Market insight By Katerina Restis Tanker Chartering Palm Oil originates from West Africa, and there is evidence of its use as far as back as 5,000 years in Egyptian relics of Pharaohs time. British Industrial Revolution urged its expansion of trade and thus can be considered one of the earliest traded commodities. A combination of European settlers and entrepreneurs, seeing the opportunity for commercial palm oil production to produce soaps, lubricants and edible oils lead to a dramatic expansion of oil palm plantations throughout Sub-Saharan Africa and Southeast Asia. Nowadays, Indonesia and Malaysia are the world’s major producers, corresponding to 85% of world production, followed by exporters such as Thailand, Colombia, Nigeria, Brazil and other countries conquering a small market share. Palm Oil industry growth has been driven primarily by con-sumption in China, India and Europe (EU-27) followed by other countries such as North and South Africa, Pakistan, Bangladesh, Egypt, Turkey, Mexi-co, Iran, Japan and Taiwan etc.

The recent Palm & Lauric Oils Conference that was held in Kuala Lumpur, Malaysia saw interesting discussions being made as to the current/future demand/production of palm oil, lauric oils, biodiesel & oleo-chemicals. Ma-jor driver of palm oil demand is said to be the ever growing world popula-tion and in turn food demand growth which has outstripped output growth over the past decade. Growth in developing economies has pushed for in-crease per capita demand for oils and fats. Furthermore, higher crude oil prices have boosted greater use of vegetable oils in the production of biofu-els. However, climate change causes weather variability and the impact could result in an inconsistent production pattern.

It is forecasted that world palm oil production for 2013/14 season will reach 58.5 mill tons (up 2.7% which is below average growth). Respectively, global consumption of oils and fats are to reach 195 mill tons of which China usage is 36.1 mill tons, EU 29.8 mill tons, India 20.4 mill tons, USA 18.5 mill tons & Indonesia 10.8 mill tons. Additionally, 13% (26 mill tons) of world consump-tion accounts for biofuel use. Palm oil prices have a been driven upwards this season, as the previous season’s attractive price levels stimulated de-mand and concerns of the stressed palms producing less as a result of se-vere dryness in many parts of Malaysia and Indonesia, lead to diminished stock surpluses. High palm oil prices now have started to result in reduced imports by China and India and consequential exports are set to decline for the first time in 16 years (Malaysian Exports; January -11% & February -2.1%). Tightness in palm oil availability sets the question if production should be countered by higher production through soybeans, sunflower and rapeseed crushing.

Hence, March concluded with Malaysian palm oil futures lower by 2.8%, settled at 2,655 and volume expanded to 289,213 contracts with trades being weaker than a month ago as significant consumers trimmed back buys and analysts arguing that prices may even fly to Rm 3,500 in view of a com-ing El Nino. TCTs have been steady compared to previous weeks. Less EU1 vessels were open in the Far East and cargoes are starting to materialize with faith that the 2nd quarter will boost against all odds based on historical seasonality. In comparison to last month, March concluded fixtures saw freight rates pmt for cargoes destined ECI, WCI, China, Middle East and WMED decrease on average by US $ 2.0 with Rotterdam and USG destined cargoes holding stable in terms of rates.

In conclusion, it is worth mentioning that it is only the 3rd time in the last decade that palm oil prices have dropped to below mineral oil prices and if the dry spell prolongs, then forecasts will have to be revisited.

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

The Dry Bulk Market was under pressure this week, with Capes leading the fall and negative performance across the board quickly taking its toll on market sentiment. The BDI closed today (01/04/2014) at 1,316 points, down by 46 points compared to yesterday’s levels (31/03/2014) and a decrease of 262 points compared to previous Tuesday’s closing (25/03/2014). With the sole exception of the Suezmax sector that has found some short term comfort due to the presence of less ballasters in the WAF region, the rest of the crude carriers market has moved south. The BDTI Monday (31/03/2014), was at 700 points, a decrease of 12 points and the BCTI at 610, unchanged, compared to the previous Mon-day (24/03/2014).

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

The focus of buyers on the SnP front was split equally across both tank-ers and dry bulkers this past week, while in both cases re-sales and mod-ern tonnage are gathering most preference. On the tankers side, we had the sale of the “KNOCK CLUNE” (164,028dwt-blt 10 China), which was picked by Singaporean buyer, Eastern Pacific for a price of $ 48.0m. On the dry bulker side, we had the sale of the “ORIENT SINGA-PORE” (33,688dwt-blt 11, Japan), which was picked by Greek buyers for a price of US$ 23.0m.

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

During the past week we have seen an increased number of newbuilding orders coming through, with interest present across all segments, while prices have remained overall stable, with the exception of VLs and MRs, which have moved slightly up and slightly down respectively, following the trend of owners’ preference this year round, which has shifted away from clean tonnage and towards the big crude carriers. Following a sig-nificant slowdown in China’s exports the Chinese government has reas-sured this week that it has the necessary policies in place to support the domestic economy, allowing for hopes that a further economic stimulus might be close and consequently feeding hopes that as the country’s infrastructure will be supported, it will support both the shipping freight and newbuilding markets along the way. In terms of new orders, US based owner Chemical transport has placed an order for five firm plus five optional stainless steel chemical tankers (25,000dwt) at AVIC Din-gheng in China, for a reported price of $ 40.0m each and delivery set between 2016 and 2017.

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

The demolition market continues to be the only place where no disap-pointments exist, with India being the main source of strength behind the recent strong bids we have been witnessing across the Indian sub-Continent. On the back of very strong performance from the Indian Ru-pee, which moved to its 8-month highest level against the US Dollar, breakers in India appear to have found further reasons to offer even higher. As a matter of fact, some of the reported sales were done at levels around and well above 500 $/ldt, and as it usually happens every time the market finds itself at similar highs, skepticism emerges. Either or, while the freight market is leaving a bitter sweet taste at the mo-ment, the option to scrap at these levels is more than enticing for some owners. Elsewhere, Bangladeshi breakers have sat on the sidelines, while Pakistan has snapped a couple of vessels after increasing bids. At the same time, no action was reported by Chinese breakers, leaving price levels unchanged for yet another week. Average prices this week for wet tonnage were at around 330-485$/ldt and dry units received about 320-480$/ldt.

Weekly Market Report

Issue: Week 13| Tuesday 1st April 2014

© Intermodal Research 01/04/2014 2

Expanded and renewed with extra information for the new year, helping its readers always stay ahead of market trends

The Shipping Monthly Recap 2014

Monthly updates on the main SnP Markets

Published on the first week of every month

Everything you need to know about

the SnP market

The best way to stay well informed about the activity

that goes on every month and remain up to date with

the latest prices and freight rates for the main four

shipping sectors.

Bringing along our brokers’ information while filtering

out all the excess market noise, our research depart-

ment presents a unique monthly insight into our ex-

tensive database, with vital information that will allow

you to make better decisions in the market.

A complete fleet overview, along with detailed break-

down of changes in both the in service fleet and or-

derbook for the Dry Bulk, Tanker, Containership, and

Gas Carrier markets. Along with this we provide an in

depth look at the activity that has taken place in the

Sale and Purchase markets (Secondhand, Newbuilding

and Demolition), while giving information as to where

asset prices and freight levels currently hold as well as

an overview of their historical performance.

Actual sales compared to

index asset prices.

Main buyer and seller na-

tionalities over the past

month.

Size and price trends over

the past month for both the

Demolition and Newbuilding

markets.

© Intermodal Research 01/04/2014 3

Research & Valuations Department research@intermodal.gr

Analysts:

Mr. George Lazaridis +30 210 629 3320 g.lazaridis@intermodal.gr

Ms. Eva Tzima +30 210 629 3329 e.tzima@intermodal.gr

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N.Kifissia 145 64

Athens - Greece

Website: www.intermodal.gr

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Straight and to the point data visualization

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As always, we focus in providing our readers with the infor-

mation they require in a condensed way that allows for easy

reading, while giving them the opportunity to get a realistic view

of where the market is and where it is likely to go next.

Our extensive tables, allow for a quick overview of the sectors as

a whole, while also offering a more detailed breakdown of the

different size segments.

With a special feature every month that provides a comprehen-

sive analysis of what’s “hot” in the market and with over 25 pag-

es of key market information and thoroughly researched materi-

al, the Intermodal monthly report is the perfect vantage point

for anyone who is involved in the shipping market and needs to

stay up to date with what is going on.

Fleet breakdown (Active &

on order).

Fleet development over the

past month.

Main shipbuilding nations

for each sector.

Current levels of asset prices

and freight rates as well as

market trends.

© Intermodal Research 01/04/2014 4

2014 2013

WS

points$/day

WS

points$/day $/day $/day

265k MEG-JAPAN 36.5 12,147 38 14,932 -18.7% 35,160 21,133

280k MEG-USG 27 11,029 27.5 11,861 -7.0% 23,683 7,132

260k WAF-USG 47.5 25,341 50 28,359 -10.6% 46,685 26,890

130k MED-MED 70 19,810 65 15,746 25.8% 37,577 17,714

130k WAF-USAC 65 15,015 60 11,532 30.2% 24,526 13,756

130k BSEA-MED 70 23,376 60 14,247 64.1% 37,577 17,714

80k MEG-EAST 90 15,213 92.5 16,007 -5.0% 17,699 11,945

80k MED-MED 97.5 19,650 97.5 19,634 0.1% 34,111 13,622

80k UKC-UKC 95 8,550 115 22,240 -61.6% 48,399 18,604

70k CARIBS-USG 99 13,768 100 14,219 -3.2% 34,086 16,381

75k MEG-JAPAN 958 14,864 89 12,720 16.9% 9,319 12,011

55k MEG-JAPAN 109 12,712 109 12,712 0.0% 10,265 12,117

37K UKC-USAC 130 10,862 125 9,900 9.7% 11,617 11,048

30K MED-MED 165 17,952 170 16,037 11.9% 24,775 17,645

55K UKC-USG 128 22,726 125 21,823 4.1% 28,751 14,941

55K MED-USG 117.5 17,525 117.5 17,542 -0.1% 27,341 12,642

50k CARIBS-USAC 105 10,890 117.5 15,783 -31.0% 36,473 15,083

Dir

tyA

fram

axC

lean

VLC

CSu

ezm

ax

Spot Rates

Vessel Routes

Week 13 Week 12$/day

±%

Mar-14 Feb-14 ±% 2014 2013 2012

300KT DH 72.3 69.1 4.5% 69.1 56.2 62.9

150KT DH 49.5 47.5 4.2% 47.2 40.1 44.9

110KT DH 37.8 35.8 5.6% 35.7 29.2 31.2

75KT DH 32.3 32.0 0.8% 32.1 28.0 26.7

52KT DH 29.0 29.6 -2.1% 29.7 24.7 24.6

VLCC

Suezmax

Indicative Market Values ($ Million) - Tankers

Vessel 5yrs old

MR

Aframax

LR1

Chartering

March ended with no major positive surprises for the crude carriers market, which witnessed further rate corrections this past week. The sole exception to an other wise uninspiring environment was the Suezmax market, but given the overall performance of the segment during the past couple of months there are no reasons to celebrate just yet. Rates for VLs lost further ground for yet another week, on the back of slower activity across both the MEG and the WAF regions, while at the same time charterers appear to be moving slow into April fixing, pushing the average rate for the segment to below US $ 14,000/day.

The balance between supply and demand came to save the Suezmax mar-ket from falling further this past week, as demand across the other side of the Atlantic managed to allow for healthier supply levels in the WAF region, while the Black Sea/Med Suezmax noted the biggest rate increase across the board. Despite this week’s performance, the segment is unlikely to wit-ness better days in the short term, should the VL market not improve soon in order to shift charterers preference towards Suez tonnage as a replace-ment and therefore deal with what appears to be a slow April.

Rates for Aframaxes moved sideways, with the exception of cross-UKC rates, which noted a substantial decline on the back of gathering ballasters and unimpressive inquiry levels, while the Caribs remained fairly stable.

Sale & Purchase

In the Suezmax sector, we had the sale of the “KNOCK CLUNE” (164,028dwt-blt 10 China), which was picked by Singaporean buyer, Eastern Pacific for a price of $ 48.0m.

In the MR sector we had the sale of the “HELLAS CONSTELLA-TION” (46,162dwt-blt 00, S. Korea), which was picked up for a price of $ 11.9m.

Wet Market

Indicative Period Charters

- 6 mos - 'SCF CAUCASUS' 2002 159,173dwt

- - $ 20,000/day - Solal

- 12/12 mos - 'MAERSK HOJO' 2013 302,965dwt

- - $ 25,000/30,000/day - Euronav

20

70

120

170

220

WS

po

ints

DIRTY - WS RATESTD3 TD5 TD8 TD4

Week 13 Week 12 ±% Diff 2014 2013

300k 1yr TC 26,250 26,250 0.0% 0 26,596 20,087

300k 3yr TC 27,750 27,750 0.0% 0 26,546 23,594

150k 1yr TC 20,250 20,250 0.0% 0 20,750 16,264

150k 3yr TC 22,250 22,250 0.0% 0 21,315 18,296

110k 1yr TC 15,500 15,500 0.0% 0 15,942 13,534

110k 3yr TC 17,250 17,250 0.0% 0 17,008 15,248

75k 1yr TC 15,750 15,750 0.0% 0 15,500 15,221

75k 3yr TC 16,500 16,500 0.0% 0 16,238 15,729

52k 1yr TC 15,250 15,250 0.0% 0 15,327 14,591

52k 3yr TC 16,250 16,250 0.0% 0 16,162 15,263

36k 1yr TC 14,750 14,750 0.0% 0 14,712 13,298

36k 3yr TC 15,500 15,500 0.0% 0 15,412 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 01/04/2014 5

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 27,750 33,250 -16.5% -5,500 24,671 17,625

170K 1yr TC 29,750 31,500 -5.6% -1,750 26,162 15,959

170K 3yr TC 24,750 24,750 0.0% 0 23,700 16,599

76K 6mnt TC 15,100 15,500 -2.6% -400 16,362 12,224

76K 1yr TC 15,100 15,500 -2.6% -400 15,015 10,300

76K 3yr TC 15,100 15,100 0.0% 0 14,512 10,317

55K 6mnt TC 14,000 14,750 -5.1% -750 14,181 11,565

55K 1yr TC 13,750 14,000 -1.8% -250 13,104 10,234

55K 3yr TC 13,500 13,750 -1.8% -250 12,835 10,482

45k 6mnt TC 12,250 12,750 -3.9% -500 12,162 9,771

45k 1yr TC 11,750 11,750 0.0% 0 11,219 8,852

45k 3yr TC 11,750 11,750 0.0% 0 11,046 9,237

30K 6mnt TC 10,750 10,750 0.0% 0 10,373 8,244

30K 1yr TC 10,250 10,500 -2.4% -250 10,073 8,309

30K 3yr TC 10,500 10,500 0.0% 0 10,162 8,926

Han

dym

axH

and

ysiz

e

Period

2013

Pan

amax

Sup

ram

ax

Week

13

Week

12

Cap

esi

ze

2014$/day ±% Diff

Chartering

Any resistance put forth by the Dry Bulk market the week prior was suc-

cumbed this time round. All indices slid and losses were noted across the

board, with sentiment remaining shaky throughout the week and all eyes

turning to the Capesize market to look for direction, while stockpiles at

Chinese ports remained at fairly high levels. At the same time, period activ-

ity was slower with charterers pushing for lower numbers and owners being

unable to put forth any resistance.

Capes struggled throughout the first half of the week, with the negative

impact being obvious in rates across both basins. In the Pacific, the West

Australia/China route noted one of the most notable decreases, while ex-

Brazil rates have also followed course. There are talks that, at least towards

the end of the week, rates were holding around last done levels and that

the market had found some sort of balance, while at the time of this writing

the average rate for the segment is still below US $ 20,000/day.

The Panamax segment has also noted a significant drop this past week, with

the BPI breaking below the 1,000 psychological level. Fresh inquiry emerged

in the Atlantic Panamax market, but the volumes were insufficient to ab-

sorb the available tonnage, thus any business concluded made absolutely

no difference in a falling market.

Supras and Handies have shown better resistance, but with both the USG

and the ECSA regions offering no help, owners were forced to take the heat

across the board, while the Pacific was not able to pull up the slack and

showed signs of deteriorating conditions early on in the week.

Sale & Purchase

In the Capesize sector, we had the sale of the “BULK CHINA” (179,109dwt-

blt 13 S. Korea), which was picked by US based buyers for a price of $

55.0m.

In the Handysize sector we had the sale of the “ORIENT SINGA-

PORE” (33,688dwt-blt 11, Japan), which was picked by Greek buyers for a

price of US$ 23.0m.

Mar-14 Feb-14 ±% 2014 2013 2012

180k 49.5 46.9 5.6% 47.0 35.8 34.6

76K 27.3 27.0 0.9% 26.9 21.3 22.7

56k 27.0 27.0 0.0% 26.5 21.5 23.0

30K 21.0 21.0 0.0% 20.8 18.2 18.2

Capesize

Panamax

Supramax

Indicative Market Values ($ Million) - Bulk Carriers

Vessel 5 yrs old

Handysize

Indicative Period Charters

-3/5 mos - 'MARINE KING' 2011 56,726dwt

- Black Sea prompt - $ 13,000/day - Pan Ocean

-6/8 mos - 'TANGO' 1997 160,013dwt

-Wenzhou 1/3 Apr - $ 26,000/day - Mercuria

Dry Market

Index $/day Index $/day Index Index

BDI 1,373 1,599 -226 1,371 1,205

BCI 2,557 $19,211 3,036 $24,835 -479 -22.6% 2,206 2,106

BPI 978 $7,888 1,112 $8,956 -134 -11.9% 1,308 1,186

BSI 1,115 $11,659 1,209 $12,643 -94 -7.8% 1,113 983

BHSI 649 $9,644 674 $9,937 -25 -2.9% 689 562

21/03/2014

Baltic IndicesWeek 13

28/03/2014Week 12

Point

Diff

2014 2013$/day

±%

© Intermodal Research 01/04/2014 6

Secondhand Sales

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

CAPE BULK CHINA 179,109 2013ORIENT SHIPYARD -

GWAN, S. KoreaMAN-B&W Mar-18 $ 55.0m US based

CAPE A DUCKLING 171,199 1999KOYO MIHARA,

JapanB&W Jun-14 undisclosed Taiwanese

PMAX OCEAN LILY 76,585 2006

IMABARI

MARUGAME,

Japan

MAN-B&W Aug-16 $ 25.0mJapanese

(Sanko)

Sanko is the

exis ting charterer

UMAX CHENGXI CX0639 64,000 2015

CHENGXI

SHIPYARD CO LT,

China

MAN-B&W -4 X 30t

CRANES$ 29.7m

UMAX CHENGXI CX0640 64,000 2015

CHENGXI

SHIPYARD CO LT,

China

MAN-B&W -4 X 30t

CRANES$ 29.7m

SMAX PACIFIC IRMA 58,092 2010TSUNEISHI HEAVY

CEBU, Phi l ippinesMAN-B&W Feb-15

4 X 30t

CRANESundisclosed Greek

SMAXCROWN

PRINCESS52,347 2005

TSUNEISHI CORP -

FUKUY, JapanMAN-B&W Jun-15

4 X 30t

CRANES$ 23.0m Chinese

HMAX ASIAN EXCELSIOR 45,190 1996

CHINA

SHIPBUILDING

KEE, Ta iwan

B&W Mar-164 X 30,5t

CRANES$ 11.0m Greek

HANDYMYSTIC

TREASURE35,800 2014 QINGSHAN, China MAN-B&W -

4 X 30t

CRANESundisclosed undisclosed

HANDYORIENT

SINGAPORE33,688 2011

SHIN KURUSHIMA

ONISHI, JapanMitsubishi Jun-16

4 X 30t

CRANES$ 23.0m Greek

European

Bulk Carriers

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

SUEZ KNOCK CLUNE 164,028 2010

BOHAI

SHIPBUILDING HEA,

China

MAN-B&W Jul-15 DH $ 48.0mSingaporean

(Eastern Paci fic)

LR1 STI HERITAGE 73,956 2008 ONOMICHI, Japan MAN-B&W Jan-18 DH $ 30.0m undisclosed epoxy

MR10 X SPP

GOSEONG S117850,100

2014-

16

SPP SHIPBUILDING -

GOS, S. KoreaMAN-B&W - DH

total

US$ 379.0m

Singaporean

(BW Shipping)

previous deal with

Diamond S fa i led

MRHELLAS

CONSTELLATION46,162 2000

HYUNDAI HEAVY

INDS - U, S. KoreaMAN-B&W Jun-14 DH $ 11.9m European epoxy

SMALL MAR ALMUDENA 9,776 1994UNL - VALENCIA,

SpainWarts i la Dec-14 DH $ 4.4m undisclosed epoxy

SMALL MAR ROCIO 6,967 1999 DESAN, Turkey MAN-B&W Nov-14 DH $ 3.8m Greek epoxy

Tankers

© Intermodal Research 01/04/2014 7

Secondhand Sales

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

POST

PMAX

CMA CGM

VIVALDI8,238 2004

HYUNDAI HEAVY

INDS - U, S. KoreaMAN-B&W Nov-14 $ 50.0m

US based (MC

Seamax)3 yrs TCB

PMAX MSC UGANDA 4,545 1997HYUNDAI HEAVY

INDS - U, S. KoreaB&W Oct-17 undisclosed undisclosed

SUB

PMAX

TATIANA

SCHULTE2,824 2005

HYUNDAI MIPO

DOCKYARD, S.

Korea

MAN-B&W Oct-15 $ 13.5mUS based

(Soundview)

FEEDER RAFFLESIA 1,675 1997

KANASASHI -

TOYOHASHI,

Japan

Mitsubishi May-17 undisclosed undisclosed

Containers

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

AMY C 13,538 2006KYOKUYO ZOSEN

CHOFU, JapanMAN-B&W May-16 2 X 30t CRS $ 7.25m

HELEEN C 13,497 2006KYOKUYO ZOSEN

CHOFU, JapanMAN-B&W Feb-16 2 X 30t CRS $ 7.25m

WHITE TOBA 11,443 2003 NISHI, Japan MAN-B&W Jan-181X60t

CRS,2X30t

CRS,1X30t DRS$ 5.0m Turkish

Greek

MPP/General Cargo

© Intermodal Research 01/04/2014 8

During the past week we have seen an increased number of newbuilding orders coming through, with interest present across all segments, while pric-es have remained overall stable, with the exception of VLs and MRs, which have moved slightly up and slightly down respectively, following the trend of owners’ preference this year round, which has shifted away from clean ton-nage and towards the big crude carriers. Following a significant slowdown in China’s exports the Chinese government has reassured this week that it has the necessary policies in place to support the domestic economy, allowing for hopes that a further economic stimulus might be close and consequently feeding hopes that as the country’s infrastructure will be supported, it will support both the shipping freight and newbuilding markets along the way. In terms of new orders, US based owner Chemical transport has placed an or-der for five firm plus five optional stainless steel chemical tankers (25,000dwt) at AVIC Dingheng in China, for a reported price of $ 40.0m each and delivery set between 2016 and 2017.

In terms of reported deals last week, US based owner Chemical transport has placed an order for five firm plus five optional stainless steel chemical tank-ers (25,000dwt) at AVIC Dingheng in China, for a reported price of $ 40.0m each and delivery set between 2016 and 2017.

Newbuilding Market

20

60

100

140

180

mil

lion

$

Tankers Newbuilding Prices (m$)

VLCC Suezmax Aframax LR1 MR

Week

13

Week

12±% 2014 2013 2012

Capesize 180k 56.5 56.5 0.0% 55.4 49 47

Kamsarmax 82k 30.8 30.8 0.0% 30.3 27 28

Panamax 77k 29.5 29.5 0.0% 28.9 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 99.5 99.0 0.5% 97.2 91 96

Suezmax 160k 65.0 65.0 0.0% 63 56 58

Aframax 115k 55.0 55.0 0.0% 54 48 50

LR1 75k 47.0 47.0 0.0% 45.2 41 42

MR 52k 37.0 37.3 -0.8% 36.7 34 34

LNG 150K 186.0 186.0 0.0% 185.3 185 186

LGC LPG 80k 77.0 77.0 0.0% 76.2 71 71

MGC LPG 52k 66.0 66.0 0.0% 65.3 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

2 Tanker 300,000 dwt Hyundai, S. Korea 2016 Singaporean (Navig8) undisclosed options

4 Tanker 112,700 dwtDaewoo Mangalia,

Romania2016-2017 Greek (Tsakos) $ 51.0m

2 Tanker 25,000 dwt Fukuoka, Japan 2017 Singaporean (Navig8) undisclosed

5+5 Tanker 25,000 dwt AVIC Dingheng, China 2016-2017US based (Chemical

Transport)$ 40.0m StSt

2 Bulker 84,000 dwt Sasebo, Japan 2016 Japanese (Santoku Senpaku) undisclosed

4 Bulker 63,800 dwtJiangsu Hantong Ship

H.I., China2015 German (Conti Reederei) $ 26.0m

2 Bulker 61,000 dwt Nantong Cosco, China 2015 Greek (Nomikos) undisclosed

2 Bulker 38,500 dwt Shanhaiguan SY, China 2016 Chinese (Dalian Tiger) undisclosed options

2 Container 2,350 teu Sainty, China 2016 Dutch (Universal Marine) $ 42.0m

1 Gas 83,000 cbm Mitsubishi, Japan 2016Japanese (Astomos Energy

Corp.)undisclosed

2 Gas 22,000 dwtSinpacific Offshore,

China2016 Greek (Eletson Corporation) $ 55.0m

LPG / Ethylene,

options

2+1 MPP 3,700 dwtYangzhou Ryuwa,

China2015 S. Korean (Pia Shipping) undisclosed

Newbuilding Orders Size

© Intermodal Research 01/04/2014 9

The demolition market continues to be the only place where no disappoint-ments exist, with India being the main source of strength behind the recent strong bids we have been witnessing across the Indian sub-Continent. On the back of very strong performance from the Indian Rupee, which moved to its 8-month highest level against the US Dollar, breakers in India appear to have found further reasons to offer even higher. As a matter of fact, some of the reported sales were done at levels around and well above 500 $/ldt, and as it usually happens every time the market finds itself at similar highs, skepticism emerges. Either or, while the freight market is leaving a bitter sweet taste at the moment, the option to scrap at these levels is more than enticing for some owners. Elsewhere, Bangladeshi breakers have sat on the sidelines, while Pakistan has snapped a couple of vessels after increasing bids. At the same time, no action was reported by Chinese breakers, leaving price levels unchanged for yet another week. Average prices this week for wet tonnage were at around 330-485$/ldt and dry units received about 320-480$/ldt.

The highest price amongst recently reported deals, was that paid by Indian breakers for the Container vessel ‘KOTA WIJAYA’ (24,689dwt-6,800ldt-blt 91), which received the impressive price of $ 525/ldt.

Demolition Market

Week

13

Week

12±% 2013 2012 2011

Bangladesh 470 460 2.2% 422 440 523

India 485 475 2.1% 426 445 511

Pakistan 470 455 3.3% 423 444 504

China 330 330 0.0% 365 384 451

Bangladesh 460 450 2.2% 402 414 498

India 480 470 2.1% 405 419 484

Pakistan 450 435 3.4% 401 416 477

China 320 320 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

EAGLE OTOME 95,663 15,898 1994KOYO MIHARA,

JapanTANKER $ 472/Ldt Pakistani

FINISTERRE 33,221 13,341 1991 FLENDER, Germany CONT $ 504/Ldt Indian

ATHENS TRADER 35,534 11,000 1995HYUNDAI HEAVY

INDS - U, S. KoreaCONT $ 495/Ldt Indian

ERMAR 39,982 8,653 1989HYUNDAI HEAVY

INDS - U, S. KoreaTANKER $ 492/Ldt Pakistani

KOTA WIJAYA 24,689 6,800 1991KANASASHI -

TOYOHASHI, JapanCONT $ 525/Ldt Indian incl 350 tons of bunkers ROB

AMIRA MARIAM 23,791 5,947 1982IMABARI IMABARI,

JapanBULKER $ 467/Ldt Indian

BALTIC MARINER 9,852 5,274 1979BOELWERF TEMSE,

BelgiumREEFER $ 470/Ldt Indian

AQUA LUNA 12,854 4,950 1992 MTW, Germany CONT $ 480/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

“Paragon secures funds

Paragon Shipping says it has secured a firm commit-ment for a new $120m senior secured amortizing credit facility .

The Michael Bodouroglou-led owner said the funds were secured from a syndicate of European banks led by Nordea Bank Finland.

The money will finance up to 60% of the second pair of four ultramaxes under construction at China’s Yangzhou Dayang Shipbuilding for delivery in 2015.

The US-listed bulker owner said the remainder of the six year facility would go towards refinancing several of its existing vessels.

In January Paragon agreed a deal with HSH Nordbank to partially finance the first pair of 63,500-dwt bulk-ers on order at Yangzhou Dayang upon their delivery in the second and third quarters of 2014.

Paragon said its latest fund raiser leaves only three recently purchased kamsarmax newbuildings, that are due to be delivered between the second and fourth quarters of 2015, to be financed”. (Trade Winds)

Commodities & Ship Finance

28-Mar-14 27-Mar-14 26-Mar-14 25-Mar-14 24-Mar-14W-O-W

Change %

10year US Bond 2.710 2.670 2.700 2.730 2.730 -1.5%

S&P 500 1,857.62 1,849.04 1,852.56 1,865.62 1,857.44 -0.5%

Nasdaq 4,155.76 4,151.23 4,173.58 4,234.27 4,226.39 -2.8%

Dow Jones 16,323.06 16,264.23 16,268.99 16,367.88 16,276.69 0.1%

FTSE 100 6,615.60 6,588.30 6,605.30 6,604.90 6,520.40 0.9%

FTSE All-Share UK 3,559.44 3,548.10 3,557.27 3,554.16 3,512.44 0.7%

CAC40 4,411.26 4,379.06 4,385.15 4,344.12 4,276.34 1.8%

Xetra Dax 9,587.19 9,451.21 9,448.58 9,338.40 9,188.77 2.6%

Nikkei 14,696.03 14,622.89 14,477.16 14,423.19 14,475.30 3.3%

Hang Seng 22,065.53 21,834.45 21,887.75 21,732.32 21,846.45 2.9%

DJ US Maritime 333.67 330.21 328.00 339.30 339.60 -3.7%

$ / € 1.38 1.38 1.38 1.38 1.38 -0.2%

$ / ₤ 1.66 1.66 1.66 1.65 1.65 0.8%

¥ / $ 102.54 102.15 102.33 102.33 102.32 0.2%

$ / NoK 0.17 0.17 0.17 0.17 0.17 1.2%

Yuan / $ 6.20 6.19 6.19 6.18 6.18 -0.2%

Won / $ 1,069.74 1,072.21 1,075.44 1,078.85 1,077.98 -0.9%

$ INDEX 87.10 86.90 87.10 87.20 87.20 -0.1%

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 $

28-Mar-14 21-Mar-14W-O-W

Change %

Rotterdam 868.5 861.0 0.9%

Houston 992.0 989.0 0.3%

Singapore 903.5 895.5 0.9%

Rotterdam 575.0 570.0 0.9%

Houston 593.0 584.0 1.5%

Singapore 602.5 609.5 -1.1%

Bunker Prices

MD

O3

80

cst

CompanyStock

ExchangeCurr. 28-Mar-14 21-Mar-14

W-O-W

Change %

AEGEAN MARINE PETROL NTWK NYSE USD 9.80 10.42 -6.0%

BALTIC TRADING NYSE USD 6.16 6.59 -6.5%

BOX SHIPS INC NYSE USD 2.45 2.70 -9.3%

CAPITAL PRODUCT PARTNERS LP NASDAQ USD 10.64 11.15 -4.6%

COSTAMARE INC NYSE USD 21.15 20.56 2.9%

DANAOS CORPORATION NYSE USD 7.10 7.00 1.4%

DIANA SHIPPING NYSE USD 12.02 12.43 -3.3%

DRYSHIPS INC NASDAQ USD 3.25 3.48 -6.6%

EAGLE BULK SHIPPING NASDAQ USD 4.04 4.34 -6.9%

EUROSEAS LTD. NASDAQ USD 1.26 1.30 -3.1%

FREESEAS INC NASDAQ USD 1.61 1.78 -9.6%

GENCO SHIPPING NYSE USD 1.69 1.54 9.7%

GLOBUS MARITIME LIMITED NASDAQ USD 4.11 4.25 -3.3%

GOLDENPORT HOLDINGS INC LONDON GBX 46.40 48.15 -3.6%

HELLENIC CARRIERS LIMITED LONDON GBX 40.00 43.00 -7.0%

NAVIOS MARITIME ACQUISITIONS NYSE USD 3.67 3.82 -3.9%

NAVIOS MARITIME HOLDINGS NYSE USD 9.65 9.81 -1.6%

NAVIOS MARITIME PARTNERS LP NYSE USD 19.76 19.40 1.9%

NEWLEAD HOLDINGS LTD NASDAQ USD 1.67 2.09 -20.1%

PARAGON SHIPPING INC. NYSE USD 6.71 7.26 -7.6%

SAFE BULKERS INC NYSE USD 9.26 9.66 -4.1%

SEANERGY MARITIME HOLDINGS CORP NASDAQ USD 1.90 1.81 5.0%

STAR BULK CARRIERS CORP NASDAQ USD 14.00 14.50 -3.4%

STEALTHGAS INC NASDAQ USD 11.51 11.31 1.8%

TSAKOS ENERGY NAVIGATION NYSE USD 7.59 7.68 -1.2%

TOP SHIPS INC NASDAQ USD 1.47 1.45 1.4%

Maritime Stock Data

© Intermodal Shipbrokers Co

11

01/04/2014

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