Shipping Intelligence Weekly

Transcription

1 Shipping Intelligence Weekly Issue No Jan-29 ISSN: ClarkSea Index $1, $,/day Jan-3 May-3 Sep-3 Jan-4 May-4 Sep-4 Jan-5 May-5 Sep-5 Jan-6 May-6 Sep-6 Jan-7 May-7 Sep-7 Jan-8 May-8 Sep-8 Highlights VLCC Market Despite tight tonnage lists sentiment is now with charterers...p.2 Suezmax Market A spate of mid-month enquiry did little to firm WAF rates...p.2 Aframax Market A busy start to next week is wanted to sustain Med-Med rates...p.2 Products Market An active week of fixing saw clean and dirty earnings firm....p.3 Capesize Market The Atlantic market is up, the Pacific remains low.....p.4 Panamax Market Period rates continue to track the FFA market.....p.4 Handymax Market Encouraging signs for the Atlantic, but the Pacific is still weak.....p.5 S & P Market Due to ongoing market uncertainty, no matrix of values has been provided this week. If you require valuations or would like to discuss specific issues, please contact Clarkson Valuations Limited...p.i Newbuilding The newbuilding market remains becalmed with little activity...p.1 Demolition The market remained active with prices holding steady....p.11 The Atlantic Market This Week Capesize: Firmer Panamax: Firmer Handy: Firmer Selection of ports covered by the various market sectors in this report The Pacific Market This Week Capesize: Firmer Panamax: Firmer Handy: Softer

2 Jan Crude Tanker Spot Earnings ($,'s/day) Mar VLCC Suezmax Aframax Jun Aug Oct Dec Feb Crude Tanker Spot Market Apr Jun Aug Oct Dec Crude Tanker Highlights VLCCs: Despite tonnage looking tight well into the second and third decades of February sentiment has somehow been catapulted into the charterers favour. Confidence appears to have waned and with holidays in the East next week we expect things to remain relatively quiet. Suezmaxes: A spate of mid-month enquiry did little to move rates in the WAF this week as an abundant supply of tonnage soaked up the cargoes. With no outstanding stems and the tonnage list relatively long on vessels, the outlook for next week does not look promising for owners especially with the VLCC list building from potential Eastern ballasters. Aframaxes: Owners will be hoping for a busy opening start to next week in order to avoid further falls in cross-med rates. Owners will no doubt be trying to hold onto treble figure rates in the Baltic as charterers move further into February dates. Average earnings remained steady w-o-w. VLCC Single WS 29 Average earnings $ per day VLCC Earnings Voyage... Jan 16 Jan Jan 16 Jan 23 This Week ,t Gulf - Europe ,85 73,294 5,455 6,524 52,741 WEAKER -13% 2 28,t Gulf - US Gulf * ,986 71,127 48,824 58,986 51,41 WEAKER -13% 2 265,t Gulf - Japan * ,691 13,836 66,116 83,285 6,55 WEAKER!! -28% 2 265,t Gulf - S.Korea * ,778,728 65,469 82,279 59,297 WEAKER!! -28% 2 27,t Gulf - Sing ,827 16,336 69,94 85,552 63,2 WEAKER!! -26% 2 28,t Gulf - Red Sea , ,71 82,3 17,219 17,451 STEADY % 2 26,t WAF - East * ,286 82,2 62,52 71,194 67,43 SOFTER -5% 2 26,t WAF - US Gulf * ,155 99,242 76,5 83,932 8,226 SOFTER -4% 2 28,t Med - UKC , ,256 95,822 13,32 99,583 SOFTER -4% 2 26,t WAF - WC India^ ,13 86,152 68,186 84,372 73,763 WEAKER -13% 2 VLCC Ave. Earnings * 54,979 91,39 63,792 75,935 63,64 WEAKER -16% ^ WAF - WC India route quoted in WS until 11-Aug-6; quoted as a lump-sum figure thereafter (in $ million). Suezmax Single WS 29 Average earnings $ per day Suezmax Earnings Voyage... Jan 16 Jan Jan 16 Jan 23 This Week ,t Gulf - S.China ,781 55,844 41,898 43,247 39,595 WEAKER -8% 4 13,t WAF - USAC * ,175 65,588 46,642 38,957 42,683 FIRMER 1% 4 13,t WAF - Med ,682 76,636 49,147 39,769 41,797 FIRM... 5% 4 13,t Med - Med * ,11 87,664 52,295 46,779 46,88 STEADY % 4 Suezmax Ave. Earnings * 44,142 76,626 49,468 42,868 44,782 FIRM... 4% Aframax Single WS 29 Average earnings $ per day Aframax Earnings Voyage... Jan 16 Jan Jan 16 Jan 23 This Week... 68,t Gulf - East * ,654 38,45 27,31 24,231 22,7 WEAKER -9% 68,t Med - Med * ,685 5,627 33,569 43,141 38,391 WEAKER -11% 68,t Med - USAC ,821 5,924 43,155 48,983 39,262 WEAKER -2% 68,t UKC - UKC * ,76 68,484 37,356 25,37 42,7 FIRMER 71% 68,t UKC - USAC ,733 5,584 43,313 38,94 41,43 FIRM... 6% 68,t UKC - Med ,762 4,355 29,949 23,693 34,162 FIRMER 44% 68,t Indo - Japan * ,493 38,514 27,151 21,324 18,92 WEAKER -11% 67,t Carib - US Gulf * ,455 36,93 28,244 17,661 18,625 FIRM... 5% 68,t Black Sea - Med * ,749 67,769 45,436 6,548 48,772 WEAKER -19% 6 Aframax Ave. Earnings * 33,124 49,922 33,178 31,991 31,58 STEADY -1% Note: In June 28, all tanker earnings since start 24 were re-evaluated on the basis of revised voyage calculations; "Earnings" are timecharter equivalents of spot freight rates (see footnote on page 4); */# Indicates constituent routes of "Average Earnings" for each sector since start 24. Clarkson Research Services Page 2 23-Jan-9

3 Product Tanker Spot Market Product Tanker Spot Earnings ($,'s/day) Dirty Clean - MR Clean - Handy Product Tanker Highlights Clean Products A busy week of fixing in the MEG saw rates forced upwards. LR2 rates on the MEG-Japan route inched up to WS83 w-o-w. Whilst rates remained fairly flat in the Med, rates on the Med-USAC route showed a little upward direction, rising WS5 w-o-w. Overall, average MR earnings firmed 9% w-o-w to $13,844/day and average Handy earnings firmed 4% w-o-w to $17,567/day. Next week is expected to be quieter with the Chinese New Year holidays Jan Mar Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Dirty Products It has been active week on the Panamaxes for UKC-Trans- Atlantic fixing but rates showed no movement. With a steady sentiment prevailing in the market this may prevail throughout next week with the holidays in the East. Overall, dirty products average earnings firmed 5% w-o-w to $23,38/day. Clean Product WS 29 Average earnings $ per day Clean Earnings Single Voyage... Jan 16 Jan Jan 16 Jan 23 This Week ,t Gulf - Japan ,74 41,36 21,361 19,853 2,995 FIRM... 6% 9 55,t Gulf - Japan ,194 34,854 17,868 15,836 16,78 FIRM... 6% 13 35,t Gulf - Japan * ,93 22,968 13,69 9,91 13,1 FIRMER 43% 13 35,t Gulf - E.Africa * ,41 31,952 2,916 19,659 2,67 FIRM... 5% 13 37,t UKC - USAC * ,81 24,669 16,197 11,727 16,875 FIRMER 44% 13 38,t Caribs - USAC * ,82 23,65 15,461 15,658 11,97 WEAKER -24% 13 3,t Sing - Japan * ,116 13,386 9,378 7,236 6,766 SOFTER -6% 14 3,t Med - USAC # ,231 22,865 18,748 16,283 17,184 FIRM... 6% 14 3,t Med - UKC # ,467 2,713 18,63 13,854 13,943 STEADY 1% 14 3,t Med - Med ,313 36,51 17,491 12,843 12,874 STEADY % 14 3,t Black Sea - Med ,571 29,75 2,297 16,2 15,137 SOFTER -7% 14 3,t Baltic - UKC # ,538 2,687 18,445 2,312 21,576 FIRM... 6% 14 3,t UKC - UKC New time-series 18,454 18,536 21,36 FIRMER 15% Clean 'MR' Ave. Earnings * 24,416 23,325 15,4 12,674 13,844 FIRMER 9% Clean 'Hdy' Ave. Earnings # 22,412 21,422 18,599 16,817 17,567 FIRM... 4% See footnote on page 2. Jun-8: Tees-Amsterdam replaced Tees-Dunkirk as featured UKC-UKC route. Dirty Product WS 29 Average earnings $ per day Dirty Earnings Single Voyage... Jan 16 Jan Jan 16 Jan 23 This Week ,t Med - US Gulf * ,196 36,955 27,87 23,58 23,91 STEADY % 12 55,t UKC - US Gulf * ,427 4,28 29,61 24,358 24,464 STEADY % 12 5,t Caribs - USAC * ,864 33,552 24,734 19,643 22,586 FIRMER 15% 12 45,t Med - UKC New time-series 21,561 17,51 16,247 SOFTER -7% Dirty Ave. Earnings * 31,162 36,845 27,381 22,353 23,38 FIRM... 5% VLCC Spot Monthly Fixture Record VLCC Spot Market Market Activity... Average No. Number Last This Week Aug Sep Oct Nov Dec 4 Wks Fixtures: Gulf-West UP BY... 2% Gulf-East/Japan UP BY... 87% Gulf-Red Sea #DIV/! #DIV/! Others UP BY... % Total Number of Fixtures UP BY... 43% Vessels due to arrive in Gulf ~ UP BY... 6% VLCC's Spot in Gulf ~ No UP BY... 5% Dwt 744 1, ,391 1,87 2, UP BY... 46% ~ As at the beginning of the month for historical data; for the next 4 weeks (vessels due) or this week (vessels spot) for current week's data. Clarkson Research Services Page 3 23-Jan-9

4 Jan Bulkcarrier Spot Earnings ($,'s/day) Mar Capesize Panamax Handymax Jun Aug Oct Dec Feb Apr Large Bulk Carrier Market Jun Bulkcarrier Highlights Capesize: The Cape market this week has seen sharp increases in both the paper and the Atlantic market but not in the Pacific. As tonnage has grown tight in the Atlantic we have seen the $3,/day mark reached for front haul. The Transatlantic round voyage market has also increased in activity somewhat. Average earnings rose by 28.3% w-o-w to $15,551/day. Panamax: The market has felt a touch perkier this week, but in absolute terms the improvement in rates had been negligible. Cape sentiment is probably behind the slight increase, as owners obtained better rates for trips to the East. In real terms however, the average of the four routes is still below running costs and the fundamentals remain depressing. Period rates continue to track the FFA market and, with much of Asia off next week, no drama is expected. Average earnings rose 21.4% w-o-w to $2,811/day. Handymax: Activity in the Atlantic picked up a little this week, but the Pacific remained quiet. Average trip earnings for a 52, dwt vessel were up by 18.5% to $4,813 /day. Capesize Single $ Per Ton Average Earnings $ Per Day Capesize Market Voyage... Jan 16 Jan Jan 16 Jan 23 This Week... Iron Ore Trades , Tubarao/Rotterdam ,412 15,639 12,765 13,923 16,915 FIRMER 21.5% , Tubarao/Japan 18m , ,961 22,465 23,572 32,463 FIRMER 37.7% , Tub/Beilun.Baoshan , ,512 22,28 23,496 32,124 FIRMER 36.7% , Dampier/Rotterdam ,713 68,162 7,885 7,635 8,276 FIRMER 8.4% , Dampier/Japan 18m ,26 15,72 15,416 13,348 16,872 FIRMER 26.4% , Dampier/Beilun.Bao ,28 98,8 13,955 12,647 15,42 FIRMER 21.8% , Saldanha/Beilun.Bao ,119 95,219 12,653 9,281 19,321 FIRMER 18.2% Coal Trades 16 15, Bolivar/Rotterdam ,395 14,891 14,419 15,147 18,87 FIRMER 19.4% 16 15, Hay Pt./Rotterdam ,14 61,96 7,659 8,432 8,93 FIRM % 16 15, R.Bay/Rotterdam ,188 63,533 6,63 5,4 6,712 FIRMER 24.3% 16 15, Indonesia/Rotterdam ,334 56,85 5,835 7,59 6,85 STEADY -3.% 16 15, Hay Pt./Japan 17m ,598 92,82 12,67 12,165 13,347 FIRMER 9.7% 16 Ave. Earnings, 1999/-built 111,38 97,699 12,215 12,121 15,551 FIRMER 28.3% 17 Ave. Earnings, 199/91-built 94,884 83,264 11,8 11,12 13,855 FIRMER 25.8% Note: Earnings on the Hay Pt./Japan coal route have been re-evaluated on the basis of a revised voyage calculation. Aug Oct Dec Panamax Single $ Per Ton Average Earnings $ Per Day Panamax Market Voyage... Jan 16 Jan Jan 16 Jan 23 This Week... Coal Trades 18 7, H.Rds/ARA ,653 53,367 5,73 4,327 3,929 WEAKER -9.2% 18 7, USGulf/ARA ,731 46,258 3,791 3,258 3,736 FIRMER 14.7% 18 7, Bolivar/ARA ,525 51,149 4,128 3,485 4,141 FIRMER 18.8% 18 7, Newcastle/Cont ,524 34,945 2,397 1,72 1,9 FIRMER 11.7% 18 7, Richards B./Rott ,936 39,658 3,32 1,49 2,914 FIRMER 95.5% 18 7, Roberts Bank/Japan ,527 45,221 3,578 2,424 2,61 FIRM % 18 7, Newcastle/Japan ,66 98,8 2,394 1,294 1,766 FIRMER 36.5% 18 55, Roberts Bank/Rott ,6 98,8 2,546 1,823 1,819 STEADY -.2% 18 7, Indonesia/Rotterdam ,472 34, -64-2,388-1,683 FIRMER 29.5% Grain Trade (Supramax) 19 49, USGulf/Japan(HSS)* ,323 56,84 7,276 7,617 7,422 STEADY -2.6% 18 Ave. Earnings, 1997/98-built 49,35 43,323 3,331 2,315 2,811 FIRMER 21.4% 19/2 Ave. Earnings, 198's-built 45,828 39,673 1, ,494 FIRMER 52.3% *This route replaces the Panamax grain routes, which are no longer reported and are not included in average earnings from start 27 onwards. "Average Earnings" are timecharter equivalents of spot freight rates, excluding waiting time off-hire etc., for standard routes/ships, for which see the "Sources & Methods" document on our website, "SIN 25" ( Standard Ships are indicated by the figures on the left, e.g. Modern Capesize = Standard Ship no.13. Clarkson Research Services Page 4 23-Jan-9

5 Tripcharter Market, Freight Futures, & Bunkers Panamax Average Earnings $ Per Day Panamax Market Tripcharter Dec 26 Jan 2 Jan 9 Jan 16 Jan 23 This Week... Cont/Far East 62,15 63,5 8,938 9, 9, 8,75 8,5 9,5 FIRMER 11.8% TransPacific R/V 54,98 43,48 2,63 3, 3, 1,75 1,5 2, FIRMER 33.3% Far East/Cont 51,782 35,673 1,438 2,5 2,5 1,25 1, 1, STEADY.% TransAtlantic R/V 58,894 53,779 4,75 4,25 4,25 5,5 4,75 4,5 SOFTER -5.3% Average Panamax Earnings 56,99 48,876 4,297 4,688 4,688 4,313 3,938 4,25 FIRM % Clarkson P'max Trip Index FIRM % *Rates are for a Panamax vessel based on the Baltic standard BPI vessel. Handymax Average Earnings $ Per Day Handymax Market Tripcharter * Dec 26 Jan 2 Jan 9 Jan 16 Jan 23 This Week... Cont/Far East 49,43 51,75 5,563 6, 6, 5,25 5, 6, FIRMER 2.% TransPacific R/V 44,675 35,94 3,625 4, 4, 3,5 3,5 3,5 STEADY.% Far East/Cont 44,563 31,317 3,75 4, 4, 3,75 3,75 3,5 SOFTER -6.7% TransAtlantic R/V 51,66 46,214 4,688 4,5 4,5 4, 4, 6,25 FIRMER 56.3% Average Earnings 52, dwt 47,582 41,113 4,46 4,625 4,625 4,125 4,63 4,813 FIRMER 18.5% Average Earnings 45, dwt 42,583 36,245 3,797 4, 4, 3,5 3,438 4,25 FIRMER 23.6% Clarkson Handymax Index FIRMER 18.5% * 52, dwt "Supramax" unless stated Baltic Freight Indices BPI BCI BSI BDI 12, Baltic Panamax Index Trends 17-Dec Dec , 8, Dec Dec , Dec Dec Jan Jan 6-Jan Jan , 2, Week No. 9-Jan Jan Jan Jan FFA Indications at close.. 22-Jan 14-Jan Basis Closing Mid Price 15-Jan Index Jan-9 Q1-9 Cal '9 16-Jan BPI 1A TransAtlantic R/V, $/day 4, Jan BPI 2A USGulf/Far East, $/day 8,977 8,5 2-Jan BPI 3A TransPacific R/V, $/day 1,935 2, 21-Jan BCI 7 Bolivar/Rott $/ton Jan BCI 4 R.Bay/Rott $/ton Max Value Cape TC Average $/day 16,671 17,5 21,625 Min Value P'max TC Average $/day 4,89 6,375 11,25 Avg Value S'max TC Average $/day 4,562 6, 8,875 Regional Bunker MDO 38cst Bunkers Markets... Avg. To date Jan Jan Avg, To date Jan Jan This Week (38cst) Rotterdam LOWER -2.3% Genoa LOWER -3.4% Philadelphia STEADY.% Houston HIGHER.2% Cristobal HIGHER 9.5% Los Angeles LOWER -1.8% Japan STEADY.% Singapore HIGHER 1.2% Fujairah LOWER -1.2% Clarkson Research Services Page 5 23-Jan-9

6 Gas & Chemical Markets LPG Average LPG Market Market Nov Dec 23 Jan Trends Voyage Rates ($/mt) 44/46K mt Gulf/Jap* WEAKER. -9% T/C Equivalent, $/day 82,m³ modern + 31,398 22,916 9,411 7,48 4,438 WEAKER! -41% 78,m³ modern 23,19 22,23 9, 7,233 4,274 WEAKER! -41% 12 mths T/C, $/day 82,m³ modern + 24,288 22,945 22,562 2,877 2,22 SOFTER... -3% 78,m³ modern 25,455 22,3 22,69 2,57 19,891 SOFTER... -3% 59,m³ modern" 32,27 29,858 26,877 25,28 24,329 STEADY... -3% 54,m³# 26,395 22,613 16,644 14,959 14,63 STEADY... -2% 35,m³ 3,677 28,347 26,59 24,247 22,357 SOFTER... -8% 24,m³ 28,483 27,314 23,548 22,85 21,699 SOFTER... -5% 22,m³ Semi-Ref + 29,836 3,4 29,713 27,74 26,795 SOFTER... -3% 15,m³ Semi-Ref 23,684 23,27 23,384 21,329 2,22 SOFTER... -5% 8,25m³ Ethylene 2,885 21,143 2,713 19,562 18,576 SOFTER... -5% 3,5m³ Pressure (East) 7,846 7,957 6,94 6,575 6,247 SOFTER... -5% 3,2m³ Semi-Ref 1,489 1,88 9,781 9,165 8,548 SOFTER... -7% 28 LPG Charter Rates, $'/month * 44K mt for 78K vessel/46k mt for 82K vessel. + Annual data is for end-27. " 57,m³ till end 27. #52,m³ till end 27. There was a little more activity this week but spot rates continued to languish around last month s levels, though a premium remains for freight requirements in the West. Hopes for improvement were dimmed by Saudi Aramco s nomination results for February which in some cases were later than requested or involved cutbacks, Chemicals Average 28 Chem Market Chemical Freight Rates, $/mt Markets Nov Dec 23 Jan Trends 15 Voyage Rates ($/mt) 1, Gulf/WCIndia WEAKER. -15% 95 15,* Gulf/MPFE STEADY... -3% 85 15,* Gulf/Med SOFTER... -4% 5, Rott/Houston STEADY... % 75 1, Rott/Houston STEADY... -2% 1, ~ Rott/MPFE SOFTER... -4% 65 2, ~ Rott/MPFE SOFTER... -6% 55 3, Rott/MPFE SOFTER... -6% 5, Rott/MPFE WEAKER. -8% 45 basis Rott/Far E. 2, ~ Houston/Rott SOFTER... -5% 35 5,mt 3, Houston/Rott SOFTER... -5% Easychem 5, Houston/Rott SOFTER... -7% 25 2, ~ Houston/MPFE SOFTER... -4% 5, Houston/MPFE SOFTER... -5% 1, Houston/MPFE SOFTER... -5% Easychems except for: * Chemicals. ~ Stainless Steel. MPFE= Main Port Far East Rates this week have softened slightly on the whole. Routes to Asia saw small decreases owing to weakening demand from the Far East in the run up to Chinese New Year. In particular the Gulf to West Coast India voyage rate lost 14.6% w-o-w to stand at $22./mt. An influx of deepsea shipments and Houston/Far E. Feb-3 Aug-3 Feb-4 Aug-4 Feb-5 Aug-5 Feb-6 Aug-6 Feb-7 Aug-7 Feb-8 Aug-8 Clarkson Research Services Page 6 23-Jan-9 1,8 1,6 1,4 1,2 1, weakening demand have pushed Asia s propylene prices lower by around $2-35/mt. Around 35,mt of propylene is expected to be delivered by the end of March mainly from European and American sources. The northwest European methanol market is reportedly stronger this week after a rumoured time swap trade 78,m³, 1 Yr t/c 78m³ TCE, Gulf - Japan Jan-7 Mar-7 Apr-7 Jun-7 Jul-7 Aug-7 Oct-7 Nov-7 Dec-7 Feb-8 Mar-8 May-8 Jun-8 Jul-8 Sep-8 Oct-8 Nov-8 Jan-9 and in others cargoes were switched from Ras Tanura to Yanbu. This was likely to have reflected recently advised reductions in Saudi February LPG production, however with the continuing length in the VLGC fleet in the East, there appeared to be little concern over re-scheduling. Recent arbitrage activity gave reason for optimism but so far only a few shipments have been booked from the West to SE Asia and the Far East, and have not been sufficient to improve conditions. Looking ahead to next week, the combination of Chinese New Year holidays and new contract prices for February are expected to dampen any trading and chartering endeavour. whereby BP bought January methanol at Eur97/mt and sold February Eur12/mt. However, the NWE market is by no means liquid and although the trade is a positive sign, this is not a totally accurate reflection of the market at the current time.

7 Jan-5 Apr-5 Jul-5 Liner Market Rates ($,'s/day) Oct-5 Jan-6 Apr-6 Jul-6 Oct-6 Jan-7 Liner & Offshore Markets Apr-7 1,7 teu FCC 725 teu FCC 1, teu FCC 17, dwt MPP Jul-7 Oct-7 Jan-8 Apr-8 Jul-8 Oct-8 Liner Market News OOCL have released a provisional version of their 28 results, which largely reflect events in the wider industry. For the full year revenues grew by 15% to reach $5.9 billion, but in the fourth quarter of 28 revenues declined by 1.3% yearon-year to hit $1.38 billion. Container volumes carried by the Hong Kong-based operator have followed a similar pattern, with full year volumes growing by 5.1% on the previous year to hit 4.8 million TEU, while the fourth quarter saw volumes fall by 3.9% y-o-y to hit 1.1 million TEU. As might be expected, carried volumes fell particularly sharply on the Transpacific trade, with OOCL s fourth quarter volumes on that trade down by 8.8% year-on-year to hit.3 million TEU. The port of Antwerp has announced that over full year 28, it handled 8.66 million TEU. Throughput over the past year was 6% higher than container activity in 27. Container / MPP / Average 28 Liner Markets... Short Sea Markets Oct Nov Dec Jan Trends * Container Vessels ($/Day) Feedermax, 725 teu grd. 12,775 9,817 9,54 7,563 6,5 5,6 4,2 4,2 WEAKER!! % Handy, 1, teu grd. 17,7 12,35 12,5 1,346 7, 6, 4,8 4,8 WEAKER!! % Handy, 1,7 teu grd. 27,146 17,79 16,613 14,18 8, 7, 6,2 6,2 WEAKER!! % Sub-P'max, 2, teu g'less 28,75 18,392 19,696 16,313 9,5 7,5 6,75 6,75 WEAKER!! % Sub-P'max, 2,75 teu g'less 34,813 22,646 26,292 21,958 12,5 1,5 9, 9, WEAKER!! % Panamax, 3,5 teu g'less 38,427 26,583 29,958 26,125 17,5 15,5 11, 11, WEAKER!! % MPP Tonnage ($/Day) 17, dwt, grd. 1 yr. t/c (liner) 14,983 12,83 14,792 17,792 1,5 9,5 9, 8, WEAKER!! % 9, dwt, 1 yr. t/c (liner) 12,213 1,192 1,78 11,75 8, 8, 7,5 6,5 WEAKER!! % European Short Sea 3,dwt($/t) ECUK/ARAG - N.Spain WEAKER % French Bay - ECUK WEAKER % Lower Baltic - ARAG WEAKER % UK/ARAG - W.Med SOFTER... -7% W.Med - UK/ARAG SOFTER... -6% *3 mth trend for Container + MPP markets, Change since previous month for Short Sea. See for Short Sea market report Offshore Vessel Average 28 Offshore Market Market Oct Nov Dec 23 Jan This Month AHTS 7-12, Bhp 15,927 4,76 34,122 24,66 39,775 3,344 24,758 14,25 WEAKER!! % AHTS 12,+ Bhp 25,72 55,935 51,559 51, ,63 75,176 51,551 37,333 WEAKER!! % PSV < 3, Dwt 13,593 22,17 21,61 15,535 3,984 21,661 16,25 1,5 WEAKER!! % PSV > 3, Dwt 17,168 26,119 26,74 19,855 31,495 25,91 21,379 14,576 WEAKER!! % Note: Rates are based on the averages of reported fixtures in the North Sea in /day, supplied by One Offshore UK Ltd. Offshore Fleet No. Vessels, end AHTS Freight Rates,/day & Orderbook Dec-8 15 AHTS >12,Bhp Fleet:* 125 Anchor Handling Tug/Supply 2,18 2,129 2,26 2,26 3-week moving PSV/Supply 1,646 1,722 1,825 1,825 Crew/Workboat Orderbook: Other Types Anchor Handling Tug/Supply 1, , , , All Offshore Vessels PSV/Supply 5, , , , Crew/Workboat Other Types All Offshore Vessels ,6 * As of 1st February 26, our coverage of the offshore fleet has been expanded. Clarkson Research Services Page 7 23-Jan-9 Jan-5 May-5 Sep-5 Jan-6 May-6 Sep-6 Jan-7 May-7 Sep-7 Jan-8 May-8 Sep-8

8 Secondhand Prices Oil Tanker End Year, $m Asset Play in Focus Prices Oct 31, dwt d/h * Resale , dwt d/h 5 yrs , dwt d/h 1 yrs , dwt s/h 15 yrs , dwt d/h " Resale , dwt d/h 5 yrs , dwt d/h 1 yrs , dwt d/h Resale , dwt d/h # 5 yrs k dwt d/h 1 yrs k dwt d/h ^ 15 yrs New timeseries 7, dwt d/h 5 yrs , dwt d/h 1 yrs , dwt s/h 2 yrs , dwt d/h ~ 5 yrs , dwt d/h 1 yrs , dwt d/h 15 yrs , dwt s/h 2 yrs , dwt d/h 5 yrs , dwt d/h 1 yrs y-o Tanker Index month Change 17% 6% 7% Before Mar-8: *3k dwt "15k dwt #95-97k dwt ^86k dwt s/h ~45k dwt 35k dwt Bulkcarrier End Year, $m Prices Oct 17, dwt 5 yrs , dwt 1 yrs , dwt 15 yrs , dwt * 2 yrs , dwt 5 yrs , dwt 1 yrs , dwt 15 yrs , dwt 2 yrs , dwt 3 yrs , dwt 5 yrs , dwt 1 yrs , dwt 15 yrs , dwt 2 yrs , dwt 5 yrs , dwt 1 yrs , dwt 15 yrs , dwt 2 yrs y-o Bulker Index month Change -4% 34% 77% Before Oct-5: *12-13k dwt Container & End Year, $m Ro-Ro Prices Oct 3,5 teu 1 yrs ,7 teu 1 yrs teu 1 yrs y-o Container Index Ro-Ro 2,5 lm* 1 yrs Ro-Ro 1,25 lm* 1 yrs If you require a valuation or would like to discuss, please contact Clarkson Valuations Limited. If you require a valuation or would like to discuss, please contact Clarkson Valuations Limited. If you require a valuation or would like to discuss, please contact Clarkson Valuations Limited. *Ro-Ro prices in euros, historical data converted using historical exchange rates Clarkson End Year, $m Index Oct ALL VESSELS SOFTER... -6% Long Term Price Trends The 3 month trend is the average of the last three months over the previous three months. All bulk indices have been re-based to start 2 =. Clarkson Research Services Page 8 23-Jan Oct '98 4% 35% 3% 25% 2% 15% 1% 5% % -5% -1% 9% 7% 5% 3% 1% -1% -3% Index, Start 2 = Oct '99 Oct ' Oct '1 Bulkers Tankers Oct '2 Oct '3 Oct '4 Oct '5 Oct '6 Short Term Tanker Trends % Year on Year 5-year-old Tanker Price Index Percentage Change Year-On-Year Oct Oct Oct '5 Jan '6 Apr '6 Jul '6 Oct '6 Jan Apr Jul Oct Jan Apr Jul Oct Short Term Bulk Trends % Year on Year 5-year-old Bulker Price Index Percentage Change Year-On-Year Oct '5 Jan '6 Apr '6 Jul '6 Oct '6 Jan Apr Jul Oct Jan Apr Jul Oct

9 7, 6,5 6, 5,5 5, 4,5 4, 3,5 3, 2,5 2, 1,5 1, 5 $m. Sales Volumes & Values Value Volume Jan-4 May-4 Sep-4 Jan-5 May-5 Sep-5 Jan-6 May-6 Sep-6 Jan-7 May-7 Sep-7 Jan-8 May-8 Sep-8 Tanker Y-t-d Dec Sales* Type: VLCC Suezmax 3 4 Aframax Handy/Pmax Total No. Sales Total DWT (,) 26,144 2,194 1,27 Total Value ($ m) 11, Revised: Suezmax = 12-2k dwt, Aframax = 8-12k dwt Bulker Y-t-d Dec Sales* Type: Capesize 39 1 Panamax Handymax Handysize Total No. Sales Total DWT (,) 2,376 1,556 1,17 Total Value ($ m) 13, Other Y-t-d Dec Sales Total No. Sales Total dwt (,s) 7, Total Value ($ m) 11, Total Y-t-d Dec Sales Buyers: Greece Norway 58 7 Germany 1 China P.R UK South Korea 32 Total No. Sales 1, Total Dwt (,) 53,853 3,843 2,187 Total Value ($m.) 36,13 1, Average $/Dwt Sale & Purchase Market No Secondhand Prices * Due to the market turbulence and an increasingly complex sale and purchase market, no secondhand price updates have been provided this week. If you require a valuation or would like to discuss, please contact Clarkson Valuations Limited. Tankers: A Norwegian KS fund called Tailwind has acquired and leased back on bareboat the following three Suezmax shuttle tankers from Knutsen OAS Shipping. The vessels in question are the SALLIE KNUTSEN and KAREN KNUTSEN (both about 153,617 dwt, built Hyundai H.I. 1999) and the GERD KNUTSEN (about 146,273 dwt, built Harland & Wolff 1996). The purchase price is $218m ($75m, $75m and $68m respectively) and we believe the bareboat period is 6 years although we are unsure at this point in time as to the rate. TVK Shipyard of Turkey have sold two of their chemical tankers (about 15,267 dwt, built 29, IMO II) to a German operator called Carl Buttner basis delivery first half of this year there are unconfirmed reports that the ships fetched $23m each. Dry Cargo: Despite the onset of the Chinese New Year and the depressed state of the freight market, it has been a busy week in sale and purchase with a high level of enquiry matched by an impressive number of sales of both modern and overage tonnage. Two 26,8 dwt Handysize newbuilding resales at Zhejiang Zhenghe Shipyard for delivery in January and March 29 have been sold this week to an undisclosed Italian buyer. The vessels are to be named mv ELLIOT ACONCAGUA and mv ELLIOT AVON and have fetched a price of $4m en-bloc. Clients of Pacific Basin have sold mv WILLOW POINT (about 28,492 dwt, built 21 Imabari, C4X3T) to an undisclosed buyer for $18.3m with a timecharter back for approximately 1 year at a market related rate. The Japanese controlled mv PLEASE PLEASE ME (about 28,522 dwt, built 1994 Kanda, C4X3T) has been sold to European interests for $9.3m with a charter free delivery. The sale of the Korea Line controlled mv GLOBAL SPIRIT, a 58, dwt newbuilding resale at Tsuneishi Cebu (C4X3T) for delivery June 29 at $33.75m has now failed and the vessel is back in the market looking for a similar level. On older tonnage, clients of Ocean Freighters have sold two vessels this week, the Panamax mv PONTODROMON (about 64,975 dwt, built 1986 Hitachi Zosen) for $5.75m and Handymax mv PONTOMEDON (about 37,596 dwt, built 1985 Hitachi Zosen, C4X25T) for $5.1m. Both vessels will be giving a charter-free delivery to different buyers in the forthcoming months. Lastly, the Precious Shipping controlled mv SUKARAWAN NAREE (about 25,729 dwt, built 1985 Imabari, C3X3T, D1X25T) has been sold to Egyptian buyers for $3.35m with a charter free delivery. Baltic Sale & Purchase Assessments (weekly) (Based on max. 5-year old vessels, as published by the Baltic Exchange) As of 19th January 29. VLCC (35, DWT): Aframax (15, DWT): MR Product tanker (45, DWT): Capesize (172, DWT): Panamax (74, DWT): Super Handy (52, DWT): ALL DATA AND INFORMATION IN THIS REPORT ARE AS REPORTED UP TO NOON ON THE DATE OF PUBLICATION * Includes vessels over 1, dwt only. Sales of bulk vessels under 1, dwt and of non-bulk vessels are included in "Other Sales". $97.889m $53.982m $38.49m $44.338m $28.2m $24.558m Note: H. Clarkson brokers did not contribute to the above Baltic Sale & Purchase Assessment rates. Clarkson Research Services i 23-Jan-9

10 Recent Ship Sales by Vessel Type Vessel Type Vessel name Dwt/Unit Blt. Yard Date Price $m. Buyers Tanker D/Hull Karen Knutsen* 154, 1999 Hyundai H.I. 22-Jan inctcb 218 Clients of Tailwind Tanker D/Hull Sallie Knutsen* 153, Hyundai H.I. 22-Jan inctcb # Clients of Tailwind Tanker D/Hull Gerd Knutsen* 146, Harland & Wolff 22-Jan inctcb # Clients of Tailwind Tanker S/Skin Grand Pacific 263, I.H.I. 14-Jan dely FEB/9 28 Malaysian interests Tanker S/Skin Vilyuysk 17, Rauma-Repola OY 14-Jan 3 Undisclosed interests Tanker D/Hull Pacific Fantasy* 115, Sasebo H.I. 8-Jan 62 Clients of GNMTC Tanker D/Hull Pacific Delight* 115, Sasebo H.I. 8-Jan 62 # Clients of GNMTC Tanker D/Hull Seasprite 147, Samsung H.I. 8-Jan 56.7 Clients of NATS Tanker S/Skin Katori 259, Sasebo H.I. 31-Dec undisclosed Undisclosed interests Tanker D/Hull Spike* 114, Samsung H.I. 23-Dec 315 Clients of GNMTC Tanker D/Hull Show* 113,5 27 Samsung H.I. 23-Dec # Clients of GNMTC Tanker D/Hull Wind* 116,39 28 Samsung H.I. 23-Dec # Clients of GNMTC Tanker D/Hull Peak* 115, Samsung H.I. 23-Dec # Clients of GNMTC TankChem IMO II N/B RESALE HULL 4* 15, TVK Shipyard 21-Jan 23 Clients of Carl Buttner TankChem IMO II N/B RESALE HULL 5* 15, TVK Shipyard 21-Jan 23 Clients of Carl Buttner TankChem IMO III Azur 2, Den. Endustrisi 2-Jan 6.5 Undisclosed interests Ro-Ro 3,742 m.lane Caribe Merchant 9, Frederikshavn 14-Jan As Is 8 Algerian interests Ro-Ro 1,497 m.lane Canarias Express 7, Frederikshavn 14-Jan 2.4 Turkish interests Offshore AHTS Rem Odin 3,6 28 Kleven Verft 15-Jan undisclosed Undisclosed interests Offshore AHTS Dea Skipper 1, H. H. Bodewes 8-Jan 1.75 Undisclosed interests Offshore AHTS Sealink Maju Sealink Sdn. Bhd. 8-Jan 8.54 Undisclosed interests Offshore Supply Buntentor 1, Gutehoffnungs. 16-Dec undisclosed Undisclosed interests Offshore Supply Cavalcade Halter Marine 16-Dec undisclosed Undisclosed interests Offshore Supply Gulf Fleet No Hudson S.B. 16-Dec undisclosed Undisclosed interests Dry MPP 543 teu. Gihock 8, Heinrich Brand 15-Jan undisclosed Undisclosed interests Dry MPP 278 teu. Bagdad 3, Werft Nobiskrug 8-Jan 1.35 Middle Eastern interests Dry MPP 642 teu. Trubezh 17, Kv. Warnowwerft 8-Jan undisclosed Undisclosed interests Dry MPP 816 teu. Rickmers Dubai 22, Hitachi Zosen 22-Dec dely JAN/9 2.8 Chinese interests Container 884 teu. Bao Rui 16, Neptun Rostock 8-Jan 2.25 Undisclosed interests Container 1,74 teu. Viking Merlin* 23,58 26 Guangzhou Wenchong 17-Dec 18.4 # Clients of Hansa Treuhand Container 1,74 teu. Viking Osprey* 23,58 26 Guangzhou Wenchong 17-Dec 18.5 # Clients of Hansa Treuhand Car C'rier 43 cars Mosel Ace 12,743 2 Brod. Uljanik 19-Dec 45 Clients of Aage Thoen Bulk 4x3t cr. Willow Point 28, Imabari S.B. 23-Jan 1yrTCB 18.3 Undisclosed interests Bulk 4x3t cr. Please Please Me 28, Kanda S.B. Co. 23-Jan 9.3 European interests Bulk 4x3t cr. Elliot Aconcagua* 26,8 29 Zhejiang Zhenghe SB 21-Jan dely JAN/9 4 Italian interests Bulk 4x3t cr. Elliot Avon* 26,8 29 Zhejiang Zhenghe SB 21-Jan dely MAR/9 # Italian interests Bulk 4x25 cr. Pontomedon 37, Hitachi Zosen 21-Jan 5.1 European interests Bulk 3x3t cr. Sukarawan Naree 25, Imabari S.B. 2-Jan 3.35 Clients of Red Sea Bulk Str. Ore. Pontodromon 64, Hitachi Zosen 2-Jan 5.75 Undisclosed interests Bulk Str. Hvy. Chorus 74, 21 Oshima S.B. Co. 16-Jan 25 Clients of Vita Bulk 4x3t cr. J. Marion Sun 23, Tsuneishi Cebu 16-Jan 12 Undisclosed interests Bulk 4x25t cr. Fatma Ana* 42, Mitsubishi H.I. 14-Jan circa1.3 Far Eastern interests Bulk 4x25t cr. Habibe Ana* 43, Tsuneishi Zosen 14-Jan # Far Eastern interests Bulk Str. Ore. Swift Flight 64, I.H.I. 14-Jan 3.6 Greek interests Bulk Str. Hvy. Nord Hercules 82, Tsuneishi Zosen 12-Jan Japanese interests Bulk 4x3t cr. Nord Endeavour 53, Imabari S.B. 12-Jan 28 Greek interests Bulk 4x3t cr. Nord Empathy 55,5 26 Kawasaki H.I. 12-Jan 29.5 Undisclosed interests Bulk 4x3t cr. Nord Enterprise 53, Imabari S.B. 12-Jan European interests Bulk 3x25t cr. Santorin II 23, Minami Nippon 9-Jan 3.6 Undisclosed interests Bulk 1x25t cr. KCL Bardu 33, Stocznia Gdynia 9-Jan 3 Undisclosed interests Bulk Str. Hvy. Golden Wing 17, Daewoo SB 8-Jan 27 Clients of Polembros Bulk Str. Hvy. Irinikos 61, Hitachi Zosen 8-Jan 3.5 Chinese interests Bulk 4x3t cr. Xanadu 5, Mitsui SB 8-Jan 21.5 Greek interests Bulk 3x14t cr. Forest King 46, Shin Kurushima 8-Jan 6.5 Undisclosed interests Bulk 4x25t cr. Lastos 43, Sanoyas 8-Jan 4.2 Undisclosed interests Bulk 4x3t cr. Tinos 23, Shin Kurushima 8-Jan excess 12 Vietnamese interests Bulk 4x25t cr. Pacific Bangshen I 21, Shin Yamamoto 8-Jan 1.45 Fujian interests Bulk 5x25t cr. Sacura 27, Osaka S.B. Co. 8-Jan undisclosed Undisclosed interests Bulk 5x1t cr. Kyriakos M. 34, Osaka S.B. Co. 8-Jan 1.8 Undisclosed interests Bulk Str. Hvy. Ioanna P 64, Hitachi Zosen 8-Jan 3.9 Far Eastern interests Bulk Str. Hvy. Lancelot 61, Koyo Dock K.K. 19-Dec 3 Undisclosed interests Bulk Str. Hvy. Lamyra 64, NKK Corp. 19-Dec 3.5 Undisclosed interests Bulk 4x25t cr. Kavo Alexandros II 27, Mitsui SB 19-Dec 4.5 Undisclosed interests * En bloc Sales. #En Bloc price shown under first ship of bloc Clarkson Research Services ii 23-Jan-9

11 Bulk Fleet Changes Bulk Fleet Oil Tanker Fleet Bulk Carrier Fleet Combo Fleet Changes to date to date to date (No. Vessels,dwt) No. Dwt No. Dwt No. Dwt No. Dwt No. Dwt No. Dwt Fleet 1st January 4,58 385,471 4,92 46,589 6,672 39,745 6, , , ,923 Changes: Deliveries 54 35, , , Sold For Scrap 71 3, , , Losses 3 11 Misc. Additions , Misc. Removals 16 1, Net Change During Year 34 21, , , Fleet End Yr/ Yr to Date 4,92 46,589 4,949 49,797 6, ,864 6, , , ,923 Vessels over 1, dwt only are included in the analysis in this table. Great Lakes Only vessels are excluded. Deliveries & Other Additions.. Type Date Vessel Name Flag Year Dwt Owner Shipyard & Yard No. Contracted Built Price MSV Jan'9 Viking Poseidon NIS 29 7, Eidesvik & Co. Ulstein Verft 281 NKm 66. Bulk Jan'9 Ocean Breeze BR ,8 Scinicariello Sungdong S.B. S137 Bulk Jan'9 Kavo Platanos M.I , Gourdomichalis Mar. Qingshan Shipyard Products Jan'9 BW Yangtze SG , BW Shipping Agency Dalian Shipbld. Ind. PC76-1 $m 5. Tanker Jan'9 Xin Tong Yang H.K , China Shpg. Tankers Dalian Shipbld. Ind. T3-18 Bulk Jan'9 Darling River H.K , Pacific Basin Shpg. Jiangmen Nanyang 15 $m 22. Products Jan'9 Qiu Chi H.K , China Shpg. Tankers CIC (Jiangsu) 46-2 $m 27.2 Tanker Jan'9 Zaliv Vostok LI , Primorsk Shpg. Corp. Hyundai H.I Tanker Jan'9 Zaliv Baikal LI , Primorsk Shpg. Corp. Hyundai H.I Container Jan'9 YM Busam LI ,5 Synergy Marine Ltd. Samsung H.I Container Jan'9 YM Antwerp H.K ,5 Synergy Marine Ltd. Samsung H.I Chem & Oil Jan'9 Argent Bloom PA ,641 Tokyo Marine Co. Ltd Kitanihon Zosen 382 Chem & Oil Jan'9 SC Liaoning H.K , Sinochem Shpg. 21c S.B. Co. 246 Container Jan'9 Diane A TU , Arkas Group Peene Werft 55 Container Jan'9 NYK Isabel PA ,2 Nippon Yusen Kaisha STX Shipbuild $m 5. Container Jan'9 Hammonia Bavaria LI ,8 Peter Dohle Schiff. Jiangsu Yangzijiang 691C $m 42.5 Container Jan'9 CSAV Ranco LI ,5 NVA Norddeutsche Misc.Add.Prev.Dely Container Jan'9 CSAV Rauten LI ,5 NVA Norddeutsche Misc.Add.Prev.Dely Chem & Oil Jan'9 Al Amerat PA ,69 Emirates Trading Misc.Add.Prev.Dely Container Jan'9 Kota Naluri SG ,8 Pacific Int. Lines Misc.Add.Prev.Dely Chem & Oil Jan'9 Empire Pajajaran MA ,527 Seacrest Shpg. Co. Misc.Add.Prev.Dely Products Jan'9 Sea Legend PA ,521 A.M.P.T.C. Misc.Add.Prev.Dely Scrapping & Other Removals.. Type Date Vessel Name Flag Year Dwt Owner Breakers Ldt Price Built $/ldt $m. MPP Jan'9 Ju Bao Men SV ,815 Hongyuan Marine India MPP Jan'9 Lady G CS ,728 Glomar Supplies Ltd India 6,842 GC Liner Jan'9 Primavera PA ,327 Franser Shipping India 6, MPP Jan'9 Yasmina SV ,577 Austin Navigation S Pakistan 7,8 MPP Jan'9 Pacific Breeze CB ,7 Unknown Owner P.R.C. 4, MPP Jan'9 Al Mansoor-I SV ,366 Ashapura Shpg India 261. GC Liner Jan'9 Ibn Bassam QA ,618 United Arab Shpg. India 7, Bulk Jan'9 Lok Rajeshwari IN ,639 Shpg. Corp. of India India 6, Bulk Jan'9 Davao Star PA ,63 Dusung Shipping Co. P.R.C. 7, Bulk Jan'9 Akti PA ,64 Interglobal Agencies India 7, Bulk Jan'9 Olinda Castle SV ,68 Navalmar (UK) Ltd. Bangladesh 8, Bulk Jan'9 Favonius SV ,836 Unknown Owner India 7, Bulk Jan'9 Cargo Endurance LI ,241 L. & W. Shpg. Agency India 1,166 Bulk Jan'9 San Nicholas I MA ,429 Nane Shipping Mngt. P.R.C. 8, Bulk Jan'9 Asian Star I IN ,486 Leo Shipping Pvt. Pakistan 8,836 Bulk Jan'9 KS Grace PA ,75 KS Maritime Pte. India 9, Rfr Fish C. Dec Korallovyy RS Sevrybkholodflot Misc.Rem.Prev.Demol. Rfr Fish C. Dec Tiflis CY Smart Co. Ltd. Misc.Rem.Prev.Demol. Ro-Ro Dec Trans Pacific 6 PA ,616 Toyofuji Shipping Misc.Rem.Prev.Demol. Bulk Dec Adria PA ,289 Alvargonzalez Misc.Rem.Prev.Demol. Chem & Oil Dec Trans Tind BS ,25 Seatrans DA Misc.Rem.Prev.Demol. Products Dec Rapallo IT ,16 S.M.T.V. S.p.A. Misc.Rem.Prev.Demol. Clarkson Research Services iii 23-Jan-9

12 Timecharter Fixture Record Latest Tanker Timecharter Fixtures... Reported Charterer Vessel Name D / Year Dwt Spd Cons. Period Rate Delivery C Built $ per Day Date Place 19-Jan Conoco Bunga Kasturi Dua D , 16 2 Yrs $ 52, Jan 9 Caribbean 14-Jan ST Shipping Alam Bitara D , Yrs $ 19,75 9-Jan Navig8 Dubai Paradise D , 3 Mths $ 28,5 9-Jan Navig8 Dubai Princess D , 6 Mths $ 28, 6-Jan Rizzo Bottiglieri Elise Schulte D , Yrs $ 26, 6-Jan LG Caltex Duqm D 28 31,84 5 Yrs $ 48, 5-Jan Koch Maersk Nectar D 28 38, 6 Mths/6 Mths $ 57,5 Jan 9 5-Jan Koch Desh Vaibhav D , Mths $ 56, 19-Dec PDVSA New Challenge C 25 73, Mths $ 28, 19-Dec PDVSA Valle Di Granada C 24 34, Mths $ 21, 19-Dec PDVSA Alice C 27 37, Mths $ 24, 19-Dec PDVSA Baltic Commander I C 2 37, Yrs $ 22, 19-Dec PDVSA Baltic Soul C 21 37, Mths $ 22,85 15-Dec Ravennavi Atlantic Gemini D 27 46,6 2 Yrs $ 2, 15-Dec Vitol Cape Tallin C 28 73,6 3 Mths $ 3, 15-Dec Scorpio White Dolphin D 23 73, 15 4 Mths $ 25,5 Us Gulf 9-Dec Chevron Scf Valdai D , Mths $ 49, 8-Dec TMT Kokkari D ,538 1 Yr $ 55, Dec 8 Arabian Gulf 3-Dec Navig8 Ainazi D 28 52, 6 Mths $ 22,5 3-Dec Chevron Ottoman Nobility D , Yrs $ 4, 1-Dec Koch Mercury Glory D , Mths $ 57,5 1-Dec Koch Front Commander D , Mths $ 58, 1-Dec Koch Front Champion D , Mths $ 58,75 1-Dec Koch Songa Chelsea D , Mths $ 59, USG 25-Nov CSSSA Baltic Sun Ii C 25 37, Yrs $ 21,5 25-Nov Total Hugli Spirit D 26 45, 12 Mths 25-Nov Koch Dubai Titan C , Mths $ 57,5 25-Nov Bakah Santa Ana C 22 38, Yrs Latest Dry Bulk Timecharter Fixtures... Reported Charterer Vessel Name Year Dwt Spd Cons. Period Rate Delivery Built $ per Day Date Place 22-Jan GMI Amalia 21 75, 4-7 Months $7, 25Dec-3Jan Pmo 22-Jan GMI Thalia 21 75, 4-6 Months $6,25 Prompt Qingdao 22-Jan TMT Gertrud Salamon 2 74, Months $1,35 29Jan-3Jan Qingdao 22-Jan Cargill Ostria S 28 76, 4-6 Months $7, 23Jan-25Jan Beilun 22-Jan Glencore Wen Zhu Hai 28 76, Months $9,25 Prompt Cape Passero 21-Jan Cargill Geosand 25 74, Months $6, Prompt Caofedian 21-Jan Brobulk Palawan 27 32, Months $7,5 25Jan-27Jan Tunisia 2-Jan Korean Chtrs Tern 23 5,29 1 Years $8,5 23Jan-25Jan Jintang 2-Jan Swiss Marine Tian Song Feng 2 74, Months $8,5 24Jan-26Jan Aughinish 19-Jan Alfred C.Toepfer Lake Dahlia 29 78, 4-6 Months $7, 2Jan-25Jan Sanoyas 19-Jan Progress Odin Pacific , Months $5,5 16Jan Canakkle 19-Jan STX Pan Ocean Africa Graeca 22 73,9 3-5 Months $7, Prompt Singapore 19-Jan Progress Molat 2 28, Months $5,3 17Jan-18Jan Djen-Djen 19-Jan Far Eastern ChartereGreat Century , Months $1,25 Prompt South Korea 16-Jan Bunge Rosalia D'Amato 21 74, Months $6,5 2Jan-22Jan Taichung 16-Jan TMT Catriena , Months $1,9 15Jan-17Jan Taichung 16-Jan Swiss Marine Alpha Era 2 17, Months $19, 22Jan-25Jan Rizhao 16-Jan Suisse Atlantique Athena , Months $5, Prompt Algeciras 15-Jan Great Pacific Inc Pacific Breeze 24 76, Months $6,75 18Jan-2Jan Shanghai 15-Jan Cosbulk Eleanor 25 53,26 1 Years $8,5 25Jan Far East 15-Jan Great Pacific Inc Cemtex Wisdom 24 77,5 4-6 Months $6,75 21Jan-23Jan Taichung 15-Jan CNR Spar Lupus ,158 1 Years $8,25 25Jan North China 15-Jan Brobulk Patriarch 22 31, Months $7,5 Prompt Algeria 15-Jan Boconti Eastern Star , Months $6,5 5Feb North China 15-Jan Bunge Boreal 22 74, Months $7,5 17Jan-19Jan Mailiao 13-Jan CNR Yong Huan 2 74,5 3-5 Months $8,5 14Jan-15Jan Passero 13-Jan Cosbulk Ever Shining , Months $11, 27Jan-7Feb N China Clarkson Research Services iv 23-Jan-9

13 The Timecharter Market Tanker Timecharter Market 1 Year T/C... Average Rate $/day To Date Jan T/C Activity & The Freight Market VLCC (early 2s) 31, Dwt Modern 58,38 55,548 73,413 55,75 58, 15, Dwt Modern 43,173 44,452 47,192 42, 42, 11, Dwt Modern 33,154 33,144 35,793 28, 27,5 74, Dwt Modern 31,144 29,317 29,221 28, 28, 47-48, Dwt Modern 27,67 25,94 23,481 2,625 2,5 37, Dwt Modern 24,731 23,269 21,952 19,625 19,5 285, Dwt Early '9s 48,221 42,154 51,615 38, 38, 14, Dwt Early '9s 32,462 29,5 3,351 28, 28, 95, Dwt Early '9s 23,22 22,44 21,221 19, 19, 3 Year T/C... Average Rate $/day To Date Jan , Dwt Modern 47,279 48,385 58,644 45,625 45, 15, Dwt Modern 38,87 38,577 4,923 37,875 37,5 11, Dwt Modern 28,635 29,625 3,5 26,188 26, 74, Dwt Modern 27,96 26,913 26,486 25,25 25, 47-48, Dwt Modern 22,279 23,288 22,322 2,125 2, 37, Dwt Modern 2,712 21,317 2,385 19,188 19, T/C Activity Total Fixtures To Date...over 1 year VLCC 2, Suezmax 12-2, Aframax 8-12, Panamax 6-8, Handy 1-6, Total No. Fixtures Total in m. dwt Modern is taken to mean no more than 1 years old. Bulk Carrier Timecharter Market 1 Year T/C... Average Rate $/day To Date Jan T/C Activity & The Freight Market Capesize (Modern) Capesize Modern 45,246 16, ,529 22,125 23,5 Panamax Modern 22,155 52,317 55,637 11,281 11,5 Super H'max Modern 21,881 45,72 45,51 9,5 9,5 Handymax Modern 19,432 39,87 38,673 8,125 8,25 Handy Modern 14,71 28,12 29,486 6,875 7, Capesize "CSBC" 37,624 9,327 89,582 17,125 18,5 Capesize * 198s 2,529 45,135 Panamax 198s 15,236 4,926 44,697 6,969 7,125 3 Year T/C... Average Rate $/day To Date Jan Capesize Modern 36,365 75,88 82,26 23, 25, Panamax Modern 17,736 39,774 44,356 13,25 12,5 Super H'Max Modern 16,772 33,75 33,788 11,688 11,75 Handy Modern 12,52 21,863 21,837 9,188 9,25 Capesize "CSBC" 29,413 63,77 7,53 14,5 18, Panamax 198s 1,11 28,168 28,837 7,125 6,75 T/C Activity Total Fixtures To Date...over 1 year Capesize, Panamax 6-, Handymax 4-6, Handysize 1-6, Total No. Fixtures Total in m. dwt Tanker and bulk carrier T/C activity size ranges reflect existing CRSL ship type definitions. Modern is taken to mean no more than 1 years old. *Route no longer reported due to lack of liquidity. Clarkson Research Services Page 9 23-Jan Dec-6 No. fixtures Feb-7 Apr-7 1 Year t/c Spot $/day Jun-7 Aug-7 Oct-7 Dec-7 Feb-8 Apr-8 Jun-8 Aug-8 $,/da Oct-8 Dec-8 Dec-6 Feb-7 Apr-7 Jun-7 Aug-7 Oct-7 Dec-7 Feb-8 Apr-8 Jun-8 Aug-8 Oct-8 Dec Tanker timecharter activity this week Another reasonably quiet week in the tanker timecharter market with only fixture being reported. Conoco have fixed the 25 built, 298, dwt Bunga Kasturi Dua for two years at a rate of $52,/day. No. fixtures 1 Year t/c Spot $/day $,/day Bulk carrier timecharter activity this week During the week there were 18 fixtures reported including 12 Panamax and 5 Handy vessels. The surge in fixtures for periods of around a year has dropped off this week with just three being reported. Amongst these was the 23 built 5,29 dwt, TERN. 8 4

14 What's Been Ordered... The Shipbuilding Market S Type Date Dwt/Unit Delivery Builder Price Owner/Manager* 5 Heavy Lift Jan-9 17,5 Jul 21 Zhejiang Ouhua BigLift Shipping 5 Heavy Lift Jan-9 17,5 Aug 21 Zhejiang Ouhua BigLift Shipping 5 Heavy Lift Jan-9 17,5 Sep 21 Zhejiang Ouhua BigLift Shipping 5 Heavy Lift Jan-9 17,5 Nov 21 Zhejiang Ouhua BigLift Shipping 5 Heavy Lift Jan-9 17,5 Dec 21 Zhejiang Ouhua BigLift Shipping 5 Chem & Oil Dec-8 5,4 Jun 21 STX Shipbuild. $m 51.5 Gestioni Armatoriali 5 Chem & Oil Dec-8 5,4 Aug 21 STX Shipbuild. $m 51.5 Gestioni Armatoriali 17 Chem & Oil Dec-8 5,4 21 STX Shipbuild. $m 51.5 Gestioni Armatoriali 17 Chem & Oil Dec-8 5,4 21 STX Shipbuild. $m 51.5 Gestioni Armatoriali 5 MPP Dec-8 6, Chongqing Dongfeng Unknown Owner 5 MPP Dec-8 6, Chongqing Dongfeng Unknown Owner 5 MPP Dec-8 6, Chongqing Dongfeng Unknown Owner 5 MPP Dec-8 6, Chongqing Dongfeng Unknown Owner 5 Seis. Survey Dec-8 68 Jun 21 ST Marine $m 19.8 Swire Pacific 5 Products Dec-8 9,8 Feb 21 Ningbo Dongfang E.A. Technique (M) 5 Products Dec-8 9,8 May 21 Ningbo Dongfang E.A. Technique (M) 5 L.P.G. Dec-8 3,5 3,7 211 Shitanoe Zosen AST Inc. 5 L.P.G. Dec-8 3,5 3,7 211 Shitanoe Zosen AST Inc. 5 Tanker Nov-8 32, 211 STX Shipbuild. $m Fratelli D'Amato 5 Products Nov-8 8,5 Jan 21 Sumber Samudra E.A. Technique (M) 5 Products Nov-8 9,5 Feb 21 Sumber Samudra E.A. Technique (M) 5 Products Nov-8 9,5 Feb 21 Sumber Samudra E.A. Technique (M) 5 Chem & Oil Nov-8 37, 21 Hyundai Mipo Hartmann Schiff. S=Status, where: 5=confirmed order, 16=unconfirmed order, 17=option. Other units are: teu for containerships, cbm for gas vessels, numbers of cars or passengers. * The Primary Reference Company, as used in the Clarkson Fleet Database i.e. the company with the main commercial responsibility for the ship. Newbuilding Prices... Year End, $m. Three Month Shipbuilding News Jan Trend... Tankers VLCC 32, dwt WEAKER!! -7.7% Suezmax 157, dwt WEAKER!! -9.4% Aframax 115, dwt WEAKER!! -9.4% Handy 51, dwt WEAK. -1.2% Bulk Carriers Capesize 18, dwt WEAKER!! -9.6% Panamax 76, dwt WEAK % Handymax 57, dwt WEAK % Handysize 35, dwt WEAK % Gas Vessels LPG 82,m³ WEAKER % LNG 16,m³ WEAKER % Dry Cargo Container 3,5 teu WEAK. -1.6% Container 1, teu WEAK % Clarkson Index WEAKER!! -7.6% Newbuilding Vessels Contracted Year-on-Year Newbuilding Price Index Activity... Trend Oil Tankers WEAKER!! -73% Chemical & Spec. Tankers WEAKER!! -% Combined Carriers 3 6 LPG Carriers WEAKER!! -% LNG Carriers WEAKER!! -% Bulk Carriers WEAKER! -% Containerships WEAKER!! -% General Cargo vessels WEAKER!! -64% Ro-Ro Vessels WEAKER!! -% Refrigerated Vessels WEAKER!! -% Offshore Vessels WEAKER!! -% FPSO/FSU WEAKER!! -% Passenger & Cruise Ships WEAKER!! -% Other Misc. Vessels WEAKER!! -% TOTAL CONTRACTING 3,874 4,836 2,171 9 WEAKER!! -93% The newbuilding market remains becalmed with little enquiry in any of the main markets. Buyers are convinced prices will fall further whilst being restricted by the lack of available credit. As a result, it is hard to see activity increasing in the short term - particularly as newbuilding remains at such a premium. The market has been focused on the outcome of the first round of gradings of Korean shipyards. 27 yards were evaluated by the Korean Federation of Banks and classified between A and D. A grade yards are deemed to be financially viable, B grades more vulnerable and in need of some financial support whilst C and D grades will be forced to undergo either restructuring or bankruptcy. All major yards received A or B grades. 3 yards were graded with a C status (Jinse, Daehan and Nokbong) whilst only C&Heavy received a D grade. Owners with vessels at these yards will be watching with anticipation to see if there is any impact on yard activity. Note: Newbuilding prices vary as to country of build, delivery and ship specification. Prices here are end year/latest and from Jun-8 assume a "European spec", 2/2/2/2/2% payments and "first class competitive yards" quotations. The 3-month trend is the change of the last 3 months over the previous 3 months. Clarkson Research Services Page 1 23-Jan Dec '98 Index, Jan'88 = Dec '99 Ten year trend in newbuilding prices Dec ' Dec '1 Dec '2 Dec '3 Dec '4 Dec '5 Dec '6 Dec Dec