MARKET REPORT WEEK 09 BASED ON SALES AND PURCHASES OF VESSELS WEEK ENDED FRIDAY 4 th MARCH 2011 Whilst the BDI improved slightly in all sectors last week we suspect it is far from a being a definite / sustained change of trend. Indeed whilst the BCI and BPI improved by about 8.5% and 9.5% respectively, Cape spot rates remain below opex in most cases with the owners / operators pain further exacerbated by still rising bunker prices. Accordingly, the dry S+P market overall remains fairly quiet owing to the general lack of direction in the freight market which in turn is still causing would be buyers and sellers to disagree on values. We note that Greek owners are particularly absent from the second hand market just now whilst most continue to watch and wait. The tanker market on the other hand is a bit more interesting just now, as is usually the case when the unexpected occurs i.e. the current crisis in Libya. Whilst in reality we believe any crude oil export capacity lost from Libya is and will be replaced via increased volumes from other OPEC countries, it seems that the short term effect has been to ramp up the rates for Aframax and MR tonnage especially in the Med, with some Afras rumored to have recently fixed region $50,000 daily. The demolition market is where we currently see the biggest news though, since as of yesterday the Bangladesh High Court finally lifted its ban on the importation of vessels for recycling albeit basis certain pre-conditions that must be complied with before a vessel can be beached. From the information we have seen none of the pre conditions should prove to be a problem from hereon. This all means that Bangladesh is now likely to re-enter the market in a fairly aggressive manner in order to quickly acquire tonnage, which in turn is likely to inflate demo levels offered in general from the Indian sub continent via competition. This will be especially welcome news to both the demo 'cash buyers', many of whom have been holding 'stock vessels' for many months now waiting for this moment, and also for the plethora of owners of overage bulkers of all sizes for whom the opportunity to scrap on a rising market, at levels surely to rise in excess of $500 per ton, should now not be missed in light of the continuing stream of new ships still to deliver and prevailing recently much reduced freight rates.
PACIFIC JASPER URALS PRINCESS 269,14 04/1995 114,850 07/2006 URALS STAR 114,850 12/2006 SCORPIUS 94,225 06/1994 CAPE TALLIN 73,711 12/2008 CAPE TEES 73,614 05/2009 VAL METAURO 7,000 06/1997 KAWASAKI, DAEWOO, DAEWOO, FICANTIERI, ITALY NEW TIMES, CHINA NEW TIMES, CHINA PESARO, ITALY TANKERS HULL SH 18.50M FAR EASTERN FOR STORAGE DH 42.50M GREEK EACH DH 42.50M GREEK DH 12.00M INDONESIAN ON SUBS DH 40.00M UNDISCLOSED DH 40.00M UNDISCLOSED DH 8.00M DUTCH ( VROOM ) EACH / INCL BB FOR 7 YRS INCL BB FOR 7 YRS BITU COMBO GEAR / PUMPS BISHU MARU 69,991 08/1983 DEWA MARU 67,552 07/1984 CHELSEA BRIDGE TOWER BRIDGE MAERSK HOUSTON 51,466 03/1987 49,345 07/1991 19,632 02/1993 KAWASAKI, MITSUBISHI, HITACHI, KAWASAKI, HYUNDAI, GAS CBM 125,928 24.00M NORWEGIAN LNG 126,975 24.00M NORWEGIAN LNG 76,194 P+C 75,353 P+C 20,542 P+C UK BASED (CLEARWATER MARINE) UK BASED (CLEARWATER MARINE) UK BASED (CLEARWATER MARINE) LPG LPG LPG
2500 BALTIC TANKER INDICES 2011 2000 1500 1000 500 0 0 5 10 15 20 25 30 35 40 45 50Week BDTI 10 BCTI 10 BDTI 11 BCTI 11
BULKERS GEAR CAPESIZE / VLOC MINERAL STAR 76,286 01/2005 MIGHTY MICHALIS 62,297 11/1983 PANAMAX / POST-PANAMAX TSUNEISHI, AESA, SPAIN GLESS 32.00M GREEK ON SUBS GLESS 6.20M CHINESE SONGA NOR 47,369 02/1996 FURTRANS BULK 42,000 02/2006 LANGANGER 41,425 06/1986 LEIKANGER 41,409 07/1986 CHIOS VOYAGER 30,850 11/1984 EVDOXIA 30,750 03/1983 MATARIKI FOREST 28,709 06/2007 BELLATRIX ID 22,273 02/1990 HANDYMAX / SUPRAMAX OSHIMA, BUL, BULGARIA HYUNDAI, HYUNDAI, SUNDERLAND, UK SUNDERLAND, UK SHIN KOCHI, SAIKI, HANDIES CR4x25T 18.10M FAR EASTERN CR4x30T 25.00M GREEK CR4x30T 8.70M UNDISCLOSED CR4x30T 8.70M UNDISCLOSED CR5x16T 4.50M UNDISCLOSED CR3x25T CR2x16T CR4x30.5T 18,57M 4.50M CHINESE HONG KONG (UNI ASIA) CR4x30T 8.80M TURKISH ON SUBS GULLUK 17,605 11/1980 SMALL BULKERS SHIKOKU, DR4x25T 2.20M UAE BASED
BALTIC DRY INDICES 2011 8500 7500 6500 5500 4500 3500 2500 1500 500 0 5 10 15 20 25 30 35 40 45 50 BDI 11 BCI 11 BPI 11 BSI 11 BHSI 11 BDI 10 BCI 10 BPI 10 BSI 10 BHSI 10 Week
INDICATIVE REPORTED FIXTURES RATE CHARTERERS DURATION AQUADIVA 2010 180,000 16,000$/D CLASSIC MARITIME 11/13 MONTHS MARCO 2009 81,900 17,000$/D CARGILL GOLDEN KIJI 2007 76,662 16,900$/D COSCO AMERICAS PRABHU SAKHAWAT 2005 75,944 17,500$/D CARGILL PARNON 2011 56,000 14,950$/D HUDSON 12 MONTHS YUAN PING SEA 2004 55,656 16,000$/D CNR CMB BIWA 2002 53,505 17,250$/D STX TRADING FABRIZIA 2011 35,000 12,250$/D MARIMPEX 11/13 MONTHS BALTIC DRY INDICES BDI BCI BPI BSI BHSI PREVIOUS WEEK CURRENT WEEK + / - 1245 1346 101 1315 1427 112 1812 1983 171 1385 1467 82 688 704 16
TWEEN / MPP / GENERAL CARGO GEAR MF DOUCE FRANCE 17,145 05/2004 CONTAINER GEAR TEU PEENE, UK CR2x45T 908 19.50M UNDISCLOSED REEF REEF. CAP/TY GEAR PCC/ RORO / PASS CARS/ LM PAX
TYPE DEMOLITION LDT USD/LT SOLD TO BENE NIKI GAS 55,173 1978 20,100 503 INDIA - AKTI N TANK 38,625 1982 9,587 490 INDIA OLD SALE MSC SHAULA CONT 19,974 1977 9,820 452 INDIA - CHINA PROSPERITY BULK 151,013 1986 24,597 475 CHINA - CHANDI PRASAD BULK 131,987 1981 20,200 485 INDIA AS IS SPORE INCL 600T ROB YAMAK TRADER BULK 18,737 1977 4,461 453 PAKISTAN - TWIN BULK 2,907 1971 1,209 292 TURKEY - CAPE SYROS TWEEN 14,948 1978 4,046 481 INDIA - TYPE DELY NEWBUILDINGS BULK 37,000 2012 HYUNDAI MIPO 26.00M DAICHI CUO KISEN 3 UNITS LNG 145,400 CBM 2014 MITSUBISHI HEAVY 243.6M NYK 1 UNIT FIXED FOR 15YRS TC CONT 9,000 TEU 2012-15 SAMSUNG 105.00M EVERGREEN 10+10 OPTION MARKET RATES BRENT GBP USD USD K WON USD YEN EURO USD PREVIOUS WEEK 112.36 1.6094 1125.8 81,735 1.3765 CURRENT WEEK + / - 115.62 3.26 1.6286 0.0192 1113.8 82,675-12 940 1.3972 0.0207