25 2 17-19, 19, Vas. Pavlou Str., GR 166 73, Voula, Athens, Greece Tel: 21 96597 - Fax: 21 89964 Internet Mail: athenian(at)atheniansa(dot) (at)atheniansa(dot)gr MONTHLY REPORT Baltic Dry Index July 218 15 1 5 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 PRICES TANKERS ($ MIO) * Prices reflect Year s End 212* 213* 214* 215* 216* 217* Jul-18 VLCC 5Y 56. 55.8 77.1 8 6 64 64 VLCC 1Y 35. 35. 52.1 55 4 41 4 SUEZMAX 5Y 4.2 39.5 56.8 6 4 43.5 43.5 AFRAMAX 5Y 28. 27.8 41.9 46 29 32 32 AFRAMAX1Y 16.3 16.3 26.8 31 18 2 2 PANAMAX5Y 24.3 24.3 33.4 35 28 29 3 47K 5Y D/H 23. 23.3 23.8 28.9 22 26.8 26.8 45K 1Y D/H 15.5 15.7 15.2 19.6 15.5 17 16 45K 2Y 6.2 6.2 6.5 8.5 5.1 5.1 5.1 Prior 217 76-78k dwt PRICES BULKERS ($ MIO) * Prices reflect Year s End 212* 213* 214* 215* 216* 217* Jul-18 CAPESIZE 5Y 32. 43.9 39.5 25 24 33 37.3 CAPESIZE 1Y 2.5 31. 27.8 13.6 15 2.5 26 CAPESIZE 15Y 12.7 18.2 16.3 8.5 8 13 16.5 CAPESIZE 2Y 9.3 1.1 9. 5.6 5.5 7 8 KAMSARMAX 5Y 18. 25.6 2.1 14 14 22.5 24 PANAMAX 1Y 12.5 17.9 14.6 8.5 8.5 14.5 16.5 PANAMAX 15Y 8.3 12. 1. 5 5.4 11 1.5 PANAMAX 2Y 5.4 7.5 5.4 3.6 3.6 6.5 7 SUPRAMAX 5Y 23.3 24.3 2.8 13.6 14 17.5 18 SUPRAMAX 1Y 13. 17.4 13.8 8 9.5 13.5 14.5 HANDYMAX15Y 8.7 1.9 9.1 4.5 5.8 9.5 1 HANDYMAX2Y 6.3 6.4 6.2 3.5 2.8 6.5 7
2 SECOND HAND SALES & CHARTER FIXTURE TRENDS 9. Monthly Tanker Market Trend 7 Monthly 1 Yr TC Rates 8. 6 7. 6. 5 5. 4 Price (USD Mio) 4. 3. 2. 1. Price (USD) 3 2 1. VLCC 5Y VLCC 1Y SMAX 5Y AMAX 5Y VLCC 1 Yr T/C SMAX 1 Yr T/C AMAX 1 Yr T/C AMAX 1Y PMAX 5Y 47K 5Y D/H 45K 1Y D/H PMAX 1 Yr T/C MR 1 Yr T/C 6. Monthly Bulk Carrier Market Trend 35 Monthly 1 Yr TC Rates 5. 3 Prices (USD Mio) 4. 3. 2. Price (USD) 25 2 15 1 1. 5. CAPE 5Y CAPE 1Y CAPE 15Y KMAX 5Y PMAX 1Y PMAX 15Y SUPRA 5Y SUPRA 1Y HMAX 15Y CAPE 1 Yr T/C SUPRA 1 Yr T/C PMAX 1 Yr T/C HMAX 1 Yr T/C
3 SECOND HAND TONNAGE MARKET S&P Activity Dry (>5, Dwt) AVAILABLE FOR SALE REPORTED SOLD PREVIOUS MONTH A/BLE FOR SALE PREVIOUS MONTH SALES S&P Activity Tankers (>5, Dwt) AVAILABLE FOR SALE REPORTED SOLD PREVIOUS MONTH A/BLE FOR SALE PREVIOUS MONTH SALES 6 2 4 2 382 278 43 43 THIS MONTH - PREVIOUS MONTH 15 1 5 176 157 38 19 THIS MONTH - PREVIOUS MONTH *Excluding demolition sales Sale and Purchase Market Ship Type Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Total BULK 3 45 39 63 43 43 263 TANK 16 17 2 38 19 26 136 GAS 4 7 1 2 1 11 26 CONT 24 15 16 11 26 6 98 TWEEN/MPP 1 1 4 4 1 REEF RORO FERRY 1 1 1 3 CRUISE 2 2 Total 76 85 77 115 93 92 538
4 Baltic Clean Tanker - Yearly 85 75 655 65 619 55 536 45 51 35 32 35 38 41 44 47 5 1 4 7 1 13 16 19 22 25 28 31 217 WEEK NO 218 Baltic Dirty Tanker - Yearly 95 97 85 825 768 75 65 619 55 32 35 38 41 44 47 5 1 4 7 1 13 16 19 22 25 28 31 217 WEEK NO 218 Baltic Clean Tanker -Monthly 515 51 512 55 51 5 495 49 494 485 48 2/7/218 9/7/218 16/7/218 23/7/218 3/7/218 Baltic Dirty Tanker -Monthly 8 768 75 738 7 75 65 6 2/7/218 9/7/218 16/7/218 23/7/218 3/7/218 TANKER SALES NAME DWT BLT PRICE $ BUYER NO.2 GREEN PIONEER 3497 22 JAPAN DH 5 MIO ENBLOC BSS NO.3 GREEN PIONEER 3497 22 JAPAN DH 5 MIO YOUNG SUNG (Price each) SUN ASTER 1329 1996 JAPAN DH 3.6 MIO MIDDLE EASTERN (Sus 316L) CHEM MASTER 16631 2 ITALY DH 7.5 MIO TURKISH (Avesta 225) PING AN 16872 21 CHINA DH 9.2 MIO INDONESIAN (Epoxy) ANDREAS 35966 1999 KOREA DH 5.8 MIO UNDISCLOSED (Epoxy) BALTIC SEA I 37248 23 KOREA DH 6.1 MIO MIDDLE EASTERN (Epoxy,trading dirty) CIELO DI MILANO 483 23 KOREA DH 8.2 MIO UNDISCLOSED (Epoxy,IMO III) NORD FARER 483 25 KOREA DH 11.5 MIO UNDISCLOSED (Epoxy) IVER EXPERIENCE 4565 2 KOREA DH 7 MIO UNDISCLOSED OCEAN CORAL 45858 2 JAPAN DH 6 MIO FAR EASTERN (Epoxy) MAERSK MISHIMA 45971 21 JAPAN DH 16.5 MIO UNDISCLOSED (Epoxy) AXEL 49997 21 JAPAN DH 16.3 MIO DANISH HIGH TRUST 52 216 VIETNAM DH 29.5 mio JAPANESE (Incl 1 yr BB) SIGMA INTEGRITY 15291 29 KOREA DH 21.5 MIO ENBLOC BSS RIVER ETERNITY 15445 26 JAPAN DH 14.5 MIO UNDISCLOSED (Price each) BM BONANZA 15614 27 JAPAN DH 16.8 MIO NORWEGIAN KALUGA 11577 23 KOREA DH 9.5 MIO GREEK MABROUK 159313 23 KOREA DH 14 MIO WARUNA GLORIC 298495 26 JAPAN DH 33 MIO ENBLOC BSS SYMPHONIC 298522 26 JAPAN DH 33 MIO ZODIAC MARITIME (Price each) FRONT SERENADE 299152 22 JAPAN DH 25.9 MIO ENBLOC BSS FRONT STRATUS 299157 22 JAPAN DH 25.9 MIO ENBLOC BSS FRONT PAGE 299164 22 JAPAN DH ADS CRUDE CARRIERS (Price each, on 25.9 MIO subs and Sellers credit) NICHIOH 33994 24 JAPAN DH 23.5 MIO GREEK
5 BRIGHT HARMONY 39774 29 JAPAN DH 41.5 MIO GREEK GAS SALES NAME DWT BLT CBM PRICE $ BUYER GAS LEGACY 3318 1998 JAPAN 3444 4.5 MIO U.S. BASED GAS SIKOUSIS 42 26 JAPAN 3514 9 MIO GAS SHIPPING GAS TEXIANA 5174 1995 JAPAN 491 2.9 MIO FGAS GAS MARATHON 731 1995 JAPAN 6441 3.5 MIO SIAM LUCKY MARINE SANKO INDEPENDENCE 26466 28 KOREA 34483 16 MIO ENBLOC BSS SANKO INNOVATOR 26471 28 KOREA 34483 16 MIO EUROPEAN (Price each.) FOUNTAIN RIVER 49996 1997 JAPAN 77936 16 MIO GREEK BUYERS ANDERIDA 5591 217 KOREA 77743 75 MIO ENBLOC BSS AISLING 5591 217 KOREA 77757 75 MIO ENBLOC BSS MONT FORT 5591 217 KOREA 77738 75 MIO ENBLOC BSS MONT GELE 5591 218 KOREA 77738 75 MIO UNDISCLOSED (Price each.) Spot Market - Tankers VLCC SUEZMAX AFRAMAX 3 $/Day 2 1 1555 13823 833 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Period Market -Tankers 1 Year T/C VLCC SUEZMAX AFRAMAX 3 $/Day 25 2 15 1 19 16 14 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18
6 Baltic Handysize 58 57 575 561 56 554 55 54 53 52 2/7/218 11/7/218 2/7/218 29/7/218 Baltic Supramax 16 14 142 133 12 1 98 995 96 2/7/218 11/7/218 2/7/218 29/7/218 Baltic Panamax 17 1588 16 1527 15 14 1334 13 12 11 2/7/218 11/7/218 2/7/218 29/7/218 Baltic Capesize 4 35 333 3 3238 25 2743 2 15 2/7/218 11/7/218 2/7/218 29/7/218 BULKER SALES NAME DWT BLT GEAR PRICE $ BUYER CHIKUSA 17366 26 JAPAN CR 3X25 6.5 MIO UNDISCLOSED IDEAL BULKER 2846 1994 JAPAN CR 4X3.5 4.2 MIO HONG KONG GENCO PROGRESS 29952 1999 JAPAN CR 4X3 5.5 MIO ENBLOC BSS GENCO EXPLORER 29952 1999 JAPAN CR 4X3 5.5 MIO CHINESE (Price each.) TEQUILA SUNRISE 31612 29 JAPAN CR 4X3 11.5 MIO FAR EASTERN ORIENTE SHINE 3182 21 JAPAN CR 4X3 7.2 MIO CHINESE OCEANA SUN 42529 1995 JAPAN CR 4X3 5.5 MIO UNDISCLOSED THOR ENTERPRISE 42529 1995 JAPAN CR 4X3 5.6 MIO UNDISCLOSED MARIA L 5337 23 CHINA CR 4X36 8 MIO ENBLOC BSS CHRISTINA L 538 23 CHINA CR 4X36 8 MIO CHINESE (Price each.) KAITY L 5457 23 CHINA CR 4X35 8.5 MIO CHINESE JIN LI 5777 21 JAPAN CR 4X3 8.6 MIO ZHEJIANG FUXING SHIPPING ANNA 52466 22 JAPAN CR 4X3 9 MIO CHINESE AMBER BEVERLY 53177 211 CHINA CR 4X36 * ENBLOC BSS AMBER ALENA 53193 21 CHINA CR 4X36 23.5 MIO UNDISCLOSED (Total price) FORTUNE UNITY 53472 26 JAPAN CR 3.5 1.65 MIO UNDISCLOSED AQUARIUS OCEAN 53478 25 JAPAN CR 3.5 9.8 MIO UNDISCLOSED (DD DUE 1/218) SERENDIPITY 5451 28 CHINA CR 4X36 9.5 MIO UNDISCLOSED NAVIOS ARMONIA 55522 28 JAPAN CR 4.3.5 14.2 MIO GREEK BULK NEPTUNE 55657 29 JAPAN CR 4X3 15 MIO UNDISCLOSED BULK AVANTI 5624 26 JAPAN CR 4X3 13 MIO UNDISCLOSED (Incl. finance) GH PHAR LAP 56824 212 CHINA CR 4X3 13 MIO ENBLOC BSS GH SECRETARIAT 56897 212 CHINA CR 4X3 13 MIO MIDDLE EASTERN (Price each.) TSCHAIKOWSKY 5879 28 PHILIPPINES CR 4X3 14 MIO UNDISCLOSED (Online auction)
7 SBI ECHO 61258 215 JAPAN CR 4X3.7 19 MIO UNDISCLOSED (Incl 5 years BBB at usd 54pd) BAO TONG 638 214 CHINA CR 4X36 21.3 MIO EAGLE BULK MARBELLA 72561 2 JAPAN GLESS 9 MIO CHINESE TAI PLENTY 736 2 JAPAN GLESS 8 MIO CHINESE (DD due) TAI PROFIT 7315 21 JAPAN GLESS 7.8 MIO CHINESE (As is basis) POSEIDON 75 22 KOREA GLESS 9.5 MIO CHINESE (DD due 12/218) DUBAI STAR 7522 21 KOREA GLESS 8.2 MIO UNDISCLOSED LADY MARIA OCEAN 76596 27 JAPAN GLESS 13.5 MIO UNDISCLOSED F.D. VITTORIO 76619 21 JAPAN GLESS 18 MIO GREEK RAIOLA TORO 76636 28 JAPAN GLESS 15.25 MIO UNDISCLOSED HANTON TRADER V 8173 215 CHINA GLESS 24.2 MIO ENBLOC BSS HANTON TRADER VI 8193 216 CHINA GLESS 24.3 MIO UNDISCLOSED (Price each.) RENA 817 211 KOREA GLESS 18.75 MIO UNDISCLOSED (At auction) TRADE RESOURCE 8231 216 CHINA GLESS 24.5 MIO GREEK TRADE PROSPERITY 8286 216 CHINA GLESS 24.5 MIO GREEK (T/C at $13,5/day to Louis Dreyfus) BBG AMBITION 8218 29 CHINA GLESS 16.5 MIO GREEK MALENA 18377 216 KOREA GLESS 49 MIO ENBLOC BSS CIC TRIAS 18387 216 KOREA GLESS 49 MIO GENCO (Price each.) NSS FORTUNE 184872 23 JAPAN GLESS 14.5 MIO GENCO $/Day 3 25 2 15 1 5 Spot Market - Bulkers 21362 12845 883 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 CAPESIZE PANAMAX HANDYMAX $/Day 221 21 181 161 141 121 11 81 61 41 Period Market -Bulkers 1 Year T/C 21 13125 13 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 CAPESIZE PANAMAX SUPRAMAX
8 CONTAINER SALES NAME DWT BLT GEAR TEU PRICE $ BUYER MAENAM 1 15639 1997 JAPAN GLESS 18 3 MIO UNDISCLOSED SINAR BATAM 17224 1998 JAPAN CR 2X4 1157 6 MIO ASIAN BULK LOGISTICS VLADIMIR 2278 29 POLAND CR 3X4 1728 11 MIO NEPTUNE PACIFIC ANL ELANORA 23451 27 CHINA CR 2X4 174 14 MIO MPC CONTAINER SHIPS PATRAIKOS 51532 21 KOREA GLESS 44 15.2 MIO UNDISCLOSED HAMBURG BAY 72982 29 JAPAN GLESS 635 21 MIO UNDISCLOSED MPP/TWEEN SALES NAME DWT BLT GEAR TEU PRICE $ BUYER GOLDEN SHOWER CR 1X7,CR 1126 28 JAPAN ACE 2X35,D 1X3 N/A N/A CHINESE AVEIRO 365 28 SLOVENIA GLESS 2 4.1 MIO NORWEGIAN STINNES ZEPHIR 17273 211 CHINA CR 2X15, C 1X8 94 9.5 MIO ENBLOC BSS STINNES PASSAT 17299 211 CHINA CR 2X15, C 1X8 94 9.5 MIO GERMAN (Price each) RORO/PASS SALES NAME GT BLT LMTRS/CARS PAX PRICE BUYER PRINSENDAM 3951 1988 FINLAND N/A 843 N/A GERMAN (Cruise) ORIANA 6984 1995 GERMANY N/A 1928 UNDISCLOSED N/A (Cruise)
9 NEW BUILDING MARKET AND REPORTED CONTRACTS $m 1 Tanker Prices VLCC Suezmax Aframax MR 89.5 8 6 59 47.5 4 35.5 2 Jul-16 Nov-16 Mar-17 Jul-17 Nov-17 Mar-18 Jul-18 $m 5 45 4 35 3 25 2 15 Bulker Prices Capesize Panamax Supramax Handysize 1 Jul-16 Nov-16 Mar-17 Jul-17 Nov-17 Mar-18 Jul-18 48 27.5 25.5 23.5 Ship Type 218 219 219+ Total Capesize 33 72 79 184 Panamax 4 15 59 24 Supra/Hmax 57 73 63 193 Handies 63 51 24 138 Total 193 31 225 719 Ship Type 218 219 22+ Total ULCC/VLCC 27 56 27 11 Suezmax 19 19 11 49 Aframax 38 52 35 125 Panamax 11 15 2 46 MR+Small 92 161 55 38 Total 187 33 148 638 Ship Type 218 219 22+ Total VLGC 4 18 12 34 LGC MR 3 7 1 11 Handy 9 3 3 15 Small 4 3 7 Total 2 31 16 67
1 Newbuilding Sales No. of Vessels 3 2 1 79 47 8 25 248 14 Tankers Bulkers Containerships 121 117 216 217 Jul-18 74 Delivery Schedule m. dwt Bulkers Tankers 45 38.5 4 35 34.3 3 26.1 22.4 25 2 15.6 15 1 7.9 5 Jul-18 219 22+ Tanker Newbuildings on Order m. dwt 35 29 3 25 2 14.9 15 9.9 1 5 July 218 VLCC Aframax Products 11.3 3.1 Suezmax Panamax Bulker Newbuildings on Order Capesize Panamax m. dwt 5 45 4 35 3 25 2 15 1 5 43 16.2 July 218 1.8 Handymax 5.9 Handysize Newbuilding Historical Prices ($m) Tankers Jul-18 217 216 215 214 213 212 21 28 25 2 1995 199 1985 32, DWT 1 89.5 81.5 84.5 93.7 97.3 93.8 93.2 14.8 15 12 76.5 85.3 87.4 17, DWT 1 59 55 54.5 63 65.5 59.6 57.1 66.3 9 71.5 52.5 54 66.1 115, DWT 1 47.5 44 44.5 52 53.6 52.2 48.5 56 74 58 41.5 43.3 53.2 47, DWT 1 35.5 33.8 32.5 35.4 36.8 34.6 33.8 36.1 46.5 43 29.5 33.2 Bulkers 18, DWT 1 48 44 42 46 54.2 53.6 45.7 57.2 87 58.5 4.5 42.3 6.2 29.3 81, DWT 1 27.5 25.5 24.5 25.7 29 27.8 25.6 34.3 45.5 36 22.5 27.9 3 13.4 62, DWT 25.5 24 22.3 24.1 27.2 26.5 23.7 31.1 41 31 2.5 24.1 25.3 12.4 35, DWT 23.5 22 19.5 2.3 22.8 22.2 2.5 26.3 31 25.5 15 19.2 21.3 9.7 1 Before 21 sizes to read 28, - 14, - 95, - 4, respectively for tankers and 15, - 69, for Bulkers 2 Single Hull 3 3, DWT Prior 217 to read 73 76k dwt, 45k dwt & 3k dwt (note: above is for vessels built Japan / Korea, you should also consider US$ / Yen / Won relation for the years mentioned) 3 32.1 2 38.2 2 28.2 2 18.1 3 13.3
11 The Shipbuilding Market TYPE DWT BUILDER DELIVERY PRICE $ OWNER NOTES Bulk 12 Huangpu Wenchong 22 CSSC Shpg Leasing Bulk 12 Huangpu Wenchong 22 CSSC Shpg Leasing Bulk 12 Huangpu Wenchong 22 CSSC Shpg Leasing Bulk 12 Huangpu Wenchong 22 CSSC Shpg Leasing Bulk 12 Huangpu Wenchong 22 CSSC Shpg Leasing Option Bulk 12 Huangpu Wenchong 22 CSSC Shpg Leasing Option Bulk 824 JMU Tsu Shipyard 22 Wisdom Marine Group Bulk 195 Dae Sun Shipbuilding 22 Korea Shipping Corp Bulk 195 Dae Sun Shipbuilding 22 Korea Shipping Corp Bulk 82 Jiangsu New YZJ 22 Mitsui & Co Bulk 18 Jiangsu New YZJ 221 Lepta Shipping Co Bulk 638 Nantong Xiangyu 22 Doun Kisen Bulk 638 Nantong Xiangyu 22 Doun Kisen Bulk 638 Nantong Xiangyu 22 Doun Kisen Option Bulk 638 Nantong Xiangyu 22 Doun Kisen Option Bulk 85 Oshima Shipbuilding 22 Foremost Maritime Bulk 85 Oshima Shipbuilding 221 Foremost Maritime Bulk/Chem & Oil 835 Jiangsu New YZJ 22 KCC AS C,U & FP Lay 17 Ulstein Ulsteinvik 221 Nexans Chem & Oil 5 Onomichi Dockyard 22 Nissen Kaiun Chem & Oil 5 Onomichi Dockyard 22 Nissen Kaiun Container 235 Hyundai Mipo 219 Nissen Kaiun Container 235 Hyundai Mipo 219 Nissen Kaiun Container 235 Hyundai Mipo 219 Nissen Kaiun Container 235 Hyundai Mipo 219 Nissen Kaiun Container 348 Jiangsu New YZJ 22 29. mio SITC Container 348 Jiangsu New YZJ 22 29. mio SITC Container 88 Wuchang SB Group 219 China Master Logist. Container 88 Wuchang SB Group 219 China Master Logist. Container 235 Hyundai Mipo 22 27.4 mio Unknown Container 235 Hyundai Mipo 22 27.4 mio Unknown Container 235 Hyundai Mipo 22 27.4 mio Unknown Container 235 Hyundai Mipo 22 27.4 mio Unknown Container 235 Hyundai Mipo 22 XT Shipping Container 235 Hyundai Mipo 22 XT Shipping Container 235 Hyundai Mipo 22 XT Shipping Container 235 Hyundai Mipo 22 XT Shipping Container 235 Hyundai Mipo 22 XT Shipping Option Container 235 Hyundai Mipo 22 XT Shipping Option Container 235 Hyundai Mipo 22 XT Shipping Option Container 235 Hyundai Mipo 22 XT Shipping Option Cruise VARD Langsten 221 Hapag-Lloyd Cruises Cruise Fincantieri Montafalcone 226 Tui Cruises Cruise Fincantieri Montafalcone 224 Tui Cruises Cruise Fincantieri Marghera 227 NCL Cruise Fincantieri Marghera 226 NCL Deck Cargo Carr. 13 Wuchang SB Group 219 Louis-Dreyfus Armateurs Deck Cargo Carr. 13 Wuchang SB Group 219 Louis-Dreyfus Armateurs Deck Cargo Carr. 13 Wuchang SB Group 22 Louis-Dreyfus Armateurs Deck Cargo Carr. 13 Wuchang SB Group 22 Louis-Dreyfus Armateurs GCargo 8 Ningbo Xinle SB 219 Nova Marine Carriers GCargo 8 Ningbo Xinle SB 219 Nova Marine Carriers GCargo 8 Ningbo Xinle SB 219 Nova Marine Carriers
12 GCargo 8 Ningbo Xinle SB 22 Nova Marine Carriers GCargo 8 Ningbo Xinle SB 22 Nova Marine Carriers GCargo 8 Ningbo Xinle SB 22 Nova Marine Carriers L.N.G. 95 Daewoo (DSME) 22 Seatankers Mngt L.N.G. 96 Hyundai HI (Ulsan) 22 Capital Gas L.N.G. 96 Hyundai HI (Ulsan) 22 Capital Gas L.N.G. 96 Hyundai HI (Ulsan) 221 Capital Gas L.N.G. 96 Hyundai HI (Ulsan) 221 Capital Gas L.N.G. 96 Hyundai HI (Ulsan) 221 Capital Gas Option L.N.G. 96 Hyundai HI (Ulsan) 221 Capital Gas Option L.N.G. 96 Hyundai HI (Ulsan) 221 Capital Gas Option L.N.G. 96 Samsung HI 22 Unknown LNG Bunkering 25 Kawasaki HI Sakaide 22 Central Shpg Monaco LNG/Regas 95 Daewoo (DSME) 221 Maran Gas Maritime LPG 17 Hyundai Mipo 22 E.A Temile & Sons LPG 17 Hyundai Mipo 22 E.A Temile & Sons Option Pass/Car.F 9 AVIC Weihai Shipyard 222 Stena RoRo AB Pass/Car.F 9 AVIC Weihai Shipyard 222 Stena RoRo AB Pass/Car.F 9 AVIC Weihai Shipyard 222 Stena RoRo AB Option Pass/Car.F 9 AVIC Weihai Shipyard 222 Stena RoRo AB Option Pass/Car.F 9 AVIC Weihai Shipyard 222 Stena RoRo AB Option Pass/Car.F 9 AVIC Weihai Shipyard 222 Stena RoRo AB Option Tanker 157 Hyundai Samho HI 22 Central Shpg Monaco Tanker 157 Hyundai Samho HI 22 Central Shpg Monaco Tanker 115 Daehan Shipbuilding 22 Sinokor Merchant Tanker 115 Daehan Shipbuilding 22 Sinokor Merchant Tanker 115 Daehan Shipbuilding 22 Sinokor Merchant Option Tanker 115 Daehan Shipbuilding 22 Sinokor Merchant Option
13 Demolition Historical Data DEMOLITION MARKET Demolition Prices Gen Cargo Tanker India USD 41 /lt Ldt USD 43 /lt Ldt Bangladesh USD 415 /lt Ldt USD 43 /lt Ldt Pakistan USD 45 /lt Ldt USD 42 /lt Ldt China USD 16 /lt Ldt USD 18 /lt Ldt USD/ton USD/ton Million dwt 58 53 48 43 38 33 28 23 18 58 53 48 43 38 33 28 23 18 6 5 4 3 2 1 445 45 455 45 Price Tankers* 44 44 43 215 216 217 218 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC *India month's end prices Price Bulkers* 425 435 44 43 43 43 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC *India month's end prices 25.6 14.5 4.9 2.35 4.6 3.8 3.5 25 28.4 28.5 27 15.9 16.718.9 15.5 18 22.4 15.6 41 Total Demolition (Dwt) 1 5.5 6.5 5 12 31.58 28.9 25.7 215 216 217 218 5.3 41.8 34.3 38.8 44.6 35.2 21.3 * Bss reported sales
14 6 Historical Demolition Prices (India Year's End) 5 USD/ton 4 3 2 TANKERS BULKERS Avg. Trend 1 HISTORICAL DEMOLITION PRICES (*Indian Year s End) 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 CURR. TANK 174 135 174 262 362 32 45 57 287 338 485 482 45 435 425 3 3 44 43 BULK 17 135 181 267 381 332 392 472 268 328 437 456 375 41 4 285 28 425 41 India TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS CONT PADMA 21563 1998 7174 45 GAS ANDESGAS 16263 1991 6593 44 Bangladesh TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK ORE VITORIA 23316 1989 26275 44 Green recycling TANK AIM 3911 1987 1872 4 TANK PAFOS 41354 1993 122 436 China TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS N/A N/A N/A Pakistan TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS N/A N/A N/A Turkey TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS RORO LATON 5432 1975 2516 156 (RoPax)
15 Other TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK KIMITSU MARU 17 1991 4768 335 Basis as is Japan GAS ANNAPURNA 17562 1991 8126 44 Basis as is Dubai GAS NANGA PARBAT 1761 1991 7957 44 Basis as isdubai GAS GAS CRYSTAL 4898 1991 16753 148 Basis as is Singapore RORO RYUJIN 148 1993 11125 46 Basis as is Singapore TANK MAIDEN EAST 1774 1986 5112 37 Basis as is Belawan (Indonesia) TANK MAIDEN ENERGY 29998 199 696 37 Basis as is Belawan (Indonesia) TANK EAGLE AUSTIN 15426 1998 16749 445 Basis as is Singapore TANK BUNGA KELANA 3 15784 1998 1791 445 Basis as is Singapore TANK CAP ROMUALD 146639 1998 24914 438 Basis as is Singapore TANK NORDIC HUNTER 15141 1997 22948 444 TANK NORDIC HARRIER 151459 1997 2289 444 TANK NORDIC HAWK 151475 1997 22874 444 TANK AL SHEGAYA 31513 1998 42441 41 Basis as is Kuwait TANK JADE PROSPER 31425 1999 38732 42 Basis as is Khor Fakkan (Incl abt 1t bunkers ROB) Basis as is Malaysia (Incl 4t bunkers rob)
16 HISTORICAL BUNKER PRICES USD/ton 8 7 6 5 4 3 2 1 Bunkers Cost (38 cst) Rotterdam Fujairah Houston Average Trend 12 1 USD/ton 8 6 4 2 Bunkers Cost (MGO) 1994 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 Jul-18 Rotterdam Fujairah Houston Average Trend HISTORICAL BUNKER PRICES Rotterdam Fujairah Houston 38 cst MGO 38 cst MGO 38 cst MGO 1993 67 15.5 7 22.5 71.1 16.6 1994 86 133.2 8.9 182.6 8.8 148.8 1995 97 14.6 94.6 175.8 93.2 148 1996 17 175.1 14.4 27.5 15.8 186 1997 92 155.4 99.3 25.6 97.3 179.9 1998 66.5 112.2 69.2 152.2 67.2 136.9 1999 94 133 98.5 157.2 93.3 143.9 2 139 231.6 155.3 263.5 136 255.7 21 116 192.4 129.7 244.7 112.8 227.5 22 135 188.2 145.9 222.8 134 196 23 151 23.4 166.3 265.2 16.2 265.1 24 154 313.4 176.7 359.3 167.3 328.7 25 236 458.4 256.6 5.1 248.3 58.5 26 195 524.1 31.9 631.8 33 562.3 27 347 571.3 373.7 664.7 351.8 68.6 28 469 85.7 59.4 137.7 496.8 933.2 29 355 49.6 372.8 657 36.7 525 21 452 667.1 468.2 712.9 449.3 683 211 548 848.6 587.5 897.5 542.1 862.4 212 585 92 66 15 61 15 213 585 92 62 11 58 985 214 31 57 35 88 315 695 215 14 311 17 56 14 36 216 37 472 34 546 31 525 217 367 579 376 627.5 356 612 Jul-18 423.5 617.5 45 735 447 692
17 MARKET INDICATORS USD-EUR 1.8 1.6 1.4 1.2 1..8.6.4 Currencies USD-EUR USD-JPY 13 12 11 1 9 8 7 6 USD-JPY $/Barrel 16. 14. 12. 1. 8. 6. 4. 2.. Brent Oil GBP CAD EUR JPY CHF USD AUD GBP 1.585763.889936.6815.768389.762168.564583 CAD 1.76664 1 1.518988.11632 1.311529 1.3957.963696 EUR 1.123458.658156 1.7657.863376.856362.634396 JPY 146.7823 85.94541 13.57535 1 112.741 111.82821 82.8415 CHF 1.3119.76221 1.15827.8868 1.991741.734641 USD 1.311852.768549 1.167593.8941 1.8126 1.74759 AUD 1.77619 1.37317 1.5763.1269 1.36678 1.34979 1 * 1/8/218 values
18 STOCK WATCH NAME TICKER THIS MONTH* LAST MONTH CHANGE % 52w HIGH 52w LOW Capital Product Partners CPLP 3.4 3.5 -.3 3.71 2.98 Diana Shipping Inc. DSX 4.41 4.86-9.3 5.16 3.7 Dryships Inc. DRYS 5.5 5.16-2.1 6.9 1.2 Dynagas LNG Partners LP DLNG 8.9 8.7 1.3 15.5 7.51 Eagle Bulk Shipping Inc. EGLE 5.64 5.54 1.8 6.14 4.18 Euroseas Ltd. ESEA 1.7 1.69.6 2.73 1.25 Costamare Inc. CMRE 6.98 7.9-11.6 8.39 5.45 Navios Maritime Holdings NM.85.83 2.4 1.9.68 GasLog Ltd. GLOG 17. 18.95-1.3 22.55 15.6 Safe Bulkers Inc. SB 3.45 3.52-2 4. 2.5 Star Bulk Carriers Corp. SBLK 13.37 13. 2.8 14.6 8.62 Stealthgas Inc. GASS 3.79 3.84-1.3 4.7 2.94 TEN Inc. TNP 3.5 3.73-6.2 4.95 3.11 TOP Ships Inc. TOPS.97.97 12.2.69 Diana Containerships Inc. DCIX 1.56 1.53 2 83.79 1.31 Danaos Corporation DAC 1.65 1.55 6.5 2.5 1.5 Aegean Marine Petroleum ANW 1.57.7 124.3 5.35.6 * 1/8/218 closing values ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Disclaimer: Information and data that appear in this report have been obtained from various sources which are believed to be correct and reliable. However, Athenian Shipbrokers S.A. does not guarantee their accuracy or completeness and therefore cannot be held liable for any loss incurred as a result of reliance in any way whatsoever on the information contained herein. Kind Regards,