WEEKLY SHIPPING MARKET REPORT WEEK 37 ISUZUGAWA- Dwt 299.984 / 2004 Universal , for rgn high $ 25-26mil. to Eastmed. The vessel inspected well and comparable ships were sold for over

WEEKLY SHIPPING MARKET REPORT - pg. 1

Market Overview

The dry bulk and tankers market could not be further apart in terms of

sentiment this week dry remains on its upward projector

whilst the tankers wallow in the doom and gloom. But, of course, it’s in

such scenarios that opportunities present themselves and its intriguing to

hear this week's reports that the famous bellwether of the Greek market

ThanasisMartinos has stepped up and swooped for the KLINE VLCC

ISUZUGAWAGA (insert dwt/age) which inspected like a dream and paid

region usd 25.8 usdm. Compared to sales earlier this year this look good

value indeed especially for such a good vessel. But does this mean more

eyes will now turn back to tankers - as one owner said this week the best

position in tankers is to have no vessels but plenty of fire power for

acquisitions at these low prices?

Bulkers

Activity this week centred on kamsarmax and panamax sector with the

sales of the 2006 Japanese built Navios Altair – Dwt 83.001 for price $ 14.5

mil. to Greeks which illustrates an increase in values of over usd 1.5 mil.

since the last comparable sale in June this year.

In a similar manner the 2007 built panamax Ocean Sakura – Dwt 76.596

was sold for region $ 13.7 mil. with SS/DD passed in June 2017. Again a

step forward and we are also hearing that a Japanese built panamax of the

same age has been committed basis waiver of inspection.

Prices may still be on the rise but are still low by historical averages.

In the Ultramax sector, a 64k 2017 Chinese from Guangzhou Huangpu

Shipyard, concluded to clients of Scorpio at $ 21.5 mil. The second resale

of Ultramax during these last 2 weeks after the sale of a Truneishi

Zhoushan 63,7k back to the beginning of September.

Chinese supramax continue to find buyers at discounts to Japanese

equivalents and this week we have seen the 2008 Chinese built DESERT

SERENITY sold for close to 9.2 mil.

We are reporting strong activity from Chinese buyers for older handymax,

supramax and panamax. We have seen the 2001 Japanese DORIC PRIDE –

Dwt 52.428 achieve close to $ 8 mil. Interestingly, we report the sale of the

2004 Tsuneishi Cebu LORD – Dwt 52.504. for just $ 5.1 mil. to Chinese

buyers. However, this is not a market price and reflects the condition and

history of the vessel. Older handymax have seen their values increase in

line with the increase in residual values as evidenced by MV DOKOS 45/97

reported sold for $ 4.2 mil. with SS due.

Tankers

Greek buyers have dominated this week taking advantage of the collapse

in values. The main story is the sale of the the K-Line controlled Japanese

VLCC ISUZUGAWA- Dwt 299.984 / 2004 Universal , for rgn high $ 25-26mil.

to Eastmed. The vessel inspected well and comparable ships were sold for

over $ 30 mil. earlier this year.

Meantime, an off-market deal was the 2016 Suezmax RS TARA from Greek

owners sold to Greeks at $ 51 mil. Price which can be considered in line

with crude weak current sentiment.

In the Aframax tonnage, Greeks purchased the 2003 Korean STELLAR

VOYAGE – Dwt 104.801 for $ 10.2 mil. price in line with last sale earlier this

month of 2003 Korean NEPTUNE VOYAGER – Dwt 104.875. $ 10.2 mil.

again to different Greek buyers.

Baltic Indices (Friday Closing Values)

‘’ Dry Bulk ’’

Index Week 37 Week 36 Change (%) BDI 1385 1332 12,60

BCI 2685 2767 18,20

BPI 1521 1375 14,77

BSI 977 888 3,74

BHSI 536 504 3,70

‘’ Tanker ’’

Index Week 37 Week 36 Change (%)

BDTI 732 701 4.42

BCTI 548 609 10.02

Indicative Demolition Prices

Country Tanker Prices Bulker Prices

India 405 375

Bangladesh 410 380

Pakistan 415 385

China 270 260

Turkey 295 285

WEEKLY SHIPPING MARKET REPORT WEEK 37

WEEK 37 (8thSept to 15th Sept 2017)


Capesize

With the winter season closing in, Far East importers continued their

restocking activities during Week 37, keeping rates to a steadily rising

mode. West Australian iron ore parcels into China have risen in the high

usd 7.00’s / low usd 8.00’s pmt range. Brazilian iron ore into China has

been mostly rating at high usd 16.00’s pmt levels. Pacific round trips via

Australia have been reported mostly in the usd 20,000/21,000 pd range.

Usd 29,000 pd for 2 laden legs basis Atlantic delivery and Far East

redelivery. A 4/6 months’ fixture was reported at usd 19,000 pd basis

Pacific delivery.

Kamsarmax/Panamax North Pacific round trips into the Far East have been rating mostly into the

mid/high usd 14,000’s pd range. Chinese round trips via Australia and

Indonesia have risen in the high usd 14,000’s / low usd 15,000’s pd range.

Inter-continental trips via the Baltic Sea in the usd 14,000/15,000 pd

range. Usd 25,000 pd for a Baltic trip into India. South American grain trips

into the Far East continued rating mostly in the usd 13,000/14,000 pd

range basis Singapore delivery. A very active week for US Gulf grains into

the Far East, with rates ranging in the mid/high usd 15,000’s pd plus a usd

550/575,000 ballast bonus. China delivery on the same route has been

rating in the low/mid usd 12,000’s pd range. Period employments have

been rating in the usd 12,000/13,000 pd range basis Pacific delivery.

Ultramax / Supramax

Chinese steel trips into Southeast Asia have been rating at high usd 8,000s’

pd levels on Supramaxes. Better levels on the same route for Ultramaxes

at mid usd 10,000’s pd levels. India direction in the low/mid usd 9,000’s pd

range. Majority of Indonesian round trips into China and India are being

offered in the usd 12,000/13,000 pd range basis DOP delivery. Better

levels for Indonesia delivery in the usd 13,000/14,000 pd range. An

Ultramax on the same route was reported at usd 16,500 pd. Indian salt

trips into China in the usd 10,000/11,000 pd range. Persian Gulf limestone

trips into India in the mid/high usd 12,000’s pd range. Usd 16,000pd for a

Red Sea petcoke trip into India. Usd 15,000 pd for a Spanish clinker trip

into West Africa. Usd 16,250 pd for a Mediterranean fronthaul. Iranian

iron ore trips into China continued surfacing in the mid/high usd 17,000’s

pd range. Usd 14,500 pd plus a usd 450,000 ballast bonus for a South

American fronthaul on an Ultramax. Usd 23,500 pd for a US Gulf petcoke

run into India on an Ultramax. Usd 19,600 pd for a US Gulf trip into West

Africa. Period employments continued rating in the usd 10,000/11,000 pd

range basis Pacific delivery.

Handymax / Handysize

Usd 11,000 pd for a Chinese round trip via Indonesia on a Handymax. Usd

9,000 pd for an Australian trip into China basis Vietnam delivery. Usd 8,000

pd for an Indian round trip via South Africa with harmless bulk/generals.

Trips within the Mediterranean and the Black Sea have been rating in the

low/mid usd 7,000’s pd range. Usd 16,000 pd for a South American steels

trip into West Coast South America. 2 laden legs on an East Africa opening

vessel at usd 9,500 pd for the first and usd 10,500 pd for the second leg.

No period activity to report here.

.

0

2

4

6

8

10

Handymax

DRY BULK COMMENTARY


0

5

10

15

20

25

Capesize

02468

101214

Panamax

0

2

4

6

8

10

12

Supramax


Bulk Carriers

Type Name Dwt YoB Yard SS M/E Gear Price Buyer Comments

Kamsarmax Navios

Altair 83,001 2006

Tsuneishi,

Japan 09/2021 B&W - $ 14.5 Greek

Panamax Ocean

Sakura 76,596 2007

Imabari,

Japan 08/2022 B&W - $ 13.7 Greek

Panamax Seawing I 73,901 2005 Jiangnan,

China 04/2020 B&W -

Undiscl

osed Chinese

Panamax Sri Wandari

Indah 73,852 1999

Sasebo,

Japan 03/2019 B&W 4 x 30 T

Undiscl

osed Undisclosed

Ultramax

Guangzhou

Huangpu

H3069

64,000 2017 Guangzhou,

China - B&W 4 x 30 T $ 21.5 (Scorpio)

Supramax Eagle Strait 57,000 2010 Taizhou,

China 11/2020 B&W 4 x 36 T

Undiscl

osed

HK Based

(Vincent

Shipping)

Supramax Essex Strait 56,872 2010 Taizhou,

China 06/2020 B&W 4 x 36 T

Supramax Lord 52,504 2004

TsuneishiCe

bu,

Philippines

05/2017 B&W 4 x 30 T Undiscl

osed Chinese

Supramax Rak Ana 50,786 2000 Oshima,

Japan 07/2020 Sulzer 4 x 30 T

High $

6.0 Chinese Old Sale

Handmax Worldera-2 48,907 2001 IHI, Japane 03/2022 Sulzer 4 x 30T Close $

7.5 Chinese

Handysize AvicWeihai

396 37,877 2017

AvicWeihai ,

China - B&W 4 x 30 T $ 16.9 German

Handysize Zenith

Explorer 28,343 2008

Imabari,

Japan 08/2018 B&W 4 x 30,5 T $ 7.8 Chinese

REPORTED SALES



Tankers

Type Name Dwt YoB Yard SS M/E Price(mill) Buyer Comments

Vlcc Isuzugawa 299,984 2004 Universal,Japan 01/2019 Sulzer $ 25.8 Greek

Suezmax Tara 160,036 2016 Shanghai

Waigaoqiao, China

12/2021 B&W $ 51.0 Greek

Aframax Stellar

Voyager 104,801 2003

Samsung Hi, Korea

07/2018 B&W $ 10.2 Greek

Panamax Mare Atlantic 68,467 2001 Koyo Mihara,

Japan 02/2021 B&W $ 5.4 Greek

Panamax Mare Pacific 68,467 2001 Koyo Mihara,

Japan 01/2021 B&W $ 5.4

Mr Fd Sea Wish 40,083 2002 Shina, Korea 09/2022 B&W $ 7.4 Undisclosed

Container

Type Name TEU YoB Yard SS M/E Price(mill) Buyer Comments

Panamax Cpo Savannah 4,255 2003 Hyundai Hi ,

Korea 08/2019 Wartsila Xs $ 10.0 Undisclosed

Sub Panamax

Qingdao 2,483 2007 Naikai , Japan 07/2022 B&W $ 11.0 HK Based (Ts Lines)

Feeder Viking Eagle 1,740 2006 Guangzhou, China 01/2021 B&W $ 8.2 Undisclosed

REPORTED SALES



Type Vessel Dwt YoB Ldt Price $ Country Comments

RoRo Hyundai No. 106 12.848 1987 24,253 n/a Bangladesh

Container MSC Mykonos 60.639 1988 23,451 422 Subcontinent

Container MSC Florida 58.286 2005 21,436 418 Pakistan “As Is” Port Said

Container Sakaka 49.844 1998 18,978 n/a China

Container Deira 49.993 1998 18,829 n/a China

Container Najran 49.993 1998 18,807 n/a Turkey

BC Ling Gang 9 71.372 1997 9,757 n/a China

BC Vinalines Trader 69.614 1997 9,706 390 Bangladesh “As Is” Vietnam

BC Feng Hai 47.980 1999 8,343 n/a China

BC Luhai 46.702 1998 7,699 n/a China

Tanker Persia 19.990 1984 6,540 371 Bangladesh

GC Banglar Shikha 12.944 1991 n/a n/a Bangladesh

RoPax Ohamana 3.435 1989 6,013 315 India “As Is” Kanda, Japan

GC Rui Da Star 6.619 1984 n/a n/a China

GC Tennur 5.095 1998 2,568 n/a Turkey

GC Haj Amin 1 4.250 1975 n/a n/a Turkey

GC May 3.055 1985 n/a n/a Turkey

Dredger Amstel 0.584 1978 2,100 n/a n/a

LPG B Gas Linda 2.004 1992 1,350 n/a Turkey

LPG PP2 1.123 1985 0,895 310 Bangladesh

Dredger Meerval 1.522 1973 0,878 n/a n/a

Dredger Koura 1977 0,775 n/a n/a

Dredger Pekka I 1960 0,405 n/a n/a

Dredger Triton 1969 0,290 n/a n/a

Dredger Tejo 1981 0,202 n/a n/a

DEMOLITION

WEEK 37 (8Th Sept to 15th Sept 2017)


Bulkers

Units Type Dwt Yard Delivery Price (mill) Owner Comments

4 Baby Cape 110,000 Hudong,China 2018-2019 Undisclosed Romania Ice Class

4+2+2 Kamsarmax 82,000 Cosco Zhoushan,

China 2019 $ 24.0

Greek (Aegean Shipping)

Tier II

2+1 Kamsramax 82,000 Tsuneishi Zhoushan,

China 2019-2020 Undisclosed

Uk (Helikon Shipping)

Tier II

Tankers

Units Type Dwt Yard Delivery Price (mill) Owner Comments

2 MR 50,000 Hyundai Vinashin ,

Vietnam 2019-2020 $ 32.0

Norwegian (DSD Shipping)

Option Declared

1 Chemical 17,500 AVIC , China 2019-2020 $ 20.0 Dutch

(Thun Tankers) Imo II

1 Chemical 15,000 Fujian Mawei , China 2019 Undisclosed China

(CnafHaixin )

NEWBUILDING

WEEK 37 (8Th Sept to 15th Sept 2017)


Bulk Carriers

Size Prompt Resale 5 years 10 years 15 years

Capesize 45.5 33.5 21.5 15.5 Panamax-Kamsarmax 29 22 14 9.5

Supramax 27.5 17 11.5 8 Handysize 21.7 14.2 9 6

Tankers

Size Prompt Resale 5 years 10 years 15 years

VLCC 84 64 36 21 Suezmax 56 41 25 16 Aframax 44.5 29.5 18 11

MR 33.5 24 16 9

INDICATIVE PRICES

WEEK 37 (8stSept to 15th Sept 2017)

0

50

Prompt Resale 5 years 10 years 15 years

45.533.5

21.515

2922

14 9.5

27.517

11.5 821.5

148.5 6

Bulk Carriers

Capesize Panamax Supramax Handysize

0

50

100

Prompt Resale 5 years 10 years 15 years

8464

3621

5641

25 16

44.529.5

18 1133.5 24 16 9

Tankers

VLCC Suezmax Aframax MR


Currency Week 37 Week 36 Change (%) EUR / USD 1.2001 1.2047 0.38 JPY / USD 111.27 107.65 3.62 KRW / USD 1,131.76 1,127.38 0.39 NOK / USD 0.1277 0.1294 1.31

Commodity Week 37 Week 36 Change (%) Brent Crude (BZ) 55.59 54.71 1.61

WTI Crude Oil (WTI) 49.98 49.02 1.96 Natural Gas (NG) 3.04 2.97 2.36

Gold (GC) 1,327.10 1,353.54 1.95 Copper 295.65 309.80 4.57

Wheat (w) 441.25 439.25 0,46

KEY INDICATORS

WEEK 37 (8th Sept to 15th Sept 2017)

0.95

1

1.05

1.1

1.15

1.2

1.25

EUR / USD

0

10

20

30

40

50

60

WTI Crude

0

10

20

30

40

50

60

Brent Crude


Stock Prices – Shipping Companies

Company Stock Exchange Week 37 Week 36 Change (%)

Diana Shipping Ink (DSX) NASDAQ 3.98 3.90 2.05 Dry ships Ink (DRYS) NASDAQ 2.55 2.54 0.39 Euroseas Ltd (ESEA) NASDAQ 1.72 1.60 7.5

Eagle Bulk Shipping Inc (EGLE) NASDAQ 4.65 4.59 1,31 Navios Maritime (NM) NYSE 1.69 1.66 1.81

Navios Maritime PTN (NMM) NYSE 2.18 2.06 5.83 Star Bulk Carriers Corp (SBLK) NASDAQ 10.89 11.25 3.20

Seanergy Maritime Holdings Corp (SHIP) NASDAQ 1.21 1.17 3.42 Safe Bulkers Inc (SB) NYSE 3.38 3.41 0.88

Golden Ocean (GOGL) NASDAQ 9.04 9.51 4.94

Stock Prices - Wet


Capital Product Partners LP (CPLP) NASDAQ 3.56 3.642.2 TOP Ships Inc (TOPS) NASDAQ 0.52 0.511.96

Tsakos Energy Navigation (TNP) NYSE 4.56 4.520.88

Stock Prices - Other


Aegean Maritime Petrol (ANW) NYSE 4.65 4.75 2.11 Danaos Corporation (DAC) NYSE 1.45 1.40 3.57

Stealth Gas Inc (GASS) NASDAQ 3.30 3.18 3.77 Rio Tinto (RIO) NYSE 47.96 49.53 3.17

Vale (VALE) NYSE 10.74 11.64 7.73 ADM Archer Daniels Midland (ADM) NYSE 43.45 42.59 2.02

BHP Billiton (BHP) NYSE 42.57 44.15 3.58

SHIPPING INDICATIVE SHARE VALUE



ADVANCED SHIPPING & TRADING S.A.

Vouliagmenis Avenue 168, 1stFloor, E-mail: [email protected]

Glyfada 16674, Greece E-mail: [email protected]

Tel: +30 210 30 03 000 E-mail: [email protected]

Fax: +30 210 30 01 305

Sale & Purchase Department: Dry Cargo Chartering Department:

Capt. Fountoglou Michalis Mob: + 30 6947 70 07 18 BonatsosMavra Mob: +30 6951 00 24 36

Harrington James Mob: + 44 7768 10 45 33 Benetos Kostas Mob: +30 6943 29 32 13

Papoutsis George Mob: + 30 6951 00 51 65 Tiliakos Michalis Mob: +30 6951 97 60 02

BalpakakisManolis Mob: +30 6955 47 77 72 Pittas Iordanis Mob: +30 6944 05 27 46

ChrousalasThanasis Mob: +30 6355 47 77 73 Manessis Sophia Mob: +30 6955 19 57 42

Landrakis Stelios Mob: +30 6955 47 77 74

BiliasTasos Mob: +30 6955 47 77 71

Tsintas Kostas Mob: +30 6959 99 85 10

Kontaratos Alkis Mob: +30 6948 78 05 52

MarkoutsaKanella Mob: +30 6978 41 72 90

Operations Department:Research Department:

KatsouliFotiniMob: +30 6955 47 77 75 Stergiou Kostas Mob: +30 6942 09 73 10

Chief Executive Consultant: Administration Department:

Capt. GalonisDimitrios Mob: +30 6945 55 36 81 Chronopoulou Fenia Mob: +30 6932 34 94 50

‘’ THINK BIG’’

Legal Disclaimer The information contained herein has been obtained by various sources. Although every effort has been made to ensure that this information is accurate, complete and up-to-date, Advanced Shipping & Trading S.A. does not accept any responsibility whatsoever for any loss or damage occasioned or claimed, upon reliance on the information, opinions and analysis contained in this report. Research compiled by: Advanced Shipping & Trading S.A. Market Research on behalf of the Sale & Purchase, Dry Cargo Chartering and Tanker Chartering Departments. For any questions, please contact: [email protected]

CONTACT DETAILS

WEEK 37 (8th an to 15th Sept 2017)

Documents

WEEKLY SHIPPING MARKET REPORT WEEK 37 ISUZUGAWA- Dwt 299.984 / 2004 Universal , for rgn high $ 25-26mil. to Eastmed. The vessel inspected well and comparable ships were sold for over