LY MARKET REPORT March 28th, 2014 / Week 13 Baltic rates in all dry segments experienced a downturn this week. Major losses in the capesize and panamax sector forced the overall BDI in a 14% decrease compared to last week s improvement. Supramax and handysize indices decreased by less percentage, 7.7% and 3.7% respectively. The S&P activity in the wet market was centered in the stainless steel vessels. Princimar Chemical Carriers is assumed to have acquired the STOLT AMI (19,963 dwt / blt 2006 Japan) for $23 million and the MAEMI II (19,871 dwt / blt 2008 Japan) for $28 million. Another st. st. tanker was sold this week for $27.5 million, namely the ANGEL NO. 12 (19,900 dwt / blt 2012 China). Also, we report a VLCC sale, the ASIAN PROGRESS II (314,026 dwt / blt 2000 Japan) which fetched $28.5 million. A few kamsarmax sales were reported under the dry second hand activity. Two resales from Chinese yard, Jiangsu New Yangzijiang that originally ordered from Klaveness were sold for $29.5 million each. The deliveries are scheduled for 2016. In the same tonnage, Greeks bought two resales from Jinhai Shipyard with prompt delivery for $23.5 apiece. The story behind is that these two vessels were originally ordered by Golden Ocean and resold by the yard itself. Finally, Nanjin Shipyard resold their 79,600 dwt bulker for $26 million. The vessel has already been delivered and the deal is still on subjects. Also, worth mentioning is the sale of ANNA OLDENDORFF (,466 dwt / blt 2002 Japan) to Norwegian buyers for $18 million basis bareboat back. This is a successful asset play by the owners since they have bought the vessel around $14 million two years ago. Newbuilding activity was focused on the dry bulkers. Berge Bulk ordered 4x250,000 dwt in Guangzhou Longxue at a price of $60 million per vessel. Imabari received offers for 2x200,000 dwt and 2x180,000 dwt from K-Line and is expected to deliver them between 2015 and 2016. Moreover, Conti Reederei went to Hantong for 4 firm ultramaxes with delivery estimated in 2015. Note that the deal includes also 8 optional contracts. Many bulkers found their way for scrapping this week with Bangladesh being the keen breaker. More specifically, the aframax OCEAN APEX (13,810 ldt / blt 1989) was sold for $473/ldt whereas $450/ldt was paid for the panamax DELPHIS (10,739 ldt / blt 1987) and the handymax HONG KONG PEARL (7,024 ldt / blt 1985). Indian buyers acquired one handysize for $475/ldt, one containership for $500/ldt and a gas carrier, as is Fujairah for $468/ ldt. Details of above vessels can be found in our report. Lastly, Chinese built units went domestically for demolition, a cape and two panamax vessels. WeberSeas, Weekly Market Report Page 1 of 11
TANKERS ASIAN PROGRESS II 314,026/00 - MITSUI - B&W 34,103 - SBT - IGS - COW - DH - SS/DD 01/2015 Sold for $28.5 mill to Greek buyers (Altomare S.A.). STOLT AMI 19,963/06 - FUKUOKA - MIT 8,470 - ST. ST. COATING - COILED - SBT - IGS - DH SS/DD 07/2016 Sold for $23 mill to U.S. based buyers (Princimar Chemical Carriers). ANGEL NO. 12 19,900/12 - NINGBO XINLE - B&W 7,043 - ST. ST. COATING - COILED - SBT - IGS DH - SS 06/2017, DD 06/2015 Sold for $27.5 mill to undisclosed buyers. MAEMI II 19,871/08 - FUKUOKA - B&W 8,362 - ST. ST. COATING - COILED - SBT - IGS - DH SS 06/2018, DD 07/2016 Sold for $28 mill to U.S. based buyers (Princimar Chemical Carriers). BULKERS JIANGSU NEW YANGZIANG 82,000/12-16 - JIANGSU NEW YANGZIJIANG - 7HH JIANGSU NEW YANGZIANG 82,000/06-16 - JIANGSU NEW YANGZIJIANG - 7HH Sold en bloc for $29.5 mill each to undisclosed buyers. JINHAI J0047 79,600/14 - JINHAI - B&W 15,363-7HH JINHAI J0048 79,600/13 - JINHAI - B&W 15,363-7HH Sold en bloc for $23.5 mill each to Greek buyers. NANJING WUJIAZUI YC015 79,600/13 - NANJING WUJIAZUI - B&W 15,799-7HH Sold for $26 mill to undisclosed buyers (on subjects). ANNA OLDENDORFF,466/02 - SANOYAS - B&W 12,870-5HH - C 4X30T - SS 05/2017 DD 05/2015 Sold for $18 mill to Norwegian K.S. buyers (T/C attached). Sale includes bareboat back for 2 years. MAPLE CRYSTAL 32,394/12 - TAIZHOU MAPLE LEAF - B&W 8,810-5HH - C 4X30.5T SS 04/2017, DD 04/2015 MAPLE AMETHYST 32,318/12 - TAIZHOU MAPLE LEAF - B&W 8,810-5HH - C 4X30.5T SS 05/2017, DD 05/2015 Sold en bloc for $18.5 mill each to Greek buyers. HO XIN 24,823/07 - KURINOURA - B&W 6,650-4HH - C 4X30T - SS 05/2017, DD 05/2015 Sold for $13 mill to Greek buyers. CONTAINERS MONTANA 16,509/07 - JIANGSU YANGZIJIANG - B&W 17,185 - C 2X45T - 1,341 TEU Sold at an auction for $8.6 mill to U.K. based buyers (Borealis Maritime). WeberSeas, Weekly Market Report Page 2 of 11
MPP/GENERAL CARGO TROPICAL BINTANG 12,158/11 - KANASASHI - B&W 5,302-2HH - C 3X30.7T - SS/DD 04/2016 Sold for $9 mill to undisclosed buyers. WHITE TOBA 11,443/03 - NISHI - B&W 5,302-2HA - C 2X30T, D 1X30T - SS 01/2018, DD 12/2015 Sold for $5 mill to undisclosed buyers. FRESH FOR SALE BULKERS E WHALE 319,869/10 - HYUNDAI H.I. - WARTSILA 43,018-10HH Vessel can be inspected in Cape Town between 15 th -20 th April. DONGHAE STAR 82,861/12 - STX - B&W 13,132-7HH Vessel will arrive in China for discharge at the end of April where can be inspected. ZHUSHUI 3 79,501/12 - JINHAI - B&W 16,179-7HH Vessel is currently enroute Bontang, Indonesia where ETA 29 th March. ZHUSHUI 5 79,501/12 - JINHAI - B&W 16,179-7HH Vessel is presently in Satui, Indonesia. YM RIGHTNESS 77,684/04 - CSBC - B&W 13,599-7HH Vessel can be inspected in Taiwan, either Taichung or Kaohsiung, where ETA 15 th April. CORONA ACE 77,447/94 - KAWASAKI - B&W 12,502-5HH Vessel can be inspected in Tomakomai, Japan where ETA 10 th April. COYOTE 73,498/94 - HYUNDAI H.I. - B&W 11,200-7HH Vessel is currently in Dangjin, Korea where can be inspected until 31 st March. CB ADVENTURE 46,232/02 - OSHIMA - B&W 11,940-5HH - C 4X30T Vessel can be inspected in either Aliaga or Izmir, Turkey while discharging where ETA 3 rd April. LUCIJA 43,193/95 - HYUNDAI H.I. - B&W 11,641-5HH - C 4X25T Vessel can be inspected in Duala, Cameroon where ETA 29 th March. BERING ID 28,611/97 - NAIKAI ZOSEN - B&W 7,331-5HH - C 3X30T, C 1X23T Vessel can be inspected in Lanshan, China while discharging where ETA 6 th April. KEN ZUI 23,564/96 - SAIKI - B&W 7,051-4HH - C 4X30T Vessel can be inspected in Kakogawa, Japan between 6 th -9 th April. WeberSeas, Weekly Market Report Page 3 of 11
GOLDENSTAR 28,383/01 - IMABARI - B&W 7,954-5HH - C 4X30.5T Vessel is currently in drydock in Elefsis shipyard where can be inspected on around 31 st March. CONTAINERS OS BODRUM 8,861/98 - TURKEY - MAN 8,446-4HH - C 2X40T - 812 TEU Vessel is presently trading Med, mainly between Malta and Algeria. WeberSeas, Weekly Market Report Page 4 of 11
DEMOLITION DEMOLITION STATISTICS TYPE OF SHIP THIS DATE 2014 THIS DATE 2013 2013 TOTAL 2012 TOTAL ULCC/VLCC 4 1 15 14 SUEZMAX 1 3 9 15 AFRAMAX 7 6 18 29 PANAMAX TANKER 0 1 7 3 CAPE/COMBO (100,000 dwt +) 8 15 42 68 PANAMAX/KAMSARMAX BULKER 13 12 37 101 LOCATION TANKERS BULK CARRIERS CHINA 350-370 310-335 INDIA 470-495 465-490 BANGLADESH 465-485 455-475 PAKISTAN 450-475 435-455 DEMOLITION: INDIA M/V ARIADNE CONT JOLLY LPG GAZ SYMPHONY (Including 500 tons ROB) 28,791/84-7,198 LDT - USD 475/LDT 25,904/92-11,028 LDT - USD 500/LDT 8,136/87-4,756 LDT - USD 468/LDT, as is Fujairah BANGLADESH M/T OCEAN APEX M/V DELPHIS M/V HONG KONG PEARL MPP KING HERO MPP WIN EVER MPP SOLID BAY 87,241/89-13,810 LDT - USD 473/LDT 68,158/87-10,739 LDT - USD 450/LDT 42,647/85-7,024 LDT - USD 450/LDT 23,382/83-7,230 LDT - USD 455/LDT 6,882/83-1,920 LDT - USD 430/LDT 5,101/80-1,845 LDT - USD 415/LDT CHINA M/V HAI XIANG 174,505/96-24,494 LDT - USD 320/LDT WeberSeas, Weekly Market Report Page 5 of 11
M/V ZHUSHUI 1 M/V GUOYUAN 5 65,772/84-11,790 LDT - undisclosed price 65,298/85-9,232 LDT - undisclosed price BRAZIL M/T ITAITUBA 44,206/96-10,078 LDT - USD 350/LDT, as is Brazil TYPE OF SHIP NEWBUILDING STATISTICS 2014 2015 2016 2017 * TOTAL ORDERBOOK ULCC/VLCC 23 23 41 3 90 SUEZMAX 15 12 2 29 AFRAMAX 36 58 44 12 150 PANAMAX 29 27 26 3 85 MR 120 197 126 9 4 10-35,000 DWT 60 66 35 10 171 CAPESIZE/ MINI CAPE / VLOC 80-100,000 DWT 79 122 92 9 302 85 124 79 7 295 PANAMAX 56 23 4 83 SUPRAMAX / HANDYMAX 200 258 146 22 626 HANDYSIZE 172 193 4 421 WeberSeas, Weekly Market Report Page 6 of 11
NEWBUILDING CONTRACTS No Size Type Yard Delivery Price (mill) Owners Comments 2 25,000 dwt Tanker Fukuoka Shipbuilding 2017 n/a Navig8 Chemical Tankers 2 22,000 cbm LPG Sinopacific Offshore & Engineering 2016 $55.00 Eletson Gas Options exercised 4 250,000 dwt Bulker 2 200,000 dwt Bulker 2 180,000 dwt Bulker Guangzhou Longxue Shipbuilding Imabari Shipbuilding Imabari Shipbuilding 2015/16 $60.00 Berge Bulk 2015/16 n/a K-Line 2015/16 n/a K-Line 2 85,000 dwt Bulker Sabebo H.I. 2016 n/a Santou Shipping 1 84,900 dwt Bulker Sabebo H.I. 2015 n/a 4 81,800 dwt Bulker 4 63,800 dwt Bulker 4 40,000 dwt Bulker Jiangsu New Yangzijiang Jiangsu New Hantong Shipyard Tianjin Xingang Shipbuilding Quintana Shipping 2015 n/a Allseas Marine 2015 n/a Conti Reederei +8 options 2015/16 $24.80 Cosco Holdings WeberSeas, Weekly Market Report Page 7 of 11
BALTIC DRY EX RATES THIS LAST % Baltic Dry Index 1373 1599-226 -14.13% Baltic Capesize 2557 3036-479 -15.78% Baltic Panamax 978 1112-134 -12.05% Baltic Supramax 1115 1209-94 -7.78% Baltic Handysize 649 674-25 -3.71% 4500 4000 3500 3000 2500 2000 1500 1000 500 7000 6500 6000 5500 5000 4500 4000 3500 3000 2500 2000 1500 1000 500 0 0 28-Mar-10 28-May-10 5000 4500 4000 3500 3000 2500 2000 1500 1000 500 0 28-Mar-10 28-May-10 28-Jul-10 28-Sep-10 28-Nov-10 28-Jan-11 28-Mar-11 28-May-11 28-Jul-11 28-Sep-11 28-Nov-11 28-Jan-12 28-Mar-12 28-May-12 28-Jul-12 28-Jul-10 28-Sep-10 28-Nov-10 28-Jan-11 28-Mar-11 28-May-11 28-Jul-11 28-Sep-11 28-Nov-11 28-Jan-12 28-Mar-12 28-Sep-12 28-Nov-12 28-Jan-13 28-Mar-13 28-May-13 28-Jul-13 28-Sep-13 28-Nov-13 28-Jan-14 28-Mar-14 WeberSeas, Weekly Market Report Page 8 of 11 B D I 28-May-12 B C I 28-Mar-10 28-May-10 28-Jul-10 28-Sep-10 28-Nov-10 28-Jan-11 28-Mar-11 28-May-11 28-Jul-11 28-Sep-11 28-Nov-11 28-Jan-12 28-Mar-12 28-May-12 B P I 28-Jul-12 28-Sep-12 28-Nov-12 28-Jan-13 28-Mar-13 28-May-13 28-Jul-13 28-Sep-13 28-Nov-13 28-Jan-14 28-Mar-14 28-Jul-12 28-Sep-12 28-Nov-12 28-Jan-13 28-Mar-13 28-May-13 28-Jul-13 28-Sep-13 28-Nov-13 28-Jan-14 28-Mar-14
Baltic Clean Tanker Baltic Dirty Tanker BALTIC WET EX RATES THIS LAST % 614 610 4 0.66% 705 712-7 -0.98% 1600 1400 1200 1000 800 600 400 200 0 28-Mar-10 28-May-10 1600 1400 1200 1000 800 600 400 200 0 28-Mar-10 28-May-10 28-Jul-10 28-Sep-10 28-Nov-10 28-Jan-11 28-Mar-11 28-May-11 28-Jul-11 28-Sep-11 28-Nov-11 28-Jan-12 28-Mar-12 28-Jul-10 28-Sep-10 28-Nov-10 28-Jan-11 28-Mar-11 28-May-11 28-Jul-11 28-Sep-11 28-Nov-11 28-Jan-12 28-Mar-12 28-May-12 BCTI 28-May-12 28-Jul-12 BDTI 28-Jul-12 28-Sep-12 28-Nov-12 28-Jan-13 28-Mar-13 28-May-13 28-Jul-13 28-Sep-13 28-Nov-13 28-Jan-14 28-Mar-14 28-Sep-12 28-Nov-12 28-Jan-13 28-Mar-13 28-May-13 28-Jul-13 28-Sep-13 28-Nov-13 28-Jan-14 28-Mar-14 WeberSeas, Weekly Market Report Page 9 of 11
MAJOR CAPITAL MARKETS INDEX THIS LAST % S HIGH S LOW DOW JONES 16,264.23 16,331.05-66.82-0.41% 16,588.20 14,434.40 NASDAQ 3,563.13 3,693.97-130.84-3.54% 3,738.32 2,730.97 AIM 848.62 860.10-11.48-1.33% 897.27 685.28 NIKKEI 14,622.89 14,224.23 398.66 2.80% 16,320.20 11,805.80 PUBLIC COMPANIES NAME SYMBOL THIS DRY-CARGO SECTOR LAST % HIGH LOW DIANA DSX 11.78 12.17-0.39-3.20% 13.93 8.24 DRYSHIPS DRYS 3.14 3.50-0.36-10.29% 5.00 1.65 EAGLE BULK EGLE 3.98 4.40-0.42-9.55% 8.75 2.71 GENCO GNK 1.43 1.24 0.19 15.32% 4.98 1.12 GOLDENPORT HOLDINGS GPRT.L 47.38 48.15-0.77-1.60% 51.00 29.00 NAVIOS HOLDINGS NM 9.26 9.76-0.50-5.12% 12.12 3.80 NAME CAPITAL PRODUCT PARTNERS SYMBOL TANKER/ENERGY SECTOR THIS LAST % HIGH LOW CPLP 10.64 10.95-0.31-2.83% 11.25 7.9 STEALTHGAS GASS 10.89 11.04-0.15-1.36% 13.00 5.34 TEN TNP 7.50 7.75-0.25-3.23% 8.17 3.29 NAME SYMBOL THIS CONTAINER SECTOR LAST % HIGH LOW DANAOS DAC 6.98 6.75 0.23 3.41% 7.75 3.40 * Prices reflect Thursday s closing values. Prices in US$ except for Goldenport Holdings which is in GBP. WeberSeas, Weekly Market Report Page 10 of 11
RATES OF EX THIS LAST % Euro / $ 1.3768 1.3809-0.0041-0.30% Sterling / $ 1.6641 1.6512 0.0129 0.78% $ / Yen 102.435 102.300 0.135 0.13% $ / Nok 5.9847 6.0599-0.08-1.24% $ / Won 1,068.27 1,079.64-11.37-1.05% Brent Crude 108.13 107.11 1.02 0.95% LIBOR (3-month) 0.23% 0.23% -0.002-0.83% ESTIMATED VALUES* TANKERS PROMPT RESALE 5 YEARS 10 YEARS 20 YEARS VLCC $100.0m $65.0m $39.0m $19.0m Suezmax $59.0m $43.0m $33.5m $11.0m Aframax $47.0m $37.5m $23.5m $9.0m Panamax $38.0m $29.0m $22.0m $8.0m Product $37.0m $27.0m $17.0m $6.0m BULK CARRIERS PROMPT RESALE 5 YEARS 10 YEARS 20 YEARS Capesize $60.0m $45.0m $34.5m $11.5m Panamax/Kamsarmax $33.0m $28.5m $21.5m $8.0m Supramax/Handymax $31.0m $26.0m $20.5m $7.5m * 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) 24,500/D 26,500/D SUEZMAX (150,000 dwt) 19,000/D 22,000/D AFRAMAX (110,00 dwt) 14,500/D 17,000/D PANAMAX (72,000 dwt) 14,750/D 16,500/D MR (45-50,000 dwt) 14,500/D 16,000/D * The above figures are representative rates for modern tankers only. BUNKER PRICES FUEL GRADES ROTTERDAM FUJAIRAH PIRAEUS SINGAPORE 380cst: $582.00 $602.50 $603.00 $592.50 180cst: $612.00 $635.00 $634.00 $613.00 MGO: $886.00 $977.00 $923.00 $902.00 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. 2014 WEBERSEAS (HELLAS) S.A. All Rights Reserved WeberSeas, Weekly Market Report Page 11 of 11