25 2 17-19, Vas. Pavlou Str., GR 166 73, Voula, Athens, Greece Tel: 21 96597 - Fax: 21 89964 Internet Mail: athenian(at)atheniansa(dot)gr MONTHLY REPORT Baltic Dry Index November 218 15 1 5 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 PRICES TANKERS ($ MIO) * Prices reflect Year s End 212* 213* 214* 215* 216* 217* Nov-18 VLCC 5Y 56. 55.8 77.1 8 6 64 65.8 VLCC 1Y 35. 35. 52.1 55 4 41 42.4 SUEZMAX 5Y 4.2 39.5 56.8 6 4 43.5 43.5 AFRAMAX 5Y 28. 27.8 41.9 46 29 32 32.1 AFRAMAX1Y 16.3 16.3 26.8 31 18 2 2 PANAMAX5Y 24.3 24.3 33.4 35 28 29 29.8 47K 5Y 23. 23.3 23.8 28.9 22 26.8 26.9 45K 1Y 15.5 15.7 15.2 19.6 15.5 17 15.5 45K 2Y 6.2 6.2 6.5 8.5 5.1 5.1 5.8 PRICES BULKERS ($ MIO) * Prices reflect Year s End 212* 213* 214* 215* 216* 217* Nov-18 CAPESIZE 5Y 32. 43.9 39.5 25 24 33 35.7 CAPESIZE 1Y 2.5 31. 27.8 13.6 15 2.5 24.5 CAPESIZE 15Y 12.7 18.2 16.3 8.5 8 13 14.5 CAPESIZE 2Y 9.3 1.1 9. 5.6 5.5 7 8.5 KAMSARMAX 5Y 18. 25.6 2.1 14 14 22.5 22.8 PANAMAX 1Y 12.5 17.9 14.6 8.5 8.5 14.5 13.5 PANAMAX 15Y 8.3 12. 1. 5 5.4 11 9.6 PANAMAX 2Y 5.4 7.5 5.4 3.6 3.6 6.5 6.5 SUPRAMAX 5Y 23.3 24.3 2.8 13.6 14 17.5 18.1 SUPRAMAX 1Y 13. 17.4 13.8 8 9.5 13.5 14 HANDYMAX15Y 8.7 1.9 9.1 4.5 5.8 9.5 9 HANDYMAX2Y 6.3 6.4 6.2 3.5 2.8 6.5 6.1
2 Prior 217 76-78k dwt SECOND HAND SALES & CHARTER FIXTURE TRENDS 9 Monthly Tanker Price Trend 7 Monthly 1 Yr TC Rates 8 6 7 6 5 5 4 Price (USD Mio) 4 3 2 1 (USD) 3 2 1 VLCC 5Y VLCC 1Y SMAX 5Y AMAX 5Y VLCC 1 Yr T/C SMAX 1 Yr T/C AMAX 1 Yr T/C AMAX 1Y PMAX 5Y 47K 5Y 45K 1Y PMAX 1 Yr T/C MR 1 Yr T/C 6 Monthly Bulk Carrier Price Trend 35 Monthly 1 Yr TC Rates 5 3 Prices (USD Mio) 4 3 2 (USD) 25 2 15 1 1 5 CAPE 5Y CAPE 1Y CAPE 15Y KMAX 5Y PMAX 1Y PMAX 15Y SUPRA 5Y SUPRA 1Y HMAX 15Y CAPE 1 Yr T/C SUPRA 1 Yr T/C PMAX 1 Yr T/C HMAX 1 Yr T/C
3 SECOND HAND TONNAGE MARKET S&P Activity Dry (>5, Dwt) AVAILABLE FOR SALE REPORTED SOLD PREVIOUS MONTH A/BLE FOR SALE PREVIOUS MONTH SALES S&P Activity Tankers (>5, Dwt) AVAILABLE FOR SALE REPORTED SOLD PREVIOUS MONTH A/BLE FOR SALE PREVIOUS MONTH SALES 4 3 3 2 1 358 64 358 64 2 1 266 54 199 22 THIS MONTH - PREVIOUS MONTH THIS MONTH - PREVIOUS MONTH *Excluding demolition sales Sale and Purchase Market Ship Type Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Total BULK 43 43 35 27 64 54 266 TANK 19 26 15 2 22 54 156 GAS 1 11 2 1 1 3 19 CONT 26 6 3 3 12 6 56 TWEEN/MPP 4 4 2 7 17 REEF RORO FERRY CRUISE 2 2 Total 93 92 55 51 11 11 493
4 Baltic Clean Tanker - Yearly 85 75 65 557 595 55 45 571 35 49 52 3 6 9 12 15 18 21 24 27 3 33 36 39 42 45 48 217 WEEK NO 218 Baltic Dirty Tanker - Yearly 125 1152 15 85 77 759 65 45 49 52 3 6 9 12 15 18 21 24 27 3 33 36 39 42 45 48 217 WEEK NO 218 Baltic Clean Tanker -Monthly 8 75 75 7 643 65 6 614 55 5 1/11/218 8/11/218 15/11/218 22/11/218 29/11/218 Baltic Dirty Tanker -Monthly 12 115 1134 1133 11 182 15 1 1/11/218 8/11/218 15/11/218 22/11/218 29/11/218 TANKER SALES NAME DWT BLT PRICE $ BUYER UNDISCLOSED (Epoxy,SS/DD due 7/219) AZUR 269 1999 TURKEY DH 1.8 MIO TOLI 3442 29 TURKEY DH 5 MIO GREEK (Marineline SS/DD 4/219) MAJORQUE 3645 26 TURKEY DH 3.5 MIO UNDISCLOSED (Epoxy) MASALI 133 27 RUSSIA DH 5.5 MIO RUSSIAN (Auction sale) AI GIANNIS 15748 1998 GERMANY DH 4.75 MIO UNDISCLOSED (Epoxy sigma,imo II) RAMIRA 16979 28 TURKEY DH 13.75 MIO UNDISCLOSED (Phenolic epoxy,imo II) BW MIA 1972 28 JAPAN DH * ENBLOC BSS BW ARGON 199 216 JAPAN DH * ENBLOC BSS BW BORON 199 216 JAPAN DH * ENBLOC BSS BW COBALT 199 216 JAPAN DH * ENBLOC BSS BW GALLIUM 199 217 JAPAN DH * ENBLOC BSS BW HELIUM 199 217 JAPAN DH * ENBLOC BSS BW IRIDIUM 199 218 JAPAN DH * ENBLOC BSS BW MERCURY 19971 218 JAPAN DH * ENBLOC BSS BW NEON 19972 218 JAPAN DH * ENBLOC BSS BW RADON 19976 218 JAPAN DH * ENBLOC BSS BW SILICON 19977 218 JAPAN DH * ENBLOC BSS BW LITHIUM 19981 217 JAPAN DH * ENBLOC BSS BW STREAM 19998 21 JAPAN DH * ENBLOC BSS BW LENA 74578 27 CHINA DH * ENBLOC BSS BW RHINE 76578 28 CHINA DH * ENBLOC BSS BW ORINOCO 7658 27 CHINA DH 35 MIO ACE TANKERS (Total price) KRASLAVA 37258 27 KOREA DH 11 MIO ENBLOC BSS KAZDANGA 37312 27 KOREA DH 11 MIO ITALIAN (Price each) UTVIKEN 37872 29 KOREA DH * ENBLOC BSS
5 YUKON STAR 37873 29 KOREA DH * ENBLOC BSS ZAMBEZI STAR 37874 21 KOREA DH 48.5 MIO NORWEGIAN (Total price) PRIME SPLENDOUR 45217 1996 JAPAN DH 5 MIO CHINESE (Inorganiz zinc) TORM CLARA 45999 2 KOREA DH 6.8 MIO UNDISCLOSED (IMO II) FPMC 17 46872 29 CHINA DH 1.5 MIO GREEK (Phenguard,DD passed) ALPINE MAGIC 47128 29 KOREA DH 17 MIO UNDISCLOSED (IMO III) MAERSK MISAKI 4798 211 JAPAN DH 16.7 MIO UNDISCLOSED UNDISCLOSED (Delivery with BWTS fitted, DD passed) NORD INNOVATION 47981 21 JAPAN DH 17.2 MIO HIGH PEARL 4823 29 JAPAN DH 16 MIO AUSTRIAN (Epoxy,SS/DD 8/219) AEGEAN WAVE 5151 29 KOREA DH 17 MIO UNDISCLOSED (IMO II) UNDISCLOSED (epoxy,ss/dd due 1/219) GENER8 COMPANION 72768 24 CHINA DH 6.8 MIO KING DOUGLAS 73666 28 CHINA DH 13.5 MIO ENBLOC BSS KING DANIEL 7372 28 CHINA DH 13.5 MIO UNDISCLOSED (epoxy, price each) FPMC P GLORY 74862 29 KOREA DH 14.5 MIO EUROPEAN (Pure epoxy) AEGEAN FAITH 1674 23 KOREA DH 12.3 MIO GREEK NS CHALLENGER 19841 25 KOREA DH 1.5 MIO UNDISCLOSED DHT CATHY 111928 24 KOREA DH 12.4 MIO ENBLOC BSS DHT SOPHIE 11245 23 KOREA DH 11.9 MIO GREEK (Price each) SINGAPORE RIVER 115126 29 JAPAN DH 23.4 MIO GREEK HS TOSCA 115635 24 KOREA DH 13.5 MIO GREEK YASA GOLDEN BOSPHORUS 115867 27 KOREA DH 2 MIO INDONESIAN YASA GOLDEN HORN 11695 27 KOREA DH 2 MIO VIETNAMESE EUROPEAN SPIRIT 151848 23 KOREA DH 15.7 MIO GREEK SHAMROCK 156516 211 CHINA DH 3 MIO NAVIGATE (4 year TC/low) DAEHAN 543 158 22 KOREA DH 61.5 MIO ENBLOC BSS DAEHAN 544 158 22 KOREA DH 61.5 MIO GREEK (Price each,tier III,Scrubber fitted) TOLEDO SPIRIT 159342 25 KOREA DH 19 MIO UNDISCLOSED DS VIDA 29997 23 CHINA DH 21 MIO GREEK NERISSA 299235 26 CHINA DH 3 MIO GREEK ALTER EGO I 39371 21 KOREA DH 21 MIO UNDISCLOSED GC FUZHOU 319725 214 CHINA DH * ENBLOC BSS TIANJIN 32 215 CHINA DH 114 MIO GREEK (Total price) GAS SALES NAME DWT BLT CBM PRICE $ BUYER ENERGY ORPHEUS 49999 1993 JAPAN 76928 1.1 MIO UAE SISOULI PREM 54 1992 JAPAN 76932 1.5 MIO CHINESE NS CHALLENGER 56885 1992 JAPAN 76968 1.5 MIO ASIAN
6 Spot Market - Tankers VLCC SUEZMAX AFRAMAX $/Day 6 5 4 3 2 1 5 4365 276 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Period Market -Tankers 1 Year T/C VLCC SUEZMAX AFRAMAX $/Day 35 3 25 2 15 1 292 2375 178 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18
7 75 Baltic Handysize 12 Baltic Supramax 7 665 11 141 65 6 646 631 1 9 97 942 55 1/11/218 1/11/218 19/11/218 28/11/218 8 1/11/218 1/11/218 19/11/218 28/11/218 Baltic Panamax 16 155 1496 15 145 1444 14 1378 135 13 1/11/218 1/11/218 19/11/218 28/11/218 Baltic Capesize 26 23 2296 217 2 17 14 1461 1358 11 8 1/11/218 1/11/218 19/11/218 28/11/218 BULKER SALES NAME DWT BLT GEAR PRICE $ BUYER OLGA 18319 1996 JAPAN CR 3X3 3.2 MIO UNDISCLOSED OCEANIC HAWK 2927 21 JAPAN CR 4X3.5 9.2 MIO UNDISCLOSED XING NING HAI 34443 215 JAPAN CR 4X3 * ENBLOC BSS XING JING HAI 34443 215 JAPAN CR 4X3 * ENBLOC BSS XING ZHI HAI 34443 215 JAPAN CR 4X3 * ENBLOC BSS XING YUAN HAI 34443 215 JAPAN CR 4X3 74 MIO GREEK (Total price) SEA BRONZE 37426 27 JAPAN CR 4X36 11.5 MIO UNDISCLOSED CIELO DI TOCOPILLA 3922 214 CHINA CR 4X3 * ENBLOC BSS CIELO DI JARI 3922 216 CHINA CR 4X3 4 MIO SWEDISH (Total price,for conversion) AYIA MARINA 45217 1996 JAPAN CR 4X25 4 MIO CHINESE (Basis dd due 2/219) FORTIS AMALTHEA 47263 1999 JAPAN CR 4X25 6.35 MIO GREEK (SS/DD due 6/219) RED JACKET 52224 28 JAPAN CR 4X3 14.1 MIO UNDISCLOSED STAR DELTA 52434 2 JAPAN CR 4X3 6.5 MIO CHINESE (DD due 12/218) MAEMI SPIRIT 53482 28 JAPAN CR 4X3.5 11.1 MIO GREEK NEW DESTINY 53554 27 JAPAN CR 4X3.5 11.85 MIO GREEK (BWTS fitted) BULK ARGENTINA 55477 29 JAPAN CR 4X3.5 14.7 MIO UNDISCLOSED GEMINI PIONEER 55624 28 JAPAN CR 4X3 13.6 MIO GREEK NEW KOSMOS 5611 25 JAPAN CR 4X3.5 11 MIO UNDISCLOSED TRON LEGACY 56444 212 CHINA CR 4X3 13.1 MIO CHINESE (Tier II) NAUTICAL AMETHYST 56889 211 CHINA CR 4X3 11.3 MIO GREEK U NOBLE 57 212 CHINA CR 4X3 12.8 MIO EGPN SSI INVINCIBLE 5717 21 CHINA CR 4X36 12.3 MIO CHINESE WALSALL 5818 21 CHINA CR 4X35 23 MIO ENBLOC BSS
8 WIGAN 5818 21 CHINA CR 4X35 23 MIO GERMAN (Total sale. Bank sale) TC GOLD 5896 211 PHILIPPINES CR 4X3 16.25 MIO GREEK (DD passed) VELA 6338 215 CHINA CR 4X3 2 MIO GREEK OCEAN ENTERPRISE 63261 216 CHINA CR 4X3 24 MIO ENBLOC BSS OCEAN VENTURE 63266 216 CHINA CR 4X3 24 MIO CHINESE (Price each) UNDISCLOSED (Basis ppt dely ex- Yard) OCEAN NEERAJ 64 218 CHINA CR 4X3 24.2 MIO NAVIOS LIBRA II 7136 1995 KOREA GLESS 4.6 MIO UNDISCLOSED (SS due 1/22) GENCO KNIGHT 73941 1999 JAPAN GLESS 6.7 MIO ENBLOC BSS GENCO VIGOUR 73941 1999 JAPAN GLESS 6.7 MIO UNDISCLOSED (Price each) GENCO BEAUTY 73941 1999 JAPAN GLESS 6.7 MIO UNDISCLOSED NAVIOS MAGELLAN 74333 2 JAPAN GLESS 7 MIO CHINESE SILVER PHOENIX 74759 26 CHINA GLESS 9.5 MIO UNDISCLOSED (DD due 6/219) CROATIAN( Ext for BWTS install up to 222) PELAGOS 75213 28 CHINA GLESS 11.95 MIO ALCYON 75243 21 KOREA GLESS 7.5 MIO UNDISCLOSED TRITON 75336 21 KOREA GLESS 7.35 MIO UNDISCLOSED OCEAN WIND 76585 26 JAPAN GLESS 1.7 MIO GREEK TAURUS OCEAN 78819 28 JAPAN GLESS 14.5 MIO GREEK VOGE CHALLENGER 79648 21 CHINA GLESS 13.1 MIO GERMAN TENTEN 81336 212 CHINA GLESS 18.2 MIO UNDISCLOSED PRIME LILY 8157 212 KOREA GLESS 2.6 MIO GREEK (Delivery Atlantic) TSUNEISHI ZHOUSHAN SS-2 816 219 CHINA GLESS 3.75 MIO NORWEGIAN OLGA V 81645 217 JAPAN GLESS 3 MIO GREEK KINKO MARU 9186 21 JAPAN GLESS 11.5 MIO CHINESE HOUYO 93492 27 JAPAN GLESS 14.5 MIO UNDISCLOSED NEW TAIZHOU 175885 21 CHINA GLESS 23.5 MIO ENBLOC BSS NEW QUZHOU 175886 21 CHINA GLESS 23.5 MIO ENBLOC BSS NEW HUZHOU 175949 21 CHINA GLESS 23.5 MIO ENBLOC BSS NEW SHANGHAI 18145 211 CHINA GLESS 27.5 MIO BERGE BULK (Price each) SOUTHERN EXPLORER 177493 22 JAPAN GLESS 13 MIO GREEK ATTIKOS 178929 212 KOREA GLESS 32.5 MIO UNDISCLOSED FRONTIER AMBITION 18253 21 JAPAN GLESS 29 MIO ZODIAC MARITIME $/Day 3 25 2 15 1 5 Spot Market - Bulkers 125 115 937 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 CAPESIZE PANAMAX HANDYMAX
9 $/Day 221 21 181 161 141 121 11 81 61 41 Period Market -Bulkers 1 Year T/C 16 125 115 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 CAPESIZE PANAMAX SUPRAMAX CONTAINER SALES NAME DWT BLT GEAR TEU PRICE $ BUYER E.R. HOBART 13879 25 CHINA GLESS 1118 4 MIO ENBLOC BSS E.R. SYDNEY 13951 25 RUMANIA GLESS 1118 4 MIO GERMAN (Price each) HEUNG-A LAEM CHABANG 21788 216 KOREA GLESS 1785 2 MIO JAPANESE SITC BANGKOK 2278 23 JAPAN GLESS 162 7.3 MIO UNDISCLOSED BAHAMAS 52173 21 PHILIPPINES GLESS 433 12 MIO ENBLOC BSS BERMUDA 52382 21 PHILIPPINES GLESS 433 12 MIO GREEK (Price each) MPP/TWEEN SALES NAME DWT BLT GEAR TEU PRICE $ BUYER NINA 2516 1997 SLOVAKIA GLESS 15 * ENBLOC BSS TOVE 2517 1996 SLOVAKIA GLESS 82 * ENBLOC BSS BERIT 2518 1996 SLOVAKIA GLESS 15 * ENBLOC BSS KRISTIN D 278 1997 NETHERLANDS GLESS 25 * ENBLOC BSS ANNE 28 1995 NETHERLANDS GLESS 25 * ENBLOC BSS KINE 3 1996 SLOVAKIA GLESS 118 11.2 MIO NORWEGIAN (Total price) STAR MAJESTY 579 29 JAPAN CR 4X4 36 15 MIO NORWEGIAN (SS/DD due 2/219, Boxholed)
1 NEW BUILDING MARKET AND REPORTED CONTRACTS $m Tanker Prices VLCC Suezmax Aframax MR 1 92.6 8 6 6.8 48.2 4 36.4 2 Nov-16 Mar-17 Jul-17 Nov-17 Mar-18 Jul-18 Nov-18 $m 55 5 45 4 35 3 25 2 15 Bulker Prices Capesize Kamsarmax Supramax Handysize 5.5 28.2 25.9 23.7 1 Nov-16 Mar-17 Jul-17 Nov-17 Mar-18 Jul-18 Nov-18 Ship Type 218 219 22+ Total Capesize 14 84 88 186 Kamsarmax 18 147 11 266 Supra/Hmax 26 115 79 22 Handies 32 113 37 182 Total 9 459 35 854 Ship Type 218 219 22+ Total ULCC/VLCC 4 43 33 8 Suezmax 3 19 11 33 Aframax 8 42 24 74 Panamax 3 14 12 29 MR+Small 14 1 4 154 Total 32 218 12 37 Ship Type 218 219 22+ Total VLGC 3 18 22 43 LGC MR 1 9 2 12 Handy 2 8 5 15 Small 2 8 4 14 Total 8 43 33 84
11 Newbuilding Sales No. of Vessels 3 2 1 79 47 25 248 8 14 Tankers Bulkers Containerships 168 241 216 217 Nov-18 184 Delivery Schedule m. dwt Bulkers Tankers 45 4 38.9 36.6 36.9 35 3 25 22.1 2 15 1 7.9 7.2 5 Nov-18 219 22+ Tanker Newbuildings on Order m. dwt 35 3 25 2 15 1 5 29.9 Bulker Newbuildings on Order VLCC Suezmax Aframax Panamax Products 5 46.9 45 4 35 3 25 12.4 2 6.6 8.3 15 2.4 1 5 November 218 m. dwt 19.2 12.1 November 218 Capesize Kamsarmax Supramax Handysize 3.7 Tankers Nov-18 Newbuilding Historical Prices ($m) 217 216 215 214 213 212 21 28 25 2 1995 199 1985 32, DWT 1 92.6 81.5 84.5 93.7 97.3 93.8 93.2 14.8 15 12 76.5 85.3 87.4 17, DWT 1 6.8 55 54.5 63 65.5 59.6 57.1 66.3 9 71.5 52.5 54 66.1 115, DWT 1 48.2 44 44.5 52 53.6 52.2 48.5 56 74 58 41.5 43.3 53.2 5, DWT 1 36.4 33.8 32.5 35.4 36.8 34.6 33.8 36.1 46.5 43 29.5 33.2 Bulkers 185, DWT 1 5.5 44 42 46 54.2 53.6 45.7 57.2 87 58.5 4.5 42.3 6.2 29.3 83, DWT 1 28.2 25.5 24.5 25.7 29 27.8 25.6 34.3 45.5 36 22.5 27.9 3 13.4 64, DWT 25.9 24 22.3 24.1 27.2 26.5 23.7 31.1 41 31 2.5 24.1 25.3 12.4 35, DWT 23.7 22 19.5 2.3 22.8 22.2 2.5 26.3 31 25.5 15 19.2 21.3 9.7 1 Before 21 sizes to read 28, - 14, - 95, - 4, respectively for tankers and 15, - 69, for Bulkers 2 Single Hull 3 3, DWT Prior 217 to read 73 76k dwt, 45k dwt & 3k dwt (note: above is for vessels built Japan / Korea, you should also consider US$ / Yen / Won relation for the years mentioned) 3 32.1 2 38.2 2 28.2 2 18.1 3 13.3
12 The Shipbuilding Market TYPE DWT BUILDER DELIVERY PRICE $ OWNER NOTES Bulk 824 JMU Maizuru Shipyard 22 Wisdom Marine Group Bulk 61 Nantong Cosco KHI 22 Jiangsu Ocean Shpg Bulk 61 Nantong Cosco KHI 22 Jiangsu Ocean Shpg Bulk 61 Dalian Cosco KHI 22 Jiangsu Ocean Shpg Bulk 61 Dalian Cosco KHI 22 Jiangsu Ocean Shpg Bulk 18 Shanghai Waigaoqiao 22 BoCom Leasing Bulk 18 Shanghai Waigaoqiao 22 BoCom Leasing Bulk 18 Shanghai Waigaoqiao 22 BoCom Leasing Bulk 18 Shanghai Waigaoqiao 22 BoCom Leasing Bulk 18 Shanghai Waigaoqiao 221 BoCom Leasing Bulk 18 Shanghai Waigaoqiao 221 BoCom Leasing Bulk 18 Shanghai Waigaoqiao 221 BoCom Leasing Bulk 18 Shanghai Waigaoqiao 221 BoCom Leasing Bulk 18 Shanghai Waigaoqiao 221 BoCom Leasing Bulk 18 Shanghai Waigaoqiao 221 BoCom Leasing Bulk 82 Chengxi Shipyard 221 Wah Kwong Shpg Bulk 82 Chengxi Shipyard 221 Wah Kwong Shpg Bulk/Chem & Oil 835 Jiangsu New YZJ 22 KCC AS Chem & Oil 72 Wuchang SB Group 22 Sinochem Shpg Chem & Oil 72 Wuchang SB Group 22 Sinochem Shpg Chem & Oil 72 Wuchang SB Group 22 Sinochem Shpg Option Chem & Oil 72 Wuchang SB Group 22 Sinochem Shpg Option Chem & Oil 197 Wuchang SB Group 22 Wilmar International Chem & Oil 197 Wuchang SB Group 22 Wilmar International Chem & Oil 197 Wuchang SB Group 221 Wilmar International Option Chem & Oil 197 Wuchang SB Group 221 Wilmar International Option Chem & Oil 197 Wuchang SB Group 221 Wilmar International Option Chem & Oil 197 Wuchang SB Group 221 Wilmar International Option Container 35 Jiangsu New YZJ 22 29.3 mio SITC Container 35 Jiangsu New YZJ 22 29.3 mio SITC Container 35 Jiangsu New YZJ 221 29.3 mio SITC Container 123 Dae Sun Shipbuilding 22 Namsung Shipping Container 123 Dae Sun Shipbuilding 22 Namsung Shipping Option Container 235 Huangpu Wenchong 221 Wan Hai Lines Container 235 Huangpu Wenchong 221 Wan Hai Lines Container 235 Huangpu Wenchong 221 Wan Hai Lines Cruise Fincantieri Sestri 223 Virgin Voyages Cruise 11 Shanghai Waigaoqiao 223 77 mio CSSC Carnival Cruise Cruise 11 Shanghai Waigaoqiao 224 77 mio CSSC Carnival Cruise Cruise 11 Shanghai Waigaoqiao 225 77 mio CSSC Carnival Cruise Option Cruise 11 Shanghai Waigaoqiao 225 77 mio CSSC Carnival Cruise Option Cruise 11 Shanghai Waigaoqiao 225 77 mio CSSC Carnival Cruise Option Cruise 11 Shanghai Waigaoqiao 225 77 mio CSSC Carnival Cruise Option Cruise 145 CMHI (Jiangsu) 222 Sunstone Ships Inc Cruise West Sea 22 Mystic Invest FPSO 3 Shanghai Waigaoqiao 221 SBM Offshore MPP 62 COSCO Dalian SY 22 Rmb 232.6 mio COSCO Shpg Spec MPP 62 COSCO Dalian SY 22 Rmb 232.6 mio COSCO Shpg Spec MPP 62 COSCO Dalian SY 22 Rmb 232.6 mio COSCO Shpg Spec MPP 62 COSCO Dalian SY 22 Rmb 232.6 mio COSCO Shpg Spec MPP 62 COSCO Dalian SY 22 Rmb 232.6 mio COSCO Shpg Spec MPP 62 COSCO Dalian SY 221 Rmb 232.6 mio COSCO Shpg Spec Option MPP 62 COSCO Dalian SY 221 Rmb 232.6 mio COSCO Shpg Spec Option MPP 62 COSCO Dalian SY 221 Rmb 232.6 mio COSCO Shpg Spec Option MPP 62 COSCO Dalian SY 222 Rmb 232.6 mio COSCO Shpg Spec Option Open Hatch 388 Taizhou Kouan SB 22 Reederei H. Vogemann Pass/Car F. Sembcorp Tanjong 22 Norled A/S Pass/Car F. Sembcorp Tanjong 22 Norled A/S
13 Pass/Car F. Sembcorp Tanjong 22 Norled A/S Pass/Car F. Dae Sun Shipbuilding 22 Hanil Express Research Jiangnan SY Group 22 Rmb 453.6 mio Sun Yat-Sen Univ Tanker 114 Daehan Shipbuilding 219 Oceangold Tankers Tanker 114 Daehan Shipbuilding 219 Oceangold Tankers Tanker 3 Daewoo (DSME) 22 Hunter Tankers Tanker 114 Daehan Shipbuilding 219 Clearlake Shpg Tanker 114 Daehan Shipbuilding 219 Clearlake Shpg Tanker 156 New Times SB 22 NGM Energy SA Tanker 156 New Times SB 22 NGM Energy SA Tanker 156 New Times SB 221 NGM Energy SA Option Tanker 156 New Times SB 221 NGM Energy SA Option TSH Dredger Huangpu Wenchong 22 Huanghua Harbor Eng * M O N T H S E N D P R I C E S Demolition Historical Data DEMOLITION MARKET Demolition Prices Gen Cargo Tanker India USD 43 /lt Ldt USD 445 /lt Ldt Bangladesh USD 435 /lt Ldt USD 445 /lt Ldt Pakistan USD 43 /lt Ldt USD 44 /lt Ldt China USD 15 /lt Ldt USD 16 /lt Ldt USD/ton USD/ton 58 53 48 43 38 33 28 23 18 58 53 48 43 38 33 28 23 18 445 45 455 45 Price Tankers* 44 44 43 43 435 215 216 217 218 45 445 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC *India month's end prices Price Bulkers* 425 435 44 43 43 43 215 216 217 218 41 415 425 44 43 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC *India month's end prices
14 Million dwt 6 5 4 3 2 1 25.6 14.5 4.9 2.35 4.6 3.8 Total Demolition (Dwt) 3.5 25 28.4 28.5 27 15.9 16.718.9 15.5 18 22.4 15.6 1 5.5 6.5 5 12 31.58 28.9 25.7 5.3 41.8 34.3 38.8 44.6 35.2 29.2 6 5 * Bss reported sales Historical Demolition Prices (India Year's End) USD/ton 4 3 2 TANKERS BULKERS Avg. Trend 1 HISTORICAL DEMOLITION PRICES (*Indian Year s End) 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 CURR. TANK 174 135 174 262 362 32 45 57 287 338 485 482 45 435 425 3 3 44 445 BULK 17 135 181 267 381 332 392 472 268 328 437 456 375 41 4 285 28 425 43 India TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS CONT CNP ILO 147 1995 5743 452 Green recycling CONT ARCA 2148 1994 77 475 REEF FOX BAY 4395 198 2372 41 RORO AUTO ATLAS 2369 1988 14251 455 Bangladesh TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK LI LIANG 7765 1987 3396 429 CONT UAFL ZANZIBAR 22386 1996 7428 45 As is Singapore RORO MOMA 425 1984 2437 437 TANK VEDIKA PREM 42253 1993 9123 44 TANK INTAN 178351 1968 298 444 FSO TWEEN TINA 2871 1984 918 335
15 China TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS N/A N/A N/A Pakistan TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS N/A N/A N/A Turkey TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS N/A N/A N/A Other TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK LADY MELIS 25739 1992 72 215 As is Abidjan CONT PACIFIC PEARL 1164 1998 18 441 As is Singapore CONT PETALIDI 14111 1993 5641 47 As is Singapore CONT ROTHORN 14587 1996 5794 335 As is USA CONT CIELO DI AGADIR 22984 1996 7852 392 As is Port Said CONT BELLA J 2437 1995 8186 455 As is Hong Kong CONT TS INCHEON 362 1996 1312 478 As is Singapore,abt 14t ROB CONT AKINADA BRIDGE 71366 21 24294 486 TANK SAMO C 46538 1989 955 325 As is Cuba TANK NORDIC SPRITE 147188 1999 2287 442 As is Khor Fakkan, abt 15t ROB TANK NORDIC AURORA 147262 1999 2491 442.5 As is Khor Fakkan,abt 8t ROB TANK SAFFRON 15746 1998 22252 468 As is Colombo,gas free hot works TANK STELLAR FAIR 266629 199 39 467
16 8 7 6 USD/ton 5 4 3 2 1 HISTORICAL BUNKER PRICES Bunkers Cost (38 cst) Rotterdam Fujairah Houston Average Trend 12 1 USD/ton 8 6 4 2 Bunkers Cost (MGO) 1994 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 Nov-18 Rotterdam Fujairah Houston Average Trend HISTORICAL BUNKER PRICES Rotterdam Fujairah Houston 38 cst MGO 38 cst MGO 38 cst MGO 1993 67 15.5 7 22.5 71.1 16.6 1994 86 133.2 8.9 182.6 8.8 148.8 1995 97 14.6 94.6 175.8 93.2 148 1996 17 175.1 14.4 27.5 15.8 186 1997 92 155.4 99.3 25.6 97.3 179.9 1998 66.5 112.2 69.2 152.2 67.2 136.9 1999 94 133 98.5 157.2 93.3 143.9 2 139 231.6 155.3 263.5 136 255.7 21 116 192.4 129.7 244.7 112.8 227.5 22 135 188.2 145.9 222.8 134 196 23 151 23.4 166.3 265.2 16.2 265.1 24 154 313.4 176.7 359.3 167.3 328.7 25 236 458.4 256.6 5.1 248.3 58.5 26 195 524.1 31.9 631.8 33 562.3 27 347 571.3 373.7 664.7 351.8 68.6 28 469 85.7 59.4 137.7 496.8 933.2 29 355 49.6 372.8 657 36.7 525 21 452 667.1 468.2 712.9 449.3 683 211 548 848.6 587.5 897.5 542.1 862.4 212 585 92 66 15 61 15 213 585 92 62 11 58 985 214 31 57 35 88 315 695 215 14 311 17 56 14 36 216 37 472 34 546 31 525 217 367 579 376 627.5 356 612 3-Nov-18 359 533.5 45.5 743 38 631.5
17 MARKET INDICATORS USD-EUR 1.8 1.6 1.4 1.2 1..8.6.4 Currencies USD-EUR USD-JPY 13 12 11 1 9 8 7 6 USD-JPY $/Barrel 16. 14. 12. 1. 8. 6. 4. 2.. Brent Oil GBP CAD EUR JPY CHF USD AUD GBP 1.588128.884994.6878.784289.78247.567682 CAD 1.699773 1 1.54492.11692 1.333258 1.33246.96595 EUR 1.129689.664497 1.7771.886132.88474.641435 JPY 145.36753 85.56 128.66711 1 114.2374 113.7666 82.53735 CHF 1.274694.749776 1.128265.8768 1.997532.72371 USD 1.277788.751631 1.13988.8789 1.2264 1.72551 AUD 1.76915 1.35819 1.55873.12113 1.381216 1.37896 1 * 28/11/218 values
18 STOCK WATCH NAME TICKER THIS MONTH* LAST MONTH CHANGE % 52w HIGH 52w LOW Capital Product Partners CPLP 2.4 2.64-9.1 3.6 2.24 Diana Shipping Inc. DSX 3.42 3.7-7.6 5.16 3.3 Dryships Inc. DRYS 5.87 5.5 6.7 6.9 2.74 Dynagas LNG Partners LP DLNG 4.9 8.12-49.6 13.9 4.4 Eagle Bulk Shipping Inc. EGLE 4.65 4.82-3.5 6.14 4.18 Euroseas Ltd. ESEA 1.1 1.74-42 3.87.94 Costamare Inc. CMRE 5.28 5.18 1.9 8.39 4.99 Navios Maritime Holdings NM.38.52-26.9 1.48,31 GasLog Ltd. GLOG 2.46 2.47 23.14 15.75 Safe Bulkers Inc. SB 2.8 2.5-16.8 4. 1.89 Star Bulk Carriers Corp. SBLK 9.63 11.57-16.8 15.38 8. Stealthgas Inc. GASS 3.56 3.26 9.2 4.7 3.2 TEN Inc. TNP 3.37 3.28 2.7 4.64 3. TOP Ships Inc. TOPS 1.18 1.87-36.9 5.7.69 Diana Containerships Inc. DCIX.96 2.4-52.9 8.4.91 Danaos Corporation DAC 1.1 1.2 7.8 2.5 1.1 Aegean Marine Petroleum ANW.4.92-95.7 5.1.3 * 28/11/218 closing values ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Disclaimer: Information and data that appear in this report have been obtained from various sources which are believed to be correct and reliable. However, Athenian Shipbrokers S.A. does not guarantee their accuracy or completeness and therefore cannot be held liable for any loss incurred as a result of reliance in any way whatsoever on the information contained herein. Kind Regards,