WEEKLY SHIPPING MARKET REPORT

Transcription

1 WEEKLY SHIPPING MARKET REPORT WEEK 27 (27 th June to 3 rd July 2015) Legal Disclaimer The information contained herein has been obtained by various sources. Although every effort has been made to ensure that this information is accurate, complete and up-to-date, Shiptrade Services S.A. does not accept any responsibility whatsoever for any loss or damage occasioned or claimed, upon reliance on the information, opinions and analysis contained in this report. Research compiled by: Shiptrade Services S.A. Market Research on behalf of the Sale & Purchase, Dry Cargo Chartering and Tanker Chartering Departments. For any questions, please contact: market-research@shiptrade.gr Shiptrade Services S.A. Tel snp@shiptrade.gr 1st Floor, 110/112 Notara Street Fax chartering@shiptrade.gr Piraeus, Greece tankerchartering@shiptrade.gr

2 Top Stories: Shipping, Commodities & Global Economy China to lift ban on entry of miner Vale s mega-ships China said on Friday it will allow 400,000-deadweight tonne ships to dock at its ports, officially ending a more than three-year ban that had effectively shut out Brazilian miner Vale SA s giant vessels. Four domestic ports Qingdao, Dalian, Tangshan Caofeidian and Ningbo will be allowed to receive the carriers after they meet technical standards, China s state planner, the National Development & Reform Commission, said in a joint statement with the Ministry of Transport. Vale s Valexmax megaships, which were designed to cut the costs of transporting iron ore to China, were banned by Beijing in early 2012 on safety concerns. The ban stalled Vale s $4 billion strategy in China, the world s biggest market for the commodity. A spokeswoman for Vale declined to comment on the rule change. Signs of a thaw began appearing last September after Vale signed a deal to sell and lease back ships from China Ocean Shipping Co (COSCO), the country s largest shipping conglomerate. China in February issued ship design guidelines recognising ships of 400,000 dwt. Ports that want to receive Valemaxes will be able to apply for permission if they meet these standards, the NDRC said. A Valemax previously owned by the Brazilian firm anchored at Qingdao s Dongjiakou port this week, Reuters mapping data showed. The Yuan Zhuo Hai is now owned by China Ore Shipping, a Cosco joint venture, which it bought from Vale in May. The ability of Valemaxes to take cargoes directly to China and cut costs, by $4-6 a tonne, comes at a crucial time for the firm, with iron ore prices struggling around their lowest since 2009 due to a global supply glut. While the price collapse has driven higher-cost miners out of the market and increased the market share of giant producers, higher freight charges and longer delivery times means that Vale has not benefited as much as Australian rivals such as Rio Tinto and BHP Billiton. Australia alone supplied million tonnes of iron ore to China in the first five months of the year, up 14.8 percent compared to last year and amounting to almost 64 percent of the total. Brazil supplied million tonnes, or 18.7 percent. Spot prices for ore delivered into Tianjin port dropped 5.3 percent on Thursday to $55.8 per tonne, the sixth consecutive daily decline and its lowest rate since April 23. Source: Reuters (Reporting by Ruby Lian and Brenda Goh; Editing by Himani Sarkar and Ed Davies) Hyundai yards, DSME to gain from cheaper oil The collapse in oil prices and the subsequent growth in oil consumption would benefit Hyundai's shipbuilders and Daewoo Shipbuilding & Marine Engineering (DSME) as they construct oil and product tankers, a sector analyst has opined. JP Morgan analyst Lee Sok-je noted that the crude tanker market rally continues in tandem with period charter rates. The one-year time charter rate of very large crude carriers (VLCCs) has risen to a sixyear high of USD47,500/day. Suezmax tanker rates have risen to USD33,800/day, and Aframax tanker rates are at USD27,000/day, almost double their breakeven rates. Lee said, "Low oil prices invited a sharp recovery in oil demand, and we see a continued shortage of tankers despite the weak seasonality. "We believe key beneficiaries of the crude oil tanker rally will be DSME and Hyundai Heavy Industries, with their dominant market shares in the segments." The drop in oil prices has also begun filtering down to product tankers. Lee said, "The product tanker rally started almost 20 months after the spike in the crude tanker market, as significant product tanker orders were placed in 2013, and deliveries were concentrated in 2015." It appears that any concern with a glut of product tankers has been allayed for now. Lee said, "We believe the concerns are turning into optimism. The average spot rates of product tankers have rallied to USD25,603/day (as of 26 June 2015), more than double the average of USD12,323/day in "We believe the key beneficiary will be Hyundai Mipo, given its market dominance (30-40% market share)." Source: ihsmaritime360.com Shiptrade Services S.A. Weekly Market Report 2

3 Secondhand Sales Bulk Carriers Sale & Purchase Name Dwt YoB Yard SS Engine Gear Price (mill.) Buyer Kohyohsan Nkk, Jpn 06/2016 B&W - $9.8 Singaporean (Winning) Kohju 172, Nkk, Jpn 02/2016 B&W - $10.2 Greek United Challenger 82, Tsuneishi, Jpn 04/2018 MAN B&W - $16 Turksish Qi Shan 79, Fujian Guanhai, Chn 03/2016 Wartsila - Shou Shan 79, Fujian Guanhai, Chn n/a Wartsila - $22.5 en bloc Greek Shiyo 77, Sasebo, Jpn 05/2016 B&W - $5.5 Chinese (Younysun) Okyalos 73, Halla, Kr 11/2017 B&W - $4.2 Chinese Eleanor D 53, New Century, Chn 06/2020 MAN B&W 4 x 36 T $6.5 Bangladeshi Pacific Acadian 49, Oshima, Jpn 09/2015 B&W 4 x 35 T $4.4 Lebanese Oriente Challenger 24, Muroran, Jpn 06/2016 Mitsubishi 3 x 20 T $3.9 Vietnamese (Tan Binh) Oslo Merchant 16, Shin Kochi, Jpn 09/2019 Mitsubishi 4 x 30 T Undisclosed Chilean (Ultranav) Secondhand Sales - Tankers Name Dwt YoB Yard SS Engine Hull Price (mill.) Buyer Gc Guangzhou 305, Zallaq 153, Mitsubishi, Jpn Hyundai Heavy, Kr 06/2019 B&W DH $39 Middle Eastern 09/2015 B&W DH $23.3 Moscow Star 106, Nkk, Jpn 01/2018 Sulzer DH $15.7 Revel 35, Harbour Muran 8, Guangzhou, Chn Avic Dingheng, Chn Greek (Avin) Saudi Arabian (Bahri) 09/2019 B&W DH $14.2 Undisclosed 05/2017 B&W DH $17.2 Norwegian Shiptrade Services S.A. Weekly Market Report 3

4 Bow Bracaria 5, Bow Balearia 5, Bow Brasilia 5, LPG Ocean Primero Viana Do Castelo, Port Viana Do Castelo, Port Viana Do Castelo, Port 02/2017 B&W DH 03/2018 MAN B&W DH 06/2017 MAN B&W DH Undisclosed Norwegian (Stolt Tankers) 3, YVC,Neth 02/2018 Deutz DH $1.0 Turkish Secondhand Sales Containers Name Teu YoB Yard SS Engine Gear Price (mill.) Buyer Mol Endurance Ihi, Jpn 09/2018 Sulzer n/a $14.5 Undisclosed Mol Encore Ihi, Jpn 03/2018 Sulzer n/a $14.5 Mol Enterprise 4, Ihi, Jpn 12/2018 Sulzer n/a $14.5 Mol Endeavor 4, Ihi, Jpn 06/2018 Sulzer n/a $14.5 Hub Gallardo Watanabe, Jpn 01/2018 B&W 2 x 36 T $2.0 Mid/High Undisclosed Indicative Values - Bulk Carriers Size Prompt Resale 5 years 10 years 15 years Capesize Panamax - Kamsarmax ,5 Supramax - Ultramax 25 16, Handysize Indicative Values - Tankers Size Prompt Resale 5 years 10 years 15 years VLCC Suezmax Aframax Panamax MR Shiptrade Services S.A. Weekly Market Report 4

5 Newbuilding Orders - Bulkers Newbuilding & Demolition No Type Dwt Yard Delivery Owner Price (mill.) Comments 3 Kamsarmax 81,600 Tsuneishi Taiwanese 2017/18 Zhousan, Chn (Wisdom Undisclosed 1 Kamsarmax 80,800 JMU, Jpn 2018 Marine ) Undisclosed 1 Supramax 55,300 Oshima, Jpn 2019 Japanese (Tamai Steamship) Undisclosed Newbuilding Orders Tankers No Type Dwt Yard Delivery Owner Price (mill.) Comments 3 VLCC Dalian, Chn 2017 Chinese (Cosco) $92 5 LR Dalian, Chn 2017 Chinese (Cosco) $ G.P.T 24,000 Jiangsu Hantong,China 2017 Frontline 2012 $ option Demolition Sales Vessel Type Built Ldt Dwt Price ($) Country Comments Zim Pacific Container ,904 45, India Varg Star Tanker ,033 68, Bangladesh Eratan LPG ,261 19, As Is Singapore Kai Hong BC ,366 42, Bangladesh Astraeus BC ,190 28, Singapore Baltic Stream Reefer ,116 12, Bangladesh 197 tons of Aluminum Xing An Da BC ,727 33, India C Way BC ,848 18, Bangladesh Indicative Demolition Prices Country Tanker Prices Bulker Prices India Bangladesh Pakistan China Turkey Shiptrade Services S.A. Weekly Market Report 5

6 Baltic Indices (Friday Closing Values) 1 year T/C rates ($/day) Dry Bulk Chartering Index Week 27 Week 26 Change (%) BDI ,19 BCI ,34 BPI ,00 BSI ,97 BHSI ,28 Type Size (k dwt) Week 27 Week 26 Change (%) Capesize ,34 Panamax ,90 Supramax ,86 Handysize ,56 Average spot rates ($/day) Type Size (k dwt) Route Week 27 Week 26 Change (%) Capesize Panamax Supramax Handysize F. East - ATL ,08 Cont/Med - F. East ,49 F. East RV ,28 TransAtlantic RV ,36 F. East - ATL ,00 ATL - F. East ,91 Pacific RV ,91 TransAtlantic RV ,45 F. East - ATL ,04 ATL - F. East ,85 Pacific RV ,70 TransAtlantic RV ,00 Far East - ATL ,73 ATL - F. East ,60 Pacific RV ,52 TransAtlantic RV ,46 Shiptrade Services S.A. Weekly Market Report 6

7 Exchange Rates Bunker Prices Commodities Key Indicators & Stock Markets Currency Week 27 Week 26 Change (%) EUR / USD 1,111 1,120 0,80 USD / JPY 122,95 123,48 0,43 USD / KRW ,54 USD / NOK 7,93 7,80 1,67 Port IFO 380 IFO 180 MGO Piraeus Fujairah Singapore Rotterdam Houston Commodity Week 27 Week 26 Change (%) Brent Crude (BZ) 56,62 62,97 10,08 Natural Gas (NG) 2,84 2,83 0,35 Gold (GC) 1,167 1,173 0,51 Copper 263,50 262,05 0,55 Wheat (W) 590,50 545,50 8,25 Shiptrade Services S.A. Weekly Market Report 7

8 Shipping Stock Prices - Dry Bulk Key Indicators & Stock Markets Company Stock Exchange Week 27 Week 26 Change (%) Baltic Trading Ltd (BALT) NYSE 1,63 1,63 0,00 Diana Shipping Inc (DSX) NASDAQ 7,28 7,49 2,80 Dryships Inc (DRYS) NASDAQ 0,59 0,69 14,49 Euroseas Ltd (ESEA) NASDAQ 0,72 0,75 4,00 Eagle Bulk Shipping Inc (EGLE) NASDAQ 7,38 7,19 2,64 Freeseas Inc (FREESE) NASDAQ 2,77 0,08 (Reverse split) Navios Maritime (NM) NYSE 3,64 3,85 5,45 Navios Maritime PTN (NMM) NYSE 10,82 11,57 6,48 Paragon Shipping Inc (PRGN) NASDAQ 0,70 0,70 0,00 Star Bulk Carriers Corp (SBLK) NASDAQ 2,91 3,17 8,20 Seanergy Maritime Holdings Corp (SHIP) NASDAQ 0,66 0,58 13,79 Safe Bulkers Inc (SB) NYSE 3,35 3,35 0,00 Golden Ocean (GOGL) Oslo Bors 3,95 4,09 3,42 Shipping Stock Prices - Wet Company Stock Exchange Week 27 Week 26 Change (%) Capital Product Partners LP (CPLP) NASDAQ 7,79 8,09 3,71 TOP Ships Inc (TOPS) NASDAQ 1,03 1,05 1,90 Tsakos Energy Navigation (TNP) NYSE 9,47 9,48 0,11 Shipping Stock Prices - Other Company Stock Exchange Week 27 Week 26 Change (%) Aegean Maritime Petrol (ANW) NYSE 12,18 12,86 5,29 Danaos Corporation (DAC) NYSE 6,17 6,56 5,95 StealthGas Inc (GASS) NASDAQ 6,37 6,86 7,14 Rio Tinto (RIO) NYSE 41,04 42,90 4,34 Vale (VALE) NYSE 5,85 6,16 5,03 ADM Archer Daniels Midland (ADM) NYSE 48,65 50,70 4,04 BHP Billiton (BHP) NYSE 41,29 43,34 4,73 Shiptrade Services S.A. Weekly Market Report 8

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