/

CONTENTS

Bulkcarrier Freight Market

Sale & Purchase Market

Demolition Market

Shipbuilding Market

Vessel Tracking and Bunkers

Commodities Markets

Weekly Commodity Updates

Broker's Meeting Point - Available Cargoes

LATEST COMMODITY NEWS

Iron Ore- CHINESE TOP STEEL MANUFACTURERS BELIEVE DEMAND WOULD REMAIN STRONG FOR THE FORESEEABLE

Coal - AUSTRALIAN COAL EXPLORATION SPENDING DOWN, ASIA-PACIFIC DEMAND TO DRIVE

- COAL TRADE GROWTH 13 COAL SHIPS TO CALL AT SECOND LARGEST US COAL EXPORT PORT BY MARCH

Grains- CHINA TO RAISE MINIMUM PURCHASE PRICE OF WHEAT - CHINA PURCHASES OF US CORN APPROACH RECORD 19MN T WHILE JAPAN BUYS 30% OF 2021-22 US CORN EXPORTS

Other News- CHINA'S PRIEMER ANNOUNCES GROWTH TARGET OF MORE THAN 6 PERCENT

Timecharter Hire RatesSize PF2tc LF2tc CFtc

W%2tc 2020tc Y%tc

CAPESIZE6 M1 Y2 Y

PANAMAX6 M1 Y2 Y

ULTRAMAX6 M1 Y2 Y

SUPRAMAX6 M1 Y2 Y

HANDY6 M1 Y2 Y

16,37517,00017,125 14,75013,75015,375 14,37513,50015,000 14,12512,87514,125 11,00010,75011,125

17,37517,00017,125 19,87516,25015,625 16,12515,00014,750 15,87514,12514,125 12,50011,75011,125

18,00017,50017,500

21,00016,25015,625

19,12515,25015,125

18,87515,12515,125

16,25014,25014,250

3.6%2.9%2.2%

5.7%0.0%0.0%

18.6%1.7%2.5%

18.9%7.1%7.1%

30.0%21.3%28.1%

16,65317,00017,347

15,00714,04214,435

13,51412,81912,972

13,26412,16712,403

10,98610,61110,806

18.1%15.2%9.2%

31.7%25.9%28.4%

32.0%25.4%21.0%

36.5%26.6%20.9%

32.4%29.3%11.9%

Commercial Class Wk 7 Wk 8 Wk 9 WoW% Avg. 2021 YoY%

Capesize Spot Routes

5

10

15

20

Nov 2020 Jan 2021 Mar 2021

Index C17 C2 C3 C5 C7

DRY BULK WEEKLY

WEEK 09 | Monday, 8 March 2021

/

Bulkcarrier Freight Market

2000

4000

Nov 2020 Jan 2021 Mar 2021

Index BCI BDI

The Capesize market seems unwilling to settle back while helping the BDI Index to stay positive. The BDI Index (+9.2%), after a declining week (8th week), rebounded and showed for one more time the ‘’rock-solid’’ period of the dry bulk market.

The BCI gained 345 points and closed last Friday at 1.784, an increase of 24% compared to the previous week (8th week). The voyages that benefited the most by the strength of the Capesize spot market were the routes West Australia to China (C5) and the S.Africa to China (C17), which closed the week to $8.96 (+24.0%) and $13.58(+16%) respectively. The Capesize’s tripcharter route Trans-Pacific (C10), saw an increase of 65.1% and locked on last Friday at $18.992.

The market prospects of the Capesize segment showimprovement, the levels of freights for the first quarter of 2021 showed a severe increase compared to the last five years. Many shipowners believe that 2021 has all the requirements to be the best year of the last decade. Furthermore, iron ore prices are at their highest levels in a decade. In fact, commodity prices are one of the leverages that show us the way of freight levels.

Spot Route ptpfsp pfsp lfsp cvsp

WoW% 2019 2020 2021 YoY% 2Y%

Tubarao-Qingdao - C3Saldanha Bay-Qingdao - C17Bolivar-Rotterdam - C7West Australia-Qingdao - C5Tubarao-Rotterdam - C2

14.9110.359.165.837.09

17.3812.9510.067.058.48

15.4911.719.497.177.92

16.7813.589.708.968.43

8.3%16.0%2.2%

25.0%6.5%

18.613.89.67.78.2

14.811.38.16.76.6

17.212.810.97.58.7

15.9%13.5%34.2%12.5%30.7%

-7.7%-7.4%13.4%-3.2%6.0%

Capesize Spot Rates 12/02/2021 19/02/2021 26/02/2021 05/03/2021 WoW% Avg. 2019 Avg. 2020 Avg. 2021 YoY% 2Y%

Tripcharter PTPF2 PF2

LF2 CF2 W%2 2019.2 2020.2 2021.2 YoY%2 2Y%2

Continent-Mediterranean/ China-Japan - C9Gibraltar-Hamburg/ Transatlantic RV - C8China-Brazil RV - C14China-Japan/ Transpacific RV - C10

17462770666095944

30325175751199111838

2729515025865011500

28700152151070918992

5.1%1.3%23.8%65.1%

35045184031721517175

27699137521173113042

33898216271313914379

22.4%57.3%12.0%10.2%

-3.3%17.5%-23.7%-16.3%

0

20000

40000

Nov 2020 Jan 2021 Mar 2021

Index C5TC HS7TC P5TC S10TC

Index PF8 LF8 CF8 WoW%I

BDIBCIBPIBSI

BHSIC5TCP5TCS10TCHS7TC

1,6981,7152,3321,513901

14,22420,99116,64816,223

1,6751,4392,1401,8781,07011,93419,25620,66219,254

1,8291,7842,2411,9171,13114,79420,16521,08920,357

9.2%24.0%4.7%2.1%5.7%24.0%4.7%2.1%5.7%

Index 19/02/2021 26/02/2021 05/03/2021 WoW%

0

2000

Jul 2019 Jan 2020 Jul 2020 Jan 2021

Index BHSI BPI BSI

Capesize Tripcharter Rates 12/02/2021 19/02/2021 26/02/2021 05/03/2021 WoW% Avg.2019 Avg.2020 Avg. 2021 YoY% 2Y%

/

Bulkcarrier Freight Market

Tripcharter PTPF2 PF2 LF2 CF2 W%2 2019.2 2020.2 2021.2

YoY%2 2Y%2

Skaw-Gib/ HK-S. Korea-Taiwan - P2ASkaw-Gib/ Transatlantic RV - P1ASingapore RV via Atlantic - P6HK-S. Korea-Taiwan/ Transpacific RV -HK-S. Korea- Taiwan/ Skaw-Gib - P4

17866100791125891683211

307272365020710207576036

277142009019615199475912

271591904022550213085971

-2.0%-5.2%15.0%6.8%1.0%

210381262212946112164824

1801695021066591012714

256121879416636150854946

42.2%97.8%56.0%65.8%82.3%

21.7%48.9%28.5%34.5%2.5%

Tripcharter PTPF2 PF2

LF2 CF2 W%2 2019.2 2020.2 2021.2 YoY%2 2Y%2

Rio de Janeiro-Recalada/ Skaw-Passero -HS3USG via USG-ECSA/ Skaw-Passero - HS4Skaw-Passero/ Boston-Galveston - HS2Skaw-Passero/ Rio de Janeiro-Recalada -HS1S. East Asia/ Singapore-Japan - HS5N. China-S- Korea-Japan/ N.China-S. Korea-Japan - HS6N. China-S. Korea-Japan/ S. East Asia - HS7

10709

1128983458366

73796904

6518

23028

199041703617000

1383113000

12356

30111

232211921419214

1612515525

14544

30717

233861971119693

1812516906

16625

2.0%

0.7%2.6%2.5%

12.4%8.9%

14.3%

13465

1085385988390

86298068

7858

10398

1001485578213

72316481

6129

18183

178521448414500

1270011563

10969

74.9%

78.3%69.3%76.5%

75.6%78.4%

79.0%

35.0%

64.5%68.5%72.8%

47.2%43.3%

39.6%

Tripcharter PTPF2 PF2 LF2 CF2

W%2 2019.2 2020.2 2021.2 YoY%2 2Y%2

USG/China-S. Japan - S1CCanakkale via Med-BI Sea/ China-S. Korea -S1BUSG/ Skaw-Passero - S4AW.Africa via ECSA/ N. China - S5W.Africa via ECSA/ Skaw-Passero - S9S.China via Indonesia/ S.China - S10Skaw-Passero/ USG - S4BN. China/Australia-Pacific RV - S2S.China via Indonesia/ EC.India - S8N. China/ W. Africa - S3

1829114913

1428110131561858956066619958482898

3266731050

305292131217042144361767514029114337310

3593334032

3391825648207162021420347173211664211780

3519734039

3279326618217952097920369183861720812060

-2.0%0.0%

-3.3%3.8%5.2%3.8%0.1%6.1%3.4%2.4%

2112418278

1462614593928388117623893588324670

1986917591

1326612844695167357570717859812613

2796125522

248511884813300129101465112069111646749

40.7%45.1%

87.3%46.7%91.3%91.7%93.5%68.1%86.7%158.3%

32.4%39.6%

69.9%29.2%43.3%46.5%92.2%35.1%26.4%44.5%

Spot Route ptpfsp pfsp lfsp cvsp WoW% 2019

2020 2021 YoY% 2Y%2

Santos - Qingdao - P8USG - Qingdao - P7

40.8652.37

45.7356.44

45.0755.21

48.1155.20

6.7%-0.0%

34.540.2

28.439.6

39.449.9

38.8%26.0%

30.0%30.0%

The Panamax segment improved from Week 7’s end, with the BPI rising by 101 points (4.7%) w-o-w. However, changes in rates showed a mixed picture with Spot Rates mildly positive as route P8 increased by 6.7% w-o-w but route P7 remained practically unchanged. Regarding Tripcharter Rates, table leaders P2A and P1A decreased (-2% and -5.2% respectively) as mineral activity reduced in the north Atlantic. On the other hand, charter P6 showed the most positive change (15%) followed by the rest of Asian charters while market sentiment remains positive.

One more week of positive changes in the Supramax segment, as the BSI gained a further 2.1% w-o-w. Yet, the improvement was not seen in all charters as table leader S1C and S4C decreased -2% and -3.3% respectively. Those with weekly increments showed mild changes, the highest being S2 with a 6.1% improvement w-o-w. The Handysize segment continued the upward trend with the BHSI up by another 61 points (5.7%) w-o-w. Once again positive changes characterised the segment with charter HS7 rising 14.3% w-o-w, while the rest of the table improved by 0.7%-12.4% approximately. The overall review of the smaller segments is still positive although a growth slowdown was noted when compared to the previous week’s jump.

Panamax Spot Rates 12/02/2021 19/02/2021 26/02/2021 05/03/2021 WoW% Avg.2019 Avg.2020 Avg.2021 YoY% 2Y%

Panamax Tripcharter Rates 12/02/2021 19/02/2021 26/02/2021 05/03/2021 WoW% Avg.2019 Avg.2020 Avg.2021 YoY% 2Y%

Supramax Tripcharter Rates 12/02/2021 19/02/2021 26/02/2021 05/03/2021 WoW% Avg.2019 Avg.2020 Avg.2021 YoY% 2Y%

Handysize Tripcharter Rates 12/02/2021 19/02/2021 26/02/2021 05/03/2021 WoW% Avg. 2019 Avg. 2020 Avg. 2021 YoY% 2Y%

/

Sale & Purchase Market

Ship Sales by Age and Size (Week 9)

0

5

Handysize

Supramax

Ultramax

Panamax

Kamsar

max

Capesize

Age Group 0-5 years 10-15 years 15-20 years 20+ years 5-10 years

Latest TransactionsWeek Ships Sold Age DWT

Price (US$) Notes Owner Country/Region of

Buyer

999999999

999999999

BOLEROALAM SEJAHTERAOCEAN BARI-STARPAPAYIANNISAVRAFORTUNE BIRDLUMINOUS NOVAMYKALIEASTERNEDELWEISSWINNING ANGELWINNING BRIGHTGH SEABIRDROBIN WINDSHER-E PUNJABTHARKEYVEENUSRR AUSTRALIACAPE SATURN

245

102017118

109

9958

1011101018

25,00833,29738,24351,02953,80655,60056,10056,10056,800

58,80058,80063,99778,22879,22479,22479,22481,600175,775

$2,800,000$14,800,000$11,000,000$5,400,000$7,200,000

$12,700,000$15,000,000$13,700,000$11,800,000

$14,100,000$14,100,000$19,400,000$18,400,000

$16,200,000$10,000,000

$30,300,000 en bloc$30,300,000 en bloc$30,300,000 en bloc

POLFORCE SHIPPINGBLUE PLANET SHIPPINGCIDO SHIPPINGAONO MARINESAMOS STEAMSHIP

WINNING INTERNATIONAL GROUPWINNING INTERNATIONAL GROUPUNION APEX SHIPPINGTOHMEI SHIPPING OAKTREE CAPITALSIVA BULKRIMORCHIATORI RIUNITIU MING MARINE TRANSPORTSINGAPORE

Middle EastGreece

ChinaChina

IndonesiaIndiaChina

GreeceGreece

GreeceGreeceGreece

China

On the dry bulk side, the good momentum in terms of acquisitions during the past weeks continues. A fair number of transactions came to light in the 9th week of the year. Eighteen vessels in overall changed hands.

We noticed the shipowners’ attention did not focus on a specific segment or vessel age, as there was interest in all vessel sizes. If we had to underline any ship segment, the Supramax would be a step ahead of the other segments regarding the owners’ preferences. Eight purchases of the specific vessel size (Supramax) were reported in the past week by various buyers.

Over half of the fleet sold is less than ten years old, twelve vessels belonged to the age vessel category of 5-10 years old, and only one sale of an older vessel was reported, the MV Bolero, a 24-years-old Handysize sold in the Middle East for $2.8M. Sale of the week: A Greek buyer was behind the purchase of the three Panamax; MV Tharkey (built 2010), MV Sher-E Punjab (built 2011) and MV Veenus (built 2011). The vessels were built at the Chinese shipyard Dalian were acquired en bloc for $ 30.3 million. The transaction deal was good, as the agreed price was relatively low.

Annual Volume of SalesSize Group 2019

2020

2021

SupramaxHandysizePanamaxKamsarmaxUltramaxCapesizeHandymaxPost PanamaxVLBC

1251198635442526158

1251285652465312919

503023242713242

Total 483 500 175

Weekly Volume of SalesSize 7

8

9

Total

SupramaxHandysizeKamsarmaxPanamaxUltramaxCapesizePost PanamaxVLBC

45212

547 1 11

831411

17121054111

Total 14 19 18 51

/

Demolition Market

Demolition Prices (US$/LDT)

200

400

2018 2019 2020 2021

Market Bangladesh India Pakistan

Demolition Prices for Bulkcarriers- WeekAverage (USD/LDT)

Market PLVw LVw

CVw WoW%w

Pakistan

Bangladesh

India

Turkey

425

430

415

255

440

435

415

250

470

470

425

250

6.8%

8.0%

2.4%

0.0%

Location of Delivery - No. Vessels 2020& 2021

36

Pakistan 30

India 11

Other 6 Bangladesh

Deals were struck for 3 Iron Ore Carriers in the demolition market this week. 2 of the sales were 24-year-old vessels namely: MV The Merciful built by in Japan by Tsuneishi Shipbuilding, Tokyo, and MV Sinomerchant built in South korea by Daewoo Shipbuilding & Marine Engineering Co Ltd.

The Sea Lion Shipmanagement, Mumbai owned MV The Merciful was sold to Pakistan Ship breakers for USD480/LDT, while the 37,479 LDT MV Sinormerchant was sold for USD473 /LDT to Bangladesh. Furthermore, MV Sinocarrier has also been reported sold to shipbreakers. The 29-year-old 38,306 LDT was sold for USD478 /LDT to an unidentified buyer.

Bangladesh, in a bid to win back tonnage after losing out to Pakistan last week, increased LDT rates by 8% to USD470/LDT. Prevailing rates for LDT in Pakistan increased 6.8% from last week to match Bangladesh LDT price. India LDT prices also increased 2.4% to USD425/LDT while Turkey maintained price at USD250 for the consecutive week.

Competition amongst shipbreakers and increasing steel demand due to quick rebound of China from Lunar New year holidays has led to continuous increase in LDT rates over the past month.

Demolition Age (years) of Vessels in 2020 & 2021(%)

Over 30 25

Less than or 20

23

24

27 26

29 28

20%

15%

15% 11%

11% 10% 8%

5% 4%

Latest Transactions

Week

Vessel Vessel Age Location of Delivery USD / LDT LDT (MT) Sale Price

999

MV SinocarrierMV SinomerchantMV The Merciful

292424

N/ABangladesh

Pakistan

478473480

38306374799796

$18,310,268$17,727,567$4,702,080

Demolition Activity in the Last 3 Months

0K

50K

100K

150K

200K

LDT

(M

T)

Jan 2021 Feb 2021 Mar 2021

Market Wk 7 Wk 8 Wk 9 WoW%

3%

/

Shipbuilding Market

Delivery Year by SizeSize Group 2021

2021/2022

2022

2023

Total

KamsarmaxHandysizeUltramax

VLBCSupramaxCapesize

HandymaxPost Panamax

Panamax

2816265114

93 4

30352921122 34

63 7 2

646358261310854

Total 81 16 136 18 251

Newbuilding Market Price by Size (Week 9)Year

Average of HP Average of UP Average of PP Average of KP Average of CP

2021202020192018

$23,000,000$26,000,000$26,000,000$22,150,000

$25,000,000$32,000,000$31,000,000$24,500,000

$26,000,000$33,000,000$32,000,000$25,000,000

$27,000,000$34,000,000$33,000,000$26,000,000

$49,000,000$53,000,000$51,000,000$44,750,000

After an intense week (8th week) when several transactions were reported, the market slowed down and only one order was placed at DACKS shipyard in China. The agreement included one unit of 61,000 dwt (Ultramax). The order, from Turkey’s Akmar Shipping and Trading, is expected to be delivered in 2022 and is the second purchase from Turkey this year. Shipowners and investors continue to approach the newbuilding market with caution as expected, due to issues discussed in our reports since the turn of the year. Furthermore, prevailing strong freight rates and the relative boom in the S&P market means newbuild investments are being held back. Shipyards retained newbuild prices across all vessel sizes from last week.

Shipbuilding orders are at an all-time low even lower than in the 1990s for all types of ships. The estimation is that the reduced capacity will probably help shipping companies to establish better deals in the freight market.

Latest OrdersWeek

Size Class DWT Units Delivery Buyer Shipbuilder

9 Ultramax 61,000 1 2022 Akmar Shipping & Trading, Turkey DACKS, China

Year Handysize Ultramax Panamax Kamsarmax Capesize

Units by Year and Size Group

0

100

200

300

2018 2020

3-year Average

Size GroupCapesize

Handymax

Handysize

Kamsarmax

Panamax

Post Pana…

Supramax

Ultramax

VLBC

Orders by Country of Buyer - 2021

0 2 4 6 8 10Units

Cou

ntry

of

Buy

er

UK

Greece

Bangladesh

China

Japan

Taiwan

Turkey

Singapore

Size Group Capesize Handymax Kamsarmax Ultramax VLBC

/

Bunker Prices & Port Activity

No. of Calls by Week and 2020PORT

8

9

Bahia blancaDampierGhentHay pointHoustonNew orleansNewcastleParanaguaPonta da madeiraPort hedlandPortland orRichards bayRotterdamRouenSaldanhaSan lorenzoSantosTubaraoVancouverYuzhny

8197

179

36391413472

18658

1936102910

7219

191745471513569

296118

1635193612

PORT

2020

Bahia blancaDampierGhentHay pointHoustonNew orleansNewcastleParanaguaPonta da madeiraPort hedlandPortland orRichards bayRotterdamRouenSaldanhaSan lorenzoSantosTubaraoVancouverYuzhny

7188

176

5933811408

2246

1018198

3010

*2020 Port Calls refer to week 9 of that year

Time at Port (TAP) and Time at Anchorage(TAA) - Difference WoW

Bunker PricesPort VLSFO MGO IFO380 IFO180

Fujairah14/02/202120/02/202126/02/202105/03/2021

Hong Kong14/02/202120/02/202126/02/202105/03/2021

Houston14/02/202120/02/202126/02/202105/03/2021

LA/Long Beach14/02/202120/02/202126/02/202105/03/2021

New York14/02/202120/02/202126/02/202105/03/2021

Rotterdam14/02/202120/02/202126/02/202105/03/2021

Santos14/02/202120/02/202126/02/202105/03/2021

Singapore14/02/202120/02/202126/02/202105/03/2021

496.00506.50524.50522.50

486.50501.50516.00514.50

453.00483.00497.00534.00

507.00506.50533.50540.50

581.00602.50623.50621.00

498.50518.00532.00525.00

529.00565.00584.50592.00

551.00581.00610.50628.50

361.50373.00379.50394.00

377.00392.00407.50411.00

337.50384.00384.50413.50

423.50431.00446.50458.00

350.00350.00350.00350.00

423.00423.00423.00423.00

375.00375.00375.00

529.00529.00529.00529.00

477.50489.50514.00511.50

459.00478.00493.00502.00

490.00495.00516.00522.00

506.00503.00519.00522.00

545.00555.00570.50588.50

500.50529.50543.50550.50

562.00631.00632.00637.00

520.50534.00544.50546.00

377.00368.50398.50385.00

356.50363.50385.00396.00

379.50386.50401.50407.50

383.50383.50383.50383.50

375.00

Average bunker PricesDate VLSFO MGO IFO380 IFO180

14/02/202120/02/202126/02/202105/03/2021

484.38495.38514.13521.13

535.94564.50580.13586.06

373.21385.50400.43409.29

412.10412.10412.10412.10

Main Iron Ore and Coal PortsPORT TAP (hrs) - WoW TAA (hrs) -

WoWDampierHay pointNewcastlePonta da madeiraPort hedlandRichards baySaldanhaTubaraoYuzhny

7.202.400.00-7.200.00

28.80-24.00-7.202.40

-33.60-7.20-4.80-79.20-96.0028.8088.8040.80-31.20

Main Grain PortsPORT TAP (hrs) - WoW TAA (hrs) -

WoWBahia blancaGhentHoustonNew orleansParanaguaPortland orRotterdamRouenSan lorenzoSantosVancouver

-9.6038.4012.002.40

-40.80-40.8074.40-36.0014.40-12.00-7.20

-86.40-7.2069.60

-120.00220.80-86.40-43.20

-2.40

-110.40

PORT 2020 PORT 8 9

/

Vessel Tracking

Average Speed of Vessels in Ballast by Arrival Week (100,000+ dwt)

11.5

12.0

Week

Ave

rage

of

Spe

ed

4 6 8 10

Top 5 Destination Countries of Ships in Ballast by Vessel Size(Week 10 Arrivals*)

Size Group Capesize Handysize Panamax Supramax

© 2021 TomTom, © 2021 Microsoft Corporation© 2021 TomTom, © 2021 Microsoft Corporation

A rise in Port Calls was observed in West Australian ports. Port Hedland and Dampier saw an increased number of vessels that arrived at the port compared to the 8th week of the year. The fact is that West Australia to China C5 route was strong, as we witnessed a 25% increase in freight rates. On the other hand, Tubarao also saw a rise in terms of calls, while the positive tone in terms of freight levels affected the area positively. On the opposite side, the same behaviour was noted in the port of Hay Point and Newcastle, where the week completed with increased calls compared to the previous week, however, we expect reduced activity in Australian ports in the forthcoming days, while the arrivals in Brazil will be increased by the end of the 10th week.

Overall, bunker prices continue to increase; VLSFO average increased 1.3% this week to USD521.13 /t. Rotterdam VLSFO price remained the lower priced at USD502/mt even though it increased by USD9/mt w-o-w. As to MGO, the average MGO price increased USD5.93 from last week. Similarly, average price of IFO380 increased to USD409.29 this week, while average IFO180 price remains USD412.1/t.

*Next Week Arrivals based on calculated ETA by MarineTraffic

Top 5 Destination Countries of Ships inBallast by Vessel Size and Arrival Week

Destination Country

8

9

10

Total

AU

CapesizeHandysizePanamaxSupramax

BR

CapesizeHandysizePanamaxSupramax

CA

CapesizeHandysizePanamaxSupramax

US

CapesizeHandysizePanamaxSupramax

ZA

CapesizeHandysizePanamaxSupramax

1638118559

70167

416

3116

159

592

19308

1658521481174218

432

3093

108

622

212712

1425814571391255

565

3047

172

525

13259

47022453160332356220140139114164219173

9538229

34153

133

2613 94

351519

10

95434

3117

Total 357 357 350 1064

Average Speed of Vessels in Ballast by Arrival Week (10,000 - 100,000dwt)

11.4

11.5

11.6

Week

Ave

rage

of

Spe

ed

4 6 8 10

Average Speed of Vessels -Ballast Arrivals - Week 10*Size Group

Average of Speed

CapesizeHandysizePanamaxSupramax

11.4311.0611.8311.46

Total 11.48

Average Speed of Vessels -Ballast Arrivals - Week 9Size Group Average of Speed

CapesizeHandysizePanamaxSupramax

11.7411.0811.8311.35

Total 11.51

Destination Country 8 9 10 Total

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Commodities Markets

Top 5 Destinations of Loaded Vessels (dwt) Departing on Week 9 - Shipsunder 100,000 dwtOrigin Port CN

EG

JP

KR

PA

Total

PARANAGUASANTOSSEATTLEPORTLAND ORCORPUS CHRISTIROUENHOUSTONNEW ORLEANSVANCOUVER

75,13175,83476,61955,64881,791

401,089

76,596164,089

62,623

252,532

58,83156,933

230,644

39,810

289,206330,617372,611

75,13175,834

135,450152,391158,387164,089289,206393,240

1,256,876Total 766,112 303,308 252,532 346,408 1,032,244 2,700,604

GRAINS

Similar levels were noted in terms of shipments to Top 5 destinations by loaded vessels (dwt). Although the tonnage destined directly to China decreased 23% w-o-w, shipments going through Panama picked up little over the difference to increase the total loaded tonnage by 13% w-o-w.

Corn and Soybean prices increased by 1% and 2% respectively, while wheat prices fell by US$18.5/ton w-o-w on ample global supply after reaching a 4-week high.

Corn Price ($/bl)

5.4

5.6

09 Feb 05 Mar

Top 5 Destinations of Loaded Vessels (dwt) Departing on Week 9 - Shipsover 100,000 dwtOrigin Port CN

IN

JP

KR

OM

Total

PORT HEDLANDPORT WALCOTTDAMPIERPONTA DA MADEIRANEWCASTLERICHARDS BAYHAY POINTTUBARAO

8,085,6701,645,6612,227,8461,124,242

93,271

324,689

169,031771,363

543,295899,975

181,249859,195

181,494

1,535,656226,415

509,611

262,354

402,285

10,164,6212,772,0512,227,8461,707,7761,537,837

864,634443,848324,689

Total 13,501,379 940,394 2,665,208 2,534,036 402,285 20,043,302

Iron Ore Price This Month ($/t)

160

170

09 Feb 05 Mar

Coal Price This Month ($/t)

66

68

09 Feb 05 Mar

IRON ORE & COAL

Two of the three main iron ore ports in West Australia significantly improved their shipments last week.

Port Hedland noticed a growth of almost 1.7M mt in its shipments to China, while Dampier achieved a rise of nearly 1M mt.

On the opposite side, Port Walcott saw a decline of over a 1M mt in China's shipments.

Iron ore prices skyrocketed in the 9th week, increased by $7.51 to $173.12/mt, while coal prices saw a slight decrease of 90 cents w-o-w to $65.25/mt.

Wheat Price ($/t)

220

240

09 Feb 05 Mar

Soybean Price ($/bl)

13.5

14.0

09 Feb 05 Mar

\ Destination

\ Destination

/

Weekly Commodity Update

IRON ORE

CHINESE TOP STEEL MANUFACTURERS BELIEVE DEMAND WOULD REMAIN STRONG FOR THE FORESEEABLE Brazilian Iron Ore exports received a boost in February as Vale’s production capacity rebounded after resumption of operations after the removal of emergency level at Itabira complex. Data released by the country’s economic ministry show that Iron Ore exports grew increased 10.9% to 24.05 million tonnes from same period last year. Exports are expected to continue to grow due to a drier weather Brazil's trade ministry’s deputy secretary of trade intelligence and statistics Herlon Brandão, said in a statement, saying “high demand, favours the shipments of the extractive industry and the prices of exported products,”. The commodity has been credited for helping Brazil avoid a trade deficit even though trade surplus fell 50.4% to USD1.15bn year on year. Meanwhile the Australian Bureau of Statistics monthly export data for January 2021 show there a 9% drop in shipments from Port Hedland in Western Australia compared with December. Total Iron Ore shipments for the month were 67.72 million tonnes, the lowest since February 2020’s 57.97 million tonnes. China still accounted for 80.5pc of the total iron ore shipments in January, which were slightly down from the monthly average of 81.8pc for 2020. Total iron ore shipments to China were 53.1mn t in January, down from 60.23mn t in December and above the 52.88mn t a year earlier. It was the lowest monthly shipments to China since the 48.53mn t in February 2020. Fines and lumps shipments to China were also at 11-month lows in January. In further boost to Iron ore trade, China top steel manufacturers believe demand would remain strong for the foreseeable future Xinyu Iron & Steel Chairman, Xia Wenyong said in an interview that “On the one hand, the price of raw materials has been strong – the price of iron ore has been around US$170 per ton since the start of the year – but on the other, demand for steel remains strong,” adding “Downstream customers have very full export orders with a large number of mechanical and electrical and home appliances due to be exported.” Local governments with access to local special purpose bonds would continue to focus on infrastructure spending which would invariably stimulate steel demand. Although demand form the construction industry could be depressed (due to government cuts to easy credit), Li Lijian chairman of Anyang Iron & Steel believes mid to high end steel product used in the manufacturing of cars, home appliance and equipment production could become a major driving force behind steel demand this year. The average price for Australian fines exports was $135.18/t in January from $124.21/t in December and up from $72.83/t in January 2020. It was the highest monthly average for fines exports since Argus started compiling ABS iron ore export data in July 2012. The January export average was below theexport price average of $145.72/t in 2011. The Argus ICX iron ore price assessment average of $168.39/t cfr Qingdao on a 62pc Fe basis in January was the highest monthly average since it started in May 2013. Sources: bnamericas, Argus Media, South China Morning Post

COAL

AUSTRALIAN COAL EXPLORATION SPENDING DOWN, ASIA-PACIFIC DEMAND TO DRIVE COAL TRADE GROWTH Latest figures from the Australian Bureau of Statistics' quarterly exploration data show Australian coal spending fell 30.4% during the October-December quarter to A$54mn from A$77.6mn in October-December 2019 and A$19.1mn from A$73.1mn for July-September. Coal investments dipped as China’s informal ban of coal imports from Australia stalled exports and squeezed demand. This has pushed miners like BHP to implement cost cutting measures while seeking ways to divest their investments. Although ABS data suggest there was an increase in Australian coal exploration spending in 2020, the increase was fuelled by strong spending in the first half of 2020 before Beijing imposed its ban on Australian coal exports from around October. Meanwhile Asian-Pacific coal trade will boost coal demand in 2021 as per Argus Consulting's Seaborne Coal Outlook. The forecasts see Indian import demand recovering by around 17mn t to 170mn t in 2021. The Asia-Pacific demand had weakened in 2020 led by a 30.7mn t year-on-year fall in India. In northeast Asia, aggregate coal imports in Japan, South Korea, and Taiwan decreased by 28.7mn t on the year as a result of lower overall power demand, greater nuclear availability and a steep drop in oil-linked LNG prices which supported some fuel switching later in the year. Nevertheless, the drop was partly offset by a 5.7mn t increase in Chinese imports, following record high receipts in December amid tight domestic availability and unusually cold winter.

Imports by southeast Asian countries remained resilient despite the pandemic, with Vietnam taking record-high fourth-quarter seaborne volumes on the back of a sharp economic expansion. Combined coal deliveries to Vietnam, Malaysia, the Philippines, and Thailand increased by 15.9mn t last year, according to Argus analysis, enough to offset the 15.9mn t decline to South Korea.

Coal consumption in southeast Asia is likely to increase further this year as economic growth is projected to return to pre-pandemic levels. The IMF forecasts that Asean economies will expand by 6.2pc in 2021, and Argus Consulting projects that thermal coal imports to southeast Asia will jump by 25.2mn t — or 17.1pc — on the year to 172.5mn t in 2021. Source: Argus Media

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Weekly Commodity Update

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13 COAL SHIPS TO CALL AT SECOND LARGEST US COAL EXPORT PORT BY MARCH 7

1.04 million dwt of coal departed Baltimore in the week ending February 28. The total dead-weight tonnage of the departures was up 682,634 dwt in the prior week. Nine Coal laden ships departed from United States’ second largest coal exporting port of Baltimore up from 7 the previous week. The vessels have varying destinations with 1 vessel headed to New York while others amounted to exports. Europe will receive the largest share of the shipments as Las Palmas, Spain, Bremerhaven, Germany, and Rotterdam was expected to welcome 1 ship each on March 7, 9 and 10, respectively while Gibraltar will expect 3 vessels to unload coal at its port on March 10, 12 and 13. Other destinations for the Baltimore exports include Kandla, India and Sydney, Nova Scotia with one vessel each. Meanwhile 13 coal ships will call at East Coast Port of Baltimore by March 7 up from 11 last week. Ten of the expected coal carriers are unladen, two are partially laden and one is laden. In the prior week, nine were unladen, one was partially laden, and one was laden. S&P Global Platts assessed FOB Baltimore 6,900 kcal/kg NAR 3% sulfur coal, for 15–60-day loading, at $68.10/mt on March 1, up 65 cents from Feb. 26. Source: S&P Global Platts

GRAINS

CHINA TO RAISE MINIMUM PURCHASE PRICE OF WHEAT

China plans to raise the minimum purchase price of Wheat in 2021 as part of moves to ensure food security for its population. This was part of the address delivered to National Peoples Congress by Premier Li Keqiang where he reiterated Beijing’s commitments saying “Ensuring that our people have enough food remains a top priority for our government. We are resolved to ensure food security for our 1.4 billion people, and we know we can achieve this,”.

The government has also increased the minimum price for wheat for the first time since 2014. China supports food production by purchasing staple food grains such as Wheat and Rice at minimum price when the market price falls below the set minimum price ensuring farmers do not run at a loss. A budget of 122.5 billion yuan has been reserved for spending on stockpiling of grains and edible oils just as it was last year. China’s push for self-reliance and food security comes as exporting countries such as Russia implement measure to cushion the effect of soaring food prices on its populace. Source: Reuters

CHINA PURCHASES OF US CORN APPROACH RECORD 19MN T WHILE JAPAN BUYS 30% OF 2021-22 US CORN EXPORTS US corn export sales for the marketing year edge closer to nearly 19mn t despite a 74% drop in sales for the 19-25 February week. However, USDA data show Chinese buyers bought 1.05mn t of US corn, in the week to 25 February, making it a record 18.7mn t of US corn for the current season, a huge increase from the 194,000 t bought last year. China is expected to import 24mn t of corn in the 2020-21 marketing year, according to the USDA's latest forecast, amid rising animal feed demand combined with a shortage in domestic corn supply. The USDA forecast expect Japan to keep importing US corn, increasing US corn Asia market share amid reduced competition from other exporters. Japan's corn imports from the US totalled 3.72mn t on 1 September-18 February, up from 2.49mn t a year earlier USDA latest show. Japan has so far bought 4.57mn t in the 2020-2021 marketing year, up from 2.64mn t a year earlier. While Agreed sales for 2021-22 now total 404,100t, after the USDA reported a 175,000t sale yesterday amounting to an estimated 30% of 2021-22 US corn exports. Japan imports, 15.5mn-16.0mn t/yr making her the world's third-largest importer. Source: Reuters, Argus Media

SOYBEAN MARKET UPDATE

China imports of Soybeans in January and February fell 0.8% from 13.51 million tonnes last year to 13.41 million tonnes according to China’s customs data. Meanwhile, USDA reported China has purchased 35.8mn t US soybean in the current marketing year up by 193pc from the previous year. Chinese buyers also purchased 198,000t of 2021-22 US soybean from 19-25 February, which accounted for 99.3pc of the US total weekly net sales for the next marketing season. This is in fulfilment of bilateral Phase 1 trade deal reached in January 2020 to boost purchases of U.S. farm products, including soybeans. China’s imports have grown as the country ramps up effort to rebuild its hog herd, that was decimated by the deadly African swine fever disease. Unfortunately, there have been recent outbreaks of the disease reported this week in the southwestern province of Yunnan. in Aba prefecture, 38 pigs were killed on a farm in the country’s largest producing province of Sichuan the ministry of agriculture and rural affairs said. While in Hubei’s Xiangyang, 10 piglets been transported in a truck of 165 were found to be infected with five deaths. The outbreaks are hurting pig production in some northern and northeastern provinces, dampening demand for soymeal, a key ingredient in feed. Source: Reuters, Argus Media

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Weekly Commodity Update

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OTHER NEWS

CHINA'S PRIEMER ANNOUNCES GROWTH TARGET OF MORE THAN 6 PERCENT

Chinese government officials have set economic growth target at 6 percent a sign the country will not relent on its strategy to spend its way out of Coronavirus induced pandemic slow growth. The Chinese premier Li Keqiangin a statement delivered at the opening of the National People’s congress. Xi government bent on increasing military spending at 7 percent amidst a continued battle with Great Britain and America on Hong Kong’s status as a democratic semi-autonomous enclave. Although the set goal of 6 percent is below analysts' 8 percent forecast, China is still way ahead of the world’s other economies. The Chinese government plan include increased military spending a sign the communist country is not ready to shift ground in its battle to become the world’s leading superpower. Mr Li’s statement show the country is confident its push back against Coronavirus economic slump is working. Even though the country’s plan to move towards a Consumer driven economy is stalling, the government premier understands this; “Although remarkable achievements have been made in China’s economic and social development, we still have quite a way to go and a lot of hard work to do before we can achieve modernization in all respects,” Mr Li told the assembly. A signal that the country will continue to boost infrastructure spending albeit at a slower pace as it tries to narrow its budget deficit. The outbreak of the pandemic has thrown a spanner in the works for the China’s 5-year plan to infrastructure as the pandemic continues to limit the transformation to reliance on domestic consumption. risk of the pandemic. The premier acknowledged the pandemic continues to be a threat telling the congress “As the coronavirus continues to spread around the world, instability and uncertainty are mounting on the international landscape, and the global economy continues to face grave challenges,”. Source: New York Times

1

Broker's Meeting Point - Available Cargoes 08/03/2021

Loading Port Discharging Port Cargo Laycan Extra Info Contact

PORT SUDAN CHITTAGONG PORT GYPSUM RAW STONES IN BULK 25000-30000 MTS

AGED GEARED BULK VSL ACCEPTED. LOADING QUAY PORT AND NOT ANCHORAGE AREA OR STS . PART CARGO ALLOWED . NO FLAG RESTRICTIONS AT BOTH POL/POD . COMMS: 2.5PCT OUR END

Contact

NIKOLAYEV MARMARA MINERALS IN BULK 10.000/15.000 MTS 15 Mar - 20 Mar 15/20 MARCH Contact

NOVOROSSIYSK - RUSSIA BATUMI OR POTI CHOPT STEEL REBARS IN BUNDLES 12M LENGTH 4100MT MIN +50MT 08 Mar - 15 Mar 08-15 MARCH Contact

1SPB BIK, IRAN 1SPB SHUAIBA, KUWAIT (RESTRICTED WITH 12.0 M DRAFT MOLOO CLINKER IN BULK 44,000 MT +/-10% Contact

1 P EGYPT RED SEA 1-2 P INDONESIA - MALAYSIA RANGE BULK PHOSPHATE 25,000 -30,000 MTS Early March LAYCAN EARLY MARCH - TRY VLS DTES Contact

1SBP PORT SUDAN 1SBP QINGDAO CHINA PEANUT CAKES IN BAG 10,000MT 25 Feb -05 Mar

LYCAN 25 FEB - 05 MARCH 2021 CQD BENDS SOLE CARGO FREIGHT PLS ADV PMT ON FIOS BSS 1/1 PART CARGO FREIGHT PLS ADV PMT ON FIOS BSS 1/1 OWNER AGENT AT BENDS

Contact

BINTULU & PORT KLANG ADEN PLYWOOD CRATES & SAWN TIMBER 6,000 TONS ContactGARONGKONG, INDONESIA CHATTAGRAM/MONGLA, BANGLADESH CLINKER 40,000 MTS Contact

NGHI SON ,VIETNAM NANTONG ,CHINA CLINKER IN BULK 20000-45000MT PPTLYCN: PPT /TRY VSL DATE IN MAR INVITE OWNERS BEST FRT RATE FIOST BSS 1/1 GEARED VSL REQUIRED

Contact

1 SAP GSEZ MINERAL PORT OF LIBREVILLE, GABON 1SBP BATUMI, GEORGIA MANGANESE ORE IN BULK 10,000~20,000MT 05 Mar - 10 Mar -LYCN:05TH-10TH MAR,2021 -FIOST BSS 1/1 Contact

1 SAP GSEZ MINERAL PORT OF LIBREVILLE, GABON 1SBP QINZHOU AND/OR TIANJIN ,CHINA MANGANESE ORE IN BULK 50000MT 01 Mar - 10 Mar -LYCN: 01TH MAR -10TH MAR , 2021 -INVITE

OWNERS BEST FRT RATE FIOST BSS 1/1~2 Contact

CAMPHA, VIETNAM ZHANJIANG , CHINA CEMENT IN BULK 8000MT-14000MT 10-Mar LYCN: 10 MARCH INVITE OWNERS BEST FRT RATE FIOST BSS 1/1 GEARED VSL REQUIRED Contact

NGHI SON PORT,VIETNAM MACUN PORT,CHINA CEMENT IN BULK 20,000MT MOL 10% 15 Mar - 18 Mar 15 - 18 MARCH 2021 CEMENT HOLES REQUIRED FIOST Contact

1 SBP KEMAMAN , MALAYSIA 1SBP QINZHOU ,CHINA MANGANESE ORE IN BULK 15000MT-20000MT 1 Mar - 10 Mar-LYCN: 1ST-10TH MARCH,2021 -INVITE OWNERS BEST FRT RATE FIOST BSS 1/1 -GEARED VSL REQUIRED

Contact

1 SBP KEMAMAN OR KUANTAN, MALAYSIA 1SBP TIANJIN ,CHINA MANGANESE ORE IN BULK 10000MT-35000MT Mid March -LYCN: MID MARCH,2021 -INVITE OWNERS BEST FRT RATE FIOST BSS 1/1 -GEARED VSL REQUIRED Contact

BARRANQUILLA (PUERTO DE BARRANQUILLA - SOCIEDAD PO ISDEMIR, TURKEY METALURIGICAL COKE MIN 27.000 / MAX 30. 11 Mar - 15 Mar L/C 11 / 15 MARCH Contact

1 SBP PENGLAI ,CHINA (DRAFT LIMIT 11M) 1SBP DONGHAE,KOREA GYPSUM 20,000-30000MT PPT -LYCN: TRY VSL'S DATE ,2020 -FIOST BSS 1/1 -FRT IDEA 4 Contact

1 SBP ILO OR CHIMBOTE,PERU 1SBP ZHENJIANG OR LIANYUNGANG,CHINA IRON ORE IN BULK 30000MT 9 Mar - 13 Mar -LYCN: 9TH-13TH MAR,2021 -FIOST BSS 1/1 Contact1 SAP GSEZ MINERAL PORT OF LIBREVILLE,

GABON1SBP BATUMI(10-20K) AND 1SBP POTI(30K),

GEORGIA MANGANESE ORE IN BULK 50000MT 05 Mar - 10 Mar -LYCN:05TH-10TH MAR,2021 -FIOST BSS 1/2 Contact

1 SAP KOSHICHANG,THAIL/ 1SBP LIANYUNGANG OR TAIZHOU OR ZHENJIAN , CHINA TAPIOCA IN BULK 20,000MT 5% MORE IN 10 Mar - 20 Mar -LYCN:10TH-20TH MAR,2021 - FIOST BSS 1/1 Contact

1 SAP KOHSICHANG,TAIWAN 1SBP SHATIAN, CHINA TAPIOCA IN BULK 10,000MT 10% MORE IN 25 Feb - 05 Mar -LYCN:25TH FEB-05TH MAR,2021 -INVITE OWNER'S FRT RATE FIOST BSS 1/1 Contact