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www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK APRIL 2010MARITIME ECONOMETRICS
GBP£/US$ (2003 - 2010)
US$/JAP Yen (2003 - 2010)
US$/JAP Yen (2003 - 2010)
85.00
90.00
95.00
100.00
105.00
110.00
115.00
120.00
125.00
130.00
Apr-03
Jul-0
3
Oct-0
3
Jan-0
4
Apr-04
Jul-0
4
Oct-0
4
Jan-0
5
Apr-05
Jul-0
5
Oct-0
5
Jan-0
6
Apr-06
Jul-0
6
Oct-0
6
Jan-0
7
Apr-07
Jul-0
7
Oct-0
7
Jan-0
8
Apr-08
Jul-0
8
Oct-0
8
Jan-0
9
Apr-09
Jul-0
9
Oct-0
9
Jan-1
0
Apr-10
US$-Yen
GBP£/US$ (2003 - 2010)
1.3300
1.4300
1.5300
1.6300
1.7300
1.8300
1.9300
2.0300
2.1300
Apr-03
Jul-0
3
Oct-0
3
Jan-0
4
Apr-04
Jul-0
4
Oct-0
4
Jan-0
5
Apr-05
Jul-0
5
Oct-0
5
Jan-0
6
Apr-06
Jul-0
6
Oct-0
6
Jan-0
7
Apr-07
Jul-0
7
Oct-0
7
Jan-0
8
Apr-08
Jul-0
8
Oct-0
8
Jan-0
9
Apr-09
Jul-0
9
Oct-0
9
Jan-1
0
Apr-10
£ - $
GBP£/US$ (1971 - 2010)
1.0300
1.2300
1.4300
1.6300
1.8300
2.0300
2.2300
2.4300
2.6300
Apr-71
Apr-72
Apr-73
Apr-74
Apr-75
Apr-76
Apr-77
Apr-78
Apr-79
Apr-80
Apr-81
Apr-82
Apr-83
Apr-84
Apr-85
Apr-86
Apr-87
Apr-88
Apr-89
Apr-90
Apr-91
Apr-92
Apr-93
Apr-94
Apr-95
Apr-96
Apr-97
Apr-98
Apr-99
Apr-00
Apr-01
Apr-02
Apr-03
Apr-04
Apr-05
Apr-06
Apr-07
Apr-08
Apr-09
Apr-10
£ - $
US$/JAP Yen (1971 - 2010)
80.00
130.00
180.00
230.00
280.00
330.00
Apr-71
Apr-72
Apr-73
Apr-74
Apr-75
Apr-76
Apr-77
Apr-78
Apr-79
Apr-80
Apr-81
Apr-82
Apr-83
Apr-84
Apr-85
Apr-86
Apr-87
Apr-88
Apr-89
Apr-90
Apr-91
Apr-92
Apr-93
Apr-94
Apr-95
Apr-96
Apr-97
Apr-98
Apr-99
Apr-00
Apr-01
Apr-02
Apr-03
Apr-04
Apr-05
Apr-06
Apr-07
Apr-08
Apr-09
Apr-10
US$-Yen
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 1 of 20
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK APRIL 2010
Euro/US$ (2003 - 2010)
US$/AUSTRALIAN DOLLAR (2003 - 2010)
EUR€/US$ (1999 - 2010)
0.750.800.850.900.951.001.051.101.151.201.251.301.351.401.451.501.551.60
Apr-99
Jul-9
9
Oct-9
9
Jan-0
0
Apr-00
Jul-0
0
Oct-0
0
Jan-0
1
Apr-01
Jul-0
1
Oct-0
1
Jan-0
2
Apr-02
Jul-0
2
Oct-0
2
Jan-0
3
Apr-03
Jul-0
3
Oct-0
3
Jan-0
4
Apr-04
Jul-0
4
Oct-0
4
Jan-0
5
Apr-05
Jul-0
5
Oct-0
5
Jan-0
6
Apr-06
Jul-0
6
Oct-0
6
Jan-0
7
Apr-07
Jul-0
7
Oct-0
7
Jan-0
8
Apr-08
Jul-0
8
Oct-0
8
Jan-0
9
Apr-09
Jul-0
9
Oct-0
9
Jan-1
0
Apr-10
Eur-US$
US$/AU$ (2003 - 2010)
0.5800
0.6300
0.6800
0.7300
0.7800
0.8300
0.8800
0.9300
0.9800
Apr-03
Jul-0
3
Oct-0
3
Jan-0
4
Apr-04
Jul-0
4
Oct-0
4
Jan-0
5
Apr-05
Jul-0
5
Oct-0
5
Jan-0
6
Apr-06
Jul-0
6
Oct-0
6
Jan-0
7
Apr-07
Jul-0
7
Oct-0
7
Jan-0
8
Apr-08
Jul-0
8
Oct-0
8
Jan-0
9
Apr-09
Jul-0
9
Oct-0
9
Jan-1
0
Apr-10
US$-AU$
EUR€/US$ (2003 - 2010)
1.1000
1.1500
1.2000
1.2500
1.3000
1.3500
1.4000
1.4500
1.5000
1.5500
1.6000
Apr-03
Jul-0
3
Oct-0
3
Jan-0
4
Apr-04
Jul-0
4
Oct-0
4
Jan-0
5
Apr-05
Jul-0
5
Oct-0
5
Jan-0
6
Apr-06
Jul-0
6
Oct-0
6
Jan-0
7
Apr-07
Jul-0
7
Oct-0
7
Jan-0
8
Apr-08
Jul-0
8
Oct-0
8
Jan-0
9
Apr-09
Jul-0
9
Oct-0
9
Jan-1
0
Apr-10
Eur-US$
US$/AU$ (1971 - 2010)
0.4500
0.6500
0.8500
1.0500
1.2500
1.4500
Apr-71
Apr-72
Apr-73
Apr-74
Apr-75
Apr-76
Apr-77
Apr-78
Apr-79
Apr-80
Apr-81
Apr-82
Apr-83
Apr-84
Apr-85
Apr-86
Apr-87
Apr-88
Apr-89
Apr-90
Apr-91
Apr-92
Apr-93
Apr-94
Apr-95
Apr-96
Apr-97
Apr-98
Apr-99
Apr-00
Apr-01
Apr-02
Apr-03
Apr-04
Apr-05
Apr-06
Apr-07
Apr-08
Apr-09
Apr-10
US$-AU$
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 2 of 20
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK APRIL 2010
US$/AUS$ EXCH vs BALTIC DRY INDEX (2003 - 2010)
EUR€/US$ EXCH vs BALTIC DRY INDEX (2003 - 2010)
BALTIC DRY INDEX vs Reuters/Jefferies CRB INDEX (2009 - 2010)
US$/AU$ VS BALTIC DRY INDEX (2003 - 2010)
0.6000
0.6500
0.7000
0.7500
0.8000
0.8500
0.9000
0.9500
1.0000
Apr-03
Jul-0
3
Oct-0
3
Jan-0
4
Apr-04
Jul-0
4
Oct-0
4
Jan-0
5
Apr-05
Jul-0
5
Oct-0
5
Jan-0
6
Apr-06
Jul-0
6
Oct-0
6
Jan-0
7
Apr-07
Jul-0
7
Oct-0
7
Jan-0
8
Apr-08
Jul-0
8
Oct-0
8
Jan-0
9
Apr-09
Jul-0
9
Oct-0
9
Jan-1
0
Apr-10
0
2000
4000
6000
8000
10000
12000US$-AU$
BDI
EUR€/US$ VS BALTIC DRY INDEX (2003 - 2010)
1.1600
1.2100
1.2600
1.3100
1.3600
1.4100
1.4600
1.5100
1.5600
1.6100
Apr-04
Jul-0
4
Oct-0
4
Jan-0
5
Apr-05
Jul-0
5
Oct-0
5
Jan-0
6
Apr-06
Jul-0
6
Oct-0
6
Jan-0
7
Apr-07
Jul-0
7
Oct-0
7
Jan-0
8
Apr-08
Jul-0
8
Oct-0
8
Jan-0
9
Apr-09
Jul-0
9
Oct-0
9
Jan-1
0
Apr-10
0
2000
4000
6000
8000
10000
12000
Eur-US$
BDI
Baltic Dry Index Vs CRB Index (2009-2010)
210.0
220.0
230.0
240.0
250.0
260.0
270.0
280.0
290.0
300.0
Apr-09
May
-09
Jun-0
9
Jul-0
9
Aug-09
Sep-0
9
Oct-0
9
Nov-09
Dec-0
9
Jan-1
0
Feb-1
0
Mar
-10
Apr-10
900
1400
1900
2400
2900
3400
3900
4400
Reuters/Jefferies CRB Index - Left Axis
BDI - Right Axis
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 3 of 20
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK APRIL 2010
GOLD PRICE (2001 - 2010)
Brent OIL (2001 - 2010)
Brent OIL (2001 - 2010)
16.0026.0036.0046.0056.0066.0076.0086.0096.00
106.00116.00126.00136.00146.00
Apr-01
Jul-0
1
Oct-0
1
Jan-0
2
Apr-02
Jul-0
2
Oct-0
2
Jan-0
3
Apr-03
Jul-0
3
Oct-0
3
Jan-0
4
Apr-04
Jul-0
4
Oct-0
4
Jan-0
5
Apr-05
Jul-0
5
Oct-0
5
Jan-0
6
Apr-06
Jul-0
6
Oct-0
6
Jan-0
7
Apr-07
Jul-0
7
Oct-0
7
Jan-0
8
Apr-08
Jul-0
8
Oct-0
8
Jan-0
9
Apr-09
Jul-0
9
Oct-0
9
Jan-1
0
Apr-10
Brent Oil
Brent OIL (1987 - 2010)
8.0018.0028.0038.0048.0058.0068.0078.0088.0098.00
108.00118.00128.00138.00148.00
Apr-87
Apr-88
Apr-89
Apr-90
Apr-91
Apr-92
Apr-93
Apr-94
Apr-95
Apr-96
Apr-97
Apr-98
Apr-99
Apr-00
Apr-01
Apr-02
Apr-03
Apr-04
Apr-05
Apr-06
Apr-07
Apr-08
Apr-09
Apr-10
Brent Oil
GOLD (1970 - 2010)
20.00
220.00
420.00
620.00
820.00
1020.00
1220.00
Apr-70
Apr-71
Apr-72
Apr-73
Apr-74
Apr-75
Apr-76
Apr-77
Apr-78
Apr-79
Apr-80
Apr-81
Apr-82
Apr-83
Apr-84
Apr-85
Apr-86
Apr-87
Apr-88
Apr-89
Apr-90
Apr-91
Apr-92
Apr-93
Apr-94
Apr-95
Apr-96
Apr-97
Apr-98
Apr-99
Apr-00
Apr-01
Apr-02
Apr-03
Apr-04
Apr-05
Apr-06
Apr-07
Apr-08
Apr-09
Apr-10
Gold
GOLD (2001 - 2010)
20.00
220.00
420.00
620.00
820.00
1020.00
1220.00
Apr-01
Jul-0
1
Oct-0
1
Jan-0
2
Apr-02
Jul-0
2
Oct-0
2
Jan-0
3
Apr-03
Jul-0
3
Oct-0
3
Jan-0
4
Apr-04
Jul-0
4
Oct-0
4
Jan-0
5
Apr-05
Jul-0
5
Oct-0
5
Jan-0
6
Apr-06
Jul-0
6
Oct-0
6
Jan-0
7
Apr-07
Jul-0
7
Oct-0
7
Jan-0
8
Apr-08
Jul-0
8
Oct-0
8
Jan-0
9
Apr-09
Jul-0
9
Oct-0
9
Jan-1
0
Apr-10
Gold
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 4 of 20
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK APRIL 2010
BALTIC DRY INDEX - incl Average Lines 4/1/85 - 30/04/2010
BDI (ANNUAL AVG) vs GDP (1980-2015)
BALTIC DRY INDEX 4/1/01 - 30/04/2010
BALTIC DRY INDEX 4/1/85 - 30/04/2010
450
1950
3450
4950
6450
7950
9450
10950
Apr
-85
Oct
-85
Apr
-86
Oct
-86
Apr
-87
Oct
-87
Apr
-88
Oct
-88
Apr
-89
Oct
-89
Apr
-90
Oct
-90
Apr
-91
Oct
-91
Apr
-92
Oct
-92
Apr
-93
Oct
-93
Apr
-94
Oct
-94
Apr
-95
Oct
-95
Apr
-96
Oct
-96
Apr
-97
Oct
-97
Apr
-98
Oct
-98
Apr
-99
Oct
-99
Apr
-00
Oct
-00
Apr
-01
Oct
-01
Apr
-02
Oct
-02
Apr
-03
Oct
-03
Apr
-04
Oct
-04
Apr
-05
Oct
-05
Apr
-06
Oct
-06
Apr
-07
Oct
-07
Apr
-08
Oct
-08
Apr
-09
Oct
-09
Apr
-10
BDIBDI
BDI Average from 1985 - 2003 is 1358 points
BDI Average from 2004 - today is 4439 points
BALTIC DRY INDEX 1/1/2001 - 30/04/2010
450
1950
3450
4950
6450
7950
9450
10950
Apr
-01
Jul-0
1O
ct-0
1Ja
n-02
Apr
-02
Jul-0
2O
ct-0
2Ja
n-03
Apr
-03
Jul-0
3O
ct-0
3Ja
n-04
Apr
-04
Jul-0
4O
ct-0
4Ja
n-05
Apr
-05
Jul-0
5O
ct-0
5Ja
n-06
Apr
-06
Jul-0
6O
ct-0
6Ja
n-07
Apr
-07
Jul-0
7O
ct-0
7Ja
n-08
Apr
-08
Jul-0
8O
ct-0
8Ja
n-09
Apr
-09
Jul-0
9O
ct-0
9Ja
n-10
Apr
-10
BDI
BDI Average from 1985 - today is 2120 points
BDI (ANNUAL AVERAGE) vs WORLD GDP 1980-2015
-5
0
5
10
15
20
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
-2000
0
2000
4000
6000
8000
10000
China, People's Republic of World Emerging and developing economiesIndia Major advanced economies (G7) BDI Annual average
SOURCE: International Monetary Fund (IMF)
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 5 of 20
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK APRIL 2010
BALTIC PANAMAX INDEX 1/1/03 - 30/04/2010
BALTIC CAPE INDEX 1/1/03 - 30/04/2010
BALTIC CAPE INDEX 1/3/99 - 30/04/2010
BALTIC PANAMAX INDEX 1/5/98 - 30/04/2010
BALTIC PANAMAX INDEX 1/5/1998 - 30/04/2010
350
1600
2850
4100
5350
6600
7850
9100
10350
11600Ju
l-98
Oct
-98
Jan-
99A
pr-9
9Ju
l-99
Oct
-99
Jan-
00A
pr-0
0Ju
l-00
Oct
-00
Jan-
01A
pr-0
1Ju
l-01
Oct
-01
Jan-
02A
pr-0
2Ju
l-02
Oct
-02
Jan-
03A
pr-0
3Ju
l-03
Oct
-03
Jan-
04A
pr-0
4Ju
l-04
Oct
-04
Jan-
05A
pr-0
5Ju
l-05
Oct
-05
Jan-
06A
pr-0
6Ju
l-06
Oct
-06
Jan-
07A
pr-0
7Ju
l-07
Oct
-07
Jan-
08A
pr-0
8Ju
l-08
Oct
-08
Jan-
09A
pr-0
9Ju
l-09
Oct
-09
Jan-
10A
pr-1
0
BPI
BALTIC CAPE INDEX 1/3/1999 - 30/04/2010
700
3200
5700
8200
10700
13200
15700
18200
Apr
-99
Jul-9
9O
ct-9
9Ja
n-00
Apr
-00
Jul-0
0O
ct-0
0Ja
n-01
Apr
-01
Jul-0
1O
ct-0
1Ja
n-02
Apr
-02
Jul-0
2O
ct-0
2Ja
n-03
Apr
-03
Jul-0
3O
ct-0
3Ja
n-04
Apr
-04
Jul-0
4O
ct-0
4Ja
n-05
Apr
-05
Jul-0
5O
ct-0
5Ja
n-06
Apr
-06
Jul-0
6O
ct-0
6Ja
n-07
Apr
-07
Jul-0
7O
ct-0
7Ja
n-08
Apr
-08
Jul-0
8O
ct-0
8Ja
n-09
Apr
-09
Jul-0
9O
ct-0
9Ja
n-10
Apr
-10
BCI
BALTIC PANAMAX INDEX 1/1/2003 - 30/04/2010
350
1600
2850
4100
5350
6600
7850
9100
10350
11600
Apr
-99
Jul-9
9O
ct-9
9Ja
n-00
Apr
-00
Jul-0
0O
ct-0
0Ja
n-01
Apr
-01
Jul-0
1O
ct-0
1Ja
n-02
Apr
-02
Jul-0
2O
ct-0
2Ja
n-03
Apr
-03
Jul-0
3O
ct-0
3Ja
n-04
Apr
-04
Jul-0
4O
ct-0
4Ja
n-05
Apr
-05
Jul-0
5O
ct-0
5Ja
n-06
Apr
-06
Jul-0
6O
ct-0
6Ja
n-07
Apr
-07
Jul-0
7O
ct-0
7Ja
n-08
Apr
-08
Jul-0
8O
ct-0
8Ja
n-09
Apr
-09
Jul-0
9O
ct-0
9Ja
n-10
Apr
-10
BPI
BALTIC CAPE INDEX 1/1/2003 - 30/04/2010
700
2700
4700
6700
8700
10700
12700
14700
16700
18700
Jan-
03
Apr
-03
Jul-0
3
Oct
-03
Jan-
04
Apr
-04
Jul-0
4
Oct
-04
Jan-
05
Apr
-05
Jul-0
5
Oct
-05
Jan-
06
Apr
-06
Jul-0
6
Oct
-06
Jan-
07
Apr
-07
Jul-0
7
Oct
-07
Jan-
08
Apr
-08
Jul-0
8
Oct
-08
Jan-
09
Apr
-09
Jul-0
9
Oct
-09
Jan-
10
Apr
-10
BCI
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 6 of 20
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK APRIL 2010
BALTIC DRY INDEX vs BRENT CRUDE OIL 4/1/01 - 30/04/2010
BALTIC SUPRAMAX INDEX 1/1/06 - 30/04/2010
BALTIC DRY INDEX (Monthly Average) vs WORLD TRADE VOLUME (Monthly Figures) 4/1/03 - 30/04/2010
BALTIC HANDY INDEX 1/5/06 - 30/04/2010
BALTIC HANDY INDEX 1/5/2006 - 30/04/2010
200
600
1000
1400
1800
2200
2600
3000
3400
3800
Jun-
06Ju
l-06
Aug
-06
Sep
-06
Oct
-06
Nov
-06
Dec
-06
Jan-
07Fe
b-07
Mar
-07
Apr
-07
May
-07
Jun-
07Ju
l-07
Aug
-07
Sep
-07
Oct
-07
Nov
-07
Dec
-07
Jan-
08Fe
b-08
Mar
-08
Apr
-08
May
-08
Jun-
08Ju
l-08
Aug
-08
Sep
-08
Oct
-08
Nov
-08
Dec
-08
Jan-
09Fe
b-09
Mar
-09
Apr
-09
May
-09
Jun-
09Ju
l-09
Aug
-09
Sep
-09
Oct
-09
Nov
-09
Dec
-09
Jan-
10Fe
b-10
Mar
-10
Apr
-10
BHI
BALTIC SUPRAMAX INDEX 1/1/2006 - 30/04/2010
250
1250
2250
3250
4250
5250
6250
7250Ja
n-06
Feb-
06M
ar-0
6A
pr-0
6M
ay-0
6Ju
n-06
Jul-0
6A
ug-0
6S
ep-0
6O
ct-0
6N
ov-0
6D
ec-0
6Ja
n-07
Feb-
07M
ar-0
7A
pr-0
7M
ay-0
7Ju
n-07
Jul-0
7A
ug-0
7S
ep-0
7O
ct-0
7N
ov-0
7D
ec-0
7Ja
n-08
Feb-
08M
ar-0
8A
pr-0
8M
ay-0
8Ju
n-08
Jul-0
8A
ug-0
8S
ep-0
8O
ct-0
8N
ov-0
8D
ec-0
8Ja
n-09
Feb-
09M
ar-0
9A
pr-0
9M
ay-0
9Ju
n-09
Jul-0
9A
ug-0
9S
ep-0
9O
ct-0
9N
ov-0
9D
ec-0
9Ja
n-10
Feb-
10M
ar-1
0A
pr-1
0
BSI
BDI vs BRENT CRUDE 1/1/2001 - 30/04/2010
450
1950
3450
4950
6450
7950
9450
10950
Jan-
01A
pr-0
1Ju
l-01
Oct
-01
Jan-
02A
pr-0
2Ju
l-02
Oct
-02
Jan-
03A
pr-0
3Ju
l-03
Oct
-03
Jan-
04A
pr-0
4Ju
l-04
Oct
-04
Jan-
05A
pr-0
5Ju
l-05
Oct
-05
Jan-
06A
pr-0
6Ju
l-06
Oct
-06
Jan-
07A
pr-0
7Ju
l-07
Oct
-07
Jan-
08A
pr-0
8Ju
l-08
Oct
-08
Jan-
09A
pr-0
9Ju
l-09
Oct
-09
Jan-
10A
pr-1
0
BDI
152535455565758595105115125135145
BDIBrent Oil
BDI vs WORLD TRADE VOLUME 1/1/2003 - 30/04/2010
-28
-18
-8
2
12
22
Jan-
03
Apr
-03
Jul-0
3
Oct
-03
Jan-
04
Apr
-04
Jul-0
4
Oct
-04
Jan-
05
Apr
-05
Jul-0
5
Oct
-05
Jan-
06
Apr
-06
Jul-0
6
Oct
-06
Jan-
07
Apr
-07
Jul-0
7
Oct
-07
Jan-
08
Apr
-08
Jul-0
8
Oct
-08
Jan-
09
Apr
-09
Jul-0
9
Oct
-09
Jan-
10
Apr
-10
BDI
450
1950
3450
4950
6450
7950
9450
10950TRADE VALUE BDI
SOURCE: International Monetary Fund
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 7 of 20
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK APRIL 2010
BALTIC INDICES MOVEMENT OVER THE PAST 4 MONTHS - BLOWUP GRAPHS
BALTIC DRY INDEX 1/1/2010 - 30/04/2010
2500
2675
2850
3025
3200
3375
3550
08-J
an-1
015
-Jan
-10
22-J
an-1
029
-Jan
-10
05-F
eb-1
012
-Feb
-10
19-F
eb-1
026
-Feb
-10
05-M
ar-1
012
-Mar
-10
19-M
ar-1
026
-Mar
-10
02-A
pr-1
009
-Apr
-10
16-A
pr-1
023
-Apr
-10
30-A
pr-1
0
BDI
BALTIC CAPE INDEX 1/1/2010 - 30/04/2010
2700
3200
3700
4200
4700
08-J
an-1
015
-Jan
-10
22-J
an-1
029
-Jan
-10
05-F
eb-1
012
-Feb
-10
19-F
eb-1
026
-Feb
-10
05-M
ar-1
012
-Mar
-10
19-M
ar-1
026
-Mar
-10
02-A
pr-1
009
-Apr
-10
16-A
pr-1
023
-Apr
-10
30-A
pr-1
0
BCI
BALTIC PANAMAX INDEX 1/1/2010 - 30/04/2010
2000
2200
2400
2600
2800
3000
3200
3400
3600
3800
4000
4200
4400
4600
4800
08-J
an-1
015
-Jan
-10
22-J
an-1
029
-Jan
-10
05-F
eb-1
012
-Feb
-10
19-F
eb-1
026
-Feb
-10
05-M
ar-1
012
-Mar
-10
19-M
ar-1
026
-Mar
-10
02-A
pr-1
009
-Apr
-10
16-A
pr-1
023
-Apr
-10
30-A
pr-1
0
BPI
BALTIC SUPRAMAX INDEX 1/1/2010 - 30/04/2010
1950
2050
2150
2250
2350
2450
2550
2650
2750
2850
2950
08-J
an-1
015
-Jan
-10
22-J
an-1
029
-Jan
-10
05-F
eb-1
012
-Feb
-10
19-F
eb-1
026
-Feb
-10
05-M
ar-1
012
-Mar
-10
19-M
ar-1
026
-Mar
-10
02-A
pr-1
009
-Apr
-10
16-A
pr-1
023
-Apr
-10
30-A
pr-1
0
BSI
BALTIC HANDYSIZE INDEX 1/1/2010 - 30/04/2010
950
1023
1097
1170
1243
1316
1390
1463
1536
08-J
an-1
015
-Jan
-10
22-J
an-1
029
-Jan
-10
05-F
eb-1
012
-Feb
-10
19-F
eb-1
026
-Feb
-10
05-M
ar-1
012
-Mar
-10
19-M
ar-1
026
-Mar
-10
02-A
pr-1
009
-Apr
-10
16-A
pr-1
023
-Apr
-10
30-A
pr-1
0
BHI
CLEAN TANKER INDEX 1/1/2010 - 30/04/2010
650
675
700
725
750
775
800
825
850
875
900
925
950
08-J
an-1
015
-Jan
-10
22-J
an-1
029
-Jan
-10
05-F
eb-1
012
-Feb
-10
19-F
eb-1
026
-Feb
-10
05-M
ar-1
012
-Mar
-10
19-M
ar-1
026
-Mar
-10
02-A
pr-1
009
-Apr
-10
16-A
pr-1
023
-Apr
-10
30-A
pr-1
0
BCTI
DIRTY TANKER INDEX 1/1/2010 - 30/04/2010
780
820
860
900
940
980
1020
1060
1100
1140
1180
1220
1260
1300
08-J
an-1
015
-Jan
-10
22-J
an-1
029
-Jan
-10
05-F
eb-1
012
-Feb
-10
19-F
eb-1
026
-Feb
-10
05-M
ar-1
012
-Mar
-10
19-M
ar-1
026
-Mar
-10
02-A
pr-1
009
-Apr
-10
16-A
pr-1
023
-Apr
-10
30-A
pr-1
0
BDTI
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 8 of 20
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK APRIL 2010
DIRTY TANKER INDEX 1/1/01 - 30/04/2010
CLEAN TANKER INDEX 1/1/01 - 30/04/2010
CAPITAL LINK DRYBULK INDEX (CLDBI) vs BALTIC DRY INDEX (BDI)
CLEAN TANKER INDEX 1/1/2001 - 30/04/2010
320
520
720
920
1120
1320
1520
1720
1920Ja
n-01
Apr
-01
Jul-0
1O
ct-0
1Ja
n-02
Apr
-02
Jul-0
2O
ct-0
2Ja
n-03
Apr
-03
Jul-0
3O
ct-0
3Ja
n-04
Apr
-04
Jul-0
4O
ct-0
4Ja
n-05
Apr
-05
Jul-0
5O
ct-0
5Ja
n-06
Apr
-06
Jul-0
6O
ct-0
6Ja
n-07
Apr
-07
Jul-0
7O
ct-0
7Ja
n-08
Apr
-08
Jul-0
8O
ct-0
8Ja
n-09
Apr
-09
Jul-0
9O
ct-0
9Ja
n-10
Apr
-10
BCTIBCTI
DIRTY TANKER INDEX 1/1/2001 - 30/04/2010
400
650
900
1150
1400
1650
1900
2150
2400
2650
2900
3150
Jan-
01A
pr-0
1Ju
l-01
Oct
-01
Jan-
02A
pr-0
2Ju
l-02
Oct
-02
Jan-
03A
pr-0
3Ju
l-03
Oct
-03
Jan-
04A
pr-0
4Ju
l-04
Oct
-04
Jan-
05A
pr-0
5Ju
l-05
Oct
-05
Jan-
06A
pr-0
6Ju
l-06
Oct
-06
Jan-
07A
pr-0
7Ju
l-07
Oct
-07
Jan-
08A
pr-0
8Ju
l-08
Oct
-08
Jan-
09A
pr-0
9Ju
l-09
Oct
-09
Jan-
10A
pr-1
0
BDTI BDTI
CAPITAL LINK DRYBULK INDEX vs BALTIC DRY INDEX 1/1/2005 - 30/04/2010
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
5500
6000
6500
7000
7500
Jan-
05
Apr
-05
Jul-0
5
Oct
-05
Jan-
06
Apr
-06
Jul-0
6
Oct
-06
Jan-
07
Apr
-07
Jul-0
7
Oct
-07
Jan-
08
Apr
-08
Jul-0
8
Oct
-08
Jan-
09
Apr
-09
Jul-0
9
Oct
-09
Jan-
10
Apr
-10
0
2000
4000
6000
8000
10000
12000
14000
CL Drybulk Index (CLDBI) - L-axisBaltic Dry Index (BDI) R-axis
Source: www.capitallink.com
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 9 of 20
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK APRIL 2010
ALL CAPITAL LINK INDICES (CLI'S) USED WITH THE EXPRESS PERMISSION OF CAPITAL LINK INC - NEW YORK
CAPITAL LINK MARITIME INDEX 1/1/2005 - 30/04/2010
1000.00
1500.00
2000.00
2500.00
3000.00
3500.00
4000.00
4500.00
5000.00
5500.00
Jan-
05
Apr
-05
Jul-0
5
Oct
-05
Jan-
06
Apr
-06
Jul-0
6
Oct
-06
Jan-
07
Apr
-07
Jul-0
7
Oct
-07
Jan-
08
Apr
-08
Jul-0
8
Oct
-08
Jan-
09
Apr
-09
Jul-0
9
Oct
-09
Jan-
10
Apr
-10
CL Maritime Index (CLMI)
Source: www.capitallink.com
CAPITAL LINK TANKER INDEX 1/1/2005 - 30/04/2010
1000.00
1500.00
2000.00
2500.00
3000.00
3500.00
4000.00
4500.00
5000.00
5500.00
Jan-
05
Apr
-05
Jul-0
5
Oct
-05
Jan-
06
Apr
-06
Jul-0
6
Oct
-06
Jan-
07
Apr
-07
Jul-0
7
Oct
-07
Jan-
08
Apr
-08
Jul-0
8
Oct
-08
Jan-
09
Apr
-09
Jul-0
9
Oct
-09
Jan-
10
Apr
-10
CL Tanker Index (CLTI)
Source: www.capitallink.com
CAPITAL LINK DRYBULK INDEX 1/1/2005 - 30/04/2010
400.00
900.00
1400.00
1900.00
2400.00
2900.00
3400.00
3900.00
4400.00
4900.00
5400.00
5900.00
6400.00
6900.00
7400.00
Jan-
05
Apr
-05
Jul-0
5
Oct
-05
Jan-
06
Apr
-06
Jul-0
6
Oct
-06
Jan-
07
Apr
-07
Jul-0
7
Oct
-07
Jan-
08
Apr
-08
Jul-0
8
Oct
-08
Jan-
09
Apr
-09
Jul-0
9
Oct
-09
Jan-
10
Apr
-10
CL Drybulk Index (CLDBI)
Source: www.capitallink.com
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 10 of 20
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK APRIL 2010
ALL CAPITAL LINK INDICES (CLI'S) USED WITH THE EXPRESS PERMISSION OF CAPITAL LINK INC - NEW YORK
CAPITAL LINK CONTAINER INDEX 1/1/2005 - 30/04/2010
700.00
1200.00
1700.00
2200.00
2700.00
3200.00
3700.00
4200.00
4700.00
5200.00
5700.00Ja
n-05
Apr
-05
Jul-0
5
Oct
-05
Jan-
06
Apr
-06
Jul-0
6
Oct
-06
Jan-
07
Apr
-07
Jul-0
7
Oct
-07
Jan-
08
Apr
-08
Jul-0
8
Oct
-08
Jan-
09
Apr
-09
Jul-0
9
Oct
-09
Jan-
10
Apr
-10
CL Container Index (CLCI)
Source: www.capitallink.com
CAPITAL LINK LNG/LPG INDEX 1/1/2005 - 30/04/2010
400.00
900.00
1400.00
1900.00
2400.00
2900.00
3400.00
Jun-
05
Aug
-05
Oct
-05
Dec
-05
Feb-
06
Apr
-06
Jun-
06
Aug
-06
Oct
-06
Dec
-06
Feb-
07
Apr
-07
Jun-
07
Aug
-07
Oct
-07
Dec
-07
Feb-
08
Apr
-08
Jun-
08
Aug
-08
Oct
-08
Dec
-08
Feb-
09
Apr
-09
Jun-
09
Aug
-09
Oct
-09
Dec
-09
Feb-
10
Apr
-10
CL LNG/LPG Index (CLLG)
Source: www.capitallink.com
CAPITAL LINK MIXED FLEET INDEX 1/1/2005 - 30/04/2010
330.00
830.00
1330.00
1830.00
2330.00
2830.00
Jan-
05
Apr
-05
Jul-0
5
Oct
-05
Jan-
06
Apr
-06
Jul-0
6
Oct
-06
Jan-
07
Apr
-07
Jul-0
7
Oct
-07
Jan-
08
Apr
-08
Jul-0
8
Oct
-08
Jan-
09
Apr
-09
Jul-0
9
Oct
-09
Jan-
10
Apr
-10
CL Mixed Fleet Index (CLMFI)
Source: www capitallink com
CAPITAL LINK MLP INDEX 1/1/2005 - 30/04/2010
400.00
900.00
1400.00
1900.00
2400.00
2900.00
3400.00
3900.00
Jan-
05
Apr
-05
Jul-0
5
Oct
-05
Jan-
06
Apr
-06
Jul-0
6
Oct
-06
Jan-
07
Apr
-07
Jul-0
7
Oct
-07
Jan-
08
Apr
-08
Jul-0
8
Oct
-08
Jan-
09
Apr
-09
Jul-0
9
Oct
-09
Jan-
10
Apr
-10
CL MLP Index (CLMLP)
Source: www.capitallink.com
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 11 of 20
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK APRIL 2010
DRY CARGO SHIP VALUES
DRY CARGO (2002-2010) 5 YEAR OLD PRICES
DRY CARGO (1990-2010) NB PRICES
DRY CARGO (1990-2010) NB PRICES
17
22
27
32
37
42
47
52
57
62
67
72
77
82
87
92
97
Apr-02
Jul-0
2
Oct-0
2
Jan-0
3
Apr-03
Jul-0
3
Oct-0
3
Jan-0
4
Apr-04
Jul-0
4
Oct-0
4
Jan-0
5
Apr-05
Jul-0
5
Oct-0
5
Jan-0
6
Apr-06
Jul-0
6
Oct-0
6
Jan-0
7
Apr-07
Jul-0
7
Oct-0
7
Jan-0
8
Apr-08
Jul-0
8
Oct-0
8
Jan-0
9
Apr-09
Jul-0
9
Oct-0
9
Jan-1
0
Apr-10
CAPE 170KPANAMAX 70KHANDY 50K
DRY CARGO (2002-2010) 5 YEAR OLD PRICES
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
$80.0
$90.0
$100.0
$110.0
$120.0
$130.0
$140.0
$150.0
Apr-02
Jul-0
2
Oct-0
2
Jan-0
3
Apr-03
Jul-0
3
Oct-0
3
Jan-0
4
Apr-04
Jul-0
4
Oct-0
4
Jan-0
5
Apr-05
Jul-0
5
Oct-0
5
Jan-0
6
Apr-06
Jul-0
6
Oct-0
6
Jan-0
7
Apr-07
Jul-0
7
Oct-0
7
Jan-0
8
Apr-08
Jul-0
8
Oct-0
8
Jan-0
9
Apr-09
Jul-0
9
Oct-0
9
Jan-1
0
Apr-10
CAPE 170KPANAMAX 70KHANDY 50K
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 12 of 20
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK APRIL 2010
DUE TO THE NEVER FORESEEN MARKET CHANGES POST OCTOBER 2008, WE WANT TO CLARIFY THAT, DRY CARGO SECONDHAND SHIP PRICES FOR PERIOD OCT 2008 UNTIL DEC 2008, HAVE BEEN CALCULATED AND UPDATED BASED ON ALL NEGOTIATED DEALS EITHER CONCLUDED OR FAILED AND ON VARIOUS RENEGOTIATED OLD SALES. HOWEVER ACCURACY OF
THESE QUOTED PRICES CAN NOT BE GUARANTEED IN ITS ENTIRETY. HOWEVER WE TRUST THAT THE SECONDHAND DRY CARGO SHIP PRICES QUOTED ARE FAIRLY CLOSE TO THE PREVAILING REALISTIC MARKET PRICES.
DRY CARGO (2002-2010) 20 YEAR OLD PRICES
DRY CARGO (2002-2010) 10 YEAR OLD PRICES
DRY CARGO (2002-2010) 10 YEAR OLD PRICES
$7.0
$17.0
$27.0
$37.0
$47.0
$57.0
$67.0
$77.0
$87.0
$97.0
$107.0
$117.0
$127.0
Apr-02
Jul-0
2
Oct-0
2
Jan-0
3
Apr-03
Jul-0
3
Oct-0
3
Jan-0
4
Apr-04
Jul-0
4
Oct-0
4
Jan-0
5
Apr-05
Jul-0
5
Oct-0
5
Jan-0
6
Apr-06
Jul-0
6
Oct-0
6
Jan-0
7
Apr-07
Jul-0
7
Oct-0
7
Jan-0
8
Apr-08
Jul-0
8
Oct-0
8
Jan-0
9
Apr-09
Jul-0
9
Oct-0
9
Jan-1
0
Apr-10
CAPE 170KPANAMAX 70KHANDY 50K
DRY CARGO (2000-2010) 20 YEAR OLD PRICES
$3.0
$8.0
$13.0
$18.0
$23.0
$28.0
$33.0
$38.0
$43.0
$48.0
$53.0
$58.0
$63.0
$68.0
$73.0
$78.0
$83.0
Apr-02
Jul-0
2
Oct-0
2
Jan-0
3
Apr-03
Jul-0
3
Oct-0
3
Jan-0
4
Apr-04
Jul-0
4
Oct-0
4
Jan-0
5
Apr-05
Jul-0
5
Oct-0
5
Jan-0
6
Apr-06
Jul-0
6
Oct-0
6
Jan-0
7
Apr-07
Jul-0
7
Oct-0
7
Jan-0
8
Apr-08
Jul-0
8
Oct-0
8
Jan-0
9
Apr-09
Jul-0
9
Oct-0
9
Jan-1
0
Apr-10
CAPE 170KPANAMAX 70KHANDY 50K
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 13 of 20
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK APRIL 2010
POST PANAMAX 132-90,000 DWT - AVERAGE EARNINGS 2002-2010
CAPESIZE BULKERS 250-135,000 DWT - AVERAGE EARNINGS 2002-2010
DRY CARGO SHIP AVERAGE EARNINGS
CAPESIZE 250-135,000 DWT - AVERAGE EARNINGS 2002-2010
$4,000
$19,000
$34,000
$49,000
$64,000
$79,000
$94,000
$109,000
$124,000
$139,000
$154,000
$169,000
$184,000
Apr
-02
Jul-0
2O
ct-0
2Ja
n-03
Apr
-03
Jul-0
3O
ct-0
3Ja
n-04
Apr
-04
Jul-0
4O
ct-0
4Ja
n-05
Apr
-05
Jul-0
5O
ct-0
5Ja
n-06
Apr
-06
Jul-0
6O
ct-0
6Ja
n-07
Apr
-07
Jul-0
7O
ct-0
7Ja
n-08
Apr
-08
Jul-0
8O
ct-0
8Ja
n-09
Apr
-09
Jul-0
9O
ct-0
9Ja
n-10
Apr
-10
CAPESIZE
POST PANAMAX 132-90,000 DWT - AVERAGE EARNINGS 2002-2010
$4,500
$14,500
$24,500
$34,500
$44,500
$54,500
$64,500
$74,500
$84,500
$94,500
$104,500
$114,500
$124,500
Apr
-02
Jul-0
2O
ct-0
2Ja
n-03
Apr
-03
Jul-0
3O
ct-0
3Ja
n-04
Apr
-04
Jul-0
4O
ct-0
4Ja
n-05
Apr
-05
Jul-0
5O
ct-0
5Ja
n-06
Apr
-06
Jul-0
6O
ct-0
6Ja
n-07
Apr
-07
Jul-0
7O
ct-0
7Ja
n-08
Apr
-08
Jul-0
8O
ct-0
8Ja
n-09
Apr
-09
Jul-0
9O
ct-0
9Ja
n-10
Apr
-10
LARGE BULKERS
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 14 of 20
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK APRIL 2010
PANAMAX 85-59,000 DWT - AVERAGE EARNINGS 2002-2010
SUPRAMAX 59-48,000 DWT - AVERAGE EARNINGS 2002-2010
PANAMAX 85-59,000 DWT - AVERAGE EARNINGS 2002-2010
$4,000
$11,000
$18,000
$25,000
$32,000
$39,000
$46,000
$53,000
$60,000
$67,000
$74,000
$81,000
$88,000
$95,000
Apr
-02
Jul-0
2O
ct-0
2Ja
n-03
Apr
-03
Jul-0
3O
ct-0
3Ja
n-04
Apr
-04
Jul-0
4O
ct-0
4Ja
n-05
Apr
-05
Jul-0
5O
ct-0
5Ja
n-06
Apr
-06
Jul-0
6O
ct-0
6Ja
n-07
Apr
-07
Jul-0
7O
ct-0
7Ja
n-08
Apr
-08
Jul-0
8O
ct-0
8Ja
n-09
Apr
-09
Jul-0
9O
ct-0
9Ja
n-10
Apr
-10
PANAMAX
SUPRAMAX 59-48,000 DWT - AVERAGE EARNINGS 2002-2010
$6,000
$13,000
$20,000
$27,000
$34,000
$41,000
$48,000
$55,000
$62,000
$69,000
Apr
-02
Jul-0
2O
ct-0
2Ja
n-03
Apr
-03
Jul-0
3O
ct-0
3Ja
n-04
Apr
-04
Jul-0
4O
ct-0
4Ja
n-05
Apr
-05
Jul-0
5O
ct-0
5Ja
n-06
Apr
-06
Jul-0
6O
ct-0
6Ja
n-07
Apr
-07
Jul-0
7O
ct-0
7Ja
n-08
Apr
-08
Jul-0
8O
ct-0
8Ja
n-09
Apr
-09
Jul-0
9O
ct-0
9Ja
n-10
Apr
-10
HANDYMAX
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 15 of 20
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK APRIL 2010
HANDYMAX 48-40,000 DWT - AVERAGE EARNINGS 2002-2010
HANDIES 40-30,000 DWT - AVERAGE EARNINGS 2002-2010
HANDYMAX 48-40,000 DWT - AVERAGE EARNINGS 2002-2010
$4,000
$10,000
$16,000
$22,000
$28,000
$34,000
$40,000
$46,000
$52,000
$58,000
$64,000
Apr
-02
Jul-0
2O
ct-0
2Ja
n-03
Apr
-03
Jul-0
3O
ct-0
3Ja
n-04
Apr
-04
Jul-0
4O
ct-0
4Ja
n-05
Apr
-05
Jul-0
5O
ct-0
5Ja
n-06
Apr
-06
Jul-0
6O
ct-0
6Ja
n-07
Apr
-07
Jul-0
7O
ct-0
7Ja
n-08
Apr
-08
Jul-0
8O
ct-0
8Ja
n-09
Apr
-09
Jul-0
9O
ct-0
9Ja
n-10
Apr
-10
HANDY
HANDIES 40-30,000 DWT - AVERAGE EARNINGS 2002-2010
$4,000
$9,000
$14,000
$19,000
$24,000
$29,000
$34,000
$39,000
$44,000
$49,000
$54,000
$59,000
$64,000
Apr
-02
Jul-0
2O
ct-0
2Ja
n-03
Apr
-03
Jul-0
3O
ct-0
3Ja
n-04
Apr
-04
Jul-0
4O
ct-0
4Ja
n-05
Apr
-05
Jul-0
5O
ct-0
5Ja
n-06
Apr
-06
Jul-0
6O
ct-0
6Ja
n-07
Apr
-07
Jul-0
7O
ct-0
7Ja
n-08
Apr
-08
Jul-0
8O
ct-0
8Ja
n-09
Apr
-09
Jul-0
9O
ct-0
9Ja
n-10
Apr
-10
BULKERS
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 16 of 20
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK APRIL 2010
DRY CARGO - AVERAGE EARNINGS 2002-2010 (ALL VSL TYPES)
BULKERS 30-12,000 DWT - AVERAGE EARNINGS 2002-2010
BULKERS 30-12,000 DWT - AVERAGE EARNINGS 2002-2010
$3,500
$7,500
$11,500
$15,500
$19,500
$23,500
$27,500
$31,500
$35,500
$39,500
$43,500
Apr
-02
Jul-0
2O
ct-0
2Ja
n-03
Apr
-03
Jul-0
3O
ct-0
3Ja
n-04
Apr
-04
Jul-0
4O
ct-0
4Ja
n-05
Apr
-05
Jul-0
5O
ct-0
5Ja
n-06
Apr
-06
Jul-0
6O
ct-0
6Ja
n-07
Apr
-07
Jul-0
7O
ct-0
7Ja
n-08
Apr
-08
Jul-0
8O
ct-0
8Ja
n-09
Apr
-09
Jul-0
9O
ct-0
9Ja
n-10
Apr
-10
SMALL BULKERS
DRY CARGO - AVERAGE EARNINGS 2002-2010
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
$180,000
Apr
-02
Jul-0
2O
ct-0
2Ja
n-03
Apr
-03
Jul-0
3O
ct-0
3Ja
n-04
Apr
-04
Jul-0
4O
ct-0
4Ja
n-05
Apr
-05
Jul-0
5O
ct-0
5Ja
n-06
Apr
-06
Jul-0
6O
ct-0
6Ja
n-07
Apr
-07
Jul-0
7O
ct-0
7Ja
n-08
Apr
-08
Jul-0
8O
ct-0
8Ja
n-09
Apr
-09
Jul-0
9O
ct-0
9Ja
n-10
Apr
-10
CAPESIZEVERY LARGE BCPANAMAXHANDYMAX
HANDYBULKERSSMALL BC
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 17 of 20
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK APRIL 2010
2010 UNITS DWT LDT average 2009 UNITS DWT LDT average
January 112 3,968,956 988,638 $354.2 January 112 3,960,583 1,023,517 $261.1
February 104 2,634,834 693,577 $345.6 February 128 3,262,288 1,010,506 $255.0
March 125 4,892,712 1,073,109 $369.8 March 125 4,026,526 1,124,545 $276.0
April 126 2,563,039 706,434 $440.4 April 99 2,264,669 743,304 $258.9
May 0 0 0 $0.0 May 104 3,073,937 958,238 $232.9
June 0 0 0 $0.0 June 81 1,716,548 563,478 $256.5
July 0 0 0 $0.0 July 101 2,141,662 749,534 $250.4
August 0 0 0 $0.0 August 135 3,517,102 1,122,014 $290.6
September 0 0 0 $0.0 September 150 3,378,540 860,344 $311.6
October 0 0 0 $0.0 October 90 2,442,121 509,767 $298.5
November 0 0 0 $0.0 November 122 3,442,973 813,779 $320.8
December 0 0 0 $0.0 December 99 2,370,246 632,796 $308.3TOTAL 467 14,059,541 3,461,758 $377.5 TOTAL 1346 35,597,195 10,111,822 $276.7
2008 UNITS DWT LDT average 2007 UNITS DWT LDT average
January 12 388,342 122,447 $588.8 JANUARY 29 707,496 183,790 $460.5
February 21 677,297 188,471 $578.9 FEBRUARY 21 746,256 184,078 $444.0
March 14 819,969 189,012 $671.8 MARCH 16 390,362 107,585 $410.5
April 19 817,093 227,528 $688.3 APRIL 25 896,724 254,673 $439.3
May 22 455,209 153,062 $684.7 MAY 13 446,308 126,539 $476.6
June 19 635,947 195,618 $712.3 JUNE 17 346,816 118,978 $453.1
July 25 766,536 203,030 $673.9 JULY 16 430,191 105,861 $567.5
August 51 665,666 258,468 $718.6 AUGUST 13 400,320 127,092 $525.2
September 28 887,551 261,231 $584.3 SEPTEMBER 10 150,660 51,187 $461.1
October 39 1,070,552 286,064 $364.4 OCTOBER 17 287,398 87,442 $492.5
November 73 3,479,637 762,280 $238.0 NOVEMBER 23 427,000 149,569 $590.0
December 84 2,441,862 705,455 $257.2 DECEMBER 8 215,941 79,678 $536.1TOTAL 407 13,105,661 3,552,666 $563.5 TOTAL 208 5,445,472 1,576,472 $488.0
SCRAP STATISTICS 2005 - 2010
Average Scrap Price vs Number of units Scrapped (2005 - 2010)
13161921
111618
105
127
1715
24182017171617
1119
292921
16
25
1317161310
1723
812
2114
19221925
51
63
94
62
126134
101
91
75
95
112
7973
39
28
125112
104
0
129125125
$145.00
$195.00
$245.00
$295.00
$345.00
$395.00
$445.00
$495.00
$545.00
$595.00
$645.00
$695.00
$745.00
Jan-0
5
Apr-05
Jul-0
5
Oct-0
5
Jan-0
6
Apr-06
Jul-0
6
Oct-0
6
Jan-0
7
Apr-07
Jul-0
7
Oct-0
7
Jan-0
8
Apr-08
Jul-0
8
Oct-0
8
Jan-0
9
Apr-09
Jul-0
9
Oct-0
9
Jan-1
0
Apr-10
0
20
40
60
80
100
120
140Average Scrap Price
No SHIPS SCRAPPED
CHINA, 481,345
INDIA, 1,454,254
324,768
BANGLADESH1,220,883
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
PAKISTAN 324,768
TURKEY 97,124
BANGLADESH 960,450
INDIA 1,454,254
CHINA 481,345
LDT TAKENCHINA, 60
INDIA, 193
TURKEY
PAKISTAN
BANGLADESH, 77
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
PAKISTAN 42
TURKEY 59
BANGLADESH 77
INDIA 193
CHINA 60
UNITS
CHINA
INDIABANGLADESH
TURKEY
PAKISTAN
150
200
250
300
350
400
450
500
CHINA 401.25
INDIA 460.39
BANGLADESH 446.50
TURKEY 241.67
PAKISTAN 464.44
av $
7
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 18 of 20
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK APRIL 2010
2010
MONTH DRY WET TOTAL DRY WET TOTAL DRY WET TOTAL
JANUARY 86 58 144 $1,331.34m $1,129.58m $2,460.92m 4,032,764 3,450,708 7,483,472
FEBRUARY 81 35 116 $1,350.37m $705.70m $2,056.07m 3,820,839 2,477,731 6,298,570
MARCH 155 39 194 $3,372.12m $633.05m $4,005.17m 7,176,333 3,185,888 10,362,221
APRIL 71 38 109 $1,087.61m $1,088.50m $2,176.11m 3,404,042 2,785,130 6,189,172
MAY 0 0 0 $0.00m $0.00m $0.00m 0 0 0
JUNE 0 0 0 $0.00m $0.00m $0.00m 0 0 0
JULY 0 0 0 $0.00m $0.00m $0.00m 0 0 0
AUGUST 0 0 0 $0.00m $0.00m $0.00m 0 0 0
SEPTEMBER 0 0 0 $0.00m $0.00m $0.00m 0 0 0
OCTOBER 0 0 0 $0.00m $0.00m $0.00m 0 0 0
NOVEMBER 0 0 0 $0.00m $0.00m $0.00m 0 0 0
DECEMBER 0 0 0 $0.00m $0.00m $0.00m 0 0 0
TOTAL 2010 393 170 563 $7,141.44m $3,556.83m $10,698.26m 18,433,978 11,899,457 30,333,435
2009
MONTH DRY WET TOTAL DRY WET TOTAL DRY WET TOTAL
JANUARY 59 35 94 $739.15m $1,375.35m $2,114.50m 2,375,492 2,820,931 5,196,423
FEBRUARY 72 17 89 $680.70m $406.80m $1,087.50m 2,602,913 1,038,858 3,641,771
MARCH 101 20 121 $1,047.73m $334.25m $1,381.98m 3,850,508 669,943 4,520,451
APRIL 75 22 97 $913.02m $267.90m $1,180.92m 3,569,193 645,958 4,215,151
MAY 93 44 137 $1,351.70m $752.00m $2,103.70m 5,114,640 2,915,942 8,030,582
JUNE 109 16 125 $1,625.33m $306.15m $1,931.48m 5,546,800 1,020,289 6,567,089
JULY 108 22 130 $1,123.31m $414.55m $1,537.86m 4,361,485 1,775,156 6,136,641
AUGUST 72 17 89 $1,034.18m $535.85m $1,570.03m 2,824,609 1,520,727 4,345,336
SEPTEMBER 52 21 73 $705.33m $796.70m $1,502.03m 1,644,562 2,981,831 4,626,393
OCTOBER 106 24 130 $1,530.11m $281.65m $1,811.76m 3,916,459 1,820,881 5,737,340
NOVEMBER 101 28 129 $1,142.45m $657.10m $1,799.55m 3,828,590 2,844,259 6,672,849
DECEMBER 84 16 100 $1,080.70m $424.00m $1,504.70m 3,648,477 2,034,861 5,683,338
TOTAL 2009 1032 282 1314 $12,973.70m $6,552.30m $19,526.00m 43,283,728 22,089,636 65,373,364
2008
MONTH DRY WET TOTAL DRY WET TOTAL DRY WET TOTAL
JANUARY 79 39 118 $2,026.84m $1,464.90m $3,491.74m 2,073,460 3,163,865 5,237,325FEBRUARY 77 49 126 $1,338.90m $1,503.70m $2,842.60m 2,018,746 4,031,251 6,049,997MARCH 83 48 131 $2,675.29m $1,669.30m $4,344.59m 3,271,135 3,881,364 7,152,499APRIL 95 48 143 $3,950.28m $1,660.30m $5,610.58m 3,421,893 2,787,674 6,209,567MAY 110 43 153 $3,615.32m $1,434.95m $5,050.27m 4,080,053 2,920,540 7,000,593JUNE 96 45 141 $2,660.05m $1,715.15m $4,375.20m 3,356,104 3,083,588 6,439,692JULY 74 42 116 $2,171.78m $1,813.20m $3,984.98m 2,706,820 4,196,783 6,903,603AUGUST 52 37 89 $1,339.98m $1,029.59m $2,369.57m 1,836,029 2,431,539 4,267,568SEPTEMBER 71 23 94 $1,602.45m $547.05m $2,149.50m 2,532,706 811,596 3,344,302OCTOBER 33 15 48 $809.31m $212.50m $1,021.81m 1,272,809 520,102 1,792,911NOVEMBER 44 23 67 $567.30m $825.15m $1,392.45m 2,027,520 1,351,127 3,378,647DECEMBER 42 11 53 $350.87m $465.70m $816.57m 1,457,264 941,843 2,399,107
TOTAL 2008 856 423 1279 $23,108.38m $14,341.49m $37,449.86m 30,054,539 30,121,272 60,175,811
2009 - VESSELS SOLDUNITS SOLD CAPITAL OUTLAY DWT SOLD
DWT SOLD
2010 - VESSELS SOLD
UNITS SOLD CAPITAL OUTLAY
UNITS SOLD CAPITAL OUTLAY
2008 - VESSELS SOLDDWT SOLD
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 19 of 20
www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK APRIL 2010
2007
MONTH DRY WET TOTAL DRY WET TOTAL DRY WET TOTAL
JANUARY 107 56 163 $1,918.17m $947.30m $2,865.47m 4,339,475 2,525,167 6,864,642FEBRUARY 82 50 132 $2,415.84m $1,048.25m $3,464.09m 4,321,835 2,891,251 7,213,086MARCH 108 31 139 $2,330.15m $789.55m $3,119.70m 4,558,081 2,165,966 6,724,047APRIL 122 50 172 $3,709.65m $1,478.00m $5,187.65m 7,205,104 3,221,021 10,426,125MAY 137 61 198 $3,051.04m $2,133.75m $5,184.79m 4,894,983 4,757,574 9,652,557JUNE 108 70 178 $2,030.60m $2,338.37m $4,368.97m 3,369,782 5,165,416 8,535,198JULY 163 34 197 $5,790.40m $1,430.55m $7,220.95m 8,463,283 2,520,864 10,984,147AUGUST 84 36 120 $2,823.13m $1,021.75m $3,844.88m 3,755,816 2,668,848 6,424,664SEPTEMBER 77 46 123 $2,051.65m $1,386.85m $3,438.50m 3,172,253 2,991,438 6,163,691OCTOBER 141 67 208 $4,315.81m $1,837.00m $6,152.81m 5,319,934 4,198,224 9,518,158NOVEMBER 145 40 185 $4,509.41m $1,214.55m $5,723.96m 6,035,362 2,614,259 8,649,621DECEMBER 66 56 122 $1,529.43m $2,828.80m $4,358.23m 1,889,853 7,295,600 9,185,453
TOTAL 2007 1340 597 1937 $36,475.28m $18,454.72m $54,930.00m 57,325,761 43,015,628 100,341,389
2006
MONTH DRY WET TOTAL DRY WET TOTAL DRY WET TOTAL
JANUARY 67 46 113 $915.92m $1,752.35m $2,668.27m 2,157,524 4,867,107 7,024,631FEBRUARY 68 48 116 $1,886.55m $1,689.43m $3,575.98m 3,715,192 3,580,338 7,295,530MARCH 75 69 144 $1,190.65m $2,516.33m $3,706.98m 3,587,131 5,346,521 8,933,652APRIL 57 31 88 $685.40m $915.20m $1,600.60m 2,040,481 1,662,012 3,702,493MAY 110 58 168 $2,789.55m $922.10m $3,711.65m 5,720,170 2,034,387 7,754,557JUNE 115 35 150 $1,889.17m $854.55m $2,743.72m 4,166,463 1,206,691 5,373,154JULY 80 26 106 $1,246.48m $615.30m $1,861.78m 3,272,657 1,440,814 4,713,471AUGUST 112 44 156 $2,163.89m $1,926.60m $4,090.49m 4,743,047 3,550,390 8,293,437SEPTEMBER 80 47 127 $1,747.32m $1,607.05m $3,354.37m 3,876,045 3,171,331 7,047,376OCTOBER 88 37 125 $1,743.89m $1,168.45m $2,912.34m 3,696,441 3,653,844 7,350,285NOVEMBER 104 26 130 $1,965.75m $680.55m $2,646.30m 3,224,100 1,267,516 4,491,616DECEMBER 104 43 147 $2,068.77m $1,020.25m $3,089.02m 4,745,371 3,316,483 8,061,854
TOTAL 2006 1060 510 1570 $20,293.34m $15,668.16m $35,961.50m 44,944,622 35,097,434 80,042,056
2005MONTH DRY WET TOTAL DRY WET TOTAL DRY WET TOTAL
JANUARY 73 44 117 $1,314.89m $1,609.90m $2,924.79m 3,069,052 4,534,640 7,603,692FEBRUARY 107 38 145 $2,193.49m $877.80m $3,071.29m 5,232,787 2,284,438 7,517,225MARCH 112 67 179 $2,550.43m $3,016.10m $5,566.53m 4,900,346 6,385,327 11,285,673APRIL 88 60 148 $1,648.45m $1,358.35m $3,006.80m 4,037,692 3,544,149 7,581,841MAY 75 42 117 $806.98m $896.90m $1,703.88m 1,762,023 2,065,302 3,827,325JUNE 42 50 92 $515.30m $1,292.60m $1,807.90m 1,003,905 2,979,077 3,982,982JULY 49 30 79 $652.05m $629.28m $1,281.33m 890,425 1,223,007 2,113,432AUGUST 52 35 87 $784.85m $722.80m $1,507.65m 2,231,040 1,997,151 4,228,191SEPTEMBER 79 50 129 $1,985.55m $1,892.80m $3,878.35m 3,650,377 4,004,091 7,654,468OCTOBER 59 59 118 $1,357.96m $1,775.20m $3,133.16m 3,047,547 4,804,991 7,852,538NOVEMBER 55 36 91 $682.28m $668.93m $1,351.21m 1,593,491 2,033,730 3,627,221DECEMBER 56 38 94 $894.40m $1,538.25m $2,432.65m 1,746,694 3,629,408 5,376,102
TOTAL 2005 847 549 1396 $15,386.63m $16,278.91m $31,665.54m 33,165,379 39,485,311 72,650,690
N. COTZIAS SHIPPING CONSULTANTS (NCSC)7-9 AKTI MIAOULI - 185 35 PIRAEUS - HELLASTEL: +30 210 4222660/5FAX: +30 210 4222678
MARKET RESEARCH/ANALYTICS DEPT. SALE AND PURCHASE DEPT. GENERIC NCS GROUP
EMAIL: [email protected] EMAIL: [email protected] EMAIL: [email protected]
UNITS SOLD CAPITAL OUTLAY
UNITS SOLD CAPITAL OUTLAY
2005 - VESSELS SOLDDWT SOLD
2007 - VESSELS SOLD
DWT SOLD
2006 - VESSELS SOLD
DWT SOLD
UNITS SOLD CAPITAL OUTLAY
N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 20 of 20
