1
11 Dec ±∆ ±%BDI 522 q -41 -7.3%
BCI 779 q -111 -12.5%
BPI 410 q -23 -5.3%
BSI 451 q -18 -3.8%
BHSI 282 q -4 -1.4%
W-O-W change
Mixed messages prevailing in the market as decision makers split opinions between
bulls and bears in the market, with each holding a strong stance as to their separate
views and where we go from here. The main focus this week is turned towards the
decisions Ms. Janet Yellen will take on Wednesday with regards to interest rates. Up
to now many have held the view that the decision is easy to take given the published
figures we have seen in terms of the prevailing unemployment rate in the US (which
has levelled down to 5%, a figure which many see as the lowest that can be sustained
right now) and the higher growth rate noted in the average hourly pay rise (which
reached a full 4% in the third quarter, giving an annualised figure of around 2.8%). It is
no bed of roses however, as infla#on has remained close to some of the lowest levels
noted, mainly due to the strong drop in commodity prices, while even when you take
on only core infla#on (excluding energy and food prices) this figure s#ll lingers at
around 1.3%. The danger here is that instead of further boos#ng economic growth it
could suffocate it in its tracks.
The decision is a hard one as such and is one that will be closely watched more than
any other such decision made by the Fed in the past. In the case that a decision is
made for the mo#on of increasing rates now even by a small amount, we will have to
take par#cular note on how the emerging markets will react. With most of these
economies s#ll heavily dependent on the commodity markets, any increase in their
dollar denominated debt would surely cause havoc, as they try to manage their ever
decreasing cash inflows. At the same #me, if markets take the view that the rate in-
crease is higher than needed at the current moment, it would also push for a sharp
exodus of investment from most of these economies, as many investors reshuffle
their “bets” over to the U.S. dollar and its seemingly be'er returns. This in part has
been further bolstered as a scenario, as the U.S. dollar has already risen by 19% since
mid-2014, giving a forward momentum that could be difficult to counter. It’s worth
men#oning that a further strengthening of the U.S. dollar would create headaches
back home as well as the Fed would have to deal with further drops in core infla#on.
At the same #me all these troubles will have to be faced by shipping at a #me when
commodi#es remain in a “sink hole”, being put under constant pressure as the world’s
biggest miners and oil producers, further ramp up their produc#on adding extra ca-
pacity to the supply glut, in an effort to take on more market share. This might be
more manageable in the oil business were demand is bolstered by low prices, but in
the iron ore and steel trade this excess supply has already drowned the market. Of
note is the recent figures coming out of China, where we noted exports of steel in the
last 11 months toping the 100m tonne mark which is more than most countries
(except Japan) produce on their own within a year.
Taking a more op#mis#c view, many of the “bulls” have pointed to a stronger demand
growth (albeit at a slow rate) from the developed economies and in par#cular the U.S.
As such they see it as a driver which could be indica#ng towards a steady growth in
the global trade of goods and services of as much as 3% within 2016 and move on
towards the 5% from 2017 onwards. As good as this sounds, it would s#ll be the case
we would have to buckle up for 2016 as the knock on posi#ve effect on the trade of
raw resources, such as iron ore, would be felt with a considerable delay.
George Lazaridis
Head of Market Research & Asset Valua!ons
07th - 11th December 2015 | Week 50
Dry Bulk Freight Market
Secondhand Market
Newbuilding Market
Demoli#on Market
Economic Indicators
Tanker Freight Market
11 Dec ±∆ ±%BDTI 920 q -42 -4.4%
BCTI 557 p 7 1.3%
W-O-W change
Avg Price Index (main 5 regions)
11 Dec ±∆ ±%Dry 234 q -1 -0.4%
Wet 253 q -1 -0.4%
W-O-W change
Aggregate Price Index
11 Dec ±∆ ±%Bulkers 79 q -1 -0.8%
Cont 100 u 0 0.0%
Tankers 101 q 0 -0.5%
Gas 100 q 0 -0.1%
M-O-M change
11 Dec ±∆ ±%Gold $ 1,073 q -16 -1.5%
Oil WTI $ 36 q -9 -19.6%
Oil Brent $ 38 q -10 -20.5%
Iron Ore 38 q -10 -21.4%
Coal 50 q -4 -6.6%
M-O-M change
Aggregate Price Index
11 Dec ±∆Capesize 40 q -7
Panamax 32 q -12
Supramax 40 q -9
Handysize 47 q -8
M-O-M change
VLCC 109 p 0
Suezmax 98 p 1
Aframax 120 u 0
MR 122 q -5
07th - 11th December 2015 | Week5 | We
2
2014 2015
07th - 11th December 2015
Capesize - Downward pressure is s#ll there and pushing things further into the
red, with ample tonnage looking to fix before the Christmas holidays are fully un-
der way, while interest seems to s#ll be waning, giving as such an edge to charter-
ers. It now looks as though there are s#ll further drops in sight over the next cou-
ple of days.
Panamax - The worst performing segment is s#ll in the doldrums for yet another
week despite some improvement noted on the Feast - Cont route. Ballast bonus
have helped alleviate some owners giving the overall a slightly be'er average for
any route they fix, however with such delays in securing the next voyage this is
quickly eaten away. Tonnage lists have shown some slight #ghtening in the North
Atlan#c, yet it will take much more demand to provide the support needed to
boost the market from where it is now.
Supramax - Things have started to quieten fairly fast while many expect it will
only get worse from mid-week with fresh inquiries limited in number and more
and more tonnage pushing ever more aggressively to find anything for fixing.
Things were looking to get worse in the Con#nent / Med region while charterers
put most of their focus only on tonnage which is available spot.
Handysize - Another overall downward trend again this past week, with further
losses noted on the average TCE. Things remained under pressure in the North
Atlan#c with the excess tonnage scrambling to find fresh inquiries. Things were
slightly be'er in the Pacific basin though not enough to counter the trend.
0
10
20
30
40
50'000 US$/day
07th - 11th Decemberer 2 201015 015
11 Dec 04 Dec ±% 2015 2014
Baltic Dry IndexBDI 522 563 -7.3% 726 1,104
CapesizeBCI 779 890 -12.5% 1,040 1,961
BCI 5TC $ 6,799 $ 7,863 -13.5% $ 8,177 $ 15,278ATLANTIC RV $ 7,780 $ 9,475 -17.9% $ 8,266 $ 14,130
Cont / FEast $ 13,450 $ 15,085 -10.8% $ 16,642 $ 32,135PACIFIC RV $ 6,136 $ 7,200 -14.8% $ 7,649 $ 14,319
FEast / ECSA $ 7,100 $ 7,582 -6.4% $ 8,564 $ 13,932Panamax
BPI 410 433 -5.3% 705 964BPI - TCA $ 3,275 $ 3,458 -5.3% $ 5,633 $ 7,714
ATLANTIC RV $ 3,117 $ 3,110 0.2% $ 6,079 $ 6,861Cont / FEast $ 6,698 $ 7,259 -7.7% $ 10,768 $ 15,315PACIFIC RV $ 2,955 $ 3,236 -8.7% $ 5,137 $ 7,844
FEast / Cont $ 328 $ 228 43.9% $ 547 $ 835Supramax
BSI 451 469 -3.8% 675 939BSI - TCA $ 4,713 $ 4,903 -3.9% $ 7,054 $ 9,816
Cont / FEast $ 7,433 $ 7,750 -4.1% $ 10,052 $ 14,974Med / Feast $ 6,257 $ 6,871 -8.9% $ 9,464 $ 13,840PACIFIC RV $ 5,008 $ 5,058 -1.0% $ 6,051 $ 8,873
FEast / Cont $ 3,050 $ 3,070 -0.7% $ 4,902 $ 6,179USG / Skaw $ 6,525 $ 6,944 -6.0% $ 11,172 $ 14,638Skaw / USG $ 1,375 $ 1,400 -1.8% $ 3,835 $ 4,971
HandysizeBHSI 282 286 -1.4% 369 523
BHSI - TCA $ 4,136 $ 4,189 -1.3% $ 5,437 $ 7,680Skaw / Rio $ 2,900 $ 3,154 -8.1% $ 3,832 $ 5,625
Skaw / Boston $ 3,446 $ 3,608 -4.5% $ 4,110 $ 5,273Rio / Skaw $ 4,456 $ 4,836 -7.9% $ 8,789 $ 10,072
USG / Skaw $ 4,956 $ 4,935 0.4% $ 7,339 $ 10,743SEAsia / Aus / Jap $ 3,887 $ 3,771 3.1% $ 4,234 $ 7,022
PACIFIC RV $ 4,778 $ 4,718 1.3% $ 5,480 $ 7,840
Spot market rates & indices Average
0
1,000
2,000
3,000
4,000
BDI BCI BPI BSI BHSI
0
5
10
15'000 US$/day
0
5
10
15'000 US$/day
0
3
6
9
12
15'000 US$/day
3
2014 2015
Crude Oil Carriers - Things started to level of this week for the large crude oil
carriers though making some gains from the further drops noted in bunker prices.
The remaining December program declined considerably as charterers seemed to
be in their majority absent from the market this week. This could turn once again
just before the Christmas holiday season, in which case we could witness another
rally over the next couple of days, while a lot will be played by the price trends
noted in the price of crude oil.
Oil Products - Despite a so+ening in demand, product tankers were able to hold
on to their inclining trend though only marginally. This seemed to have been kept
largely thanks to the expanded interest noted in the US Gulf which noted one of
its fastest increases in the flow of fresh interest in the market. Despite this, the
trend might start to falter over the coming days, under pressure from the slower
winter demand caused by warmer the typically noted weather in both the US and
Europe this year.
07th - 11th December 2015 07th - 11th DeDecececember 2015 cember 2cembercemb
11 Dec 04 Dec ±% 2015 2014
Baltic Tanker IndicesBDTI 920 962 -4.4% 816 777BCTI 557 550 1.3% 640 602
VLCCWS 52.88 53.29 -0.8% 35.41 28.24
$/day $ 65,263 $ 64,954 0.5% $ 29,997 -$ 6,110WS 88.07 92.43 -4.7% 63.00 48.36
$/day $ 95,873 $ 97,438 -1.6% $ 59,629 $ 37,314WS 86.75 90.36 -4.0% 61.68 47.70
$/day $ 106,918 $ 111,030 -3.7% $ 65,940 $ 25,202WS 87.50 85.00 2.9% 71.89 57.22
$/day $ 119,880 $ 114,124 5.0% $ 74,117 $ 32,821SUEZMAX
WS 75.00 80.00 -6.3% 81.20 75.11$/day $ 47,029 $ 49,437 -4.9% $ 46,149 $ 27,044
WS 102.73 102.64 0.1% 91.04 82.23$/day $ 59,412 $ 58,368 1.8% $ 45,835 $ 26,364
AFRAMAXWS 113.89 112.78 1.0% 110.94 109.50
$/day $ 43,472 $ 41,882 3.8% $ 36,676 $ 23,581WS 128.89 136.39 -5.5% 111.80 107.79
$/day $ 42,466 $ 44,797 -5.2% $ 30,926 $ 16,427WS 123.61 168.89 -26.8% 135.27 127.51
$/day $ 36,499 $ 54,691 -33.3% $ 38,454 $ 24,895WS 84.17 84.72 -0.6% 93.12 89.14
$/day $ 41,705 $ 41,098 1.5% $ 43,485 $ 29,167DPP
WS 167.50 177.50 -5.6% 138.54 139.78$/day $ 43,943 $ 46,154 -4.8% $ 30,418 $ 21,213
WS 127.25 134.00 -5.0% 122.62 127.00$/day $ 36,315 $ 37,627 -3.5% $ 29,983 $ 19,144
WS 124.44 128.31 -3.0% 110.26 96.35$/day $ 45,517 $ 46,659 -2.4% $ 35,440 $ 17,892
WS 124.44 115.28 7.9% 107.80 104.64$/day $ 47,277 $ 41,777 13.2% $ 35,210 $ 21,008
CPPWS 85.83 88.11 -2.6% 106.22 96.90
$/day $ 24,812 $ 25,107 -1.2% $ 28,829 $ 14,208WS 114.55 116.82 -1.9% 136.49 123.74
$/day $ 16,735 $ 16,704 0.2% $ 18,975 $ 9,516WS 140.00 145.00 -3.4% 133.67 110.57
$/day $ 26,231 $ 26,776 -2.0% $ 21,846 $ 7,995WS 89.29 100.36 -11.0% 96.10 92.94
$/day $ 21,357 $ 14,363 48.7% $ 11,700 $ 3,442
MED-MED
CONT-USAC
USG-CONT
MEG-USG
MEG-SPORE
WAF-USG
BSEA-MED
MEG-SPORE
MEG-JAPAN
WAF-USAC
NSEA-CONT
CARIBS-USG
CARIBS-USAC
SEASIA-AUS
MEG-JAPAN
CARIBS-USAC
BALTIC-UKC
ARA-USG
Spot market rates & indices Average
250
450
650
850
1,050
1,250
BDTI BCTI
-100
102030405060708090
'000 US$/day
-25
0
25
50
75
100'000 US$/day
0
20
40
60
80
100'000 US$/day
5101520253035
'000 US$/day
4
last 5 years
11 Dec 06 Nov ±% Min Avg Max
VLCC
$ 55,000 $ 50,000 10.0% $ 18,000 $ 30,064 $ 55,000
$ 42,500 $ 43,250 -1.7% $ 22,000 $ 32,137 $ 45,000
Suezmax
$ 38,000 $ 39,000 -2.6% $ 15,250 $ 23,223 $ 42,500
$ 33,500 $ 33,500 0.0% $ 17,000 $ 24,531 $ 35,000
Aframax
$ 30,000 $ 30,000 0.0% $ 13,000 $ 17,477 $ 30,000
$ 26,750 $ 26,750 0.0% $ 14,750 $ 18,740 $ 27,000
MR
$ 18,500 $ 19,500 -5.1% $ 12,500 $ 14,487 $ 21,000
$ 17,500 $ 17,500 0.0% $ 13,500 $ 14,981 $ 18,250
12 months
36 months
12 months
36 months
Tanker period market TC rates
12 months
36 months
12 months
36 months
last 5 years
11 Dec 06 Nov ±% Min Avg Max
Capesize
$ 7,000 $ 9,500 -26.3% $ 6,950 $ 18,844 $ 40,200
$ 7,000 $ 10,250 -31.7% $ 6,950 $ 18,598 $ 33,700
Panamax
$ 6,500 $ 7,250 -10.3% $ 6,450 $ 13,384 $ 30,450
$ 7,250 $ 8,000 -9.4% $ 7,200 $ 12,941 $ 22,450
Supramax
$ 6,000 $ 7,250 -17.2% $ 5,950 $ 12,628 $ 24,950
$ 7,250 $ 7,500 -3.3% $ 7,200 $ 12,211 $ 18,700
Handysize
$ 6,000 $ 7,000 -14.3% $ 5,950 $ 10,129 $ 18,700
$ 6,500 $ 7,250 -10.3% $ 6,450 $ 10,266 $ 15,200
12 months
Dry Bulk period market TC rates
12 months
36 months
36 months
12 months
36 months
12 months
36 months
last 5 yearsDry Bulk period market TC rates
07th - 11th December 2015
Latest indica#ve Dry Bulk Period Fixtures
Latest indica#ve Tanker Period Fixtures
07th - 11th December 201015
5
7
9
11
13
15
17
19
21
5
6
7
8
9
10
11
12
5
6
7
8
9
10
11
5
6
7
8
9
10
20
25
30
35
40
45
50
55
60
15
20
25
30
35
40
45
12
17
22
27
32
1213141516171819202122M/T ''SHOSHONE SPIRIT'', 314000 dwt, built 2011, $49,500, for 1 year
trading, to KOCH
M/T ''TRIATHLON'', 164000 dwt, built 2002, $34,900, for 18 months
trading, to KOCH
M/T ''STELLATA'', 111000 dwt, built 2016, $28,000, for 3 years trading, to
TRAFIGURA
M/T ''HAFNIA ARCTIC'', 75000 dwt, built 2010, $23,500, for 2 years
trading, to LUKOIL
M/T ''GRAND ACE 6'', 46,200 dwt, built 2007, $18,000, for 1 year trading,
to KOCH
M/V ''LOS ANGELES'', 206104 dwt, built 2012, dely Huanghua spot,
$7,750, for 11/14 months trading, to SwissMarine
M/V ''MARINA'', 87036 dwt, built 2006, dely aps Brazil 20/25 Dec, $6,250,
for 10/14 months trading, to Bunge
M/V ''MARITSA'', 76015 dwt, built 2005, dely Rizhao 12/14 Dec, $5,250,
for 5/8 months trading, to Glencore
M/V ''ECOSTAR G.O.'', 75149 dwt, built 2007, dely passing Yosu 08/13
Dec, $5,000, for 5/9 months trading, to SwissMarine
M/V ''DANAE'', 75106 dwt, built 2001, dely Singapore 09/13 Dec, $4,900,
for 11/14 months trading, to Norden
5
Reported Transac#ons
A very busy week in terms of the volume of new contracts reported,
especially when taking into account the typical weekly volume that
we have become accustomed to during the majority of 2015. The
focus is s#ll hard set on the tanker market, with a number of VLCC
orders having been placed by China Merchants in three separate
CSSC group shipyards. At the same #me Greek owners are s#ll
showing keen interest in the product tankers, finding a good oppor-
tunity to take on the price arbitrage between the opposing trends of
freight rates against newbuilding prices on offer by shipbuilders.
Similarly so there are a number of European owners taking an ac#ve
presence on the LPG front, primarily focusing on the VLGC size
range though some are keen to look at some of the smaller size seg-
ments as well. Prices will s#ll remain the key driver in the market, as
sen#ment is all but dried up in terms of any excep#onal future mar-
ket prospects across all market sectors of the shipping industry. This
in turn will con#nue to give rise to the troubled financial condi#on of
even some of the larger shipbuilding groups out there, leading to a
feeling that more consolida#on might be in sight for 2016.
07th - 11th December 2015
07th - 11th December 2015
10
20
30
40
50
60
Capesize Panamax Supramax Handysize
US$ million
30
50
70
90
110VLCC Suezmax Aframax LR1 MR
US$ million
Indicative Dry NB Prices (US$ million) last 5 years
11 Dec 06 Nov ±% Min Avg Max
Dry Bulkers
Capesize (180,000dwt) 46.5 47.0 -1.1% 46.0 51.9 60.0
Kamsarmax (82,000dwt) 26.3 26.5 -0.9% 26.3 30.5 38.0
Panamax (77,000dwt) 25.8 26.0 -1.0% 25.8 29.4 34.5
Ultramax (64,000dwt) 24.3 24.5 -1.0% 24.3 27.3 32.0
Handysize (37,000dwt) 20.5 20.5 0.0% 20.5 23.2 27.8
Container
Post Panamax (9,000teu) 88.0 88.0 0.0% 76.5 87.3 97.0
Panamax (5,200teu) 56.0 56.0 0.0% 48.6 57.8 65.6
Sub Panamax (2,500teu) 29.5 29.5 0.0% 29.5 33.5 41.5
Feeder (1,700teu) 20.5 20.5 0.0% 20.5 24.7 29.8
Indicative Wet NB Prices (US$ million) last 5 years
11 Dec 06 Nov ±% Min Avg Max
Tankers
VLCC (300,000dwt) 94.0 95.0 -1.1% 89.5 97.6 107.5
Suezmax (160,000dwt) 63.0 63.5 -0.8% 55.8 62.2 68.0
Aframax (115,000dwt) 52.0 52.3 -0.5% 47.0 52.4 58.0
LR1 (75,000dwt) 45.8 45.8 0.0% 40.5 44.2 47.0
MR (56,000dwt) 35.5 35.5 0.0% 33.5 35.3 37.3
Gas
LNG 160k cbm 199.0 200.0 -0.5% 198.0 200.9 211.5
LPG LGC 80k cbm 77.0 77.0 0.0% 69.5 73.6 80.0
LPG MGC 55k cbm 67.5 67.5 0.0% 62.0 64.4 68.5
LPG SGC 25k cbm 45.0 45.0 0.0% 41.0 44.3 46.5
Type Units Size Shipbuilder Price Buyer Delivery Comments
TANKER 6 319,000 dwt DALIAN SHIPBUILDING, China $ 92.0m CHINA MERCHANTS - China 2017-2018
TANKER 2 319,000 dwt DALIAN COSCO KHI, China $ 92.0m CHINA MERCHANTS - China 2017
TANKER 2 319,000 dwt NANTONG COSCO KHI, China $ 92.0m CHINA MERCHANTS - China 2017
TANKER 2 158,000 dwtSUNGDONG SHIPBUILDING,
S. Korea$ 66.0m ELANDRA - UK 2017
TANKER 2 50,000 dwt HYUNDAI VINASHIN, Vietnam $ 32.5m LATSCO - Greece 2017
TANKER 2 50,000 dwt HYUNDAI VINASHIN, S. Korea $ 35.0mCONSOLIDATED MARINE
MANAGEMENT - Greece2017 options declared
TANKER 2 7,800 dwt CHENGXI SHIPYARD, China $ 20.0m KUMIAI SENPAKU - Japan 2017 Asphalt/Bitumen carrier
GAS 4 85,000 cbm DALIAN COSCO KHI, China $ 163.0mHARTMANN SCHIFF -
Germany2018 Ethane carrier
GAS 1+1 83,000 cbm HHI, Korea $ 76.0m SK SHIPPING - S. Korea 2017
GAS 4+2 32,000 cbm JIANGSU WATTS , China $ 77.0m EVERGAS - Denmark 2018 Ethane carrier
GAS 2 22,000 cbm JIANGMEN NANYANG, China $ 41.0m PETREDEC - Singapore 2017
6
Indicative Dry Bulk Values (US$ million)
11 Dec 06 Nov ±% Min Avg Max
Capesize180k dwt Resale 39.0 44.0 -11.4% 36.0 53.0 74.0170k dwt 5 year old 26.0 29.0 -10.3% 26.0 41.6 61.0170k dwt 10 year old 13.0 16.5 -21.2% 13.0 29.4 45.5150k dwt 15 year old 7.5 9.0 -16.7% 7.5 17.9 29.5Panamax82k dwt Resale 24.5 27.5 -10.9% 24.5 33.6 46.076k dwt 5 year old 11.5 16.0 -28.1% 11.5 25.6 40.376k dwt 10 year old 7.3 9.5 -23.7% 7.3 19.6 33.874k dwt 15 year old 4.5 6.0 -25.0% 4.5 13.4 24.5Supramax62k dwt Resale 23.0 24.5 -6.1% 23.0 30.9 40.058k dwt 5 year old 11.0 15.0 -26.7% 11.0 23.6 32.352k dwt 10 year old 6.5 9.0 -27.8% 6.5 17.7 26.352k dwt 15 year old 4.5 5.5 -18.2% 4.5 12.4 21.6Handysize37k dwt Resale 19.0 21.0 -9.5% 19.0 24.5 30.032k dwt 5 year old 9.0 11.5 -21.7% 9.0 19.5 27.432k dwt 10 year old 7.5 8.5 -11.8% 7.5 14.8 21.828k dwt 15 year old 4.0 5.0 -20.0% 4.0 10.3 16.5
last 5 years
07th - 11th December 2015
07th - 11th December 2015
On the dry bulk side, price drops are s#ll all the range, with excessive
pressure being put on sellers to drop their price ideas ever further if
they are truly keen to sell in the current market. Good quality units
are all hi:ng new lows, while primary interest amongst buyers is to
focus on the top range Japanese units, as their primary goal is the
excess gains they can generate from the “asset play” rather then
from the freight market were earnings are s#ll holding in some cases
below OPEX levels.
On the tanker side, hesitance is s#ll being noted amongst most buy-
ers who s#ll feel that prices have gone beyond what most feel the
market prospects could excuse. Nevertheless, with things holding
firm and many es#mates now poin#ng to firmer demand for oil and
oil products within 2016, sen#ment amongst buyers might also start
to shi+, in turn leading to higher price hikes as we move forward.
-10%
-26%
-16%
-35%-40%
-35%
-30%
-25%
-20%
-15%
-10%
-5%
0%
1 month diff 3 months diff6 months diff 12 months diff
-28%
-36%
-30%
-44%-50%
-45%
-40%
-35%
-30%
-25%
-20%
-15%
-10%
-5%
0%
1 month diff 3 months diff6 months diff 12 months diff
-27%-29%
-24%
-49%-60%
-50%
-40%
-30%
-20%
-10%
0%
1 month diff 3 months diff6 months diff 12 months diff
-22%
-31% -31%
-47%-50%-45%-40%-35%-30%-25%-20%-15%-10%
-5%0%
1 month diff 3 months diff6 months diff 12 months diff
+1%
-4%
-1%
+4%
-4%
-3%
-2%
-1%
0%
1%
2%
3%
4%
5%
1 month diff 3 months diff6 months diff 12 months diff
+2%
-2%
+2%
+5%
-2%
-1%
0%
1%
2%
3%
4%
5%
6%
1 month diff 3 months diff6 months diff 12 months diff
+0%
+2% +2%
+10%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
1 month diff 3 months diff6 months diff 12 months diff
+0%+2%
+7%
+16%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
1 month diff 3 months diff6 months diff 12 months diff
Indicative Tanker Values (US$ million)
11 Dec 06 Nov ±% Min Avg Max
VLCC310k dwt Resale 100.0 100.0 0.0% 80.0 97.3 117.0310k dwt 5 year old 80.0 79.0 1.3% 55.0 72.3 91.0250k dwt 10 year old 55.0 55.0 0.0% 33.8 48.5 65.0250k dwt 15 year old 38.0 38.0 0.0% 16.9 27.1 41.0Suezmax160k dwt Resale 70.0 69.0 1.4% 53.0 65.2 74.5150k dwt 5 year old 60.0 59.0 1.7% 38.0 51.4 63.4150k dwt 10 year old 42.0 42.0 0.0% 24.0 35.2 46.0150k dwt 15 year old 22.0 22.0 0.0% 14.0 19.5 26.6Aframax110k dwt Resale 56.0 56.0 0.0% 39.0 49.6 60.0110k dwt 5 year old 46.0 46.0 0.0% 27.0 37.8 47.0105k dwt 10 year old 31.0 31.0 0.0% 16.0 24.7 33.0105k dwt 15 year old 17.0 17.0 0.0% 8.0 13.4 18.5MR52k dwt Resale 38.5 38.5 0.0% 32.0 36.7 39.352k dwt 5 year old 29.0 29.0 0.0% 22.0 26.8 30.545k dwt 10 year old 19.5 20.0 -2.5% 13.8 17.7 20.445k dwt 15 year old 12.0 13.5 -11.1% 9.0 11.1 13.8
last 5 years
7
07th - 11th December 2015 07th - 11th December 2015
Size Name Dwt Built Shipbuilder M/E Coating Price Buyers Comments
AFRA AMERICAS SPIRIT 111,920 2003 HYUNDAI HEAVY
INDUSTRI, S. KoreaMAN-B&W $ 28.0m incl. TC
AFRA FUJI SPIRIT 106,360 2003 TSUNEISHI CORP
TADOTSU, JapanB&W $ 28.0m incl. TC
MR SAVANNAH 47,172 1996 ONOMICHI, Japan B&WEPOXY
Coated$ 8.3m undisclosed trading dirty
MR CARLA MAERSK 44,999 1999 HALLA ENG & HI -
SAMHO, S. KoreaMAN-B&W
Zinc
Coated$ 12.0m Far Eastern
PROD/
CHEMADOUR 15,267 2003
DAMEN
SHIPYARDS
OKEAN, Ukraine
MaKEPOXY
PHENN/A Chinese
PROD/
CHEMSONGA HAWK 13,265 2009
JINSE
SHIPBUILDING CO,
S. Korea
MAN-B&WEPOXY
PHEN$ 12.8m S. Korean
Size Name Dwt Built Shipbuilder M/E Gear Price Buyers Comments
VLOC ORE DONGJIAKOU 400,606 2012
NANTONG
RONGSHENG
SHBL, China
Wartsila $ 105.8m
VLOC ORE CHINA 400,606 2011
NANTONG
RONGSHENG
SHBL, China
Wartsila $ 105.8m
VLOC ORE HEBEI 400,535 2012
NANTONG
RONGSHENG
SHBL, China
Wartsila $ 105.8m
VLOC ORE SHANDONG 400,000 2012
NANTONG
RONGSHENG
SHBL, China
Wartsila $ 105.8m
CAPE DEEP BLUE 182,608 2015 JAPAN MARINE
UTD - ARI, JapanMAN-B&W $ 38.0m
CAPE INDOMITABLE 182,476 2015 JAPAN MARINE
UTD - ARI, JapanMAN-B&W $ 38.0m
CAPE BULK AUSTRALIA 170,578 2003 SASEBO SASEBO,
JapanB&W $ 9.3m Greek - New Shipping
PMAX TSU EBISU 81,001 2014 JAPAN MARINE
UTD - TSU, JapanMAN-B&W $ 23.0m
PMAX MAGNUM OPUS 81,001 2014 JAPAN MARINE
UTD - TSU, JapanMAN-B&W $ 23.0m
PMAXBRUNHILDE
SALAMON75,940 2001
KANASASHI HEAVY
TOYOHA, JapanMAN-B&W $ 4.6m Far Eastern
PMAX MARITIME HARESHIO 75,740 2006
SANOYAS
HISHINO MIZ'MA,
Japan
MAN-B&W $ 8.2m Greek - MG Shipping
SMAX VEGA ARIES 57,000 2010 TAIZHOU KOUAN
SHIPBUIL, ChinaMAN-B&W
4 X 30t
CRANES$ 10.0m undisclosed
HMAX PACIFIC DOLPHIN 49,047 1996
OSHIMA
SHIPBUILDING,
Japan
B&W4 X 35t
CRANES$ 3.5m Chinese
HANDY OCEAN LARK 37,196 2012 HYUNDAI MIPO, S.
KoreaMAN-B&W
4 X 30t
CRANES$ 9.5m undisclosed
Tankers
Bulk Carriers
Greek
Chinese - Industrial
and Commeriacl Bank
of China
Greek
Greek
8
07th - 11th December 2015 07th - 11th December 2015
Type Name Dwt Built Shipbuilder M/E Gear Price Buyers Comments
General
CargoQI DONG 20,567 1999
FLENSBURGER KG,
GermanyMitsubishi
2 X 60t
CRANES$ 4.3m Indian open box type
Size Name TEU Built Shipbuilder M/E Gear Price Buyers Comments
FEEDER ASPIRATION 1,060 2005 HAKATA HAKATA,
JapanB&W $ 7.1m
S. Korean - Kharis
Shipping
FEEDER HANSE RELIANCE 966 2006 YANGFAN GROUP
CO LTD, ChinaMAN-B&W
2 X 45t
CRANES$ 4.3m undisclosed
FEEDER MADELEINE 502 2000 QINGSHAN, China MAN2 X 40t
CRANES$ 1.7m Iceland
Size Name Dwt Built Shipbuilder M/E CBM Price Buyers Comments
LPG SUN ARIES 50,357 1991 MITSUBISHI
NAGASAKI, JapanMitsubishi 78,488 $ 28.0m Greek
Gen. Cargo
Containers
Gas Carriers
9
Another week progressed with considerable difficulty as it seems
that there is s#ll li'le there to keep prices buoyant. The few number
of end buyers and the ample supply of low priced steel is holding
back specula#ve buying and crea#ng a market with limited clearing
ability, especially under circumstances where there is ample numbers
of emo candidates circula#ng the market. What is making things
worse is the ample number of dry bulk owners which are pressured
on the one hand to exit any overage units they may hold, while also
fearful that if they delay this decision any further they fay well be
faced with even higher discounts on the end scrap value they will
receive. It is no surprise as such that cash buyers are choosing to fix
most of their new purchases with op#ons on the delivery, trying as
such to keep op#ons open as markets shi+ in terms of open capacity.
The Bangladesh market has already started to show signs of filling
up, something that may well push down prices further over the com-
ing days.
07th - 11th December 2015 07th - 11th December 2015
Reported Transac#ons
100150200250300350400450500
Bangladesh India Pakistan China Turkey
US$/ldt
100150200250300350400450500
Bangladesh India Pakistan China Turkey
US$/ldt
Indicative Wet Prices ($/ldt) last 5 years
11 Dec 04 Dec ±% Min Avg Max
Indian Sub Continent
Bangladesh 320 320 0.0% 280 436 540
India 300 300 0.0% 300 442 550
Pakistan 320 320 0.0% 300 439 525
Far East Asia
China 145 145 0.0% 140 349 485
Mediterranean
Turkey 180 185 -2.7% 165 286 355
Indicative Dry Prices ($/ldt) last 5 years
11 Dec 04 Dec ±% Min Avg Max
Indian Sub Continent
Bangladesh 295 295 0.0% 250 413 515
India 275 275 0.0% 275 418 525
Pakistan 295 295 0.0% 285 413 510
Far East Asia
China 135 135 0.0% 120 331 455
Mediterranean
Turkey 170 175 -2.9% 155 276 355
Type Vessel's Name Dwt Built Country Built Ldt US$/ldt Buyer Sale Comments
Bulker AQUAFAITH 167,110 1997 S. Korea 22,088 $ 288/Ldt undisclosed sub-continent options
Bulker BALTHAZAR 72,861 1997 S. Korea 11,168 $ 292/Ldt undisclosed sub-continent options
Bulker GNS DONGHAE 66,088 1990 S. Korea 9,865 $ 282/Ldt undisclosed sub-continent options
Cont HANJIN MARSEILLES 62,623 1993 S. Korea 19,007 $ 310/Ldt Indian
Cont PHILADELPHIA 58,810 2002 S. Korea 18,848 $ 295/Ldt Indian bss 'as is' Spore - incl. 400tns ROB
Cont NORTHERN DIVERSITY 45,239 1997 S. Korea 14,323 $ 293/Ldt Indian bss 'as is' Spore
Bulker FORCE-ONE 38,888 1985 Japan 7,149 $ 282/Ldt Indian self discharging
Bulker ATLANTIS 38,023 1983 S. Korea 9,219 $ 284/Ldt Indian
10
350
400
450
500
550
600
650
700
750
07th - 11th December 2015
US Dollar per Euro Yen per US Dollar
Iron Ore (TSI) Coal Price Index
Yuan per US Dollar US Dollar INDEX
Oil WTI $ Palm Oil
07th 11th December 2015
Oslo-listed Avance Gas lowered the threshold for shareholder assent
in its bid for Aurora LPG as the clock #cks down to expiry.
The Chris#an Andersen-led Avance said in a release Friday that it has
waived the minimum acceptance level of 90% of shares to complete
the takeover. Avance now says the comple#on will only require
“acceptances represen#ng more than 29% of the shares and votes in
Aurora LPG on a fully diluted basis prior to the expiry of the offer peri-
od,” which is 16 December. Avance announced its approach for Auro-
ra back in November, offering to exchange 0.574 of newly issued
shares for each Aurora share, a 34.8% premium according to Avance’s
press release at the #me.
The lowering of the acceptance threshold may indicate that Avance is
realising a wholesale takeover of Aurora is not feasible, according to
an equity analyst that was not authorised to speak publicly. Oslo Bors
rules require that any takeover offer winning 90% acceptance requires
the remaining shareholders to sell. But the recent news that rival
VLGC-owner BW LPG has acquired a 12.13% stake in Aurora makes it
highly unlikely that Avance would have met the earlier threshold, he
added. Source: Tradewinds
0.95
1.00
1.05
1.10
1.15
1.20
1.25
1.30
110.00
112.00
114.00
116.00
118.00
120.00
122.00
124.00
126.00
6.00
6.10
6.20
6.30
6.40
6.50
84.00
89.00
94.00
99.00
104.00
109.00
40.00
50.00
60.00
70.00
80.00
90.00
100.00
45.00
50.00
55.00
60.00
65.00
70.00
35.00
40.00
45.00
50.00
55.00
60.00
65.00
11 Dec 06 Nov ±% Min Avg Max
Markets
10year US Bond 2.14 2.33 -8.2% 1.67 2.13 2.48
S&P 500 2,012.4 2,099.2 -4.1% 1,868 2,061 2,131
Nasdaq 4,933.5 5,147.1 -4.2% 4,506 4,928 5,219
Dow Jones 17,265.2 17,910.3 -3.6% 15,666 17,603 18,312
FTSE 100 5,952.8 6,353.8 -6.3% 5,899 6,607 7,104
FTSE All-Share UK 3,295.1 3,483.5 -5.4% 3,246 3,593 3,834
CAC40 4,549.6 4,984.2 -8.7% 4,005 4,804 5,269
Xetra Dax 10,340.1 10,988.0 -5.9% 9,334 10,911 12,375
Nikkei 19,230.5 19,265.6 -0.2% 16,755 19,094 20,868
Hang Seng 21,464.1 22,867.3 -6.1% 20,557 24,386 28,443
DJ US Maritime 179.6 220.9 -18.7% 179.6 242.3 291.3
Currencies
$ per € 1.10 1.09 1.1% 1.06 1.12 1.25
$ per ₤ 1.52 1.51 0.4% 1.46 1.53 1.59
₤ per € 0.72 0.72 0.7% 0.70 0.73 0.80
¥ per $ 121.3 122.1 -0.7% 116.9 120.9 125.1
$ per Au$ 0.72 0.71 1.4% 0.69 0.76 0.83
$ per NoK 0.12 0.12 -1.5% 0.11 0.13 0.14
$ per SFr 0.99 1.00 -1.3% 0.86 0.96 1.03
Yuan per $ 6.46 6.35 1.7% 6.16 6.25 6.46
Won per $ 1,185.4 1,144.2 3.6% 1,069.2 1,127.9 1,203.3
$ INDEX 105.4 104.8 0.6% 95.5 102.5 106.9
Commoditites
Gold $ 1,072.5 1,088.9 -1.5% 1,055.4 1,165.6 1,295.8
Oil WTI $ 35.6 44.3 -19.6% 35.6 50.0 61.4
Oil Brent $ 37.7 47.4 -20.5% 37.7 54.9 68.3
Palm Oil 562.0 547.8 2.6% 437.5 582.0 707.5
Iron Ore 37.5 47.7 -21.4% 37.5 56.9 71.2
Coal Price Index 49.5 53.0 -6.6% 48.0 58.4 68.5
White Sugar 398.2 400.9 -0.7% 333.6 378.6 428.2
last 12 months
11
AERAKIS GEORGEMOBILE: +30 6946 04 57 37
BOLIS ILIASMOBILE: +30 6937 02 65 00
DASKALAKIS GEORGEMOBILE: +30 6932 24 80 07
DRAKOGIANNOPOULOS STAVROSMOBILE: +30 6932 20 15 65
DRAKOGIANNOPOULOS SAKISMOBILE: +30 6944 88 58 08
HATZIGEORGIOU NASSOSMOBILE: +30 6944 73 33 93
KARADIMAS COSTASMOBILE: +30 6932 20 15 64
KLONIZAKIS JOHNMOBILE: +30 6948 50 55 81
KOSTOYANNIS JOHNMOBILE: +30 6932 43 39 99
MANOLAS NIKOLASMOBILE: +30 6940 63 22 56
MOISSOGLOU THEODOROSMOBILE: +30 6932 45 52 41
PAPOUIS THASSOSMOBILE: +30 6944 29 49 89
PRACHALIAS ARGIRISMOBILE: +30 6947 62 82 62
STASSINAKIS JOHNMOBILE: +30 6972 60 92 09
TOBALOGLOU EVAGELOSMOBILE: +30 6932 40 56 20
TSALPATOUROS COSTISMOBILE: +30 6932 20 15 63
VARVAROS PLUTONMOBILE: +30 6937 25 15 15
LAZARIDIS GEORGE MOBILE: +30 6946 95 69 40
Maritime Research & Valuations
Sale & PurchaseALEXOPOULOS PANOS
MOBILE: +30 6944 34 66 15
DAOULAS SPYROS MOBILE: +30 6932 27 88 40
KANELLOS DIMITRIS MOBILE: +30 6945 07 47 85
KAPPA ANGELIKI MOBILE: +30 6975 85 60 84
KARAMANIS COSTASMOBILE: +30 6941 54 14 65
KARAMANI NATALIA MOBILE: +30 6984 58 82 99
MANOLOPOULOS VASSILISMOBILE: +30 6988 88 13 05
MAVRIKOU GEORGINA MOBILE: +30 6974 18 07 84
PATELIS DIMITRIS MOBILE: +30 6944 04 43 61
THEODOTOS ARISTOFANIS MOBILE: +30 6951 79 82 89
TSALPATOUROU MARGARITA MOBILE: +30 6934 74 22 16
FLOURIS JOHN MOBILE: +30 6955 80 15 03
FOUROULI STELLA MOBILE: +30 6947 35 68 48
PAPANTONOPOULOS NICOLAS MOBILE: +30 6945 23 21 88
Dry Cargo Chartering
Tanker Chartering
ALLIED SHIPBROKING INC. 48, Aigialeias Street, 4th Floor, Maroussi 151 25, Greece Tel: +30 210 45 24 500 Fax: +30 210 45 25 017/ 019 E-mail: [email protected]
ALLIED CHARTERING S.A. 48, Aigialeias Street, 4th Floor, Maroussi 151 25, Greece Tel : +30 210 42 88 100 Fax: +30 210 45 24 201
E-mail: [email protected]
E-mail: [email protected]
07th - 11th December 2015 | Week 50
12
Disclaimer
The informa#on contained within this report has been provided by Allied Shipbroking Inc. and Allied Chartering S.A. for general informa#on
purposes.
All the informa#on is compiled through Allied Shipbroking Inc. and Allied Chartering S.A. databases, as well as from other market sources. De-
spite having taken reasonable care in the gathering, filtering and audi#ng of this informa#on and believing that the informa#on is accurate and
correct, it may s#ll contain errors, as a lot of the views regarding market levels are par#ally derived from es#mates and/or subject judgments
while the reported transac#on ac#vity is gathered from several sources and rumors, some of which are some#mes hard to validate in full their
accuracy and truthfulness. As such we advise that the informa#on be taken cau#ously, while advising that this informa#on does not obviate the
need to also make further enquiries and seek further informa#on in order to obtain a more accurate outlook. As we make no warran#es of any
kind, both expressed or implied, as to the completeness, accuracy, reliability or completeness of the informa#on herein, Allied Shipbroking Inc.
and its connected persons shall not be held liable to any loss or damage of any kind, including direct, indirect and/or consequen#al damages
caused by negligence of any kind on our part.
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Appendix
Aggregate Price Index quoted on the first page for both Newbuilding and Secondhand relates to the current average prices levels compared to
where they stood at 1st January 2010 (i.e. index 100 = 01/01/2010)
Demoli#on market average price index refers to the combina#on of the average prices currently offered in the Indian Sub-Con#nent, Far East
and Mediterranean.
Period rates currently relate to Capesize of 180,000dwt, Panamax of 76,000dwt, Supramax of 56,000dwt and Handysize of 33,000dwt on the
Dry Bulk side and VLCC of 250,000dwt, Suezmax of 150,000dwt, Aframax of 115,000dwt and MR of 52,000dwt on the Tankers side respec-
#vely.
In terms of Secondhand Asset Prices their levels are quoted based on following descrip#on:
All vessels built to European specifica#ons
by top Japanese shipbuilders, with dwt size
based on the below table.
07th - 11th December 2015 | Week 50
Resale 5 year old 10 year old 15 year old
Capesize 180,000dwt 170,000dwt 170,000dwt 150,000dwt
Panamax 82,000dwt 76,000dwt 76,000dwt 74,000dwt
Supramax 62,0000dwt 58,000dwt 52,000dwt 52,000dwt
Handysize 37,000dwt 32,000dwt 32,000dwt 28,000dwt
VLCC 310,000dwt 310,000dwt 250,000dwt 250,000dwt
Suezmax 160,000dwt 150,000dwt 150,000dwt 150,000dwt
Aframax 110,000dwt 110,000dwt 105,000dwt 95,000dwt
MR 52,000dwt 45,000dwt 45,000dwt 45,000dwt