Weekly Market Report. Market insight. Chartering (Wet: Firm+ / Dry: Firm+ ) By George Iliopoulos SnP Broker

Transcription

1 Weekly Market Report Issue: Week 49 Tuesday 10 th December 2013 By George Iliopoulos SnP Broker Market insight Ge ng closer to the end of 2013, it is important that we have a review of the course the market has taken these past 12 months by looking at the BDI today and where it was this me last year. Last December, a er having witnessed a small rally in the final quarter of 2012, the BDI had just managed to climb above 1,000 points. This level also proved to be the main psychological barrier for much of 2013, with the index remaining below this level up un l late June. It was not un l September that we really started to see a change in market condi ons and the BDI breaking free to reach a peak of 2,146 points in early October and then a more recent year record of 2,237 points reached today. This was therefore a significant change in market condi ons and although the Index doesn t reflect the physical market 100%, it provides a general upbeat approach, while at the same me it is certain that we no longer find ourselves in a market were rates are close to breakeven levels. On the other hand, the sudden upward boom has created a lot of skep cism amongst players in the SnP market. This past month in par cular, we have seen asset prices increasing considerably and Sellers price ideas shi ing week by week. A good example of this is that of a 1999 ese blt Panamax which would have been sold at close to USD 9.5mill in January, while only a few days ago similar vessels where changing hands at around USD 14.5mill. These large shi s in prices have created significant problems amongst certain poten al Buyer. We are star ng to dis nguish two dis nct types of buyers emerging in this market; the ones that believe that they missed the perfect ming and are in a hurry some mes to even pay a premium for a vessel and those who are worried that periodically the market will dip back down to the levels we witnessed in the 1Q2013 weighing down on prices again was very intense for the SnP market. Greek ship owners invested a considerable amount of money in both secondhand and newbuilding purchases and they are con nuing on the same path, despite the fact that prices have increased so dras cally since the start of the year. It is also important to note that this was the year that Greek ship owners, even medium sized ones, put a lot of emphasis in new orders of eco type vessels,, wan ng to posi on themselves in the market so that they can hold a significant compe ve advantage in the future. What is most worth no ng is that 2013 was also the year that a number of foreign funds turned their interest towards Greek ship owners. These funds were driven by the belief that it was the right me to invest, while at the same me they were a racted by the Greeks long mari me tradi on, which provided a sense of trust and security. This is yet another factor which strengthened the SnP market and boosted ac vity despite the fact that freight rates could not always excuse the prices being achieved nor could Greek banks, tradi onally a large supplier of Greek shipping finance, which lacked the ability to support most of these purchases as it once did. In conclusion, we can say that the big winners this year were owners that took the risk and invested when the market reached low levels. Let s all now hope that the posi ve trend will con nue into 2014 so that these bets can turn into profitable investments, the return of which can be reinvested back into the market and feed through to even be er mes for owners. Chartering (Wet: Firm+ / Dry: Firm+ ) The Dry Bulk market is moving full steam ahead, with sen ment improving considerably over the past week, especially as rates for both Capes and Panamaxes have seen considerably higher levels. The BDI closed today (10/12/2013) at 2,237 points, up by 54 points compared to Monday s levels (09/12/2013) and an increase of 315 points compared to previous Tuesday s levels (03/12/2013). With help from VL performance stabilizing and rates for Suezmaxes reaching pre-2013 levels, the crude carriers market has closed off another week on the green. The BDTI Monday (09/12/2013), was at 759 points, an increase of 79 points and the BCTI at 608, an increase of 22 points compared to the previous Monday s levels (02/12/2013). Sale & Purchase (Wet: Stable+ / Dry: Stable+ ) SnP ac vity has slowed down a bit, while dry bulkers appear to have gathered the interest of the majority of poten al buyers, with modern tonnage proving more popular for yet another week. On the tankers side, we had the sale of the EASTERN JUBILEE (6,135dwt-blt 03, ), which was picked up by Korean buyers for a price of US$ 8.5m. On the dry bulker side, we had the sale of the MARINE PROSPERI- TY (73,326dwt-blt 01 ) which was picked up by Greek buyers, for a price of $ 16.0m, basis delivery in May Newbuilding (Wet: Stable+ / Dry: Stable+ ) We have already men oned the plan that has been in the works by the Chinese government to provide subsidies to the acquisi on of new ships in exchange for the early scrapping of older tonnage. The specifics of the plan are now being decided and the Chinese Government has confirmed both the dura on of the policy as well as details of the exact subsidy amounts. The programme, which will be made available to Chinese companies will run un l the end of 2015 and will apply to ships that are within 10 years before their mandatory re rement age, which is set at 33 years for dry bulk ships according to the China Shipowners Associa- on. The subsidy will be in the amount of CNY 1, per gross ton, which is equivalent to around USD Half of the amount will be provided a er the scrapping of an old ship is concluded and the other half if a new ship is ordered in local yards, while the total amount of subsidies that will be made available is not clear at the moment. In terms of new orders, S. Korean owner, Hyundai Merchant Marine, placed an order for two firm VLOCs (210,000dwt) at Bohai in China, for a price of $ 53.5m each and with delivery set in January Demoli on (Wet: Stable - / Dry: Stable - ) The volume of ac vity in the demo market has dropped even further this week. As previously men oned, both owners and breakers appear to be unsure as to whether they want to commit at these levels as the former await for a stronger market and the la er have been seriously burnt by poli cal instability and consequent vola lity. The sen ment of insecurity appears to have strengthened even more this past week. Exchange rate issues are s ll very much causing nervousness in the market, with the local currencies of both Pakistan and India trying to get steady on their feet. As a ma er of fact, despite a be er performance of the Indian Rupee lately, it seems that vola lity is back, resul ng in subdued ac vity and some very anxious cash buyers that are not ge ng what they want for their tonnage. At the same me Bangladesh has local strike issues to deal with and Chinese breaking yards look completely indifferent to compete for addi onal tonnage just before the year ends. Average prices this week for wet tonnage were at around $/ldt and dry units received about $/ldt.

2 Wet Market Dirty Clean Aframax Suezmax VLCC Vessel VLCC Suezmax Aframax Panamax MR Handy size Routes Week 49 Week 48 $/day $/day $/day ±% $/day $/day WS points Spot Rates WS points 265k MEG-JAPAN , , % 17,807 21, k MEG-USG 38 41, , % 4,854 1, k WAF-USG , , % 23,507 31, k MED-MED 95 42, , % 14,310 22, k WAF-USAC 85 33, , % 10,870 13, k BSEA-MED 90 42, , % 14,310 22,121 80k MEG-EAST , , % 10,558 14,182 80k MED-MED , , % 11,113 13,700 80k UKC-UKC , , % 14,469 18,517 70k CARIBS-USG , , % 13,905 12,325 75k MEG-JAPAN , , % 11,340 11,258 55k MEG-JAPAN , , % 11,365 10,867 37K UKC-USAC 110 7, , % 10,328 9,251 30K MED-MED , , % 16,033 19,062 55K UKC-USG 90 8, , % 14,111 16,571 55K MED-USG 90 8, , % 11,866 14,735 50k CARIBS-USAC , , % 13,338 13,028 $/day TC Rates Week 49 Week 48 ±% Diff k 1yr TC 28,250 28, % 0 19,617 22, k 3yr TC 24,250 24, % 0 23,557 27, k 1yr TC 16,250 15, % ,224 17, k 3yr TC 18,250 18, % 0 18,302 21, k 1yr TC 13,750 13, % 0 13,490 13, k 3yr TC 15,750 15, % 0 15,220 16,070 75k 1yr TC 15,500 15, % ,204 13,245 75k 3yr TC 16,250 16, % 0 15,700 14,368 52k 1yr TC 15,250 15, % 0 14,551 13,764 52k 3yr TC 15,750 15, % 0 15,236 14,589 36k 1yr TC 14,250 14, % 0 13,240 12,567 36k 3yr TC 15,000 15, % 0 13,843 13,378 WS points WS points VLCC Suezmax Aframax LR1 Indicative Market Values ($ Million) - Tankers Vessel 5yrs old MR Indicative Period Charters - 06/12 mos - 'DESH VAIBHAV' ,217dwt - - $ 24,500/day - Navig8-06/13 mos - 'DENSA WHALE' ,322dwt - - $ 14,000 day - Core Petroleum TD3 TD5 TD8 TD4 TC2 TC4 TC6 TC1 DIRTY -WS RATES CLEAN -WS RATES Dec-13 Nov-13 ±% KT DH % KT DH % KT DH % KT DH % KT DH % Chartering With very few excep ons, the crude carriers market overall advanced this week, covering some of the ground lost the week prior, while the sen ment is s ll very posi ve especially as the wri en off for some Suezmax market has started picking up significantly. Rates for VLs remained overall stable this past week, with ac vity ex-meg con nuing to support owners ideas and USG demand for ex-waf cargoes shoo ng up and pushing the voyage to WS The Suezmax market resumed its upward movement for a second week in a row, pushing the average rate to over $37,000/day, a level last visited in May The sen ment for the sector is finally improving but we will definitely need to see a good performance in the likes of that of VLs before we are convinced that the future looks bright. The rate for the flagship route WAF/USAC has con nued to move north, reaching WS85 before the weekend, while at the same me, ac vity in the Med region has allowed owners to see rates in excess of $40,000/day. With the excep on of rates for cross-med voyages, which noted a 25% week-on-week decrease, the rest of the Aframax market firmed, with cross- UKC rates shoo ng up on the back of excess demand against shortage of tonnage in the region, while Eastbound demand has also boosted ac vity ex -MEG. Sale & Purchase In the small tankers sector we had the sale of the EASTERN JUBI- LEE (6,135dwt-blt 03, ), which was picked up by Korean buyers for a price of US$ 8.5m. Intermodal Research 10/12/2013 2

3 Dry Market Capesize Panamax Supramax Handymax Handysize Baltic Indices Week 49 Week 48 06/12/ /11/2013 Point $/day Diff ±% Index $/day Index $/day Index Index BDI 2,176 1, , BCI 3,842 $33,851 3,089 $24, % 2,006 1,571 BPI 1,923 $15,356 1,665 $13, % 1, BSI 1,552 $16,228 1,475 $15, % BHSI 789 $11, $10, % Period $/day Week Week ±% Diff K 6mnt TC 25,250 19, % 5,500 16,682 13, K 1yr TC 22,250 19, % 2,500 15,526 13, K 3yr TC 21,250 20, % ,241 15,282 76K 6mnt TC 17,750 16, % 1,000 11,867 11,003 76K 1yr TC 13,875 13, % ,061 9,906 76K 3yr TC 13,250 12, % ,135 10,888 55K 6mnt TC 15,125 14, % ,389 11,176 55K 1yr TC 12,750 12, % ,093 10,330 55K 3yr TC 12,000 11, % ,392 11,195 45k 6mnt TC 13,000 12, % 250 9,607 9,375 45k 1yr TC 10,875 10, % 250 8,739 8,849 45k 3yr TC 10,500 10, % 250 9,162 9,575 30K 6mnt TC 10,250 10, % 125 8,109 8,255 30K 1yr TC 9,750 9, % 250 8,218 8,424 30K 3yr TC 9,750 9, % 250 8,879 9,450 Chartering The Dry Bulk market has maintained the upward performance of the week prior, no ng an even stronger advance this me round. The star performance were again the bigger sizes, rates for which con nue to firm following the November lull. The BDI has moved back up, closing on Friday well above the 2,000 points level, while the sen ment remains very posi ve this current week as well, with Q FFAs also moving north for Supras and Handies, and T/C rates across the board no ng increases for most of the period contracts. The Capesize segment was the strongest link this past week, with very promising rates being quoted as Monday kicked off. Despite some small pull back taking place on Thursday and Friday, strong iron ore demand from China appeared to be very suppor ve of rates in the region, while Atlan c business maintained good volumes and the same was true for the period market. Index $/day 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, ,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 Capesize Panamax Supramax Handysize Baltic Indices BCI BPI BSI BHSI BDI Average T/C Rates AVR 4TC BCI AVR 4TC BPI AVR 5TC BSI AVR 6TC BHSI Indicative Market Values ($ Million) - Bulk Carriers Vessel 5 yrs old Indicative Period Charters -11/13 mos - 'GALATEIA' ,359dwt -dely Cape Passero 25/30 Dec - $ 14,250/day - Bunge -3/4 mos - 'JIA MAO SHAN' ,000dwt -dely USGulf spot - $ 20,000/day - WBC Dec-13 Nov-13 ±% k % K % k % K % Sale & Purchase In the Panamax sector, we had the sale of the MARINE PROSPERI- TY (73,326dwt-blt 01 ) which was picked up by Greek buyers, for a price of $ 16.0m, basis delivery in May In the Handysize sector we had reports of the sale of the CIELO DI GENO- VA (32,354dwt-blt 05, ), which went to Malaysian buyer, Ecoship, for a price of $ 16.5m. Rates for Panamaxes also noted substan al increase last week, pushing as a result the average rate for the segment above $15,000/day. The market in the Atlan c remained short of tonnage, which led to numbers in the region increasing further, while Indonesian cargoes improved rates in the Pacific further. In the smaller size segments, there was very good Atlan c ac vity due to a firm flow of cargoes ex USG and ECSA, with the former market remaining short listed in terms of available tonnage, while at the same me the overall quieter Pacific witnessed decent volumes of enquiries. Intermodal Research 10/12/2013 3

4 Secondhand Sales Tankers Size Name Dwt Built Yard M/E SS due Hull Price Buyers Comments SMALL EASTERN JUBILEE 6, SHIN KURUSHIMA IMABARI, MAN-B&W Jan-18 DH $ 8.5m S. Korean StSt Bulk Carriers Size Name Dwt Built Yard M/E SS due Gear Price Buyers Comments PMAX SHIRANE 77, MITSUI TAMANO, B&W Mar-15 $ 15.8m Chinese post-pmax PMAX MARINE PROSPERITY 73, SUMITOMO HI YOKOSUKA, Sulzer Feb-16 $ 16.0m Greek basis fw dely in May 2014 UMAX YANGFAN , YANGFAN GROUP CO LTD, China MAN-B&W - $ 28.0m US based UMAX YANGFAN , YANGFAN GROUP CO LTD, China MAN-B&W - $ 28.0m HMAX AZURE SKY 45, HASHIHAMA SHBLDG - TAD, B&W Mar-15 $ 8.5m undisclosed HMAX FOUNTAIN 5 41, MITSUI CHIBA ICHIHARA, B&W Jul-14 4 X 25t $ 3.9m undisclosed HANDY COSCO GUANGDONG 35, COSCO GUANGDONG SHIPYA, China MAN-B&W - $ 19.5m HANDY NAMURA , NAMURA, Mitsubishi - $ 25.0m Bahraini HANDY NAMURA , NAMURA, Mitsubishi - $ 25.0m HANDY RUBY STAR 34, SHINAN HEAVY INDUSTRIE, S. Korea MAN-B&W Jan-15 $ 16.2m undisclosed auction sale HANDY CIELO DI GENOVA 32, KANDA KAWAJIRI, Mitsubishi Nov-15 4 X 30,5t $ 16.5m Malaysian (Ecoship) HANDY LADYTRAMP 24, WUHU SHIPYARD, China B&W Apr-16 4 X 25t $ 7.2m Greek Gas/LPG/LNG Type Name Dwt Built Yard M/E SS due Cbm Price Buyers Comments LPG CAMBERLEY 26, HYUNDAI HEAVY INDS - U, S. Korea MAN-B&W Feb-16 34,487 undisclos ed European Intermodal Research 10/12/2013 4

5 Secondhand Sales Name Dwt Built Yard M/E SS due Gear Price Buyers Comments CAPE DON 30, MAXIMA 10, XIAMEN SHIPYARD, China DAMEN SHIPYARDS YICHAN, China MPP/General Cargo MAN-B&W MaK Feb-17 Jul-17 2 X 100t CRS,2 X 50t CRS 2 X 80t $ 9.0m Swiss (MACS) $ 6.7m German DK IRENE 5, HONDA SAIKI, Akasaka Jan-17 2 X 40t $ 2.0m Turkish Containers Size Name Teu Built Yard M/E SS due Gear Price Buyers Comments GUANGZHOU German 2 X 45t FEEDER STX QINGDAO 1, WENCHONG, MAN-B&W Jan-14 $ 13.0m (Leonhardt & China Blumberg) FEEDER GERTRUD PEENE-WERFT, Germany MWM Dec-15 undis closed North African Intermodal Research 10/12/2013 5

6 Newbuilding Market Gas Tankers Bulkers Indicative Newbuilding Prices (million$) Vessel Week Week ±% Capesize 180k % Panamax 77k % Supramax 58k % Handysize 35k % VLCC 300k % Suezmax 160k % Aframax 115k % LR1 75k % MR 52k % LNG 150K % LGC LPG 80k % MGC LPG 52k % SGC LPG 23k % We have already men oned the plan that has been in the works by the Chinese government to provide subsidies to the acquisi on of new ships in exchange for the early scrapping of older tonnage. The specifics of the plan are now being decided and the Chinese Government has confirmed both the dura on of the policy as well as details of the exact subsidy amounts. The programme, which will be made available to Chinese companies will run un l the end of 2015 and will apply to ships that are within 10 years before their mandatory re rement age, which is set at 33 years for dry bulk ships according to the China Shipowners Associa on. The subsidy will be in the amount of CNY 1, per gross ton, which is equivalent to around USD Half of the amount will be provided a er the scrapping of an old ship is concluded and the other half if a new ship is ordered in local yards, while the total amount of subsidies that will be made available is not clear at the moment. In terms of reported deals last week, S. Korean owner, Hyundai Merchant Marine, placed an order for two firm VLOCs (210,000dwt) at Bohai in China, for a price of $ 53.5m each and with delivery set in January Tankers Newbuilding Prices (m$) Bulk Carriers Newbuilding Prices (m$) 180 VLCC Suezmax Aframax LR1 MR 110 Capesize Panamax Supramax Handysize mil lion $ million $ Newbuilding Orders Units Type Size Yard Delivery Buyer Price Comments 2+2 Tanker 51,000 dwt Weihai Samjin, China 2015 Greek (Super Eco Tankers) undisclosed 2+2 Tanker 40,000 dwt Weihai Samjin, China 2015 Greek (Super Eco Tankers) undisclosed 2 Bulker 210,000 dwt Bohai, China 01/2017 S. Korean (HMM / Hyundai Merchant Marine) $ 53.5m 1 Bulker 180,000 dwt Hyundai, S. Korea Q German ( Blumenthal) $ 59.0m 4 Bulker 82,000 dwt Jiangsu New YZJ, China 2015/2016 Italian (Scorpio Bulkers) undisclosed 6+6 Bulker 82,000 dwt Jinling, China 2016 Chinese ( SDTR, JV of Shandong Shipping and Transcenden) $ 28.0m Intermodal Research 10/12/2013 6

7 Demoli on Market Wet Dry Indicative Demolition Prices ($/ldt) Markets Week Week ±% Bangladesh % India % Pakistan % China % Bangladesh % India % Pakistan % China % The volume of ac vity in the demo market has dropped even further this week. As previously men oned, both owners and breakers appear to be unsure as to whether they want to commit at these levels as the former await for a stronger market and the la er have been seriously burnt by poli cal instability and consequent vola lity. The sen ment of insecurity appears to have strengthened even more this past week. Exchange rate issues are s ll very much causing nervousness in the market, with the local currencies of both Pakistan and India trying to get steady on their feet. As a ma er of fact, despite a be er performance of the Indian Rupee lately, it seems that vola- lity is back, resul ng in subdued ac vity and some very anxious cash buyers that are not ge ng what they want for their tonnage. At the same me Bangladesh has local strike issues to deal with and Chinese breaking yards look completely indifferent to compete for addi onal tonnage just before the year ends. Average prices this week for wet tonnage were at around $/ldt and dry units received about $/ldt. One of the highest prices amongst recently reported deals, was that paid by Indian breakers for the Container vessel MSC CARLA (43,300dwt-13,552ldtblt 86), which received a firm price of $ 450/ldt. Wet Demolition Prices Dry Demolition Prices 550 Bangladesh India Pakistan China 550 Bangladesh India Pakistan China $/ldt $/ldt Demolition Sales Name Size Ldt Built Yard Type $/ldt Breakers Comments NORTH STAR 148,561 22, MITSUI CHIBA ICHIHARA, TANKER $ 451/Ldt undisclosed basis Singapore with bunkers for voyage to subcontinent ZHUSHUI 2 150,149 17, HYUNDAI HEAVY INDS - U, S. Korea BULKER $ 423/Ldt Bangladeshi MSC CARLA 43,300 13, HITACHI ZOSEN - INNOSH, CONT $ 450/Ldt Indian THEBELAND 16,600 10, MITSUI CHIBA ICHIHARA, RORO $ 448/Ldt Indian CORAL 2,238 7, ROTTERDAMSCHE DROOGDOK, Netherlands PAX $ 320/Ldt Turkish OCEAN MATE 37,111 7, SASEBO SASEBO, BULKER $ 407/Ldt Bangladeshi STX SINGAPORE 22,740 6, SHIN KURUSHIMA ONISHI, CONT $ 375/Ldt Bangladeshi as-is Singapore incl. bunkers Intermodal Research 10/12/2013 7

8 Commodi es & Ship Finance Currencies Stock Exchange Data Market Data 6-Dec-13 5-Dec-13 4-Dec-13 3-Dec-13 2-Dec-13 W-O-W Change % 10year US Bond % S&P 500 1, , , , , % Nasdaq 4, , , , , % Dow Jones 16, , , , , % FTSE 100 6, , , , , % FTSE All-Share UK 3, , , , , % CAC40 4, , , , , % Xetra Dax 9, , , , , % Nikkei 15, , , , , % Hang Seng 23, , , , , % DJ US Maritime % $ / % $ / % / $ % $ / NoK % Yuan / $ % Won / $ 1, , , , , % $ INDEX % 110 oil MDO 380cst Basic Commodities Weekly Summary Oil WTI $ Oil Brent $ Gold $ 1,480 1,420 1,360 gold 1,300 1,240 1,180 Bunker Prices W-O-W 6-Dec Nov-13 Change % Rotterdam % Houston % Singapore % Rotterdam % Houston % Singapore % Company Maritime Stock Data Stock Exchange Curr. 06-Dec Nov-13 W-O-W Change % AEGEAN MARINE PETROL NTWK NYSE USD % BALTIC TRADING NYSE USD % BOX SHIPS INC NYSE USD % CAPITAL PRODUCT PARTNERS LP NASDAQ USD % COSTAMARE INC NYSE USD % DANAOS CORPORATION NYSE USD % DIANA SHIPPING NYSE USD % DRYSHIPS INC NASDAQ USD % EAGLE BULK SHIPPING NASDAQ USD % EUROSEAS LTD. NASDAQ USD % FREESEAS INC NASDAQ USD % GENCO SHIPPING NYSE USD % GLOBUS MARITIME LIMITED NASDAQ USD % GOLDENPORT HOLDINGS INC LONDON GBX % HELLENIC CARRIERS LIMITED LONDON GBX % NAVIOS MARITIME ACQUISITIONS NYSE USD % NAVIOS MARITIME HOLDINGS NYSE USD % NAVIOS MARITIME PARTNERS LP NYSE USD % NEWLEAD HOLDINGS LTD NASDAQ USD % PARAGON SHIPPING INC. NYSE USD % SAFE BULKERS INC NYSE USD % SEANERGY MARITIME HOLDINGS CORP NASDAQ USD % STAR BULK CARRIERS CORP NASDAQ USD % STEALTHGAS INC NASDAQ USD % TSAKOS ENERGY NAVIGATION NYSE USD % TOP SHIPS INC NASDAQ USD % Ample room to grow Finance News Dynagas Partners has been pped for strong expansion by analysts at Credit Suisse, one of the banks which helped take in public. George Procopiou s Dynagas Partners has seven dropdown candidates in the fleet of parent Dynagas, which would add to an ini al stable of three vessels. According to analyst Gregory Lewis, however, this is poten ally just the start. Beyond the ini al targeted fleet we believe DLNG should have ample opportuni es to acquire addi onal newbuilds and secondhand tonnage over the next few years as the sponsor expects to use the proceeds of the secondary offering to reinvest in LNG, Lewis said in an introductory report. Credit Suisse has ini ated Dynagas Partners with an outperform ra ng and placed a target price of $25 per share on the MLP. Dynagas will see its profit grow from $55.8m in 2014 to $118.8m in 2016, Lewis says. (Trade Winds) The informa on contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such informa on to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the produc on of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the informa on and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior wri en authoriza on of Intermodal Shipbrokers Co. Compiled by Intermodal Research & Valua ons Department research@intermodal.gr Analysts: Mr. George Lazaridis g.lazaridis@intermodal.gr Ms. Eva Tzima e.tzima@intermodal.gr