MARKET REPORT WEEK 48 BASED ON SALES AND PURCHASES OF VESSELS WEEK ENDED FRIDAY 30 th November 2012. The BDI basically stood still for another week and although that result is brought about because officially the BCI and BPI each declined by respectively -4% and -3% whilst the BSI and BHSI each respectively improved by about +6% and +4% w-o-w, this is all fairly meaningless because the reality is that whichever way you look at it there are simply too many vessels available ww for the amount of cargo that needs moving. All that is happening from week to week or month to month is that by virtue of batches of vessels either fixing or ballasting from one basin (Pacific / Atlantic / Indian) to another the odd tightening of available tonnage in certain areas on certain dates occurs which in turn causes a small upturn in rates in the owners favour. Accordingly, for months now all we are really reporting is relatively small variations in rates caused by these same supply / demand effects which can sometimes be further tweaked by weather effects like cyclones / heavy weather preventing the loading of iron ore out of Australia in winter. This trend will continue as we still have significant numbers of newbuilding dry vessels to deliver in 2013, which should have been the end of that major poor market contributor, but we note the 2014 delivery figures are still growing mainly due to 'delayed / pushed back' deliveries agreed between contractors and the yards. The shipping markets need 'no more ordering of newbuildings please'... the buying of second hand or resale tonnage only from hereon will bring much quicker equilibrium to both wet and dry markets in the long run. We note the Vietnam built 53,000 dwt supramax resale 'Ocean Queen' has finally been sold having been completed and on the S+P market since May. The sale price however is reported at just $15 mio amply reflecting the massive discount required to sell such a ship built outside of the preferred yards in Japan, Korea or the absolute top tier Chinese yards although even ships from these are not as desired and also have to be discounted but not to such an extent. As a comparison, 2 weeks ago saw the sale of the 11 year old 'Curia' 51,000 dwt built 2001 at Oshima in Japan for $13.9 mio... Generally, both wet and dry S+P business remains just at or just above 'tick over' as some buyers conclude they would rather have a cheap vessel(s) afloat rather than money in the bank, since todays rates can still offer a small return on equity if the vessel is purchased at the right price. The demolition sector remains tight on the buying side with the sub continent generally a little over stocked and bearish on prices offered at the moment, which in turn is causing issues for cash buyers who recently purchased scrap vessels at higher levels. Technically China scrap rates on offer rose slightly last week but we believe this to be misleading as further analysis suggests they only 'paid up' for vessels with good extras eg lots of ROB's, heavy Bronze propellers, many spares on board etc. 1
SAMCO AMERICA PACIFIC HARMONY TANKERS HULL 304,996 4/2003 HYUNDAI, KOREA DH 38.00M 69,999 11/1999 NAMURA, JAPAN DH 11.00M MOSKALVO 45,999 8/1998 DAEDONG, KOREA DH 11.60M GREEKS (ALPHA TANKERS) INDONESIANS (BUMI ARMADA) CHINESE (SINOEAST) GREEKS (THENAMARIS) LONG SUBJS SEAEXPRESS 45,976 10/2007 SHIN KURUSHIMA, JAPAN DH 17.50M MAGNOLIA I 11,520 11/1980 KALDNES, NORWAY DH 1.80M GREEKS RASAWULAN 10,332 10/1996 ASAKAWA, JAPAN DH 5.50M UNDISCLOSED CLIPPER TOBAGO 8,834 6/1999 HITACHI, JAPAN DH 5.90M UNDISCLOSED STST COMBO GEAR / PUMPS GAS CBM BALTIC TANKER INDICES 2012 1500 1000 500 0 Week 2
NILIMAR Ships Sale & Purchase BULKERS GEAR YONG JIN 71,747 10/1995 HITACHI, JAPAN CR 4X25T 6.80M OCEAN QUEEN 53,505 12/2011 NAM TRIEU, VIETNAM CHINESE (HEGFA SHIPPING) CR 4X36T 15.00M UNDISCLOSED KS EXPRESS 45,734 10/1994 TSUNEISHI, JAPAN CR 4X25T 6.75M FAR EASTERNS LION 40,836 4/1986 SANOYAS, JAPAN CR 4X25T 3.20M CHINESE JA ALADDIN DREAM II 28,611 2/2003 IMABARI, JAPAN CR 4X30T 11.50M UNDISCLOSED ORHAN DEVAL 27,562 11/1984 MITSUI, JAPAN CR 4X25T 2.40M SYRIANS DD LEADER 25,759 9/1985 IMABARI, JAPAN CR 3X30T, DR 1X25T 2.50M CHINESE SB NOBLE 7,435 6/1997 CHUNGMU, KOREA DR 2X30T, DR 2X25T 2.70M LIBYAN BALTIC DRY INDICES 2012 4000 3500 3000 2500 2000 1500 1000 500 0 BDI 11 BCI 11 BPI 11 BSI 11 BHSI 11 BDI 12 BCI 12 BPI 12 BSI 12 BHSI 12 Week 3
NILIMAR Ships Sale & Purchase INDICATIVE REPORTED FIXTURES RATE CHARTERERS DURATION NAVIOS LUMEN 2009 180,661 11,500$/DAY SWISSMARINE 10/18 MONTHS WU ZHU HAI 2008 76,45 12,500$/DAY CNR 4/6 MONTHS ROSCO OLIVE 2010 74,896 7,350$/DAY NORDEN 4/6 MONTHS ELEFTHERIA 2001 76,099 7,7750$/DAY CNR 4/7 MONTHS OCEAN GEM 2011 75,618 8,000$/DAY NORDEN 8/15 MONTHS MAIDEN VOYAGE 2012 58,722 9,850$/DAY STX PAN OCEAN 3/4 MONTHS BALTIC DRY INDICES BDI BCI BPI BSI BHSI PREVIOUS WEEK CURRENT WEEK + / - 1090 1086-4 2288 2199-89 1013 980-33 724 766 42 431 448 17 4
NILIMAR Ships Sale & Purchase TWEEN / MPP / GENERAL CARGO GEAR SENECA MAIDEN 19,764 10/1986 UWAJIMA, JAPAN CR 2X40T, CR 2X25T 2.175M CHINESE OLYMPIA 12,500 4/1986 CIMBRIA 5,300 6/1998 CONTAINER GEAR TEU BREMEN, GERMANY SIETAS, GERMANY CR 2X40T 1,022 1.70M UNDISCLOSED GLESS 508 1.00M NETHERLANDS REEF REEF. CAP/TY GEAR PCC/ RORO / PASS CARS/LM PAX 5
DEMOLITION INDIA TYPE ARTEMIS BULK 28,082 1984 6,400 410 NORTHERN FAITH CONT 42,673 1994 13,128 402 NORTHERN PIONEER CONT 42,086 1994 13,140 415 DEMOLITION PAKISTAN TYPE BLACKFIN TANK 84,040 1990 16,830 440 DEMOLITION BANGLADESH TYPE HAI YUAN BULK 37,599 1982 7,780 404 KEE LUNG BULK 37,389 1985 7,923 418 DEMOLITION CHINA TYPE DAR YUN TANK 262,618 1994 34,256 375 ASIS TAIWAN INCL EXTRA FOR ROB C LAUREL BULK 151,380 1990 17,656 391 LIBERTY STAR BULK 64,059 1986 10,942 390 CAPTAIN ABDULLAH TYPE DEMOLITION TURKEY TWEEN 7,520 1969 2,702 302 MSC SARDINIA SANTA MONICA SEABOARD FLORIDA SEABOARD TRADER TYPE DEMOLITION MISC CONT 43,270 1986 13,070 400 ASIS SPORE WITH ROB CONT 30,007 1991 8,515 321 ASIS GREECE RORO 12,169 1979 8,107 220 ASIS CARIBS RORO 6,604 1972 4,861 220 ASIS CARIBS 6
NEWBUILDINGS TYPE DELY USD $ BULK 76,500 6/2014 IMABARI SHIPBUILDING - TAI CHONG CHEANG 1+1 UNITS BULK 35,000 2H 2014 COSCO GUANGDONG 20.50M EUROPEAN 2 UNITS BULK 35,000 JINLING SHIP ARISTON NAVIGATION INCREASED ORDERED 7+3 UNITS CONT 3.800TEU 2015 DALIAN SHIPBUILDING 40.00M - INTERNAIONAL LINES 43.00M (PIL) 4 UNITS TANK 52,000 2014 HYUNDAI MIPO 31.50M SINOKOR 10+10 UNITS CHEM/ 33,000 NANTONG NINGDE 60.00M 2015 STST HEAVY 70.00M JO INVEST 2+6 UNITS LNG 180.000CBM - SAMSUNG HEAVY INDUSTRIES - SK SHIPPING 2 UNITS BRENT GBP USD USD K WON USD YEN EURO USD 110,55 1,5938 1.086,02 82,380 1,2874. 110,76 0,21 1,6041 0,0103 1.082,40-3,62 82,120-0,260 1,2979 0,0105 7