november 24th 28th 2014 | week 48€¦ · 2 2013 2014 november 24th - 28th 2014 capesize - a...

1

28 Nov ±∆ ±%BDI 1,153 q -171 -12.9%

BCI 2,151 q -887 -29.2%

BPI 1,120 p 65 6.2%

BSI 986 p 44 4.7%

BHSI 491 p 29 6.3%

W-O-W change

Despite the relatively positive performance of the Capes last week, there are many in

the market that are voicing serious worries regarding the prospects of these large dry

bulk carriers within the first 2 quarters of 2015, while things are not looking much bet-

ter for 2015 as a whole. With the steel industry being considerably shaken up after the

softer results witnessed out of China throughout the year, the market has found itself

once again plagued by overcapacity in terms of vessels and excess supply of steel prod-

ucts, possibly marking a further slowdown in steel production growth. Having now en-

tered the final month of 2014 and with rates in the final quarter of the year having

grossly disappointed the expectations that had accrued from the more promising final

quarter of 2013, the market has now been left in shatters in terms of market sentiment,

while the headache of the excessive order book continues to loom in the horizon.

Yet amongst all this scare mongering, there are many that see small glimpses of hope

and herald that a more optimistic scenario may well be looming. Iron ore trade and in

particular seaborne trade, has been mainly driven by Chinese demand for almost a dec-

ade now and while demand for steel production may well be faltering, it doesn’t not

look like we will see an outright reduction in demand for this vital commodity. At the

same time, with prices of the ore having dropped to consecutively record 5 year lows

over the past months, it has been Chinese internal iron ore production that has been

most at threat. Both Australia and Brazil have considerably lower breakeven levels and

can sustain their production at price levels considerably lower than their Chinese coun-

terparts. This means that as the price drops further it will likely be seaborne imports

that will have most to gain boosting their demand and as such their volumes. Further-

more the considerable iron ore inventories that have amassed in most major Chinese

ports are likely to be consumed fairly quickly by the ramped up Chinese steel produc-

tion and at the same time the average levels of port inventories will have to be raised in

order to better secure against any disruptions in production as they will be more reliant

on imports moving forward.

So maybe there is not that much to fear in the market moving forward? or is there?

There may well be an increasing rise for iron ore imports, however Australia has cham-

pioned as main supplier to China for many years and as things are looking now, they

have been gaining further ground during 2014, moving from a 51% market share in

2013 up to roughly a 58% market share now. This means that as their mines ramp up

production and gain ground in the market they will likely eat up some of the further

away competition as well, countering some of the positive effects of the higher reliance

of China on imports, as Aussie ore also takes up volume from longer haul sources as

well.

So where will we find ourselves in 2015? As things stand now it looks as a reasonable

scenario for Chinese iron ore imports to rise by around 10-15% on a year-on-year ba-

sis, while to put this number in perspective the respective number for 2014 looks close

to around 16%. Having said that, this rise in imports is possibly going to translate into a

more marginal 5% demand growth and even this figure seems to be optimistic. At the

same time the schedule of newbuilding deliveries is quite well packed with over 139

vessels currently set to hit the water within 2015, while the lower bunker prices might

add another headache as fuel consumption becomes less of an issue and many charter-

ers start to push for higher speeds and in turn further increase the total annual carrying

capacity of the Capesize fleet .

George Lazaridis

Head of Market Research & Asset Valuations

November 24th - 28th 2014 | Week 48

Dry Bulk Freight Market

Secondhand Market

Newbuilding Market

Demolition Market

Economic Indicators

Tanker Freight Market

28 Nov ±∆ ±%BDTI 866 q -109 -11.2%

BCTI 823 p 68 9.0%

W-O-W change

28 Nov ±∆ ±%Dry 353 q -7 -1.9%

Wet 383 q -6 -1.5%

Avg Price W-O-W change

28 Nov ±? ±%Bulkers 90 q -1 -0.9%

Cont 110 0 0.0%

Tankers 104 q 0 -0.3%

Gas 102 0 0.0%

Agregate Price Index M-O-M change

28 Nov ±∆ ±%Gold $ 1,192 q -40 -3.3%

Oil WTI $ 66 q -15 -18.3%

Oil Brent $ 70 q -16 -18.6%

Iron Ore 82 0 0.0%

Coal 67 p 1 1.0%

M-O-M change

28 Nov ±∆ ±%Capesize 72 q -3 -4.6%

Panamax 58 q -2 -3.1%

Supramax 70 q -3 -3.5%

Handysize 78 q -4 -5.3%

Agregate Price Index M-O-M change

VLCC 100 0 0.0%

Suezmax 91 p 3 3.9%

Aframax 107 0 0.0%

MR 107 q -2 -1.7%

2

2013 2014

November 24th - 28th 2014

Capesize - A punishing week for Capes as the tumble in freight rates continues and

each fixture looking to be softer then its respective previous. There seems to be

little activity out there and interest amongst charterers is looking to be fairly low.

The Atlantic basin was the one to see the most dramatic drops as there was little

activity reported out of S. America, while position lists in the basin seemed heavy.

The Pacific was slower to see corrections on last done, however here too things

were dropping and tonnage availability ex-Australia started to mount.

Panamax - With position lists fairly tight for the first half of December, Tha Atlantic

basin was quick to show firmer numbers this week, with keen interest from both

the US Gulf and NW Europe. Things in the Pacific did not look so rosy as cautioned

remained for most charterers who preferred to wait it out, rather than rush in to

book their requirements. This slower flow of inquiries pushed for further correc-

tions on most routes in the region, though owners seemed to be holding their

ground gaining confidence from the bullish Atlantic basin.

Supramax - Despite a small improvement on a week-on-week basis things moved

fairly slow this week in both basins. Things seemed to heat up slightly towards the

end of the week, with promise of more activity to emerge from ECSA over.

Handysize - A fair influx of fresh inquiries and some clearing of excess tonnage that

had amassed, helped owners push for better levels. The Pacific seems to be the

main driver at the moment, however there could be a slight spill over effect to be

seen over the coming days.

0

10

20

30

40

50'000 US$/day

28 Nov 21 Nov ±% 2014 2013

Baltic Dry IndexBDI 1,153 1,324 -12.9% 1,120 1,209

CapesizeBCI 2,151 3,038 -29.2% 2,045 2,117

BCI 5TC $ 15,407 $ 22,990 -33.0% $ 15,904 $ 14,090ATLANTIC RV $ 17,050 $ 30,500 -44.1% $ 14,751 $ 14,478

Cont / FEast $ 27,290 $ 39,180 -30.3% $ 33,265 $ 28,785PACIFIC RV $ 14,695 $ 18,536 -20.7% $ 14,906 $ 14,054

FEast / ECSA $ 14,214 $ 19,295 -26.3% $ 14,355 $ 8,540Panamax

BPI 1,120 1,055 6.2% 961 1,189BPI - TCA $ 8,943 $ 8,443 5.9% $ 7,695 $ 9,490

ATLANTIC RV $ 10,417 $ 8,492 22.7% $ 6,632 $ 10,635Cont / FEast $ 15,731 $ 15,158 3.8% $ 15,375 $ 17,709PACIFIC RV $ 8,981 $ 9,488 -5.3% $ 7,913 $ 8,951FEast / Cont $ 641 $ 632 1.4% $ 860 $ 666

SupramaxBSI 986 942 4.7% 938 984

BSI - TCA $ 10,310 $ 9,848 4.7% $ 9,811 $ 10,290Cont / FEast $ 13,500 $ 13,407 0.7% $ 15,147 $ 15,417Med / Feast $ 11,993 $ 12,356 -2.9% $ 14,036 $ 14,902PACIFIC RV $ 9,571 $ 8,729 9.6% $ 8,814 $ 8,595FEast / Cont $ 7,560 $ 6,945 8.9% $ 6,061 $ 5,070USG / Skaw $ 17,138 $ 15,967 7.3% $ 14,596 $ 19,858Skaw / USG $ 5,586 $ 5,706 -2.1% $ 4,959 $ 4,809

HandysizeBHSI 491 462 6.3% 526 563

BHSI - TCA $ 7,124 $ 6,706 6.2% $ 7,715 $ 8,191Skaw / Rio $ 6,280 $ 5,960 5.4% $ 5,622 $ 6,170

Skaw / Boston $ 6,260 $ 5,980 4.7% $ 5,242 $ 5,623Rio / Skaw $ 8,231 $ 7,644 7.7% $ 10,129 $ 11,430

USG / Skaw $ 8,733 $ 7,967 9.6% $ 10,890 $ 13,820SEAsia / Aus / Jap $ 6,021 $ 5,543 8.6% $ 7,082 $ 7,135

PACIFIC RV $ 7,721 $ 7,504 2.9% $ 7,835 $ 7,106

Spot market rates & indices Average

0

1,000

2,000

3,000

4,000

5,000

BDI BCI BPI BSI BHSI

0

5

10

15

20'000 US$/day

0

5

10

15

20'000 US$/day

0

3

6

9

12

15'000 US$/day

3

2013 2014

Crude Oil Carriers - It was the Vls this week to show a more bullish face, as demand

in the Atlantic started to heat up taking out most of the promptly available tonnage

in the market and boosting sentiment amongst owners who seemingly pushed for

serious rates hikes as things progressed during the week. Things were not as firm in

the Suez and Afra markets, where notable corrections were seen in most trades as

the previous week’s momentum started to slowly lose steam during the week. Nev-

ertheless rates are still holding at fairly good levels and with demand spiking for

VLs, there has been further improvement in overall sentiment.

Oil Products - Mixed messages this week for the products markets, with both clean

and dirty products showing both disappointment and signs of improvement. On the

side of the DPP routes there was a slight improvement in the Far East, while lower

bunker prices was the only thing helping push for more positive figures in the West.

CPP routes were doing much better as demand started to spike from the U.S. .


28 Nov 21 Nov ±% 2014 2013

Baltic Tanker IndicesBDTI 866 975 -11.2% 771 642BCTI 823 755 9.0% 587 605

VLCCWS 32.83 29.13 12.7% 27.79 24.16

$/day $ 11,845 $ 4,208 181.5% -$ 8,264 -$ 14,874WS 66.32 53.68 23.5% 46.67 40.79

$/day $ 57,618 $ 32,129 79.3% $ 35,162 $ 33,437WS 65.50 53.07 23.4% 46.03 40.22

$/day $ 63,233 $ 42,361 49.3% $ 21,229 $ 12,010WS 77.50 76.46 1.4% 55.85 43.37

$/day $ 71,799 $ 60,287 19.1% $ 29,752 $ 26,104SUEZMAX

WS 86.75 137.02 -36.7% 74.23 58.28$/day $ 42,456 $ 80,187 -47.1% $ 25,715 $ 14,146

WS 98.50 145.00 -32.1% 80.81 63.46$/day $ 48,826 $ 89,314 -45.3% $ 24,096 $ 8,867

AFRAMAXWS 107.22 129.44 -17.2% 109.31 89.74

$/day $ 29,342 $ 45,866 -36.0% $ 22,604 $ 11,046WS 139.83 133.17 5.0% 106.45 86.05

$/day $ 37,352 $ 33,639 11.0% $ 14,962 $ 5,811WS 122.92 145.83 -15.7% 129.08 100.01

$/day $ 27,528 $ 37,831 -27.2% $ 24,953 $ 12,569WS 90.56 112.22 -19.3% 88.99 75.41

$/day $ 38,511 $ 53,910 -28.6% $ 28,065 $ 17,918DPP

WS 137.00 137.50 -0.4% 139.18 112.81$/day $ 21,618 $ 17,562 23.1% $ 20,496 $ 14,414

WS 131.79 133.50 -1.3% 126.47 104.57$/day $ 28,772 $ 27,901 3.1% $ 18,137 $ 14,861

WS 118.56 118.13 0.4% 95.20 76.94$/day $ 34,798 $ 33,945 2.5% $ 16,563 $ 6,362

WS 127.22 227.61 -44.1% 104.72 79.84$/day $ 40,549 $ 99,038 -59.1% $ 20,248 $ 6,008

CPPWS 110.67 112.06 -1.2% 96.52 84.27

$/day $ 25,695 $ 25,750 -0.2% $ 13,301 $ 8,505WS 226.11 170.00 33.0% 118.04 125.28

$/day $ 35,583 $ 23,224 53.2% $ 7,793 $ 9,474WS 147.08 141.88 3.7% 105.97 129.83

$/day $ 19,113 $ 17,845 7.1% $ 6,309 $ 11,873WS 128.57 130.00 -1.1% 88.68 98.72

$/day $ 15,370 $ 15,907 -3.4% $ 1,937 $ 4,153

BALTIC-UKC

ARA-USG

Spot market rates & indices Average

MED-MED

CONT-USAC

USG-CONT

MEG-USG

MEG-SPORE

WAF-USG

BSEA-MED

MEG-SPORE

MEG-JAPAN

WAF-USAC

NSEA-CONT

CARIBS-USG

CARIBS-USAC

SEASIA-AUS

MEG-JAPAN

CARIBS-USAC

450

650

850

1,050

1,250

1,450

BDTI BCTI

-20-10

010203040

'000 US$/day

-25

0

25

50

75

100'000 US$/day

0

20

40

60

80

100'000 US$/day

0369

121518212427

'000 US$/day

4

last 5 years

28 Nov 24 Oct ±% Min Avg Max

VLCC

$ 33,000 $ 31,500 4.8% $ 18,000 $ 28,689 $ 60,000

$ 34,000 $ 34,000 0.0% $ 22,000 $ 31,305 $ 47,500

Suezmax

$ 30,000 $ 25,500 17.6% $ 15,250 $ 22,325 $ 42,000

$ 30,000 $ 28,000 7.1% $ 17,000 $ 23,857 $ 39,000

Aframax

$ 23,000 $ 20,000 15.0% $ 13,000 $ 16,372 $ 28,500

$ 23,000 $ 22,000 4.5% $ 14,750 $ 18,078 $ 26,750

MR

$ 14,000 $ 14,000 0.0% $ 18,000 $ 28,584 $ 60,000

$ 15,000 $ 15,000 0.0% $ 18,000 $ 28,584 $ 60,000

12 months

36 months

Tanker period market TC rates

12 months

36 months

12 months

36 months

12 months

36 months

last 5 years


Capesize

$ 16,000 $ 17,250 -7.2% $ 10,200 $ 22,763 $ 51,700

$ 15,250 $ 15,500 -1.6% $ 13,200 $ 21,414 $ 35,700

Panamax

$ 10,500 $ 10,550 -0.5% $ 7,700 $ 15,167 $ 30,450

$ 12,250 $ 12,475 -1.8% $ 8,950 $ 14,123 $ 22,450

Supramax

$ 10,000 $ 10,500 -4.8% $ 8,700 $ 13,805 $ 24,950

$ 10,000 $ 10,250 -2.4% $ 9,700 $ 13,151 $ 18,700

Handysize

$ 8,250 $ 8,500 -2.9% $ 6,950 $ 10,804 $ 18,700

$ 8,500 $ 8,750 -2.9% $ 8,450 $ 10,865 $ 15,200

36 months

12 months

36 months

36 months

12 months

36 months

12 months

12 months

Dry Bulk period market TC rates


Latest indicative Dry Bulk Period Fixtures

Latest indicative Tanker Period Fixtures

1416182022242628303234

8

9

10

11

12

13

14

15

16

8

9

10

11

12

13

14

15

7

8

9

10

11

20

22

24

26

28

30

32

34

15

17

19

21

23

25

27

29

31

12

14

16

18

20

22

24

12

13

14

15

16

17M/V ''Desh Bhakt'', 113928 dwt, built 2003, $18500, for 12/18 months trading

M/V ''Radiant Sea'', 73933 dwt, built 2007, $16000, for 12 months trading

M/V ''Chrisopigi Lady'', 71818 dwt, built 2005, $17250, for 2 years trading

M/V ''Maran Capella'', 159700 dwt, built 159700, $22000, for 12 months

trading

M/V ''Jo Provel'', 75000 dwt, built 2013, $17250, for 12 months trading

M/V ''Bulk Finland'', 76500 dwt, built 2014, dely Tachibana 03/05 Dec,

$11750, for 5/7 months trading

M/V ''Star Georgia'', 82000 dwt, built 2006, dely Cheju 26/28 Nov, $10500,

for 4/6 months trading

M/V ''Fu Min'', 72437 dwt, built 1997, dely Xiamen prompt, $9000, for 4/6

months trading

M/V ''CMB Jialing'', 55090 dwt, built 2010, dely Tianjin spot, $10250, for 2/4

months trading

M/V ''Donghae Star'', 82852 dwt, built 2012, dely CJK 01/07 Dec, $9500, for

11/13 months trading

5

Reported Transactions

Another week of minimal activity in the traditionally more active mar-

ket segments of the Dry Bulk and Tanker markets. With such uncer-

tainty being rife in the market, owners are still taking a more cautious

approach to the prospect of placing new orders. On the other hand,

the recent drop in steel prices could soon start to put a downward

push on prices offered by shipbuilders, while with the slowdown in

activity noted these past couple of months they will likely use any

drop in price as a strong marketing point to entice further interest

amongst potential buyers. The only thing that will likely continue to

hold things back in terms of lowering prices is likely to be any risk

exposure of higher steel prices come day of procurement for the

booked contract by the shipbuilder.

For now interest is mainly holding strong for some of the more exotic

ship types such as offshore vessels, while the Gas market continues to

hold interest amongst many new investors both from within the in-

dustry as well as from outside.


20

30

40

50

60

Capesize Panamax Supramax Handysize

US$ million

30

50

70

90

110

VLCC Suezmax Aframax LR1 MR

US$ million

Indicative Dry NB Prices (US$ million) last 5 years


Dry Bulkers

Capesize (180,000dwt) 54.0 55.0 -1.8% 46.0 54.8 88.0

Kamsarmax (82,000dwt) 30.5 30.5 0.0% 26.5 32.2 46.5

Panamax (77,000dwt) 29.0 29.5 -1.7% 25.8 30.8 46.5

Ultramax (64,000dwt) 27.5 27.8 -0.9% 24.3 28.5 42.0

Handysize (37,000dwt) 23.0 23.0 0.0% 21.0 24.1 32.5

Container

Post Panamax (9,000teu) 88.0 88.0 0.0% 76.5 89.2 121.5

Panamax (5,200teu) 58.5 58.5 0.0% 48.6 58.4 72.5

Sub Panamax (2,500teu) 32.0 32.0 0.0% 29.5 34.3 50.0

Feeder (1,700teu) 26.0 26.0 0.0% 21.2 25.1 35.9

Indicative Wet NB Prices (US$ million) last 5 years


Tankers

VLCC (300,000dwt) 97.0 98.0 -1.0% 89.5 101.9 150.0

Suezmax (160,000dwt) 65.5 66.0 -0.8% 55.8 63.4 91.0

Aframax (115,000dwt) 54.0 54.0 0.0% 47.0 53.4 75.0

LR1 (75,000dwt) 46.5 46.5 0.0% 40.5 45.2 61.0

MR (56,000dwt) 37.0 37.0 0.0% 33.5 36.0 47.5

Gas

LNG 160k cbm 200.0 200.0 0.0% 198.0 205.4 245.0

LPG LGC 80k cbm 79.0 79.0 0.0% 69.5 74.1 92.0

LPG MGC 55k cbm 68.5 68.5 0.0% 62.0 65.2 83.0

LPG SGC 25k cbm 45.5 45.5 0.0% 41.0 44.9 53.0

Type Units Size Shipbuilder Price Buyer Delivery Comments

BULKER 4 208,000 dwtJIANGSU NEW YANGZIJIANG,

China$ 56.5m

GERM ANY - REEDEREI

H.VOGEM ANN2016/2017

BULKER 2 60,000 dwt TOYOHASHI SHIPBUILDING, Japan N/A HONG KONG - UNKNOWN 2017

BULKER 4+2 36,500 dwtJIANGSU NEW YANGZIJIANG,

China$ 26.5m POLAND - PZM 2016/2017 laker, many extras

TANKER 4+2+2+2 73,000 dwt STX SHIPBUILDING, South Korea $ 46.0m SINGAPORE - BW 2016/2017 product tanker

TANKER 2 33,000 dwt NEW TIM ES, China N/A NORWAY - JO TANKERS 2017

TANKER 1 12,800 dwt QINGSHAN SHIPYARD, China N/A UNKNOWN - UNKNOWN 2015 asphalt/bitumen carrier

CONTAINER 2 160 teu WESTERN M ARINE, Bangladesh N/A BANGLADESH - ARYANT GROUP 2015

GAS 2 173,400 cbm DAEWOO, South Korea N/A GREECE - M ARAN GAS 2018 LNG

GAS 1 165,000 cbm JAPAN M ARINE UNITED, Japan N/A JAPAN - M ITSUI O.S.K. LINES 2017 LNG

GEN.

CARGO2 25,000 dwt GUANGZHOU SHIPYARD, China N/A HONG KONG - RED BOX 2015/2015

M PP, Heavy-lift. Polar class

designed for operation in severe

ice conditions.

GEN.

CARGO2 25,000 dwt GUANGZHOU SHIPYARD, China N/A HONG KONG - RED BOX 2015/2015 M PP

OFFSHORE 2 3,000 dwt COLOM BO, Sri Lanka N/ASINGAPORE - EXDCUTIVE

OFFSHORE2016 OSV

OFFSHORE 2 2,600 dwt HAVYARD LEIRVIK, Norway N/A UNKNOWN - UNKNOWN 2016 AHTS

6

Indicative Dry Bulk Values (US$ million)


CapesizeResale 58.0 58.0 0.0% 36.0 56.0 74.0

5 year old 40.0 42.0 -4.8% 31.5 44.6 61.010 year old 30.0 32.0 -6.3% 20.0 32.8 45.515 year old 17.5 19.0 -7.9% 11.0 20.4 29.5

PanamaxResale 31.0 31.0 0.0% 24.5 35.3 46.0


SupramaxResale 30.5 31.0 -1.6% 23.5 32.1 40.0


HandysizeResale 24.0 25.0 -4.0% 21.0 25.2 30.0


last 5 years


Last week in the Dry Bulk segment there were reports that the

Capesize “PACIFIC TRIANGLE” (185k, 2000, S. Korea) was commit-

ted in the region of US$ 17.0m by Turkish buyers Besiktas. At the

same time the 3 years younger “WAN SHAN” (176k, 2003, Chinese

Taipei) was picked up by undisclosed buyers for a price of US$ 21.0m.

In the tanker sector we had the sale of the “DL BELLFLOWER” (100k,

2003, China) which was sold to Chinese buyers ZPMC for US$ 18.5m

with intention to convert it to a gantry crane transporter.

Further to our previous week report the two Zhejiang resales were

the Zhejiang ZJB-402 and Zhejiang ZJB-403 both with delivery with-

in 2015 and not the Zhejiang ZJB-401 as was reported.

-5%

-15%

-22%

-5%

-25%

-20%

-15%

-10%

-5%

0%

1 month diff 3 months diff6 months diff 12 months diff

-7%

-13%

-23%

-16%

-25%

-20%

-15%

-10%

-5%

0%


-4%

-10%

-16%

-10%

-18%

-16%

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%


-8%

-11%

-17%

-11%

-18%

-16%

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%


Indicative Tanker Values (US$ million)


VLCCResale 105.0 105.0 0.0% 80.0 97.9 124.0

5 year old 77.0 77.0 0.0% 55.0 72.8 119.510 year old 52.0 52.0 0.0% 33.8 50.2 88.015 year old 29.0 29.0 0.0% 16.9 26.5 40.0

SuezmaxResale 72.0 72.0 0.0% 53.0 65.7 92.0


AframaxResale 56.0 56.0 0.0% 39.0 49.5 69.0


MRResale 37.0 37.0 0.0% 32.0 36.8 49.0

5 year old 25.0 25.5 -2.0% 22.0 27.2 41.510 year old 16.0 16.0 0.0% 13.8 18.4 31.515 year old 10.5 11.0 -4.5% 9.0 11.2 17.3

last 5 years

+0%

+4%+3%

+33%

0%

5%

10%

15%

20%

25%

30%

35%


+6%

+14% +14%

+43%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%


+0%

+8%+11%

+40%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%


-2% -2%

-11%

-14%-16%

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%


7


Size Name Dwt Built Shipbuilder M/E Coating Price Buyers Comments

AFRA DL BELLFLOWER 99,999 2003 DALIAN NEW, China Sulzer $ 18.5m Chinese - ZPM Cfor conversion to gantry crane

transporter

AFRA VENICE 81,408 2001 3 M AJ, Croatia Sulzer $ 12.8m undisclosed

PROD/

CHEMLAUREL GALAXY 19,805 2004 KITANIHON, Japan M itsubishi SSTEEL $ 19.0m

S. Korean - GLOVIS

HYUNDAI

SM ALL ESHIPS BAINUNAH 8,125 2005 ANADOLU TUZLA,

TurkeyM aK

EPOXY

Coatedundisclosed undisclosed

SM ALL ASILAH 7,018 1984 ASAKAWA, Japan M itsubishiEPOXY

Coated$ 2.2m undisclosed

SM ALL KEOJE TIGER 6,502 1995 FUKUOKA, Japan B&WEPOXY

Coated$ 4.3m Taiwanese

Size Name Dwt Built Shipbuilder M/E Gear Price Buyers Comments

CAPE PACIFIC TRIANGLE 184,744 2000 SAM SUNG HEAVY, S.

KoreaB&W $ 17.0m Turkish - BESIKTAS on subs

CAPE WAH SHAN 175,980 2003 CHINA KAOHSIUNG,

Chinese TaipeiB&W $ 21.0m undisclosed

CAPE CAPE M ERLIN 150,966 1994 KAWASAKI HEAVY

INDS -, JapanB&W $ 10.5m S. Korean - KG M ARITIM E tender COA

HANDY DURBAN BULKER 32,545 2005 KANDA KAWAJIRI,

JapanM itsubishi

4 X 30,5t

CRANES$ 13.0m TAYLOR M ARITIM E

HANDY TROPICAL PEGASUS 22,332 2001 SHIN KOCHI, Japan B&W2 X 14,5t

CRANES$ 3.3m Asian

Type Name Dwt Built Shipbuilder M/E Gear Price Buyers Comments

General

CargoCLIPPER CRISTOBAL 8,719 1999

ZHONGHUA

SHIPYARD, ChinaWartsila

2 X 150t

CRANESundisclosed undisclosed

General

CargoCLIPPER COPENHAGEN 8,484 2001

ZHONGHUA

SHIPYARD, ChinaWartsila

2 X 150t


General

CargoSEA ENTERPRISER 7,049 1998 M ALTA SB, M alta B&W

4 X 12,5t


Size Name TEU Built Shipbuilder M/E Gear Price Buyers Comments

SUB

PM AXHAM M ONIA PACIFICUM 2,546 2007

JIANGSU

YANGZIJIANG, ChinaM AN-B&W

3 X 45t

CRANES$ 13.0m undisclosed

SUB

PM AXINDEPENDENT PURSUIT 2,546 2007

JIANGSU

YANGZIJIANG, ChinaM AN-B&W

3 X 45t

CRANES$ 13.0m undisclosed

FEEDER ADRIAN 1,730 1997 SZCZECINSKA,

PolandSulzer

3 X 40t

CRANES$ 2.0m U.A.E. based VIA AUCTION

Type Name Pax Built Shipbuilder M/E LOA(m) Price Buyers Comments

Cruise

ShipOCEAN PRINCESS 824 1999

ATLANTIQUE CHS,

FranceWartsila 181.00 undisclosed

U.S. - PRESTIGE

CRUISES

Type Name Dwt Built Shipbuilder M/E Bhp Price Buyers Comments

PSV HIGHLAND GUIDE 3,000 1999 BENDER SB., U. S. A. Caterpillar 4,638 $ 11.0m Qatari - TRELCO

Tankers

Bulk Carriers

Gen. Cargo

Containers

Offshore

Passengers

8

With sentiment still remaining at the “bottom of the bucket” offered

prices were still dropping in the Indian Sub-Continent. The large

availability of cheep steel is likely to hold as the market ceiling for

now, leading little no speculation for an imminent improvement and

limited appetite for deals from both the side of the sellers as well as

from cash buyers which seem to fear of further price drops in sight.

The reality is that the availability of demo candidates that has been

witnessed during the past months is likely to be an extra factor for

further drop in scrap prices and while the freight markets have yet to

show signs of recovery scrapping older tonnage will always seem like

a promising option.

In terms of rumored deals , the General Cargo ship “Bright Fu-

ture”( 6,025dwt, 1,976ldt, built Japan ‘76) received a fairly competi-

tive price of USD 395/ldt with destination Bangladesh.


Reported Transactions

200250300350400450500550

Bangladesh India Pakistan China Turkey

US$/ldt

200250300350400450500550

Bangladesh India Pakistan China Turkey

US$/ldt

Indicative Wet Prices ($/ldt) last 5 years

28 Nov 21 Nov ±% Min Avg Max

Indian Sub Continent

Bangladesh 460 470 -2.1% 250 426 540

India 460 465 -1.1% 260 430 550

Pakistan 460 470 -2.1% 260 427 525

Far East Asia

China 250 250 0.0% 180 360 485

Mediterranean

Turkey 285 290 -1.7% 285 334 355

Indicative Dry Prices ($/ldt) last 5 years

28 Nov 21 Nov ±% Min Avg Max

Indian Sub Continent

Bangladesh 425 435 -2.3% 225 397 515

India 425 435 -2.3% 220 404 525

Pakistan 425 435 -2.3% 220 399 510

Far East Asia

China 220 220 0.0% 160 343 455

Mediterranean

Turkey 270 275 -1.8% 270 323 355

Type Vessel's Name Dwt Built Country Built Ldt US$/ldt Destination Sale Comments

Cont JOLLY NERO 30,866 1976 Germany 22,000 $ 435/Ldt undisclosed bss 'as is' Port Rashid. Less 4,652 ts of permanent ballast.

Bulker ARGENM AR AUSTRAL 23,899 1984 Japan 5,260 $ 295/Ldt undisclosed

Gen.

CargoFREEDOM 9,618 1997 Germany 3,663 $ 380/Ldt Bangladeshi bss "as is" Shanghai incl 300Tns bunkers ROB

Gen.

CargoBRIGHT FUTURE 6,025 1984 Japan 1,976 $ 395/Ldt Bangladesh

9


Euro to US Dollar Yen to US Dollar

Iron Ore (TSI) Coal Price Index

US Dollar to Yuan US Dollar INDEX

Oil WTI $ Naptha

Earnings before taxes at the nine month stage have tripled at NordLB

to €364m ($454m), up from €108m last time round, even though ship-

ping clearly remains a headache at the prominent German ship lender.

Losses in its shipping and aviation segment rose 24% to €182m, and

given that aviation was profitable, the combined figure masks the ex-

tent of the bank's problem.

Nor does relief seem immediately likely, as a negative comments

about the shipping industry in the interim report make perfectly plain.

Hanover-based NordLB allowed €474m in shipping and aircraft loan

loss provisions for the period. Its non-performing loan ratio rose

slightly to 3.9% at the end of September, from 3.7% at the end of

2013. Source: Lloyds List


Markets

10year US Bond 2.2 2.3 -3.5% 2.1 2.6 3.0

S&P 500 2,067.6 1,964.6 5.2% 1,742 1,919 2,073

Nasdaq 4,791.6 4,483.7 6.9% 3,997 4,339 4,792

Dow Jones 17,828.2 16,805.4 6.1% 15,373 16,683 17,828

FTSE 100 6,722.6 6,388.7 5.2% 6,196 6,694 6,879

FTSE All-Share UK 3,593.3 3,418.1 5.1% 3,309 3,581 3,685

CAC40 4,390.2 4,128.9 6.3% 3,919 4,341 4,595

Xetra Dax 9,980.9 8,987.8 11.0% 8,572 9,510 10,029

Nikkei 17,459.9 15,291.6 14.2% 13,910 15,283 17,491

Hang Seng 23,987.5 23,302.2 2.9% 21,182 23,198 25,318

DJ US Maritime 315.6 367.3 -14.1% 312.5 359.2 405.7

Currencies

$ / € 1.2 1.3 -1.6% 1.2 1.3 1.4

$ / ₤ 1.6 1.6 -2.6% 1.6 1.7 1.7

₤ / € 0.8 0.8 1.0% 0.8 0.8 0.8

¥ / $ 118.6 108.0 9.8% 101.2 104.6 118.6

$ / Au$ 0.9 0.9 -3.1% 0.9 0.9 0.9

$ / NoK 0.1 0.2 -5.9% 0.1 0.2 0.2

$ / SFr 1.0 1.0 1.3% 0.9 0.9 1.0

Yuan / $ 6.1 6.1 0.3% 6.1 6.2 6.3

Won / $ 1,111.6 1,056.5 5.2% 1009.3 1048.2 1114.4

$ INDEX 95.5 91.7 4.1% 85.8 88.3 95.5

Commoditites

Gold $ 1,191.8 1,231.9 -3.3% 1141.2 1272.7 1382.2

Oil WTI $ 66.2 81.0 -18.3% 66.2 96.1 107.3

Oil Brent $ 70.2 86.1 -18.6% 70.2 102.9 115.1

Dubai oil $ 66.5 84.4 -21.3% 66.5 100.0 111.1

Naptha 598.0 680.0 -12.1% 598.0 869.4 975.0

Ethanol 2.1 1.7 24.7% 1.5 2.1 3.5

Palm Oil 705.0 715.0 -1.4% 677.5 828.7 992.5

Natural Gas NBP 58.3 53.2 9.5% 35.5 50.8 68.4

Iron Ore 82.2 82.2 0.0% 77.5 100.4 135.0

Coal Price Index 67.2 66.6 1.0% 63.7 73.1 85.8

White Sugar 429.5 449.4 -4.4% 409.6 480.5 1066.5

Barley 125.0 112.0 11.6% 108.0 128.8 147.0

Maize 119.9 111.5 7.5% 105.7 125.4 143.1

Soyabeans 442.9 430.1 3.0% 52.5 486.1 637.6

last 12 months

1.20

1.25

1.30

1.35

1.40

95.00

100.00

105.00

110.00

115.00

120.00

6.00

6.05

6.10

6.15

6.20

6.25

6.30

84.00

86.00

88.00

90.00

92.00

94.00

96.00

98.00

60.0070.0080.0090.00

100.00110.00120.00130.00140.00150.00

60.00

65.00

70.00

75.00

80.00

85.00

90.00

66.0071.0076.0081.0086.0091.0096.00

101.00106.00111.00

500.00

600.00

700.00

800.00

900.00

1,000.00

1,100.00

10


AERAKIS GEORGE BOLIS ILIASAOH: +30 210 60 35 259 AOH: +30 210 80 25 439

MOBILE: +30 6946 04 57 37 MOBILE: +30 6937 02 65 00

DASKALAKIS GEORGE DRAKOGIANNOPOULOS STAVROSAOH: +30 210 62 29 124 AOH: +30 210 60 11 438

MOBILE: +30 6932 24 80 07 MOBILE: +30 6932 20 15 65

DRAKOGIANNOPOULOS SAKIS HATZIGEORGIOU NASSOSAOH: +30 229 90 63 237 AOH: +30 210 93 16 353

MOBILE: +30 6944 88 58 08 MOBILE: +30 6944 73 33 93

KARADIMAS COSTAS KLONIZAKIS JOHNAOH: +30 210 62 11 906 AOH: +30 210 81 33 883

MOBILE: +30 6932 20 15 64 MOBILE: +30 6948 50 55 81

KOSTOYANNIS JOHN MANOLAS NIKOLASAOH: +30 210 81 31 194 AOH: +30 210 62 10 085

MOBILE: +30 6932 43 39 99 MOBILE: +30 6940 63 22 56

MOISSOGLOU THEODOROS PAPOUIS THASSOSAOH: +30 210 96 19 807 AOH: +30 210 81 31 027

MOBILE: +30 6932 45 52 41 MOBILE: +30 6944 29 49 89

PRACHALIAS ARGIRIS PROSSIOS TASSOSAOH: +30 210 48 28 354 AOH: +30 210 89 46 692

MOBILE: +30 6947 62 82 62 MOBILE: +30 6942 06 78 32

STASSINAKIS JOHN TOBALOGLOU EVAGELOSAOH: +30 213 00 81 481 AOH: +30 210 43 25 185

MOBILE: +30 6972 60 92 09 MOBILE: +30 6932 40 56 20

TSALPATOUROS COSTIS VARVAROS PLUTONAOH: +30 210 96 19 278 AOH: +30 210 45 11 331

MOBILE: +30 6932 20 15 63 MOBILE: +30 6937 25 15 15

GEORGE LAZARIDISMOBILE: +30 6946 95 69 40

Maritime Research & Valuations

Sale & Purchase

ALLIED SHIPBROKING INC. 48, Aigialeias Street, 4th Floor,

Maroussi 151 25, Greece Tel: +30 210 45 24 500

Fax: +30 210 45 25 017/ 019 E-mail: [email protected]

ALLIED CHARTERING S.A. 48, Aigialeias Street, 4th Floor,

Maroussi 151 25, Greece Tel : +30 210 42 88 100 Fax: +30 210 45 24 201

E-mail: [email protected]

E-mail: [email protected]

Visit us @ www.allied-shipbroking.gr

mailto:[email protected]

11

Disclaimer

The information contained within this report has been provided by Allied Shipbroking Inc. and Allied Chartering S.A. for general information pur-

poses.

All the information is compiled through Allied Shipbroking Inc. and Allied Chartering S.A. databases, as well as from other market sources. Despite

having taken reasonable care in the gathering, filtering and auditing of this information and believing that the information is accurate and correct,

it may still contain errors, as a lot of the views regarding market levels are partially derived from estimates and/or subject judgments while the

reported transaction activity is gathered from several sources and rumors, some of which are sometimes hard to validate in full their accuracy and

truthfulness. As such we advise that the information be taken cautiously, while advising that this information doesn’t not obviate the need to also

make further enquiries and seek further information in order to obtain a more accurate outlook. As we make no warranties of any kind, both ex-

pressed or implied, as to the completeness, accuracy, reliability or completeness of the information herein, Allied Shipbroking Inc. and its connect-

ed persons shall not be held liable to any loss or damage of any kind, including direct, indirect and/or consequential damages caused by negligence

of any kind on our part.

Any choice to rely on this information provided is strictly at the recipient’s own risk.

This report and its information is confidential and solely for the internal use of its recipients, while any re-production or re-distribution of the re-

port and its material is strictly prohibited without prior permission from Allied Shipbroking Inc.

If you wish to subscribe to this or any other report we produce, please contact us directly.

Appendix

Agregate Price Index quoted on the first page for both Newbuilding and Secondhand relates to the current average prices levels compared to

where they stood at 1st January 2009 (i.e. index 100 = 01/01/2009)

Period rates relate to Capesize of 180,000dwt, Panamax of 76,000dwt, Supramax of 56,000dwt and Handysize of 33,000dwt on the Dry Bulk

side and VLCC of 250,000dwt, Suezmax of 150,000dwt, Aframax of 115,000dwt and MR of 52,000dwt on the Tankers side respectively.

In terms of Secondhand Asset Prices their levels are quoted based on following description:

All vessels built to European specifications.

Capesizes – Resales (180,000dwt), 5 year old (170,000dwt), 10 year old (150,000dwt) and 15 year old (150,000dwt)

Panamax - Resales (84,000dwt), 5 year old (78,000dwt), 10 year old (76,000dwt) and 15 year old (76,000dwt)

Supramax - Resales (64,000dwt), 5 year old (56,000dwt), 10 year old (56,000dwt) and 15 year old (52,000dwt)

Handysize - Resales (38,000dwt), 5 year old (35,000dwt), 10 year old (35,000dwt) and 15 year old (30,000dwt)

VLCC - Resales (320,000dwt), 5 year old (250,000dwt), 10 year old (250,000dwt) and 15 year old (250,000dwt)

Suezmax - Resales (150,000dwt), 5 year old (150,000dwt), 10 year old (150,000dwt) and 15 year old (150,000dwt)

Aframax - Resales (115,000dwt), 5 year old (115,000dwt), 10 year old (115,000dwt) and 15 year old (115,000dwt)

MR - Resales (56,000dwt), 5 year old (52,000dwt), 10 year old (52,000dwt) and 15 year old (52,000dwt)


november 24th 28th 2014 | week 48€¦ · 2 2013 2014 november 24th - 28th 2014 capesize - a...

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