MARKET REPORT WEEK 12 BASED ON SALES AND PURCHASES OF VESSELS WEEK ENDED FRIDAY 25 th MARCH 2011 The Baltic Freight Indices only moved within small bands w-o-w with the Capes being the biggest mover, reversing their larger losses the week before to finish about +7% up for the week on Friday. The BPI (the only loser) lost less than 1% and the BSI and BHSI ended the week up approximately +1.8% and + 3.3% respectively. It seems that meantime the world is rather 'holding its breath' whilst watching events unfold in Japan and in Northern Africa / Middle East. Since both events are still very much 'ongoing' and could (are likely too) have large effects on the world and shipping markets its not surprising that governments, financial institutions and commerce in general are watching events closely in order to decide future plans including ship sale and purchase decisions. The Japanese disaster(s) are complex both for Japan and the world's economy. Whilst the physical ordeal of dealing with the dead and clearing the Tsunami induced debris will be completed relatively quickly, the time to rebuild, the cost, and who pays are the big unknowns at this time but if it means that Japanese investments overseas have to be liquidated and funds brought back into Japan in order to assist the national cost (both to the government and to the public in the likelihood of increased taxes) then this will effect world trade balances and even the value of the yen against other currencies etc. On top of all that it seems that the Fukushima Nuclear plant is still not fully under control and should the Tokyo / Yokohama areas end up seriously affected by radiation that would add a whole new and so far unfathomable dimension to the equation, and it would not be a good one. The North Africa / Middle East unrest is also a major concern because apart from the cost of the current UN led operations in Libya, the thousands of displaced people from / to various other countries in the region and the general ongoing loss of productivity in all sectors of commerce in the region, the ultimate 'elephant in the room' is what effect all this is going to have on the production and cost of oil. The rising cost of oil being of major concern to 'the West' which is still very much in recovery mode from its own financial meltdown of end 2008. Lastly, regarding the demolition sector, the much anticipated Bangladesh court orders allowing a resumption of recycling there have still not been signed off, causing the optimistic expectations of about 3 weeks ago to now turn to concern that maybe there is still a serious impasse in the bureaucracy there. Accordingly, cash buyers are now easing back on purchases on the back of on selling to Bangladesh, though fortunately the news is not all bad as it seems that India and Pakistan are now competing and paying high $400 levels, whilst China's indicative scrap level remains about $50 less per LDT.
FRONT EAGLE 309,064 01/2002 EAGLE VIRGINIA EAGLE VERMONT 306,999 02/2002 306,999 09/2002 RATHROWAN 4,059 09/1991 SAMSUNG, HYUNDAI, HYUNDAI, S,KOREA BARKMEIJER, NETHERLANDS TANKERS HULL DH 67.00M US LISTED DH 60.00M DH 60.00M US BASED (ICON CAPITAL) US BASED (ICON CAPITAL) INCL 2 YRS TC TO FRONTLINE INCL 7 YRS BB BACK TO AET INCL 7 YRS BB BACK TO AET DH 4.00M UNDISCLOSED BITUMEN COMBO GEAR / PUMPS GAS CBM
2500 BALTIC TANKER INDICES 2011 2000 1500 1000 500 0 0 5 10 15 20 25 30 35 40 45 50Week BDTI 10 BCTI 10 BDTI 11 BCTI 11
BULKERS GEAR LOTUS STAR 148,629 11/1981 AO XING GE 93,000 03/2011 CAPESIZE / VLOC HYUNDAI, PANAMAX / POST-PANAMAX JIANGSU, CHINA - P+C UNDISCLOSED - 39.70M KOREAN LOWLANDS PATRASCHE 58,790 08/2007 GLOBAL INFINITY 57,700 01/2011 ABG 313 54,000 03/2011 OCEAN ISLAND 46,745 12/1983 SHEN MING HONG 7 43,214 09/1984 STAR PROVIDENCE 40,698 04/1985 ABG 329 32,000 02/2011 ABG 330 32,000 03/2011 PAN VOYAGER 29,433 03/1985 PANARROW 28,442 09/2009 VOGE MAJA 24,518 02/1996 BELLATRIX ID 22,273 02/1990 HANDYMAX / SUPRAMAX TSUNEISHI, PHILIPPINES STX, CHINA ABG, INDIA PUSAN, SANOYAS, TSURUMI, ABG, INDIA ABG, INDIA HANDIES HYUNDAI, IMABARI, SHIN KURUSHIMA, SAIKI, CR4x30T 30.30M GREEK (GLOBUS MARITIME) CR4x30T 30.00M GREEK CR4x30T 27.98M CR3x20T CR2x15T SINGAPOREAN (GLOBAL BULK CARRIER) 6.50M CHINESE CR4x25T 6.00M UNDISCLOSED CR4x35T 8.60M CHINESE CR4x30T 21.69M CR4x30T 21.69M SINGAPOREAN (GLOBAL BULK CARRIERS) SINGAPOREAN (GLOBAL BULK CARRIERS) CR5x15T 3.95M GREEK CR4x30.7T 28.00M PAKISTAN (PNSC) CR3x25T 14.00M KOREAN CR4x30T 8.65M UNDISCLOSED INCL BALANCE OF TC TILL 2015 EACH SMALL BULKERS
BALTIC DRY INDICES 2011 8500 7500 6500 5500 4500 3500 2500 1500 500 0 5 10 15 20 25 30 35 40 45 50 BDI 11 BCI 11 BPI 11 BSI 11 BHSI 11 BDI 10 BCI 10 BPI 10 BSI 10 BHSI 10 Week
INDICATIVE REPORTED FIXTURES RATE CHARTERERS DURATION PACIFIC CENTURY 2011 180,000 14,650$/D SWISS MARINE 3/6 MONTHS PELLA 2010 82,191 18,250$/D BUNGE 4/6 MONTHS SEA OF GRACIA 2003 76,015 17,350$/D NORDEN 4/6 MONTHS GRACE ONE 2001 75,563 17,000$/D CLIPPER 11/13 MONTHS CONTI SELENIT 2010 75,200 16,500$/D STX 11/13 MONTHS ACCORD 1997 71,355 22,500$/D COPENSHIP 4/6 MONTHS JOSCO CHANGZHOU 2011 58,000 15,500$/D CSC 11/13 MONTHS NEW LIU LIN HAI 2004 55,676 21,500$/D EDF MAN 3/5 MONTHS PORT MAUBERT 2008 53,825 18,000$/D SAM SHIPPING 1 OLYMPIAS 2001 52,817 16,500$/D ITIRO 1 AKILI 2001 52,301 16,000$/D KLAVENESS 5/7 MONTHS NAVIOS SERENITY 2011 34,718 13,000$/D CARGILL 11/13 MONTHS BALTIC DRY INDICES BDI BCI BPI BSI BHSI PREVIOUS WEEK CURRENT WEEK + / - 1531 1585 54 1687 1805 118 2094 2078-16 1574 1603 29 755 780 25
TWEEN / MPP / GENERAL CARGO GEAR MILLENIA TOWER 22,734 06/1990 RECIFE 22,219 08/1991 CONTAINER GEAR TEU SHIN KURUSHIMA, SHIN KURUSHIMA, GLESS 1404 3.00M UNDISCLOSED EACH GLESS 1380 3.00M UNDISCLOSED REEF REEF. CAP/TY GEAR PCC/ RORO / PASS CARS/ LM PAX
CAPE SANTA MILAGRIA TYPE DEMOLITION LDT USD/LT SOLD TO BULK 139,816 1985 21,505 465 CHINA - ANTONIS A TANK 39,711 1982 10,212 460 CHINA - PENELOPE TANK 15,329 1996 6,762 520 INDIA - HIBISCUS ONE TWEEN 5,672 1978 2,474 483 INDIA - FIONA REEF 5,232 1986 2,385 472 INDIA - TYPE DELY NEWBUILDINGS CONT 13,000 TEU 2013/14 SAMSUNG H I 136.00M OOCL 6+4 OPTION MARKET RATES BRENT GBP USD USD K WON USD YEN EURO USD PREVIOUS WEEK 115.74 1.615 1128.65 81,405 1.4128 CURRENT WEEK + / - 115.6 1.6092-0.14-0.0058 1118.94-9.71 81,250-155 1.4167 0.0039