Post on 29-Sep-2020
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009MARITIME ECONOMETRICS
GBP£/US$ (2003 - 2009)
US$/JAP Yen (2003 - 2009)
US$/JAP Yen (2003 - 2009)
85.00
90.00
95.00
100.00
105.00
110.00
115.00
120.00
125.00
Jun-0
3
Sep-0
3
Dec-0
3
Mar
-04
Jun-0
4
Sep-0
4
Dec-0
4
Mar
-05
Jun-0
5
Sep-0
5
Dec-0
5
Mar
-06
Jun-0
6
Sep-0
6
Dec-0
6
Mar
-07
Jun-0
7
Sep-0
7
Dec-0
7
Mar
-08
Jun-0
8
Sep-0
8
Dec-0
8
Mar
-09
Jun-0
9
US$-Yen
GBP£/US$ (2003 - 2009)
1.3300
1.4300
1.5300
1.6300
1.7300
1.8300
1.9300
2.0300
2.1300
Jun-0
3
Sep-0
3
Dec-0
3
Mar
-04
Jun-0
4
Sep-0
4
Dec-0
4
Mar
-05
Jun-0
5
Sep-0
5
Dec-0
5
Mar
-06
Jun-0
6
Sep-0
6
Dec-0
6
Mar
-07
Jun-0
7
Sep-0
7
Dec-0
7
Mar
-08
Jun-0
8
Sep-0
8
Dec-0
8
Mar
-09
Jun-0
9
£ - $
GBP£/US$ (1971 - 2009)
1.0300
1.2300
1.4300
1.6300
1.8300
2.0300
2.2300
2.4300
2.6300
Jun-7
1
Jun-7
2
Jun-7
3
Jun-7
4
Jun-7
5
Jun-7
6
Jun-7
7
Jun-7
8
Jun-7
9
Jun-8
0
Jun-8
1
Jun-8
2
Jun-8
3
Jun-8
4
Jun-8
5
Jun-8
6
Jun-8
7
Jun-8
8
Jun-8
9
Jun-9
0
Jun-9
1
Jun-9
2
Jun-9
3
Jun-9
4
Jun-9
5
Jun-9
6
Jun-9
7
Jun-9
8
Jun-9
9
Jun-0
0
Jun-0
1
Jun-0
2
Jun-0
3
Jun-0
4
Jun-0
5
Jun-0
6
Jun-0
7
Jun-0
8
Jun-0
9
£ - $
US$/JAP Yen (1971 - 2009)
80.00
130.00
180.00
230.00
280.00
330.00
Jun-7
1
Jun-7
2
Jun-7
3
Jun-7
4
Jun-7
5
Jun-7
6
Jun-7
7
Jun-7
8
Jun-7
9
Jun-8
0
Jun-8
1
Jun-8
2
Jun-8
3
Jun-8
4
Jun-8
5
Jun-8
6
Jun-8
7
Jun-8
8
Jun-8
9
Jun-9
0
Jun-9
1
Jun-9
2
Jun-9
3
Jun-9
4
Jun-9
5
Jun-9
6
Jun-9
7
Jun-9
8
Jun-9
9
Jun-0
0
Jun-0
1
Jun-0
2
Jun-0
3
Jun-0
4
Jun-0
5
Jun-0
6
Jun-0
7
Jun-0
8
Jun-0
9
US$-Yen
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 1 of 19
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009
Euro/US$ (2003 - 2009)
US$/AUSTRALIAN DOLLAR (2003 - 2009)
EUR€/US$ (1999 - 2009)
0.800.850.900.951.001.051.101.151.201.251.301.351.401.451.501.551.60
Mar
-99
Jun-9
9
Sep-9
9
Dec-9
9
Mar
-00
Jun-0
0
Sep-0
0
Dec-0
0
Mar
-01
Jun-0
1
Sep-0
1
Dec-0
1
Mar
-02
Jun-0
2
Sep-0
2
Dec-0
2
Mar
-03
Jun-0
3
Sep-0
3
Dec-0
3
Mar
-04
Jun-0
4
Sep-0
4
Dec-0
4
Mar
-05
Jun-0
5
Sep-0
5
Dec-0
5
Mar
-06
Jun-0
6
Sep-0
6
Dec-0
6
Mar
-07
Jun-0
7
Sep-0
7
Dec-0
7
Mar
-08
Jun-0
8
Sep-0
8
Dec-0
8
Mar
-09
Jun-0
9
Eur-US$
US$/AU$ (2003 - 2009)
0.5800
0.6300
0.6800
0.7300
0.7800
0.8300
0.8800
0.9300
0.9800
Jun-0
3
Sep-0
3
Dec-0
3
Mar
-04
Jun-0
4
Sep-0
4
Dec-0
4
Mar
-05
Jun-0
5
Sep-0
5
Dec-0
5
Mar
-06
Jun-0
6
Sep-0
6
Dec-0
6
Mar
-07
Jun-0
7
Sep-0
7
Dec-0
7
Mar
-08
Jun-0
8
Sep-0
8
Dec-0
8
Mar
-09
Jun-0
9
US$-AU$
EUR€/US$ (2003 - 2009)
1.0550
1.1050
1.1550
1.2050
1.2550
1.3050
1.3550
1.4050
1.4550
1.5050
1.5550
1.6050
Jun-0
3
Sep-0
3
Dec-0
3
Mar
-04
Jun-0
4
Sep-0
4
Dec-0
4
Mar
-05
Jun-0
5
Sep-0
5
Dec-0
5
Mar
-06
Jun-0
6
Sep-0
6
Dec-0
6
Mar
-07
Jun-0
7
Sep-0
7
Dec-0
7
Mar
-08
Jun-0
8
Sep-0
8
Dec-0
8
Mar
-09
Jun-0
9
Eur-US$
US$/AU$ (1971 - 2009)
0.5000
0.7000
0.9000
1.1000
1.3000
1.5000
Jun-7
1
Jun-7
2
Jun-7
3
Jun-7
4
Jun-7
5
Jun-7
6
Jun-7
7
Jun-7
8
Jun-7
9
Jun-8
0
Jun-8
1
Jun-8
2
Jun-8
3
Jun-8
4
Jun-8
5
Jun-8
6
Jun-8
7
Jun-8
8
Jun-8
9
Jun-9
0
Jun-9
1
Jun-9
2
Jun-9
3
Jun-9
4
Jun-9
5
Jun-9
6
Jun-9
7
Jun-9
8
Jun-9
9
Jun-0
0
Jun-0
1
Jun-0
2
Jun-0
3
Jun-0
4
Jun-0
5
Jun-0
6
Jun-0
7
Jun-0
8
Jun-0
9
US$-AU$
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 2 of 19
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009
US$/AUS$ EXCH vs BALTIC DRY INDEX (2003 - 2009)
EUR€/US$ EXCH vs BALTIC DRY INDEX (2003 - 2009)
BALTIC DRY INDEX vs CLAYMORE DELTA GLOBAL ETF (2008 - 2009)
US$/AU$ VS BALTIC DRY INDEX (2003 - 2009)
0.5800
0.6300
0.6800
0.7300
0.7800
0.8300
0.8800
0.9300
0.9800
Jun-0
3
Sep-0
3
Dec-0
3
Mar
-04
Jun-0
4
Sep-0
4
Dec-0
4
Mar
-05
Jun-0
5
Sep-0
5
Dec-0
5
Mar
-06
Jun-0
6
Sep-0
6
Dec-0
6
Mar
-07
Jun-0
7
Sep-0
7
Dec-0
7
Mar
-08
Jun-0
8
Sep-0
8
Dec-0
8
Mar
-09
Jun-0
9
0
2000
4000
6000
8000
10000
12000
US$-AU$
BDI
EUR€/US$ VS BALTIC DRY INDEX (2003 - 2009)
1.0600
1.1600
1.2600
1.3600
1.4600
1.5600
Jun-0
3
Sep-0
3
Dec-0
3
Mar
-04
Jun-0
4
Sep-0
4
Dec-0
4
Mar
-05
Jun-0
5
Sep-0
5
Dec-0
5
Mar
-06
Jun-0
6
Sep-0
6
Dec-0
6
Mar
-07
Jun-0
7
Sep-0
7
Dec-0
7
Mar
-08
Jun-0
8
Sep-0
8
Dec-0
8
Mar
-09
Jun-0
9
0
2000
4000
6000
8000
10000
12000
Eur-US$
BDI
Baltic Dry Index Vs Claymore Delta Global ETF (2008-2009)
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
22.0
24.0
Sep-0
8
Sep-0
8
Sep-0
8
Sep-0
8
Oct-0
8
Oct-0
8
Oct-0
8
Oct-0
8
Nov-08
Nov-08
Nov-08
Nov-08
Dec-0
8
Dec-0
8
Dec-0
8
Dec-0
8
Dec-0
8
Jan-0
9
Jan-0
9
Jan-0
9
Jan-0
9
Feb-0
9
Feb-0
9
Feb-0
9
Feb-0
9
Mar
-09
Mar
-09
Mar
-09
Mar
-09
Mar
-09
Apr-09
Apr-09
Apr-09
Apr-09
May
-09
May
-09
May
-09
May
-09
Jun-0
9
Jun-0
9
Jun-0
9
Jun-0
9
Jun-0
9
SE
A E
TF
0
1000
2000
3000
4000
5000
6000SEA ETF
BDI
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 3 of 19
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009
Brent OIL (2001 - 2009)
GOLD PRICE (2001 - 2009)
Brent OIL (2001 - 2009)
16.0026.0036.0046.0056.0066.0076.0086.0096.00
106.00116.00126.00136.00146.00
Jun-0
1
Sep-0
1
Dec-0
1
Mar
-02
Jun-0
2
Sep-0
2
Dec-0
2
Mar
-03
Jun-0
3
Sep-0
3
Dec-0
3
Mar
-04
Jun-0
4
Sep-0
4
Dec-0
4
Mar
-05
Jun-0
5
Sep-0
5
Dec-0
5
Mar
-06
Jun-0
6
Sep-0
6
Dec-0
6
Mar
-07
Jun-0
7
Sep-0
7
Dec-0
7
Mar
-08
Jun-0
8
Sep-0
8
Dec-0
8
Mar
-09
Jun-0
9
Brent Oil
Brent OIL (1987 - 2009)
8.0018.0028.0038.0048.0058.0068.0078.0088.0098.00
108.00118.00128.00138.00148.00
Jun-8
7
Jun-8
8
Jun-8
9
Jun-9
0
Jun-9
1
Jun-9
2
Jun-9
3
Jun-9
4
Jun-9
5
Jun-9
6
Jun-9
7
Jun-9
8
Jun-9
9
Jun-0
0
Jun-0
1
Jun-0
2
Jun-0
3
Jun-0
4
Jun-0
5
Jun-0
6
Jun-0
7
Jun-0
8
Jun-0
9
Brent Oil
GOLD (1970 - 2009)
20.00
220.00
420.00
620.00
820.00
1020.00
Jun-7
0
Jun-7
1
Jun-7
2
Jun-7
3
Jun-7
4
Jun-7
5
Jun-7
6
Jun-7
7
Jun-7
8
Jun-7
9
Jun-8
0
Jun-8
1
Jun-8
2
Jun-8
3
Jun-8
4
Jun-8
5
Jun-8
6
Jun-8
7
Jun-8
8
Jun-8
9
Jun-9
0
Jun-9
1
Jun-9
2
Jun-9
3
Jun-9
4
Jun-9
5
Jun-9
6
Jun-9
7
Jun-9
8
Jun-9
9
Jun-0
0
Jun-0
1
Jun-0
2
Jun-0
3
Jun-0
4
Jun-0
5
Jun-0
6
Jun-0
7
Jun-0
8
Jun-0
9
Gold
GOLD (2001 - 2009)
225.00
325.00
425.00
525.00
625.00
725.00
825.00
925.00
1025.00
Jun-0
1
Sep-0
1
Dec-0
1
Mar
-02
Jun-0
2
Sep-0
2
Dec-0
2
Mar
-03
Jun-0
3
Sep-0
3
Dec-0
3
Mar
-04
Jun-0
4
Sep-0
4
Dec-0
4
Mar
-05
Jun-0
5
Sep-0
5
Dec-0
5
Mar
-06
Jun-0
6
Sep-0
6
Dec-0
6
Mar
-07
Jun-0
7
Sep-0
7
Dec-0
7
Mar
-08
Jun-0
8
Sep-0
8
Dec-0
8
Mar
-09
Jun-0
9
Gold
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 4 of 19
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009
BALTIC DRY INDEX 4/1/01 - 30/6/2009
BDI (ANNUAL AVG) vs GDP (1980-2014)
BALTIC DRY INDEX - incl Average Lines 4/1/85 - 30/6/2009
BALTIC DRY INDEX 4/1/85 - 30/6/2009
450
1950
3450
4950
6450
7950
9450
10950M
ay-8
5N
ov-8
5M
ay-8
6N
ov-8
6M
ay-8
7N
ov-8
7M
ay-8
8N
ov-8
8M
ay-8
9N
ov-8
9M
ay-9
0N
ov-9
0M
ay-9
1N
ov-9
1M
ay-9
2N
ov-9
2M
ay-9
3N
ov-9
3M
ay-9
4N
ov-9
4M
ay-9
5N
ov-9
5M
ay-9
6N
ov-9
6M
ay-9
7N
ov-9
7M
ay-9
8N
ov-9
8M
ay-9
9N
ov-9
9M
ay-0
0N
ov-0
0M
ay-0
1N
ov-0
1M
ay-0
2N
ov-0
2M
ay-0
3N
ov-0
3M
ay-0
4N
ov-0
4M
ay-0
5N
ov-0
5M
ay-0
6N
ov-0
6M
ay-0
7N
ov-0
7M
ay-0
8N
ov-0
8M
ay-0
9
BDIBDI
BDI Average from 1985 - 2003 is 1358 points
BDI Average from 2004 - today is 4647 points
BALTIC DRY INDEX 1/1/2001 - 30/6/2009
450
1950
3450
4950
6450
7950
9450
10950
Jun-
01S
ep-0
1D
ec-0
1M
ar-0
2Ju
n-02
Sep
-02
Dec
-02
Mar
-03
Jun-
03S
ep-0
3D
ec-0
3M
ar-0
4Ju
n-04
Sep
-04
Dec
-04
Mar
-05
Jun-
05S
ep-0
5D
ec-0
5M
ar-0
6Ju
n-06
Sep
-06
Dec
-06
Mar
-07
Jun-
07S
ep-0
7D
ec-0
7M
ar-0
8Ju
n-08
Sep
-08
Dec
-08
Mar
-09
Jun-
09
BDI
BDI Average from 1985 - today is 2088 points
BDI (ANNUAL AVERAGE) vs WORLD GDP 1980-2014
-4.5
0.5
5.5
10.5
15.5
20.5
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
-2000
0
2000
4000
6000
8000
10000
World Emerging and developing economies China, People's Republic ofDeveloping Asia Major advanced economies (G7) BDI ANNUAL AVERAGE
SOURCE: International Monetary Fund
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 5 of 19
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009
BALTIC CAPE INDEX 1/3/99 - 30/6/2009
BALTIC PANAMAX INDEX 1/5/98 - 30/6/2009
BALTIC CAPE INDEX 1/1/03 - 30/6/2009
BALTIC PANAMAX INDEX 1/1/03 - 30/6/2009
BALTIC PANAMAX INDEX 1/5/1998 - 30/6/2009
350
1600
2850
4100
5350
6600
7850
9100
10350
11600Ju
n-98
Sep
-98
Dec
-98
Mar
-99
Jun-
99S
ep-9
9D
ec-9
9M
ar-0
0Ju
n-00
Sep
-00
Dec
-00
Mar
-01
Jun-
01S
ep-0
1D
ec-0
1M
ar-0
2Ju
n-02
Sep
-02
Dec
-02
Mar
-03
Jun-
03S
ep-0
3D
ec-0
3M
ar-0
4Ju
n-04
Sep
-04
Dec
-04
Mar
-05
Jun-
05S
ep-0
5D
ec-0
5M
ar-0
6Ju
n-06
Sep
-06
Dec
-06
Mar
-07
Jun-
07S
ep-0
7D
ec-0
7M
ar-0
8Ju
n-08
Sep
-08
Dec
-08
Mar
-09
Jun-
09
BPI
BALTIC CAPE INDEX 1/3/1999 - 30/6/2009
700
3200
5700
8200
10700
13200
15700
18200
Mar
-99
Jun-
99S
ep-9
9D
ec-9
9M
ar-0
0Ju
n-00
Sep
-00
Dec
-00
Mar
-01
Jun-
01S
ep-0
1D
ec-0
1M
ar-0
2Ju
n-02
Sep
-02
Dec
-02
Mar
-03
Jun-
03S
ep-0
3D
ec-0
3M
ar-0
4Ju
n-04
Sep
-04
Dec
-04
Mar
-05
Jun-
05S
ep-0
5D
ec-0
5M
ar-0
6Ju
n-06
Sep
-06
Dec
-06
Mar
-07
Jun-
07S
ep-0
7D
ec-0
7M
ar-0
8Ju
n-08
Sep
-08
Dec
-08
Mar
-09
Jun-
09BCI
BALTIC PANAMAX INDEX 1/1/2003 - 30/6/2009
350
1600
2850
4100
5350
6600
7850
9100
10350
11600
Mar
-03
Jun-
03
Sep
-03
Dec
-03
Mar
-04
Jun-
04
Sep
-04
Dec
-04
Mar
-05
Jun-
05
Sep
-05
Dec
-05
Mar
-06
Jun-
06
Sep
-06
Dec
-06
Mar
-07
Jun-
07
Sep
-07
Dec
-07
Mar
-08
Jun-
08
Sep
-08
Dec
-08
Mar
-09
Jun-
09
BPI
BALTIC CAPE INDEX 1/1/2003 - 30/6/2009
700
2700
4700
6700
8700
10700
12700
14700
16700
18700
Mar
-03
Jun-
03
Sep
-03
Dec
-03
Mar
-04
Jun-
04
Sep
-04
Dec
-04
Mar
-05
Jun-
05
Sep
-05
Dec
-05
Mar
-06
Jun-
06
Sep
-06
Dec
-06
Mar
-07
Jun-
07
Sep
-07
Dec
-07
Mar
-08
Jun-
08
Sep
-08
Dec
-08
Mar
-09
Jun-
09
BCI
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 6 of 19
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009
BALTIC HANDY INDEX 1/5/06 - 30/6/2009
BALTIC SUPRAMAX INDEX 1/1/06 - 30/6/2009
BALTIC DRY INDEX (Monthly Average) vs WORLD TRADE VOLUME (Monthly Figures) 4/1/03 - 30/6/2009
BALTIC DRY INDEX vs BRENT CRUDE OIL 4/1/01 - 30/6/2009
BALTIC HANDY INDEX 1/5/2006 - 30/6/2009
200
600
1000
1400
1800
2200
2600
3000
3400
3800
May
-06
Jun-
06Ju
l-06
Aug
-06
Sep
-06
Oct
-06
Nov
-06
Dec
-06
Jan-
07Fe
b-07
Mar
-07
Apr
-07
May
-07
Jun-
07Ju
l-07
Aug
-07
Sep
-07
Oct
-07
Nov
-07
Dec
-07
Jan-
08Fe
b-08
Mar
-08
Apr
-08
May
-08
Jun-
08Ju
l-08
Aug
-08
Sep
-08
Oct
-08
Nov
-08
Dec
-08
Jan-
09Fe
b-09
Mar
-09
Apr
-09
May
-09
Jun-
09
BHI
BALTIC SUPRAMAX INDEX 1/1/2006 - 30/6/2009
250
1250
2250
3250
4250
5250
6250
7250Ja
n-06
Feb-
06M
ar-0
6A
pr-0
6M
ay-0
6Ju
n-06
Jul-0
6A
ug-0
6S
ep-0
6O
ct-0
6N
ov-0
6D
ec-0
6Ja
n-07
Feb-
07M
ar-0
7A
pr-0
7M
ay-0
7Ju
n-07
Jul-0
7A
ug-0
7S
ep-0
7O
ct-0
7N
ov-0
7D
ec-0
7Ja
n-08
Feb-
08M
ar-0
8A
pr-0
8M
ay-0
8Ju
n-08
Jul-0
8A
ug-0
8S
ep-0
8O
ct-0
8N
ov-0
8D
ec-0
8Ja
n-09
Feb-
09M
ar-0
9A
pr-0
9M
ay-0
9Ju
n-09
BSI
BDI vs BRENT CRUDE 1/1/2001 - 30/6/2009
450
1950
3450
4950
6450
7950
9450
10950
Mar
-01
Jun-
01S
ep-0
1D
ec-0
1M
ar-0
2Ju
n-02
Sep
-02
Dec
-02
Mar
-03
Jun-
03S
ep-0
3D
ec-0
3M
ar-0
4Ju
n-04
Sep
-04
Dec
-04
Mar
-05
Jun-
05S
ep-0
5D
ec-0
5M
ar-0
6Ju
n-06
Sep
-06
Dec
-06
Mar
-07
Jun-
07S
ep-0
7D
ec-0
7M
ar-0
8Ju
n-08
Sep
-08
Dec
-08
Mar
-09
Jun-
09
BDI
17.00
37.00
57.00
77.00
97.00
117.00
137.00BDIBrent Oil
BDI vs WORLD TRADE VOLUME 1/1/2003 - 30/6/2009
-28
-18
-8
2
12
22
Mar
-03
Jun-
03
Sep
-03
Dec
-03
Mar
-04
Jun-
04
Sep
-04
Dec
-04
Mar
-05
Jun-
05
Sep
-05
Dec
-05
Mar
-06
Jun-
06
Sep
-06
Dec
-06
Mar
-07
Jun-
07
Sep
-07
Dec
-07
Mar
-08
Jun-
08
Sep
-08
Dec
-08
Mar
-09
Jun-
09
BDI
450
1950
3450
4950
6450
7950
9450
10950TRADE VALUE BDI
SOURCE: International Monetary Fund
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 7 of 19
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009
BALTIC INDICES MOVEMENT OVER THE PAST TWO MONTHS - BLOWUP GRAPHS
BALTIC DRY INDEX 30/4/2009 - 30/6/2009
12501425160017751950212523002475265028253000317533503525370038754050422544004575
01-M
ay-0
9
06-M
ay-0
9
11-M
ay-0
9
16-M
ay-0
9
21-M
ay-0
9
26-M
ay-0
9
31-M
ay-0
9
05-J
un-0
9
10-J
un-0
9
15-J
un-0
9
20-J
un-0
9
25-J
un-0
9
30-J
un-0
9
BDI
BALTIC CAPE INDEX 30/4/2009 - 30/6/2009
1700
2200
2700
3200
3700
4200
4700
5200
5700
6200
6700
7200
7700
8200
8700
01-M
ay-0
9
06-M
ay-0
9
11-M
ay-0
9
16-M
ay-0
9
21-M
ay-0
9
26-M
ay-0
9
31-M
ay-0
9
05-J
un-0
9
10-J
un-0
9
15-J
un-0
9
20-J
un-0
9
25-J
un-0
9
30-J
un-0
9
BCI
BALTIC PANAMAX INDEX 30/4/2009 - 30/6/2009
950
1150
1350
1550
1750
1950
2150
2350
2550
2750
2950
3150
3350
3550
3750
01-M
ay-0
9
06-M
ay-0
9
11-M
ay-0
9
16-M
ay-0
9
21-M
ay-0
9
26-M
ay-0
9
31-M
ay-0
9
05-J
un-0
9
10-J
un-0
9
15-J
un-0
9
20-J
un-0
9
25-J
un-0
9
30-J
un-0
9
BPI
BALTIC SUPRAMAX INDEX 30/4/2009 - 30/6/2009
1150
1250
1350
1450
1550
1650
1750
1850
1950
01-M
ay-0
9
06-M
ay-0
9
11-M
ay-0
9
16-M
ay-0
9
21-M
ay-0
9
26-M
ay-0
9
31-M
ay-0
9
05-J
un-0
9
10-J
un-0
9
15-J
un-0
9
20-J
un-0
9
25-J
un-0
9
30-J
un-0
9
BSI
BALTIC HANDYSIZE INDEX 30/4/2009 - 30/6/2009
620
670
720
770
820
870
920
01-M
ay-0
9
06-M
ay-0
9
11-M
ay-0
9
16-M
ay-0
9
21-M
ay-0
9
26-M
ay-0
9
31-M
ay-0
9
05-J
un-0
9
10-J
un-0
9
15-J
un-0
9
20-J
un-0
9
25-J
un-0
9
30-J
un-0
9
BHI
CLEAN TANKER INDEX 30/4/2009 - 30/6/2009
400
450
500
01-M
ay-0
9
06-M
ay-0
9
11-M
ay-0
9
16-M
ay-0
9
21-M
ay-0
9
26-M
ay-0
9
31-M
ay-0
9
05-J
un-0
9
10-J
un-0
9
15-J
un-0
9
20-J
un-0
9
25-J
un-0
9
30-J
un-0
9
BCTI
DIRTY TANKER INDEX 30/4/2009 - 30/6/2009
420440460480500520540560580600620640660680700720740760
01-M
ay-0
9
06-M
ay-0
9
11-M
ay-0
9
16-M
ay-0
9
21-M
ay-0
9
26-M
ay-0
9
31-M
ay-0
9
05-J
un-0
9
10-J
un-0
9
15-J
un-0
9
20-J
un-0
9
25-J
un-0
9
30-J
un-0
9
BDTI
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 8 of 19
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009
CAPITAL LINK DRYBULK INDEX (CLDBI) vs BALTIC DRY INDEX (BDI)
DIRTY TANKER INDEX 1/1/01 - 30/6/2009
CLEAN TANKER INDEX 1/1/01 - 30/6/2009
CLEAN TANKER INDEX 1/1/2001 - 30/6/2009
340
540
740
940
1140
1340
1540
1740
1940M
ar-0
1Ju
n-01
Sep
-01
Dec
-01
Mar
-02
Jun-
02S
ep-0
2D
ec-0
2M
ar-0
3Ju
n-03
Sep
-03
Dec
-03
Mar
-04
Jun-
04S
ep-0
4D
ec-0
4M
ar-0
5Ju
n-05
Sep
-05
Dec
-05
Mar
-06
Jun-
06S
ep-0
6D
ec-0
6M
ar-0
7Ju
n-07
Sep
-07
Dec
-07
Mar
-08
Jun-
08S
ep-0
8D
ec-0
8M
ar-0
9Ju
n-09
BCTI BCTI
DIRTY TANKER INDEX 1/1/2001 - 30/6/2009
440
690
940
1190
1440
1690
1940
2190
2440
2690
2940
3190
Mar
-01
Jun-
01S
ep-0
1D
ec-0
1M
ar-0
2Ju
n-02
Sep
-02
Dec
-02
Mar
-03
Jun-
03S
ep-0
3D
ec-0
3M
ar-0
4Ju
n-04
Sep
-04
Dec
-04
Mar
-05
Jun-
05S
ep-0
5D
ec-0
5M
ar-0
6Ju
n-06
Sep
-06
Dec
-06
Mar
-07
Jun-
07S
ep-0
7D
ec-0
7M
ar-0
8Ju
n-08
Sep
-08
Dec
-08
Mar
-09
Jun-
09
BDTI BDTI
CAPITAL LINK DRYBULK INDEX vs BALTIC DRY INDEX 1/1/2005 - 30/6/2009
400.00
900.00
1400.00
1900.00
2400.00
2900.00
3400.00
3900.00
4400.00
4900.00
5400.00
5900.00
6400.00
6900.00
7400.00
Feb-
05
Apr
-05
Jun-
05
Aug
-05
Oct
-05
Dec
-05
Feb-
06
Apr
-06
Jun-
06
Aug
-06
Oct
-06
Dec
-06
Feb-
07
Apr
-07
Jun-
07
Aug
-07
Oct
-07
Dec
-07
Feb-
08
Apr
-08
Jun-
08
Aug
-08
Oct
-08
Dec
-08
Feb-
09
Apr
-09
Jun-
09
400
2400
4400
6400
8400
10400
12400
CL Drybulk Index (CLDBI)Baltic Dry Index (BDI)
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 9 of 19
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009
ALL CAPITAL LINK INDICES (CLI'S) USED WITH THE EXPRESS PERMISSION OF CAPITAL LINK INC - NEW YORK
CAPITAL LINK MARITIME INDEX 1/1/2005 - 30/6/2009
1000.00
1500.00
2000.00
2500.00
3000.00
3500.00
4000.00
4500.00
5000.00
5500.00
Feb-
05
Apr
-05
Jun-
05
Aug
-05
Oct
-05
Dec
-05
Feb-
06
Apr
-06
Jun-
06
Aug
-06
Oct
-06
Dec
-06
Feb-
07
Apr
-07
Jun-
07
Aug
-07
Oct
-07
Dec
-07
Feb-
08
Apr
-08
Jun-
08
Aug
-08
Oct
-08
Dec
-08
Feb-
09
Apr
-09
Jun-
09
CL Maritime Index (CLMI)
CAPITAL LINK TANKER INDEX 1/1/2005 - 30/6/2009
1000.00
1500.00
2000.00
2500.00
3000.00
3500.00
4000.00
4500.00
5000.00
5500.00
Feb-
05
Apr
-05
Jun-
05
Aug
-05
Oct
-05
Dec
-05
Feb-
06
Apr
-06
Jun-
06
Aug
-06
Oct
-06
Dec
-06
Feb-
07
Apr
-07
Jun-
07
Aug
-07
Oct
-07
Dec
-07
Feb-
08
Apr
-08
Jun-
08
Aug
-08
Oct
-08
Dec
-08
Feb-
09
Apr
-09
Jun-
09
CL Tanker Index (CLTI)
CAPITAL LINK DRYBULK INDEX 1/1/2005 - 30/6/2009
400.00
900.00
1400.00
1900.00
2400.00
2900.00
3400.00
3900.00
4400.00
4900.00
5400.00
5900.00
6400.00
6900.00
7400.00
Feb-
05
Apr
-05
Jun-
05
Aug
-05
Oct
-05
Dec
-05
Feb-
06
Apr
-06
Jun-
06
Aug
-06
Oct
-06
Dec
-06
Feb-
07
Apr
-07
Jun-
07
Aug
-07
Oct
-07
Dec
-07
Feb-
08
Apr
-08
Jun-
08
Aug
-08
Oct
-08
Dec
-08
Feb-
09
Apr
-09
Jun-
09CL Drybulk Index (CLDBI)
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 10 of 19
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009
ALL CAPITAL LINK INDICES (CLI'S) USED WITH THE EXPRESS PERMISSION OF CAPITAL LINK INC - NEW YORK
CAPITAL LINK CONTAINER INDEX 1/1/2005 - 30/6/2009
700.00
1200.00
1700.00
2200.00
2700.00
3200.00
3700.00
4200.00
4700.00
5200.00
5700.00
Feb-
05
Apr
-05
Jun-
05
Aug
-05
Oct
-05
Dec
-05
Feb-
06
Apr
-06
Jun-
06
Aug
-06
Oct
-06
Dec
-06
Feb-
07
Apr
-07
Jun-
07
Aug
-07
Oct
-07
Dec
-07
Feb-
08
Apr
-08
Jun-
08
Aug
-08
Oct
-08
Dec
-08
Feb-
09
Apr
-09
Jun-
09
CL Container Index (CLCI)
CAPITAL LINK LNG/LPG INDEX 1/1/2005 - 30/6/2009
400.00
900.00
1400.00
1900.00
2400.00
2900.00
3400.00
Feb-
05
Apr
-05
Jun-
05
Aug
-05
Oct
-05
Dec
-05
Feb-
06
Apr
-06
Jun-
06
Aug
-06
Oct
-06
Dec
-06
Feb-
07
Apr
-07
Jun-
07
Aug
-07
Oct
-07
Dec
-07
Feb-
08
Apr
-08
Jun-
08
Aug
-08
Oct
-08
Dec
-08
Feb-
09
Apr
-09
Jun-
09
CL LNG/LPG Index (CLLG)
CAPITAL LINK MIXED FLEET INDEX 1/1/2005 - 30/6/2009
330.00
830.00
1330.00
1830.00
2330.00
2830.00
Feb-
05
Apr
-05
Jun-
05
Aug
-05
Oct
-05
Dec
-05
Feb-
06
Apr
-06
Jun-
06
Aug
-06
Oct
-06
Dec
-06
Feb-
07
Apr
-07
Jun-
07
Aug
-07
Oct
-07
Dec
-07
Feb-
08
Apr
-08
Jun-
08
Aug
-08
Oct
-08
Dec
-08
Feb-
09
Apr
-09
Jun-
09
CL Mixed Fleet Index (CLMFI)
CAPITAL LINK MLP INDEX 1/1/2005 - 30/6/2009
400.00
900.00
1400.00
1900.00
2400.00
2900.00
3400.00
3900.00
Jun-
05
Aug
-05
Oct
-05
Dec
-05
Feb-
06
Apr
-06
Jun-
06
Aug
-06
Oct
-06
Dec
-06
Feb-
07
Apr
-07
Jun-
07
Aug
-07
Oct
-07
Dec
-07
Feb-
08
Apr
-08
Jun-
08
Aug
-08
Oct
-08
Dec
-08
Feb-
09
Apr
-09
Jun-
09
CL MLP Index (CLMLP)
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 11 of 19
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009
DRY CARGO (1990-2009) NB PRICES
DRY CARGO (2002-2009) 5 YEAR OLD PRICES
DRY CARGO SHIP VALUES
DRY CARGO (1990-2009) NB PRICES
17
22
27
32
37
42
47
52
57
62
67
72
77
82
87
92
97
Feb-0
2
Jun-0
2
Oct-0
2
Feb-0
3
Jun-0
3
Oct-0
3
Feb-0
4
Jun-0
4
Oct-0
4
Feb-0
5
Jun-0
5
Oct-0
5
Feb-0
6
Jun-0
6
Oct-0
6
Feb-0
7
Jun-0
7
Oct-0
7
Feb-0
8
Jun-0
8
Oct-0
8
Feb-0
9
Jun-0
9
CAPE 170KPANAMAX 70KHANDY 50K
DRY CARGO (2002-2009) 5 YEAR OLD PRICES
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
$80.0
$90.0
$100.0
$110.0
$120.0
$130.0
$140.0
$150.0
Feb-0
2
Jun-0
2
Oct-0
2
Feb-0
3
Jun-0
3
Oct-0
3
Feb-0
4
Jun-0
4
Oct-0
4
Feb-0
5
Jun-0
5
Oct-0
5
Feb-0
6
Jun-0
6
Oct-0
6
Feb-0
7
Jun-0
7
Oct-0
7
Feb-0
8
Jun-0
8
Oct-0
8
Feb-0
9
Jun-0
9
CAPE 170KPANAMAX 70KHANDY 50K
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 12 of 19
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009
DRY CARGO (2002-2009) 10 YEAR OLD PRICES
DRY CARGO (2002-2009) 20 YEAR OLD PRICESDUE TO THE NEVER FORESEEN MARKET CHANGES POST OCTOBER 2008, WE WANT TO CLARIFY THAT, DRY CARGO SECONDHAND SHIP PRICES FOR PERIOD OCT
2008 UNTIL DEC 2008, HAVE BEEN CALCULATED AND UPDATED BASED ON ALL NEGOTIATED DEALS EITHER CONCLUDED OR FAILED AND ON VARIOUS RENEGOTIATED OLD SALES. HOWEVER ACCURACY OF THESE QUOTED PRICES CAN NOT BE GUARANTEED IN ITS ENTIRETY. HOWEVER WE TRUST THAT THE
SECONDHAND DRY CARGO SHIP PRICES QUOTED ARE FAIRLY CLOSE TO THE PREVAILING REALISTIC MARKET PRICES.
DRY CARGO (2002-2009) 10 YEAR OLD PRICES
$7.0
$17.0
$27.0
$37.0
$47.0
$57.0
$67.0
$77.0
$87.0
$97.0
$107.0
$117.0
$127.0
Feb-0
2
Jun-0
2
Oct-0
2
Feb-0
3
Jun-0
3
Oct-0
3
Feb-0
4
Jun-0
4
Oct-0
4
Feb-0
5
Jun-0
5
Oct-0
5
Feb-0
6
Jun-0
6
Oct-0
6
Feb-0
7
Jun-0
7
Oct-0
7
Feb-0
8
Jun-0
8
Oct-0
8
Feb-0
9
Jun-0
9
CAPE 170KPANAMAX 70KHANDY 50K
DRY CARGO (2000-2009) 20 YEAR OLD PRICES
$3.0
$8.0
$13.0
$18.0
$23.0
$28.0
$33.0
$38.0
$43.0
$48.0
$53.0
$58.0
$63.0
$68.0
$73.0
$78.0
$83.0
Feb-0
2
Jun-0
2
Oct-0
2
Feb-0
3
Jun-0
3
Oct-0
3
Feb-0
4
Jun-0
4
Oct-0
4
Feb-0
5
Jun-0
5
Oct-0
5
Feb-0
6
Jun-0
6
Oct-0
6
Feb-0
7
Jun-0
7
Oct-0
7
Feb-0
8
Jun-0
8
Oct-0
8
Feb-0
9
Jun-0
9
CAPE 170KPANAMAX 70KHANDY 50K
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 13 of 19
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009
LARGE BULKERS 149-85,000 DWT - AVERAGE EARNINGS 2002-9
CAPESIZE BULKERS 300-149,000 DWT - AVERAGE EARNINGS 2002-9
DRY CARGO SHIP AVERAGE EARNINGS
CAPESIZE 300-149,000 DWT - AVERAGE EARNINGS 2002-9
$4,000
$19,000
$34,000
$49,000
$64,000
$79,000
$94,000
$109,000
$124,000
$139,000
$154,000
$169,000
$184,000
Feb-
02
Jun-
02
Oct
-02
Feb-
03
Jun-
03
Oct
-03
Feb-
04
Jun-
04
Oct
-04
Feb-
05
Jun-
05
Oct
-05
Feb-
06
Jun-
06
Oct
-06
Feb-
07
Jun-
07
Oct
-07
Feb-
08
Jun-
08
Oct
-08
Feb-
09
Jun-
09
CAPESIZE
LARGE BULKERS 149-85,000 DWT - AVERAGE EARNINGS 2002-9
$4,500
$14,500
$24,500
$34,500
$44,500
$54,500
$64,500
$74,500
$84,500
$94,500
$104,500
$114,500
$124,500
Feb-
02
Jun-
02
Oct
-02
Feb-
03
Jun-
03
Oct
-03
Feb-
04
Jun-
04
Oct
-04
Feb-
05
Jun-
05
Oct
-05
Feb-
06
Jun-
06
Oct
-06
Feb-
07
Jun-
07
Oct
-07
Feb-
08
Jun-
08
Oct
-08
Feb-
09
Jun-
09
LARGE BULKERS
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 14 of 19
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009
PANAMAX 85-59,000 DWT - AVERAGE EARNINGS 2002-8
HANDYMAX 59-48,000 DWT - AVERAGE EARNINGS 2002-2009
PANAMAX 85-59,000 DWT - AVERAGE EARNINGS 2002-9
$4,000
$11,000
$18,000
$25,000
$32,000
$39,000
$46,000
$53,000
$60,000
$67,000
$74,000
$81,000
$88,000
$95,000
Feb-
02
Jun-
02
Oct
-02
Feb-
03
Jun-
03
Oct
-03
Feb-
04
Jun-
04
Oct
-04
Feb-
05
Jun-
05
Oct
-05
Feb-
06
Jun-
06
Oct
-06
Feb-
07
Jun-
07
Oct
-07
Feb-
08
Jun-
08
Oct
-08
Feb-
09
Jun-
09
PANAMAX
HANDYMAX 59-48,000 DWT - AVERAGE EARNINGS 2002-2009
$6,000
$13,000
$20,000
$27,000
$34,000
$41,000
$48,000
$55,000
$62,000
$69,000
Feb-
02
Jun-
02
Oct
-02
Feb-
03
Jun-
03
Oct
-03
Feb-
04
Jun-
04
Oct
-04
Feb-
05
Jun-
05
Oct
-05
Feb-
06
Jun-
06
Oct
-06
Feb-
07
Jun-
07
Oct
-07
Feb-
08
Jun-
08
Oct
-08
Feb-
09
Jun-
09
HANDYMAX
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 15 of 19
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009
BULKERS 40-30,000 DWT - AVERAGE EARNINGS 2002-9
HANDY 48-40,000 DWT - AVERAGE EARNINGS 2002-9
HANDY 48-40,000 DWT - AVERAGE EARNINGS 2002-9
$4,000
$10,000
$16,000
$22,000
$28,000
$34,000
$40,000
$46,000
$52,000
$58,000
$64,000
Feb-
02
Jun-
02
Oct
-02
Feb-
03
Jun-
03
Oct
-03
Feb-
04
Jun-
04
Oct
-04
Feb-
05
Jun-
05
Oct
-05
Feb-
06
Jun-
06
Oct
-06
Feb-
07
Jun-
07
Oct
-07
Feb-
08
Jun-
08
Oct
-08
Feb-
09
Jun-
09
HANDY
BULKERS 40-30,000 DWT - AVERAGE EARNINGS 2002-9
$4,000
$9,000
$14,000
$19,000
$24,000
$29,000
$34,000
$39,000
$44,000
$49,000
$54,000
$59,000
$64,000
Feb-
02
Jun-
02
Oct
-02
Feb-
03
Jun-
03
Oct
-03
Feb-
04
Jun-
04
Oct
-04
Feb-
05
Jun-
05
Oct
-05
Feb-
06
Jun-
06
Oct
-06
Feb-
07
Jun-
07
Oct
-07
Feb-
08
Jun-
08
Oct
-08
Feb-
09
Jun-
09
BULKERS
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 16 of 19
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009
DRY CARGO - AVERAGE EARNINGS 2002-9 (ALL VSL TYPES)
SMALL BULKERS 30-12,000 DWT - AVERAGE EARNINGS 2002-9
SMALL BULKERS 30-12,000 DWT - AVERAGE EARNINGS 2002-9
$3,500
$7,500
$11,500
$15,500
$19,500
$23,500
$27,500
$31,500
$35,500
$39,500
$43,500
Feb-
02
Jun-
02
Oct
-02
Feb-
03
Jun-
03
Oct
-03
Feb-
04
Jun-
04
Oct
-04
Feb-
05
Jun-
05
Oct
-05
Feb-
06
Jun-
06
Oct
-06
Feb-
07
Jun-
07
Oct
-07
Feb-
08
Jun-
08
Oct
-08
Feb-
09
Jun-
09
SMALL BULKERS
DRY CARGO - AVERAGE EARNINGS 2002-9
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
$180,000
Feb-
02
Jun-
02
Oct
-02
Feb-
03
Jun-
03
Oct
-03
Feb-
04
Jun-
04
Oct
-04
Feb-
05
Jun-
05
Oct
-05
Feb-
06
Jun-
06
Oct
-06
Feb-
07
Jun-
07
Oct
-07
Feb-
08
Jun-
08
Oct
-08
Feb-
09
Jun-
09
CAPESIZEVERY LARGE BCPANAMAXHANDYMAX
HANDYBULKERSSMALL BC
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 17 of 19
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009
2009 UNITS DWT LDT average 2008 UNITS DWT LDT average
January 93 3,626,017 906,019 $262.7 JANUARY 13 392,137 125,125 $588.9
February 92 2,420,050 737,113 $255.8 FEBRUARY 21 681,495 172,214 $578.8
March 95 3,587,003 924,963 $279.2 MARCH 15 907,949 211,596 $670.2
April 69 1,870,020 565,688 $258.8 APRIL 20 855,210 235,828 $680.0
May 88 2,945,746 907,058 $233.4 MAY 24 489,924 175,189 $677.0
June 52 1,450,687 512,507 $257.9 JUNE 20 664,902 201,833 $710.2
July 0 0 0 $0.0 JULY 12 440,900 111,600 $693.2
August 0 0 0 $0.0 AUGUST 34 590,300 216,331 $755.6
September 0 0 0 $0.0 SEPTEMBER 15 725,048 201,589 $595.6
October 0 0 0 $0.0 OCTOBER 30 955,839 240,466 $373.4
November 0 0 0 $0.0 NOVEMBER 57 3,267,815 710,078 $228.1
December 0 0 0 $0.0 DECEMBER 59 1,871,104 583,509 $260.7TOTAL 489 15,899,523 4,553,348 $258.0 TOTAL 320 11,842,623 3,185,358 $567.6
2007 UNITS DWT LDT average 2006 UNITS DWT LDT average
JANUARY 29 707,496 183,790 $460.5 JANUARY 17 297,498 130,067 $332.1
FEBRUARY 21 746,256 184,078 $444.0 FEBRUARY 15 568,692 126,099 $306.0
MARCH 16 390,362 107,585 $410.5 MARCH 24 989,715 242,218 $319.8
APRIL 25 896,724 254,673 $439.3 APRIL 18 776,470 172,298 $361.5
MAY 13 446,308 126,539 $476.6 MAY 20 1,024,675 219,052 $352.4
JUNE 17 346,816 118,978 $453.1 JUNE 17 297,235 89,878 $376.3
JULY 16 430,191 105,861 $567.5 JULY 17 346,718 112,393 $315.7
AUGUST 13 400,320 127,092 $525.2 AUGUST 16 581,341 146,962 $393.5
SEPTEMBER 10 150,660 51,187 $461.1 SEPTEMBER 17 464,982 128,705 $353.2
OCTOBER 17 287,398 87,442 $492.5 OCTOBER 11 262,318 85,757 $391.1
NOVEMBER 23 427,000 149,569 $590.0 NOVEMBER 19 298,048 114,496 $412.8
DECEMBER 8 215,941 79,678 $536.1 DECEMBER 29 883,615 235,774 $460.5TOTAL 208 5,445,472 1,576,472 $488.0 TOTAL 220 6,791,307 1,803,699 $364.6
SCRAP STATISTICS 2005 - 2008
Average Scrap Price vs Number of units Scrapped (2005 - 2009)
1619 21
11
0
16 18
105
127
17 15
2418 20
17 17 16 1711
19
29 29
2116
25
1317 16
1310
1723
813
2115
2024
20
12
34
15
30
57 59
93 9295
69
88
52
$200.00
$250.00
$300.00
$350.00
$400.00
$450.00
$500.00
$550.00
$600.00
$650.00
$700.00
$750.00
Feb-0
5
Jun-0
5
Oct-0
5
Feb-0
6
Jun-0
6
Oct-0
6
Feb-0
7
Jun-0
7
Oct-0
7
Feb-0
8
Jun-0
8
Oct-0
8
Feb-0
9
Jun-0
9
-2
19
40
61
82
103Average Scrap Price
No SHIPS SCRAPPED
2,219,051
1,080,844
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
PAKISTAN 491,947
TURKEY 50,543
BANGLADESH 1,080,844
INDIA 2,219,051
CHINA 667,247
LDT TAKEN
255
100
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
PAKISTAN 56
TURKEY 9
BANGLADESH 100
INDIA 255
CHINA 64
UNITS$0
$50
$100
$150
$200
$250
$300
CHINA $227
INDIA $259
BANGLADESH $278
TURKEY $196
PAKISTAN $205
av $
7
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 18 of 19
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009
2009MONTH DRY WET TOTAL DRY WET TOTAL DRY WET TOTALJANUARY 62 36 98 $812.15m $1,380.95m $2,193.10m 2,505,893 2,829,769 5,335,662FEBRUARY 73 17 90 $682.50m $406.80m $1,089.30m 2,622,811 1,038,858 3,661,669MARCH 103 21 124 $1,026.38m $339.95m $1,366.33m 3,923,727 698,835 4,622,562APRIL 75 22 97 $913.02m $267.90m $1,180.92m 3,569,193 645,958 4,215,151MAY 97 46 143 $1,366.90m $760.50m $2,127.40m 5,231,800 3,078,127 8,309,927JUNE 113 17 130 $1,679.33m $309.55m $1,988.88m 5,680,789 1,035,385 6,716,174JULY 0 0 0 $0.00m $0.00m $0.00m 0 0 0AUGUST 0 0 0 $0.00m $0.00m $0.00m 0 0 0SEPTEMBER 0 0 0 $0.00m $0.00m $0.00m 0 0 0OCTOBER 0 0 0 $0.00m $0.00m $0.00m 0 0 0NOVEMBER 0 0 0 $0.00m $0.00m $0.00m 0 0 0DECEMBER 0 0 0 $0.00m $0.00m $0.00m 0 0 0
TOTAL 2009 523 159 682 $6,480.27m $3,465.65m $9,945.92m 23,534,213 9,326,932 32,861,145
2008MONTH DRY WET TOTAL DRY WET TOTAL DRY WET TOTALJANUARY 107 56 163 $1,918.17m $947.30m $2,865.47m 4,339,475 2,525,167 6,864,642FEBRUARY 82 50 132 $2,415.84m $1,048.25m $3,464.09m 4,321,835 2,891,251 7,213,086MARCH 108 31 139 $2,330.15m $789.55m $3,119.70m 4,558,081 2,165,966 6,724,047APRIL 122 50 172 $3,709.65m $1,478.00m $5,187.65m 7,205,104 3,221,021 10,426,125MAY 137 61 198 $3,051.04m $2,133.75m $5,184.79m 4,894,983 4,757,574 9,652,557JUNE 108 70 178 $2,030.60m $2,338.37m $4,368.97m 3,369,782 5,165,416 8,535,198JULY 163 34 197 $5,790.40m $1,430.55m $7,220.95m 8,463,283 2,520,864 10,984,147AUGUST 84 36 120 $2,823.13m $1,021.75m $3,844.88m 3,755,816 2,668,848 6,424,664SEPTEMBER 77 46 123 $2,051.65m $1,386.85m $3,438.50m 3,172,253 2,991,438 6,163,691OCTOBER 141 67 208 $4,315.81m $1,837.00m $6,152.81m 5,319,934 4,198,224 9,518,158NOVEMBER 145 40 185 $4,509.41m $1,214.55m $5,723.96m 6,035,362 2,614,259 8,649,621DECEMBER 66 56 122 $1,529.43m $2,828.80m $4,358.23m 1,889,853 7,295,600 9,185,453
TOTAL 2008 1340 597 1937 $36,475.28m $18,454.72m $54,930.00m 57,325,761 43,015,628 100,341,389
2007MONTH DRY WET TOTAL DRY WET TOTAL DRY WET TOTALJANUARY 107 56 163 $1,918.17m $947.30m $2,865.47m 4,339,475 2,525,167 6,864,642FEBRUARY 82 50 132 $2,415.84m $1,048.25m $3,464.09m 4,321,835 2,891,251 7,213,086MARCH 108 31 139 $2,330.15m $789.55m $3,119.70m 4,558,081 2,165,966 6,724,047APRIL 122 50 172 $3,709.65m $1,478.00m $5,187.65m 7,205,104 3,221,021 10,426,125MAY 137 61 198 $3,051.04m $2,133.75m $5,184.79m 4,894,983 4,757,574 9,652,557JUNE 108 70 178 $2,030.60m $2,338.37m $4,368.97m 3,369,782 5,165,416 8,535,198JULY 163 34 197 $5,790.40m $1,430.55m $7,220.95m 8,463,283 2,520,864 10,984,147AUGUST 84 36 120 $2,823.13m $1,021.75m $3,844.88m 3,755,816 2,668,848 6,424,664SEPTEMBER 77 46 123 $2,051.65m $1,386.85m $3,438.50m 3,172,253 2,991,438 6,163,691OCTOBER 141 67 208 $4,315.81m $1,837.00m $6,152.81m 5,319,934 4,198,224 9,518,158NOVEMBER 145 40 185 $4,509.41m $1,214.55m $5,723.96m 6,035,362 2,614,259 8,649,621DECEMBER 66 56 122 $1,529.43m $2,828.80m $4,358.23m 1,889,853 7,295,600 9,185,453
TOTAL 2007 1340 597 1937 $36,475.28m $18,454.72m $54,930.00m 57,325,761 43,015,628 100,341,389
2006MONTH DRY WET TOTAL DRY WET TOTAL DRY WET TOTALJANUARY 67 46 113 $915.92m $1,752.35m $2,668.27m 2,157,524 4,867,107 7,024,631FEBRUARY 68 48 116 $1,886.55m $1,689.43m $3,575.98m 3,715,192 3,580,338 7,295,530MARCH 75 69 144 $1,190.65m $2,516.33m $3,706.98m 3,587,131 5,346,521 8,933,652APRIL 57 31 88 $685.40m $915.20m $1,600.60m 2,040,481 1,662,012 3,702,493MAY 110 58 168 $2,789.55m $922.10m $3,711.65m 5,720,170 2,034,387 7,754,557JUNE 115 35 150 $1,889.17m $854.55m $2,743.72m 4,166,463 1,206,691 5,373,154JULY 80 26 106 $1,246.48m $615.30m $1,861.78m 3,272,657 1,440,814 4,713,471AUGUST 112 44 156 $2,163.89m $1,926.60m $4,090.49m 4,743,047 3,550,390 8,293,437SEPTEMBER 80 47 127 $1,747.32m $1,607.05m $3,354.37m 3,876,045 3,171,331 7,047,376OCTOBER 88 37 125 $1,743.89m $1,168.45m $2,912.34m 3,696,441 3,653,844 7,350,285NOVEMBER 104 26 130 $1,965.75m $680.55m $2,646.30m 3,224,100 1,267,516 4,491,616DECEMBER 104 43 147 $2,068.77m $1,020.25m $3,089.02m 4,745,371 3,316,483 8,061,854
TOTAL 2006 1060 510 1570 $20,293.34m $15,668.16m $35,961.50m 44,944,622 35,097,434 80,042,056
2005MONTH DRY WET TOTAL DRY WET TOTAL DRY WET TOTALJANUARY 73 44 117 $1,314.89m $1,609.90m $2,924.79m 3,069,052 4,534,640 7,603,692FEBRUARY 107 38 145 $2,193.49m $877.80m $3,071.29m 5,232,787 2,284,438 7,517,225MARCH 112 67 179 $2,550.43m $3,016.10m $5,566.53m 4,900,346 6,385,327 11,285,673APRIL 88 60 148 $1,648.45m $1,358.35m $3,006.80m 4,037,692 3,544,149 7,581,841MAY 75 42 117 $806.98m $896.90m $1,703.88m 1,762,023 2,065,302 3,827,325JUNE 42 50 92 $515.30m $1,292.60m $1,807.90m 1,003,905 2,979,077 3,982,982JULY 49 30 79 $652.05m $629.28m $1,281.33m 890,425 1,223,007 2,113,432AUGUST 52 35 87 $784.85m $722.80m $1,507.65m 2,231,040 1,997,151 4,228,191SEPTEMBER 79 50 129 $1,985.55m $1,892.80m $3,878.35m 3,650,377 4,004,091 7,654,468OCTOBER 59 59 118 $1,357.96m $1,775.20m $3,133.16m 3,047,547 4,804,991 7,852,538NOVEMBER 55 36 91 $682.28m $668.93m $1,351.21m 1,593,491 2,033,730 3,627,221DECEMBER 56 38 94 $894.40m $1,538.25m $2,432.65m 1,746,694 3,629,408 5,376,102
TOTAL 2005 847 549 1396 $15,386.63m $16,278.91m $31,665.54m 33,165,379 39,485,311 72,650,690
2006 - VESSELS SOLDDWT SOLD
UNITS SOLD CAPITAL OUTLAY2007 - VESSELS SOLD
DWT SOLD
UNITS SOLD CAPITAL OUTLAY
UNITS SOLD CAPITAL OUTLAY
2008 - VESSELS SOLDDWT SOLD
DWT SOLD2009 - VESSELS SOLD
UNITS SOLD CAPITAL OUTLAY
UNITS SOLD CAPITAL OUTLAY
2005 - VESSELS SOLDDWT SOLD
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 19 of 19