MONTHLY MARKET OVERVIEW 1 st 31 st July 218 SUMMARY OF CONTENT Value analysis Total second hand S&P activity Newbuilding activity Demolition activity Charter rate analysis
BULKER VALUES THROUGH JULY 218 BULKERS YEAR OF BUILD Modern Capesize values have firmed this month, while older Capesize values have softened. Modern Panamax, Supramax and Handy values have softened across the board. This table shows the monthly % change in value from 1 st to the 31 st July 218 for Bulker vessels, by year of build. CAPE PMAX SUPRA HANDY DWT DWT DWT DWT 218 +2.% -.1% -2.7% 217 +2.% -2.5% 216 +1.9% -2.4% 215 +1.9% -2.3% 214 +1.8% -2.2% 213 +1.6% -2.% 212 +1.4% -1.9% 211 +1.1% -1.7% 21 +.8% 55k -1.5% 29 +.5% 55k -1.4% 28 +.2% 55k 27 55k 26 55k 25 55k 24-1.4% 55k 23 1
BULKER VALUES THROUGH JULY 218 Capesize Values have firmed slightly. 5 sales have taken place this month. JP Morgan sold True Navigator (179,9 DWT, Dec 211, Daehan) for USD 34 mil, VV value USD 31.83 mil and True Windsor (179,9 DWT, Jan 212, Daehan) for USD 34.3 mil, VV value USD 32.16 mil. The NSS Fortune (184,9 DWT, May 23, Mitsui Ichihara) sold for USD 14.8 mil, VV value USD 14.99 mil. Panamax Values have have softened in modern tonnage. 1 sales have taken place this month. Nisshin Shipping sold Hanton Trader V (81,1 DWT, Dec 215, Jiangsu Hantong) and Hanton Trader VI (81,1 DWT, Jan 216, Jiangsu Hantong) in an en bloc deal for USD 48.5 mil, VV value USD 21.73 & USD 21.82 mil respectively. BBG Ambition (82,1 DWT, Nov 29, Tsuneishi Zhoushan) sold for USD 16.65 mil, VV value USD 16.83 mil. Supramax Values have softened in mid age tonnage. 13 sales have taken place this month. Goldwin Shipping sold Amber Alena (53,2 DWT, Sept 21, Chengxi) for USD 11.5 mil, VV value USD 12.78 mil and Amber Beverly (53,2 DWT, April 211, Chengxi) for USD 12 mil, VV value USD 13.22 mil in an en bloc deal. Navios Armonia (55,5 DWT, June 28, Kawasaki) sold for USD 14.2 mil, VV value USD 14.25 mil. Anna (52,5 DWT, Feb 22, Sanoyas) sold for USD 9. mil, VV value USD 9.11 mil. Handy Values have softened. 5 sales have taken place this month. Tequila Sunrise (31,6 DWT, Apr 29, Saiki) sold for USD 11.5 mil, VV value USD 11.3 mil. Genco Shipping and Trading have sold Genco Progress (3, DWT, Apr 1999, Oshima) and Genco Explorer (3, DWT, May 1999, Oshima) for USD 5.6 mil each, VV value USD 5.12 & USD 5.15 mil respectively.
TANKER VALUES THROUGH JULY 218 TANKERS Values have softened in all older tonnage, with the exception of VLCC s and MR s, which have firmed slightly. This table shows the monthly % change in value from 1 st to the 31 st July 218 for Tanker vessels, by year of build. YEAR OF BUILD VLCC SUEZ AFRA LR1 MR DWT DWT DWT DWT DWT 218 3 1 217 3 1 216 3 1 215 3 1 214 3 1 213 3 1 212 31k 1 211 31k -1.3% 1 +.% 21 +.% 31k -1.3% 1 -.1% -.1% +.2% 29 +.2% 31k -1.4% 1 -.% -.1% +.4% 28 +.4% 31k -1.4% 1 +.% +.% +.6% 27 +.7% 31k -1.5% 1 +.% -.1% +.9% 26 +1.% 31k -1.5% 1 7k +1.2% 45k 25 +1.3% 31k 1 7k +1.5% 45k 24 +1.4% 35k 155k 15k 7k +1.8% 45k 23 +1.7% 35k 155k 15k 7k +2.1% 45k
TANKER VALUES THROUGH JULY 218 VLCC Values remained stable with exception of older tonnage which has slightly firmed. 8 sales were confirmed this month. Bright Harmony (39,9 DWT, Feb 29, Imabari) sold to Aeolos Mangement for USD 41 mil, VV value USD 4.2 mil. Nichioh (34, DWT, Mar 24, Universal) sold to Hellenic Tankers for USD 23.5 mil, VV value USD 23.4 mil. Suezmax Values remained stable except for older tonnage which has slightly softened. 1 sale was confirmed this month. Mabrouk (159,3 DWT, Feb 23, HHI) sold for USD 14 mil to Waruna, VV value USD 13.37 mil. Aframax Values remained stable. 2 sales have been concluded this month. STI Alexis (11, DWT, Feb 215, Daehan) sold by Scorpio Tankers for an undisclosed price. River Eternity (15,4 DWT, Nov 26, Sumitomo) sold for USD 13 mil, VV value USD 14.33 mil. LR1 Values remained stable. 2 sales have been concluded this month. Hafnia Arctic (75, DWT, Jan 21, Brodosplit) and Hafnia Asia (74,5 DWT, Jun 21, STX Offshore) were bought by Sole Shipping in an en bloc deal for an undisclosed price. MR Values remained stable with exception of older tonnage which has slightly firmed. 17 sales have taken place this month. Scorpio sold a total of 1 vessels in two en bloc transactions (4+6) for an undisclosed price. All 1 vessels (52, DWT, 214, Hyundai Mipo & SPP). Cielo di Milano (4,1 DWT, Sep 23, SLS) sold for USD 8.3 mil, VV value USD 8.55 mil.
CONTAINER VALUES THROUGH JULY 218 CONTAINERS Post Panamax and Panamax values have generally remained stable with older values softening, Handy and Feedermax values have softened across the board. This table shows the monthly % change in value from 1 st to the 31 st July 218 for Container vessels, by year of build. YEAR OF BUILD POST PMAX PMAX HANDY FMAX TEU TEU TEU TEU 218-2.9% -2.7% 217-3.% -2.7% 216-3.% -2.7% 215-3.1% -2.8% 214-3.1% -2.9% 213-3.2% -2.9% 212-3.2% -3.% 211-3.% 21-3.1% 29-3.2% 28-3.4% -3.2% 27-3.5% -3.2% 26-3.5% -3.4% -3.1% 25-1.3% -3.5% -3.4% -3.2% 24-3.4% 23-3.4% 65-3.5% 4-3.4% -3.1%
CONTAINER VALUES THROUGH JULY 218 Post PMax Values have remained stable. No sales have taken place this month. Panamax Values have remained stable. No sales have taken place this month. Handy Values have softened slightly. 1 sale has been confirmed this month. Vladimir (1,73 TEU, May 29, Stocznia Szczecin) sold for USD 11.2 mil, VV value USD 11.1 mil. Feedermax Values have softened. 2 sales have been confirmed this month. Maenam 1 (1,8 TEU, Jun 1997, Iwagi Zosen) sold for USD 3 mil, VV value USD 2.7 mil.
LPG VALUES THROUGH JULY 218 LPG All LPG values remain stable this month, except LGC s which have firmed. This table shows the monthly % change in value from 1 st to the 31 st July 218 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 218 +.8% 84k +3.2% +.4% 3 12k 217 +.8% 84k +3.1% +.3% 3 12k 216 +.7% 84k +3.1% +.3% 3 12k 215 +.6% 84k +3.% +.1% 3 12k 214 +.4% 84k +2.8% +.% 12k 213 +.6% 82k +2.7% 9k 212 +.4% 82k +2.5% -1.3% 9k 211 +.2% 82k +2.3% 9k 21 -.% 82k +2.% -1.8% 9k 29 82k +1.8% -2.1% 9k 28 82k +1.5% -2.3% 27 82k +1.2% -2.6% 26 82k +.9% -2.9% 25 7 +.5% 24-1.3% 7 +.2% -3.6% 23 7-4.%
LPG VALUES THROUGH JULY 218 VLGC Values have softened in older tonnage. 5 sales have been confirmed this month. Fountain River (79,516 CBM, Aug 26, Mitsubishi HI) sold to Naftomar for USD 16 mil, VV value USD 18.77 mil. Dryships sold 4 (78,7 CBM 217-218 built, Hyundai Samho) VLGC s en bloc for an undisclosed price. LGC Values have firmed slightly in newer tonnage. No sales have been confirmed this month. MGC Values have softened slightly in older tonnage. 2 sales have been confirmed this month. Sanko Innovator and Sanko Independence (35, CBM, Aug 28, HHI) were bought by Zodiac Maritime en bloc for USD 32. mil. Fully Pressurised Values remain stable. 2 sales have been confirmed this month. Tiamat Gas (3,28 CBM, Apr 1991, Kanrei Zosen) and Khor Gas (328 CBM, Feb 1991, Shinhama Dock) sold en bloc for an undisclosed price.
OFFSHORE VALUES THROUGH JULY 218 OSV Values have softened slightly across both sectors. This table shows the monthly % change in value from 1 st to the 31 st July 218 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 218 3.6k 1.7k 8.2k 5.5k 217 3.6k 1.7k 8.2k 5.5k 216 3.6k 1.7k -1.3% -1.3% 215 3.6k 1.7k -1.8% -1.8% 214 3.4k 1.7k -2.2% -2.1% 213 5.1k -1.3% 1.7k -2.5% -2.5% 212-1.4% 4. -1.5% 1.7k -2.8% -2.6% 211 4. -1.5% -3.1% -2.6% 21 4. -1.7% -1.8% -2.9% 5.1k 29-1.7% 4. -1.8% -2.2% -3.1% -3.1% 5.1k 28-1.8% 4. -1.7% -2.% -3.2% -2.9% 5.1k 27-2.% 4. -1.8% -2.5% -3.% -2.% 5.1k 26-1.9% 4. -2.2% -4.1% -2.7% 5.1k 25-2.% 4. -1.7% -2.6% -2.7% -.% 5k 24-1.7% 4. -1.4% -.% -.% 5k 23-2.1% 4. -1.7% -.% -4.4% -.% 5k
OFFSHORE VALUES THROUGH JULY 218 PSV Values have remained stable in newer tonnage and softened for older tonnage. 1 sale has been confirmed this month. Marine Asset Corp offloaded one of its newly delivered PSVs. The Arc Caribe (1,7 DWT, Apr 218, Fujian Mawei) sold for USD 12 m to the Colombian Navy for non-oilfield use. AHTS & AHT Values have softened for medium and small AHTS/AHT s. 3 AHTS sales have been confirmed this month. Notable sales include Vroon selling 2 of its smaller AHTS to an undisclosed buyer. The VOS Zeus (5,15 BHP, Oct 27, Fujian Southeast) and the VOS Hercules (5,15 BHP, Dec 26, Jaya) sold for USD.8 mil each. Topaz Energy and Marine have also continued to shed its AHTS fleet with the offloading of the Topaz Shaheen (5,22 BHP, Jul 29, Fujian Guanhai) for an undisclosed sum.
2 ND HAND S&P ACTIVITY JULY 218 S&P $ Value of 2 nd hand sales in July 218 vs July 217. 6 5 $54.9 $494.3 $511.8 Jul 218 Jul 217 Value (M USD) 4 3 2 $237.4 $257.9 1 $14.2 $48. $35. $13.6 $16.5 Bulker Tanker Container Gas OSV Compared to July 218: Total spending is up c.5% compared to July 217. Bulker spending shows a slight increase of c.2% from July 217. Tanker spending has more than doubled that of July 217. Container spending dropped c.95% compared to July 217. Gas spending is c.3% higher than July 217. OSV spending has dropped c.2% from July 217. S&P No. Number of 2 nd hand sales taken place in July 218 vs July 217. No. Vessels 5 45 4 35 3 25 2 15 1 5 Jul 218 42 44 Jul 217 36 33 28 14 1 3 4 6 Bulker Tanker Container Gas OSV Compared to July 218: Total number of sales is down c.3% compared to July 217. Number of Bulker sales shows a decrease of c.2% from July 217. Number of Tanker sales has increased by c.25% from July 217. Number of Container sales has dropped 93% compared to July 217. Number of Gas sales are c.15% higher than July 217. Number of OSV sales are down c.6% from July 217.
NEWBUILDING ACTIVITY JULY 218 Newbuilding No. 45 4 Number of newbuilding orders taken place in July 218 vs July 217. 39 Jul 218 Jul 217 No. Newbuildings 35 3 25 2 15 1 5 21 1 8 5 4 2 Bulker Tanker Container Gas OSV The total number of newbuild orders are down c.65% in July 218 compared to July 217. Costamere ordered 5x New Panamax Containers (12,869 TEU, 221, Jiangsu Yangzijiang) en bloc for USD 425 mil. Capital Gas ordered 4 Large LNG carriers (18, CBM, 22, Hyundai HI) en bloc for USD 744 mil.
DEMOLITION ACTIVITY JULY 218 Demolition No. Number of demolition sales per ship type, taken place in July 218 vs July 217. 25 2 21 Jul 218 Jul 217 No. Demo sales 15 1 14 11 9 7 5 4 4 2 1 1 Bulker Tanker Container Gas OSV Total number of demolition sales have increased by c.5% this month. Tanker demolition sales continue to dominate the market this month. 4 LPG vessels have been sold for demo in July 218, compared to 1 for July 217. Demolition Trend 5 Demolition price trend for Tanker Indian Sub-continent from July 217 July 218. Tanker scrap price 45 USD/LDT 4 35 3 25 Sep 217 Dec 217 Mar 218 Jun 218 Sentiment has fallen throughout July. Buying activity has continued to slow throughout July, and currency depreciations across the subcontinent have led to a drop in demand and prices.
CHARTER RATES Dry 35, 3, Baltic Exchange daily market spot rates for Capesize, Panamax, Supramax and Handy Bulkers from 1 st July 217-31 st July 218. Source: Baltic Exchange Capesize Panamax Supramax Handy (USD per day) 25, 2, 15, 1, 5, Sep 217 Dec 217 Mar 218 Jun 218 Capesize rates have been volatile this month, increasing a considerable amount since the beginning of the month. Panamax rates remained stable throughout July, staying at roughly USD 12,5/day. Supramax and Handysize rates also remained stable throughout July. Wet 25, Baltic Exchange daily market spot rates for VLCC, Suezmax and Aframax Tankers from 1 st July 217 31 st July 218. Source: Baltic Exchange VLCC Suezmax Aframax 2, (USD per day) 15, 1, 5, -5, Sep 217 Dec 217 Mar 218 Jun 218 VLCC rates have been volatile during the month of July, softening again to USD -4,162/day. Suezmax and Aframax rates firmed slightly throughout July.
CHARTER RATES Container 16, 14, Contex daily time charter rates for Panamax, Handysize and Feedermax Containers from 1 st July 217 31 st July 218. Source: Contex, VHSS Panamax Handy Feedermax (USD per day) 12, 1, 8, 6, 4, 2, Sep 217 Dec 217 Mar 218 Jun 218 Rates softened slightly for all Container vessels from Panamax through to Feedermax LPG Fearnleys weekly market spot rates for VLGC, MGC and LEG Gas ships from 1 st July 217 31 st July 218. Source: Fearnley's (Thousand USD per month) 8, 7, 6, 5, 4, 3, 2, 1, VLGC MGC LEG Sep 217 Dec 217 Mar 218 Jun 218 VLGC rates firmed throughout July to USD 675,/month. Rates remained stable for the MGC and LEG gas vessels throughout July 218.