www.cotzias.gr – visit our constantly updated website SEPTEMBER 2009 Ship sale volume: Sep-09 Aug-09 74 89 last month 53 72 last month 21 17 last month Scrap volume: 137 129 last month $680/ldt INDIA Newbuilding Ships Prices (30/9/2009) (in mil USD) Dry Cargo CAPE 2/1/2009 PMX 2/1/2009 HMAX 2/1/2009 NEWBUILDING $64.3 $50.0 $40.0 $35.0 $33.4 $27.0 Tanker Ships VLCC 2/1/2009 SUZ 2/1/2009 AFR 2/1/2009 NEWBUILDING $102.0 $114.0 $69.0 $91.0 $49.0 $74.0 PAN 2/1/2009 PROD 2/1/2009 $45.2 $60.0 $35.0 $51.0 Average Dry cargo T/C Earnings (worldwide routes): Sep-09 Aug-09 Jul-09 Jun-09 $33,239 $41,528 $56,800 $71,154 Large Bulkers 144,000 – 85,000 dwt: $16,892 $24,583 $36,444 $22,375 Panamax 82,000 – 59,000 dwt: $19,816 $20,055 $23,849 $24,219 Handymax 59,000 – 48,000 dwt: $19,876 $20,866 $21,819 $19,477 Handy 48,000 – 40,000 dwt: $18,941 $15,217 $18,274 $16,735 Bulkers 40,000 – 30,000 dwt: $16,898 $15,594 $13,705 $12,581 Small Bulkers 30,000 – 12,000 dwt: $12,295 $12,088 $11,400 $13,007 Scrap Prices for SEPTEMBER 2009 CHINA HIGH $285 AVERAGE $279 SEP 2009 AVERAGE $310 INDIA HIGH $680 AVERAGE $328 AUG 2009 AVERAGE $291 BANGLADESH HIGH $393 AVERAGE $342 JUL 2009 AVERAGE $250 PAKISTAN HIGH $315 AVERAGE $315 JUN 2009 AVERAGE $257 TURKEY HIGH $180 AVERAGE $177 MAY 2009 AVERAGE $232 275.64 BALTIC INDICES % since 30-Sep-09 change since LAST MONTH 31-Aug-09 31-Jul-09 30-Jun-09 2220 -8.30% 2421 3350 3757 2846 -27.88% 3946 5385 7241 2276 5.52% 2157 3183 2904 1966 12.99% 1740 2081 1701 519 19.86% 433 465 465 574 14.80% 500 474 648 COMMENTS: Executive Summary Dry cargo Ships sold this month: Total number of Ships sold this month: Wet cargo Ships sold this month: Ships scrapped this month: Baltic Cape Index Highest Scrap Price paid this month: Capes >144,000 dwt: Baltic Dry Index Baltic Panamax Index Baltic Supramax Index GENERAL SCRAP PRICE AVERAGE Baltic Clean Tanker Index Baltic Dirty Tanker Index The sale & purchase market has been operating on a reduced pace, and a slight pickup in the Tanker secondhand sales market was seen together with a reduction in the dry sector sale and purchase volumes. Scrap has reached a record high number and the fact that more than 130 units were scrapped has never been encountered before. Newbuilding orders are on idle speed, the yard engines are running but nor revving, and it is not odd that no container vessels have been ordered. The indices have dropped (BDI and BCI) on a month to month comparison the Cape losing 28% and the Baltic Dry index 8%. Secondhand ship-prices have gone marginally up despite the drop in freight rates too. This can is due to the lack of prompt available tonnage & pure economic fundamentals supply/demand have set a slightly higher "equilibrium" point/price, one that possibly enables willing buyer & willing seller to meet. We have made an analysis of all the size sectors in the Dry bulk market taking into consideration current fleet size, NB orders, NB cancellations and scrappings. The Cape size market consists of 825 ships of a total of 149million tonnes carrying capacity. Average age of fleet is 10.6years. until today (end sep 2009) 16 capes (2.8mil tonnes dwt) have been scrapped. The projected contracted & already under construction vessels that will enter the market until 2016 are 736 units of a total 144mil dwt. Out of these NB's 429 (80mil dwt) are to enter by end of 2010. Until today we only have 25 NB capes cancelled of which 9 were to be delivered in 2009 and 12 in 2010.This is a mere 5% only of the total of new ship orders. On this assumption we may say that if we scrap only 2% of the total active fleet and if we cancell only 5% of the total orders, we are mathematically driven to expect that the Capesize market is head-on to be overcapacitated by 90-95% if all current trends prevail during remaining 2009 and 2010. *** ALARMING situation AHEAD.***! S&P MONTHLY REPORT SEPTEMBER 2009 N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893 ) PAGE 1 of 17
Transcript
www.cotzias.gr – visit our constantly updated website SEPTEMBER 2009
Ship sale volume: Sep-09 Aug-09
74 89 last month
53 72 last month
21 17 last month
Scrap volume:
137 129 last month
$680/ldt INDIA
Newbuilding Ships Prices (30/9/2009) (in mil USD)Dry Cargo CAPE 2/1/2009 PMX 2/1/2009 HMAX 2/1/2009
The sale & purchase market has been operating on a reduced pace, and a slight pickup in the Tanker secondhand sales market was seen together with a reduction in the dry sector sale and purchase volumes. Scrap has reached a record high number and the fact that more than 130 units were scrapped has never been encountered before. Newbuilding orders are on idle speed, the yard engines are running but nor revving, and it is not odd that no container vessels have been ordered. The indices have dropped (BDI and BCI) on a month to month comparison the Cape losing 28% and the Baltic Dry index 8%. Secondhand ship-prices have gone marginally up despite the drop in freight rates too. This can is due to the lack of prompt available tonnage & pure economic fundamentals supply/demand have set a slightly higher "equilibrium" point/price, one that possibly enables willing buyer & willing seller to meet.
We have made an analysis of all the size sectors in the Dry bulk market taking into consideration current fleet size, NB orders, NB cancellations and scrappings. The Cape size market consists of 825 ships of a total of 149million tonnes carrying capacity. Average age of fleet is 10.6years. until today (end sep 2009) 16 capes (2.8mil tonnes dwt) have been scrapped. The projected contracted & already under construction vessels that will enter the market until 2016 are 736 units of a total 144mil dwt. Out of these NB's 429 (80mil dwt) are to enter by end of 2010. Until today we only have 25 NB capes cancelled of which 9 were to be delivered in 2009 and 12 in 2010.This is a mere 5% only of the total of new ship orders. On this assumption we may say that if we scrap only 2% of the total active fleet and if we cancell only 5% of the total orders, we are mathematically driven to expect that the Capesize market is head-on to be overcapacitated by 90-95% if all current trends prevail during remaining 2009 and 2010. *** ALARMING situation AHEAD.***!
S&P MONTHLY REPORT SEPTEMBER 2009
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893 ) PAGE 1 of 17
www.cotzias.gr – visit our constantly updated website SEPTEMBER 2009
2009
NAME TYPE YEAR BUILT DWT GEAR PRICEBUYERS
NAMEBUYERS NATION
NOTES IMO
STAR OF ABU DHABI
BC 2009 JAPAN 81,200 $42.00mCHINESE BUYERS
CHINA
SELLERS ARE PIONEER SHIP MANAGEMENT UAE.
SOLD INCLUDING A TC FOR 5 YEARS AT
$18k/DAY
9375927
AEOLIAN SPIRIT BC 1999 SUMITOMO 73,739 $28.00mUNDISCL BUYERS
-SELLERS ARE SWISS MARINE INC, GREECE 9180798
JACARANDA BC 1999 SUMITOMO 73,729 - $26.50mAMERICAN
BULK CARRIERS
USA
SELLERS ARE KITAURA KAIUN JAPAN. FOR
COMPARISON'S SAKE, BACK IN 2004 SHE HAD BEEN REPORTED SOLD
AT $33.50m
9187722
FORMOSABULK NO.2
BC 1981KOYO
MIHARA61,451 5X15T $5.30m
UNDISCL BUYERS
-
SELLERS ARE FORMOSA PLASTICS MARINE,
TAIWAN CHINASOLD THROUGH TENDER
7924877
ZHEJIANG ZHENGHE 1004
BC 2009ZHEJIANG ZHENGHE
SHIPB 57,000 $29.00m 9446697
ZHEJIANG ZHENGHE1
BC 2010ZHEJIANG ZHENGHE
SHIPB 57,000 $27.00m
ZHEJIANG ZHENGHE3
BC 2010ZHEJIANG ZHENGHE
SHIPB 57,000 $27.00m
NORDEN BC 2005 MITSUI CHIBA 56,032 4X30T $31.00m IDC TURKEY
SELLERS ARE NORDEN DENMARK. IN AUG 09 SHEWAS REPORTED SOLD TO
GREEKS AT $32.1m
9332963
MITSUI CHIBA 1782 BC 2009 MITSUI 56,000 4X30T $37.10mIKAROS
TOTAL 742 100.00% $9,220 100.00% 31,893,462 100.00% CHINA 32 6.5% 3
POLAND 10 2.0% 4UK 9 1.8% 5
SPAIN 4 0.8% 6
SINGAPORE 1 0.2% 7
ALL OTHER 21 4.3%
TOTAL 489 100.0%
Another month of low activity following the slowdown encountered in Aug 2009, with secondhand sale and purchase
activity to have moved to 2009's lowest levels. Only 53 deals this month, beats the years lowest figure of Jan 2009 and surely poses the wait and see stance of all investors and
shipowners either waiting to buy or sell.
BUYERS - China is still going from strong to stronger, the gap between Chinese buyers and Greeks is still widening. Chinese have bought a total of 192 units. If we add also the ships of Taiwan (10) we see that China is clearly the undisputed leader buyer of second-hand tonnage. Greeks follow "challenged" but still strong in 2nd place with 141 units, but the gap as mentioned has widened more, while Turkish Buyers have come up strong 3rd with 30 units, with Syrian buyers keeping 4th place with 23 units.
2009 DRY CARGO STATISTICS - BUYERS
Out of a total of 489 DRY BULK vessels sold during the first 9 months of 2009, it is interesting to see that 372 vessels (76% of total) are built in JAPAN based Shipyards. This is a very interesting trend that we noted over the past months ago and for nearly 6 months now the percentage achieved is very stable and remains unchanged never dropping below the 75% mark. 42 units or 8.6% of all vessels traded in the second-hand market are built in Korea, with China to follow with 32 units or 6.5%of the total. So it is clearly obvious as 3 out of 4 Bulkers sold are "BIG IN JAPAN" it goes without saying that if a ship wants to stand a good chance of finding quickly a new owner then she "better be built in JAPAN"!!!
SELLERS - Greek Sellers have disposed 136 units (133 last) so far in 2009, while Japanese Sellers have sold 132 units
(129 last). In 3rd place follow the Chinese sellers with 64 units (60 last), while German sellers have sold 39 units, Norwegian
Sellers have disposed 33 units and Singapore sellers 31 units with Uk sellers 7th in the list with 29 units.
MONTHLY UNIT SALE ACTIVITY
SELLERS STATS 2009
$68.50m G.C.RIEBER NORWAY
SOLD ENBLOC TO G.C. RIEBER FOR $68.5m FOR BOTH UNITS - SELLERS ARE SEA4/NERGSHAV
NORWAY
2009 BULKER VSLS SOLD - COUNTRY OF BUILT
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893 ) PAGE 4 of 17
www.cotzias.gr – visit our constantly updated website SEPTEMBER 2009
CHINA 14 $376 7.24% 2,381,436 15.45% TOTAL 216 100.00%
NORWAY 14 $597 11.48% 1,101,710 7.15%
VIETNAM 10 $119 2.28% 311,963 2.02%
INDONESIA 9 $135 2.60% 687,254 4.46%
LIBYA 8 $391 7.52% 711,620 4.62%
TURKEY 7 $45 0.87% 84,064 0.55%
JAPAN 7 $263 5.07% 906,392 5.88%
KOREA 5 $32 0.61% 283,159 1.84%
THAILAND 4 $33 0.63% 275,149 1.79%
GERMANY 3 $69 1.33% 45,801 0.30%
UNDISCL 25 $606 11.66% 2,231,637 14.48%
ALL OTHER 48 $903 17.37% 2,772,753 17.99%
TOTAL 216 $5,197 100.00% 15,410,659 100.00%
2009VLCC & ULCC
SUEZMAXAFRAMAX
110KPANAMAX
70KPROD 45K < 40,000 OBO LPG & LNG TOTAL
JANUARY 2 5 9 0 7 13 0 0 36
FEBRUARY 1 1 3 2 0 8 0 2 17
MARCH 0 0 4 0 3 13 0 0 20
APRIL 1 0 0 0 4 16 0 1 22
MAY 6 1 3 0 8 26 0 1 45
JUNE 2 1 1 0 2 8 0 2 16
JULY 1 7 2 1 1 8 0 2 22
AUGUST 2 3 3 0 1 8 0 0 17
SEPTEMBER 8 0 3 1 5 1 0 3 21
OCTOBER 0 0 0 0 0 0 0 0 0
NOVEMBER 0 0 0 0 0 0 0 0 0
DECEMBER 0 0 0 0 0 0 0 0 0
TOTAL 23 18 28 4 31 101 0 11 216
TANKER UNITS SOLD - BREAKDOWN PER SIZE AND MONTH 2009
2009 TANKER buyer STATISTICS
BUYERS - Greek buyers are holding the lead, having acquired 32 units (29 last), with USA buyers sharing 2nd place with Singapore buyers having acquired 15 units each. Norwegian buyers sharing 4th place having acquired 14 units while Chinese buyers that have acquired 14 ships. 6th place is for Vietnam with 10 units while Libyan buyers have taken in 8 units and have secured 8th place.
MONTHLY UNIT SALE ACTIVITY
We see that after a great slowdown in Aug 2009, whereonly 17 units were exchanged, Sep 2009 has gained
some minor extra momentum and 21 tanker units were sold this month. Capital Outlay is slightly more than
average with $800million USD being spent. The deadweight that has changed hands is a record for
2009, at 3mil tonnes.
SELLERS - The table on the RIGHT shows thenationality of the Sellers. Japanese Sellers are leadingin 1st place of our sellers list, selling 35 units (30 last)
with Greek sellers sharing 2nd place with Singaporesellers having sold 29 units. They are followed by
Norwegian sellers who sold 16 units (16 last) followed by Chinese sellers with 13 units (11 last) and USA
sellers with 11 units.
SELLERS STATS 2009
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893 ) PAGE 7 of 17
www.cotzias.gr – visit our constantly updated website SEPTEMBER 2009
2,530,044 1,452,596 2,822,223 232,719 300,998 884,599 14,876 8,238,05511,247,656 6,689,030 7,438,430 375,326 345,095 1,206,922 25,846 27,328,305$456,668,854 $373,617,220 $521,852,498 $47,590,966 $47,338,050 $82,274,666 $3,731,305 $1,533,073,55932.7 Years 28.0 Years 28.8 Years 28.9 Years 35.4 Years 27.5 Years 31.3 Years 30.4 Years
USD PAID
AVERAGE AGE
STATS
UNITS
%
LDT
DWT
Demolition DATA for 2009source of data: N. COTZIAS SHIPPING CONSULTANTS (NCSC)
BALTIC DRY BULK MARKET INDICES until 30th SEPTEMBER 2009
All Baltic DRY indices 2005 - 2009
300
2300
4300
6300
8300
10300
12300
14300
16300
18300
Mar-05
Jun-05
Sep-05
Dec-05
Mar-06
Jun-06
Sep-06
Dec-06
Mar-07
Jun-07
Sep-07
Dec-07
Mar-08
Jun-08
Sep-08
Dec-08
Mar-09
Jun-09
Sep-09
BPIBCIBDIBSI
BALTIC DRY 2005 - 2009
400
2400
4400
6400
8400
10400
Mar-05
Jun-05Sep-05
Dec-05Mar-0
6Jun-06
Sep-06Dec-06
Mar-07
Jun-07Sep-07
Dec-07Mar-0
8Jun-08
Sep-08Dec-08
Mar-09
Jun-09Sep-09
BDIBALTIC CAPE 2005 - 2009
400
2900
5400
7900
10400
12900
15400
17900
Mar-05
Jun-05Sep-05
Dec-05Mar-0
6Jun-06
Sep-06Dec-06
Mar-07
Jun-07Sep-07
Dec-07Mar-0
8Jun-08
Sep-08Dec-08
Mar-09
Jun-09Sep-09
BCI
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893 ) PAGE 15 of 17
www.cotzias.gr – visit our constantly updated website SEPTEMBER 2009
DATE CLEAN % frm 2/1/08 DIRTY % frm 2/1/08
28/08/2009 433 -29.1% 500 -39.8%
01/09/2009 442 -27.7% 487 -41.4%
02/09/2009 449 -26.5% 474 -43.0%
03/09/2009 452 -26.0% 471 -43.3%
04/09/2009 454 -25.7% 469 -43.6%
07/09/2009 457 -25.2% 469 -43.6%
08/09/2009 458 -25.0% 468 -43.7%
09/09/2009 459 -24.9% 471 -43.3%
10/09/2009 470 -23.1% 469 -43.6%
11/09/2009 487 -20.3% 476 -42.7%
14/09/2009 479 -21.6% 496 -40.3%
15/09/2009 483 -20.9% 497 -40.2%
16/09/2009 484 -20.8% 503 -39.5%
17/09/2009 478 -21.8% 510 -38.6%
18/09/2009 482 -21.1% 523 -37.1%
21/09/2009 487 -20.3% 529 -36.3%
22/09/2009 495 -19.0% 544 -34.5%
23/09/2009 501 -18.0% 555 -33.2%
24/09/2009 509 -16.7% 560 -32.6%
25/09/2009 516 -15.5% 565 -32.0%
28/09/2009 518 -15.2% 565 -32.0%
29/09/2009 519 -15.1% 574 -30.9%
30/09/2009 518 -15.2% 570 -31.4%
BALTIC TANKER MARKET INDICES until 30th SEPTEMBER 2009
BALTIC PMAX 2005 - 2009
300
2300
4300
6300
8300
10300
Mar-05
Jun-05Sep-05
Dec-05Mar-0
6Jun-06
Sep-06Dec-06
Mar-07
Jun-07Sep-07
Dec-07Mar-0
8Jun-08
Sep-08Dec-08
Mar-09
Jun-09Sep-09
BPIBALTIC SUPMAX 2006 - 2009
300
1300
2300
3300
4300
5300
6300
7300
Mar-05
Jun-05Sep-05
Dec-05Mar-0
6Jun-06
Sep-06Dec-06
Mar-07
Jun-07Sep-07
Dec-07Mar-0
8Jun-08
Sep-08Dec-08
Mar-09
Jun-09Sep-09
BSI
ALL BALTIC WET Indices 2006-9
300
800
1300
1800
2300
Mar-06May-06
Jul-06Sep-06
Nov-06Jan-07
Mar-07May-07
Jul-07Sep-07
Nov-07Jan-08
Mar-08May-08
Jul-08Sep-08
Nov-08Jan-09
Mar-09May-09
Jul-09Sep-09
BCTI
BDTI
ALL CAPITAL LINK WET Indices 2006-9
400
1400
2400
3400
4400
5400
Mar-06May-06
Jul-06Sep-06
Nov-06Jan-07
Mar-07May-07
Jul-07Sep-07
Nov-07Jan-08
Mar-08May-08
Jul-08Sep-08
Nov-08Jan-09
Mar-09May-09
Jul-09Sep-09
CL Tanker Index (CLTI)
CL LNG/LPG Index (CLLG)
CAPITAL LINK MARITIME INDEX 2005-9
400
1400
2400
3400
4400
5400
Mar-05Jun-05
Sep-05Dec-05
Mar-06Jun-06
Sep-06Dec-06
Mar-07Jun-07
Sep-07Dec-07
Mar-08Jun-08
Sep-08Dec-08
Mar-09Jun-09
Sep-09
CL Maritime Index (CLMI)
CAPITAL LINK DRYBULK INDEX 2005-9
400
1400
2400
3400
4400
5400
6400
7400
Mar-05Jun-05
Sep-05Dec-05
Mar-06Jun-06
Sep-06Dec-06
Mar-07Jun-07
Sep-07Dec-07
Mar-08Jun-08
Sep-08Dec-08
Mar-09Jun-09
Sep-09
CL Drybulk Index (CLDBI)
CAPITAL LINK CONTAINER INDEX 2005-9
400
1400
2400
3400
4400
5400
Mar-05Jun-05
Sep-05Dec-05
Mar-06Jun-06
Sep-06Dec-06
Mar-07Jun-07
Sep-07Dec-07
Mar-08Jun-08
Sep-08Dec-08
Mar-09Jun-09
Sep-09
CL Container Index (CLCI)
CAPITAL LINK MLP INDEX 2005-9
400
900
1400
1900
2400
2900
3400
3900
4400
Jun-05Sep-05
Dec-05Mar-06
Jun-06Sep-06
Dec-06Mar-07
Jun-07Sep-07
Dec-07Mar-08
Jun-08Sep-08
Dec-08Mar-09
Jun-09Sep-09
CL MLP Index (CLMLP)
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893 ) PAGE 16 of 17
www.cotzias.gr – visit our constantly updated website SEPTEMBER 2009
ALL CAPITAL LINK INDICES ARE USED WITH THE EXPRESS KIND PERMISSION OF CAPITAL LINK INC - NEW YORK
DISCLAIMER: INFORMATION & DATA CONTAINED IN THIS MONTHLY MARKET REPORT HAVE BEEN CAREFULLY OBTAINED FROM VARIOUS MARKET SOURCES. ALTHOUGH ALL IS BELIEVED TO BE CORRECT, N. COTZIAS SHIPPING GROUP MAKES NO GUARANTEE FOR ACCURACY, AND SHALL NOT BE LIABLE FOR ANY LOSS INCURRED IN ANY WAY WHATSOEVER BY ANY PERSON RELYING ON THE INFORMATION CONTAINED HEREIN.
BALTIC DIRTY TANKER INDEX 2005 - 2009
400
900
1400
1900
2400
Mar-05
May-05Jul-0
5Sep-05
Nov-05Jan-06
Mar-06
May-06Jul-0
6Sep-06
Nov-06Jan-07
Mar-07
May-07Jul-0
7Sep-07
Nov-07Jan-08
Mar-08
May-08Jul-0
8Sep-08
Nov-08Jan-09
Mar-09
May-09Jul-0
9Sep-09
BDTIBALTIC CLEAN TANKER INDEX 2005 - 2009
300
500
700
900
1100
1300
1500
1700
1900
2100
Mar-05
May-05Jul-0
5Sep-05
Nov-05Jan-06
Mar-06
May-06Jul-0
6Sep-06
Nov-06Jan-07
Mar-07
May-07Jul-0
7Sep-07
Nov-07Jan-08
Mar-08
May-08Jul-0
8Sep-08
Nov-08Jan-09
Mar-09
May-09Jul-0
9Sep-09
BCTI
Brent OIL (2001 - 2009)
16
26
36
46
56
66
76
86
96
106
116
126
136
146
Mar
-01
Jun-
01
Sep-0
1
Dec-0
1
Mar
-02
Jun-
02
Sep-0
2
Dec-0
2
Mar
-03
Jun-
03
Sep-0
3
Dec-0
3
Mar
-04
Jun-
04
Sep-0
4
Dec-0
4
Mar
-05
Jun-
05
Sep-0
5
Dec-0
5
Mar
-06
Jun-
06
Sep-0
6
Dec-0
6
Mar
-07
Jun-
07
Sep-0
7
Dec-0
7
Mar
-08
Jun-
08
Sep-0
8
Dec-0
8
Mar
-09
Jun-
09
Sep-0
9
Brent Oil
CAPITAL LINK TANKER INDEX 2005-9
400.00
1400.00
2400.00
3400.00
4400.00
5400.00
Mar-05May-05
Jul-05Sep-05
Nov-05Jan-06
Mar-06May-06
Jul-06Sep-06
Nov-06Jan-07
Mar-07May-07
Jul-07Sep-07
Nov-07Jan-08
Mar-08May-08
Jul-08Sep-08
Nov-08Jan-09
Mar-09May-09
Jul-09Sep-09
CL Tanker Index (CLTI)
CAPITAL LINK LNG/LPG INDEX 2005-9
400.00
800.00
1200.00
1600.00
2000.00
2400.00
2800.00
3200.00
Jul-05Sep-05
Nov-05Jan-06
Mar-06May-06
Jul-06Sep-06
Nov-06Jan-07
Mar-07May-07
Jul-07Sep-07
Nov-07Jan-08
Mar-08May-08
Jul-08Sep-08
Nov-08Jan-09
Mar-09May-09
Jul-09Sep-09
CL LNG/LPG Index (CLLG)
WTI SPOT PRICE (2001 - 2009)
16
26
36
46
56
66
76
86
96
106
116
126
136
146
Mar
-01
Jun-
01
Sep-0
1
Dec-0
1
Mar
-02
Jun-
02
Sep-0
2
Dec-0
2
Mar
-03
Jun-
03
Sep-0
3
Dec-0
3
Mar
-04
Jun-
04
Sep-0
4
Dec-0
4
Mar
-05
Jun-
05
Sep-0
5
Dec-0
5
Mar
-06
Jun-
06
Sep-0
6
Dec-0
6
Mar
-07
Jun-
07
Sep-0
7
Dec-0
7
Mar
-08
Jun-
08
Sep-0
8
Dec-0
8
Mar
-09
Jun-
09
Sep-0
9
WTI Spot Price
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893 ) PAGE 17 of 17
