Braemar Seascope Container -...

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Braemar Seascope Thursday, 26 July 2012

Market Indicator Wet* 25-Jul-12 Jun Avg Avg YTD 2011 Avg

TCE ( US $ / Da y ) TCE ( US $ / Da y ) TCE ( US $ / Da y ) TCE ( US $ / Da y )

260,000 NHC AG/EAST TD3 -6,500 10,000 17,500 8,000

130,000 NHC WAFR/USAC TD5 8,000 15,000 16,500 11,500

80,000 NHC UK/CONT TD7 6,500 12,500 9,500 12,000

55,000 CLN AG/JAPAN TC5 16,500 7,500 5,000 5,500

37,000 CLN CONT/USAC TC2 5,500 8,000 11,000 11,500

38,000 CLN CARIB/USAC TC3 4,000 9,000 10,000 10,500

* All rates based on benchmark Baltic Exchange speed and consumption f igures

Dry 25-Jul-12 Jun Avg Avg YTD 2011 Avg

BDI 982 937 961 1,549

BCI 1,239 1,187 1,485 2,237

BPI 1,088 997 1,104 1,749

BSI 1,133 1,104 986 1,377

Container 23-Jul-12 Jun Avg Avg YTD 2011 Avg

B O X i 56.77 58.85 56.40 86.13

Financial 25-Jul-12 Jun Avg Avg YTD 2011 Avg

BRENT CRUDE US$/bbl 104.40 95.58 112.21 110.65

IFO 380 ROTT US$/tonne 597.50 569.66 657.26 618.32

YEN/US$ 78.22 79.48 79.66 79.70

WON/US$ 1,150 1,162 1,134 1,107

US$/EURO 1.21 1.26 1.29 1.39

Braemar Seascope Weekly Chartering Report 2

26/07/2012

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VLCC We all know about "flags of convenience", but the opening day of the Olympic Games in London has given us a flag of inconvenience. A hapless television executive, obviously lacking in basic geography, confused the rather too convenient South Korean flag with that of its northern neighbour for the women’s football. Fortunately, Hampden Park did the gentlemanly thing and immediately blamed London for the error before projecting a large North Korean flag over the stadium. Given the plight of Rangers FC, the North Korean Ladies football team might be the best football on show north of the border this season and should be celebrated. The VLCC market from the AG has now reached such a level that only owners with sadomasochistic tenancies need bother offering for cargoes. When KPC quoted on Tuesday, we all knew what was coming: a new low for AG/West. True to form, they found a willing partner in the Ramlah, possibly the only ship willing to consider fixing lower than the ws24s previously reported. Please note that when we run our assessments of daily earnings we use standard speeds and ballast routes; no owner is actually ballasting not laden at 14knots. However, whichever way you do your voyage calculation 275kt x ws23.0 Mina Al Ahmadi/US Gulf at 12knots charter speed doesn’t leave much money after deviation, port costs and bunkers. There is a sense that there are only a finite number of vessels left to fix at these kinds of levels. AG/West might quickly recover to 280kt x ws24.0-25.0. However, AG/East looks set to remain in the ws32.5-ws35.0 level due to the plethora of eastern based relets. One thing to bear in mind is that the various VLCC pools will be building up prompt-on tonnage in the AG and they have just as much pressure to fix as anyone else. West Africa has again been subdued for western bound cargoes as less expensive Suezmaxes have taken the strain. While no fixtures were reported, we are rating at the 260kt x ws42.5 level for W Africa/US Gulf. For eastern bound cargoes, the pressure was once again on owners as charterers pushed freight levels down to 260kt x ws36.0. It seems there is no respite for owners for the moment – perhaps it’s time for them to put their feet up and enjoy the upcoming sporting bonanza. The Indian charterers were quiet this week ex-West Africa. Reliance continued to tick away their Caribs programme and fixed tonnage at US$3m off 28 August dates for WC India discharge. Reliance have fixed six cargoes for the month of August ex-Caribs, which should mark the end of their programme from this region. The tonnage list in West Africa continues to be put under pressure by the eastern ballaster negating any chance of owners to try and push the rates up. We are still expecting a couple of cargoes ex-West Africa from the Indian charterers in the last decade of the month. We are assessing W Africa/WC India at US$2.9m and W Africa/EC India at US$3.2m. The 30 day availability index shows 54 VLCCs arriving at Fujairah, of which eight are over 15 years old, which compares to 44 last week. In July, we counted a total of 109 cargoes fixed, reflecting a refinery maintenance programme through the month. 41 fixtures are now reported for the first decade, leaving behind 20 VLCCs being marketed which can reach an 11th August cancelling date in Ras Tanura. The balance of power clearly remains with charterers. The freight rate for 280,000mt AG/US Gulf is ws23.0, the same as last week. With bunkers currently at US$626/tonne, down US$12/tonne, owners' earnings are: Round Trip Cape Laden/Suez Ballast US$-15,000/day (US$-16,000/day last week)* The freight rate for 270,000mt AG/S Korea is ws34.0, ws2.0 points up from last week, making owners' earnings: Round Trip Ras Tanura/Ulsan US$-1,500/day (US$-5,500/day last week)* *Obviously with slow steaming these numbers can be improved

Route Size Load Discharge Today’s Assessment Last Week’s Average

TD1 280,000 Ras Tanura LOOP ws23.0 ws23.0

TD2 265,000 Ras Tanura Singapore ws34.0 ws33.5

TD3 265,000 Ras Tanura Chiba ws33.0 ws33.0

TD4 260,000 Bonny LOOP ws40.0 ws42.0

TD15 260,000 West Africa China ws36.0 ws37.0

China23%

Korea/Japan12%

Spore/Indo12%

USA24%

India17%

NW Europe6%

S Africa6%

VLCC AG Weekly Spot Fixtures by VolumeIntended Discharge (19 - 25 July 2012)

Long East56%Short East

29%

West15%

VLCC AG Monthly Spot Fixtures by VolumeFinal Destination (June 2012)

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26/07/2012

The West Africa market last week somewhat fizzled out and rates followed the natural path of a quiet market. There was certainly a bit of fixing going on, however it was all behind closed doors and the lack of information in the market kept sentiment calm. There was a build-up of tonnage on the list which certainly was not helping the owners’ confidence. The first decade from West Africa was relatively busy, certainly for the time of year, and there was an expectation that this would carry through to the second decade. Unfortunately, the start of this week was very quiet and the raft of new positions only added to the tonnage list. The charterers drip-fed cargoes into the market and any sting that might have developed through a clutch of cargoes was taken away by the tactic. By the middle of this week, a number of fixtures had been done at ws60.0 to US Gulf and it looked like this would be where the market stopped. There were some charterers who thought there was a little more give in the rates and pushed a bit harder. One fixture was achieved at ws57.5 to US Gulf, but there did not seem to be too many units happy to repeat the deal. With the rest of this week looking quiet it would be surprising if ws60.0 was cracked again, but it can be assumed that owners will make it as hard as possible. The Med and Black Sea markets have followed fairly similar paths to W Africa this week. There has been a general building up of tonnage over the last few weeks and this has put pressure on rates. We have also seen a number of fixtures done quietly in these markets which has had the usual impact, or lack thereof, on rates. The Black Sea looks covered up to the mid-month position and rates have remained fairly stable. Last week finished at 140kt x ws70.0 for UKC-Med and this was repeated a few times. There is still plenty of slack in the list, but owners have managed to hold rates so far. The Med/trans-Atlantic market has been significantly more reflective of the West Africa market, and we have seen a downward movement this week. Rates dropped to ws55.0 for Med-USAC, which was following closely behind West Africa. Cross-Med was mirroring Black Sea-Med at ws67.5-ws70.0, depending on the discharge, and owners managed to keep it at these levels all week. Again in the Med, the list is looking overtonnaged and it will take decent levels of activity to pick up the slack. Looking to next week, charterers will certainly try and use the position list to drive down rates, but owners will be hoping that their resistance continues. The eastern Suezmax market was showing signs of life this week. Surprisingly, we did not see a huge amount of AG/India or AG/East business, but as has been the case in the past few months, we saw a number of AG/West cargoes. Currently, this seems to be the main market for those ships open in the East and the better quality units are swallowing it willingly to get back to their comfort zones. The amount of cargoes this week was substantial, and at one point the market was showing seven open cargoes. Owners are yet to take full advantage and push rates, but the opportunity seems to be there if they want to take it. The week started at ws42.5 AG/UKC-Med and dropped to ws40.0 during the quiet period at the beginning of the week. We saw ws65.0 for an AG/USWC cargo, which looks like a good option for owners. With the amount of outstanding cargoes left in the market, we should see a slight rise in rates in the near future. The VLCC AG/West market is still low at ws23.0, so it would seem that the Suezmax cargoes will disappear onto VLCCs if rates went too high.

Suezmax

USA57%

NW Europe22%

Med/Red Sea7%

S Africa14%

Suezmax WAFR Weekly Spot Fixtures by VolumeIntended Discharge (19 - 25 July 2012)


TD5 130,000 Bonny Philadelphia ws60.0 ws61.5

TD6 135,000 Novorossiysk Augusta ws67.5 ws69.5

135,000 Mediterranean UK Cont ws67.5 ws70.0

135,000 North Sea US Gulf ws55.0 ws57.5

135,000 Ras Tanura South East Asia ws70.0 ws72.5

W Africa34%

AG25%

Med/Red Sea12%

Black Sea16%

Carib/EC Mex11%

S Africa2%

Suezmax Weekly Spot Fixtures by VolumeLoad Area (19 - 25 July 2012)


26/07/2012

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Aframax

It was hardly surprising this week when charterers forced rates to further soften on the back of last week. A continued presence of tonnage in the Continent was one of the major factors. Generally, there has been a steady flow of cargoes in the market and charterers moved wisely. The lowest levels seen achieved this week for 100kt crude oil Primorsk/UKC was ws60.0, and w57.5 for the Mediterranean. Currently, cargoes are being fixed either at 100kt x ws60 or ws62.5. At these levels, owners are operating at near operational costs, which indicates that 100kt x ws60.0 will be difficult to break. North Sea demand remains low, with rates remaining at 80kt x ws87.5. In the Mediterranean and Black Sea, the mounting downward pressure has seen rate levels squeezed even lower. There is a substantial number of ships compared to cargoes, and with these dotted around all over the Mediterranean, there are always a handful of owners with a smaller ballast that can just about make sense of such low levels. At present, charterers are paying 80kt x ws80.0 for cross-Med, while out of the Black Sea they are fixing 80kt x ws82.5. This pressure has also been felt out of West Africa, and with rates so low worldwide, more owners are willing to ballast for a long haul voyage. Current levels are 80kt x ws90.0 to the West and ws95.0-ws100.0 to the East. Currently, there is nothing to suggest this will change anytime soon. Moving to the Caribbean, enquiry has remained steady through the week, however rates have remained as they were this time last week (i.e. 70kt x ws95.0). Not much excitement in the AG with the completion of July programmes and early August stems starting to be covered in the market. AG/East rates remained unchanged at ws92.5 due to the balance in of supply and demand. The Red Sea has seen very little fresh activity with continuous supply disruptions in Sudan, and with talk ongoing between North and South Sudan, could a resolution be near? Rates out of the Red Sea to the East have steadied, with one vessel out of Yanbu heading east at ws102.5, the same as last done. Owners’ sentiment for Indo/Up remains bullish, with rates firming to about ws85.0 but with a handful of last decade July cargoes appearing in the market. Charterers are caught up with limited availability of tonnage in the region. Owners have taken the opportunity with two units on subs at a premium of ws15.0 points above market rates at ws100.0, and another at ws99.0 respectively. It is highly unlikely that this sentiment will last for long as charterers will be very tactful in bringing out the cargoes – with the aid of tonnage returning to the list and a few private cargoes being done, rates will likely be brought back to ‘normal’.

NW Europe54%

Med/Red Sea35%

India East4%

USA7%

Aframax (West of Suez) Weekly Spot FixturesIntended Discharge Area (19 - 25 July 2012)

Baltic42%

N Africa/E Med40%

UKC10%

Black Sea4%

W Africa4%

Aframax (West of Suez) Weekly Spot FixturesLoad Area (19 - 25 July 2012)


TD7 80,000 Sullom Voe Wilhelmshaven ws87.5 ws87.5

TD8 80,000 Mina Al Ahmadi Singapore ws92.5 ws92.5

TD9 70,000 Puerto La Cruz Corpus Christi ws95.0 ws94.0

TD14 80,000 Seria Sydney ws87.5 ws86.0

TD17 100,000 Primorsk Wilhelmshaven ws60.0 ws63.5

TD19 80,000 Ceyhan Lavera ws80.0 ws82.0


26/07/2012

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TD3 - 260 - Ras Tanura - Chiba TCE

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TD5 - 130 - Bonny - Philadelphia TCE

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TD7 - 80 - Sullom Voe - Wilhelmshaven TCE

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TD9 - 70 Puerto La Cruz- Corpus Christi TCE

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26/07/2012

LR2s have seen irregular and erratic levels of activity. The tonnage lists are unquestionably a lot tighter, however rates appear to be settled although owners are still pushing to get rates higher. Despite this, several deals were fixed and failed and things remain uncertain. There hass been a lot of activity going on behind closed doors as charterers try to temper the bullish sentiment in the market. LR1s have been quieter. We started the week with rates jumping up to ws135.0 to Japan and US$2.15m to UKC. However, the remainder of the week has seen activity quieten down and at time of writing, levels appear to have settled back down to ws130.0 for Japan. Although the levels of activity have been fairly decent for MRs this week, there hasn’t been quite enough long haul cargo to prevent rates from softening. The market has been trading in two distinctive ways. The shorter haul inter-regional business in and around the AG is being worked prompt on up until about the 2nd August, with rates slipping off (due to a high number of vessels opening in the region before the end of the month). The other trend has been the pretty active WC India market working off a 9-12 August position where rates and sentiment have firmed a touch with 35kt x ws132.5 widely reported on subs basis Japan. What we can establish from these trends is that charterers seem to be pretty happy to run their short haul cargoes a bit more spot and will wait until next week to look for ships for the first decade of August. The tonnage list suggests this is the best ploy and with such a long position list for next week, we can assume rates in the region will slip further. Other markets to note are AG/East Africa, which failed subs today 35kt x ws170.0, which is an extremely cheap rate. With ws200+ being last done, still it shows where things have moved to. AG/West rates are holding around the US$1.55m-US$1.6m level to the UKC, with owners still reticent to take their ships west into a dire Atlantic market.

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TC1 - 75 - Ras Tanura - Yokohama TCE

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TC5 - 55 - Ras Tanura - Yokohama TCE

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TC1 75,000 Ras Tanura Yokohama ws110.0 ws108.0

TC5 55,000 Ras Tanura Yokohama ws135.0 ws132.5

TC4 30,000 Singapore Chiba ws125.0 ws125.0

TC12 35,000 WC India Japan ws130.5 ws129.0


26/07/2012

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TC2 - 37 - Rotterdam - New York TCE

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TC3 - 38 - Aruba - New York TCE

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TC2 37,000 Rotterdam New York ws105.0 ws97.0

TC3 38,000 Aruba New York ws105.0 ws101.0

TC6 30,000 Skikda Lavera ws137.5 ws134.0

The Continent market has experienced something of a renaissance this week, with rates for MRs bouncing back to form. This is primarily due to the concerted efforts of a few owners in an end July load window that suddenly became very active, and subsequently very tight. One major had four cargoes to cover end/early and fixed in a range between ws95.0 and ws100.0, with last done before this being closer to ws90.0. In addition, some replacement fixtures created mild discomposure. On the oil, trans-Atlantic arbitrage for gasoline and its components remain open, so the signs are there that this may remain; but as always a tale of woe will once again be told if owners agitate this furore. The Mediterranean melodrama has hit its summer script once again this week, with rates causing a mild perturbation as some charterers fix forward for their August holiday. A cynic might say that owners might have seen this coming and 'removed a few cards from the table'. This aside, rates have moved up for a summer spike; expectation is that this will only be for the short term. Stateside, tonnage looks tight for the end/early in the Gulf, which has allowed rates to surge. This, coupled with titillation on the Continent, means owners will be looking to a hullabaloo before too long. As things stand, Caribs/Up sees itself at ws105.0 with some firmness and TC14 is a self-confident ws62.5 with room for improvement. Otherwise US Gulf/Chile is US$1.2m and US Gulf/Brazil-Argentina is at ws105.0.

26/07/2012

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Capesize rates have dropped significantly this week, with little light at the end of the tunnel for the immediate future. Hope for Q4, however, is being created by the falling price of iron ore in recent days. In comparison to recent weeks, West Australia has been slow. This lack of cargo has seen rates drop 45 cents in the past week, with US$6.55/tonne reported this morning. There is still minimal coal enquiry from Australia and Richards Bay to help further absorb the glut of tonnage in the Pacific. The Atlantic market this week saw rates drop below US$5,000/day as a lack of enquiry continues to starve the region. Tubarao/Qingdao voyages are seeing a small improvement with US$18.10/tonne put on subs and owners seeing ideas around US$18/tonne. Short period fixing has increased in the past 24 hours but many are still unable to make sense of paying a vessel US$10,000/day on a spot position with the returns on the spot market nowhere close and FFA levels not enough to cover the expense.

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The Baltic Capesize Index vs Atlantic & Pacific Earnings

Atlantic Pacific BCI

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26/07/2012

Atlantic rates have come under very heavy pressure over the past seven days, with little expectation that the market will stabilise any time soon. An increasing number of charterers are pushing for ideas on APS basis prior to discussions and owners who have been holding out are starting to consider front-haul business as well in search of better rates. Given the generally negative market consensus for August, demand for period tonnage is negligible with only a few charterers expressing tentative interest for end-August. There has been little in the way of activity in the East. We have seen more NoPac stems come onto the market but not at particularly exciting rates. Whilst the indexes continue to fall, the market is not collapsing. Overall, the list of tonnage in the East grows as owners seem less reluctant to ballast towards EC S America as they are unsure of the confidence in the Atlantic market.


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The Baltic Panamax Index vs Atlantic & Pacific Earnings

Atlantic Pacific BPI

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26/07/2012


There looks to be a very uncertain immediate future in the Far East Handysize market, with a build-up of tonnage combined with a dwindling cargo supply and time charter relet market pushing rates down. Vessels open in North China have been seeing high US$5,000/day – low US$6,000/day for business to SE Asia, with US$7,000/day on the NoPacs, US$7,500/day for trips to the AG and mid US$5,000s/day for back haul. Some period interest indicates this may be short term in nature. The Supramax market is weakening with a lengthy tonnage list for nearby positions and coal rates from Indonesia in decline, which is putting strain on time charter values, despite a reasonable demand out of Nopac. A hesitant Atlantic market is taking away the confidence seen in previous weeks.

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The Baltic Supramax Index vs Atlantic & Pacific Earnings

Atlantic Pacific BSI


26/07/2012

China’s WA iron ore mine nears production The Sino Iron Project, a joint venture between Citic Pacific and Chinese construction company MCC, is due to begin production in a matter of weeks. The massive project, that includes a 450-megawatt power station, a 51-gigalitre desalination plant and a port at Cape Preston, has experienced severe delays and will cost a staggering US$8 billion (more than triple the original US$2.5 billion budget). The delays and mounting costs have been exacerbated by the rising Australian dollar, labour shortages and the imposition of the carbon and mining taxes. Despite the problems, the project is still heralded to become the biggest magnetite project in the world and will produce around 28m tonnes a year of the commodity in both concentrate and pellets.

BC Iron post strong quarterly report and remain positive BC Iron, whose sole operating asset is the Nullagine joint venture with Fortescue Metals Group, has posted a strong quarterly report which includes record production and shipping. The junior miner has met all four guidance targets ahead of schedule over the past year and has achieved a production rate of 5m tonnes a year. Furthermore, the quarterly report revealed that on June 26th, the Nullagine joint venture registered it largest single shipment to date by exporting 224,000 tonnes of iron on a single ship. The company remains upbeat, believing volumes are safe and that profit margins will remain in place (albeit at a slightly depressed level).

China’s June coal imports surge Recent data released by China Customs indicates that the country’s June coal imports increased by 98% y-o-y to 27.19m tonnes. China imported 8.55m tonnes of thermal coal in June, 6.49m tonnes of coking coal (up 94% from last June) and 4.66m tonnes of lignite. In the first six months of 2012, China imported 43.6m tonnes of thermal coal (175% y-o-y increase), 27.64m tonnes of coking coal (up 44%) and a total (all coal products) of 139.85m tonnes (some 66% more than last year). Furthermore, the bottoming out of the dry bulk freight market in the second quarter allowed price-sensitive Chinese buyers to import origin coals from further afield. South Africa delivered around 929,823 tonnes in June at an average price of US$110.82/tonne and US imports increased by over 300% m-o-m to 809,758 tonnes.

Atlas Iron on track Atlas Iron shipped 1.5m tonnes during the June 2012 quarter (25% more than the preceding quarter) and achieved full year shipments to June of 5.57m tonnes (21% more than the prior financial year). Importantly, both sets of figures were in line with the company’s projections. Furthermore, Managing Director Ken Brinsden maintains that Atlas is well on track to double production to 12m tonnes per annum by the end of next year and at the same time ensure that reserves are being put in place to meet the company’s long-term production target of 46m tonnes per annum by 2017.

Cazaly Resources sign Esperance port deal Cazaly Resources has signed a capacity reservation deed with the Esperance Port Authority to ship five million tonnes per annum through the port from its Park Range iron ore project in the Yilgarn region. Cazaly has also appointed Engenium, a project delivery company, to explore shipping options ahead of the proposed expansion of the port. Cazaly is looking to build out Parker Range into a direct shipping ore project, transporting via rail to Esperance for export.

Resources sector set to refocus spending The rush to build new infrastructure for the resources boom is slowing as mining companies and state governments focus on increasing output at existing sites rather than invest in new, high cost and potentially speculative expansion projects. For example, Queensland’s new state government has sharply reduced the scale of expansion at Abbot Point by deciding to add two berths instead of six and consequently reduce the port’s capacity from 400m tonnes a year to 240m tonnes. Both BHP Billiton and Rio Tinto have suggested that proposals scheduled for the next five or ten years may be deferred and Rio Tinto is exploring less expensive upgrade projects to increase capacity (“de-bottlenecking”). Also, at Newcastle, questions are being raised about the need for a fourth coal terminal which would increase capacity to 120m tonnes a year. However, some are concerned that curtailing expansion projects is short-sighted and will result in costly bottlenecks in the future.

China’s steel companies report losses China’s growth rate has dropped from an average of 10% per annum to around 7% or 8% this year, and iron ore inventories have reached a record high of around 100m tonnes as downstream demand shrinks. Most Chinese listed steel companies reported losses for the first half of the year and some have lowered both their steel product prices and sales targets this year. Wuhan Iron and Steel Group Co., one of the major steel producers in China, cut its full-year profit goal from 3 billion yuan to 1.6 billion yuan on Wednesday. The company had revenues of 98.9 billion yuan and profits of 1.38 billion yuan in the first half.

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The market has largely treaded water this week with only a 0.41 point softening in our BOXi, predominantly caused by slightly weaker earnings in 2,500-3,000teu sector. The spread of activity, though, is much the same; extensions remain the bread and butter of the market, with sub-Panamax vessels seeing rates close to last done but with potential to weaken as tonnage availability continues to increase. With the minimum duration of charter periods also continuing to shorten, it is likely we will see further rises in availability over the coming weeks. Whilst the largest vessels available on the charter market are still seeing a fair amount of interest - albeit from the same set of operators - the news that the fixture of the 7,000teu MV Ilse Wulff failed on charter party details and that MSC was then able to secure larger 8,600teu relet tonnage with only a slight premium on rate is certainly noteworthy. The initial signs of weakness in the 2,500teu geared market from the last few weeks have been highlighted by vessels in Europe fixing just below the US$7,000/day watershed. On the other hand, the mid-sizes have not seen much in the way of newsworthy deals and have remained unchanged. The small feeder market has lost a little ground in the Far East, with CV1100 vessels now fixing in the low US$5,000s/day for short, flexible periods. Period into 2013 for this class of ship is now very thin on the ground, but a small premium above the shorter term market would still be expected. Overall, the market this week has continued in the same vein, with little to suggest an imminent turn in fortune. The question is: how long will we have to look into the future to see the spark that arrests and indeed reverses the current gentle drift downwards?

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The Box Index B O X i

Vessel (Teu/Hmg) Gear Speed Knots Index + / -510/285 Gearless 15.5 3.61 ► 0.00

700/440 Gearless 17.5 4.00 ▼ 0.20

750/415 Geared 16.0 4.82 ► 0.00

1000/650 Geared 17.5 5.10 ► 0.00

1100/715 Geared 20.0 6.11 ► 0.00

1350/925 Geared 20.0 4.38 ► 0.00

1600/1150 Gearless 18.0 5.19 ► 0.00

1700/1125 Geared 19.5 4.76 ► 0.00

1740/1300 Geared 20.5 4.99 ► 0.00

2000/1600 Geared 21.0 1.96 ► 0.00

2500/1900 Geared 22.0 3.60 ▼ 0.15

2800/2000 Gearless 22.0 3.15 ► 0.00

3500/2500 Gearless 23.0 2.64 ▼ 0.06

4250/2800 Gearless 24.0 2.45 ► 0.00

Index Total 56.77 ▼ 0.41

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