Weekly Market Report

Issue: Week 15 | Tuesday 16th April 2013

Brokers insight
By Yannis Olziersky, SnP Broker The rst quarter of 2013 was expected to be challenging and dicult for all size segments in the dry bulk market, however so far it has proven to be a posive surprise for most of the mid-to-small sizes such as Panamaxes, Supras and Handies. T/C equivalent earnings have brought some relief as earnings improved and moved to a posive territory beyond the point of covering their OPEX. The strong demand for tonnage is driven mainly by the South American grain season, which pushed Panamax rates to an unexpectedly signicant improvement. In the Pacic, Panamaxes also found support due to the increased demand for Indonesian exports such as iron ore, bauxite, nickel ore and coal. As a result the BPI during March averaged at around 1,147 points, with rates for a front haul voyage rising up to US$ 18,000/day and round voyages in the Far East edging up to US$ 10,000/day. Smaller segments like Supras and Handies gained higher returns due to the grain season and their indices where raised by 30% and 20% respecvely. On the other hand, weak demand persisted in the Cape size market, which failed to sustain gains. Disrupons in mineral cargo supply like iron ore and coal combined with the massive supply of vessels have driven the Cape size average T/C earnings to sink below US$ 5,000/day, which is the lowest level since Q3 2012. The upward trend in freight rates during Q1 2013 has also aected asset values. Second hand prices have been inched up in all segments (including Capers despite their downward trend in freight). Addionally, acvity on the second hand market has also picked up signicantly. A comparison between the dry bulk units sold back in Q1 2012 and those reported sold in Q1 2013, points towards an increase in acvity by as much as 40pct. The million dollar queson is whether we have seen the boom on asset values or not. Quite hard and risky to say, however certain things show that present values are aracve enough and, in the mind of some owners, prices have indeed touched the ground. Some facts which may support this perspecve are: Chartering (Wet: Stable- / Dry: Stable+ ) The Dry Bulk market has remained fairly at this week, with rates for Capes witnessing a small upck mainly due to acvity in the Pacic. It is sll a very fragile market out there for Capes though, while the smaller segments have proved to be more doldrums-proof heading into the second half of the spring season. The BDI closed today (16/04/2013) at 880 points, up by 4 points compared to Mondays levels (15/04/2013) and a increase of 24 points compared to previous Tuesdays levels (09/04/2013). Aframaxes didn't manage to hold on to their gains from the week before. The BDTI Monday (15/04/2013), was at 663, 49 points down and the BCTI at 635, a decrease of 24 points compared to the previous Mondays levels (08/04/2013). Sale & Purchase (Wet: Stable- / Dry: Stable- ) The SnP market faced subdued acvity this week, with Tanker deals quietening signicantly aer an overwhelming volume of sales were going through the week prior. One thing is certain; the buying interest is there, but what is signicantly keeping SnP acvity down is how extremely hard the commied to sold voyage has become. On the Tankers side, we had the sale of the NORTHERN SPIRIT (112,827dwtblt 09 China), which was reported sold to Angolan buyers, Sonangol, at a price of $ 30.0m. On the dry bulker side, we had the sale of the ORIENT TRIUMPH (33,500dwt-blt 11 China), which went for a price of $ 18.7m to U.S. based buyers Intrepid Shipping. Newbuilding (Wet: Stable+ / Dry: Stable+ ) The Cape bonanza connues in the newbuilding market, but this week it was more of a safe play for all those S. Korean owners that were reported heading at dierent builders across the country aer securing a part of KEPCOs (Korea Electric Power Corporaon) tender. The tender relates to charters that will facilitate coal cargoes from Australia back to S. Korea and are esmated to run for a long period of eighteen years. Contracts like that are the pedestal of the rm belief that growth in the Cape sector is perfectly aligned with growth in the Far East countries, as its the laer that will push up the need for infrastructure and energy commodies, which are Cape-tradional cargoes. Chinas lapse on its GDP gure announced yesterday unnerved markets a bit and made us hope that growth in those countries doesn't stall too much and for too long. In terms of reported deals this week, Stena Bulk and Weco were reported to be returning back to Guangzhou in China to exercise through their JV a pair of MR (50,000dwt) opons, for a price in the region of $ 38.0m and delivery in 2015. Demolion (Wet: Firmer+ / Dry: Firmer+ ) If its at its high teens, why not scrap it? With demo prices going from strength to strength and secondhand prices dancing at the low levels they have been, the opon of going to the demo market is looking more and more encing for those owners who prefer to bag the cash and use it as a down payment for either placing a new order or going for a low priced younger vessel. Bids coming out of the Sub-Connent have rmed for yet another week, with Bangladeshi breakers increasing local prices even further in order to secure the high quality wet tonnage they tradionally prefer. At the same me, while Pakistan has tried to aract more tonnage in case the import tax goes through, India has kept its prices at those rm levels we have seen for the past couple of months, aracng the majority of candidate vessels once more. Prices this week for wet tonnage were at around 385-445$/ldt and dry units received about 365-425$/ldt.

Prices in all segments and especially for quality modern tonnage have
shown a noceable upward correcon since February/January.

Major players whom are tradional shipowners are buying vessels and
appear to have appete for more.

A signicant number of Buyers are inspecng quality tonnage that enters

the market. In some occasions we hear more than 20 pares inspecng and chasing the same vessel!

Orderbook to eet rao has been reduced signicantly and today stands at
16% compared to last year which was at around 26%.

Fleet removals are sll going at a sasfactory pace. Upheld rm demo prices are assisng owners in making the dicult decision to scrap their older units. So, are we moving towards the right direcon? Is this the right me for investments? Two quesons which me can only answer but by which me it may well be too late to get on board. Given the present facts and market trends though, we feel we may be witnessing a glimpse of hope and a glimmer at the end of the tunnel.

Wet Market
Spot Rates
Week 15 Vessel Routes WS $/day points 31 19 38 68 58 55 78 83 98 88 98 115 145 150 110 110 110 2,258 -13,139 16,843 23,038 11,406 10,220 9,670 16,220 25,835 10,383 17,140 15,672 15,480 21,196 16,808 15,391 13,306 Week 14 WS points 32 19 38 65 60 55 78 98 110 88 99 125 135 155 110 105 118 $/day 4,887 -13,576 16,081 20,125 9,838 9,675 $/day 2013 $/day 2,384 -3,617 6,068 5,982 3,016 4,479 2,966 4,617 5,563 3,572 3,644 4,358 5,164 7,349 4,608 3,527 4,323 2012 $/day 21,835 1,604 31,457 22,121 13,373 22,181 14,182 13,700 18,517 12,325 11,258 10,867 9,251 19,062 16,571 14,735 13,028
WS poi nts
TC2 TC4 TC6 TC1

Indicative Period Charters

%
-53.8% 3.2% 4.7% 14.5% 3.9% -0.1%

- 04/06 mos - 06/12 mos -

- 'Prisco Mizar' - 'Smart Lady'

2007 $ 16,750/day 2011 $ 13,500 - 14,350/day

166,468dwt - Clearlake 114,500dwt - MJOLNER

VLCC Suezmax

265k MEG-JAPAN 280k MEG-USG 260k WAF-USG 130k MED-MED 130k WAF-USAC 130k MEG-CHINA 80k MEG-EAST MED-MED UKC-UKC CARIBS-USG MEG-JAPAN MEG-JAPAN UKC-USAC MED-MED UKC-USG MED-USG CARIBS-USAC 80k 80k 70k 75k

TD3

TD5

TD8

TD4

13,532 -15.7%

160 140
WS points

DIRTY - WS RATES

120 100 80 60 40 20

Aframax

24,281 -33.2% 36,114 -28.5% 9,973 17,823 13,097 22,527 16,652 13,035 4.1% -3.8% 18.2% -5.9% 0.9% 18.1%

Clean

55k 37K 30K 55K 55K 50k

19,411 -19.3%

Dirty

15,714 -15.3%

TC Rates
$/day VLCC Suezmax Aframax Panamax MR Handy size 300k 1yr TC 300k 3yr TC 150k 1yr TC 150k 3yr TC 110k 1yr TC 110k 3yr TC 75k 1yr TC 75k 3yr TC 52k 1yr TC 52k 3yr TC 36k 1yr TC 36k 3yr TC Week 15 18,700 24,200 15,950 17,700 13,200 15,200 15,200 15,700 14,200 14,950 12,950 13,700 Week 14 19,200 24,700 16,200 17,700 13,450 15,200 15,450 15,700 14,200 14,700 12,950 13,700 % -2.6% -2.0% -1.5% 0.0% -1.9% 0.0% -1.6% 0.0% 0.0% 1.7% 0.0% 0.0% Diff -500 -500 -250 0 -250 0 -250 0 0 250 0 0 2013 20,000 25,700 16,683 19,733 13,700 15,500 14,800 15,367 14,183 14,800 13,100 13,683 2012 22,375 27,195 17,606 21,152 13,889 16,070 13,245 14,368 13,764 14,589 12,567 13,378

260 240 220 200 180 160 140 120 100 80 60

CLEAN - WS RATES

Indicative Market Values ($ Million) - Tankers

Vessel 5yrs old VLCC Suezmax Aframax LR1 MR 300KT DH 150KT DH 110KT DH 75KT DH 52KT DH Apr-13 Mar-13 55.0 40.0 27.0 25.0 25.0 55.6 40.0 27.1 25.0 25.0 % -1.1% 0.0% -0.4% 0.0% 0.0% 2013 56.5 40.3 27.6 25.3 24.7 2012 62.9 44.9 31.2 26.7 24.6 2011 77.6 54.4 39.1 35.2 28.4

Chartering Acvity in the VL market remained subdued this past week. Demand for crude is not expected to signicantly increase unl May, as from one hand inventories are at fairly high levels and at the same me any increase in xing acvity will be overshadowed by what is sll an extremely oversupplied market. At this point, there is nothing that seems to be in favour of owners, who can only hope for bunker prices to soen a bit and allow at least for some much needed breathing space to their balance sheets. As demand for VLs picked up in the WAF region last week, Suezmax rates for ballasters in the area were pushed down, while acvity for Eastbound voyages from the MEG picked up only a tad. Aer sliding the week before, rates oered for cross-MED voyages have made a comeback this past week but sll down from the WS 76 they reached two weeks ago. As in the case of VLs we don't expect any major recovery in the near term for vessels xed ex-MEG. While ice class Afras ballasng in the Balc are sll ripping the rewards of the seasonality, it looks like UKC acvity has slowed down and rates in the MED have dipped 15% on a WS basis this past week. The only posive excepon was rates oered for Caribs ballasters, which picked up marginally.

Sale & Purchase In the Aframax segment this week, we had the sale of the NORTHERN SPIRIT (112,827dwt-blt 09 China), which was reported sold to Angolan buyers, Sonangol, at price of $ 30.0m. In the MR sector we had the sale of the KALTENE (37,261dwt-blt 03 S. Korea), which was picked for a price of $ 12.9m.

Intermodal Research

16/04/2013

Dry Market
Baltic Indices
Week 15 12/04/2013 Index $/day
BDI BCI BPI BSI BHSI

Indicative Period Charters

$/day %

Week 14 05/04/2013 Index $/day 861 1,215 1,094 912 525 $4,261 $8,755 $9,533 $7,797

Point Diff 14 50 18 -10 1

2013 Index 808 1,353 920 795 472

2012 Index 921 1,571 965 906 518

-4/6 mos - 'Port Elizabeth' - dely Tema mid Apr - 2/3 mos - 'Tasman Castle' - dely US Gulf spot

2009 - $ 14,000/day 2011 - $ 10,000/day

55,701dwt - Oldendorff 58,868dwt - Torm

875 1,265 1,112 902 526 $4,701 $8,892 $9,426 $7,823

10.3% 1.6% -1.1% 0.3%

Baltic Indices
3,000 2,500 2,000
Index
BCI BPI BSI BHSI BDI

Period
$/day Capesize Week 15 170K 6mnt TC 11,200 170K 1yr TC 170K 3yr TC 76K 6mnt TC 76K 1yr TC 76K 3yr TC 55K 6mnt TC 55K 1yr TC 55K 3yr TC 45k 6mnt TC 45k 1yr TC 45k 3yr TC 30K 6mnt TC 30K 1yr TC 30K 3yr TC 12,325 13,700 10,825 9,825 9,700 11,700 9,700 10,200 10,200 8,450 8,950 7,950 8,200 8,700 Week 14 10,700 12,075 13,700 11,075 9,700 9,950 11,200 9,700 10,200 9,700 8,450 8,950 7,700 8,200 8,700 % 4.7% 2.1% 0.0% -2.3% 1.3% -2.5% 4.5% 0.0% 0.0% 5.2% 0.0% 0.0% 3.2% 0.0% 0.0% Diff 500 250 0 -250 125 -250 500 0 0 500 0 0 250 0 0 2013 11,458 12,142 13,700 10,388 9,092 9,383 10,325 9,400 9,900 8,617 8,083 8,850 7,217 7,583 8,700 2012 13,549 13,885 15,282 11,003 9,906 10,888 11,176 10,330 11,195 9,375 8,849 9,575 8,255 8,424 9,450

1,500 1,000 500 0

Handysize Handymax Supramax Panamax

Average T/C Rates

30,000 25,000 20,000
$/day
AV R 4TC BCI AVR 4TC BPI AVR 5TC BSI AVR 6TC BHSI

15,000 10,000 5,000 0

Chartering

Indicative Market Values ($ Million) - Bulk Carriers

Vessel 5 yrs old Capesize Panamax Supramax Handysize 180k 76K 56k 30K Apr-13 Mar-13 33.0 18.5 18.8 17.0 34.0 18.5 18.5 17.0 % -2.9% 0.0% 1.4% 0.0% 2013 33.7 18.6 19.2 17.1 2012 34.6 22.7 23.0 18.2 2011 43.5 31.3 28.1 23.5

The Dry Bulk market has stalled in the high 800 points level nong a small increase. This past week, it was the Capesize segment for a change that prevented the BDI from closing in the red. Rates for Capes cked up a bit mainly due to iron ore appete increasing xtures for such cargoes in the Pacic basin, while things in the Atlanc basin have shown no parcular signs of improvement. We view this upward correcon as an event overdue rather than something the market would dare read too much into at this stage, and closely following how yesterdays news about Chinas GDP coming in lower than expected will aect demand for Cape trading commodies in the short to medium term. Panamax rates sustained their levels last week, mainly being supported by enquiries for grain cargoes that are counterbalancing the ports congeson in ECSA that is sll at high levels. While the trans-Atlanc round voyage rmed even further and is now being quoted at north of $9,000/day, things in the Pacic remained ash, with not much acvity in period charters either as owners do not appear to be contempt with what charterers are oering for now. The Supramax market was the only one closing in the red last week although rates remained fairly at overall. Cargoes xed ex-WAF to Far East via ECSA have managed to strengthen even further for Supras, while for the segment of Handies xtures in the Atlanc with redelivery in the Connent witnessed the biggest increases, as the rest of the board just managed to sustain its levels from the week before.

Sale & Purchase

In the Capesize sector we had the sale of the BRILLIANT RIVER (154,249dwt-blt 94 Japan), which was picked up by Chinese buyers for a price of $9.1m. In the Handysize sector we had the sale of the ORIENT TRIUMPH (33,500dwt-blt 11 China), which went for a price of $ 18.7m to U.S. based buyers Intrepid Shipping.

Intermodal Research

16/04/2013

Secondhand Sales
Tankers
Size
VLCC

Name
ARTOIS

Dwt
298,330

Built
2001

Yard
HITACHI, Japa n

M/E
B&W

SS due
Jul -16

Hull
DH

Price
undis cl os ed

Buyers
SBM

Comments

AFRA

NORTHERN SPIRIT

112,827

2009 NEW TIMES, China

MAN-B&W

Apr-14

DH

$ 30.0m

Angola n (Sonangol ) Indones ia n (Soechi)

epoxy

AFRA

MARAN ALTAIR

98,880

1997 DAEWOO, S. Korea

MAN-B&W

Aug-17

DH

undis cl os ed

epoxy

MR

KALTENE

37,261

2003

HYUNDAI MIPO, S. Korea LINDENAU, Germa ny

MAN-B&W

Apr-13

DH

$ 12.9m

undis cl os ed

epoxy

PROD/ CHEM PROD/ CHEM PROD/ CHEM

MARIELLA AMORETTI

15,788

1998

Ma K

Ma y-13

DH

$ 7.5m

undis cl os ed

epoxy

MOUNT JIUHUA

9,000

2011 DONGFANG, China

Ma K

Jan-16

DH

$ 8.6m

Si nga porea n

epoxy

GALLANT

4,606

1995

SOUTHERN OCEANI, Si nga pore

Ya nma r

Jan-15

SH

$ 2.0m

Si nga porea n

epoxy

Bulk Carriers
Size
CAPE

Name
BRILLIANT RIVER

Dwt
154,249

Built
1994

Yard
NAMURA IMARI, Ja pa n

M/E
B&W

SS due
Ma r-14

Gear

Price
$ 9.1m

Buyers
Chi nes e

Comments
June del i very i n Chi na

PMAX

MYRTO

74,470

2001 DAEWOO, S. Korea

B&W

Ma r-16

undi s cl os ed Greek (Ka s s i a n)

HMAX

KEN UNITY

48,913

1999

IHI - TOKYO, Ja pa n DSME WEIHAI, Chi na

Sul zer

Jun-14

4 X 25t CRS 4 X 35t CRS 4 X 30.5t CRS 4 X 30t CRS

$ 9.8m

undi s cl os ed

HANDY ORIENT TRIUMPH

33,500

2011

MAN-B&W

Apr-18

$ 18.7m

U.S. ba s ed (Intrepi d Shpg.)

HANDY

NEW LIGHT

28,616

2002

IMABARI, Ja pa n

B&W

Ma y-17

$ 11.2m

Greek

HANDY

NAVISION LEADER

26,583

1987 HAKODATE, Ja pa n

B&W

Feb-15

$ 2.9m

undi s cl os ed

MPP/General Cargo
Name
ATLANTIC SUN

Dwt
4,264

Built
1996

Yard
BODEWES', Netherla nds

M/E

SS due

Gear

Price
$ 5.5m

Buyers
Chines e

Comments

StorkNov-16 Werks poor

Intermodal Research

16/04/2013

Secondhand Sales
Containers
Size SUB PMAX SUB PMAX Name KENO Teu 2,824 Built 2007 Yard M/E SS due Gear Price
$ 15.0m

Buyers undisclosed

Comments

HYUNDAI MIPO, MAN-B&W Jan-17 S. Korea HALLA, S. Korea SHIN KURUSHIMA, Japan SZCZECINSKA, Poland B&W Apr-14

MSC HOBART

2,021

1994

$ 4.0m

Chinese

FEEDER GALLANT WAVE

1,510

1996

B&W

Jun-16 2 X 40t CRS

$ 3.4m

Indonesian

FEEDER

ARMINIA

1,012

1994

B&W

Feb-14

$ 2.5m

Far Eastern

Gas/LPG/LNG
Type
LPG

Name
CRYSTAL MERMAID

Dwt
49618

Built
1990

Yard
KAWASAKI HEAVY INDS -, Ja pa n

M/E
B&W

SS due
Ma y-14

Cbm
75,382

Price
l ow $ 20.0m

Buyers
undi s cl os ed

Comments

Ferries
Name ISABELLA Loa(m) 169.4 Pass 2,296 Cars Built 630 1989 Yard BRODOSPLIT, Yugoslavia M/E Pielstick SS due
Ma y-14

Price
$ 38.4m

Buyers Swedish (Tallink)

Comments

Intermodal Research

16/04/2013

Newbuilding Market
Indicative Newbuilding Prices (million$)
Vessel Capesize Panamax Supramax Handysize VLCC Suezmax Aframax LR1 MR LNG LGC LPG MGC LPG SGC LPG 180k 77k 58k 35k 300k 160k 115k 75k 52k 150K 80k 52k 23k Bulkers Week 15 46.0 25.3 24.5 21.0 90.0 55.3 46.5 40.0 33.0 185 69.5 61.5 40.5 Week 14 46.0 25.3 24.3 21.0 90.0 55.3 46.5 40.0 33.0 185 69.5 61.5 40.5 % 0.0% 0.0% 1.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2013 2012 2011 45 25 24 21 90 55 46 40 33 181 69 61 40 47 27 26 22 96 59 51 43 35 186 72 63 44 53 33 30 25 102 64 54 45 36 187 73 64 46
The Cape bonanza connues in the newbuilding market, but this week it was more of a safe play for all those S. Korean owners that were reported heading at dierent builders across the country aer securing a part of KEPCOs (Korea Electric Power Corporaon) tender. The tender relates to charters that will facilitate coal cargoes from Australia back to S. Korea and are esmated to run for a long period of eighteen years. Contracts like that are the pedestal of the rm belief that growth in the Cape sector is perfectly aligned with growth in the Far East countries, as its the laer that will push up the need for infrastructure and energy commodies, which are Cape-tradional cargoes. Chinas lapse on its GDP gure announced yesterday unnerved markets a bit and made us hope that growth in those countries doesn't stall too much and for too long. On the wet sector last week, Stena Bulk and Weco were reported to be returning back to Guangzhou in China to exercise through their JV a pair of MR (50,000dwt) opons, for a price in the region of $ 38.0m and delivery in 2015.

Gas

Tankers

Tankers Newbuilding Prices (m$)

180 140
mi l lion $
VLCC Suezmax Aframax LR1 MR

Bulk Carriers Newbuilding Prices (m$)

110 90
mi l lion $
Capesize Panamax Supramax Handysize

70 50 30 10

100 60 20

Newbuilding Orders
Units 4 Type Tanker Size 113,000 dwt Yard Daewoo-Mangalia, Romania Guangzhou S.Y., China Delivery 2015 Buyer Greek Price undisclosed options, chemical parcel tankers chemical & oil Comments

Tanker

50,000 dwt

2015

JV of Stena Bulk & Weco

rgn $ 38.0m

Tanker

49,500 dwt

Brod. Trogir, Croatia

2015

Norwegian (Arne Blystad)

undisclosed

Bulker

150,000 dwt

STX, S. Korea

2015/2016

S.Korean (STX Pan Ocean) S. Korean (Hyundai Merchant Marine) S. Korean (SK Shipping)

$ 45.0m

Bulker

150,000 dwt

Hanjin HI, S.Korea Sungdong, S. Korea Sungdong, S. Korea Shanghai Chengxi, China Samsung H.I., S.Korea

2015

$ 45.0m

Bulker

150,000 dwt

2016

$ 45.0m

Chartered to KEPCO for 18 yrs to carry coal from Australia

Bulker

150,000 dwt

2016

S. Korean (Hanjin Shpg) Hong Kong based (Wah Kwong Shpg holdings) JV of SK Shipping & Marubeni

$ 45.0m

Bulker

64,000 dwt

2015/2016

$ 25.0-25.5m

Gas

180,000 cbm

2017

$ 230.0m

LNG, TC to Total for 30yrs

Intermodal Research

16/04/2013

Demolion Market
Indicative Demolition Prices ($/ldt)
Markets Bangladesh India Pakistan China Bangladesh India Pakistan China Wet Week 15 440 445 445 385 420 425 425 365 Week 14 430 445 440 385 410 425 420 365 % 2.3% 0.0% 1.1% 0.0% 2.4% 0.0% 1.2% 0.0% 2013 2012 2011 428 434 429 393 406 416 407 378 440 445 444 384 414 419 416 365 523 511 504 451 498 484 477 432
If its at its high teens, why not scrap it? With demo prices going from strength to strength and secondhand prices dancing at the low levels they have been, the opon of going to the demo market is looking more and more encing for those owners who prefer to bag the cash and use it as a down payment for either placing a new order or going for a low priced younger vessel. Bids coming out of the Sub-Connent have rmed for yet another week, with Bangladeshi breakers increasing local prices even further in order to secure the high quality wet tonnage they tradionally prefer. At the same me, while Pakistan has tried to aract more tonnage in case the import tax goes through, India has kept its prices at those rm levels we have seen for the past couple of months, aracng the majority of candidate vessels once more. Prices this week for wet tonnage were at around 385-445$/ ldt and dry units received about 365-425$/ldt. The most notable price paid this week was by Indian breakers for the Container MAERSK MADRID (59,285 dwt-19,400ldt-blt 89), which received a very rm price of $ 466/ldt.

Dry

Wet Demolition Prices

550 500 450
$/l dt
Bangladesh India Pakistan China

Dry Demolition Prices

550 500 450
$/l dt
Bangladesh India Pakistan China

400 350 300 250

400 350 300 250

Demolition Sales
Name G. GLORY PSU FIRST MAERSK MADRID HUA TU WORLD SWAN DAMALI ST. PAVEL BAO YING HIYA BUILDER SAINT DEMETRIOS Size Ldt Built 1991 1990 1989 1992 1995 1995 1985 1983 1980 1980 Yard SASEBO, Japan HITACHI ZOSEN, Japan IHI - KURE, Japan Type TANKER BULKER CONT $/ldt
$ 455/Ldt $ 450/Ldt $ 466/Ldt $ 425/Ldt $ 444/Ldt $ 443/Ldt $ 425/Ldt $ 375/Ldt $ 445/Ldt $ 422/Ldt

Breakers Bangladeshi Pakistani Indian Bangladeshi Indian Indian Indian Bangladeshi Indian Indian

Comments

275,914 39,205 275,269 37,433 59,285 19,400

149,532 18,431 46,799 24,372 40,461 23,300 11,801 17,154 9,300 8,184 7,110 7,044 6,698 4,420

CHINA KAO, Chinese BULKER Taipei SANOYAS HISHINO, BULKER Japan SHIN KURUSHIMA, Japan OSAKA, Japan CHINA KEE, Chinese Taipei HYUNDAI, S. Korea IHI - KURE, Japan CONT BULKER GC GC GC

as-is Singapore

Intermodal Research

16/04/2013

Commodies & Ship Finance

Market Data
12-Apr-13 10year US Bond 1.720 S&P 500 1,588.85 Nasdaq 3,294.95 Dow Jones 14,865.06 FTSE 100 6,384.39 FTSE All-Share UK 3,367.49 CAC40 3,729.30 Xetra Dax 7,744.77 Nikkei 13,485.14 Hang Seng 22,089.05 DJ US Maritime 257.11 $/ 1.31 $/ 1.54 /$ 99.15 $ / NoK 0.17 Yuan / $ 6.21 Won / $ 1,129.63 $ INDEX 86.00 11-Apr-13 1.790 1,593.37 3,300.16 14,865.14 6,416.14 3,383.86 3,775.66 7,871.63 13,549.16 22,101.27 260.43 1.31 1.54 99.55 0.18 6.20 1,129.16 86.00 10-Apr-13 1.800 1,587.73 3,297.25 14,802.24 6,387.37 3,364.78 3,743.71 7,810.63 13,288.13 22,034.56 260.94 1.31 1.53 99.38 0.17 6.21 1,134.95 86.20 9-Apr-13 1.750 1,568.61 3,237.86 14,673.46 6,313.21 3,324.98 3,670.72 7,637.51 13,192.35 21,870.34 256.79 1.30 1.53 99.02 0.17 6.22 1,139.33 86.20 8-Apr-13 1.730 1,563.07 3,222.25 14,613.48 6,276.94 3,306.04 3,666.78 7,662.64 13,192.59 21,718.05 257.34 1.30 1.53 98.84 0.17 6.20 1,138.00 86.40 W-O-W Change % 1.8% 2.3% 2.8% 2.1% 2.2% 2.3% 1.8% 1.1% 5.1% 1.7% 0.9% 1.0% 0.6% 2.4% 0.4% 0.2% -0.1% 0.1%
130 120 oil 110 100 90 80

Basic Commodities Weekly Summary

Oil WTI $ Oil Brent $ Gold $

1,720 1,680 1,640 1,600 1,560 1,520 gold

Stock Exchange Data

Bunker Prices
12-Apr-13 Rotterdam Houston Singapore Rotterdam Houston Singapore 875.0 988.0 899.0 596.0 605.0 630.0 MDO 5-Apr-13 1,025.0 1,025.0 945.0 594.0 615.0 627.5 W-O-W Change % -14.6% -3.6% -4.9% 0.3% -1.6% 0.4%

Currencies

Maritime Stock Data

Company AEGEAN MARINE PETROL NTWK BALTIC TRADING BOX SHIPS INC CAPITAL PRODUCT PARTNERS LP COSTAMARE INC DANAOS CORPORATION DIANA SHIPPING DRYSHIPS INC EAGLE BULK SHIPPING EUROSEAS LTD. EXCEL MARITIME CARRIERS FREESEAS INC GENCO SHIPPING GLOBUS MARITIME LIMITED GOLDENPORT HOLDINGS INC HELLENIC CARRIERS LIMITED NAVIOS MARITIME ACQUISITIONS NAVIOS MARITIME HOLDINGS NAVIOS MARITIME PARTNERS LP NEWLEAD HOLDINGS LTD PARAGON SHIPPING INC. SAFE BULKERS INC SEANERGY MARITIME HOLDINGS CORP STAR BULK CARRIERS CORP STEALTHGAS INC TSAKOS ENERGY NAVIGATION TOP SHIPS INC Stock Curr. 12-Apr-13 05-Apr-13 Exchange NYSE NYSE USD USD 6.21 3.66 4.64 8.55 15.80 3.84 9.79 1.88 3.26 1.07 0.87 1.31 2.29 2.82 34.25 19.20 3.38 4.19 14.48 0.47 3.90 5.00 1.90 6.35 11.69 3.76 1.57 6.21 3.57 4.58 8.16 15.61 4.04 9.69 1.84 2.84 1.05 0.83 1.22 2.64 2.59 34.35 19.20 3.36 4.34 14.00 0.52 4.14 4.88 1.99 6.25 11.42 3.91 1.31 W-O-W Change % 0.0% 2.5% 1.3% 4.8% 1.2% -5.0% 1.0% 2.2% 14.8% 1.9% 4.8% 7.4% -13.3% 8.9% -0.3% 0.0% 0.6% -3.5% 3.4% -9.6% -5.8% 2.5% -4.5% 1.6% 2.4% -3.8% 19.8%

380cst

Finance News

Bedranowsky coup for DVB DVB Bank has grabbed Deutsche shipping king pin Ralf Bedranowsky to replace rering boss Dagnn Lunde. Bedranowsky, 54, will inially take charge of risk management before slipping into Lundes role when he departs at the end of this year. DVB Bank aims to further strengthen its posion in nancing the global transport sector, it said in a statement. With the appointment of Ralf Bedranowsky, DVB has been able to aract a renowned industry expert: he has a successful track record, with many years of global management experience in tradional banking and lending business as well as in investment banking. Bedranowsky has more than two decades with DB on his CV, including experience in Germany. (Trade Winds)

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LONDON GBX LONDON GBX NYSE NYSE NYSE NYSE NYSE NASDAQ NASDAQ NASDAQ NYSE NASDAQ USD USD USD USD USD USD USD USD USD USD

Fesco lines up bond sale Russias Fesco has alerted investors to a potenal notes issue to reduce other debt. The containership company said its indirect wholly-owned subsidiary Far East Capital is expected to launch a sale of senior secured notes, subject to market condions. The notes will be guaranteed by certain subsidiaries and parent companies of Fesco, it added. Net proceeds will be used to repay outstanding debt. No sum has been revealed. Goldman Sachs is managing the sale. The owner, which sold 21 ships - mainly bulkers - in December, said its pre-tax and interest prot grew to $280m in 2012, from $245m the year before, but shipping earnings were down. Its logiscs operaons have become increasingly important in recent years. (Trade Winds)

NASDAQ USD

The informaon contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such informaon to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the producon of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the informaon and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior wrien authorizaon of Intermodal Shipbrokers Co.

Compiled by Intermodal Research & Valuaons Department | research@intermodal.gr Analysts: Mr. George Lazaridis | g.lazaridis@intermodal.gr Ms. Eva Tzima | e.tzima@intermodal.gr