MONTHLY MARKET OVERVIEW

Transcription

1 MONTHLY MARKET OVERVIEW 1st 3th November 217 SUMMARY OF CONTENT Value analysis Total second hand S&P activity Newbuilding activity Demolition activity Charter rate analysis

2 BULKER VALUES THROUGH NOVEMBER 217 BULKERS Bulker values have remained stable this month apart from Handy Bulkers which have softened in more modern tonnage. This table shows the monthly % change in value from 1 st to the 3 th November 217 for Bulker vessels, by year of build. YEAR OF BUILD CAPE PMAX SUPRA HANDY D WT DWT DWT DWT -1.2% -1.% -5.6% 8k -.9% -.8% -5.1% 8k -.6% -.6% -4.6% 8k -4.% 8k +.1% -3.3% 8k +.4% -3.6% 8k +.7% +.1% -3.% 8k +1.% +.7% -2.5% 8k 55k +1.3% +.9% -2.5% 8k 55k -.6% +1.1% -2.6% 8k 55k -.7% +1.9% +1.3% -1.9% 55k -.7% +1.4% -1.% 55k -.7% +2.4% 55k -.7% +2.6% +1.7% +.7% 55k -.7% +2.9% +3.2% +1.4% 1 5k -.8% +3.2% +3.4% +2.4% 1 5k

3 BULKER VALUES THROUGH NOVEMBER 217 Capesize Values have softened slightly this month. 4 vessels have been sold this month. An en bloc deal bought by Zodiac Maritime includes Alexandria VII (178, DWT, Feb 21, Jiangnan Shanghai Changxing HI), Rhodes VI (178, DWT, Jun 29, Shanghai Waigaoqiao Shipbuilding) sold en bloc for USD 48. mil, VV value USD mil. Chancy (182, DWT, Mar 215, Japan Marine United) sold for USD 43 mil, VV value USD 4.47 mil. Panamax Values have firmed in older tonnage this month. 14 sales have taken place this month. Archigetis (81,1 DWT, Aug 211, Hyundai Heavy Ind) was bought by Zela Shipping for USD 2. mil, VV value USD mil. Golden Heiwa (76,6 DWT, Mar 27, Imabari) sold for USD mil, VV value USD mil. Evanthia (74,4 DWY, Jul 21, HHI) sold for USD 8.5 mil, VV value USD 8.35 mil. Supramax Values have remained stable this month. 24 sales have taken place this month. Alam Makmur (55,9 DWT, Mar 215, Mitsui Ichihara) sold for USD 21. mil, VV value USD mil. Orient Orchid (55,6 DWT, Feb 212, Mitsui Tamano) and Orient Jasmine (55,1 DWT, Feb 212, Mitsui Tamano) was bought by DryLog with Purchase options included in the sale for USD 35 mil en bloc, VV value USD mil en bloc. Leo Advance (56,6 DWT, Nov 27, Mitsui Tamano) sold for USD 12.6 mil, VV value USD 13.8 mil. Handymax Jupiter II (27, DWT, Jun 29, Zhejiang Shipbuilding Co) sold for USD 6.25 mil, VV value USD 6.24 mil. Handy Values have softened in more modern tonnage this month. 17 sales have taken place this month. Orient Acrux (32,7 DWT, Mar 213, Kanda) sold for USD 13.4 mil, VV value USD 14.7 mil. Clipper Nestorio (32,3 DWT, Dec 211, Jiangmen Nanyang) sold for USD 1 mil, VV value USD 1.8 mil. Kittiwake (32,6 DWT, Mar 27, Kanda) sold by MOL for USD 9 mil, VV value USD 8.63 mil.

4 TANKER VALUES THROUGH NOVEMBER 217 TANKERS All values have remained stable this month. This table shows the monthly % change in value from 1 st to the 3 th November 217 for Tanker vessels, by year of build. YEAR OF BUILD VLCC SUEZ AFRA LR1 MR D WT DWT DWT DWT DWT -1.4% +.3% -2.% +2.% k 5k -1.4% +.2% -2.1% +1.9% k 5k -1.4% +.2% -2.1% +1.9% k 5k -1.5% +.1% -2.1% +1.8% k 5k -1.6% +.% -2.1% +1.8% k 5k -1.9% -2.2% +1.7% 31k 1 11k 5k -1.9% -2.2% +1.7% 31k 1 11k 5k -1.9% -2.2% +1.7% 31k 1 11k 5k -1.8% -2.2% +1.7% 31k 1 11k 5k -1.7% -2.2% 31k 1 11k 5k -1.5% -.6% -2.3% 31k 1 11k 5k -1.2% -.6% -3.1% +1.5% 31k 1 11k 7k 45k -.9% -.6% -3.1% +1.5% 31k 1 11k 7k 45k -.7% -.8% -3.3% +1.4% 155k 15k 7k 45k -.9% -3.4% +1.5% 155k 15k 7k 45k -1.% -3.4% +1.4% 155k 15k 7k 45k

5 TANKER VALUES THROUGH NOVEMBER 217 VLCC Values have softened this month. 4 sales have been concluded this month. An en bloc deal done by Ridgebury Tankers includes DHT Utik (299,5 DWT, May 21, Daewoo), DHT Utah (299,5 DWT, Jan 21, Daewoo), DHT Eagle (39,1 DWT, Jan 22, Samsung) Sold en bloc for USD 66.5 mil, VV value USD mil. Artois (298,3 DWT, Jul 21, Hitachi) sold for USD 22 mil, VV value USD mil to Ridgebury Tankers. Rates have also contributed to a slight softening. Suezmax Values have remained stable this month. 5 sales have been confirmed. Hull 134 (158, DWT, Dec 217, Shanghai Waigaoqiao Shipbuilding) sold for USD 49.3 mil, VV value USD mil. Dong A Spica and Dong A Capella (157,5 DWT, Dec 217, New Times Shipbuilding) sold en bloc for USD 95.5 mil, VV value USD mil. Teide Spirit (159,4 DWT, Oct 24, Daewoo) sold for USD 18.8 mil, VV value USD 19.5 mil. Aframax Values have remained stable this month. 3 sales have taken place. Liberty Bay (115, DWT, Jun 214, Philly Shipyard) and Eagle Bay (115, DWT, Mar 215, Philly Shipyard) sold by SeaRiver US to Crowley Maritime US for an undisclosed price. Singapore Voyager (16,1 DWT, Jan 23, Namura) sold for USD 1.4 mil, VV value USD 1.46 mil. LR1 Values have softened in older tonnage this month. No LR1 sales have been completed this month. MR Values have firmed this month. 7 sales have taken place this month. Fidias (5, DWT, Jun 27, STX Offshore) sold for USD 16.7 mil, VV value USD mil. High Presence (48,7 DWT, Nov 25, Imabari) sold for USD including a 6 year charter back to seller, VV value USD mil. Seaways Andromar (46,3 DWT, Mar 24, STX Offshore) sold for USD 11.2 mil, VV value USD mil.

6 CONTAINER VALUES THROUGH NOVEMBER 217 CONTAINERS Container values have been variable this month. Both Post Panamax and Panamax values have softened in more modern tonnage however older Handy values have firmed. This table shows the monthly % change in value from 1 st to the 3 th November 217 for Container vessels, by year of build. YEAR OF BUILD POST PMAX PMAX HANDY FMAX TE U TEU TEU TEU -4.7% +4.% % +4.3% % +4.5% -.6% % +4.7% -.8% % +4.9% -1.% % +5.1% -1.3% % +.2% +5.1% -1.3% % +.4% +5.3% -1.5% % +.7% +5.3% -1.5% % +6.5% +5.4% -1.6% % +1.% +5.4% -1.5% % +1.% +5.4% -1.7% % +5.3% -1.6% % +1.1% +5.4% -1.3% % +1.% +5.2% -1.2% % +1.% +5.3% -1.5%

7 CONTAINER VALUES THROUGH NOVEMBER 217 Post PMax Values have remained relatively stable this month. No sales have been confirmed during the course of the month. Panamax Values have firmed for older tonnage this month. 5 sales have been confirmed this month. Navios Maritime bought 4 4,73 TEU vessels built New Century from Hanseatic Lloyd KG APL Oakland (Apr 28), Denver (Jun 28), Los Angeles (May 28) and Atlanta (Jul 28) for an en bloc price of USD 96.8 mil including a Time Charter of 27,5 pd to CNC Line until 22. Handy Values have firmed this month. 11 Handy sales have taken place. An en bloc deal of 9 vessels bought by MPC Containerships all 1,713 TEU, built CSBC Kaohsiung. Maersk Wolgast (Jun 21), Wolfsburg (Apr 21), Winnipeg (Feb 21), Wiesbaden (Jan 21), Weymouth (Oct 29), Westport (Aug 29), Warsaw (Jun 29), MCC Dhaka (Feb 27) and Ocean Arrow (Jan 27) which sold for an en bloc price of USD mil. Feedermax Values have remained stable this month. 2 sales have been confirmed this month. Asturiano (1,15 TEU, Oct 23, Jinagdong) sold for USD 3.9 mil, VV value USD 3.77 mil.

8 LPG VALUES THROUGH NOVEMBER 217 LPG LPG values have remained stable across all vessel types. This table shows the monthly % change in value from 1 st to the 3 th November 217 for LPG vessels, by year of build. YEAR OF BUILD VLGC LGC MGC SP FR LARGE SP FR SMALL FULL PRESS LEG CBM CBM C BM C BM C BM C BM C BM -.% -.% +.% -1.3% +.5% +.8% 84k 3 12k -.% -.% -1.3% +.5% +.8% 84k 3 12k -1.3% +.5% +.7% 84k 3 12k -1.3% +.5% +.7% 84k 3 12k -1.3% +.5% +.8% 82k 12k -1.2% +.5% +.8% +.3% 82k 9k -1.2% +.5% +.9% +.3% 82k 9k -1.2% +.6% +.9% +.3% 82k 9k -1.1% +.7% +1.% +.4% 82k 9k -1.1% +.8% +1.% +.4% 82k 9k -1.% +.8% +1.1% +.7% 82k -.8% +1.% +1.3% +.8% 82k -.7% +1.1% +1.4% +.9% % +1.7% +1.1% % +1.9% +1.4% 7 +.1% +1.8% +2.% +1.7% 7 57k

9 LPG VALUES THROUGH NOVEMBER 217 VLGC Values have remained stable this month. Corsair (84, CBM, Sep 214, HHI) sold from Dorian LPG for USD 65 mil, VV value USD mil. SPFR Values have remained stable this month. No sales have been concluded this month. Fully Pressurised Values have softened this month. No sales have been concluded this month.

10 OFFSHORE VALUES THROUGH NOVEMBER 217 OSV Values have remained stable in both the AHTS/AHT and PSV sectors this month. This table shows the monthly % change in value from 1 st to the 3 th November 217 for OSV vessels, by year of build. YEAR OF BUILD LARGE PSV MEDIUM PSV SMALL PSV SUPER AHTS MEDIUM AHTS SMALL AHTS D WT D WT DWT BHP BHP BHP +3.% +3.% +3.2% -1.1% +4.2% 3.6k 1.7k 8.2k 5.5k +2.9% +2.9% +3.% -1.1% +3.6% +1.4% 3.6k 1.7k +2.8% +2.7% +2.8% -1.% +3.2% +.9% 3.6k 1.7k +2.6% +2.6% +2.5% -.9% +2.7% +.4% 3.4k 1.7k +2.5% +2.5% +2.3% -.7% +2.3% +.3% 5.1k 1.7k +2.3% +2.5% +2.3% +2.% k +2.2% +2.3% +2.5% +1.9% % +2.2% +.2% -.7% k +2.2% +.5% +1.5% -1.% k +2.% +1.9% +2.% +.7% +1.1% -1.4% k +1.9% +2.% +2.4% +1.2% +1.5% -1.9% k +1.8% +2.% +.% k +1.8% +1.8% +1.7% +2.8% +.% 4. 5k +1.8% +2.6% +3.7% +.% 4. 5k +2.% +2.5% +3.% +4.8% +.% 4. 5k +1.3% +1.5% +3.5% +5.9% +.% 4.7k 5k

11 OFFSHORE VALUES THROUGH NOVEMBER 217 PSV Values have remained stable this month. 6 vessels have been sold this month. CSSC Shipping sold the Hull 134, Hull 134, 1351 and hull 135 (217/218, Shanghai Waigaoqiao Shipbuilding) in an internal deal to Tianjin Offshore Investment Management for USD 79.3 mil. Malaviya Seven (4,5 DWT, Jul 1994, Vard Soviknes) was bought at auction by Hoyland Shipping for USD.9 mil, VV value USD.89 mil. Tan Cang Saigon purchased the Olympic Progress (3,3 DWT, Jun 25, Vard Brevik) from Olympic Shipping. AHTS & AHT Values have remained stable this month. 12 sales have taken place this month. Ark Tori and the Ark Tze (1,8 BHP 28/29, Batamec) sold en bloc for USD 5.78 mil, VV value USD 6.74 mil. Skandi Mogster (15,1 BHP, Jun 1998, Kleven Verft) was sold for USD 1.7 mil, VV Value USD 2.6 mil. Pareto offloaded Captain John K, Kathy K, Cecilie K, Ina K, Ingrid K and Trine K (5, BHP, 29-21, ASL Marine) to an undisclosed buyer. Solstad Farstad sold Nor Star (5,56 BHP, Aug 25, Jaya Asiatic) to an undisclosed West African buyer. Subsea Supporter (5,44, Jul 1999, Imamura Zosen) was sold to Bukser & Berging by Subsea Partner.

12 2ND HAND S&P ACTIVITY NOVEMBER 217 VS 216 S&P $ Value of 2nd hand sales in November 217 vs November 216. Nov 217 1, 9 Value (M USD) 8 $98 $748 Nov 216 $ $486 5 $518 4 $ $85 $8 1 $6 Bulker Tanker Container Gas $47 OSV Total value for sales is down 33% from November 217 compared to November 216. Bulker transaction values are 2.5% higher this November on the contrary to the number of vessels sold in 217 which are lower by 1 sales. The most noticeable transaction values are in the Container sector where total sales are down by 252% for November 217 compared to November 216. This is due to a number of larger TEU vessels being sold in 216 whereas only small TEU vessels were sold in 217. S&P No. Number of 2nd hand sales taken place in November 217 vs November 216. Nov No. Vessels 6 Nov Bulker Tanker Container Gas OSV Total sales by number count are the same for both November 216 and November 217. Bulker sales by number are down by 17% this month, however as seen in the graph above transaction values are higher. This reflects the rise in values for November 217 compared to November 216 where we saw a more depressed market. Mentioned above, transaction prices for Container vessels are much higher for November 216 however number of sales taken place in the Container sector are higher for November 217 demonstrating the smaller TEU is worth less.

13 NEWBUILDING ACTIVITY NOVEMBER 217 VS 216 Newbuilding No. Number of newbuilding orders taken place in November 217 vs November 216. Nov Nov No. New Buildings Bulker Tanker Container 1 Gas OSV Overall trend this month has been for larger tonnage in Bulkers. 25 Bulker NB orders have been placed for November 217. Pan Ocean have ordered 4 Capesize Ore vessels for delivery between , 325, DWT, blt New Times Shipbuilding for a price of USD 74 mil each. These are the biggest Chinese built Ore carriers we have seen ordered to date. Zodiac Maritime have ordered 5 New Panamax Containers (11, TEU, Deliv 219, HHI) for USD 9 mil. Newbuilding Total No. Total number of newbuild orders from 1st November 216 to 3th November Q1+Q2 216 Q3+Q4 216 Total 217 Q1+Q2 217 Q3+Q4 Grand Total Bulker Tanker Container Gas OSV Ship Type Overall, Bulkers NB orders placed are 86% higher for 217 so far with a total of 296 vessels, 138 of those are Panamax Bulkers. Q4 216 for Tankers saw 74 NB orders placed with the majority of vessels being smaller DWT however so far in Q4 217 only 2 vessels have been ordered with 16 of these Small clean/chemical tankers. It is interesting to note only 3 OSV vessels have been ordered in 217 so far compared to the 39 in 216, a considerable decrease.

14 DEMOLITION ACTIVITY NOVEMBER 217 VS 216 Demolition No. Number of demolition sales per ship type, taken place in November 217 vs November 216. Nov Nov No. Demo sales Bulker Tanker Container Gas OSV Total demolition sales are 39% lower for November 217 compared to November 216 mainly due to the lack of scrapping in Containers and OSV vessels. Again, Pakistan was keen to receive Bulkers as it is closed to Tankers for the foreseeable future. 5 Capesize vessels were delivered fetching high prices in the mid 4 s $/LDT. The POS Dedicator (28,4 DWT, 1993, Daewoo) achieved 44 $/LDT in the last week of November. Larger tonnage in the Tanker sector was scrapped including the VLCC OS Arcadia (299, DWT, 1996, Daewoo) sold for 419 $/LDT to Bangladesh, a respectable price. Further to that 1 Suezmax, 2 Aframax and 3 LR2 vessels were also scrapped, most being delivered to Bangladesh. Demolition Trend Demolition price trend for Tanker Price India from November 216 November 217. Tanker scrap price 45 USD/LDT Jan 217 Apr 217 Jul 217 Oct 217 Sentiment firmed significantly in the last few weeks of November which gave rise to an increased number of vessels sold in the last week of November.

15 CHARTER RATES Dry Baltic Exchange daily market spot rates for Capesize, Panamax, Supramax and Handy Bulkers from 1st November 216-3th November 217. Source: Baltic Exchange Capesize Panamax Supramax Handy 3, (USD per day) 25, 2, 15, 1, 5, Jan 217 Apr 217 Jul 217 Oct 217 Capesize rates have continued to firm significantly throughout November with an annual high at USD 25,481/day, in fact the last time we saw rates this high was back at the beginning of 214. Panamax rates also started to strengthen towards the end of the month driven by short tonnage lists. Supramax and Handysize rates have remained stable throughout this month. Wet Baltic Exchange daily market spot rates for VLCC, Suezmax and Aframax Tankers from 1st November 216 3th November 217. Source: Baltic Exchange VLCC Suezmax Aframax 6, (USD per day) 5, 4, 3, 2, 1, Jan 217 Apr 217 Jul 217 Oct 217 Rates softened for VLCC vessels more significantly towards the end of the month which can be associated with over supply of tonnage. Rates dropped by over half in the space of the month reducing from USD 11,874/day to USD 4,994/day on the last day of the month. Suezmax rates also softened throughout the month by roughly USD 1,/day however this increased during the last week of the month when many cargoes entered the market. Aframax rates seemed to be volatile during the month with a softening at the beginning and end of the month.

16 CHARTER RATES Container Contex daily time charter rates for Panamax, Handysize and Feedermax Containers from 1st November 216-3th November 217. Source: Contex, VHSS Panamax Handy Feedermax 12, (USD per day) 1, 8, 6, 4, 2, Jan 217 Apr 217 Jul 217 Oct 217 Rates again remained stable throughout the month. Handy rates however continued to firm. LPG Fearnleys weekly market spot rates for VLGC, MGC and LEG Gas ships from 1st November 216-3th November 217. Source: Fearnleys VLGC MGC LEG (Thousand USD per month) Jan 217 Apr 217 Jul 217 Oct 217 VLGC rates saw a drop at the beginning of the month from USD 54,/month to USD 41,/month. MGC and LEG rates remain stable throughout November.