Market insight By Yannis Olziersky

SnP Broker

With the BDI hitting the all-time low and with FFA markets not showing any positive signs for a possible recovery in the near future, pessimism is still prevailing across the Dry Bulk sector. Average rates for all sizes are now trading below OPEX levels, rendering owners exposed to substantial loses. Apart from the existing tonnage surplus, for which we have talked a lot dur-ing the last years, anemic global growth and demand for dry bulk commodi-ties have also pushed the BDI to its lowest historical point.

The decline of coal trade due to low demand from China is causing a big “headache” to Capesize and Panamax owners. Imports to China have been significantly reduced, since the local government is trying to shift away its dependency to coal for electricity production, to other renewable sources of energy. Despite that other countries like India have increased coal imports but that has so far proved inadequate to substitute entirely the fall in Chi-nese imports. As a result, many Panamaxes and capers, which were engaged in coal trade, are shifting to iron ore trade where in terms of transferred volume we are witnessing a healthy trade growth despite the fact that rates here have also plummeted.

Iron ore exports to China from Australia and Brazil rose as stockpiles in Chi-nese ports had hit a 12-month low in the beginning of the year. Low iron ore price together with cheap transportation cost and Chinese New Year festivi-ties around the corner is the reason behind the increased volumes of iron ore imports. This increase has helped the Capesize market to slightly pick up from its historical lower point ever recorded in January and witness im-proved rates, which nonetheless are still far from what could be described as decent.

Headlines regarding the dry bulk market are mostly negative these days, however in this bearish market there are some news which could be inter-preted as positive signs, something that market needs since this “crisis” is not only driven by its fundamental problems but also by sentiment. On one hand, iron ore imports could be soon increasing as demand from the Chi-nese steel industry is expected to rise on the back of the recently announced plan by the Chinese government to invest heavily (around USD1 trillion) in infrastructure projects as an attempt to support growth.

Secondly, activity in dry bulk demolition activity has increased the last month as a result of declining freight rates. As a matter of fact, in just one month’s time the number of Capesize vessels that was sold for scrap reached the number of Capesizes scrapped during the whole of 2014. Under this freight environment it is very likely that this trend will continue, helping the market alleviate some of the abundant tonnage. Finally, new building activity is declining because of both the current negative environment and also lack of finance to support these projects as a result of this environment. Also some contracted dry projects which have not commenced are now being swapped to wet projects allowing the substantial dry bulk order book to take a much needed breath.

A “perfect storm” is currently taking place in the Dry Bulk market. Overca-pacity, anemic global growth, lack of demand for dry bulk cargoes and bear-ish sentiment amongst players, have all come together and pushed the mar-ket to its lowest point since 1986. But let’s not forget that during “perfect storms” there are always opportunities, as these are the exact points in a cycle when asset values hit attractive lows that makes investing suitable for asset play opportunities and fleet renewals, especially for those who have sat in the sideways all these years waiting for this exact “perfect storm”.

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

The Dry Bulk market remained in search of support last week, while despite the fact that the Capesize market slightly improved, sentiment remained negative across the board with this current week possibly looking at further discounts. The BDI closed today (10/02/2015) at 556 points, up by 2 points compared to Monday’s levels (09/02/2015) and a decrease of 21 points compared to previous Tuesday’s closing (03/02/2015). Despite the fact that rates for the crude carriers market pulled back in the beginning of last week, revived enquiry in both the MEG and WAF regions in the second half of the week, managed to turn things around and offer fresh upside to the market. The BDTI Monday (09/02/2015) was at 900 points, an increase of 6 points and the BCTI at 608, a decrease of 61 points compared to previous Monday’s (02/02/2015) levels.

Sale & Purchase (Wet: Firm+ / Dry: Soft - )

Things on the SnP quietened down considerably last week, while second-hand prices for dry bulk tonnage continue to soften, with talk of a sub-stantial number of failing deals heating up. Tanker candidates on the other hand continue to gather most of the interest, fact that has pushed prices for the sector further up for yet another week. On the tanker side, we had the sale of the methanol carrier “MIDNIGHT SUN” (45,219dwt-blt 97, Japan), which was sold to Far Eastern buyers for a price of $8.1m. On the dry bulker side, we had the sale of the “TARIK 3 ” (34,142dwt-blt 86, Japan), which was sold at an auction to Credit Europe Bank for $2.0m.

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

Activity on the newbuilding front increased substantially last week, while prices stalled yet again. Despite the fact that we finally saw a de-cent number of dry bulk orders coming through, the tanker sector con-tinues to dominate ordering activity as it gathers more and more mo-mentum. Evident of this, is Scorpio’s recent decision to convert an order for three Capesize vessels, placed at the Sungdong yard, in S.Korea, into LR1s, in an effort to better position itself in the current environment, where dry rates are getting continuous heat while those for tankers still enjoy a strong upside trend. There is intense talk that similar renegotia-tions to flip existing Capesize orders into Tanker ones have taken place in a number of other world leading yards in the past few weeks and this might well be the beginning of a trend that could last as long as the situ-ation in the dry sector remains unchanged. In terms of recently reported deals, Hong Kong based owner, Valles, has placed an order, for one firm and one optional LR1 (74,000dwt) at STX, in S. Korea, for a price of $ 46.0m and delivery set in between 2016 and 2017.

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

Pressure that continues to mount in the demolition market resulted in even lower prices across the board last week. While everyone is on guard for a reversal of this trend or at least some degree of price stabili-zation, everything points to an equally sluggish market in the next cou-ple of months, if not even worse. The constant flow of substantial cheap Chinese scrap steal into the Indian subcontinent remains the main hur-dle behind the dramatic fall in demo prices, while the announcement of any plans to limit such imports has so far hit a wall in achieving that. Activity last week remained overall stable, while Bangladeshi breakers were behind the majority of reported deals that mainly involved dry bulkers, which seem to be finding their way to the scrapping yards faster these days . Average prices this week for wet tonnage were at around 240-415 $/ldt and dry units received about 215-395 $/ldt.

Weekly Market Report

Issue: Week 6 | Tuesday 10th February 2015

© Intermodal Research 10/02/2015 2

2014 2013

WS

points$/day

WS

points$/day $/day $/day

265k MEG-JAPAN 61 58,125 62 64,009 -9.2% 30,469 21,133

280k MEG-USG 35 43,059 36 45,827 -6.0% 17,173 7,132

260k WAF-USG 73 76,832 75 79,991 -3.9% 40,541 26,890

130k MED-MED 107 65,634 92 54,806 19.8% 30,950 17,714

130k WAF-USAC 97.5 48,685 87.5 43,306 12.4% 24,835 13,756

130k BSEA-MED 105 66,771 87.5 53,125 25.7% 30,950 17,714

80k MEG-EAST 112.5 33,894 115 36,979 -8.3% 19,956 11,945

80k MED-MED 210 94,852 135 51,930 82.7% 28,344 13,622

80k UKC-UKC 105 38,981 95 31,515 23.7% 33,573 18,604

70k CARIBS-USG 150.0 41,635 120 32,942 26.4% 25,747 16,381

75k MEG-JAPAN 110 29,744 105 30,992 -4.0% 16,797 12,011

55k MEG-JAPAN 110 21,041 120 25,959 -18.9% 14,461 12,117

37K UKC-USAC 115 16,162 125 17,997 -10.2% 10,689 11,048

30K MED-MED 165 23,441 180 27,440 -14.6% 18,707 17,645

55K UKC-USG 152.5 35,584 150 35,749 -0.5% 23,723 14,941

55K MED-USG 152.5 33,550 150 34,048 -1.5% 21,089 12,642

50k CARIBS-USAC 162.5 33,479 170 35,742 -6.3% 25,521 15,083

Vessel Routes

Week 6 Week 5$/day

±%

Dir

tyA

fram

axC

lean

VLC

CSu

ezm

ax

Spot Rates

Feb-15 Jan-15 ±% 2014 2013 2012

300KT DH 80.5 79.8 0.9% 73.6 56.2 62.9

150KT DH 59.0 58.4 1.0% 50.2 40.1 44.9

110KT DH 45.0 44.5 1.1% 38.6 29.2 31.2

75KT DH 35.5 34.8 2.0% 32.8 28.0 26.7

52KT DH 26.0 25.5 2.0% 27.2 24.7 24.6

Aframax

LR1

VLCC

Suezmax

Indicative Market Values ($ Million) - Tankers

Vessel 5yrs old

MR

Chartering

The crude carriers market continued to move sideways last week, with rates for VLs slightly pooling back and the rest of the market noting fresh rate gains across the board. Despite the fact that bunker prices kept correcting upwards and enquiry remained slow during the first half of the week, things improved considerably before the weekend, supporting the strong senti-ment of late and allowing for building up of expectations for even higher levels to be witnessed soon. The VL market softened slightly, although stronger demand during the second half of the week managed to quickly reverse the negative climate and helped rates cover some of the losses noted during the previous days. The period market also witnessed some pull back in terms of enquiry, with rates remaining unchanged nonetheless.

Rates for Suezmaxes kept firming last week on the back of strong inflow of fresh business in the WAF region and strong European demand remaining the main driver behind the segment’s strength. Period numbers also im-proved, while we expect a similar trend during this current week as well.

With small exceptions, rates for Aframaxes moved further north last week, while the most notable increase was noted in the cross-Med Afra rate, the gains of which spilled over the rest of the trading routes of the segment as well. Activity in the Caribs also firmed, while period activity got a boost as well, with numbers offered remaining close to last dones though.

Sale & Purchase

In the VLCC sector, we had the sale of the “GC HAIKOU” (298,552dwt-blt 00, Japan), which was picked up by Greek owner New Shipping, for US$ 31.0m.

In the MR sector we had the sale of the methanol carrier “MIDNIGHT SUN” (45,219dwt-blt 97, Japan), which was sold to Far Eastern buyers for a price of $8.1m.

Wet Market

Indicative Period Charters

- 24 mos - 'ELKA ATHINA' 2005 101,000 dwt

- - $22,000/day - Aramco

-36 mos - 'SOPHIE SCHULTE ' 2005 101,000 dwt

- - $21,000/day - CNR

20

70

120

170

220

WS

po

ints

DIRTY - WS RATESTD3 TD5 TD8 TD4

Week 6 Week 5 ±% Diff 2014 2013

300k 1yr TC 45,000 45,000 0.0% 0 28,346 20,087

300k 3yr TC 40,000 40,000 0.0% 0 30,383 23,594

150k 1yr TC 33,000 32,000 3.1% 1000 22,942 16,264

150k 3yr TC 33,000 30,000 10.0% 3000 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 20,250 20,250 0.0% 0 16,135 15,221

75k 3yr TC 18,000 18,000 0.0% 0 16,666 15,729

52k 1yr TC 15,000 15,000 0.0% 0 14,889 14,591

52k 3yr TC 15,250 15,250 0.0% 0 15,604 15,263

36k 1yr TC 13,750 13,750 0.0% 0 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 RATESTC2 TC4 TC6 TC1

© Intermodal Research 10/02/2015 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 Dry Bulk market remained under pressure last week, while the stabiliz-

ing Cape market hardly helped sentiment. Things remain extremely critical

for the sector, while no signs for a substantial reversal before the end of

February are currently visible. The BDI touched yesterday 554 points, the

index’s historical low first witnessed in 1986, signifying how challenging the

current environment is. The newly announced joint venture between Boci-

mar, CTM, Golden Union, Golden Ocean and Starbulk, which joint forces

under Capesize Chartering Ltd. is evidence of this environment and the

degree of the consolidation that could be needed for owners to weather

the storm.

Rates for Capes managed to sustain their levels throughout last week and

closed off slightly up on a weekly basis on the back of the market slightly

improving just before the weekend. Fresh losses were noted in the period

market, while we expect rates for the segment to keep moving sideways

this week as well.

Despite the fact that available Panamax tonnage in the Atlantic market

softened last week, rates remained under pressure on the back of thin busi-

ness from both the USG and East Coast Brazil. Slightly more enquiry has

been emerging in the Pacific as of late last week, nonetheless rates contin-

ue to ease as more tonnage comes open.

Atlantic Handy/Handymax/Supra business from the USG finally saw some

improved numbers for spot vessels last week, however in the rest of the

Atlantic and the Pacific area, rates remained low with further softening

expected in the coming days.

Sale & Purchase

In the Post-Panamax sector, we had the sale of the “SORYU

MARU” (86,868dwt-blt 95, Japan), which was sold for $ 4.5m.

In the Handysize sector we had the sale of the “TARIK 3 ” (34,142dwt-blt 86,

Japan), which was sold at an auction to Credit Europe Bank for $2.0m.

Feb-15 Jan-15 ±% 2014 2013 2012

180k 37.5 38.1 -1.6% 47.3 35.8 34.6

76K 19.0 19.6 -3.1% 24.5 21.3 22.7

56k 20.0 20.5 -2.4% 24.7 21.5 23.0

30K 16.0 16.5 -3.0% 19.5 18.2 18.2Handysize

Capesize

Panamax

Supramax

Indicative Market Values ($ Million) - Bulk Carriers

Vessel 5 yrs old

Indicative Period Charters

- 4 to 8 mos - 'ABY DIVA ' 2007 76,596dwt

- Salalah 13/18 Feb - $ 7,600/day - Hudson

- 13 to 17 mos - 'NORFOLK' 2002 164,218dwt

- Taiwan 26Feb/07 Mar - $ 10,250/day - Clearlake

Dry Market

Index $/day Index $/day Index Index

BDI 559 608 -49 1,097 1,205

BCI 689 $6,743 679 $6,707 10 0.5% 1,943 2,106

BPI 430 $3,430 508 $4,060 -78 -15.5% 960 1,186

BSI 530 $5,541 585 $6,119 -55 -9.4% 937 983

BHSI 301 $4,533 340 $5,141 -39 -11.8% 522 562

30/01/2015

Baltic IndicesWeek 6

06/02/2015Week 5

Point

Diff

2014 2013$/day

±%

170K 6mnt TC 8,500 8,750 -2.9% -250 22,020 17,625

170K 1yr TC 10,750 11,000 -2.3% -250 21,921 15,959

170K 3yr TC 11,500 11,500 0.0% 0 21,097 16,599

76K 6mnt TC 7,500 7,750 -3.2% -250 12,300 12,224

76K 1yr TC 7,500 8,000 -6.3% -500 12,259 10,300

76K 3yr TC 9,750 10,500 -7.1% -750 13,244 10,317

55K 6mnt TC 7,750 8,000 -3.1% -250 12,008 11,565

55K 1yr TC 8,000 8,250 -3.0% -250 11,589 10,234

55K 3yr TC 8,500 8,500 0.0% 0 11,585 10,482

30K 6mnt TC 7,000 7,000 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

6

Week

5

Cap

esi

ze

2014$/day ±% Diff

© Intermodal Research 10/02/2015 4

Secondhand Sales

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

POST

PMAXSORYU MARU 86,868 1995

SUMITOMO HI

OPPAMA, JapanSulzer Apr-19 $ 4.5m undisclosed

HMAX SEA GRACE 43,473 1991

HASHIHAMA

SHBLDG - TAD,

Japan

B&W Jun-144 X 30t

CRANES$ 3.5m undisclosed

HANDY TARIK 3 34,142 1986HAYASHIKANE SB

SMK, JapanSulzer Feb-16

4 X 25t

CRANES$ 2.0m

Dutch (Credit

Europe Bank)auction sa le

HANDY KEN KOKU 23,647 1996

SAIKI HEAVY

INDUSTRIES,

Japan

B&W Sep-164 X 30t

CRANES$ 4.1m Vietnamese

Bulk Carriers

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

CRESCENT

HARBOUR32,256 2007

KANDA KAWAJIRI,

JapanMitsubishi

4 X 30,5t

CRANES$ 10.4m undisclosed previous sa le fa i led

CHYRA 7,601 2007

JIANGSU

YANGZIJIANG SH,

China

MAN-B&W $ 3.6m Greek

MPP/General Cargo

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

VLCC GC HAIKOU 298,552 2000HITACHI ZOSEN -

NAGASU, JapanB&W Jan-15 DH $ 31.0m

Greek (New

Shipping)

AFRA SARK 113,041 2009

NEW TIMES

SHIPBUILDING,

China

MAN-B&W DH $ 40.0m Malays ian

MRCHAMPION

SPIRIT45,998 1991 AESA SESTAO, Spain B&W May-16 DH undisclosed

Nigerian (Gobel

Marine)

MR MIDNIGHT SUN 45,219 1997MINAMI-NIPPON

USUKI, JapanB&W Mar-17 DH $ 8.1m Far Eastern methanol carrier

PROD/

CHEMHF PIONEER 19,991 2010

FUKUOKA

NAGASAKI, JapanMAN-B&W DH $ 25.3m

Korean (Heung-A

Shipping)

StSt, purchase

option

SMALLBEGIM

ASLANOVA7,150 2015 YARDIMCI, Turkey Warts i la DH $ 18.0m

Turkish ( BMZ

Group)

Tankers

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

FEEDER GATI MAJESTIC 844 1995MIHO SHIMIZU,

JapanB&W Apr-15

2 X 40t

CRANESundisclosed

Indian (Ear

Shipping)

FEEDER JESSICA B 660 2000SIETAS KG,

GermanyMaK Nov-15 $ 2.0m Greek

Containers

© Intermodal Research 10/02/2015 5

Activity on the newbuilding front increased substantially last week, while prices stalled yet again. Despite the fact that we finally saw a decent number of dry bulk orders coming through, the tanker sector continues to dominate ordering activity as it gathers more and more momentum. Evident of this, is Scorpio’s recent decision to convert an order for three Capesize vessels, placed at the Sungdong yard, in S.Korea, into LR1s, in an effort to better position itself in the current environment, where dry rates are getting contin-uous heat while those for tankers still enjoy a strong upside trend. There is intense talk that similar renegotiations to flip existing Capesize orders into Tanker ones have taken place in a number of other world leading yards in the past few weeks and this might well be the beginning of a trend that could last as long as the situation in the dry sector remains unchanged.

In terms of recently reported deals, Hong Kong based owner, Valles, has placed an order, for one firm and one optional LR1 (74,000dwt) at STX, in S. Korea, for a price of $ 46.0m and delivery set in between 2016 and 2017.

Newbuilding Market

20

60

100

140

180

mil

lion

$

Tankers Newbuilding Prices (m$)

VLCC Suezmax Aframax LR1 MR

Week

6

Week

5±% 2014 2013 2012

Capesize 180k 53.5 53.5 0.0% 55.8 49 47

Kamsarmax 82k 30.0 30.0 0.0% 30.4 27 28

Panamax 77k 29.0 29.0 0.0% 29.2 26 27

Ultramax 63k 27.0 27.0 0.0% 27 25 25

Handysize 38k 23.0 23.0 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

78.5 78.5 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

1 Tanker 320,000 dwtJapan Marine United,

Japan2017 Japanese (Meiji) undisclosed

2+2 Tanker 300,000 dwt Hyundai, S. Korea 2016-2017 Greek around $

97.0m

3 Tanker 74,000 dwt Sungdong, S.Korea 2017 Italian (Scorpio) $ 46.5mLR1, Capesize order

conversion

1+1 Tanker 74,000 dwt STX, S. Korea 2016-2017 Hong Kong based (Valles) $ 46.0m LR1

2 Bulker 89,000 dwt Sanoyas, Japan 2017 Japanese undisclosed

2 Bulker 68,000 dwtJiangsu Hantong,

ChinaJun-2017

US based (Vulica Shipping

Co)undisclosed self-unloading

3 Bulker 49,500 dwt Jinling, China 2016-2017 Chinese (Ningbo Marine Co) xs $ 27.0mRMB contract, coal

carrier

1+1 Gas 38,000 cbmHyundai Mipo, S.

KoreaFeb-2017 S. Korean (KSS Line) $ 51.8m

LPG/ ammonia carrier,

incl. T/C to Trammo Gas

2 Gas 27,000 cbm Yangzijiang, China 2017 Denmark based (Evergas) $ 70.0m LNG/multigas

Newbuilding Orders Size

© Intermodal Research 10/02/2015 6

Pressure that continues to mount in the demolition market resulted in even lower prices across the board last week. While everyone is on guard for a reversal of this trend or at least some degree of price stabilization, every-thing points to an equally sluggish market in the next couple of months, if not even worse. The constant flow of substantial cheap Chinese scrap steal into the Indian subcontinent remains the main hurdle behind the dramatic fall in demo prices, while the announcement of any plans to limit such imports has so far hit a wall in achieving that. Activity last week remained overall stable, while Bangladeshi breakers were behind the majority of reported deals that mainly involved dry bulkers, which seem to be finding their way to the scrap-ping yards faster these days . Average prices this week for wet tonnage were at around 240-415 $/ldt and dry units received about 215-395 $/ldt.

The highest prices amongst recently reported deals, was that paid for the bulker “CAPE EAGLE” (161,475dwt-19,574ldt-blt 93), which received $420/ldt.

Demolition Market

Week

6

Week

5±% 2014 2013 2012

Bangladesh 415 420 -1.2% 469 422 440

India 415 420 -1.2% 478 426 445

Pakistan 420 425 -1.2% 471 423 444

China 240 245 -2.0% 313 365 384

Bangladesh 395 400 -1.3% 451 402 414

India 390 395 -1.3% 459 405 419

Pakistan 395 400 -1.3% 449 401 416

China 215 220 -2.3% 297 350 365

Dry

Indicative Demolition Prices ($/ldt)

Markets

We

t

Name Size Ldt Built Yard Type $/ldt Breakers Comments

CAPE EAGLE 161,475 19,574 1993HYUNDAI HEAVY

INDS - U, S. KoreaBULKER $ 420/Ldt undisclosed Pakistan / Bangladesh

GLOBAL VICTORY 149,155 18,302 1996HYUNDAI HEAVY

INDS - U, S. KoreaBULKER $ 405/Ldt undisclosed

FERNIE 122,292 16,516 1996DAEWOO HEAVY

INDUSTRIE, S. KoreaBULKER $ 407/Ldt Bangladeshi

FU YUAN 152,011 15,952 1992CHINA SBLDNG KEE,

TaiwanBULKER $ 390/Ldt Bangladeshi

MOL BRAVERY 39,788 15,599 1995TSUNEISHI SHBLDG -

FUK, JapanCONT $ 416/Ldt Indian

CHIOS SUNRISE 73,653 10,353 1993HYUNDAI HEAVY

INDS - U, S. KoreaBULKER $ 402/Ldt Bangladeshi

GREEN FIELD 1 40,474 10,305 1988BRODOMOSOR -

YUG, YugoslaviaBULKER $ 409/Ldt Bangladeshi

STAR TATIANNA 69,634 9,686 1993TSUNEISHI SHBLDG -

FUK, JapanBULKER $ 417/Ldt Bangladeshi

FLORA 38,518 9,649 1986GEORGI DIMITROV

SHIPYA, BulgariaBULKER $ 415/Ldt Bangladeshi

TORINO 21,229 7,826 1990TSUNEISHI SHBLDG -

FUK, JapanCONT $ 416/Ldt Indian

Demolition Sales

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

$/ld

t

Dry Demolition Prices

Bangladesh India Pakistan China

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

Mr. Vassilis Logothetis | v.logothetis@intermodal.gr

Finance News

“Danaos ends on high

Danaos Corp has ended 2014 on a high with a 56% jump in adjusted net income, in fourth quarter fig-ures released late Monday.The improved numbers at the Dr John Coustas-led shipowner came despite a 4.3% decline in revenues to $140.6m.

“The company’s profitability improved between the two quarters through a $13.5m improvement in net financing costs together with a $1.3m improvement in operating costs, despite a decrease in operating revenues,” it said.

“The decline in operating revenues reflects $2.4m related to softer charter market conditions and $3.9m attributable to the reduced charter hire on six of our vessels following the previously announced restructuring of Zim.”

Danaos chief executive Dr John Coustas said: “On the container market front we see positive signs of a more balanced demand / supply relationship.

“The recent charter rate improvement on Panamax vessels which have suffered the most during the pro-longed weak market, is definitely a sign that the mar-ket is balancing.

“Lower oil prices have also had a positive effect which has been evidenced by the return to profits for all the major liner companies.

“This positive development is particularly important for us since counterparty risk improves as our clients return to profitability.”

During the fourth quarter US-listed Danaos said it operated an average of 55 containerships compared to 59 one a year ago.” (Dale Wainwright, Trade Winds)

Commodities & Ship Finance

6-Feb-15 5-Feb-15 4-Feb-15 3-Feb-15 2-Feb-15W-O-W

Change %

10year US Bond 1.950 1.830 1.810 1.790 1.680 16.1%

S&P 500 2,055.47 2,062.52 2,041.51 2,050.03 2,020.85 3.0%

Nasdaq 4,744.40 4,765.10 4,716.70 4,727.74 4,676.69 2.4%

Dow Jones 17,824.29 17,884.88 17,673.02 17,666.40 17,361.04 3.8%

FTSE 100 6,853.44 6,865.90 6,860.00 6,871.80 6,782.55 1.5%

FTSE All-Share UK 3,681.48 3,687.08 3,680.18 3,685.14 3,638.29 1.6%

CAC40 4,691.03 4,703.30 4,696.30 4,677.90 4,627.67 1.9%

Xetra Dax 10,846.39 10,905.41 10,911.32 10,890.95 10,828.01 0.2%

Nikkei 17,648.50 17,504.62 17,678.74 17,335.85 17,558.04 0.5%

Hang Seng 24,679.39 24,765.49 24,679.76 24,554.78 24,484.74 0.7%

DJ US Maritime 251.74 254.43 250.95 260.34 246.16 5.8%

$ / € 1.15 1.13 1.15 1.13 1.13 1.6%

$ / ₤ 1.53 1.52 1.51 1.50 1.51 1.7%

¥ / $ 117.54 117.29 117.66 117.58 117.19 0.0%

$ / NoK 0.13 0.13 0.13 0.13 0.13 2.9%

Yuan / $ 6.25 6.25 6.26 6.26 6.25 0.0%

Won / $ 1,087.10 1,088.30 1,092.25 1,099.95 1,102.55 -1.2%

$ INDEX 85.81 84.96 85.55 84.99 85.68 -0.1%

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

goldoil

Basic Commodities Weekly Summary

Oil WTI $ Oil Brent $ Gold $

6-Feb-15 30-Jan-15W-O-W

Change %

Rotterdam 540.0 466.0 15.9%

Houston 639.5 582.0 9.9%

Singapore 539.0 476.0 13.2%

Rotterdam 284.0 244.0 16.4%

Houston 310.0 267.5 15.9%

Singapore 336.0 282.5 18.9%

Bunker Prices

MD

O3

80

cst

CompanyStock

ExchangeCurr. 06-Feb-15 30-Jan-15

W-O-W

Change %

AEGEAN MARINE PETROL NTWK NYSE USD 14.32 13.79 3.8%

BALTIC TRADING NYSE USD 1.79 1.62 10.5%

BOX SHIPS INC NYSE USD 0.92 0.92 0.0%

CAPITAL PRODUCT PARTNERS LP NASDAQ USD 9.16 9.16 0.0%

COSTAMARE INC NYSE USD 18.92 17.08 10.8%

DANAOS CORPORATION NYSE USD 5.59 4.90 14.1%

DIANA SHIPPING NYSE USD 6.89 6.64 3.8%

DRYSHIPS INC NASDAQ USD 1.03 0.93 10.8%

EAGLE BULK SHIPPING NASDAQ USD 9.86 10.25 -3.8%

EUROSEAS LTD. NASDAQ USD 0.77 0.73 5.5%

FREESEAS INC NASDAQ USD 0.09 0.08 12.5%

GLOBUS MARITIME LIMITED NASDAQ USD 1.70 2.03 -16.3%

GOLDENPORT HOLDINGS INC LONDON GBX 183.10 197.00 -7.1%

HELLENIC CARRIERS LIMITED LONDON GBX 26.00 23.00 13.0%

NAVIOS MARITIME ACQUISITIONS NYSE USD 3.45 3.33 3.6%

NAVIOS MARITIME HOLDINGS NYSE USD 4.28 3.63 17.9%

NAVIOS MARITIME PARTNERS LP NYSE USD 12.95 11.69 10.8%

PARAGON SHIPPING INC. NYSE USD 1.89 1.75 8.0%

SAFE BULKERS INC NYSE USD 3.90 3.59 8.6%

SEANERGY MARITIME HOLDINGS CORP NASDAQ USD 0.73 0.75 -2.7%

STAR BULK CARRIERS CORP NASDAQ USD 4.49 4.01 12.0%

STEALTHGAS INC NASDAQ USD 5.41 5.28 2.5%

TSAKOS ENERGY NAVIGATION NYSE USD 7.09 6.90 2.8%

TOP SHIPS INC NASDAQ USD 1.11 1.04 6.7%

Maritime Stock Data

© Intermodal Shipbrokers Co

8

10/02/2015

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