MARKET REPORT WEEK 13 BASED ON SALES AND PURCHASES OF VESSELS WEEK ENDED FRIDAY 28 TH MARCH 2014. The dry markets were all in decline last week with the BDI ending the week -14%. It's was a little surprising that the BCI dropped -16% (or about $5000 daily off average t/c rates) whilst there was still 28 capes fixed into China alone (with iron ore) last week, but this just goes to show how fragile the demand / supply equilibrium is for Capes. Panamaxes are in much the same situation, having had a very poor past 3 months, the BPI lost another -12% last week (or about $1,000 daily on t/c average earnings) as spot vessels continue to far outnumber the cargoes on offer in both basins. Even the BSI and BHSI suffered last week, but only losing -8% and -4% respectively, reflecting that these sizes are usually far less volatile even when freights diminish for them. We don't have a great deal to report on the S+P markets last week either. Whilst so far this year bullish buying interest, especially for modern Japanese tonnage, has ignored the uninspiring freight markets, we sense a combination of the latter plus an increasing number of desirable sales candidates becoming available are maybe now starting to cause buyers to back off a little hence cooling competition and reverting negotiating power back into the buyer's hands. As we approach Easter Holidays (which will be celebrated on the same dates by both Christian and Orthodox nations this year) it will be interesting to see how the S+P markets react from now and through the next quarter, which is usually busy being the period before the traditional summer drop off in activity occurs. The worlds demolition activity remains confined almost exclusively to the sub continent at the moment with cash buyers again offering what appears to be unjustifiable levels in the high $400's basis the end buyers at the beaches are not currently willing at equivalent of better rates. As is usual therefore, our advice to Sellers is to be careful who they deal with in order to minimise the chance of an ugly renegotiation on delivery. The main buyers at the moment remain India for drycargo vessels, with Pakistan picking up the odd tanker, and Bangladesh taking a bit of a back seat because their main plots are full and / or they are unwilling to compete at India's levels. 1
HELLAS CONSTELLATION TANKERS DH 46,162 01/2000 HYUNDAI, KOREA DH 11.90M UNDISCLOSED SS DUE GAS CBM BALTIC TANKER INDICES 2014 1600 BDTI13 BCTI13 BDTI14 BCTI14 1400 1200 1000 800 600 400 Week 2
BULKERS GEAR BULK CHINA 179,109 03/2013 ORIENT, KOREA - 55.00M US BASED HULL 677 80,500 07/2016 ZHEJIANG OUHUA, CHINA - 29.50M GREEK ENBLOC HULL 678 80,500 09/2016 ZHEJIANG OUHUA, CHINA - 29.50M OCEAN LILY 76,585 08/2006 IMABARI, JAPAN GLESS 25.00M JAPANESE (SANKO STEAMSHIP) SOLD TO CURRENT CHRTRS HULL 0639 64,000 03/2015 CHENGXI, CHINA CR 4X30T 29.70M EUROPEAN ENBLOC HULL 0640 64,000 05/2015 CHENGXI, CHINA CR 4X30T 29.70M CROWN PRINCESS 52,347 06/2005 TSUNEISHI, JAPAN CR 4X30T 22.50M CHINESE INCL 10-14 MOS TC TO OLDENDORFF AT INDEX LINKED RATES ASIAN EXCELSIOR 45,190 03/1996 CHINA KEELUN, CHINA CR 4X30.5T 11.00M UNDISCLOSED FEDERAL POLARIS 29,536 09/1985 NKK, JAPAN CR 4X25T 6.90M SYRIAN ENBLOC FEDERAL FUJI 29,531 03/1986 NKK, JAPAN CR 4X25T HO XIN 24,823 05/2007 KURINOURA, JAPAN CR 4X30T 13.00M GREEK 4500 4000 3500 3000 2500 2000 1500 1000 500 0 BALTIC DRY INDICES 2014 BDI 13 BCI 13 BPI 13 BSI 13 BHSI 13 BDI 14 BCI 14 BPI 14 BSI 14 BHSI 14 Week 3
VESSEL S NAME INDICATIVE REPORTED FIXTURES RATE CHARTERERS DURATION TANGO 1997 160,013 26,000$/DAY XIN HONG 2013 81,200 14,500$/DAY BELMONTE 2007 75,395 14,250$/DAY MERCURIA SINOMARINE NORDEN 6/8 MONTHS 11/13 MONTHS 8/10 MONTHS YONG FENG 2000 74,131 13,000$/DAY BUNGE 4/6 MONTHS MARINE KING 2011 56,726 13,000$/DAY OCEAN FREEDOM 2010 55,771 15,500$/DAY PAN OCEAN HMM 3/5 MONTHS 9/11 MONTHS BALTIC DRY INDICES BDI BCI BPI BSI BHSI PREVIOUS WEEK 3036 1112 1209 674 CURRENT WEEK 1599 1373-226 2557 978 1115 649 + / - -479-134 -94-25 ATALANTA 44,593 03/1999 TWEEN / MPP / GENERAL CARGO SZCZECINSKA, POLAND GEAR CR 3X40T 6.75M UNDISCLOSED CONBULK AMY C 13,538 05/2006 KYOKUYO, JAPAN CR 2X30T 14.50M GREEK ENBLOC HELEEN C 13,497 02/2006 KYOKUYO, JAPAN CR 2X30T WHITE TOBA 11,443 01/2003 NISHI, JAPAN CR 2X30T 5.15M UNDISCLOSED VESSEL S NAME CONTAINER GEAR TEU MV MONTANA 16,509 05/2007 JIANGSU, CHINA CR 2X45T 1,294 8.60M UK VIA AUCTION VESSEL S NAME REEF REEF. CAP/TY GEAR PCC/ RORO / PASS CARS /LM PAX 4
DEMOLITION INDIA TYPE LDT BULK AMIRA MARIAM 23,791 1982 5,853 465 CONT ATHENS TRADER 35,534 1995 10,317 495 ASIS JEBEL ALI INCL 120MT ROB CONT KOTA WIJAYA 24,689 1991 6,815 525 INCL 350MT ROB CONT NORTHERN DELIGHT 22,246 1994 7,729 492 CONT AQUA LUNA 12,860 1992 4,950 480 REEF BALTIC MARINER 9,852 1979 5,900 473 DEMOLITION PAKISTAN TYPE LDT TANK EAGLE OTOME 95,663 1994 15,646 474 ASIS MALAYSIA TANK OVERSEAS ERMAR 39,982 1989 8,653 472 DEMOLITION BANGLADESH TYPE LDT DEMOLITION CHINA TYPE LDT BULK HAI XIANG 174,505 1996 24,494 320 DEMOLITION TURKEY TYPE LDT DEMOLITION MISC TYPE LDT RORO JOLLY BIANCO 27,267 1982 13,480 458 AS IS JEBEL ALI 5
NEWBUILDINGS TYPE SIZE DELY UNITS OPT. TANK 25,000 2017 FUKUOKA SHIPBUILDING NAVIG8 2 LNG 14,000CBM AUG 2015 QIDONG ZHEJIANG HUAXIANG FENGSHUN SHIP SHIPPING 1 VLGC 83,000CBM H2 2016 MITSUI ASTOMOS ENERGY ENGINEERING CORPORATION 1 LPG 22,000CBM 2016 SINOPACIFIC ELETSON 55.00M OFFSHORE CORPORATION 2 BULK 250,000 2016-207 GUANGZHOU LONGXUE 60.00M BERGE BULK 4 BULK 206,000 2016-2017 QINGDAO YANGFAN 55.00M TRAFIGURA 2 BUK 82,000 2015-2016 AVIC WEIHAI MST 2 BULK 82,000 2016-2018 JINLING SHIP 28.00M SDTR MARINE 6 BULK 64,000 2016-2017 JINLING SHIP DENSAY SHIPPING 2 BULK 63,800 2015-2016 HANTONG HI 26.00M CONTI REEDEREI 4 BULK 61,000 2015 NANTONG COSCO DENSAN DENIZ 1 CONT 2,500TEU 2016 HUANGPU WENCHONG NORD REEDEREI 3 CONT 1,730TEU 2015-2016 ZHEJIANG OUHUA 30.00M NORD REEDEREI 4 CONT 1,700TEU 2016 GUANGZHOU WENCHONG ALLSEAS MARINE 4 CONT 1,700TEU 2016 WENCHONG SHIP 25.00M CAPE SHIPPING 2 MPP 13,900 H2 2014 HIGAKI UNDISCLOSED 2 MPP 12,500 2017-2018 SAINTY MARINE 19.00M ZEABORN GMBH 6 4 PCC 7,500CEU 2015-2016 HYUNDAI MIPO RAY SHIPPING 2 ` MARKET RATES BRENT GBP USD USD K WON USD YEN EURO USD PREVIOUS WEEK 106,87 1,6505 1.076,40 102,390 1,3779 CURRENT WEEK 107,83 1,6611 1.072,30 102,180 + / - 0,96 0,01-4,10-0,21 1,3741 0,00 6