Weekly Market Report Week 45 Tuesday 13th November 2012 Broker s insight by John N. Cotzias This year s demoli on sta s cal figures ll end of October show that we are experiencing another superb and never before experienced, record year. Even if we only packed-in this year s 10 month data and presented them as annual figures, we would s ll be talking of a phenomenal year for the scrap industry. With yet another two months to go, this record number will likely be further increased. Looking at the regional intake of every major demoli on country, as always India leads the tables having taken 467 ships of 17.4mil dwt (4.2mt ldt), while Pakistan 95 ships of 9mil dwt (1.4mt ldt), Bangladesh 204 ships of 13.8mil dwt (2.4mt ldt), China 255 ships 11mil dwt (2.2mt ldt), and Turkey 226 ships of 2.1mil tns dwt (0.53mt ldt). All ships scrapped during 2012 amount to 55m tons of ac ve carrying capacity, compared to 44m tons seen in 2011. We expect that demoli on intake appe te will con nue at the same pace as that experienced all throughout 2012, despite the small disrup on this week during Diwali fes vi es, so we may well see that more than 1,500 ships, surpassing 60m tons dwt, will have been beached this year. 489 Bulkers have been scrapped totaling 30m dwt (432 units, 25m dwt 2011). The average size of Bulkers scrapped is 63,000dwt while in 2011 it was 57,000dwt. The average age of bulkers scrapped in 2012 is 28 years while in 2011 it was 31 years, so not only have we scraped bigger but also younger bulkers. Capes scrapped in 2012 are 74 (12.5m dwt) compared to the 67 Capes (11m dwt) seen in 2011, Panamaxes were 113 (7.6mil dwt) compared to 80 (5.4m dwt), Handymaxes were 84 (3.8m dwt) compared to 49 (2.2m dwt), Handysizes were 170 (5.4m dwt) compared to 131 (3.9m dwt). The net fleet growth for Bulkers during the past ten months has been 9.6%, while this could easily climb up to around 11% by the end of the year. As such it is interes ng to note how important a role, the intensive scrapping has played in keeping the balance between the massive number of newbuilding deliveries and the growth in seaborne trade. 171 Tankers of 14m dwt have been withdrawn in 2012 (in 2011 we had 231 ships of 11.8m dwt). The average size of tankers scrapped is 82,000dwt while in 2011 it was 51,000dwt. The average age in 2012 is 26 years while in 2011 it was 29 years. We saw 19 (5.2m dwt) VLCCs scrapped in 2012, compared to 16 (11m dwt) in 2011, 24 Suezmaxes (3.5m dwt), compared to 2011 were we had 9 (1.3m dwt), 24 Aframaxes (2.4m dwt) compared to 2011 were we had 27 (2.6m dwt), 53 LR1 and MR ships (2.5m dwt) compared to 60 (2.6m dwt) in 2011. 202 (28m dwt) were the tanker newbuildings delivered during the first 10 months of 2012 and the net tanker fleet growth has been 3.2% so far, while scrapping has kept up pace equaling to half of the total newbuilding deliveries. With steel prices s ll keeping firm, backed by a strong demand, and iron ore prices holding steady, we an cipate that demand for demoli on candidates will remain strong during 2013, keeping the offered prices rela vely close to today s levels. This way, we may con nue to see many ships leaving the ac- ve fleet, allevia ng a heavily saturated and over-capacitated market that will likely hold through the last big lot of newbuilding deliveries in 2013. Chartering (Wet: Stable+ / Dry: Stable- ) The dry bulk market may have closed the week in the red, however things look to be turning around, with Capes seemingly bringing about a change in sen ment all around. The BDI closed Tuesday (13/11/2012) at 985 points, up by 20 points compared to Monday s levels (12/11/2012) and an increase of 38 points compared to the previous Tuesday s levels (06/11/2012). Besides the extra demand which has been created this past week a er the devasta on caused by Hurricane Sandy, the tanker market s ll appears to be compara vely weak when one considers that we are well into the winter season now. The BDTI Monday (12/11/2012), was at 687, 28 points up and the BCTI at 696, a decrease of 24 points compared to the previous Monday s levels (05/11/2012). Sale & Purchase (Wet: Stable- / Dry: Stable- ) Fairly stable ac vity this week, with only a few interes ng deals to report, while buyers interest seems to have slowed down slightly. On the Tankers side, the S. Korean built White Stars (115,500dwt-blt 12 S. Korea) was finally reported sold to Greek buyers at a price of around $ 43.0m a er previous rumoured sales failed to materialize. While on the dry bulker side, we had the sale of the resale Hull OS- N1015 (179,700dwt-blt 12 S. Korea) which was reported sold for a price in the region of $ 35-35.5m to European buyers a er previous reported sale in July failed. Newbuilding (Wet: Stable- / Dry: Stable- ) Not much has changed in the Newbuilding market as new ac vity will likely con nue to focus for the foreseeable future on niche shipping sectors, while the tradi onally busier tanker and dry bulk sectors are likely to stumble along on a trickle of new orders with the majority of these likely being replacements and renewal of owners fleets. There has been a possible indica on of finance flexibility to emerge for new building in China, however with the way sen ment is presently in the market we don t believe we will see any huge order rush just yet. In terms of reported deals this week, the most notable order was that placed by ese owner JX Shipping at S. Korea s Hyundai Mipo for a fully refrigerated LPG (35,000cbm) for delivery in July 2014 and at a price of $ 49.0m. Demoli on (Wet: Stable- / Dry: Stable- ) With the Diwali holidays now underway and no other region looking to be able to cover the gap le behind by the so er demand now coming out of India. At the same me, there has been a con nua on to the drop in steel prices, dampening support for the scrap prices offered up to now. China on the other hand has closed the price gap further again this week and we can already see Chinese breakers heavily compe ng for high profile units. This increase from the Chinese is mainly a ributed by there increased demand for steel. There is however a significant supply of candidates in the market being offered, while the strong ac vity concluded these past couple of weeks could combine into a much so er demand even a er the end of the Diwali Holidays. Prices were so er again this week, as wet tonnages saw levels of 370-425$/ldt and dry units were at about 355-390$/ldt.
Wet Market Dirty Clean Aframax Suezmax VLCC Vessel VLCC Suezmax Aframax Panamax MR Handy size Routes Week 45 Week 44 2012 2011 ±% $/day $/day $/day $/day WS points Spot Rates WS points 265k AG-JAPAN 38 10,898 35 5,007 9% 20,644 18,217 280k AG-USG 26-2,387 23-9,249 16% 1,260 2,504 260k WAF-USG 43 20,061 43 19,375 0% 31,404 25,714 130k MED-MED 63 13,518 63 13,518 0% 22,328 25,125 130k WAF-USAC 60 8,286 63 10,400-4% 13,730 13,373 130k AG-CHINA 70 19,909 70 19,159 0% 22,661 14,815 80k AG-EAST 90 13,666 90 12,978 0% 14,355 12,726 80k MED-MED 73 7,049 88 14,933-17% 13,928 13,577 80k UKC-UKC 85 15,177 85 14,894 0% 18,296 18,604 70k CARIBS-USG 138 28,532 105 14,554 31% 12,409 8,240 75k AG-JAPAN 118 22,748 110 18,774 7% 9,341 10,467 55k AG-JAPAN 138 20,315 140 20,725-2% 9,235 7,768 37K UKC-USAC 123 7,749 120 7,097 2% 8,754 11,022 30K MED-MED 160 21,755 170 24,595-6% 17,836 18,458 55K UKC-USG 113 14,783 110 13,490 2% 15,640 11,266 55K MED-USG 113 12,439 110 11,367 2% 13,821 9,676 50k CARIBS-USAC 108 9,177 103 7,440 5% 12,846 10,700 $/day TC Rates Week 45 Week 44 ±% Diff 2012 2011 300k 1yr TC 22,000 22,000 0.0% 0 22,494 25,197 300k 3yr TC 27,000 27,000 0.0% 0 27,272 31,681 150k 1yr TC 17,000 17,000 0.0% 0 17,617 19,837 150k 3yr TC 21,500 21,500 0.0% 0 21,078 23,830 110k 1yr TC 14,500 14,000 3.6% 500 13,833 15,707 110k 3yr TC 16,250 16,250 0.0% 0 16,100 18,335 75k 1yr TC 14,000 14,000 0.0% 0 13,061 14,995 75k 3yr TC 14,750 14,500 1.7% 250 14,278 16,263 52k 1yr TC 13,500 13,250 1.9% 250 13,806 13,918 52k 3yr TC 14,500 14,500 0.0% 0 14,639 14,738 36k 1yr TC 12,750 12,750 0.0% 0 12,556 12,471 36k 3yr TC 13,750 13,750 0.0% 0 13,367 13,412 WS points WS points VLCC Suezmax Aframax LR1 Indicative Market Values ($ Million) - Tankers Vessel 5yrs old MR Indicative Period Charters - 2yrs - 'Fidelity II' 2011 47,350dwt - DEL EAST - $ 12,300/day - cnr - 1+1yrs - 'FPMC 20' 2009 50,000dwt - DEL WEST - $ 11,750/day - Vitol 160 140 120 100 80 60 40 20 260 240 220 200 180 160 140 120 100 80 60 TD3 TD5 TD8 TD4 TC2 TC4 TC6 TC1 DIRTY - WS RATES CLEAN - WS RATES Nov-12 Oct-12 ±% 2012 2011 2010 300KT DH 59.0 60.8-2.9% 63.7 77.6 87.2 150KT DH 41.0 42.3-3.0% 45.6 54.4 62.6 110KT DH 27.5 27.8-0.9% 31.7 39.1 44.7 75KT DH 24.0 24.3-1.0% 27.0 35.2 38.8 52KT DH 22.0 22.3-1.1% 24.8 28.4 26.5 Chartering It seems as though the ght condi ons felt throughout the tanker industry provided some posi ve feedback to the VLCC market which managed to show a small increase on the levels noted a week prior. This has only been a minor correc on to the previous lows and by no means can be considered a recovery of the market. There is s ll a lot of pressure from the market oversupply and it s ll looks as though the winter season in the northern hemisphere will not be enough reason to boost the market substan ally this year. Suezmaxes on the other hand were unable to note similar benefits this week with the Black Sea/Med region holding stable for now, while the WAF market even started to so en somewhat. There has been a more bearish sen ment all around, with owners unable to push the market for any improvement despite the ample ac vity noted for November fixtures so far. The same difficul es as the Suezmaxes were faced by Afras in the Black Sea/Med and North Sea/Bal c regions were there was more than ample tonnage available to meet demand in these regions. It was a whole different case in the other side of the Atlan c basin, were the disrup ons caused by Hurricane Sandy le a very bullish market with high demands for promptly available vessels in most of the USAC. Sale & Purchase In the LR2 segment this week, we had the S. Korean built White Stars (115,500dwt-blt 12 S. Korea) which was finally reported sold to Greek buyers at a price of around $ 43.0m a er previous rumored sales failed to materialize. Also noteworthy was the reported sale of the stainless steel chemical tanker Stolt Swazi (19,996dwt-blt 07 ) which went to Chilean buyers, basis long-term subjects, for a price of $ 21.8m. Intermodal Research 13/11/2012 2
Dry Market Baltic Indices Week 45 Week 44 09/11/2012 02/11/2012 Point 2012 2011 ±% Diff Index $/day Index $/day Index Index BDI 940 986-4.7% -46 917 1,549 BCI 2,203 $14,554 2,304 $15,409-4.4% -101 1,520 2,237 BPI 722 $5,788 766 $6,133-5.7% -44 976 1,749 BSI 649 $6,787 669 $6,992-3.0% -20 931 1,377 BHSI 407 $6,021 422 $6,223-3.6% -15 529 718 Capesize Panamax Supramax Handymax Handysize Period $/day Week Week 45 44 ±% Diff 2012 2011 170K 6mnt TC 16,250 18,000-10% -1,750 13,390 18,474 170K 1yr TC 13,750 14,500-5% -750 14,112 17,138 170K 3yr TC 14,500 14,500 0% 0 15,547 17,599 76K 6mnt TC 8,875 9,125-3% -250 11,356 17,238 76K 1yr TC 8,750 8,750 0% 0 10,200 14,863 76K 3yr TC 9,500 9,750-3% -250 11,207 14,500 55K 6mnt TC 9,250 9,750-5% -500 11,518 15,587 55K 1yr TC 9,000 9,250-3% -250 10,592 14,308 55K 3yr TC 10,250 10,250 0% 0 11,422 14,046 45k 6mnt TC 7,750 8,125-5% -375 9,663 13,416 45k 1yr TC 7,750 8,000-3% -250 9,069 12,450 45k 3yr TC 8,750 8,750 0% 0 9,780 12,403 30K 6mnt TC 7,500 8,000-6% -500 8,447 11,712 30K 1yr TC 8,125 8,325-2% -200 8,576 11,787 30K 3yr TC 9,000 9,000 0% 0 9,586 12,044 Chartering Despite closing off the week in the red, Capes showed significant vigour towards the end of the week as the mere news of the go ahead in Chinese s mulus plans helped boost demand significantly and ac vity increase on the backdrop of ght posi on lists in both basins. There seems to be a lot of momentum and a significant increase in posi ve sen ment in the market which could inevitably lead to further firming of freight rates over the next couple of days. Panamaxes were losing for yet another week, as the Atlan c basin con nued to lose ground with limited demand and ample availability of vessels. The Pacific basin was holding slightly be er, however there was not enough support to help raise offered rates in the region or cause any overall change in the market. Without strong support from the Atlan c basin, it looks as though a recovery for the me being might be a long distant dream, while at the same me the segment suffers from above average growth rate. Index $/day 5,000 4,000 3,000 2,000 1,000 0 50,000 40,000 30,000 20,000 10,000 0 Capesize Panamax Supramax Handysize Baltic Indices BCI BPI BSI BHSI BDI Average T/C Rates AVR 4TC BCI AVR 4TC BPI AVR 5TC BSI AVR 6TC BHSI Indicative Market Values ($ Million) - Bulk Carriers Vessel 5 yrs old Indicative Period Charters - 5/6 mos - 'Star Delta' 2000 52,434dwt - dely EC India - $ 8,500/day - Norden - 3/5 mos - 'Nord Ocean' 2011 55,623dwt - dely Lianyungang spot - $ 8,500/day - cnr Nov-12 Oct-12 ±% 2012 2011 2010 180k 32.5 32.5 0.0% 34.9 43.5 57.4 76K 19.0 19.3-1.3% 23.3 31.3 39.0 56k 20.0 20.0 0.0% 23.4 28.1 32.2 30K 16.0 16.0 0.0% 18.4 23.5 26.2 Sale & Purchase In the Capesize sector we had the sale of the resale Hull OS- N1015 (179,700dwt-blt 12 S. Korea) which was reported sold for a price in the region of $ 35-35.5m to European buyers a er previous reported sale in July failed. While in the Handysize sector we had the sale Spear Flower (29,738dwtblt 03 ) which is said to have been picked up by Hong Kong based Pacific Basin for a price of about $ 11.2m. Both Supras and Handies did not see any great change in market condi ons, as overall freight levels for both size segments con nued to slide down for yet another week. The only excep on was for Supras trading on Atlan c RVs and Backhaul routes were rates seemed to firm up slightly towards the end of the week. This hea ng up in the Atlan c basin could start to translate into an improvement of rates overall and a be er market outlook, while we s ll wait to witness a strong Pacific basin as it stood prior to end of April this year. Intermodal Research 13/11/2012 3
Secondhand Sales Tankers Size Name Dwt Built Yard M/E SS due Hull Price Buyers Comments LR2 WHITE STARS 115,500 2012 SAMSUNG HEAVY INDUSTRI, S. Korea MAN-B&W DH $ 43.0m Greek dely Jan 2013 MR SAFFRON I 30,500 1999 DAEWOO HEAVY INDUSTRIE, S. Korea B&W Jan-14 DH $ 8.3m undis closed PROD/ CHEM STOLT SWAZI 19,996 2007 FUKUOKA FUKUOKA, Mitsubis hi Mar-17 DH $ 21.8m Chilean long s ubs, StSt tanks Bulk Carriers Size Name Dwt Built Yard M/E SS due Gear Price Buyers Comments CAPE HULL OSN1015 179,700 2012 ORIENT SHIPYARD - MAN-B&W GWAN, S. Korea rgn $ 35-35.5m European PMAX PERLA BULKER 75,949 2007 PMAX HALO CYGNUS 73,937 1998 TSUNEISHI HOLDINGS - F, TSUNEISHI SHBLDG - FUK, MAN-B&W Jul-17 $ 17.8m undisclosed B&W Mar-13 $ 8.7m Greek HMAX CB ADVENTURE 46,232 2002 OSHIMA SHIPBUILDING, B&W Jun-17 4 X 30t $ 13.4m Greek HANDY SPEAR FLOWER 29,738 2003 SHIKOKU DOCKYARD, B&W Jan-13 4 X 30t $ 11.2m Hong Kong based (Pacific basin) HANDY LUBNA 26,914 1986 USUKI IRON WORKS - SAI, Mitsubishi Aug-15 4 X 30t $ 3.5m Chinese HANDY RIMA 26,841 1986 MINAMI-NIPPON USUKI, Mitsubishi May-16 4 X 30t $ 3.5m MPP/General Cargo Name Dwt Built Yard M/E SS due Gear Price Buyers Comments VIETFRACHT-01 8,049 1991 NISHI, B&W Jul-11 2X25t DRS, 1X20t DRS, 1X18t DRS $ 1.7m undisclosed PAN RISE 7,034 1990 HAKATA, Hanshin Nov-15 1X45t CRS, 2X20t DRS $ 1.9m undisclosed BRIGHT FUTURE 6,025 1984 MURAKAMI HIDE, Mitsubishi 2X20t DRS, 2X15t DRS undisclosed undisclosed Intermodal Research 13/11/2012 4
Secondhand Sales Size Name Teu Built Yard M/E SS due Gear Price Buyers Comments CHINA SUB CLASEN 3 X 45t 2,226 1998 SHIPBLDNG, B&W Jul-13 $ 5.3m Greek PMAX RICKMERS Chinese Taipei SUB PMAX SUB PMAX KOTA MEWAH 2,105 1997 KOTA MEGAH 2,105 1997 FEEDER E.R. DURBAN 1,730 1999 DAEWOO HEAVY INDUSTRIE, S. Korea DAEWOO HEAVY INDUSTRIE, S. Korea SZCZECINSKA STOCZNIA S, Poland Containers B&W B&W Sulzer Aug-17 Aug-17 Mar-14 4 X 40t 4 X 40t 3 X 40t $ 6.0m $ 6.0m Hong-Kong based (Mandarin Shpng) $ 5.5m Greek FEEDER FABIAN SCHULTE 1,608 1997 MTW, Germany Sulzer Nov-12 3 X 45t $ 2.0m S. Korean (Sinokor) as is Bahamas Gas/LPG/LNG Name Dwt Built Yard M/E SS due Cbm Price Buyers Comments BRITISH CONFIDENCE 54,490 2006 MITSUBISHI NAGASAKI, MAN-B&W Mar-16 81,605 $ 55.0m Indian (Great Eastern Shpng) Name Loa(m) LM Built Yard M/E SS due Price Buyers Comments ASIANA BREEZE 146 1200 1994 MITSUBISHI SHIMONOSEKI, Roros Piels tick Mar-14 $ 9.0m undis clos ed Intermodal Research 13/11/2012 5
Demoli on Market Wet Dry Indicative Demolition Prices ($/ldt) Markets Week Week 45 44 ±% 2012 2011 2010 Bangladesh 415 415 0.0% 443 523 422 India 420 430-2.3% 450 511 427 Pakistan 425 425 0.0% 448 504 425 China 370 370 0.0% 385 451 383 Bangladesh 385 385 0.0% 418 498 375 India 390 410-4.9% 424 484 394 Pakistan 390 400-2.5% 421 477 388 China 355 350 1.4% 365 432 364 With the Diwali holidays now underway and no other region looking to be able to cover the gap le behind by the so er demand now coming out of India. At the same me, there has been a con nua on to the drop in steel prices, dampening support for the scrap prices offered up to now. China on the other hand has closed the price gap further again this week and we can already see Chinese breakers heavily compe ng for high profile units. This increase from the Chinese is mainly a ributed by there increased demand for steel. There is however a significant supply of candidates in the market being offered, while the strong ac vity concluded these past couple of weeks could combine into a much so er demand even a er the end of the Diwali Holidays. Prices were so er again this week, as wet tonnages saw levels of 370-425$/ldt and dry units were at about 355-390$/ldt. Most notable this price this week was that paid by Pakistani breakers for the suezmax tanker United Star (149,563dwt-20,766ldt-blt 92) which for a price of $ 438/ldt. Wet Demolition Prices Dry Demolition Prices 550 Bangladesh India Pakistan China 500 Bangladesh India Pakistan China 500 450 $/ldt 450 400 350 300 $/ldt 400 350 300 250 Name Size Ldt Built Yard Type $/ldt Breakers Comments BET PRINCE 163,554 22,750 1995 HARLAND & WOLFF, U. K. Demolition Sales BULKER $ 428/Ldt Indian option India/Pakistan UNITED STAR 149,563 20,766 1992 SAMSUNG, S. Korea TANKER $ 438/Ldt Pakistani AONOBLE 98,288 13,990 1988 KOYO, BULKER $ 420/Ldt Indian GLENROSS 90,607 18,668 1993 GDYNIA, Poland TANKER $ 422/Ldt undisclosed as-is Labuan region inc. sufficient bunkers ROB for last voyage POS YANTIAN 47,539 17,540 1988 KAWASAKI, CONT $ 434/Ldt Indian MAHA DEEPA 45,501 8,809 1985 VEROLME, Brazil BULKER $ 405/Ldt Indian option India/Pakistan MAKEEVKA 28,136 7,935 1982 JIANGNAN, China BULKER $ 415/Ldt Indian INDIAN OCEAN 10,285 6,805 1989 ULJANIK, Yugoslavia REEFER $ 405/Ldt Indian Intermodal Research 13/11/2012 6
Newbuilding Market Bulkers Tankers Gas Indicative Newbuilding Prices (million$) Vessel Week Week 45 44 ±% 2012 2011 2010 Capesize 170k 45.5 45.5 0.0% 46 53 58 Panamax 78k 25.3 25.3 0.0% 27 33 35 Supramax 57k 24.3 24.3 0.0% 25 30 31 Handysize 30k 20.6 20.6 0.0% 22 25 27 VLCC 300k 94.0 94.0 0.0% 94 102 103 Suezmax 160k 57.0 57.0 0.0% 57 64 66 Aframax 115k 48.5 48.5 0.0% 49 54 55 LR1 75k 41.0 41.0 0.0% 42 45 46 MR 52k 33.5 33.5 0.0% 33 36 36 LPG M3 80k 70.0 70.0 0.0% 70 73 72 LPG M3 52k 61.5 61.5 0.0% 61 64 65 LPG M3 23k 41.0 41.0 0.0% 43 46 46 Not much has changed in the Newbuilding market as new ac vity will likely con nue to focus for the foreseeable future on niche shipping sectors, while the tradi onally busier tanker and dry bulk sectors are likely to stumble along on a trickle of new orders with the majority of these likely being replacements and renewal of owners fleets. There has been a possible indica- on of finance flexibility to emerge for new building in China, however with the way sen ment is presently in the market we don t believe we will see any huge order rush just yet. The most noteworthy order reported this week is that placed by ese owner JX Shipping at S. Korea s Hyundai Mipo for a fully refrigerated LPG (35,000cbm) for delivery in July 2014 and at a price of $ 49.0m. Tankers Newbuilding Prices (m$) Bulk Carriers Newbuilding Prices (m$) mil lion $ 120 100 80 60 40 20 VLCC Suezmax Aframax LR1 MR million $ 70 60 50 40 30 20 10 Capesize Panamax Supramax Handysize Units Type Size Yard Delivery Buyer Price Comments 6 Tanker 38,000 dwt Hundong Zhonghua, China 2015-2016 Norwegian (Stolt-Nielsen) undisclosed 1 Bulker 31,500 dwt Universal S.B., 2013 Fednav undisclosed laker ice class 1 Gas 35,000 cbm Hyundai Mipo, S. Korea 07-2014 ese (JX Shipping) $ 49.0m LPG - fully refrigerated 1 Offshore - Kleven Verft, Norway 03/2014 Norwegian (Rem Maritime) undisclosed MSV 2 Offshore 4,200 dwt P.T. Britoil, Indonesia 03-06/2014 Spore based (Britoil Offshore) undisclosed PSV 1 Passenger - STX Finnyards, Finland 04/2014 German (Tui Cruises) $ 607.0m Cruise 2 Ro-Pax 500 dwt Strategic Australia, Australia Newbuilding Orders 2 Ro-Ro 6,700 ceu Weihai Samjin, China 2014-2015 10-12/2013 Oman (National Ferries) undisclosed Fast PCCat Norwegian (Siem Car Carriers) undisclosed PCTC Intermodal Research 13/11/2012 7
Currencies Stock Exchange Data Market Data 9-Nov-12 8-Nov-12 7-Nov-12 6-Nov-12 5-Nov-12 W-O-W Change % 10year US Bond 1.610 1.630 1.630 1.740 1.680-6.9% S&P 500 1,379.85 1,377.51 1,394.53 1,428.39 1,417.26-2.4% Nasdaq 2,904.87 2,895.58 2,937.29 3,011.93 2,999.66-2.6% Dow Jones 12,815.39 12,811.32 12,932.73 13,245.68 13,112.44-2.1% FTSE 100 5,769.68 5,776.05 5,791.63 5,884.90 5,839.06-1.7% FTSE All-Share UK 3,014.98 3,019.85 3,028.97 3,074.52 3,052.42-1.8% CAC40 3,423.57 3,407.68 3,409.59 3,478.66 3,448.50-2.0% Xetra Dax 7,163.50 7,204.96 7,232.83 7,377.76 7,326.47-2.7% Nikkei 8,757.60 8,837.15 8,972.89 8,975.15 9,007.44-3.2% Hang Seng 21,384.38 21,566.91 22,099.85 21,944.43 22,006.40-3.3% Dow Jones 203.82 207.20 208.21 212.30 209.65-2.7% $ / 1.27 1.27 1.28 1.28 1.28-1.0% $ / 1.59 1.60 1.60 1.60 1.60-0.7% / 0.80 0.80 0.80 0.80 0.80-0.3% / $ 79.34 79.75 80.01 80.24 80.31-1.4% $ / Au$ 1.04 1.04 1.04 1.04 1.04 0.2% $ / NoK 0.17 0.17 0.17 0.17 0.17-0.6% $ / SFr 0.95 0.95 0.94 0.94 0.94 0.9% Yuan / $ 6.26 6.26 6.27 6.27 6.26 0.3% Won / $ 1,088.38 1,089.46 1,088.23 1,090.79 1,092.01-0.3% $ INDEX 80.80 80.80 80.80 80.80 80.80 0.0% World Economy News Euro finance chiefs le unanswered how they ll fill a fresh hole in Greece s balance sheet without tapping their own bailout-weary taxpayers for money a er giving the country two extra years to trim its budget deficit. In the latest compromise in three years of crisis figh ng, creditors led by Germany opted late yesterday to keep money flowing to Greece instead of risking a default that could lead to the na on s exit from the euro and s r more turmoil for the countries that remain in the single-currency bloc. (Bloomberg) Commodi es & Financials 130 120 110 oil 100 MDO 380cst 180cst 90 80 Basic Commodities Weekly Summary Oil WTI $ Oil Brent $ Gold $ 1,760 1,740 1,720 gold 1,700 1,680 1,660 Bunker Prices W-O-W 9-Nov-12 2-Nov-12 Change % Rotterdam 921.0 957.0-3.8% Houston 1,014.0 1,045.0-3.0% Singapore 920.0 934.0-1.5% Rotterdam 579.0 588.0-1.5% Houston 596.5 605.5-1.5% Singapore 591.5 610.5-3.1% Rotterdam 621.0 626.0-0.8% Houston 642.5 647.5-0.8% Singapore 609.5 631.5-3.5% Energy & Commodi es The US will overtake Saudi Arabia and Russia to become the world s largest global oil producer by the second half of this decade, according to the Interna onal Energy Agency, as the shale revolu on redraws the global energy landscape. High quality global journalism requires investment. The agency s latest World Energy Outlook said the US could be almost self-sufficient in energy by 2035, marking a drama c reversal of the trend seen in most other energy-impor ng countries. It said the US would overtake Russia as the largest gas producer by 2015. (Financial Times) Company Maritime Stock Data Stock W-O-W Curr. 09-Nov-12 02-Nov-12 Exchange Change % Max 45wk Min 45wk AEGEAN MARINE PETROL NTWK NYSE USD 4.97 5.58-10.9% 5.60 4.97 BALTIC TRADING NYSE USD 3.40 3.42-0.6% 3.41 3.35 BOX SHIPS INC NYSE USD 5.60 5.62-0.4% 5.71 5.56 CAPITAL PRODUCT PARTNERS LP NASDAQ USD 7.37 8.13-9.3% 7.90 7.30 COSTAMARE INC NYSE USD 13.31 13.71-2.9% 13.90 13.31 DANAOS CORPORATION NYSE USD 3.05 3.02 1.0% 3.06 2.97 DIANA SHIPPING NYSE USD 7.22 7.26-0.6% 7.59 7.22 DRYSHIPS INC NASDAQ USD 2.20 2.29-3.9% 2.37 2.20 EAGLE BULK SHIPPING NASDAQ USD 2.80 2.91-3.8% 2.92 2.80 EUROSEAS LTD. NASDAQ USD 1.12 1.13-0.9% 1.13 1.11 EXCEL MARITIME CARRIERS NYSE USD 0.46 0.43 7.0% 0.49 0.44 FREESEAS INC NASDAQ USD 0.20 0.22-9.1% 0.24 0.20 GENCO SHIPPING NYSE USD 2.90 2.86 1.4% 3.02 2.83 GLOBUS MARITIME LIMITED NASDAQ USD 2.31 2.44-5.3% 2.54 2.31 GOLDENPORT HOLDINGS INC LONDON GBX 39.00 42.10-7.4% 42.96 39.00 HELLENIC CARRIERS LIMITED LONDON GBX 20.95 20.95 0.0% 20.95 20.95 NAVIOS MARITIME ACQUISITIONS NYSE USD 2.61 2.90-10.0% 2.90 2.60 NAVIOS MARITIME HOLDINGS NYSE USD 3.80 4.00-5.0% 4.10 3.80 NAVIOS MARITIME PARTNERS LP NYSE USD 14.33 15.78-9.2% 15.75 14.33 NEWLEAD HOLDINGS LTD NASDAQ USD 0.41 0.50-18.0% 0.55 0.41 PARAGON SHIPPING INC. NYSE USD 2.90 3.80-23.7% 3.60 0.37 SAFE BULKERS INC NYSE USD 4.81 5.61-14.3% 5.59 4.81 SEANERGY MARITIME HOLDINGS CORP NASDAQ USD 1.51 1.64-7.9% 1.60 1.51 STAR BULK CARRIERS CORP NASDAQ USD 6.54 7.52-13.0% 7.40 6.54 STEALTHGAS INC NASDAQ USD 7.08 6.93 2.2% 7.10 6.86 TSAKOS ENERGY NAVIGATION NYSE USD 4.23 4.29-1.4% 4.55 4.23 TOP SHIPS INC NASDAQ USD 1.00 1.10-9.1% 1.12 1.00 Finance News Deutsche Schiffsbank expects to lose 270m ($342.3m) on the 16bn shipping por olio it is seeking to exit as soon as possible, according to the quarterly results issued by its parent company Commerzbank. The shipping por olio s risk density, at 179 basis points, is far higher than for any other area, and is indeed the only one to make it into triple figures. Expected losses on mortgage loans, for instance, only amount to 21 bp, and even consumer credit is only expected to clock up 43 bp, making shipping exposure approximately four mes more toxic than maxed -out credit cards. Nor is this just a nominal provision. The statement notes bleakly that the value adjustment forecast of several hundred million euros is likely to prove realis- c, indica ng that Commerzbank is gearing itself up to take a hit. A further footnote reveals that the complete transfer of Deutsche Schiffsbank to Commerzbank s non-core asset segment was completed on August 9, and its ac vi es are set to be wound down over me in a value-preserving manner. (Lloyds List) The informa on contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such informa on to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the produc on of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the informa on and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior wri en authoriza on of Intermodal Shipbrokers Co. Compiled by Intermodal Research & Valua ons Department Mr George Lazaridis E-mail: research@intermodal.gr On behalf of Intermodal Sale & Purchase, Newbuilding and Chartering Departments E-mail: snp@intermodal.gr, tankers@intermodal.gr, dry@intermodal.gr