Market insight By Panos Makrinos

SnP Broker

There is no doubt that we are still witnessing a very challenging and at the same time very uncertain market, both with respect to dry chartering as well as SnP activity. As far as the latter is concerned, we observe a strong nega-tive trend in asset prices that has kicked off back in mid-2014, but which has nevertheless still hasn’t convinced buying interest to the extent that one would think. This trend affects all segments and ages with the most repre-sentative examples those of the 10-year old Panamax and the 5-year old Cape, the prices of which are currently at a massive discount compared to a year ago.

The obvious question that rises among the majority of shipowners and po-tential investors is whether this is the right time to invest in second hand vessels or not, but this time round the argument for investing is very hard to make as the present earnings from the very depressed freight market are at levels that in many cases fail to even cover operation expenses.

So does buying a ship at a low freight market entail a substantial risk? The answer is a definitive yes, but as it has happened many times in the past, such risks have proven to be excellent investment choices when improved freight levels finally take place following a market recovery. The million dol-lar question is as always what is the best time for such investments, and one that cannot be answered as the “perfect timing” or “accurately calling the bottom” is a very rare occurrence in this market to begin with.

When looking at the very low asset prices and the fairly intense buying inter-est of the last month, especially for vessels build post 1990, one could ob-serve that some key players are eager to buy at the lowest price they can achieve right now, having in mind that the BDI has reached its historical bottom recently and a gradual rise is bound to happen even at a pace that might not secure immediate profit for shipowners.

At the same time, the oversupply of available tonnage in the dry market remains a very important issue, especially if one takes into account the num-ber of bulkers that are due to be delivered this year following the ordering spree of 2013. Slippage and cancellation might help this number eventually come in lower than expected, while on top of that, intense demolition activi-ty is already offering hopes for a much needed breather in the dry bulk mar-ket, despite the fact that demo prices are currently in the range of $360-380/ldt. Although a slight increase in steel prices has been observed in the past couple of weeks this is not yet reflected in demo prices, but if it eventu-ally does, we expect the number of bulkers heading for scrapped to acceler-ate.

To sum up despite the fact that the dry market is not currently showing signs of a recovery being just around the corner, I believe that we will sooner rather than later observe more intense buying interest being transformed into actual deals, especially for vessels that are easier to charter these days and still manage to do so over OPEX levels, such as geared sizes build after 2000.

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

Despite the fact that the Dry Bulk market moved slightly up last week, this has yet to be reflected in improvement of sentiment, especially as Cape earnings remain well below OPEX. The BDI closed today (31/03/2015) at 602 points, up by 3 points compared to Monday’s levels (30/03/2015) and an increase of 5 points compared to previous Tues-day’s closing (24/03/2015). A busier Middle East provided some support to the crude carriers market last week, while rates continue finding sup-port out of West Africa. The BDTI Monday (30/03/2015) was at 792 points, a increase of 6 points and the BCTI at 675, an increase of 3 points compared to previous Monday’s (23/03/2015) levels.

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

SnP activity sustained its levels last week with MRs remaining popular amongst tanker Buyers, while the rumoured sale of the “IDAS BULKER” (27,321dwt-blt 95, Japan)” at around $4.0m is evidence of the current lows in the dry bulk sector. On the tanker side, we had the sale of the of the “SEA AUVA” (37,538dwt-blt 33, S.Korea), which was sold to Maersk for $28.0m. On the dry bulker side we had the sale of the “CS SACHA” (28,379dwt-blt 01, Japan), which was sold to Far Eastern buyers for a price in the region of $7.1m.

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

Fewer orders were reported in the market last week, with the tanker sector remaining far more popular than the dry bulk one, where the entire activity reported consisted only of a couple of Ultramax orders by Greek owners, both related to deals inked earlier on in the year. At the same time prices remained unchanged across the board, but this is not to be taken as a sign of a stabilizing market, especially when it comes to dry bulkers. In our opinion the lack of recently reported deals in seg-ments like the Capesize one, is the main reason behind this artificial stability, while we once more reiterate our opinion that there is more downside on the way especially as yards are bound to feel more and more pressure in this persistently low ordering activity environment. The example of Rongsheng, which has recently warned that “it might not be able to continue to operate as a going concern” is representative of the increasing pressure that is on the way for the industry. In terms of recently reported deals, Greek owner, Delta Tankers, placed an order for two Suezmaxes (160,000dwt) at Samsung , in S.Korea, for a price of $ 66.0m each and delivery set in April of 2016.

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

About time! Following a long period of low prices and extremely nega-tive market sentiment, things seem to finally start improving in the dem-olition market. Prices across the Indian subcontinent managed to close off the week with a gain of $10-15/ldt, while dry bulk vintage tonnage still made up for a significant portion of the recently reported deals. At the core of this long awaited market reversal, lies the improved price of steel, which kicked off in the beginning of the week prior and finally managed to feed through demo prices as well. On top of that, the stabi-lization of the Indian rupee has also helped sentiment, as it has, at least for now, eased some of the always present exchange rate risk worries. The improved demo prices were immediately reflected on the increased number of deals that concluded last week in India and Bangladesh, where prices had fallen the most during the past months, while if steel prices stabilize we expect to see some additional price upside during next week as well. Prices this week for wet tonnage were at around 230-405 $/ldt and dry units received about 215-380 $/ldt.

Weekly Market Report

Issue: Week 13 | Tuesday 31st March 2015

© Intermodal Research 31/03/2015 2

2014 2013

WS points $/dayWS

points$/day $/day $/day

265k MEG-JAPAN 51 47,080 50 46,227 1.8% 30,469 21,133

280k MEG-USG 27 29,890 26 29,319 1.9% 17,173 7,132

260k WAF-USG 64 59,960 64 60,789 -1.4% 40,541 26,890

130k MED-MED 88 46,385 88 46,662 -0.6% 30,950 17,714

130k WAF-USAC 84 41,853 81 40,923 2.3% 24,835 13,756

130k BSEA-MED 96 56,560 93 54,722 3.4% 30,950 17,714

80k MEG-EAST 113 31,430 107.0 31,122 1.0% 19,956 11,945

80k MED-MED 122.5 41,318 123 41,625 -0.7% 28,344 13,622

80k UKC-UKC 95 23,261 95 23,127 0.6% 33,573 18,604

70k CARIBS-USG 180 52,470 129 32,061 63.7% 25,747 16,381

75k MEG-JAPAN 103 29,785 107 31,602 -5.7% 16,797 12,011

55k MEG-JAPAN 130 26,542 128 27,187 -2.4% 14,461 12,117

37K UKC-USAC 157 22,735 155 22,552 0.8% 10,689 11,048

30K MED-MED 170 25,536 170 25,921 -1.5% 18,707 17,645

55K UKC-USG 115 23,820 115 24,437 -2.5% 23,723 14,941

55K MED-USG 115 22,020 115 22,765 -3.3% 21,089 12,642

50k CARIBS-USAC 130 23,529 115 20,609 14.2% 25,521 15,083

Vessel Routes

Week 13 Week 12$/day

±%

Dir

tyA

fram

axC

lean

VLC

CSu

ezm

ax

Spot Rates

Mar-15 Feb-15 ±% 2014 2013 2012

300KT DH 81.0 80.6 0.5% 73.6 56.2 62.9

150KT DH 58.5 59.0 -0.8% 50.2 40.1 44.9

110KT DH 45.0 45.0 0.0% 38.6 29.2 31.2

75KT DH 36.8 35.6 3.2% 32.8 28.0 26.7

52KT DH 25.0 25.6 -2.4% 27.2 24.7 24.6

Aframax

LR1

VLCC

Suezmax

Indicative Market Values ($ Million) - Tankers

Vessel 5yrs old

MR

Chartering

The crude carriers market was overall stable last week, while the bounce in the price of oil denied bigger TCE earnings in those cases were the market improved. After a couple of weeks of softer Middle East activity, it seems that business in the region was getting back on track as last week kicked off, with charterers starting to move more aggressively into next month’s dates. Whether things will further improve in April is too soon to say, but we ex-pect steady business out of the MEG region at least for the first few days of the month. Rates for VLs closed off the week on a positive tone, mainly due to the improvement that took place in the Middle East market, while things over in West Africa remained stable overall and period interest still anaemic in the segment.

Following the downward pressure that kicked off mid-March, things in the Suezmax segment were also more positive as last week came to an end, while substantially increased enquiry in the West Africa region was the main reason behind this recent upside that was also enjoyed across the Black/Sea Med region.

Rates for Aframaxes also improved marginally last week, with North Sea demand firming and the Caribs Afra surging as the increased activity in the region that kicked off in the beginning of the week prior, eventually fed through rates in the region with further upside expected this week as well.

Sale & Purchase

In the VLCC sector we had the sale of the “COSMIC JEWEL” (300,955dwt-blt 97, Japan), which was sold for a price in the region of $25.5m.

In the MR sector we had the sale of the “SEA AUVA” (37,538dwt-blt 33, S.Korea), which was sold to Maersk for $28.0m.

Wet Market

Indicative Period Charters

- 24mos - 'EPHESOS' 2012 165,000 dwt

- - $30,000/day - Total

-24 mos - 'FOTINI LADY ' 2005 71,000 dwt

- - $19,000/day - Trafigura

20

70

120

170

220

WS

po

ints

DIRTY - WS RATESTD3 TD4 TD6 TD9

Week 13 Week 12 ±% 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 21,000 2.4% 500 16,135 15,221

75k 3yr TC 18,500 18,500 0.0% 0 16,666 15,729

52k 1yr TC 15,500 15,250 1.6% 250 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 31/03/2015 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

Despite the fact that the Dry Bulk market closed off on the green last week,

sentiment didn't improve by any means, not only because of the fact that

the increase was pretty much insignificant, but also because following a

couple of weeks of healthier activity and numbers in the Atlantic, it now

seems that the market has started to show signs of pulling back once again,

with lower numbers offered across most key routes. We are still of the view

that the geared sizes will continue to outperform the market at least for the

short to medium term, as demand for such tonnage remains much healthi-

er when compared to Panamax range and Capesize vessels, the average

rate for which remains south of $5,000/day.

Following another modest week in terms of gains for Capes, the BCI man-

aged to dragged itself above 450 points before the end of the month, which

hinted that March is due to end on the red for the big bulkers, while despite

the positive weekly closing, activity remains uninspiring across both basins.

Activity continued to grow on the Panamax size for trips out and trans-

Atlantic runs last week, with East Coast South America still sourcing most of

the business and rates trending sideways or slightly up in some cases. Over

in the East, fresh enquiry was lacking overall, with charterers ideas still fair-

ly low.

Rates for the smaller size segments held steady towards the weekend, with

small increases being noted positionally across both basins, while period

ideas also remained stable, still offering a premium compared to similar

Panamax charters.

Sale & Purchase

In the Panamax sector, we had the sale of the “GERASIMOS” (70,296dwt-blt

66, Japan), which was reported being sold for a price in the region of

$3.5m.

In the Handymax sector we had the sale of the “CS SACHA” (28,379dwt-blt 01, Japan), which was sold to Far Eastern buyers for a price in the region of $7.1m.

Mar-15 Feb-15 ±% 2014 2013 2012

180k 35.6 36.8 -3.1% 47.3 35.8 34.6

76K 17.6 18.6 -5.4% 24.5 21.3 22.7

56k 18.6 19.5 -4.5% 24.7 21.5 23.0

30K 14.0 15.3 -8.2% 19.5 18.2 18.2Handysize

Capesize

Panamax

Supramax

Indicative Market Values ($ Million) - Bulk Carriers

Vessel 5 yrs old

Indicative Period Charters

- 4 to 7 mos - 'RHINE ' 2001 75,202dwt

- Hong Kong 24/28 Mar - $ 7,250/day -Hudson

- 4 to 6 mos - 'SEA MOON' 2009 57,012 dwt

- Abidjan prompt - $ 8,000/day -Chinese

Dry Market

Index $/day Index $/day Index Index

BDI 596 591 5 1,097 1,205

BCI 456 $4,290 423 $4,174 33 2.8% 1,943 2,106

BPI 597 $4,778 617 $4,941 -20 -3.3% 960 1,186

BSI 647 $6,768 635 $6,638 12 2.0% 937 983

BHSI 390 $5,780 384 $5,667 6 2.0% 522 562

20/03/2015

Baltic IndicesWeek 13

27/03/2015Week 12

Point

Diff

2014 2013$/day

±%

170K 6mnt TC 8,000 8,250 -3.0% -250 22,020 17,625

170K 1yr TC 9,500 10,000 -5.0% -500 21,921 15,959

170K 3yr TC 11,250 11,500 -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 9,000 9,000 0.0% 0 13,244 10,317

55K 6mnt TC 8,000 8,000 0.0% 0 12,008 11,565

55K 1yr TC 8,250 8,250 0.0% 0 11,589 10,234

55K 3yr TC 8,500 8,500 0.0% 0 11,585 10,482

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

30K 1yr TC 7,250 7,250 0.0% 0 9,226 8,309

30K 3yr TC 7,750 7,750 0.0% 0 9,541 8,926Han

dys

ize

Period

2013

Pan

amax

Sup

ram

ax

Week

13

Week

12

Cap

esi

ze

2014$/day ±% Diff

© Intermodal Research 31/03/2015 4

Secondhand Sales

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

VLCC COSMIC JEWEL 300,955 1997MITSUBISHI

NAGASAKI, JapanMitsubishi Jun-17 DH $ 25.5m undisclosed

MRFUTURE

PROSPERITY47,990 2010 IWAGI, Japan MAN-B&W Feb-20 DH $ 23.0m undisclosed

MRCHEMTRANS

PETRI47,228 2000 ONOMICHI, Japan MAN-B&W Jan-20 DH $ 12.3m Indones ian

MR SEA AUVA 37,538 2013HYUNDAI MIPO

DOCKYARD, S. KoreaMAN-B&W Jul-18 DH $ 28.0m Danish (Maersk)

PROD/

CHEMMAR ELENA I 18,736 2003 VULCANO, Spain MAN-B&W Jan-16 DH $ 11.0m

PROD/

CHEMMAR DANIELA 18,500 2003 VULCANO, Spain MAN-B&W Jun-18 DH $ 11.0m

Tankers

Swedish

(Furetank)

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

PMAX LILIAN Z 74,461 1999SASEBO SASEBO,

JapanB&W Sep-19 $ 5.9m

PMAX LOPI Z 71,982 1998SHIN KURUSHIMA

ONISHI, JapanMitsubishi Jan-18 $ 5.7m

PMAX GERASIMOS 70,296 1996SUMITOMO HI

OPPAMA, JapanSulzer Jun-16 $ 3.5m undisclosed

SMAX ROYAL FLUSH 56,726 2010 QINGSHAN, China MAN-B&W Apr-154 X 30t

CRANES$ 13.5m Chineese on subs

SMAX GLOBAL WIND 53,026 2003

OSHIMA

SHIPBUILDING,

Japan

Mitsubishi Apr-184 X 30t

CRANES$ 8.8m Greek

HMAX SEALADY 42,183 1995

OSHIMA

SHIPBUILDING,

Japan

Sulzer Mar-204 X 25t

CRANES$ 4.4m

Lebanese

(Muhhiedine)

HANDY JASMINE ACE 32,946 2006KANDA KAWAJIRI,

JapanMitsubishi May-16

4 X 30,5t

CRANES$ 9.5m Greek

HANDY CS SACHA 28,379 2001IMABARI

IMABARI, JapanMAN-B&W Jan-16

4 X 30,5t

CRANES$ 7.1m Far Eastern logger

Bulk Carriers

Norwegian

(Atlantica

Shipping)

on buyers subs

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

CINDIA 7,594 2005JIANGSU EASTERN

HEAVY, ChinaMAN-B&W Jun-16 $ 3.1m Swedish

MPP/General Cargo

© Intermodal Research 31/03/2015 5

Secondhand Sales

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

PMAXNORFOLK

EXPRESS3,607 1995

HYUNDAI HEAVY

INDS - U, S. KoreaSulzer Oct-15 undisclosed undisclosed

SUB

PMAXMERKUR BAY 2,764 2002

GDYNIA STOCZNIA

SA, PolandB&W Jul-17

3 X 45t

CRANES,1 X

35t CRANES$ 8.0m Turksih (Arkas)

FEEDER ANTJE RUSS 658 1998SIETAS KG,

GermanyMAN Nov-18 $ 1.8m Hungarians for conversion

Containers

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

LPG CEFALU 4970 1996WATANABE ZOSEN

KK - HA, JapanMitsubishi Oct-16 3,933 undisclosed

LPG EPIC CEBU 4,285 1997SHIN KOCHI,

JapanAkasaka Dec-16 3,934 undisclosed

Gas/LPG/LNG

Indones ian

(Soechi Lines)

© Intermodal Research 31/03/2015 6

Fewer orders were reported in the market last week, with the tanker sector remaining far more popular than the dry bulk one, where the entire activity reported consisted only of a couple of Ultramax orders by Greek owners, both related to deals inked earlier on in the year. At the same time prices remained unchanged across the board, but this is not to be taken as a sign of a stabilizing market, especially when it comes to dry bulkers. In our opinion the lack of recently reported deals in segments like the Capesize one, is the main reason behind this artificial stability, while we once more reiterate our opinion that there is more downside on the way especially as yards are bound to feel more and more pressure in this persistently low ordering activ-ity environment. The example of Rongsheng, which has recently warned that “it might not be able to continue to operate as a going concern” is rep-resentative of the increasing pressure that is on the way for the industry.

In terms of recently reported deals, Greek owner, Delta Tankers, placed an order for two Suezmaxes (160,000dwt) at Samsung , in S.Korea, for a price of $ 66.0m each and delivery set in April of 2016.

Newbuilding Market

20

60

100

140

180

mil

lion

$

Tankers Newbuilding Prices (m$)

VLCC Suezmax Aframax LR1 MR

Week

13

Week

12±% 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

68.0 68.0 0.0% 66.9 63 62

46.0 46.0 0.0% 44.3 41 44

Vessel

Indicative Newbuilding Prices (million$)

Bu

lke

rsTa

nke

rs

LNG 160k cbm

LGC LPG 80k cbm

MGC LPG 55k cbm

SGC LPG 25k cbm

Gas

10

30

50

70

90

110

mil

lion

$Bulk Carriers Newbuilding Prices (m$)

Capesize Panamax Supramax Handysize

Units Type Yard Delivery Buyer Price Comments

1 Tanker 320,000 dwtJapan Marine United,

Japan2018 Japanese (Meiji) undisclosed total 2 on order

2 Tanker 160,000 dwt Samsung, S. Korea Apr-16 Greek (Delta Tankers) $ 66.0m

2 Tanker 35,500 dwt Shin Kurushima, Japan 2018 US based (MTMM) undisclosed

2 Tanker 21,000 dwt Kitanihon, Japan 2018 US based (MTMM) undisclosed

2 Bulker 63,500 dwtYangzhou Dayang,

China2015-2016

Greek ( White Sea

Navigation)undisclosed

older deal surfacing

now

1+1 Bulker 63,000 dwtYangzhou Guoyu,

China- Greek (Kyma Shipping) undisclosed

older deal surfacing

now

2 PCTC 7,700 ceuHyundai Mipo, S.

Korea2017

Isle of Man based (Ray Car

Carriers)$ 78.0m total 6 on order

total 9 on order

Newbuilding Orders Size

© Intermodal Research 31/03/2015 7

About time! Following a long period of low prices and extremely negative market sentiment, things seem to finally start improving in the demolition market. Prices across the Indian subcontinent managed to close off the week with a gain of $10-15/ldt, while dry bulk vintage tonnage still made up for a significant portion of the recently reported deals. At the core of this long awaited market reversal, lies the improved price of steel, which kicked off in the beginning of the week prior and finally managed to feed through demo prices as well. On top of that, the stabilization of the Indian rupee has also helped sentiment, as it has, at least for now, eased some of the always pre-sent exchange rate risk worries. The improved demo prices were immediate-ly reflected on the increased number of deals that concluded last week in India and Bangladesh, where prices had fallen the most during the past months, while if steel prices stabilize we expect to see some additional price upside during next week as well.

The highest price amongst recently reported deals, was that paid by Bangla-deshi breakers for the Gas carriers “GAS KAIZEN” (4,380dwt-2,761ldt-blt 91), and “GAS CRYSTAL” (4,298dwt-2,525ldt-blt 90) that received a price of $420/ldt each.

Demolition Market

Week

13

Week

12±% 2014 2013 2012

Bangladesh 395 385 2.6% 469 422 440

India 395 380 3.9% 478 426 445

Pakistan 405 395 2.5% 471 423 444

China 230 230 0.0% 313 365 384

Bangladesh 380 370 2.7% 451 402 414

India 375 365 2.7% 459 405 419

Pakistan 380 370 2.7% 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

GREEN SEA 77,016 12,598 1983BOELWERF TEMSE,

BelgiumBULKER $ 360/Ldt Bangladeshi

KING EDWARD 46,650 12,163 1985 SUNDERLAND, U. K. GC $ 405/Ldt Indian incl . full spares and heavy probs

EVRIALOS 68,407 10,390 1987 NAMURA, Japan BULKER $ 395/Ldt undisclosed buyer's option India/Pakistan

GOLDEN TRADER 48,170 10,283 1994BRODOSPLIT,

CroatiaBULKER $ 398/Ldt Indian

CITRAWATI 69,332 9,517 1990 IMABARI , Japan BULKER $ 390/Ldt Bangladeshi

KOTA BERLIAN 17,493 7,439 1992 NEPTUN, Germany GC $ 400/Ldt Bangladeshi

KAI HE 38,888 7,149 1986 IHI - AIOI, Japan BULKER $ 381/Ldt Bangladeshi

KOTA BERJAYA 17,546 7,148 1993KVAERNER ,

GermanyGC $ 408/Ldt Indian

GAS KAIZEN 4,380 2,761 1991 JULIANA, Spain GAS $ 420/Ldt Bangladeshi

GAS CRYSTAL 4,298 2,525 1990SHINHAMA ANAN,

JapanGAS $ 420/Ldt Bangladeshi

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

“Economou buys from DryShips

DryShips has struck deals worth $536m to sell its 10 tankers to George Economou, its chief executive and largest shareholder. The transactions mark the end of the US-listed owner’s efforts to spin off its tanker assets as Tankships Investment Holdings in a New York initial public offering (IPO).

Tankships said in a filing it was withdrawing its IPO application "due to market conditions."

“Ultimately, we believe the sale of the tankers as opposed to an initial public offering of our tanker fleet is the best way to immediately realise maximum value,” said DryShips chief financial officer, Ziad Na-khleh.

Suezmax quartet

Private companies controlled by Economou will pay $245m for four suezmaxes. The entities will pay 20% up front for the ships, and they will pay the rest upon deliveries scheduled between 1 July and 31 October.

Athens-headquartered DryShips said that it also struck a deal that could see it sell six aframax tankers to Economou for $291m. That agreement has yet to be finalised.

Economou, a Greek shipowner, has until 30 June to make a firm commitment on the sextet.

The aframax deal has a similar 20% down payment requirement...” (Eric Martin, Trade Winds)

Commodities & Ship Finance

27-Mar-15 26-Mar-15 25-Mar-15 24-Mar-15 23-Mar-15W-O-W

Change %

10year US Bond 1.950 2.010 1.930 1.880 1.920 1.0%

S&P 500 2,061.02 2,056.15 2,061.05 2,091.50 2,104.42 -2.2%

Nasdaq 4,891.22 4,863.36 4,876.52 4,994.73 5,010.97 -2.7%

Dow Jones 17,712.66 17,678.23 17,718.54 18,011.14 18,116.04 -2.3%

FTSE 100 6,855.02 6,895.33 6,990.97 7,019.68 7,037.67 -2.4%

FTSE All-Share UK 3,701.62 3,722.62 3,773.63 3,788.90 3,795.61 -2.3%

CAC40 5,034.06 5,006.35 5,020.99 5,088.28 5,054.52 -1.1%

Xetra Dax 11,868.33 11,843.68 11,865.32 12,005.69 11,895.84 -0.2%

Nikkei 19,285.63 19,471.12 19,746.20 19,713.45 19,754.36 -2.4%

Hang Seng 24,486.20 24,497.08 24,528.23 24,399.60 24,494.51 0.5%

DJ US Maritime 240.12 242.12 242.41 243.56 245.50 -3.3%

$ / € 1.09 1.09 1.10 1.09 1.09 0.6%

$ / ₤ 1.49 1.49 1.49 1.48 1.50 -0.5%

¥ / $ 119.14 119.20 119.53 119.79 119.75 -0.8%

$ / NoK 0.13 0.13 0.13 0.13 0.13 0.7%

Yuan / $ 6.21 6.21 6.21 6.21 6.22 0.0%

Won / $ 1,104.05 1,104.95 1,100.55 1,103.60 1,105.15 -0.8%

$ INDEX 87.08 86.95 86.70 86.80 86.76 -0.4%

Market Data

Cu

rre

nci

es

Sto

ck E

xch

ange

Dat

a

1,100

1,150

1,200

1,250

1,300

1,350

40

45

50

55

60

65

goldoil

Basic Commodities Weekly Summary

Oil WTI $ Oil Brent $ Gold $

27-Mar-15 20-Mar-15W-O-W

Change %

Rotterdam 527.0 499.0 5.6%

Houston 586.5 585.0 0.3%

Singapore 532.5 509.0 4.6%

Rotterdam 306.5 288.5 6.2%

Houston 309.5 287.5 7.7%

Singapore 337.5 310.5 8.7%

Bunker Prices

MD

O3

80

cst

CompanyStock

ExchangeCurr. 27-Mar-15 20-Mar-15

W-O-W

Change %

AEGEAN MARINE PETROL NTWK NYSE USD 13.97 14.56 -4.1%

BALTIC TRADING NYSE USD 1.47 1.38 6.5%

BOX SHIPS INC NYSE USD 0.87 0.77 13.0%

CAPITAL PRODUCT PARTNERS LP NASDAQ USD 9.29 9.82 -5.4%

COSTAMARE INC NYSE USD 17.98 18.75 -4.1%

DANAOS CORPORATION NYSE USD 6.50 6.11 6.4%

DIANA SHIPPING NYSE USD 6.28 6.37 -1.4%

DRYSHIPS INC NASDAQ USD 0.83 0.80 3.7%

EAGLE BULK SHIPPING NASDAQ USD 8.02 9.39 -14.6%

EUROSEAS LTD. NASDAQ USD 0.71 0.73 -2.7%

FREESEAS INC NASDAQ USD 0.05 0.07 -28.6%

GLOBUS MARITIME LIMITED NASDAQ USD 1.29 1.21 6.6%

GOLDENPORT HOLDINGS INC LONDON GBX 123.71 124.78 -0.9%

HELLENIC CARRIERS LIMITED LONDON GBX 18.00 17.00 5.9%

NAVIOS MARITIME ACQUISITIONS NYSE USD 3.50 3.52 -0.6%

NAVIOS MARITIME HOLDINGS NYSE USD 4.25 4.50 -5.6%

NAVIOS MARITIME PARTNERS LP NYSE USD 11.08 9.75 13.6%

PARAGON SHIPPING INC. NYSE USD 1.00 1.21 -17.4%

SAFE BULKERS INC NYSE USD 3.55 3.66 -3.0%

SEANERGY MARITIME HOLDINGS CORP NASDAQ USD 0.76 0.71 7.0%

STAR BULK CARRIERS CORP NASDAQ USD 3.56 3.30 7.9%

STEALTHGAS INC NASDAQ USD 6.68 6.61 1.1%

TSAKOS ENERGY NAVIGATION NYSE USD 8.22 7.80 5.4%

TOP SHIPS INC NASDAQ USD 1.03 1.08 -4.6%

Maritime Stock Data

© Intermodal Shipbrokers Co

9

31/03/2015

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