Monthly Newbuilding Market Report · Weekly S&P Market Trends Other Reports / Analysis concerning the outlook of Secondhand / Demolition / Newbuilding Transactions . GOLDEN DESTINY

Monthly Newbuilding Market Report Issue: March 2018

Overview of Ordering Activity (per vessel type / Top Ranking of Contractors) page 1

Ordering Activity (No. of Units ordered, Dwt, Invested Capital) page 2

Overall - Greek Presence - Chinese Presence

Newbuilding Trends (Ordering Activity per Vessel Size for main segments) page 3 - 4

Overall – Greek Presence

Overview of Ordering Activity (Top Shipbuilding Countries) page 5 -6

Ordering Activity (No. of Units ordered, Dwt, Cbm, Teu)

China – Japan-Korea page 7

Newbuilding Trends (Ordering Activity per Vessel Size for main segments) page 8 -10

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MARCH 2018

Page 1 MONTHLY NEWBUILDING MARKET REPORT

NEWBUILDING MARKET Overview of Ordering Activity Per Vessel Type for Main Segments Top Ranking of Contractors

Mar-18 Previous Month m-o-m Mar-17 y-o-y

21% 96%

Greek Presence: 42% 70%

Chinese Presence: 33% 300%

No. of Vessels Ordered 102 84 52

28 21 7

17 12 10

Total New orders 102

Average Dwt Ordered: 80,821

Total Invested Capital: 2,397,800,000 51

Greek Presence:

Total New orders 17 16.67% share to the total Ordering Activity


Total Invested Capital: 671,800,000 1 NB deals reported at an undisclosed Contract Price

Chinese Presence:

Total New orders 28 27% share to the total Ordering Activity



Per Vessel Type

Bulk Carriers

Average Dwt Ordered: 98,710 27% m-o-m 180% y-o-y


Tankers

Average Dwt Ordered: 107,592 86% m-o-m 95% y-o-y


LNG Tankers

Average Cbm Ordered: 174,960 -29% m-o-m 400% y-o-y


LPG Tankers

Average Cbm Ordered: 41,500 100% m-o-m - y-o-y


Containers

Average TEU Ordered: 1,417 -58% m-o-m 900% y-o-y


% change volume of activity

NB deals reported at an undisclosed Contract Price


MARCH 2018


NEWBUILDING MARKET

Ordering Activity (No of Units Ordered, Dwt, Invested Capital) Greek Presence (No of Units Ordered, Dwt, Invested Capital) Chinese Presence (No of Units Ordered, Dwt, Invested Capital)

Ordering Activity (Overall)

Vessel Type Units Dwt ($) Invested P&C Units %m-o-m Units %y-o-y

Bulk Carriers 28 2,763,880 588,000,000 10 22 27% 10 180%

Tankers 39 4,196,100 847,400,000 18 21 86% 20 95%

Gas Tankers-LNG 5 463,000 731,400,000 1 7 -29% 1 400%

Gas Tankers-LPG 6 174,094 62,000,000 4 3 100% - -

General Cargo 6 54,000 0 6 0 - 13 -54%

Containers 10 166,000 94,000,000 6 24 -58% 1 900%

Reefers 0 - - - 0 - - -

Passenger/Cruise 6 22,610 75,000,000 4 7 -14% 2 200%

Ro-Ro 0 - - - 0 - 1 -100%

Car Carriers 2 0 0 2 0 - - -

Combined 0 - - - 0 - - -

Special Projects 0 - - - 0 - 4 -100%

TOTAL 102 7,839,684 2,397,800,000 51 84 21% 52 96%

Incl. 9 vessel(s) with undisclosed DWT

GREEK PRESENCE 16.67% share to the total Ordering Activity


Bulk Carriers 2 164,000 51,000,000 0 1 100% 6 -67%

Tankers 12 1,115,600 255,000,000 0 8 50% 4 200%

Gas Tankers-LNG 3 267,000 365,800,000 1 3 0% 0 -

Gas Tankers-LPG 0 - - - 0 - 0 -

General Cargo 0 - - - 0 - 0 -

Containers 0 - - - 0 - 0 -

Reefers 0 - - - 0 - 0 -

Passenger/Cruise 0 - - - 0 - 0 -

Ro-Ro 0 - - - 0 - 0 -

Car Carriers 0 - - - 0 - 0 -

Combined 0 - - - 0 - 0 -

Special Projects 0 - - - 0 - 0 -

TOTAL 17 1,546,600 671,800,000 1 12 42% 10 70%


CHINESE PRESENCE 27% share to the total Ordering Activity


Bulk Carriers 8 884,000 263,000,000 0 11 -27% 0 -

Tankers 13 624,500 7,200,000 12 2 550% 7 86%

Gas Tankers-LNG 0 - - - 0 - 0 -

Gas Tankers-LPG 2 15,000 62,000,000 0 0 - 0 -


Containers 2 38,000 48,000,000 0 8 -75% 0 -

Reefers 0 - - - 0 - 0 -

Passenger/Cruise 1 0 0 1 0 - 0 -

Ro-Ro 0 - - - 0 - 0 -

Car Carriers 2 0 0 2 0 - 0 -

Combined 0 - - - 0 - 0 -


TOTAL 28 1,561,500 380,200,000 15 21 33% 7 300%


Previous Month Previous Year




MARCH 2018


NEWBUILDING TRENDS – OVERALL

Ordering Activity Per Vessel Size for Main SegmentsPer Vessel Size

Dwt Bulk Carriers* Units Average Dwt Ordered Units %m-o-m Units %y-o-y

10,000-29,999 Handy 0 - 0 - 0 -

30,000-39,000 Handysize 0 - 0 - 2 -100%

40,000-49,999 Handymax 2 37,000 0 - 0 -

50,000-59,999 Supramax 0 - 3 -100% 0 -

60,000-67,000 Ultramax 6 62,480 2 200% 0 -

70,000-78,999 Panamax 0 - 0 - 0 -

79,000-87,000 Kamsarmax 10 81,900 3 233% 4 150%

90,000-99,999 Post Panamax 0 - 0 - 0 -

100,000-119,999 MinI Cape 6 120,000 0 - 0 -

120,000-219,999 Capesize 2 180,000 1 100% 0 -

>=220,000 VLOC 2 208,000 13 -85% 4 -50%

TOTAL 28 98,710 22 27% 10 180%

Dwt Tankers Units Average Dwt Ordered Units %m-o-m Units %y-o-y

less than 10,000 Small 7 3,729 1 600% 2 250%

10,000-34,999 Handy 5 34,800 0 - 3 67%

35,000-54,999 MR 14 52,143 10 40% 5 180%

55,000-79,999 Panamax 0 - 2 -100% 2 -100%

80,000-119,999 Aframax 4 114,000 2 100% 4 0%

120,000-160,000 Suezmax 0 - 0 - - -

161,000-320,000 VLCC 9 312,222 6 50% 4 125%

TOTAL 39 107,592 21 86% 20 95%

LNG Tankers Units Average Cbm Ordered Units %m-o-m Units %y-o-y

1,000-11,999 Small 0 - 1 -100% - -

10,000-34,999 Handy 0 - 0 - - -

20,000-49,999 Medium 0 - 0 - - -

>=70,000 VLGC 5 174,960 6 -17% 1 400%

TOTAL 5 174,960 7 -29% 1 400%

Cbm LPG Tankers Units Average Cbm Ordered Units %m-o-m Units %y-o-y

1,000-11,999 Small 0 - 3 -100% - -

12,000-19,999 Handy 0 - 0 - - -

20,000-49,999 Medium 4 22,250 0 - - -

50,000-69,999 Large 0 - 0 - - -

>=70,000 VLGC 2 80,000 0 - - -

TOTAL 6 41,500 3 100% 0 -

TEU Containers Units Average TEU Ordered Units %m-o-m Units %y-o-y

0-999 Feeder 10 1,417 0 - 1 900%

1,000-1,999 Handysize 0 - 10 -100% - -

2,000-2,999 Sub-Panamax 0 - 4 -100% - -

3,000-4,999 Small Panamax 0 - 0 - - -

5,000-7,999 Large Panamax 0 - 0 - - -

8,000-10,000 Post Panamax 0 - 0 - - -

>10,000 Post_Panamax 0 - 10 -100% - -

TOTAL 10 1,417 24 -58% 1 900%

Previous YearPrevious Month


MARCH 2018


NEWBUILDING TRENDS - GREEK PRESENCE Ordering Activity Per Vessel Size for Main Segments

Per Vessel Size

Dwt Bulk Carriers Units Average Dwt Ordered Units %m-o-m Units %y-o-y

10,000-29,999 Handy 0 - 0 - 0 -

30,000-39,000 Handysize 0 - 0 - 2 -100%

40,000-49,999 Handymax 0 - 0 - 0 -

50,000-59,999 Supramax 0 - 0 - 0 -

60,000-67,000 Ultramax 0 - 0 - 0 -

70,000-78,999 Panamax 0 - 0 - 0 -

79,000-87,000 Kamsarmax 2 82,000 1 100% 4 -50%

90,000-99,999 Post Panamax 0 - 0 - 0 -

100,000-119,999 Min Cape 0 - 0 - 0 -

120,000-219,999 Capesize 0 - 0 - 0 -

>=220,000 VLOC 0 - 0 - 0 -

Grand Total TOTAL 2 82,000 1 100% 6 -67%

Dwt Tankers Units Average Dwt Ordered Units %m-o-m Units %y-o-y

less than 10,000 Small 6 3,600 0 - 0 -

10,000-34,999 Handy 0 - 0 - 0 -

35,000-54,999 MR 0 - 4 -100% 0 -

55,000-79,999 Panamax 0 - 0 - 0 -

80,000-119,999 Aframax 4 114,000 2 100% 0 -

120,000-160,000 Suezmax 0 - 0 - 0 -

161,000-320,000 VLCC 2 319,000 2 0% 4 -50%

Grand Total TOTAL 12 92,967 8 50% 4 200%

LNG Tankers Units Average Cbm Ordered Units %m-o-m Units %y-o-y

1,000-11,999 Small 0 - 0 - 0 -

12,000-19,999 Handy 0 - 0

20,000-49,999 Medium 0 - 0

50,000-69,999 Large 0 - 0

>=70,000 VLGC 3 175600 3 0% 0 -

Grand Total TOTAL 3 175,600 3 0% 0 -

Cbm LPG Tankers Units Average Cbm Ordered Units %m-o-m Units %y-o-y

1,000-11,999 Small 0 - 0 - 0 -

12,000-19,999 Handy 0 - 0 - 0 -

20,000-49,999 Medium 0 - 0 - 0 -

50,000-69,999 Large 0 - 0 - 0 -

>=70,000 VLGC 0 - 0 - 0 -

Grand Total TOTAL 0 - 0 - 0 -

TEU Containers Units Average TEU Ordered Units %m-o-m Units %y-o-y

0-999 Feeder 0 - 0 - 0 -

1,000-1,999 Handysize 0 - 0 - 0 -

2,000-2,999 Sub-Panamax 0 - 0 - 0 -

3,000-4,999 Small Panamax 0 - 0 - 0 -

5,000-7,999 Large Panamax 0 - 0 - 0 -

8,000-10,000 Post Panamax 0 - 0 - 0 -

>10,000 Post_Panamax 0 0 0 - 0 -

Grand Total TOTAL 0 0 0 - 0 -



MARCH 2018


NEWBUILDING MARKET Top Shipbuilding Countries

Overview of Ordering Activity

Mar-18 Previous Month m-o-m Mar-17 y-o-y

83% 205%

60% 33%

-53% 233%20S. Korea 643

Builder Country

64 35 21China

6Japan 8 5

China 64 New Orders 63%


Total Dwt Ordered: 4,107,100

Japan 8 New Orders 8%


Total Dwt Ordered: 575,880

S. Korea 20 New Orders 20%


Total Dwt Ordered: 3,080,094

share to the total Ordering Activity




MARCH 2018


NEWBUILDING MARKET

Top Shipbuilding Countries Per Vessel Type (Overall) Overview of Ordering Activity

Per Vessel Type

Units Average Dwt Ordered

Bulk Carriers 28 98,710 27% m-o-m 180% y-o-y

China 23 108,609 21% m-o-m 188% y-o-y

Japan 5 53,176 67% m-o-m 150% y-o-y

Korea 0 - - m-o-m - y-o-y

Units Average Dwt Ordered

Tankers 39 107,592 86% m-o-m 95% y-o-y

China 28 52,361 1300% m-o-m 300% y-o-y

Japan 2 155,000 200% m-o-m -50% y-o-y

Korea 9 268,889 -53% m-o-m 80% y-o-y

Units Average Cbm Ordered

Gas Tankers-LNG 5 174,960 -29% m-o-m 400% y-o-y

China 0 - -100% m-o-m - y-o-y

Japan 0 - - m-o-m - y-o-y

Korea 5 174,960 -17% m-o-m 400% y-o-y

Units Average Cbm Ordered

Gas Tankers-LPG 6 41,500 100% m-o-m - y-o-y

China 2 6,500 100% m-o-m - y-o-y

Japan 0 - -50% m-o-m - y-o-y

Korea 4 59,000 - m-o-m - y-o-y

Units Average TEU Ordered

Containers 10 1,417 -58% m-o-m 900% y-o-y

China 8 1,322 33% m-o-m - y-o-y

Japan 0 - - m-o-m - y-o-y

Korea 2 1,800 -89% m-o-m - y-o-y



Overall





MARCH 2018


NEWBUILDING MARKET Top Shipbuilding Countries

Ordering Activity (No of Units Ordered, Dwt, TEU, Cbm)China 63% share to the total Ordering Activity

Vessel Type Units Dwt TEU Cbm Units %m-o-m Units %y-o-y

Bulk Carriers 23 2,498,000 0 0 19 21% 8 188%

Tankers 28 1,466,100 0 0 2 1300% 7 300%

Gas Tankers-LNG 0 - - - 1 -100% 0 -

Gas Tankers-LPG 2 15,000 0 13,000 1 100% 0 -

General Cargo 0 - - - 0 - 6 -100%

Containers 8 128,000 10,572 0 6 33% 0 -

Reefers 0 - - - 0 - 0 -

Passenger/Cruise 1 0 0 0 6 -83% 0 -

Ro-Ro 0 - - - 0 - 0 -

Car Carriers 2 0 0 0 0 - 0 -

Combined 0 - - - 0 - 0 -


TOTAL 64 4,107,100 10,572 13,000 35 83% 21 205%

Incl. 3 vessel(s) with undisclosed Dwt

Japan 8% share to the total Ordering Activity

`


Bulk Carriers 5 265,880 0 0 3 67% 2 150%

Tankers 2 310,000 0 0 0 - 4 -50%

Gas Tankers-LNG 0 - - - 0 - 0 -

Gas Tankers-LPG 0 - - - 2 -50% 0 -


Containers 0 - - - 0 - 0 -

Reefers 0 - - - 0 - 0 -

Passenger/Cruise 1 0 0 0 0 - 0 -

Ro-Ro 0 - - - 0 - 0 -

Car Carriers 0 - - - 0 - 0 -

Combined 0 - - - 0 - 0 -


TOTAL 8 575,880 0 0 5 60% 6 33%


South Korea 20% share to the total Ordering Activity


Bulk Carriers 0 - - - 0 - 0 -

Tankers 9 2,420,000 0 0 19 -53% 5 80%

Gas Tankers-LNG 5 463,000 0 874,800 6 -17% 1 400%

Gas Tankers-LPG 4 159,094 0 236,000 0 - 0 -


Containers 2 38,000 3,600 0 18 -89% 0 -

Reefers 0 - - - 0 - 0 -

Passenger/Cruise 0 - - - 0 - 0 -

Ro-Ro 0 - - - 0 - 0 -

Car Carriers 0 - - - 0 - 0 -

Combined 0 - - - 0 - 0 -


TOTAL 20 3,080,094 3,600 1,110,800 43 -53% 6 233%






MARCH 2018


NEWBUILDING TRENDS

Top Shipbuilding Countries Ordering Activity Per Vessel Size for Main Segments Bulk Carriers

Per Vessel Size

Dwt Bulk Carriers Units China Japan Korea China Japan Korea China Japan Korea

10,000-29,999 Handy 0 - - -

30,000-39,000 Handysize 0 2 - -100% -

40,000-49,999 Handymax 2 2 - - -

50,000-59,999 Supramax 0 - - -

60,000-67,000 Ultramax 6 3 3 - - -

70,000-78,999 Panamax 0 - - -

79,000-87,000 Kamsarmax 10 10 4 150% - -

90,000-99,999 Post Panamax 0 - - -

100,000-119,999 Mini Cape 6 6 - - -

120,000-219,999 Capesize 2 2 - - -

>=220,000 VLOC 2 2 4 -50% - -

TOTAL 28 23 5 0 8 2 0 188% 150% -

Per Vessel Size

Dwt Bulk Carriers Units China Japan Korea China Japan Korea China Japan Korea

10,000-29,999 Handy 0 - - -

30,000-39,000 Handysize 0 2 - -100% -

40,000-49,999 Handymax 0 - - -

50,000-59,999 Supramax 0 - - -

60,000-67,000 Ultramax 0 - - -

70,000-78,999 Panamax 0 - - -

79,000-87,000 Kamsarmax 2 2 4 -50% - -

90,000-99,999 Post Panamax 0 - - -

100,000-119,999 Min Cape 0 - - -

120,000-219,999 Capesize 0 - - -

>=220,000 VLOC 0 - - -

TOTAL 2 2 0 0 4 2 0 -50% -100% -

GREEK PRESENCE

March 2018-New Orders Previous Year %y-o-y



MARCH 2018


NEWBUILDING TRENDS

Top Shipbuilding Countries Ordering Activity Per Vessel Size for Main Segments Tankers

Per Vessel Size

Dwt Tankers Units China Japan Korea China Japan Korea China Japan Korea

less than 10,000 Small 7 7 - - -

10,000-34,999 Handy 5 4 1 - - -

35,000-54,999 MR 14 14 - - -

55,000-79,999 Panamax 0 - - -

80,000-119,999 Aframax 4 2 2 - - -

120,000-160,000 Suezmax 0 - - -

161,000-320,000 VLCC 9 1 1 7 - - -

TOTAL 39 28 2 9 0 0 0 - - -

Per Vessel Size

Dwt Tankers Units China Japan Korea China Japan Korea China Japan Korea

less than 10,000 Small 6 6 - - -

10,000-34,999 Handy 0 - - -

35,000-54,999 MR 0 - - -

55,000-79,999 Panamax 0 - - -

80,000-119,999 Aframax 4 2 2 - - -

120,000-160,000 Suezmax 0 - - -

161,000-320,000 VLCC 2 2 - - -

TOTAL 12 8 0 4 0 0 0 - - -


GREEK PRESENCE


LNG Tankers

Per Vessel Size

LNG Tankers Units China Japan Korea China Japan Korea China Japan Korea

Small 0 - - -

Handy 0 - - -

Medium 0 - - -

VLGC 5 5 1 - - 400%

TOTAL 5 0 0 5 0 0 1 - - 400%

Per Vessel Size

LNG Tankers Units China Japan Korea China Japan Korea China Japan Korea

Small 0 - - -

VLGC 3 3 - - -

TOTAL 3 0 0 3 0 0 0 - - -

GREEK PRESENCE




MARCH 2018


NEWBUILDING TRENDS

Top Shipbuilding Countries Ordering Activity Per Vessel Size for Main Segments LPG Tankers

Per Vessel Size

Cbm LPG Tankers Units China Japan Korea China Japan Korea China Japan Korea

1,000-11,999 Small 0 - - -

12,000-19,999 Handy 0 - - -

20,000-49,999 Medium 4 2 2 - - -

50,000-69,999 Large 0 - - -

>=70,000 VLGC 2 2 - - -

TOTAL 6 2 0 4 0 0 0 - - -

Per Vessel Size

Cbm LPG Tankers Units China Japan Korea China Japan Korea China Japan Korea

1,000-11,999 Small 0 - - -

12,000-19,999 Handy 0 - - -

20,000-49,999 Medium 0 - - -

50,000-69,999 Large 0 - - -

>=70,000 VLGC 0 - - -

TOTAL 0 0 0 0 0 0 0 - - -

GREEK PRESENCE



Containers

Per Vessel Size

TEU Containers Units China Japan Korea China Japan Korea China Japan Korea

0-999 Feeder 10 8 2 - - -

1,000-1,999 Handysize 0 - - -

2,000-2,999 Sub-Panamax 0 - - -

3,000-4,999 Small Panamax 0 - - -

5,000-7,999 Large Panamax 0 - - -

8,000-10,000 Post Panamax 0 - - -

>10,000 Post Panamax 0 - - -

TOTAL 10 8 0 2 0 0 0 - - -

Per Vessel Size

TEU Containers Units China Japan Korea China Japan Korea China Japan Korea

0-999 Feeder 0 - - -

1,000-1,999 Handysize 0 - - -

2,000-2,999 Sub-Panamax 0 - - -

3,000-4,999 Small Panamax 0 - - -

5,000-7,999 Large Panamax 0 - - -

8,000-10,000 Post Panamax 0 - - -

>10,000 Post Panamax 0 - - -

TOTAL 0 0 0 0 0 0 0 - - -


GREEK PRESENCE


Documents

Monthly Newbuilding Market Report · Weekly S&P Market Trends Other Reports / Analysis concerning the outlook of Secondhand / Demolition / Newbuilding Transactions . GOLDEN DESTINY