LY MARKET REPORT February 15th, 2013 / Week 7 Whilst most indices remained flat or lost some ground this week, the Panamax segment managed to maintain its momentum from last week and posted a significant increase with the BPI ending 15% higher. Overall the BDI posted a marginal increase. As expected, the market was very quiet this week in view of the Chinese New Year holidays and everyone is eagerly awaiting to see if the market will pick up somehow in the last two weeks of February as the Chinese return to work. We had an increase in the activity of the tanker sector this week, with some interesting deals reported. Russian buyers are on subjects for Montanari's sistership aframax tankers VALLOMBROSA and VALBRUNA (113,424 dwt / both blt 2000 Samsung) at US$ 14.50 million each. Greek buyers have paid US$ 15.2 million for the aframax BRITISH WILLOW (106,500 dwt / blt 2003 Japan). In the MR sector, Greeks have purchased the dirty trading BALTIC ADONIA I (37,197 dwt / blt 2003 Korea) for region US$ 12.2 million. In the dry sector Dieulemar's kamsarmax VALERIA DELLA GATTA (82,193 dwt / blt 2009 Japan) which remained arrested and idle for the last 10 months or so has finally been sold at auction to Greek buyers for EURO 14.75 million (at exchange rate of US$/Euro 1.33 this is equivalent to US$ 19.62 million). Pacific Carriers have purchased another supramax from K-Line, this time the MOKARA COLOSSUS (55,781 dwt / blt 2006 Japan) for US$ 16.5 million. In the newbuilding scene activity remains healthy. China Merchants have ordered a further three VLCCs plus 2 options at Dalian S.Y. for US$ 85 million each with deliveries in 2014/2015. Frontline ordered two LR-2s in Guangzhou S.Y for US$ 42 million each for delivery 2014/2015. Scorpio have exercised two options and ordered a further two,000 dwt MR tankers in SPP at US$ 33 million each for delivery 2014. GasLog has ordered a further two 174,000 cbm LNGs at Samsung and Belgium's Exmar orders four plus four options for 38,500 cbm LPGs in Hanjin for US$ 50 million each basis delivery in 2015. Demolition activity was sharply lower this week with very few deals reported. Bulkers in India continue to demand 410-420 and Bangladesh's appetite for tankers has resulted in the sale of an aframax for 435. China is marginally below India in bulker prices with a panamax achieving 390 and Turkey remains in the low 300's. Pakistan was absent. WeberSeas, Weekly Market Report Page 1 of 10
TANKERS FRONT PRIDE 149,686/93 - MITSUI - B&W 20,965 - IGS - SBT - COW - DH - SS/DD 07/2013 Sold for $11 mill to undisclosed buyers. VALLOMBROSA 113,424/00 - SAMSUNG - B&W 18,421 - COILED - IGS - SBT - COW - DH SS/DD 07/2015 VALBRUNA 113,424/00 - SAMSUNG - B&W 18,421 - COILED - IGS - SBT COW - DH SS/DD 12/2013 Sold en bloc for $14.5 mill each to Russian buyers. BRITISH WILLOW 106,500/03 - TSUNEISHI - B&W 16,642 - COILED - IGS - SBT - COW - DH SS/DD 02/2013 Sold for $15.2 mill to Greek buyers (Cyprus Sea Lines). BALTIC ADONIA I 37,197/03 - HYUNDAI MIPO - B&W 10,956 - COATED - COILED - IGS - SBT COW - DH - SS/DD 06/2013 Sold for $12.2 mill to Greek buyers. NAVIGO 16,755/92 - FINLAND - WARTSILA 6,604 - COATED - COILED - IGS - SBT - COW - DH SS 01/2017, DD 10/2015 Sold for $7 mill to Middle Eastern buyers. LPG NORTHUMBERLAND 16,137/90 - GERMANY - B&W 7,913 - IGS - SBT - DH - 15,096 CBM Sold for $8.5 mill to Indonesian buyers. BROVIG BORA 3,502/06 - TURKEY - MAK 2,519 - COATED - COILED - SBT - DH - SS 03/2016 DD 05/2013 BROVIG MARIN 3,450/05 - TURKEY - MAK 2,515 - COATED - COILED - SBT - DH - SS 04/2015 DD 03/2012 Sold en bloc for $8 mill each to undisclosed buyers. BULKERS VALERIA DELLA GATTA 82,193/09 - TSUNEISHI - B&W 13,202-7HH Sold at an auction for Euro 14.75 mill to Greek buyers (Diana Shipping). Sale includes additional expenses for taxes, legal and other fees. Vessel laid up for about 10 months. MAPLE WAVE 77,828/98 - SASEBO - B&W 13,402-7HH - SS/DD 05/2013 (wide beam vessel) Sold for $8 mill to Indonesian buyers. THEARESTON 69,637/90 - HASHIHAMA - B&W 12,107-7HH - SS/DD 04/2013 Sold for $4.1 mill to Chinese buyers. MOKARA COLOSSUS 55,781/06 - KAWASAKI - B&W 11,149-5HH - C 4X30.5T Sold for $16.5 mill to Singaporean buyers (Pacific Carrier Lines). AEGEAN CASTLE 41,540/86 - MITSUI - B&W 8,419-5HH - C 4X25T - SS 09/2016, DD 01/2015 Sold for $3.8 mill to undisclosed buyers. WeberSeas, Weekly Market Report Page 2 of 10
SAMANTA 39,110/92 - IHI - SUL 7,897-5HH - C 4X25T - SS 02/2017, DD 05/2015 Sold for $5.3 mill to Middle Eastern buyers. C. DUKE 38,888/86 - IHI - SUL 7,950-5HH - C 4X25T - SS 02/2015, DD 03/2013 Sold for $3 mill to Chinese buyers. WADI HALFA 31,948/85 - HYUNDAI - SUL 10,809-5HH - C 4X15T - SS 02/2015, DD 03/2013 Sold for $2.7 mill to undisclosed buyers. FU HAI NO. 10 5,547/91 - IWAGI - AKASAKA 2,801-2HA - D 1X25T, D 2X20T - SS 05/2016 DD 08/2014 Sold for $4 mill to Korean buyers. SKY PEACE 5,384/91 - WATANABE - AKASAKA 3,300-2HH - C 2X30T, D 2X20T - SS 06/2016 DD 06/2014 Sold for $1.1 mill to Chinese buyers. CONTAINERS SAN ISIDRO 20,326/93 - GERMANY - MIT 16,798-5HO 9HA - C 2X40T - 1,512 TEU Sold for $3 mill to undisclosed buyers. APL BALBOA 10,488/98 - SINGAPORE - B&W 9,755-3HO 12HA - C 2X40T - 802 TEU Sold for $4 mill to SE Asian buyers. MPP/TWEENDECKERS MCP ALTONA 7,853/07 - SHANDONG - DAIHATSU 6,798-3HH - C 2X40T - 629 TEU - SS 07/2017 DD 10/2015 Sold for $4.6 mill to Indonesian buyers (PT Meratus Line). CLIPPER FALCON 7,121/94 - DENMARK - MAK 6,121-1HH - C 2X70T - 444 TEU -SS/DD 04/2014 CEC FAITH 7,121/94 - DENMARK - MAK 6,121-1HH - C 2X70T - 444 TEU - SS/DD 07/2014 CEC FUTURE 7,121/94 - DENMARK - MAK 6,121-1HH - C 2X70T - 444 TEU - SS/DD 12/2014 Sold en bloc for $3 mill each to Far Eastern buyers. AMSTELDIJK 4,711/05 - SHANDONG - MAK 5,221-366 TEU - SS 03/2015, DD 12/2012 Sold for $ 1.5 mill to undisclosed buyers. THOR PIONEER 4,110/93 - DENMARK - MAK 2,991-1HH - C 2X50T - 247 TEU - SS/DD 08/2013 Sold for $ 1.5 mill to U.S. based buyers. WeberSeas, Weekly Market Report Page 3 of 10
FRESH FOR SALE TANKERS KORNATI 103,368/99 - POLAND - SUL 18,123 - COILED - SBT - IGS - COW - DH Vessel is en route Libya to load for discharge in Med. CHEMTRANS SUN 71,675/99 - HUDONG - B&W 13,868 - COATED - COILED - SBT - IGS - COW DH Vessel will be inspectable in Chesapeake at the end of next week. CHEMTRANS RAY 71,637/00 - HUDONG - B&W 12,750 - COATED - COILED - SBT - IGS - COW DH Vessel will be inspectable in Mobile at the end of next week. ST.PAULI 47,149/03 - ONOMICHI - B&W 11,665 - COATED - COILED - SBT - IGS - COW - DH Vessel currently loading at Samarinda where can be inspected. BULKERS PAUL OLDENDORFF 74,247/01 - SASEBO - B&W 12,000-7HH Vessel is presently in Tyne where can be inspected until 27th February. RAPIER 64,377/87 - HYUNDAI - B&W 10,739-7HH The vessel is at Donghae, Korea with ETD around 18th February. CONTAINERS VEGA SONJA 8,279/08 - YANGFAN - B&W 8,565-706 TEU Vessel is spot in Philippines. WeberSeas, Weekly Market Report Page 4 of 10
DEMOLITION DEMOLITION STATISTICS TYPE OF SHIP THIS DATE 2013 THIS DATE 2012 2012 TOTAL 2011 TOTAL ULCC/VLCC 0 2 14 14 SUEZMAX 3 2 15 4 AFRAMAX 5 3 29 24 PANAMAX TANKER 1 1 3 5 CAPE/COMBO (100,000 dwt +) 10 6 68 60 PANAMAX/KAMSARMAX BULKER 9 18 101 54 LOCATION TANKERS BULK CARRIERS CHINA 375-395 370-390 INDIA 425-440 400-420 BANGLADESH 420-440 405-425 PAKISTAN 425-440 400-415 DEMOLITION: INDIA CONT ALBERT RICKMERS (including 150 tonnes ROB) M/V VITORIA M/V PIONEER II 30,721/98-7,389 LDT - USD 405/LDT - as is Singapore 28,250/84-7,800 LDT - USD 417/LDT 21,644/85-4,627 LDT - USD 410/LDT BANGLADESH M/T REMI LPG MARIGOLD 99,320/91-16,750 LDT - USD 435/LDT 4,2/85-2,785 LDT - USD 420/LDT CHINA M/V GREEN OCEAN 67,296/84-11,953 LDT - USD 390/LDT TURKEY M/V MITEC 44,831/91-9,112 LDT - USD 312/LDT WeberSeas, Weekly Market Report Page 5 of 10
TYPE OF SHIP NEWBUILDING STATISTICS 2013 2014 2015 2016 * TOTAL ORDERBOOK ULCC/VLCC 40 26 5 1 72 SUEZMAX 36 14 10 4 64 AFRAMAX 25 23 18 6 72 PANAMAX 29 32 15 3 79 MR 93 98 26 13 230 10-35,000 DWT 77 28 7 112 CAPESIZE/ MINI CAPE / VLOC 80-100,000 DWT 130 64 9 203 179 83 19 1 282 PANAMAX 129 25 2 1 157 SUPRAMAX / HANDYMAX 240 78 11 3 332 HANDYSIZE 223 100 39 5 367 NEWBUILDING CONTRACTS No Size Type Yard Delivery Price (mill) Owners Comments 3 319,000 dwt Tanker China Dalian 2014/15 $85.00 Merchants Shipyard Holdings + 2 options 2 115,000 dwt Tanker Guangzhou S.Y. 2014/15 $42.00 Frontline 2012 4,000 dwt Tanker SPP 2014 $33.00 Scorpio Tankers 2 of them exercised options 2 174,000 cbm LNG Samsung 2016 n/a GasLog 4 38,500 cbm LPG Hanjin HI & CO Ltd 2015 $50.00 Exmar + 4 options 5 15,000 dwt Bulker Haitong Offshore 2013/14 n/a Hengli Petrochemical 2 999 pax Ro-Ro Guangzhou Longxue 2014 $19.00 Hainan Strait WeberSeas, Weekly Market Report Page 6 of 10
BALTIC DRY EX RATES THIS LAST % Baltic Dry Index 753 748 5 0.67% Baltic Capesize 1434 1461-27 -1.85% Baltic Panamax 832 723 109 15.08% Baltic Supramax 672 669 3 0.45% Baltic Handysize 412 421-9 -2.14% 14000 12000 10000 25000 20000 15000 8000 6000 4000 2000 0 15-Oct-08 15-Dec-08 15-Feb-09 15-Apr-09 15-Jun-09 15-Aug-09 15-Oct-09 15-Dec-09 15-Feb-10 15-Apr-10 15-Jun-10 15-Aug-10 15-Oct-10 15-Dec-10 15-Feb-11 B D I 15-Apr-11 15-Jun-11 15-Aug-11 15-Oct-11 15-Dec-11 15-Feb-12 15-Apr-12 15-Jun-12 15-Aug-12 15-Oct-12 15-Dec-12 15-Feb-13 10000 5000 0 15-Oct-08 15-Dec-08 15-Feb-09 15-Apr-09 15-Jun-09 15-Aug-09 15-Oct-09 15-Dec-09 15-Feb-10 15-Apr-10 15-Jun-10 15-Aug-10 15-Oct-10 15-Dec-10 15-Feb-11 15-Apr-11 15-Jun-11 15-Aug-11 15-Oct-11 15-Dec-11 15-Feb-12 15-Apr-12 15-Jun-12 15-Aug-12 15-Oct-12 15-Dec-12 15-Feb-13 B C I 12000 10000 8000 6000 4000 2000 0 15-Oct-08 15-Dec-08 15-Feb-09 15-Apr-09 15-Jun-09 15-Aug-09 15-Oct-09 15-Dec-09 15-Feb-10 15-Apr-10 15-Jun-10 15-Aug-10 15-Oct-10 15-Dec-10 15-Feb-11 15-Apr-11 15-Jun-11 15-Aug-11 15-Oct-11 15-Dec-11 15-Feb-12 15-Apr-12 15-Jun-12 15-Aug-12 15-Oct-12 15-Dec-12 15-Feb-13 B P I WeberSeas, Weekly Market Report Page 7 of 10
Baltic Clean Tanker Baltic Dirty Tanker BALTIC WET EX RATES THIS LAST % 701 724-23 -3.18% 661 640 21 3.28% 1600 1400 1200 1000 800 600 400 200 0 15-Oct-08 15-Dec-08 15-Feb-09 15-Apr-09 15-Jun-09 15-Aug-09 15-Oct-09 15-Dec-09 15-Feb-10 15-Apr-10 15-Jun-10 15-Aug-10 15-Oct-10 15-Dec-10 15-Feb-11 15-Apr-11 15-Jun-11 15-Aug-11 15-Oct-11 15-Dec-11 15-Feb-12 15-Apr-12 15-Jun-12 15-Aug-12 15-Oct-12 15-Dec-12 15-Feb-13 BCTI 2500 2000 1500 1000 500 0 15-Oct-08 15-Dec-08 15-Feb-09 15-Apr-09 15-Jun-09 15-Aug-09 15-Oct-09 15-Dec-09 15-Feb-10 15-Apr-10 15-Jun-10 15-Aug-10 15-Oct-10 15-Dec-10 15-Feb-11 15-Apr-11 15-Jun-11 15-Aug-11 15-Oct-11 15-Dec-11 15-Feb-12 15-Apr-12 15-Jun-12 15-Aug-12 15-Oct-12 15-Dec-12 15-Feb-13 BDTI WeberSeas, Weekly Market Report Page 8 of 10
MAJOR CAPITAL MARKETS INDEX THIS * LAST * % S HIGH S LOW DOW JONES 13,973.34 13,944.05 29.29 0.21% 14,019.80 12.035.10 NASDAQ 3,198.66 3,165.13 33.53 1.06% 3,205. 2,726.68 AIM 749.50 742.10 7.40 1.00% 829.10 661.60 NIKKEI 11,307.28 11,357.07-49.79-0.44% 11,498.40 8,238.96 PUBLIC COMPANIES DRY-CARGO SECTOR NAME SYMBOL THIS * LAST * % HIGH LOW DIANA DSX 8.92 8.65 0.27 3.12% 9.92 5.89 DRYSHIPS DRYS 2.25 2.19 0.06 2.74% 3.82 1.46 EAGLE BULK EGLE 1.99 1.80 0.19 10.56% 8.64 1.32 EXCEL MARITIME EXM 0.56 0.51 0.05 9.80% 2.29 0.36 GENCO GNK 3.19 3.31-0.12-3.63% 9.11 2.09 GOLDENPORT HOLDINGS GPRT.L 38.13 38.00 0.13 0.34% 91.00 35.00 NAVIOS HOLDINGS NM 3.85 3.80 0.05 1.32% 4.49 3.08 NAME SYMBOL TANKER/ENERGY SECTOR THIS * LAST * % HIGH LOW CAPITAL PRODUCT PARTNERS CPLP 8.02 8.70-0.68-7.82% 8.80 5.79 STEALTHGAS GASS 9.17 8.68 0.49 5.65% 10.30 4.4 TEN TNP 4.01 3.99 0.02 0.50% 9.14 3.04 NAME SYMBOL CONTAINER SECTOR THIS * LAST * % HIGH LOW DANAOS DAC 3.38 3.97-0.59-14.86% 4.73 2.43 * 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 EX THIS LAST % Euro / $ 1.3346 1.3387-0.0041-0.31% Sterling / $ 1.5502 1.5825-0.0323-2.04% $ / Yen 93.395 92.795 0.600 0.65% $ / Nok 5.5437 5.77 0.02 0.29% $ / Won 1,091.34 1,091.36-0.02 0.00% Brent Crude 116.53 118.87-2.34-1.97% LIBOR (3-month) 0.29% 0.30% -0.01-3.33% ESTIMATED VALUES* TANKERS PROMPT RESALE 5 YEARS 10 YEARS 20 YEARS VLCC $88.0m $60.0m $40.0m $22.0m Suezmax $57.0m $45.0m $25.0m $10.5m Aframax $39.0m $29.0m $16.0m $8.0m Panamax $37.0m $27.5m $17.0m $7.0m Product $32.0m $21.5m $15.0m $4.5m BULK CARRIERS PROMPT RESALE 5 YEARS 10 YEARS 20 YEARS Capesize $40.0m $32.0m $22.0m $8.0m Panamax/Kamsarmax $29.0m $17.75m $12.0m $5m Supramax/Handymax $25.0m $18.0m $13.25m $6m * 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) 19.250/D 23,000/D SUEZMAX (150,000 dwt) 16,000/D 20,250/D AFRAMAX (110,00 dwt) 13,500/D 15,250/D PANAMAX (72,000 dwt) 13,750/D 14,750/D MR (45-50,000 dwt) 13,750/D 14,750/D * The above figures are representative rates for modern tankers only. BUNKER PRICES FUEL GRADES ROTTERDAM FUJAIRAH PIRAEUS SINGAPORE 380cst: $637.00 $655.00 $662.50 $655.00 180cst: $660.00 $675.00 $699.00 $664.00 MGO: $1001.00 $1010.00 $1032.50 $985.00 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. 2013 WEBERSEAS (HELLAS) S.A. All Rights Reserved WeberSeas, Weekly Market Report Page 10 of 10