WEEKLY SHIPPING MARKET

REPORT WEEK 52
WEEK 52 (26nd Dec to 30th Dec 2016)

Market Overview

With the year coming to an end today this is the last report of 2016. The latter year was one of the toughest year in history
of shipping. Begging of 2016 the dry bulk freight market was facing a huge downtrend leading to a historical low, leading
to drastic demolition activity in the early-mid of this year and with newbuilding orders also decreasing. Thus, bringing a
better balance of vessels supply to the market and leading to an upper trend to the dry bulk freight market. All in all, 2016
has been a year packed full of surprises, with obstacles and challenges that led to numerous of opportunities to the shipping
industry. This year may be well finished with high figures on across most markets, however 2017 may present a renewed
set of barriers that may overcome 2016 on the perspective of supply and demand.

Bulk

On the dry bulk market, pace has been significantly slow with Christmas wishes spread all over the snp market and with
huge drop in transactions. Despite that, IMECS of Japan with fleet of 16 ships is reported to have sold its oldest bulk carrier,
“Nord Discovery” 52.300 dwt 2006 built has been committed for $ 7.5 mill to Taiwanese owners. The latter sale led to all
of the remaining vessels built in 2010 or more recently.

Tanker

On the wet market, we can depict the same significant slow pace, although Greek clients of Evalend Shipping were active
and full of Christmas joy leading to the acquisition of 4 handy tankers “Ema Querida”, “Royal Flos”, “Royal Natura” and
“Strilen” 19.998 dwt 2008 built, bank driven sale of a total $ 52.4 mill.

Demolition

Finally demolitions, in this sector also we can project a slowdown activity due to Christmas holidays and New Year Eve. We
will remember the massive recycling activity in the container sector with over 150 vessels. Also, as a remark we saw vessels
that where built during 2000’s heading towards recycling yards. As last week, Bulk Carriers were the preferred tonnage for
recycle with another 5 vessels to be recycled in Subcontinent’s yards. In conclusion, during this last month, the sector with
less activity was the Wet, with only 3 Tankers for demolition.

From all of us here at Advanced Shipping & Trading we wish you a

Happy New Year full of prosperity and joy!

Advanced Shipping & Trading S.A 1st Floor, 168 Vouliagmenis Avenue 16674 Glyfada, Greece
Contact Details: Tel: +30 210 3003000 snp@advanced-ship.gr chartering@advanced-ship.gr finance@advanced-ship.gr
 Second Hand Sales
Bulk Carriers

Name Dwt YoB Yard SS Engine Gear Price (mill.) Buyer

Redwing 53,410 2007 Chengxi, China 7/2021 B&W 4 x 36T $ 6.2 Chinese
Nord Discovery 52,454 2006 Tsuneishi Cebu 3/2020 B&W 4 x 30T $ 7.5 Vietnamese
Huanghai, (China
Sulawesi 38,800 2016 - Wartsila 4 x 30T $ 15.5
China Navigation)
Clipper Lotus 28,331 2010 I-S, Japan 7/2019 B&W 4 x 30.5T $ 7.5 F.Eastern
Kanda Kawajiri, Mitsubis
Paros 23,984 1997 6/2017 4 x 30T $ 2.7 Egyptians
Japan hi

Tankers
Name Dwt YoB Yard SS Engine Price (mill.) Buyer
Hhic-Phil , S. Korean
Hhi- Phil Rs 320,000 2017 - B&W $ 79.0
Philippines (H-Line)
Sekwang ,
Ema Querida 19,998 2008 3/2018 B&W $ 13.1
S.Korea
Sekwang,
Royal Flos 19,998 2008 8/2018 B&W $ 13.1 Greeks
S.Korea
(Evalend Shipping)
Sekwang,
Royal Natura 19,998 2008 11/2018 B&W $ 13.1 Bank Driven sale
S.Korea
Sekwang,
Strilen 19,996 2008 5/2018 B&W $ 13.1
S.Korea
Ivan Dimitrov,
Melanie 2,562 1983 10/2018 S.K.L. $ 0.7 Undisclosed
Bulgaria

Containers
Name Teu YoB Yard SS Engine Gear Price (mill.) Buyer

Volkswerft,
Wehr Bille 2,546 2002 5/2017 B&W $ 3.9 mil. Chinese
Germany

Advanced Shipping & Trading S.A Research 30/12/2016 2

 Indicative Values - Bulk Carriers

Size Prompt Resale 5 years 10 years 15 years

Capesize 36 24 14 8
Panamax - Kamsarmax 24 14 8 5.5
Supramax - Ultramax 22 13 9 5.5
Handysize 18 11 7 4

Indicative Values - Tankers

Size Prompt Resale 5 years 10 years 15 years

VLCC 84 60 40 24
Suezmax 55 41 27 18
Aframax 42 28 17 12
MR 31 21 15 10

Advanced Shipping & Trading S.A Research 30/12/2016 3

 Demolition & Newbuilding
Demolition Sales
Vessel Type Built Ldt Dwt Price ($) Country Comments
Al Ain BC 1994 10,117 40.926 325 Pakistan
Orelia Tanker 2007 5,219 19.974 n/a Turkey
Confignon BC 1997 21,327 170.896 341 Pakistan Incl. 500Tns Bunkers
Hansa Castella Container 1998 7,007 21.473 308.5 India “As Is” Singapore
Hong Tiger GC 1989 9,510 34.380 n/a India
Hua Ming BC 1988 7,221 28.803 300 Bangladesh
Hua Sheng BC 1987 10,268 35.325 300 Bangladesh
Straits Voyager RoRo 1987 10,291 13.491 n/a Bangladesh
Tychy RoRo 1988 7,535 8.044 320 India

Indicative Demolition Prices

Country Tanker Prices Bulker Prices

India 300 270
Bangladesh 320 290
Pakistan 310 280
China 240 230
Turkey 210 200

Newbuilding
Tankers

No Type Dwt Yard Delivery Owner Price (mill.) Comments

Daewoo , Greece 1 FSRU
1+2 LPG 173,400 2020 Undisclosed
Korea (Maran Gas) 2 LNG Options

Advanced Shipping & Trading S.A Research 30/12/2016 4

 Dry Bulk Chartering
A very quiet week due to the forthcoming New Year celebrations with no indices reported.
Coal operators have been rating Panamax candidates for South African trips into the Far East
at mid usd 7,000’s pd basis DOP East Coast India delivery. Grain operators were there to pay
a Panamax maximum usd 12,000 pd basis passing Canakkale delivery for a trip into the Persian
Gulf-India range. Head charterers have been there to cook up a full & complete cargo of
aggregates on a geared Panamax for a Fujairah/Chittagong run in the region of usd 9/10.00
pmt. Limestone operators have been rating Supramax candidates for a trip via Oman into
India at mid usd 9,000’s levels. Grain operators rated a Supramax for a trip via Black Sea into
Bangladesh at usd 6,500 basis DOP delivery. 50,000 mts of slag ex Kandla into Krishnapatnam
are worth usd 6.75 pmt. A Supramax trip with Chinese stone chips into Singapore is being
offered at usd 3,000 basis APS delivery. Steel operators have been aiming usd 3,000 pd basis
APS delivery for a trip via Taiwan and China into Egypt and North Spain. Most Supramax and
Ultramax owners rated this on a split rate basis, in the mid/high usd 3,000’s pd range for the
first 60 days and usd 7,500 pd for the balance. Charterers stuck to their levels. Usd 3,500 basis
APS delivery for a Supramax trip with steels via North China into Singapore. Coal operators
have been targeting usd 4,500 pd basis DOP North China for a Supramax trip into India via
Nakhodka. Fertilizer operators have been rating Handymax candidates at close to mid usd
12,000’s levels for Baltic trips into Southeast Asia. Handysize owners rated a bulk sand trip via
Singapore into North China at mid usd 7,000’s pd basis DOP South China delivery. Charterers
remained quiet.

Advanced Shipping & Trading S.A Research 30/12/2016 5

 Baltic Indices (2016)

Advanced Shipping & Trading S.A Research 30/12/2016 6

 Key Indicators & Stock Markets
Currency Week 52 Week 51 Change (%)
EUR / USD 1.051 1.044 0.67
USD / JPY 117.02 117.47 0.45
USD / KRW 1,205.83 1,202.85 2.93
USD / NOK 8.634 8.711 0.88

Commodity Week 52 Week 51 Change (%)

Brent Crude (BZ) 57.15 54.83 4.23
Natural Gas (NG) 3.82 3.56 0.26
Gold (GC) 1,159.90 1,131.28 28.62
Copper 249.85 250.15 0.12
Wheat (W) 405.50 397.75 1.95

Euro/Usd

1,12

1,1

1,08

1,06

1,04

1,02

1
14-Οκτ21-Οκτ31-Οκτ 4-Νοε 11-Νοε18-Νοε25-Νοε 2-Δεκ 9-Δεκ 16-Δεκ23-Δεκ30-Δεκ

Weekly Brent Crude Price

60,00
58,00
56,00
54,00
52,00
50,00
48,00
46,00
44,00
42,00
40,00

Advanced Shipping & Trading S.A Research 30/12/2016 7

 Bunker Prices
Port IFO 380 IFO 180 MGO
Piraeus 327 350 517
Fujairah 340 357 546
Singapore 345 354 493
Rotterdam 312 342 477
Houston 310 410 525

Shipping Stock Prices – Dry Bulk

Company Stock Exchange Week 52 Week 51 Change (%)

Diana Shipping Inc (DSX) NASDAQ 3.08 3.41 9.68
DryshipsInc (DRYS) NASDAQ 3.75 4.52 17.04
Euroseas Ltd (ESEA) NASDAQ 1.84 1.97 6.60
Eagle Bulk Shipping Inc
(EGLE)
NASDAQ 5.87 5.95 1.34
Navios Maritime (NM) NYSE 1.40 1.51 7.28
Navios Maritime PTN
(NMM)
NYSE 1.46 1.56 6.41
Paragon Shipping Inc
(PRGN)
NASDAQ 0.11 0.14 27.27
Star Bulk Carriers Corp
(SBLK)
NASDAQ 5.09 4.92 3.46
Seanergy Maritime
Holdings Corp (SHIP)
NASDAQ 1.20 1.25 4.00
Safe Bulkers Inc (SB) NYSE 1.15 1.16 0.86
Golden Ocean (GOGL) NASDAQ 4.74 4.27 11.01

Shipping Stock Prices – Wet

Company Stock Exchange Week 52 Week 51 Change (%)

Capital Product Partners
LP (CPLP)
NASDAQ 3.20 3.27 2.14
TOP Ships Inc (TOPS) NASDAQ 2.32 2.56 9.38
Tsakos Energy Navigation
(TNP)
NYSE 4.68 4.82 2.90

Advanced Shipping & Trading S.A Research 30/12/2016 8

 Shipping Stock Prices – Other

Company Stock Exchange Week 52 Week 51 Change (%)

Aegean Maritime Petrol
(ANW)
NYSE 10.10 10.20 0.98
Danaos Corporation
(DAC)
NYSE 2.70 2.70 0.00
StealthGasInc (GASS) NASDAQ 3.50 3.67 4.63
Rio Tinto (RIO) NYSE 38.90 38.18 1.89
Vale (VALE) NYSE 7.91 7.79 1.54
ADM Archer Daniels
Midland (ADM)
NYSE 45.36 45.18 0.40
BHP Billiton (BHP) NYSE 36.27 35.64 1.77

Legal Disclaimer
The information contained herein has been obtained by various sources. Although every effort has been made to ensure that this
information is
accurate, complete and up-to-date, Advanced Shipping & Trading S.A. does not accept any responsibility whatsoever for any loss or
damage
occasioned or claimed, upon reliance on the information, opinions and analysis contained in this report.
Research compiled by: Advanced Shipping & Trading S.A. Market Research on behalf of the Sale & Purchase, Dry Cargo Chartering and
Tanker
Chartering Departments. For any questions, please contact: research@advanced-ship.gr

Advanced Shipping & Trading S.A Research 30/12/2016 9