WEEKLY SHIPPING MARKET REPORT WEEK 21 (16 th May to 22 nd May 2015) Legal Disclaimer The information contained herein has been obtained by various sources. Although every effort has been made to ensure that this information is accurate, complete and up-to-date, Shiptrade Services S.A. does not accept any responsibility whatsoever for any loss or damage occasioned or claimed, upon reliance on the information, opinions and analysis contained in this report. Research compiled by: Shiptrade Services S.A. Market Research on behalf of the Sale & Purchase, Dry Cargo Chartering and Tanker Chartering Departments. For any questions, please contact: market-research@shiptrade.gr Shiptrade Services S.A. Tel +30 210 4181814 snp@shiptrade.gr 1st Floor, 110/112 Notara Street Fax +30 210 4181142 chartering@shiptrade.gr 185 35 Piraeus, Greece www.shiptrade.gr tankerchartering@shiptrade.gr
Top Stories: Shipping, Commodities & Global Economy Black Sea-Med Suezmax rate at six-month high on scarce vessel availability The cost of sending 140,000 mt crude oil cargoes from the Black Sea to the Mediterranean has spiked to a six-month high on the back of tight vessel availability in the region, shipping sources said. The Black Sea-Med route was assessed Worldscale 32.75 higher at w135 Tuesday, which equates to $15.54/mt. That was the highest since a $16.81/mt assessment on November 21. An extremely tight position list for loading dates in the first decade of June forced Gazprom to pay w135 to put the Petalidi on subjects for a Novorossiisk-Mediterranean voyage loading June 5. The demurrage on the deal was a relatively high $60,000/day. Despite charterer inquiry in the Black Sea for the end of May and early June not having been unusually high, a tight West African Suezmax market has attracted ballasters and left the Black Sea and the Mediterranean with a severely depleted position list. Shipowner sentiment has been so bullish in West Africa during the past week there was a long stand-off with charterers who attempted to work slowly to take steam out of an overheated market. That ended late Monday afternoon, since when seven ships have been placed on subjects for WAF-loading voyages in the first and second decade of June. Among these, Petrogal was heard to have put the San Saba on subjects at w130 for a WAF- Portugal replacement run on June 3, while Engen reportedly booked the Meltemi at w152.5 for a Kizomba-Durban June 2 voyage. The WAF-UK Continent route, basis 130,000 mt, was assessed w5 higher at w130 Tuesday, with sources saying further gains were likely in coming days as inquiry was still outstanding for the first decade of June. It is incredibly tight in WAF and there is still quite a bit to come for the first decade, said a shipbroker. In addition to a tight West African market, Suezmax charterers in the Black Sea and Mediterranean have also been hampered by an extremely busy Aframax sector. At some Mediterranean ports when Suezmax availability is tight, charterers can split Suezmax stems and load them onto Aframaxes. Sources have said that was not a viable option at present amid a thin Aframax position list in the Mediterranean. Source: Platts India to eclipse China as top coal importer in 2015 India is expected to overtake China as the world s top coal importer in 2015, faster than previously expected, traders and consultants said. India s coal imports should rise to around 200 million tonnes this year, from around 180 million tonnes in 2014, said Mayank Garg, managing director of consultancy Venerable Energy Solutions Managing Director. It s happened much faster than expected because Chinese imports have gone down and prices have gone down price plays a very important role in India. Speaking at the IHS European coal conference, Garg said that Indian imports could rise to 250 million tonnes within three to four years if prices remained around urrent levels. Global coal prices have been depressed in recent years by a glut in supply. There s a possibility of exploding growth of imports if logistical restraints can be managed then the market could explode, Garg said. Meanwhile a fall in Chinese imports has been sharper than had been expected. Earlier this week a Reuters poll showed top coal consumer China s thermal coal imports are expected to drop by 52 million tonnes or around a quarter in 2015, as the country seeks to support its domestic producers and address environmental concerns. International Energy Agency data showed China imported 229 million tonnes of thermal coal, including lignite, in 2014. In India everyone has had steady growth, the drop in China was the surprise, a trader said. Source: Reuters (Reporting by Sarah McFarlane; Editing by Ruth Pitchford) Shiptrade Services S.A. Weekly Market Report 2
Secondhand Sales Bulk Carriers Sale & Purchase Name Dwt YoB Yard SS Engine Gears Price (mill.) Blue Cho Oyu 180.161 2011 Daehan, Kr 04/2016 B&W - $29.0 Undisclosed Cecilia 170.565 1999 Namura, Jpn 06/2019 B&W - $8.75 Buyer Ukrainian (Vista) Million Trader 76.284 2004 Tsuneishi, Jpn 02/2019 B&W - $9.2 Greek Medi Singapore 75.397 2006 Universal, Jpn 06/2016 B&W - $12.6 Undisclosed Rose Atalntic 75.734 2005 Sanoyas, Jpn 07/2015 B&W - $10.8 Greek Tiara Globe 72.928 1998 Hudong, Chn 04/2018 B&W 4 x 30 T $5.5 Chinese Agia 45.296 1994 Shin Kurushima, Jpn 03/2019 Mitsubis hi 4 x 25 T $3.5 Chinese Sea Racer 18.320 2000 Shikoku, Jpn 06/2015 B&W 3 x 30 T $3.5 Turkish Secondhand Sales - Tankers Name Dwt YoB Yard SS Engine Hull Price (mill.) Buyer Flagship Jasmine STX Jinhae 1657 STX Jinhae 1652 STX Jinhae 1658 STX Jinhae 1651 LNG Tenaga Dua LNG Tenaga Lima 114.900 2015 Daehan, Kr - - DH $61.5 73.800 2016 73.800 2015 73.800 2016 73.800 2015 72.087 1981 STX Offshore, Kr STX Offshore, Kr STX Offshore, Kr STX Offshore, Kr Dunkerque, Fr - B&W DH - B&W DH - B&W DH - B&W DH - Stal-Laval DH 72.083 1981 CNIM, Fr - Stal-Laval DH Flagship Iris 51.600 2012 HMD, Kr 09/2017 B&W DH LPG Gas Scorpio 49.679 1995 Mitsubishi Nagasaki, Jpn $53.5 (each enbloc) $19.2 (each enbloc) $30.5 (including 6 month tc to Trafigura at 15.600 usd / day) 12/2015 Mitsubishi DH $39.0 Monaco (Scorpio Tankers) Greek (Prime Marine) Chinese Danish (AP Moller Group) Vietnamese (Truong Phat Loc) Kandilousa 46.700 1995 HHI, Kr 01/2015 B&W DH $8.3 Undisclosed Iver Expert 45.809 1997 Halla Eng, Kr 09/2017 B&W DH $8.5 Everrich 7 22.780 2001 Kitanihon, Jpn 09/2016 Mitsubishi DH n/a Chinese (Sinochem) Greek (Mare Maritime) Shiptrade Services S.A. Weekly Market Report 3
Secondhand Sales Containers Name Teu YoB Yard SS Engine Gear Price (mill.) Buyer Clyde 2.824 2007 HMD, Kr 11/2016 B&W n/a $16.3 Phoenix Hunter 2.824 2006 HMD, Kr 04/2020 B&W n/a $14.8 Passat Spring 2.732 2006 Caledonian Express 2.702 2006 Tuarus J 1.201 2002 Antares J 1.201 2002 Auriga J 1.201 2001 Hanse Confidence Gdanska Stocznia, Pol Nordseewerke, Ger Peene-Werft, Ger Peene-Werft, Ger Peene-Werft, Ger 08/2016 B&W n/a $14.2 Turkish UK (Borealis Maritime) 09/2016 B&W n/a $14.3 Turkish 11/2017 B&W 2 x 45 T $5.5 02/2017 B&W 2 x 40 T $5.3 10/2016 B&W 2 x 45 T $5.3 830 2004 Qingshan, Chn 02/2015 B&W n/a n/a Hanse Courage 830 2005 Qingshan, Chn 07/2015 B&W n/a n/a WMS Rotterdam WMS Amstredam WMS Vlissingen 698 2005 Mawei, Chn 06/2016 MAK n/a n/a 698 2005 Mawei, Chn 06/2016 MAK n/a n/a 698 2005 Mawei, Chn 09/2015 MAK n/a n/a Norwegian (Nordic) German (Navalis) German (ER Capital Holding) Filipino Indicative Values - Bulk Carriers Size Prompt Resale 5 years 10 years 15 years Capesize 48 31 20 12 Panamax - Kamsarmax 29 17 11 8 Supramax - Ultramax 28 16,5 11 7 Handysize 23 14 8 6 Indicative Values - Tankers Size Prompt Resale 5 years 10 years 15 years VLCC 101 80 52 31 Suezmax 70 59 41 22 Aframax 55 45 30 16 Panamax 43 32 23 11 MR 36 27 17 11 Shiptrade Services S.A. Weekly Market Report 4
Newbuilding Orders - Bulkers Newbuilding & Demolition No Type Dwt Yard Delivery Owner 1 Ultramax 60.000 Onomichi, Jpn 2018 Triton Navigation Price (mill.) n/a Comments Sumitomo Subsidiary,total 4 on order Newbuilding Orders Tankers No Type Dwt Yard Delivery Owner 1 Suezmax 160.000 Hyundai Samho, Kr Price (mill.) 2017 Blumenthal $67.0 2 Suezmax 156.000 DSME, Kr 2017 Maran Tankers n/a Comments +1 option, conversion from capesize Demolition Sales Vessel Type Built Ldt Dwt Price ($) Country Comments Bergen Max BC 1994 11.654 72.338 380 Pakistan Charles Martin GC 1982 9.504 37.604 390 Pakistan Amadeo Tanker 1996 10.875 39.350 280 - As is Argentina Krateros BC 1992 8.085 43.595 375 Pakistan Meem Tween 1986 4.872 16.223 315 India Auction Omolon Tween 1987 4.174 7.075 364 India Auction Indicative Demolition Prices Country Tanker Prices Bulker Prices India 370 355 Bangladesh 385 365 Pakistan 395 370 China 230 210 Turkey 260 240 Shiptrade Services S.A. Weekly Market Report 5
Baltic Indices (Friday Closing Values) 1 year T/C rates ($/day) Dry Bulk Chartering Index Week 21 Week 20 Change (%) BDI 586 634 7,60 BCI 816 954 14,4 BPI 549 579 5,10 BSI 627 628 0,16 BHSI 327 327 - Type Size (k dwt) Week 21 Week 20 Change (%) Capesize 160-175 4351 5771 24,6 Panamax 72-76 4391 4630 5,10 Supramax 52-57 6559 6566 0,10 Handysize 30-35 4825 4832 0,10 Average spot rates ($/day) Type Size (k dwt) Route Week 21 Week 20 Change (%) Capesize 160-175 Panamax 72-76 Supramax 52-57 Handysize 30-35 F. East - ATL -1500-1373 - Cont/Med - F. East 10755 12770 15,7 F. East RV 4595 5755 20,1 TransAtlantic RV 3555 5930 40,0 F. East - ATL 320 310 3,20 ATL - F. East 8295 8723 4,90 Pacific RV 4798 4634 3,50 TransAtlantic RV 4150 4853 14,4 F. East - ATL 5000 4880 2,40 ATL - F. East 9017 9217 2,10 Pacific RV 5867 5625 4,30 TransAtlantic RV 6800 6900 1,40 Far East - ATL 2842 2848 0,20 ATL - F. East 8678 8692 0,15 Pacific RV 5436 5453 0,30 TransAtlantic RV 4655 4660 0,10 Shiptrade Services S.A. Weekly Market Report 6
Exchange Rates Key Indicators & Stock Markets Currency Week 21 Week 20 Change (%) EUR / USD 1,1159 1,1394 2,06 USD / JPY 120,83 119,46 1,15 USD / KRW 1090 1085 0,46 USD / NOK 7,52 7,35 2,31 Bunker Prices Commodities Port IFO 380 IFO 180 MGO Piraeus 345 370 618 Fujairah 374 398 733 Singapore 367 385 579 Rotterdam 335 367 577 Houston 335 390 643 Commodity Week 21 Week 20 Change (%) Brent Crude (BZ) 66,34 66,51 0,26 Natural Gas (NG) 2,96 3,00 1,33 Gold (GC) 1213 1219 0,49 Copper 284,10 291,65 2,59 Wheat (W) 527,25 515,00 2,38 Shiptrade Services S.A. Weekly Market Report 7
Shipping Stock Prices - Dry Bulk Key Indicators & Stock Markets Company Stock Exchange Week 21 Week 20 Change (%) Baltic Trading Ltd (BALT) NYSE 1,50 1,52 1,32 Diana Shipping Inc (DSX) NASDAQ 6,91 7,00 1,29 Dryships Inc (DRYS) NASDAQ 0,79 0,80 1,25 Euroseas Ltd (ESEA) NASDAQ 0,77 0,77 0,00 Eagle Bulk Shipping Inc (EGLE) NASDAQ 10,57 10,00 5,70 Freeseas Inc (FREESE) NASDAQ 0,07 0,12 41,67 Navios Maritime (NM) NYSE 3,51 3,80 7,63 Navios Maritime PTN (NMM) NYSE 10,79 10,80 0,09 Paragon Shipping Inc (PRGN) NASDAQ 0,83 0,70 18,57 Star Bulk Carriers Corp (SBLK) NASDAQ 3,17 3,48 8,91 Seanergy Maritime Holdings Corp (SHIP) NASDAQ 0,69 0,72 4,17 Safe Bulkers Inc (SB) NYSE 3,59 3,68 2,45 Golden Ocean (GOGL) Oslo Bors 4,68 5,21 10,17 Shipping Stock Prices - Wet Company Stock Exchange Week 21 Week 20 Change (%) Capital Product Partners LP (CPLP) NASDAQ 9,01 8,93 0,90 TOP Ships Inc (TOPS) NASDAQ 1,06 1,09 2,75 Tsakos Energy Navigation (TNP) NYSE 9,85 9,55 3,14 Shipping Stock Prices - Other Company Stock Exchange Week 21 Week 20 Change (%) Aegean Maritime Petrol (ANW) NYSE 14,28 14,46 1,24 Danaos Corporation (DAC) NYSE 6,39 6,33 0,95 StealthGas Inc (GASS) NASDAQ 6,58 6,67 1,35 Rio Tinto (RIO) NYSE 44,97 46,36 3,00 Vale (VALE) NYSE 6,65 7,13 6,73 ADM Archer Daniels Midland (ADM) NYSE 52,92 52,88 0,08 BHP Billiton (BHP) NYSE 46,28 51,78 10,62 Shiptrade Services S.A. Weekly Market Report 8