LY MARKET REPORT November 6th, 2009 / Week 45 Another solid week with the BDI gaining over 9% with strong gains for all sizes, especially for the large tonnage. The BCI and BPI showed double figure increases of nearly 11% and 13% respectively. The strong demand for capesize bulkers have lifted the average spot rates to over US$ 57,000 per day prompting charterers to book period charter (primarily for 11-13 months) paying levels around US$ 32,000, representing a rate differential of about US$ 25,000 per day. We are also seeing a similar trend in the panamax sector which the owners are trying to capitalize on by pushing period rates higher. Strong U.S. grain trades and vessel shortage have helped the panamax market in the Atlantic whilst the strong India Iron Ore trade exports have lifted the Pacific panamax sector. Overall another very active week with a good number of deals being reported witnessing strong prices being paid and an ever increasing number of purchase enquiries. The Far Eastern buyers are driving the mid/late 90's built tonnage prices to new high levels as evidenced by the sale of the MV MEDI TRADER (49k/1999 Japan) which has been sold for a firm US$ 21.50 million. Precious Shipping of Thailand has made another move this week on the buying side, paying US$ 25 million for the modern handysize MV NORD SINCERE (28k/2008 Japan). On the demolition front, October was another monster month pushing the number of vessels scrapped so far this year at around 700, about double those during the same time last year. Despite the heavy activity prices remain firm and this week we saw Bangladesh edging toward the 345 mark for tankers. TANKERS FRONTIER EXPRESS 68,0/93 - NAMURA - MIT 11,301 - COATED - IGS - SBT - COW - DS SS 03/2013, DD 04/2011 Sold for region $5 mill. to undisclosed buyers. WeberSeas, Weekly Market Report Page 1 of 11
RAINBOW 44,532/96 - POLAND - SUL 11,557 - COATED - IGS - SBT - COW - DH - SS 12/2011 DD 12/2010 Sold for region $12 mill. to undisclosed buyers. BULKERS BULK NAVIGATOR 53,565/06 - CHENGXI - B&W 12,889-5HH - C 4X36T - SS/DD 04/2011 Sold for $28 mill. to undisclosed buyers. MEDI TRADER 48,220/99 - OSHIMA - MIT 9,901-5HH - C 4X30T - SS 06/2014, DD 06/2012 Sold for $21.5 mill. to Chinese buyers. YICK WING 42,934/82 - SANOYAS - B&W 13,100-5HH - C 5X15T - SS/DD 06/2011 Sold for $4.75 mill. to Chinese buyers. NORD SINCERE 28,306/08 - IMABARI - B&W 7,954-5HH - C 4X30T - SS 09/2013, DD 09/2011 Sold for $25 mill. to Thai buyers (Precious Shipping). YOSEMITE 28,019/85 - NAIKAI - B&W 8,640-5HH - C 4X25T - SS/DD 01/2010 Sold at an auction for region $6 mill. to Turkish buyers. NEW SUCCESS 21,990/85 - TOHOKU - B&W 8,041-4HH - C 4X25T - SS 10/2013, DD 04/2011 Sold for $4.5 mill. to undisclosed buyers. BORKUM 18,335/95 - SHIKOKU - B&W 8,117-4HH - C 4X30T - SS 07/2014, DD 04/2012 Sold for $9 mill. to Greek buyers. CONTAINERS LEO ONE 17,476/96 - IMABARI - B&W 13,581-5HO 16HA - C 2X35T - 1,129 TEU Sold for $6 mill. to Far Eastern buyers. DUBAI WORLD 15,165/90 - GERMANY - MAK 11,964-4HO 7HA - C 2X40T - 1,048 TEU Sold for $3.1 mill. to Philippine buyers. MARCOMMANDER 14,180/83 - GERMANY - MAK 10,877-3HH - C 2X40T - 1,033 TEU Sold for $2.7 mill. to undisclosed buyers. CMA CGM NORTH AFRICA 1 12,816/85 - GERMANY - DEUTZ 9,514-3HH - C 2X80T - 856 TEU Sold for $1.5 mill. to undisclosed buyers. BELIEVER 6,620/92 - GERMANY - MAN 5,384-3HH - 510 TEU Sold for $1.5 mill. to European buyers. K-WIND 5,538/99 - QINGSHAN - MAN 5,384-3HH - C 2X40T - 518 TEU Sold at an auction for $4 mill. to undisclosed buyers. WeberSeas, Weekly Market Report Page 2 of 11
FRESH FOR SALE TANKERS TROGIR 40,727/95 - CROATIA - B&W 11,298 - COATED - ST. ST. COILS - IGS - SBT - COW - DH Vessel in La Libertad. TAMAN 40,727/96 - CROATIA - B&W 11,298 - COATED - ST. ST. COILS - IGS - SBT - COW - DH Vessel inspectable in Hamburg where ETA 11th November. TAGANROG 40,584/96 - CROATIA - B&W 11,298 - COATED - ST. ST. COILS - IGS - SBT - COW - DH Vessel inspectable in Habahar where ETA 11th November. TEMRYUK 40,727/96 - CROATIA - B&W 11,298 - COATED - ST. ST. COILS - IGS - SBT - COW - DH Vessel inspectable in Birkenhead where ETA 19th November. BULKERS BLAZING RIVER 150,809/93 - KOYO MIHARA - B&W 18,201-9HH Vessel inspectable in Singapore 15th November for bunkering. JULIAN N 149,391/93 - CSBC - B&W 16,901-9HH Vessel inspectable in Koper, Slovenia where ETA 8th November. SPRING FORTUNE 74,063/99 - TSUNEISHI - B&W 12,100-7HH Vessel inspectable in Dalrymple Bay on around 20th November. HAINA WEALTH 68,772/89 - HYUNDAI - B&W 12,261-7HH Vessel currently inspectable in New Mangalore. WeberSeas, Weekly Market Report Page 3 of 11
DEMOLITION DEMOLITION STATISTICS TYPE OF SHIP THIS DATE 2009 THIS DATE 2008 2008 TOTAL 2007 TOTAL ULCC/VLCC 8 6 6 1 SUEZMAX 4 1 1 1 AFRAMAX 9 6 7 8 PANAMAX TANKER 6 8 9 5 CAPE/COMBO (100,000 dwt +) 5 4 8 0 PANAMAX/KAMSARMAX BULKER 19 3 19 2 LOCATION TANKERS BULK CARRIERS CHINA 290 275 INDIA 305 280 BANGLADESH 320 285 PAKISTAN 320 280 DEMOLITION: BANGLADESH M/T FRONT SABANG M/V MERT E M/T BERJAYA BLESSING 285,715/90-33,000 LDT - USD 325/LDT 22,174/78-5,700 LDT - USD 285/LDT 6,710/83-2,198 LDT - USD 310/LDT INDIA Cont KOTA PERBABU M/T JO LONN (including 1,580 ton of stainless steel) Cont HOWRAH BRIDGE M/V ASEAN MARINER (tween) Cont MSC ILARIA Ro-Ro VIKTOR TALALIKHIN 39,985/87-14,787 LDT - USD 285/LDT 38,317/82-10,777 LDT - USD 600/LDT 35,304/85-12,665 LDT - USD 285/LDT 18,880/76-4,313 LDT - USD 280/LDT 16,167/77-10,105 LDT - USD 280/LDT 4,605/81-6,016 LDT - USD 315/LDT WeberSeas, Weekly Market Report Page 4 of 11
PAKISTAN M/T LOVELL SKY M/T ROVENNA I 37,243/84-8,553 LDT - USD 327/LDT 19,877/80-5,307 LDT - USD 307/LDT CHINA Cont EVER GAINING (sold en bloc with Ever Goods & Ever Guest ) 53,240/87-18,197 LDT - USD 281/LDT Cont EVER GOODS 53,239/86-18,197 LDT - USD 281/LDT (sold en bloc with Ever Gaining & Ever Guest ) Cont EVER GUEST 53,239/86-18,197 LDT - USD 281/LDT (sold en bloc with Ever Gaining & Ever Goods ) M/V LU ZHOU M/V CHANG LE M/V MASAN (tween) 25,513/76-8,370 LDT - USD 293/LDT 16,798/75-3,998 LDT - USD 262/LDT 15,098/77-4,680 LDT - USD 265/LDT WeberSeas, Weekly Market Report Page 5 of 11
TYPE OF SHIP NEWBUILDING STATISTICS 2009 2010 2011 2012 2013 2014 * TOTAL ORDERBOOK ULCC/VLCC 10 76 90 20 1 197 SUEZMAX 24 47 57 9 4 141 AFRAMAX 22 83 49 6 5 4 169 PANAMAX 15 27 36 2 2 82 MR 88 195 117 17 2 319 0-35,000 DWT 114 182 67 13 1 377 CAPESIZE 66 321 220 103 35 7 7 80-100,000 DWT 35 193 188 63 23 4 506 PANAMAX 15 81 73 37 9 215 SUPRAMAX 148 362 262 76 7 855 HANDYSIZE 180 299 257 120 10 866 * Includes ALL vessels on order NEWBUILDING CONTRACTS No Size Type Yard Delivery Price (mill) Owners Comments 1 320,000 dwt Bulker Imabari 2014 $125 Mitsui O.S.K. VLOC WeberSeas, Weekly Market Report Page 6 of 11
BALTIC DRY EX RATES THIS LAST % Baltic Dry Index 3393 3103 290 9,35% Baltic Capesize 5583 5047 536 10,62% Baltic Panamax 3556 3150 406 12,89% Baltic Supramax 1888 1820 68 3,74% Baltic Handysize 885 867 18 2,08% 14000 12000 10000 8000 6000 4000 2000 0 25000 20000 15000 10000 5000 4/1/2005 4/3/2005 4/5/2005 0 14000 12000 10000 8000 6000 4000 2000 10/1/2005 10/3/2005 10/5/2005 0 11/1/ 2005 11/3/ 2005 11/5/ 2005 4/7/2005 4/9/2005 4/11/2005 4/1/2006 4/3/2006 4/5/2006 4/7/2006 4/9/2006 4/11/2006 4/1/2007 4/3/2007 4/5/2 007 4/7/2007 10/7/2005 10/9/2005 10/11/2005 10/1/2006 10/3/2006 10/5/2006 10/7/2006 10/9/2006 10/11/2006 10/1/2007 10/3/2007 10/5/2007 10/7/2007 11/7/ 2005 11/9/ 11/11/2005 11/1/ 2006 11/3/ 2006 11/5/ 2006 11/7/ 2006 11/9/ 11/11/2006 11/1/ 2007 11/3/ 2007 11/5/ 2007 11/7/ 2007 4/9/2007 4/11/2007 4/1/2008 4/3/2008 4/5/2008 4/7/2008 4/9/2008 4/11/2008 4/1/2009 4/3/2009 4/5/2 009 4/7/2009 4/9/2009 4/11/2009 WeberSeas, Weekly Market Report Page 7 of 11 BDI 10/9/2007 10/11/2007 BCI 11/9/ 11/11/2007 BPI 10/1/2008 10/3/2008 10/5/2008 10/7/2008 10/9/2008 10/11/2008 10/1/2009 10/3/2009 10/5/2009 10/7/2009 10/9/2009 11/1/ 2008 11/3/ 2008 11/5/ 2008 11/7/ 2008 11/9/ 11/11/2008 11/1/ 2009 11/3/ 2009 11/5/ 2009 11/7/ 2009 11/9/ 2009
BALTIC WET EX RATES THIS LAST % Baltic Clean Tanker 437 442-5 -1,13% Baltic Dirty Tanker 584 593-9 -1,% 2.500 2.000 1.500 1.000 500 0 2.500 2.000 1.500 1.000 500 4-Ιαν-05 1-Μαρ-05 28-Απρ-05 0 05-Ιαν-05 02-Μαρ-05 29-Απρ-05 27-Ιουν-05 22-Αυγ-05 18-Οκτ-05 13- εκ-05 15-Φεβ-06 12-Απρ-06 13-Ιουν-06 8-Αυγ-06 4-Οκτ-06 29-Νοε-06 1-Φεβ-07 29-Μαρ-07 24-Μαϊ-07 19-Ιουλ-07 28-Ιουν-05 23-Αυγ-05 19-Οκτ-05 14- εκ-05 16-Φεβ-06 13-Απρ-06 14-Ιουν-06 09-Αυγ-06 05-Οκτ-06 30-Νοε-06 02-Φεβ-07 30-Μαρ-07 25-Μαϊ-07 20-Ιουλ-07 14-Σεπ-07 9-Νοε-07 BCTI 17-Σεπ-07 12-Νοε-07 BDTI 14/01/2008 11-Μαρ-08 09-Μαϊ-08 14-Ιουλ-08 9-Σεπ-08 4-Νοε-08 14-Ιαν-09 11-Μαρ-09 11-Μαϊ-09 07-Ιουλ-09 02-Σεπ-09 28-Οκτ-09 15/01/2008 12-Μαρ-08 12-Μαϊ-08 15-Ιουλ-08 10-Σεπ-08 05-Νοε-08 15-Ιαν-09 12-Μαρ-09 12-Μαϊ-09 08-Ιουλ-09 03-Σεπ-09 29-Οκτ-09 WeberSeas, Weekly Market Report Page 8 of 11
MAJOR CAPITAL MARKETS INDEX THIS * LAST * % S HIGH S LOW DOW JONES 9.802,14 9.949,36-147,22-1,48% 10.844,70 6.440,08 NASDAQ 2.105,32 2.165,29-59,97-2,77% 2.167,70 1.265, AIM 6,30 647,20 5,10 0,79% 693,90 374,60 NIKKEI 9.717,44 9.891,10-173,66-1,76% 11.4,40 6.994,90 NAME SYMBOL PUBLIC COMPANIES DRY-CARGO SECTOR THIS * LAST * % HIGH LOW DIANA DSX 13,45 13,38 0,07 0,% 19,00 6,85 DRYSHIPS DRYS 6,14 6,33-0,19-3,00% 18,75 2,72 EAGLE BULK EGLE 4,81 5,00-0,19-3,80% 11,95 2,55 EXCEL MARITIME EXM 6,10 6,02 0,08 1,33% 13,25 3,00 GENCO GNK 20,15 20,43-0,28-1,37% 29,89 6,43 NAVIOS HOLDINGS NM 5,28 4,78 0,50 10,46% 5,95 1,10 TBS INTERNATIONAL TBSI 8,44 8,64-0,20-2,31% 13,95 3,40 NAME CAPITAL PRODUCT PARTNERS SYMBOL TANKER/ENERGY SECTOR THIS * LAST * % HIGH LOW CPLP 7,89 9,16-1,27-13,86% 11,49 5,21 GENERAL MARITIME GMR 7,05 7,10-0,05-0,70% 15,53 6,40 OMEGA NAVIGATION ONAV 3,47 3,42 0,05 1,46% 8,50 3,12 STEALTHGAS GASS 6,29 6,53-0,24-3,68% 7,64 2,51 TEN TNP 15,09 16,12-1,03-6,39% 25,50 12,21 NAME SYMBOL CONTAINER SECTOR THIS * LAST * % HIGH LOW DANAOS DAC 4,18 4,23-0,05-1,18% 10,50 2,72 * Prices reflect Thursday s closing values. Prices in US$ WeberSeas, Weekly Market Report Page 9 of 11
RATES OF EX THIS LAST % Euro / $ 1,4874 1,4832 0,0042 0,28% Sterling / $ 1,6592 1,6562 0,003 0,18% $ / Yen 90,625 90,925-0,300-0,33% $ / Nok 5,6723 5,6359 0,0364 0,65% $ / Won 1.174,80 1.185,40-10,600-0,89% Brent Crude 79,56 79,67-0,11-0,14% LIBOR (3-month) 0.28% 0.28 % 0.00 0.00 % ESTIMATED VALUES* TANKERS PROMPT RESALE 5 YEARS 10 YEARS 20 YEARS VLCC $98.0m $78.0m $60.0m (DH) $17.0m Suezmax $70.0m $61.0m $43.0m (DH) $12.5m Aframax $50.0m $40.0m $30.0m (DH) $9.0m Panamax $42.0m $33.0m $25.0m (DH) $6.0m Product $33.0m $23.0m $19.0m (DH) $4.5m BULK CARRIERS PROMPT RESALE 5 YEARS 10 YEARS 20 YEARS Capesize $70.0m $50.0m $42.5m $19.0m Panamax/Kamsarmax $42.0m $32.0m $26.0m $11.5m Supramax/Handymax $35.0m $26.5m $20.5m $10.0m * 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 5 YRS VLCC (300,000 dwt) 29,000/D 31,000/D 35,000/D SUEZMAX (150,000 dwt) 20,000/D 23,500/D 27,000/D AFRAMAX (110,00 dwt) 17,000/D 18,000/D 21,500/D PANAMAX (72,000 dwt) 16,000/D 17,000/D 21,500/D MR (45-50,000 dwt) 10,000/D 13,000/D 14,500/D * The above figures are representative rates for modern tankers only. BUNKER PRICES FUEL GRADES ROTTERDAM FUJAIRAH PIRAEUS SINGAPORE 380cst: $467.00 $446.00 $490.00 $461.50 180cst: $487.00 $478.00 $507.50 $470.50 MGO: $6.50 $645.00 $663.00 $666.50 WeberSeas, Weekly Market Report Page 10 of 11
WEBERSEAS CONTACTS SALE & PURCHASE MOBILE PHONE NUMBER Bobby Mitropoulos 6936-530005 Tom Protonotarios 6936-530006 Nicholas Sfinias 6944-343488 Spyros Karamassis 6945-776757 TANKER CHARTERING Basil Mavroleon 6932-644983 Lefteris Mystriotis 6946-762010 Dionysios Mitsotakis 6936-800320 George Karalis 6948-753725 TANKER OPERATIONS Kimon Polikratis 6932-300590 ADMINISTRATION Yannis Mitropoulos 6936-530007 Urania Savvaki 6934-257746 Very Truly Yours, W E B E R S E A S (H E L L A S) S.A. 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. 2009 WEBERSEAS (HELLAS) S.A. All Rights Reserved WeberSeas, Weekly Market Report Page 11 of 11