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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