Market insight By Christopher T. Whitty Marketing Manager - Harbour Towage & Port Agency Cotzias Intermodal Shipping Inc.

China is the world's largest consumer of coal, using more coal each year than the United States, the European Union, and Japan combined. Coal pow-er has been the dominant source of energy used to fuel the rapid economic development of China in the past two decades, with significant impact on its physical environment and human population. China relies on coal power for approximately 70-80% of its energy, with 45% used for the industrial sector and the remainder used to generate electricity. Nevertheless, China has been slowly entering into a new era where clean-fuel policies and new regu-lations are being implemented.

China burns half of the worlds coal and has caused more than half of total CO2 growth globally for the past decade, and many believe that the reversal in coal use may represent a significant progress in slowing down climate change. According to the China Electricity Council, utilization rates at Chinas thermal power plants fired by coal, natural gas and oil, are set to fall further this year. Beijing is aiming to raise the share of non-fossil fuels in primary energy use to 15% in 2020, up from 11.2%last year.

Lower coal use is already evident in China with power companies using a greater mix of hydro, nuclear and renewable options, especially wind. Chi-nas coal imports fell 11% in 2014 compared to the previous year, the first annual decline in at least a decade. Lignite, thermal and metallurgical coal, hit a 43-month low of 16.78 million mt in January, falling 53.2% year on year the seventh consecutive year-on-year decline and the biggest decline in the past 15 years.

The Australian and Indonesian coal exporters are obviously focusing on the worlds largest consumer of the fuel and they also have to deal with the quality checks under the new ash and Sulphur restrictions. As a result of this uncertainty, some are even holding back shipments to China.

Australian coal, which is considered the benchmark for Asia, slumped 30% last year and dropped below $60/tonne this month, the lowest level since May 2007. With both imports and prices of the commodity falling further and unless something changes dramatically in the future, it looks like coal will lose its position in the fossil fuel markets. As a result, freight rates for Panamaxes and Kamsarmaxes will most likely continue to be adversely affected.

Some say that the Indian market will still exhibit wide scale demand for the continued importing of coal at a large scale but, on the other hand, they will never push up prices. Indian power plants have their own limitations and they are not free to pass any rise in coal prices through to consumers. Still, in Indian East Coast ports coal stockpiles are rising up to record levels and the power plants are only buying as much as required from these huge re-serves in major ports. Coal stocks at 16 main Indian ports were at 16.48 million metric tons as of March 20, whereas at the end of March last year, coal stocks were a mere 7.7 million metric tons.

From our side we can only hope that Asian countries and mainly China will continue to depend on coal at least for the next couple of years. It should take considerable time for Chinas transition to more clean sources of ener-gy to run its power plants. But on top of that we would also like to see the price of the commodity at sustainable levels that can support the industry and consequently demand for seaborne trade.

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

The Dry Bulk market has faced another week of increasing pressure, with Capesize performance still weighed down by weak market funda-mentals. The BDI closed today (07/04/2015) at 583 points, down by 5 points compared to Thursdays levels (02/04/2015) and a decrease of 19 points compared to previous Tuesdays closing (31/03/2015). Steady Middle East activity continues to support the crude carriers market to-gether with strong Asian demand. The BDTI Thursday (02/04/2015) was at 795 points, a decrease of 16 points and the BCTI at 665, a decrease of 6 points compared to previous Thursdays (26/03/2015) levels.

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

The heavily discounted asset prices over at the Dry Bulk sector continue to attract exceptionally high buying interest, while MR tonnage remains popular amongst tanker sales candidates. On the tanker side, we had the sale of the CLIO (112,723dwt-blt 08, China), which was sold to German owner, TB Marine-Hamburg for a price in the region of $33.5m. On the dry bulker side we had the sale of the HOUHENG 2 (179,929dwt-blt 11, Philippines), which was reported being sold to Bel-gian owner, Cobelfret for a price in the region of $30.5m.

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

Activity in the newbuilding market sustained its volumes from the week prior, while it remained once again mostly concentrated around tankers where fundamentals remain in favour of those looking to invest in the sector. We reiterate our expectation that despite the spark of increased ordering activity for tankers we dont see newbuilding prices moving up at least until the spark becomes a full on trend that could allow yards to request for significant premiums for their slots.. On the other hand the situation in the dry bulk sector remains sluggish with only a limited num-ber of orders being concluded for a third consecutive month since the beginning of the year. As we mentioned last week orders for the bigger size segments has pretty much halted with no signs of a reversal due anytime soon. At the same time the number of containership orders that is coming in light is revealing a much better environment for the long battered sector, which seems to be slowly achieving a better mar-ket supported by the normalization of the world trade. In terms of re-cently reported deals, Greek owner, Unisea, placed an order for two firm plus two optional Aframaxes (115,000dwt) at Samsung , in S. Korea, with delivery set in 2017.

Demolition (Wet: Firm+ / Dry: Firm+ )

In our previous report we pointed out how things in the demolition mar-ket had finally started to improve and it seems that last week sentiment managed to remain upbeat. Despite the lower activity volume, which is greatly attributed to the Easter holidays, demo markets in the currently appear that are due to gain some further ground in the following days as well, albeit this improvement will most probably come at a fairly slow pace rather than in fast price moves. Most of the action took place in Bangladesh and Pakistan last week, while offerings for wet tonnage managed to surpass $400/ldt following a couple of months of trending below that level. Bids coming out of India also ticked up last week and we wait that business will resume at a faster pace in the country in the following days as well. The improved demo prices are also expected to lure to the breaking yards and even greater number of vintage dry bulk vessels, as owners previously contemplating the idea of scrapping due to the plummeting of demo prices, might shortly feel more encouraged at these improved levels. Prices this week for wet tonnage were at around 230-405 $/ldt and dry units received about 215-390 $/ldt.

Weekly Market Report

Issue: Week 14 | Tuesday 7th April 2015

Intermodal Research 07/04/2015 2

2014 2013

WS

points$/day

WS

points$/day $/day $/day

265k MEG-JAPAN 52.0 51,042 51 47,080 8.4% 30,469 21,133

280k MEG-USG 27.0 30,159 27 29,890 0.9% 17,173 7,132

260k WAF-USG 64 60,617 64 59,960 1.1% 40,541 26,890

130k MED-MED 90 49,563 87.5 46,385 6.9% 30,950 17,714

130k WAF-USAC 88 45,196 84 41,853 8.0% 24,835 13,756

130k BSEA-MED 88 45,263 96 56,560 -20.0% 30,950 17,714

80k MEG-EAST 110 31,523 112.5 31,430 0.3% 19,956 11,945

80k MED-MED 102.5 33,409 122.5 41,318 -19.1% 28,344 13,622

80k UKC-UKC 115 33,719 95 23,261 45.0% 33,573 18,604

70k CARIBS-USG 192 56,947 180 52,470 8.5% 25,747 16,381

75k MEG-JAPAN 101.5 27,368 102.5 29,785 -8.1% 16,797 12,011

55k MEG-JAPAN 128.5 27,214 130 26,542 2.5% 14,461 12,117

37K UKC-USAC 140 17,322 157 22,735 -23.8% 10,689 11,048

30K MED-MED 179 28,356 170 25,536 11.0% 18,707 17,645

55K UKC-USG 110 21,953 115 23,820 -7.8% 23,723 14,941

55K MED-USG 112.5 21,963 115 22,020 -0.3% 21,089 12,642

50k CARIBS-USAC 150 27,781 130 23,529 18.1% 25,521 15,083

Vessel Routes

Week 14 Week 13$/day

%

Dir

tyA

fram

axC

lean

VLC

CSu

ezm

ax

Spot Rates

Apr-15 Mar-15 % 2014 2013 2012

300KT DH 81.0 81.0 0.0% 73.6 56.2 62.9

150KT DH 58.5 58.5 0.0% 50.2 40.1 44.9

110KT DH 45.0 45.0 0.0% 38.6 29.2 31.2

75KT DH 39.0 36.8 6.1% 32.8 28.0 26.7

52KT DH 25.0 25.0 0.0% 27.2 24.7 24.6

VLCC

Suezmax

Indicative Market Values ($ Million) - Tankers

Vessel 5yrs old

MR

Aframax

LR1

Chartering

As the price of oil moved back down last week, the crude carriers market partly found support on cheaper bunkers in a week that was expected to be quieter but has nonetheless finished off with fairly steady activity in the Middle East region. Asian demand seems to be currently the backbone be-hind strong the strong business volumes we have been witnessing since the beginning of the year, and despite any demand volatility witnessed in the second half of March, Eastbound demand has overall remained strong and is expected to remain such at least until the end of the month.

Rates for VLs closed off the week on a positive tone, with steady demand in both the W. Africa and MEG regions, while ideas for period activity revived a bit at the end of the week.

The positive sentiment in which the week prior ended for Suezmaxes, man-aged to feed through last week as well, although the second half of the week saw things slowing down a bit as holidays in Europe and the US got in the way, while this current week has also kicked off on a lightly negative tone.

Rates for Aframaxes were also pointing up on Friday, with those for cross-Med voyages being the only negative exception in an otherwise firming market, while both North Sea and Caribs continued to witnessed increased enquiry throughout the week.

Sale & Purchase

In the Aframax sector we had the sale of the CLIO (112,723dwt-blt 08, China), which was sold to German owner, TB Marine-Hamburg for a price in the region of $33.5m.

In the MR sector we had the sale of the ALGA (37,538dwt-blt 12, S.Korea), which was sold to Maersk for $27.3m.

Wet Market

Indicative Period Charters

- 6mos - 'PRIDE' 2000 307,000 dwt

- - $34,000/day - Core

-12 mos - 'NAVE GALACTIC ' 2009 297,000 dwt

- - $30,000/day+profit share - Shell

20

70

120

170

220

WS

po

ints

DIRTY - WS RATESTD3 TD4 TD6 TD9

Week 14 Week 13 % 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 21,500 21,500 0.0% 0 16,135 15,221

75k 3yr TC 19,000 18,500 2.7% 500 16,666 15,729

52k 1yr TC 15,500 15,500 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 14,000 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 RATESTC1 TC2 TC5 TC6

Intermodal Research 07/04/2015 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 seems unable to catch a break these days. Following

the market stabilization that preceded last week, lack of fundamentals to

push the market forward was once more evident across the board, while

despite the fact that the days leading to the Eastern holidays boosted rates

in some cases, it seems that the negative sentiment remains too strong to

shake off. Period enquiry remained healthy last week, but in most cases

charterers ideas were at a discount compared to last dones, with owners

seeming ready to accept these new lower levels even for longer term con-

tracts.

The Capesize segment remains the weakest link in the market, while de-

spite the slight increase in activity that was noted last week, this hardly

changed sentiment, with owners in search of cover before the holidays

accepting further discounted levels, while period ideas were also under

pressure.

Despite the negative week on week closing, the Panamax market was quite

busier towards the end of the week as charterers and owners sought to

conclude business before the start of the Easter long weekend. Activity in

East Coast South America also started to pick up once again, which eventu-

ally led to improved numbers, while period activity also remained healthy in

volumes .

Rates for the smaller size segments, aligned with the overall market senti-

ment, but have once more managed to hold much better off compared to

the non-geared sizes, with a slight optimistic feeling persisting until Friday

and despite the slow start to the week.

Sale & Purchase

In the Capesize sector, we had the sale of the HOUHENG 2 (179,929dwt-

blt 11, Philippines), which was reported being sold to Belgian owner, Cobel-

fret for a price in the region of $30.5m.

In the Kamsarmax sector we had the sale of the PRABHU MOHINI (81,340dwt-blt 11, S.Korea), which was sold to Greek owner, Chartworld Shipping, for a price in the region of $17.2m.

Apr-15 Mar-15 % 2014 2013 2012

180k 35.5 35.6 -0.4% 47.3 35.8 34.6

76K 17.5 17.6 -0.7% 24.5 21.3 22.7

56k 18.0 18.6 -3.4% 24.7 21.5 23.0

30K 14.0 14.0 0.0% 19.5 18.2 18.2

Capesize

Panamax

Supramax

Indicative Market Values ($ Million) - Bulk Carriers

Vessel 5 yrs old

Handysize

Indicative Period Charters

- 7 to 10 mos - 'LORD BYRON ' 2005 76,838dwt

- Busan 01/05 Apr - $ 7,250/day -SwissMarine

- 10 to 15 mos - 'CHINA PEACE' 2005 174,713 dwt

- Qingdao prompt - $ 9,000/day -Edf

Dry Market

Index $/day Index $/day Index Index

BDI 588 596 -8 1,097 1,205

BCI 454 $4,218 456 $4,290 -2 -1.7% 1,943 2,106

BPI 589 $4,708 597 $4,778 -8 -1.5% 960 1,186

BSI 636 $6,654 647 $6,768 -11 -1.7% 937 983

BHSI 386 $5,740 390 $5,780 -4 -0.7% 522 562

27/03/2015

Baltic IndicesWeek 14

03/04/2015Week 13

Point

Diff

2014 2013$/day%

170K 6mnt TC 7,750 8,000 -3.1% -250 22,020 17,625

170K 1yr TC 9,250 9,500 -2.6% -250 21,921 15,959

170K 3yr TC 11,000 11,250 -2.2% -250 21,097 16,599

76K 6mnt TC 7,750 7,750 0.0% 0 12,300 12,224

76K 1yr TC 7,750 7,750 0.0% 0 12,259 10,300

76K 3yr TC 8,750 9,000 -2.8% -250 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 8,250 8,500 -2.9% -250 11,585 10,482

30K 6mnt TC 6,750 6,750 0.0% 0 9,113 8,244

30K 1yr TC 7,000 7,250 -3.4% -250 9,226 8,309

30K 3yr TC 7,250 7,750 -6.5% -500 9,541 8,926Han

dys

ize

Period

2013

Pan

amax

Sup

ram

ax

Week

14

Week

13

Cap

esi

ze

2014$/day % Diff

Intermodal Research 07/04/2015 4

Secondhand Sales

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

BRONCO 7,301 1998 HAKATA, Japan Mitsubishi Feb-183 X 30t

DERRICKS$ 1.8m undisclosed

ALTONA 1 4,413 1984ELSFLETHER AG,

GermanyDeutz Jul -17 undisclosed undisclosed

MPP/General Cargo

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

AFRA CLIO 112,723 2008

NEW TIMES

SHIPBUILDING,

China

MAN-B&W Aug-18 DH $ 33.5m

German (TB

Marine-

Hamburg)

incl back to back 2-yr

TC to Shell at

$22,500/day

MR 4 x STX JINHAE 49,000 2016 STX, S. Korea MAN-B&W DH $ 39.5m

MR4 x Hyundai

Mipo37,000 2015

HYUNDAI MIPO, S.

KoreaDH $ 29.8m

MR ALGA 37,538 2012HYUNDAI MIPO

DOCKYARD, S. KoreaMAN-B&W Oct-17 DH $ 27.3m Danish (Maersk)

MR FAOUET 36,939 2005HYUNDAI MIPO

DOCKYARD, S. KoreaB&W Apr-15 DH $ 16.2m

Greek

(Thenamaris )old sa le

PROD/

CHEMMAEMI 19,859 2008

FUKUOKA FUKUOKA,

JapanMAN-B&W Mar-18 DH $ 24.0m European

PROD/

CHEMLIQUID GOLD 13,754 1999

JIANGNAN

SHIPYARD GROU,

China

B&W DH $ 4.5m undisclosedat auction in

Singapore

SMALL CRYSTALWATER 2,684 1997BREKO,

NetherlandsDeutz Apr-17 DH undisclosed Norwegian

incl. BB back to Navig8

for 15 years with

purchase option

Tankers

Norwegian

(Ocean Yield

ASA)

Intermodal Research 07/04/2015 5

Secondhand Sales

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

CAPE HOUHENG 2 179,929 2011HHIC-PHIL INC,

Phi l ippinesMAN-B&W Aug-16 $ 30.0m

Belgian

(Cobel fret)

CAPE ONOE 172,572 2000NKK CORP - TSU,

JapanMAN-B&W Oct-15 $ 9.5m

CAPE CHITOSE 171,199 2000KOYO MIHARA,

JapanB&W Oct-17 $ 9.5m

KMAX UNITY PRIDE 81,393 2011

HYUNDAI SAMHO

HEAVY IN, S.

Korea

MAN-B&W Nov-16 $ 17.7m Greeks (Aeolos)

KMAX PRABHU MOHINI 81,340 2011HYUNDAI HEAVY

INDS - U, S. KoreaMAN-B&W Aug-16 $ 17.2m

Greek

(Chartworld

Shipping)

PMAX DEWI LAKSMI 76,000 2011

GUANGZHOU

HUANGPU SHIP,

China

MAN-B&W Aug-16 $ 12.5mGreek (Sea

Traders )

PMAXBLUE MONT

BLANC74,043 1998

HASHIHAMA

SHBLDG - TAD,

Japan

B&W Jun-17 $ 6.0m Greek

UMAX SBI THALIA 63,500 2016

CHENGXI

SHIPYARD CO LT,

China

MAN-B&W4 X 30t

CRANES$ 24.5m Greek

SMAX GLOBAL WIND 53,026 2003

OSHIMA

SHIPBUILDING,

Japan

Mitsubishi Apr-184 X 30t

CRANES$ 9.0m Indones ian

previous deal to

Greeks Fa i led

HMAX AMBER HALO 45,292 1995

OSHIMA

SHIPBUILDING,

Japan

Mitsubishi Jul -154 X 30t

CRANES$ 3.9m undisclosed

HANDY INDIGO OCEAN 28,749 2008IMABARI

IMABARI, JapanMAN-B&W Apr-18

4 X 30,5t

CRANES$ 9.1m undisclosed

HANDY STONES 28,115 2001SIETAS KG,

GermanyMaK Jan-16 $ 18.5m North American sel f-unloading

HANDY ECO VOYAGER 28,000 2015I-S SHIPYARD CO

LTD, MAN-B&W Jan-20

4 X 30,5t

CRANESundisclosed Greek

HANDY KOTSIKAS 27,359 1996HANJIN HI CO LTD -

ULS, S. KoreaB&W Apr-16

4 X 30t

CRANES$ 3.9m Syrian

HANDY AQUA RUNNER 24,110 1997SHANGHAI

SHIPYARD, ChinaSulzer Mar-13

4 X 30t

CRANES$ 2.9m undisclosed

SMALL CENTURY PEARL 16,394 2008SHIN KOCHI,

JapanMitsubishi Jun-18

4 X 30t

CRANESundisclosed USA based

Bulk Carriers

Greek

Intermodal Research 07/04/2015 6

Activity in the newbuilding market sustained its volumes from the week pri-or, while it remained once again mostly concentrated around tankers where fundamentals remain in favour of those looking to invest in the sector. We reiterate our expectation that despite the spark of increased ordering activity for tankers we dont see newbuilding prices moving up at least until the spark becomes a full on trend that could allow yards to request for signifi-cant premiums for their slots.. On the other hand the situation in the dry bulk sector remains sluggish with only a limited number of orders being con-cluded for a third consecutive month since the beginning of the year. As we mentioned last week orders for the bigger size segments has pretty much halted with no signs of a reversal due anytime soon. At the same time the number of containership orders that is coming in light is revealing a much better environment for the long battered sector, which seems to be slowly achieving a better market supported by the normalization of the world trade.

In terms of recently reported deals, Greek owner, Unisea, placed an order for two firm plus two optional Aframaxes (115,000dwt) at Samsung , in S. Korea, with delivery set in 2017.

Newbuilding Market

20

60

100

140

180

mil

lion

$

Tankers Newbuilding Prices (m$)

VLCC Suezmax Aframax LR1 MR

Week

14

Week

13% 2014 2013 2012

Capesize 180k 52.5 52.5 0.0% 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

68.5 68.0 0.7% 66.9 63 62

46.5 46.0 1.1% 44.3 41 44

LNG 160k cbm

LGC LPG 80k cbm

MGC LPG 55k cbm

SGC LPG 25k cbm

Gas

Bu

lke

rsTa

nke

rs

Vessel

Indicative Newbuilding Prices (million$)

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+2 Tanker 115,000 dwt Samsung, S. Korea 2017 Greek (Unisea) undisclosed

2 Tanker 20,000 dwt Kitanihon, Japan 2016Singaporean (Eastern

Pacific)undisclosed chemical

2 Tanker 13,000 dwt Wuchang S. B., China 2016 Chinese (COSCOL) $ 26.3masphalt/bitumen

carriers

2 Bulker 38,000 dwt AVIC Weihai, China 2016 German (MST - Mineralien) $ 22.0m Ice 1 C

6+6 Container 21,100 teu Samsung, S. Korea 2017 Hong Kong based (OOCL) $ 158.6m

3 Container 20,600 teu Hanjin, Philippines Q32017 French (CMA CGM) $ 145.0m

4 Container 20,150 teu Samsung, S. Korea 2017 Japanese (Mitsui OSK) $ 155.0molder deal surfacing

now

Newbuilding Orders Size

Intermodal Research 07/04/2015 7

In our previous report we pointed out how things in the demolition market had finally started to improve and it seems that last week sentiment man-aged to remain upbeat. Despite the lower activity volume, which is greatly attributed to the Easter holidays, demo markets in the currently appear that are due to gain some further ground in the following days as well, albeit this improvement will most probably come at a fairly slow pace rather than in fast price moves. Most of the action took place in Bangladesh and Pakistan last week, while offerings for wet tonnage managed to surpass $400/ldt fol-lowing a couple of months of trending below that level. Bids coming out of India also ticked up last week and we wait that business will resume at a faster pace in the country in the following days as well. The improved demo prices are also expected to lure to the breaking yards and even greater num-ber of vintage dry bulk vessels, as owners previously contemplating the idea of scrapping due to the plummeting of demo prices, might shortly feel more encouraged at these improved levels. Prices this week for wet tonnage were at around 230-405 $/ldt and dry units received about 215-390 $/ldt.

The highest price amongst recently reported deals, was that paid by Bangla-deshi breakers for the Capesize OCEAN DRAGON (151,049dwt-17,987ldt-blt 95) that received a price of $425/ldt.

Demolition Market

Week

14

Week

13% 2014 2013 2012

Bangladesh 400 395 1.3% 469 422 440

India 400 395 1.3% 478 426 445

Pakistan 405 405 0.0% 471 423 444

China 230 230 0.0% 313 365 384

Bangladesh 390 380 2.6% 451 402 414

India 380 375 1.3% 459 405 419

Pakistan 380 380 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

$/ld

t

Dry Demolition Prices

Bangladesh India Pakistan China

Name Size Ldt Built Yard Type $/ldt Breakers Comments

OCEAN DRAGON 151,049 17,987 1995NKK CORP - TSU,

JapanBULKER $ 425/Ldt Bangladeshi incl. 800T ROB

MERRY TRANS 40,698 10,188 1985NKK CORP -

TSURUMI - Y, JapanBULKER $ 410/Ldt Bangladeshi

KONSTANTINOS A 71,550 10,110 1995HITACHI ZOSEN -

MAIZUR, JapanBULKER $ 405/Ldt Pakistani

NATS EMPEROR 38,300 8,539 1987 SETENAVE, Portugal BULKER $ 410/Ldt Bangladeshi

ARMIA LUDOWA 33,640 8,421 1987A WARSKIEGO

STOCZNIA, PolandBULKER $ 400/Ldt Bangladeshi

LIAN HUA 34,560 6,940 1984MITSUBISHI KOBE,

JapanBULKER $ 395/Ldt Pakistani

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

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

Finance News

PE swap at Marquette

Private equity firm BDT Capital Partners has acquired a majority stake in US tug operator Marquette Trans-portation Co. The stake was acquired from fellow private equity firm KRG Capital Partners for an undis-closed amount. However, earlier this year Reuters had reported that Marquette had been exploring a sale worth a potential $1bn. Minority shares in the company include chief executive John Eckstein, other members of the Eckstein family and Marquette man-agement.

Marquette has built its industry-leading position by investing in a world class fleet and providing excellent customer service, said John Eckstein. Our long-term capital will provide a solid foundation and long run-way to pursue a number of exciting growth initia-tives.

We met the BDT team as we were beginning to think about a capital partner for the next 10+ years. We were attracted to their long investment horizon and their strategic approach to partnering with me and the Marquette management team.

BDT chief executive Byron Trott commented: Our long-term capital will provide a solid foundation and long runway to pursue a number of exciting growth initiatives. Virginia-based investment bank Harris Williams & Co acted as the exclusive financial advisor to Marquette Transportation.

Bank of America Merrill Lynch, PNC Bank National Association, and Wells Fargo Capital Finance acted as joint lead arrangers for a senior secured credit facili-ty; Bank of America Merrill Lynch also acted as ad-ministrative agent for the facility. (Dale Wainwright, Trade Winds)

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DJ US Maritime 242.81 242.81 244.98 246.35 242.87 1.1%

$ / 1.09 1.09 1.08 1.07 1.08 0.0%

$ / 1.49 1.48 1.48 1.48 1.48 0.3%

/ $ 120.14 119.70 119.59 120.00 120.02 0.8%

$ / NoK 0.13 0.13 0.12 0.12 0.12 -0.4%

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$ INDEX 86.63 87.23 87.70 87.94 87.57 -0.5%

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Basic Commodities Weekly Summary

Oil WTI $ Oil Brent $ Gold $

3-Apr-15 27-Mar-15W-O-W

Change %

Rotterdam 513.0 527.0 -2.7%

Houston 590.5 586.5 0.7%

Singapore 522.0 532.5 -2.0%

Rotterdam 286.5 306.5 -6.5%

Houston 294.5 309.5 -4.8%

Singapore 307.5 337.5 -8.9%

Bunker Prices

MD

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CompanyStock

ExchangeCurr. 03-Apr-15 27-Mar-15

W-O-W

Change %

AEGEAN MARINE PETROL NTWK NYSE USD 13.98 13.97 0.1%

BALTIC TRADING NYSE USD 1.51 1.47 2.7%

BOX SHIPS INC NYSE USD 0.85 0.87 -2.3%

CAPITAL PRODUCT PARTNERS LP NASDAQ USD 9.73 9.29 4.7%

COSTAMARE INC NYSE USD 17.51 17.98 -2.6%

DANAOS CORPORATION NYSE USD 6.40 6.50 -1.5%

DIANA SHIPPING NYSE USD 6.08 6.28 -3.2%

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EAGLE BULK SHIPPING NASDAQ USD 8.72 8.02 8.7%

EUROSEAS LTD. NASDAQ USD 0.71 0.71 0.0%

FREESEAS INC NASDAQ USD 0.04 0.05 -20.0%

GLOBUS MARITIME LIMITED NASDAQ USD 1.30 1.29 0.8%

GOLDENPORT HOLDINGS INC LONDON GBX 123.58 123.71 -0.1%

HELLENIC CARRIERS LIMITED LONDON GBX 15.00 18.00 -16.7%

NAVIOS MARITIME ACQUISITIONS NYSE USD 3.86 3.50 10.3%

NAVIOS MARITIME HOLDINGS NYSE USD 4.11 4.25 -3.3%

NAVIOS MARITIME PARTNERS LP NYSE USD 11.54 11.08 4.2%

PARAGON SHIPPING INC. NYSE USD 0.90 1.00 -10.0%

SAFE BULKERS INC NYSE USD 3.55 3.55 0.0%

SEANERGY MARITIME HOLDINGS CORP NASDAQ USD 0.74 0.76 -2.6%

STAR BULK CARRIERS CORP NASDAQ USD 3.58 3.56 0.6%

STEALTHGAS INC NASDAQ USD 6.53 6.68 -2.2%

TSAKOS ENERGY NAVIGATION NYSE USD 8.63 8.22 5.0%

TOP SHIPS INC NASDAQ USD 1.14 1.03 10.7%

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07/04/2015

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