LY MARKET REPORT October 11th, 2013 / Week 41 The market remained volatile this week for the capesize segment. Whilst the BCI increased early in the week it turned sharply downwards on Wednesday and eventually it lost over 400 points to end the week down 10.55%. The panamax managed to stay positive although it lost some ground today, it ended up 5.75%. The smaller segments continued to move upwards at a faster pace than last week. The BSI ended just over 6.2% higher whilst the BHSI just below 4%. The BDI lost 4.75% this week in view of the sharp losses in the capesize market. The dry cargo secondhand market remains strong with many Buyers active and a plethora of deals reported. We report another modern capesize, namely the CAPE CHALLENGER I (180,730 Dwt/Blt 2013 Japan) for US$ 51 mill to Zodiac. The panamax segment continued to dazzle with prices being maintained at strong levels. We are reporting a resale 82,100 Dwt Kamsarmax from Tsuneishi Tadotsu (hull 1480) scheduled for delivery in April 2014 at US$ 31 mill to Greeks. The ORIENTAL SUN (72,651 Dwt/Blt 1998 Japan) achieved US$ 10.80 mill by Greeks and this was sold around one and a half months after the C.S. Queen which was a same age sistership which was sold in the second half of August for US$ 8.7 mill. This seems as a big difference however, during this period the BPI practically doubled in value. We also report the sale of three Korean bank controlled panamaxes built in the early 2000's, the identity of the Buyers still remain undisclosed. In the smaller segments the XIAMEN SKY (53,604 Dwt/Blt 2005 China) seems to have finally been committed for US$ 12.5 mill to Greeks whilst the handymax JUERGEN SCHULTE (48,224 Dwt/Blt 1997 Japan) has achieved mid 8's. In the tanker sector activity is thin although we report the sale of the MR pumproom type PIONEER SUNSHINE (45,915 Dwt/Blt 2004 Japan) which achieved a firm US$ 17.5 mill from Greek buyers. There seems to be no stopping of the newbuilding market with a good number of newbuildings ordered. In the tanker sector we report 4 x 50,000 Dwt orders in Samjin for delivery 2015/2016 and Navig8 continue to add ships with an order of 6 x 37,000 Dwt MR tankers in Hyundai Mipo with various options. Oldendorff added 4 x 208,000 Dwt Newcastlemaxes in Yangzijiang for US$ 55 mill each for delivery 2015/2016. We report a few ultramaxes between US 25.90-26.50 mill each. Seaspan Corporation exercised their options to construct a further 5 x 10,000 TEU containers in Yangzijiang at a cost of US$ 90 mill each for deliveries in 2015. WeberSeas, Weekly Market Report Page 1 of 10
Demolition activity increased this week, particularly in India where the prices have increased somewhat with bulkers being sold in the low 400's and a container done at $444/ldt. Bangladesh took a panamax bulker at $420/ldt and Pakistan an aframax at $377/ldt. China lags behind taking a handymax bulker for $365/ldt. TANKERS PIONEER SUNSHINE 45,915/04 - KURUSHIMA - MIT 12,599 - COATED - COILED - SBT - IGS COW - DH - SS/DD 02/2014 Sold for $17.50 mill to Greek buyers. ANGEL 121 8,248/95 - SINGAPORE - WARTSILA 3,345 - COATED - COILED - SBT - DH SS/DD 06/2015 Sold for $3.7 mill to undisclosed buyers. BULKERS CAPE CHALLENGER 1 180,730/13 - I.H.I. - WARTSILA 25,533-9HH Sold for $51 mill to U.K. based buyers. (Zodiac Maritime Agencies) TSUNEISHI TADOTSU 1480 82,100/04-14 - TSUNEISHI - B&W 18,436-7HH Sold for $31 mill to Greek buyers SEA OF HARMONY 76,397/01 - TSUNEISHI - B&W 11,621-7HH - SS/DD 04/206 SEA OF GRACIA 75,932/03 - TSUNEISHI - B&W 11,625-7HH - SS 02/2018, DD 01/2016 Sold en bloc for $14.65 and $16.75mill respectively to undisclosed buyers. SUNNY PRIDE 74,078/00 - IMABARI - B&W 12,001-7HH - SS/DD 08/2015 Sold for $12.9 mill to Greek buyers. ORIENTAL SUN 72,651/98 - SASEBO - B&W 12,001-7HH - SS 03/2018, DD 02/2016 Sold for $10.8 mill to Greek buyers. HSIN HO 71,965/97 - HITACHI - B&W 11,831-7HH - SS 05/2017, DD 04.2015 JIA HO 71,678/97 - HITACHI - B&W 11,831-7HH - C 4X25T - SS 09/2015, DD 11/2017 Sold en bloc for $9 mill each to undisclosed buyers. XIAMEN SKY 53,604/05 - XIAMEN - B&W 12,889-5HH - C 4X30T - SS/DD 01/2015 Sold for $12.50 mill to Greek buyers. JUERGEN SCHULTE 48,224/97 - OSHIMA - MIT 9,901-5HH - C 4X25T - SS 07/2017, DD 06/2015 Sold for $8.5 mill to undisclosed buyers. GO FRIENDSHIP 44,875/94 - HALLA - B&W 10,211-5HH - C 4X25T - SS/DD 10/2014 Sold for $6.2 mill to Taiwanese buyers. SVETI NIKOLA I 44,314/97 - CROATIA - B&W 11,665-5HH - C 4X30T - SS/DD 06/2017 OLUJA 41,712/96 - CROATIA - B&W 9,721-5HH - C 4X25T - SS 11/2016, DD 10/2014 Sold en-bloc for $15.5 mill to undisclosed buyers. Sale includes 5 years bareboat back to the sellers. WeberSeas, Weekly Market Report Page 2 of 10
MPP/TWEENDECKERS PIONEER FIRST 10,713/04 - HIGAKI - B&W 5,302-2HH - C 2X30T, D 1X30T- SS/DD 01/2014 Sold for $5 mill to undisclosed buyers. GOLDEN RICE 6,695/90 - DAE SUN - MAKITA 3,400-2HH - C 2X20T, D 2X25T- SS/DD 03/2015 Sold on private terms to Korean buyers. CONTAINERS LISA SCHULTE 42,102/06 - SHANGHAI SHIPYARD - B&W 43,398-7 HO - 3,534 TEU Sold for $12.8 mill to Greek buyers. (Bank deal) ARIANA 38,700/06 - POLAND - MAN- B&W 29,548 - C 3X45T - 2,732 TEU AROSIA 38,600/06 - POLAND - MAN- B&W 29,548 - C 3X45T - 2,711 TEU Sold en bloc for $17 mill each to undisclosed buyers. NONA 38,133/06 - GERMANY - B&W 29,598-6 HO, 11 HA - 2,702 TEU Sold for $13 mill to Greek buyers (Lomar Shipping). (Bank deal) RIO THELON 34,314/04 - HYUNDAI - SUL 29,313 - C 4X40T - 2,556 TEU Sold for $14 mill to undisclosed buyers. MAYU 30,637/97 - POLAND - SUL 24,391-9HA - C 3X45T - 2,006 TEU Sold on private terms to German buyers (Rickmers). MARGUERITE 9,200/95 - POLAND - MAN 10,605-3 HO, 6 HA - C2X40T - 907 TEU Sold for $2.5 mill to Turkish buyers (Arkas Denizcilik). WeberSeas, Weekly Market Report Page 3 of 10
FRESH FOR SALE BULKERS PACIFIC CHALLENGER 149,210/95 - DALIAN - B&W 19,442-9HH Vessel will be in Singapore 30th October for bunkering and then in Baoshan-Nantong-Taicang range, China where can be inspected. PACIFIC ENTERPRISE 149,363/96 - DALIAN - B&W 19,725-9HH Vessel will be in Singapore 11th November and then in a China where can be inspected. TANKERS KULDIGA 37,237/03 - HYUNDAI - B&W 12,871 - COATED - COILED - SBT - IGS - COW - DH Vessel is currently in Rotterdam where can be inspected. MADONNA 30,561/99 - KURUSHIMA - MIT 10,801 - COATED - COILED - SBT - IGS - DH Vessel will arrive in Singapore on 19th October where can be inspected. CONTAINERS VEGA TURMALIN 14,065/99 - TIANJIN - SUL 14,792-5HO 7HA - C 2X45T - 1,116 TEU Vessel is currently in Cebu, Philippines where can be inspected. WeberSeas, Weekly Market Report Page 4 of 10
DEMOLITION DEMOLITION STATISTICS TYPE OF SHIP THIS DATE 2013 THIS DATE 2012 2012 TOTAL 2011 TOTAL ULCC/VLCC 11 8 14 14 SUEZMAX 6 14 15 4 AFRAMAX 14 21 29 24 PANAMAX TANKER 5 2 3 5 CAPE/COMBO (100,000 dwt +) 33 59 68 60 PANAMAX/KAMSARMAX BULKER 33 75 101 54 LOCATION TANKERS BULK CARRIERS CHINA 315-320 360-375 INDIA 415-425 385-400 BANGLADESH 415-430 390-405 PAKISTAN 415-425 390-400 DEMOLITION: INDIA M/T TABUN CONT NYK KAI M/T ARJUNA SETU M/V MURAT KIRAN M/V B. CAMLICA I M/V CHOPIN RO-RO SAUDI TABUK (Including 250 tonnes bunkers) 44,555/93-9,618 LDT - on private terms 59,658/93-18,500 LDT - USD 444/LDT 41,502/91-8,186 LDT - on private terms 38,888/85-7,135 LDT - USD 405/LDT 37,672/84-8,337 LDT - USD 405/LDT 18,144/88-7,455 LDT - USD 435/LDT 18,764/83-18,764 LDT - USD 440/LDT - as is Fujairah BANGLADESH M/V GLORIOUS RENA 68,337/87-10,400 LDT - USD 420/LDT PAKISTAN M/T AKAKI 95,938/93-14,243 LDT - USD 377/LDT CHINA M/V WELLY II 45,508/82-10,308 LDT - USD 365/LDT WeberSeas, Weekly Market Report Page 5 of 10
TYPE OF SHIP NEWBUILDING STATISTICS 2013 2014 2015 2016 * TOTAL ORDERBOOK ULCC/VLCC 5 33 13 4 55 SUEZMAX 6 19 10 35 AFRAMAX 7 44 51 21 123 PANAMAX 8 30 25 6 69 MR 24 129 131 24 308 10-35,000 DWT 28 49 33 8 118 CAPESIZE/ MINI CAPE / VLOC 80-100,000 DWT 34 95 54 23 206 41 108 68 15 232 PANAMAX 29 56 11 96 SUPRAMAX / HANDYMAX 67 185 122 39 413 HANDYSIZE 61 178 108 26 373 NEWBUILDING CONTRACTS No Size Type Yard Delivery Price (mill) Owners Comments 4 50,000 dwt Tanker 1 38,000 dwt Tanker 6 37,000 dwt Tanker Samjin Shipbuilding Hudong Zhonghua Hyundai Mipo 2015/16 n/a Anglo- Atlantic Steamship Co. 2017 n/a Stolt-Nielsen 2015/16 n/a Navig8 Chemical Tankers Inc + options 4 208,000 dwt Bulker Yangzijiang 2015/16 $55.00 1 64,000 dwt Bulker 3 61,000 dwt Bulker Taizhou Kouan Nantong Cosco 2015 $25.90 2015/16 $26.50 5 10,000 teu Container Yanzijiang 2015 $90.00 3 2,500 teu Container Daewoo SME n/a $21.20 Oldendorff Carriers Grecomar Shipping China Merchants Energy Seaspan Corporation Shanghai Zhonggu + 2 options + 1 option options exercised WeberSeas, Weekly Market Report Page 6 of 10
BALTIC DRY EX RATES THIS LAST % Baltic Dry Index 1985 2084-99 -4.75% Baltic Capesize 37 3943-416 -10.55% Baltic Panamax 2024 1914 110 5.75% Baltic Supramax 1182 1113 69 6.20% Baltic Handysize 632 609 23 3.78% 5000 4500 4000 3500 3000 2500 2000 1500 1000 500 0 11-Oct-09 11-Dec-09 11-Feb-10 11-Apr-10 11-Jun-10 11-Aug-10 11-Oct-10 11-Dec-10 11-Feb-11 11-Apr-11 11-Jun-11 11-Aug-11 11-Oct-11 11-Dec-11 B D I 11-Feb-12 11-Apr-12 11-Jun-12 11-Aug-12 11-Oct-12 11-Dec-12 11-Feb-13 11-Apr-13 11-Jun-13 11-Aug-13 11-Oct-13 9000 8000 7000 6000 5000 4000 3000 2000 1000 0 11-Oct-09 11-Dec-09 11-Feb-10 11-Apr-10 11-Jun-10 11-Aug-10 11-Oct-10 11-Dec-10 11-Feb-11 11-Apr-11 11-Jun-11 11-Aug-11 11-Oct-11 11-Dec-11 11-Feb-12 11-Apr-12 11-Jun-12 11-Aug-12 11-Oct-12 11-Dec-12 11-Feb-13 11-Apr-13 11-Jun-13 11-Aug-13 11-Oct-13 B C I 5000 4500 4000 3500 3000 2500 2000 1500 1000 500 0 11-Oct-09 11-Dec-09 11-Feb-10 11-Apr-10 11-Jun-10 11-Aug-10 11-Oct-10 11-Dec-10 11-Feb-11 11-Apr-11 11-Jun-11 11-Aug-11 11-Oct-11 11-Dec-11 B P I 11-Feb-12 11-Apr-12 11-Jun-12 11-Aug-12 11-Oct-12 11-Dec-12 11-Feb-13 11-Apr-13 11-Jun-13 11-Aug-13 11-Oct-13 WeberSeas, Weekly Market Report Page 7 of 10
Baltic Clean Tanker Baltic Dirty Tanker BALTIC WET EX RATES THIS LAST % 517 544-27 -4.96% 587 601-14 -2.33% 1000 900 800 700 600 500 400 300 200 100 0 11-Oct-09 11-Dec-09 11-Feb-10 11-Apr-10 11-Jun-10 11-Aug-10 11-Oct-10 11-Dec-10 11-Feb-11 11-Apr-11 11-Jun-11 11-Aug-11 11-Oct-11 11-Dec-11 BCTI 11-Feb-12 11-Apr-12 11-Jun-12 11-Aug-12 11-Oct-12 11-Dec-12 11-Feb-13 11-Apr-13 11-Jun-13 11-Aug-13 11-Oct-13 1400 1200 1000 800 600 400 200 0 11-Oct-09 11-Dec-09 11-Feb-10 11-Apr-10 11-Jun-10 11-Aug-10 11-Oct-10 11-Dec-10 11-Feb-11 11-Apr-11 11-Jun-11 11-Aug-11 11-Oct-11 11-Dec-11 BDTI 11-Feb-12 11-Apr-12 11-Jun-12 11-Aug-12 11-Oct-12 11-Dec-12 11-Feb-13 11-Apr-13 11-Jun-13 11-Aug-13 11-Oct-13 WeberSeas, Weekly Market Report Page 8 of 10
MAJOR CAPITAL MARKETS INDEX THIS LAST % S HIGH S LOW DOW JONES 15,126.73 15,328.30-201.57-1.32% 15,709.60 12,471.50 NASDAQ 3,760.75 3,787.43-26.68-0.70% 3.819.28 2,810.80 AIM 780.99 792.73-11.74-1.48% 796.72 680.57 NIKKEI 14,194.71 14,792.12-597.41-4.04% 15,942.60 8,488.14 PUBLIC COMPANIES NAME SYMBOL THIS DRY-CARGO SECTOR LAST % HIGH LOW DIANA DSX 11.86 12.30-0.44-3.58% 13.24 6.60 DRYSHIPS DRYS 3.49 3.71-0.22-5.93% 4.00 1.46 EAGLE BULK EGLE 7.11 7.88-0.77-9.77% 8.75 1.32 GENCO GNK 3.36 3.50-0.14-4.00% 4.98 1.12 GOLDENPORT HOLDINGS GPRT.L 44.75 46.00-1.25-2.72% 51.00 29.00 NAVIOS HOLDINGS NM 7.12 7.45-0.33-4.43% 7.67 3.26 NAME CAPITAL PRODUCT PARTNERS SYMBOL TANKER/ENERGY SECTOR THIS LAST % HIGH LOW CPLP 8.70 8.85-0.15-1.69% 10.15 5.79 STEALTHGAS GASS 10.61 10.56 0.05 0.47% 12.10 5.34 TEN TNP 4.88 5.04-0.16-3.17% 5.75 3.04 NAME SYMBOL THIS CONTAINER SECTOR LAST % HIGH LOW DANAOS DAC 3.90 3.94-0.04-1.02% 4.86 2.44 * Prices reflect Thursday s closing values. Prices in US$ except for Goldenport Holdings which is in GBP. WeberSeas, Weekly Market Report Page 9 of 10
RATES OF EX THIS LAST % Euro / $ 1.3562 1.3551 0.0011 0.08% Sterling / $ 1.59 1.6073-0.0121-0.75% $ / Yen 98.275 97.065 1.210 1.25% $ / Nok 6.0000 5.9592 0.04 0.68% $ / Won 1,071.95 1,071.83 0.12 0.01% Brent Crude 111.26 109.59 1.67 1.% LIBOR (3-month) 0.24% 0.25% -0.01-4.00% ESTIMATED VALUES* TANKERS PROMPT RESALE 5 YEARS 10 YEARS 20 YEARS VLCC $77.0m $55.0m $35.0m $18.0m Suezmax $51.0m $40.0m $25.0m $10.0m Aframax $40.0m $28.0m $15.0m $8.0m Panamax $37.0m $25.0m $17.0m $9.0m Product $36.0m $21.5m $14.5m $5.0m BULK CARRIERS PROMPT RESALE 5 YEARS 10 YEARS 20 YEARS Capesize $44.0m $34.0m $24.0m $8.0m Panamax/Kamsarmax $29.0m $21.0m $15.0m $5.5m Supramax/Handymax $25.0m $21.0m $15.3m $6m * 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) 18.000/D 21,500/D SUEZMAX (150,000 dwt) 15,750/D 17,750/D AFRAMAX (110,00 dwt) 13,250/D 15.250/D PANAMAX (72,000 dwt) 14.000/D 15,500/D MR (45-50,000 dwt) 14.250/D 15,750/D * The above figures are representative rates for modern tankers only. BUNKER PRICES FUEL GRADES ROTTERDAM FUJAIRAH PIRAEUS SINGAPORE 380cst: $591.50 $622.00 $611,00 $613.00 180cst: $616.00 $650.00 $647.00 $622.00 MGO: $928.00 $990.00 $975.50 $935.00 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. 2013 WEBERSEAS (HELLAS) S.A. All Rights Reserved WeberSeas, Weekly Market Report Page 10 of 10