Weekly Market Report Issue: Week 30 Tuesday 30 th July 2013 By Eva Tzima, Research Analyst Broker s insight For the greater part of the year the crude market distanced itself from any posi ve momentum with owners spending most of their days trying to sail through dismal earnings and moun ng OPEX. These past weeks had to offer a much needed rate reversal for the crude oil carriers, freights for which reached highs for the year so far, and even though the posi ve effect seems to have eased off considerably in the case of VLs, it is s ll very much present amongst the rest of the market drawing a lot of interest on its sustainability. As of 2008, the US crude oil stockpiles have kept increasing as a result of domes c produc on accelera ng rapidly. As the biggest importer of crude started slowing down its dependence to source the commodity from offshore, the US erased any posi ve upside created by increased Far East demand and consequently denied crude carriers a healthier market. Since the beginning of the summer there has been a lot of buzz around the price of oil and more specifically the WTI Brent spread. For more than two years, the price of WTI (the pricing benchmark of US light crude oil) has lagged behind Brent (the benchmark grade in Europe). From spring onwards though, the prices of WTI and Brent started ge ng closer and even briefly touched parity in July. With the return of the arbitrage, it made sense for the US to increase its crude imports once again and to consequently breathe life into freight rates. The revived interest of US charterers in North Sea and WAF crude cargoes has not only boosted the spot market for these routes but has also urged charterers back in Europe to rush into securing tonnage in the possibility of further ghtness in ballas ng lists, which further added to the freight upside. All in all this looked as a perfect storm for rates to surge. But calm follows the end of every storm and this could well be the case here as well. In recent years the accelerated output from both Canada and the US carried to the hub in Cushing, Oklahoma which is the delivery point for WTI, has created a bo leneck in the absence of an economically efficient way to carry the crude from Cushing to the Coast. Consequently, the increased stockpiles weighed down on the price of WTI. Since the end of the spring season, the hub in Cushing has been witnessing a steady decrease in oil stocks due to increased demand in the US but even more importantly due to the fact that addi onal pipeline infrastructure ex-cushing has started becoming opera- onal. As important as these factors are, they both are of short term nature rather than long term one. For one, the increased demand was mainly caused by the driving season in the US, which always boosts consump on, and as far as pipeline infrastructure clearing up the bo leneck the reality is that US produc on will keep close pace with such projects coming on line in the medium term. The US market, where crude exports are largely limited by Congress, will most probably con nue to operate on the fundamental of large crude inventories and even though there had been reports in the beginning of the summer for a shi in Washington s policy, the reality is that the subject of increasing oil exports is a poli cal hot potato for whoever decides to touch it. So occasional vola lity in imports like the one recently witnessed could very well repeat in the future but the idea of a fundamentally glu ed US oil market where price compe on weighs on WTI is s ll very much alive. The correla ons affec ng the trade of oil are complicated and could always change, and it could well be that the sweet crude might be bringing in some sweet earnings for shipowners in the short term but in my opinion this is probably less of a sustainable price convergence and more a case of plus ça change, plus c'est la même chose as the French say, which loosely translated means the more things change, the more they stay the same.. Chartering (Wet: Stable- / Dry: Stable- ) With the Atlan c basin weakening for most of the size segments, the Dry Bulk index closed the week in the red once again, with only Supramaxes escaping the nega ve trend. The BDI closed today (30/07/2013) at 1067points, down by 8 points compared to Monday s levels (29/07/2013) and a decrease of 60 points compared to previous Tuesday s levels (23/07/2013). The crude oil market (except for Suezmaxes) was in for a downward slide this week as demand for August seems to be nowhere near the July levels we had been seeing. The BDTI Monday (29/07/2013), was at 650 points, unchanged and the BCTI at 607, an increase of 6 points compared to the previous Monday s levels (22/07/2013). Sale & Purchase (Wet: So er- / Dry: Stable+ ) Ac vity has so ened slightly these past weeks, although things were slightly more ac ve then the week prior. On the Tankers side, we had the sale of the Japanese built MORNING GLORY V (74,025dwt-blt 98 Japan) which was picked up for a price of US$ 8.5m. On the dry bulker side, we had the sale of the SPP resale SPP TONGYEONG (82,000dwtblt 13 S. Korea), which was picked up by Greek buyers for a price of $ 28.7m with delivery in September. Newbuilding (Wet: Stable+ / Dry: Stable+ ) The recent rally in new orders for bulkers has not only con nued but seems to have intensified quite a bit. The majority share has been taken up by the newer Eco size segments, although we s ll see an occasional Cape order here and there. There is s ll no base in the charter market for this recent surge, and although to many peoples minds we may be nearing the end of this shipping crisis, it seems as though most of this recent ordering has been feeding off the fears that the current low prices can t hold for much longer. The danger is ever more present, as with this much ordering going on, it is star ng to look like a recovery in 2015 is more and more unlikely to be seen. In terms of concluded deals, Singapore based Cara Shipping reportedly placed an order for two Capesize vessels (180,000dwt) at Jiangnan SY, China at a price of US$ 47.0m each, along with another separate order for two Kamsarmax vessels (82,000dwt) at Jinling, China at a price of US$ 27.0m each, with delivery for all between 2014 and 2016. Demoli on (Wet: Stable+ / Dry: So er- ) As the demoli on market is always watching India closely to be er prepare itself for future developments, this past week it was interes ng to follow reports that the Indian government is prepared to announce measures that will assist in funding the current account deficit. The Reserve Bank of India has also decided to keep interest rates unchanged, thus allevia ng some of the pressure regarding the performance of the Indian Rupee., which has been the worst performing Asian currency since mid spring. The good news coming out of India didn't manage to support local steel plate prices though and the overall net effect on prices was nega ve this past week, dragging down the rest of the bids coming out of the Indian sub-con nent as well. On the other side of the coin, the sen ment in China seems to keep strengthening and demo prices have firmed further this week as the increasing price of domes c steel plates boosted the interest of local yards further. Prices overall this week for wet tonnage were at around 340-415$/ldt and dry units received about 320-385$/ldt.
Wet Market Dirty Clean Aframax Suezmax VLCC Vessel VLCC Suezmax Aframax Panamax MR Handy size Routes Week 30 Week 29 $/day 2013 2012 $/day $/day ±% $/day $/day WS points Spot Rates WS points 265k MEG-JAPAN 36 15,026 41 23,487-36.0% 8,238 21,835 280k MEG-USG 22 5,366 25 12,119-55.7% -1,702 1,604 260k WAF-USG 40 19,135 43 22,284-14.1% 12,804 31,457 130k MED-MED 75 25,735 58 10,800 138.3% 9,455 22,121 130k WAF-USAC 63 17,488 60 15,216 14.9% 6,412 13,373 130k BSEA-MED 75 28,740 53 7,398 288.5% 9,455 22,121 80k MEG-EAST 83 12,337 110 24,354-49.3% 6,129 14,182 80k MED-MED 80 14,479 105 29,279-50.5% 8,152 13,700 80k UKC-UKC 85 10,236 95 21,619-52.7% 8,256 18,517 70k CARIBS-USG 105 18,073 95 13,991 29.2% 7,797 12,325 75k MEG-JAPAN 70 7,645 73 8,542-10.5% 6,621 11,258 55k MEG-JAPAN 78 5,627 76 5,110 10.1% 7,170 10,867 37K UKC-USAC 140 14,293 135 13,093 9.2% 9,048 9,251 30K MED-MED 160 24,759 160 24,578 0.7% 11,889 19,062 55K UKC-USG 118 20,235 113 18,023 12.3% 9,139 16,571 55K MED-USG 110 15,524 110 15,198 2.1% 7,535 14,735 50k CARIBS-USAC 135 24,270 118 17,113 41.8% 8,842 13,028 $/day TC Rates Week 30 Week 29 ±% Diff 2013 2012 300k 1yr TC 18,200 18,200 0.0% 0 19,150 22,375 300k 3yr TC 22,200 22,200 0.0% 0 24,083 27,195 150k 1yr TC 16,200 16,200 0.0% 0 16,283 17,606 150k 3yr TC 17,700 17,700 0.0% 0 18,617 21,152 110k 1yr TC 13,200 13,200 0.0% 0 13,475 13,889 110k 3yr TC 14,950 14,950 0.0% 0 15,242 16,070 75k 1yr TC 14,950 14,950 0.0% 0 14,975 13,245 75k 3yr TC 15,700 15,700 0.0% 0 15,533 14,368 52k 1yr TC 14,450 14,200 1.8% 250 14,325 13,764 52k 3yr TC 15,450 15,200 1.6% 250 14,967 14,589 36k 1yr TC 12,950 12,950 0.0% 0 13,108 12,567 36k 3yr TC 13,700 13,700 0.0% 0 13,692 13,378 WS points WS points VLCC Suezmax Aframax LR1 Indicative Market Values ($ Million) - Tankers Vessel 5yrs old MR Indicative Period Charters - 24/36 mos - 'Nave Constellationi' 2013 45,500dwt - $ 14,750-16,000/day - Navig8-24/36 mos - 'Nave Universe' 2013 45,500dwt - $ 14,750-16,000/day - Navig8 160 140 120 100 80 60 40 20 260 240 220 200 180 160 140 120 100 80 60 TD3 TD5 TD8 TD4 TC2 TC4 TC6 TC1 DIRTY -WS RATES CLEAN -WS RATES Jul-13 Jun-13 ±% 2013 2012 2011 300KT DH 55.0 55.0 0.0% 55.9 62.9 77.6 150KT DH 40.0 40.0 0.0% 40.3 44.9 54.4 110KT DH 28.3 29.6-4.6% 28.5 31.2 39.1 75KT DH 27.8 27.0 2.8% 26.4 26.7 35.2 52KT DH 25.3 24.6 2.5% 24.7 24.6 28.4 Chartering With August inquiries in short supply in the MEG for the VLs, rates took a further tumble this week reaching a new norm of WS 35-36 for Eastbound voyages and WS 22-23 for West. With a number of owners looking to cover their vessels which are opening in the region over the next month, it looks as though it might weaken further over the next couple of days. The WAF was holding slightly be er despite the excess of tonnage circula ng, as the posi ve influence from the firming Suezmaxes helped keep sen ment high amongst owners. The Suezmax market managed to see a reversal in the market movement, with rates rising considerably in both the Black Sea/Med and WAF regions rising considerably on a week-on-week basis. The previous resistance seen amongst owners has finally found the foothold to push charterers back and with demand holding firm, we were able to see a strong although quite possibly temporary recovery. It was a good start to the week for Afras who fed off the posi ve sen ment le over from a week prior, however as tonnage supply in the Black Sea/ Med and North Sea/Bal c regions started to climb, a significant correc on started to take place, with overall rates dropping by around 49-50% by Friday s close. Only the Caribs seemed to have kept their posi ve trend, however even here we don t expect much improvement to con nue. Sale & Purchase In the LR1 sector we had the sale of the Japanese built MORNING GLORY V (74,025dwt-blt 98 Japan) which was picked up for a price of US$ 8.5m. In the smaller product tankers range we had the enbloc sale of the STX KNIGHT (15,091dwt-blt 10 Romania) and the STX JAGUAR (15,065dwt-blt 09 Romania) which went for a total of US$ 25.4m enbloc to Middle Easterns. Intermodal Research 30/07/2013 2
Dry Market Capesize Panamax Supramax Handymax Handysize Baltic Indices Week 30 Week 29 26/07/2013 19/07/2013 Point $/day 2013 2012 Diff ±% Index $/day Index $/day Index Index BDI 1,082 1,138-56 882 921 BCI 1,873 $11,948 1,987 $13,412-114 -10.9% 1,469 1,571 BPI 1,104 $8,780 1,172 $9,320-68 -5.8% 954 965 BSI 917 $9,592 898 $9,393 19 2.1% 845 906 BHSI 534 $7,827 544 $7,977-10 -1.9% 510 518 Period $/day Week Week 30 29 ±% Diff 2013 2012 170K 6mnt TC 16,700 16,700 0.0% 0 12,563 13,549 170K 1yr TC 14,200 14,200 0.0% 0 12,563 13,885 170K 3yr TC 14,700 14,700 0.0% 0 13,933 15,282 76K 6mnt TC 11,200 11,200 0.0% 0 10,336 11,003 76K 1yr TC 9,075 8,950 1.4% 125 8,963 9,906 76K 3yr TC 9,700 9,700 0.0% 0 9,454 10,888 55K 6mnt TC 10,950 10,950 0.0% 0 10,663 11,176 55K 1yr TC 9,700 9,700 0.0% 0 9,550 10,330 55K 3yr TC 9,950 9,950 0.0% 0 9,950 11,195 45k 6mnt TC 8,950 8,700 2.9% 250 8,908 9,375 45k 1yr TC 8,450 8,450 0.0% 0 8,250 8,849 45k 3yr TC 8,950 8,700 2.9% 250 8,892 9,575 30K 6mnt TC 7,700 7,700 0.0% 0 7,483 8,255 30K 1yr TC 7,950 7,950 0.0% 0 7,842 8,424 30K 3yr TC 8,700 8,700 0.0% 0 8,700 9,450 Chartering Despite holding their ground fairly well early on in the week, Capes in the Atlan c basin gave in to the moun ng pressure from the excess tonnage lists that had amassed and the disappoin ng number of fresh inquiries. The Pacific basin wasn t much be er, although things here had been more subdued for some days now. It looks as though we are now heading for a considerable slow down in ac vity which will likely hold for most of August. A small drop into the red for the Panamaxes this week, which seemed to have lost their previous posi ve rally and although demand is s ll fairly good in ECSA, the excessive posi on lists however are not allowing for any further gains and are pushing for a strong correc on. It looks as though the market may have switched and it may well turn out to be another black August for the Panamaxes (as was expected). Index $/day 3,000 2,500 2,000 1,500 1,000 500 0 30,000 25,000 20,000 15,000 10,000 5,000 0 Capesize Panamax Supramax Handysize Baltic Indices BCI BPI BSI BHSI BDI Average T/C Rates AVR 4TC BCI AVR 4TC BPI AVR 5TC BSI AVR 6TC BHSI Indicative Market Values ($ Million) - Bulk Carriers Vessel 5 yrs old Indicative Period Charters -5/8 mos - 'Great Qin' 2010 176,104dwt - dely S.China 10/15 Aug - $ 13,750/day - Vitol - 11/13 mos -'Rosco Cypress' 2004 76,801dwt - dely Nanao 4/7 Aug - $ 8,500/day - Sinotrans Jul-13 Jun-13 ±% 2013 2012 2011 180k 34.0 34.0 0.0% 33.9 34.6 43.5 76K 22.0 21.5 2.3% 19.9 22.7 31.3 56k 21.5 21.0 2.5% 20.2 23.0 28.1 30K 18.0 17.9 0.8% 17.6 18.2 23.5 Sale & Purchase In the Kamsarmax sector, we had the sale of the SPP resale SPP TONG- YEONG (82,000dwt-blt 13 S. Korea), which was picked up by Greek buyers for a price of $ 28.7m with delivery in September. In the Handysize sector we had rumors of the enbloc sale of the JIN HYANG (32,550dwt-blt 10 China) and CHANG PYUNG (32,484dwt-blt 10 China) went to S. Korean buyers for around $ 15.5m each. Supras were the excep on in this drag of a market. Rates were s ll holding more buoyant, albeit on just, then the rest of the size segments and it ini- ally looked like the momentum was there to support this posi ve trend for a few days longer. This seemed to have changed on Thursday and Friday with the weaker state of the Atlan c pushing now for a reversal in ther overall market trend. Same can t be said for the Handies which witnessed a third week in a row of slightly lower rates as the lack of cargoes in the Atlan c and Med region starved the market of any energy to move forward. The Pacific basin was moving on a posi ve path, however there was not enough there to feed through to the whole market. Intermodal Research 30/07/2013 3
Secondhand Sales Tankers Size Name Dwt Built Yard M/E SS due Hull Price Buyers Comments LR1 MORNING GLORY V 74,025 1998 ONOMICHI, Japan MAN-B&W Dec-13 DH $ 8.5m undisclosed epoxy coated, uncoiled MR PACIFIC POLARIS 47,999 2004 IWAGI, Japan MAN-B&W Aug-14 DH $ 17.0m Indian (Great Eas tern) pumproom type, epoxy PROD/ CHEM STX KNIGHT 15,091 2010 STX RO OFFSHORE, Romania MAN-B&W Dec-14 DH $ 12.7m epoxy-phen Middle Eastern PROD/ CHEM STX JAGUAR 15,065 2009 STX RO OFFSHORE, Romania MAN-B&W Oct-14 DH $ 12.7m epoxy-phen Bulk Carriers Size Name Dwt Built Yard M/E SS due Gear Price Buyers Comments CAPE CAPE SHANGHAI 174,109 2007 SWS, China MAN-B&W Mar-17 $ 28.0m Greek KMAX SPP TONGYEONG H1062 82,000 2013 SPP, S. Korea MAN-B&W - $ 28.7m Greek dely September PMAX LEGATO 72,083 1999 KANASASHI, Japan Mitsubishi Jul-14 $ 9.3m Greek on subs PMAX DIMITRIOS S 66,088 1990 DAEWOO, S. Korea B&W Mar-15 $ 5.0m S. Korean HANDY GREAT SUMMIT 33,745 2005 OSHIMA, Japan B&W Feb-15 4 X 30t $ 15.0m HK based (Pacific Basin Shipping) bought by its current charterers HANDY JIN HYANG 32,550 2010 ZHEJIANG HONGXIN, China MAN-B&W Mar-15 4 X 30t $ 15.5m S. Korean HANDY CHANG PYUNG 32,484 2010 ZHEJIANG HONGXIN, China MAN-B&W Sep-15 4 X 30t $ 15.5m MPP/General Cargo Name Dwt Built Yard M/E SS due Gear Price Buyers Comments SEA CARRIER 9,650 1985 MIHO SHIMIZU, Japan Hanshin Mar-15 2 X 50t undisclosed undisclosed Intermodal Research 30/07/2013 4
Secondhand Sales Containers Size Name Teu Built Yard M/E SS due Gear Price Buyers Comments SUB PMAX ARELIA 2,714 2008 GDANSK, Poland MAN-B&W Mar-18 3 X 45t $ 18.5m undisclosed FEEDER WEHR ALTONA 1,728 1997 GDANSK, Poland Sulzer Sep-17 3 X 45t $ 5.1m undisclosed FEEDER CORONA J 1,209 2002 JIANGSU YANGZIJIANG, China B&W Dec-17 2 X 45t $ 6.9m German FEEDER PETALIDI 1,156 1993 SZCZECINSKA, Poland B&W Jan-14 3 X 40t $ 2.8m Greek FEEDER LIBRA J 1,116 1998 TIANJIN XINGANG, China Sulzer Dec-13 2 X 45t $ 2.8m undisclosed FEEDER MONDENA 1,115 1999 CELIKTEKNE TUZLA, Turkey B&W Jun-14 2 X 50t $ 2.5m undisclosed FEEDER FRIESEDIJK 880 2010 MAWEI, China Wartsila Jul-15 2 $ 9.0m undisclosed FEEDER FLEVODIJK 877 2010 MAWEI, China Wartsila Mar-15 2 X 45t $ 9.0m Offshore Type Name Dwt Built Yard M/E Bhp SS due Price Buyers Comments OSV MAERSK RETRIEVER 1,965 1979 ODENSE LINDO, Denmark MaK 12,820 Mar-14 undisclosed undis closed AHT BIN HAI 261 1,170 1979 MITSUI FUJINAGATA, Japan Niigata 7,200 Apr-15 undisclosed Chines e Intermodal Research 30/07/2013 5
Newbuilding Market Gas Tankers Bulkers Indicative Newbuilding Prices (million$) Vessel Week Week 30 29 ±% 2013 2012 2011 Capesize 180k 47.1 47.1 0.0% 46 47 53 Panamax 77k 25.5 25.5 0.0% 25 27 33 Supramax 58k 25.0 25.0 0.0% 24 26 30 Handysize 35k 21.5 21.5 0.0% 21 22 25 VLCC 300k 89.0 89.0 0.0% 89 96 102 Suezmax 160k 55.5 55.5 0.0% 55 59 64 Aframax 115k 47.7 47.7 0.0% 46 51 54 LR1 75k 40.5 40.5 0.0% 40 43 45 MR 52k 33.0 33.0 0.0% 33 35 36 LNG 150K 185 185 0.0% 181 186 187 LGC LPG 80k 70.3 70.3 0.0% 69 72 73 MGC LPG 52k 62.3 62.3 0.0% 61 63 64 SGC LPG 23k 40.8 40.8 0.0% 40 44 46 The recent rally in new orders for bulkers has not only con nued but seems to have intensified quite a bit. The majority share has been taken up by the newer Eco size segments, although we s ll see an occasional Cape order here and there. There is s ll no base in the charter market for this recent surge, and although to many peoples minds we may be nearing the end of this shipping crisis, it seems as though most of this recent ordering has been feeding off the fears that the current low prices can t hold for much longer. The danger is ever more present, as with this much ordering going on, it is star ng to look like a recovery in 2015 is more and more unlikely to be seen. Last week, Singapore based Cara Shipping reportedly placed an order for two Capesize vessels (180,000dwt) at Jiangnan SY, China at a price of US$ 47.0m each, along with another separate order for two Kamsarmax vessels (82,000dwt) at Jinling, China at a price of US$ 27.0m each, with delivery for all between 2014 and 2016. Tankers Newbuilding Prices (m$) Bulk Carriers Newbuilding Prices (m$) 180 VLCC Suezmax Aframax LR1 MR 110 Capesize Panamax Supramax Handysize million $ 140 100 60 million $ 90 70 50 30 20 10 Units Type Size Yard Delivery Buyer Price Comments 2 Bulker 180,000 dwt Jiangnan S.Y., China 2015/2016 2 Bulker 82,000 dwt Jinling, China 2014/2015 2 Bulker 81,600 dwt Tsuneishi Cebu, Philippines Newbuilding Orders 2016 Singapore based (Cara Shipping) Singapore based (Cara Shipping) Indian (Great Eastern Shipping ) $ 47.0m $ 27.0m undisclosed 2 Bulker 81,000 dwt Universal/JMU, Japan - Norwegian (Jebsen) $ 30.0m 2+2 Bulker 64,000 dwt Jiangsu Yangzijiang, China 2015-2016 German (Peter Dohle) $ 25.5m 2 Bulker 64,000 dwt Chengxi, China 2016 Greek (Dalnave Navigation) $ 25.5m 3 Bulker 63,000 dwt Chengxi, China 2015/2016 Italian (Scorpio Bulkers) $ 27.0m incl. options 4 Bulker 61,000 dwt COSCO Dalian, China 2015/2016 Italian (Scorpio Bulkers) $ 27.0m incl. options 2 Bulker 35,000 dwt Jiangdong, China 2015 UK based (Graig) undisclosed 1 Container 1,900 teu Hyundai Mipo, S.Korea 2014 Singapore (CK Line Co Ltd) undisclosed 2 Gas 173,400 cbm Daewoo, S. Korea 2016 US based undisclosed Intermodal Research 30/07/2013 6
Demoli on Market Wet Dry Indicative Demolition Prices ($/ldt) Markets Week Week 30 29 ±% 2013 2012 2011 Bangladesh 415 415 0.0% 427 440 523 India 415 415 0.0% 432 445 511 Pakistan 415 415 0.0% 428 444 504 China 340 330 3.0% 372 384 451 Bangladesh 385 395-2.5% 406 414 498 India 385 395-2.5% 412 419 484 Pakistan 385 395-2.5% 410 416 477 China 320 310 3.2% 355 365 432 As the demoli on market is always watching India closely to be er prepare itself for future developments, this past week it was interes ng to follow reports that the Indian government is prepared to announce measures that will assist in funding the current account deficit. The Reserve Bank of India has also decided to keep interest rates unchanged, thus allevia ng some of the pressure regarding the performance of the Indian Rupee., which has been the worst performing Asian currency since mid spring. The good news coming out of India didn't manage to support local steel plate prices though and the overall net effect on prices was nega ve this past week, dragging down the rest of the bids coming out of the Indian Sub-Con nent as well. On the other side of the coin, the sen ment in China seems to keep strengthening and demo prices have firmed further this week as the increasing price of domes c steel plates boosted the interest of local yards further. Prices overall this week for wet tonnage were at around 340-415$/ldt and dry units received about 320-385$/ldt. One of the highest prices this past week was that paid by Indian breakers for the bulker TOR (30,435dwt-6,342ldt-blt 82), which received a price of $ 382/ldt. Wet Demolition Prices Dry Demolition Prices 550 Bangladesh India Pakistan China 550 Bangladesh India Pakistan China 500 500 450 450 $/ldt 400 350 $/ldt 400 350 300 300 250 250 Demolition Sales Name Size Ldt Built Yard Type $/ldt Breakers Comments LONDRINA 33,000 10,453 1994 CANECO, Brazil TANKER $ 290/Ldt undisclosed bss 'as is' Rio de Janeiro BARBAROS G 30,650 7,200 1984 AUSTIN & P, United Kingdom BULKER $ 382/Ldt Bangladeshi TOR 30,435 6,342 1982 NKK, Japan BULKER $ 382/Ldt Indian MORNING STAR 21,353 5,200 1983 WATANABE ZOSEN, Japan BULKER $ 380/Ldt Ba FU DA 18,585 4,611 1977 UWAJIMA ZOSENSHO, Japan BULKER $ 370/Ldt Bangladeshi WIND FORCE 6,994 2,237 1982 HIGAKI, Japan GEN CARGO $ 380/Ldt Indian Intermodal Research 30/07/2013 7
Commodi es & Ship Finance Currencies Stock Exchange Data Market Data 26-Jul-13 25-Jul-13 24-Jul-13 23-Jul-13 22-Jul-13 W-O-W Change % 10year US Bond 2.560 2.610 2.590 2.520 2.490 2.8% S&P 500 1,691.65 1,690.25 1,685.94 1,692.39 1,695.53 0.0% Nasdaq 3,613.16 3,605.19 3,579.60 3,579.27 3,600.39 0.7% Dow Jones 15,558.83 15,555.61 15,542.24 15,567.74 15,545.55 0.1% FTSE 100 6,554.79 6,587.95 6,620.43 6,597.44 6,623.17-1.1% FTSE All-Share UK 3,475.18 3,491.11 3,507.73 3,497.02 3,509.04-1.0% CAC40 3,968.84 3,956.02 3,962.75 3,923.09 3,939.92 1.1% Xetra Dax 8,244.91 8,298.98 8,379.11 8,314.23 8,331.06-1.0% Nikkei 14,129.98 14,562.93 14,731.28 14,778.51 14,658.04-3.2% Hang Seng 21,968.95 21,900.96 21,968.93 21,915.42 21,416.50 2.8% DJ US Maritime 290.96 290.07 290.99 291.92 295.64-0.8% $ / 1.33 1.32 1.32 1.32 1.32 1.1% $ / 1.54 1.53 1.53 1.53 1.53 0.8% / $ 98.64 99.75 100.02 99.79 99.78-1.8% $ / NoK 0.17 0.17 0.17 0.17 0.17 1.0% Yuan / $ 6.14 6.14 6.15 6.14 6.14-0.1% Won / $ 1,113.86 1,115.67 1,114.80 1,117.62 1,118.89-0.7% $ INDEX 85.90 86.40 86.50 86.50 86.50-1.4% 110 oil MDO 380cst 120 100 90 Basic Commodities Weekly Summary Oil WTI $ Oil Brent $ Gold $ 1,420 1,340 gold 1,260 1,180 Bunker Prices W-O-W 26-Jul-13 19-Jul-13 Change % Rotterdam 897.5 910.5-1.4% Houston 995.0 994.0 0.1% Singapore 914.0 920.0-0.7% Rotterdam 599.0 602.0-0.5% Houston 587.5 590.0-0.4% Singapore 594.5 599.5-0.8% Company Maritime Stock Data Stock W-O-W Curr. 26-Jul-13 19-Jul-13 Exchange Change % AEGEAN MARINE PETROL NTWK NYSE USD 9.07 10.00-9.3% BALTIC TRADING NYSE USD 4.02 3.77 6.6% BOX SHIPS INC NYSE USD 3.97 3.75 5.9% CAPITAL PRODUCT PARTNERS LP NASDAQ USD 9.61 9.97-3.6% COSTAMARE INC NYSE USD 17.79 18.15-2.0% DANAOS CORPORATION NYSE USD 4.75 4.30 10.5% DIANA SHIPPING NYSE USD 10.46 10.75-2.7% DRYSHIPS INC NASDAQ USD 2.04 2.00 2.0% EAGLE BULK SHIPPING NASDAQ USD 4.00 4.00 0.0% EUROSEAS LTD. NASDAQ USD 1.02 1.14-10.5% FREESEAS INC NASDAQ USD 0.23 0.32-28.1% GENCO SHIPPING NYSE USD 2.15 1.84 16.8% GLOBUS MARITIME LIMITED NASDAQ USD 2.21 2.15 2.8% GOLDENPORT HOLDINGS INC LONDON GBX 29.25 30.00-2.5% HELLENIC CARRIERS LIMITED LONDON GBX 28.50 28.87-1.3% NAVIOS MARITIME ACQUISITIONS NYSE USD 3.78 3.82-1.0% NAVIOS MARITIME HOLDINGS NYSE USD 5.89 5.74 2.6% NAVIOS MARITIME PARTNERS LP NYSE USD 15.22 14.91 2.1% NEWLEAD HOLDINGS LTD NASDAQ USD 0.16 0.17-5.9% PARAGON SHIPPING INC. NYSE USD 4.67 4.14 12.8% SAFE BULKERS INC NYSE USD 5.15 5.21-1.2% SEANERGY MARITIME HOLDINGS CORP NASDAQ USD 1.54 1.33 15.8% STAR BULK CARRIERS CORP NASDAQ USD 6.00 5.56 7.9% STEALTHGAS INC NASDAQ USD 10.39 10.55-1.5% TSAKOS ENERGY NAVIGATION NYSE USD 5.22 5.19 0.6% TOP SHIPS INC NASDAQ USD 2.25 1.60 40.6% BaFin bearish on banks Finance News German banks are likely to make more loan-loss provisions for their EUR 100bn ($133bn) exposure to shipping. The country s financial regulator BaFin said lenders had not done enough to tackle their legacy of bad loans following the financial crisis and mari me slump. It added more work needed to be done to clean up balance sheets, saying it was unhappy with the results from some unnamed banks a er it reviewed their shipping por olios, Reuters reported. BaFin is keen to see German lenders in a healthier condi on before it hands over their supervision to the European Central Bank. HSH Nordbank has bumped up its second loan-loss guarantee pot to EUR 10bn this year, backed by its state owners. The lender said it set aside EUR 133m ($171m) for loan losses in the first quarter to 31 March, up from EUR 43m in the same three months of last year. Commerzbank, which is winding down its mari me book and exi ng the sector, said provisions rose to EUR 138m from EUR 114m year-on-year for its shipping unit Deutsche Schiffsbank in the first quarter. First quarter provisions at NordLB were EUR 241m, eight mes up on 2012. (Trade Winds) The informa on contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such informa on to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the produc on of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the informa on and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior wri en authoriza on of Intermodal Shipbrokers Co. Compiled by Intermodal Research & Valua ons Department research@intermodal.gr Analysts: Mr. George Lazaridis g.lazaridis@intermodal.gr Ms. Eva Tzima e.tzima@intermodal.gr