WEEKLY MARKET REPORT January 9th, 2015 / Week 01

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1 LY MARKET REPORT January 9th, 2015 / Week 01 WISHING YOU A HEALTHY, HAPPY AND PROSPEROUS Like the previous week, all of the indices were in the red throughout this week. The BCI suffered another heavy loss shedding nearly 32% to finish at 311. The BPI lost nearly 8% but what was different this week was that the BSI and BHSI suffered larger losses than what was expected, namely 9.5 and 8.6% respectively. Overall the BDI fell to just over 700 points losing 8% for the week. Activity in the secondhand market is definitely more active in the tanker sector where we report a good number of sales. Most notably the VLCC "YANGTZE FRIENDSHIP" (310,444 dwt / blt 2008 Japan) was sold for US$ 61.8 mill to Hong Kong buyers. The older Greek controlled VLCC "PATRIS" (298,500 dwt / blt 2000 Korea) achieved the very good price level of US$ 40 mill which was paid by Modec (probably on the back of a conversion project). Teekay purchased 5 Chinese built aframaxes built in Hudong between 2010 and 2011 for a total of US$ 230 mill. Scorpio sold their 2 sistership LR-1s "STI HERITAGE" / "STI HARMONY" (74,000 dwt / blt 2008/2007 Japan) for US$ 61.3 mill enbloc. In the dry sector, Greeks have purchased a kamsarmax resale from Scorpio delivering Tsuneishi Zhoushan during April 2015 for US$ 30.7 mill. The capesize "NORDTRAMP" (171,199 dwt / blt 2001 Japan) was committed for US$ 17 mill whilst the supramax "VERDI" (58,758 dwt / blt 2007 Tsuneshi Zhoushan) achieved US$ 15.5 mill to Greeks. We also report the handysizes "DIAMOND OCEAN" (31,931 dwt / blt 2007 Japan) sold for US$ 11.6 mill to European buyers and the "VENTURE BULKER" (29,870 dwt / blt 2004 Japan) sold for a mere US$ 8.4 mill to Greeks. Newbuilding activity during the past two weeks or so was centered on the LNG sector where the Angelicoussis group converted two VLCC berths into 2 x 173,400 m3 LNGs as well as adding two more orders, all for delivery in Daewoo Korea. Yamal Trade also ordered 5 x 172,400 m3 Arc7 type ice classed LNGs at the same yard for delivery One more VLCC was ordered by China Merchants Group in Dalian for delivery We also note that Frontline 2012 exercised 2 x 111,000 dwt LR-2s in New Times. In the container sector we also took note that Quantrum Scorpio Box exercised its options for 3 x 19,200 TEU containers at Samsung Korea. WeberSeas, Weekly Market Report Page 1 of 9

2 On the demolition front, India was the most active taking mostly bulkers where prices vary between Bangladesh also took two bulkers at 440. TANKERS YANGTZE FRIENDSHIP 310,444/08 - MITSUI - B&W 36,927 - SBT - COW - IGS - DH SS 03/2018, DD 03/2016 Sold for $61.8 mill to Hong Kong based buyers. (New Enterprise Shipping) PATRIS 298,500/00 - DAEWOO - B&W 34,626 - SBT - COW - IGS - DH - SS/DD 01/2015 Sold for $39 mill to Japanese buyers for conversion project. Deal includes subjects. (Modec) CAPE ENDURANCE 109,676/11 - HUDONG - B&W 18,450 - COATED - COILED - SBT - COW IGS - DH - SS/DD 06/2016 CAPE ENTERPRISE 109,581/11 - HUDONG - B&W 19,415 - COATED - COILED - SBT - COW IGS - DH - SS/DD 10/2016 CAPE ENDLESS 109,554/11 - HUDONG - B&W 18,450 - COATED - COILED - SBT - COW - IGS DH - SS/DD 08/2016 CAPE ENDEAVOUR 109,001/10 - HUDONG - B&W 19,415 - COATED - COILED - SBT - COW IGS - DH - SS/DD 11/2015 DIAMOND ASPIRE 107,617/11 - HUDONG - B&W 18,436 - COATED - COILED - SBT - COW IGS - DH - SS 11/2018, DD 10/2016 Sold en bloc for $49, $49, $49, $46.3 and $36.8 mill respectively to Canadian buyers. (Teekay Tankers). STI HERITAGE 73,956/08 - ONOMICHI - B&W 18,436 - COATED - COILED - SBT - COW - IGS DH - SS 01/2018, DD 12/2015 STI HARMONY 73,919/07 - ONOMICHI - B&W 18,436 - COATED - COILED - SBT - COW - IGS DH - SS 10/2017, DD 07/2017 Sold en bloc for $31.9 and $29.4 mill respectively to Singaporean buyers. (BW Maritime) CHALLENGE PREMIER 45,897/05 - SHIN KURUSHIMA - MIT 12,599 - COATED - COILED SBT - IGS - DH - SS/DD 01/2016 Sold for $16 mill to undisclosed buyers. MAERSK CLAIRE 45,014/96 - HALLA - B&W 10,151 - COATED - COILED - CBT - COW - IGS DH - SS/DD 01/2016 Sold for $8 mill to undisclosed buyers. BRO ANTON 16,376/99 - SPAIN - B&W 8,810 - COATED - COILED - SBT - DH - SS 06/2016 DD 04/2017 Sold for $8.8 mill to Chinese buyers. LPG GAS CATHAR 7,124/01 - WATANABE - B&W 5,710 - COATED - COILED - SBT - DB 7,369 CBM - SS/DD 11/2016 Sold for $14.2 mill to undisclosed buyers. Sale includes bareboat back for 4 years. IRENE 4,686/91 - NETHERLANDS - SUL 2,937 - COATED - COILED - SBT - DH - SS/DD 11/2015 Sold for $2.15 mill to undisclosed buyers. WeberSeas, Weekly Market Report Page 2 of 9

3 BULKERS NORDTRAMP 171,199/01 - KOYO MIHARA - B&W 21,899-9HH - SS/DD 01/2016 Sold for $17 mill to undisclosed buyers. TSUNEISHI ZHOUSHAN SS ,600/ TSUNEISHI ZHOUSHAN - B&W 19,415-7HH Sold for $30.7 mill to Greek buyers. (Vita Management) LUCKY SUNDAY 80,372/09 - JIANGSU - WARTSILA 15,799-7HH SS 05/2019, DD 04/2017 Sold for $22.5 mill to undisclosed buyers. VERDI 58,758/07 - TSUNEISHI - B&W 11,421-5HH - C 4X30T - SS 10/2017, DD 10/2015 Sold for $15.5 mill to Greek buyers (Technomar). STELLAR RHAPSODY (Woodchip carrier) 49,917/02 - SHIN KURUSHIMA - MIT 10,258-6HH C 3X15T - SS 07/2017, DD 06/2015 Sold for $8 mill to Thailand based buyers. DIAMOND OCEAN 31,931/07 - HAKODATE - MIT 9,300-5HH - C 4X30T - SS 07/2017, DD 08/2015 Sold for $11.6 mill to European buyers. VENTURE BULKER 29,870/04 - SHIKOKU - B&W 8,362-5HH - C 4X30T - SS 07/2019, DD 07/2017 Sold for $8.4 mill to Greek buyers. LEYDEN 27,850/95 - KANASASHI MIT 6,999-5HH - C 4X30T - SS/DD 03/2015 Sold for $5.1 mill to undisclosed buyers. CONTAINERS MSC CRISTINA 141,184/11 - HYUNDAI - B&W 98,218-13,092 TEU Sold for $148 mill to Greek buyers (Navios Maritime Partners). Sale includes t/c attached for 12 years at $60,275/day. RDO HARMONY 55,495/04 - HYUNDAI - SUL 49,551-4,132 TEU RDO HONOUR 55,483/06 - HYUNDAI - SUL 49,557-4,132 TEU Sold en bloc on private terms to Belgian buyers (CMB Group). THEODOR STORM 33,297/04 - SINGAPORE - B&W 34,300-2,586 TEU Sold for $8.2 mill to Greek buyers (Costamare). FRESH FOR SALE BULKERS JAG ARJUN 164,796/96 - CHINA SHIPBUILDING KAO - B&W 20,001-9HH Vessel inspectable in Singapore where ETA 25th January. IASOS 28,358/87 - OSHIMA - MIT 6,670-5HH - C 4X25T Vessel inspectable in Ravenna where ETA 11th January to discharge for about three days. WeberSeas, Weekly Market Report Page 3 of 9

4 POSIDON 20,101/97 - WUHU - B&W 9,041-4HH - C 3X25T Vessel currently inspectable in Singapore. DEMOLITION DEMOLITION STATISTICS TYPE OF SHIP THIS DATE 2015 THIS DATE TOTAL 2013 TOTAL ULCC/VLCC SUEZMAX AFRAMAX PANAMAX TANKER CAPE/COMBO (100,000 dwt +) PANAMAX/KAMSARMAX BULKER LOCATION TANKERS BULK CARRIERS CHINA INDIA BANGLADESH PAKISTAN DEMOLITION: INDIA M/V PARIS-Y M/V AL WAKRAH M/V THAI HARVEST M/V THAI DAWN (en bloc) M/V MSC ISABELLE LPG GAS CORAL 157,786/80-4,128 LDT - on private terms 41,093/84-6,755 LDT - USD 425/LDT 34,507/87-8,155 LDT - USD 410/LDT 26,140/85-7,780 LDT - USD 410/LDT 9,536/85-3,438 LDT - USD /LDT 8,711/84-3,874 LDT - on private terms BANGLADESH M/V POLSKA WALCZACA M/V YU QI HAI 73,505/92-13,361 LDT - USD 440/LDT 65,083/81-10,647 LDT - USD 440/LDT CHINA M/T SIRIUS VOYAGER 155,681/94-25,270 LDT - on private terms WeberSeas, Weekly Market Report Page 4 of 9

5 TURKEY M/T ALTAIR VOYAGER 135,829/93-24,417 LDT - on private terms TYPE OF SHIP NEWBUILDING STATISTICS * TOTAL ORDERBOOK ULCC/VLCC SUEZMAX AFRAMAX PANAMAX MR ,000 DWT CAPESIZE/ MINI CAPE / VLOC ,000 DWT PANAMAX SUPRAMAX / HANDYMAX HANDYSIZE WeberSeas, Weekly Market Report Page 5 of 9

6 NEWBUILDING CONTRACTS No Size Type Yard Delivery Price (mill) Owners Comments 4 173,400 cbm LNG Daewoo SME 2017/18 n/a Angelicoussis Group 5 172,400 cbm LNG Daewoo SME 2019 $ Yamal Trade 2 new orders + 2 VLCCs order change Arc7 type vessels (ice class) 1 319,000 dwt Tanker 2 111,000 dwt Tanker 2 12,800 dwt Tanker Dalian New Times Huangpou Wenchong 2017 n/a China Merchants Group 2016 n/a Frontline /17 n/a Tianjin Soutwest LR2s. options exercised Bitumen carriers 4 36,500 dwt Bulker 1 34,000 dwt Bulker Yangzijiang Namura 2017 n/a 2017 n/a Polish Steamship Co NYK Bulk & Projects Carriers + 2 options. Lakes fitted carriers 3 19,200 teu Container Samsung H.I $ ,000 teu Container Yangzijiang 2017 n/a 2 20,000 dwt MPP Cosco Dalian 2016/17 n/a Quantrum Scorpio Box Seaspan Corporation Big Roll Shipping Options exercised WeberSeas, Weekly Market Report Page 6 of 9

7 BALTIC DRY EX RATES THIS LAST % Baltic Dry Index % Baltic Capesize % Baltic Panamax % Baltic Supramax % Baltic Handysize % WeberSeas, Weekly Market Report Page 7 of 9

8 MAJOR CAPITAL MARKETS INDEX THIS LAST % S HIGH S LOW DOW JONES 17, , % 18, , NASDAQ 4, , % 4, , AIM % NIKKEI 17, , % 18, PUBLIC COMPANIES NAME SYMBOL DRY-CARGO SECTOR THIS LAST % HIGH LOW DIANA DSX % DRYSHIPS DRYS % GOLDENPORT HOLDINGS GPRT.L % NAVIOS HOLDINGS NM % NAME CAPITAL PRODUCT PARTNERS SYMBOL TANKER/ENERGY SECTOR THIS LAST % HIGH LOW CPLP % STEALTHGAS GASS % TEN TNP % NAME SYMBOL THIS CONTAINER SECTOR LAST % HIGH LOW DANAOS DAC % * Prices reflect Thursday s closing value. Prices in US$ except for Goldenport Holdings which is in GBP. WeberSeas, Weekly Market Report Page 8 of 9

9 RATES OF EX THIS LAST % Euro / $ % Sterling / $ % $ / Yen % $ / Nok % $ / Won 1, , % Brent Crude % LIBOR (3-month) 0.25% 0.24% % ESTIMATED VALUES* TANKERS PROMPT RESALE 5 YEARS 10 YEARS 20 YEARS VLCC $103.0m $75.0m $49.0m $17.5m Suezmax $70.0m $54.0m $35.0m $12.0m Aframax $54.0m $39.0m $25.0m $8.5m Panamax $45.0m $30.5m $22.0m $8.0m Product $36.0m $21.0m $15.5m $6.5m BULK CARRIERS PROMPT RESALE 5 YEARS 10 YEARS 20 YEARS Capesize $54.0m $40.0m $25.0m $11.0m Panamax/Kamsarmax $31.0m $19.0m $14.0m $6.5m Supramax/Handymax $29.5m $19.0m $13.5m $6.5m * The above values are based and adjusted according only to recent reported sales and are subject to weekly changes. TANKER T/C RATES* 1 YR 3 YRS VLCC (300,000 dwt) 37,000/D 36,000/D SUEZMAX (150,000 dwt) 27,000/D 26,000/D AFRAMAX (110,00 dwt) 19,500/D 22,000/D PANAMAX (72,000 dwt) 17,000/D 17,250/D MR (45-50,000 dwt) 15,500/D 15,750/D * The above figures are representative rates for modern tankers only. BUNKER PRICES FUEL GRADES ROTTERDAM FUJAIRAH PIRAEUS SINGAPORE 380cst: $ $ $ $ cst: $ $ $ $ MGO: $ $ $ $ The information contained in this report has been obtained from various market sources. WEBERSEAS (HELLAS) S.A. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. WSH will not be held responsible for any action or failure to take action upon reliance on information contained in this report WEBERSEAS (HELLAS) S.A. All Rights Reserved WeberSeas, Weekly Market Report Page 9 of 9

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