s&p monthly report october 2009 - …files.irwebpage.com/reports/shipping/gapohy32an/cotzias...

www.cotzias.gr – visit our constantly updated website OCTOBER 2009

Ship sale volume: Oct-09 Sep-09

130 74 last month

106 53 last month

24 21 last month

Scrap volume:

62 136 last month

$340 USD/LDT BANGLADESH

Newbuilding Ships Prices (30/9/2009) (in mil USD)Dry Cargo CAPE 2/1/2009 PMX 2/1/2009 HMAX 2/1/2009

NEWBUILDING $66.0 $50.0 $41.5 $35.0 $34.0 $27.0

Tanker Ships VLCC 2/1/2009 SUZ 2/1/2009 AFR 2/1/2009

NEWBUILDING $100.0 $114.0 $69.0 $91.0 $49.0 $74.0

PAN 2/1/2009 PROD 2/1/2009

$44.0 $60.0 $33.5 $51.0

Average Dry cargo T/C Earnings (worldwide routes):

Oct-09 Sep-09 Aug-09 Jul-09

$40,072 $25,400 $41,528 $56,800

Large Bulkers 144,000 – 85,000 dwt: $21,221 $14,670 $24,583 $36,444

Panamax 82,000 – 59,000 dwt: $22,481 $21,100 $20,055 $23,849

Handymax 59,000 – 48,000 dwt: $21,300 $22,021 $20,866 $21,819

Handy 48,000 – 40,000 dwt: $18,681 $18,861 $15,217 $18,274

Bulkers 40,000 – 30,000 dwt: $14,250 $13,417 $15,594 $13,705

Small Bulkers 30,000 – 12,000 dwt: $14,236 $17,750 $12,088 $11,400

Scrap Prices for OCTOBER 2009

CHINA HIGH $281 AVERAGE $267 OCT 2009 AVERAGE $286 INDIA HIGH $335 AVERAGE $289 SEP 2009 AVERAGE $310

BANGLADESH HIGH $340 AVERAGE $324 AUG 2009 AVERAGE $291 PAKISTAN HIGH $330 AVERAGE $311 JUL 2009 AVERAGE $250

TURKEY HIGH $185 AVERAGE $183 JUN 2009 AVERAGE $257 275.64BALTIC INDICES % since

31-Oct-09change since LAST MONTH 30-Sep-09 31-Aug-09 31-Jul-09

3103 39.77% 2220 2421 33505047 77.34% 2846 3946 53853150 38.40% 2276 2157 31831820 -7.43% 1966 1740 2081444 -14.45% 519 433 465595 3.66% 574 500 474

COMMENTS:

It is hard to predict the outcome of the possible overcapacity at least in the Dry bulk sectors, but so far the OC threat has been avoided... postponed to be more accurate. However we all know that things/matters/problems we don't find solutions for and we don't "resolve" end up chasing after us and we will EVENTUALLY be DOOMED to meet face to face with these... Believe this is what we are just expecting to see ahead of us... in the year Twenty-Ten!! And it is a compass with a clear Twenty-Twenty vision that we need to engage and employ to help us steer through the troubled to be year Twenty-Ten...!!! However our NCSC Overcapacity Prediction/Analysis for the next 4-5 years says: Supramax Overcapacity Ratio - 117%, Capesize OC Ratio - 89%, Panamax OC Ratio - 37%, Handymax Oc Ratio - 17%.

OCTOBER 2009 S&P MONTHLY REPORT

Baltic Dirty Tanker Index

A month of a surprising activity we had. Price levels moved slightly upward, while the indices made an overal increase of approx 40% for the BDI and BPI on a month

to month comparison. It is interesting to note that the Capes index increased more than 70% on a m2m comparison, and that was clearly reflected in the average

daily T/C rates obtained which rose to above the 40k mark after the September slump when they had reached a low average of 25k pr day. It seems that the market

has shown some positive signs of improvement and having said that we should once more stress the fact that cancellations of newbuilding orders so far have been

minimal. Mostly renegotiations and delayed delivery deals have been the outcome of yard/owner/bank negotiations.

GENERAL SCRAP PRICE AVERAGE

Baltic Clean Tanker Index

Baltic Dry Index

Baltic Panamax Index

Baltic Supramax Index

Highest Scrap Price paid this month:

Capes >144,000 dwt:

Total number of Ships sold this month:

Wet cargo Ships sold this month:

Ships scrapped this month:

Baltic Cape Index

Executive Summary

Dry cargo Ships sold this month:

N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 1 of 19


2009

NAME TYPE YEAR BUILT DWT GEAR PRICEBUYERS

NAMEBUYERS NATION

NOTES IMO

MINERAL MONACO BC 2005 IMABARI SAIJO 180,263 $50.00m GREEK BUYERS GREECE

SELLERS ARE BOCIMAR, BASIS DELIVERY IN APRIL

JUNE 2010. (SHE HAD BEEN REPORTED SOLD

TO CHINESE A FEW WEEKS AGO $3m HIGHER

AND BACK IN MARCH 2008 AT $37.5m INCL A T/C FOR 5-7 MONTHS

@105K/DAY)

9325025

MINERAL AZALEA BC 1999 KOYO MIHARA 171,199 $42.50mKOREAN BUYERS

KOREAIN MAY 2009 SHE WAS REPORTED SOLD FOR $45.1 TO TMT TAIWAN

9209910

DYNA AUK BC 1990 JAPAN 151,220 $17.50mCHINESE BUYERS

CHINA 8903260

STX RESALE 1 BC 2010 STX 81,000 - $39.00m

STX RESALE 2 BC 2010 STX 81,000 - $39.00m

FORTUNE CLOVER BC 2006OSHIMA

SHIPBUILDING 77,430 - $35.00mUNDISCLOSED

BUYERS

INCL A TRANSFER T/C TILL 4-7/2012 @

15,5K/DAY WITH 50/50 PROFIT SPLIT ABOVE

BASE

9304124

NORDPOL BC 2002KANASASHI TOYOHASHI 77,195 $31.50m FORMOSA BULK TAIWAN

SELLERS ARE NORDEN, DENMARK 9253193

OCEAN LYRA BC 2005 SANOYAS 75,656 $32.50mCHINESE BUYERS

CHINA

SELLERS ARE MISUGA KAIUN CO LTD JAPAN -

OTHER REP SAYS KOREAN BUYERS

9296248

MONTROSE BC 2002 SANOYAS 75,592 $28.80mKOREAN BUYERS

KOREASELLERS ARE

BENTONWOOD BV NETHERLANDS

9231004

ENERGY STAR BC 2003UNIVERSAL

SHIPBUILDING 75,318 2x4D 1X3TD $29.50mSAFETY

MANAGEMENTGREECE

SELLERS ARE NIKKO KISEN CO LTD, JAPAN 9254537

SEAWIND BC 1996IMABARI

MARUGAME 74,012 $23.00m VINALINES HCM VIETNAMSELLERS ARE

THENAMARIS GREECE 9141974

GLOBAL CHALLENGER BC 1996 KOREA 73,218 $22.20mUNDISCLOSED

BUYERS- 9137131

BINTANG BIRU BC 1983 IRISH REPUBLIC 71,927 $7.00mUNDISCLOSED

BUYERSSOLD WITH SS/DD DUE 8102206

YM EQUALITY BC 1996 SUMITOMO 70,252 - $22.00mCHINESE BUYERS

CHINASELLERS ARE KUANG MING SHIPPING CHINA 9128922

SEAFLOWER BC 1995 KOYO MIHARA 69,128 - $23.00m VINALINES HCM VIETNAM

SELLERS ARE PRIMEROSE SHIPPING,

GREECE.- SHE WAS ACQUIRED IN AUGUST

2008 FOR $70MIL USD!!! - REDUCTION OF 65%!!!

9105231

SEJAHTERA BC 1994IMABARI

MARUGAME 69,073 $18.50mCHINESE BUYERS

CHINASELLERS ARE K LINE,

SINGAPORE 9087740

FAIR WIND BC 1995 JAPAN 69,058 $22.00mCHINESE BUYERS

CHINASELLERS ARE SATO

STEAMSHIP CO, JAPAN 9128582

TSUNEISHI CEBU SC-137

BC 2011 PHILIPPINES 58,500 4X30T $33.50m

TSUNEISHI CEBU SC-130

BC 2011 PHILIPPINES 58,500 4X30T $33.50m

NACKS RESALE BC 2010 NACKS 55,000 $35.00mUNDISCLOSED

BUYERSDELIVERY MARCH 2010

ANNA-BARBARA BC 2008KAWASAKI

KOBE SHIPBUILDING

55,535 4X30T $36.00m 9407500

ANNA-ELISABETH BC 2008KAWASAKI

KOBE SHIPBUILDING

55,518 4X30T $36.00m 9407471

ANNA DOROTHEA BC 2008KAWASAKI

KOBE SHIPBUILDING

55,473 4X30T $36.00m 9482213

SARA V BC 2002 NEW CENTURY 53,806 4X30T $20.60mCHINESE BUYERS

CHINA

SOLD AT AUCTION TO HER MORTGAGEES.

SELLERS ARE AL JABER SHIPPING AGENCY UAE - SHE WAS ACQUIRED IN DEC 2007 FOR $58MIL

USD, AND ALSO SOLD IN FEB 2005 FOR $38MIL

USD.

9222340

DENSA TURKEY

SOLD EN BLOC TSUNEISHI CEBU SC-137 AND SC-130 TO DENSA FOR $67m FOR BOTH

UNITS

DENSA TURKEY

SOLD ENBLOC ANNA-BARBARA, ANNA-ELISABETH, ANNA

DOROTHEA FOR $36MIL USD EACH UNIT (108 MIL

USD) - SELLERS ARE JOHANN M K

BLUMENTHAL GMBH GERMANY

DRY CARGO SHIPS SOLD DURING THIS MONTH OCTOBER

HONG KONG BASED BUYERS

CHINASOLD ENBLOC TO HONG KONG BASED BUYERS FOR $39m EACH UNIT



E DUCKLING BC 2006IMABARI IMABARI 53,487 4X30T $29.50m

UNDISCLOSED BUYERS

-SELLERS ARE TMT CO

LTD TAIWAN 9350068

D DUCKLING BC 2006IMABARI IMABARI 53,187 4X30T $29.50m

TURKISH BUYERS

TURKEY

SELLERS ARE TMT CO LTD, TAIWAN - D. DUCKLING WAS

ACQUIRED IN JAN 2009 FOR $27.5MIL USD

9364825

PL STAR BC 2003 OSHIMA 53,074 4X30T $25.00m NAVITAS GREECE

SELLERS ARE DALIAN HONGFENG INTERTL

CHINA - OTHER REPORT SAYS CHINESE BUYERS

9291353

BUNGO SPIRIT BC 2004KAWASAKI

HEAVY INDUSTRY

50,316 4X30.5T $24.95mUNDISCLOSED

BUYERS

SELLERS ARE NISSHO ODYSSEY SHIP MANAGEMENT

SINGAPORE. LAST MONTH SHE WAS

REPORTED SOLD @ $28.7m TO TURKISH

BUYERS.

9290995

BLEST MARINE BC 1997 DAEDONG 47,200 4X25T $17.30mESSAR

SHIPPINGINDIA

SELLERS ARE FIRST MARINE SERVICE JAPAN 9122289

PRETTY FLOURISH BC 1997DAEDONG

SHIPBUILDING 46,841 4X25T $17.45mRUSSIAN BUYERS

RUSSIA

SOLD TO GENEVA BASEDRUSSIAN BUYERS AT

AUCTION PLUS 10% AND PORT CHARGES (EXCL

PT CHARGES OF AROUND 67,500 EURO) SELLERS ARE SAMSUN LOGIX CORP, KOREA

9129029

MORNING SKY BC 1996 JAPAN 45,888 4X30.5T $18.25mXIAMEN

SHIPPINGCHINA

SELLERS ARE FIRST MARINE SERVICE JAPAN 9142007

GLYFADA BC 1995 TSUNEISHI 45,455 4X25T $18.00mCHINESE BUYERS

CHINASELLERS ARE EASTERN

MEDITERRANEAN MARITIME GREECE.

9104586

CPT THOMAS J. HUDNER

BC 1990 DAEWOO 44,216 3X36T, 1X25T $10.40mEUROPEAN

BUYERSEUROPE

SELLERS ARE B+H EQUIMAR SINGAPORE.

CONVERTED FM TANKER8613994

K. GOLD BC 1996DAEWOO

HEAVY INDUSTRIES

43,797 4X30T $18.20mMIDDLE

EASTERN BUYERS

MIDDLE EAST

SELLERS ARE ACELINE SHIPMANAGEMENT

SINGAPORE. SOLD ON SUBS (ON WEEK 44/09) A WEEK AGO, ON WEEK 43 SHE WAS EXPECTED TO

BE SOLD AT $17m

9125554

ALBERTO TOPIC BC 1991HASHIHAMA

TADOSU 43,473 4X30T $12.75m FEDINVEST RUSSIASELLERS ARE MARFIN

MANAGEMENT SA, MONACO

8913538

SEA GLOBE BC 1995 HHI 43,246 $17.00m 9110365

CORAL GLOBE BC 1994 HHI 43,246 $17.00m 9070797

YICK WING BC 1982 SANOYASU 42,943 5X15T $4.75mCHINESE BUYERS

CHINASELLERS ARE COSCO HK

SHIPPING CHINA 8029428

NEPHELI BC 1985MITSUI CHIBA

ICHIHARA 42,605 4X25T $7.50mCHINESE BUYERS

CHINA

SOLD FOR EXCESS $7m WITH SS/DD DUE. SELLERS ARE SEA

GLOBE MANAGEMENT GREECE

8413253

SERIFE BC 1984 MITSUI TAMANO 41,544 4X25T $7.25mFAR EASTERN

BUYERSFAR EAST

DSELLERS ARE GEDEN LINES TURKEY 8307569

MSC ANDES CONT 2008SZCZECINSKA

STOCZNIA 37,1251x50T, 2X45T,

2785 TEU$25.40m 9301990

MSC CAMEROUN CONT 2008 POLAND 37,1251x50T, 2X45T,

2785 TEU$25.40m 9301988

THOR JASMINE BC 1985 DAEWOO 36,663 4X25T $5.20mCHINESE BUYERS

CHINA

SELLERS ARE THORESEN & CO

(BANGKOK), THAILAND. PREVIOUSLY REPORTED

SALE @$5.5m (OF WK 37/09) TO FAR EASTERN

BUYERS HAS FAILED

8314457

BROADGATE BC 1984TOHOKU

SHIPBUILDING 35,287 $6.00mUNDSCLOSED

BUYERS- 8213847

ENBLOC SEA GLOBE & CORAL GLOBE FOR

$17MIL USD EACH UNIT

ZEPPENFIELD GERMANYSELLERS ARE SEATRADE

GRONINGEN BV NETHERLANDS

RUSSIAN BUYERS

RUSSIA



FESCO MARINA BC 2004OSHIMA

SHIPBUILDING 33,773 4X30T $21.85mINTERGLOBAL

MARINE AGENCIES

GREECE

SELLERS ARE FAR EASTERN SHIPPING

(FESCO) RUSSIA. ON TC UNTIL JAN-APR 2011

BASED ON AVERAGE OF 6 BALTIC HANDYSIZE TC

ROUTES +9%

9278741

IKAN JUARA BC 2006KANDA

KAWAJIRI 32,610 4X30.5T $23.75mMALAYSIAN

BULK CARRIERS

MALAYSIA

SELLERS ARE PACIFIC CARRIERS LTD, MALAYSIA. SOLD

INTERNALLY

9303390

JIANGSU EASTERN (06C-013)

BC 2009JIANGSU EASTERN SHIPYARD

30,000 3X30T $24.75mHONG KONG

BASED BUYERSCHINA

JIANGSU EASTERN (06C-01)


30,000 3X30T $24.75mHONG KONG

BASED BUYERSCHINA

JIANGSU EASTERN 06C-015 (CRESTY)


30,000 3X30T $24.75mCHINESE BUYERS

CHINALAKES BULKER. YARD HAS KEPT SHARES IN

THE VESSEL9415246

ROSELLA BC 2005SHIKOKU

DOCKYARDS 29,870 4X30.5T $22.50m LAURITZEN DENMARK

PURCHASE OPTION - SELLERS ARE SEIUN SHIPPING/TSURUMI

KISEN JAPAN

9288552

YARMOUTH BC 1985 USUKI SAIKI 29,462 4X25T $5.30m GIAVRIDIS GREECE

SELLERS ARE EASTWINDHELLAS S.A, SOLD

THROUGH AUCTION. IN NOV 2007 SHE WAS

REPORTED SOLD @$30m TO US BUYERS

8316584

GALASSIA BC 1987FINCANTIERI R.TRIGOSO 29,369 $2.80m 8506517

SAGITTARIUS BC 1987FINCANTIERI R.TRIGOSO 29,365 $2.80m 8506529

GEMINI BC 1986FINCANTIERI R.TRIGOSO 28,500 $2.80m 8506505

GLOBAL ALLIANCE BC 2004IMABARI IMABARI 28,436 4X30T $20.75m

RUSSIAN BUYERS

RUSSIASELLERS ARE KOREA

LINE, KOREA 9312341

CLIPPER LANCELOT BC 1997 IMABARI 28,426 4X30.5T $14.25mUNDISCLOSED

BUYERS-

SELLERS ARE CLIPPER BULK SINGAPORE PTE

LTD SINGAPORE9157363

GLOBAL ESCORT BC 1998 HAKODATE 28,412 4X30.5T $14.80m ELMAR GREECESELLERS ARE KOREA

LINE, KOREA 9153501

GLOBAL DISCOVERY BC 1998 JAPAN 28,404 4X30.5T $14.80m GREEK BUYERS GREECESELLERS ARE KOREA

LINE, KOREA 9153496

KIKI P BC 1977SANOYASU

OSAKA 28,317 5x15T $2.10mSINGAPOREAN

BUYERSSINGAPORE

SELLERS ARE DIANIK BROSS SHIPPING

GREECE7420845

ROSETTA BC 1984 JAPAN 28,260 3X25T D1X25T $5.50mUNDISCLOSED

BUYERS

SELLERS ARE CNF LOGISTICS CO LTD

KOREA8323135

ETERNAL ISLAND BC 1998 NAIKAI ZOSEN 27,841 4X30T $15.00mVIETNAMESE

BUYERSVIETNAM

SELLERS ARE SHIKISHIMA KISEN KK

JAPAN9168350

DELTA SALUS BC 1985 KANASASHI 26,598 4X30.4T $5.30mCHINESE BUYERS

CHINA

SHE WAS ACQUIRED IN APR 2007 FR $11.7MIL USD - SELLERS ARE

DELTA MARINE CO LTD KOREA

8511720

VIRGINIA BC 1985 KANASASHI 26,523 4X25.4T $4.50mFAR EASTERN

BUYERSFAR EAST

SELLERS ARE ETERNITY SHIPPING AGENCIES

CHINA8316376

BLUDANCE BC 1995GHUANGZHOU

INTERNATIONAL 26,517 4X30T $12.00mSHANXI COAL

GROUPCHINA

SELLERS ARE PRIMERA OCEAN SERVICES

GREECE - VSL WAS ACQUIRED IN FEB 2005

FOR $20.5MIL USD

9082611

HEIYO MPP 1983SANOYASU

OSAKA 26,2636X25T, 911

TEU$4.65m

CHINESE BUYERS

CHINASELLERS ARE KITAURA

KAIUN JAPAN. 8307844

DAEWOO FRONTIER RORO 1988FINCANTIERI R.TRIGOSO 25,450

2389 LM, BERTHS 57,

200 TRAILERS, 1116 TEU,

2X35T

$3.90mMAPLE LEAF

SHIPPINGCHINA

SELLERS ARE DAEWOO LOGISTICS CORP, KOREA. SOLD AT

AUCTION.

8521206

CHINESE BUYERS

CHINA

SOLD ENBLOC GEMINI, SAGITTARIUS AND

GALASSIA FOR $8.4m FOR THE THREE UNITS.

SELLERS ARE ILVA SERVIZI MARITTIMI SPA,

ITALY



DD PROGRESS BC 1981HDW AG - KIEL -

GFR 25,161 5X25T $2.75mUNDISCLOSED

BUYERSSELLERS ARE DD

SHIPPING LTD RUSSIA 7932616

GLOBAL CHALLENGER BC 1998 IMABARI 25,012 3X30.5TUNDISCLOSED

BUYERS-

SELLERS ARE OCEAN CHAIN PTE SINGAPORE 9162411

CYPRIA CONT 2009 WADAN YARDS 23,978 1698 TEU $22.20m 9354648

CYNTHIA CONT 2009 WADAN YARDS 23,978 1698 TEU $22.20m 9348182

AURORA ACE BC 1997KANDA

KAWAJIRI 23,923 3X30T $13.00mVIETNAMESE

BUYERSVIETNAM

SELLERS ARE TNKC MANILA CORP PHILIPPINES.

9149732

GANT STAR MPP 1986MITSUBISHI

KOBE 22,2334X24T, 674

TEU$6.75m

CHINESE BUYERS

CHINASELLERS ARE ANTHONY

GIAVRIDES GREECE 8315152

ASIAN CHORUS RORO 1997HYUNDAI HEAVY

INDUSTRIES21,505 P&C DEAL GLOVIS KOREA

SELLERS ARE EUKOR CAR CARRIERS KOREA 9158604

ASIAN LEGEND RORO 1996HYUNDAI HEAVY

INDUSTRIES21,421 P&C DEAL GLOVIS KOREA

SELLERS ARE EUKOR CAR CARRIERS KOREA 9122942

CLIPPER STAMFORD MPP 1998 HITACHI ZOSEN 20,7303X36T, 869

TEU$13.00m

UNDISCLOSED BUYERS

-SELLERS ARE UNIVAN

SHIP MANAGEMENT 9164794

ABRAHAM BC 2007 PAL INDONESIA 18,536 3X40T $15.80mGERMAN BUYERS

GERMANY

OTHER REP SAYS ITALIAN BUYERS.

SELLERS ARE SEFEROGLU DENIZCILIK

TURKEY

9434175

GUI SHUN BC 1979 KURUSHIMA 18,380 D4X25T $1.60mTAIWANESE

BUYERSTAIWAN

SELLERS ARE FUJIAN PROVINCE ZHANGZHOU

SHIPPING, CHINA7908926

BORKUM BC 1994 SHIKOKU 18,355 $9.00mUNDISCLOSED

BUYERS- 9084255

FREMANTLE BRIDGE CONT 1998 NAIKAI ZOSEN 16,567 1064 TEU P&C DEALUNDISCLOSED

BUYERS-

SELLERS ARE NITTA KISEN KAISHA LTD,

JAPAN9181730

THOR SAILOR MPP 1986 AESA SEVILLA 16,2484X25T, 519

TEU$2.60m

SINGAPORE BUYERS

SINGAPORE

SELLERS ARE PT PERUSAHAAN

PELAYARAN EQUINOX INDONESIA

8311376

CAPE ANN CONT 1993 MTW 15,5662X40T, 1066

TEU9041162

CAPE ARAGO CONT 1992 MTW 15,5662X40T, 1066

TEU9041174

RAINBOW SPRING BC 1998 CHINA 12,630D4X30T,218

TEU$7.20m GREEK BUYERS GREECE

SELLERS ARE HANG WOO SHIPMANAGEMENT

CHINA9159804

CARMELA EVDOXIA MPP 1978 FALKENBERGS 10,620 2X25T $1.00mUNDISCLOSED

BUYERS-

SELLERS ARE MT MANAGEMENT MARINE

CO, GREECE7519294

REGULUS REEF 1993SHIKOKU

DOCKYARDS 10,545 2X35T, 2X8T $11.80mSWEDISH BUYERS

SWEDENSELLERS ARE SANTOKU SENPAKU CO LTD JAPAN 9055709

PRINCESS SEIKO MPP 1994 SHIN KOCHI 8,673 1X30T 2X20T P&C DEALUNDISCLOSED

BUYERS-

SELLERS ARE TOHSHIN KISEN CO LTD, JAPAN 9100504

LOGAN REEF 1993 KITANIHON 7,934469795 CBFT

D8X5T$10.00m

CHINESE BUYERS

CHINA SOLD AT AUCTION 9035084

EW COOK REEF 1986 JAPAN 6,916 D8X5T $1.07mUNDISCLOSED

BUYERS-

SOLD THROUGH AUCTION IN DURBAN 8613920

QUEEN STELLA MPP 1997 JAPAN 6,9142X30T, D1X25T

$5.20mUNDISCLOSED

BUYERS-

SELLERS ARE KOBE SHIPMANAGEMENT

JAPAN. 9168398

BEST LUCKY BC 1984DAEDONG

SHIPBUILDING 6,503D2X20T, D2X15T

$1.00mTAIWANESE

BUYERSTAIWAN

SELLERS ARE SHANGHA MACROSTAR SHIPPING

CHINA8224054

NEW RICH BC 1985 NISHI 6,462 D4X20T $1.40mCHINESE BUYERS

CHINASELLERS ARE ANHUI

OCEAN SHIPING CHINA 8503228

EW SNOWDON REEF 1984 SHIKOKU 6,368312431 CBFT

D4X5T$2.80m

CHINESE BUYERS

CHINASOLD AT AUCTION - EX EASTWIND HELLAS VSL 8317356

$6.00mGERMAN BUYERS

GERMANY

CAPE ARAGO & CAPE ANN ENBLOC $6m ALL 2

IN 2004 THEY WERE AGAIN SOLD ENBLOC @ $24m FOR BOTH UNITS- SELLERS ARE HANSE

BEREEDERUNGS GMBH, GERMANY

GERMANY

ENBLOC CYPRIA & CYNTHIA FOR 15MIL

EURO EACH - SELLERS ARE REEDEREI

GEBRUEDER WINTER, GERMANY

BRIESE



ARTNE BC 1992KYOKUYO

ZOSEN CHOFU 6,262 2X25T $4.10mFAR EASTERN

BUYERSFAR EAST

SELLERS ARE NAVEMAR SPA ITALY 9008055

NAGHAM F MPP 1977 FREDRISKHAVN 5,600 1X100T, 2X5T $0.95mEGYPTIAN BUYERS

EGYPTSELLERS ARE FGM SHIP

MANAGEMENT UK 7431143

FUJI 1 REEF 2003 JAPAN 5,020 5663 CBM $10.00mKOREAN BUYERS

KOREASELLERS ARE WAKOH

KISEN KK , JAPAN 9293313

BARBARA CONT 1996 ROMANIA 4,850 366 TEU P&C DEALUNDISCLOSED

BUYERS-

SELLERS ARE CHRISTIANJURGENSEN, BRINK & WOLFFEL , GERMANY

9142447

ARTEMIS PAX 1984FINLAND - WARTSILA 4,661

1323 PAX, 600 CABINS

P&C DEALUNDISCLOSED

BUYERS-

SELLERS ARE CARNIVAL PLC, UK 8201480

NORTHERN CLIPPER OFFSHORE 1994SOVIKNES

VERFT 4,568 P&C DEALSELLERS ARE TRICO SUPPLY AS, NORWAY 9087312

PACHECO-1 CONT 1978 UK 4,352 300 TEU P&C DEALUNDISCLOSED

BUYERS-

SELLERS ARE KNK SHIP MGT INDIA 7702542

THOR SOFIA MPP 1984 SCHIFFSWERFT 4,281 2X30T $2.29m GREEK BUYERS GREECEREPORTED SOLD AS

"LUGELA" 8410380

JULIA RORO/PAX 1982WESER

SEEBECKWERFT

2,880 $11.40m IRISH BUYERS IRELANDSELLERS ARE NORTHER TANKER CO OY, FINLAND 8020642

LAMMY SD 1986 NETHERLANDS 2,798 P&CUNDISCLOSED

BUYERS-

SELLERS ARE WIJNE & BARENDS CARGADOORS,

NETHERLANDS8521490

NORTHERN CHALLENGER

AHTS 1992UDL

ENGINEERING SINGAPORE

2,783 15612 BHP $2.00m WAUWEI CHINASELLERS ARE TRICO SUPPLY AS, NORWAY 9011765

AURA MPP 1985 HITZLER JG GFR 2,369112 TEU -

GLESSP&C DEAL

TURKISH BUYERS

TURKEYSELLERS ARE PNC

SHIPPING TRANSPORT TURKEY

8412003

HIBISCUS ISLE CONT 1994SHIN

KURUSHIMA AKITSU

662 2X40T 9088641

COCOPALM ISLE CONT 1994SHIN

KURUSHIMA AKITSU

662 2X40T 9103154

Note1: With Red color are indicated all Greek interest Buyers or SellersDRY CARGO 2ND HAND MARKET STATISTICS

country units %2009 UNITS OUTLAY$ DWT GREECE 150 17.69%

JANUARY 59 $739.15m 2,375,492 JAPAN 146 17.22%

FEBRUARY 72 $680.70m 2,602,913 CHINA 73 8.61%

MARCH 101 $1,047.73m 3,850,508 GERMANY 47 5.54%

APRIL 75 $913.02m 3,569,193 SINGAPORE 37 4.36%

MAY 93 $1,351.70m 5,114,640 KOREA 37 4.36%

JUNE 109 $1,625.33m 5,550,060 UK 33 3.89%

JULY 108 $1,123.31m 4,361,485 NORWAY 35 4.13%

AUGUST 72 $1,024.08m 2,824,609 DENMARK 26 3.07%

SEPTEMBER 53 $715.33m 1,644,562 THAILAND 25 2.95%

OCTOBER 106 $1,530.11m 3,916,459 USA 22 2.59%

NOVEMBER 0 $0.00m 0 TURKEY 18 2.12%

DECEMBER 0 $0.00m 0 ITALY 14 1.65%

TOTAL 848 $10,750.45m 35,809,921 UAE 12 1.42%

NETHERLANDS 12 1.42%

INDIA 11 1.30%

COUNTRY UNITS % OUTLAY ($) % DWT % BELGIUM 10 1.18%

CHINA 220 25.94% $2,721 25.31% 11,393,083 31.82% RUSSIA 10 1.18%

GREECE 150 17.69% $2,863 26.63% 8,083,196 22.57% ALL OTHER 126 14.86%

TURKEY 37 4.36% $514 4.78% 1,134,356 3.17% UNDISCL 4 0.47%

GERMANY 26 3.07% $400 3.72% 681,907 1.90% TOTAL 848 100.00%

SYRIA 23 2.71% $53 0.49% 470,764 1.31%

VIETNAM 22 2.59% $226 2.11% 670,419 1.87%

MONACO 20 2.36% $14 0.13% 485,841 1.36%

INDONESIA 17 2.00% $100 0.93% 423,799 1.18%

ITALY 16 1.89% $255 2.37% 489,392 1.37%

KOREA 15 1.77% $212 1.97% 584,504 1.63%

JAPAN 15 1.77% $434 4.04% 1,592,493 4.45%

TAIWAN 13 1.53% $197 1.83% 827,829 2.31%

SINGAPORE 12 1.42% $148 1.38% 412,034 1.15%

Another month of extra high volume/activity following the slowdown encountered in Sep 2009, with secondhand sale and purchase activity to have moved to 2009's near highest levels. A good number of 106 deals this month, defies the wait and

see stance of all investors/shipowners either waiting to buy or sell. It seems their patience period was over and their buying

appetite decided to "treat"....

2009 BULKER VSLS SOLD - COUNTRY OF BUILT

$13.00mINDONESIAN

BUYERSINDONESIA

SOLD ENBLOC TO INDONESIAN BUYERS FOR $13m FOR BOTH UNITS. SELLERS ARE TOKEI KAIUN KK LTD,

JAPAN

MONTHLY UNIT SALE ACTIVITY

SELLERS STATS 2009

2009 DRY CARGO STATISTICS - BUYERS

SELLERS - Greek Sellers have disposed 150 units (136 last) so far in 2009, while Japanese Sellers have sold 146 units (132

last). In 3rd place follow the Chinese sellers with 77 units (64 last), while German sellers have sold 47 units, Singapore

sellers 37 units and Korean Sellers with 37 units. Uk sellers are still in 7th place in the list with 33 units.

BUYERS - China is still going from strong to stronger, the gap between Chinese buyers and Greeks is still widening. Chinese have bought 29 more ships this month while Greeks only 9 units. Chinese have got so far a total of 220 units. Taiwan buyers have got 13 units and these add to the 220 units of China. Greeks follow "seriously challenged" but still strong in 2nd place with 150 units, but the gap as mentioned has widened even more, while Turkish Buyers have come up strong 3rd with 37 units, with German buyers popping into 4th place with 26 units.



BRAZIL 12 1.42% $276 2.57% 2,005,294 5.60% COUNTRY UNITS % rankUNDISCL 100 11.79% $883 8.21% 2,633,754 7.35% JAPAN 415 74.0% 1

ALLOTHER 150 17.69% $1,729 16.09% 5,926,550 16.55% KOREA 51 9.1% 2

TOTAL 848 100.00% $10,750 100.00% 35,809,921 100.00% CHINA 39 7.0% 3

POLAND 10 1.8% 4UK 9 1.6% 5

SPAIN 4 0.7% 6

SINGAPORE 1 0.2% 7

ALL OTHER 32 5.7%

TOTAL 561 100.0%

2009 BC SD CONT MPP TWEEN REEFER PASS RORO OTHER TOTALJANUARY 45 0 3 4 0 0 1 4 2 59

FEBRUARY 42 0 12 11 0 0 0 1 6 72MARCH 71 0 5 12 2 3 2 2 4 101

APRIL 58 3 2 3 3 1 2 1 2 75MAY 81 0 4 4 0 1 1 1 1 93

JUNE 67 0 22 11 0 0 1 4 4 109JULY 55 1 17 18 4 5 0 6 2 108

AUGUST 43 1 7 11 1 0 0 7 2 72SEPTEMBER 27 0 10 9 0 1 0 1 5 53

OCTOBER 72 1 11 10 0 5 0 3 4 106NOVEMBER 0 0 0 0 0 0 0 0 0 0DECEMBER 0 0 0 0 0 0 0 0 0 0

TOTAL 561 6 93 93 10 16 7 30 32 848

CHANGE CHANGE

FR0M 1/9/08 FR0M 1/9/08

NB CAPE $86.5 $96.8 $66.0 -32% 5y CAPE $109.0 $150.5 $50.0 -67%NB PMX $46.8 $57.5 $41.5 -28% 5y PMX $71.8 $89.4 $33.0 -63%

NB HANDY $42.0 $49.5 $34.0 -31% 5y HANDY $58.5 $74.4 $27.0 -64%

CHANGE CHANGE

FR0M 1/9/08 FR0M 1/9/08

10y CAPE $82.8 $129.0 $42.0 -67% 20y CAPE $40.0 $79.0 $19.0 -76%

10y PMX $52.5 $75.5 $26.5 -65% 20y PMX $31.0 $47.0 $11.2 -76%

10y HANDY $43.8 $60.2 $20.0 -67% 20y HANDY $26.5 $40.0 $9.8 -76%

NB BULKERS PRICE COMPARISON

30/10/09

31/08/07

1999 built (10Y) OLD BULKERS PRICE COMPARISON

TYPE

Tables above compare prices from 6th July 2007 and 4th Jul 2008 with today


TYPE

30/10/09

29/08/08 30/10/09

29/08/08

DRY CARGO UNITS SOLD - BREAKDOWN PER MONTH 2009

In the table on the top we see monthly number of dry cargo ships sold as of October 2009, compared to 2008's monthly activity.

In the table on the top we see the MONTHLY dry cargo capital expenditure for October 2009 compared to 2008's monthly activity.

Out of a total of 561 DRY BULK vessels sold during the first 10 months of 2009, it is interesting to see that 415 vessels (74% of total) are built in JAPAN based Shipyards. This is a very interesting trend that we noted over the past months and for nearly 8 months now the percentage achieved is very stable and remains unchanged never dropping below the 70% mark. 51 units or 9.1% of all vessels traded in the second-hand market are built in Korea, with China to follow with 39 units or 7% of the total. So it is clearly obvious as 3 out of 4 Bulkers sold are "BIG IN JAPAN" it goes without saying that if a ship wants to stand a good chance of finding quickly a new owner then she "better be built in JAPAN"!!!

29/08/08

29/08/0831/08/07


TYPE

31/08/07

TYPE

31/08/07

30/10/09

Dry cargo units sold 2009 vs 2008

79 7783

95 96

74

52

33

44 42

101

72

110

71

108 106

59

7275

93

109

53

30

40

50

60

70

80

90

100

110

JANUARY

FEBRUARY

MARCHAPRIL

MAYJUNE

JULY

AUGUST

SEPTEMBER

OCTOBER

NOVEMBER

DECEMBER

units 2008 2009 Dry cargo - Capital expend. 2009 vs 2008

$2,675 $2,660

$1,530$1,339 $1,340

$3,950

$2,027

$3,615

$2,172$1,602

$809$567 $351$715

$1,352

$1,048 $1,123$1,024

$913$739 $681

$1,625

$150.00m

$650.00m

$1,150.00m

$1,650.00m

$2,150.00m

$2,650.00m

$3,150.00m

$3,650.00m

$4,150.00m

JANUARY

FEBRUARY

MARCHAPRIL

MAYJUNE

JULY

AUGUST

SEPTEMBER

OCTOBER

NOVEMBER

DECEMBER

2008 2009

DRY CARGO (2000 - 2009) NB vsl PRICES

$16

$31

$46

$61

$76

$91

Apr-0

0

Oct-0

0

Apr-0

1

Oct-0

1

Apr-0

2

Oct-0

2

Apr-0

3

Oct-0

3

Apr-0

4

Oct-0

4

Apr-0

5

Oct-0

5

Apr-0

6

Oct-0

6

Apr-0

7

Oct-0

7

Apr-0

8

Oct-0

8

Apr-0

9

Oct-0

9

CAPE 170KPANAMAX 70KHANDY 50K

DRY CARGO (2000 - 2009) 5y OLD vsl PRICES

$10

$33

$55

$78

$100

$123

$145

Apr-0

0

Oct-0

0

Apr-0

1

Oct-0

1

Apr-0

2

Oct-0

2

Apr-0

3

Oct-0

3

Apr-0

4

Oct-0

4

Apr-0

5

Oct-0

5

Apr-0

6

Oct-0

6

Apr-0

7

Oct-0

7

Apr-0

8

Oct-0

8

Apr-0

9

Oct-0

9


DRY CARGO (2000 - 2009) 10y OLD vsl PRICES$128

CAPE 170K

DRY CARGO (2000 - 2009) 20y OLD vsl PRICES$77

CAPE 170K



2009NAME TYPE YEAR BUILT DWT PRICE

PRICE NOTE

BUYERS NAME

BUYERS NATION

NOTES IMO

CRYSTAL BEAUTY TANKER 1993 IHI - KURE 274,743 $14.50mCHINESE BUYERS

CHINA

SELLERS ARE STX PANOCEAN KOREA.

SOLD FOR CONVERSION INTO HEAVY LIFT - BACK IN NOV 2007 SHE WAS

SOLD FOR CONVERSION TO BULKER AT $57.50m

9035450

PACIFIC COURAGE TANKER 1992KAWASAKI

HEAVY 269,101 $13.50mCHINESE BUYERS

CHINA

SOLD FOR CONVERSION TO VLOC (SH). IN DEC 2004 SHE HAD BEEN

SOLD AT $41m. SELLERS ARE HYUNDAI

MERCHANT MARINE KOREA - SALE IS ON

SUBJECTS

9000352

EPISKOPI TANKER 1989 HYUNDAI 265,316 $13.50mCHINESE BUYERS

CHINA SOLD FOR CONVERSION 8618217

NORTHWAY TANKER 1989DAEWOO

SHIPBUILDING 151,910 $8.00mHONG KONG

BASED BUYERSHONG KONG

SOLD FOR CONVERSION. SELLERS ARE TANKER PACIFIC MANAGEMENT

SINGAPORE

8707379

SEARACER TANKER 2002SAMHO HEAVY

INDUST 149,830 $51.50m

CLIENTS OF NORDIC

AMERICAN TANKERS

SELLERS ARE THENAMARIS (SHIPS MANAGEMENT) INC,

GREECE

9227443

JAG LAYAK TANKER 1996SAMSUNG

HEAVY INDUSTRIES

147,834 $46.00mINDONESIAN

BUYERSINDONESIA

SOLD FOR CONVERSION INTO FPSO (DELIVERY 1ST Q 2011)SELLERS ARE GREAT EASTERN SHIPPING CO, INDIA

9107722

FRONTIER EXPRESS

TANKER 1993 NAMURA 68,520 $5.00mUNDISCLOSED

BUYERS- 9044451

BERGE RACINE LPG 1985NORD ET MED

DUNKIRK 63,254 $12.00mCHINESE BUYERS

CHINASELLERS ARE BW GAS

AS NORWAY 8116582

GUANGZHOU 06131061

TANKER 2009 CHINA 50,500 P&CUNDISCLOSED

BUYERS

ALPHA EXPRESS TANKER 2000SHIN

KURUSHIMA 48,858 $18.40mCOATED

COILED DHWILSON

TANKERSSINGAPORE

SELLERS ARE ORIENT MARINE CO LTD JAPAN. 9222699

REGENT TANKER 1992 HALLA ENG & HI 47,084 $5.50m USA BUYERS USA

OTHER REPS SAY $7m TO FAR EASTERN OR

GREEK BUYERS. SELLERS ARE V SHIPS

NORWAY

8913629

PACIFIC TOURMALINE

TANKER 1989 DAEWOO 45,018 $4.90m ST STEELUNDISCLOSED

BUYERS-

SELLERS ARE TANKER PACIFIC MANAGEMENT

SINGAPORE.8717233

BRIGHT EXPRESS TANKER 1993 MINAMI NIPPON 42,235 $8.25mMERCATOR

LINESINDIA

SELLERS ASRE THOME SHIPMANAGEMENT SINGAPORE. OTYER REPORTS SAY $7.85

9032678

BALTIC SERENITY TANKER 2009 HYUNDAI MIPO 37,250 $27.25m 9464352

BALTIC SOLAR TANKER 2009 HYUNDAI MIPO 37,250 $27.25m 9464364

BARRINGTON TANKER 1989SAMSUNG

SHIPBUILDING 33,239 $4.60mDH/MARPOL COMPLIANT

GLORY SHIP MANAGEMENT

SINGAPORE

SELLERS ARE TEEKAY AUSTRALIA. SOLD BASIS SURVEY DUE. OTHER REPS SAY $5.1m OR

$4.2m

8716356

SHETLAND LPG 1981 DENMARK 18,270 P&C TERMS BENELUX GREECESELLERS ARE ZODIAC

MARITIME AGENCIES UK 7924035

ARAFURA WIND TANKER 1988 BRODOSPLIT 17,482 8517023SOLD ENBLOC ARAFURA WIND

AND SERAM WIND DUBAI TRADING DUBAI

SOLD ENBLOC ARAFURA WIND AND SERAM WIND TO DUBAI BUYERS FOR

OCTOBERTANKER SHIPS SOLD DURING THIS MONTH

SOLD ENBLOC FOR ABT

$27.25m EACH UNIT

GREECE

SOLD ENBLOC FOR ABT $27.25m EACH UNIT.

SELLERS ARE INTEROCRIENT MARINE

SERVICES CYPRUS

$6 00m

EASTERN MED


$8

$28

$48

$68

$88

$108

$128

Apr-0

0

Oct-0

0

Apr-0

1

Oct-0

1

Apr-0

2

Oct-0

2

Apr-0

3

Oct-0

3

Apr-0

4

Oct-0

4

Apr-0

5

Oct-0

5

Apr-0

6

Oct-0

6

Apr-0

7

Oct-0

7

Apr-0

8

Oct-0

8

Apr-0

9

Oct-0

9

CAPE 170K

PANAMAX


$2

$15

$27

$40

$52

$65

$77

Apr-0

0

Oct-0

0

Apr-0

1

Oct-0

1

Apr-0

2

Oct-0

2

Apr-0

3

Oct-0

3

Apr-0

4

Oct-0

4

Apr-0

5

Oct-0

5

Apr-0

6

Oct-0

6

Apr-0

7

Oct-0

7

Apr-0

8

Oct-0

8

Apr-0

9

Oct-0

9




SERAM WIND TANKER 1987 3 MAJ 17,042 8517097

STELLARIA TANKER 1994ULJANIK BRODOG 14,070 $7.00m

UNDISCLOSED BUYERS

-SELLERS ARE OTTAVIO

NOVELLA SPA, ITALY 9033919

SWAN LAKE TANKER 1982OSKARSHAMNS

VARV 10,579 $2.00mST STEEL IMO

II, IIIUNDISCLOSED

BUYERS-

OLD SALE. SELLERS ARE LAURIN MARITIME

(AMERICA) LTD, USA8030386

TERBAN 1 TANKER 1996 KEPPHIL 4,920 $3.20m DBVIETNAMESE

BUYERSVIETNAM

SELLERS ARE TERBAN MARINE CORP

PHILIPINES9111034

CONISTON LPG 1991 ASAKAWA 4,801 $3.30m PETREDEC UKSELLERS ARE MC

SHIPPING SAM, MONACO 9015759

SUN SPRING TANKER 1985KISHIMOTO

KINOE 1,775 P&C UNDISCLOSED

BUYERS-

SELLERS ARE ST MARINECO LTD, KOREA 8510087

Note1: With Red color are indicated all Greek interest Buyers or Sellers

TANKER 2ND HAND MARKET STATISTICS

COUNTRY UNITS %

2009 UNITS OUTLAY$ DWT JAPAN 36 15.00%

JANUARY 36 $1,380.95m 2,829,769 SINGAPORE 34 14.17%

FEBRUARY 17 $406.80m 1,038,858 GREECE 30 12.50%

MARCH 20 $334.25m 669,943 NORWAY 19 7.92%

APRIL 22 $267.90m 645,958 CHINA 13 5.42%

MAY 45 $754.00m 2,928,128 USA 12 5.00%

JUNE 16 $306.15m 1,020,289 KOREA 12 5.00%

JULY 22 $414.55m 1,775,156 ITALY 11 4.58%

AUGUST 17 $535.85m 1,520,727 UK 10 4.17%

SEPTEMBER 21 $796.70m 2,981,831 CYPRUS 7 2.92%

OCTOBER 24 $281.65m 1,820,881 TURKEY 6 2.50%

NOVEMBER 0 $0.00m 0 UAE 5 2.08%

DECEMBER 0 $0.00m 0 MALAYSIA 5 2.08%

TOTAL 240 $5,478.80m 17,231,540 SWISS 3 1.25%

BULGARIA 3 1.25%

RUSSIA 3 1.25%

COUNTRY UNITS OUTLAY ($) % DWT % INDONESIA 3 1.25%

GREECE 35 $832 15.19% 2,108,157 12.23% LATVIA 2 0.83%

CHINA 18 $430 7.84% 3,253,850 18.88% ALL OTHER 21 8.75%

SINGAPORE 17 $283 5.16% 543,898 3.16% UNDISCL 5 2.08%

USA 16 $597 10.90% 1,187,617 6.89% TOTAL 240 100.00%

NORWAY 14 $597 10.89% 1,101,710 6.39%

VIETNAM 11 $122 2.22% 316,883 1.84%

INDONESIA 10 $181 3.31% 835,088 4.85%

LIBYA 8 $391 7.14% 711,620 4.13%

TURKEY 7 $45 0.82% 84,064 0.49%

JAPAN 7 $263 4.81% 906,392 5.26%

KOREA 5 $32 0.58% 283,159 1.64%

THAILAND 4 $33 0.60% 275,149 1.60%

UK 3 $56 1.03% 45,437 0.26%

UNDISCL 30 $625 11.40% 2,371,599 13.76%

ALL OTHER 55 $993 18.12% 3,206,917 18.61%

TOTAL 240 $5,479 100.00% 17,231,540 100.00%

2009VLCC & ULCC

SUEZMAXAFRAMAX

110KPANAMAX 70K PROD 45K < 40,000 OBO LPG & LNG TOTAL

JANUARY 2 5 9 0 7 13 0 0 36

FEBRUARY 1 1 3 2 0 8 0 2 17

TO DUBAI BUYERS FOR $6m

BOTH UNITS

AGENCIESDUBAI

$6m BOTH UNITS. SELLERS ARE EASTWIND

GROUP, SINGAPORE

SELLERS - The table on the RIGHT shows the nationality of the Sellers. Japanese Sellers are leading in 1st place of our sellers list, selling 36 units (35 last)

with Singapore sellers securing 2nd place with 34 units while Greek sellers having sold 30 units. They are

followed by Norwegian sellers who sold 19 units followed by Chinese sellers with 13 units and USA

sellers with 12 units.

SELLERS STATS 2009After Sep 2009 slighty higher activity we see Oct 2009 had a more than average actvity despite the reduced

price levels. S&P market gained some extra momentum and 24 tanker units were sold this month. Capital Outlay is very low though at $281million USD being spent. The deadweight that has changed hands

is also low at 1.8mil tonnes.

MONTHLY UNIT SALE ACTIVITY

$6.00m

2009 TANKER buyer STATISTICS

BUYERS - Greek buyers are holding the lead, having acquired 35 units (32 last), with Chinese buyers 2nd with 18 units while Singapore buyers are 3rd with 17 units and USA buyers 4th with 16 units. Norwegian buyers in 5th place having acquired 14 units while 6th place is for Vietnam with 11 units. Indonesian buyers have moved up into 7th place with 10 units.

TANKER UNITS SOLD - BREAKDOWN PER SIZE AND MONTH 2009



MARCH 0 0 4 0 3 13 0 0 20

APRIL 1 0 0 0 4 16 0 1 22

MAY 6 1 3 0 8 26 0 1 45

JUNE 2 1 1 0 2 8 0 2 16

JULY 1 7 2 1 1 8 0 2 22

AUGUST 2 3 3 0 1 8 0 0 17

SEPTEMBER 8 0 3 1 5 1 0 3 21

OCTOBER 3 3 0 1 5 9 0 0 21

NOVEMBER 0 0 0 0 0 0 0 0 0

DECEMBER 0 0 0 0 0 0 0 0 0

TOTAL 26 21 28 5 36 110 0 11 237

CHANGE CHANGE

01/09/08 01/09/08

VLCC $135.0 $157.5 $100.0 -37% VLCC $133.0 $156.0 $77.0 -51%SUEZMAX $85.0 $96.6 $69.0 -29% SUEZMAX $94.0 $106.5 $60.0 -44%AFRAMAX $69.0 $78.0 $49.0 -37% AFRAMAX $68.0 $77.0 $39.0 -49%PANAMAX $57.8 $65.0 $44.0 -32% PANAMAX $57.0 $60.5 $35.0 -42%MR PROD $47.8 $55.6 $33.5 -40% MR PROD $51.8 $53.0 $25.0 -53%

CHANGE CHANGE01/09/08 01/09/08

VLCC $107.0 $132.0 $59.0 -55% VLCC $31.0 $39.0 $17.0 -56%SUEZMAX $74.8 $80.0 $43.0 -46% SUEZMAX $23.5 $34.0 $13.2 -61%AFRAMAX $56.6 $64.0 $30.0 -53% AFRAMAX $16.0 $25.7 $9.2 -64%PANAMAX $47.0 $49.0 $26.0 -47% PANAMAX $13.5 $20.0 $6.5 -68%MR PROD $43.0 $43.0 $21.0 -51% MR PROD $12.7 $15.5 $4.8 -69%

30/10/09TYPE

TYPE

20Y TANKERS PRICE COMPARISON

31/08/0731/08/07 30/10/09

31/08/07

29/08/08 30/10/09

Tables above compare prices from 6th July 2007 and 4th Jul 2008 with today


31/08/07

TYPE

29/08/08


TYPE30/10/09 29/08/08

NB TANKERS PRICE COMPARISON

29/08/08

TANKER units sold 2009 vs 2008

394345

49

4848

4542

3745

50

55units

2009 2008

NEWBUILDING TANKER PRICES 2000 - 2009

24

44

64

84

104

124

144

164

Apr-0

0

Oct-0

0

Apr-0

1

Oct-0

1

Apr-0

2

Oct-0

2

Apr-0

3

Oct-0

3

Apr-0

4

Oct-0

4

Apr-0

5

Oct-0

5

Apr-0

6

Oct-0

6

Apr-0

7

Oct-0

7

Apr-0

8

Oct-0

8

Apr-0

9

Oct-0

9

VLCC 300K

SUEZ 150K

AFRA 110KPANAMAX 70K

PROD 45K

5 YEAR OLD TANKER PRICES 2000 - 2009

20

40

60

80

100

120

140

160

Apr-0

0

Oct-0

0

Apr-0

1

Oct-0

1

Apr-0

2

Oct-0

2

Apr-0

3

Oct-0

3

Apr-0

4

Oct-0

4

Apr-0

5

Oct-0

5

Apr-0

6

Oct-0

6

Apr-0

7

Oct-0

7

Apr-0

8

Oct-0

8

Apr-0

9

Oct-0

9

VLCC 300K

SUEZ 150K

AFRA 110K

PANAMAX 70K

PROD 45K


13

33

53

73

93

113

133

Apr-0

0

Oct-0

0

Apr-0

1

Oct-0

1

Apr-0

2

Oct-0

2

Apr-0

3

Oct-0

3

Apr-0

4

Oct-0

4

Apr-0

5

Oct-0

5

Apr-0

6

Oct-0

6

Apr-0

7

Oct-0

7

Apr-0

8

Oct-0

8

Apr-0

9

Oct-0

9

VLCC 300K

SUEZ 150K

AFRA 110K

PANAMAX 70K

PROD 45K


3

8

13

18

23

28

33

38

43

Apr-0

0

Oct-0

0

Apr-0

1

Oct-0

1

Apr-0

2

Oct-0

2

Apr-0

3

Oct-0

3

Apr-0

4

Oct-0

4

Apr-0

5

Oct-0

5

Apr-0

6

Oct-0

6

Apr-0

7

Oct-0

7

Apr-0

8

Oct-0

8

Apr-0

9

Oct-0

9

VLCC 300K

SUEZ 150K

AFRA 110K

PANAMAX 70K

PROD 45K



NEWBUILDING ORDERS OCTOBER 2009UNITS TYPE TONNAGE YEAR PRICE

9 AHTS 1,500 DWTFUJIAN

SOUTHEAST 20104 BC 400,000 DWT DAEWOO 2011-2012 115.008 BC 400,000 DWT STX 2011

1 BC 179,100 DWT HYUNDAI HI 2011

1 BC 105,000 DWT HYUNDAI HI 2011

4 BC 92,500 DWTYANGFAN

GROUP 2010-2011

8 BC 60,000 DWTYANGZHOU

DAYANG 2011-2013

1 BC 58,000 DWTNANTONG

COSCO 2010

2 CONTHYUNDAI

MIPO 2011 19.00

2 DREDGER 11,800 DWT STX 2011 50.001 DUMPING 6,500 DWT STX 2011 50.00

7 MPP 27,000 DWTTAIZHOU KOUAN 2011 30.00

8 MPP 12,500 DWTZHEJIANG

OUHUA 2010-2011

1 TFORM SUP 4,700 DWTSTX BRAZIL OFFSHORE 2012

5 TANKER 162,000 DWT DAEWOO 2011 60.00

2 TANKER 115,000 DWT SUNGDONG 2011

1 TANKER 4,000 DWT SAMHO 2010 10.00

2 G/SUCTION 11,800 DWT

STX SHIPBUILDIN

G 2011

Note1: With Red color are indicated all Greek interest Buyers or Sellers

2009 ORDERS UNITS BC MPP CONT TANKER LNG/LPG ALL OTHERJANUARY 9 25 6 0 6 6 2 5

FEBRUARY 25 90 8 12 0 46 0 24MARCH 28 63 14 6 1 31 0 11APRIL 17 36 0 4 0 14 0 18MAY 7 17 3 4 0 6 0 4JUNE 10 50 37 1 0 6 0 6JULY 18 79 52 2 10 12 0 3

AUGUST 29 93 33 0 12 38 2 8SEPTEMBER 19 48 16 0 0 26 0 6

OCTOBER 18 67 27 15 2 8 0 15NOVEMBER 0 0 0 0 0 0 0 0DECEMBER 0 0 0 0 0 0 0 0

TOTAL 180 568 196 44 31 193 4 100

REPLACEMENT FOR CANCELLED VSLS AT HUEN WOO STEEL YARD PUSAN STH KOREA

ORIGINALLY ORDERED IN 2006. THIS YARD IS NOW ASIA HEAVY INDUSTRIES. SOME EQUIPMENT

WILL BE USED IN THIS NEW

shipsale activity in volume (number of ships sold per month 2009-2008)

BUYER’S NAMEYARD

NEWBUILDING ORDERS BREAKDOWN by TYPE PER MONTH, for YEAR 2009

NOTES

KOREA LINE CORP

PHOENIX ENERGY NAVIGATION

H. DAUELSBERG

SETAF-SAGET

DEEP SEA SUPPLY ASA NORWAY

SONANGOL

GLEAMRAY MARITIME

ABU DHABI NATIONAL OIL COMPANY (ADNOC)

JAN DE NUL NV

JAN DE NUL NV

REPLACEMENT FOR CANCELLED VLCC HULL 2269 ORIGINALLY

DUE IN OCT 2010

RENEGOTIATION OF 2 SUEZMAX TANKERS CONTRACTED IN JULY 2008 INTO 3 AFRAMAX TANKERS. XTRA VSL CREATED AS A NEW

CONTRACT HERE

NOT NEW BIZ, RESOLD NASCO CHINA

GLESS. 1060 TEU. EITHER TO BE BUILT AT HYUNDAI MIPO OR

HYUNDAI VINASHIN

VROON BV

VALE

STX PANOCEAN

GRAND UNION

PHILIPPINE BUYER

JAN DE NUL NV

ETHIOPIAN SHIPPING

SPLIETHOFF

ORE CARRIER

ORE CARRIER

PRODUCT. NON IMO TYPE

SIGNED LOI

6 PLUS OPTION 2 MORE VESSELS

22

16

3943

11

36

1720

45

22

1721

24

4848

4542

37

23

15

23

5

10

15

20

25

30

35

40

45

50

JANUARY

FEBRUARY

MARCHAPRIL

MAYJUNE

JULY

AUGUST

SEPTEMBER

OCTOBER

NOVEMBER

DECEMBER

NEW BUILDING ORDER TYPES FOR 2009

BC, 196, 34%LNG/LPG 4 1%

ALL OTHER, 100, 18%



2009NAME TYPE YEAR BUILT DWT LDT PRICE BREAKER IMO

FRONT VANADIS TANKER 1991 KOREA 285,873 33,031 $325 BANGLADESH 8902412

JURUPEMA TANKER 1977 ISHIBRAS 131,584 25,957 - INDIA 7357804

LOFOTEN TANKER 1991IMABARI

MARUGAME97,078 13,941 $322 BANGLADESH 9020077

PEDOULAS TANKER 1990 JAPAN 96,127 14,025 $340 BANGLADESH 8813570

TRUST FRIENDSHIP TANKER 1986SAMSUNG

SHIPBUILDING94,560 17,112 $330 PAKISTAN 8420220

ATLANTIC PRIDE BC 1981HYUNDAI HEAVY

78,507 17,411 $280 CHINA 7925015

TAXIARCHIS I TANKER 1986 MITSUBISHI 71,829 13,837 $315 PAKISTAN 8406872

NAIK JADUNATH SINGH PVC

TANKER 1984 HYUNDAI HI 67,169 12,300 $293 INDIA 8224133

CAPTAIN GURBACHAN

SINGH SALARITANKER 1984 S.KOREA 67,167 13,200 $292 INDIA 8224157

COMPANY HAVILDAR MAJOR

PIRU SINGBC 1984 HYUNDAI HI 67,161 13,200 $301 INDIA 8224145

ASTAKOS TANKER 1986 POLAND 46,828 11,427 $326 BANGLADESH 7907788

SAMARIA TANKER 1985 POLAND 46,787 11,370 $330 BANGLADESH 7907752

MARLIN MPP 1977 JAPAN 45,065 6,566 - BANGLADESH 7516565

WESTAMA TANKER 1983ULJANIK

BRODOGRADIL

40,293 9,994 - BANGLADESH 8008981

LOVELY SKY TANKER 1984 JAPAN 37,243 9,000 $330 BANGLADESH

EEC AMERICA BC 1977IHI

YOKOHAMA37,207 7,402 $295 BANGLADESH 7370337

GARDENIA CONT 1980 JAPAN 36,465 16,667 $284 INDIA 7820978

MOL OASIS CONT 1986 IHI - KURE 35,975 12,146 - CHINA 8506608

FIVE STARS COSMOS

BC 1979 JAPAN 35,157 8,058 $265 CHINA 7530913

MANILA STAR BC 1978 JAPAN 34,039 8,334 $270 CHINA 7527239

MSC LAUREN CONT 1982 BRAZIL 30,790 7,345 $268 CHINA 7820409

PINE TRADER CONT 1979 BRODOSPLIT 30,084 7,456 $270 INDIA 7636781

PRODUCE TANKER 1984 GREECE 28,885 8,324 $325 PAKISTAN 8007236

KAI LI BC 1975 JAPAN 27,098 6,506 $255 CHINA 7418244

ALINA BC 1977TSUNEISHI

SHBLDG27,090 6,345 $183 TURKEY 7513642

SELLERS ARE GLOBAL FORTUNE CORP SA GREECE

SELLERS ARE MSC MEDITERRANEAN SHIPPING CO SWITZERLAND

UNDER TOW - SELLERS ARE SIRIUS SHIPPING INC YUGOSLAVIA

SELLERS ARE DELFI SA GREECE

SELLERS ARE KAI LI SHIPPING CHINA

SELLERS ARE TARGET MARINE SA GREECE

ALSO REPORTED SOLD IN JAN 2009 TO CHINESE BREAKERS

SELLERS ARE HONGKONG HONGSHENG SHPG

SELLERS ARE SEJONG MARITIME CORP - KOREA

SELLERS ARE PROJECT SHIPPING GREECE

SELLERS ARE HIBISCAMAR TRANSPORTES MARITIMOS PORTUGAL

AS IS KAKINADA - SELLERS ARE SHIPPING CORPORATION OF INDIA

SELLERS ARE SHIPPING CORPORATION OF INDIA

SELLERS ARE DELFI SA GREECE

SELLERS ARE AVIN INTERNATIONAL SA GREECE

SELLERS ARE TRUSTOIL TANKERS GREECE

SELLERS ARE TOMASOS BROS GREECE

OTHER NAME REPORTED IS "AMSAL" - SELLERS ARE AK SHIPPING & TRADING INC

GREECE

SELLERS ARE SHIPPING CORPORATION OF INDIA

SELLERS ARE TMT CO LTD TAIWAN

SELLERS ARE PETROBRAS

SELLERS ARE CYCLOPS SHIPPING GREECE

SELLERS ARE BODO HOLDING UK

NOTESOCTOBERREPORTED DEMOLITION DEALS

BC, 196, 34%

MPP, 44, 8%

CONT, 31, 5%TANKER, 193, 34%

LNG/LPG, 4, 1%

, ,18%



ST. GEORGIOS BC 1981 BRAZIL 26,066 7,574 $285 INDIA 7433074

KAI TONG BC 1983 CHINA 26,000 4,999 $255 CHINA 9098036

GALINA III CONT 1977MITSUI

TAMANO23,314 8,038 $335 INDIA 7526912

SUMY BC 1978 JAPAN 22,904 5,870 - AS IS 7701691

BSLE ENDURANCE MPP 1978NETHERLAND

S22,500 9,789 - INDIA 7704473

NAYAB I MPP 1983 POLAND 20,435 9,369 - INDIA 8023058

MSC SELIN RORO 1981 BREDA 17,869 10,560 $282 INDIA 7822548

DOLPHIN B TANKER 1984 YUGOSLAVIA 17,654 5,661 $310 PAKISTAN 8206997

GAZ MAJOR GAS 1979MOSS

ROSENBERG17,432 7,650 $320 INDIA 7712925

TELLUS CAR 1978MITSUI

TAMANO17,406 11,989 - CHINA 7518563

PERSEPOLIS MPP 1979 IHI KURE 17,188 4,391 $298 PAKISTAN 7718125

SERUM WIND TANKER 1987 YUGOSLAVIA 17,042 6,415 $265 INDIA

PERLAV MPP 1979 JAPAN 16,902 4,406 - BANGLADESH 7640471

GLOBAL CARRIER TWEEN 1980 KOREA 16,639 7,879 $281 CHINA 7802316

LIGURIA CONT 1978 JAPAN 15,435 6,832 $289 INDIA 7705403

SANTA FE MPP 1978 JAPAN 15,011 6,214 - BANGLADESH 7632890

ATAQA MPP 1980 GERMANY 13,600 6,740 $290 INDIA 8030972

THOUSAND SUNNY MPP 1978 10,147 3,153 $258 CHINA 7723443

GULF DREAM MPP 1972 JAPAN 9,857 3,063 $320 INDIA 7210460

ALKISTIS MPP 1982 ROMANIA 8,850 3,367 $290 PAKISTAN 8132952

AL AQEELA 1 MPP 1977 YAMANISHI 8,625 4,304 $292 INDIA 7611729

CORA ISLAND GAS 1982 FRANCE 6,082 4,049 $320 INDIA 8024040

LYSE MPP 1974 GERMANY 6,007 $310 INDIA 7397505

FRIENDSHIPGAS GAS 1981MEYER

PAPENBURG5,986 $185 TURKEY 8027688

FROST DELPHI REEFER 1982 JAPAN 5,555 3,154 $283 INDIA 8118188

OBS SWATHY BC 1979 EMAQ 5,344 - - 7521479

VIKTOR TALALIKHIN

RORO 1981 A.ZHDANOV 4,605 $320 INDIA 7945883

VALGA RORO 1979 RUSSIA 4,600 6,000 $330 INDIA 7740805

SIBIR OTHER 1977 BALTIYSKIY 4,096 - - 7604491

TRUST DUBAI CAR 1987 JAPAN 3,725 2,691 $106 INDIA 8701387

RITA S TANKER 1970MENZER-WERFT

3,265 $180 TURKEY 7000243

PALAWAN PRINCESS

PAX 1956DUBIGEON

NANTES2,000 - - 5104186

DALMACIJA RORO 1965 YUGOSLAVIA 1,701 - TURKEY 6411964

TACLOBAN PRINCESS

RORO 1970 JAPAN 1,287 - AS IS 7106243

JENNY BC 1968 SAO JACINTO 1,078 - - 6818928

SEA ATLAS RORO 1972 FRANCE 900 - AS IS 7214612

SELELRS ARE LINMAC CAPE VERDE

SELLERS ARE DONBASS UKRAINE

SELLERS ARE RUSSIAN

ICEBREAKER - SELLERS ARE MURMANSK SHIPPING CO RUSSIA

AS IS CAPETOWN - VEHICLES CARRIER - SELLERS ARE POLESTAR SHIPPING PTE LTD

SINGAPORE

SELLERS ARE ISM GROUP SYRIA

SELLERS ARE MAGNUS CARRIERS CORP

SELLERS ARE MCCL GREECE

CHEMICAL TANKER

SELLERS ARE SULPICIO LINES INC PHILIPPINES

SELLERS ARE AUTOTRANS DOO CROATIA - ROPAX

ROPAX

SELLERS ARE LASKARIDIS SHIPPING CO LTD GREECE

SELLERS ARE OCEAN BULK SHIPPING LLC, UAE

SELLERS ARE BATROUN SHIPPING UAE

LPG TANKER - SELLERS ARE SWAN SHIPPING CORP - PHILIPPINES

SELLERS ARE MATSO SHIPPING CO INC EGYPT

SELLERS ARE SINOKOR MERCHANT MARINE CO LTD KOREA

SELLERS ARE WARRICK SHIPPING CO HONG KONG CHINA

SELLERS ARE SWISS MARINE INC GREECE

SELLERS ARE EVER OCEAN SHIPPING CO, PANAMA

ASIS DURBAN

LPG - 15038 CBM - SELLERS ARE NAFTOMAR SHIPPING AND TRADING GREECE - SOLD AS IS FUJAIRAH WITH 500TNS OF BUNKERS ON

BOARD

VEHICLES CARRIER - SELLERS ARE WILHELMSEN MARITIME SERVICES NORWAY

SELLERS ARE KAALBYE SHIPPING, UKRAINE. SALE INCL 170 TS OF BUNKERS.

SELLERS ARE DONBASS UKRAINE

SELLERS ARE CYPRUS MARITIME CO LTD GREECE

SELLERS ARE PRIME INTERNATIONAL INVESTORS UAE

SELLERS ARE FRATERNITY CORP (LIVANBROS) GREECE

SELLERS ARE WIN EXPRESS INTL CHINA



GEO SURVEYOR OTHER 1965 GERMANY 630 - AS IS 6521082

Note1: With Red color are indicated all Greek interest Sales

DEMOLITION STATISTICS:

2009 UNITS DWT LDT

January 112 3,982,038 1,023,913 UNITS LDT TAKEN AV. SCRP PRICE

February 129 3,300,306 1,015,524 235 2,293,165 $242

March 126 4,037,606 1,129,849 411 3,340,240 $270

April 95 2,255,469 733,399 175 1,990,904 $297

May 103 3,081,535 963,122 91 184,841 $182

June 74 1,630,604 562,536 74 627,151 $270

July 92 2,124,680 763,960 71 248,336 $29

August 128 3,560,254 1,155,018 1057 8,684,637 $215

September 136 3,311,317 872,205

October 62 2,013,798 465,111

November 0 0 0

December 0 0 0

TOTAL 1057 29,297,607 8,684,637

UNITS LDT TAKEN av $ UNITS LDT UNITS LDT

235 2,293,165 242.3 224 2,209,318 11 83,847

411 3,340,240 269.9 367 2,889,930 44 450,310

175 1,990,904 297.0 108 1,084,373 67 906,531

91 184,841 181.5 82 175,923 9 8,918

74 627,151 270.1 61 488,633 13 138,518

71 248,336 29.2 51 166,571 16 81,765

1057 8,684,637 215.0 893 7,014,748 160 1,669,889

COUNTRY UNITS % rank

GREECE 174 16.5% 1

CHINA 129 12.2% 2

JAPAN 80 7.6% 3

NORWAY 47 4.4% 4

RUSSIA 41 3.9% 7

UAE 43 4.1% 5

INDIA 38 3.6% 8

USA 42 4.0% 6

TURKEY 36 3.4% 9

SINGAPORE 30 2.8% 10

KOREA 28 2.6% 11

UK 27 2.6% 12

SWITZERLAND 20 1.9% 15

ITALY 17 1.6% 16

UKRAINE 25 2.4% 13

SYRIA 21 2.0% 14

BULGARIA 14 1.3% 19

GERMANY 17 1.6% 16

SPAIN 15 1.4% 18

RESEARCH VESSEL

WET

CHINA

DETAILED BREAKER REGION - STATISTICS FOR 2009

INDIA

BANGLADESH

TURKEY

BREAKER – STATS ‘2009

BREAKER

DRY

CHINA

BREAKER

OTHER/CASH/AS IS

TOTAL

PAKISTAN

INDIA

TOTAL

OTHER/CASH/AS IS

BANGLADESH

TURKEY

PAKISTAN

2009 DEMOLITION SELLERS STATISTICS Average Scrap Price & No of Ships Scrapped 2005-2009

21

11

0

1618

105

127

1715

241820

1717161711

19

2929

2116

25

131716

1310

1723

812

21

1419

2319

26

52

28

38

68

79

112

95

103

74

92

128

136

62

129

126

$100

$200

$300

$400

$500

$600

$700

$800

Apr-0

5

Jun-0

5

Aug-0

5

Oct-0

5

Dec-0

5

Feb-0

6

Apr-0

6

Jun-0

6

Aug-0

6

Oct-0

6

Dec-0

6

Feb-0

7

Apr-0

7

Jun-0

7

Aug-0

7

Oct-0

7

Dec-0

7

Feb-0

8

Apr-0

8

Jun-0

8

Aug-0

8

Oct-0

8

Dec-0

8

Feb-0

9

Apr-0

9

Jun-0

9

Aug-0

9

Oct-0

9

-5

15

35

55

75

95

115

135

155

Average Scrap PriceNumber of Ships

DEMO STATS 2005-2009

2,500,000

3,000,000

3,500,000

4,000,000

4,500,000

80

100

120

140DWTLDTNUMBER



NETHERLANDS 12 1.1% 20

ALL OTHER 181 17.1%

UNDISCL 20 1.9%

TOTAL 1057 100.0%

BULKERS / SDTANK/

OBO/GASCONT/

TWEEN/MPP REEFERRORO PAX

CRUISE, VEHICLES CARRIERS

TRAWLER TUG OTHER TOTAL

355 160 331 39 59 94 19 1,057 SHIPS33.6% 15.1% 31.3% 3.7% 5.6% 8.9% 1.8% 100.0%

2,609,203 1,669,889 2,949,948 235,873 317,558 887,290 14,876 8,684,63711,608,217 7,867,914 7,821,319 380,881 378,057 1,210,647 30,572 29,297,607$478,333,174 $431,418,729 $544,738,633 $48,483,548 $52,295,970 $82,559,912 $3,731,305 $1,641,561,271

32.7 Years 27.7 Years 28.9 Years 28.8 Years 35.6 Years 27.4 Years 32.0 Years 30.4 Years

source of data: N. COTZIAS SHIPPING CONSULTANTS (NCSC)Demolition DATA for 2009

USD PAID

AVERAGE AGE

STATS

DWT

LDT

UNITS

%

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

Apr-0

5

Jun-0

5

Aug-0

5

Oct-0

5

Dec-0

5

Feb-0

6

Apr-0

6

Jun-0

6

Aug-0

6

Oct-0

6

Dec-0

6

Feb-0

7

Apr-0

7

Jun-0

7

Aug-0

7

Oct-0

7

Dec-0

7

Feb-0

8

Apr-0

8

Jun-0

8

Aug-0

8

Oct-0

8

Dec-0

8

Feb-0

9

Apr-0

9

Jun-0

9

Aug-0

9

Oct-0

9

0

20

40

60

80

LDT INTAKE PER SCRAP COUNTRY FOR 2009

OTHER/CASH/AS IS, 248,336, 3%

PAKISTAN, 627,151, 7%

TURKEY, 184,841, 2%

BANGLADESH, 1,990,904, 23%

INDIA, 3,340,240,39%

CHINA, 2,293,165,26%

AVERAGE MONTHLY SCRAP PRICE 2009 ‐ CHINA

$228

$243

$215$226

$249$255

$268$279

$267

210

230

250

270

290

Jan‐09 Feb‐09 Mar‐09 Apr‐09 May‐09 Jun‐09 Jul‐09 Aug‐09 Sep‐09 Oct‐09

AV

ER

AG

E S

CR

AP

PR

ICE

U$/

LD

T

AVERAGE MONTHLY SCRAP PRICE 2009 ‐ INDIA

$266 $262$272

$259

$234

$258$249

$309$328

$289

210230250270

290310

330


AV

ER

AG

E S

CR

AP

PR

ICE

U$/

LD

T

AVERAGE MONTHLY SCRAP PRICE 2009 ‐ PAKISTAN

$271 $265 $261 $266$248

$282

$315

$273

$315 $311

210

230250270290

310330


AV

ER

AG

E S

CR

AP

PR

ICE

U$/

LD

T

AVERAGE MONTHLY SCRAP PRICE 2009 ‐ BANGLADESH

$274 $269

$311

$277

$240

$296 $289$300

$342$324

210

260

310

AV

ER

AG

E S

CR

AP

PR

ICE

U$/

LD

T

UNIT INTAKE PER SCRAP COUNTRY FOR 2009

CHINA, 235, 22%

INDIA, 411, 38%

BANGLADESH, 175, 17%

TURKEY, 91, 9%

PAKISTAN, 74, 7%

OTHER/CASH/AS IS, 71, 7%



DATE BDI % frm 1/1/2009 BCI % frm 1/1/2009 BPI% frm

1/1/2009 BSI% frm

1/1/2009 BHI% frm

1/1/2009

30/09/09 2,220 187.2% 2,846 109.1% 2,276 321.5% 1,966 378.3% 974 249.1%

01/10/09 2,284 195.5% 3,060 124.8% 2,314 328.5% 1,911 365.0% 975 249.5%

02/10/09 2,357 204.9% 3,282 141.1% 2,361 337.2% 1,868 354.5% 977 250.2%

05/10/09 2,362 205.6% 3,300 142.5% 2,382 341.1% 1,837 347.0% 977 250.2%

06/10/09 2,441 215.8% 3,528 159.2% 2,411 346.5% 1,820 342.8% 980 251.3%

07/10/09 2,546 229.4% 3,773 177.2% 2,505 363.9% 1,801 338.2% 975 249.5%

08/10/09 2,647 242.4% 3,990 193.2% 2,633 387.6% 1,799 337.7% 974 249.1%

09/10/09 2,695 248.6% 4,107 201.8% 2,705 400.9% 1,800 338.0% 972 248.4%

12/10/09 2,696 248.8% 4,075 199.4% 2,745 408.3% 1,804 338.9% 974 249.1%

13/10/09 2,646 242.3% 3,909 187.2% 2,757 410.6% 1,820 342.8% 972 248.4%

14/10/09 2,597 236.0% 3,762 176.4% 2,733 406.1% 1,869 354.7% 968 247.0%

15/10/09 2,688 247.7% 3,979 192.4% 2,726 404.8% 1,890 359.9% 964 245.5%

16/10/09 2,728 252.9% 4,061 198.4% 2,734 406.3% 1,903 363.0% 961 244.4%

19/10/09 2,766 257.8% 4,163 205.9% 2,744 408.1% 1,900 362.3% 954 241.9%

20/10/09 2,832 266.4% 4,346 219.3% 2,789 416.5% 1,890 359.9% 942 237.6%

21/10/09 2,917 277.4% 4,577 236.3% 2,843 426.5% 1,875 356.2% 926 231.9%

22/10/09 3,001 288.2% 4,774 250.8% 2,950 446.3% 1,862 353.0% 908 225.4%

23/10/09 3,043 293.7% 4,842 255.8% 3,048 464.4% 1,852 350.6% 895 220.8%

26/10/09 3,044 293.8% 4,827 254.7% 3,100 474.1% 1,850 350.1% 886 217.6%

27/10/09 3,013 289.8% 4,733 247.8% 3,109 475.7% 1,842 348.2% 877 214.3%

28/10/09 2,986 286.3% 4,665 242.8% 3,107 475.4% 1,833 346.0% 871 212.2%

29/10/09 3,013 289.8% 4,776 250.9% 3,101 474.3% 1,825 344.0% 868 211.1%

30/10/09 3,103 301.4% 5,047 270.8% 3,150 483.3% 1,820 342.8% 867 210.8%

BALTIC DRY BULK MARKET INDICES until 30th OCTOBER 2009

All Baltic DRY indices 2005 - 2009

300

2300

4300

6300

8300

10300

12300

14300

16300

18300

Jan-05

Apr-05

Jul-05

Oct-05

Jan-06

Apr-06

Jul-06

Oct-06

Jan-07

Apr-07

Jul-07

Oct-07

Jan-08

Apr-08

Jul-08

Oct-08

Jan-09

Apr-09

Jul-09

Oct-09

BPIBCIBDIBSI

$240

210

260


AV

ER

PR

AVERAGE MONTHLY SCRAP PRICE 2009 ‐ TURKEY

$218

$183 $186$202

$172$155

$174 $179 $177 $183

120140

160180200

220240


AV

ER

AG

E S

CR

AP

PR

ICE

U$/

LD

T



DATE CLEAN % frm 2/1/08 DIRTY % frm 2/1/08

30/09/09 518 -15.2% 570 -31.4%01/10/09 515 -15.7% 557 -33.0%02/10/09 515 -15.7% 553 -33.5%05/10/09 511 -16.4% 547 -34.2%06/10/09 508 -16.9% 540 -35.0%07/10/09 506 -17.2% 537 -35.4%08/10/09 504 -17.5% 540 -35.0%09/10/09 499 -18.3% 546 -34.3%12/10/09 493 -19.3% 551 -33.7%13/10/09 488 -20.1% 560 -32.6%

BALTIC TANKER MARKET INDICES until 30th OCTOBER 2009

BALTIC DRY 2005 - 2009

400

2400

4400

6400

8400

10400

Apr-05

Jul-05

Oct-05

Jan-06Apr-0

6Jul-0

6Oct-0

6Jan-07

Apr-07

Jul-07

Oct-07

Jan-08Apr-0

8Jul-0

8Oct-0

8Jan-09

Apr-09

Jul-09

Oct-09

BDI

BALTIC PMAX 2005 - 2009

300

2300

4300

6300

8300

10300

Apr-05

Jul-05

Oct-05

Jan-06Apr-0

6Jul-0

6Oct-0

6Jan-07

Apr-07

Jul-07

Oct-07

Jan-08Apr-0

8Jul-0

8Oct-0

8Jan-09

Apr-09

Jul-09

Oct-09

BPI

BALTIC CAPE 2005 - 2009

400

2900

5400

7900

10400

12900

15400

17900

Apr-05

Jul-05

Oct-05

Jan-06Apr-0

6Jul-0

6Oct-0

6Jan-07

Apr-07

Jul-07

Oct-07

Jan-08Apr-0

8Jul-0

8Oct-0

8Jan-09

Apr-09

Jul-09

Oct-09

BCI

BALTIC SUPMAX 2006 - 2009

300

1300

2300

3300

4300

5300

6300

7300

Apr-06

Jul-06

Oct-06

Jan-07Apr-0

7Jul-0

7Oct-0

7Jan-08

Apr-08

Jul-08

Oct-08

Jan-09Apr-0

9Jul-0

9Oct-0

9

BSI

ALL BALTIC WET Indices 2006-9

300

800

1300

1800

2300BCTI

BDTI

CAPITAL LINK MARITIME INDEX 2005-9

400

1400

2400

3400

4400

5400

Apr-05Jul-05

Oct-05Jan-06

Apr-06Jul-06

Oct-06Jan-07

Apr-07Jul-07

Oct-07Jan-08

Apr-08Jul-08

Oct-08Jan-09

Apr-09Jul-09

Oct-09

CL Maritime Index (CLMI)

CAPITAL LINK DRYBULK INDEX 2005-9

400

1400

2400

3400

4400

5400

6400

7400

Apr-05Jul-05

Oct-05Jan-06

Apr-06Jul-06

Oct-06Jan-07

Apr-07Jul-07

Oct-07Jan-08

Apr-08Jul-08

Oct-08Jan-09

Apr-09Jul-09

Oct-09

CL Drybulk Index (CLDBI)

CAPITAL LINK CONTAINER INDEX 2005-9

400

1400

2400

3400

4400

5400

Apr-05Jul-05

Oct-05Jan-06

Apr-06Jul-06

Oct-06Jan-07

Apr-07Jul-07

Oct-07Jan-08

Apr-08Jul-08

Oct-08Jan-09

Apr-09Jul-09

Oct-09

CL Container Index (CLCI)

CAPITAL LINK MLP INDEX 2005-9

400

900

1400

1900

2400

2900

3400

3900

4400

Jul-05Oct-05

Jan-06Apr-06

Jul-06Oct-06

Jan-07Apr-07

Jul-07Oct-07

Jan-08Apr-08

Jul-08Oct-08

Jan-09Apr-09

Jul-09Oct-09

CL MLP Index (CLMLP)



14/10/09 484 -20.8% 558 -32.9%15/10/09 481 -21.3% 567 -31.8%16/10/09 477 -21.9% 568 -31.6%19/10/09 475 -22.3% 564 -32.1%20/10/09 472 -22.7% 566 -31.9%21/10/09 471 -22.9% 580 -30.2%22/10/09 467 -23.6% 581 -30.1%23/10/09 463 -24.2% 580 -30.2%26/10/09 459 -24.9% 579 -30.3%27/10/09 456 -25.4% 581 -30.1%28/10/09 452 -26.0% 592 -28.8%29/10/09 444 -27.3% 595 -28.4%30/10/09 442 -27.7% 593 -28.6%

ALL CAPITAL LINK INDICES ARE USED WITH THE EXPRESS KIND PERMISSION OF CAPITAL LINK INC - NEW YORK

300

800

Jan-06Apr-06

Jul-06Oct-06

Jan-07Apr-07

Jul-07Oct-07

Jan-08Apr-08

Jul-08Oct-08

Jan-09Apr-09

Jul-09Oct-09

BALTIC DIRTY TANKER INDEX 2005 - 2009

400

900

1400

1900

2400

Jan-05Apr-0

5Jul-0

5Oct-0

5Jan-06

Apr-06

Jul-06Oct-0

6Jan-07

Apr-07

Jul-07Oct-0

7Jan-08

Apr-08

Jul-08Oct-0

8Jan-09

Apr-09

Jul-09Oct-0

9

BDTIBALTIC CLEAN TANKER INDEX 2005 - 2009

300

500

700

900

1100

1300

1500

1700

1900

2100

Jan-05Apr-0

5Jul-0

5Oct-0

5Jan-06

Apr-06

Jul-06Oct-0

6Jan-07

Apr-07

Jul-07

Oct-07Jan-08

Apr-08

Jul-08Oct-0

8Jan-09

Apr-09

Jul-09

Oct-09

BCTI

Brent OIL (2001 - 2009)

16

26

36

46

56

66

76

86

96

106

116

126

136

146

Jan-

01

Apr-0

1

Jul-0

1

Oct-0

1

Jan-

02

Apr-0

2

Jul-0

2

Oct-0

2

Jan-

03

Apr-0

3

Jul-0

3

Oct-0

3

Jan-

04

Apr-0

4

Jul-0

4

Oct-0

4

Jan-

05

Apr-0

5

Jul-0

5

Oct-0

5

Jan-

06

Apr-0

6

Jul-0

6

Oct-0

6

Jan-

07

Apr-0

7

Jul-0

7

Oct-0

7

Jan-

08

Apr-0

8

Jul-0

8

Oct-0

8

Jan-

09

Apr-0

9

Jul-0

9

Oct-0

9

Brent Oil

ALL CAPITAL LINK WET Indices 2006-9

400

1400

2400

3400

4400

5400

Jan-06Apr-06

Jul-06Oct-06

Jan-07Apr-07

Jul-07Oct-07

Jan-08Apr-08

Jul-08Oct-08

Jan-09Apr-09

Jul-09Oct-09

CL Tanker Index (CLTI)

CL LNG/LPG Index (CLLG)

CAPITAL LINK TANKER INDEX 2005-9

400.00

1400.00

2400.00

3400.00

4400.00

5400.00

Jan-05Apr-05

Jul-05Oct-05

Jan-06Apr-06

Jul-06Oct-06

Jan-07Apr-07

Jul-07Oct-07

Jan-08Apr-08

Jul-08Oct-08

Jan-09Apr-09

Jul-09Oct-09

CL Tanker Index (CLTI)

CAPITAL LINK LNG/LPG INDEX 2005-9

400.00

800.00

1200.00

1600.00

2000.00

2400.00

2800.00

3200.00

Jun-05Sep-05

Dec-05Mar-06

Jun-06Sep-06

Dec-06Mar-07

Jun-07Sep-07

Dec-07Mar-08

Jun-08Sep-08

Dec-08Mar-09

Jun-09Sep-09

CL LNG/LPG Index (CLLG)

WTI SPOT PRICE (2001 - 2009)

76

86

96

106

116

126

136

146WTI Spot Price



DISCLAIMER: INFORMATION & DATA CONTAINED IN THIS MONTHLY MARKET REPORT HAVE BEEN CAREFULLY OBTAINED FROM VARIOUS MARKET SOURCES. ALTHOUGH

ALL IS BELIEVED TO BE CORRECT, N. COTZIAS SHIPPING GROUP MAKES NO GUARANTEE FOR ACCURACY, AND SHALL NOT BE LIABLE FOR ANY LOSS INCURRED IN ANY WAY WHATSOEVER BY ANY PERSON RELYING ON THE INFORMATION CONTAINED HEREIN.

16

26

36

46

56

66

76

86

Jan-

01

Apr-0

1

Jul-0

1

Oct-0

1

Jan-

02

Apr-0

2

Jul-0

2

Oct-0

2

Jan-

03

Apr-0

3

Jul-0

3

Oct-0

3

Jan-

04

Apr-0

4

Jul-0

4

Oct-0

4

Jan-

05

Apr-0

5

Jul-0

5

Oct-0

5

Jan-

06

Apr-0

6

Jul-0

6

Oct-0

6

Jan-

07

Apr-0

7

Jul-0

7

Oct-0

7

Jan-

08

Apr-0

8

Jul-0

8

Oct-0

8

Jan-

09

Apr-0

9

Jul-0

9

Oct-0

9


s&p monthly report october 2009 - …files.irwebpage.com/reports/shipping/gapohy32an/cotzias...

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