WEEKLY SHIPPING MARKET REPORT WEEK 15 21 WEEK WEEK 21 (18 15 th (5 May th Apr to to 2513 th th May Apr 218) Bulkers EU GDPR is coming into force on May 25th...assume now we have your approval to send you our report!! US-listed shipowner Star Bulk Carriers have acquired Oslo-listed Bulk whose fleet comprises of 15 modern bulkers (3 x Capesize bulkers, 1 x bulkers, 1 x Ultramax bulker and 1 x Supramax bulker). Star Bulk will issue 13.7 mill new shares and pay USD 145 mill in cash for the fleet. Merchants Bank Leasing will finance the cash portion of the transaction. In addition, Star Bulk have agreed to acquire 3 x Newcastlemax bulkers which are under construction at SWS with delivery in Q4 218 and Q1 219 from OceanBulk Container Carriers. Star Bulk will issue 3.39 mill new shares and CSSC Shipping Company will provide USD 14.4 mill to pay for the three bulkers. Baltic Indices (Friday Closing Values) INDEX Week 21 Week 2 Change (%) BDI 177 1273 15,4 BCI 1395 253 32,5 BPI 1187 1241 4,35 BSI 171 169,19 BHSI 587 59,51 Pacific Basin have purchased the following modern/resale 1 X Ultramax bulker, 1 x Supramax bulker, 2 x Handysize bulkers for a total of USD 88.5 mill to be paid with a combination of cash and shares; Hsin Chien Marine have sold their cape "New Mighty" 179/211 HHIC-Philippines to Korean buyers for USD 27.5 mill. Note that the one year old "Shourong Harmony" 18/21 Dalian was sold previous month for USD 25. mill. Toisa have sold their "Trade Spirit" 82/216 Jiangsu Newyangzi to Greeks buyers basis asis/where is for USD 24.5 mill. Clipper have sold their handysize bulker "Clipper Lasco" 28/24 Imabari with SS/DD 2/219 to Vietnamese Buyers for high USD 6 mill. Note, the one-year younger sister ship "Sea Harmony" 28/25 Imabari with SS/DD 4/22 was sold for USD 6.7 mill few months ago. Tanker INDEX Week 21 Week 2 Change (%) BDTI 761 714 6,58 BCTI 546 525 4, Shoei Kisen Kaisha have sold their "Glorious Sentosa" 28/21 Imabari sold to clients of Taylor Maritime for USD 9.5 mill. Note, the one-year older sister ship "Glorious Sawara" 28/29 Imabari was sold in April for USD 9 mill. Suisse-Atlantique have sold enbloc their two Handies "Silvaplana" & "Silvretta" 29/23 Shikoku to Greek buyers for USD 7.4 & 7. mill. Tankers Scorpio Tankers have agreed to sell and leaseback the following MR and LR tankers to AVIC Leasing "STI Fontvieille" 5/213 Hyundai Mipo, "STI Brooklyn" 49/215 SPP, "STI Rose" 19/215 Daehan & "STI Rambla" 19/217 Sungdong. Scorpio will bareboat charter-in the vessels for a period of 8 years with purchase options beginning at the end of the second year. Demolition Not many changes for the demolition market. Tanker market is on low levels, thus large ldt ships are making their last voyages. The past week we are reporting mainly tankers that will be heading to Pakistan for similar levels as per the last couple of weeks. Ramadan started and Poseidonia are close, thus we expect a slower activity in the next coming weeks. Indicative Demolition Prices Country Tanker Prices Bulker Prices India 43 42 Bangladesh 42 41 Pakistan 44 43 28 26 Turkey 29 28 WEEKLY SHIPPING MARKET REPORT - pg. 1
DRY DRY BULK BULK COMMENTARY COMMENTARY WEEK 17 (2 th Apr to 27 th Apr 218) Capesize Another round of falling rates on the West Australia / iron ore route for Week 21, mostly in the low/mid usd 7. s fio range. Round trip rates on the same route primarily in the usd 12,/13, pd range. Brazilian iron ore into at low usd 17. s fio levels. Usd 15,35 pd for a 18/2 months duration employment. /Panamax A more active week in the Indonesia/ coal route, with rates in the usd 13,/14, pd range basis South or Southeast Asia delivery. North Pacific round trips in the mid/high usd 12, s pd range. Intercontinental trips via the Baltic at usd 6, pd levels. South American grain fronthauls in the low/mid usd 13, s pd range plus a usd 3/35, ballast bonus on Panamaxes. Usd 18,5 pd for a US Gulf fronthaul via the Panama Canal basis delivery in the West Mediterranean. Period employments at usd 13, pd levels. 35 3 25 2 15 1 5 15 1 5 Capesize Panamax Ultramax / Supramax Decreased rates in the Indonesia/ coal route, with Ultramaxes being able to achieve numbers at usd 14, pd levels basis Singapore or Southeast Asia delivery. Supramaxes primarily in the usd 11,/12, pd range. Usd 15,5 pd for an Iranian iron ore trip into basis delivery in West Coast India. A South African fronthaul has been reported at usd 11,25 pd plus a usd 125, pd ballast bonus. A number of 2/3 laden legs within the Pacific were reported in the usd 12,/13, pd range. 14 12 1 8 6 4 2 Supramax Handymax / Handysize A quiet week in this segment. Trips within the Pacific have been rating in the usd 8,/9, pd range. Usd 12, pd for a South American trip into the Mediterranean on a Handymax. Usd 9, pd for a 4/6 months duration employment basis delivery in the Pacific. 12 1 8 6 4 2 Handymax WEEKLY SHIPPING MARKET REPORT - pg. 2
REPORTED SALES REPORTED SALES WEEK 45 (3 WEEK 23 (2 rd nd Nov to 1 Jun to 9 th th Nov 217) WEEK 21 (18 th May to 25 th May Jun 217) 218) Bulk Carriers Type Name Dwt YoB Yard SS M/E Gear Price Buyer Comments Capesize Claudin 18,94 211 STX, Korea 1/221 B&W - Capesize Opus 18,716 21 STX,Korea 4/22 B&W - Capesize Mountain 179,147 29 Hyundai, Korea 8/219 B&W - Hirose 83, 211 Sanoyas, 7/22 B&W - Maru 82,687 28 Grain 82,672 28 Tsuneishi, Tsuneishi, 9/218 B&W - 3/223 B&W - Hadong 82,6 212 Tsuneishi, 5/222 B&W - Moon Devi 82,1 212 81,918 214 Tsuneishi, Tsuneishi, 3/222 B&W - 1/219 B&W - $ 328. Greek (Star Bulk) Part Shares and cash deal Delmar 81,52 211 Hyundai Samho, Korea 7/221 B&W - Sky 81,466 21 Universal, 9/22 B&W - Genesis Flama 8,75 21 Stx, Korea 11/22 B&W - 8,448 211 Stx, Korea 2/221 B&W - Ultramax Wave 61,491 217 Dalian Cosco, - B&W 4 x 3 T Supramax Glory 58,7 211 NACKS, 1/222 B&W 4 x 3,5 T WEEKLY SHIPPING MARKET REPORT - pg. 3
REPORTED SALES Bulk Carriers Type Name Dwt YoB Yard SS M/E Gear Price Buyer Comments Capesize New Might 179,851 211 HHIC, Philippines 5/221 B&W - $ 27.5 Greek Trade Spirit 82,45 216 Panamax Solana 74,756 21 Jiangsu, Hyundai, Heavy, KJorea 7/221 B&W - $ 24.5 Greek 6/221 B&W - $ 8.6 Chinese Ultramax TBN Tess 64 Aeroline 64, 218 Tsuneishi Zhoushan, - B&W 4 x 3 T $ 28. HK Based (Pacific Basin) Supramax Magnum Force 53,63 28 Yangzhou, 11/218 B&W 4 x 35 T $ 1. Chinese Supramax Azizi 52,544 21 Shin Kurushima, 1/221 B&W 4 x 3,5 T $8.4 Chinese Supramax Sea Confidence 52,3 25 Oshima, 6/22 B&W 4 x 3 T $ 1. Undisclosed Supramax Alithini 5,296 21 Mitsui, 1/221 B&W 4 x 3 T $ 8.4 Chinese Handysize TBN Imabari 38, 218 Handysize Iyo Sea 37,537 215 Imabari, Imabari, - B&W 4 x 3.5 T $ 24.5 12/22 B&W 4 x3,5 T $ 2.5 HK Based (Pacific Basin) Handysize Cielo Di Tokyo 37,296 28 Saiki, 7/218 Mitsubi shi 4 x 3,5 T $ 12. M.Eastern Handysize Handysize Lowlands Saguenay Lowlands Boreas 37,152 213 37,144 213 Yangfan, Yangfan, 7/22 B&W 4 x 3,5 T 7/22 B&W 4 x 3,5 T Low $ 14. Greek Ice FS1C Handysize Clipper Lasco 28,371 24 Imabari, 2/219 B&W 4 x 3,5 T $ 6.8 Vietnamase Handysize Ubc Baton Rouge 24,34 1998 Saiki, 6/218 Mitsubi shi 4 x 3 T $ 4.8 Egyptian WEEKLY SHIPPING MARKET REPORT - pg. 4
REPORTED SALES Tankers Type Name Dwt YoB Yard SS M/E Price(mill) Buyer Comments Lr2 Sti Rose 19,999 215 Daehan, Korea 1/22 B&W Lr2 Sti Rambla 19,999 217 Sungdong, Korea 7/222 B&W Mr Sti Fontvieille 49,99 213 Hyundai Mipo, Korea 7/218 B&W Mr Sti Ville 49,99 213 Hyundai Mipo, Korea 9/218 B&W Mr Sti Brooklyn 49,99 215 SPP, Korea 7/22 B&W Undisclosed Chinese (Avic International Leasing) Sale & Leaseback (8 Yr BB to Scorpio Tanker) with purchase options begging at the end of 2nd year Lr1 United Baner 73,584 27 New Century, 4/222 B&W $ 1.25 Sea World Management Mr2 Arctic Bridge 5,921 25 Stx, Korea 12/22 B&W $ 12. MPC Mr2 Mr1 Mr1 Cpp Ocean Emerald Cpo Larisa Athena Cpo Larisa Artemis Patrizia Cosulich 47,37 2 Onomichi, 11/22 B&W Undisclosed Chinese 37,384 24 Hyundai Mipo, Korea 9/219 B&W 36,997 24 Hyundai Mipo, Korea 1/219 B&W 7, 211 Titan Quanzhou, $ 15.6 3/222 B&W Undisclosed Indonesian (Waruna) Italian (Frateli Cosulich) WEEKLY SHIPPING MARKET REPORT - pg. 5
REPORTED SALES Tankers Type Name Dwt YoB Yard SS M/E Price(mill) Buyer Comments Cpp Besiktas Orient 4,127 29 Besiktas, Turkey 8/219 Mak Cpp Besiktas Pera 4,121 29 Besiktas, Turkey 8/219 Mak Cpp Cpp Besiktas Galata Besiktas Champion 4,115 29 Besiktas, Turkey 12/219 Mak 4,114 21 Besiktas, Turkey 4/22 Mak Undisclosed German (GEFO) Containers Type Name Teu YoB Yard SS M/E Price(mill) Buyer Comments Post Panamax Sub Panamax Hamburg 6,35 29 Koyo, 3/219 B&W - $ 21. Undisclosed Welle 2,572 25 Stx, Korea 11/22 B&W - Undisclosed Oslo (MPC Container Ships) WEEKLY SHIPPING MARKET REPORT - pg. 6
DEMOLITION Type Vessel Dwt YoB Ldt Price $ Country Comments Tanker DS Tina 298.824 2 45.476 Region 41-42 Pakistan bss "As is, where is" Khor Fakkan Tanker Al Salheia 31.453 1998 42.51 46.5 Undisclosed As-is Kuwait Tanker Amba Bhakti 16.597 1997 16.244 438 Pakistan Bulker SMT Bontrup 44.16 1979 14.289 435 India Tanker Divine Mercy 45.998 1991 9.767 n/a Pakistan Bulker Algoma Olympic 33.794 1976 9.42 n/a Turkey Gas Arzew Gas 9.539 1976 5.891 47 India WEEKLY SHIPPING MARKET REPORT - pg. 7
NEWBUILDING Bulkers Units Type Dwt Yard Delivery Price (mill) Owner Comments 1 Ultramax 63,59 Shin Kasado, 219 Undisclosed 6+3 Ultramax 63,5 Nantong, 22 $ 23. 1 Gc 9,4 Gisan Turkey 219 Undisclosed 1 GC 3,264 Partner Shipyard, Poland 219 Undisclosed Uk Based (Helikon Shipping Enterprises) ese (Nishhin Shipping) Turkish (Misha Shipping) Dutch (Hartmann Seatrade) Tier II Container Units Type Teu Yard Delivery Price (mill) Owner Comments 4 Sub Panamax 2,75 Huangpu, 22 Undislcosed ( Navigation) WEEKLY SHIPPING MARKET REPORT - pg. 8
INDICATIVE PRICES Bulk Carriers Size Prompt Resale 5 years 1 years 15 years Capesize 5 4 25 15.5 Panamax- 31 24 16.5 11.5 Ultramax - Supramax 28 18 14.5 1 Handysize 24 15.5 11.8 6.5 Bulk Carriers 5 5 31 28 24 4 24 25 18 15,5 16,5 14,5 11,8 15,5 11,5 1 6,5 Prompt Resale 5 years 1 years 15 years Capesize Panamax Supramax Handysize Tankers Size Prompt Resale 5 years 1 years 15 years VLCC 86 64 4 25 Suezmax 58.5 43.5 27.5 13.5 Aframax 45 32 2 9.5 MR 36 26.8 17 9 Tankers 1 5 86 58,5 45 36 64 43,5 32 26,8 4 27,5 2 17 25 13,5 9,5 9 Prompt Resale 5 years 1 years 15 years VLCC Suezmax Aframax MR WEEKLY SHIPPING MARKET REPORT - pg. 9
KEY INDICATORS Currency Week 21 Week 2 Change (%) EUR / USD 1.1696 1.1818 1,3 USD / JPY 19.38 11.85 1,33 USD / KRW 1,77.91 1,77.63,3 NOK / USD.1231.1232,8 EUR / USD 1,26 1,24 1,22 1,2 1,18 1,16 1,14 1,12 1/12/217 1/1/218 1/2/218 1/3/218 1/4/218 1/5/218 Commodity Week 21 Week 2 Change (%) Brent Crude (BZ) 78.43 79.52 1,37 WTI Crude Oil (WTI) 7.44 71.66 1,7 Natural Gas (NG) 2.93 2.84 3,17 Gold (GC) 1,38.3 1,289.9 1,43 Copper 38.75 38.6,5 Wheat (w) 532. 54.75 5,4 9 8 7 6 5 4 3 2 1 Brent Crude 8 7 6 5 4 3 2 1 WTI Crude WEEKLY SHIPPING MARKET REPORT - pg. 1
SHIPPING INDICATIVE SHARE VALUE Stock Prices Shipping Companies Company Stock Exchange Week 21 Week 2 Change (%) Diana Shipping Ink (DSX) NASDAQ 4.24 4.32 1,85 Dry ships Ink (DRYS) NASDAQ 4.17 3.9 6,92 Euroseas Ltd (ESEA) NASDAQ 2.38 2.44 2,46 Eagle Bulk Shipping Inc (EGLE) NASDAQ 5.68 5.57 1,97 Navios Maritime (NM) NYSE.79.78 1,28 Navios Maritime PTN (NMM) NYSE 1.78 1.86 4,3 Star Bulk Carriers Corp (SBLK) NASDAQ 12.92 13.21 2,2 Seanergy Maritime Holdings Corp (SHIP) NASDAQ.91.9 1,11 Safe Bulkers Inc (SB) NYSE 3.6 3.16 3,16 Golden Ocean (GOGL) NASDAQ 8.26 8.23,36 Stock Prices - Wet Company Stock Exchange Week 21 Week 2 Change (%) Capital Product Partners LP (CPLP) NASDAQ 3.12 3.11,32 TOP Ships Inc (TOPS) NASDAQ 1.53 1.6 4,38 Tsakos Energy Navigation (TNP) NYSE 3.37 3.55 5,7 Stock Prices - Other Company Stock Exchange Week 21 Week 2 Change (%) Aegean Maritime Petrol (ANW) NYSE 3.15 2.9 8,62 Danaos Corporation (DAC) NYSE 1.3 1.27 2,36 Stealth Gas Inc (GASS) NASDAQ 4.1 4.14 3,14 Rio Tinto (RIO) NYSE 57.6 58.98 2,34 Vale (VALE) NYSE 14.41 15.3 4,13 ADM Archer Daniels Midland (ADM) NYSE 44.81 44.91,22 BHP Billiton (BHP) NYSE 5.88 51.38,97 WEEKLY SHIPPING MARKET REPORT - pg. 11
CONTACT DETAILS WEEK WEEK 21 2 (18 (6 th th May Jan to to 25 13 th th May Jan 217) 218) ADVANCED SHIPPING & TRADING S.A. Vouliagmenis Avenue 168, 1 st Floor, Glyfada 16674, Greece Tel: +3 21 3 3 E-mail: snp@advanced-ship.gr E-mail: chartering@advanced-ship.gr E-mail: finance@advanced-ship.gr Fax: +3 21 3 1 35 Sale & Purchase Department: Dry Cargo Chartering Department: Capt. Fountoglou Michalis Mob: +3 6947 7 7 18 Bonatsos Mavra Mob: +3 6951 24 36 Thermos Stavros Mob: +3 6944 24 2 2 Benetos Kostas Mob: +3 6943 29 32 13 Harrington James Mob: +44 7768 1 45 33 Tiliakos Michalis Mob: +3 6951 97 6 2 Papoutsis George Mob: +3 6951 51 65 Pittas Iordanis Mob: +3 6944 5 27 46 Balpakakis Manolis Mob: +3 6955 47 77 72 Haldezos Tasos Mob: +3 6944 2 88 13 Chrousalas Thanasis Mob: +3 6355 47 77 73 Manessis Sophia Mob: +3 6955 19 57 42 Landrakis Stelios Mob: +3 6955 47 77 74 Bilias Tasos Mob: +3 6955 47 77 71 Kontaratos Alkis Mob: +3 6948 78 5 52 Markoutsa Kanella Mob: +3 6978 41 72 9 Operations Department: Research Department: Katsouli Fotini Mob: +3 6955 47 77 75 Stergiou Kostas Mob: +3 6942 9 73 1 Chief Executive Consultant: Administration Department: Capt. Galonis Dimitrios Mob: +3 6945 55 36 81 Chronopoulou Fenia Mob: +3 6932 34 94 5 THINK BIG 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, Advanced Shipping & Trading 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: Advanced Shipping & Trading S.A. Market Research on behalf of the Sale & Purchase, Dry Cargo Chartering and Tanker Chartering Departments. For any questions, please contact: research@advanced-ship.gr WEEKLY SHIPPING MARKET REPORT - pg. 12