MONTHLY MARKET OVERVIEW

Transcription

1 MONTHLY MARKET OVERVIEW 1 st 31 st August 217 SUMMARY OF CONTENT Value analysis Second hand S&P activity Newbuilding activity Demolition activity Charter rate analysis

2 BULKER VALUES THROUGH AUGUST 217 BULKERS Bulker values have firmed for all vessel types. This table shows the monthly % change in value from 1 st to the 31 st August 217 for Bulker vessels, by year of build. YEAR OF BUILD CAPE PMAX SUPRA HANDY DWT DWT DWT DWT % % +.6% % % +1.7% +1.7% % +2.% +2.3% % +2.4% +3.1% % +2.8% +3.7% % +3.3% 55k +4.5% % +3.8% 55k +5.1% % +1.6% +4.2% 55k +5.2% % +2.3% +4.8% 55k +5.3% % +2.3% +4.4% 55k +5.4% % +2.4% +4.% 55k +5.4% % +2.4% +4.5% 55k +5.3% % % +4.7% +5.3% % % +5.% +5.1%

3 BULKER VALUES THROUGH AUGUST 217 Capesize Values have firmed throughout August. 3 sales have been confirmed this month. 2 Valemax Shandong Da De (42,3 DWT, Sep 211, Daewoo) and Shandong Da Cheng (42,3 DWT, May 212, Daewoo) sold including charter to Bank of Communications for an en bloc price of USD 178 mil. Asterix (179,4 DWT, Jul 21, HHI) sold for USD 29.5 mil in a part shares part cash deal to Navios Maritime, VV value USD 27.5 mil. Panamax Values have firmed throughout August. 1 sales have taken place this month. United World (82, DWT, Oct 213, Tsuneishi Zosen) sold for USD 21.5 mil, VV value USD 21.6 to JP Morgan. Harbor Hirose (83,5 DWT, Oct 211, Sanoyas) sold for USD 19.3 mil to Songa Bulk, VV value USD mil. ABY Diva (76,6 DWT, Apr 27, Imabari) sold for USD 12.7 mil, VV value USD mil. Levantes (76, DWT, Sep 21, Tadotusu Tsuneishi) sold for USD 8.2 mil, VV value USD 7.81 mil. Supramax Values have firmed a small amount this month. 15 sales have taken place. An en bloc deal of 4 Tiger Ultramaxs Tiger Zheijiang, Tianjin, Hongking and Beijing (63,6 DWT, 215, Chengxi) sold for USD 8 mil, VV value USD mil. Ocean Leader (56,1 DWT, Jan 21, Mitsui Ichihara) sold for USD 14.5 mil, VV value USD mil. Chrina (52,8 DWT, May 21, Onomichi) sold for USD 7.2 mil, VV value USD 7.15 mil. Handy Values have firmed most significantly for older tonnage. 4 sales have taken place this month. 2 resale vessels have been bought by Oldendorff Shipbuilding Hull 158 and 159 (35,7 DWT, Dec 218, Samjin) for USD 15 mil each, VV value USD 15.7 mil each. Voula Seas (28,5 DWT, Jun 22, Kanda) sold for USD 5.3 mil, VV value USD 4.28 mil.

4 TANKER VALUES THROUGH AUGUST 217 TANKERS Tanker values have varied this month. Aframax and LR1 values have firmed. This table shows the monthly % change in value from 1 st to the 31 st August 217 for Tanker vessels, by year of build. YEAR OF BUILD VLCC SUEZ AFRA LR1 MR DWT DWT DWT DWT DWT % +3.7% +3.5% % +3.7% +3.4% % 1 +4.% +3.8% +3.2% % +3.9% +2.9% % % +4.2% +2.6% k -.9% % +4.4% +2.2% k -1.3% 1 +5.% +4.7% +1.7% 21 31k % +5.% % 31k -2.1% % +5.1% +.6% 28 31k -2.5% % +5.2% -.1% % 31k -3.% % +5.2% -.7% 26 31k -3.5% % +5.% 7k -1.3% 45k 25 -.% 31k -3.5% % +4.7% 7k -.4% 45k 24 35k -3.2% 155k +4.7% 15k +4.4% 7k -2.8% 45k % 35k -3.1% 155k +4.3% 15k +4.% 7k -3.6% 45k % 35k -3.% 155k +3.6% 15k +3.2% 7k -4.3% 45k

5 TANKER VALUES THROUGH AUGUST 217 VLCC Values have remained stable this month. 1 sale has been concluded this month. Nichinori (298,4 DWT, Nov 22, Hitachi) sold SS Due for USD 21 mil, VV value USD mil to Sinokor Merchant. Suezmax Values have remained stable this month. There have been no sales this month for Suezmax vessels. Aframax Values have firmed slightly this month. 3 Aframax Tankers and 2 Panamax Dirty Tankers have been sold this month. Phoenix Light (15,6 DWT, Jan 29, HHI) was sold by Phoenix Tankers to Great Eastern Shipping for USD mil, VV value USD mil. Gener8 Pericles (15,7 DWT, Feb 23, Sumitomo) sold SS Due for USD 1.3 mil, VV value USD 11.4 mil. The two Dirty Panamax Tankers Jill and Tanja Jacob (73, DWT, Jan 23, Samsung) sold for USD 2 mil en bloc, VV value USD mil. LR1 Values have softened in older tonnage. No LR1 vessels have been sold this month. MR Values have softened a small amount. 5 sales have taken place this month. Atlantic Falcon and Guard (5, DWT, Sep 217, Hyundai Mipo) was bought by Torm for USD 32.5 mil each, VV value USD 32.4 mil each. Box (5,5 DWT, Dec 29, SPP) sold for 19.2 mil, VV value 19.4 mil. Torm Fox (37, DWT, May 25, Hyundai Mipo) sold for USD 11 mil, VV value USD mil.

6 CONTAINER VALUES THROUGH AUGUST 217 CONTAINERS Container values have firmed for Post Panamax Container vessels and Panamax Container vessels. Handy and Feedermax values have remained stable. This table shows the monthly % change in value from 1 st to the 31 st August 217 for Container vessels, by year of build. YEAR OF BUILD POST PMAX PMAX HANDY FMAX TEU TEU TEU TEU % +7.6% +.4% +.4% % +7.4% +.4% % +7.2% % +6.9% % +6.5% % +6.1% -.1% % -.1% -.1% % -.2% % -.2% -.4% % -.4% % -.6% % +2.7% -.2% % +2.9% -.% % +3.1% % % % -.% % % % -.4%

7 CONTAINER VALUES THROUGH AUGUST 217 Post PMax Values have firmed most significantly for older tonnage due to scrap rates. There has been 1 sale this month. Ever Charming (8,84 TEU, Sep 25, Samsung) sold for USD 22 mil, VV value USD 22.3 mil. Panamax Values have firmed throughout the month particularly for older tonnage due to scrap rates. 17 sales have taken place this month. 4 Seaspan Panamax containers have been sold Seaspan Kenya, Alps, Grouse and Mourne (4,275 TEU, Oct 28, Feb, Mar and May 29, Samsung) sold for USD 38.8 mil en bloc, VV value USD mil. Pinehurst Kontor (5,6 TEU, Aug 24, HHI) sold for USD 6.85 mil, VV value USD 7.3 mil. Handy Values have remained stable this month. 2 Handy sales have taken place this month. Hansa Nordburg (1,74 TEU, Jun 22, CSSC OME) sold for USD 3.5 mil, VV value USD 3.99 mil. Feedermax Values have remained stable this month. 1 sale have been confirmed this month. Shippan Island (1,118 TEU, Oct 25, Jiangdong) sold for USD 4.8 mil, VV value USD 5.11 mil.

8 LPG VALUES THROUGH AUGUST 217 LPG LPG values have remained stable across all vessel types. This table shows the monthly % change in value from 1 st to the 31 st August 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 CBM CBM CBM CBM CBM % 84k 3-4.2% -2.5% -1.4% 12k k 3-4.1% -2.5% 12k k +.7% 3-4.1% -2.4% -1.4% 12k k +.6% 3-3.9% -2.3% 12k k +.5% -3.8% -2.1% 12k % 82k +.4% -3.6% -1.9% 9k % 82k -3.4% 9k % 82k -3.1% 9k 29 82k -3.% -1.3% -1.8% 9k 28 82k -2.8% -1.1% 9k 27 82k -2.7% -1.% % 82k -2.7% -1.% -.7% -1.1% % -1.% -.8% -1.2% % -1.1% -.9% -1.3% % 7-3.% -1.3% -1.1% -1.4% % 7 57k -3.3% -1.2% -1.8%

9 LPG VALUES THROUGH AUGUST 217 VLGC Values have remained stable this month. No sales have been concluded this month. SPFR Values have remained stable this month. Maple 3 (2,7 CBM, Feb 1993, HHI) sold for an undisclosed price, VV value USD 8.42 mil. Fully Pressurised Values have softened this month. Lady Mathilde (3,515 CBM, Feb 21, Shitanoe Zosen) sold for an undisclosed price, VV value USD 3.75 mil.

10 OFFSHORE VALUES THROUGH AUGUST 217 OSV Values have remained stable in both the AHTS/AHT and PSV sector this month. This table shows the monthly % change in value from 1 st to the 31 st August 217 for OSV vessels, by year of build. YEAR OF BUILD LARGE PSV MEDIUM PSV SMALL PSV SUPER AHTS MEDIUM AHTS SMALL AHTS DWT DWT DWT BHP BHP BHP % +1.8% 3.6k +1.8% 1.7k +2.2% 8.2k +2.2% 5.5k % +1.8% 3.6k +1.9% 1.7k +1.9% +1.8% % +1.6% 3.6k +1.6% 1.7k % 3.4k 1.7k k 1.7k +.4% +.6% k k k k k k k % 5k % 5k k 5k

11 OFFSHORE VALUES THROUGH AUGUST 217 PSV Values remained stable this month. No PSV sales have taken place this month. AHTS & AHT Values remained stable this month. 1 small AHT sale has taken place this month. Lydia D (3,872 BHP, Nov 211, Neptune Shipyard) sold for an undisclosed price, VV value USD 2.11 mil.

12 2 ND HAND S&P ACTIVITY AUGUST 217 S&P $ Value of 2 nd hand sales in August 217 vs August 216. Value (M USD) $629 $49 $492 $21 $12 $226 $9 Aug 217 Aug 216 $6 N/A $14 Bulker Tanker Container Gas OSV Total transaction values are only USD 2 mil lower for August 216 compared to August 217. Bulker transaction values are firmer by 2% for August 216 compared to August 217. Tanker transaction values are more than half the value for August 217 compared to August 216. Container transaction values are half the value for August 217 compared to August LNG vessels Gallina and Galea were sold mid August by Shell for USD 45 mil each. S&P No. Number of 2 nd hand sales taken place in August 217 vs August Aug 217 Aug 216 No. Vessels Bulker Tanker Container Gas OSV Total sales by number count are 67% lower for August 217 at a total of 67 compared to a total of 112 sales for August 216. Bulker sales are down by 9% for this August. Tanker sales are just over half the number this August at 13 sales compared to last August with 25 sales. Both Container and Gas sales are higher for August 217 compared to August 216.

13 NEWBUILDING ACTIVITY AUGUST 217 VS 216 Newbuilding No Number of newbuilding orders taken place in August 217 vs August Aug 217 Aug 216 No. New Buildings Bulker Tanker Container Gas OSV Newbuilding Total No. 38 Bulker NB orders have been placed for August x 18, DWT, delivery 219, Jiangsu New Yangzijiang Capesize vessels were ordered for an undisclosed price. 33 Panamax vessels have been ordered with 19 of these vessels 81,6 DWT, Tsuneishi Cebu. Both Tanker and Container NB orders are a considerable lower for August 217 compared to August 216. SITC has ordered 2+2 Feedermax Containers (1,6 TEU, Delivery , Dae Sun) for USD 17 mil each. No Gas or OSV NB orders have been placed. Total number of newbuild orders from 1 st August 216 to 31 st August No. Vessels Bulker Tanker Container Gas OSV The total number of NB orders from last August through to this August is considerably higher for Tankers compared to other vessel types. The majority of these orders took place in the latter half of 216 and early 217. Total Bulker NB orders by number are c.1 less than Tankers. Few orders were placed in the last half of 216 however 71 orders have already been placed in the 3rd Quarter of 217. Container orders have stayed low with only 12 vessels being ordered in the first half on 217 compared to 34 vessels in the latter half of 216.

14 DEMOLITION ACTIVITY AUGUST 217 VS 216 Demolition No. Number of demolition sales per ship type, taken place in August 217 vs August 216. No. Demo sales Aug 217 Aug Bulker Tanker Container Gas OSV Demolition Trend 45 It has been a relatively active month for demolition with total demolition sales across all ship types in August 217 higher by 22% compared to August 216 due to the increased scrap rate. 8 Panamax vessels have been scrapped in the Bulker sector, all roughly 17 years old. Pakistan remains the favourable option of delivery for Bulkers. 5 VLCC vessels have been scrapped this August along with various other larger tonnage, with main deliveries being Bangladesh for Tankers. For the first time in a while Container scrap numbers are lower this month. Demolition price trend for Tanker Price India from August August 217. Tanker scrap price 4 No. Vessels Oct 216 Jan 216 Apr 216 Jul 217 Demolition price USD/LDT over the past year has fluctuated however over the course of July and August 217 a significant increase in price was seen, also confirmed by the number of sales for this year, especially within the Tanker sector.

15 CHARTER RATES Dry 25, 2, Baltic Exchange daily market spot rates for Capesize, Panamax, Supramax and Handy Bulkers from 1 st August st August 217. Source: Baltic Exchange Capesize Panamax Supramax Handy (USD per day) 15, 1, 5, Oct 216 Jan 216 Apr 216 Jul 217 Capesize rates have firmed a considerable amount this month. Rates peaked mid month with levels as high as USD 18,451/day, a c.7% increase on last year s rates which were fluctuating round the USD 4,/day figure. Panamax rates also firmed at the beginning of the month with rates reaching over USD 1,8/day which is the highest we have seen since earlier this year in April. Both Supramax and Handysize rates have also firmed a small amount showing an active month. Wet 6, Baltic Exchange daily market spot rates for VLCC, Suezmax and Aframax Tankers from 1 st August st August 217. Source: Baltic Exchange VLCC Suezmax Aframax 5, (USD per day) 4, 3, 2, 1, Oct 216 Jan 216 Apr 216 Jul 217 VLCC rates have softened a considerable amount this month, at the end of August rates were as low as USD 487/day. There is much availability and little enquiry which is supressing rates. Suezmax rates have firmed throughout the month, rates at the end of the month reached USD 7,765/day showing reduced tonnage and higher rates. Aframax rates have also firmed from USD 1,671/day to USD 4,94/day.

16 CHARTER RATES Container 12, Contex daily time charter rates for Panamax, Handysize and Feedermax Containers from 1 st August st August 217. Source: Contex, VHSS Panamax Handy Feedermax 1, (USD per day) 8, 6, 4, 2, Oct 216 Jan 216 Apr 216 Jul 217 Panamax rates have begun to soften again over the past few months. Handy and Feedermax rates have remained stable throughout the month with a slight firming in value. LPG Fearnleys weekly market spot rates for VLGC, MGC and LEG Gas ships from 1 st August st August 217. Source: Fearnleys (Thousand USD per month) VLGC MGC LEG Oct 216 Jan 216 Apr 216 Jul 217 VLGC rates have firmed towards the latter part of the month after the low seen earlier this month with rates USD 18,/month. MGC and LEG rates remain stable throughout August, with MGC rates now dropping below LEG to USD 42,/month. The flooding in Houston caused severe disruption to scheduled loadings and exports from US Gulf terminals have been suspended, causing uncertainty in the VLGC market. This has helped keep vessels occupied and encouraged owners to raise their offers higher for September.