WEEKLY SHIPPING MARKET REPORT -...

of 18 /18
WEEKLY SHIPPING MARKET REPORT WEEK 38 - 17 th September – to 24 th September 2013 Legal Disclamer The information contained herein has been obtained by various sources. Although every effort has been made to ensure that this information is accurate, complete and up to date, Shiptrade Services S.A. does not accept any responsibility whatsoever for any loss or damage occasioned or claimed, upon reliance on the information, opinions and analysis contained in this report. Researched and compiled by: Shiptrade Services SA, Market Research on behalf of the Sale & Purchase, Dry Cargo Chartering and Tanker Chartering Departments. For any questions please contact: [email protected] Shiptrade Services SA Tel +30 210 4181814 [email protected] 1st Floor, 110/112 Notara Street Fax +30 210 4181142 [email protected] 185 35 Piraeus, Greece www.shiptrade.gr [email protected]

Embed Size (px)

Transcript of WEEKLY SHIPPING MARKET REPORT -...

  • WEEKLY SHIPPING

    MARKET REPORT WEEK 38

    - 17th September to 24th September 2013

    Legal Disclamer

    The information contained herein has been obtained by various sources. Although every effort has been made to ensure that this information is accurate, complete and up to date, Shiptrade Services S.A. does not accept any responsibility whatsoever for any loss or damage occasioned or claimed, upon reliance on the information, opinions and analysis contained in this report.

    Researched and compiled by: Shiptrade Services SA, Market Research on behalf of the Sale & Purchase, Dry Cargo Chartering and Tanker Chartering Departments. For any questions please contact: [email protected]

    Shiptrade Services SA Tel +30 210 4181814 [email protected] 1st Floor, 110/112 Notara Street Fax +30 210 4181142 [email protected] 185 35 Piraeus, Greece www.shiptrade.gr [email protected]

    mailto:[email protected]:[email protected]:[email protected]://www.shiptrade.gr/mailto:[email protected]

  • 1

    Why crude tanker rates will stay low, negative for tanker stocks

    The single most important indicator that affects tanker companies top line revenue is shipping rates, which influence profitability margins, earnings, and share prices. So traders and analysts often look at shipping rates. Shipping rates generally fall because of looser supply and demand dynamics. On the other hand, shippers can achieve higher shipping rates through tighter supply. Rates are back down again following a short-term rise On September 13, the Baltic Dirty Tanker Index stood at 583, down from 593 on September 6. The Baltic Dirty Tanker Index reflects the shipping rate for moving crude oil (unrefined oil) across the ocean based on representative routes and ship class in the spot market using time charter equivalent rates. Overall, the tanker index has remained in a downtrend since late 2009, making new lows on every bounce and trough. The index was climbing higher in July because of rising oil prices, which were driven by higher demand for oil in the United States, unrest in the Middle East, and increased shipments to China. Fewer new ship deliveries also helped. In August, the relationship between oil and shipping rates broke down, as the commodity was pushed higher because of Syria woe and supply disruptions in Libya, which dont exactly help with oil shipments from the Middle East. Global shipments likely fell last week, given that weekly capacity growth was negative. A simple comment on data patterns Although I dont usually comment on patterns, its worth mentioning here. The lower bound represents the rates the industry is trying to support. As rates come down, some companies go bankrupt while others retire old ships that are typically more expensive. So, as time passes, the industry comprises a fleet portfolio that can do business at cheaper rates. The upper bound is the level that companies will try to take advantage of by receiving new ships. When you see shipping rates break out of the current downward trend, it means there arent enough new ships to keep rates low anymore. Year-over-year growth remains weakOn a year-over-year basis, the Baltic Dirty Tanker Index appears to be showing some positive movement, rising from negative to positive territory in August. The year-over-year growth has since come down, and it remains to be seen whether it can help itself up from the negative territory. Analysts use year-over-year data to adjust for seasonality. Crude tanker rates will likely stay depressedBased on current trends and data from energy associations, though, non-OPEC (Organization of the Petroleum Exporting Countries) production is expected to outpace OPEC production in the next few years, which is negative for demand of crude tankersparticularly the VLCCs (very large crude carriers). Shipping companies like Frontline Ltd. (FRO), Ship Finance International Ltd. (SFL), and Nordic American Tanker Ltd. (NAT) will likely have to live with depressed rates for at least the short termeven though they may present a good investment opportunity down the road. Lets hope rates rise before contracts expire for Navios Maritime Acquisition Corp. (NNA). Lower rates will also negatively affect the Guggenheim Shipping ETF (SEA), but it also invests in product tankers and other shipping companies that are performing better. (Market Realist)

    Order Placement for Drill Ships on a Rapid Decline

    The global drill ship market is shrinking this year to drag down the profits of major Korean shipbuilders. The order quantity and unit cost are all declining at the same time. According to industry sources, Korean shipbuilders have won nine drill ship contracts since the beginning of this year, which is

    approximately one half of last years total at 17 and one-third of the volume they recorded in 2011. Daewoo Shipbuilding & Marine Engineering has won four contracts, and Samsung Heavy Industries has obtained five. The problem is that the market prospect is not bright for the rest of this year. Besides, the decrease in the unit cost is putting more and more pressure on the companies. The level of the price remained over US$600 million during the first half of 2013, but has dipped below US$500 million in the latter half. In particular, Samsung Heavy Industries won two drill ship contracts in July from Seadrill Draco at the price of US$1.04 billion, so the price per vessel hit a record low in the history of the local industry. If the unit cost is around US$500 million, the margin rate is estimated to be about 5%, said an industry source, adding, The percentage used to be over 15% in the recent past. Industry experts are attributing the market contraction to the current change in the pattern of petroleum production. Until recently, oil price increases and undersupply drove up the demand for drill ships, but offshore petroleum production is declining these days, whereas onshore oil production is on the rise. Technological development has increased production capacity per unit of equipment to lower the demand for oil manufacturing machinery as well. Under the circumstances, the drill ship charter fee is on a downward spiral as well. Drill ships are run on a charter basis in most cases. According to the data of Rigzone, a drilling equipment site, the daily charter fee for deep-sea drill ships is at around US$479,000 on average nowadays. It has fallen by over 12% year on year from approximately US$550,000. Furthermore, the stock prices of global drill ship companies and drilling package manufacturers are moving sideways this year. As of last week, the stock prices of Vantage Drilling, ENSCO, and Transocean have fallen by 3.2%, 6.0%, and 3.9% each. Although those of NOV and Noble Drilling have gone up 12.0% and 8.4% compared to the beginning of the year, the rates of increase fall short of that of the Dow Jones Index at 15%. The drill ship market is closely connected to crude oil production trends, and it cannot be denied that the current environments are far from optimistic, said a securities analyst, continuing, It seems that things will not turn better for the time being. (Business Korea)

    World's most 'eco-friendly' cargo ship to use its own hull to sail

    Norwegian speed-sailing entrepreneur Terje Lade plans to build a cargo container ship with a difference: the giant hull of his 'Wind Ship' (Vindskip in Norwegian) is designed to channel air similar to how a sail does, in order to fairly drastically cut fuel use and have the big ship sail itself using ocean wind power.Lade has estimated that the Wind Ship would have fuel savings of an estimated 60% and emissions reductions of 80% compared to current cargo ships.The design of the Wind Ship calls for a natural-gas fired engine and a computerized sailing system that constantly calculates wind speed and direction so that the ship can channel wind along its hull - sailing not directly into the wind but rather constantly finding the most efficient 'close-haul' angle - to move forward at around 14 knots. The Wind Ship is also designed to take advantage of the wind created simply by the big boat's forward propulsion. Lade worked in Norway's oil and shipping industries but was a speed-sailing enthusiast before devoting himself to create a greener cargo ship solution. He hopes to partner with companies to build a Wind Ship within the next three to four years.Wind Ship's aerodynamic sailing capabilities have been tested at the UK's Cranfield University wind tunnel. In a documentary on Norwegian TV, Cranfield professor Kevin Knowles said at first he thought Lade and his idea were crazy, but after contemplation and seeing the small-scale model in action, he conceded that the idea has merit. (Treehugger)

    Shipping , Commodities & Financial News

  • 2

    Increased activity - positive sentiment

    Interest for modern bulkers is still there and continuously increasing, however, what is interesting this week is the absence

    of any reported sales in the capesize sector, despite the recent rally in relevant rates. The pamanax sector has one

    representative in this week?s salesboard, as the 2004 built ?Maritime Anita? changed hands for a price of $16.9 mill. to

    Chilean buyers. Increased activity and interesting prices were noticed this week in the Supramax and Handymax sectors, with

    6 units reported sold, most of which built in the 2000?s. Of great interest is the sale of the Imabari blt ?Santa Ursula? for

    $29.8 mill. to Greek buyers, as well as the firm price the 2007 Nacks built ?Namrun? fetched ($20.3 mill.) Other than that,

    the much anticipated sale of the 1997 built 4 ho/ha ?Voge Felix? for a firm price in the low 6?s with delivery in the Far East,

    confirmed once more the serious existing interest for such units. In the wet sector, 3 aframaxes were sold this week, namely

    the 1998 built ?Hellespont Tatina?, the 2000 built ?Kwk Esteem?, and the 2010 built ?Stavanger Bell?, while MRs are still

    drawing attention, this week with the en bloc sale to Italian buyers of 4 2013 and 2014 SPP built units, as well as the one of

    the 1995 built ?Eagle Gulf? for $8.5 mill.

    Shiptrades enquiry index once more last week suffered a decline of about 8%. Incoming enquiry emails may be less but the

    interest is still firm for secondhand tonnages. In the dry sector, enquiries for handysize bulkers were reduced about 15%

    during the past week, Handymaxes and Supramaxes are still attracting serious interest especially those built post 2000.

    Interest for Panamaxes again has showed an increase of about 10%. Furthermore the capsize enquiries were remained

    almost stable as per last week with the interest being weak. Buying interest for tankers is following the trend and was slightly

    reduced as well. The interest for MRs was stable firm as per previous week, in the Panamax sector, interest continues to be

    on the low side. Enquiries for Aframaxes suffered a wide decline of more than 50%. The interest for Suezmaxes is on the low

    side with not many buyers on the market at the moment, also same situation for the VLCCs.

    NEWBUILDINGS

    In the newbuilding market we have seen 32 vessels to have been contracted.

    22 Bulk Carriers (Kamsarmax, Ultramax)

    5 Tankers (Handysize)

    5 LPG

    DEMOLITION

    Credit still to be given to the appointment of a new RBI governor and the Indian governmental intervention to halt the

    collapse of the rupee, as it remains at better levels to the USD compared to recent weeks, although still volatile, bringing

    small signs of positive sentiment again. Levels for bulkers seem to be around 370, while containers attract better prices, as

    usual. Ship breakers in Pakistan are not keen to buy tonnage at the moment, especially at the levels offered by cash buyers.

    In Bangladesh, prices remained stable, with some cash buyers paying better levels in order to compete with India and China,

    while the latter seems to remain in the demolition market?s driving position, with local yards getting close to reaching full

    capacity due to the recent buying spree in the area.

    Sale & Purchase

  • 3

    Indicative Market Values ( 5 yrs old / Mill $ )

    Bulk Carriers

    Week 38 Week 37 Change % Capesize 33 30 10.00

    Panamax 22.5 21.5 4.65

    Supramax 21 20 5.00

    Handysize 18 18 0.00

    Tankers

    VLCC 54 52 3.85

    Suezmax 42 40 5.00

    Aframax 30 28 7.14

    Panamax 27 25 8.00

    MR 26 24 8.33

    Weekly Purchase Enquiries

    SHIPTRADE P/E WEEKLY INDEX

    0

    50

    100

    150

    200

    250

    300

    350

    400

    2-8

    /5/2

    01

    29-1

    5/5

    /20

    12

    16-2

    2/5

    /2012

    23-2

    9/5

    /2012

    30/5

    -5/6

    /2012

    6-1

    2/6

    /20

    12

    13-1

    9/6

    /2012

    20-2

    6/6

    /2012

    27/6

    -3/7

    /2012

    4/7

    -10/7

    /2012

    11/7

    -17/7

    /2012

    18-2

    4/7

    /2012

    25-3

    1/7

    /2012

    1-7

    /8/2

    01

    28-1

    4/8

    /20

    12

    15-2

    1/8

    /2012

    22-2

    8/8

    /2012

    29/8

    -4/9

    /2012

    5-1

    1/9

    /20

    12

    12-1

    9/9

    /2012

    19-2

    5/9

    /2012

    26/9

    -2/1

    0/2

    012

    3-9

    /10/2

    012

    10-1

    6/1

    0/1

    217-2

    3/1

    0/1

    224-3

    0/1

    0/1

    2

    31/1

    0-6

    /11/1

    27-1

    3/1

    1/1

    214-2

    0/1

    1/1

    221-2

    7/1

    1/1

    2

    28/1

    1-4

    /12/1

    25-1

    1/1

    2/1

    212-1

    8/1

    2/1

    2

    19/1

    2/1

    2-8

    /1/1

    39-1

    5/1

    /13

    16-2

    2/1

    /13

    23-2

    9/1

    /13

    30/1

    -5/2

    /13

    6-1

    2/2

    /13

    13-1

    9/2

    /13

    20-2

    6/2

    /13

    27/2

    -5/3

    /13

    6-1

    2/3

    /13

    13-1

    9/3

    /13

    20-2

    6/3

    /13

    27/3

    -2/4

    /13

    3-9

    /4/1

    310-1

    6/4

    /13

    17-2

    3/4

    /13

    24-3

    0/4

    /13

    1-7

    /5/2

    01

    38-1

    4/5

    /20

    13

    15-2

    1/5

    /13

    22-2

    8/5

    /13

    29/5

    -4/6

    /13

    5-1

    1/6

    /13

    12-1

    8/6

    /13

    19-2

    5/6

    /2013

    26/6

    -2/7

    /2013

    3-9

    /7/2

    01

    310-1

    6/7

    /2013

    17-2

    3/7

    /2013

    24-3

    0/7

    /2013

    31/7

    -6/8

    /13

    7-1

    3/8

    /20

    13

    14-2

    0/8

    /2013

    21-2

    7/8

    /2013

    28/8

    -03/9

    /2013

    04-1

    0/9

    /2013

    Korea China Spore KCS

    Greece Other SUM

    Sale & Purchase

  • 4

    Reported Second-hand Sales

    Bulk Carriers Name Dwt DoB Yard SS Engine Gear Price Buyer

    Verykoko 81.500 2013 New Times, Chn - B&W - $24.500.000 Undisclosed

    New Times 0108207 81.500 2013 New Times, Chn - B&W - $24.500.000 Undisclosed

    Glory Newcastle 77.679 1998 Mitsui, Jpn 05/2018 B&W - $9.200.000 Hong Kong based

    Maritime Anita 76.733 2004 Sasebo, Jpn 11/2014 B&W - $16.900.000 Chilean

    Santa Ursula 61.453 2012 Imabari, Jpn 06/2017 B&W 4 X 30 T $29.800.000 Greek

    Namrun 55.000 2007 Nantong Cosco

    KHI, China 11/2017 B&W 4 X 30 T $20.300.000 Greek

    Ocean Morning 52.404 2001 Tsuneishi, Jpm 10/2016 B&W 4 X 30 T $13.100.000 Greek

    Pacific Eternity 46.683 2004 Toyahashi, Jpn 01/2014 Mit. 4 X 30 T $15.750.000 Greek

    Golden Elpis 46.645 1997 Mitsui, Jpn 02/2017 B&W 4 X 30 T Xs $8.500.000 Greek

    Omiros 42.183 1987 Sasebo, Jpn 12/2016 Sulzer 5 X 25 T $3.800.000 Undisclosed

    Union Bay 32.354 2006 Kanda, Jpn 08/2016 Mit. 4 X 30 T $16.500.000 Pacific Basin

    Yasa Anatolia 30.130 2011 Tsuji, Chn 09/2016 B&W 4 X 30 T Undisclosed Undisclosed

    Hibernia 28.107 2001 Bohai, Chn 05/2016 Sulzer 4 X 30 T $6.800.000 Greek

    Voge Felix 24.279 1997 Hakodate, Jpn 01/2017 Mit. 4 X 30 T $6.100.000 Chinese (dely F.

    East)

    Birch 2 20.427 1998 Wuhu, Chn - B&W 3 X 30 T $2.800.000 Chinese

    Tankers

    Name Dwt DoB Yard SS Engine Hull Price Buyer

    Hellespont Tatina 105.535 1999 Sumitomo, Jpn 10/2014 Sulzer DH $9.500.000 S. Korean

    KWK Esteem 105.342 2000 Samho, Kr 03/2015 B&W DH $11.450.000 S. Korean

    Stavanger Bell 105.309 2010 Sumitomo, Jpn 03/2015 B&W DH $31.000.000 Greek

    Angel 66 70.426 2005 Universal, Jpn 06/2015 B&W DH

    (epoxy coated)

    $22.000.000 Undisclosed

    SPP SACHEON S5122 50.300 2013 SPP. Kr - B&W DH

    $151.000.000 (en bloc)

    Italian SPP SACHEON S5123 50.300 2014 SPP. Kr - B&W DH

    SPP SACHEON S5124 50.300 2014 SPP. Kr - B&W DH

    SPP SACHEON S5125 50.300 2014 SPP. Kr - B&W DH

    Eagle Gulf 45.999 1995 Halla Eng., Kr 07/2015 B&W DH $8.500.000 Undisclosed

    Dawn 11.668 1995 Fukuoka, Jpn - Mit. DH $4.000.000 U.A.E. based

    Containers

    Name Teu DoB Yard SS Engine Gear Price Buyer

    Cape Denison 1.824 2002 Dalian 06/2017 B&W 2 X 100

    T, 2 X 50 T

    $8.800.000 Undisclosed

    Maersk Vancouver 1.678 2001 Sietas, Ger 12/2016 B&W 3 X 45 T

    $50.000.000 (en bloc)

    Danish Maersk Venice 1.678 2002 Sietas, Ger - B&W 3 X 45 T

    Maersk Valletta 1.678 2002 Sietas, Ger 02/2017 B&W 3 X 45 T

    Maersk Vigo 1.678 2002 Sietas, Ger 04/2017 B&W 3 X 45 T

    Sale & Purchase

  • 5

    Newbuilding Orders

    No Type Dwt / Unit Yard Delivery Owner Price 2 BC 82.000 Yangzijiang 2015 Klaveness

    8 BC 64.000 Jiangsu Hangton 2015 Nautical Holdings

    4 BC 64.000 Chengxi 2015 Ming Wah 25.5

    4 BC 64.000 Guangzhou 2015/16 Ming Wah 25.5

    4 BC 64.000 Tianjin Xingang 2015/16 Ming Wah 25.5

    2 Tanker (stst) 19.900 Fukuoka 2016 Stream Tankers 32.5

    3 Tanker (stst) 19.900 Shitanoe 2015 Stream Tankers 32.5

    5 LPG 12.500 cbm HMD 2016 Eletson 36.5

    Newbuilding Prices (Mill $) Japanese/ S. Korean Yards

    Newbuilding Resale Prices

    Bulk Carriers

    Capesize 48 42

    Panamax 28 29

    Supramax 25 26

    Handysize 20 22

    Tankers

    VLCC 90 80

    Suezmax 57 54

    Aframax 46.5 37

    Panamax 40 37.5

    MR 34 36

    Newbuilding Resale Prices

    Bulk Carriers (2008 Today) Tankers (2008 Today)

    Newbuildings

  • 6

    Demolition Sales

    Vessel Type Built Dwt Ldt Buyer Country Price Buccleuch BC 182.675 1993 23.215 China 377

    Alexander Dimitrov

    BC 38.524 1985 9.643 Bangladesh 419 (old sale)

    Kind Fountain BC 31.774 1983 6.888 China 366

    Acacia N BC 23.193 1987 6.022 India 382

    Demolition Prices ($ / Ldt)

    Bangladesh China India Pakistan

    Dry 355 365 380 390

    Wet 375 380 400 410

    Demolition Prices

    Bulk Carriers (2008 Today) Tankers (2008 Today)

    Demolitions

  • 7

    In Brief: Capesize rally continues, while pushing the rest. Capes: Capes kept improving Cape market improving for one more week with the BCI closing at 4018 points significantly improved by 572 points. Atlantic market remained strong producing many fresh requirements. As a matter of fact transantlantic round trips were fixed at around USD 41,500/42,000 increased notably by around 14,000. Same upward trend for Fronthaul ex Conti/Med closing at around USD 57,750/58,000 improved by around USD 9,500 compared to last weeks levels. Positive sentiment for pacific basin as well with the round trips closing at around USD 34,250, around USD 4,250 more compared to last weeks levels. Port Hedland / Qingdao closing at around high USD 12s pmt at the end of the week. Period levels at about USD 23,250/23,500 for one year. Panamax: Positive sentiment in both basins. BPI index at the beginning of the week was at 1321 points to finally close up by 132 points at 1453 on Friday. Positive sentiment was seen in the Atlantic region last week with quite a few fresh requirements pushing rates upwards. Transantlantic round trips were now reported fixing at around USD 11000 levels whilst some were reported even at about USD 12000. There were also some quick Baltic rounds at USD 14000 levels about basis redelivery Skaw-Passero range. Fronthauls ex US Gulf were reported fixing at USD 16000-16500 levels aps plus about 600-650k ballast bonus whilst those ex ECSA were reported 15000-15500 plus 500-550k bb. In the Pacific basin market faced further improvement and rates seemed to be following up the upward trend at almost every direction. Aussie rounds were reported fixing at USD 12500-14500 levels basis dop Mid-S. China. Nopac also remained fairly active with fixtures at USD 14000-15000 basis dop S. Korea-Japan range. Indonesian Coal Market remained active with fixtures reported at USD 12500-13500 levels dop S.China redelivery full China range. Short period fixtures were reported at USD 12000-12500 levels for 4/6,5/8 months and around USD 11000-11500 daily for 11/13 months for nice eco vessels. Supramax: Improving steadily and seems that the positive sentiment will stay on. The week began with the Supramax Index falling but after Wednesday the supramax market follow the upgoing trend of the panamax and capers market. In the Atlantic Basin the fronthaul trips were fixed around 15,000 basis delivery Continent or Med. From USG we saw vessel fixed with petcoke for China at Usd 21,500 basis delivery East Coast Mexico. Finally the minerals from West Africa to Singaproe-Japan range were fixed around 10,000 basis delivery aps and the Transatlntic round rates closed at USD 11,500. In the Pacific Basin the coal business from Indonesia to India were fixed around 10,000 basis delivery South China and redelivery East Coast India. For West Coast India rates closed around 11,000 basis same delivery point. The Aussie round rates as well as Nopac rounds closed at mid /high 8,000 basis delivery Mid China . For Nopac basis delivery North China some vessels were fixed at mid 9s region. The nickel ore traffic was reduced however the rates stayed higher than 10,000 basis delivery China. The rates for short period in the Atlantic closed at mid teens basis worldwide redelivery and at usd low mid teens basis redelivery within Atlantic. Handysize: Positive sentiment in both Basins. BHI index at the beginning of the week was at 547and at the end of the week closed at 558 increasing by 11 points. Black sea remained quite active this week, trips from BSEA to WMED fixed at USD 8500-9500 and to CONTI at USD 9.000-10.000. Regarding short period bss delivery CONTI redelivery Atlantic have seen fixtures at USD 9500-10.000. In the Pacific Basin fresh fertilizers and minerals requirements kept the area on fixing mood. Trips from North China to PG have been fixed at USD 8.000-9.000 and to INDO at USD 7.000-8.000. Usual NOPAC and Australia rounds were at around USD 8.000. Short period levels were at USD about 9500 bss redelivery Worldwide.

    Dry Bulk - Chartering

    Dry Bulk - Chartering

    Dry Bulk - Chartering

    Dry Bulk - Chartering

  • 8

    Baltic Indices Dry Market (*Fridays closing values)

    Index Week 38 Week 37 Change (%)

    BDI 1904 1636 16,38

    BCI 4018 3446 16,60

    BPI 1453 1306 11,26

    BSI 964 940 2,55

    BHSI 558 544 2,57

    T/C Rates (1 yr - $/day)

    Type Size Week 38 Week 37 Change (%)

    Capesize 160 / 175,000 23500 22000 6,82

    Panamax 72 / 76,000 11000 10000 10,00

    Supramax 52 / 57,000 10750 9500 13,16

    Handysize 30 / 35,000 8800 8700 1,15

    Average Spot Rates

    Type Size Route Week 38 Week 37 Change %

    Capesize 160 / 175,000

    Far East ATL 15700 12400 26,61

    Cont/Med Far East 57750 48500 19,07

    Far East RV 34250 29500 16,10

    TransAtlantic RV 41750 28000 49,11

    Panamax 72 / 76,000

    Far East ATL -50 -100 -

    ATL / Far East 16500 15500 6,45

    Pacific RV 15000 12500 20,00

    TransAtlantic RV 11000 10000 10,00

    Supramax 52 / 57,000

    Far East ATL 5750 4200 36,90

    ATL / Far East 18500 18200 1,65

    Pacific RV 8900 8750 1,71

    TransAtlantic RV 11500 11400 1,72

    Handysize 30 / 35,000

    Far East ATL 4650 4500 3,33

    ATL / Far East 15100 15000 0,67

    Pacific RV 7900 7100 11,27

    TransAtlantic RV 8850 8700 1,72

    Dry Bulk - Chartering

  • 9

    ANNUAL

    JULY 2013 SEPTEMBER 2013

    Dry Bulk - Chartering

  • 10

    Dry Bulk - Chartering

    Capesize Routes Atlantic 2012 / 13

    $0,00

    $5.000,00

    $10.000,00

    $15.000,00

    $20.000,00

    $25.000,00

    $30.000,00

    $35.000,00

    $40.000,00

    1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55

    C2 TUB/ ROT

    C4RBAY /ROTC7 BOL/ ROT

    C8 T/ARV

    AVGALL TC

    Capesize Routes Pacific 2012 / 13

    $0,00

    $10.000,00

    $20.000,00

    $30.000,00

    $40.000,00

    $50.000,00

    $60.000,00

    1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55

    C3 TUB /PRC

    C5 WAUST /PRC

    C9 CONT /FE

    C10 FE R/V

    Panamax Routes Atlantic 2012 / 13

    0

    5000

    10000

    15000

    20000

    25000

    30000

    1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55

    P1A T/A RV

    P2ACONT/FE

  • 11

    Dry Bulk - Chartering

    Panamax Routes Pacific 2012 /13

    $5.000,00

    $0,00

    $5.000,00

    $10.000,00

    $15.000,00

    $20.000,00

    1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55

    P3A FE R/V

    P4 FE/CON

    AVG ALL TC

    Supramax Routes Atlantic 2012 /13

    0

    5000

    10000

    15000

    20000

    25000

    30000

    35000

    1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55

    S1A CON / FE

    S1B BSEA / FE

    S4A USG /CONT

    S4B CONT /USG

    S5 WAFR / FE

    Supramax Routes Pacific 2012 / 13

    $0,00

    $2.000,00

    $4.000,00

    $6.000,00

    $8.000,00

    $10.000,00

    $12.000,00

    $14.000,00

    $16.000,00

    $18.000,00

    1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55

    S2 FE R/V

    S3 FE / CON

    AVG ALL TC

  • 12

    VLCC: Rates on Middle East Far East route has gained 2 points last week and concluded at ws35, in the Atlantic

    route, rates remained stable again at ws37.5, and the AG-USG route gained 1.5 points and concluded at ws25.

    Suezmax: WAFR-USAC route was reduced by 3.75 points and concluded at ws46.25. The B.SEA-MED on the

    other hand gained 15 points and concluded at ws75.

    Aframax: The NSEA-UKC route remained once more stable at ws82.5. The AG-East route gained 2.5 points last

    week and concluded at ws85. The MED-MED was reduced by 7.5 points and finally concluded at ws65.

    Panamax: The CBS-USG route was gained by 2.5 points and concluded at ws105.

    Products: USG-Cont route was gained 2.5 points at ws110. The CONT-TA route also suffered a decline and

    concluded at ws90.

    Baltic Indices Wet Market (*Fridays closing values)

    Index Week 38 Week 37 Change (%)

    BCTI 535 561 -4,63

    BDTI 589 585 0,68

    T/C Rates (1 yr - $/day)

    Type Size Week 38 Week 37 Change (%)

    VLCC 300.000 17.750 17.750 0,00

    Suezmax 150.000 15.750 15.750 0,00

    Aframax 105.000 13.500 13.500 0,00

    Panamax 70.000 14.000 14.000 0,00

    MR 47.000 14.000 14.000 0,00

    Tanker - Chartering

  • 13

    Crude Tanker Average Spot Rates

    Type Size (Dwt) Route Week 38 WS

    Week 37 WS

    Change %

    VLCC

    280,000 AG USG 25 23.5 6,38

    260,000 W.AFR USG 37.5 37.5 0,00

    260,000 AG East / Japan 35 33 6,06

    Suezmax

    135,000 B.Sea Med 52.5 55 -4,55

    130,000 WAF USAC 46.25 50 -7,50

    Aframax

    80,000 Med Med 70 65 7,69

    80,000 N. Sea UKC 82.5 82.5 0,00

    80,000 AG East 85 82.5 3,03

    70,000 Caribs USG 105 102.5 2,44

    Product Tanker Average Spot Rates

    Type Size (Dwt) Route Week 38 WS

    Week 37 WS

    Change %

    Clean

    75,000 AG Japan 93 99 -6,06

    55,000 AG Japan 104 110 -5,45

    38,000 Caribs USAC 125 135 -7,41

    37,000 Cont TA 90 97.5 -7,69

    Dirty

    55,000 Cont TA 110 107.5 2,33

    50,000 Caribs USAC 100 100 0,00

    Tanker - Chartering

  • 14

    VLCC Trading Routes 2012 / 13

    0,00

    10,00

    20,00

    30,00

    40,00

    50,00

    60,00

    70,00

    80,00

    1 3 5 7 9 1113 15 17 1921 23 25 2729 31 33 35 3739 41 43 4547 49 51 5355 57 59 6163 65

    AG EAST JAPAN

    AG - USG

    WAFR - USG

    Suezmax Trading Routes 2012 / 13

    0,00

    20,00

    40,00

    60,00

    80,00

    100,00

    120,00

    1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65

    B. SEA - MED

    WAF - USAC

    Aframax Trading Routes 2012 / 13

    0,00

    20,00

    40,00

    60,00

    80,00

    100,00

    120,00

    140,00

    160,00

    1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65

    MED - MED

    N.SEA - UKC

    AG - EAST

    CARIBS USG

    Tanker - Chartering

  • 15

    Clean Trading Routes 2012 / 13

    0,00

    50,00

    100,00

    150,00

    200,00

    250,00

    1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65

    AG - JAPAN (75,000)

    AG - JAPAN (55,000)

    CARIBS - USAC (37,000)

    CONT - TA (37,000)

    Dirty Trading Routes 2012 / 13

    0

    20

    40

    60

    80

    100

    120

    140

    160

    180

    200

    1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65

    CONT - TA (50,000)

    CARIBS - USAC(50,000)

    Tanker - Chartering

  • 16

    Shipping Stocks

    Commodities

    Commodity Week 38 Week 37 Change (%) Brent Crude (BZ) 107,52 108,35 -0,77

    Natural Gas (NG) 3,56 3,73 -4,56

    Gold (GC) 1314 1309 0,38

    Copper 324,4 321,8 0,81

    Wheat (W) 303 300,9 0,70

    Dry Bulk

    Company Stock Exchange Week 38 Week 37 Change % Baltic Trading Ltd (BALT) NYSE 4,86 5,11 -4,89

    Diana Shipping Inc (DSX) NASDAQ 12,21 11,75 3,91

    Dryships Inc (DRYS) NASDAQ 3,50 2,90 20,69

    Euroseas Ltd (ESEA) NASDAQ 1,70 1,42 19,72

    Excel Maritime Carriers (EXM) NYSE 0,28 0,17 64,71

    Eagle Bulk Shipping Inc (EGLE) NASDAQ 7,04 5,04 39,68

    Freeseas Inc (FREESE) NASDAQ 0,48 0,26 84,62

    Genco Shipping (GNK) NYSE 4,26 3,93 8,40

    Navios Maritime (NM) NYSE 7,20 7,00 2,86

    Navios Maritime PTN (NMM) NYSE 14,26 14,43 -1,18

    Paragon Shipping Inc (PRGN) NASDAQ 6,80 6,20 9,68

    Star Bulk Carriers Corp (SBLK) NASDAQ 10,31 9,80 5,20

    Seanergy Maritime Holdings Corp (SHIP) NASDAQ 2,25 1,72 30,81

    Safe Bulkers Inc (SB) NYSE 6,96 6,75 3,11

    Golden Ocean (GOGL) Oslo Bors (NOK) 9,09 8,77 3,65

    Tankers Capital Product Partners LP (CPLP) NASDAQ 8,76 8,90 -1,57

    TOP Ships Inc (TOPS) NASDAQ 1,90 1,85 2,70

    Tsakos Energy Navigation (TNP) NYSE 5,31 5,17 2,71

    Other Aegean Maritime Petrol (ANW) NYSE 11,00 9,71 13,29

    Danaos Corporation (DAC) NYSE 3,97 4,34 -8,53

    StealthGas Inc (GASS) NASDAQ 9,32 8,88 4,95

    Rio Tinto (RIO) NYSE 49,36 49,99 -1,26

    Vale (VALE) NYSE 16,18 16,04 0,87

    ADM Archer Daniels Midland (ADM) NYSE 37,24 36,22 2,82

    BHP Billiton (BHP) NYSE 67,37 66,58 1,19

    Financial Market Data

  • 17

    Currencies

    Week 38 Week 37 Change (%) EUR / USD 1,35 1,32 2,27

    USD / JPY 99,33 99,38 -0,05

    USD / KRW 1079 1086 -0,64

    USD / NOK 5,93 5,93 0,00

    Bunker Prices

    IFO 380 IFO 180 MGO Piraeus 610 645 938

    Fujairah 605 650 980

    Singapore 598 609 892

    Rotterdam 588 607 888

    Hong Kong 610 650 990

    Port Congestion*

    Port No of Vessels

    China Rizhao 18

    Lianyungang 36

    Qingdao 85

    Zhanjiang 24

    Yantai 33

    India Chennai 8

    Haldia 12

    New Mangalore 14

    Kakinada 11

    Krishnapatnam 9

    Mormugao 16

    Kandla 18

    Mundra 9

    Paradip 16

    Vizag 41

    South America

    River Plate 240

    Paranagua 87

    Praia Mole 18

    * The information above exhibits the number of vessels, of various types and sizes, that are at berth, awaiting anchorage, at

    anchorage, working, loading or expected to arrive in various ports of China, India and South America during Week 38 of year

    2013.

    Financial Market Data / Bunker Prices / Port Congestion