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January 30, 2015 / Week 5
THE VIEW FROM THE BRIDGE
Full report can be viewed on the Market Reports tab at the following link: www.compassmar.com
The BDI closed at 608 today which is its lowest level in 28 years. The BDI was last at this level on August 21st
1986 after rebounding from an all-time low of 554 on August 6th 1986. This week a positioning voyage was fixed
at ZERO dollars per day! The Kamsarmax M/V "STAR ANGELINA" (82,981 DWT/Built 2006 at Tsuneishi in
Japan) reportedly fixed basis a delivery Sual, Philippines with January 28/31 dates, then a trip via EC Australia
redelivery Brazil at $0.00 for the first 60 days, thereafter $2,000/day. This type of charter has been rarely used
since the down market of the mid-1980’s.
China's Ministry of Industry and Information Technology reported this week that Chinese shipyards had a 14.2%
drop in newbuilding orders for 2014. However, the total Chinese orderbook still has 148.9 mill. DWT to be
delivered.
Investors are keen on the tanker space and stepped up big-time to buy shares at the Euronav (symbol: EURN) IPO
on the New York Stock Exchange this week. Euronav has a fleet of 52 vessels made up of 26 VLCCs, 23
Suezmax tankers, and two FSO's. The offering raised close to $230 mill. and reportedly was oversubscribed by 3
to 1 and the underwriters exercised their over-allotment options in full. It will be interesting to see how many of
the private equity investors such as Diamond S (Wilbur Ross, First Reserve Corp, and others), Ridgebury Tankers
(Riverstone Holdings), Principal Maritime (Apollo Group), GENMAR (Oaktree Capital Management), etc. bring
their tanker fleets to the IPO market in 2015.
Have a good weekend.
1
COMPASS MARITIME SERVICES, LLC
Teaneck, New Jersey USA
www.compassmar.com
Phone: 201-907-0009
TANKERS
TANKER SALES REPORTED THIS WEEK
Price
($ Mill.)
$49.7
$46.3
Vessel Name
DWT
Year
Built
Engine
Additional Info
Buyer
CHAPTER GENTA
ROXEN STAR
156,480
156,436
2011
2009
CHINA
MAN-B&W
Coiled
AL MUMINAH
107,081
2005
JAPAN
B&W
Coiled
$31
Norwegian (Blystad)
ST DAWN
19,399
2000
JAPAN
MIT
Stainless Steel, 20 Grades
$14.3
Vietnamese (TPL)
RONG ZHOU
13,898
2010
CHINA
MAN-B&W
IMO II/III
$10.5
US (Sino-Global)
ST CHARLOTTE
12,497
2006
TURKEY
MAK
Asphalt Tanker,
Incl. 1 yr TC to Total
$17
Dutch (Vroon)
STOLT VIOLET
8,792
2004
JAPAN
B&W
Stainless Steel, 16 Grades
$9.3
Chinese (Great Horse)
Norwegian (Frontline)
COMPASS MARITIME TANKER VALUES
ASSET CLASS
NB PROMPT
NB CONTRACT
5 YEAR
DELIVERY
10 YEAR
20 YEAR
(All Numbers in US $ Millions)
TANKERS
SIZE (DWT)
VLCC
300,000
97
105
79
51
23
SUEZMAX
160,000
65
71
59
39
11
AFRAMAX
110,000
53
55
45
29
9
PANAMAX - LR1
70,000
45
46
34
23
8
MR TANKER
51,000
37
37
27
16
7
COMPASS MARITIME TANKER VALUES (5YRS OLD)
120.00
100.00
80.00
60.00
40.00
20.00
VLCC
SUEZ
AFRA
PANA
1-Jan-15
1-Oct-14
1-Jul-14
1-Apr-14
1-Jan-14
1-Oct-13
1-Jul-13
1-Apr-13
1-Jan-13
1-Oct-12
1-Jul-12
1-Apr-12
1-Jan-12
1-Oct-11
1-Jul-11
1-Apr-11
1-Jan-11
1-Oct-10
1-Jul-10
1-Apr-10
1-Jan-10
1-Oct-09
1-Jul-09
1-Apr-09
1-Jan-09
0.00
MR
2
COMPASS MARITIME SERVICES, LLC
Teaneck, New Jersey USA
www.compassmar.com
Phone: 201-907-0009
BULK CARRIERS
BULK CARRIERS SALES REPORTED THIS WEEK
Additional Info
Price
($ Mill.)
Buyer
10,000 LDT
$6.1
Undisclosed
7,500 LDT
$4
Chinese
$16.6
Greek (Dalex)
$3.5
Chinese
C 4x30.5T
$8.5
Greek
C 3x30T
$5
European
Vessel Name
DWT
Year
Built
Engine
H/H
GEAR
ASSIMINA
72,126
1997
JAPAN
B&W
7/7
STAVROS P
45,863
1994
JAPAN
MIT
5/5
C 4x25T
ATLANTIC PEARL
33,399
2010
JAPAN
MIT
5/5
C 4x30T
OCEAN STAR
28,499
1993
JAPAN
MIT
5/5
C 4x30T
LIZARD POINT
28,496
2005
JAPAN
MAN-B&W
5/5
LENNARD
18,320
2000
JAPAN
B&W
4/4
6,000 LDT
COMPASS MARITIME BULK CARRIER VALUES
NB PROMPT
ASSET CLASS
NB CONTRACT
5 YEAR
DELIVERY
10 YEAR
20 YEAR
(All Numbers in US $ Millions)
BULK
SIZE (DWT)
CAPE
170,000
54
51
36
25
10
PANAMAX
74,000
29
29
19
13
7
SUPRAMAX
56,000
27
27
19
12
6
COMPASS MARITIME BULKER VALUES (5YRS OLD)
70
60
50
40
30
20
10
CAPE
PANA
1-Jan-15
1-Oct-14
1-Jul-14
1-Apr-14
1-Jan-14
1-Oct-13
1-Jul-13
1-Apr-13
1-Jan-13
1-Oct-12
1-Jul-12
1-Apr-12
1-Jan-12
1-Oct-11
1-Jul-11
1-Apr-11
1-Jan-11
1-Oct-10
1-Jul-10
1-Apr-10
1-Jan-10
1-Oct-09
1-Jul-09
1-Apr-09
1-Jan-09
0
SUPRA
3
COMPASS MARITIME SERVICES, LLC
Teaneck, New Jersey USA
www.compassmar.com
Phone: 201-907-0009
MISCELLANEOUS VESSELS
CONTAINERSHIPS SALES REPORTED THIS WEEK
Vessel Name
DWT
Year
HELENA SCHULTE
42,106
SEA PIONEER
14,003
Price
($ Mill)
Buyer
MAN-B&W
$12
US (Soundview)
MAN-B&W
$4.75
Chinese
Built
TEU
Engine
2006
CHINA
3,534
2005
ROMANIA
1,102
GEAR
Additional Info
TWEENDECKERS/ MPC/ Ro-Ro/ MISCELLANEOUS VESSELS
Additional
Info
Price
($ Mill)
Buyer
2/2
2,023 LDT
$1
Turkish
1/1
1,358 LDT
$1.45
Undisclosed
Vessel Name
DWT
Year
Built
TEU
Engine
H/H
NORTHWESTER
5,705
1994
PORTUGAL
395
MAK
BRUFJELL
4,372
1995
NETHERLANDS
234
DEU
GEAR
4
COMPASS MARITIME SERVICES, LLC
Teaneck, New Jersey USA
www.compassmar.com
Phone: 201-907-0009
CHARTERING MARKET SNAPSHOT
BULKERS
TANKERS
BALTIC EXCHANGE BULKER FRIEGHT INDICES
BALTIC EXCHANGE TANKER FRIEGHT INDICES
LAST
WK
720
LAST
YR
1,127
w-o-w
y-o-y
y-o-y
(%)
BDI
CURR
WK
608
(112)
(407)
-46.05%
BCI
679
887
1,527
(208)
(640)
-55.53%
BPI
508
685
1,347
(177)
(662)
-62.29%
BSI
585
650
1,018
(65)
(433)
-42.53%
BHSI
340
380
691
(40)
(351)
-50.80%
BULKER 12 MONTHS T/C RATES
THIS
WEEK
LAST
WEEK
LAST
WK
917
LAST
YR
1,037
w-o-w
y-oy
y-o-y
(%)
BDTI
CURR
WK
863
(54)
(174)
-16.78%
BCTI
678
705
605
(27)
73
12.07%
TANKER 12 MONTHS T/C RATES
DWT
THIS
WEEK
LAST
WEEK
CAPE
170,000
11,500
12,000
VLCC
300,000
42,500
42,500
PANAMAX
75,000
7,250
7,250
Suezmax
150,000
32,000
32,000
SUPRAMAX
52,000
7,750
8,000
Aframax
110,000
23,000
23,000
LR2
105,000
22,000
22,000
LR1
80,000
18,000
18,000
MR
47,000
15,000
15,000
KEY INDICATORS
BUNKER PRICES (US$/ton)
ROTTERDAM
FUJAIRAH
SINGAPORE
PIRAEUS
380 CST
243.00
297.50
286.50
270.00
180CST
273.00
330.00
305.00
291.50
MGO
466.50
850.00
494.00
483.00
FINANCIAL SUMMARY
WON / US $
1079.57
NOK / US $
7.7742
€ / US $
0.8930
£ / US $
0.6674
¥ / US $
117.99
OIL (WTI) / bbl
$48.67
10-YR TREAS
1.82%
LIBOR (3-mos)
0.26%
5
COMPASS MARITIME SERVICES, LLC
Teaneck, New Jersey USA
www.compassmar.com
Phone: 201-907-0009
RECYCLING / DEMOLITION
RECYCLING ACTIVITY REPORTED THIS WEEK
BANGLADESH - CHITTAGONG
NAME
DWT
YEAR
LDT
ADDITIONAL INFORMATION
MV Martzoukos A
MV Cape Osprey
MV Steel Titan
161,175
161,448
65,433
1995
1995
1991
19,874
19,061
11,776
Includes 380 tons bunkers
PRICE/ LDT
(USD)
$420
$424
$422
CHINA
NAME
DWT
YEAR
LDT
PRICE/ LDT
(USD)
ADDITIONAL INFORMATION
No sales to report
INDIA
PRICE/ LDT
(USD)
$446
NAME
DWT
YEAR
LDT
ADDITIONAL INFORMATION
China Star (cont)
47,230
1990
14,625
With a 42 ton prop
Dubai Star (cont)
47,230
1991
14,272
With a 42 ton prop
$448
MV Tatio
37,694
1985
7,258
Green recycling, forward delivery
$390
Aqua Star (MMP)
11,807
1992
4,369
$406
PAKISTAN
NAME
DWT
YEAR
LDT
PRICE/ LDT
(USD)
ADDITIONAL INFORMATION
No sales to report
MISC
NAME
DWT
YEAR
LDT
PRICE/ LDT
(USD)
ADDITIONAL INFORMATION
No sales to report
TURKEY
NAME
DWT
YEAR
LDT
PRICE/ LDT
(USD)
ADDITIONAL INFORMATION
No sales to report
RECYCLING STATISTICS
ASSET CLASS
ULCC/VLCC
SUEZMAX
AFRAMAX
POST-PANAMAX TANKER
PANAMAX TANKER
CAPE/COMBO (80K DWT +)
PANAMAX BULKER
POST PANAMAX BULKER
THIS DATE 2015
0
0
0
0
0
8
8
0
THIS DATE 2014
0
0
1
0
2
0
3
0
2014 TOTAL
13
8
26
2
10
25
68
3
2013 TOTAL
23
12
29
0
12
45
62
4
ESTIMATED RECYCLING PRICES (US $ / LDT)
LOCATION
CHINA
SUB-CONTINENT
TANKERS 15-20,000 LDT
TANKERS 6-10,000 LDT
BULK CARRIERS
$240
$434
$235
$432
$225
$412
6
COMPASS MARITIME SERVICES, LLC
Teaneck, New Jersey USA
www.compassmar.com
Phone: 201-907-0009
NEWBUILDINGS
NEWBUILDING ACTIVITY REPORTED THIS WEEK
No.
Size
Type
Yard
Delivery
Price (mill)
3
240,000 dwt
BC
Imabari
2016-17
$60
2
319,000 dwt
TK
Daewoo
2017
$99
1
319,000 dwt
TK
SWS
2017
$95
1
177,000 cbm
LNG
Mitsubishi HI
2019
1
177,000 cbm
LNG
Mitsubishi HI
2018
VLCC
(200k+ dwt)
SUEZMAX
(120k-199k dwt)
AFRAMAX
(80k-119k dwt)
PANAMAX
(60k-79k dwt)
MR TANKER
(35k-59k dwt)
0-34K DWT
2015
2016
2017
23
52
12
5
25
20
2018
43
41
12
4
23
1
164
108
19
2
76
78
35
6
Shallow Draft
Mitsui OSK Lines
Maran Tankers
+$3m to convert 2
x Capesives order
at $92m en bloc
Incl 25yr TC to
Mitsui
Incl 25yr TC to
Mitsui
Sincere Navigation
Mitsui OSK Lines
NYK
NEWBUILDING STATISTICS - BULKERS
NEWBUILDING STATISTICS - TANKERS
ASSET CLASS
Owners
Comments
ASSET CLASS
2015
2016
2017
2018
CAPESIZE
(100k+ dwt)
128
167
34
3
80-100K DWT
127
132
33
4
31
5
342
249
67
3
203
132
37
3
PANAMAX
(65k-79k dwt)
SUPRAMAX
(40k-64k dwt)
HANDYSIZE
(10k – 39k dwt)


Includes ALL vessels on order.
Please note that not all data is current as of the end of this week.
Very Truly Yours,
COMPASS MARITIME SERVICES, LLC
Compass Maritime Services, LLC is Member of

The Association of Ship Brokers & Agents (USA) Inc. (ASBA), and

The Baltic Exchange,
and Panel Member of

The Baltic Exchange Sale & Purchase Assessment (BSPA Index)

The Baltic Exchange Demolition Assessment (BDA Index)
The information contained in this report has been obtained from various market sources. COMPASS MARITIME believes such information to be factual and reliable without making guarantees regarding
its accuracy or completeness. COMPASS MARITIME will not be held responsible for any action or failure to take action upon reliance on information contained herein. This report, whether partially or
in its entirety, cannot be reproduced by any means without the prior written authorization of COMPASS MARITIME.
© 2000-2011 COMPASS MARITIME SERVICES, LLC All Rights Reserved
7
COMPASS MARITIME SERVICES, LLC
Teaneck, New Jersey USA
www.compassmar.com
Phone: 201-907-0009

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