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, 8 ust 213 Braemar Seascope ket Indicator Wet* Avg Avg YTD 212 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 AG/EAST TD3-3, 1, -5 11, 13, NHC WAFR/USAC TD5 14,5 8, 5,5 12, 8, NHC NSEA/CONT TD7 2,5 4, 6, 7,5 55, CLN AG/JAPAN TC5 4, 1,5 7,5 8,5 37, CLN CONT/USAC TC2 12,5 1, 13,5 1, 38, CLN CARIB/USAC TC3 14,5 16, 11,5 9,5 * All rates based on benchmark Baltic Exchange speed and consumption figures Dry Avg Avg YTD 212 Avg BDI 1,24 1, BCI 1,853 1,986 1,496 1,573 BPI 977 1, BSI Container Avg Avg YTD 212 Avg B O X i Financial Avg Avg YTD 212 Avg BRENT CRUDE US$/bbl IFO 38 ROTT US$/tonne YEN/US$ WON/US$ 11,117 1,127 1,174 1,123 US$/EURO All details given in good faith but without guarantee Deep Sea Tankers +44 () Dry Cargo Chartering +44 () Container Chartering +44 ()

2 Crude Chartering VLCC This has been another difficult week for VLCC owners with vessels in the AG. The lack of cargoes being fixed in the open market has left independent owners wondering where their next employment will come from. Although there have been an average number of fixtures, many have been covered on COA tonnage, which does not allow any market improvement and since the market is at a low point there is little hope of improvement. While AG/East has remained steady and is trading at 265kt x ws33.5, for the longer voyage to the West the freight rates have been further eroded to sub ws2. via Suez Canal. This coverage by COA tonnage means the market will be shackled to the bottom for the moment and the holidays in the Far East will do nothing to help the situation. Vessels in the East will be looking to ballast to West Africa for salvation, but the number of owners with the same idea will begin to erode this market as well. Despite West Africa showing some improved volume because of the stronger Suezmax market giving charterers opportunities to co-freight, freight rates have not drastically improved. 26kt x ws4. was fixed for USG and ws45. for UKC-Med discharge, while east levelled off at ws35.5. The influx of eastern ballasters means it will be difficult for these levels to improve unless a huge amount of Suezmax stem co-freighting takes place, which is quite unlikely. Indian charterers got busier out of West Africa, with three cargoes being covered this week. BPCL came into the market first off 7-8/9 dates and received up to seven offers comprising of both eastern ballasters and Atlantic ships, and were quickly on subs with a ballaster at US$2.975m. Reliance were next to come in off the 5th and took a KPC re-let out of the Continent at US$2.8m, which was US$175, below last done and was reflective of a weakening sentiment. IOC came in for their first requirement out of West Africa for the month of tember off dates, and received a similar response as BPCL. However, they had tonnage out of Durban competing for the business. IOC covered their requirement on a Tankers Intl re-let out of Durban at US$2.85m for EC India discharge. We expect to see more activity out of the region next week and we are assessing W Africa/WC India at US$2.9m and W Africa/EC India at US$3.15m. The 3 day availability index shows 74 VLCCs arriving at Fujairah, of which five are single hull, compared to 7 last month. So far for the month of ust, we have counted a total of 93 fixtures, so if we have another 2 fixtures for the month, we have almost three times as many available ships, about 6, which can make end month cancelling dates. The bunker price today is US$595/tonne, down US$1/tonne from last week. The freight rate for 28,mt AG/USG is ws22., same as last week. Owners' earnings are: Assuming one way (excludes any ballast) at 13knots laden, this equates to US$21,5/day (US$21,5/day last week) Round Trip Cape Laden (13knots)/Suez ballast (11knots) US$-3,8/day (US$-3,85/day last week) The freight rate for 27,mt Ras Tanura/Ulsan is ws33.5, down ws.5 points from last week, so owners' earnings are: Round Trip at 11knots ballast and 13knots laden: US$9,15/day (US$9,8/day last week) 8/8/213 Route Size Load Discharge Today s Assessment Last Week s Average TD1 28, Ras Tanura LOOP ws22. ws22. TD2 265, Ras Tanura Singapore ws35. ws35. TD3 265, Ras Tanura Chiba ws34. ws34. TD4 26, Bonny LOOP ws39. ws39. TD15 26, West Africa China ws35.5 ws36. VLCC AG Weekly Spot Fixtures by Volume Intended Discharge (1-7 ) Korea-Japan 23% India 7% Spore/Indo 3% Med/R.Sea 4% N.W.Europe 13% VLCC AG Monthly Spot Fixtures by Volume Final Destination (y 213) Short East 13% West 7% USA 14% China 36% Long East 8% Braemar Seascope Weekly Chartering Report 2

3 Crude Chartering 8/8/213 Suezmax The West Africa market was busier than anticipated, charterers struggling to create any deflationary momentum and control over sentiment. Despite this, come the weekend, there will likely be a few owners feeling they failed to make the most of the market, with several risking missing the boat, so to speak. Ws65. for USG was fixed alongside a ws7. UKC-Med option and this level has been established as the market equilibrium for the most part. Rates fluctuated around here for west options, with ws66. for USG, ws67.5 for USAC, ws7. for Brazil and ws76. for S Africa. Notably, what we did see this week was an increase in Indian chartering activity, with several cargoes fixing east. US$2.675m for Paradip on EC India was achieved early on, to be followed by a US$2.45m and US$2.5m for west coast discharges. There remain a couple of cargoes (including two still that are India-bound) in the market, with the position list looking a little looser than last week's. Fixing dates have crept into tember but we have not yet seen a proper influx of these early month cargoes. Those being fixed presently are predominantly Indian charterers who exhibit a tendency to fix a long way ahead, but with ships preparing to ballast down from a quiet UKC market, rates could come off next week. In the Mediterranean, we also saw a couple of east-bound cargoes to kick start the week, with US$2.3m to Chennai and US$3.5m to Thailand fixed. But the in general it took a while to heat up, with a short Algeria/Spain at ws75. failing to raise the cross-med rate from ws75.. Ws65. was fixed to Portugal and Spain on longer voyages, which did little to help the owners cause, being as they were below the UKC rate. Ws67.5 for UKC already looked to be a cheap rate, with a 7.5 point difference therefore between the cross-med and Med/UKC options on one cargo, whilst later on ws55. to the USG was fixed. These levels do seem healthy and remain fairly flat when compared to last week's fixing. This was largely supported by a Black Sea region that had hauled itself back over the ws6. mark. The ust stems are now almost entirely accounted for, but this did not hinder owners' efforts as an early 14kt x ws62.5 translated to ws65. through the week amidst reports that most owners were trying to push it even higher. One market that did nothing to support rates was the North Sea, where we saw a distinct dearth of cargoes. As ships build up on the Continent, charterers will anticipate a larger list of willing ballasters for West Africa cargoes which could bring rates down in both regions next week. Meanwhile, the AG continued to support the recently improved westbound levels, with 14kt x ws5. fixed to South Africa and 13kt x ws5. for Brazil a slight drop of 2.5 points from last week. The market continued to drop off to 13kt x ws4. for USG, while the adjacent westbound VLCCs also fell. Ultimately, a 14kt x ws35. for Spain looks to be indicative of downward momentum on these westbound runs. Looking east, levels remained healthy. Various fixtures to West India generated a little deviation in rates from those which we have been seeing of late. A 139kt x ws8. to Sikka and 124kt x ws82.5 to Vadinar compared favourably with last week's levels and ultimately a 95kt x ws125. for Kochi come the week end represents a reasonable inflation of rates. Route Size Load Discharge Today s Assessment Last Week s Average TD5 13, Bonny Philadelphia ws7. ws69. TD6 135, orossiysk usta ws67.5 ws , Mediterranean UK Cont ws67.5 ws , North Sea US Gulf ws52.5 ws , Ras Tanura South East Asia ws7. ws7. Suezmax WAFR Weekly Spot Fixtures by Volume Intended Discharge (1-7 ) S.America 5% India 1% USA 25% S.Africa 5% NW Europe 55% Suezmax Weekly Spot Fixtures by Volume Load Area (1-7 ) Carib/EC Mex 11% Black Sea 4% NW Europe 6% S America 6% USA 2% AG 11% W Africa 4% Med/Red Sea 2% Braemar Seascope Weekly Chartering Report 3

4 Crude Chartering 8/8/213 Aframax It has been a busy week for the Mediterranean and Black Sea. The focus for the week has been orientated around the strikes in Libya causing major loading issues and a backlog of tonnage waiting off the Libyan coast. Rates have remained stable and flat for both TD19 and Black Sea/UKC-Med, at 8kt x ws82.5. Looking into next week, we will see if the current North African issue will resolve itself or continue to pose a problem. In the Black Sea, the programme for 8kt appears to be very busy for the third decade; as these cargoes are worked next week we will see if they have any effect on current rates. Quiet beginnings for the Baltic and North Sea this week. The maintenance at Primorsk and subsequent four day gap in the loading programme has led to tonnage demand only for fuel oil enquiry. Subsequently, rates have slipped a little and 1kt Baltic/UKC is now at ws57.5. The North Sea has remained flat at 8kt x ws8.. Now that the Baltic maintenance has finished and third decade cargoes are worked, we expect activity to increase significantly. However, there little evidence to show that rates may rise. The USG/Caribs Aframax market started out the week with an abundance of activity all done under the sheets, leaving the market a bit surprised when Tuesday morning position lists rolled out. A shorter tonnage list, combined with increased volume of trans-atlantic & Caribs/Up cargoes, has enabled owners to push the market to 7kt x ws1.. Early positions with reliable itineraries are almost non-existent and those that fit the bill have high hopes of continuing the firming trend. Route Size Load Discharge Today s Assessment Last Week s Average TD7 8, Sullom Voe Wilhelmshaven ws8. ws8. TD8 8, Mina Al Ahmadi Singapore ws9. ws91.5 TD9 7, Puerto La Cruz Corpus Christi ws1. ws9. TD14 8, Seria Sydney ws79.5 ws79.5 TD17 1, Primorsk Wilhelmshaven ws57.5 ws59. TD19 8, Ceyhan Lavera ws82.5 ws82.5 Aframax (West of Suez) Weekly Spot Fixtures Intended Discharge Area (1-7 ) Med 42% Aframax (West of Suez) Weekly Spot Fixtures Load Area (1-7 ) Caribs 2% W.Africa 7% Baltic 17% India East 2% China 3% USA 5% W.Africa 7% N Africa/E Med 18% Med 12% Black Sea 18% NW Europe 41% UKC 26% Braemar Seascope Weekly Chartering Report 4

5 Jan Jan Jan Crude Tanker Summary Jan 8/8/213 TD Ras Tanura - Chiba TCE 5, 4, 3, 2, , -1, -2, TD Bonny - Philadelphia TCE 4, 3, 2, , -1, TD7-8 - Sullom Voe - Wilhelmshaven TCE 5, 4, 3, , 1, TD9-7 Puerto La Cruz- Corpus Christi TCE 55, 45, 35, , 15, 5, -5, Braemar Seascope Weekly Chartering Report 5

6 Jan Jan Jan Jan Jan Jan US$/day US$/day Projects 8/8/213 Time Charter Here comes the sun little darling, here comes the sun, and I say it's alright. Well, it s not alright actually. In fact, it is pretty average as far as the market is concerned and the sun is making it worse. Summer trading continues with a trans- Atlantic US trader operator fixing two Aframaxes for six months and 6-18 months, both around the US$13,5/day mark. Two MRs were fixed to an international agricultural products conglomerate for six months at US$13,8/day and US$13,25/day. A Handy was also fixed to an operator for nine months at US$12,55/day. Finally, a Taiwanese charterer continues to work its VLCC enquiry, terms first ideas in the mid/high teens for 12 months. Vessel Size Yard Built Period Rate (US$/day) Charterer Gulf Mist Handy Hyundai 27 9m 12,55 Navig8 Abu Dhabi Star MR STX 28 6m 13,25 Cargill Pacific Duchess MR Hyundai 29 6m 13,8 Cargill Eser K Aframax Hyundai m 13,3 Core Petroleum DHT Sophie Aframax Hyundai 23 6m 13,5 Core Petroleum 1 yr 3 yr 5 yr US$/day Handy 14, 13,75 15, MR 14,25 15, 16, LR1 15, 15,5 17, Panamax 13, 14,5 16,5 LR2 15, 16,75 18,25 Aframax 11, 13,5 16,75 Suezmax 15, 18, 22,5 VLCC 18, 21, 25, 6, 5, 1 Year Time Charter Rates Past 5 Years MR Aframax VLCC 25, 2, 1 Year Time Charter Rates Past 12 Months MR Aframax VLCC 4, 15, 3, 2, 1, 1, 5, Contact tanker.project@braemar.com London: Michael B. Friis / Mike Roberts / Vassilis Kolovos / Freddie Shepherd Braemar Seascope Weekly Chartering Report 6

7 Jan Jan CPP Chartering 8/8/213 Clean Products - East -fish, -ulence, -tering, -beds, -footed, -tery. The common prefix to all of those describes the current trend of the LR2s and MRs. Whilst there have been additional deals this week, there really is very little to comment on. LR1s, however, have seen at least a movement of almost ten points with a ws89. to Japan on subs by the end of the week. Not exactly time to get the bunting out yet, but merciful and welcomed by the owners. It really had to come after the amount of cargoes that had come into the market. Had we not seen any increase after that amount of activity, it really was time to give up. As it is, ten points don't amount to a whole hill o' beans. Confidence for the forward month of tember remains at just subs ws1. on the paper, so maybe there's more to come? Route Size Load Discharge Today s Assessment Last Week s Average TC1 75, Ras Tanura Yokohama ws7. ws69.5 TC5 55, Ras Tanura Yokohama ws9. ws86.5 TC4 3, Singapore Chiba ws15.5 ws15.5 TC12 35, WC India Japan ws93. ws93. TC Ras Tanura - Yokohama TCE TC Ras Tanura - Yokohama TCE 35, 25, , 2, 15, , 1, 5, 5, -5, -5, Braemar Seascope Weekly Chartering Report 7

8 Jan Jan CPP Chartering 8/8/213 Clean Products - West The phrase 'what goes up must come down' springs to mind when describing the MR market off the Continent this week. Rates for TC2, UKC/W Africa and UKC/S America voyages steadily softened for the first few days of this week, and then dramatically fell over the last day or two. Vessels are reported to be on subs for UKC/trans-Atlantic at 37kt x ws12., more than 25 points lower than reported last week. An increase of tonnage off the UKC as we move through the month and the lack of gasoline demand across the pond, as the east coast is well and truly stocked, with nearly 1m more barrels compared to this time last year, have certainly played a key role in pushing these rates down. LR activity has remained fairly quiet west of Suez, with a number of LR1 cargoes being fixed UKC/W Africa and Med/ West at slightly softer levels. UKC/trans-Atlantic and UKC/W Africa levels are now around the 6kt x ws level. It is the same story in the Mediterranean, with a lack of enquiry and a healthy tonnage list meaning rates have softened to ws basis 3kt for a cross-med voyage. A lack of fixtures mean it remains to be seen if a premium is there for a Black Sea/Med voyage and is pegged around this ws15. level as well. The smaller tonnage off the Continent has had a mixed week, with both Handies and flexies looking like rates were going to firm. However, this was not the case as Handies started the week for Baltic/UKC and cross-ukc voyages at 3kt x ws But a lack of enquiry has resulted in rates having now dropped to around the ws14. level. Flexies have stayed stable; despite a potential tightening of tonnage, the lack of enquiry has meant rates have held out around the ws basis 22kt for a cross-ukc voyage. The USG is still under downward pressure as activity remains low, meaning rates have dropped to around the ws9. level basis 38kt. However, if enquiry does not pick up it is likely that a number below ws9. for a TC14 will go on subs, if it has not done so already. Caribs/USAC voyages have not slipped to the same extent and have held stable over the week around 38kt x ws145.. Route Size Load Discharge Today s Assessment Last Week s Average TC2 37, Rotterdam New York ws12. ws143.5 TC3 38, Aruba New York ws145. ws145.5 TC6 3, Skikda Lavera ws15. ws152. TC Rotterdam - New York TCE TC Aruba - New York TCE 3, 2, , 3, 25, 2, , 15, 1, 5, Braemar Seascope Weekly Chartering Report 8

9 Jan Jan Jan Jan Jan US$/day BCI Dry Cargo Chartering 8/8/213 Capesize In our report one week ago, we suggested that it had been a week of gradual decline in the market, which had been reversed late on largely by more activity in the Pacific Basin, especially as far as Australian iron ore export was concerned. At that time the four route average stood at US$12,43/day. The Atlantic Basin has not, unfortunately, assisted in sustaining this reversal, and consequently the average has subsided to US$1,817/day today, despite sustained demand ex-west Australia prior to the commencement of holidays in Singapore. The week did witness the fixing of a 171, Dwt 1999 built Cape for short period at the rate of US$14,/day, but despite suggestions of the possibility of a settlement of the Drummond coal mine strike, sentiment in the Atlantic remains somewhat negative. That said, given the time of year, there is some reason for owners to be prudently optimistic for the balance of the year. The Baltic Capesize Index vs Atlantic & Pacific Earnings 125, 1, 1, Atlantic Pacific BCI 8, 75, 5, 25, 6, 4, 2, -25, Braemar Seascope Weekly Chartering Report 9

10 Jan Jan Jan Jan Jan US$/day BPI Dry Cargo Chartering 8/8/213 Panamax With national holidays in Singapore, the market has been particularly slow with rates easing further in all segments of the market. The EC S America grain market, which surprisingly held steady the past couple of weeks, has flattened out with both owners and charterers in a standoff. Few stems remain from this region and with the South America grain season coming to a close, rates are likely to come under pressure as vessels continue to ballast. North Pacific positions continued to struggle and owners are increasingly looking towards the USG market with many deciding to ballast in that direction for better returns. However, grain charterers have been silent this week following a brief bout of tonnage fixing for early-mid tember USG requirements. There is a growing interest for period tonnage from operators, with particular focus on fuel efficient Kamsarmax vessels for end of ust delivery in the Far East. Meaningful discussions have been slow to materialise with few owners willing to open discussions for period business. The Baltic Panamax Index vs Atlantic & Pacific Earnings 6, 6, 5, Atlantic Pacific BPI 5, 4, 4, 3, 3, 2, 2, 1, 1, Braemar Seascope Weekly Chartering Report 1

11 Jan Jan Jan Jan Jan US$/day BSI Dry Cargo Chartering 8/8/213 Handy/Handymax/Supramax Supramax and Handysize sectors have been steady this week in South East Asia and the Far East. We have seen a good level of cargo enquiry from Australia and USWC, however, rates for prompt vessels may weaken during the remainder of the week due to the holidays in Singapore. Charterers with NC S America orders have struggled this week, with very tight tonnage to contend with. The USG has remained firm, with a lack of tonnage coming open in the area as the main feature during the week as well. Steady Continent and West Africa markets have prevented vessels from ballasting into the area, keeping levels over the US$2,/day mark for a trip within the Atlantic. The Baltic Supramax Index vs Atlantic & Pacific Earnings 5, 5, 4, Atlantic Pacific BSI 4, 3, 3, 2, 2, 1, 1, Braemar Seascope Weekly Chartering Report 11

12 Asia / Australia ket News 8/8/213 Asia / Australia News China powers ahead in hidden tender for Australian brown coal millions A major Chinese power company is in line to receive grants under the AU$9m joint program to help fund ''precommercial'' demonstration projects using technology to upgrade brown coal in the Latrobe Valley, Victoria, to a higher standard, such as black coal, or convert it into oil or fertilisers. It is understood the firm is proposing a demonstration plant in the valley to process 3m tonnes of brown coal a year using technology it claims improves its quality and also makes briquettes. There are suggestions the coal could then be exported to China, initially out of Geelong. China seen speeding up infrastructure construction this year China's top economic planner on Sunday said construction on major infrastructure projects has been sped up and that efforts will continue to boost domestic demand and support economic growth this year. Projects underway include: A bridge linking Hong Kong, Zhuhai and Macao, a railway linking Nanjing in Jiangsu province and Hangzhou in Zhejiang province, a new airport in Beijing, eight subway projects with ten other big projects expected to begin in 2H 213. Authorities have also put some soon-to-be-started projects on track for earlier construction. The economy expanded 7.5% in the second quarter from a year earlier, down from 7.7% in the first quarter. Slower growth rates could jeopardize the government's 7.5% growth target for the year. Australian PWCS terminals ship 2.6m tonnes of coal to China in y Australia's Port Waratah Coal Services shipped 2.6m tonnes of coal to China in y, 25% of the record monthly throughput of 1.4m tonnes, despite the ongoing intermittent strikes. The increase in PWCS coal shipments to China has coincided with a steep decline in prices for high ash, 5,5 kcal/kg NAR thermal coal, a grade preferred by Chinese buyers, to mid-us$6/tonne FOB Newcastle. China was the destination for 25% of coal shipments from the PWCS terminals at Newcastle port in y, compared with 28% in e on a lower throughput figure of 9.24m tonnes. Moody s cuts steel outlook The dry bulk sector has been dealt a psychological blow after Moody s cut its outlook for the Asian steel industry to negative. Moody s estimates that steel demand in Asia will increase only by around 2-3% in the 12 months to e 214, significantly lower than the 16% compound annual growth rate between 2 and 21. Figures from the China Iron and Steel Association show that total inventory levels held by China s major steelmakers remain at historically high levels. The negative outlook reflects our expectation that Asian steel manufacturers will report historically low profits over the next 12 months, as demand for steel is expected to weaken in the second half of this year owing to destocking and slower economic growth, particularly in China. Indian iron ore imports unlikely to exceed 5-6m tonnes in fiscal Iron ore imports into India are unlikely to exceed 5-6m tonnes during the ongoing il 213-ch 214 fiscal year given the slowdown in the country's steel market and economy in general. A weak rupee (which has fallen nearly 1% against the US$ this year), has also weakened the case for growth in ore import volumes this fiscal year. So far this year we haven't seen any unusual pickup in iron ore import volumes. Availability of the commodity had improved in the southern state of Karnataka after the Indian Supreme Court overturned a mining ban there earlier this year. Demand for South African coal exports to remain strong past 24 Exports of South African coal are expected to remain strong into the future with continued interest from India and Asia for power stations currently under construction. However, much of this demand is expected to be for lower grades of coal, which could threaten domestic energy supply to state utilities. Coal exports provide a substantial source of foreign revenue for South Africa, with exports amounting to 75m tonnes in 212, of which 67.7m tonnes were exported through the 91m tonnes/year Richards Bay Coal Terminal (RBCT). Exports are mainly constrained by limited rail infrastructure to transport coal to RBCT. However, planned infrastructure upgrades to 85m tonnes/ year are aligned with demand requirements. China s three-year plan The Chinese government has revealed a plan to boost the domestic shipbuilding industry over the next three years starting with a halt to all new yard projects. Local authorities will be told to scrap applications to construct new plants, and existing yards will be expected to focus on high-tech, high-spec ships, which could include more offshore vessels, as well as LNG carriers. Chinese shipbuilding association Cansi said the combined profits of 8 major yards dropped 54% to US$584m in 1H 213. Chinese yards are not strong on innovation, while over-capacity persists, but yards should be confident as the potential in the domestic market remains relatively strong. Australian wheat cheapest Australian wheat came in cheapest at a tender from Iraq's state grain board which closed last night. The tender was to purchase wheat from the US, Canada or Australia. However with increasing demand from China and Indonesia, a price increase will be on the horizon for Australian wheat. Braemar Seascope Weekly Chartering Report 12

13 Jan Jan Jan Jan Jan Jan Container Chartering 8/8/213 Containers It is not uncommon at this time of year for rates to dip and true to form, on the back of another quiet week, our BOXi has continued its mild seasonal decline. Once again, though, this is more a reflection of the muted levels of activity rather than a symptom of something more concerning. Activity at the top end of the scale is practically dormant with, Post-Panamax tonnage coming open at the end of the summer seeing little in terms of firm enquiry although whilst many liner companies are currently in the process of contract renegotiations, this will undoubtedly change as they plan for the next wave of charter acquisitions in the latter stages of the year. The more liquid Panamax sector has taken another dent, with rates reflecting the seemingly never ending supply:demand imbalance that this sector struggles to shake off. The 2,8TEU revival does continue however as their increasing rates buck the trend of the 2,5TEU geared sector and the larger sizes. We can expect this to continue perhaps until the relative savings they offer either match or surpass those of the smaller capacity geared units, but there is certainly no guarantee as many of the once exclusively geared services become accustomed to life without the need for ships' cranes. One sector that is relatively busy is the 1,7s where we are currently seeing most lines of enquiry, albeit predominantly east of Suez and beyond. Rates are generally flat but with a number of forward requirements on the horizon, owners are generally holding firm rather than bowing to pressure from the lines looking to capitalise on today's levels. However, ust can be a very long month for owners with spot tonnage and the challenge of securing at least some preferably short term employment could have a temporary negative effect on their worth. However, owners with forward positions can afford to hold out for higher rates due to the increasing scarcity of quality tonnage. Vessel (TEU/HMG) Index + / - 77/44 TEU (GL) 17.5 k ,43/66 TEU (GL) 18 k Eco ,1/715 TEU (G) 19 k ,7/1,125 TEU (G) 19.5 k ,74/1,3 TEU (G) 2.5 k ,714/1,25 TEU (G) 19 k Bkk Max ,5/1,9 (G) 22 k ,8/2, TEU (GL) 22 k ,5/2,5 TEU (GL) 23 k ,25/2,8 TEU (GL) 24 k ,5/4,2 TEU (GL) 25 k ,5/4,8 (GL) 25 k Index Total The Box Index B O X i Braemar Seascope Weekly Chartering Report 13