spot market rates & indices€¦ · 1 20 mar ±∆ ±% bdi 591 s 29 5.2% bci 423 s 45 11.9% bpi...

1

20 Mar ±∆ ±%BDI 591 p 29 5.2%

BCI 423 p 45 11.9%

BPI 617 p 32 5.5%

BSI 635 p 29 4.8%

BHSI 384 p 16 4.3%

W-O-W change

Closing in on the final days of the year’s first quarter, the exceptional performance of

the crude oil tanker market has been gaining much attention and rightfully so after

having managed to retain its average earnings well above what has been seen during

any other first quarter since 2009. The average freight rates in the spot market for

VLCCs, Suezmaxes and Aframaxes have been at US$ 43,333/day, US$ 53,130/day and

US$ 40,840/day respectively. To put this in perspective, VLCCs were seeing an average

of US$ 36,547/day in 1Q2010, while Suemaxes were seeing US$ 35,689/day in

1Q2009 and Aframaxes were seeing US$ 27,048/day in 1Q2014, all of which are the

second best performances noted for each respective size segment. Put this against the

sub-prime performance and heavy losses noted overall and you have a sector which has

eagerly been awaiting a market recovery and a return back to more profitable earnings.

The shipping market has always been one to be plagued by a sense of “over optimism”

during any short burst in the market and this is likely to be no exception. This latest

market boom has been brought about by a series of factors which, as of yet, have not

shown strong indications that they will be long-lived. The drastic drop in crude oil pric-

es has spurred a flurry of activity that had not been anticipated and as such brought an

instant rebalancing of the demand and supply of tonnage. What’s more contango trad-

ing has been brought back on the menu, pushing many traders to book extra ships on

storage contracts, while general stockpiling activity has been on the rise. The key thing

here is that all these are dependent on the fact that these new price levels are here to

stay and that the current demand levels for imports are indicative on what we will see

in the longer-term. But what if all this changes? New contracting has been already pill-

ing on, making sure that the fleet will grow considerably over the next couple of years.

Will demand still be there however? Still holding its role as the key energy commodity

in the world means that as long as the global economy continues to grow and less de-

veloped economies try to catch up on the per capita energy consumption of the more

developed economies, demand for crude oil will continue to climb. Yet the expectations

are for a more moderate growth rate in crude oil trade, especially in the case that we

were to see prices of US$ 100 per barrel back on the scene. At the same time, there has

already been a shift in the location of oil refineries closer to producing regions rather

than consumers, making a change towards higher trade of the refined products rather

than crude oil itself and this pattern is likely to continue in the future.

Yet even taking these factors into consideration, things are looking fairly rosy for the

time being and it looks as though the current low crude oil prices could continue for at

least the majority of the year. It looks as though tanker owners are up for an exception-

al performance this year, something which is in direct contrast to what most of the oth-

er sectors in the industry are noting. The concern should be that as has been done

countless time in the past (most notable that of the LNG sector a couple of years back

as well as the Dry Bulk sector a bit more recently) investors should always be more

cautious as to the typical behaviour of other market players. Actions taken during the

short boom periods which, tend to mostly be of the newbuilding contracting variety,

usually end up in a complete market reversal within a period of less than two years .

George Lazaridis

Head of Market Research & Asset Valuations

16th - 20th March 2015 | Week 12

Dry Bulk Freight Market

Secondhand Market

Newbuilding Market

Demolition Market

Economic Indicators

Tanker Freight Market

20 Mar ±∆ ±%BDTI 769 q -43 -5.3%

BCTI 681 q -41 -5.7%

W-O-W change

Avg Price Index (main 5 regions)

20 Mar ±∆ ±%Dry 309 p 2 0.7%

Wet 325 p 2 0.6%

W-O-W change

Aggregate Price Index

20 Mar ±∆ ±%Bulkers 86 q -2 -2.0%

Cont 108 q 0 -0.4%

Tankers 103 q 0 -0.1%

Gas 100 q -1 -0.8%

M-O-M change

20 Mar ±∆ ±%Gold $ 1,166 q -57 -4.6%

Oil WTI $ 47 q -6 -11.8%

Oil Brent $ 55 q -6 -10.1%

Iron Ore 55 q -8 -13.2%

Coal 60 q -5 -8.0%

M-O-M change

Aggregate Price Index

20 Mar ±∆ ±%Capesize 56 q -2 -3.5%

Panamax 51 q -2 -3.1%

Supramax 56 q -6 -9.1%

Handysize 62 q -3 -5.0%

M-O-M change

VLCC 103 u 0 0.0%

Suezmax 96 q -2 -1.8%

Aframax 118 q -2 -1.8%

MR 112 q -1 -0.7%

2

2014 2015

16th - 20th March 2015

Capesize - There was a slight rejuvenated optimism in the market as things started

to turn towards the end of the week, with the revamped activity coming out of

West Australia pushing for firmer numbers despite the continual oversupply of

open tonnage available. It might be too early to feel any real relief, as things started

to go quiet again on Friday, pointing to possible difficulties to be faced this week as

well. Things should start to get slightly more interesting however, as all things point

to a pickup in interest from charterers over the coming weeks.

Panamax - It was ECSA that was supporting all the market yet again with activity

there dictating what was being seen on other major routes. The North Atlantic and

Pacific witnessed limited trading but with many ballasters heading elsewhere,

things were feeling slightly more balanced. The only other region seeing interesting

activity levels this week was the Indian Ocean/Southeast Asia, were there was a

slight pick up in fresh inquiries.

Supramax - There seemed to be limited gains being made in the Atlantic basin this

week, with the US Gulf lacking in interest and ECSA not picking off enough extra

slack to really kick off a rally. It was the Pacific basin that played a crucial role this

week, with several cargoes emerging from Indonesia to India, as several Indian

traders looking to close their books with better import volumes.

Handysize - A more balanced situation this week, despite some heating up of activ-

ity in the ECSA and SEAsia. This improvement was counterbalanced with subdued

interest elsewhere, keeping things fairly level, with only minimal w-o-w gains.

0

10

20

30

40

50'000 US$/day

20 Mar 13 Mar ±% 2015 2014

Baltic Dry IndexBDI 591 562 5.2% 616 1,104

CapesizeBCI 423 378 11.9% 569 1,961

BCI 5TC $ 4,174 $ 3,982 4.8% $ 5,842 $ 15,278ATLANTIC RV $ 3,795 $ 3,120 21.6% $ 6,801 $ 14,130

Cont / FEast $ 11,255 $ 11,910 -5.5% $ 15,156 $ 32,135PACIFIC RV $ 4,205 $ 3,932 6.9% $ 4,523 $ 14,319

FEast / ECSA $ 5,005 $ 5,027 -0.4% $ 6,187 $ 13,932Panamax

BPI 617 585 5.5% 602 964BPI - TCA $ 4,941 $ 4,692 5.3% $ 4,813 $ 7,714

ATLANTIC RV $ 4,265 $ 3,935 8.4% $ 4,601 $ 6,861Cont / FEast $ 9,755 $ 9,036 8.0% $ 9,792 $ 15,315PACIFIC RV $ 5,307 $ 5,364 -1.1% $ 4,505 $ 7,844FEast / Cont $ 436 $ 431 1.2% $ 354 $ 835

SupramaxBSI 635 606 4.8% 611 939

BSI - TCA $ 6,638 $ 6,334 4.8% $ 6,393 $ 9,816Cont / FEast $ 9,308 $ 9,575 -2.8% $ 8,686 $ 14,974Med / Feast $ 7,133 $ 7,092 0.6% $ 7,197 $ 13,840PACIFIC RV $ 5,992 $ 5,275 13.6% $ 5,963 $ 8,873FEast / Cont $ 5,250 $ 4,790 9.6% $ 5,265 $ 6,179USG / Skaw $ 10,386 $ 10,064 3.2% $ 9,704 $ 14,638Skaw / USG $ 3,796 $ 3,808 -0.3% $ 3,102 $ 4,971

HandysizeBHSI 384 368 4.3% 355 523

BHSI - TCA $ 5,667 $ 5,363 5.7% $ 5,285 $ 7,680Skaw / Rio $ 3,656 $ 4,025 -9.2% $ 2,980 $ 5,625

Skaw / Boston $ 3,683 $ 4,070 -9.5% $ 3,136 $ 5,273Rio / Skaw $ 7,913 $ 6,850 15.5% $ 7,249 $ 10,072

USG / Skaw $ 7,942 $ 7,875 0.9% $ 6,857 $ 10,743SEAsia / Aus / Jap $ 4,971 $ 4,336 14.6% $ 4,744 $ 7,022

PACIFIC RV $ 6,100 $ 5,704 6.9% $ 6,284 $ 7,840

Spot market rates & indices Average

0

1,000

2,000

3,000

4,000

BDI BCI BPI BSI BHSI

0

5

10

15'000 US$/day

0

5

10

15'000 US$/day

0

3

6

9

12

15'000 US$/day

3

2014 2015

Crude Oil Carriers - It seems that the slow winding down of the upcoming cargo

program for the next month started to catch up with owners, reversing the previ-

ous upward momentum and bringing about minor week-on-week corrections on

most of the VL routes. This seemed to also be the case for Suezmaxes were demand

in West Africa started to decline to its lowest level this year while the April pro-

gram is expected to also be fairly weaker. Aframaxes were seeing some interest in

the Baltic/North Sea region as well as some Eastbound inquiries helped keep things

firm in the MEG.

Oil Products - Things continued to keep on their positive course this week in terms

of freight levels, yet now it looks all the more worrying that a reversal is now in

sight. Expectations of lower demand over the coming weeks, coupled with an in-

crease of vessels opening shortly in the USAC and UKC regions should prove to be

overbearing for the current market bringing the recent firm levels down somewhat

while causing brining a halt to the spectacular rally in rates seen recently.


20 Mar 13 Mar ±% 2014 2013

Baltic Tanker IndicesBDTI 769 812 -5.3% 869 777BCTI 681 722 -5.7% 680 602

VLCCWS 26.25 28.71 -8.6% 33.19 28.24

$/day $ 12,067 $ 14,919 -19.1% $ 23,356 -$ 6,110WS 51.32 53.25 -3.6% 60.74 48.36

$/day $ 44,218 $ 46,258 -4.4% $ 55,878 $ 37,314WS 50.32 52.07 -3.4% 59.83 47.70

$/day $ 49,237 $ 50,546 -2.6% $ 63,310 $ 25,202WS 63.54 64.38 -1.3% 70.54 57.22

$/day $ 59,876 $ 60,579 -1.2% $ 67,557 $ 32,821SUEZMAX

WS 80.00 97.50 -17.9% 89.46 75.11$/day $ 44,244 $ 57,141 -22.6% $ 51,281 $ 27,044

WS 92.05 104.55 -12.0% 98.09 82.23$/day $ 48,367 $ 59,057 -18.1% $ 55,381 $ 26,364

AFRAMAXWS 95.00 95.00 0.0% 107.33 109.50

$/day $ 26,732 $ 26,271 1.8% $ 35,149 $ 23,581WS 114.00 113.06 0.8% 111.64 107.79

$/day $ 32,878 $ 31,502 4.4% $ 31,063 $ 16,427WS 131.67 164.17 -19.8% 154.39 127.51

$/day $ 38,093 $ 52,524 -27.5% $ 48,258 $ 24,895WS 78.89 77.50 1.8% 103.97 89.14

$/day $ 35,939 $ 33,983 5.8% $ 54,878 $ 29,167DPP

WS 115.00 150.00 -23.3% 158.79 139.78$/day $ 22,011 $ 33,129 -33.6% $ 36,188 $ 21,213

WS 112.50 119.00 -5.5% 136.68 127.00$/day $ 25,376 $ 27,517 -7.8% $ 34,303 $ 19,144

WS 104.94 102.00 2.9% 105.46 96.35$/day $ 33,733 $ 31,481 7.2% $ 33,814 $ 17,892

WS 122.06 101.50 20.3% 117.72 104.64$/day $ 44,891 $ 32,668 37.4% $ 41,879 $ 21,008

CPPWS 105.00 104.72 0.3% 98.20 96.90

$/day $ 29,041 $ 28,106 3.3% $ 25,573 $ 14,208WS 152.73 185.45 -17.6% 142.09 123.74

$/day $ 23,068 $ 29,856 -22.7% $ 20,934 $ 9,516WS 145.00 145.00 0.0% 125.26 110.57

$/day $ 24,100 $ 23,961 0.6% $ 19,292 $ 7,995WS 123.93 121.43 2.1% 87.78 92.94

$/day $ 18,063 $ 17,112 5.6% $ 9,872 $ 3,442

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

-100

10203040506070

'000 US$/day

-25

0

25

50

75

100'000 US$/day

0

20

40

60

80

100'000 US$/day

0369

12151821242730

'000 US$/day

4

last 5 years

20 Mar 13 Feb ±% Min Avg Max

VLCC

$ 42,000 $ 45,000 -6.7% $ 18,000 $ 27,447 $ 52,500

$ 41,500 $ 44,000 -5.7% $ 22,000 $ 30,640 $ 45,000

Suezmax

$ 33,000 $ 33,000 0.0% $ 15,250 $ 21,342 $ 33,000

$ 33,000 $ 33,000 0.0% $ 17,000 $ 23,296 $ 33,000

Aframax

$ 23,000 $ 23,000 0.0% $ 13,000 $ 16,055 $ 23,000

$ 23,000 $ 23,000 0.0% $ 14,750 $ 17,872 $ 23,000

MR

$ 15,500 $ 15,000 3.3% $ 12,500 $ 13,915 $ 15,500

$ 15,000 $ 15,250 -1.6% $ 13,500 $ 14,731 $ 16,000

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

$ 10,000 $ 11,000 -9.1% $ 9,950 $ 20,042 $ 40,200

$ 12,000 $ 12,000 0.0% $ 11,200 $ 19,627 $ 33,700

Panamax

$ 8,000 $ 7,750 3.2% $ 7,700 $ 14,180 $ 30,450

$ 9,250 $ 9,750 -5.1% $ 8,950 $ 13,596 $ 22,450

Supramax

$ 8,250 $ 7,750 6.5% $ 7,700 $ 13,307 $ 24,950

$ 8,750 $ 8,750 0.0% $ 8,700 $ 12,802 $ 18,700

Handysize

$ 7,500 $ 7,500 0.0% $ 6,950 $ 10,600 $ 18,700

$ 8,000 $ 8,000 0.0% $ 7,950 $ 10,711 $ 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

101214161820222426283032

789

10111213141516

7

8

9

10

11

12

13

14

15

7

8

9

10

11

20

25

30

35

40

45

50

55

15

20

25

30

35

12

14

16

18

20

22

24

12

13

14

15

16

17M/V ''NEW VISTA'', 297,253 dwt, built 2011, $40,000, for 24 months trading,

to Tesoro

M/V ''SKS'', 158843 dwt, built 2007, $28,000 + P/S, for 12 months trading, to

Shell

M/V ''OKLAHOMA'', 105456 dwt, built 2006, $22,000, for 24 months trading,

to Shell

M/V ''ABBEY ROAD'', 74986 dwt, built 2013, $20,750, for 12 months trading,

to Koch

M/V ''IVER EXACT'', 46575 dwt, built 2007, $14,900, for 12 months trading, to

Morgan Stanley

M/V ''Akaki'', 84074 dwt, built 2013, dely retro Ennore 4 Mar, $8,600, for 4/6

months trading, to Glencore

M/V ''Sea Neptune'', 81631 dwt, built 2013, dely Hong Kong 23/25 Mar,

$7,250, for 4/7 months trading, to Klaveness

M/V ''Ocean Virgo'', 81563 dwt, built 2012, dely PMO 19/25 Mar, $7,100, for

4/7 months trading, to Norden

M/V ''Ithaki'', 38000 dwt, built 2014, dely passing Gibraltar prompt, $9,000,

for abt 3/abt 5 months trading, to Furness Withy

M/V ''Navios Lumen'', 180661 dwt, built 2009, dely 27/30 Mar, $rate basis

BCI 4 t/c plus 5%, for 12/15 months trading, to SwissMarine

5

Reported Transactions

Interest for tanker vessels continues to mount for new contracting,

with the exceptional performance in the freight market seemingly

with no end in sight. Caution needs to be exercised however amongst

interested parties, as the fundamentals are not there, at least for the

larger crude oil carriers, to support an overwhelming fleet growth

over the coming years. Having said that, it would inevitably be the

case that new contracts would mount, especially as there is limited

availability for cheap purchasing in the secondhand market, and even

if you could find such a unit the price parity with a newbuilding seems

to favor the newbuilding route for the time being. This weeks orders

were mainly dominated by Greek tanker owners which either exer-

cised options or took on the chance for further contracting.

In terms of the dry bulk sector, it has been yet another “dry” week,

which could quite possibly be a good thing as the freight market is still

suffering heavy losses and there still seems to be an excess of vessels

on order and scheduled for delivery over the next two years.


20

30

40

50

60

Capesize Panamax Supramax Handysize

US$ million

30

50

70

90

110VLCC Suezmax Aframax LR1 MR

US$ million

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


Dry Bulkers

Capesize (180,000dwt) 52.0 53.3 -2.3% 52.0 55.2 58.0

Kamsarmax (82,000dwt) 29.0 29.5 -1.7% 29.0 30.2 30.8

Panamax (77,000dwt) 28.0 28.5 -1.8% 28.0 29.1 29.5

Ultramax (64,000dwt) 26.0 26.5 -1.9% 26.0 27.3 28.0

Handysize (37,000dwt) 22.0 22.5 -2.2% 22.0 23.1 23.5

Container

Post Panamax (9,000teu) 88.0 88.0 0.0% 88.0 88.8 91.0

Panamax (5,200teu) 58.0 58.0 0.0% 55.3 57.5 58.5

Sub Panamax (2,500teu) 31.0 31.5 -1.6% 31.0 31.9 33.0

Feeder (1,700teu) 25.5 25.5 0.0% 23.0 26.0 27.0

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


Tankers

VLCC (300,000dwt) 96.5 96.5 0.0% 94.0 98.2 101.0

Suezmax (160,000dwt) 65.0 65.0 0.0% 59.5 64.9 66.0

Aframax (115,000dwt) 53.5 53.5 0.0% 52.5 54.1 55.0

LR1 (75,000dwt) 45.8 46.0 -0.5% 43.0 46.0 47.0

MR (56,000dwt) 36.5 36.5 0.0% 35.0 36.8 37.3

Gas

LNG 160k cbm 200.0 200.0 0.0% 198.0 199.6 200.0

LPG LGC 80k cbm 77.5 78.5 -1.3% 75.0 78.4 80.0

LPG MGC 55k cbm 67.5 68.0 -0.7% 65.0 67.1 68.5

LPG SGC 25k cbm 45.0 45.5 -1.1% 43.0 44.5 45.5

Type Units Size Shipbuilder Price Buyer Delivery Comments

TANKER 2 160,000 dwt HHI, S. Korea $ 67.0m ARCADIA - Greece 2016

TANKER 1 159,000 dwt HUYNDAI H.I, S. Korea $ 67.0m THENAMARIS - Greece 2016

TANKER 2 115,000 dwtSUNGDONG SHIPBUILDING, S.

Korea$ 55.0m THENAMARIS - Greece 2017 Excerised option

TANKER 2 73,000 dwt STX SHIPBUILDING, S. Korea $ 46.0mBW PACIFIC - Singapore

Based2017 Excerised option

TANKER 1+1 52,000 dwt HUYNDAI VINASHIN, S. Korea N/A TOPSHIPS - Greece 2017

TANKER 1 6,366 dwt TERSAN SHIPYARD, Turkey N/AGEFO GESELLSCHAFT -

Germany2016 st st chemical

ATHS 3 2,000 dwt COCHIN SHIPYARD, India N/ASHIPPING CORP. INDIA -

India2016

LPG 1 38,000 cbm HYNDAI MIPO, S. Korea $ 52.0m KSS LINE - South Korea 2017

PSV 2 3,000 dwt COCHIN SHIPYARD, India N/ASHIPPING CORP. INDIA -

India2016

6

Indicative Dry Bulk Values (US$ million)


CapesizeResale 48.0 50.0 -4.0% 36.0 54.1 74.0

5 year old 33.0 34.0 -2.9% 31.5 43.0 61.010 year old 21.0 22.5 -6.7% 20.0 30.9 45.515 year old 13.0 13.0 0.0% 11.0 19.0 29.5

PanamaxResale 28.5 30.0 -5.0% 24.5 34.4 46.0

5 year old 17.0 18.0 -5.6% 17.0 26.9 40.310 year old 12.0 12.0 0.0% 12.0 20.8 33.815 year old 9.0 9.0 0.0% 8.0 14.4 24.5

SupramaxResale 28.0 29.0 -3.4% 23.5 31.6 40.0

5 year old 16.0 18.0 -11.1% 16.0 24.8 32.310 year old 11.0 12.5 -12.0% 11.0 18.7 26.315 year old 7.0 8.0 -12.5% 7.0 13.2 21.6

HandysizeResale 22.5 23.0 -2.2% 21.0 25.0 30.0

5 year old 13.5 14.5 -6.9% 13.5 20.4 27.410 year old 9.5 10.0 -5.0% 9.5 15.6 21.815 year old 6.0 6.5 -7.7% 6.0 10.9 16.5

last 5 years


It seems that the price discounts on offer have proven enough to gen-

erate buying interest even for some elderly ladies, while most of the

activity seems to be circulating around the smaller Handymax and

Handysize units. There is also a lot of interest being generated for

more modern units in the Kamsarmax size region, yet limited has ma-

terialized in terms of deals this week, One such notable unit was the

Chinese built resale “SBI MERENGUE” (82K dwt, blt China 2016)

which was picked up for a very competitive price in the region of US$

27.0m.

On the tanker side, buying interest is there but it seems the lack in

“favorably” priced units is the main issue for slower activity levels.

There has been some notable movement being seen in the MR seg-

ment, while in some cases buyers were even willing to pay a slight

premium on last done.

-3%

-15%

-31%-33%-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%

1 month diff 3 months diff6 months diff 12 months diff

-6%

-15%

-26%

-37%-40%

-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%


-11%

-22%

-32%

-41%-45%

-40%

-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%


-7%

-21%

-29%

-36%-40%

-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%


Indicative Tanker Values (US$ million)


VLCCResale 105.0 105.0 0.0% 80.0 96.4 117.0

5 year old 81.0 81.0 0.0% 55.0 71.0 91.010 year old 52.0 52.0 0.0% 33.8 47.5 65.015 year old 31.0 31.0 0.0% 16.9 25.8 32.0

SuezmaxResale 70.0 72.0 -2.8% 53.0 64.3 74.5

5 year old 57.5 60.0 -4.2% 38.0 50.3 63.410 year old 41.0 41.0 0.0% 24.0 34.3 46.015 year old 22.0 22.0 0.0% 14.0 19.2 26.6

AframaxResale 56.0 57.0 -1.8% 39.0 48.7 60.0

5 year old 45.0 46.0 -2.2% 27.0 36.7 47.010 year old 30.0 31.0 -3.2% 16.0 23.9 33.015 year old 17.0 17.0 0.0% 8.0 12.9 17.5

MRResale 37.0 37.0 0.0% 32.0 36.5 39.3

5 year old 27.0 27.0 0.0% 22.0 26.6 30.510 year old 17.0 17.5 -2.9% 13.8 17.6 20.415 year old 11.0 11.0 0.0% 9.0 10.8 13.8

last 5 years

+0%

+5%

+9%

+13%

0%

2%

4%

6%

8%

10%

12%

14%


-4%

+1%

+15% +15%

-10%

-5%

0%

5%

10%

15%

20%


-2%

+7% +7%

+18%

-5%

0%

5%

10%

15%

20%


+0%

+13%

+6%

-7%-10%

-5%

0%

5%

10%

15%


7


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

VLCC TAKASUZU 279,968 2000 MITSUBISHI

NAGASAKI, JapanMitsubishi $ 27.0m Greek - New Shipping ss/dd due in May 2015

MR GIACINTA 50,308 2010

GUANGZHOU

INTERNATIONA,

China

MAN-B&WEPOXY

PHEN$ 21.5m Danish - Maersk

MR NORD STABILITY 49,998 2013 STX OFFSHORE &

SHBLDG, S. KoreaMAN-B&W EPOXY $ 36.5m Chilean - CCNI Against ENAP tender

MR NORD STRONG 49,996 2013 STX OFFSHORE &

SHBLDG, S. KoreaMAN-B&W EPOXY $ 36.5m Chilean - CCNI Against ENAP tender

MR SEAGLORY 47,149 2003 ONOMICHI, Japan MAN-B&W EPOXY $ 15.0m Middle Eastern

MR ESHIPS SAMA 45,663 2005 SHIN KURUSHIMA

ONISHI, JapanMitsubishi

EPOXY

PHEN$ 14.5m

Hong Kong Based -

Winson Oilss due in June 2015

MR SIMOA 40,354 2004 HYUNDAI MIPO, S.

KoreaB&W EPOXY $ 14.8m Greek on subjects

SMALL TRANS TRADER 8,801 2005

SHITANOE

SHIPBUILDING,

Japan

MAN-B&W SSTEEL $ 10.3m European

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

CAPE ABYO FOUR 172,639 1999 CONSTANTA,

RomaniaB&W $ 11.5m Turkish - Karadeniz

for conversion to

powership

POST

PMAXSEKIYO 91,439 1998

HITACHI ARIAKE

NAGASU, JapanB&W $ 8.7m Chinese Coal Carrier

KMAX SBI MERENGUE 81,560 2016

TSUNEISHI

ZHOUSHAN HUL,

China

MAN-B&Wrgn

$ 27.0mundisclosed Dely 01/2016

HMAX RAMADA QUEEN 46,412 2005

OSHIMA

SHIPBUILDING,

Japan

B&W4 X 30t

CRANES$ 8.7m Greek

with ss/dd due on June

2015

HMAX VALOPOULA 45,578 2000 TSUNEISHI CEBU,

PhilippinesMAN-B&W

4 X 30t

CRANES$ 6.2m Greek - Dianik ss/dd due in May 2015

HMAX HELLENIC HORIZON 44,809 1995 HALLA ENG & HI -

INCHE, S. KoreaB&W

4 X 25t

CRANES$ 3.6m Syrian - AFAMIA ss/dd due in May 2015

HMAX BAY RANGER 43,125 1995

OSHIMA

SHIPBUILDING,

Japan

Sulzer4 X 25t

CRANESN/A undisclosed SS freshly passed

HANDY AEC FAITH 37,500 2015 SHIMANAMI, Japan MAN-B&W4 X 30,5t

CRANES$ 21.5m Greek - Evalend Dely 07/2015

HANDY ZIEMIA LODZKA 26,264 1992 TURKIYE GEMI

PENDIK, TurkeySulzer $ 1.9m undisclosed

bss 'as is' Casablanca, Ice

1C

Tankers

Bulk Carriers

8


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

PMAX YM LOS ANGELES 4,923 2006 KOYO MIHARA,

JapanMAN-B&W

PMAX YM NEW JERSEY 4,923 2006 KOYO MIHARA,

JapanMAN-B&W

SUB

PMAXMAERSK JURONG 2,824 2008

HYUNDAI MIPO, S.

KoreaMAN-B&W

rgn $ 16.5-

17.0mTurkish - Arkas

TC back to Maersk at

$18,650 pd until April 2016

SUB

PMAXSYDNEY 2,762 2003

KOYO MIHARA,

JapanB&W N/A S. Korean - Sinokor

SUB

PMAXCAPE MAAS 2,758 2011

GUANGZHOU

WENCHONG,

China

Wartsila

SUB

PMAXCAPE MADRID 2,758 2011

GUANGZHOU

WENCHONG,

China

Wartsila

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

LPG OCEAN PRIMUS 4,444 1992 DUNSTON

HESSLE, U. K.MaK 4,312 $ 1.5m Turkish

Containers

Gas Carriers

Greek - Diana$ 43.0mincl. t/c to Yang Ming at

$21,000 pd until end 2016

undisclosed$ 32.0m

9

With the market having seemingly foot its foothold and several cahs

buyers showing a more optimistic approach after having offload some

of their previous purchases, the market was once more looking to be

firmer this week, with reports of fairly competitive levels being of-

fered from the Indian Sub-continent. There is still a strong number of

demo candidates being offered, but there is still high competition in

securing some of the higher spec units on offer. Things are starting to

look more promising in terms of steel supply in most of the Indian Sub-

continent countries as Chinese steel production has started to ease

off. This has also played its role in the freight market, with the low

earnings pushing for further overage units to take the beaching op-

tion. This is part of the reason pushing for more aggressive pricing

from the side of cash buyers, as many see this being a more temporary

situation which they need to take advantage of while they can, before

both the number of available candidates start to dwindle as well as

any possible weakening in the price of scrap steel.


Reported Transactions

150200250300350400450500550

Bangladesh India Pakistan China Turkey

US$/ldt

150200250300350400450500550

Bangladesh India Pakistan China Turkey

US$/ldt

Indicative Wet Prices ($/ldt) last 5 years

20 Mar 13 Mar ±% Min Avg Max

Indian Sub Continent

Bangladesh 385 385 0.0% 380 457 490

India 395 390 1.3% 380 465 510

Pakistan 395 390 1.3% 380 459 500

Far East Asia

China 220 220 0.0% 220 297 350

Mediterranean

Turkey 230 230 0.0% 230 319 355

Indicative Dry Prices ($/ldt) last 5 years

20 Mar 13 Mar ±% Min Avg Max

Indian Sub Continent

Bangladesh 365 365 0.0% 350 438 475

India 380 375 1.3% 350 445 500

Pakistan 380 375 1.3% 350 437 475

Far East Asia

China 200 200 0.0% 200 279 340

Mediterranean

Turkey 220 220 0.0% 220 309 355

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

Bulker AQUAHOPE 167,105 1997 S. Korea 22,093 $ 400/Ldt Pakistani incl. 2000ts bunkers

Bulker ANANGEL SOLIDARITY 161,643 1993 S. Korea 19,406 $ 380/Ldt Bangladeshi bss 'as is' Spore

Bulker ANANGEL PRIDE 161,643 1993 S. Korea 19,406 N/A undisclosed bss "as is" Spore

Bulker SILVER MERCHANT 151,066 1995 Japan 18,000 $ 412/Ldt Bangladeshi dely Sub-continent, incl. 1,800tn bunkers ROB

Tanker JAWAHARLAL NEHRU 94,512 1992 India 17,065 $ 380/Ldt undisclosed bss 'as is' Colombo via tender

Bulker THE WATCHFUL 69,451 1992 Japan 9,646 $ 400/Ldt Indian incl. 400 tns of bunkers

Bulker HE YUAN 48,280 1985 Japan 8,679 $ 365/Ldt Bangladeshi

Cont LIVORNO EXPRESS 43,714 1991 S. Korea 13,186 $ 250/Ldt Turkish

Bulker TARIK 3 34,142 1986 Japan 6,515 $ 381/Ldt Indian

Tanker DAWN MEERUT 29,990 1995 S. Korea 6,994 $ 360/Ldt undisclosed bss 'as is' Colombo, inc.150 tn bunkers

Bulker OCEAN GALAXY 25,525 1985 Japan 6,250 $ 390/Ldt Bangladeshi

Cont MANUELA 21,540 1993 Germany 8,018 $ 380/Ldt Indian

Tanker ZAIZOOM 4,350 1979 Japan 2,171 $ 325/Ldt Pakistani

Tanker GREEN LINE 3,389 1985 Bulgaria 1,050 $ 325/Ldt Pakistani

Tanker BYAR ALI 1,165 1981 Greece 515 $ 310/Ldt Pakistani

10

400

500

600

700

800

900

1,000


US Dollar per Euro Yen per US Dollar

Iron Ore (TSI) Coal Price Index

Yuan per US Dollar US Dollar INDEX

Oil WTI $ Palm Oil

Scorpio Tankers (STNG) has secured more than $110m in bank financ-

ing to support the buy of four vessels from sister Scorpio Bulkers

(SALT), with pricing significantly below margins in its current portfolio.

Finance sources said two facilities with lenders Credit Suisse and ING

are expected to be officially announced shortly. Neither has done a

pure commercial lending to the company previously.

STNG revealed in December that it had acquired four capesize new-

buildings from SALT and converted them to long range two (LR2) prod-

ucts tankers at $51m per copy. Delivery is expected in the first three

quarters of 2016. Based on the cost of the newbuildings, the total debt

financing should fall between $110m and $120m. Loans in Scorpio’s

current portfolio range between 325 and 350 basis points above the

London interbank offered rate (Libor).

While increased competition among banks may play a part in what is

said to be a substantially lower spread, finance sources also point to

STNG as a maturing company with more tankers now on the water and

generating cash flow.

Source: Tradewinds

1.05

1.10

1.15

1.20

1.25

1.30

1.35

1.40

95.00

100.00

105.00

110.00

115.00

120.00

125.00

6.00

6.05

6.10

6.15

6.20

6.25

6.30

84.00

89.00

94.00

99.00

104.00

109.00

60.00

70.00

80.00

90.00

100.00

110.00

120.00

130.00

55.00

60.00

65.00

70.00

75.00

80.00

46.00

56.00

66.00

76.00

86.00

96.00

106.00

116.00


Markets

10year US Bond 1.93 2.02 -4.5% 1.67 2.36 2.80

S&P 500 2,108.1 2,097.0 0.5% 1,816 1,980 2,117

Nasdaq 5,026.4 4,893.8 2.7% 4,000 4,502 5,026

Dow Jones 18,127.7 18,019.4 0.6% 16,027 17,128 18,289

FTSE 100 7,022.5 6,873.5 2.2% 6,183 6,698 7,023

FTSE All-Share UK 3,788.3 3,696.5 2.5% 3,309 3,586 3,788

CAC40 5,087.5 4,759.4 6.9% 3,919 4,419 5,087

Xetra Dax 12,039.4 10,963.4 9.8% 8,572 9,837 12,168

Nikkei 19,560.2 17,913.4 9.2% 176 16,044 19,560

Hang Seng 24,375.2 24,682.5 -1.2% 21,182 23,635 25,318

DJ US Maritime 248.3 260.5 -4.7% 238.0 334.9 405.7

Currencies

$ per € 1.08 1.14 -5.4% 1.06 1.28 1.39

$ per ₤ 1.48 1.54 -3.6% 1.47 1.62 1.72

₤ per € 0.73 0.74 -2.0% 0.70 0.79 0.84

¥ per $ 120.7 118.9 1.5% 101.2 109.4 121.4

$ per Au$ 0.77 0.78 -0.8% 0.76 0.88 0.95

$ per NoK 0.12 0.13 -6.0% 0.12 0.15 0.20

$ per SFr 0.98 0.93 5.5% 0.86 0.93 1.02

Yuan per $ 6.19 6.21 -0.3% 6.12 6.18 6.27

Won per $ 1,117.2 1,101.8 1.4% 1,009.3 1,060.1 1,134.0

$ INDEX 104.8 101.9 2.9% 85.8 92.0 105.3

Commoditites

Gold $ 1,166.0 1,222.5 -4.6% 1,141.2 1,251.4 1,345.6

Oil WTI $ 46.6 52.8 -11.8% 44.7 82.2 107.3

Oil Brent $ 55.3 61.5 -10.1% 47.3 88.0 115.1

Palm Oil 600.3 633.0 -5.2% 578.8 756.9 955.0

Iron Ore 54.5 62.8 -13.2% 54.5 85.4 119.4

Coal Price Index 60.0 65.2 -8.0% 58.8 68.7 77.5

White Sugar 363.7 391.2 -7.0% 363.7 455.9 1066.5

last 12 months

11

AERAKIS GEORGEMOBILE: +30 6946 04 57 37

BOLIS ILIASMOBILE: +30 6937 02 65 00

DASKALAKIS GEORGEMOBILE: +30 6932 24 80 07

DRAKOGIANNOPOULOS STAVROSMOBILE: +30 6932 20 15 65

DRAKOGIANNOPOULOS SAKISMOBILE: +30 6944 88 58 08

HATZIGEORGIOU NASSOSMOBILE: +30 6944 73 33 93

KARADIMAS COSTASMOBILE: +30 6932 20 15 64

KLONIZAKIS JOHNMOBILE: +30 6948 50 55 81

KOSTOYANNIS JOHNMOBILE: +30 6932 43 39 99

MANOLAS NIKOLASMOBILE: +30 6940 63 22 56

MOISSOGLOU THEODOROSMOBILE: +30 6932 45 52 41

PAPOUIS THASSOSMOBILE: +30 6944 29 49 89

PRACHALIAS ARGIRISMOBILE: +30 6947 62 82 62

STASSINAKIS JOHNMOBILE: +30 6972 60 92 09

TOBALOGLOU EVAGELOSMOBILE: +30 6932 40 56 20

TSALPATOUROS COSTISMOBILE: +30 6932 20 15 63

VARVAROS PLUTONMOBILE: +30 6937 25 15 15

GEORGE LAZARIDISMOBILE: +30 6946 95 69 40

Maritime Research & Valuations

Sale & PurchaseCOSTAS KARAMANIS

MOBILE: +30 6941 54 14 65

MARGARITA TSALPATOUROU MOBILE: +30 6934 74 22 16

DIMITRIS KANELLOSMOBILE: +30 6945 07 47 85

PANOS ALEXOPOULOSMOBILE: +30 6944 34 66 15

ARISTOFANIS THEODOTOSMOBILE: +30 6951 79 82 89

DIMITRIS PATELISMOBILE: +30 6944 04 43 61

VASSILIS MANOLOPOULOS MOBILE: +30 6988 88 13 05

KOSVIS STRATISMOBILE: +30 6974 18 07 84

GEORGINA MAVRIKOUMOBILE: +30 697 4 18 07 84

ANGELIKI KAPPAMOBILE: +30 697 5 85 60 84

NATALIA KARAMANIMOBILE: +30 698 4 58 82 99

JOHN FLOURISMOBILE: +30 6955 80 15 03

NICOLAS PAPANTONOPOULOSMOBILE: +30 6945 23 21 88

STELLA FOUROULIMOBILE: +30 6947 35 68 48

Dry Cargo Chartering

Tanker Chartering

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]


mailto:[email protected]

12

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 2010 (i.e. index 100 = 01/01/2010)

Demolition market average price index refers to the combination of the average prices currently offered in the Indian Sub-Continent, Far East

and Mediterranean.

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 by top Japanese shipbuilders.

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

Panamax - Resales (82,000dwt), 5 year old (76,000dwt), 10 year old (75,000dwt) and 15 year old (73,000dwt)

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

Handysize - Resales (35,000dwt), 5 year old (32,000dwt), 10 year old (32,000dwt) and 15 year old (28,000dwt)

VLCC - Resales (310,000dwt), 5 year old (310,000dwt), 10 year old (250,000dwt) and 15 year old (250,000dwt)

Suezmax - Resales (160,000dwt), 5 year old (160,000dwt), 10 year old (150,000dwt) and 15 year old (150,000dwt)

Aframax - Resales (110,000dwt), 5 year old (110,000dwt), 10 year old (105,000dwt) and 15 year old (95,000dwt)

MR - Resales (52,000dwt), 5 year old (45,000dwt), 10 year old (45,000dwt) and 15 year old (45,000dwt)


spot market rates & indices€¦ · 1 20 mar ±∆ ±% bdi 591 s 29 5.2% bci 423 s 45 11.9% bpi...

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