Market insight By Panos Makrinos SnP Broker Almost through the half of the year, the overall shipping market and more specifically the Dry Bulk Index show signs of weakness, creating to both ex-isting shipowners and potential investors a lot of insecurity for what is in place for the second half of 2014, as well as further disbelief to those voices that inspired by the last quarter of 2013, were calling for a stable market during 2014.

Looking back to the beginning of the year we can say that from the month of February until the time of this writing, with the exception of a small rally, the market has struggled for the greater part, with the BDI returning to below 1,000 points. More specifically, in December last year and while the Index stood above 2,000 points, the overall sentiment was calling for an equally strong market in 2014, which never came.

The market has in fact followed a persistent downward trend until mid-February when we started seeing the first signs of improvement. The latter lasted for about a month, with the BDI peaking for the year within this peri-od but still remaining below 2,000 points, and soon after that the downward trend resumed, bringing us to today.

Seeing the low levels the freight market has been fairing, most would nor-mally expect that secondhand prices would have followed course, but it seems that it took a while before we started seeing the first discounts off last done sales and even the levels at which most vessels come in the mar-ket today still don’t reflect the current freight environment. There are in fact cases of modern Handymax to Panamax tonnage where inspection interest remains high allowing owners to hold firm on their asking price, while at the same time there are currently a lot more sales candidates from the Far East.

On the other hand, there are those who are more conservative and there-fore unwilling to accept Seller’s ideas. Besides the fact that the current price levels make no sense to them, as long as these subdued freight rates persist, they are also very sceptic when it comes to the number of deliveries set to enter service within the next couple of years, predicting that a renewed overcapacity problem will most probably surface possibly creating another market bottom. Should they be proven right, we will certainly witness an-other round of softening asset values, both in the secondhand and the new-building market, especially if scrapping activity remains at the low levels we have been witnessing during the past months and despite those sky high demo prices around.

It is always both risky and difficult to make predictions and nobody could say with certainty what the next 6 months of 2014 hold for the market. And despite the fact that things have been far from rosy so far this year, let’s not forget that the first half of 2013 wasn’t a whole lot different with most pre-dicting further price reductions, which nonetheless never materialized.

In terms of the overcapacity being created, let’s hope that the upcoming lower emissions rules, the Dry Docking for most of the 80’s built ships that will be due soon, as well as scrap subsidies similar to the ones offered in China, could well be some of the reasons that will restrict overcapacity. Will they nonetheless be enough to protect the market from the number of ves-sels soon to be delivered? It’s anyone’s guess at this point.

Chartering (Wet: Stable- / Dry: Softer- )

The Dry Bulk market moved south last week, with Capers erasing the gains of the week prior, while Panamaxes were the only sector that seems to currently show some resistance. The BDI closed today (13/05/2014) at 982 points, down by 5 points compared to yesterday’s levels (12/05/2014) and a decrease of 40 points compared to previous Tuesday’s closing (06/05/2014). The crude carriers market is still weighed down by uninspiring activity across all segments. The BDTI Monday (12/05/2014) was at 661 points, an increase of 13 points and the BCTI at 528, a decrease of 2 points compared to previous Tuesday (06/05/2014).

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

Activity on the SnP front was slightly firmer this past week, while as far as the Dry Bulk sector is concerned, the downward trend in secondhand prices is now more evident. With the exception of Capes, May average prices for the rest of the dry bulk segments are down compared to last month. On the tanker side, we had the sale of the “CHARLES ED-DIE” (305,178dwt-blt 02, S. Korea), which was picked up by Greek owner Navios for a price of $ 41.5m. On the dry bulker side, we had the sale of the “MOKPO STAR” (82,852dwt-blt 12, S. Korea) which was also picked up by Greek buyers, for a price of US$ 31.0m.

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

This was a slightly better week in terms of newbuilding activity, but the downward trend in the number of orders coming through appears per-sisting, at least when it comes to tankers and dry bulkers. The over or-dering of the past year together with prices that are currently way off the lows touched in 2012, appear to keep owners on the sidelines for now, especially since the freight rate market remains under pressure. There are exceptions to this nonetheless. The Gas sector for example has witnessed an overall steady freight market combined with new-building prices that noted a very modest increase compared to that of the more popular sectors. So as bulkers and tankers have been taking less and less space in the newbuilding orders list, the gap has been lately filled by Gas orders of all types and sizes. In terms of new orders, Chi-nese owner Shandong Shipping has returned to Daewoo in S. Korea to exercise a pair of options for two LPG vessels (84,000cbm), for a price of US $ 80.0m each and delivery set in 2016.

Demolition (Wet: Stable+ / Dry: Stable+ )

The demolition market remains the only place where fun still exists. Despite the fact that breakers in both Bangladesh and Pakistan ap-peared a bit sceptic ahead of the budget announcements and monsoon season, India has kept sentiment in the Sub-Continent strong. All fresh deals reported this past week, were done at very impressive levels, es-pecially for dry units, while Indian breakers appear to have snapped the majority of what was available in the demo market for yet another week. The firm performance in the Indian demolition scene is mainly based on the strong performance of the Indian Rupee. The currency, which yesterday touched a 10-month high against the US Dollar, has been gaining a lot of momentum due to general optimism that in the upcoming elections in India will most probably result in a clear win by the investor’s favorite Bharatiya Janata Party. At the same time, China is still on the sidelines, appearing unwilling to close the gap between do-mestic demo prices and those in the Indian sub-Continent any time soon. Average prices this week for wet tonnage were at around 325-505$/ldt and dry units received about 310-495$/ldt.

Weekly Market Report

Issue: Week 19| Tuesday 13th May 2014

© Intermodal Research 13/05/2014 2

2014 2013

WS

points$/day

WS

points$/day $/day $/day

265k MEG-JAPAN 37 12,275 38.5 14,760 -16.8% 29,406 21,133

280k MEG-USG 25.5 8,411 27 10,999 -23.5% 20,139 7,132

260k WAF-USG 48 25,942 50 28,349 -8.5% 40,780 26,890

130k MED-MED 60 11,729 60 11,558 1.5% 29,431 17,714

130k WAF-USAC 55 9,176 55 9,348 -1.8% 20,172 13,756

130k BSEA-MED 55 9,799 55 9,667 1.4% 29,431 17,714

80k MEG-EAST 90 15,778 92.5 16,347 -3.5% 16,610 11,945

80k MED-MED 75 8,598 78 9,902 -13.2% 29,182 13,622

80k UKC-UKC 92.5 6,982 95 9,528 -26.7% 38,363 18,604

70k CARIBS-USG 125 23,170 110 17,566 31.9% 28,329 16,381

75k MEG-JAPAN 92 14,147 83 10,746 31.6% 10,491 12,011

55k MEG-JAPAN 108 12,727 99 10,122 25.7% 10,044 12,117

37K UKC-USAC 110 6,763 100 4,592 47.3% 10,015 11,048

30K MED-MED 115 17,952 115 16,037 11.9% 19,763 17,645

55K UKC-USG 120 19,662 115 17,688 11.2% 25,951 14,941

55K MED-USG 115 17,502 115 16,806 4.1% 24,223 12,642

50k CARIBS-USAC 130 20,021 110 12,327 62.4% 29,121 15,083

Dir

tyA

fram

axC

lean

VLC

CSu

ezm

ax

Spot Rates

Vessel Routes

Week 19 Week 18$/day

±%

May-14 Apr-14 ±% 2014 2013 2012

300KT DH 74.5 73.8 1.0% 70.7 56.2 62.9

150KT DH 50.0 50.0 0.0% 48.1 40.1 44.9

110KT DH 38.0 38.0 0.0% 36.4 29.2 31.2

75KT DH 35.0 34.3 2.2% 32.8 28.0 26.7

52KT DH 29.0 29.0 0.0% 29.5 24.7 24.6

VLCC

Suezmax

Indicative Market Values ($ Million) - Tankers

Vessel 5yrs old

MR

Aframax

LR1

Chartering

The crude carriers market remains under pressure, with activity ex-MEG touching lower volumes compared to the week prior. In the shorter term, the second half of May still offers no great potential as charterers continue to ease their way into the cargoes schedule. As a result, everyone is cur-rently looking ahead into June and the driving season kick-off for a possible market turnaround. The VL market continued to soften, with rates for all main routes losing a couple of WS points. The average rate for the segment is calculated somewhere between $12,500/day and $13,500/day and should demand from the East not make a comeback, as it did towards the end of summer 2013, we expect the figure to remain below the $20,000/day level.

The Suezmax market was fairly stable this past week, with rates holding around last dones but at the same time no signs of any major improve-ments appear in the horizon. Business across key Suezmax trading areas remains thin, while any positional improvement is quickly absorbed by the available tonnage around.

The Aframax market continued at the same pace as the week prior, with the Caribs Aframax resuming its mini rally on the back of tight tonnage lists combined with firm business enquiry. Elsewhere, rates were off last dones with those paid for cross-UKC voyages suffering the most.

Sale & Purchase

In the VLCC sector, we had the sale of the “CHARLES EDDIE” (305,178dwt-blt 02, S. Korea), which was picked up by Greek owner Navios for a price of $ 41.5m.

In the MR sector we had the sale of the “JAG PADMA” (47,172dwt-blt 96, Japan), which was picked for a price of $ 9.1m.

Wet Market

Indicative Period Charters

- 6 + 6 mos - 'GAN TRIUMPH' 2010 51,600dwt

- - $ 12,000/day - Stena Weco

- 2 + 1 yrs - 'HORIZON ARMONIA ' 2008 50,300dwt

- - $ 16,950/day - PDVSA

20

70

120

170

220

WS

po

ints

DIRTY - WS RATESTD3 TD5 TD8 TD4

Week 19 Week 18 ±% Diff 2014 2013

300k 1yr TC 25,500 25,500 0.0% 0 26,355 20,087

300k 3yr TC 27,750 27,750 0.0% 0 26,911 23,594

150k 1yr TC 19,250 19,250 0.0% 0 20,434 16,264

150k 3yr TC 23,250 23,250 0.0% 0 21,858 18,296

110k 1yr TC 15,500 15,500 0.0% 0 15,803 13,534

110k 3yr TC 17,250 17,250 0.0% 0 17,068 15,248

75k 1yr TC 15,500 15,500 0.0% 0 15,553 15,221

75k 3yr TC 16,500 16,500 0.0% 0 16,305 15,729

52k 1yr TC 15,000 15,000 0.0% 0 15,303 14,591

52k 3yr TC 16,000 16,000 0.0% 0 16,121 15,263

36k 1yr TC 14,500 14,500 0.0% 0 14,684 13,298

36k 3yr TC 15,500 15,500 0.0% 0 15,424 13,907

Panamax

MR

Handy

size

TC Rates

$/day

VLCC

Suezmax

Aframax

60

80

100

120

140

160

180

200

WS

po

ints

CLEAN - WS RATESTC2 TC4 TC6 TC1

© Intermodal Research 13/05/2014 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

170K 6mnt TC 27,000 26,250 2.9% 750 25,154 17,625

170K 1yr TC 25,750 26,750 -3.7% -1,000 26,397 15,959

170K 3yr TC 25,250 25,250 0.0% 0 24,055 16,599

76K 6mnt TC 13,000 13,000 0.0% 0 15,312 12,224

76K 1yr TC 13,600 13,600 0.0% 0 14,558 10,300

76K 3yr TC 14,500 14,500 0.0% 0 14,439 10,317

55K 6mnt TC 12,500 12,250 2.0% 250 13,621 11,565

55K 1yr TC 12,500 12,500 0.0% 0 12,924 10,234

55K 3yr TC 12,750 12,750 0.0% 0 12,766 10,482

45k 6mnt TC 10,750 10,500 2.4% 250 11,713 9,771

45k 1yr TC 10,750 10,750 0.0% 0 11,082 8,852

45k 3yr TC 11,000 11,000 0.0% 0 11,029 9,237

30K 6mnt TC 9,750 9,750 0.0% 0 10,239 8,244

30K 1yr TC 10,000 10,000 0.0% 0 10,061 8,309

30K 3yr TC 10,250 10,250 0.0% 0 10,187 8,926

Han

dym

axH

and

ysiz

e

Period

2013

Pan

amax

Sup

ram

ax

Week

19

Week

18

Cap

esi

ze

2014$/day ±% Diff

Chartering

Following a couple of weeks during which most segments displayed slight

improvements positionally, the market returned to red once more, with the

BDI falling below 1,000 points. The bank holiday in the beginning of the

week and the adjustment on the weight of certain BCI routes followed by

daily drops of the market thereafter, didn’t allow for much improvement on

sentiment, which was hanging over a thread for the greater part of last

week. With the exception of the Panamax market, the rest for the seg-

ments appear to remain under pressure this current week as well.

Rates for Capes were the ones hit worse last week, with activity in both

basins looking thin and the average rate for the segment dipping below

$11,000/day again, while the negative impact from the retrieve of majors in

the Pacific was obvious in rate for the West Australia/China voyage.

The recent uptick in activity for the Atlantic Panamax market

has helped mop up a considerable amount of tonnage, however the slow

emergence of fresh inquiry and the large tonnage lists

might delay the "needed" rise of the market. The Pacific basin saw demand

jump sharply last Friday and owners pushed harder for firmer rates, while

this week looks positive for the segment as well.

The improvement experienced in the USG region for the Supramax market

during the prior week, proved to be short lived as position lists started to

lengthen once again, while both Supras and Handies witnessed an overall

stable market elsewhere, with sentiment nevertheless weakening as we slid

into the weekend.

Sale & Purchase

In the Post Panamax sector, we had the sale of the

“SHIRAKUMO” (87,144dwt-blt 06, Japan), which was picked by Greek buy-

ers for a price of US$ 22.0m.

In the Kamsarmax sector we had the sale of the “MOKPO STAR” (82,852dwt

-blt 12, S. Korea) which was also picked up by Greek buyers, for a price of

US$ 31.0m.

May-14 Apr-14 ±% 2014 2013 2012

180k 52.8 52.3 1.0% 48.7 35.8 34.6

76K 27.3 27.8 -1.8% 27.1 21.3 22.7

56k 26.8 27.0 -0.9% 26.6 21.5 23.0

30K 20.5 20.8 -1.2% 20.8 18.2 18.2

Capesize

Panamax

Supramax

Indicative Market Values ($ Million) - Bulk Carriers

Vessel 5 yrs old

Handysize

Indicative Period Charters

- 11 to 13 mos - 'ARCTURUS' 2001 76,397dwt

- Ennore 06/07 May - $ 12,500/day - Glencore

- 4 to 7 mos - 'INFINITY' 2010 80,282dwt

- Singapore prompt - $ 12,000/day - GMI

Dry Market

Index $/day Index $/day Index Index

BDI 997 1,017 -20 1,263 1,205

BCI 1,541 $10,998 1,829 $11,744 -288 -6.4% 2,089 2,106

BPI 898 $7,207 865 $6,950 33 3.7% 1,156 1,186

BSI 909 $9,500 915 $9,568 -6 -0.7% 1,057 983

BHSI 506 $7,514 510 $7,584 -4 -0.9% 643 562

02/05/2014

Baltic IndicesWeek 19

09/05/2014Week 18

Point

Diff

2014 2013$/day

±%

© Intermodal Research 13/05/2014 4

Secondhand Sales

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

VLCC A ELEPHANT 320,106 2010

DAEWOO

SHIPBUILDING &, S.

Korea

MAN-B&W Jul-15 DH $ 77.0m

VLCC B ELEPHANT 320,041 2010

DAEWOO

SHIPBUILDING &, S.

Korea

MAN-B&W Jul-15 DH $ 77.0m

VLCC CHARLES EDDIE 305,178 2002

DAEWOO

SHIPBUILDING &, S.

Korea

B&W Aug-17 DH $ 41.5m Greek (Navios)

VLCC KOU-EI 279,999 1999 IHI - KURE, Japan Sulzer Nov-14 DH $ 21.0mGreek

(Polembros)

AFRA RICH QUEEN II 105,572 2007SUMITOMO HEAVY

MARINE, JapanSulzer Oct-17 DH $ 34.0m undisclosed

AFRA GUADALUPE 105,276 2012HYUNDAI HEAVY

INDS - U, S. KoreaMAN-B&W Apr-17 DH $ 47.5m

AFRA NECHES 105,276 2012HYUNDAI HEAVY

INDS - U, S. KoreaMAN-B&W Aug-17 DH $ 47.5m

MR JAG PADMA 47,172 1996 ONOMICHI, Japan B&W Oct-16 DH $ 9.1m undisclosed epoxy

SMALL XIN DA 1 4,000 2012

ZHEJIANG

NANGANG SHIPY,

China

Yanmar Jun-17 DH $ 5.0m Yemeni la id up s ince June

2012

Canadian (TIL)Teekay subs idiary

internal deal

Teekay subs idiary

internal dealCanadian (TIL)

Tankers

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

POST

PMAXSHIRAKUMO 87,144 2006

IHI MARINE

UNITED - YO,

Japan

Sulzer Jul -16 $ 22.0m Greek

KMAX MOKPO STAR 82,852 2012STX OFFSHORE &

SHBLDG, S. KoreaMAN-B&W Apr-17 $ 31.0m Greek

PMAX PLEIADES 68,962 1997

IMABARI

MARUGAME,

Japan

Sulzer Oct-17 $ 9.0m Chinese

SMAX ORIENT ROSE 56,026 2006MITSUI TAMANO,

JapanMAN-B&W Sep-16

4 X 30,5t

CRANES$ 22.0m Thai (Thoresen)

SMAXKOMATSUSHIMA

STAR55,522 2009

KAWASAKI

SHIPBUILDING,

Japan

MAN-B&W Jun-144 X 30,5t

CRANES$ 26.0m Greece

SMAX GRETA 53,621 2007

YANGZHOU

DAYANG SHIPBU,

China

MAN-B&W Apr-174 X 36t

CRANES$ 15.2m undisclosed

HANDY GREAT LEADER 33,745 2004

OSHIMA

SHIPBUILDING,

Japan

B&W Aug-144 X 30t

CRANES$ 14.3m undisclosed

HANDY PACIFIC TRAMP 33,200 2011QIDONG DAODA

HEAVY IND, ChinaWarts i la Jan-16

4 X 30t

CRANES$ 16.0m Ital ian

Bulk Carriers

© Intermodal Research 13/05/2014 5

Secondhand Sales

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

LPGFLANDERS

TENACITY54155 1996

KAWASAKI HEAVY

INDS -, JapanMAN-B&W May-16 84,269 $ 51.0m Turkish incl . T/C

Gas/LPG/LNG

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

SUB

PMAXE.R. LUBECK 2,474 2000

VOLKSWERFT,

GermanyB&W Nov-15

3 X 45t

CRANES$ 9.6m Greek

SUB

PMAX

CONTI

CARTAGENA2,468 1997

DAEWOO HEAVY

INDUSTRIE, S.

Korea

Sulzer Dec-173 X 40t

CRANESundisclosed undisclosed

SUB

PMAXCONTI VALENCIA 2,460 1998

DAEWOO HEAVY

INDUSTRIE, S.

Korea

Sulzer Feb-183 X 40t

CRANESundisclosed European

Containers

© Intermodal Research 13/05/2014 6

This was a slightly better week in terms of newbuilding activity, but the downward trend in the number of orders coming through appears persisting, at least when it comes to tankers and dry bulkers. The over ordering of the past year together with prices that are currently way off the lows touched in 2012, appear to keep owners on the sidelines for now, especially since the freight rate market remains under pressure. There are exceptions to this nonetheless. The Gas sector for example has witnessed an overall steady freight market combined with newbuilding prices that noted a very modest increase compared to that of the more popular sectors. So as bulkers and tankers have been taking less and less space in the newbuilding orders list, the gap has been lately filled by Gas orders of all types and sizes.

In terms of other reported deals last week, Chinese owner Shandong Ship-ping has returned to Daewoo in S. Korea to exercise a pair of options for two LPG vessels (84,000cbm), for a price of US $ 80.0m each and delivery set in 2016.

Newbuilding Market

20

60

100

140

180

mil

lion

$

Tankers Newbuilding Prices (m$)

VLCC Suezmax Aframax LR1 MR

Week

19

Week

18±% 2014 2013 2012

Capesize 180k 57.5 57.5 0.0% 56.0 49 47

Kamsarmax 82k 30.8 30.8 0.0% 30.5 27 28

Panamax 77k 29.5 29.5 0.0% 29.1 26 27

Supramax 58k 27.5 27.5 0.0% 27 25 25

Handysize 35k 23.5 23.5 0.0% 23 21 22

VLCC 300k 101.0 101.0 0.0% 98.3 91 96

Suezmax 160k 65.0 65.0 0.0% 64 56 58

Aframax 115k 55.0 55.0 0.0% 54 48 50

LR1 75k 46.5 47.0 -1.1% 45.7 41 42

MR 52k 37.0 37.0 0.0% 36.8 34 34

LNG 150K 186.0 186.0 0.0% 185.5 185 186

LGC LPG 80k 79.0 78.0 1.3% 76.8 71 71

MGC LPG 52k 67.0 66.0 1.5% 65.6 63 62

Vessel

Indicative Newbuilding Prices (million$)

Gas

Bu

lke

rsTa

nke

rs

10

30

50

70

90

110

mil

lion

$

Bulk Carriers Newbuilding Prices (m$)

Capesize Panamax Supramax Handysize

Units Type Yard Delivery Buyer Price Comments

1 Tanker 115,000 dwt Sungdong, S. Korea 2016 Greek (Lyras) $ 53.5m option, total 3

1 Bulker 82,000 dwt Jiangsu New YZJ, China 2015Taiwanese (Sincere

Navigation)xs $ 28.0m option

4 Bulker 64,000 dwtZhejiang Yangfan,

China2015-2017 Turkish (Beks) $ 27.0m

4+4 Bulker 64,000 dwtZhejiang Yangfan,

China2015-2016 USA based (Doonbeg Group) $ 29.0m

4 Container 2,339 teuZhejiang Yangfan,

China2016 German (Schulte Group) undisclosed

1+2 Container 180 teuWestern Marine,

Bangladesh06/2015

Bangladeshi (Navstar

Shipping)$ 4.0m

2 Gas 174,000 cbm Samsung, S. Korea 2017 Greek (GasLog) undisclosed LNG options

1 Gas 155,300 cbm MI LNG, Japan 2017 Japanese (NYK) undisclosed LNG

2 Gas 84,000 cbm DSME, S. Korea 2016Chinese (Shandong

Shipping)$ 80.0m LPG options

3 Gas 36,000 cbmSinopacific Offshore,

China2016 Norwegian (Ocean Yield) $ 81.0m

LNG/LPG/Ethylene, 15 yr

T/C to Hartmann Group

2 Gas 27,500 cbmSinopacific Offshore,

China2016 Danish (Evergas) undisclosed

LNG/LPG/Ethylene, 15 yr

T/C to Ineos Europe

3 Gas 22,000 cbm STX, S. Korea 2015 Chilean (Ultragas) undisclosed LPG

2 Gas 3,500 cbm Kitanihon, Japan 2015 Cypriot (B-Gas) $ 15.0m LPG

Newbuilding Orders Size

© Intermodal Research 13/05/2014 7

The demolition market remains the only place where fun still exists. Despite the fact that breakers in both Bangladesh and Pakistan appeared a bit sceptic ahead of the budget announcements and monsoon season, India has kept sentiment in the Sub-Continent strong. All fresh deals reported this past week, were done at very impressive levels, especially for dry units, while Indian breakers appear to have snapped the majority of what was available in the demo market for yet another week. The firm performance in the Indi-an demolition scene is mainly based on the strong performance of the Indian Rupee. The currency, which yesterday touched a 10-month high against the US Dollar, has been gaining a lot of momentum due to general optimism that in the upcoming elections in India will most probably result in a clear win by the investor’s favorite Bharatiya Janata Party. At the same time, China is still on the sidelines, appearing unwilling to close the gap between domestic demo prices and those in the Indian sub-Continent any time soon. Average prices this week for wet tonnage were at around 325-505$/ldt and dry units received about 310-495$/ldt.

One of the highest prices amongst recently reported deals, was that paid by Indian breakers for the Container vessel ‘MESSOLOGI’ (60,350dwt-23,740ldt-blt 91), which received a very firm price of $ 515/ldt.

Demolition Market

Week

19

Week

18±% 2013 2012 2011

Bangladesh 485 485 0.0% 422 440 523

India 505 505 0.0% 426 445 511

Pakistan 480 485 -1.0% 423 444 504

China 325 325 0.0% 365 384 451

Bangladesh 470 470 0.0% 402 414 498

India 495 495 0.0% 405 419 484

Pakistan 460 465 -1.1% 401 416 477

China 310 310 0.0% 350 365 432

Dry

Indicative Demolition Prices ($/ldt)

Markets

We

t

250

300

350

400

450

500

550

$/l

dt

Wet Demolition Prices

Bangladesh India Pakistan China

250

300

350

400

450

500

550

$/l

dt

Dry Demolition Prices

Bangladesh India Pakistan China

Name Size Ldt Built Yard Type $/ldt Breakers Comments

MAGDALENE 149,530 18,433 1989

CHINA

SHIPBUILDING KAO,

Taiwan

BULKER $ 495/Ldt Indian

MOL LOIRE 61,470 24,325 1995KOYO MIHARA,

JapanCONT $ 517/Ldt Indian

MESSOLOGI 60,350 23,740 1991ODENSE LINDO,

DenmarkCONT $ 515/Ldt Indian incl. bunkers

MOL TYNE 63,440 23,174 1995MITSUI CHIBA

ICHIHARA, JapanCONT $ 517/Ldt Indian

STINA 10,601 6,597 1983SASEBO SASEBO,

JapanREEFER $ 495/Ldt Indian

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

Analysts: Mr. George Lazaridis | g.lazaridis@intermodal.gr

Ms. Eva Tzima | e.tzima@intermodal.gr

Finance News

“Navig8’s pool party

Fast-growing Navig8 has added five more ships to its chemical carrier and LR2 pools in deals with UACC and Latsis.

It has chartered in the 46,000-dwt UACC Manama and UACC Shamiya (built 2010 and 2011) and they will be placed in the Chronos8 Pool in May and July.

The ships were two of four acquired by UACC last month from Malaysia’s MISC.

The deal brings to five the number of vessels in the pool

Navig8 also revealed that it has chartered three new eco-LR2s for its Alpha8 pool.

The 115,000-dwt Captain John, Captain Spiro and Captain Paris are due from Hyundai Heavy Industries in June, July and October this year.

The ships appear to be a trio on order for Greece’s Latsis group at Hyundai Samho.

Alpha8 has six operational vessels, plus another 20 newbuildings on order, including the latest trio.” (Trade Winds)

Commodities & Ship Finance

9-May-14 8-May-14 7-May-14 6-May-14 5-May-14W-O-W

Change %

10year US Bond 2.620 2.600 2.590 2.600 2.610 0.4%

S&P 500 1,878.48 1,875.63 1,878.21 1,867.72 1,884.66 -0.3%

Nasdaq 4,071.87 4,051.50 4,067.67 4,080.76 4,138.06 -1.6%

Dow Jones 16,583.34 16,550.97 16,518.54 16,401.02 16,530.55 0.3%

FTSE 100 6,814.60 6,839.30 6,796.40 6,798.60 6,822.40 0.2%

FTSE All-Share UK 3,637.30 3,651.33 3,629.13 3,632.25 3,642.52 0.1%

CAC40 4,477.28 - 4,446.44 4,428.07 4,462.69 1.1%

Xetra Dax 9,581.45 - 9,521.30 9,467.53 9,529.50 1.2%

Nikkei 14,199.59 14,163.78 14,033.45 14,457.51 14,457.51 -1.8%

Hang Seng 21,862.99 - 21,746.26 21,976.33 21,976.33 -0.5%

DJ US Maritime 350.97 347.61 349.49 349.56 352.89 -0.5%

$ / € 1.38 1.39 1.39 1.39 1.39 -0.6%

$ / ₤ 1.69 1.69 1.70 1.70 1.69 0.0%

¥ / $ 101.73 101.72 101.75 101.68 102.04 -0.6%

$ / NoK 0.17 0.17 0.17 0.17 0.17 0.7%

Yuan / $ 6.21 6.20 6.21 6.21 6.22 -0.8%

Won / $ 1,024.51 1,023.07 1,024.84 1,028.59 1,029.58 -0.6%

$ INDEX 86.40 86.00 86.00 85.90 86.40 0.0%

Market Data

Cu

rre

nci

es

Sto

ck E

xch

ange

Dat

a

1,180

1,240

1,300

1,360

1,420

1,480

90

100

110

120

goldoil

Basic Commodities Weekly Summary

Oil WTI $ Oil Brent $ Gold $

9-May-14 2-May-14W-O-W

Change %

Rotterdam 881.0 876.5 0.5%

Houston 972.5 980.5 -0.8%

Singapore 905.0 908.5 -0.4%

Rotterdam 571.0 571.0 0.0%

Houston 600.0 597.0 0.5%

Singapore 590.5 590.0 0.1%

Bunker Prices

MD

O3

80

cst

CompanyStock

ExchangeCurr. 09-May-14 02-May-14

W-O-W

Change %

AEGEAN MARINE PETROL NTWK NYSE USD 8.95 9.17 -2.4%

BALTIC TRADING NYSE USD 6.06 6.38 -5.0%

BOX SHIPS INC NYSE USD 1.48 1.65 -10.3%

CAPITAL PRODUCT PARTNERS LP NASDAQ USD 10.78 10.89 -1.0%

COSTAMARE INC NYSE USD 21.46 21.55 -0.4%

DANAOS CORPORATION NYSE USD 6.26 5.94 5.4%

DIANA SHIPPING NYSE USD 10.74 11.42 -6.0%

DRYSHIPS INC NASDAQ USD 2.98 3.07 -2.9%

EAGLE BULK SHIPPING NASDAQ USD 3.12 3.12 0.0%

EUROSEAS LTD. NASDAQ USD 1.18 1.19 -0.8%

FREESEAS INC NASDAQ USD 1.11 1.25 -11.2%

GLOBUS MARITIME LIMITED NASDAQ USD 3.49 3.90 -10.5%

GOLDENPORT HOLDINGS INC LONDON GBX 37.63 38.31 -1.8%

HELLENIC CARRIERS LIMITED LONDON GBX 42.00 42.00 0.0%

NAVIOS MARITIME ACQUISITIONS NYSE USD 3.49 3.58 -2.5%

NAVIOS MARITIME HOLDINGS NYSE USD 8.04 8.43 -4.6%

NAVIOS MARITIME PARTNERS LP NYSE USD 18.42 18.92 -2.6%

NEWLEAD HOLDINGS LTD NASDAQ USD 0.06 0.08 -25.0%

PARAGON SHIPPING INC. NYSE USD 5.07 5.55 -8.6%

SAFE BULKERS INC NYSE USD 8.11 8.32 -2.5%

SEANERGY MARITIME HOLDINGS CORP NASDAQ USD 1.45 1.58 -8.2%

STAR BULK CARRIERS CORP NASDAQ USD 11.67 12.42 -6.0%

STEALTHGAS INC NASDAQ USD 10.10 10.85 -6.9%

TSAKOS ENERGY NAVIGATION NYSE USD 6.79 6.93 -2.0%

TOP SHIPS INC NASDAQ USD 5.20 6.06 -14.2%

Maritime Stock Data

© Intermodal Shipbrokers Co

9

13/05/2014

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