LY MARKET REPORT October 24th, 2014 / Week 43 The capesize and panamax segments continue to increase significantly this week with the BCI ending higher by the astonishing amount of 78% for the week (adding 1060 points), whilst the BPI increased by 16%. Overall the BDI ended nearly at 1200 points increasing by just over 26%. In contrast, the BSI and BHSI remained in the red loosing around 2.5% each for the week. These increases in the BCI/BPI are welcomed news for these sectors who have suffered heavily and it is interesting to see whether this upward trend can be sustained and how the S&P market will react to it. Limited transactions in the tanker market. Sinokor are the new owners of the 15 year old aframax NORTHERN PEARL (105,535 dwt / blt 1999 Japan) which reported sold for $12 million. We also report a few transactions in the smaller size, including a stainless steel unit with the exception being the MR NORD STAR (45,997 dwt / blt 2009 Japan) which concluded at $20.3 million. We ll revert the following week with nationality of buyers. In the drybulk segment we underline the activity in the panamax tonnage even though not many vessels being sold this week. A number of units are currently in the market for sale and a few more have been out in the market this week. In a concluded deal, the vintage RZS JOY (69,057 dwt / blt 1995 Japan) has been sold to Chinese interests for $5.4 million. In the capesize market, the 5-year old CAMILLA BULKER (179,000 dwt / blt 2009 Korea) has fetched almost $41 million. Most likely, CarVal is behind this acquisition showing faith in this specific dwt. Remind you, same operators have purchased a pair of 2012-built capers about a month ago. Market rumor has it that buyers of this modern cape might be Greeks. Another interesting transaction is the swap deal between Oldendorff and AEC Carriers. The first acquired the handy resale ex-naikai contracted by the second, having sold their 2006-built REGINA OLDENDORFF (37,504 dwt / 2006 Japan) to the Bahamas based operator. For yet another week, the NB activity remains firm with a number of orders being booked. Need to point out that the Japanese yard Kitanihon is now engaged for up to eight stainless steel vessels for three different owners. In the dry orderbook, Cosco will be responsible for constructing 2 x 64,000 dwt ultramaxes on behalf of a JV. Delivery is estimated for 2017 and the price around $28 million. WeberSeas, Weekly Market Report Page 1 of 10
In a different market, Pakistan and Bangladesh were the only ones showing interest in the recycling business. One VLCC and two aframaxes were bought by Pakistani breakers for nearly the same price, at $512/ldt, whereas the price for an oldie handysize bulker (7,757 ldt) has been $475/ldt. TANKERS NORTHERN PEARL 105,535/99 - SUMITOMO - SUL 16,314 - COILED - SBT - IGS - COW - DH SS/DD 10/2014 Sold for $12 mill to Korean buyers. NORD STAR 45,997/09 - SHIN KURUSHIMA - B&W 12,889 - COATED - COILED - SBT - IGS - DH SS 10/2019, DD 08/2017 Sold for $20.3 mill to undisclosed buyers. FAIRCHEM COLT 19,953/05 - USUKI - B&W 8,362 - ST. ST. COATING - COILED - SBT - IGS - DH SS/DD 02/2015 Sold for $19.5 mill to U.S. based buyers. FRANZ SCHULTE 12,900/06 - SAMHO - B&W 6,037 - COATED - COILED - SBT - IGS - COW - DH SS/DD 09/2016 Sold for $10.7 mill to Korean buyers. EQUINOX 9,431/93 - NETHERLANDS - MAK 3,997 - COATED - COILED - SBT - IGS - DH SS 03/2018, DD 04/2016 Sold for $4 mill to undisclosed buyers. ENERGIZER 8,491/95 - MALTA - NORMO 4,799 - COATED - SBT - IGS - DH - SS 12/2015 DD 08/2015 Sold for $4 mill to Russian buyers. CANSU D 5,850/05 - TURKEY - MAK 3,263 - COATED - COILED - SBT - IGS - DH - SS/DD 06/2015 Sold for $6.5 to Turkish buyers. BULKERS CAMILLA BULKER 179,000/09 - HYUNDAI - B&W 25,370-9HH - SS 09/2019, DD 05/2017 Sold for $41 mill to U.S. based buyers (CarVal Investors). RZS JOY 69,057/95 - IMABARI - SUL 13,501-7HH - SS/DD 12/2014 Sold for $5.4 mill to Chinese buyers. NAIKAI INNOSHIMA 772 37,860/04-15 - NAIKAI ZOSEN - B&W 11,257-5HH - C 4X30T Sold for $26.5 mill to German buyers (Oldendorff Carriers). REGINA OLDENDORFF 37,504/06 - SAIKI - MIT 9,600-5HH - C 4X36T - SS/DD 03/2016 Sold for $16.7 mill to Bahamas based buyers (AEC Carriers). WeberSeas, Weekly Market Report Page 2 of 10
PAOLA 32,564/04 - KANDA - MIT 7,650-5HH - C 4X30.5T - SS/DD 12/2014 Sold for $12.0 mill to undisclosed buyers. CONTAINERS AS CATALANIA 39,420/06 - HYUNDAI MIPO - B&W 34,357-2,824 TEU Sold on private terms to Greek buyers. CAPE SANTIAGO 18,402/01 - POLAND - B&W 13,610-1,129 TEU Sold for $3.7 mill to Chinese buyers. CAPE FALSTER 16,397/05 - GERMANY - B&W 15,037-1,200 TEU Sold for $4 mill to Singaporean based buyers (Continental Inv). FRESH FOR SALE TANKERS DL BELLFLOWER 109,390/03 - DALIAN - SUL 21,128 - COATED - COILED - SBT - IGS - COW DH Vessel is inspectable in Deasan, Korea where ETA 26 th October, ETB 29 th and ETC 30 th October. DL ROSE 49,997/07 - SPP - SUL 10,960 - COATED - COILED - SBT - IGS - COW - DH DL COSMOS 49,995/07 - SPP - SUL 10,960 - COATED - COILED - SBT - IGS - COW - DH DL SUNFLOWER 47,204/98 - OJNOMICHI - B&W 11,641 - COATED - COILED - SBT - IGS - COW DH CHINOOK MAIDEN 45,217/96 - MINAMI - B&W 13,581 - COATED - SBT - IGS - DH Vessel will be inspectable in Botany Bay, Australia between 29 th - 31 st October. BULKERS JEAN LD 173,000/05 - DAEWOO - B&W 22,920-9HH Vessel will be inspectable in Rizhao, China where ETB 29 th - 30 th October and ETD 1 st - 2 nd November. LOWLANDS MAINE 76,784/05 - SASEBO - B&W 12,549-7HH Vessel is enroute Lianyungang, China to discharge where ETA 6 th - 7 th November. MULBERRY WILTON 76,453/04 - TSUNEISHI - B&W 15,037-7HH Vessel will be drydocked at Cosco Guangdong Shipyard from 25 th October to 2nd November. ENDEAVOUR 71,259/96 - NAMURA - SUL 18,121-7HH WeberSeas, Weekly Market Report Page 3 of 10
Vessel will be inspectable in Singapore where ETA 29 th October. NASCO PEARL 56,861/10 - ZHEJANG - B&W 12,899-5HH - C 4X30T Vessel is currently in Bandar Abbas, Iran discharging until 27 th October. GOLDEN TRADER 48,170/94 - CROATIA - B&W 12,471-5HH - C 4X30T Vessel is currently loading in Mumbai, India. SEA GRACE 43,473/91 - HASHIHAMA TADOTSU - B&W 9,675-5HH - C 4X30T Vessel will be inspectable in Fujairah, UAE where ETA 25 th - 26 th October. SKY STAR 22,273/90 - SAIKI - MIT 6,241-4HH - C 4X30T Vessel will be inspectable in Lhok Seumawe, Indonesia while discharging between 24 th - 30 th October. CONTAINERS NOVOROSSIYSK STAR 25,656/99 - DALIAN - B&W 23,086-5HO, 9HA - 1,702 TEU Vessel will proceed to Mersin, Turkey where ETA 26 th of October. Thereafter, Haifa, Israel where ETA 28 th October. ODESSA STAR 25,638/00 - SHANGHAI - B&W 23,086-6HO, 9HA - 1,702 TEU Vessel will proceed to Constanta, Romania where ETA 24 th of October. Thereafter, Gemlik, Turkey where ETA 26 th October. 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 12 15 14 SUEZMAX 4 6 9 15 AFRAMAX 18 16 18 29 PANAMAX TANKER 1 5 7 3 CAPE/COMBO (100,000 dwt +) 19 34 42 68 PANAMAX/KAMSARMAX BULKER 43 33 37 101 LOCATION TANKERS BULK CARRIERS CHINA 375-390 345-365 INDIA 495-515 480-500 BANGLADESH 500-5 485-505 PAKISTAN 500-5 485-505 DEMOLITION: PAKISTAN M/T NEW PROGRESS M/T ASTON M/T FOUR ISLAND M/V AMIRA LAYAN 297,237/94-38,572 LDT - USD 514/LDT 94,225/95-16,111 LDT - USD 512/LDT 94,225/95-16,023 LDT - USD 512/LDT 37,554/84-7,757 LDT - USD 475/LDT BANGLADESH M/V RICSTAR 68,676/88-9,724 LDT - USD 470/LDT WeberSeas, Weekly Market Report Page 5 of 10
TYPE OF SHIP NEWBUILDING STATISTICS 2014 2015 2016 2017 * TOTAL ORDERBOOK ULCC/VLCC 8 27 45 12 92 SUEZMAX 7 10 24 14 55 AFRAMAX 11 58 59 17 145 PANAMAX 10 27 34 15 86 MR 36 199 170 32 437 10-35,000 DWT 27 87 95 61 270 CAPESIZE/ MINI CAPE / VLOC 80-100,000 DWT 23 142 143 32 340 20 142 111 40 313 PANAMAX 20 29 3 SUPRAMAX / HANDYMAX 76 336 229 50 691 HANDYSIZE 51 233 93 31 408 NEWBUILDING CONTRACTS No Size Type Yard Delivery Price (mill) Owners Comments 6 174,000 cbm LNG Daewoo SME 2018 $206.50 BP Shipping +2 options Eco vessels 2 35,000 dwt Tanker 2 35,000 dwt Tanker 2 25,000 dwt Tanker Kitanihon Shipbuilding Kitanihon Shipbuilding Kitanihon Shipbuilding 2017 xs $50.00 Tokyo Marine +2 options, stainless steel 2017 xs $50.00 Canal West stainless steel 2017 n/a Itochu Corp. stainless steel 2 64,000 dwt Bulker Cosco Shipbuilding 2017 $28.00 JV OPG Power Ventures & Noble Chartering 6 1,700 teu Container Zhejiang Ouhua Shipyard 2016/17 n/a Mandarin Shipping +2 options 10 5,400 dwt Offshore Norway 2016/18 n/a Maersk Supply AHTS 4 2,300dwt Offshore Wuchang Shipbuilding 2016 n/a COSL AHTS WeberSeas, Weekly Market Report Page 6 of 10
BALTIC DRY EX RATES THIS LAST % Baltic Dry Index 1192 944 248 26.27% Baltic Capesize 2422 1362 1060 77.83% Baltic Panamax 1121 966 155 16.05% Baltic Supramax 900 923-23 -2.49% Baltic Handysize 489 501-12 -2.40% 7000 6500 6000 5500 5000 4500 4000 3500 3000 2500 2000 1500 1000 500 0 3000 2500 2000 1500 1000 500 0 24-Oct-10 24-Dec-10 3000 2500 2000 1500 1000 500 0 24-Feb-11 24-Apr-11 24-Jun-11 24-Aug-11 24-Oct-11 24-Dec-11 24-Feb-12 24-Apr-12 24-Jun-12 24-Aug-12 24-Oct-12 24-Oct-10 24-Dec-10 24-Feb-11 24-Apr-11 24-Jun-11 24-Aug-11 24-Oct-11 24-Dec-11 24-Feb-12 24-Apr-12 24-Jun-12 24-Aug-12 24-Oct-12 24-Dec-12 24-Feb-13 24-Apr-13 24-Jun-13 24-Aug-13 24-Oct-13 24-Dec-13 24-Feb-14 24-Apr-14 24-Jun-14 24-Aug-14 24-Oct-14 WeberSeas, Weekly Market Report Page 7 of 10 B D I 24-Dec-12 B C I 24-Oct-10 24-Dec-10 24-Feb-11 24-Apr-11 24-Jun-11 24-Aug-11 24-Oct-11 24-Dec-11 24-Feb-12 24-Apr-12 24-Jun-12 24-Aug-12 24-Oct-12 24-Dec-12 B P I 24-Feb-13 24-Apr-13 24-Jun-13 24-Aug-13 24-Oct-13 24-Dec-13 24-Feb-14 24-Apr-14 24-Jun-14 24-Aug-14 24-Oct-14 24-Feb-13 24-Apr-13 24-Jun-13 24-Aug-13 24-Oct-13 24-Dec-13 24-Feb-14 24-Apr-14 24-Jun-14 24-Aug-14 24-Oct-14
Baltic Clean Tanker Baltic Dirty Tanker BALTIC WET EX RATES THIS LAST % 670 594 76 12.79% 716 700 16 2.29% 1600 1400 1200 1000 800 600 400 200 0 24-Oct-10 24-Dec-10 1600 1400 1200 1000 800 600 400 200 0 24-Oct-10 24-Dec-10 24-Feb-11 24-Apr-11 24-Jun-11 24-Aug-11 24-Oct-11 24-Dec-11 24-Feb-12 24-Apr-12 24-Jun-12 24-Aug-12 24-Feb-11 24-Apr-11 24-Jun-11 24-Aug-11 24-Oct-11 24-Dec-11 24-Feb-12 24-Apr-12 24-Jun-12 24-Aug-12 24-Oct-12 24-Oct-12 24-Dec-12 BCTI 24-Dec-12 24-Feb-13 BDTI 24-Feb-13 24-Apr-13 24-Jun-13 24-Aug-13 24-Oct-13 24-Dec-13 24-Feb-14 24-Apr-14 24-Jun-14 24-Aug-14 24-Oct-14 24-Apr-13 24-Jun-13 24-Aug-13 24-Oct-13 24-Dec-13 24-Feb-14 24-Apr-14 24-Jun-14 24-Aug-14 24-Oct-14 WeberSeas, Weekly Market Report Page 8 of 10
MAJOR CAPITAL MARKETS INDEX THIS LAST % S HIGH S LOW DOW JONES 16,677.90 16,117.24 560.66 3.48% 17,350.60 15,340.70 NASDAQ 4,012.27 4,217.39-205.12-4.86% 4,118.91 3,318.40 AIM 708.88 676.29 32.59 4.82% 897.27 676.29 NIKKEI 15,138.96 14,738.38 400.58 2.72% 16,374.10 13,885.10 PUBLIC COMPANIES NAME SYMBOL THIS DRY-CARGO SECTOR LAST % HIGH LOW DIANA DSX 8.78 8.46 0.32 3.78% 13.93 7.74 DRYSHIPS DRYS 2.00 1.76 0.24 13.64% 5.00 1.32 GOLDENPORT HOLDINGS GPRT.L 297.00 302.50-5.50-1.82% 500.00 295.00 NAVIOS HOLDINGS NM 5.63 5.00 0.63 12.60% 12.12 4.20 NAME CAPITAL PRODUCT PARTNERS SYMBOL TANKER/ENERGY SECTOR THIS LAST % HIGH LOW CPLP 9.22 8.34 0.88 10.55% 11.63 7.31 STEALTHGAS GASS 8.22 7.78 0.44 5.66% 13.00 6.78 TEN TNP 6.32 5.86 0.46 7.85% 8.48 4. NAME SYMBOL THIS CONTAINER SECTOR LAST % HIGH LOW DANAOS DAC 4.54 4.50 0.04 0.89% 7.75 3.68 * Prices reflect Thursday s closing values. 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 / $ 1.2653 1.2803-0.0150-1.17% Sterling / $ 1.6069 1.6073-0.0004-0.02% $ / Yen 108.205 106.495 1.710 1.61% $ / Nok 6.5714 6.5580 0.01 0.20% $ / Won 1,057.81 1,065.19-7.37-0.69% Brent Crude 86.07 85.92 0.15 0.17% 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 $74.0m $48.0m $17.5m Suezmax $66.0m $55.0m $34.0m $12.0m Aframax $.0m $35.5m $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 $59.0m $41.0m $28.0m $11.0m Panamax/Kamsarmax $31.5m $20.5m $14.0m $6.0m Supramax/Handymax $30.5m $21.5m $14.5m $6.0m * 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) 29,750/D 33,000/D SUEZMAX (150,000 dwt) 22,500/D 24,000/D AFRAMAX (110,00 dwt) 18,500/D 22,000/D PANAMAX (72,000 dwt) 15,500/D 16,500/D MR (45-50,000 dwt) 13,750/D 14,500/D * The above figures are representative rates for modern tankers only. BUNKER PRICES FUEL GRADES ROTTERDAM FUJAIRAH PIRAEUS SINGAPORE 380cst: $455.50 $480.00 $484.00 $472.00 180cst: $485.00 $515.00 $510.50 $488.50 MGO: $719.50 $937.50 $768.00 $730.00 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