Broker’s insight by George Bassakos

So where do we stand today??? Don’t tell me we are in the mid of the sum-

mer season....

It’s burning here in Greece.... so we definitely feel that! I am talking crisis-

wise??? Has the worst passed already??? Shall we be more op"mis"c about

the future?? If not on a short-term basis, at least on the medium/long-term

scenario???

We are definitely not fortune tellers nor do we have the crystal ball in our

pocket. But our good friend and financial guru Mr. Roubini has just issued

another of his famous warnings for a 'PERFECT GLOBAL STORM' in 2013,

which may well surpass the 2008 crisis.....

As per his latest comments, we are heading for a Eurozone collapse (bets are

welcome on who will exit first? would it be Greece? Italy? Spain? or maybe

Finland?); combined with a double dip recession in the U.S., hard landing in

China, hard landing in the emerging economies (see BRICS) and a war conflict

in the Middle East - all the ingredients needed for his perfect global storm

scenario for 2013...

Furthermore, IMF has just downgraded its expecta"ons for global growth in

2013/2014. In this challenging global scene, we are invited to comment on

Shipping prospects for the remaining of 2012 and 2013. It definitely won’t be

an easy task. Shipping has suffered a lot the last couple of years and oversup-

ply combined with the above described factors, threaten the industry even

more.

Let’s hope the global financial community will ra"onalize its opera"ons, the

banking system will purify itself and the global economy will accelerate as to

give a much needed growth to global trade - especially the seaborne one.

Shipping needs a shelter from the current storm and to move forward once

the skies are clear again.

Chartering (Wet: So�er- / Dry: So�er- )

The Dry bulk market took a downward turn this week with only the Pan-

amaxes being able to hold a posi"ve sen"ment. The BDI closed Tuesday

(10/07/2012) at 1,160 points, down by 2 points compared to Monday’s

levels (09/07/2012) and an increase of 147 points compared to the pre-

vious Tuesday’s levels (03/07/2012). Things con"nue to deteriorate in

the tanker market with only the dropping bunker prices leaving a sense

of hope amongst owners. The BDTI Monday (09/07/2012), was at 649,

28 points down and the BCTI at 557, a decrease of 4 points compared to

the previous Monday’s levels (02/07/2012).

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

We had considerably ac"ve week in the SnP market, with a number of

deals reported. On the Tankers side, we had the enbloc sale of the

“Cape Ancona” (105,337dwt-blt 98 S. Korea), “Cape Aspro” (105,337dwt

-blt 98 S. Korea), “Cape Avila” (105,237dwt-blt 98 S. Korea) and “Cape

Akro"ri” (105,176dwt-blt 98 S. Korea) which were reported sold to S.

Korean buyers, namely Sinokor for a price of around $ 10.5m each.

While on the dry bulker side, the Japanese built Supramax “Mari"me

Cuate” (50,244dwt-blt 02 Japan) was reported sold this week to Paki-

stan’s PNSC for a price of $ 16.1m.

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

A very quiet newbuilding market this week with limited report deals and

decreased ac"vity overall. Interest amongst buyers has now further

decreased as we move further into the summer period which is tradi-

"onally a slower period for newbuildings. This in combina"on to it being

a slower year and many owners keen to hold off any newbuilding invest-

ment possibili"es un"l the end of the summer, has lead to very limited

number of inquiries circula"ng in the market. A lot of work has been

placed over the past couple of months on new and improved designs

being offered by shipbuilders, however many are s"ll taking their "me

to analyse the possible benefits and wait for more concrete proof

offered by sea trials and proven numbers through opera"on of these

vessels. In terms of reported deals this week, the only reported order

placed was that by Greece’s Neptune Shipping at S. Korea's Hyundai

Mipo Shipyard for 2 firm plus 2 op"onal Pure Car Truck Carriers

(3,500ceu) scheduled for delivery between end of 2013 and beginning of

2014.

Demoli%on (Wet: Firm+ / Dry: Firm+ )

The posi"ve movement con"nued for yet another week with prices

gaining a further $ 10/ldt. There seems to be more confidence in the

market now with many buyers seeking to increase ac"vity and secure

tonnage before any further price surges. It seems however that much of

this posi"ve movement has been mainly due to hype and specula"on as

the majority of the news in the market does not jus"fy such an in-

creased appe"te amongst demo buyers. Import restric"on from India

with regards to toxic content have yet to be imposed fully. It seems

however that this was not enough to overturn the posi"ve sen"ment

created by the improved dollar exchange rate and increased local de-

mand for steel. Prices have now made a notable gain with prices for wet

tonnages now risen to levels of around 360-410$/ldt and dry units in-

creasing to about 340-385$/ldt.

Weekly Market Report

Week 28|Tuesday 17th July 2012

© Intermodal Research 17/07/2012 2

6080

100120140160180200220240260

WS

po

ints

CLEAN - WS RATESTC2 TC4 TC6 TC1

20

40

60

80

100

120

140

160

WS

po

ints

DIRTY - WS RATESTD3 TD5 TD8 TD4

Jul-12 Jun-12 ±% 2012 2011 2010

300KT DH 65.0 65.0 0.0% 64.6 77.6 87.2

150KT DH 47.0 47.0 0.0% 46.5 54.4 62.6

105KT DH 32.0 32.0 0.0% 32.9 39.1 44.7

70KT DH 26.0 26.0 0.0% 27.8 35.2 38.8

45KT DH 26.0 26.0 0.0% 25.7 28.4 26.5

Aframax

Panamax

VLCC

Suezmax

Indicative Market Values ($ Million) - Tankers

Vessel 5yrs old

MR

Week 28 Week 27 ±% Diff 2012 2011

300k 1yr TC 25,500 25,500 0.0% 0 22,643 25,197

300k 3yr TC 28,500 28,500 0.0% 0 27,584 31,681

150k 1yr TC 19,500 19,500 0.0% 0 17,250 19,837

150k 3yr TC 22,000 22,000 0.0% 0 20,771 23,830

105k 1yr TC 14,000 14,000 0.0% 0 13,938 15,707

105k 3yr TC 16,250 16,250 0.0% 0 16,191 18,335

70k 1yr TC 13,750 13,750 0.0% 0 13,036 14,995

70k 3yr TC 14,500 14,500 0.0% 0 14,316 16,263

45k 1yr TC 14,000 14,000 0.0% 0 14,268 13,918

45k 3yr TC 15,000 15,000 0.0% 0 14,852 14,738

36k 1yr TC 12,750 12,750 0.0% 0 12,589 12,471

36k 3yr TC 13,750 13,750 0.0% 0 13,316 13,412

Panamax

MR

Handy

size

TC Rates

$/day

VLCC

Suezmax

Aframax

2012 2011

WS

points$/day

WS

points$/day $/day $/day

265k AG-JAPAN 34 5,366 35 5,882 -3% 30,397 18,217

280k AG-USG 24 -5,165 25 -3,501 -4% 7,230 2,504

260k WAF-USG 43 21,548 43 23,455 0% 40,318 25,714

130k MED-MED 70 22,654 73 24,569 -3% 28,560 25,125

130k WAF-USAC 68 16,605 68 18,697 0% 18,310 13,373

130k AG-CHINA 75 24,145 75 22,909 0% 23,474 14,815

80k AG-EAST 93 15,139 93 14,226 0% 13,636 12,726

80k MED-MED 90 17,981 105 25,598 -14% 16,420 13,577

80k UKC-UKC 90 20,155 95 23,251 -5% 20,646 18,604

70k CARIBS-USG 95 11,515 90 10,447 6% 14,231 8,240

75k AG-JAPAN 100 15,483 98 13,650 3% 6,112 10,467

55k AG-JAPAN 120 14,932 125 16,072 -4% 6,730 7,768

37K UKC-USAC 90 1,286 95 2,481 -5% 10,146 11,022

30K MED-MED 130 14,006 130 13,899 0% 16,737 18,458

55K UKC-USG 108 13,517 113 15,293 -4% 16,514 11,266

55K MED-USG 108 11,970 113 14,106 -4% 14,425 9,676

50k CARIBS-USAC 100 7,788 120 15,239 -17% 15,368 10,700

Spot Rates

Vessel Routes

Week 28 Week 27

±%

Dir

tyA

fram

axC

lean

VLC

CS

ue

zmax

Chartering

It seems as though the only good news this week for VLCC owners are the

light lower bunker prices. Market rates took a further tumble and are now

under considerable pressure from the market. There are s"ll a significant

number of vessels opening in the MEG, while inquiries are few and far be-

tween. The WAF market has not suffered as much yet with rates s"ll hold-

ing fairly stable. This is expected to change however, as vessels balas"ng

from the East start to pile up and create a downward pressure there as

well.

Despite the significant ac"vity levels, we have yet to see freight levels from

Suezmaxes budge. The WAF once again remained at overall stable levels

with fixtures being reported at levels similar to one week prior. The Black

Sea/Med market on the other hand even noted a slight downward trend

despite the fairly ac"ve week. Sen"ment seems to be fairly low and severe-

ly effected from the poor news coming from the VLCC market.

There was a notable decrease in freight levels for Aframaxes in the Black

Sea/Med region this week. The sudden increase of open vessels started to

take its toll pushing owners to accept the new low offered rates. The North

Sea/ Bal"c also witnessed a slight correc"on as inquiries were not enough

to keep up with vessel supply. Things looked more posi"ve in the Caribs

market were we saw a slight improvement compared to a week prior.

Sale & Purchase

On the Aframax segment, we had the enbloc sale of the “Cape Anco-

na” (105,337dwt-blt 98 S. Korea), “Cape Aspro” (105,337dwt-blt 98 S. Ko-

rea), “Cape Avila” (105,237dwt-blt 98 S. Korea) and “Cape Ak-

ro"ri” (105,176dwt-blt 98 S. Korea) which were reported sold to S. Korean

buyers, namely Sinokor for a price of around $ 10.5m each.

Also noteworthy was the reported sale of the stainless steel tanker “Siva

RoQerdam” (19,900dwt-blt 12 Japan) which was picked up for an price of

about $ 30.0m.

Wet Market

Indicative Period Charters

- 3+3 mos - 'Plymnia I' 2011 287,000dwt

- - $ 25,000/day - PDVSA

- 1+1+1 yrs - 'Ardmore Seafarer' 2004 45,000dwt

- DEL EAST - $ 13,250/day - Itochu

© Intermodal Research 17/07/2012 3

Index $/day Index $/day Index Index

BDI 1,110 1,157 -4.1% -47 956 1,549

BCI 1,320 $6,070 1,493 $7,904 -11.6% -173 1,495 2,237

BPI 1,202 $9,584 1,129 $9,002 6.5% 73 1,100 1,749

BSI 1,287 $13,454 1,296 $13,556 -0.7% -9 974 1,377

BHSI 692 $10,005 713 $10,309 -2.9% -21 552 718

06/07/12

Baltic IndicesWeek 28

13/07/12

Week 27

±%2012 2011Point

Diff

0

1,000

2,000

3,000

4,000

5,000

Ind

ex

Baltic Indices

BCI BPI BSI BHSI BDI

170K 6mnt TC 12,250 16,000 -23% -3,750 13,946 18,474

170K 1yr TC 13,500 15,125 -11% -1,625 15,303 17,138

170K 3yr TC 15,500 15,750 -2% -250 16,495 17,599

70K 6mnt TC 12,500 11,875 5% 625 12,504 17,238

70K 1yr TC 10,375 10,250 1% 125 10,937 14,863

70K 3yr TC 11,250 11,375 -1% -125 11,758 14,500

52K 6mnt TC 14,000 13,750 2% 250 12,120 15,587

52K 1yr TC 11,250 11,250 0% 0 11,129 14,308

52K 3yr TC 11,500 11,500 0% 0 11,923 14,046

45k 6mnt TC 11,500 11,000 5% 500 10,084 13,416

45k 1yr TC 9,750 9,750 0% 0 9,414 12,450

45k 3yr TC 10,250 10,250 0% 0 10,146 12,403

30K 6mnt TC 9,250 9,250 0% 0 8,615 11,712

30K 1yr TC 9,000 9,000 0% 0 8,694 11,787

30K 3yr TC 9,750 9,750 0% 0 9,905 12,044

Ha

nd

yma

xH

an

dy

size

Period

2011

Pa

nam

axSu

pra

ma

x

Week

28

Week

27

Cap

esi

ze

2012$/day ±% Diff

Chartering

With fresh inquiries almost coming to a halt once again, Capes started to

feel the pressure with rates tumbling down from their previous weeks lev-

els. The Atlan"c seemed to have been spooked by the sluggish ac"vity re-

ported and although posi"on lists were s"ll holding fairly well the bearish

sen"ment seemed to have overwhelmed the market. The Pacific basin went

quiet once again with few stems to go around while there seemed to be

ample tonnage to cover going requirements.

Panamaxes seemed to have held on to their posi"ve momentum for yet

another week with rates showing a considerable week-on-week increase.

Tonnage lists were s"ll holding "ght in both basins allowing owners to push

for slightly higher rates. Having said that, reported ac"vity was on the

slightly slower and it looks as though we may slowly be reaching an abso-

lute peak. As the week progressed the momentum had started to already

show signs of strain, though with supply of vessels s"ll held at fairly good

levels we may see further improvement over the next couple of days.

Condi"ons for Supras and Handies con"nued to deteriorate as the market

quietened down. Things in the Atlan"c now look to be slightly soSer with

fewer fresh enquiries emerging from both the ECSA and USGulf. At the

same "me the Pacific has once again lost much of its previous posi"ve mo-

mentum due to the sluggish demand noted.

Sale & Purchase

The Japanese built Supramax “Mari"me Cuate” (50,244dwt-blt 02 Japan)

was reported sold this week to Pakistan’s PNSC for a price of $ 16.1m.

In the Handysize segment, we had the sale of the “Brave John” (39,230dwt-

blt 83 Japan) which was reported sold to Greek buyers for a price of around

$ 3.7m.

0

10,000

20,000

30,000

40,000

50,000

$/d

ay

Average T/C Rates

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

Jul-12 Jun-12 ±% 2012 2011 2010

170k 34.5 35.0 -1.4% 36.1 43.5 57.4

75K 23.5 23.5 0.0% 24.7 31.3 39.0

52k 21.3 21.5 -1.2% 22.4 25.6 30.2

29K 16.5 17.8 -7.3% 19.6 23.5 26.2Handysize

Capesize

Panamax

Supramax

Indicative Market Values ($ Million) - Bulk Carriers

Vessel 5 yrs old

Indicative Period Charters

- 4/7 mos - 'Utopie' 2008 75,118dwt

- dely Paradip spot - $ 10,250/day - cnr

- 4/6 mos - 'Danos Z' 2001 46,492dwt

- dely Houston spot - $ 17,000/day - STX Pan Ocean

Dry Market

© Intermodal Research 17/07/2012 4

Secondhand Sales

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

AFRA CAPE ANCONA 105,337 1998HALLA ENG & HI -

SAMHO, S. KoreaB&W Jun-13 DH $ 10.5m Epoxy coated

AFRA CAPE ASPRO 105,337 1998HALLA ENG & HI -

SAMHO, S. KoreaB&W May-13 DH $ 10.5m Epoxy coated

AFRA CAPE AVILA 105,237 1998HALLA ENG & HI -

SAMHO, S. KoreaB&W Dec-13 DH $ 10.5m Epoxy coated

AFRA CAPE AKROTIRI 105,176 1998HALLA ENG & HI -

SAMHO, S. KoreaB&W Nov-13 DH $ 10.5m Epoxy coated

MR GAN-TRIUMPH 51,561 2010HYUNDAI MIPO

DOCKYARD, S. KoreaMAN-B&W Dec-15 DH $ 32.0m undis closed

Epoxy Phenguard

coated

PROD/

CHEM

SIVA

ROTTERDAM19,900 2012

USUKI SHIPYARD,

JapanMAN-B&W DH $ 30.0m undis closed StSt tanks

PROD/

CHEMCHEMSTAR DUKE 19,441 2000

SHIN KURUSHIMA

AKITSU, JapanMitsubis hi Jun-15 DH $ 12.6m Singaporean

commited, StSt

tanks

PROD/

CHEMGOLDEN JANE 16,476 2000

KURINOURA

DOCKYARD CO,

Japan

Mitsubis hi May-15 DH $ 9.0m As iancommited, StSt

tanks

PROD/

CHEMSEMUA PERDANA 13,062 2009

21ST CENTURY

SHIPBUILD, S. KoreaMAN-B&W Sep-14 DH

PROD/

CHEMSEMUA PERKASA 13,053 2009

21ST CENTURY

SHIPBUILD, S. KoreaMAN-B&W Oct-14 DH

PROD/

CHEM

SEMUA

MUHIBBAH11,134 2010

YANGZHOU KEJIN

SHIPYAR, ChinaMAN-B&W Apr-15 DH Epoxy coated

PROD/

CHEMSEMUA MUTIARA 11,134 2010

YANGZHOU KEJIN

SHIPYAR, ChinaMAN-B&W Aug-15 DH Epoxy coated

PROD/

CHEM

SEMUA

GEMILANG8,034 2009

YANGZHOU KEJIN

SHIPYAR, ChinaYanmar Mar-14 DH Epoxy coated

PROD/

CHEMSEMUA GEMBIRA 8,008 2009

YANGZHOU KEJIN

SHIPYAR, ChinaYanmar May-14 DH

PROD/

CHEMSEMUA BERJAYA 8,008 2008

YANGZHOU KEJIN

SHIPYAR, ChinaYanmar Jan-13 DH Epoxy coated

PROD/

CHEMSEMUA BAHAGIA 8,008 2008

YANGZHOU KEJIN

SHIPYAR, ChinaYanmar Mar-13 DH

PROD/

CHEMSEMUA SEJATI 8,008 2008

YANGZHOU KEJIN

SHIPYAR, ChinaYanmar Jun-13 DH Epoxy coated

PROD/

CHEMSEMUA SELAMAT 8,008 2008

YANGZHOU KEJIN

SHIPYAR, ChinaYanmar Nov-13 DH Epoxy coated

S. Korean

(Sinokor)

Middle Eastern$ 110.0m

enbloc

Tankers

© Intermodal Research 17/07/2012 5

Secondhand Sales

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

PROD/

CHEM

GOLDEN

MERMAID12,693 2007 HIGAKI, Japan MAN-B&W Dec-12 DH $ 15.3m Japanese StSt tanks

PROD/

CHEMNST LEONI 4,580 2006

EAST CHINA

SHIPBUILDIN, ChinaWarts i la DH undis closed undis closed

Tankers (continued)

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

PMAX HELLENIC SEA 65,434 1991JIANGNAN

SHIPYARD, ChinaB&W Nov-15 $ 4.9m Chinese

SMAX VEGA ETERNITY 52,466 2002SANOYAS HISHINO

MIZ'MA, JapanMAN-B&W Sep-12

4 X 30t

CRANES$ 16.8m

German

(Oldendorff)

SMAX MARITIME CUATE 50,244 2002MITSUI TAMANO,

JapanB&W Sep-17

4 X 30.5t

CRANES$ 16.1m Pakis tani (PNSC)

HANDY BRAVE JOHN 39,230 1983KANASASHI ZOSEN

- TOYO, JapanSulzer Sep-13

4 X 25t

CRANES$ 3.7m Greek

HANDYIKAN

MANZANILLO 34,062 1983

MITSUBISHI KOBE,

JapanMitsubishi Sep-13

4 X 25t

CRANES$ 3.6m Syrian

HANDY BARCELONA 27,573 1984MITSUI TAMANO,

JapanB&W Mar-14

4 X 25t

CRANES$ 2.0m Chinese

HANDY SIAM TOPAZ 26,587 1985KANASASHI ZOSEN

- TOYO, JapanB&W Jun-15

4 X 30t

CRANESundisclosed undisclosed

Bulk Carriers

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

SINO EAST 23,465 1987

BREMER VULKAN

SCHIFFBA,

Germany

B&W Nov-163 X 40t

CRANESundisclosed undisclosed

WELL RICH 12,349 1985TAIHEI AKITSU,

JapanMitsubishi Aug-15

4 X 25t

DERRICKS$ 2.0m undisclosed

MPP/General Cargo

© Intermodal Research 17/07/2012 6

Secondhand Sales

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

SUB

PMAXPEMBROKE 2,442 1997

THYSSEN,

GermanyMitsubishi Dec-12

3 X 40t

CRANES$ 7.0m

Greek

(Costamare)

FEEDER R.PARTNER 1,354 1994

SZCZECINSKA

STOCZNIA S,

Poland

Sulzer May-143 X 45t

CRANES$ 2.7m

Dubai based

(Simatech Shpg

LL)

Containers

Name Loa(m) Pass Cars Built Yard M/E SS due Price Buyers Comments

SEAFRANCE

BERLIOZ186 1,900 700 2005

ATLANTIQUE CHS,

FranceWartsila Mar-15

SEAFRANCE

RODIN185.82 1,900 700 2001

AKER FINNYARDS

OY - RA, FinlandWartsila Nov-16

SEAFRANCE

NORD PAS DE

CALAIS

160.08 120 - 1987

NORMED DU

LITTORAL - D,

France

Sulzer Dec-12

SASSNITZ 171.5 875 50 1989

DANYARD

FREDERIKSHAVN,

Denmark

MAN Mar-14 undisclosed

ASK 171.06 186 291 1982APUANIA NUOVI,

ItalyWartsila Jun-17 undisclosed

Ferries

(Stena Line)

(Eurotunnel)EUR 65.0m

enbloc

© Intermodal Research 17/07/2012 7

Week

28

Week

27±% 2012 2011 2010

Bangladesh 410 400 2.5% 464 523 422

India 405 395 2.5% 464 511 427

Pakistan 400 390 2.6% 464 504 425

China 360 360 0.0% 416 451 383

Bangladesh 385 375 2.7% 440 498 375

India 375 365 2.7% 439 484 394

Pakistan 370 360 2.8% 437 477 388

China 340 340 0.0% 397 432 364

Dry

Indicative Demolition Prices ($/ldt)

Markets

We

t

300

350

400

450

500

550

$/l

dt

Dry Demolition Prices

Bangladesh India Pakistan China

350

400

450

500

550

600

$/l

dt

Wet Demolition Prices

Bangladesh India Pakistan China

The posi"ve movement con"nued for yet another week with prices gaining a

further $ 10/ldt. There seems to be more confidence in the market now with

many buyers seeking to increase ac"vity and secure tonnage before any fur-

ther price surges. It seems however that much of this posi"ve movement has

been mainly due to hype and specula"on as the majority of the news in the

market does not jus"fy such an increased appe"te amongst demo buyers.

Import restric"on from India with regards to toxic content have yet to be

imposed fully. It seems however that this was not enough to overturn the

posi"ve sen"ment created by the improved dollar exchange rate and in-

creased local demand for steel. Prices have now made a notable gain with

prices for wet tonnages now risen to levels of around 360-410$/ldt and dry

units increasing to about 340-385$/ldt.

Most notable this week was the price paid by Bangladeshi breakers for the

bulker ‘Andros R’ (64,843dwt-10,983ldt-blt 85) which reportedly received a

price of around $ 435/Ldt.

Demoli%on Market

Name Size Ldt Built Yard Type $/ldt Breakers Comments

L ELEPHANT 258,094 32,885 1992MITSUI CHIBA

ICHIHARA, JapanTANKER $ 415/Ldt Pakistani

ELEFTHERIA K 214,263 26,048 1985NKK CORP - TSU,

JapanBULKER $ 395/Ldt Bangladeshi

AMAGISAN 157,998 19,160 1993SASEBO SASEBO,

JapanBULKER $ 380/Ldt Indian green recycling

TAHAROA EXPRESS 145,842 17,500 1990HYUNDAI HEAVY

INDS - U, S. KoreaBULKER $ 352/Ldt Chinese

ANDROS R 64,843 10,983 1985NKK CORP -

TSURUMI - Y, JapanBULKER $ 435/Ldt Bangladeshi incl 840Tns of bunkers ROB

FLOURISH 52,540 13,350 1988 OKEAN, Russia BULKER $ 392/Ldt Bangladeshi

DELAWARE TRADER 50,921 11,105 1982 NASSCO, U. S. A. TANKER $ 430/Ldt Indian option dely Pakistan

ZHEN HUA 8 44,926 15,488 1980UDDEVALLAVARVET,

SwedenSPECIAL $ 310/Ldt undisclosed bss "as is" E. Africa

NORDSTRAND 34,079 13,697 1993GDANSKA STOCZNIA

SA, PolandCONT $ 325/Ldt Turkish

HENG SHUN DA 32,442 9,180 1983KANDA KAWAJIRI,

JapanBULKER $ 375/Ldt Indian option dely Pakistan

OCEAN RANGER 32,409 7,244 1983TSUNEISHI SHBLDG -

FUK, JapanBULKER $ 396/Ldt Bangladeshi

MESSENGER 29,098 9,115 1992VARNA SHIPYARD

AD, BulgariaTANKER $ 410/Ldt Bangladeshi bss dely "as is" Singapore

SIDER PROCIDA 11,065 3,500 1976SCHUERENSTEDT

SCHIFFS/, GermanyBULKER $ 305/Ldt Turkish

Demolition Sales

© Intermodal Research 17/07/2012 8

Week

28

Week

27±% 2012 2011 2010

Capesize 170k 46.0 46.0 0.0% 46 53 58

Panamax 75k 26.8 26.8 0.1% 27 33 35

Supramax 57k 25.3 25.3 0.0% 25 30 31

Handysize 30k 21.6 21.6 0.0% 22 25 27

VLCC 300k 95.0 95.3 -0.3% 95 102 103

Suezmax 150k 58.0 58.0 0.0% 58 64 66

Aframax 110k 49.0 49.0 0.0% 50 54 55

LR1 70k 42.0 42.0 0.0% 42 45 46

MR 47k 34.0 34.0 0.0% 33 36 36

LPG M3 80k 70.5 70.5 0.0% 70 73 72

LPG M3 52k 62.0 62.0 0.0% 61 64 65

LPG M3 23k 43.5 43.5 0.0% 44 46 46

Indicative Newbuilding Prices (million$)

Ga

s

Vessel

Bu

lke

rsTa

nk

ers

A very quiet newbuilding market this week with limited report deals and

decreased ac"vity overall. Interest amongst buyers has now further de-

creased as we move further into the summer period which is tradi"onally a

slower period for newbuildings. This in combina"on to it being a slower year

and many owners keen to hold off any newbuilding investment possibili"es

un"l the end of the summer, has lead to very limited number of inquiries

circula"ng in the market. A lot of work has been placed over the past couple

of months on new and improved designs being offered by shipbuilders, how-

ever many are s"ll taking their "me to analyse the possible benefits and wait

for more concrete proof offered by sea trials and proven numbers through

opera"on of these vessels.

The only order reported this week is that placed by Greece’s Neptune Ship-

ping at S. Korea's Hyundai Mipo Shipyard for 2 firm plus 2 op"onal Pure Car

Truck Carriers (3,500ceu) scheduled for delivery between end of 2013 and

beginning of 2014.

10

20

30

40

50

60

70

mil

lio

n $

Bulk Carriers Newbuilding Prices (m$)

Capesize Panamax Supramax Handysize

20

40

60

80

100

120

mil

lio

n $

Tankers Newbuilding Prices (m$)

VLCC Suezmax Aframax LR1 MR

Newbuilding Market

Units Type Yard Delivery Buyer Price Comments

2+2 RoRo 3,500 ceu Hyundai Mipo, S.Korea 2013-2014 Greek (Neptune Shipping) undisclosed PCTC

Size

Newbuilding Orders

The informa"on contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such informa"on to be factual and reliable without mak-

ing guarantees regarding its accuracy or completeness. Whilst every care has been taken in the produc"on 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 informa"on 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 wriQen authoriza"on of Intermodal Shipbrokers Co.

Compiled by Intermodal Research & Valua"ons Department | Mr George Lazaridis

E-mail: research@intermodal.gr

On behalf of Intermodal Sale & Purchase, Newbuilding and Chartering Departments

E-mail: snp@intermodal.gr, tankers@intermodal.gr, dry@intermodal.gr

1,540

1,560

1,580

1,600

1,620

1,640

70

80

90

100

110

120

goldoil

Basic Commodities Weekly Summary

Oil WTI $ Oil Brent $ Gold $

13-Jul-12 6-Jul-12W-O-W

Change %

Rotterdam 862.0 880.0 -2.0%

Houston 930.0 923.0 0.8%

Singapore 882.0 865.0 2.0%

Rotterdam 571.0 598.0 -4.5%

Houston 577.5 552.5 4.5%

Singapore 591.5 610.5 -3.1%

Rotterdam 595.0 615.5 -3.3%

Houston 612.5 587.5 4.3%

Singapore 607.5 620.5 -2.1%

Bunker Prices

MD

O3

80

cst

18

0cs

t

World Economy News

The Interna"onal Monetary Fund warned that risks to global growth “loom

large” as it trimmed its forecasts for 2012 and urged policymakers around the

world to take ac"on. In an update to its regular World Economic Outlook, the

fund cut its 2012 growth forecast slightly to 3.5 per cent but warned that its

outlook depends on rapid policy ac"on. (Financial Times)

Energy & Commodi%es

Oil Prices climbed as much as 0.9 percent as Fed Chairman Ben S. Bernanke

prepares to deliver a report on the economy and monetary policy before

Congress. The cost of living in the U.S. was liQle changed in June, a Labor

Department report showed, a sign that infla"on may stay subdued. Oil stock-

piles probably fell 750,000 barrels, according to a Bloomberg survey. “The

market is an"cipa"ng some soothing words of s"muli from Bernanke and

that’s suppor"ng the price of oil,” said Phil Flynn, a senior market analyst at

the Price Futures Group in Chicago . (Bloomberg)

Finance News

Giving away the farm is an expression which means

giving something away without ge\ng anything in

return. Is that what European banks are doing with

their ship finance businesses?

Major European ship finance banks were s"ll pushing

up their rates, Lloyd’s List reported today. The rea-

sons are easy enough to discern. Their own cost of

capital is rising as the European debt crisis plays out.

Moreover, enough major ship finance banks have

exited the business for the enduring banks to feel

that they have a freer hand.

The alterna"ve for owners, as has oSen been stated,

is to look to China’s financial ins"tu"ons. Although

these banks are well capitalised, they have been con-

strained by a dollar liquidity shortage in their interna-

"onal lending.

But now, owners report, the cost differen"al be-

tween European and Chinese lenders has narrowed

and in some cases stands at parity. European bankers

opera"ng on the assump"on that "me honoured

rela"onships and familiarity with ship finance in the

western mode would soSen the blow of higher pric-

ing should think again. (Lloyds List)

CompanyStock

ExchangeCurr. 13-Jul-12 06-Jul-12

W-O-W

Change %Max 28wk Min 28wk

AEGEAN MARINE PETROL NTWK NYSE USD 5.28 5.54 -4.7% 5.73 5.28

BALTIC TRADING NYSE USD 3.70 3.60 2.8% 3.70 3.53

BOX SHIPS INC NYSE USD 6.65 8.41 -20.9% 8.37 6.65

CAPITAL PRODUCT PARTNERS LP NASDAQ USD 7.82 7.82 0.0% 7.89 7.72

COSTAMARE INC NYSE USD 13.99 14.25 -1.8% 14.24 13.99

DANAOS CORPORATION NYSE USD 4.33 4.03 7.4% 4.33 3.90

DIANA SHIPPING NYSE USD 7.08 7.72 -8.3% 7.54 7.07

DRYSHIPS INC NASDAQ USD 2.20 2.46 -10.6% 2.35 2.14

EAGLE BULK SHIPPING NASDAQ USD 2.90 3.34 -13.2% 3.25 2.90

EUROSEAS LTD. NASDAQ USD 1.11 1.25 -11.2% 1.23 1.11

EXCEL MARITIME CARRIERS NYSE USD 0.46 0.56 -17.9% 0.55 0.46

FREESEAS INC NASDAQ USD 0.52 0.64 -18.8% 0.64 0.51

GENCO SHIPPING NYSE USD 2.88 3.49 -17.5% 3.38 2.85

GLOBUS MARITIME LIMITED NASDAQ USD 2.89 2.98 -3.0% 3.10 2.79

GOLDENPORT HOLDINGS INC LONDON GBX 62.25 61.75 0.8% 62.25 59.50

HELLENIC CARRIERS LIMITED LONDON GBX 25.00 25.00 0.0% 25.00 25.00

NAVIOS MARITIME ACQUISITIONS NYSE USD 2.59 2.49 4.0% 2.59 2.49

NAVIOS MARITIME HOLDINGS NYSE USD 3.42 3.42 0.0% 3.42 3.30

NAVIOS MARITIME PARTNERS LP NYSE USD 13.16 13.77 -4.4% 13.53 13.16

NEWLEAD HOLDINGS LTD NASDAQ USD 1.23 1.34 -8.2% 1.39 1.23

OMEGA NAVIGATION ENTERPRISES INC NASDAQ USD 0.25 0.35 -28.6% 0.35 0.25

PARAGON SHIPPING INC. NYSE USD 0.53 0.55 -3.6% 0.56 0.53

SAFE BULKERS INC NYSE USD 6.36 6.28 1.3% 6.36 6.19

SEANERGY MARITIME HOLDINGS CORP NASDAQ USD 2.20 2.15 2.3% 2.20 2.11

STAR BULK CARRIERS CORP NASDAQ USD 0.74 0.78 -5.1% 0.74 0.73

STEALTHGAS INC NASDAQ USD 5.85 5.94 -1.5% 5.89 5.81

TSAKOS ENERGY NAVIGATION NYSE USD 5.49 5.66 -3.0% 5.57 5.30

TOP SHIPS INC NASDAQ USD 1.60 1.84 -13.0% 1.80 1.59

Maritime Stock Data

13-Jul-12 12-Jul-12 11-Jul-12 10-Jul-12 9-Jul-12W-O-W

Change %

10year US Bond 1.500 1.480 1.500 1.500 1.510 -2.6%

S&P 500 1,356.78 1,334.76 1,341.45 1,341.47 1,352.46 0.2%

Nasdaq 2,908.47 2,866.19 2,887.98 2,902.33 2,931.77 -1.0%

Dow Jones 12,777.09 12,573.27 12,604.53 12,653.12 12,736.29 0.0%

FTSE 100 5,666.13 5,608.25 5,664.48 5,664.07 5,627.33 0.1%

FTSE All-Share UK 2,937.15 2,907.31 2,933.95 2,937.19 2,918.16 0.0%

CAC40 3,180.81 3,135.18 3,157.25 3,175.41 3,156.80 0.4%

Xetra Dax 6,557.10 6,419.35 6,453.85 6,438.33 6,387.57 2.3%

Nikkei 8,724.12 8,720.01 8,851.00 8,857.73 8,896.88 -3.3%

Hang Seng 19,092.63 19,025.11 19,419.87 19,396.36 19,428.09 -3.6%

Dow Jones 191.41 188.73 188.96 187.78 190.93 -0.6%

$ / € 1.22 1.22 1.23 1.23 1.23 -1.6%

$ / ₤ 1.55 1.54 1.56 1.55 1.55 -0.4%

₤ / € 0.79 0.79 0.79 0.79 0.79 -1.1%

¥ / $ 79.28 79.35 79.23 79.48 79.57 -0.8%

$ / Au$ 1.02 1.01 1.03 1.02 1.02 -0.9%

$ / NoK 0.16 0.16 0.16 0.16 0.16 -0.1%

$ / SFr 0.99 0.99 0.98 0.98 0.98 1.6%

Yuan / $ 6.39 6.37 6.35 6.37 6.37 0.4%

Won / $ 1,150.92 1,155.18 1,140.75 1,141.42 1,142.59 1.0%

$ INDEX 82.30 82.70 82.60 82.50 82.40 -0.1%

Oil WTI $ 87.10 86.10 85.80 83.90 86.00 3.1%

Oil Brent $ 101.40 100.30 100.20 97.60 100.30 3.3%

Gold $ 1,571.10 1,576.25 1,568.30 1,587.15 1,583.00 -2.1%

Market Data

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Commodi%es & Financials