ATHENIAN SHIPBROKERS S.A.

107-109, Vas. Pavlou Str., GR 166 73, Voula , Athens, Greece

Tel: 210 9659700 - Fax: 210 8996040
Internet Mail: athenian@atheniansa.gr
www.atheniansa.gr

July 2014
MONTHLY REPORT

12000
Baltic Dry Index
10000

8000

6000

4000

2000

0
Jun-04
Oct-04

Jun-05
Oct-05

Jun-06
Oct-06

Jun-07
Oct-07

Oct-08
Feb-08
Jun-08

Jun-09
Oct-09

Jun-10
Oct-10

Jun-11
Oct-11

Jun-12
Oct-12

Jun-13
Oct-13

Jun-14
Feb-05

Feb-06

Feb-07

Feb-09

Feb-10

Feb-11

Feb-12

Feb-13

Feb-14
PRICES TANKERS ($ MIO)
* Prices reflect Year’s End 2009* 2010* 2011* 2012* 2013* Jul-14
VLCC 5Y 78.0 87.8 55.6 56.0 55.8 74.2
VLCC 10Y 59.5 64.3 34.1 35.0 35.0 49.0
SUEZMAX 5Y 57.0 62.8 45.6 40.2 39.5 49.7
AFRAMAX 5Y 40.5 44.5 34.7 28.0 27.8 37.5
AFRAMAX10Y 23.5 30.7 19.3 16.3 16.3 23.2
PANAMAX5Y 35.5 39.0 30.9 24.3 24.3 33.0
45K 5Y D/H 23.5 27.3 25.8 23.0 23.3 26.6
45K 10Y D/H 16.0 19.7 15.8 15.5 15.7 18.4
45K 20Y 4.0 6.7 6.0 6.2 6.2 6.5

PRICES BULKERS ($ MIO)

* Prices reflect Year’s End 2009* 2010* 2011* 2012* 2013* Jul-14
CAPESIZE 5Y 54.5 57.0 36.3 32.0 43.9 47.6
CAPESIZE 10Y 45.0 43.0 26.8 20.5 31.0 34.5
CAPESIZE 15Y 28.0 26.0 15.2 12.7 18.2 21.0
CAPESIZE 20Y 16.5 16.4 10.5 9.3 10.1 10.0
PANAMAX 5Y 35.0 38.5 26.4 18.0 25.6 24.3
PANAMAX 10Y 27.5 31.6 18.6 12.5 17.9 18.7
PANAMAX 15Y 22.0 23.1 12.4 8.3 12.0 11.7
PANAMAX 20Y 12.0 13.8 8.1 5.4 7.5 6.0
SUPRAMAX 5Y 27.5 31.9 26.4 23.3 24.3 25.0
HANDYMAX10Y 22.0 24.7 18.0 13.0 17.4 18.5
HANDYMAX15Y 17.5 20.0 11.1 8.7 10.9 12.5
HANDYMAX20Y 11.0 12.0 7.9 6.3 6.4 7.8
 2

SECOND HAND SALES & CHARTER FIXTURE TRENDS

Monthly Tanker Market Trend Monthly 1 Yr TC Rates

180.0 100000

160.0 90000

140.0 80000

70000
120.0
60000
100.0
50000
80.0
Price (USD Mio)

Price (USD)
40000
60.0
30000
40.0
20000
20.0 10000
0.0 0

VLCC 5Y VLCC 10Y SMAX 5Y AMAX 5Y VLCC 1 Yr T/C SMAX 1 Yr T/C AMAX 1 Yr T/C

AMAX 10Y PMAX 5Y 45K 5Y D/H 45K 10Y D/H PMAX 1 Yr T/C MR 1 Yr T/C

Monthly Bulk Carrier Market Trend Monthly 1 Yr TC Rates

160.0 180000

140.0 160000

140000
120.0
120000
Prices (USD Mio)

100.0
100000
Price (USD)

80.0
80000
60.0
60000
40.0
40000

20.0 20000

0.0 0

CAPE 5Y CAPE 10Y CAPE 15Y PMAX 5Y CAPE 1 Yr T/C PMAX 1 Yr T/C
PMAX 10Y PMAX 15Y SUPRA 5Y HMAX 5Y
SUPRA 1 Yr T/C HMAX 1 Yr T/C
HMAX 10Y HMAX 15Y

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3

SECOND HAND TONNAGE MARKET

AVAILABLE FOR SALE AVAILABLE FOR SALE

S&P Activity Dry S&P Activity Tankers
REPORTED SOLD REPORTED SOLD
(<5,000 Dwt) (<5,000 Dwt)
PREVIOUS MONTH A/BLE FOR PREVIOUS MONTH A/BLE FOR
SALE SALE
PREVIOUS MONTH SALES PREVIOUS MONTH SALES

400 300

300 355
327 200
199 210
200
100
100 30 35 34
21
0 0
THIS MONTH - PREVIOUS MONTH THIS MONTH - PREVIOUS MONTH

*Excluding demolition sales

Sale and Purchase Market - Second Hand units

Ship Type Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Total
BULK 45 41 44 22 21 30 204
TANK 13 43 33 31 34 35 189
GAS 16 1 6 3 4 3 33
CONT 13 17 10 17 8 12 77
TWEEN 1 1 0 2 2 0 6
REEF 0 0 0 0 0 0 0
RORO 0 0 0 0 2 0 2
FERRY 0 0 0 0 0 0 0
CRUISE 0 0 0 0 0 0 0

Total 88 103 93 75 71 81 511

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4

Baltic Clean Tanker - Yearly Baltic Dirty Tanker - Yearly

650 633 1400 1287
600 566 1200
550 596
561 1000 928
500 514
486 800 657
450
400 600
597
350 400
32 35 38 41 44 47 50 1 4 7 10 13 16 19 22 25 28 31 32 35 38 41 44 47 50 1 4 7 10 13 16 19 22 25 28 31
2013 2014 2013 2014
WEEK NO WEEK NO

Baltic Clean Tanker - Monthly Baltic Dirty Tanker - Monthly

580 1200
570 571
1000 955
560 752
800
540 600
538 400
520
521 200
500 0
01/07/2014 08/07/2014 15/07/2014 22/07/2014 29/07/2014 01/07/2014 08/07/2014 15/07/2014 22/07/2014 29/07/2014

TANKER SALES
NAME DWT BLT PRICE $ BUYER
SARUHAN SERDAR 3250 1984 TURKEY DB 1.1 MIO NIGERIAN
CLIPPER CUILLIN 3424 2005 TURKEY DH 5.5 MIO FAR EASTERN
NANIWA MARU NO 3 4999 1992 JAPAN DB 2.5 MIO UNDISCLOSED
CRANE BRIGHT 6788 2002 JAPAN DH 7.15 MIO VIETNAMESE (Stst tanker)
HOEI 8756 2001 JAPAN DH 8 MIO FAR EASTERN (Stst tanker)
PALMA AGRI SATU 12441 1995 ITALY DH 3.9 MIO UK BASED
GOLDEN DENISE 12495 2006 JAPAN DH 11 MIO S.KOREAN (Stst tanker)
GLOBAL THEMIS 12665 2007 S.KOREA DH 13 MIO VIETNAMESE
SOUTHERN ROYAL 12675 1999 JAPAN DH 9 MIO S.KOREAN (Stst tanker. Bss SS/DD
passed)
MAASEN 15212 2008 ROMANIA DH 14 MIO UNDISCLOSED
MCT ALTAIR 19996 1999 CROATIA DH 8.7 MIO INDONESIA
PACIFIC HORIZON II 37981 2007 JAPAN DH 20 MIO UNDISCLOSED
SILVER LINING 46013 2003 JAPAN DH 13.7 MIO UNDISCLOSED
HELLAS ENDURANCE 46144 1999 S.KOREA DH 10.1 MIO UNDISCLOSED
HELLAS PROGRESS 46152 1999 S.KOREA DH 10.1 MIO UNDISCLOSED
OVERSEAS LIMAR 46170 1996 S.KOREA DH 8.5 MIO UNDISCLOSED
OVERSEAS NEDIMAR 46821 1996 S.KOREA DH 8.5 MIO GREEK
NEAPOLIS 74543 2006 JAPAN DH 25 MIO ULTRANAV
ANTIPOLIS 74453 2006 JAPAN DH 27.5 MIO ULTRANAV
LIWA 74997 2008 JAPAN DH 28.5 MIO GREEK
AMORGOS WARRIOR 95621 1992 JAPAN DH 7.9 MIO VISTA, UKRAINE
MOON LADY 104900 2009 JAPAN DH 210 MIO EASTERN PACIFIC
SKY LADY 105370 2008 JAPAN DH 210 MIO EASTERN PACIFIC
STAR LADY 105522 2005 JAPAN DH 210 MIO EASTERN PACIFIC
SEA LADY 105611 2003 JAPAN DH 210 MIO EASTERN PACIFIC

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5

SHARP LADY 116619 2012 S.KOREA DH 210 MIO EASTERN PACIFIC

SMART LADY 116715 2011 S.KOREA DH 210 MIO EASTERN PACIFIC
MORNING EXPRESS 105578 2000 JAPAN DH 13.7 MIO UNDISCLOSED
KOA SPIRIT 113334 1999 S.KOREA DH 12.5 MIO SINOKOR
KHILDA KNUTSEN 123166 2013 S.KOREA DH * ENBLOC BSS▼
TORILL KNUTSEN 123166 2013 S.KOREA DH 84.5 MIO KNOT OFFSHORE (Total Price)
HUELVA SPIRIT 160383 2001 S.KOREA DH 18.75 MIO UNDISCLOSED
FRONT COMANCHE 300133 1999 JAPAN DH 23.5 MIO SINOKOR (Bss Surveys Due)
FRONT COMMERCE 300144 1999 JAPAN DH 23.5 MIO SINOKOR (Bss Surveys Due)
FRONT OPALIA 302193 1999 JAPAN DH 23.5 MIO SINOKOR (Bss Surveys Due)

GAS SALES
NAME DWT BLT CBM PRICE $ BUYER
BARUC 3061 1982 SPAIN 2795 2 MIO TRANSGAS, PERU
JAG VIDHI 49701 1990 JAPAN 73879 24 MIO UNDISCLOSED
FLANDERS HARMONY 64220 1992 BELGIUM 84109 41 MIO UNDISCLOSED

VLCC
SUEZMAX
Spot Market - Tankers AFRAMAX

70000
60000
50000
39000
40000 33850
$/Day

30000
28090
20000
10000
0
Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14

VLCC
SUEZMAX
Period Market - Tankers 1 Year T/C AFRAMAX

30000 27890
25000
22850
20000
$/Day

19940
15000

10000

5000
Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14

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6

Baltic Handysize Baltic Supramax

420 750
402
716
400
700 687
380 369
360
650 6592
2 355
340

320 600
01/07/2014 08/07/2014 15/07/2014 22/07/2014 29/07/2014 01/07/2014 08/07/2014 15/07/2014 22/07/2014 29/07/2014

Baltic Panamax Baltic Capesize

750 710 2200
700 2000
650 624 1808
1800
600
1600
550 576 1422
4 1400 4 38
500
1200
450 1200
400 1000
01/07/2014 08/07/2014 15/07/2014 22/07/2014 29/07/2014 01/07/2014 08/07/2014 15/07/2014 22/07/2014 29/07/2014

BULKER SALES
NAME DWT BLT GEAR PRICE $ BUYER
DR 2X25,
GAN SHUN 6844 1991 S.KOREA 1.1 MIO UNDISCLOSED
DR 2X15
TAN BINH 24 7194 1991 JAPAN DR 4X25 1.2 MIO CHINESE
CIGDEM S 12259 2001 JAPAN CR 3X30 4.9 MIO TURKISH
ANTILLES VII 12523 2008 JAPAN CR 3X30 7.1 MIO ENBLOC BSS▼
ANTILLES VI 12526 2007 JAPAN CR 3X30 6.8 MIO TURKISH (Price each)
ATLANTIC ARROW 28653 2005 JAPAN CR 4X30 12.2 MIO GREEK
CLEANTHES 29670 1984 JAPAN CR 4X16 2.5 MIO MIDDLE EASTERN
OCEAN FORTUNE 31217 1985 JAPAN CR 4X25 3 MIO UNDISCLOSED
OCEAN HARMONY 31882 2010 JAPAN CR 4X30 18.7 MIO GREEK
SCARLETT 33371 2009 JAPAN CR 4X30 18.5 MIO GREEK
SEA BONANZA 33928 2012 JAPAN CR 4X30 23.5 MIO GREEK
GLOBAL HORIZON 33633 2010 JAPAN CR 4X30 18.7 MIO GREEK
GLOBAL PROSPERITY 33721 2006 JAPAN CR 4X30 16 MIO JAPANESE
C HANDY 37000 2011 S.KOREA CR 4X30 17.6 MIO GREEK (Via Auction)
MISOSA DREAM 48309 1996 JAPAN CR 3X15 5.1 MIO CHINESE (Chips Carrier)
SPP TONGYEONG S1179 50300 2015 S.KOREA CR 4X35 * ENBLOC BSS▼
SPP TONGYEONG S1180 50300 2015 S.KOREA CR 4X35 37 MIO GREEK (Price Each)
SANKO MINERAL 50757 2008 JAPAN CR 4X40 17.2 MIO UNDISCLOSED (Via Auction)
SAIKO MAJESTY 50790 2009 JAPAN CR 4X40 21.5 MIO GREEK
MANDARIN HARVEST 57000 2009 CHINA CR 4X35 19 MIO GREEK
BLUE OCEAN 57696 2011 CHINA CR 4X30 19.5 MIO GREEK
CROWN ALEXANDRA 57981 2012 CHINA CR 4X36 * ENBLOC BSS▼
CROWN MINA 58018 2012 CHINA CR 4X36 24.9 MIO GREEK (Incl TC at Usd 11600 Pd)
CSK UNITY 68371 1995 JAPAN GLESS 6 MIO CHINESE
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7

RZS JOY 69057 1995 JAPAN GLESS 5.5 MIO CHINESE

VOGE WEST 70728 1995 BRAZIL GLESS 5.8 MIO MIDDLE EASTERN
B MAX 84091 2011 S.KOREA GLESS 24 MIO UNDISCLOSED (Via Auction)
ETERNAL SALUTE 87144 2006 JAPAN GLESS 21.5 MIO GREEK
SILVER PIONEER 172559 2002 JAPAN GLESS 32.2 MIO S.KOREAN
SHANDONG HUA
180000 2014 CHINA GLESS 58 MIO GREEK
ZHANG

COMBO SALES
NAME DWT BLT GEAR PRICE $ BUYER
D WHALE 319869 2010 S.KOREA CR 6X30 60 MIO OAKTREE CAPITAL FUND, USA
G WHALE 319869 2011 S.KOREA CR 6X30 * ENBLOC BSS▼
H WHALE 319869 2011 S.KOREA CR 6X30 60 MIO GREEK (Via Court Sale)

CAPESIZE

Spot Market - Bulkers PANAMAX

HANDYMAX

45000
40000
35000
30000
25000
$/Day

20000
15000
10000 7250
5000 6800
0 3150
Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14

CAPE

Period Market - Bulkers 1 Year T/C PMAX

HANDYMAX
35000

30000

25000 22710
4
20000
$/Day

15000
10100
10000
8580
5000
Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14

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8

CONTAINER SALES
NAME DWT BLT GEAR TEU PRICE $ BUYER
DELMAS INDIA 7121 1995 DENMARK CR 2X70 444 2.75 MIO UNDISCLOSED
VEGA TOPAS 10968 1999 CHINA GLESS 834 2 MIO UNDISCLOSED
SITC PYEONGTAEK 12708 1994 POLAND GLESS 1012 2.5 MIO UNDISCLOSED
L AMANDA 24341 1997 JAPAN GLESS 1560 4.5 MIO TEMAS LINE, INDONESIA
IZUMO 24382 1997 JAPAN CR 3X40 1613 * ENBLOC BSS▼
IWAKI 24383 1997 JAPAN CR 3X40 1613 11 MIO MIDDLE EASTERN (Total Price)
YANGFAN CV22H-
29000 2015 CHINA GLESS 2200 * ENBLOC BSS▼
JT03
YANGFAN CV22H-
29000 2015 CHINA GLESS 2200 60 MIO SEATRADE, NETHERLANDS
JT04 (Total Price)
MAERSK NEUSTADT 33594 2005 GERMANY CR 3X45 2474 * ENBLOC BSS▼
SOUNDVIEW MARITIME,
MAERSK NEUCHATEL 33651 2005 GERMANY CR 3X45 2474 13 MIO
GERMANY (Price Each)
MSC SAO PAULO 63537 1998 S.KOREA GLESS 4545 9.5 MIO GREEK
MAERSK DENVER 66983 2004 S.KOREA GLESS 5043 14.8 MIO SINOKOR

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9

NEW BUILDING MARKET AND REPORTED CONTRACTS

Tanker Prices VLCC Suezmax Bulker Prices Capesize Panamax

Aframax MR Handymax Handysize

120 70

60
100 99.8 57.3
50
1 5
80
$m

40

$m
65.8 30
60
54.8 30
5 28
40 3 37.2 20 23.7

20 10
Jul-12 Nov-12 Mar-13 Jul-13 Nov-13 Mar-14 Jul-14 Jul-12 Nov-12 Mar-13 Jul-13 Nov-13 Mar-14 Jul-14

Dry Bulk Orderbook

Ship Type 2014 (deliv) 2014 2015 2016+ Total
Capesize 57 70 135 188 450
Panamax 101 166 170 125 562
Supra/Hmax 149 194 356 294 993
Handies 128 133 233 142 636
Total 435 563 894 749 2641

Tanker Orderbook
Ship Type 2014 (deliv) 2014 2015 2016+ Total
ULCC/VLCC 12 17 16 55 100
Suezmax 15 13 10 16 54
Aframax 15 27 53 45 140
Panamax 3 9 4 20 36
MR+Small 59 102 172 157 490
Total 104 168 255 293 820

LPG Tank Orderbook

Ship Type 2014 (deliv) 2014 2015 2016+ Total
VLGC 6 5 37 36 84
LGC 0 0 4 0 4
MR 5 8 10 36 59
Handy 9 8 18 9 44
Small 14 14 10 1 39
Total 34 35 79 82 230

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10

Tankers >10,000 dwt

Newbuilding Sales Delivery Schedule Bulkers >10,000 dwt.
Bulkers >10,000 dwt
Containerships Tankers >10,000 dwt
1000 70 65.2 65.8
885
900
60
800
No. of Vessels

700 50
41

m. dwt
600 40
500 32.2
395 445
400 30
20
300 260 214 20 15.7
169 190
200
70 78 10
100
0 0
2012 2013 Jul-14 Jul-14 2015 2016+

Tanker Newbuildings on Order VLCC Suezmax Bulker Newbuildings on Order Capesize Panamax
Aframax Panamax
Products Handymax Handysize
30 80
26.5 70.8
70
25
20.1 60
45.9
20
m. dwt

50
m. dwt

15 13.1 40 36

30 16.5
10
5.8 20
2.4
5 10

0 0
July 2014 July 2014

Newbuilding Historical Prices ($m)

Tankers Jul-14 2013 2012 2011 2010 2009 2008 2007 2005 2000 1995 1990 1985
1 2
310,000 DWT 99.8 93.8 93.2 98.9 104.8 97.5 150 145 120 76.5 85.3 87.4 38.2
170,000 DWT1 65.8 59.6 57.1 60.3 66.3 61 90 90 71.5 52.5 54 66.1
2
28.2
110,000 DWT1 54.8 52.2 48.5 52.2 56 49.5 74 72 58 41.5 43.3 53.2
2
18.1
47,000 DWT1 37.2 34.6 33.8 35.2 36.1 35 46.5 52 43 29.5 33.2
3
32.1
3
13.3
Bulkers
180,000 DWT1 57.3 53.6 45.7 48.4 57.2 55.5 87 96 58.5 40.5 42.3 60.2 29.3
73,000 DWT1 30 27.8 25.6 28.7 34.3 34.5 45.5 54 36 22.5 27.9 30 13.4
45,000 DWT 28 26.5 23.7 26.7 31.1 29 41 47.5 31 20.5 24.1 25.3 12.4
29,000 DWT 23.7 22.2 20.5 22.2 26.3 24.5 31 34 25.5 15 19.2 21.3 9.7
1 2 3
Before 2001 sizes to read 280,000 - 140,000 - 95,000 - 40,000 respectively for tankers and 150,000 - 69,000 for Bulkers Single Hull 30,000 DWT
(note: above is for vessels built Japan / Korea, you should also consider US$ / Yen / Won relation for the years mentioned)

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11

The Shipbuilding Market

TYPE DWT BUILDER DELIVERY PRICE $ OWNER NOTES
AHTS 2000 Armon (Vigo) 2016 Rimorchiatori Riuniti SPA
BULK 64000 Zhejiang Yangfan 2016 Korea Line
BULK 64000 Zhejiang Yangfan 2016 Korea Line
BULK 82000 Jinling Shipyard 2018 SDTR Marine
BULK 82000 Jinling Shipyard 2018 SDTR Marine
BULK 82000 Jinling Shipyard 2018 SDTR Marine
BULK 82000 Jinling Shipyard 2017 SDTR Marine
BULK 208000 Hantong S.Y. 2016 Oldendorff Carriers
BULK 208000 Hantong S.Y. 2016 Oldendorff Carriers
BULK 180000 Sungdong S.B. 2016 The-Hu Cargocean
BULK 38500 Shanghaiguan S.Y. 2016 Prosperity Investment
BULK 38500 Shanghaiguan S.Y. 2016 Prosperity Investment
BULK 63800 Chengxi Shipyard 2017 Prosperity Investment
BULK 63800 Chengxi Shipyard 2017 Prosperity Investment
BULK 63800 Chengxi Shipyard 2016 Prosperity Investment
BULK 63800 Chengxi Shipyard 2016 Prosperity Investment
BULK 38800 Chengxi Shipyard 2017 Prosperity Investment
BULK 38800 Chengxi Shipyard 2017 Prosperity Investment
BULK 38800 Chengxi Shipyard 2016 Prosperity Investment
BULK 38800 Chengxi Shipyard 2016 Prosperity Investment
BULK 60000 Onomichi Dockyard 2017 Shih Wei Navigation
BULK 180000 Beihai Shipyard 2016 Foremost Maritime
BULK 180000 Beihai Shipyard 2016 Foremost Maritime
BULK 180000 Beihai Shipyard 2016 Foremost Maritime
BULK 180000 Beihai Shipyard 2015 Foremost Maritime
BULK 64000 COSCO Zhoushan 2016 KC Maritime Ltd.
BULK 64000 COSCO Zhoushan 2016 KC Maritime Ltd.
BULK 82000 COSCO Dalian 2016 KC Maritime Ltd.
BULK 82000 COSCO Dalian 2015 KC Maritime Ltd.
Chem & Oil 25000 Hyundai Mipo 2016 Alterna Capital
Chem & Oil 25000 Hyundai Mipo 2016 Alterna Capital
Chem & Oil 25000 Hyundai Mipo 2016 Alterna Capital
Chem & Oil 25000 Hyundai Mipo 2015 Alterna Capital
Chem & Oil 25000 Hyundai Mipo 2015 Alterna Capital
Chem & Oil 25000 Hyundai Mipo 2015 Alterna Capital
Chem & Oil 12500 Usuki Zosensho 2016 NYK Stolt Shipholding
Chem & Oil 12500 Usuki Zosensho 2016 NYK Stolt Shipholding
CONT 37000 Zhejiang Ouhua 2017 Arkas Line
CONT 37000 Zhejiang Ouhua 2017 Arkas Line
CONT 12000 Zhejiang Yangfan 2016 NOSC
CONT 12000 Zhejiang Yangfan 2016 NOSC
Cruise 17000 Meyer Werft 2019 Norway Cruise Line
Cruise 17000 Meyer Werft 2018 Norway Cruise Line
Diving Support Shanghai Zhenhua 2017 Sealion Shipping
LNG 85000 Daewoo 2020 Teekay Corp
LNG 85000 Daewoo 2020 Teekay Corp
LNG 85000 Daewoo 2019 Teekay Corp
LNG 85000 Daewoo 2019 Teekay Corp
LNG 85000 Daewoo 2018 Teekay Corp Eur 800 Mio
LNG 85000 Daewoo 2018 Teekay Corp Eur 800 Mio
LNG 85000 Daewoo 2019 Arctic Purple LNG
LNG 85000 Daewoo 2018 Arctic Purple LNG
LNG 85000 Daewoo 2018 Arctic Purple LNG
LPG 50000 Kawasaki H.I. 2016 Astomos Energy Corp.
MSV 24474 Vyborg SY 2016 Sovcomflot JSC
MSV 24474 Vyborg SY 2016 Sovcomflot JSC
MSV 24474 Vyborg SY 2016 Sovcomflot JSC
MSV Kleven Verft 2015 IES Pioneer LTD
MSV Kleven Verft 2016 IES Pioneer LTD
Pass/Car Ferry 600 Remontowa S.B. 2017 55 Mio BC Ferries
Pass/Car Ferry 600 Remontowa S.B. 2016 55 Mio BC Ferries
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12

Pass/Car Ferry 600 Remontowa S.B. 2016 55 Mio BC Ferries

PSV 2000 Eastern S.B. 2016 Harvey Gulf Intl.
TANK 159000 Hyundai H.I. 2016 Polembros Shipping
TANK 159000 Hyundai H.I. 2016 Polembros Shipping
AHTS 2000 Armon (Vigo) 2016 Rimorchiatori Riuniti SPA

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13

DEMOLITION MARKET
Demolition Prices
Gen Cargo Tanker
India USD 475 /lt Ldt USD 480 /lt Ldt
Bangladesh USD 435 /lt Ldt USD 460 /lt Ldt
Pakistan USD 455 /lt Ldt USD 480 /lt Ldt
China USD 300 /lt Ldt USD 310 /lt Ldt

Demolition Historical Data

Price Tankers* 2011 2012

2013 2014
580
530 485
460 465 470
480 445 445 445
USD/ton

430
380
330
280
230
180
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
*India month's end prices
2011 2012
Price Bulkers*
2013 2014
580
530
465 455 450
480 430 430 440
415
430
380
USD/ton

330
280
230
180
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
*India month's end prices

Total Demolition (Dwt)

60
50.3
50 41.8
Million dwt

38
40
30.5 31.58
27 28.6526.9 28.428.5 27 28.9
30 25.6 25
22.4
25.7
18.9 18 19.5
20 13.4 14.5 15.916.7 15.5 15.6
10 12
10 4.9 4.6 3.8 5.5 6.5 5
2.35
0

* Bss reported sales

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14

Historical Demolition Prices (India Year's End)

600

500

400 TANKERS
USD/ton

300 BULKERS

200 Avg. Trend

100

HISTORICAL DEMOLITION PRICES (*Indian Year’s End)

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 CURR.
TANK 186 182 172 115 136 174 135 174 262 362 302 405 507 287 338 485 482 435 470
BULK 166 153 152 112 143 170 135 181 267 381 332 392 472 268 328 437 456 410 450

India
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
BULK NADEEN 15200 1980 3806 459
BULK SILICA I 19075 1987 6060 473
BULK SAKHALIN 26700 1984 6622 481
BULK HALIS KALKAVAN 36800 1984 8139 472
BULK KHADIZA JAHAN 37596 1985 7707 490 Incl 200T RoB
BULK AMIRA NADIA 40048 1985 9090 482
BULK SZARE SZEREGI 73470 1991 13575 465
BULK ORLETA LWOWSKIE 73505 1991 13575 497
CONT HONG HAO 29744 1994 8926 496 Opt fr dely Pakistan
CONT HONG WEI 30007 1986 8518 496 Opt fr dely Pakistan
CONT CSL RIDE 35592 1996 12953 531
CONT MSC CORINNA 38468 1984 13937 494
CONT MSC KYOTO 53540 1981 18704 495
REEF KASHIMA BAY 10664 1984 5754 565 Incl 700T RoB
RORO CITY OF BEIRUT 9694 1987 9180 540 Incl 590T RoB
RORO TYRUSLAND 16600 1978 10882 505
RORO TSGT JOHN A. CHAPMAN 26763 1978 13772 547 American Flag. Incl 450T RoB
TANK VARADA BLESSING 299994 1993 38115 494
TWEEN ZHONG SHAN MEN 23503 1982 7347 473

Bangladesh
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
BULK CARAKA JAYA NIAGA III-3 3000 1990 1900 430
BULK BANGKAJA 6497 1981 1902 430
BULK GOLDEN TRIP 6503 1983 2061 430
BULK XIN HAI ZHOU 8500 1989 2495 440
BULK XIN HAI HAO 18592 1984 4654 445
BULK ROULA 32708 1983 8348 481
BULK S. CHAMP 33326 1984 7188 475
BULK HAI HAO 40864 1986 7017 470
BULK SEA EAGLE 65081 1982 11990 415
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15

GAS KANTHICHA 2876 1981 1881 405

LVSTK TORRENS 9217 1972 4776 440 Livestock Carrier
RORO SKY OCEANUS 12928 1979 5669 471
TANK AKTI A 28280 1996 10020 494

China
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
No Reported Sales

Pakistan
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
BULK HENG TONG 3 36227 1982 8790 479
BULK TUSCARORA BELLE 44189 1984 7394 491 Incl 450T Bunkers RoB
BULK KAI TONG 47175 1986 10218 479
TANK SILVA 82424 1986 15002 510
TANK ATHENS WARRIOR 306430 1993 41992 500

Turkey
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
CONT ALIANCA BRAZIL 32984 1994 13503 360
GAS MORES 7598 1994 4027 290

Other
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
CONT SINOKOR MASAN 3033 1983 2517 449 Asis Spore
CONT GOLDEN WING 12085 1984 4434 449 Asis Spore
CONT GOLDEN EXPRESS 15362 1986 4566 449 Asis Spore
TANK KAMARI 133811 1987 19395 392 Asis Vietnam

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HISTORICAL BUNKER PRICES

Bunkers Cost (380 cst)

800
700
600
500
USD/ton

400 Rotterdam
Fujeirah
300
Houston
200
Average Trend
100
0

Bunkers Cost (MGO)

1200

1000

800
USD/ton

600 Rotterdam
Fujeirah
400
Houston
200 Average Trend

HISTORICAL BUNKER PRICES

Rotterdam Fujeirah Houston
380 cst MGO 380 cst MGO 380 cst MGO
1992 83 161.9 81.5 208.2 78.4 165.2
1993 67 150.5 70 202.5 71.1 160.6
1994 86 133.2 80.9 182.6 80.8 148.8
1995 97 140.6 94.6 175.8 93.2 148
1996 107 175.1 104.4 207.5 105.8 186
1997 92 155.4 99.3 205.6 97.3 179.9
1998 66.5 112.2 69.2 152.2 67.2 136.9
1999 94 133 98.5 157.2 93.3 143.9
2000 139 231.6 155.3 263.5 136 255.7
2001 116 192.4 129.7 244.7 112.8 227.5
2002 135 188.2 145.9 222.8 134 196
2003 151 230.4 166.3 265.2 160.2 265.1
2004 154 313.4 176.7 359.3 167.3 328.7
2005 236 458.4 256.6 500.1 248.3 508.5
2006 195 524.1 310.9 631.8 303 562.3
2007 347 571.3 373.7 664.7 351.8 608.6
2008 469 850.7 509.4 1037.7 496.8 933.2
2009 355 490.6 372.8 657 360.7 525
2010 452 667.1 468.2 712.9 449.3 683
2011 548 848.6 587.5 897.5 542.1 862.4
2012 585 920 606 1005 610 1005
2013 585 920 620 1010 580 985
Jul-14 573 857 621 979 585 950

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MARKET INDICATORS

USD-EUR
Currencies USD-JPY

1.80 130
1.60 120
1.40 110

USD-JPY
USD-EUR

1.20 100
1.00 90
0.80 80
0.60 70
0.40 60

Brent Oil
160.00
140.00
120.00
100.00
$/Barrel

80.00
60.00
40.00
20.00
0.00

GBP CAD EUR JPY CHF USD AUD

GBP 1 0.5433 0.7915 0.00577 0.6507 0.5907 0.5529

CAD 1.841 1 1.457 0.010622 1.1977 1.0874 1.0179
EUR 1.2636 0.6865 1 0.007291 0.8221 0.7464 0.6986
JPY 173.334 94.1737 137.182 1 112.77 102.385 95.8342
CHF 1.5372 0.8352 1.2166 0.008869 1 0.908 0.85
USD 1.693 0.9198 1.3399 0.009768 1.1015 1 0.9361
AUD 1.809 0.9828 1.4316 0.010437 1.1769 1.0685 1
* 31/07/2014 values

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STOCK WATCH

NAME TICKER THIS MONTH* LAST MONTH CHANGE % 52w HIGH 52w LOW

Capital Product Partners CPLP 0.28 0.28 0 5625.01 0.26

Diana Shipping Inc. DSX 11.21 11.56 -3 11.63 8.12

Dryships Inc. DRYS 9.77 10.86 -10 13.93 8.83

Dynagas LNG Partners LP DLNG 2.92 3.22 -9.3 5.00 1.87

Eagle Bulk Shipping Inc. EGLE 23.63 24.95 -5.3 25.50 16.75

Euroseas Ltd. ESEA 1.79 3.11 -42.4 8.75 1.66

Freeseas Inc. FREE 0.49 0.64 -23.7 4.64 0.42

Genco Shipping&Trading GNKOQ 0.78 0.88 -11.4 4.98 0.68

Costamare Inc. CMRE 23.90 23.42 2 24.94 15.90

Goldenport Holdings Inc. GPRT 350.00 360.50 -2.9 510.00 292.50

Navios Maritime Holdings NM 8.20 9.93 -17.4 12.12 5.51

GasLog Ltd. GLOG 26.40 31.65 -16.6 32.44 12.99

Paragon Shipping Inc. PRGN 5.06 5.88 -13.9 9.40 3.90

Safe Bulkers Inc. SB 7.39 9.32 -20.7 11.48 4.78

Star Bulk Carriers Corp. SBLK 10.86 12.95 -16.1 15.88 6.05

Stealthgas Inc. GASS 10.72 11.28 -5 13.00 5.34

TEN Inc. TNP 7.15 6.69 6.9 8.48 4.52

TOP Ships Inc. TOPS 1.93 2.17 -11.1 20.51 1.75

Box Ships Inc. TEU 1.40 1.50 -6.7 4.66 1.40

Diana Containerships Inc. DCIX 2.44 2.54 -3.9 4.52 2.38

Danaos Corporation DAC 5.90 5.98 -1.3 7.75 3.67

Aegean Marine Petroleum ANW 9.63 10.03 -4 12.72 8.40

* 30/07/2014 closing values

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Disclaimer: Information and data that appear in this report have been obtained from various sources which are believed to
be correct and reliable. However, Athenian Shipbrokers S.A. does not guarantee their accuracy or completeness and
therefore cannot be held liable for any loss incurred as a result of reliance in any way whatsoever on the information
contained herein.

Kind Regards,

ATHENIAN SHIPBROKERS S.A.

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