BANCOSTA Weekly Market Report...to 12.0 mln tonnes. Volumes from South Africa were down -16.0% y-o-y in 2019 to 3.3 mln tonnes. The vast majority of the iron ore imported by Japan

weeklymarketreport

Week 28/2020 (06 Jul – 12 Jul)

Comment: Japan’s iron ore imports

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Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

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2017 2018 2019 2020

Japan - Monthly Iron Ore Imports - Seasonality(jul 2020 ; source: refinitiv ; seaborne only ; all bulkers ; in mln tonnes)

38

9

32 2

1 12

34

6

32 2 1 0

1

30

53 3

21 1 1

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5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

Australia Brazil Canada Philippines S. Africa India Peru Others

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2018 (1-6) 2019 (1-6) 2020 (1-6)

Japan - Iron Ore Imports by Source in Jan-Jun (jul 2020 ; source: refinitiv ; seaborne only ; all bulkers ; in mln tonnes)

COMMENT MARKET REPORT – WEEK 48/2019 2COMMENT 2

JAPAN’S IRON ORE IMPORTS

MARKET REPORT – WEEK 28/2020

While Chinese production of steelcontinues to increase, a slump inJapan’s steel output led to asignificant decline in iron ore usageand therefore imports of iron oreinto the country.

Japan’s crude steel output isexpected to fall below 80 mlntonnes for the current financialyear to March 2021, according toJapan Iron and Steel Federation’snew chairman, Eiji Hashimoto, asquoted by Reuters.

Japan’s crude steel output for theyear to March 2020 was 98.43 mlntonnes, down -4.3% y-o-y.

In the first half of 2020, Japanimported just 44.4 mln tonnes ofiron ore, according to vesseltracking data from Refinitiv.

This represents a net decline of-11.0% y-o-y, compared to the 49.9mln tonnes imported in the sameperiod of 2019, and is also down-21.5% from the 56.5 mln tonnesimported in January-June 2018.

On a single-month basis, January2020 showed a -12.4% year-on-year decline to 7.9 mln tonnes,whilst February showed a +6.8%increase y-o-y to 8.3 mln tonnes,and March recorded a -4.3 y-o-ydecline to 8.0 mln tonnes.

April was +15.8% y-o-y to 8.3 mlntonnes, but May showed acontraction of -24.5% y-o-y to 6.8mln tonnes. In June 2020 we sawarrivals as low as 5.2 mln tonnes.This was -40.7% less than the 8.7mln t imported during June 2019.

Iron ore imports to Japan arepredominantly from Australia,which also this year accounts for67.3% of Japan’s total.

Shipments from Australia to Japanhave been down by -12.7% y-o-y in1H 2020, to 29.9 mln t, from 34.3mln t in the same period last year.

Moreover, volumes from Brazil toJapan, decreased sharply by -25.5%y-o-y to 4.7 mln tonnes, from 6.4mln tonnes in 1H 2019.

Brazil accounts for 11% of Japan’stotal iron ore imports this year.

Imports from Canada, on the otherhand, increased by +6.3% year-on-year to 3.3 mln tonnes.

Also, Japan boosted imports fromthe Philippines, which went up by+58.5% y-o-y to 2.5 mln tonnes inthe first half of 2020.

Volumes from South Africa wereflat at 1.7 mln tonnes, +0.7% y-o-y.

Looking back at last year, Japan’stotal imports were only 99.6 mln

tonnes in the 12 months of 2019.

This represented a decline of -9.0%y-o-y, compared to the 109.5 mlntonnes imported in 2018, and-13.3% from 114.9 mln t in 2017.

During the whole of 2019, importsfrom Australia to Japan declined by-7.0% y-o-y to 68.0 mln tonnes.

Imports from Brazil declined by-29.5% y-o-y in the whole of 2019to 12.0 mln tonnes.

Volumes from South Africa weredown -16.0% y-o-y in 2019 to 3.3mln tonnes.

The vast majority of the iron oreimported by Japan in 2019 (74.7mln tonnes out of 99.6 mln tonnes)was shipped on Capesizes orVLOCs.

A further 13.5 mln tonnes wasshipped on Post-Panamaxes orBaby-Capes, and just 9.6 mlntonnes on Kamsarmaxes orStandard Panamaxes.

Major iron ore ports in Japan byvolumes are Oita (17.4 mln tonnesdischarged in 2019), Kisarazu (13.5mln t), Fukuyama (11.1 mln t),Kashima (10.9 mln t), Mizushima(10.2 mln t), Kakogawa (10.0 mlnt), Kawasaki (8.9 mln t), and Chiba(5.8 mln t).

0

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8,000

12,000

16,000

20,000

10/7/19 10/11/19 10/3/20 10/7/20

BPI 82 TC and Kamsarmax 1-YR Period (usd/day)

1-YR TC BPI TC

Unit 10-Jul 03-Jul W-o-W Y-o-Y

BPI 74 TC Avg. usd/day 12,950 10,504 +23.3% -13.8%

BPI 82 TC Avg. usd/day 14,286 11,840 +20.7% -12.2%

P1_82 Transatlantic r/v usd/day 17,150 13,510 +26.9% -16.3%

P2_82 Skaw-Gib Trip F. East usd/day 24,844 20,068 +23.8% -8.0%

P3_82 Pacific r/v usd/day 12,065 9,648 +25.1% -10.0%

1 Yr TC Period Panamax usd/day 11,000 11,000 +0.0% -10.2%

1 Yr TC Period Kamsarmax usd/day 13,000 13,000 +0.0% -7.1%

0

7,000

14,000

21,000

28,000

35,000

42,000

10/7/19 10/11/19 10/3/20 10/7/20

BCI TC and Capesize 1-YR Period (usd/day)

1-YR TC BCI TC


BCI TC Avg. usd/day 27,644 32,682 -15.4% +3.5%

C8 Transatlantic r/v usd/day 32,400 36,225 -10.6% +11.5%

C14 China-Brazil r/v usd/day 22,105 25,468 -13.2% -8.7%

C10 Pacific r/v usd/day 25,525 33,529 -23.9% +7.6%

1 Year TC Period usd/day 15,000 16,000 -6.3% -16.7%

The Capesize market went downquite a lot during the week with5TC average that lost more than$6,000/d and reached $27,600/dlevel.Tubarao-Qingdao route was almostin free fall: it showed the biggestdrop between Monday andTuesday losing $0.80/mt then itprogressively went down andclosed the week at $19/mt forearly August laycan. Brazilian RVdecreased too losing more than

$3,000/d and closing on Friday at$22,000/d. Saldanha Bay-Qingdaoroute followed the same pathgoing from $16/mt to $15/mt fromFriday to Friday.The same happened on WAustralia-Qingdao route: ratesdecreased losing $0.40/mt at thebeginning of the week and afterthat they kept decreasing day byday closing on Friday at $8.94/mtfor second half July dates.The Pacific basin was under

pressure as well: rates lost$8,000/d closing at mid $20,000/d.The Atlantic basin seemed a bit lessaffected and quite stable at thebeginning of the week: rates onFronthaul started going down afterlosing $7,000/d and then closedthe week at $48,000/d.TransAtlantic followed the samepath going from $36,500/d to$32,500/d.Not much activity reported onperiod.

CHARTERING 3

DRY CARGOCAPESIZE MARKET

PANAMAX MARKETThe market started off fairly strongat the beginning of the week, whileusually there are watchful anduneventful sentiments on Monday:a continued push from ECSAm andan underlying demand from BSeacombined with a tight position listin N Atlantic pushed rates up.The lack of available tonnage in NAtlantic led to continued gainsboth on TransAtlantic and onFronthaul rates, both benefittingsignificant increases.Some charterers looked at tonnageopen in India to cover BSea

demand: this highlighted thestrong demand and many fixturesfor a Fronthaul trip.The Atlantic basin was the maindriver: rates increased of around$4,000/d overall in the Atlantic andowners were encouraged toconsider Fronthaul direction losingtheir advantageous position forTransAtlantic trips paying ratesakin to $17,000/d. A Panamax wasrumoured at $22,600/d for a timecharter trip from France withredely China and anotherKamsarmax was fixed at high

$15,000/d for a TA RV basis delydop BSea.Shorter Baltic RV trips wererumoured at $20,000/d and morewhile it was recorded a strongdemand from BSea: charterers inonce case picked up tonnage withdely WCI at the same rate.In the Pacific basin, crewregulations enforced in Australia bythe Australian Maritime SafetyAuthorities contributed topremium numbers due to few unitsin compliance with theseregulations.


The market was strong in Contboth for Handysize and forSupramax units: rates showed animprovement as per other areas inthe Atlantic even if the activity andfixtures were not widely reported.In the Handysize segment, a nice35,000 dwt was fixed at$9/10,000/d basis dely Cont withscrap cargo to E Med.On bigger units, there wererumours that an Europeanoperator was ready to pay$16,000/d a nice 61,000 dwt open

in Cont for one time charter tripwith scrap cargo and redely E Medshowing an improvement fromprevious weeks.Stronger numbers were reportedin Med due to an improvement ingrain movements, anyway notmany fixtures were recorded in thearea.Among the most noticeablefixtures of the week, a 63,000 dwtbasis dely Canakkale was fixed at$16,750/d to F East and another63,000 dwt was rumoured at

$19,000/d basis dely Iskenderunfor a Fronthaul biz.Fronthauls on the Handysize unitswere rumoured in the$11/12,000/d depending on typeof cargo. For trips back toUSG/USEC rates remained around$4/5,000/d as per previous week.

Rates in the Supramax andUltramax segments increased fromprevious week showing a positivesentiment: Supramax units startedseeing values in the $15,000/d onTransAtlantic RV and Ultramax inthe $19,000/d.On Fronthaul, rates on Supramaxwere close to $20,000/d while onUltramax were in the mid$25,000/d.A positive attitude was recorded inthe Handysize segment too: rateson 32/35,000 dwt units werearound $9,000/d while larger

36/39,000 dwt were in the$11/12,000/d on TransAtlantic RV.The market in S America was stillstrong on all sizes. Rates on trips toF East had a good improvement,probably due to a slow market inthe area.Handysize units were fixed in the$11/12,000/d (if not more) basisdely aps ECSAm respectively fortrips to ContMed range and in the$15,500/16,000/d for trips to FEast. Rates on Brazilian coastaltrips were around $10,000/d.Supramax units were fixed in the

$14,000/d for trips to Cont, in the$14,500/d for trips to Med andaround $14/14,250/d +400/425,000 bb for Fronthaul.Ultramax units asked $15,250/d +525,000 bb or more while they getfixed around $15,000/d + 500,000bb for trips to F East. Rates on tripsto Skaw/Passero range wererumoured at $15/15,500/ddepending on destinations.

CHARTERING 4

SUPRAMAX & HANDYSIZE MARKET

US ATLANTIC SOUTH AMERICA

N EUROPE MEDITERRANEAN

INDIA S AFRICA

Similar trend of previous week:55/56,000 dwt Supramax unitswere rumoured at $14,000/d toECI direction with limestones. AUltramax was rumoured around$15,000/d level for trips viaPakistan to Chittagong while a56,000 dwt was fixed at $14,000/dfrom WCI with redely Spore/Japan

range.The market in ECI slipped further:55/56,000 dwt units were fixedaround $10,000/d at the beginningof the week and around $9,000/dtowards end of week with iron orecargoes to China. Rates from SAfrwere generally around$11,500/11,750/d + 150/175,000

bb with coal cargoes toPakistan/WCI. Ultramax units forsimilar trips were fixed around$12,500/d + 250,000 bb. Early inthe week a 55,000 dwt wasrumoured at $7,000/d basis delySpore for a trip via S E Afr to F East.


0

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10/7/19 10/11/19 10/3/20 10/7/20

BHSI 28 TC and Handysize 1-YR Period (usd/day)

1-YR TC BHSI TC

0

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10/7/19 10/11/19 10/3/20 10/7/20

BSI TC and Supramax 1-YR Period (usd/day)

1-YR TC BSI TC

HANDYSIZE Unit 10-Jul 03-Jul W-o-W Y-o-Y

BHSI_28 TC Avg. usd/day 5,857 5,458 +7.3% -14.7%

BHSI_38 TC Avg. usd/day 7,823 7,424 +5.4% -14.4%

HS2_38 Skaw/Pass-US usd/day 5,507 5,329 +3.3% -24.5%

HS3_38 ECSAm-Skaw/Pass usd/day 11,506 10,456 +10.0% -23.4%

HS4_38 USG-Skaw/Pass usd/day 9,244 7,575 +22.0% -33.7%

HS5_38 SE Asia-Spore/Japan usd/day 8,515 8,488 +0.3% +10.5%

HS6_38 Pacific RV usd/day 7,460 7,459 +0.0% +2.1%

1 Year TC Period 32,000 dwt usd/day 7,750 6,500 +19.2% -11.4%

1 Year TC Period 38,000 dwt usd/day 8,250 7,750 +6.5% n.a.

SUPRAMAX Unit 10-Jul 03-Jul W-o-W Y-o-Y

BSI TC Avg. usd/day 9,184 7,716 +19.0% -7.2%

S4A_58 USG-Skaw/Pass usd/day 17,828 12,434 +43.4% +4.9%

S1C_58 USG-China/S Jpn usd/day 22,572 17,772 +27.0% -1.2%

S9_58 WAF-ECSA-Med usd/day 8,961 7,086 +26.5% -11.3%

S1B_58 Canakkale-FEast usd/day 20,300 15,482 +31.1% -2.0%

S2_58 N China Aus/Pac RV usd/day 7,800 7,129 +9.4% -1.5%

S10_58 S China-Indo RV usd/day 6,917 7,011 -1.3% -11.1%

1 Year TC Period Supramax usd/day 9,000 9,000 +0.0% -16.3%

1 Year TC Period Ultramax usd/day 11,000 11,000 +0.0% -6.4%

CHARTERING 5

SUPRAMAX & HANDYSIZE MARKET

FAR EAST PACIFIC

Even if activity seemed to haverecovered in the area, ratesremained more or less stablecompared to previous week bothon Supramax/Ultramax units andon Handysize.A Ultramax with dely N China wasfixed for a trip via Australia toSpore/Japan range at $9,500/d, a55,000 dwt with dely Spore took

$8,500/d for a trip via SAfr to Chinaand a 61,000 dwt with dely S Koreawas reported to be done at$9,900/d for a trip via NoPac toJapan.Regarding W direction, a 55,000dwt with dely Spore was fixed at$7,250/d for a trip via Indonesia toECI and a similar size unit with delymid China was rumoured to be

done around $3,000/d for a trip viaIndonesia to WCI.No fixtures were reported in theHandysize segment.


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Jul-19 Jul-20 Jul-21 Jul-22 Jul-23

Handysize Forward Curve (usd/day)

0

4,000

8,000

12,000

16,000


Supramax Forward Curve (usd/day)

0

5,000

10,000

15,000

20,000


Panamax Forward Curve (usd/day)

0

9,000

18,000

27,000

36,000

45,000


Capesize Forward Curve (usd/day)

CAPESIZE Unit 10-Jul 03-Jul W-o-WPremium/

Discount

Jul (20) usd/day 26,903 29,819 -9.8% -2.7%

Aug (20) usd/day 21,916 24,125 -9.2% -20.7%

Sep (20) usd/day 18,775 20,488 -8.4% -32.1%

Q3 (20) usd/day 22,531 24,810 -9.2% -18.5%

Q4 (20) usd/day 17,425 18,625 -6.4% -37.0%

Q1 (21) usd/day 8,681 9,169 -5.3% -68.6%

Q2 (21) usd/day 12,450 13,150 -5.3% -55.0%

Cal 21 usd/day 13,328 13,917 -4.2% -51.8%

Cal 22 usd/day 13,294 13,728 -3.2% -51.9%

Jul (20) usd/day 14,542 13,930 +4.4% +1.8%

Aug (20) usd/day 14,545 13,914 +4.5% +1.8%

Sep (20) usd/day 14,252 13,752 +3.6% -0.2%

Q3 (20) usd/day 14,447 13,865 +4.2% +1.1%

Q4 (20) usd/day 13,080 12,799 +2.2% -8.4%

Q1 (21) usd/day 10,324 10,089 +2.3% -27.7%

Q2 (21) usd/day 11,627 11,524 +0.9% -18.6%

Cal 21 usd/day 11,375 11,235 +1.2% -20.4%

Cal 22 usd/day 10,570 10,624 -0.5% -26.0%

Jul (20) usd/day 9,489 8,818 +7.6% +3.3%

Aug (20) usd/day 10,904 10,307 +5.8% +18.7%

Sep (20) usd/day 10,879 10,404 +4.6% +18.5%

Q3 (20) usd/day 10,424 9,843 +5.9% +13.5%

Q4 (20) usd/day 9,961 9,775 +1.9% +8.5%

Q1 (21) usd/day 7,893 7,943 -0.6% -14.1%

Q2 (21) usd/day 9,343 9,239 +1.1% +1.7%

Cal 21 usd/day 9,339 9,314 +0.3% +1.7%

Cal 22 usd/day 9,150 9,107 +0.5% -0.4%

Jul (20) usd/day 7,610 7,566 +0.6% -2.7%

Aug (20) usd/day 8,147 7,966 +2.3% +4.1%

Sep (20) usd/day 8,404 8,304 +1.2% +7.4%

Q3 (20) usd/day 8,054 7,945 +1.4% +3.0%

Q4 (20) usd/day 8,641 8,629 +0.1% +10.5%

Q1 (21) usd/day 7,604 7,579 +0.3% -2.8%

Q2 (21) usd/day 8,779 8,729 +0.6% +12.2%

Cal 21 usd/day 8,660 8,635 +0.3% +10.7%

Cal 22 usd/day 8,560 8,547 +0.2% +9.4%

HANDYSIZE (38k)

SUPRAMAX (58k)

PANAMAX (82k)

CHARTERING 6

DRY BULK FFAS (Baltic Forward Assessments)


10,000

25,000

40,000

55,000

70,000

85,000

Jul-19 Oct-19 Jan-20 Apr-20 Jul-20

1 YR TC Period (usd/day)

VLCC Suezmax Aframax

0

20,000

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60,000

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10/7/19 10/11/19 10/3/20 10/7/20

TD19 Aframax Med-Med (usd/day)

0

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50,000

75,000

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10/7/19 10/11/19 10/3/20 10/7/20

TD6 Suexmax BSea-Med (usd/day)

0

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10/7/19 10/11/19 10/3/20 10/7/20

TD3C VLCC MEG-Far East (usd/day)VLCC Unit 10-Jul 03-Jul W-o-W Y-o-Y

TD1 MEG-USG ws 25.23 22.00 +14.7% +29.4%

TD1 MEG-USG usd/day 10,394 5,890 +76.5% +189%

TD2 MEG-Spore ws 47.60 36.45 +30.6% +1.3%

TD3C MEG-China ws 46.35 35.65 +30.0% +0.2%

TD3C MEG-China usd/day 32,969 20,076 +64.2% +114.8%

TD15 WAF-China ws 47.11 36.78 +28.1% +0.5%

Avg. VLCC TCE usd/day 21,682 12,983 +67.0% +1091.3%

1 Year TC Period usd/day 37,000 40,000 -7.5% +5.7%

SUEZMAX TD6 BSea-Med ws 54.56 52.33 +4.3% -27.5%

TD6 BSea-Med usd/day 5,717 4,209 +35.8% -40.3%

TD20 WAF-Cont ws 51.09 52.81 -3.3% -11.1%

MEG-EAST ws 47.50 47.50 +0.0% -32.1%

TD23 MEG-Med ws 21.57 19.00 +13.5% -37.8%

Avg. Suezmax TCE usd/day 10,312 10,090 +2.2% +20.4%

1 Year TC Period usd/day 24,000 24,000 +0.0% -2.0%

AFRAMAX TD7 NSea-Cont ws 72.50 72.19 +0.4% -17.7%

TD7 NSea-Cont usd/day -14 134 -110.4% -100.4%

TD17 Baltic-UKC ws 41.88 41.88 +0.0% -34.2%

TD17 Baltic-UKC usd/day -929 -894 -3.9% -118.1%

TD19 Med-Med ws 66.25 57.19 +15.8% -25.1%

TD19 Med-Med usd/day 4,897 684 +615.9% -31.7%

TD8 Kuwait-China ws 62.50 58.89 +6.1% -43.9%

TD8 Kuwait-China usd/day 6,039 4,789 +26.1% -43.4%

TD9 Caribs-USG ws 68.75 66.25 +3.8% +0.9%

TD9 Caribs-USG usd/day 4,961 4,006 +23.8% +317.7%

Avg. Aframax TCE usd/day 3,341 2,215 +50.8% -42.4%

1 Year TC Period usd/day 21,000 21,000 +0.0% -4.5%

CRUDE OIL TANKER MARKET

CHARTERING 7

TANKER

Busy week in the VLCC segment:rates gained about WS10 pointsboth for MEG-East and for WAfr-East.In the Suezmax segment ownersmanaged to keep rates stablearound levels similar to previousweek. 130,000 mt cargoes fromWAfr to Europe were rumoured atWS50/55, 145,000 mt cargoesfrom USG/EC Mexico to Europe

were fixed at WS50 and 135,000mt cargoes from WC Norway toMed at WS55 level too.A deal from WC Norway to Chinawas rumoured at $3.3 mln, as areplacement for $2.9 mln. In theEast, 140,000 mt cargoes fromBasrah to Med were rumouredagain slightly above WS20.In the Aframax segment themarket was steady in NW Europe,

in the Americas and in the East.Firmer week in Med instead: rateson CrossMed went up to [email protected] lifted force majeure in allports but just one vessel loaded atEs Sider so far: it seemed thatexports will restart slowly after thelong blockade and more crude isexpected to flow in August.



Northbound days 1.0 1.0 +0.0% -60.0%

Southbound days 1.0 1.0 +0.0% -66.7%


TC1 MEG-Japan ( 7 5 k ) ws 65.00 71.88 -9.6% -20.0%

TC1 MEG-Japan ( 7 5 k ) usd/day 9,137 11,677 -21.8% +70.2%

TC8 MEG-UKC ( 6 5 k ) usd/mt 19.12 20.92 -8.6% -23.9%

TC5 MEG-Japan ( 5 5 k ) ws 58.75 73.61 -20.2% -36.7%

TC5 MEG-Japan ( 5 5 k ) usd/day 4,463 8,361 -46.6% -22.2%

TC2 Cont-USAC ( 3 7 k ) ws 70.00 80.00 -12.5% -46.2%

TC2 Cont-USAC ( 3 7 k ) usd/day 3,180 5,043 -36.9% -66.7%

TC14 USG-Cont ( 3 8 k ) ws 89.64 78.57 +14.1% +22.4%

TC14 USG-Cont ( 3 8 k ) usd/day 7,436 5,524 +34.6% +18690.0%

TC9 Baltic-UKC ( 2 2 k ) ws 90.36 95.00 -4.9% -30.5%

TC6 Med-Med ( 3 0 k ) ws 83.13 91.25 -8.9% -50.7%

TC7 Spore-ECAu ( 3 0 k ) ws 93.00 100.00 -7.0% -41.5%

TC7 Spore-ECAu ( 3 0 k ) usd/day 6,401 7,612 -15.9% -42.7%

TC11 SK-Spore ( 4 0 k ) usd/day 1,099 1,885 -41.7% -84.0%

MR Pacific Basket usd/day 2,949 3,796 -22.3% -67.4%

MR Atlantic Basket usd/day 12,030 11,517 +4.5% +14.3%

LR2 1 Year TC Period usd/day 19,000 19,000 +0.0% -9.5%

MR2 1 Year TC Period usd/day 14,000 14,000 +0.0% -6.7%

TD12 Cont-USG ( 5 5 k ) ws 56.93 56.00 +1.7% -38.9%

TD18 Baltic-UKC ( 3 0 K) ws 124.00 129.50 -4.2% -8.4%

BSea-Med ( 3 0 k ) ws 135.0 118.8 +13.7% -1.8%

Med-Med ( 3 0 k ) ws 125.0 108.8 +14.9% +0.0%

DELAYS AT TURKISH STRAITS (for daylight restricted vessels)

CHARTERING 8

PRODUCT TANKER MARKETSikka-Japan route [email protected], but the sentiment is thatit will soon reach WS70.Worse scenario on bigger units:55,000 Nap on MEG-Japan was atWS57.5, while 65,000 Jet on thesame route went down to $1.25mln. The LR2 segment was stillunder pressure with 75,000 Nap onMEG-Japan at WS65. Another weakweek in terms of cargoes availablein Med-UKC with a long positionlist. Rates on Handies went downto 30@80 on CrossMed, with usualplus 10 points from BSea. There

was a similar trend for Handies inUKC: rates on CrossUKC [email protected] and 30@90 from Baltic.The MR segment followed thesame trend of smaller units onCrossMed: rates on TA were [email protected] from Med, plus 10 pointsif discharge WAfr. The MR positionlist in UKC was still very long:charterers had the chance to pushrates down again. Rates on Cont-USAC were at 37@70 and [email protected] if WAfr discharge.Busy week in Med for dirty Handieswhich made the position list

shorter and pushed rates onCrossMed up to 30@125 and up to30@135 from BSea. Not many45,000 mt cargoes were reported,so MR units kept fixing also 35,000mt cargoes: rates remained stableat 45@100/105 on CrossMed. Notvery active week in Cont instead:rates on Handies lost few pointsdown to WS125 basis 30,000 mtcargoes and down to WS90/95basis 45,000 mt cargoes. Quietweek in the Panamax segment:rates on TA from UKC were stableat WS55 for 55,000 mt cargoes.

0

30,000

60,000

90,000

120,000

150,000

180,000

10/7/19 10/11/19 10/3/20 10/7/20

TC1 LR2 MEG-Japan (usd/day)

0

20,000

40,000

60,000

80,000

100,000

10/7/19 10/11/19 10/3/20 10/7/20

MR Atlantic Basket (usd/day)

0

20,000

40,000

60,000

80,000

10/7/19 10/11/19 10/3/20 10/7/20

MR Pacific Basket (usd/day)

10,000

15,000

20,000

25,000

30,000

35,000

40,000

Jul-19 Oct-19 Jan-20 Apr-20 Jul-20

1 YR TC Period (usd/day)

LR2 MR2



Comprehensive Index index 1,034 1,055 -2.0% +26.4%

Services:

Shanghai - North Europe usd/teu 920 907 +1.4% +36.1%

Shanghai - Mediterranean usd/teu 951 970 -2.0% +36.4%

Shanghai - WC USA usd/feu 2,783 2,920 -4.7% +67.8%

Shanghai - EC USA usd/feu 3,297 3,459 -4.7% +19.3%

Shanghai - Dubai usd/teu 638 595 +7.2% -17.5%

Shanghai - Santos usd/teu 541 615 -12.0% -75.2%

Shanghai - Singapore usd/teu 151 151 +0.0% +15.3%


ConTex index 315 311 +1.3% -21.6%

4250 teu (1Y, g’less) usd/day 8,028 7,771 +3.3% -20.5%



2500 teu (1Y, geared) usd/day 7,212 7,075 +1.9% -18.6%

1700 teu (1Y, geared) usd/day 6,377 6,421 -0.7% -24.0%

1100 teu (1Y, geared) usd/day 5,555 5,532 +0.4% -13.9%

FIXTURES

The Contex kept showing anupward trend for the BabyPanamax segment that improvedby 3.3%, while for the majority ofother segments the index moved

either sideways or slightlydownward.In terms of fixing activity, Asia-MEGroute was more active compared toMed and Caribbs areas.

CHARTERING 9

CONTAINERS

VHSS CONTAINERSHIP TIMECHARTER(source: Hamburg Shipbrokers’ Association)

CONTAINERIZED FREIGHT INDEX(source: Shanghai Shipping Exchange)

Vessel Name Built TEUs TEU@14 Gear Fixture Period Rates

Memphis 2008 5060 3300 no fixed to Feedertech 40/45 days $7,950/d

Navios Azure 2007 4241 2801 no fixed to Msc 3/6 m $8,000/d

Trf Pescara 2010 3534 2353 no fixed to Cma Cgm 3/12 m $6,700/d

Cape Mayor 2007 2741 2115 no extended to Evergreen 2/4 m $7,300/d

Nordmass 2019 1774 1395 no extended to Maersk 2/6 m $8,500/d

As Fabrizia 2008 1296 957 yes fixed to Seaboard 14/21 days $6,300/d

6,000

8,000

10,000

12,000

14,000

16,000

9/7/19 9/11/19 9/3/20 9/7/20

Gearless - 1 YR TC Period (usd/day)

4250 3500 2700

5,000

7,000

9,000

11,000

13,000

9/7/19 9/11/19 9/3/20 9/7/20

Geared - 1 YR TC Period (usd/day)

2500 1700 1100

700

800

900

1,000

1,100

10/7/19 10/11/19 10/3/20 10/7/20

Shanghai Container Freight Index


10-Jul 03-Jul W-o-W Y-o-Y

USD/Euro 1.13 1.12 +0.5% -0.1%

Yen/USD 106.93 107.51 -0.5% -1.4%

SK Won/USD 1,204 1,199 +0.5% +2.6%

Ch Yuan/USD 7.00 7.07 -0.9% +1.9%

3 yrs 5 yrs 7 yrs 10 yrs 15 yrs 20 yrs

USD 0.25 0.35 0.48 0.64 0.78 0.86

Euro -0.37 -0.36 -0.30 -0.18 -0.02 0.05

Libor USD Libor Euro Euribor Euro

6 Months 0.35 -0.36 -0.33

12 Months 0.48 -0.28 -0.28

Unit 01-Jul-20 M-o-M Y-o-Y

Capesize usd mln 47.2 -0.4% -3.3%

Kamsarmax usd mln 26.1 -0.6% -5.8%

Ultramax usd mln 24.5 -0.9% -6.0%

VLCC usd mln 82.8 -0.4% -1.3%

LR2 Coated usd mln 45.0 -0.3% -2.2%

MR2 Coated usd mln 32.4 -0.9% -3.0%

Not much activity to report duringthe week in the newbuildingmarket.In South Korea local ownerNamsung Shipping ordered 2 xFeeders 1,011 teu at Dae SunShipyard. Vessels to be deliveredend 2021 and 1st quarter of 2022.In China, Chengxi received an order

for a single 25,000 dwt Self-discharger unit from CSL Group.Vessel to be delivered end of 2021and the price reported was around$58.5 mln.

NEWBUILDING REPORTED ORDERS

Type Size Built Yard Buyers Price Comment

Teu 1,011 2021/2022 Dae Sun Shipyard Namsung Shipping n.a. 2 feeder units

Bulk 25,000 2021 Chengxi CSL Group 58.5 Self discharger unit

SALE & PURCHASE 10

NEWBUILDINGS / FINANCE

INTEREST RATES

INTEREST RATE SWAPS

EXCHANGE RATES

INDICATIVE NEWBUILDING PRICES (CHINA)

20

25

30

35

40

45

50

Jul-18 Jan-19 Jul-19 Jan-20 Jul-20

Newbuilding Prices (usd mln)

Capesize Ultramax MR2

1.05

1.10

1.15

1.20

1.25

10/7/19 10/11/19 10/3/20 10/7/20

USD/Euro Exchange

100

105

110

115

120

10/7/19 10/11/19 10/3/20 10/7/20

Yen/USD Exchange


CAPE LEONIDAS 180,000 dwt builtin 2010 at Daehan went to Greekbuyers for low $18 mln. In thePanamax segment the LORETO76,000 dwt built in 2004 at Sasebo(SS due in 2024 and BWTS fitted)was sold to Greek Buyers for agood price of $8 mln. The most ofthe activity was recorded in theSupramax segment with severalsales and ships under negos still attime of writing. The OHBS designNIKKEI VERDE 52,000 dwt built in2011 at Oshima was sold toChinese buyers for $11.5 mln; thesister 2005 built Tess 52 designFLORINDA I and SABRINA I 52,000dwt were rumoured sold to

undisclosed for region $5.5 mln.Still under negotiation the MIMISELMER 56,000 dwt built in 2005 atMitsui (SS due in 2020) which sawlevels region $7 mln, the BULKPARAISO 53,000 dwt built in 2007at Iwagi (DD passed and BWTSfitted) which close to be committedin region high $7 to $8 mln andSUN LUCIA dolphin 57 design builtin 2012 Tier II which got offersaround $9 mln. In the Kamsarmaksector presently under negos theWISE YOUNG 82,000 dwt built in2011 at Daewoo which receivedbest offer at $13 mln: sellerstargeting a level in the $14 mln. Inthe tanker segment the interesting

sales were 2 x VLCC units sold: theHRA 320,000 dwt built in 2011 atDSME was sold to Eurotankers for$48 mln (understand the Sellersordered the scrubber which thoughwe not sure part of the deal andincluded in the price) and the SeaCoral 298,000 dwt built in 1996 atDSME went to Russians for $18mln. In the product tankersegment, the EAGLE MELBOURNE50,000 dwt built in 2011 atOnomichi was reported sold toundisclosed for region $15.5 mln.

SECONDHAND REPORTED SALES


Dry Bulk usd/ldt 291.9 288.6 +1.1% -28.4%

Tanker usd/ldt 294.8 291.9 +1.0% -29.0%


Capesize usd mln 31.2 30.9 +0.8% -11.7%

Kamsarmax usd mln 20.7 20.6 +0.3% -11.4%

Supramax usd mln 15.2 15.1 +0.4% -12.7%

VLCC usd mln 71.9 72.1 -0.2% +4.1%

Suezmax usd mln 49.7 49.8 -0.3% n.a.

Aframax usd mln 39.3 39.5 -0.3% +10.6%

MR Product usd mln 28.6 28.6 -0.1% +1.1%

BALTIC SECONDHAND ASSESSMENTS

SHIP RECYCLING ASSESSMENT

From June 2019, the Panamax BSPA benchmark changed into a Kamsarmax (82,500mtdwt on 14.43m, LOA 229m, beam 32.25m, 97,000cbm grain) and the benchmark BSPAAframax specifications was amended to 115,000mt dwt and 44m beam

SALE & PURCHASE 11

SECONDHAND / DEMOLITION

20

25

30

35

40

45

10/7/19 10/11/19 10/3/20 10/7/20

Secondhand Values (usd mln)

Kamsarmax Aframax MR

250

300

350

400

450

10/7/19 10/11/19 10/3/20 10/7/20

Demolition Assessment (usd/ldt)

Dry Bulk Tanker


TYPE VESSEL NAME DWT BLT YARD BUYERS PRICE NOTE

Bulk Cape Leonidas 180,000 2010 Daehan Greek buyers 18.25-18.5 SS/DD 12/2020

Bulk Loreto 76,000 2004 Sasebo Greek buyers 8 DD 1/2023, SS 11/2024 - BWTS fi tted

Bulk Florinda I 52,000 2005 Tsuneishi Cebu 5.5 en bloc, SS/DD 2/2020

Bulk Sabrina I 52,000 2005 Tsuneishi Cebu 5.5 en bloc, SS/DD 1/2020

Bulk Goldeneye 52,000 2002 Tsuneishi undisclosed buyers 4.9 SS/DD 8/2020

Bulk Nikkei Verde 51,000 2011 Oshima Chinese buyers 10.5 SS/DD 11/2021

Bulk Pegasus Ocean 34,000 2015 Hakodate undisclosed buyers 13.7Logs-fi tted + BWTS fi tted, ss/dd

10/2020

Crude Hra 320,000 2011 Dsme Eurotankers 48 SS/DD 12/2021

Prod Eagle Melbourne 50,000 2011 Onomichi undisclosed buyers 15.5 SS/DD 4/2021

Prod Navig8 Amessi 37,000 2015 Hyundai Mipo Naviga8 Chem Tankers 26.5

undisclosed buyers

EU cuts maize import tariff to zeroafter price riseThe European Union has reduced itsimport duty for maize (corn) to zerofrom 4.65 euros ($5.22) per tonnepreviously, the bloc announced in itsofficial journal. The zero tariff,effective as of Friday, will also apply torye and sorghum imports. The EU hadre-introduced an import duty on April27 after a slump in U.S. prices to a 10-year low, which meant import pricesfell below the EU's regulatory floorprice. The bloc then raised the tarifffurther on May 5, to 10.40 euros froman initial rate of 5.27 euros, beforereducing it to 4.65 euros on June 23.

Russia's wheat exports may fall inJuly before rising in autumnRussian wheat exports will fall in Julyafter a slow start to the harvest butwill rise in later months when therewill not be export quotas, IKAR andSovEcon agriculture consultanciessaid. The world's largest wheatexporter began harvesting wheat latethis year. Yields have been lower sofar but are expected to climb. Russianwheat exports might benefit from Julyto December due to a lower EU andUkraine crop, SovEcon's Andrey Sizovsaid. The arrival of the Australian cropand possible Russian AgricultureMinistry quotas from January couldmake Russian wheat less competitivein the first half of 2021, he said.Russia's grain exports will not besubjected to quotas from July toDecember, the Agriculture Ministryhas said, but it could impose limitsfrom January to June after reviewingthe amount of wheat left for domesticconsumption in the autumn.

Japan July-Sept crude steel outputforecast to fallJapan's crude steel output is forecastto fall 27.9% in the July-Septemberquarter from a year earlier to 17.70million tonnes, the Ministry ofEconomy, Trade and Industry said.Demand for steel products, includingthose for exports, is forecast to drop24.3% to 17.28 million tonnes in July-

September compared with a yearearlier, the ministry said, citing anindustry survey. Exports are forecastto decline 28.6%, the ministry said.

Dry Argentine weather putsdownward pressure on wheatplantingDryness in Argentina is complicatingthis season's wheat sowing, with theRosario grains exchange cutting its2020/21 crop estimate while theBuenos Aires exchange warned that itmay reduce its 6.5 million hectareplanting estimate. persistently dryweather takes its toll on the Pampasgrains belt. "Given the lack of rainsand forecasts for them in the shortterm, areas lacking water couldcontinue to cut back on planting plansdue to the impossibility of sowingwhat's left," the Buenos Airesexchange said in the weekly cropreport. It added that 86.8% of theplanned area for wheat had beensown so far.

EU soft wheat exports total 34.6mln T in 2019/20, up 68%Soft wheat exports from the EuropeanUnion in the 2019/20 season thatended on June 30 totalled 34.60million tonnes, a rise of 68%compared with 2018/19, official EUdata showed. EU 2019/20 barleyexports reached 7.54 million tonnes,up 63% from 2018/19, while EU2019/20 maize imports stood at 19.52million tonnes, down 19%. TheEuropean Commission has continuedto include Britain in its 2019/20 grainexport and import data followingBritain's exit from the bloc at the endof January.

France's 2019/20 wheat exportshit record high after strong JuneFrench soft wheat shipments outsidethe EU finished the season at a four-year high in June, helping overall2019/20 exports to reach a recordlevel, Refinitiv showed. Soft wheatexports to destinations outside theEuropean Union totalled 1.17 milliontonnes last month, an initial estimate

based on Refinitiv data showed. Thatwas the highest for June since2015/16, although it was well belowlevels seen in previous months thisseason. Last month's exports took theamount of soft wheat shipped to non-EU destinations in the 2019/20 July-June season to 13.42 million tonnes,the highest annual volume seen inRefinitiv data going back to 2009/10.The estimated total for the season isclose to farming agencyFranceAgriMer's forecast for 2019/20French exports of 13.45 milliontonnes, also a record level accordingto the agency's data.

China approves more scrap metalimport quotas as new system slipsChina has approved its largest scrapmetal import quotas since April, agovernment notice showed, afterfailing to clarify its new system forbringing in high-quality scrap materialby the scheduled date. The allowancespublished by the China Solid Wasteand Chemicals Management Centerwill ease fears over a shortage ofsupply after implementation of thenew system was delayed. China, theworld's top metals consumer, hasbeen restricting scrap shipments aspart of a crackdown on foreign waste.It aims to reduce imports of solidwaste to zero by the end of this yearbut high-quality copper andaluminium scrap meeting newstandards, effective July 1, are notsubject to the ban.

Australia ships record volume ofiron ore to China in JuneAustralia's shipments of iron ore toChina from the world's top export hubof Port Hedland climbed to a record of46.2 million tonnes in June, data fromthe port authority showed. Shipmentsrose by 7% from May's figure of 43.18million tonnes, and were up by 10%from the same month last year, thedata showed.

Source: Refinitiv

COMMENT MARKET REPORT – WEEK 48/2019 12COMMODITIES 12MARKET REPORT – WEEK 28/2020

DRY BULK NEWS

Saudi Arabia ups August crudeprices to AsiaSaudi Arabia's state oil producerAramco has hiked official selling prices(OSPs) for its crude to Asia by $1 abarrel in August, and raised the OSPsfor almost all grades to Europe andthe United States. Saudi Arabia has setthe August price to Asia at plus $1.20a barrel versus the Oman/Dubaiaverage, Aramco said in a statement.The increase was in line with marketexpectations on rising Middle Eastbenchmarks and a rebound in Asianrefining margins, a Reuters surveyfound. Although the rise in the OSPs islikely to discourage demand for Saudibarrels, it could encourage the use ofcrude from inventories, which wouldprovide broad support for oil prices,industry sources and analysts say.

China grants more crude oilimport quotas to private refinersChina has issued more non-state crudeoil import quotas to refiners, for atotal of 26.84 million tonnes (195.93million barrels) in its third batch for2020, three sources familiar with thematter told Reuters. A total of 17companies are receiving the quotas,they said. That takes China's totalreleased quota of non-state crudeimports to 184.55 million tonnes thisyear. The entire year's quotas wereset at 202 million tonnes, the Ministryof Commerce said last November.

UAE's ADNOC to boost August oilexports as OPEC+ cuts set to easeAbu Dhabi National Oil Company(ADNOC) plans to boost its oil exportsin August, the first signal that OPECand its allies are preparing to easerecord oil output cuts next month,three sources familiar with thedevelopment told Reuters. Industryand trading sources said ADNOC plansto raise its crude oil exports by asmuch as 300,000 barrels per day inAugust, citing oil loading programmesby the company. Last month, OPEC+sources told Reuters that OPEC andRussia will likely ease record oilproduction cuts from August as globaloil demand recovers and prices have

bounced back from their lows. SaudiArabia and Russia have to perform abalancing act of pushing up oil pricesto meet budget needs while notdriving them too high to avoid aresurgence of U.S. shale production.

U.S. refiners ramp up crudeimports from Mexico to 8-yearhighU.S. crude oil imports from Mexicosurged to the highest level in morethan eight years last week as swellinginventories and a fire at the LatinAmerican country's largest refinery inlate June led it to offload morebarrels. U.S. buyers boosted theirpurchases by 834,000 barrels per day(bpd) to about 1.3 million bpd in theweek to July 3, the highest sinceFebruary 2012, according to theEnergy Information Administration.The surge helped send U.S. netimports last week to the highest sinceAugust 2019.

Marine fuel market facing tougherQ3 as supply risesGlobal supply of fuel oil, used by shipsand power plants, is expected to growin the third quarter, depressing themarine fuel market as shippingdemand remains weak, analysts andtrade sources said. Third-quartersupply is estimated to rise by 620,000barrels per day (bpd) from the secondquarter as China and Brazil increaseproduction, according to consultancyEnergy Aspects. This comes asinventories across key marinerefuelling hubs recently reached all-time highs, depressing bunker fuelprices and refiners' margins anddashing hopes for a profitable year forsellers of low sulphur fuel that meetsnew emission regulations set by theInternational Maritime Organization..

Singapore fuel oil stocks at over 3-yr high, records first net importfrom ChinaSingapore's residual fuel oilinventories jumped 6% in the week toJuly 8 to a more than three-year high,official data showed, as limited bunker

demand and steady imports pushedsupplies higher. This came asSingapore became for the first timesince at least 2015, or as far asavailable records show, a net importerof fuel oil from China in the latest signof the rapid increase of Chinese fueloil production. China's reliance on fueloil imports from Singapore has begunto fade since it introduced new taxand export rules this year,encouraging refiners to ramp up fueloil production and boosting itsbunkering industry.

India's Reliance to loadVenezuelan oil cargo under fuelswap dealIndia's Reliance will load its first cargoof Venezuelan crude in three monthsthis week in exchange for diesel undera swap deal the parties say ispermitted under the U.S. sanctionsregime on the Latin American country,according to a Reliance source and ashipping document from state oil firmPDVSA. Washington has exemptedsome Venezuelan oil trade fromsanctions, when transactions are inexchange for fuel and food or to repaydebts rather than for cash.

Iran's oil storage almost full assanctions and pandemic weighIran has slashed crude oil productionto its lowest level in four decades asstorage tanks and vessels are almostcompletely full due to a fall in exportsand refinery run cuts caused by thecoronavirus pandemic, industry datashowed. Total onshore crude stockssurged to 54 million barrels in Aprilfrom 15 million barrels in January, andswelled further to 63 million barrels inJune, according to FGE Energy. Kplerestimated Iranian average onshorecrude storage for June to be around66 million barrels. That is around 85%of available onshore storage capacity.Iran's floating storage is also filling up.Shipping sources said Iran wasestimated to be using in the region of30 tankers to store oil.

Source: Refinitiv

COMMENT MARKET REPORT – WEEK 48/2019 13COMMODITIES 13MARKET REPORT – WEEK 28/2020

OIL & GAS NEWS

300

400

500

600

10/7/19 10/11/19 10/3/20 10/7/20

Wheat and Corn Prices (usd/t)

Corn Wheat

3,000

3,500

4,000

4,500

5,000

10/7/19 10/11/19 10/3/20 10/7/20

Steel Prices in China (rmb/t)

Rebar Plate

40

60

80

100

120

140

10/7/19 10/11/19 10/3/20 10/7/20

Iron Ore and Coal Prices (usd/t)

Steam Coal Iron Ore

15

25

35

45

55

65

75

10/7/19 10/11/19 10/3/20 10/7/20

Brent and WTI Oil Prices (usd/bbl)

Brent WTI

0

200

400

600

800

10/7/19 10/11/19 10/3/20 10/7/20

Bunker Prices @ Singapore (usd/t)

IFO 380 0.5% LSFO MGO


Wheat usd/t 535.8 490.0 +9.3% +1.4%

Corn usd/t 335.5 348.5 -3.7% -26.6%

Soybeans usc/bu 891.5 900.0 -0.9% -2.5%

Palm Oil usd/t 578.2 561.5 +3.0% +22.3%


Iron Ore (Platts) usd/t 105.6 98.9 +6.7% -12.2%

Iron Ore @Tangshan rmb/t 831.0 785.0 +5.9% -7.9%

Rebar in China rmb/t 3,698 3,638 +1.6% -7.6%

Plate in China rmb/t 3,874 3,843 +0.8% -7.1%

HR Coil in China rmb/t 3,935 3,862 +1.9% -1.3%

CR Sheet in China rmb/t 4,313 4,217 +2.3% -0.2%


Steam @ Richards Bay usd/t 54.0 55.1 -2.0% -18.6%

Steam @ Newcastle usd/t 55.6 61.6 -9.7% -26.0%

Coking Coal Australia usd/t 115.5 124.0 -6.9% -38.2%


Crude Oil Brent usd/bbl 42.9 43.3 -1.0% -35.7%

Crude Oil WTI usd/bbl 40.2 40.7 -1.3% -33.1%

Crude Oil Dubai usd/bbl 42.7 43.3 -1.3% -35.8%

Nat Gas Henry Hub usd/mmbtu 1.77 1.80 -1.7% -26.9%

Gasoline Nymex usd/gal 1.26 1.27 -0.8% -35.4%

ICE Gasoil usd/t 369.8 370.5 -0.2% -38.9%

Naphtha Tokyo usd/t 395.5 385.1 +2.7% -24.9%

Jet-Kerosene Asia usd/bbl 43.3 43.1 +0.6% -45.4%


Rotterdam usd/t 250.5 248.5 +0.8% -39.8%

Fujairah usd/t 263.0 238.0 +10.5% -42.4%

Singapore usd/t 267.0 257.0 +3.9% -46.7%

Rotterdam usd/t 300.0 300.5 -0.2% n.a.

Fujairah usd/t 332.0 328.0 +1.2% n.a.

Singapore usd/t 330.5 334.5 -1.2% n.a.

Rotterdam usd/t 357.5 362.0 -1.2% -38.9%

Fujairah usd/t 437.5 429.5 +1.9% -38.6%

Singapore usd/t 382.5 388.5 -1.5% -37.9%

IFO

38

00

.5%

LSF

OM

GO

OIL & GAS

COAL

IRON ORE AND STEEL

AGRICULTURAL

BUNKER

COMMODITIES 14

PRICES


MARKET REPORT –WEEK 19/2019

NEWS

GENOA

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Documents

BANCOSTA Weekly Market Report...to 12.0 mln tonnes. Volumes from South Africa were down -16.0% y-o-y in 2019 to 3.3 mln tonnes. The vast majority of the iron ore imported by Japan