LY MARKET REPORT February 13th, 2015 / Week 07 The only positive note in the depressed freight market is the panamax index which gained 69 points, an increase of approximately 16%. All other indices remain in the red with the overall BDI concluding the week in 530 points. As we are heading closer to the Chinese New Year, activity in the second hand market is slowing down. Not much to report with a few exceptions pointing out the reduction in purchase prices mostly within the dry sector. The kamsarmax A MAX (84,062 dwt / blt 2011 Korea) has been sold at an auction to Greek interests for $16.55 million. Remind you about one month ago the same aged BLUE MATTERHORN (81,391 dwt / blt 2011 Korea) was sold to Greeks for $22 million. This is an almost 24% reduction in prices, however the A Max is not a conventional kamsarmax with a few port restrictions due to her long LOA (235 meters) and was laid-up for almost one year, factors which affecting the final price significantly. In the tanker market, prices remain firm even though not many sales concluded this week. Malaysian buyers acquired the LR2 SARK (113,041 dwt / blt 2009 China) for $40 million. This price is in line with the current market as reminding you a 2008-built Japanese non-coated aframax was sold a few weeks ago for $38 million. On the newbuilding front, Meiji of Japan booked a VLCC in compatriot JMU for delivery in 2017. Sinokor Merchant Marine has converted four capesize bulkers to same number of LR2s and in the meantime, has booked six firm coated afras on Daehan Shipbuilding. Delivery of the units is estimated for 2016/17. Owners seem to put faith in the tanker market, as we report also a pair of LR1 orders in Korea shipyards. With the current freight market being in the dark side, a few vessels are heading for scrap. Five additional capes have been disposed this week with prices facing a slight decline. Latest reported deal is the JAG ARJUN (23,393 ldt / blt 1996) which sold with 700 tons rob for $373/ldt. Bangladeshi breakers were also active in other tonnage as well, picking up mostly bulk carriers and a few containerships. WeberSeas, Weekly Market Report Page 1 of 8
TANKERS SARK 113,041/09 - NEW TIMES - B&W 21,509 - COATED - COILED - SBT - IGS COW - DH SS 02/2019, DD 05/2017 Sold for $40 mill to Malaysian buyers. CHAMPION SPIRIT 45,998/91 - SPAIN - B&W 12,750 - COATED - COILED - SBT - IGS - COW DH - SS/DD 05/2016 Sold for $6.7 mill to Nigerian buyers (Gobel Marine). MIDNIGHT SUN 45,219/97 - MINAMI NIPPON USUKI - B&W 13,581 - COATED - SBT - IGS COW - DH - SS 03/2017, DD 04/2015 Sold for $8.1 mill to Far Eastern buyers. HF PIONEER 19,991/10 - FUKUOKA NAGASAKI - B&W 8,362 - ST. ST. COATING - COILED SBT - DH - SS/DD 08/2015 Sold for $25.3 mill to Korean buyers (Heung-A Shipping). BEGIM ASLANOVA 7,150/15 - TURKEY - WARTSILA 3,264 - COATED - SBT - DH Sold for $18 mill to Turkish buyers (BMZ Group). BULKERS SORYU MARU 86,868/95 - SUMITOMO - SUL 15,141-5HO 8 HA - SS 01/2019, DD 01/2017 Sold for $4.5 mill to undisclosed buyers. A MAX 84,062/11 - HYUNDAI - B&W 13,446-7HH - SS/DD 07/2016 Sold at an auction for $16.55 mill to Greek buyers. SEA GRACE 43,473/91 - HASHIHAMA - B&W 9,675-5HH - C 4X30T - SS/DD 06/2016 Sold for $3.5 mill to undisclosed buyers. TARIK 3 34,142/86 - HAYASHIKANE - SUL 12,971-5HH - C 4X25T - SS/DD 02/2016 Sold at an auction for $2 mill to Dutch buyers (Credit Europe Bank). CRESCENT HARBOUR 32,256/07 - KANDA - MIT 7,650-5HH - C 4X30T - SS 12/2017, DD 112015 Sold for $10.4 mill to undisclosed buyers. KEN KOKU 23,647/96 - SAIKI - B&W 7,051-4HH - C 4X30T - SS/DD 09/2016 Sold for $4.1mill to Vietnamese buyers. CHYRA 7,601/07 - JIANGSU - B&W 3,807-3HH - SS 04/2016, DD 01/2017 Sold for $3.6 mill to Greek buyers. WeberSeas, Weekly Market Report Page 2 of 8
CONTAINERS GATI MAJESTIC 10,736/95 - MIHO SHIMIZU - B&W 9,470-5HH - C 2X40T - 844 TEU Sold on private terms to Indian buyers (Ear Shipping). JESSICA B 7,975/00 - GERMANY - MAK 8,973-4HH - 660 TEU Sold for $2 mill to Greek buyers. FRESH FOR SALE BULKERS BERGEN TRADER 81,582/11 - SUNGDONG - B&W 15,228-7HH Vessel can be inspected in Kaohsiung where ETA 14 th February. PORT HAINAN 56,777/12 - COSCO - B&W 12,889-5HH - C 4X30T The vessel is currently in Rotterdam where can be inspected. PORT CANTON 56,745/12 - COSCO - B&W 12,889-5HH - C 4X30T The vessel is currently in Honghai, Vietnam where inspectable. PORT DALIAN 56,737/12 - COSCO - B&W 12,889-5HH - C 4X30T Vessel will be in Nantong on 14 th -16 th February where can be inspected. PORT ESTORIL,822/01 - ONOMICHI - B&W 11,641-5HH - C 4X30T The vessel can be inspected in Jinzhou where ETA 5 th March. ACHILLEUS 50,961/01 - OSHIMA - B&W 10,401-5HH - C 4X30T Vessel will be in Portland on 16 th February where can be inspected. OCEAN RIDER 41,712/96 - CROATIA - B&W 9,725-5HH - C 4X25T Vessel can be inspected in Ventspils where ETS 18 th February and then in Holland on 23 rd February. WeberSeas, Weekly Market Report Page 3 of 8
DEMOLITION DEMOLITION STATISTICS TYPE OF SHIP THIS DATE 2015 THIS DATE 2014 2014 TOTAL 2013 TOTAL ULCC/VLCC 0 2 11 15 SUEZMAX 1 1 5 9 AFRAMAX 0 3 18 18 PANAMAX TANKER 0 0 2 7 CAPE/COMBO (100,000 dwt +) 16 4 21 42 PANAMAX/KAMSARMAX BULKER 12 8 50 37 LOCATION TANKERS BULK CARRIERS CHINA 325-340 245-270 INDIA 400-420 380-410 BANGLADESH 400-420 380-410 PAKISTAN 405-425 375-405 DEMOLITION: INDIA CONT MOL BRAVERY 39,643/95-15,599 LDT - USD 416/LDT BANGLADESH M/V JAG ARJUN Including 700 tons ROB M/V FU YUAN M/V GLOBAL VICTORY M/V FERNIE M/V STAR TATIANNA M/V FLORA RO-RO ST.GREGORY THE GREAT 164,796/96-23,393 LDT - USD 373/LDT 1,011/92-15,9 LDT - USD 390/LDT 149,155/96-18,302 LDT - USD 405/LDT 122,292/96-16,516 LDT - USD 407/LDT 69,634/93-9,686 LDT - USD 417/LDT 38,518/86-9,649 LDT - USD 415/LDT 3,516/92-6,457 LDT - USD 402/LDT PAKISTAN M/V CAPE EAGLE 161,475/93-19,574 LDT - USD 420/LDT WeberSeas, Weekly Market Report Page 4 of 8
TYPE OF SHIP NEWBUILDING STATISTICS 2015 2016 2017 2018 * TOTAL ORDERBOOK ULCC/VLCC 24 50 14 2 90 SUEZMAX 12 30 22 64 AFRAMAX 55 72 25 14 166 PANAMAX 25 46 20 15 106 MR 191 166 30 1 388 10-35,000 DWT 95 108 71 3 277 CAPESIZE/ MINI CAPE / VLOC 80-100,000 DWT 130 148 35 2 315 134 124 54 4 316 PANAMAX 33 6 39 SUPRAMAX / HANDYMAX 332 244 59 3 638 HANDYSIZE 206 132 36 2 376 NEWBUILDING CONTRACTS No Size Type Yard Delivery Price (mill) Owners Comments 1 174,000 cbm LNG Daewoo SME 2017 n/a Teekay LNG 1 38,000 cbm LPG Hyundai Mipo 2017 $51.80 KSS Line Incl. T/C to Trammo Gas 1 320,000 dwt Tanker JMU 2017 n/a Meiji 6 114,000 dwt Tanker 4 114,000 dwt Tanker Daehan Shipbuilding Daehan Shipbuilding 2017 n/a 2017 n/a Sinokor Merchant Marine Sinokor Merchant Conversion from 4 x 180,000 dwt BC Marine 4 74,000 dwt Tanker STX 2017 n/a Oman Shipping +4 options 1 74,000 dwt Tanker STX 2016/17 $46.00 Valles +1 option 2 68,000 dwt Bulker Jiangsu Hantong Shipyard 2017 n/a Vulica Shipping Co. Self-unloading 4 2,700 teu Container Yangzijiang Shipbuilding 2017 n/a Lomar Shipping WeberSeas, Weekly Market Report Page 5 of 8
BALTIC DRY EX RATES THIS LAST % Baltic Dry Index 530 559-29 -5.19% Baltic Capesize 630 689-59 -8.56% Baltic Panamax 499 430 69 16.05% Baltic Supramax 486 530-44 -8.30% Baltic Handysize 268 301-33 -10.96% 7000 6500 6000 5500 5000 4500 4000 3500 3000 2500 2000 1500 1000 500 0 4500 4000 3500 3000 2500 2000 1500 1000 500 0 13-Feb-10 13-Apr-10 13-Jun-10 13-Feb-10 13-Apr-10 5000 4500 4000 3500 3000 2500 2000 1500 1000 500 0 13-Feb-10 13-Apr-10 13-Jun-10 13-Aug-10 13-Oct-10 13-Dec-10 13-Feb-11 13-Apr-11 13-Jun-11 13-Aug-11 13-Oct-11 13-Dec-11 13-Feb-12 13-Apr-12 13-Jun-12 13-Aug-12 13-Jun-10 13-Aug-10 13-Oct-10 13-Dec-10 13-Feb-11 13-Apr-11 13-Jun-11 13-Aug-11 13-Oct-11 13-Dec-11 13-Feb-12 13-Apr-12 13-Jun-12 13-Aug-12 13-Oct-12 13-Dec-12 13-Feb-13 13-Apr-13 13-Jun-13 13-Aug-13 13-Oct-13 13-Dec-13 13-Feb-14 13-Apr-14 13-Jun-14 13-Aug-14 13-Oct-14 13-Dec-14 13-Feb-15 WeberSeas, Weekly Market Report Page 6 of 8 B D I 13-Oct-12 13-Dec-12 B C I 13-Aug-10 13-Oct-10 13-Dec-10 13-Feb-11 13-Apr-11 13-Jun-11 13-Aug-11 13-Oct-11 13-Dec-11 13-Feb-12 13-Apr-12 13-Jun-12 13-Aug-12 13-Oct-12 13-Dec-12 B P I 13-Feb-13 13-Apr-13 13-Jun-13 13-Aug-13 13-Oct-13 13-Dec-13 13-Feb-14 13-Apr-14 13-Jun-14 13-Aug-14 13-Oct-14 13-Dec-14 13-Feb-15 13-Feb-13 13-Apr-13 13-Jun-13 13-Aug-13 13-Oct-13 13-Dec-13 13-Feb-14 13-Apr-14 13-Jun-14 13-Aug-14 13-Oct-14 13-Dec-14 13-Feb-15
MAJOR CAPITAL MARKETS INDEX THIS * LAST * % S HIGH S LOW DOW JONES 17,972.38 17,884.88 87.50 0.49% 18,103.40 15,855.10 NASDAQ 4,857.61 4,765.10 92.51 1.94% 4,857.61 3,946.03 AIM 698.05 697.95 0.10 0.01% 897.27 676.29 NIKKEI 17,979.72 17,504.62 475.10 2.71% 17,979.72 13,910.16 PUBLIC COMPANIES NAME SYMBOL DRY-CARGO SECTOR THIS * LAST * % HIGH LOW DIANA DSX 7.07 7.10-0.03-0.42% 13.93 6.25 DRYSHIPS DRYS 0.99 1.06-0.07-6.60% 4.37 0.76 GOLDENPORT HOLDINGS GPRT.L 154.00 185.50-31.50-16.98% 500.00 150.00 NAVIOS HOLDINGS NM 3.93 4.51-0.58-12.86% 12.12 3.50 NAME CAPITAL PRODUCT PARTNERS SYMBOL TANKER/ENERGY SECTOR THIS * LAST * % HIGH LOW CPLP 8.81 9.37-0.56-5.98% 11.63 6.54 STEALTHGAS GASS 5.76 5.38 0.38 7.06% 11.93 5.24 TEN TNP 7.14 7.16-0.02-0.28% 8.48 4.75 NAME SYMBOL THIS * CONTAINER SECTOR LAST * % HIGH LOW DANAOS DAC 5.87 4.57 1.30 28.45% 7.50 3.96 * Prices reflect Thursday s closing value. Prices in US$ except for Goldenport Holdings which is in GBP. WeberSeas, Weekly Market Report Page 7 of 8
RATES OF EX THIS LAST % Euro / $ 1.1389 1.1443-0.0054-0.47% Sterling / $ 1.5383 1.5333 0.0050 0.33% $ / Yen 119.124 117.330 1.794 1.53% $ / Nok 7.5882 7.4947 0.09 1.25% $ / Won 1,100.30 1,085.15 15.15 1.40% Brent Crude 60.16 58.24 1.92 3.30% LIBOR (3-month) 0.26% 0.25% -0.002-0.83% ESTIMATED VALUES* TANKERS PROMPT RESALE 5 YEARS 10 YEARS 20 YEARS VLCC $103.0m $77.0m $.0m $18.5m Suezmax $71.0m $57.0m $38.0m $13.0m Aframax $57.0m $43.0m $31.0m $10.0m Panamax $45.0m $33.0m $25.0m $8.5m Product $37.0m $22.0m $16.5m $6.5m BULK CARRIERS PROMPT RESALE 5 YEARS 10 YEARS 20 YEARS Capesize $50.0m $33.0m $19.0m $10.0m Panamax/Kamsarmax $29.0m $19.0m $12.5m $5.5m Supramax/Handymax $27.5m $18.5m $12.5m $4.5m * 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) 42,500/D 40,000/D SUEZMAX (150,000 dwt) 30,250/D 29,000/D AFRAMAX (110,00 dwt) 20,000/D 22,000/D PANAMAX (72,000 dwt) 18,250/D 18,000/D MR (45-50,000 dwt) 14,750/D 15,250/D * The above figures are representative rates for modern tankers only. BUNKER PRICES FUEL GRADES ROTTERDAM FUJAIRAH PIRAEUS SINGAPORE 380cst: $315.00 $365.00 $327.00 $365.00 180cst: $345.00 $387.50 $353.00 $382.50 MGO: $562.50 $800.00 $574.00 $572.50 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. 2015 WEBERSEAS (HELLAS) S.A. All Rights Reserved WeberSeas, Weekly Market Report Page 8 of 8