Market insight

By George Laios

Deputy CEO, Intermodal Group

There is a video in YouTube produced by The Independent. In this video a girl meets a guy that initially looks like the perfect man. However, very soon she realizes that this perfect man is not exactly the way she expected him to be. His flaw? He does not have any ‘’digital footprint’’! He actually dislikes social media; he is not on Facebook, Instagram, LinkedIn, Pinterest, he does not use Snapchat, WhatsApp or Viber. The girl talks about her problem – in panic – to her friends, who in turn start believing that the young man in question … may actually not exist! Just because they cannot find in the social media ‘’what he did last summer’’, ‘’what he had for lunch’’ it actually cross-es their minds that he might not be real.

This video was obviously produced by The Independent to satirize a reality. The actual social reality of our times; the social reality of the 21th century. Whether we like it or not, if we do not have a digital footprint we may well be considered as ‘’non-existent’’. Especially, as far as the younger genera-tions are concerned.

However, I am afraid that it’s not only the modern youngsters and their social life that have changed in the last 10-15 years. Something similar ap-plies to the (shipping) corporate world of our times. Nowadays, if a compa-ny does not have a proper corporate structure, audited financials, a tone of documents regarding shareholding … it does not exist. It does not exist for financiers; it does not exist for major charterers, it does not exist for major suppliers. Companies that resist joining the 21st century are no longer on the radar of these large counterparties. The years of name lending, the years of ‘’my word is my bond’’ are long gone. The companies that refuse to real-ize this, are either excluded from financing or if financed they do so in much more uncompetitive terms.

There are indeed regulations and requirements imposed to modern shipping companies that are not only harsh but quite often unrealistic. There are also requirements that may cause adverse results. For example, there is the so called corporate guarantee of the holding company of a borrower that all the major banks ask for from their clients nowadays, for obvious, recourse reasons.

What they do not realize though is that this holding company may be guar-anteeing different loans from different banks. In other words, if bank X needs to enforce its security under its loan, then bank Y will most probably be forced to accelerate its loan regardless of it being problematic or not, since bank X can move against all assets under the holding company. Clearly, this is not a nice picture.

Therefore, we do live in a very different world compared to 10 or 15 years ago. We live in a digital world; we live in the era of easily accessible infor-mation. Not adapting to these new circumstances is realistically not an op-tion. We should therefore stop demonizing social media or the new corpo-rate environment of transparency and reporting; what we should do? Within our new environment try to first find the way to protect ourselves and our companies and then find ways to prosper and excel.

Chartering (Wet: Soft-/ Dry: Stable+ )

The impressive jump in Capesize rates offered another generous boost to the dry bulk index last week, while the performance of the rest of the sizes lagged behind. The BDI today (10/07/2018) closed at 1,555 points, down by 54 points compared to Monday’s (09/07/2018) levels and in-creased by 79 points when compared to previous Tuesday’s closing (03/07/2018). Despite healthier activity in the Middle East market last week, momentum in the crude carriers market remained negative across the board last week. The BDTI today (10/07/2018) closed at 732, increased by 30 points and the BCTI at 499, a decrease of 2 points com-pared to previous Tuesday’s (03/07/2018) levels.

Sale & Purchase (Wet: Soft - / Dry: Soft - )

As we approach the summer season peak SnP activity slows down, while the impact of the recently introduced requirements for vessel imports in China is already visible on the number of dry bulk deals, with a number of buyers moving to the sidelines for now and talk of failing deals heating up. On the tanker side we had the sale of the “IVER EXPERI-ENCE” (45,650dwt-blt ‘00, S. Korea), which was sold to Indian owner, Seven Islands Shipping, for a price in the region of $7.5m. On the dry bulker side sector we had the sale of the “ORIENTE SHINE” (31,820dwt-blt ‘01, Japan), which was sold to Chinese buyers, for a price in the re-gion of $7.06m.

Newbuilding (Wet: Stable+ / Dry: Stable+)

The newbuilding market has seen a slightly smaller number of orders surfacing during the past week compared to the average weekly con-tracting volumes of the past months, while given that we are now al-most half way through the summer season, this slowdown has been more or less expected by most. Saying that, overall newbuilding data points to a much busier market this year indeed. Looking at the num-bers concerning the first half of 2018, it is clear that newbuilding mo-mentum has been getting stronger in both the dry bulk and tanker sec-tors, with the year to date increase in in terms of number of vessels ordered calculated at around 140% and 50% respectively. The biggest increases as far as dry bulk orders are concerned are noted in Kam-sarmax and Ultramax sizes, while on the tanker side the same holds for Suezmax and MR vessels. In terms of recently reported deals, US listed owner, Teekay, placed an order for two firm shuttle tankers (154,000 dwt) at Samsung, in S. Korea for a price in the region of $125.0m and delivery set in 2019 -2020.

Demolition (Wet: Soft - / Dry: Soft -)

The demolition market shifted into a lower gear during the past days, with the weakening momentum evidenced in both softer prices and less appetite on behalf of cash buyers. Given the fact that we are almost half-way through the summer season and that an impressive number of high ldt vessels have been sold for scrap during the past couple of months, this slowdown was more or less expected. Saying this, the slump in local steel prices in India together with a weakening Indian Rupee, could sooner rather than later affect prices across the board. Indeed, with Bangladeshi buyers having no incentive at this stage to sustain their premiums over competition in order to secure tonnage and cash buyers in Pakistan assessing the recently introduced sales tax, we expect demo prices to keep softening in the following weeks. Average prices this week for tankers were at around $270-440/ldt and dry bulk units received about $260-430/ldt.

Weekly Market Report

Issue: Week 27|Tuesday 10th July 2018

© Intermodal Research 10/07/2018 2

2017 2016

WS

points$/day

WS

points$/day $/day $/day

265k MEG-JAPAN 48 14,783 49 16,020 -7.7% 20,658 41,068

280k MEG-USG 20 - 23 - - 13,429 44,269

260k WAF-CHINA 50 13,342 54 16,920 -21.1% 19,815 41,175

130k MED-MED 78 13,623 72 12,684 7.4% 17,617 29,930

130k WAF-USAC 73 11,929 68 9,407 26.8% 12,917 23,591

140k BSEA-MED 85 16,198 85 17,193 -5.8% 17,617 29,930

80k MEG-EAST 100 9,046 102 9,691 -6.7% 11,560 20,111

80k MED-MED 80 3,245 80 3,406 -4.7% 15,136 20,684

80k UKC-UKC 113 11,219 105 6,587 70.3% 11,912 26,526

70k CARIBS-USG 112 9,650 125 13,989 -31.0% 14,479 20,501

75k MEG-JAPAN 102 8,533 97 7,779 9.7% 10,082 16,480

55k MEG-JAPAN 121 7,440 119 8,188 -9.1% 8,262 12,891

37K UKC-USAC 106 2,229 103 2,088 6.8% 8,975 10,622

30K MED-MED 130 3,682 130 3,869 -4.8% 6,703 9,056

55K UKC-USG 98 4,831 103 5,902 -18.1% 10,421 15,726

55K MED-USG 98 4,077 103 5,612 -27.4% 9,613 14,879

50k CARIBS-USAC 115 6,188 113 5,905 4.8% 10,544 15,549

Dir

tyA

fram

axC

lean

VLC

CSu

ezm

ax

Vessel Routes

Week 27 Week 26$/day

±%

Jul-18

avg

Jun-18

avg±% 2017 2016 2015

300KT DH 64.0 64.0 0.0% 61.8 68.9 81.2

150KT DH 43.5 43.5 0.0% 41.1 50.0 59.7

110KT DH 32.0 32.0 0.0% 30.1 37.0 45.5

75KT DH 30.0 29.6 1.4% 27.4 33.1 36.1

52KT DH 26.8 26.8 0.0% 23.1 25.3 27.6

Aframax

LR1

VLCC

Suezmax

Indicative Market Values ($ Million) - Tankers

Vessel 5yrs old

MR

Chartering

The crude carriers market witnessed another disappointing week, with very few positive exceptions across the board, while the fact that the Middle East market was admittedly busier compared to the week prior, did little to support sentiment. The period market continues to see some increased activity at the same time, with recently reported rates reflecting a stable market and focus remaining on longer periods. Oil prices were mixed yes-terday, with analysts now focusing on today’s strike by workers on Norwe-gian oil and gas offshore rigs as well as on the continuous disruptions in Middle East on the back of extended tension in the region.

The improvement in Middle East demand last week failed to translate into premiums over last done VLCC rates, with surplus tonnage in the region allowing charterers to maintain control, while the West Africa market also moved negatively in sync with the Middle East.

The West Africa Suezmax manage to advance on steady European enquiry, while the Black Sea Med market moved sideways on steady demand. On the Aframax front, rates in the Med showed no signs of improvement, leav-ing little room to owners looking to increase their ideas, while the Caribs Afra saw another uninspiring week that ended with further substantial dis-counts.

Sale & Purchase

In the VLCC sector we had the sale of the “F WHALE” (319,869dwt-blt ‘11, S. Korea), which was sold to undisclosed buyers, for a price in the region of $45.0m.

In the MR sector we had the sale of the “IVER EXPERIENCE” (45,650dwt-blt ‘00, S. Korea), which was sold to Indian owner, Seven Islands Shipping, for a price in the region of $7.5m.

Tanker Market

- 12 mos - MISSISSIPPI' 2010 48,000 dwt

- - $13,000/day - Norient

Indicative Period Charters

- 6 + 6 mos - 'VALROSSA' 2008 50,344 dwt

- - $12,750/day - PMI

20

70

120

170

220

270

320

370

420

WS

po

ints

DIRTY - WS RATESTD3 TD6 TD9

Week 27 Week 26 ±% Diff 2017 2016

300k 1yr TC 23,000 23,000 0.0% 0 27,524 38,108

300k 3yr TC 30,000 30,000 0.0% 0 28,830 34,379

150k 1yr TC 16,000 16,000 0.0% 0 18,788 27,363

150k 3yr TC 21,000 21,000 0.0% 0 19,330 25,653

110k 1yr TC 15,000 15,000 0.0% 0 16,034 22,396

110k 3yr TC 17,500 17,500 0.0% 0 17,339 20,948

75k 1yr TC 13,000 13,000 0.0% 0 12,986 19,127

75k 3yr TC 14,500 14,500 0.0% 0 14,253 18,592

52k 1yr TC 13,000 13,000 0.0% 0 13,375 15,410

52k 3yr TC 15,000 15,000 0.0% 0 14,287 15,681

36k 1yr TC 12,000 12,000 0.0% 0 12,053 14,380

36k 3yr TC 13,500 13,500 0.0% 0 13,200 14,622

Panamax

MR

Handy

TC Rates

$/day

VLCC

Suezmax

Aframax

60

90

120

150

180

210

240

270

WS

po

ints

CLEAN - WS RATESTC1 TC2 TC5 TC6

© Intermodal Research 10/07/2018 3

Chartering

The impressive performance of Capes resumed last week as well, sending

the BDI above 1,600 points, a new 2018 high for the index. The surge in

earnings for this size have also started providing a boost to the Panamax

market, while rates for the smaller bulkers ended the week with minor

losses yet again. On the period front, things remained overall quiet, with

the split spot market performance still causing confusion as to whether it

makes sense to fix periods at this stage. At the same time, the little activity

reported mainly concerned Kamsarmax vessels and smaller periods up to 9

months, while numbers suggested unchanged levels compared to last

dones.

With rates in the Atlantic on a crazy course and the Pacific market overall

steady, it was a particularly good week for Capes, average earnings of

which climbed above $24,000/day, a level last visited back in December.

Expectations for the following days are less bullish though following the

intense fixing of the past days as well as the ground the market has cov-

ered in a relatively short period of time.

The surge in Capesize Atlantic rates diverted interest to Panamax vessels

and with a number of charterers looking into splitting cargoes, Panamax

earnings were given a generous boost as a result. Despite a slightly less

busy ECSA, there were some impressive numbers reported for Kamsarmax

vessels out of the region, while the market in the East remained positional.

Rates for the smaller sizes stayed negative, with small overall losses noted

across all key trading regions, while Supramax tonnage started to see some

improvements in USD and Med regions closer to the weekend.

Sale & Purchase

In the Handysize sector we had the sale of the “ORIENTE SHINE” (31,820dwt-blt ‘01, Japan), which was sold to Chinese buyers, for a price in the region of $7.06m.

In the same sector we had the sale of the “GENCO PROGRESS” (29,952dwt-blt ‘99, Japan), which was sold to Chinese buyers, for a price in the region of $5.55m.

0500

1,0001,5002,0002,5003,0003,5004,0004,5005,000

Ind

ex

Baltic Indices

BCI BPI BSI BHSI BDI

0

5000

10000

15000

20000

25000

30000

35000$

/da

y

Average T/C Rates

Average of the 4 T / C AVR 4TC BPI AVR 5TC BSI AVR 6TC BHSI

Jul-18 avg Jun-18 avg ±% 2017 2016 2015

180k 36.0 35.5 1.4% 30.8 23.5 33.4

76K 19.0 19.0 0.0% 17.8 13.6 17.5

56k 18.0 18.0 0.0% 16.0 12.7 16.6

30K 15.8 15.6 1.3% 12.5 9.9 13.8Handysize

Capesize

Panamax

Supramax

Indicative Market Values ($ Million) - Bulk Carriers

Vessel 5 yrs old

Indicative Period Charters

- 4 to 7 mos - 'PANAMANIAN' 2010 83,488 dwt

- Tianjin prompt - $13,250/day - Hyundai Glovis

- 6 to 9 mos - 'PACIFIC SEAGULL' 2016 63,463 dwt

- Zhanjiang 05/08 Jul - $ 13,250/day - Cargill

Dry Bulk Market

Index $/day Index $/day Index Index

BDI 1,622 1,385 237 1,149 676

BCI 3,086 $24,273 2,170 $18,110 916 34.0% 2,094 1,030

BPI 1,347 $10,821 1,336 $10,738 11 0.8% 1,221 695

BSI 999 $10,892 1,042 $11,288 -43 -3.5% 846 601

BHSI 563 $8,238 581 $8,476 -18 -2.8% 525 364

29/06/2018

Baltic IndicesWeek 27

06/07/2018Week 26

Point

Diff

2017 2016$/day

±%

180K 6mnt TC 23,500 19,750 19.0% 3,750 15,671 7,842

180K 1yr TC 21,000 19,250 9.1% 1,750 14,844 7,582

180K 3yr TC 19,500 17,750 9.9% 1,750 13,892 8,728

76K 6mnt TC 13,000 13,000 0.0% 0 10,984 6,492

76K 1yr TC 12,750 12,750 0.0% 0 11,113 6,558

76K 3yr TC 12,250 12,250 0.0% 0 11,171 7,068

55K 6mnt TC 13,000 13,000 0.0% 0 10,421 6,582

55K 1yr TC 13,250 13,250 0.0% 0 10,166 6,851

55K 3yr TC 12,250 12,250 0.0% 0 10,176 6,827

30K 6mnt TC 11,250 11,250 0.0% 0 8,662 5,441

30K 1yr TC 11,000 11,000 0.0% 0 8,248 5,511

30K 3yr TC 9,750 9,750 0.0% 0 8,464 5,950Han

dys

ize

Period

2016

Pan

amax

Sup

ram

ax

Week

27

Week

26

Cap

esi

ze

2017$/day ±% Diff

© Intermodal Research 10/07/2018 4

Secondhand Sales

Size Name Dwt Built Yard M/E SS due Hull Price Buyers Comments

VLCC F WHALE 319,869 2011 HYUNDAI, S. Korea Warts i la DH $ 45.0m undisclosed

MR IVER EXPERIENCE 45,650 2000 SAMHO, S. Korea MAN-B&W DH $ 7.5m

Indian

(Seven Is lands

Shipping)

MR ANDREAS 35,966 1999 DAEDONG, S. Korea Sulzer DH high $ 5.0m undisclosed

SMALL VINGA SAFIR 2,713 2000 TORLAK, Turkey MaK DH undisclosedDanish

(Monjasa)

Tankers

Size Name Dwt Built Yard M/E SS due Gear Price Buyers Comments

KMAX TRADE UNITY 82,004 2016

JIANGSU NEW

YANGZIJIAN,

China

MAN-B&W undisclosed undisclosed

HANDY ORIENTE SHINE 31,820 2001HAKODATE DOCK,

JapanMitsubishi

4 X 30t

CRANES$ 7.06m Chinese

HANDY GENCO EXPLORER 29,952 1999 OSHIMA, Japan B&W4 X 30t

CRANES$ 5.55m Chinese

HANDYGENCO

PROGRESS29,952 1999 OSHIMA, Japan B&W

4 X 30t

CRANES$ 5.55m Chinese

Bulk Carriers

Size Name Teu Built Yard M/E SS due Gear Price Buyers Comments

POST

PMAXHAMBURG BAY 6,350 2009

KOYO MIHARA,

JapanMAN-B&W $ 21.0m US based

FEEDER MAENAM 1 1,008 1997 IWAGI, Japan B&W $ 3.0m undisclosed

Containers

Type Name Dwt Built Yard M/E SS due Cbm Price Buyers Comments

LPG FOUNTAIN RIVER 49,996 1997 KAWASAKI, Japan B&W 79,527 $ 16.0mGreek

(Naftomar)

LPGSANKO

INNOVATOR26,471 2008

HYUNDAI, S.

KoreaMAN-B&W 34,483 $ 16.0m European

LPGSANKO

INDEPENDENCE26,466 2008

HYUNDAI, S.

KoreaMAN-B&W 34,483 $ 16.0m European

LPG GAS LEGACY 3,318 1998 SHITANOE, Japan Mitsubishi 3,514 $ 4.5m U.S based

Gas/LPG/LNG

© Intermodal Research 10/07/2018 5

The newbuilding market has seen a slightly smaller number of orders surfac-ing during the past week compared to the average weekly contracting vol-umes of the past months, while given that we are now almost half way through the summer season, this slowdown has been more or less expected by most. Saying that, overall newbuilding data points to a much busier mar-ket this year indeed. Looking at the numbers concerning the first half of 2018, it is clear that newbuilding momentum has been getting stronger in both the dry bulk and tanker sectors, with the year to date increase in in terms of number of vessels ordered calculated at around 140% and 50% respectively. The biggest increases as far as dry bulk orders are concerned are noted in Kamsarmax and Ultramax sizes, while on the tanker side the same holds for Suezmax and MR vessels.

In terms of recently reported deals, US listed owner, Teekay, placed an order for two firm shuttle tankers (154,000 dwt) at Samsung, in S. Korea for a price in the region of $125.0m and delivery set in 2019 -2020.

Newbuilding Market

20

60

100

140

180

mil

lion

$

Tankers Newbuilding Prices (m$)

VLCC Suezmax Aframax LR1 MR

10

30

50

70

90

110

mil

lion

$

Bulk Carriers Newbuilding Prices (m$)

Capesize Panamax Supramax Handysize

Week

27

Week

26±% 2017 2016 2015

Capesize 180k 48.0 48.0 0.0% 43 43 50

Kamsarmax 82k 27.5 27.5 0.0% 25 25 28

Ultramax 63k 26.0 26.0 0.0% 23 23 25

Handysize 38k 23.5 23.5 0.0% 20 20 21

VLCC 300k 89.0 89.0 0.0% 80 88 96

Suezmax 160k 59.0 59.0 0.0% 54 58 64

Aframax 115k 47.0 47.0 0.0% 44 48 53

LR1 75k 43.3 43.3 0.0% 41 43 46

MR 50k 35.5 35.5 0.0% 33 34 36

180.0 180.0 0.0% 186 189 190

71.0 70.0 1.4% 71 74 77

63.3 63.0 0.4% 64 66 68

42.5 42.5 0.0% 42 43 45

LNG 174k cbm

LGC LPG 80k cbm

MGC LPG 55k cbm

SGC LPG 25k cbm

Gas

Bu

lke

rsTa

nke

rs

Vessel

Indicative Newbuilding Prices (million$)

Units Type Yard Delivery Buyer Price Comments

2 Tanker 157,000 dwtHyundai Samho, S.

Korea2020 Greek (Central Shipping) undisclosed

options declared,

scrubber fitted

2 Tanker 154,000 dwt Samsung, S. Korea 2019-2020 US listed (Teekay) $ 125.0mDP2, ice class 1A,

shuttle tankers

1Combo

Carrier83,500 dwt

Jiangsu Yangzijiang,

China2020 Norwegian (Klaveness)

around

$40.0m

dru bulk & liquid

carrier

1 Gas 173,400 cbm DSME, S. Korea 2020 Norwegian (Seatankers) undisclosed LNG

1 Cruise 16,000 GT Vard Langsten, Norway 2021German

(Hapag Lloyd Cruises)undisclosed 230 pax, 120 cabins

Newbuilding OrdersSize

© Intermodal Research 10/07/2018 6

The demolition market shifted into a lower gear during the past days, with the weakening momentum evidenced in both softer prices and less appetite on behalf of cash buyers. Given the fact that we are almost half-way through the summer season and that an impressive number of high ldt vessels have been sold for scrap during the past couple of months, this slowdown was more or less expected. Saying this, the slump in local steel prices in India together with a weakening Indian Rupee, could sooner rather than later affect prices across the board. Indeed, with Bangladeshi buyers having no incentive at this stage to sustain their premiums over competition in order to secure tonnage and cash buyers in Pakistan assessing the recently introduced sales tax, we expect demo prices to keep softening in the following weeks. Average prices this week for tankers were at around $270-440/ldt and dry bulk units received about $260-430/ldt.

The highest price amongst recently reported deals was paid by Bangladeshi breakers for the Ore carrier “ORE VITORIA” (233,016dwt-26,695ldt-blt ‘89), which received $440/ldt.

Demolition Market

100

175

250

325

400

475

$/ld

tDry Bulk Demolition Prices

Bangladesh India Pakistan China Turkey

100

175

250

325

400

475

$/l

dt

Tanker Demolition Prices Bangladesh India Pakistan China Turkey

Week

27

Week

26±% 2017 2016 2015

Bangladesh 440 440 0.0% 376 287 360

India 435 445 -2.2% 374 283 361

Pakistan 420 420 0.0% 379 284 366

China 270 270 0.0% 251 176 193

Turkey 290 290 0.0% 250 181 225

Bangladesh 430 430 0.0% 358 272 341

India 425 435 -2.3% 354 268 342

Pakistan 410 410 0.0% 358 267 343

China 260 260 0.0% 241 160 174

Turkey 280 280 0.0% 240 174 216

Indicative Demolition Prices ($/ldt)

Markets

Tan

ker

Dry

Bu

lk

Name Size Ldt Built Yard Type $/ldt Breakers Comments

ORE VITORIA 233,016 26,695 1989 NKK, Japan BULKER $ 440/Ldt Bangladeshi

ANNAPURNA 17,562 8,124 1991 HYUNDAI, S. Korea GAS $ 410/Ldt Indian as-is Dubai, incl. bunkers

NANGA PARBAT 17,601 8,084 1991 HYUNDAI, S. Korea GAS $ 410/Ldt Indian as-is Dubai, incl. bunkers

ANDESGAS 16,263 6,699 1991 MEYER, Germany GAS $ 440/Ldt Indian

Demolition Sales

The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without mak-ing guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.

Written by Intermodal Research & Valuations Department | research@intermodal.gr Ms. Eva Tzima | e.tzima@intermodal.gr

Mr. George Panagopoulos | g.panagopoulos@intermodal.gr

Market News

“KTB Asset Management launches $30m shipping fund.

Money will be invested in three shuttle tankers building for Teekay at Samsung Heavy Industries.

South Korea’s KTB Asset Management has launched a private equity fund worth $30m as part of efforts to accelerate the recovery of local shipbuilders.

The fund, which will have a tenure of five years, plans to invest in three 155,000-dwt shuttle tankers on order Samsung Heavy Industries Co for Teekay. “The investment would generate stable profits based on the long-term contract between one of the major ship owners and shippers in the world,” the Pulse daily reported quoting an unnamed KTB Asset Management official.

The KTB shipping fund is said to be the first shipping fund released by South Korean asset managers in three years. The fund has been launched as part of the Korean government’s Ocean Value-up Fund Program led by state-run Korea Development Bank.

KTB Asset Management is reported to have been actively looking for shipping investment opportuni-ties in Norway, Germany, the UK and Singapore. On Tuesday TradeWinds reported that Teekay Offshore Partners had emerged as the mystery owner behind orders for two “special-purpose” ships unveiled last week by the shipbuilder...”(TradeWinds)

Commodities & Ship Finance

6-Jul-18 5-Jul-18 4-Jul-18 3-Jul-18 2-Jul-18W-O-W

Change %

10year US Bond 2.830 2.840 2.840 2.840 2.870 -0.7%

S&P 500 2,759.82 2,759.82 2,736.61 2,713.22 2,726.71 1.5%

Nasdaq 7,688.39 7,688.39 7,586.43 7,502.67 7,567.69 2.4%

Dow Jones 24,456.48 24,456.48 24,356.74 24,174.82 24,307.18 0.8%

FTSE 100 7,617.70 7,603.22 7,573.09 7,593.29 7,547.85 -0.3%

FTSE All-Share UK 4,187.17 4,180.73 4,168.71 4,177.84 4,155.36 -0.4%

CAC40 5,375.77 5,366.32 5,320.50 5,316.77 5,276.76 1.0%

Xetra Dax 12,496.17 12,464.29 12,317.61 12,349.14 12,238.17 2.1%

Nikkei 21,788.14 21,546.99 21,717.04 21,785.54 21,811.93 -0.1%

Hang Seng 28,315.62 28,315.62 28,182.09 28,241.67 28,545.57 -2.2%

DJ US Maritime 280.98 276.72 274.91 274.91 274.91 2.3%

$ / € 1.18 1.17 1.17 1.17 1.16 0.4%

$ / ₤ 1.33 1.32 1.32 1.32 1.31 0.6%

¥ / $ 110.48 110.58 110.51 110.41 110.87 -0.2%

$ / NoK 0.12 0.12 0.12 0.12 0.12 1.4%

Yuan / $ 6.64 6.64 6.63 6.64 6.67 0.3%

Won / $ 1,115.55 1,118.62 1,115.31 1,114.34 1,119.17 0.1%

$ INDEX 93.96 94.38 94.67 94.67 95.03 -0.7%

Market Data

Cu

rre

nci

es

Sto

ck E

xch

ange

Dat

a

1,150

1,200

1,250

1,300

1,350

50

55

60

65

70

75

80

85

goldoil

Basic Commodities Weekly Summary

Oil WTI $ Oil Brent $ Gold $

6-Jul-18 29-Jun-18W-O-W

Change %

Rotterdam 640.0 642.5 -0.4%

Houston 673.5 670.0 0.5%

Singapore 655.0 655.0 0.0%

Rotterdam 440.5 442.5 -0.5%

Houston 449.0 435.0 3.2%

Singapore 468.5 475.5 -1.5%

Bunker Prices

MG

O3

80

cst

CompanyStock

ExchangeCurr. 06-Jul-18 29-Jun-18

W-O-W

Change %

AEGEAN MARINE PETROL NTWK NYSE USD 1.86 0.66 181.8%

CAPITAL PRODUCT PARTNERS LP NASDAQ USD 3.20 3.06 4.6%

COSTAMARE INC NYSE USD 8.28 7.98 3.8%

DANAOS CORPORATION NYSE USD 2.40 1.90 26.3%

DIANA SHIPPING NYSE USD 5.00 4.81 4.0%

DRYSHIPS INC NASDAQ USD 6.11 5.26 16.2%

EAGLE BULK SHIPPING NASDAQ USD 5.42 5.44 -0.4%

EUROSEAS LTD. NASDAQ USD 1.81 1.75 3.4%

GLOBUS MARITIME LIMITED NASDAQ USD 0.53 0.50 6.0%

NAVIOS MARITIME ACQUISITIONS NYSE USD 0.55 0.61 -9.8%

NAVIOS MARITIME HOLDINGS NYSE USD 0.91 0.85 7.1%

NAVIOS MARITIME PARTNERS LP NYSE USD 2.08 1.89 10.1%

SAFE BULKERS INC NYSE USD 3.44 3.40 1.2%

SEANERGY MARITIME HOLDINGS CORP NASDAQ USD 0.94 0.87 8.0%

STAR BULK CARRIERS CORP NASDAQ USD 13.31 12.86 3.5%

STEALTHGAS INC NASDAQ USD 4.01 3.97 1.0%

TSAKOS ENERGY NAVIGATION NYSE USD 3.68 3.72 -1.1%

TOP SHIPS INC NASDAQ USD 1.03 0.95 8.4%

Maritime Stock Data