LY MARKET REPORT October 25th, 2013 / Week 43 The negative momentum in the capesize and panamax market continued throughout the week both losing 17.8% and 7.6% respectively. At the same time, the smaller segments increased with the BSI adding 3.7% and the BHSI just over 2%. The BDI lost 230 points to end the week at 1671 just over 12% lower. Buyers for dry bulk tonnage continue unabated looking for acquisitions and for yet another week we report a good number of transactions taking place. Cargill (the Vessel's present charterers) are the buyers of the capesize ATLANTIC BRIDGE (177,106 dwt / blt 2005 Japan) for US$ 28 mill. The kamsarmax STX DYNAMIC (81,168 dwt / blt 2012 New Century China) has been sold to Noble of Hong Kong for US$ 25.30 million. The Energy Rose (70,257 dwt / blt 1997 Japan) seems to be committed to Greek buyers for US$ 9.9 million. Greeks continue their buying interest in the smaller segments as well having bought the supramax IMPERIAL SPIRIT (53,466 dwt/ blt 2005 Japan) for US$ 18 million and the older STAR SEA COSMOS (48,893 dwt / blt 2000 Japan) for US$ 13 million. Yet another very active week for the newbuilding sector. We report an order of 2 x 318,000 dwt VLCC in JMU at US$ 93 million for delivery 2016 by Taiwanese owners and a further 4 x 114,600 dwt LR2s in GSI at US$ 47.9 million by Navig8. D'Amico continues to expand by ordering 4 x 39,000 dwt handy tankers at Hyundai Vinashin for US$ 31.2 million each with deliveries 2015/2016. Scorpio orders 2 x 84,000 cbm LPGs in Hyundai HI at US$ 75 million each with delivery 2016. In the dry sector, Alpha Tankers has ordered 2 x 180,000 dwt capesizes in Hyundai Mipo for delivery 2015/2016 at US$ 56.5 million whilst Frontline 2012 went to New Times for 2 x 180,000 dwt capes with the same delivery range for US$ 50 million. There was increased activity in the demolition market, especially in Bangladesh where a good number of vessels have been sold. ICON Capital has sold their two 15,900 mt lightweight aframax tankers EAGLE CARINA and EAGLE CORONA for US$ 401/ltd as-is Malaysia with eventual destination in Bangladesh. Bangladesh also took two bulkers at US$ 375-376/ltd and one container for US$ 425/ltd on the basis of as-is Singapore. India was much quieter acting on a container for US$ 445/ltd. Pakistan took the 42,318 mt VLCC DELOS for US$ 435/ltd. WeberSeas, Weekly Market Report Page 1 of 11
TANKERS LR MIMOSA 74,035/06 - NEW CENTURY - B&W 15,363 - COATED - COILED - SBT - IGS - COW DH - SS/DD 03/2016 Sold for $22 mill to Greek buyers. ARISTARCHOS 51,604/13 - HYUNDAI MIPO - B&W 12,087 - COATED - COILED - SBT - IGS COW - DH Sold for $38 mill to Greek buyers. CITRON 46,938/07 - HYUNDAI - B&W 12,889 - COATED - COILED - SBT - IGS - COW - DH SS 11/2017, DD 06/2015 CITRUS 46,934/08 - HYUNDAI - B&W 12,889 - COATED - COILED - SBT - IGS - COW - DH SS 06/2018, DD 05/2016 Sold en bloc for $54 mill to U.S. based buyers (Diamond S. Shipping). Sale includes balance of charter for both vessels to Shell until the middle of 2014, at rates slightly below current market levels. KULDIGA 37,237/03 - HYUNDAI - B&W 12,871 - COATED - COILED - SBT - IGS - COW - DH SS 05/2018, DD 03/2016 Sold for $14.3 mill to Greek buyers. C.P. 39 7,786/01 - HIGAKI - B&W 5,302 - COATED - COILED - SBT - DH - SS 06/2016, DD 01/2014 Sold for $6 mill to Far East based buyers. VINGATANK 4,298/02 - TURKEY - B&W 2,774 - COATED - COILED - SBT - IGS - DH SS 06/2017, DD 05/2015 Sold on private terms to Russian buyers. OTHELLO 3,641/75 - GERMANY - MAK 2,774 - COATED - COILED - SS/DD 02/2015 Sold for $1 mill to Russian buyers. ROSKEM 2 2,754/86 - RUSSIA - 2X S.K.L. 1,499 - SBT - DH - SS/DD 07/2015 Sold for $2.6 mill to undisclosed buyers. BULKERS ATLANTIC BRIDGE 177,106/05 - NAMURA - B&W 22,923-9HH - SS/DD 01/2015 Sold for $28 mill to U.S. based buyers (Cargill). CAPE KESTREL 161,475/93 - HYUNDAI - B&W 19,380-9HH - SS 11/2017, DD 11/2015 GRAFTON 122,292/96 - DAEWOO - B&W 16,189-9HH - SS 03/2016, DD DUE Sold en bloc for $12 and $8 mill respectively to Ukrainian buyers (Vista Shipping). CHANG HANG XIANG HAI 93,412/10 - JIANGSU - B&W 16,642-7HH CHANG HANG JI HAI 93,297/09 - JIANGSU - B&W 16,642-7HH CHANG HANG AN HAI 93,2/10 - JIANGSU - B&W 16,642-7HH CHANG HANG KANG HAI 93,204/11 - JIANGSU - B&W 16,642-7HH Sold at an auction for $17.3 mill each to Hong Kong based buyers (Sinotrans Shipping Ltd.). WeberSeas, Weekly Market Report Page 2 of 11
STX DYNAMIC 81,168/12 - NEW CENTURY - B&W 13,324-7HH - C 4X35T - SS 08/2017, DD 08/2015 Sold for $25.3 mill to Hong Kong based buyers (Noble Group). EURO CARRIER 76,602/04 - IMABARI - B&W 14,031-7HH - SS/DD 01/2014 Sold for $18 mill to undisclosed buyers (Bank deal). ENERGY ROSE 70,257/97 - SANOYAS - SUL 12,801-7HH - SS 11/2017, DD 09/2015 Sold for $9.9 mill to Greek buyers. IMPERIAL SPIRIT 53,466/05 - IMABARI - B&W 12,889-5HH - C 4X30.5T - SS/DD 11/2015 Sold for $18 mill to Greek buyers. STAR SEA COSMOS 48,893/00 - IHI - SUL 10,469-5HH - C 4X25T- SS/DD 03/2015 Sold for $13 mill to Greek buyers. TREMONIA 28,083/01 - BOHAI - SUL 9,251-5HH - C 4X40T - SS/DD 03/2016 Sold for $7.8 mill to undisclosed buyers. Sale includes T/C to Ultrabulk until May/June 2014 at BHSI index less 9%. AFRICAN ORCHID 18,286/98 - HANJIN - B&W 6,650-4HH - C 3X30T - SS 11/2017, DD 06/2015 Sold for $5 mill to Greek buyers. CONTAINERS CRYSTAL BAY 34,393/05 - GERMANY - SUL 29,313 - C 3X45T - 2,490 TEU Sold for $14 mill to Greek buyers. HANSA GREIFSWALD 12,559/96 - POLAND - B&W 9,422-4HO, 7HA - C 2X40T - 1,012 TEU Sold for $3.5 mill to undisclosed buyers. OBERON 9,200/96 - POLAND - MAN 10,605-3HO, 6HA - C 2X40T - 907 TEU Sold for $2.7 mill to Turkish buyers. MPP/TWEENDECKERS CELTIC ENDEAVOUR 3,070/85 - GERMANY - DEUTZ 814-1HH - SS 07/2015, DD 03/2015 Sold for $0.75 mill to undisclosed buyers. WeberSeas, Weekly Market Report Page 3 of 11
FRESH FOR SALE BULKERS CENTRANS ETERNAL 180,000/09-13 - QINGDAO BEIHAI - B&W 25,370-9HH Vessel is currently in the shipyard ready for delivery. CENTRANS RHYTHM 180,000/09-13 - QINGDAO BEIHAI - B&W 25,370-9HH Vessel is currently in the shipyard ready for delivery. ORIENT RISE 56,700/10 - QINGSHAN - B&W 12,889-5HH - C 4X30T Vessel will arrive in Dongjiakou (Qingdao), China on 28th October where can be inspected. ACS DIAMOND 53,299/05 - NEW CENTURY - B&W 12,896-5HH - C 4X36T Vessel will arrive in Paradip, India on 5th November where can be inspected. AMORITA 46,667/99 - MITSUI - B&W 10,100-5HH - C 4X30.5T Vessel is currently in St. Petersburg, Russia where can be inspected. TRANS OCEAN PROGRESS 42,183/87 - SASEBO - SUL 12,971-5HH - C 5X25T Vessel is currently in Assaluyeh, Iran loading with tentative ETD 29th October. IVS KWAITO 32,573/04 - KANDA - MIT 9,626-5HH - C 4X30.5T Vessel can be inspected either in Algeciras, Spain between 28th October 2nd November, or Civitavecchia, Italy on 4th November, or Port Marghera, Italy between 10th-12th November. TANKERS ARDENNE VENTURE 318,000/04 - HYUNDAI - B&W 39,889 - COILED - SBT - IGS - COW - DH Vessel is currently in Ulsan, S. Korea where can be inspected. WeberSeas, Weekly Market Report Page 4 of 11
DEMOLITION DEMOLITION STATISTICS TYPE OF SHIP THIS DATE 2013 THIS DATE 2012 2012 TOTAL 2011 TOTAL ULCC/VLCC 12 9 14 14 SUEZMAX 6 14 15 4 AFRAMAX 16 22 29 24 PANAMAX TANKER 5 3 3 5 CAPE/COMBO (100,000 dwt +) 34 61 68 60 PANAMAX/KAMSARMAX BULKER 33 83 101 54 LOCATION TANKERS BULK CARRIERS CHINA 315-320 360-375 INDIA 415-425 410-420 BANGLADESH 415-430 390-405 PAKISTAN 415-425 390-400 DEMOLITION: INDIA CONT SEA BRIGHT M/V AZRA 33,548/94-8,897 LDT - USD 445/LDT 6,328/84-4,812 LDT - USD 415/LDT PAKISTAN M/T DELOS 298,816/95-42,318 LDT - USD 435/LDT BANGLADESH M/T "EAGLE CARINA" M/T "EAGLE CORONA" M/V FURKAN M/V HW PEACE M/V THEPSSUPHARAT CONT GOVERN 95,639/92-15,922 LDT - USD 401/LDT, as is Malaysia 95,634/93-15,927 LDT - USD 401/LDT, as is Malaysia 37,732/85-7,500 LDT - USD 376/LDT 37,687/84-7,329 LDT - USD 375/LDT 27,468/84-6,336 LDT - on private terms 43,401/85-14,114 LDT - USD 425/LDT, as is Singapore WeberSeas, Weekly Market Report Page 5 of 11
CHINA CONT HANJIN KAOHSIUNG 43,925/90-12,502 LDT - on private terms TURKEY LPG SYN MIZAR 4,286/89-2,739 LDT en bloc LPG SYN MIRA 4,283/90-2,739 LDT USD 0/LDT TYPE OF SHIP NEWBUILDING STATISTICS 2013 2014 2015 2016 * TOTAL ORDERBOOK ULCC/VLCC 6 31 15 4 56 SUEZMAX 6 19 10 35 AFRAMAX 7 45 51 21 124 PANAMAX 10 31 25 8 74 MR 25 125 134 26 310 10-35,000 DWT 35 36 11 134 CAPESIZE/ MINI CAPE / VLOC 80-100,000 DWT 37 93 56 30 216 50 108 73 16 247 PANAMAX 32 66 11 109 SUPRAMAX / HANDYMAX 76 188 131 50 445 HANDYSIZE 66 189 117 26 398 WeberSeas, Weekly Market Report Page 6 of 11
NEWBUILDING CONTRACTS No Size Type Yard Delivery Price (mill) Owners Comments 2 318,000 dwt Tanker Japan Marine United 2016 $93.00 4 114,600 dwt Tanker Guangzhou 2016 $47.90 4 39,000 dwt Tanker Hyundai Vinashin 2015/2016 $31.20 Global Energy Maritime Corp. Navig8 Product Tankers D Amico Tankers Ltd. LR2. Options exercised + 2 options 2 84,000 cbm LPG 1 22,000 cbm LPG Hyundai H.I. Jiangnan Shipyard 2016 $75.00 Scorpio Tankers 2015 $44.00 Navigator Gas Semi-refrigerated gas carrier. Option exercised 2 180,000 dwt Bulker 2 180,000 dwt Bulker 4 64,000 dwt Bulker 3 43,500 dwt Bulker Hyundai Mipo New Times Shipbuilding Zhejiang Yangfan Shipyard Qingshan Shipyard 2015/16 $56.50 Alpha Tankers & Freighters 2015/2016 $50.00 Frontline 2012 2016 n/a Kiran Holding 2014/2015 $23.30 Hamburg Bulk 2 5,400 teu Container Hanjin Subic 2015 n/a Oaktree/ Rickmers 4 4,700 dwt Offshore Oceana Estaleiro, Brazil 2016 n/a Oceana Offshore PSV, PX 105 design 1 1,000 dwt Passenger Fassmer, Germany 04/2015 EUR 30.00 EMS AG WeberSeas, Weekly Market Report Page 7 of 11
BALTIC DRY EX RATES THIS LAST % Baltic Dry Index 1671 1901-230 -12.10% Baltic Capesize 2681 3264-583 -17.86% Baltic Panamax 1904 2060-156 -7.57% Baltic Supramax 1258 1213 45 3.71% Baltic Handysize 649 634 15 2.37% 5000 4500 4000 3500 3000 2500 2000 1500 1000 500 0 25-Oct-09 25-Dec-09 25-Feb-10 25-Apr-10 25-Jun-10 25-Aug-10 25-Oct-10 25-Dec-10 25-Feb-11 25-Apr-11 25-Jun-11 25-Aug-11 25-Oct-11 25-Dec-11 B D I 25-Feb-12 25-Apr-12 25-Jun-12 25-Aug-12 25-Oct-12 25-Dec-12 25-Feb-13 25-Apr-13 25-Jun-13 25-Aug-13 25-Oct-13 9000 8000 7000 6000 5000 4000 3000 2000 1000 0 25-Oct-09 25-Dec-09 25-Feb-10 25-Apr-10 25-Jun-10 25-Aug-10 25-Oct-10 25-Dec-10 25-Feb-11 25-Apr-11 25-Jun-11 25-Aug-11 25-Oct-11 25-Dec-11 B C I 25-Feb-12 25-Apr-12 25-Jun-12 25-Aug-12 25-Oct-12 25-Dec-12 25-Feb-13 25-Apr-13 25-Jun-13 25-Aug-13 25-Oct-13 5000 4500 4000 3500 3000 2500 2000 1500 1000 500 0 25-Oct-09 25-Dec-09 25-Feb-10 25-Apr-10 25-Jun-10 25-Aug-10 25-Oct-10 25-Dec-10 25-Feb-11 25-Apr-11 25-Jun-11 25-Aug-11 25-Oct-11 25-Dec-11 B P I 25-Feb-12 25-Apr-12 25-Jun-12 25-Aug-12 25-Oct-12 25-Dec-12 25-Feb-13 25-Apr-13 25-Jun-13 25-Aug-13 25-Oct-13 WeberSeas, Weekly Market Report Page 8 of 11
Baltic Clean Tanker Baltic Dirty Tanker BALTIC WET EX RATES THIS LAST % 488 503-15 -2.98% 600 621-21 -3.38% 1000 900 800 700 600 500 400 300 200 100 0 25-Oct-09 1400 1200 1000 800 600 400 200 25-Dec-09 0 25-Oct-09 25-Dec-09 25-Feb-10 25-Feb-10 25-Apr-10 25-Apr-10 25-Jun-10 25-Jun-10 25-Aug-10 25-Aug-10 25-Oct-10 25-Oct-10 25-Dec-10 25-Dec-10 25-Feb-11 25-Feb-11 25-Apr-11 25-Apr-11 25-Jun-11 25-Jun-11 25-Aug-11 25-Aug-11 25-Oct-11 25-Dec-11 BCTI 25-Oct-11 25-Dec-11 BDTI 25-Feb-12 25-Feb-12 25-Apr-12 25-Apr-12 25-Jun-12 25-Jun-12 25-Aug-12 25-Aug-12 25-Oct-12 25-Oct-12 25-Dec-12 25-Dec-12 25-Feb-13 25-Feb-13 25-Apr-13 25-Apr-13 25-Jun-13 25-Jun-13 25-Aug-13 25-Aug-13 25-Oct-13 25-Oct-13 WeberSeas, Weekly Market Report Page 9 of 11
MAJOR CAPITAL MARKETS INDEX THIS LAST % S HIGH S LOW DOW JONES 15,509.21 15,371.65 137.56 0.89% 15,709.60 12,471.50 NASDAQ 3,928.96 3,863.15 65.81 1.70% 3,961.10 2,810.80 AIM 800.27 793.23 7.04 0.89% 802.99 680.57 NIKKEI 14,486.41 14,586.51-100.10-0.69% 15,942.60 8,619.45 PUBLIC COMPANIES DRY-CARGO SECTOR NAME SYMBOL THIS LAST % HIGH LOW DIANA DSX 11.74 12.33-0.59-4.79% 13.24 6.93 DRYSHIPS DRYS 2.84 3.49-0.65-18.62% 4.00 1.46 EAGLE BULK EGLE 5.94 7.69-1.75-22.76% 8.75 1.32 GENCO GNK 2.70 3.47-0.77-22.19% 4.98 1.12 GOLDENPORT HOLDINGS GPRT.L 45.63 43.00 2.63 6.12% 51.00 29.00 NAVIOS HOLDINGS NM 7.04 7. -0.48-6.38% 7.83 3.26 NAME CAPITAL PRODUCT PARTNERS SYMBOL TANKER/ENERGY SECTOR THIS LAST % HIGH LOW CPLP 9.07 9.00 0.07 0.78% 10.15 5.79 STEALTHGAS GASS 12.73 10.93 1.80 16.47% 12.86 5.34 TEN TNP 5.20 5.03 0.17 3.38% 5.75 3.04 NAME SYMBOL THIS CONTAINER SECTOR LAST % HIGH LOW DANAOS DAC 3.93 4.25-0.32-7.53% 4.86 2.44 * Prices reflect Thursday s closing values. Prices in US$ except for Goldenport Holdings which is in GBP. WeberSeas, Weekly Market Report Page 10 of 11
RATES OF EX THIS LAST % Euro / $ 1.3804 1.3683 0.0121 0.88% Sterling / $ 1.6163 1.6189-0.0026-0.16% $ / Yen 97.325 97.775-0.450-0.46% $ / Nok 5.8919 5.9143-0.02-0.38% $ / Won 1,062.85 1,060.76 2.09 0.20% Brent Crude 107.22 109.30-2.08-1.90% LIBOR (3-month) 0.24% 0.25% -0.01-4.00% ESTIMATED VALUES* TANKERS PROMPT RESALE 5 YEARS 10 YEARS 20 YEARS VLCC $77.0m $55.0m $35.0m $18.0m Suezmax $51.0m $40.0m $25.0m $10.0m Aframax $40.0m $28.0m $15.0m $8.0m Panamax $37.0m $25.0m $17.0m $9.0m Product $37.5m $25.0m $15.0m $5.0m BULK CARRIERS PROMPT RESALE 5 YEARS 10 YEARS 20 YEARS Capesize $53.0m $35.0m $24.0m $8.0m Panamax/Kamsarmax $31.0m $24.0m $16.0m $6.75m Supramax/Handymax $28.0m $23.0m $15.8m $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) 18.250/D 21,500/D SUEZMAX (150,000 dwt) 15,750/D 17,750/D AFRAMAX (110,00 dwt) 13,250/D 15.250/D PANAMAX (72,000 dwt) 14.000/D 15,500/D MR (45-50,000 dwt) 14.500/D 15,750/D * The above figures are representative rates for modern tankers only. BUNKER PRICES FUEL GRADES ROTTERDAM FUJAIRAH PIRAEUS SINGAPORE 380cst: $580.00 $612.50 $598.00 $604.00 180cst: $607.50 $645.00 $631.00 $614.00 MGO: $894.00 $987.00 $933.00 $905.00 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 11 of 11