WEEKLY MARKET REPORT January 27th, 2012 / Week 4 Whilst the capesize losses were just below 6% all other segments continue to suffer double digit losses with the panamaxes leading the way. The BPI lost just over 20%, the BSI nearly 14% and the BHSI just over 12%. As a result the overall index had another poor week with the BDI loosing 136 points to end the week at 726 points loosing nearly 16%. With China on holiday for the entire week the market has remained very quiet this week with few further trading sales. In the tanker sector, we report the sale of another VLCC, the ELEKTRA GLORY (321,300 dwt / blt 2009 Korea) sold to Sinokor, Korea for US$ 79.20 million and also the elderly LPG REFERENCE POINT (48,980 dwt / blt 1991 Japan) sold for US$ 25.20 million to Indonesians. In the dry sector, the handymax ID NORD (46,640 dwt / blt 1999 Japan) seems to have been sold for US$ 14.75 million, a price similar to recent 2000 blt handymax bulkers in view of her excellent intermediate and drydocking surveys. We are reporting a fair number of newbuilding orders. Turkish buyers have ordered two 57,000 dwt supramaxes in STX Dalian whereas Russian interests have gone to Qingshan for two 35,000 dwt handies. In the tanker sector Frontline has ordered six 51,000 dwt MR tankers in STX Jinhae for a new low of US$ 33 million each, scheduled for delivery in 2013 and 2014. Demolition activity, as expected, remains high with prices remaining steady. India remains the highest in terms of volume and this week it has taken a significant amount of bulkers. Activity in Bangladesh remains subdued although there are the odd vessels getting sold. Pakistan stepped up its activity and is the most active place for tankers with this week taking two suezmaxes and one aframax. We are also reporting a few sales into China but activity there remains quiet in view of the Lunar Holiday. WeberSeas, Weekly Market Report Page 1 of 10
TANKERS ELEKTRA GLORY 321,300/09 - DAEWOO - WARTSILA 39,972 - SBT - IGS - COW - DH SS/DD 01/2014 Sold for $79.2 mill. to S. Korean buyers (Sinokor). LPG REFERENCE POINT 48,980/91 - MITSUBISHI - MIT 16,801 - SBT - IGS - SH - 78,476 CBM SS 06/2014, DD 07/2012 Sold for $25.2 mill. to Indonesian buyers. NAUTICA MUAR 39,768/92 - ROMANIA - B&W 11,400 - COATED - SBT - IGS - DB - SS 01/2013 Sold for $5 mill. to Indonesian buyers. CHEMICAL STAR 12,716/00 - ASAKAWA - B&W 5,699 - COATED - COILED - SBT - DH SS 09/2015, DD 09/2013 Sold for $8 mill. to undisclosed buyers. MAURINAPHTE I 6,739/82 - DONGHAE - MIT 6,004 - COATED - COILED - SBT - DB Sold on private terms to Nigerian buyers basis surveys due. BULKERS SD VICTORY 69,585/86 - HASHIHAMA - B&W 10,080-7HH - SS 08/2014, DD 03/2014 Sold for $5 mill. to Far Eastern buyers. ID NORD 46,640/99 - MITSUI - B&W 10,100-5HH - C 4X30.5T - SS/DD 02/2014 Sold for $14.75 mill. to Singapore based buyers. GOOD PILGRIMS 29,400/09 - INDIA - B&W 8,810-5HH - C 4X30T - SS/DD 08/2014 Sold for $17.7 mill. to Thai buyers (Precious Shipping). OLYMPIC MELODY 29,640/84 - NKK - SUL 9,635-5HH - C 4X16T - SS 11/2014, DD 11/2012 CALLIROE PATRONICOLA 29,608/85 - NKK - SUL 9,635-5HH - C 4X16T - SS 08/2015, DD 06/2013 Sold en bloc for $5 and $5.25 mill. respectively to Syrian buyers. MPP/TWEENDECKER JAN 8,874/97 - ZHONGHUA - WAR 10,605-1HH - C 2X150T - 650 TEU Sold for $2.58 mill. to Greek buyers basis as is Durban. RO-RO/PASSENGER AL-SABINI 8/00 - ITALY - 6 x CATERPILLAR 48,948-928 PASS - 200 CARS Sold on private terms to Far Eastern buyers. CONTAINER WERDER BREMEN 7,144/99 - GERMANY - B&W 7,206-4HH - 700 TEU Sold for $3.2 mill. to Israeli buyers. WeberSeas, Weekly Market Report Page 2 of 10
FRESH FOR SALE BULKERS LIBRE,510/01 - KANASASHI - MIT 11,218-5HH - C 4X30.5T Vessel will be inspectable in Unithai Shipyard, Thailand till mid of February. MURSHIDABAD 47,311/87 - DAEWOO - B&W 10,801-5HH - C 5X25T Vessel is currently inspectable in Colombo, India. IKAN SEPAT 28,503/84 - MITSUBISHI - SUL 10,500-5HH - C 4X25T Vessel will be inspectable in Korea, where ETA 19th February. SPRING BREEZE I 26,710/84 - INDIA - SUL 10,300-6HH - C 5X25T Vessel is currently inspectable in Huelva, Spain. 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 0 0 14 14 SUEZMAX 2 0 4 10 AFRAMAX 2 1 24 14 PANAMAX TANKER 0 0 5 10 CAPE/COMBO (100,000 dwt +) 2 4 60 15 PANAMAX/KAMSARMAX BULKER 10 6 54 6 LOCATION TANKERS BULK CARRIERS CHINA 470 455 INDIA 515 495 BANGLADESH 505 485 PAKISTAN 500 485 DEMOLITION: INDIA M/V SETSUYO STAR M/V LEMNO M/V CASTILLO DE SOUTOMAIOR (including 250-300 tonnes of bunkers ROB) M/V PANAMAX SUN M/V DAFFODIL CONT MSC CARINA CONT PALERMO CONT MSC RUGBY M/V TIGER DA JI M/V NAMA 170,808/85-24,077 LDT - USD 475/LDT - India / Pakistan range 86,722/82-14,425 LDT - USD 490/LDT - India / Pakistan range 75,497/81-13,200 LDT - USD 500/LDT 64,150/82-12,118 LDT - USD 505/LDT 63,883/83-12,537 LDT - USD 490/LDT - India / Pakistan range 45,725/86-15,553 LDT - USD 514/LDT 45,696/92-12,297 LDT - USD 495/LDT - old sale 30,941/83-13,891 LDT - USD 3/LDT 14,101/89-6,635 LDT - USD 485/LDT 14,312/88-4,735 LDT - USD 482/LDT - India / Pakistan range BANGLADESH M/V SAFEER EXPRESS 54,500/83-12,478 LDT - USD 500/LDT - as is Chittagong WeberSeas, Weekly Market Report Page 4 of 10
M/T ANGGRAINI 31,225/95-10,830 LDT - USD 510/LDT PAKISTAN M/T TRIDONAWATI M/T TRIRASA M/T IONIAN SEA 154,970/91-20,502 LDT - USD 508/LDT 154,970/91-20,502 LDT - USD 508/LDT 98,827/92-16,787 LDT - USD 495/LDT CHINA M/V FORTUNE CARRIER M/V MEGA ACE (including 240 tonnes of bunkers ROB) M/V RAFFLES M/V ESTEEM C 63,395/82-12,118 LDT - USD 439/LDT 41,216/82-9,600 LDT - USD 447/LDT 37,696/84-7,320 LDT - USD 424/LDT 21,725/86-9,442 LDT - USD 468/LDT WeberSeas, Weekly Market Report Page 5 of 10
TYPE OF SHIP NEWBUILDING STATISTICS 2012 2013 2014 2015 2016 * TOTAL ORDERBOOK ULCC/VLCC 60 42 5 107 SUEZMAX 63 35 98 AFRAMAX 54 27 12 4 97 PANAMAX 25 29 20 5 79 MR 89 75 9 173 10-35,000 DWT 117 28 4 1 150 CAPESIZE/ MINI CAPE / VLOC 80-100,000 DWT 268 82 17 2 369 344 111 38 2 495 PANAMAX 150 44 6 200 SUPRAMAX / HANDYMAX 459 155 17 631 HANDYSIZE 364 157 25 546 * Includes ALL vessels on order NEWBUILDING CONTRACTS No Size Type Yard Delivery Price (mill) Owners Comments 2 57,000 dwt Bulker STX Dalian 2Q 2013 $26 Ince Denizcilik 2 35,000 dwt Bulker Qingshan 2013 n/a Russian 6 51,000 dwt Tanker STX Jinhae 2013/14 $33 4 12,000-17,000 cbm LPG Qidong Dajiang Frontline 2012 2014/15 n/a Evergas AS Ethylene LPG Size to be declared WeberSeas, Weekly Market Report Page 6 of 10
BALTIC DRY EXCHANGE RATES THIS WEEK LAST WEEK CHANGE CHANGE % Baltic Dry Index 726 862-136 -15.78% Baltic Capesize 1465 1554-89 -5.73% Baltic Panamax 815 1020-205 -20.10% Baltic Supramax 695 807-112 -13.88% Baltic Handysize 426 485-59 -12.16% 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 BCI BDI 4-Oct-08 4-Jan-09 4-Apr-09 4-Jul-09 18-Oct-08 18-Jan-09 BPI 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 658 690-32 -4.64% Baltic Dirty Tanker 825 849-24 -2.83% 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 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 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 WeberSeas, Weekly Market Report Page 8 of 10
MAJOR CAPITAL MARKETS INDEX THIS WEEK* LAST WEEK* CHANGE CHANGE % WEEKS HIGH WEEKS LOW DOW JONES 12,756.96 12,623.98 132.98 1.05% 12,876.00 10,362.30 NASDAQ 2,805.28 2,788.33 16.95 0.61% 2,887.75 2,298.89 AIM 766.90 753.30 13.60 1.81% 968.30 657.80 NIKKEI 8,849.47 8,639.68 209.79 2.43% 10,891.60 8,227.63 NAME DIANA DRYSHIPS EAGLE BULK EXCEL MARITIME GENCO GOLDENPORT HOLDINGS NAVIOS HOLDINGS NAME SYMBOL DSX DRYS EGLE EXM GNK GPRT.L NM SYMBOL PUBLIC COMPANIES DRY-CARGO SECTOR THIS WEEK* LAST WEEK* CHANGE CHANGE % WEEK HIGH WEEK LOW 8.38 8.15 0.23 2.82% 12.70 6.59 2.20 2.35-0.15-6.38% 5.19 1.75 1.35 1.18 0.17 14.41% 4.40 0.88 1.46 1.57-0.11-7.01% 5.35 1.63 7.26 7.21 0.05 0.69% 12.82 4.15 61.50 59.63 1.87 3.14% 118.00 59.25 3.66 3.61 0.05 1.39% 5.99 2.88 TANKER/ENERGY SECTOR THIS WEEK* LAST WEEK* CHANGE CHANGE % WEEK HIGH WEEK LOW CAPITAL PRODUCT PARTNERS CPLP 7.64 7.42 0.22 2.96% 11.39 4.85 STEALTHGAS GASS 4.36 4.49-0.13-2.90% 7.25 3.4 TEN TNP 6.60 5.81 0.79 13.60% 11.18 4.78 CONTAINER SECTOR NAME SYMBOL THIS LAST CHANGE CHANGE WEEK WEEK WEEK* WEEK* % HIGH LOW DANAOS DAC 3.51 3.32 0.19 5.72% 7.87 2.65 * 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 / $ 1.3107 1.2895 0.0212 1.64% Sterling / $ 1.5691 1.5486 0.0205 1.32% $ / Yen 76.855 77.210-0.355-0.46% $ / Nok 5.8408 5.9359-0.0951-1.60% $ / Won 1,123.12 1,134.60-9.94-1.01% Brent Crude 110.95 111.25-0.30-0.27% LIBOR (3-month) 0.56% 0.56% 0 0.00% ESTIMATED VALUES* TANKERS PROMPT RESALE 5 YEARS 10 YEARS 20 YEARS VLCC $95.0m $55.0m $31.0m (DH) $20.0m Suezmax $60.0m $46.0m $28.0m (DH) $12.5m Aframax $45.0m $34.0m $21.0m (DH) $8.5m Panamax $40.0m $30.0m $17.0m (DH) $7.0m Product $36.0m $27.0m $17.0m (DH) $5.0m BULK CARRIERS PROMPT RESALE 5 YEARS 10 YEARS 20 YEARS Capesize $47.0m $34.0m $27.0m $10.0m Panamax/Kamsarmax $33.0m $25.0m $17.5m $9.0m Supramax/Handymax $29.0m $24.0m $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) 16,250/D 24,750/D SUEZMAX (150,000 dwt) 16,750/D 20,750/D AFRAMAX (110,00 dwt) 13,000/D 17,000/D PANAMAX (72,000 dwt) 13,500/D 14,750/D MR (45-50,000 dwt) 13,800/D 14,750/D * The above figures are representative rates for modern tankers only. BUNKER PRICES FUEL GRADES ROTTERDAM FUJAIRAH PIRAEUS SINGAPORE 380cst: $678,50 $726.00 $677.50 $733.00 180cst: $693.00 $749.50 $705,50 $742.00 MGO: $951.00 $1045.00 $968.50 $9.00 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