11 Dec · 2015. 12. 14. · no bed of roses however, ... As such they see it as a driver which could be indicang towards a steady gr owth in ... $/day $ 47,029 $ 49,437 -4.9% $ 46,149

1

11 Dec ±∆ ±%BDI 522 q -41 -7.3%

BCI 779 q -111 -12.5%

BPI 410 q -23 -5.3%

BSI 451 q -18 -3.8%

BHSI 282 q -4 -1.4%

W-O-W change

Mixed messages prevailing in the market as decision makers split opinions between

bulls and bears in the market, with each holding a strong stance as to their separate

views and where we go from here. The main focus this week is turned towards the

decisions Ms. Janet Yellen will take on Wednesday with regards to interest rates. Up

to now many have held the view that the decision is easy to take given the published

figures we have seen in terms of the prevailing unemployment rate in the US (which

has levelled down to 5%, a figure which many see as the lowest that can be sustained

right now) and the higher growth rate noted in the average hourly pay rise (which

reached a full 4% in the third quarter, giving an annualised figure of around 2.8%). It is

no bed of roses however, as infla#on has remained close to some of the lowest levels

noted, mainly due to the strong drop in commodity prices, while even when you take

on only core infla#on (excluding energy and food prices) this figure s#ll lingers at

around 1.3%. The danger here is that instead of further boos#ng economic growth it

could suffocate it in its tracks.

The decision is a hard one as such and is one that will be closely watched more than

any other such decision made by the Fed in the past. In the case that a decision is

made for the mo#on of increasing rates now even by a small amount, we will have to

take par#cular note on how the emerging markets will react. With most of these

economies s#ll heavily dependent on the commodity markets, any increase in their

dollar denominated debt would surely cause havoc, as they try to manage their ever

decreasing cash inflows. At the same #me, if markets take the view that the rate in-

crease is higher than needed at the current moment, it would also push for a sharp

exodus of investment from most of these economies, as many investors reshuffle

their “bets” over to the U.S. dollar and its seemingly be'er returns. This in part has

been further bolstered as a scenario, as the U.S. dollar has already risen by 19% since

mid-2014, giving a forward momentum that could be difficult to counter. It’s worth

men#oning that a further strengthening of the U.S. dollar would create headaches

back home as well as the Fed would have to deal with further drops in core infla#on.

At the same #me all these troubles will have to be faced by shipping at a #me when

commodi#es remain in a “sink hole”, being put under constant pressure as the world’s

biggest miners and oil producers, further ramp up their produc#on adding extra ca-

pacity to the supply glut, in an effort to take on more market share. This might be

more manageable in the oil business were demand is bolstered by low prices, but in

the iron ore and steel trade this excess supply has already drowned the market. Of

note is the recent figures coming out of China, where we noted exports of steel in the

last 11 months toping the 100m tonne mark which is more than most countries

(except Japan) produce on their own within a year.

Taking a more op#mis#c view, many of the “bulls” have pointed to a stronger demand

growth (albeit at a slow rate) from the developed economies and in par#cular the U.S.

As such they see it as a driver which could be indica#ng towards a steady growth in

the global trade of goods and services of as much as 3% within 2016 and move on

towards the 5% from 2017 onwards. As good as this sounds, it would s#ll be the case

we would have to buckle up for 2016 as the knock on posi#ve effect on the trade of

raw resources, such as iron ore, would be felt with a considerable delay.

George Lazaridis

Head of Market Research & Asset Valua!ons

07th - 11th December 2015 | Week 50

Dry Bulk Freight Market

Secondhand Market

Newbuilding Market

Demoli#on Market

Economic Indicators

Tanker Freight Market

11 Dec ±∆ ±%BDTI 920 q -42 -4.4%

BCTI 557 p 7 1.3%

W-O-W change

Avg Price Index (main 5 regions)

11 Dec ±∆ ±%Dry 234 q -1 -0.4%

Wet 253 q -1 -0.4%

W-O-W change

Aggregate Price Index

11 Dec ±∆ ±%Bulkers 79 q -1 -0.8%

Cont 100 u 0 0.0%

Tankers 101 q 0 -0.5%

Gas 100 q 0 -0.1%

M-O-M change

11 Dec ±∆ ±%Gold $ 1,073 q -16 -1.5%

Oil WTI $ 36 q -9 -19.6%

Oil Brent $ 38 q -10 -20.5%

Iron Ore 38 q -10 -21.4%

Coal 50 q -4 -6.6%

M-O-M change

Aggregate Price Index

11 Dec ±∆Capesize 40 q -7

Panamax 32 q -12

Supramax 40 q -9

Handysize 47 q -8

M-O-M change

VLCC 109 p 0

Suezmax 98 p 1

Aframax 120 u 0

MR 122 q -5

07th - 11th December 2015 | Week5 | We

2

2014 2015

07th - 11th December 2015

Capesize - Downward pressure is s#ll there and pushing things further into the

red, with ample tonnage looking to fix before the Christmas holidays are fully un-

der way, while interest seems to s#ll be waning, giving as such an edge to charter-

ers. It now looks as though there are s#ll further drops in sight over the next cou-

ple of days.

Panamax - The worst performing segment is s#ll in the doldrums for yet another

week despite some improvement noted on the Feast - Cont route. Ballast bonus

have helped alleviate some owners giving the overall a slightly be'er average for

any route they fix, however with such delays in securing the next voyage this is

quickly eaten away. Tonnage lists have shown some slight #ghtening in the North

Atlan#c, yet it will take much more demand to provide the support needed to

boost the market from where it is now.

Supramax - Things have started to quieten fairly fast while many expect it will

only get worse from mid-week with fresh inquiries limited in number and more

and more tonnage pushing ever more aggressively to find anything for fixing.

Things were looking to get worse in the Con#nent / Med region while charterers

put most of their focus only on tonnage which is available spot.

Handysize - Another overall downward trend again this past week, with further

losses noted on the average TCE. Things remained under pressure in the North

Atlan#c with the excess tonnage scrambling to find fresh inquiries. Things were

slightly be'er in the Pacific basin though not enough to counter the trend.

0

10

20

30

40

50'000 US$/day

07th - 11th Decemberer 2 201015 015

11 Dec 04 Dec ±% 2015 2014

Baltic Dry IndexBDI 522 563 -7.3% 726 1,104

CapesizeBCI 779 890 -12.5% 1,040 1,961

BCI 5TC $ 6,799 $ 7,863 -13.5% $ 8,177 $ 15,278ATLANTIC RV $ 7,780 $ 9,475 -17.9% $ 8,266 $ 14,130

Cont / FEast $ 13,450 $ 15,085 -10.8% $ 16,642 $ 32,135PACIFIC RV $ 6,136 $ 7,200 -14.8% $ 7,649 $ 14,319

FEast / ECSA $ 7,100 $ 7,582 -6.4% $ 8,564 $ 13,932Panamax

BPI 410 433 -5.3% 705 964BPI - TCA $ 3,275 $ 3,458 -5.3% $ 5,633 $ 7,714

ATLANTIC RV $ 3,117 $ 3,110 0.2% $ 6,079 $ 6,861Cont / FEast $ 6,698 $ 7,259 -7.7% $ 10,768 $ 15,315PACIFIC RV $ 2,955 $ 3,236 -8.7% $ 5,137 $ 7,844

FEast / Cont $ 328 $ 228 43.9% $ 547 $ 835Supramax

BSI 451 469 -3.8% 675 939BSI - TCA $ 4,713 $ 4,903 -3.9% $ 7,054 $ 9,816

Cont / FEast $ 7,433 $ 7,750 -4.1% $ 10,052 $ 14,974Med / Feast $ 6,257 $ 6,871 -8.9% $ 9,464 $ 13,840PACIFIC RV $ 5,008 $ 5,058 -1.0% $ 6,051 $ 8,873

FEast / Cont $ 3,050 $ 3,070 -0.7% $ 4,902 $ 6,179USG / Skaw $ 6,525 $ 6,944 -6.0% $ 11,172 $ 14,638Skaw / USG $ 1,375 $ 1,400 -1.8% $ 3,835 $ 4,971

HandysizeBHSI 282 286 -1.4% 369 523

BHSI - TCA $ 4,136 $ 4,189 -1.3% $ 5,437 $ 7,680Skaw / Rio $ 2,900 $ 3,154 -8.1% $ 3,832 $ 5,625

Skaw / Boston $ 3,446 $ 3,608 -4.5% $ 4,110 $ 5,273Rio / Skaw $ 4,456 $ 4,836 -7.9% $ 8,789 $ 10,072

USG / Skaw $ 4,956 $ 4,935 0.4% $ 7,339 $ 10,743SEAsia / Aus / Jap $ 3,887 $ 3,771 3.1% $ 4,234 $ 7,022

PACIFIC RV $ 4,778 $ 4,718 1.3% $ 5,480 $ 7,840

Spot market rates & indices Average

0

1,000

2,000

3,000

4,000

BDI BCI BPI BSI BHSI

0

5

10

15'000 US$/day

0

5

10

15'000 US$/day

0

3

6

9

12

15'000 US$/day

3

2014 2015

Crude Oil Carriers - Things started to level of this week for the large crude oil

carriers though making some gains from the further drops noted in bunker prices.

The remaining December program declined considerably as charterers seemed to

be in their majority absent from the market this week. This could turn once again

just before the Christmas holiday season, in which case we could witness another

rally over the next couple of days, while a lot will be played by the price trends

noted in the price of crude oil.

Oil Products - Despite a so+ening in demand, product tankers were able to hold

on to their inclining trend though only marginally. This seemed to have been kept

largely thanks to the expanded interest noted in the US Gulf which noted one of

its fastest increases in the flow of fresh interest in the market. Despite this, the

trend might start to falter over the coming days, under pressure from the slower

winter demand caused by warmer the typically noted weather in both the US and

Europe this year.

07th - 11th December 2015 07th - 11th DeDecececember 2015 cember 2cembercemb

11 Dec 04 Dec ±% 2015 2014

Baltic Tanker IndicesBDTI 920 962 -4.4% 816 777BCTI 557 550 1.3% 640 602

VLCCWS 52.88 53.29 -0.8% 35.41 28.24

$/day $ 65,263 $ 64,954 0.5% $ 29,997 -$ 6,110WS 88.07 92.43 -4.7% 63.00 48.36

$/day $ 95,873 $ 97,438 -1.6% $ 59,629 $ 37,314WS 86.75 90.36 -4.0% 61.68 47.70

$/day $ 106,918 $ 111,030 -3.7% $ 65,940 $ 25,202WS 87.50 85.00 2.9% 71.89 57.22

$/day $ 119,880 $ 114,124 5.0% $ 74,117 $ 32,821SUEZMAX

WS 75.00 80.00 -6.3% 81.20 75.11$/day $ 47,029 $ 49,437 -4.9% $ 46,149 $ 27,044

WS 102.73 102.64 0.1% 91.04 82.23$/day $ 59,412 $ 58,368 1.8% $ 45,835 $ 26,364

AFRAMAXWS 113.89 112.78 1.0% 110.94 109.50

$/day $ 43,472 $ 41,882 3.8% $ 36,676 $ 23,581WS 128.89 136.39 -5.5% 111.80 107.79

$/day $ 42,466 $ 44,797 -5.2% $ 30,926 $ 16,427WS 123.61 168.89 -26.8% 135.27 127.51

$/day $ 36,499 $ 54,691 -33.3% $ 38,454 $ 24,895WS 84.17 84.72 -0.6% 93.12 89.14

$/day $ 41,705 $ 41,098 1.5% $ 43,485 $ 29,167DPP

WS 167.50 177.50 -5.6% 138.54 139.78$/day $ 43,943 $ 46,154 -4.8% $ 30,418 $ 21,213

WS 127.25 134.00 -5.0% 122.62 127.00$/day $ 36,315 $ 37,627 -3.5% $ 29,983 $ 19,144

WS 124.44 128.31 -3.0% 110.26 96.35$/day $ 45,517 $ 46,659 -2.4% $ 35,440 $ 17,892

WS 124.44 115.28 7.9% 107.80 104.64$/day $ 47,277 $ 41,777 13.2% $ 35,210 $ 21,008

CPPWS 85.83 88.11 -2.6% 106.22 96.90

$/day $ 24,812 $ 25,107 -1.2% $ 28,829 $ 14,208WS 114.55 116.82 -1.9% 136.49 123.74

$/day $ 16,735 $ 16,704 0.2% $ 18,975 $ 9,516WS 140.00 145.00 -3.4% 133.67 110.57

$/day $ 26,231 $ 26,776 -2.0% $ 21,846 $ 7,995WS 89.29 100.36 -11.0% 96.10 92.94

$/day $ 21,357 $ 14,363 48.7% $ 11,700 $ 3,442

MED-MED

CONT-USAC

USG-CONT

MEG-USG

MEG-SPORE

WAF-USG

BSEA-MED

MEG-SPORE

MEG-JAPAN

WAF-USAC

NSEA-CONT

CARIBS-USG

CARIBS-USAC

SEASIA-AUS

MEG-JAPAN

CARIBS-USAC

BALTIC-UKC

ARA-USG

Spot market rates & indices Average

250

450

650

850

1,050

1,250

BDTI BCTI

-100

102030405060708090

'000 US$/day

-25

0

25

50

75

100'000 US$/day

0

20

40

60

80

100'000 US$/day

5101520253035

'000 US$/day

4

last 5 years

11 Dec 06 Nov ±% Min Avg Max

VLCC

$ 55,000 $ 50,000 10.0% $ 18,000 $ 30,064 $ 55,000

$ 42,500 $ 43,250 -1.7% $ 22,000 $ 32,137 $ 45,000

Suezmax

$ 38,000 $ 39,000 -2.6% $ 15,250 $ 23,223 $ 42,500

$ 33,500 $ 33,500 0.0% $ 17,000 $ 24,531 $ 35,000

Aframax

$ 30,000 $ 30,000 0.0% $ 13,000 $ 17,477 $ 30,000

$ 26,750 $ 26,750 0.0% $ 14,750 $ 18,740 $ 27,000

MR

$ 18,500 $ 19,500 -5.1% $ 12,500 $ 14,487 $ 21,000

$ 17,500 $ 17,500 0.0% $ 13,500 $ 14,981 $ 18,250

12 months

36 months

12 months

36 months

Tanker period market TC rates

12 months

36 months

12 months

36 months

last 5 years


Capesize

$ 7,000 $ 9,500 -26.3% $ 6,950 $ 18,844 $ 40,200

$ 7,000 $ 10,250 -31.7% $ 6,950 $ 18,598 $ 33,700

Panamax

$ 6,500 $ 7,250 -10.3% $ 6,450 $ 13,384 $ 30,450

$ 7,250 $ 8,000 -9.4% $ 7,200 $ 12,941 $ 22,450

Supramax

$ 6,000 $ 7,250 -17.2% $ 5,950 $ 12,628 $ 24,950

$ 7,250 $ 7,500 -3.3% $ 7,200 $ 12,211 $ 18,700

Handysize

$ 6,000 $ 7,000 -14.3% $ 5,950 $ 10,129 $ 18,700

$ 6,500 $ 7,250 -10.3% $ 6,450 $ 10,266 $ 15,200

12 months

Dry Bulk period market TC rates

12 months

36 months

36 months

12 months

36 months

12 months

36 months

last 5 yearsDry Bulk period market TC rates


Latest indica#ve Dry Bulk Period Fixtures

Latest indica#ve Tanker Period Fixtures


5

7

9

11

13

15

17

19

21

5

6

7

8

9

10

11

12

5

6

7

8

9

10

11

5

6

7

8

9

10

20

25

30

35

40

45

50

55

60

15

20

25

30

35

40

45

12

17

22

27

32

1213141516171819202122M/T ''SHOSHONE SPIRIT'', 314000 dwt, built 2011, $49,500, for 1 year

trading, to KOCH

M/T ''TRIATHLON'', 164000 dwt, built 2002, $34,900, for 18 months

trading, to KOCH

M/T ''STELLATA'', 111000 dwt, built 2016, $28,000, for 3 years trading, to

TRAFIGURA

M/T ''HAFNIA ARCTIC'', 75000 dwt, built 2010, $23,500, for 2 years

trading, to LUKOIL

M/T ''GRAND ACE 6'', 46,200 dwt, built 2007, $18,000, for 1 year trading,

to KOCH

M/V ''LOS ANGELES'', 206104 dwt, built 2012, dely Huanghua spot,

$7,750, for 11/14 months trading, to SwissMarine

M/V ''MARINA'', 87036 dwt, built 2006, dely aps Brazil 20/25 Dec, $6,250,

for 10/14 months trading, to Bunge

M/V ''MARITSA'', 76015 dwt, built 2005, dely Rizhao 12/14 Dec, $5,250,

for 5/8 months trading, to Glencore

M/V ''ECOSTAR G.O.'', 75149 dwt, built 2007, dely passing Yosu 08/13

Dec, $5,000, for 5/9 months trading, to SwissMarine

M/V ''DANAE'', 75106 dwt, built 2001, dely Singapore 09/13 Dec, $4,900,

for 11/14 months trading, to Norden

5

Reported Transac#ons

A very busy week in terms of the volume of new contracts reported,

especially when taking into account the typical weekly volume that

we have become accustomed to during the majority of 2015. The

focus is s#ll hard set on the tanker market, with a number of VLCC

orders having been placed by China Merchants in three separate

CSSC group shipyards. At the same #me Greek owners are s#ll

showing keen interest in the product tankers, finding a good oppor-

tunity to take on the price arbitrage between the opposing trends of

freight rates against newbuilding prices on offer by shipbuilders.

Similarly so there are a number of European owners taking an ac#ve

presence on the LPG front, primarily focusing on the VLGC size

range though some are keen to look at some of the smaller size seg-

ments as well. Prices will s#ll remain the key driver in the market, as

sen#ment is all but dried up in terms of any excep#onal future mar-

ket prospects across all market sectors of the shipping industry. This

in turn will con#nue to give rise to the troubled financial condi#on of

even some of the larger shipbuilding groups out there, leading to a

feeling that more consolida#on might be in sight for 2016.



10

20

30

40

50

60

Capesize Panamax Supramax Handysize

US$ million

30

50

70

90

110VLCC Suezmax Aframax LR1 MR

US$ million

Indicative Dry NB Prices (US$ million) last 5 years


Dry Bulkers

Capesize (180,000dwt) 46.5 47.0 -1.1% 46.0 51.9 60.0

Kamsarmax (82,000dwt) 26.3 26.5 -0.9% 26.3 30.5 38.0

Panamax (77,000dwt) 25.8 26.0 -1.0% 25.8 29.4 34.5

Ultramax (64,000dwt) 24.3 24.5 -1.0% 24.3 27.3 32.0

Handysize (37,000dwt) 20.5 20.5 0.0% 20.5 23.2 27.8

Container

Post Panamax (9,000teu) 88.0 88.0 0.0% 76.5 87.3 97.0

Panamax (5,200teu) 56.0 56.0 0.0% 48.6 57.8 65.6

Sub Panamax (2,500teu) 29.5 29.5 0.0% 29.5 33.5 41.5

Feeder (1,700teu) 20.5 20.5 0.0% 20.5 24.7 29.8

Indicative Wet NB Prices (US$ million) last 5 years


Tankers

VLCC (300,000dwt) 94.0 95.0 -1.1% 89.5 97.6 107.5

Suezmax (160,000dwt) 63.0 63.5 -0.8% 55.8 62.2 68.0

Aframax (115,000dwt) 52.0 52.3 -0.5% 47.0 52.4 58.0

LR1 (75,000dwt) 45.8 45.8 0.0% 40.5 44.2 47.0

MR (56,000dwt) 35.5 35.5 0.0% 33.5 35.3 37.3

Gas

LNG 160k cbm 199.0 200.0 -0.5% 198.0 200.9 211.5

LPG LGC 80k cbm 77.0 77.0 0.0% 69.5 73.6 80.0

LPG MGC 55k cbm 67.5 67.5 0.0% 62.0 64.4 68.5

LPG SGC 25k cbm 45.0 45.0 0.0% 41.0 44.3 46.5

Type Units Size Shipbuilder Price Buyer Delivery Comments

TANKER 6 319,000 dwt DALIAN SHIPBUILDING, China $ 92.0m CHINA MERCHANTS - China 2017-2018

TANKER 2 319,000 dwt DALIAN COSCO KHI, China $ 92.0m CHINA MERCHANTS - China 2017

TANKER 2 319,000 dwt NANTONG COSCO KHI, China $ 92.0m CHINA MERCHANTS - China 2017

TANKER 2 158,000 dwtSUNGDONG SHIPBUILDING,

S. Korea$ 66.0m ELANDRA - UK 2017

TANKER 2 50,000 dwt HYUNDAI VINASHIN, Vietnam $ 32.5m LATSCO - Greece 2017

TANKER 2 50,000 dwt HYUNDAI VINASHIN, S. Korea $ 35.0mCONSOLIDATED MARINE

MANAGEMENT - Greece2017 options declared

TANKER 2 7,800 dwt CHENGXI SHIPYARD, China $ 20.0m KUMIAI SENPAKU - Japan 2017 Asphalt/Bitumen carrier

GAS 4 85,000 cbm DALIAN COSCO KHI, China $ 163.0mHARTMANN SCHIFF -

Germany2018 Ethane carrier

GAS 1+1 83,000 cbm HHI, Korea $ 76.0m SK SHIPPING - S. Korea 2017

GAS 4+2 32,000 cbm JIANGSU WATTS , China $ 77.0m EVERGAS - Denmark 2018 Ethane carrier

GAS 2 22,000 cbm JIANGMEN NANYANG, China $ 41.0m PETREDEC - Singapore 2017

6

Indicative Dry Bulk Values (US$ million)


Capesize180k dwt Resale 39.0 44.0 -11.4% 36.0 53.0 74.0170k dwt 5 year old 26.0 29.0 -10.3% 26.0 41.6 61.0170k dwt 10 year old 13.0 16.5 -21.2% 13.0 29.4 45.5150k dwt 15 year old 7.5 9.0 -16.7% 7.5 17.9 29.5Panamax82k dwt Resale 24.5 27.5 -10.9% 24.5 33.6 46.076k dwt 5 year old 11.5 16.0 -28.1% 11.5 25.6 40.376k dwt 10 year old 7.3 9.5 -23.7% 7.3 19.6 33.874k dwt 15 year old 4.5 6.0 -25.0% 4.5 13.4 24.5Supramax62k dwt Resale 23.0 24.5 -6.1% 23.0 30.9 40.058k dwt 5 year old 11.0 15.0 -26.7% 11.0 23.6 32.352k dwt 10 year old 6.5 9.0 -27.8% 6.5 17.7 26.352k dwt 15 year old 4.5 5.5 -18.2% 4.5 12.4 21.6Handysize37k dwt Resale 19.0 21.0 -9.5% 19.0 24.5 30.032k dwt 5 year old 9.0 11.5 -21.7% 9.0 19.5 27.432k dwt 10 year old 7.5 8.5 -11.8% 7.5 14.8 21.828k dwt 15 year old 4.0 5.0 -20.0% 4.0 10.3 16.5

last 5 years



On the dry bulk side, price drops are s#ll all the range, with excessive

pressure being put on sellers to drop their price ideas ever further if

they are truly keen to sell in the current market. Good quality units

are all hi:ng new lows, while primary interest amongst buyers is to

focus on the top range Japanese units, as their primary goal is the

excess gains they can generate from the “asset play” rather then

from the freight market were earnings are s#ll holding in some cases

below OPEX levels.

On the tanker side, hesitance is s#ll being noted amongst most buy-

ers who s#ll feel that prices have gone beyond what most feel the

market prospects could excuse. Nevertheless, with things holding

firm and many es#mates now poin#ng to firmer demand for oil and

oil products within 2016, sen#ment amongst buyers might also start

to shi+, in turn leading to higher price hikes as we move forward.

-10%

-26%

-16%

-35%-40%

-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%

1 month diff 3 months diff6 months diff 12 months diff

-28%

-36%

-30%

-44%-50%

-45%

-40%

-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%


-27%-29%

-24%

-49%-60%

-50%

-40%

-30%

-20%

-10%

0%


-22%

-31% -31%

-47%-50%-45%-40%-35%-30%-25%-20%-15%-10%

-5%0%


+1%

-4%

-1%

+4%

-4%

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%


+2%

-2%

+2%

+5%

-2%

-1%

0%

1%

2%

3%

4%

5%

6%


+0%

+2% +2%

+10%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%


+0%+2%

+7%

+16%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%


Indicative Tanker Values (US$ million)


VLCC310k dwt Resale 100.0 100.0 0.0% 80.0 97.3 117.0310k dwt 5 year old 80.0 79.0 1.3% 55.0 72.3 91.0250k dwt 10 year old 55.0 55.0 0.0% 33.8 48.5 65.0250k dwt 15 year old 38.0 38.0 0.0% 16.9 27.1 41.0Suezmax160k dwt Resale 70.0 69.0 1.4% 53.0 65.2 74.5150k dwt 5 year old 60.0 59.0 1.7% 38.0 51.4 63.4150k dwt 10 year old 42.0 42.0 0.0% 24.0 35.2 46.0150k dwt 15 year old 22.0 22.0 0.0% 14.0 19.5 26.6Aframax110k dwt Resale 56.0 56.0 0.0% 39.0 49.6 60.0110k dwt 5 year old 46.0 46.0 0.0% 27.0 37.8 47.0105k dwt 10 year old 31.0 31.0 0.0% 16.0 24.7 33.0105k dwt 15 year old 17.0 17.0 0.0% 8.0 13.4 18.5MR52k dwt Resale 38.5 38.5 0.0% 32.0 36.7 39.352k dwt 5 year old 29.0 29.0 0.0% 22.0 26.8 30.545k dwt 10 year old 19.5 20.0 -2.5% 13.8 17.7 20.445k dwt 15 year old 12.0 13.5 -11.1% 9.0 11.1 13.8

last 5 years

7

07th - 11th December 2015 07th - 11th December 2015

Size Name Dwt Built Shipbuilder M/E Coating Price Buyers Comments

AFRA AMERICAS SPIRIT 111,920 2003 HYUNDAI HEAVY

INDUSTRI, S. KoreaMAN-B&W $ 28.0m incl. TC

AFRA FUJI SPIRIT 106,360 2003 TSUNEISHI CORP

TADOTSU, JapanB&W $ 28.0m incl. TC

MR SAVANNAH 47,172 1996 ONOMICHI, Japan B&WEPOXY

Coated$ 8.3m undisclosed trading dirty

MR CARLA MAERSK 44,999 1999 HALLA ENG & HI -

SAMHO, S. KoreaMAN-B&W

Zinc

Coated$ 12.0m Far Eastern

PROD/

CHEMADOUR 15,267 2003

DAMEN

SHIPYARDS

OKEAN, Ukraine

MaKEPOXY

PHENN/A Chinese

PROD/

CHEMSONGA HAWK 13,265 2009

JINSE

SHIPBUILDING CO,

S. Korea

MAN-B&WEPOXY

PHEN$ 12.8m S. Korean

Size Name Dwt Built Shipbuilder M/E Gear Price Buyers Comments

VLOC ORE DONGJIAKOU 400,606 2012

NANTONG

RONGSHENG

SHBL, China

Wartsila $ 105.8m

VLOC ORE CHINA 400,606 2011

NANTONG

RONGSHENG

SHBL, China

Wartsila $ 105.8m

VLOC ORE HEBEI 400,535 2012

NANTONG

RONGSHENG

SHBL, China

Wartsila $ 105.8m

VLOC ORE SHANDONG 400,000 2012

NANTONG

RONGSHENG

SHBL, China

Wartsila $ 105.8m

CAPE DEEP BLUE 182,608 2015 JAPAN MARINE

UTD - ARI, JapanMAN-B&W $ 38.0m

CAPE INDOMITABLE 182,476 2015 JAPAN MARINE

UTD - ARI, JapanMAN-B&W $ 38.0m

CAPE BULK AUSTRALIA 170,578 2003 SASEBO SASEBO,

JapanB&W $ 9.3m Greek - New Shipping

PMAX TSU EBISU 81,001 2014 JAPAN MARINE

UTD - TSU, JapanMAN-B&W $ 23.0m

PMAX MAGNUM OPUS 81,001 2014 JAPAN MARINE

UTD - TSU, JapanMAN-B&W $ 23.0m

PMAXBRUNHILDE

SALAMON75,940 2001

KANASASHI HEAVY

TOYOHA, JapanMAN-B&W $ 4.6m Far Eastern

PMAX MARITIME HARESHIO 75,740 2006

SANOYAS

HISHINO MIZ'MA,

Japan

MAN-B&W $ 8.2m Greek - MG Shipping

SMAX VEGA ARIES 57,000 2010 TAIZHOU KOUAN

SHIPBUIL, ChinaMAN-B&W

4 X 30t

CRANES$ 10.0m undisclosed

HMAX PACIFIC DOLPHIN 49,047 1996

OSHIMA

SHIPBUILDING,

Japan

B&W4 X 35t

CRANES$ 3.5m Chinese

HANDY OCEAN LARK 37,196 2012 HYUNDAI MIPO, S.

KoreaMAN-B&W

4 X 30t


Tankers

Bulk Carriers

Greek

Chinese - Industrial

and Commeriacl Bank

of China

Greek

Greek

8


Type Name Dwt Built Shipbuilder M/E Gear Price Buyers Comments

General

CargoQI DONG 20,567 1999

FLENSBURGER KG,

GermanyMitsubishi

2 X 60t

CRANES$ 4.3m Indian open box type

Size Name TEU Built Shipbuilder M/E Gear Price Buyers Comments

FEEDER ASPIRATION 1,060 2005 HAKATA HAKATA,

JapanB&W $ 7.1m

S. Korean - Kharis

Shipping

FEEDER HANSE RELIANCE 966 2006 YANGFAN GROUP

CO LTD, ChinaMAN-B&W

2 X 45t


FEEDER MADELEINE 502 2000 QINGSHAN, China MAN2 X 40t

CRANES$ 1.7m Iceland

Size Name Dwt Built Shipbuilder M/E CBM Price Buyers Comments

LPG SUN ARIES 50,357 1991 MITSUBISHI

NAGASAKI, JapanMitsubishi 78,488 $ 28.0m Greek

Gen. Cargo

Containers

Gas Carriers

9

Another week progressed with considerable difficulty as it seems

that there is s#ll li'le there to keep prices buoyant. The few number

of end buyers and the ample supply of low priced steel is holding

back specula#ve buying and crea#ng a market with limited clearing

ability, especially under circumstances where there is ample numbers

of emo candidates circula#ng the market. What is making things

worse is the ample number of dry bulk owners which are pressured

on the one hand to exit any overage units they may hold, while also

fearful that if they delay this decision any further they fay well be

faced with even higher discounts on the end scrap value they will

receive. It is no surprise as such that cash buyers are choosing to fix

most of their new purchases with op#ons on the delivery, trying as

such to keep op#ons open as markets shi+ in terms of open capacity.

The Bangladesh market has already started to show signs of filling

up, something that may well push down prices further over the com-

ing days.


Reported Transac#ons

100150200250300350400450500

Bangladesh India Pakistan China Turkey

US$/ldt

100150200250300350400450500

Bangladesh India Pakistan China Turkey

US$/ldt

Indicative Wet Prices ($/ldt) last 5 years

11 Dec 04 Dec ±% Min Avg Max

Indian Sub Continent

Bangladesh 320 320 0.0% 280 436 540

India 300 300 0.0% 300 442 550

Pakistan 320 320 0.0% 300 439 525

Far East Asia

China 145 145 0.0% 140 349 485

Mediterranean

Turkey 180 185 -2.7% 165 286 355

Indicative Dry Prices ($/ldt) last 5 years

11 Dec 04 Dec ±% Min Avg Max

Indian Sub Continent

Bangladesh 295 295 0.0% 250 413 515

India 275 275 0.0% 275 418 525

Pakistan 295 295 0.0% 285 413 510

Far East Asia

China 135 135 0.0% 120 331 455

Mediterranean

Turkey 170 175 -2.9% 155 276 355

Type Vessel's Name Dwt Built Country Built Ldt US$/ldt Buyer Sale Comments

Bulker AQUAFAITH 167,110 1997 S. Korea 22,088 $ 288/Ldt undisclosed sub-continent options

Bulker BALTHAZAR 72,861 1997 S. Korea 11,168 $ 292/Ldt undisclosed sub-continent options

Bulker GNS DONGHAE 66,088 1990 S. Korea 9,865 $ 282/Ldt undisclosed sub-continent options

Cont HANJIN MARSEILLES 62,623 1993 S. Korea 19,007 $ 310/Ldt Indian

Cont PHILADELPHIA 58,810 2002 S. Korea 18,848 $ 295/Ldt Indian bss 'as is' Spore - incl. 400tns ROB

Cont NORTHERN DIVERSITY 45,239 1997 S. Korea 14,323 $ 293/Ldt Indian bss 'as is' Spore

Bulker FORCE-ONE 38,888 1985 Japan 7,149 $ 282/Ldt Indian self discharging

Bulker ATLANTIS 38,023 1983 S. Korea 9,219 $ 284/Ldt Indian

10

350

400

450

500

550

600

650

700

750


US Dollar per Euro Yen per US Dollar

Iron Ore (TSI) Coal Price Index

Yuan per US Dollar US Dollar INDEX

Oil WTI $ Palm Oil

07th 11th December 2015

Oslo-listed Avance Gas lowered the threshold for shareholder assent

in its bid for Aurora LPG as the clock #cks down to expiry.

The Chris#an Andersen-led Avance said in a release Friday that it has

waived the minimum acceptance level of 90% of shares to complete

the takeover. Avance now says the comple#on will only require

“acceptances represen#ng more than 29% of the shares and votes in

Aurora LPG on a fully diluted basis prior to the expiry of the offer peri-

od,” which is 16 December. Avance announced its approach for Auro-

ra back in November, offering to exchange 0.574 of newly issued

shares for each Aurora share, a 34.8% premium according to Avance’s

press release at the #me.

The lowering of the acceptance threshold may indicate that Avance is

realising a wholesale takeover of Aurora is not feasible, according to

an equity analyst that was not authorised to speak publicly. Oslo Bors

rules require that any takeover offer winning 90% acceptance requires

the remaining shareholders to sell. But the recent news that rival

VLGC-owner BW LPG has acquired a 12.13% stake in Aurora makes it

highly unlikely that Avance would have met the earlier threshold, he

added. Source: Tradewinds

0.95

1.00

1.05

1.10

1.15

1.20

1.25

1.30

110.00

112.00

114.00

116.00

118.00

120.00

122.00

124.00

126.00

6.00

6.10

6.20

6.30

6.40

6.50

84.00

89.00

94.00

99.00

104.00

109.00

40.00

50.00

60.00

70.00

80.00

90.00

100.00

45.00

50.00

55.00

60.00

65.00

70.00

35.00

40.00

45.00

50.00

55.00

60.00

65.00


Markets

10year US Bond 2.14 2.33 -8.2% 1.67 2.13 2.48

S&P 500 2,012.4 2,099.2 -4.1% 1,868 2,061 2,131

Nasdaq 4,933.5 5,147.1 -4.2% 4,506 4,928 5,219

Dow Jones 17,265.2 17,910.3 -3.6% 15,666 17,603 18,312

FTSE 100 5,952.8 6,353.8 -6.3% 5,899 6,607 7,104

FTSE All-Share UK 3,295.1 3,483.5 -5.4% 3,246 3,593 3,834

CAC40 4,549.6 4,984.2 -8.7% 4,005 4,804 5,269

Xetra Dax 10,340.1 10,988.0 -5.9% 9,334 10,911 12,375

Nikkei 19,230.5 19,265.6 -0.2% 16,755 19,094 20,868

Hang Seng 21,464.1 22,867.3 -6.1% 20,557 24,386 28,443

DJ US Maritime 179.6 220.9 -18.7% 179.6 242.3 291.3

Currencies

$ per € 1.10 1.09 1.1% 1.06 1.12 1.25

$ per ₤ 1.52 1.51 0.4% 1.46 1.53 1.59

₤ per € 0.72 0.72 0.7% 0.70 0.73 0.80

¥ per $ 121.3 122.1 -0.7% 116.9 120.9 125.1

$ per Au$ 0.72 0.71 1.4% 0.69 0.76 0.83

$ per NoK 0.12 0.12 -1.5% 0.11 0.13 0.14

$ per SFr 0.99 1.00 -1.3% 0.86 0.96 1.03

Yuan per $ 6.46 6.35 1.7% 6.16 6.25 6.46

Won per $ 1,185.4 1,144.2 3.6% 1,069.2 1,127.9 1,203.3

$ INDEX 105.4 104.8 0.6% 95.5 102.5 106.9

Commoditites

Gold $ 1,072.5 1,088.9 -1.5% 1,055.4 1,165.6 1,295.8

Oil WTI $ 35.6 44.3 -19.6% 35.6 50.0 61.4

Oil Brent $ 37.7 47.4 -20.5% 37.7 54.9 68.3

Palm Oil 562.0 547.8 2.6% 437.5 582.0 707.5

Iron Ore 37.5 47.7 -21.4% 37.5 56.9 71.2

Coal Price Index 49.5 53.0 -6.6% 48.0 58.4 68.5

White Sugar 398.2 400.9 -0.7% 333.6 378.6 428.2

last 12 months

11

AERAKIS GEORGEMOBILE: +30 6946 04 57 37

BOLIS ILIASMOBILE: +30 6937 02 65 00

DASKALAKIS GEORGEMOBILE: +30 6932 24 80 07

DRAKOGIANNOPOULOS STAVROSMOBILE: +30 6932 20 15 65

DRAKOGIANNOPOULOS SAKISMOBILE: +30 6944 88 58 08

HATZIGEORGIOU NASSOSMOBILE: +30 6944 73 33 93

KARADIMAS COSTASMOBILE: +30 6932 20 15 64

KLONIZAKIS JOHNMOBILE: +30 6948 50 55 81

KOSTOYANNIS JOHNMOBILE: +30 6932 43 39 99

MANOLAS NIKOLASMOBILE: +30 6940 63 22 56

MOISSOGLOU THEODOROSMOBILE: +30 6932 45 52 41

PAPOUIS THASSOSMOBILE: +30 6944 29 49 89

PRACHALIAS ARGIRISMOBILE: +30 6947 62 82 62

STASSINAKIS JOHNMOBILE: +30 6972 60 92 09

TOBALOGLOU EVAGELOSMOBILE: +30 6932 40 56 20

TSALPATOUROS COSTISMOBILE: +30 6932 20 15 63

VARVAROS PLUTONMOBILE: +30 6937 25 15 15

LAZARIDIS GEORGE MOBILE: +30 6946 95 69 40

Maritime Research & Valuations

Sale & PurchaseALEXOPOULOS PANOS

MOBILE: +30 6944 34 66 15

DAOULAS SPYROS MOBILE: +30 6932 27 88 40

KANELLOS DIMITRIS MOBILE: +30 6945 07 47 85

KAPPA ANGELIKI MOBILE: +30 6975 85 60 84

KARAMANIS COSTASMOBILE: +30 6941 54 14 65

KARAMANI NATALIA MOBILE: +30 6984 58 82 99

MANOLOPOULOS VASSILISMOBILE: +30 6988 88 13 05

MAVRIKOU GEORGINA MOBILE: +30 6974 18 07 84

PATELIS DIMITRIS MOBILE: +30 6944 04 43 61

THEODOTOS ARISTOFANIS MOBILE: +30 6951 79 82 89

TSALPATOUROU MARGARITA MOBILE: +30 6934 74 22 16

FLOURIS JOHN MOBILE: +30 6955 80 15 03

FOUROULI STELLA MOBILE: +30 6947 35 68 48

PAPANTONOPOULOS NICOLAS MOBILE: +30 6945 23 21 88

Dry Cargo Chartering

Tanker Chartering

ALLIED SHIPBROKING INC. 48, Aigialeias Street, 4th Floor, Maroussi 151 25, Greece Tel: +30 210 45 24 500 Fax: +30 210 45 25 017/ 019 E-mail: [email protected]

ALLIED CHARTERING S.A. 48, Aigialeias Street, 4th Floor, Maroussi 151 25, Greece Tel : +30 210 42 88 100 Fax: +30 210 45 24 201

E-mail: [email protected]

E-mail: [email protected]


12

Disclaimer

The informa#on contained within this report has been provided by Allied Shipbroking Inc. and Allied Chartering S.A. for general informa#on

purposes.

All the informa#on is compiled through Allied Shipbroking Inc. and Allied Chartering S.A. databases, as well as from other market sources. De-

spite having taken reasonable care in the gathering, filtering and audi#ng of this informa#on and believing that the informa#on is accurate and

correct, it may s#ll contain errors, as a lot of the views regarding market levels are par#ally derived from es#mates and/or subject judgments

while the reported transac#on ac#vity is gathered from several sources and rumors, some of which are some#mes hard to validate in full their

accuracy and truthfulness. As such we advise that the informa#on be taken cau#ously, while advising that this informa#on does not obviate the

need to also make further enquiries and seek further informa#on in order to obtain a more accurate outlook. As we make no warran#es of any

kind, both expressed or implied, as to the completeness, accuracy, reliability or completeness of the informa#on herein, Allied Shipbroking Inc.

and its connected persons shall not be held liable to any loss or damage of any kind, including direct, indirect and/or consequen#al damages

caused by negligence of any kind on our part.

Any choice to rely on this informa#on provided is strictly at the recipient’s own risk.

This report and its informa#on is confiden#al and solely for the internal use of its recipients, while any re-produc#on or re-distribu#on of the

report and its material is strictly prohibited without prior permission from Allied Shipbroking Inc.

If you wish to subscribe to this or any other report we produce, please contact us directly.

Appendix

Aggregate Price Index quoted on the first page for both Newbuilding and Secondhand relates to the current average prices levels compared to

where they stood at 1st January 2010 (i.e. index 100 = 01/01/2010)

Demoli#on market average price index refers to the combina#on of the average prices currently offered in the Indian Sub-Con#nent, Far East

and Mediterranean.

Period rates currently relate to Capesize of 180,000dwt, Panamax of 76,000dwt, Supramax of 56,000dwt and Handysize of 33,000dwt on the

Dry Bulk side and VLCC of 250,000dwt, Suezmax of 150,000dwt, Aframax of 115,000dwt and MR of 52,000dwt on the Tankers side respec-

#vely.

In terms of Secondhand Asset Prices their levels are quoted based on following descrip#on:

All vessels built to European specifica#ons

by top Japanese shipbuilders, with dwt size

based on the below table.


Resale 5 year old 10 year old 15 year old

Capesize 180,000dwt 170,000dwt 170,000dwt 150,000dwt

Panamax 82,000dwt 76,000dwt 76,000dwt 74,000dwt

Supramax 62,0000dwt 58,000dwt 52,000dwt 52,000dwt

Handysize 37,000dwt 32,000dwt 32,000dwt 28,000dwt

VLCC 310,000dwt 310,000dwt 250,000dwt 250,000dwt

Suezmax 160,000dwt 150,000dwt 150,000dwt 150,000dwt

Aframax 110,000dwt 110,000dwt 105,000dwt 95,000dwt

MR 52,000dwt 45,000dwt 45,000dwt 45,000dwt

Documents

11 Dec · 2015. 12. 14. · no bed of roses however, ... As such they see it as a driver which could be indicang towards a steady gr owth in ... $/day $ 47,029 $ 49,437 -4.9% $ 46,149