weekly shipping market report
TRANSCRIPT
WEEKLY SHIPPING
MARKET REPORT WEEK 26
- 25th June – to 2nd July 2013
Legal Disclamer
The information contained herein has been obtained by various sources. Although every effort has been made to ensure that this information is accurate, complete and up to date, Shiptrade Services S.A. does not accept any responsibility whatsoever for any loss or damage occasioned or claimed, upon reliance on the information, opinions and analysis contained in this report.
Researched and compiled by: Shiptrade Services SA, Market Research on behalf of the Sale & Purchase, Dry Cargo Chartering and Tanker Chartering Departments. For any questions please contact: [email protected]
Shiptrade Services SA Tel +30 210 4181814 [email protected] 1st Floor, 110/112 Notara Street Fax +30 210 4181142 [email protected] 185 35 Piraeus, Greece www.shiptrade.gr [email protected]
1
Vessel ordering mania – why?
The flood of interest in ordering new container vessels is motivated by other factors than supply and demand. The recent surge in new vessel orders at a time of industry-wide overcapacity suggests that market fundamentals are no longer the main driver (see figure). Even when the most recently ordered ships are delivered in 2016, Europe and the US are still likely to be climbing out of recession, which means that capacity in the east-west trades will continue to outstrip demand. One of the factors behind the surge in orders is plummeting shipyard prices. Smaller carriers now see an opportunity to gain a competitive edge over the big three at last, and have not been slow to take advantage of it. For example, CSCL’s recent order for 5 x 18,400 teu ships, the first of which is due for delivery in 4Q 2014, each cost $136.6 million, approximately 26% less than Maersk’s 20 x 18,000 teu vessels, which were ordered in 2011, with the first being named only two weeks ago. The comparison is not exact, as there is a difference in design specification. Maersk’s hull is twin screw, whereas CSCL’s has only one propeller, and Maersk’s vessels also have expensive on-deck cell guides to facilitate cargo operations and improve safety. The big advantage of the 18,000 teu vessels is their fuel consumption. Compared to the 13,000 teu ships ordered by competitors, they are claimed to burn around 35% less per container. As fuel accounts for well over half of all voyage costs, it is easy to see why new market entrants can be lured in, including UASC, which is reported to be discussing the price of five of the giants with an Asian shipyard. UASC has also expressed interest in ordering 4 x 14,000 teu vessels. In this respect OOCL ordered 6 x 13,000 teu vessels in 2011, each costing $136 million, and NOL ordered 10 x 14,000 ships in 2011, costing $154 million, including the upgrading of 10 x 8,400 teu vessels, whereas Seapan’s order for 5 x 14,000 teu vessels in March 2013 are estimated to have cost just $108m each. The price of K Line’s 5 x 14,000 ships, which were fixed shortly afterwards, is not known, but will have been little different. Getting credit for such orders is still not difficult, strangely, despite the ships not always being ordered to meet demand growth. However, the credit is selective for certain companies and ship types. Also, with many ocean carriers being state-supported in some way, banks appear to see their loans as being as good as ‘sovereign debt’, so not high risk, even though the current surplus of vessel capacity is already destroying profitability through swinging freight rate decreases. This means that maintaining the cash flow required to service ship mortgages is increasingly difficult for carriers. Cash-rich non-owner operators, such as Seaspan, Costamare, Technomar, and Capital Ship Management, clearly see this problem worsening, which explains why they have returned to the market in a big way, providing another factor behind the surge (see table). They have also been using their cash advantage to help owners acquire specialist tonnage, such as the wide-body vessels now favoured in South American schedules. So, even where borrowing to fund newbuilds becomes too difficult, carriers will be able to circumvent the problem through leasing or chartering. The container industry, it seems, remains dominated by optimists. (Drewry Maritime Research)
Shipping orders for oil tankers show different outlook in short and long terms
Orders for crude tankers often reflect shipping companies’ expectations of future supply and demand. Managers often place new orders when they expect future demand to increase more than supply, on the condition that they expect to generate profit with the investment. When managers expect excess capacity to continue or grow, they refrain from placing more orders, sometimes even delaying them for a price. Since tankers generally take more than two years to construct (sometimes up to five years), the metric is often more relevant to long-term investment horizons. Early sign of recovery for the week ending June 21, the number of crude tankers on order rose to 6.71% of existing vessels from 6.67% the prior week, as published by IHS Global Limited on Friday. The number of crude tankers on order began basing a year ago as shipping companies returned to the market to place new orders in anticipation of a supply shortage in the long term. Since managers are often slow to adjust to changes in demand and the short-run supply curve is inelastic (meaning its supply and demand aren’t affected by price changes), a small increase in demand can significantly move the price of the good, and we can expect shipping rates to rise from their current depressed levels within the next few years. The crude tanker orderbook, which includes tankers under construction, also rose higher, increasing from 10.30% as a percentage of capacity measured in deadweight (DWT), a weight measure of the amount that a ship can safely carry across ocean, to 10.35% at the end of June 21. Investors look at the orderbook because it provides additional data that factors in when managers want the ships to be delivered in order to generate maximum profits from their ships. If managers deem supply and demand balance to be unfavorable within two years, they may ask to push the delivery further out into the future, which lowers construction activity in the nearer term. Short-term and long-term outlooks differ. But most of the increase in tanker orderbook came from new orders and not necessary construction levels. Historically, the number of tankers under construction ranged between 60 and 100
ships. On June 21, the figure was 36, and it hasn’t yet shown signs of improvement. This means managers are in no rush to receive these new orders for service and risk remains in the short to medium term—even though new orders point to a long-term investment opportunity. Managers aren’t too eager to receive new ships because global oil trade growth is expected to remain weak over the next couple of years as the U.S increases its own domestic oil production and supply growth remains elevated. (Market Realist)
Shipping signal gnaws at market optimism
A nightmare on world freight markets, where shipping prices have been decimated over the past four years, is gnawing at New Year optimism about a stabilizing world economy and shows how adept investors can be at tuning out ‘inconvenient’ information. Global markets have staged an impressive start to 2012 after a dire second half to last year when economists talked openly of global depression, euro zone collapse and systemic shocks. World equities, commodities and even Italian government debt have all rallied to return between five and 10 percent so far this month. And there’s plenty of supporting news to back that up -- a wave of more positive business surveys across developed economies, improving labor markets and consumer credit in the United States, huge and cheap long-term bank financing from the European Central Bank and some benign Chinese growth numbers. The world economy is not in freefall after all, it seems, and overpessimistic markets have re-adjusted to reflect that. Yet, one market has so far refused to play ball. The Baltic Exchange’s main sea freight index BADI, which measures the cost of shipping dry commodities and is seen by many as a lead indicator of global trade activity, has shed more than 50 percent in just one month and is plumbing three-year lows. For many, it’s tempting to dismiss the signal as a bum steer from a market that experts say faces a glut of new vessels due to over-optimism about demand a couple of years back. Given the long lead time it takes to build new ships, the resultant excess capacity is kicking in now and overwhelming subdued demand. What’s more, a slowing Chinese economy -- whose sudden emergence as the world’s second largest has been responsible for some of the most dramatic movements in the index over the past decade -- and demand for iron ore -- which accounts for almost a third of the volumes on larger cargo ships -- are major factors. Yet, if you subscribe to its predictive nature, then it’s difficult to ignore that as equity markets tumbled through late summer and autumn of last year, shipping prices were more sanguine and jumped 70 percent between August and October, which may well have heralded the stream of good economic news. Defenders of its leading signal status also point to the fact that the rigidities related to market capacity reduce the speculative element that creates so much short-term noise in other financial markets and make it less prone to the ebb and flow of monetary liquidity and central bank policy. As a result, the doldrums in the Baltic Freight index may merely be a reality check for other markets and more accurately reflect a widespread investor view of sub-par global economic growth for years to come rather than any new signal per se. “The global economy is very likely to slow sharply this year. Quite how sharply it slows and why will define how risky assets will perform,” said Richard Cookson, Global Chief Investment Officer at Citi Private Bank. The International Monetary Fund on Tuesday reinforced the slowdown thesis, cutting its 2012 world growth forecast to a sub-trend 3.3 percent from as high as 4 percent last September. If the shipping market divergence is then simply to do with perspective and length of horizon, it’s revealing how market behavior and its often weekly bipolar swings between pessimism and optimism -- or “risk on” and “risk off” in market parlance -- is adept at choosing information to suit its prevailing mood. Societe Generale strategist Dylan Grice, who along with long-term market bear Albert Edwards advocate the bank’s “Alternative View” of a looming economic Ice Age, cites several studies showing how people are always biased toward believing information that reinforces their existing view and markets were little different in this respect. “We’re hardwired to think we’re right more often than we are right,” Grice told clients this week. “The problem isn’t that we have an optimistic disposition per se. It’s that we’re impervious to evidence telling us we’re wrong, and are steadfast in our refusal to incorporate such evidence.” Bullish or bearish then, the best strategy may be a refusal to get caught in either prevailing short-term narrative and an attempt to see through another likely volatile year by sticking with tried and tested blue chip equities and top quality bonds. As ever, billionaire U.S. investor Warren Buffett seems to be doing just that again this year -- seeking long-term value from short-term market swings. Just a day after a profit warning on January 19 sparked a 15 percent drop in the shares of blue-chip British supermarket firm Tesco (TSCO.L), Buffet’s Berkshire Hathaway boosted its stake to 5.08 percent from 3.21 percent. For Buffett, the fact that Tesco shares, along with other high dividend blue chips, have more than doubled in price over the past 12 years as the broader FTSE 100 index .FTSE shed 30 percent, will not have been lost. (Reuters)
Shipping , Commodities & Financial News
2
Steady market
This week the S&P market was not so active. Buyers continue to keep calm and patient while new vessels enter the market
for sale. Even though the BIFFEX continues to show an increase, with Capesizes showing some increasing rates, the market
sentiment is not as firm. In the dry sector we have noticed some interesting reported sales of kamsarmax and panamax
vessels to Greek based buyers. On the wet sector, the activity was very quiet, with just one enbloc sale worth mentioning.
Notable was the reported sale of the panamax vessel “Euro Trader” (76.595 dwt built 2009 Japan) which sold for USD 21.5
million to Greek buyers.
Shiptrades’ enquiry index remained at same levels. Handysize vessels continue to attract firm interest especially those built
in the 90ies and the modern ones. Handymaxes built mid / late 90ies are also of serious interest as well as supramaxes. On
the panamax size, interest is coming from Far East for mid 90ies built vessels, while post 2000’s built units show an
increasing demand, this however does not show either on inspections or on sales. Furthermore we have noticed an
increased number of enquiries from the Eastern market for vintage capesize vessels, however understand that Chinese
buyers do not inspect many vessels. On the wet sector the number of enquiries showed a decrease. MR tankers built in the
mid of 90ies and more modern ships seem to be of serious interest. Enquiries for LR1 and Aframax tankers showed a
general decreasing mood, even though modern vessels seem to be attracting some interest.
NEWBUILDINGS
In the newbuilding market we have seen 12 vessels to have been contracted.
6 Bulk Carriers (Ultramax, Supramax)
2 Tankers (Aframax)
4 LPG
DEMOLITION
The demolition market remained weak. In Bangladesh, the buyers seem to be more concerned with politics and the present
monsoon season which does not leave much room for further business. The Indian market continues at the same spirit,
with the Rupee touching its historically lowest levels against the US Dollar which create large losses for Buyers and their
recent acquisitions and with the present monsoon season keeping the Indian Market at “full stop”. Pakistan, being the only
actual buyers for demolition candidates are holding on to lower levels as they have actually no competition and their
fundamentals make them the only ones able to make some profits out of the general situation. The Chinese market
continued as at low levels with the depreciated scrap price making them skeptical.
Sale & Purchase
3
Indicative Market Values – ( 5 yrs old / Mill $ )
Bulk Carriers
Week 26 Week 25 Change %
Capesize 30 30 0.00
Panamax 20.5 20.5 0.00
Supramax 19 19 0.00
Handysize 15 15 0.00
Tankers
VLCC 52 52 0,00
Suezmax 39 39 0,00
Aframax 27 27 0,00
Panamax 25 25 0,00
MR 23 23 0,00
Weekly Purchase Enquiries
SHIPTRADE P/E WEEKLY INDEX
0
50
100
150
200
250
300
350
400
2-8
/5/2
01
29-1
5/5
/20
12
16-2
2/5
/2012
23-2
9/5
/2012
30/5
-5/6
/2012
6-1
2/6
/20
12
13-1
9/6
/2012
20-2
6/6
/2012
27/6
-3/7
/2012
4/7
-10/7
/2012
11/7
-17/7
/2012
18-2
4/7
/2012
25-3
1/7
/2012
1-7
/8/2
01
28-1
4/8
/20
12
15-2
1/8
/2012
22-2
8/8
/2012
29/8
-4/9
/2012
5-1
1/9
/20
12
12-1
9/9
/2012
19-2
5/9
/2012
26/9
-2/1
0/2
012
3-9
/10/2
012
10-1
6/1
0/1
217-2
3/1
0/1
224-3
0/1
0/1
231/1
0-6
/11/1
27-1
3/1
1/1
214-2
0/1
1/1
221-2
7/1
1/1
228/1
1-4
/12/1
25-1
1/1
2/1
212-1
8/1
2/1
2
19/1
2/1
2-8
/1/1
39-1
5/1
/13
16-2
2/1
/13
23-2
9/1
/13
30/1
-5/2
/13
6-1
2/2
/13
13-1
9/2
/13
20-2
6/2
/13
27/2
-5/3
/13
6-1
2/3
/13
13-1
9/3
/13
20-2
6/3
/13
27/3
-2/4
/13
3-9
/4/1
310-1
6/4
/13
17-2
3/4
/13
24-3
0/4
/13
1-7
/5/2
01
38-1
4/5
/20
13
15-2
1/5
/13
22-2
8/5
/13
29/5
-4/6
/13
5-1
1/6
/13
12-1
8/6
/13
19-2
5/6
/2013
26/6
-2/7
/2013
Korea China Spore KCS
Greece Other SUM
Sale & Purchase
4
Reported Second-hand Sales
Bulk Carriers Name Dwt DoB Yard SS Engine Gear Price Buyer
Noni M 185.777 1995 Kawasaki, Jpn 06/2015 B&W - $10.500.000 Chinese
(old sale)
Mona River 171.012 2000 Namura, Jpn 12/2015 B&W - $16.500.000 Far Eastern
Glory Power 87.144 2006 IHI, Jpn 11/2016 Sulzer - $19.100.000 Greek
Florence Lily 82.356 2009 Oshima, Jpn 02/2014 B&W - $22.700.000 Greek
Euro Trader 76.595 2009 Shin Kasado, Jpn 09/2014 B&W - $21.500.000 Greek
Power Steel 74.443 1999 Sasebo, Jpn 01/2014 B&W - $11.000.000 Chinese
Zhejiang Zengzhou 011
64.000 2013 Zhejiang, Chn - - - $24.000.000 Turkish
Royal Phoenix 52.587 2003 Toyohashi, Jpn 02/2018 B&W CR
4x30T $15.300.000 Greek
Tankers Name Dwt DoB Yard SS Engine Hull Price Buyer
SPP Sacheon S5120 51.000 2014 SPP, Kor - B&W DH $33.500.000 (each en bloc)
U.S. based SPP Sacheon S5121 51.000 2014 SPP, Kor - B&W DH
Sale & Purchase
5
Newbuilding Orders
No Type Dwt / Unit Yard Delivery Owner Price 2 Tanker 105.000 Sumitomo 2014/15 Lundqvist
2 LPG 84.000 cbm HHI 2015 Scorpio 72
2 LPG 84.000 cbm DSME 2015 Scorpio 72
4 BC 64.000 Jiangsu Hantong 2015 Spar Shipping 26
2 BC 58.000 Tsuneishi Cebu 2015 Wisdom Marine 27
Newbuilding Prices (Mill $) – Japanese/ S. Korean Yards
Newbuilding Resale Prices
Bulk Carriers
Capesize 48 39
Panamax 32 29
Supramax 25 24
Handysize 20 19
Tankers
VLCC 88 78
Suezmax 56 53
Aframax 45 37
Panamax 40 36
MR 33 32
Newbuilding Resale Prices
Bulk Carriers (2008 – Today) Tankers (2008 – Today)
Newbuildings
6
Demolition Sales
Vessel Type Built Dwt Ldt Buyer Country Price
Sun New BC 1985 31.253 7.532 Bangladesh 360 (‘as is’ Incheon with 150 T
bunkers) Taba BC 1985 25.729 5.467 India 404
Demolition Prices ($ / Ldt)
Bangladesh China India Pakistan
Dry 400 310 400 410
Wet 420 330 420 430
Demolition Prices
Bulk Carriers (2008 – Today) Tankers (2008 – Today)
Demolitions
7
In Brief: fast increase CONTINUES Capes: Cape market kept rising Cape market continued its upward trend with significant improvement for one more week with the BCI ending up at 2165 increased by 343 points. In the atlantic market, Tubaro/Qingdao route fixed at USD 21.00 pmt towards the end of the week whereas fronthaul ex Cont/Med at around USD 27500 improved by around USD 3500 compared to last week’s levels. As for transantlantic round trips were fixed at around USD 16,000. Same positive sentiment in the pacific basin with the Port hedland/Qingdao route concluding at USD 8.70 pmt at the end of the week. Round trips were fixed at around USD 14,000 increased by around USD 2,500. Period levels at around USD 11,500 for one year. Panamax: Steady movement in the Atlantic, slow in the Pacific. BPI index at the beginning of the week was at 937 points to finally close up by 70 points at 1007 on Friday. Activity in the Atlantic region seemed to be picking up last week with some fresh requirements and so did the rates. Transatlantic round trips were reported fixing at USD 9500-10000 levels about whilst there were a couple of fixtures reported ex West Med at USD 10000-10500 basis 2/3 laden legs redelivery Atlantic. Fronthauls ex ECSA were reported at USD 15000 levels plus 500k ballast bonus. In the Pacific basin there was some activity in EC Aussie at the beginning of the week with some fixtures reported at USD 7500-8000 dop N.China. Nopac also showed some activity finally with some fixtures at USD 7000 about basis dop S. Korea-Japan range. Indonesian Coal Market remained active although it was heavily pushed by ballasters to ECSA. However there were quite a few fixtures reported at USD 6000-7000 levels aps Indonesian ports plus 75-100k ballast bonus for S. China positions. Short period market remained almost inactive with charters aiming to fix for 4/6 months up to one year at USD 7500 levels about. Supramax: Positive sentiment this week for supras. BSI index at the beginning of the week was at 930 points and at the end of the week closed at 954 increased by 24 points. Fronthaual from USG to FEAST were fixed 24.000 usd. Trips from USG to Conti/Med were fixed at usd 22.500. We have seen fixtures via EMED to FEAST at about usd 13.000. Regarding short period,have seen reported bss del continent at usd 12.500 and bss del eamed redel atlantic at usd 10.750. Usual coal cargoes Indo-India were fixed at about usd 12.500 and Indo-China at about usd 12.000. As for the nopac round concluded at around usd 8250 increased by usd 500 compare to last week.Ferts via N.China to ECI ended up at around usd 8.000. Large supra del Cigading fixed at usd 10.000 for 3/5 mos redel wwide. Handysize: Stability in rates The increase on the market index was not followed by the handies as the BHSI was increased only by 12 points while the average of the 4 T/C routes increased by USD 169. Atlantic remained relatively stable and the transatlantic round was fixed at USD 9,750 levels. Trips ex Argentina/USG were done at levels of USD 14/15,000 per day while the reposition backward routes at USD 5,250. Intra med trips ex Black Sea were paying around USD 7,000. In the Pacific we noticed some marginal improvement on the rates since the round voyage climbed to USD 6,750/7,000 and the NOPAC round remained stable at USD 6,750. ECI was again overcrowded with vessels and rates were at around USD 5,000 for China direction. Periods still at USD 7,750/8,000 per day
Dry Bulk - Chartering
Dry Bulk - Chartering
Dry Bulk - Chartering
Dry Bulk - Chartering
8
Baltic Indices – Dry Market (*Friday’s closing values)
Index Week 26 Week 25 Change (%)
BDI 1171 1027 14,02
BCI 2165 1822 18,83
BPI 1007 927 8,63
BSI 954 923 3,36
BHSI 564 552 2,17
T/C Rates (1 yr - $/day)
Type Size Week 26 Week 25 Change (%)
Capesize 160 / 175,000 11500 11250 2,22
Panamax 72 / 76,000 7500 7500 0,00
Supramax 52 / 57,000 9000 9000 0,00
Handysize 30 / 35,000 8000 8000 0,00
Average Spot Rates
Type Size Route Week 26 Week 25 Change %
Capesize 160 / 175,000
Far East – ATL 2250 -2232 -
Cont/Med – Far East 27400 23750 15,37
Far East RV 13900 11500 20,87
TransAtlantic RV 16150 11250 43,56
Panamax 72 / 76,000
Far East – ATL -100 -100 0,00
ATL / Far East 15000 15000 0,00
Pacific RV 6500 6000 8,33
TransAtlantic RV 9500 8000 18,75
Supramax 52 / 57,000
Far East – ATL 4500 4300 4,65
ATL / Far East 21000 20000 5,00
Pacific RV 8700 8500 2,35
TransAtlantic RV 13550 13500 0,37
Handysize 30 / 35,000
Far East – ATL 6000 5750 4,35
ATL / Far East 13000 13000 0,00
Pacific RV 7000 6500 7,69
TransAtlantic RV 9850 9500 3,68
Dry Bulk - Chartering
9
ANNUAL
APRIL 2013 – JUNE 2013
Dry Bulk - Chartering
10
Dry Bulk - Chartering
Capesize Routes – Atlantic 2012 / 13
$0,00
$5.000,00
$10.000,00
$15.000,00
$20.000,00
$25.000,00
$30.000,00
$35.000,00
$40.000,00
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55
C2 TUB/ ROT
C4RBAY /ROTC7 BOL/ ROT
C8 T/ARV
AVGALL TC
Capesize Routes – Pacific 2012 / 13
$0,00
$10.000,00
$20.000,00
$30.000,00
$40.000,00
$50.000,00
$60.000,00
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55
C3 TUB /PRC
C5 WAUST /PRC
C9 CONT /FE
C10 FE R/V
Panamax Routes – Atlantic 2012 / 13
0
5000
10000
15000
20000
25000
30000
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55
P1A T/A RV
P2ACONT/FE
11
Dry Bulk - Chartering
Panamax Routes – Pacific 2012 /13
$5.000,00
$0,00
$5.000,00
$10.000,00
$15.000,00
$20.000,00
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55
P3A FE R/V
P4 FE/CON
AVG ALL TC
Supramax Routes – Atlantic 2012 /13
0
5000
10000
15000
20000
25000
30000
35000
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55
S1A CON / FE
S1B BSEA / FE
S4A USG /CONT
S4B CONT /USG
S5 WAFR / FE
Supramax Routes – Pacific 2012 / 13
$0,00
$2.000,00
$4.000,00
$6.000,00
$8.000,00
$10.000,00
$12.000,00
$14.000,00
$16.000,00
$18.000,00
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55
S2 FE R/V
S3 FE / CON
AVG ALL TC
12
VLCC: Rates on Middle East – Far East reduced once more by 6 points and concluded at at ws35, in the Atlantic
route rates there was a decline by 1 point and concluded at ws39, and the AG-USG declined as well by other 2
points at ws21.
Suezmax: WAFR-USAC route remained stable at ws50. The B.SEA-MED was reduced by 2 points and concluded
at ws50.
Aframax: The AG-East was increased by 7.5 points at ws82.5, the NSEA-UKC route declined 2.5 points and
concluded at ws85. The MED-MED gained as well 2 points at ws80.
Panamax: The CBS-USG route declined again by other 2.5 points and concluded at ws80.
Products: USG-Cont route remained stable at ws100. The CONT-TA route was declined by 7.5 points and
concluded at ws110.
Baltic Indices – Wet Market (*Friday’s closing values)
Index Week 26 Week 25 Change (%)
BCTI 561 561 0,00
BDTI 577 584 1,20
T/C Rates (1 yr - $/day)
Type Size Week 26 Week 25 Change (%)
VLCC 300.000 18,250 18,250 0,00
Suezmax 150.000 15,750 15,750 0,00
Aframax 105.000 13,500 13,500 0,00
Panamax 70.000 14,500 14,500 0,00
MR 47.000 14,000 14,000 0,00
Tanker - Chartering
13
Crude Tanker Average Spot Rates
Type Size (Dwt) Route Week 26 WS
Week 25 WS
Change %
VLCC
280,000 AG – USG 21 23 -8,70
260,000 W.AFR – USG 39 40 -2,50
260,000 AG – East / Japan 35 41 -14,63
Suezmax
135,000 B.Sea – Med 50 52 -3,85
130,000 WAF – USAC 50 50 0,00
Aframax
80,000 Med – Med 80 77.5 3,23
80,000 N. Sea – UKC 85 87.5 -2,86
80,000 AG – East 82.5 75 10,00
70,000 Caribs – USG 80 82.5 -3,03
Product Tanker Average Spot Rates
Type Size (Dwt) Route Week 26 WS
Week 25 WS
Change %
Clean
75,000 AG – Japan 72.5 74.75 -3,01
55,000 AG – Japan 89 92.5 -3,78
38,000 Caribs – USAC 155 135 14,81
37,000 Cont – TA 110 117.5 -6,38
Dirty
55,000 Cont – TA 100 100 0,00
50,000 Caribs – USAC 105 97.5 7,69
Tanker - Chartering
14
VLCC Trading Routes 2012 / 13
0,00
10,00
20,00
30,00
40,00
50,00
60,00
70,00
80,00
1 3 5 7 9 1113 15 17 1921 23 25 2729 31 33 35 3739 41 43 4547 49 51 5355 57 59 6163 65
AG EAST JAPAN
AG - USG
WAFR - USG
Suezmax Trading Routes 2012 / 13
0,00
20,00
40,00
60,00
80,00
100,00
120,00
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65
B. SEA - MED
WAF - USAC
Aframax Trading Routes 2012 / 13
0,00
20,00
40,00
60,00
80,00
100,00
120,00
140,00
160,00
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65
MED - MED
N.SEA - UKC
AG - EAST
CARIBS USG
Tanker - Chartering
15
Clean Trading Routes – 2012 / 13
0,00
50,00
100,00
150,00
200,00
250,00
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65
AG - JAPAN (75,000)
AG - JAPAN (55,000)
CARIBS - USAC (37,000)
CONT - TA (37,000)
Dirty Trading Routes – 2012 / 13
0
20
40
60
80
100
120
140
160
180
200
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65
CONT - TA (50,000)
CARIBS - USAC(50,000)
Tanker - Chartering
16
Shipping Stocks
Commodities
Commodity Week 26 Week 25 Change (%) Brent Crude (BZ) 103,64 101,64 1,97
Natural Gas (NG) 3,64 3,67 -0,82
Gold (GC) 1250 1276 -2,04
Copper 314,95 308,15 2,21
Wheat (W) 301,57 310,57 -2,90
Dry Bulk
Company Stock Exchange Week 26 Week 25 Change % Baltic Trading Ltd (BALT) NYSE 3,71 3,54 4,80
Diana Shipping Inc (DSX) NASDAQ 10,04 9,81 2,34
Dryships Inc (DRYS) NASDAQ 1,87 1,79 4,47
Euroseas Ltd (ESEA) NASDAQ 1,04 1,02 1,96
Excel Maritime Carriers (EXM) NYSE 0,03 0,06 -50,00
Eagle Bulk Shipping Inc (EGLE) NASDAQ 3,65 3,25 12,31
Freeseas Inc (FREESE) NASDAQ 0,49 0,52 -5,77
Genco Shipping (GNK) NYSE 1,63 1,63 0,00
Navios Maritime (NM) NYSE 5,60 5,15 8,74
Navios Maritime PTN (NMM) NYSE 14,45 13,88 4,11
Paragon Shipping Inc (PRGN) NASDAQ 4,45 4,05 9,88
Star Bulk Carriers Corp (SBLK) NASDAQ 5,47 5,66 -3,36
Seanergy Maritime Holdings Corp (SHIP) NASDAQ 1,52 1,41 7,80
Safe Bulkers Inc (SB) NYSE 5,32 5,19 2,50
Golden Ocean (GOGL) Oslo Bors (NOK) 6,53 6,43 1,56
Tankers Capital Product Partners LP (CPLP) NASDAQ 9,28 8,98 3,34
TOP Ships Inc (TOPS) NASDAQ 1,53 1,47 4,08
Tsakos Energy Navigation (TNP) NYSE 4,77 4,37 9,15
Other
Aegean Maritime Petrol (ANW) NYSE 9,26 8,69 6,56
Danaos Corporation (DAC) NYSE 4,36 4,16 4,81
StealthGas Inc (GASS) NASDAQ 11,00 10,40 5,77
Rio Tinto (RIO) NYSE 41,08 41,53 -1,08
Vale (VALE) NYSE 13,15 13,65 -3,66
ADM Archer Daniels Midland (ADM) NYSE 33,91 33,09 2,48
BHP Billiton (BHP) NYSE 57,66 58,92 -2,14
Financial Market Data
17
Currencies
Week 26 Week 25 Change (%) EUR / USD 1,30 1,31 -0,76
USD / JPY 99,15 97,86 1,32
USD / KRW 1142 1156 -1,21
USD / NOK 6,07 6,05 0,33
Bunker Prices
IFO 380 IFO 180 MGO Piraeus 600 630 910
Fujairah 591 620 990
Singapore 582 600 875
Rotterdam 581 602 866
Houston 570 620 950
Port Congestion*
Port No of Vessels
China Rizhao 19
Lianyungang 28
Qingdao 90
Zhanjiang 22
Yantai 34
India
Chennai 15
Haldia 22
New Mangalore 4
Kakinada 11
Krishnapatnam 17
Mormugao 16
Kandla 21
Mundra 18
Paradip 24
Vizag 27
South America
River Plate 352
Paranagua 192
Praia Mole 24
* The information above exhibits the number of vessels, of various types and sizes, that are at berth, awaiting anchorage, at
anchorage, working, loading or expected to arrive in various ports of China, India and South America during Week 26 of year
2013.
Financial Market Data / Bunker Prices / Port Congestion