COTZIAS MARKET ECONOMIC OUTLOOK …files.irwebpage.com/reports/shipping/GaPohY32AN/COTZIAS...

www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK JANUARY 2010MARITIME ECONOMETRICS

GBP£/US$ (2003 - 2010)

US$/JAP Yen (2003 - 2010)

US$/JAP Yen (2003 - 2010)

85.00

90.00

95.00

100.00

105.00

110.00

115.00

120.00

125.00

130.00

Jan-0

3

Apr-03

Jul-0

3

Oct-0

3

Jan-0

4

Apr-04

Jul-0

4

Oct-0

4

Jan-0

5

Apr-05

Jul-0

5

Oct-0

5

Jan-0

6

Apr-06

Jul-0

6

Oct-0

6

Jan-0

7

Apr-07

Jul-0

7

Oct-0

7

Jan-0

8

Apr-08

Jul-0

8

Oct-0

8

Jan-0

9

Apr-09

Jul-0

9

Oct-0

9

Jan-1

0

US$-Yen

GBP£/US$ (2003 - 2010)

1.3300

1.4300

1.5300

1.6300

1.7300

1.8300

1.9300

2.0300

2.1300

Jan-0

3

Apr-03

Jul-0

3

Oct-0

3

Jan-0

4

Apr-04

Jul-0

4

Oct-0

4

Jan-0

5

Apr-05

Jul-0

5

Oct-0

5

Jan-0

6

Apr-06

Jul-0

6

Oct-0

6

Jan-0

7

Apr-07

Jul-0

7

Oct-0

7

Jan-0

8

Apr-08

Jul-0

8

Oct-0

8

Jan-0

9

Apr-09

Jul-0

9

Oct-0

9

Jan-1

0

£ - $

GBP£/US$ (1971 - 2010)

1.0300

1.2300

1.4300

1.6300

1.8300

2.0300

2.2300

2.4300

2.6300

Jan-7

1

Jan-7

2

Jan-7

3

Jan-7

4

Jan-7

5

Jan-7

6

Jan-7

7

Jan-7

8

Jan-7

9

Jan-8

0

Jan-8

1

Jan-8

2

Jan-8

3

Jan-8

4

Jan-8

5

Jan-8

6

Jan-8

7

Jan-8

8

Jan-8

9

Jan-9

0

Jan-9

1

Jan-9

2

Jan-9

3

Jan-9

4

Jan-9

5

Jan-9

6

Jan-9

7

Jan-9

8

Jan-9

9

Jan-0

0

Jan-0

1

Jan-0

2

Jan-0

3

Jan-0

4

Jan-0

5

Jan-0

6

Jan-0

7

Jan-0

8

Jan-0

9

Jan-1

0

£ - $

US$/JAP Yen (1971 - 2010)

80.00

130.00

180.00

230.00

280.00

330.00

Jan-7

1

Jan-7

2

Jan-7

3

Jan-7

4

Jan-7

5

Jan-7

6

Jan-7

7

Jan-7

8

Jan-7

9

Jan-8

0

Jan-8

1

Jan-8

2

Jan-8

3

Jan-8

4

Jan-8

5

Jan-8

6

Jan-8

7

Jan-8

8

Jan-8

9

Jan-9

0

Jan-9

1

Jan-9

2

Jan-9

3

Jan-9

4

Jan-9

5

Jan-9

6

Jan-9

7

Jan-9

8

Jan-9

9

Jan-0

0

Jan-0

1

Jan-0

2

Jan-0

3

Jan-0

4

Jan-0

5

Jan-0

6

Jan-0

7

Jan-0

8

Jan-0

9

Jan-1

0

US$-Yen

N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 1 of 20

www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK JANUARY 2010

Euro/US$ (2003 - 2010)

US$/AUSTRALIAN DOLLAR (2003 - 2010)

EUR€/US$ (1999 - 2010)

1.10

1.15

1.20

1.25

1.30

1.35

1.40

1.45

1.50

1.55

1.60

Jan-0

3

Apr-03

Jul-0

3

Oct-0

3

Jan-0

4

Apr-04

Jul-0

4

Oct-0

4

Jan-0

5

Apr-05

Jul-0

5

Oct-0

5

Jan-0

6

Apr-06

Jul-0

6

Oct-0

6

Jan-0

7

Apr-07

Jul-0

7

Oct-0

7

Jan-0

8

Apr-08

Jul-0

8

Oct-0

8

Jan-0

9

Apr-09

Jul-0

9

Oct-0

9

Jan-1

0

Eur-US$

US$/AU$ (2003 - 2010)

0.5800

0.6300

0.6800

0.7300

0.7800

0.8300

0.8800

0.9300

0.9800

Jan-0

3

Apr-03

Jul-0

3

Oct-0

3

Jan-0

4

Apr-04

Jul-0

4

Oct-0

4

Jan-0

5

Apr-05

Jul-0

5

Oct-0

5

Jan-0

6

Apr-06

Jul-0

6

Oct-0

6

Jan-0

7

Apr-07

Jul-0

7

Oct-0

7

Jan-0

8

Apr-08

Jul-0

8

Oct-0

8

Jan-0

9

Apr-09

Jul-0

9

Oct-0

9

Jan-1

0

US$-AU$

EUR€/US$ (2003 - 2010)

1.1000

1.1500

1.2000

1.2500

1.3000

1.3500

1.4000

1.4500

1.5000

1.5500

1.6000

Jan-0

3

Apr-03

Jul-0

3

Oct-0

3

Jan-0

4

Apr-04

Jul-0

4

Oct-0

4

Jan-0

5

Apr-05

Jul-0

5

Oct-0

5

Jan-0

6

Apr-06

Jul-0

6

Oct-0

6

Jan-0

7

Apr-07

Jul-0

7

Oct-0

7

Jan-0

8

Apr-08

Jul-0

8

Oct-0

8

Jan-0

9

Apr-09

Jul-0

9

Oct-0

9

Jan-1

0

Eur-US$

US$/AU$ (1971 - 2010)

0.4500

0.6500

0.8500

1.0500

1.2500

1.4500

Jan-7

1

Jan-7

2

Jan-7

3

Jan-7

4

Jan-7

5

Jan-7

6

Jan-7

7

Jan-7

8

Jan-7

9

Jan-8

0

Jan-8

1

Jan-8

2

Jan-8

3

Jan-8

4

Jan-8

5

Jan-8

6

Jan-8

7

Jan-8

8

Jan-8

9

Jan-9

0

Jan-9

1

Jan-9

2

Jan-9

3

Jan-9

4

Jan-9

5

Jan-9

6

Jan-9

7

Jan-9

8

Jan-9

9

Jan-0

0

Jan-0

1

Jan-0

2

Jan-0

3

Jan-0

4

Jan-0

5

Jan-0

6

Jan-0

7

Jan-0

8

Jan-0

9

Jan-1

0

US$-AU$



US$/AUS$ EXCH vs BALTIC DRY INDEX (2003 - 2010)

EUR€/US$ EXCH vs BALTIC DRY INDEX (2003 - 2010)

BALTIC DRY INDEX vs CLAYMORE DELTA GLOBAL ETF (2008 - 2010)

US$/AU$ VS BALTIC DRY INDEX (2003 - 2010)

0.6000

0.6500

0.7000

0.7500

0.8000

0.8500

0.9000

0.9500

1.0000

Jan-0

3

Apr-03

Jul-0

3

Oct-0

3

Jan-0

4

Apr-04

Jul-0

4

Oct-0

4

Jan-0

5

Apr-05

Jul-0

5

Oct-0

5

Jan-0

6

Apr-06

Jul-0

6

Oct-0

6

Jan-0

7

Apr-07

Jul-0

7

Oct-0

7

Jan-0

8

Apr-08

Jul-0

8

Oct-0

8

Jan-0

9

Apr-09

Jul-0

9

Oct-0

9

Jan-1

0

0

2000

4000

6000

8000

10000

12000US$-AU$

BDI

EUR€/US$ VS BALTIC DRY INDEX (2003 - 2010)

1.1600

1.2100

1.2600

1.3100

1.3600

1.4100

1.4600

1.5100

1.5600

1.6100

Jan-0

4

Apr-0

4

Jul-0

4

Oct-0

4

Jan-0

5

Apr-0

5

Jul-0

5

Oct-0

5

Jan-0

6

Apr-0

6

Jul-0

6

Oct-0

6

Jan-0

7

Apr-0

7

Jul-0

7

Oct-0

7

Jan-0

8

Apr-0

8

Jul-0

8

Oct-0

8

Jan-0

9

Apr-0

9

Jul-0

9

Oct-0

9

Jan-1

0

0

2000

4000

6000

8000

10000

12000

Eur-US$

BDI

Baltic Dry Index Vs Claymore Delta Global ETF (2008-2010)

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

22.0

24.0

Sep-0

8

Sep-0

8

Oct

-08

Oct

-08

Nov-08

Nov-08

Dec-0

8

Dec-0

8

Jan-0

9

Jan-0

9

Feb-0

9

Feb-0

9

Mar

-09

Mar

-09

Apr-09

Apr-09

May

-09

May

-09

Jun-0

9

Jun-0

9

Jul-0

9

Jul-0

9

Aug-09

Aug-09

Sep-0

9

Sep-0

9

Oct

-09

Oct

-09

Nov-09

Nov-09

Dec-0

9

Dec-0

9

Jan-1

0

Jan-1

0

Feb-1

0

SE

A E

TF

400

1400

2400

3400

4400

5400

6400SEA ETF - Left Axis

BDI - Right Axis



Brent OIL (2001 - 2010)

GOLD PRICE (2001 - 2010)

Brent OIL (2001 - 2010)

16.0026.0036.0046.0056.0066.0076.0086.0096.00

106.00116.00126.00136.00146.00

Jan-0

1

Apr-01

Jul-0

1

Oct-0

1

Jan-0

2

Apr-02

Jul-0

2

Oct-0

2

Jan-0

3

Apr-03

Jul-0

3

Oct-0

3

Jan-0

4

Apr-04

Jul-0

4

Oct-0

4

Jan-0

5

Apr-05

Jul-0

5

Oct-0

5

Jan-0

6

Apr-06

Jul-0

6

Oct-0

6

Jan-0

7

Apr-07

Jul-0

7

Oct-0

7

Jan-0

8

Apr-08

Jul-0

8

Oct-0

8

Jan-0

9

Apr-09

Jul-0

9

Oct-0

9

Jan-1

0

Brent Oil

Brent OIL (1987 - 2010)

8.0018.0028.0038.0048.0058.0068.0078.0088.0098.00

108.00118.00128.00138.00148.00

Jan-8

7

Jan-8

8

Jan-8

9

Jan-9

0

Jan-9

1

Jan-9

2

Jan-9

3

Jan-9

4

Jan-9

5

Jan-9

6

Jan-9

7

Jan-9

8

Jan-9

9

Jan-0

0

Jan-0

1

Jan-0

2

Jan-0

3

Jan-0

4

Jan-0

5

Jan-0

6

Jan-0

7

Jan-0

8

Jan-0

9

Jan-1

0

Brent Oil

GOLD (1970 - 2010)

20.00

220.00

420.00

620.00

820.00

1020.00

1220.00

Jan-7

0

Jan-7

1

Jan-7

2

Jan-7

3

Jan-7

4

Jan-7

5

Jan-7

6

Jan-7

7

Jan-7

8

Jan-7

9

Jan-8

0

Jan-8

1

Jan-8

2

Jan-8

3

Jan-8

4

Jan-8

5

Jan-8

6

Jan-8

7

Jan-8

8

Jan-8

9

Jan-9

0

Jan-9

1

Jan-9

2

Jan-9

3

Jan-9

4

Jan-9

5

Jan-9

6

Jan-9

7

Jan-9

8

Jan-9

9

Jan-0

0

Jan-0

1

Jan-0

2

Jan-0

3

Jan-0

4

Jan-0

5

Jan-0

6

Jan-0

7

Jan-0

8

Jan-0

9

Jan-1

0

Gold

GOLD (2001 - 2010)

20.00

220.00

420.00

620.00

820.00

1020.00

1220.00

Jan-0

1

Apr-01

Jul-0

1

Oct-0

1

Jan-0

2

Apr-02

Jul-0

2

Oct-0

2

Jan-0

3

Apr-03

Jul-0

3

Oct-0

3

Jan-0

4

Apr-04

Jul-0

4

Oct-0

4

Jan-0

5

Apr-05

Jul-0

5

Oct-0

5

Jan-0

6

Apr-06

Jul-0

6

Oct-0

6

Jan-0

7

Apr-07

Jul-0

7

Oct-0

7

Jan-0

8

Apr-08

Jul-0

8

Oct-0

8

Jan-0

9

Apr-09

Jul-0

9

Oct-0

9

Jan-1

0

Gold



BALTIC DRY INDEX 4/1/01 - 31/01/2010

BDI (ANNUAL AVG) vs GDP (1980-2014)

BALTIC DRY INDEX - incl Average Lines 4/1/85 - 31/01/2010

BALTIC DRY INDEX 4/1/85 - 31/01/2010

450

1950

3450

4950

6450

7950

9450

10950

Jan-

85Ju

l-85

Jan-

86Ju

l-86

Jan-

87Ju

l-87

Jan-

88Ju

l-88

Jan-

89Ju

l-89

Jan-

90Ju

l-90

Jan-

91Ju

l-91

Jan-

92Ju

l-92

Jan-

93Ju

l-93

Jan-

94Ju

l-94

Jan-

95Ju

l-95

Jan-

96Ju

l-96

Jan-

97Ju

l-97

Jan-

98Ju

l-98

Jan-

99Ju

l-99

Jan-

00Ju

l-00

Jan-

01Ju

l-01

Jan-

02Ju

l-02

Jan-

03Ju

l-03

Jan-

04Ju

l-04

Jan-

05Ju

l-05

Jan-

06Ju

l-06

Jan-

07Ju

l-07

Jan-

08Ju

l-08

Jan-

09Ju

l-09

Jan-

10

BDIBDI

BDI Average from 1985 - 2003 is 1358 points

BDI Average from 2004 - today is 4494 points

BALTIC DRY INDEX 1/1/2001 - 31/01/2010

450

1950

3450

4950

6450

7950

9450

10950

Jan-

01A

pr-

01Ju

l-01

Oct

-01

Jan-

02A

pr-

02Ju

l-02

Oct

-02

Jan-

03A

pr-

03Ju

l-03

Oct

-03

Jan-

04A

pr-

04Ju

l-04

Oct

-04

Jan-

05A

pr-

05Ju

l-05

Oct

-05

Jan-

06A

pr-

06Ju

l-06

Oct

-06

Jan-

07A

pr-

07Ju

l-07

Oct

-07

Jan-

08A

pr-

08Ju

l-08

Oct

-08

Jan-

09A

pr-

09Ju

l-09

Oct

-09

Jan-

10

BDI

BDI Average from 1985 - today is 2112 points

BDI (ANNUAL AVERAGE) vs WORLD GDP 1980-2014

3285.33

-4.5

0.5

5.5

10.5

15.5

20.5

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

-2000

0

2000

4000

6000

8000

10000

World Emerging and developing economies China, People's Republic ofDeveloping Asia Major advanced economies (G7) BDI ANNUAL AVERAGE

SOURCE: International Monetary Fund



BALTIC CAPE INDEX 1/3/99 - 31/01/2010

BALTIC PANAMAX INDEX 1/5/98 - 31/01/2010




350

1600

2850

4100

5350

6600

7850

9100

10350

11600

Jan-

98A

pr-

98Ju

l-98

Oct

-98

Jan-

99A

pr-

99Ju

l-99

Oct

-99

Jan-

00A

pr-

00Ju

l-00

Oct

-00

Jan-

01A

pr-

01Ju

l-01

Oct

-01

Jan-

02A

pr-

02Ju

l-02

Oct

-02

Jan-

03A

pr-

03Ju

l-03

Oct

-03

Jan-

04A

pr-

04Ju

l-04

Oct

-04

Jan-

05A

pr-

05Ju

l-05

Oct

-05

Jan-

06A

pr-

06Ju

l-06

Oct

-06

Jan-

07A

pr-

07Ju

l-07

Oct

-07

Jan-

08A

pr-

08Ju

l-08

Oct

-08

Jan-

09A

pr-

09Ju

l-09

Oct

-09

Jan-

10

BPI


700

3200

5700

8200

10700

13200

15700

18200

Jul-9

9O

ct-9

9Ja

n-00

Ap

r-00

Jul-0

0O

ct-0

0Ja

n-01

Ap

r-01

Jul-0

1O

ct-0

1Ja

n-02

Ap

r-02

Jul-0

2O

ct-0

2Ja

n-03

Ap

r-03

Jul-0

3O

ct-0

3Ja

n-04

Ap

r-04

Jul-0

4O

ct-0

4Ja

n-05

Ap

r-05

Jul-0

5O

ct-0

5Ja

n-06

Ap

r-06

Jul-0

6O

ct-0

6Ja

n-07

Ap

r-07

Jul-0

7O

ct-0

7Ja

n-08

Ap

r-08

Jul-0

8O

ct-0

8Ja

n-09

Ap

r-09

Jul-0

9O

ct-0

9Ja

n-10

BCI


350

1600

2850

4100

5350

6600

7850

9100

10350

11600

Jul-0

3

Oct

-03

Jan-

04

Ap

r-04

Jul-0

4

Oct

-04

Jan-

05

Ap

r-05

Jul-0

5

Oct

-05

Jan-

06

Ap

r-06

Jul-0

6

Oct

-06

Jan-

07

Ap

r-07

Jul-0

7

Oct

-07

Jan-

08

Ap

r-08

Jul-0

8

Oct

-08

Jan-

09

Ap

r-09

Jul-0

9

Oct

-09

Jan-

10

BPI


700

2700

4700

6700

8700

10700

12700

14700

16700

18700

Jul-0

3

Oct

-03

Jan-

04

Ap

r-04

Jul-0

4

Oct

-04

Jan-

05

Ap

r-05

Jul-0

5

Oct

-05

Jan-

06

Ap

r-06

Jul-0

6

Oct

-06

Jan-

07

Ap

r-07

Jul-0

7

Oct

-07

Jan-

08

Ap

r-08

Jul-0

8

Oct

-08

Jan-

09

Ap

r-09

Jul-0

9

Oct

-09

Jan-

10

BCI



BALTIC HANDY INDEX 1/5/06 - 31/01/2010

BALTIC SUPRAMAX INDEX 1/1/06 - 31/01/2010

BALTIC DRY INDEX (Monthly Average) vs WORLD TRADE VOLUME (Monthly Figures) 4/1/03 - 31/01/2010

BALTIC DRY INDEX vs BRENT CRUDE OIL 4/1/01 - 31/01/2010

BALTIC HANDY INDEX 1/5/2006 - 31/01/2010

200

600

1000

1400

1800

2200

2600

3000

3400

3800

Jun-

06Ju

l-06

Au

g-06

Sep

-06

Oct

-06

No

v-06

Dec

-06

Jan-

07Fe

b-07

Mar

-07

Ap

r-07

May

-07

Jun-

07Ju

l-07

Au

g-07

Sep

-07

Oct

-07

No

v-07

Dec

-07

Jan-

08Fe

b-08

Mar

-08

Ap

r-08

May

-08

Jun-

08Ju

l-08

Au

g-08

Sep

-08

Oct

-08

No

v-08

Dec

-08

Jan-

09Fe

b-09

Mar

-09

Ap

r-09

May

-09

Jun-

09Ju

l-09

Au

g-09

Sep

-09

Oct

-09

No

v-09

Dec

-09

Jan-

10

BHI


250

1250

2250

3250

4250

5250

6250

7250

Jan-

06Fe

b-06

Mar

-06

Ap

r-06

May

-06

Jun-

06Ju

l-06

Au

g-06

Sep

-06

Oct

-06

No

v-06

Dec

-06

Jan-

07Fe

b-07

Mar

-07

Ap

r-07

May

-07

Jun-

07Ju

l-07

Au

g-07

Sep

-07

Oct

-07

No

v-07

Dec

-07

Jan-

08Fe

b-08

Mar

-08

Ap

r-08

May

-08

Jun-

08Ju

l-08

Au

g-08

Sep

-08

Oct

-08

No

v-08

Dec

-08

Jan-

09Fe

b-09

Mar

-09

Ap

r-09

May

-09

Jun-

09Ju

l-09

Au

g-09

Sep

-09

Oct

-09

No

v-09

Dec

-09

Jan-

10Fe

b-10

BSI

BDI vs BRENT CRUDE 1/1/2001 - 31/01/2010

450

1950

3450

4950

6450

7950

9450

10950

Ap

r-01

Jul-0

1O

ct-0

1Ja

n-02

Ap

r-02

Jul-0

2O

ct-0

2Ja

n-03

Ap

r-03

Jul-0

3O

ct-0

3Ja

n-04

Ap

r-04

Jul-0

4O

ct-0

4Ja

n-05

Ap

r-05

Jul-0

5O

ct-0

5Ja

n-06

Ap

r-06

Jul-0

6O

ct-0

6Ja

n-07

Ap

r-07

Jul-0

7O

ct-0

7Ja

n-08

Ap

r-08

Jul-0

8O

ct-0

8Ja

n-09

Ap

r-09

Jul-0

9O

ct-0

9Ja

n-10

BDI

17.00

37.00

57.00

77.00

97.00

117.00

137.00BDIBrent Oil

BDI vs WORLD TRADE VOLUME 1/1/2003 - 31/01/2010

-28

-18

-8

2

12

22

Jan-

03M

ar-0

3M

ay-0

3Ju

l-03

Sep

-03

No

v-03

Jan-

04M

ar-0

4M

ay-0

4Ju

l-04

Sep

-04

No

v-04

Jan-

05M

ar-0

5M

ay-0

5Ju

l-05

Sep

-05

No

v-05

Jan-

06M

ar-0

6M

ay-0

6Ju

l-06

Sep

-06

No

v-06

Jan-

07M

ar-0

7M

ay-0

7Ju

l-07

Sep

-07

No

v-07

Jan-

08M

ar-0

8M

ay-0

8Ju

l-08

Sep

-08

No

v-08

Jan-

09M

ar-0

9M

ay-0

9Ju

l-09

Sep

-09

No

v-09

Jan-

10

BDI

450

1950

3450

4950

6450

7950

9450

10950TRADE VALUEBDI

SOURCE: International Monetary Fund



BALTIC INDICES MOVEMENT OVER THE PAST THREE MONTHS - BLOWUP GRAPHS

BALTIC DRY INDEX 1/10/2009 - 31/01/2010

200021752350252527002875305032253400357537503925410042754450462548004975

02-N

ov-0

905

-Nov

-09

08-N

ov-0

911

-Nov

-09

14-N

ov-0

917

-Nov

-09

20-N

ov-0

923

-Nov

-09

26-N

ov-0

929

-Nov

-09

02-D

ec-0

905

-Dec

-09

08-D

ec-0

911

-Dec

-09

14-D

ec-0

917

-Dec

-09

20-D

ec-0

923

-Dec

-09

26-D

ec-0

929

-Dec

-09

01-J

an-1

004

-Jan

-10

07-J

an-1

010

-Jan

-10

13-J

an-1

016

-Jan

-10

19-J

an-1

022

-Jan

-10

25-J

an-1

028

-Jan

-10

31-J

an-1

0

BDI


2400

2900

3400

3900

4400

4900

5400

5900

6400

6900

7400

7900

8400

02-N

ov-0

905

-Nov

-09

08-N

ov-0

911

-Nov

-09

14-N

ov-0

917

-Nov

-09

20-N

ov-0

923

-Nov

-09

26-N

ov-0

929

-Nov

-09

02-D

ec-0

905

-Dec

-09

08-D

ec-0

911

-Dec

-09

14-D

ec-0

917

-Dec

-09

20-D

ec-0

923

-Dec

-09

26-D

ec-0

929

-Dec

-09

01-J

an-1

004

-Jan

-10

07-J

an-1

010

-Jan

-10

13-J

an-1

016

-Jan

-10

19-J

an-1

022

-Jan

-10

25-J

an-1

028

-Jan

-10

31-J

an-1

0

BCI


2000

2200

2400

2600

2800

3000

3200

3400

3600

3800

4000

4200

4400

4600

4800

02-N

ov-0

905

-Nov

-09

08-N

ov-0

911

-Nov

-09

14-N

ov-0

917

-Nov

-09

20-N

ov-0

923

-Nov

-09

26-N

ov-0

929

-Nov

-09

02-D

ec-0

905

-Dec

-09

08-D

ec-0

911

-Dec

-09

14-D

ec-0

917

-Dec

-09

20-D

ec-0

923

-Dec

-09

26-D

ec-0

929

-Dec

-09

01-J

an-1

004

-Jan

-10

07-J

an-1

010

-Jan

-10

13-J

an-1

016

-Jan

-10

19-J

an-1

022

-Jan

-10

25-J

an-1

028

-Jan

-10

31-J

an-1

0

BPI


1700

1800

1900

2000

2100

2200

2300

2400

2500

2600

02-N

ov-0

905

-Nov

-09

08-N

ov-0

911

-Nov

-09

14-N

ov-0

917

-Nov

-09

20-N

ov-0

923

-Nov

-09

26-N

ov-0

929

-Nov

-09

02-D

ec-0

905

-Dec

-09

08-D

ec-0

911

-Dec

-09

14-D

ec-0

917

-Dec

-09

20-D

ec-0

923

-Dec

-09

26-D

ec-0

929

-Dec

-09

01-J

an-1

004

-Jan

-10

07-J

an-1

010

-Jan

-10

13-J

an-1

016

-Jan

-10

19-J

an-1

022

-Jan

-10

25-J

an-1

028

-Jan

-10

31-J

an-1

0

BSI

BALTIC HANDYSIZE INDEX 1/10/2009 - 31/01/2010

780

853

927

1000

1073

1146

1220

1293

02-N

ov-0

905

-Nov

-09

08-N

ov-0

911

-Nov

-09

14-N

ov-0

917

-Nov

-09

20-N

ov-0

923

-Nov

-09

26-N

ov-0

929

-Nov

-09

02-D

ec-0

905

-Dec

-09

08-D

ec-0

911

-Dec

-09

14-D

ec-0

917

-Dec

-09

20-D

ec-0

923

-Dec

-09

26-D

ec-0

929

-Dec

-09

01-J

an-1

004

-Jan

-10

07-J

an-1

010

-Jan

-10

13-J

an-1

016

-Jan

-10

19-J

an-1

022

-Jan

-10

25-J

an-1

028

-Jan

-10

31-J

an-1

0

BHI

CLEAN TANKER INDEX 1/10/2009 - 31/01/2010

420445470495520545570595620645670695720745770795820845870895920945

02-N

ov-0

905

-Nov

-09

08-N

ov-0

911

-Nov

-09

14-N

ov-0

917

-Nov

-09

20-N

ov-0

923

-Nov

-09

26-N

ov-0

929

-Nov

-09

02-D

ec-0

905

-Dec

-09

08-D

ec-0

911

-Dec

-09

14-D

ec-0

917

-Dec

-09

20-D

ec-0

923

-Dec

-09

26-D

ec-0

929

-Dec

-09

01-J

an-1

004

-Jan

-10

07-J

an-1

010

-Jan

-10

13-J

an-1

016

-Jan

-10

19-J

an-1

022

-Jan

-10

25-J

an-1

028

-Jan

-10

31-J

an-1

0

BCTI

DIRTY TANKER INDEX 1/10/2009 - 31/01/2010

520560600640680720760800840880920960

10001040108011201160120012401280

02-N

ov-0

905

-Nov

-09

08-N

ov-0

911

-Nov

-09

14-N

ov-0

917

-Nov

-09

20-N

ov-0

923

-Nov

-09

26-N

ov-0

929

-Nov

-09

02-D

ec-0

905

-Dec

-09

08-D

ec-0

911

-Dec

-09

14-D

ec-0

917

-Dec

-09

20-D

ec-0

923

-Dec

-09

26-D

ec-0

929

-Dec

-09

01-J

an-1

004

-Jan

-10

07-J

an-1

010

-Jan

-10

13-J

an-1

016

-Jan

-10

19-J

an-1

022

-Jan

-10

25-J

an-1

028

-Jan

-10

31-J

an-1

0

BDTI



CAPITAL LINK DRYBULK INDEX (CLDBI) vs BALTIC DRY INDEX (BDI)




320

520

720

920

1120

1320

1520

1720

1920

Jul-0

1O

ct-0

1Ja

n-02

Ap

r-02

Jul-0

2O

ct-0

2Ja

n-03

Ap

r-03

Jul-0

3O

ct-0

3Ja

n-04

Ap

r-04

Jul-0

4O

ct-0

4Ja

n-05

Ap

r-05

Jul-0

5O

ct-0

5Ja

n-06

Ap

r-06

Jul-0

6O

ct-0

6Ja

n-07

Ap

r-07

Jul-0

7O

ct-0

7Ja

n-08

Ap

r-08

Jul-0

8O

ct-0

8Ja

n-09

Ap

r-09

Jul-0

9O

ct-0

9Ja

n-10

BCTIBCTI


400

650

900

1150

1400

1650

1900

2150

2400

2650

2900

3150

Jul-0

1O

ct-0

1Ja

n-02

Ap

r-02

Jul-0

2O

ct-0

2Ja

n-03

Ap

r-03

Jul-0

3O

ct-0

3Ja

n-04

Ap

r-04

Jul-0

4O

ct-0

4Ja

n-05

Ap

r-05

Jul-0

5O

ct-0

5Ja

n-06

Ap

r-06

Jul-0

6O

ct-0

6Ja

n-07

Ap

r-07

Jul-0

7O

ct-0

7Ja

n-08

Ap

r-08

Jul-0

8O

ct-0

8Ja

n-09

Ap

r-09

Jul-0

9O

ct-0

9Ja

n-10

BDTI BDTI

CAPITAL LINK DRYBULK INDEX vs BALTIC DRY INDEX 1/1/2005 - 31/01/2010

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

5500

6000

6500

7000

7500

May

-05

Jul-0

5

Sep

-05

No

v-05

Jan-

06M

ar-0

6

May

-06

Jul-0

6

Sep

-06

No

v-06

Jan-

07

Mar

-07

May

-07

Jul-0

7

Sep

-07

No

v-07

Jan-

08

Mar

-08

May

-08

Jul-0

8

Sep

-08

No

v-08

Jan-

09

Mar

-09

May

-09

Jul-0

9

Sep

-09

No

v-09

Jan-

10

0

2000

4000

6000

8000

10000

12000

14000

CL Drybulk Index (CLDBI) - L-axisBaltic Dry Index (BDI) R-axis

Source: www.capitallink.com



ALL CAPITAL LINK INDICES (CLI'S) USED WITH THE EXPRESS PERMISSION OF CAPITAL LINK INC - NEW YORK

CAPITAL LINK MARITIME INDEX 1/1/2005 - 31/01/2010

1000.00

1500.00

2000.00

2500.00

3000.00

3500.00

4000.00

4500.00

5000.00

5500.00

Jun-

05

Au

g-05

Oct

-05

Dec

-05

Feb-

06

Ap

r-06

Jun-

06

Au

g-06

Oct

-06

Dec

-06

Feb-

07

Ap

r-07

Jun-

07

Au

g-07

Oct

-07

Dec

-07

Feb-

08

Ap

r-08

Jun-

08

Au

g-08

Oct

-08

Dec

-08

Feb-

09

Ap

r-09

Jun-

09

Au

g-09

Oct

-09

Dec

-09

Feb-

10

CL Maritime Index (CLMI)


CAPITAL LINK TANKER INDEX 1/1/2005 - 31/01/2010

1000.00

1500.00

2000.00

2500.00

3000.00

3500.00

4000.00

4500.00

5000.00

5500.00

Jun-

05

Au

g-05

Oct

-05

Dec

-05

Feb-

06

Ap

r-06

Jun-

06

Au

g-06

Oct

-06

Dec

-06

Feb-

07

Ap

r-07

Jun-

07

Au

g-07

Oct

-07

Dec

-07

Feb-

08

Ap

r-08

Jun-

08

Au

g-08

Oct

-08

Dec

-08

Feb-

09

Ap

r-09

Jun-

09

Au

g-09

Oct

-09

Dec

-09

Feb-

10

CL Tanker Index (CLTI)


CAPITAL LINK DRYBULK INDEX 1/1/2005 - 31/01/2010

400.00

900.00

1400.00

1900.00

2400.00

2900.00

3400.00

3900.00

4400.00

4900.00

5400.00

5900.00

6400.00

6900.00

7400.00

Jun-

05

Au

g-05

Oct

-05

Dec

-05

Feb-

06

Ap

r-06

Jun-

06

Au

g-06

Oct

-06

Dec

-06

Feb-

07

Ap

r-07

Jun-

07

Au

g-07

Oct

-07

Dec

-07

Feb-

08

Ap

r-08

Jun-

08

Au

g-08

Oct

-08

Dec

-08

Feb-

09

Ap

r-09

Jun-

09

Au

g-09

Oct

-09

Dec

-09

Feb-

10

CL Drybulk Index (CLDBI)




ALL CAPITAL LINK INDICES (CLI'S) USED WITH THE EXPRESS PERMISSION OF CAPITAL LINK INC - NEW YORK

CAPITAL LINK CONTAINER INDEX 1/1/2005 - 31/01/2010

700.00

1200.00

1700.00

2200.00

2700.00

3200.00

3700.00

4200.00

4700.00

5200.00

5700.00

Jun-

05

Au

g-05

Oct

-05

Dec

-05

Feb-

06

Ap

r-06

Jun-

06

Au

g-06

Oct

-06

Dec

-06

Feb-

07

Ap

r-07

Jun-

07

Au

g-07

Oct

-07

Dec

-07

Feb-

08

Ap

r-08

Jun-

08

Au

g-08

Oct

-08

Dec

-08

Feb-

09

Ap

r-09

Jun-

09

Au

g-09

Oct

-09

Dec

-09

Feb-

10

CL Container Index (CLCI)


CAPITAL LINK LNG/LPG INDEX 1/1/2005 - 31/01/2010

400.00

900.00

1400.00

1900.00

2400.00

2900.00

3400.00

Jun-

05

Au

g-05

Oct

-05

Dec

-05

Feb-

06

Ap

r-06

Jun-

06

Au

g-06

Oct

-06

Dec

-06

Feb-

07

Ap

r-07

Jun-

07

Au

g-07

Oct

-07

Dec

-07

Feb-

08

Ap

r-08

Jun-

08

Au

g-08

Oct

-08

Dec

-08

Feb-

09

Ap

r-09

Jun-

09

Au

g-09

Oct

-09

Dec

-09

Feb-

10

CL LNG/LPG Index (CLLG)


CAPITAL LINK MIXED FLEET INDEX 1/1/2005 - 31/01/2010

330.00

830.00

1330.00

1830.00

2330.00

2830.00

Jun-

05

Au

g-05

Oct

-05

Dec

-05

Feb-

06

Ap

r-06

Jun-

06

Au

g-06

Oct

-06

Dec

-06

Feb-

07

Ap

r-07

Jun-

07

Au

g-07

Oct

-07

Dec

-07

Feb-

08

Ap

r-08

Jun-

08

Au

g-08

Oct

-08

Dec

-08

Feb-

09

Ap

r-09

Jun-

09

Au

g-09

Oct

-09

Dec

-09

Feb-

10

CL Mixed Fleet Index (CLMFI)


CAPITAL LINK MLP INDEX 1/1/2005 - 31/01/2010

400.00

900.00

1400.00

1900.00

2400.00

2900.00

3400.00

3900.00

Jun-

05

Au

g-05

Oct

-05

Dec

-05

Feb-

06

Ap

r-06

Jun-

06

Au

g-06

Oct

-06

Dec

-06

Feb-

07

Ap

r-07

Jun-

07

Au

g-07

Oct

-07

Dec

-07

Feb-

08

Ap

r-08

Jun-

08

Au

g-08

Oct

-08

Dec

-08

Feb-

09

Ap

r-09

Jun-

09

Au

g-09

Oct

-09

Dec

-09

Feb-

10

CL MLP Index (CLMLP)




DRY CARGO (1990-2010) NB PRICES

DRY CARGO (2002-2010) 5 YEAR OLD PRICES

DRY CARGO SHIP VALUES

DRY CARGO (1990-2010) NB PRICES

17

22

27

32

37

42

47

52

57

62

67

72

77

82

87

92

97

Jan-0

2

Apr-02

Jul-0

2

Oct-0

2

Jan-0

3

Apr-03

Jul-0

3

Oct-0

3

Jan-0

4

Apr-04

Jul-0

4

Oct-0

4

Jan-0

5

Apr-05

Jul-0

5

Oct-0

5

Jan-0

6

Apr-06

Jul-0

6

Oct-0

6

Jan-0

7

Apr-07

Jul-0

7

Oct-0

7

Jan-0

8

Apr-08

Jul-0

8

Oct-0

8

Jan-0

9

Apr-09

Jul-0

9

Oct-0

9

Jan-1

0

CAPE 170KPANAMAX 70KHANDY 50K


$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

$80.0

$90.0

$100.0

$110.0

$120.0

$130.0

$140.0

$150.0

Jan-0

2

Apr-02

Jul-0

2

Oct-0

2

Jan-0

3

Apr-03

Jul-0

3

Oct-0

3

Jan-0

4

Apr-04

Jul-0

4

Oct-0

4

Jan-0

5

Apr-05

Jul-0

5

Oct-0

5

Jan-0

6

Apr-06

Jul-0

6

Oct-0

6

Jan-0

7

Apr-07

Jul-0

7

Oct-0

7

Jan-0

8

Apr-08

Jul-0

8

Oct-0

8

Jan-0

9

Apr-09

Jul-0

9

Oct-0

9

Jan-1

0





DRY CARGO (2002-2010) 20 YEAR OLD PRICESDUE TO THE NEVER FORESEEN MARKET CHANGES POST OCTOBER 2008, WE WANT TO CLARIFY THAT, DRY CARGO SECONDHAND SHIP PRICES FOR PERIOD OCT 2008 UNTIL DEC 2008,

HAVE BEEN CALCULATED AND UPDATED BASED ON ALL NEGOTIATED DEALS EITHER CONCLUDED OR FAILED AND ON VARIOUS RENEGOTIATED OLD SALES. HOWEVER ACCURACY OF THESE QUOTED PRICES CAN NOT BE GUARANTEED IN ITS ENTIRETY. HOWEVER WE TRUST THAT THE SECONDHAND DRY CARGO SHIP PRICES QUOTED ARE FAIRLY CLOSE TO THE

PREVAILING REALISTIC MARKET PRICES.


$7.0

$17.0

$27.0

$37.0

$47.0

$57.0

$67.0

$77.0

$87.0

$97.0

$107.0

$117.0

$127.0

Jan-0

2

Apr-02

Jul-0

2

Oct-0

2

Jan-0

3

Apr-03

Jul-0

3

Oct-0

3

Jan-0

4

Apr-04

Jul-0

4

Oct-0

4

Jan-0

5

Apr-05

Jul-0

5

Oct-0

5

Jan-0

6

Apr-06

Jul-0

6

Oct-0

6

Jan-0

7

Apr-07

Jul-0

7

Oct-0

7

Jan-0

8

Apr-08

Jul-0

8

Oct-0

8

Jan-0

9

Apr-09

Jul-0

9

Oct-0

9

Jan-1

0



$3.0

$8.0

$13.0

$18.0

$23.0

$28.0

$33.0

$38.0

$43.0

$48.0

$53.0

$58.0

$63.0

$68.0

$73.0

$78.0

$83.0

Jan-0

2

Apr-02

Jul-0

2

Oct-0

2

Jan-0

3

Apr-03

Jul-0

3

Oct-0

3

Jan-0

4

Apr-04

Jul-0

4

Oct-0

4

Jan-0

5

Apr-05

Jul-0

5

Oct-0

5

Jan-0

6

Apr-06

Jul-0

6

Oct-0

6

Jan-0

7

Apr-07

Jul-0

7

Oct-0

7

Jan-0

8

Apr-08

Jul-0

8

Oct-0

8

Jan-0

9

Apr-09

Jul-0

9

Oct-0

9

Jan-1

0




LARGE BULKERS 149-85,000 DWT - AVERAGE EARNINGS 2002-2010

CAPESIZE BULKERS 300-149,000 DWT - AVERAGE EARNINGS 2002-2010

DRY CARGO SHIP AVERAGE EARNINGS

CAPESIZE 300-149,000 DWT - AVERAGE EARNINGS 2002-2010

$4,000

$19,000

$34,000

$49,000

$64,000

$79,000

$94,000

$109,000

$124,000

$139,000

$154,000

$169,000

$184,000

Jan-

02A

pr-0

2Ju

l-02

Oct

-02

Jan-

03A

pr-0

3Ju

l-03

Oct

-03

Jan-

04A

pr-0

4Ju

l-04

Oct

-04

Jan-

05A

pr-0

5Ju

l-05

Oct

-05

Jan-

06A

pr-0

6Ju

l-06

Oct

-06

Jan-

07A

pr-0

7Ju

l-07

Oct

-07

Jan-

08A

pr-0

8Ju

l-08

Oct

-08

Jan-

09A

pr-0

9Ju

l-09

Oct

-09

Jan-

10

CAPESIZE

LARGE BULKERS 149-85,000 DWT - AVERAGE EARNINGS 2002-2010

$4,500

$14,500

$24,500

$34,500

$44,500

$54,500

$64,500

$74,500

$84,500

$94,500

$104,500

$114,500

$124,500

Jan-

02A

pr-0

2Ju

l-02

Oct

-02

Jan-

03A

pr-0

3Ju

l-03

Oct

-03

Jan-

04A

pr-0

4Ju

l-04

Oct

-04

Jan-

05A

pr-0

5Ju

l-05

Oct

-05

Jan-

06A

pr-0

6Ju

l-06

Oct

-06

Jan-

07A

pr-0

7Ju

l-07

Oct

-07

Jan-

08A

pr-0

8Ju

l-08

Oct

-08

Jan-

09A

pr-0

9Ju

l-09

Oct

-09

Jan-

10

LARGE BULKERS



PANAMAX 85-59,000 DWT - AVERAGE EARNINGS 2002-2010

HANDYMAX 59-48,000 DWT - AVERAGE EARNINGS 2002-2010

PANAMAX 85-59,000 DWT - AVERAGE EARNINGS 2002-2010

$4,000

$11,000

$18,000

$25,000

$32,000

$39,000

$46,000

$53,000

$60,000

$67,000

$74,000

$81,000

$88,000

$95,000

Jan-

02A

pr-0

2Ju

l-02

Oct

-02

Jan-

03A

pr-0

3Ju

l-03

Oct

-03

Jan-

04A

pr-0

4Ju

l-04

Oct

-04

Jan-

05A

pr-0

5Ju

l-05

Oct

-05

Jan-

06A

pr-0

6Ju

l-06

Oct

-06

Jan-

07A

pr-0

7Ju

l-07

Oct

-07

Jan-

08A

pr-0

8Ju

l-08

Oct

-08

Jan-

09A

pr-0

9Ju

l-09

Oct

-09

Jan-

10

PANAMAX

HANDYMAX 59-48,000 DWT - AVERAGE EARNINGS 2002-2010

$6,000

$13,000

$20,000

$27,000

$34,000

$41,000

$48,000

$55,000

$62,000

$69,000

Jan-

02A

pr-0

2Ju

l-02

Oct

-02

Jan-

03A

pr-0

3Ju

l-03

Oct

-03

Jan-

04A

pr-0

4Ju

l-04

Oct

-04

Jan-

05A

pr-0

5Ju

l-05

Oct

-05

Jan-

06A

pr-0

6Ju

l-06

Oct

-06

Jan-

07A

pr-0

7Ju

l-07

Oct

-07

Jan-

08A

pr-0

8Ju

l-08

Oct

-08

Jan-

09A

pr-0

9Ju

l-09

Oct

-09

Jan-

10

HANDYMAX



BULKERS 40-30,000 DWT - AVERAGE EARNINGS 2002-2010

HANDY 48-40,000 DWT - AVERAGE EARNINGS 2002-2010

HANDY 48-40,000 DWT - AVERAGE EARNINGS 2002-2010

$4,000

$10,000

$16,000

$22,000

$28,000

$34,000

$40,000

$46,000

$52,000

$58,000

$64,000Ja

n-02

Apr

-02

Jul-0

2O

ct-0

2Ja

n-03

Apr

-03

Jul-0

3O

ct-0

3Ja

n-04

Apr

-04

Jul-0

4O

ct-0

4Ja

n-05

Apr

-05

Jul-0

5O

ct-0

5Ja

n-06

Apr

-06

Jul-0

6O

ct-0

6Ja

n-07

Apr

-07

Jul-0

7O

ct-0

7Ja

n-08

Apr

-08

Jul-0

8O

ct-0

8Ja

n-09

Apr

-09

Jul-0

9O

ct-0

9Ja

n-10

HANDY

BULKERS 40-30,000 DWT - AVERAGE EARNINGS 2002-2010

$4,000

$9,000

$14,000

$19,000

$24,000

$29,000

$34,000

$39,000

$44,000

$49,000

$54,000

$59,000

$64,000

Jan-

02A

pr-0

2Ju

l-02

Oct

-02

Jan-

03A

pr-0

3Ju

l-03

Oct

-03

Jan-

04A

pr-0

4Ju

l-04

Oct

-04

Jan-

05A

pr-0

5Ju

l-05

Oct

-05

Jan-

06A

pr-0

6Ju

l-06

Oct

-06

Jan-

07A

pr-0

7Ju

l-07

Oct

-07

Jan-

08A

pr-0

8Ju

l-08

Oct

-08

Jan-

09A

pr-0

9Ju

l-09

Oct

-09

Jan-

10

BULKERS



DRY CARGO - AVERAGE EARNINGS 2002-2010 (ALL VSL TYPES)

SMALL BULKERS 30-12,000 DWT - AVERAGE EARNINGS 2002-2010

SMALL BULKERS 30-12,000 DWT - AVERAGE EARNINGS 2002-2010

$3,500

$7,500

$11,500

$15,500

$19,500

$23,500

$27,500

$31,500

$35,500

$39,500

$43,500Ja

n-02

Apr

-02

Jul-0

2O

ct-0

2Ja

n-03

Apr

-03

Jul-0

3O

ct-0

3Ja

n-04

Apr

-04

Jul-0

4O

ct-0

4Ja

n-05

Apr

-05

Jul-0

5O

ct-0

5Ja

n-06

Apr

-06

Jul-0

6O

ct-0

6Ja

n-07

Apr

-07

Jul-0

7O

ct-0

7Ja

n-08

Apr

-08

Jul-0

8O

ct-0

8Ja

n-09

Apr

-09

Jul-0

9O

ct-0

9Ja

n-10

SMALL BULKERS

DRY CARGO - AVERAGE EARNINGS 2002-2010

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

$160,000

$180,000

Jan-

02A

pr-0

2Ju

l-02

Oct

-02

Jan-

03A

pr-0

3Ju

l-03

Oct

-03

Jan-

04A

pr-0

4Ju

l-04

Oct

-04

Jan-

05A

pr-0

5Ju

l-05

Oct

-05

Jan-

06A

pr-0

6Ju

l-06

Oct

-06

Jan-

07A

pr-0

7Ju

l-07

Oct

-07

Jan-

08A

pr-0

8Ju

l-08

Oct

-08

Jan-

09A

pr-0

9Ju

l-09

Oct

-09

Jan-

10

CAPESIZEVERY LARGE BCPANAMAXHANDYMAXHANDYBULKERSSMALL BC



2010 UNITS DWT LDT average 2009 UNITS DWT LDT average

January 87 3,659,775 852,701 $351.6 January 112 3,982,038 1,023,913 $261.1

February 0 0 0 $0.0 February 129 3,300,306 1,015,524 $254.7

March 0 0 0 $0.0 March 125 4,023,037 1,116,865 $275.6

April 0 0 0 $0.0 April 95 2,255,469 733,399 $261.9

May 0 0 0 $0.0 May 101 3,069,455 954,708 $232.9

June 0 0 0 $0.0 June 75 1,695,854 556,465 $244.6

July 0 0 0 $0.0 July 91 2,148,950 762,447 $250.3

August 0 0 0 $0.0 August 125 3,467,159 1,121,900 $291.3

September 0 0 0 $0.0 September 134 3,301,032 853,372 $303.3

October 0 0 0 $0.0 October 63 2,141,255 445,276 $262.9

November 0 0 0 $0.0 November 96 3,128,242 733,943 $251.9

December 0 0 0 $0.0 December 62 1,945,152 524,903 $269.4TOTAL 87 3,659,775 852,701 $351.6 TOTAL 1208 34,457,949 9,842,715 $263.3

2008 UNITS DWT LDT average 2007 UNITS DWT LDT average

JANUARY 13 392,137 125,125 $588.9 JANUARY 29 707,496 183,790 $460.5

FEBRUARY 21 681,495 172,214 $578.8 FEBRUARY 21 746,256 184,078 $444.0

MARCH 15 907,949 211,596 $670.2 MARCH 16 390,362 107,585 $410.5

APRIL 20 855,210 235,828 $680.0 APRIL 25 896,724 254,673 $439.3

MAY 24 489,924 175,189 $677.0 MAY 13 446,308 126,539 $476.6

JUNE 20 664,902 201,833 $710.2 JUNE 17 346,816 118,978 $453.1

JULY 12 440,900 111,600 $693.2 JULY 16 430,191 105,861 $567.5

AUGUST 34 590,300 216,331 $755.6 AUGUST 13 400,320 127,092 $525.2

SEPTEMBER 15 725,048 201,589 $595.6 SEPTEMBER 10 150,660 51,187 $461.1

OCTOBER 30 955,839 240,466 $373.4 OCTOBER 17 287,398 87,442 $492.5

NOVEMBER 57 3,267,815 710,078 $228.1 NOVEMBER 23 427,000 149,569 $590.0

DECEMBER 59 1,871,104 583,509 $260.7 DECEMBER 8 215,941 79,678 $536.1TOTAL 320 11,842,623 3,185,358 $567.6 TOTAL 208 5,445,472 1,576,472 $488.0

SCRAP STATISTICS 2005 - 2010

Average Scrap Price vs Number of units Scrapped (2005 - 2010)

13161921

11

0

161810

512

7

1715

24182017171617

1119

292921

16

25

1317161310

1723

812

2114

1923

1926

52

28

38

68

79

112

95101

75

91

134

63

94

62

87

129125125

$145.00

$195.00

$245.00

$295.00

$345.00

$395.00

$445.00

$495.00

$545.00

$595.00

$645.00

$695.00

$745.00

Jan-0

5

Apr-05

Jul-0

5

Oct-0

5

Jan-0

6

Apr-06

Jul-0

6

Oct-0

6

Jan-0

7

Apr-07

Jul-0

7

Oct-0

7

Jan-0

8

Apr-08

Jul-0

8

Oct-0

8

Jan-0

9

Apr-09

Jul-0

9

Oct-0

9

Jan-1

0

0

20

40

60

80

100

120

140Average Scrap Price

No SHIPS SCRAPPED

CHINA, 2508614

INDIA, 3838620

683659

BANGLADESH1,220,883

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

PAKISTAN 683659

TURKEY 184726

BANGLADESH 2274673

INDIA 3838620

CHINA 2508614

LDT TAKEN

CHINA, 269

INDIA, 470

BANGLADESH, 208

TURKEY

PAKISTAN

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

PAKISTAN 82

TURKEY 93

BANGLADESH 208

INDIA 470

CHINA 269

UNITS

CHINA

INDIA

BANGLADESH

TURKEY

PAKISTAN

150

170

190

210

230

250

270

290

310

CHINA 216.2580645

INDIA 275.7374005

BANGLADESH 300.1666667

TURKEY 176.1333333

PAKISTAN 269.640625

av $

7



2010

MONTH DRY WET TOTAL DRY WET TOTAL DRY WET TOTAL

JANUARY 94 59 153 $1,392.94m $1,232.58m $2,625.52m 4,232,086 3,746,603 7,978,689

FEBRUARY 0 0 0 $0.00m $0.00m $0.00m 0 0 0

MARCH 0 0 0 $0.00m $0.00m $0.00m 0 0 0

APRIL 0 0 0 $0.00m $0.00m $0.00m 0 0 0

MAY 0 0 0 $0.00m $0.00m $0.00m 0 0 0

JUNE 0 0 0 $0.00m $0.00m $0.00m 0 0 0

JULY 0 0 0 $0.00m $0.00m $0.00m 0 0 0

AUGUST 0 0 0 $0.00m $0.00m $0.00m 0 0 0

SEPTEMBER 0 0 0 $0.00m $0.00m $0.00m 0 0 0

OCTOBER 0 0 0 $0.00m $0.00m $0.00m 0 0 0

NOVEMBER 0 0 0 $0.00m $0.00m $0.00m 0 0 0

DECEMBER 0 0 0 $0.00m $0.00m $0.00m 0 0 0

TOTAL 2010 94 59 153 $1,392.94m $1,232.58m $2,625.52m 4,232,086 3,746,603 7,978,689

2009MONTH DRY WET TOTAL DRY WET TOTAL DRY WET TOTALJANUARY 79 39 118 $2,026.84m $1,464.90m $3,491.74m 2,073,460 3,163,865 5,237,325

FEBRUARY 77 49 126 $1,338.90m $1,503.70m $2,842.60m 2,018,746 4,031,251 6,049,997

MARCH 83 48 131 $2,675.29m $1,669.30m $4,344.59m 3,271,135 3,881,364 7,152,499

APRIL 95 48 143 $3,950.28m $1,660.30m $5,610.58m 3,421,893 2,787,674 6,209,567

MAY 110 43 153 $3,615.32m $1,434.95m $5,050.27m 4,080,053 2,920,540 7,000,593

JUNE 96 45 141 $2,660.05m $1,715.15m $4,375.20m 3,356,104 3,083,588 6,439,692

JULY 74 42 116 $2,171.78m $1,813.20m $3,984.98m 2,706,820 4,196,783 6,903,603

AUGUST 52 37 89 $1,339.98m $1,029.59m $2,369.57m 1,836,029 2,431,539 4,267,568

SEPTEMBER 71 23 94 $1,602.45m $547.05m $2,149.50m 2,532,706 811,596 3,344,302

OCTOBER 33 15 48 $809.31m $212.50m $1,021.81m 1,272,809 520,102 1,792,911

NOVEMBER 44 23 67 $567.30m $825.15m $1,392.45m 2,027,520 1,351,127 3,378,647

DECEMBER 42 11 53 $350.87m $465.70m $816.57m 1,457,264 941,843 2,399,107

TOTAL 2009 856 423 1279 $23,108.38m $14,341.49m $37,449.86m 30,054,539 30,121,272 60,175,811

2008


JANUARY 79 39 118 $2,026.84m $1,464.90m $3,491.74m 2,073,460 3,163,865 5,237,325

FEBRUARY 77 49 126 $1,338.90m $1,503.70m $2,842.60m 2,018,746 4,031,251 6,049,997

MARCH 83 48 131 $2,675.29m $1,669.30m $4,344.59m 3,271,135 3,881,364 7,152,499

APRIL 95 48 143 $3,950.28m $1,660.30m $5,610.58m 3,421,893 2,787,674 6,209,567

MAY 110 43 153 $3,615.32m $1,434.95m $5,050.27m 4,080,053 2,920,540 7,000,593

JUNE 96 45 141 $2,660.05m $1,715.15m $4,375.20m 3,356,104 3,083,588 6,439,692

JULY 74 42 116 $2,171.78m $1,813.20m $3,984.98m 2,706,820 4,196,783 6,903,603

AUGUST 52 37 89 $1,339.98m $1,029.59m $2,369.57m 1,836,029 2,431,539 4,267,568

SEPTEMBER 71 23 94 $1,602.45m $547.05m $2,149.50m 2,532,706 811,596 3,344,302

OCTOBER 33 15 48 $809.31m $212.50m $1,021.81m 1,272,809 520,102 1,792,911

NOVEMBER 44 23 67 $567.30m $825.15m $1,392.45m 2,027,520 1,351,127 3,378,647

DECEMBER 42 11 53 $350.87m $465.70m $816.57m 1,457,264 941,843 2,399,107

TOTAL 2008 856 423 1279 $23,108.38m $14,341.49m $37,449.86m 30,054,539 30,121,272 60,175,811

UNITS SOLD CAPITAL OUTLAY


2008 - VESSELS SOLD

DWT SOLD

DWT SOLD2010 - VESSELS SOLD

2009 - VESSELS SOLDUNITS SOLD CAPITAL OUTLAY DWT SOLD



2007


JANUARY 107 56 163 $1,918.17m $947.30m $2,865.47m 4,339,475 2,525,167 6,864,642

FEBRUARY 82 50 132 $2,415.84m $1,048.25m $3,464.09m 4,321,835 2,891,251 7,213,086

MARCH 108 31 139 $2,330.15m $789.55m $3,119.70m 4,558,081 2,165,966 6,724,047

APRIL 122 50 172 $3,709.65m $1,478.00m $5,187.65m 7,205,104 3,221,021 10,426,125

MAY 137 61 198 $3,051.04m $2,133.75m $5,184.79m 4,894,983 4,757,574 9,652,557

JUNE 108 70 178 $2,030.60m $2,338.37m $4,368.97m 3,369,782 5,165,416 8,535,198

JULY 163 34 197 $5,790.40m $1,430.55m $7,220.95m 8,463,283 2,520,864 10,984,147

AUGUST 84 36 120 $2,823.13m $1,021.75m $3,844.88m 3,755,816 2,668,848 6,424,664

SEPTEMBER 77 46 123 $2,051.65m $1,386.85m $3,438.50m 3,172,253 2,991,438 6,163,691

OCTOBER 141 67 208 $4,315.81m $1,837.00m $6,152.81m 5,319,934 4,198,224 9,518,158

NOVEMBER 145 40 185 $4,509.41m $1,214.55m $5,723.96m 6,035,362 2,614,259 8,649,621

DECEMBER 66 56 122 $1,529.43m $2,828.80m $4,358.23m 1,889,853 7,295,600 9,185,453

TOTAL 2007 1340 597 1937 $36,475.28m $18,454.72m $54,930.00m 57,325,761 43,015,628 100,341,389

2006


JANUARY 67 46 113 $915.92m $1,752.35m $2,668.27m 2,157,524 4,867,107 7,024,631

FEBRUARY 68 48 116 $1,886.55m $1,689.43m $3,575.98m 3,715,192 3,580,338 7,295,530

MARCH 75 69 144 $1,190.65m $2,516.33m $3,706.98m 3,587,131 5,346,521 8,933,652

APRIL 57 31 88 $685.40m $915.20m $1,600.60m 2,040,481 1,662,012 3,702,493

MAY 110 58 168 $2,789.55m $922.10m $3,711.65m 5,720,170 2,034,387 7,754,557

JUNE 115 35 150 $1,889.17m $854.55m $2,743.72m 4,166,463 1,206,691 5,373,154

JULY 80 26 106 $1,246.48m $615.30m $1,861.78m 3,272,657 1,440,814 4,713,471

AUGUST 112 44 156 $2,163.89m $1,926.60m $4,090.49m 4,743,047 3,550,390 8,293,437

SEPTEMBER 80 47 127 $1,747.32m $1,607.05m $3,354.37m 3,876,045 3,171,331 7,047,376

OCTOBER 88 37 125 $1,743.89m $1,168.45m $2,912.34m 3,696,441 3,653,844 7,350,285

NOVEMBER 104 26 130 $1,965.75m $680.55m $2,646.30m 3,224,100 1,267,516 4,491,616

DECEMBER 104 43 147 $2,068.77m $1,020.25m $3,089.02m 4,745,371 3,316,483 8,061,854

TOTAL 2006 1060 510 1570 $20,293.34m $15,668.16m $35,961.50m 44,944,622 35,097,434 80,042,056

2005


JANUARY 73 44 117 $1,314.89m $1,609.90m $2,924.79m 3,069,052 4,534,640 7,603,692

FEBRUARY 107 38 145 $2,193.49m $877.80m $3,071.29m 5,232,787 2,284,438 7,517,225

MARCH 112 67 179 $2,550.43m $3,016.10m $5,566.53m 4,900,346 6,385,327 11,285,673

APRIL 88 60 148 $1,648.45m $1,358.35m $3,006.80m 4,037,692 3,544,149 7,581,841

MAY 75 42 117 $806.98m $896.90m $1,703.88m 1,762,023 2,065,302 3,827,325

JUNE 42 50 92 $515.30m $1,292.60m $1,807.90m 1,003,905 2,979,077 3,982,982

JULY 49 30 79 $652.05m $629.28m $1,281.33m 890,425 1,223,007 2,113,432

AUGUST 52 35 87 $784.85m $722.80m $1,507.65m 2,231,040 1,997,151 4,228,191

SEPTEMBER 79 50 129 $1,985.55m $1,892.80m $3,878.35m 3,650,377 4,004,091 7,654,468

OCTOBER 59 59 118 $1,357.96m $1,775.20m $3,133.16m 3,047,547 4,804,991 7,852,538

NOVEMBER 55 36 91 $682.28m $668.93m $1,351.21m 1,593,491 2,033,730 3,627,221

DECEMBER 56 38 94 $894.40m $1,538.25m $2,432.65m 1,746,694 3,629,408 5,376,102

TOTAL 2005 847 549 1396 $15,386.63m $16,278.91m $31,665.54m 33,165,379 39,485,311 72,650,690

N. COTZIAS SHIPPING CONSULTANTS (NCSC)

7-9 AKTI MIAOULI - 185 35 PIRAEUS - HELLAS

TEL: +30 210 4222660/5

FAX: +30 210 4222678

MARKET RESEARCH/ANALYTICS DEPT. SALE AND PURCHASE DEPT. GENERIC NCS GROUP

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2006 - VESSELS SOLDDWT SOLD

UNITS SOLD CAPITAL OUTLAY2007 - VESSELS SOLD

DWT SOLD



2005 - VESSELS SOLDDWT SOLD


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