Shipping Intelligence Weekly

Transcription

1 Shipping Intelligence Weekly Issue No ISSN: $000/day ClarkSea Index The Atlantic ket This Week Capesize: Steady Panamax: Steady Handy: Steady May-98 Oct-98 Apr-99 Oct-99 Apr-00 Oct-00 Apr-01 Oct-01 Apr-02 Oct-02 Highlights VLCC Owner confidence may be waning, although rates remain firm.p.2 Suezmax Explosion in rates as West Africa fills the Venezuelan shortfall..p.2 Aframax Earnings rose sharply for US bound short haul cargoes......p.2 Products ket Tight tonnage, cheap product pricing, and strong crude oil market pushes up product tanker rates... p.3 Capesize ket Sustained level of enquiry despite the coming holiday period keeps rates strong..p.4 Panamax ket BPI exceeds level last seen in the 2000 boom. ket expected to remain strong well into p.4 Handymax ket Atlantic market continued to ease though Pacific has steadied.....p.5 S & P ket Dry cargo ends year with some Panamax sales of note.p.i Newbuilding A relatively busy week in newbuilding...p.10 Demolition A busy week with buyers and sellers in end-year scramble for last minute deals p.11. Selection of ports covered by the various market sectors in this report The Pacific ket This Week Capesize: Firm Panamax: Firm Handy: Steady Shipping Intelligence Network... "represents a giant leap forward in the information technology development in shipping." SIN 2002 Relaunch "Shipping Intelligence Weekly.. a welcome example of the professionalism the shipping industry is capable of and should be recognised for."

2 '00 Crude Tanker Spot Earnings ($,000's/day) Feb Apr Jun Aug Jan Crude Tanker Spot ket May VLCC Suezmax Aframax Jul Crude Tanker Highlights VLCC's: The strong sentiment of owners continued from last week into the early part of this with fixtures concluded for both US Gulf discharge and UK Cont in the high WS90s. Several liftings from Al Bakr on older units were concluded at substantially discounted levels. However the optimism about the pace of enquiry continuing once charterers stem dates for January were confirmed has not been realized and it appear owners confidence may now be waning with reports that a level fractionally under W90 for US Gulf discharge may have been concluded. Suezmaxes: The Caracas Crisis caused an explosion in Suezmax rates as West Africa stepped in to fill the gap. W. Africa/US Atlantic earnings are up 60% on last week, but how long this is sustainable is unknown. At these rates more VLCCs will be attracted into this trade, increasing local supply. Aframaxes: Aframax earnings rose sharply for US bound cargoes as the lack of short haul cargoes from Venezuela began to bite. VLCC Single WS 2002 Average earnings $ per day VLCC Earnings Voyage This Week ,000t Gulf - USGulf ,172 26,306 10,246 30,158 28,481 SOFTER -6% 2 275,000t Gulf - Europe ,564 36,429 19,756 59,979 60,997 STEADY 2% 2 260,000t Gulf - S.Korea ,429 33,436 22,006 75,369 83,415 FIRMER 11% 2 260,000t Gulf - Japan ,190 35,951 22,136 79,837 88,631 FIRMER 11% 2 275,000t Gulf - US Gulf ,259 35,954 19,782 58,667 59,485 STEADY 1% 2 260,000t WAF - US Gulf ,067 42,284 24,893 58,250 74,255 FIRMER 27% 2 260,000t WAF - East ,698 36,662 19,856 55,058 61,299 FIRMER 11% 2 280,000t Gulf - Red Sea ,721 41,011 26,158 86,309 96,639 FIRMER 12% 2 280,000t Med - UK/Cont ,199 51,671 26,959 67,373 81,537 FIRMER 21% 2 Ave. Earnings, 2000/01-built 55,440 38,829 22,609 68,665 77,042 FIRMER 12% 3 Ave. Earnings, 1990/91-built 50,661 35,639 21,300 62,420 70,079 FIRMER 12% Suezmax Single WS 2002 Average earnings $ per day Suezmax Earnings Voyage This Week ,000t Med - Med ,937 36,666 20,136 46,197 45,641 STEADY -1% 4 130,000t W.Africa - USAC ,074 31,065 18,434 32,804 52,519 FIRMER 60% 5 130,000t Gulf - S.China* ,985 29,378 19,818 35,911 40,590 FIRMER 13% 4 Ave. Earnings, 1998/99-built 45,506 33,865 19,285 39,500 49,080 FIRMER 24% 5 Ave. Earnings, 1990/91-built 39,565 30,219 18,297 35,862 43,224 FIRMER 21% * Route not included in Average Earnings for most modern vessels. Aframax Single WS 2002 Average earnings $ per day Aframax Earnings Voyage This Week ,000t Gulf - East ,633 28,378 15,592 31,020 31,204 STEADY 1% 680,000t Med - Med ,385 31,192 19,876 44,577 46,587 FIRM... 5% 680,000t Med - USAC ,970 30,802 20,291 34,216 36,287 FIRM... 6% 680,000t UK/Cont-UK/Cont ,045 34,021 19,404 57,694 53,340 SOFTER -8% 680,000t UK/Cont - USAC ,772 33,874 20,764 39,854 44,350 FIRMER 11% 680,000t Carib - US Gulf ,043 27,873 17,352 12,486 17,504 FIRMER 40% 680,000t Carib - Europe ,185 31,684 22,734 18,215 24,532 FIRMER 35% 680,000t Indo - Japan ,552 30,936 16,974 37,231 35,741 SOFTER -4% 6 Ave. Earnings, 1999/00-built 33,698 31,095 19,177 34,412 36,193 FIRM... 5% 7 Ave. Earnings, 1990/91-built 33,247 30,639 18,726 33,649 35,394 FIRM... 5% "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 web-site, SIN Standard ships are indicated by the figure on the left Clarkson Research Studies Page

3 '00 Product Tanker Spot Earnings ($,000's/day) Feb Apr Jun Aug Jan Product Tanker Spot ket Dirty May Jul Clean Product Tanker Highlights Clean Products: The LR2 market hit new heights with 75,000 tonnes AG/Japan being fixed at WS240. The LR market looks set to climb on the back of tight tonnage, cheap product pricing and strong crude oil market. The rate of WS230 for 75,000 tonnes AG/Japan was last touched at the end of June 2001, and as can be seen from the graph earnings have accelerated upward far faster than in the dirty market. Indeed clean and dirty product tanker earnings have been closely coupled in the past, and we would expect to see dirty product tanker rates to follow suit fairly soon. Dirty Products: Due to the continued Venezuelan strike we have seen an increase in transatlantic fuel oil movements and a tightening of tonnage, with charterers asking well into the New Year. The consequence for the Caribs player is a softening market due to a reduction in cargoes moving Caribs up. Clean Product WS 2002 Average earnings $ per day Clean Earnings Single Voyage This Week ,000t Gulf - Japan ,599 40,296 19,454 31,995 39,231 FIRMER 23% 9 55,000t Gulf - Japan ,773 30,065 15,852 26,125 28,004 FIRM... 7% 10 33,000t Med - USAC ,940 23,025 13,851 20,020 19,713 STEADY -2% 10 33,000t UKC - USAC ,590 21,329 12,182 17,725 16,441 SOFTER -7% 10 30,000t Gulf - Japan ,101 19,431 10,876 19,632 19,865 STEADY 1% 10 30,000t Sing - Japan ,005 21,124 11,487 18,140 17,545 SOFTER -3% 10 30,000t Caribs - USAC ,585 19,505 11,381 14,018 13,665 STEADY -3% 10 30,000t Gulf - WC India ,259 21,417 12,827 21,284 25,584 FIRMER 20% 10 30,000t Med - UK/Cont ,482 21,869 11,574 22,957 22,227 SOFTER -3% 10 30,000t Black Sea - Med ,984 33,146 34,278 FIRM... 3% 10 30,000t Baltic - UKC ,923 23,013 23,505 STEADY 2% 10 28,000t Med - Med ,818 27,444 14,620 31,648 33,011 FIRM... 4% 11 20,000t UK/Cont-UK/Cont ,822 24,270 15,605 19,768 22,197 FIRMER 12% 11 20,000t Med - Med ,205 24,759 11,985 19,962 20,300 STEADY 2% Clean Product Ave. Earnings 18,682 24,778 13,697 22,975 24,104 FIRM... 5% Dirty Product WS 2002 Average earnings $ per day Dirty Earnings Single Voyage This Week ,000t Caribs - USAC ,514 21,919 12,446 19,070 17,439 WEAKER -9% 12 50,000t UK/Cont - US Gulf ,779 22,928 14,727 25,221 25,548 STEADY 1% 12 50,000t UK/Cont-UK/Cont ,915 25,583 17,443 29,832 30,343 STEADY 2% 12 50,000t Med - US Gulf ,168 23,166 14,356 24,560 24,894 STEADY 1% Dirty Products Ave. Earnings 24,844 23,399 14,743 24,671 24,556 STEADY 0% VLCC Spot Monthly Fixture Record VLCC Spot ket ket Activity... Average No. Number Last This Week Jul Aug Oct 4 Wks Fixtures: AG-West DOWN BY % AG-East/Japan DOWN BY % AG-Red Sea DOWN BY % Others DOWN BY % Total Number of Fixtures DOWN BY % Vessels due to arrive in AG* UP BY... 24% VLCC's Spot in Gulf* No DOWN BY % Dwt 1,212 3,246 4,924 7,157 4,338 6,569 5,057 2,264 DOWN BY % * 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 Studies Page

4 '00 Bulkcarrier Spot Earnings ($,000's/Day) May Jul Jan Large Bulk Carrier ket May Capesize Panamax Handymax Jul Bulkcarrier Highlights Capesize: A busy end to the year with markets continuing to maintain current strong levels despite indications of softening midweek. There has been a reasonable volume of enquiry for the nearby market despite the holiday season. Recent increases in bunker prices, however, have eaten into potential gains for operators. Panamax: The Panamax market remains strong apart from a slight softening around the north coast of South America. The BPI has exceeded the level seen in the 2000 boom. Though a weakening Handymax market could put pressure on Panamax rates in the months ahead, factors such as expected Chinese soybean purchases from Brazil for Q and ongoing raised Japanese steam coal demand in the context of minimal supply growth continue to provide support. Handymax: Pacific enquiry remains strong enough to sustain a continued rise in rates, though of a smaller magnitude than previous weeks. The Atlantic market, however, has continued to weaken as there are plenty of prompt vessels and charterers continue to stand off. Capesize Single $ Per Ton Average Earnings $ Per Day Capesize ket Voyage This Week... Iron Ore Trades ,000 Tubarao/Rotterdam ,900 15,431 13,359 26,593 27,111 STEADY 1.9% ,000 Tubarao/Japan 18m ,592 17,035 14,965 29,206 28,114 SOFTER -3.7% ,000 Tub/Beilun.Baoshan ,577 15,084 14,754 29,003 27,972 SOFTER -3.6% ,000 Dampier/Rotterdam ,957 14,579 11,143 20,189 20,845 FIRM % ,000 Dampier/Japan 18m ,667 18,371 12,516 25,670 25,391 STEADY -1.1% ,000 Dampier/Beilun.Bao ,505 22,994 22,617 STEADY -1.6% ,000 SaldanhaB./Beilun.Bao ,520 26,596 25,984 STEADY -2.3% Coal Trades ,000 Bolivar/Rotterdam ,519 13,557 12,138 24,610 25,103 STEADY 2.0% ,000 Hay Pt./Rotterdam ,703 13,775 9,417 16,392 18,453 FIRMER 12.6% ,000 R.Bay/Rotterdam ,051 12,751 10,949 21,858 22,003 STEADY 0.7% ,000 Rizhao/Rotterdam ,527 16,310 17,193 FIRM % ,000 Hay Pt./Japan 17m ,435 15,573 12,283 22,189 22,931 FIRM % 13 Ave. Earnings, 1999/00-built 24,414 15,234 13,157 24,333 24,677 STEADY 1.4% 14 Ave. Earnings, 1990/91-built 19,974 12,352 11,194 20,371 20,727 STEADY 1.7% Panamax Single $ Per Ton Average Earnings $ Per Day Panamax ket Voyage This Week... Grain Trades 15 55,000 USGulf/Rott(Lights) ,008 10,472 8,417 12,198 12,522 STEADY 2.7% 15 60,000 USGulf/Rott(HSS) ,139 10,498 8,459 12,248 12,581 STEADY 2.7% 15 54,000 USGulf/Japan(HSS) ,603 9,040 10,131 13,656 13,785 STEADY 0.9% 15 54,000 Nopac/Japan ,906 6,565 7,138 14,336 15,175 FIRM % Coal Trades 15 70,000 H.Rds/ARA ,013 9,299 6,592 10,470 10,008 SOFTER -4.4% 15 70,000 Bolivar/ARA ,311 11,355 10,863 SOFTER -4.3% 15 70,000 Newcastle/Cont ,685 9,398 5,790 9,929 10,810 FIRMER 8.9% 15 70,000 Richards B./Rott ,477 12,490 13,414 FIRM % 15 65,000 Roberts Bank/Japan ,708 8,114 6,685 12,869 12,911 STEADY 0.3% 15 65,000 Newcastle/Japan ,245 8,597 6,736 12,839 12,976 STEADY 1.1% 15 55,000 Roberts Bank/Rotterdam ,005 9,393 10,156 FIRMER 8.1% 15 Ave. Earnings, 1997/98-built 10,843 8,826 7,194 11,842 12,069 STEADY 1.9% 16/17 Ave. Earnings, 1980's-built 9,989 8,096 6,321 10,755 10,938 STEADY 1.7% "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 our website, "SIN 2002" ( Standard Ships are indicated by the figures on the left, e.g. Modern Capesize = Standard Ship no.13. Clarkson Research Studies Page

5 Tripcharter ket, Freight Futures, & Bunkers Panamax Average Earnings $ Per Day Panamax ket Tripcharter This Week... Cont/Far East 10,203 9,468 9,226 12,000 12,000 12,000 12,250 12,250 STEADY 0.0% TransPacific R/V 9,751 8,224 7,132 9,950 11,000 12,000 12,750 13,500 FIRM % Far East/Cont 9,594 7,944 5,965 7,950 9,000 10,250 11,000 11,750 FIRM % TransAtlantic R/V 9,519 9,116 8,164 10,200 10,400 10,750 11,000 11,250 STEADY 2.3% Average Panamax Earnings 9,767 8,688 7,622 10,025 10,600 11,250 11,750 12,188 FIRM % Clarkson P'max Trip Index FIRM % *The Panamax standard vessel is now based on a 70,000 dwt size, with data backdated to 2nd Jan Handymax Average Earnings $ Per Day Handymax ket Tripcharter * This Week... Cont/Far East 9,983 9,085 10,603 13,300 13,350 13,300 13,150 12,800 STEADY -2.7% TransPacific R/V 8,889 7,824 6,505 8,500 9,050 9,300 9,650 9,750 STEADY 1.0% Far East/Cont 8,527 7,373 5,576 6,400 6,700 7,100 7,500 7,550 STEADY 0.7% TransAtlantic R/V 8,482 8,542 8,560 10,400 10,500 10,650 10,650 10,500 STEADY -1.4% Average Earnings 8,970 8,206 7,811 9,650 9,900 10,088 10,238 10,150 STEADY -0.9% Average Earnings 52,000 dwt new series 8,622 10,988 11,188 11,350 11,463 11,425 STEADY -0.3% Clarkson Handymax Index STEADY -0.9% * 45,000 dwt unless stated Baltic Freight Indices BPI BCI BHMI BDI 1,700 1,600 Baltic Panamax Index Trends ,843 9, ,850 9, , ,861 9, , ,904 9, , ,950 10, , ,999 10, , ,035 10, ,056 10, , ,059 10, ,064 10, Week No ,078 10, ,088 10, ,112 10, ,141 10, FFA Indications at close ,169 10, Basis Closing Mid Price ,195 10, Index Jan Feb Cal' ,668 2,258 10, Routes 16-1,680 2,295 10, BPI 2 USGulf/Jap $/ton ,689 2,320 10, BPI 2A USGulf/Far East, $/day 12,583 13,525 13, ,703 2,354 10, BPI 3A TransPacific R/V, $/day 13,254 14,150 13, ,712 2,372 10, BPI 1A R.Bay/Holl-Belg $/ton Max Value ,372 10, BCI 4 R.Bay/Rott $/ton Min Value ,843 9, P'max TC Average $/day 12,243 12,000 Avg Value ,095 10, H'max TC Average $/day 10,133 9, Regional Bunker MDO 380cst Bunkers kets... Avg. To Date Avg. To Date This Week (380cst) Rotterdam HIGHER 10.4% Genoa HIGHER 8.7% Philadelphia HIGHER 11.9% Houston HIGHER 13.7% Cristobal HIGHER 2.7% Los Angeles LOWER -3.6% Japan HIGHER 3.3% Singapore HIGHER 4.4% Fujairah HIGHER 6.1% Clarkson Research Studies Page

6 Gas & Chemical kets LPG Average LPG ket ket Oct 20 Trends Voyage Rates ($/mt) 43,000mt AG/Japan* WEAKER -9% T/C Equivalent, $/day 78,000m³ modern 34,842 28,480 20,096 23,573 20,220 WEAKER -14% 75,000m³ late 70's 29,286 23,862 15,452 19,102 15,617 WEAKER -18% 12 mths T/C, $/day 78,000m³ modern 25,660 26,896 19,069 17,754 16,439 SOFTER -7% 75,000m³ late 70's 22,233 23,539 15,781 14,466 13,151 WEAKER -9% 57,000m³ modern 24,383 25,736 19,726 19,726 21,370 FIRMER 8% 52,000m³ 21,996 22,505 15,781 16,669 18,083 FIRMER 8% 35,000m³ 22,246 23,406 21,453 21,699 22,192 STEADY 2% 30,000m³ 19,885 19,872 18,740 18,740 18,740 STEADY 28,000m³ 20,473 19,941 18,740 18,740 18,740 STEADY 24,000m³ 17,526 17,374 15,124 15,124 15,452 STEADY 2% 15,000m³ Semi-Ref 15,525 16,164 13,151 13,480 14,795 FIRMER 10% 7-8,000m³ Ethylene 12,241 11,785 10,192 10,192 10,521 FIRM... 3% 3,200m³ Semi-Ref 7,130 6,196 4,932 4,932 4,932 STEADY 2002 LPG Charter Rates, $'000/month 1,400 1,200 1, '00 Feb Apr 78,000m³, 1 Yr t/c Jun Aug Oct Feb Apr 78000m³ TCE, AG - Japan Jun Aug Oct As 2002 draws to a close, we can reflect on a record year for LPG carrier scrapping with 22 ships of 670,057 cbm sold for demolition so far this year. By contrast, 33 ships totalling 1,692,495 cbm were delivered - no more remain on the orderbook for With these statistics, combined with 5 small ships miscellaneously removed from the fleet and another 4 miscellaneously added, Clarkson Research can provisionally advise a year-end LPG fleet of 986 vessels totalling 13.9 million cbm. That s a net increase of one vessel, but a net decrease of 214,736 cbm over last year. Interestingly, this is the first annual decrease in capacity terms since Rates are drifting lower in most areas as the Holiday season takes hold. Chemicals Average 2002 Chem ket Chemical Freight Rates, $/mt kets Oct 20 Trends 70 Voyage Rates ($/mt) 65 Rott/Taiwan 35000* AG/USWC FIRMER 37% 60 Houston/Far E ' AG/Far E STEADY -2% ' AG/Med SOFTER -3% 5,000 Rott/Houston FIRMER 24% 50 10,000 Rott/Houston FIRMER 32% ~ Rott/Far E FIRM... 7% 2000 ~ Rott/Far E FIRM... 7% 40 3,000 Rott/Far E FIRMER 8% 35 5,000 Rott/Far E FIRMER 11% ~ Houston/Rott STEADY 1% 3,000 Houston/Rott STEADY 1% 25 basis 5,000mt Easychems 5,000 Houston/Rott SOFTER -4% ~ Houston/Far E FIRMER 10% 5,000 Houston/Far E FIRM... 7% 10,000 Houston/Far E FIRM... 7% Easychems except for: * MTBE ' Chemicals ~ Stainless Steel Stolt have sold another 1970s chemical tanker for demolition. The 30,899 dwt STOLT VIKING has gone to Indian breakers for $219 per LDT. The firm price reflects the vessel s stainless steel tank construction. 96 This is only the 6 th stainless steel carrier to be scrapped in including two other Stolt vessels. However, 19 chemical carriers of all types (416,901 dwt in total) have hit the beaches this year so far. Jun Jun Jun Jun Jun Jun In stark contrast, 95 ships of 2,144,335 dwt have been delivered so far in 2002, although this does include some 34 IMO III-only vessels totalling 1,124,727 dwt, which are primarily designed for products trades. Clarkson Research Studies Page

7 '99 c.1,700 teu, geared cellular containership Jun '99 '99 Liner ket Rates ($,000's/day) '99 '00 1,000 teu geared containership Jun '00 ' teu geared containership '00 Liner & Offshore kets Liner ket News End-year sees the usual crosscurrent of activities in the liner arena. The Carlyle Group is paying $300m for CSX Lines, a US domestic carrier with revenues protected by Jones Act legislation. P&O Ports intends to concentrate on terminal activity in smaller Indian ports, outside the jurisdiction of the Major Port Tariff Authority. Hong Kong s government is initiating proceedings against the River Trade Terminal for breaching its land lease conditions and handling ocean-going vessels. China s Ministry of Communications intends to play a more positive role in determination of where THCs should be paid. A.P. Moller proposes to merge its two parent companies and to increase corporate transparency. CP Ships will relinquish its presence in the Far East/Europe trade. Senator will make staff cuts in the New Year as the line reduces exposure to main lane trades. Carriers are looking for a better and, with luck, a Good New Year. Container / MPP / Average 2002 Liner kets... Short Sea kets Oct Trends * Container Vessels ($/Day) Feedermax, 725 teu grd. 6,783 5,346 6,392 6,200 5,900 6,000 5,800 5,500 SOFTER -3% Handy, 1,000 teu grd. 7,483 6,100 8,325 7,442 6,750 6,850 6,700 6,400 STEADY -1% Handy, 1,700 teu grd. 10,242 8,983 13,742 9,513 9,500 9,500 8,950 8,500 STEADY -2% Sub-P'max, 2,000 teu g'less 9,663 9,946 16,396 10,858 8,700 9,000 8,750 8,500 STEADY 1% Sub-P'max, 2,750 teu g'less 16,450 15,475 22,188 16,771 12,800 12,850 12,250 11,350 SOFTER -6% Panamax, 3,500 teu g'less 20,650 22,083 25,833 19,625 16,000 16,500 16,000 14,850 SOFTER -4% MPP Tonnage ($/Day) 17,000 dwt, grd. 1 yr. t/c(liner) 6,427 5,698 6,829 7,204 6,350 6,300 6,350 6,350 STEADY 0% 16,000 dwt, 1 yr. t/c (tramp) 4,378 4,304 4,608 4,418 5,150 5,275 5,620 5,700 STEADY 1% European Short Sea 3,000dwt($/t) ECUK/ARAG - N.Spain FIRM... 5% French Bay - ECUK new time series WEAKER -9% Lower Baltic - ARAG WEAKER -12% UK/ARAG - W.Med SOFTER -4% W.Med - UK/ARAG STEADY 1% *3 mth trend for Container + MPP markets, Change since previous month for Short Sea. See for Short Sea market report Offshore Vessel Average 2002 Offshore ket ket Oct 20 This Month AHTS 7-12,000 Bhp 12,240 5,152 7,840 10,875 5,999 10,544 8,672 5,125 WEAKER!! -41% AHTS 12,000+ Bhp 19,444 7,662 11,377 18,443 10,545 17,516 10,485 5,895 WEAKER!! -44% PSV < 3,000 Dwt 7,400 3,420 6,234 8,456 4,891 7,139 6,908 3,609 WEAKER!! -48% PSV > 3,000 Dwt 11,400 4,171 9,321 17,223 7,182 11,082 9,119 6,014 WEAKER!! -34% 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, beginning AHTS Freight Rates & Orderbook Fleet: Anchor Handling Tug/Supply 1,464 1,484 1,518 1,542 PSV/Supply Crew/Workboat Other Types All Offshore Vessels 3,489 3,543 3,620 3,702 Orderbook: Anchor Handling Tug/Supply PSV/Supply Crew/Workboat Other Types All Offshore Vessels Jun c.17,000 dwt MPP Jun Clarkson Research Studies Page ,000 30,000 25,000 20,000 15,000 10,000 5,000 0 /day AHTS >12,000BHP Jun-99 Aug-99 Oct Feb-00 Apr-00 Jun-00 Aug-00 Oct Feb-01 Apr-01 Jun-01 Aug-01 Oct Feb-02 Apr-02 Jun-02 Aug-02 Oct-02

8 Secondhand Prices Oil Tanker End Year, $m. Three Month Asset Play in Focus Prices Trend 300,000 dwt d/h 5 yrs STEADY -1% Index, Start 2000 = ,000 dwt d/h 10 yrs STEADY Bulkers 250,000 dwt s/h 10 yrs STEADY 250,000 dwt s/h 15 yrs FIRM... 7% 150,000 dwt d/h 5 yrs STEADY -1% ,000 dwt s/h 10yrs STEADY 95-97,000 dwt d/h 5 yrs STEADY -2% 95-97,000 dwt d/h 10 yrs STEADY 2% 86,000 dwt s/h 10 yrs STEADY -2% ,000 dwt s/h 15 yrs STEADY ` 86,000 dwt s/h 20 yrs SOFTER -5% 70,000 dwt d/h 5 yrs STEADY -2% 65,000 dwt s/h 10 yrs STEADY 90 65,000 dwt s/h 20 yrs STEADY -3% 45,000 dwt * 5 yrs STEADY 45,000 dwt 10 yrs STEADY 70 45,000 dwt 15 yrs STEADY 45,000 dwt 20 yrs STEADY '96 '96 '97 '97 '98 '98 '99 '99 '00 '00 30,000 dwt 5 yrs STEADY -2% 30,000 dwt 10 yrs SOFTER -3% 5-y-o Tanker Index STEADY 0% 12 month Change -1% 29% -19% -7% 35% % Year on Year * 40,000 dwt before Bulkcarrier End Year, $m. Three Month 25% Prices Trend 170,000 dwt 5 yrs STEADY 15% 150,000 dwt 10 yrs STEADY 2% 150,000 dwt 15 yrs FIRM... 6% ,000 dwt 20 yrs STEADY 5% 73,000 dwt 5 yrs FIRM... 4% 69,000 dwt 10 yrs STEADY 69,000 dwt 15 yrs FIRM... 3% -5% 60,000 dwt 20 yrs STEADY 5-year-old Tanker Price 52,000 dwt 3 yrs STEADY -15% Index 45,000 dwt 5 yrs STEADY 2% Percentage Change 42-45,000 dwt 10 yrs FIRM... 3% Year-On-Year 42-45,000 dwt 15 yrs FIRM... 8% -25% MayJul JanMayJul Jan 42-45,000 dwt 20 yrs FIRM... 7% '00 '00 '00 ' ,000 dwt 5 yrs STEADY 25-30,000 dwt 10 yrs FIRM... 6% 25-30,000 dwt 15 yrs STEADY 2% % Year on Year 20% 27,000 dwt 20 yrs STEADY 1% 5-y-o Bulker Index STEADY 1% 12 month Change 23% 0% -14% 9% 15% Container & End Year, $m Three Month Ro-Ro Prices Trend 3,500 teu 10 yrs STEADY 1,700 teu 10 yrs FIRM... 3% 725 teu 10 yrs STEADY 3% 10-y-o Container Index Ro-Ro 2,500 lm 10 yrs SOFTER -5% Ro-Ro 1,250 lm 10 yrs SOFTER -7% Clarkson End Year, $m Three Month Index Trend ALL VESSELS STEADY 0% 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 2000 = 100. Clarkson Research Studies Page % 5% 0% -5% -10% -15% Short Term Tanker Trends Tankers MayJul Short Term Bulk Trends 5-year-old Bulker Price Index Percentage Change Year-On-Year -20% MayJul JanMayJul JanMayJul '00 '00 '00 '00

9 Sale & Purchase ket 1,600 1,400 $m. Sales Volumes & Values Value No Tankers: The flurry of activity we reported last week has not been repeated this week. The strong end of year performance of the tanker market together with the additional pressure on single hull tankers has however improved sentiment markedly. 1,200 1, The epoxy coated double hull Product carrier m/t MELODIA, 41,450 dwt built 1992 Imabari is likely to be sold shortly at a price in excess of $13 million. There are also unsubstantiated reports circulating that the double hull m/t BALTIC SEA, 97,045 dwt built 1993 Samsung is working closely at in excess of $25 million. A number of older Aframax tankers have been sold. The m/t SEABORN 87,500 dwt, built 1979 Mitsubishi (ldt 15,121) has been sold to trading buyers in excess of $3 million Jan-98 Jul-98 Jan-99 Jul-99 Jan-00 Jul-00 Jan-01 Jul-01 Jan-02 Volume Jul The modern Product carrier m/t ST PETRI, 47,228 dwt, built 2000 Onomichi is reported sold to a German buyer at $28 million with charter back to Oetker. The double bottomed product carrier m/t CAPTAIN HELEN, 40,406 dwt built 1991 has been sold to Socomar for $11.9 million. The Andromeda controlled m/t SCARLET STAR 29,994 dwt built 1982 Naikai has been sold at $3.2 million to the Egyptian buyer Naggar. Tanker To Date Sales* Type: VLCC Suezmax Aframax Handysize Total No. Sales Total DWT (,000) 22,039 12,522 1,850 Total Value ($ m) 4,620 1, Suezmax = k dwt, Aframax = k dwt Bulker To Date Sales* Type: Capesize Panamax Handymax Handysize Total No. Sales Total DWT (,000) 11,345 18,065 2,154 Total Value ($ m) 1,545 2, Other To Date Sales Total No. Sales Total dwt (,000s) 5,137 6, Total Value ($ m) 3,185 3, Total To Date Sales Buyers: Greece China P.R Norway Singapore Germany Netherlands Total No. Sales Total Dwt (,000) 38,521 40,718 4,498 Total Value ($m.) 9,351 7, Average $/Dwt Andhika Lines are said to have sold their Higaki-built 6,900 dwt ANDHIKA ADIPARWA, built 1985 to Far Eastern buyers at $1.7 million. The m/t TIIRA, 16,683 dwt built 1977 Werft Nobiskrug has been sold to Canadian interests at $3.10 million. Dry Cargo: The year ends with some Panamax sales of note, and more Capes, too. The freight market continues to firm and this should mean continued interest in sale and purchase in the New Year. Capesize and Panamax Following their purchase last week of the MINERAL COLOMBIA, clients of Lykiardopolou have now purchased the "BULK HELLAS" about 151,053 dwt built 1995 Kawasaki for $23.00 million nett. Her sister vessel, also built 1995, was sold for $22.50 million in late October. The Worldwide controlled "WORLD PLACE" about 150,973 dwt built 1995 Daewoo has been sold for $24.60 million to clients of maras Navigation. It is interesting to note the difference in price on these two ships. Clients of BHP have committed their 1985 built Capesize "MAGANDANG ILOG" about 174,000 dwt built 1985 Hitachi for circa $11.70 million to clients of Eastern Mediterranean itime basis dry-docking due in the first quarter of The Navitas controlled "GEORGIOS M" about 148,581 dwt built 1982 Hyundai has been sold to Koreans for $6.90 million. Docenave have committed on subjects their two Hyundai built Panamaxes "DOCELAKE" and "DOCEISLAND" both about 72,900 dwt built 1997 for $34.50 million en bloc. The buyers are believed to be Greek. The Taiwanese controlled "JASPER" about 74,012 dwt built 1996 Imabari has been committed for $16.00 million nett to unknown buyers. Clients of Hadley Shipping have bought the CORONA BRAVE about 69,043 dwt built 1994 Imabari for $13.30 million. The post-panamax "FORTUNE LIGHT" about 88,309 dwt built 1987 Sanoyas has been sold for $8.30 million to clients of GOLDEN UNION. The Croatian managed "CITY OF DUBROVNIK about 62,297 dwt built 1983 Spain has been sold for a firm $4.50 million. ALL DATA AND INFORMATION IN THIS REPORT IS AS REPORTED UP TO NOON ON THE DATE OF PUBLICATON * Includes vessels over 10,000 dwt only. Sales of bulk vessels under 10,000 dwt and of non-bulk vessels are included in "Other Sales". Clarkson Research Studies i

10 Recent Ship Sales by Vessel Type Vessel Type Vessel name Dwt/Unit Blt. Yard Date Price $m. Buyers Tanker D/Hull Front Eagle 308, Samsung S.B yr Clients of Dr. Peters Tanker D/Hull Berge Tokyo 298, Hitachi Zosen Clients of Eastern Med. Tanker D/Hull Berge Fuji 298, Hitachi Zosen 13- undisclosed Undisclosed interests Tanker S/Skin Tohzan 266, Hitachi Zosen 13-7yr Clients of Tsakos Tanker S/Skin Flinders 146, I.H.I Clients of Liquimar Tanker S/Skin Paris II 88, Uddevallavarvet 18-Oct 4.00 Clients of PT Equinox Tanker D/Hull Yannis M. 96, Samsung S.B Clients of PetroVietnam Tanker S/Skin Seaborn 87, Mitsubishi H.I Greek interests Tanker D/Hull Sacha 31, Rauma-Repola OY Clients of Petromar Tanker D/Hull St. Petri 46, Onomichi Dockyd German interests Tanker D/Bottom Captain Helen 40, Shin Kurushima Clients of Socomar Tanker S/Skin Campodola 36, Empresa Bazan Undisclosed interests Tanker S/Skin Scarlet Star 29, Naikai S.B Egyptian interests Tanker D/Hull Tiira 16, Werft Nobiskrug Canadian interests Tanker D/Hull Acada Dolphin 6, Guang. Wenchong Clients of Eldrima. Tanker D/Bottom Sarabelle II 6, Cant. Ferrari 13- undisclosed Undisclosed interests TankChem IMO III Kohzan u II 19, Minami Nippon 21- undisclosed Clients of Kokuka Sangyo TankChem IMO II FS Diane 10, Yardimci Deniz French interests TankChem IMO II/III Pacific Glory 7, Kurinoura Dock 28- undisclosed Greek interests TankChem IMO III Andhika Adiparwa 6, Higaki Zosen Far Eastern interests Ro-Ro Black Bart 2, Adelaide Ship Clients of Reef Ro-Ro 800m Lane Shinka u* 5, Hakodate Dock Taiwanese interests Ro-Ro 800m Lane Shinsei u* 5, Hakodate Dock 12- # Taiwanese interests Ro-Ro 1324 cars Tor Scandia* 20, Kockums M/V AB $7, Clients of Dyvi Group Ro-Ro 1324 cars Tor Flandria* 20, Kockums M/V AB $7,250 # Clients of Dyvi Group Reefer 527,422 cu.ft Ivory Eagle 10, Shikoku Dock Clients of Seatrade Reefer 527,399 cu.ft Ivory Dawn 10, Shikoku Dock. 20- undisclosed Undisclosed interests Offshore 7,400 bhp Wave Alert 6, Fosen M/V A/S Clients of Torch Inc. Offshore 1,130 bhp Seabulk Eagle 1981 Hudson S.B Clients of Uksnoy Mini Bulk Gorgulho 1, Schloemer S.B. 06- undisclosed Clients of Splitska Plov. Mini Bulk 2x25t cr. Siti Hajar 6, Imabari S.B Chinese interests Mini Bulk 2x25t cr. Uglegorsk 4, Sedef Gemi End Undisclosed interests Gas C'rier 3500 cu.m Gas Rosario 3, Fukuoka S.B Clients of M.I.S.C. Dry MPP 261 teu. Sovgavan 4, Sedef Gemi End Greek interests Dry MPP 1024 teu. Niver Flame 22, Mathias Thesen Undisclosed interests Dry MPP 542 teu. Emirate Star II 19, Hakodate Dock Clients of Sany Shpg. Dry Genl 154 teu. Christopher Meeder 2, Hugo Peters 05- undisclosed Clients of Weco Shpg. Dry Genl 4x25t cr. Chief of Cherokee 9, Honda Zosen K.K 13- TCB 3.80 Chinese interests Container 1399 teu. Ligwa 35, Hashihama Zosen Clients of yville. Container 2602 teu. CMA CGM Claudel 32, STX Shipbuild. 20- $16, Clients of Schulte Group Container 2728 teu. LT Globe* 43, Onomichi Dockyd 20-5yrTCB@$12, Clients of Technomar Container 2728 teu. LT Glory* 43, Onomichi Dockyd 20-5yrTCB@$12, # Clients of Technomar Container 2728 teu. LT Grand* 43, Onomichi Dockyd 20-5yrTCB@$12, # Clients of Technomar Container 1005 teu. Shalamar 14, Werft Nobiskrug 05- undisclosed Clients of TMSC Container 976 teu. Colleen Sif 9, Orskovs Staal European interests Combo D/Bottom Bear G. 77, Fredriksstad 19- B/B HP 4.25 Turkish interests Bulk Str. Hvy Angelo Della Gatta 127, Hyundai H.I. 06- undisclosed Clients of Di Maio Bulk Str. Hvy Partagas 152, Mitsui S.B. 19- undisclosed Clients of Orient Steamship Bulk Str. Ore Magandang Ilog 174, Hitachi Zosen Clients of Eastmed Bulk Str. Hvy Bulk Hellas 151, Kawasaki H.I Clients of Lykiardopulo Bulk Str. Hvy World Place 150, Daewoo S.B Clients of maras Nav. Bulk Str. Hvy Georgios M 148, Hyundai H.I Korean interests Bulk Str. Hvy Fortune Light 88, Sanoyas Clients of Golden Union Bulk Str. Ore Alfios 63, Namura Zosensho Greek interests Bulk Str. Hvy Oinoussian Seaman 64, Hyundai H.I Clients of Golden Union Bulk Str. Hvy Corona Brave 69, Imabari S.B Clients of Hadley Shpg. Bulk 4x30t cr. Eternal Spirit 45, Imabari S.B Clients of Seaworld Mngmn Bulk 4x25t cr. Clio Ocean 45, Kanasashi K.K Clients of Ikarus Shpg. Bulk 5x25t cr. Sanmar Pioneer 40, Sanoyas Greek interests Bulk 4x25t dr. Paulina 20, Shin Kochi H.I Chinese interests Bulk 4x30t cr. Tinker Bell 23, Saiki Hvy. Ind. 13-5yr BB 8.00 Clients of Egon Oldendorff Bulk 4x30t cr. Golden Duke 28, Kanasashi K.K Undisclosed interests Bulk 4x30t cr. Oriental Harmony 28, Kanda Zosensho Clients of Tiger Shpg. * En bloc Sales. #En Bloc price shown under under first ship of bloc Clarkson Research Studies ii

11 Bulk Fleet Changes Bulk Fleet Oil Tanker Fleet Bulk Carrier Fleet Combo Fleet Changes to date to date to date (No. Vessels,000dwt) No. Dwt No. Dwt No. Dwt No. Dwt No. Dwt No. Dwt Fleet 1st January 3, ,172 3, ,623 5, ,735 5, , , ,638 Changes: Deliveries , , , ,333 Sold For Scrap , , , , ,263 Losses Misc. Additions Misc. Removals 18 3, , Net Change During Year -7-4, , , , , ,601 Fleet End Yr/ Yr to Date 3, ,623 3, ,289 5, ,240 5, , , ,037 Vessels over 10,000 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 Chem & Oil Admiral GE ,400 Carl Buttner Brod. 3 Maj 680 $m Chem & Oil Cliffwater NE ,731 Clearwater Group Breko Shipyard Container Cap Ferrato GE ,100 NSB Niederelbe Aker MTW Werft 015 $m Container Delmas Kerguelen LI ,580 Leonhardt & Blumberg Guang. Wenchong 290 Container Euro Snow GE ,000 Global Hanseatic Peters S.B. 673 MPP Rickmers Tokyo M.I ,500 Rickmers Reederei Xiamen Shipyard MX439D Chem & Oil Elka Glory M.I ,900 European Navigation Brod. Split 428 $m Chem & Oil Chemroad a PA ,407 Iino Kaiun Kaisha Shin Kurushima 5143 Container Contship Australis BR ,000 Contship Cont. Lines Daewoo S.B $m Container NYK Apollo PA ,000 Nippon Yusen Kaisha I.H.I Container Norasia Valparaiso GE ,900 Rickmers Reederei Stocznia Gdynia 8234/1 $m Container Hatsu Ethic BR ,000 Evergreen. Corp. Mitsubishi H.I Container MSC Ulsan LI ,020 Oltmann, D. Samho S.B. S160 MPP Westerscheldeborg NE ,000 Wagenborg Shpg. B.V. Peters Schpsw. 802 Chem & Oil Woolim Dragon PA ,968 Woo Lim Shipping Nokbong S.B. 384 Container Leyla Kalkavan TU ,000 Kasif Kalkavan Group Sedef Gemi End. 122 Tanker Four Moon IT ,000 Premuda S.P.A.N. Misc. Add. Conv. In Asp.& Bit. Liang Zhou PRC ,752 Nanjing Changjiang Misc. Add. Conv. In Asp.& Bit. An Da Jiang PRC ,021 COSCO Guangzhou Misc. Add. Conv. In Tanker Oct Navion Odin BS ,676 Navion Shipping AS Misc. Add. Conv. In Cement Oct Tarjun BS ,180 Tri Manggada Lines Misc. Add. Prev. Excl. Chem & Oil Oct Phoenix II PA ,118 Unknown Owner Misc. Add. Prev. Excl. Scrapping & Other Removals.. Type Date Vessel Name Flag Year Dwt Owner Breakers Ldt Price Built $/ldt $m. Tanker Polaris Voyager Bd ,160 ChevronTexaco Shpg. PRC 56, Tanker Galapagos Cy ,243 Tsakos Shpg. & Trad. India 8, Chem & Oil Stolt Viking Li ,899 Stolt Parcel Tankers India 8, Products Sea Nautilus Li ,900 Sea Oil Inc. Bangladesh 12, Tanker Burgas Rs ,589 orossiysk Shpg. PRC 11, Bulk Tupi Ponta Negra Bz ,500 Tupinave S.A. India 7, GCargo The Beneficient Li ,059 Gemstar Shpg. & Trdg Bangladesh 4, GC Liner iam 1 Al ,727 Unknown Owner India 6,463 Tanker Da Qing 30 PRC ,150 China Shpg. Tankers PRC Log Midas Hope Pa ,374 Unknown Chinese PRC 5, Bulk Saturn II Pa ,534 Chrimar Shpg. Ent. India 11,201 GC Liner Sea Spirit Pa ,406 Franser Shipping India 6,984 MPP African Warrior Pa ,450 Naviera Siglo XXI India 7, Tanker Fal XVIII UAE ,795 Fal Shipping Co. India 6,220 Tanker Histria Moon Ma ,867 Petromin Shpg. Co. Bangladesh 16, Tanker Falcon Gr ,052 Aran Shpg. & Tradg. PRC 10, Tanker Prestige BS ,259 Universe itime Misc. Rem. Total Loss Bulk/Oil Four Stars BS ,500 Premuda S.P.A.N. Misc. Rem. Conv. Out Ethy/LPG Capo Rosso IT ,318 Premuda S.P.A.N. Misc. Rem. Prev. Demol. Tanker Felipe Camarao BZ ,688 Petrobras Misc. Rem. Conv. Out L.P.G. Danish Arrow DIS BP Gas Tankers A/S Misc. Rem. Conv. Out L.P.G. Danish Dart DIS BP Gas Tankers A/S Misc. Rem. Conv. Out Clarkson Research Studies iii

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 07- K Line Genmar Leonidas D , months $15, Fortum Nordic Akarita D , years (Offshore Loader) $26, Alpine Jag Leela D , months $16, Jan Tanker Pacific Irving Galloway D , years $30, Tanker Pacific Irving Primrose D , years $30, Agip Paros D ,709 3 years $18,000 /Apr Pertamina Agate D , /6/6 months $13, Agip Atlantis D , years $17, Jan BHP Abul Kalam Azad D , months $15, St Shipping/Glencore/Alpine Noda Star D , /3/3 months RNR St Shipping/Glencore/Alpine Mirza D , /3/3 months RNR Chevtex Dongola C , months $11, Weco Antares C , months $10, K Line CSK Valiant D ,000 2 years $16, Frontline Front Eagle D ,200 B/B 13 years $22, Jan Pemex Alexandra Park C , months $13, Irving Uranus C , months $12, Irving Neptune C , /6/6 months $12, Andromeda Gemini 1 C , /6/12 months RNR Pertamina Clovely D , /6/6 months $22, Pertamina Strimon D , /6 months $12, Heidmar Sun River D , /6/6 months $14500/$15k/$15k Hyundai Tohzan D , BB 7 years $12, TTMI Latgale D ,467 3 months $18, SK Corp Berge Fuji D , BB 8 years RNR St Shipping Berana D , year $15,000 Jan Adam Primar D , months $11, Famm Petromar D , months $12, Latest Dry Bulk Timecharter Fixtures... Reported Charterer Vessel Name Year Dwt Spd Cons. Period Rate Delivery Built $ per Day Date Place 05- Armada United Resolve , /13 months $14,800 15/20 Jan Worldwide 05- Transfield Giuseppe Bottiglieri ,265 11/13m opt 11/13m $11k opt $ /30 Nagoya 05- Pioneer Alpha Harmony , months $11,000 13/12 Ningbo 05- Navios Endless , /5 months $12,000 16/17 Inchon 06- Stet Pacific Vitality , months $16,500 20/21 Qingdao 06- ABT Seamaid , /4 months $12,000 9/10 Gibraltar 06- CNR Ocean Bird , /8 months $11,625 15/20 Xingang 09- Transfield Gran Trader , /11 months $19,100 10/20 Jan Passero 09- Cargill Anangel Venture , /9 months $10,750 12/14 Antwerp 09- Cetragpa Giovanni Della Gatta , /5 months $11,750 11/18 PMO 10- Transfield Vitali , /6 months $10, North China 10- Korea Line Sabrina Venture , /1 years $9000/$9500 end Philippines 12- Cobelfret Carol , /4 months $12,750 13/17 Jan iveles 13- Swiss ine Yukon , months BCI - $ /25 Jan Algeciras 13- Swiss ine Anangel Omonia , /7 months $12, / 3 Jan South Japan 16- K Line Sea Azalea , /10 months $19,250 1/10 Feb Passero 17- NSS Nike , /5 months $21,000 10/12 Jan Pusan 17- Eastern Rich Australian Fame , /5 months $14,500 14/18 Shanghai 17- Cargill Pythagoras ,162 4/6 months $13,000 22/24 Bilbao 17- Cargill Euro Trader , months $11,400 10/20 Jan Med 17- Bottiglieri President G , /4 months $11,500 7/10 Jan Japan 17- Noble Despina , /5 months $11,250 20/31 South Korea 18- Armada Lake Sequoia , /8 months $11,750 24/26 Barcelona 18- Cargill Anna , /10 months $11,850 21/24 Reihoku 18- Cargill Naftilos , months $11, / 2 Jan Kobe 18- NYK Fivos , /3 months $12,750 26/28 Kobe 18- Bottiglieri Christina III , /5 months $12,000 end South Korea Clarkson Research Studies iv

13 The Timecharter ket Tanker Timecharter ket 1 Year T/C... Average Rate $/day To Date T/C Activity & The Freight ket VLCC (early 1990's) 300,000 Dwt Modern 43,650 40,490 25,664 35, ,000 Dwt Modern 33,100 33,115 18,936 29, ,000 Dwt Modern 23,464 25,019 17,373 20,000 70,000 Dwt Modern 18,021 22,798 16,451 18,000 47,000 Dwt Modern 18,870 13,292 15, ,000 Dwt Early '90s 26,571 38,125 38,654 24,275 33, ,000 Dwt Early '90s 18,189 28,712 31,245 17,598 28,000 95,000 Dwt* Early '90s 13,127 20,260 23,317 15,926 19,000 30,000 Dwt 9,939 12,771 15,784 11,402 12,000 3 Year T/C... Average Rate $/day To Date ,000 Dwt Modern 28,667 27,230 29, ,000 Dwt Modern 20,667 19,510 25, ,000 Dwt Modern 18,167 17,794 19,000 70,000 Dwt Modern 17,931 17,000 47,000 Dwt Modern 17,115 13,407 14,500 30,000 Dwt 11,066 13,284 14,736 11,627 11,500 T/C Activity... Total Fixtures To Date...over 1 year VLCC 200, Suezmax , Aframax , Handy 45-60, Handy 20-45, Total No. Fixtures Total in m. dwt Modern is taken to mean no more than 10 years old. * Previously 87,000 dwt. Bulk Carrier Timecharter ket 1 Year T/C... Average Rate $/day To Date T/C Activity & The Freight ket Capesize Capesize Modern 11,600 14,597 18,625 Panamax Modern 8,977 8,829 11,250 Handymax Modern 8,319 9,850 Handymax Modern 6,595 8,759 8,141 7,503 9,200 Handy Modern 5,574 7,112 6,807 6,732 7,500 Capesize "CSBC" 10,865 17,101 12,784 12,271 15,500 Capesize 1980s 7,885 12,582 7,523 8,005 12,250 Panamax 1980s 7,013 9,763 7,499 7,220 9,250 3 Year T/C... Average Rate $/day To Date Capesize Modern 13,500 15,285 15,750 Panamax Modern 9,123 9,227 10,000 Handymax Modern 7,044 8,480 8,411 7,931 8,300 Handy Modern 6,324 7,572 7,286 7,200 7,200 Capesize "CSBC" 12,566 14,994 12,750 12,593 14,350 Panamax 1980s 7,283 8,868 7,275 7,066 7,250 T/C Activity... Total Fixtures To Date...over 1 year Capesize 120, Capesize , Panamax 50-80, Handymax 35-50, Handy 10-35, Total No. Fixtures Total in m. dwt Modern is taken to mean no more than 10 years old. 11 No. fixtures Clarkson Research Studies Page Jan May 1 Year t/c Spot $/day Jul Jan May Jul $,000/day Tanker timecharter activity this week An indication of how things are shaping up in the post- Prestige era is the report that global bunker supplier FAMM has fixed the double-hull 35,770dwt, 2001-built PETROMAR for 12 months at $12,750/day, presumably for the carriage of dirty product cargoes No. fixtures Jan May Jul Jan 1 Year t/c Spot $/day May $,000/day Jul Bulk carrier timecharter activity this week.. This year has been the most active for timecharters exceeding 1-year since A further 14 timecharter fixtures were recorded this week, though underestimating real activity. Strong levels for long period for Capesize and Panamax market underline sentiment

14 The Shipbuilding ket What's Been Ordered... S Type Spec. Date Dwt/Unit Delivery Builder Price Owner/Manager* 5 Tanker ,000 Jan 2005 Samsung S.B. Minerva ine Inc. 5 Tanker Products , Samsung S.B. Euroceanica 5 Tanker Products , Samsung S.B. Euroceanica 5 Bulk , CSBC U-Ming ine Tran. 5 Bulk , CSBC U-Ming ine Tran. 5 Other Dry Container ,000 7, Hyundai H.I. Conti Reederei 5 Other Dry Container ,000 7, Hyundai H.I. Conti Reederei 17 Other Dry Container ,000 7, Hyundai H.I. Conti Reederei 5 Tanker Products , Stx Shipbuild. Rederi AB Swan 5 Tanker Products , Stx Shipbuild. Rederi AB Swan 17 Tanker Products , Stx Shipbuild. Rederi AB Swan 17 Tanker Products , Stx Shipbuild. Rederi AB Swan 5 Bulk ,500 Jun 2005 Stx Shipbuild. Efnav Co. Ltd. 5 Bulk , Stx Shipbuild. Efnav Co. Ltd. 17 Bulk , Stx Shipbuild. Efnav Co. Ltd. 17 Bulk , Stx Shipbuild. Efnav Co. Ltd. 5 Other Dry Container ,000 7, Hyundai H.I. E.R. Schiffahrt 5 Other Dry Container ,000 7, Hyundai H.I. E.R. Schiffahrt 5 Other Dry Container ,000 7, Hyundai H.I. E.R. Schiffahrt 5 Other Dry Container ,000 7, Hyundai H.I. E.R. Schiffahrt 5 Other Dry Container ,000 7, Hyundai H.I. E.R. Schiffahrt 17 Other Dry Container ,000 7, Hyundai H.I. E.R. Schiffahrt 17 Other Dry Container ,000 7, Hyundai H.I. E.R. Schiffahrt 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 Year End, $m. Three Month Shipbuilding News Prices Trend... Tankers VLCC 300,000 dwt WEAKER % Suezmax 150,000 dwt FIRM % Aframax 110,000 dwt FIRM % Handy 47,000 dwt FIRM % Bulk Carriers Capesize* 170,000 dwt FIRM % Panamax 75,000 dwt FIRM % Handymax 51,000 dwt SAME... Handysize 30,000 dwt SAME... Gas Vessels LPG 78,000m³ SAME... LNG m³ WEAKER % Dry Cargo Container 3,500 teu SAME... Container 1,100 teu SAME... Clarkson Index FIRM % Newbuilding Vessels Contracted Year-on-Year Newbuilding Price Index Activity Trend.. Oil Tankers WEAK -38% Chemical & Spec. Tankers FIRMER 30% Combined Carriers WEAK -100% LPG Carriers WEAK -66% LNG Carriers WEAK -15% Bulk Carriers FIRMER 83% Containerships WEAK -43% General Cargo vessels WEAKER!! -8% Ro-Ro Vessels FIRMER 18% Refrigerated Vessels SAME... Offshore Vessels WEAK -34% FPSO/FSU FIRMER 27% Passenger & Cruise Ships FIRMER 37% Other Misc. Vessels WEAK -41% TOTAL CONTRACTING WEAK -12% The trend of the last few weeks has continued with the competition for berths increasing and prices rising accordingly as buyers compete for the scarce remaining early berths. ket sentiment has focused on the levels of demand in the tanker market after the Prestige, it is really the container market that has created the scarcity of capacity. There have been a number of large deals - involving multiple units - concluded in recent weeks. The conclusion of the ER Schiffahrts 5 unit series of 7800teu vessels for COSCO at HHI has absorbed the remaining 2004 capacity at Hyundai whilst the 5 unit Seaspan order for CSG have done the same at Samsung. These container sizes compete directly with Aframax and Suezmax tankers for dock space and the greatest intensity of demand in the tanker market has focused on these sizes. Note: Newbuilding prices vary as to country of build, delivery and ship specification. Prices here are end year/latest and from June '98 assume a "European spec", 10/10/10/70% payments and "first class competitive yards" quotations. The 3-month trend is the change of the last 3 months over the previous 3 months. *Double-hull from 20 tember Clarkson Research Studies Page '92 Index, Jan'88 = 100 Ten year trend in newbuilding prices '93 '94 '95 '96 '97 '98 '99 '00