Weekly Dry Bulk Report

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1 Week 46 -Shipbrokers and consultants since Weekly Dry Bulk Report Week 22 May 30th 2014 Capesize: Market continues to fall Panamax: BPI-TCA falling 9 per cent from last Friday CAPESIZE The Capesize market continued to fall this week with the BCI- 5TC ending at US$6 280/day, a 16 per cent drop from the end of last week. The C5 route is now fixing at US$4.45/mt, levels not seen since mid- April this year. low despite low vessel prices. Last done on a five year old vessel is reported at US$28.5 mill, values not seen since November 2002, reflecting the low earnings in the market. Newbuilding (resale) prices are expected to fall under the US$40 million mark in the coming weeks. In the Atlantic two vessels were reported fixed at US$8.50/mt from Brazil to China, levels not seen since December The market is still oversupplied of tonnage, putting a downward pressure on rates. Sentiment is negative amongst owners, and buying interest is L&S INDEX OF DRY BULK STOCKS* PANAMAX Dire was the word most used this week to describe the Panamax market as rates continued to fall. The BPI-TCA saw a 9 per cent fall from the end of last week ending at US$4 269/day. In the Pacific, charterers were was fixing at US$6.15/mt. The pace in the Atlantic was very slow with a number of vessels ballasting into the area facing ever decreasing rates. A vessel of dwt was rumored fixed from East Coast South America to the East at US$9 000/day plus a ballast bonus of US$ Period rates were also markedly lower with a vessel of dwt built 2009 from north China for 4/8 months at US$5650/ day. able to pick and choose which vessels to fix, basis delivery APS rates were equivalent to little *Basket of stocks for L&S Index includes: Golden Ocean Group Ltd., Western Bulk ASA, Scorpio Bulker s Inc., Paragon Shipping Inc., Diana Shipping Inc., DryShips Inc., Safe Bulkers Inc., and Star Bulk Carriers Corp. more than US$2 000/day basis DOP. Coal trips from Hay Point in East Coast Australia to East Coast of India were receiving US$7.65/mt. Coal trips from East Coast Australia to Qingdao 1

2 SUPRA/HANDYMAX The Supramax market dropped further this week, ending at US$5 570/day, a 6.7 per cent decrease from the end of last week. the Continent at US$4 500/day with pig iron. From the US Gulf, a Supramax was fixed to Spain at around US$7 500/day, according to the Baltic exchange. In the Pacific, an Ultramax vessel built 2015 was fixed delivery DOP Philippines to India at US$ 6000/day. Another Ultramax vessel was seen fixed at US$6 500/day DOP from West Coast India to China with bauxite. In the Atlantic a Handysize at dwt was fixed from Rio to The Baltic Exchange Dry Index Last Week This Week Trend Weekly Baltic Average BCI- TCA (US$/day) Softening Weekly Baltic Average BPI-TCA (US$/day) Softening Weekly Baltic Average BSI-TCA (US$/day) Softening Weekly Baltic Average BHI-TCA (US$/day) Softening Weekly BDI Average (US$/day) Softening FFA Last Week This Week Trend Calendar 16 BCI (US$/day) Softening Calendar 16 BPI (US$/day) Softening Calendar 16 BSI (US$/day) Softening 5TC+Q1 (Cape) (US$/day) Softening 5TC+Q2 (Cape) (US$/day) Softening 5TC+Q3 (Cape) (US$/day) Softening 5TC+Q4 (Cape) (US$/day) Softening Bunker Prices Last Week This Week Trend Rotterdam IFO 380 (US$/mt) Firming Rotterdam MGO (US$/mt) Firming Singapore IFO 380 (US$/mt) Firming Singapore MGO (US$/mt) Firming 2

3 Iron Ore Iron ore: Prices ending at US$47.80/mt, flat from last week Iron ore prices ended at US$47.80/mt this week and Chinese interest is still lacking. We saw imports fall by 12.3 per cent m-o-m; imports for the first ten months of the year are now million tons, a 0.5 per cent drop compared to last year. Chinese steel mills are still struggling, and production dropped by 3.1 per cent y-o-y in October, ending at million tons, while production for January to October ended at 675 million tons, a 2.2 per cent decline compared to the same period last year. Steel consumption has also dropped significantly by 5.7 per cent for the first ten months of the year. Prices are reflecting the lack of demand, with the Shanghai rebar delivery May currently trading at US$276/t, levels not seen since With slimming order books, working capital under pressure and a tighter credit market, mills are not able to keep steel stockpiles at the historical high levels. Coal Newcastle thermal coal prices have now dropped to US$50/ton for the first time. The weak Australian currency is in addition to falling production costs and a drop in demand from China, contributing to put prices under pressure. Chinese coal imports dropped 21 per cent m-o-m in October, while imports for the 10 first months of the year is down 30 per cent compared to last year. Grain s Wheat futures dropped to a three-week low on Tuesday as the government released a larger than expected wheat harvest forecast. Global corn and soybean production is according to the latest World Agricultural Supply and Demand Estimates also expected to be higher than previously expected. This contributed to put pressure on both corn and soybean prices. 3

4 4 -Shipbrokers and consultants since 1919-

5 Office Oslo Address Lorentzen & Stemoco AS Munkedamsveien 45, 0250 Oslo P.O. Box 2029 Vika, 0125 Oslo Norway Athens Lorentzen & Stemoco (Athens) Ltd Leof. Karamanli 25 Voula Athens, Greece Singapore Lorentzen & Stemoco Singapore Pte Ltd. 8 Eu Tong Sen Street, #21-98 Office 1 The Central Singapore Shanghai Lorentzen & Stemoco Shanghai Representative Office Room 2701, Shanghai Central Plaza 381 Huai Hai Zhong Road, Shanghai China New York Lorentzen & Stemoco AS (New York City) 8 East 41st St 8th Floor New York, NY United States of America +1(212) Disclaimer: The information contained within this report has been collected from a number of market sources and is given in good faith without guarantee, for information purposes only. Lorentzen & Stemoco and its affiliates, directors and employees are not liable or responsible for any consequences whatsoever occurring from errors or inaccuracy of the information contained within this report. 5

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