Weekly Market Report
Issue: ee 20 | uesday 17 th May 2016
Market insight Chartering (Wet: Stable + / Dry: So - ) he Dry Bul mar et ept mo ing south last wee , while the perfor By Panos Makrinos mance of anamax rates pro ided a much needed sen ment boost. he SnP Broker BDI closed today (17/05/2016) at 643 points, up by 30 points compared to Monday’s le els (16/05/2016) and an increase of 49 points when compared to pre ious uesday’s closing (10/05/2016). he crude carri As we are approaching the end of the first half of the year, there is a number ers mar et mo ed sideways last wee , with rates for Sue maxes in the of mar et par cipants o er at the dry bul sector that ha e started wonder MED region and for VLs going east o erperforming the mar et. he ing whether they ha e missed out on the bo oming secondhand prices that BD I Monday (16/05/2016) was at 734 points, an increase of 19 points the mar et witnessed during the end of last year and throughout the beg and the BC I at 475, a decrease of 33 points compared to last Monday’s ging of this one, when the BDI touched its lowest le el e er, at 290 points. (09/05/2016) le els. Following this rather extended period of low rates, as the spring season Sale & Purchase (Wet: So - / Dry: Firm + ) ic ed o , the steadier demand for dry bul commodi es together with the impro ement in owner’s psychology helped the index mo e abo e 600 Modern dry bul tonnage almost monopoli ed Sn ac ity last wee , points in April, a er more than fi e months. he impro ed mar et sen ment with Buyers displaying equal interest to all si es while snubbing es has consequently helped second hand prices firm a bit during the past sels built prior to 2000. On the tan er side, we had the sale of the wee s. he posi e momentum the mar et achie ed was also helped by a S AVANGER EAGLE (45,898dwt blt 04, Japan) which was sold to Chi few de elopments that started drawing a healthier picture of the fundamen nese owner, Shenlong Mari me, for a price in the region of 16.0m. On tals ahead as a number of owners too steps that will more e ec ely tac le the dry bul er side, we had the sale of the KLARA SELMER the tonnage o ersupply issue. (176,000dwt blt 12, China) which was sold to Gree owner, Marmaras, for a price in the region of 20.0m. From one hand, the intense scrapping that has ta en place during this year is certainly pushing things towards the right direc on. e ha e seen es Newbuilding (Wet: So - / Dry: So - ) sels younger than what is considered the typical scrapping age being sold for Ac ity, prices and sen ment, are all s ll u erly depressed in the new demoli on. As expected, it was the bigger si es that experienced the most building mar et that remains wee o er wee in desperate search of impressi e increase in demoli on olumes. meaningful business olumes, while as industry fundamentals con nue More than 230 bul ers ha e been sold for scrap this year and while in terms to worsen, price details surrounding the few reported deals become less of olumes we are around the same le els when compared to the same and less a ailable to the public. Dry orders remain scarce, as both bul period last year, when you loo at these olumes in terms of dwt, there is a ers and containerships ha e yet to sha e o the respec e historical 2% increase. his means that bigger essels are being sold for scrap, while in lows that ha e sha ered sen ment in both sectors. At the same me, terms of age, the a erage scrapping age for bul ers has mo ed from 30 tan er ordering ac ity remains compara ely be er but the ma ority years a couple of years ago to 24 years in 2016 so far. of the few orders that pop up here and there s ll concern essels of smaller dwt. As far as other less con en onal sectors are concerned At the same me, newbuilding ac ity or the lac thereof has been dra things are no be er either. Any newbuilding ac ity in these sectors ma c. Despite the fact that newbuilding prices are at excep onally low le goes hand in hand with specific pro ects li e for example the o shore els, re ec ng both the dire straits the industry has found itself in together of trio reported ordered by opa Energy, while what all of the abo e course with the almost non existent appe te for dry bul ordering, there clearly signals is more consolida on for the industry ahead. In terms of seems to be no hope for a spar in ordering for dry tonnage. On top of that, recently reported deals, Super Eco an ers placed an order for two firm the few orders that are being reported are ght to specific pro ects. MRs (40,000dwt) at Hyundai Mipo, in S. Korea with deli ery set in 2017 So despite the historically low rates, long term fundamentals are slowly 2018. impro ing for the dry bul mar et. If high demoli on ac ity con nues throughout the second half of the year and slippage this year remains high, Demoli on (Wet: Stable - / Dry: Stable -) we could well see minimum dry bul eet growth in 2016 and e en nega e Buyers in the Indian subcon nent are slowly mo ing towards the side eet growth within specific segments li e Capes. If this is combined with lines as budget announcement are approaching, prices are stalling and healthy demand for dry bul commodi es from countries li e India and a fears that the recent firming of the mar et can’t be sustained for much gradual strengthening of Chinese momentum that seems to ha e been lost longer are increasing o er at the demoli on front. he one thing that during the past year, things should further impro e by next year. seems una ected by all this is the supply of demo candidates that ap he million dollar ques on though is by how much ill demand le els be pears to ha e totally ignored recent mar et de elopments and re finally adequate to o ercome the o ercapacity issue that is finally being mains as robust as e er. he firm number of container essels that has tac led by intense scrapping and absent ordering, or will demand be ust been heading for scrap recently has also come to add to the once more enough to eep pro iding lifelines periodically to a mar et that won’t be increasing supply of bul ers. ith dry bul sector related scrapping able to brea abo e 1,000 points for much longer stealing the spotlight this year, the remar able increase in the number of demoli on sales of containerships so far in 2016 compared to the same period last year has been somewhat o ershadowed. he la er is calculated at 48% in terms of essels and a aw dropping 122% in terms of dwt, while this trend is expected to last at least un l the end of the tradi onally wea er for containers third quarter. rices this wee for wet tonnage were at around 190 305 /ldt and dry units recei ed about 170 295 /ldt.
Tanker Market
Spot Rates Indicative Period Charters Week 20 Week 19 2015 2014 $/day 12 mos 'BRI ANIS' 2002 304,700 dwt Vessel Routes WS WS $/day $/day±% $/day $/day 42,000/day Litasco points points 265k MEG-JAPAN 70 60,806 65 54,751 11.1% 65,906 30,469 24 mos 'RS ARA' 2016 158,000 dwt 280k MEG-USG 37.5 25,134 37.5 25,381 1.0% 49,575 17,173 28,500/day Vitol 260k WAF-USG 67.5 54,330 67.5 55,650 2.4% 76,251 40,541
130k MED-MED 85 35,297 77.5 32,128 9.9% 50,337 30,950 D3 D6 D9 DIRTY - WS RATES 130k WAF-USAC 67.5 22,998 70 24,014 4.2% 40,490 24,835 520 470
Suezmax 130k BSEA-MED 86 36,951 77.5 33,177 11.4% 50,337 30,950 420 370 80k MEG-EAST 92.5 17,357 95 22,201 21.8% 34,131 19,956 320 80k MED-MED 110 29,709 110 29,943 0.8% 37,127 28,344 270 220
80k UKC-UKC 102.5 18,079 100 16,351 10.6% 39,338 33,573 Spoints 170 120 70k CARIBS-USG 95 15,848 107.5 21,830 27.4% 36,519 25,747 70 75k MEG-JAPAN 80 15,991 80 15,916 0.5% 30,482 16,797 20 55k MEG-JAPAN 103 15,036 100 14,446 4.1% 24,854 14,461
Clean37K UKC-USAC 116 10,110 VLCC 120 11,833 14.6% 19,973 10,689 30K MED-MED 122.5 7,305 140 10,622 31.2% 24,473 18,707 55K UKC-USG 110 17,489 92.5 13,644 28.2% 27,228 23,723 C1 C2 C5 C6 CLEAN - WS RATES 55K MED-USG 105 15,258 90 12,615 21.0% 26,083 21,089 270 Dirty Aframax 240 50k CARIBS-USAC 120 17,627 112.5 16,333 7.9% 27,146 25,521 210 180 TC Rates 150 S points S 120 $/day Week 20 Week 19 ±% Diff 2015 2014 90 300k 1yr TC 40,000 40,000 0.0% 0 46,135 28,346 60 VLCC 300k 3yr TC 37,000 37,000 0.0% 0 42,075 30,383 150k 1yr TC 29,000 29,000 0.0% 0 35,250 22,942 Suezmax 150k 3yr TC 27,000 27,000 0.0% 0 33,219 24,613 110k 1yr TC 25,000 25,000 0.0% 0 26,808 17,769 Indicative Market Values ($ Million) - Tankers Aframax 110k 3yr TC 22,500 22,500 0.0% 0 24,729 19,229 May-16 Apr-16 Vessel 5yrs old ±% 2015 2014 2013 75k 1yr TC 20,500 20,500 0.0% 0 23,596 16,135 avg avg Panamax 75k 3yr TC 19,500 19,500 0.0% 0 20,580 16,666 VLCC 300KT DH 74.5 75.5 1.3% 80.9 73.8 56.2 52k 1yr TC 16,500 16,500 0.0% 0 17,865 14,889 Suezmax 150KT DH 52.5 53.4 1.7% 59.5 50.4 40.1 MR 52k 3yr TC 16,000 16,000 0.0% 0 16,638 15,604 Aframax 110KT DH 39.5 40.0 1.3% 45.3 38.9 29.2 36k 1yr TC 15,000 15,500 3.2% 500 16,101 14,024 LR1 75KT DH 35.5 36.0 1.4% 35.8 33.0 28.0 Handy 36k 3yr TC 15,000 15,000 0.0% 0 15,450 14,878 MR 52KT DH 27.3 27.5 0.9% 27.3 27.5 24.7
Chartering Sale & Purchase he crude carriers mar et ept displaying a mixed picture last wee , with the posi e e ects of an o erall healthy Middle East on CE being partly In the MR sector, we had the sale of the S AVANGER EAGLE (45,898dwt o set by increasing oil prices and e ec ely more expensi e bun ers. he blt 04, Japan) which was sold to Chinese owner, Shenlong Mari me, for a worldwide supply disrup ons that ha e ta en place o er the past few price in the region of 16.0m. months and ha e been further magnified by the recent wildfires in Canada, ha e built up expecta ons in regards to oil prices ad ancing further, while the shi in sen ment has also been aided by Goldman Sachs changing its stance and upgrading its forecast for oil prices, e ec ely ending one of the most bearish rhetoric o er the past couple of years. Nothing is of course set in stone. Let’s not forget that an increase in prices is bound to bring bac on line a substan al part of the S produc on that had been ousted by the uneconomical 12 year lows oil had touched, fact that will surely o set to a big part the supply worries currently suppor ng prices. Despite the fact that VL ac ity in Middle East allowed for o erall good numbers out of the region, there was a sense towards the end of the wee that owners couldn't push for more, while we expect an o erall steady mar et in the following days as charterers mo e to end of May dates. he est Africa Sue max con nued to lose ground last wee , while Blac Sea/Med rates strengthened, capitali ing on delays out of rieste. Afra ton nage en oyed an o erall steady mar et in both the Med and North Sea re gions, while the Caribs Afra lost further ground last wee as the number of ballasters in the region was s ll outpacing a ailable business.
© Intermodal Research 17/05/2016 2 Dry Bulk Market
Baltic Indices Indicative Period Charters Week 20 Week 19 2015 2014 3 to 5 mos 'IM ERIAL' 2007 75,527 dwt 13/05/2016 06/05/2016 Point $/day Diff ±% Flushing 15/17 May 6,000/day GSC Index $/day Index $/day Index Index BDI 600 631 31 713 1,097 4 to 7 mos 'GLEAMS AR' 2011 75,491 dwt BCI 798 6,286 892 7,024 94 10.5% 1,009 1,943 Jiangyin 18/20 May 5,250/day Beibu Gulf BPI 597 4,768 591 4,723 6 1.0% 692 960 Baltic Indices BSI 553 5,780 578 6,044 25 4.4% 663 937 3,000 BCI B I BSI BHSI BDI BHSI 347 4,932 359 5,088 12 3.1% 365 522 2,500 2,000 1,500 Index 1,000 500 Period 0 Week Week $/day ±% Diff 2015 2014 20 19 180K 6mnt TC 7,500 7,750 3.2% 250 9,969 22,020 180K 1yr TC 7,000 7,250 3.4% 250 10,263 21,921
Capesize 180K 3yr TC 8,500 8,500 0.0% 0 11,243 21,097 Average T/C Rates 25,000 AVR 4 C BCI AVR 4 C B I AVR 5 C BSI AVR 6 C BHSI 76K 6mnt TC 5,750 5,750 0.0% 0 7,921 12,300 76K 1yr TC 5,750 5,750 0.0% 0 7,705 12,259 20,000
Panamax 76K 3yr TC 6,500 6,500 0.0% 0 8,724 13,244 15,000 55K 6mnt TC 6,250 6,250 0.0% 0 8,162 12,008
/day 10,000 55K 1yr TC 6,250 6,250 0.0% 0 7,849 11,589 5,000 Supramax 55K 3yr TC 6,250 6,250 0.0% 0 8,181 11,585 30K 6mnt TC 4,250 4,250 0.0% 0 6,690 9,113 0 30K 1yr TC 4,500 4,500 0.0% 0 6,897 9,226
Handysize 30K 3yr TC 5,250 5,250 0.0% 0 7,291 9,541
Chartering Indicative Market Values ($ Million) - Bulk Carriers
he Dry Bul mar et closed o last wee losing more ground, while despite Vessel 5 yrs old May-16 avg Apr-16 avg ±% 2015 2014 2013 the nega e mo ement, the fact that the anamax mar et held o erall Capesize 180k 23.0 21.5 7.0% 33.1 47.5 35.8 steady, pro ided a sense of op mism that the downward correc on could be soon reaching an end. his has been e ident from the momentum Panamax 76K 13.5 12.4 8.9% 17.2 24.8 21.3 freight rates seem to ha e regained as this current wee ic ed o , and Supramax 56k 12.0 10.5 14.3% 16.1 25.2 21.5 while we expect things to moderate in the following days, this is certainly a Handysize 30K 9.5 9.2 3.3% 13.3 20.0 18.2 good sign in regards to the sustainability of the posi e re ersal of the mar et o erall. here has been some tal in regards to whether increasing bun er prices could be partly responsible for this wee ’s stronger numbers but Sale & Purchase we doubt whether this is the case. Let’s not forget that oil prices and e ec In the Capesi e sector we had the sale of the KLARA SELMER ely bun er costs ha e been steadily increasing for quite some me now, (176,000dwt blt 12, China) which was sold to Gree owner, Marmaras, for a without ha ing any impact whatsoe er on the performance on the dry bul price in the region of 20.0m. freight mar et, which e ec ely means that this latest increase is more li ely re ec ng in its en rety a mar et that is once more ad ancing and nothing else. In the Supramax sector we had the sale of the CHRIS O H S (57,000dwt blt 11, Japan) which was sold to Gree owner, AB Mari me, for a price in he Capesi e mar et closed o last wee no ng another decline with ac i the region of 7.1m. ty for period business remaining anemic, while things impro ed ust before the wee end, with trans Atlan c ac ity as well as rates in the acific sig nalling a healthier mar et ahead, signs of which ha e already been wit nessed during the past couple of days.
anamax rates seem to ha e found some much needed support on the ECSA mar et that finally showed signs of stability last wee , while the a cific mar et, although unchanged o erall, also en oyed impro ed sen ment.
On the smaller si e segments, Atlan c rates were slightly wea er, while the Con nent mar et also appeared to be losing its momentum, with business in the East paying a small premium posi onally at the same me.
© Intermodal Research 17/05/2016 3 Secondhand Sales
Bulk Carriers Size Name Dwt Built Yard M/E SS due Gear Price Buyers Comments NE IMES CA E KLARA SELMER 176,000 2012 SHI B ILDING, MAN B& Jan 17 20.0m Gree (Marmaras) China
HY NDAI HEAVY CA E SA AL I S 171,480 2001 B& Jul 16 7.8m Chinese INDS , S. Korea
S NEISHI KMAX SRI REM VEENA 82,792 2007 HOLDINGS F, MAN B& Jan 17 9.3m undisclosed Japan SAMHO HEAVY MAX NORD ESER 75,321 2001 IND S RIES, S. B& Mar 21 4.4m Gree (Erasmus) Korea
HAN ONG SHI 4 X 30t MAX JIA Y E 63,800 2016 MAN B& 16.5m Danish HEAVY IND, China CRANES
JA AN MARINE 4 X 30t MAX ABY AOLA 60,935 2015 MAN B& Sep 20 19.5m Indian (Chellaram) D K R, Japan CRANES
HAN ONG SHI 4 X 36t Gree (AB SMAX CHRIS O H S 57,000 2011 MAN B& Jun 16 7.1m HEAVY IND, China CRANES Maritime)
FREDERIKE AIZHO SANF 4 X 30t SMAX 56,847 2009 MAN B& Jul 19 5.9m Gree SELMER SHI ENG, China CRANES
DSME EIHAI 4 X 30t HANDY CMB LASZLO 35,700 2016 SHI YARD C, MAN B& 14.5m CRANES China DSME EIHAI 4 X 30t HANDY SAMJIN 1064 35,700 2016 SHI YARD C, MAN B& 14.5m Germ CRANES China DSME EIHAI 4 X 30t HANDY CMB DIEGO 35,700 2016 SHI YARD C, MAN B& 14.5m CRANES China
IANJIN XINGANG 4 X 30t HANDY CS VANG ARD 34,812 2004 Sul er Feb 19 3.5m Gree SHI YA, China CRANES
NAIKAI ZOSEN 4 X 30t HANDY A OLLONAS 27,912 1996 B& Feb 21 undisclosed undisclosed SE ODA, Japan CRANES
HANJIN HI CO L D 4 X 30t HANDY KENANGA 27,259 1996 B& Jun 16 1.7m undisclosed LS, S. Korea CRANES
Tankers Size Name Dwt Built Yard M/E SS due Hull Price Buyers Comments Chinese incl. 5yr /C to S AVANGER SHIN K R SHIMA MR 45,898 2004 Mitsubishi Oct 19 DH 16.0m (Shenlong Oet er EAGLE ONISHI, Japan Maritime)
© Intermodal Research 17/05/2016 4 Secondhand Sales
MPP/General Cargo Name Dwt Built Yard M/E SS due Gear Price Buyers Comments
KYOKUYO ZOSEN ARKLOW WILLOW 13,873 2004 Wartsila Nov-19 $ 5.2m Canadian CHOFU, Japan
SEVERNAV, 2 X 36t NIUGINI COAST 5,273 1996 MAN Jul-16 $ 2.0m Romania CRANES Philippino (Oceanic SEVERNAV, 2 X 36t Container Lines) NIU AILAN COAST 5,273 1996 MAN Dec-16 $ 2.0m Romania CRANES
Containers Size Name Teu Built Yard M/E SS due Gear Price Buyers Comments
SUB THYSSEN, 3 X 45t ISOLDE 2,452 2000 MAN-B&W Mar-20 $ 3.0m Middle Eastern PMAX Germany CRANES GUANGZHOU 2 X 45t FEEDER ATTALOS I 1,700 2016 WENCHONG SHI, Wartsila $ 20.5m European CRANES China
VOLKSWERFT, 2 X 45t close to demo FEEDER TITAN 1,122 1996 Sulzer Aug-16 undisclosed German Germany CRANES levels
DAE SUN FEEDER ALICE 1,043 2005 SHIPBUILDING &, MAN-B&W Oct-15 $ 7.9m Chinese (SITC) S. Korea
Gas/LPG/LNG Type Name Dwt Built Yard M/E SS due Cbm Price Buyers Comments
RICHARDS LPG B GAS ETTRICK 3,621 1991 Wartsila Dec-16 3,215 undisclosed Greek (Anco) LOWESTOFT, U. K.
© I erm Rese r h 17/05/2016 5 Newbuilding Market
Indicative Newbuilding Prices (million$) Ac vity, prices and sen ment, are all s ll u erly depressed in the ne uild- Week Week Vessel ±% 2015 2014 2013 ing market that remains eek over eek in desperate search of meaningful 20 19 usiness volumes, hile as industry fundamentals con nue to orsen, price Capesize 180k 44.5 44.5 0.0% 49.9 56 49 details surrounding the fe reported deals ecome less and less availa le to Kamsarmax 82k 25.0 25.0 0.0% 27.8 30 27 the pu lic. Dry orders remain scarce, as oth ulkers and containerships Panamax 77k 24.5 24.5 0.0% 27.1 29 26 have yet to shake o the respec ve historical lo s that have sha ered sen - Ultramax 63k 23.0 23.0 0.0% 25 27 25 ment in oth sectors. At the same me, tanker ordering ac vity remains Handysize 38k 20.0 20.0 0.0% 21 23 21 compara vely e er ut the ma ority of the fe orders that pop up here and VLCC 300k 91.0 91.0 0.0% 95.5 99 91 there s ll concern vessels of smaller d t. As far as other less conven onal Suezmax 160k 60.5 60.5 0.0% 64 65 56 sectors are concerned things are no e er either. Any ne uilding ac vity in Aframax 115k 47.0 47.0 0.0% 53 54 48 these sectors goes hand in hand ith specific pro ects like for example the
Tankers LR1 75k 43.5 43.5 0.0% 45.8 46 41 o shore trio reported ordered y Topaz Energy, hile hat all of the a ove MR 50k 34.0 34.0 0.0% 36.1 37 34 clearly signals is more consolida on for the industry ahead. LNG 160k cbm 190.0 190.0 190.0 0.0% 186 185 In terms of recently reported deals, Super Eco Tankers placed an order for LGC LPG 80k cbm 75.5 75.5 0.0% 77.4 78 71 t o firm MRs (40,000d t) at Hyundai Mipo, in S. Korea ith delivery set in GasMGC LPG 55k cbm Bulkers 67.0 67.0 0.0% 68.0 67 63 2017-2018. SGC LPG 25k cbm 44.0 44.0 0.0% 45.5 44 41
Tankers Newbuilding Prices (m$) Bulk Carriers Newbuilding Prices (m$)
Capesize Panamax Supramax Handysize VLCC Suezmax Aframax LR1 MR 180 110 90 140 70 100 50 million$ million$ 60 30
20 10
Newbuilding Orders Units TypeSize Yard Delivery Buyer Price Comments Hyundai Mipo, S. 2 Tanker 40,000d t 2017-2018 Greek (Super Eco Tankers) undisclosed IMO II Korea StSt, HNCC su sidiary 1 Tanker 3,500d t Dae Sun, S. Korea 2017 S. Korean (HNCC) undisclosed of Hana Marine 5 Offshore 15,000 d t Vard Braila, Romania $ 20.0m Module Carrying 4 Offshore 15,000 d t Vard Tulcea, Romania 2017-2018 UAE ased (Topaz Energy) $ 20.0m Vessels for the JV in Kazakhstan Vard Vung Tau, 6 Offshore 15,000d t $ 20.0m Vietnam
© Intermodal Research 17/05/2016 6 Demoli on Market
Indicative Demolition Prices ($/ldt) Buyers in the Indian su con nent are slo ly moving to ards the sidelines as Week Week udget announcement are approaching, prices are stalling and fears that the Markets ±% 2015 2014 2013 20 19 recent firming of the market can’t e sustained for much longer are increas- ing over at the demoli on front. The one thing that seems una ected y all Bangladesh 305 305 0.0% 360 469 422 this is the supply of demo candidates that appears to have totally “ignored” India 300 300 0.0% 361 478 426 recent market developments and remains as ro ust as ever. The firm num er
Wet Pakistan 305 305 0.0% 366 471 423 of container vessels that has een heading for scrap recently has also come China 190 190 0.0% 193 313 365 to add to the once more increasing supply of ulkers. With dry ulk sector Bangladesh 290 290 0.0% 341 451 402 related scrapping stealing the spotlight this year, the remarka le increase in India 280 280 0.0% 342 459 405 the num er of demoli on sales of containerships so far in 2016 compared to the same period last year has een some hat overshado ed. The la er is Dry Pakistan 295 295 0.0% 343 449 401 calculated at 48% in terms of vessels and a a -dropping 122% in terms of China 170 170 0.0% 174 297 350 d t, hile this trend is expected to last at least un l the end of the tradi on- ally eaker for containers third quarter. Prices this eek for et tonnage ere at around 190-305 $/ldt and dry units received a out 170-295 $/ldt. The highest price amongst recently reported deals, as that paid y Pakistani reakers for the Capesize “GS ANGEL” (122,259d t-16,447ldt- lt 95), hich received $320/ldt, including ROB.
Wet Demolition Prices Dry Demolition Prices
Bangladesh India Pakistan China 550 Bangladesh India Pakistan China
520 450
420 350 $/ldt 320 $/ldt 250
220 150
120 50
Demolition Sales Name Size Ldt Built Yard Type $/ldt Breakers Comments CHINA STEEL CHINA SHIPBUILDING 154,556 22,746 1997 BULKER $ 290/Ldt undisclosed as-is Tai an EXPRESS KAO, Tai an
HYUNDAI HEAVY INDS - ANANGEL ETERNITY 171,176 21,211 1999 BULKER $ 300/Ldt Bangladeshi as-is Singapore, incl. ROB U, S. Korea
HYUNDAI HEAVY INDS - HANJIN MUNDRA 63,533 18,963 1997 CONT $ 320/Ldt undisclosed as-is Singapore U, S. Korea
DAEWOO HEAVY GS ANGEL 122,259 16,477 1995 BULKER $ 320/Ldt Pakistani incl. ROB INDUSTRIE, S. Korea
HANSA BREMER VULKAN WERFT, 34,954 11,355 1997 CONT $ 310/Ldt undisclosed as-is Singapore CONSTITUTION Germany
WARNOWWERFT, MSC LIESELOTTE 21,370 10,655 1983 CONT $ 307/Ldt Indian Germany
GDYNIA STOCZNIA SA, GLORY 30,447 10,485 1996 CONT $ 300/Ldt undisclosed as-is Hong Kong Poland
DALIAN SHIPYARD CO OCEAN HOPE 29,512 8,005 1996 GC $ 300/Ldt Bangladeshi LTD, China
SZCZECINSKA STOCZNIA ACAPULCO 14,148 5,652 1996 CONT $ 290/Ldt undisclosed as-is Colombo S, Poland
IMABARI IMABARI, RUI FU 25,759 5,435 1985 BULKER $ 265/Ldt Bangladeshi net price Japan
© Intermodal Research 17/05/2016 7 ommod es p nance
Market Data Bas c ommod t es Weekly ummary W-O-W 13-May-16 12-May-16 11-May-16 10-May-16 9-May-16 Oil WTI $ Oil Brent $ Gold $ ange % 50 1,350
10year U Bond 1.710 1.750 1.730 1.770 1.770 -4.5% 1,300 P 500 2,046.61 2,064.11 2,064.46 2,084.3 2,058.6 -0.5% o l 45 1,250 gold Nasdaq 4,717.68 4,737.33 4,760.6 4,80 .88 4,750.21 -0.4% Dow Jones 17,535.32 17,720.50 17,711.12 17, 28.35 17,705. 1 -1.2% 1,200
T E 100 6,138.50 6,104.1 6,162.4 6,156.65 6,114.81 0.2% 40 1,150 T E All- are UK 3,370.33 3,355.50 3,383.64 3,380.82 3,360.82 0.2% A 40 4,31 . 4,2 3.27 4,316.67 4,338.21 4,322.81 0.4% Xetra Dax , 52. 0 ,862.12 , 75.32 10,045.44 , 80.4 -0.3% N kke 16,412.21 16,646.34 16,57 .01 16,565.1 16,216.03 1.2% Bunker Pr ces Hang eng 1 ,71 .2 1 , 15.46 20,055.2 20,242.68 20,156.81 -1. % W-O-W 13-May-16 6-May-16 DJ U Mar t me 20 .10 20 .82 208.80 20 .33 208. 7 -0.5% ange % $ / € 1.13 1.14 1.14 1.14 1.14 -0.8% Rotterdam 405.5 401.5 1.0% $ / ₤ 1.44 1.44 1.44 1.44 1.44 -0.5% ¥ / $ 108.64 10 .11 108.42 10 .20 108.36 1.4% Houston 423.5 418.5 1.2% MDO $ / NoK 0.12 0.12 0.12 0.12 0.12 0.1% ngapore 422.0 404.0 4.5% Yuan / $ 6.53 6.52 6.4 6.52 6.52 0.5% Rotterdam 213.5 204.0 4.7% urrenc es Data Exc ange tock Won / $ 1,176.80 1,16 .25 1,164.80 1,171.10 1,175.20 0.6% Houston 1 7.5 175.0 12. %
$ INDEX 86.8 86.51 86.22 86.63 86.58 0. % 380cst ngapore 227.5 215.5 5.6%
Market News Mar t me tock Data “Pan Ocean sees Q1 profit come down 40% tock W-O-W ompany urr. 13-May-16 06-May-16 Exc ange ange % an Ocean, the South Korean shipowner acquired by animal -feed company Harim Group last year, has AEGEAN MARINE PETROL NTWK NY E U D 7.12 7.22 -1.4% seen its first quarter net profit drop 40%. The compa- APITAL PRODU T PARTNER LP NA DAQ U D 2.58 2.5 -0.4% ny said net income for the period was $61.4m against the $101.6m seen a year earlier on the back of higher O TAMARE IN NY E U D 8.70 8.88 -2.0% costs. Revenue for the three months inched up 3.6% DANAO ORPORATION NY E U D 3.26 3.16 3.2% to $376.6m, but costs showed a year-on-year in- DIANA HIPPING NY E U D 2.72 2. 5 -7.8% crease of 11.5% to $332m. “This year’s market situa- on is likely to be similar to 2015 due to a chronic DRY HIP IN NA DAQ U D 2.56 2. 4 -12. % oversupply of tonnages and slow demand,” Pan EAGLE BULK HIPPING NA DAQ U D 0.54 0.61 -11.5% Ocean said. “So we will see more scrapping, which could relieve current supply and demand imbalance EURO EA LTD. NA DAQ U D 2.10 2.80 -25.0% and possibly improve the market in the near future. GLOBU MARITIME LIMITED NA DAQ U D 0.35 0.56 -37.5% “While South America’s grain season is expected to keep suppor ng the market, decreasing coal import GOLDENPORT HOLDING IN LONDON GBX 0. 1 0. 5 -4.2% of both China and India will maintain the downward NAVIO MARITIME A QUI ITION NY E U D 1.67 1.68 -0.6% pressure. “However, China iron ore import is increas- NAVIO MARITIME HOLDING NY E U D 0.7 0.88 -10.2% ing beyond previous expecta on so far thanks to the closure of high cost domes c mines and an expecta- NAVIO MARITIME PARTNER LP NY E U D 1.36 1.42 -4.2% on of further s mulus. “So, whether China iron ore PARAGON HIPPING IN . NY E U D 1.53 1.75 -12.6% import keeps increasing or not will be a key point for the future market prospect.” The quarter saw Pan A E BULKER IN NY E U D 0. 3 0. 5 -2.1% Ocean sign a long-term contract of affreightment EANERGY MARITIME HOLDING ORP NA DAQ U D 2.55 2.78 -8.3% (COA) with Brazilian mining giant Vale. It will ship around 32mt of iron ore a year during the dura on of TAR BULK ARRIER ORP NA DAQ U D 0.74 0.83 -10.8% the 20 year contract from Brazil for discharged in TEALTHGA IN NA DAQ U D 4.52 4.35 3. % China, Malaysia or the Philippines. The quarter also T AKO ENERGY NAVIGATION NY E U D 5.85 5. 2 -1.2% saw the company reportedly buy back a par ally finished Valemax newbuilding si ng idle at defunct TOP HIP IN NA DAQ U D 2.36 2.38 -0.8% STX Dalian Shipbuilding. The ship was one of eight Valemaxes the owner ordered against a $5bn long- term COA agreed with Vale in 200 . In addi on to its seven trading Valemaxes, Pan Ocean has 15 capesize bulkers on the water plus four capesize newbuild- ings” (Trade Winds)
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