ATHENIAN SHIPBROKERS S.A. - · PDF filetank 34 21 13 13 20 16 117 ... global vanguard 52223 2008 japan cr 4x30 11.4 mio european ... tiger anhui 63542 2014 china cr 4x30 21.25 mio

ATHENIAN SHIPBROKERS S.A.

107-109, Vas. Pavlou Str., GR 166 73, Voula , Athens, Greece Tel: 210 9659700 - Fax: 210 8996040

Internet Mail: athenian(at)atheniansa(dot)gr www.atheniansa.gr

November 2017

M O N T H L Y R E P O R T

♦Prior 2017 76-78k dwt

0

500

1000

1500

2000

2500

No

v-1

2

Jan

-13

Mar

-13

May

-13

Jul-

13

Sep

-13

No

v-1

3

Jan

-14

Mar

-14

May

-14

Jul-

14

Sep

-14

No

v-1

4

Jan

-15

Mar

-15

May

-15

Jul-

15

Sep

-15

No

v-1

5

Jan

-16

Mar

-16

May

-16

Jul-

16

Sep

-16

No

v-1

6

Jan

-17

Mar

-17

May

-17

Jul-

17

Sep

-17

No

v-1

7

Baltic Dry Index

PRICES TANKERS ($ MIO)

* Prices reflect Year’s End 2011* 2012* 2013* 2014* 2015* 2016* Nov-17

VLCC 5Y 55.6 56.0 55.8 77.1 80 60 63

VLCC 10Y 34.1 35.0 35.0 52.1 55 40 38

SUEZMAX 5Y 45.6 40.2 39.5 56.8 60 40 40

AFRAMAX 5Y 34.7 28.0 27.8 41.9 46 29 30

AFRAMAX10Y 19.3 16.3 16.3 26.8 31 18 18

PANAMAX5Y 30.9 24.3 24.3 33.4 35 28 26.5

47K 5Y D/H 25.8 23.0 23.3 23.8 28.9 22 24

45K 10Y D/H 15.8 15.5 15.7 15.2 19.6 15.5 16.3

45K 20Y 6.0 6.2 6.2 6.5 8.5 5.1 5.3

PRICES BULKERS ($ MIO)

* Prices reflect Year’s End 2011* 2012* 2013* 2014* 2015* 2016* Nov-17

CAPESIZE 5Y 36.3 32.0 43.9 39.5 25 24 33.5

CAPESIZE 10Y 26.8 20.5 31.0 27.8 13.6 15 20

CAPESIZE 15Y 15.2 12.7 18.2 16.3 8.5 8 12.5

CAPESIZE 20Y 10.5 9.3 10.1 9.0 5.6 5.5 7.5

KAMSARMAX 5Y 26.4 18.0 25.6 20.1 14 14 21.5

PANAMAX 10Y 18.6 12.5 17.9 14.6 8.5 8.5 13.5

PANAMAX 15Y 12.4 8.3 12.0 10.0 5 5.4 9

PANAMAX 20Y 8.1 5.4 7.5 5.4 3.6 3.6 6.3

SUPRAMAX 5Y 26.4 23.3 24.3 20.8 13.6 14 17

SUPRAMAX 10Y 18.0 13.0 17.4 13.8 8 9.5 13

HANDYMAX15Y 11.1 8.7 10.9 9.1 4.5 5.8 9.3

HANDYMAX20Y 7.9 6.3 6.4 6.2 3.5 2.8 6

http://www.atheniansa.gr/

www.atheniansa.gr ATHENIAN SHIPBROKERS S.A.

2

S E C O N D H A N D S A L E S & C H A R T E R F I X T U R E T R E N D S

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

Pri

ce (

USD

Mio

)

Monthly Tanker Market Trend

VLCC 5Y VLCC 10Y SMAX 5Y AMAX 5Y

AMAX 10Y PMAX 5Y 47K 5Y D/H 45K 10Y D/H

0

10000

20000

30000

40000

50000

60000

70000

Pri

ce (

USD

)

Monthly 1 Yr TC Rates

VLCC 1 Yr T/C SMAX 1 Yr T/C AMAX 1 Yr T/C

PMAX 1 Yr T/C MR 1 Yr T/C

0.0

10.0

20.0

30.0

40.0

50.0

60.0

Pri

ces

(USD

Mio

)

Monthly Bulk Carrier Market Trend

CAPE 5Y CAPE 10Y CAPE 15Y

KMAX 5Y PMAX 10Y PMAX 15Y

SUPRA 5Y SUPRA 10Y HMAX 15Y

0

5000

10000

15000

20000

25000

30000

35000

Pri

ce (

USD

)

Monthly 1 Yr TC Rates

CAPE 1 Yr T/C PMAX 1 Yr T/C

SUPRA 1 Yr T/C HMAX 1 Yr T/C



3

S E C O N D H A N D T O N N A G E M A R K E T

*Excluding demolition sales

Sale and Purchase Market

Ship Type Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Total

BULK 34 31 41 46 58 53 263 TANK 34 21 13 13 20 16 117 GAS 5 1 3 1 1 1 12 CONT 12 23 6 12 21 9 83 TWEEN/MPP 3 5 5 0 1 2 16 REEF 0 0 0 0 0 0 0 RORO 0 0 0 0 0 0 0 FERRY 0 0 0 0 0 0 0 CRUISE 0 0 0 0 0 0 0

Total 88 81 68 72 101 81 491

259

53

261

58

0

100

200

300

THIS MONTH - PREVIOUS MONTH

S&P Activity Dry (>5,000 Dwt)

AVAILABLE FOR SALE

REPORTED SOLD

PREVIOUS MONTH A/BLE FORSALEPREVIOUS MONTH SALES

148

16

173

20

0

50

100

150

200

THIS MONTH - PREVIOUS MONTH

S&P Activity Tankers (>5,000 Dwt)

AVAILABLE FOR SALE

REPORTED SOLD

PREVIOUS MONTH A/BLE FORSALEPREVIOUS MONTH SALES



4

TANKER SALES

NAME DWT BLT PRICE $ BUYER

SARA THERESA 2954 2003 KOREA DH 4.5 MIO UNDISCLOSED (Epoxy) OANA 6474 2008 CHINA DH 3.2 MIO UNDISCLOSED (Via Auction) SABS 1 6506 1995 JAPAN DH 2.8 MIO UNDISCLOSED (Epoxy) BESIKTAS HALLAND 7701 2008 TURKEY DH 9 MIO KILTANK SHIPPING BENGAL ORCHID 19980 2008 JAPAN DH 13.3 MIO FAR EASTERN (STST) FSL TOKYO 20938 2006 JAPAN DH 14.5 MIO UNDISCLOSED FIDIAS 51277 2007 KOREA DH 16.5 MIO PACIFIC CARRIERS CALETTA 51745 2011 KOREA DH 22 MIO UNDISCLOSED SINGAPORE VOYAGER 105850 2003 JAPAN DH 10.4 MIO GREEK BUYERS CAP GEORGES 146652 1998 KOREA DH 9.8 MIO INDIAN BUYERS RS KARYSTOS 158000 2016 CHINA DH 49.7 MIO GREEK BUYERS TEIDE SPIRIT 159426 2004 KOREA DH 18.8 MIO GREEK BUYERS ARTOIS 298330 2001 JAPAN DH 22 MIO RIDGEBURY TANKERS DHT UTIK 299450 2001 KOREA DH 21.1 MIO RIDGEBURY TANKERS DHT UTAH 299498 2001 KOREA DH 21.1 MIO RIDGEBURY TANKERS DHT EAGLE 309064 2002 KOREA DH 24.3 MIO RIDGEBURY TANKERS

GAS SALES

NAME DWT BLT CBM PRICE $ BUYER CORSAIR 54336 2014 KOREA 84000 65 MIO UNDISCLOSED (Incl 12 years BBB)

742

538

634

320

420

520

620

720

820

920

49 52 3 6 9 12 15 18 21 24 27 30 33 36 39 42 45 48

WEEK NO

Baltic Clean Tanker - Yearly

2017 2016

618

1048 907

400

500

600

700

800

900

1000

1100

49 52 3 6 9 12 15 18 21 24 27 30 33 36 39 42 45 48

WEEK NO

Baltic Dirty Tanker - Yearly

2017 2016

540

556

615

450

500

550

600

650

31/10/2017 07/11/2017 14/11/2017 21/11/2017 28/11/2017

Baltic Clean Tanker - Monthly

843

787

826

700

750

800

850

900

31/10/2017 07/11/2017 14/11/2017 21/11/2017 28/11/2017

Baltic Dirty Tanker - Monthly



5

14736 14848 13703

0

10000

20000

30000

40000

50000

60000

70000

Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17

$/D

ay

Spot Market - Tankers VLCC

SUEZMAX

AFRAMAX

27750

17750

15125

10000

15000

20000

25000

30000

35000


$/D

ay

Period Market - Tankers 1 Year T/C

VLCC

SUEZMAX

AFRAMAX



6

BULKER SALES

NAME DWT BLT GEAR PRICE $ BUYER

CLIPPER ICHIBAN 28319 2009 JAPAN CR 4X30.5 8.25 MIO UNDISCLOSED (DD due) ALKAR TRUST 30835 1997 JAPAN CR 4X30 4 MIO UNDISCLOSED OLYMPIA IV 32029 2008 JAPAN CR 4X30 9.7 MIO UNDISCLOSED CLIPPER KASASHIO 32221 2008 JAPAN CR 4X30.5 9.25 MIO FAR EASTERN KING YUKON 32258 2009 JAPAN CR 4X30.5 10.5 MIO EUROPEAN CLIPPER NESTORIO 32312 2011 CHINA CR 4X30.5 10 MIO UNDISCLOSED IVS KITTIWAKE 32555 2007 JAPAN CR 4X30.5 9 MIO UNDISCLOSED ORIENT ACRUX 32702 2013 JAPAN CR 4X30.5 13.3 MIO UNDISCLOSED ATLANTIC TREASURE 33401 2008 JAPAN CR 4X30.7 10.4 MIO UNDISCLOSED ATLANTIC SPIRIT 33427 2007 JAPAN CR 4X30 9.8 MIO TURKISH

JIANGSU YANGZIJIANG YZJ2014-11

36500 2017 CHINA CR 4X40 18.5 MIO ENBLOC BSS▼


36500 2017 CHINA CR 4X40 18.5 MIO ENBLOC BSS▼


36500 2017 CHINA CR 4X40 18.5 MIO CANADIAN (Price each)

GLORY MERCY 37302 2010 CHINA CR 4X30 9.5 MIO UNDISCLOSED QIN FENG 19 41000 2012 CHINA CR 4X35 2.5 MIO CHINESE (Via auction) XO LION 42717 1997 JAPAN CR 4X430 4.6 MIO UNDISCLOSED KING DEEB 44809 1995 KOREA CR 4X25 4.65 MIO RUSSIAN STEEL HONESTY 45578 2000 PHILIPPINES CR 4X30 7.5 MIO CHINESE (On subs) FRANBO WIND 46513 2001 JAPAN CR 4X30 7.45 MIO CHINESE (sub CCS inspection) ORION EXPRESS 47280 1998 JAPAN CR 4X30 5.35 MIO UNDISCLOSED FIGHTER 48193 2001 JAPAN CR 4X30 8.2 MIO CHINESE DZ QINGDAO 49047 1996 JAPAN CR 4X35 4.7 MIO UNDISCLOSED

679

637

619

600

620

640

660

680

700

31/10/2017 07/11/2017 14/11/2017 21/11/2017 28/11/2017

Baltic Handysize

2

1060

988

929

750

850

950

1050

1150

31/10/2017 07/11/2017 14/11/2017 21/11/2017 28/11/2017

Baltic Supramax

2

1539

1320

1433

1100

1200

1300

1400

1500

1600

31/10/2017 07/11/2017 14/11/2017 21/11/2017 28/11/2017

Baltic Panamax

4

3219 3351

3740

1500

2000

2500

3000

3500

4000

31/10/2017 07/11/2017 14/11/2017 21/11/2017 28/11/2017

Baltic Capesize

4 38



7

HAI KUO 49400 2004 CHINA CR 4X25 8.4 MIO CHINESE (Via auction) GLOBAL VANGUARD 52223 2008 JAPAN CR 4X30 11.4 MIO EUROPEAN (Open hatch) ERMIS 52808 2004 JAPAN CR 4X30 10.6 MIO CHINESE NEW ERA 53125 2003 JAPAN CR 4X30.5 9.7 MIO AKIJ GROUP KARAAGAC 53351 2007 CHINA CR 4X36 9.6 MIO CHINESE LEVAN 53688 2006 CHINA CR 4X36 8.3 MIO CHINESE LEO ADVANCE 55638 2007 JAPAN CR 4X30 12.6 MIO DJAKARTA LLOYD ALAM MAKMUR 55865 2015 JAPAN CR 4X30 21 MIO UNDISCLOSED SANTA ANNA 56019 2006 JAPAN CR 4X30.5 11 MIO UNDISCLOSED SPRING EAGLE 58096 2010 PHILIPPINES CR 4X30 15.35 MIO UNDISCLOSED EQUINOX MELIDA 61000 2016 CHINA CR 4X30 25 MIO UNDISCLOSED

TIGER SHANGHAI 63514 2014 CHINA CR 4X30 21.25 MIO ENBLOC BSS▼ TIGER ANHUI 63542 2014 CHINA CR 4X30 21.25 MIO ENBLOC BSS▼ TIGER TIANJIN 63592 2015 CHINA CR 4X30 22 MIO SCORPIO BULKERS (Price each)

ZED 73301 1996 KOREA GLESS 6 MIO UAE AUDAX 75220 2001 KOREA GLESS 8.1 MIO TRANSOCEAN INC RAVE 75230 2001 KOREA GLESS 8.3 MIO UNDISCLOSED GOLDEN HEIWA 76596 2007 JAPAN GLESS 13.25 MIO UNDISCLOSED PUGNANI 76602 2004 JAPAN GLESS 11.5 MIO UNDISCLOSED GLORY PEGASUS 77663 1998 JAPAN GLESS 7.8 MIO UNDISCLOSED ARCHIGETIS 81076 2011 KOREA GLESS 20.7 MIO GREEK BUYERS

OCEAN INTEGRITY 81499 2015 CHINA GLESS 23 MIO ENBLOC BSS▼ OCEAN VISION 81502 2015 CHINA GLESS 23 MIO ENBLOC BSS▼ OCEAN FORTE 81616 2015 CHINA GLESS 23 MIO ENBLOC BSS▼ OCEAN AMBITION 82000 2014 CHINA GLESS 22 MIO UNDISCLOSED (Price each)

HAMPTON BAY 81508 2009 JAPAN GLESS 18 MIO UNDISCLOSED NORD VENTURE 82211 2009 JAPAN GLESS 18 MIO UNDISCLOSED BW ACORN 82589 2010 JAPAN GLESS 19.3 MIO UNDISCLOSED VOGERUNNER 176838 2008 JAPAN GLESS 19.5 MIO GREEK BUYERS ALEXANDRIA VII 178005 2010 CHINA GLESS 24.5 MIO ZODIAC MARITIME RHODES VI 178031 2009 CHINA GLESS 23.5 MIO ZODIAC MARITIME

25575

10575 9375

0

5000

10000

15000

20000

25000

30000


$/D

ay

Spot Market - Bulkers CAPESIZE

PANAMAX

HANDYMAX



8

CONTAINER SALES

NAME DWT BLT GEAR TEU PRICE $ BUYER

JRS CARINA 8203 2007 CHINA GLESS 698 3.3 MIO UNDISCLOSED ASTURIANO 13702 2003 CHINA CR 2X45 1118 3.9 MIO EUROPEAN MTT PORT KLANG 15273 2001 KOREA GLESS 1216 4.7 MIO UNDISCLOSED

CHITTAGONG 33662 2007 JAPAN GLESS 2483 10.8 MIO HYUNDAI OCEAN INVESTMENTS

SONGA ALYA 41748 2004 POLAND CR 3X45 3091 8.5 MIO UNDISCLOSED WIDUKIND 42200 2006 POLAND CR 3X45 3091 9.25 MIO UNDISCLOSED AS MAGNOLIA 54383 2009 KOREA GLESS 4380 15 MIO QUANZHOU ANSHENG AS MARIELLA 54374 2010 KOREA GLESS 4380 15 MIO QUANZHOU ANSHENG AS MARIANA 54369 2010 KOREA GLESS 4380 15 MIO QUANZHOU ANSHENG

MPP/TWEEN SALES

NAME DWT BLT GEAR TEU PRICE $ BUYER

NEW LUCKY V 6959 2002 JAPAN CR 2X30.7, D 1X30 2.5 MIO TAIWANESE SEIYO 18 8629 1994 JAPAN CR 1X30, CR 2X20 1.35 MIO UNDISCLOSED

17250

11625

10500

4100

6100

8100

10100

12100

14100

16100

18100


$/D

ay

Period Market - Bulkers 1 Year T/C CAPESIZE

PANAMAX

HANDYMAX

44



9

N E W B U I L D I N G M A R K E T A N D R E P O R T E D C O N T R A C T S

Ship Type 2017 2018 2019+ Total

Capesize 14 55 76 145

Panamax 24 64 71 159

Supra/Hmax 50 73 41 164

Handies 40 92 40 172

Total 128 284 228 640


ULCC/VLCC 8 48 36 92

Suezmax 10 35 13 58

Aframax 16 62 47 125

Panamax 8 21 7 36

MR+Small 45 142 118 305

Total 87 308 221 616


VLGC 4 10 17 31

LGC 0 0 0 0

MR 1 14 8 23

Handy 5 8 1 14

Small 2 3 2 7

Total 12 35 28 75

81

54.5

44

33.5

20

40

60

80

100

Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Nov-17

$m

Tanker Prices VLCC Suezmax

Aframax MR

1

5

3

44

25.5 24

21.8

10

15

20

25

30

35

40

45

50

Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Nov-17

$m

Bulker Prices Capesize Panamax

Supramax Handysize

5



10

398

79

154

235

47

172

208

80 56

0

100

200

300

400

500

2015 2016 Nov-17

No

. o

f V

es

se

ls

Newbuilding Sales Tankers >10,000 dwt

Bulkers >10,000 dwt

Containerships

10

27.4 29.8

5.9

25.7

17.6

0

5

10

15

20

25

30

35

Nov-17 2018 2019+

m. d

wt

Delivery Schedule Bulkers >10,000 dwt.

Tankers >10,000 dwt

32.1

11.3

16.5

3.7

12.4

0

5

10

15

20

25

30

35

November 2017

m.

dw

t

Tanker Newbuildings on Order VLCC Suezmax

Aframax Panamax

Products

38.9

15 13

7.2

0

5

10

15

20

25

30

35

40

45

November 2017

m. d

wt

Bulker Newbuildings on Order Capesize Panamax

Handymax Handysize

Newbuilding Historical Prices ($m)

Tankers Nov-17 2016 2015 2014 2013 2012 2011 2010 2008 2005 2000 1995 1990 1985

320,000 DWT1 81 84.5 93.7 97.3 93.8 93.2 98.9 104.8 150 120 76.5 85.3 87.4 2 38.2

170,000 DWT1 54.5 54.5 63 65.5 59.6 57.1 60.3 66.3 90 71.5 52.5 54 66.1 2 28.2

115,000 DWT1 44 44.5 52 53.6 52.2 48.5 52.2 56 74 58 41.5 43.3 53.2 2 18.1

47,000 DWT1 33.5 32.5 35.4 36.8 34.6 33.8 35.2 36.1 46.5 43 29.5 33.2 3 32.1 3 13.3

Bulkers

180,000 DWT1 44 42 46 54.2 53.6 45.7 48.4 57.2 87 58.5 40.5 42.3 60.2 29.3

81,000 DWT1 ♦ 25.5 24.5 25.7 29 27.8 25.6 28.7 34.3 45.5 36 22.5 27.9 30 13.4

62,000 DWT♦ 24 22.3 24.1 27.2 26.5 23.7 26.7 31.1 41 31 20.5 24.1 25.3 12.4

35,000 DWT♦ 21.8 19.5 20.3 22.8 22.2 20.5 22.2 26.3 31 25.5 15 19.2 21.3 9.7 1 Before 2001 sizes to read 280,000 - 140,000 - 95,000 - 40,000 respectively for tankers and 150,000 - 69,000 for Bulkers 2 Single Hull 3 30,000

DWT ♦Prior 2017 to read 73 – 76k dwt, 45k dwt & 30k dwt (note: above is for vessels built Japan / Korea, you should also consider US$ / Yen / Won relation for the years mentioned)



11

The Shipbuilding Market TYPE DWT BUILDER DELIVERY PRICE $ OWNER NOTES

Bulk 82000 Jiangsu New YZJ 2019 Chartworld Shpg.

Bulk 82000 CSC Jinling Shipyard 2020 Qingdao Da Tong

Bulk 82000 Taizhou Kouan SB 2020 W Marine Inc.

Bulk 82000 Taizhou Kouan SB 2020 W Marine Inc. Option

Bulk 82000 Taizhou Kouan SB 2020 Aquavita Intl

Bulk 82000 Taizhou Kouan SB 2020 Aquavita Intl Option

Bulk 82000 Taizhou Kouan SB 2019 Tomini Shipping



Chem & Oil 50000 Hyundai Mipo 2019 Central Shpg Monaco

Chem & Oil 50000 Hyundai Mipo 2019 Central Shpg Monaco Option

Chem & Oil 11000 Fujian Mawei SB 2019 Ocean Tankers






Chem & Oil 11000 Fujian Mawei SB 2020 Ocean Tankers Option




Container 20000 Jiangsu New YZJ 2019 19.6 Mio Regional Cont Lines

Container 20000 Jiangsu New YZJ 2019 19.6 Mio Regional Cont Lines

Container 20000 Jiangsu New YZJ 2020 Regional Cont Lines Option

Container 20000 Jiangsu New YZJ 2020 Regional Cont Lines Option

Container 23900 CSC Jinling Shipyard 2019 Zhonggu Shipping






Container 40000 Huangpu Wenchong 2019 Log-In Logistica

Container 40000 Huangpu Wenchong 2020 Log-In Logistica Option

Container 16000 Fujian Mawei SB 2019 MarLink

Container 16000 Fujian Mawei SB 2019 MarLink

Cruise Ulstein Ulsteinvik 2020 Lindblad Expeditions

Cruise Ulstein Ulsteinvik 2021 Lindblad Expeditions Option

Cruise Ulstein Ulsteinvik 2022 Lindblad Expeditions Option

Cruise De Hoop Lobith 2019 Celebrity Cruises

Hvy L/Crane CMHI (Jiangsu) 2020 ZZT Offshore

LNG/Regas 85000 Hudong Zhonghua 2021 Dynagas LNG

LNG/Regas 85000 Hudong Zhonghua 2021 Dynagas LNG

Ore 325000 Hyundai HI (Ulsan) 2019 Korea Line

Ore 325000 Hyundai HI (Ulsan) 2020 Korea Line

Pass/Car F. Damen Galati 2020 Ontario Government

Pass/Car F. Damen Galati 2019 Ontario Government

Tanker 319000 Dalian Shipbuilding 2020 COSCO Shpg Energy

Tanker 319000 Dalian Shipbuilding 2020 COSCO Shpg Energy

Tanker 111890 Sumitomo (Yokosuka) 2020 Thenamaris

Tanker 111890 Sumitomo (Yokosuka) 2020 Thenamaris



12

D E M O L I T I O N M A R K E T

Demolition Historical Data

330 325 365

395 355 350

380 405 415 400

420

180

230

280

330

380

430

480

530

580

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

USD

/to

n

Price Tankers* 2014 2015

2016 2017

*India month's end prices

315 315 350

380 340 335

355 385 395 380

400

180

230

280

330

380

430

480

530

580

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

USD

/to

n

Price Bulkers* 2014 2015

2016 2017

*India month's end prices

Demolition Prices Gen Cargo Tanker

India USD 400 /lt Ldt USD 420 /lt Ldt

Bangladesh USD 390 /lt Ldt USD 410 /lt Ldt

Pakistan USD 410 /lt Ldt USD 430 /lt Ldt

China USD 210 /lt Ldt USD 230 /lt Ldt



13

HISTORICAL DEMOLITION PRICES (*Indian Year’s End)

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 CURR.

TANK 136 174 135 174 262 362 302 405 507 287 338 485 482 405 435 425 300 300 420 BULK 143 170 135 181 267 381 332 392 472 268 328 437 456 375 410 400 285 280 400

India

TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS

BULK AGGELIKI P 30360 1998 10581 442

CONT CMA CGM ORYX 30743 1995 10383 440

REEF WEI LI 12570 1979 6971 425

Bangladesh


BULK MONG LA 3280 1997 2020 355

BULK CHIN SHWE HAW 3309 1996 1991 355

BULK WIN UNI 3597 1973 2054 335

BULK AYAN 3770 1966 2543 365

BULK SELATAN DATANG 3956 1997 1667 335

BULK BLACK SEA 21373 1983 5180 353

BULK GEM OF PARADIP 41090 1984 7626 396

CONT TANTO SAYANG 7207 1990 2543 365

CONT CMA CGM SIMBA 15166 1994 4985 420 As is Mumbai

MISC NOVOYELNYA 2117 1979 3061 300

REEF SILVER SEA 3 1835 1970 1026 320

REEF HAO XIANG 4392 1980 2135 368.5

TANK RAZNA 4999 1984 3081 360 Dismantled M/E and generators

25.6

14.5

4.9 2.35

4.6 3.8

15.9 16.7 18.9

15.5 18

15.6

25

30.5

22.4

28.4 28.5 27

10 5.5 6.5 5

12

28.9 25.7

31.58

50.3

41.8

34.3 38.8

44.6

31.6

0

10

20

30

40

50

60

Mill

ion

dw

t

Total Demolition (Dwt)

* Bss reported sales

0

100

200

300

400

500

600

USD

/to

n

Historical Demolition Prices (India Year's End)

TANKERS

BULKERS

Avg. Trend



14

TANK DURGA 34793 1993 6906 380

TANK ALABRA 41327 1992 10049 413

TANK ADMIRAL 1 45692 1995 10238 392

TANK ORITSELA 46878 1993 8966 394.5

TANK AL MUKHTARAH 96314 1992 15746 390

TANK CONCERTINA 96835 1992 15225 362

TANK MULTI ECHO 99999 1997 16211 350

TANK GREEN TRADER 156105 1993 24846 471 As is Singapore

TANK OS ARCADIA 298960 1996 42173 420

China


N/A N/A N/A

Pakistan


BULK MIKHAIL KUTUZOV 23169 1979 8476 373 BULK GULMAR 27652 1986 5903 389 BULK NAVIOS GEMINI S 68636 1994 9744 443

BULK PREMA ONE 71741 1995 9985 395

BULK SILVER VOYAGER 170409 1999 20622 461 Incl. 1200t of bunkers

BULK ALEXANDER CARL 208189 1993 24535 434

TANK PACIFIC SINGAPORE 106042 1999 15512 418

Turkey


N/A N/A N/A

Other


BULK SAI SUNRISE 14101 1989 6635 396 India-Pakistan delivery

BULK OCEAN MASTER 148723 1995 17682 420 Basis as is Korea

BULK POS HARVESTER 148918 1992 17489 440

BULK POS DEDICATOR 208393 1993 24530 440

TANK PACIFIC CAPE 109354 2000 19826 417

TANK STAR BRIGHT 298900 1993 40970 390

TANK OS ARCADIA 298960 1996 42173 420



15

H I S T O R I C A L B U N K E R P R I C E S

HISTORICAL BUNKER PRICES

Rotterdam Fujeirah Houston

380 cst MGO 380 cst MGO 380 cst MGO

1993 67 150.5 70 202.5 71.1 160.6

1994 86 133.2 80.9 182.6 80.8 148.8

1995 97 140.6 94.6 175.8 93.2 148

1996 107 175.1 104.4 207.5 105.8 186

1997 92 155.4 99.3 205.6 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

2000 139 231.6 155.3 263.5 136 255.7

2001 116 192.4 129.7 244.7 112.8 227.5

2002 135 188.2 145.9 222.8 134 196

2003 151 230.4 166.3 265.2 160.2 265.1

2004 154 313.4 176.7 359.3 167.3 328.7

2005 236 458.4 256.6 500.1 248.3 508.5

2006 195 524.1 310.9 631.8 303 562.3

2007 347 571.3 373.7 664.7 351.8 608.6

2008 469 850.7 509.4 1037.7 496.8 933.2

2009 355 490.6 372.8 657 360.7 525

2010 452 667.1 468.2 712.9 449.3 683

2011 548 848.6 587.5 897.5 542.1 862.4

2012 585 920 606 1005 610 1005

2013 585 920 620 1010 580 985

2014 310 570 350 880 315 695

2015 140 311 170 560 140 360

2016 307 472 340 546 310 525

Nov-17 347 538.8 365.5 607.5 355 578

0

100

200

300

400

500

600

700

800

USD

/to

n

Bunkers Cost (380 cst)

Rotterdam

Fujeirah

Houston

Average Trend

0

200

400

600

800

1000

1200

USD

/to

n

Bunkers Cost (MGO)

Rotterdam

Fujeirah

Houston

Average Trend



16

M A R K E T I N D I C A T O R S

GBP CAD EUR JPY CHF USD

AUD

GBP 1 0.5901 0.8845 0.0067 0.758 0.7463 0.5657

CAD 1.7198 1 1.5212 0.0113 1.3037 1.2837 0.973

EUR 1.1304 0.6658 1 0.0075 0.857 0.8437 0.6396

JPY 149.73 86.99 132.37 1 113.441 111.691 84.6619

CHF 1.3097 0.7668 1.1667 0.0088 1 0.9844 0.7461

USD 1.3398 0.7789 1.1851 0.0088 1.0156 1 0.758

AUD 1.7473 1.0275 1.5633 0.0114 1.3397 1.3191 1 * 29/11/2017 values

60

70

80

90

100

110

120

130

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

USD

-JP

Y

USD

-EU

R

Currencies USD-EUR

USD-JPY

0.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

160.00

$/B

arre

l

Brent Oil



17

S T O C K W A T C H

NAME TICKER THIS MONTH* LAST MONTH CHANGE % 52w HIGH 52w LOW

Capital Product Partners CPLP 3.17 3.40 -6.8 4.00 2.80

Diana Shipping Inc. DSX 3.95 3.98 -0.8 6.20 2.74

Dryships Inc. DRYS 4.12 4.42 -6.8 50176.10 0.98

Dynagas LNG Partners LP DLNG 13.31 13.07 1.8 17.93 12.21

Eagle Bulk Shipping Inc. EGLE 4.38 4.66 -6 7.61 4.22

Euroseas Ltd. ESEA 1.73 1.83 -5.5 2.97 1.13

Costamare Inc. CMRE 5.66 6.25 -9.4 8.18 5.07

Navios Maritime Holdings NM 1.34 1.83 -26.8 2.26 0.95

GasLog Ltd. GLOG 18.07 17.15 5.4 19.20 12.75 Safe Bulkers Inc. SB 3.04 3.36 -9.5 3.79 1.09

Star Bulk Carriers Corp. SBLK 9.81 10.46 -6.2 13.40 4.04

Stealthgas Inc. GASS 3.96 3.56 11.2 4.78 2.90

TEN Inc. TNP 4.14 4.43 -6.5 5.28 4.05

TOP Ships Inc. TOPS 0.45 0.50 -10 89108.40 0.32

Box Ships Inc. TEUFF 0.01 0.02 -31.8 1.00 0.00

Diana Containerships Inc. DCIX 7.44 0.35 2025.7 26920.24 1.56

Danaos Corporation DAC 1.50 1.55 -3.2 3.40 1.25

Aegean Marine Petroleum ANW 4.10 4.50 -8.9 13.10 3.20 * 29/11/2017 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,

ATHENIAN SHIPBROKERS S.A.


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