Dry Bulk

Dry Bulk Trade
Outlook
November, 2005
Volume 11, No 11
CABI* as at November, 2005
ISSN: 1361-3189
Atlantic Freight Costs Last Month......
4500
Ore:
4000
Coal:
HIGHER!!
HIGHER!!
Grain: HIGHER!!
3500
3000
2500
2000
Nar vik
1500
Lulea
1000
Tees
500
1990 1992 1994 1996 1998 2000 2002 2004
*Clarkson Average Bulker-Earnings Index
Phil a
del phia
Balt im roe
Norf olk
N. Or leans
Highlights
Review
Review of Baltic Indices.
market overview and vessel
requirements.....................p.2/3.
Iron Ore
Australian iron ore exports
show impressive growth...p.4/5.
Coking Coal
Strong growth for Australian
coking coal exports in the first
three quarters of 2005 ......p.6/7.
Steam Coal
More strong growth for Indian
steam coal imports ...........p.8/9.
Wheat & Grain
North African wheat imports
predicted to rebound ....p.10/12.
Minor Bulks
Japan likely to break its record
for scrap exports................p.13.
The Dry Bulk Fleet
Nine pages of fleet and freight
rate data, plus prices and
earnings; fleet forecasts for
end 2005...................... p.14-23.
Commodity Countdown:
The Soybean Trade
Shipping Intelligence Network....

"represents a giant leap forward in the
information technology development in
shipping."
Antwer p
Por t Car tier
Nor th Por t
A ntwer p
El Aaiun
Nouadhibou
. Boli a
P
vr
P.O rdaz
P.da Madei ra
Tubarao
Sepet iba
Paranagua
R. Pl ate
Bahia Blanca
S a
l danhaBay
Ric har ds Bay
Selection of major dry bulk loading ports
Pacific Freight Costs Last Month......

Ore:
Coal: HIGHER!!
HIGHER!!
QH D QHD
Vostochny
Sewar d
P.R upe
rt
Vanc
ouver
Por tl and
Los A n
gel es
Long Beach
Lianyungang
M orm ugao
Grain: FIRMER
Vi zag
Madr as
anj ungBar a
T
P u
l auLaut
Wei pa
Abbot Point
H a
y Point
Gladst one
Newcastl e
Bunbur y
. Kembl a
P
. Adelai de
P
Lytt e
l t on
Port Hedl and

Dam pier
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Seaborne Trade At A Glance

OECD Industrial Prod. & Leading Indicator
OECD Growth/Dry Trade Growth

%
8%
Industrial Production
OECD total annual average
6%
6
4%
2%
3
0%
-2%
-4%
Dry Trade
Leading Indicator
Dry
Bulks...
Est.
46
96
79
55
49
25
15
174
218
43
800
STEADY
STRONG!
STEADY
STEADY
STEADY
STEADY
STEADY
STEADY
STEADY
STRONG!
STEADY
1%
5%
2%
0%
0%
1%
1%
2%
1%
10%
2%
2,395
6%
2,485
4%
2,571
FIRM....
3%
1,914
7%
2,007
5%
2,110
STRONG!
5%
448
524
350
174
264
451
556
387
169
260
481
579
407
173
271
519
632
453
179
264
589
660
475
186
273
644
684
493
192
275
185
190
187
205
214
207
214
205
213
208
34
54
31
1,120
2%
39
55
32
1,198
7%
40
55
31
1,197
0%
42
54
30
1,199
0%
50
54
28
1,318
10%
54
52
29
1,347
2%
57
55
30
1,416
5%
59
63
29
1,507
6%
60
66
30
1,618
7%
67
69
30
1,703
5%
36
78
62
46
55
15
12
163
200
33
699
0%
37
80
66
49
56
19
14
166
195
33
714
2%
38
92
66
46
45
20
13
156
189
33
697
-2%
40
93
69
45
45
18
12
158
174
34
686
-2%
36
90
70
46
46
24
12
161
187
36
709
3%
41
92
72
44
46
23
12
164
181
37
712
0%
43
94
74
45
45
23
12
160
186
37
718
1%
45
96
75
48
47
24
13
163
197
46
754
5%
46
90
76
53
47
24
14
166
206
53
776
3%
TOTAL BULK^...
% Change
1,819
1%
1,911
5%
1,894
-1%
1,885
0%
2,027
8%
2,059
2%
2,135
4%
2,261
6%
OTHER DRY...
% Change
1,236
11%
1,346
9%
1,368
2%
1,449
6%
1,571
8%
1,593
1%
1,717
8%
1,791
4%
Trade Trend
Million Tonnes
Est.
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
TOTAL DRY...
% Change
3,055
5%
3,258
7%
3,262
0%
3,334
2%
3,598
8%
3,652
1%
2005"
46
91
78
55
49
25
15
170
216
39
783
1%
402
466
304
162
247
Total Dry
Trade...
2003
7%
3%
3%
4%
2%
2%
3%
0%
0%
4%
427
458
289
169
226
% Change
2001
STRONG!
FIRM....
STEADY
FIRM...
STEADY
STEADY
STEADY
STEADY
STEADY
FIRM...
428
454
284
170
229
Sugar
Agribulks
Fertiliser
Scrap
Cement
Coke
Pig Iron
Forest Product
Steel Product
Others
MINOR BULKS...
F'cast Next Year v.

2006
This Year...
686
706
506
200
281
212
68
69
30
1,771
392
424
260
165
219
% Change
1999
Trade Trend
Million Tonnes
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Iron Ore...
Total Coal...
Steam Coal
Coking Coal
Grains~...
Wheat/Coarse Grain
Soyabean
Bauxite/Alumina
Phosphate Rock
5 MAJOR BULKS
1997
1995
1993
1989
1991
-3
Mar-91
Sep-91
Mar-92
Sep-92
Mar-93
Sep-93
Mar-94
Sep-94
Mar-95
Sep-95
Mar-96
Sep-96
Mar-97
Sep-97
Mar-98
Sep-98
Mar-99
Sep-99
Mar-00
Sep-00
Mar-01
Sep-01
Mar-02
Sep-02
Mar-03
Sep-03
Mar-04
Sep-04
Mar-05
Sep-05
-6%
3,851
5%
4,052
5%
4,308
6%
4,493
4%
F'cast Next Year v.

2006
This Year...
4,681
FIRM...
4%
Dry Trade Total includes general dry cargo estimate. ~Grain total wheat, coarse grain & soyabean *Forecast; all figures for total Calendar Year.
^Other Dry is dry cargo not carried in bulk, e.g. containerised cargo and breakbulk. Totals include minor producers omitted from table.
Clarkson Research Studies
Page 2
Nov-05
The Market Outlook

Bulker Spot Earnings ($/Day)
The Market This Month....
$/pd
100,000
90,000
80,000
Capesize
70,000
60,000
Panamax
50,000
40,000
30,000
20,000
10,000
Handymax
0
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Vessel size from CRS Standard as defined in "Shipping Intelligence Weekly".
Clarkson Shipping Market Index...
The Freight Indices October November 05

Capesize: After a continuous improvement from
August, the BCI hit a recent peak of 5,125 on October
14. Since then, it has been falling slowly and on
November 9 it was down to 4,338. Average spot
earnings for a modern Capesize slipped to $47,118/day
on November 4, compared with $53,031/day on
October 14.
Panamax: Average spot earnings for a modern
Panamax vessel slipped to $16,938/day on November
4, from $19,962/day on October 14. A day earlier the
BPI recorded a recent high of 2,874. Since then it has
been moving in a lower range and on November 9 it
was only 2,493.
Handymax: After being above 19,000 for more than
ten days in late October, the BHMI followed a similar
downward trend. On November 9 it was reported as
18,041. One year time charter rates for 30,000dwt bulk
carrier was $12,750/day on November 11, a $1,000
drop from a month ago.
Trade growth in Million mt and % change yoy...

End Year
Iron Ore
Coking Coal
Steam Coal
Grain"
Minor Bulk ^
Bulk Demand Growth......
70
7
21
9
26
133
2004
13%
4%
5%
3%
3%
6%
56
6
18
2
9
91
2005
9%
3%
4%
1%
1%
4%
"incl. soyabean ^ including alumina/bauxite/phosphate
Fleet in Million DWT and % change yoy...

End Year
Handysize
Orderbook % Fleet
Handymax
Orderbook % Fleet
Panamax inc Combo
Orderbook % Fleet
Capesize inc Combo
Orderbook % Fleet
Total Availability
Orderbook % Fleet
2004
73.0
2%
6%
61.0
7%
23%
82.1
8%
17%
111.6 10%
31%
327.6
7%
21%
2005
74.5
2%
66.2
9%
87.9
7%
120.8
8%
349.4
7%
What's that in terms of no. of Vessels?..

Demand Growth
Supply Growth
Supply/Demand Balance*...
FREIGHT COSTS...
2005
2004
403
275
329
335
-74
60
STRONGER!! WEAKER!!
Supply and Demand growth is in terms of Panamax equivalents

Demand growth = trade growth converted into Panamax vessels based on:
55,000t cargoes x 6 trips a year
Supply growth = net change in bulk fleet divided by 65,000dwt.
* Supply/Demand: +ve number= ship surplus; -ve number= ship deficit
Page 3
News for the Bulk Market

o The OECDs composite leading indicator (CLI)
showed further improvement in September, and with
upward revisions to the previous months data, the sixmonth rate of change in the CLI has now increased for
five consecutive months. This continuing upturn is an
encouraging sign for industrial growth and dry bulk
trade. Nevertheless, the performance of different
regions varied, with the CLIs for European countries
and for Japan continuing to strengthen, while that for
the US deteriorated. Macquarie Research estimated that
the actual industrial production growth (based on PPP
weightings) points to OECD growth of 2.1% y-o-y in
August, up slightly from 1.9% in July.
o The Indian government has recently approved a new
national steel policy which aims to increase production
almost threefold in the next 15 years. The aim of the
policy is to make the industry globally competitive, not
only in terms of cost, quality and product mix, but also
in the areas of efficiency and productivity, said an
official statement. The policy sets a target of producing
over 100mt of steel by the 2019/20 financial year, up
from 38mt in 2004-05. This represents a compound
annual growth rate of 7.3%. The increase is designed to
narrow the gap in per capita steel consumption between
India and the rest of the world, and thus improve the
living condition of poorer Indians. The country
currently consumes about 33kg/person per year, against
the Asian average of 142kg, according to International
Iron & Steel Institute figures.
Nov-05
Seaborne Iron Ore Trade

Imports to
Europe...
Belg-Lux
France
Germany
Italy
Netherlands
Spain
UK
Finland
EU15
Turkey
TOTAL W. Europe
% change
Est.
1998 1999 2000 2001 2002 2003 2004 2005
12.1
10.9
10.6
10.1
11.0
10.4
11.0
10.3
20.7
20.3
19.7
16.7
19.0
19.0
19.4
18.4
53.6
38.9
47.6
40.1
44.3
38.9
39.7
38.0
16.4
16.3
17.5
15.8
14.9
15.2
15.9
16.1
8.4
7.6
7.0
7.4
7.0
7.8
7.5
7.5
6.9
6.3
6.3
6.6
6.2
5.8
6.4
6.7
20.7
17.0
16.7
15.4
13.3
16.1
16.3
16.0
2.1
2.0
2.0
2.0
1.9
1.7
1.7
1.7
143.7 121.6 130.1 116.5 120.1 117.5 120.3 117.6
3.9
3.0
4.1
3.6
5.8
5.5
5.6
5.6
147.6 125.7 134.5 120.0 126.0 124.6 128.5 126.1
11% -15%
7% -11%
5%
-1%
3%
-2%
Imports to
Asia...
Japan
% change
P.R.China
R.o.Korea
Taiwan
India
Pakistan
Malaysia
Indonesia
Philippines
TOTAL excl. Japan
% change
Est.
1998 1999 2000 2001 2002 2003 2004 2005
120.8 120.1 131.7 126.3 129.1 132.1 134.9 135.7
-5%
-1%
10%
-4%
2%
2%
2%
1%
51.8
55.3
70.0
92.4 111.5 148.2 208.1 263.5
33.6
35.5
38.9
45.9
43.3
41.3
41.6
41.6
14.2
13.3
14.9
15.6
15.2
15.6
15.7
15.4
0.6
0.6
0.5
0.3
0.3
0.4
0.4
0.4
1.3
1.5
1.4
1.4
1.4
0.9
0.9
0.9
1.1
1.4
1.7
1.6
1.3
1.6
1.7
1.7
1.2
1.9
2.0
1.2
1.2
1.5
1.6
1.6
4.8
4.0
4.3
4.3
4.7
4.3
4.3
4.3
108.5 113.5 133.7 162.5 178.8 213.8 274.3 329.5
-9%
5%
18%
22%
10%
20%
28%
20%
Est.
1999
2.2
1.5
3.7
1.8
1.8
3.2
1.1
7.9
7.4
11.3
6.1
2000
3.4
1.9
5.5
3.3
2.4
4.2
1.1
11.0
7.7
11.2
5.7
Total
Imports...
TOTAL
% change
2001
3.3
1.4
4.9
1.8
3.0
4.1
1.2
10.1
6.2
9.3
4.7
2002
3.5
1.5
5.2
2.9
3.0
4.7
1.2
11.8
6.9
10.5
5.4
2003
4.4
1.7
6.2
3.1
1.5
4.7
1.2
10.4
5.6
9.1
7.2
2004
4.7
2.1
6.7
4.0
1.7
4.9
1.2
11.8
5.9
9.8
7.6
2005
4.7
2.2
6.9
4.3
3.0
5.5
1.2
14.0
5.5
9.0
7.6
Est.
1999
402
-6%
2000
448
11%
2001
451
1%
2002
481
7%
STEADY
STRONG!!
FIRM
STEADY
STEADY
SOFTER
FIRM
FIRM
FIRM
STEADY
FIRM
1%
7%
7%
0%
0%
-5%
7%
6%
4%
-1%
7%
F'cast Next Year v.

2006* This Year...
136.0 STEADY
300.0
41.6
15.5
0.4
0.9
1.7
1.6
4.3
366.0
STRONG!!
STEADY
STEADY
WEAKER
FIRM
STEADY
STEADY
STEADY
STRONG!!
0%
0%
14%
0%
1%
-11%
5%
2%
-2%
0%
11%
F'cast Next Year v.

2006* This Year...
5.2
2.2
7.3
4.4
2.4
5.7
1.2
13.7
5.7
9.4
8.0
STRONG!!
STEADY
FIRM
STEADY
WEAKER
FIRM
STEADY
STEADY
FIRM
FIRM
FIRM
11%
-3%
6%
2%
-19%
4%
0%
-2%
4%
4%
5%
Import Trend
Million Tonnes
1998
427
0%
10.4
19.7
40.6
16.1
7.5
6.4
17.1
1.8
122.5
5.6
134.5
Import Trend
Million Tonnes
1998
2.2
1.6
5.0
2.0
1.7
3.1
1.0
7.8
8.5
12.3
6.7
F'cast Next Year v.

2006* This Year...
Import Trend
Million Tonnes
Imports to
Others...
Egypt
Libya
TOTAL AFRICA
Bahrain
Iran
Saudi Arabia
Qatar
TOTAL M EAST
USA (excl. Canada)
TOTAL N.America
TOTAL S.America^
Import Trend
Million Tonnes
2003
519
8%
2004
589
13%
2005
644
9%
F'cast Next Year v.

2006* This Year...
686 FIRM
7%
^ includes Mexican imports

Totals include minor importers omitted from table *Forecast; all figures for total Calendar Year.
Page 4
Nov-05
Iron Ore Trade (2)

Commentary
mt
686
700
FORECAST:
Trade set to increase by 7% in 2006.
650
644
589
600
550
519
481
500
448 451
450
427
402
400
348
350
306
321
362
347
358
311 319
300
0.00
0.00
0.00
Exports...
0.00
0.00
2006*
2005
2004
2003
2002
2001
2000
0.00
2001
2002
2003
Iron Ore News

2004
2005
157.0 157.1 165.8 187.6 207.0 237.0

32.9 37.3 46.6 55.0 68.1 75.0
3.5
4.4
4.6
5.2
5.4
5.6
160.1 155.7 170.0 184.4 204.7 221.7
18.3 17.5 20.3 20.2 20.7 23.1
16.0 13.7 14.5 16.1 17.4 18.0
21.5 23.5 25.1 24.1 24.3 27.5
11.1 10.1 10.5
9.6 10.6 11.0
451
481
519
589
644
686
1%
7%
8% 13%
9%
7%
Steel Production & Capesize Freight Rates...

Steel Production Index y-o-y % change
Cape Earnings y-o-y % change
40%
400%
35%
350%
30%
300%
25%
20%
o According to the Australian Bureau of Statistics,

Australian iron ore exports have risen by a massive
15.2% y-o-y in the first nine months this year, reaching
an annualised rate of 237mt.
0.00
Million Tonnes
2000
PACIFIC...
Australia
India
Peru
ATLANTIC...
Brazil
Canada~
Sweden
South Africa
Mauritania
TOTAL...^
% change...
1999
1998
1991
1990
1989
1988
1987
1986
1985
1984
250
o Australia's iron ore exports to China fell back to a

more "normal" level of 9.7mt in September compared
to the record high of 11mt recorded in August,
according to China Customs statistics. Still, Australia's
September supplies represented a 42% share of the
China's import market. India exported 5.7mt of iron ore
to China in September, taking a 25% market share and
Brazil exported 5.3mt of iron ore for a 23% market
share. The final published figure showed that, in the
first nine months of 2005 China's iron ore imports
totalled 198.93mt. Australia exported 82.1mt, followed
by India (52.5mt), Brazil (38.8mt), South Africa
(7.6mt) and Russia (2.5mt).
Trade Weighted
Steel Production
Index
250%
200%
15%
150%
10%
100%
5%
50%
0%
0%
-50%
-10%
-100%
-15%
-150%
o Rio Tinto is to spend $1.35bn to expand iron ore

mining and ship loading capacity in Western Australia.
It will raise the capacity of the companys ports in the
Pilbara close to 200mtpy. Some $530m will be spent to
increase capacity at the Yandicoogina mine of its
wholly owned Hamersley Iron subsidiary from 36mtpy
to 52mtpy, making it the largest iron ore mine in
Australia. Construction will begin in December and
should be completed at the end of 2007, with
progressive ramp-up during 2008. Rio Tinto will invest
another $690m to expand port facilities at Dampier
which will raise capacity to 140mtpy by the end of
2007 from 116mtpy currently. Additional rolling stock
and infrastructure to support these increased levels of
production will absorb a further $113m.
Jan 93
Jul 93
Jan 94
Jul 94
Jan 95
Jul 95
Jan 96
Jul 96
Jan 97
Jul 97
Jan 98
Jul 98
Jan 99
Jul 99
Jan 00
Jul 00
Jan 01
Jul 01
Jan 02
Jul 02
Jan 03
Jul 03
Jan 04
Jul 04
Jan 05
Jul 05
-5%
o Major Chinese steelmakers are calling for the

authorities to impose a cap on iron ore imports for
2006. The call follows a meeting of China's top ten
steelmakers organised by the National Development &
Reform Commission (NDRC) at Baosteel's headquarter
in Shanghai. After discussion, steelmakers proposed
that iron ore imports not be increased in 2006, and that
better order be applied to China's spot iron ore market.
This differs with CISAs forecast that China will need
to import at least 40-45mt more iron ore in 2006,
compared with around 270mt this year. The aim of the
proposed cap is to squeeze out small and "unruly" steel
mills from the market. Only after that will proper
market order emerge, they believe.
^ Totals include minor exporters omitted from table. " Forecast; all figures for total Calendar Year. ~ Canadian total excludes exports to US.
Page 5
Nov-05
Seaborne Coking Coal Trade

Imports to
Europe...
Belg-Lux
France
Germany
Italy
Netherlands
Spain
UK
EU
Turkey
Romania
TOTAL
% change
Est.
1998 1999
4.2
4.0
7.1
7.0
4.2
3.4
7.1
6.9
5.3
4.5
3.9
3.5
8.6
8.0
43.6
40.0
4.8
4.1
3.8
1.9
52.1
46.0
3% -12%
2000
3.8
6.5
4.6
7.2
4.9
3.8
8.5
42.7
5.9
1.8
50.4
2001
4.2
6.9
4.0
6.8
5.7
3.4
7.7
41.9
2.9
2.2
47.0
2002
3.4
6.4
5.1
5.1
4.2
3.4
6.3
36.8
4.6
1.5
42.9
2003
3.2
6.1
5.4
4.7
4.3
3.3
6.5
36.5
4.0
1.6
42.1
2004
3.5
6.8
6.6
5.1
4.6
4.0
6.3
39.9
4.2
1.4
45.6
2005
3.3
6.5
6.3
5.3
4.6
4.2
6.3
39.4
4.3
1.8
45.4
10%
-7%
-9%
-2%
8%
0%
Imports to
Asia...
Japan
India
S.Korea
Taiwan
TOTAL
% change
Est.
1998
62.8
8.5
18.0
6.0
95.4
1999
63.1
8.6
17.2
5.8
95.0
2000
65.7
11.1
19.6
6.1
102.8
2001
63.7
13.0
17.9
7.3
102.2
2002
67.2
12.8
20.0
8.6
110.3
2003
67.6
14.0
20.3
8.9
113.5
2004
68.5
16.0
20.9
9.0
121.1
2005
67.3
17.5
20.4
8.8
124.9
-3%
0%
8%
-1%
8%
3%
7%
3%
Est.
1999
0.9
12.8
3.0
0.7
3.0
2000
0.8
13.2
3.1
0.7
2.2
2001
0.8
12.0
3.3
0.7
2.5
2002
1.2
9.3
1.8
0.2
5.5
3.2
6.5
6.8
5.3
4.6
4.2
6.3
39.9
4.3
1.8
45.9
STEADY
STEADY
FIRM
STEADY
STEADY
STEADY
STEADY
STEADY
STEADY
STEADY
STEADY
-3%
1%
7%
0%
0%
-1%
1%
1%
1%
-3%
1%
F'cast Next Year v.

2006
This Year...
67.2
19.2
20.4
8.6
130.9
STEADY
FIRM
STEADY
STEADY
FIRM
0%
10%
0%
-3%
5%
Import Trend
Million Tonnes
1998
1.0
12.9
4.9
0.7
3.4
F'cast Next Year v.

2006
This Year...
Import Trend
Million Tonnes
Imports to
Others...
Argentina
Brazil
E.Europe *
Iran
Africa
Import Trend
Million Tonnes
2003
1.4
12.7
1.9
0.2
5.7
2004
1.4
8.8
1.4
0.2
5.5
2005
1.5
11.0
1.8
0.2
5.7
F'cast Next Year v.

2006
This Year...
1.5
12.7
1.8
0.2
5.7
STEADY
FIRM
STEADY
FIRM
STEADY
-1%
16%
-3%
3%
0%
* including Romania (see above)
Total
Imports...
TOTAL
% change
Est.
1998
169
0%
1999
162
-4%
2000
174
8%
Total
Exports...
Australia
Canada (ex US)
US (ex Canada)
China
OTHERS
TOTAL
Import Trend
Million Tonnes
2001
169
-3%
2002
173
2%
2003
179
4%
2004
186
4%
2005
192
3%
Est.
1999
92.4
28.5
25.3
5.2
10.3
162
2000
99.6
27.8
26.3
6.5
13.7
174
2001
106.1
27.3
19.5
11.5
4.6
169
2002
104.4
21.4
15.3
13.3
18.4
173
200
FIRM
4%
Export Trend
Million Tonnes
1998
83.6
27.9
38.3
4.9
14.5
169
F'cast Next Year v.

2006
This Year...
2003
111.1
22.6
17.1
13.1
14.7
179
2004
116.3
24.5
20.9
5.7
18.3
186
2005
126.0
27.0
21.6
3.4
13.9
192
F'cast Next Year v.

2006
This Year...
135.0
32.0
20.0
3.6
9.4
200
FIRM
FIRM
SOFTER
FIRM
WEAKER!!
FIRM
7%
19%
-7%
6%
-32%
4%
Coking coal - hard coal with a quality that allows production of coke suitable to support a blast furnace charge (excludes PCI coal).
Totals include minor importers omitted from the table. *Forecast; all figures for total Calendar Year.
Page 6
Nov-05
Coking Coal Market

Long Term Outlook
mt
200
200
192
FORECAST:
Trade to increase 4% in 2006
186
179
180
174
170 169
165
159
160 154 154 153
154 156
157
169
173
162
160
140
120
100
2006f
2004
2005e
2003
2002
2001
2000
1998
1999
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
80
Contract Prices...
To Japan...*
o According to Chinese customs statistics, in

September, China exported 0.75mt of coke,
compared with 0.8mt in August and a much higher
volume of 2.06mt in September 2004, which was
the highest monthly export volume in 2004. The
year-to-date exports were 9.79mt in 2005
compared with 10.37mt of the same period of
2004.
Coking Coal News
US$/ton FOBT
1999
2000
2001
2002
2003
Australia MV
41.90
39.75
42.75
48.10
46.20
China HV
35.53
33.67
36.31
34.20
36.31
Canada MV
40.38
38.36
41.38
46.50
44.65
Canada LV
41.50
39.06
41.94
47.25
47.35
Who's Exporting More?...

mt/ month
12
10
o Russia's Yakutugol is reported to have concluded a

new long-term supply contract for coal from
Neryungrinsky K9 in Yakutia in eastern Siberia. It will
supply Japan with up to 3mtpy of hard coking coal for
the next five years. The terms of the new contract to
begin next April are similar to those of the existing
contract agreed in November 2000, i.e. they require the
five Japanese integrated mills plus coke makers
Nakayama Steel and Mitsui Mining to take a total of
2.50-2.75mtpy (plus-minus 10% at buyers option)
between 2006 and 2010. According to the trade
statistics of Russia, coking coal exports during January
to September 2005 totalled 8.7mt, down 0.6mt (6.1%)
from the same period one year ago. Out of that exports
to Japan reached 2.4mt, up 0.6mt (33.6%) from the
same period one year ago.
o Coking coal export stocks in Australia have risen for
the third consecutive month. Metallurgical coal stocks
are up from 6.3mt to 6.5mt in September, with the
increases continuing to be driven by Queensland. This
means metallurgical coal stocks have jumped by more
than 60% from a historically low level of 4.0mt in June.
Australia
6
Canada
Commentary
o During the first three quarters of 2005, Australia
exported 60.7mt hard coking coal, compared to
52.1mt in the same period of last year, according
to latest ABS figures. Nevertheless, in September,
there was a sharp fall from recent high levels of
Australias monthly exports of high quality coking
coal, and a surge in exports of thermal coal. This
may reflect some fall-off in coking coal demand
since port stocks also appear to be rising a little at
the same time.
o According to the trade statistics of South Korea,

coking coal import to South Korea during the first nine
months of 2005 totalled 12.5mt, a 1mt decrease y-o-y.
Imports from Australia in the same period were
reported as 7.1mt, accounting for 56.6% of the total
coking coal imports.
USA
May-97
Sep-97
Jan-98
May-98
Sep-98
Jan-99
May-99
Sep-99
Jan-00
May-00
Sep-00
Jan-01
May-01
Sep-01
Jan-02
May-02
Sep-02
Jan-03
May-03
Sep-03
Jan-04
May-04
Sep-04
Jan-05
May-05
* Export Contract Base Price-Historic prices from IEA

Contract Base Price for Aust. MV = Goonyella; China HV = Huaibei; Canadian MV = Luscar; Canadian LV = Elkview.
Page 7
Nov-05
Seaborne Thermal Coal Trade

Imports to
Europe...
Belg-Lux
France
Germany
Denmark
Italy
Netherlands
Spain
Portugal
UK
EU15
Turkey
OECD EUROPE...
% change
2001
6.6
9.0
23.6
6.9
12.8
9.2
15.5
4.8
27.8
127.2
1.3
128.5
2002
4.5
11.7
21.9
6.3
14.1
8.9
21.1
5.7
22.4
126.5
1.7
128.2
2003
5.2
16.6
28.8
9.5
15.9
10.1
18.2
5.3
25.4
149.2
5.4
154.7
2004
4.8
12.9
25.9
7.5
19.6
8.7
20.4
5.2
29.8
147.4
5.4
152.8
2005
4.3
13.4
24.9
7.0
20.1
8.2
20.4
5.5
31.8
146.0
5.2
151.1
-2%
2%
15%
12%
0%
21%
-1%
-1%
1998
66.2
8.0
35.6
31.1
1.4
1.4
1.1
3.7
7.1
1999
70.1
11.1
37.3
35.3
1.3
2.2
0.8
5.2
6.4
2000
83.8
9.9
44.1
39.3
1.6
2.6
1.6
7.2
6.1
2001
91.5
9.4
47.1
40.3
1.8
3.0
2.3
7.6
7.9
2002
95.5
10.3
50.1
41.9
7.6
4.1
5.5
6.9
7.8
2003
100.7
12.0
51.4
45.4
4.6
5.8
7.5
6.1
10.6
2004
109.1
14.0
58.0
47.6
3.8
5.8
9.5
6.1
10.6
155.6
3%
169.7
9%
196.1
16%
211.2
8%
230.1
9%
244.7
6%
266.2
9%
Est.
F'cast.
2005
109.1
20.0
61.5
49.6
6.8
5.8
10.0
6.1
10.6
281.8
2006
109.1
23.0
64.0
50.6
9.8
6.3
11.0
6.1
10.6
293.3
1999
9.6
4.3
7.0
3.3
2000
9.9
3.7
9.6
3.9
2001
11.4
2.1
15.6
5.1
2002
12.7
2.3
13.7
5.1
1999
289
304
2%
5%
2000
2001
2002
350
387
15%
11%
2003
12.2
1.7
20.6
5.3
2004
12.5
3.2
21.9
5.3
Est.
F'cast.
2005
12.5
2.9
24.9
5.4
2006
12.5
2.7
26.4
5.4
1999
79.2
62.8
29.0
55.3
16.5
29.9
6.8
304
2000
87.1
66.9
44.6
55.4
21.7
35.6
7.9
350
2001
88.1
66.9
71.1
66.3
21.1
39.1
7.6
387
2003
2004
407
453
475
5%
11%
5%
2002
99.9
66.9
63.9
74.2
26.5
34.9
7.3
407
Next Year v.
This Year...
STEADY
STRONG!!
FIRM
STEADY
STRONG!!
FIRM
FIRM
STEADY
STEADY
FIRM
0%
15%
4%
2%
44%
9%
10%
0%
0%
4%
Next Year v.
This Year...
STEADY
WEAKER
FIRM
STEADY
0%
-8%
6%
0%
Import Trend
Next Year v.
This Year...
Est.
F'cast.
2005
493
4%
2006
506 STEADY
3%
Export Trend
Million Tonnes
1998
83.0
60.6
24.6
47.2
13.4
30.1
5.9
289
-23%
0%
2%
-7%
2%
0%
0%
0%
-6%
0%
0%
0%
Import Trend
Million Tonnes
1998
WEAKER
STEADY
STEADY
SOFTER
STEADY
STEADY
STEADY
STEADY
SOFTER
STEADY
STEADY
STEADY
6%
Million Tonnes
1998
9.6
3.9
6.7
3.4
Next Year v.
This Year...
Import Trend
Million Tonnes
Total
Exports...
Australia
S.Africa
China
Indonesia
Russia
Colombia
Venezuela
TOTAL
2006
3.3
13.4
25.4
6.5
20.6
8.2
20.4
5.5
29.8
146.0
5.2
151.1
2000
6.2
12.4
18.9
6.4
11.8
8.3
17.9
5.9
15.0
112.6
1.6
114.2
Total
Imports...
TOTAL
% change
F'cast.
1999
5.7
10.9
14.3
7.1
10.4
7.3
16.6
5.6
12.3
98.3
1.2
99.5
Imports to
Others...
Israel
Chile
US (ex Canada)
Morocco
Est.
1998
7.1
11.4
14.0
8.1
9.4
8.9
10.6
4.6
12.6
95.6
1.9
97.5
Imports to
Asia...
Japan...
India
S.Korea
Taiwan
China
Thailand
Malaysia
Philippines
Hong Kong
TOTAL...
% change
Import Trend
Million Tonnes
2003
105.0
68.7
73.3
88.7
26.5
44.4
7.6
453
2004
108.0
65.7
74.5
105.1
40.5
51.9
8.0
475
Est.
F'cast.
2005
108.5
65.7
73.5
118.1
41.5
57.4
8.5
493
2006
112.0
65.7
72.5
127.1
42.0
59.4
8.5
506
Next Year v.
This Year...
FIRM.......
STEADY
STEADY
FIRM
STEADY
FIRM.......
STEADY
STEADY
3%
0%
-1%
8%
1%
3%
-1%
3%
Totals include CIS, Poland & minor exporters; "Forecast; All figures for total Calendar Year. N.B. Thermal coal = Steam Coal.
Page 8
Nov-05
Thermal Coal Market

Long Term Outlook...
mt
506
493
500
475
FORECAST :
3% growth in steam coal
trade expected in 2006
450
453
407
387
400
350
350
304
284 289
300
260
242
250
201 206 207
216
184
200
159
150
2006f
2005e
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
1989
100
Commentary
o Chinese steam coal exports in the first three quarters
of 2005 reached 46.4mt, suggesting that 2005 full year
exports will reach only 60mt, down from around 73mt
last year. They are likely to be no more than this in
2006 and may be less, according to Pan Wanze, VP of
China Coal at an industry gathering in Beijing. With
domestic prices higher than international prices, Pan
said that it was unlikely that most exporters would
source coal for export. At present the only company
able to offer coal under the domestic price is Shenhua,
which produces all the coal it exports. China Coal has
its own production, but this is all sold out for 2006.
o In early November, port congestion at Newcastle
eased significantly, with the number of ships waiting to
load coal at the port falling to seven from a peak of
more than 30 in mid-October.
Contract Prices...
To Japan...*
Steam Coal News
US$/ton FOBT
2000
28.75
Australia NSW...
2001
34.50
2002
28.75
2003
26.75
2004
45.00
Spot Prices...
McCloskey
Spot Marker
Nov-04 Aug-05 Sep-05 Oct-05 Nov-05

78.05 58.30 57.85 54.90 51.75
3.11
2.32
2.30
2.19
2.04
179.30 146.87 132.90 126.12 117.73
US$/t
US$/GJ
MCIS Index ^
^ Index based on Jan 1991 = 100. Source: McCloskey Coal

mt/month
15
Australia
12
Indonesia
S. Africa
China
USA
38473
38292
38108
37926
37742
37561
37377
37196
37012
36831
36647
36465
36281
36100
35916
35735
0
35551
o The Richards Bay Coal Terminal is to expand

its capacity to 92 mtpy by July 2008 from 72
mtpy as part of the long-awaited phase five
expansion program, the terminals shareholders
announced on November 2. Most of the new
additional capacity is expected to go to black
economic empowerment companies. The cost of
the 1 billion Rand ($150 million) expansion will
be shared by existing shareholders Anglo Coal,
Xstrata Coal, Eyesizwe, Ingwe, Kangra Coal,
Sasol and Total Coal.
o BHP Billitons thermal coal production rose to
24mt in 3Q 2005, compared with 23mt in the
previous quarter and 20mt in 1Q 2005, as the
firm accelerated its main South African
operations and hit record output levels at its US
and Colombian operations. Exports from the
RBCT, where BHP is a major shareholder, rose
to 5.4mt in 3Q 2005, up from 5.1mt in 2Q and
5.1mt in the 1Q. Exports during October and
November are also expected to be strong on the
back of additional buying from Indian end users.
o October was another strong month for Indian

coal imports, with 3.7mt received, according to
sources quoted by McCloskey. This brings yearto-date imports to 33.2mt, compared to 29.8mt
for the whole of 2004. Steam coal accounted for
2.1mt in October, the second largest month so far
this year. This brings year-to-date imports to
15.6mt against around 14.5mt for the whole of
2004. It is believed that total steam coal imports
into India in 2005 will exceed 20mt, growing at
least 5.5mt on 2004.
* Export Contract Base Price - NSW Benchmark-6700kcal/kg GAD - Historic prices from IEA;
Page 9
Nov-05
Grain Imports
Long Term Outlook...
Grain Trade News
mt
300
F'CAST
FORECAST :
1% increase in 2005
280
264
260
264
260
247
240
220
273 275
271
216
220
215
218
229 226
224 221
216 219
205
200
180
Wheat, Coarse Grain & Soyabean
Imports to
FSU/Europe
CIS
of which Russia
EU*
Other Europe
TOTAL
97/98
3.1
0.9
6.2
4.4
13.7
98/99
3.3
2.3
7.2
4.8
15.3
2005
2004
2003
2002
2001
2000
99/00
11.8
6.8
6.7
5.7
24.2
00/01
6.5
2.3
5.9
6.7
19.1
01/02
4.7
1.2
14.6
5.2
24.5
02/03
4.9
0.7
16.2
4.5
25.6
03/04
8.8
2.0
13.6
6.1
28.5
04/05
5.1
1.9
9.9
2.4
17.4
97/98
26.5
3.6
11.4
6.3
3.7
1.9
3.2
0.9
3.8
0.8
0.7
0.8
0.6
69.2
98/99
26.1
3.5
12.5
5.7
3.2
2.4
3.4
2.1
3.3
0.9
0.9
0.8
0.5
68.3
99/00
26.0
3.5
11.4
6.5
3.8
2.9
3.3
1.7
1.8
0.8
0.7
0.8
0.7
69.2
00/01
26.1
2.4
12.9
5.9
5.9
3.1
4.0
1.3
0.1
0.8
0.4
0.9
0.7
67.8
01/02
25.2
3.3
12.1
6.0
4.9
2.8
3.4
1.7
0.1
0.9
0.3
1.0
0.9
65.7
02/03
25.4
2.3
12.4
6.3
5.8
3.2
3.9
1.4
0.2
0.9
0.3
0.9
0.9
66.8
03/04
25.0
4.9
13.7
6.2
6.1
3.0
3.9
2.0
0.2
0.9
0.4
1.1
0.8
70.6
04/05
25.1
9.0
11.9
5.8
5.5
2.7
3.5
2.0
1.5
1.0
0.4
1.0
1.1
73.2
98/99
3.6
2.3
2.0
3.0
6.6
0.1
1.6
26.3
99/00
9.1
2.7
2.1
2.9
6.8
0.1
1.2
34.1
00/01
8.0
3.3
2.3
2.8
6.3
0.1
0.4
32.1
01/02
7.6
2.7
1.7
3.0
7.3
0.1
1.1
32.4
02/03
2.7
1.6
1.7
2.8
8.0
0.1
1.3
27.7
Last Year...
STEADY
SOFTER
FIRMER
FIRMER
FIRM.......
-2%
-5%
10%
13%
7%
05/06
25.2
5.2
12.7
5.9
5.4
2.8
3.5
2.0
0.5
1.0
0.4
1.1
1.2
70.4
Last Year...
STEADY
WEAKER!!
FIRM.......
STEADY
STEADY
FIRM.......
STEADY
STEADY
WEAKER!!
STEADY
STEADY
FIRMER
FIRMER
SOFTER
0%
-42%
7%
2%
-2%
4%
0%
0%
-67%
0%
0%
10%
9%
-4%
Import Trend
F'cast This Year v.
Crop Year - Million Tonnes
97/98
5.0
2.7
2.3
2.4
4.8
0.1
1.4
24.2
05/06
5.0
1.8
10.9
2.7
18.6
Import Trend
F'cast This Year v.
Imports to
Mid East...
Iran
Iraq
Yemen
Israel
Saudi Arabia
Syria
Turkey
TOTAL
Import Trend
F'cast This Year v.
Imports to
Asia
Japan
China
S.Korea
Taiwan
Indonesia
Philippines
Malaysia
Bangladesh
Pakistan
Sri Lanka
N.Korea
Thailand
Vietnam
TOTAL
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
160
o The latest Grain Market Report by the IGC suggests

that after two consecutive years of good wheat harvests,
North African imports are expected to rebound by more
than 1mt to 18.7mt in 2005/06, due to smaller crops in
Algeria and Morocco. Sub-Saharan Africa is expected
to import a similar amount to the previous year,
although purchases by Nigeria could reach a new
record as consumption continues to climb. The import
number for Nigeria was revised, up by 0.4mt from last
month, to 3.6mt (3.1mt last year), reflecting strong
purchases to date, especially from the US. Iraq is
expected to import 3.6mt, up from 2.9mt in last year.
03/04
2.2
1.9
1.5
3.0
8.3
0.0
1.2
25.8
04/05
3.8
2.7
1.7
3.3
8.0
0.0
0.6
28.3
05/06
3.4
3.6
1.8
3.1
8.1
0.0
1.0
29.2
Last Year...
WEAKER
STRONGER!!
FIRM.......
SOFTER
STEADY
STEADY
STRONGER!!
FIRM.......
-11%
33%
6%
-6%
1%
0%
67%
3%
Grain = Wheat & Coarse Grain. (Coarse Grain = maize (corn), barley, sorghum, oats, rye, millet, triticale & mixed grain).
Totals include minor importers omitted from tables. Oilseed not included; Crop Year = July/June. "Forecast; all figures for total Crop Year. Source : IGC, USDA.
Page 10
Nov-05
Grain Imports
Who's Importing More?
Grain Trade News
TOTAL
N/C.America
Inc reased P'Max demand in
'05/06 by 3 vessels (basis
55,000t cargoes)
S.America
Africa
Mid East
Asia
CIS & Other
EU
-30
-25
-20
-15
-10
-5
10
15
20
25
Panamax Employment in 2005/06
Imports to
S.America...
Brazil
Colombia
Ecuador
Peru
Venezuela
TOTAL
97/98
6.9
3.0
0.4
1.2
2.6
17.3
98/99
8.7
2.9
0.4
1.3
2.7
20.2
97/98
1.0
9.3
10.5
20.7
98/99
1.0
11.1
10.8
22.8
00/01
8.7
3.0
0.5
1.4
2.6
20.2
01/02
7.6
3.3
0.4
1.4
2.1
18.7
02/03
7.5
3.4
0.4
1.2
1.5
17.5
03/04
6.5
3.4
0.5
1.4
2.3
17.7
04/05
6.1
3.5
0.4
1.4
1.9
17.3
99/00
1.2
12.3
11.2
24.7
00/01
0.9
14.2
13.1
28.4
01/02
1.2
13.2
14.5
28.7
02/03
0.8
11.5
14.7
27.0
97/98
10.3
6.4
0.0
0.4
1.3
3.4
0.6
1.0
2.2
33.0
98/99
11.3
6.4
0.0
0.5
1.1
4.5
0.6
0.7
1.8
35.2
99/00
10.7
6.2
0.0
0.9
1.4
4.7
0.8
1.4
2.0
35.4
00/01
11.3
7.7
0.0
0.9
1.5
5.2
1.0
0.9
3.0
40.3
01/02
12.7
6.7
0.0
0.2
1.9
4.7
0.9
1.5
2.9
41.6
02/03
11.2
7.5
0.0
1.0
1.7
4.2
0.9
2.0
3.4
43.0
03/04
0.7
11.6
12.4
24.8
04/05
0.9
13.0
14.1
28.1
98/99
193
5%
99/00
212
10%
00/01
209
-1%
01/02
212
1%
02/03
211
-1%
Last Year...
FIRMER
STEADY
FIRMER
FIRM.......
STEADY
FIRM.......
13%
3%
25%
7%
0%
7%
05/06
0.9
13.7
13.1
27.7
Last Year...
STEADY
FIRM.......
SOFTER
STEADY
0%
5%
-7%
-1%
Import Trend
F'cast This Year v.
03/04
11.4
5.9
0.0
0.8
1.1
3.6
1.0
1.7
1.7
37.7
04/05
12.3
6.7
0.0
0.5
1.4
3.8
1.4
2.0
2.0
44.1
05/06
12.5
7.8
0.0
0.7
1.5
4.8
1.2
1.4
2.2
44.1
Last Year...
STEADY
FIRMER
STEADY
STRONGER!!
FIRM.......
STRONGER!!
WEAKER
WEAKER!!
FIRMER
STEADY
2%
16%
0%
40%
7%
26%
-14%
-30%
10%
0%
Import Trend
F'cast This Year v.
97/98
185
-4%
05/06
6.9
3.6
0.5
1.5
1.9
18.5
Import Trend
F'cast This Year v.
Total
Imports...
TOTAL
% change
99/00
8.7
3.2
0.5
1.2
2.6
20.3
Imports to
Africa...
Egypt
Algeria
Mozambique
Ethiopia
Libya
Morocco
Sudan
S.Africa
Tunisia
TOTAL
Import Trend
F'cast This Year v.
Imports to
C.America...
Cuba
Mexico
Others
TOTAL
o Although, in the market year of 2005/06,

Australian wheat exports are likely to benefit from
higher production and reduced Argentine
competition in Asian and East African markets,
this could be offset by smaller purchases in other
key markets. China, Pakistan and Iraq, which last
year combined to account for a quarter of
Australian wheat exports, have reduced purchases
to such an extent that Australian exports to these
three markets during the first quarter of the trade
year were down over 80% y-o-y. As a result
exports are not expected to grow significantly,
with the IGC forecasting Australian wheat exports
at 16.0mt, up from 15.8mt in 2004/05.
03/04
208
-2%
04/05
211
2%
05/06 Last Year...

212 STEADY
0%
Grain = Wheat & Coarse Grain. (Coarse Grain = maize (corn), barley, sorghum, oats, rye, millet, triticale & mixed grain).
Page 11
Nov-05
Grain Exports
Grain Trade News
Monthly Exports '000t
Grain Export News
12,000
o According to the IGCs Grain Market Report

published in late October, shipments of wheat and
wheat flour by the five major exporters in 2005/06
are expected to reach 81.5mt, down from last
year's 85.2mt. The US export figure is forecast as
27.0mt, while that for Argentina is reduced to
6.8mt. The export forecast for CIS is 19.6mt, up
by 4.5mt from last year.
Australia
& Argentina
USA
10,000
8,000
6,000
4,000
2,000
EU
Jan-91
Jul-91
Jan-92
Jul-92
Jan-93
Jul-93
Jan-94
Jul-94
Jan-95
Jul-95
Jan-96
Jul-96
Jan-97
Jul-97
Jan-98
Jul-98
Jan-99
Jul-99
Jan-00
Jul-00
Jan-01
Jul-01
Jan-02
Jul-02
Jan-03
Jul-03
Jan-04
Jul-04
Jan-05
Jul-05
Wheat
Exporters...
Argentina
Australia
Canada
EU
USA
BIG 5 TOTAL
Others
TOTAL
97/98
98/99
99/00
00/01
01/02
02/03
03/04
04/05
9.6
15.0
21.0
13.1
28.0
86.6
12.5
99.1
8.9
16.1
14.0
13.7
29.8
82.5
17.2
99.7
10.8
17.3
18.4
16.7
29.8
92.9
17.0
109.9
11.2
16.7
16.9
14.5
28.6
87.9
13.6
101.5
11.4
16.6
16.1
10.8
26.8
81.7
25.0
106.7
6.1
10.9
9.2
15.5
23.2
64.9
41.0
105.9
7.4
15.1
15.6
10.3
32.2
80.5
21.8
102.3
13.1
15.8
14.5
13.0
28.0
84.4
24.6
109.0
97/98
98/99
99/00
00/01
01/02
02/03
03/04
04/05
13.0
2.9
3.7
4.0
44.5
68.1
7.0
8.7
85.4
10.8
4.8
3.2
9.1
52.5
80.4
3.3
8.6
93.7
8.6
4.1
3.7
12.8
56.9
86.1
7.2
8.1
101.9
12.8
4.7
3.6
9.7
55.4
86.2
9.9
11.5
107.7
9.6
5.2
2.5
5.0
56.5
78.8
6.4
20.5
105.6
12.2
3.2
1.6
6.5
47.8
71.3
15.0
18.8
105.1
10.3
5.2
3.4
4.3
51.3
74.5
11.4
19.1
105.2
12.9
6.6
2.9
4.4
52.3
79.1
5.7
17.1
102.3
22.6
17.9
24.7
17.1
72.5
155
7.0
21.2
185
0%
98/99
19.7
20.9
17.2
22.8
82.3
163
3.3
25.8
193
5%
99/00
19.4
21.4
22.1
29.5
86.7
179
7.2
25.1
212
10%
00/01
24.0
21.4
20.5
24.2
84.0
174
10.4
25.1
209
-1%
01/02
02/03
21.0
21.8
18.6
15.8
83.3
161
7.7
45.5
212
1%
18.3
14.1
10.8
22.0
71.0
136
16.4
59.8
211
-1%
Last Year...
WEAKER!!
STEADY
FIRMER
FIRMER
SOFTER
SOFTER
FIRMER
STEADY
-43%
1%
10%
15%
-4%
-3%
12%
0%
05/06
14.5
5.9
3.7
5.0
56.1
85.2
3.0
15.1
103.2
Last Year
FIRMER
WEAKER
STRONGER!!
FIRMER
FIRM.......
FIRM.......
WEAKER!!
WEAKER
STEADY
12%
-11%
28%
14%
7%
8%
-47%
-12%
1%
Trade Trends
F'cast This Year v.
Crop Year - Million Tons
97/98
05/06
7.5
16.0
16.0
15.0
27.0
81.5
27.5
109.0
Trade Trends
F'cast This Year v.
Total Grain
Exporters...
Argentina
Australia
Canada
EU
USA
BIG 5 TOTAL
China
Others
TOTAL
% change
Trade Trends
F'cast This Year v.
Coarse Grain
Exporters...
Argentina
Australia
Canada
EU
USA
BIG 5 TOTAL
China
Others
TOTAL
o Brazils 2005/06 corn crop is estimated at

42.5mt, down 3% from last month, but up 21%
from last years drought affected harvest.
Harvested corn area is estimated at 12.8 million
hectares, down 2% from last month, but up 12%
from last year.
03/04
17.7
20.3
19.0
14.6
83.5
155
13.8
40.9
208
-2%
04/05
26.0
22.4
17.4
17.4
80.3
164
6.5
41.7
211
2%
05/06
22.0
21.9
19.7
20.0
83.1
167
4.0
42.6
212
Last Year
WEAKER
STEADY
FIRMER
FIRMER
FIRM.......
STEADY
WEAKER!!
STEADY
STEADY
-15%
-2%
13%
15%
3%
2%
-38%
2%
0%
Totals include minor exporters omitted from table. Oilseed not included; Crop Year=July/June; "Forecast; all figures for total Crop Year. Source: IGC, USDA
Page 12
Nov-05
Industrial Indicators Database...
Ger'ny
4.9%
2.9%
-1.5%
-6.9%
3.2%
0.0%
-0.2%
3.0%
3.5%
-0.5%
3.0%
2.1%
3.3%
0.00
% change
15 0.0
PRC
0.0%
12.0%
21.3%
23.5%
21.5%
14.3%
13.7%
10.9%
5.7%
8.8%
16.1%
16.0%
16.5%
0.0
0.0
0.0
5
0.0
0 0.0
0.0
-5
0.0
-10 0.0
0.0
-15
0.0
-20 0.0
0.0
0.0
0.0
10
0.00
0.0
0.00
0
0
0
0
0
0
0
0
0
0
0.0
0.0%
0.0
0.00
0.00
0.0
0.00
0.0
0.0
0.0
0.0
U.S.A.
0.00
0.00
0.00
0.00
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
EUROPE
0
0
0
0
JAPAN
0
0
0
0
0.0
0.0
0.0
0.0
0.0%
0.0%
0.0%
0.0%
0.0
0.0
0.0
0.0
ELECTRICITY PRODUCTION
OECD TWH=10x9 KwH
Total
Year
Africa N.Am. Lat.Am
Asia Europe
Aust
PROD.
Year
Coal
Oil
Gas
Hydro
1996
3,390
653
1,076
1,334
1996
1,015
5,860
2,107
1,623
6,377
1,656 18,639
1997
3,412
678
1,124
1,359
1997
1,106
5,931
2,116
1,909
6,613
1,804 19,757
1998
3,508
661
1,280
1,292
1998
1,043
6,086
2,075
1,843
6,968
1,934 19,949
1999
3,498
628
1,399
1,381
1999
1,095
6,169
2,093
1,966
7,302
2,029 20,655
5,970#
2000
1,390
2000
1,178
6,041
2,167
2,221
7,490
2,094 21,191
5,900#
2001
1,369
5,222
1,991
2,234
7,613
2,122 20,551
2001
1,284
6,128#
2002
1,372
5,413
2,230
2,261
7,753
2,170 21,199
2002
1,301
6,281#
2003
1,428
5,494
2,275
2,475
8,064
2,198 21,934
2003^
1,286
5,838#
2004
1,711
5,110
2,356
2,735
8,433
2,246 22,591
2004^
1,291
-7.1%
*end Sep 05
1,293
3,997
1,777 2,277
6,401
1,677 17,418
04/03
0.4%
'05/04 %
2%
3%
1%
12%
2%
0%
3%
^ Estimate - year total
# total thermal
* Year to Date; Aust = Australasia
Source : IAI ('97 Asia data includes China)
CRUDE STEEL PRODUCTION
BY MAIN IRON ORE IMPORTER; Million Tonnes
EU
P.R.
R.o.
Saudi
Year
15 ^
Japan China Korea Taiwan USA
India
Mexico Brazil Turkey Arabia
Iran
98.3
92.6
33.7
11.6
91.2
19.3 #
10.3
25.7
12.6
2.4
4.5
1994 # 151.7
1995
155.8
101.6
95.4
36.8
11.6
95.2
20.8 #
12.1
25.1
13.2
2.5
4.7
1996
146.6
98.8
101.2
38.9
12.3
94.7
21.8 #
13.2
25.2
13.6
2.7
5.4
1997
159.9
104.5
108.9
42.5
16.0
98.5
24.6 #
14.3
26.2
14.5
2.5
6.3
1998
159.9
93.5
114.6
40.0
16.8
97.4
23.9 #
14.1
25.8
14.0
2.4
5.6
1999
155.2
94.2
124.0
41.0
15.9
96.1
23.6 #
15.3
25.0
14.3
2.6
6.0
2000
163.4
106.4
127.2
43.1
16.7
100.7
26.9 #
15.7
27.9
14.3
3.0
6.6
2001
158.5
102.9
150.9
43.8
18.2
89.1
27.3 #
13.6
26.7
15.0
3.4
6.9
2002
158.7
107.7
181.7
45.4
18.3
91.6
28.8 #
14.3
29.6
16.5
3.6
7.3
2003
160.4
110.5
221.1
46.3
18.8
93.7
31.8 #
15.2
31.1
18.3
3.9
7.9
2004
168.3
112.7
272.5
47.5
19.3
98.5
32.6 #
16.7
32.9
20.5
3.9
8.7
*end Sep 05
127.8
84.6
253.9
35.3
14.7
69.4
28.4
12.5
23.7
15.5
3.1
7.0
'05/04 %
2%
1%
32%
1%
1%
-5%
19%
2%
-4%
1%
10%
10%
* Year to Date. + Trade Weighted Steel Production Index, basis Jan 2000 = 100. ^EU15 from 1994, EU25 from 2005
GRAIN PRODUCTION; million tonnes
WHEAT PRODUCTION
COARSE GRAIN PRODUCTION
Total
Year
EU~
USA
Arg.
Aust.
PRC
CIS* PROD.
EU~
USA
Arg.
PRC
CIS*
1995
87.7
59.5
9.4
17.0
102.2
60.4
540.4
87.7
284.8
13.4
115.1
81.6
1996
100.0
62.0
15.9
23.7
110.6
64.9
582.2
90.0
209.4
13.4
126.0
62.7
1997
94.8
67.5
14.8
19.4
123.3
79.6
610.1
106.5
265.8
19.0
141.6
57.1
1998
103.8
69.4
11.5
22.1
109.7
55.5
586.5
110.5
260.6
24.7
117.8
71.5
1999
96.5
62.7
15.7
24.8
113.9
64.6
584.7
102.4
263.4
21.6
138.0
42.8
2000
104.4
60.8
16.5
22.2
99.7
63.1
582.3
107.6
273.2
19.5
115.0
52.0
2001
90.5
53.3
15.3
24.9
93.9
90.6
581.3
107.7
262.0
19.1
123.3
65.7
2002
103.2
44.0
12.3
10.1
90.3
96.1
566.0
106.8
243.8
19.0
131.8
64.2
2003
106.2
63.8
14.5
25.7
86.5
61.5
554.5
123.4
275.7
16.0
125.9
58.6
2004
136.1
58.7
16.0
20.4
91.0
85.2
623.2
150.5
319.5
23.8
139.7
64.1
for. 2005
122.6
57.1
12.5
23.0
96.0
92.5
609.3
131.5
292.0
22.2
138.0
59.4
% Change
-10%
-3%
-22%
13%
5%
9%
-2%
-13%
-9%
-7%
-1%
-7%
2005/04
Arg=Argentina; Aust=Australia; N & C Am=North & Central America; ~EU25 from '03; *FSU prior to 2001
Wheat=wheat+durum; Coarse Grain=maize(corn), barley, sorghum, oats, rye, millet, triticale, mixed grain.
Page i
0.0
0.00
0.00
0
0
0
0
0
0
0
0
0
0
0.0
0.0%
0.0
0.00
0.0
0.00
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0
0.0%
0.0
Jan-96
May-96
Sep-96
Jan-97
May-97
Sep-97
Jan-98
May-98
Sep-98
Jan-99
May-99
Sep-99
Jan-00
May-00
Sep-00
Jan-01
May-01
Sep-01
Jan-02
May-02
Sep-02
Jan-03
May-03
Sep-03
Jan-04
May-04
Sep-04
Jan-05
May-05
Sep-05
AVERAGE
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
Jul-05
Aug-05
Sep-05
INDUSTRIAL PRODUCTION
% CHANGE
OECD
OECD
Europe USA
Japan TOTAL R.o.K.
1.7%
0.9%
4.6%
1.9%
0.0%
-0.1% -1.9%
2.2%
-0.3%
8.5%
-1.1%
1.3%
-6.1% -1.1%
5.1%
-2.6%
4.1%
-4.5% -0.6%
4.1%
3.9%
5.8%
0.8%
4.1%
11.1%
2.4%
3.4%
3.3%
2.9%
11.3%
0.4%
2.9%
3.0%
1.7%
8.4%
3.4%
5.0%
4.3%
4.1%
7.9%
3.0%
3.3%
-6.6%
1.5%
-7.0%
0.8%
2.7%
0.4%
1.4%
22.0%
0.2%
3.0%
-2.2%
0.8%
7.0%
1.5%
3.1%
1.6%
2.1%
5.5%
0.0%
2.0%
1.0%
0.0%
7.2%
*End previous month
PRIMARY ALUMINUM PRODUCTION
BY MAIN IMPORTER; '000t
Nuclear
2,093
2,069
2,124
2,209
2,244
2,274
2,276
2,231
2,253
1.0%
OECD
Electricty
Production
MW
% Chge
8,316
2.9%
8,546
2.8%
8,641
1.1%
9,382
8.6%
9,669
3.1%
9,542
-1.3%
9,807
2.8%
9,900
0.9%
9,522
-3.8%
Source : IEA/BP
GLOBAL
STEEL
Production
Trade
Index+
MT
% Chge
88.9 # 725.1
-0.3%
92.2
752.3
3.7%
91.3
750.0
-0.3%
97.9
798.9
6.5%
98.1
777.2
-2.7%
92.8
788.5
1.4%
102.2
847.4
7.5%
101.0
850.0
0.3%
106.7
902.8
6.2%
114.5
950.8
5.3%
124.7
1035.5
8.9%
842.7
10.5%
Source: IISI
TOTAL
GRAIN
HARVEST
Total
PROD.
MT
% Chge
873.9
1,414
6.7%
801.7
1,384
-2.1%
914.6
1,525
10.2%
892.7
1,479
-3.0%
884.5
1,469
-0.7%
870.9
1,453
-1.1%
901.3
1,483
2.0%
882.4
1,448
-2.3%
911.9
1,466
1.2%
1,009.2
1,632
11.3%
952.7
1,562
-4.3%
-6%
Source: IGC
Nov-05
Seaborne Trading Nations GDP Database...

Europe...
Growth Trend
% Year-On-Year
Est.
France
Germany
Italy
Total Eurozone
UK
Russia
Poland
Romania
TOTAL C&E. Europe...
1998
3.4%
2.0%
1.8%
2.8%
3.2%
-5.3%
4.8%
-4.8%
2.8%
1999
3.2%
1.9%
1.7%
2.7%
3.0%
6.3%
4.1%
-1.2%
0.4%
2000
4.1%
3.1%
3.0%
3.8%
4.0%
10.0%
4.0%
2.1%
4.9%
Asia.....
2001
2002.0
2.1%
1.3%
1.2%
0.1%
1.8%
0.4%
1.7%
0.9%
2.2%
2.0%
5.1%
4.7%
1.0%
1.4%
5.7%
5.1%
0.2%
4.4%
2003
0.9%
-0.2%
0.3%
0.7%
2.5%
7.3%
3.8%
5.2%
4.6%
2004
2.0%
1.6%
1.2%
2.0%
3.2%
7.2%
5.4%
8.3%
6.5%
2005
1.5%
0.8%
1.2%
1.9%
5.5%
3.0%
5.0%
4.3%
2006
2.2%
1.9%
1.4%
1.8%
2.2%
5.3%
4.0%
5.0%
4.6%
1998
-1.0%
7.8%
-6.9%
5.8%
3.1%
-7.4%
-13.1%
-0.6%
-0.8%
-10.5%
-5.0%
5.8%
4.3%
-2.6%
1999
2000
-0.1% 2.4%
7.1% 8.0%
9.5% 8.5%
6.7% 5.4%
4.0% 3.0%
6.1% 8.9%
0.8% 4.9%
3.4% 4.4%
6.8% 9.6%
4.4% 4.8%
3.4% 10.2%
4.8%
5.3%
7.3%
6.8%
5.8%
7.9%
Others..
2001
2002
0.2%
7.5%
3.8%
3.9%
2.5%
0.3%
3.8%
1.8%
-1.9%
2.2%
0.5%
-0.3%
8.3%
7.0%
4.7%
4.1%
4.4%
4.4%
4.4%
3.2%
5.3%
1.9%
2003
1.4%
9.5%
3.1%
7.4%
5.7%
5.4%
4.9%
4.5%
1.4%
6.9%
3.2%
2004
2.7%
9.5%
4.6%
7.3%
7.1%
7.1%
5.1%
6.0%
8.4%
6.1%
8.1%
2005
2.0%
9.0%
3.8%
7.1%
7.4%
5.5%
5.8%
4.7%
3.9%
3.5%
6.3%
6.9%
-2.2%
1.3%
7.1%
3.9%
5.3%
7.3%
3.3%
3.1%
7.7%
5.7%
5.6%
7.5%
3.4%
4.0%
2006
2.0%
8.2%
5.0%
6.3%
6.5%
6.0%
5.8%
4.8%
4.5%
5.0%
4.5%
7.0%
1999
4.4%
5.5%
2.8%
-0.7%
1.9%
2.0%
-3.4%
0.8%
-0.8%
-4.2%
3.9%
0.9%
-6.0%
0.4%
2000
3.7%
5.2%
3.3%
4.9%
5.1%
4.9%
-0.8%
4.4%
4.5%
2.9%
6.6%
2.9%
3.7%
3.9%
Global GDP
Indicators...
Industrial Nations...
Developing Nations...
CIS
WORLD GDP Growth...
Sources : IMF
2001
2002
0.8%
1.6%
1.8%
3.1%
4.1%
3.6%
0.5%
0.1%
3.7%
7.5%
3.7%
4.2%
-4.4% -10.9%
1.3%
1.9%
3.4%
2.2%
1.5%
1.9%
0.0%
0.8%
0.2%
4.9%
3.4% -8.9%
0.5%
2003
2.7%
2.0%
4.6%
7.7%
6.7%
6.5%
8.8%
0.5%
3.7%
4.1%
1.4%
4.0%
-7.7%
2.2%
2004
4.2%
2.9%
5.3%
5.2%
5.6%
5.5%
9.0%
4.9%
6.1%
4.1%
4.4%
4.8%
17.9%
5.6%
2005
3.5%
2.9%
4.5%
6.0%
5.7%
5.4%
7.5%
3.3%
5.9%
4.0%
3.0%
5.5%
7.8%
4.1%
2006
3.3%
3.2%
5.9%
4.7%
5.4%
5.0%
4.2%
3.5%
5.8%
4.0%
3.5%
4.5%
4.5%
3.8%
Est.
1999
3.5%
4.0%
5.1%
3.7%
2000
3.9%
5.8%
9.1%
4.7%
2001
1.2%
4.1%
6.3%
2.4%
2002
1.5%
4.8%
5.3%
3.0%
Next Year v.
This Year
-0.8%
1.2%
-0.8%
-0.9%
0.5%
0.1%
0.6%
1.5%
-1.8%
-0.5%
0.9%
0.7%
Next Year v.
This Year
DOWN BY...
UP BY...
UP BY...
DOWN BY...
DOWN BY...
DOWN BY...
DOWN BY...
UP BY...
DOWN BY...
NO CHANGE
UP BY...
DOWN BY...
DOWN BY...
DOWN BY...
-0.2%
0.3%
1.4%
-1.3%
-0.3%
-0.4%
-3.3%
0.2%
-0.1%
0.5%
-1.0%
-3.3%
-0.3%
Growth Trend
% Year-On-Year
1998
2.6%
3.0%
-3.5%
2.8%
0.3%
Growth Trend
% Year-On-Year
1998
4.2%
4.1%
3.2%
2.8%
2.7%
4.0%
3.8%
0.1%
3.2%
0.6%
4.9%
-0.7%
0.3%
2.3%
0.7%
1.1%
1.4%
0.6%
0.3%
-0.2%
1.0%
NO CHANGE
DOWN BY...
UP BY...
DOWN BY...
DOWN BY...
UP BY...
NO CHANGE
UP BY...
UP BY...
UP BY...
DOWN BY...
DOWN BY...
4.3% UP BY...
4.7% UP BY...
Est.
USA...
Canada
TOTAL Africa...
Saudi Arabia
Iran
TOTAL M EAST~...
Argentina
Brazil
Chile
Colombia
Mexico
Peru
Venezuela
TOTAL Latin America..
UP BY...
UP BY...
UP BY...
UP BY...
UP BY...
DOWN BY...
UP BY...
NO CHANGE
UP BY...
Growth Trend
% Year-On-Year
Est.
Japan...
P.R.China
R.o.Korea
India
Pakistan
Malaysia
Indonesia
Philippines
Singapore
Thailand
Hong Kong
Vietnam
Taiwan
TOTAL NICs
Next Year v.
This Year
2003
1.9%
6.5%
7.9%
4.0%
2004
3.3%
7.3%
8.4%
5.1%
2005
2.5%
6.4%
6.0%
4.3%
2006
2.7%
6.1%
5.7%
4.3%
Next Year v.
This Year
UP BY...
DOWN BY...
DOWN BY...
NO CHANGE
0.2%
-0.3%
-0.3%
Totals include minor importers omitted from table * Estimate "forecast for calendar year. ~Includes Turkey
Page ii
Nov-05
Iron Ore Load Ports Database...

Max. Dimensions (m)
Loading Ports
Terminal/Berth
Draft*
LOA
Beam
WLTHC
Max.
Vessel
Typical Charterparty
Load...
Load T/Day
Country/Port
Norway
Narvik
Kirkenes
Mo-i-Rana
New Ore Pier No.5

A/S Stavanger
Gullsmedvik
27.5
15.0
11.4
350.0
303.0
250.0
60.0
48.0
32.2
26.0
15.0
13.8
350,000 36 hours + 1 hr each 5000t

130,000
50,000
80,000
24,000
Sweden
Lulea
Oxelosund
LKAB
Ore Berth
11.2
15.3
270.0
265.0
40.0
41.0
15.0
60,000
100,000
28,000
28,000
Mauritania
Nouadhibou
Point Central
16.2
310.0
47.0
14.0
170,000 70,000-100,000t
100-135,000t
135,000t+
40,000
50,000
60,000
South Africa
Saldanha Bay
Iscor Export
21.3
350.0
60.0
26.8
365,000 <150,000t
150-200,000t
110,000
120,000
Canada
Port Cartier
Seven Islands
QCM, N. Dock
IOCC Dock No.2
16.6
17.7
304.8
338.0
53.0
54.6
12.8
17.0
220,000
280,000 <135,000t
135-140,000t
140-160,000t
160-200,000t
60,000
60,000
90,000
95,000
100,000
Brazil
Ponta do Ubu
Sepetiba
Tubarao
Samarco
Ferteco
CVRD Berths 1/2
308.0
350.0
350.0
400.0
339.5
350.0
54.0
54.0
55.0
62.0
60.0
54.0
18.5
19.0
16.5
28.5
29.5
19.0
200,000
365,000
200,000
365,000
365,000
365,000
>50,000t 60hrs;+1000tph after

40,000
60,000t 65hrs; + 6000tph after
60,000t 65hrs; + 6000tph after
120,000t 40hrs;+5000tph after
40,000
Ponta da Madeira
GIT
Chile
Guayacan
Huasco
Huasco
CVRD, Berth 1
MBR, Guaiba Is.
16.4
24.0
15.2
20.0
22.3
24.0
CMP Export
Guacolda No 2
Santa Barbara
16.2
22.0
14.7
315.0
335.0
314.0
50.0
55.0
47.5
18.0
18.0
200,000
274,000
200,000
40,000
50,000
50,000
Peru
San Nicolas
MINPECO
17.9
327.0
49.0
12.3
230,000
20,000 Fines
40,000 L/P
Venezuela
Puerto Ordaz
Boca Grande
CVG Ferrominera
Transfer Station
274.3
350.0
42.0
55.0
17.7
17.2
130,000
230,000
72 hrs
40,000
24.1
325,000
160,000
247,000
170,000
116,000
275,000
322,141
110,000
90,000
90,000
80,000
48,000
100,000
120,000
Australia
Dampier
Port Hedland
Port Latta
Port Walcott
India
Visakhapatnam
Mormugao
Madras
New Mangalore
Paradip
9.6/12.8
30.0
East Intercourse
Parker Point
Nelson Point
FinucaneIsland
Savage River
Cape Lambert 1
Cape Lambert 2
18.7
18.0
19.0
17.5
15.3
20.0
20.0
325.0
303.0
325.0
325.0
261.0
355.0
335.0
52.0
45.0
55.0
48.0
38.5
50.2
55.0
Outer ore berth

Berth 9
Barathi Dock 2
Ore Berth
Ore Loader
16.5
12.8
16.2
12.5
12.0
270.0
335.0
274.0
245.0
260.0
42.0
50.0
47.8
40.0
14.9
20.0
21.8
165,000
35,000
275,000 22,000t + 12,000t anchorage
150,000
20,000
75,000
15,000
75,000
15,000
* Depth Alongside May Be Different.
Page iii
Nov-05
Coal Load Ports Database...

Loading Ports
Country/Port
South Africa
Richard's Bay
Canada
Prince Rupert
Vancouver
U.S.A.
Philadelphia
Baltimore
Norfolk
Newport News
Mobile
Davant
Myrtle Grove
Burnside
Australia
Hay Point
Dalrymple Bay
Abbot Point
Gladstone
Port Kembla
Newcastle
Colombia
Puerto Bolivar
Cartagena
Barranquilla
Pt. Drummond
Puerto Prodeco
Santa Marta
Tolu
Venezuela
Maracaibo
Indonesia
Balikpapan
Banjarmasin
Kotabaru
Tanah Merah
Tanjung Bara
Teluk Bayur
China
Qinhuangdao
Rizhao
Xingang
Poland
Gdansk
Swinoujscie
Russia
Vostochny
Mozambique
Maputo
Terminal/Berth
Draft
Max. Dimensions (m)

Air/
LOA
Beam
Draft
Max.
Vessel
Typical Charterparty
Load...
Load T/Day
Coal Terminal
17.7
314.0
50.0
21.6
190,000 Up to ......
50,000
Ridley Island Inc.

Roberts Bank, Berth 1
Neptune Terminal
20.0
21.0
16.3
325.0
350.0
300.0
50.0
53.0
50.0
19.6
200,000 Up to ......
230,000 Up to ......
180,000 Up to ......
50,000
50,000
40,000
Greenwich Pier 124

CCSC Coal Pier
Bayside Coal Pier
Curtis Bay Coal Pier
N & W Pier No.6
Pier No. 9
Dominion Terminal
McDuffie terminal
Electro-Coal Transfer
IMT
Bulk Marine Terminal
12.2
14.3
14.3
12.8
15.2
15.2
15.2
13.7
13.7
13.7
13.7
259.1
350.0
305.0
277.0
None
305.0
304.0
292.6
290.0
305.0
305.0
40.8
53.0
48.0
41.2
53.3
45.7
49.9
48.8
45.0
52.0
46.0
13.7
17.0
85,000
120,000
18.3
22.5
22.8
24.0
19.5
18.5
20.0
23.8
137,000
180,000
170,000
180,000
100,000
150,000
150,000
140,000
20,000
35,000
35,000
30,000
35,000
25,000
25,000
25,000
25,000
25,000
20,000
Berth 2
16.5
16.3
17.0
15.5
17.5
12.5
15.3
15.2
15.2
300.0
320.0
297.0
245.0
320.0
290.0
290.0
290.0
290.0
50.0
55.0
47.5
43.5
55.0
45.0
45.0
47.0
47.0
25.4
20.0
17.0
12.8
10.7
20.0
18.3
13.7
300.0
228.0
200.0
47.5
32.3
30.0
47.2
13.0
12.5
15.0
270.0
41.0
15.5
40.0
14.6
235.0
32.2
320.0
250.0
43.0
35.0
320.0
200.0
50.0
30.0
70-75,000
211,000
17.2
150,000
40,000
150,000
21.0
211,000 Up to ......
35,000
15.5
16.2
13.5
280.0
280.0
230.0
33.0
42.0
175,000
175,000
80,000
30,000
30,000
10,000
15.0
12.8
280.0
240.0
50.0
35.0
150,000
80,000
SCALE
SCALE
15.0
314.6
43.0
120,000
20,000
11.3
250.0
30.5
45,000
10,000
Barney Point
RG Tanna Coal
No.1 Coal Berth
No.2 Coal Berth
Kooragang Is.
Port Warratah
Carbones del Caribe

Cementos del Caribe
Anchorage
Anchorage
Carbonsan
Anchorage, self load
Bulk Wayuu
11.4
Coal Export Terminal

12.5
Anchorage
no restriction
Nth.Pulau Laut Term.
14.0
Coal Terminal
11.0
Anchorage, Adang Bay
15.0
Coal Terminal
17.2
10.5
North Port
Gornikow
Matola
Page iv
17.7
24.0
232,000
200,000
187,000
90,000
232,000
100,000
232,000
170,000
180,000
Up to ......
Up to ......
Up to ......
Up to ......
Up to ......
50,000
50,000
50,000
45,000
45,000
35,000
35,000
35,000
35,000
184,000 Up to ......
60,000
60,000
200,000
170,000
75,000
50,000
50,000
12,000
8,000
25,000
20,000
20,000
75,000
25,000
25,000
20,000
25,000
10,000
45,000
Nov-05
Minor Bulk Trades

Long Term Outlook
Commentary
mt
m.dwt
825
Reduced scrapping and steady

deliveries increase supply in 2005
800
775
155
800
F'cast
776
150
783
145
754
Ship supply 10-60K dwt
750
714
725
697 699
709 712
140
718
135
697
700
686
130
675
659
o Japan is certain to break 2004s record 6.4mt of

scrap exports this year, sources quoted by SBB
report. Japanese customs statistics show that total
exports for the first seven months this year
reached 4.39mt. Annualised, this would take 2005
calendar year exports to 7.5mt. Considering
seasonal fluctuations and current weak demand, it
is still believed that total exports will break the
7mt barrier.
125
650
625 615 606
605
120
597
Minor bulk demand

left hand axis
603
600
115
575
Agribulk &
Softs...
2006(f)
2004
2005(e)
2003
2002
2001
2000
1999
1998
1996
1997
1995
1994
1993
1992
1991
1990
1989
110
o India imported 1.4mt of ferrous scrap from

Europe in 1H 2005. That represents about a 250%
increase y-o-y, according to figures from the
German scrap federation (BDSV) presented at the
Bureau of International Recycling (BIR)
conference in Milan in late October.
Trade Trend
Million Tonnes
1997
1998
1999
2000
2001
2002
2003
2004
2005
Raw Sugar
White Sugar
20.1
16.7
19.6
18.0
22.7
17.2
20.4
16.0
22.6
18.5
22.3
21.1
22.6
22.2
24.7
21.2
24.8
21.3
37
38
40
36
41
43
45
46
46
Soymeal
Oilseed/meal
Rice
34.0
27.7
18.5
37.0
28.3
27.0
39.0
29.1
24.7
39.0
28.3
22.8
35.5
31.7
24.4
37.2
28.9
27.8
42.4
25.6
27.6
42.3
20.6
26.8
45.4
19.8
25.7
80
92
93
90
92
94
96
90
91
Phosphates
Potash
Sulphur
Urea
14.5
22.9
17.8
10.3
15.0
21.8
19.7
9.7
15.7
22.6
20.1
10.7
14.7
23.3
20.4
11.7
15.1
23.8
21.0
11.9
15.7
24.4
21.5
12.2
16.1
25.1
21.8
12.3
16.4
25.6
22.1
12.5
16.6
26.0
22.4
12.7
66
183
0%
66
196
7%
69
202
3%
70
197
-3%
72
205
4%
74
211
3%
75
216
2%
76
212
-2%
78
215
1%
Total Sugar
Agribulks +
Fertiliser (ex PhosRock)
TOTAL...
% Change...
Metals &
Minerals...
Coke
Pig Iron
Scrap
DRI/HBI
Salt
Manganese Ore
Cement
TOTAL...
% Change...
Next Year v. This
24.9 STEADY
21.4 STEADY
46 STEADY
46.3 STEADY
24.1 STRONG!!
25.2 WEAKER!!
96 STRONG!!
STEADY
STEADY
STEADY
STRONG!!
80 STEADY
222 FIRM.......
16.7
26.8
22.9
13.4
1997
1998
1999
2000
2001
2002
2003
2004
2005
19
14
49
4
23
6
56
20
13
46
4
23
6
45
18
12
45
5
23
6
45
24
12
46
7
23
7
46
23
12
44
8
23
7
46
23
12
45
7
23
7
45
24
13
48
8
23
15
47
24
14
53
7
24
23
47
25
15
55
7
24
8
49
170
0%
156
-8%
153
-2%
164
8%
162
-1%
161
-1%
179
11%
191
7%
183
-5%
2006*
Next Year v. This
STEADY
STEADY
STEADY
STRONG!!
STEADY
STEADY
STEADY
184 STEADY
25
15
55
8
24
8
49
1999
2000
2001
2002
2003
2004
2005
Steel Product
Forest Product
189
156
174
158
187
161
181
164
186
160
197
163
206
166
216
170
218 STEADY
174 STEADY
TOTAL
361
0%
345
-5%
332
-4%
348
5%
345
-1%
346
0%
360
4%
373
4%
386
3%
392 STEADY
TOTAL...
% Change...
1998
1999
2000
2001
714
0%
697
-2%
686
-2%
709
3%
712
0%
2002
718
1%
1%
2%
2%
Trade Trend
Million Tonnes
1997
2006*
Next Year v. This
1998
195
166
Specified
Minor Bulk...
1%
1%
0%
11%
0%
0%
0%
1%
Trade Trend
Million Tonnes
1997
% Change...
1%
1%
1%
2%
22%
-2%
5%
0%
3%
2%
6%
3%
3%
Trade Trend
Million Tonnes
Manufactures
2006*
2003
754
5%
2004
776
3%
2005
783
1%
2006*
Next Year v. This
797 STEADY
2%
+ Agribulks = Soymeal, Oilseed/meal, Rice; Totals may include tonnage moved in non-bulk vessels. DRI/HBI = Direct Reduced Iron/Hot Briquetted Iron.
Fertiliser = Potash, Urea, Sulphur & Processed Phosphates (DAP, MAP, TSP). Excludes Phos. Acid + Phos. Rock. *Forecast; all figures for total Calendar Year.
Page 13
Nov-05
Bulkcarrier Fleet
Total Bulk
Fleet..
Fleet Size
Deliveries
Scrapping
Combos
Laid-up
Storage
Trading Fleet
Orderbook
Orderbook % Fleet
Handysize
10-40,000 dwt
2002
2003
2004
Jun
Jul
Aug
Sep
Oct
This Year v. Last
294.6
14.3
6.0
1.5
0.3
0.4
295.5
30.6
10%
302.3
11.6
3.8
4.0
0.3
0.2
305.8
48.5
16%
322.4
19.7
0.5
5.3
0.3
0.3
327.1
66.8
21%
333.6
11.3
0.2
5.0
0.4
0.3
338.0
68.8
21%
335.8
13.6
0.4
4.0
0.4
0.3
339.2
68.3
20%
337.5
15.3
0.4
5.1
0.4
0.3
342.0
68.1
20%
339.8
17.3
0.4
4.2
0.4
0.3
343.4
67.4
20%
340.9
18.4
0.5
4.5
0.4
0.3
344.8
65.6
19%
LARGER!!
STEADY.
LARGER!!
SMALLER!!
LARGER!!
STEADY
LARGER!!
STEADY.
2002
2003
2004
72.4
1.6
2.8
0.0
0.0
0.1
72.3
3.3
5%
Handymax
40-60,000 dwt
End Year m. DWT

2002
71.6
1.4
2.1
0.0
0.1
0.1
71.5
4.2
6%
2003
72.9
1.9
0.3
0.0
0.1
0.1
72.8
4.7
6%
2004
Fleet Size
Deliveries
Scrapping
Combos
Laid-up
Storage
Trading Fleet
Orderbook
Orderbook % Fleet
54.2
4.4
0.5
0.0
0.0
0.0
54.2
7.8
14%
Panamax
60-80,000 dwt
End Year m. DWT

2002
57.0
3.3
0.6
0.1
0.0
0.0
57.1
10.7
19%
2003
61.0
4.1
0.1
0.1
0.0
0.0
61.0
14.3
23%
2004
Fleet Size
Deliveries
Scrapping
Combos
Laid-up
Storage
Trading Fleet
Orderbook
Orderbook % Fleet
74.5
4.2
1.4
0.6
0.1
0.1
74.9
6.9
9%
Capesize
80,000 dwt+
End Year m. DWT

2002
93.5
4.1
1.3
0.9
0.1
0.2
94.1
12.6
14%
75.6
1.4
0.3
0.5
0.1
0.1
75.9
13.3
18%
81.3
5.7
0.0
0.8
0.1
0.1
81.9
14.2
17%
Jun
73.7
1.0
0.1
0.0
0.1
0.1
73.5
4.9
7%
Jul
73.8
1.1
0.1
0.0
0.1
0.1
73.6
4.7
6%
Aug
74.1
1.4
0.1
0.0
0.1
0.1
73.8
4.6
6%
Sep
74.1
1.4
0.2
0.0
0.1
0.1
73.9
4.7
6%
63.6
2.7
0.1
0.1
0.0
0.0
63.7
14.2
22%
Jul
64.4
3.5
0.1
0.1
0.0
0.0
64.6
14.0
22%
Aug
64.6
3.7
0.1
0.1
0.0
0.0
64.7
13.5
21%
Sep
64.9
4.0
0.1
0.1
0.0
0.0
65.0
13.4
21%
84.5
3.0
0.0
0.7
0.1
0.1
85.0
12.8
15%
Jul
85.2
3.6
0.0
0.6
0.1
0.1
85.6
13.2
16%
Aug
85.5
3.9
0.0
0.9
0.1
0.1
86.1
13.3
16%
74.1
1.5
0.2
0.0
0.1
0.1
73.9
4.7
6%
This Year v. Last

STEADY.
SMALLER!!
SMALLER!!
SMALLER!!
LARGER!!
STEADY
STEADY.
STEADY.
2%
-12%
-33%
-36%
73%
0%
2%
0%
Oct
65.2
4.3
0.1
0.1
0.0
0.0
65.3
12.9
20%
This Year v. Last

LARGER!!
LARGER!!
STEADY.
LARGER!!
LARGER!!
SMALLER!!
8%
17%
4%
100%
8%
-9%
12 Month Trend
End: m. DWT
Jun
Oct
12 Month Trend
End: m. DWT
Jun
7%
1%
9%
-17%
16%
0%
7%
3%
12 Month Trend
End: m. DWT
End Year m. DWT
Fleet Size
Deliveries
Scrapping
Combos
Laid-up
Storage
Trading Fleet
Orderbook
Orderbook % Fleet
Fleet Size
Deliveries
Scrapping
Combos
Laid-up
Storage
Trading Fleet
Orderbook
Orderbook % Fleet
12 Month Trend
End: m. DWT
End Year m. DWT
Sep
86.0
4.3
0.0
0.6
0.1
0.1
86.4
12.9
15%
Oct
86.2
4.5
0.0
0.9
0.1
0.1
86.8
12.6
15%
This Year v. Last

LARGER!!
SMALLER!!
7%
-18%
LARGER!!
STEADY
STEADY
LARGER!!
SMALLER!!
9%
0%
0%
7%
-13%
12 Month Trend
End: m. DWT
2003
2004
Jun
Jul
Aug
Sep
Oct
This Year v. Last
98.1
5.4
0.8
3.4
0.1
0.1
101.3
20.4
21%
107.2
7.9
0.0
4.3
0.1
0.1
111.4
33.6
31%
111.8
4.6
0.0
4.2
0.1
0.1
115.8
36.9
33%
112.4
5.3
0.1
3.3
0.1
0.1
115.4
36.4
32%
113.3
6.3
0.1
4.1
0.1
0.1
117.3
36.7
32%
114.8
7.5
0.1
3.4
0.1
0.1
118.0
36.4
32%
115.5
8.1
0.1
3.5
0.1
0.1
118.8
35.4
31%
LARGER!!
LARGER!!
SMALLER!!
STEADY
STEADY
LARGER!!
LARGER!!
10%
11%
-21%
0%
0%
9%
16%
End
2005
345.1
23.1
0.9
4.5
0.4
0.3
349.0
End
2005
74.4
2.0
0.4
0.0
0.1
0.1
74.2
End
2005
66.3
5.5
0.2
0.1
0.0
0.0
66.4
End
2005
87.2
5.7
0.2
0.9
0.1
0.1
87.9
End
2005
117.1
9.8
0.2
3.5
0.1
0.1
120.5
YTD figures are shown for Deliveries and Scrapping. Fleet totals are metric tonnes and net of miscellaneous changes, which are not listed above. Total = vessels over 1
Page 14
Nov-05
Bulkcarrier Fleet
Handy/Handymax Fleet Trends
15%
Combos as % of Handy fleet

Orderbook as % of Handy fleet
12%
Commentary
13 new Handymaxes were reported to have been delivered during
October. As for Handysizes, there were six deliveries. Two Handysize
vessels were sold for scrap in October. In addition, one Handysize
was reported as being lost at sea. Now the Handymax sector has a
fleet size of 1,380 ships of 65.2m dwt and the Handysize fleet
includes 2,770 ships of 74.1m dwt.
There were three new orders placed for Handymax vessels during
October, making the sectors orderbook now total 242 ships of 12.9m
dwt. The Handysize newbuilding market also saw five new orders
placed in the same month.
9%
6%
Scrap & Delivery Watch Year To 1st November 2005

Handymax vessels: 2 scrapped 80 delivered
Handysize vessels: 8 scrapped 52 delivered
3%
Nov-93
May-94
Nov-94
May-95
Nov-95
May-96
Nov-96
May-97
Nov-97
May-98
Nov-98
May-99
Nov-99
May-00
Nov-00
May-01
Nov-01
May-02
Nov-02
May-03
Nov-03
May-04
Nov-04
May-05
Nov-05
0%
Panamax Fleet Trends

30%
25%
Combos as % of Panamax fleet

Orderbook as % of Panamax fleet
20%
Commentary
Three new Panamaxes were delivered during October, adding an
extra 0.3m dwt to the fleet. So far this year, no ships have been
sold for scrap. These changes have taken the fleet size to 86.2m
dwt, consisting of 1,212 ships. 53% of the current fleet capacity
is under 10 years old, while 23% of the fleet capacity is over 20
years old.
Again, there were no new orders placed for Panamaxes during
October. The total orderbook is now 167 vessels of 12.6m dwt.
This represents 14.6% of the current fleet by deadweight.
15%
10%

Panamax vessels:
0 scrapped + 2 combos
59 delivered + 0 combos
5%
Nov-93
May-94
Nov-94
May-95
Nov-95
May-96
Nov-96
May-97
Nov-97
May-98
Nov-98
May-99
Nov-99
May-00
Nov-00
May-01
Nov-01
May-02
Nov-02
May-03
Nov-03
May-04
Nov-04
May-05
Nov-05
0%
Capesize Fleet Trends

40%
35%
Combos as % of Capesize fleet

Orderbook as % of Capesize fleet
Commentary
There were nine reported new deliveries during October, adding an
extra 1.4m dwt capacity to the fleet. No demolitions happened
during the month. As such the fleet stayed at 720 vessels of 115.5m
dwt, 10% up y-o-y. 52% of current fleet capacity is aged below 10
years, with only 14% aged over 20 years old.
30%
There were another three new orders for Capesizes placed during
October. The Capesize orderbook now consists of 242 ships of a
cumulative 35.4m dwt. This represents 34% of the current fleet
capacity, but 213% of the capacity of the fleet aged over 20 years.
25%
20%
15%

Capesize vessels:
1 scrapped + 2 combos
51 delivered + 0 combos
10%
5%
Nov-93
May-94
Nov-94
May-95
Nov-95
May-96
Nov-96
May-97
Nov-97
May-98
Nov-98
May-99
Nov-99
May-00
Nov-00
May-01
Nov-01
May-02
Nov-02
May-03
Nov-03
May-04
Nov-04
May-05
Nov-05
0%
Page 15
Nov-05
Bulkcarrier Fleet Profiles

Bulk Fleet
Profile
Total < 10,000
10,000/14,999
15,000/19,999
20,000/24,999
25,000/29,999
30,000/34,999
35,000/39,999
Total Handysize
40,000/44,999
45,000/49,999
50,000/59,999
Total Handymax
60,000/69,999
70,000/79,999
Total Panamax
80,000/89,999
90,000/99,999
100,000/119,999
120,000/159,999
160,000/199,999
200,000/254,999
255,000/319,999
320,000 &+
Total Capesize
TOTAL > 10,000
No. vessels
No. vessels
End of Year:
End of Month:
2002
2003
2004
May
Jun
Jul
Aug
Sep
Oct
237
369
499
773
366
479
239
361
484
768
370
470
242
356
478
787
391
479
241
357
479
790
405
483
241
358
479
791
405
483
241
358
479
792
408
483
241
359
478
794
411
485
242
359
478
795
411
485
242
359
476
796
411
486
2,723
2,692
2,733
2,755
2,757
2,761
2,768
2,770
2,770
468
458
248
465
466
296
467
476
359
466
481
396
466
481
404
466
482
418
466
482
421
466
482
427
466
482
432
1,174
1,227
1,302
1,343
1,351
1,366
1,369
456
603
1,059
30
19
11
232
253
37
5
4
591
452
620
1,072
30
22
10
228
279
39
5
4
617
454
694
1,148
34
24
10
228
314
46
8
4
668
5,547
5,608
5,851
Combo Fleet
Profile
TOTAL > 10,000
1,375
1,380
454
454
454
454
454
730
736
745
749
756
1,184 1,190 1,199 1,203 1,210
38
40
41
42
45
25
25
25
25
25
10
10
10
10
10
228
228
227
227
228
330
333
334
338
344
49
49
51
52
52
8
8
8
8
8
4
4
4
4
4
692
697
700
706
716
454
758
1,212
46
25
10
228
346
53
8
4
720
STEADY.
STEADY.
STEADY.
STEADY.
LARGER!!
STEADY.
STEADY.
STEADY.
STEADY.
LARGER!!
LARGER!!
STEADY
LARGER!!
LARGER!!
LARGER!!
STEADY.
STEADY
STEADY
LARGER!!
LARGER!!
LARGER!!
STEADY
LARGER!!
0%
1%
0%
1%
5%
2%
2%
0%
1%
25%
7%
0%
11%
7%
39%
4%
0%
0%
12%
23%
60%
0%
10%
5,974 5,995 6,026 6,046 6,071
6,082 STEADY.
5%
No. vessels
No. vessels
End of Year:
End of Month:
2002
Total < 10,000
10,000/14,999
15,000/19,999
20,000/24,999
25,000/29,999
30,000/34,999
35,000/39,999
Total Handysize
40,000/44,999
45,000/49,999
50,000/59,999
Total Handymax
60,000/69,999
70,000/79,999
Total Panamax
80,000/89,999
90,000/99,999
100,000/119,999
120,000/159,999
160,000/199,999
200,000/254,999
255,000/319,999
320,000 &+
Total Capesize
Fleet Growth %
Year on Year
1
1
0
1
0
0
2003
1
1
0
1
0
0
2004
1
1
0
1
0
0
Fleet Growth %
Year on Year
May
Jun
Jul
Aug
Sep
Oct
1
1
0
1
0
0
1
1
0
1
0
0
1
1
0
1
0
0
1
1
0
1
0
0
1
1
0
1
0
0
1
1
0
1
0
0
STEADY
STEADY
0%
0%
STEADY
0%
STEADY
STEADY
STEADY
SMALLER!!
SMALLER!!
STEADY
SMALLER!!
SMALLER!!
SMALLER!!
STEADY
SMALLER!!
SMALLER!!
STEADY
STEADY
SMALLER!!
0%
0%
0%
-14%
-6%
0%
-13%
-11%
-11%
0%
-15%
-11%
0%
0%
-60%
3
7
9
3
7
7
3
7
7
3
7
7
3
7
7
3
7
6
3
7
6
3
7
6
3
7
6
19
17
17
17
17
16
16
16
16
5
32
37
9
12
14
9
9
2
5
0
60
5
31
36
9
12
13
11
9
1
5
0
60
5
31
36
9
12
13
9
9
1
2
0
55
5
30
35
9
12
11
9
9
1
2
0
53
5
30
35
9
12
11
9
9
1
2
0
53
5
29
34
9
12
11
9
9
1
2
0
53
5
29
34
9
12
11
9
9
1
2
0
53
5
27
32
8
12
11
8
9
1
2
0
51
5
27
32
8
12
11
8
9
1
2
0
51
SMALLER!!
-12%
119
116
111
108
108
106
106
102
102 SMALLER!!
-11%
Fleet statistics shown are in metric tonnes in metric tonne divisions.
Page 16
Nov-05
Bulkcarrier Fleet Profiles

Bulk Fleet
Profile
Million Dwt
Million Dwt
End of Year:
End of Month:
2002
2003
Total < 10,000

10,000/14,999
15,000/19,999
20,000/24,999
25,000/29,999
30,000/34,999
35,000/39,999
Total Handysize
40,000/44,999
45,000/49,999
50,000/59,999
Total Handymax
60,000/69,999
70,000/79,999
Total Panamax
80,000/89,999
90,000/99,999
100,000/119,999
120,000/159,999
160,000/199,999
200,000/254,999
255,000/319,999
320,000 &+
Total Capesize
2.9
6.6
11.5
21.3
12.0
18.1
72.4
19.9
21.4
13.0
54.3
30.1
44.5
74.5
2.6
1.8
1.2
33.6
43.7
8.0
1.3
1.3
93.5
3.0
6.5
11.1
21.2
12.1
17.7
71.6
19.8
21.8
15.5
57.1
29.8
45.8
75.6
2.6
2.0
1.1
33.1
48.3
8.4
1.3
1.3
98.1
3.0
6.4
11.0
21.7
12.8
18.1
72.9
19.9
22.3
18.8
61.0
29.9
51.4
81.3
2.9
2.2
1.1
33.1
54.4
9.9
2.2
1.3
107.2
3.0
3.0
3.0
3.0
3.0
6.4
6.4
6.4
6.4
6.4
11.0 11.0 11.0 11.0 11.0
21.8 21.8 21.9 21.9 21.9
13.2 13.2 13.3 13.4 13.4
18.2 18.2 18.2 18.3 18.3
73.7 73.7 73.8 74.1 74.1
19.9 19.9 19.9 19.9 19.9
22.5 22.5 22.6 22.6 22.6
20.9 21.3 22.0 22.2 22.5
63.2 63.6 64.4 64.6 64.9
29.9 29.9 29.9 29.9 29.9
54.3 54.8 55.4 55.7 56.1
84.3 84.7 85.3 85.6 86.0
3.3
3.4
3.5
3.6
3.9
2.3
2.3
2.3
2.3
2.3
1.1
1.1
1.1
1.1
1.1
33.1 33.1 33.0 33.0 33.1
57.3 57.8 58.0 58.7 59.7
10.5 10.5 10.9 11.1 11.1
2.2
2.2
2.2
2.2
2.2
1.3
1.3
1.3
1.3
1.3
111.1 111.8 112.4 113.3 114.8
3.0
6.4
11.0
22.0
13.4
18.3
74.1
19.9
22.6
22.8
65.2
29.9
56.2
86.2
3.9
2.3
1.1
33.1
60.1
11.3
2.2
1.3
115.5
TOTAL > 10,000
294.7
302.3
322.5
332.3 333.9 336.0 337.6 339.8
340.9 LARGER!!
Combo Fleet
Profile
Total < 10,000
10,000/14,999
15,000/19,999
20,000/24,999
25,000/29,999
30,000/34,999
35,000/39,999
Total Handysize
40,000/44,999
45,000/49,999
50,000/59,999
Total Handymax
60,000/69,999
70,000/79,999
Total Panamax
80,000/89,999
90,000/99,999
100,000/119,999
120,000/159,999
160,000/199,999
200,000/254,999
255,000/319,999
320,000 &+
Total Capesize
TOTAL > 10,000
2004
May
Jun
Jul
Aug
Fleet Growth %
Year on Year
Million Dwt
Million Dwt
End of Year:
End of Month:
Sep
Oct
STEADY.
STEADY.
STEADY.
STEADY.
LARGER!!
STEADY.
STEADY.
STEADY.
STEADY.
LARGER!!
LARGER!!
STEADY
LARGER!!
LARGER!!
LARGER!!
STEADY.
STEADY
STEADY.
LARGER!!
LARGER!!
LARGER!!
STEADY
LARGER!!
0%
1%
0%
2%
5%
2%
2%
0%
1%
26%
8%
10%
6%
39%
4%
0%
13%
23%
70%
10%
7%
Fleet Growth %
Year on Year
2002
2003
2004
May
Jun
Jul
Aug
Sep
Oct
0.01
0.02
0.01
0.02
0.01
0.02
0.01
0.02
0.01
0.02
0.01
0.02
0.01
0.02
0.01
0.02
0.01 STEADY
0.02 STEADY
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03 STEADY
0.1
0.1
0.3
0.5
1.0
0.3
2.4
2.8
0.7
1.2
1.5
1.3
1.5
0.5
1.5
0.1
0.1
0.3
0.4
0.8
0.3
2.4
2.7
0.7
1.2
1.4
1.5
1.5
0.2
1.5
0.1
0.1
0.3
0.4
0.8
0.3
2.4
2.7
0.7
1.2
1.4
1.2
1.5
0.2
0.6
0.1
0.1
0.3
0.4
0.8
0.3
2.3
2.6
0.7
1.2
1.2
1.2
1.5
0.2
0.6
0.1
0.1
0.3
0.4
0.8
0.3
2.3
2.6
0.7
1.2
1.2
1.2
1.5
0.2
0.6
0.1
0.1
0.3
0.3
0.8
0.3
2.2
2.5
0.7
1.2
1.2
1.2
1.5
0.2
0.6
0.1
0.1
0.3
0.3
0.8
0.3
2.2
2.5
0.7
1.2
1.2
1.2
1.5
0.2
0.6
0.1
0.1
0.3
0.3
0.8
0.3
2.1
2.4
0.7
1.2
1.2
1.1
1.5
0.2
0.6
0.1
0.1
0.3
0.3
0.8
0.3
2.1
2.4
0.7
1.2
1.2
1.1
1.5
0.2
0.6
STEADY
STEADY
STEADY
SMALLER!!
SMALLER!!
STEADY
SMALLER!!
SMALLER!!
SMALLER!!
STEADY
SMALLER!!
SMALLER!!
STEADY
STEADY
SMALLER!!
-13%
-11%
-11%
8.2
8.1
6.9
6.7
6.7
6.7
6.7
6.5
6.5
SMALLER!!
-17%
12.0
11.7
10.5
10.2
10.2
10.1
10.1
9.7
9.7
SMALLER!!
-15%
-14%
-6%
-15%
-12%
-60%
Page 17
Nov-05
Bulkcarrier Fleet Size/Age Profile

Bulk Fleet
Profile
20+
% Fleet
No of Vessels
Age Profile
Age Profile
15-19 10-14
Total < 10,000

10,000/14,999
15,000/19,999
20,000/24,999
25,000/29,999
30,000/34,999
35,000/39,999
Total Handysize
40,000/44,999
45,000/49,999
50,000/59,999
Total Handymax
60,000/69,999
70,000/79,999
Total Panamax
80,000/89,999
90,000/99,999
100,000/119,999
120,000/159,999
160,000/199,999
200,000/254,999
255,000/319,999
320,000 &+
Total Capesize
60%
72%
59%
51%
56%
71%
60%
43%
14%
9%
22%
55%
7%
25%
28%
12%
50%
27%
7%
9%
25%
0%
16%
8%
5%
8%
8%
8%
13%
8%
21%
6%
4%
10%
24%
3%
10%
2%
0%
10%
21%
10%
42%
50%
25%
15%
TOTAL > 10,000
39%
10%
Combo Fleet
Profile
20+
Total < 10,000
10,000/14,999
15,000/19,999
20,000/24,999
25,000/29,999
30,000/34,999
35,000/39,999
Total Handysize
40,000/44,999
45,000/49,999
50,000/59,999
Total Handymax
60,000/69,999
70,000/79,999
Total Panamax
80,000/89,999
90,000/99,999
100,000/119,999
120,000/159,999
160,000/199,999
200,000/254,999
255,000/319,999
320,000 &+
Total Capesize
TOTAL > 10,000
5-9
0-4
20+
6%
5%
11%
9%
0%
6%
7%
21%
16%
3%
14%
16%
12%
14%
11%
24%
0%
38%
9%
8%
25%
25%
19%
15%
12%
19%
19%
13%
5%
14%
13%
48%
8%
24%
5%
35%
24%
15%
24%
10%
15%
33%
9%
0%
50%
23%
11% 146
6% 259
3% 280
13% 408
23% 231
6% 347
11% 1671
2% 199
16%
67
76%
40
30% 306
1% 248
43%
54
27% 302
43%
13
40%
3
30%
5
0%
61
42%
24
32%
5
0%
2
0%
27% 113
11%
19%
20%
2392
15-19 10-14
19
18
39
64
33
61
234
100
28
16
144
107
20
127
1
1
47
33
22
4
1
109
614
14
17
51
70
1
29
182
99
78
12
189
72
94
166
5
6
86
31
4
2
1
135
672
36
43
90
149
52
22
392
59
231
36
326
24
262
286
7
6
1
34
113
5
27
22
16
105
94
27
291
9
78
328
415
3
328
331
20
10
3
68%
77%
67%
59%
64%
84%
69%
64%
20%
13%
33%
78%
10%
35%
30%
12%
60%
47%
16%
51%
75%
25%
31%
151%
107%
167%
500%
109%
49%
28%
2
168
195
242
359
476
796
411
486
2,770
466
482
432
1,380
454
758
1,212
46
25
10
228
346
53
8
4
720
1172
1232
6,082
Age Profile
20+
15-19 10-14
15 yrs+ 15 yrs+
2005
Age Profile
0-4
% Fleet/ O'bk/
0-4
No of Vessels
5-9
Nov
5-9
% Fleet
15-19 10-14
Fleet Ratios
145
17
5-9
0-4
Nov
% Fleet/ O'bk/
2005
15 yrs+ 15 yrs+
1
1
1
1
100%
100%
100%
100%
100%
3
3
7
6
16
5
27
32
8
12
11
8
9
1
2
100%
0%
100%
100%
100%
100%
85%
88%
38%
0%
9%
75%
0%
100%
0%
100%
86%
56%
40%
4%
9%
17%
9%
50%
1
6
7
3
22
25
3
15%
13%
63%
83%
2
91%
25%
11%
3
6
9
2
1
3
25%
1
4
89%
100%
4
4
5
10
10
2
1
2
8
1
100%
223%
39%
636%
733%
17%
Fleet Ratios
100%
100%
14%
100%
44%
60%
81%
78%
38%
8%
6%
6%
7%
25%
5%
9%
3%
22%
377%
54%
18%
14%
45%
20%
4%
23
10
43%
19%
26%
10%
2%
44
19
27
10
2
2
51
31%
102
62%
Page 18
Nov-05
Bulkcarrier Fleet Size/Age Profile

Bulk Fleet
Profile
Total < 10,000
10,000/14,999
15,000/19,999
20,000/24,999
25,000/29,999
30,000/34,999
35,000/39,999
Total Handysize
40,000/44,999
45,000/49,999
50,000/59,999
Total Handymax
60,000/69,999
70,000/79,999
Total Panamax
80,000/89,999
90,000/99,999
100,000/119,999
120,000/159,999
160,000/199,999
200,000/254,999
255,000/319,999
320,000 &+
Total Capesize
TOTAL > 10,000
Age Profile
Age Profile
15-19 10-14
61%
73%
59%
51%
56%
71%
60%
42%
14%
10%
21%
53%
7%
23%
28%
12%
52%
25%
7%
9%
24%
8%
5%
8%
8%
8%
13%
9%
21%
6%
4%
10%
24%
3%
10%
2%
6%
5%
10%
9%
0%
6%
6%
22%
16%
3%
13%
17%
12%
14%
11%
24%
14%
10%
21%
10%
42%
53%
27%
17%
38%
9%
7%
23%
24%
18%
28%
12%
13%
20+
TOTAL > 10,000
Million Dwt
20+
Combo Fleet
Profile
Total < 10,000
10,000/14,999
15,000/19,999
20,000/24,999
25,000/29,999
30,000/34,999
35,000/39,999
Total Handysize
40,000/44,999
45,000/49,999
50,000/59,999
Total Handymax
60,000/69,999
70,000/79,999
Total Panamax
80,000/89,999
90,000/99,999
100,000/119,999
120,000/159,999
160,000/199,999
200,000/254,999
255,000/319,999
320,000 &+
Total Capesize
% Fleet
5-9
0-4
20+
14%
12%
19%
19%
13%
4%
13%
13%
48%
8%
23%
6%
34%
24%
15%
24%
9%
15%
32%
10%
11%
6%
3%
14%
23%
5%
11%
2%
16%
76%
33%
1%
44%
29%
44%
40%
29%
1.8
4.7
6.5
11.1
7.6
13.0
44.7
8.4
3.1
2.2
13.7
15.9
4.0
20.0
1.1
0.3
0.6
8.4
4.4
1.1
0.5
15-19 10-14
0.2
0.3
0.9
1.8
1.1
2.3
6.6
4.3
1.3
0.9
6.4
7.2
1.4
8.6
0.1
48%
24%
28%
16.3
0.1
6.9
6.0
4.8
1.2
0.4
19.3
22%
25%
94.7
41.0
42%
32%
0.2
0.3
1.1
1.9
0.0
1.1
4.7
4.3
3.6
0.6
8.5
4.9
6.8
11.8
0.4
0.6
5-9
0-4
20+
0.3
0.4
0.4
3.0
3.1
1.0
8.1
0.4
3.7
17.3
21.4
0.2
24.7
24.9
1.7
0.9
0.3
31.8
3.0
6.4
11.0
22.0
13.4
18.3
74.1
19.9
22.6
22.8
65.2
29.9
56.2
86.2
3.9
2.3
1.1
33.1
60.1
11.3
2.2
1.3
115.5
69%
78%
67%
59%
64%
84%
69%
64%
20%
13%
31%
77%
10%
33%
30%
12%
62%
46%
17%
52%
77%
27%
31%
147%
103%
176%
465%
99%
86.2
340.9
40%
48%
73.5
Age Profile
15-19 10-14
15 yrs+ 15 yrs+
2005
45.6
Age Profile
% Fleet/ O'bk/
0-4
12.7
5.2
0.8
0.5
0.3
20.6
Million Dwt
Nov
5-9
0.4
0.8
2.1
4.2
1.7
0.8
10.0
2.5
10.8
1.9
15.2
1.7
19.3
20.9
0.6
0.5
0.1
5.1
19.3
1.1
0.6
27.4
% Fleet
15-19 10-14
Fleet Ratios
25.3
3.6
Fleet Ratios
5-9
0-4
Nov
% Fleet/ O'bk/
2005
15 yrs+ 15 yrs+
100%
100%
0.01
0.02
0.01
0.02
100%
100%
100%
0.03
0.03
100%
100%
0.1
0.1
0.1
0.3
0.3
0.8
0.3
2.1
2.4
0.7
1.2
1.2
1.1
1.5
0.2
0.6
100%
100%
100%
100%
100%
100%
85%
87%
37%
17%
10%
78%
11%
100%
100%
14%
100%
47%
60%
82%
79%
37%
100%
86%
53%
40%
4%
9%
17%
10%
50%
0.0
0.3
0.4
0.2
1.7
1.9
0.2
15%
13%
63%
83%
0.2
90%
28%
11%
0.1
0.3
0.4
0.1
0.1
0.2
22%
0.1
0.6
89%
100%
0.3
0.3
0.4
1.0
1.1
0.3
0.2
0.2
1.4
0.2
100%
8%
6%
5%
7%
25%
5%
9%
3%
23%
379%
64%
1%
229%
44%
626%
741%
15%
0.6
18%
20%
42%
17%
4%
1.1
1.3
2.7
1.1
0.2
6.5
37%
35%
20%
31%
11%
2%
3.4
1.9
3.0
1.1
0.2
9.7
55%
Page 19
Nov-05
Bulkcarrier Fleet Orderbook

Fleet
Profile
Total < 10,000
10,000/14,999
15,000/19,999
20,000/24,999
25,000/29,999
30,000/34,999
35,000/39,999
Total Handysize
40,000/44,999
45,000/49,999
50,000/59,999
Total Handymax
60,000/69,999
70,000/79,999
Total Panamax
80,000/89,999
90,000/99,999
100,000/119,999
120,000/159,999
160,000/199,999
200,000/254,999
255,000/319,999
320,000 &+
Total Capesize
TOTAL > 10,000
Fleet
Profile
Total < 10,000
10,000/14,999
15,000/19,999
20,000/24,999
25,000/29,999
30,000/34,999
35,000/39,999
Total Handysize
40,000/44,999
45,000/49,999
50,000/59,999
Total Handymax
60,000/69,999
70,000/79,999
Total Panamax
80,000/89,999
90,000/99,999
100,000/119,999
120,000/159,999
160,000/199,999
200,000/254,999
255,000/319,999
320,000 &+
Total Capesize
TOTAL > 10,000
No. vessels
No. vessels
End of Year:
End of month:
Current Orderbook for

Oct
%
Delivery in:
2002
2003
2004
May
Jun
Jul
Aug
Sep
2005 Fleet
11
8
4
33
50
11
117
10
23
119
152
2
90
92
5
2
8
8
1
31
80
14
142
11
21
170
202
2
174
176
35
3
3
14
13
30
84
17
161
8
10
248
266
2
186
188
79
8
1
15
19
15
34
76
25
184
10
19
236
265
2
175
177
89
22
1
15
19
17
36
68
24
179
10
21
234
265
2
167
169
88
22
1
15
18
16
34
65
23
171
10
23
229
262
2
173
175
89
22
1
15
18
16
33
66
21
169
10
21
221
252
2
174
176
91
22
1
15
17
16
32
68
21
169
10
21
220
251
2
169
171
90
22
1
14
17
18
32
67
21
169
10
21
211
242
2
165
167
89
22
1
6%
5%
4%
4%
16%
4%
6%
2%
4%
49%
18%
0%
22%
14%
193%
88%
10%
2
5
2
4
6
2
21
1
1
22
24
2
16
18
4
7
9
9
12
31
6
74
3
6
92
101
5
3
7
16
30
13
74
6
14
97
117
65
65
43
5
84
84
42
17
1
55
12
79
16
89
34
10
5
249
88
32
10
5
247
90
31
10
5
250
90
30
10
5
248
86
29
10
5
242
25%
55%
125%
125%
34%
41
7
133
95
34
10
5
256
7
1
74
83
33
10
5
219
12
96
38
21
10
5
134
435
653
834
882
862
855
847
839
839
14%
75
336
409
m. DWT
m. DWT
End of Year:
End of month:
2005
2006 2007+
Current Orderbook for

Oct
%
Delivery in:
2002
2003
2004
May
Jun
Jul
Aug
Sep
2005 Fleet
2005
2006 2007+
0.1
0.1
0.1
0.9
1.6
0.4
3.3
0.4
1.1
6.3
7.8
0.1
6.8
6.9
0.4
0.2
0.1
0.1
0.0
0.9
2.6
0.5
4.2
0.5
1.0
9.2
10.7
0.1
13.2
13.3
2.9
0.3
0.0
0.3
0.3
0.8
2.7
0.6
4.7
0.3
0.5
13.5
14.3
0.1
14.1
14.2
6.6
0.8
0.1
0.2
0.3
0.3
0.9
2.4
0.9
5.1
0.4
0.9
12.8
14.2
0.1
13.2
13.4
7.4
2.1
0.1
0.2
0.3
0.4
1.0
2.2
0.9
4.9
0.4
1.0
12.7
14.2
0.1
12.6
12.8
7.3
2.1
0.1
0.2
0.3
0.3
1.0
2.1
0.8
4.7
0.4
1.1
12.5
14.0
0.1
13.1
13.2
7.4
2.1
0.1
0.2
0.3
0.3
0.9
2.1
0.8
4.6
0.4
1.0
12.0
13.5
0.1
13.2
13.3
7.6
2.1
0.1
0.2
0.3
0.3
0.9
2.2
0.8
4.7
0.4
1.0
12.0
13.4
0.1
12.8
12.9
7.5
2.1
0.1
0.2
0.3
0.4
0.9
2.1
0.8
4.7
0.4
1.0
11.5
12.9
0.1
12.5
12.6
7.4
2.1
0.1
6%
5%
3%
4%
16%
4%
6%
2%
4%
50%
20%
0%
22%
15%
188%
90%
9%
0.0
0.1
0.0
0.1
0.2
0.1
0.5
0.0
0.0
1.2
1.3
0.1
1.2
1.4
0.3
0.1
0.2
0.2
0.3
1.0
0.2
2.0
0.1
0.3
5.0
5.4
0.1
0.1
0.2
0.4
1.0
0.5
2.2
0.2
0.7
5.3
6.2
4.9
4.9
3.6
0.5
6.4
6.4
3.5
1.6
0.1
9.5
2.5
13.8
3.3
15.7
7.0
3.0
1.7
36.9
15.5
6.6
3.0
1.7
36.4
15.9
6.4
3.0
1.7
36.7
15.9
6.2
3.0
1.7
36.4
15.1
6.0
3.0
1.7
35.4
25%
53%
135%
127%
31%
7.2
1.4
20.4
16.7
7.0
3.0
1.7
38.1
1.2
0.2
12.6
14.6
6.8
3.0
1.7
33.6
1.8
12.8
6.7
4.4
3.0
1.7
20.9
30.6
48.5
66.8
70.7
68.8
68.3
68.1
67.4
65.6
19%
4.9
25.1
35.6
Page 20
Nov-05
Bulkcarrier Fleet Key Parameters

Bulker Fleet
Details ....
Avg. Size/Age
Dwt
Years
Speed/Cons
Knots
t/day
Dimensions (m/cu.m)
LOA
Beam
Draft
Geared
Grain
%
67%
81%
91%
95%
92%
84%
Total < 10,000

10,000/14,999
15,000/19,999
20,000/24,999
25,000/29,999
30,000/34,999
35,000/39,999
Avg Handysize
40,000/44,999
45,000/49,999
50,000/59,999
Avg Handymax
60,000/69,999
70,000/79,999
Avg Panamax
80,000/89,999
90,000/99,999
100,000/119,999
120,000/159,999
160,000/199,999
200,000/254,999
255,000/319,999
320,000 &+
Avg Capesize
12,439
17,940
23,038
27,607
32,649
37,671
26,758
42,600
46,786
52,804
47,256
65,934
74,174
71,088
85,779
92,622
109,490
145,256
173,693
213,692
277,762
333,141
160,351
21.0
22.4
19.5
17.7
17.6
20.7
19.4
17.4
10.4
5.7
11.3
19.4
7.3
11.8
9.8
8.6
17.7
15.6
7.7
11.4
18.0
12.1
10.9
13.6
14.4
14.3
14.4
14.5
14.4
14.3
14.4
14.5
14.6
14.5
14.4
14.4
14.4
14.4
14.5
14.4
14.2
14.5
13.9
13.4
15.7
14.3
19.5
24.9
26.2
28.8
31.7
32.1
28.3
30.4
30.3
35.1
31.4
37.1
36.4
36.7
43.4
44.9
52.8
50.2
54.4
55.8
57.7
87.1
52.3
133.7
150.8
162.3
173.8
182.0
189.1
169.3
189.4
191.1
194.7
191.6
226.4
226.4
226.4
234.8
241.6
248.0
271.9
289.2
309.6
327.5
336.3
280.2
20.3
22.6
24.2
25.4
26.7
28.3
25.1
30.5
31.2
32.1
31.2
32.3
32.4
32.3
37.3
42.1
41.5
43.3
45.5
50.9
56.0
58.6
44.7
8.21
9.2
9.8
10.0
10.6
10.9
9.9
11.3
11.6
12.0
11.6
13.0
13.7
13.4
13.5
13.1
15.3
16.9
17.6
18.3
21.0
23.0
17.1
14,880
22,202
29,464
35,587
41,873
46,385
33,822
56,167
61,348
67,486
61,304
78,953
87,504
84,189
96,845
109,580
118,442
160,050
189,649
202,109
191,487
183,160
171,087
TOTAL > 10,000
56,058
15.1
14.4
33.3
198.8
30.2
11.9
65,698
Combo Fleet
Details
Total < 10,000
10,000/14,999
15,000/19,999
20,000/24,999
25,000/29,999
30,000/34,999
35,000/39,999
Avg Handysize
40,000/44,999
45,000/49,999
50,000/59,999
Avg Handymax
60,000/69,999
70,000/79,999
Avg Panamax
80,000/89,999
90,000/99,999
100,000/119,999
120,000/159,999
160,000/199,999
200,000/254,999
255,000/319,999
320,000 &+
Avg Capesize
TOTAL > 10,000
Avg. Size/Age
Dwt
Years
Speed/Cons
Knots
t/day
Dimensions (m/cu.m)
LOA
Beam
Draft
1
95%
96%
77%
1
11%
5%
0
4%
13%
1%
62%
% of
Grain
Bulk Flt
13,360
15,183
24.2
28.4
10.0
13.5
16.0
23.7
121.7
155.1
22.9
21.3
7.3
7.0
14,023
0%
0%
26,440
27.3
15.0
35.5
220.9
22.9
11.1
34,533
0%
18,328
43,463
47,925
54,517
49,560
65,495
76,159
74,493
82,856
96,453
110,445
137,082
168,592
225,162
305,867
26.6
18.8
17.3
22.7
19.6
20.3
21.5
21.3
16.2
14.4
9.6
17.2
14.6
26.7
17.8
12.8
14.5
14.5
15.3
14.8
13.6
14.2
14.1
14.0
13.8
15.7
14.5
14.5
17.3
13.8
25.1
27.0
34.5
40.0
36.5
28.4
45.0
42.4
36.8
43.8
53.0
58.7
53.8
22.4
30.4
32.0
32.2
31.8
32.2
32.2
32.2
32.2
38.6
41.7
45.1
45.0
50.0
57.0
8.5
11.6
12.8
12.6
12.5
13.3
14.2
14.1
14.8
14.5
15.9
16.2
18.5
20.2
22.0
24,278
48,161
49,982
65,832
55,585
58,205
84,914
81,468
88,599
99,060
121,933
148,716
168,046
67.2
165.9
189.6
186.6
206.9
194.8
225.6
240.7
238.3
247.7
243.7
243.7
262.0
286.8
313.3
340.0
179,037
0%
1%
1%
1%
1%
1%
3%
3%
15%
32%
52%
3%
3%
2%
20%
127,178
14.5
14.5
49.2
259.9
41.4
16.2
125,032
7%
95,272
17.8
14.4
44.3
240.2
36.4
14.7
97,577
2%
All parameters as of current month...

Page 21
Nov-05
Commercial Bulkcarrier Data

Capesize
Market...
Freight Rates (Avg.$/t)
145k Tub-Rott (ore)
145k Tub-Japan (ore)
137k R.Bay-Rott (coal)
135k Q'land/Rott (coal)
Avg.Earn.$ pd (1990-built)
150k dwt 1 yr t/c, $ pd,
150k dwt, 3 yr t/c, $ pd
Prices, $m. Year End
Newbuilding 170K
5 yr old. 150K
10 yr old. 150K
Panamax
Market..
Freight Rates (Avg.$/t)
55k. USGulf-Rdam
52k. USG-Jpn HSS
52k. Nopac-Japan
63k, R.Bay-Sp.Med (coal)
Avg.Earn.$ pd (1998-built)
1 yr t/c, $ pd
3 yr t/c, $ pd
Prices, $m. Year end
Newbuilding 75K
5 yr old. 73K
10 yr old 69K
Handymax
Market..
Freight Rate (Avg $/d)
40K, Cont-Far E.
40K, Atlantic R/V
40K, Far E.-Cont
40K, Pacific R/V
Avg.Earnings $ pd
1 yr t/c, $ pd
3 yr t/c, $ pd
Prices, $m. Year end
Newbuilding 50K
5 yr old 45K
10 yr old 42-45K
Handysize
Market..
Annual
1999
4.40
6.86
5.56
7.56
9,988
10,800
12,504
35.0
25.0
17.5
2000
2002
2003
7.48
5.35
5.38 11.81
11.84
8.54
8.44 19.43
9.74
6.73
6.54 14.69
13.47
9.61
8.76 19.43
19,955 12,592 11,391 34,479
17,090 12,802 12,318 26,421
14,996 12,762 12,609 18,689
40.5
26.0
19.0
36.0
22.7
16.5
36.3
24.4
20.5
48.0
37.0
32.0
1999
2000
11.83
18.19
11.69
7.75
14.81
23.00
15.98
11.11
10,819
6,973 9,754
7,256 8,872
22.0
16.8
12.0
22.5
16.0
11.8
Jul
Aug
Sep
Oct
19.65
33.01
20.44
27.51
58,463
49,139
34,444
10.94
20.50
10.56
15.60
26,454
31,100
27,500
11.14
21.00
11.13
15.06
26,205
28,938
24,000
14.54
26.20
14.15
17.45
35,966
34,050
27,300
16.50
30.63
16.25
19.63
43,365
38,125
27,250
51%
49%
54%
26%
64%
23%
-1%
-23%
-18%
-22%
-30%
-28%
-33%
-28%
64.0
54.3
46.0
62.0
54.3
45.0
59.5
52.6
43.0
59.0
51.3
40.0
59.0
51.3
40.0
-5%
-5%
-11%
-13%
-15%
-27%
Monthly
2001
2002
13.29
20.22
13.42
9.08
8,946
7,513
7,281
12.56 20.69 36.08

21.04 35.05 58.91
12.59 25.47 37.07
8.25 16.70 25.44
7,284 19,111 33,824
7,261 13,122 22,777
7,065 9,566 13,779
20.5
14.0
9.5
21.5
17.0
11.5
2003
27.0
28.0
20.0
2004
36.0
40.0
31.0
Jul
2000
2001
8,135
6,847
5,566
5,869
6,604
6,577
7,034
9,985
8,474
8,513
8,883
8,964
8,759
8,477
9,095 10,619 17,413 34,100

8,541 8,582 15,459 29,093
7,377 5,618 12,369 23,178
7,832 6,570 14,400 25,991
8,211 7,847 14,907 28,088
8,142 7,532 12,883 25,242
8,410 7,941 9,970 15,220
20.0
16.0
11.5
20.5
15.3
12.0
18.5
13.3
9.8
38.5
39.0
28.5
2003
24.0
20.0
15.5
2004
2000
Oct
37.0
38.0
27.5
36.5
36.5
27.5
36.0
36.5
27.5
30.0
29.0
22.5
2002
2003
7,204
7,238
6,837
6,807
7,284
6,321
6,488
6,556
6,743
7,198
14.5
1.3
11.0
7.8
15.0
3.0
11.3
8.5
11%
19%
21%
13%
28%
18%
9%
-37%
-24%
-24%
-33%
-40%
-42%
-22%
-6%
-6%
-4%
-10%
-21%
-28%
% Change...
Aug
Sep
Oct
24,550
18,300
10,450
12,850
16,538
15,450
13,650
18,950
14,025
10,938
13,563
14,369
15,438
12,625
20,310
15,870
16,060
17,860
17,525
16,550
12,900
23,875
19,938
14,775
16,188
18,694
16,375
12,688
-3%
9%
41%
26%
13%
6%
-7%
-33%
-37%
-28%
-30%
-33%
-32%
-25%
34.0
28.5
20.0
31.0
28.0
19.5
30.5
28.0
24.5
30.5
29.0
24.5
-10%
2%
23%
-13%
-21%
-14%
Monthly
2001
3 Mths 6 Mths
Jul
Annual
1999
Sep
Monthly
1999
19.0
14.3
10.5
Aug
3 Mths 6 Mths
% Change...
22.05 20.30 22.33 24.39

38.98 36.20 40.90 46.50
20.96 21.68 24.34 25.26
13.61 12.90 14.29 15.44
14,756 13,528 15,754 18,893
12,350 11,250 13,350 14,563
10,900 9,125 10,700 11,875
Annual
2002
% Change...
2004
Annual
Freight Rate (Avg.$/d)

17K MPP
5,600 6,829
20-25K Geared MPP
6,135 8,427
30K, 6 mth t/c, $ pd
5,275 7,018
30K, 1 yr t/c, $ pd
5,561 7,108
30K, 3 yr t/c, $ pd
6,323 7,569
Prices, $m. Year end (*20 year old from 2002)
15.5
15.0
30K, Newbuilding
27K,1977 built/20 YR old*
2.0
2.0
25-30K, 5 year old
11.5
12.0
25-30K, 10 year old.
8.0
9.0
2001
Monthly
3 Mths 6 Mths
% Change...
2004
Jul
Aug
Sep
Oct
6,958
8,890
9,999
9,043
7,969
11,321
12,763
19,270
17,298
11,750
15,350
16,000
13,700
13,400
11,450
15,350
16,000
12,875
13,000
11,563
15,350
16,000
13,960
13,850
11,500
14,500
16,000
14,138
13,938
11,688
-6%
0%
3%
4%
2%
-8%
2%
-34%
-30%
-18%
18.0
5.5
14.5
10.8
23.5
9.0
21.5
17.0
26.5
8.0
24.8
19.0
26.5
8.0
25.0
18.8
26.5
9.0
27.0
22.0
26.5
9.0
26.0
19.5
0%
13%
5%
3%
0%
-28%
4%
-7%
Page 22
3 Mths 6 Mths
Nov-05
Transport Costs
Transport Cost By Ship Size
$ per kilo Tonne-Mile *...
10.0
9.0 Cost in a H.max
8.0
Cost in a P'max
7.0
6.0
5.0
4.0
3.0
2.0
1.0
Cost in a Cape
Apr-95
Jul-95
Oct-95
JanApr-96
Jul-96
Oct-96
JanApr-97
Jul-97
Oct-97
JanApr-98
Jul-98
Oct-98
JanApr-99
Jul-99
Oct-99
JanApr-00
Jul-00
Oct-00
JanApr-01
Jul-01
Oct-01
JanApr-02
Jul-02
Oct-02
JanApr-03
Jul-03
Oct-03
JanApr-04
Jul-04
Oct-04
JanApr-05
Jul-05
Oct-05
0.0
Capesize
Costs...
Av.
Av.
Sep
2002
2003
2004
2005
2005
22%
15%
29%
46%
23%
50%
33%
30%
9%
0.64
2.53
1.08
0.73
1.12
1.20
0.64
0.93
1.24
1.29
1.03
1.34
4.97
2.37
1.69
2.66
2.68
1.43
2.08
2.74
2.75
2.29
1.86
8.11
3.95
2.86
3.91
4.45
2.02
2.90
4.17
4.37
3.62
1.25
6.43
2.92
2.27
2.65
4.32
1.28
2.01
2.79
3.35
2.58
1.48
7.75
3.32
2.66
3.18
4.73
1.44
2.30
3.20
3.97
2.85
Oct
Total Freight
W.Aust/Rott
Iron Ore
Narvik/Rott
Iron Ore
Tubarao/Rott
Iron Ore
Tubarao/Japan
Iron Ore
W.Aust/Japan
Iron Ore
Bolivar/Rotterdam
Coal
Q'land/Rotterdam
Coal
R.Bay/Rotterdam
Coal
Q'land/Japan
Coal
Cape Ore T'port Cost
Cape Coal T'port Cost
Panamax
Costs...
16.73
8.74
16.50
30.63
11.70
16.75
19.63
16.25
12.63
Total Freight
Handymax
Costs...
16.75
22.50
17.31
15.44
20.14
46.50
25.26
Av.
Sep
2002
2003
2004
2005
2005
29%
37%
31%
29%
16%
31%
16%
1.57
0.86
1.59
1.17
2.59
2.28
2.80
1.42
2.49
2.83
1.80
3.47
2.40
4.26
3.80
5.66
2.84
4.39
4.56
2.70
5.09
3.74
7.43
6.39
8.24
4.42
7.18
3.60
2.76
3.57
2.21
3.47
4.44
5.41
2.94
4.48
4.13
3.10
4.04
2.39
4.15
5.05
5.61
3.30
4.96
Total Freight
50.38
34.31
26.28
34.01
Transport Cost ($ per '000t/m)
HIGHER!!
HIGHER!!
HIGHER!!
HIGHER!!
HIGHER!!
HIGHER!!
FIRMER
HIGHER!!
HIGHER!!
15%
12%
13%
8%
20%
14%
4%
12%
11%
Av.
Av.
Av.
Sep
H'max T'port Cost

Oct
This Month...
2002
2003
2004
2005
2005
19%
14%
41%
21%
3.34
4.38
3.43
3.78
4.40
5.96
4.89
5.47
7.20
9.20
7.23
8.15
4.97
6.01
5.02
5.59
5.09
6.39
6.13
6.90
Oct
265.38
249.31
64.28
159.01
18%
21%
13%
17%
20%
9%
12%
15%
15%
18%
10%
Av.
Delivered Cost $/t
Scrap
Scrap
Coal
Coal
HIGHER!!
HIGHER!!
HIGHER!!
HIGHER!!
HIGHER!!
HIGHER!!
HIGHER!!
HIGHER!!
HIGHER!!
HIGHER!!
HIGHER!!
Av.
Oct
58.25
60.50
55.31
52.94
124.14
150.50
159.26
P'max T'port Cost

Oct
This Month...
Delivered Cost $/t
Bolivar/ARA
Coal
Newcastle/Cont.
Coal
Newcastle/Japan
Coal
R.Bay/Sp.Med
Coal
USGulf/Rott
Maize
USGulf/Japan
Maize
Nopac/Japan
Wheat
P'max Coal T'port Cost
P'max Grain T'port Cost
Rott/Taiwan
USEC/Turkey
Newcastle/Japan
Australia/India
Av.
Cape T'port Cost

Oct
This Month...
Delivered Cost $/t
77.42
56.96
56.51
66.04
51.20
33.50
58.63
53.75
137.63
Capesize
In October, transport costs increased notably for all the
routes we cover. The Narvik/Rotterdam iron ore route
continued to lead the way, with transport cost rising by
21% to $7.75 per 1,000t/mile. Cape coal transport cost
increased by 10% to $2.85 per 1,000 t/mile.
Panamax
Panamax costs also showed significant increases during
October, as coal transport costs and grain transport costs
rose by 12% and 11% on last month respectively. The
cost of transporting maize US Gulf/Rotterdam increased
by 20% over last month.
Handymax
Handymax costs rose too, influenced by the larger vessel
sectors. Scrap shipping costs made a modest advances
while coal transport costs increased by over 20%.
STEADY
HIGHER!!
HIGHER!!
HIGHER!!
2%
6%
22%
24%
Delivered cost= C&F price (sum of freight & commodity cost) prices avg. month. '%'= freight cost as % of Delivered Cost. Commodity costs based on following assumptions:
Iron Ore- CONTRACT PRICE $/t 145,000t (FE=64% equivalent). Australia= Hamersley fines; Brazil= Itabira fines. Steam Coal - SPOT BASIS source CWI (low range FOB) B'var 6,450kcal/k
Q'Land 6500kcal/kg (ex Glad.); S.Afr. 6200kcal/kg; USG 6950kcal/kg; N'castle 6300kcal/kg. Coking coal SPOT BASIS (Q'land/Japan Cape) ex Glad. 31-4% vol 0.7%S 135,000t
Grain-$/t (FOB source IGC 54,500t parcel). Gulf-US No.3 Yellow maize; Nopac-Western White wheat FOB Pac; Scrap - source Metal Bulletin basis HMS1 33,500t parcel.
Page 23
Nov-05
Commodity Countdown
An Eventful Year for Soybean Exports
exports. This is reflected in our
Graph of the Month, which shows the
export of US soybeans on a weekly
basis. It illustrates the point that
weekly exports so far this marketing
year are lower than those in past two
years. Exports did not start to pick up
until October 6, when port and barge
operations got back to normal levels.
The fourth quarter is the boom season

for US soybean exports. It accounts
for about a half of US soybean exports for the whole marketing year.
Needless to say, it has been a major
support to the shipping industry.
However, so far this marketing year,
the export peak has not reached the
levels of previous years. What made
this happen?
However, just one week later, bird flu

made its presence felt, creating a dark
shadow over the poultry industry, and
consequently, over soybean imports.
Its impact was most evident in the
EU. By the week ending October 27,
accumulated US exports to EU were
only 32% of the figure registered at
the same time last year.
New market year - a hard beginning

Earlier this year, hurricanes caused
significant disruption to US Gulf
ports and their supporting barge systems, which then created severe logistical problems for grain and soybean
Ample supplies
US Soybean Weekly Net Sales

1.8
m. tonnes
Nevertheless, this year,

the US soybean crop
provided well, thanks to
good weather during
harvesting. Last month,
the USDA forecasted
that exports for the
2005/06 marketing year
would reach 30.3mt. If
that volume is realised,
then the United States
status as No. 1 soybean
exporter would remain
unchallenged.
1.6
1.4
1.2
1
0.8
0.6
0.4
2005/06
2004/05
2003/04
0.2
week25
week23
week21
week19
week17
week15
week13
week11
week9
week7
week5
week3
week1
Source: Clarkson Research Services
Meanwhile, harvests in
Brazil and Argentina,
the worlds second and
third largest soybean
exporters, are also believed to be

quite good, helping maintain ample
supplies.
Consequently, it is unlikely that the
availability of soybeans will become
an issue as the marketing year progresses. So it is not very surprising to
see that as prices drop, in response to
the bird flu induced weakening of
demand, import levels have been further restricted as buyers have seen an
opportunity by holding back on purchases for as long as they could.
But if the bird flu factor is limited or
short term and buyers have mis-read
the market things could change rapidly. Traders and ship owners could
well see the benefits of the peak in
US soybean exports delayed until
later in the season.
Sunshine after the rain
From past experience, for example
the BSE crisis, we know that the impact of bird flu could be short lived
and that it might not be long before
there is a recovery in meat demand,
and in the demand for soybean and
other feed grains to support it. This is
especially true when the global economy is performing well.
So, once soybean prices have reached
bottom and the threat from bird flu is
rolled back, then buyers will return to
the market and exports will rebound.
And, as usual, there will be sunshine
after the rain.
Graph of the Month

Dry Bulk Trade Outlook, November 05
Published by:
Clarkson Research Services Ltd.
St. Magnus House,
3, Lower Thames Street,
LONDON EC3R 6HE, England.
Tel: (44) (020) 7334 3134
Fax: (44) (020) 7623 0539
Telex: 8812927 CLTNKA G
E-mail: sales.crs@clarksons.co.uk
Web-site: http://www.clarksons.net
http://www.crsl.com
Managing Director
Publisher
Editor
Analyst
Research Services
Production
Dry Cargo
Capesize
Coal
Grain
Panamax
Handymax
Freight derivatives
Martin Stopford
Cliff Tyler
Jin-Hyun Bae
Cheng Zhang
Steve Gordon
Preet Patel
R.G.J.Poyntz
N.P.Collins
R. Elphick
M.G.Grimwade
D.Brough
S.D.Emmott
I.Bland
Dry Bulk Trade Outlook is published twelve times a year. It reviews

dry bulk supply & demand, commodity news and developments in the
markets. There is also a monthly analysis of the fleet & orderbook,
split into twenty size groups.
It is available on subscription at a price of 440 a year, plus postage.
Whilst care has been taken in the production of this review, no liability can be accepted for any loss incurred in any way whatsoever by
any person who may seek to rely on the information contained herein.
The information in this report may not be reproduced without the
written permission of Clarkson Research Studies.

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Dry Bulk Trade

Atlantic Freight Costs Last Month......

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Por t Car tier

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"incl. soyabean ^ including alumina/bauxite/phosphate

Fleet in Million DWT and % change yoy...

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Iron Ore News

157.0 157.1 165.8 187.6 207.0 237.0

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Cape Earnings y-o-y % change

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F'cast Next Year v.

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F'cast Next Year v.

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Coking Coal Market

160 154 154 153

o According to Chinese customs statistics, in

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Who's Exporting More?...

o Russia's Yakutugol is reported to have concluded a

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