Broker’s insight by Nikos Papantonopoulos

The summer mood looks to have a massive impact on freight market levels,

but this year, we may observe that summer tends to be longer....VLCC sector

is under pressure in both the period �me charter and spot fixtures. AG - USG

route is below 25 WS points with nega�ve TCE of around USD -8,500 per day.

That level takes the market back to levels last seen in August of 2002. The

major difference is that in 2002 the TCE was posi�ve and at around USD

9,000 due to the lower bunker prices and OPEX.

Period fixtures for VLCCs tend to meet close to the Suezmax TC rates. The

recent deal between AET and Respol is indica�ve of this. The TC rate for a 2

years period Suezmax fixture form AET at USD 19,000 per day is slightly simi-

lar to the TC rate for the first year of AET's VLCC, which they had fixed with

Respol earlier this year.

Suezmaxes spot rates are a li7le bit so8er but always higher than the aver-

age VLCC spot rate. Aframaxes tend to be stable, apart from the Bal�c -UKC

route which is so8er this week. The hopeful LR1 route from AG to Japan is

stable at USD 17,000 per day, while the TC period rate is at around USD

14,000. We strongly believe that this sector with its limited fleet size, is going

to keep an interes�ng TCE average during the next couple of years.

Last but not least, the MR sector is slightly higher this week, although most

of the routes' TCE is s�ll under OPEX levels.

Despite the declining TC rates, more and more owners are been a7racted by

the low prices for ordering newbuildings. Od@ell and Scorpio are the latest

clients for Hyundai Mipo, ordering a total of 12 vessels including op�ons. We

have our doubts for the future prospects of new orders in this sector, but we

have all the upcoming winter to debate it!!!

Till then hope you enjoy your summer dips…….

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

The dry bulk market took another turn for the worse this week with

rates droping rapidly across the board as ac�vity dried up. The BDI

closed Tuesday (31/07/2012) at 897 points, down by 18 points com-

pared to Monday’s levels (30/07/2012) and an decrease of 106 points

compared to the previous Tuesday’s levels (24/07/2012). Things con�n-

ue to be difficult for the crude oil tankers as demand remains week . The

BDTI Monday (30/07/2012), was at 645, 18 points up and the BCTI at

580, an increase of 16 points compared to the previous Monday’s levels

(23/07/2012).

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

SnP ac�vity was once again firming up this week with a good number of

resale and very modern units being reported sold. On the Tankers side,

we had the sale of the “BM Bonanza” (105,614dwt-blt 07 Japan) which

were reported sold to Singapore based buyers, namely Tanker Pacific in

a 2 year bare boat deal with purchase obliga�on at the end were the

aggregate total price amounts to about $ 25.0m. While on the dry bulk-

er side, the S. Korean built resale Capesize “Sungdong Re-

sale” (180,000dwt-blt 12 S. Korea) was reported sold this week to S.

Korea’s Sinokor for a price of around $ 39.5m.

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

The overall lack in new orders con�nues with only a limited amount of

business being reported this week. Interest for the tradi�onally more

ac�ve tanker and dry bulk segments remains limited. The Offshore sec-

tor has been fairly ac�ve these past weeks, with a considerable number

of orders for offshore support vessels being reported. The more promis-

ing market environment and the strong projected growth of the off-

shore sector has allowed many in the market to consider it a bullish

environment. The higher value of these vessel types has simultaneously

allowed yards to reach closer to their targets for the year. Nevertheless,

the number of shipbuilders which have the technical experience for

these vessel types are few, thus allowing only a handful of shipbuilders

to benefit from this growing market. In terms of reported deals this

week, the only reported order placed was that by Italy’s D’Amico at S.

Korea's Hyundai Mipo Shipyard for 2 firm plus 2 op�onal MR tankers

(40,000ceu) scheduled for delivery between January and March 2014 for

a price of around $ 30.7m each on the back of a 5 year �me charter to

one of the oil majors.

Demoli&on (Wet: Stable- / Dry: Stable- )

Despite the court ruling from the Supreme Court in India bringing posi-

�ve news and helping subside all the recent worries that were circu-

la�ng the market, demo prices were unable to reflect any posi�ve

movement. It is not however all clear sailing from here on out. The ex-

cess supply of demo candidates con�nues to keep things under pres-

sure, while as many demo yards close in on their full capacity buying

interest could well decrease over the next couple of weeks. At the same

�me there is s�ll limited support from the current commodity price

levels which is causing a more bearish sen�ment to circulate amongst

cash buyers. Prices have decreased slightly, with prices for wet tonnages

now ranging between levels of around 330-410$/ldt and dry units seeing

levels of about 310-380$/ldt.

Weekly Market Report

Week 30|Tuesday 31st July 2012

© Intermodal Research 31/07/2012 2

6080

100120140160180200220240260

WS

po

ints

CLEAN - WS RATESTC2 TC4 TC6 TC1

20

40

60

80

100

120

140

160

WS

po

ints

DIRTY - WS RATESTD3 TD5 TD8 TD4

Jul-12 Jun-12 ±% 2012 2011 2010

300KT DH 65.0 65.0 0.0% 64.7 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% 32.8 39.1 44.7

70KT DH 26.0 26.0 0.0% 27.7 35.2 38.8

45KT DH 25.5 26.0 -1.9% 25.7 28.4 26.5

VLCC

Suezmax

Indicative Market Values ($ Million) - Tankers

Vessel 5yrs old

MR

Aframax

Panamax

Week 30 Week 29 ±% Diff 2012 2011

300k 1yr TC 23,500 23,500 0.0% 0 22,683 25,197

300k 3yr TC 27,500 27,500 0.0% 0 27,558 31,681

150k 1yr TC 19,500 19,500 0.0% 0 17,383 19,837

150k 3yr TC 22,000 22,000 0.0% 0 20,833 23,830

105k 1yr TC 14,000 14,000 0.0% 0 13,925 15,707

105k 3yr TC 16,250 16,250 0.0% 0 16,175 18,335

70k 1yr TC 13,500 13,500 0.0% 0 13,050 14,995

70k 3yr TC 14,500 14,500 0.0% 0 14,308 16,263

45k 1yr TC 13,750 14,000 -1.8% -250 14,225 13,918

45k 3yr TC 14,750 15,000 -1.7% -250 14,833 14,738

36k 1yr TC 12,750 12,750 0.0% 0 12,583 12,471

36k 3yr TC 13,750 13,750 0.0% 0 13,325 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 1,031 33 1,563 0% 28,444 18,217

280k AG-USG 23 -9,327 24 -7,884 -4% 6,162 2,504

260k WAF-USG 42 17,693 43 17,465 -2% 38,789 25,714

130k MED-MED 70 22,101 73 23,463 -3% 28,166 25,125

130k WAF-USAC 60 8,286 63 10,633 -4% 17,710 13,373

130k AG-CHINA 75 22,074 75 22,172 0% 23,375 14,815

80k AG-EAST 93 13,785 93 13,341 0% 13,625 12,726

80k MED-MED 83 13,619 85 14,247 -3% 16,249 13,577

80k UKC-UKC 88 17,188 88 16,730 0% 20,394 18,604

70k CARIBS-USG 95 10,284 90 8,067 6% 13,888 8,240

75k AG-JAPAN 108 17,300 108 17,680 0% 6,868 10,467

55k AG-JAPAN 130 16,958 123 14,686 6% 7,333 7,768

37K UKC-USAC 105 3,594 90 166 17% 9,592 11,022

30K MED-MED 138 15,967 130 13,560 6% 16,603 18,458

55K UKC-USG 110 13,186 100 9,120 10% 16,156 11,266

55K MED-USG 110 12,023 100 8,018 10% 14,130 9,676

50k CARIBS-USAC 95 4,966 90 3,409 6% 14,621 10,700

Dir

tyA

fram

axC

lean

VLC

CS

ue

zmax

Spot Rates

Vessel Routes

Week 30 Week 29

±%

Chartering

Things con�nue to get tougher for the VLCC sector as rates tumble further.

The overcapacity issue is proving to difficult to counter while demand is

expected to remain limited during the remaining summer period. It is likely

that we will see this downward pressure con�nue for quite a long �me

while owners will have to face and survive the current depressed rates for

quite some �me.

Reported ac�vity levels for Suezmaxes in the WAF market con�nue to re-

main at fairly good levels, however rates have yet to reflect any posi�ve

movement. Sen�ment has remained fairly depressed while the poor perfor-

mance of the larger VLCCs is unlikely to allow any real gains to be noted

over the next couple of days. The Black Sea/Med region on the other hand,

was almost non existent this week with limited fixtures being concluded,

yet rates noted only a small percentage loss.

Similarly to the Suezmaxes, Aframaxes in the Black Sea/Med region suffered

from an overall lack of demand and considerable number of open vessels.

The North Sea/Bal�c region was able to hold off slightly be7er thanks to

increased ac�vity noted, however the already swollen tonnage lists pre-

vented any real gains to be made. The Caribs was the only market able to

see a posi�ve week-on-week gain, no�ng a slight recovery from last week’s

levels.

Sale & Purchase

On the Aframax segment, we had the sale of the “BM Bonan-

za” (105,614dwt-blt 07 Japan) which were reported sold to Singapore based

buyers, namely Tanker Pacific in a 2 year bare boat deal with purchase obli-

ga�on at the end were the aggregate total price amounts to about $ 25.0m.

Also noteworthy was the reported enbloc sale of the product/chemical

tankers “Lantana” (7,650dwt-blt 94 Singapore), “Maple” (7,625dwt-blt 94

Singapore) and “Jurong Krapu” (6,902dwt-blt 96 Singapore) which were

picked up for an price of about $ 3.3m each by Middle Eastern buyers.

Wet Market

Indicative Period Charters

- 2 yrs - 'Overseas Mulan' 2002 318,000dwt

- - $ 20,250/day - Petrobras

- 3 yrs - 'Britanis' 2002 305,382dwt

- - $ 25,500/day - Chandris

© Intermodal Research 31/07/2012 3

Index $/day Index $/day Index Index

BDI 933 1,037 -10.0% -104 961 1,549

BCI 1,209 $4,740 1,276 $5,342 -5.3% -67 1,479 2,237

BPI 1,031 $8,225 1,156 $9,219 -10.8% -125 1,103 1,749

BSI 1,069 $11,177 1,192 $12,459 -10.3% -123 988 1,377

BHSI 602 $8,735 657 $9,519 -8.4% -55 559 718

20/07/12

Baltic IndicesWeek 30

27/07/12

Week 29

±%2012 2011Point

Diff

0

1,000

2,000

3,000

4,000

5,000

Ind

ex

Baltic Indices

BCI BPI BSI BHSI BDI

170K 6mnt TC 13,000 12,250 6% 750 13,838 18,474

170K 1yr TC 13,500 13,500 0% 0 15,163 17,138

170K 3yr TC 15,500 15,500 0% 0 16,408 17,599

70K 6mnt TC 11,750 12,250 -4% -500 12,450 17,238

70K 1yr TC 10,375 10,500 -1% -125 10,883 14,863

70K 3yr TC 11,125 11,125 0% 0 11,696 14,500

52K 6mnt TC 12,750 13,250 -4% -500 12,158 15,587

52K 1yr TC 10,500 11,000 -5% -500 11,083 14,308

52K 3yr TC 11,250 11,500 -2% -250 11,867 14,046

45k 6mnt TC 11,000 11,250 -2% -250 10,133 13,416

45k 1yr TC 9,250 9,500 -3% -250 9,392 12,450

45k 3yr TC 10,000 10,250 -2% -250 10,125 12,403

30K 6mnt TC 9,000 8,500 6% 500 8,604 11,712

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

30K 3yr TC 9,500 9,750 -3% -250 9,867 12,044

Ha

nd

yma

xH

an

dy

size

Period

2011

Pa

nam

axSu

pra

ma

x

Week

30

Week

29

Cap

esi

ze

2012$/day ±% Diff

Chartering

A big drop in ac�vity in the Pacific basin led to further losses being noted on

freight levels for Capesize vessels. It seems as though demand overall in the

Far East is now considerably so8er and might remain this way as long as

stockpiles in China remain rela�vely high. The Atlan�c was able to witness

some stability, with rates reaching a temporary bo7om for now. Tonnage

lists are s�ll fairly high and will likely keep things depressed for a couple of

days or un�l demand is revived once again.

Panamaxes con�nued on their downward slide this week as fresh inquiries

surfacing were few and far between. The Atlan�c suffered the worst, as

demand from ECSA started to drain up. The Pacific was holding off a touch

be7er, though things are star�ng to get quite difficult there as well. There is

an overwhelming number of open vessels, however we are s�ll seeing a

steady flow of coal stems emerging and keeping things busy for the mo-

ment.

The poor condi�ons in the Pacific due to the lack of cargoes coming out of

India, as well as the deteriora�ng Atlan�c basin, caused Supras to note a

considerably decrease in freight levels. Handies on the other hand were

able to cope slightly be7er, witnessing a slower decline in rates though

rates for Handies are already rela�vely depressed from the decreases noted

these past couple of weeks.

Sale & Purchase

The S. Korean built resale Capesize “Sungdong Resale” (180,000dwt-blt 12

S. Korea) was reported sold this week to S. Korea’s Sinokor for a price of

around $ 39.5m.

In the Panamax segment, we had the sale of the “Luo Da” (79,393dwt-blt

12 China) which was reported sold for a price of about $ 25.0m.

0

10,000

20,000

30,000

40,000

50,000

$/d

ay

Average T/C Rates

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

Jul-12 Jun-12 ±% 2012 2011 2010

170k 33.8 35.0 -3.6% 35.9 43.5 57.4

75K 23.5 23.5 0.0% 24.6 31.3 39.0

52k 20.9 21.5 -2.9% 22.4 25.6 30.2

29K 16.3 17.8 -8.7% 19.4 23.5 26.2

Capesize

Panamax

Supramax

Indicative Market Values ($ Million) - Bulk Carriers

Vessel 5 yrs old

Handysize

Indicative Period Charters

- 4/7 mos - 'Mineral Kyoto' 2004 180,310dwt

- dely Far East prompt - $ 10,500/day - Classic Maritime

- 17/23 mos - 'Naias' 2006 73,546dwt

- dely China Aug/Sept - $ 9,250/day - Ultrabulk

Dry Market

© Intermodal Research 31/07/2012 4

Secondhand Sales

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

AFRADIAMOND

CHAMP107,198 2003

IMABARI SAIJO,

JapanB&W Sep-13 DH $ 15.0m

Singapore

based (Tanker

Paci fi c)

AFRA BM BONANZA 105,614 2007SUMITOMO HEAVY

MARINE, JapanSulzer Jul -17 DH $ 25.0m

Singapore

based (Tanker

Paci fi c)

bs s 2 yrs bb wi th

purchas e

obl igation

PROD/

CHEMLANTANA 7,650 1994

JURONG SHIPYARD

LTD, SingaporeYanmar Jan-15 DH $ 3.3m Epoxy coated

PROD/

CHEMMAPLE 7,625 1994

JURONG SHIPYARD

LTD, SingaporeYanmar Jan-15 DH $ 3.3m Epoxy coated

PROD/

CHEMJURONG KRAPU 6,902 1996

JURONG SHIPYARD

LTD, SingaporeYanmar Jan-16 DH $ 3.3m Epoxy coated

Middle Eastern

Tankers

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

CAPESUNGDONG

RESALE180,000 2012

SUNGDONG

SHIPBUILDING, S.

Korea

MAN-B&W $ 39.5mS. Korean

(Sinokor)

KMAXJIANGSU NEW

YANGZIJIANG82,400 2012

JIANGSU NEW

YANGZIJIAN,

China

MAN-B&W $ 25.0m

Pol ish (Ship

Mgmt &

Transport)

for convers ion to

sel f-unloader

PMAX LUO DA 79,393 2012JINHAI HEAVY

INDUSTRY, ChinaMAN-B&W $ 23.0m undisclosed

PMAX GOLDEN GLORY 70,296 1996SANOYAS HISHINO

MIZ'MA, JapanSulzer Jul -16 $ 9.5m undisclosed

HANDY KRIKELO 39,670 1985KOYO MIHARA,

JapanB&W Apr-15

4 X 25t

CRANES$ 3.2m Chinese

HANDY FENGLI 12 30,000 2012

TSUJI HEAVY

INDUSTRIES,

China

MAN-B&W $ 20.0m

Brazi l ian

(Norsul

Shipping)

HANDY MARIA A 26,648 1986KURUSHIMA

ONISHI, JapanB&W Nov-14

4 X 30t

CRANES$ 5.8m Egyptian

HANDY AYYILDIZ-5 16,860 1996TIANJIN XINGANG

SHIPYA, ChinaB&W Dec-16

2 X 25t

CRANES$ 4.1m Undisclosed

Bulk Carriers

© Intermodal Research 31/07/2012 5

Secondhand Sales

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

FEEDER NORDLAKE 1,684 1994

SZCZECINSKA

STOCZNIA S,

Poland

Sulzer Jun-143 X 45t

CRANES$ 3.0m

Singapore based

(Simatech

Shipping)

Containers

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

AHTS JAYA 880 4,500 2012

JAYA

SHIPBUILDING &

EN, Singapore

Warts i la 16,316 undisclosed Atlantic Towing

PSV MAZAGON 26775 4,148 2012 MAZAGON, India Warts i la 10,986 undisclosed Cotemar

OSVUNIVERSAL

KEIHIN 00622,900 2012

UNIVERSAL

SHBLDG - KEI ,

Japan

Warts i la 16,316 undisclosedEas tern

Navigation

PSV REMAS 2,681 2011 GELIBOLU, Turkey Cummins 7,304 undisclosed Micoperi SRL

AHTS MONTET TIDE 2,369 2012

NANINDAH

MUTIARA,

Indones ia

Yanmar 9,000 undisclosed Cl i ents of Es vagt

AHTS SANKO DRAGON 2,369 2005

FUJIAN

SOUTHEAST,

China

Warts i la 8,046 undisclosed Topaz Mari ne

PSV TOISA PUMA 2,183 1985 IMAMURA, Japan Fuji 11,064 Dec-15 undisclosed Mexicans

Offshore

© Intermodal Research 31/07/2012 6

Week

30

Week

29±% 2012 2011 2010

Bangladesh 410 405 1.2% 460 523 422

India 405 405 0.0% 460 511 427

Pakistan 400 400 0.0% 460 504 425

China 330 350 -5.7% 411 451 383

Bangladesh 380 380 0.0% 436 498 375

India 375 375 0.0% 435 484 394

Pakistan 370 370 0.0% 432 477 388

China 310 330 -6.1% 392 432 364

Dry

Indicative Demolition Prices ($/ldt)

Markets

We

t

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

Despite the court ruling from the Supreme Court in India bringing posi�ve

news and helping subside all the recent worries that were circula�ng the

market, demo prices were unable to reflect any posi�ve movement. It is not

however all clear sailing from here on out. The excess supply of demo candi-

dates con�nues to keep things under pressure, while as many demo yards

close in on their full capacity buying interest could well decrease over the

next couple of weeks. At the same �me there is s�ll limited support from the

current commodity price levels which is causing a more bearish sen�ment to

circulate amongst cash buyers. Prices have decreased slightly, with prices for

wet tonnages now ranging between levels of around 330-410$/ldt and dry

units seeing levels of about 310-380$/ldt.

Most notable this week was the price paid by Pakistani breakers for the tank-

er ‘United Resolve’ (144,100dwt-19,960ldt-blt 92) which reportedly received

a price of around $ 440/Ldt.

Demoli&on Market

Name Size Ldt Built Yard Type $/ldt Breakers Comments

RUNNER 1 147,048 22,520 1993HARLAND & WOLFF,

U.K.BC $ 400/Ldt undisclosed

UNITED RESOLVE 144,100 19,960 1992 NAMURA, Japan TANKER $ 440/Ldt Pakistani

PU FA 61,748 10,983 1984 HITACHI, Japan BULKER $ 350/Ldt Chinese

HUA JIN XIANG 61,636 11,217 1981 HITACHI, Japan BULKER $ 396/Ldt Bangladeshi

STELIOS B 45,112 9,261 1985HYUNDAI HI, S.

KoreaBULKER $ 408/Ldt Bangladeshi

TRIUMPH 39,990 10,118 1984 MITSUBISHI, Japan TANKER $ 425/Ldt Bangladeshi bss delivery Colombo, Sri Lanka

ATLANTIA 33,374 9,621 1984 MITSUBISHII, Japan TANKER $ 435/Ldt undisclosed

BEN K 15,456 4,524 1980 AESA SEVILLA, Spain TANKER undisclosed undisclosed

JOLLY INDACO 12,290 8,869 1989 SEVERNAYA, Russia RORO $ 350/Ldt Indian bss delivery as-is Suez region

JOLLY BLU 8,044 7,309 1988KOMUNY PARYSKIEJ,

PolandRORO $ 350/Ldt Indian bss delivery as-is Suez region

Demolition Sales

© Intermodal Research 31/07/2012 7

Week

30

Week

29±% 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 21.5 0.0% 22 25 27

VLCC 300k 94.5 95.0 -0.5% 95 102 103

Suezmax 150k 57.8 58.0 -0.4% 58 64 66

Aframax 110k 48.8 49.0 -0.5% 50 54 55

LR1 70k 42.0 42.0 0.0% 42 45 46

MR 47k 33.5 34.0 -1.5% 33 36 36

LPG M3 80k 70.0 70.5 -0.7% 70 73 72

LPG M3 52k 61.5 62.0 -0.8% 61 64 65

LPG M3 23k 43.0 43.5 -1.1% 44 46 46

Indicative Newbuilding Prices (million$)

Ga

s

Vessel

Bu

lke

rsTa

nk

ers

The overall lack in new orders con�nues with only a limited amount of busi-

ness being reported this week. Interest for the tradi�onally more ac�ve tank-

er and dry bulk segments remains limited. The Offshore sector has been

fairly ac�ve these past weeks, with a considerable number of orders for off-

shore support vessels being reported. The more promising market environ-

ment and the strong projected growth of the offshore sector has allowed

many in the market to consider it a bullish environment. The higher value of

these vessel types has simultaneously allowed yards to reach closer to their

targets for the year. Nevertheless, the number of shipbuilders which have

the technical experience for these vessel types are few, thus allowing only a

handful of shipbuilders to benefit from this growing market.

The most notable order reported this week is that placed by Italy’s D’Amico

at S. Korea's Hyundai Mipo Shipyard for 2 firm plus 2 op�onal MR tankers

(40,000ceu) scheduled for delivery between January and March 2014 for a

price of around $ 30.7m each on the back of a 5 year �me charter to one of

the oil majors.

10

20

30

40

50

60

70

mil

lio

n $

Bulk Carriers Newbuilding Prices (m$)

Capesize Panamax Supramax Handysize

20

40

60

80

100

120

mil

lio

n $

Tankers Newbuilding Prices (m$)

VLCC Suezmax Aframax LR1 MR

Newbuilding Market

Units Type Yard Delivery Buyer Price Comments

1 Tanker 52,000 dwt SPP, S. Korea 2014 Greek (Pyxis Maritime) $ 33.0m Eco type

2+2 Tanker 40,000 dwt Hyundai Mipo, S.Korea 01-03/2014 Italian (D'Amico) $ 30.7mon the back of 5

yrs TC

1+1 Bulker 207,000 dwt STX Dalian, China 09/2014 S. Korean (Polaris Shipping) undisclosed

3+3 Container 2,000 teu Jinhai 2013 (Graig) undisclosed

2 Offshore 5,600 dwt BAE Alabama, U.S.A. 2014-2015U.S. based (GulfMark

Offshore)undisclosed PSV

4 Offshore 3,700 dwt Dayang S.B., China 03-12/2014 Nigerian (SLOK) undisclosed PSV

Newbuilding Orders

Size

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 wri7en 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 $

27-Jul-12 20-Jul-12W-O-W

Change %

Rotterdam 883.0 912.0 -3.2%

Houston 942.0 955.0 -1.4%

Singapore 891.0 901.0 -1.1%

Rotterdam 602.5 617.0 -2.4%

Houston 607.5 610.5 -0.5%

Singapore 619.5 636.0 -2.6%

Rotterdam 627.5 636.5 -1.4%

Houston 637.5 640.5 -0.5%

Singapore 637.5 652.5 -2.3%

Bunker Prices

MD

O3

80

cst

18

0cs

t

World Economy News

India was hit by renewed chaos on Tuesday, as its fragile power distribu�on

network collapsed for the second �me in less than 36 hours, causing a mas-

sive blackout in half the country in middle of the busy workday. The failure of

India’s rickety power distribu�on system occurred less than 24 hours a8er

power was restored across north India following the collapse of the Northern

power grid at 2.30am on Monday. (Financial Times)

Energy & Commodi&es

Oil fell for a second day as specula�on that the Federal Reserve will an-

nounce addi�onal measures to s�mulate the economy declined a8er U.S.

consumer confidence and business ac�vity unexpectedly grew. Prices

dropped as much as 1.6 percent as a Bloomberg survey of economists

showed the Fed will probably forgo a third round of large-scale asset pur-

chases at a two-day mee�ng beginning today. Consumer confidence rose for

the first �me in five months in July and a barometer of business ac�vity

gained. (Bloomberg)

Finance News

A7end any given conference on shipping, par�cularly

mari�me finance, and you will hear and see many

presenta�ons, accompanied by PowerPoint, pre-

dic�ng a recovery some �me in 2013. Read some

ar�cles in the trade press, and you will learn that

“cash-rich Greek shipowners” are heavily invested in

secondhand and newbuilding-resale purchases, not-

withstanding ominous economic and market signs.

What, however, if these omens of recovery are wide

of the mark? Indicators seem to be poin�ng toward a

much longer global recession, which is not a good

sign for shipping in general. For a change, let’s look at

the big picture.

Shipping, par�cularly in the dry and liquid bulk

trades, is dependent on China and to a larger extent,

Asia. The drought and severe storms in North Ameri-

ca, which is the world’s granary to a large extent,

have led to forecasts of the worst harvest in a gener-

a�on.

China in par�cular is heavily dependent upon what

Americans call soybeans, and the Bri�sh insist on

terming soyabeans. These are used primarily to feed

livestock. Higher soya prices mean that the cost of

food prices in China will go higher. (Lloyds List)

CompanyStock

ExchangeCurr. 27-Jul-12 20-Jul-12

W-O-W

Change %Max 30wk Min 30wk

AEGEAN MARINE PETROL NTWK NYSE USD 5.78 5.95 -2.9% 5.78 5.44

BALTIC TRADING NYSE USD 3.30 3.46 -4.6% 3.36 3.21

BOX SHIPS INC NYSE USD 6.20 6.32 -1.9% 6.23 5.92

CAPITAL PRODUCT PARTNERS LP NASDAQ USD 8.12 8.00 1.5% 8.12 7.70

COSTAMARE INC NYSE USD 12.95 13.59 -4.7% 13.18 12.95

DANAOS CORPORATION NYSE USD 4.16 3.98 4.5% 4.16 3.94

DIANA SHIPPING NYSE USD 6.77 6.87 -1.5% 6.77 6.31

DRYSHIPS INC NASDAQ USD 2.32 2.26 2.7% 2.32 2.11

EAGLE BULK SHIPPING NASDAQ USD 2.79 2.98 -6.4% 2.94 2.75

EUROSEAS LTD. NASDAQ USD 1.16 1.12 3.6% 1.18 1.08

EXCEL MARITIME CARRIERS NYSE USD 0.42 0.42 0.0% 0.42 0.42

FREESEAS INC NASDAQ USD 0.37 0.37 0.0% 0.40 0.35

GENCO SHIPPING NYSE USD 2.35 2.73 -13.9% 2.50 2.35

GLOBUS MARITIME LIMITED NASDAQ USD 2.75 2.69 2.2% 2.82 2.65

GOLDENPORT HOLDINGS INC LONDON GBX 63.88 60.00 6.5% 64.30 60.00

HELLENIC CARRIERS LIMITED LONDON GBX 22.50 21.90 2.7% 23.00 22.50

NAVIOS MARITIME ACQUISITIONS NYSE USD 2.43 2.50 -2.8% 2.45 2.40

NAVIOS MARITIME HOLDINGS NYSE USD 3.41 3.44 -0.9% 3.41 3.31

NAVIOS MARITIME PARTNERS LP NYSE USD 14.78 13.80 7.1% 14.78 13.73

NEWLEAD HOLDINGS LTD NASDAQ USD 1.02 1.16 -12.1% 1.19 1.02

OMEGA NAVIGATION ENTERPRISES INC NASDAQ USD 0.24 0.24 0.0% 0.24 0.24

PARAGON SHIPPING INC. NYSE USD 0.52 0.52 0.0% 0.52 0.51

SAFE BULKERS INC NYSE USD 6.07 6.12 -0.8% 6.07 5.97

SEANERGY MARITIME HOLDINGS CORP NASDAQ USD 2.11 2.10 0.5% 2.13 2.10

STAR BULK CARRIERS CORP NASDAQ USD 0.58 0.62 -6.5% 0.62 0.56

STEALTHGAS INC NASDAQ USD 5.95 5.95 0.0% 6.04 5.85

TSAKOS ENERGY NAVIGATION NYSE USD 5.01 5.66 -11.5% 5.57 4.80

TOP SHIPS INC NASDAQ USD 1.38 1.55 -11.0% 1.43 1.35

Maritime Stock Data

27-Jul-12 26-Jul-12 25-Jul-12 24-Jul-12 23-Jul-12W-O-W

Change %

10year US Bond 1.550 1.430 1.410 1.400 1.430 6.2%

S&P 500 1,385.97 1,360.02 1,337.89 1,338.31 1,350.52 1.7%

Nasdaq 2,958.09 2,893.25 2,854.24 2,862.99 2,890.15 1.1%

Dow Jones 13,075.66 12,887.93 12,676.05 12,617.32 12,721.46 2.0%

FTSE 100 5,627.21 5,573.16 5,498.32 5,499.23 5,533.87 -0.4%

FTSE All-Share UK 2,924.70 2,896.14 2,856.91 2,857.63 2,873.37 -0.4%

CAC40 3,280.19 3,207.12 3,081.74 3,074.68 3,101.53 2.7%

Xetra Dax 6,689.40 6,582.96 6,406.52 6,390.41 6,419.33 0.9%

Nikkei 8,566.64 8,443.10 8,365.90 8,488.09 8,508.32 -1.2%

Hang Seng 19,274.96 18,892.79 18,877.33 18,903.20 19,053.47 -1.9%

Dow Jones 210.74 203.51 186.31 185.43 186.03 10.8%

$ / € 1.23 1.23 1.21 1.21 1.21 1.0%

$ / ₤ 1.57 1.57 1.55 1.55 1.55 0.4%

₤ / € 0.78 0.78 0.78 0.78 0.78 0.6%

¥ / $ 78.18 78.13 78.27 78.28 78.25 -0.5%

$ / Au$ 1.04 1.04 1.03 1.03 1.03 0.4%

$ / NoK 0.17 0.17 0.16 0.16 0.16 0.4%

$ / SFr 0.98 0.98 0.99 0.99 0.99 -0.9%

Yuan / $ 6.38 6.39 6.39 6.39 6.39 0.1%

Won / $ 1,138.51 1,145.67 1,150.15 1,148.80 1,149.18 -0.3%

$ INDEX 81.50 81.70 82.40 82.40 82.40 -0.7%

Oil WTI $ 90.10 89.40 89.00 88.50 88.10 -1.9%

Oil Brent $ 106.50 105.30 104.40 103.40 103.30 -0.3%

Gold $ 1,616.00 1,605.38 1,580.45 1,577.40 1,584.75 2.2%

Market Data

Cu

rre

nci

es

Co

mm

o-

dit

ite

sSt

ock

Exch

an

ge

Dat

a

Commodi&es & Financials