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World ShipyardMonitor

Volume 10, No.6 ISSN: 1358-8788

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www.clarksons.net

June-2003

Major European Shipyards

Major Far Eastern Shipyards

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1816

11

15

3 1013

14

8

7

17

129

165

2

4

1.Damen, Hoogezand, Neth. 2.AESA, Puertoreal, Spain 3.Fincantieri, Monfalcone, Italy 4.AESA, Sestao, Spain 5.HDW, Kiel, Germany 6.Odense, Lindo, Denmark

MAIN SHIPYARDS 7.Harland & Wolff, Belfast, UK 8.Ch. de L'Atl., St.Nazaire, France 9.Stocznia Szczecin, Poland 10.Brod. 3 Maj, Rijeka, Croatia 11.Kvaerner Masa, Turku, Finland 12.Meeres Technik, Wismar, Ger.

13.Brod. Split, Split, Croatia 14.MeyerWerft, Papenburg, Ger. 15.Stocznia Gdynia, Poland 16.Varna Shipyard, Bulgaria 17.Fincantieri, Marghera, Italy 18.Galatz Shipyard, Romania

S .KOREAJAPAN

510

63

7

13129

21

1148

6

4

153 2

JAPAN 1.Mitsubishi, Nagasaki 2.Hitachi, Ariake 3.Imabari,Marugame 4.Namura, Imari 5.Mitsui, Chiba 6.Kawasaki, Sakaide 7.Sumitomo, Oppama 8.Oshima, Oshima 9.I.H.I., Kure 10.Nippon Kokan, Tsu

MAIN SHIPYARDS11.Shin Kurushima, Onishi 12.Koyo, Mihara 13.Tsuneishi, Numakuma SOUTH KOREA 1.Hyundai, Ulsan 2.Daewoo, Okpo 3.Samsung, Koje 4.Samho, Samho 5.Hanjin, Busan 6.STX, Chinhae

CHINA 1.Dalian New Yard, Dalian 2.Jiangnan, Shanghai 3.Hudong, Shanghai 4.Shanghai, Shanghai 5.Guangzhou, Guangzhou 6.Xingang, Tianjin TAIWAN 1.China Sb., Kaohsiung 2.China Sb., Keelung

Highlights

Orderbook The orderbook at the end of May is 134.9m dwt for all vessel types …………………….p.2/3. New Orders The surge in ordering in the Post-Panamax sector, has lifted contracting to 39.5m dwt... p.4/5. Deliveries So far this year (to the end of May) 390 ships have been delivered……………….. p.6/7. Newbuilding Prices Restis order a pair of Suezmax tankers at a firm $49m each p.8. Investment After another flurry of newbuilding contracts in May, investment is much stronger than last year. …………………..p.9. Contracting by Region Global contracting stands at 14.6m cgt, up 68% on this time last year………………….. p.12. Deliveries by Region Deliveries grew to reach 20.7m dwt by the end of May 2003……………………p.14/15. Shipyard Capacity In 2001 the Tianjin Xingang Shipyard signed its largest ever contract……………..……p.16. Demolition So far this year 11.1m dwt of cargo vessels have been sold for demolition 20/21. Shipbuilding Focus Aframax newbuilding prices are “really” low, and recovery is a long way off……….………p24.

Orderbook by Vessel Type

Orderbook, Delivery in:

2002 May* 2002 May* 1999 2000 2001 2002 May* 2003 2004 2005+

VLCC > 200,000 62 75 3.0 3.6 22.4 27.2 26.2 19.0 22.8 7.0 8.8 7.0Suezmax 120-200,000 54 63 1.7 2.0 5.5 9.3 9.9 8.5 9.9 3.1 3.3 3.5Aframax 80-120,000 129 126 3.0 3.0 3.4 7.0 12.9 13.9 13.7 4.4 4.9 4.4Panamax 60-80,000 71 86 1.5 1.9 1.4 0.8 2.5 5.1 6.2 1.2 2.8 2.2Products 10-60,000 210 257 4.0 4.9 2.4 4.0 7.5 8.8 10.9 2.7 4.2 3.9Chemical 10-60,000 125 128 1.9 1.9 2.0 2.1 2.6 3.3 3.4 1.5 1.1 0.8Specialised 10-60,000 5 4 0.1 0.1 0.3 0.3 0.2 0.2 0.2 0.1 0.1 0.0Tankers > 10,000 656 739 15.2 17.3 37.5 50.7 61.7 58.8 67.0 20.0 25.2 21.9Tankers < 10,000 113 107 0.7 0.6 0.3 0.3 0.5 0.7 0.7 0.4 0.2 0.1Capesize > 80,000 73 89 1.9 2.3 12.2 10.5 8.8 12.2 14.2 3.4 5.8 5.0Panamax 60-80,000 95 125 1.9 2.5 12.5 12.1 5.8 7.2 9.4 1.1 4.7 3.6Handymax 40-60,000 147 162 2.3 2.6 6.4 9.6 7.0 7.5 8.4 2.2 3.3 2.9Handysize 10-40,000 128 131 1.4 1.5 2.5 3.1 2.7 3.5 3.7 1.2 1.7 0.8Bulkers > 10,000 443 507 7.6 8.8 33.5 35.3 24.4 30.5 35.7 7.9 15.4 12.3Combos > 10,000 2 2 0.1 0.1 0.0 0.0 0.2 0.2 0.2 0.2 0.0 0.0Total Bulk Vessels 1214 1355 23.6 26.8 71.3 86.3 86.8 90.3 103.6 28.6 40.8 34.2


2002 May* 2002 May* 1999 2000 2001 2002 May* 2003 2004 2005+

LNG Carriers 56 56 4.6 4.6 1.3 1.9 3.4 4.0 4.0 0.9 1.5 1.6LPG Carriers 41 42 0.8 0.8 0.9 0.9 1.1 1.1 1.2 0.5 0.3 0.4Reefers 9 9 0.1 0.1 0.2 0.1 0.1 0.1 0.1 0.1 0.0 0.0Containers > 3,000 teu 163 226 6.5 9.3 8.7 13.5 12.6 10.7 15.4 3.4 6.3 5.7Containers < 3,000 teu 179 193 2.5 2.7 3.1 5.1 4.8 3.7 4.0 1.6 1.6 0.8Other Dry > 5,000 dwt 212 242 4.1 4.9 3.2 2.9 2.7 2.9 3.1 1.2 1.2 0.7Offshore & Other 263 250 2.0 1.8 1.7 1.6 2.3 3.0 3.1 1.3 1.3 0.0Cruise Vessels 30 26 3.0 2.9 0.3 0.3 0.3 0.2 0.2 0.1 0.1 0.0Ro-Ro Ferries 53 55 1.4 1.4 0.2 0.3 0.2 0.2 0.2 0.1 0.1 0.0Total Special Vessels 1,006 1,099 25.0 28.6 19.7 26.6 27.5 25.9 31.3 9.3 12.3 9.2


2002 May* 2002 May* 1999 2000 2001 2002 May* 2003 2004 2005+

All Vessels Types 2,220 2,454 48.6 55.4 90.9 113.0 114.3 116.1 134.9 37.9 53.1 43.9

Clarkson Research Studies Page 2

Orderbook As % Of Fleet (DWT)

m.CGT, end: m. DWT, end: Bulk Vessel No. end

Jun-03

Total Orderbook

No. end m.CGT, end: m. DWT, end:

N.B. Details of special cargo ships orderbook, in terms of special units of measurement e.g. cbm, teu, ,000 cuft. etc. may be found in the blue centre pages. - denotes figure unavailable.

m. DWT, end:

Orderbook

Special Vessel Orderbook

No. end m.CGT, end:

26.5%

8.4%

2.0%

13.1%

9.6%

13.9%

4.9%

15.2%

20.2%

25.3%

34.9%

21.9%

21.2%

6.6%

9.0%

2.1%

15.0%

12.6%

15.1%

5.1%

18.3%

23.1%

23.9%

26.7%

21.4%

5.2%

41.3%

36.7%

0% 10% 20% 30% 40% 50%

FCC>3Kteu

FCC<3Kteu

Combos

Capesize

Panamax

Handymax

Handysize

VLCC

Suezmax

Aframax

Panamax

Products

Chemical

Specialised

Source: Clarkson Research Studies

End May 03End 2002

Summary • The orderbook at the end of May is 134.9m dwt for all Vessel Types. This is a 3.6% increase on last month, and a 16% increase on the orderbook since the end of 2002. • Several sectors are the driving forces behind the growth in the orderbook. Remarkable growth is taking place in the Post-Panamax containership (>3,000 teu) orderbook, which grew by nearly 5% in May compared to the previous month, and by nearly 44% since the end of 2002. • In the tanker sector the VLCC orderbook is 22.8m dwt at the end of May, a growth of nearly 8% since the start of the year. Since the start of the year the Panamax Tanker orderbook grew by 21.5%, but ordering slowed in May to give a month on month growth of just over 3%. • The Capesize orderbook has grown to 14.2m dwt, a growth of 16% since the end of 2002.

Orderbook by Vessel Type


1995 1996 1997 1998 1999 2000 2001 2002 May* 2003 2004 2005+

VLCC > 200,000 4.0 4.1 10.2 12.6 11.8 14.2 13.7 9.9 11.9 3.7 4.6 3.6Suezmax 120-200,000 1.6 2.3 3.8 3.6 2.9 4.9 5.2 4.4 5.1 1.6 1.7 1.8Aframax 80-120,000 1.6 2.6 4.4 4.2 1.9 3.9 7.1 7.6 7.4 2.4 2.7 2.4Panamax 60-80,000 0.1 0.0 0.4 1.0 0.8 0.5 1.4 2.8 3.4 0.7 1.5 1.2Products 10-60,000 1.7 1.7 2.3 1.9 1.5 2.6 4.7 5.5 6.7 1.7 2.6 2.4Chemical 10-60,000 1.1 1.3 1.8 1.6 1.3 1.3 1.7 2.1 2.1 0.9 0.7 0.5Specialised 10-60,000 0.2 0.1 0.1 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.0Tankers > 10,000 10.2 12.2 23.2 25.0 20.4 27.6 33.8 32.4 36.8 11.0 13.8 12.0Tankers < 10,000 0.2 0.3 0.4 0.3 0.2 0.2 0.3 0.5 0.4 0.2 0.1 0.0Capesize > 80,000 7.2 4.8 4.2 5.0 6.3 5.4 4.5 6.2 7.2 1.7 2.9 2.5Panamax 60-80,000 4.1 4.7 4.4 4.1 6.6 6.5 3.1 3.8 5.0 0.6 2.5 1.9Handymax 40-60,000 4.6 4.4 3.5 2.0 3.7 5.7 4.2 4.5 5.0 1.4 1.9 1.7Handysize 10-40,000 2.6 2.5 2.1 1.6 1.6 2.0 1.8 2.2 2.3 0.8 1.1 0.5Bulkers > 10,000 18.5 16.3 14.3 12.7 18.2 19.5 13.6 16.7 19.5 4.5 8.4 6.6Combos > 10,000 0.4 0.3 0.3 0.3 0.0 0.0 0.1 0.1 0.1 0.1 0.0 0.0Total Bulk Vessels 29.3 29.2 38.1 38.3 38.8 47.3 47.8 49.6 56.8 15.8 22.3 18.6


1996 1996 1997 1998 1999 2000 2001 2002 May* 2003 2004 2005+

LNG Carriers 1.9 1.8 2.3 2.0 1.8 2.5 4.5 5.4 5.4 1.2 2.0 2.2LPG Carriers 0.6 0.4 0.6 0.9 0.7 0.8 1.0 0.9 1.0 0.5 0.2 0.3Reefers 0.2 0.3 0.5 0.4 0.2 0.1 0.1 0.1 0.1 0.1 0.0 0.0Containers > 3,000 teu 6.5 6.4 4.2 4.4 8.0 12.2 11.5 9.9 14.1 3.2 5.7 5.2Containers < 3,000 teu 4.3 5.5 4.2 2.6 2.5 4.0 3.8 3.0 3.2 1.3 1.3 0.6Other Dry > 5,000 dwt 2.6 3.9 5.9 6.1 4.8 4.2 3.8 4.4 5.1 1.7 1.9 1.5Offshore & Others 0.5 0.8 1.2 1.8 1.3 1.3 1.7 2.2 2.2 1.2 0.4 0.0Cruise Vessels 1.6 1.7 1.8 2.4 3.3 4.0 3.4 2.4 2.3 1.0 1.0 0.4Ro-Ro Ferries 0.6 0.6 0.5 0.6 1.3 1.5 0.9 0.8 0.8 0.3 0.4 0.1Total Special Vessels 18.9 21.4 21.1 21.1 23.8 30.6 30.6 28.9 34.1 10.4 12.9 10.3


1995 1996 1997 1998 1999 2000 2001 2002 May* 2003 2004 2005+

All Vessels Types 48.3 50.6 59.2 59.4 62.7 77.9 78.4 78.5 90.9 26.0 35.7 29.3


Special Vessel Orderbook

Million GT

Jun-03

Total Orderbook

Million GT

N.B. Details of special cargo ships orderbook, in terms of special units of measurement e.g. cbm, teu, ,000 cuft. etc. may be found in the blue centre pages. - denotes figure unavailable.

Bulk Vessel Orderbook

Million GT

Monthly Forward Orderbook by Shiptype and CGT

0.0

0.5

1.0

1.5

2.0

2.5

3.0

Jan-

03

Mar

-03

May

-03

Jul-0

3

Sep-

03

Nov

-03

Jan-

04

Mar

-04

May

-04

Jul-0

4

Sep-

04

Nov

-04

Jan-

05

Mar

-05

May

-05

Jul-0

5

Sep-

05

Nov

-05

Jan-

06

Mar

-06

May

-06

Jul-0

6

Sep-

06


m. cgt

Others

Cruise/Pax

Containers

Gas

Bulkers

Tankers

New Orders by Vessel Type

2002 May* 2002 May* 1999 2000 2001 2002 May* This Year v. LastVLCC > 200,000 17 28 0.8 1.3 7.6 17.0 6.8 5.2 8.5 UP BY…. 298%Suezmax 120-200,000 15 20 0.5 0.6 1.1 7.2 3.1 2.3 3.2 UP BY…. 227%Aframax 80-120,000 44 30 1.0 0.7 1.0 5.8 7.3 4.8 3.2 UP BY…. 62%Panamax 60-80,000 45 24 1.0 0.5 0.3 0.5 2.0 3.3 1.7 UP BY…. 26%Products 10-60,000 82 79 1.5 1.5 1.2 2.9 4.6 3.5 3.4 UP BY…. 134%Chemical 10-60,000 71 22 0.9 0.3 0.8 1.2 1.2 1.6 0.6 DOWN BY….. -14%Specialised 10-60,000 3 0 0.1 0.0 0.2 0.1 0.0 0.1 0.0 DOWN BY….. -100%Tankers > 10,000 277 203 5.9 5.0 12.0 34.7 25.1 20.8 20.7 UP BY…. 138%Tankers < 10,000 78 22 0.5 0.1 0.2 0.2 0.4 0.5 0.1 DOWN BY….. -45%Capesize > 80,000 44 24 1.2 0.6 6.7 4.4 3.8 7.5 3.3 UP BY…. 5%Panamax 60-80,000 73 39 1.4 0.8 9.5 3.7 2.0 5.5 3.0 UP BY…. 28%Handymax 40-60,000 93 44 1.4 0.7 4.7 5.1 2.5 4.9 2.4 UP BY…. 17%Handysize 10-40,000 85 26 0.9 0.3 1.8 1.9 1.3 2.3 0.8 DOWN BY….. -20%Bulkers > 10,000 295 133 5.0 2.3 22.8 15.1 9.5 20.2 9.4 UP BY…. 12%Combos > 10,000 0 0 0.0 0.0 0.0 0.0 0.2 0.0 0.0Total Bulk Vessels 650 358 11.4 7.5 35.0 49.9 35.3 41.5 30.2 UP BY…. 74%

2002 May* 2002 May* 1999 2000 2001 2002 May* This Year v. LastLNG Carriers 19 3 1.6 0.2 0.4 1.4 1.6 1.3 0.2 DOWN BY….. -61%LPG Carriers 14 12 0.2 0.2 0.2 0.5 0.7 0.3 0.4 UP BY…. 196%Reefers 3 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 DOWN BY….. -100%Containers > 3,000 teu 58 92 2.4 3.9 5.5 8.7 4.6 3.9 6.6 UP BY…. 310%Containers < 3,000 teu 71 50 0.9 0.7 1.7 4.0 2.2 1.4 1.0 UP BY…. 67%Other Dry > 5,000 dwt 103 61 2.3 1.4 1.1 1.8 0.9 1.4 0.7 UP BY…. 25%Offshore & Others 138 39 0.9 0.2 0.6 1.2 1.3 1.4 0.3 DOWN BY….. -42%Cruise Vessels 4 1 0.2 0.1 0.1 0.1 0.0 0.0 0.0 UP BY…. 143%Ro-Ro Ferries 33 8 0.8 0.2 0.1 0.1 0.1 0.1 0.0 DOWN BY….. -26%Total Special Vessels 443 266 9.4 7.1 9.7 17.8 11.5 9.8 9.3 UP BY…. 127%

2002 May* 2002 May* 1999 2000 2001 2002 May* This Year v. Last

All Vessels Types 1,093 624 20.8 14.6 44.7 67.7 46.8 51.4 39.5 UP BY…. 84%


Contracting

No. end

Contracting

Total

Special Vessel

Contracting

No. end m.CGT, end: m. DWT, end:

Ordering Trends

Ordering Trends

Ordering Trends

N.B. Details of special cargo ships orderbook, in terms of special units of measurement e.g. cbm, teu, '000 cuft. etc. may be found in the blue centre pages. - denotes figure unavailable.

Jun-03

Quarterly Contracting by m. cgt

m.CGT, end: m. DWT, end:

No. end m.CGT, end: m. DWT, end: Bulk Vessel

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

3Q95

1Q96

3Q96

1Q97

3Q97

1Q98

3Q98

1Q99

3Q99

1Q00

3Q00

1Q01

3Q01

1Q02

3Q02

1Q03


m. cgt

Tankers Bulkers Gas Container Other

Summary • The surge in containership ordering, especially in the Post-Panamax and Tanker sectors, has lifted contracting to 39.5m dwt by the end of May. This is an 84% increase on this time last year. • As can be seen from the table below, contracting in the Containership sectors is reaching near record proportions. The drive to build is fuelled by several factors. Demand is very high, and this is coupled to 100% financing available through the German KG market. Interest rates are low, and finally the ships are ordered in large series, which the yards prefer. • Compared to May 2002 contracting is up 310% in the Post-Panamax >3000 teu sector. The rate of growth has yet to slacken. Orders grew 1.2m dwt or by over 20% in May compared to the previous month. • In May, Conti Reederei ordered six 8,100teu 102,000dwt Post-Panamax containerships for delivery starting 2006. The ships were ordered from Samsung. • Rising steel prices in S. Korea may lead to higher vessel prices and a subsequent reduction in orders.

New Orders by Vessel Type

1995 1996 1997 1998 1999 2000 2001 2002 May* This Year v. LastVLCC > 200,000 0.4 3.0 7.7 4.4 3.9 8.8 3.6 2.7 4.4 UP BY…. 293%Suezmax 120-200,000 0.9 1.3 2.4 1.4 0.6 3.7 1.6 1.2 1.6 UP BY…. 222%Aframax 80-120,000 0.9 1.6 2.9 1.7 0.5 3.2 4.0 2.6 1.8 UP BY…. 63%Panamax 60-80,000 0.0 0.0 0.4 0.6 0.2 0.3 1.1 1.8 0.9 UP BY…. 28%Products 10-60,000 0.4 0.8 1.1 0.5 0.8 1.9 2.9 2.2 2.1 UP BY…. 132%Chemical 10-60,000 0.5 0.6 0.9 0.5 0.5 0.7 0.8 1.0 0.4 DOWN BY….. -13%Specialised 10-60,000 0.2 0.0 0.1 0.1 0.1 0.1 0.0 0.1 0.0 DOWN BY….. -100%Tankers > 10,000 3.4 7.5 15.5 9.2 6.6 18.8 14.0 11.5 11.2 UP BY…. 133%Tankers < 10,000 0.2 0.2 0.3 0.2 0.1 0.1 0.3 3.8 0.1 DOWN BY….. -95%Capesize > 80,000 3.7 1.4 3.2 2.0 3.5 2.2 1.9 3.8 1.7 UP BY…. 8%Panamax 60-80,000 3.5 2.0 2.6 1.9 5.0 2.0 1.0 2.9 1.6 UP BY…. 30%Handymax 40-60,000 3.0 2.2 1.3 0.6 2.7 3.1 1.5 2.8 1.4 UP BY…. 17%Handysize 10-40,000 2.0 1.3 1.2 0.6 1.1 1.3 0.8 1.4 0.5 DOWN BY….. -20%Bulkers > 10,000 12.3 6.8 8.2 5.1 12.4 8.5 5.2 10.9 5.1 UP BY…. 12%Combos > 10,000 0.3 0.1 0.1 0.0 0.0 0.0 0.1 0.0 0.0Total Bulk Vessels 16.1 14.5 23.9 14.3 19.0 27.3 19.3 22.5 16.3 UP BY…. 74%

1995 1996 1997 1998 1999 2000 2001 2002 May* This Year v. LastLNG Carriers 0.3 0.6 0.9 0.1 0.5 1.9 2.1 1.9 0.3 DOWN BY….. -64%LPG Carriers 0.5 0.1 0.4 0.5 0.2 0.5 0.6 0.2 0.3 UP BY…. 195%Reefers 0.2 0.2 0.3 0.1 0.0 0.0 0.0 0.0 0.0 DOWN BY….. -100%Containers > 3,000 teu 3.6 2.3 0.8 3.4 5.0 7.7 4.3 3.6 6.0 UP BY…. 294%Containers < 3,000 teu 3.2 3.3 1.5 1.4 1.4 3.1 1.8 1.1 0.8 UP BY…. 75%Other Dry > 5,000 dwt 2.0 2.1 3.2 2.6 1.5 2.5 1.3 2.3 1.4 UP BY…. 45%Offshore & Others 0.3 0.6 0.9 1.1 0.5 0.9 0.9 1.0 0.3 DOWN BY….. -34%Cruise Vessels 0.7 0.4 0.5 1.3 1.5 1.3 0.2 0.1 0.1 UP BY…. 132%Ro-Ro Ferries 0.4 0.4 0.2 0.5 0.8 0.5 0.2 0.5 0.1 DOWN BY….. -29%Total Special Vessels 11.1 10.0 8.8 10.9 11.4 18.5 11.4 10.8 9.3 UP BY…. 106%

1995 1996 1997 1998 1999 2000 2001 2002 May* This Year v. Last

All Vessels Types 27.2 24.6 33.0 25.3 30.5 45.9 31.0 33.6 25.7 UP BY…. 83%


Million GT Ordering Trends



Contracting

Jun-03

Bulk Vessel Contracting

Special Vessel Contracting

Total

N.B. Details of special cargo ships orderbook, in terms of special units of measurement e.g. cbm, teu, '000 cuft. etc. may be found in the blue centre pages. - denotes figure unavailable.

Date Type Dwt Builder Hull No. $m. OwnerMay-03 Panamax 74,000 1 2005 Dalian New Yard COSCO (Hong Kong)May-03 Panamax 74,000 1 2005 Dalian New Yard China Ocean (COSCO)May-03 Handy Prod 51,000 1 2005 STX Shipbuild. Pietro Barbaro SpAMay-03 Handy Prod 51,000 1 2005 STX Shipbuild. Pietro Barbaro SpAMay-03 Handy Prod 46,000 1 2005 Hyundai Mipo 27.00 Athenian TankersMay-03 Small/Spec 6,400 1 2005 Vyborg S/Yard Baltic Shpg. Co.May-03 Small/Spec 6,400 1 2005 Vyborg S/Yard Baltic Shpg. Co.May-03 Small/Spec 6,400 1 2005 Vyborg S/Yard Baltic Shpg. Co.May-03 Small/Spec 5,600 1 2005 Vyborg S/Yard Baltic Shpg. Co.May-03 Small/Spec 5,600 1 2004 Vyborg S/Yard Baltic Shpg. Co.May-03 Capesize 170,000 1 2005 Waigaoqiao S/Y Chinese Mar. Trans.May-03 Capesize 170,000 1 2005 Waigaoqiao S/Y COSCO Bulk CarrierMay-03 Capesize 170,000 1 2005 Waigaoqiao S/Y COSCO Bulk CarrierMay-03 Panamax 74,500 1 2005 Hudong S/Yard COSCO Bulk CarrierMay-03 Panamax 74,500 1 2005 Hudong S/Yard COSCO Bulk CarrierMay-03 Handymax 53,000 1 2006 New Century S/Y Gleamray MaritimeMay-03 Handysize 30,000 1 2004 Shanhaiguan S/Y Clipper GroupMay-03 Handysize 30,000 1 2005 Shanhaiguan S/Y Clipper GroupMay-03 Handysize 30,000 1 2005 Shanhaiguan S/Y Clipper GroupMay-03 Handysize 30,000 1 2005 Shanhaiguan S/Y Clipper GroupMay-03 Panamax 42,200 3,100 TEU 1 2006 Szczecin. Nowa B178/120 Unknown OwnerMay-03 Panamax 42,200 3,100 TEU 1 2006 Szczecin. Nowa B178/119 Unknown OwnerMay-03 Ro-Ro > 5K DWT 8,000 1 2004 Mitsubishi H.I. Shin Nihonkai Ferry

Delivery

Recently Confirmed Shipbuilding ContractsUnit

Deliveries by Vessel Type

2002 May* 2002 May* 1999 2000 2001 2002 May* 2003 2004 2005

VLCC > 200,000 39 15 1.9 0.7 9.0 12.3 7.8 12.3 4.7 9.8 9.1 7.4Suezmax 120-200,000 24 11 0.8 0.3 2.4 3.3 2.5 3.8 1.8 4.0 3.5 3.4Aframax 80-120,000 36 33 0.8 0.8 5.0 2.3 1.5 3.8 3.5 7.7 5.0 4.2Panamax 60-80,000 10 9 0.2 0.2 0.6 1.1 0.3 0.7 0.6 1.7 2.6 2.2Products 10-60,000 57 32 1.1 0.6 1.8 1.2 1.2 2.2 1.3 3.4 4.0 3.5Chemical 10-60,000 37 19 0.5 0.3 1.3 1.1 0.7 1.0 0.5 1.7 1.2 0.7Specialised 10-60,000 3 1 0.0 0.0 0.1 0.2 0.2 0.1 0.0 0.1 0.1 0.0Tankers > 10,000 206 120 5.4 3.0 20.2 21.4 14.2 23.7 12.5 28.3 25.5 21.3Tankers < 10,000 45 28 0.3 0.2 0.3 0.2 0.2 0.3 0.2 0.2 0.2 0.2Capesize > 80,000 25 8 0.6 0.2 4.3 6.1 5.4 4.1 1.3 4.6 5.7 4.7Panamax 60-80,000 56 9 1.1 0.2 4.7 4.0 8.3 4.2 0.7 1.7 4.3 3.1Handymax 40-60,000 86 29 1.3 0.4 1.9 1.8 5.1 4.3 1.5 3.4 3.3 2.8Handysize 10-40,000 56 23 0.6 0.2 1.8 1.4 1.6 1.5 0.6 1.6 1.7 0.9Bulkers > 10,000 223 69 3.7 1.1 12.7 13.3 20.5 14.1 4.2 11.3 15.0 11.4Combos > 10,000 0 0 0.0 0.0 0.4 0.0 0.0 0.0 0.0 0.1 0.0 0.0Total Bulk Vessels 474 217 9.5 4.2 33.7 34.9 35.0 38.1 16.8 39.8 40.7 32.9

2002 May* 2002 May* 2001 2000 2001 2002 May* 2003 2004 2005

LNG Carriers 10 3 0.9 0.3 0.5 0.8 0.1 0.7 0.2 1.0 1.5 1.1LPG Carriers 24 11 0.3 0.2 0.3 0.5 0.5 0.3 0.3 0.8 0.3 0.3Reefers 2 0 0.0 0.0 0.2 0.1 0.0 0.0 0.0 0.0 0.0 0.0Containers > 3,000 teu 89 29 3.4 1.1 1.6 3.9 5.5 5.8 1.9 5.4 6.3 4.5Containers < 3,000 teu 113 36 1.6 0.5 1.9 2.0 2.5 2.5 0.7 2.0 1.7 0.7Other Dry > 5,000 dwt 90 31 1.6 0.6 1.8 2.1 1.1 1.2 0.5 0.5 0.5 0.5Offshore & Others 140 52 1.0 0.4 1.2 1.3 0.7 0.7 0.0 0.0 0.0 0.0Cruise Vessels 14 5 1.4 0.2 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.0Ro-Ro Ferries 35 6 1.1 0.2 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.0Total Special Vessels 517 173 11.4 3.5 7.7 10.9 10.7 11.5 3.6 10.0 10.4 7.1

2002 May* 2002 May* 2001 2000 2001 2002 May* 2003 2004 2005

All Vessels Types 991 390 20.9 7.8 41.3 45.8 45.7 49.6 20.7 54.1 53.2 40.5


Deliveries

Total No. end m. DWT, end:

DeliveriesNo. end Delivery Trendsm. DWT, end:

m.CGT, end: Delivery Trends

Jun-03

m.CGT, end:

N.B. Specialised ships deliveries in terms of other units of measurement (e.g. cbm, teu) are in the blue centre pages. * denotes data for year to date. Deliveries are those reported

Quarterly Deliveries (DWT)

No. end m.CGT, end: m. DWT, end: Bulk Vessel

Deliveries

Special Vessel

Delivery Trends

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

Dec

-95

Jun-

96

Dec

-96

Jun-

97

Dec

-97

Jun-

98

Dec

-98

Jun-

99

Dec

-99

Jun-

00

Dec

-00

Jun-

01

Dec

-01

Jun-

02

Dec

-02


Tankers Bulkers GasContainer Other

Summary • So far this year (to the end of May) 20.7m dwt of vessels, amounting to 390 ships, have been delivered. Tankers • The number of Aframax tankers delivered so far this year is 33, compared to 36 for the whole of 2002. In May American Eagle Tankers took delivery of the 107,000dwt “EAGLE TRENTON” from Imabari shipyard. Great Eastern Shipping of India also took delivery of the 105,470dwt “JAG LATA” from Hyundai Samho shipyard.Dry Bulk Carriers • By comparison dry bulk carrier deliveries seem modest, just ten vessels delivered in the last month. No Capesize ships joined the fleet and there was only two Panamax bulk carriers added to the fleet. Containerships • Seven Post-Panamax ships joined the world fleet, including the 81,094dwt Containership “SAFMARINE ANTWERP” for Costamare Shipping from the Hyundai HI shipyard.

Deliveries by Vessel Type

1995 1996 1997 1998 1999 2000 2001 2002 May* 2003 2004 2005

VLCC > 200,000 3.9 3.6 1.6 2.0 4.7 6.4 4.1 6.4 2.5 5.8 4.7 3.6Suezmax 120-200,000 0.6 0.7 0.9 1.7 1.3 1.8 1.3 2.0 0.9 2.3 1.8 1.7Aframax 80-120,000 0.7 0.8 1.0 2.0 2.8 1.3 0.9 2.1 1.9 4.2 2.7 2.3Panamax 60-80,000 0.1 0.1 0.0 0.0 0.4 0.6 0.2 0.4 0.4 0.9 1.4 1.2Products 10-60,000 0.7 1.1 0.5 0.8 1.2 0.7 0.8 1.4 0.8 2.1 2.5 2.2Chemical 10-60,000 0.2 0.4 0.5 0.7 0.8 0.7 0.4 0.6 0.3 1.0 0.8 0.4Specialised 10-60,000 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.0Tankers > 10,000 6.4 6.8 4.6 7.4 11.2 11.7 7.8 13.0 6.8 16.5 13.9 11.4Tankers < 10,000 0.2 0.2 0.2 0.3 0.2 0.1 0.1 0.2 0.1 0.4 0.1 0.0Capesize > 80,000 3.0 4.1 3.8 1.1 2.2 3.1 2.8 2.1 0.7 2.4 2.9 2.4Panamax 60-80,000 2.2 1.7 2.8 2.3 2.5 2.1 4.4 2.2 0.4 0.9 2.3 1.6Handymax 40-60,000 2.2 2.6 2.1 2.1 1.1 1.0 2.9 2.6 0.9 2.0 2.0 1.6Handysize 10-40,000 1.3 1.4 1.6 1.2 1.1 0.9 1.0 1.0 0.4 1.0 1.0 0.5Dry Bulk > 10,000 8.7 9.7 10.4 6.7 6.9 7.2 11.2 7.8 2.3 6.3 8.2 6.2Combos > 10,000 0.0 0.2 0.2 0.0 0.3 0.0 0.0 0.0 0.0 0.1 0.0 0.0Total Bulk Vessels 15.3 16.9 15.4 14.3 18.6 19.0 19.2 21.0 9.2 23.2 22.3 17.6

1995 1996 1997 1998 1999 2000 2001 2002 May* 2003 2004 2005

LNG Carriers 0.5 0.7 0.5 0.4 0.7 1.2 0.1 1.0 0.3 1.4 1.9 1.5LPG Carriers 0.2 0.4 0.3 0.2 0.3 0.4 0.4 0.3 0.2 0.7 0.2 0.2Reefers 0.0 0.1 0.2 0.2 0.2 0.1 0.0 0.0 0.0 0.0 0.0 0.0Containers > 3,000 teu 2.3 2.6 3.0 3.2 1.5 3.5 5.0 5.2 1.7 4.9 5.7 4.2Containers < 3,000 teu 1.6 2.1 2.9 2.9 1.5 1.5 2.0 1.9 0.5 1.6 1.3 0.6Other Dry > 5,000 dwt 1.2 1.0 1.3 2.4 2.8 3.2 1.7 1.7 0.7 1.8 1.8 1.5Offshore & Others 0.2 0.4 0.5 0.6 1.0 0.9 0.6 0.6 0.3 0.9 0.8 0.5Cruise Vessels 0.4 0.6 0.4 0.7 0.6 0.7 0.8 1.1 0.1 1.2 1.0 0.2Ro-Ro Ferries 0.3 0.5 0.3 0.3 0.2 0.3 0.8 0.6 0.1 0.4 0.4 0.1Total Special Vessels 6.8 8.3 9.3 10.9 8.7 11.8 11.4 12.5 4.0 12.8 13.3 8.7

1995 1996 1997 1998 1999 2000 2001 2002 May* 2003 2004 2005

All Vessels Types 22.0 25.2 24.7 25.2 27.3 30.7 30.6 33.5 13.3 36.2 35.7 26.3


Special Vessel Deliveries

Delivery TrendsMillion GT

N.B. Specialised ships deliveries in terms of other units of measurement (e.g. cbm, teu) are in the blue centre pages. * denotes data for year to date. Deliveries are those reported

Bulk Vessel Million GT

Total

Million GT

Delivery Trends

Delivery Trends

Jun-03

Deliveries

Deliveries

Type Vessel Name Flag Dwt Builder OwnerAframax British Swift I.M. 115,000 Samsung S.B. BP Amoco Shpg. Ltd.Panamax White Dolphin IT. 73,000 Hudong S/Yard D'Amato di Nav.Handy Prod Jag Pankhi IN. 46,345 Hanjin H.I. Great Eastern Shpg.Handy Chem Apollo GB. 23,400 Brod. 3 Maj Carl ButtnerSmall/Spec Pacific Venturer SG. 3,000 Samho Tongyoung Dilmun Nav. (S'pore)Small/Spec Kolguyev RS. 6,590 8,556 cbm Volgograd S.Y. Lukoil8-20K cu.m. LPG Norgas Alameda H.K. 9,260 Zhonghua S/Yard Norgas CarriersHandymax Fortune Glory PA. 52,000 Kanasashi K.K. Cido ShippingHandysize Puffin AT. 37,500 2,478 TEU Shanghai Shpyd. Harren & PartnerSub-Panamx Calapalos CY. 34,100 670 TEU Aker MTW Werft Oldendorff, KlausFeedermax Marina AT. 8,000 450 TEU Jiangzhou S/Y Armin KlingenbergFeeder Capitaine Wallis SG. 5,700 Jiangsu S/Yard Pacific CarriersRo-Ro > 5K DWT Stena Forecaster BR. 12,833 2,500 GT Dalian Shipyard Stena ABOffshore Pacific Warlock BR. 2,000 3,183 GT Brevik Constr. Swire PacificOffshore Art Carlson VA. 3,000 2,230 GT ST Marine Tidewater MarineOffshore Anglian Sovereign BR. 2,000 3,020 GT Yantai Raffles Klyne TugsOffshore SBS Nimbus BR. 3,900 930 GT Karmsund M'time SBS MarineOffshore Milissa Candies AM. 1,350 2,200 GT Houma Fabricat. Otto CandiesOffshore Cabo Frio BZ. 3,200 2,000 GT Est. Promar Edison ChouestOffshore Edda Fonn NO. 2,200 48,500 GT Kleven Verft Johannes OstensjoRo-Ro Ferries La Suprema IT. 8,000 Cant. Apuania Grimaldi GroupMisc. Volvox Olympia NE. 6,350 Van Der Giessen Van Oord ACZMisc. Jumping Jack NE. 4,000 Ravestein B.V. Mammoet Van Oord

May 2003

May 2003Apr 2003

Delivery

May 2003May 2003May 2003

May 2003May 2003

Recent Shipbuilding Deliveries

May 2003Apr 2003May 2003

Unit

Mar 2003

May 2003May 2003May 2003Apr 2003May 2003May 2003Apr 2003

May 2003May 2003Apr 2003Apr 2003

Price Developments

Price Trend Against a

1995 1996 1997 1998 1999 2000 2001 2002 May* Year Ago Is…VLCC 300,000 dwt 85.00 82.00 83.00 72.50 69.00 76.50 70.00 63.50 67.00 STEADY... 1.5%Suezmax 150,000 dwt 54.00 51.00 52.00 44.00 42.50 52.50 46.50 43.75 46.75 FIRMER... 5.1%Aframax 110,000 dwt 43.50 40.50 41.00 34.50 33.00 41.50 36.00 34.75 37.00 FIRMER... 5.7%Panamax 70,000 dwt 37.50 37.00 31.00 31.00 36.00 32.00 31.25 33.00 STRONG... 10.0%Handy 47,000 dwt 33.50 31.50 31.50 26.00 26.00 29.50 26.25 27.00 29.00 STRONG... 9.4%Capesize 170,000 dwt 42.50 39.00 40.50 33.00 35.00 40.50 36.00 36.25 38.50 STRONG... 11.6%Panamax 75,000 dwt 28.50 26.50 27.00 20.00 22.00 22.50 20.50 21.50 22.50 FIRMER... 4.7%Handymax 51,000 dwt 24.00 23.00 22.50 18.00 20.00 20.50 18.50 19.00 19.75 FIRMER... 6.8%Handysize 30,000 dwt 19.50 19.00 18.00 14.25 15.50 15.00 14.50 15.00 15.75 STRONG... 10.5%Price Index 140 133 131 111 107 114 108 106 110 FIRMER... 4.3%% change -6% -2% -15% -4% 7% -5% -3% 4%

Price Trend Against a

1995 1996 1997 1998 1999 2000 2001 2002 May* Year Ago Is…LNG 138,000 m3 230.0 220.0 230.0 190.0 165.0 172.5 165.0 150.0 150.0 SOFTER... -5.1%LPG 78,000 m3 70.00 68.00 62.00 58.00 56.00 60.00 60.00 58.00 60.00 FIRMER... 3.4%Container 725 teu 18.00 17.00 13.50 14.00 14.00 13.00 13.00 14.00 FIRMER... 7.7%Container 1,000 teu 21.00 20.00 18.00 17.50 18.00 15.50 15.50 16.50 FIRMER... 6.5%Container 1,700 teu 31.00 29.00 24.50 23.00 25.00 21.50 21.00 22.00 FIRMER... 4.8%Container 2,000 teu 35.00 33.00 29.00 28.00 31.50 28.00 27.00 28.00 STEADY... 1.8%Container 2,750 teu 38.00 38.00 31.00 33.00 37.50 31.00 29.50 32.50 STRONG... 8.3%Container 3,500 teu 52.00 50.00 42.00 38.00 41.50 36.00 33.00 37.00 STRONG... 10.4%Container 4,600 teu 54.00 52.00 45.00 49.00 FIRMER... 5.4%Container 6,200 teu 73.00 72.00 60.00 63.00 STEADY... -0.8%Ro-Ro 1,2-1,300 Lm 24.00 19.50 21.50 20.00 19.00 18.50 18.75 STEADY... -1.3%Ro-Ro 2,3-2,700 Lm 37.00 30.00 32.50 33.00 31.00 31.00 31.50 STEADY... 1.6%


Prices…

Bulk VesselPrices…

Sources: Clarksons. Ro-Ro prices for 1997 are averages not end year. All historial data refers to standard vessel sizes published at the time. The dwt sizes quoted refer to the latest spec. in that vessel sector, and new vessel sizes are introduced from time to time. Tanker and Capesize prices are for double-hull vessels; VLCCs from 1992, Suezmax & Aframax from 1990. Panamax and Handy Tankers are coated. Price data assumes a "European spec", with 10/10/10/70% payments, basis "first class competitive yards". Price data latest available at time of press. NB Price Index is value at the end of the previous month.

Jun-03

Shipbuilding Price TrendsTanker Newbuilding Prices

Price $ million, end

Other Vessel Price $ million, end

20.0

25.0

30.0

35.0

40.0

45.0

50.0

55.0

60.0

65.0

70.0

75.0

80.0

85.0

90.0

May

-98

Aug-

98N

ov-9

8Fe

b-99

May

-99

Aug-

99N

ov-9

9Fe

b-00

May

-00

Aug-

00N

ov-0

0Fe

b-01

May

-01

Aug-

01N

ov-0

1Fe

b-02

May

-02

Aug-

02N

ov-0

2Fe

b-03

May

-03


$m

VLCC SuezmaxAframax PanamaxHandy

Summary • The tanker market remains active with a number of recent deals to report. We understand that HHI took orders for a pair of Suezmax Tankers from the Restis family controlled Golden Energy for delivery at the end of 2005/6. The price has been reported to be $49million each, which, if correct, would suggest a substantially upgraded specification, possibly involving coating. • Hanseatic Lloyd is understood to have contracted four units of 18,500dwt stainless steel IMO II chemical tankers at Qingshan shipyard in China. The price is expected to be in the region of $25m with delivery of the first vessel at the end of 2005. Qingshan is the only yard in China to have built stainless steel chemical tankers, having recently delivered similar vessels for Belgian owners. • In the dry bulk market Transmed signed contracts with Bohai for 2 option 2 option 1 units of double hulled Capesize Bulk Carriers after several months of negotiations. The first vessel is due to deliver at the end of 2005 with the second firm unit in the middle of 2006. The price is reported to be in the region of US$36million per unit.

Investment Scene This Month

1995 1996 1997 1998 1999 2000 2001 2002 May

VLCC > 200,000 0.3 1.6 4.0 2.1 1.7 4.1 1.6 1.1 1.8 UP BY…. 291.3%Suezmax 120-200,000 0.6 0.9 1.5 0.8 0.3 2.2 1.0 0.7 0.9 UP BY…. 222.6%Aframax 80-120,000 0.7 1.2 2.0 1.1 0.3 2.1 2.8 1.5 1.1 UP BY…. 66.6%Panamax 60-80,000 0.0 0.0 0.4 0.5 0.1 0.2 1.0 1.4 0.7 UP BY…. 32.3%Handy 10-60,000 2.0 3.0 3.5 1.6 1.6 3.5 4.6 4.1 2.8 UP BY…. 61.3%Total Tankers 3.6 6.6 11.5 6.2 4.0 12.1 11.0 8.8 7.3 UP BY…. 99.1%Capesize > 80,000 1.9 0.6 1.6 0.9 1.4 1.1 0.9 1.5 0.9 UP BY…. 35.9%Panamax 60-80,000 2.7 1.4 1.8 1.1 2.7 1.1 0.6 1.5 0.8 UP BY…. 31.8%Handymax 40-60,000 2.5 1.9 1.0 0.4 1.8 2.1 1.0 1.7 0.8 UP BY…. 16.7%Handysize 10-40,000 2.4 1.5 1.3 0.6 1.0 1.1 0.7 1.2 0.4 DOWN BY….. -23.3%Total Bulk Carriers 9.4 5.3 5.7 3.1 6.8 5.4 3.1 6.1 3.0 UP BY…. 17.2%LNG 0.7 1.3 2.1 0.2 0.8 3.3 3.8 2.8 0.5 DOWN BY….. -60.9%LPG > 60,000m³ 0.2 0.0 0.3 0.5 0.1 0.4 0.4 0.1 0.2 UP BY…. 709%Container > 3,000 teu 4.5 2.8 1.1 3.7 4.6 7.9 4.2 3.1 5.0 UP BY…. 287.8%Container 1-3,000 teu 4.7 4.8 2.0 1.8 1.8 4.4 2.1 1.1 0.7 UP BY…. 54.7%Container < 1,000 teu 1.9 2.0 0.7 0.6 0.2 0.5 0.8 0.6 0.5 UP BY…. 110.7%Total Specialised 12.0 11.0 6.1 6.8 7.6 16.4 11.2 7.7 6.9 UP BY…. 116.2%Total 25.1 22.9 23.3 16.1 18.4 33.8 25.4 22.5 17.1 UP BY…. 82.9%% Change -9% 2% -31% 14% 84% -25% -11%

1995 1996 1997 1998 1999 2000 2001 2002 May v. End last YearVLCC 5 Yr. Old 64% 71% 78% 69% 77% 93% 83% 85% 91% UP BY…. 7.1%Suezmax 5 Yr. Old 70% 83% 85% 83% 82% 93% 84% 87% 94% UP BY…. 8.4%Aframax 5 Yr. Old 74% 85% 88% 68% 79% 94% 89% 76% 92% UP BY…. 20.5%Panamax 5 Yr. Old n/a 85% 88% 81% 79% 85% 73% 64% 82% UP BY…. 27.8%Handy 5 Yr. Old 67% 78% 86% 81% 77% 83% 78% 72% 81% UP BY…. 11.7%Tanker Average 69% 81% 85% 76% 79% 90% 81% 77% 88% UP BY…. 14.4%Capesize 5 Yr. Old 77% 72% 85% 78% 83% 75% 75% 80% 83% STEADY…. 3.9%Panamax 5 Yr. Old 75% 74% 81% 70% 76% 71% 68% 79% 83% UP BY…. 5.4%Handymax 5 Yr. Old 88% 82% 80% 69% 80% 74% 72% 75% 81% UP BY…. 8.0%Handysize 5 Yr. Old 85% 68% 76% 65% 74% 80% 76% 75% 76% STEADY…. 1.6%Bulk Carrier Average 81% 74% 81% 71% 78% 75% 73% 77% 81% STEADY…. 4.7%


Shipbuilding Investment & Key Ratios

Price Ratios (Secondhand/Newbuilding)

Value $ billion

Investment in Bulk Vessels ($bn.)

Investment Trends

Price Ratio Trends

Investment

Price Ratiosfor Investors

Jun-03

Trends This Year …

NB: The SH/NB ratios have been altered as above. The end 2001 figures have been adjusted in the same manner and the percentage change represents the gain/loss over the end 2001 value.

3.66.6

11.56.2 4.0

12.1 11.0 8.8 7.3

9.4 5.3

5.7

3.1 6.8

5.43.1 6.1

3.0

3.6 6.6

11.5

6.2 4.0

12.1

4.1 2.9

0.7

3.6

6.6

11.5 12.1

6.34.2

5.74.0

6.2

0

5

10

15

20

25

30

35

40

45

1995 1996 1997 1998 1999 2000 2001 2002 2003Source: Clarkson Research Studies

Total Tankers Total Bulk CarriersTotal Gas Total Container

Newbuilding Investment Summary • After another flurry of newbuilding contracts in May, the newbuilding investment trend is much stronger than last year. The trend is now 82.9% higher than in 2002. • In the Post-Panamax Containership sector investment has risen by 25% in the last month, and 61% since the start of the year. • In the Container market, we understand Safmarine have contracted three units of 3,700 teu at the AP Moller owned Odense shipyard in Demark for delivery in 2004. Normally this yard only builds for AP Moller and associated companies, and Safmarine is now part of the AP Moller group. Nonetheless it is a significant event when containership orders are placed in Europe. • HSBC has become the first foreign shareholder in STX Shipbuilding. STX Corp, the engine maker, bought a 98% stake in the shipbuilder when it came out of receivership. Subsequently 30% was floated on the stock exchange. HSBC is a major shareholder in STX Corp, and the sale of 22% of STX Shipbuilding to a HSBC fund is seen as preparation for stock market floatation.

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003* 2003 2004 2005+

Japan 5.38 20.23 26.54 28.67 36.08 36.21 34.42 37.94 39.40 41.05 45.48 12.61 19.12 13.76South Korea 4.83 12.90 22.26 23.01 31.10 33.95 36.66 50.36 46.38 44.82 54.16 13.13 20.94 20.09Taiwan 0.17 1.46 2.05 1.63 1.26 1.72 2.26 1.98 1.47 1.17 2.00 0.33 1.00 0.66P.R. China 0.30 2.10 4.62 5.70 5.23 4.09 7.83 9.63 12.02 15.11 18.60 5.63 6.64 6.33Other Asia 0.26 0.63 0.77 1.01 1.02 0.85 0.89 0.88 0.92 1.86 1.79 0.43 0.85 0.51TOTAL ASIA 10.94 37.32 56.24 60.02 74.68 76.82 82.06 100.80 100.19 104.02 122.02 32.13 48.55 41.35Germany 0.04 1.42 2.02 2.08 1.67 1.46 1.28 1.99 2.00 1.46 1.57 0.71 0.60 0.27Denmark 0.90 1.09 1.54 1.07 0.94 0.80 0.91 0.49 1.13 0.64 0.78 0.32 0.40 0.06France 0.37 0.23 0.21 0.13 0.07 0.10 0.07 0.07 0.06 0.08 0.08 0.03 0.05 0.00Italy 0.07 0.22 1.19 1.00 0.95 0.88 0.52 0.55 0.53 0.51 0.48 0.34 0.10 0.03Netherlands 0.01 0.07 0.17 0.35 0.43 0.51 0.37 0.36 0.48 0.59 0.57 0.17 0.27 0.12Spain 0.08 0.89 1.21 0.76 1.23 1.02 0.45 0.40 0.78 0.85 0.70 0.38 0.23 0.10Finland 0.33 0.39 0.38 0.23 0.07 0.06 0.05 0.08 0.06 0.06 0.06 0.02 0.04 0.00Norway 0.19 0.24 0.38 0.35 0.44 0.30 0.23 0.35 0.40 0.26 0.17 0.16 0.01 0.00Turkey 0.12 0.22 0.28 0.34 0.33 0.36 0.20 0.28 0.29 0.25 0.29 0.16 0.11 0.03Poland 0.09 1.32 2.47 2.00 1.67 1.40 1.40 2.90 2.34 1.91 2.17 1.00 0.82 0.35Ukraine 0.06 0.47 0.84 0.67 0.53 0.49 0.44 0.44 0.45 0.46 0.46 0.26 0.19 0.01Croatia 0.00 0.57 0.68 0.93 1.25 0.91 0.81 1.65 2.37 2.02 2.30 0.85 0.82 0.63Other Europe 0.89 1.09 1.58 1.41 1.38 1.28 1.19 1.02 1.06 0.91 1.15 0.62 0.28 0.26TOTAL EUROPE 3.13 8.20 12.95 11.30 10.96 9.58 7.92 10.59 11.93 9.99 10.78 5.01 3.91 1.86Brazil 0.25 0.25 0.18 0.08 0.18 0.06 0.06 0.05 0.51 0.62 0.62 0.05 0.25 0.31USA 0.21 0.32 0.43 0.67 1.11 1.00 0.85 1.48 1.61 1.47 1.43 0.65 0.40 0.38Others 0.07 0.07 0.07 0.08 0.08 0.08 0.06 0.03 0.04 0.04 0.04 0.03 0.01 0.00TOTAL OTHERS 0.53 0.63 0.68 0.84 1.36 1.14 0.96 1.57 2.16 2.12 2.08 0.74 0.66 0.69

GLOBAL TOTAL 14.60 46.16 69.87 72.17 87.00 87.53 90.94 112.96 114.28 116.13 134.89 37.87 53.12 43.90*after a year indicates data are the latest year to date figures.


Orderbook by Country/Region

Jun-03

Major Shipbuilders

For Delivery in:Million DWT

Global Orderbook 2003 by cgt

Japan28.8%

P.R. China12.8%

Others1.9%

Europe20.2%

South Korea36.2%

Source (all graphs): Clarkson Research Studies

Asian Orderbook 2003 by cgt

Other Asia3.8%

P.R. China15.8%

Japan35.7%

South Korea44.7%

European Orderbook 2003 by cgt

Germany15%

Italy19%

Spain7%

Poland15%

Other Europe35%

Croatia9%

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003* 2003 2004 2005+

Japan 2.7 7.2 9.9 11.6 13.5 11.8 11.2 12.3 13.0 14.3 15.5 1.6 6.5 4.6South Korea 1.4 3.9 7.2 7.4 9.0 9.9 11.4 15.8 15.3 15.5 19.4 2.0 7.4 7.7Taiwan 0.0 0.5 0.5 0.7 0.5 0.7 0.8 0.7 0.5 0.4 0.8 3.7 0.3 0.3P.R. China 0.1 0.8 1.9 2.5 2.5 2.2 3.1 4.0 5.0 5.7 6.9 1.9 2.4 2.2Other Asia 0.1 0.3 0.4 0.5 0.6 0.5 0.4 0.5 0.6 0.9 0.8 1.2 0.4 0.2TOTAL ASIA 4.4 12.7 19.9 22.7 26.1 25.2 26.9 33.3 34.4 36.9 43.5 10.4 17.0 14.9Germany 0.1 1.2 2.1 1.9 1.6 2.0 2.4 3.0 2.4 1.7 1.6 0.6 0.7 0.3Denmark 0.5 0.7 0.9 0.7 0.6 0.5 0.5 0.3 0.7 0.4 0.5 0.2 0.2 0.0France 0.4 0.4 0.5 0.4 0.4 0.8 1.1 1.1 0.8 0.6 0.5 0.4 0.1 0.0Italy 0.1 0.5 1.7 2.1 2.5 2.4 2.4 2.9 2.4 1.9 2.0 0.9 0.7 0.4Netherlands 0.0 0.1 0.3 0.5 0.4 0.6 0.5 0.4 0.5 0.5 0.4 0.2 0.2 0.1Spain 0.1 0.4 0.7 0.6 0.9 0.7 0.4 0.6 0.8 0.9 0.8 0.3 0.4 0.1Finland 0.6 1.1 0.9 0.7 0.5 0.5 0.7 1.1 0.9 0.6 0.6 0.3 0.3 0.0Norway 0.2 0.3 0.5 0.5 0.7 0.5 0.4 0.5 0.6 0.4 0.2 0.2 0.0 0.0Turkey 0.1 0.1 0.2 0.3 0.2 0.3 0.2 0.3 0.3 0.2 0.3 0.1 0.1 0.0Poland 0.1 0.8 1.4 1.1 0.9 0.9 1.0 1.8 1.5 1.4 1.6 0.6 0.7 0.3Ukraine 0.1 0.3 0.5 0.4 0.3 0.3 0.2 0.2 0.2 0.3 0.3 0.1 0.1 0.0Croatia 0.0 0.3 0.3 0.5 0.7 0.6 0.5 0.8 1.0 0.8 1.0 0.3 0.4 0.3Other Europe 0.4 0.6 0.8 0.8 0.9 1.0 1.0 1.0 1.0 0.9 1.0 0.6 0.2 0.1TOTAL EUROPE 2.5 6.9 10.9 10.4 10.7 10.9 11.2 13.8 13.1 10.5 10.9 4.9 4.2 1.7Brazil 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.3 0.3 0.1 0.1 0.1USA 0.1 0.3 0.5 0.7 1.1 0.9 0.7 0.8 0.8 0.7 0.7 0.4 0.2 0.1Others 0.1 0.1 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.0TOTAL OTHERS 0.3 0.5 0.7 0.9 1.3 1.1 0.9 1.0 1.1 1.1 1.0 0.5 0.4 0.2

GLOBAL TOTAL 7.2 20.2 31.5 34.0 38.1 37.2 39.0 48.1 48.6 48.6 55.4 15.8 21.6 16.9

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003* 2003 2004 2005+

Japan 76 336 489 595 657 533 501 538 532 607 626 205 259 162South Korea 40 153 298 292 312 317 364 513 475 483 607 143 232 232Taiwan 2 22 27 38 32 36 33 30 24 17 29 6 13 10P.R. China 11 58 151 217 210 182 210 250 314 363 429 145 159 125Other Asia 13 34 42 50 61 50 35 42 56 81 78 39 28 11TOTAL ASIA 142 603 1007 1192 1272 1118 1143 1373 1401 1551 1769 538 691 540Germany 4 64 112 116 98 89 78 105 107 82 80 34 34 12Denmark 18 31 32 29 24 19 12 11 15 7 9 3 5 1France 5 7 9 8 10 15 17 13 8 8 7 4 2 1Italy 9 14 56 64 74 69 46 49 45 44 47 29 14 4Netherlands 1 8 23 54 68 93 71 62 68 86 83 30 38 15Spain 6 29 44 44 51 33 23 22 28 34 31 18 11 2Finland 7 16 13 10 9 8 6 10 10 6 6 2 4 0Norway 11 22 36 44 64 44 24 42 60 48 35 31 4 0Turkey 4 16 24 34 28 35 26 38 42 39 43 27 14 2Poland 4 62 97 76 63 59 60 91 68 49 59 26 23 10Ukraine 7 17 25 19 17 14 13 13 14 21 21 7 12 2Croatia 0 14 18 26 35 28 23 36 48 39 49 13 18 18Other Europe 37 61 84 90 108 141 129 106 109 104 120 70 36 14TOTAL EUROPE 113 361 573 614 649 647 528 598 622 567 590 294 215 81Brazil 6 6 5 4 5 7 7 7 16 26 26 9 9 8USA 6 9 22 32 87 64 37 31 62 67 62 40 16 6Others 10 16 15 13 13 14 9 7 9 9 7 4 3 0TOTAL OTHERS 22 31 42 49 105 85 53 45 87 102 95 53 28 14

GLOBAL TOTAL 277 995 1622 1855 2026 1850 1724 2016 2110 2220 2454 885 934 635*after a year indicates data are the latest year to date figures.

Clarkson Research Studies Page 11 Jun-03

For Delivery in:Numbers of Vessels

Orderbook by Country/Region

Major Shipbuilders

Major Shipbuilders

Million CGT For Delivery in:

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003*

Japan 4.5 17.7 17.1 17.7 22.8 14.9 16.2 22.4 21.0 21.0 12.0 UP BY…. 37.1%South Korea 4.6 9.0 11.5 10.7 0.0 14.7 18.2 32.7 14.1 19.1 18.6 UP BY…. 132.9%Taiwan 0.2 1.3 1.1 0.7 0.8 1.1 1.2 0.5 0.1 0.7 1.1 UP BY…. 264.4%P.R. China 0.3 1.9 2.7 2.4 1.7 1.4 5.6 4.3 5.3 6.6 5.5 UP BY…. 100.0%Other Asia 0.0 0.4 0.3 0.5 0.2 0.4 0.5 0.4 0.5 1.4 0.2 DOWN BY… -73.0%TOTAL ASIA 9.6 30.3 32.6 32.1 25.5 32.3 41.8 60.4 41.1 49.0 37.4 UP BY…. 83.2%Germany 0.0 1.4 1.3 1.3 0.8 1.0 0.6 1.6 0.8 0.6 0.3 UP BY…. 44.7%Denmark 0.9 0.3 0.7 0.1 0.4 0.4 0.6 0.0 1.1 0.0 0.3 UP BY….France 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 DOWN BY… -100.0%Italy 0.0 0.2 1.0 0.2 0.4 0.2 0.1 0.2 0.1 0.1 0.1 UP BY…. 44.1%Netherlands 0.0 0.1 0.1 0.3 0.3 0.3 0.1 0.3 0.4 0.4 0.1 DOWN BY… -40.3%Spain 0.1 0.8 0.4 0.4 0.8 0.3 0.0 0.3 0.4 0.1 0.0 DOWN BY… -65.5%Finland 0.3 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 DOWN BY… -100.0%Norway 0.2 0.1 0.2 0.1 0.3 0.1 0.1 0.3 0.2 0.1 0.0 DOWN BY… -38.5%Turkey 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.1 UP BY…. 107.0%Poland 0.1 1.3 1.5 0.3 0.5 0.6 0.7 2.2 0.2 0.2 0.4 UP BY…. 390.8%Ukraine 0.1 0.4 0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 DOWN BY… -100.0%Croatia 0.0 0.6 0.1 0.7 0.5 0.1 0.3 1.1 1.1 0.2 0.5 UP BY…. 407.9%Other Europe 0.3 0.2 0.6 0.4 0.4 0.5 0.1 0.2 0.3 0.2 0.3 UP BY…. 324.5%TOTAL EUROPE 2.0 5.6 6.5 3.8 4.4 3.7 2.8 6.5 4.8 2.1 2.0 UP BY…. 129.2%Brazil 0.1 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.5 0.1 0.0 DOWN BY… -62.5%USA 0.2 0.1 0.1 0.2 0.5 0.3 0.1 0.8 0.4 0.1 0.0 DOWN BY… -100.0%Others 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 DOWN BY… -96.5%TOTAL OTHERS 0.3 0.1 0.1 0.3 0.7 0.3 0.1 0.8 0.9 0.2 0.0 DOWN BY… -83.2%

GLOBAL TOTAL 12.0 36.0 39.3 36.2 30.6 36.4 44.7 67.7 46.8 51.4 39.5 UP BY…. 84.3%

*after a year indicates data are the latest year to date figures.


%

Contracting by Country/Region

Major Shipbuilders

Million DWT Trends This Year

Japanese Contracts in 2003 (GT)

Passenger0.4%

Bulk37.7%

Chem.7%

L.N.G.0.6%

Tanker45.2%

Other Dry9.7%

L.P.G.1.1%

Other3.8%

Korean Contracts in 2003 (GT)Container

6.0%

L.N.G.0.6%

Bulk37.7%

Chemical6.0%

Tanker45.2%

Others4.6%

Summary • Global contracting stands at 14.6m cgt, up 68% on this time last year. Even though European shipyards won less than 12% of this business, the proportion has risen during the year. In 2002 the European share of contracting in terms of cgt was just under 13%. • Not only is contracting to the Asian yards up 74% on this point last year, but around 72% of the 2002 level of contracting has already been achieved. Japan • In a booming shipbuilding market such as this one, contracting in Japan has been muted. The Yen has been stronger relative to the dollar, and has risen by around 10% in the last 12 months. The US dollar continues to weaken, especially against the Euro. In the early part of 2003, the Bank of Japan was quick to intervene, selling a huge amount of Yen. Even though the European Central Bank left interest rates alone, putting further pressure on the Yen, no intervention has yet taken place. Korea • More than half of the orders placed in Asia were to Korean yards. The added value of vessels ordered in Korea is rising. In 1997 21.0m dwt of orders were placed in Korea, equivalent to 5.6m cgt. The same cgt level was reached by the end of April 2003 with just 16.5m dwt of contracts being placed. The rise in Containership ordering in South Korea will be the main factor behind the growth in cgt.

Shipyard OrderbookMonitor

Shipyard IndexJune-2003Volume 10, No.6

Argentina 3ARS

Australia 3AUSTAL SHIPSINCAT TASMANIA

Azerbaijan 3CASPIAN SHIPYD.

Brazil 3EISA SHIPYARDEST. PROMARETN BELEMFELS-SETALITAJAI SHIPYARDWILSONS SONS

Bulgaria 3BOURGAS SHIPYD.ROUSSE SHIPYARDVARNA SHIPYARD

Canada 3IRVING S.B.

China P.R. 4AFAI SHIPS LTD.BOHAI SEMBAWANGBOHAI SHIPYARDCHENGXI SHIPYD.DALIAN NEW YARDDALIAN SHIPYARDDAMEN YICHANGDONG FENG S/YGUANG. WENCHONGGUANG. WHAMPOAGUANGZHOU SHPYDHUDONG S/YARDJIANGDONG S/YJIANGDU S/YARDJIANGNAN S/YARDJIANGSU S/YARDJIANGYANG S.Y.JIANGZHOU S/YJINGJIANG SUMECJINLING SHIPYD.KOUAN S.B.LIANJIANG WENSUMAWEI SHIPYARDNANTONG S.B.NEW CENTURY S/YQINGSHAN S.Y.SHANDONG HUANG.SHANGHAI EDWARDSHANGHAI SHPYD.SHANHAIGUAN S/YWAIGAOQIAO S/YWEIHAI S/YARDWENZHOU SHIPYD.WUCHANG S/YARDWUHU SHIPYARDXIAMEN SHIPYARDXINGANG S.Y.YANTAI RAFFLESZHEJIANG S/YARDZHENJIANG S/YZHONGHUA S/YARD

ZHOU SHAN S/Y

Croatia 8BROD. 3 MAJBROD. SPLITBROD. TROGIRBROD. ULJANIKKRALJEVICA

Czech Republic 9CESKOSLOVENSKA

Denmark 9ODENSE LINDO

Egypt 9ALEXANDRIA S.Y.

Finland 9AKER FINNYARDSKVAERNER MASA

France 9CHANT. PIRIOUDE L'ATLANTIQUE

Germany 10AKER MTW WERFTFLENSBURGER S.BJ. J. SIETASKROEGER WERFTKV. WARNOWWERFTLINDENAULLOYD WERFTMEYER WERFTMUTZELFELDTNORDSEEWERKEPEENE WERFTROLANDWERFTSCHW. CASSENSSSW FAHRVOLKSWERFT

Greece 11ATSALAKIS S/YHELLENIC S/YARD

India 11ABG SHIPYARDCOCHIN S.Y. LTDHINDUSTAN S/YHOOGHLY DOCKING

Indonesia 11KODJA BAHARINOAHTU S/YARDP.T. PAL INDON.

Iran 11ISOICONEKA SHIPYARDSADRA SHIPYARD

Italy 11CANT. APUANIACANT. DE POLICANT. ORLANDOCANT. TERMOLICANT.NAV.MORINICANT.NAV.PESAROFINCANTIERI

GIACALONERODRIQUEZROSETTI MARINOSESTRI-CANTIERESOC. ESERCIZIOVISENTINI

Japan 12ASAKAWA S.B.EVERGREEN H.I.FUKUOKA S.B.HAKODATE DOCKHIGAKI ZOSENI.H.I.IMABARI S.B.IWAGI ZOSENKANASASHI K.K.KANDA ZOSENSHOKAWASAKI H.I.KITANIHON ZOSENKOYO DOCK K.K.KYOKUYO S/YARDMINAMI NIPPONMITSUBISHI H.I.MITSUI S.B.MIURA ZOSENSHOMIYOSHI ZOSENMURAKAMI HIDENAIKAI S.B.NAMURA ZOSENSHONIIGATA ENG. CONISHI S.B. CO.ONOMICHI DOCKYDOSHIMA S.B. CO.SAIKI HVY. IND.SANOYASSANYO ZOSENSASAKI ZOSENSASEBO H.I.SHIKOKU DOCK.SHIN KOCHI H.I.SHIN KURUSHIMASHITANOE ZOSENSUMITOMO H.I.TSUNEISHI ZOSENUNIVERSAL S.B.USUKI ZOSENSHOWATANABE ZOSEN

Lithuania 19BALTIJA S.Y.

Malta 19MALTA S.B.

Netherlands 19BARKMEIJERDAMEN SHIPYARDSDE MERWEDEFERUS SMITIHC HOLLANDK. DAMENNIESTERN-SANDERPETERS SCHPSW.SCHELDEGROEPSCHPS. BODEWESSCHPSW. DE HOOPSCHPSW. DE WAAL

SHIPYD. BIJLSMAVOLHARDING

Norway 20AKER AUKRA ASAKER BRATTVAAGBREVIK CONSTR.FITJAR M/VFJELLSTRAND A/SHAVYARD LIERVIKKARMSUND M'TIMEKLEVEN FLOROEKLEVEN VERFTLANGSTEN SLIPMOEN SLIPMYKLEBUST M/VSIMEK A/SSOEVIKNES VERFTULSTEIN VERFTWESTCON A/S

Philippines 21TSUNEISHI CEBU

Poland 21STOCZ. POLNOCNASTOCZNIA GDANSKSTOCZNIA GDYNIASZCZECIN. NOWA

Portugal 22EST. MONDEGOVIANAYARD

Romania 22BRAILA SHIPYARDDAEWOO-MANGALIADAMEN GALATISEVERNAV S.A.

Russia 22ADMIRALTY S.Y.AMUR SHIPYARDBALTIC SHIPYD.KRASNOY SORMOVOSEVERNAYA S.B.VOLGOGRAD S.Y.VYBORG S/YARDYANTAR SHIPYARD

Singapore 23JAYA S.B. & ENGJURONG S/YARDKEPPEL FELSKEPPEL HITACHIKEPPEL SING.PAN UNITEDPRESIDENT MAR.

Slovakia 23SLKB KOMARNOSLOVENSKE

South Korea 24DAE SUN S.B.DAEWOO S.B.HANJIN H.I.HYUNDAI H.I.HYUNDAI MIPOHYUNDAI SAMHO

INP HEAVY IND.NOKBONG S.B.SAMHO TONGYOUNGSAMSUNG S.B.SHINA S.B.STX SHIPBUILD.

Spain 29AST. DE HUELVAAST. DE MURUETABARRERAS S.A.IZAR FENEIZAR GIJONIZAR P. REALIZAR S/FERNANDOIZAR SESTAOIZAR SEVILLAMETALSHIPSNAVAL GIJONVULCANO S.A.

Taiwan 30CSBC

Turkey 30ANADOLU TUZLAAYKIN DENIZ.CEKSAN SHIPYARDCELIKTEKNECICEK SHIPYARDDEARSAN SHIPYD.GELIBOLU SHIPYDGEMAK SHIPYARDGISAN SHIPYARDMADENCI S/YMARMARAPENDIK S.Y.RMK MARINESEDEF GEMI END.SELAH SHIPYARDTORGEM GEMIYARDIMCI DENIZ

Ukraine 3161 KOMMUNARCHERNOMORSKIYDAMEN OKEANOKEAN SHIPYARDZALIV SHIPYARD

United Kingdom 31APPLEDORE S.B.

United States 31ATLANTIC MARINEAVONDALE IND.BENDER S.B.BOLLINGER S.Y.BREAUX BROS.C & G BOATWORKEASTERN S.B.HOUMA FABRICAT.KVAERNER PHIL.NATIONAL STEELNG AVONDALENORTH AMERICANPATTI SHIPYARDQUALITY S/YARDSVT HALTER

TANKERSTelephone +44 (0)20 7283 9010

Telex 8812927 CLTNKA GTelefax +44 (0)20 7623 8703

DRY CARGOTelephone +44 (0)20 7283 8977

Telex 887811 CLDRYA GTelefax +44 (0)20 7626 4189

SALE PURCHASETelephone +44 (0)20 7334 0000

Telex 886661 CLSNPA GTelefax +44 (0)20 7283 5260

12, CAMOMILE STREETLONDON EC3A 7BP,

ENGLAND

TELEPHONE+44 (0)20 7283 8955

BUNKERSTelephone +44 (0)20 7283 9010

Telex 8814221 CLFUEL GTelefax +44 (0)20 7626 0798

TELEFAX+44 (0)20 7623 0539

CLARKSON RESEARCH STUDIES 2003World Copyright reserved to:

E-mail: [email protected] Web: http://www..clarksonresearch.com

Orderbook by YardType Hull No. Dwt. *Other Units Owner Delivery

Argentina

Type Hull No. Dwt. *Other Units Owner Delivery

Argentina

ARSEnsenada

Bulk 71 27,321 Alpina Shpg. GmbH Jul 2003On Order:- 1 Vessel(s); 27,321 DWT.

Australia

AUSTAL SHIPSHenderson

Pass/Car Cat 196 500 2,000 GT Fred Olsen & Co. Aug 2003Fast PCCat 117 1,200 GT Aremiti Cruise Jan 2004

On Order:- 2 Vessel(s); 617 DWT.

INCAT TASMANIAHobart

Fast PCCat 062 750 5,400 GT Builders Account Dec 2003Fast PCCat 063 750 454 GT Builders Account May 2004

On Order:- 2 Vessel(s); 1,500 DWT.

Azerbaijan

CASPIAN SHIPYD.Baku

Jackup Drill. 14,000 A.P. Moller Sep 2003On Order:- 1 Vessel(s); 14,000 DWT.

Brazil

EISA SHIPYARDRio De Janeiro

MPP 416 19,600 Frota Amazonica S.A. Jul 2003Container 42,000 3,800 TEU Empresa Alianca 2004Container 42,000 3,800 TEU Empresa Alianca 2004Tanker 130,000 Petrobras Oct 2004Tanker 130,000 Petrobras Jan 2005Tanker 70,000 Petrobras Apr 2005Tanker 70,000 Petrobras Aug 2005AHTS 2,500 2,132 GT Trico Supply ASA Dec 2005AHTS 4,000 3,411 GT Astromaritima Nav. Jan 2006


EST. PROMARRio De Janeiro

PSV 06 3,500 2,000 GT NorSkan Offshore Jul 2003PSV 07 3,500 2,000 GT Navegacao do Brasil Dec 2003PSV 08 3,500 2,000 GT NorSkan Offshore Feb 2004PSV 09 3,300 2,555 GT GulfMark Offshore Sep 2004PSV 3,500 2,000 GT Seabulk Offshore Oct 2004


ETN BELEMBelem

Products 414 3,330 Sao Miguel Nav. Mar 2003On Order:- 1 Vessel(s); 3,330 DWT.

FELS-SETALAngra Dos Reis

AHTS 2,450 2,900 GT Delba Maritima Dec 2003

AHTS 2,450 2,900 GT Delba Maritima Mar 2004AHTS 2,450 2,900 GT Delba Maritima Mar 2004PSV 4,900 3,500 GT Brasmar Ltda. Jul 2005PSV 4,900 3,500 GT Brasmar Ltda. Sep 2005


ITAJAI SHIPYARDItajai

MSV 3,000 2,000 GT Sealion Shipping Jun 2003L.P.G. 112 8,250 6,000 cbm Metalnave Comercio Jul 2003L.P.G. 113 8,250 6,000 cbm Metalnave Comercio Dec 2003Container 135 22,500 1,700 TEU Mercosul Line Nov 2004Container 136 22,500 1,700 TEU Mercosul Line Mar 2005


WILSONS SONSGuaruja

PSV 3,000 2,500 GT Wilsons Sons Group Jul 2003On Order:- 1 Vessel(s); 3,000 DWT.

Bulgaria

BOURGAS SHIPYD.Bourgas

Pass/Car F. 2,000 GT Smiltynes Perkela Feb 2004On Order:- 1 Vessel(s); DWT.

ROUSSE SHIPYARDRousse

MPP 4,550 Briese-Schiffahrts 2003MPP 351 4,550 Briese-Schiffahrts 2003Asp.& Bit. 701 5,000 Enea Management Inc. Jun 2003MPP 4,400 Briese-Schiffahrts Jun 2003Asp.& Bit. 702 5,000 Enea Management Inc. Sep 2003Products 3,500 Crescent plc Oct 2003Products 3,500 Crescent plc Dec 2003MPP 4,400 Hesse Reederei 2004Asp.& Bit. 703 5,000 Enea Management Inc. Jan 2004Asp.& Bit. 704 5,000 Enea Management Inc. Jul 2004Container 4,850 282 TEU Nimmrich & Prahm Dec 2004


VARNA SHIPYARDVarna

Bulk 512 42,425 Builders Account 2003Bulk 513 42,425 Builders Account 2003MPP 285 9,370 GEMARFIN 2003MPP 286 9,370 GEMARFIN 2003Bulk 510 41,425 Polish Steamship Co. Mar 2003Bulk 456 20,500 Navibulgar Mar 2003MPP 287 9,370 Unknown Owner 2004MPP 288 9,370 Unknown Owner 2004


Canada

IRVING S.B.Halifax

AHTS 6089 3,250 3,050 GT Atlantic Towing Ltd. May 2003On Order:- 1 Vessel(s); 3,250 DWT.

World Shipyard Monitor Database Page 3 1st June 2003


China P.R.


China P.R.

AFAI SHIPS LTD.Panyu

Fast PCCat 009 2,950 GT Incat Offshore Pty. 2003On Order:- 1 Vessel(s); DWT.

BOHAI SEMBAWANGTianjin

MPP 29,000 Shandong Int. Trans. Jul 2004MPP 29,000 Shandong Int. Trans. Nov 2004


BOHAI SHIPYARDHu Lu Dao

Open Hatch 408-3 29,000 Sinotrans 2003Open Hatch 408-4 29,000 Sinotrans 2003Products 507/4 46,000 Nanjing Changjiang Mar 2003Products 46,000 Beihai Marine Co. Jul 2003Tanker 159K-1 159,000 China Ocean (COSCO) Dec 2003Bulk 57,700 China Shpg. Tramp 2004Tanker 159K-2 159,000 China Ocean (COSCO) Jun 2004Tanker 159K-3 159,000 China Ocean (COSCO) Dec 2004Bulk 57,700 China Shpg. Tramp 2005Bulk 57,700 China Shpg. Tramp 2005Bulk 57,700 China Shpg. Tramp 2005


CHENGXI SHIPYD.Jiangyin

Chem & Oil CX7206 25,000 Marittima Emiliana Jun 2003Bulk 53,000 Spar Shipping A/S Dec 2004Bulk 53,000 Spar Shipping A/S Apr 2005Bulk 53,000 Spar Shipping A/S Aug 2005Bulk 53,000 Spar Shipping A/S Nov 2005Bulk 53,000 Spar Shipping A/S Mar 2006Bulk 53,000 Spar Shipping A/S Jul 2006


DALIAN NEW YARDDalian

Tanker T2000-3 299,500 Nat. Iranian Tanker Apr 2003Container C5600-2 69,000 5,618 TEU China Shpg. Cont. Jun 2003FPSO 210,000 Conoco Phillips Inc. Jun 2003Tanker T2000-4 299,500 Nat. Iranian Tanker Jul 2003Tanker T2000-5 299,500 Nat. Iranian Tanker Dec 2003Container C5600-3 69,000 5,618 TEU China Shpg. Cont. Dec 2003FPSO 150,000 CNOOC May 2004Tanker 105,000 China Shpg. Tankers Oct 2004Products 110,000 A.P. Moller Nov 2004Survey 3,000 GT COSL China Oilfield Nov 2004Tanker 105,000 China Shpg. Tankers Dec 2004Tanker 105,000 China Shpg. Tankers 2005Tanker 74,000 COSCO (Hong Kong) 2005Tanker 74,000 COSCO (Hong Kong) 2005Tanker 74,000 China Ocean (COSCO) 2005Products 110,000 A.P. Moller Jan 2005Products 110,000 A.P. Moller Mar 2005Products 110,000 A.P. Moller Jul 2005

On Order:- 18 Vessel(s); 2,373,500 DWT.

DALIAN SHIPYARDDalian

Chem & Oil CP350-1 35,000 A.P. Moller Jul 2003Ro-Ro RO123-3 12,833 Stena AB Jul 2003Chem & Oil CP450-6 44,800 Wawasan Shipping Aug 2003MPP MC300-5 34,500 Schoeller Holdings Aug 2003Ro-Ro RO123/4 12,833 Stena AB Oct 2003Chem & Oil CP350-2 35,000 A.P. Moller Nov 2003MPP MC300-6 34,500 Schoeller Holdings Nov 2003Products PC720-1 72,000 Stena Bulk AB Dec 2003Chem & Oil 35,000 A.P. Moller 2004Chem & Oil 35,000 A.P. Moller 2004Products PC720-2 72,000 Stena Bulk AB Mar 2004MPP MC300-9 34,500 Schoeller Holdings Jul 2004Chem & Oil 44,800 Wawasan Shipping Sep 2004MPP MC300-7 34,500 Schoeller Holdings Dec 2004Chem & Oil 35,000 Schulte Group 2005Chem & Oil 35,000 Schulte Group 2005Chem & Oil 44,800 Wawasan Shipping 2005Chem & Oil 44,800 Wawasan Shipping Jan 2005MPP MC300-8 34,500 Schoeller Holdings Apr 2005Products 72,000 Stena Bulk AB Jun 2005Products 72,000 Stena Bulk AB Jul 2005


DAMEN YICHANGYichang

Container 11,000 850 TEU Karl Schluter Jun 2003Container 11,000 850 TEU Karl Schluter Nov 2003Container 11,000 850 TEU Karl Schluter Apr 2004


DONG FENG S/YHangzhou

Bulk 15,000 Arko Energy Holdings 2004Bulk 15,000 Arko Energy Holdings 2004Bulk 15,000 Arko Energy Holdings 2004Bulk 10,160 Arko Energy Holdings 2004Bulk 10,160 Arko Energy Holdings 2004Bulk 10,160 Arko Energy Holdings 2004Bulk 10,160 Arko Energy Holdings 2004Bulk 15,000 Arko Energy Holdings 2005


GUANG. WENCHONGHuangpu

Container 293 23,580 1,718 TEU Leonhardt & Blumberg 2003Container 296 20,700 1,550 TEU Leonhardt & Blumberg Jul 2003Container 297 20,700 1,550 TEU Leonhardt & Blumberg Oct 2003Container 20,700 1,550 TEU Leonhardt & Blumberg Dec 2003Bulk 29,000 Sunship Schiff. 2004Bulk 29,000 Sunship Schiff. 2004Bulk 29,000 Sunship Schiff. 2004Bulk 29,000 Sunship Schiff. Mar 2004Container 299 20,700 1,550 TEU Leonhardt & Blumberg Mar 2004Container 311 23,580 1,718 TEU Schulte Group Dec 2004Bulk 29,000 Sunship Schiff. 2005Bulk 29,000 Sunship Schiff. 2005Container 23,580 1,718 TEU Schulte Group Apr 2005Container 23,580 1,718 TEU Norse Mngt. U.K. Aug 2005Container 23,580 1,718 TEU Schulte Group Sep 2005Container 23,580 1,718 TEU Norse Mngt. U.K. Nov 2005



China P.R.


Container 23,580 1,718 TEU Schulte Group Dec 2005On Order:- 17 Vessel(s); 421,860 DWT.

GUANG. WHAMPOAGuangzhou

AHTS 2,300 1,961 GT COSL China Oilfield Jun 2004On Order:- 1 Vessel(s); 2,300 DWT.

GUANGZHOU SHPYDGuangzhou

RoPax 9130005 4,700 Gotland Rederi AB Apr 2003Chem & Oil 130003 35,000 A.P. Moller Jun 2003Hvy Dk Carg 9130013 18,000 15,000 GT COSCO Guangzhou Jun 2003Products 130010 40,015 China Shpg. Tankers Jul 2003Chem & Oil 130004 35,000 A.P. Moller Jul 2003Chem & Oil 130005 35,000 A.P. Moller Sep 2003Products 130011 40,015 China Shpg. Tankers Oct 2003Products 130012 40,015 China Shpg. Tankers Dec 2003Chem & Oil 130006 35,000 A.P. Moller Dec 2003Products 130015 38,000 Overseas Maritime Feb 2004Chem & Oil 35,000 A.P. Moller Mar 2004Products 40,015 China Shpg. Tankers Apr 2004Products 130016 38,000 Overseas Maritime Apr 2004Products 40,015 China Shpg. Tankers Jul 2004Products 47,000 Scope Management Dec 2004Products 38,000 Overseas Maritime Dec 2004Products 38,500 Norden D/S A/S 2005Products 38,500 Norden D/S A/S 2005Products 47,000 Scope Management Mar 2005


HUDONG S/YARDShanghai

Container H1293A 50,500 4,050 TEU China Shpg. Cont. 2003Container H1294A 50,500 4,050 TEU China Shpg. Cont. 2003Container H1295A 50,500 4,050 TEU China Shpg. Cont. 2003Container H1265A 69,000 5,618 TEU China Shpg. Cont. Jun 2003Tanker H1311A 72,000 Diamlemos Shpg. Corp Jul 2003Products H1318A 73,000 Fratelli D'Amato Aug 2003Container H1266A 69,000 5,618 TEU China Shpg. Cont. Sep 2003Tanker H1312A 72,000 Diamlemos Shpg. Corp Dec 2003Tanker 70,000 Prime Maritime 2004Bulk 74,000 KC Maritime Ltd. 2004Container 50,500 4,050 TEU China Shpg. Cont. 2004Container H1296A 50,500 4,050 TEU China Shpg. Cont. 2004Products H1319A 73,000 Fratelli D'Amato Jan 2004Bulk 74,000 KC Maritime Ltd. Jun 2004Container 59,000 5,618 TEU China Shpg. Cont. Jul 2004Bulk 1304A 74,500 Bocimar N.V. Sep 2004Container 59,000 5,618 TEU China Shpg. Cont. Sep 2004Products 73,000 Paradise Navigation Oct 2004Products 73,000 Paradise Navigation Dec 2004Bulk 1305A 74,500 Bocimar N.V. Dec 2004Tanker 73,000 Paradise Navigation 2005Container 59,000 5,618 TEU China Shpg. Cont. 2005Container 59,000 5,618 TEU China Shpg. Cont. 2005Bulk 74,000 Gleamray Maritime Mar 2005Container 59,000 5,618 TEU China Shpg. Cont. Mar 2005Bulk H1306A 74,500 Bocimar N.V. Apr 2005Bulk 74,500 KC Maritime Ltd. Aug 2005Bulk 74,000 Gleamray Maritime Sep 2005Bulk 74,500 KC Maritime Ltd. Nov 2005

Bulk 74,500 COSCO Bulk Carrier Dec 2005Bulk 74,500 COSCO Bulk Carrier Dec 2005Bulk 74,500 Iolcos Hellenic Jan 2006Bulk 74,500 Iolcos Hellenic May 2006


JIANGDONG S/YWuhu

Container 1100-3 13,760 1,118 TEU W. Bockstiegel May 2003Container 1100-4 13,760 1,150 TEU W. Bockstiegel Sep 2003MPP 13,000 Krey Schiffahrts Oct 2003MPP 13,000 Krey Schiffahrts Mar 2004MPP 12,000 W. Bockstiegel Apr 2004MPP 12,000 W. Bockstiegel Jun 2004MPP 13,000 Krey Schiffahrts Jul 2004MPP 12,000 W. Bockstiegel Sep 2004MPP 13,000 Krey Schiffahrts Nov 2004MPP 12,000 W. Bockstiegel Mar 2005


JIANGDU S/YARDYangzhou

Open Hatch 32000-5 32,000 F. H. Bertling 2003Products 46000-1 46,000 Capo Gallo Apr 2003Open Hatch 32000-3 32,000 F. H. Bertling Apr 2003Products 46000-2 46,000 Capo Gallo Jun 2003Products 46000-3 46,000 Capo Gallo Oct 2003Open Hatch 32000-4 32,000 F. H. Bertling Oct 2003Products 46000-4 46,000 Capo Gallo Dec 2003Open Hatch 32000-6 32,000 F. H. Bertling 2004Products A46-01 46,500 Int. Andromeda Shpg. Jul 2004Products A46-02 46,500 Int. Andromeda Shpg. Dec 2004Products 46000-5 46,000 Capo Gallo Dec 2004Products 46000-6 46,000 Capo Gallo Jan 2005Products A46-03 46,500 Int. Andromeda Shpg. Nov 2005Products A46-04 46,500 Int. Andromeda Shpg. Feb 2006


JIANGNAN S/YARDShanghai

Pass/Car F. 5,600 15,000 GT Yue Hai Railway 2003Pass/Car F. 5,600 15,000 GT Yue Hai Railway 2003Pass/Car F. H2279 5,600 15,000 GT Yue Hai Railway Jan 2003Bulk H2267 51,000 Vrontados Shipping Apr 2003Chem & Oil H2286 16,400 Stenersen A/S Jul 2003Bulk H2270 51,000 Vrontados Shipping Aug 2003Chem & Oil 16,400 Stenersen A/S Nov 2003Chem & Oil H2289 13,700 Ektank AB Nov 2003Bulk 74,000 Komrowski Befracht. Dec 2003Bulk H2271 51,000 Vrontados Shipping Dec 2003Tanker 74,000 China Shpg. Tankers 2004Tanker 74,000 China Shpg. Tankers 2004Chem & Oil 13,700 Ektank AB 2004Bulk 74,000 Komrowski Befracht. Jan 2004Chem & Oil 18,000 Algoma Tankers Ltd. Jun 2004Bulk 74,000 Diana Shpg. Agencies Sep 2004Pass/Car F. 5,000 16,500 GT China Shpg. Pass. Sep 2004Bulk 74,000 Komrowski Befracht. Oct 2004Bulk 74,000 Diana Shpg. Agencies Nov 2004Pass/Car F. 5,000 16,500 GT China Shpg. Pass. Nov 2004Bulk 74,000 Komrowski Befracht. Dec 2004FPSO 120,000 Monitor 2005



China P.R.


FPSO 120,000 Monitor 2005On Order:- 23 Vessel(s); 1,090,000 DWT.

JIANGSU S/YARDYangzijiang

Bulk 00-628E 10,200 Unknown Owner 2003Bulk 00-629E 10,200 Unknown Owner 2003Container 9,200 700 TEU Pacific Carriers Mar 2003Container 632 24,000 1,800 TEU Rickmers Reederei Sep 2003Container 634 24,000 1,800 TEU Rickmers Reederei 2004Container 635 24,000 1,800 TEU Rickmers Reederei 2004Container 633 24,000 1,800 TEU Rickmers Reederei Jan 2004Chem & Oil 651Y1 19,000 Marittima Emiliana Sep 2004Ro-Ro 11,000 Oceanex (1997) Inc. 2005


JIANGYANG S.Y.Yangzhou

Chem & Oil 97126 13,500 Stenersen A/S 2003Bulk 99136 74,500 Unknown Owner 2003Bulk 99142 51,000 Unknown Owner 2003


JIANGZHOU S/YJiangxi

Container A455 8,000 670 TEU Armin Klingenberg Jun 2003MPP A458 13,000 Krey Schiffahrts Jun 2003MPP A459 13,000 Krey Schiffahrts Sep 2003MPP A460 13,000 Krey Schiffahrts Dec 2003MPP A461 13,000 Krey Schiffahrts Mar 2004MPP 6,800 W. Bockstiegel Mar 2005MPP 6,800 W. Bockstiegel Jun 2005MPP 6,800 W. Bockstiegel Sep 2005MPP 6,800 W. Bockstiegel Dec 2005MPP 6,800 W. Bockstiegel Mar 2006MPP 6,800 W. Bockstiegel Jun 2006


JINGJIANG SUMECJingjiang

Container 9,200 700 TEU Pacific Carriers 2003Container 6,500 450 TEU Pacific Carriers 2003Minibulk 11,000 Tom Worden Schiffs Jan 2005Minibulk 7,200 Peter Dohle Schiff. Apr 2005Minibulk 11,000 Tom Worden Schiffs May 2005Minibulk 7,200 Peter Dohle Schiff. Aug 2005Minibulk 11,000 Tom Worden Schiffs Sep 2005Minibulk 7,200 Peter Dohle Schiff. Dec 2005Minibulk 7,200 Peter Dohle Schiff. Apr 2006


JINLING SHIPYD.Nanjing

Chem & Oil 01-0201 25,000 Fortum Oil & Gas Aug 2003MPP 98-0106 5,530 W. Bockstiegel Aug 2003MPP 98-0107 5,530 W. Bockstiegel Nov 2003Chem & Oil 01-0202 25,000 Fortum Oil & Gas Jan 2004Ro-Ro 02-0401 5,200 Fret-CETAM Mar 2004Chem & Oil 02-0501 37,300 Rigel Schiffahrts Apr 2004Chem & Oil 02-0502 37,300 Rigel Schiffahrts Jun 2004Chem & Oil 02-0503 37,300 Brostrom Tankers SA Aug 2004Chem & Oil 01-0203 25,000 Fortum Oil & Gas Aug 2004

Chem & Oil 01-0204 25,000 Fortum Oil & Gas Jan 2005Chem & Oil 02-0504 37,300 Brostrom Tankers SA Apr 2005


KOUAN S.B.Taizhou

PSV 60-01 4,000 3,097 GT Doha Marine Services 2003MPP 25000-02 25,000 Pacific Carriers Feb 2003MPP 25000-03 25,000 Pacific Carriers Apr 2003Open Hatch 34,000 F. H. Bertling 2004MPP 00-04 25,000 Pacific Carriers 2004Open Hatch 34,000 F. H. Bertling 2005


LIANJIANG WENSUFuzhou

Products FH527 9,500 Kando Maritime 2003On Order:- 1 Vessel(s); 9,500 DWT.

MAWEI SHIPYARDFuzhou

Open Hatch 436/3 17,600 B&N Nordsjofrakt Jun 2003Open Hatch 436/4 17,600 Palkkiythyma Oy Sep 2003


NANTONG S.B.Nantong

Bulk 49,500 Da Sin Shpg. Pte. Sep 2003Tanker 298,000 Sea Fortune Tankers Oct 2003Bulk 015 48,000 Jiangsu Marine Shpg. Oct 2003Bulk 48,000 Jiangsu Marine Shpg. Jan 2004Tanker 298,000 Sea Fortune Tankers Mar 2004Bulk 55,000 COSCO Beijing Mar 2004Bulk 55,000 COSCO Beijing Apr 2004Bulk 55,000 COSCO (Hong Kong) Jun 2004Bulk 55,500 Setaf-Saget Aug 2004Bulk 55,000 COSCO (Hong Kong) Sep 2004Bulk 55,500 Geden Line Oct 2004Bulk 55,000 COSCO Beijing Nov 2004Bulk 55,500 Setaf-Saget Jan 2005Bulk 55,500 Geden Line Jan 2005Bulk 55,000 Jiangsu Marine Shpg. Jan 2005Bulk 49,500 Da Sin Shpg. Pte. Jan 2005Bulk 55,000 Jiangsu Marine Shpg. Apr 2005Bulk 55,000 COSCO Beijing May 2005Pure Car 16,000 Kawasaki Kisen Aug 2005Pure Car 16,000 Kawasaki Kisen Nov 2005Pure Car 16,000 Kawasaki Kisen Feb 2006


NEW CENTURY S/YJingjiang

Bulk 99-032 52,000 Blue Planet Shpg. Jun 2003Open Hatch 99-038 51,000 Dockendale Shpg Co. Jun 2003Bulk 99-033 52,000 Blue Planet Shpg. Sep 2003Bulk 00-020 35,000 Intership Nav. Co. Nov 2003Bulk 99-034 52,000 Blue Planet Shpg. Dec 2003Tanker 73,000 Deiulemar Cia. Nav. 2004Tanker 73,000 Deiulemar Cia. Nav. 2004Bulk 00-021 35,000 Intership Nav. Co. 2004Open Hatch 00-041 27,023 Dockendale Shpg Co. 2004Open Hatch 00-042 27,023 Clipper Group 2004



China P.R.


Open Hatch 99-027 27,023 Dockendale Shpg Co. May 2004Open Hatch 99-028 27,023 Clipper Group Jun 2004Products 73,000 Consolidated Nav. 2005Products 73,000 Consolidated Nav. 2005Bulk 53,000 Graig Ship Mngt. 2005Bulk 53,000 Thenamaris (Mgmt.) 2005Bulk 53,000 Thenamaris (Mgmt.) 2005Bulk 53,000 Graig Ship Mngt. 2005Products 73,000 Fratelli D'Amato Jul 2005Products 73,000 Fratelli D'Amato Oct 2005Products 73,000 Ravennavi S.P.A. 2006Products 73,000 Ravennavi S.P.A. 2006Bulk 53,000 Gleamray Maritime 2006


QINGSHAN S.Y.Wuhan

Chem & Oil 18,500 Guy Somers 2003Cement 5,000 Unknown Owner Apr 2003MPP 00-0302 6,750 Al-Sham Shpg. Co. May 2003Container 990307 6,500 600 TEU Briese-Schiffahrts Jun 2003MPP 990308 6,500 W. Bockstiegel Sep 2003MPP 990309 6,500 W. Bockstiegel Dec 2003MPP 13,000 Krey Schiffahrts 2004MPP 13,000 Krey Schiffahrts 2004Products 3,750 F. T. Everard & Sons Mar 2004Products 3,750 F. T. Everard & Sons May 2004Products 3,750 F. T. Everard & Sons Jul 2004Products 3,750 F. T. Everard & Sons Sep 2004Container 11,500 830 TEU Karl Schluter Sep 2004Container 11,500 830 TEU Karl Schluter Dec 2004


SHANDONG HUANG.Rongcheng

AHTS 2,500 2,132 GT COSL China Oilfield Aug 2004AHTS 2,500 2,132 GT COSL China Oilfield Oct 2004


SHANGHAI EDWARDShanghai

Asp.& Bit. H126 6,400 Nynas Bitumen AB Jul 2003Chem & Oil H127 14,000 Tarntank Rederi AB Sep 2003Chem & Oil H128 13,658 Tarbit Shpg. AB Dec 2003Chem & Oil H129 15,999 Furetank Rederi A/B 2004Chem & Oil H130 15,999 Alvtank AB 2004


SHANGHAI SHPYD.Shanghai

Open Hatch 183 32,420 Cogema S.A.M. May 2003MPP 191 34,500 Rickmers Reederei May 2003Container 197 41,500 3,139 TEU NVA Norddeutsche Jun 2003Open Hatch 184 32,420 Cogema S.A.M. Aug 2003MPP 200 30,000 Chinese-Polish Shpg. Aug 2003Bulk 196 37,500 Harren & Partner Sep 2003Container 198 41,500 3,139 TEU NVA Norddeutsche Oct 2003MPP 00-0105 34,500 Rickmers Reederei Nov 2003MPP 30,000 Chinese-Polish Shpg. Nov 2003Bulk 57,700 China Shpg. Tramp 2004MPP 1102 34,500 Rickmers Reederei 2004Container 41,500 3,139 TEU NVA Norddeutsche Feb 2004

MPP 193 34,500 Schoeller Holdings Mar 2004MPP 30,000 Chinese-Polish Shpg. Mar 2004MPP 30,000 Chinese-Polish Shpg. Jul 2004Bulk 57,700 China Shpg. Tramp 2005Bulk 57,700 China Shpg. Tramp 2005Bulk 57,700 China Shpg. Tramp 2005


SHANHAIGUAN S/YShanhaiguan

Wind T. Inst. TIV-1 Mayflower Energy May 2003Bulk 30,000 Clipper Group 2004Bulk 30,000 Clipper Group 2005Bulk 30,000 Clipper Group 2005Bulk 30,000 Clipper Group 2005


WAIGAOQIAO S/YShanghai

FPSO 150,000 CNOOC 2003Bulk H1001 175,000 Tai Chong Cheang Jun 2003Bulk H1002 170,000 COSCO Bulk Carrier Oct 2003Bulk H1004 175,000 Tai Chong Cheang Jan 2004Bulk H1003 170,000 COSCO Bulk Carrier Feb 2004Bulk 176,000 Bocimar N.V. May 2004Bulk 176,000 Bocimar N.V. Aug 2004Bulk 175,000 Foremost Maritime Dec 2004Tanker 105,000 Stealth Maritime 2005Tanker 105,000 Stealth Maritime 2005Bulk 176,000 Bocimar N.V. 2005Bulk 176,000 Bocimar N.V. 2005FPSO 170,000 CNOOC 2005Bulk 170,000 COSCO Bulk Carrier Jun 2005Bulk 170,000 COSCO Bulk Carrier Jul 2005Bulk 170,000 Chinese Mar. Trans. Dec 2005


WEIHAI S/YARDWeihai

Minibulk 3,800 Unknown Owner 2003MPP 4,900 Navigia Shipmngt. Sep 2003Container CZ042 18,000 1,300 TEU Briese-Schiffahrts Dec 2003MPP 4,900 Navigia Shipmngt. Dec 2003Container CZ043 18,000 1,300 TEU Briese-Schiffahrts Apr 2004Container 18,000 1,300 TEU Briese-Schiffahrts Oct 2004Container 18,000 1,300 TEU Briese-Schiffahrts Dec 2004Container 18,000 1,300 TEU Briese-Schiffahrts 2005Container 18,000 1,300 TEU Briese-Schiffahrts 2005Container 13,000 1,100 TEU Shandong Yantai Jan 2005Container 13,000 1,100 TEU Shandong Yantai Mar 2005


WENZHOU SHIPYD.Wenzhou

Products 99008 3,800 Chinese Govt. Mar 2003On Order:- 1 Vessel(s); 3,800 DWT.

WUCHANG S/YARDWuhan

Ro-Ro 65/1L 678 Chinese Govt. Mar 2003AHTS 2,000 1,705 GT COSL China Oilfield Aug 2004AHTS 2,000 1,705 GT COSL China Oilfield Oct 2004



China P.R.


AHTS 2,000 1,705 GT COSL China Oilfield Dec 2004AHTS 2,000 1,705 GT COSL China Oilfield Jan 2005


WUHU SHIPYARDWuhu

AHTS 50011 2,000 2,500 GT Shengli Oilfield 2003AHTS 65011 2,500 2,132 GT CNOOC Feb 2003AHTS 80011 2,000 1,705 GT CNOOC Feb 2003Bulk W0014 27,000 Navarone S.A. May 2003AHTS 65021 2,500 2,132 GT CNOOC Aug 2003AHTS 80021 2,000 1,705 GT CNOOC Aug 2003Bulk W0015 27,000 Navarone S.A. Jan 2004PSV W0211 3,500 3,126 GT Sealion Shipping Feb 2004Bulk W0016 27,000 Navarone S.A. Apr 2004PSV W0212 3,500 3,126 GT Sealion Shipping Apr 2004PSV W213 3,500 3,126 GT Sealion Shipping Jul 2004


XIAMEN SHIPYARDXiamen

MPP MX439F 34,500 Rickmers Reederei Jun 2003Bulk 53,000 Pacific Basin Agen. 2004Bulk 52,000 Lemitec ASA 2004Bulk 52,000 Lemitec ASA 2004Bulk 53,000 Pacific Basin Agen. 2005Bulk 53,000 Pacific Basin Agen. 2005Pure Car 12,000 SAMAMA 2005Pure Car 12,000 SAMAMA 2005


XINGANG S.Y.Tianjin

MPP 326 7,200 Briese-Schiffahrts 2003Bulk 334 34,300 Dockendale Shpg Co. Jul 2003Bulk 341 34,300 Clipper Group Nov 2003Bulk 342 34,300 Dockendale Shpg Co. Mar 2004Bulk 35,000 Parakou Shpg. Jun 2004Bulk 335 34,300 Clipper Group Aug 2004Bulk 35,000 Parakou Shpg. Nov 2004Bulk 336 34,300 Dockendale Shpg Co. Nov 2004Bulk 38,000 Polish Steamship Co. 2005Bulk 38,000 Polish Steamship Co. 2005Bulk 38,000 Polish Steamship Co. 2005Bulk 38,000 Polish Steamship Co. 2005


YANTAI RAFFLESYantai

AHTS 2000-118 4,000 3,411 GT Tidewater Marine Jan 2003AHTS 2000-119 4,000 3,411 GT Tidewater Marine Apr 2003AHTS 2000-120 4,000 3,411 GT Tidewater Marine Jul 2003AHTS 2000-121 4,000 3,411 GT Tidewater Marine Oct 2003AHTS 2000-122 4,000 3,411 GT Tidewater Marine Jan 2004


ZHEJIANG S/YARDNingbo

MPP 00-03 25,000 Pacific Carriers 2003Asp.& Bit. 01-104 4,300 Petronav May 2003Bulk 01-102 51,000 W.E.M. Lines Dec 2003Bulk 01-103 51,000 W.E.M. Lines Mar 2004

Container 12,000 850 TEU Unknown Owner Aug 2004Bulk 01-105 51,000 Phoenix Bulk Carrs. Dec 2004Container 12,000 850 TEU Unknown Owner Dec 2004Bulk 01-106 51,000 Phoenix Bulk Carrs. Mar 2005Container 12,000 850 TEU Unknown Owner May 2005Container 12,000 850 TEU Unknown Owner Sep 2005Container 12,000 850 TEU Unknown Owner Jan 2006


ZHENJIANG S/YZhenjiang

PSV 3,000 2,150 GT Vroon B.V. Mar 2004PSV 3,000 2,150 GT Vroon B.V. Dec 2004


ZHONGHUA S/YARDShanghai

Ro-Ro 420 12,500 Dag Engstrom 2003Ethy/LPG 450 10,500 10,000 cbm Norgas Carriers Aug 2003Ethy/LPG 451 10,500 10,000 cbm Norgas Carriers Oct 2003


ZHOU SHAN S/YZhoushan

Container 2006 8,015 660 TEU Hermann Buss Jul 2003Container 2007 8,015 660 TEU Hermann Buss Sep 2003Container 2008 8,015 660 TEU Hermann Buss Nov 2003Container 10,500 900 TEU Hermann Buss 2004Container 10,500 900 TEU Hermann Buss 2004Container 10,500 900 TEU Hermann Buss 2004Container 10,500 900 TEU Hermann Buss 2004Container 2009 8,330 660 TEU Hermann Buss 2004Container 2010 8,330 660 TEU Hermann Buss 2004Bulk 25,000 Mineral Shpg. Co. Jul 2004Bulk 25,000 Mineral Shpg. Co. Dec 2004Container 10,500 900 TEU Hermann Buss 2005Container 10,500 900 TEU Hermann Buss 2005Container 10,500 900 TEU Hermann Buss 2005Container 8,330 660 TEU Hermann Buss 2005Container 8,330 660 TEU Hermann Buss 2005


Croatia

BROD. 3 MAJRijeka

Chem & Oil 684 35,000 Ottavio Novella Jun 2003Products 676 47,300 Byzantine Maritime. Sep 2003Products 677 47,300 Byzantine Maritime. Dec 2003Chem & Oil 683 23,400 Carl Buttner Jan 2004Products 694 47,300 Byzantine Maritime. Apr 2004Chem & Oil 687 23,400 Carl Buttner Jun 2004Products 47,300 Uljanik Plovidba Dec 2004Products 47,300 Uljanik Plovidba Jun 2005


BROD. SPLITSplit

Products 435 95,000 European Navigation Jun 2003Products 436 95,000 European Navigation Sep 2003Tanker 433 167,000 Tankerska Plovidba Oct 2003Products 439 108,000 Primorsk Shpg. Corp. Dec 2003



Croatia


Chem & Oil 432 45,000 European Navigation 2004Products 440 108,000 Primorsk Shpg. Corp. Jun 2004Tanker 434 167,000 Tankerska Plovidba Jul 2004Products 437 103,000 European Navigation 2005Products 49,900 Stena Bulk AB 2005Products 49,900 Stena Bulk AB 2005Products 49,900 Stena Bulk AB 2005Products 49,900 Stena Bulk AB 2005


BROD. TROGIRTrogir

Chem & Oil 304 47,500 Anglo-Atlantic S.S. Jul 2003Chem & Oil 305 47,500 Anglo-Atlantic S.S. Nov 2003Chem & Oil 306 47,500 Anglo-Atlantic S.S. May 2004Chem & Oil 307 47,500 Anglo-Atlantic S.S. Sep 2004


BROD. ULJANIKPula

Chem & Oil 443 47,400 Gestioni Armatoriali Jun 2003Pure Car 442 14,900 Grimaldi Group Jul 2003Chem & Oil 444 47,400 Gestioni Armatoriali Sep 2003Products 448 47,000 Novorossiysk Shpg. Dec 2003Bulk 417 75,000 Atlantska Plovidba Jan 2004Products 449 47,000 Novorossiysk Shpg. Feb 2004Pure Car 452 14,900 Grimaldi Group May 2004Products 447 47,400 Gestioni Armatoriali Jun 2004Pure Car 453 12,400 Grimaldi Group Oct 2004Chem & Oil 455 46,000 Iceport Shipping Dec 2004RoPax 459 5,000 Mintrans Feb 2005Products 450 47,000 Novorossiysk Shpg. Mar 2005Products 451 47,000 Novorossiysk Shpg. May 2005RoPax 460 5,000 Mintrans Jun 2005Pure Car 454 12,400 Grimaldi Group Jul 2005Chem & Oil 456 46,000 Iceport Shipping Sep 2005Chem & Oil 457 46,000 Iceport Shipping Dec 2005RoPax 461 5,000 Mintrans Feb 2006Chem & Oil 458 46,000 Iceport Shipping May 2006RoPax 462 5,000 Mintrans Jun 2006


KRALJEVICAKraljevica

Pass/Car F. 535 200 2,000 GT Jadrolinija Jan 2004Asp.& Bit. 531 9,240 Sargeant Marine Inc. Apr 2004Asp.& Bit. 532 9,240 Sargeant Marine Inc. Oct 2004Asp.& Bit. 533 9,240 Sargeant Marine Inc. Apr 2005Asp.& Bit. 534 9,240 Sargeant Marine Inc. Oct 2005


Czech Republic

CESKOSLOVENSKAChvaletice

GCargo 201 2,500 Builders Account 2003GCargo 203 2,500 Builders Account 2003


Denmark

ODENSE LINDOLindo

Container 186 105,750 7,500 TEU Maersk Sealand May 2003Container 187 105,750 7,500 TEU Maersk Sealand Jul 2003Container 188 105,750 7,500 TEU Maersk Sealand Oct 2003Container 189 105,750 7,500 TEU Maersk Sealand Jan 2004Container 190 105,750 7,500 TEU Maersk Sealand Apr 2004Container 63,200 3,700 TEU Safmarine Cont. Line Jul 2004Container 63,200 3,700 TEU Safmarine Cont. Line Oct 2004Container 63,200 3,700 TEU Safmarine Cont. Line Dec 2004Container 63,200 3,700 TEU Deutsche Afrika Mar 2005


Egypt

ALEXANDRIA S.Y.Alexandria

Ro-Ro N27 6,000 Egyptian Govt. Jan 2004On Order:- 1 Vessel(s); 6,000 DWT.

Finland

AKER FINNYARDSRauma

Pass/Car F. 434 7,500 40,000 GT Tallink May 2004Pass/Car F. 442 24,000 48,000 GT Birka Line Sep 2004


KVAERNER MASAHelsinki

Cruise 502 7,200 86,000 GT Costa Crociere May 2003Cruise 503 7,200 86,000 GT Carnival Corp. Feb 2004

TurkuCruise 1348 10,000 137,300 GT Royal Caribbean Oct 2003Pass/Car F. 1351 5,000 75,000 GT Color Line Oct 2004


France

CHANT. PIRIOUConcarneau

AHTS 2,500 2,300 GT SURF May 2003On Order:- 1 Vessel(s); 2,500 DWT.

DE L'ATLANTIQUELorient

Research 1,300 IFREMER Mar 2005

St. NazaireCruise D32 6,000 88,000 GT Princess Cruises Inc Jun 2003Cruise H32 7,000 68,000 GT Nippon Yusen Kaisha Jun 2003Cruise G32 10,000 150,000 GT Cunard Line Ltd. Dec 2003Cruise L32 6,000 60,000 GT Mediterranean Shpg. 2004L.N.G. M32 45,000 74,000 cbm Gaz de France Oct 2004




Germany


Germany

AKER MTW WERFTWismar

Container 017 34,100 2,478 TEU Oldendorff, Klaus Aug 2003Container 018 34,100 2,478 TEU Oldendorff, Klaus Sep 2003Container 019 34,100 2,478 TEU Oldendorff, Klaus Nov 2003Container 020 33,900 2,478 TEU Iran Shipping Lines Dec 2003Container 021 33,900 2,478 TEU Iran Shipping Lines Dec 2003Container 023 33,900 2,478 TEU Iran Shipping Lines May 2004Container 025 33,900 2,478 TEU Iran Shipping Lines Jul 2004


FLENSBURGER S.BFlensburg

Ro-Ro 721 10,070 DFDS Tor line Sep 2003Ro-Ro 722 10,070 DFDS Tor line Dec 2003Ro-Ro 723 10,070 DFDS Tor line Apr 2004Ro-Ro 724 10,070 DFDS Tor line Aug 2004Ro-Ro 725 10,070 DFDS Tor line Nov 2004Ro-Ro 726 11,300 UND RoRo Isletmeleri Apr 2005Ro-Ro 727 11,300 UND RoRo Isletmeleri Aug 2005


J. J. SIETASHamburg

Container 1160 8,900 822 TEU Petra Heinrich May 2003Container 1165 8,900 822 TEU Peter Dohle Schiff. Jun 2003Container 1166 8,900 822 TEU Peter Dohle Schiff. Aug 2003MPP 1137 9,600 Sal-Altes Land Oct 2003MPP 1138 9,600 Sal-Altes Land Dec 2003Container 11,200 880 TEU Unknown Owner 2004Container 11,200 880 TEU Unknown Owner 2004Container 11,200 880 TEU Unknown Owner 2004Container 1070 11,200 880 TEU Peter Dohle Schiff. 2004Container 1140 11,200 880 TEU Martens, Ingolf Mar 2004Container 1141 11,200 880 TEU Martens, Ingolf Apr 2004Container 1142 11,200 880 TEU Martens, Ingolf May 2004Container 22,300 1,719 TEU Unknown Owner Dec 2004Container 22,300 1,719 TEU Unknown Owner 2005Container 22,300 1,719 TEU Unknown Owner 2005Container 22,300 1,719 TEU Unknown Owner Jan 2005


KROEGER WERFTRendsburg

Research 4/1566 1,050 German Govt. Jun 2004On Order:- 1 Vessel(s); 1,050 DWT.

KV. WARNOWWERFTWarnemunde

Container 31 33,545 2,524 TEU MPC Steamship Jun 2003Container 32 33,750 2,524 TEU Ugland Int. Holdings Aug 2003Container 33 33,750 2,524 TEU Ugland Int. Holdings Oct 2003Container 34 33,750 2,524 TEU Ugland Int. Holdings Dec 2003Container 35 33,750 2,524 TEU Ugland Int. Holdings Mar 2004Container 022 33,900 2,478 TEU Iran Shipping Lines Mar 2004Container 024 33,900 2,478 TEU Iran Shipping Lines Jun 2004


LINDENAUKiel

Chem & Oil 257 32,450 German Tanker Shpg. Jun 2003Chem & Oil 251 32,450 German Tanker Shpg. Dec 2003Chem & Oil 254 32,300 German Tanker Shpg. Jun 2004Chem & Oil 270 32,230 German Tanker Shpg. Dec 2004Chem & Oil 258 34,200 Seychelles Petroleum Jun 2005Chem & Oil 259 34,200 Seychelles Petroleum Dec 2005Chem & Oil 32,480 Unknown Owner Jun 2006


LLOYD WERFTBremerhaven

Cruise 7671 6,000 72,000 GT Norw. Cruise Line May 2004Cruise 7672 6,000 72,000 GT Norw. Cruise Line 2005


MEYER WERFTPapenburg

Cruise 657 8,900 90,090 GT Royal Caribbean Jun 2003Pass/Car F. 650 35,000 GT Brittany Ferries Feb 2004Cruise 658 8,900 90,090 GT Royal Caribbean Jun 2004Pass 663 3,500 15,000 GT Pelni, P.T. Jul 2004


MUTZELFELDTCuxhaven

Chem & Oil 211/238 16,000 Fleischer & Co. AS Apr 2003Container 242 12,900 1,100 TEU Thien & Heyenga Aug 2003Container 243 12,900 1,100 TEU Thien & Heyenga Dec 2003Chem & Oil 212/239 16,000 Fleischer & Co. AS Jan 2004


NORDSEEWERKEEmden

Res. SWATH 537 German Govt. Nov 2003Container 33,900 2,452 TEU Iran Shipping Lines Jul 2004


PEENE WERFTWolgast

Container 503 18,400 1,150 TEU Schoeller Holdings Jun 2003Container 504 18,400 1,150 TEU Schoeller Holdings Sep 2003Container 505 18,400 1,150 TEU Schoeller Holdings Dec 2003Container 18,400 1,150 TEU Simatech L.L.C. Mar 2004Container 18,400 1,150 TEU Simatech L.L.C. May 2004Container 18,400 1,150 TEU Simatech L.L.C. Mar 2005Container 18,400 1,150 TEU Simatech L.L.C. May 2005


ROLANDWERFTBremen

Ro-Ro 208 7,172 Harren & Partner 2003Ro-Ro/Lo-Lo 206 3,300 Harren & Partner 2003Ro-Ro/Lo-Lo 207 3,300 Harren & Partner 2003


SCHW. CASSENSEmden

Cruise 236 700 4,000 GT Unknown Owner Oct 2003Pass/Car F. 237 500 3,500 GT Sun Bay Shipping May 2004



Germany



SSW FAHRBremerhaven

Container 2010 33,800 2,496 TEU E.R. Schiffahrt Nov 2003On Order:- 1 Vessel(s); 33,800 DWT.

VOLKSWERFTStralsund

Container 444 40,410 3,000 TEU A.P. Moller May 2003Container 445 40,410 3,000 TEU A.P. Moller Sep 2003Container 446 40,410 3,000 TEU A.P. Moller Dec 2003MSV 447 5,000 6,500 GT Maersk Supply Feb 2004Container 449 27,500 2,100 TEU Safmarine Cont. Line Jun 2004AHTS 448 4,500 6,500 GT Maersk Supply Jun 2004Container 450 27,500 2,100 TEU Safmarine Cont. Line Aug 2004Container 27,500 2,100 TEU Safmarine Cont. Line Oct 2004Container 452 33,570 2,500 TEU Rudolf Schepers Dec 2004Container 453 33,570 2,500 TEU Rudolf Schepers Mar 2005


Greece

ATSALAKIS S/YPerama

Pass/Car F. 010 1,500 7,000 GT Tomasos Brothers May 2003Pass/Car F. 011 1,500 7,000 GT Tomasos Brothers Dec 2003


HELLENIC S/YARDSkaramanga

Pass/Car F. 1701 1,960 18,000 GT Strintzis Lines 2003Pass/Car F. 1702 1,960 18,000 GT Strintzis Lines 2003


India

ABG SHIPYARDSurat

Oil Well Svc 193 900 1,600 GT Al Mansoori Product. 2003AHTS 190 1,300 1,500 GT Halul Offshore 2003AHTS 191 1,300 1,500 GT Halul Offshore 2003Oil Well Svc 192 650 950 GT Al Mansoori Product. 2003Supply 196 900 690 GT Zamil Operations Jan 2003Oil Well Svc 195 490 GT Halul Offshore Apr 2003Diving Spt 201 2,000 1,800 GT Halul Offshore Jun 2003Supply 198 900 690 GT Zamil Operations Jun 2003Supply 199 900 690 GT Zamil Operations Jul 2003Supply 200 900 690 GT Zamil Operations Aug 2003Utility 202 500 GT Lamnalco Ltd. 2004Utility 203 500 GT Lamnalco Ltd. 2004


COCHIN S.Y. LTDCochin

Bulk BY-45 29,000 National Pet. Const. Jul 2003On Order:- 1 Vessel(s); 29,000 DWT.

HINDUSTAN S/YVisakhapatnam

RoPax 11102 1,560 Shpg. Corp. of India Dec 2003


HOOGHLY DOCKINGCalcutta

Pass 460 635 2,400 GT Indian Govt. Aug 2004On Order:- 1 Vessel(s); 635 DWT.

Indonesia

KODJA BAHARITanjung Priok

Products 1238 1,500 Builders Account 2003On Order:- 1 Vessel(s); 1,500 DWT.

NOAHTU S/YARDPanjang

Container 27 4,180 208 TEU Djakarta Lloyd 2003On Order:- 1 Vessel(s); 4,180 DWT.

P.T. PAL INDON.Surabaya

Products 3,500 Pertamina 2003Open Hatch M142 45,000 Meranti Maritime Sep 2003Open Hatch M143 45,000 Meranti Maritime Dec 2003


Iran

ISOICOBandar Abbas

Bulk 76,000 Nat. Iranian Tanker 2004Bulk 76,000 Nat. Iranian Tanker 2004Container 33,900 2,452 TEU Iran Shipping Lines 2004Container 33,900 2,452 TEU Iran Shipping Lines 2004Container 33,900 2,452 TEU Iran Shipping Lines 2004Container 33,900 2,452 TEU Iran Shipping Lines 2004Container 33,900 2,452 TEU Iran Shipping Lines 2004Chem & Oil 35,000 Nat. Iranian Tanker Nov 2004Chem & Oil 35,000 Nat. Iranian Tanker Jan 2005


NEKA SHIPYARDNeka

Products 6,000 Iran Shipping Lines Jun 2003Products 6,000 Iran Shipping Lines Sep 2003Products 6,000 Iran Shipping Lines Dec 2003


SADRA SHIPYARDBandar Abbas

Launch Barge FLB124 18,500 Builders Account 2003On Order:- 1 Vessel(s); 18,500 DWT.

Italy

CANT. APUANIAM. Di. Carrara

Chem & Oil 13,500 Castaldi, P.G. & M. Mar 2004On Order:- 1 Vessel(s); 13,500 DWT.



Italy


CANT. DE POLIVenice

Chem & Oil 191 16,800 Ar.Co.In. S.R.L. May 2003L.P.G. 2,700 3,000 cbm Stargas S.r.l. Aug 2003L.P.G. 2,700 3,000 cbm Stargas S.r.l. Nov 2003Chem & Oil 16,800 Ar.Co.In. S.R.L. 2004L.P.G. 2,700 3,000 cbm Stargas S.r.l. 2004L.P.G. 2,700 3,000 cbm Stargas S.r.l. 2004


CANT. ORLANDOLeghorn

Chem & Oil 293 23,000 Castaldi, P.G. & M. Sep 2003Pass/Car F. 299 3,500 23,700 GT Corsica Ferries S.A. Mar 2004


CANT. TERMOLITermoli

Chem & Oil C173 6,500 Marnavi S.P.A. 2003Chem & Oil C174 6,500 Finaval S.P.A. 2003


CANT.NAV.MORINIAncona

Chem & Oil 273 5,200 Marnavi S.P.A. Jun 2003Chem & Oil 280 12,000 Finbeta S.P.A Dec 2003


CANT.NAV.PESAROPesaro

Chem & Oil 92 6,000 Cali, Diego E Figli 2003Chem & Oil 93 6,000 Cali, Diego E Figli 2003Ethy/LPG 89 8,000 9,000 cbm Cispa Gas Transport Sep 2003


FINCANTIERIAncona

L.P.G. 6106 38,000 37,300 cbm Carbofin S.p.A. Nov 2003

CastellammareRo-Ro 6093 25,000 Grimaldi Group Mar 2003Pass/Car F. 6096 4,500 35,000 GT Tirrenia Soc. Nav. May 2003Pass/Car F. 4,500 35,000 GT Tirrenia Soc. Nav. Jun 2004Pass/Car F. 4,500 35,000 GT Tirrenia Soc. Nav. Feb 2005

MargheraCruise 6076 7,200 84,000 GT Holland America Line Jul 2003Cruise 6077 7,200 84,000 GT Holland America Line Dec 2003Cruise 6078 7,200 84,000 GT Cunard Line Ltd. 2004Cruise 6079 7,200 84,000 GT Holland America Line Jan 2006

MonfalconeCruise 6058 8,200 110,000 GT Carnival Corp. Jul 2003Cruise 6067 9,000 120,000 GT P&O Cruises Ltd. Jan 2004Cruise 6082 8,200 110,000 GT Carnival Corp. Dec 2004Cruise 8,200 110,000 GT Carnival Corp. 2005Cruise 9,000 116,000 GT Princess Cruises Inc May 2006

PalermoRo-Ro 6094 25,000 Grimaldi Group Jun 2003Ro-Ro 6095 25,000 Grimaldi Group Dec 2003


GIACALONEMazara

Bunkering 2,000 G. D'Alesio S.A.S. 2004Bunkering 2,000 G. D'Alesio S.A.S. 2004


RODRIQUEZPietro Ligure

Fast PCFerry 1,200 GT Unknown Owner 2003On Order:- 1 Vessel(s); DWT.

ROSETTI MARINORavenna

PSV 3,100 2,400 GT Augusta Offshore Dec 2003On Order:- 1 Vessel(s); 3,100 DWT.

SESTRI-CANTIEREGenoa

Cruise 6086 11,150 101,350 GT Costa Crociere Oct 2003Cruise 6087 11,150 101,350 GT Costa Crociere Sep 2004


SOC. ESERCIZIOViareggio

Chem & Oil 1555 21,700 Unknown Owner 2003Chem & Oil 1556 21,700 Unknown Owner 2003Ro-Ro 1548 12,350 Builders Account 2003Ro-Ro 1549 12,350 Builders Account 2003Ro-Ro 1547 12,350 Stena AB Jun 2003Ro-Ro 1550 12,350 Builders Account 2004


VISENTINIDonada

RoPax 197 7,000 Visentini Trasporti Jun 2003RoPax 200 7,000 Visentini Trasporti Dec 2003RoPax 7,000 Visentini Trasporti 2004


Japan

ASAKAWA S.B.Imabari

L.P.G. 431 8,600 10,500 cbm Komaya Shipping Co. Jul 2003L.P.G. 12,000 10,500 cbm Komaya Shipping Co. Dec 2003Chem & Oil 537 14,200 Berlian Laju Tanker Oct 2004Chem & Oil 538 14,200 Berlian Laju Tanker Feb 2005


EVERGREEN H.I.Nagasaki

Pass/Car F. 5,000 GT Oshima Unyu K.K. Apr 2003Container 1056 19,309 1,618 TEU Evergreen Mar. Corp. Jul 2003


FUKUOKA S.B.Fukuoka

Chem & Oil 1229 12,300 Unknown Owner May 2003Chem & Oil 1230 15,200 Unknown Owner Aug 2003Chem & Oil 1231 19,700 Unknown Owner Nov 2003Chem & Oil 1232 9,800 Unknown Owner Jan 2004



Japan


Chem & Oil 1233 9,800 Unknown Owner Mar 2004Chem & Oil 1236 20,000 Gerhard Wessels Aug 2004Chem & Oil 1237 20,000 Gerhard Wessels Oct 2004


HAKODATE DOCKHakodate

Bulk 792 31,900 Orient Line Ltd. Jun 2003Bulk 32,000 Orient Line Ltd. Sep 2003Bulk 791 31,900 Orion Schiff. Reith Sep 2003Bulk 795 32,000 Lasco Shpg. Jan 2004Bulk 31,900 Orion Schiff. Reith Jan 2004Bulk 796 32,000 Lasco Shpg. Feb 2004Bulk 32,000 Pacific Basin Agen. May 2004Bulk 32,000 Pacific Basin Agen. Jul 2004Bulk 32,000 Pacific Basin Agen. Oct 2004


HIGAKI ZOSENImabari

Ro-Ro 551 2,650 Unknown Owner Mar 2003Bulk 553 12,500 Unknown Owner May 2003Ro-Ro 560 9,450 Unknown Owner Jul 2003L.N.G. 545 2,000 2,500 cbm Shinwa Chemical Aug 2003Chem & Oil 8,400 Unknown Owner Nov 2003GCargo 563 10,100 Kawasaki Kinkai Nov 2003GCargo 565 10,100 Kawasaki Kinkai Feb 2004GCargo 10,100 Kawasaki Kinkai May 2004


I.H.I.Kure

Container 3158 78,000 6,200 TEU Kaisho Shipping Co. Jun 2003Tanker 3171 300,000 Nippon Yusen Kaisha Jul 2003Tanker 3161 300,000 Tokyo Tanker Sep 2003Container 3167 78,000 6,200 TEU Kaisho Shipping Co. Dec 2003Container 3168 78,000 6,200 TEU Kaisho Shipping Co. Feb 2004Tanker 3162 300,000 Tokyo Tanker Jun 2004Tanker 3170 300,000 Idemitsu Tanker Co. Jul 2004Container 3169 78,000 6,200 TEU Kaisho Shipping Co. Jul 2004Bulk 3183 86,000 Pacific Carriers Aug 2004FPSO/LPG 1063 77,000 ChevronTexaco Aug 2004Tanker 300,000 Kyoei Tanker Co. Sep 2004Bulk 3184 86,000 Pacific Carriers Oct 2004Bulk 3185 86,000 Pacific Carriers Dec 2004Container 98,000 7,700 TEU Blue Star Reederei Dec 2004Bulk 86,000 Pacific Carriers 2005Container 98,000 7,700 TEU Blue Star Reederei Mar 2005Tanker 3178 300,000 Formosa Plastics Co. May 2005Container 98,000 7,700 TEU Blue Star Reederei May 2005Tanker 3179 300,000 Formosa Plastics Co. Aug 2005Bulk 3181 170,000 Formosa Plastics Co. Sep 2005Container 98,000 7,700 TEU Blue Star Reederei Dec 2005Bulk 3182 170,000 Formosa Plastics Co. Jan 2006

YokohamaContainer 3164 55,000 4,500 TEU Kaisho Shipping Co. Jun 2003Container 3165 55,000 4,500 TEU Kaisho Shipping Co. Sep 2003Container 3166 55,000 4,500 TEU Kaisho Shipping Co. Dec 2003Bulk 3174 48,600 A.M. Nomikos Feb 2004Bulk 3175 48,600 A.M. Nomikos Apr 2004Bulk 3176 48,600 A.M. Nomikos Jun 2004Bulk 52,000 A.M. Nomikos Aug 2004

Bulk 52,000 A.M. Nomikos Oct 2004Bulk 52,000 A.M. Nomikos Dec 2004


IMABARI S.B.Imabari

Container 581 17,000 1,400 TEU Shoei Kisen K.K. May 2003Container 582 17,000 1,400 TEU Shoei Kisen K.K. Jun 2003Bulk 32,000 Mingtai Nav. Jul 2003Container 583 17,000 1,400 TEU Shoei Kisen K.K. Jul 2003Bulk 32,000 Mingtai Nav. Aug 2003Bulk 28,500 Hsin Chien Marine Aug 2003Bulk 28,500 Hsin Chien Marine Sep 2003Bulk 28,200 Pacific Basin Agen. 2004Log 28,000 Lasco Shpg. Feb 2004Log 28,000 Lasco Shpg. Apr 2004

MarugameBulk 1385 76,000 Unknown Owner May 2003Bulk 1391 88,000 Kawasaki Kisen Jul 2003Tanker 1383 107,000 Neptune Orient Lines Aug 2003Bulk 1376 76,000 Yangming Marine Aug 2003Tanker 1384 107,000 Neptune Orient Lines Sep 2003Bulk 1389 53,000 Unknown Owner Oct 2003Pure Car 16,000 Kawasaki Kisen Oct 2003Methanol 44,950 Nippon Yusen Kaisha Dec 2003Chip 1361 57,000 Nippon Yusen Kaisha Dec 2003Pure Car 16,000 Kawasaki Kisen Dec 2003Chip 55,100 Unknown Owner 2004Products 45,000 Cido Shipping Jan 2004Products 45,000 Cido Shipping Mar 2004Bulk 1392 88,000 Kawasaki Kisen Mar 2004Pure Car 19,000 Nippon Yusen Kaisha Apr 2004Pure Car 19,000 Nippon Yusen Kaisha Jul 2004Pure Car 19,000 Nippon Yusen Kaisha Sep 2004Products 44,950 Nippon Yusen Kaisha Oct 2004Bulk 76,000 Taiyo Kaiun Oct 2004Pure Car 19,000 Nippon Yusen Kaisha Dec 2004Bulk 76,000 Unknown Owner 2005Bulk 76,000 Unknown Owner 2005Bulk 76,000 Unknown Owner 2005Pure Car 18,000 Mitsui O.S.K. Lines 2005Pure Car 18,000 Mitsui O.S.K. Lines 2005Bulk 88,000 Shinwa Kaiun Kaisha Jan 2005Bulk 88,000 Shinwa Kaiun Kaisha Feb 2005Bulk 88,000 Shinwa Kaiun Kaisha Mar 2005Bulk 76,500 Sanko S.S. Oct 2005

SaijoTanker 8013 107,000 Itochu Corp. Jun 2003Tanker 8019 107,222 Tsakos Shpg. & Trad. Aug 2003Tanker 8023 107,000 Unknown Owner Aug 2003Tanker 300,000 Nippon Yusen Kaisha 2004Tanker 107,000 Kawasaki Kisen Mar 2004Ore 8021 233,000 Mitsui O.S.K. Lines Jun 2004Bulk 205,000 Kawasaki Kisen 2005Bulk 205,000 Kawasaki Kisen 2005Bulk 171,000 Norden D/S A/S 2005Tanker 107,000 Kawasaki Kisen May 2005




Japan


IWAGI ZOSENIwagi

Bulk 227 53,400 Unknown Owner Apr 2003Products 215 48,000 Iino Kaiun Kaisha Sep 2003Products 216 48,000 Iino Kaiun Kaisha Oct 2003Products 220 48,000 Iino Kaiun Kaisha Nov 2003Bulk 225 53,500 T&E Bulkers 2004Bulk 53,000 Unknown Owner Jan 2004Products 218 48,000 Mitsui O.S.K. Lines Apr 2004Products 219 48,000 Mitsui O.S.K. Lines Jul 2004Products 221 45,800 Cido Shipping Dec 2004Products 222 45,800 Cido Shipping Dec 2004Bulk 226 53,500 T&E Bulkers Mar 2005Products 48,000 Mitsui O.S.K. Lines 2006Products 48,000 Mitsui O.S.K. Lines 2006


KANASASHI K.K.Toyohashi

Bulk 3557 46,600 Unknown Owner Jun 2003Container 3560 36,000 2,700 TEU Unknown Owner Jul 2003Pure Car 3561 19,250 Mitsui O.S.K. Lines Sep 2003Pure Car 3562 19,250 Mitsui O.S.K. Lines Nov 2003Bulk 3545 46,600 Shinwa Kaiun Kaisha Jan 2004Pure Car 3563 19,250 Mitsui O.S.K. Lines Jan 2004Pure Car 3566 17,500 Cido Shipping Apr 2004Pure Car 3567 17,500 Cido Shipping Jun 2004Pure Car 17,550 Nippon Yusen Kaisha Aug 2004Pure Car 17,550 Nippon Yusen Kaisha Oct 2004Pure Car 17,550 Nippon Yusen Kaisha Dec 2004Pure Car 18,000 Mitsui O.S.K. Lines 2005Pure Car 18,000 Mitsui O.S.K. Lines 2005Pure Car 3572 17,500 Cido Shipping Jan 2005Pure Car 3573 17,500 Cido Shipping Mar 2005Pure Car 17,550 Nippon Yusen Kaisha Jun 2005Pure Car 18,000 Mitsui O.S.K. Lines 2006


KANDA ZOSENSHOKawajiri

Bulk 441 32,000 Chugoku Sogyo Co. May 2003Bulk 434 32,600 Pacific Basin Agen. Jul 2003Bulk 435 32,600 Pacific Basin Agen. Aug 2003Bulk 437 32,000 Sincere Industrial Oct 2003Bulk 438 32,000 Sincere Industrial Dec 2003Bulk 446 32,000 Unknown Owner Feb 2004Bulk 443 32,600 Pacific Basin Agen. Mar 2004Bulk 447 32,600 Pacific Basin Agen. May 2004Bulk 450 32,000 Unknown Owner Jul 2004Bulk 451 32,000 Unknown Owner Sep 2004Bulk 455 32,000 Unknown Owner Oct 2004Bulk 456 32,000 Unknown Owner Dec 2004Bulk 457 32,000 Unknown Owner Feb 2005Bulk 32,000 Sincere Industrial Mar 2005


KAWASAKI H.I.Kobe

Bulk 1539 50,000 Unknown Owner Jun 2003Bulk 1541 50,000 Unknown Owner Sep 2003

SakaideL.P.G. 1518 49,000 80,000 cbm Kumiai Senpaku K.K. Jul 2003L.N.G. 1520 78,000 145,000 cbm Tokyo LNG Tanker Co. Sep 2003L.P.G. 1523 45,000 59,200 cbm Bergesen D.Y. ASA Sep 2003L.P.G. 1530 45,000 59,200 cbm Bergesen D.Y. ASA Oct 2003L.P.G. 1531 45,000 59,200 cbm Skibs. Solvang Dec 2003Tanker 300,000 Mitsui O.S.K. Lines 2004L.N.G. 1527 76,000 145,000 cbm Mitsui O.S.K. Lines Mar 2004L.P.G. 1543 45,000 59,200 cbm Skibs. Solvang Mar 2004L.P.G. 1546 45,000 59,200 cbm Sonatrach Sep 2004L.N.G. 1534 75,000 145,000 cbm Algeria Nippon Gas Dec 2004Tanker 300,000 Mitsui O.S.K. Lines 2005L.N.G. 1521 78,000 145,000 cbm Tokyo LNG Tanker Co. Mar 2005L.P.G. 1547 45,000 59,200 cbm Sonatrach Mar 2005L.P.G. 1548 45,000 59,200 cbm Sonatrach May 2005L.N.G. 1532 72,000 140,000 cbm Kawasaki Kisen Apr 2006L.N.G. 1545 75,000 145,000 cbm Osaka Gas Corp. Sep 2006


KITANIHON ZOSENHachinohe

Chem & Oil 337 25,000 Jo Tankers A/S May 2003Chem & Oil 338 19,500 Osaka Shipping Jul 2003Chem & Oil 350 19,500 Doun Kisen K.K. Oct 2003Chem & Oil 351 30,000 Jo Tankers A/S Jan 2004Chem & Oil 19,500 MT Maritime Mngt. May 2004Chem & Oil 32,000 MT Maritime Mngt. Nov 2004


KOYO DOCK K.K.Mihara

Container 2145 34,500 2,750 TEU OOCL Apr 2003Products 2162 68,467 Tsakos Shpg. & Trad. May 2003Container 2146 34,500 2,750 TEU OOCL May 2003Products 2163 68,467 Tsakos Shpg. & Trad. Sep 2003Container 2147 78,000 6,200 TEU Nippon Yusen Kaisha Sep 2003Container 2148 78,000 6,200 TEU Nippon Yusen Kaisha Nov 2003Container 2150 66,500 5,500 TEU Unknown Owner Nov 2003Container 66,500 5,500 TEU Shoei Kisen K.K. Jan 2004Container 2151 66,500 5,500 TEU Unknown Owner Jan 2004Container 66,500 5,500 TEU Shoei Kisen K.K. Mar 2004Products 2166 70,000 Pleiades Shpg. Agcy. Aug 2004Products 70,000 Pleiades Shpg. Agcy. Nov 2004


KYOKUYO S/YARDShimonoseki

Chem & Oil 445 16,500 Petroships Pte. Jun 2003Rfr Fish C. 446 5,035 199,883 Cu.ft Yamane Kaiun K.K. Jun 2003Rfr Fish C. 450 4,950 200,000 Cu.ft Unknown Owner Aug 2003Bulk 447 13,600 Arklow Shipping Ltd. Nov 2003Bulk 448 13,600 Arklow Shipping Ltd. Jan 2004Container 451 12,550 831 TEU Shandong Int. Trans. Mar 2004Container 452 12,550 831 TEU Shandong Int. Trans. May 2004Chem & Oil 16,500 Petroships Pte. Jul 2004


MINAMI NIPPONUsuki

Pure Car 675 21,000 Mitsui O.S.K. Lines Jun 2003Pure Car 676 21,000 Mitsui O.S.K. Lines Dec 2003Pure Car 18,000 Mitsui O.S.K. Lines 2004



Japan


Pure Car 18,000 Mitsui O.S.K. Lines 2004Pure Car 18,000 Mitsui O.S.K. Lines 2005


MITSUBISHI H.I.Kobe

Container 1247 50,800 4,500 TEU Mitsui O.S.K. Lines Jun 2003Container 1248 50,800 4,500 TEU Mitsui O.S.K. Lines Aug 2003Container 1249 50,800 4,500 TEU Mitsui O.S.K. Lines Nov 2003Container 1256 50,800 4,500 TEU Mitsubishi Corp. Mar 2004Pure Car 18,000 Mitsui O.S.K. Lines 2005Pure Car 18,000 Mitsui O.S.K. Lines 2005Pure Car 18,000 Mitsui O.S.K. Lines 2005Pure Car 18,000 Mitsui O.S.K. Lines 2006

NagasakiL.P.G. 2179 48,500 78,000 cbm Nippon Yusen Kaisha Jun 2003L.N.G. 2169 76,190 137,100 cbm Malaysian Int. Shpg. Sep 2003L.N.G. 2176 78,700 135,000 cbm Tokyo Electric Corp. Sep 2003L.P.G. 2182 49,700 78,000 cbm Nippon Yusen Kaisha Dec 2003Tanker 300,000 Nippon Yusen Kaisha 2004Tanker 300,000 Mitsui O.S.K. Lines 2004L.P.G. 2186 26,000 35,000 cbm Nippon Yusen Kaisha Jan 2004L.N.G. 2183 67,300 135,000 cbm STASCO (Shell) Mar 2004Cruise 2181 10,000 113,000 GT Princess Cruises Inc Mar 2004Cruise 2180 10,000 113,000 GT Princess Cruises Inc May 2004RoPax 8,000 Shin Nihonkai Ferry Jun 2004RoPax 8,000 Shin Nihonkai Ferry Jul 2004L.N.G. 2177 76,190 137,100 cbm Malaysian Int. Shpg. Sep 2004Pure Car 17,500 Wilh Wilhelmsen Oct 2004Tanker 300,000 Mitsui O.S.K. Lines 2005L.P.G. 49,700 78,000 cbm Yuyo S.S. 2005Pure Car 17,500 Wilh Wilhelmsen Jan 2005L.N.G. 2184 74,400 138,000 cbm Leif Hoegh & Others Oct 2005L.N.G. 2185 74,400 138,000 cbm Leif Hoegh & Others Jan 2006L.N.G. 2187 78,700 135,000 cbm Tokyo Electric Corp. Mar 2006

ShimonosekiPass/Car F. 1100 850 2,380 GT Oki Kisen K.K. Apr 2003Pass/Car F. 1091 5,560 13,300 GT Hankyu Ferry Co. Ltd Jun 2003Pass/Car F. 1096 6,100 10,500 GT Nippon Express Sep 2003Pass/Car F. 1097 6,100 10,500 GT Shosen Mitsui Ferry Oct 2003Pass/Car F. 1098 6,100 10,500 GT Shosen Mitsui Ferry Nov 2003Pass/Car F. 1099 6,100 10,500 GT Nippon Express Dec 2003Pass/Car F. 6,700 14,000 GT Taiheiyo Ferry Jan 2005


MITSUI S.B.Chiba

Bulk 184,500 Nippon Steel Shpg May 2003Tanker 1558 300,000 Mitsui O.S.K. Lines Jul 2003Bulk 1555 184,550 Nittetsu Kaiun Nov 2003Tanker 300,000 Mitsui O.S.K. Lines 2004L.N.G. 1507 76,190 137,100 cbm Malaysian Int. Shpg. Jan 2004Bulk 1584 177,000 Nissen Kaiun K.K. Jun 2004L.N.G. 1561 79,600 135,000 cbm Mitsui Bussan Aug 2004Bulk 1585 177,000 Nissen Kaiun K.K. Aug 2004Bulk 1593 177,000 Mizuho Sangyo Co. Oct 2004Tanker 300,000 Mitsui O.S.K. Lines 2005L.N.G. 1562 76,190 137,100 cbm Malaysian Int. Shpg. Jan 2005Pass/Car F. 7,000 14,500 GT Techno Marine Co. Mar 2005L.N.G. 1564 75,000 140,000 cbm Kawasaki Kisen Dec 2005

TamanoBulk 1571 50,000 Mitsui & Co. Ltd. Jun 2003Bulk 1575 50,000 Mitsui & Co. Ltd. Jul 2003Tanker 1567 110,000 Fratelli D'Amico Sep 2003Bulk 1573 56,000 Niovis Shipping Co. Oct 2003Tanker 1568 110,000 Fratelli D'Amico Nov 2003Bulk 1595 56,000 Norden D/S A/S Feb 2004Tanker 1569 110,000 Fratelli D'Amico Mar 2004Open Hatch 1531 44,500 Grieg Shipping A/S Apr 2004Open Hatch 1532 44,500 Grieg Shipping A/S Jun 2004Bulk 1576 50,000 Ocean Bulk Carriers Jul 2004Bulk 1591 56,000 Oskar Wehr Aug 2004Bulk 1578 55,000 Unknown Owner Aug 2004Bulk 1586 56,000 Chellaram Shpg. Nov 2004Bulk 1580 50,000 Ocean Bulk Carriers Nov 2004Bulk 56,000 Sanko S.S. Dec 2004Bulk 1592 56,000 Oskar Wehr Dec 2004Bulk 1583 55,000 Lepta Shipping Co. 2005Bulk 1581 56,000 Lepta Shipping Co. Jan 2005Bulk 1582 56,000 Lepta Shipping Co. Feb 2005Bulk 56,000 Sanko S.S. Mar 2005Bulk 1587 56,000 Chellaram Shpg. Apr 2005Bulk 1594 56,000 Unknown Owner Jun 2005Bulk 1589 56,000 Unknown Owner Jul 2005Bulk 1596 56,000 Unknown Owner Sep 2005


MIURA ZOSENSHOSaiki

Products 1262 7,696 Hong Lam Marine Apr 2003L.P.G. 1263 1,970 1,500 cbm Ogaki Kaiun May 2003


MIYOSHI ZOSENUwajima

Chem & Oil 372 12,000 Unknown Owner Jul 2003On Order:- 1 Vessel(s); 12,000 DWT.

MURAKAMI HIDEHakata

Chem & Oil 528 8,800 Unknown Owner 2003Chem & Oil 531 8,800 Unknown Owner 2003GCargo 6,750 Unknown Owner 2003


NAIKAI S.B.Setoda

Container 674 33,000 2,495 TEU Schepers & Co. May 2003Methanol 678 48,200 Koyo Kaiun Co. Ltd. Jan 2004Products 681 18,000 Kirana Tanker Pte. Feb 2004Products 682 18,000 Kirana Tanker Pte. Mar 2004Pass/Car F. 685 420 2,200 GT Unknown Owner Mar 2004Products 683 45,900 Unknown Owner Jun 2004Products 684 45,900 Unknown Owner Sep 2004Products 687 45,900 Unknown Owner Mar 2005Pass/Car F. 686 420 2,200 GT Unknown Owner Mar 2005


NAMURA ZOSENSHOImari

Bulk 227 177,000 Mitsui O.S.K. Lines May 2003



Japan


Bulk 229 177,000 Kawasaki Kisen Jun 2003Bulk 225 177,000 Kawasaki Kisen Aug 2003Bulk 74,000 Unknown Owner Aug 2003Tanker 234 105,000 Augustea Ship Mngt Sep 2003Tanker 240 105,000 Daiichi Chuo Oct 2003Bulk 241 177,000 Kumiai Senpaku K.K. Dec 2003Bulk 177,000 Kawasaki Kisen 2004Bulk 177,000 Hokoku Kaiun K.K. 2004Bulk 224 74,000 Livanos Group Jan 2004Tanker 242 156,000 Onassis Group Feb 2004Bulk 74,000 Unknown Owner Mar 2004Bulk 247 229,900 Nippon Yusen Kaisha May 2004Tanker 243 156,000 Onassis Group Jul 2004Bulk 244 73,990 Angelakos Ltd. Sep 2004Bulk 246 177,000 Santoku Senpaku Jan 2005Bulk 177,300 Sanko S.S. Sep 2005Bulk 236 74,000 Unknown Owner Sep 2005


NIIGATA ENG. CONiigata

AHTS 2506 2,000 2,400 GT SNK Ocean Co. Ltd. Mar 2003On Order:- 1 Vessel(s); 2,000 DWT.

NISHI S.B. CO.Imabari

GCargo 9,350 Kawasaki Kinkai Oct 2003GCargo 9,350 Kawasaki Kinkai Dec 2004


ONOMICHI DOCKYDOnomichi

Products 491 47,000 Nisshin Shpg.Co.Ltd. Jun 2003Products 492 47,000 Stargas S.r.l. Jul 2003Products 493 47,000 Nisshin Shpg.Co.Ltd. Sep 2003Products 494 47,000 Vanguard Enterprise Oct 2003Products 495 47,000 Vanguard Enterprise Jan 2004Products 497 47,000 Nisshin Shpg.Co.Ltd. Jan 2004Tanker 498 71,000 Dynacom Tankers Mngt Feb 2004Tanker 499 71,000 Dynacom Tankers Mngt Apr 2004Products 500 47,000 Yamamoto Kaiun K.K. Jul 2004Bulk 502 53,000 COSCO (Hong Kong) Jul 2004Products 501 47,000 Yamamoto Kaiun K.K. Aug 2004Products 47,000 Unknown Owner Sep 2004Bulk 503 53,000 COSCO (Hong Kong) Sep 2004Bulk 504 53,000 COSCO (Hong Kong) Sep 2004Bulk 505 53,000 COSCO (Hong Kong) Nov 2004Products 507 71,000 Dynacom Tankers Mngt Mar 2005Products 506 47,000 Wah Kwong Shpg. Mar 2005


OSHIMA S.B. CO.Oshima

Bulk 10329 52,500 Nisshin Shpg.Co.Ltd. May 2003Bulk 10309 89,999 Nippon Yusen Kaisha Jun 2003Bulk 10342 47,900 Kawasaki Kisen Jun 2003Bulk 10343 52,500 Usui Kaiun Co. Ltd. Jul 2003Open Hatch 10330 48,000 Westfal-Larsen Aug 2003Bulk 10341 46,000 Sanko S.S. Aug 2003Bulk 10354 81,300 Mitsui O.S.K. Lines Oct 2003Bulk 10344 76,350 Kawasaki Kisen Oct 2003Open Hatch 10331 48,000 Westfal-Larsen Oct 2003

Bulk 76,500 Unknown Owner 2004Bulk 76,500 Unknown Owner 2004Bulk 10366 55,000 Norden D/S A/S 2004Bulk 46,000 Sanko S.S. 2004Bulk 46,000 Sanko S.S. 2004Bulk 46,000 Sanko S.S. 2004Bulk 52,500 Van Ommeren Clipper Jan 2004Bulk 76,500 Unknown Owner Mar 2004Bulk 74,000 Transocean Maritime Mar 2004Bulk 50,600 Liberty Maritime Mar 2004Open Hatch 10333 48,000 Westfal-Larsen Mar 2004Open Hatch 10332 48,000 Westfal-Larsen Apr 2004Bulk 10346 36,300 Yawatahama Kisen Apr 2004Bulk 10347 96,400 Daiichi Chuo May 2004Bulk 10365 55,000 Norden D/S A/S May 2004Bulk 33,300 Shih Wei Navigation May 2004Bulk 10348 96,400 Doun Kisen K.K. Jul 2004Bulk 10360 33,000 Cido Shipping Jul 2004Bulk 10357 55,500 T&E Bulkers Aug 2004Bulk 33,300 Shih Wei Navigation Aug 2004Bulk 74,000 Transocean Maritime Sep 2004Bulk 55,000 Wah Kwong Shpg. Sep 2004Bulk 10361 33,000 Cido Shipping Sep 2004Bulk 55,000 COSCO (Hong Kong) Oct 2004Bulk 52,500 Taiwan Navigation Nov 2004Bulk 55,000 COSCO (Hong Kong) Dec 2004Bulk 75,000 Shinyo International 2005Bulk 75,000 Shinyo International 2005Bulk 10391 55,500 T&E Bulkers 2005Bulk 55,000 Sanko S.S. 2005Bulk 52,500 Sanko S.S. 2005Bulk 55,000 Wah Kwong Shpg. Jan 2005Bulk 10358 53,500 T&E Bulkers Jan 2005Bulk 52,500 Taiwan Navigation Jan 2005Bulk 33,000 Cido Shipping Jan 2005Bulk 33,000 Cido Shipping Mar 2005Bulk 35,000 Shinwa Kaiun Kaisha Jul 2005Bulk 55,500 Cido Shipping Aug 2005Bulk 55,500 Cido Shipping Oct 2005Bulk 35,000 Shinwa Kaiun Kaisha Jan 2006


SAIKI HVY. IND.Saiki

Chem & Oil 1123 39,500 Intership Nav. Co. Aug 2003Chem & Oil 1125 39,500 Intership Nav. Co. Oct 2003Chem & Oil 1126 39,500 Intership Nav. Co. Jan 2004Chem & Oil 1127 39,500 Intership Nav. Co. Mar 2004Chem & Oil 1128 39,500 Intership Nav. Co. Jun 2004Chem & Oil 1130 39,500 Intership Nav. Co. Aug 2004Open Hatch 31,350 Egon Oldendorff Aug 2004Open Hatch 1131 31,350 Intership Nav. Co. Oct 2004Open Hatch 1132 38,000 Intership Nav. Co. Dec 2004


SANOYASMizushima

Bulk 1207 75,000 Unknown Owner Jun 2003Tanker 1206 113,000 Seaarland Shpg.Mgmnt Jul 2003Bulk 1210 75,000 Unknown Owner Aug 2003Bulk 75,000 Nitta Kisen 2004Bulk 75,000 Unknown Owner 2004



Japan


Bulk 75,000 Unknown Owner 2004Bulk 75,000 Unknown Owner 2004Bulk 75,000 Marubeni Corp 2004Tanker 1209 113,000 Seaarland Shpg.Mgmnt Jan 2004Bulk 75,000 Nitta Kisen Jan 2004Bulk 75,000 Mitsubishi Corp. Apr 2004Bulk 75,000 Mitsubishi Corp. Jun 2004Bulk 75,000 Unknown Owner Sep 2004Bulk 75,000 Unknown Owner Jan 2005Bulk 75,000 Unknown Owner Feb 2005Bulk 75,000 Unknown Owner Mar 2005Tanker 1224 113,000 Seaarland Shpg.Mgmnt Jun 2005Bulk 76,000 Yasa Shpg. Industry Dec 2005Bulk 76,000 Yasa Shpg. Industry Mar 2006


SANYO ZOSENMukaishima

GCargo 1086 7,500 Unknown Owner 2003On Order:- 1 Vessel(s); 7,500 DWT.

SASAKI ZOSENKinoe

Chem & Oil 645 8,509 Unknown Owner Sep 2003Products 647 8,500 Unknown Owner Oct 2003Chem & Oil 648 10,000 Unknown Owner Jan 2004


SASEBO H.I.Sasebo

Pass/Car F. 5,300 16,000 GT Shuttle Highway Line Feb 2003Pass/Car F. 5,300 16,000 GT Shuttle Highway Line Feb 2003Bulk 487 169,800 Carras Hellas May 2003Bulk 488 169,800 Carras Hellas Jul 2003Bulk 489 169,800 Carras Hellas Sep 2003Bulk 490 169,770 Carras Hellas Nov 2003Bulk 491 169,770 Ceres Hellenic Jan 2004Bulk 76,600 Efploia Shpg. Co. Apr 2004Bulk 76,600 Cido Shipping May 2004Bulk 76,600 Cido Shipping Aug 2004Bulk 76,600 Cido Shipping Nov 2004Bulk 76,600 Unknown Owner 2005Bulk 76,600 Cido Shipping Feb 2005Bulk 76,600 Cido Shipping May 2005Bulk 76,600 Cido Shipping Aug 2005Bulk 76,600 Unknown Owner 2006Bulk 76,600 Unknown Owner 2006Bulk 76,600 Unknown Owner 2006


SHIKOKU DOCK.Takamatsu

Bulk 1007 28,800 Unknown Owner Apr 2003Bulk 1008 28,800 Unknown Owner Jul 2003Bulk 1010 28,800 Unknown Owner Sep 2003Bulk 1011 28,700 Unknown Owner Nov 2003Bulk 1012 28,799 Unknown Owner Mar 2004Bulk 1016 35,000 Unknown Owner Jun 2004Bulk 1017 28,900 Unknown Owner Aug 2004Bulk 28,900 Unknown Owner 2005Bulk 28,900 Unknown Owner 2005Bulk 28,900 Inui S.S. Co. Ltd. Jan 2005

Bulk 1020 28,900 Unknown Owner Mar 2005Bulk 28,900 Wisdom Marine Lines Sep 2005Bulk 28,900 Inui S.S. Co. Ltd. Jan 2006


SHIN KOCHI H.I.Kochi City

MPP 9,980 Mitsui O.S.K. Lines May 2003Container 7160 18,700 1,100 TEU Pacific Int. Lines Jun 2003Bulk 16,600 Daiichi Chuo Jul 2003Log 28,300 Cido Shipping Dec 2003Log 28,300 Cido Shipping Apr 2004Log 28,300 Cido Shipping Jul 2004Log 28,300 Cido Shipping Oct 2004


SHIN KURUSHIMAAkitsu

Chem & Oil 5177 19,305 Tokyo Marine Co. Ltd May 2003Chem & Oil 5216 19,500 Pan Ocean Shipping Aug 2003Chem & Oil 5257 25,000 Tokyo Marine Co. Ltd Nov 2003Chem & Oil 5256 19,500 Pan Ocean Shipping Mar 2004Container 11,000 900 TEU Pacific Int. Lines Dec 2005Container 11,000 900 TEU Pacific Int. Lines Jan 2006

HashihamaAsp.& Bit. 5226 7,000 Tipco Maritime Co. Jun 2003Chem & Oil 5227 8,650 Orix Maritime Corp. Aug 2003Chem & Oil 5228 8,650 Orix Maritime Corp. Sep 2004Chem & Oil 8,650 Taiheiyo Kaiun K.K. Feb 2005

OnishiBulk 32,000 Unknown Owner 2003Bulk 32,000 Unknown Owner 2003Chem & Oil 5211 32,000 Nisshin Shpg.Co.Ltd. Mar 2003Bulk 5220 32,500 Unknown Owner Apr 2003Chem & Oil 5193 30,050 Iino Kaiun Kaisha Jun 2003Products 5178 45,800 Norden D/S A/S Jul 2003Products 5168 45,800 Cido Shipping Aug 2003Products 5187 45,800 Norden D/S A/S Sep 2003Chem & Oil 5210 32,000 Maruta Industries Sep 2003Pass/Car F. 6,000 13,900 GT Kyushu Kyuko Ferry Sep 2003Products 5185 45,800 Fukunaga Kaiun Oct 2003Products 5186 45,800 Unknown Owner Oct 2003Pure Car 21,000 Mitsui O.S.K. Lines Oct 2003Chem & Oil 5218 32,000 Nisshin Shpg.Co.Ltd. Dec 2003Products 5230 45,800 Formosa Plastics Co. 2004Products 5231 45,800 Formosa Plastics Co. 2004Products 5232 45,800 Formosa Plastics Co. 2004Products 5212 45,800 Unknown Owner Jan 2004Products 5195 45,800 Nisshin Shpg.Co.Ltd. Mar 2004Methanol 5250 45,100 Iino Kaiun Kaisha Mar 2004Pure Car 21,000 Mitsui O.S.K. Lines Mar 2004Products 5196 45,800 Unknown Owner Apr 2004Products 5197 45,800 Unknown Owner Jun 2004Products 5213 45,800 Norden D/S A/S Jul 2004Products 45,800 Unknown Owner Nov 2004Products 5245 45,800 Unknown Owner Dec 2004Products 5233 45,800 Formosa Plastics Co. 2005Products 45,800 Unknown Owner Feb 2005Bulk 32,500 Unknown Owner Nov 2005Bulk 32,500 Cido Shipping Dec 2005




Japan


SHITANOE ZOSENUsuki

Chem & Oil 1228 7,800 Tabuchi Kaiun Kaisha Mar 2003Chem & Oil 8,500 Berlian Laju Tanker Mar 2004Chem & Oil 8,500 Berlian Laju Tanker Jun 2004


SUMITOMO H.I.Oppama

Tanker 1293 105,200 Dynacom Tankers Mngt Jun 2003Tanker 1295 105,250 Scinicariello S/mngt Aug 2003Tanker 1298 105,400 DSD Shipping A/S Oct 2003Products 1297 105,200 Unique Shpg. (H.K.) Nov 2003Tanker 1299 105,200 Dynacom Tankers Mngt Jan 2004Tanker 1304 62,000 Pleiades Shpg. Agcy. Jan 2004Tanker 1300 105,200 Dynacom Tankers Mngt Feb 2004Bulk 1301 76,200 Unknown Owner Apr 2004Bulk 1302 76,200 Unknown Owner May 2004Bulk 1303 76,200 Samos Steamship Jun 2004Bulk 1306 76,200 Samos Steamship Jul 2004Tanker 105,400 DSD Shipping A/S 2005Tanker 1305 62,000 Pleiades Shpg. Agcy. Feb 2005Tanker 62,000 Pleiades Shpg. Agcy. Jun 2005


TSUNEISHI ZOSENNumakuma

Bulk 1230 52,000 Marfin Mangt. S.A.M. May 2003Chip 1250 49,132 Nippon Yusen Kaisha May 2003Bulk 1232 170,000 Nippon Yusen Kaisha Jun 2003Bulk 1179 73,000 Safety Management Aug 2003Tanker 1246 106,000 Sovcomflot AKP Oct 2003Tanker 1253 106,000 Unknown Owner Oct 2003Bulk 1180 73,000 Safety Management Oct 2003Bulk 1259 52,000 Alexandria Shipping Oct 2003Tanker 1254 106,000 BP Amoco Shpg. Ltd. Nov 2003Bulk 76,300 Nippon Yusen Kaisha Dec 2003Bulk 1251 52,200 Unknown Owner Dec 2003Tanker 1247 106,000 Sovcomflot AKP Jan 2004Tanker 1255 106,000 BP Amoco Shpg. Ltd. Jan 2004Bulk 1248 76,000 Safety Management Jan 2004Bulk 1252 52,200 Unknown Owner Jan 2004Tanker 1256 106,000 BP Amoco Shpg. Ltd. Mar 2004Bulk 1260 76,300 Unknown Owner Mar 2004Tanker 1257 106,000 BP Amoco Shpg. Ltd. Apr 2004Bulk 1261 76,300 Unknown Owner May 2004Bulk 1249 76,000 Safety Management May 2004Bulk 1262 76,300 Unknown Owner Jul 2004Bulk 1968 76,300 Unknown Owner Jul 2004Bulk 1266 76,300 Unknown Owner Aug 2004Bulk 1268 76,000 COSCO (Hong Kong) Aug 2004Bulk 1269 76,300 Unknown Owner Sep 2004Bulk 1272 76,300 Sumitomo Corp Sep 2004Products 1264 106,000 Unknown Owner Oct 2004Bulk 1263 76,300 Unknown Owner Oct 2004Bulk 1267 76,300 Unknown Owner Nov 2004Bulk 1271 76,300 Unknown Owner Nov 2004Bulk 1278 76,300 Lepta Shipping Co. Nov 2004Bulk 1269 76,000 COSCO (Hong Kong) Nov 2004Bulk 82,500 Unknown Owner 2005Bulk 82,500 Anglo-Swiss 2005Bulk 82,500 Nisshin Kisen 2005

Bulk 1271 76,300 Unknown Owner Jan 2005Bulk 1279 76,300 Lepta Shipping Co. Jan 2005Bulk 1275 76,000 Safety Management Feb 2005Bulk 1280 76,300 Lepta Shipping Co. Mar 2005Bulk 1283 76,300 Unknown Owner Mar 2005Bulk 52,500 Unknown Owner Mar 2005Bulk 76,000 Unknown Owner Apr 2005Bulk 1276 76,000 Safety Management Apr 2005Bulk 1281 76,300 Lepta Shipping Co. May 2005Bulk 1282 76,300 Unknown Owner Jun 2005Bulk 1286 76,300 Cido Shipping Jun 2005Bulk 76,000 Unknown Owner Jul 2005Bulk 1277 76,000 Safety Management Jul 2005Bulk 1292 52,500 Unknown Owner Jul 2005Bulk 82,500 Mitsubishi Corp. Aug 2005Bulk 1287 76,300 Cido Shipping Aug 2005Bulk 1288 76,300 Unknown Owner Sep 2005Bulk 1285 76,300 Unknown Owner Oct 2005Bulk 82,500 Yasa Shpg. Industry Nov 2005Bulk 82,500 Yasa Shpg. Industry 2006Bulk 82,500 Yasa Shpg. Industry Jan 2006Bulk 1293 52,500 Unknown Owner Feb 2006Bulk 76,000 Safety Management May 2006


UNIVERSAL S.B.Ariake

Tanker 4989 296,000 Wah Kwong Shpg. Apr 2003Tanker 4995 302,700 Mitsui O.S.K. Lines Jul 2003Tanker 4996 302,700 Mitsui O.S.K. Lines Sep 2003Tanker 5010 302,700 Frontline Ltd. Dec 2003Tanker 300,000 Formosa Plastics Co. 2004Tanker 5005 302,900 Nissho Shpg. Co. Ltd Mar 2004Tanker 5011 302,700 Frontline Ltd. Mar 2004Tanker 298,100 Malaysian Int. Shpg. Apr 2004Bulk 200,000 Samos Steamship Sep 2004Tanker 298,000 Hong Kong Ming Wah Dec 2004Tanker 300,000 China Ocean (COSCO) 2005Tanker 298,000 Hong Kong Ming Wah Feb 2005Tanker 298,000 Unknown Owner Jul 2005Bulk 220,000 Unknown Owner Sep 2005Tanker 298,000 Unknown Owner Oct 2005Bulk 220,000 Unknown Owner Dec 2005Tanker 300,000 China Ocean (COSCO) 2006

MaizuruTanker 70,200 Wah Kwong Shpg. Jun 2003Bulk 4992 75,000 Unknown Owner Dec 2003Products 4998 70,000 Formosa Plastics Co. Nov 2004Products 4999 70,000 Formosa Plastics Co. Mar 2005Products 5000 70,000 Formosa Plastics Co. Jun 2005

TsuBulk 228 200,000 Nippon Yusen Kaisha Jul 2003Tanker 240 150,000 Ondimar Transp. Oct 2003Bulk 227 176,000 Portline S.A. Oct 2003Tanker 229 300,000 Mitsui O.S.K. Lines Nov 2003Tanker 241 150,000 Ondimar Transp. Dec 2003Tanker 300,000 Nippon Yusen Kaisha 2004Tanker 232 300,000 Kawasaki Kisen Jan 2004Bulk 231 176,000 Nippon Yusen Kaisha Jan 2004Tanker 230 300,000 Mitsui O.S.K. Lines Mar 2004Tanker 233 300,000 Kawasaki Kisen May 2004



Japan


L.P.G. 55,000 82,000 cbm Unique Shpg. (H.K.) Sep 2004Bulk 234 200,000 Mitsui O.S.K. Lines Sep 2004Ore 239 200,000 Kawasaki Kisen Oct 2004Tanker 164,000 C.M. Lemos 2005Tanker 164,000 C.M. Lemos 2005Tanker 105,000 Kumiai Senpaku K.K. 2005Bulk 176,000 Korea Line 2005Bulk 235 200,000 Nippon Yusen Kaisha Jan 2005Bulk 236 200,000 Mitsui O.S.K. Lines Mar 2005Bulk 178,000 Fukujin Shipping Apr 2005Bulk 200,000 Mitsui O.S.K. Lines Jun 2005Tanker 153,000 Dynacom Tankers Mngt Dec 2005


USUKI ZOSENSHOUsuki

Chem & Oil 1677 19,500 Nisshin Shpg.Co.Ltd. Apr 2003Chem & Oil 1681 19,500 SAMAMA Jun 2003Chem & Oil 8,700 Unknown Owner Jul 2003Chem & Oil 1682 19,500 SAMAMA Sep 2003Chem & Oil 19,500 Fairfield Chemical Oct 2003Chem & Oil 19,500 Fairfield Chemical May 2004Chem & Oil 19,500 Unknown Owner Aug 2004Chem & Oil 19,500 Unknown Owner Oct 2004Chem & Oil 19,500 Cido Shipping Jul 2005Chem & Oil 19,500 Cido Shipping Dec 2005


WATANABE ZOSENHakata

Chem & Oil 334 25,000 Jo Tankers A/S Jun 2003Bulk 333 12,500 Wisdom Marine Lines Jul 2003Chem & Oil 335 16,000 Kyoyu Kisen K.K. Oct 2003Chem & Oil 337 25,000 Miyawa Kaiun Feb 2004Container 338 11,200 900 TEU Unknown Owner May 2004Chem & Oil 339 25,000 Yamamaru Kisen Aug 2004Bulk 336 10,800 Wisdom Marine Lines Oct 2004Chem & Oil 340 25,000 Saito Kisen Feb 2005Chem & Oil 341 25,000 Toko Kaiun Jun 2005Container 342 11,200 900 TEU Unknown Owner Jul 2005


Lithuania

BALTIJA S.Y.Klaipeda

PSV 3,800 2,943 GT Brod. Klovning Oct 2003On Order:- 1 Vessel(s); 3,800 DWT.

Malta

MALTA S.B.Marsa

PSV 3,000 2,323 GT Havila Supply ASA Nov 2003On Order:- 1 Vessel(s); 3,000 DWT.

Netherlands

BARKMEIJERStroobos

Minibulk 298 3,200 Wagenborg Shpg. B.V. Jul 2003

GCargo 4,400 Arklow Shipping Ltd. Jun 2004GCargo 4,400 Arklow Shipping Ltd. Sep 2004GCargo 4,400 Arklow Shipping Ltd. Dec 2004GCargo 4,400 Arklow Shipping Ltd. Mar 2005


DAMEN SHIPYARDSBergum

MPP 9346 3,850 Unknown Owner 2003GCargo 9332 2,460 Unknown Owner 2003GCargo 9987 2,460 Unknown Owner 2003

HoogezandMPP 821 9,000 Unknown Owner 2003MPP 822 9,000 Unknown Owner 2003


DE MERWEDEHardinxveld

Suct. Dredger 695 28,400 Boskalis Westminster Feb 2004Suct. Dredger 696 28,400 Boskalis Westminster Jul 2004


FERUS SMITWesterbroek

GCargo 338 4,800 Erik Thun AB Jun 2003Products 341 7,560 Erik Thun AB Jul 2003GCargo 339 4,800 Erik Thun AB Nov 2003Products 342 7,560 Erik Thun AB Jan 2004Products 343 7,560 Erik Thun AB Apr 2004Chem & Oil 7,500 Wisby Tankers AB Aug 2004


IHC HOLLANDKinderdijk

Suct. Dredger Dredging Internat. Jan 2004Suct. Dredger 13,000 Guangzhou Dredging Apr 2004


K. DAMENHardinxveld

Suct. Dredger 743 12,350 Scelveringhe Scheep. Feb 2004On Order:- 1 Vessel(s); 12,350 DWT.

NIESTERN-SANDERDelfzijl

Chem & Oil 815 14,800 Petromarine S.A. Oct 2003Research 816 1,000 Nationale De Nav. Jul 2004


PETERS SCHPSW.Kampen

MPP 480 3,740 Amasus Chartering 2003MPP 501 3,740 Amasus Chartering 2003MPP 804 5,000 Unknown Owner May 2003GCargo 1001 3,200 Builders Account Nov 2003MPP 805 5,000 Unknown Owner Dec 2003GCargo 1002 3,200 Builders Account Feb 2004MPP 806 5,000 Unknown Owner Apr 2004GCargo 1003 3,200 Builders Account Jun 2004MPP 807 5,000 Unknown Owner Aug 2004MPP 809 5,000 Unknown Owner Sep 2004



Netherlands


GCargo 1004 3,200 Builders Account Oct 2004MPP 808 5,000 Unknown Owner Dec 2004MPP 810 5,000 Unknown Owner Dec 2004GCargo 1005 3,200 Builders Account Jan 2005GCargo 1006 3,200 Builders Account May 2005GCargo 1007 3,200 Builders Account Sep 2005GCargo 1008 3,200 Builders Account Dec 2005


SCHELDEGROEPVlissingen

Buoy Tender 394 890 Middle East Nav Aids May 2004On Order:- 1 Vessel(s); 890 DWT.

SCHPS. BODEWESHoogezand

MPP 618 7,800 Feederlines B.V. May 2003GCargo 613 4,250 Unknown Owner Sep 2003MPP 619 7,650 Feederlines B.V. Nov 2003MPP 630 3,400 Flinter Groningen Nov 2003MPP 625 4,250 Unknown Owner Dec 2003MPP 620 7,650 Feederlines B.V. Feb 2004MPP 635 3,400 Flinter Groningen Feb 2004GCargo 631 4,270 Unknown Owner Feb 2004MPP 636 3,400 Flinter Groningen May 2004MPP 621 7,850 Unknown Owner Jun 2004MPP 623 7,650 Feederlines B.V. Jun 2004GCargo 632 4,270 Unknown Owner Jun 2004MPP 637 3,400 Flinter Groningen Aug 2004MPP 638 3,400 Flinter Groningen Sep 2004MPP 624 7,650 Feederlines B.V. Nov 2004MPP 626 7,850 Unknown Owner Feb 2005


SCHPSW. DE HOOPLobith

PSV 401 3,800 3,500 GT Otto Candies Jan 2004On Order:- 1 Vessel(s); 3,800 DWT.

SCHPSW. DE WAALWerkendam

Chem & Oil 5,500 Atlantis CTEX Mar 2003Chem & Oil 5,500 Guy Somers Jun 2003


SHIPYD. BIJLSMAWarten/lemmer

Pass/Car F. 400 2,300 GT Wagenborg Shpg. B.V. Jun 2003L.N.G. 900 1,100 cbm Knutsen O.A.S. Shpg. Oct 2003


VOLHARDINGEemshaven

MPP 515 9,900 Wagenborg Shpg. B.V. Sep 2003Container 541 9,500 750 TEU Unitas Schiff. Oct 2003Container 542 9,500 750 TEU Beluga Shpg. GmbH. Nov 2003Container 540 9,500 750 TEU JR Shipping B.V. Dec 2003Container 557 9,500 750 TEU Beluga Shpg. GmbH. Jul 2004MPP 549 11,500 Beluga Shpg. GmbH. Oct 2004MPP 550 11,500 Beluga Shpg. GmbH. Dec 2004MPP 552 11,500 Beluga Shpg. GmbH. 2005MPP 551 11,500 Beluga Shpg. GmbH. Jul 2005

MPP 556 12,000 Beluga Shpg. GmbH. Oct 2005MPP 571 12,000 Beluga Shpg. GmbH. Dec 2005

FoxholMPP 521 5,700 Italtech S.r.L Sep 2003MPP 564 5,700 Italtech S.r.L Dec 2003

HarlingenChem & Oil 558 10,000 Gerhard Wessels 2004Ro-Ro 528 10,000 Wagenborg Shpg. B.V. Jan 2004Ro-Ro 529 10,000 Wagenborg Shpg. B.V. Oct 2004Chem & Oil 559 10,000 Gerhard Wessels 2005Container 565 10,600 900 TEU Beluga Shpg. GmbH. May 2005Container 566 10,600 900 TEU Beluga Shpg. GmbH. Aug 2005Container 567 10,600 900 TEU Beluga Shpg. GmbH. Oct 2005Container 568 10,600 900 TEU Beluga Shpg. GmbH. Dec 2005


Norway

AKER AUKRA ASAukra

PSV 110 3,300 2,000 GT Waveney Shipping Aug 2003PSV 113 3,300 3,100 GT Unknown Owner Dec 2003


AKER BRATTVAAGBrattvaag

PSV 96 3,100 1,850 GT GulfMark Offshore Jun 2003PSV 84 3,500 2,000 GT J. Hagenaes & Co. Nov 2003PSV 99 3,500 2,000 GT J. Hagenaes & Co. Dec 2003PSV 104 3,350 2,100 GT SURF Jan 2004PSV 105 3,350 2,100 GT SURF Mar 2004


BREVIK CONSTR.Brevik

AHTS 29 2,000 2,500 GT TFDS Offshore May 2003PSV 28 3,500 2,000 GT Farstad Shipping A/S Jul 2003PSV 3,500 2,000 GT Intl. Offshore Serv. Sep 2003


FITJAR M/VFitjar

Fishing 3,500 DOF Management A/S Jul 2003PSV 19 4,400 4,250 GT DOF Management A/S Oct 2003Fishing 3,500 DOF Management A/S Oct 2003


FJELLSTRAND A/SOmastrand

Fast PCCat 1664 680 3,500 GT Rogaland Trafikk. 2003Fast PCCat 680 3,500 GT Istanbul Deniz Otob. Nov 2003Fast PCCat 680 3,500 GT Istanbul Deniz Otob. Jan 2004


HAVYARD LIERVIKLeirvik

PSV 4,000 3,097 GT Havila Supply ASA Nov 2003On Order:- 1 Vessel(s); 4,000 DWT.



Norway


KARMSUND M'TIMEKopervik

PSV 3,900 3,020 GT SBS Marine Sep 2003On Order:- 1 Vessel(s); 3,900 DWT.

KLEVEN FLOROEFloroe

Fruit Juice 148/5002 42,500 Mar. Aleuropa Aug 2003Chem & Oil 144 37,000 Odfjell ASA Dec 2003


KLEVEN VERFTUlsteinvik

PSV 303 5,800 4,400 GT Mokster Shipping Jul 2003On Order:- 1 Vessel(s); 5,800 DWT.

LANGSTEN SLIPTomrefjord

Standby/Resc. 107/190 2,000 2,104 GT Mokster Shipping Jun 2003Fishing 192 Unknown Owner Dec 2003


MOEN SLIPKolvereid

Pass/Car F. 54 1,150 GT Unknown Owner Feb 2003On Order:- 1 Vessel(s); DWT.

MYKLEBUST M/VGursken

Fishing 35 3,000 Unknown Owner Sep 2003PSV 4,195 3,295 GT DOF Management A/S Jan 2004


SIMEK A/SFlekkefjord

AHTS 107 2,000 2,000 GT Intl. Offshore Serv. Jul 2003Fishing 108 1,000 Unknown Owner Sep 2003


SOEVIKNES VERFTSovikgrend

AHTS 137 4,000 2,500 GT Havila Supply ASA Jul 2003AHTS 140 2,200 3,100 GT GulfMark Offshore Sep 2003AHTS 141 2,200 3,100 GT GulfMark Offshore Dec 2003


ULSTEIN VERFTUlsteinvik

PSV 4,200 3,252 GT Farstad Shipping A/S Dec 2003PSV 3,400 2,633 GT Farstad Shipping A/S Dec 2003


WESTCON A/SOdensvag

Fishing 23 1,800 Unknown Owner Jun 2003Fishing 24 2,000 Unknown Owner Nov 2003


Philippines

TSUNEISHI CEBUCebu

Bulk SC-039 52,300 Temm Maritime Co. Jul 2003Bulk SC-038 52,300 Unknown Owner Sep 2003Bulk SC-041 52,300 Toyo Kaiun K.K. Nov 2003Bulk SC-042 52,000 Van Ommeren Clipper Feb 2004Bulk SC-045 52,300 Sanko S.S. Mar 2004Bulk SC-043 52,000 Van Ommeren Clipper Apr 2004Bulk SC-050 52,300 Unknown Owner Aug 2004Bulk SC-046 52,300 Portline S.A. Oct 2004Bulk SC-056 52,000 Van Ommeren Clipper Nov 2004Bulk SC-047 52,300 Portline S.A. Jan 2005Bulk SC-048 52,300 Portline S.A. Mar 2005Bulk SC-054 52,300 Ugland Marine Svcs. Mar 2005Bulk SC-049 52,300 Portline S.A. May 2005Bulk 52,300 Sanko S.S. Jul 2005Bulk 53,200 Ugland Marine Svcs. Aug 2005Bulk 52,300 Sanko S.S. Sep 2005Bulk 52,300 Sanko S.S. Nov 2005Bulk 52,300 Sanko S.S. Jan 2006


Poland

STOCZ. POLNOCNAGdansk

Fishing B322/1 Unknown Owner Dec 2003On Order:- 1 Vessel(s); DWT.

STOCZNIA GDANSKGdansk

Open Hatch 6684/3 48,000 Gearbulk Ltd. Jun 2003Ro-Ro/Lo-Lo 8222/4 18,500 B&N Nordsjofrakt Jun 2003Open Hatch 6684/4 48,000 Gearbulk Ltd. Sep 2003Open Hatch 6684/5 48,000 Gearbulk Ltd. Dec 2003Minibulk 8203/13 7,600 Polish Ocean Lines Jan 2004Open Hatch 6684/6 48,000 Gearbulk Ltd. Mar 2004Minibulk 8203/14 7,600 Polish Ocean Lines Apr 2004


STOCZNIA GDYNIAGdynia

Open Hatch 8228/3 40,000 Westwood Shipping May 2003Container 8234/2 56,900 4,425 TEU Peter Dohle Schiff. May 2003Open Hatch 8228/7 40,000 Westwood Shipping Jun 2003Container 8234/3 56,900 4,425 TEU Rickmers Reederei Jun 2003Container 8234/4 56,900 4,425 TEU Rickmers Reederei Jul 2003Container 8200/7 35,600 2,650 TEU Leonhardt & Blumberg Jul 2003Container 8200/9 35,600 2,650 TEU Projex-Schiff. Jul 2003Pure Car 8168/4 17,000 Ray Shipping Jul 2003Open Hatch 8228/4 40,000 Westwood Shipping Aug 2003Container 8234/5 56,900 4,425 TEU Rickmers Reederei Sep 2003Container 8200/8 35,600 2,650 TEU Leonhardt & Blumberg Sep 2003Pure Car 8168/5 17,000 Ray Shipping Oct 2003Container 8234/6 56,900 4,425 TEU Rickmers Reederei Nov 2003Open Hatch 8228/5 40,000 Westwood Shipping Dec 2003Pure Car 8168/6 17,000 Ray Shipping Jan 2004Container 8234/7 56,900 4,425 TEU Rickmers Reederei Feb 2004Open Hatch 8228/6 40,000 Westwood Shipping Apr 2004



Poland


Container 8230/6 35,600 2,650 TEU Rendsburg, Schiff. Apr 2004Container 8234/8 56,900 4,425 TEU Rickmers Reederei May 2004Pure Car 8168/7 17,000 Ray Shipping May 2004Container 8234/9 56,900 4,425 TEU Rickmers Reederei Jul 2004Pure Car 8168/8 17,000 Ray Shipping Aug 2004Container 8234/10 56,900 4,425 TEU Rickmers Reederei Sep 2004Container 8276/1 56,900 4,425 TEU Hermann Wulff Oct 2004Container 8276/2 56,900 4,425 TEU Hermann Wulff Nov 2004Pure Car 8168/9 17,000 Ray Shipping Nov 2004Pure Car 8168/10 17,000 Ray Shipping Feb 2005Pure Car 8168/11 17,000 Ray Shipping Jun 2005


SZCZECIN. NOWASzczecin

Chem & Oil B588/31 40,000 Odfjell ASA Jun 2003Container B178/16 42,200 3,100 TEU Peter Dohle Schiff. Jun 2003Container B170/315 22,900 1,728 TEU Rickmers Reederei Jun 2003Container B170/314 22,900 1,730 TEU Danz und Tietjens Aug 2003Container B178/17 42,200 3,100 TEU Peter Dohle Schiff. Sep 2003Chem & Oil B588/32 40,000 Odfjell ASA Dec 2003Container B178/18 42,200 3,100 TEU Peter Dohle Schiff. Dec 2003Container B178/19 42,200 3,100 TEU Dietrich Tamke K.G. Apr 2004MPP B587/45 21,250 Spliethoff Apr 2004Chem & Oil B588/33 40,000 Odfjell ASA Jun 2004Container B178/110 42,200 3,100 TEU Gerd Ritscher K.G. Jul 2004MPP B587/46 21,250 Spliethoff Aug 2004Container B178/111 42,200 3,100 TEU Peter Dohle Schiff. Nov 2004Chem & Oil B588/34 40,000 Odfjell ASA Dec 2004MPP B587/47 21,250 Spliethoff Dec 2004Container B178/112 42,200 3,100 TEU Peter Dohle Schiff. Feb 2005MPP B587/48 21,250 Spliethoff Apr 2005Container B178/114 42,200 3,100 TEU Peter Dohle Schiff. May 2005Chem & Oil B588/35 40,000 Odfjell ASA Jun 2005Container B178/114 42,200 3,100 TEU Peter Dohle Schiff. Aug 2005Chem & Oil B588/36 40,000 Odfjell ASA Dec 2005Container B178/119 42,200 3,100 TEU Unknown Owner Dec 2006Container B178/120 42,200 3,100 TEU Unknown Owner Dec 2006


Portugal

EST. MONDEGOFigueira

GCargo 2,730 Naveiro Transportes Sep 2003On Order:- 1 Vessel(s); 2,730 DWT.

VIANAYARDViana Castelo

Pass/Car F. 237 800 8,100 GT Porto Santo Line Apr 2003Rfr/Cont. 213 14,800 460,000 Cu.ft Agrexco Ltd. Jun 2003Rfr/Cont. 214 14,800 460,000 Cu.ft Agrexco Ltd. Sep 2003Chem & Oil 224 15,500 Fortum Oil & Gas Oct 2003Chem & Oil 225 15,500 Fortum Oil & Gas Jan 2004


Romania

BRAILA SHIPYARDBraila

MPP 1328 5,500 Unknown Owner 2003MPP 1329 5,500 Unknown Owner 2003

MPP 1330 5,500 Unknown Owner 2003MPP 1331 5,500 Unknown Owner 2003MPP 1332 5,500 Unknown Owner 2003MPP 1333 5,500 Unknown Owner 2003MPP 1334 5,500 Unknown Owner 2003


DAEWOO-MANGALIAMangalia

Container 543 9,500 750 TEU Beluga Shpg. GmbH. Dec 2003Container 544 9,500 750 TEU JR Shipping B.V. Mar 2004Container 553 9,500 750 TEU JR Shipping B.V. Jul 2004Container 545 9,500 750 TEU Unitas Schiff. Oct 2004


DAMEN GALATIGalatz

MPP 824 19,000 Carisbrooke Shipping Apr 2003Heavy Lift 9101 13,000 Kahn Scheepvaart Jun 2003Chem & Oil 989 8,241 Wubbe H.H. Jul 2003Chem & Oil 990 8,241 Wubbe H.H. Oct 2003Heavy Lift 9102 13,000 Kahn Scheepvaart Oct 2003Chem & Oil 991 8,241 Wubbe H.H. Jan 2004Chem & Oil 992 8,241 Wubbe H.H. Apr 2004Products 4,500 Jubilee Ships (UK) Jul 2004Products 3,100 Jubilee Ships (UK) Aug 2004Products 4,500 Jubilee Ships (UK) Sep 2004Container 10,500 804 TEU Kopping, Jorg Sep 2004Container 10,500 804 TEU Kopping, Jorg Jan 2005


SEVERNAV S.A.Turnu Severin

Ethy/LPG 8,000 8,495 cbm Hartmann Schiff. Jul 2003Ethy/LPG 8,000 8,495 cbm Hartmann Schiff. Dec 2003


Russia

ADMIRALTY S.Y.St. Petersburg

Products 2740 47,400 Sovcomflot AKP Sep 2003Products 20,000 Rosneft JSC Sep 2003Products 20,000 Rosneft JSC Dec 2003Products 2741 47,400 Sovcomflot AKP Mar 2004Products 47,400 Sovcomflot AKP 2005Products 47,400 Sovcomflot AKP 2005Products 47,400 Sovcomflot AKP 2006Products 47,400 Sovcomflot AKP 2006


AMUR SHIPYARDKomsomolsk

MPP 5,295 Far-Eastern Shpg. Co Jun 2003On Order:- 1 Vessel(s); 5,295 DWT.

BALTIC SHIPYD.St. Petersburg

Chem & Oil 5202 5,700 John T. Essberger Jul 2003Chem & Oil 5203 5,700 Unknown Owner 2004Chem & Oil 5204 5,700 Unknown Owner 2004Icebreaker 705 4,000 Govt. of Russia 2005



Russia



KRASNOY SORMOVOGorkiy

Products 8,000 Caspian Shipping 2003Products 8,000 Caspian Shipping 2003Products 5,400 Navigator JSC Jul 2003Products 5,400 Navigator JSC Oct 2003Products 12,000 Caspian Shipping 2004Products 12,000 Caspian Shipping 2004Chem & Oil 8,200 Neva River Tanker Aug 2004Chem & Oil 8,200 Neva River Tanker May 2005


SEVERNAYA S.B.St. Petersburg

MPP 903 5,010 North-Western Shpg. Jul 2003MPP 904 5,010 North-Western Shpg. Oct 2003MPP 905 5,010 North-Western Shpg. Dec 2003MPP 906 5,010 North-Western Shpg. Dec 2003MPP 907 5,010 North-Western Shpg. Mar 2004MPP 908 5,010 North-Western Shpg. Jun 2004MPP 909 5,010 North-Western Shpg. Sep 2004MPP 910 5,010 North-Western Shpg. Dec 2004


VOLGOGRAD S.Y.Volgograd

Products 10 6,590 Lukoil Sep 2003GCargo 6,700 Palmali Shipping May 2004GCargo 6,700 Palmali Shipping Aug 2004GCargo 6,700 Palmali Shipping Nov 2004GCargo 6,700 Palmali Shipping Mar 2005GCargo 6,700 Palmali Shipping Jun 2005GCargo 6,700 Palmali Shipping Sep 2005


VYBORG S/YARDVyborg

Chem & Oil 5,600 Baltic Shpg. Co. 2004Products 6,400 Baltic Shpg. Co. 2005Products 6,400 Baltic Shpg. Co. 2005Products 6,400 Baltic Shpg. Co. 2005Chem & Oil 5,600 Baltic Shpg. Co. 2005


YANTAR SHIPYARDKaliningrad

MPP 503 12,000 Unknown Owner 2003MPP 504 12,000 Unknown Owner 2003MPP 505 12,000 Estonian Shpg. 2003


Singapore

JAYA S.B. & ENGSingapore

PSV 2,500 1,936 GT Jaya Offshore Pte. 2003PSV 2,500 1,936 GT Jaya Offshore Pte. 2003AHTS 830 1,540 1,400 GT Jaya Offshore Pte. 2003AHTS 831 1,540 1,400 GT Jaya Offshore Pte. 2003AHTS 832 1,540 1,400 GT Jaya Offshore Pte. 2003


JURONG S/YARDTanjong Kling

Container 1065 30,700 2,512 TEU Pacific Carriers Oct 2003Container 1067 30,700 2,512 TEU Niki Group 2004Container 1068 30,700 2,512 TEU Niki Group 2004Container 1069 30,700 2,512 TEU Niki Group 2004Container 1066 30,700 2,512 TEU Pacific Carriers Apr 2004


KEPPEL FELSSingapore

AHTS 3,500 2,985 GT Sudjaca Palembang Dec 2003Jackup Drill. Ensco International Mar 2005


KEPPEL HITACHITuas

Cable Layer 33 7,800 Tyco Submarine May 2003On Order:- 1 Vessel(s); 7,800 DWT.

KEPPEL SING.Jurong

AHTS 1,500 1,279 GT Hadi H. Al-Hamman Jan 2004AHTS 1,500 1,279 GT Pacific Richfield Feb 2004AHTS 1,500 1,279 GT Pacific Richfield Mar 2004


PAN UNITEDSingapore

AHTS 160 2,500 2,132 GT Emas Offshore Pte. Aug 2003AHTS 2,200 1,876 GT Sudjaca Palembang Oct 2003AHTS 2,200 1,876 GT Sudjaca Palembang Jan 2004


PRESIDENT MAR.Singapore

MSV 2,700 2,954 GT P.S. Marine Trans. Jun 2003MSV 2,700 2,954 GT P.S. Marine Trans. Jun 2003


Slovakia

SLKB KOMARNOKomarno

MPP 2951 3,700 Erwin Strahlmann Jul 2003MPP 1109 3,490 W. Bockstiegel Dec 2003MPP 1110 3,490 W. Bockstiegel Mar 2004MPP 2952 3,680 Unknown Owner Apr 2004MPP 2954 3,680 Unknown Owner Jun 2004MPP 1107 3,490 W. Bockstiegel Jul 2004MPP 1108 3,490 Unknown Owner Nov 2004


SLOVENSKEKomarno

MPP 5103 5,580 Unknown Owner 2003MPP 5104 5,580 Unknown Owner 2003MPP 1902 3,380 Unknown Owner 2003MPP 1905 3,380 Unknown Owner 2003



Slovakia


MPP 1906 3,380 Unknown Owner 2003GCargo 2001 2,600 Unknown Owner 2003GCargo 2002 2,600 Unknown Owner 2003


South Korea

DAE SUN S.B.Pusan

Container 443 8,000 500 TEU Qatar National Nav. Apr 2003Container 9,350 720 TEU Pacific Int. Lines 2004Container 9,350 720 TEU Pacific Int. Lines 2004Container 9,000 700 TEU Nam Sung Shpg. Co. Feb 2004Container 9,000 700 TEU Nam Sung Shpg. Co. Mar 2004


DAEWOO S.B.Okpo

Tanker 5208 300,000 World-Wide Shpg. Agy Apr 2003Products 5234 70,297 OMI Marine Services May 2003Container 4089 59,000 4,115 TEU Canada Maritime May 2003Tanker 5203 306,000 Kristen Navigation Jun 2003Tanker 5205 306,000 Kristen Navigation Jun 2003Tanker 5230 115,000 Sovcomflot AKP Jun 2003Products 5224 105,000 Vela International Jun 2003L.N.G. 2212 72,000 138,000 cbm Bergesen D.Y. ASA Jun 2003Container 4087 79,500 6,750 TEU NSB Niederelbe Jun 2003Container 4090 59,000 4,115 TEU Canada Maritime Jun 2003Container 4091 59,000 4,115 TEU OOCL Jun 2003L.N.G. 2215 70,000 138,000 cbm Golar LNG ltd. Aug 2003Container 4088 79,500 6,750 TEU NSB Niederelbe Aug 2003Tanker 5193 159,000 Kristen Navigation Sep 2003Tanker 5231 115,000 Sovcomflot AKP Sep 2003Container 4092 79,500 6,750 TEU NVA Norddeutsche Oct 2003Tanker 5239 75,000 Stelmar Tankers Nov 2003L.N.G. 2216 69,500 138,000 cbm STASCO (Shell) Nov 2003L.N.G. 2210 69,500 138,000 cbm Petronet LNG Ltd. Dec 2003Container 4093 79,500 6,750 TEU NVA Norddeutsche Dec 2003Tanker 69,000 LMZ Transoil 2004FPSO 300,000 BP Amoco PLC 2004Tanker 5228 300,000 World-Wide Shpg. Agy Jan 2004Tanker 5232 115,000 Sovcomflot AKP Jan 2004Tanker 5238 300,000 World-Wide Shpg. Agy Feb 2004Tanker 5240 75,000 Stelmar Tankers Feb 2004Container 4094 79,500 6,750 TEU NVA Norddeutsche Feb 2004L.N.G. 2220 70,000 138,000 cbm Golar LNG ltd. Mar 2004Tanker 5162 306,000 Kristen Navigation Apr 2004Products 5258 105,000 Unique Shpg. (H.K.) Apr 2004Tanker 5241 75,000 Stelmar Tankers Apr 2004L.N.G. 2214 76,500 138,000 cbm Aust. LNG Ship Optg. Apr 2004Container 4095 79,500 6,750 TEU NVA Norddeutsche Apr 2004Tanker 5201 300,000 Euronav (UK) Agen. Jul 2004Tanker 5248 115,000 Teekay Shpg. Canada Jul 2004Tanker 5242 75,000 Stelmar Tankers Jul 2004L.N.G. 2209 72,000 138,000 cbm Union Fenosa Jul 2004L.N.G. 2217 72,000 138,000 cbm Bergesen D.Y. ASA Jul 2004Tanker 5195 147,000 Shpg. Corp. of India Sep 2004Tanker 5243 75,000 Stelmar Tankers Sep 2004L.N.G. 2213 76,500 138,000 cbm Exmar N.V. Sep 2004Bulk 1153 75,000 Unknown Owner Sep 2004Bulk 1154 75,000 Unknown Owner Sep 2004Tanker 5249 115,000 Teekay Shpg. Canada Oct 2004

Tanker 5247 69,000 LMZ Transoil Oct 2004Bulk 1155 171,000 Anangel Shpg. Ent. Oct 2004Container 4096 59,000 5,100 TEU Hamburg-Sud. Oct 2004Tanker 5251 159,000 Montanari, Navigaz. Nov 2004LNG/Regas 2208 76,500 138,000 cbm Exmar N.V. Nov 2004Tanker 5196 147,000 Shpg. Corp. of India Dec 2004L.N.G. 2211 69,500 138,000 cbm Petronet LNG Ltd. Dec 2004Container 4097 59,000 5,100 TEU Hamburg-Sud. Dec 2004Tanker 115,000 Teekay Shpg. Canada 2005Tanker 115,000 Teekay Shpg. Canada 2005Tanker 5260 306,000 Aeolos Management Jan 2005Tanker 5197 159,000 Naviera F. Tapias Jan 2005Pure Car 4432 19,000 HUAL Jan 2005Tanker 5250 105,000 Montanari Group Feb 2005L.P.G. 2304 52,100 78,000 cbm Geogas Shipping Feb 2005Products 5256 49,000 Vela International Mar 2005L.N.G. 2221 75,000 140,500 cbm Bergesen D.Y. ASA Mar 2005Bulk 1156 171,000 Anangel Shpg. Ent. Mar 2005Container 4098 59,000 5,100 TEU Hamburg-Sud. Mar 2005Tanker 5261 306,000 Kristen Navigation Apr 2005LNG/Regas 2218 76,500 138,000 cbm Exmar N.V. Apr 2005Pure Car 4433 19,000 HUAL Apr 2005Tanker 5278 105,000 Tai Chong Cheang May 2005Products 5257 49,000 Vela International May 2005LNG/Regas 2219 76,500 138,000 cbm Exmar N.V. May 2005Container 4099 59,000 5,100 TEU Hamburg-Sud. May 2005Jackup Drill. BP Amoco PLC May 2005Tanker 5270 159,000 Naviera F. Tapias Jun 2005Tanker 5298 306,000 Sincere Navigation Jul 2005L.N.G. 2222 75,000 140,500 cbm Bergesen D.Y. ASA Jul 2005Container 4100 59,000 5,100 TEU Hamburg-Sud. Jul 2005Pure Car 4434 19,000 HUAL Jul 2005Products 5252 105,000 Chandris (Hellas) Aug 2005Tanker 5271 159,000 Naviera F. Tapias Sep 2005Container 4101 59,000 5,100 TEU Hamburg-Sud. Sep 2005Tanker 5262 306,000 Kristen Navigation Nov 2005L.N.G. 2223 75,000 140,500 cbm Bergesen D.Y. ASA Nov 2005L.P.G. 2305 25,000 38,000 cbm Bergesen D.Y. ASA Nov 2005Tanker 5192 159,000 Centrofin Mngt. Dec 2005L.P.G. 2306 25,000 38,000 cbm A.P. Moller Feb 2006L.N.G. 2224 75,000 140,500 cbm Bergesen D.Y. ASA Mar 2006Products 5253 105,000 Chandris (Hellas) May 2006L.P.G. 2307 25,000 38,000 cbm Exmar N.V. May 2006L.P.G. 2308 25,000 38,000 cbm A.P. Moller Aug 2006L.P.G. 2309 25,000 38,000 cbm Bergesen D.Y. ASA Nov 2006


HANJIN H.I.Busan

Container N-105 67,000 5,744 TEU Gebab Jul 2003Container 55,000 4,900 TEU Mediterranean Shpg. Sep 2003Container N-106 67,000 5,744 TEU Gebab Oct 2003Container 55,000 4,900 TEU Mediterranean Shpg. Dec 2003Container 55,000 4,900 TEU NVA Norddeutsche 2004Container 55,000 4,900 TEU NVA Norddeutsche 2004Container 55,000 4,900 TEU Mediterranean Shpg. Jan 2004Container 55,000 4,900 TEU Mediterranean Shpg. Jan 2004Container 55,000 4,900 TEU NVA Norddeutsche Mar 2004Container 24,000 1,800 TEU Korea Marine Trans. Mar 2004Container 55,000 4,900 TEU NVA Norddeutsche Jun 2004Container 24,000 1,800 TEU Korea Marine Trans. Jun 2004Products 45,000 Great Eastern Shpg. Jul 2004



South Korea


Container N-122 66,762 4,943 TEU Hansa Treuhand Jul 2004Container 67,550 5,060 TEU Rickmers Reederei Sep 2004Container N-123 66,762 4,943 TEU Hansa Treuhand Sep 2004Container 67,550 5,060 TEU Rickmers Reederei Oct 2004Container 67,550 5,060 TEU Rickmers Reederei Nov 2004Container 67,550 5,060 TEU Rickmers Reederei Dec 2004Container 67,550 5,060 TEU Rickmers Reederei Feb 2005Container 102,000 8,030 TEU Reederei C.-P. Offen Mar 2005Container 67,550 5,060 TEU Rickmers Reederei Apr 2005Container 102,000 8,030 TEU Reederei C.-P. Offen May 2005Container 102,000 8,030 TEU Reederei C.-P. Offen Jul 2005Container 66,762 4,943 TEU Hansa Treuhand Jul 2005Container 66,762 4,943 TEU Hansa Treuhand Sep 2005Container 102,000 8,030 TEU Reederei C.-P. Offen Oct 2005Container 102,000 8,030 TEU Reederei C.-P. Offen Dec 2005


HYUNDAI H.I.Ulsan

FSU(NP) 100,000 Unknown Owner 2003Bulk/Oil 1424 121,000 K. G. Jebsen Apr 2003RoPax 1393 9,400 Stena Line AB Apr 2003Tanker 1403 114,600 Shpg. Corp. of India May 2003Products 1447 70,124 Eletson Corp. May 2003Container 1451 37,230 3,607 TEU NVA Norddeutsche May 2003Tanker 1281 301,000 Nat. Iranian Tanker Jun 2003L.P.G. 1423 50,777 82,000 cbm Consolidated Marine Jun 2003Bulk/Oil 1425 121,000 K. G. Jebsen Jun 2003Container 1458 85,250 6,730 TEU Mediterranean Shpg. Jun 2003Container 1428 81,094 6,246 TEU Costamare Shipping Jun 2003Tanker 1419 316,000 Vela International Jul 2003Tanker 1421 105,000 A.M.P.T.C. Jul 2003Tanker 1438 105,000 Arcadia Shipmngt. Jul 2003Container 1413 62,007 4,300 TEU Maersk Sealand Jul 2003Tanker 1404 114,600 Shpg. Corp. of India Aug 2003Tanker 1462 70,000 Golden Energy Mngt. Aug 2003Tanker 1463 70,000 Golden Energy Mngt. Aug 2003L.P.G. 1430 22,800 35,000 cbm Mitsui O.S.K. Lines Aug 2003Tanker 1282 301,000 Nat. Iranian Tanker Sep 2003Tanker 1431 152,000 Teekay Shpg. Canada Sep 2003Tanker 1433 112,000 Teekay Shpg. Canada Sep 2003L.P.G. 1436 55,000 82,000 cbm Shinwa Kaiun Kaisha Sep 2003Tanker 1478 159,000 Athenian Tankers Oct 2003Bulk 1473 172,000 Golden Union Shpg. Oct 2003Container 1485 33,870 2,500 TEU Blue Star Reederei Oct 2003Container 1486 33,870 2,500 TEU Blue Star Reederei Oct 2003Tanker 1479 159,000 Athenian Tankers Nov 2003Tanker 1435 152,000 Teekay Shpg. Canada Nov 2003Tanker 1453 105,000 Tanker Pacific Mngt. Nov 2003Tanker 1508 73,000 Livanos Group Nov 2003Bulk 1474 172,000 Golden Union Shpg. Nov 2003Container 1506 85,250 6,730 TEU Mediterranean Shpg. Nov 2003Container 1487 33,870 2,500 TEU Blue Star Reederei Nov 2003Tanker 1495 159,000 Alpha Tankers & Frt. Dec 2003L.N.G. 1444 70,000 138,000 cbm Golar LNG ltd. Dec 2003Tanker 1480 159,000 Athenian Tankers Jan 2004Tanker 1496 159,000 Alpha Tankers & Frt. Jan 2004Tanker 1432 152,000 Teekay Shpg. Canada Jan 2004Tanker 1434 112,000 Teekay Shpg. Canada Jan 2004Products 1509 75,000 Torm, Dampskibss Jan 2004Bulk 1475 172,000 Golden Union Shpg. Jan 2004Bulk 1482 172,000 Golden Union Shpg. Jan 2004

Bulk 1507 172,000 Zela Shpg Jan 2004Container 1488 33,870 2,500 TEU Blue Star Reederei Jan 2004Products 1510 75,000 Gotland Rederi AB Feb 2004Container 1489 33,870 2,500 TEU Blue Star Reederei Feb 2004Products 1440 105,500 Eletson Corp. Mar 2004Tanker 1454 105,000 Tanker Pacific Mngt. Mar 2004Products 1511 75,000 Oldendorff, Klaus Mar 2004Container 1523 52,000 4,130 TEU Deomar Schiffahrts Mar 2004Container 1490 33,870 2,500 TEU Blue Star Reederei Mar 2004Tanker 1481 159,000 Athenian Tankers Apr 2004Tanker 1497 159,000 Alpha Tankers & Frt. Apr 2004Products 1512 75,000 Oldendorff, Klaus Apr 2004Products 1513 75,000 Oldendorff, Klaus Apr 2004Bulk 1503 172,000 Metrostar Management Apr 2004Container 1526 54,760 4,800 TEU Ofer Bros. (Mngmt.) Apr 2004Tanker 1537 105,000 Mitsui O.S.K. Lines May 2004Products 1514 75,000 Oldendorff, Klaus May 2004Container 1527 54,760 4,800 TEU Costamare Shipping May 2004Container 1524 52,000 4,130 TEU Dauelsberg, Herm May 2004Container 1491 33,870 2,500 TEU Blue Star Reederei May 2004FPSO 1525 368,000 ExxonMobil Corp. May 2004Products 1441 105,500 Eletson Corp. Jun 2004Products 1515 75,000 LGR di Navigazione Jun 2004Container 1528 54,760 4,800 TEU Ofer Bros. (Mngmt.) Jun 2004Container 1492 33,870 2,500 TEU Blue Star Reederei Jun 2004Tanker 1540 300,000 Pertamina Jul 2004Products 1516 75,000 Torm, Dampskibss Jul 2004Container 1532 100,400 8,189 TEU Conti Reederei Jul 2004Container 1550 52,000 4,130 TEU Dauelsberg, Herm Jul 2004Container 1493 33,870 2,500 TEU Blue Star Reederei Jul 2004Tanker 1551 159,000 Arcadia Shipmngt. Aug 2004Tanker 1538 105,000 Mitsui O.S.K. Lines Aug 2004Container 1542 93,000 7,500 TEU E.R. Schiffahrt Aug 2004Container 1529 54,760 4,800 TEU Ofer Bros. (Mngmt.) Aug 2004Tanker 1553 318,000 Wah Kwong Shpg. Sep 2004Products 1517 75,000 Schulte Group Sep 2004Container 1543 93,000 7,500 TEU E.R. Schiffahrt Sep 2004Tanker 1541 300,000 Pertamina Oct 2004Products 1518 75,000 Schulte Group Oct 2004L.N.G. 1460 70,000 138,000 cbm Golar LNG ltd. Oct 2004Container 1533 100,400 8,189 TEU Conti Reederei Oct 2004Container 1544 93,000 7,500 TEU E.R. Schiffahrt Oct 2004Tanker 1552 159,000 Arcadia Shipmngt. Nov 2004L.N.G. 1469 71,000 141,000 cbm Nigeria LNG Ltd. Nov 2004Container 1534 100,400 8,189 TEU Conti Reederei Nov 2004Container 1545 93,000 7,500 TEU E.R. Schiffahrt Nov 2004Container 1575 54,750 4,014 TEU Kawasaki Kisen Nov 2004L.P.G. 1547 45,000 60,000 cbm Norsk Hydro A/S Dec 2004Container 1535 100,400 8,189 TEU Conti Reederei Dec 2004Container 1546 93,000 7,500 TEU E.R. Schiffahrt Dec 2004Container 1576 54,750 4,014 TEU Kawasaki Kisen Dec 2004Container 1577 54,750 4,014 TEU Kawasaki Kisen Dec 2004L.P.G. 45,000 60,000 cbm Norsk Hydro A/S 2005Container 100,000 8,000 TEU Hapag-Lloyd A.G. 2005Container 55,000 4,700 TEU Reederei C.-P. Offen 2005Container 55,000 4,700 TEU Reederei C.-P. Offen 2005Container 54,750 4,014 TEU Kawasaki Kisen 2005Container 54,750 4,014 TEU Kawasaki Kisen 2005Container 54,750 4,014 TEU Kawasaki Kisen 2005Tanker 1558 156,000 Great Eastern Shpg. Jan 2005Tanker 1539 105,000 Unknown Owner Jan 2005Tanker 1559 105,000 Tai Chong Cheang Jan 2005



South Korea


Container 1578 54,750 4,014 TEU Kawasaki Kisen Jan 2005Tanker 1562 150,000 Sovcomflot AKP Feb 2005Container 1566 65,000 5,000 TEU Reederei C.-P. Offen Feb 2005Container 1579 54,750 4,014 TEU Kawasaki Kisen Feb 2005Tanker 1587 319,000 Thenamaris (Mgmt.) Mar 2005Tanker 1555 105,000 MOST Med Oil Supply Mar 2005Container 1567 65,000 5,000 TEU Reederei C.-P. Offen Mar 2005Tanker 1563 150,000 Sovcomflot AKP Apr 2005Tanker 1569 105,000 MOST Med Oil Supply Apr 2005Container 1536 100,400 8,189 TEU Conti Reederei Apr 2005Container 1568 65,000 5,000 TEU Reederei C.-P. Offen Apr 2005Tanker 1564 159,000 Sovcomflot AKP May 2005Container 1570 67,000 5,050 TEU Dauelsberg, Herm May 2005Tanker 1560 165,000 Besiktas Denizcilik Jun 2005Tanker 1565 159,000 Sovcomflot AKP Jun 2005Container 1571 67,000 5,050 TEU Dauelsberg, Herm Jun 2005Tanker 1561 165,000 Besiktas Denizcilik Jul 2005L.N.G. 1470 71,000 141,000 cbm Nigeria LNG Ltd. Jul 2005Container 65,000 5,000 TEU Reederei C.-P. Offen Jul 2005Tanker 1585 159,000 Sovcomflot AKP Sep 2005Tanker 1573 105,000 Euroceanica Sep 2005Tanker 1586 159,000 Sovcomflot AKP Nov 2005L.N.G. 1471 71,000 141,000 cbm Nigeria LNG Ltd. Nov 2005Container 100,000 8,000 TEU Hapag-Lloyd A.G. 2006Container 100,000 8,000 TEU Hapag-Lloyd A.G. 2006L.N.G. 1472 71,000 141,000 cbm Nigeria LNG Ltd. Mar 2006


HYUNDAI MIPOUlsan

Chem & Oil 0121 37,000 Metrostar Management May 2003Products 0054 46,000 Admanthos Shipping Jun 2003Chem & Oil 0049 45,000 Bakri Navigation Co. Jun 2003Container 0114 38,200 2,770 TEU Suisse-Atlantique Jun 2003Chem & Oil 0120 37,000 Int. Andromeda Shpg. Jul 2003Chem & Oil 0129 37,000 Interorient Nav. Co. Jul 2003Chem & Oil 0122 37,000 Marlink Schiffs. Aug 2003Chem & Oil 0130 37,000 Interorient Nav. Co. Aug 2003Chem & Oil 0139 35,000 Schoeller Holdings Aug 2003Container 0115 38,200 2,770 TEU Suisse-Atlantique Aug 2003Products 0111 46,000 Admanthos Shipping Sep 2003Chem & Oil 0145 37,000 Marlink Schiffs. Sep 2003Container 0116 38,200 2,770 TEU Ch. F. Ahrenkiel Sep 2003Container 0117 38,200 2,770 TEU Ch. F. Ahrenkiel Sep 2003Chem & Oil 0146 37,000 Metrostar Management Oct 2003Chem & Oil 0140 35,000 Schoeller Holdings Oct 2003Chem & Oil 0137 37,000 Interorient Nav. Co. Nov 2003Chem & Oil 0141 35,000 Schoeller Holdings Nov 2003Products 0125 47,000 Sovcomflot AKP Dec 2003Products 0126 47,000 Sovcomflot AKP Dec 2003Products 0127 47,000 Sovcomflot AKP Dec 2003Products 0133 45,000 SK Shipping Co. Ltd. Dec 2003Chem & Oil 0138 37,000 Interorient Nav. Co. Jan 2004Chem & Oil 0142 35,000 Schoeller Holdings Jan 2004Products 0128 47,000 Sovcomflot AKP Mar 2004Products 0201 47,000 Novoship (UK) Ltd. Mar 2004Products 0202 47,000 Novoship (UK) Ltd. Mar 2004Products 0134 45,000 SK Shipping Co. Ltd. Mar 2004Chem & Oil 0143 35,000 Schoeller Holdings Mar 2004Chem & Oil 0254 37,000 OMI Marine Services Apr 2004Products 0203 47,000 Novoship (UK) Ltd. Jun 2004Products 0204 47,000 Novoship (UK) Ltd. Jun 2004

Products 0217 46,000 BP Amoco Shpg. Ltd. Jun 2004Chem & Oil 0228 37,000 Tsakos Shpg. & Trad. Jun 2004Chem & Oil 0144 35,000 Schoeller Holdings Jun 2004Chem & Oil 0225 35,000 Nat. Iranian Tanker Jun 2004Chem & Oil 0255 37,000 OMI Marine Services Jul 2004Products 0234 46,000 Athenian Tankers Aug 2004Chem & Oil 0250 35,000 Montanari, Navigaz. Aug 2004Products 0218 46,000 BP Amoco Shpg. Ltd. Sep 2004Products 0219 46,000 BP Amoco Shpg. Ltd. Sep 2004Chem & Oil 0205 37,000 Arminter S.A.M. Sep 2004Chem & Oil 0229 37,000 Tsakos Shpg. & Trad. Sep 2004Chem & Oil 0226 35,000 Nat. Iranian Tanker Sep 2004Chem & Oil 0258 37,000 OMI Marine Services Oct 2004Chem & Oil 0317 37,000 Interorient Nav. Co. Nov 2004Products 0220 46,000 BP Amoco Shpg. Ltd. Dec 2004Products 0221 46,000 BP Amoco Shpg. Ltd. Dec 2004Chem & Oil 0337 37,000 Tsakos Shpg. & Trad. Dec 2004Chem & Oil 0227 35,000 Nat. Iranian Tanker Dec 2004Chem & Oil 0256 35,000 Schoeller Holdings Dec 2004Products 46,000 Athenian Tankers 2005Chem & Oil 35,000 Bottiglieri Nav. 2005Chem & Oil 35,000 Bottiglieri Nav. 2005Products 35,000 Augusta Dua S.r.l. 2005Products 35,000 Augusta Dua S.r.l. 2005Products 0235 46,000 Athenian Tankers Jan 2005Chem & Oil 0327 37,000 Int. Andromeda Shpg. Feb 2005Products 0222 46,000 BP Amoco Shpg. Ltd. Mar 2005Products 0236 46,000 Athenian Tankers Mar 2005Products 0331 46,000 BP Amoco Shpg. Ltd. Mar 2005Chem & Oil 0206 37,000 Arminter S.A.M. Mar 2005Chem & Oil 0338 37,000 Tsakos Shpg. & Trad. Mar 2005Chem & Oil 0251 35,000 Montanari, Navigaz. Mar 2005Chem & Oil 0257 35,000 Schoeller Holdings Mar 2005Chem & Oil 0328 37,000 Int. Andromeda Shpg. Apr 2005Products 0303 52,800 Western Petroleum Jun 2005Products 0237 46,000 Athenian Tankers Jun 2005Products 0332 46,000 BP Amoco Shpg. Ltd. Jun 2005Products 0333 46,000 BP Amoco Shpg. Ltd. Jun 2005Chem & Oil 0252 35,000 Montanari, Navigaz. Jun 2005Container 38,300 2,770 TEU Ch. F. Ahrenkiel Jun 2005Products 0306 52,800 Western Petroleum Sep 2005Products 0334 46,000 BP Amoco Shpg. Ltd. Sep 2005Products 0335 46,000 BP Amoco Shpg. Ltd. Sep 2005Chem & Oil 0318 37,000 Interorient Nav. Co. Sep 2005Products 0304 52,800 Western Petroleum Oct 2005Products 46,000 Athenian Tankers Oct 2005Chem & Oil 0319 37,000 Interorient Nav. Co. Nov 2005Products 0305 52,800 Western Petroleum Dec 2005Products 0336 46,000 BP Amoco Shpg. Ltd. Dec 2005Chem & Oil 35,000 G. D'Alesio S.A.S. Dec 2005Chem & Oil 46,000 Bakri Navigation Co. 2006Chem & Oil 46,000 Bakri Navigation Co. 2006Container 38,300 2,770 TEU Suisse-Atlantique 2006Container 38,300 2,770 TEU Suisse-Atlantique 2006Container 38,300 2,770 TEU Ch. F. Ahrenkiel 2006Products 52,800 Western Petroleum Jan 2006Products 52,800 Western Petroleum Feb 2006


HYUNDAI SAMHOSamho

Tanker S157 112,900 Geden Line May 2003



South Korea


Tanker S153 317,420 Saudi Maritime Hldg. Jun 2003Products S156 159,460 K. G. Jebsen Jun 2003Tanker S184 105,000 Grupo Suardiaz Aug 2003Tanker S182 115,000 Novorossiysk Shpg. Sep 2003Tanker S158 112,900 Geden Line Sep 2003Tanker S163 112,700 Overseas Shipholding Oct 2003Tanker S183 115,000 Novorossiysk Shpg. Nov 2003Products S161 99,990 Torm, Dampskibss Nov 2003Bulk S189 74,380 Andriaki Shpg. Co. Nov 2003Tanker S171 317,420 Saudi Maritime Hldg. Dec 2003Tanker S164 112,700 Overseas Shipholding Dec 2003Products S162 99,990 Torm, Dampskibss Dec 2003Tanker S172 105,000 Thenamaris (Mgmt.) Jan 2004Tanker S173 105,000 Thenamaris (Mgmt.) Jan 2004Bulk S185 170,000 Safbulk Jan 2004Bulk S186 170,000 Safbulk Feb 2004Tanker S174 105,000 Minerva Marine Inc. Mar 2004Tanker S175 105,000 Minerva Marine Inc. Mar 2004Bulk S187 170,000 Marmaras Nav. Ltd. Mar 2004Container S178 53,000 4,250 TEU E.R. Schiffahrt Mar 2004Tanker S191 105,000 Geden Line Apr 2004Container S194 55,000 4,900 TEU Mediterranean Shpg. Apr 2004Bulk S188 170,000 Marmaras Nav. Ltd. May 2004Container S195 55,000 4,900 TEU Mediterranean Shpg. May 2004Tanker S192 105,000 Geden Line Jun 2004Bulk S193 172,000 Safbulk Jun 2004Container S196 85,280 6,408 TEU Mediterranean Shpg. Jun 2004Container S199 67,170 5,040 TEU E.R. Schiffahrt Jun 2004Container S179 53,000 4,250 TEU E.R. Schiffahrt Jun 2004Container S200 67,170 5,040 TEU E.R. Schiffahrt Jul 2004Container S201 67,170 5,040 TEU E.R. Schiffahrt Aug 2004Bulk S197 170,000 Tropis Shpg. Co. Sep 2004Container S202 67,170 5,040 TEU E.R. Schiffahrt Sep 2004Tanker S203 320,000 N.S. Lemos Oct 2004Tanker S205 113,000 Marmaras Nav. Ltd. Oct 2004Tanker S222 320,000 American Eagle Tnkrs Nov 2004Container S216 67,000 5,000 TEU Oltmann, D. Dec 2004Tanker 320,000 N.S. Lemos 2005Tanker S206 113,000 Marmaras Nav. Ltd. Jan 2005Tanker S212 105,000 Thenamaris (Mgmt.) Jan 2005Tanker S213 105,000 Thenamaris (Mgmt.) Jan 2005Bulk S198 170,000 Tropis Shpg. Co. Jan 2005Container S220 67,170 5,040 TEU E.R. Schiffahrt Jan 2005Tanker S204 320,000 N.S. Lemos Mar 2005Tanker S207 113,000 Marmaras Nav. Ltd. Apr 2005Container S221 67,170 5,040 TEU E.R. Schiffahrt Apr 2005Tanker S208 113,000 Marmaras Nav. Ltd. May 2005Tanker 320,000 Dorian (Hellas) S.A. Jun 2005Tanker 156,000 Great Eastern Shpg. Jul 2005Container S225 67,170 5,040 TEU E.R. Schiffahrt Jul 2005Container 52,000 4,100 TEU Peter Dohle Schiff. Dec 2005Container 52,000 4,100 TEU Peter Dohle Schiff. Dec 2005


INP HEAVY IND.Ulsan

AHTS 1127 2,000 2,500 GT Swire Pacific Mar 2003AHTS 1128 2,000 2,500 GT Swire Pacific May 2003AHTS 1129 2,500 2,500 GT Swire Pacific Jul 2003Cement 6,500 Tong Yang Cement Co. Jun 2004


NOKBONG S.B.Tongyoung

Chem & Oil 388 9,000 Unknown Owner 2003Chem & Oil 3,500 Woolim Shipping Jun 2003Chem & Oil 3,500 Woolim Shipping Dec 2003


SAMHO TONGYOUNGTongyoung

Chem & Oil 1039 6,000 Master Marine Corp. Jun 2003Products 1041 3,500 Samho Shipping Co. Jun 2003Chem & Oil 1037 12,000 Samho Shipping Co. Jul 2003


SAMSUNG S.B.Koje

Container 1395 50,500 4,250 TEU Ofer Bros. (Mngmt.) May 2003Tanker 1383 160,000 Premuda S.P.A.N. Jun 2003Tanker 1401 160,000 C.T.G.M. S.A. Jun 2003L.N.G. 1415 75,000 138,000 cbm BP Amoco Shpg. Ltd. Jun 2003Container 1419 100,000 8,063 TEU OOCL Jun 2003Container 1396 50,500 4,250 TEU E.R. Schiffahrt Jun 2003Tanker 1412 310,000 Frontline Ltd. Jul 2003Tanker 1411 105,000 ChevronTexaco Shpg. Jul 2003Shuttle 1408 150,000 Ugland Nordic Shpg. Aug 2003Tanker 1407 73,000 Ionia Mgmt. S.A. Aug 2003Tanker 1403 308,500 Marcare Shpg. Co. Sep 2003L.N.G. 1405 71,000 138,000 cbm I.S. Carriers S.A. Sep 2003Container 1397 50,500 4,250 TEU E.R. Schiffahrt Sep 2003FPSO 1385 313,300 Shell Group Sep 2003Tanker 1434 160,000 Ceres Hellenic Oct 2003Shuttle 1409 150,000 A/S J. Mowinckels Oct 2003Tanker 1404 105,000 Great Eastern Shpg. Oct 2003Tanker 1417 105,000 ChevronTexaco Shpg. Oct 2003Tanker 1436 155,000 Viken Shipping Nov 2003Products 1449 73,000 Pacific Carriers Nov 2003Tanker 1413 317,000 SK Shipping Co. Ltd. Dec 2003Products 1450 73,000 Pacific Carriers Dec 2003Container 1398 50,500 4,250 TEU E.R. Schiffahrt Dec 2003Tanker 1435 160,000 Ceres Hellenic Jan 2004Tanker 1431 115,000 BP Amoco Shpg. Ltd. Jan 2004L.N.G. 1406 70,000 138,000 cbm Exmar N.V. Jan 2004Tanker 1451 105,000 Minerva Marine Inc. Feb 2004Container 1420 100,000 8,063 TEU OOCL Feb 2004Container 1457 65,800 5,770 TEU CMA-CGM Feb 2004Tanker 1414 317,000 SK Shipping Co. Ltd. Mar 2004L.N.G. 1425 71,000 138,000 cbm A.P. Moller Mar 2004Container 1455 52,000 4,300 TEU Danaos Shpg. Mar 2004Tanker 1438 155,000 Viken Shipping Apr 2004Tanker 1432 115,000 BP Amoco Shpg. Ltd. Apr 2004Tanker 1472 115,000 Malaysian Int. Shpg. Apr 2004Container 1421 100,000 8,063 TEU OOCL Apr 2004Container 1426 100,000 8,063 TEU OOCL Apr 2004Container 1458 65,800 5,770 TEU CMA-CGM Apr 2004Tanker 1415 317,000 SK Shipping Co. Ltd. May 2004Tanker 1471 155,000 Viken Shipping May 2004Tanker 1465 115,000 Teekay Shpg. Canada May 2004L.N.G. 1428 71,000 138,000 cbm BG Group Plc May 2004Container 1456 52,000 4,300 TEU Danaos Shpg. May 2004Tanker 1443 115,000 N.S. Lemos Jun 2004Tanker 1517 115,000 Malaysian Int. Shpg. Jun 2004Tanker 1452 105,000 Minerva Marine Inc. Jun 2004



South Korea


Products 1469 73,000 Pacific Carriers Jun 2004Container 1427 100,000 8,063 TEU OOCL Jun 2004Tanker 1466 115,000 Teekay Shpg. Canada Jul 2004Tanker 1444 115,000 N.S. Lemos Aug 2004Container 1459 65,800 5,770 TEU CMA-CGM Aug 2004Container 1460 65,800 5,770 TEU CMA-CGM Aug 2004Tanker 1433 115,000 BP Amoco Shpg. Ltd. Sep 2004Container 1488 105,000 8,100 TEU Seaspan Ship Mngt. Sep 2004Tanker 115,000 Teekay Shpg. Canada Oct 2004Products 1486 72,000 Euroceanica Oct 2004Container 1461 65,800 5,770 TEU CMA-CGM Oct 2004Tanker 1453 105,000 Minerva Marine Inc. Nov 2004Container 1463 65,800 5,770 TEU CMA-CGM Nov 2004Tanker 115,000 Teekay Shpg. Canada Dec 2004Products 1487 72,000 Euroceanica Dec 2004Container 1489 105,000 8,100 TEU Seaspan Ship Mngt. Dec 2004Container 1462 65,800 5,770 TEU CMA-CGM Dec 2004Container 1464 65,800 5,770 TEU CMA-CGM Dec 2004FPSO 1424 133,000 Husky Oil Operations Dec 2004Tanker 1467 115,000 Scorpio Ship Mngmt. 2005Tanker 1468 115,000 Scorpio Ship Mngmt. 2005Tanker 105,000 Malaysian Int. Shpg. 2005Tanker 105,000 Malaysian Int. Shpg. 2005Products 73,000 Pacific Carriers 2005Products 73,000 Pacific Carriers 2005L.N.G. 72,000 138,000 cbm Malaysian Int. Shpg. 2005L.N.G. 72,000 138,000 cbm Malaysian Int. Shpg. 2005L.N.G. 1407 70,000 138,000 cbm Exmar N.V. 2005Container 1511 99,700 8,300 TEU Reederei C.-P. Offen 2005Container 1491 105,000 8,100 TEU Seaspan Ship Mngt. 2005Container 1492 105,000 8,100 TEU Seaspan Ship Mngt. 2005Container 1508 99,700 8,100 TEU Reederei C.-P. Offen 2005Container 1509 99,700 8,100 TEU Reederei C.-P. Offen 2005Container 50,500 4,250 TEU Seaspan Ship Mngt. 2005Tanker 1480 115,000 BP Amoco Shpg. Ltd. Jan 2005Tanker 1454 105,000 Minerva Marine Inc. Jan 2005Tanker 1475 105,000 Minerva Marine Inc. Jan 2005Shuttle 1445 147,500 Knutsen O.A.S. Shpg. Mar 2005Tanker 1482 115,000 BP Amoco Shpg. Ltd. Apr 2005Container 1484 100,000 8,063 TEU OOCL Apr 2005Container 1493 50,500 4,250 TEU Seaspan Ship Mngt. Apr 2005Tanker 1515 308,000 American Eagle Tnkrs May 2005Shuttle 1446 147,500 Knutsen O.A.S. Shpg. May 2005Products 1479 73,000 Pacific Carriers May 2005Tanker 1483 115,000 BP Amoco Shpg. Ltd. Jun 2005Container 1485 100,000 8,063 TEU OOCL Jun 2005Container 1494 50,500 4,250 TEU Seaspan Ship Mngt. Jun 2005Tanker 1473 115,000 Dunya Denizcilik Jul 2005Container 1498 50,500 4,250 TEU Seaspan Ship Mngt. Jul 2005Tanker 1516 308,000 American Eagle Tnkrs Aug 2005Tanker 1483 115,000 BP Amoco Shpg. Ltd. Aug 2005Container 1512 99,700 8,100 TEU Conti Reederei Aug 2005Container 1499 50,500 4,250 TEU Seaspan Ship Mngt. Aug 2005Tanker 1495 308,000 Eastern Med. Mar. Sep 2005Container 1490 105,000 8,100 TEU Seaspan Ship Mngt. Sep 2005Tanker 1474 115,000 Dunya Denizcilik Oct 2005RoPax 2,500 Norfolk Line B.V. Nov 2005Tanker 308,000 Eastern Med. Mar. Dec 2005Tanker 1496 308,000 Eastern Med. Mar. Dec 2005Container 1513 99,700 8,100 TEU Conti Reederei Dec 2005Container 99,700 8,100 TEU Conti Reederei 2006Container 99,700 8,100 TEU Conti Reederei 2006

Container 99,700 8,100 TEU Conti Reederei 2006Container 99,700 8,100 TEU Conti Reederei 2006Container 99,700 8,100 TEU Conti Reederei 2006Container 99,700 8,100 TEU Conti Reederei 2006Container 1510 99,700 8,100 TEU Reederei C.-P. Offen 2006Tanker 1504 115,000 Dunya Denizcilik Jan 2006


SHINA S.B.Chungmu

Chem & Oil 417 40,000 Fratelli D'Amato May 2003Chem & Oil 422 37,000 Qatar Shipping Jun 2003Chem & Oil 419 40,000 Fullship S.r.l. Aug 2003Chem & Oil 418 40,000 Fratelli D'Amato Sep 2003Chem & Oil 423 40,000 Fratelli D'Amato Nov 2003Chem & Oil 416 37,000 Chemikalien Seetrans Dec 2003Chem & Oil 420 37,000 Chemikalien Seetrans Mar 2004Chem & Oil 427 37,000 Unicorn Lines (Pty.) Mar 2004Chem & Oil 426 40,000 D'Amato di Nav. May 2004Chem & Oil 428 37,000 Unicorn Lines (Pty.) Jun 2004Chem & Oil 421 37,000 Chemikalien Seetrans Aug 2004Products 430 49,700 Ocean Tankers Pte. Sep 2004Chem & Oil 429 37,000 Ancora Investment Sep 2004Products 431 49,700 Ocean Tankers Pte. Jan 2005Chem & Oil 434 37,000 Unicorn Lines (Pty.) Jan 2005Chem & Oil 435 37,000 Ancora Investment Mar 2005Products 432 49,700 Ocean Tankers Pte. Apr 2005Chem & Oil 436 37,000 Chemikalien Seetrans Jun 2005Products 433 49,700 Ocean Tankers Pte. Jul 2005Chem & Oil 437 37,000 Ancora Investment Jul 2005Products 448 49,700 Ocean Tankers Pte. Sep 2005Chem & Oil 442 40,000 Fullship S.r.l. Oct 2005Chem & Oil 438 40,000 Fratelli D'Amato Dec 2005Chem & Oil 445 37,000 Unicorn Lines (Pty.) Jan 2006Products 449 49,700 Ocean Tankers Pte. Feb 2006Chem & Oil 443 40,000 Fullship S.r.l. Mar 2006Chem & Oil 440 40,000 Morfini S.P.A. May 2006Chem & Oil 439 40,000 Fratelli D'Amato Jun 2006Chem & Oil 441 40,000 Morfini S.P.A. Aug 2006


STX SHIPBUILD.Chinhae

Chem & Oil 1097 35,960 Seaarland Shpg.Mgmnt Jun 2003Chem & Oil 1101 37,000 Norden D/S A/S Aug 2003Chem & Oil 1098 35,960 Seaarland Shpg.Mgmnt Aug 2003Products 1099 70,000 Liquimar Tankers Sep 2003Chem & Oil 1102 37,000 Norden D/S A/S Sep 2003Chem & Oil 1103 46,000 D'Amico Soc. di Nav. Sep 2003Chem & Oil 1104 46,000 D'Amico Soc. di Nav. Oct 2003Chem & Oil 1105 35,960 Seaarland Shpg.Mgmnt Nov 2003Products 1108 45,800 Stelmar Tankers Dec 2003Products 1100 70,000 Liquimar Tankers Jan 2004Products 1109 45,800 Stelmar Tankers Feb 2004Products 73,000 Byzantine Maritime. May 2004L.P.G. 1112 20,000 23,000 cbm Qatar Shipping May 2004Products 1116 70,280 Golden Energy Mngt. Jun 2004Products 46,000 Transpetrol Services Jun 2004Products 1117 70,280 Golden Energy Mngt. Jul 2004Products 51,000 Golden Energy Mngt. Jul 2004Products 46,000 Transpetrol Services Jul 2004Products 51,000 Golden Energy Mngt. Aug 2004



South Korea


Products 1110 45,800 Stelmar Tankers Aug 2004Products 45,800 SOCATRA Sep 2004Products 45,800 Stelmar Tankers Oct 2004Products 45,000 D'Amico Soc. di Nav. Oct 2004Chem & Oil 1129 37,000 Marina Investments Nov 2004Products 45,800 Stelmar Tankers Dec 2004Products 45,000 D'Amico Soc. di Nav. Dec 2004L.P.G. 1135 20,000 23,000 cbm Qatar Shipping Dec 2004Products 74,000 Rederi AB Swan 2005Products 74,000 Rederi AB Swan 2005Products 46,000 Livanos Group 2005Products 46,000 Livanos Group 2005Products 46,000 Livanos Group 2005Products 46,000 Livanos Group 2005Products 51,000 Golden Energy Mngt. Jan 2005Products 51,000 Golden Energy Mngt. Jan 2005Products 45,800 SOCATRA Jan 2005Chem & Oil 1130 37,000 Marina Investments Jan 2005Products 73,000 Byzantine Maritime. Mar 2005Products 45,000 D'Amico Soc. di Nav. Mar 2005Products 45,800 Stelmar Tankers Apr 2005Products 73,000 Byzantine Maritime. Jun 2005Products 45,800 Target Marine S.A. Jun 2005Products 45,000 D'Amico Soc. di Nav. Jun 2005Products 74,100 Transpetrol Services Jul 2005Products 51,000 Pietro Barbaro SpA Jul 2005Bulk 75,500 Efnav Co. Ltd. Jul 2005Products 74,100 Transpetrol Services Aug 2005Products 70,280 Golden Energy Mngt. Aug 2005Products 51,000 Pietro Barbaro SpA Sep 2005Bulk 75,500 Efnav Co. Ltd. Sep 2005Products 70,280 Golden Energy Mngt. Nov 2005Products 70,280 Golden Energy Mngt. Dec 2005Bulk 75,500 Efnav Co. Ltd. 2006Container 34,000 2,500 TEU Efshipping Co S.A. 2006Container 34,000 2,500 TEU Efshipping Co S.A. 2006Bulk 75,500 Efnav Co. Ltd. Jan 2006Container 34,000 2,500 TEU Schulte Group Feb 2006Products 46,000 Transpetrol Services Apr 2006Container 34,000 2,500 TEU Schulte Group Apr 2006


Spain

AST. DE HUELVAHuelva

RoPax 728 10,500 Olzay Green S.L. 2004RoPax 729 10,500 Unknown Owner 2004


AST. DE MURUETAMurueta-vizcaya

Fishing Unknown Owner Sep 2004On Order:- 1 Vessel(s); DWT.

BARRERAS S.A.Vigo

Pure Car 1593 6,000 Grupo Suardiaz 2003Pass/Car F. 1617 420 3,500 GT Anton. Armas Curbelo Mar 2003L.P.G. 1589 7,300 7,000 cbm Globalgas S.L. Apr 2003Rfr Fish C. 6,150 300,000 Cu.ft Albacora S.A. Jun 2003Pure Car 1600 6,000 Grupo Suardiaz Dec 2003

Pass/Car F. 1625 3,500 20,000 GT Armas Group Jun 2004Pass/Car F. 1626 3,500 20,000 GT Armas Group Oct 2004


IZAR FENEEl Ferrol

FPSO/LPG 280 40,000 Statoil Aug 2003On Order:- 1 Vessel(s); 40,000 DWT.

IZAR GIJONGijon

Chem & Oil 367 19,000 Soc. Nav. Ultragas Jun 2003Suct. Dredger 368 5,000 Jan de Nul N.V. Dec 2003Suct. Dredger 369 5,000 Jan de Nul N.V. Dec 2003


IZAR P. REALPuerto Real

L.N.G. 87 77,500 138,000 cbm Empresa Nav. Elcano Dec 2003L.N.G. 103 77,500 138,000 cbm Knutsen O.A.S. Shpg. Jun 2004L.N.G. 105 77,500 138,000 cbm Naviera F. Tapias Jun 2006


IZAR S/FERNANDOSan Fernando

Pass/Car F. 2,000 15,000 GT Strandfaraskip 2004On Order:- 1 Vessel(s); 2,000 DWT.

IZAR SESTAOBilbao/sestao

L.N.G. 319 77,500 138,000 cbm Naviera F. Tapias Sep 2003Suct. Dredger 324 22,000 Jan de Nul N.V. Oct 2003Suct. Dredger 325 22,000 Jan de Nul N.V. Dec 2003L.N.G. 321 77,500 138,000 cbm Knutsen O.A.S. Shpg. Mar 2004


IZAR SEVILLASeville

Pass/Car F. 293 2,900 20,214 GT Algerian Govt. Jan 2004Pass/Car F. 294 2,900 20,214 GT Algerian Govt. Apr 2004


METALSHIPSVigo

Maintenance 2,500 4,000 GT North Sea Shpg. AS May 2003On Order:- 1 Vessel(s); 2,500 DWT.

NAVAL GIJONGijon

Chem & Oil 604 35,000 Knutsen O.A.S. Shpg. Dec 2003Chem & Oil 610 35,000 Knutsen O.A.S. Shpg. Dec 2004


VULCANO S.A.Vigo

Chem & Oil 482 18,500 W.W. Marpetrol S.A. Jun 2003MSV 485 9,000 12,473 GT Taubatkompaniet A/S Jun 2003Chem & Oil 478 21,350 Augusta Dua S.r.l. Dec 2003Chem & Oil 21,350 Augusta Dua S.r.l. 2005




Taiwan


Taiwan

CSBCKaohsiung

Container 778 30,700 2,200 TEU SCAC Delmas-Vieljeux May 2003Container 796 30,700 2,200 TEU CMA-CGM Jun 2003Container 797 30,700 2,200 TEU CMA-CGM Aug 2003Bulk 805 175,000 U-Ming Marine Tran. Oct 2003Container 798 30,700 2,200 TEU CMA-CGM Oct 2003Container 799 30,700 2,200 TEU CMA-CGM Dec 2003Bulk 77,500 Taiwan Navigation 2004Bulk 77,000 U-Ming Marine Tran. 2004Bulk 77,000 U-Ming Marine Tran. 2004Cement 12,600 Ta Ho Maritime 2004Bulk 806 175,000 U-Ming Marine Tran. Feb 2004Bulk 77,500 Taiwan Navigation Mar 2004Bulk 77,000 Yangming Marine Apr 2004Container 69,000 5,500 TEU Yangming Marine Apr 2004Bulk 77,000 Yangming Marine Jun 2004Container 69,000 5,500 TEU Yangming Marine Jun 2004Container 69,000 5,500 TEU Yangming Marine Dec 2004Container 69,000 5,500 TEU CSAV Dec 2004Container 69,000 5,500 TEU CSAV 2005Container 69,000 5,500 TEU CSAV 2005Container 52,000 4,050 TEU CSAV 2005Container 52,000 4,050 TEU CSAV 2005Bulk 175,000 Sincere Navigation May 2005Container 49,500 4,000 TEU Wan Hai Lines Oct 2005Container 49,500 4,000 TEU Wan Hai Lines Dec 2005Container 49,500 4,000 TEU Wan Hai Lines 2006Container 49,500 4,000 TEU Wan Hai Lines 2006Container 49,500 4,000 TEU Wan Hai Lines Mar 2006

KeelungBulk 77,500 Ta Ho Maritime Aug 2004


Turkey

ANADOLU TUZLATuzla

Chem & Oil 8,100 Furtrans Denizcilik Jul 2004On Order:- 1 Vessel(s); 8,100 DWT.

AYKIN DENIZ.Tuzla

Chem & Oil 2,300 Aleyna Deniz. Dec 2003On Order:- 1 Vessel(s); 2,300 DWT.

CEKSAN SHIPYARDTuzla

Chem & Oil 4,500 Unknown Owner 2004Chem & Oil 4,500 Unknown Owner 2004


CELIKTEKNETuzla

Chem & Oil 43 5,554 Ursa Denizcilik May 2003Chem & Oil 44 7,100 Deval Denizcilik Aug 2003Chem & Oil 47 5,500 Emden Denizcilik Feb 2004Chem & Oil 49 7,100 Besiktas Denizcilik Jun 2004

Chem & Oil 50 7,100 Besiktas Denizcilik Aug 2004Chem & Oil 53 5,500 Ursa Denizcilik Oct 2004Chem & Oil 51 13,500 Rutger Dehlin & Co. Feb 2005Chem & Oil 52 13,500 Rutger Dehlin & Co. Apr 2005


CICEK SHIPYARDTuzla

Chem & Oil 16,000 Besiktas Denizcilik Jan 2004Chem & Oil 16,000 Besiktas Denizcilik Mar 2004


DEARSAN SHIPYD.Tuzla

Chem & Oil 18 6,500 Temmar Shipping 2003On Order:- 1 Vessel(s); 6,500 DWT.

GELIBOLU SHIPYDGelibolu

Chem & Oil 23 3,500 Ali Riza Aksoy Sep 2003On Order:- 1 Vessel(s); 3,500 DWT.

GEMAK SHIPYARDTuzla

Products 24 4,500 Whitaker, John H. Apr 2003On Order:- 1 Vessel(s); 4,500 DWT.

GISAN SHIPYARDTuzla

MPP 32 5,500 Unknown Owner 2003Chem & Oil 30 3,500 Unknown Owner Jun 2003MPP 31 5,800 Builders Account 2004


MADENCI S/YKaradeniz

MPP 014 6,250 Charles M. Willie Oct 2003MPP 015 6,250 Charles M. Willie 2004MPP 016 6,250 Charles M. Willie 2004Asp.& Bit. 22 5,400 Petrolmar S.p.A. Jun 2004


MARMARAYarimca

MPP 60 5,000 Unknown Owner 2003Chem & Oil 63 13,000 Unknown Owner Jun 2003Chem & Oil 66 7,100 Transmarine Mngt. Jun 2003


PENDIK S.Y.Pendik

Ro-Ro/Lo-Lo 23 5,500 Sloman Neptun Schiff 2003On Order:- 1 Vessel(s); 5,500 DWT.

RMK MARINETuzla

Products 56 6,750 Petrogas Maritima 2003Products 55 4,300 Petrogas Maritima 2003Chem & Oil 48 1,350 Unifleet B.V. Jun 2003Chem & Oil 54 1,350 Unifleet B.V. Jun 2003




Turkey


SEDEF GEMI END.Tuzla

Chem & Oil 124 7,100 Kasif Kalkavan Group 2003Chem & Oil 125 6,700 Peters, Carl F. Mar 2003Chem & Oil 129 3,500 Unknown Owner Sep 2003


SELAH SHIPYARDTuzla

Asp.& Bit. 5,850 W.W. Marpetrol S.A. 2003Chem & Oil 47 6,700 Atlantik Denizcilik Jul 2003Asp.& Bit. 5,850 W.W. Marpetrol S.A. Dec 2003


TORGEM GEMITuzla

Products 69T 4,000 Builders Account 2003Container 62 7,500 500 TEU Builders Account 2003Container 69 12,500 820 TEU Bayraktar Denizcilik Oct 2003


YARDIMCI DENIZTuzla

Chem & Oil 10,000 Clipper Group Oct 2003Chem & Oil 10,040 Clipper Group 2004


Ukraine

61 KOMMUNARNikolayev

Reefer 1148 10,500 497,000 Cu.ft Laskaridis Shpg 2003Reefer 1149 10,500 497,000 Cu.ft Laskaridis Shpg 2003Reefer 1152 6,815 270,000 Cu.ft Laskaridis Shpg 2003Reefer 1150 10,500 497,000 Cu.ft Laskaridis Shpg 2004


CHERNOMORSKIYNikolayev

Chem & Oil 207 45,614 Vardinoyannis Group 2003Chem & Oil 208 45,614 Vardinoyannis Group 2003Chem & Oil 209 45,614 Vardinoyannis Group 2004Chem & Oil 210 45,614 Vardinoyannis Group 2004


DAMEN OKEANNikolayev

Container 12,900 1,100 TEU Thien & Heyenga 2004Container 12,900 1,100 TEU Thien & Heyenga 2004Container 244 12,900 1,100 TEU Thien & Heyenga 2004Container 245 12,900 1,100 TEU Thien & Heyenga 2004GCargo 6,000 Ukrrichflot Shpg. Co 2004GCargo 6,000 Ukrrichflot Shpg. Co 2004GCargo 6,000 Ukrrichflot Shpg. Co 2004GCargo 6,000 Ukrrichflot Shpg. Co 2004GCargo 6,000 Ukrrichflot Shpg. Co 2005GCargo 6,000 Ukrrichflot Shpg. Co 2005


OKEAN SHIPYARDNikolayev

Bulk 502/601 69,100 Unknown Owner 2003Bulk 503/602 69,100 Unknown Owner 2003


ZALIV SHIPYARDKerch

Container 9,500 767 TEU Upstream Marine Jun 2004On Order:- 1 Vessel(s); 9,500 DWT.

United Kingdom

APPLEDORE S.B.Appledore

Pass/Car F. AS190 1,108 GT Caledonian Macbrayne May 2003Motor Yacht AS191 DML Plymouth Jun 2003

On Order:- 2 Vessel(s); DWT.

United States

ATLANTIC MARINEJacksonville

Cruise 4243 200 1,599 GT American Classic 2004On Order:- 1 Vessel(s); 200 DWT.

AVONDALE IND.New Orleans

Logistics 2496 33,819 U.S. Govt. Jun 2003On Order:- 1 Vessel(s); 33,819 DWT.

BENDER S.B.Mobile

Container 7255 11,120 825 TEU Santa Maria Shpg. Jun 2003Container 7260 11,120 825 TEU Santa Maria Shpg. Dec 2003PSV 2,000 1,548 GT Naviera Tamaulipas Dec 2003MSV 5,000 4,000 GT Torch Inc. Jan 2004PSV 3,000 2,323 GT SURF/Rigdon Marine Jan 2004PSV 3,000 2,323 GT SURF/Rigdon Marine Mar 2004PSV 3,000 2,323 GT SURF/Rigdon Marine May 2004PSV 3,000 2,323 GT SURF/Rigdon Marine Jul 2004PSV 3,000 2,323 GT SURF/Rigdon Marine Sep 2004PSV 3,000 2,323 GT SURF/Rigdon Marine Nov 2004PSV 3,000 2,323 GT SURF/Rigdon Marine Jan 2005PSV 3,000 2,323 GT SURF/Rigdon Marine Mar 2005PSV 3,000 2,323 GT SURF/Rigdon Marine May 2005PSV 3,000 2,323 GT SURF/Rigdon Marine Jul 2005


BOLLINGER S.Y.Lockport

PSV 435 2,200 1,703 GT Unknown Owner May 2003PSV 436 2,200 1,703 GT Unknown Owner Jul 2003PSV 437 2,200 1,703 GT Unknown Owner Sep 2003PSV 440 2,215 1,715 GT Tidewater Marine Oct 2003PSV 441 2,215 1,715 GT Tidewater Marine Dec 2003PSV 442 2,215 1,715 GT Tidewater Marine Feb 2004PSV 443 2,215 1,715 GT Tidewater Marine May 2004




United States


BREAUX BROS.Loreauville

Utility 1268 500 350 GT Tidewater Marine 2003Utility 1269 500 350 GT Tidewater Marine 2003Utility 1273 500 350 GT Tidewater Marine 2003


C & G BOATWORKHouma

Supply 800 499 GT Tidewater Marine 2003Supply 800 499 GT Tidewater Marine 2003Supply 800 499 GT Tidewater Marine 2003Crew Boat 500 1,415 GT Harvey Gulf Intl. Jan 2003Crew Boat 500 1,415 GT Harvey Gulf Intl. Jan 2003Crew Boat 500 1,415 GT Harvey Gulf Intl. Feb 2003Crew Boat 500 1,415 GT Harvey Gulf Intl. Mar 2003


EASTERN S.B.Panama City

PSV 3,000 2,323 GT Harvey Gulf Intl. 2003PSV 3,000 2,323 GT Harvey Gulf Intl. 2003PSV 2,000 1,548 GT Harvey Gulf Intl. 2003PSV 3,000 2,323 GT Harvey Gulf Intl. Mar 2003PSV 2,000 1,548 GT Harvey Gulf Intl. Dec 2003


HOUMA FABRICAT.Houma

Supply 132 1,350 930 GT Otto Candies Aug 2003Supply 1,350 930 GT Otto Candies Nov 2003Supply 1,350 930 GT Otto Candies 2004Supply 1,350 930 GT Otto Candies Mar 2004


KVAERNER PHIL.Philadelphia

Container 1 30,000 2,890 TEU Matson Navigation Jun 2003Container 2 30,000 2,890 TEU Matson Navigation Apr 2004


NATIONAL STEELSan Diego

Ro-Ro 491 30,000 Totem Ocean Trailer Jun 2003Tanker 484 185,000 BP Amoco PLC Nov 2003Tanker 485 185,000 BP Amoco PLC Oct 2004Tanker 486 185,000 BP Amoco PLC May 2005Tanker 487 185,000 BP Amoco PLC Aug 2006


NG AVONDALENew Orleans

Tanker 2499 141,740 Polar Tankers Inc. Jan 2003Tanker 2500 141,740 Polar Tankers Inc. Sep 2003Tanker 2501 141,740 Polar Tankers Inc. May 2004


NORTH AMERICANLarose

PSV 3,500 2,295 GT Edison Chouest 2003PSV 219 4,500 3,485 GT Edison Chouest May 2003

PSV 220 4,500 3,485 GT Edison Chouest Jul 2003PSV 4,500 3,485 GT Edison Chouest Oct 2003PSV 4,500 3,485 GT Edison Chouest Oct 2003PSV 4,500 3,485 GT Edison Chouest Dec 2003


PATTI SHIPYARDPensacola

AHT 159 100 250 GT Harvey Gulf Intl. 2003AHT 160 100 250 GT Harvey Gulf Intl. 2003

On Order:- 2 Vessel(s); 200 DWT.

QUALITY S/YARDSHouma

PSV 3,200 3,200 GT Tidewater Marine 2003On Order:- 1 Vessel(s); 3,200 DWT.

VT HALTERPascagoula

Pure Car 13,000 Van Ommeren (USA) Dec 2004On Order:- 1 Vessel(s); 13,000 DWT.

Vietnam

BACH DANG S/YHaiphong

Products 12,500 Vietnam Ocean Shpg. 2003Bulk 11,500 Vietnam Nat. Shpg. 2004


HA LONG SHIPYD.Haiphong

Bulk 11,500 Vietnam Nat. Shpg. 2003Container 18,000 1,016 TEU Vietnam Nat. Shpg. 2004Container 18,000 1,016 TEU Vietnam Nat. Shpg. 2004


Yugoslavia

BROD. BEOGRADBeograd

MPP 1161 5,650 Rederi AB Lido & Co. 2003On Order:- 1 Vessel(s); 5,650 DWT.


Page Page

Shiptype OrderbookMonitor

Shiptype Index

June-2003Volume 10, No.6

VLCC Tankers (200,000 + dwt tonnes) 3

Suezmax Tankers (120-200,000 dwt tonnes) 4Aframax Tankers (80-120,000 dwt tonnes) 5

Panamax Tankers (60-80,000 dwt tonnes) 7Handy Products Tankers (10 - 60,000 dwt tonnes) 9

Handy Chemical Tankers (10 - 60,000 dwt tonnes) 12Handy Specialised Tankers (10 - 60,000 dwt tonnes) 14

Other Specialised Tankers < 10K DWT 15Liquid Natural Gas Carriers 17

Very Large LPG Carrier (60,000 + cu. m.) 18Mid Size 1 LPG Carrier (20-60,000 cu. m.) 19

Mid Size 2 LPG Carrier (8-20,000 cu. m.) 20Small LPG Carrier (< 8,000 cu. m.) 21

Capesize Bulkers (80,000 + dwt tonnes) 22Panamax Bulkers (60-80,000 dwt tonnes) 24

Handymax Bulkers (40-60,000 dwt tonnes) 26Handysize Bulkers (10-40,000 dwt tonnes) 28

Combined Carriers 30Post Panamax Containerships >4,000 TEU 31

Panamax Containerships >3,000 TEU 33Sub-Panamax Containerships 2-3,000 TEU 35

Handy Containerships 1-2,000 TEU 36

Feedermax Containerships 500-1,000 TEU 37

Feeder Containerships 100-500 TEU 38Multi-Purpose > 5,000 dwt 39

Multi-Purpose < 5,000 dwt 41Ro-Ro > 5,000 dwt 42

Ro-Ro < 5,000 dwt 43Pure Car Carrier > 5,000 dwt 44

Reefers 45Other Dry Cargo > 5,000 dwt 46

Other Dry Cargo < 5,000 dwt 47Offshore 48

FPSO/FSU 50Cruise Vessels 51

Ro-Ro Passenger Ferries 52Miscellaneous Vessels 53

Statistical Notes• The newbuilding orderbook in this report is drawn from the Clarkson Fleet and Newbuilding Database. The database is

closed on the first working day of each month.

• The sources used to update the database are the ship owners, the newbuilding and demolition brokers of H. Clarkson & Co., shipyards, classification societies and the shipping press. Our policy is not to include new contracts until they have been confirmed by the newbuilding broker or the shipyard. Contracts that are confirmed after the press date of World Shipyard Monitor are included in the next month's new contracts.

• To validate the orderbook, shipyards are contacted quarterly to confirm their orderbook and the type, deadweight, delivery date and owner of new orders.

• The following definitions are used: Order: public announcement of a firm contract. Delivery: handover of vessel to owner. Orderbook: vessels between the above stages. Loss: total loss or constructive total loss. Miscellaneous: includes deliveries, demolitions and losses from previous years reported in the current year, removals and conversions from one ship type to another. Owner: the Primary Reference Company, i.e. the company with the main commercial responsibility for the ship. It may be part of a larger group or an individual entity.

• Options are included in the database, but they are included in the orderbook only once they have been firmly taken up. Losses are checked against published insurance lists.

TANKERSTelephone +44 (0)20 7283 9010

Telex 8812927 CLTNKA GTelefax +44 (0)20 7623 8703

DRY CARGOTelephone +44 (0)20 7283 8977

Telex 887811 CLDRYA GTelefax +44 (0)20 7626 4189

SALE PURCHASETelephone +44 (0)20 7334 0000

Telex 886661 CLSNPA GTelefax +44 (0)20 7283 5260

12, CAMOMILE STREETLONDON EC3A 7BP,

ENGLAND

TELEPHONE+44 (0)20 7283 8955

BUNKERSTelephone +44 (0)20 7283 9010

Telex 8814221 CLFUEL GTelefax +44 (0)20 7626 0798

TELEFAX+44 (0)20 7623 0539

CLARKSON RESEARCH STUDIES 2003World Copyright reserved to:

E-mail: [email protected] Web: http://www..clarksonresearch.com

VLCC Tankers (200,000 + dwt tonnes)Owner Builder Sched. Del.DWT Owner Builder Sched. Del.DWT

VLCC Tankers (200,000 + dwt tonnes)

No. Vessels(end) 2001 2002 May-2003Fleet Totals 428 428 428 2003 23Deliveries 26 39 15 2004 29Scrapping 30 33 14 2005+ 23Contracting 22 17 28 Total 75Orderbook 84 62 75 % Fleet 17.5%

(m) DWT (end) 2001 2002 May-2003Fleet Totals 125.7 125.2 125.08 2003 7.00Deliveries 7.8 12.3 4.72 2004 8.80Scrapping 8.6 10.9 4.56 2005+ 7.04Contracting 6.8 5.2 8.55 Total 22.84Orderbook 26.2 19.0 22.84 % Fleet 18.3%

Orderbook

Orderbook

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

(m) DWT


Deliveries Contracting

2003300,000 World-Wide Shpg. Agy Apr 2003Daewoo S.B.299,500 Nat. Iranian Tanker Apr 2003Dalian New Yard296,000 Wah Kwong Shpg. Apr 2003Universal S.B.317,420 Saudi Maritime Hldg. Jun 2003Hyundai Samho306,000 Kristen Navigation Jun 2003Daewoo S.B.306,000 Kristen Navigation Jun 2003Daewoo S.B.301,000 Nat. Iranian Tanker Jun 2003Hyundai H.I.316,000 Vela International Jul 2003Hyundai H.I.310,000 Frontline Ltd. Jul 2003Samsung S.B.302,700 Mitsui O.S.K. Lines Jul 2003Universal S.B.300,000 Nippon Yusen Kaisha Jul 2003I.H.I.300,000 Mitsui O.S.K. Lines Jul 2003Mitsui S.B.299,500 Nat. Iranian Tanker Jul 2003Dalian New Yard308,500 Marcare Shpg. Co. Sep 2003Samsung S.B.302,700 Mitsui O.S.K. Lines Sep 2003Universal S.B.301,000 Nat. Iranian Tanker Sep 2003Hyundai H.I.300,000 Tokyo Tanker Sep 2003I.H.I.298,000 Sea Fortune Tankers Oct 2003Nantong S.B.300,000 Mitsui O.S.K. Lines Nov 2003Universal S.B.317,420 Saudi Maritime Hldg. Dec 2003Hyundai Samho317,000 SK Shipping Co. Ltd. Dec 2003Samsung S.B.302,700 Frontline Ltd. Dec 2003Universal S.B.299,500 Nat. Iranian Tanker Dec 2003Dalian New Yard

Total 23 Vessel(s) of 7,000,940 DWT.

2004300,000 Nippon Yusen Kaisha 2004Imabari S.B.300,000 Formosa Plastics Co. 2004Universal S.B.300,000 Nippon Yusen Kaisha 2004Mitsubishi H.I.300,000 Mitsui O.S.K. Lines 2004Mitsubishi H.I.300,000 Mitsui O.S.K. Lines 2004Mitsui S.B.300,000 Nippon Yusen Kaisha 2004Universal S.B.300,000 Mitsui O.S.K. Lines 2004Kawasaki H.I.300,000 Kawasaki Kisen Jan 2004Universal S.B.300,000 World-Wide Shpg. Agy Jan 2004Daewoo S.B.300,000 World-Wide Shpg. Agy Feb 2004Daewoo S.B.317,000 SK Shipping Co. Ltd. Mar 2004Samsung S.B.302,900 Nissho Shpg. Co. Ltd Mar 2004Universal S.B.302,700 Frontline Ltd. Mar 2004Universal S.B.300,000 Mitsui O.S.K. Lines Mar 2004Universal S.B.298,000 Sea Fortune Tankers Mar 2004Nantong S.B.306,000 Kristen Navigation Apr 2004Daewoo S.B.298,100 Malaysian Int. Shpg. Apr 2004Universal S.B.317,000 SK Shipping Co. Ltd. May 2004Samsung S.B.300,000 Kawasaki Kisen May 2004Universal S.B.300,000 Tokyo Tanker Jun 2004I.H.I.300,000 Idemitsu Tanker Co. Jul 2004I.H.I.300,000 Pertamina Jul 2004Hyundai H.I.300,000 Euronav (UK) Agen. Jul 2004Daewoo S.B.318,000 Wah Kwong Shpg. Sep 2004Hyundai H.I.300,000 Kyoei Tanker Co. Sep 2004I.H.I.320,000 N.S. Lemos Oct 2004Hyundai Samho300,000 Pertamina Oct 2004Hyundai H.I.320,000 American Eagle Tnkrs Nov 2004Hyundai Samho298,000 Hong Kong Ming Wah Dec 2004Universal S.B.


2005320,000 N.S. Lemos 2005Hyundai Samho300,000 Mitsui O.S.K. Lines 2005Mitsui S.B.300,000 China Ocean (COSCO) 2005Universal S.B.300,000 Mitsui O.S.K. Lines 2005Kawasaki H.I.300,000 Mitsui O.S.K. Lines 2005Mitsubishi H.I.306,000 Aeolos Management Jan 2005Daewoo S.B.298,000 Hong Kong Ming Wah Feb 2005Universal S.B.320,000 N.S. Lemos Mar 2005Hyundai Samho319,000 Thenamaris (Mgmt.) Mar 2005Hyundai H.I.306,000 Kristen Navigation Apr 2005Daewoo S.B.308,000 American Eagle Tnkrs May 2005Samsung S.B.300,000 Formosa Plastics Co. May 2005I.H.I.320,000 Dorian (Hellas) S.A. Jun 2005Hyundai Samho306,000 Sincere Navigation Jul 2005Daewoo S.B.298,000 Unknown Owner Jul 2005Universal S.B.308,000 American Eagle Tnkrs Aug 2005Samsung S.B.300,000 Formosa Plastics Co. Aug 2005I.H.I.308,000 Eastern Med. Mar. Sep 2005Samsung S.B.298,000 Unknown Owner Oct 2005Universal S.B.306,000 Kristen Navigation Nov 2005Daewoo S.B.308,000 Eastern Med. Mar. Dec 2005Samsung S.B.308,000 Eastern Med. Mar. Dec 2005Samsung S.B.


2006300,000 China Ocean (COSCO) 2006Universal S.B.

Total 1 Vessel(s) of 300,000 DWT.


Suezmax Tankers (120-200,000 dwt tonnes)Owner Builder Sched. Del.DWT Owner Builder Sched. Del.DWT

Suezmax Tankers (120-200,000 dwt tonnes)



Orderbook

Orderbook

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

(m) DWT



2003141,740 Polar Tankers Inc. Jan 2003NG Avondale160,000 C.T.G.M. S.A. Jun 2003Samsung S.B.160,000 Premuda S.P.A.N. Jun 2003Samsung S.B.159,460 K. G. Jebsen Jun 2003Hyundai Samhoc150,000 Ugland Nordic Shpg. Aug 2003Samsung S.B.159,000 Kristen Navigation Sep 2003Daewoo S.B.152,000 Teekay Shpg. Canada Sep 2003Hyundai H.I.141,740 Polar Tankers Inc. Sep 2003NG Avondale167,000 Tankerska Plovidba Oct 2003Brod. Split160,000 Ceres Hellenic Oct 2003Samsung S.B.159,000 Athenian Tankers Oct 2003Hyundai H.I.150,000 A/S J. Mowinckels Oct 2003Samsung S.B.150,000 Ondimar Transp. Oct 2003Universal S.B.185,000 BP Amoco PLC Nov 2003National Steel159,000 Athenian Tankers Nov 2003Hyundai H.I.155,000 Viken Shipping Nov 2003Samsung S.B.152,000 Teekay Shpg. Canada Nov 2003Hyundai H.I.159,000 Alpha Tankers & Frt. Dec 2003Hyundai H.I.159,000 China Ocean (COSCO) Dec 2003Bohai Shipyard150,000 Ondimar Transp. Dec 2003Universal S.B.


2004160,000 Ceres Hellenic Jan 2004Samsung S.B.159,000 Athenian Tankers Jan 2004Hyundai H.I.159,000 Alpha Tankers & Frt. Jan 2004Hyundai H.I.152,000 Teekay Shpg. Canada Jan 2004Hyundai H.I.156,000 Onassis Group Feb 2004Namura Zosensho159,000 Alpha Tankers & Frt. Apr 2004Hyundai H.I.159,000 Athenian Tankers Apr 2004Hyundai H.I.155,000 Viken Shipping Apr 2004Samsung S.B.155,000 Viken Shipping May 2004Samsung S.B.141,740 Polar Tankers Inc. May 2004NG Avondale159,000 China Ocean (COSCO) Jun 2004Bohai Shipyard167,000 Tankerska Plovidba Jul 2004Brod. Split156,000 Onassis Group Jul 2004Namura Zosensho159,000 Arcadia Shipmngt. Aug 2004Hyundai H.I.147,000 Shpg. Corp. of India Sep 2004Daewoo S.B.185,000 BP Amoco PLC Oct 2004National Steel130,000 Petrobras Oct 2004Eisa Shipyard159,000 Montanari, Navigaz. Nov 2004Daewoo S.B.159,000 Arcadia Shipmngt. Nov 2004Hyundai H.I.159,000 China Ocean (COSCO) Dec 2004Bohai Shipyard147,000 Shpg. Corp. of India Dec 2004Daewoo S.B.


2005164,000 C.M. Lemos 2005Universal S.B.164,000 C.M. Lemos 2005Universal S.B.159,000 Naviera F. Tapias Jan 2005Daewoo S.B.156,000 Great Eastern Shpg. Jan 2005Hyundai H.I.130,000 Petrobras Jan 2005Eisa Shipyard150,000 Sovcomflot AKP Feb 2005Hyundai H.I.147,500 Knutsen O.A.S. Shpg. Mar 2005Samsung S.B.150,000 Sovcomflot AKP Apr 2005Hyundai H.I.185,000 BP Amoco PLC May 2005National Steel159,000 Sovcomflot AKP May 2005Hyundai H.I.147,500 Knutsen O.A.S. Shpg. May 2005Samsung S.B.165,000 Besiktas Denizcilik Jun 2005Hyundai H.I.159,000 Naviera F. Tapias Jun 2005Daewoo S.B.159,000 Sovcomflot AKP Jun 2005Hyundai H.I.165,000 Besiktas Denizcilik Jul 2005Hyundai H.I.156,000 Great Eastern Shpg. Jul 2005Hyundai Samho159,000 Naviera F. Tapias Sep 2005Daewoo S.B.159,000 Sovcomflot AKP Sep 2005Hyundai H.I.159,000 Sovcomflot AKP Nov 2005Hyundai H.I.159,000 Centrofin Mngt. Dec 2005Daewoo S.B.153,000 Dynacom Tankers Mngt Dec 2005Universal S.B.


2006185,000 BP Amoco PLC Aug 2006National Steel



Aframax Tankers (80-120,000 dwt tonnes)Owner Builder Sched. Del.DWT Owner Builder Sched. Del.DWT

Aframax Tankers (80-120,000 dwt tonnes)


(m) DWT (end) 2001 2002 May-2003Fleet Totals 52.9 55.0 57.10 2003 4.41Deliveries 1.5 3.8 3.48 2004 4.91Scrapping 1.4 1.5 0.98 2005+ 4.36Contracting 7.3 4.8 3.25 Total 13.67Orderbook 12.9 13.9 13.67 % Fleet 23.9%c = Coated Tanks

Orderbook

Orderbook

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

(m) DWT



2003114,600 Shpg. Corp. of India May 2003Hyundai H.I.112,900 Geden Line May 2003Hyundai Samho115,000 Sovcomflot AKP Jun 2003Daewoo S.B.107,000 Itochu Corp. Jun 2003Imabari S.B.105,200 Dynacom Tankers Mngt Jun 2003Sumitomo H.I.105,000 Vela International Jun 2003Daewoo S.B.c

95,000 European Navigation Jun 2003Brod. Splitc113,000 Seaarland Shpg.Mgmnt Jul 2003Sanoyas105,000 A.M.P.T.C. Jul 2003Hyundai H.I.105,000 Arcadia Shipmngt. Jul 2003Hyundai H.I.105,000 ChevronTexaco Shpg. Jul 2003Samsung S.B.114,600 Shpg. Corp. of India Aug 2003Hyundai H.I.107,222 Tsakos Shpg. & Trad. Aug 2003Imabari S.B.107,000 Unknown Owner Aug 2003Imabari S.B.107,000 Neptune Orient Lines Aug 2003Imabari S.B.105,250 Scinicariello S/mngt Aug 2003Sumitomo H.I.105,000 Grupo Suardiaz Aug 2003Hyundai Samho115,000 Novorossiysk Shpg. Sep 2003Hyundai Samho115,000 Sovcomflot AKP Sep 2003Daewoo S.B.112,900 Geden Line Sep 2003Hyundai Samho112,000 Teekay Shpg. Canada Sep 2003Hyundai H.I.110,000 Fratelli D'Amico Sep 2003Mitsui S.B.107,000 Neptune Orient Lines Sep 2003Imabari S.B.

105,000 Augustea Ship Mngt Sep 2003Namura Zosensho95,000 European Navigation Sep 2003Brod. Splitc

112,700 Overseas Shipholding Oct 2003Hyundai Samho106,000 Unknown Owner Oct 2003Tsuneishi Zosen106,000 Sovcomflot AKP Oct 2003Tsuneishi Zosen105,400 DSD Shipping A/S Oct 2003Sumitomo H.I.105,000 ChevronTexaco Shpg. Oct 2003Samsung S.B.105,000 Great Eastern Shpg. Oct 2003Samsung S.B.105,000 Daiichi Chuo Oct 2003Namura Zosensho115,000 Novorossiysk Shpg. Nov 2003Hyundai Samho110,000 Fratelli D'Amico Nov 2003Mitsui S.B.106,000 BP Amoco Shpg. Ltd. Nov 2003Tsuneishi Zosen105,200 Unique Shpg. (H.K.) Nov 2003Sumitomo H.I.c105,000 Tanker Pacific Mngt. Nov 2003Hyundai H.I.

99,990 Torm, Dampskibss Nov 2003Hyundai Samhoc112,700 Overseas Shipholding Dec 2003Hyundai Samho108,000 Primorsk Shpg. Corp. Dec 2003Brod. Splitc

99,990 Torm, Dampskibss Dec 2003Hyundai Samhoc


2004115,000 Sovcomflot AKP Jan 2004Daewoo S.B.115,000 BP Amoco Shpg. Ltd. Jan 2004Samsung S.B.113,000 Seaarland Shpg.Mgmnt Jan 2004Sanoyas112,000 Teekay Shpg. Canada Jan 2004Hyundai H.I.106,000 BP Amoco Shpg. Ltd. Jan 2004Tsuneishi Zosen106,000 Sovcomflot AKP Jan 2004Tsuneishi Zosen105,200 Dynacom Tankers Mngt Jan 2004Sumitomo H.I.105,000 Thenamaris (Mgmt.) Jan 2004Hyundai Samho105,000 Thenamaris (Mgmt.) Jan 2004Hyundai Samho105,200 Dynacom Tankers Mngt Feb 2004Sumitomo H.I.105,000 Minerva Marine Inc. Feb 2004Samsung S.B.110,000 Fratelli D'Amico Mar 2004Mitsui S.B.107,000 Kawasaki Kisen Mar 2004Imabari S.B.106,000 BP Amoco Shpg. Ltd. Mar 2004Tsuneishi Zosen105,500 Eletson Corp. Mar 2004Hyundai H.I.c105,000 Minerva Marine Inc. Mar 2004Hyundai Samho105,000 Tanker Pacific Mngt. Mar 2004Hyundai H.I.105,000 Minerva Marine Inc. Mar 2004Hyundai Samho115,000 Malaysian Int. Shpg. Apr 2004Samsung S.B.115,000 BP Amoco Shpg. Ltd. Apr 2004Samsung S.B.106,000 BP Amoco Shpg. Ltd. Apr 2004Tsuneishi Zosen105,000 Unique Shpg. (H.K.) Apr 2004Daewoo S.B.c105,000 Geden Line Apr 2004Hyundai Samho115,000 Teekay Shpg. Canada May 2004Samsung S.B.105,000 Mitsui O.S.K. Lines May 2004Hyundai H.I.115,000 N.S. Lemos Jun 2004Samsung S.B.115,000 Malaysian Int. Shpg. Jun 2004Samsung S.B.108,000 Primorsk Shpg. Corp. Jun 2004Brod. Splitc105,500 Eletson Corp. Jun 2004Hyundai H.I.c105,000 Minerva Marine Inc. Jun 2004Samsung S.B.105,000 Geden Line Jun 2004Hyundai Samho115,000 Teekay Shpg. Canada Jul 2004Daewoo S.B.115,000 Teekay Shpg. Canada Jul 2004Samsung S.B.115,000 N.S. Lemos Aug 2004Samsung S.B.105,000 Mitsui O.S.K. Lines Aug 2004Hyundai H.I.115,000 BP Amoco Shpg. Ltd. Sep 2004Samsung S.B.115,000 Teekay Shpg. Canada Oct 2004Daewoo S.B.115,000 Teekay Shpg. Canada Oct 2004Samsung S.B.113,000 Marmaras Nav. Ltd. Oct 2004Hyundai Samho106,000 Unknown Owner Oct 2004Tsuneishi Zosenc105,000 China Shpg. Tankers Oct 2004Dalian New Yard


Aframax Tankers (80-120,000 dwt tonnes)Owner Builder Sched. Del.DWT Owner Builder Sched. Del.DWT

110,000 A.P. Moller Nov 2004Dalian New Yardc105,000 Minerva Marine Inc. Nov 2004Samsung S.B.115,000 Teekay Shpg. Canada Dec 2004Samsung S.B.105,000 China Shpg. Tankers Dec 2004Dalian New Yard


2005115,000 Teekay Shpg. Canada 2005Daewoo S.B.115,000 Teekay Shpg. Canada 2005Daewoo S.B.115,000 Scorpio Ship Mngmt. 2005Samsung S.B.115,000 Scorpio Ship Mngmt. 2005Samsung S.B.105,400 DSD Shipping A/S 2005Sumitomo H.I.105,000 Malaysian Int. Shpg. 2005Samsung S.B.105,000 Malaysian Int. Shpg. 2005Samsung S.B.105,000 Stealth Maritime 2005Waigaoqiao S/Y105,000 Kumiai Senpaku K.K. 2005Universal S.B.105,000 Stealth Maritime 2005Waigaoqiao S/Y105,000 China Shpg. Tankers 2005Dalian New Yard103,000 European Navigation 2005Brod. Splitc115,000 BP Amoco Shpg. Ltd. Jan 2005Samsung S.B.113,000 Marmaras Nav. Ltd. Jan 2005Hyundai Samho110,000 A.P. Moller Jan 2005Dalian New Yardc105,000 Unknown Owner Jan 2005Hyundai H.I.105,000 Minerva Marine Inc. Jan 2005Samsung S.B.105,000 Minerva Marine Inc. Jan 2005Samsung S.B.105,000 Tai Chong Cheang Jan 2005Hyundai H.I.105,000 Thenamaris (Mgmt.) Jan 2005Hyundai Samho105,000 Thenamaris (Mgmt.) Jan 2005Hyundai Samho105,000 Montanari Group Feb 2005Daewoo S.B.110,000 A.P. Moller Mar 2005Dalian New Yardc105,000 MOST Med Oil Supply Mar 2005Hyundai H.I.115,000 BP Amoco Shpg. Ltd. Apr 2005Samsung S.B.113,000 Marmaras Nav. Ltd. Apr 2005Hyundai Samho105,000 MOST Med Oil Supply Apr 2005Hyundai H.I.113,000 Marmaras Nav. Ltd. May 2005Hyundai Samho107,000 Kawasaki Kisen May 2005Imabari S.B.105,000 Tai Chong Cheang May 2005Daewoo S.B.115,000 BP Amoco Shpg. Ltd. Jun 2005Samsung S.B.113,000 Seaarland Shpg.Mgmnt Jun 2005Sanoyas115,000 Dunya Denizcilik Jul 2005Samsung S.B.110,000 A.P. Moller Jul 2005Dalian New Yardc115,000 BP Amoco Shpg. Ltd. Aug 2005Samsung S.B.105,000 Chandris (Hellas) Aug 2005Daewoo S.B.c105,000 Euroceanica Sep 2005Hyundai H.I.115,000 Dunya Denizcilik Oct 2005Samsung S.B.


2006115,000 Dunya Denizcilik Jan 2006Samsung S.B.105,000 Chandris (Hellas) May 2006Daewoo S.B.c



Panamax Tankers (60-80,000 dwt tonnes)Owner Builder Sched. Del.DWT Owner Builder Sched. Del.DWT

Panamax Tankers (60-80,000 dwt tonnes)


(m) DWT (end) 2001 2002 May-2003Fleet Totals 14.5 14.7 14.99 2003 1.21Deliveries 0.3 0.7 0.64 2004 2.76Scrapping 0.4 0.4 0.34 2005+ 2.22Contracting 2.0 3.3 1.71 Total 6.20Orderbook 2.5 5.1 6.20 % Fleet 41.3%c = Coated Tanks

Orderbook

Orderbook

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

(m) DWT



200370,297 OMI Marine Services May 2003Daewoo S.B.c70,124 Eletson Corp. May 2003Hyundai H.I.c68,467 Tsakos Shpg. & Trad. May 2003Koyo Dock K.K.c70,200 Wah Kwong Shpg. Jun 2003Universal S.B.72,000 Diamlemos Shpg. Corp Jul 2003Hudong S/Yard73,000 Fratelli D'Amato Aug 2003Hudong S/Yardc73,000 Ionia Mgmt. S.A. Aug 2003Samsung S.B.70,000 Golden Energy Mngt. Aug 2003Hyundai H.I.70,000 Golden Energy Mngt. Aug 2003Hyundai H.I.70,000 Liquimar Tankers Sep 2003STX Shipbuild.c68,467 Tsakos Shpg. & Trad. Sep 2003Koyo Dock K.K.c75,000 Stelmar Tankers Nov 2003Daewoo S.B.73,000 Pacific Carriers Nov 2003Samsung S.B.c73,000 Livanos Group Nov 2003Hyundai H.I.73,000 Pacific Carriers Dec 2003Samsung S.B.c72,000 Stena Bulk AB Dec 2003Dalian Shipyardc72,000 Diamlemos Shpg. Corp Dec 2003Hudong S/Yard


200474,000 China Shpg. Tankers 2004Jiangnan S/Yard74,000 China Shpg. Tankers 2004Jiangnan S/Yard73,000 Deiulemar Cia. Nav. 2004New Century S/Y

73,000 Deiulemar Cia. Nav. 2004New Century S/Y70,000 Prime Maritime 2004Hudong S/Yard69,000 LMZ Transoil 2004Daewoo S.B.75,000 Torm, Dampskibss Jan 2004Hyundai H.I.c73,000 Fratelli D'Amato Jan 2004Hudong S/Yardc70,000 Liquimar Tankers Jan 2004STX Shipbuild.c62,000 Pleiades Shpg. Agcy. Jan 2004Sumitomo H.I.75,000 Gotland Rederi AB Feb 2004Hyundai H.I.c75,000 Stelmar Tankers Feb 2004Daewoo S.B.71,000 Dynacom Tankers Mngt Feb 2004Onomichi Dockyd75,000 Oldendorff, Klaus Mar 2004Hyundai H.I.c72,000 Stena Bulk AB Mar 2004Dalian Shipyardc75,000 Oldendorff, Klaus Apr 2004Hyundai H.I.c75,000 Stelmar Tankers Apr 2004Daewoo S.B.75,000 Oldendorff, Klaus Apr 2004Hyundai H.I.c71,000 Dynacom Tankers Mngt Apr 2004Onomichi Dockyd75,000 Oldendorff, Klaus May 2004Hyundai H.I.c73,000 Byzantine Maritime. May 2004STX Shipbuild.c75,000 LGR di Navigazione Jun 2004Hyundai H.I.c73,000 Pacific Carriers Jun 2004Samsung S.B.c70,280 Golden Energy Mngt. Jun 2004STX Shipbuild.c75,000 Stelmar Tankers Jul 2004Daewoo S.B.75,000 Torm, Dampskibss Jul 2004Hyundai H.I.c70,280 Golden Energy Mngt. Jul 2004STX Shipbuild.c70,000 Pleiades Shpg. Agcy. Aug 2004Koyo Dock K.K.c75,000 Stelmar Tankers Sep 2004Daewoo S.B.75,000 Schulte Group Sep 2004Hyundai H.I.c75,000 Schulte Group Oct 2004Hyundai H.I.c73,000 Paradise Navigation Oct 2004Hudong S/Yardc72,000 Euroceanica Oct 2004Samsung S.B.c69,000 LMZ Transoil Oct 2004Daewoo S.B.70,000 Pleiades Shpg. Agcy. Nov 2004Koyo Dock K.K.c70,000 Formosa Plastics Co. Nov 2004Universal S.B.c73,000 Paradise Navigation Dec 2004Hudong S/Yardc72,000 Euroceanica Dec 2004Samsung S.B.c


200574,000 Rederi AB Swan 2005STX Shipbuild.c74,000 COSCO (Hong Kong) 2005Dalian New Yard74,000 COSCO (Hong Kong) 2005Dalian New Yard74,000 China Ocean (COSCO) 2005Dalian New Yard74,000 Rederi AB Swan 2005STX Shipbuild.c73,000 Paradise Navigation 2005Hudong S/Yard73,000 Consolidated Nav. 2005New Century S/Yc73,000 Consolidated Nav. 2005New Century S/Yc73,000 Pacific Carriers 2005Samsung S.B.c73,000 Pacific Carriers 2005Samsung S.B.c62,000 Pleiades Shpg. Agcy. Feb 2005Sumitomo H.I.73,000 Byzantine Maritime. Mar 2005STX Shipbuild.c71,000 Dynacom Tankers Mngt Mar 2005Onomichi Dockydc70,000 Formosa Plastics Co. Mar 2005Universal S.B.c70,000 Petrobras Apr 2005Eisa Shipyard73,000 Pacific Carriers May 2005Samsung S.B.c73,000 Byzantine Maritime. Jun 2005STX Shipbuild.c72,000 Stena Bulk AB Jun 2005Dalian Shipyardc70,000 Formosa Plastics Co. Jun 2005Universal S.B.c62,000 Pleiades Shpg. Agcy. Jun 2005Sumitomo H.I.74,100 Transpetrol Services Jul 2005STX Shipbuild.c73,000 Fratelli D'Amato Jul 2005New Century S/Yc72,000 Stena Bulk AB Jul 2005Dalian Shipyardc74,100 Transpetrol Services Aug 2005STX Shipbuild.c


Panamax Tankers (60-80,000 dwt tonnes)Owner Builder Sched. Del.DWT Owner Builder Sched. Del.DWT

70,280 Golden Energy Mngt. Aug 2005STX Shipbuild.c70,000 Petrobras Aug 2005Eisa Shipyard73,000 Fratelli D'Amato Oct 2005New Century S/Yc70,280 Golden Energy Mngt. Nov 2005STX Shipbuild.c70,280 Golden Energy Mngt. Dec 2005STX Shipbuild.c


200673,000 Ravennavi S.P.A. 2006New Century S/Yc73,000 Ravennavi S.P.A. 2006New Century S/Yc



Handy Products Tankers (10 - 60,000 dwt tonnes)Owner Builder Sched. Del.DWT Owner Builder Sched. Del.DWT

Handy Products Tankers (10 - 60,000 dwt tonnes)

No. Vessels(end) 2001 2002 May-2003Fleet Totals 1,245 1,229 1,233 2003 67Deliveries 33 57 32 2004 101Scrapping 31 68 26 2005+ 89Contracting 111 82 79 Total 257Orderbook 185 210 257 % Fleet 20.8%

(m) DWT (end) 2001 2002 May-2003Fleet Totals 40.6 40.2 40.72 2003 2.72Deliveries 1.2 2.2 1.33 2004 4.21Scrapping 1.0 2.3 0.79 2005+ 3.94Contracting 4.6 3.5 3.40 Total 10.87Orderbook 7.5 8.8 10.87 % Fleet 26.7%Includes IMO III Only Chemical Tankers

Orderbook

Orderbook

0.00.5

1.01.5

2.02.5

3.03.5

4.04.5

5.0

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

(m) DWT



200345,614 Vardinoyannis Group 2003Chernomorskiyc45,614 Vardinoyannis Group 2003Chernomorskiyc12,500 Vietnam Ocean Shpg. 2003Bach Dang S/Yc46,000 Nanjing Changjiang Mar 2003Bohai Shipyardc46,000 Capo Gallo Apr 2003Jiangdu S/yardc40,000 Fratelli D'Amato May 2003Shina S.B.c37,000 Metrostar Management May 2003Hyundai Mipoc47,000 Nisshin Shpg.Co.Ltd. Jun 2003Onomichi Dockydc46,000 Capo Gallo Jun 2003Jiangdu S/yardc46,000 Admanthos Shipping Jun 2003Hyundai Mipoc37,000 Qatar Shipping Jun 2003Shina S.B.c35,960 Seaarland Shpg.Mgmnt Jun 2003STX Shipbuild.c35,000 A.P. Moller Jun 2003Guangzhou Shpydc47,000 Stargas S.r.l. Jul 2003Onomichi Dockydc46,000 Beihai Marine Co. Jul 2003Bohai Shipyardc45,800 Norden D/S A/S Jul 2003Shin Kurushimac40,015 China Shpg. Tankers Jul 2003Guangzhou Shpydc37,000 Int. Andromeda Shpg. Jul 2003Hyundai Mipoc37,000 Interorient Nav. Co. Jul 2003Hyundai Mipoc35,000 A.P. Moller Jul 2003Guangzhou Shpydc35,000 A.P. Moller Jul 2003Dalian Shipyardc45,800 Cido Shipping Aug 2003Shin Kurushimac40,000 Fullship S.r.l. Aug 2003Shina S.B.c

39,500 Intership Nav. Co. Aug 2003Saiki Hvy. Ind.c37,000 Marlink Schiffs. Aug 2003Hyundai Mipoc37,000 Norden D/S A/S Aug 2003STX Shipbuild.c37,000 Interorient Nav. Co. Aug 2003Hyundai Mipoc35,960 Seaarland Shpg.Mgmnt Aug 2003STX Shipbuild.c35,000 Schoeller Holdings Aug 2003Hyundai Mipoc48,000 Iino Kaiun Kaisha Sep 2003Iwagi Zosenc47,400 Sovcomflot AKP Sep 2003Admiralty S.Y.c47,300 Byzantine Maritime. Sep 2003Brod. 3 Majc47,000 Nisshin Shpg.Co.Ltd. Sep 2003Onomichi Dockydc46,000 Admanthos Shipping Sep 2003Hyundai Mipoc45,800 Norden D/S A/S Sep 2003Shin Kurushimac40,000 Fratelli D'Amato Sep 2003Shina S.B.c37,000 Marlink Schiffs. Sep 2003Hyundai Mipoc37,000 Norden D/S A/S Sep 2003STX Shipbuild.c35,000 A.P. Moller Sep 2003Guangzhou Shpydc20,000 Rosneft JSC Sep 2003Admiralty S.Y.c48,000 Iino Kaiun Kaisha Oct 2003Iwagi Zosenc47,000 Vanguard Enterprise Oct 2003Onomichi Dockydc46,000 Capo Gallo Oct 2003Jiangdu S/yardc45,800 Fukunaga Kaiun Oct 2003Shin Kurushimac45,800 Unknown Owner Oct 2003Shin Kurushimac40,015 China Shpg. Tankers Oct 2003Guangzhou Shpydc39,500 Intership Nav. Co. Oct 2003Saiki Hvy. Ind.c37,000 Metrostar Management Oct 2003Hyundai Mipoc35,000 Schoeller Holdings Oct 2003Hyundai Mipoc48,000 Iino Kaiun Kaisha Nov 2003Iwagi Zosenc40,000 Fratelli D'Amato Nov 2003Shina S.B.c37,000 Interorient Nav. Co. Nov 2003Hyundai Mipoc35,960 Seaarland Shpg.Mgmnt Nov 2003STX Shipbuild.c35,000 Schoeller Holdings Nov 2003Hyundai Mipoc35,000 A.P. Moller Nov 2003Dalian Shipyardc47,300 Byzantine Maritime. Dec 2003Brod. 3 Majc47,000 Sovcomflot AKP Dec 2003Hyundai Mipoc47,000 Sovcomflot AKP Dec 2003Hyundai Mipoc47,000 Novorossiysk Shpg. Dec 2003Brod. Uljanikc47,000 Sovcomflot AKP Dec 2003Hyundai Mipoc46,000 Capo Gallo Dec 2003Jiangdu S/yardc45,800 Stelmar Tankers Dec 2003STX Shipbuild.c45,000 SK Shipping Co. Ltd. Dec 2003Hyundai Mipoc40,015 China Shpg. Tankers Dec 2003Guangzhou Shpydc37,000 Chemikalien Seetrans Dec 2003Shina S.B.c35,000 A.P. Moller Dec 2003Guangzhou Shpydc20,000 Rosneft JSC Dec 2003Admiralty S.Y.c


200445,800 Formosa Plastics Co. 2004Shin Kurushimac45,800 Formosa Plastics Co. 2004Shin Kurushimac45,800 Formosa Plastics Co. 2004Shin Kurushimac45,614 Vardinoyannis Group 2004Chernomorskiyc45,614 Vardinoyannis Group 2004Chernomorskiyc35,000 A.P. Moller 2004Dalian Shipyardc35,000 A.P. Moller 2004Dalian Shipyardc12,000 Caspian Shipping 2004Krasnoy Sormovoc12,000 Caspian Shipping 2004Krasnoy Sormovoc47,000 Vanguard Enterprise Jan 2004Onomichi Dockydc47,000 Nisshin Shpg.Co.Ltd. Jan 2004Onomichi Dockydc45,800 Unknown Owner Jan 2004Shin Kurushimac45,000 Cido Shipping Jan 2004Imabari S.B.c39,500 Intership Nav. Co. Jan 2004Saiki Hvy. Ind.c37,000 Interorient Nav. Co. Jan 2004Hyundai Mipoc



35,000 Schoeller Holdings Jan 2004Hyundai Mipoc47,000 Novorossiysk Shpg. Feb 2004Brod. Uljanikc45,800 Stelmar Tankers Feb 2004STX Shipbuild.c38,000 Overseas Maritime Feb 2004Guangzhou Shpydc18,000 Kirana Tanker Pte. Feb 2004Naikai S.B.c47,400 Sovcomflot AKP Mar 2004Admiralty S.Y.c47,000 Sovcomflot AKP Mar 2004Hyundai Mipoc47,000 Novoship (UK) Ltd. Mar 2004Hyundai Mipoc47,000 Novoship (UK) Ltd. Mar 2004Hyundai Mipoc45,800 Nisshin Shpg.Co.Ltd. Mar 2004Shin Kurushimac45,000 Cido Shipping Mar 2004Imabari S.B.c45,000 SK Shipping Co. Ltd. Mar 2004Hyundai Mipoc39,500 Intership Nav. Co. Mar 2004Saiki Hvy. Ind.c37,000 Unicorn Lines (Pty.) Mar 2004Shina S.B.c37,000 Chemikalien Seetrans Mar 2004Shina S.B.c35,000 A.P. Moller Mar 2004Guangzhou Shpydc35,000 Schoeller Holdings Mar 2004Hyundai Mipoc18,000 Kirana Tanker Pte. Mar 2004Naikai S.B.c48,000 Mitsui O.S.K. Lines Apr 2004Iwagi Zosenc47,300 Byzantine Maritime. Apr 2004Brod. 3 Majc45,800 Unknown Owner Apr 2004Shin Kurushimac40,015 China Shpg. Tankers Apr 2004Guangzhou Shpydc38,000 Overseas Maritime Apr 2004Guangzhou Shpydc37,000 OMI Marine Services Apr 2004Hyundai Mipoc40,000 D'Amato di Nav. May 2004Shina S.B.c47,400 Gestioni Armatoriali Jun 2004Brod. Uljanikc47,000 Novoship (UK) Ltd. Jun 2004Hyundai Mipoc47,000 Novoship (UK) Ltd. Jun 2004Hyundai Mipoc46,000 Transpetrol Services Jun 2004STX Shipbuild.c46,000 BP Amoco Shpg. Ltd. Jun 2004Hyundai Mipoc45,900 Unknown Owner Jun 2004Naikai S.B.c45,800 Unknown Owner Jun 2004Shin Kurushimac39,500 Intership Nav. Co. Jun 2004Saiki Hvy. Ind.c37,000 Unicorn Lines (Pty.) Jun 2004Shina S.B.c37,000 Tsakos Shpg. & Trad. Jun 2004Hyundai Mipoc35,000 Schoeller Holdings Jun 2004Hyundai Mipoc35,000 Nat. Iranian Tanker Jun 2004Hyundai Mipoc51,000 Golden Energy Mngt. Jul 2004STX Shipbuild.c48,000 Mitsui O.S.K. Lines Jul 2004Iwagi Zosenc47,000 Yamamoto Kaiun K.K. Jul 2004Onomichi Dockydc46,500 Int. Andromeda Shpg. Jul 2004Jiangdu S/yardc46,000 Transpetrol Services Jul 2004STX Shipbuild.c45,800 Norden D/S A/S Jul 2004Shin Kurushimac45,000 Great Eastern Shpg. Jul 2004Hanjin H.I.c40,015 China Shpg. Tankers Jul 2004Guangzhou Shpydc37,000 OMI Marine Services Jul 2004Hyundai Mipoc51,000 Golden Energy Mngt. Aug 2004STX Shipbuild.c47,000 Yamamoto Kaiun K.K. Aug 2004Onomichi Dockydc46,000 Athenian Tankers Aug 2004Hyundai Mipoc45,800 Stelmar Tankers Aug 2004STX Shipbuild.c39,500 Intership Nav. Co. Aug 2004Saiki Hvy. Ind.c37,000 Chemikalien Seetrans Aug 2004Shina S.B.c35,000 Montanari, Navigaz. Aug 2004Hyundai Mipoc49,700 Ocean Tankers Pte. Sep 2004Shina S.B.c47,000 Unknown Owner Sep 2004Onomichi Dockydc46,000 BP Amoco Shpg. Ltd. Sep 2004Hyundai Mipoc46,000 BP Amoco Shpg. Ltd. Sep 2004Hyundai Mipoc45,900 Unknown Owner Sep 2004Naikai S.B.c45,800 SOCATRA Sep 2004STX Shipbuild.c37,000 Ancora Investment Sep 2004Shina S.B.c37,000 Arminter S.A.M. Sep 2004Hyundai Mipoc37,000 Tsakos Shpg. & Trad. Sep 2004Hyundai Mipoc

35,000 Nat. Iranian Tanker Sep 2004Hyundai Mipoc45,800 Stelmar Tankers Oct 2004STX Shipbuild.c45,000 D'Amico Soc. di Nav. Oct 2004STX Shipbuild.c44,950 Nippon Yusen Kaisha Oct 2004Imabari S.B.c37,000 OMI Marine Services Oct 2004Hyundai Mipoc45,800 Unknown Owner Nov 2004Shin Kurushimac37,000 Interorient Nav. Co. Nov 2004Hyundai Mipoc37,000 Marina Investments Nov 2004STX Shipbuild.c35,000 Nat. Iranian Tanker Nov 2004ISOICOc47,300 Uljanik Plovidba Dec 2004Brod. 3 Majc47,000 Scope Management Dec 2004Guangzhou Shpydc46,500 Int. Andromeda Shpg. Dec 2004Jiangdu S/yardc46,000 Capo Gallo Dec 2004Jiangdu S/yardc46,000 BP Amoco Shpg. Ltd. Dec 2004Hyundai Mipoc46,000 BP Amoco Shpg. Ltd. Dec 2004Hyundai Mipoc45,800 Stelmar Tankers Dec 2004STX Shipbuild.c45,800 Unknown Owner Dec 2004Shin Kurushimac45,800 Cido Shipping Dec 2004Iwagi Zosenc45,800 Cido Shipping Dec 2004Iwagi Zosenc45,000 D'Amico Soc. di Nav. Dec 2004STX Shipbuild.c38,000 Overseas Maritime Dec 2004Guangzhou Shpydc37,000 Tsakos Shpg. & Trad. Dec 2004Hyundai Mipoc35,000 Nat. Iranian Tanker Dec 2004Hyundai Mipoc35,000 Schoeller Holdings Dec 2004Hyundai Mipoc


200549,900 Stena Bulk AB 2005Brod. Splitc49,900 Stena Bulk AB 2005Brod. Splitc49,900 Stena Bulk AB 2005Brod. Splitc49,900 Stena Bulk AB 2005Brod. Splitc47,400 Sovcomflot AKP 2005Admiralty S.Y.c47,400 Sovcomflot AKP 2005Admiralty S.Y.c46,000 Livanos Group 2005STX Shipbuild.c46,000 Livanos Group 2005STX Shipbuild.c46,000 Livanos Group 2005STX Shipbuild.c46,000 Livanos Group 2005STX Shipbuild.c46,000 Athenian Tankers 2005Hyundai Mipoc45,800 Formosa Plastics Co. 2005Shin Kurushimac38,500 Norden D/S A/S 2005Guangzhou Shpydc38,500 Norden D/S A/S 2005Guangzhou Shpydc35,000 Schulte Group 2005Dalian Shipyardc35,000 Schulte Group 2005Dalian Shipyardc35,000 Bottiglieri Nav. 2005Hyundai Mipoc35,000 Augusta Dua S.r.l. 2005Hyundai Mipoc35,000 Augusta Dua S.r.l. 2005Hyundai Mipoc35,000 Bottiglieri Nav. 2005Hyundai Mipoc51,000 Golden Energy Mngt. Jan 2005STX Shipbuild.c51,000 Golden Energy Mngt. Jan 2005STX Shipbuild.c49,700 Ocean Tankers Pte. Jan 2005Shina S.B.c46,000 Capo Gallo Jan 2005Jiangdu S/yardc46,000 Athenian Tankers Jan 2005Hyundai Mipoc45,800 SOCATRA Jan 2005STX Shipbuild.c37,000 Unicorn Lines (Pty.) Jan 2005Shina S.B.c37,000 Marina Investments Jan 2005STX Shipbuild.c35,000 Nat. Iranian Tanker Jan 2005ISOICOc45,800 Unknown Owner Feb 2005Shin Kurushimac37,000 Int. Andromeda Shpg. Feb 2005Hyundai Mipoc49,000 Vela International Mar 2005Daewoo S.B.c47,000 Scope Management Mar 2005Guangzhou Shpydc47,000 Novorossiysk Shpg. Mar 2005Brod. Uljanikc47,000 Wah Kwong Shpg. Mar 2005Onomichi Dockydc



46,000 Athenian Tankers Mar 2005Hyundai Mipoc46,000 BP Amoco Shpg. Ltd. Mar 2005Hyundai Mipoc46,000 BP Amoco Shpg. Ltd. Mar 2005Hyundai Mipoc45,900 Unknown Owner Mar 2005Naikai S.B.c45,000 D'Amico Soc. di Nav. Mar 2005STX Shipbuild.c37,000 Ancora Investment Mar 2005Shina S.B.c37,000 Tsakos Shpg. & Trad. Mar 2005Hyundai Mipoc37,000 Arminter S.A.M. Mar 2005Hyundai Mipoc35,000 Schoeller Holdings Mar 2005Hyundai Mipoc35,000 Montanari, Navigaz. Mar 2005Hyundai Mipoc49,700 Ocean Tankers Pte. Apr 2005Shina S.B.c45,800 Stelmar Tankers Apr 2005STX Shipbuild.c37,000 Int. Andromeda Shpg. Apr 2005Hyundai Mipoc49,000 Vela International May 2005Daewoo S.B.c47,000 Novorossiysk Shpg. May 2005Brod. Uljanikc52,800 Western Petroleum Jun 2005Hyundai Mipoc47,300 Uljanik Plovidba Jun 2005Brod. 3 Majc46,000 BP Amoco Shpg. Ltd. Jun 2005Hyundai Mipoc46,000 Athenian Tankers Jun 2005Hyundai Mipoc46,000 BP Amoco Shpg. Ltd. Jun 2005Hyundai Mipoc45,800 Target Marine S.A. Jun 2005STX Shipbuild.c45,000 D'Amico Soc. di Nav. Jun 2005STX Shipbuild.c37,000 Chemikalien Seetrans Jun 2005Shina S.B.c35,000 Montanari, Navigaz. Jun 2005Hyundai Mipoc51,000 Pietro Barbaro SpA Jul 2005STX Shipbuild.c49,700 Ocean Tankers Pte. Jul 2005Shina S.B.c37,000 Ancora Investment Jul 2005Shina S.B.c52,800 Western Petroleum Sep 2005Hyundai Mipoc51,000 Pietro Barbaro SpA Sep 2005STX Shipbuild.c49,700 Ocean Tankers Pte. Sep 2005Shina S.B.c46,000 BP Amoco Shpg. Ltd. Sep 2005Hyundai Mipoc46,000 BP Amoco Shpg. Ltd. Sep 2005Hyundai Mipoc37,000 Interorient Nav. Co. Sep 2005Hyundai Mipoc52,800 Western Petroleum Oct 2005Hyundai Mipoc46,000 Athenian Tankers Oct 2005Hyundai Mipoc40,000 Fullship S.r.l. Oct 2005Shina S.B.c46,500 Int. Andromeda Shpg. Nov 2005Jiangdu S/yardc37,000 Interorient Nav. Co. Nov 2005Hyundai Mipoc52,800 Western Petroleum Dec 2005Hyundai Mipoc46,000 BP Amoco Shpg. Ltd. Dec 2005Hyundai Mipoc40,000 Fratelli D'Amato Dec 2005Shina S.B.c35,000 G. D'Alesio S.A.S. Dec 2005Hyundai Mipoc


200648,000 Mitsui O.S.K. Lines 2006Iwagi Zosenc48,000 Mitsui O.S.K. Lines 2006Iwagi Zosenc47,400 Sovcomflot AKP 2006Admiralty S.Y.c47,400 Sovcomflot AKP 2006Admiralty S.Y.c52,800 Western Petroleum Jan 2006Hyundai Mipoc37,000 Unicorn Lines (Pty.) Jan 2006Shina S.B.c52,800 Western Petroleum Feb 2006Hyundai Mipoc49,700 Ocean Tankers Pte. Feb 2006Shina S.B.c46,500 Int. Andromeda Shpg. Feb 2006Jiangdu S/yardc40,000 Fullship S.r.l. Mar 2006Shina S.B.c46,000 Transpetrol Services Apr 2006STX Shipbuild.c40,000 Fratelli D'Amato Jun 2006Shina S.B.c



Handy Chemical Tankers (10 - 60,000 dwt tonnes)Owner Builder Sched. Del.DWT Owner Builder Sched. Del.DWT

Handy Chemical Tankers (10 - 60,000 dwt tonnes)


(m) DWT (end) 2001 2002 May-2003Fleet Totals 14.8 15.5 15.79 2003 1.46Deliveries 0.7 1.0 0.48 2004 1.11Scrapping 0.1 0.3 0.15 2005+ 0.80Contracting 1.2 1.6 0.58 Total 3.37Orderbook 2.6 3.3 3.37 % Fleet 21.4%Excludes IMO III Only Chemical Tankers

Orderbook

Orderbook

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

(m) DWT



200321,700 Unknown Owner 2003Soc. Esercizioc21,700 Unknown Owner 2003Soc. Esercizioc18,500 Guy Somers 2003Qingshan S.Y.c13,500 Stenersen A/S 2003Jiangyang S.Y.c32,000 Nisshin Shpg.Co.Ltd. Mar 2003Shin Kurushimac19,500 Nisshin Shpg.Co.Ltd. Apr 2003Usuki Zosenshoc16,000 Fleischer & Co. AS Apr 2003Mutzelfeldtc25,000 Jo Tankers A/S May 2003Kitanihon Zosenc19,305 Tokyo Marine Co. Ltd May 2003Shin Kurushimac16,800 Ar.Co.In. S.R.L. May 2003Cant. De Polic12,300 Unknown Owner May 2003Fukuoka S.B.c47,400 Gestioni Armatoriali Jun 2003Brod. Uljanikc45,000 Bakri Navigation Co. Jun 2003Hyundai Mipoc40,000 Odfjell ASA Jun 2003Szczecin. Nowac35,000 Ottavio Novella Jun 2003Brod. 3 Majc32,450 German Tanker Shpg. Jun 2003Lindenauc30,050 Iino Kaiun Kaisha Jun 2003Shin Kurushimac25,000 Jo Tankers A/S Jun 2003Watanabe Zosenc25,000 Marittima Emiliana Jun 2003Chengxi Shipyd.c19,500 SAMAMA Jun 2003Usuki Zosenshoc19,000 Soc. Nav. Ultragas Jun 2003Izar Gijonc18,500 W.W. Marpetrol S.A. Jun 2003Vulcano S.A.c16,500 Petroships Pte. Jun 2003Kyokuyo S/yardc

13,000 Unknown Owner Jun 2003Marmarac47,500 Anglo-Atlantic S.S. Jul 2003Brod. Trogirc19,500 Osaka Shipping Jul 2003Kitanihon Zosenc16,400 Stenersen A/S Jul 2003Jiangnan S/Yardc12,000 Unknown Owner Jul 2003Miyoshi Zosenc12,000 Samho Shipping Co. Jul 2003Samho Tongyoungc44,800 Wawasan Shipping Aug 2003Dalian Shipyardc25,000 Fortum Oil & Gas Aug 2003Jinling Shipyd.c19,500 Pan Ocean Shipping Aug 2003Shin Kurushimac15,200 Unknown Owner Aug 2003Fukuoka S.B.c47,400 Gestioni Armatoriali Sep 2003Brod. Uljanikc46,000 D'Amico Soc. di Nav. Sep 2003STX Shipbuild.c32,000 Maruta Industries Sep 2003Shin Kurushimac23,000 Castaldi, P.G. & M. Sep 2003Cant. Orlandoc19,500 SAMAMA Sep 2003Usuki Zosenshoc14,000 Tarntank Rederi AB Sep 2003Shanghai Edwardc46,000 D'Amico Soc. di Nav. Oct 2003STX Shipbuild.c19,500 Doun Kisen K.K. Oct 2003Kitanihon Zosenc19,500 Fairfield Chemical Oct 2003Usuki Zosenshoc16,000 Kyoyu Kisen K.K. Oct 2003Watanabe Zosenc15,500 Fortum Oil & Gas Oct 2003Vianayardc14,800 Petromarine S.A. Oct 2003Niestern-Sanderc10,000 Clipper Group Oct 2003Yardimci Denizc47,500 Anglo-Atlantic S.S. Nov 2003Brod. Trogirc25,000 Tokyo Marine Co. Ltd Nov 2003Shin Kurushimac19,700 Unknown Owner Nov 2003Fukuoka S.B.c16,400 Stenersen A/S Nov 2003Jiangnan S/Yardc13,700 Ektank AB Nov 2003Jiangnan S/Yardc40,000 Odfjell ASA Dec 2003Szczecin. Nowac37,000 Odfjell ASA Dec 2003Kleven Floroec35,000 Knutsen O.A.S. Shpg. Dec 2003Naval Gijonc32,450 German Tanker Shpg. Dec 2003Lindenauc32,000 Nisshin Shpg.Co.Ltd. Dec 2003Shin Kurushimac21,350 Augusta Dua S.r.l. Dec 2003Vulcano S.A.c13,658 Tarbit Shpg. AB Dec 2003Shanghai Edwardc12,000 Finbeta S.P.A Dec 2003Cant.Nav.Morinic


200445,000 European Navigation 2004Brod. Splitc16,800 Ar.Co.In. S.R.L. 2004Cant. De Polic15,999 Furetank Rederi A/B 2004Shanghai Edwardc15,999 Alvtank AB 2004Shanghai Edwardc13,700 Ektank AB 2004Jiangnan S/Yardc10,040 Clipper Group 2004Yardimci Denizc10,000 Gerhard Wessels 2004Volhardingc30,000 Jo Tankers A/S Jan 2004Kitanihon Zosenc25,000 Fortum Oil & Gas Jan 2004Jinling Shipyd.c23,400 Carl Buttner Jan 2004Brod. 3 Majc16,000 Besiktas Denizcilik Jan 2004Cicek Shipyardc16,000 Fleischer & Co. AS Jan 2004Mutzelfeldtc15,500 Fortum Oil & Gas Jan 2004Vianayardc10,000 Unknown Owner Jan 2004Sasaki Zosenc25,000 Miyawa Kaiun Feb 2004Watanabe Zosenc19,500 Pan Ocean Shipping Mar 2004Shin Kurushimac16,000 Besiktas Denizcilik Mar 2004Cicek Shipyardc13,500 Castaldi, P.G. & M. Mar 2004Cant. Apuaniac37,300 Rigel Schiffahrts Apr 2004Jinling Shipyd.c47,500 Anglo-Atlantic S.S. May 2004Brod. Trogirc19,500 MT Maritime Mngt. May 2004Kitanihon Zosenc19,500 Fairfield Chemical May 2004Usuki Zosenshoc40,000 Odfjell ASA Jun 2004Szczecin. Nowac


Handy Chemical Tankers (10 - 60,000 dwt tonnes)Owner Builder Sched. Del.DWT Owner Builder Sched. Del.DWT

37,300 Rigel Schiffahrts Jun 2004Jinling Shipyd.c32,300 German Tanker Shpg. Jun 2004Lindenauc23,400 Carl Buttner Jun 2004Brod. 3 Majc18,000 Algoma Tankers Ltd. Jun 2004Jiangnan S/Yardc16,500 Petroships Pte. Jul 2004Kyokuyo S/yardc37,300 Brostrom Tankers SA Aug 2004Jinling Shipyd.c25,000 Fortum Oil & Gas Aug 2004Jinling Shipyd.c25,000 Yamamaru Kisen Aug 2004Watanabe Zosenc20,000 Gerhard Wessels Aug 2004Fukuoka S.B.c19,500 Unknown Owner Aug 2004Usuki Zosenshoc47,500 Anglo-Atlantic S.S. Sep 2004Brod. Trogirc44,800 Wawasan Shipping Sep 2004Dalian Shipyardc19,000 Marittima Emiliana Sep 2004Jiangsu S/Yardc20,000 Gerhard Wessels Oct 2004Fukuoka S.B.c19,500 Unknown Owner Oct 2004Usuki Zosenshoc14,200 Berlian Laju Tanker Oct 2004Asakawa S.B.c32,000 MT Maritime Mngt. Nov 2004Kitanihon Zosenc46,000 Iceport Shipping Dec 2004Brod. Uljanikc40,000 Odfjell ASA Dec 2004Szczecin. Nowac35,000 Knutsen O.A.S. Shpg. Dec 2004Naval Gijonc32,230 German Tanker Shpg. Dec 2004Lindenauc


200544,800 Wawasan Shipping 2005Dalian Shipyardc21,350 Augusta Dua S.r.l. 2005Vulcano S.A.c10,000 Gerhard Wessels 2005Volhardingc44,800 Wawasan Shipping Jan 2005Dalian Shipyardc25,000 Fortum Oil & Gas Jan 2005Jinling Shipyd.c25,000 Saito Kisen Feb 2005Watanabe Zosenc14,200 Berlian Laju Tanker Feb 2005Asakawa S.B.c13,500 Rutger Dehlin & Co. Feb 2005Celikteknec37,300 Brostrom Tankers SA Apr 2005Jinling Shipyd.c13,500 Rutger Dehlin & Co. Apr 2005Celikteknec40,000 Odfjell ASA Jun 2005Szczecin. Nowac34,200 Seychelles Petroleum Jun 2005Lindenauc25,000 Toko Kaiun Jun 2005Watanabe Zosenc19,500 Cido Shipping Jul 2005Usuki Zosenshoc46,000 Iceport Shipping Sep 2005Brod. Uljanikc46,000 Iceport Shipping Dec 2005Brod. Uljanikc40,000 Odfjell ASA Dec 2005Szczecin. Nowac34,200 Seychelles Petroleum Dec 2005Lindenauc19,500 Cido Shipping Dec 2005Usuki Zosenshoc


200646,000 Bakri Navigation Co. 2006Hyundai Mipoc46,000 Bakri Navigation Co. 2006Hyundai Mipoc46,000 Iceport Shipping May 2006Brod. Uljanikc40,000 Morfini S.P.A. May 2006Shina S.B.c32,480 Unknown Owner Jun 2006Lindenauc40,000 Morfini S.P.A. Aug 2006Shina S.B.c



Handy Specialised Tankers (10 - 60,000 dwt tonnes)Owner Builder Sched. Del.DWT Owner Builder Sched. Del.DWT

Handy Specialised Tankers (10 - 60,000 dwt tonnes)



Orderbook

Orderbook

0.0

0.1

0.1

0.2

0.2

0.3

0.3

0.4

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

(m) DWT



200342,500 Mar. Aleuropa Aug 2003Kleven Floroec44,950 Nippon Yusen Kaisha Dec 2003Imabari S.B.c


200448,200 Koyo Kaiun Co. Ltd. Jan 2004Naikai S.B.c45,100 Iino Kaiun Kaisha Mar 2004Shin Kurushimac



Other Specialised Tankers < 10K DWTOwner Builder Sched. Del.DWT Owner Builder Sched. Del.DWT

Other Specialised Tankers < 10K DWT


(m) DWT (end) 2001 2002 May-2003Fleet Totals 9.0 9.2 9.27 2003 0.37Deliveries 0.2 0.3 0.18 2004 0.22Scrapping 0.0 0.1 0.10 2005+ 0.06Contracting 0.4 0.5 0.12 Total 0.65Orderbook 0.5 0.7 0.65 % Fleet 7.0%Includes Chemical and Specialised Tankers < 10K dwt

Orderbook

Orderbook

0.0

0.1

0.2

0.3

0.4

0.5

0.6

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

(m) DWT



20039,500 Kando Maritime 2003Lianjiang Wensuc9,000 Unknown Owner 2003Nokbong S.B.c8,800 Unknown Owner 2003Murakami Hidec8,800 Unknown Owner 2003Murakami Hidec8,000 Caspian Shipping 2003Krasnoy Sormovoc8,000 Caspian Shipping 2003Krasnoy Sormovoc7,100 Kasif Kalkavan Group 2003Sedef Gemi End.c6,750 Petrogas Maritima 2003RMK Marinec6,500 Marnavi S.P.A. 2003Cant. Termolic6,500 Temmar Shipping 2003Dearsan Shipyd.c6,500 Finaval S.P.A. 2003Cant. Termolic6,000 Cali, Diego E Figli 2003Cant.Nav.Pesaroc6,000 Cali, Diego E Figli 2003Cant.Nav.Pesaroc5,850 W.W. Marpetrol S.A. 2003Selah Shipyard4,300 Petrogas Maritima 2003RMK Marinec4,000 Builders Account 2003Torgem Gemic3,500 Pertamina 2003P.T. PAL Indon.c1,500 Builders Account 2003Kodja Baharic7,800 Tabuchi Kaiun Kaisha Mar 2003Shitanoe Zosenc6,700 Peters, Carl F. Mar 2003Sedef Gemi End.c5,500 Atlantis CTEX Mar 2003Schpsw. De Waalc3,800 Chinese Govt. Mar 2003Wenzhou Shipyd.c3,330 Sao Miguel Nav. Mar 2003ETN Belemc

7,696 Hong Lam Marine Apr 2003Miura Zosenshoc4,500 Whitaker, John H. Apr 2003Gemak Shipyardc5,554 Ursa Denizcilik May 2003Celikteknec4,300 Petronav May 2003Zhejiang S/Yard7,100 Transmarine Mngt. Jun 2003Marmarac7,000 Tipco Maritime Co. Jun 2003Shin Kurushima6,000 Master Marine Corp. Jun 2003Samho Tongyoungc6,000 Iran Shipping Lines Jun 2003Neka Shipyardc5,500 Guy Somers Jun 2003Schpsw. De Waalc5,200 Marnavi S.P.A. Jun 2003Cant.Nav.Morinic5,000 Enea Management Inc. Jun 2003Rousse Shipyard3,500 Woolim Shipping Jun 2003Nokbong S.B.c3,500 Samho Shipping Co. Jun 2003Samho Tongyoungc3,500 Unknown Owner Jun 2003Gisan Shipyardc1,350 Unifleet B.V. Jun 2003RMK Marinec1,350 Unifleet B.V. Jun 2003RMK Marinec8,700 Unknown Owner Jul 2003Usuki Zosenshoc8,241 Wubbe H.H. Jul 2003Damen Galatic7,560 Erik Thun AB Jul 2003Ferus Smitc6,700 Atlantik Denizcilik Jul 2003Selah Shipyardc6,400 Nynas Bitumen AB Jul 2003Shanghai Edward5,700 John T. Essberger Jul 2003Baltic Shipyd.c5,400 Navigator JSC Jul 2003Krasnoy Sormovoc8,650 Orix Maritime Corp. Aug 2003Shin Kurushimac7,100 Deval Denizcilik Aug 2003Celikteknec8,509 Unknown Owner Sep 2003Sasaki Zosenc6,590 Lukoil Sep 2003Volgograd S.Y.c6,000 Iran Shipping Lines Sep 2003Neka Shipyardc5,000 Enea Management Inc. Sep 2003Rousse Shipyard3,500 Ali Riza Aksoy Sep 2003Gelibolu Shipydc3,500 Unknown Owner Sep 2003Sedef Gemi End.c8,500 Unknown Owner Oct 2003Sasaki Zosenc8,241 Wubbe H.H. Oct 2003Damen Galatic5,400 Navigator JSC Oct 2003Krasnoy Sormovoc3,500 Crescent plc Oct 2003Rousse Shipyardc8,400 Unknown Owner Nov 2003Higaki Zosenc6,000 Iran Shipping Lines Dec 2003Neka Shipyardc5,850 W.W. Marpetrol S.A. Dec 2003Selah Shipyard3,500 Woolim Shipping Dec 2003Nokbong S.B.c3,500 Crescent plc Dec 2003Rousse Shipyardc2,300 Aleyna Deniz. Dec 2003Aykin Deniz.c


20045,700 Unknown Owner 2004Baltic Shipyd.c5,700 Unknown Owner 2004Baltic Shipyd.c5,600 Baltic Shpg. Co. 2004Vyborg S/Yardc4,500 Unknown Owner 2004Ceksan Shipyardc4,500 Unknown Owner 2004Ceksan Shipyardc2,000 G. D'Alesio S.A.S. 2004Giacalonec2,000 G. D'Alesio S.A.S. 2004Giacalonec9,800 Unknown Owner Jan 2004Fukuoka S.B.c8,241 Wubbe H.H. Jan 2004Damen Galatic7,560 Erik Thun AB Jan 2004Ferus Smitc5,000 Enea Management Inc. Jan 2004Rousse Shipyard5,500 Emden Denizcilik Feb 2004Celikteknec9,800 Unknown Owner Mar 2004Fukuoka S.B.c8,500 Berlian Laju Tanker Mar 2004Shitanoe Zosenc3,750 F. T. Everard & Sons Mar 2004Qingshan S.Y.c9,240 Sargeant Marine Inc. Apr 2004Kraljevica8,241 Wubbe H.H. Apr 2004Damen Galatic7,560 Erik Thun AB Apr 2004Ferus Smitc


Other Specialised Tankers < 10K DWTOwner Builder Sched. Del.DWT Owner Builder Sched. Del.DWT

3,750 F. T. Everard & Sons May 2004Qingshan S.Y.c8,500 Berlian Laju Tanker Jun 2004Shitanoe Zosenc7,100 Besiktas Denizcilik Jun 2004Celikteknec5,400 Petrolmar S.p.A. Jun 2004Madenci S/Y8,100 Furtrans Denizcilik Jul 2004Anadolu Tuzlac5,000 Enea Management Inc. Jul 2004Rousse Shipyard4,500 Jubilee Ships (UK) Jul 2004Damen Galatic3,750 F. T. Everard & Sons Jul 2004Qingshan S.Y.c8,200 Neva River Tanker Aug 2004Krasnoy Sormovoc7,500 Wisby Tankers AB Aug 2004Ferus Smitc7,100 Besiktas Denizcilik Aug 2004Celikteknec3,100 Jubilee Ships (UK) Aug 2004Damen Galatic8,650 Orix Maritime Corp. Sep 2004Shin Kurushimac4,500 Jubilee Ships (UK) Sep 2004Damen Galatic3,750 F. T. Everard & Sons Sep 2004Qingshan S.Y.c9,240 Sargeant Marine Inc. Oct 2004Kraljevica5,500 Ursa Denizcilik Oct 2004Celikteknec


20056,400 Baltic Shpg. Co. 2005Vyborg S/Yardc6,400 Baltic Shpg. Co. 2005Vyborg S/Yardc6,400 Baltic Shpg. Co. 2005Vyborg S/Yardc5,600 Baltic Shpg. Co. 2005Vyborg S/Yardc8,650 Taiheiyo Kaiun K.K. Feb 2005Shin Kurushimac9,240 Sargeant Marine Inc. Apr 2005Kraljevica8,200 Neva River Tanker May 2005Krasnoy Sormovoc9,240 Sargeant Marine Inc. Oct 2005Kraljevica



Liquid Natural Gas CarriersOwner Builder Sched. Del.cbm Owner Builder Sched. Del.cbm

Liquid Natural Gas Carriers


(m) cbm. (end) 2001 2002 May-2003Fleet Totals 14.3 15.7 16.12 2003 1.66Deliveries 0.1 1.4 0.41 2004 2.84Scrapping 0.0 0.0 0.00 2005+ 2.93Contracting 3.0 2.5 0.41 Total 7.44Orderbook 6.3 7.4 7.44 % Fleet 46.1%

Orderbook

Orderbook

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

(m) cbm.



2003138,000 Bergesen D.Y. ASA Jun 2003Daewoo S.B.138,000 BP Amoco Shpg. Ltd. Jun 2003Samsung S.B.138,000 Golar LNG ltd. Aug 2003Daewoo S.B.

2,500 Shinwa Chemical Aug 2003Higaki Zosen145,000 Tokyo LNG Tanker Co. Sep 2003Kawasaki H.I.138,000 Naviera F. Tapias Sep 2003Izar Sestao138,000 I.S. Carriers S.A. Sep 2003Samsung S.B.137,100 Malaysian Int. Shpg. Sep 2003Mitsubishi H.I.135,000 Tokyo Electric Corp. Sep 2003Mitsubishi H.I.

1,100 Knutsen O.A.S. Shpg. Oct 2003Shipyd. Bijlsma138,000 STASCO (Shell) Nov 2003Daewoo S.B.138,000 Petronet LNG Ltd. Dec 2003Daewoo S.B.138,000 Empresa Nav. Elcano Dec 2003Izar P. Real138,000 Golar LNG ltd. Dec 2003Hyundai H.I.

Total 14 Vessel(s) of 1,662,700 cbm..

2004138,000 Exmar N.V. Jan 2004Samsung S.B.137,100 Malaysian Int. Shpg. Jan 2004Mitsui S.B.145,000 Mitsui O.S.K. Lines Mar 2004Kawasaki H.I.138,000 Golar LNG ltd. Mar 2004Daewoo S.B.138,000 Knutsen O.A.S. Shpg. Mar 2004Izar Sestao138,000 A.P. Moller Mar 2004Samsung S.B.

135,000 STASCO (Shell) Mar 2004Mitsubishi H.I.138,000 Aust. LNG Ship Optg. Apr 2004Daewoo S.B.138,000 BG Group Plc May 2004Samsung S.B.138,000 Knutsen O.A.S. Shpg. Jun 2004Izar P. Real138,000 Union Fenosa Jul 2004Daewoo S.B.138,000 Bergesen D.Y. ASA Jul 2004Daewoo S.B.135,000 Mitsui Bussan Aug 2004Mitsui S.B.138,000 Exmar N.V. Sep 2004Daewoo S.B.137,100 Malaysian Int. Shpg. Sep 2004Mitsubishi H.I.138,000 Golar LNG ltd. Oct 2004Hyundai H.I.

74,000 Gaz de France Oct 2004De l'Atlantique141,000 Nigeria LNG Ltd. Nov 2004Hyundai H.I.138,000 Exmar N.V. Nov 2004Daewoo S.B.145,000 Algeria Nippon Gas Dec 2004Kawasaki H.I.138,000 Petronet LNG Ltd. Dec 2004Daewoo S.B.


2005138,000 Malaysian Int. Shpg. 2005Samsung S.B.138,000 Malaysian Int. Shpg. 2005Samsung S.B.138,000 Exmar N.V. 2005Samsung S.B.137,100 Malaysian Int. Shpg. Jan 2005Mitsui S.B.145,000 Tokyo LNG Tanker Co. Mar 2005Kawasaki H.I.140,500 Bergesen D.Y. ASA Mar 2005Daewoo S.B.138,000 Exmar N.V. Apr 2005Daewoo S.B.138,000 Exmar N.V. May 2005Daewoo S.B.141,000 Nigeria LNG Ltd. Jul 2005Hyundai H.I.140,500 Bergesen D.Y. ASA Jul 2005Daewoo S.B.138,000 Leif Hoegh & Others Oct 2005Mitsubishi H.I.141,000 Nigeria LNG Ltd. Nov 2005Hyundai H.I.140,500 Bergesen D.Y. ASA Nov 2005Daewoo S.B.140,000 Kawasaki Kisen Dec 2005Mitsui S.B.


2006138,000 Leif Hoegh & Others Jan 2006Mitsubishi H.I.141,000 Nigeria LNG Ltd. Mar 2006Hyundai H.I.140,500 Bergesen D.Y. ASA Mar 2006Daewoo S.B.135,000 Tokyo Electric Corp. Mar 2006Mitsubishi H.I.140,000 Kawasaki Kisen Apr 2006Kawasaki H.I.138,000 Naviera F. Tapias Jun 2006Izar P. Real145,000 Osaka Gas Corp. Sep 2006Kawasaki H.I.

Total 7 Vessel(s) of 977,500 cbm..


Very Large LPG Carrier (60,000 + cu. m.)Owner Builder Sched. Del.cbm Owner Builder Sched. Del.cbm

Very Large LPG Carrier (60,000 + cu. m.)



Orderbook

Orderbook

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

(m) cbm.



200382,000 Consolidated Marine Jun 2003Hyundai H.I.78,000 Nippon Yusen Kaisha Jun 2003Mitsubishi H.I.80,000 Kumiai Senpaku K.K. Jul 2003Kawasaki H.I.82,000 Shinwa Kaiun Kaisha Sep 2003Hyundai H.I.78,000 Nippon Yusen Kaisha Dec 2003Mitsubishi H.I.


200482,000 Unique Shpg. (H.K.) Sep 2004Universal S.B.60,000 Norsk Hydro A/S Dec 2004Hyundai H.I.


200578,000 Yuyo S.S. 2005Mitsubishi H.I.60,000 Norsk Hydro A/S 2005Hyundai H.I.78,000 Geogas Shipping Feb 2005Daewoo S.B.



Mid Size 1 LPG Carrier (20-60,000 cu. m.)Owner Builder Sched. Del.cbm Owner Builder Sched. Del.cbm

Mid Size 1 LPG Carrier (20-60,000 cu. m.)



Orderbook

Orderbook

0.0

0.1

0.1

0.2

0.2

0.3

0.3

0.4

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

(m) cbm.



200335,000 Mitsui O.S.K. Lines Aug 2003Hyundai H.I.59,200 Bergesen D.Y. ASA Sep 2003Kawasaki H.I.59,200 Bergesen D.Y. ASA Oct 2003Kawasaki H.I.37,300 Carbofin S.p.A. Nov 2003Fincantieri59,200 Skibs. Solvang Dec 2003Kawasaki H.I.


200435,000 Nippon Yusen Kaisha Jan 2004Mitsubishi H.I.59,200 Skibs. Solvang Mar 2004Kawasaki H.I.23,000 Qatar Shipping May 2004STX Shipbuild.59,200 Sonatrach Sep 2004Kawasaki H.I.23,000 Qatar Shipping Dec 2004STX Shipbuild.


200559,200 Sonatrach Mar 2005Kawasaki H.I.59,200 Sonatrach May 2005Kawasaki H.I.38,000 Bergesen D.Y. ASA Nov 2005Daewoo S.B.


200638,000 A.P. Moller Feb 2006Daewoo S.B.

38,000 Exmar N.V. May 2006Daewoo S.B.38,000 A.P. Moller Aug 2006Daewoo S.B.38,000 Bergesen D.Y. ASA Nov 2006Daewoo S.B.



Mid Size 2 LPG Carrier (8-20,000 cu. m.)Owner Builder Sched. Del.cbm Owner Builder Sched. Del.cbm

Mid Size 2 LPG Carrier (8-20,000 cu. m.)



Orderbook

Orderbook

0.0

0.0

0.0

0.0

0.0

0.1

0.1

0.1

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

(m) cbm.



200310,500 Komaya Shipping Co. Jul 2003Asakawa S.B.

8,495 Hartmann Schiff. Jul 2003Severnav S.A.10,000 Norgas Carriers Aug 2003Zhonghua S/Yard

9,000 Cispa Gas Transport Sep 2003Cant.Nav.Pesaro10,000 Norgas Carriers Oct 2003Zhonghua S/Yard10,500 Komaya Shipping Co. Dec 2003Asakawa S.B.

8,495 Hartmann Schiff. Dec 2003Severnav S.A.



Small LPG Carrier (< 8,000 cu. m.)Owner Builder Sched. Del.cbm Owner Builder Sched. Del.cbm

Small LPG Carrier (< 8,000 cu. m.)



Orderbook

Orderbook

0.0

0.1

0.1

0.2

0.2

0.3

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

(m) cbm.



20037,000 Globalgas S.L. Apr 2003Barreras S.A.1,500 Ogaki Kaiun May 2003Miura Zosensho6,000 Metalnave Comercio Jul 2003Itajai Shipyard3,000 Stargas S.r.l. Aug 2003Cant. De Poli3,000 Stargas S.r.l. Nov 2003Cant. De Poli6,000 Metalnave Comercio Dec 2003Itajai Shipyard


20043,000 Stargas S.r.l. 2004Cant. De Poli3,000 Stargas S.r.l. 2004Cant. De Poli



Capesize Bulkers (80,000 + dwt tonnes)Owner Builder Sched. Del.DWT Owner Builder Sched. Del.DWT

Capesize Bulkers (80,000 + dwt tonnes)



Orderbook

Orderbook

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

(m) DWT



2003184,500 Nippon Steel Shpg May 2003Mitsui S.B.177,000 Mitsui O.S.K. Lines May 2003Namura Zosensho169,800 Carras Hellas May 2003Sasebo H.I.177,000 Kawasaki Kisen Jun 2003Namura Zosensho175,000 Tai Chong Cheang Jun 2003Waigaoqiao S/Y170,000 Nippon Yusen Kaisha Jun 2003Tsuneishi Zosen

89,999 Nippon Yusen Kaisha Jun 2003Oshima S.B. Co.200,000 Nippon Yusen Kaisha Jul 2003Universal S.B.169,800 Carras Hellas Jul 2003Sasebo H.I.

88,000 Kawasaki Kisen Jul 2003Imabari S.B.177,000 Kawasaki Kisen Aug 2003Namura Zosensho169,800 Carras Hellas Sep 2003Sasebo H.I.176,000 Portline S.A. Oct 2003Universal S.B.175,000 U-Ming Marine Tran. Oct 2003CSBC172,000 Golden Union Shpg. Oct 2003Hyundai H.I.170,000 COSCO Bulk Carrier Oct 2003Waigaoqiao S/Y

81,300 Mitsui O.S.K. Lines Oct 2003Oshima S.B. Co.184,550 Nittetsu Kaiun Nov 2003Mitsui S.B.172,000 Golden Union Shpg. Nov 2003Hyundai H.I.169,770 Carras Hellas Nov 2003Sasebo H.I.177,000 Kumiai Senpaku K.K. Dec 2003Namura Zosensho


2004177,000 Kawasaki Kisen 2004Namura Zosensho177,000 Hokoku Kaiun K.K. 2004Namura Zosensho176,000 Nippon Yusen Kaisha Jan 2004Universal S.B.175,000 Tai Chong Cheang Jan 2004Waigaoqiao S/Y172,000 Zela Shpg Jan 2004Hyundai H.I.172,000 Golden Union Shpg. Jan 2004Hyundai H.I.172,000 Golden Union Shpg. Jan 2004Hyundai H.I.170,000 Safbulk Jan 2004Hyundai Samho169,770 Ceres Hellenic Jan 2004Sasebo H.I.175,000 U-Ming Marine Tran. Feb 2004CSBC170,000 Safbulk Feb 2004Hyundai Samho170,000 COSCO Bulk Carrier Feb 2004Waigaoqiao S/Y170,000 Marmaras Nav. Ltd. Mar 2004Hyundai Samho

88,000 Kawasaki Kisen Mar 2004Imabari S.B.172,000 Metrostar Management Apr 2004Hyundai H.I.229,900 Nippon Yusen Kaisha May 2004Namura Zosensho176,000 Bocimar N.V. May 2004Waigaoqiao S/Y170,000 Marmaras Nav. Ltd. May 2004Hyundai Samho

96,400 Daiichi Chuo May 2004Oshima S.B. Co.233,000 Mitsui O.S.K. Lines Jun 2004Imabari S.B.177,000 Nissen Kaiun K.K. Jun 2004Mitsui S.B.172,000 Safbulk Jun 2004Hyundai Samho

96,400 Doun Kisen K.K. Jul 2004Oshima S.B. Co.177,000 Nissen Kaiun K.K. Aug 2004Mitsui S.B.176,000 Bocimar N.V. Aug 2004Waigaoqiao S/Y

86,000 Pacific Carriers Aug 2004I.H.I.200,000 Samos Steamship Sep 2004Universal S.B.200,000 Mitsui O.S.K. Lines Sep 2004Universal S.B.170,000 Tropis Shpg. Co. Sep 2004Hyundai Samho200,000 Kawasaki Kisen Oct 2004Universal S.B.177,000 Mizuho Sangyo Co. Oct 2004Mitsui S.B.171,000 Anangel Shpg. Ent. Oct 2004Daewoo S.B.

86,000 Pacific Carriers Oct 2004I.H.I.175,000 Foremost Maritime Dec 2004Waigaoqiao S/Y

86,000 Pacific Carriers Dec 2004I.H.I.


2005205,000 Kawasaki Kisen 2005Imabari S.B.205,000 Kawasaki Kisen 2005Imabari S.B.176,000 Bocimar N.V. 2005Waigaoqiao S/Y176,000 Korea Line 2005Universal S.B.176,000 Bocimar N.V. 2005Waigaoqiao S/Y171,000 Norden D/S A/S 2005Imabari S.B.

86,000 Pacific Carriers 2005I.H.I.82,500 Unknown Owner 2005Tsuneishi Zosen82,500 Nisshin Kisen 2005Tsuneishi Zosen82,500 Anglo-Swiss 2005Tsuneishi Zosen

200,000 Nippon Yusen Kaisha Jan 2005Universal S.B.177,000 Santoku Senpaku Jan 2005Namura Zosensho170,000 Tropis Shpg. Co. Jan 2005Hyundai Samho

88,000 Shinwa Kaiun Kaisha Jan 2005Imabari S.B.88,000 Shinwa Kaiun Kaisha Feb 2005Imabari S.B.

200,000 Mitsui O.S.K. Lines Mar 2005Universal S.B.171,000 Anangel Shpg. Ent. Mar 2005Daewoo S.B.

88,000 Shinwa Kaiun Kaisha Mar 2005Imabari S.B.178,000 Fukujin Shipping Apr 2005Universal S.B.175,000 Sincere Navigation May 2005CSBC200,000 Mitsui O.S.K. Lines Jun 2005Universal S.B.170,000 COSCO Bulk Carrier Jun 2005Waigaoqiao S/Y170,000 COSCO Bulk Carrier Jul 2005Waigaoqiao S/Y


Capesize Bulkers (80,000 + dwt tonnes)Owner Builder Sched. Del.DWT Owner Builder Sched. Del.DWT

82,500 Mitsubishi Corp. Aug 2005Tsuneishi Zosen220,000 Unknown Owner Sep 2005Universal S.B.177,300 Sanko S.S. Sep 2005Namura Zosensho170,000 Formosa Plastics Co. Sep 2005I.H.I.

82,500 Yasa Shpg. Industry Nov 2005Tsuneishi Zosen220,000 Unknown Owner Dec 2005Universal S.B.170,000 Chinese Mar. Trans. Dec 2005Waigaoqiao S/Y


200682,500 Yasa Shpg. Industry 2006Tsuneishi Zosen

170,000 Formosa Plastics Co. Jan 2006I.H.I.82,500 Yasa Shpg. Industry Jan 2006Tsuneishi Zosen



Panamax Bulkers (60-80,000 dwt tonnes)Owner Builder Sched. Del.DWT Owner Builder Sched. Del.DWT

Panamax Bulkers (60-80,000 dwt tonnes)



Orderbook

Orderbook

0.0

2.0

4.0

6.0

8.0

10.0

12.0

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

(m) DWT



200374,500 Unknown Owner 2003Jiangyang S.Y.69,100 Unknown Owner 2003Okean Shipyard69,100 Unknown Owner 2003Okean Shipyard76,000 Unknown Owner May 2003Imabari S.B.75,000 Unknown Owner Jun 2003Sanoyas76,000 Yangming Marine Aug 2003Imabari S.B.75,000 Unknown Owner Aug 2003Sanoyas74,000 Unknown Owner Aug 2003Namura Zosensho73,000 Safety Management Aug 2003Tsuneishi Zosen76,350 Kawasaki Kisen Oct 2003Oshima S.B. Co.73,000 Safety Management Oct 2003Tsuneishi Zosen74,380 Andriaki Shpg. Co. Nov 2003Hyundai Samho76,300 Nippon Yusen Kaisha Dec 2003Tsuneishi Zosen75,000 Unknown Owner Dec 2003Universal S.B.74,000 Komrowski Befracht. Dec 2003Jiangnan S/Yard


200477,500 Taiwan Navigation 2004CSBC77,000 U-Ming Marine Tran. 2004CSBC77,000 U-Ming Marine Tran. 2004CSBC76,500 Unknown Owner 2004Oshima S.B. Co.76,500 Unknown Owner 2004Oshima S.B. Co.

76,000 Nat. Iranian Tanker 2004ISOICO76,000 Nat. Iranian Tanker 2004ISOICO75,000 Nitta Kisen 2004Sanoyas75,000 Marubeni Corp 2004Sanoyas75,000 Unknown Owner 2004Sanoyas75,000 Unknown Owner 2004Sanoyas75,000 Unknown Owner 2004Sanoyas74,000 KC Maritime Ltd. 2004Hudong S/Yard76,000 Safety Management Jan 2004Tsuneishi Zosen75,000 Nitta Kisen Jan 2004Sanoyas75,000 Atlantska Plovidba Jan 2004Brod. Uljanik74,000 Livanos Group Jan 2004Namura Zosensho74,000 Komrowski Befracht. Jan 2004Jiangnan S/Yard77,500 Taiwan Navigation Mar 2004CSBC76,500 Unknown Owner Mar 2004Oshima S.B. Co.76,300 Unknown Owner Mar 2004Tsuneishi Zosen74,000 Unknown Owner Mar 2004Namura Zosensho74,000 Transocean Maritime Mar 2004Oshima S.B. Co.77,000 Yangming Marine Apr 2004CSBC76,600 Efploia Shpg. Co. Apr 2004Sasebo H.I.76,200 Unknown Owner Apr 2004Sumitomo H.I.75,000 Mitsubishi Corp. Apr 2004Sanoyas76,600 Cido Shipping May 2004Sasebo H.I.76,300 Unknown Owner May 2004Tsuneishi Zosen76,200 Unknown Owner May 2004Sumitomo H.I.76,000 Safety Management May 2004Tsuneishi Zosen77,000 Yangming Marine Jun 2004CSBC76,200 Samos Steamship Jun 2004Sumitomo H.I.75,000 Mitsubishi Corp. Jun 2004Sanoyas74,000 KC Maritime Ltd. Jun 2004Hudong S/Yard76,300 Unknown Owner Jul 2004Tsuneishi Zosen76,300 Unknown Owner Jul 2004Tsuneishi Zosen76,200 Samos Steamship Jul 2004Sumitomo H.I.77,500 Ta Ho Maritime Aug 2004CSBC76,600 Cido Shipping Aug 2004Sasebo H.I.76,300 Unknown Owner Aug 2004Tsuneishi Zosen76,000 COSCO (Hong Kong) Aug 2004Tsuneishi Zosen76,300 Unknown Owner Sep 2004Tsuneishi Zosen76,300 Sumitomo Corp Sep 2004Tsuneishi Zosen75,000 Unknown Owner Sep 2004Daewoo S.B.75,000 Unknown Owner Sep 2004Daewoo S.B.75,000 Unknown Owner Sep 2004Sanoyas74,500 Bocimar N.V. Sep 2004Hudong S/Yard74,000 Transocean Maritime Sep 2004Oshima S.B. Co.74,000 Diana Shpg. Agencies Sep 2004Jiangnan S/Yard73,990 Angelakos Ltd. Sep 2004Namura Zosensho76,300 Unknown Owner Oct 2004Tsuneishi Zosen76,000 Taiyo Kaiun Oct 2004Imabari S.B.74,000 Komrowski Befracht. Oct 2004Jiangnan S/Yard76,600 Cido Shipping Nov 2004Sasebo H.I.76,300 Lepta Shipping Co. Nov 2004Tsuneishi Zosen76,300 Unknown Owner Nov 2004Tsuneishi Zosen76,300 Unknown Owner Nov 2004Tsuneishi Zosen76,000 COSCO (Hong Kong) Nov 2004Tsuneishi Zosen74,000 Diana Shpg. Agencies Nov 2004Jiangnan S/Yard74,500 Bocimar N.V. Dec 2004Hudong S/Yard74,000 Komrowski Befracht. Dec 2004Jiangnan S/Yard


200576,600 Unknown Owner 2005Sasebo H.I.76,000 Unknown Owner 2005Imabari S.B.


Panamax Bulkers (60-80,000 dwt tonnes)Owner Builder Sched. Del.DWT Owner Builder Sched. Del.DWT

76,000 Unknown Owner 2005Imabari S.B.76,000 Unknown Owner 2005Imabari S.B.75,000 Shinyo International 2005Oshima S.B. Co.75,000 Shinyo International 2005Oshima S.B. Co.76,300 Lepta Shipping Co. Jan 2005Tsuneishi Zosen76,300 Unknown Owner Jan 2005Tsuneishi Zosen75,000 Unknown Owner Jan 2005Sanoyas76,600 Cido Shipping Feb 2005Sasebo H.I.76,000 Safety Management Feb 2005Tsuneishi Zosen75,000 Unknown Owner Feb 2005Sanoyas76,300 Lepta Shipping Co. Mar 2005Tsuneishi Zosen76,300 Unknown Owner Mar 2005Tsuneishi Zosen75,000 Unknown Owner Mar 2005Sanoyas74,000 Gleamray Maritime Mar 2005Hudong S/Yard76,000 Safety Management Apr 2005Tsuneishi Zosen76,000 Unknown Owner Apr 2005Tsuneishi Zosen74,500 Bocimar N.V. Apr 2005Hudong S/Yard76,600 Cido Shipping May 2005Sasebo H.I.76,300 Lepta Shipping Co. May 2005Tsuneishi Zosen76,300 Cido Shipping Jun 2005Tsuneishi Zosen76,300 Unknown Owner Jun 2005Tsuneishi Zosen76,000 Unknown Owner Jul 2005Tsuneishi Zosen76,000 Safety Management Jul 2005Tsuneishi Zosen75,500 Efnav Co. Ltd. Jul 2005STX Shipbuild.76,600 Cido Shipping Aug 2005Sasebo H.I.76,300 Cido Shipping Aug 2005Tsuneishi Zosen74,500 KC Maritime Ltd. Aug 2005Hudong S/Yard76,300 Unknown Owner Sep 2005Tsuneishi Zosen75,500 Efnav Co. Ltd. Sep 2005STX Shipbuild.74,000 Unknown Owner Sep 2005Namura Zosensho74,000 Gleamray Maritime Sep 2005Hudong S/Yard76,500 Sanko S.S. Oct 2005Imabari S.B.76,300 Unknown Owner Oct 2005Tsuneishi Zosen74,500 KC Maritime Ltd. Nov 2005Hudong S/Yard76,000 Yasa Shpg. Industry Dec 2005Sanoyas74,500 COSCO Bulk Carrier Dec 2005Hudong S/Yard74,500 COSCO Bulk Carrier Dec 2005Hudong S/Yard


200676,600 Unknown Owner 2006Sasebo H.I.76,600 Unknown Owner 2006Sasebo H.I.76,600 Unknown Owner 2006Sasebo H.I.75,500 Efnav Co. Ltd. 2006STX Shipbuild.75,500 Efnav Co. Ltd. Jan 2006STX Shipbuild.74,500 Iolcos Hellenic Jan 2006Hudong S/Yard76,000 Yasa Shpg. Industry Mar 2006Sanoyas76,000 Safety Management May 2006Tsuneishi Zosen74,500 Iolcos Hellenic May 2006Hudong S/Yard



Handymax Bulkers (40-60,000 dwt tonnes)Owner Builder Sched. Del.DWT Owner Builder Sched. Del.DWT

Handymax Bulkers (40-60,000 dwt tonnes)



Orderbook

Orderbook

0.0

1.0

2.0

3.0

4.0

5.0

6.0

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

(m) DWT



200351,000 Unknown Owner 2003Jiangyang S.Y.42,425 Builders Account 2003Varna Shipyard42,425 Builders Account 2003Varna Shipyard41,425 Polish Steamship Co. Mar 2003Varna Shipyard53,400 Unknown Owner Apr 2003Iwagi Zosen51,000 Vrontados Shipping Apr 2003Jiangnan S/Yard52,500 Nisshin Shpg.Co.Ltd. May 2003Oshima S.B. Co.52,000 Marfin Mangt. S.A.M. May 2003Tsuneishi Zosen49,132 Nippon Yusen Kaisha May 2003Tsuneishi Zosen40,000 Westwood Shipping May 2003Stocznia Gdynia52,000 Blue Planet Shpg. Jun 2003New Century S/Y51,000 Dockendale Shpg Co. Jun 2003New Century S/Y50,000 Unknown Owner Jun 2003Kawasaki H.I.50,000 Mitsui & Co. Ltd. Jun 2003Mitsui S.B.48,000 Gearbulk Ltd. Jun 2003Stocznia Gdansk47,900 Kawasaki Kisen Jun 2003Oshima S.B. Co.46,600 Unknown Owner Jun 2003Kanasashi K.K.40,000 Westwood Shipping Jun 2003Stocznia Gdynia52,500 Usui Kaiun Co. Ltd. Jul 2003Oshima S.B. Co.52,300 Temm Maritime Co. Jul 2003Tsuneishi Cebu50,000 Mitsui & Co. Ltd. Jul 2003Mitsui S.B.51,000 Vrontados Shipping Aug 2003Jiangnan S/Yard48,000 Westfal-Larsen Aug 2003Oshima S.B. Co.

46,000 Sanko S.S. Aug 2003Oshima S.B. Co.40,000 Westwood Shipping Aug 2003Stocznia Gdynia52,300 Unknown Owner Sep 2003Tsuneishi Cebu52,000 Blue Planet Shpg. Sep 2003New Century S/Y50,000 Unknown Owner Sep 2003Kawasaki H.I.49,500 Da Sin Shpg. Pte. Sep 2003Nantong S.B.48,000 Gearbulk Ltd. Sep 2003Stocznia Gdansk45,000 Meranti Maritime Sep 2003P.T. PAL Indon.56,000 Niovis Shipping Co. Oct 2003Mitsui S.B.53,000 Unknown Owner Oct 2003Imabari S.B.52,000 Alexandria Shipping Oct 2003Tsuneishi Zosen48,000 Westfal-Larsen Oct 2003Oshima S.B. Co.48,000 Jiangsu Marine Shpg. Oct 2003Nantong S.B.52,300 Toyo Kaiun K.K. Nov 2003Tsuneishi Cebu57,000 Nippon Yusen Kaisha Dec 2003Imabari S.B.52,200 Unknown Owner Dec 2003Tsuneishi Zosen52,000 Blue Planet Shpg. Dec 2003New Century S/Y51,000 W.E.M. Lines Dec 2003Zhejiang S/Yard51,000 Vrontados Shipping Dec 2003Jiangnan S/Yard48,000 Gearbulk Ltd. Dec 2003Stocznia Gdansk45,000 Meranti Maritime Dec 2003P.T. PAL Indon.40,000 Westwood Shipping Dec 2003Stocznia Gdynia


200457,700 China Shpg. Tramp 2004Shanghai Shpyd.57,700 China Shpg. Tramp 2004Bohai Shipyard55,100 Unknown Owner 2004Imabari S.B.55,000 Norden D/S A/S 2004Oshima S.B. Co.53,500 T&E Bulkers 2004Iwagi Zosen53,000 Pacific Basin Agen. 2004Xiamen Shipyard52,000 Lemitec ASA 2004Xiamen Shipyard52,000 Lemitec ASA 2004Xiamen Shipyard46,000 Sanko S.S. 2004Oshima S.B. Co.46,000 Sanko S.S. 2004Oshima S.B. Co.46,000 Sanko S.S. 2004Oshima S.B. Co.53,000 Unknown Owner Jan 2004Iwagi Zosen52,500 Van Ommeren Clipper Jan 2004Oshima S.B. Co.52,200 Unknown Owner Jan 2004Tsuneishi Zosen48,000 Jiangsu Marine Shpg. Jan 2004Nantong S.B.46,600 Shinwa Kaiun Kaisha Jan 2004Kanasashi K.K.56,000 Norden D/S A/S Feb 2004Mitsui S.B.52,000 Van Ommeren Clipper Feb 2004Tsuneishi Cebu48,600 A.M. Nomikos Feb 2004I.H.I.55,000 COSCO Beijing Mar 2004Nantong S.B.52,300 Sanko S.S. Mar 2004Tsuneishi Cebu51,000 W.E.M. Lines Mar 2004Zhejiang S/Yard50,600 Liberty Maritime Mar 2004Oshima S.B. Co.48,000 Gearbulk Ltd. Mar 2004Stocznia Gdansk48,000 Westfal-Larsen Mar 2004Oshima S.B. Co.55,000 COSCO Beijing Apr 2004Nantong S.B.52,000 Van Ommeren Clipper Apr 2004Tsuneishi Cebu48,600 A.M. Nomikos Apr 2004I.H.I.48,000 Westfal-Larsen Apr 2004Oshima S.B. Co.44,500 Grieg Shipping A/S Apr 2004Mitsui S.B.40,000 Westwood Shipping Apr 2004Stocznia Gdynia55,000 Norden D/S A/S May 2004Oshima S.B. Co.55,000 COSCO (Hong Kong) Jun 2004Nantong S.B.48,600 A.M. Nomikos Jun 2004I.H.I.44,500 Grieg Shipping A/S Jun 2004Mitsui S.B.53,000 COSCO (Hong Kong) Jul 2004Onomichi Dockyd50,000 Ocean Bulk Carriers Jul 2004Mitsui S.B.


Handymax Bulkers (40-60,000 dwt tonnes)Owner Builder Sched. Del.DWT Owner Builder Sched. Del.DWT

56,000 Oskar Wehr Aug 2004Mitsui S.B.55,500 Setaf-Saget Aug 2004Nantong S.B.55,500 T&E Bulkers Aug 2004Oshima S.B. Co.55,000 Unknown Owner Aug 2004Mitsui S.B.52,300 Unknown Owner Aug 2004Tsuneishi Cebu52,000 A.M. Nomikos Aug 2004I.H.I.55,000 COSCO (Hong Kong) Sep 2004Nantong S.B.55,000 Wah Kwong Shpg. Sep 2004Oshima S.B. Co.53,000 COSCO (Hong Kong) Sep 2004Onomichi Dockyd53,000 COSCO (Hong Kong) Sep 2004Onomichi Dockyd55,500 Geden Line Oct 2004Nantong S.B.55,000 COSCO (Hong Kong) Oct 2004Oshima S.B. Co.52,300 Portline S.A. Oct 2004Tsuneishi Cebu52,000 A.M. Nomikos Oct 2004I.H.I.56,000 Chellaram Shpg. Nov 2004Mitsui S.B.55,000 COSCO Beijing Nov 2004Nantong S.B.53,000 COSCO (Hong Kong) Nov 2004Onomichi Dockyd52,500 Taiwan Navigation Nov 2004Oshima S.B. Co.52,000 Van Ommeren Clipper Nov 2004Tsuneishi Cebu50,000 Ocean Bulk Carriers Nov 2004Mitsui S.B.56,000 Oskar Wehr Dec 2004Mitsui S.B.56,000 Sanko S.S. Dec 2004Mitsui S.B.55,000 COSCO (Hong Kong) Dec 2004Oshima S.B. Co.53,000 Spar Shipping A/S Dec 2004Chengxi Shipyd.52,000 A.M. Nomikos Dec 2004I.H.I.51,000 Phoenix Bulk Carrs. Dec 2004Zhejiang S/Yard


200557,700 China Shpg. Tramp 2005Shanghai Shpyd.57,700 China Shpg. Tramp 2005Shanghai Shpyd.57,700 China Shpg. Tramp 2005Shanghai Shpyd.57,700 China Shpg. Tramp 2005Bohai Shipyard57,700 China Shpg. Tramp 2005Bohai Shipyard57,700 China Shpg. Tramp 2005Bohai Shipyard55,500 T&E Bulkers 2005Oshima S.B. Co.55,000 Sanko S.S. 2005Oshima S.B. Co.55,000 Lepta Shipping Co. 2005Mitsui S.B.53,000 Pacific Basin Agen. 2005Xiamen Shipyard53,000 Pacific Basin Agen. 2005Xiamen Shipyard53,000 Thenamaris (Mgmt.) 2005New Century S/Y53,000 Graig Ship Mngt. 2005New Century S/Y53,000 Graig Ship Mngt. 2005New Century S/Y53,000 Thenamaris (Mgmt.) 2005New Century S/Y52,500 Sanko S.S. 2005Oshima S.B. Co.56,000 Lepta Shipping Co. Jan 2005Mitsui S.B.55,500 Geden Line Jan 2005Nantong S.B.55,500 Setaf-Saget Jan 2005Nantong S.B.55,000 Wah Kwong Shpg. Jan 2005Oshima S.B. Co.55,000 Jiangsu Marine Shpg. Jan 2005Nantong S.B.53,500 T&E Bulkers Jan 2005Oshima S.B. Co.52,500 Taiwan Navigation Jan 2005Oshima S.B. Co.52,300 Portline S.A. Jan 2005Tsuneishi Cebu49,500 Da Sin Shpg. Pte. Jan 2005Nantong S.B.56,000 Lepta Shipping Co. Feb 2005Mitsui S.B.56,000 Sanko S.S. Mar 2005Mitsui S.B.53,500 T&E Bulkers Mar 2005Iwagi Zosen52,500 Unknown Owner Mar 2005Tsuneishi Zosen52,300 Ugland Marine Svcs. Mar 2005Tsuneishi Cebu52,300 Portline S.A. Mar 2005Tsuneishi Cebu51,000 Phoenix Bulk Carrs. Mar 2005Zhejiang S/Yard56,000 Chellaram Shpg. Apr 2005Mitsui S.B.

55,000 Jiangsu Marine Shpg. Apr 2005Nantong S.B.53,000 Spar Shipping A/S Apr 2005Chengxi Shipyd.55,000 COSCO Beijing May 2005Nantong S.B.52,300 Portline S.A. May 2005Tsuneishi Cebu56,000 Unknown Owner Jun 2005Mitsui S.B.56,000 Unknown Owner Jul 2005Mitsui S.B.52,500 Unknown Owner Jul 2005Tsuneishi Zosen52,300 Sanko S.S. Jul 2005Tsuneishi Cebu55,500 Cido Shipping Aug 2005Oshima S.B. Co.53,200 Ugland Marine Svcs. Aug 2005Tsuneishi Cebu53,000 Spar Shipping A/S Aug 2005Chengxi Shipyd.56,000 Unknown Owner Sep 2005Mitsui S.B.52,300 Sanko S.S. Sep 2005Tsuneishi Cebu55,500 Cido Shipping Oct 2005Oshima S.B. Co.53,000 Spar Shipping A/S Nov 2005Chengxi Shipyd.52,300 Sanko S.S. Nov 2005Tsuneishi Cebu


200653,000 Gleamray Maritime 2006New Century S/Y52,300 Sanko S.S. Jan 2006Tsuneishi Cebu52,500 Unknown Owner Feb 2006Tsuneishi Zosen53,000 Spar Shipping A/S Mar 2006Chengxi Shipyd.53,000 Spar Shipping A/S Jul 2006Chengxi Shipyd.



Handysize Bulkers (10-40,000 dwt tonnes)Owner Builder Sched. Del.DWT Owner Builder Sched. Del.DWT

Handysize Bulkers (10-40,000 dwt tonnes)



Orderbook

Orderbook

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

(m) DWT



200332,000 F. H. Bertling 2003Jiangdu S/yard32,000 Unknown Owner 2003Shin Kurushima32,000 Unknown Owner 2003Shin Kurushima29,000 Sinotrans 2003Bohai Shipyard29,000 Sinotrans 2003Bohai Shipyard11,500 Vietnam Nat. Shpg. 2003Ha Long Shipyd.10,200 Unknown Owner 2003Jiangsu S/Yard10,200 Unknown Owner 2003Jiangsu S/Yard20,500 Navibulgar Mar 2003Varna Shipyard32,500 Unknown Owner Apr 2003Shin Kurushima32,000 F. H. Bertling Apr 2003Jiangdu S/yard28,800 Unknown Owner Apr 2003Shikoku Dock.32,420 Cogema S.A.M. May 2003Shanghai Shpyd.32,000 Chugoku Sogyo Co. May 2003Kanda Zosensho27,000 Navarone S.A. May 2003Wuhu Shipyard12,500 Unknown Owner May 2003Higaki Zosen31,900 Orient Line Ltd. Jun 2003Hakodate Dock17,600 B&N Nordsjofrakt Jun 2003Mawei Shipyard34,300 Dockendale Shpg Co. Jul 2003Xingang S.Y.32,600 Pacific Basin Agen. Jul 2003Kanda Zosensho32,000 Mingtai Nav. Jul 2003Imabari S.B.29,000 National Pet. Const. Jul 2003Cochin S.Y. Ltd28,800 Unknown Owner Jul 2003Shikoku Dock.

27,321 Alpina Shpg. GmbH Jul 2003ARS16,600 Daiichi Chuo Jul 2003Shin Kochi H.I.12,500 Wisdom Marine Lines Jul 2003Watanabe Zosen32,600 Pacific Basin Agen. Aug 2003Kanda Zosensho32,420 Cogema S.A.M. Aug 2003Shanghai Shpyd.32,000 Mingtai Nav. Aug 2003Imabari S.B.28,500 Hsin Chien Marine Aug 2003Imabari S.B.37,500 Harren & Partner Sep 2003Shanghai Shpyd.32,000 Orient Line Ltd. Sep 2003Hakodate Dock31,900 Orion Schiff. Reith Sep 2003Hakodate Dock28,800 Unknown Owner Sep 2003Shikoku Dock.28,500 Hsin Chien Marine Sep 2003Imabari S.B.17,600 Palkkiythyma Oy Sep 2003Mawei Shipyard32,000 F. H. Bertling Oct 2003Jiangdu S/yard32,000 Sincere Industrial Oct 2003Kanda Zosensho35,000 Intership Nav. Co. Nov 2003New Century S/Y34,300 Clipper Group Nov 2003Xingang S.Y.28,700 Unknown Owner Nov 2003Shikoku Dock.13,600 Arklow Shipping Ltd. Nov 2003Kyokuyo S/yard32,000 Sincere Industrial Dec 2003Kanda Zosensho28,300 Cido Shipping Dec 2003Shin Kochi H.I.


200435,000 Intership Nav. Co. 2004New Century S/Y34,000 F. H. Bertling 2004Kouan S.B.32,000 F. H. Bertling 2004Jiangdu S/yard30,000 Clipper Group 2004Shanhaiguan S/Y29,000 Sunship Schiff. 2004Guang. Wenchong29,000 Sunship Schiff. 2004Guang. Wenchong29,000 Sunship Schiff. 2004Guang. Wenchong28,200 Pacific Basin Agen. 2004Imabari S.B.27,023 Clipper Group 2004New Century S/Y27,023 Dockendale Shpg Co. 2004New Century S/Y15,000 Arko Energy Holdings 2004Dong Feng S/Y15,000 Arko Energy Holdings 2004Dong Feng S/Y15,000 Arko Energy Holdings 2004Dong Feng S/Y12,600 Ta Ho Maritime 2004CSBC11,500 Vietnam Nat. Shpg. 2004Bach Dang S/Y10,160 Arko Energy Holdings 2004Dong Feng S/Y10,160 Arko Energy Holdings 2004Dong Feng S/Y10,160 Arko Energy Holdings 2004Dong Feng S/Y10,160 Arko Energy Holdings 2004Dong Feng S/Y32,000 Lasco Shpg. Jan 2004Hakodate Dock31,900 Orion Schiff. Reith Jan 2004Hakodate Dock27,000 Navarone S.A. Jan 2004Wuhu Shipyard13,600 Arklow Shipping Ltd. Jan 2004Kyokuyo S/yard32,000 Lasco Shpg. Feb 2004Hakodate Dock32,000 Unknown Owner Feb 2004Kanda Zosensho28,000 Lasco Shpg. Feb 2004Imabari S.B.34,300 Dockendale Shpg Co. Mar 2004Xingang S.Y.32,600 Pacific Basin Agen. Mar 2004Kanda Zosensho29,000 Sunship Schiff. Mar 2004Guang. Wenchong28,799 Unknown Owner Mar 2004Shikoku Dock.36,300 Yawatahama Kisen Apr 2004Oshima S.B. Co.28,300 Cido Shipping Apr 2004Shin Kochi H.I.28,000 Lasco Shpg. Apr 2004Imabari S.B.27,000 Navarone S.A. Apr 2004Wuhu Shipyard33,300 Shih Wei Navigation May 2004Oshima S.B. Co.32,600 Pacific Basin Agen. May 2004Kanda Zosensho32,000 Pacific Basin Agen. May 2004Hakodate Dock27,023 Dockendale Shpg Co. May 2004New Century S/Y


Handysize Bulkers (10-40,000 dwt tonnes)Owner Builder Sched. Del.DWT Owner Builder Sched. Del.DWT

35,000 Parakou Shpg. Jun 2004Xingang S.Y.35,000 Unknown Owner Jun 2004Shikoku Dock.27,023 Clipper Group Jun 2004New Century S/Y33,000 Cido Shipping Jul 2004Oshima S.B. Co.32,000 Unknown Owner Jul 2004Kanda Zosensho32,000 Pacific Basin Agen. Jul 2004Hakodate Dock28,300 Cido Shipping Jul 2004Shin Kochi H.I.25,000 Mineral Shpg. Co. Jul 2004Zhou Shan S/Y34,300 Clipper Group Aug 2004Xingang S.Y.33,300 Shih Wei Navigation Aug 2004Oshima S.B. Co.31,350 Egon Oldendorff Aug 2004Saiki Hvy. Ind.28,900 Unknown Owner Aug 2004Shikoku Dock.33,000 Cido Shipping Sep 2004Oshima S.B. Co.32,000 Unknown Owner Sep 2004Kanda Zosensho32,000 Unknown Owner Oct 2004Kanda Zosensho32,000 Pacific Basin Agen. Oct 2004Hakodate Dock31,350 Intership Nav. Co. Oct 2004Saiki Hvy. Ind.28,300 Cido Shipping Oct 2004Shin Kochi H.I.10,800 Wisdom Marine Lines Oct 2004Watanabe Zosen35,000 Parakou Shpg. Nov 2004Xingang S.Y.34,300 Dockendale Shpg Co. Nov 2004Xingang S.Y.38,000 Intership Nav. Co. Dec 2004Saiki Hvy. Ind.32,000 Unknown Owner Dec 2004Kanda Zosensho25,000 Mineral Shpg. Co. Dec 2004Zhou Shan S/Y


200538,000 Polish Steamship Co. 2005Xingang S.Y.38,000 Polish Steamship Co. 2005Xingang S.Y.38,000 Polish Steamship Co. 2005Xingang S.Y.38,000 Polish Steamship Co. 2005Xingang S.Y.34,000 F. H. Bertling 2005Kouan S.B.30,000 Clipper Group 2005Shanhaiguan S/Y30,000 Clipper Group 2005Shanhaiguan S/Y30,000 Clipper Group 2005Shanhaiguan S/Y29,000 Sunship Schiff. 2005Guang. Wenchong29,000 Sunship Schiff. 2005Guang. Wenchong28,900 Unknown Owner 2005Shikoku Dock.28,900 Unknown Owner 2005Shikoku Dock.15,000 Arko Energy Holdings 2005Dong Feng S/Y33,000 Cido Shipping Jan 2005Oshima S.B. Co.28,900 Inui S.S. Co. Ltd. Jan 2005Shikoku Dock.32,000 Unknown Owner Feb 2005Kanda Zosensho33,000 Cido Shipping Mar 2005Oshima S.B. Co.32,000 Sincere Industrial Mar 2005Kanda Zosensho28,900 Unknown Owner Mar 2005Shikoku Dock.35,000 Shinwa Kaiun Kaisha Jul 2005Oshima S.B. Co.28,900 Wisdom Marine Lines Sep 2005Shikoku Dock.32,500 Unknown Owner Nov 2005Shin Kurushima32,500 Cido Shipping Dec 2005Shin Kurushima


200635,000 Shinwa Kaiun Kaisha Jan 2006Oshima S.B. Co.28,900 Inui S.S. Co. Ltd. Jan 2006Shikoku Dock.



Combined CarriersOwner Builder Sched. Del.DWT Owner Builder Sched. Del.DWT

Combined Carriers



Orderbook

Orderbook

0.00.1

0.10.2

0.20.3

0.30.4

0.40.5

0.5

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

(m) DWT



2003121,000 K. G. Jebsen Apr 2003Hyundai H.I.121,000 K. G. Jebsen Jun 2003Hyundai H.I.



Post Panamax Containerships >4,000 TEUOwner Builder Sched. Del.TEU Owner Builder Sched. Del.TEU

Post Panamax Containerships >4,000 TEU


(m) TEU (end) 2001 2002 May-2003Fleet Totals 1.1 1.4 1.50 2003 0.14Deliveries 0.4 0.3 0.10 2004 0.27Scrapping 0.0 0.0 0.00 2005+ 0.22Contracting 0.2 0.2 0.25 Total 0.63Orderbook 0.6 0.5 0.63 % Fleet 42.2%

Orderbook

Orderbook

0.0

0.1

0.1

0.2

0.2

0.3

0.3

0.4

0.4

0.5

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

(m) TEU



20037,500 Maersk Sealand May 2003Odense Lindo8,063 OOCL Jun 2003Samsung S.B.6,750 NSB Niederelbe Jun 2003Daewoo S.B.6,730 Mediterranean Shpg. Jun 2003Hyundai H.I.6,246 Costamare Shipping Jun 2003Hyundai H.I.6,200 Kaisho Shipping Co. Jun 2003I.H.I.5,618 China Shpg. Cont. Jun 2003Hudong S/Yard5,618 China Shpg. Cont. Jun 2003Dalian New Yard7,500 Maersk Sealand Jul 2003Odense Lindo5,744 Gebab Jul 2003Hanjin H.I.6,750 NSB Niederelbe Aug 2003Daewoo S.B.6,200 Nippon Yusen Kaisha Sep 2003Koyo Dock K.K.5,618 China Shpg. Cont. Sep 2003Hudong S/Yard7,500 Maersk Sealand Oct 2003Odense Lindo6,750 NVA Norddeutsche Oct 2003Daewoo S.B.5,744 Gebab Oct 2003Hanjin H.I.6,730 Mediterranean Shpg. Nov 2003Hyundai H.I.6,200 Nippon Yusen Kaisha Nov 2003Koyo Dock K.K.5,500 Unknown Owner Nov 2003Koyo Dock K.K.6,750 NVA Norddeutsche Dec 2003Daewoo S.B.6,200 Kaisho Shipping Co. Dec 2003I.H.I.5,618 China Shpg. Cont. Dec 2003Dalian New Yard

Total 22 Vessel(s) of 141,529 TEU.

20047,500 Maersk Sealand Jan 2004Odense Lindo5,500 Shoei Kisen K.K. Jan 2004Koyo Dock K.K.5,500 Unknown Owner Jan 2004Koyo Dock K.K.8,063 OOCL Feb 2004Samsung S.B.6,750 NVA Norddeutsche Feb 2004Daewoo S.B.6,200 Kaisho Shipping Co. Feb 2004I.H.I.5,770 CMA-CGM Feb 2004Samsung S.B.5,500 Shoei Kisen K.K. Mar 2004Koyo Dock K.K.8,063 OOCL Apr 2004Samsung S.B.8,063 OOCL Apr 2004Samsung S.B.7,500 Maersk Sealand Apr 2004Odense Lindo6,750 NVA Norddeutsche Apr 2004Daewoo S.B.5,770 CMA-CGM Apr 2004Samsung S.B.5,500 Yangming Marine Apr 2004CSBC8,063 OOCL Jun 2004Samsung S.B.6,408 Mediterranean Shpg. Jun 2004Hyundai Samho5,500 Yangming Marine Jun 2004CSBC8,189 Conti Reederei Jul 2004Hyundai H.I.6,200 Kaisho Shipping Co. Jul 2004I.H.I.3,700 Safmarine Cont. Line Jul 2004Odense Lindo7,500 E.R. Schiffahrt Aug 2004Hyundai H.I.5,770 CMA-CGM Aug 2004Samsung S.B.5,770 CMA-CGM Aug 2004Samsung S.B.8,100 Seaspan Ship Mngt. Sep 2004Samsung S.B.7,500 E.R. Schiffahrt Sep 2004Hyundai H.I.8,189 Conti Reederei Oct 2004Hyundai H.I.7,500 E.R. Schiffahrt Oct 2004Hyundai H.I.5,770 CMA-CGM Oct 2004Samsung S.B.3,700 Safmarine Cont. Line Oct 2004Odense Lindo8,189 Conti Reederei Nov 2004Hyundai H.I.7,500 E.R. Schiffahrt Nov 2004Hyundai H.I.5,770 CMA-CGM Nov 2004Samsung S.B.8,189 Conti Reederei Dec 2004Hyundai H.I.8,100 Seaspan Ship Mngt. Dec 2004Samsung S.B.7,700 Blue Star Reederei Dec 2004I.H.I.7,500 E.R. Schiffahrt Dec 2004Hyundai H.I.5,770 CMA-CGM Dec 2004Samsung S.B.5,770 CMA-CGM Dec 2004Samsung S.B.5,500 Yangming Marine Dec 2004CSBC5,500 CSAV Dec 2004CSBC3,700 Safmarine Cont. Line Dec 2004Odense Lindo


20058,300 Reederei C.-P. Offen 2005Samsung S.B.8,100 Seaspan Ship Mngt. 2005Samsung S.B.8,100 Reederei C.-P. Offen 2005Samsung S.B.8,100 Reederei C.-P. Offen 2005Samsung S.B.8,100 Seaspan Ship Mngt. 2005Samsung S.B.5,500 CSAV 2005CSBC5,500 CSAV 2005CSBC8,030 Reederei C.-P. Offen Mar 2005Hanjin H.I.7,700 Blue Star Reederei Mar 2005I.H.I.3,700 Deutsche Afrika Mar 2005Odense Lindo8,189 Conti Reederei Apr 2005Hyundai H.I.8,063 OOCL Apr 2005Samsung S.B.8,030 Reederei C.-P. Offen May 2005Hanjin H.I.7,700 Blue Star Reederei May 2005I.H.I.8,063 OOCL Jun 2005Samsung S.B.8,030 Reederei C.-P. Offen Jul 2005Hanjin H.I.8,100 Conti Reederei Aug 2005Samsung S.B.


Post Panamax Containerships >4,000 TEUOwner Builder Sched. Del.TEU Owner Builder Sched. Del.TEU

8,100 Seaspan Ship Mngt. Sep 2005Samsung S.B.8,030 Reederei C.-P. Offen Oct 2005Hanjin H.I.8,100 Conti Reederei Dec 2005Samsung S.B.8,030 Reederei C.-P. Offen Dec 2005Hanjin H.I.7,700 Blue Star Reederei Dec 2005I.H.I.


20068,100 Conti Reederei 2006Samsung S.B.8,100 Conti Reederei 2006Samsung S.B.8,100 Conti Reederei 2006Samsung S.B.8,100 Conti Reederei 2006Samsung S.B.8,100 Conti Reederei 2006Samsung S.B.8,100 Reederei C.-P. Offen 2006Samsung S.B.8,100 Conti Reederei 2006Samsung S.B.



Panamax Containerships >3,000 TEUOwner Builder Sched. Del.TEU Owner Builder Sched. Del.TEU

Panamax Containerships >3,000 TEU



Orderbook

Orderbook

0.0

0.1

0.1

0.2

0.2

0.3

0.3

0.4

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

(m) TEU



20034,050 China Shpg. Cont. 2003Hudong S/Yard4,050 China Shpg. Cont. 2003Hudong S/Yard4,050 China Shpg. Cont. 2003Hudong S/Yard4,425 Peter Dohle Schiff. May 2003Stocznia Gdynia4,250 Ofer Bros. (Mngmt.) May 2003Samsung S.B.4,115 Canada Maritime May 2003Daewoo S.B.3,607 NVA Norddeutsche May 2003Hyundai H.I.3,000 A.P. Moller May 2003Volkswerft4,500 Kaisho Shipping Co. Jun 2003I.H.I.4,500 Mitsui O.S.K. Lines Jun 2003Mitsubishi H.I.4,425 Rickmers Reederei Jun 2003Stocznia Gdynia4,250 E.R. Schiffahrt Jun 2003Samsung S.B.4,115 Canada Maritime Jun 2003Daewoo S.B.4,115 OOCL Jun 2003Daewoo S.B.3,139 NVA Norddeutsche Jun 2003Shanghai Shpyd.3,100 Peter Dohle Schiff. Jun 2003Szczecin. Nowa4,425 Rickmers Reederei Jul 2003Stocznia Gdynia4,300 Maersk Sealand Jul 2003Hyundai H.I.4,500 Mitsui O.S.K. Lines Aug 2003Mitsubishi H.I.4,900 Mediterranean Shpg. Sep 2003Hanjin H.I.4,500 Kaisho Shipping Co. Sep 2003I.H.I.4,425 Rickmers Reederei Sep 2003Stocznia Gdynia4,250 E.R. Schiffahrt Sep 2003Samsung S.B.

3,100 Peter Dohle Schiff. Sep 2003Szczecin. Nowa3,000 A.P. Moller Sep 2003Volkswerft3,139 NVA Norddeutsche Oct 2003Shanghai Shpyd.4,500 Mitsui O.S.K. Lines Nov 2003Mitsubishi H.I.4,425 Rickmers Reederei Nov 2003Stocznia Gdynia4,900 Mediterranean Shpg. Dec 2003Hanjin H.I.4,500 Kaisho Shipping Co. Dec 2003I.H.I.4,250 E.R. Schiffahrt Dec 2003Samsung S.B.3,100 Peter Dohle Schiff. Dec 2003Szczecin. Nowa3,000 A.P. Moller Dec 2003Volkswerft


20044,900 NVA Norddeutsche 2004Hanjin H.I.4,900 NVA Norddeutsche 2004Hanjin H.I.4,050 China Shpg. Cont. 2004Hudong S/Yard4,050 China Shpg. Cont. 2004Hudong S/Yard3,800 Empresa Alianca 2004Eisa Shipyard3,800 Empresa Alianca 2004Eisa Shipyard4,900 Mediterranean Shpg. Jan 2004Hanjin H.I.4,900 Mediterranean Shpg. Jan 2004Hanjin H.I.4,425 Rickmers Reederei Feb 2004Stocznia Gdynia3,139 NVA Norddeutsche Feb 2004Shanghai Shpyd.4,900 NVA Norddeutsche Mar 2004Hanjin H.I.4,500 Mitsubishi Corp. Mar 2004Mitsubishi H.I.4,300 Danaos Shpg. Mar 2004Samsung S.B.4,250 E.R. Schiffahrt Mar 2004Hyundai Samho4,130 Deomar Schiffahrts Mar 2004Hyundai H.I.4,900 Mediterranean Shpg. Apr 2004Hyundai Samho4,800 Ofer Bros. (Mngmt.) Apr 2004Hyundai H.I.3,100 Dietrich Tamke K.G. Apr 2004Szczecin. Nowa4,900 Mediterranean Shpg. May 2004Hyundai Samho4,800 Costamare Shipping May 2004Hyundai H.I.4,425 Rickmers Reederei May 2004Stocznia Gdynia4,300 Danaos Shpg. May 2004Samsung S.B.4,130 Dauelsberg, Herm May 2004Hyundai H.I.5,040 E.R. Schiffahrt Jun 2004Hyundai Samho4,900 NVA Norddeutsche Jun 2004Hanjin H.I.4,800 Ofer Bros. (Mngmt.) Jun 2004Hyundai H.I.4,250 E.R. Schiffahrt Jun 2004Hyundai Samho5,618 China Shpg. Cont. Jul 2004Hudong S/Yard5,040 E.R. Schiffahrt Jul 2004Hyundai Samho4,943 Hansa Treuhand Jul 2004Hanjin H.I.4,425 Rickmers Reederei Jul 2004Stocznia Gdynia4,130 Dauelsberg, Herm Jul 2004Hyundai H.I.3,100 Gerd Ritscher K.G. Jul 2004Szczecin. Nowa5,040 E.R. Schiffahrt Aug 2004Hyundai Samho4,800 Ofer Bros. (Mngmt.) Aug 2004Hyundai H.I.5,618 China Shpg. Cont. Sep 2004Hudong S/Yard5,060 Rickmers Reederei Sep 2004Hanjin H.I.5,040 E.R. Schiffahrt Sep 2004Hyundai Samho4,943 Hansa Treuhand Sep 2004Hanjin H.I.4,425 Rickmers Reederei Sep 2004Stocznia Gdynia5,100 Hamburg-Sud. Oct 2004Daewoo S.B.5,060 Rickmers Reederei Oct 2004Hanjin H.I.4,425 Hermann Wulff Oct 2004Stocznia Gdynia5,060 Rickmers Reederei Nov 2004Hanjin H.I.4,425 Hermann Wulff Nov 2004Stocznia Gdynia4,014 Kawasaki Kisen Nov 2004Hyundai H.I.3,100 Peter Dohle Schiff. Nov 2004Szczecin. Nowa5,100 Hamburg-Sud. Dec 2004Daewoo S.B.5,060 Rickmers Reederei Dec 2004Hanjin H.I.


Panamax Containerships >3,000 TEUOwner Builder Sched. Del.TEU Owner Builder Sched. Del.TEU

5,000 Oltmann, D. Dec 2004Hyundai Samho4,014 Kawasaki Kisen Dec 2004Hyundai H.I.4,014 Kawasaki Kisen Dec 2004Hyundai H.I.


20058,000 Hapag-Lloyd A.G. 2005Hyundai H.I.5,618 China Shpg. Cont. 2005Hudong S/Yard5,618 China Shpg. Cont. 2005Hudong S/Yard4,700 Reederei C.-P. Offen 2005Hyundai H.I.4,700 Reederei C.-P. Offen 2005Hyundai H.I.4,250 Seaspan Ship Mngt. 2005Samsung S.B.4,050 CSAV 2005CSBC4,050 CSAV 2005CSBC4,014 Kawasaki Kisen 2005Hyundai H.I.4,014 Kawasaki Kisen 2005Hyundai H.I.4,014 Kawasaki Kisen 2005Hyundai H.I.5,040 E.R. Schiffahrt Jan 2005Hyundai Samho4,014 Kawasaki Kisen Jan 2005Hyundai H.I.5,060 Rickmers Reederei Feb 2005Hanjin H.I.5,000 Reederei C.-P. Offen Feb 2005Hyundai H.I.4,014 Kawasaki Kisen Feb 2005Hyundai H.I.3,100 Peter Dohle Schiff. Feb 2005Szczecin. Nowa5,618 China Shpg. Cont. Mar 2005Hudong S/Yard5,100 Hamburg-Sud. Mar 2005Daewoo S.B.5,000 Reederei C.-P. Offen Mar 2005Hyundai H.I.5,060 Rickmers Reederei Apr 2005Hanjin H.I.5,040 E.R. Schiffahrt Apr 2005Hyundai Samho5,000 Reederei C.-P. Offen Apr 2005Hyundai H.I.4,250 Seaspan Ship Mngt. Apr 2005Samsung S.B.5,100 Hamburg-Sud. May 2005Daewoo S.B.5,050 Dauelsberg, Herm May 2005Hyundai H.I.3,100 Peter Dohle Schiff. May 2005Szczecin. Nowa5,050 Dauelsberg, Herm Jun 2005Hyundai H.I.4,250 Seaspan Ship Mngt. Jun 2005Samsung S.B.5,100 Hamburg-Sud. Jul 2005Daewoo S.B.5,040 E.R. Schiffahrt Jul 2005Hyundai Samho5,000 Reederei C.-P. Offen Jul 2005Hyundai H.I.4,943 Hansa Treuhand Jul 2005Hanjin H.I.4,250 Seaspan Ship Mngt. Jul 2005Samsung S.B.4,250 Seaspan Ship Mngt. Aug 2005Samsung S.B.3,100 Peter Dohle Schiff. Aug 2005Szczecin. Nowa5,100 Hamburg-Sud. Sep 2005Daewoo S.B.4,943 Hansa Treuhand Sep 2005Hanjin H.I.4,000 Wan Hai Lines Oct 2005CSBC4,100 Peter Dohle Schiff. Dec 2005Hyundai Samho4,100 Peter Dohle Schiff. Dec 2005Hyundai Samho4,000 Wan Hai Lines Dec 2005CSBC


20068,000 Hapag-Lloyd A.G. 2006Hyundai H.I.8,000 Hapag-Lloyd A.G. 2006Hyundai H.I.4,000 Wan Hai Lines 2006CSBC4,000 Wan Hai Lines 2006CSBC4,000 Wan Hai Lines Mar 2006CSBC3,100 Unknown Owner Dec 2006Szczecin. Nowa3,100 Unknown Owner Dec 2006Szczecin. Nowa



Sub-Panamax Containerships 2-3,000 TEUOwner Builder Sched. Del.TEU Owner Builder Sched. Del.TEU

Sub-Panamax Containerships 2-3,000 TEU



Orderbook

Orderbook

0.00.0

0.00.1

0.10.1

0.10.1

0.20.2

0.2

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

(m) TEU



20032,750 OOCL Apr 2003Koyo Dock K.K.2,750 OOCL May 2003Koyo Dock K.K.2,495 Schepers & Co. May 2003Naikai S.B.2,200 SCAC Delmas-Vieljeux May 2003CSBC2,890 Matson Navigation Jun 2003Kvaerner Phil.2,770 Suisse-Atlantique Jun 2003Hyundai Mipo2,524 MPC Steamship Jun 2003Kv. Warnowwerft2,200 CMA-CGM Jun 2003CSBC2,700 Unknown Owner Jul 2003Kanasashi K.K.2,650 Projex-Schiff. Jul 2003Stocznia Gdynia2,650 Leonhardt & Blumberg Jul 2003Stocznia Gdynia2,770 Suisse-Atlantique Aug 2003Hyundai Mipo2,524 Ugland Int. Holdings Aug 2003Kv. Warnowwerft2,478 Oldendorff, Klaus Aug 2003Aker MTW Werft2,200 CMA-CGM Aug 2003CSBC2,770 Ch. F. Ahrenkiel Sep 2003Hyundai Mipo2,770 Ch. F. Ahrenkiel Sep 2003Hyundai Mipo2,650 Leonhardt & Blumberg Sep 2003Stocznia Gdynia2,478 Oldendorff, Klaus Sep 2003Aker MTW Werft2,524 Ugland Int. Holdings Oct 2003Kv. Warnowwerft2,512 Pacific Carriers Oct 2003Jurong S/Yard2,500 Blue Star Reederei Oct 2003Hyundai H.I.2,500 Blue Star Reederei Oct 2003Hyundai H.I.

2,200 CMA-CGM Oct 2003CSBC2,500 Blue Star Reederei Nov 2003Hyundai H.I.2,496 E.R. Schiffahrt Nov 2003SSW Fahr2,478 Oldendorff, Klaus Nov 2003Aker MTW Werft2,524 Ugland Int. Holdings Dec 2003Kv. Warnowwerft2,478 Iran Shipping Lines Dec 2003Aker MTW Werft2,478 Iran Shipping Lines Dec 2003Aker MTW Werft2,200 CMA-CGM Dec 2003CSBC


20042,512 Niki Group 2004Jurong S/Yard2,512 Niki Group 2004Jurong S/Yard2,512 Niki Group 2004Jurong S/Yard2,452 Iran Shipping Lines 2004ISOICO2,452 Iran Shipping Lines 2004ISOICO2,452 Iran Shipping Lines 2004ISOICO2,452 Iran Shipping Lines 2004ISOICO2,452 Iran Shipping Lines 2004ISOICO2,500 Blue Star Reederei Jan 2004Hyundai H.I.2,500 Blue Star Reederei Feb 2004Hyundai H.I.2,524 Ugland Int. Holdings Mar 2004Kv. Warnowwerft2,500 Blue Star Reederei Mar 2004Hyundai H.I.2,478 Iran Shipping Lines Mar 2004Kv. Warnowwerft2,890 Matson Navigation Apr 2004Kvaerner Phil.2,650 Rendsburg, Schiff. Apr 2004Stocznia Gdynia2,512 Pacific Carriers Apr 2004Jurong S/Yard2,500 Blue Star Reederei May 2004Hyundai H.I.2,478 Iran Shipping Lines May 2004Aker MTW Werft2,500 Blue Star Reederei Jun 2004Hyundai H.I.2,478 Iran Shipping Lines Jun 2004Kv. Warnowwerft2,100 Safmarine Cont. Line Jun 2004Volkswerft2,500 Blue Star Reederei Jul 2004Hyundai H.I.2,478 Iran Shipping Lines Jul 2004Aker MTW Werft2,452 Iran Shipping Lines Jul 2004Nordseewerke2,100 Safmarine Cont. Line Aug 2004Volkswerft2,100 Safmarine Cont. Line Oct 2004Volkswerft2,500 Rudolf Schepers Dec 2004Volkswerft


20052,500 Rudolf Schepers Mar 2005Volkswerft2,770 Ch. F. Ahrenkiel Jun 2005Hyundai Mipo


20062,770 Ch. F. Ahrenkiel 2006Hyundai Mipo2,770 Suisse-Atlantique 2006Hyundai Mipo2,770 Suisse-Atlantique 2006Hyundai Mipo2,500 Efshipping Co S.A. 2006STX Shipbuild.2,500 Efshipping Co S.A. 2006STX Shipbuild.2,500 Schulte Group Feb 2006STX Shipbuild.2,500 Schulte Group Apr 2006STX Shipbuild.



Handy Containerships 1-2,000 TEUOwner Builder Sched. Del.TEU Owner Builder Sched. Del.TEU

Handy Containerships 1-2,000 TEU



Orderbook

Orderbook

0.0

0.0

0.0

0.1

0.1

0.1

0.1

0.1

0.2

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

(m) TEU



20031,718 Leonhardt & Blumberg 2003Guang. Wenchong1,400 Shoei Kisen K.K. May 2003Imabari S.B.1,118 W. Bockstiegel May 2003Jiangdong S/Y1,728 Rickmers Reederei Jun 2003Szczecin. Nowa1,400 Shoei Kisen K.K. Jun 2003Imabari S.B.1,150 Schoeller Holdings Jun 2003Peene Werft1,100 Pacific Int. Lines Jun 2003Shin Kochi H.I.1,618 Evergreen Mar. Corp. Jul 2003Evergreen H.I.1,550 Leonhardt & Blumberg Jul 2003Guang. Wenchong1,400 Shoei Kisen K.K. Jul 2003Imabari S.B.1,730 Danz und Tietjens Aug 2003Szczecin. Nowa1,100 Thien & Heyenga Aug 2003Mutzelfeldt1,800 Rickmers Reederei Sep 2003Jiangsu S/Yard1,150 W. Bockstiegel Sep 2003Jiangdong S/Y1,150 Schoeller Holdings Sep 2003Peene Werft1,550 Leonhardt & Blumberg Oct 2003Guang. Wenchong1,550 Leonhardt & Blumberg Dec 2003Guang. Wenchong1,300 Briese-Schiffahrts Dec 2003Weihai S/yard1,150 Schoeller Holdings Dec 2003Peene Werft1,100 Thien & Heyenga Dec 2003Mutzelfeldt


20041,800 Rickmers Reederei 2004Jiangsu S/Yard1,800 Rickmers Reederei 2004Jiangsu S/Yard1,100 Thien & Heyenga 2004Damen Okean1,100 Thien & Heyenga 2004Damen Okean1,100 Thien & Heyenga 2004Damen Okean1,100 Thien & Heyenga 2004Damen Okean1,016 Vietnam Nat. Shpg. 2004Ha Long Shipyd.1,016 Vietnam Nat. Shpg. 2004Ha Long Shipyd.1,800 Rickmers Reederei Jan 2004Jiangsu S/Yard1,800 Korea Marine Trans. Mar 2004Hanjin H.I.1,550 Leonhardt & Blumberg Mar 2004Guang. Wenchong1,150 Simatech L.L.C. Mar 2004Peene Werft1,300 Briese-Schiffahrts Apr 2004Weihai S/yard1,150 Simatech L.L.C. May 2004Peene Werft1,800 Korea Marine Trans. Jun 2004Hanjin H.I.1,300 Briese-Schiffahrts Oct 2004Weihai S/yard1,700 Mercosul Line Nov 2004Itajai Shipyard1,719 Unknown Owner Dec 2004J. J. Sietas1,718 Schulte Group Dec 2004Guang. Wenchong1,300 Briese-Schiffahrts Dec 2004Weihai S/yard


20051,719 Unknown Owner 2005J. J. Sietas1,719 Unknown Owner 2005J. J. Sietas1,300 Briese-Schiffahrts 2005Weihai S/yard1,300 Briese-Schiffahrts 2005Weihai S/yard1,719 Unknown Owner Jan 2005J. J. Sietas1,100 Shandong Yantai Jan 2005Weihai S/yard1,700 Mercosul Line Mar 2005Itajai Shipyard1,150 Simatech L.L.C. Mar 2005Peene Werft1,100 Shandong Yantai Mar 2005Weihai S/yard1,718 Schulte Group Apr 2005Guang. Wenchong1,150 Simatech L.L.C. May 2005Peene Werft1,718 Norse Mngt. U.K. Aug 2005Guang. Wenchong1,718 Schulte Group Sep 2005Guang. Wenchong1,718 Norse Mngt. U.K. Nov 2005Guang. Wenchong1,718 Schulte Group Dec 2005Guang. Wenchong



Feedermax Containerships 500-1,000 TEUOwner Builder Sched. Del.TEU Owner Builder Sched. Del.TEU

Feedermax Containerships 500-1,000 TEU



Orderbook

Orderbook

0.0

0.0

0.0

0.0

0.0

0.1

0.1

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

(m) TEU



2003700 Pacific Carriers 2003Jingjiang Sumec500 Builders Account 2003Torgem Gemi700 Pacific Carriers Mar 2003Jiangsu S/Yard500 Qatar National Nav. Apr 2003Dae Sun S.B.822 Petra Heinrich May 2003J. J. Sietas850 Karl Schluter Jun 2003Damen Yichang825 Santa Maria Shpg. Jun 2003Bender S.B.822 Peter Dohle Schiff. Jun 2003J. J. Sietas670 Armin Klingenberg Jun 2003Jiangzhou S/Y600 Briese-Schiffahrts Jun 2003Qingshan S.Y.660 Hermann Buss Jul 2003Zhou Shan S/Y822 Peter Dohle Schiff. Aug 2003J. J. Sietas660 Hermann Buss Sep 2003Zhou Shan S/Y820 Bayraktar Denizcilik Oct 2003Torgem Gemi750 Unitas Schiff. Oct 2003Volharding850 Karl Schluter Nov 2003Damen Yichang750 Beluga Shpg. GmbH. Nov 2003Volharding660 Hermann Buss Nov 2003Zhou Shan S/Y825 Santa Maria Shpg. Dec 2003Bender S.B.750 JR Shipping B.V. Dec 2003Volharding750 Beluga Shpg. GmbH. Dec 2003Daewoo-Mangalia


2004900 Hermann Buss 2004Zhou Shan S/Y900 Hermann Buss 2004Zhou Shan S/Y900 Hermann Buss 2004Zhou Shan S/Y900 Hermann Buss 2004Zhou Shan S/Y880 Peter Dohle Schiff. 2004J. J. Sietas880 Unknown Owner 2004J. J. Sietas880 Unknown Owner 2004J. J. Sietas880 Unknown Owner 2004J. J. Sietas720 Pacific Int. Lines 2004Dae Sun S.B.720 Pacific Int. Lines 2004Dae Sun S.B.660 Hermann Buss 2004Zhou Shan S/Y660 Hermann Buss 2004Zhou Shan S/Y700 Nam Sung Shpg. Co. Feb 2004Dae Sun S.B.880 Martens, Ingolf Mar 2004J. J. Sietas831 Shandong Int. Trans. Mar 2004Kyokuyo S/yard750 JR Shipping B.V. Mar 2004Daewoo-Mangalia700 Nam Sung Shpg. Co. Mar 2004Dae Sun S.B.880 Martens, Ingolf Apr 2004J. J. Sietas850 Karl Schluter Apr 2004Damen Yichang900 Unknown Owner May 2004Watanabe Zosen880 Martens, Ingolf May 2004J. J. Sietas831 Shandong Int. Trans. May 2004Kyokuyo S/yard767 Upstream Marine Jun 2004Zaliv Shipyard750 Beluga Shpg. GmbH. Jul 2004Volharding750 JR Shipping B.V. Jul 2004Daewoo-Mangalia850 Unknown Owner Aug 2004Zhejiang S/Yard830 Karl Schluter Sep 2004Qingshan S.Y.804 Kopping, Jorg Sep 2004Damen Galati750 Unitas Schiff. Oct 2004Daewoo-Mangalia850 Unknown Owner Dec 2004Zhejiang S/Yard830 Karl Schluter Dec 2004Qingshan S.Y.


2005900 Hermann Buss 2005Zhou Shan S/Y900 Hermann Buss 2005Zhou Shan S/Y900 Hermann Buss 2005Zhou Shan S/Y660 Hermann Buss 2005Zhou Shan S/Y660 Hermann Buss 2005Zhou Shan S/Y804 Kopping, Jorg Jan 2005Damen Galati900 Beluga Shpg. GmbH. May 2005Volharding850 Unknown Owner May 2005Zhejiang S/Yard900 Unknown Owner Jul 2005Watanabe Zosen900 Beluga Shpg. GmbH. Aug 2005Volharding850 Unknown Owner Sep 2005Zhejiang S/Yard900 Beluga Shpg. GmbH. Oct 2005Volharding900 Pacific Int. Lines Dec 2005Shin Kurushima900 Beluga Shpg. GmbH. Dec 2005Volharding


2006900 Pacific Int. Lines Jan 2006Shin Kurushima850 Unknown Owner Jan 2006Zhejiang S/Yard



Feeder Containerships 100-500 TEUOwner Builder Sched. Del.TEU Owner Builder Sched. Del.TEU

Feeder Containerships 100-500 TEU



Orderbook

Orderbook

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

(m) TEU



2003450 Pacific Carriers 2003Jingjiang Sumec208 Djakarta Lloyd 2003Noahtu S/yard

Total 2 Vessel(s) of 658 TEU.

2004282 Nimmrich & Prahm Dec 2004Rousse Shipyard

Total 1 Vessel(s) of 282 TEU.


Multi-Purpose > 5,000 dwtOwner Builder Sched. Del.DWT Owner Builder Sched. Del.DWT

Multi-Purpose > 5,000 dwt



Orderbook

Orderbook

0.00.1

0.20.3

0.40.5

0.60.7

0.80.9

1.0

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

(m) DWT



200325,000 Pacific Carriers 2003Zhejiang S/Yard

7,200 Briese-Schiffahrts 2003Xingang S.Y.9,000 Unknown Owner 2003Damen Shipyards9,000 Unknown Owner 2003Damen Shipyards

12,000 Unknown Owner 2003Yantar Shipyard12,000 Estonian Shpg. 2003Yantar Shipyard12,000 Unknown Owner 2003Yantar Shipyard

9,370 GEMARFIN 2003Varna Shipyard9,370 GEMARFIN 2003Varna Shipyard5,500 Unknown Owner 2003Braila Shipyard5,500 Unknown Owner 2003Braila Shipyard5,500 Unknown Owner 2003Braila Shipyard5,500 Unknown Owner 2003Braila Shipyard5,500 Unknown Owner 2003Braila Shipyard5,500 Unknown Owner 2003Braila Shipyard5,500 Unknown Owner 2003Braila Shipyard5,000 Unknown Owner 2003Marmara5,650 Rederi AB Lido & Co. 2003Brod. Beograd5,580 Unknown Owner 2003Slovenske5,580 Unknown Owner 2003Slovenske5,500 Unknown Owner 2003Gisan Shipyard

25,000 Pacific Carriers Feb 2003Kouan S.B.25,000 Pacific Carriers Apr 2003Kouan S.B.

19,000 Carisbrooke Shipping Apr 2003Damen Galati34,500 Rickmers Reederei May 2003Shanghai Shpyd.

6,750 Al-Sham Shpg. Co. May 2003Qingshan S.Y.9,980 Mitsui O.S.K. Lines May 2003Shin Kochi H.I.7,800 Feederlines B.V. May 2003Schps. Bodewes5,000 Unknown Owner May 2003Peters Schpsw.

34,500 Rickmers Reederei Jun 2003Xiamen Shipyard13,000 Krey Schiffahrts Jun 2003Jiangzhou S/Y

5,295 Far-Eastern Shpg. Co Jun 2003Amur Shipyard19,600 Frota Amazonica S.A. Jul 2003Eisa Shipyard

5,010 North-Western Shpg. Jul 2003Severnaya S.B.34,500 Schoeller Holdings Aug 2003Dalian Shipyard30,000 Chinese-Polish Shpg. Aug 2003Shanghai Shpyd.

5,530 W. Bockstiegel Aug 2003Jinling Shipyd.13,000 Krey Schiffahrts Sep 2003Jiangzhou S/Y

6,500 W. Bockstiegel Sep 2003Qingshan S.Y.9,900 Wagenborg Shpg. B.V. Sep 2003Volharding5,700 Italtech S.r.L Sep 2003Volharding9,600 Sal-Altes Land Oct 2003J. J. Sietas

13,000 Krey Schiffahrts Oct 2003Jiangdong S/Y6,250 Charles M. Willie Oct 2003Madenci S/Y5,010 North-Western Shpg. Oct 2003Severnaya S.B.

34,500 Schoeller Holdings Nov 2003Dalian Shipyard34,500 Rickmers Reederei Nov 2003Shanghai Shpyd.30,000 Chinese-Polish Shpg. Nov 2003Shanghai Shpyd.

5,530 W. Bockstiegel Nov 2003Jinling Shipyd.7,650 Feederlines B.V. Nov 2003Schps. Bodewes9,600 Sal-Altes Land Dec 2003J. J. Sietas

13,000 Krey Schiffahrts Dec 2003Jiangzhou S/Y6,500 W. Bockstiegel Dec 2003Qingshan S.Y.5,700 Italtech S.r.L Dec 2003Volharding5,010 North-Western Shpg. Dec 2003Severnaya S.B.5,010 North-Western Shpg. Dec 2003Severnaya S.B.5,000 Unknown Owner Dec 2003Peters Schpsw.


200434,500 Rickmers Reederei 2004Shanghai Shpyd.25,000 Pacific Carriers 2004Kouan S.B.13,000 Krey Schiffahrts 2004Qingshan S.Y.13,000 Krey Schiffahrts 2004Qingshan S.Y.

9,370 Unknown Owner 2004Varna Shipyard9,370 Unknown Owner 2004Varna Shipyard6,250 Charles M. Willie 2004Madenci S/Y6,250 Charles M. Willie 2004Madenci S/Y5,800 Builders Account 2004Gisan Shipyard7,650 Feederlines B.V. Feb 2004Schps. Bodewes

34,500 Schoeller Holdings Mar 2004Shanghai Shpyd.30,000 Chinese-Polish Shpg. Mar 2004Shanghai Shpyd.13,000 Krey Schiffahrts Mar 2004Jiangzhou S/Y13,000 Krey Schiffahrts Mar 2004Jiangdong S/Y

5,010 North-Western Shpg. Mar 2004Severnaya S.B.21,250 Spliethoff Apr 2004Szczecin. Nowa12,000 W. Bockstiegel Apr 2004Jiangdong S/Y

5,000 Unknown Owner Apr 2004Peters Schpsw.12,000 W. Bockstiegel Jun 2004Jiangdong S/Y

7,850 Unknown Owner Jun 2004Schps. Bodewes7,650 Feederlines B.V. Jun 2004Schps. Bodewes5,010 North-Western Shpg. Jun 2004Severnaya S.B.

34,500 Schoeller Holdings Jul 2004Dalian Shipyard29,000 Shandong Int. Trans. Jul 2004Bohai Sembawang30,000 Chinese-Polish Shpg. Jul 2004Shanghai Shpyd.


Multi-Purpose > 5,000 dwtOwner Builder Sched. Del.DWT Owner Builder Sched. Del.DWT

13,000 Krey Schiffahrts Jul 2004Jiangdong S/Y21,250 Spliethoff Aug 2004Szczecin. Nowa

5,000 Unknown Owner Aug 2004Peters Schpsw.12,000 W. Bockstiegel Sep 2004Jiangdong S/Y

5,010 North-Western Shpg. Sep 2004Severnaya S.B.5,000 Unknown Owner Sep 2004Peters Schpsw.

11,500 Beluga Shpg. GmbH. Oct 2004Volharding29,000 Shandong Int. Trans. Nov 2004Bohai Sembawang13,000 Krey Schiffahrts Nov 2004Jiangdong S/Y

7,650 Feederlines B.V. Nov 2004Schps. Bodewes34,500 Schoeller Holdings Dec 2004Dalian Shipyard21,250 Spliethoff Dec 2004Szczecin. Nowa11,500 Beluga Shpg. GmbH. Dec 2004Volharding

5,010 North-Western Shpg. Dec 2004Severnaya S.B.5,000 Unknown Owner Dec 2004Peters Schpsw.5,000 Unknown Owner Dec 2004Peters Schpsw.


200511,500 Beluga Shpg. GmbH. 2005Volharding

7,850 Unknown Owner Feb 2005Schps. Bodewes12,000 W. Bockstiegel Mar 2005Jiangdong S/Y

6,800 W. Bockstiegel Mar 2005Jiangzhou S/Y34,500 Schoeller Holdings Apr 2005Dalian Shipyard21,250 Spliethoff Apr 2005Szczecin. Nowa

6,800 W. Bockstiegel Jun 2005Jiangzhou S/Y11,500 Beluga Shpg. GmbH. Jul 2005Volharding

6,800 W. Bockstiegel Sep 2005Jiangzhou S/Y12,000 Beluga Shpg. GmbH. Oct 2005Volharding12,000 Beluga Shpg. GmbH. Dec 2005Volharding

6,800 W. Bockstiegel Dec 2005Jiangzhou S/Y


20066,800 W. Bockstiegel Mar 2006Jiangzhou S/Y6,800 W. Bockstiegel Jun 2006Jiangzhou S/Y



Multi-Purpose < 5,000 dwtOwner Builder Sched. Del.DWT Owner Builder Sched. Del.DWT

Multi-Purpose < 5,000 dwt



Orderbook

Orderbook

0.0

0.1

0.1

0.2

0.2

0.3

0.3

0.4

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

(m) DWT



20034,550 Briese-Schiffahrts 2003Rousse Shipyard4,550 Briese-Schiffahrts 2003Rousse Shipyard3,740 Amasus Chartering 2003Peters Schpsw.3,740 Amasus Chartering 2003Peters Schpsw.3,850 Unknown Owner 2003Damen Shipyards3,380 Unknown Owner 2003Slovenske3,380 Unknown Owner 2003Slovenske3,380 Unknown Owner 2003Slovenske4,400 Briese-Schiffahrts Jun 2003Rousse Shipyard3,700 Erwin Strahlmann Jul 2003SLKB Komarno4,900 Navigia Shipmngt. Sep 2003Weihai S/yard3,400 Flinter Groningen Nov 2003Schps. Bodewes4,900 Navigia Shipmngt. Dec 2003Weihai S/yard4,250 Unknown Owner Dec 2003Schps. Bodewes3,490 W. Bockstiegel Dec 2003SLKB Komarno


20044,400 Hesse Reederei 2004Rousse Shipyard3,400 Flinter Groningen Feb 2004Schps. Bodewes3,490 W. Bockstiegel Mar 2004SLKB Komarno3,680 Unknown Owner Apr 2004SLKB Komarno3,400 Flinter Groningen May 2004Schps. Bodewes

3,680 Unknown Owner Jun 2004SLKB Komarno3,490 W. Bockstiegel Jul 2004SLKB Komarno3,400 Flinter Groningen Aug 2004Schps. Bodewes3,400 Flinter Groningen Sep 2004Schps. Bodewes3,490 Unknown Owner Nov 2004SLKB Komarno



Ro-Ro > 5,000 dwtOwner Builder Sched. Del.DWT Owner Builder Sched. Del.DWT

Ro-Ro > 5,000 dwt



Orderbook

Orderbook

0.0

0.1

0.1

0.2

0.2

0.3

0.3

0.4

0.4

0.5

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

(m) DWT



200312,350 Builders Account 2003Soc. Esercizio12,350 Builders Account 2003Soc. Esercizio12,500 Dag Engstrom 2003Zhonghua S/Yard

5,500 Sloman Neptun Schiff 2003Pendik S.Y.7,172 Harren & Partner 2003Rolandwerft

25,000 Grimaldi Group Mar 2003Fincantieri9,400 Stena Line AB Apr 2003Hyundai H.I.

30,000 Totem Ocean Trailer Jun 2003National Steel12,350 Stena AB Jun 2003Soc. Esercizio33,819 U.S. Govt. Jun 2003Avondale Ind.25,000 Grimaldi Group Jun 2003Fincantieri

7,000 Visentini Trasporti Jun 2003Visentini18,500 B&N Nordsjofrakt Jun 2003Stocznia Gdansk12,833 Stena AB Jul 2003Dalian Shipyard

9,450 Unknown Owner Jul 2003Higaki Zosen10,070 DFDS Tor line Sep 2003Flensburger S.B12,833 Stena AB Oct 2003Dalian Shipyard10,070 DFDS Tor line Dec 2003Flensburger S.B

7,000 Visentini Trasporti Dec 2003Visentini25,000 Grimaldi Group Dec 2003Fincantieri


200412,350 Builders Account 2004Soc. Esercizio10,500 Unknown Owner 2004Ast. de Huelva10,500 Olzay Green S.L. 2004Ast. de Huelva

7,000 Visentini Trasporti 2004Visentini6,000 Egyptian Govt. Jan 2004Alexandria S.Y.

10,000 Wagenborg Shpg. B.V. Jan 2004Volharding5,200 Fret-CETAM Mar 2004Jinling Shipyd.

10,070 DFDS Tor line Apr 2004Flensburger S.B8,000 Shin Nihonkai Ferry Jun 2004Mitsubishi H.I.8,000 Shin Nihonkai Ferry Jul 2004Mitsubishi H.I.

10,070 DFDS Tor line Aug 2004Flensburger S.B10,000 Wagenborg Shpg. B.V. Oct 2004Volharding10,070 DFDS Tor line Nov 2004Flensburger S.B


200511,000 Oceanex (1997) Inc. 2005Jiangsu S/Yard

5,000 Mintrans Feb 2005Brod. Uljanik11,300 UND RoRo Isletmeleri Apr 2005Flensburger S.B

5,000 Mintrans Jun 2005Brod. Uljanik11,300 UND RoRo Isletmeleri Aug 2005Flensburger S.B


20065,000 Mintrans Feb 2006Brod. Uljanik5,000 Mintrans Jun 2006Brod. Uljanik



Ro-Ro < 5,000 dwtOwner Builder Sched. Del.DWT Owner Builder Sched. Del.DWT

Ro-Ro < 5,000 dwt



Orderbook

Orderbook

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

(m) DWT



20033,300 Harren & Partner 2003Rolandwerft3,300 Harren & Partner 2003Rolandwerft

678 Chinese Govt. Mar 2003Wuchang S/Yard2,650 Unknown Owner Mar 2003Higaki Zosen4,700 Gotland Rederi AB Apr 2003Guangzhou Shpyd1,560 Shpg. Corp. of India Dec 2003Hindustan S/Y


20052,500 Norfolk Line B.V. Nov 2005Samsung S.B.



Pure Car Carrier > 5,000 dwtOwner Builder Sched. Del.DWT Owner Builder Sched. Del.DWT

Pure Car Carrier > 5,000 dwt



Orderbook

Orderbook

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

(m) DWT



20036,000 Grupo Suardiaz 2003Barreras S.A.

21,000 Mitsui O.S.K. Lines Jun 2003Minami Nippon17,000 Ray Shipping Jul 2003Stocznia Gdynia14,900 Grimaldi Group Jul 2003Brod. Uljanik19,250 Mitsui O.S.K. Lines Sep 2003Kanasashi K.K.21,000 Mitsui O.S.K. Lines Oct 2003Shin Kurushima16,000 Kawasaki Kisen Oct 2003Imabari S.B.17,000 Ray Shipping Oct 2003Stocznia Gdynia19,250 Mitsui O.S.K. Lines Nov 2003Kanasashi K.K.21,000 Mitsui O.S.K. Lines Dec 2003Minami Nippon16,000 Kawasaki Kisen Dec 2003Imabari S.B.

6,000 Grupo Suardiaz Dec 2003Barreras S.A.


200418,000 Mitsui O.S.K. Lines 2004Minami Nippon18,000 Mitsui O.S.K. Lines 2004Minami Nippon19,250 Mitsui O.S.K. Lines Jan 2004Kanasashi K.K.17,000 Ray Shipping Jan 2004Stocznia Gdynia21,000 Mitsui O.S.K. Lines Mar 2004Shin Kurushima17,500 Cido Shipping Apr 2004Kanasashi K.K.19,000 Nippon Yusen Kaisha Apr 2004Imabari S.B.17,000 Ray Shipping May 2004Stocznia Gdynia

14,900 Grimaldi Group May 2004Brod. Uljanik17,500 Cido Shipping Jun 2004Kanasashi K.K.19,000 Nippon Yusen Kaisha Jul 2004Imabari S.B.17,550 Nippon Yusen Kaisha Aug 2004Kanasashi K.K.17,000 Ray Shipping Aug 2004Stocznia Gdynia19,000 Nippon Yusen Kaisha Sep 2004Imabari S.B.17,550 Nippon Yusen Kaisha Oct 2004Kanasashi K.K.17,500 Wilh Wilhelmsen Oct 2004Mitsubishi H.I.12,400 Grimaldi Group Oct 2004Brod. Uljanik17,000 Ray Shipping Nov 2004Stocznia Gdynia19,000 Nippon Yusen Kaisha Dec 2004Imabari S.B.17,550 Nippon Yusen Kaisha Dec 2004Kanasashi K.K.13,000 Van Ommeren (USA) Dec 2004VT Halter


200518,000 Mitsui O.S.K. Lines 2005Kanasashi K.K.18,000 Mitsui O.S.K. Lines 2005Imabari S.B.18,000 Mitsui O.S.K. Lines 2005Imabari S.B.18,000 Mitsui O.S.K. Lines 2005Mitsubishi H.I.18,000 Mitsui O.S.K. Lines 2005Mitsubishi H.I.18,000 Mitsui O.S.K. Lines 2005Minami Nippon18,000 Mitsui O.S.K. Lines 2005Kanasashi K.K.18,000 Mitsui O.S.K. Lines 2005Mitsubishi H.I.12,000 SAMAMA 2005Xiamen Shipyard12,000 SAMAMA 2005Xiamen Shipyard17,500 Cido Shipping Jan 2005Kanasashi K.K.17,500 Wilh Wilhelmsen Jan 2005Mitsubishi H.I.19,000 HUAL Jan 2005Daewoo S.B.17,000 Ray Shipping Feb 2005Stocznia Gdynia17,500 Cido Shipping Mar 2005Kanasashi K.K.19,000 HUAL Apr 2005Daewoo S.B.17,550 Nippon Yusen Kaisha Jun 2005Kanasashi K.K.17,000 Ray Shipping Jun 2005Stocznia Gdynia19,000 HUAL Jul 2005Daewoo S.B.12,400 Grimaldi Group Jul 2005Brod. Uljanik16,000 Kawasaki Kisen Aug 2005Nantong S.B.16,000 Kawasaki Kisen Nov 2005Nantong S.B.


200618,000 Mitsui O.S.K. Lines 2006Kanasashi K.K.18,000 Mitsui O.S.K. Lines 2006Mitsubishi H.I.16,000 Kawasaki Kisen Feb 2006Nantong S.B.



ReefersOwner Builder Sched. Del.Cu.ft Owner Builder Sched. Del.Cu.ft

Reefers


(m) Cu.ft (end) 2001 2002 May-2003Fleet Totals 355.5 351.0 349.45 2003 2.88Deliveries 1.3 1.3 0.00 2004 0.50Scrapping 4.5 4.9 1.56 2005+ 0.00Contracting 0.0 0.7 0.00 Total 3.38Orderbook 3.9 3.4 3.38 % Fleet 1.0%

Orderbook

Orderbook

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

(m) Cu.ft



2003497,000 Laskaridis Shpg 200361 Kommunar497,000 Laskaridis Shpg 200361 Kommunar270,000 Laskaridis Shpg 200361 Kommunar460,000 Agrexco Ltd. Jun 2003Vianayard300,000 Albacora S.A. Jun 2003Barreras S.A.199,883 Yamane Kaiun K.K. Jun 2003Kyokuyo S/yard200,000 Unknown Owner Aug 2003Kyokuyo S/yard460,000 Agrexco Ltd. Sep 2003Vianayard

Total 8 Vessel(s) of 2,883,883 Cu.ft.

2004497,000 Laskaridis Shpg 200461 Kommunar

Total 1 Vessel(s) of 497,000 Cu.ft.


Other Dry Cargo > 5,000 dwtOwner Builder Sched. Del.DWT Owner Builder Sched. Del.DWT

Other Dry Cargo > 5,000 dwt



Orderbook

Orderbook

0.0

0.1

0.1

0.2

0.2

0.3

0.3

0.4

0.4

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

(m) DWT



20037,500 Unknown Owner 2003Sanyo Zosen6,750 Unknown Owner 2003Murakami Hide5,000 Unknown Owner Apr 2003Qingshan S.Y.

13,000 Kahn Scheepvaart Jun 2003Damen Galati13,000 Kahn Scheepvaart Oct 2003Damen Galati

9,350 Kawasaki Kinkai Oct 2003Nishi S.B. Co.10,100 Kawasaki Kinkai Nov 2003Higaki Zosen


20046,000 Ukrrichflot Shpg. Co 2004Damen Okean6,000 Ukrrichflot Shpg. Co 2004Damen Okean6,000 Ukrrichflot Shpg. Co 2004Damen Okean6,000 Ukrrichflot Shpg. Co 2004Damen Okean7,600 Polish Ocean Lines Jan 2004Stocznia Gdansk

10,100 Kawasaki Kinkai Feb 2004Higaki Zosen7,600 Polish Ocean Lines Apr 2004Stocznia Gdansk

10,100 Kawasaki Kinkai May 2004Higaki Zosen6,700 Palmali Shipping May 2004Volgograd S.Y.6,500 Tong Yang Cement Co. Jun 2004INP Heavy Ind.6,700 Palmali Shipping Aug 2004Volgograd S.Y.6,700 Palmali Shipping Nov 2004Volgograd S.Y.9,350 Kawasaki Kinkai Dec 2004Nishi S.B. Co.


20056,000 Ukrrichflot Shpg. Co 2005Damen Okean6,000 Ukrrichflot Shpg. Co 2005Damen Okean

11,000 Tom Worden Schiffs Jan 2005Jingjiang Sumec6,700 Palmali Shipping Mar 2005Volgograd S.Y.7,200 Peter Dohle Schiff. Apr 2005Jingjiang Sumec

11,000 Tom Worden Schiffs May 2005Jingjiang Sumec6,700 Palmali Shipping Jun 2005Volgograd S.Y.7,200 Peter Dohle Schiff. Aug 2005Jingjiang Sumec6,700 Palmali Shipping Sep 2005Volgograd S.Y.

11,000 Tom Worden Schiffs Sep 2005Jingjiang Sumec7,200 Peter Dohle Schiff. Dec 2005Jingjiang Sumec


20067,200 Peter Dohle Schiff. Apr 2006Jingjiang Sumec



Other Dry Cargo < 5,000 dwtOwner Builder Sched. Del.DWT Owner Builder Sched. Del.DWT

Other Dry Cargo < 5,000 dwt

20032,600 Unknown Owner 2003Slovenske2,600 Unknown Owner 2003Slovenske2,500 Builders Account 2003Ceskoslovenska2,460 Unknown Owner 2003Damen Shipyards2,460 Unknown Owner 2003Damen Shipyards2,500 Builders Account 2003Ceskoslovenska3,800 Unknown Owner 2003Weihai S/yard4,800 Erik Thun AB Jun 2003Ferus Smit3,200 Wagenborg Shpg. B.V. Jul 2003Barkmeijer4,250 Unknown Owner Sep 2003Schps. Bodewes2,730 Naveiro Transportes Sep 2003Est. Mondego4,800 Erik Thun AB Nov 2003Ferus Smit3,200 Builders Account Nov 2003Peters Schpsw.


20044,270 Unknown Owner Feb 2004Schps. Bodewes3,200 Builders Account Feb 2004Peters Schpsw.4,400 Arklow Shipping Ltd. Jun 2004Barkmeijer3,200 Builders Account Jun 2004Peters Schpsw.4,270 Unknown Owner Jun 2004Schps. Bodewes4,400 Arklow Shipping Ltd. Sep 2004Barkmeijer3,200 Builders Account Oct 2004Peters Schpsw.

4,400 Arklow Shipping Ltd. Dec 2004Barkmeijer


20053,200 Builders Account Jan 2005Peters Schpsw.4,400 Arklow Shipping Ltd. Mar 2005Barkmeijer3,200 Builders Account May 2005Peters Schpsw.3,200 Builders Account Sep 2005Peters Schpsw.3,200 Builders Account Dec 2005Peters Schpsw.



OffshoreOwner Builder Sched. Del.GT Owner Builder Sched. Del.GT

Offshore


(m) GT (end) 2001 2002 May-2003Fleet Totals 4.7 4.9 5.05 2003 0.23Deliveries 0.2 0.3 0.10 2004 0.10Scrapping 0.0 0.0 0.00 2005+ 0.02Contracting 0.3 0.2 0.05 Total 0.35Orderbook 0.5 0.4 0.35 % Fleet 6.9%GT estimated if not known

Orderbook

Orderbook

0.00.1

0.10.2

0.20.3

0.30.4

0.40.5

0.5

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

(m) GT



20032,323 Harvey Gulf Intl. 2003Eastern S.B.1,400 Jaya Offshore Pte. 2003Jaya S.B. & Eng1,936 Jaya Offshore Pte. 2003Jaya S.B. & Eng1,936 Jaya Offshore Pte. 2003Jaya S.B. & Eng1,400 Jaya Offshore Pte. 2003Jaya S.B. & Eng1,400 Jaya Offshore Pte. 2003Jaya S.B. & Eng1,500 Halul Offshore 2003ABG Shipyard1,600 Al Mansoori Product. 2003ABG Shipyard

250 Harvey Gulf Intl. 2003Patti Shipyard1,500 Halul Offshore 2003ABG Shipyard2,323 Harvey Gulf Intl. 2003Eastern S.B.1,548 Harvey Gulf Intl. 2003Eastern S.B.2,295 Edison Chouest 2003North American

350 Tidewater Marine 2003Breaux Bros.350 Tidewater Marine 2003Breaux Bros.350 Tidewater Marine 2003Breaux Bros.

3,200 Tidewater Marine 2003Quality S/Yards2,500 Shengli Oilfield 2003Wuhu Shipyard

950 Al Mansoori Product. 2003ABG Shipyard499 Tidewater Marine 2003C & G Boatwork

3,097 Doha Marine Services 2003Kouan S.B.250 Harvey Gulf Intl. 2003Patti Shipyard499 Tidewater Marine 2003C & G Boatwork

499 Tidewater Marine 2003C & G Boatwork1,415 Harvey Gulf Intl. Jan 2003C & G Boatwork1,415 Harvey Gulf Intl. Jan 2003C & G Boatwork3,411 Tidewater Marine Jan 2003Yantai Raffles

690 Zamil Operations Jan 2003ABG Shipyard1,705 CNOOC Feb 2003Wuhu Shipyard2,132 CNOOC Feb 2003Wuhu Shipyard1,415 Harvey Gulf Intl. Feb 2003C & G Boatwork2,400 SNK Ocean Co. Ltd. Mar 2003Niigata Eng. Co1,415 Harvey Gulf Intl. Mar 2003C & G Boatwork2,500 Swire Pacific Mar 2003INP Heavy Ind.2,323 Harvey Gulf Intl. Mar 2003Eastern S.B.

490 Halul Offshore Apr 2003ABG Shipyard3,411 Tidewater Marine Apr 2003Yantai Raffles1,703 Unknown Owner May 2003Bollinger S.Y.2,500 TFDS Offshore May 2003Brevik Constr.2,300 SURF May 2003Chant. Piriou4,000 North Sea Shpg. AS May 2003Metalships3,485 Edison Chouest May 2003North American2,500 Swire Pacific May 2003INP Heavy Ind.3,050 Atlantic Towing Ltd. May 2003Irving S.B.1,850 GulfMark Offshore Jun 2003Aker Brattvaag2,104 Mokster Shipping Jun 2003Langsten Slip2,000 Sealion Shipping Jun 2003Itajai Shipyard1,800 Halul Offshore Jun 2003ABG Shipyard2,954 P.S. Marine Trans. Jun 2003President Mar.

12,473 Taubatkompaniet A/S Jun 2003Vulcano S.A.2,954 P.S. Marine Trans. Jun 2003President Mar.

15,000 COSCO Guangzhou Jun 2003Guangzhou Shpyd690 Zamil Operations Jun 2003ABG Shipyard

2,500 Havila Supply ASA Jul 2003Soeviknes Verft2,500 Wilsons Sons Group Jul 2003Wilsons Sons3,411 Tidewater Marine Jul 2003Yantai Raffles2,500 Swire Pacific Jul 2003INP Heavy Ind.1,703 Unknown Owner Jul 2003Bollinger S.Y.3,485 Edison Chouest Jul 2003North American2,000 Intl. Offshore Serv. Jul 2003Simek A/S2,000 NorSkan Offshore Jul 2003Est. Promar2,000 Farstad Shipping A/S Jul 2003Brevik Constr.4,400 Mokster Shipping Jul 2003Kleven Verft

690 Zamil Operations Jul 2003ABG Shipyard1,705 CNOOC Aug 2003Wuhu Shipyard

930 Otto Candies Aug 2003Houma Fabricat.2,132 CNOOC Aug 2003Wuhu Shipyard2,000 Waveney Shipping Aug 2003Aker Aukra AS

690 Zamil Operations Aug 2003ABG Shipyard2,132 Emas Offshore Pte. Aug 2003Pan United3,100 GulfMark Offshore Sep 2003Soeviknes Verft1,703 Unknown Owner Sep 2003Bollinger S.Y.3,020 SBS Marine Sep 2003Karmsund M'time2,000 Intl. Offshore Serv. Sep 2003Brevik Constr.1,715 Tidewater Marine Oct 2003Bollinger S.Y.4,250 DOF Management A/S Oct 2003Fitjar M/V3,411 Tidewater Marine Oct 2003Yantai Raffles2,943 Brod. Klovning Oct 2003Baltija S.Y.3,485 Edison Chouest Oct 2003North American1,876 Sudjaca Palembang Oct 2003Pan United3,485 Edison Chouest Oct 2003North American

930 Otto Candies Nov 2003Houma Fabricat.2,323 Havila Supply ASA Nov 2003Malta S.B.2,000 J. Hagenaes & Co. Nov 2003Aker Brattvaag3,097 Havila Supply ASA Nov 2003Havyard Liervik


OffshoreOwner Builder Sched. Del.GT Owner Builder Sched. Del.GT

2,000 J. Hagenaes & Co. Dec 2003Aker Brattvaag3,252 Farstad Shipping A/S Dec 2003Ulstein Verft1,548 Naviera Tamaulipas Dec 2003Bender S.B.2,633 Farstad Shipping A/S Dec 2003Ulstein Verft2,000 Navegacao do Brasil Dec 2003Est. Promar3,100 GulfMark Offshore Dec 2003Soeviknes Verft2,900 Delba Maritima Dec 2003FELS-Setal1,715 Tidewater Marine Dec 2003Bollinger S.Y.3,100 Unknown Owner Dec 2003Aker Aukra AS1,548 Harvey Gulf Intl. Dec 2003Eastern S.B.2,400 Augusta Offshore Dec 2003Rosetti Marino2,985 Sudjaca Palembang Dec 2003Keppel FELS3,485 Edison Chouest Dec 2003North American

Total 98 Vessel(s) of 228,822 GT.

2004930 Otto Candies 2004Houma Fabricat.500 Lamnalco Ltd. 2004ABG Shipyard500 Lamnalco Ltd. 2004ABG Shipyard

3,500 Otto Candies Jan 2004Schpsw. De Hoop3,411 Tidewater Marine Jan 2004Yantai Raffles1,279 Hadi H. Al-Hamman Jan 2004Keppel Sing.2,100 SURF Jan 2004Aker Brattvaag3,295 DOF Management A/S Jan 2004Myklebust M/V1,876 Sudjaca Palembang Jan 2004Pan United2,323 SURF/Rigdon Marine Jan 2004Bender S.B.4,000 Torch Inc. Jan 2004Bender S.B.3,126 Sealion Shipping Feb 2004Wuhu Shipyard1,279 Pacific Richfield Feb 2004Keppel Sing.2,000 NorSkan Offshore Feb 2004Est. Promar1,715 Tidewater Marine Feb 2004Bollinger S.Y.6,500 Maersk Supply Feb 2004Volkswerft2,150 Vroon B.V. Mar 2004Zhenjiang S/Y2,900 Delba Maritima Mar 2004FELS-Setal2,900 Delba Maritima Mar 2004FELS-Setal

930 Otto Candies Mar 2004Houma Fabricat.1,279 Pacific Richfield Mar 2004Keppel Sing.2,323 SURF/Rigdon Marine Mar 2004Bender S.B.2,100 SURF Mar 2004Aker Brattvaag3,126 Sealion Shipping Apr 2004Wuhu Shipyard1,715 Tidewater Marine May 2004Bollinger S.Y.2,323 SURF/Rigdon Marine May 2004Bender S.B.1,961 COSL China Oilfield Jun 2004Guang. Whampoa6,500 Maersk Supply Jun 2004Volkswerft2,323 SURF/Rigdon Marine Jul 2004Bender S.B.3,126 Sealion Shipping Jul 2004Wuhu Shipyard2,132 COSL China Oilfield Aug 2004Shandong Huang.1,705 COSL China Oilfield Aug 2004Wuchang S/Yard2,323 SURF/Rigdon Marine Sep 2004Bender S.B.2,555 GulfMark Offshore Sep 2004Est. Promar2,132 COSL China Oilfield Oct 2004Shandong Huang.2,000 Seabulk Offshore Oct 2004Est. Promar1,705 COSL China Oilfield Oct 2004Wuchang S/Yard2,323 SURF/Rigdon Marine Nov 2004Bender S.B.3,000 COSL China Oilfield Nov 2004Dalian New Yard1,705 COSL China Oilfield Dec 2004Wuchang S/Yard2,150 Vroon B.V. Dec 2004Zhenjiang S/Y


20052,323 SURF/Rigdon Marine Jan 2005Bender S.B.1,705 COSL China Oilfield Jan 2005Wuchang S/Yard

2,323 SURF/Rigdon Marine Mar 2005Bender S.B.2,323 SURF/Rigdon Marine May 2005Bender S.B.2,323 SURF/Rigdon Marine Jul 2005Bender S.B.3,500 Brasmar Ltda. Jul 2005FELS-Setal3,500 Brasmar Ltda. Sep 2005FELS-Setal2,132 Trico Supply ASA Dec 2005Eisa Shipyard


20063,411 Astromaritima Nav. Jan 2006Eisa Shipyard



FPSO/FSUOwner Builder Sched. Del.DWT Owner Builder Sched. Del.DWT

FPSO/FSU

No. Vessels(end) 2001 2002 May-20032003 5

Deliveries 2 1 1 2004 5Scrapping 0 2 0 2005+ 3Contracting 4 7 2 Total 13Orderbook 6 12 13

(m) DWT (end) 2001 2002 May-20032003 0.81

Deliveries 0.3 0.2 0.13 2004 1.03Scrapping 0.0 0.3 0.00 2005+ 0.41Contracting 0.8 1.0 0.24 Total 2.25Orderbook 1.3 2.1 2.25

Orderbook

Orderbook

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

(m) DWT



2003150,000 CNOOC 2003Waigaoqiao S/Y100,000 Unknown Owner 2003Hyundai H.I.210,000 Conoco Phillips Inc. Jun 2003Dalian New Yard

40,000 Statoil Aug 2003Izar Fene313,300 Shell Group Sep 2003Samsung S.B.


2004300,000 BP Amoco PLC 2004Daewoo S.B.368,000 ExxonMobil Corp. May 2004Hyundai H.I.150,000 CNOOC May 2004Dalian New Yard

77,000 ChevronTexaco Aug 2004I.H.I.133,000 Husky Oil Operations Dec 2004Samsung S.B.


2005170,000 CNOOC 2005Waigaoqiao S/Y120,000 Monitor 2005Jiangnan S/Yard120,000 Monitor 2005Jiangnan S/Yard



Cruise VesselsOwner Builder Sched. Del.GT Owner Builder Sched. Del.GT

Cruise Vessels



(m) GT (end) 2001 2002 May-20032003 1.00

Deliveries 0.8 1.1 0.15 2004 0.95Scrapping 0.0 0.0 0.00 2005+ 0.38Contracting 0.2 0.1 0.12 Total 2.34Orderbook 3.4 2.4 2.34GT estimated if not known

Orderbook

Orderbook

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

(m) GT



200386,000 Costa Crociere May 2003Kvaerner Masa68,000 Nippon Yusen Kaisha Jun 2003De l'Atlantique88,000 Princess Cruises Inc Jun 2003De l'Atlantique90,090 Royal Caribbean Jun 2003Meyer Werft84,000 Holland America Line Jul 2003Fincantieri

110,000 Carnival Corp. Jul 2003Fincantieri101,350 Costa Crociere Oct 2003Sestri-Cantiere137,300 Royal Caribbean Oct 2003Kvaerner Masa

4,000 Unknown Owner Oct 2003Schw. Cassens150,000 Cunard Line Ltd. Dec 2003De l'Atlantique

84,000 Holland America Line Dec 2003Fincantieri

Total 11 Vessel(s) of 1,002,740 GT.

20041,599 American Classic 2004Atlantic Marine

60,000 Mediterranean Shpg. 2004De l'Atlantique84,000 Cunard Line Ltd. 2004Fincantieri

120,000 P&O Cruises Ltd. Jan 2004Fincantieri86,000 Carnival Corp. Feb 2004Kvaerner Masa

113,000 Princess Cruises Inc Mar 2004Mitsubishi H.I.113,000 Princess Cruises Inc May 2004Mitsubishi H.I.

72,000 Norw. Cruise Line May 2004Lloyd Werft90,090 Royal Caribbean Jun 2004Meyer Werft

101,350 Costa Crociere Sep 2004Sestri-Cantiere110,000 Carnival Corp. Dec 2004Fincantieri


200572,000 Norw. Cruise Line 2005Lloyd Werft

110,000 Carnival Corp. 2005Fincantieri


200684,000 Holland America Line Jan 2006Fincantieri

116,000 Princess Cruises Inc May 2006Fincantieri



Ro-Ro Passenger FerriesOwner Builder Sched. Del.GT Owner Builder Sched. Del.GT

Ro-Ro Passenger Ferries



(m) GT (end) 2001 2002 May-20032003 0.27

Deliveries 0.8 0.6 0.14 2004 0.42Scrapping 0.0 0.0 0.00 2005+ 0.07Contracting 0.2 0.5 0.13 Total 0.76Orderbook 0.9 0.8 0.76GT estimated if not known

Orderbook

Orderbook

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

(m) GT



20031,200 Unknown Owner 2003Rodriquez

18,000 Strintzis Lines 2003Hellenic S/Yard18,000 Strintzis Lines 2003Hellenic S/Yard15,000 Yue Hai Railway 2003Jiangnan S/Yard

2,950 Incat Offshore Pty. 2003Afai Ships Ltd.15,000 Yue Hai Railway 2003Jiangnan S/Yard

3,500 Rogaland Trafikk. 2003Fjellstrand A/S15,000 Yue Hai Railway Jan 2003Jiangnan S/Yard16,000 Shuttle Highway Line Feb 2003Sasebo H.I.16,000 Shuttle Highway Line Feb 2003Sasebo H.I.

1,150 Unknown Owner Feb 2003Moen Slip3,500 Anton. Armas Curbelo Mar 2003Barreras S.A.8,100 Porto Santo Line Apr 2003Vianayard5,000 Oshima Unyu K.K. Apr 2003Evergreen H.I.2,380 Oki Kisen K.K. Apr 2003Mitsubishi H.I.

35,000 Tirrenia Soc. Nav. May 2003Fincantieri7,000 Tomasos Brothers May 2003Atsalakis S/Y1,108 Caledonian Macbrayne May 2003Appledore S.B.

13,300 Hankyu Ferry Co. Ltd Jun 2003Mitsubishi H.I.2,300 Wagenborg Shpg. B.V. Jun 2003Shipyd. Bijlsma2,000 Fred Olsen & Co. Aug 2003Austal Ships

13,900 Kyushu Kyuko Ferry Sep 2003Shin Kurushima10,500 Nippon Express Sep 2003Mitsubishi H.I.

10,500 Shosen Mitsui Ferry Oct 2003Mitsubishi H.I.10,500 Shosen Mitsui Ferry Nov 2003Mitsubishi H.I.

3,500 Istanbul Deniz Otob. Nov 2003Fjellstrand A/S5,400 Builders Account Dec 2003Incat Tasmania7,000 Tomasos Brothers Dec 2003Atsalakis S/Y

10,500 Nippon Express Dec 2003Mitsubishi H.I.


200415,000 Strandfaraskip 2004Izar S/Fernando

3,500 Istanbul Deniz Otob. Jan 2004Fjellstrand A/S20,214 Algerian Govt. Jan 2004Izar Sevilla

2,000 Jadrolinija Jan 2004Kraljevica1,200 Aremiti Cruise Jan 2004Austal Ships

35,000 Brittany Ferries Feb 2004Meyer Werft2,000 Smiltynes Perkela Feb 2004Bourgas Shipyd.2,200 Unknown Owner Mar 2004Naikai S.B.

23,700 Corsica Ferries S.A. Mar 2004Cant. Orlando20,214 Algerian Govt. Apr 2004Izar Sevilla

454 Builders Account May 2004Incat Tasmania3,500 Sun Bay Shipping May 2004Schw. Cassens

40,000 Tallink May 2004Aker Finnyards20,000 Armas Group Jun 2004Barreras S.A.35,000 Tirrenia Soc. Nav. Jun 2004Fincantieri15,000 Pelni, P.T. Jul 2004Meyer Werft

2,400 Indian Govt. Aug 2004Hooghly Docking48,000 Birka Line Sep 2004Aker Finnyards16,500 China Shpg. Pass. Sep 2004Jiangnan S/Yard20,000 Armas Group Oct 2004Barreras S.A.75,000 Color Line Oct 2004Kvaerner Masa16,500 China Shpg. Pass. Nov 2004Jiangnan S/Yard


200514,000 Taiheiyo Ferry Jan 2005Mitsubishi H.I.35,000 Tirrenia Soc. Nav. Feb 2005Fincantieri

2,200 Unknown Owner Mar 2005Naikai S.B.14,500 Techno Marine Co. Mar 2005Mitsui S.B.



Miscellaneous VesselsOwner Builder Sched. Del.DWT Owner Builder Sched. Del.DWT

Miscellaneous Vessels

200318,500 Builders Account 2003Sadra Shipyard

Mayflower Energy May 2003Shanhaiguan S/Y7,800 Tyco Submarine May 2003Keppel Hitachi1,800 Unknown Owner Jun 2003Westcon A/S

DML Plymouth Jun 2003Appledore S.B.3,500 DOF Management A/S Jul 2003Fitjar M/V

14,000 A.P. Moller Sep 2003Caspian Shipyd.1,000 Unknown Owner Sep 2003Simek A/S3,000 Unknown Owner Sep 2003Myklebust M/V

22,000 Jan de Nul N.V. Oct 2003Izar Sestao3,500 DOF Management A/S Oct 2003Fitjar M/V2,000 Unknown Owner Nov 2003Westcon A/S

German Govt. Nov 2003NordseewerkeUnknown Owner Dec 2003Langsten Slip

5,000 Jan de Nul N.V. Dec 2003Izar GijonUnknown Owner Dec 2003Stocz. Polnocna

5,000 Jan de Nul N.V. Dec 2003Izar Gijon22,000 Jan de Nul N.V. Dec 2003Izar Sestao


2004Dredging Internat. Jan 2004IHC Holland

12,350 Scelveringhe Scheep. Feb 2004K. Damen

28,400 Boskalis Westminster Feb 2004De Merwede13,000 Guangzhou Dredging Apr 2004IHC Holland

890 Middle East Nav Aids May 2004Scheldegroep1,050 German Govt. Jun 2004Kroeger Werft

28,400 Boskalis Westminster Jul 2004De Merwede1,000 Nationale De Nav. Jul 2004Niestern-Sander

Unknown Owner Sep 2004Ast. De Murueta


20054,000 Govt. of Russia 2005Baltic Shipyd.

Ensco International Mar 2005Keppel FELS1,300 IFREMER Mar 2005De l'Atlantique

BP Amoco PLC May 2005Daewoo S.B.



1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003*

Japan 1.9 6.0 6.7 7.3 8.0 5.2 5.7 7.6 7.0 7.9 3.5 UP BY…. 8.0%South Korea 1.1 2.9 4.3 3.4 5.6 4.6 6.0 10.4 5.6 6.8 6.7 UP BY…. 135.9%Taiwan 0.0 0.5 0.3 0.4 0.3 0.5 0.3 0.3 0.1 0.2 0.5 UP BY…. 480.9%P.R. China 0.1 0.7 1.2 1.2 0.9 0.8 2.0 2.1 2.1 2.2 2.0 UP BY…. 117.3%Other Asia 0.0 0.2 0.0 0.3 0.2 0.2 0.2 0.3 0.3 0.6 0.1 DOWN BY… -75.8%TOTAL ASIA 3.2 10.2 12.5 12.6 15.0 11.3 14.2 20.6 15.1 17.7 12.8 UP BY…. 74.0%Germany 0.1 1.2 1.4 0.9 0.0 1.4 1.2 1.3 0.7 0.5 0.3 UP BY…. 23.4%Denmark 0.5 0.2 0.4 0.1 0.2 0.2 0.4 0.0 0.6 0.0 0.1 UP BY…. 123.4%France 0.0 0.2 0.1 0.1 0.2 0.6 0.6 0.3 0.2 0.1 0.0 DOWN BY… -100.0%Italy 0.1 0.4 1.3 0.7 0.8 0.8 0.9 1.1 0.2 0.3 0.3 UP BY…. 145.8%Netherlands 0.0 0.1 0.3 0.3 0.3 0.4 0.2 0.4 0.3 0.3 0.1 DOWN BY… -44.1%Spain 0.1 0.4 0.3 0.2 0.5 0.1 0.1 0.4 0.4 0.2 0.0 DOWN BY… -84.5%Finland 0.6 0.5 0.1 0.3 0.1 0.3 0.3 0.7 0.1 0.2 0.0 DOWN BY… -100.0%Norway 0.2 0.2 0.2 0.3 0.5 0.1 0.3 0.4 0.3 0.2 0.0 DOWN BY… -57.9%Turkey 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.1 UP BY…. 92.9%Poland 0.1 0.8 0.8 0.2 0.3 0.4 0.6 1.3 0.1 0.4 0.3 UP BY…. 97.9%Ukraine 0.1 0.2 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 DOWN BY… -100.0%Croatia 0.0 0.3 0.1 0.3 0.3 0.1 0.1 0.5 0.5 0.2 0.3 UP BY…. 332.6%Other Europe 0.2 0.2 0.4 0.3 0.4 0.4 0.2 0.3 0.3 0.2 0.2 UP BY…. 158.9%TOTAL EUROPE 1.8 4.8 5.7 3.8 3.7 5.0 4.8 6.8 3.9 2.7 1.7 UP BY…. 51.8%Brazil 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.2 0.1 0.0 DOWN BY… -46.8%USA 0.1 0.1 0.2 0.3 0.5 0.2 0.2 0.3 0.3 0.2 0.0 DOWN BY… -100.0%Others 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.0 DOWN BY… -80.2%TOTAL OTHERS 0.2 0.3 0.3 0.4 0.7 0.4 0.3 0.4 0.5 0.4 0.0 DOWN BY… -80.3%

GLOBAL TOTAL 5.2 15.3 18.6 16.8 19.3 16.7 19.2 27.8 19.5 20.8 14.6 UP BY…. 68.2%

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003*

Japan 65 338 417 437 436 279 312 352 341 387 142 DOWN BY… -11.9%South Korea 36 125 198 131 199 156 208 337 178 230 216 UP BY…. 125.4%Taiwan 1 21 16 22 15 22 13 12 4 8 16 UP BY…. 380.0%P.R. China 10 50 103 111 75 70 118 132 142 151 122 UP BY…. 93.9%Other Asia 4 26 23 28 26 20 17 26 33 48 7 DOWN BY… -65.0%TOTAL ASIA 116 560 757 729 751 547 668 859 698 824 503 UP BY…. 46.5%Germany 2 62 93 77 47 64 40 78 48 32 14 STEADY…. 5.0%Denmark 18 18 12 14 9 9 7 4 12 0 4 UP BY…. 5.0%France 0 4 3 3 5 10 10 2 2 3 0 DOWN BY… -100.0%Italy 3 9 46 23 27 19 13 20 13 12 9 UP BY…. 80.0%Netherlands 1 8 21 46 45 67 24 51 45 58 14 DOWN BY… -42.1%Spain 6 24 21 20 24 6 4 12 17 14 2 DOWN BY… -65.7%Finland 6 10 2 4 4 7 3 6 3 3 0 DOWN BY… -100.0%Norway 11 18 21 30 45 13 14 36 38 26 6 DOWN BY… -44.6%Turkey 2 12 13 14 10 18 8 23 22 14 12 UP BY…. 105.7%Poland 4 64 54 14 19 27 36 62 6 8 13 UP BY…. 290.0%Ukraine 7 11 10 0 2 0 0 0 4 11 0 DOWN BY… -100.0%Croatia 0 14 4 19 14 4 6 23 23 8 15 UP BY…. 350.0%Other Europe 17 29 45 39 57 79 28 23 34 29 27 UP BY…. 123.4%TOTAL EUROPE 77 283 345 303 308 323 193 340 267 218 116 UP BY…. 27.7%Brazil 3 0 0 1 2 6 0 2 10 11 4 DOWN BY… -12.7%USA 6 6 15 15 71 30 16 19 47 34 0 DOWN BY… -100.0%Others 9 13 10 9 9 9 5 6 5 6 1 DOWN BY… -60.0%TOTAL OTHERS 18 19 25 25 82 45 21 27 62 51 5 DOWN BY… -76.5%

GLOBAL TOTAL 211 862 1127 1057 1141 915 882 1226 1027 1093 624 UP BY…. 37.0%*after a year indicates data are the latest year to date figures.

Clarkson Research Studies

Number of Vessels

Contracting by Country/Region

Trends This Year

Page 13 Jun-03

Major Shipbuilders

Major Shipbuilders

Million CGT

%

%

Trends This Year

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003*Japan 14.2 12.9 14.5 16.0 15.5 14.8 18.1 18.9 19.6 19.4 7.6 DOWN BY… -6.1%South Korea 8.1 6.9 10.2 11.9 0.0 11.8 15.5 19.0 18.0 20.7 9.2 UP BY…. 7.1%Taiwan 1.2 1.0 0.8 1.1 1.2 0.6 0.7 0.8 0.6 1.0 0.3 DOWN BY… -32.7%P.R. China 1.2 1.6 1.6 1.5 2.2 2.6 1.9 2.5 3.0 3.6 2.0 UP BY…. 36.0%Other Asia 0.1 0.1 0.2 0.4 0.2 0.5 0.4 0.4 0.5 0.5 0.2 UP BY…. 16.0%TOTAL ASIA 24.8 22.6 27.3 30.9 19.1 30.3 36.6 41.7 41.8 45.2 19.4 STEADY…. 2.9%Germany 1.0 1.2 1.2 1.3 1.2 1.2 0.7 0.9 0.8 1.1 0.2 DOWN BY… -51.0%Denmark 1.4 1.1 1.8 0.6 0.5 0.5 0.5 0.4 0.4 0.5 0.1 DOWN BY… -47.1%France 0.0 0.2 0.1 0.1 0.1 0.0 0.1 0.0 0.0 0.0 0.0 DOWN BY… -28.0%Italy 0.4 0.7 0.5 0.6 0.4 0.3 0.5 0.2 0.1 0.1 0.1 UP BY…. 77.1%Netherlands 0.1 0.1 0.2 0.1 0.2 0.3 0.3 0.3 0.2 0.3 0.1 STEADY…. -1.7%Spain 0.7 0.2 0.3 1.1 0.3 0.5 0.6 0.3 0.2 0.1 0.2 UP BY…. 387.4%Finland 0.1 0.0 0.1 0.2 0.2 0.0 0.0 0.0 0.0 0.0 0.0 DOWN BY… -100.0%Norway 0.1 0.2 0.1 0.2 0.2 0.2 0.2 0.1 0.1 0.2 0.1 UP BY…. 20.4%Turkey 0.1 0.0 0.0 0.1 0.1 0.1 0.2 0.1 0.1 0.1 0.0 DOWN BY… -14.0%Poland 0.5 0.8 0.6 0.9 0.8 0.9 0.7 0.7 0.8 0.6 0.1 DOWN BY… -52.6%Ukraine 0.3 0.3 0.3 0.3 0.2 0.0 0.0 0.0 0.0 0.1 0.0 DOWN BY… -100.0%Croatia 0.3 0.4 0.2 0.6 0.2 0.5 0.4 0.3 0.4 0.6 0.2 DOWN BY… -23.4%Other Europe 0.8 0.6 1.0 0.9 0.5 0.6 0.2 0.4 0.3 0.3 0.1 DOWN BY… -39.2%TOTAL EUROPE 5.9 5.7 6.4 7.0 4.9 5.1 4.5 3.9 3.6 4.1 1.2 DOWN BY… -27.0%Brazil 0.5 0.5 0.3 0.3 0.1 0.1 0.0 0.0 0.0 0.0 0.0 UP BY…. 1496%USA 0.0 0.1 0.1 0.1 0.2 0.4 0.2 0.2 0.3 0.3 0.0 DOWN BY… -66.5%Others 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.1 0.0 0.0 0.0 DOWN BY… -74.1%TOTAL OTHERS 0.6 0.5 0.4 0.4 0.3 0.5 0.3 0.2 0.3 0.3 0.1 DOWN BY… -51.8%

GLOBAL TOTAL 31.2 28.9 34.0 38.2 24.3 35.9 41.3 45.8 45.7 49.6 20.7 STEADY…. 0.2%*after a year indicates data are the latest year to date figures.


Deliveries by Country/Region

Major Shipbuilders

Million DWT Trends This Year%

Scheduled Output by Region

0

5

10

15

20

25

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006


m.CGT

Other

Non-EU

EU

China

S Korea

Japan

Japanese Output

0.01.02.03.04.05.06.07.08.0

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006


m. CGT

Summary • Deliveries grew by 18% compared to April 2003 to reach 20.7m dwt by the end of May 2003. On an annualised basis this level of deliveries will produce around 50m dwt in 2003, and the rate of deliveries in 2003 is looking to accerelerate as the year progresses • Deliveries so far this year from shipyards in Asia are 19.4m dwt, which on an annualised basis is around 46.6m dwt. If this level is maintained, 2003 could be the best year in the last decade. European yards, on the other hand, are having a poor year. On an annualised basis the result would be less than 3.0m dwt. That would be poorer than last year, and certainly the worst for a decade.

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003*

Japan 4.7 5.0 5.4 5.7 6.1 6.9 6.4 6.5 6.4 6.5 2.4 DOWN BY… -12.1%South Korea 1.9 2.1 3.0 3.7 4.1 3.6 4.5 5.9 6.1 6.6 2.8 STEADY…. 0.8%Taiwan 0.3 0.3 0.3 0.2 0.4 0.3 0.3 0.3 0.2 0.3 0.1 DOWN BY… -25.7%P.R. China 0.4 0.6 0.6 0.6 1.0 1.2 1.0 1.2 1.1 1.5 0.9 UP BY…. 40.9%Other Asia 0.1 0.1 0.0 0.2 0.1 0.3 0.3 0.2 0.2 0.3 0.1 UP BY…. 6.2%TOTAL ASIA 7.4 8.1 9.3 10.5 11.7 12.3 12.4 14.2 14.1 15.3 6.3 STEADY…. -1.2%Germany 0.8 0.8 1.1 1.2 0.0 1.0 0.8 0.8 1.2 1.2 0.3 DOWN BY… -41.9%Denmark 0.4 0.3 0.4 0.4 0.4 0.3 0.3 0.2 0.2 0.3 0.1 DOWN BY… -39.5%France 0.1 0.2 0.2 0.3 0.2 0.2 0.2 0.3 0.4 0.3 0.1 DOWN BY… -38.6%Italy 0.4 0.4 0.3 0.5 0.5 0.9 1.0 0.6 0.7 0.7 0.2 DOWN BY… -30.9%Netherlands 0.2 0.1 0.2 0.2 0.3 0.3 0.3 0.4 0.3 0.3 0.1 STEADY…. -1.4%Spain 0.2 0.2 0.2 0.4 0.2 0.3 0.3 0.3 0.2 0.1 0.1 UP BY…. 36.8%Finland 0.2 0.1 0.3 0.5 0.3 0.3 0.1 0.3 0.2 0.5 0.0 DOWN BY… -100.0%Norway 0.2 0.2 0.2 0.3 0.3 0.3 0.4 0.2 0.2 0.4 0.2 DOWN BY… -7.3%Turkey 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.0 DOWN BY… -8.8%Poland 0.3 0.4 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.1 DOWN BY… -66.7%Ukraine 0.1 0.1 0.1 0.2 0.1 0.0 0.0 0.0 0.0 0.1 0.0 DOWN BY… -100.0%Croatia 0.1 0.2 0.1 0.3 0.1 0.2 0.2 0.2 0.2 0.3 0.1 DOWN BY… -15.8%Other Europe 0.4 0.3 0.5 0.5 0.4 0.4 0.3 0.3 0.3 0.3 0.1 DOWN BY… -34.7%TOTAL EUROPE 3.4 3.5 4.0 5.2 3.3 4.8 4.6 4.2 4.7 5.2 1.3 DOWN BY… -38.4%Brazil 0.2 0.2 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 UP BY…. 1186.9%USA 0.0 0.0 0.1 0.1 0.2 0.5 0.3 0.3 0.3 0.3 0.1 DOWN BY… -50.7%Others 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 UP BY…. 46.1%TOTAL OTHERS 0.3 0.3 0.3 0.3 0.3 0.6 0.5 0.4 0.3 0.4 0.1 DOWN BY… -11.8%

GLOBAL TOTAL 11.1 11.8 13.6 16.0 15.2 17.8 17.5 18.8 19.1 20.9 7.8 DOWN BY… -10.8%

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003*

Japan 249 276 330 345 380 410 346 318 349 312 123 DOWN BY… -5.4%South Korea 80 101 137 157 180 151 162 188 216 222 92 STEADY…. -0.5%Taiwan 9 9 13 12 21 18 16 15 10 15 4 DOWN BY… -36.0%P.R. China 32 42 41 50 94 111 90 96 79 104 56 UP BY…. 29.2%Other Asia 17 18 26 28 17 42 32 19 20 23 10 STEADY…. 4.3%TOTAL ASIA 387 446 547 592 692 732 646 636 674 676 285 STEADY…. 1.2%Germany 57 58 75 78 68 73 51 51 46 57 16 DOWN BY… -32.6%Denmark 27 22 22 20 15 14 14 5 8 8 2 DOWN BY… -40.0%France 1 3 2 5 3 5 8 6 7 3 1 DOWN BY… -20.0%Italy 22 22 14 19 18 24 37 17 17 13 6 UP BY…. 10.8%Netherlands 22 18 27 26 37 45 48 61 44 41 17 STEADY…. -0.5%Spain 9 10 9 21 17 24 16 13 13 8 5 UP BY…. 50.0%Finland 4 3 6 7 5 8 5 2 3 7 0 DOWN BY… -100.0%Norway 15 16 12 22 25 34 34 18 22 39 19 UP BY…. 16.9%Turkey 7 4 6 7 16 11 18 11 18 18 8 UP BY…. 6.7%Poland 24 25 32 38 33 31 35 31 29 27 3 DOWN BY… -73.3%Ukraine 9 9 9 9 4 3 1 0 3 4 0 DOWN BY… -100.0%Croatia 6 9 4 14 5 11 11 10 11 17 5 DOWN BY… -29.4%Other Europe 33 39 59 57 52 50 42 48 32 35 11 DOWN BY… -24.6%TOTAL EUROPE 236 238 277 323 298 333 320 273 253 277 93 DOWN BY… -19.4%Brazil 9 8 7 7 2 3 0 2 1 1 4 UP BY…. 860.0%USA 6 5 5 10 24 66 43 29 19 31 5 DOWN BY… -61.3%Others 6 12 13 12 10 8 10 8 3 6 3 UP BY…. 20.0%TOTAL OTHERS 21 25 25 29 36 77 53 39 23 38 12 DOWN BY… -24.2%

GLOBAL TOTAL 644 709 849 944 1026 1142 1019 948 950 991 390 DOWN BY… -5.5%*after a year indicates data are the latest year to date figures.


Deliveries by Country/Region

Trends This Year

Page 15 Jun-03

Major Shipbuilders

Major Shipbuilders

Million CGT

%

%

Trends This Year

Number of Vessels

Shipyard Capacity (1)Shipyard Feature:

Shipbuilder….. Capacity* Output in Orderbook endShipyard…. Dock Berth Lgth gt cgt 2002 May

Number m. (,000) (,000) No. dwt cgt No. dwt cgt

Hyundai H.I. Ulsan South Korea 9 - 640 176 2,395 49 5,631 1,956 131 13,950 4,720 1Samsung S.B. Koje South Korea 3 - 640 170 1,081 35 4,184 1,362 114 13,342 4,597 2Daewoo S.B. Okpo South Korea 2 - 530 235 1,365 36 5,086 1,276 89 9,987 3,817 3Hyundai Mipo Ulsan South Korea 4 4 380 40 87 24 788 479 89 3,662 1,733 4Hyundai Samho Samho South Korea 2 - 512 164 415 22 3,275 650 53 7,037 1,626 5Mitsubishi H.I. Nagasaki Japan 2 2 375 199 506 5 328 398 20 1,671 1,327 6STX Shipbuild. Chinhae South Korea 1 3 320 41 204 18 756 338 59 3,053 1,171 7Tsuneishi Zosen Numakuma Japan 1 2 266 88 387 18 1,328 367 58 4,595 1,147 8Hanjin H.I. Busan South Korea 4 4 302 94 264 10 535 254 28 1,849 1,064 9Stocznia Gdynia Gdynia Poland 2 - 380 92 201 11 322 257 28 1,104 1,009 10I.H.I. Kure Japan 3 7 488 234 334 8 1,371 358 22 3,565 931 11Kawasaki H.I. Sakaide Japan 2 - 450 203 368 5 428 181 16 1,418 884 12Kanasashi K.K. Toyohashi Japan 1 - 275 60 234 9 482 170 17 381 849 13Imabari S.B. Marugame Japan 2 - 290 73 402 18 1,232 419 29 1,676 845 14Hudong S/Yard Shanghai China P.R. - 10 280 67 178 6 399 109 33 2,231 819 15Oshima S.B. Co. Oshima Japan 2 - 535 73 316 25 1,382 401 49 2,723 813 16CSBC Kaohsiung Taiwan 2 - 950 232 271 11 936 276 28 1,920 780 17Universal S.B. Ariake Japan - - 0 160 0 1 298 48 17 4,840 754 18Universal S.B. Tsu Japan - - 0 160 0 0 0 0 22 4,347 735 19Fincantieri Monfalcone Italy 1 - 350 131 232 2 15 274 5 43 708 20Mitsui S.B. Chiba Japan 3 6 419 189 363 8 1,234 269 13 2,114 653 21Shin Kurushima Onishi Japan 2 - 276 75 237 11 366 276 30 1,159 610 22Shina S.B. Chungmu South Korea - 3 165 34 91 7 200 106 29 1,182 605 23Dalian New Yard Dalian China P.R. 1 2 365 161 184 4 421 85 18 2,374 548 24De l'Atlantique St. Nazaire France 1 - 900 261 254 3 20 293 5 74 510 25Szczecin. Nowa Szczecin Poland - - 0 35 0 5 103 91 23 835 500 26Nantong S.B. Nantong China P.R. - - 360 160 16 5 514 140 21 1,501 481 27Jiangnan S/Yard Shanghai China P.R. 3 2 232 41 128 7 388 127 23 1,090 472 28Namura Zosensho Imari Japan 1 - 450 114 213 12 896 239 18 2,538 456 29Odense Lindo Lindo Denmark 3 - 415 167 236 5 482 271 9 782 454 30Brod. Uljanik Pula Croatia - 2 225 139 113 5 132 127 20 664 453 31Waigaoqiao S/Y Shanghai China P.R. - - 0 0 0 0 0 0 16 2,609 441 32Fincantieri Marghera Italy 1 2 340 85 188 1 7 105 4 29 420 33Sasebo H.I. Sasebo Japan 5 - 370 154 223 5 640 131 18 1,702 419 34Dalian Shipyard Dalian China P.R. 2 3 230 72 171 7 262 143 21 875 406 35Mitsui S.B. Tamano Japan 2 5 386 72 161 7 380 106 24 1,457 405 36Koyo Dock K.K. Mihara Japan 1 5 378 86 227 6 425 270 12 768 400 37


* Capacity output is defined as (1) the largest vessel built at the yard in gross tons (2) the maximum annual output for each yard in CGT since 1991. All DWT, GT and CGT figures in this table are in ,000's. Ranking of shipyards in the table are based on the current orderbook measured in CGT.

Page 16 Jun-03

Spotlight on Tianjin Xingang Shipyard, China. • One of the many smaller shipyards in China, sharing a common characteristic of an increasing prescience in the market The largest facility at the yard is a 35,000 tonne slipway. There is also another slipway of 15,000 tonnes capacity. The main business of the shipyard is repair.

• The main business activity of the shipyard has been ship repair, but the yard is now marketing itself as a builder as well through DSD Shipping in Shanghai.

• The current orderbook comprises 12 vessels. In 2001 the Tianjin Xingang Shipyard signed their largest contracts ever in 2001, with a combined value of US$100m, for the production of six 32,000-tonne cargo ships for Denmark's Clipper Group and Unicorn of South Africa.

MPP > 5K DWT6%

Handysize94%

No. Cgt2003 3 33,713 2004 5 61,888 2005 4 54,492

Orderbookby Year ofDelivery:

Shipyard Capacity (2)


Number m. (,000) (,000) No. dwt cgt No. dwt cgt Rank

New Century S/Y Jingjiang China P.R. - - 0 31 0 8 335 114 23 1,234 389 38Sanoyas Mizushima Japan 1 - 675 75 177 9 592 173 19 1,541 385 39Guangzhou Shpyd Guangzhou China P.R. 3 3 200 29 90 4 129 71 19 683 355 40Shanghai Shpyd. Shanghai China P.R. - 2 228 30 49 5 217 76 18 716 334 41Mitsubishi H.I. Kobe Japan - 3 292 80 225 4 300 203 8 275 326 42Onomichi Dockyd Onomichi Japan - 1 260 58 156 9 499 169 17 895 314 43Meyer Werft Papenburg Germany 1 - 370 91 193 3 20 256 4 21 311 44Sumitomo H.I. Oppama Japan 1 - 560 261 282 5 440 157 14 1,228 297 45Imabari S.B. Saijo Japan 2 - 420 160 0 5 835 152 10 1,649 285 46Tsuneishi Cebu Cebu Philippines - - 0 30 47 5 256 79 18 941 274 47Brod. Split Split Croatia - 4 269 82 113 6 282 122 12 1,088 274 48Kvaerner Masa Turku Finland 2 - 365 137 257 1 10 172 2 15 265 49Sestri-Cantiere Genoa Italy 2 - 285 101 147 1 7 61 2 22 253 50Jiangdu S/yard Yangzhou China P.R. - - 0 25 0 2 64 29 14 590 251 51Iwagi Zosen Iwagi Japan - 1 136 32 71 4 143 54 13 641 242 52Bohai Shipyard Hu Lu Dao China P.R. - - 195 29 75 1 46 21 11 858 240 53Izar P. Real Puerto Real Spain - - 0 93 0 0 0 0 3 233 238 54Minami Nippon Usuki Japan - 1 178 57 163 6 260 104 5 96 238 55Guang. Wenchong Huangpu China P.R. 3 1 300 18 41 4 88 55 17 422 229 56Kvaerner Masa Helsinki Finland 1 - 280 86 185 2 16 215 2 14 215 57Fincantieri CastellammareItaly - 2 240 59 96 2 30 97 4 39 209 58Volkswerft Stralsund Germany 2 - 300 34 77 5 168 96 10 280 202 59I.H.I. Yokohama Japan - - 0 117 0 2 14 73 9 467 199 60Eisa Shipyard Rio De JaneiroBrazil - 2 280 38 67 0 0 0 9 510 181 61Lloyd Werft Bremerhaven Germany 3 - 335 78 98 0 0 0 2 12 180 62ISOICO Bandar Abbas Iran - - 0 26 0 0 0 0 9 392 173 63National Steel San Diego United States 1 10 305 111 41 1 34 41 5 770 173 64Flensburger S.B Flensburg Germany - 1 270 31 80 4 57 85 7 73 171 65J. J. Sietas Hamburg Germany 2 2 150 18 114 13 165 124 16 214 163 66Shikoku Dock. Takamatsu Japan - 1 160 22 42 4 106 46 13 381 162 67Kanda Zosensho Kawajiri Japan 3 2 181 20 102 9 250 107 14 450 162 68Xiamen Shipyard Xiamen China P.R. - - 0 23 5 3 104 52 8 322 159 69Izar Sestao Bilbao/Sestao Spain - - 0 93 0 0 0 0 4 199 159 70Jinling Shipyd. Nanjing China P.R. - - 0 27 49 4 70 67 11 265 157 71Brod. 3 Maj Rijeka Croatia - 2 260 58 64 3 96 56 8 318 153 72Xingang S.Y. Tianjin China P.R. 2 1 212 21 56 3 73 31 12 401 150 73Mitsubishi H.I. Shimonoseki Japan - 2 180 30 183 4 25 82 7 38 148 74Saiki Hvy. Ind. Saiki Japan - 2 155 24 78 6 164 72 9 338 147 75Admiralty S.Y. St. Petersburg Russia 2 2 240 33 41 2 40 20 8 324 145 76Naikai S.B. Setoda Japan 3 7 230 34 127 4 128 72 9 256 144 77Barreras S.A. Vigo Spain - 6 180 28 51 3 19 69 7 33 137 78Zhou Shan S/Y Zhoushan China P.R. - - 0 17 0 3 13 13 16 181 134 79Aker MTW Werft Wismar Germany 1 - 340 67 112 5 140 135 7 238 131 80Kv. Warnowwerft Warnemunde Germany 1 - 320 67 136 4 135 77 7 236 129 81Aker Finnyards Rauma Finland 1 - 250 50 62 4 12 130 2 32 123 82Imabari S.B. Imabari Japan - 1 247 53 106 5 125 55 10 256 121 83Lindenau Kiel Germany 2 1 185 22 25 2 67 35 7 230 121 84Usuki Zosensho Usuki Japan 3 - 180 19 31 5 66 50 10 184 120 85Zhejiang S/Yard Ningbo China P.R. - - 0 4 11 2 31 23 11 293 120 86Watanabe Zosen Hakata Japan 1 2 160 30 41 3 26 28 10 187 117 87Stocznia Gdansk Gdansk Poland - 6 280 33 88 5 160 95 7 226 109 88Chengxi Shipyd. Jiangyin China P.R. - - 0 7 5 1 8 10 7 343 108 89Universal S.B. Maizuru Japan - - 0 39 0 1 70 22 5 355 106 90Jurong S/Yard Tanjong Kling Singapore 1 4 330 52 57 4 59 52 5 154 105 91Bender S.B. Mobile United States 3 9 251 9 27 3 9 22 14 59 103 92Jiangsu S/Yard Yangzijiang China P.R. - - 0 18 11 6 90 54 9 156 102 93Chernomorskiy Nikolayev Ukraine - 2 289 32 66 1 45 25 4 182 100 94Weihai S/yard Weihai China P.R. - - 0 13 11 0 0 0 11 148 100 95Hakodate Dock Hakodate Japan 2 1 184 128 55 5 193 65 9 288 99 96Volharding Eemshaven Netherlands - - 0 8 0 6 45 40 11 118 97 97Varna Shipyard Varna Bulgaria 2 - 237 57 61 0 0 0 8 184 95 98Qingshan S.Y. Wuhan China P.R. - - 0 12 19 2 24 18 14 114 91 99Peene Werft Wolgast Germany 1 - 165 14 30 4 71 51 7 129 90 100Vianayard Viana Castelo Portugal - 2 203 18 50 2 23 20 5 61 90 101Wuhu Shipyard Wuhu China P.R. - - 120 19 46 2 54 26 11 103 89 102

Clarkson Research Studies Jun-03


Page 17

Shipyard Capacity (3)


Number m. (,000) (,000) No. dwt cgt No. dwt cgt Rank

Damen Galati Galatz Romania - - 0 24 11 3 67 38 12 111 88 103NG Avondale New Orleans United States - - 0 85 0 2 176 79 3 425 88 104Schps. Bodewes Hoogezand Netherlands - - 0 5 14 3 22 20 16 88 85 105Brod. Trogir Trogir Croatia 1 2 200 28 78 2 57 30 4 190 85 106Kitanihon Zosen Hachinohe Japan 2 - 140 19 53 3 54 43 6 146 84 107Jiangdong S/Y Wuhu China P.R. - - 0 10 17 2 18 13 10 128 83 108Fincantieri Palermo Italy 6 - 286 59 46 0 0 0 2 50 82 109Jiangzhou S/Y Jiangxi China P.R. - - 0 9 36 2 16 15 11 101 79 110Visentini Donada Italy 1 3 190 40 36 2 15 53 3 21 79 111Peters Schpsw. Kampen Netherlands - 4 110 3 15 3 14 14 17 68 76 112Shin Kochi H.I. Kochi City Japan - 2 168 19 72 7 73 49 7 158 74 113Fukuoka S.B. Fukuoka Japan - 1 110 12 59 5 65 42 7 107 72 114Hellenic S/Yard Skaramanga Greece - - 0 21 0 0 0 0 2 4 72 115Kouan S.B. Taizhou China P.R. - - 0 18 0 2 51 31 6 147 72 116Soc. Esercizio Viareggio Italy - 5 180 21 23 0 0 0 6 93 72 117Shin Kurushima Akitsu Japan - 2 131 17 111 5 98 61 6 105 71 118Damen Okean Nikolayev Ukraine - - 0 10 0 0 0 0 10 88 69 119Izar Sevilla Seville Spain - - 0 24 0 1 6 25 2 6 65 120Kyokuyo S/yard Shimonoseki Japan 1 - 134 22 46 4 34 38 8 95 64 121Volharding Harlingen Netherlands - - 0 12 0 0 0 0 8 82 63 122Vulcano S.A. Vigo Spain - 2 158 14 24 1 17 12 4 70 59 123Jingjiang Sumec Jingjiang China P.R. - - 0 7 0 1 6 5 9 78 58 124Itajai Shipyard Itajai Brazil - - 120 6 0 0 0 0 5 65 56 125Celiktekne Tuzla Turkey - - 0 11 17 3 23 21 8 65 54 126Severnaya S.B. St. Petersburg Russia - 4 170 16 17 1 5 7 8 40 54 127Cant. Orlando Leghorn Italy - 2 140 24 38 0 0 0 2 27 53 128Krasnoy Sormovo Gorkiy Russia - - 0 6 20 0 0 0 8 67 53 129Shanghai Edward Shanghai China P.R. - - 170 12 22 3 44 31 5 66 50 130ABG Shipyard Surat India - - 0 6 8 1 1 6 12 10 46 131Braila Shipyard Braila Romania - 2 135 8 17 0 0 0 7 39 46 132Higaki Zosen Imabari Japan - 3 110 9 80 8 63 59 8 65 46 133Avondale Ind. New Orleans United States 2 3 900 85 59 0 0 0 1 34 45 13461 Kommunar Nikolayev Ukraine 1 3 134 14 41 0 0 0 4 38 45 135Rousse Shipyard Rousse Bulgaria - 12 138 4 6 2 9 8 11 50 45 136Dong Feng S/Y Hangzhou China P.R. - - 0 0 0 0 0 0 8 101 44 137Jiangyang S.Y. Yangzhou China P.R. - - 0 41 31 0 0 0 3 139 44 138Dae Sun S.B. Pusan South Korea - 3 173 9 21 4 37 36 5 45 44 139Kvaerner Phil. Philadelphia United States - - 0 29 0 0 0 0 2 60 44 140Shanhaiguan S/Y Shanhaiguan China P.R. - - 0 14 0 0 0 0 5 120 43 141Volgograd S.Y. Volgograd Russia - - 129 5 11 3 20 16 7 47 43 142North American Larose United States - - 80 4 42 4 17 34 6 26 42 143Fjellstrand A/S Omastrand Norway - - 0 4 0 0 0 0 3 2 42 144Atsalakis S/Y Perama Greece - - 0 7 0 0 0 0 2 3 42 145FELS-Setal Angra Dos Rei Brazil - - 0 3 0 0 0 0 5 17 42 146Kraljevica Kraljevica Croatia - 3 125 15 0 0 0 0 5 37 42 147Cant. De Poli Venice Italy - - 130 12 15 1 17 12 6 44 42 148Asakawa S.B. Imabari Japan 1 - 125 10 28 4 55 33 4 49 41 149Kleven Floroe Floroe Norway - - 0 33 0 2 80 42 2 80 40 150Okean Shipyard Nikolayev Ukraine 1 - 225 63 47 0 0 0 2 138 39 151Naval Gijon Gijon Spain 1 - 165 24 25 1 35 19 2 70 39 152Mutzelfeldt Cuxhaven Germany - - 100 10 16 0 0 0 4 58 38 153Bollinger S.Y. Lockport United States - - 58 3 6 6 4 15 7 15 38 154Rolandwerft Bremen Germany - - 115 10 33 2 17 15 3 14 38 155VT Halter Pascagoula United States - - 0 0 0 0 0 0 1 13 37 156Daewoo-Mangalia Mangalia Romania - - 0 16 5 0 0 0 4 38 37 157Zhonghua S/Yard Shanghai China P.R. - 2 107 22 45 3 31 41 3 34 37 158P.T. PAL Indon. Surabaya Indonesia 7 - 0 26 31 1 45 16 3 94 35 159Yantai Raffles Yantai China P.R. - - 0 30 0 2 2 12 5 20 34 160Bohai Sembawang Tianjin China P.R. - - 0 20 0 0 0 0 2 58 34 161Est. Promar Rio De JaneiroBrazil - - 0 2 0 1 3 6 5 17 34 162Shin Kurushima Hashihama Japan - 1 268 75 21 4 32 32 4 33 34 163

Others 1,968 151 98,653 1,403 278 1,745 1,732

TOTAL 20,045 897 45,385 19,301 2,454 134,885 55,382

Clarkson Research Studies Jun-03


Page 18

Vessels Lost At Sea

2000 2001 2002 May* 2000 2001 2002 May* 2000 2001 2002 May*

VLCC > 200,000 0 1 0 0 0 24 0 0 0 122 0 0Suezmax 120-200,000 0 0 0 0 0 0 0 0 0 0 0 0Aframax 80-120,000 0 0 1 1 0 0 26 14 0 0 43 53Panamax 60-80,000 0 0 0 0 0 0 0 0 0 0 0 0Products 10-60,000 1 2 0 0 22 31 0 0 11 26 0 0Chemical 10-60,000 0 0 0 0 0 0 0 0 0 0 0 0Specialised 10-60,000 0 0 0 0 0 0 0 0 0 0 0 0Tankers > 10,000 1 3 1 1 22 28 26 14 11 148 43 53Tankers < 10,000 3 3 0 0 11 17 0 0 11 13 0 0Capesize > 80,000 2 2 0 0 21 16 0 0 137 161 0 0Panamax 60-80,000 2 1 2 0 20 17 19 0 79 35 69 0Handymax 40-60,000 1 1 1 0 17 24 18 0 32 31 25 0Handysize 10-40,000 9 2 0 1 20 17 0 21 138 39 0 7Bulkers > 10,000 14 6 3 1 20 18 18 21 385 267 94 7Combos > 10,000 0 0 0 0 0 0 0 0 0 0 0 0Total Bulk Vessels 18 12 4 2 18 20 20 17 407 427 137 60

2000 2001 2002 May* 2000 2001 2002 May* 2000 2001 2002 May*

LNG Carriers 0 0 0 0 0 0 0 0 0 0 0 0LPG Carriers 0 0 0 0 0 0 0 0 0 0 0 0Reefers 3 5 0 0 14 25 0 0 12 24 0 0Containers > 3,000 teu 0 0 0 0 0 0 0 0 0 0 0 0Containers < 3,000 teu 0 0 1 0 0 0 6 0 0 0 6 0Other Dry > 5,000 dwt 9 5 9 4 19 17 20 23 77 52 160 79Offshore & Others 5 4 5 2 28 22 24 14 5 12 14 4Cruise Vessels 0 0 0 0 0 0 0 0 0 0 0 0Ro-Ro Ferries 0 0 0 0 0 0 0 0 0 0 0 0Total Special Vessels 17 14 15 6 21 21 21 20 94 88 180 83

2000 2001 2002 May* 2000 2001 2002 May* 2000 2001 2002 May*

All Vessels Types 35 26 19 8 20 21 20 19 501 516 317 143* denotes data for year to date.


Trends of Losses at Sea

Bulk Vessel Losses

Special Vessel Losses

Total All Losses

No. of Vessels

No. of Vessels

Jun-03Page 19

,000 GT

,000 GT

,000 GT

Average Age

Average Age

No. of Vessels Average Age

0.00

0.25

0.50

0.75

1.00

1.25

1.50

1.75

2.00

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003


m. dwt

Tankers BulkersGas ContainerCombos Other

Summary • The “FU SHAN HAI” 69,972 dwt, built 1995 collided with the much smaller 381 TEU, 5,183 dwt, fully cellular containership “GDYNIA” 2000 built. The “FU SHAN HAI”, loaded with 60,000 tonnes of carbonate of potash from Ventspils, was bound for China. She sank in 60m of water approximately 2.5 miles north of the Danish island of Bornholm. Around 2,000 tonnes of fuel remain on board, which has begun to leak out causing an oil slick 12km long. Both crews are safe. • The master of the “NORWEGIAN SUN” reported the 2001 built, 78,309gt passenger vessel accidentally discharged 40 tons of raw sewage into the Strait of Juan de Fuca, which connects Puget Sound (Seattle) with the Pacific. Under local law the discharge could be classed as illegal, but it may be legal under federal law. • The 1982-built bulk carrier “JUNIOR M” sank in the Black Sea after colliding with the 2000 built tanker “NURIA TAPIAS”. All the crew were rescued.

Demolition Sales by Vessel Type

2002 May* 2002 May* 1999 2000 2001 2002 May* 2003 2004

VLCC > 200,000 33 14 26.0 27.0 9.9 7.1 8.6 10.9 4.6 7.0 6.7Suezmax 120-200,000 11 7 26.0 25.0 3.1 2.5 4.0 1.6 1.0 2.3 1.7Aframax 80-120,000 17 11 25.0 26.0 2.5 1.7 1.4 1.5 1.0 2.4 1.6Panamax 60-80,000 6 5 25.0 28.0 0.2 0.3 0.4 0.4 0.3 1.1 0.3Products 10-60,000 68 26 27.0 29.0 0.7 2.2 1.0 2.3 0.8 2.5 2.3Chemical 10-60,000 10 6 27.0 30.0 0.1 0.1 0.1 0.3 0.2 0.1 0.2Specialised 10-60,000 2 1 43.0 25.0 0.0 0.0 0.1 0.1 0.0 0.1 0.1Tankers > 10,000 147 70 26.0 28.0 16.5 13.9 15.5 17.0 7.8 15.5 12.9Tankers < 10,000 20 15 29.0 31.0 0.0 0.0 0.0 0.1 0.1 0.1 0.0Capesize > 80,000 10 2 26.0 25.0 3.0 1.0 1.6 1.3 0.2 0.8 1.6Panamax 60-80,000 22 1 24.0 26.0 1.5 0.2 2.1 1.4 0.1 1.6 1.8Handymax 40-60,000 10 2 25.0 27.0 1.6 0.8 0.7 0.5 0.1 1.1 1.6Handysize 10-40,000 92 34 26.0 26.0 3.0 2.3 3.4 2.4 0.9 3.4 4.9Bulkers > 10,000 134 39 26.0 26.0 9.1 4.3 7.8 5.6 1.3 6.9 9.9Combos > 10,000 12 4 24.0 21.0 1.0 0.6 0.8 1.2 0.5 0.1 0.2Total Bulk Vessels 313 128 26.0 27.0 26.5 18.8 24.3 24.0 9.7 22.6 23.0

2002 May* 2002 May* 1999 2000 2001 2002 May* 2003 2004

LNG Carriers 0 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0LPG Carriers 23 10 29.0 28.0 0.1 0.1 0.0 0.5 0.2 0.3 0.3Reefers 14 8 26.0 32.0 0.4 0.2 0.1 0.1 0.0 0.2 0.2Containers > 3,000 teu 2 1 29.0 1.0 0.0 0.0 0.1 0.0 0.1 0.1 0.1Containers < 3,000 teu 47 14 25.0 26.0 0.9 0.2 0.5 1.1 0.3 0.7 0.8Other Dry > 5,000 dwt 118 46 25.0 25.0 2.1 2.4 2.5 2.0 0.7 2.3 2.4Offshore & Others 13 8 29.0 28.0 0.5 0.4 0.1 0.4 0.0 2.3 2.4Cruise Vessels 2 0 47.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Ro-Ro Ferries 5 0 26.0 0.0 0.0 0.0 0.0 0.0 0.0 0.3 0.3Total Special Vessels 225 87 26.0 26.0 4.0 3.3 3.4 4.1 1.4 6.2 6.5

2002 May* 2002 May* 1999 2000 2001 2002 May* 2003 2004

All Vessels Types 538 215 26.0 27.0 30.6 22.1 27.6 28.1 11.1 28.8 29.5


*after a month indicates data are the latest year to date figures. Average age is based on number of ships.

No. end Average Age m. DWT, end: Forecast Demolition

Forecast Demolition

Forecast Demolition

Quarterly Demolitions (DWT)

No. end Average Age m. DWT, end: Bulk Vessel

Jun-03

Demolition

Total Demolition

Special Vessel Demolition

No. end Average Age m. DWT, end:

0.0

2.0

4.0

6.0

8.0

10.0

12.0

3Q95

1Q96

3Q96

1Q97

3Q97

1Q98

3Q98

1Q99

3Q99

1Q00

3Q00

1Q01

3Q01

1Q02

3Q02

1Q03


Tankers Bulkers GasContainer Other

Summary • So far this year 11.1m dwt of cargo vessels have been sold for demolition. As the freight markets are still firm it is likely sales will remain low. • The regrettable death of six people due to an explosion on board a tanker in Alang has further fuelled the media’s attention on “Green Scrapping” issue and the authorities continue to debate who is going to pay for this. • The Bangladeshi Budget was delivered in June but a lack of clarity in the budget speech however created confusion in the shipbreaking industry. Analysis suggests that there has been no increase in the percentage of duty charged by the Finance Ministry, although there remains the potential of increase in the tariff by the National Board of Revenue. The current threshold on which duty may be charged stands at $122.50/tonne and it is rumoured that this may be increased by $40/tonne, which would have a significant effect on prices overnight. The rate of duty stands at 36-40% and so the impact on prices could be as much as $15/16 per tonne.

Demolition Sales by Vessel Type

Bulk Vessel Demolition 1995 1996 1997 1998 1999 2000 2001 2002 May* 2003 2004

VLCC > 200,000 3.6 1.7 1.0 2.0 4.7 3.4 4.1 5.3 2.2 3.4 3.2Suezmax 120-200,000 0.6 0.5 0.1 0.7 1.6 1.3 2.0 0.8 0.5 1.2 0.9Aframax 80-120,000 0.3 0.3 0.4 0.1 1.3 0.9 0.8 0.8 0.6 1.3 0.9Panamax 60-80,000 0.1 0.0 0.0 0.1 0.1 0.1 0.2 0.2 0.2 0.6 0.2Products 10-60,000 0.7 0.3 0.2 0.2 0.4 1.3 0.6 1.3 0.5 1.4 1.3Chemical 10-60,000 0.0 0.1 0.0 0.0 0.1 0.1 0.0 0.2 0.1 0.1 0.1Specialised 10-60,000 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1Tankers > 10,000 5.4 2.9 1.8 3.3 8.2 7.1 7.7 8.7 4.0 8.1 6.6Tankers < 10,000 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.0Capesize > 80,000 0.4 1.5 1.6 2.0 1.6 0.5 0.8 0.7 0.1 0.4 0.8Panamax 60-80,000 0.1 0.5 0.7 1.1 0.8 0.1 1.2 0.8 0.0 0.9 1.0Handymax 40-60,000 0.1 1.0 0.6 0.9 1.0 0.5 0.4 0.3 0.1 0.7 1.0Handysize 10-40,000 0.3 1.1 1.5 2.6 1.8 1.4 2.1 1.5 0.6 2.1 3.0Bulkers > 10,000 0.9 4.0 4.4 6.7 5.2 2.5 4.5 3.3 0.8 4.1 5.9Combos > 10,000 0.9 1.2 0.4 1.0 0.5 0.4 0.5 0.7 0.3 0.1 0.1Total Bulk Vessels 7.3 8.2 6.6 11.0 13.9 10.0 12.7 12.7 5.1 12.3 12.6

Special Vessel Demolition 1995 1996 1997 1998 1999 2000 2001 2002 May* 2003 2004

LNG Carriers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0LPG Carriers 0.0 0.0 0.1 0.0 0.1 0.1 0.0 0.4 0.2 0.3 0.3Reefers 0.2 0.2 0.1 0.2 0.4 0.2 0.1 0.1 0.0 0.2 0.2Containers > 3,000 teu 0.0 0.0 0.0 0.3 0.1 0.1 0.1 0.1 0.0 0.1 0.1Containers < 3,000 teu 0.2 0.4 0.4 1.3 0.8 0.2 0.5 1.1 0.3 0.7 0.8Other Dry > 5,000 dwt 0.5 1.2 1.7 1.6 1.5 1.9 1.9 1.6 0.6 1.8 1.9Offshore Vessels 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Cruise Vessels 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Ro-Ro Ferries 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Total Special Vessels 0.9 1.8 2.4 3.4 2.9 2.4 2.7 3.2 1.1 3.1 3.3

Total Demolition 1995 1996 1997 1998 1999 2000 2001 2002 May* 2003 2004

All Vessels Types 8.1 10.0 8.9 14.4 16.8 12.4 15.4 15.9 6.2 15.4 15.9


Million GT

Million GT

Million GT

Jun-03

Forecast Demolition

Forecast Demolition

Forecast Demolition

* denotes data for year to date.

Date Type Vessel Name Flag Dwt Ldt Blt. Owner Breaker $/ldt $m.May-03 VLCC Arcadian I CY. 267,632 38,042 1976 Transoil Shipmngs. Bangladesh 205.00 7.80May-03 VLCC New Renown LI. 240,830 33,052 1976 Assoc. M/time (H.K.) PRC 206.00 6.81May-03 VLCC Sea World BS. 491,120 56,240 1978 Frontline Ltd. PRC 201.00 11.30May-03 Aframax Alcyonida BS. 94,035 15,658 1980 Tsakos Shpg. & Trad. India/Bangla 208.50 3.26May-03 Aframax Cello LI. 83,983 16,051 1968 Dynacom Tankers Mngt PRC 208.00 3.34May-03 Handy Prod Emerald Star PA. 59,535 1979 Tanker Pacific Mngt. PRCMay-03 Handy Prod Sacha MA. 31,102 8,218 1974 Socomar S.R.L. Bangladesh 214.00 1.76May-03 Handy Prod Theopisti GR. 25,170 6,371 1968 Aegean Marine Pet. Bangladesh 217.00 1.38May-03 Handy Prod Aries Erre IT. 15,767 1975 Ravennavi S.P.A. IndiaMay-03 Handy Prod Princess Veronica PA. 55,245 12,822 1980 Ocean Marine Shpg. India 156.00 2.00May-03 Handy Prod Star GR. 16,441 6,000 1956 Shpg. & Trad. Agens. TurkeyMay-03 Handy Chem Tulip SV. 31,501 1975 Unknown Owner IndiaMay-03 Handy Chem Tanav GR. 10,857 2,850 1971 Vardinoyannis Group Pakistan 195.00 0.56May-03 Small/Spec Citrus do Brasil LI. 9,881 5,400 1970 Mar. Aleuropa IndiaMay-03 Small/Spec Nada BO. 7,036 4,565 1963 Fouda Group Maritime IndiaMay-03 Small/Spec Markiza SA. 6,401 1,268 1971 Unknown Owner Pakistan 195.00 0.25May-03 8-20K cu.m. LPG Gaz Lion PA. 11,835 5,410 1972 Naftomar Shpg & Trad India 206.00 1.11May-03 Capesize Georgios T. SV. 124,817 19,600 1978 Overseas Marine IndiaMay-03 Handymax Isdemir TU. 45,472 9,905 1976 Deniz Nakliyati A.S. India 193.50 1.92May-03 Handysize Trader CY. 37,990 9,021 1978 Seaworld Mngt & Trdg Bangladesh 205.00 1.85May-03 Handysize Panagiotis MA. 27,269 6,533 1974 Katopagi Management IndiaMay-03 PCC < 5K DWT Simbad BS. 2,053 1981 Acomarit Services SAMay-03 Reefer Albacora Frigo SP. 3,687 1969 Albafrigo S.A.

Recent Ship Sales for Demolition

Fleet Forecasts

Numbers, end m. DWT, end Forecast1999 2000 2001 2002 May* 1999 2000 2001 2002 May* 2003 2004

Orderbook (end period) 308 411 584 656 739 37.5 50.7 61.7 58.8 67.0New Orders 104 283 299 277 203 12.0 34.7 25.1 20.8 20.7Newbuildings Delivered 210 180 127 206 120 20.2 21.4 14.2 23.7 12.5 28.3 25.5Sold for Scrap 116 145 116 147 70 16.5 13.9 15.5 17.0 7.8 15.5 12.9Losses 1 1 3 1 1 0.0 0.0 0.3 0.1 0.1 0.1Miscellaneous Additions 2 1 4 4 0.2 0.1 0.3 0.4Miscellaneous Removals 2 8 4 8 2 0.2 0.2 0.4 1.0 0.1 0.1Total Tanker Fleet 3,410 3,437 3,430 3,473 3,516 289.0 296.4 291.9 296.0 300.0 308.1 320.7% change 2.7% 0.8% -0.2% 1.3% 1.2% 1.2% 2.6% -1.5% 1.4% 1.3% 5.5% 4.1%of which:VLCC >200,000 425 441 428 428 428 123.7 128.9 125.7 125.2 125.1 127.7 130.0% change -0.9% 3.8% -2.9% -0.7% 4.2% -2.5% -0.4% -0.1% 1.6% 1.9%Suezmax 120-200,000 287 291 275 286 290 41.3 42.1 40.1 42.0 42.8 43.7 45.5% change -2.7% 1.4% -5.5% 4.0% 1.4% -2.0% 2.1% -4.7% 4.8% 1.9% 8.9% 4.1%Aframax 80-120,000 548 552 551 568 586 52.2 52.8 52.9 55.0 57.1 59.9 63.3% change 3.8% 0.7% -0.2% 3.1% 3.2% 4.9% 1.0% 0.2% 4.0% 3.8% 13.3% 5.7%Panamax 60-80,000 208 220 217 220 224 13.9 14.7 14.5 14.7 15.0 15.3 17.6% change 3.0% 5.8% -1.4% 1.4% 1.8% 3.0% 6.0% -1.6% 1.5% 2.0% 5.5% 15.1%Handy 10-60,000 1,942 1,933 1,959 1,971 1,988 57.9 57.9 58.8 59.1 60.0 61.5 64.2% change 4.1% -0.5% 1.3% 0.6% 0.9% 4.3% 0.0% 1.6% 0.5% 1.4% 4.6% 4.4%


Orderbook (end period) 464 535 371 443 507 33.5 35.3 24.4 30.5 35.7New Orders 331 252 145 295 133 22.8 15.1 9.5 20.2 9.4Newbuildings Delivered 198 184 310 223 69 12.7 13.3 20.5 14.1 4.2 11.3 15.0Sold for Scrap 198 115 188 134 39 9.1 4.3 7.8 5.6 1.3 6.9 9.9Losses 6 14 6 3 1 0.2 0.7 0.5 0.2 0.0 0.0Miscellaneous Additions 3 0.3Miscellaneous Removals 5 12 4 9 3 0.2 0.3 0.1 0.3 0.1Total Bulk Carrier Fleet 5,337 5,379 5,490 5,567 5,593 267.3 275.1 287.1 295.1 297.9 299.4 304.5% change -0.2% 0.8% 2.1% 1.4% 0.5% 1.2% 2.9% 4.3% 2.8% 0.9% 4.3% 1.7%of which:Capesize >80,000 527 558 576 591 597 82.5 87.3 90.7 93.5 94.6 97.3 101.4% change -0.2% 5.9% 3.2% 2.6% 1.0% 1.5% 5.8% 3.9% 3.1% 1.2% 7.3% 4.2%Panamax 60-80,000 901 949 1,028 1,059 1,067 62.2 65.8 72.0 74.5 75.1 74.6 77.1% change 4.9% 5.3% 8.3% 3.0% 0.8% 5.5% 5.8% 9.3% 3.5% 0.8% 3.6% 3.4%Handy 40-60,000 993 1,013 1,098 1,173 1,200 45.2 46.1 50.4 54.2 55.6 56.5 58.2% change 0.5% 2.0% 8.4% 6.8% 2.3% 0.4% 2.0% 9.4% 7.6% 2.6% 12.1% 3.0%Handysize 10-40,000 2,916 2,859 2,788 2,744 2,729 77.4 75.9 74.0 72.9 72.5 71.0 67.8% change -1.9% -2.0% -2.5% -1.6% -0.5% -1.7% -1.9% -2.5% -1.5% -0.5% -4.0% -4.5%


Orderbook (end period) - - 2 2 2 - - 0.2 0.2 0.2New Orders - - 2 - - - - 0.2 - -Newbuildings Delivered 4 - - - - 0.4 - - - - 0.1 0.0Sold for Scrap 8 6 8 12 4 1.0 0.6 0.8 1.2 0.5 0.1 0.2Losses - - - - - - - - - - -Miscellaneous Additions - 1 - 1 - - 0.1 - 0.1 -Miscellaneous Removals - 1 - 3 - - 0.0 - 0.4 -Total Combined Fleet 147 141 133 120 116 14.8 14.2 13.4 12.0 11.6 12.0 11.8% change -3% -4% -6% -10% -3% -4% -4% -6% -10% -4% -10.2% -1.3%

Numbers, end m. cbm., end Forecast1999 2000 2001 2002 May* 1999 2000 2001 2002 May* 2003 2004

Orderbook (end period) 18 26 47 56 56 2.3 3.4 6.3 7.4 7.4New Orders 5 20 22 19 3 0.7 2.6 3.0 2.5 0.4Newbuildings Delivered 7 12 1 10 3 1.0 1.5 0.1 1.4 0.4 1.9 2.7Sold for Scrap - 1 - - - - 0.0 - - - - -Losses - - - - - - - - - - -Miscellaneous Additions - - - - - - - - - -Miscellaneous Removals - - - - - - - - - -Total LNG Fleet 117 128 129 139 142 12.7 14.2 14.3 15.7 16.1 17.6 20.4% change 9.4% 0.8% 7.8% 2.2% 12.0% 1.0% 9.6% 2.6% 22.8% 15.6%


Fleet

Jun-03

Combined Carrier Fleet

LNG Carrier

N.B. All dwt measurements/size categories are now in metric tonnes. * orders, deliveries, scrapping, losses etc. are for the year to end of month indicated.

Oil Tanker Fleet

Bulk CarrierFleet

Fleet Forecasts

Numbers, end m. cbm., end Forecast1999 2000 2001 2002 May* 1999 2000 2001 2002 May* 2003 2004

Orderbook (end period) 41 45 51 41 42 1.1 1.3 1.5 1.5 1.6New Orders 14 34 36 14 12 0.2 0.8 0.9 0.4 0.5Newbuildings Delivered 30 30 30 24 11 0.4 0.6 0.7 0.5 0.4 1.1 0.4Sold for Scrap 9 10 7 23 10 0.1 0.1 0.1 0.7 0.3 0.3 0.4Losses 1 0.0Miscellaneous AdditionsMiscellaneous Removals 1 1 3 0.0 0.0 0.0Total LPG Fleet 944 963 986 983 984 12.9 13.5 14.1 13.9 13.9 14.3 14.4% change 2.1% 2.0% 2.4% -0.3% 0.1% 2.6% 4.0% 4.6% -1.6% 0.5% 3.5% 0.2%of which:> 60,000 cbm 93 98 105 103 103 7.2 7.6 8.1 8.0 8.0 8.4 8.5% change 3.3% 5.4% 7.1% -1.9% 3.5% 5.5% 7.4% -1.5% 0.3% 4.6% 1.5%20-60,000 cbm 77 81 80 78 79 2.8 2.9 2.9 2.8 2.8 3.0 3.2% change -1.3% 5.2% -1.2% -2.5% 1.3% -0.5% 2.0% -0.9% -3.9% 1.9% 9.0% 5.7%8-20,000 cbm 88 89 88 90 91 1.1 1.1 1.1 1.1 1.1 1.0 0.9% change 2.3% 1.1% -1.1% 2.3% 1.1% 2.4% 0.8% -0.8% -0.4% 0.1% -3.3% -11.3%< 8,000 cbm 686 695 713 712 711 1.9 1.9 2.0 2.0 2.0 1.9 1.8% change 2.2% 1.3% 2.6% -0.1% -0.1% 4.3% 2.8% 4.7% 0.8% -0.2% -4.9% -8.5%

Numbers, end m. TEU, end Forecast1999 2000 2001 2002 May* 1999 2000 2001 2002 May* 2003 2004

Orderbook (end period) 278 421 415 342 419 0.9 1.4 1.4 1.1 1.5New Orders 155 300 182 129 142 0.6 1.0 0.5 0.4 0.6Newbuildings Delivered 128 157 188 202 65 0.3 0.4 0.6 0.6 0.2 0.6 0.6Sold for Scrap 49 12 29 50 15 0.1 0.0 0.0 0.1 0.0 0.1 0.1Losses 3 1 0.0 0.0Miscellaneous AdditionsMiscellaneous Removals 1 3 2 0.0 0.0 0.0Total Containership Fleet 2,602 2,746 2,901 3,049 3,099 4.4 4.8 5.4 6.0 6.2 6.5 7.0% change 2.9% 5.5% 5.6% 5.1% 1.6% 4.9% 9.8% 12.1% 10.6% 3.0% 8.4% 8.4%of which:Post-P' max 4,000 &+ teu 104 138 201 246 262 0.6 0.8 1.1 1.4 1.5 1.6 1.9% change 15.6% 32.7% 45.7% 22.4% 6.5% 17.8% 35.2% 47.7% 24.1% 7.2% 16.6% 15.5%Panamax 3,000 &+ teu 342 365 382 425 437 1.3 1.4 1.4 1.6 1.7 1.8 2.0% change 2.4% 6.7% 4.7% 11.3% 2.8% 2.8% 7.8% 4.8% 12.6% 2.9% 9.7% 11.8%Handymax 2-2,999 teu 380 401 441 473 480 0.9 1.0 1.1 1.2 1.2 1.3 1.3% change 5.0% 5.5% 10.0% 7.3% 1.5% 4.8% 5.4% 10.1% 7.4% 1.6% 7.4% 4.1%Handy 1-1,999 teu 795 837 874 893 898 1.1 1.2 1.2 1.3 1.3 1.3 1.3% change 2.4% 5.3% 4.4% 2.2% 0.6% 2.9% 5.9% 4.4% 2.4% 0.6% 1.5% 0.3%Feeders < 1,000 teu 981 1,005 1,003 1,012 1,022 0.5 0.5 0.5 0.5 0.5 0.5 0.6% change 1.4% 2.4% -0.2% 0.9% 1.0% 2.0% 3.3% 0.3% 2.0% 1.3% 1.8% 1.6%

Numbers, end m. Cu.ft, end Forecast1999 2000 2001 2002 May* 1999 2000 2001 2002 May* 2003 2004

Orderbook (end period) 20 12 8 9 9 9.3 5.2 3.9 3.4 3.4New Orders 4 4 - 3 - 1.2 1.5 0.7Newbuildings Delivered 22 12 4 2 - 10.0 5.6 1.3 1.3 1.6 1.0Sold for Scrap 54 17 14 14 8 17.4 6.6 4.5 4.9 1.6 15.4 18.4Losses 1 3 5 - - 0.0 0.6 1.1Miscellaneous Additions - 1 - - -Miscellaneous Removals - 4 6 3 - 0.8Total Reefer Fleet 1,356 1,341 1,320 1,305 1,297 363.9 361.4 355.5 351.0 349.5 337.2 319.8% change -1% -2% -1% -1% -1% -2% -1% 0% -3.9% -5.2%


Orderbook (end period) 258 208 199 212 242 3.2 2.9 2.7 2.9 3.1New Orders 100 123 85 103 61 1.1 1.8 0.9 1.4 0.7Newbuildings Delivered 156 174 95 90 31 1.8 2.1 1.1 1.2 0.5 0.5 0.5Sold for Scrap 141 164 156 118 46 2.1 2.4 2.5 2.0 0.7 2.3 2.4Losses 11 9 5 9 4 0.1 0.1 0.1 0.1 0.0 0.0Miscellaneous Additions - - - - -Miscellaneous Removals - - - - 35 0.4Total Other Dry Cargo Fleet 3,791 3,781 3,706 3,649 3,595 48.6 48.2 46.5 45.4 44.7 43.2 41.3% change -0.3% -2.0% -1.5% -1.5% -1.0% -3.4% -2.4% -1.4% -4.9% -4.4%* other dry fleet includes Multi-purpose, General Cargo Tramps and Liners and Ro-Ro vessels.


Fleet >5,000 dwt

Jun-03

LPG CarrierFleet

ContainershipFleet

Reefer Fleet

Other Dry*

Page 23

Shipbuilding Focus

In this summer’s hit film “The Matrix Reloaded” the hacker Neo discovers an awful truth. Not only is the world he knows just a computer pro-gramme, but the only surviving city of the human beings, Zion, is under attack. Of course, only he can save them, but he must battle Agent Smith, a replicating computer virus. “Two lines” A ridiculously complex plot is a key ingredient in any science fiction film, but luckily the plot in the newbuild-ing story is a bit simpler, even though it contains elements of the film. The general historical pattern of new-

building prices is well known. After the huge spree of tanker ordering in the mid-70s, as the market began to take deliveries, prices shot up until 1981-2 after which they started their descent into the calamity of the mid-80s. “You do not truly know someone The Graph of the Month shows the annual average Clarksons Aframax newbuilding price compared with the ‘real’, deflated Aframax price (the nominal recorded price multiplied by a conversion factor to calculate “2002 dollars”). This second line helps to clarify what the experience must have

been like for the yards. The 1985 prices were not, as the nominal line would imply, a mere 3% below 1976 prices, but in ‘reality’ very nearly 50% lower. This helps to illustrate the true severity of the 1980s for the yards. Unless you fight them” When prices finally reversed and began to climb the two lines again tell a different story. The nominal line shows prices recovering to their 1981 levels of $34.5m by 1988-9 (seven or so years) whereas the “real” price

line show that prices never quite reached 1980 levels again. The sub-sequent big peak – in 1991 – showed values of about 98% of 1980. Filmus Interruptus But the most dramatic element of the picture is from 1991 to the present (average 2002 prices in “2002 dol-lars”). Nominal prices have fallen by 35% and real prices have fallen by 51%). Average 2002 real prices are just 9% above their historic floor of $31.5m in 1985. The Aframax exam-ple is representative of tanker prices as a whole, but the show is not over yet. The ending of “The Matrix Re-loaded” is deliberately abrupt, as it is part of a trilogy, the third film to be released in November. Similarly, the Aframax price had, in 2002, fallen to the level of 1985, but the story is not really over yet. All will be revealed in the last reel From now on we can only enter the world of speculation. The Aframax orderbook is nearly 25% of the fleet. Contracting at the end of May 2003 is 3.2m dwt, an increase of 62% yoy. With such firm demand, it would be expected prices would also rise. Steel prices have firmed up, currencies are moving unfavourably for the Asian yards, and the extent of the forward orderbook will make the yards anx-ious to push prices up to cover costs rises and general uncertainty.

What is reality?

Graph of the Month

World Shipyard Monitor, 24 June, 2003 Editorial Board: Published by: Managing Director Martin Stopford Clarkson Research Studies, Publisher Cliff Tyler Research & Publications Division, H. Clarkson & Co.Ltd. Research Services Stephen Gordon 12, Camomile Street, Analyst Tom Ford LONDON EC3A 7BP, England Ventura Kevin Botting Production C. Ramchurn Telephone: (44) (020) 7283 8955 Newbuilding N. Wood Fax: (44) (020) 7623 0539 Newbuilding Data P. English Telex: 8812927 CLTNKA G Demolition A. Flynn E-mail: [email protected] Web site: http://www.clarksons.co.uk/research

World Shipyard Monitor is published 12 times a year. It monitors changes in the supply of 16 different types of cargo ship. The centre sections contain listings of the orderbook by ship type and shipyard; the main pages contain “at a glance” tables, graphs and text analysing trends in the orderbook, ordering, deliveries scrapping & losses, prices, shipbuilding market shares and capacity and fleet forecasts. It is available on subscription at a price of £375 a year plus postage. Whilst care has been taken in the production of this review, no liability can be accepted for any loss incurred in any way whatsoever by any person who may seek to rely on the information contained herein. The information in this report may not be reproduced without the written permission of Clarkson Research Studies.

Aframax NB Prices & CGT Output

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