Braemar Seascope. Market Indicator. TC E ( U S $ / D a y ) TC E ( U S $ / D a y ) TC E ( U S $ / D a y ) TC E ( U S $ / D a y )

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1 Weekly Chartering Report Thursday, 2 January 211 Braemar Seascope ket Indicator Wet 19-Jan-11 Avg Avg YTD 21 Avg TC E ( U S $ / D a y ) TC E ( U S $ / D a y ) TC E ( U S $ / D a y ) TC E ( U S $ / D a y ) 26, NHC PG/EAST TD3 1, 15, 12,5 4,5 13, NHC WAFR/USAC TD5 5,5 26,5 8,5 24, 8, NHC UK/CONT TD7 2,5 44,5 7, 19, 55, CLN PG/JAPAN TC5 7, 6,5 7,5 9,5 37, CLN CONT/USAC TC2 8, 17, 8, 12, 38, CLN CARIB/USAC TC3 9, 11,5 8, 8,5 Dry 19-Jan-11 Avg Avg YTD 21 Avg BDI 1,411 2,31 1,544 2,758 BCI 1,572 2,711 1,913 3,48 BPI 1,776 2,194 1,97 3,115 BSI 1,437 1,63 1,44 1,365 Container 17-Jan-11 Avg Avg YTD 21 Avg B O X i Financial 19-Jan-11 Avg Avg YTD 21 Avg BRENT CRUDE US$/bbl IFO 38 ROTT US$/mt YEN/US$ WON/US$ 1,111 1,146 1,122 1,155. US$/EURO US$/STERLING GOLD /USUS$ 1,37 1,389 1,374 1,224. All details given in good faith but without guarantee Tanker Chartering +44 () Dry Cargo Chartering +44 () Container Chartering +44 ()

2 Crude Chartering 2/1/211 VLCC It has been a fairly uneventful week for the VLCC market with the conference rates continuously getting fixed in the PG. The two-tier market is more evident than before, as newly built ships were required to discount their numbers to get covered at ws42.5. Well-approved modern doubles maintained the ws47.-ws47.5 levels which they have been seeing for the last two weeks. This is, of course, very bad news for owners as bunker prices reached an astonishing US$56/tonne on Thursday morning, tarnishing the voyage calculations. Bunkers later moved back to US$548/tonne during the afternoon. The first decade of ruary stems is now covered and no cargoes have yet surfaced for the remaining 17 days of the month. Charterers still have the upper hand as tonnage supply remains heavy. If charterers play the rest of the month in the same fashion, there is no indication that the market will turn. Owners, though, will be hoping the build-up for the Chinese New Year will create a rush of cargoes into the market in order to cover positions before the holidays. If cargoes cannot be drip-fed like before, owners could start demanding higher levels to at least cover the ever-rising bunker price. The Atlantic has been very busy lately with a lot of vessels fixing from the Caribbean, and a few also covering UKC stems as the arbitrage opened up late in the week. This sudden surge of fixing has created a shortage of tonnage on natural positions and affected tight dates out of West Africa, where ballasters from the PG have not been in play. An effect of the tightening West Africa market has been that charterers have started fixing off earlier dates, but even the ballasters have begun demanding more money. The 3-day availability shows 46 double hull and nine single hull VLCCs arriving in Fujairah, compared to last week's count of 47 double hulls and seven single hulls. 35 cargoes covered for the short month of ruary - leaving about 65 predicted stems, 35 of which to be covered for the mid-decade - will leave the overhang unchanged. The freight rate for PG/Rotterdam is ws3., up 3.5pts from last week, and with bunkers at US$548/tonne and rising, owners' theoretical earnings are: Double hull TCE: US$2,/day (US$-3,5 from last week) The freight rate for PG/Korea is ws47., up one point from last week, making owners earnings: Double Hull TCE: US$12,/day (US$11,3 last week) Route Size Load Discharge Today s Assessment Last Week s Average TD1 28, Ras Tanura LOOP ws32. ws31.5 TD2 265, Ras Tanura Singapore ws47.5 ws47. TD3 265, Ras Tanura Chiba ws47.5 ws47. TD4 26, Bonny LOOP ws5. ws5. VLCC PG Weekly Spot Fixtures by Volume Intended Discharge (12th - 19th Jan 211) India 1% Spore-Indo 7% N.W. Europe 7% VLCC PG Monthly Spot Fixtures by Volume Final Destination ( 21) West 15% Korea-Japan 27% USA 1% Short East 23% Long East 62% China 39% Braemar Seascope Weekly Chartering Report 2

3 Crude Chartering 2/1/211 Suezmax The hope and expectation among owners this week was that we would see significantly increased levels of activity for ruary dates from West Africa, but in reality we have seen no dramatic increase in action at all. It seems that the majority of the first decade cargoes were taken on the VLCCs, leaving nothing but crumbs for the suezmax market. Last week earnings got to the point where owners resisted going any lower and running at a loss. The same attitude carried on into this week. Consequently, rates drifted around ws57.5 out of the US Gulf during the early part of the week. Latterly, West African activity gently increased which unfortunately drove charterers to try and squeeze the rates. By the week s end the dates had moved into the middle decade and some of the earlier ships decided to cut their losses and fix firm cargoes. Rates therefore dropped to ws55. for a US Gulf run, which is where the market now stands. There still looks to be too many ships on the list so it is difficult to see any rate improvement for next week. The only silver lining on this particular cloud is that it does not seem like rates can go any lower. The Med/Black Sea market was quiet again last week as charterers looked to get firm dates for their ruary program. The Turkish straits delays grew slightly to three days northbound and four southbound, although with a few queue jumpers going through this week the delays looked like they may be a day longer in practice. As with the West African market, the suezmax owners in the Med were hoping for a big hike in activity, which was asking a lot. By the end of the week the first five days of the Black Sea program had been covered and rates had stayed at ws6. for a UKC/Med run. There was a good level of fixing out of Med/US Gulf and Med/East, but these cargoes attracted some ballasters and did not have a huge impact on the list. Looking forward to next week the activity should certainly pick up in the Black Sea which may release to some pressure. However, more likely is that it will just take up the existing slack in the list. With West Africa showing no obvious signs of a recovery in the short-term, the Med market will have to push independently in order to see some rate rises. Realistically, though, it is difficult to the see enough cargoes coming in in order for this to happen. The East market has been fairly quiet of late, with the odd PG/East cargo and the usual Indian business driving it along. It has remained quiet this week which as always is down to the general softness of the VLCC market. It is not attractive for charterers to take suezmaxes when the VLCC market has been static in the mid-ws4s all week. There will always be some resistance from owners of good quality tonnage and if a charterer needs a decent unit, the list contains slim pickings. Because of this there is a three-tier market developing between good quality doubles, lower quality doubles and the singles. For a good quality ship on an PG/East voyage the market is relatively untested, but should come out at around ws8., with West at ws55.. Route Size Load Discharge Today s Assessment Last Week s Average TD5 13, Bonny Philadelphia ws57.5 ws59.5 TD6 135, orossiysk usta ws62.5 ws , Mediterranean UK Cont ws6. ws6. 135, North Sea US Gulf ws55. ws , Ras Tanura South East Asia ws8. ws82.5 Suezmax WAFR Weekly Spot Fixtures by Volume Intended Discharge (12th - 19th Jan 211) Suezmax Weekly Spot Fixtures by Volume Load Area (12th - 19th Jan 211) West Africa 8% South America 9% South Africa 9% USA 51% Carib - EC Mex 6% South America 3% PG 3% NW Europe 6% West Africa 36% N.W. Europe 7% India East 16% Med-Red Sea 34% Black Sea 12% Braemar Seascope Weekly Chartering Report 3

4 Crude Chartering 2/1/211 Aframax It has been more of the same for aframax owners in the North Sea and Baltic this week. Since last week rates from Primorsk have again softened to a ws65. at the time of writing, which has been repeated on more than one occasion. We wouldn't anticipate rates to slip below this level, since owners earnings are already at the bare minimum if not in the negative. Activity from the Baltic in general has been steady, but as ice restrictions become tougher it has started to restrict some tonnage from loading in the recent non-ice ports in the Baltic. This is good news for ice class tonnage owners as they can start to chase the premiums they have been hoping for. The North Sea has not seen anywhere near as much activity as the condition gets worse for owners. Rates have failed to budge from ws8., although we would anticipate next done to be below ws8.. This week has also shown charterers starting to cover early ruary stems, mainly ex-primorsk. This isn't good news for many owners who are left with prompt ships in the Continent, as they will have a lengthy wait for a cargo from the Baltic or North Sea. As we said last week, we didn't expect the situation to change significantly in the Med in terms of fixing rates. There were too many ships sitting prompt with too little enquiry coming from the side of the charterers. Unsurprisingly, this was the case. We saw a 2.5 point increase in rates, meaning that earnings crept back into positive territory as a result of some consistent enquiry. Unfortunately, this wasn't enough to see any greater jump. Even a prompt replacement didn't have any effect on these rates, which have settled at ws72.5 for Cross-Med, and ws75 for the Black Sea. Following the 2.5 point increase, there was a lot of hype in the market that this movement would continue, but it never materialised, and sentiment soon disappeared. With over ten prompt ships, we still need to see some significant activity in order to witness any real changes in freight rates. In the Caribbean, tonnage has replenished itself and as anticipated last week, this has in turn brought rates down. During most of the week rates have remained at ws115., however due to little demand, rates are currently ws12.5. There is a chance towards the end of the month that owners could see rates sustain at this level or firm slightly, due to a tighterlooking tonnage list. East of Suez has been a similar story as the week before. There have been pockets of activity but nothing too significant to affect fixing levels. TD8 remains in the region of ws9., and TD14 is at around ws82.5. Route Size Load Discharge Today s Assessment Last Week s Average TD7 8, Sullom Voe Wilhelmshaven ws8. ws8.5 TD8 8, Mina Al Ahmadi Singapore ws9. ws9. TD9 7, Puerto La Cruz Corpus Christi ws12.5 ws116. TD11 8, Banias Lavera ws72.5 ws71. TD14 8, Seria Sydney ws82.5 ws82.5 TD17 1, Primorsk Wilhelmshaven ws65. ws67.5 Aframax (West of Suez) Weekly Spot Fixtures Intended Discharge Area (12th - 19th Jan 211) Aframax (West of Suez) Weekly Spot Fixtures Load Area (12th - 19th Jan 211) Med-Red Sea 42% USA 12% Carib-EC Mex 14% USA 7% Baltic 13% UKCont 14% India East 9% West Africa 2% NW Europe 37% N Africa - East Med 23% Black Sea 27% Braemar Seascope Weekly Chartering Report 4

5 Jan Jan Jan Crude Tanker Summary Jan 2/1/211 TD Ras Tanura - Chiba TCE 12, 1, 8, , 4, 2, TD Bonny - Philadelphia TCE 8, 6, , 2, TD7-8 - Sullom Voe - Wilhelmshaven TCE 8, 6, , 2, TD9-7 Puerto La Cruz- Corpus Christi TCE 47, 37, 27, , 7, -3, Braemar Seascope Weekly Chartering Report 5

6 Jan Jan CPP Chartering 2/1/211 Clean Products - East LR2s have seen little activity, but their scarcity has allowed owners to push rates up to ws15. and maybe higher for PG/Japan run and US$2.4m for voyages to UKC. ruary looks to also be tight for tonnage and although naphtha supplied from the Continent and the upcoming Chinese holidays will work against the rates ex-pg, owners will continue to strive for rate increases, if only to make back some of the money that the bunker increases are taking away from them. LR1 activity has been lacklustre. With rates reportedly fixed this week back down at ws114., all the slowly built confidence of recent weeks has disappeared and ideas on the physical and the futures markets have quickly deteriorated. That being said, we are still facing a fairly tight tonnage situation throughout ruary. With costs increasing, owners will still be confident of clawing some points back. This week rates for WC India/Japan largely remained at the ws145. level which in TCE equates to around US$8,/ day. However, at time of writing, subs were reportedly at ws14.. That said, the Singapore spot rate for bunkers is around US$55/tonne, a significant rise over ember's average of US$5/tonne. This may put a stay on rates at the ws14. level and as such, rates for this run may be described as firm. That said, with January stems now largely covered, prompt ships will have to look to early ruary dates for coverage, which could hand charterers a discount. Cross-PG activity continues to see lumpsum rates in the low to mid US$2,s and WC India/Red Sea is reportedly on subs for US$6, at the time of writing. WC India/E Africa and WC India/S Africa seem to have been quite dynamic over the last week. WC India/E Africa has seen a spike in rates with today's reports of ws3. being on subs, compared to previous weeks' numbers at ws28.. This may be the result of an increased perception of risk in travelling to E Africa. Conversely, the market has seen a drop in WC India/S Africa rates, with early reports of ws26. being done and then latterly ws25. reportedly fixed. Route Size Load Discharge Today s Assessment Last Week s Average TC1 75, Ras Tanura Yokohama ws15. ws1.5 TC5 55, Ras Tanura Yokohama ws117.5 ws117. TC4 3, Singapore Chiba ws139.5 ws14. TC Ras Tanura - Yokohama TCE TC Ras Tanura - Yokohama TCE 4, 3, 2, , 2, , 1, Braemar Seascope Weekly Chartering Report 6

7 Jan Jan CPP Chartering 2/1/211 Clean Products - West This was a week which saw TC2 rates fall back from the gains achieved last week and then undergo a rally today to regain some of the losses. TC2 started the week with several prompt vessels and a dearth of cargoes as charterers sought to take some of the heat and hype that had dominated the previous week. By Wednesday they had largely been successful, with the market bottoming out at ws But since then, the prompt tonnage has been fixed away and tonnage up to 31 January has started to thin out and the market is currently moving. This has been compounded by a shortage of ice class vessels. Current rumours are that ws145. is on subs for TC2, although this has yet to be substantiated. However, this is certainly in line with sentiment and momentum at the moment. It would be of no particular surprise to see rates for January move higher than this. It is worth bearing in mind though that at the moment any rate spikes are very short-lived and hugely date dependent. The US stock figures for gasoline came out a day late due to a public holiday stateside on Monday and have set a bearish tone, with a 4.44m bbl build on top of a 5.1m bbl build last week. Further, projected tonnage lists for the first five days in ruary are not looking encouraging for owners. A quiet week in the Med with rates avoiding further large losses last week, but they have continued to soften. Rates are now hovering around the ws13. level, down from ws135. where they ended up last week. Trans- Atlantic activity was muted but nominally at ws145. level. Caribbean/USAC has remained flat to stable this week at ws135., while backhaul has softened slightly with ws1. and then ws97.5 being put on subs yesterday. This is down from ws15. at the start of the week. Route Size Load Discharge Today s Assessment Last Week s Average TC2 37, Rotterdam New York ws145. ws132.5 TC3 38, Aruba New York ws135. ws132.5 TC6 3, Skikda Lavera ws135. ws142.5 TC Rotterdam - New York TCE TC Aruba - New York TCE 3, 2, , 15, , 1, 5, Braemar Seascope Weekly Chartering Report 7

8 Worldscale $ / day Worldscale $ / day Tanker Freight Futures Worldscale $ / day Worldscale $ / day 2/1/211 Tanker Freight Futures TD3 VLCC 26kmt Ras Tanura - Chiba TD3 +1 Month contract TD3 WS Change Jan TD3 Forward Curve 12/1/21 19/1/ Month 1 day MA Bollinger (2,2) Q Q Q Q CAL CAL TD5 Suezmax 13kmt Bonny - Philadelphia TD5 +1 Month contract Month 4 Day MA 13 Bollinger (2,2) TD 5 WS Change Jan Q Q Q Q CAL CAL TD5 Forward Curve /1/ /1/ TD7 Aframax 8kmt Sullom Voe - Wilhelmshaven TD7 +1 Month contract +1 Month 2 MA Bollinger (2,2) TD 7 WS Change Jan Q TD7 Forward Curve 12/1/21 19/1/ Q Q Q CAL CAL TC2 MR 37kmt Continent - USAC TC2 +1 Month contract T C2 WS Change TC2 Forward Curve Month 4 MA Bollinger (2,2) Jan Q Q Q Q CAL CAL /1/21 19/1/211 These indicative numbers do not reflect the annual flat rate change. Braemar Seascope Weekly Chartering Report 8

9 1-Jan Jan Jan $ per day BCI Dry Cargo Chartering 2/1/211 Capesize Capesize rates have stabilised slightly this week, but show no real encouragement of recovery. More Pacific enquiry has helped to ease the number of ballasters into the Atlantic, but it is apparent that many ships remain open for each cargo pushed into the market. WA/China runs made headline news this week with one miner taking up to nine ships in the last 72 hours. Rates have been reported between US$6.5-US$6.7, but what amazed many was the speed with which the charterer covered his requirements. Monday trading saw the charterer in question fix four ships in less than one hour, clearly demonstrating oversupply. Backhaul cargoes have been fairly non-existent, which should improve the outlook for owners in the Atlantic. There has been less activity in the Atlantic. For a while it looked like the Baltic Index for the Tubarao/Qingdao run was undervalued at US$18.3 with reports of cargoes being fixed at close to US$19. This vision was shattered with news that US$17.7 had been concluded whilst a modern 177, dwt ship was also said fixed for a trip East at US$2,. With many ships open Cont/Med still preferring to fix trans-atlantic cargoes rather than go east, rates for the round voyage have struggled to get going. A Colombia/Israel cargo was fixed at US$11,25 on a 18, dwt newbuilding. We are aware of other charterers still bidding closer to the US$8, level. News of a 176, dwt newbuilding securing one year at US$19,75 surfaced, the first flat rate period deal concluded for some time. Most owners are not willing to consider period at today s flat rates, putting further pressure on short period and spot rates but increasing the number of index related period fixtures being concluded. The Baltic Capesize Index vs Atlantic & Pacific Earnings 125, 1, 1, Atlantic Pacific BCI 8, 75, 6, 5, 4, 25, 2, Braemar Seascope Weekly Chartering Report 9

10 1-Jan Jan Jan $ per day BPI Dry Cargo Chartering 2/1/211 Panamax Panamaxes in the Atlantic basin have watched their rates fall away all week. This can be mostly targeted on the ballasters from the pacific. These ships have been undercutting the Atlantic ships for the past month. This week the Atlantic ship really started to compete for not only the grains out of the USG bound for China being fixed by ballasters also the USG mineral cargoes bound for the Continent. We are also seeing a fierce fight on rates raging in the South Atlantic as ballasters coming via the Cape of Good Hope are also finding it hard to fix. One grain house said "tonnage in the South Atlantic are getting what they can!" thus explaining why he has seen the River Plate to UK/Cont route being fixed in the very low teens. Fronthaul also took a pounding this week as we watched the rates loose US$4, from US$29, for a Continent ship to go east, now US$25, or even less! Pacific rates have steadily drifted off over the last week, and this trend is likely to continue for the foreseeable future. Standard Pacific round voyages are worth little more than US$8,5; trips back to the Atlantic are currently around US$4,. Short period values are just about hanging on to the prevailing levels of the last few weeks, and are being sporadically fixed in the US$15, to US$16, range. Longer periods appear next to non-existent, although we would value 12 months and 2 year durations in the upper US$16, to US$17, range. With a soft market and many operators anticipating tougher conditions ahead, interest in short period is starting to stutter in very low volumes. This may apply further downward pressure to the spot market which already has a backlog of prompt tonnage. We are expecting heavy competition for any fresh cargoes during next week in a race to secure employment before Chinese New Year. The Baltic Panamax Index vs Atlantic & Pacific Earnings 6, 6, Atlantic Pacific BPI 5, 4, 4, 3, 2, 2, 1, Braemar Seascope Weekly Chartering Report 1

11 1-Jan Jan Jan $ per day BSI Dry Cargo Chartering 2/1/211 Handy/Handymax/Supramax A seemingly quiet market in the Pacific this week. Business is being done mainly off market at a reasonable volume but it is not enough to stop rates slipping across all sizes handysize to supermax. Some better rates were seen for WC India iron ore to China at the end of last week but this run seems to have slowed. The Atlantic market is far stronger, but as more tonnage shifts from Pacific to Atlantic we expect rates to ease here for ruary loaders. Steady rates in the Continent for handysizes and supramaxes again. Rates are favouring charterers as tonnage still remains high despite the increased purge of vessels from the continent to EC South America and EC North America in hope of better market conditions. The Med is worse than last week with a scarce number of cargoes for the Atlantic. There has been a small number of stems for the AG, a 2, dwt vessel was reported to have fixed at low teens for a trip east. The outlook for next week is much of the same with possibly a continued flow of ballasters to EC South America. The impact of the Australian floods would suggest that iron ore, coal and grain cargoes might increase ex Brazil/North America. In fact EC South America appears to have more movement this week. The sugar traders being a little more active, most cargoes are heading for the Med/Black Sea. The smaller vessels are getting above US$4. pmt with last done being US$42.5 on a 25, dwt vessel from south Brazil. The larger vessels looking at 4,mt stems should be asking US$4. pmt for a south Brazil cargo. The Baltic Supramax Index vs Atlantic & Pacific Earnings 5, 4, Atlantic Pacific BSI 5, 4, 3, 3, 2, 2, 1, 1, Braemar Seascope Weekly Chartering Report 11

12 Asia / Australia ket News 2/1/211 Dry Cargo News Coal and Iron Ore Coal prices might peak at $5 as Queensland's coal supply remains tight Queensland's massive coal supply chain could take up to four months to fully recover from the flood crisis. Up to 85% of the state s coal industry is impacted by flooding. Only 15% of the 57 coal mines in the state are in full operation, while 6% are operating under restrictions and 25% are yet to resume operations, according to the Queensland Resources Council. The damage to the state's mining industry, which supplies around 9% of Australia's coking coal output, is estimated at around A$2.3 billion, after waters flooded pits, damaged rail lines and closed ports over the past few months. Bowen Basin shipments are expected to hit a low of 33 %, about 1.1 million tonnes compared with the usual capacity of 3.4 million tonnes until at least early next month, as stockpiles rebuild. Coal shipments from the Bowen Basin are expect to lift from early ruary, initially towards 5% capacity and progressively towards 1% over ch and il. Analysts are tipping a solid jump in the coal price with some saying US$5 / tonne is possible.. According to the Financial Times, spot coal prices are currently US$35 / tonne, up over 5% from the first quarter contract price of US$225 / tonne. Second quarter contract price forecasts have risen to US$29 / tonne. Record FOB iron ore price Australian FOB iron ore prices have risen to a record US$179.9 / tonne. Adding freight on Australia-China brings the price to a reported US$185 / tonne, up by about one fifth since ember, though this is still short of the 28 landed cost peak because of lower freight costs. Benchmark US steel prices for HRC have risen nearly 4% since ember to $783 / tonne, a two-year high. Asian steel prices are expected to follow suit. China s Industrial and Economic Growth Chinese power capacity advances 1% as consumption climbs China's power generation capacity gained 1% last year, matching the increase in 29. Last year, power consumption jumped 15% to more than 4.19 billion megawatt-hours. That followed a 6.4% gain in 29 and a 5.5% increase in 28. Installed capacity climbed to 962,19 megawatts in 21, according to data from the China Electricity Council. Thermal power capacity accounted for 76,63 megawatts last year, or 73% of the total, Xinhua said. China aims to add 5, megawatts of capacity in the five years ending 215 to meet rising demand. China GDP growth reaches 9.8% in the last quarter China's annual gross domestic product growth sped up in the fourth quarter to 9.8% from 9.6% in the third quarter, according to the National Bureau of Statistics (NBS), defying expectations for a slowdown to 9.2%. Consumer prices rose 4.6% in ember from a year earlier, slowing from a 28-month high of 5.1% in ember but staying above forecasts for a steeper fall to 4.4%. China has officially raised banks' required reserves seven times since the start of last year, but has increased interest rates only twice during that time. The government is still in discussions on the extent of credit curbs and, according to recent reports, it might be aiming for a lower ceiling on bank lending than previously expected. Demolition ket Scrap prices rise as freight market remains low and steel prices high Indian breakers picked up two bulk carriers at prices over $5 per ldt last week as a downturn in the dry freight markets pushed some owners to seek scrap options for older vessels. Strong Indian steel prices are among the forces which led to aggressive pricing in the demolition market. In neighboring Bangladesh, buying activity remained on hold despite rumors that as many as 4 yards could be about to receive permission to start operations again. This adds to the 17 which had previously received clearance. If it happens, that could lead to a another surge in prices as Chittagong yards step back into the market and stock up on tonnage, after remaining closed since il 21 on environmental grounds. Braemar Seascope Weekly Chartering Report 12

13 Jan Jan Jan Jan-11 Container Chartering 2/1/211 Containers Following the unsurprisingly slow period during last few weeks of 21, the container market has picked up significantly over the last seven days, allowing the Braemar Seascope Boxi to record the strongest weekly increase since e 21. Fixture activity is on the up across the board and many liner operators are continuing to actively put their feelers out with the aim to secure at least a 12 month period and lock in suitable tonnage off forward positions at current charter rates. The 2,5-2,8 teu sector has seen most interest this week with many lines jostling to position themselves to handle increasing trading volumes expected after Chinese New Year. It will be interesting to see what charter rate levels owners will be prepared to consider fixing respective forward positions, as certainly for now, the market does seem to play into the hands of owners. Interest in 3,-5, teu sector remains buoyant with a number of major lines closely monitoring positions expected to come open over the 1st half of this year and re-let opportunities seeing increased interest. Other than small gearless units, feeder sizes continue to attract many suitors with a number of strong fixtures concluded in the Far East and Mediterranean and yet another owner deciding to ballast across the Atlantic to benefit from the even higher rates available for intra US Gulf / Caribs trade. It remains to be seen whether this week's activity will be sustained in the run up to a traditionally slow Chinese New Year period and caution persists on the back of news that the Shanghai freight index continues to soften, but this week certainly allows a more positive outlook for 211. Vessel (Teu/Hmg) Gear Speed Knots Index + / - 51/285 Gearless /44 Gearless /415 Geared /65 Geared /715 Geared /925 Geared /115 Gearless /1125 Geared /13 Geared /16 Geared /19 Geared /2 Gearless /25 Gearless /28 Gearless Index Total The Box Index B O X i Braemar Seascope Weekly Chartering Report 13