May-2 Sep-2 Jan-3 May-3 Sep-3 Jan-4 May-4 Sep-4 Jan-5 May-5 Sep-5 Jan-6 May-6 Sep-6 Jan-7 May-7 Sep-7 Jan-8 May-8 Sep-8 Jan-9 May-9 Sep-9 Jan-1 May-1 Sep-1 Jan-11 May-11 Sep-11 Jan-12 May-12 12 1 8 6 4 2 17-19, Vas. Pavlou Str., GR 166 73, Voula, Athens, Greece Tel: 21 96597 - Fax: 21 89964 Internet Mail: athenian@atheniansa.gr M O N T H L Y R E P O R T Baltic Dry Index May 212 PRICES TANKERS ($ MIO) * Prices reflect Year s End 27* 28* 29* 21* 211* May-12 VLCC 5Y 136. 155.8 78. 87.8 55.6 59.8 VLCC 1Y 114.5 131. 59.5 64.3 34.1 36.1 SUEZMAX 5Y 95.5 16. 57. 62.8 45.6 44.8 AFRAMAX 5Y 7. 76.8 4.5 44.5 34.7 33.3 AFRAMAX1Y 6. 64.7 23.5 3.7 19.3 19. PANAMAX5Y 6.4 61. 35.5 39. 3.9 25.6 45K 5Y D/H 53. 52.7 23.5 27.3 25.8 25.5 45K 1Y D/H 44.7 43.2 16. 19.7 15.8 16. 45K 2Y 12.8 1. 4. 6.7 6. 6. PRICES BULKERS ($ MIO) * Prices reflect Year s End 27* 28* 29* 21* 211* May-12 CAPESIZE 5Y 148. 45.5 54.5 57. 36.3 34.9 CAPESIZE 1Y 13. 3. 45. 43. 26.8 25. CAPESIZE 15Y 88.5 21. 28. 26. 15.2 14.8 CAPESIZE 2Y 6. 15.2 16.5 16.4 1.5 1. PANAMAX 5Y 89. 25.5 35. 38.5 26.4 23.5 PANAMAX 1Y 71.5 19. 27.5 31.6 18.6 17.8 PANAMAX 15Y 61. 12.5 22. 23.1 12.4 1.9 PANAMAX 2Y 44. 9.2 12. 13.8 8.1 7.7 SUPRAMAX 5Y 74.5 24. 27.5 31.9 26.4 25.2 HANDYMAX1Y 6.5 18.2 22. 24.7 18. 16.5 HANDYMAX15Y 46. 13. 17.5 2. 11.1 1. HANDYMAX2Y 36. 7.4 11. 12. 7.9 7.6
Prices (USD Mio) Price (USD) Price (USD Mio) Price (USD) 2 S E C O N D H A N D S A L E S & C H A R T E R F I X T U R E T R E N D S 18. Monthly Tanker Market Trend 1 Monthly 1 Yr TC Rates 16. 9 14. 8 12. 7 1. 8. 6. 4. 6 5 4 3 2 2. 1. VLCC 5Y VLCC 1Y SMAX 5Y AMAX 5Y VLCC 1 Yr T/C SMAX 1 Yr T/C AMAX 1 Yr T/C AMAX 1Y PMAX 5Y 45K 5Y D/H 45K 1Y D/H PMAX 1 Yr T/C MR 1 Yr T/C 16. Monthly Bulk Carrier Market Trend 18 Monthly 1 Yr TC Rates 14. 16 12. 14 1. 8. 6. 12 1 8 6 4. 4 2. 2. CAPE 5Y CAPE 1Y CAPE 15Y PMAX 5Y PMAX 1Y PMAX 15Y SUPRA 5Y HMAX 5Y HMAX 1Y HMAX 15Y CAPE 1 Yr T/C SUPRA 1 Yr T/C PMAX 1 Yr T/C HMAX 1 Yr T/C
3 S E C O N D H A N D T O N N A G E M A R K E T Baltic Clean Tanker - Yearly Baltic Dirty Tanker - Yearly 1 1 98 93 9 9 842 835 851 8 724 72 8 755 7 784 65 683 7 766 755 6 653 627 674 5 6 4 5 22 25 28 31 34 37 4 43 46 49 52 3 6 9 12 15 18 21 22 25 28 31 34 37 4 43 46 49 52 3 6 9 12 15 18 21 211 WEEK NO 212 211 WEEK NO 212 8 Baltic Clean Tanker - Monthly 8 Baltic Dirty Tanker - Monthly 7 6 5 627 68 617 78 76 74 72 779 763 771 774 755 733 4 26/4/212 3/5/212 1/5/212 17/5/212 24/5/212 7 26/4/212 3/5/212 1/5/212 17/5/212 24/5/212 TANKER SALES NAME DWT BLT PRICE $ BUYER ANGIMAR 5841 21 TURKEY DH 7.25 MIO EU BASED BITU SEA 6654 27 CHINA DH 9 MIO SARGEANT MARINE, USA (Asphalt Carrier) BITU MOUNTAIN 6726 27 CHINA DH 9 MIO SARGEANT MARINE, USA (Asphalt Carrier) TRANS SCANDIC 676 1992 GERMANY DH 5.8 MIO UNDISCLOSED UNION HARVEST 756 1996 JAPAN DH 4.5 MIO UNDISCLOSED ALPHA PROSPERITY 8248 1995 SINGAPORE DH * ENBLOC BSS ALPHA POWER 8339 1996 SINGAPORE DH * ENBLOC BSS ALPHA PRESTIGE 842 1995 SINGAPORE DH 1.95 MIO UNDISCLOSED PIONEER SPIRIT 8735 1997 JAPAN DH 6 MIO UNDISCLOSED GLOBAL THEMIS 11394 1999 JAPAN DH 6.75 MIO KOREAN JO EIK 1962 1998 SPAIN DH 13.5 MIO UNDISCLOSED (Stst Tanker) JO ASK 1987 1997 SPAIN DH 13.5 MIO UNDISCLOSED (Stst Tanker) VICTORY OCEAN 19481 1997 JAPAN DH 1.9 MIO FAR EASTERN SIDSEL KNUTSEN 22625 1993 SPAIN DH 9.5 MIO WEST AFRICAN SINBAD 1786 27892 1995 SPAIN DH 6.8 MIO UNDISCLOSED UACC MASAFI 45 212 S.KOREA DH 37.5 MIO EUROPEAN UACC MESSILA 45 212 S.KOREA DH 37.5 MIO EUROPEAN JAG PRADIP 45683 1996 S.KOREA DH 9 MIO UNDISCLOSED SELENDANG MUTIARA 45991 1997 CHINA DH 8.5 MIO GREEK FREJA FIONIA 53714 27 JAPAN DH 21.5 MIO GREEK TORM UGLAND 7378 27 CHINA DH 21.5 MIO INDONESIAN TAIYOH III 95666 1997 JAPAN DH 9.5 MIO NATHALIN GROUP BUNGA KELANA SATU 15575 1997 S.KOREA DH 9.5 MIO GREEK
$/Day $/Day 4 RAFFLES RIVER 17113 24 JAPAN DH 2.75 MIO GREEK TEMASEK RIVER 17113 25 JAPAN DH 23.75 MIO GREEK NAUTIC 15812 1998 JAPAN DH * ENBLOC BSS NAVIGA 15841 1998 JAPAN DH 3 MIO GREEK CENTENNIAL JEWEL 3955 1997 JAPAN DH 32 MIO MODEC, JAPAN (Sold for Conversion) HERO I 38571 1999 S.KOREA DH 26 MIO SINGAPORE BASED (Arrested in Spore since 8/211) GAS SALES NAME DWT BLT CBM PRICE $ BUYER RED DRAGON 3983 1989 JAPAN 3514 4 MIO UNDISCLOSED UMM SHAIF 4316 1991 JAPAN 328 2.5 MIO UNDISCLOSED Spot Market - Tankers VLCC SUEZMAX AFRAMAX 5 4 3 2 1 363 29575 14562 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Period Market - Tankers 1 Year T/C VLCC SUEZMAX AFRAMAX 3 25 2 15 1 5 2495 181 138 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12
5 7 Baltic Handysize 12 Baltic Supramax 65 6 61 616 639 65 115 11 112 198 1118 1116 114 1124 55 2 15 2 5 26/4/212 3/5/212 1/5/212 17/5/212 24/5/212 1 26/4/212 3/5/212 1/5/212 17/5/212 24/5/212 Baltic Panamax 2 18 1738 16 1527 1527 14 1269 12 4 1258 1 8 26/4/212 3/5/212 1/5/212 17/5/212 24/5/212 17 165 16 155 15 145 14 135 13 1495 1576 Baltic Capesize 1625 4 44 38 1613 1626 1457 26/4/212 3/5/212 1/5/212 17/5/212 24/5/212 4 BULKER SALES NAME DWT BLT GEAR PRICE $ BUYER SOYANA 4168 1992 TURKEY CR 2X25.9 MIO MIDDLE EASTERN NOUR 515 1985 NETHERLANDS CR 2X15 1.5 MIO EGYPTIAN ASIA GREAT 6397 1984 JAPAN CR 2X25, DR 2X15 1.3 MIO CHINESE ASIAN ROSALIE 895 1997 JAPAN DR 1X25, CR 2X3 3.5 MIO INDONESIAN BALTIC 9372 1996 BULGARIA CR 2X4 3.5 MIO INDONESIAN KOPALNIA CR 4X16, CR 1172 199 POLAND RYDULTOWY 1X12.5 2.9 MIO UNDISCLOSED AYYILDIZ 7 12235 2 JAPAN CR 3X3 6 MIO UNDISCLOSED GLOBAL EXPLORER 248 1996 JAPAN CR 4X31 8.25 MIO UNDISCLOSED (Incl 3 Yrs TC at Usd 785 Pd) ATLANTIC PROMISE 27652 1986 JAPAN CR 4X25 3.6 MIO UNDISCLOSED ATLANTIC KING 27786 1998 JAPAN CR 4X3 8.5 MIO UNDISCLOSED EASTGATE 27877 199 JAPAN CR 3.5 5.75 MIO UKRAINIAN APOLLO 27912 1996 JAPAN CR 4X3 8 MIO UNDISCLOSED APEX BULKER 32729 23 JAPAN CR 4X3 14 MIO UNDISCLOSED SANKO RALLY 42529 1994 JAPAN CR 4X3 8.5 MIO UNDISCLOSED SANKO ROYAL 42529 1995 JAPAN CR 4X3 9.2 MIO UNDISCLOSED NENA A 42975 1994 S.KOREA CR 4X25 9.8 MIO ITALIAN MARIA TH 45622 1996 JAPAN CR 4X25 11.9 MIO CHINESE SELARAS 45734 1994 JAPAN CR 4X25 * ENBLOC BSS SERASIH 2 48913 1999 JAPAN CR 4X25 2.5 MIO UNDISCLOSED SOLAR ASIA 46658 1998 JAPAN CR 4X3 12.5 MIO CHINESE MASTRO GIORGIS II 5237 1995 UKRAINE CR 5X3 7.2 MIO INDIAN TREASURE ISLAND 52489 25 PHILIPPINES CR 4X3 UNDISCL UNDISCLOSED DALIAN STAR 561 27 JAPAN CR 4X3 UNDISCL UNDISCLOSED
$/Day 6 RAPTOR 58 212 CHINA CR 4X35 UNDISCL GREEK CHIOS JOY 68762 1989 S.KOREA CR 4X25 7 MIO CHINESE FEGGITES 68774 1989 S.KOREA CR 4X3 5.7 MIO CHINESE EASTERN QUEEN 7196 1994 S.KOREA GLESS 9.8 MIO CHINESE VOGEVOYAGER 7217 1996 JAPAN GLESS * ENBLOC BSS VOGETRADER 72171 1996 JAPAN GLESS 21.5 MIO TURKISH RUBY CREST 7333 1997 S.KOREA GLESS 11.8 MIO CHINESE VOGE PROSPERITY 751 1995 DENMARK GLESS * ENBLOC BSS VOGE PRESTIGE 751 1995 DENMARK GLESS 17 MIO UNDISCLOSED XIAO XIAO 7698 211 CHINA GLESS 24 MIO CHINESE SHINING BLISS 76939 27 JAPAN GLESS 23.8 MIO GREEK NEWLEAD GUJARAT 792 211 CHINA GLESS 22.3 MIO UNDISCLOSED (Via Auction) SHINYO AYUSH 79329 21 CHINA GLESS 24 MIO CHINESE COSCO DALIAN N268 795 212 CHINA GLESS 24 MIO UNDISCLOSED COSCO DALIAN N26 795 212 CHINA GLESS 24 MIO UNDISCLOSED JINHAI J95 796 212 CHINA GLESS 24 MIO UNDISCLOSED JINHAI J96 796 212 CHINA GLESS 24 MIO UNDISCLOSED SPP TONGYEONG H157 81 212 S.KOREA GLESS 27 MIO UNDISCLOSED STX JINHAE 49 81 212 S.KOREA GLESS 24.3 MIO EU BASED SPP TONGYEONG H154 82 212 S.KOREA GLESS 27 MIO GREEK CAPE AMERICA 149515 1991 TAIWAN GLESS 8.5 MIO WINNING SHIPPING IRON YANDI 169963 1996 S.KOREA GLESS 13.5 MIO GREEK STAR ANGEL 17475 1995 JAPAN GLESS 12.5 MIO SINOKOR, S.KOREA CAPE ORCHID 172569 21 JAPAN GLESS 25 MIO JAPANESE (Incl BBB to K Line) REGENA N 18277 26 JAPAN GLESS 33 MIO WINNING SHIPPING 35 3 25 2 15 1 5 Spot Market - Bulkers May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 CAPESIZE PANAMAX HANDYMAX 12 68 565
$/Day 7 23 21 19 17 15 13 11 9 7 5 Period Market - Bulkers 1 Year T/C May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 4 1395 155 96 CAPE PMAX HANDYMAX CONTAINER SALES NAME DWT BLT GEAR TEU PRICE $ BUYER ACHIEVER 6545 1992 GERMANY GLESS 51 1.45 MIO SYRIAN TIGER OCEAN 78 1991 SINGAPORE CR 2X4 453 2.4 MIO UNDISCLOSED ID ASIA 12577 1993 POLAND CR 2X4 112 3.85 MIO UNDISCLOSED FELICITAS 1412 1984 GERMANY CR 2X4 133 2.2 MIO UNDISCLOSED ACX CHERRY 1813 1994 JAPAN GLESS 1241 3.8 MIO UNDISCLOSED ACX COSMOS 1816 1995 JAPAN GLESS 1241 3.8 MIO UNDISCLOSED WARNOW TRADER 2225 1996 GERMANY CR 3X4 168 5 MIO GERMAN MARLENE S 2313 1995 GERMANY CR 3X4 1684 5.1 MIO GREEK CAPE NELSON 23329 28 CHINA CR 2X45 174 2 MIO UNDISCLOSED CAPE NORTH 23332 29 CHINA CR 2X45 174 2 MIO UNDISCLOSED IZU 24365 1997 JAPAN CR 3X4 1613 5 MIO USA BASED IPANEMA 24378 1995 JAPAN CR 2X4, CR 1X3 1613 5 MIO USA BASED ACX SAKURA 24382 1995 JAPAN CR 2X4, CR 1X3 1613 5 MIO USA BASED BUNGA TERATAI 24554 1998 S.KOREA GLESS 1725 5.9 MIO SEA CONSORTIUM, TIGA BUNGA TERATAI EMPAT 24561 1998 S.KOREA GLESS 1725 5.9 MIO CHUN HE 25545 1984 GERMANY GLESS 1328 4.5 MIO CHAO HE 25545 1985 GERMANY GLESS 1328 4.5 MIO QIU HE 2588 1984 GERMANY GLESS 1328 4.5 MIO YING HE 25925 1984 GERMANY GLESS 1328 4.5 MIO BLACK EAGLE 3279 1983 FRANCE CR 4X4, CR 2X1 1716 5 MIO USA CMA CGM STRAUSS 73235 24 S.KOREA GLESS 5782 38 MIO CMA CGM VERDI 73235 24 S.KOREA GLESS 5782 38 MIO SINGAPORE SEA CONSORTIUM, SINGAPORE CHINESE (Incl 12 Mos TCB at Usd 8 Pd) CHINESE (Incl 12 Mos TCB at Usd 8 Pd) CHINESE (Incl 12 Mos TCB at Usd 8 Pd) CHINESE (Incl 12 Mos TCB at Usd 8 Pd) UNDISCLOSED (Incl 5 Yrs TCB at Rgn Usd 23 Pd) UNDISCLOSED (Incl 5 Yrs TCB at Rgn Usd 23 Pd)
8 TWEEN SALES NAME DWT BLT GEAR TEU PRICE $ BUYER BOE OCEAN 7398 1989 CHINA CR 4X15 (COMB 25) 126 1.7 MIO UNDISCLOSED RORO SALES NAME GT BLT LANE MTS/CARS PAX PRICE $ BUYER CAP CANAILLE 1576 1977 FRANCE 293 24.7 MIO UNDISCLOSED
$m $m 9 N E W B U I L D I N G M A R K E T A N D R E P O R T E D C O N T R A C TS Tanker Prices VLCC Suezmax Aframax MR Bulker Prices Capesize Panamax Handymax Handysize 12 7 1 8 6 4 2 1 95.8 58.3 5.3 533.4 3 6 5 4 3 2 1 546.3 27.1 25.1 22 May-1 Sep-1 Jan-11 May-11 Sep-11 Jan-12 May-12 May-1 Sep-1 Jan-11 May-11 Sep-11 Jan-12 May-12 Dry Bulk Orderbook Ship Type 212 (deliv) 212 213 214 215 216 217+ Total VLOC 13 36 15 1 2 63 Capesize 71 16 92 14 8 22 Small Cape 5 8 38 11 1 13 Panamax 12 353 24 68 661 Supramax 14 315 197 31 3 546 Handys 124 241 27 4 5 493 Total 518 1131 789 174 19 2113 Tanker Orderbook Ship Type 212 (deliv) 212 213 214 215 216 217+ Total ULCC/VLCC 19 47 48 1 15 Suezmax 2 43 37 5 5 3 93 Aframax 24 33 28 9 7 Panamax 5 18 17 2 37 MR 19 59 7 29 5 4 2 169 Handy 3 11 4 1 16 Total 9 211 24 56 1 7 2 49 LPG Tank Orderbook Ship Type 212 (deliv) 212 213 214 215 216+ Total VLGC 1 1 13 1 15 LGC MR 2 4 3 7 Handy 12 9 7 1 29 Small 7 46 11 6 3 66 Total 1 59 37 17 4 117
m. dwt m. dwt No. of Vessels m. dwt 1 Newbuilding Sales 1 9 8 7 6 5 4 3 2 1 215 972 121 163 44 225 Tankers >1, dwt Bulkers >1, dwt Containerships 62 19 21 211 May-12 6 Delivery Schedule Bulkers >1, dwt. Tankers >1, dwt 12 11 1 8 64.9 6 4 35.8 31 2.3 2 9.7 May-12 213 214+ Tanker Newbuildings on Order 4 35.7 35 VLCC Aframax Products Suezmax Panamax Bulker Newbuildings on Order Capesize Panamax Handymax Handysize 8 75 61.7 7 3 6 25 2 15 1 5 16.7 8.3 May 212 2.5 11.9 5 4 3 2 1 32.7 May 212 17.3 Newbuilding Historical Prices ($m) Tankers May-12 211 21 29 28 27 26 25 24 2 1995 199 1985 31, DWT 1 95.8 98.9 14.8 97.5 15 145 13 12 18 76.5 85.3 87.4 2 38.2 17, DWT 1 58.3 6.3 66.3 61 9 9 8 71.5 71 52.5 54 66.1 2 28.2 11, DWT 1 5.3 52.2 56 49.5 74 72 65.5 58 6 41.5 43.3 53.2 2 18.1 47, DWT 1 33.4 35.2 36.1 35 46.5 52 47 43 39 29.5 33.2 3 32.1 3 13.3 Bulkers 18, DWT 1 46.3 48.4 57.2 55.5 87 96 67 58.5 64.5 4.5 42.3 6.2 29.3 73, DWT 1 27.1 28.7 34.3 34.5 45.5 54 39.5 36 37 22.5 27.9 3 13.4 45, DWT 25.1 26.7 31.1 29 41 47.5 37 31 3 2.5 24.1 25.3 12.4 29, DWT 22 22.2 26.3 24.5 31 34 27.5 25.5 24 15 19.2 21.3 9.7 1 Before 21 sizes to read 28, - 14, - 95, - 4, respectively for tankers and 15, - 69, for Bulkers 2 Single Hull 3 3, DWT (note: above is for vessels built Japan / Korea, you should also consider US$ / Yen / Won relation for the years mentioned)
11 The Shipbuilding Market TYPE DWT BUILDER DELIVERY PRICE $ OWNER NOTES BULK 82 Jinling Shipyard 213 27 Mio Densay Shipping & Trad. BULK 66 Mitsui SB 214 Niovis Shipping Co. BULK 76 Jiangnan SY Group 213 27.75 Mio Shenhua Zhonghai BULK 76 Jiangnan SY Group 213 27.75 Mio Shenhua Zhonghai BULK 76 Jiangnan SY Group 214 27.75 Mio Shenhua Zhonghai BULK 76 Jiangnan SY Group 214 27.75 Mio Shenhua Zhonghai BULK 76 Jiangnan SY Group 214 27.75 Mio Shenhua Zhonghai BULK 82 Jinling Shipyard 214 27 Mio Soloi Inc. BULK 82 Jinling Shipyard 214 27 Mio Soloi Inc. BULK 76 Shanhaiguan S/Y 214 Shenhua Zhonghai BULK 76 Shanhaiguan S/Y 214 Shenhua Zhonghai BULK 64 Sainty SB (Yangzhou) 213 27.5 Mio Shun Gao Shipping BULK 64 Sainty SB (Yangzhou) 213 27.5 Mio Shun Gao Shipping BULK 64 Sainty SB (Yangzhou) 214 27.5 Mio Shun Gao Shipping BULK 64 Sainty SB (Yangzhou) 214 27.5 Mio Shun Gao Shipping BULK 64 Sainty SB (Yangzhou) 214 27.5 Mio Shun Gao Shipping BULK 64 Sainty SB (Yangzhou) 214 27.5 Mio Shun Gao Shipping BULK 395 Zhejiang Yangfan 214 22.3 Mio d'amico Ireland BULK 395 Zhejiang Yangfan 214 22.3 Mio d'amico Ireland BULK 395 Zhejiang Yangfan 214 22.3 Mio d'amico Ireland BULK 395 Zhejiang Yangfan 214 22.3 Mio d'amico Ireland BULK 395 Zhejiang Yangfan 214 22.3 Mio d'amico Ireland BULK 395 Zhejiang Yangfan 214 22.3 Mio d'amico Ireland BULK 64 Jinhai Heavy Ind. 214 26 Mio Laskaridis Shp BULK 64 Jinhai Heavy Ind. 214 26 Mio Laskaridis Shp Bunkering 45 Ningbo Dongfang 213 Zhangjiang Fuda Spg Bunkering 45 Ningbo Dongfang 213 Zhangjiang Fuda Spg Bunkering 65 Ningbo Dongfang 213 Huayun Shipping Bunkering 65 Ningbo Dongfang 213 Huayun Shipping Drillship Samsung H.I. 214 6 Mio Seadrill Ethy / LPG 225 Jiangnan SY Group 214 49 Mio Navigator Gas Ethy / LPG 225 Jiangnan SY Group 214 49 Mio Navigator Gas Hvy Dk Cargo 31 STX Dalian 214 8 Mio STX Pan Ocean LIVESTOCK 9 Sungdong S.B. 214 Pembangunan Buka LIVESTOCK 9 Sungdong S.B. 214 Pembangunan Buka LIVESTOCK 9 Sungdong S.B. 214 Pembangunan Buka LIVESTOCK 9 Sungdong S.B. 214 Pembangunan Buka LIVESTOCK 9 Sungdong S.B. 214 Pembangunan Buka LIVESTOCK 145 Sungdong S.B. 215 Pembangunan Buka LIVESTOCK 145 Sungdong S.B. 215 Pembangunan Buka LIVESTOCK 145 Sungdong S.B. 215 Pembangunan Buka LIVESTOCK 145 Sungdong S.B. 215 Pembangunan Buka LIVESTOCK 145 Sungdong S.B. 215 Pembangunan Buka LNG 84 Hyundai H.I. 214 Brunei Gas Carriers LNG 89 Daewoo 214 Almi Gas S.A. LNG 89 Daewoo 214 Almi Gas S.A. LPG 23 STX Shipbuilding 214 42.5 Mio Soc. Nav. Ultragas LPG 23 STX Shipbuilding 214 42.5 Mio Soc. Nav. Ultragas MSV Kleven Werft 213 Rem Maritime AS PCC 19 Imabari S.B. 214 Zodiac Maritime Agy. PCC 19 Imabari S.B. 214 Zodiac Maritime Agy. PCC 16 Hyundai H.I. 213 Eurokor Car Carriers PCC 16 Hyundai H.I. 213 Eurokor Car Carriers PROD 4984 STX Dalian 214 3 Mio Tanker Pacific Mngt. PROD 4984 STX Dalian 215 3 Mio Tanker Pacific Mngt. PROD 4984 STX Dalian 215 3 Mio Tanker Pacific Mngt. PROD 4984 STX Dalian 215 3 Mio Tanker Pacific Mngt. PROD 496 STX Shipbuilding 213 Alterna Capital PROD 496 STX Shipbuilding 213 Alterna Capital
12 PROD 51 SPP Shipbuilding 214 34 Mio Maruta Industries PROD 51 SPP Shipbuilding 214 34 Mio Maruta Industries PROD 135 Song Thu 213 DSM Maritime PROD 135 Song Thu 213 DSM Maritime PROD 135 Song Thu 213 DSM Maritime PROD 135 Song Thu 213 DSM Maritime PROD 11 Dalian Shipbuilding 213 42 Mio Seatankers Mngt. PROD 11 Dalian Shipbuilding 213 42 Mio Seatankers Mngt. PROD 5 STX Shipbuilding 213 Greek Interest PROD 5 STX Shipbuilding 213 Greek Interest Seismic Istanbul Shipyard 214 1 Mio (EUR) Govt of Turkey TANKER 31 I.H.I. 215 JX Spg Co Ltd. TANKER 31 I.H.I. 215 JX Tankers Co Ltd. TANKER 318 Universal S.B. 214 Kyoei Tanker Co.
Million dwt USD/ton USD/ton 13 Demolition Historical Data D E M O L I T I O N M A R K E T Demolition Prices Gen Cargo Tanker India USD 415 /lt Ldt USD 44 /lt Ldt Bangladesh USD 43 /lt Ldt USD 455 /lt Ldt Pakistan USD 42 /lt Ldt USD 44 /lt Ldt China USD 375 /lt Ldt USD 4 /lt Ldt 58 53 48 43 38 33 28 23 18 48 479 473 464 Average Price Tankers 29 21 211 212 434 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 58 53 48 43 38 33 28 23 18 Average Price Bulkers 29 21 211 212 456 451 448 444 41 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 4 38 Total Demolition (Dwt) 35 3 25 2 15 1 5 27 28.65 26.9 13.4 25.6 25 15.9 14.5 16.7 18.9 15.5 18 15.6 4.9 4.6 3.8 2.35 3.5 22.4 28.4 28.5 27 1 5.5 6.5 5 12 31.58 28.9 25.7 18.42
USD/ton 14 6 Historical Demolition Prices 5 4 3 2 1 TANKERS BULKERS HISTORICAL DEMOLITION PRICES (*Year s End) 1994 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 TANKER 178 186 182 172 115 136 174 135 174 262 362 32 45 57 287 338 485 482 BULKER 183 166 153 152 112 143 17 135 181 267 381 332 392 472 268 328 437 456 India TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK BRAZILIAN LADY 6333 1987 5827 454 Incl 22 Mt Aluminium on board BULK PLUTO 6536 1988 4161 44 BULK SAFMARINE ANGOLA 1828 1987 756 46 BULK SWATIRANI 1897 1962 7498 43 BULK ROYAL DIAMOND 2547 1984 5843 465 BULK BLUE MARINER 37659 1982 764 472 BULK CASTILLO DE MONTALBAN 75595 1982 135 478 BULK TRANS GULF 81659 1982 16997 446 CONT MSC CHANECA 14198 1985 5552 483 CONT MSC SAMANTHA 3498 1982 13179 468 CONT MSC PEGGY 38981 1984 13845 48 CONT MSC FINLAND 4928 1986 15957 475 CONT MSC HAILEY 46967 1994 179 486 REEF MARSAS 51 1989 233 44 REEF SILVER STOCKHOLM 681 199 4127 44 REEF AFRICA REEFER 8778 1982 15957 453 REEF SPRING BOB 198 1984 788 418 Asis Fujairah RORO ATLANTIC SPIRIT 16165 1987 12927 494 TANK BOW FERTILITY 4557 1987 12199 53 Incl 22 T Stst TANK BOW PEACE 45655 1987 12199 535 Incl 265 T Stst TANK BOW PRIDE 45655 1987 1232 535 Incl 22 T Stst TWEEN SEA WIND 8749 1986 3551 477 TWEEN MSC INDIA 2433 1991 7436 423
15 Bangladesh TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK SIBONEY BELLE 17322 1987 4245 493 Incl 25 T RoB BULK ORIENTAL KEY 38323 198 8198 482 BULK KS CHALLENGER 41635 1985 976 445 BULK KS FRONTIER 42239 1984 818 485 BULK OCEAN STAR 43296 1984 8375 447 BULK GOOD UNION 5237 1994 1342 493 BULK FRANCESCO 644 1983 1199 45 BULK GLORYSUN 71229 1982 14 44 Asis Spore With 2 T RoB BULK MEI HUA 7124 1982 1395 452 BULK GOOD PURPOSE 773 1982 12449 435 Asis China With RoB BULK GLORY FUZHOU 153572 1989 2425 484 BULK BONAFIDE 172632 1997 28439 453 BULK AMBER STAR 181884 1986 181884 49 BULK KATSURAGI MARU 1881 1986 238 49 Incl Extra RoB BULK SYDNEY 188125 1987 2319 498 Incl Full Spares on board BULK HANJIN DAMPIER 27346 1989 25812 49 COMBO CENTRAL CARRIER 81852 1983 145 425 Asis Spore With Sufficient RoB COMBO GLORY RIZHAO 169381 1991 2327 484 CONT ELSIN RANI 937 1994 4225 465 CONT STELLAR PACIFIC 9834 1984 3632 482 CONT GREAT PRIDE 11998 1982 3634 482 TANK ANJASMORO 32696 1996 183 49 Asis Spore China TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK CENTAURUS 9867 1989 57 412 Incl 25 T RoB BULK MEI SHAN GANG 9 16166 1988 12927 494 BULK AN SHUN 26874 1977 6617 417 BULK ATLANTIC MAJESTY 4153 1984 837 419 Incl 3 T RoB BULK MARANATA 65617 1982 1273 423 BULK CAPE WARRIOR 146351 1986 2538 42 BULK BET FIGHTER 173149 1992 2753 425 Incl 5 T RoB BULK STONEGATE 18711 1984 22737 42 TWEEN ORIENT PACIFIC 11381 1976 44 45 Asis Spore Pakistan TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK EMINE 2556 1983 7755 448 BULK MOHAVE MAIDEN 2874 1984 648 471 COMBO ADRIATIC SEA 9866 1992 16787 5 COMBO ALASKAN SEA 98929 1992 168 5 TANK BLUEFIN 844 1989 1483 57
16 Turkey TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK SERGEY SMIRNOV 5485 1979 265 358 BULK SANTANA 61 1983 265 358 BULK VIKTOR KHARA 628 1981 265 358 RORO ECS CHRISTINA I 1429 1987 57 36 REEF BRASIL STAR 1588 1992 355 Other TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK WELWIND 144165 1993 23533 448 Asis Spore
USD/ton USD/ton 17 H I S T O R I C A L B U N K E R P R I C E S 8 7 6 5 4 3 2 1 Bunkers Cost (38 cst) Rotterdam Fujeirah Houston Average Trend 12 1 8 6 4 2 Bunkers Cost (MDO) Rotterdam Fujeirah Houston Average Trend HISTORICAL BUNKER PRICES Rotterdam Fujeirah Houston 38 cst MDO 38 cst MDO 38 cst MDO 199 15 191.2 14 233.1 14.6 199.6 1991 82 17.8 78.6 26.1 75.3 161.1 1992 83 161.9 81.5 28.2 78.4 165.2 1993 67 15.5 7 22.5 71.1 16.6 1994 86 133.2 8.9 182.6 8.8 148.8 1995 97 14.6 94.6 175.8 93.2 148 1996 17 175.1 14.4 27.5 15.8 186 1997 92 155.4 99.3 25.6 97.3 179.9 1998 66.5 112.2 69.2 152.2 67.2 136.9 1999 94 133 98.5 157.2 93.3 143.9 2 139 231.6 155.3 263.5 136 255.7 21 116 192.4 129.7 244.7 112.8 227.5 22 135 188.2 145.9 222.8 134 196 23 151 23.4 166.3 265.2 16.2 265.1 24 154 313.4 176.7 359.3 167.3 328.7 25 236 458.4 256.6 5.1 248.3 58.5 26 195 524.1 31.9 631.8 33 562.3 27 347 571.3 373.7 664.7 351.8 68.6 28 469 85.7 59.4 137.7 496.8 933.2 29 355 49.6 372.8 657 36.7 525 21 452 667.1 468.2 712.9 449.3 683 211 548 848.6 587.5 897.5 542.1 862.4 May-12 653 934 675 97 649 972
$/Barrel USD-EUR USD-JPY 18 M A R K E T I N D I C A T O R S 1.8 1.6 1.4 1.2 1..8.6.4 Currencies USD-EUR USD-JPY 13 12 11 1 9 8 7 6 16. 14. 12. 1. 8. 6. 4. 2.. Brent Oil GBP CAD EUR JPY CHF USD AUD GBP 1.627.8.817.6659.6385.6237 CAD 1.6137 1 1.2912.1293 1.741 1.297 1.57 EUR 1.2516.776 1.124.8328.7983.781 JPY 124.932 77.578 99.8647 1 83.1551 79.737 77.858 CHF 1.536.9329 1.217.1247 1.9596.9373 USD 1.5672.9721 1.2539.12558 1.431 1.9767 AUD 1.661.9963 1.2839.12868 1.691 1.249 1 * 28/5/212 values
19 S T O C K W A T C H NAME TICKER THIS MONTH* LAST MONTH CHANGE % 52w HIGH 52w LOW NewLead Holdings NEWL 1.6 3.13-48.9 5.23.4 Capital Product Partners CPLP 7.64 8.4-9 9.54 4.85 Diana Shipping DSX 8.25 7.89 4.6 11.65 6.59 Dryships DRYS 2.31 3.17-27.1 4.34 1.75 Eagle Bulk EGLE 3.69 1.85 99.5 11.76 3.26 Euroseas ESEA 1.2 1.85-35.1 4.77 1.2 Excel Martime EXM.89 1.72-48.3 3.43.85 Freeseas FREE.72 1.28-43.8 2.47.36 Genco Shipping&Trading GNK 3.24 5.45-4.6 1.14 2.78 Costamare Inc. CMRE 13.59 13.93-2.4 18. 1.93 Goldenport GPRT 64.5 84.88-24 112. 62. Navios NM 3.52 3.89-9.5 5.35 2.88 GasLog LNG Services GLOG 9.24 11.58-2.2 13.34 8.76 Paragon PRGN.57.73-21.9 2.84.53 Safe Bulkers SB 6.63 6.6.5 7.93 5.28 Star Bulk SBLK.76.98-22.4 2.19.71 Stealthgas GASS 5.88 6.25-5.9 6.72 3.4 TEN TNP 5.29 6.37-17 1.45 4.78 TOP Ships TOPS 1.51 2.7-27.1 6.5 1. * 25/5/212 closing values ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Disclaimer: Information and data that appear in this report have been obtained from various sources which are believed to be correct and reliable. However, Athenian Shipbrokers S.A. does not guarantee their accuracy or completeness and therefore cannot be held liable for any loss incurred as a result of reliance in any way whatsoever on the information contained herein. Kind Regards,