LY MARKET REPORT December 5th, 2014 / Week 49 The freight market continued to soften throughout this week with the BDI concluding at 982 points, down by almost 15%. The index for capesize sector seems very fragile and continues to trouble the market with a 40% loss. BPI lost 32 points even though it started the week with a positive reaction. The BSI also decreased, whereas there was a slight improvement in the BHSI. Not much of activity in this week s second hand market. In the tanker sector, we report the sale of LR2 DL BELLFLOWER (109,390 dwt / blt 2003 China) to Chinese buyers for $18.5 million on the back of a conversion project. A couple of MR deals are reported including one older sale. A pair of 51,000 dwt vessels, namely ESHIPS FALCON & ESHIPS MAYA (51,156 dwt / blt 2010 Korea) were en bloc committed to UAE interests. Lomar Shipping of Greece continuing their buying spree, have already concluded the OCEAN FORCE & OCEAN SPIRIT (40,081 dwt / blt 2003 Korea) for a total $32 million. Lastly, a stainless steel unit changed hands, with Korean Glovis paying $19 million for the 10 year old LAUREL GALAXY (19,805 dwt / blt 2004 Japan). The performance within the dry sector is even slower, with only three concluded sales and clear focus in the capesize segment. The PACIFIC TRIANGLE (184,744 dwt / blt 2000 Korea) has been sold to Turkish owners as part of a conversion plan. Moreover, Chinese buyers picked up the CAPE MERLIN (150,966 dwt / blt 1994 Japan) for mid-$10 s. The handysize DURBAN BULKER has now been committed to Hong Kong based buyers for the reported $13.4 million. A few new orders in the tanker orderbook can be found in our report including a couple bookings within the gas sector. Singapore based Tulshyan Group supported financially by CSSC of China (as reported last week) has increased their orderbook to total 5 firm suezmaxes in SWS with delivery scheduled for 2016-2017. In addition, Pleiades Shipping went to STX for 2+4 x 73,500 dwt LR1s. Volatility in the demolition market is seen more clearly. Activity was spread through all major scrapping destinations with Bangladeshi buyers being more determined. On the larger tonnage, Cyprus Maritime sent one more panamax for recycling; this time is the PRINCESS NATALIE (9,161 ldt / blt 1989) which achieved $465/ldt and heading to Pakistan. WeberSeas, Weekly Market Report Page 1 of 10
TANKERS DL BELLFLOWER 109,390/03 - DALIAN - SUL 21,128 - COATED - COILED - SBT - IGS - COW DH - SS 02/2018, DD 04/2016 Sold for $18.5 mill to Chinese buyers for conversion into a crane carrier. ESHIPS FALCON 51,156/10 - SLS - B&W 12,889 - COATED - COILED - SBT - IGS - COW - DH SS/DD 03/2015 ESHIPS MAYA 51,150/10 - SLS - B&W 11,640 - COATED - COILED - SBT - IGS - COW - DH SS/DD 07/2015 Sold en bloc for $26.25 mill each to UAE based buyers (United Arab Chemical Carriers). OCEAN FORCE 40,081/03 - SHINA - B&W 11,665 - COATED - COILED - SBT - IGS - DH SS 06/2018, DD 09/2016 OCEAN SPIRIT 40,081/03 - SHINA - B&W 11,641 - COATED - COILED - SBT - IGS - DH SS 02/2018, DD 04/2016 Sold en bloc for $32 mill Greek buyers (Lomar Shipping). (Old sale). LAUREL GALAXY 19,805/04 - KITANIHON - MIT 8,470 - ST. ST. COATING - COILED - SBT - IGS DH - SS 08/2019, DD 08/2017 Sold for $19 mill to Korean buyers (Glovis Hyundai). LPG GAS PREMIERSHIP 6,634/01 - MURAKAMI HIDE - B&W 6,159 - SBT - DH - 7,070 CBM Sold for $14.2 mill to undisclosed buyers. The sale includes 4-year bareboat back. KEOJE TIGER 6,502/95 - FUKUOKA - B&W 3,270 - COATED - COILED - SBT - DH - SS 09/2019 DD 07/2017 Sold for $4.3 mill to Taiwanese buyers (old sale). BULKERS PACIFIC TRIANGLE 184,744/00 - SAMSUNG - B&W 21,086-9HH - SS/DD 02/2015 Sold for $17 mill to Turkish buyers (Karadeniz Holdings) for a conversion project. CAPE MERLIN 150,966/94 - KAWASAKI - B&W 17,759-9HH - SS 02/2019, DD 03/2017 Sold for $10.5 mill to Chinese buyers. DURBAN BULKER 32,545/05 - KANDA - MIT 9,001-5HH - C 4X30.5T - SS/DD 02/2015 Sold for $13.4 mill to Hong Kong based buyers (Taylor Maritime). CONTAINERS NYK VERONICA 34,567/09 - STX - B&W 29,598 - C 4X40T - 2,664 TEU NYK ROSA 34,8/09 - STX - B&W 29,548 - C 4X40T - 2,664 TEU Sold en bloc on private terms to Greek buyers (Lomar Shipping). (Old sale). WeberSeas, Weekly Market Report Page 2 of 10
RIO EIDER 34,444/05 - GERMANY - WARTSILA 29,313 - C 3X45T - 2,490 TEU Sold on private terms to Greek buyers (Lomar Shipping). (Old sale). INDEPENDENT PURSUIT 34,281/07 - YANGZIJIANG - B&W 29,449 - C 3X45T - 2,546 TEU HAMMONIA PACIFICUM 34,241/07 - YANGZIJIANG - B&W 29,449 - C 3X45T - 2,546 TEU Sold en bloc for $13.1 mill each to undisclosed buyers. WeberSeas, Weekly Market Report Page 3 of 10
FRESH FOR SALE TANKERS DESIMI 296,865/11 - SHANGHAI JIANGNAN - B&W 34,643 - COILED - SBT - IGS - COW - DH Vessel inspectable in Angras Dos Reis, Brazil where ETA 9 th December. SOLANA 296,790/10 - SHANGHAI JIANGNAN - B&W 34,643 - COILED - SBT - IGS - COW - DH Vessel is enroute Singapore where ETA 22 nd December. EMERALD SUMMIT 74,986/13 - STX - B&W 15,037 - COATED - SBT - IGS - COW - DH Vessel is inspectable in Singapore on 26 th December. BULKERS CHS BRIGHT 151,053/95 - KAWASAKI - B&W 17,301-9HH Vessel is inspectable in Abbot Bay, Australia where ETA 15 th December and ETD 25 th December. RIRUCCIA 74,002/97 - HASHIHAMA - B&W 12,100-7HH Vessel is presently in Vancouver, Canada where ETC 8 th - 10 th December to discharge in Iraq. BAO LUCKY 64,800/14 - HANTONG - B&W 10,945-5HH - C 4X30T Vessel is currently discharging in Spain. BAO TONG 64,000/14 - CHENGXI - B&W 10,945-5HH - C 4X30T Vessel will discharge in Australia where ETA 23 rd December. BAO RUN 64,000/14 - CHENGXI - B&W 10,945-5HH - C 4X30T Vessel ETD Australia 5 th - 6 th December for discharge Indonesia. GEMINI PIONEER 55,624/08 - MITSUI - B&W 12,889-5HH - C 4X30T Vessel is enroute Bunbury, Australia where ETA 16 th December. Thereafter will proceed to South Africa for discharge. GRIGORPAN 53,733/02 - NEW CENTURY - B&W 12,889-5HH - C 4X40T Vessel is inspectable in Iskenderun, Turkey until 8 th December. VTC OCEAN 23,492/99 - TSUNEISHI - B&W 7,051-4HH - C 4X30T Vessel is inspectable in Ho Chi Minh City, Vietnam where ETD 11 th December. CONTAINERS JULA S 33,796/05 - GERMANY - B&W 28,059-5HO - C 3X45T - 2,474 TEU Vessel is enroute Nacala, Mozambique where ETA 7 th December and thereafter, ETA Port Louis, Mauritius 17 th December. WeberSeas, Weekly Market Report Page 4 of 10
DEMOLITION DEMOLITION STATISTICS TYPE OF SHIP THIS DATE 2014 THIS DATE 2013 2013 TOTAL 2012 TOTAL ULCC/VLCC 11 15 15 14 SUEZMAX 5 8 9 15 AFRAMAX 18 17 18 29 PANAMAX TANKER 2 7 7 3 CAPE/COMBO (100,000 dwt +) 21 41 42 68 PANAMAX/KAMSARMAX BULKER 47 36 37 101 LOCATION TANKERS BULK CARRIERS CHINA 365-380 315-345 INDIA 475-495 475-495 BANGLADESH 485-505 470-485 PAKISTAN 485-505 470-485 DEMOLITION: INDIA M/T STOLT MARKLAND GC SOUTHERN SEA 31,433/91-8,943 LDT - undisclosed price 11,372/83-4,057 LDT - undisclosed price BANGLADESH GC FREEDOM (Including 300 tons ROB) GC LILY REGAL M/V BRIGHT FUTURE 9,618/97-3,663 LDT - undisclosed price, as is Shanghai 8,350/84-3,348 LDT - USD 470/LDT 6,025/84-1,976 LDT - USD 395/LDT PAKISTAN M/V PRINCESS NATALIE (Including 200 tons ROB) M/V WAN LI 70,242/89-9,161 LDT - USD 465/LDT 42,244/85-7,778 LDT - undisclosed price CHINA M/V DONG FENG 24,150/86-7,755 LDT - undisclosed price WeberSeas, Weekly Market Report Page 5 of 10
TYPE OF SHIP NEWBUILDING STATISTICS 2014 2015 2016 2017 * TOTAL ORDERBOOK ULCC/VLCC 1 27 46 13 87 SUEZMAX 5 10 25 16 56 AFRAMAX 4 59 64 22 149 PANAMAX 6 29 36 17 88 MR 17 200 162 30 409 10-35,000 DWT 15 96 101 69 281 CAPESIZE/ MINI CAPE / VLOC 80-100,000 DWT 14 143 146 35 338 7 146 113 43 309 PANAMAX 10 35 3 48 SUPRAMAX / HANDYMAX 36 356 236 680 HANDYSIZE 28 217 106 32 383 NEWBUILDING CONTRACTS No Size Type Yard Delivery Price (mill) Owners Comments 1 165,000 cbm LNG Japan Marine United 2017 n/a Mitsui OSK 1 84,000 cbm LPG Hyundai H.I. 2015 n/a Transpetrol Option exercised 1 6,500 cbm LNG STX Bunkering 2016 n/a Shell Shipping Shipbuilding tanker 5 158,000 dwt Tanker SWS 2016/17 n/a 2 73,500 dwt Tanker STX Shipbuilding 2016/17 n/a Tulshyan Group Pleiades Shipping Agencies +4 options 2 25,000 dwt MPP Guangzhou Shipbuilding 2015/16 n/a Red Box Energy Services WeberSeas, Weekly Market Report Page 6 of 10
BALTIC DRY EX RATES THIS LAST % Baltic Dry Index 982 1153-171 -14.83% Baltic Capesize 1282 2151-869 -40.40% Baltic Panamax 1088 1120-32 -2.86% Baltic Supramax 971 986-15 -1.% Baltic Handysize 499 491 8 1.63% 7000 6500 6000 5500 5000 4500 4000 3500 3000 2500 2000 1500 1000 500 0 2500 2000 1500 1000 500 0 05-Dec-10 05-Feb-11 3000 2500 2000 1500 1000 500 0 5-Dec-10 5-Feb-11 5-Apr-11 5-Jun-11 5-Aug-11 5-Oct-11 5-Dec-11 5-Feb-12 5-Apr-12 5-Jun-12 5-Aug-12 5-Oct-12 5-Dec-12 05-Apr-11 05-Jun-11 05-Aug-11 05-Oct-11 05-Dec-11 05-Feb-12 05-Apr-12 05-Jun-12 05-Aug-12 05-Oct-12 05-Dec-12 5-Feb-13 5-Apr-13 5-Jun-13 5-Aug-13 5-Oct-13 5-Dec-13 5-Feb-14 5-Apr-14 5-Jun-14 5-Aug-14 5-Oct-14 5-Dec-14 WeberSeas, Weekly Market Report Page 7 of 10 B D I 05-Feb-13 05-Apr-13 B C I 05-Dec-10 05-Feb-11 05-Apr-11 05-Jun-11 05-Aug-11 05-Oct-11 05-Dec-11 05-Feb-12 05-Apr-12 05-Jun-12 05-Aug-12 05-Oct-12 05-Dec-12 05-Feb-13 B P I 05-Jun-13 05-Aug-13 05-Oct-13 05-Dec-13 05-Feb-14 05-Apr-14 05-Jun-14 05-Aug-14 05-Oct-14 05-Dec-14 05-Apr-13 05-Jun-13 05-Aug-13 05-Oct-13 05-Dec-13 05-Feb-14 05-Apr-14 05-Jun-14 05-Aug-14 05-Oct-14 05-Dec-14
Baltic Clean Tanker Baltic Dirty Tanker BALTIC WET EX RATES THIS LAST % 766 823-57 -6.93% 815 866-51 -5.89% 1600 1400 1200 1000 800 600 400 200 0 05-Dec-10 05-Feb-11 1600 1400 1200 1000 800 600 400 200 0 05-Dec-10 05-Feb-11 05-Apr-11 05-Jun-11 05-Aug-11 05-Oct-11 05-Dec-11 05-Feb-12 05-Apr-12 05-Jun-12 05-Aug-12 05-Oct-12 05-Dec-12 05-Apr-11 05-Jun-11 05-Aug-11 05-Oct-11 05-Dec-11 05-Feb-12 05-Apr-12 05-Jun-12 05-Aug-12 05-Oct-12 05-Dec-12 05-Feb-13 05-Apr-13 BCTI 05-Feb-13 05-Apr-13 BDTI 05-Jun-13 05-Aug-13 05-Oct-13 05-Dec-13 05-Feb-14 05-Apr-14 05-Jun-14 05-Aug-14 05-Oct-14 05-Dec-14 05-Jun-13 05-Aug-13 05-Oct-13 05-Dec-13 05-Feb-14 05-Apr-14 05-Jun-14 05-Aug-14 05-Oct-14 05-Dec-14 WeberSeas, Weekly Market Report Page 8 of 10
MAJOR CAPITAL MARKETS INDEX THIS LAST % S HIGH S LOW DOW JONES 17,900.10 17,827.75 72.35 0.41% 17,937.96 15,340.70 NASDAQ 4,769.44 4,787.32-17.88-0.37% 4,810.86 3,946.03 AIM 710.23 728.72-18.49-2.54% 897.27 676.29 NIKKEI 17,887.21 17,248.50 638.71 3.70% 17,922.29 15,407.94 PUBLIC COMPANIES DRY-CARGO SECTOR NAME SYMBOL THIS LAST % HIGH LOW DIANA DSX 7.06 7.70-0.64-8.31% 13.93 6.85 DRYSHIPS DRYS 1.17 1.44-0.27-18.75% 5.00 1.16 GOLDENPORT HOLDINGS GPRT.L 266.50 270.00-3.50-1.30% 500.00 259.36 NAVIOS HOLDINGS NM 4.39 5.10-0.71-13.92% 12.12 4.20 NAME CAPITAL PRODUCT PARTNERS SYMBOL TANKER/ENERGY SECTOR THIS LAST % HIGH LOW CPLP 7.84 8.14-0.30-3.69% 11.63 7.31 STEALTHGAS GASS 6.66 7.45-0.79-10.60% 12.10 6.78 TEN TNP 7.25 7.10 0.15 2.11% 8.48 4.75 NAME SYMBOL THIS CONTAINER SECTOR LAST % HIGH LOW DANAOS DAC 5.69 5.88-0.19-3.23% 7.75 3.96 * Prices reflect Thursday s closing value. Prices in US$ except for Goldenport Holdings which is in GBP. WeberSeas, Weekly Market Report Page 9 of 10
RATES OF EX THIS LAST % Euro / $ 1.2367 1.2481-0.0114-0.91% Sterling / $ 1.5686 1.5697-0.0011-0.07% $ / Yen 121.090 118.335 2.755 2.33% $ / Nok 7.1609 6.9754 0.19 2.66% $ / Won 1,116.64 1,110.24 6.40 0.58% Brent Crude 69.29 72.97-3.68-5.04% LIBOR (3-month) 0.23% 0.23% -0.002-0.83% ESTIMATED VALUES* TANKERS PROMPT RESALE 5 YEARS 10 YEARS 20 YEARS VLCC $103.0m $75.0m $49.0m $17.5m Suezmax $72.0m $54.0m $35.0m $12.0m Aframax $54.0m $39.0m $25.0m $8.5m Panamax $45.0m $30.5m $22.0m $8.0m Product $36.0m $21.0m $15.5m $6.5m BULK CARRIERS PROMPT RESALE 5 YEARS 10 YEARS 20 YEARS Capesize $56.0m $40.0m $26.0m $11.0m Panamax/Kamsarmax $31.0m $19.0m $14.0m $6.5m Supramax/Handymax $30.5m $20.5m $13.5m $6.5m * 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) 35,000/D 33,000/D SUEZMAX (150,000 dwt) 28,000/D 25,750/D AFRAMAX (110,00 dwt) 20,500/D 22,000/D PANAMAX (72,000 dwt) 17,500/D 17,250/D MR (45-50,000 dwt) 14,500/D 15,250/D * The above figures are representative rates for modern tankers only. BUNKER PRICES FUEL GRADES ROTTERDAM FUJAIRAH PIRAEUS SINGAPORE 380cst: $356.00 $402.50 $377.00 $410.00 180cst: $386.00 $455.00 $403.50 $427.50 MGO: $607.50 $885.00 $643.00 $638.00 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 10 of 10