MARKET REPORT WEEK 48 BASED ON SALES AND PURCHASES OF VESSELS WEEK ENDED FRIDAY 3 rd DECEMBER 2010 We start with last week's BDI movements which ended up basically 'as is' however that was brought about by the Capes making a net loss w-o-w of about 8%, whilst the Panamaxes, Supramaxes and Handysizes compensated with indices gains of about 2.2 / 7.2 / 3.5 resp. Over the last few weeks we have seen both up and down freight fluctuations for all the BDI sectors but have no doubt there would be less down movements (corrections) if it were not for the region 20 million dwt of newbuildings delivering into the dry sector each quarter during 2010 and for the next 3 years, and indeed longer since even more newbuilding orders are still being placed and reported each week. Most observers predict there will be a price to pay for this excessive newbuilding ordering in due course, though the converse argument is to ask why the prevailing freight rates remain at what are in reality still quite attractive levels easily covering opex and in many cases covering moderate finance costs too. This is surprising when one considers that China's import levels (of raw materials) have not changed much in 2010, but one needs to note the cumulative effect of the likes of Japan and S.Korea for example having increased their iron ore imports in 2010 and concurrently the continuing positive effects of other newly developing countries like Russia, Brazil, Vietnam and parts of the Middle East etc who all seem to be contributing to maintaining freight rates at current levels. The above being said, there is evidence of values now starting to decline a little, for example the 'Silky Ocean' 45,000 dwt blt '95 Tsuneishi was sold about 2 weeks ago at $21.6 mio, then failed, and has now been sold region $20 mio. Accordingly, it seems most S+P activity is currently concentrated on overage dry tonnage whilst would be buyers of more modern tonnage 'wait and see' if owners will relent and sell at less in due course. Meanwhile despite oil prices strengthening the tanker S+P market remains very quiet with a dearth of quality tonnage on offer. The Demolition sector also remains quiet though basically 'as is' on rates on offer and with Bangladesh still to properly re-open.
RUBY III 274,990 12/1990 SAMSUNG 1929 SAMSUNG 1914 SAMSUNG 1913 SAMSUNG 1928 158,000 08/2011 158,000 07/2011 158,000 05/2011 158,000 07/2011 ATORA 28,610 07/1991 VEGA SPIRIT 22,820 03/2001 STOLT NANAMI 19,932 01/2003 CHEM TAURUS 19,399 06/2000 EBONY 12,152 10/1986 PILEVNE 6,937 07/2005 SUN LAUREL 5,741 12/2008 ISHIKAWAJIMA, SAMSUNG, SAMSUNG, SAMSUNG, SAMSUNG, KHERSONSKIY, RUSSIA KITANIHON, KITANIHON, SHIN KURUSHIMA, MITSUBISHI, CELIKTEKNE, TURKEY DONGBANG, TANKERS HULL SH 16.30M DH 70.00M DH 70.00M DH 70.00M DH 70.00M DH 6.00M CLIENTS OF WORLD CARRIERS USA BASED (APOLLO TANKERS) USA BASED (APOLLO TANKERS) USA BASED (APOLLO TANKERS) USA BASED (APOLLO TANKERS) INDIAN (GREAT EASTERN) DH 12.50M SCANDINAVIAN EACH DH 22.50M MTMM ST ST DH 15.00M UNDISCLOSED DB 2.40M UNDICLOSED AS IS DURBAN DH P+C TURKISH DH P+C KOREAN COMBO GEAR / PUMPS - NO SALES REPORTED THIS WEEK - CHEMTRANS CHRISTIAN 9,490 08/1990 SALMON 1,294 10/1987 BRAND, GERMANY BIJLSMA, NETHERLANDS LPG CBM 8237 P+C INDONESIAN 1962 P+C KAZAKHSTAN BASED
2500 BALTIC TANKER INDICES 2010 2000 1500 1000 500 0 0 5 10 15 20 25 30 35 40 45 50Week BDTI 09 BCTI 09 BDTI 10 BCTI 10
BULKERS GEAR CAPESIZE / VLOC - NO SALES REPORTED THIS WEEK - CONQUINSTADOR 75,607 05/2000 SILKY OCEAN 45,665 10/1995 SUN ENTERPRISE 42,208 12/1984 GOLDMAR 39,697 06/1984 DARYA TAAL 29,971 01/1998 ELIKON 28,234 12/1980 ENFORCER 26,388 10/1992 SALVADORA 21,274 04/2007 SEVERINA 21,274 05/2007 PANAMAX / POST-PANAMAX SANOYAS, HANDYMAX / SUPRAMAX TSUNEISHI, MITSUI, IMABARI, SEMBAWANG, SINGAPORE MITSUBISHI, HAKODATE, LINHAI, CHINA LINHAI, CHINA HANDIES SMALL BULKERS GLESS 30.50M UNDISCLOSED CR4x25T 20.00M UNDISCLOSED CR4x25T 7.50M UNDISCLOSED CR4x25T 7.85M CHINESE CR4x30T 19.00M FAR EASTERN CR5x15T 3.10M FAR EASTERN CR4x30T 12.50M UNDISCLOSED CR3x25T 15.00M GREEK EACH CR3x25T 15.00M GREEK CIC BREVES 6,266 09/1992 KINWA MARU 1,485 06/1996 YAMANISHI, YOSHIDA, CR2x25T P+C UNDISCLOSED - 1.50M UNDISCLOSED
BALTIC DRY INDICES 2010 8500 7500 6500 5500 4500 3500 2500 1500 500 0 5 10 15 20 25 30 35 40 45 50 BDI 10 BCI 10 BPI 10 BSI 10 BHSI 10 BDI 09 BCI 09 BPI 09 BHI 09 Week
INDICATIVE REPORTED FIXTURES RATE WADI ALYARMOUK 2010 80,443 18,000$/D CHARTERERS ENEL DURATION 4/6 MONTHS NIREFS 2001 75,311 22,500$/D ALEXANDRA 2001 74,756 19,000$/D MARIETTA 2004 73,641 18,500$/D KT ALBATROSS 2010 58,000 17,000$/D NAVIOS PRIMAVERA 2007 53,700 21,000$/D PAPILLON 2002 51,021 14,050$/D REGINA 2010 32,588 13,000$/D CTP BHP NORDEN WBC U SEABULK CARGILL PROGRESS BULKCARRIERS 11/13 MONTHS 4/6 MONTHS 4/6 MONTHS 3/5 MONTHS 3/5 MONTHS 12 MONTHS 5/7 MONTHS BALTIC DRY INDICES BDI BCI BPI BSI BHSI PREVIOUS WEEK CURRENT WEEK + / - 2170 2168-2 3233 2983-250 2330 2382 52 1486 1593 107 788 816 28
TWEEN / MPP / GENERAL CARGO GEAR - NO SALES REPORTED THIS WEEK - MAJESTIC MAERSK MARIE MAERSK 60,639 04/1990 60,350 08/1990 MAGLEBY 60,350 11/1990 NORDLAKE 22,450 06/1994 CONGER 5,207 10/1995 SIDER CARRIER 4,255 11/1980 CONTAINER GEAR TEU ODENSE, DENMARK ODENSE, DENMARK ODENSE, DENMARK SZCZECINSKA POLAND SIETAS KG, GERMANY JANSEN, GERMANY - 4437 P+C - 4437 P+C - 3738 P+C CR3x45T 1524 10.00M GLESS 508 2.5M EURO CLIENTS OF MSC CLIENTS OF MSC CLIENTS OF MSC CLIENTS OF ORIENT EXPRESS GERMAN GLESS 157 P+C UNDISCLOSED EN BLOC SS+DD DUE REEF REEF. CAP/TY GEAR - NO SALES REPORTED THIS WEEK - SEABOARD EXPRESS 12,468 12/1980 PANORAMA 1,240 10/1987 PCC/ RORO / PASS DUNKERQUE, FRANCE JANSEN, GERMANY CARS/ LM 117/ 2167 PAX 8 P+C UNDISCLOSED - 700 P+C UNDISCLOSED
TYPE DEMOLITION LDT USD/LT SOLD TO ARIMA BULK 138,655 08/1981 20100 488 CHINA - JAG PRAGATI TANK 28,280 11/1985 7463 466 INDIA AS IS COLOMBO RHONE TANK 3,641 11/1974 1370 290 TURKEY INCL SOME ST ST ON BOARD TYPE DELY BULK 180,000 2012/13 NEWBUILDINGS SHANGHAI JIANGNAN CHANGXING 53.00M BULK 82,000 2012 GUANGZHOU LONGXUE 32.42M CHINA SHIPPING DEVELOPMENT CHINA SHIPPING DEVELOPMENT 4 UNITS 2 UNITS BULK 82,000 2012/13 NEW CENTURY (PRC) P+C DA TONG SHIPPING 2 UNITS BULK 57,000 2012/13 XINGANG P+C PACIFIC SHIPPING TRUST BULK 57,000 2012/14 STX CHINHAE & DALIAN P+C STX PAN OCEAN 5 UNITS 20 UNITS / OPEN HATCH VESSELS BULK 37,000 2012/13 ONOMICHI P+C NORDEN D/S A/S 2 UNITS BULK 37,000 2012/13 HYUNDAI VINASHIN P+C NORDEN D/S A/S 2 UNITS BULK 32,500 2012 TAIZHOU MAPLE LEAF P+C STX PAN OCEAN 2 UNITS TANK 48,000 2012 GUANGZHOU INT 36.58M LNG LPG 82,200 82,000 CBM CHINA SHIPPING DEVELOPMENT 8 UNITS - SAMSUNG 199.00M CHEVRON SHIPPING 4 NOW ORDERED 2013 HYUNDAI H I 70.00M SK SHIPPING 1 UNIT MARKET RATES BRENT GBP USD USD K WON USD YEN EURO USD PREVIOUS WEEK 83.14 1.5679 1149.9 83,715 1.3236 CURRENT WEEK + / - 88.18 5.04 1.5625-0.0054 1146.25 83,605-3.65-110 1.3256 0.002