Market insight By George Vastardis

Tanker Chartering Broker

Despite the traditionally quieter summer period, the clean tanker market has so far experienced healthy activity especially East of Suez. Increased demand of clean products and increased refining capacity in the Middle East along with stronger global refining margins in Europe, have been boosting product trade to higher levels since the beginning of 2015.

Over the last couple of weeks, the MR market was not that active, which has resulted on softer rates. However, lack of prompt vessels along with some Charterers looking for LR1 tonnage in order to cover their MR cargoes in the MEG, started supporting rates. In brief we assess WCI/JAPAN basis 35kmt naphtha at W147.5-w150 and MEG/UKC jet fuel hovers at $ 1.8k levels, MEG/EAF basis 35kmt at w195 levels, cross MEG high300k-low400k and MEG/Red Sea firm at 900k levels respectively.

Meanwhile the Atlantic slowed down and since last week a surplus of ton-nage eventually pushed rates about 10-15 points down across the board due to lack of demand. We assess USG/Europe basis 38kmt at w105 levels, Cont/T-A at w175-w180 levels basis 37kmt and Cont/WAF at w195 respec-tively. On the other hand, cross UKC Handies remained stable at w205 basis 30kmt. Moving on to the MED, we experience more activity, which is driving rates for cross MED up to w250-260 levels due to tight tonnage lists and allows Owners to push for more.

Owners believe that MR market will further firm up or at least will stay sta-ble, taking under consideration long T/C contracts during the past months, ranging from $17k to mid-high18k levels for 6mos, 1 year or more.

The LR market has witnessed signs of increased activity East of Suez and in the Far East accordingly, which drove the market to remarkable higher levels especially on the LR2 segments. MEG/Japan reached w140 levels basis 75kmt naphtha, MEG/UKC jet fuels reached at $ 3.3m levels and due to tight tonnage we even noticed WAF ballasters sailing towards the MEG in order take advantage of the stronger market there. On the other hand the west-ern LR2 market is also witnessing healthy demand on naphtha from West to East, assessing at $ 3.2m levels loading from UKC to Japan. Unsurprisingly the Far East backhaul cargoes for LR2 jumped to 700k levels for the ex-Korea to Singapore area and to mid-high600k levels for the LR1 respectively.

Despite the semi-tight LR1 tonnage list in the MEG, somehow owners held back expecting a boost on rates as a spillover from the LR2 rally, which even-tually was the case. We noticed a progressively increase of about 5 to 10 points basis 55k naphtha for MEG/Japan at w155-160 levels, while jet deliv-eries to UKC basis 60kmt at 2.7m levels and Korea/UKC assessed at 2.85m respectively.

Over in the West, we also noticed a slower demand over the last week and eventually rates moved down to w140-145 levels for UKC to WAF basis 60kmt and the traditional 60kmt USG to Europe to around w97.5 levels re-spectively. As we expect more ballasters from USWC or USAC to be attracted to the MEG, it seems that more lucrative rates will be required for cargoes with eastern destination.

In conclusion, the CPP market seems positive in the short term, with ex-pected ups and downs depending on tonnage supply and cargo demand. Taking also under consideration the limited fleet growth for 2015 and the still unresolved situation in both Libya and Iran, it seems that the following few months, healthy rates will keep prevailing in the market .

Chartering (Wet: Soft - / Dry: Soft - )

The Dry Bulk market closed off on a negative tone as Capesize rates seem to have lost their strong momentum for now. The BDI closed to-day (07/07/2015) at 830 points, up by 15 points compared to Monday’s levels (06/07/2015) and an increase of 30 points when compared to previous Tuesday’s closing (30/06/2015). The crude carriers noted fresh loses last week, while the price of oil remained under considerable pres-sure. The BDTI Monday (06/07/2015) was at 903 points, a decrease of 95 points and the BCTI at 829, an increase of 49 points compared to previous Monday’s (29/06/2015) levels .

Sale & Purchase (Wet: Stable + / Dry: Soft - )

Activity in the SnP market eased off last week, while tanker candidates gathered most of the buying interest this time round, with a clear pref-erence in larger segments in the sector. On the tanker side, we had the sale of the “SASA” (300,259dwt-blt 01, Japan) which was picked up by Russian buyer, Murmansk Shipping for a price of $40.5m. On the dry bulker side, we had the sale of the “SPARTIA” (75,115dwt-blt 00, Japan), which was reported being sold to Greek buyers for a price of $6.5m.

Newbuilding (Wet: Stable + / Dry: Soft - )

Activity in the newbuilding market significantly decreased last week, while the most recent orders reported were exclusively, concentrated around the tanker and container sectors. Needless to say that the anae-mic volume of new orders or the fact that investors still steer clear from the dry bulk sector hardly comes as a surprise. Last week we saw the Capesize price moving further below the $ 50.0m level, touching the 2013 average price, while newbuilding prices for the entire sector re-main fragile and vulnerable to further markdowns in the following months and as long as the Dry Bulk market remains deprived of full-on confidence. At the same time and under a fairly different environment, container orders have been enjoying substantial interest, with more and more key players in the sector investing in newbuildings. Among them, the Taiwanese, Evergreen has announced the ordering of twenty new container units during 2015 with details of the first half of this order surfacing last week, adding to the already improved newbuilding activity in the sector. In terms of recently reported deals, China Shipping Devel-opment Co. has placed an order for four firm LR2s (114,000dwt) at Guangzhou, in China, for a price in the region of $50.0m each and deliv-ery set in 2017.

Demolition (Wet: Soft - / Dry: Soft - )

Things in the demolition market have taken another turn for the worse last week with prices across the board dropping below the already dis-counted levels of late and fears for a further softening in the following days washing over the market. In China, where the local stock market is in heavy turmoil, demo prices practically collapsed last week, moving down more than 10% on the back of Chinese steel prices touching their lowest levels in over 20 years as local demand for the commodity keeps waning. Steel prices in the Indian subcontinent market are also still un-der pressure, with the monsoon period keep adding to the negative sentiment of the past weeks, while despite the soft market, activity managed to sustain its volumes last week, fact indicative of certain own-ers’ will to dispose of vintage tonnage even at those low prices, while dry bulk units still had the lion’s share among those vessels that headed for scrap last week. Prices this week for wet tonnage were at around 200-370 $/ldt and dry units received about 180-350 $/ldt.

Weekly Market Report

Issue: Week 27 | Tuesday 7th July 2015

© Intermodal Research 07/07/2015 2

2014 2013

WS

points$/day

WS

points$/day $/day $/day

265k MEG-JAPAN 62.5 62,144 65 65,478 -5.1% 30,469 21,133

280k MEG-USG 33 39,286 35 42,415 -7.4% 17,173 7,132

260k WAF-USG 70 70,531 77.5 77,468 -9.0% 40,541 26,890

130k MED-MED 97.5 54,313 115 68,541 -20.8% 30,950 17,714

130k WAF-USAC 92.5 43,692 100 47,563 -8.1% 24,835 13,756

130k BSEA-MED 100 62,747 122.5 81,114 -22.6% 30,950 17,714

80k MEG-EAST 150 49,378 156 53,601 -7.9% 19,956 11,945

80k MED-MED 115 39,116 152.5 56,349 -30.6% 28,344 13,622

80k UKC-UKC 107.5 35,480 155 68,706 -48.4% 33,573 18,604

70k CARIBS-USG 152.5 41,749 172.5 48,118 -13.2% 25,747 16,381

75k MEG-JAPAN 140 51,764 127.5 43,041 20.3% 16,797 12,011

55k MEG-JAPAN 155 35,660 140 31,055 14.8% 14,461 12,117

37K UKC-USAC 170 24,277 190 28,584 -15.1% 10,689 11,048

30K MED-MED 255 47,278 205 34,891 35.5% 18,707 17,645

55K UKC-USG 150 34,044 145 32,330 5.3% 23,723 14,941

55K MED-USG 150 32,056 145 30,312 5.8% 21,089 12,642

50k CARIBS-USAC 162.5 31,884 160 30,214 5.5% 25,521 15,083

Dir

tyA

fram

axC

lean

VLC

CSu

ezm

ax

Spot Rates

Vessel Routes

Week 27 Week 26$/day

±%

Jul-15 Jun-15 ±% 2014 2013 2012

300KT DH 81.0 80.5 0.6% 73.6 56.2 62.9

150KT DH 59.5 59.0 0.8% 50.2 40.1 44.9

110KT DH 45.0 45.0 0.0% 38.6 29.2 31.2

75KT DH 36.0 35.8 0.7% 32.8 28.0 26.7

52KT DH 27.0 26.5 1.9% 27.2 24.7 24.6

VLCC

Suezmax

Indicative Market Values ($ Million) - Tankers

Vessel 5yrs old

MR

Aframax

LR1

Chartering

The softening of the market experienced just before July kicked off, has continued weighing down on the crude carriers market, which closed off on Friday noting a weekly decline across the board, while activity as far as peri-od business is concerned, also quietened further last week following a more active second half during the month of June. The market remained for a second week in a row focused on the developments surrounding the per-formance of oil prices , as these kept moving south, tumbling over 8% just yesterday, on the back of worries around the globe. The Greek crisis, the sell-off in the Chinese stock market and the supply glut that could be rein-forced, remain the main factors that keep casting their shadow on the glob-al demand outlook as well as crushing the price of the commodity.

Rates for VLs eased off further last week, giving up more of their recent gains, as things in the Middle East remained slow while tonnage in the re-gion was also plenty. Owners have nonetheless put forth considerable re-sistance, which could nonetheless break his week should charterers keep moving slow

The W. Africa Suezmax managed to turnaround and cover some of the lost ground during the second half of the week, while things in the Med re-mained quiet. Aframax rates remained in search of support throughout the week, while rates for Afras in the Baltic were getting crushed at the same time.

Sale & Purchase

In the VLCC sector, we had the sale of the “SASA” (300,259dwt-blt 01, Ja-pan) which was picked up by Russian buyer, Murmansk Shipping for a price of $40.5m.

In the Aframax sector we had the sale of the “ACADIA” (113,005dwt-blt 08, China) which was sold to Greek buyers for a price in the region of $38.0m.

Wet Market

Indicative Period Charters

-3 mos - 'STAR 1' 2007 37,900 dwt

- - $15,500/day - Trafigura

-36 mos - 'FREE SPIRIT' 2008 113,091 dwt

- - $26,000/day - Reliance

20

70

120

170

220

WS

po

ints

DIRTY - WS RATESTD3 TD4 TD6 TD9

Week 27 Week 26 ±% Diff 2014 2013

300k 1yr TC 46,500 46,500 0.0% 0 28,346 20,087

300k 3yr TC 42,500 42,500 0.0% 0 30,383 23,594

150k 1yr TC 34,500 34,500 0.0% 0 22,942 16,264

150k 3yr TC 33,000 33,000 0.0% 0 24,613 18,296

110k 1yr TC 27,000 27,000 0.0% 0 17,769 13,534

110k 3yr TC 24,500 24,500 0.0% 0 19,229 15,248

75k 1yr TC 22,000 22,000 0.0% 0 16,135 15,221

75k 3yr TC 19,250 19,250 0.0% 0 16,666 15,729

52k 1yr TC 18,750 18,250 2.7% 500 14,889 14,591

52k 3yr TC 16,750 16,500 1.5% 250 15,604 15,263

36k 1yr TC 16,500 16,250 1.5% 250 14,024 13,298

36k 3yr TC 16,000 15,500 3.2% 500 14,878 13,907

Panamax

MR

Handy

size

TC Rates

$/day

VLCC

Suezmax

Aframax

60

90

120

150

180

210

240

270

WS

po

ints

CLEAN - WS RATESTC1 TC2 TC5 TC6

© Intermodal Research 07/07/2015 3

0500

1,0001,5002,0002,5003,0003,5004,0004,500

Ind

ex

Baltic Indices

BCI BPI BSI BHSI BDI

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000$

/da

y

Average T/C Rates

AVR 4TC BCI AVR 4TC BPI AVR 5TC BSI AVR 6TC BHSI

Chartering

A different picture from what we saw the previous week was painted dur-

ing the July debut in the Dry Bulk market, with the BDI closing off softer on

Friday and the Capesize segment, the main driver behind the strength the

market displayed in the past weeks, losing ground. Is the mini-rally of late

stalling before the market moves another leg up or are we most probably

going to see current levels at least until the end of the summer season? The

fact that period enquiry has stalled further this past week is one of the signs

pointing towards a more bearish view for the coming weeks, while in terms

of macro developments, the fact that the Chinese stock market has been

plummeting is definitely a big red flag with regards to the small degree of

confidence investors are currently viewing the intervention of the local

government with.

Lack of fresh business in the Pacific left Capesize rates moving sideways in

the region with period business being limited, while things in the Atlantic

were slightly better, with owners failing to support higher ideas nonethe-

less.

The Panamax segment outperformed by a lot the rest of the market, mostly

due to fresh business that kept emerging from East Coast South America

and the U.S. Gulf, while period enquiry was particularly stronger for the

segment last week. At the same time, out of the Pacific, the market was

steadier, with rates trending sideways for the bigger part of the week.

The Atlantic Handysize/ Handymax/ Supramax market improved with better

numbers being offered up until now on the back of stronger enquiry in the

USG, while at the same time the Continent was stable/positive.

Sale & Purchase

In the Panamax sector, we had the sale of the “SPARTIA” (75,115dwt-blt 00, Japan), which was reported being sold to Greek buyers for a price of $6.5m.

In the Handymax sector we had the sale of the “PACIFIC MERCURY” (49,016dwt-blt 96, Japan), which was sold to Chinese buyers for a price in the region of $4.8m.

Jul-15 Jun-15 ±% 2014 2013 2012

180k 31.0 31.5 -1.6% 47.3 35.8 34.6

76K 17.0 17.0 0.0% 24.5 21.3 22.7

56k 14.5 14.6 -0.9% 24.7 21.5 23.0

30K 13.0 13.3 -1.9% 19.5 18.2 18.2

Capesize

Panamax

Supramax

Indicative Market Values ($ Million) - Bulk Carriers

Vessel 5 yrs old

Handysize

Indicative Period Charters

- 9 to 12 mos - 'CORONIS ' 2006 74,381dwt

- Gangavaram 02/05 Jul - $ 6,500/day - Nidera

- 3 to 5 mos - 'ORSOLINA BOTTIGLIERI' 2001 75,410 dwt

Jebel Ali 3 July - $ 8,000/day - Phaethon

Dry Market

Index $/day Index $/day Index Index

BDI 805 823 -18 1,097 1,205

BCI 1,249 $9,120 1,393 $10,270 -144 -11.2% 1,943 2,106

BPI 908 $7,235 833 $6,644 75 8.9% 960 1,186

BSI 716 $7,490 723 $7,555 -7 -0.9% 937 983

BHSI 361 $5,331 362 $5,361 -1 -0.6% 522 562

26/06/2015

Baltic IndicesWeek 27

03/07/2015Week 26

Point

Diff

2014 2013$/day

±%

180K 6mnt TC 11,250 11,250 0.0% 0 22,020 17,625

180K 1yr TC 11,000 10,500 4.8% 500 21,921 15,959

180K 3yr TC 12,250 12,250 0.0% 0 21,097 16,599

76K 6mnt TC 8,000 8,000 0.0% 0 12,300 12,224

76K 1yr TC 7,250 7,250 0.0% 0 12,259 10,300

76K 3yr TC 7,750 7,750 0.0% 0 13,244 10,317

55K 6mnt TC 8,250 8,500 -2.9% -250 12,008 11,565

55K 1yr TC 7,500 7,750 -3.2% -250 11,589 10,234

55K 3yr TC 7,500 7,750 -3.2% -250 11,585 10,482

30K 6mnt TC 6,500 6,500 0.0% 0 9,113 8,244

30K 1yr TC 6,750 6,750 0.0% 0 9,226 8,309

30K 3yr TC 6,750 6,750 0.0% 0 9,541 8,926Han

dys

ize

Period

2013

Pan

amax

Sup

ram

ax

Week

27

Week

26

Cap

esi

ze

2014$/day ±% Diff

© Intermodal Research 07/07/2015 4

Secondhand Sales

Size Name Dwt Built Yard M/E SS due Hull Price Buyers Comments

VLCC SASA 300,259 2001HITACHI ZOSEN -

NAGASU, JapanMAN-B&W May-16 DH $ 40.5m

Russ ian

(Murmansk

Shipping)

SUEZ YASA SCORPION 158,555 2010SAMSUNG HEAVY

INDUSTRI, S. KoreaMAN-B&W Aug-15 DH

SUEZYASA SOUTHERN

CROSS158,525 2010

SAMSUNG HEAVY

INDUSTRI, S. KoreaMAN-B&W - DH

SUEZ YASA POLARIS 158,475 2009SAMSUNG HEAVY

INDUSTRI, S. KoreaMAN-B&W Aug-19 DH

SUEZ YASA ORION 157,700 2012SAMSUNG HEAVY

INDUSTRI, S. KoreaMAN-B&W Jan-17 DH

AFRA ACADIA 113,005 2008

NEW TIMES

SHIPBUILDING,

China

MAN-B&W Sep-18 DH $ 38.0m Greek

SMALL ASMA 4,450 2006LINHAI JIANGHAI

SHIPBU, China

Chinese

Std. Type- DH undisclosed Mediterranean

SMALLJOHN AUGUSTUS

ESSBERGER3,742 1992 SIETAS KG, Germany MaK Nov-17 DH $ 2.8m Russ ians

US based

(Ridgebury

Tankers )

en-bloc

$ 242.0m

Tankers

Size Name Dwt Built Yard M/E SS due Gear Price Buyers Comments

KMAX BILLION TRADER 82,922 2005TSUNEISHI CORP -

TADOT, JapanMAN-B&W Sep-15 rg $ 12.5m European

PMAX TRELLIS 1 79,501 2012JINHAI HEAVY

INDUSTRY, ChinaMAN-B&W Jan-17 $ 11.0m undisclosed

PMAX SPARTIA 75,115 2000HITACHI ZOSEN -

MAIZUR, JapanB&W Mar-20 $ 6.5m Greek

PMAX NORTH PRINCESS 70,164 1996NAMURA IMARI,

JapanSulzer May-16 $ 4.1m undisclosed

HMAXPACIFIC

MERCURY49,016 1996

OSHIMA

SHIPBUILDING,

Japan

B&W Jul-164 X 35t

CRANES$ 4.8m Chinese

Bulk Carriers

Type Name Dwt Built Yard M/E SS due Cbm Price Buyers Comments

LNG WILPOWER 69991 1983KAWASAKI HEAVY

INDS -, JapanKawasaki Jul-15 125,929 undisclosed undisclosed

LPG GAS HAGI 6,044 2011KYOKUYO ZOSEN

CHOFU, MAN-B&W Sep-16 7,080 rg $ 17.5m Greek

Gas/LPG/LNG

© Intermodal Research 07/07/2015 5

Secondhand Sales

Size Name Teu Built Yard M/E SS due Gear Price Buyers Comments

PMAX ITAL FORTUNA 3,450 2007

HYUNDAI MIPO

DOCKYARD, S.

Korea

MAN-B&W Jun-17 $ 18.1m undisclosed

FEEDER PAOLA 1,118 2005 JINLING, China MAN-B&W Sep-15 $ 4.4mGerman (E.R.

Shiffart)

Containers

Name Dwt Built Yard M/E SS due Gear Price Buyers Comments

SIDER PONZA 4,825 1998 NAVOL, Romania Alpha Jun-18 $ 1.9m Turkish

MPP/General Cargo

© Intermodal Research 07/07/2015 6

Activity in the newbuilding market significantly decreased last week, while the most recent orders reported were exclusively, concentrated around the tanker and container sectors. Needless to say that the anaemic volume of new orders or the fact that investors still steer clear from the dry bulk sector hardly comes as a surprise. Last week we saw the Capesize price moving further below the $ 50.0m level, touching the 2013 average price, while new-building prices for the entire sector remain fragile and vulnerable to further markdowns in the following months and as long as the Dry Bulk market re-mains deprived of full-on confidence. At the same time and under a fairly different environment, container orders have been enjoying substantial in-terest, with more and more key players in the sector investing in newbuild-ings. Among them, the Taiwanese, Evergreen has announced the ordering of twenty new container units during 2015 with details of the first half of this order surfacing last week, adding to the already improved newbuilding activi-ty in the sector.

In terms of recently reported deals, China Shipping Development Co. has placed an order for four firm LR2s (114,000dwt) at Guangzhou, in China, for a price in the region of $50.0m each and delivery set in 2017.

Newbuilding Market

20

60

100

140

180

mil

lion

$

Tankers Newbuilding Prices (m$)

VLCC Suezmax Aframax LR1 MR

Week

27

Week

26±% 2014 2013 2012

Capesize 180k 49.0 49.5 -1.0% 55.8 49 47

Kamsarmax 82k 27.5 27.5 0.0% 30.4 27 28

Panamax 77k 26.5 26.5 0.0% 29.2 26 27

Ultramax 63k 25.0 25.0 0.0% 27 25 25

Handysize 38k 21.5 21.5 0.0% 23 21 22

VLCC 300k 95.5 95.5 0.0% 98.6 91 96

Suezmax 160k 64.5 64.5 0.0% 65 56 58

Aframax 115k 53.0 53.0 0.0% 54 48 50

LR1 75k 46.0 46.0 0.0% 45.9 41 42

MR 50k 36.5 36.5 0.0% 36.9 34 34

190.0 190.0 0.0% 186.0 185 186

77.0 77.0 0.0% 78.4 71 71

68.0 68.0 0.0% 66.9 63 62

45.5 46.0 -1.1% 44.3 41 44

Vessel

Indicative Newbuilding Prices (million$)

Bu

lke

rsTa

nke

rs

LNG 160k cbm

LGC LPG 80k cbm

MGC LPG 55k cbm

SGC LPG 25k cbm

Gas

10

30

50

70

90

110

mil

lion

$

Bulk Carriers Newbuilding Prices (m$)

Capesize Panamax Supramax Handysize

Units Type Yard Delivery Buyer Price Comments

5 Tanker 320,000 dwt Hyundai, S. Korea 2017-2018 Saudi Arabian (Bahri) undisclosedoptions, total 10 on

order

4 Tanker 114,000 dwt Guangzhou, China 2017China Shipping

Development Co.$ 50.0m LR2

5 Container 3,000 teu Imabari, Japan -

5 Container 2,800 teu CSBC, Taiwan -Taiwanese (Evergreen) $ 37.0-$ 39.0m

Newbuilding Orders Size

© Intermodal Research 07/07/2015 7

Things in the demolition market have taken another turn for the worse last week with prices across the board dropping below the already discounted levels of late and fears for a further softening in the following days washing over the market. In China, where the local stock market is in heavy turmoil, demo prices practically collapsed last week, moving down more than 10% on the back of Chinese steel prices touching their lowest levels in over 20 years as local demand for the commodity keeps waning. Steel prices in the Indian subcontinent market are also still under pressure, with the monsoon period keep adding to the negative sentiment of the past weeks, while despite the soft market, activity managed to sustain its volumes last week, fact indicative of certain owners’ will to dispose of vintage tonnage even at those low pric-es, while dry bulk units still had the lion’s share among those vessels that headed for scrap last week. Prices this week for wet tonnage were at around 200-370 $/ldt and dry units received about 180-350 $/ldt.

The highest prices amongst recently reported deals, was that paid by India breakers for the gas tanker “SYN MARKAB” (4,444dwt-2,590ldt-blt 92), which received $485/ldt as it included 523 tons of nickel.

Demolition Market

Week

27

Week

26±% 2014 2013 2012

Bangladesh 370 375 -1.3% 469 422 441

India 370 375 -1.3% 478 426 445

Pakistan 370 380 -2.6% 471 423 444

China 200 225 -11.1% 313 365 384

Bangladesh 350 360 -2.8% 451 402 415

India 350 360 -2.8% 459 405 419

Pakistan 350 360 -2.8% 449 401 416

China 180 210 -14.3% 297 350 365

Dry

Indicative Demolition Prices ($/ldt)

Markets

We

t

200

250

300

350

400

450

500

550

$/l

dt

Wet Demolition Prices

Bangladesh India Pakistan China

200

250

300

350

400

450

500

550

$/ld

t

Dry Demolition Prices

Bangladesh India Pakistan China

Name Size Ldt Built Yard Type $/ldt Breakers Comments

ZIM PACIFIC 45,850 16,900 1996HDW AG - KIEL -

GEU, GermanyCONT $ 395/Ldt Indian

SOLIDARNOSC 73,470 13,610 1991 B&W, Denmark BULKER $ 370/Ldt Pakistani

BULK DISCOVERY 69,346 9,977 1989HASHIHAMA SHBLDG

- TAD, JapanBULKER $ 368/Ldt Bangladeshi

BALTIC STREAM 12,570 7,080 1980AALBORG VAERFT,

DenmarkREEFER $ 400/Ldt Bangladeshi incl. 197T of aluminium

SYN MARKAB 4,444 2,590 1992 PESARO, Italy GAS $ 485/Ldt Indian incl. 523T of nickel

XIN YANG 9 1,600 755 1984 MIURA SAIKI, Japan GC $ 230/Ldt Bangladeshi

Demolition Sales

The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without mak-ing guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production 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 information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.

Compiled by Intermodal Research & Valuations Department | research@intermodal.gr Ms. Eva Tzima | e.tzima@intermodal.gr

Mr. Vassilis Logothetis | v.logothetis@intermodal.gr

Finance News

“Hoping for the best...

Greek voters’ decision on Sunday to back their gov-ernment in its collision with the EU and the IMF has sharpened concerns in the local shipping industry. Preparations and contingency plans to leave the country in case of total financial collapse or a tax onslaught are understood to be gathering steam.

“We’re with one foot in the third-world already,” a shipping executive told TradeWinds after a referen-dum in which more than 61% of Greeks rejected aus-terity measures demanded by the country’s interna-tional lenders. “Plan B is already in place. Many com-panies, not just small ones, can install a server and run their ships from any other country at the click of a mouse,” a second source said.

The Cyprus Shipping Chamber (CSC) already said last week that Greeks were in search of information about how the shipping system works there. But TradeWinds understands that preparations have moved well beyond that stage, with some companies having already obtained licences to start operating out of the Mediterranean island in an emergency. “We’re talking about big companies, not just small ones,” the second source said. CSC officials were not available for comment.

Other destinations discussed are London and, to a smaller extent, Switzerland and Dubai. Most players are still in wait-and-see mode but a few are said to have already decided to move: "I know for a fact that some shipping executives have enrolled their children in London schools from September," a third source said…” (Harry Papachristou, Trade Winds)

Commodities & Ship Finance

3-Jul-15 2-Jul-15 1-Jul-15 30-Jun-15 29-Jun-15W-O-W

Change %

10year US Bond 2.400 2.400 2.430 2.350 2.330 -3.6%

S&P 500 2,076.78 2,076.78 2,077.42 2,063.11 2,057.64 -1.2%

Nasdaq 5,009.21 5,009.21 5,013.12 4,986.87 4,958.47 -1.4%

Dow Jones 17,730.11 17,730.11 17,757.91 17,619.51 17,596.35 -1.2%

FTSE 100 6,585.78 6,630.47 6,608.59 6,520.98 6,620.48 -2.5%

FTSE All-Share UK 3,602.47 3,624.50 3,615.74 3,570.58 3,614.23 -2.2%

CAC40 4,808.22 4,835.56 4,883.19 4,790.20 4,869.82 -5.0%

Xetra Dax 11,058.39 11,099.35 11,180.50 10,944.97 11,083.20 -0.2%

Nikkei 20,539.79 20,522.50 20,329.32 20,235.73 20,109.95 2.1%

Hang Seng 26,064.11 26,064.11 26,282.32 26,250.03 25,966.98 -2.2%

DJ US Maritime 254.36 254.36 252.03 251.64 251.28 -0.1%

$ / € 1.11 1.11 1.10 1.11 1.12 -0.5%

$ / ₤ 1.56 1.56 1.56 1.57 1.57 -1.1%

¥ / $ 122.88 123.06 123.32 122.41 122.67 -0.6%

$ / NoK 0.13 0.13 0.13 0.13 0.13 -1.9%

Yuan / $ 6.21 6.20 6.20 6.21 6.21 -0.1%

Won / $ 1,122.15 1,122.96 1,124.80 1,120.95 1,119.85 -0.1%

$ INDEX 87.12 87.04 87.18 86.60 86.31 0.5%

Market Data

Cu

rre

nci

es

Sto

ck E

xch

ange

Dat

a

1,100

1,150

1,200

1,250

1,300

1,350

40

45

50

55

60

65

70

goldoil

Basic Commodities Weekly Summary

Oil WTI $ Oil Brent $ Gold $

3-Jul-15 26-Jun-15W-O-W

Change %

Rotterdam 534.0 548.5 -2.6%

Houston 581.5 594.5 -2.2%

Singapore 533.0 543.0 -1.8%

Rotterdam 321.0 324.0 -0.9%

Houston 327.5 342.5 -4.4%

Singapore 343.5 341.5 0.6%

Bunker Prices

MD

O3

80

cst

CompanyStock

ExchangeCurr. 03-Jul-15 26-Jun-15

W-O-W

Change %

AEGEAN MARINE PETROL NTWK NYSE USD 12.18 13.11 -7.1%

BALTIC TRADING NYSE USD 1.63 1.57 3.8%

BOX SHIPS INC NYSE USD 0.99 1.00 -1.0%

CAPITAL PRODUCT PARTNERS LP NASDAQ USD 7.79 8.10 -3.8%

COSTAMARE INC NYSE USD 18.42 18.96 -2.8%

DANAOS CORPORATION NYSE USD 6.17 6.58 -6.2%

DIANA SHIPPING NYSE USD 7.28 7.48 -2.7%

DRYSHIPS INC NASDAQ USD 0.59 0.71 -16.9%

EAGLE BULK SHIPPING NASDAQ USD 7.38 7.21 2.4%

EUROSEAS LTD. NASDAQ USD 0.72 0.76 -5.3%

FREESEAS INC NASDAQ USD 2.77 2.99 -7.4%

GLOBUS MARITIME LIMITED NASDAQ USD 1.13 1.31 -13.7%

GOLDENPORT HOLDINGS INC LONDON GBX 130.15 126.87 2.6%

HELLENIC CARRIERS LIMITED LONDON GBX 20.45 20.45 0.0%

NAVIOS MARITIME ACQUISITIONS NYSE USD 3.83 3.69 3.8%

NAVIOS MARITIME HOLDINGS NYSE USD 3.64 3.96 -8.1%

NAVIOS MARITIME PARTNERS LP NYSE USD 10.82 11.27 -4.0%

PARAGON SHIPPING INC. NYSE USD 0.70 0.70 0.0%

SAFE BULKERS INC NYSE USD 3.35 3.38 -0.9%

SEANERGY MARITIME HOLDINGS CORP NASDAQ USD 0.66 0.60 10.0%

STAR BULK CARRIERS CORP NASDAQ USD 2.91 3.16 -7.9%

STEALTHGAS INC NASDAQ USD 6.37 6.83 -6.7%

TSAKOS ENERGY NAVIGATION NYSE USD 9.47 9.91 -4.4%

TOP SHIPS INC NASDAQ USD 1.03 1.03 0.0%

Maritime Stock Data

© Intermodal Shipbrokers Co

9

07/07/2015

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