Dec-5 Apr-6 Aug-6 Dec-6 Apr-7 Aug-7 Dec-7 Apr-8 Aug-8 Dec-8 Apr-9 Aug-9 Dec-9 Apr-1 Aug-1 Dec-1 Apr-11 Aug-11 Dec-11 Apr-12 Aug-12 Dec-12 Apr-13 Aug-13 Dec-13 Apr-14 Aug-14 Dec-14 Apr-15 Aug-15 Dec-15 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(at)atheniansa(dot)gr M O N T H L Y R E P O R T Baltic Dry Index December 215 PRICES TANKERS ($ MIO) * Prices reflect Year s End 29* 21* 211* 212* 213* 214* Dec-15 VLCC 5Y 78. 87.8 55.6 56. 55.8 77.1 8 VLCC 1Y 59.5 64.3 34.1 35. 35. 52.1 55 SUEZMAX 5Y 57. 62.8 45.6 4.2 39.5 56.8 6 AFRAMAX 5Y 4.5 44.5 34.7 28. 27.8 41.9 46 AFRAMAX1Y 23.5 3.7 19.3 16.3 16.3 26.8 31 PANAMAX5Y 35.5 39. 3.9 24.3 24.3 33.4 35 45K 5Y D/H 23.5 27.3 25.8 23. 23.3 23.8 28.9 45K 1Y D/H 16. 19.7 15.8 15.5 15.7 15.2 19.6 45K 2Y 4. 6.7 6. 6.2 6.2 6.5 8.5 PRICES BULKERS ($ MIO) * Prices reflect Year s End 29* 21* 211* 212* 213* 214* Dec-15 CAPESIZE 5Y 54.5 57. 36.3 32. 43.9 39.5 25 CAPESIZE 1Y 45. 43. 26.8 2.5 31. 27.8 13.6 CAPESIZE 15Y 28. 26. 15.2 12.7 18.2 16.3 8.5 CAPESIZE 2Y 16.5 16.4 1.5 9.3 1.1 9. 5.6 PANAMAX 5Y 35. 38.5 26.4 18. 25.6 2.1 14 PANAMAX 1Y 27.5 31.6 18.6 12.5 17.9 14.6 8.5 PANAMAX 15Y 22. 23.1 12.4 8.3 12. 1. 5 PANAMAX 2Y 12. 13.8 8.1 5.4 7.5 5.4 3.6 SUPRAMAX 5Y 27.5 31.9 26.4 23.3 24.3 2.8 13.6
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 1. Monthly Tanker Market Trend 7 Monthly 1 Yr TC Rates 9. 8. 6 7. 5 6. 5. 4 4. 3 3. 2 2. 1. 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 7. Monthly Bulk Carrier Market Trend 4 Monthly 1 Yr TC Rates 6. 35 5. 3 4. 3. 2. 1.. 25 2 15 1 5 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 S&P Activity Dry (>5, Dwt) AVAILABLE FOR SALE REPORTED SOLD PREVIOUS MONTH A/BLE FOR SALE PREVIOUS MONTH SALES S&P Activity Tankers (>5, Dwt) AVAILABLE FOR SALE REPORTED SOLD PREVIOUS MONTH A/BLE FOR SALE PREVIOUS MONTH SALES 3 15 2 197 238 1 128 126 1 46 41 5 2 29 THIS MONTH - PREVIOUS MONTH THIS MONTH - PREVIOUS MONTH *Excluding demolition sales Sale and Purchase Market Ship Type Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Total BULK 34 27 41 36 41 46 225 TANK 47 31 32 19 29 2 178 GAS 6 1 1 8 1 2 19 CONT 19 13 12 12 9 6 71 TWEEN 2 1 1 2 1 2 9 REEF 1 1 2 RORO 2 2 4 FERRY 1 1 CRUISE 1 Total 11 74 87 77 83 78 59
4 Baltic Clean Tanker - Yearly 95 833 85 75 65 55 591 45 468 35 1 4 7 1 13 16 19 22 25 28 31 34 37 4 43 46 49 52 214 WEEK NO 215 11 1 9 8 7 6 5 4 214 Baltic Dirty Tanker - Yearly 152 61 951 1 4 7 1 13 16 19 22 25 28 31 34 37 4 43 46 49 52 WEEK NO 215 6 58 56 54 52 55 Baltic Clean Tanker - Monthly 564 577 1 95 9 85 926 Baltic Dirty Tanker - Monthly 962 873 5 1/12/215 8/12/215 15/12/215 22/12/215 8 1/12/215 8/12/215 15/12/215 22/12/215 TANKER SALES NAME DWT BLT PRICE $ BUYER NORDIC TRINE 7915 27 TURKEY DH 7.2 MIO THUN SHIPPING (Marineline) HOSHO 831 2 JAPAN DH 7 MIO UNDISCLOSED (STST) MOOR 1292 26 KOREA DH 9.5 MIO ENBLOC BSS BEN 1291 26 KOREA DH 9.5 MIO ENBLOC BSS FEN 12934 26 KOREA DH 9.5 MIO ENBLOC BSS GLEN 12956 25 KOREA DH 8.7 MIO EUROPEAN (Price Each) SONGA HAWK 13265 29 CHINA DH 12.8 MIO S KOREAN (Epoxy - IMO II/III) LODESTAR GRACE 14298 22 JAPAN DH 11 MIO SINGAPOREAN (STST) SICHEM CONTESTER 19822 27 JAPAN DH 22 MIO UNDISCLOSED (STST) FREJA MAERSK 31632 21 KOREA DH 12.4 MIO UNDISCLOSED (IMO II/II) SAFFO 38396 28 CHINA DH 18 MIO AP MOLLER (Epoxy) CARLA MAERSK 44999 1999 KOREA DH 12 MIO UNDSICLOSED (Zinc) PORTLAND PEARL 4514 1996 KOREA DH 9 MIO FAR EASTERN (Epoxy) SAVANNAH 47172 1996 JAPAN DH 8.3 MIO MID EASTERN NAVE LUCIDA 47999 25 JAPAN DH 18 MIO UNDICSLOSED FRONT ARROW 58 213 KOREA DH 34 MIO ENBLOC BSS FRONT AVON 58 213 KOREA DH 34 MIO ARDMORE (Price each) LA BOHEME 73672 27 KOREA DH 28 MIO UNION MARITIME (Ice 1A) FUJI SPIRIT 1636 23 JAPAN DH 28 MIO ENBLOC BSS AMERICAS SPIRIT 11196 23 KOREA DH 28 MIO GREEK (Price each. Incl TC)
$/Day $/Day 5 GAS SALES NAME DWT BLT CBM PRICE $ BUYER CGM LEOPARD 3428 199 ITALY 294 1.5 MIO UNDISCLOSED SUN ARIES 5357 1991 JAPAN 78488 28 MIO GREEK Spot Market - Tankers VLCC SUEZMAX AFRAMAX 11 1 9 8 7 6 5 4 3 2 1 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 98 529 439 Period Market - Tankers 1 Year T/C VLCC SUEZMAX AFRAMAX 7 6 5 4 3 2 1 59 38 3 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15
6 Baltic Handysize 29 285 28 286 275 27 273 2 265 27 26 1/12/215 8/12/215 15/12/215 22/12/215 48 47 46 45 44 Baltic Supramax 472 451 448 2 43 1/12/215 8/12/215 15/12/215 22/12/215 Baltic Panamax 47 46 462 45 44 43 433 42 4 41 4 48 1/12/215 8/12/215 15/12/215 22/12/215 Baltic Capesize 115 15 146 95 85 75 65 4 38 722 55 45 512 1/12/215 8/12/215 15/12/215 22/12/215 BULKER SALES NAME DWT BLT GEAR PRICE $ BUYER SEYIT ALI 4342 29 TURKEY GLESS 3 MIO TURKISH TENNA BULKER 28391 25 JAPAN CR 4X3 6.65 MIO VIETNAMESE AMINE BULKER 287 27 JAPAN CR 4X3 6.3 MIO VIETNAMESE (waived inspection) ECO DISCOVERY 31784 1999 JAPAN CR 4X3 4 MIO EUROPEAN KALLIROI K 31838 22 JAPAN CR 4X3 6 MIO UNDISCLOSED (Via Auction) OCEAN LARK 37196 212 KOREA CR 4X3 9.5 MIO UNDISCLOSED PACIFIC DOLPHIN 4947 1996 JAPAN CR 4X35 3.5 MIO CHINESE PACIFIC PRIMATE 4961 1997 JAPAN CR 4X35 3.2 MIO ENBLOC BSS PACIFIC SCORPIO 4961 1997 JAPAN CR 4X35 3.2 MIO CHINESE (Price Each) KARAVADOS 5992 22 JAPAN CR 4X3 5.5 MIO UNDISCLOSED GLOBAL LEGACY 52223 26 JAPAN CR 4X3 6.5 MIO CHINESE FURNESS KARUMBA 52551 21 JAPAN CR 4X3 3.9 MIO UNDISCLOSED (SS/DD D 4/216) SANTA FE 53553 21 JAPAN CR 4X3 3.3 MIO UNDISCLOSED (SS/DD D 2/216) SAPPHIRE SEAS 5372 25 CHINA CR 4X3 * ENBLOC BSS DIAMOND SEAS 74274 21 JAPAN GLESS * ENBLOC BSS PEARL SEAS 74483 26 CHINA GLESS 15.5 MIO UNDISCLOSED (Ttl Price) VEGA ARIES 57 21 CHINA CR 4X3 1 MIO UNDISCLOSED BULK AMERICAS 57959 212 PHILIPPINES CR 4X3 11.5 MIO SHAMROCK BULK HONDURAS 57959 212 PHILIPPINES CR 4X3 12 MIO UNDISCLOSED GHENT MAX 7322 1998 JAPAN GLESS 3.5 MIO FAR EASTERN HE MING 73541 212 CHINA GLESS 1 MIO CHINESE MARITIME HARESHIO 7574 26 JAPAN GLESS 8.1 MIO GREEK BRUNHILDE SALAMON 7594 21 JAPAN GLESS 4.7 MIO CHINESE (SS/DD D 7/216)
$/Day $/Day 7 PRT FUTURE 77239 214 JAPAN GLESS 19 MIO UNDISCLOSED TSU EBISU 811 214 JAPAN GLESS 23 MIO ENBLOC BSS MAGNUM OPUS 811 214 JAPAN GLESS 23 MIO GREEK (Price Each) ABY VIRGINIA 8161 215 JAPAN GLESS 24.5 MIO UNDISCLOSED ARCHIMEDES 81123 211 KOREA GLESS 14.6 MIO GREEK (via bank) NCS BEIJING 8158 29 JAPAN GLESS 13.9 MIO UNDISCLOSED IKAN KURAU 88266 26 JAPAN GLESS 6.2 MIO OLDENDORFF (laid up) BULK AUSTRALIA 17578 23 JAPAN GLESS 9.2 MIO GREEK PIERRE LD 171877 25 KOREA GLESS 12.2 MIO UNDISCLOSED (SS/DD passed) SBI MONTECRISTO 18 215 KOREA GLESS 38.9 MIO ENBLOC BSS SBI MADURO 18 215 CHINA GLESS 38.9 MIO ENBLOC BSS SBI AROMA 18 216 KOREA GLESS 38.9 MIO ENBLOC BSS SBI COHIBA 18 216 KOREA GLESS 38.9 MIO ENBLOC BSS SBI PURO 1816 215 CHINA GLESS 38.9 MIO ENBLOC BSS SBI VALRICO 1816 215 CHINA GLESS 38.9 MIO ZODIAC (Price Each) INDOMITABLE 182476 215 JAPAN GLESS 38 MIO ENBLOC BSS DEEP BLUE 18268 215 JAPAN GLESS 38 MIO GREEK (Price Each) ORE SHANDONG 4 212 CHINA GLESS * ENBLOC BSS ORE HEBEI 4535 212 CHINA GLESS * ENBLOC BSS ORE CHINA 466 211 CHINA GLESS * ENBLOC BSS ORE DONGJIAKOU 466 212 CHINA GLESS 423 MIO CHINESE (Ttl Price) 18 16 14 12 1 8 6 4 2 Spot Market - Bulkers Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 58 57 39 CAPESIZE PANAMAX HANDYMAX 135 125 115 15 95 85 75 65 55 45 Period Market - Bulkers 1 Year T/C Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 4 625 583 475 CAPE PMAX HANDYMAX
8 CONTAINER SALES NAME DWT BLT GEAR TEU PRICE $ BUYER MADELEINE 5536 2 CHINA CR 2X4 52 1.7 MIO UNDISCLOSED HANSE RELIANCE 1189 26 CHINA CR 2X45 966 4.25 MIO UNDISCLOSED ASPIRATION 15239 25 JAPAN GLESS 16 7.1 MIO KHARIS CMA CGM OTELLO 115 25 KOREA GLESS 8488 5 MIO UNDISCLOSED (Incl 1 yr BB Back + 4 yrs TC Back) ANDRONIKOS 111614 216 KOREA GLESS 9443 * ENBLOC BSS AISOPOS 117293 215 KOREA GLESS 9443 196 MIO MPP/TWEEN SALES NAME DWT BLT GEAR TEU PRICE $ BUYER NICOLA 55 2 NETHERLANDS GLESS 224 1.8 MIO GERMAN QI DONG 2567 1999 GERMANY CR 2X6 13 4.3 MIO INDIAN RORO/PASS SALES NAME GT BLT LMTRS/CARS PAX PRICE $ BUYER WIND PERFECTION 22161 1982 GERMANY 7 / 55 2 8.5 MIO MC-SEAMAX (Ttl Price. Incl TC Attached) MOBBY (used as accommodation vsl) IONIAN QUEEN 3435 1988 JAPAN... / 8 8 3 MIO GREEK (Via auction. Laid up)
$m $m 9 N E W B U I L D I N G M A R K E T A N D R E P O R T E D C O N T R A C TS Tanker Prices VLCC Suezmax Aframax MR Bulker Prices Capesize Panamax Handymax Handysize 12 1 8 6 4 2 Dec-13 Apr-14 Aug-14 Dec-14 Apr-15 Aug-15 Dec-15 93.7 63 52 35.4 7 6 5 4 3 2 46 25.7 24.1 2.3 1 Dec-13 Apr-14 Aug-14 Dec-14 Apr-15 Aug-15 Dec-15 Ship Type 215 216 217+ Total Capesize 2 172 55 247 Panamax 27 22 68 315 Supra/Hmax 8 381 126 587 Handies 65 192 124 381 Total 192 965 373 153 Ship Type 215 216 217+ Total ULCC/VLCC 3 63 59 125 Suezmax 1 4 66 17 Aframax 7 62 91 16 Panamax 1 3 37 68 MR+Small 49 222 157 428 Total 61 417 41 888 Ship Type 215 216 217+ Total VLGC 2 51 28 81 LGC 2 2 MR 1 3 4 71 Handy 5 2 11 36 Small 5 3 8 Total 13 16 79 198
m. dwt m. dwt No. of Vessels m. dwt 1 Newbuilding Sales 1 9 8 7 6 5 4 3 2 1 395 885 214 142 66 128 Tankers >1, dwt Bulkers >1, dwt Containerships 398 235 213 214 Dec-15 28 Delivery Schedule Bulkers >1, dwt. Tankers >1, dwt 9 83 8 7 6 5 42.7 47.2 4 3 28.8 2 13.4 1 3.8 Dec-15 216 217+ Tanker Newbuildings on Order 45 4 35 3 25 2 15 1 5 38.7 16.8 18 5 December 215 VLCC Aframax Products 15.7 Suezmax Panamax Bulker Newbuildings on Order Capesize Panamax Handymax Handysize 6 49.7 5 35.8 4 3 25.9 13.5 2 1 December 215 Newbuilding Historical Prices ($m) Tankers Dec-15 214 213 212 211 21 29 28 27 25 1995 199 1985 31, DWT 1 93.7 97.3 93.8 93.2 98.9 14.8 97.5 15 145 12 85.3 87.4 2 38.2 17, DWT 1 63 65.5 59.6 57.1 6.3 66.3 61 9 9 71.5 54 66.1 2 28.2 11, DWT 1 52 53.6 52.2 48.5 52.2 56 49.5 74 72 58 43.3 53.2 2 18.1 47, DWT 1 35.4 36.8 34.6 33.8 35.2 36.1 35 46.5 52 43 33.2 3 32.1 3 13.3 Bulkers 18, DWT 1 46 54.2 53.6 45.7 48.4 57.2 55.5 87 96 58.5 42.3 6.2 29.3 73, DWT 1 25.7 29 27.8 25.6 28.7 34.3 34.5 45.5 54 36 27.9 3 13.4 45, DWT 24.1 27.2 26.5 23.7 26.7 31.1 29 41 47.5 31 24.1 25.3 12.4 29, DWT 2.3 22.8 22.2 2.5 22.2 26.3 24.5 31 34 25.5 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 AHTS 47 Huangpu Wenchong 217 Guangzhou Salvage AHTS 47 Huangpu Wenchong 217 Guangzhou Salvage AHTS 47 Huangpu Wenchong 217 Guangzhou Salvage Bulk 256 CSC Qingshan SY 218 Eur 32. Mio ESL Shipping Oy Bulk 256 CSC Qingshan SY 218 Eur 32. Mio ESL Shipping Oy Bulk 835 Jiangsu New YZJ 218 Torvald Klaveness Bulk 835 Jiangsu New YZJ 218 Torvald Klaveness Bulk 835 Jiangsu New YZJ 218 Torvald Klaveness Bulk 835 Jiangsu New YZJ 219 Torvald Klaveness Option Bulk 835 Jiangsu New YZJ 219 Torvald Klaveness Option Bulk 835 Jiangsu New YZJ 219 Torvald Klaveness Option Chem & Oil 5 CSSC Offshore Marine 217 4. Mio Stena Bulk Chem & Oil 5 CSSC Offshore Marine 218 4. Mio Stena Bulk Chem & Oil 5 CSSC Offshore Marine 218 4. Mio Stena Bulk Chem & Oil 5 CSSC Offshore Marine 218 4. Mio Stena Bulk Optio Chem & Oil 5 CSSC Offshore Marine 218 4. Mio Stena Bulk Option Chem & Oil 175 Taizhou Kouan SB 218 Stenersen A/S Chem & Oil 175 Taizhou Kouan SB 218 Stenersen A/S Chem & Oil 175 Taizhou Kouan SB 218 Stenersen A/S Option Chem & Oil 175 Taizhou Kouan SB 218 Stenersen A/S Option Chem & Oil 22 Huatai Hvy. Ind. 217 TB Marine Hamburg Chem & Oil 22 Huatai Hvy. Ind. 217 TB Marine Hamburg Chem & Oil 22 Huatai Hvy. Ind. 218 TB Marine Hamburg Option Chem & Oil 22 Huatai Hvy. Ind. 218 TB Marine Hamburg Option Chem & Oil 29 Huatai Hvy. Ind. 217 TB Marine Hamburg Chem & Oil 29 Huatai Hvy. Ind. 217 TB Marine Hamburg Chem & Oil 29 Huatai Hvy. Ind. 218 TB Marine Hamburg Option Chem & Oil 29 Huatai Hvy. Ind. 218 TB Marine Hamburg Option Cruise Nichols Bros 217 48. Mio Lindblad Expeditions Cruise Nichols Bros 218 46.8 Mio Lindblad Expeditions Ethane/LPG 5 Dalian Shipbuilding 217 JHW Engineering Ethane/LPG 5 Dalian Shipbuilding 218 JHW Engineering Ethane/LPG 5 Dalian Shipbuilding 218 JHW Engineering Ethane/LPG 5 Dalian Shipbuilding 218 JHW Engineering Ethane/LPG 5 Dalian Shipbuilding 218 JHW Engineering L.P.G. 55 Hyundai HI 217 SK Shipping L.P.G. 55 Hyundai HI 218 SK Shipping Option L.P.G. 54732 Hyundai HI 217 77. Mio KSS Line Ltd. Maintenance Cemre Shipyard 217 ESVAGT MSV 56 Wuchang SB Group 218 Ultra Deep Solutions MSV 56 Wuchang SB Group 218 Ultra Deep Solutions Unconfirmed Order Products 74 Jiangsu Hantong HI 217 Ernst Jacob Products 74 Jiangsu Hantong HI 217 Ernst Jacob Products 74 Jiangsu Hantong HI 217 Ernst Jacob Option Products 74 Jiangsu Hantong HI 217 Ernst Jacob Option Products 74 Jiangsu Hantong HI 218 Ernst Jacob Option Products 74 Jiangsu Hantong HI 218 Ernst Jacob Option Products 74 Jiangsu Hantong HI 218 Ernst Jacob Option Products 74 Jiangsu Hantong HI 218 Ernst Jacob Option Products 115 CSSC Offshore Marine 217 5. Mio TORM A/S Products 115 CSSC Offshore Marine 218 5. Mio TORM A/S Products 115 CSSC Offshore Marine 218 5. Mio TORM A/S Products 115 CSSC Offshore Marine 218 5. Mio TORM A/S Products 115 CSSC Offshore Marine 218 TORM A/S Option Products 115 CSSC Offshore Marine 218 TORM A/S Option Products 115 CSSC Offshore Marine 219 TORM A/S Option Tanker 31 Dalian Shipbuilding 217 China VLCC Tanker 31 Dalian Shipbuilding 217 China VLCC
12 Tanker 31 Dalian Shipbuilding 218 China VLCC Tanker 31 Dalian Shipbuilding 218 China VLCC Tanker 31 Dalian Shipbuilding 218 China VLCC Tanker 31 Dalian Shipbuilding 218 China VLCC Tanker 31 Nantong COSCO KHI 217 88. Mio China VLCC Tanker 31 Nantong COSCO KHI 217 88. Mio China VLCC Tanker 31 Dalian COSCO KHI 217 China VLCC Tanker 31 Dalian COSCO KHI 217 China VLCC Tanker 159 CIC (Jiangsu) 218 Marine Management Tanker 115 CIC (Jiangsu) 218 Marine Management
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 285 /lt Ldt USD 3 /lt Ldt Bangladesh USD 28 /lt Ldt USD 295 /lt Ldt Pakistan USD 275 /lt Ldt USD 29 /lt Ldt China USD 125 /lt Ldt USD 14 /lt Ldt 58 53 48 43 38 33 28 23 18 58 53 48 43 38 33 28 23 18 6 5 4 3 2 1 41 38 395 415 Price Tankers* 212 213 39 38 315 32 34 214 215 31 35 3 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC *India month's end prices 39 36 38 45 Price Bulkers* 37 355 295 295 325 212 213 214 215 29 29 285 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC *India month's end prices 13.4 27 28.65 26.9 38 25.6 14.5 4.9 2.35 4.6 3.8 Total Demolition (Dwt) 15.9 16.7 18.9 15.5 18 15.6 3.5 28.428.5 25 27 22.4 1 5.5 6.5 5 12 31.58 28.9 25.7 5.3 41.8 34.3 33.2 * Bss reported sales
USD/ton 14 6 Historical Demolition Prices (India Year's End) 5 4 3 2 TANKERS BULKERS Avg. Trend 1 HISTORICAL DEMOLITION PRICES (*Indian Year s End) 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 CURR. TANK 172 115 136 174 135 174 262 362 32 45 57 287 338 485 482 45 435 425 3 BULK 152 112 143 17 135 181 267 381 332 392 472 268 328 437 456 375 41 4 285 India TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK TRUSTWORTHY 1772 1978 4573 275 BULK TOLEDO 1959 1978 517 276 BULK AFRICAN 4 23442 1978 6797 275 BULK ISMAIL DEEB 2898 1984 6283 283 Full spares BULK ATLANTIS 3823 1983 9219 285 BULK FORCE-ONE 38888 1985 7218 282 BULK ZENA A 42975 1994 819 289 BULK ARISTIDES N.P. 69268 1993 9829 289 BULK SAMJOHN LIGHT 71756 1994 1292 28 BULK AQUAFAITH 16711 1997 2174 288 Sub-cont option BULK KING DAVID 178633 1998 21557 28 CONT DORIKOS 2474 1996 7887 312 CONT THERMAIKOS 24457 1996 7891 312 CONT NORTHERN DIVERSITY 45131 1997 14323 293 As is Spore CONT PHILADELPHIA 5881 22 18848 3 As is Spore CONT HANJIN MARSEILLES 62623 1993 197 31 Bangladesh TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK TANTO FAJAR I 4168 1992 2455 275 BULK CHANG FENG I 25424 1983 582 37 BULK LI HUA 2597 1977 6912 215 As is Taiwan incl 2T ROB BULK SUJITRA NAREE 2829 1995 6262 275 BULK BEI LUN HAI 16 37636 1983 764 27 BULK XIN SHANG 419 1985 7626 265 BULK RUI FU STAR 42489 1985 7478 289 BULK QI YUAN 45263 1986 7933 3 BULK EVERGLORY 69355 1988 9971 278 BULK BALTHAZAR 72861 1997 1125 296 BULK ELECTRONICA 73538 1995 1454 281 As is Spore incl 75T ROB BULK COLLONGES 149391 1993 18572 287
15 BULK LADOGA 151688 1995 18885 28 CONT DESPINA P 33667 199 876 31 CONT ZIM IBERIA 4685 1997 16633 34 CONT MOL VALUE 6691 2 2258 317 RORO SPAN ASIA 16 4848 1989 4249 325 TANK NANHAI KAI TUO 15246 197 3764 361 China TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS N/A N/A N/A Pakistan TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK EIRINI L 37179 1984 817 29 Full Spares BULK LUCIJA 43193 1995 7912 32 BULK DONA ZOITSA 68519 1995 9861 288 BULK NEW SMART 6966 1996 9714 296 Incl 6T ROB BULK RENUAR 7156 1993 1239 299 BULK GO PUB 71761 1993 9965 311 BULK PAVIAN 74716 21 12627 35 BULK ANGARA 751 1995 11585 286 BULK ARETI 8669 1985 14266 286 Turkey TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS N/A N/A N/A Other TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK GNS DONGHAE 6688 199 9865 282 Full sub-cont option BULK COURAGE 71965 1997 9649 261 As is Hong Kong BULK FELICIA 72456 1997 15 262 As is Spore. Incl abt 77T ROB CONT ANDRE RICKMERS 3725 1998 11459 293 As is Jebel Ali. Incl 2T ROB CONT KOTA MAJU 3726 1998 114 293 As is Fujairah. Incl 15T ROB CONT MARUBA SIMMONS 42954 1997 293 As is Persian Gulf CONT SINGAPORE 67423 1997 24218 165 As is Philippines
USD/ton USD/ton 16 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 (MGO) Rotterdam Fujeirah Houston Average Trend HISTORICAL BUNKER PRICES Rotterdam Fujeirah Houston 38 cst MGO 38 cst MGO 38 cst MGO 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 21 452 667.1 468.2 712.9 449.3 683 211 548 848.6 587.5 897.5 542.1 862.4 212 585 92 66 15 61 15 213 585 92 62 11 58 985 214 31 57 35 88 315 695 Dec-15 14 311 17 56 14 36
$/Barrel USD-EUR USD-JPY 17 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 1.48482.73748.559.6813.67293.4894 CAD 2.6199 1 1.5288.1153 1.4257 1.3878 1.929 EUR 1.35562.65732 1.758.92215.91237.66355 JPY 178.89 86.73 131.96 1 121.72 12.38 87.53 CHF 1.46979.71266 1.8413.821 1.98918.71939 USD 1.4858.7245 1.9589.831 1.164 1.72726 AUD 2.4253.9941 1.5661.1142 1.38933 1.3747 1 * 29/12/215 values
18 S T O C K W A T C H NAME TICKER THIS MONTH* LAST MONTH CHANGE % 52w HIGH 52w LOW Capital Product Partners CPLP 5.22 6.26-16.6 1.6 4.63 Diana Shipping Inc. DSX 4.13 4.77-13.4 8.27 3.5 Dryships Inc. DRYS.18.16 8 1.22.8 Dynagas LNG Partners LP DLNG 9.18 12.91-28.9 2.95 7.8 Eagle Bulk Shipping Inc. EGLE 3.45 2.98 15.8 14.9 2.53 Euroseas Ltd. ESEA 2.74 3.7-1.7 8.8 2.63 Freeseas Inc. FREE.2.4-55.8 7.84.1 Costamare Inc. CMRE 9.38 12.3-23.7 2.5 8.76 Goldenport Holdings Inc. GPRT 29.81 28.34 5.2 236.5 24.38 Navios Maritime Holdings NM 1.55 1.56 -.6 4.68 1.12 GasLog Ltd. GLOG 8.69 11.88-26.9 23.84 7.36 Paragon Shipping Inc. PRGN.18.12 5 2.83.8 Safe Bulkers Inc. SB.88 1.43-38.7 4.13.8 Star Bulk Carriers Corp. SBLK.59.9-34.4 6.66.58 Stealthgas Inc. GASS 3.46 3.9-11.3 7.1 2.97 TEN Inc. TNP 7.28 7.83-7 1.5 6.51 TOP Ships Inc. TOPS.35.79-55.7 1.79.3 Box Ships Inc. TEU.16.16 3.9 1.7.14 Diana Containerships Inc. DCIX.77 1. -23 2.7.62 Danaos Corporation DAC 4.82 6.4-2.2 6.7 4.56 Aegean Marine Petroleum ANW 8.28 9.34-11.3 15.71 6.46 * 29/12/215 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,