MONTHLY MARKET OVERVIEW

1st — 31st October 2017

SUMMARY OF CONTENT
• Value analysis
• Total second hand S&P activity
• Newbuilding activity
• Demolition activity
• Charter rate analysis

+44 (0) 203 026 5555 vesselsvalue.com info@vesselsvalue.com

BULKER VALUES THROUGH OCTOBER 2017

BULKERS Bulker values have remained stable this month apart from Handy Bulkers
which have firmed.

This table shows the monthly % change in value from 1 st to the 31 st October 2017 for
Bulker vessels, by year of build.

YEAR
OF BUILD CAPE PMAX SUPRA HANDY
D WT DWT DWT DWT

+2.9% +0.1% +0.2% +10.6%

2017
180k 80k 60k 30k
+2.3% +0.0% +0.1% +10.5%
2016
180k 80k 60k 30k
+1.7% +0.0% +0.0% +10.3%
2015
180k 80k 60k 30k
+1.2% +0.0% +0.2% +10.1%
2014
180k 80k 60k 30k
+0.7% +0.1% +0.4% +9.8%
2013
180k 80k 60k 30k
+0.3% +0.3% +0.7% +9.7%
2012
180k 80k 60k 30k
+0.1% +0.4% +0.9% +9.5%
2011
180k 80k 60k 30k
+0.0% +0.5% +1.2% +9.2%
2010
180k 80k 55k 30k
+0.0% +0.6% +1.5% +9.0%
2009
180k 80k 55k 30k
+0.3% +0.8% +1.7% +8.8%
2008
180k 80k 55k 30k
+0.6% +0.9% +2.0% +8.6%
2007
180k 75k 55k 30k
+1.2% +1.0% +2.5% +8.4%
2006
180k 75k 55k 30k
+1.9% +1.2% +2.8% +8.2%
2005
180k 75k 55k 30k
+2.8% +1.3% +3.2% +7.9%
2004
180k 75k 55k 30k
+4.0% +1.4% +3.4% +7.7%
2003
175k 75k 50k 30k
+5.1% +1.6% +3.8% +7.6%
2002
175k 75k 50k 30k

+44 (0) 203 026 5555 vesselsvalue.com info@vesselsvalue.com

BULKER VALUES THROUGH OCTOBER 2017

Capesize Values have remained stable this month.

6 sales have been confirmed this month.

Choully (182,000 DWT, Apr 2016, Japan Marine United) sold for USD 44.8 mil, VV value USD
42.49 mil.

Cape Triumph (176,300 DWT, Jan 2004, Universal) sold DD Due for USD 14.2 mil, VV value
USD 15.73 mil.

Panamax Values have remained stable this month.

12 sales have taken place this month.

Privocean (81,400 DWT, May 2013, SPP) sold for USD 21 mil, VV value USD 21.01 mil.

Dream Seas (75,200 DWT, Jun 2009, Hudong Zhongua) sold for USD 14.15 mil, VV value
USD 13.46 mil.

ADS Kristiansand (76,600 DWT, Oct 2008, Imabari) sold for USD 14.9 mil, VV value USD
14.68 mil.

Hephaestus (74,400 DWT, Oct 2001, HHI) sold for USD 8.4 mil, VV value USD 8.2 mil.

Supramax Values have remained stable this month.

16 sales have taken place this month.

Ocean Leopard (63,800 DWT, Sep 2013, Taizhou Kouan) sold for USD 15.52 mil, VV value USD 15 mil.

Nonna Ulia (56,000 DWT, Jan 2010, Mitsui Tamano) was bought by Diligent Holdings for USD 14.9
mil, VV value USD 14.94 mil.

Ocean Hawk 1 (56,000 DWT, Oct 2007, Mitsui Ichihara) sold for USD 13 mil, VV value USD 12.93 mil.

Electra (48,900 DWT, Feb 2001, IHI) sold for USD 7 mil, VV value USD 6.7 mil.

Handy Values have firmed throughout the month.

14 sales have taken place this month.

Galene M (33,200 DWT, Jan 2011, Kanda) sold for USD 12.5 mil, VV value USD 11.84 mil.

Aster K (32,600 DWT, Nov 2006, Kanda) sold by Orient Marine for USD 8.5 mil, VV value
USD 7.93 mil.

Great Mary (32,300 DWT, May 2000, Saiki) sold for USD 5.3 mil, VV value USD 4.46 mil.

+44 (0) 203 026 5555 vesselsvalue.com info@vesselsvalue.com

TANKER VALUES THROUGH OCTOBER 2017

TANKERS All values have remained stable this month.

This table shows the monthly % change in value from 1 st to the 31 st October 2017 for
Tanker vessels, by year of build.

YEAR
OF BUILD VLCC SUEZ AFRA LR1 MR
D WT DWT DWT DWT DWT

+1.1% +0.4% +0.2% +0.1% +1.3%

2017
320k 160k 110k 75k 50k
+1.1% +0.4% +0.1% +0.0% +1.3%
2016
320k 160k 110k 75k 50k
+1.1% +0.3% +0.0% -0.1% +1.3%
2015
320k 160k 110k 75k 50k
+1.2% +0.2% -0.1% -0.1% +1.4%
2014
320k 160k 110k 75k 50k
+1.4% +0.1% -0.2% -0.3% +1.5%
2013
320k 160k 110k 75k 50k
+1.2% +0.0% -0.3% -0.4% +1.7%
2012
310k 160k 110k 75k 50k
+1.4% -0.1% -0.4% -0.4% +1.9%
2011
310k 160k 110k 75k 50k
+1.5% -0.1% -0.5% -0.5% +2.2%
2010
310k 160k 110k 75k 50k
+1.6% -0.2% -0.5% -0.6% +2.5%
2009
310k 160k 110k 75k 50k
+1.7% -0.2% -0.6% -0.7% +2.9%
2008
310k 160k 110k 75k 50k
+1.7% -0.3% -0.7% -0.8% +3.2%
2007
310k 160k 110k 75k 50k
+1.6% -0.3% -0.8% -0.8% +3.6%
2006
310k 160k 110k 70k 45k
+1.6% -0.4% -0.8% -0.8% +4.0%
2005
310k 160k 110k 70k 45k
+1.3% -0.4% -0.8% -0.8% +4.6%
2004
305k 155k 105k 70k 45k
+1.1% -0.5% -0.8% -0.8% +4.9%
2003
305k 155k 105k 70k 45k
+0.9% -0.4% -0.8% -0.8% +5.4%
2002
305k 155k 105k 70k 45k

+44 (0) 203 026 5555 vesselsvalue.com info@vesselsvalue.com

TANKER VALUES THROUGH OCTOBER 2017

VLCC Values have firmed slightly this month.

3 sales have been concluded this month.

Gener8 Zeus (318,300 DWT, Feb 2010, HHI) sold for USD 53 mil, VV value USD 51.37 mil.

Fujikawa (300,000 DWT, Apr 2004, Universal) sold to Dynacom Tankers for USD 27.2 mil,
VV value USD 26.75 mil.

Gener8 Poseidon (305,800 DWT, Mar 2002, Daewoo) sold for USD 22.5 mil, VV value
USD 21.27 mil.

Suezmax Values have remained stable this month.

1 sale has been confirmed.

Gener8 Argus (160,000 DWT, May 2000, HHI) sold for USD 11 mil, VV value USD 10.75 mil.

Aframax Values have remained stable this month.

2 sales have taken place.

Ocean Mare (106,100 DWT, Jan 2006, Hyundai Samho HI) sold at Auction to LL Energy for
USD 13.8 mil, VV value USD 15.65 mil.

BLS Advance ( 85,000 DWT, Oct 2002, Sasebo) sold to Avin International for USD 7.8 mil, VV
value USD 8.42 mil with SS Due.

LR1 Values have softened in older tonnage.

No LR1 sales have been completed this month.

MR Values have firmed this month.

5 sales have taken place this month.

Challenge Pearl (47,500 DWT, Jun 2008, Onomichi Dockyard)was bought by Ardmore
Shipping for USD 16.5 mil, VV value USD 15.28 mil.

High Prosperity (48,700 DWT, Oct 2006, Imabari) sold by D’Amico International for USD 14.24
mil, VV value USD 13.34 mil.

Seaways Ambermar (36,000 DWT, Feb 2002, STX Offshore) sold for USD 8.5 mil, VV value
USD 8.07 mil.

+44 (0) 203 026 5555 vesselsvalue.com info@vesselsvalue.com

CONTAINER VALUES THROUGH OCTOBER 2017

CONTAINERS Container values have been variable this month. Both Post Panamax and
Panamax values have softened, however older Handy and Feedermax values
have firmed.

This table shows the monthly % change in value from 1 st to the 31 st October 2017
for Container vessels, by year of build.

YEAR
OF BUILD POST PMAX PMAX HANDY FMAX
TE U TEU TEU TEU

-2.5% -3.5% +0.4% +0.4%

2017
7000 4250 1750 1100
-2.6% -3.6% +0.3% +0.4%
2016
7000 4250 1750 1100
-2.7% -3.7% +0.2% +0.3%
2015
7000 4250 1750 1100
-2.7% -3.7% +0.1% +0.2%
2014
7000 4250 1750 1100
-2.8% -3.8% +0.0% +0.1%
2013
7000 4250 1750 1100
-2.8% -3.8% -0.1% +0.0%
2012
7000 4250 1750 1100
-2.8% -3.8% -0.1% -0.1%
2011
7000 4250 1750 1100
-2.8% -3.8% -0.2% -0.3%
2010
7000 4250 1750 1100
-2.8% -3.8% -0.2% -0.4%
2009
7000 4250 1750 1100
-2.8% -3.8% -0.3% -0.4%
2008
7000 4250 1750 1100
-2.8% -5.5% -0.3% -0.6%
2007
7000 4250 1750 1100
-2.7% -5.5% +1.3% +2.1%
2006
7000 4250 1750 1100
-2.7% -5.6% +1.4% +3.9%
2005
7000 4250 1750 1100
-5.6% -5.6% +1.2% +5.5%
2004
7000 4250 1750 1100
-5.6% -5.5% +1.2% +8.0%
2003
6500 4000 1750 1100
-5.6% -5.5% +1.1% +10.4%
2002
6500 4000 1750 1100

+44 (0) 203 026 5555 vesselsvalue.com info@vesselsvalue.com

CONTAINER VALUES THROUGH OCTOBER 2017

Post PMax Values have remained relatively stable this month.

The Akinada Bridge (5,600 TEU, Nov 2001, HHI) sold for an undisclosed price.

Panamax Values have softened for mid age tonnage.

4 sales have taken place this month.

SCT Qatar (4,860 TEU, Apr 2010, Daewoo-Mangalia) and SCT Oman (4,860 TEU, Feb 2010,
Daewoo- Mangalia) sold for USD 22 mil en bloc, VV value USD 23.62 mil en bloc.

Jules Verne (4,250 TEU, Jan 2010, Jiangsu New Yangzijiang) sold for USD 10.3 mil, VV value USD
10.33 mil.

Handy Values have remained stable this month.

4 Handy sales have taken place.

HS Liszt (1,350 TEU, Mar 2008, Jiangsu Yangzijiang) sold for USD 7 mil, VV value USD 7.65 mil.

Hansa Magdeburg (1,740 TEU, Aug 2003, CSSC OME) sold for USD 4.7 mil, VV value USD 4.96 mil.

Feedermax Values have remained stable this month.

1 sale has been confirmed this month.

Sinar Buton (1,200 TEU, Oct 2008, Hakata Zosen) sold for USD 7.5 ml, VV value USD 7.43 mil.

+44 (0) 203 026 5555 vesselsvalue.com info@vesselsvalue.com

LPG VALUES THROUGH OCTOBER 2017

LPG LPG values have remained stable across all vessel types.

This table shows the monthly % change in value from 1 st to the 31 st October 2017
for LPG vessels, by year of build.

YEAR SP FR SP FR FULL
OF BUILD VLGC LGC MGC LARGE SMALL PRESS LEG
CBM CBM C BM C BM C BM C BM C BM

+2.0% +1.6% -1.5% -1.6% -1.6% -1.5% -1.4%

2017
84k 60k 38k 20k 6.5k 3.5k 12k

+1.8% +1.4% -1.5% -1.6% -1.6% -1.5% -1.5%

2016
84k 60k 38k 20k 6.5k 3.5k 12k

+1.4% +1.0% -1.5% -1.6% -1.7% -1.4% -1.5%

2015
84k 60k 38k 20k 6.5k 3.5k 12k

+0.7% +0.3% -1.6% -1.7% -1.7% -1.6% -1.5%

2014
84k 60k 38k 20k 6.5k 3.5k 12k

+0.8% +0.4% -1.6% -1.7% -1.7% -1.5% -1.6%

2013
82k 60k 35k 20k 6.5k 3.5k 12k

+0.7% +0.3% -1.6% -1.7% -1.7% -1.6% -1.6%

2012
82k 60k 35k 20k 6.5k 3.5k 9k

+0.4% +0.1% -1.6% -1.7% -1.8% -1.6% -1.6%

2011
82k 60k 35k 20k 6.5k 3.5k 9k

-0.9% -1.3% -1.6% -1.8% -1.8% -1.7% -1.7%

2010
82k 60k 35k 20k 6.5k 3.5k 9k

-2.4% -2.8% -1.6% -1.8% -1.8% -1.8% -1.7%

2009
82k 60k 35k 20k 6.5k 3.5k 9k

-2.4% -3.3% -1.7% -1.8% -1.9% -1.7% -1.7%

2008
82k 60k 35k 20k 6.5k 3.5k 9k

-2.5% -2.9% -1.7% -1.9% -1.9% -1.7% -1.7%

2007
82k 60k 35k 20k 6.5k 3.5k 8k

-3.1% -2.4% -1.8% -1.9% -1.9% -2.0% -1.9%

2006
82k 60k 35k 20k 6.5k 3.5k 8k

-3.6% -2.9% -1.6% -1.9% -2.0% -2.0% -1.9%

2005
78k 60k 35k 20k 6.5k 3.5k 8k

-4.0% -3.2% -1.9% -1.9% -2.0% -2.1% -1.9%

2004
78k 60k 35k 20k 6.5k 3.5k 8k

-4.2% -3.4% -2.1% -2.0% -1.9% -2.1% -2.1%

2003
78k 60k 35k 20k 6.5k 3.5k 8k

-4.2% -3.5% -2.1% -2.0% -2.1% -2.0% -2.1%

2002
78k 57k 35k 20k 6.5k 3.5k 8k

+44 (0) 203 026 5555 vesselsvalue.com info@vesselsvalue.com

LPG VALUES THROUGH OCTOBER 2017

VLGC Values have remained stable this month.

No sales have been concluded this month, a small firming in more modern vessels is
due to firming in rates.

SPFR Values have remained stable this month.

No sales have been concluded this month.

Fully Values have softened this month.

Pressurised
No sales have been concluded this month.

+44 (0) 203 026 5555 vesselsvalue.com info@vesselsvalue.com

OFFSHORE VALUES THROUGH OCTOBER 2017

OSV Values have softened in both the AHTS/AHT and PSV sectors
this month.

This table shows the monthly % change in value from 1 st to the 31 st October 2017 for
OSV vessels, by year of build.

YEAR LARGE MEDIUM SMALL SUPER MEDIUM SMALL

OF BUILD PSV PSV PSV AHTS AHTS AHTS
D WT D WT DWT BHP BHP BHP

-3.1% -3.0% -3.1% -9.7% +1.4% +1.5%

2017
5.2k 3.6k 1.7k 24k 8.2k 5.5k
-3.4% -3.5% -3.4% -9.7% +1.1% +1.1%
2016
5.2k 3.6k 1.7k 24k 8k 5.2k
-4.2% -4.2% -4.3% -9.9% +0.6% +0.7%
2015
5.2k 3.6k 1.7k 24k 8k 5.2k
-5.4% -5.4% -5.3% -10.1% +0.2% +0.2%
2014
5.2k 3.4k 1.7k 24k 8k 5.2k
-6.9% -6.9% -6.8% -10.3% -0.4% -0.3%
2013
5.1k 3.3k 1.7k 24k 8k 5.2k
-8.8% -8.9% -8.7% -10.5% -0.6% -0.4%
2012
4.8k 3.3k 1.7k 24k 8k 5.2k
-10.9% -10.9% -10.9% -10.7% -0.8% -0.5%
2011
4.8k 3.3k 1.6k 24k 8k 5.2k
-13.1% -13.2% -13.3% -11.0% -1.1% -1.4%
2010
4.8k 3.3k 1.6k 24k 8k 5.1k
-15.5% -15.5% -15.5% -11.5% -0.7% -1.0%
2009
4.8k 3.3k 1.6k 24k 8k 5.1k
-17.8% -17.9% -17.8% -11.8% -1.0% +0.0%
2008
4.8k 3.3k 1.6k 24k 8k 5.1k
-20.2% -20.1% -20.5% -12.2% +0.0% +0.0%
2007
4.8k 3.3k 1.6k 24k 8k 5.1k
-22.6% -22.4% -22.7% -12.7% +0.0% +0.0%
2006
4.8k 3.3k 1.6k 24k 8k 5.1k
-24.6% -24.5% -24.5% -13.0% +0.0% +0.0%
2005
4.8k 3.3k 1.6k 24k 8k 5k
-26.5% -26.5% -26.5% -13.4% +0.0% +0.0%
2004
4.8k 3.3k 1.6k 24k 8k 5k
-28.5% -28.4% -29.2% -13.9% +0.0% +0.0%
2003
4.8k 3.3k 1.6k 24k 8k 5k
-30.2% -29.9% -30.2% -14.2% +0.0% +0.0%
2002
4.7k 3.3k 1.6k 24k 8k 5k

+44 (0) 203 026 5555 vesselsvalue.com info@vesselsvalue.com

OFFSHORE VALUES THROUGH OCTOBER 2017

PSV Values have softened for older tonnage.

3 PSVs have been sold this month.

ER Georgina (4,800 DWT, Apr 2010, Vard Brevik) and ER Athina (4,100 DWT, Dec 2009, Vard
Brevik) sold to Wanax en bloc for USD 22.2 mil, VV value USD 24.51 mil.

CMM Gravity (3,500 DWT, Apr 2014, Zaliv) was sold to Delta Logistics Ltd by Compagnie
Maritime Monegasque.

AHTS Values have softened throughout the month.

& AHT
13 sales have taken place this month.

An en bloc deal of 11 Hartmann Offshore AHTS vessels (16,320 BHP, 2009-2010, Fincantieri
Ancona) took place all bought by Breakwater Capital for an undisclosed price.

Posh Vibrant (7,940 BHP, Oct 2008, Yuexin Shipbuilding Co) and Posh Virtue (7,940 BHP,
Jul 2009, Yuexin Shipbuilding Co) were offloaded by Havila Shipping.

+44 (0) 203 026 5555 vesselsvalue.com info@vesselsvalue.com

2ND HAND S&P ACTIVITY OCTOBER 2017 VS 2016

S&P $ Value of 2nd hand sales in in October 2017 vs October 2016.

$666 Oct 2017

700
$604 Oct 2016
600

500 $562
Value (M USD)

400
$295 $301
300
$209
200 $212

$75
100 $40 $42
$18 $22
$0
0
Bulker Tanker Container Gas OSV

Total value for sales is down 13% from October 2017 compared to October 2016.
However, Bulker transaction values are 10% higher this October even though number of
transactions are lower.
Tanker transaction prices are very similar around the USD 300 mil mark for both years, also
reflected by the similar number of sales that took place.
No LPG or LNG sales have taken place this month however last October Gas Log Seattle
(155,000 CBM, Dec 2013, Samsung) sold for USD 189 mil in an internal deal.

S&P No. Number of 2nd hand sales taken place in October 2017 vs October 2016.

Oct 2017
70 65
Oct 2016
60
49
50
No. Vessels

40

30
21 23
18
20 15
12 10
10 6 6
0
0
Bulker Tanker Container Gas OSV

Total sales by number count are 33% lower for October 2017 at a total of 94 compared to
a total of 125 sales for October 2016.
Bulker sales are also down by 33% this month, however transaction values are higher.
Container sales are nearly half the number for October 2017 compared to October 2016
however comparatively transaction values are 47% higher.

+44 (0) 203 026 5555 vesselsvalue.com info@vesselsvalue.com

NEWBUILDING ACTIVITY OCTOBER 2017 VS 2016

Newbuilding Number of newbuilding orders taken place in October 2017 vs October 2016.

No.
Oct 2017
40
34 Oct 2016
35 33

30
No. New Buildings

25

20 18

15

10
4 5
4
5 1 1
0 0 0
0
Bulker Tanker Container Gas OSV

Overall trend this month has been for larger tonnage in Bulkers.
34 Bulker NB orders have been placed for October 2017.
Polaris Shipping has ordered 5 VLOC’s (delivery 2021, 325,000 DWT, HHI) for USD 80 mil each.
Korea Line Corp also ordered 2 VLOC’s (delivery 2020, 325,400 DWT, HHI) for USD 82 mil each.
17 Panamax vessels have been ordered with 14 of these by Nisshin Shipping (82,000 DWT,
2019/2020), 7 built at Oshima for USD 27 mil and 7 Jiangsu Hantong built for USD 24 mil.
All 4 Tanker NB are Small Chemical (19,700 DWT, 2020, Usuki Zosensho) for USD 33.5 mil
ordered by Nisshin Shipping.

Newbuilding Total number of newbuild orders from 1st October 2016 to 31st October 2017.

Total No. 2016 2017 2017 2017 2017 Grand

Ship Type Q4 Q1 Q2 Q3 Q4 Total

Bulker 6 15 73 141 34 269

Tanker 71 61 104 49 4 289

Container 15 8 8 38 69

Gas 5 11 12 15 43

OSV 7 7

Overall the total number of NB orders from October 2016 through to October 2017 is
higher for Tankers compared to other vessel types.
The highest number of NB for Bulkers took place in Q3 2017 with 141 orders placed.
Overall Tanker NB orders are highest out of all ship types, Q2 2017 saw 104 NB orders
placed and only 49 in Q3 this year.
There have been no Container NB orders placed in Q4 2017 so far showing an oversupply
of tonnage with over 200 vessels set for delivery in 2018.

+44 (0) 203 026 5555 vesselsvalue.com info@vesselsvalue.com

DEMOLITION ACTIVITY OCTOBER 2017 VS 2016

Demolition Number of demolition sales per ship type, taken place in October 2017 vs October 2016.

No.
Oct 2017
25
Oct 2016
20
20 14 14
No. Demo sales

15

10
10 7

5 4
3
5 2
1

0
Bulker Tanker Container Gas OSV

Total demolition sales are lower for October 2017 compared to October 2016. Sentiment
started to soften throughout October with a lack of cash buyers meaning fewer sales
towards the end of the month.
Capesize Bulkers scrapped at Pakistan have fetched high prices, due to Pakistan being
closed to Tankers.
The majority of tonnage scrapped was Handy Bulkers and Small Tankers including a few
MR’s.

Demolition Demolition price trend for Tanker Price India from October 2016 – October 2017.

Trend
Tanker scrap price
450

400

350
USD/LDT

300

250

200
Dec 2016 Mar 2017 Jun 2017 Sep 2017

Rates have continued to soften throughout October which has been confirmed by a
lack of supply of tonnage particularly in the Bulker and Container sector.

+44 (0) 203 026 5555 vesselsvalue.com info@vesselsvalue.com

CHARTER RATES

Dry Baltic Exchange daily market spot rates for Capesize, Panamax, Supramax and
Handy Bulkers from 1st October 2016 - 31st October 2017. Source: Baltic Exchange

Capesize
Panamax
25,000
Supramax
Handy
20,000
(USD per day)

15,000

10,000

5,000

0
Dec 2016 Mar 2017 Jun 2017 Sep 2017

Capesize rates have continued firming throughout the month reaching nearly a two year
high.
Panamax rates began to soften towards the end of the month with a lack of cargo
available.
Supramax and Handysize rates have also seen reduced activity, however rates stayed
stable throughout October.

Wet Baltic Exchange daily market spot rates for VLCC, Suezmax and Aframax Tankers
from 1st October 2016 – 31st October 2017. Source: Baltic Exchange

VLCC
Suezmax
60,000
Aframax

50,000
(USD per day)

40,000

30,000

20,000

10,000

0
Dec 2016 Mar 2017 Jun 2017 Sep 2017

Rates continued to firm throughout October from USD 7,987/day to USD 14,524/day mid
October where they stopped firming and remained stable.
Suezmax rates firmed significantly mid October from USD 9,120/day to USD 20,424/day.
Aframax rates began to soften towards the end of the month due to limited activity.

+44 (0) 203 026 5555 vesselsvalue.com info@vesselsvalue.com

CHARTER RATES

Container Contex daily time charter rates for Panamax, Handysize and Feedermax Containers
from 1st October 2016 – 31st October 2017. Source: Contex, VHSS

Panamax
Handy
12,000
Feedermax

10,000
(USD per day)

8,000

6,000

4,000

2,000

0
Dec 2016 Mar 2017 Jun 2017 Sep 2017

Panamax rates have begun to soften again over the past few months.
Handy rates firmed towards the end of the month

LPG Fearnleys weekly market spot rates for VLGC, MGC and LEG Gas ships from
1st October 2016 – 31st October 2017. Source: Fearnleys

VLGC
MGC
900
LEG
800
(Thousand USD per month)

700
600
500
400
300
200
100
0
Dec 2016 Mar 2017 Jun 2017 Sep 2017

VLGC rates have firmed this month with rates up to USD 560,000/day over triple the number
we saw in August earlier this year.
MGC and LEG rates remain stable throughout October.

+44 (0) 203 026 5555 vesselsvalue.com info@vesselsvalue.com