athenian shipbrokers s.a. - hellenic shipping news ...... athenian shipbrokers s.a. 3 s e c o n d h...

ATHENIAN SHIPBROKERS S.A.

107-109, Vas. Pavlou Str., GR 166 73, Voula , Athens, Greece Tel: 210 9659700 - Fax: 210 8996040

Internet Mail: athenian(at)atheniansa(dot)gr www.atheniansa.gr

September 2015

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-15

Baltic Dry Index

PRICES TANKERS ($ MIO)

* Prices reflect Year’s End 2009* 2010* 2011* 2012* 2013* 2014* Sep-15

VLCC 5Y 78.0 87.8 55.6 56.0 55.8 77.1 80

VLCC 10Y 59.5 64.3 34.1 35.0 35.0 52.1 55

SUEZMAX 5Y 57.0 62.8 45.6 40.2 39.5 56.8 60.9

AFRAMAX 5Y 40.5 44.5 34.7 28.0 27.8 41.9 45.2

AFRAMAX10Y 23.5 30.7 19.3 16.3 16.3 26.8 30

PANAMAX5Y 35.5 39.0 30.9 24.3 24.3 33.4 37.6

45K 5Y D/H 23.5 27.3 25.8 23.0 23.3 23.8 28.9

45K 10Y D/H 16.0 19.7 15.8 15.5 15.7 15.2 20

45K 20Y 4.0 6.7 6.0 6.2 6.2 6.5 8

PRICES BULKERS ($ MIO)

* Prices reflect Year’s End 2009* 2010* 2011* 2012* 2013* 2014* Sep-15

CAPESIZE 5Y 54.5 57.0 36.3 32.0 43.9 39.5 35

CAPESIZE 10Y 45.0 43.0 26.8 20.5 31.0 27.8 20.1

CAPESIZE 15Y 28.0 26.0 15.2 12.7 18.2 16.3 10.6

CAPESIZE 20Y 16.5 16.4 10.5 9.3 10.1 9.0 5.3

PANAMAX 5Y 35.0 38.5 26.4 18.0 25.6 20.1 18

PANAMAX 10Y 27.5 31.6 18.6 12.5 17.9 14.6 12

PANAMAX 15Y 22.0 23.1 12.4 8.3 12.0 10.0 6.4

PANAMAX 20Y 12.0 13.8 8.1 5.4 7.5 5.4 4.1

SUPRAMAX 5Y 27.5 31.9 26.4 23.3 24.3 20.8 15.4

http://www.atheniansa.gr/

www.atheniansa.gr ATHENIAN SHIPBROKERS S.A.

2

S E C O N D H A N D S A L E S & C H A R T E R F I X T U R E T R E N D S

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

Pri

ce (

USD

Mio

)

Monthly Tanker Market Trend

VLCC 5Y VLCC 10Y SMAX 5Y AMAX 5Y

AMAX 10Y PMAX 5Y 45K 5Y D/H 45K 10Y D/H

0

10000

20000

30000

40000

50000

60000

Pri

ce (

USD

)

Monthly 1 Yr TC Rates

VLCC 1 Yr T/C SMAX 1 Yr T/C AMAX 1 Yr T/C

PMAX 1 Yr T/C MR 1 Yr T/C

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

Pri

ces

(USD

Mio

)

Monthly Bulk Carrier Market Trend

CAPE 5Y CAPE 10Y CAPE 15Y PMAX 5Y

PMAX 10Y PMAX 15Y SUPRA 5Y HMAX 5Y

HMAX 10Y HMAX 15Y

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

Pri

ce (

USD

)

Monthly 1 Yr TC Rates

CAPE 1 Yr T/C PMAX 1 Yr T/C

SUPRA 1 Yr T/C HMAX 1 Yr T/C



3

S E C O N D H A N D T O N N A G E M A R K E T

*Excluding demolition sales

Sale and Purchase Market

Ship Type Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Total

BULK 41 34 26 34 27 41 203 TANK 21 31 21 47 31 32 183 GAS 3 4 0 6 1 1 15 CONT 8 17 10 19 13 12 79 TWEEN 0 1 5 2 1 1 10 REEF 2 0 1 0 1 0 4 RORO 1 0 0 2 0 0 3 FERRY 0 0 0 0 0 0 0 CRUISE 0 0 0 0 0 0 0

Total 76 87 63 110 74 87 497

283

41

232

27

0

100

200

300

THIS MONTH - PREVIOUS MONTH

S&P Activity Dry (>5,000 Dwt)

AVAILABLE FOR SALE

REPORTED SOLD

PREVIOUS MONTH A/BLE FORSALEPREVIOUS MONTH SALES

135

23

114

31

0

50

100

150

THIS MONTH - PREVIOUS MONTH

S&P Activity Tankers (>5,000 Dwt)

AVAILABLE FOR SALE

REPORTED SOLD

PREVIOUS MONTH A/BLE FORSALEPREVIOUS MONTH SALES



4

TANKER SALES

NAME DWT BLT PRICE $ BUYER

PETRO ASIA 4791 2014 CHINA DH 4.8 MIO UNDISCLOSED (Via auction) CHEMICAL LIBRA 18041 2012 CHINA DH 12 MIO UNDISCLOSED (Via auction) CHEMROAD VEGA 34528 2003 JAPAN DH 16.3 MIO UNDISCLOSED (STST) MAERSK ELIZABETH 37026 2001 CROATIA DH 13 MIO NIGERIAN STI HIGHLANDER 37145 2007 KOREA DH 19.3 MIO UNDISCLOSED

SINGLE 37824 2007 KOREA DH 21.3 MIO ENBLOC BSS▼ SILENT 37847 2007 KOREA DH 21.3 MIO ENBLOC BSS▼ SKY 37879 2007 KOREA DH 21.3 MIO ENBLOC BSS▼ STONE I 37889 2008 KOREA DH 23.2 MIO ENBLOC BSS▼ STEEL 37889 2008 KOREA DH 23.2 MIO ENBLOC BSS▼ STAR I 37900 2007 KOREA DH 21.3 MIO ENBLOC BSS▼ STYLE 37923 2008 KOREA DH 23.2 MIO HAFNIA (Price Each)

HYUNDAI MIPO 47000 2016 KOREA DH 39 MIO UNDISCLOSED (Dely 01/16) NORD OPTIMISER 47407 2007 JAPAN DH 21.1 MIO FAR EASTERN CENITO 53116 2009 CHINA DH 27.5 MIO UNDISCLOSED (Ice 1A) POSILLIPO 53116 2010 CHINA DH 27.5 MIO UNDISCLOSED (Ice 1A)

GENMAR COMPATRIOT 72736 2004 CHINA DH 22 MIO ENBLOC BSS▼ GENMAR COMPANION 72768 2004 CHINA DH 22 MIO US BASED (Price Each)

ASTRO ANTARES 98876 1996 KOREA DH 12.2 MIO BAKRI CORAL SEA 105666 2003 KOREA DH 31 MIO INDONESIAN (For storage) VARADA LALIMA 107176 1997 JAPAN DH 8.5 MIO GULF PETROCHEM (Via auction) ELIA 115338 2006 JAPAN DH 35 MIO GREEK

POWER D 319012 2003 KOREA DH 45 MIO ENBLOC BSS▼ ENERGY R 319012 2003 KOREA DH 45 MIO UNDISCLOSED (Price Each)

591

835

523

350

450

550

650

750

850

950

42 45 48 51 2 5 8 11 14 17 20 23 26 29 32 35 38 41

WEEK NO

Baltic Clean Tanker - Yearly

2015 2014

952 1052

601

400

500

600

700

800

900

1000

1100

42 45 48 51 2 5 8 11 14 17 20 23 26 29 32 35 38 41

WEEK NO

Baltic Dirty Tanker - Yearly

2015 2014

580

513

480

500

520

540

560

580

600

01/09/2015 08/09/2015 15/09/2015 22/09/2015 29/09/2015

Baltic Clean Tanker - Monthly

628

658

706

560

610

660

710

760

01/09/2015 08/09/2015 15/09/2015 22/09/2015 29/09/2015

Baltic Dirty Tanker - Monthly



5

GAS SALES

NAME DWT BLT CBM PRICE $ BUYER

B GAS LANRICK 3620 1992 GREAT BRITAIN

3215 1.5 MIO UNDISCLOSED

65300

50300

24300

0100002000030000400005000060000700008000090000

Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15

$/D

ay

Spot Market - Tankers VLCC

SUEZMAX

AFRAMAX

48000

36000

29000

10000

20000

30000

40000

50000

60000


$/D

ay

Period Market - Tankers 1 Year T/C

VLCC

SUEZMAX

AFRAMAX



6

BULKER SALES

NAME DWT BLT GEAR PRICE $ BUYER

OCEAN LEAP 10085 1997 JAPAN D 2X25, CR 1X20

1.6 MIO INDONESIAN

ALERT 13347 1999 JAPAN CR 2X30 2.3 MIO ALL CARGO SIR ALBERT 15962 1997 CHINA CR 3X30 2.3 MIO EGYPTIAN VAN ORCHID 28341 2009 JAPAN CR 4X30 9.5 MIO UNDISCLOSED BREEZE ISLAND 28367 2011 JAPAN CR 4X30 10.2 MIO GREEK LILJA BULKER 28481 2003 JAPAN CR 4X30 6.5 MIO VIETNAMESE ECO VANGUARD 28492 2001 JAPAN CR 4X30 6.2 MIO TAN BINH ORIENTE CREST 29738 2003 JAPAN CR 4X30 6.9 MIO UNDISCLOSED

EMILIE 29800 2010 CHINA CR 3X30 13.35 MIO ENBLOC BSS▼

HELOISE 30688 2010 CHINA CR 3X30 13.35 MIO CANFORNAV (Price each. Bank

controlled) KWELA 32474 2002 JAPAN CR 4X30 6.8 MIO UNDISCLOSED BORAK 1 43980 1994 KOREA CR 4X25 2.65 MIO UNDISCLOSED (DD ODue) DS COMMANDER 45518 1994 JAPAN CR 4X25 3.4 MIO GREEK SIMON SCHULTE 46489 1996 JAPAN CR 4X30 3.9 MIO UNDISCLOSED MARATHA PROVIDENCE

47574 1995 JAPAN CR 4X30 3.8 MIO UNDISCLOSED

TALENT 47574 1996 JAPAN CR 4X30 3.9 MIO UNDISCLOSED AETOS 48893 2001 JAPAN CR 4X30 5.5 MIO GREEK (Via auction) OCEAN CHIE 52370 2003 JAPAN CR 4X30 7.5 MIO UNDISCLOSED LATMAR 52827 2001 JAPAN CR 4X30 4 MIO TURKISH (Via auction, Survey ODue) SANTA FE 53553 2001 JAPAN CR 4X30 4.25 MIO GREEK (SS Due)

LAN HAI LIAN HE 56760 2011 CHINA CR 4X30 8.9 MIO ENBLOC BSS▼ LAN HAI YING XIN 56763 2011 CHINA CR 4X30 9 MIO ENBLOC BSS▼

485

439

402

390

410

430

450

470

490

01/09/2015 08/09/2015 15/09/2015 22/09/2015 29/09/2015

Baltic Handysize

2

912

783

724

600

700

800

900

1000

01/09/2015 08/09/2015 15/09/2015 22/09/2015 29/09/2015

Baltic Supramax

2

912

716

761

640

690

740

790

840

890

940

990

01/09/2015 08/09/2015 15/09/2015 22/09/2015 29/09/2015

Baltic Panamax

4

1286

2096

2024

700

900

1100

1300

1500

1700

1900

2100

2300

01/09/2015 08/09/2015 15/09/2015 22/09/2015 29/09/2015

Baltic Capesize

4 38



7

LAN HAI QIAN JIN 56795 2011 CHINA CR 4X30 9 MIO ENBLOC BSS▼ LAN HAI YANG FAN 57155 2010 CHINA CR 4X30 5.6 MIO ENBLOC BSS▼ LAN HAI DONG FENG

57190 2010 CHINA CR 4X30 5.6 MIO ENBLOC BSS▼

LAN HAI XU RI 79366 2011 CHINA GLESS 10 MIO ENBLOC BSS▼ LAN HAI YANG GUANG

79412 2011 CHINA GLESS 10 MIO ENBLOC BSS▼

LAN HAI ZHAO YANG 79659 2011 CHINA GLESS 10 MIO GREEK (Price Each)

RUI LEE 56928 2011 CHINA CR 4X36 11.6 MIO GREEK (Via auction) SKOMVAER 58000 2010 CHINA CR 4X35 13 MIO GREEK

TENNEI MARU 58743 2009 CHINA CR 4X30 14.1 MIO FAR EASTERN

NEWLEAD MARKELA 71749 1990 JAPAN GLESS 3.2 MIO DUBAI BASED DAEBO TRADERQ 73870 2002 JAPAN GLESS 7.5 MIO GREEK

TORM ANHOLT 74195 2004 JAPAN GLESS 9.1 MIO ENBLOC BSS▼ TORM BONHOLM 75912 2004 JAPAN GLESS 9.1 MIO GREEK (Price Each)

FU MAY 76015 2002 JAPAN GLESS 8 MIO UNDISCLOSED NEW AGILITY 76623 2001 JAPAN GLESS 6.8 MIO S KOREAN UNITED JOURNEY 82580 2009 JAPAN GLESS 18 MIO GREEK UNITED TRASURE 82926 2006 JAPAN GLESS 15.8 MIO ZIHNI BULK INDIA 177640 2004 JAPAN GLESS 17.6 MIO GREEK BAO ZHU HAI 180310 2004 JAPAN GLESS 18.6 MIO WINNING

16300

8000

6500

0

5000

10000

15000

20000

25000

30000


$/D

ay

Spot Market - Bulkers CAPESIZE

PANAMAX

HANDYMAX

11750

8075

8000

5000

7000

9000

11000

13000

15000

17000

19000


$/D

ay

Period Market - Bulkers 1 Year T/C CAPE

PMAX

HANDYMAX

44



8

CONTAINER SALES

NAME DWT BLT GEAR TEU PRICE $ BUYER

STAR JUPITER 7977 2002 GERMANY GLESS 735 3.6 MIO CONMAR JORK RANGER 9288 2005 NETHERLANDS GLESS 803 5 MIO UNDISCLOSED

EL TORO 13633 2006 CHINA CR 2X45 1114 6.5 MIO GERMAN (Incl TC til 02-

04/16) CAPE FALSTER 16397 2005 GERMANY GLESS 1200 7.5 MIO ENBLOC BSS▼ CAPE FRASER 16403 2005 GERMANY GLESS 1200 7.5 MIO GREEK (Price Each)

ANNITA L 16439 2004 GERMANY GLESS 1200 7.5 MIO FREEDOM SKY EVOLUTION 17781 1996 JAPAN GLESS 1032 4 MIO FAR EASTERN ASIAN GYRO 18055 2001 JAPAN GLESS 1032 6 MIO UNDISCLOSED

PONENTE 22967 2002 POLAND CR 3X40 1730 7.5 MIO ENBLOC BSS▼ PORTOFINO 22967 2002 POLAND CR 3X40 1730 7.5 MIO ATLANTICA (Price Each)

E.R. MALMO 39338 2005 KOREA GLESS 2824 13.9 MIO KOREAN LINTON 51247 2012 KOREA GLESS 4400 25 MIO UNDISCLOSED

MPP/TWEEN SALES

NAME DWT BLT GEAR TEU PRICE $ BUYER

COPERNICO 8647 1993 BULGARIA CR 2X40 481 1.2 MIO MID EASTERN

COMBO SALES

NAME DWT BLT GEAR PRICE $ BUYER

ELISABETH M 319869 2010 KOREA CR 6X30 * ENBLOC BSS▼ ABBY 319869 2010 KOREA CR 6X30 * ENBLOC BSS▼ ROSEY R 319869 2011 KOREA CR 6X30 195 MIO GREEK (Ttl price)



9

N E W B U I L D I N G M A R K E T A N D R E P O R T E D C O N T R A C T S

Ship Type 2015 2016 2017+ Total

Capesize 82 155 42 279

Panamax 130 156 62 348

Supra/Hmax 230 325 82 637

Handies 122 185 95 402

Total 564 821 281 1666


ULCC/VLCC 12 61 52 125

Suezmax 3 39 50 92

Aframax 18 56 64 138

Panamax 3 30 22 55

MR+Small 107 212 86 405

Total 143 398 274 815


VLGC 18 53 10 81

LGC 0 2 0 2

MR 5 31 28 64

Handy 11 21 6 38

Small 10 1 0 11

Total 44 108 44 196

95.6

64.4

53

35.5

20

40

60

80

100

120

Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15

$m

Tanker Prices VLCC Suezmax

Aframax MR

1

5

3

48.2

26.1

24.7

20.5

10

20

30

40

50

60

70

Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15

$m

Bulker Prices Capesize Panamax

Handymax Handysize

5



10

395

142 240

885

660

150

214

128 167

0

100

200

300

400

500

600

700

800

900

1000

2013 2014 Sep-15

No

. o

f V

es

se

ls

Newbuilding Sales Tankers >10,000 dwt

Bulkers >10,000 dwt

Containerships

43.7

66.9

22.8

10.8

40.5 36.2

0

10

20

30

40

50

60

70

80

Sep-15 2016 2017+

m. d

wt

Delivery Schedule Bulkers >10,000 dwt.

Tankers >10,000 dwt

37.8

14.7 15.9

4.1

15.5

0

5

10

15

20

25

30

35

40

September 2015

m.

dw

t

Tanker Newbuildings on Order VLCC Suezmax

Aframax Panamax

Products

52.4

28.3

38.5

14.1

0

10

20

30

40

50

60

September 2015

m. d

wt

Bulker Newbuildings on Order Capesize Panamax

Handymax Handysize

Newbuilding Historical Prices ($m)

Tankers Sep-15 2014 2013 2012 2011 2010 2009 2008 2007 2005 1995 1990 1985

310,000 DWT1 95.6 97.3 93.8 93.2 98.9 104.8 97.5 150 145 120 85.3 87.4 2 38.2

170,000 DWT1 64.4 65.5 59.6 57.1 60.3 66.3 61 90 90 71.5 54 66.1 2 28.2

110,000 DWT1 53 53.6 52.2 48.5 52.2 56 49.5 74 72 58 43.3 53.2 2 18.1

47,000 DWT1 35.5 36.8 34.6 33.8 35.2 36.1 35 46.5 52 43 33.2 3 32.1

3 13.3

Bulkers

180,000 DWT1 48.2 54.2 53.6 45.7 48.4 57.2 55.5 87 96 58.5 42.3 60.2 29.3

73,000 DWT1 26.1 29 27.8 25.6 28.7 34.3 34.5 45.5 54 36 27.9 30 13.4

45,000 DWT 24.7 27.2 26.5 23.7 26.7 31.1 29 41 47.5 31 24.1 25.3 12.4

29,000 DWT 20.5 22.8 22.2 20.5 22.2 26.3 24.5 31 34 25.5 19.2 21.3 9.7

1 Before 2001 sizes to read 280,000 - 140,000 - 95,000 - 40,000 respectively for tankers and 150,000 - 69,000 for Bulkers 2 Single Hull 3 30,000 DWT

(note: above is for vessels built Japan / Korea, you should also consider US$ / Yen / Won relation for the years mentioned)



11

The Shipbuilding Market TYPE DWT BUILDER DELIVERY PRICE $ OWNER NOTES

Asp. & Bit. 7500 CSC Qingshan SY 2017 Xin Yuan Ocean Asp. & Bit. 7500 CSC Qingshan SY 2017 Xin Yuan Ocean

Bulk 29400 Uljanik Brod. 2018 Algoma Central Corp.



Bulk 34000 Namura Shipbuilding 2018 22 Wisdom Marine Group

Bulk 34000 Namura Shipbuilding 2018 22 Wisdom Marine Group

Container 230000 Shanghai Waigaoqiao 2018 139.5 COSCON



Container 225000 Nantong COSCO KHI 2018 135.3 COSCON




Container 225000 Dalian COSCO KHI 2018 135.3 COSCON

Container 225000 Dalian COSCO KHI 2018 135.3 COSCON

Container 230000 Dalian Shipbuilding 2018 139.5 COSCON

Container 230000 Dalian Shipbuilding 2018 139.5 COSCON

Container 150000 Imabari SB Marugame 2019 Shoei Kisen Kaisha



Container 15000 Hyundai Mipo 2018 25 Nam Sung Shipping Co.

Container 15000 Hyundai Mipo 2018 25 Nam Sung Shipping Co.

L.N.G. 87000 Kawasaki HI Sakaide 2018 MOL & Chubu

L.N.G. 95000 MHI Nagasaki 2018 MOL & Chubu

L.N.G. 87000 Kawasaki HI Sakaide 2018 Trans Pacific Shpg

L.N.G. 95000 MHI Nagasaki 2018 Trans Pacific Shpg

L.P.G. 28500 Hyundai Mipo 2017 Unknown




L.P.G. 28500 Hyundai Mipo 2018 Unknown Option

L.P.G. 28500 Hyundai Mipo 2018 Unknown Option

L.P.G. 28000 Hyundai HI 2017 Unknown

L.P.G. 51000 Daewoo (DSME) 2017 Unknown

L.P.G. 51000 Daewoo (DSME) 2017 Unknown

Livestock 13700 Uljanik Brod. 2017 Livestock Transport

Ore 240000 Imabari SB Saijo 2018 Mitsui O.S.K. Lines



Ore 240000 Imabari SB Saijo 2018 Nippon Yusen Kaisha

Ore 240000 Imabari SB Saijo 2019 Nippon Yusen Kaisha

Ore 250000 Namura Shipbuilding 2018 K-Line

Ore 250000 Namura Shipbuilding 2018 K-Line

Ore 250000 Namura Shipbuilding 2018 NS United KK

Ore 250000 Namura Shipbuilding 2019 NS United KK

Pass/Car F. Taizhou Kouan SB 2016 Guangdong Shuangtai

Pass/Car F. Taizhou Kouan SB 2016 Guangdong Shuangtai

PCC 28000 Hyundai Mipo 2018 71.35 Cido Shipping



PCC 30000 Hyundai Mipo 2018 77.75 Unknown

PCC 30000 Hyundai Mipo 2018 77.75 Unknown

PCC 30000 Hyundai Mipo 2019 77.75 Unknown Option

PCC 30000 Hyundai Mipo 2019 77.75 Unknown Option

Products 74000 Hyundai Mipo 2018 Sinokor Merchant

Products 74000 Hyundai Mipo 2018 Sinokor Merchant

Products 111000 New Times SB 2017 Frontline 2012

Products 111000 New Times SB 2017 Frontline 2012

Products 74000 STX SB (Jinhae) 2017 Andriaki Shipping Co.

Products 74000 STX SB (Jinhae) 2017 Andriaki Shipping Co.



12

Products 74000 STX SB (Jinhae) 2018 Andriaki Shipping Co. Option

Products 74000 STX SB (Jinhae) 2018 Andriaki Shipping Co. Option

Products 75000 Hyundai Vinashin 2018 44 D'amico Soc. Di Nav.

Products 75000 Hyundai Vinashin 2018 44 D'amico Soc. Di Nav.

Products 7030 Krasnoye Somovo 2016 VF Tanker

Products 7030 Krasnoye Somovo 2016 VF Tanker

Products 7030 Okskaya Shipyard 2016 VF Tanker

Products 7030 Okskaya Shipyard 2016 VF Tanker

Products/MPP 5475 Okskaya Shipyard 2016 VF Tanker

Products/MPP 5475 Okskaya Shipyard 2016 VF Tanker

Ropax 3500 Shandong Huanghai SB 2017 Bohai Ferry

Roro 28000 Hyundai Mipo 2017 Unknown

Roro 28000 Hyundai Mipo 2017 Unknown

Roro 28000 Hyundai Mipo 2018 Unknown Option



Tanker 158580 Hyundai Samho HI 2017 Thenamaris

Tanker 158580 Hyundai Samho HI 2017 Thenamaris

Tanker 160000 JMU Kure Shipyard 2018 Kyklades Maritime



13

D E M O L I T I O N M A R K E T

Demolition Historical Data

410 380 395

415 390 380

315 320 340

180

230

280

330

380

430

480

530

580

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

USD

/to

n

Price Tankers* 2012 2013

2014 2015

*India month's end prices

390 360

380 405

370 355

295 295 325

180

230

280

330

380

430

480

530

580

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

USD

/to

n

Price Bulkers* 2012 2013

2014 2015

*India month's end prices

13.4

27 28.65 26.9

38

25.6

14.5

4.9 2.35

4.6 3.8

15.9 16.7 18.9

15.5 18

15.6

25

30.5

22.4

28.4 28.5 27

10 5.5 6.5 5

12

28.9 25.7

31.58

50.3 41.8

33.3

27.5

0

10

20

30

40

50

60

Mill

ion

dw

t

Total Demolition (Dwt)

* Bss reported sales

Demolition Prices Gen Cargo Tanker

India USD 325 /lt Ldt USD 340 /lt Ldt

Bangladesh USD 315 /lt Ldt USD 325 /lt Ldt

Pakistan USD 320 /lt Ldt USD 335 /lt Ldt

China USD 170 /lt Ldt USD 185 /lt Ldt



14

HISTORICAL DEMOLITION PRICES (*Indian Year’s End)

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 CURR.

TANK 172 115 136 174 135 174 262 362 302 405 507 287 338 485 482 405 435 425 340 BULK 152 112 143 170 135 181 267 381 332 392 472 268 328 437 456 375 410 400 325

India

TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS

BULK PRINCESS MARIA 30070 1986 7282 328

BULK MATSUREN 36120 1997 11442 340

BULK MARIA STAR 41499 1995 9554 330 Incl 250T ROB

BULK REIS-G 41938 1986 8278 325

BULK SEA TRADER 69338 1990 9511 314 As is Spore incl 150T ROB

BULK HUI PING 69562 1994 9686 340 Incl 800T ROB

BULK WEI FONG 70045 1994 12411 325

BULK PREVENTER 71062 1990 9411 331 Incl 250T ROB

BULK TSUNOMINE 156818 2000 19390 340

CONT KOLLMAR 21540 1993 8039 370 INCL 600T ROB

CONT CHINA STAR 47230 1990 14465 365

RORO ARAHURA 2457 1983 6977 225 As is Wellington (New Zealand)

Bangladesh


BULK ARCA EMERALD 13208 1984 10743 357

BULK OCEAN 8 70677 1995 10941 300 BULK ANANGEL PRIDE 161643 1993 19406 380 CONT HYUNDAI GARNET 66618 1995 21468 368 RORO MARINE ROAD 5260 1992 6226 330 TANK RALDA 31543 1981 8810 350

China


BULK CHANG BAI SHAN 39000 1986 9147 125

0

100

200

300

400

500

600

USD

/to

n

Historical Demolition Prices (India Year's End)

TANKERS

BULKERS

Avg. Trend



15

Pakistan


BULK DUNFENG MANILA 154249 1994 19822 330 TANK REBEKKA N 249378 1990 36615 325

Turkey


N/A N/A N/A

Other


BULK AQUAGRACE 167105 1997 21743 330 As is Singapore

CONT EVER RESULT 58912 1997 19925 352 As is Thailand



16

H I S T O R I C A L B U N K E R P R I C E S

HISTORICAL BUNKER PRICES

Rotterdam Fujeirah Houston

380 cst MGO 380 cst MGO 380 cst MGO

1992 83 161.9 81.5 208.2 78.4 165.2

1993 67 150.5 70 202.5 71.1 160.6

1994 86 133.2 80.9 182.6 80.8 148.8

1995 97 140.6 94.6 175.8 93.2 148

1996 107 175.1 104.4 207.5 105.8 186

1997 92 155.4 99.3 205.6 97.3 179.9

1998 66.5 112.2 69.2 152.2 67.2 136.9

1999 94 133 98.5 157.2 93.3 143.9

2000 139 231.6 155.3 263.5 136 255.7

2001 116 192.4 129.7 244.7 112.8 227.5

2002 135 188.2 145.9 222.8 134 196

2003 151 230.4 166.3 265.2 160.2 265.1

2004 154 313.4 176.7 359.3 167.3 328.7

2005 236 458.4 256.6 500.1 248.3 508.5

2006 195 524.1 310.9 631.8 303 562.3

2007 347 571.3 373.7 664.7 351.8 608.6

2008 469 850.7 509.4 1037.7 496.8 933.2

2009 355 490.6 372.8 657 360.7 525

2010 452 667.1 468.2 712.9 449.3 683

2011 548 848.6 587.5 897.5 542.1 862.4

2012 585 920 606 1005 610 1005

2013 585 920 620 1010 580 985

2014 310 570 350 880 315 695

Sep-15 211 427 238 580 211 457

0

100

200

300

400

500

600

700

800

USD

/to

n

Bunkers Cost (380 cst)

Rotterdam

Fujeirah

Houston

Average Trend

0

200

400

600

800

1000

1200

USD

/to

n

Bunkers Cost (MGO)

Rotterdam

Fujeirah

Houston

Average Trend



17

M A R K E T I N D I C A T O R S

GBP CAD EUR JPY CHF USD

AUD

GBP 1 0.49163 0.74133 0.00551 0.67812 0.65934 0.45998

CAD 2.03339 1 1.5076 0.0112 1.37902 1.3409 0.93545

EUR 1.3486 0.6631 1 0.00743 0.91465 0.88931 0.62044

JPY 181.6 89.29 134.65 1 123.16 119.75 83.55

CHF 1.4742 0.72484 1.09304 0.00812 1 0.9721 0.67817

USD 1.51644 0.74564 1.12432 0.00835 1.02843 1 0.69763

AUD 2.17314 1.06854 1.61132 0.01197 1.47379 1.43305 1 * 30/09/2015 values

60

70

80

90

100

110

120

130

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

USD

-JP

Y

USD

-EU

R

Currencies USD-EUR

USD-JPY

0.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

160.00

$/B

arre

l

Brent Oil



18

S T O C K W A T C H

NAME TICKER THIS MONTH* LAST MONTH CHANGE % 52w HIGH 52w LOW

Capital Product Partners CPLP 5.94 6.85 -13.3 10.14 5.56

Diana Shipping Inc. DSX 6.43 6.73 -4.5 9.27 5.93

Dryships Inc. DRYS 0.16 0.44 -63.9 2.58 0.16

Dynagas LNG Partners LP DLNG 12.81 14.74 -13.1 24.10 11.03

Eagle Bulk Shipping Inc. EGLE 5.87 6.51 -9.8 17.49 5.53

Euroseas Ltd. ESEA 4.95 5.37 -7.8 11.50 4.08

Freeseas Inc. FREE 0.15 0.38 -60.3 103.88 0.13

Costamare Inc. CMRE 11.66 14.80 -21.2 22.75 11.59

Goldenport Holdings Inc. GPRT 97.92 128.83 -24 362.00 97.00

Navios Maritime Holdings NM 2.55 2.76 -7.6 6.34 2.48

GasLog Ltd. GLOG 9.22 13.97 -34 23.84 8.69

Paragon Shipping Inc. PRGN 0.34 0.65 -47.7 4.20 0.32

Safe Bulkers Inc. SB 2.82 3.26 -13.5 7.28 2.70

Star Bulk Carriers Corp. SBLK 2.09 2.33 -10.3 11.43 2.00

Stealthgas Inc. GASS 4.32 4.90 -11.8 9.27 4.10

TEN Inc. TNP 7.81 7.66 2 10.50 4.75

TOP Ships Inc. TOPS 0.93 1.04 -10.6 1.99 0.79

Box Ships Inc. TEU 0.48 0.70 -31.4 1.30 0.45

Diana Containerships Inc. DCIX 1.27 1.74 -27 2.70 1.22

Danaos Corporation DAC 6.42 5.97 7.5 6.70 3.96

Aegean Marine Petroleum ANW 6.54 7.95 -17.7 15.71 6.46 * 29/09/2015 closing values

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Disclaimer: Information and data that appear in this report have been obtained from various sources which are believed to be correct and reliable. However, Athenian Shipbrokers S.A. does not guarantee their accuracy or completeness and therefore cannot be held liable for any loss incurred as a result of reliance in any way whatsoever on the information contained herein. Kind Regards,

ATHENIAN SHIPBROKERS S.A.


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