Weekly Market Report - Hellenic Shipping News Worldwide · Market insight hartering (Wet: ... Demo...
Transcript of Weekly Market Report - Hellenic Shipping News Worldwide · Market insight hartering (Wet: ... Demo...
Market insight By Linos Kogevinas
Marketing - Harbour Towage & Port Agency
Cotzias Intermodal Shipping Inc.
Parking the Capes
It is no secret that recent times have been anything but kind towards ship-ping, and no sector has suffered more lately than the dry bulk one. While we have seen various correctional signals for the wet sector (especially for the MR and VLCC segments), the dry market has had very few reasons to be hopeful. The BDI has been fairing at historical lows over the past few months and this had created a climate of widespread anxiety among dry bulk ship-owners as there are limited hints of a recovery in the short-term.
With current cape spot market rates being significantly below OPEX levels, it seems that the patience of many Cape owners has finally begun to run out. As a result, they are left with a few options on how to proceed. There are two value-maximizing (or rather loss-minimizing) options; one is of course scrapping the vessel, almost certainly at a loss compared to the initial capital investment. With the scrap market revolving predominantly around bulk carriers and container vessels during the past weeks, it seems that many owners have selected this option.
On the other hand, some of the largest European Capesize players have selected the alternative route of parking their capes. A number of them have selected Kaohsiung, Taiwan as the ideal place to park their capes until rates pick up from the current depressing rates. Eastern Pacific has reportedly parked a number of their capes in anchorages (favoring the Kaohsiung an-chorage).
Navios is also reported to have alluded to following the same route even going as far as suggesting that cold layups are the next step in order to cut what costs they can. The effects of such decisions on the market are hard to predict unless they are followed by a bigger number of owners, therefore for now it is expected that there will be a minor and more importantly tem-porary (lasting only until they’re back in the market) support in the market.
How sustainable will this strategy be? While the larger owners (many of whom have diversified fleets, thus hedging their exposure to the dry market troubles) may be able to sustain themselves long enough to survive through the current market slump, smaller players and those primarily invested in the cape segments will most definitely have trouble surviving where the situation is to persist for long.
With current conditions pushing more and more vessels out of the market, owners are awaiting Q2 in order to decide on their future moves. While short-term prospects are dire, the Indian coal market together with the Chi-nese steel import market, are possible candidates to partially help in the medium-long term recovery/ revival of the dry market sector.
As always, the amount of new orders that will be placed during the next quarters will play a determining role in the segment’s recovery, but given how quiet the newbuilding market for Capes has been since the summer of 2014, we believe that this should currently be the least of our worries.
Chartering (Wet: Stable- / Dry: Stable- )
The performance of the Capesize segment continues to weigh down heavily on the entire Dry Bulk market, while the geared sizes continue to witness slightly improved enquiry, placing them in a much better posi-tion compared to the rest of the market. The BDI closed today (17/03/2015) at 568 points, up by 4 points compared to Monday’s levels (16/03/2015) and unchanged compared to previous Tuesday’s closing (10/03/2015). Things in the crude carriers market continued moving sideways, while slow enquiry ex-MEG was the main reason behind the slight softening of rates last week as well. The BDTI Monday (17/03/2015) was at 809 points, a decrease of 28 points and the BCTI at 722, an increase of 53 points compared to previous Monday’s (09/03/2015) levels.
Sale & Purchase (Wet: Stable- / Dry: Stable- )
Following a couple of weeks of intense buying activity, the number of dry bulkers deals returned to the low volumes we have been used to since the end of 2014, while MR candidates remained popular, with Norden reportedly selling a pair of them to Chilean owner CCNI at mar-ket levels. On the tanker side, we had the sale of the “UNIVERSAL PRIME” (299,985dwt-blt 97, S.Korea), which was sold to Chinese buyers for a price in the region of $31.2m. On the dry bulker side, we had the sale of the “CAPE STORK” (171,039dwt-blt 96, Japan), which was sold to Chinese buyers for a price in the region of $7.7m.
Newbuilding (Wet: Stable- / Dry: Soft -)
The number of newbuilding contracts reported last week was in line with the slightly increased volume of activity that we have been witness-ing this month. Most notably, the number of tanker orders coming through, the majority of which was placed by Greek owners, is evidence of the positive sentiment that prevails in the sector, where fundamen-tals in the short to medium term are expected to remain stronger com-pared to the dry bulkers, but still unable in our opinion to create an impressive wave of newbuilding activity even on the tanker side. Saying that, reports of the impressive order for 21 Handysize bulkers by Orix, according to which the owner is betting on a dry bulk market recovery, comes as a reminder that our industry is not only experiencing high newbuilding activity during good times but sometimes when the market is overall depressed and newbuilding prices possibly offer an opportuni-ty to asset play once a recovery takes place. The problem with that is of course the added dwt that comes in the market based purely on specu-lation and which itself delays the recovery even further. In terms of recently reported deals, Greek owner, Thenamaris, placed an order for one firm Suezmax (159,000dwt) at Hyundai, in S. Korea, for a price of $ 67.0m and delivery set in 2016.
Demolition (Wet: Stable- / Dry: Stable- )
Demo prices were unchanged last week, with a firm number of dry can-didates continuing to find its way into the demo market, while despite this recent price stability, sentiment hardly improved. Let’s not forget that very recently, a similar short-lived stability period took place, only to be followed by a sudden drop in prices, which is what the current market fundamentals are also implying for the weeks ahead. The situa-tion in the Indian market remains extremely fragile, with the pressure exerted both in local steel prices and the Indian Rupee increasing and weighing down on sentiment across the entire subcontinent, while cheap Chinese scrap steel is still trying to be absorbed pushing global steel prices further down. Prices this week for wet tonnage were at around 230-395 $/ldt and dry units received about 215-370 $/ldt.
Weekly Market Report
Issue: Week 11 | Tuesday 17th March 2015
© Intermodal Research 17/03/2015 2
2014 2013
WS points $/dayWS
points$/day $/day $/day
265k MEG-JAPAN 52 47,600 50 46,650 2.0% 30,469 21,133
280k MEG-USG 28 31,663 28 30,592 3.5% 17,173 7,132
260k WAF-USG 65 61,743 66 62,649 -1.4% 40,541 26,890
130k MED-MED 110 64,170 112 67,614 -5.1% 30,950 17,714
130k WAF-USAC 99 50,077 106 52,593 -4.8% 24,835 13,756
130k BSEA-MED 104 67,641 105 67,789 -0.2% 30,950 17,714
80k MEG-EAST 107 30,404 107.5 30,564 -0.5% 19,956 11,945
80k MED-MED 102.5 31,060 105 31,927 -2.7% 28,344 13,622
80k UKC-UKC 95 26,126 95 25,616 2.0% 33,573 18,604
70k CARIBS-USG 170 46,243 187 53,358 -13.3% 25,747 16,381
75k MEG-JAPAN 106 29,905 105 29,561 1.2% 16,797 12,011
55k MEG-JAPAN 128 26,490 126 25,921 2.2% 14,461 12,117
37K UKC-USAC 185 27,110 165 24,947 8.7% 10,689 11,048
30K MED-MED 190 30,693 190 30,494 0.7% 18,707 17,645
55K UKC-USG 125 26,898 125 26,427 1.8% 23,723 14,941
55K MED-USG 125 25,402 125 25,030 1.5% 21,089 12,642
50k CARIBS-USAC 165 33,959 180 37,901 -10.4% 25,521 15,083
Dir
tyA
fram
axC
lean
VLC
CSu
ezm
ax
Spot Rates
Vessel Routes
Week 11 Week 10$/day
±%
Mar-15 Feb-15 ±% 2014 2013 2012
300KT DH 81.0 80.6 0.5% 73.6 56.2 62.9
150KT DH 58.5 59.0 -0.8% 50.2 40.1 44.9
110KT DH 45.0 45.0 0.0% 38.6 29.2 31.2
75KT DH 36.0 35.6 1.1% 32.8 28.0 26.7
52KT DH 25.0 25.6 -2.4% 27.2 24.7 24.6
VLCC
Suezmax
Indicative Market Values ($ Million) - Tankers
Vessel 5yrs old
MR
Aframax
LR1
Chartering
Things in the crude carriers market were overall stable last week as far as TCE are concerned, while in those cases where the pressure on WS rates was more evident, bunkers prices helped to partially offset the losses as they remained on a free fall for a third week in a row. A much quieter than originally expected Middle East region is still the main reason behind the inability of the market progressing further in March, while as long as other key trading areas continue to witness healthy activity, sentiment remains positive overall despite this recent pullback in rates. Rates for VLs were overall stable last week with period interest remaining limited, while we expect things to remain largely unchanged in the following days, given that activity ex-WAF will continue to support the segment while things in the MEG remain unchanged.
Rates for Suezmaxes were under downward pressure last week, on the back of activity in the WAF region slowing down, which also set the tone for ide-as in the Black Sea/Med region, while an slightly softening market is ex-pected for the segment during the second half of the month as well.
The Aframax market also noted a pullback at the end of the week, with fairly small discounts being noted in most key routes, while the Caribs Afra greatly underperformed the market on the back of enquiry in the region dropping significantly for a second week in row.
Sale & Purchase
In the VLCC sector we had the sale of the “UNIVERSAL PRIME” (299,985dwt-blt 97, S.Korea), which was sold to Chinese buyers for a price in the region of $31.2m.
In the MR sector we had the sale of the “GOLD EXPRESS” (47,410dwt-blt 09, Japan), which was sold to US based owner, Wilson Oil, for $22.8m.
Wet Market
Indicative Period Charters
- 24mos - 'OHIO' 2009 105,000 dwt
- - $22,000/day - Shell
-12 mos - 'RITA M ' 2009 46,000 dwt
- - $15,100/day - Norden
20
70
120
170
220
WS
po
ints
DIRTY - WS RATESTD3 TD4 TD6 TD9
Week 11 Week 10 ±% Diff 2014 2013
300k 1yr TC 40,000 40,000 0.0% 0 28,346 20,087
300k 3yr TC 41,000 41,000 0.0% 0 30,383 23,594
150k 1yr TC 33,000 33,000 0.0% 0 22,942 16,264
150k 3yr TC 33,000 33,000 0.0% 0 24,613 18,296
110k 1yr TC 23,000 23,000 0.0% 0 17,769 13,534
110k 3yr TC 23,000 23,000 0.0% 0 19,229 15,248
75k 1yr TC 21,000 20,000 5.0% 1000 16,135 15,221
75k 3yr TC 18,500 18,000 2.8% 500 16,666 15,729
52k 1yr TC 15,000 15,000 0.0% 0 14,889 14,591
52k 3yr TC 15,000 15,000 0.0% 0 15,604 15,263
36k 1yr TC 14,000 13,500 3.7% 500 14,024 13,298
36k 3yr TC 14,000 14,000 0.0% 0 14,878 13,907
Panamax
MR
Handy
size
TC Rates
$/day
VLCC
Suezmax
Aframax
6080
100120140160180200220240
WS
po
ints
CLEAN - WS RATESTC1 TC2 TC5 TC6
© Intermodal Research 17/03/2015 3
0500
1,0001,5002,0002,5003,0003,5004,0004,500
Ind
ex
Baltic Indices
BCI BPI BSI BHSI BDI
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000$
/da
y
Average T/C Rates
AVR 4TC BCI AVR 4TC BPI AVR 5TC BSI AVR 6TC BHSI
Chartering
The even heavier losses noted in the Capesize segment last week, denied
the Dry Bulk market a third weekly positive, while the smaller size segments
continued to outperform the rest of the market. Despite the admittedly
better market the latter have been witnessing in the past weeks and even if
Panamaxes have also been seeing more steady numbers all around, the fact
that Capesizes have been unable to catch a break so far, is causing further
worries across the market. The BDI has slipped 27% since the beginning of
the year and as long as Capes remain under pressure it will be very hard to
even get close to the 1,000 psychological level of the Index.
The average rate for Capes moved to below $ 4,000/day last week, with
fresh enquiry being limited across both basins, while as the segment is still
operating well below OPEX, we expect negative sentiment to largely contin-
ue dictate both the paper and physical market. At the moment, it seems
that even the most optimistic market participants out there have written
off entirely the first half of the year in terms of a substantial market recov-
ery taking place within this period.
Atlantic Panamax activity continued to be centred on cargoes from East
Coast South America, with rates holding onto recent gains as the week fin-
ished. At the same time, activity in the Pacific saw a quiet close to the week,
with little change to rates and limited new business, while this current week
has kicked off on a slightly improved tone.
The Handy/Handymax/Supra market continued improving last week, with
Atlantic enquiry providing most of the support, while the Pacific market
also started to pick up mid-week onwards.
Sale & Purchase
In the Capesize sector, we had the sale of the “CAPE STORK” (171,039dwt-
blt 96, Japan), which was sold to Chinese buyers for a price in the region of
$7.7m.
In the Handysize sector we had the sale of the “NAVISION ALLI-
ANCE” (28,460dwt-blt 95, Japan), which was sold to Turkish buyers for
$3.2m.
Mar-15 Feb-15 ±% 2014 2013 2012
180k 35.8 36.8 -2.7% 47.3 35.8 34.6
76K 17.8 18.6 -4.7% 24.5 21.3 22.7
56k 18.8 19.5 -3.8% 24.7 21.5 23.0
30K 14.0 15.3 -8.2% 19.5 18.2 18.2
Capesize
Panamax
Supramax
Indicative Market Values ($ Million) - Bulk Carriers
Vessel 5 yrs old
Handysize
Indicative Period Charters
- 11 to 14 mos - 'ERATO ' 2004 74,444dwt
- Cape Passero - $ 7,100/day -Glencore
- 4 to 7 mos - 'THOR' 2005 76,838dwt
- Hong Kong 10/15 Mar - $ 7,600/day -Bunge
Dry Market
Index $/day Index $/day Index Index
BDI 562 565 -3 1,097 1,205
BCI 378 $3,982 470 $4,768 -92 -16.5% 1,943 2,106
BPI 585 $4,692 587 $4,706 -2 -0.3% 960 1,186
BSI 606 $6,334 566 $5,916 40 7.1% 937 983
BHSI 368 $5,363 352 $5,107 16 5.0% 522 562
06/03/2015
Baltic IndicesWeek 11
13/03/2015Week 10
Point
Diff
2014 2013$/day
±%
170K 6mnt TC 8,250 8,500 -2.9% -250 22,020 17,625
170K 1yr TC 10,000 10,000 0.0% 0 21,921 15,959
170K 3yr TC 11,500 11,500 0.0% 0 21,097 16,599
76K 6mnt TC 7,500 7,500 0.0% 0 12,300 12,224
76K 1yr TC 7,500 7,500 0.0% 0 12,259 10,300
76K 3yr TC 9,000 9,500 -5.3% -500 13,244 10,317
55K 6mnt TC 7,750 7,250 6.9% 500 12,008 11,565
55K 1yr TC 8,000 7,500 6.7% 500 11,589 10,234
55K 3yr TC 8,500 8,500 0.0% 0 11,585 10,482
30K 6mnt TC 6,750 6,750 0.0% 0 9,113 8,244
30K 1yr TC 7,250 7,250 0.0% 0 9,226 8,309
30K 3yr TC 7,750 7,750 0.0% 0 9,541 8,926Han
dys
ize
Period
2013
Pan
amax
Sup
ram
ax
Week
11
Week
10
Cap
esi
ze
2014$/day ±% Diff
© Intermodal Research 17/03/2015 4
Secondhand Sales
Size Name Dwt Built Yard M/E SS due Hull Price Buyers Comments
VLCCUNIVERSAL
PRIME299,985 1997
HYUNDAI HEAVY
INDS - U, S. KoreaB&W Aug-17 DH $ 31.2m Chinese
MR GOLD EXPRESS 47,410 2009 ONOMICHI, Japan MAN-B&W Jul-19 DH $ 22.8mUS-based
(Wi lson Oi l )
MRSAPPHIRE
EXPRESS47,402 2009 ONOMICHI, Japan MAN-B&W Jun-19 DH $ 21.0m Greek
MR SIMOA 40,354 2004HYUNDAI MIPO
DOCKYARD, S. KoreaB&W Oct-19 DH $ 14.8m Greek on subjects
Tankers
Size Name Dwt Built Yard M/E SS due Gear Price Buyers Comments
CAPE CAPE STORK 171,039 1996 IHI - KURE, Japan Sulzer Jun-16 $ 7.7m Chinese
POST
PMAXSEKIYO 91,439 1998
HITACHI ZOSEN -
NAGASU, JapanB&W Feb-16 undisclosed Chinese
HANDYNAVISION
ALLIANCE28,460 1995
KANDA KAWAJIRI,
JapanMitsubishi May-15
4 X 30t
CRANES$ 3.2m Turkish
Bulk Carriers
Name Dwt Built Yard M/E SS due Gear Price Buyers Comments
CHEROKEE PRINCESS 22,918 1990 IHI - AIOI, Japan Pielstick Mar-155 X 25t
CRANES$ 3.3m Chinese
MPP/General Cargo
Size Name Teu Built Yard M/E SS due Gear Price Buyers Comments
SUB
PMAX
E.R.
BREMERHAVEN2,496 2002
SSW FAEHR- &
SPEZIALSC,
Germany
Sulzer May-173 X 45t
CRANESundisclosed
Greek
(Goldenport)
SUB
PMAXFLEX BOX 2,105 1997
DAEWOO HEAVY
INDUSTRIE, S.
Korea
B&W Aug-174 X 40t
CRANES$ 5.8m Far Eastern
FEEDER MARIE SCHULTE 1,730 2001
SZCZECINSKA
PORTA HOLD,
Poland
Sulzer Jul-163 X 40t
CRANES$ 5.1m Greek (Lomar)
FEEDER MIZAR 1,341 2005
JIANGSU
YANGZIJIANG SH,
China
B&W Mar-152 X 45t
CRANES$ 7.3m Greek
Containers
Type Name Dwt Built Yard M/E SS due Cbm Price Buyers Comments
LPG OCEAN PRIMUS 4444 1992DUNSTON HESSLE,
U. K.MaK Feb-17 4,312 $ 1.7m Turkish
Gas/LPG/LNG
© Intermodal Research 17/03/2015 5
The number of newbuilding contracts reported last week was in line with the slightly increased volume of activity that we have been witnessing this month. Most notably, the number of tanker orders coming through, the ma-jority of which was placed by Greek owners, is evidence of the positive senti-ment that prevails in the sector, where fundamentals in the short to medium term are expected to remain stronger compared to the dry bulkers, but still unable in our opinion to create an impressive wave of newbuilding activity even on the tanker side. Saying that, reports of the impressive order for 21 Handysize bulkers by Orix, according to which the owner is betting on a dry bulk market recovery, comes as a reminder that our industry is not only ex-periencing high newbuilding activity during good times but sometimes when the market is overall depressed and newbuilding prices possibly offer an opportunity to asset play once a recovery takes place. The problem with that is of course the added dwt that comes in the market based purely on specu-lation and which itself delays the recovery even further.
In terms of recently reported deals, Greek owner, Thenamaris, placed an order for one firm Suezmax (159,000dwt) at Hyundai, in S. Korea, for a price of $ 67.0m and delivery set in 2016.
Newbuilding Market
20
60
100
140
180
mil
lion
$
Tankers Newbuilding Prices (m$)
VLCC Suezmax Aframax LR1 MR
Week
11
Week
10±% 2014 2013 2012
Capesize 180k 52.5 53.0 -0.9% 55.8 49 47
Kamsarmax 82k 29.0 29.0 0.0% 30.4 27 28
Panamax 77k 28.5 28.5 0.0% 29.2 26 27
Ultramax 63k 26.0 26.0 0.0% 27 25 25
Handysize 38k 22.0 22.0 0.0% 23 21 22
VLCC 300k 96.5 96.5 0.0% 98.6 91 96
Suezmax 160k 65.0 65.0 0.0% 65 56 58
Aframax 115k 53.5 53.5 0.0% 54 48 50
LR1 75k 46.0 46.0 0.0% 45.9 41 42
MR 50k 36.5 36.5 0.0% 36.9 34 34
190.0 190.0 0.0% 186.0 185 186
78.0 78.0 0.0% 78.4 71 71
68.0 68.0 0.0% 66.9 63 62
46.0 46.0 0.0% 44.3 41 44
Vessel
Indicative Newbuilding Prices (million$)
Bu
lke
rsTa
nke
rs
LNG 160k cbm
LGC LPG 80k cbm
MGC LPG 55k cbm
SGC LPG 25k cbm
Gas
10
30
50
70
90
110
mil
lion
$Bulk Carriers Newbuilding Prices (m$)
Capesize Panamax Supramax Handysize
Units Type Yard Delivery Buyer Price Comments
2 Tanker 159,000 dwt Hyundai, S. Korea 2016 Greek (Arcadia) $ 67.0m
1 Tanker 159,000 dwt Hyundai, S. Korea 2016 Greek (Thenamaris) $ 67.0m
4 Tanker 157,500 dwt New Times, China 2017 Greek (Dynacom Tankers) $ 60.0molder deal surfacing
now
2 Tanker 115,000 dwtHyundai Samho, S.
Korea2016 Belgian (Transpetrol) $ 55.0m
1 Tanker 16,000 dwt Kurinoura, Japan 2016Singaporean (Marex
Maritime)undisclosed chemical
1 Bulker 7,200 dwt JT Cement, Netherlands 2016 Dutch (Ferus Smit) undisclosedCement Carrier, dual
fuel, ice 1A
3 Container 20,500 teu Hyundai, S. Korea 2017 French (CMA CGM) $ 145.0m LOI stage
Newbuilding Orders Size
© Intermodal Research 17/03/2015 6
Demo prices were unchanged last week, with a firm number of dry candi-dates continuing to find its way into the demo market, while despite this recent price stability, sentiment hardly improved. Let’s not forget that very recently, a similar short-lived stability period took place, only to be followed by a sudden drop in prices, which is what the current market fundamentals are also implying for the weeks ahead. The situation in the Indian market remains extremely fragile, with the pressure exerted both in local steel prices and the Indian Rupee increasing and weighing down on sentiment across the entire subcontinent, while cheap Chinese scrap steel is still trying to be ab-sorbed pushing global steel prices further down. Prices this week for wet tonnage were at around 230-395 $/ldt and dry units received about 215-370 $/ldt.
One of the highest prices amongst recently reported deals, was that paid by Bangladeshi breakers for the small tanker “P OCEAN” (2,525dwt-760ldt-blt 71), which received a price of $419/ldt.
Demolition Market
Week
11
Week
10±% 2014 2013 2012
Bangladesh 385 385 0.0% 469 422 440
India 380 380 0.0% 478 426 445
Pakistan 395 395 0.0% 471 423 444
China 230 230 0.0% 313 365 384
Bangladesh 370 370 0.0% 451 402 414
India 365 365 0.0% 459 405 419
Pakistan 370 370 0.0% 449 401 416
China 215 215 0.0% 297 350 365
Dry
Indicative Demolition Prices ($/ldt)
Markets
We
t
200
250
300
350
400
450
500
550
$/l
dt
Wet Demolition Prices
Bangladesh India Pakistan China
200
250
300
350
400
450
500
550$/
ldt
Dry Demolition Prices
Bangladesh India Pakistan China
Name Size Ldt Built Yard Type $/ldt Breakers Comments
THE WATCHFUL 69,451 9,646 1992HASHIHAMA SHBLDG
- TAD, JapanBULKER $ 400/Ldt Pakistani incl. 750T ROB
HE YUAN 48,280 8,679 1985NKK CORP -
TSURUMI - Y, JapanBULKER $ 365/Ldt Bangladeshi
MANUELA 21,540 8,018 1993 SIETAS KG, Germany CONT $ 380/Ldt Indian as-is Singapore. incl. 150T ROB
UNI-CHART 17,446 5,823 1992KANDA KAWAJIRI,
JapanCONT $ 332/Ldt undisclosed as-is S.Korea
UNI-CROWN 17,446 5,823 1992KANDA KAWAJIRI,
JapanCONT $ 332/Ldt undisclosed as-is S.Korea
UNI-CORONA 17,446 5,822 1992KANDA KAWAJIRI,
JapanCONT $ 332/Ldt undisclosed as-is S.Korea
SHEHAB
ALMUHIEDDINE26,523 5,500 1985
KANASASHI ZOSEN -
TOYO, JapanBULKER $ 380/Ldt Indian
PACIFIC SUN 18,657 4,939 1982 EIDES, Norway TANKER $ 680/Ldt Indian incl. 765T of StSt + full spares
P OCEAN 2,525 760 1971KYOKUYO CHOFU,
JapanTANKER $ 419/Ldt Bangladeshi
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 | [email protected] Ms. Eva Tzima | [email protected]
Mr. Vassilis Logothetis | [email protected]
Finance News
“OSG sheds the red
Overseas Shipholding Group (OSG) has emerged as the latest beneficiary of rising rates for crude and product tankers.
On Monday evening the US operator posted a gain of $26.5m for the three months to 31 December 2014, versus a loss of $447.3m in the fourth-quarter of 2013.
In a statement chief executive Ian Blackley said he was pleased to report adjusted net income of $22.1m in his company’s first full quarter of financial results since the completion of a Chapter 11 restructuring last year.
“In the quarter, higher crude spot rates combined with the continuing strength of the US-Flag market had a positive impact on our earnings,” he added.
OSG, which carded a full-year loss of $152.3m, said shipping revenues for the fourth fell to $216.9m from $273.1m year-on-year.
OSG is based in New York where it oversees 81 tank-ers, floating storage units and articulated tug-barges. Of these, 63 units are owned and the remainder are chartered-in. ”(Aaron Kelley, Trade Winds)
Commodities & Ship Finance
13-Mar-15 12-Mar-15 11-Mar-15 10-Mar-15 9-Mar-15W-O-W
Change %
10year US Bond 2.130 2.100 2.110 2.140 2.200 -4.9%
S&P 500 2,053.40 2,065.95 2,040.24 2,044.16 2,079.43 -0.9%
Nasdaq 4,871.76 4,893.29 4,849.94 4,859.79 4,942.44 -1.1%
Dow Jones 17,749.31 17,895.22 17,635.39 17,662.94 17,995.72 -0.6%
FTSE 100 6,740.58 6,761.07 6,721.51 6,702.84 6,876.47 -2.5%
FTSE All-Share UK 3,648.24 3,655.28 3,633.90 3,624.77 3,710.08 -2.2%
CAC40 5,010.46 4,987.33 4,997.75 4,881.95 4,937.20 0.9%
Xetra Dax 11,901.61 11,799.39 11,805.99 11,500.38 11,582.11 2.8%
Nikkei 19,254.25 18,991.11 18,723.52 18,665.11 18,790.55 2.5%
Hang Seng 23,823.21 23,797.96 23,717.97 23,896.98 24,123.05 -1.4%
DJ US Maritime 241.63 247.57 249.37 244.71 249.60 -3.3%
$ / € 1.05 1.06 1.05 1.07 1.08 -3.2%
$ / ₤ 1.47 1.49 1.49 1.51 1.51 -1.9%
¥ / $ 121.39 121.32 121.42 121.05 121.43 0.5%
$ / NoK 0.12 0.12 0.12 0.12 0.13 -3.7%
Yuan / $ 6.26 6.26 6.26 6.26 6.26 -0.1%
Won / $ 1,138.05 1,125.20 1,132.00 1,127.20 1,114.50 2.4%
$ INDEX 89.33 88.58 89.08 88.48 87.71 1.8%
Market Data
Cu
rre
nci
es
Sto
ck E
xch
ange
Dat
a
1,100
1,150
1,200
1,250
1,300
1,350
40
45
50
55
60
65
goldoil
Basic Commodities Weekly Summary
Oil WTI $ Oil Brent $ Gold $
13-Mar-15 6-Mar-15W-O-W
Change %
Rotterdam 520.5 560.0 -7.1%
Houston 631.5 656.0 -3.7%
Singapore 534.5 562.5 -5.0%
Rotterdam 299.0 313.5 -4.6%
Houston 320.0 332.5 -3.8%
Singapore 330.0 352.5 -6.4%
Bunker Prices
MD
O3
80
cst
CompanyStock
ExchangeCurr. 13-Mar-15 06-Mar-15
W-O-W
Change %
AEGEAN MARINE PETROL NTWK NYSE USD 13.49 13.80 -2.2%
BALTIC TRADING NYSE USD 1.44 1.52 -5.3%
BOX SHIPS INC NYSE USD 0.87 0.90 -3.3%
CAPITAL PRODUCT PARTNERS LP NASDAQ USD 9.29 9.41 -1.3%
COSTAMARE INC NYSE USD 18.57 18.75 -1.0%
DANAOS CORPORATION NYSE USD 6.21 6.41 -3.1%
DIANA SHIPPING NYSE USD 6.48 6.50 -0.3%
DRYSHIPS INC NASDAQ USD 0.85 0.88 -3.4%
EAGLE BULK SHIPPING NASDAQ USD 9.37 9.91 -5.4%
EUROSEAS LTD. NASDAQ USD 0.75 0.75 0.0%
FREESEAS INC NASDAQ USD 0.08 0.08 0.0%
GLOBUS MARITIME LIMITED NASDAQ USD 1.51 1.59 -5.0%
GOLDENPORT HOLDINGS INC LONDON GBX 124.00 128.00 -3.1%
HELLENIC CARRIERS LIMITED LONDON GBX 17.25 18.00 -4.2%
NAVIOS MARITIME ACQUISITIONS NYSE USD 3.45 3.44 0.3%
NAVIOS MARITIME HOLDINGS NYSE USD 4.29 4.25 0.9%
NAVIOS MARITIME PARTNERS LP NYSE USD 11.77 12.33 -4.5%
PARAGON SHIPPING INC. NYSE USD 1.31 1.73 -24.3%
SAFE BULKERS INC NYSE USD 3.29 3.55 -7.3%
SEANERGY MARITIME HOLDINGS CORP NASDAQ USD 0.90 0.85 5.9%
STAR BULK CARRIERS CORP NASDAQ USD 3.37 3.84 -12.2%
STEALTHGAS INC NASDAQ USD 6.03 6.03 0.0%
TSAKOS ENERGY NAVIGATION NYSE USD 7.28 7.11 2.4%
TOP SHIPS INC NASDAQ USD 1.06 1.13 -6.2%
Maritime Stock Data
© Intermodal Shipbrokers Co
8
17/03/2015
Select Price in US$
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Intermodal Shipbrokers Co.
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