WEEKLY MARKET REPORT

WEEKLY MARKET REPORT
August 22nd, 2014 / Week 34
This report comprises of market information for the last two weeks as we wish to remind you that last week
we did not publish a report.
It seems that the holiday season worked in favor of the freight market. During the past two weeks there is
sustainable increase in all Dry Indices. The positive momentum started from the previous week continued this
week as well, with the only exception being the slight drop in the past two days. More specifically the BDI
gained approximately 7.2% compared to last week’s values whereas the bigger boost was in the capesize
index which improved by almost 18%.
In the tanker sale and purchase market, PNSC picked up the Greek-managed aframax “AMBELOS” (105,315
dwt / blt 2006 Japan) for $33.8 million. In the MR tonnage, Scorpio announced the purchase of an ex-SPP
resale (to be delivered next month) for $37.1 million. The vessel was originally contracted by Ceres Shipping.
In the same announcement, it is stated that the group took delivery of their two MRs ex-Hyundai Mipo which
have already been renamed and fixed.
In the dry market, Star Bulk announced earlier this week the agreement to acquire 34 drybulk vessels from
Excel Maritime Carriers Ltd. The deal includes 6 capesizes, 14 kamsarmaxes all built in Tsuneishi, 12
panamaxes and 2 handymaxes for the aggregate price of 29.917 million shares of common stock of Star Bulk
and $288.39 million in cash.
Going on in the drybulk market, Greeks remained active within this segment with a few inspections and a
couple of acquisitions. We understand that the cape “BLUE CHO OYU” (180,161 dwt / blt 2011 Korea) was
sold to Alpha Tankers & Freighters for $51 million whereas another Greek buyer acquired the kamsarmax
“NAVIOS TITAN” (82,936 dwt / blt 2005 Japan) for $18 million. The panamax sector attracted much
attention these past two weeks with a few deals concluded. More specifically the “LOWLANDS NELLO”
(76,930 dwt / blt 2004 Japan), the “MICHELE D’AMATO” (76,440 dwt / blt 2005 Japan) and the “RED
IRIS” (75,730 dwt / blt 2003 Japan) were committed for $17.2, $17.75 and $15.75 million respectively.
Lastly, Greeks are also behind the acquisition of the modern supramax “STAVROPOL” (56,831 dwt / blt
2012 China).
Activity in the NB market also picked up. In the tanker front, Nisshin booked a pair of LR1s in Sungdong
with delivery in 2016/17. Navig8 went to STX for 4+4 x 49,000 dwt MR2s for delivery in 2016. These ships
WeberSeas, Weekly Market Report
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are costing $40 million/piece. A few more orders can be found in detail in our report. On the other hand, in
the dry orderbook we report the massive booking of 10 x 206,000 dwt units in Jinhai. The Singapore based
AMK Securities backed by a fund and a commodity trader has also signed LOIs for 10+10 options with the
yard. The delivery will take place within 2016-2019 and the estimated price is $59 million/unit.
In the gas sector, Cido and Sino Sea Capital ordered xs 80,000 cbm units in HHI and DSME respectively.
All major destinations for recycling had shown interest the past two weeks with many deals concluded. Prices
remain firm whereas a couple of vessels were secured with significant bunkers on board. Prices in Pakistan
have shown improvement with a few panamaxes heading to scrap. Turkey and China have also concluded a
couple of sales.
TANKERS
“AMBELOS” 105,315/06 - SUMITOMO - B&W 16,791 - COILED - SBT - IGS - COW - DH
SS 11/2016, DD 11/2014
Sold for $33.8 mill to Pakistani buyers (Pakistan National Shipping Corporation).
“SPP SACHEON S5126” 50,300/08-14 - SPP - B&W 12,168 - COATED - COILED - SBT - DH
Sold for $37.1 mill to Monaco based buyers (Scorpio Tankers).
“GREEN STARS” 36,038/01 - DAEDONG - SUL 11,094 - COATED - COILED - SBT - IGS - COW - DH
SS/DD 02/2016
Sold on subjects for $12.3 mill to Far Eastern buyers.
“CHEM SEA” 11,642/99 - FUKUOKA - MIT 4,900 - ST. ST. COATING - COILED - SBT - DH
SS/DD 08/2014
Sold for $7.7 mill to undisclosed buyers.
BULKERS
“BLUE CHO OYU” 180,161/11 - DAEHAN - B&W 25,370 - 9HH - SS/DD 04/2016
Sold for $51 mill to Greek buyers (Alpha Tankers & Freighters).
“NAVIOS TITAN” 82,936/05 - TSUNEISHI - B&W 13,324 - 7HH - SS/DD 11/2015
Sold for $18 mill to Greek buyers.
“NANJING WUJIAZUI YC015” 79,600/08-14 - NANJING WUJIAZUI - B&W 15,799 - 7HH
Sold for $22.5 mill to Greek buyers.
“LOWLANDS NELLO” 76,930/04 - SASEBO - B&W 12,549 - 7HH - SS/DD 09/2014
Sold for $17.2 mill to Norwegian buyers.
“MICHELE D'AMATO” 76,440/05 - TSUNEISHI - B&W 12,005 - 7HH - SS/DD 08/2015
Sold for $17.75 mill to Greek buyers.
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“RED IRIS” 75,730/03 - SANOYAS - B&W 12,201 - 7HH - SS 08/2018, DD 07/2016
Sold for $15.75 mill to undisclosed buyers.
“IMABARI 865” 61,000/12-15 - IMABARI - B&W 13,542 - 7HH
Sold for $31.4 mill to U.S. based buyers.
“STAVROPOL” 56,831/12 - QINGSHAN - B&W 12,889 - 5HH - C 4X30T - SS 04/2017, DD 04/2015
Sold on private terms to Greek buyers (LMZ).
“AMAN TRADER” 48,320/90 - CROATIA - B&W 12,481 - 5HH - C 4X25T - SS 08/2015
Sold for $4.1 mill to Chinese buyers with surveys overdue.
“LINGUE” 26,973/90 - MINAMI-NIPPON - MIT 7,171 - 5HH - C 4X30T - SS/DD 02/2015
Sold for $4 mill to undisclosed buyers.
CONTAINERS
“YM MARCH” 67,270/04 - KOYO MIHARA - B&W 77,770 - 5,576 TEU
“YM GREAT” 67,270/04 - KOYO MIHARA - B&W 77,770 - 5,576 TEU
Sold for $22.2 mill each to Greek buyers. The sale includes T/C back until 2015 at $12,000/day
“WILHELM E” 20,406/95 - GERMANY - SUL 15,132 - 6HO, 8HA - 1,452 TEU
Sold for $4.2 mill each to India based buyers (RK Shipping & Trading).
MPP / GENERAL CARGO
“HUDSONBORG” 6,100/06 - NETHERLANDS - WARTSILA 4,079 - 2HH - SS/DD 08/2016
“HUMBERBORG” 6,053/06 - NETHERLANDS - WARTSILA 4,079 - 2HH - SS/DD 04/2016
Sold en bloc for $5 mill each to Norwegian buyers.
“ST.OLGA” 5,820/96 - LITHUANIA - MAN 4,786 - 2HH - C 2X36T - SS/DD 11/2016
Sold for $1.5 mill to Russian buyers.
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FRESH FOR SALE
TANKERS
“OVERSEAS ELIANE” 94,813/94 - HYUNDAI H.I. - B&W 14,909 - COILED - SBT - IGS - COW - DH
Vessel can be inspected in Singapore on around 24th - 26th August.
“ASASHIO” 46,986/98 - ONOMICHI - B&W 11,641 - COATED - COILED - SBT - IGS - COW - DH
Vessel is currently in Indonesia.
BULKERS
“GLORIA HAYNE” 28,392/96 - IMABARI - B&W 7,800 - 5HH - C 4X30.5T
Vessel inspectable in Nanjing where ETB 27th August.
CONTAINERS
“GABRIEL SCHULTE” 42,074/07 - SHANGHAI - B&W 43,398 - 7HO, 12HA - 3,534 TEU
Vessel is trading within the US / Caribbean / South America range.
“CONSTANTIN S” 33,011/06 - NAIKAI ZOSEN - SETODA - B&W 29,551 - C 3X45T - 2,450 TEU
Vessel is presently trading Algeciras, Tangier / West Africa range.
WeberSeas, Weekly Market Report
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DEMOLITION
TYPE OF SHIP
ULCC/VLCC
SUEZMAX
AFRAMAX
PANAMAX TANKER
CAPE/COMBO (100,000 dwt +)
PANAMAX/KAMSARMAX
BULKER
LOCATION
CHINA
INDIA
BANGLADESH
PAKISTAN
DEMOLITION STATISTICS
THIS DATE 2014 THIS DATE 2013
9
9
3
5
15
12
1
5
2013 TOTAL
15
9
18
7
2012 TOTAL
14
15
29
3
17
28
42
68
29
29
37
101
TANKERS
355-380
470-500
475-500
480-505
BULK CARRIERS
325-345
460-490
460-490
470-500
DEMOLITION:
INDIA
CONT “YM NORTH”
(Including 350T ROB)
45,995/95 - 19,426 LDT - USD 486/LDT, as is Colombo
CONT “ZIM JAMAICA”
45,850/97 - 16,900 LDT - USD 511/LDT
RO-RO “SKODSBORG”
10,470/79 - 6,803 LDT - USD 500/LDT
BANGLADESH
M/V “GH RESOURCES”
(Including 350T ROB)
123,503/90 - 15,305 LDT - USD 467/LDT, as is Xiamen
M/V “BRAVE ROYAL”
34,607/84 - 10,382 LDT - USD 479/LDT
PAKISTAN
M/T “LEADER”
83,890/85 - 14,675 LDT - USD 517/LDT
M/V “EVERWIN”
70,894/88 - 10,857 LDT - USD 499/LDT
M/V “KAGHAN”
65,716/86 - 10,472 LDT - USD 482/LDT
M/V “ADVENTURE”
38,130/89 - 7,012 LDT - USD 490/LDT
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M/V “ELMINDA”
(Including 600T ROB)
26,700/85 - 6,675 LDT - USD 522/LDT
CHINA
M/V “TIANYANGHAI”
169,999/97 - 20,173 LDT - USD 300/LDT
M/V “PENG WEI”
68,676/89 - 9,724 LDT - undisclosed price
TURKEY
GC “WILSON TANA”
7,174/77 - 2,578 LDT - USD 355/LDT
NEWBUILDING STATISTICS
TYPE OF
SHIP
2014
2015
ULCC/VLCC
11
SUEZMAX
* TOTAL
ORDERBOOK
2016
2017
26
44
4
85
12
7
18
7
44
AFRAMAX
22
57
54
16
149
PANAMAX
19
24
29
8
80
MR
70
202
164
21
457
10-35,000 DWT
39
83
80
51
253
46
136
133
21
336
39
133
103
23
298
CAPESIZE/
MINI CAPE /
VLOC
80-100,000
DWT
PANAMAX
30
26
3
SUPRAMAX /
HANDYMAX
122
318
199
43
682
HANDYSIZE
87
214
84
26
411
WeberSeas, Weekly Market Report
59
Page 6 of 11
NEWBUILDING CONTRACTS
No
Size
Type
Yard
Sungdong
Shipbuilding
STX
Shipbuilding
Jiangsu
Hantong
Shipyard
Ningbo Xinle
Shipyard
2
74,000 dwt
Tanker
4
49,000 dwt
Tanker
1
39,000 dwt
Tanker
2
13,000 dwt
Tanker
2
84,000 cbm
LPG
3
83,000 cbm
LPG
10
206,000 dwt
Bulker
Jinhai H.I.
2
180,000 dwt
Bulker
3
2
19,200 teu
19,000 teu
Container
Container
8
12,000 dwt
MPP
WeberSeas, Weekly Market Report
Delivery
Price
(mill)
2016/17
n/a
2016
$40.00
2016
Owners
Comments
Nisshin
Shipping
Navig8
+4 options
n/a
Goldwin
Shipping
+2 options
2016
n/a
Elcano
Hyundai H.I.
2017
$80.00
Daewoo SME
2016
n/a
2016/19
$59.00
New Times
Shipbuilding
2016
n/a
Samsung H.I.
Daewoo SME
2016/17
2015/16
n/a
xs $140.00
Scorpio
B.C.L.C.
Taizhou
Sanfu
Shipyard
2015/16
n/a
Nordana
Cido Shipping
Sino Sea
Capital
AMK
Securities
Stainless Steel
+2 options
+10 +10 options
Cargill
Old order
Page 7 of 11
Baltic Dry Index
Baltic Capesize
Baltic Panamax
Baltic Supramax
Baltic Handysize
BALTIC DRY EXCHANGE RATES
THIS WEEK
LAST WEEK
CHANGE
1088
1015
73
2535
2151
384
812
803
9
937
877
60
413
382
31
CHANGE %
7.19%
17.85%
1.12%
6.84%
8.12%
3500
3000
2500
2000
1500
1000
500
0
-1 0 1 0 -1 0 - 11 -1 1 -1 1 -1 1 1 1 -1 1 - 12 -1 2 -1 2 -1 2 1 2 -1 2 - 13 -1 3 -1 3 -1 3 1 3 -1 3 - 14 -1 4 -1 4 -1 4
ug -O ct - -Dec -F eb -A pr -Ju n -A ug -O ct - -Dec -F eb -A pr -Ju n -A ug -O ct - -Dec -F eb -A pr -Ju n -A ug -O ct - -Dec -F eb -A pr -Ju n -A ug
A
22 22 22
22 2 2
22 22
22 22 22 22
22 22
22
22 22
22 22 22 22
22 22
22 22
22
BDI
7000
6500
6000
5500
5000
4500
4000
3500
3000
2500
2000
1500
1000
500
0
2
2- A
ug
1
1
1
0
0
1
3
2
4
11 c -11 b- 12 r - 12 n-1 2
13 c -13 b- 14 r - 14 n-1 4
12 c -12 b- 13 r - 13 n-1 3
-10 ct- 1 ec -1 eb- 1 pr - 1 u n-1
g -1
ctg -1 ctg -1 ctg -1
e
p
p
e
e
p
- F 2- A
- A 2- Ju 2- Au 2- O 2- D e 2- F
-A
- J 2 - A u 2 - O 2 - D e 2- F
- A 2- Ju 2- Au 2- O 2- D e 2- F
- O 2- D
- Ju 2- Au
2
2
2
2
2
2
2
2
2
2
2
2
22
2
2
2
2
22
2
2
2
2
2
2
2
2
2
2
2
BCI
4000
3500
3000
2500
2000
1500
1000
500
0
22
1
2
3
4
0
1
0
-1 1 g -11 ct- 11 c -11 eb- 1 pr - 1 2 n-1 2 g -1 2 ct- 12 c -12 eb - 1 p r - 13 n -1 3 g -13 ct- 13 c -1 3 eb- 1 pr - 14 n-1 4 g -1 4
-10 ct- 1 e c -1 e b- 1 p r - 1
e
e
e
u
u
u
un
u
ug
u
u
u
- A 22- O 22 - D 2 2- F 2 2- A 22- J 2- A 2 2- O 2 2- D 22- F 22 - A 22 - J 2- A 22- O 22- D 22 - F 2 2- A 2 2- J 2- A 22 - O 22 - D 2 2- F 22- A 22 - J 2 - A
2
2
2
2
BPI
WeberSeas, Weekly Market Report
Page 8 of 11
BALTIC WET EXCHANGE RATES
Baltic Clean
Tanker
Baltic Dirty
Tanker
THIS WEEK
LAST WEEK
CHANGE
CHANGE %
548
549
-1
-0.18%
759
747
12
1.61%
1600
1400
1200
1000
800
600
400
200
0
- 11 - 11
- 12 - 12
- 13 - 13
- 14 - 14
-1 4
-1 3
-1 1
-13
-10
-1 2
-12
-11
-13 t- 13
-14
-10 t- 10
-12 t- 12
-11 t- 11
ug - O c - D ec - F eb - Apr - Ju n - Aug - O c - D ec - F eb - Apr - Ju n - Aug - O c - D ec - F eb - Apr - Ju n - Aug - O c - D ec - F eb - Apr - Ju n - Aug
A
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
22
22
22
22
22
BCTI
1600
1400
1200
1000
800
600
400
200
0
22
1
4
0
3
2
11 c -11 b- 12 r - 12 n-1 2
10 c -10 b- 11 r - 1 1 n-1 1
13 c -13 b- 14 r - 14 n-1 4
12 c -12 b- 13 r - 13 n-1 3
g -1 ctg -1
g -1 ctg -1 ctg -1 cte
p
e
p
p
e
e
p
e
e
e
e
u
u
u
u
- Au 2 2 - O 2 2 - D 2 2 - F 2 2 - A 2 2 - J 2 - Au 2 2 - O 2 2 - D 2 2 - F 2 2 - A 2 2 - J 2 - Au 2 2 - O 2 2 - D 2 2 - F 2 2 - A 2 2 - J 2 - Au 2 2 - O 2 2 - D 2 2 - F 2 2 - A 2 2 - J 2 - A u
2
2
2
2
BDTI
WeberSeas, Weekly Market Report
Page 9 of 11
MAJOR CAPITAL MARKETS
THIS WEEK*
INDEX
LAST WEEK*
CHANGE
CHANGE %
52 WEEKS
LOW
52 WEEKS HIGH
DOW JONES
17,039.49
16,713.58
325.91
1.95%
17,151.60
14,719.40
NASDAQ
4,532.10
4,453.00
79.10
1.78%
4,535.89
3,573.57
AIM
763.96
754.75
9.21
1.22%
897.27
746.78
NIKKEI
15,586.20
15,314.57
271.63
1.77%
16,320.20
13,188.10
PUBLIC COMPANIES
DRY-CARGO SECTOR
NAME
SYMBOL
THIS
WEEK*
LAST
WEEK*
CHANGE
CHANGE
%
52
WEEK
HIGH
52
WEEK
LOW
DIANA
DSX
11.03
10.53
0.50
4.75%
13.93
8.83
DRYSHIPS
DRYS
3.36
3.19
0.17
5.33%
5.00
2.19
EAGLE BULK
EGLE
1.25
1.38
-0.13
-9.42%
8.75
1.02
GOLDENPORT HOLDINGS
GPRT.L
350.70
354.50
-3.80
-1.07%
510.00
320.00
NAVIOS HOLDINGS
NM
9.51
8.76
0.75
8.56%
12.12
6.06
TANKER/ENERGY SECTOR
52
WEEK
HIGH
52
WEEK
LOW
THIS
WEEK*
LAST
WEEK*
CHANGE
SYMBOL
CHANGE
%
CAPITAL PRODUCT
PARTNERS
CPLP
11.00
11.01
-0.01
-0.09%
11.63
8.12
STEALTHGAS
GASS
9.85
10.28
-0.43
-4.18%
13.00
8.51
TEN
TNP
7.53
6.80
0.73
10.74%
8.48
4.52
CHANGE
%
52
WEEK
HIGH
52
WEEK
LOW
3.53%
7.75
3.67
NAME
CONTAINER SECTOR
SYMBOL
THIS
WEEK*
LAST
WEEK*
DAC
5.87
5.67
NAME
DANAOS
CHANGE
0.20
* Prices reflect Thursday’s closing values. Prices in US$ except for Goldenport Holdings which is in GBP.
WeberSeas, Weekly Market Report
Page 10 of 11
RATES OF EXCHANGE
Euro / $
Sterling / $
$ / Yen
$ / Nok
$ / Won
Brent Crude
LIBOR (3-month)
THIS WEEK
LAST WEEK
CHANGE
CHANGE %
1.3265
1.6575
103.790
6.1464
1,019.44
102.50
1.3364
1.6687
102.496
6.1551
1,020.20
103.40
-0.0099
-0.0112
1.294
-0.01
-0.76
-0.90
-0.74%
-0.67%
1.26%
-0.14%
-0.07%
-0.87%
0.23%
0.23%
-0.002
-0.83%
ESTIMATED VALUES*
TANKERS
VLCC
Suezmax
Aframax
Panamax
Product
BULK CARRIERS
Capesize
Panamax/Kamsarmax
Supramax/Handymax
PROMPT RESALE
$103.0m
$69.0m
$51.0m
$45.0m
$36.0m
5 YEARS
$74.0m
$48.0m
$36.5m
$32.0m
$24.5m
10 YEARS
$49.0m
$34.0m
$25.0m
$22.0m
$18.0m
20 YEARS
$17.5m
$12.0m
$9.0m
$8.0m
$6.5m
PROMPT RESALE
$59.0m
$32.0m
$30.5m
5 YEARS
$48.0m
$24.0m
$24.0m
10 YEARS
$34.0m
$17.0m
$17.0m
20 YEARS
$11.0m
$6.0m
$6.0m
* The above values are based and adjusted according only to recent reported sales and are subject to
weekly changes.
TANKER T/C RATES*
VLCC (300,000 dwt)
SUEZMAX (150,000 dwt)
AFRAMAX (110,00 dwt)
PANAMAX (72,000 dwt)
MR (45-50,000 dwt)
1 YR
26,000/D
19,500/D
16,000/D
14,750/D
14,000/D
3 YRS
28,000/D
22,000/D
20,500/D
16,250/D
15,000/D
* The above figures are representative rates for modern tankers only.
BUNKER PRICES
FUEL
GRADES
380cst:
180cst:
MGO:
ROTTERDAM
$562.50
$591.00
$849.00
FUJAIRAH
$592.50
$630.00
$975.00
PIRAEUS
$588.00
$615.50
$833.00
SINGAPORE
$587.00
$599.00
$860.50
The information contained in this report has been obtained from various market sources. WEBERSEAS (HELLAS) S.A. believes such
information to be factual and reliable without making guarantees regarding its accuracy or completeness. WSH will not be held responsible for
any action or failure to take action upon reliance on information contained in this report.
© 2014 WEBERSEAS (HELLAS) S.A. All Rights Reserved
WeberSeas, Weekly Market Report
Page 11 of 11

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