Market insight By Yannis Olziersky SnP Broker During his recent visit in London, China's Premier, Li Keqiang, announced that China's economy, the world's second largest after the US, will not face a hard landing and will maintain a medium/high growth for the long run! Bei-jing has set a minimum 7.5% annual growth. Mr Li, refrained from rolling out any strong stimulus package to support his government’s target, and instead said that policy will focus more on “targeted measures” to secure and en-sure a sustained rate in the future. The Chinese economy expanded 7.4% in the first quarter of the year, down from an increase of 7.7% in the fourth quarter of last year. IMF's forecast for 2015 is around 7% which is lower than the government's long run target of 7.5%, so it will be interesting to see what Beijing will do to contradict the “Cassandras”. Decreased demand for coal and iron ore, together with a depressed grain season is mostly responsi-ble for today's market levels. The BDI at the timing of writing stands at 867 points, led by the weakest panamax rates seen over the past 20 months.

During the first half of the year, iron ore imports by China fell largely due to seasonality. Additionally to this, stockpiles at Chinese terminals, which have provided a safety valve in an oversupplied market by restocking the com-modity, are currently very close to cover their physical storage capacity, hence further restocking can only be done to a limited extent. These facts, together with the “colossal” supply of tonnage, have put pressure on rates for capes and panamaxes.

On the other hand, iron ore trade in the second half of the year and espe-cially fourth quarter is expected to pick up due to the seasonality of the trade. This together with the fact that shipments out of Brazil have yet to break out of their previous highs and have only recently shown signs of strength, can provide a great support for rates. This is also important be-cause shipments from Brazil take much longer to deliver than shipments from Australia, therefore adding more tonne-miles to the mix. So if iron ore exports out of Brazil do rise out of their sideways trend for 2014, a much larger number of Capesize and Panamax vessels should be demanded over the long term, something which should eventually lead to a spike.

On the smaller sizes, South American grain season was off to a slow start. Traditionally exports from Brazil and Argentina tend to rise in April and start cooling off in July. April's exports this year stood at 12mil tonnes compared with the 16mil tonnes last year. One could say that economic issues in Ar-gentina and its depreciated currency could have influenced farmers in keep-ing their crops in order to sell them at a later date. This remains to be seen, however for the time being a poor grain season has put a lot of pressure on smaller sized vessels. North America's crop output this year is expected to be high, however it usually peaks from September onwards, hence the im-pact shall not be seen over the summer.

Weak charter rates and poor market sentiment paired with over inflated asset values, has led to a slowdown in activity in the second hand and new building markets. The price gap between Sellers’ and Buyers’ ideas has be-come wider with many Sellers having decided to withdrawn their assets from the snp market and possibly return sometime during Q3-Q4, believing that by then freight rates will have recovered and hence asset prices will have firmed. This is definitely a risky decision for those who want/have to sell because if the market doesn't recover by the end of the year as most expect, then the pressure will be much more on the Sellers’ side and there-fore they will have to bridge the gap by moving down to Buyers’ ideas and offering even bigger discounts off last dones than those currently required.

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

The performance of Capesize rates was the sole positive element in last week’s freight market, while as this current week has kicked off it seems that we are not close to an overall positive reversal just yet. The BDI closed today (24/06/2014) at 867 points, down by 48 points compared to Monday’s levels (23/06/2014) and an increase of 9 points compared to previous Tuesday’s closing (17/06/2014). With Suezmaxes leading the way, crude carriers enjoyed a very good week, which brought back memories of July 2013 and together hopes that we could see a similar spike in the tankers market this summer as well. The BDTI Monday (23/06/2014), was at 717 points, an increase of 76 points and the BCTI at 511, a decrease of 7 points compared to previous Monday (16/06/2014).

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

Despite the bad freight market, Greek buyers appear to be maintaining their appetite for second hand tonnage, with ten-year old Panamaxes still gathering most of the buying interest over at the dry bulk sector. On the tanker side, we had the sale of the “SEATRANSPORT” (106,638dwt-blt 02, Japan), which was picked up by Greek buyers for a price of $ 17.9m. On the dry bulker side, we had the sale of the “BLUE MA-NASLU” (179,276dwt-blt 11, S. Korea), which was picked up by Greek buyers for a price of US$ 51.5m.

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

The trend of the week prior resumed, with tankers and dry bulkers mo-nopolizing the list of recently reported deals. Prices have not yet wit-nessed the pressure one would expect under the current overall market environment but the truth is that in most cases the actual discount would not be as obvious, as shipbuilders have been including free extras in their quotes rather than offering straight forward price discounts. This means that actual prices have softened a bit further than what the yards are willing to admit or rather than what current orders reveal. It will be interesting to see how August will pan out for the market, as traditional-ly there tends to be a step back from over marketing slots during this period and in this instance we might actually get to see the above men-tioned discount manifesting on the actual prices. In terms of new or-ders, the Australian group, Fortescue Metals, has placed an order at Jiangsu New YZJ, in China, for four firm VLOCs (260,000dwt), for a price of US $ 68.75m each and with delivery set between 2016 and 2017.

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

Prices continue to correct downwards in the demolition market and despite the fact that the sales reported this past week appear to still hold around last dones, the reality is that the average bids out of the Indian Sub-Continent are in fact way lower. The Indian Rupee continues to be the main cause of concern here. The currency lost further strength against the US Dollar for yet another week, on the back of local import-ers displaying increased appetite for the Greenback. The presence of cash buyers, who are betting on a reverse of the negative climate is still evident though in last week’s sales, the majority of which was once again concluded by Indian breakers at firm levels. The truth is that demo prices have sustained their strength overall during 2014, hence the ap-petite at these levels is excused if one takes into account the overall performance of the market as well as the resistance of prices during the greater part of the year. The rest of the market remained stable, with activity remaining lackluster overall. Average prices this week for wet tonnage were at around 325-485$/ldt and dry units received about 310-465$/ldt.

Weekly Market Report

Issue: Week 25| Tuesday 24th June 2014

© Intermodal Research 24/06/2014 2

2014 2013

WS

points$/day

WS

points$/day $/day $/day

265k MEG-JAPAN 37.5 12,204 37.5 12,404 -1.6% 24,994 21,133

280k MEG-USG 25 7,448 25 7,548 -1.3% 16,910 7,132

260k WAF-USG 45 21,432 45 21,982 -2.5% 36,384 26,890

130k MED-MED 80 27,065 62.5 12,315 119.8% 27,108 17,714

130k WAF-USAC 75 22,214 62.5 14,542 52.8% 19,513 13,756

130k BSEA-MED 85 31,997 62.5 13,940 129.5% 27,108 17,714

80k MEG-EAST 100 19,534 95 17,944 8.9% 16,400 11,945

80k MED-MED 105 23,730 75 8,636 174.8% 26,113 13,622

80k UKC-UKC 120 27,500 95 8,900 209.0% 32,959 18,604

70k CARIBS-USG 115 19,125 97.5 13,189 45.0% 25,703 16,381

75k MEG-JAPAN 80 9,063 83.5 10,644 -14.9% 10,933 12,011

55k MEG-JAPAN 107.5 12,009 112.5 13,629 -11.9% 11,050 12,117

37K UKC-USAC 100 3,970 107.5 5,911 -32.8% 8,820 11,048

30K MED-MED 120 17,952 120 16,037 11.9% 16,871 17,645

55K UKC-USG 102.5 12,029 110 15,685 -23.3% 23,615 14,941

55K MED-USG 100 10,219 107.5 13,794 -25.9% 21,654 12,642

50k CARIBS-USAC 110 11,874 110 12,721 -6.7% 25,860 15,083

Vessel Routes

Week 25 Week 24$/day

±%

Dir

tyA

fram

axC

lean

VLC

CSu

ezm

ax

Spot Rates

Jun-14 May-14 ±% 2014 2013 2012

300KT DH 75.0 75.2 -0.3% 71.8 56.2 62.9

150KT DH 50.0 50.0 0.0% 48.6 40.1 44.9

110KT DH 37.3 38.0 -1.8% 36.7 29.2 31.2

75KT DH 32.7 34.4 -5.0% 33.0 28.0 26.7

52KT DH 27.3 28.8 -5.1% 29.1 24.7 24.6

Aframax

LR1

VLCC

Suezmax

Indicative Market Values ($ Million) - Tankers

Vessel 5yrs old

MR

Chartering

With the rates in the Suezmax market surging with substantial gains and Aframaxes enjoying an exciting week themselves, the crude carriers market experienced a good week overall after a long time. With the situation in Iraq still oozing uncertainty and talks of increased exports from the MEG region coming up, sentiment has somewhat improved, although it is too early to say whether this will continue to be the case over July as well. Rates for VLs remained stable this past week, while increased bunker prices pushed down TCE equivalents as well. Nevertheless, in terms of activity, both the MEG and the WAF regions witnessed substantial increases for yet another week, allowing owners to hope that the gains in the Suezmax mar-ket should soon allow the same for VLs.

Rates for Suezmaxes have in fact surged mid week onwards. The rate for the WAF/USAC route closed off on Friday with a weekly gain of WS 12.5 points on the back of increased demand from Europe, which absorbed a lot of the available tonnage in the region. At the same time business in the Med surged, with TCE rates jumping over 100% for cross-Med voyages.

The North Sea and cross-Med Aframax were also very busy this past week, while satisfactory activity for Afras was witnessed in the rest of the key trading routes backed by demand for Suezmaxes, while the average rate for the segment is now estimated to be in excess of $24,000/day.

Sale & Purchase

In the VLCC sector, we had the sale of the “NEPTUNE GLORY ” (299,127dwt-blt 98, S. Korea), which was picked up by Greek buyers for a price of $23.2m.

In the Aframax sector we had the sale of the “SEATRANSPORT” (106,638dwt-blt 02, Japan), which was also picked up by Greek buyers for a price of $ 17.9m.

Wet Market

Indicative Period Charters

- 1 yr - 'ASTRO CHLOE' 2009 318,400dwt

- - $ 21,000/day - Glovis

- 2 yr - 'SINGAPORE VOYAGER' 2003 106,100dwt

- - $ 14,500/day - Chevron

20

70

120

170

220

WS

po

ints

DIRTY - WS RATESTD3 TD5 TD8 TD4

Week 25 Week 24 ±% Diff 2014 2013

300k 1yr TC 23,750 23,750 0.0% 0 25,790 20,087

300k 3yr TC 27,750 27,750 0.0% 0 27,100 23,594

150k 1yr TC 19,250 19,250 0.0% 0 20,150 16,264

150k 3yr TC 23,250 23,250 0.0% 0 22,180 18,296

110k 1yr TC 15,500 15,500 0.0% 0 15,730 13,534

110k 3yr TC 17,250 17,250 0.0% 0 17,100 15,248

75k 1yr TC 15,250 15,250 0.0% 0 15,500 15,221

75k 3yr TC 16,500 16,500 0.0% 0 16,340 15,729

52k 1yr TC 14,250 14,500 -1.7% -250 15,160 14,591

52k 3yr TC 15,500 15,500 0.0% 0 15,980 15,263

36k 1yr TC 14,500 14,500 0.0% 0 14,640 13,298

36k 3yr TC 15,500 15,500 0.0% 0 15,430 13,907

Panamax

MR

Handy

size

TC Rates

$/day

VLCC

Suezmax

Aframax

60

80

100

120

140

160

180

200

WS

po

ints

CLEAN - WS RATESTC2 TC4 TC6 TC1

© Intermodal Research 24/06/2014 3

0500

1,0001,5002,0002,5003,0003,5004,0004,500

Ind

ex

Baltic Indices

BCI BPI BSI BHSI BDI

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000$

/da

y

Average T/C Rates

AVR 4TC BCI AVR 4TC BPI AVR 5TC BSI AVR 6TC BHSI

170K 6mnt TC 25,750 25,500 1.0% 250 25,315 17,625

170K 1yr TC 24,750 24,500 1.0% 250 25,920 15,959

170K 3yr TC 22,500 22,750 -1.1% -250 23,840 16,599

76K 6mnt TC 10,000 11,000 -9.1% -1,000 14,440 12,224

76K 1yr TC 10,750 11,000 -2.3% -250 14,002 10,300

76K 3yr TC 12,750 13,500 -5.6% -750 14,307 10,317

55K 6mnt TC 10,500 11,000 -4.5% -500 13,130 11,565

55K 1yr TC 11,000 11,500 -4.3% -500 12,670 10,234

55K 3yr TC 11,750 12,250 -4.1% -500 12,670 10,482

45k 6mnt TC 9,000 9,500 -5.3% -500 11,300 9,771

45k 1yr TC 9,500 10,250 -7.3% -750 10,900 8,852

45k 3yr TC 10,250 10,500 -2.4% -250 10,940 9,237

30K 6mnt TC 9,000 9,250 -2.7% -250 10,040 8,244

30K 1yr TC 9,250 9,500 -2.6% -250 9,964 8,309

30K 3yr TC 9,750 10,000 -2.5% -250 10,160 8,926

Han

dym

axH

and

ysiz

e

Period

2013

Pan

amax

Sup

ram

ax

Week

25

Week

24

Cap

esi

ze

2014$/day ±% Diff

Chartering

The Dry Bulk market closed off the week noting a slight decrease, but this

image of stability is merely representative of freight rates overall. In fact,

the BDI would have slumped yet again if it wasn’t for the positive reversal

of rates for Capes Wednesday onwards, which counterbalanced the bad

performance of the rest of the market that persisted throughout the entire

week. The good news is that, with the price of iron ore hitting a 21-month

low last week, we have witnessed some traders getting back into action and

although this is a partial rather than a full on return, it is nice to see some-

thing moving following some very quiet weeks.

The major beneficiary of this recent development was no other than Ca-

pers, which witnessed substantial rate improvements in the Atlantic, with

the fronthaul from Brazil enjoying a nice surge on the back of firming activi-

ty attributed to iron ore majors of the likes of Vale. We are not sure wheth-

er this trend could last though, as we have already seen things steading

already and it could be that some slight softening is just around the corner.

As far as the rest of the market is concerned, things were far from rosy

though. The Panamax market reached fresh lows for the year, with over-

supply of tonnage in both basins eliminating any positive effect from the

fresh enquiry that was coming through. The average rate for the segment

currently stands below $ 4,000/day, a level last witnessed in October 2012.

In the smaller size segments we didn’t witness any improvement either,

with rates for Supras ex-USG and ECSA remaining under pressure and Hand-

ies having to deal with uninspiring activity all around for yet another week.

Sale & Purchase

In the Capesize sector, we had the sale of the “BLUE MA-

NASLU” (179,276dwt-blt 11, S. Korea), which was picked up by Greek buy-

ers for a price of US$ 51.5m.

In the Ultramax sector we had the resale of the “CHUN HE 162” (63,500dwt

-blt 14, China), which was also picked up by Greek buyers, for a price of US$

28.0m.

Jun-14 May-14 ±% 2014 2013 2012

180k 50.3 52.1 -3.4% 49.2 35.8 34.6

76K 25.8 26.8 -3.6% 26.9 21.3 22.7

56k 25.2 26.3 -4.3% 26.4 21.5 23.0

30K 20.2 20.5 -1.6% 20.7 18.2 18.2Handysize

Capesize

Panamax

Supramax

Indicative Market Values ($ Million) - Bulk Carriers

Vessel 5 yrs old

Indicative Period Charters

- 6 to 9 mos - 'YIANNIS B' 2008 82,562dwt

- CJK 16/18 Jun - $ 9,200/day - Cargill

- 7 to 8 mos - 'PIONEER' 2004 171,681dwt

- Cape Passero 25/30 Jun - $ 24,000/day - Classic Maritime

Dry Market

Index $/day Index $/day Index Index

BDI 904 906 -2 1,188 1,205

BCI 1,950 $14,251 1,730 $13,050 220 9.2% 1,966 2,106

BPI 461 $3,702 582 $4,670 -121 -20.7% 1,072 1,186

BSI 704 $7,356 748 $7,822 -44 -6.0% 1,000 983

BHSI 441 $6,591 459 $6,833 -18 -3.5% 602 562

13/06/2014

Baltic IndicesWeek 25

20/06/2014Week 24

Point

Diff

2014 2013$/day

±%

© Intermodal Research 24/06/2014 4

Secondhand Sales

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

VLCC NEPTUNE GLORY 299,127 1998DAEWOO HEAVY

INDUSTRIE, S. KoreaSulzer Apr-18 DH $ 23.2m Greek

AFRA SEATRANSPORT 106,638 2002TSUNEISHI SHBLDG -

FUK, JapanB&W Sep-17 DH $ 17.9m Greek

LR1 PACIFIC BRAVERY 68,967 1999KOYO MIHARA,

JapanB&W Jul-14 DH $ 8.5m MIddle Eastern

MR NARA 47,172 1996 ONOMICHI, Japan B&W Jun-16 DH $ 10.0m Malays ian

MRCARIBBEAN

SPIRIT46,383 2004

SHIN KURUSHIMA

ONISHI, JapanMitsubishi Jan-19 DH $ 21.0m undisclosed

MRCHEMTRANS

JACOBI43,716 1999

DALIAN SHIPYARD

CO LTD, ChinaMAN-B&W Dec-14 DH $ 8.5m undisclosed

PROD/

CHEMSC SHANTOU 19,508 1998

SHIN KURUSHIMA

AKITSU, JapanMitsubishi Oct-17 DH $ 16.5m

PROD/

CHEMSC ZHUHAI 19,455 1999

SHIN KURUSHIMA

AKITSU, JapanMitsubishi Feb-19 DH $ 16.5m

SMALL CRANE BRIGHT 6,788 2002MURAKAMI HIDE,

JapanMitsubishi May-17 DH $ 7.1m Vietnamese

Undisclosed

Tankers

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

CAPE BLUE MANASLU 179,276 2011HYUNDAI HEAVY

INDS - U, S. KoreaMAN-B&W Dec-16 $ 51.5m Greek

PMAX ABYO JENNIFER 75,473 1996FINCANTIERI

STABIA, Ita lySulzer Mar-16 $ 6.8m

PMAX ABYO NATALIE 75,229 1996FINCANTIERI

STABIA, Ita lySulzer Jul -16 $ 6.8m

PMAXPRIDE OF

INDORE75,230 1996

FINCANTIERI

BREDA VEN, Ita lySulzer Jan-16 undisclosed undisclosed

UMAX CHUN HE 162 63,500 2014

YANGZHOU

DAYANG SHIPBU,

China

MAN-B&W -4 X 35t

CRANES$ 28.0m Greek

SMAXCROWN

ESMERALDA58,000 2012

YANGZHOU

DAYANG SHIPBU,

China

MAN-B&W Jun-17 4CRANES $ 25.2m Greek

HANDY TRANS OCEAN 1 38,398 1986 IHI - AIOI, Japan Sulzer Jul -164 X 25t

CRANES$ 3.9m undisclosed

HANDY BUMBI 29,870 2004SHIKOKU

DOCKYARD, JapanMAN-B&W Sep-14

4 X 30,5t

CRANES$ 12.6m Greek

Chinese

Bulk Carriers

© Intermodal Research 24/06/2014 5

Secondhand Sales

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

LPG PROGRESS 58,560 2009HYUNDAI HEAVY

INDS - U, S. KoreaMAN-B&W Jan-19 80,793 $ 85.0m Norwegian

Gas/LPG/LNG

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

PMAX ATAIR 4,700 2014

DSME WEIHAI

SHIPYARD C,

China

MAN-B&W - undisclosed

German

(Hammonia

Shipping)

SUB

PMAX

YANGFAN CV22H-

JT032,200 2015

YANGFAN GROUP

CO LTD, ChinaMAN-B&W - $ 30.0m

SUB

PMAX

YANGFAN CV22H-

JT042,200 2015

YANGFAN GROUP

CO LTD, ChinaMAN-B&W - $ 30.0m

Dutch (Seatrade)

Containers

© Intermodal Research 24/06/2014 6

The trend of the week prior resumed, with tankers and dry bulkers monopo-lizing the list of recently reported deals. Prices have not yet witnessed the pressure one would expect under the current overall market environment but the truth is that in most cases the actual discount would not be as obvi-ous, as shipbuilders have been including free extras in their quotes rather than offering straight forward price discounts. This means that actual prices have softened a bit further than what the yards are willing to admit or rather than what current orders reveal. It will be interesting to see how August will pan out for the market, as traditionally there tends to be a step back from over marketing slots during this period and in this instance we might actually get to see the above mentioned discount manifesting on the actual prices.

In terms of recently reported deals, the Australian group, Fortescue Metals, has placed an order at Jiangsu New YZJ, in China, for four firm VLOCs (260,000dwt), for a price of US $ 68.75m each and with delivery set between 2016 and 2017.

Newbuilding Market

20

60

100

140

180

mil

lion

$

Tankers Newbuilding Prices (m$)

VLCC Suezmax Aframax LR1 MR

Week

25

Week

24±% 2014 2013 2012

Capesize 180k 58.0 58.0 0.0% 56.4 49 47

Kamsarmax 82k 30.8 30.8 0.0% 30.5 27 28

Panamax 77k 29.5 29.5 0.0% 29.2 26 27

Supramax 58k 28.0 28.0 0.0% 27 25 25

Handysize 35k 23.5 23.5 0.0% 23 21 22

VLCC 300k 101.0 101.0 0.0% 98.9 91 96

Suezmax 160k 66.0 66.0 0.0% 64 56 58

Aframax 115k 55.0 55.0 0.0% 54 48 50

LR1 75k 46.0 46.0 0.0% 45.9 41 42

MR 52k 37.0 37.0 0.0% 36.9 34 34

LNG 150K 186.0 186.0 0.0% 185.6 185 186

LGC LPG 80k 80.0 80.0 0.0% 77.5 71 71

MGC LPG 52k 67.3 67.3 0.0% 65.9 63 62

Vessel

Indicative Newbuilding Prices (million$)

Gas

Bu

lke

rsTa

nke

rs

10

30

50

70

90

110

mil

lion

$Bulk Carriers Newbuilding Prices (m$)

Capesize Panamax Supramax Handysize

Units Type Yard Delivery Buyer Price Comments

1 Tanker 50,000 dwt NASSCO, USA 2017US (American Petroleum

tankers)undisclosed

option, LNG dual fuel

propulsion, 5 in total

2 Tanker 25,000 dwt Fukuoka, Japan 2017Chinese (Greathorse

Chemical)undisclosed

2 Tanker 15,000 dwt AVIC Dingheng, China 2016-2017Swedish (Tarntank Ship

Management)undisclosed options, 4 in total

4 Bulker 260,000 dwt Jiangsu New YZJ, China 2016-2017Australian (Fortescue

Metals Group)$ 68.75m

1 Bulker 84,700 dwt Sasebo, Japan 2016 Japanese (Asahi Kaiun) undisclosed

1 Bulker 84,700 dwt Sasebo, Japan 2017Chinese Taipei (First

Steamship)undisclosed

2 Bulker 78,000 dwt Jiangnan, China 2015Chinese (CSSC Huangpu

Wenchong)$ 31.25m

3+3 Bulker 64,000 dwtJiangsu Hantong,

China2015-2016 Greek

around $

27.0m

1+4 Bulker 15,500 dwtJiangsu Rainbow,

China2016

Corretaje Maritimo Sud

Americano$ 23.0m self unloaders

Newbuilding Orders Size

© Intermodal Research 24/06/2014 7

Prices continue to correct downwards in the demolition market and despite the fact that the sales reported this past week appear to still hold around last dones, the reality is that the average bids out of the Indian Sub-Continent are in fact way lower. The Indian Rupee continues to be the main cause of con-cern here. The currency lost further strength against the US Dollar for yet another week, on the back of local importers displaying increased appetite for the Greenback. The presence of cash buyers, who are betting on a reverse of the negative climate is still evident though in last week’s sales, the majori-ty of which was once again concluded by Indian breakers at firm levels. The truth is that demo prices have sustained their strength overall during 2014, hence the appetite at these levels is excused if one takes into account the overall performance of the market as well as the resistance of prices during the greater part of the year. The rest of the market remained stable, with activity remaining lackluster overall. Average prices this week for wet ton-nage were at around 325-485$/ldt and dry units received about 310-465$/ldt.

The highest price amongst recently reported deals, was that paid by Indian breakers for the Tanker ‘THERESA MARS’ (13,749dwt-4,111ldt-blt 87), which received the sky high price of $ 720/ldt as there were some 500 tones of stainless steel onboard..

Demolition Market

Week

25

Week

24±% 2013 2012 2011

Bangladesh 475 475 0.0% 422 440 523

India 485 490 -1.0% 426 445 511

Pakistan 470 470 0.0% 423 444 504

China 325 325 0.0% 365 384 451

Bangladesh 450 450 0.0% 402 414 498

India 465 470 -1.1% 405 419 484

Pakistan 450 450 0.0% 401 416 477

China 310 310 0.0% 350 365 432

Dry

Indicative Demolition Prices ($/ldt)

Markets

We

t

250

300

350

400

450

500

550

$/l

dt

Wet Demolition Prices

Bangladesh India Pakistan China

250

300

350

400

450

500

550

$/l

dt

Dry Demolition Prices

Bangladesh India Pakistan China

Name Size Ldt Built Yard Type $/ldt Breakers Comments

MSC JADE 43,293 13,552 1986HITACHI ZOSEN -

INNOSH, JapanCONT $ 485/Ldt Indian

TRANS OCEAN

PROGRESS42,183 8,669 1987

SASEBO SASEBO,

JapanBULKER $ 490/Ldt Indian as-is Fujairah incl. 500T bunkers

BALTIC STRAIT 12,545 8,000 1981 FRAMNAES, Norway REEFER $ 500/Ldt Indian incl. 70T aluminium

BALTIC NOVEL 10,598 6,646 1980GIESSEN-DE NOORD

KRIMP, NetherlandsREEFER $ 500/Ldt Indian incl. 72T aluminium

BALTIC NAVIGATOR 10,572 6,646 1985GIESSEN-DE NOORD

KRIMP, NetherlandsREEFER $ 500/Ldt Indian incl. 72T aluminium

OCEAN RICH 21,348 5,210 1981WATANABE ZOSEN

KK - HA, JapanBULKER $ 462/Ldt Indian

THERESA MARS 13,749 4,111 1987KYOKUYO ZOSEN

CHOFU, JapanTANKER $ 720/Ldt Indian 500T of StSt

DANNY ROSE 9,606 3,660 1988MIHO SHIMIZU,

JapanGC $ 485/Ldt Indian

GAZ PIONEER 7,495 3,500 1982 BENETTI, Italy GAS $ 481/Ldt Indian as-is Fujairah

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.

Compiled by Intermodal Research & Valuations Department | research@intermodal.gr

Analysts: Mr. George Lazaridis | g.lazaridis@intermodal.gr

Ms. Eva Tzima | e.tzima@intermodal.gr

Finance News

“Safe to rake in $70m

Safe Bulkers will generate gross proceeds of at least $70m from its latest capital markets cash drive, the company said.

The New York-listed bulker owner said after today’s market close that it priced the offering of 2.8 million shares at $25 per share with an 8% payout.

The sale of the Series D shares is expected to close Monday.

However, the gross proceeds estimate does not in-clude underwriters’ 30-day options for 420,000 addi-tional shares aimed at covering over allotments.

The fund-raising effort is aimed at funding the Athens-based company’s 13-ship newbuilding programme as well as paying down debt.

Morgan Stanley and UBS are joint bookrunners on the offering, while DNB Markets is acting as co-manager.

In addition to the newbuildings, Polys Hajioannou-led Safe Bulkers owns 31 bulk carriers.” (Trade Winds)

Commodities & Ship Finance

20-Jun-14 19-Jun-14 18-Jun-14 17-Jun-14 16-Jun-14W-O-W

Change %

10year US Bond 2.620 2.620 2.610 2.650 2.600 0.8%

S&P 500 1,962.87 1,959.48 1,956.98 1,941.99 1,937.78 1.4%

Nasdaq 4,368.04 4,359.33 4,362.84 4,337.23 4,321.10 1.3%

Dow Jones 16,947.08 16,921.46 16,906.62 16,808.49 16,781.01 1.0%

FTSE 100 6,825.20 6,808.10 6,778.60 6,766.80 6,754.60 0.7%

FTSE All-Share UK 3,638.35 3,626.78 3,611.59 3,604.81 3,604.42 0.5%

CAC40 4,541.34 - 4,530.37 4,536.07 4,510.05 0.0%

Xetra Dax 9,987.24 - 9,930.33 9,920.32 9,883.98 0.8%

Nikkei 15,349.42 15,361.16 15,115.80 14,975.97 14,933.29 1.7%

Hang Seng 23,194.06 - 23,181.72 23,203.59 23,300.67 -0.5%

DJ US Maritime 377.67 379.91 376.13 374.62 373.95 1.5%

$ / € 1.36 1.36 1.36 1.36 1.35 0.4%

$ / ₤ 1.70 1.70 1.70 1.70 1.70 0.4%

¥ / $ 102.05 101.92 102.16 102.03 101.87 0.1%

$ / NoK 0.16 0.16 0.17 0.17 0.17 -2.2%

Yuan / $ 6.21 6.21 6.21 6.23 6.23 0.2%

Won / $ 1,020.15 1,019.77 1,022.14 1,022.57 1,020.24 0.2%

$ INDEX 86.60 86.50 86.80 86.80 86.60 -0.2%

Market Data

Cu

rre

nci

es

Sto

ck E

xch

ange

Dat

a

1,180

1,240

1,300

1,360

1,420

1,480

90

100

110

120

goldoil

Basic Commodities Weekly Summary

Oil WTI $ Oil Brent $ Gold $

20-Jun-14 13-Jun-14W-O-W

Change %

Rotterdam 900.0 895.5 0.5%

Houston 984.0 979.0 0.5%

Singapore 919.0 909.0 1.1%

Rotterdam 601.0 586.0 2.6%

Houston 611.5 592.5 3.2%

Singapore 602.5 600.5 0.3%

Bunker Prices

MD

O3

80

cst

CompanyStock

ExchangeCurr. 20-Jun-14 13-Jun-14

W-O-W

Change %

AEGEAN MARINE PETROL NTWK NYSE USD 10.66 10.55 1.0%

BALTIC TRADING NYSE USD 6.74 6.27 7.5%

BOX SHIPS INC NYSE USD 1.60 1.53 4.6%

CAPITAL PRODUCT PARTNERS LP NASDAQ USD 11.00 10.73 2.5%

COSTAMARE INC NYSE USD 23.40 22.28 5.0%

DANAOS CORPORATION NYSE USD 6.03 6.19 -2.6%

DIANA SHIPPING NYSE USD 11.47 11.44 0.3%

DRYSHIPS INC NASDAQ USD 3.37 3.36 0.3%

EAGLE BULK SHIPPING NASDAQ USD 3.54 3.49 1.4%

EUROSEAS LTD. NASDAQ USD 1.16 1.13 2.7%

FREESEAS INC NASDAQ USD 0.75 0.88 -14.8%

GLOBUS MARITIME LIMITED NASDAQ USD 3.59 3.60 -0.3%

GOLDENPORT HOLDINGS INC LONDON GBX 345.00 325.00 6.2%

HELLENIC CARRIERS LIMITED LONDON GBX 41.04 41.00 0.1%

NAVIOS MARITIME ACQUISITIONS NYSE USD 3.87 3.56 8.7%

NAVIOS MARITIME HOLDINGS NYSE USD 10.37 9.86 5.2%

NAVIOS MARITIME PARTNERS LP NYSE USD 18.85 19.05 -1.0%

NEWLEAD HOLDINGS LTD NASDAQ USD 0.50 0.60 -16.7%

PARAGON SHIPPING INC. NYSE USD 5.81 5.55 4.7%

SAFE BULKERS INC NYSE USD 9.98 9.18 8.7%

SEANERGY MARITIME HOLDINGS CORP NASDAQ USD 1.33 1.42 -6.3%

STAR BULK CARRIERS CORP NASDAQ USD 13.70 12.07 13.5%

STEALTHGAS INC NASDAQ USD 11.15 10.05 10.9%

TSAKOS ENERGY NAVIGATION NYSE USD 7.30 7.26 0.6%

TOP SHIPS INC NASDAQ USD 2.18 2.19 -0.5%

Maritime Stock Data

© Intermodal Shipbrokers Co

9

24/06/2014

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