Market insight By Intermodal Shanghai office SnP Team

As the end of the fourth quarter is approaching, we are all witness to the second hand market prices softening day by day. Any new deal surfacing the market is at significantly lower level compared to the previous last done. In this respect, some Owners are accepting these new discounted levels, ac-cepting the new asset level reality, whereas others prefer to withdraw their ships or chose to wait, hoping to find more eager Buyers who can pay their aiming levels.

For the modern dry bulker tonnages, Owners are still holding back and are insisting on asking prices, which in some cases are more in sync with the levels of the market six months ago. Most of them, however, are trying to fix the ships in small period contracts that will help them sit through the bad market in the next few months, hoping that by the end of the contracts they will face a better market. Some unrealistically priced sale candidates, which still remain in the market, have created a small increase in the supply of tonnage for sale which does not help the more serious Sellers to get a good or at least a decent price for their vessels.

Demolition prices are softening every week and the period of time where the prices were around 480-500 usd/ldt for bulkers is well behind us. Today, we can see Owners receiving figures at around 420-430 usd/ldt basis deliv-ery in Bangladesh or West coast of India. Many people in this industry are pessimistic and they don’t expect any increase in demo prices in the near future, with some expecting average demo bids to fall below the 400 usd/ldt mark sooner rather than later. The iron ore and steel price remain on a downward slope, while the continuous imports of cheap Chinese scrap steel is still the main hurdle faced by demo breakers in the Indian subcontinent.

The softening of the demo market, has had a big impact on the selling prices of the early/mid 90s built dry bulk carriers since their value calculation is usually based on the demo price plus a premium. This is most notable on Panamax and Handymax dry bulk tonnage, which have lost significant value during the past months and all this doesn’t seem to be changing soon, as the vessels on the market are too many and the majority of the Buyers are based in China, who is well accustomed in being patient in order to get something cheap.

Chinese Buyers already seem to be attracted by the present lows of the mar-ket and there is definitely some warming up of activity here. However, as everybody has a feeling that prices will most probably keep dropping, as a result of the continuously softening demo prices, most potential Buyers chose to wait a little further before they invest in second-hand tonnage. The logic behind this is that instead of acquiring now a low-mid 90’s blt ship, there might be an opportunity in the very near future to purchase, at a simi-lar value, a late 90’s blt tonnage.

Hopefully, these bad market conditions will come to an end soon. If this situation persists for long enough though, everybody involved in the indus-try will start facing problems. On the other hand, this hasn’t had a significant effect on Tanker Owners who are trading in a significantly improved freight market, ever since oil prices dropped and demand of oil increased. But whether this perfect storm will continue to favor the tanker market is the million dollar question here.

Chartering (Wet: Firm+ / Dry: Soft - )

With freight rates for Capes falling as fast as they have been, any attempts for a positive reversal by the Dry Bulk market is destined to keep failing. The BDI closed today (16/12/2014) at 838 points, down by 7 points compared to Monday’s levels (15/12/2014) and a decrease of 95 points compared to previous Tuesday’s closing (09/11/2014). As ex-pected, the crude carriers market rebounded this past week, on the back of strong demand ex-MEG, while further upside is expected in the second half of December and while supply of tonnage in key regions remains balanced. The BDTI Monday (15/12/2014) was at 871 points, an increase of 53 points and the BCTI at 782, an increase of 24 points com-pared to previous Monday’s (08/12/2014) levels.

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

Bring on the Tankers! The firm performance of the tanker market is also inspiring SnP activity in the sector, the focus of which admittedly re-mains on the segment of Suezmaxes, while MR second-hand tonnage is also maintaining its recently gained popularity amongst Buyers. On the tanker side, we had the en-bloc sale of two (156,000dwt-blt 10, China) and four (156,000dwt-blt 09, China) Suezmaxes, which went to Norwe-gian owner Tanker Investment Ltd, for an en-bloc price of $315.0m. On the dry bulker side, we had the sale of In the Panamax sector we had the sale of the “ANANGEL OMONIA” (73,519dwt-blt 96, S. Korea), which was snapped for of $ 6.6m.

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

While the increased number of orders that surfaced last week was slightly more encouraging compared to what we have been witnessing lately in terms of newbuilding activity, sentiment remains very soft with the overall price trend pointing persistently down. The performance of the tanker market is still inspiring ordering interest, with focus remain-ing on Suezmax and LR1 tonnage, and we expect this trend to persist in the next couple of months and while the winter season will be reaching its peak thus supporting freight rates for tankers. Despite the stable ordering activity in the sector though, prices continue to point down-wards here as well, with the most notable correction being that in the VL newbuilding price, which has now slipped below $97.0m. In terms of recently reported deals, Oman Shipping, has placed an order, on the back of a 5-year T/C to Shell, for two firm plus two optional LR1 (74,000dwt) at STX, in S. Korea, for a price of $ 47.0m each and delivery set in 2016.

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

As we approach the end of the year, hopes of an improvement in the demolition market seem to be quickly vanishing. Demo prices for dry bulker units have moved further south across the board this past week, while as cheap Chinese scrap steel continues to enter the Indian subcon-tinent demo markets, cash buyers with unsold inventories, remain very reluctant to commit to new transactions. The small uptick in activity that we witnessed the week prior, seems to have now stalled as demo buy-ers appear overwhelmed by the possibility of significant further down-side in steel prices. On top of that, owners seem to also be holding fire, uninterested to sell at current levels and despite the fact that in the case of dry bulkers, the option of scrapping instead of holding for further trading is becoming more popular once more as far as vintage tonnage is concerned and under the current freight market environment. Aver-age prices this week for wet tonnage were at around 250-455 $/ldt and dry units received about 225-425 $/ldt.

Weekly Market Report

Issue: Week 50 | Tuesday 16th December 2014

© Intermodal Research 16/12/2014 2

2014 2013

WS

points$/day

WS

points$/day $/day $/day

265k MEG-JAPAN 74 77,638 61.0 56,870 36.5% 28,910 21,133

280k MEG-USG 34 41,825 32 34,370 21.7% 16,136 7,132

260k WAF-USG 70 70,646 70 66,739 5.9% 39,416 26,890

130k MED-MED 85 42,898 83 38,917 10.2% 29,932 17,714

130k WAF-USAC 75 33,566 78.0 33,604 -0.1% 23,824 13,756

130k BSEA-MED 85 44,558 90 47,738 -6.7% 29,932 17,714

80k MEG-EAST 124 37,256 130 38,331 -2.8% 19,383 11,945

80k MED-MED 120 35,475 100 28,075 26.4% 28,481 13,622

80k UKC-UKC 105 27,274 105 26,286 3.8% 33,316 18,604

70k CARIBS-USG 110 26,219 118 27,464 -4.5% 25,845 16,381

75k MEG-JAPAN 100 26,063 105 26,936 -3.2% 16,385 12,011

55k MEG-JAPAN 115 22,257 110 19,263 15.5% 14,073 12,117

37K UKC-USAC 205 31,990 180 25,791 24.0% 9,968 11,048

30K MED-MED 210 32,771 210 31,990 2.4% 17,868 17,645

55K UKC-USG 138 29,291 130 25,349 15.6% 23,456 14,941

55K MED-USG 133 26,782 130 24,272 10.3% 20,808 12,642

50k CARIBS-USAC 150 28,121 145 25,467 10.4% 25,397 15,083

Dir

tyA

fram

axC

lean

VLC

CSu

ezm

ax

Spot Rates

Vessel Routes

Week 50 Week 49$/day

±%

Dec-14 Nov-14 ±% 2014 2013 2012

300KT DH 77.0 77.0 0.0% 73.4 56.2 62.9

150KT DH 56.5 54.8 3.2% 49.9 40.1 44.9

110KT DH 42.0 42.5 -1.2% 38.5 29.2 31.2

75KT DH 32.8 32.5 0.8% 32.8 28.0 26.7

52KT DH 24.5 25.0 -2.0% 27.3 24.7 24.6

VLCC

Suezmax

Indicative Market Values ($ Million) - Tankers

Vessel 5yrs old

MR

Aframax

LR1

Chartering

After a couple of less active weeks in key trading regions, it seems that in-creased volumes of business has helped the crude carriers market gain back some of the lost ground, with period numbers also moving further north. Even in those cases where further declines were noted, the continuous falling price of oil minimized the downside in the form of even cheaper bunker prices. The recent spike in activity ex-MEG has also fed further hopes that December will close off on a positive note, as the demand and supply relationship is currently clearly in favour of owners. Rates for VLs noted the biggest increases across the board, on the back of increased en-quiry both ex WAF and MEG , while the rate for the Eastbound voyage touched its highest TCE since the summer of 2010 and we expect the posi-tive trend to continue this current week as well.

Further declines were noted in the Suezmax market this past week, as activ-ity in both the Black Sea/Med and WAF regions softened compared to the week prior, although we expect this trend to be reversed as the positive spill-overs from the VL market are expected to support rates for the seg-ment sooner rather than later .

European demand continued to support the Aframax market, with the rate for the cross-Med Afra covering for the losses noted the week prior, while the Caribs Afra continued to soften on the back of slower activity.

Sale & Purchase

In the Suezmax sector, we had the sale of the “SKAMANDROS” (158,000dwt-blt 12, S. Korea), which was picked up by Norwegian owner, ADS Maritime, for a price of US$ 65.0m.

We also had the en-bloc sale of two (156,000dwt-blt 10, China) and four (156,000dwt-blt 09, China) Suezmaxes, which went to Norwegian owner Tanker Investment Ltd., for an en-bloc price of $315.0m.

Wet Market

Indicative Period Charters

- 1 yr - 'PATRIS' 2000 298,543dwt

- - $33,000/day - BP

- 3 yrs - 'AIAS' 2008 150,393dwt

- - $26,500/day - Repsol

20

70

120

170

220

WS

po

ints

DIRTY - WS RATESTD3 TD5 TD8 TD4

Week 50 Week 49 ±% Diff 2014 2013

300k 1yr TC 35,000 33,000 6.1% 2000 27,910 20,087

300k 3yr TC 34,000 34,000 0.0% 0 30,180 23,594

150k 1yr TC 32,000 32,000 0.0% 0 22,570 16,264

150k 3yr TC 30,000 30,000 0.0% 0 24,390 18,296

110k 1yr TC 23,000 23,000 0.0% 0 17,550 13,534

110k 3yr TC 23,000 23,000 0.0% 0 19,070 15,248

75k 1yr TC 19,250 19,250 0.0% 0 16,000 15,221

75k 3yr TC 18,000 18,000 0.0% 0 16,605 15,729

52k 1yr TC 15,500 15,000 3.3% 500 14,855 14,591

52k 3yr TC 15,250 15,000 1.7% 250 15,610 15,263

36k 1yr TC 13,250 13,250 0.0% 0 14,045 13,298

36k 3yr TC 14,000 14,000 0.0% 0 14,905 13,907

Panamax

MR

Handy

size

TC Rates

$/day

VLCC

Suezmax

Aframax

6080

100120140160180200220240

WS

po

ints

CLEAN - WS RATESTC2 TC4 TC6 TC1

© Intermodal Research 16/12/2014 3

0500

1,0001,5002,0002,5003,0003,5004,0004,500

Ind

ex

Baltic Indices

BCI BPI BSI BHSI BDI

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000$

/da

y

Average T/C Rates

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

Chartering

In the very rare occurrence when the BCI stands below the BDI, words to

describe market sentiment are probably poor. The performance of the

Capesize segment which remained on a free-fall last week, is still the main

catalyst behind a dropping market. On Friday, all dry indices were standing

well below last year’s levels, while most notably the BCI touched a record

low. Even in those cases where activity remained healthy, the overall nega-

tive sentiment was still forcing owners to accept substantial discounts and

we expect the trend to continue this current week as well, while demand

fundamentals remain overall weak.

Rates for Capes continued setting the tone for the market last week, touch-

ing fresh year lows, while the average rate for the segment slipped today

below $5,600/day, which is a dramatic 84% discount from the level it stood

exactly a year ago. Over in the Pacific, the rate for the key W. Australia/

China voyage slipped below $6/MT, while at the same time things in the

Atlantic remained awfully quiet in terms of activity.

Further big discounts were also noted in the Panamax market, with the

Pacific Panamax trying to tackle the long list of ballasters that were limiting

any positive impact coming through from fresh enquiry in the region, while

things over in the Atlantic remain under pressure, with USG still denying

any significant business before the upcoming holidays.

Rates for both Supras and Handies also closed off the week on the red,

although same as the week prior both segments managed to outperform

the rest of the market, as enquiry across both basins remained overall sta-

ble for both size segments.

Sale & Purchase

In the Capesize sector, we had the sale of the “PAUL OLDEN-

DORFF” (180,000dwt-blt 14, China), which went to Greek owner Diana for a

price of $ 50.0m.

In the Panamax sector we had the sale of the “ANANGEL OMO-

NIA” (73,519dwt-blt 96, S. Korea), which was snapped for of $ 6.6m.

Dec-14 Nov-14 ±% 2014 2013 2012

180k 40.3 43.0 -6.4% 47.6 35.8 34.6

76K 20.3 20.6 -1.8% 24.7 21.3 22.7

56k 21.3 22.0 -3.4% 24.8 21.5 23.0

30K 17.0 17.5 -2.9% 19.7 18.2 18.2

Capesize

Panamax

Supramax

Indicative Market Values ($ Million) - Bulk Carriers

Vessel 5 yrs old

Handysize

Indicative Period Charters

- 1 yr - 'JEWEL ' 2012 175,784dwt

- CJK prompt - $ 12,800/day - Oldendorff

- 2 to 4 mos - 'NAVIOS VEGA' 2009 58,792dwt

- aps Richards Bay mid Dec. - $ 11,000/day - MUR

Dry Market

Index $/day Index $/day Index Index

BDI 863 982 -119 1,112 1,205

BCI 763 $6,139 1,282 $9,509 -519 -35.4% 2,019 2,106

BPI 1,001 $7,976 1,088 $8,676 -87 -8.1% 964 1,186

BSI 950 $9,937 971 $10,158 -21 -2.2% 939 983

BHSI 493 $7,223 499 $7,251 -6 -0.4% 524 562

05/12/2014

Baltic IndicesWeek 50

12/12/2014Week 49

Point

Diff

2014 2013$/day

±%

170K 6mnt TC 10,500 12,000 -12.5% -1,500 22,508 17,625

170K 1yr TC 12,250 12,000 2.1% 250 22,335 15,959

170K 3yr TC 12,250 12,000 2.1% 250 21,453 16,599

76K 6mnt TC 9,750 10,250 -4.9% -500 12,410 12,224

76K 1yr TC 10,000 10,250 -2.4% -250 12,362 10,300

76K 3yr TC 11,000 11,750 -6.4% -750 13,331 10,317

55K 6mnt TC 10,500 10,750 -2.3% -250 12,070 11,565

55K 1yr TC 9,750 9,750 0.0% 0 11,665 10,234

55K 3yr TC 9,750 9,750 0.0% 0 11,660 10,482

30K 6mnt TC 7,500 7,500 0.0% 0 9,165 8,244

30K 1yr TC 7,750 7,750 0.0% 0 9,287 8,309

30K 3yr TC 8,250 8,250 0.0% 0 9,595 8,926Han

dys

ize

Period

2013

Pan

amax

Sup

ram

ax

Week

50

Week

49

Cap

esi

ze

2014$/day ±% Diff

© Intermodal Research 16/12/2014 4

Secondhand Sales

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

SUEZ SKAMANDROS 158,000 2012

SUNGDONG

SHIPBUILDING, S.

Korea

MAN-B&W DH $ 65.0mNorwegian

(ADS Mari time)

sa le-3yr leaseback

at $15,000/day

SUEZ 2 X 156,000 2010

JIANGSU

RONGSHENG SHIP,

China

MAN-B&W DH

SUEZ 4 X 156,000 2009

JIANGSU

RONGSHENG SHIP,

China

MAN-B&W DH

SUEZ PROFIT 156,643 2009

JIANGSU

RONGSHENG SHIP,

China

MAN-B&W DH $ 50.0m Norwegian

SUEZ REEF 156,597 2010

JIANGSU

RONGSHENG SHIP,

China

MAN-B&W DH $ 52.0m Norwegian

MR 4 X SPP SACHEON 50,300 2015SPP SHIPBUILDING -

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

HK based

(Parakou)

MR CHALLENGE PLUS 45,822 2006SHIN KURUSHIMA

ONISHI, JapanMitsubishi DH $ 17.2m Greek

MRMAERSK

CLARISSA44,970 1997

HALLA ENG & HI -

SAMHO, S. KoreaB&W Aug-17 DH $ 8.5m Far Eastern

MR EMERALD STARS 37,270 2005HYUNDAI MIPO

DOCKYARD, S. KoreaMAN-B&W Mar-15 DH $ 16.0m

MR SCARLET STAR 37,252 2005HYUNDAI MIPO

DOCKYARD, S. KoreaB&W Jan-15 DH $ 16.0m

PROD/

CHEMLIQUID SILVER 13,864 1999

JIANGNAN

SHIPYARD GROU,

China

MAN-B&W May-19 DH $ 4.5mS. Korean (Jei l

International )auction sa le

SMALL NAIDA 8,831 2003MURAKAMI HIDE,

JapanMAN-B&W Mar-18 DH $ 9.2m undisclosed

undisclosed

Norwegian (TIL)en-bloc

$ 315.0m

Tankers

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

FEEDER OEL GUJARAT 1,613 1997SHIN KURUSHIMA

ONISHI, JapanMitsubishi

3 X 40t

CRANES$ 4.8m

UAE based (Shreyas

Shipping &

Logistics)

FEEDER TAIPAN 925 2007GIJON NAVAL,

SpainMAN-B&W Mar-17 $ 4.7m

FEEDER TONGAN 925 2007GIJON NAVAL,

SpainMAN-B&W Oct-17 $ 4.7m

Greek

Containers

© Intermodal Research 16/12/2014 5

Secondhand Sales

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

CAPEPAUL

OLDENDORFF180,000 2014

QINGDAO BEIHAI

SHIPBUI, ChinaMAN-B&W $ 50.0m

Greek (Diana

Shipping)

PMAXANANGEL

OMONIA73,519 1996

HYUNDAI HEAVY

INDS - U, S. KoreaB&W $ 6.6m undisclosed

SMAX RUBY HALO 58,500 2011TSUNEISHI HEAVY

CEBU, Phi l ippinesMAN-B&W

4 X 30t

CRANES$ 27.1m

Taiwan- based

(Fi rs t

Steamship)

incl . 7-yr T/C at

$13,500/day

SMAX GWENDOLEN 50,248 2004MITSUI TAMANO,

JapanB&W Jul-19

4 X 30t

CRANES$ 13.7m Far Eastern

HMAX EMILY MANX 46,769 2001SHIN KURUSHIMA

ONISHI, JapanMitsubishi Mar-16

4 X 30t

CRANES$ 10.5m undisclosed

HANDYBRILLIANT

MOIRA28,384 2014

I-S SHIPYARD CO

LTD, MAN-B&W

4 X 30,5t

CRANES$ 18.1m Greek

Bulk Carriers

© Intermodal Research 16/12/2014 6

While the increased number of orders that surfaced last week was slightly more encouraging compared to what we have been witnessing lately in terms of newbuilding activity, sentiment remains very soft with the overall price trend pointing persistently down. The performance of the tanker mar-ket is still inspiring ordering interest, with focus remaining on Suezmax and LR1 tonnage, and we expect this trend to persist in the next couple of months and while the winter season will be reaching its peak thus supporting freight rates for tankers. Despite the stable ordering activity in the sector though, prices continue to point downwards here as well, with the most notable correction being that in the VL newbuilding price, which has now slipped below $97.0m.

In terms of recently reported deals, Oman Shipping, has placed an order, on the back of a 5-year T/C to Shell, for two firm plus two optional LR1 (74,000dwt) at STX, in S. Korea, for a price of $ 47.0m each and delivery set in 2016.

Newbuilding Market

20

60

100

140

180

mil

lion

$

Tankers Newbuilding Prices (m$)

VLCC Suezmax Aframax LR1 MR

Week

50

Week

49±% 2014 2013 2012

Capesize 180k 54.0 54.0 0.0% 55.9 49 47

Kamsarmax 82k 30.0 30.0 0.0% 30.4 27 28

Panamax 77k 29.0 29.0 0.0% 29.2 26 27

Ultramax 63k 27.0 27.0 0.0% 27 25 25

Handysize 38k 23.0 23.0 0.0% 23 21 22

VLCC 300k 96.5 97.5 -1.0% 98.6 91 96

Suezmax 160k 65.0 65.0 0.0% 65 56 58

Aframax 115k 54.0 54.0 0.0% 54 48 50

LR1 75k 46.0 46.0 0.0% 45.9 41 42

MR 50k 36.5 37.0 -1.4% 36.9 34 34

186.0 186.0 0.0% 185.8 185 186

79.0 79.0 0.0% 78.4 71 71

68.5 68.5 0.0% 66.9 63 62

46.0 46.0 0.0% 44.2 41 44

LNG 160k cbm

LGC LPG 80k cbm

MGC LPG 55k cbm

SGC LPG 25k cbm

Gas

Bu

lke

rsTa

nke

rs

Vessel

Indicative Newbuilding Prices (million$)

10

30

50

70

90

110

mil

lion

$Bulk Carriers Newbuilding Prices (m$)

Capesize Panamax Supramax Handysize

Units Type Yard Delivery Buyer Price Comments

2 Tanker 160,000 dwt Daewoo, S. Korea 2017 Angolan (Sonangol) $ 69.0m options

2+2 Tanker 74,000 dwt STX, S. Korea 2016 Oman Shipping $ 47.0m LR1, 5-yr T/C to Shell

1+1 Tanker 16,500 dwtJiangzhou Union,

China2016 German (Sloman Neptun) $ 23.0m chemical, IMO II

2 Tanker 1,800 dwt Natakani, Japan 2016S. Korean (Keo Young

Shipping)undisclosed chemical

4 Bulker 38,000 dwt AVIC Weihai, China 2016-2017German (Reederei H.

Vogemann)$ 22.25m FESDEC design

1 Bulker 37,300 dwt Shimanami, Japan Feb-17Singapore based (Pacific

Carriers)undisclosed

2 Gas 172,000 cbm DSME, S. Korea 2017-2020 Canadian (Teekay LNG) undisclosed LNG options

1 Gas 164,700 cbm Imabari, Japan Dec-16 Japanese (K-Line) undisclosedM oss-type LNG, long term

T/C to Chubu Electric Power

Newbuilding Orders Size

© Intermodal Research 16/12/2014 7

As we approach the end of the year, hopes of an improvement in the demoli-tion market seem to be quickly vanishing. Demo prices for dry bulker units have moved further south across the board this past week, while as cheap Chinese scrap steel continues to enter the Indian subcontinent demo mar-kets, cash buyers with unsold inventories, remain very reluctant to commit to new transactions. The small uptick in activity that we witnessed the week prior, seems to have now stalled as demo buyers appear overwhelmed by the possibility of significant further downside in steel prices. On top of that, owners seem to also be holding fire, uninterested to sell at current levels and despite the fact that in the case of dry bulkers, the option of scrapping in-stead of holding for further trading is becoming more popular once more as far as vintage tonnage is concerned and under the current freight market environment. Average prices this week for wet tonnage were at around 250-455 $/ldt and dry units received about 225-425 $/ldt.

One of the highest price amongst recently reported deals, was that paid by Indian breakers for the container vessel ‘MSC JENNY” (43,517dwt-14,898ldt-blt 00), which received $461/ldt.

Demolition Market

Week

50

Week

49±% 2013 2012 2011

Bangladesh 450 450 0.0% 422 440 523

India 455 455 0.0% 426 445 511

Pakistan 445 445 0.0% 423 444 504

China 250 250 0.0% 365 384 451

Bangladesh 425 430 -1.2% 402 414 498

India 425 430 -1.2% 405 419 484

Pakistan 420 425 -1.2% 401 416 477

China 225 230 -2.2% 350 365 432

Dry

Indicative Demolition Prices ($/ldt)

Markets

We

t

200

250

300

350

400

450

500

550

$/l

dt

Wet Demolition Prices

Bangladesh India Pakistan China

200

250

300

350

400

450

500

550

$/l

dt

Dry Demolition Prices

Bangladesh India Pakistan China

Name Size Ldt Built Yard Type $/ldt Breakers Comments

KENCONOWUNGU 91,647 16,746 1985 ISHIBRAS, Brazil OFFSH $ 448/Ldt Bangladeshi

MSC JENNY 43,517 14,898 1988HYUNDAI HEAVY

INDS - U, S. KoreaCONT $ 461/Ldt Indian

ZHONG CHANG 88 42,637 7,347 1987MITSUI TAMANO,

JapanBULKER $ 260/Ldt Chinese

MARINOS 23,596 6,734 1993

SCHICHAU

SEEBECKWERFT,

Germany

CONT $ 470/Ldt undisclosed

Demolition Sales

The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without mak-ing guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.

Compiled by Intermodal Research & Valuations Department | research@intermodal.gr Ms. Eva Tzima | e.tzima@intermodal.gr

Mr. Vassilis Logothetis | v.logothetis@intermodal.gr

Finance News

“Lender sounds alarm

One of the shipping industry’s top lenders believes the tanker, bulker and containership markets could see more consolidation in the coming year.

In a corporate presentation published late last week DVB argued that, in addition, more owners and char-terers may default on their obligations as well.

The bank acknowledged that the recent decline in newbuilding orders has been beneficial but noted additional contracting could “weigh down” what it described as the “nascent recovery in fleet utilisa-tion”.

“Pressure on ship values, freight and charter rates within the three challenging sectors persists but it seems that we are close to a bottom, at lease for more modern eco-specialised assets,” the lender continued.

DVB also argued that a growing number of banks are unwilling to finance older vessels, a trend that could pose threat to the secondhand sale-and-purchase market in 2015.

DVB is headquartered in Frankfurt. At last check the lender’s maritime shipping division boasted a loan portfolio of EUR 9.7bn ($12bn).

Deals involving tankers, bulkers and containerships accounted for 43.2%, $24% and 16.6% of this total, respectively, as of 30 September ” (Trade Winds)

Commodities & Ship Finance

12-Dec-14 11-Dec-14 10-Dec-14 9-Dec-14 8-Dec-14W-O-W

Change %

10year US Bond 2.100 2.180 2.170 2.220 2.260 -9.1%

S&P 500 2,002.33 2,035.33 2,026.14 2,059.82 2,060.31 -3.5%

Nasdaq 4,653.60 4,708.16 4,684.02 4,766.47 4,740.69 -2.7%

Dow Jones 17,280.83 17,596.34 17,533.15 17,801.20 17,852.48 -3.8%

FTSE 100 6,300.60 6,461.70 6,500.00 6,529.50 6,672.20 -6.6%

FTSE All-Share UK 3,389.49 3,470.90 3,491.02 3,502.88 3,574.30 -6.0%

CAC40 4,108.93 4,225.86 4,227.91 4,263.94 4,375.48 -7.0%

Xetra Dax 9,594.73 9,862.53 9,799.73 9,793.71 10,014.99 -4.2%

Nikkei 17,371.58 17,257.40 17,412.58 17,813.38 17,935.64 -3.1%

Hang Seng 23,249.20 23,312.54 23,524.52 23,485.83 24,047.67 -3.1%

DJ US Maritime 285.05 287.16 286.11 286.43 282.82 -3.3%

$ / € 1.25 1.24 1.24 1.24 1.23 0.9%

$ / ₤ 1.57 1.57 1.57 1.57 1.56 0.5%

¥ / $ 118.50 118.52 118.75 119.76 121.04 -1.9%

$ / NoK 0.14 0.14 0.14 0.14 0.14 -2.9%

Yuan / $ 6.17 6.19 6.16 6.17 6.16 0.3%

Won / $ 1,101.86 1,101.65 1,107.30 1,110.10 1,114.46 -1.3%

$ INDEX 95.80 96.20 95.80 95.70 96.70 -0.9%

Market Data

Cu

rre

nci

es

Sto

ck E

xch

ange

Dat

a

1,170

1,190

1,210

1,230

50

60

70

80

goldoil

Basic Commodities Weekly Summary

Oil WTI $ Oil Brent $ Gold $

12-Dec-14 5-Dec-14W-O-W

Change %

Rotterdam 563.0 606.0 -7.1%

Houston 695.0 743.0 -6.5%

Singapore 585.0 630.0 -7.1%

Rotterdam 330.0 365.5 -9.7%

Houston 335.0 395.0 -15.2%

Singapore 362.5 425.0 -14.7%

Bunker Prices

MD

O3

80

cst

CompanyStock

ExchangeCurr. 12-Dec-14 05-Dec-14

W-O-W

Change %

AEGEAN MARINE PETROL NTWK NYSE USD 12.01 10.49 14.5%

BALTIC TRADING NYSE USD 2.51 2.87 -12.5%

BOX SHIPS INC NYSE USD 0.69 0.75 -8.0%

CAPITAL PRODUCT PARTNERS LP NASDAQ USD 7.31 7.64 -4.3%

COSTAMARE INC NYSE USD 18.22 19.55 -6.8%

DANAOS CORPORATION NYSE USD 5.25 5.89 -10.9%

DIANA SHIPPING NYSE USD 6.62 7.05 -6.1%

DRYSHIPS INC NASDAQ USD 0.86 1.14 -24.6%

EAGLE BULK SHIPPING NASDAQ USD 14.03 14.38 -2.4%

EUROSEAS LTD. NASDAQ USD 0.80 0.88 -9.1%

FREESEAS INC NASDAQ USD 0.11 0.11 0.0%

GLOBUS MARITIME LIMITED NASDAQ USD 2.80 2.87 -2.4%

GOLDENPORT HOLDINGS INC LONDON GBX 234.49 265.44 -11.7%

HELLENIC CARRIERS LIMITED LONDON GBX 25.04 25.20 -0.6%

NAVIOS MARITIME ACQUISITIONS NYSE USD 3.11 3.00 3.7%

NAVIOS MARITIME HOLDINGS NYSE USD 3.73 4.55 -18.0%

NAVIOS MARITIME PARTNERS LP NYSE USD 10.72 12.38 -13.4%

PARAGON SHIPPING INC. NYSE USD 2.41 2.79 -13.6%

SAFE BULKERS INC NYSE USD 4.04 4.55 -11.2%

SEANERGY MARITIME HOLDINGS CORP NASDAQ USD 0.99 1.22 -18.9%

STAR BULK CARRIERS CORP NASDAQ USD 5.71 7.05 -19.0%

STEALTHGAS INC NASDAQ USD 5.88 6.67 -11.8%

TSAKOS ENERGY NAVIGATION NYSE USD 6.85 7.19 -4.7%

TOP SHIPS INC NASDAQ USD 1.29 1.48 -12.8%

Maritime Stock Data

© Intermodal Shipbrokers Co

9

16/12/2014

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