthly December 2009
Type Capacity Shipyard Reported
price / unit
(USD mill)
Owner Delivery
TANK
2 x 6,000 dwt Hyundai Mipo 18,0 mill. Vroon 2011
3 x 45,000 dwt Maua Jurong Global Transporte Oceanico 2011
5 x 157,000 dwt Daewoo Shipbuilding Sonangol 2012 / 2013
10 x 158,000 dwt Daewoo Shipbuilding 61,0 mill Almi Tankers 2011 / 2013
3 x 158,000 dwt Samsung H.I. Centrofin 2011
2 x 158,000 dwt Samsung H.I. Stena 2011
BULK
4 x 35,000 dwt Samho Tongyong Ciner 2011
6 x 37,000 dwt Huatai H. I. 24,9 mill. Marine Capital 2011 / 2012
2 x 37,000 dwt S T X Shipbuilding 28,0 mill. Taiwanese Owner 2011
5 x 57,000 dwt Jiangsu Hantong 28,2 mill. Da Sin Shipping 2011
2 x 57,000 dwt Xiamen Shipyard 27,0 mill. Hongkong Tianhong 2012
4 x 59,000 dwt S P P Shipbuilding 33,0 mill. European Owner 2010 / 2011
2 x 76,000 dwt Hudong-Zhonghua Shipyard Domestic Owner 2011
8 x 76,000 dwt Nantong Rongsheng Shipbuilding Mingsheng Financial Leasing 2011 / 2012
2 x 81,000 dwt S P P Shipbuilding European Owner 2012
2 x 180,000 dwt Sungdong Shipbuilding 53,5 mill. Korean Owner 2012
180,000 dwt Sungdong Shipbuilding 53,5 mill. Navios 2012
2 x 180,000 dwt Sungdong Shipbuilding 53,5 mill. Polembros 2011180,000 dwt Sungdong Shipbuilding 53,5 mill. Teh Hu 2012
GAS
3 x 7,000 cbm Itajai Shipyard Elcano 2011
RORO
4 x 2300 teu Daewoo S B & Marine Eng. 70,0 mill. Ignazio Messina 2011 / 2012
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Representative sales
The Platou Monthly December 2009
Type/Name Cap Type Built Price Buyers Comments
Tank
Effie Maersk 307,000 dwt 2000/Korea Rgn USD 64 Mill Indonesia
Hamal Star 302,000 dwt 1994/Korea USD 20 Mill Korea (North) conversion
Concord 276,000 dwt 1988/Korea USD 16 Mill Far East
Viking Crux 140,000 dwt 1991/Korea USD 7.97 Mill India auction
Rosi I 108,000 dwt 2009/Japan USD 52 Mill China
Chemtrans Lyra 97,000 dwt 1993/Korea USD 12.5 Mill Norway
Chem/ProdVanguard Viking 1 99,000 dwt 1991/China USD 7.8 Mill Greece auction
Constantinos 73,000 dwt 2009/China " "
Meltemi 73,000 dwt 2009/China " "
Scirocco 73,000 dwt 2009/China " "
Maistros 73,000 dwt 2009/China USD 52 Mill Each Venezuela 7 years BBHP
Rose 46,000 dwt 2004/Japan USD 24.5 Mill Vietnam
Southern Eagle 20,000 dwt 2007/Japan Undisclosed China
Comb
Navdhenu Trust 76,000 dwt 1983/Germany USD 6.8 Mill Undisclosed
Bulk
Oriental Bay 180,000 dwt 2010/Japan USD 71.5 Mill ChinaAzul Glory 179,000 dwt 1998/Korea USD 40.5 Mill China
Cape Victory 177,000 dwt 2003/Japan USD 52 Mill China
Chs Star 150,000 dwt 1991/Korea USD 17.5 Mill China
Sunlight Ocean 82,000 dwt 2008/Japan Xs USD 41 Mill China
Navios Orion 77,000 dwt 2005/Japan USD 36.5 Mill China
India 77,000 dwt 2005/Japan USD 36,3 Mill China ss/dd due
Fortune Ocean 77,000 dwt 2006/Japan " "
Fortune Princess 77,000 dwt 2007/Japan USD 75 Mill China
Theresa Hebei 76,000 dwt 2004/Japan USD 35 Mill Greece
Ernst Salamon 74,000 dwt 1999/Japan USD 26,5 Mill United States
Juno Island 72,000 dwt 1997/Japan Rgn USD 25 Mill Undisclosed
Noble Jade 70,000 dwt 1988/Japan USD 11.5 Mill Greece
Pierre 70,000 dwt 1996/Japan USD 22 Mill Greece
Haina Wealth 69,000 dwt 1989/Korea USD 12 Mill China
Sejahtera 69,000 dwt 1994/Japan USD 20,5 Mill China
Harita Ferro 67,000 dwt 1984/Taiwan Undisclosed Undisclosed
Vitatrader 67,000 dwt 1983/Japan USD 5.95 Mill China
Gem Of Haldia 65,000 dwt 1982/Japan USD 5.3 Mill Undisclosed
Gem Of Cochin 65,000 dwt 1982/Japan USD 5 Mill China
Gem Of Aqaba 65,000 dwt 1982/Japan USD 4 Mill China
Sagaland 65,000 dwt 1982/Japan USD 5.3 Mill China
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Representative sales
The Platou Monthly December 2009
Santos Success 63,000 dwt 1984/Japan USD 5.5 Mill Undisclosed
Gem Of Madras 57,000 dwt 2008/Japan USD 33.5 Mill Norway
Forestal Esperanza 54,000 dwt 1990/Japan USD 9.7 Mill Undisclosed
Pindos 50,000 dwt 1994/Denmark USD 18 Mill China
Orientor 2 50,000 dwt 2002/China USD 24.7 Mill Undisclosed
Luckyfield 46,000 dwt 1982/Japan USD 5 Mill Undisclosed
Zsq Star 45,000 dwt 1986/Brazil Undisclosed China
Gingko 43,000 dwt 1984/ USD 7.3 Mill Undisclosed
Nurten Ana 39,000 dwt 1985/Japan USD 8.5 Mill European
Gregos 38,000 dwt 1984/Japan USD 7.9 Mill GreeceJianmao 18 35,000 dwt 1984/Spain USD 5.3 Mill European
Bled 35,000 dwt 1983/Spain USD 4.5 Mill Greece
Bohinj 35,000 dwt 1984/Spain USD 4.45 Mill Greece
Kritika Naree 34,000 dwt 1982/ USD 4.35 Mill China
Discoverer 34,000 dwt 1983/Japan USD 5.2 Mill Undisclosed incl 2 yrs t/c at usd 10.5k pd
Lodestar Forest 32,000 dwt 2005/Japan Rgn USD 23,5 Mill Hong Kong
Calypso I 31,000 dwt 1977/Serbia USD 2 Mill Kuwait
Basic Reliance 30,000 dwt 2002/Japan USD 20.2 Mill Undisclosed
Fgm Achiever 29,000 dwt 1978/Great Britain USD 2.575 Mill Undisclosed
Darya Yog 29,000 dwt 1996/China USD 13,6 Mill Greece
Virginia 27,000 dwt 1985/ USD 4.2 Mill Undisclosed
Maritime Master 26,000 dwt 1984/Japan USD 3.83 Mill China
Hilda 25,000 dwt 1984/Japan USD 4.2 Mill Undisclosed
Container
Shanghai Bridge 5,896 teu 2002/Japan USD 22 Mill Greece
Lions Gate Bridge 5,610 teu 2001/Korea USD 21 Mill Undisclosed
Long Beach Bridge 5,576 teu 2002/Japan USD 22 Mill Greece
Msc Zrin 2,064 teu 1993/Croatia USD 4.7 Mill Undisclosed
Cape Arago 1,066 teu 1992/Germany USD 3 Mill Undisclosed
Sinar Bangka 1,060 teu 2000/Japan Undisclosed Japan
Ice King 428 teu 1994/Spain Undisclosed Undisclosed
Ute Johanna 366 teu 1995/Germany USD 1.625 Mill Russia