WEEKLY MARKET REPORT March 9th, 2012 / Week 10 Yet another week with the smaller sizes outperforming the others. The BSI and BHSI ended nearly 16% and over 7% higher respectively. Whilst the BCI ended marginally 1.5% lower the BPI managed a 5% increase. Overall the BDI closed at 824 an increase of nearly 7% for the week. The continued improvement of the smaller sizes has prompted buyers to make moves into this sector. There is a good number of purchase enquiries for these segments and not many fresh vessels. Nevertheless, prices are under constant downward pressure. Demand has somewhat increased but the constant supply of dry cargo vessels coupled with the lack of finance is keeping many buyers absent. In addition, China's announcement that the country's target for growth in 2012 will be 7.5% is not good news for the demand side. It is estimated that this will grow to 10% and possibly more in 2013 but for this year this growth will certainly have a negative effect on the freight market. The most notable sale on the dry side was the SANKO FRONTIER (74,900 dwt / blt 2011 Japan) which is committed to Zodiac for US$ 28.75 million. We are also reporting the sale of the handysize OCEAN ID (28,429 dwt / blt 1994 Japan) for US$ 7.8 million. In the tanker market, another two aframaxes have been sold. The coated MILLENNIUM EXPLORER (102,741 dwt / blt 1999 Japan) achieved US$ 10.9 million and the PETAR ZRINSKI 101,605 dwt / blt 1994 Croatia) US$ 8.5 million. Surprisingly there was increased activity in the newbuilding sector. Middle Eastern buyers ordered 5 X 82,000 dwt kamsarmax bulkers at Oshima, Japan for a realistic US$ 31.50 million each basis delivery in 2014. This is the new fuel efficient design. Greeks ordered 1 x 57,000 dwt supramax at STX Dalian for delivery 2Q14 and China Navigation ordered 4 (+4 +2 options) of 39,000 dwt handysize at Chengxi China for US$ 23 million for delivery end 2013 onwards. Again this is a new fuel efficient design. Demolition activity centered on smaller ships this week, with the exception of two panamax bulkers. India as always remains at the top in both prices and volume. India had double the number of sales than all other locations put together!!! Prices in India/Pakistan are in the high 400's / 500 range, Bangladesh is in the mid 400's and China lagging behind in the low 400's. WeberSeas, Weekly Market Report Page 1 of 10
TANKERS MILLENNIUM EXPLORER 102,741/99 - NAMURA - SUL 19,041 - COATED - SBT - IGS - DH SS 12/2014, DD 10/2012 Sold for $10.9 mill. to undisclosed buyers. PETAR ZRINSKI 101,605/94 - CROATIA - B&W 14,194 - COILED - SBT - IGS - COW - DH SS 12/2014, DD 12/2012 Sold for $8.5 mill. to Greek buyers. CAPE BEAR 33,540/97 - RUSSIA - B&W 10,799 - COATED - SBT - IGS - COW - DH - SS/DD 09/2012 Sold for $8.8 mill. to Indonesian buyers. SEMUAR BERSATU 5,810/98 - USUKI - MIT 5,600 - COATED - SBT - DH - SS 04/2013, DD 05/2012 Sold for $4.8 mill. to undisclosed buyers. ELIZA PG 5,440/92 - U.K. - MaK 2,998 - COATED - COILED - SBT - DH - SS/DD 03/2012 Sold for $3.4 mill. to West African buyers bss SS/DD passed. LPG GAS KALOGEROS 5,349/07 - SHITANOE - MIT 4,620 - SBT - DB Sold for $16.8 mill. to Vietnamese buyers bss SS/DD due. MYUNG JIN NO. 3 3,566/98 - ILHEUNG - B&W 3,270 - ST.ST.COATING - COILED - SBT - IGS - DH SS/DD 10/2012 Sold on private terms to South Korean buyers. BULKERS SANKO FRONTIER 74,900/11 - SASEBO - B&W 15,037-7HH - SS 11/2016, DD 11/2014 Sold for $28.75 mill. to U.K. based buyers (Zodiac Maritime). FOREST CREATOR 49,865/96 - IMABARI - MIT 12,171-6HH - C 3X14.5T - SS 09/2016, DD 09/2014 Sold for $7.3 mill. to Chinese buyers. (woodchip carrier) IKAN SEPAT 28,503/84 - MITSUBISHI - SUL 10,500-5HH - C 4X25T - SS 03/2014, DD 04/2012 Sold for $3 mill. to European buyers. SIAM JADE 27,6/86 - MITSUBISHI - MIT 7,731-5HH - C 4X25T - SS 02/2016, DD 02/2014 Sold for $3.2 mill. to Chinese buyers. OCEAN ID 28,429/94 - IMABARI - B&W 7,800-5HH - C 4X30.5T - SS 06/2014, DD 03/2012 Sold for $7.8 mill. to Far Eastern buyers. MPP/TWEENDECKERS AQUILA COLLEAGUE 20,500/98 - GERMANY - MIT 11,221-5HH - C 2X60T - SS/DD 06/2013 Sold for $6.5 mill. to German buyers. WeberSeas, Weekly Market Report Page 2 of 10
CONTAINERS SANNE 14,700/96 - GERMANY - SUL 14,847-4HO 7HA - C 2X45T - 1,122 TEU Sold for $4.1 mill. to undisclosed buyers. FRESH FOR SALE BULKERS IRIS FRONTIER 156,326/87 - MITSUI - B&W 17,701-9HH Vessel will be inspectable in Tobata, Japan on 19th March. IOANTHI 42,001/92 - OSHIMA - SUL 10,850-5HH - C 4X25T Vessel will be inspectable in Singapore, where ETA 16th March. NATS EMPEROR 38,300/87 - PORTUGAL - SUL 12,000-6HH - C 4X25T Vessel will be inspectable in Brazil, where ETA next week. SEA HOPE 27,939/89 - SHIN KURUSHIMA - MIT 7,001-5HH - C 4X30T Vessel will be inspectable in Singapore, where ETA 21st March. GULMAR 27,048/81 - NIPPONKAI - B&W 10,500-5HH - C 4X25T Vessel is inspectable in Gulluk, Turkey by arrangement. AVANTA 25,417/82 - IMABARI - SUL 9,451-4HH - C 3X25T, D 1X25T Vessel will be inspectable in Nikolayev, Ukraine, where ETA 9th March. IKAN TERBANG 18,849/05 - YAMANISHI - B&W 7,043-4HH - C 3X30.5T Vessel will be inspectable in Port Kelang, Malaysia, where ETA 14th March. WISLA 13,770/92 - POLAND - B&W 6,377-5HH - C 4X16T, C 1X12.5T Vessel will be inspectable in Cagliari, Italy, where ETA 21st March. WeberSeas, Weekly Market Report Page 3 of 10
DEMOLITION DEMOLITION STATISTICS TYPE OF SHIP THIS DATE 2012 THIS DATE 2011 2011 TOTAL 2010 TOTAL ULCC/VLCC 4 2 14 14 SUEZMAX 3 0 4 10 AFRAMAX 3 3 24 14 PANAMAX TANKER 1 0 5 10 CAPE/COMBO (100,000 dwt +) 8 14 60 15 PANAMAX/KAMSARMAX BULKER 24 10 54 6 LOCATION TANKERS BULK CARRIERS CHINA 425 415 INDIA 495 480 BANGLADESH 480 465 PAKISTAN 495 470 DEMOLITION: INDIA M/V MIRANDA M/V SHAO SHAN 1 M/V LEMESHEV CONT MSC MARIA CONT KOTA MACHAN CONT ENDEAVOUR 44,016/79-14,275 LDT - USD 500/LDT 37,180/84-7,989 LDT - USD 490/LDT 25,865/83-7,755 LDT - USD 485/LDT 21,370/85-10,655 LDT - USD 487/LDT 14,260/88-4,586 LDT - USD 485/LDT 12,712/86-4,710 LDT - USD 480/LDT RO-RO VIKINGLAND 12,002/79-4,124 LDT - USD 485/LDT - as is Fujairah (including sufficient bunkers for voyage to WCI) M/T SAEHAN BAYSTAR (including 291 tonnes of stainless steel ROB) 9,312/85-3,042 LDT - USD 702/LDT BANGLADESH M/V HYPERLINK 47,208/83-10,132 LDT - USD 455/LDT WeberSeas, Weekly Market Report Page 4 of 10
PAKISTAN M/V ST VASILIOS 61,776/81-11,000 LDT - USD 485/LDT - as is Fujairah CHINA M/V VSP RUBY 66,908/84-11,470 LDT - USD 432/LDT (including full set of spares and 300 tonnes of bunkers ROB) M/V ASPEN ARROW (including 250 tonnes of bunkers ROB) 28,030/85-8,683 LDT - USD 432/LDT WeberSeas, Weekly Market Report Page 5 of 10
TYPE OF SHIP NEWBUILDING STATISTICS 2012 2013 2014 2015 2016 * TOTAL ORDERBOOK ULCC/VLCC 50 43 26 119 SUEZMAX 49 37 86 AFRAMAX 41 29 25 4 99 PANAMAX 18 33 22 9 82 MR 71 87 18 176 10-35,000 DWT 77 31 4 1 113 CAPESIZE/ MINI CAPE / VLOC 80-100,000 DWT 216 80 23 3 322 276 119 41 2 438 PANAMAX 110 48 13 171 SUPRAMAX / HANDYMAX 365 155 20 540 HANDYSIZE 286 159 31 476 * Includes ALL vessels on order NEWBUILDING CONTRACTS No Size Type Yard Delivery Price (mill) Owners Comments 5 82,000 dwt Bulker Oshima Shipbuilding Mid 2014 $31.5 NSCSA 1 57,300 dwt Bulker STX Dalian Q2 2014 n/a 4 39,000 dwt Bulker Chengxi Shipyard End 2013 $23 Helikon Shipping China Navigation Co. fuel-efficient design +4+2 options fuel-efficient design 3 11,000 cbm LPG Asakawa Shipbuilding H2 2013 $34.5 Komaya Shipping WeberSeas, Weekly Market Report Page 6 of 10
BALTIC DRY EXCHANGE RATES THIS WEEK LAST WEEK CHANGE CHANGE % Baltic Dry Index 824 771 53 6.87% Baltic Capesize 1503 15-22 -1.44% Baltic Panamax 889 844 45 5.33% Baltic Supramax 864 745 119 15.97% Baltic Handysize 469 437 32 7.32% 14000 12000 10000 8000 6000 4000 2000 0 25000 20000 15000 10000 5000 4-Jan-05 4-Apr-05 4-Jul-05 0 14000 12000 10000 8000 6000 4000 2000 0 4-Jan-05 4-Apr-05 4-Jul-05 18-Jan-05 18-Apr-05 18-Jul-05 4-Oct-05 4-Jan-06 4-Apr-06 4-Jul-06 4-Oct-06 4-Jan-07 4-Apr-07 4-Jul-07 4-Oct-07 4-Jan-08 4-Apr-08 4-Jul-08 4-Oct-08 4-Oct-05 4-Jan-06 4-Apr-06 4-Jul-06 4-Oct-06 4-Jan-07 4-Apr-07 4-Jul-07 4-Oct-07 4-Jan-08 4-Apr-08 4-Jul-08 18-Oct-05 18-Jan-06 18-Apr-06 18-Jul-06 18-Oct-06 18-Jan-07 18-Apr-07 18-Jul-07 18-Oct-07 18-Jan-08 18-Apr-08 18-Jul-08 4-Jan-09 4-Apr-09 4-Jul-09 4-Oct-09 4-Jan-10 4-Apr-10 4-Jul-10 4-Oct-10 4-Jan-11 4-Apr-11 4-Jul-11 4-Oct-11 4-Jan-12 WeberSeas, Weekly Market Report Page 7 of 10 BDI 4-Oct-08 4-Jan-09 4-Apr-09 BCI 18-Oct-08 18-Jan-09 BPI 4-Jul-09 4-Oct-09 4-Jan-10 4-Apr-10 4-Jul-10 4-Oct-10 4-Jan-11 4-Apr-11 4-Jul-11 4-Oct-11 4-Jan-12 18-Apr-09 18-Jul-09 18-Oct-09 18-Jan-10 18-Apr-10 18-Jul-10 18-Oct-10 18-Jan-11 18-Apr-11 18-Jul-11 18-Oct-11 18-Jan-12
BALTIC WET EXCHANGE RATES THIS WEEK LAST WEEK CHANGE CHANGE % Baltic Clean Tanker 685 707-22 -3.11% Baltic Dirty Tanker 818 790 28 3.54% 2,500 2,000 1,500 1,000 500 0 11-Jan-05 15-Mar-05 20-May-05 2,500 2,000 1,500 1,000 500 0 11-Jan-05 15-Mar-05 20-May-05 25-Jul-05 27-Sep-05 29-Nov-05 8-Feb-06 12-Apr-06 20-Jun-06 22-Aug-06 25-Oct-06 4-Jan-07 8-Mar-07 10-May-07 12-Jul-07 14-Sep-07 16-Nov-07 28/01/2008 3-Apr-08 9-Jun-08 18-Aug-08 21-Oct-08 25-Jul-05 27-Sep-05 29-Nov-05 8-Feb-06 12-Apr-06 20-Jun-06 22-Aug-06 25-Oct-06 4-Jan-07 8-Mar-07 10-May-07 12-Jul-07 14-Sep-07 16-Nov-07 28/01/2008 3-Apr-08 9-Jun-08 18-Aug-08 21-Oct-08 BCTI BDTI 7-Jan-09 11-Mar-09 18-May-09 21-Jul-09 23-Sep-09 25-Nov-09 7-Jan-09 11-Mar-09 18-May-09 21-Jul-09 23-Sep-09 25-Nov-09 5-Feb-10 13-Apr-10 17-Jun-10 19-Aug-10 22-Oct-10 24-Dec-10 7-Mar-11 9-May-11 12-Jul-11 14-Sep-11 16-Nov-11 26-Jan-12 5-Feb-10 13-Apr-10 17-Jun-10 19-Aug-10 22-Oct-10 24-Dec-10 7-Mar-11 9-May-11 12-Jul-11 14-Sep-11 16-Nov-11 26-Jan-12 WeberSeas, Weekly Market Report Page 8 of 10
MAJOR CAPITAL MARKETS INDEX THIS WEEK* LAST WEEK* CHANGE CHANGE % WEEKS HIGH WEEKS LOW DOW JONES 12,907.94 12,980.30-72.36-0.56% 13.087.20 10,362.30 NASDAQ 2,970.42 2,988.97-18.55-0.62% 3,000.11 2,298.89 AIM 805.03 828.40-23.37-2.82% 938.20 657.80 NIKKEI 9,768.96 9,707.37 61.59 0.63% 10,768.40 8,135.79 NAME SYMBOL PUBLIC COMPANIES DRY-CARGO SECTOR THIS WEEK* LAST WEEK* CHANGE CHANGE % WEEK HIGH WEEK LOW DIANA DSX 8.59 9.24-0.65-7.03% 12.66 6.59 DRYSHIPS DRYS 3.32 3.51-0.19-5.41% 5.12 1.75 EAGLE BULK EGLE 1.51 1.60-0.09-5.63% 4.15 0.88 EXCEL MARITIME EXM 1.87 1.79 0.08 4.47% 4.92 1.37 GENCO GNK 6.37 6.92-0.55-7.95% 12.49 4.15 GOLDENPORT HOLDINGS GPRT.L 77.00 70.25 6.75 9.61% 116.00 57.00 NAVIOS HOLDINGS NM 4.14 4.14 0.00 0.00% 5.99 2.88 NAME SYMBOL TANKER/ENERGY SECTOR THIS WEEK* LAST WEEK* CHANGE CHANGE % WEEK HIGH WEEK LOW CAPITAL PRODUCT PARTNERS CPLP 7.58 7.42 0.16 2.16% 11.39 4.85 STEALTHGAS GASS 4.96 4.98-0.02-0.40% 7.20 3.4 TEN TNP 6.62 6.55 0.07 1.07% 11.18 4.78 CONTAINER SECTOR NAME SYMBOL THIS LAST CHANGE CHANGE WEEK WEEK WEEK* WEEK* % HIGH LOW DANAOS DAC 3.99 4.30-0.31-7.21% 7.87 2.85 * 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 EXCHANGE THIS WEEK LAST WEEK CHANGE CHANGE % Euro / $ 1.3125 1.3214-0.0089-0.67% Sterling / $ 1.5700 1.5866-0.0166-1.05% $ / Yen 82.355 81.545 0.810 0.99% $ / Nok 5.6944 5.6170 0.0774 1.38% $ / Won 1,116.50 1,117.47-9.94-0.09% Brent Crude 125.75 124.64 1.11 0.89% LIBOR (3-month) 0.48% 0.49% -0.01-2.04% ESTIMATED VALUES* TANKERS PROMPT RESALE 5 YEARS 10 YEARS 20 YEARS VLCC $95.0m $54.0m $31.0m (DH) $20.0m Suezmax $57.0m $46.0m $27.0m (DH) $12.5m Aframax $45.0m $32.0m $21.0m (DH) $8.5m Panamax $40.0m $30.0m $17.0m (DH) $7.0m Product $35.0m $26.0m $17.0m (DH) $5.0m BULK CARRIERS PROMPT RESALE 5 YEARS 10 YEARS 20 YEARS Capesize $45.5m $34.0m $22.0m $10.0m Panamax/Kamsarmax $32.0m $24.0m $17.0m $9.0m Supramax/Handymax $27.5m $22.5m $16.5m $8.5m * 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) 20,000/D 25,000/D SUEZMAX (150,000 dwt) 16,000/D 19,000/D AFRAMAX (110,00 dwt) 13,250/D 16,500/D PANAMAX (72,000 dwt) 13,500/D 14,750/D MR (45-50,000 dwt) 14,000/D 14,750/D * The above figures are representative rates for modern tankers only. BUNKER PRICES FUEL GRADES ROTTERDAM FUJAIRAH PIRAEUS SINGAPORE 380cst: $704.00 $735.00 $718.50 $723.00 180cst: $730.00 $755.00 $751.50 $732.00 MGO: $1018.00 $1040.00 $1055.50 $1005.00 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. 2011 WEBERSEAS (HELLAS) S.A. All Rights Reserved WeberSeas, Weekly Market Report Page 10 of 10