Broker’s insight by George Lazaridis

There has been much talk these past months with regards to the poten�al of

the MR tanker market and investment possibili�es on offer. The considerable

number of refineries under construc�on in loca�ons such the Middle East

Gulf (prime crude oil producers) has created a general sen�ment that there

will be a strong increase in tonne-mile demand for refined oil products, as it

is presumed that much of the output produced by these new refineries will

be heading to Europe, America and even as far as China and Japan.

Such an increase in demand points to a possible shortage in available ton-

nage, as the current orderbook for product tankers is considerably low. In

the MR tanker segment we have a fleet of 1,967 ac�ve vessels, while the

orderbook represents only an 11% increase in the ac�ve fleet, amoun�ng to

218 vessels currently scheduled for delivery up un�l 2016. This has led many

in the market to believe that there is much poten�al to take advantage of in

this market segment through the ordering of new vessels. This has been fur-

ther enhanced by the supply of new fuel efficient designs by several ship-

yards in an effort to en�ce owners to order.

The ques�on is how much of a real poten�al is there and are MR tankers

best suited to take advantage of this shi5 in market condi�ons?

Comparing to the larger LR1 and LR2 (coated Aframax) tankers you get an

indica�on that there may be a misplaced hope in the smaller sizes. The fleet

and orderbook of these larger product tankers are even more promising. The

current ac�ve fleet of LR1 tankers stands at 431 vessels with only another 42

vessels currently on order (less than 10% orderbook to fleet ra�o). At the

same �me as the voyage distance starts to increase, these larger sizes be-

come be<er suited to take advantage of these routes due to the extra bene-

fits offered by the economies of scale.

At the same �me, if one takes into account the current state of the MR tank-

er freight market, it is debatable if all that is being heard by all these market

pundits is truly a possibility one should take advantage of. It may be the case

in the end, that the segment to most benefit from this market shi5 will be

the very large product tankers such as LR1s and LR2s, leaving the MR tanker

range oversupplied and with slacking demand .

Chartering (Wet: Stable- / Dry: So�er- )

The Dry Bulk market con�nues to suffer from a lack of ac�vity across as

size segments. The BDI closed Tuesday (24/07/2012) at 1,003 points,

down by 19 points compared to Monday’s levels (23/07/2012) and an

decrease of 90 points compared to the previous Tuesday’s levels

(17/07/2012). Things deteriorated further for the crude oil carriers this

week as the overwhelming supply of vessels and increasing bunker pric-

es caused a further decrease in freight earnings. The BDTI Monday

(23/07/2012), was at 627, 1 point up and the BCTI at 556, an increase of

8 points compared to the previous Monday’s levels (16/07/2012).

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

SnP ac�vity con�nued at fairly good levels this week, with a number of

deals reported in both the dry and wet sectors. On the Tankers side, we

had the sale of the “Scorpius” (94,225dwt-blt 94 Italy) which was report-

ed sold for a price of around $ 13.0m. While on the dry bulker side, we

had the sale of the resale “Tsuneishi Zhoushan SS-1” (98,000dwt-blt 12

China) which was reported sold to Greek buyers, namely Diana Shipping

for a price of around $ 25.0m.

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

Despite enquiries remaining limited, there was a slight improvement in

ac�vity noted this week. Much of the dry bulk ordering was for the new

“Eco” designs, while the rest of the deals reported were for more spe-

cialised ship types such as Car Carriers. Ac�vity however is expected to

deteriorate further as we approach August, a period were we typically

see a decreased level of ac�vity as both shipbuilders and owners de-

crease their interest due to the summer holidays. In terms of reported

deals this week, the most ntoable reported order placed this week was

by Italy’s Ignazion Messina at S. Korea's STX Shipbuilding and Offshore

for four specialised RoRo-Container vessels (45,500dwt) for a price of $

73.5m each and scheduled for delivery between June and December

2014.

Demoli'on (Wet: So�er- / Dry: So�er- )

The demo market seemed to have felt a short lived improvement as

condi�ons in the market began to deteriorate once again. Steel prices

started to drop once again in the Indian Sub-Con�nent, while at the

same �me sen�ment amongst demo buyers in both Bangladesh and

China was considerably worse. Buyers are now holding off for more high

spec units as they reach close to their current capci�es, while at the

same �me there seems to be an unwillingness to speculate on any im-

provement being noted over the next couple of weeks. One of the main

reasons seems to be the yet to be resolved poten�al closure of the Indi-

an market while at the same �me the is limited op�mism for any firming

in steel prices soon. Offered prices have therefore dropped slightly with

prices for wet tonnages weakening to levels of around 350-405$/ldt and

dry units so5ening to about 330-380$/ldt.

Weekly Market Report

Week 29|Wednesday 25th July 2012

© Intermodal Research 25/07/2012 2

Jul-12 Jun-12 ±% 2012 2011 2010

300KT DH 65.0 65.0 0.0% 64.6 77.6 87.2

150KT DH 47.0 47.0 0.0% 46.5 54.4 62.6

105KT DH 32.0 32.0 0.0% 32.9 39.1 44.7

70KT DH 26.0 26.0 0.0% 27.8 35.2 38.8

45KT DH 26.0 26.0 0.0% 25.7 28.4 26.5

VLCC

Suezmax

Indicative Market Values ($ Million) - Tankers

Vessel 5yrs old

MR

Aframax

Panamax

6080

100120140160180200220240260

WS p

oin

ts

CLEAN - WS RATESTC2 TC4 TC6 TC1

20

40

60

80

100

120

140

160

WS p

oin

ts

DIRTY - WS RATESTD3 TD5 TD8 TD4

Week 29 Week 28 ±% Diff 2012 2011

300k 1yr TC 23,500 25,500 -7.8% -2000 22,664 25,197

300k 3yr TC 27,500 28,500 -3.5% -1000 27,571 31,681

150k 1yr TC 19,500 19,500 0.0% 0 17,319 19,837

150k 3yr TC 22,000 22,000 0.0% 0 20,803 23,830

105k 1yr TC 14,000 14,000 0.0% 0 13,931 15,707

105k 3yr TC 16,250 16,250 0.0% 0 16,183 18,335

70k 1yr TC 13,500 13,750 -1.8% -250 13,043 14,995

70k 3yr TC 14,500 14,500 0.0% 0 14,312 16,263

45k 1yr TC 14,000 14,000 0.0% 0 14,250 13,918

45k 3yr TC 15,000 15,000 0.0% 0 14,847 14,738

36k 1yr TC 12,750 12,750 0.0% 0 12,586 12,471

36k 3yr TC 13,750 13,750 0.0% 0 13,321 13,412

Panamax

MR

Handy

size

TC Rates

$/day

VLCC

Suezmax

Aframax

2012 2011

WS

points$/day

WS

points$/day $/day $/day

265k AG-JAPAN 33 1,563 34 5,366 -3% 29,396 18,217

280k AG-USG 24 -7,884 24 -5,165 0% 6,703 2,504

260k WAF-USG 43 17,465 43 21,548 0% 39,524 25,714

130k MED-MED 73 23,463 70 22,654 4% 28,380 25,125

130k WAF-USAC 63 10,633 68 16,605 -7% 18,040 13,373

130k AG-CHINA 75 22,172 75 24,145 0% 23,425 14,815

80k AG-EAST 93 13,341 93 15,139 0% 13,623 12,726

80k MED-MED 85 14,247 90 17,981 -6% 16,342 13,577

80k UKC-UKC 88 16,730 90 20,155 -3% 20,508 18,604

70k CARIBS-USG 90 8,067 95 11,515 -5% 14,015 8,240

75k AG-JAPAN 108 17,680 100 15,483 8% 6,510 10,467

55k AG-JAPAN 123 14,686 120 14,932 2% 7,003 7,768

37K UKC-USAC 90 166 90 1,286 0% 9,801 11,022

30K MED-MED 130 13,560 130 14,006 0% 16,626 18,458

55K UKC-USG 100 9,120 108 13,517 -7% 16,259 11,266

55K MED-USG 100 8,018 108 11,970 -7% 14,203 9,676

50k CARIBS-USAC 90 3,409 100 7,788 -10% 14,955 10,700

Dir

tyA

fram

axC

lean

VLC

CSu

ezm

ax

Spot Rates

Vessel Routes

Week 29 Week 28

±%

Chartering

With no improvement being noted in terms of demand in both the MEG

and WAF markets and increasing bunker prices now deteriora�ng earning

levels for owners, the prospects for VLCCs over the next couple of days look

fairly poor. Despite up to now, it being a rela�vely ac�ve summer period, it

is s�ll proving to be insufficient to cover all the tonnage available. The WAF

is s�ll holding up be<er than the MEG, however it looks as though it will

con�nue to be a difficult summer period with owners trying hard to keep

their earnings at sufficient levels to con�nue to operate.

This week we saw a notable drop in inquiries coming into the market for

Suezmax vessels. Nevertheless the Black Sea/Med region was able to note a

week-on-week increase in earnings as tonnage lists had �ghtened consider-

ably leaving few available ships for charterers to pick up. The situa�on was

slightly more difficult in the WAF market were the decreased ac�vity had a

significant toll on the market pushing rates down once again.

The downward trend in freight levels con�nues in the Aframax market as

most regions seem to lack the required ac�vity to cover the available ton-

nage that has amounted. Ac�vity overall has remained at respectable lev-

els, however we will need to see much more inquiries in order to cover the

current posi�on lists.

Sale & Purchase

On the Aframax segment, we had the sale of the “Scorpius” (94,225dwt-blt

94 Italy) which was reported sold for a price of around $ 13.0m.

In the MR segment we had the enbloc sale of the “STI Dia-

mond” (49,900dwt-blt 08 S. Korea) and “STI Coral” (49,900dwt-blt 08 S.

Korea) which were picked up for an price of about $ 25.5m each by Greek

buyers.

Wet Market

Indicative Period Charters

- 3+3 mos - 'Plymnia I' 2011 287,000dwt

- - $ 25,000/day - PDVSA

- 1+1+1 yrs - 'Ardmore Seafarer' 2004 45,000dwt

- DEL EAST - $ 13,250/day - Itochu

© Intermodal Research 25/07/2012 3

0

1,000

2,000

3,000

4,000

5,000

Index

Baltic Indices

BCI BPI BSI BHSI BDI

0

10,000

20,000

30,000

40,000

50,000

$/d

ay

Average T/C Rates

AVR 4TC BCI AVR 4TC BPI AVR 5TC BSI AVR 6TC BHSI

Index $/day Index $/day Index Index

BDI 1,037 1,110 -6.6% -73 960 1,549

BCI 1,276 $5,342 1,320 $6,070 -3.3% -44 1,488 2,237

BPI 1,156 $9,219 1,202 $9,584 -3.8% -46 1,104 1,749

BSI 1,192 $12,459 1,287 $13,454 -7.4% -95 983 1,377

BHSI 657 $9,519 692 $10,005 -5.1% -35 556 718

13/07/2012

Baltic IndicesWeek 29

20/07/2012

Week 28

±%2012 2011Point

Diff

170K 6mnt TC 12,250 12,250 0% 0 13,877 18,474

170K 1yr TC 13,500 13,500 0% 0 15,230 17,138

170K 3yr TC 15,500 15,500 0% 0 16,450 17,599

70K 6mnt TC 12,250 12,500 -2% -250 12,484 17,238

70K 1yr TC 10,500 10,375 1% 125 10,911 14,863

70K 3yr TC 11,125 11,250 -1% -125 11,726 14,500

52K 6mnt TC 13,250 14,000 -5% -750 12,148 15,587

52K 1yr TC 11,000 11,250 -2% -250 11,114 14,308

52K 3yr TC 11,500 11,500 0% 0 11,898 14,046

45k 6mnt TC 11,250 11,500 -2% -250 10,114 13,416

45k 1yr TC 9,500 9,750 -3% -250 9,407 12,450

45k 3yr TC 10,250 10,250 0% 0 10,140 12,403

30K 6mnt TC 8,500 9,250 -8% -750 8,601 11,712

30K 1yr TC 9,000 9,000 0% 0 8,695 11,787

30K 3yr TC 9,750 9,750 0% 0 9,890 12,044

Han

dy

max

Han

dy

size

Period

2011

Pan

ama

xS

up

ram

ax

Week

29

Week

28

Cap

esi

ze

2012$/day ±% Diff

Chartering

Demand con�nues for yet another week to lack the required momentum

needed to allow any improvement in the Capesize market. Both basins are

showing limited interest and tonnage list have now swollen considerably in

both Australia and South America. Nevertheless, the drop in rates noted

was limited, allowing for some hope that the market will be able to remain

fairly buoyant up un�l demand resurfaces. It looks however likely that this

pa<ern could con�nue for the remaining of the summer as well as first

couple of weeks of the Autumn period.

With the week star�ng on a poor note and limited fresh inquiries surfacing,

Panamaxes were struggling to keep the posi�ve momentum witnessed the

past couple of weeks. Owners found themselves chasing the market down

as sen�ment deteriorated rapidly and charterers held a more cau�ous ap-

proach to the market. The Atlan�c was showing more promise compared to

the East were we saw limited demand throughout the week. As a conse-

quence tonnage lists have now built up considerably and are likely to push

the market further down over the next couple of days.

Supras and Handies were the worst suffering for yet another week as the

overall slow ac�vity pushed owners to accept considerably lowere freight

levels to what they were seeing a week prior. In the Atlan�c basin the only

area showing a more posi�ve tone was the Con�nent were the supply of

tonnage was more limited. The Pacific con�nues to lack demand as the

Indonesian ban is s�ll taking its toll, while at the same �me demand for

imports from China has also so5ened quiet a bit.

Sale & Purchase

In the Post-Panamax segment, we had the sale of the resale “Tsuneishi

Zhoushan SS-1” (98,000dwt-blt 12 China) which was reported sold to Greek

buyers, namely Diana Shipping for a price of around $ 25.0m.

The Vietnamese built resale Supramax “Hyundai Vinashin S025” (55,783dwt

-blt 12 Vietnam) was reported sold this week for a price of $ 20.5m.

Jul-12 Jun-12 ±% 2012 2011 2010

170k 34.0 35.0 -2.9% 36.0 43.5 57.4

75K 23.5 23.5 0.0% 24.6 31.3 39.0

52k 21.0 21.5 -2.3% 22.4 25.6 30.2

29K 16.3 17.8 -8.2% 19.5 23.5 26.2

Capesize

Panamax

Supramax

Indicative Market Values ($ Million) - Bulk Carriers

Vessel 5 yrs old

Handysize

Indicative Period Charters

- 4/7 mos - 'Utopie' 2008 75,118dwt

- dely Paradip spot - $ 10,250/day - cnr

- 4/6 mos - 'Danos Z' 2001 46,492dwt

- dely Houston spot - $ 17,000/day - STX Pan Ocean

Dry Market

© Intermodal Research 25/07/2012 4

Secondhand Sales

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

AFRA QVM SUCCESS 105,162 1998SAMSUNG HEAVY

INDUSTRI, S. KoreaB&W Jul-13 DH undisclosed undisclosed

AFRA SCORPIUS 94,225 1994FINCANTIERI

ANCONA, Ita lySulzer Jun-14 DH $ 13.0m undisclosed for storage use.

LR1 PANAGIA 75,000 2012HYUNDAI MIPO

DOCKYARD, S. KoreaMAN-B&W DH $ 40.0m Greek

incl . heavy

financing from

German Bank

MR STI DIAMOND 49,900 2008STX SHIPBUILDING -

JIN, S. KoreaMAN-B&W DH $ 25.5m

MR STI CORAL 49,900 2008STX SHIPBUILDING -

JIN, S. KoreaMAN-B&W DH $ 25.5m

PROD/

CHEMVANDA 6,300 2009

SURABAYA,

Indones iaYanmar DH undisclosed undisclosed arres ted in March

PROD/

CHEMARABIAN HORSE 4,429 2000

TWIN HULL

SHIPYARD SUB,

Phi l ippines

Cummins Dec-10 DH $ 3.9m Nigerian

Greek

Tankers

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

POST

PMAX

TSUNEISHI

ZHOUSHAN SS-198,000 2012

TSUNEISHI

ZHOUSHAN HUL,

China

MAN-B&W $ 25.0mGreek (Diana

Shipping)

SMAXHYUNDAI

VINASHIN S02555,783 2012

HYUNDAI-

VINASHIN SHIPY,

Vietnam

MAN-B&W4 X 30t

CRANES$ 20.5m undisclosed

HANDY VENUS FRONTIER 23,956 1996KANDA KAWAJIRI,

JapanB&W Jun-16

4 X 30t

CRANESundisclosed Vietnamese

Bulk Carriers

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

NEWCASTLE 6,173 2001SLOVENSKE,

SlovakiaMAN Jun-11 $ 2.1m undisclosed

ASIAN FORTUNE 5,820 1998 IMAMURA, Japan Hanshin Aug-132 X 30t

CRANES$ 2.9m Indones ian

SLOCHTERDIEP 4,750 1999ROUSSE SHIPYARD

JSC, BulgariaMaK $ 2.5m undisclosed

MPP/General Cargo

© Intermodal Research 25/07/2012 5

Secondhand Sales

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

LNG LIBRA 72,650 1979

GENERAL

DYNAMICS QC, U.

S. A.

Genera l

Electri cApr-14 126,750 $ 50.0m

Norwegian

(Hoegh LNG)

incl . 6mos TC to

North West Shel f

a t Usd 80k/day

Gas/LPG/LNG

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

PSVUNIVERSAL

MAIZURU 100084,700 2013

UNIVERSAL

SHBLDG - MAI,

Japan

Warts i la 8,812 undisclosed undisclosed

PSVUNIVERSAL

MAIZURU 100074,700 2012

UNIVERSAL

SHBLDG - MAI,

Japan

Warts i la 8,812 undisclosed undisclosed

Offshore

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

FEEDER STADT LUEBECK 1,078 2001

JURONG

SHIPYARD PTE LT,

Singapore

B&W2 X 40t

CRANES$ 11.3m

Greek

(Costamare)bank related deal

FEEDER ELECTRA 660 1995SIETAS KG,

GermanyMaK Apr-12 undisclosed (Rabobank)

Containers

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

ATLANTIC

HOLLYHOCK11788 1999

SHIN KOCHI,

JapanMitsubishi 14,286

2 X 36t

CRANES$ 7.5m undisclosed

Reefers

© Intermodal Research 25/07/2012 6

300

350

400

450

500

550

$/l

dt

Dry Demolition Prices

Bangladesh India Pakistan China

350

400

450

500

550

600

$/l

dt

Wet Demolition Prices

Bangladesh India Pakistan China

Week

29

Week

28±% 2012 2011 2010

Bangladesh 405 410 -1.2% 462 523 422

India 405 405 0.0% 462 511 427

Pakistan 400 400 0.0% 462 504 425

China 350 360 -2.8% 413 451 383

Bangladesh 380 385 -1.3% 438 498 375

India 375 375 0.0% 437 484 394

Pakistan 370 370 0.0% 434 477 388

China 330 340 -2.9% 394 432 364

Dry

Indicative Demolition Prices ($/ldt)

Markets

We

t

The demo market seemed to have felt a short lived improvement as condi-

�ons in the market began to deteriorate once again. Steel prices started to

drop once again in the Indian Sub-Con�nent, while at the same �me sen�-

ment amongst demo buyers in both Bangladesh and China was considerably

worse. Buyers are now holding off for more high spec units as they reach

close to their current capci�es, while at the same �me there seems to be an

unwillingness to speculate on any improvement being noted over the next

couple of weeks. One of the main reasons seems to be the yet to be resolved

poten�al closure of the Indian market while at the same �me the is limited

op�mism for any firming in steel prices soon. Offered prices have therefore

dropped slightly with prices for wet tonnages weakening to levels of around

350-405$/ldt and dry units so5ening to about 330-380$/ldt.

Most notable this week was the price paid by Indian breakers for the tanker

‘Union Brave’ (18,732dwt-5,591ldt-blt 83) which reportedly received a price

of around $ 425/Ldt.

Demoli'on Market

Name Size Ldt Built Yard Type $/ldt Breakers Comments

STAR HERO 148,341 33,393 1991CONSTANTA,

RomaniaTANKER $ 412/Ldt Pakistani

GULF STAR 40,541 8,892 1989

ULJANIK

BRODOGRADILIST,

Yugoslavia

TANKER $ 422/Ldt Indianbss "as is" Fujairah/Kalba incl

bunkers ROB for voyage to Alang

SIN OCEAN 35,089 7,691 1981

TOHOKU

SHIPBUILDING,

Japan

BULKER $ 375/Ldt Bangladeshi

OMNIMAR

HOUSTON32,490 10,659 1996

KHERSONSKIY SSZ -

UKE, UkraineTANKER $ 175/Ldt Turkish bss "as is" Freeport-Bahamas

TULOMA 29,785 7,777 1984BRODOSPLIT,

YugoslaviaBULKER $ 410/Ldt Indian incl. ful l set of spares

MSC UKRAINE 26,132 13,190 1989LENINA STOCZNIA

GDANSK, PolandCONT $ 422/Ldt Indian incl. 400Tns bunkers RoB

TIGER 23,724 7,076 1989

NAIKAI

SHIPBUILDING -,

Japan

CONT $ 410/Ldt undisclosed

TEMASEK 19,959 - 1982HAYASHIKANE SB

SMK, JapanTANKER $ 378/Ldt Bangladeshi

UNION BRAVE 18,732 5,591 1983VIANA DO CASTELO,

PortugalTANKER $ 425/Ldt Indian incl. ful l set spares

LORCON DAVAO 7,430 3,110 1978BRAND H. KG,

GermanyGC $ 205/Ldt undisclosed bss "as is" Manila

Demolition Sales

© Intermodal Research 25/07/2012 7

20

40

60

80

100

120

mil

lion $

Tankers Newbuilding Prices (m$)

VLCC Suezmax Aframax LR1 MR

10

20

30

40

50

60

70

mil

lion $

Bulk Carriers Newbuilding Prices (m$)

Capesize Panamax Supramax Handysize

Week

29

Week

28±% 2012 2011 2010

Capesize 170k 46.0 46.0 0.0% 46 53 58

Panamax 75k 26.8 26.8 0.0% 27 33 35

Supramax 57k 25.3 25.3 0.0% 25 30 31

Handysize 30k 21.5 21.6 -0.6% 22 25 27

VLCC 300k 95.0 95.0 0.0% 95 102 103

Suezmax 150k 58.0 58.0 0.0% 58 64 66

Aframax 110k 49.0 49.0 0.0% 50 54 55

LR1 70k 42.0 42.0 0.0% 42 45 46

MR 47k 34.0 34.0 0.0% 33 36 36

LPG M3 80k 70.5 70.5 0.0% 70 73 72

LPG M3 52k 62.0 62.0 0.0% 61 64 65

LPG M3 23k 43.5 43.5 0.0% 44 46 46

Indicative Newbuilding Prices (million$)

Ga

s

Vessel

Bu

lke

rsT

ank

ers

Despite enquiries remaining limited, there was a slight improvement in ac�v-

ity noted this week. Much of the dry bulk ordering was for the new “Eco”

designs, while the rest of the deals reported were for more specialised ship

types such as Car Carriers. Ac�vity however is expected to deteriorate fur-

ther as we approach August, a period were we typically see a decreased level

of ac�vity as both shipbuilders and owners decrease their interest due to the

summer holidays.

Of note was the order reportedly placed this week by Italy’s Ignazion Messi-

na at S. Korea's STX Shipbuilding and Offshore for 4 Specialised RoRo-

Container vessels (45,500dwt) for a price of $ 73.5m each and scheduled for

delivery between June and December 2014.

Newbuilding Market

Units Type Yard Delivery Buyer Price Comments

2 Bulker 64,000 dwtHantong Shipyard,

China2014 S. Korean (HI Investments) $ 26.0m

4 Bulker 64,000 dwt Jinling, China 2014 Austral ian undisclosed

2 Bulker 57,000 dwtTsuneishi Zhoushan,

China01-04/2014 UK based (LT Ugland Bulk) undisclosed

1 Bulker 36,000 dwt Weihai Samjin, China 01/2014 Chilean (Ultrabulk Shpg) $ 21.0m

4 RoRo 45,000 dwt STX, S. Korea 06-12/2014 Italian (Ignazio Messina) $ 73.5m RoRo/Cont

2 RoRo 7,400 ceu Hyundai HI, S.Korea 04-06/2014S. Korean (Eukor Car

Carriers)undisclosed PCTC

3 RoRo 7,300 ceuHyundai Samho,

S.Korea2013-2014 S. Korean (Glovis Group) undisclosed PCTC

2 Passenger 44 pax Brodotrogir, Croatia 2014 Swiss undisclosed

Size

Newbuilding Orders

The informa�on contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such informa�on to be factual and reliable without mak-

ing guarantees regarding its accuracy or completeness. Whilst every care has been taken in the produc�on 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 informa�on 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 wri<en authoriza�on of Intermodal Shipbrokers Co.

Compiled by Intermodal Research & Valua�ons Department | Mr George Lazaridis

E-mail: research@intermodal.gr

On behalf of Intermodal Sale & Purchase, Newbuilding and Chartering Departments

E-mail: snp@intermodal.gr, tankers@intermodal.gr, dry@intermodal.gr

1,540

1,560

1,580

1,600

1,620

1,640

70

80

90

100

110

120

goldoil

Basic Commodities Weekly Summary

Oil WTI $ Oil Brent $ Gold $

20-Jul-12 13-Jul-12W-O-W

Change %

Rotterdam 912.0 862.0 5.8%

Houston 955.0 930.0 2.7%

Singapore 901.0 882.0 2.2%

Rotterdam 617.0 571.0 8.1%

Houston 610.5 577.5 5.7%

Singapore 636.0 591.5 7.5%

Rotterdam 636.5 595.0 7.0%

Houston 640.5 612.5 4.6%

Singapore 652.5 607.5 7.4%

Bunker Prices

MD

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80

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18

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20-Jul-12 19-Jul-12 18-Jul-12 17-Jul-12 16-Jul-12W-O-W

Change %

10year US Bond 1.460 1.510 1.480 1.500 1.460 -2.7%

S&P 500 1,362.66 1,376.51 1,372.78 1,363.67 1,353.64 0.4%

Nasdaq 2,925.30 2,965.90 2,942.60 2,910.04 2,896.94 0.6%

Dow Jones 12,822.57 12,943.36 12,908.70 12,805.54 12,727.21 0.4%

FTSE 100 5,651.77 5,714.19 5,685.77 5,629.09 5,662.43 -0.3%

FTSE All-Share UK 2,935.15 2,965.63 2,947.15 2,919.69 2,936.60 -0.1%

CAC40 3,193.89 3,263.64 3,235.40 3,176.97 3,179.90 0.4%

Xetra Dax 6,630.02 6,758.39 6,684.42 6,577.64 6,565.72 1.1%

Nikkei 8,669.87 8,795.55 8,726.74 8,755.00 - -0.6%

Hang Seng 19,640.80 19,559.05 19,239.88 19,455.33 19,121.34 2.9%

Dow Jones 190.23 193.44 192.20 187.42 189.02 -0.6%

$ / € 1.22 1.23 1.22 1.23 1.22 0.1%

$ / ₤ 1.57 1.57 1.56 1.56 1.55 1.3%

₤ / € 0.78 0.78 0.78 0.79 0.78 -1.2%

¥ / $ 78.57 78.55 78.98 79.10 79.04 -0.9%

$ / Au$ 1.04 1.04 1.03 1.03 1.02 2.2%

$ / NoK 0.16 0.16 0.16 0.16 0.16 0.3%

$ / SFr 0.98 0.98 0.98 0.98 0.99 -0.1%

Yuan / $ 6.38 6.37 6.37 6.37 6.38 -0.2%

Won / $ 1,142.14 1,138.93 1,143.16 1,143.99 1,148.79 -0.8%

$ INDEX 82.10 81.80 82.00 82.30 82.20 -0.2%

Market Data

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CompanyStock

ExchangeCurr. 20-Jul-12 13-Jul-12

W-O-W

Change %Max 29wk Min 29wk

AEGEAN MARINE PETROL NTWK NYSE USD 5.95 5.28 12.7% 5.95 5.59

BALTIC TRADING NYSE USD 3.46 3.70 -6.5% 3.54 3.46

BOX SHIPS INC NYSE USD 6.32 6.65 -5.0% 6.73 6.32

CAPITAL PRODUCT PARTNERS LP NASDAQ USD 8.00 7.82 2.3% 8.08 7.81

COSTAMARE INC NYSE USD 13.59 13.99 -2.9% 14.09 13.59

DANAOS CORPORATION NYSE USD 3.98 4.33 -8.1% 4.10 3.92

DIANA SHIPPING NYSE USD 6.87 7.08 -3.0% 7.10 6.87

DRYSHIPS INC NASDAQ USD 2.26 2.20 2.7% 2.36 2.16

EAGLE BULK SHIPPING NASDAQ USD 2.98 2.90 2.8% 2.98 2.83

EUROSEAS LTD. NASDAQ USD 1.12 1.11 0.9% 1.24 1.12

EXCEL MARITIME CARRIERS NYSE USD 0.42 0.46 -8.7% 0.43 0.42

FREESEAS INC NASDAQ USD 0.37 0.52 -28.8% 0.48 0.37

GENCO SHIPPING NYSE USD 2.73 2.88 -5.2% 2.82 2.73

GLOBUS MARITIME LIMITED NASDAQ USD 2.69 2.89 -6.9% 2.86 2.60

GOLDENPORT HOLDINGS INC LONDON GBX 60.00 62.25 -3.6% 60.00 58.62

HELLENIC CARRIERS LIMITED LONDON GBX 21.90 25.00 -12.4% 22.50 21.00

NAVIOS MARITIME ACQUISITIONS NYSE USD 2.50 2.59 -3.5% 2.56 2.50

NAVIOS MARITIME HOLDINGS NYSE USD 3.44 3.42 0.6% 3.46 3.33

NAVIOS MARITIME PARTNERS LP NYSE USD 13.80 13.16 4.9% 13.96 13.39

NEWLEAD HOLDINGS LTD NASDAQ USD 1.16 1.23 -5.7% 1.20 1.16

OMEGA NAVIGATION ENTERPRISES INC NASDAQ USD 0.24 0.25 -4.0% 0.24 0.24

PARAGON SHIPPING INC. NYSE USD 0.52 0.53 -1.9% 0.55 0.52

SAFE BULKERS INC NYSE USD 6.12 6.36 -3.8% 6.35 6.12

SEANERGY MARITIME HOLDINGS CORP NASDAQ USD 2.10 2.20 -4.5% 2.19 2.10

STAR BULK CARRIERS CORP NASDAQ USD 0.62 0.74 -16.2% 0.74 0.62

STEALTHGAS INC NASDAQ USD 5.95 5.85 1.7% 5.95 5.87

TSAKOS ENERGY NAVIGATION NYSE USD 5.66 5.49 3.1% 5.66 5.50

TOP SHIPS INC NASDAQ USD 1.55 1.60 -3.1% 1.60 1.51

Maritime Stock Data

World Economy News

The UK economy contracted much more sharply than expected in the second

quarter of the year, prolonging and deepening the country’s double-dip re-

cession. Output fell 0.7 per cent between the first and second quarter, more

than the 0.2 per cent fall economists had expected. The UK economy has

contracted for three quarters in a row and is now smaller than when the

coali�on government took office in 2010, providing fuel to cri�cs of its aus-

terity measures. (Financial Times)

Energy & Commodi'es

China, the world’s biggest steel producer, is expor�ng at the highest level in

two years, exacerba�ng a global glut that may hurt compe�tors from Arce-

lorMi<al (MT) to U.S. Steel (X) Corp. Monthly shipments abroad rose to 8.7

percent of domes�c output last month, the highest propor�on since July

2010. Chinese steel mills, set for a record produc�on in 2012, are ramping up

overseas sales to avoid a so5er domes�c market, where prices for the com-

modity have dropped to a two-year low. (Bloomberg)

Finance News

Germany, the Netherlands and Luxembourg have all been

warned they may lose their triple-A credit ra�ngs.

Moody’s says it is risks like Greece leaving the eurozone and

an “increased likelihood” that Spain and Italy would need

more financial assistance raising ques�ons over Germany.

For Europe watchers, the real issue is Germany’s powerful

austerity lobby. On the one hand, the news might strength-

en the German debt-reduc�on movement. Losing the top

ra�ng could push the Greek exit from German policy night-

mare to German policy sugges�on overnight.

On the other hand, the news is a sign that Germany’s sound

money is most threatened by a prolonged crisis, a poten�al

boost for the shared-debt lobby in Germany and Europe,

who argue they can end the emergency.

Of course, German bonds may be considered safe, regard-

less of any German credit ra�ng. Consider how the US credit

downgrade was followed by investor flight to US treasury

bills.

All of this is important for shipping. Europe has been costly

for container lines, European imports and many otherwise

produc�ve economic ac�vi�es. Shipping is the life blood of

the world economy and so, in turn, has suffered too.

Let us see if his new threat will solicit a poten�ally helpful

German response to Europe’s crisis. We suggest it might.

We also suggest not forgoing your exhala�on quite just yet.

(Lloyds List)

Commodi'es & Financials