MONTHLY MARKET OVERVIEW1st — 31st May 2017
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SUMMARY OF CONTENT
• Value analysis
• Second hand S&P activity
• Newbuilding activity
• Demolition activity
• Charter rate analysis
180k
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180k
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30k
CAPE PMAX SUPRAYEAR
OF BUILD HANDY
DWT DWT DWT DWT
2017
2016
2010
2011
2012
2013
2014
2015
2002
2003
2004
2005
2006
2007
2008
2009
-2.8%
-2.7%
-2.7%
-2.6%
-2.5%
-2.5%
-2.5%
-2.5%
-2.6%
-2.7%
-3.0%
-3.4%
-3.9%
-4.6%
-5.4%
-6.5%
-1.3%
-1.4%
-1.6%
-1.7%
-1.8%
-1.9%
-2.0%
-2.0%
-2.0%
-2.1%
-2.1%
-2.1%
-2.2%
-2.1%
-2.2%
-2.0%
-4.0%
-4.4%
-4.7%
-5.1%
-5.5%
-5.9%
-6.2%
-5.2%
-5.5%
-5.5%
-5.5%
-5.4%
-5.4%
-5.0%
-1.1%
-0.4%
-2.3%
-2.2%
-2.1%
-2.0%
-1.9%
-1.8%
-1.6%
-1.4%
-1.3%
-1.0%
-0.8%
-0.6%
-0.5%
-0.4%
+0.0%
+0.2%
BULKER VALUES THROUGH MAY 2017
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BULKERS Bulker values have softened this month. Most significantly for Supramax Bulkers.
This table shows the monthly % change in value from 1st to the 31st May 2017for Bulker vessels, by year of build.
BULKER VALUES THROUGH MAY 2017
Panamax Values have softened a small amount.
6 sales have taken place this month.
Frontier Hero (81,000 DWT, Jul 2014, Japan Maritime United) sold for USD 24.0 mil, VV value
USD 24.76 mil.
Hanjin Paradip (82,200 DWT, Jan 2013, Tsuneishi Zosen) was bought by JP Morgan for USD
21.3 mil, VV value USD 21.62 mil.
Santa Paula (77,200 DWT, Sep 2009, Oshima) sold by Mitsubishi Corp for USD 15.0 mil, VV
value USD 15.76 mil.
Supramax Values have softened.
12 sales have taken place this month.
Crystal Palace (58,500 DWT, Jun 2008, Tsunieshi Cebu) was bought by Thoresen for USD 13.4 mil, VV
value USD 13.18 mil.
Ocean Diamond (53,500 DWT, Jun 2007, Iwagi Zosen) sold for USD 9.8 mil, VV value USD 12.04 mil.
V Gannet (51,500 DWT, Jan 2002, STX Offshore) has been sold for USD 6.6 mil, VV value USD 6.77 mil.
Handy Values have softened a small amount.
4 sales have taken place this month.
Global Peace (31,900 DWT, Aug 2011, Hakodate Dock) sold by United Ocean Group for USD
10.0 mil, VV value USD 11.21 mil.
CS Ocean (32,300 DWT, Feb 2008, Kanda) sold for USD 8.5 mil, VV value USD 8.64 mil.
In older tonnage the Acacia Bulker (32,800 DWT, May 2005, Kanda) sold for USD 7.3 mil, VV
value USD 6.49 mil.
Capesize Values have softened throughout May.
4 sales have been concluded this month.
Navios Maritime Partners LP have bought 3 vessels this month:
Aristofanis (178,900 DWT, Nov 2011, Sungdong) sold by Capital Maritime and Trading for USD 31.1
mil, VV value USD 32.08 mil. The deal includes a charter at USD 11,700 per day until Feb 2018.
Hyundai Talent (180,000 DWT, Apr 2012, Sungdong) sold by HMM for USD 30.5 mil, VV 32.22 mil.
Triton Condor (180,300 DWT, Oct 2009, Koyo Dock) sold for USD 28.3 mil, VV value 28.88 mil.
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TANKER VALUES THROUGH MAY 2017
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Tanker values have firmed for modern tonnage and softened forolder tonnage.
This table shows the monthly % change in value from 1st to the 31st May 2017for Tanker vessels, by year of build.
TANKERS
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305k
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160k
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155k
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75k
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110k
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+0.7%
+0.7%
+0.6%
+0.4%
+0.2%
-0.5%
-0.7%
-1.0%
-1.3%
-1.6%
-2.0%
-2.3%
-2.7%
-3.3%
-3.6%
-4.0%
+1.3%
+1.2%
+1.2%
+1.3%
+1.3%
+1.4%
+1.5%
+1.6%
+1.7%
+1.7%
+1.7%
+1.6%
+1.6%
+1.4%
+1.2%
+0.9%
+1.8%
+1.7%
+1.6%
+1.5%
+1.4%
+1.2%
+1.0%
+0.9%
+0.7%
+0.5%
+0.3%
+0.1%
-0.1%
-0.4%
-0.6%
-0.7%
+0.1%
+0.0%
-0.1%
-0.2%
-0.4%
-0.5%
-0.7%
-0.8%
-1.0%
-1.2%
-1.4%
-2.3%
-2.5%
-2.7%
-2.9%
-3.0%
-0.4%
-0.4%
-0.5%
-0.6%
-0.7%
-0.8%
-1.0%
-1.1%
-1.3%
-1.5%
-1.7%
-2.0%
-2.2%
-2.5%
-2.6%
-3.0%
YEAROF BUILD VLCC SUEZ AFRA LR1 MR
DWT DWT DWT DWT DWT
2017
2016
2010
2011
2012
2013
2014
2015
2002
2003
2004
2005
2006
2007
2008
2009
TANKER VALUES THROUGH MAY 2017
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VLCC Values have firmed in modern tonnage and softened in older.
6 sales have occurred this month.
Dalian Venture (297,000 DWT, Aug 2011, Dalian Shipbuilding) was bought by Zodiac
Maritime for USD 53.5 mil, VV value USD 50.49 mil.
Irene SL (319,200 DWT, Oct 2004, Hyundai Samho HI) was bought by Sinkor Merchant
for USD 30.0 mil, VV value USD 29.59 mil.
TI Topaz (319,000 DWT, Oct 2002, Hyundai Samho HI) was bought by New Shipping for
USD 21.0 mil SS due, VV value USD 24.43 mil.
Suezmax Values have firmed this month.
5 sales have taken place this month.
Arcadia Ship management has offloaded the Aegean Fighter (159,000 DWT, Jun 2017,
HHI) and Aegean Fighter (150,000 DWT, May 2017, HHI) for USD 56.0 mil each, VV value
USD 54.95 mil each.
In older tonnage the Gener8 Orion (160,300 DWT, Mar 2002, Samsung) has sold SS due to
Indian buyers for USD 13.3 mil, VV value USD 14.53 mil.
Aframax Values have firmed a small amount.
Nissos Santorini (115,700 DWT, Mar 2012, Samsung) sold for USD 30.3 mil, VV value USD 29.78 mil
to Zodiac Maritime.
3 Ratna vessels have been bought by Centrofin in an en bloc deal for USD 65.0 mil. Ratna Shruti,
Shradha, Namrata (105,800 DWT, Apr, Jun, Jul 2008, HHI) VV value USD 61.73 mil. In addition,
Ratna Shalini (105,800 DWT, Mar 2010, HHI) sold for USD 25.0 mil, VV value USD 24.61 mil.
LR1 Values have remained stable this month.
En bloc deal of the Mare Pacific and Atlantic (68,500 DWT, Jan, Feb 2001, Koyo Dock) both
LR1 vessels have sold for USD 6.8 mil each, VV value USD 7.62 and 7.73 mil respectively.
MR Values have softened throughout the month.
16 sales have taken place this month.
STI Sapphire and Emerald (52,000 DWT, Jan, Mar 2013, Hyundai Mipo) sold for USD 56.4 mil en
bloc, VV value USD 55.01 mil.
The en bloc bank sale of 5 MR1 tankers from Interorient to Advantage Tankers for USD 60.0 mil,
VV value USD 68.18 mil.
CONTAINER VALUES THROUGH MAY 2017
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CONTAINERS Container values have firmed most significantly for Post Panamax andPanamax Containers. Handy and Feedermax values have remained stable.
This table shows the monthly % change in value from 1st to the 31st May 2017for Container vessels, by year of build.
2017
2016
2010
2011
2012
2013
2014
2015
2002
2003
2004
2005
2006
2007
2008
2009
7000
7000
7000
7000
7000
7000
7000
7000
7000
7000
7000
7000
7000
7000
6500
6500
4250
4250
4250
4250
4250
4250
4250
4250
4250
4250
4250
4250
4250
4250
4000
4000
1750
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1750
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1750
1750
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1750
1750
1100
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1100
1100
1100
1100
1100
1100
1100
1100
1100
1100
1100
YEAROF BUILD POST PMAX PMAX HANDY FMAX
TEU TEU TEU TEU
+0.0%
+0.0%
+0.0%
+0.1%
+0.1%
+2.9%
+7.2%
+12.3%
+17.9%
+23.9%
+28.5%
+6.1%
-9.9%
-9.9%
-9.9%
-9.9%
+0.9%
+0.9%
+1.8%
+3.5%
+6.3%
+10.1%
+14.7%
+13.7%
-3.9%
-9.9%
-9.8%
-9.8%
-9.9%
-9.9%
-9.9%
-9.9%
+0.4%
+0.3%
+0.2%
+0.1%
+0.0%
-0.1%
-0.1%
-0.2%
-0.2%
-0.3%
-0.3%
+2.5%
+2.1%
+1.9%
+1.7%
+7.3%
+0.4%
+0.4%
+0.3%
+0.2%
+0.1%
+0.0%
-0.1%
-0.3%
-0.4%
-0.4%
-0.6%
+2.0%
+2.8%
+3.6%
+4.6%
-0.4%
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CONTAINER VALUES THROUGH MAY 2017
Post PMax Values have firmed most significantly in mid age tonnage.
There have been no sales this month.
Container charter rates have been firming throughout the month.
Panamax Values have firmed throughout the month particularly for modern tonnage.
3 sales have taken place this month.
Barbados (4,360 TEU, Feb 2010, Hanjin Subic) sold for USD 9.5 mil, VV value USD 7.11 mil.
Nansen Strait (5,047 TEU, Jul 2005, HHI) sold to Cyprus Sea Lines for USD 7.6 mil, VV value USD
7.36 mil.
Handy Values have firmed in older tonnage.
4 sales have taken place this month.
Hull 606 (1,800 TEU, Jul 2017, Dae Sun) sold for USD 20.4 mil, VV USD 17.63 mil.
Sunshine Bandama (1,700 TEU, Jul 2007, Imabari) sold for USD 9.0 mil, VV value USD 8.85 mil.
Aja IPSA (1,858 TEU, Jul 2004, Jiangsu Yangzijiang) sold for USD 5.3 mil, USD 4.86 mil.
Feedermax Values have remained stable.
5 sales have been confirmed this month.
Contrail Sky (907 TEU, Feb 2009, Kyokuyo) sold for USD 6.5 mil, VV value USD 6.68 mil.
Shippan Island (1,118 TEU, Oct 2005, Jiangdong) sold for USD 5.5 mil, VV value USD 5.21 mil.
LPG VALUES THROUGH MAY 2017
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LPG LPG values have softened across all vessel types.
This table shows the monthly % change in value from 1st to the 31st May 2017for LPG vessels, by year of build.
2017
2016
2010
2011
2012
2013
2014
2015
2002
2003
2004
2005
2006
2007
2008
2009
84k
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84k
84k
82k
82k
82k
82k
82k
82k
82k
82k
78k
78k
78k
78k
60k
60k
60k
60k
60k
60k
60k
60k
60k
60k
60k
60k
60k
60k
60k
57k
38k
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38k
38k
35k
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35k
35k
35k
35k
35k
35k
35k
35k
35k
35k
20k
20k
20k
20k
20k
20k
20k
20k
20k
20k
20k
20k
20k
20k
20k
20k
6.5k
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6.5k
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6.5k
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6.5k
6.5k
6.5k
3.5k
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3.5k
3.5k
3.5k
3.5k
3.5k
3.5k
3.5k
3.5k
3.5k
3.5k
3.5k
3.5k
3.5k
3.5k
12k
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12k
12k
9k
9k
9k
9k
9k
8k
8k
8k
8k
8k
8k
12k
YEAROF BUILD VLGC LGC MGC
SP FRLARGE
SP FRSMALL
FULLPRESS LEG
CBM CBM CBM CBM CBM CBM CBM
-4.7%
-4.2%
-3.7%
-3.2%
-2.9%
-2.5%
-2.1%
-1.8%
-1.5%
-1.3%
-1.2%
-1.2%
-1.5%
-1.7%
-1.9%
-2.3%
-6.4%
-5.9%
-5.4%
-5.0%
-4.5%
-4.1%
-3.8%
-3.4%
-3.2%
-3.0%
-2.9%
-2.9%
-2.9%
-3.1%
-3.3%
-4.0%
-1.5%
-1.5%
-1.5%
-1.6%
-1.6%
-1.6%
-1.6%
-1.6%
-1.6%
-1.7%
-1.7%
-6.2%
-6.2%
-6.4%
-6.6%
-6.8%
-3.8%
-3.8%
-3.8%
-3.9%
-3.9%
-4.0%
-4.0%
-4.0%
-4.1%
-4.1%
-4.1%
-4.1%
-4.1%
-4.1%
-4.1%
-4.1%
-3.4%
-3.5%
-3.6%
-3.6%
-3.6%
-3.7%
-3.6%
-3.7%
-3.8%
-3.8%
-3.8%
-3.8%
-3.7%
-3.8%
-3.8%
-3.7%
-1.5%
-1.5%
-1.4%
-1.6%
-1.5%
-1.6%
-1.6%
-1.7%
-1.8%
-1.7%
-1.7%
-3.7%
-3.8%
-3.7%
-3.8%
-5.6%
-1.4%
-1.5%
-1.5%
-1.5%
-1.6%
-1.6%
-1.6%
-1.7%
-1.7%
-1.7%
-1.7%
-3.8%
-3.9%
-3.8%
-3.8%
-5.6%
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LPG VALUES THROUGH MAY 2017
VLGC Values have softened.
Gas Miracle (84,270 CBM, Mar 1996, Kawasaki) sold for USD 19.0 mil, VV value USD 25.09 mil.
Rates have softened dramatically over the past month, causing a softening in values.
FullyPressurised
Values have softened over the past month.
Rates have softened over throughout the month which has caused a softening in values.
SPFR Values have softened over May 2017.
No sales have been concluded this month.
2ND HAND S&P ACTIVITY MAY 2017
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Total activity by transaction value is more than 3 times higher in May 2017 compared
to May 2016, due to fewer disclosed prices in May 2016.
Container transaction values a considerable amount higher in May 2017, this is due to
a large en bloc deal of 14 ULCV Containers bought by COSCO.
Gas values are significantly higher due to the sales on two Large LNG vessels bought
by Flex LNG for USD 180.0 mil each.
Val
ue
(M U
SD
)
May 2016
May 2017
Value of 2nd hand sales in May 2017 vs May 2016.S&P $
Bulker Tanker Container Gas OSV
$333
$1,003
$1,871
$379
$3
$473 $513
$51 $2 $00
400
200
600
1000
1400
1800
800
1200
1600
2000
Total sales by number count are up 6% for May 2017 compared to May 2016.
Bulker sales by number are down by 45% compared to this time last year.
A higher number of sales have taken place in May 2017 within the Tanker, Container
and Gas sectors compared to May 2017.
No
. Ves
sels
May 2016
May 2017
Number of 2nd hand sales taken place in May 2017 vs May 2016.S&P No.
Bulker Tanker Container Gas OSV
26
41
30
36
48
31
13
1
7
0
10
20
30
40
50
60
NEWBUILDING ACTIVITY MAY 2017 VS 2016
Overall there is an increased number of NB orders in 2017 for the Bulker and Tanker
industry compared to year to date 2016.
Container NB are a considerable amount lower due to the oversupply of tonnage
we are experiencing.
Number of newbuilding orders taken place in May 2017 vs May 2016. NewbuildingNo.
No
. New
Bu
ildin
gs
May 2016
May 2017
Bulker Tanker Container Gas OSV
13
24
5
20
2
1615
6
00
5
10
15
20
25
30
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DEMOLITION ACTIVITY MAY 2017 VS 2016
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Number of demolition sales per ship type, taken place in May 2017 vs May 2016.DemolitionNo.
No
. Dem
o s
ales
May 2016
May 2017
Scrap rates have softened throughout May having a knock-on effect of reducing the number
of demolition sales.
Total demolition sales for all ship types are down 34% for May 2017 compared to May 2016 due
to the closure of Pakistan for Tankers.
Both Bulker, Tanker and Container sales are lower for this May 2017.
6 OSV vessels have been scrapped this May, all with undisclosed prices.
0
5
10
15
20
25
30
35
40
45
Bulker Tanker Container Gas OSV
24
4
10
1
6
39
6
22
0 1
Baltic Exchange daily market spot rates for Capesize, Panamax, Supramax andHandy Bulkers from 1st May 2016 - 31st May 2017. Source: Baltic Exchange
(US
D p
er d
ay)
Dry
Tanker rates have softened throughout May 2017.
A slow start to the month saw Suezmax rates softening however spot rates began to firm
towards the end of the month.
Aframax rates firmed significantly from USD 8,571/day to USD 15,584/day at the beginning
of the month however rates began to soften towards the end of the month to USD
10,080/day.
Capesize rates have varied this month. Rates have fluctuated between USD 11,880/day and
USD 9, 989/day which has also contributed in the softening of Bulker values.
Panamax rates have softened significantly over May 2017 from USD 9,162/day to USD
6,658/day showing a distinct availability on tonnage.
Supramax and Handysize Bulker values have softened slightly towards the end of the month.
CapesizePanamaxSupramaxHandy
Apr 2017Jan 2016Oct 2016Jul 20160
5,000
10,000
15,000
20,000
25,000
CHARTER RATES
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Baltic Exchange daily market spot rates for VLCC, Suezmax and Aframax Tankersfrom 1st May 2016 - 31st May 2017. Source: Baltic Exchange
(US
D p
er d
ay)
Wet
0
10,000
20,000
30,000
40,000
50,000
60,000
VLCCSuezmaxAframax
Apr 2017Jan 2016Oct 2016Jul 2016
Apr 2017Jan 2016Oct 2016Jul 2016
Apr 2017Jan 2016Oct 2016Jul 2016
Contex daily time charter rates for Panamax, Handysize and Feedermax Containersfrom 1st May 2016 - 31st May 2017. Source: Contex, VHSS
(US
D p
er d
ay)
Container
Fearnleys weekly market spot rates for VLGC, MGC and LEG Gas shipsfrom 1st May 2016 - 31st May 2017. Source: Fearnleys
(Th
ou
san
d U
SD
per
mo
nth
)
LPG
VLGC rates have continued to soften throughout May 2017 from USD 655,000/month to
USD 395,000/month.
MGC and LEG rates remain stable with a slight softening in values, MGC and LEG rates
have now reached similar prices.
VLGCMGCLEG
Panamax rates have firmed significantly throughout May. Rates have nearly doubled since
the beginning of the year.
Rates in May 2016 were seen at USD 7,250/day compared May 2017 where we have seen
rates as high as USD 10,509/day.
Handy and Feedermax rates have remained stable throughout the month.
PanamaxHandyFeedermax
4,000
8,000
10,000
6,000
2,000
12,000
CHARTER RATES
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100
200
300
400
500
600
700
800
900
0
0
