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WEEKLY SHIPPING MARKET REPORT
WEEK 27 (27th
June to 3rd
July 2015)
Legal Disclaimer The information contained herein has been obtained by various sources. Although every effort has been made to ensure that this information is accurate, complete and up-to-date, Shiptrade Services S.A. does not accept any responsibility whatsoever for any loss or damage occasioned or claimed, upon reliance on the information, opinions and analysis contained in this report. Research compiled by: Shiptrade Services S.A. Market Research on behalf of the Sale & Purchase, Dry Cargo Chartering and Tanker Chartering Departments. For any questions, please contact: [email protected]
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Shiptrade Services S.A. Weekly Market Report 2
Top Stories: Shipping, Commodities & Global Economy
China to lift ban on entry of miner Vale’s mega-ships
China said on Friday it will allow 400,000-deadweight tonne ships to dock at its ports, officially ending a more than three-year ban that had effectively shut out Brazilian miner Vale SA’s giant vessels. Four domestic ports – Qingdao, Dalian, Tangshan Caofeidian and Ningbo – will be allowed to receive the carriers after they meet technical standards, China’s state planner, the National Development & Reform Commission, said in a joint statement with the Ministry of Transport. Vale’s Valexmax mega-ships, which were designed to cut the costs of transporting iron ore to China, were banned by Beijing in early 2012 on safety concerns. The ban stalled Vale’s $4 billion strategy in China, the world’s biggest market for the commodity. A spokeswoman for Vale declined to comment on the rule change. Signs of a thaw began appearing last September after Vale signed a deal to sell and lease back ships from China Ocean Shipping Co (COSCO), the country’s largest shipping conglomerate. China in February issued ship design guidelines recognising ships of 400,000 dwt. Ports that want to receive Valemaxes will be able to apply for permission if they meet these standards, the NDRC said. A Valemax previously owned by the Brazilian firm anchored at Qingdao’s Dongjiakou port this week, Reuters mapping data showed. The Yuan Zhuo Hai is now owned by China Ore Shipping, a Cosco joint venture, which it bought from Vale in May. The ability of Valemaxes to take cargoes directly to China and cut costs, by $4-6 a tonne, comes at a crucial time for the firm, with iron ore prices struggling around their lowest since 2009 due to a global supply glut. While the price collapse has driven higher-cost miners out of the market and increased the market share of giant producers, higher freight charges and longer delivery times means that Vale has not benefited as much as Australian rivals such as Rio Tinto and BHP Billiton . Australia alone supplied 241.7 million tonnes of iron ore to China in the first five months of the year, up 14.8 percent compared to last year and amounting to almost 64 percent of the total. Brazil supplied 70.89 million tonnes, or 18.7 percent. Spot prices for ore delivered into Tianjin port dropped 5.3 percent on Thursday to $55.8 per tonne, the sixth consecutive daily decline and its lowest rate since April 23. Source: Reuters (Reporting by Ruby Lian and Brenda Goh; Editing by Himani Sarkar and Ed Davies)
Hyundai yards, DSME to gain from cheaper oil
The collapse in oil prices and the subsequent growth in oil consumption would benefit Hyundai's shipbuilders and Daewoo Shipbuilding & Marine Engineering (DSME) as they construct oil and product tankers, a sector analyst has opined. JP Morgan analyst Lee Sok-je noted that the crude tanker market rally continues in tandem with period charter rates. The one-year time charter rate of very large crude carriers (VLCCs) has risen to a six-year high of USD47,500/day. Suezmax tanker rates have risen to USD33,800/day, and Aframax tanker rates are at USD27,000/day, almost double their breakeven rates. Lee said, "Low oil prices invited a sharp recovery in oil demand, and we see a continued shortage of tankers despite the weak seasonality. "We believe key beneficiaries of the crude oil tanker rally will be DSME and Hyundai Heavy Industries, with their dominant market shares in the segments." The drop in oil prices has also begun filtering down to product tankers. Lee said, "The product tanker rally started almost 20 months after the spike in the crude tanker market, as significant product tanker orders were placed in 2013, and deliveries were concentrated in 2015." It appears that any concern with a glut of product tankers has been allayed for now. Lee said, "We believe the concerns are turning into optimism. The average spot rates of product tankers have rallied to USD25,603/day (as of 26 June 2015), more than double the average of USD12,323/day in 2014. "We believe the key beneficiary will be Hyundai Mipo, given its market dominance (30-40% market share)." Source: ihsmaritime360.com
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Sale & Purchase
Secondhand Sales – Bulk Carriers Name Dwt YoB Yard SS Engine Gear Price (mill.) Buyer
Kohyohsan 172.564 2001 Nkk , Jpn 06/2016 B&W - $9.8 Singaporean
(Winning)
Kohju 172,498 2001 Nkk , Jpn 02/2016 B&W - $10.2 Greek
United
Challenger 82,641 2008 Tsuneishi, Jpn 04/2018 MAN B&W - $16 Turksish
Qi Shan 79,775 2011 Fujian
Guanhai, Chn 03/2016 Wartsila -
Shou Shan 79,775 2010 Fujian
Guanhai, Chn n/a Wartsila -
$22.5 en bloc
Greek
Shiyo 77,514 2001 Sasebo , Jpn 05/2016 B&W - $5.5 Chinese
(Younysun)
Okyalos 73,322 1998 Halla, Kr 11/2017 B&W - $4.2 Chinese
Eleanor D 53,260 2005 New Century,
Chn 06/2020 MAN B&W 4 x 36 T $6.5 Bangladeshi
Pacific Acadian 49,052 1995 Oshima, Jpn 09/2015 B&W 4 x 35 T $4.4 Lebanese
Oriente
Challenger 24,600 2001
Muroran,
Jpn 06/2016 Mitsubishi 3 x 20 T $3.9
Vietnamese
(Tan Binh)
Oslo Merchant 16,302 2004 Shin Kochi, Jpn 09/2019 Mitsubishi 4 x 30 T Undisclosed Chilean
(Ultranav)
Secondhand Sales - Tankers Name Dwt YoB Yard SS Engine Hull Price (mill.) Buyer
Gc Guangzhou 305,839 1999 Mitsubishi ,
Jpn 06/2019 B&W DH $39 Middle Eastern
Zallaq 153,019 2001 Hyundai
Heavy, Kr 09/2015 B&W DH $23.3
Greek
(Avin)
Moscow Star 106,553 1999 Nkk, Jpn 01/2018 Sulzer DH $15.7 Saudi Arabian
(Bahri)
Revel 35,187 2004 Guangzhou,
Chn 09/2019 B&W DH $14.2 Undisclosed
Harbour Muran 8,500 2011
Avic
Dingheng,
Chn
05/2017 B&W DH $17.2 Norwegian
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Shiptrade Services S.A. Weekly Market Report 4
Bow Bracaria 5,846 1997 Viana Do
Castelo , Port 02/2017 B&W DH
Bow Balearia 5,846 1998 Viana Do
Castelo , Port 03/2018 MAN B&W DH
Bow Brasilia 5,800 1997 Viana Do
Castelo , Port 06/2017 MAN B&W DH
Undisclosed Norwegian
(Stolt Tankers)
LPG Ocean
Primero 3,567 1993 YVC ,Neth 02/2018 Deutz DH $1.0 Turkish
Secondhand Sales – Containers Name Teu YoB Yard SS Engine Gear Price (mill.) Buyer
Mol Endurance 4.578 2003 Ihi , Jpn 09/2018 Sulzer n/a $14.5 Undisclosed
Mol Encore 4.578 2003 Ihi , Jpn 03/2018 Sulzer n/a $14.5
Mol Enterprise 4,578 2003 Ihi , Jpn 12/2018 Sulzer n/a $14.5
Mol Endeavor 4,578 2003 Ihi , Jpn 06/2018 Sulzer n/a $14.5
Hub Gallardo 700 1998 Watanabe,
Jpn 01/2018 B&W 2 x 36 T
$2.0
Mid/High Undisclosed
Indicative Values - Bulk Carriers Size Prompt Resale 5 years 10 years 15 years
Capesize 44 29 18 10
Panamax - Kamsarmax 27 17 10 7,5
Supramax - Ultramax 25 16,5 10 7
Handysize 21 14 9 5
Indicative Values - Tankers Size Prompt Resale 5 years 10 years 15 years
VLCC 99 80 51 30
Suezmax 70 59 40 22
Aframax 55 45 30 15
Panamax 43 32 23 11
MR 36 26 17 13
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Shiptrade Services S.A. Weekly Market Report 5
Newbuilding & Demolition
Newbuilding Orders - Bulkers No Type Dwt Yard Delivery Owner Price (mill.) Comments
3 Kamsarmax 81,600 Tsuneishi
Zhousan, Chn 2017/18 Undisclosed
1 Kamsarmax 80,800 JMU, Jpn 2018
Taiwanese (Wisdom Marine ) Undisclosed
1 Supramax 55,300 Oshima, Jpn 2019 Japanese (Tamai
Steamship) Undisclosed
Newbuilding Orders – Tankers
No Type Dwt Yard Delivery Owner Price (mill.)
Comments
3 VLCC 300.000 Dalian, Chn 2017 Chinese (Cosco) $92
5 LR1 75.000 Dalian, Chn 2017 Chinese (Cosco) $42-43
14 G.P.T 24,000 Jiangsu
Hantong,China 2017 Frontline 2012 $90.0 +6 option
Demolition Sales Vessel Type Built Ldt Dwt Price ($) Country Comments
Zim Pacific Container 1996 16,904 45,850 395 India
Varg Star Tanker 1992 16,033 68,157 400 Bangladesh
Eratan LPG 1983 8,261 19,999 362 - As Is Singapore
Kai Hong BC 1985 8,366 42,129 360 Bangladesh
Astraeus BC 1998 7,190 28,233 320 Singapore
Baltic Stream Reefer 1980 7,116 12,570 400 Bangladesh 197 tons of Aluminum
Xing An Da BC 1984 6,727 33,024 370 India
C Way BC 1987 4,848 18,242 360 Bangladesh
Indicative Demolition Prices Country Tanker Prices Bulker Prices
India 365 355
Bangladesh 375 360
Pakistan 385 365
China 230 210
Turkey 260 240
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Dry Bulk Chartering
Baltic Indices (Friday Closing Values)
Index Week 27 Week 26 Change (%)
BDI 805 823 2,19
BCI 1249 1393 10,34
BPI 908 833 9,00
BSI 716 723 0,97
BHSI 361 362 0,28
1 year T/C rates ($/day)
Type Size (k dwt) Week 27 Week 26 Change (%)
Capesize 160 -175 8116 9154 11,34
Panamax 72 - 76 7235 6644 8,90
Supramax 52 - 57 7490 7555 0,86
Handysize 30 - 35 5331 5361 0,56
Average spot rates ($/day)
Type Size (k dwt) Route Week 27 Week 26 Change (%)
F. East - ATL 525 891 41,08 Cont/Med - F. East 15900 17375 8,49
F. East RV 7177 8573 16,28 Capesize 160 -175
TransAtlantic RV 8860 9775 9,36 F. East - ATL 676 609 11,00 ATL - F. East 12545 11845 5,91
Pacific RV 6293 5886 6,91 Panamax 72 - 76
TransAtlantic RV 9425 8235 14,45 F. East - ATL 5580 5815 4,04 ATL - F. East 9535 9617 0,85
Pacific RV 6783 6900 1,70 Supramax 52 - 57
TransAtlantic RV 8160 8000 2,00 Far East - ATL 3148 3171 0,73 ATL - F. East 9551 9609 0,60
Pacific RV 5979 6010 0,52 Handysize 30 - 35
TransAtlantic RV 5152 5176 0,46
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Shiptrade Services S.A. Weekly Market Report 7
Key Indicators & Stock Markets
Exchange Rates
Currency Week 27 Week 26 Change (%)
EUR / USD 1,111 1,120 0,80
USD / JPY 122,95 123,48 0,43
USD / KRW 1122 1116 0,54
USD / NOK 7,93 7,80 1,67
Bunker Prices
Port IFO 380 IFO 180 MGO
Piraeus 350 370 580
Fujairah 320 350 730
Singapore 330 343 541
Rotterdam 324 360 538
Houston 330 377 587
Commodities
Commodity Week 27 Week 26 Change (%)
Brent Crude (BZ) 56,62 62,97 10,08
Natural Gas (NG) 2,84 2,83 0,35
Gold (GC) 1,167 1,173 0,51
Copper 263,50 262,05 0,55
Wheat (W) 590,50 545,50 8,25
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Shiptrade Services S.A. Weekly Market Report 8
Key Indicators & Stock Markets
Shipping Stock Prices - Dry Bulk Company Stock Exchange Week 27 Week 26 Change (%)
Baltic Trading Ltd (BALT) NYSE 1,63 1,63 0,00
Diana Shipping Inc (DSX) NASDAQ 7,28 7,49 2,80
Dryships Inc (DRYS) NASDAQ 0,59 0,69 14,49
Euroseas Ltd (ESEA) NASDAQ 0,72 0,75 4,00
Eagle Bulk Shipping Inc (EGLE) NASDAQ 7,38 7,19 2,64
Freeseas Inc (FREESE) NASDAQ 2,77 0,08 (Reverse split)
Navios Maritime (NM) NYSE 3,64 3,85 5,45
Navios Maritime PTN (NMM) NYSE 10,82 11,57 6,48
Paragon Shipping Inc (PRGN) NASDAQ 0,70 0,70 0,00
Star Bulk Carriers Corp (SBLK) NASDAQ 2,91 3,17 8,20
Seanergy Maritime Holdings Corp (SHIP)
NASDAQ 0,66 0,58 13,79
Safe Bulkers Inc (SB) NYSE 3,35 3,35 0,00
Golden Ocean (GOGL) Oslo Bors 3,95 4,09 3,42
Shipping Stock Prices - Wet
Company Stock
Exchange Week 27 Week 26 Change (%)
Capital Product Partners LP (CPLP) NASDAQ 7,79 8,09 3,71
TOP Ships Inc (TOPS) NASDAQ 1,03 1,05 1,90
Tsakos Energy Navigation (TNP) NYSE 9,47 9,48 0,11
Shipping Stock Prices - Other
Company Stock
Exchange Week 27 Week 26 Change (%)
Aegean Maritime Petrol (ANW) NYSE 12,18 12,86 5,29
Danaos Corporation (DAC) NYSE 6,17 6,56 5,95
StealthGas Inc (GASS) NASDAQ 6,37 6,86 7,14
Rio Tinto (RIO) NYSE 41,04 42,90 4,34
Vale (VALE) NYSE 5,85 6,16 5,03
ADM Archer Daniels Midland (ADM) NYSE 48,65 50,70 4,04
BHP Billiton (BHP) NYSE 41,29 43,34 4,73
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Shiptrade Services S.A. Weekly Market Report 9
