WEEKLY SHIPPING MARKET REPORT

Transcription

1 WEEKLY SHIPPING MARKET REPORT WEEK TH October - to 14 TH October Legal Disclamer The information contained herein has been obtained by various sources. Although every effort has been made to ensure that this information is accurate, complete and up to date, Shiptrade Services S.A. does not accept any responsibility whatsoever for any loss or damage occasioned or claimed, upon reliance on the information, opinions and analysis contained in this report. Researched and compiled by: Shiptrade Services SA, Market Research on behalf of the Sale & Purchase, Dry Cargo Chartering and Tanker Chartering Departments. For any questions please contact: market-research@shiptrade.gr Shiptrade Services SA Tel snp@shiptrade.gr 1st Floor, 110/112 Notara Street Fax chartering@shiptrade.gr Piraeus, Greece tankerchartering@shiptrade.gr

2 Shipping, Commodities & Financial News BHP's Q1 iron, petroleum set to impress BHP Billiton's iron ore and petroleum divisions are expected to be standouts in the mining giant's September quarter production report on Wednesday.Analysts at investment bank UBS expect BHP Billiton's Pilbara, Western Australia-based iron ore business to deliver a 10 per cent increase in production, compared to the June quarter. The mining giant is currently focused on expanding its Pilbara iron ore production to 220 million tonnes per annum (Mtpa),but revealed to analysts on a site tour early this month that it sought to increase output to as much as 450Mtpa. UBS analysts also said in a research note on Tuesday that the company's petroleum division should have been boosted by its $US15.1 billion ($A14.92 billion) acquisition of US shale gas company Petrohawk Energy, which was completed in late August. "We estimate that about 40 days of production will be included in onshore US production," UBS said, estimating a 15 per cent quarter-on-quarter lift in BHP Billiton's total petroleum output. "Natural gas production and sales are also at a seasonal high in Australia." The analysts also tipped a 30 per cent fall in copper production at BHP Billiton's 57.5 per cent owned Escondida mine in northern Chile, which is the world's largest copper producing operation. Queensland coal output is expected to have further recovered from rain and floods that hampered output late last year and early this year, UBS said. Coal production could be up 12 per cent in the September 2011 quarter compared to the previous period, but recent industrial action might result in weaker than expected output. Aluminium production should be flat, UBS said. (AAP) Gas Beating Oil in Shipping Market as Consumers Expand Stockpiles: Freight Record liquefied-petroleum-gas shipments are eroding a glut of the tankers hauling the fuel used in stoves, cars and lighters, driving charter rates to the highest ever at a time when most other ships are losing money. Seaborne trade in LPGs will advance 7.9 percent to 60.2 million metric tons this year, led by supplies from Qatar, according to Knut Stangebye Olsen of Lorentzen & Stemoco A/S, a shipping consultant. Monthly rental costs will exceed the previous record of $1.27 million by next year s third quarter, from $900,000 now, said the Oslo-based analyst, a former manager at BW Gas Ltd., the largest owner of the vessels. The surge in supply is a consequence of expanding natural gas output and oil refining, which produce LPGs as a byproduct. While returns on the biggest ore carriers fell 87 percent in the past three years and owners of some of the largest crude tankers are paying clients to hire their vessels, LPG ship rates almost doubled this year. Gas supply expanding at more than twice the pace of the fleet means analysts anticipate profit at Exmar NV (EXM), an operator of the tankers, will almost double this year. We don t have a lot of vessels available for spot cargoes, said Diego de Potter, a chartering official at Antwerp, Belgium-based Exmar, whose fleet of 30 ships can hold enough gas to supply China for more than a month. If you ask me for a charter in six weeks, I will not even bother to give you a freight rate. Negative Returns Costs for spot cargoes on the biggest LPG tankers doubled to $78.25 a ton this year, according to the London-based Baltic Exchange, which publishes assessments for more than 50 routes. LPG includes propane, butane and ethane. The cost of propane in northwestern Europe, an industry benchmark, averaged $876 a ton this year, on track for the highest annual average in at least three decades, according to data compiled by Bloomberg. Demand for LPG is strengthening now because consumers are expanding stockpiles before the Northern Hemisphere s winter begins, said Steve Engelen, the manager of research and projects at Joachim Grieg & Co., an Oslo-based shipbroker. Returns on capesizes, the biggest ships hauling iron ore and coal, are 50 percent below the five-year average. Global rates on the largest crude carriers are a negative $10,911 a day, compared with a five-year average of $28,429, Baltic Exchange data show. Clients still pay some fuel charges, cutting costs for owners moving ships into regions with better returns. Orders at Yards The LPG tanker fleet expanded 0.3 percent this year, compared with 6.3 percent for the biggestoil tankers and 14 percent for capesizes, according to London-based Clarkson Plc, the world s largest shipbroker. Orders at yards in South Korea, China, Japan and Brazil for new LPG vessels are equal to 10 percent of existing capacity, the smallest ratio of any type of commodity carrier, according to data from Redhill, Englandbased IHS Fairplay. While LPG tanker rates rose fivefold since March 2009, they are still only a little above break even, said Andreas Sohmen-Pao, the Singapore-based chief executive officer of BW Gas. The company hasn t ordered new ships for five years and sold its oldest vessels, he said. The average LPG tanker is now idle about 10 percent of the time, compared with 25 percent in the past several years, Sohmen-Pao said. Economic Growth The projected jump in rates may be curbed should economic growth slow. The U.S., the world s biggest LPG consumer, will expand 1.4 percent next year, compared with 1.7 percent in 2011, Goldman Sachs Group Inc. said in a report Oct. 3. The bank had previously expected growth of 2 percent in China, the second-biggest user, will slow to 8.7 percent in 2012, from 9.3 percent this year, according to the median of 10 economists estimates compiled by Bloomberg. World energy consumption fell 1.5 percent in 2009, the biggest decline in at least four decades, as the global economy endured its worst recession since World War II, data from London-based BP Plc show. Natural-gas production fell 2.8 percent, the most since at least 1970, and oil refining retreated 2.6 percent, the largest contraction since The process of extracting natural gas destined for liquefaction yields about 5 percent propane and a similar amount of butane or ethane, according to the Paris-based World LP Gas Association. Liquefied natural gas is produced by cooling gas to about minus 260 degrees Fahrenheit. A barrel of crude typically yields about 3 percent LPGs when it is refined, accounting for about 40 percent of global LPG supply. (Bloomberg) 1

3 Dry Bulk - Chartering In Brief: Another positive week with all sectors rising and with capes gaining the most. All in all, BDI gained 141 points, BCI gained 312 points, BPI gained 142 points, BSI gained 49 points, and BHSI gained 36 points. Capes: Market moved higher through all the duration of the week at both basins. In the Atlantic basin, the fronthaul trade experience the higher increase, as rates pushed higher USD 2 pmt on the Tubarao/Qingdao trade, and eventually concluded at USD pmt. Rates for Transatlantic rounds concluded at USD per day, while for trips to F.East, levels concluded at USD per day. Activity in the Pacific basin remained at good levels, as we could see cargoes ex Australia, India, S.Africa and Indonesia. Rates for Pacific round concluded at USD per day basis N.China delivery, while on the Australia/China trade, about 15 vessels got covered at levels fluctuating between USD pmt. Panamax: Market continued to firm in both the Atlantic and Pacific. In the Atlantic basin, the USG market still remained the driving force, especially for the Fronthaul cargoes with fixtures reported at USD GBB basis APS USG. There were not so many enquiries for Transatlantic round but still rates managed to increase. At week s closing, rates concluded at USD per day. Activity in the Pacific was also good as there were many coal parcels ex Indonesia and Australia, and many enquiries from NOPAC. At week s closing, rates for S.China/S.E.Asia positions interested for Indonesia round, concluded at USD per day. Positions at N.china/Japan range interested for trips ex NOPAC, or Australia could get USD per day. Supramax: Activity remained good in the Atlantic, and Pacific followed the trend. In the Atlantic basin, rates improved with USG region keeping the league. Rates ex USG for trip to continent/east Mediterranean concluded close to USD per day, while for trips to F.East fixtures reported at USD per day. The Mediterranean/Bl.Sea market was a bit quiet, but rates increased as an effect of the increase in the USG. Grains/ferts/steels ex Bl.Sea to F.East remained at USD per day, while rates for trips to USG were between USD per day. We noticed many cargoes ex ECSA mostly to destination F.East, and rates USD basis W.Africa deliver, or USD low/mid 20 s GBB basis APS. Rates for trips ex W.Africa via Brazil to Continent/Med concluded at USD per day. Rates in the pacific region followed the trend, with many Owners preferring to cover their vessels for short period at rates between USD per day, rather than keeping them in the spot market. Those who preferred to remain on the spot market, were looking for cargoes ex Indonesia to direction India at levels around USD basis S.China/S.E.Asia, or USD basis delivery N.China/Japan. On the other hand, for the N.China positions, the cargoes ex Nopac remained an attractive solution at rates of USD per day. Handysize: Market followed the same trend. In the Atlantic region we could see an increase on the available cargoes from East Mediterranean/Bl.Sea, from Continent/Baltic. Ex Continent, rates from trips to East Mediterranean were at levels close to USD per day, and USD per day for trip to USG, or ECSA depending on size/duration and commodity. On the Med/Bl.Sea market we could mostly find a lot of steels / cement to W.Africa at USD per day, and some grain parcels for intramed.. In the Pacific basin, market remained quiet, and we could not see many coal/nickel ore cargels ex Indonesia.Vessels opening N.China/Korea/Japan range were more keen to load coal ex CIS, or steels to S.E.Asia.. 2

4 Dry Bulk - Chartering Baltic Indices Dry Market (*Friday s closing values) Index Week 41 Week 40 Change (%) BDI ,65 BCI ,47 BPI ,94 BSI ,98 BHSI ,20 T/C Rates (1 yr - $/day) Type Size Week 41 Week 40 Change (%) Capesize 160 / 175, ,03 Panamax 72 / 76, ,64 Supramax 52 / 57, ,85 Handysize 30 / 35, ,17 Average Spot Rates Type Size Route Week 41 Week 40 Change % Capesize 160 / 175,000 Panamax 72 / 76,000 Supramax 52 / 57,000 Handysize 30 / 35,000 Far East ATL ,33 Cont/Med Far East ,77 Pacific RV ,26 TransAtlantic RV ,67 Far East ATL ,45 ATL / Far East ,00 Pacific RV ,33 TransAtlantic RV ,80 Far East ATL ,12 ATL / Far East ,13 Pacific RV ,14 TransAtlantic RV ,00 Far East ATL ,11 ATL / Far East ,00 Pacific RV ,03 TransAtlantic RV ,43 3

5 Dry Bulk - Chartering ANNUAL AUGUST 2011 OCTOBER

6 Dry Bulk - Chartering Capesize Routes Atlantic 2010 / 11 $60.000,00 $50.000,00 $40.000,00 $30.000,00 $20.000,00 $10.000,00 C2 TUB / ROT C4 RBAY / ROT C7 BOL / ROT C8 T/A RV AVG ALL TC $0,00 Capesize Routes Pacific 2010 / 11 $80.000,00 $70.000,00 $60.000,00 $50.000,00 $40.000,00 $30.000,00 $20.000,00 C3 TUB / PRC C5 W AUST / PRC C9 CONT / FE C10 FE R/V $10.000,00 $0,00 Panamax Routes Atlantic 2010 / 11 $35.000,00 $30.000,00 $25.000,00 $20.000,00 $15.000,00 $10.000,00 $5.000,00 P1A T/A RV P2A CONT/FE $0,00 5

7 Dry Bulk - Chartering Panamax Routes Pacific 2010 /11 $25.000,00 $20.000,00 P3A FE R/V $15.000,00 P4 FE/CON $10.000,00 AVG ALL TC $5.000,00 $0,00 Supramax Routes Atlantic 2010 /11 $40.000,00 $35.000,00 $30.000,00 $25.000,00 $20.000,00 $15.000,00 $10.000,00 $5.000,00 $0, S1A CON / FE S1B BSEA / FE S4A USG / CONT S4B CONT / USG S5 WAFR / FE Supramax Routes Pacific 2010 / 11 $25.000,00 $20.000,00 $15.000,00 $10.000,00 $5.000,00 $0,00 S2 FE R/V S3 FE / CON S6 FE / INDI S7 ECI / CHI AVG ALL TC 6

8 Tanker - Chartering In Brief: Last week ended with record high crude oil prices on the back of strong economic data and positive European outlook. U.S. retail sales rose during August while some signs of optimism on the debt crisis were found as there are solid expectations that a European plan will be ready for the next gathering of G20 leaders in November. VLCC: In the Middle East Gulf activity improved considerably on the eastbound route as China resumed activity after the local holidays, accounting for nearly half of all cargoes destined east. On the contrary, activity was quieter in West Africa and rates dropped by more than 10 worldscale points. Suezmax: The market in West Africa managed to hold on to its gains as the week started off pretty strong. However, as the week progressed, demand dropped and we are now expecting the correction to start anytime now. Aframaxes, along with West Africa, helped Suezmax rates in the Black Sea to soar again. Aframax: Rates in the Mediterranean continued to surge, even though things at Bosphorus turned out to be quite different than what we originally thought. Their brothers in the North Sea also followed, though not as spectacularly. Rates finally rose in the Caribbean as there were some Owners who decided to leave in search of their fortunes elsewhere. In the Middle East Gulf things remained stable for yet another week. Products: Still same picture as last week for clean cargo movements where, apart from LR2 s which managed to hold their ground, activity remained on slow burn. Rates slipped for LR1 s as supply was more than enough to meet demand, while despite the fact that the week started on a strong note for MR s in the Caribbean, rates inched downward. Similarly, the week started quite nicely for MR s in the North Sea, only to end a couple wordscale points lower due to oversupply. Unlike their clean cousins, Panamaxes in the Continent witnessed a rise in demand that resulted in a climb of more than ten worldscale points, whereas in the Caribbean rates continued their downward trend. Baltic Indices Wet Market (*Friday s closing values) Index Week 41 Week 40 Change (%) BCTI ,42 BDTI ,31 T/C Rates (1 yr - $/day) Type Size Week 41 Week 40 Change (%) VLCC Suezmax Aframax Panamax MR

9 Tanker - Chartering Crude Tanker Average Spot Rates Type Size (Dwt) Route Week 41 WS Week 40 WS Change % 280,000 AG USG VLCC 260,000 W.AFR USG ,000 AG East / Japan Suezmax 135,000 B.Sea Med ,000 WAF USAC ,000 Med Med Aframax 80,000 N. Sea UKC ,000 AG East ,000 Caribs USG Product Tanker Average Spot Rates Type Size (Dwt) Route Week 41 WS Week 40 WS Change % 75,000 AG Japan Clean 55,000 AG Japan ,000 Caribs USAC ,000 Cont TA Dirty 55,000 Cont TA ,000 Caribs USAC

10 Tanker - Chartering VLCC Trading Routes 2010 / AG - USG WAFR - USG AG EAST JAPAN 0 Suezmax Trading Routes 2010 / B. SEA - MED WAF - USAC 20 0 Aframax Trading Routes 2010 / MED - MED N.SEA - UKC AG - EAST CARIBS USG

11 Tanker - Chartering Clean Trading Routes 2010 / AG - JAPAN (75,000) AG - JAPAN (55,000) CARIBS - USAC (38,000) 50 CONT - TA (37,000) 0 Dirty Trading Routes 2010 / CONT - TA (55,000) 100 CARIBS - USAC (50,000)

12 Sale & Purchase Activity in Ship Sale and Puchase Some tentative smiles were back in the market with the BDI index rising above 2,000 points. Despite being very early to commit for market rebound, all parties involved saw this increase as a relief. As a result of the previous weeks vessels price retractions there was a pleasant SNP activity across all sectors. Greek buyers dominate the market by looking to cease any good opportunity, despite the lack of ship financing and the country s economic crisis. As purchase enquiries are concerned, the dry sector did not provide any surprises with Handysize vessels holding the majority. Handymaxes up to Panamaxes however borne an equal amount of enquiries, being at satisfactory levels. On the other hand, despite the increased tanker SNP activity, purchase enquiries remained at low levels whilst MRs having the highest demand. Rumors suggest that Panamax BC M/V Peppino D Amato (75,698 DWT built in 2005 in Sanoyas, JPN) has been sold for USD 28 Mill to Indonesians. The price is on the high side considering latest sales of Panamax vessels. After a long run in the SNP market, Paragon s Handymax BC M/V Crystal Seas (43,222 DWT built in 1995 in Hyundai HI, KRS) has been reported sold for USD 14 Mill to undisclosed buyers. The price is in line with the current market. Greek buyers continue to acquire VLCC vessels at a bargain with this week s sale M/V Sky Wing (299,997 DWT built in 2002 in IHI, JPN) reported sold for USD 34,4 Mill to Eastmed. Another Greek buyer, Embriricos has acquired Saga Tankers M/T Saga Unity (298,920 DWT built in 2000 in Kawasaki HI, JPN) at USD 29,5 Mill. The company will record a book loss considering the vessel was acquired 18 months ago for USD 60 Mill. NEWBUILDNGS In the newbuilding market, we have seen 6 vessels reported to have been contracted. 2 Bulk Carriers (Kamsarmax) 4 Tankers (MR) DEMOLITION The Bangladeshi market closed on October 12 th and there are expectations that it will open again at the 17 th. India remained on a negative trend, despite some high profile tonnages being concluded at higher levels. Pakistan followed this trend as well with end buyers not willing to pay previously concluded levels. China remained stable. 11

13 Sale & Purchase Indicative Market Values ( 5 yrs old / Mill $ ) Bulk Carriers Week 40 Week 39 Change % Capesize Panamax Supramax Handysize Tankers VLCC Suezmax Aframax Panamax MR Weekly Purchase Enquiries SHIPTRADE P/E WEEKLY INDEX Korea China Spore KCS Greece Other Sum 0 28/12-3/ /1-10/1/ /1-17/1/ /1-24/1/ /1/ /2/ /2/ /2/ /2/ /3/ /3/ /03/ /03/ /03-4/4/2011 5/4/-11/4/ /4/ /4/ /4-2/5/ /5/ /5/ /5/ /5/ /5-6/6/ /6/ /6/ /6/ /6-4/7/ /7/ /7/ /7/ /7-1/8/ /8/ /8/ /8/ /8/ /8-05/9/ /9/ /9/ /9/ /9-3/10/ /10/ /10/

14 Sale & Purchase Reported Second-hand Sales Bulk Carriers Name Dwt DoB Yard SS Engine Gear Price Buyer Universal Tsu Universal, JPN - B&W mill Each Universal Tsu Universal, JPN - B&W - En Bloc Hsin Chien Marine Universal Tsu Universal, JPN - B&W mill China Steel Express Peppe Rizzo SWS, China - B&W - 50 mill Quintana Front Striver Daewoo, KR 11/2013 B&W - 12 mill Undisclosed GH Power Tsuneishi, JPN 06/2012 B&W Unconfirmed Greek Peppino D Amato Sanoyas, JPN 09/2015 B&W - 28 mill Unconfirmed Undisclosed Energy Rose Sanoyas, JPN 11/2012 Sulzer - 15 mill Undisclosed Sunny Globe Oshima, JPN 05/2015 B&W 4 X 30 T 25 mill Undisclosed Shun Fu Star IHI, JPN 10/2016 Sulzer - 4 mill European Siam Garnet Tohoku, JPN 03/2014 MIT 4 X 25 T 4.5 mill Chinese Spar Jade Sasebo, JPN 09/2014 MIT 3 X 25 T 4 mill Hong Kong Tankers Name Dwt DoB Yard SS Engine Hull Price Buyer Sky Wing IHI, JPN 01/2012 Sulzer DH 34.1 mill Greek Saga Unity Kawasaki, JPN 09/2015 B&W DH 29.4 mill Greek Torm Marianne Dalian, CHN 05/2013 Wartsila DH Region 35 mill each Torm Mette Dalian, CHN 04/2012 Wartsila DH En bloc Neverland Star Samsung, KR 03/2016 B&W DH 48 mill each Neverlan Sun Samsung, KR 03/2014 B&W DH En bloc Maersk Tankers Kazakhstan Northern Star Koyo, JPN 10/2013 B&W DH 22.5 mill Undisclosed LNG Name CBM DoB Yard SS Engine Hull Price Buyer Maersk Magellan Samsung, KR 04/2014 Wartsila DB Maersk Arwa Samsung, KR 09/2013 Wartsila DB Maersk Methane Samsung, KR 03/2013 Wartsila DB Maersk Marib Samsung, KR 05/2013 Wartsila DB Woodside Donaldson Samsung, KR 10/2014 Wartsila DB Maersk Meridian Samsung, KR 01/2015 Wartsila DB Maersk Qatar Samsung, KR 01/2016 Kawasaki DB Maersk Ras Lafan Samsung, KR 04/2014 Kawasaki DB 1.4 Billion En Bloc J/V Between Teekay LNG Partners and Marubeni Corp 13

15 April-08 August-08 April-09 August-09 April-10 August-10 April-11 April-08 August-08 April-09 August-09 April-10 August-10 December- December- December- December- December- December- April-11 Newbuildings Newbuilding Orders No Type Dwt / Unit Yard Delivery Owner Price 2 BC Hudong 2013 Foremeost Mritime Tanker SPP 2012 Eastmed - Newbuilding Prices (Mill $) Japanese/ S. Korean Yards Newbuilding Resale Prices Bulk Carriers Capesize Panamax Supramax Handysize Tankers VLCC Suezmax Aframax Panamax MR Newbuilding Resale Prices Bulk Carriers (2008 Today) Tankers (2008 Today) $180,00 $160,00 $140,00 $120,00 $100,00 $80,00 $60,00 $40,00 $20,00 $0,00 CAPESIZE PANAMAX SUPRAMAX HANDYSIZE $250,00 $200,00 $150,00 $100,00 $50,00 $0,00 VLCC SUEZMAX AFRAMAX LR 1 MR 14

16 $ / Ldt $ / Ldt Demolitions Demolition Sales Vessel Type Built Dwt Ldt Buyer Country Price China Spirit Tanker India 580 Golden Arrow II BC India 510 Forshang 1 BC China 430 Monte Stello RoPax China 355 ( as is New Zealand with 225 T IFO ROB) Xing Sheng Da BC China 440 Demolition Prices ($ / Ldt) Bangladesh China India Pakistan Dry Wet Demolition Prices Bulk Carriers (2008 Today) Tankers (2008 Today) Bangladesh Bangladesh China India China India Pakistan Pakistan 0 0 April 08 Aug 08 Dec 08 April 09 Aug 09 Dec 09 Apr 10 Aug 10 Dec 10 April 11 April 08 Aug 08 Dec 08 April 09 Aug 09 Dec 09 Apr 10 Aug 10 Dec 10 April 11 15

17 Financial Market Data Shipping Stocks Dry Bulk Company Stock Exchange Week 41 Week 40 Change % Baltic Trading Ltd (BALT) NYSE 5,69 4,60 23,70 Crude Carriers Corp (CRU) NYSE 18,32 9,62 90,44 Diana Shipping Inc (DSX) NASDAQ 8,45 7,08 19,35 Dryships Inc (DRYS) NASDAQ 2,74 2,24 22,32 Euroseas Ltd (ESEA) NASDAQ 3,40 3,16 7,59 Excel Maritime Carriers (EXM) NYSE 3,01 2,03 48,28 Eagle Bulk Shipping Inc (EGLE) NASDAQ 1,70 1,36 25,00 Freeseas Inc (FREE) NASDAQ 0,90 0,76 18,42 Genco Shipping (GNK) NYSE 9,29 6,90 34,64 Navios Maritime (NM) NYSE 3,85 3,04 26,64 Navios Maritime PTN (NMM) NYSE 16,78 13,85 21,16 Paragon Shipping Inc (PRGN) NASDAQ 1,20 0,85 41,18 Star Bulk Carriers Corp (SBLK) NASDAQ 1,37 1,23 11,38 Seanergy Maritime Holdings Corp (SHIP) NASDAQ 3,57 2,79 27,96 Safe Bulkers Inc (SB) NYSE 6,58 5,70 15,44 Golden Ocean Oslo Bors (NOK) 4,51 4,23 6,62 Tankers Capital Product Partners LP (CPLP) NASDAQ 6,23 5,74 8,54 General Maritime (GMR) NYSE 0,33 0,17 94,12 Omega Navigation Enterprises (ONAV) NASDAQ 0,22 0,27-18,52 TOP Ships Inc (TOPS) NASDAQ 2,11 1,05 100,95 Tsakos Energy Navigation (TNP) NYSE 5,96 5,44 9,56 Other Aegean Maritime Petrol (ANW) NYSE 4,95 3,84 28,91 Danaos Corporation (DAC) NYSE 3,23 3,06 5,56 StealthGas Inc (GASS) NASDAQ 4,05 3,85 5,19 Rio Tinto (RTP) NYSE 52,70 48,61 8,41 Vale (VALE) NYSE 24,86 23,36 6,42 ADM Archer Daniels Midland (ADM) NYSE 27,75 25,45 9,04 BHP Billiton (BHP) NYSE 77,70 71,53 8,63 Commodities Commodity Week 41 Week 40 Change (%) Brent Crude (BZ) ,93 Natural Gas (NG) 3,61 3,54 1,98 Gold (GC) ,86 Copper (LME) 3,43 3,31 3,63 Wheat (W) ,89 16

18 Financial Market Data / Bunker Prices / Port Congestion Currencies Week 41 Week 40 Change (%) EUR / USD 1,38 1,33 3,76 USD / JPY 77,20 76,71 0,64 USD / KRW ,20 USD / NOK 5,56 5,82-4,47 Bunker Prices IFO 380 IFO 180 MGO Piraeus Fujairah Singapore Rotterdam Houston Port Congestion* Port No of Vessels China Rizhao 29 Lianyungang 23 Qingdao 33 Zhanjiang 14 Yantai 10 India Chennai 12 Haldia 25 New Mangalore 8 Kakinada 18 Krishnapatnam 17 Mormugao 6 Kandla 30 Mundra 19 Paradip 9 Vizag 36 South America River Plate 247 Paranagua 40 Praia Mole 18 * The information above exhibits the number of vessels, of various types and sizes, that are at berth, awaiting anchorage, at anchorage, working, loading or expected to arrive in various ports of China, India and South America during week 41 of year