WEEKLY MARKET REPORT December 14th, 2007 / Week 50

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1 TELEPHONE: ONE EXECUTIVE DRIVE TELEFAX: FORT LEE, NEW JERSEY WEEKLY MARKET REPORT December 14th, 2007 / Week 50 With the Holiday Season just around the corner, dry freight rates have moved sideways this week, and Sale and Purchase activity for bulk carriers has slowed somewhat. On the other hand, the crude tanker market kept moving significantly upwards and voyage rates for certain asset classes have started testing historical highs. Attention has started to be paid on last week's Single hull VLCC oil spill in S. Korea (a big destination for Single hulls). Besides the environmental impact, the debate is focused on the effect the accident will have on rates and values, especially since several Far East port jurisdictions had already stated they would accept Single-hull tankers after Will they re-consider after the fact, and if so, what would be the potential impact? Tanker conversion purchases continue. The double sided Aframaxes M/T "NEW ASSURANCE"/"NEW AMBER" (89,600 DWT/Built Kawasaki ) were sold to a Chinese buyer for conversion to bulk carriers and the double hull M/T "NORDMILLENNIUM" (301,429 DWT/Built Samho 2000) was sold for conversion to a FPSO. If you order a VLOC today in China you may get delivery in 2011/2012 and pay close to $140 mill. so the economics are still good for a conversion if you can get a fairly prompt conversion berth. A massive deal was completed by blank check company Energy Infrastructure Acquisition Corp. (EIAC) as they paid about $778 mill. in cash ($643 mill.) and shares ($135 mill.) for a fleet of 5 double hull + 4 single hull VLCC's with long term charters attached. The sellers will own about 40% of the public company as it moves forward. TANKERS: NORDMILLENIUM 301,429/00 - SAMHO - B&W 32,000 - COILED - IGS - SBT - COW - DH Sold for $122 mill. to undisclosed buyer (for conversion to FPSO). NOISELESS 143,750/92 - SAMSUNG - B&W 20,940 - COILED - IGS - SBT - COW - DH Sold for $48 mill. to undisclosed buyer. FUCSIA 115,482/03 - SANOYAS - B&W 18,420 - COILED - IGS - SBT - COW - DH Sold for $70.8 mill. to Greek buyer (Atlas). COMPASS MARITIME SERVICES, LLC * FORT LEE, NJ * USA Page 1

2 3 x SAMSUNG RESALES 115,000/08 - SAMSUNG - B&W 16,641 - COILED - IGS - SBT - COW - DH Sold for $77 mill. each to Greek buyer. YOUNG LADY 105,528/00 - SUMITOMO - SUL 16,314 - COILED - IGS - SBT - COW - DH Sold for $65 mill. to Greek buyer. PINK SANDS 93,891/93 NAMURA IMARI B&W 13,800 - COILED - IGS - SBT - COW - DH Sold for $47.3 mill. to Greek buyer (Ocean Freight). Sale includes 3 year t/c at $27,450/day. NEW ASSURANCE 89,618/87 - KAWASAKI - B&W 14,000 - COILED - IGS - SBT - COW - DS NEW AMBER 89,558/87 - KAWASAKI - B&W 14,000 - COILED - IGS - SBT - COW - DS Sold for $35.5 mill. en bloc to Chinese buyer (Sealink). POLAR 72,000/05 - HUDONG - B&W 16,642 - COILED - COATED - IGS - SBT - COW - DH Sold for $62 mill. to undisclosed buyer. DANUBIA 68,524/04 KOYO MIHARA - B&W 14,147 - COILED COATED - IGS - SBT - COW - DH Sold for $65 mill. to undisclosed buyer. NAVIG8 FAITH / NAVIG8 FIDELITY 46,700/08 - SUNGDONG - COILED - COATED - IMO 2/3 - DH Sold for $115 mill. en bloc to Greek buyer. KERLAZ 37,000/04 - HYUNDAI MIPO - B&W 12,900 - COILED - COATED - SBT - COW - IMO 3 - DH Sold for $42 mill. to undisclosed buyer. Sale includes bareboat for 3 years at $11,000/day. LPG HENNING MAERSK 23,267/94 - HYUNDAI - B&W 18,186-20,700 CBM Sold for $45 mill. to Danish buyer (Othello). SAMHO JEWELRY 19,924/01 - USUKI - B&W 8,362 - COILED - COATED - IMO 2/3 - DH - ST. STEEL Sold for $40 mill. to Norwegian KS buyer. Sale includes bareboat back for eight years at $12,000/day. STARLING 7,800/07 - YANGZHOU - DAIHATSU 3,394 - COILED - IMO 2 - DH Sold for $16 mill. to Far Eastern buyer. BULKERS: TEO 76,421/02 - TSUNEISHI - B&W 11,620-7HH Sold for $66 mill. to undisclosed buyer. Sale includes t/c until May 2010 at $25,500/day. DD MASTER 25,590/83 - BRAZIL - MAN 13,300-5HH - C 4X25T - 7,929 LDT Sold for $15 mill. to Indian buyer. DOROTHEA 22,025/84 - TOHOKU - B&W 7,550-4HH - C 4X25T - 5,506 LDT Sold for $17 mill. to undisclosed buyer. Sale includes t/c until 11/2008 at $19,000/day. APOLLO TUJUH 8,142/95 - HIGAKI - MITSUBISHI 4,200-2HH - C 1X30T, 2X25T Sold for $12.3 mill. to Korean buyer. COMPASS MARITIME SERVICES, LLC * FORT LEE, NJ * USA Page 2

3 TERRA 5,661/76 - U.K. - MIRRLEES 4,500-3HO 4HA - C 2X10T - 1,912 LDT Sold for $1.2 mill. to Turkish buyer. ORIENTAL PROFIT 4,749/86 KOCHI JYUKO - AKA 2,800-2HH - D 1X30, 2X15T Sold for $2.5 mill. to Indonesian buyer. LAURA HELENA / GARMO 4,260/93/94 - NETHERLANDS - MAK 2,991-1HH TEU Sold for euro $9.625 mill. to Turkish buyer. OBO: SACHUEST 98,358/86 - POLAND - SUL 20,400-9HH - DB Sold for region $34/35 mill. to undisclosed buyer. Sale includes balance of t/c untill 1st quarter 09 at a rate somewhere in the high $20 s per day NEW SHIPS FOR SALE: TANKERS: BRITISH ENVIROMENT / BRITISH EXCELLENCE 37,340/04/03 - HYUNDAI MIPO - B&W 12,870 - COILED - COATED - IGS - COW - IMO 3 - DH British Enviroment: Vessel ETA Fujairah 15th December to load for discharging Bandar Abbas. Thereafter will load in Al Jubail, where laycan 22nd 25th December. British Excellence: Vessel is loading in San Francisco between 13th 14th December for discharging in Chile. BULKERS: JOSCO TAIZHOU 55,000/05 - NANTONG - B&W 11,149-5HH - C 4X30.5T Vessel is currently in dry dock in Shanghai area. ADELAIDA 26,400/82 - U.K. - SUL 11,561-5HH - C 4X25T Vessel en route to China to discharge. Discharge ports would probably be Lanshan and/or Lianyuangang. COMPASS MARITIME SERVICES, LLC * FORT LEE, NJ * USA Page 3

4 NEWBUILDINGS NEWBUILDING STATISTICS TYPE OF SHIP * TOTAL ORDERBOOK ULCC/VLCC ( +4 ) SUEZMAX ( +2 ) AFRAMAX ( +2) PANAMAX ( 0 ) MR ( 0 ) 0-35,000 DWT ( 0 ) CAPESIZE ( 0 ) ,000 DWT ( -1 ) PANAMAX ( +21 ) SUPRAMAX ( +9 ) HANDYSIZE ( +6 ) * Includes ALL vessels on order NEWBUILDING CONTRACTS No. Size Type Yard Delivery Price (mill) Owners Comm. 2 x 105,000 dwt Tank HHI 2011 Abu Dhabi National Oil 2 x 73,500 dwt Prod SPP 2011 Overseas Shipholding 2 x 51,800 dwt Prod Treci Maj 2010 $54 Tankerska Plovida 2 x 45,800 dwt Prod SLS 2010/12 UACC ,000 dwt Prod 21 st Century 2010 Primera 1 x 225,000 dwt Bulk Namura 2012 $116 Daiici 1 x 225,000 dwt Bulk Namura 2012 $116 Mitsui 1 x 225,000 dwt Bulk Namura 2012 $116 Korea Line 4 x 180,000 dwt Bulk STX 2009/10 Avra Maritime 1 x 177,000 dwt Bulk Waigaoqiao 2010 Wah Kwong 2 x 115,000 dwt Bulk Jiangsu Eastern 2011 Arpeni 1 x 82,000 dwt Bulk Tsuneishi 2008 Thenamaris ,000 dwt Bulk C&Heavy 2009/10 Van-Clipper 2 x 75,000 dwt Bulk Jiangsu Rong Sheng 2010 Thenamaris 4 x 75,000 dwt Bulk Pipaviv 2012 Avgi 9 x 57,000 dwt Bulk Qingsham 2010 $50 Meadway Shpg. 2 x 55,000 dwt Bulk Jiantiao Shipyard 2008/9 $51 Arpeni 4 x 53,500 dwt Bulk Yangzhou Dayang 2009 $42 Meadway Shpg. 2 x 37,500 dwt Bulk Xingang 2011/12 Polish Steamship COMPASS MARITIME SERVICES, LLC * FORT LEE, NJ * USA Page 4

5 2 x 35,000 dwt Bulk Treci Maj 2011 $35 Tankerska Plovidba 4 x 32,000 dwt Bulk TK Shipbuilding 2009 Everlast 6 x 12,000 dwt Mpp Taizhou Sanfu 2010/11 Nordana Line 6+3 5,500 Teu Cont Romania C.P. Offen 2 x 2,500 Teu Cont COSCO 2010/11 Goldenport COMPASS MARITIME SERVICES, LLC * FORT LEE, NJ * USA Page 5

6 KEY INDICATORS INDICES RATE OF EXCHANGE BALTIC EXCHANGE RATES THIS WEEK LAST WEEK CHANGE $ / Won: Baltic Dry Index $ / Nok: Baltic Capesize Euro / $: Baltic Panamax Stlg / $: Baltic Supramax $ / Yen: Baltic Handysize LIBOR (3-mos) / 4.99% Crude - WTI $92.25 $ ,500 3,000 2,500 2,000 1,500 1, Jan Jul Jan-05 BALTIC TANKER INDICES 02-Jul Jan Jul-06 BDTI INDEX BCTI INDEX 02-Jan Jul-07 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2, Jun Oct Feb-05 ESTIMATED VALUES BALTIC DRY INDICES BDI BCI BPI BSI 01-Jun Oct Feb Jun Oct Feb Jun O ct-07 TANKERS NB PROMPT 12 MONTH 5 YEARS 10 YEARS 20 YEARS RESALE T/C VLCC 300,000 dwt $141.0m $145.0m $130.0m $106m (DH) $35.0m (SH) $52,500 PD Suezmax 150,000 dwt $88.0m $105.0m $96.0m $76.0m (DH) $25.0m $42,000 PD Aframax 105,000 dwt $69.0m $78.0m $67.0m $56.0m (DH) $17.0m (SH) $31,000 PD Panamax 70,000 dwt $63.0m $66.0m $57.0m $48.0m (DH) $14.0m $26,500 PD Product 47,000 dwt $52. 0m $58.0m $53.0m $43.0m (DH) $13.0m $23,000 PD BULK CARRIERS Capesize 170,000 dwt $94.0m $165.0m $145.0m $110.0m $64.0m $165,000 PD Panamax 74,000 dwt $52.0m $103.0m $88.0m $77.0m $42.0m $75,000 PD Supramax 52,000 dwt $45.0m $85.0m $75.0m $61.0m $39.0m $61,000 PD BUNKER PRICES FUEL GRADES ROTTERDAM FUJAIRAH PIRAEUS SINGAPORE 380cst: $ $ $ $ cst: $ $ $ $ MGO: $ $ $ $ COMPASS MARITIME SERVICES, LLC * FORT LEE, NJ * USA Page 6

7 DEMOLITION DEMOLITION STATISTICS TYPE OF SHIP THIS DATE 2007 THIS DATE TOTAL 2005 TOTAL ULCC/VLCC SUEZMAX AFRAMAX PANAMAX TANKER 5 (*4 pmax+1 post pmax) CAPE/COMBO (100,000 dwt +) PANAMAX BULKER *2 (*1 pmax+1 post pmax) ESTIMATED DEMOLITION PRICES LOCATION TANKERS 6-10,000 LT TANKERS 15-20,000 LT BULK CARRIERS CHINA SUB-CONTINENT DEMOLITION: No sales to report this week. COMPASS MARITIME SERVICES, LLC * FORT LEE, NJ * USA Page 7

8 COMPASS CONTACTS SALE & PURCHASE MOBILE PHONE NUMBER AOH Terry Chance Bart Lawrence Tom Linter Tom O Toole Tom Roberts Sophus Schanche PROJECTS & FINANCE Basil Karatzas ADMINISTRATION Joseph Kaufmann Very Truly Yours, COMPASS MARITIME SERVICES, LLC The information contained in this report has been obtained from various market sources. COMPASS MARITIME SERVICES (CMS) believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. CMS will not be held responsible for any action or failure to take action upon reliance on information contained in this report COMPASS MARITIME SERVICES, LLC All Rights Reserved COMPASS MARITIME SERVICES, LLC * FORT LEE, NJ * USA Page 8

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