Market insight By Konstantinos Kontomichis SnP Broker

In the UK, conservatives unexpectedly won last Saturday's elections. The result was divisive as anti-austerity groups protested aggressively outside Downing Street. The EU governments in an effort to face their economic crisis individually are facing lack of political cohesion. This reflects back to each economy negatively while state leaders now have to deal with multiple issues. Economic instability has been around longer than initially expected by G8, causing various troubles to both poor and rich countries globally.

Shipping is still also clouded as world economic obscurity persists. The in-creasingly number of demolished overage vessels - compared to the previ-ous year - along with the slowdown of new orders and the non-effective contracts so far, have still not managed to provide equilibrium in the mar-ket. The continuous low rates in dry sector seem to have exhausted the pa-tience of private equity investors and all those who came in and invested aggressively the past years, aiming for quick profits. The less but although constant launches of NB units by shipbuilders combined with the fact that banks are unable to provide fair financing terms and amounts even for their good clients, adds more downward pressure on asset prices. Thus the op-portune ground, for traditional and cash rich shipowners, is well maintained.

Panamaxes and Supramaxes have gained most interest followed by Handymax and lately by Handysize units. Potential candidates circulated officially or pushed privately in the market are gaining ample interest and many inspection requests. Contrary to the logical hypothesis that more buy-ers will increase competition and consequently prices, the offers are still ranged in extremely low levels and Sellers are usually glad to accept offers slightly lower or equal to the last dones. The still unsold M/V Front Runner ( abt 55kdwt blt 09 Mitsui, Japan) has been inspected by 8 parties. We are hearing that her owners, who aim at around USD15.0m, gathered five offers last Friday with the highest being in the region of USD14.0m. This offer is in line with the previous sale of the M/V Ultra Initiator (abt 56kdwt 2007 blt 07 Mitsui, Japan), which was sold for USD 12.7m at the end of February.

At the same time, it seems that Japanese Sellers have second thoughts. They appear quick to withdraw their vessels from the market when the offers received are not reflecting their initial price ideas. This phenomenon is rising in the very recent years and it is strange and totally opposite from the “usual” Japanese sale practices, in which they are usually described as “definite sellers”. This swift of 180 degrees in the Japanese sales mentali-ty seems to have picked this year and has also consequently offered some very strong resistance to asset prices declining further. Some representative examples are the M/V Lowlands Queen (abt 76kdwt blt 08 Imabari), the M/V Lady Maria Louisa (abt 76kdwt blt 07 Imabari), the M/V Epson Trader (abt 82kdwt blt 07 Tsuneishi), the M/V Grace Future (abt 75kdwt blt 06 Univer-sal), the M/V Sea of Future (abt 76kdwt blt 05 Tsuneishi) and the M/V Cym-beline (abt 73kdwt blt 01 Sumitomo), all of which were either fixed them on long T/C contracts or the selling of which was pushed to Q4 of 2015, as their respective owners hoping to achieve better prices then. If you count them, it is almost one withdrawn Panamax vessel per month.

As the end of the first half of the year approaching, we most certainly have to admit that we are a shade away from the bottom of this cycle if not al-ready there. In fact we have been experiencing for quite some time a “Buyer’s Market”. The question we are often asked is “when” the market will start moving up and not if. What I answer is what my grandfather once told me; “do not put all your beans in the same bag”. In other words spread your acquisitions in time and not all at once.

Chartering (Wet: Stable - / Dry: Stable + )

The Dry Bulk market slightly improved last week mostly supported by Capes, while market sentiment remains fragile overall following further discounts noted in the rest of the segments. The BDI closed today (12/05/2015) at 589 points, up by 11 points compared to Monday’s levels (11/05/2015) and an increase of 9 points when compared to pre-vious Tuesday’s closing (5/05/2015). Rates for the crude carriers re-mained stable this week as the market’s strong fundamentals seem enough to support rates amidst periods of slower enquiry. The BDTI Monday (11/05/2015) was at 746 points, a decrease of 3 points and the BCTI at 621, an increase of 5 points compared to previous Friday’s (01/05/2015) levels.

Sale & Purchase (Wet: Stable - / Dry: Stable - )

Despite softer SnP activity last week, Dry Bulk units continue to gather a fair amount of interest with notable Capesize presence among reported sales. On the tanker side, we had the sale of the “ABRAM SCHULTE” (72,663dwt-blt 04, S. Korea), which was sold to UK based owner Union Maritime for a price in the region of $21.8m. On the dry bulker side we had the sale of the “BLUE EVEREST” (180,116dwt-blt 10, S. Korea), which was reported being sold to Greek buyers for a price of $27.0m.

Newbuilding (Wet: Stable- / Dry: Soft - )

With very few orders being reported and prices still shaky, the new-building market seems unable to come out of the vicious circle it has been caught during the past year, while the effects of the lack of dry bulk orders, seems to have already caught up with expectations of key industry players. The Chairman of Yangzijiang, China’s biggest privately owned yard, appeared to be fairly gloomy last week in regards to the future of the shipbuilding industry in the country, stating that it is possi-ble that the number of shipyards in China moves down to 1/3 in three years’ time with mergers and acquisitions as well as closures taking place. For as long as demand for new orders continues to fall short of existing shipbuilding capacity, pessimistic estimations like that will con-tinue to make a lot of sense. At the same time, we expect that any in-crease in investing appetite for dry bulkers, will keep being absorbed by the second-hand market for at least another couple of quarters. In terms of recently reported deals, German owner, Reederei Nord, placed an order for two firm LR2s (115,000dwt) at Samsung, in S. Korea, for a price of $56.5 each and delivery set in 2017.

Demolition (Wet: Soft - / Dry: Soft - )

Things on the demolition front remained under pressure this week, with the short-term improvement witnessed mid-April, already being inter-preted as a glitch in an otherwise falling market. Prices in the Indian subcontinent slid further south in the past days breaking below the bar-rier of $400/ton, in what seems to be a quick return to the shaky days the market has been witnessing for the biggest part of the year. The monsoon season that is approaching, in combination with the oversup-ply of vessels in the past weeks that is keeping breakers busy, is ex-pected to further weigh down on prices in the short term. On the plus side, is – what else? – activity volumes that seem to be shielded from any volatility witnessed in demo prices. Behind this resistance, is the still very much strong trend of post ‘95 built large bulk carriers heading for demolition and as second-hand prices for older Capes keep falling and nearing their scrap value, we reiterate our expectation for equally strong Capesize demo activity during the second half of the year as well. Prices this week for wet tonnage were at around 225-405 $/ldt and dry units received about 210-385 $/ldt.

Weekly Market Report

Issue: Week 19 | Tuesday 12th May 2015

© Intermodal Research 12/05/2015 2

2014 2013

WS

points$/day

WS

points$/day $/day $/day

265k MEG-JAPAN 63 58,593 63 59,364 -1.3% 30,469 21,133

280k MEG-USG 35 41,109 35 41,248 -0.3% 17,173 7,132

260k WAF-USG 70 69,026 70 69,342 -0.5% 40,541 26,890

130k MED-MED 75 36,597 81 43,422 -15.7% 30,950 17,714

130k WAF-USAC 73 31,480 73 31,666 -0.6% 24,835 13,756

130k BSEA-MED 75 39,916 82.5 46,259 -13.7% 30,950 17,714

80k MEG-EAST 102.5 28,028 100 27,205 3.0% 19,956 11,945

80k MED-MED 105 32,032 110 36,271 -11.7% 28,344 13,622

80k UKC-UKC 120 40,401 120 41,252 -2.1% 33,573 18,604

70k CARIBS-USG 102.5 23,460 97.5 21,610 8.6% 25,747 16,381

75k MEG-JAPAN 102.5 28,468 97 27,014 5.4% 16,797 12,011

55k MEG-JAPAN 110 21,392 98.5 18,338 16.7% 14,461 12,117

37K UKC-USAC 152.5 21,897 155 22,597 -3.1% 10,689 11,048

30K MED-MED 137.5 17,360 140 17,764 -2.3% 18,707 17,645

55K UKC-USG 125 25,573 122.5 24,781 3.2% 23,723 14,941

55K MED-USG 125 23,826 125 24,233 -1.7% 21,089 12,642

50k CARIBS-USAC 132.5 22,665 135 23,121 -2.0% 25,521 15,083

Vessel Routes

Week 19 Week 18$/day

±%

Dir

tyA

fram

axC

lean

VLC

CSu

ezm

ax

Spot Rates

May-15 Apr-15 ±% 2014 2013 2012

300KT DH 80.8 81.0 -0.3% 73.6 56.2 62.9

150KT DH 58.8 58.1 1.1% 50.2 40.1 44.9

110KT DH 45.0 45.0 0.0% 38.6 29.2 31.2

75KT DH 34.5 35.6 -3.2% 32.8 28.0 26.7

52KT DH 26.8 27.0 -0.9% 27.2 24.7 24.6

VLCC

Suezmax

Indicative Market Values ($ Million) - Tankers

Vessel 5yrs old

MR

Aframax

LR1

Chartering

Holidays in several regions seem to have weighed down on the crude carri-ers market in the beginning of last week, with lack of fresh business quickly reflecting on rates across the board and the few charterers out there taking advantage of the quiet market. As the week progressed though, fresh busi-ness started emerging, which finally managed to offset a big part of the downside noted during the first half of the week. The improvement of late last week, will most probably feed through the following days as well, were some upside is expected, while the lack of volatility in rates overall for yet another week is further supporting sentiment.

The VL market closed off the week unchanged in WS terms, .with rates across both the Middle East and West Africa quickly improving mid-week onwards, while tonnage supply until the end of the month appears to be fairly balanced in order for rates to remain around current levels.

Activity in the W. Africa Suezmax market improved substantially compared to the week prior, but just the right amount of ballasters therein combina-tion with softer sentiment in the Black Sea and Med regions, hindered any upside.

The cross-Med Aframax was also softer, while cross-UKC voyages managed to stabilize following last week’s holidays and the Caribs Afra marched high-er on the back of firmer enquiry in the region.

Sale & Purchase

In the LR1 sector we had the sale of the “ABRAM SCHULTE” (72,663dwt-blt 04, S. Korea), which was sold to UK based owner Union Maritime for a price in the region of $21.8m.

In the MR sector we had the sale of the “FUTURE PROSPERITY” (47,990dwt-blt 10, Japan), which was sold to Maersk for $22.5m.

Wet Market

Indicative Period Charters

-12 mos - 'ALKIVIADIS' 2006 36,200 dwt

- - $15,125/day - Total

-24 mos - 'NOBLEWAY' 2010 164,000 dwt

- - $30,000/day -ST Shipping

20

70

120

170

220

WS

po

ints

DIRTY - WS RATESTD3 TD4 TD6 TD9

Week 19 Week 18 ±% Diff 2014 2013

300k 1yr TC 40,000 40,000 0.0% 0 28,346 20,087

300k 3yr TC 40,500 40,500 0.0% 0 30,383 23,594

150k 1yr TC 33,000 33,000 0.0% 0 22,942 16,264

150k 3yr TC 32,500 32,500 0.0% 0 24,613 18,296

110k 1yr TC 23,500 23,000 2.2% 500 17,769 13,534

110k 3yr TC 23,000 23,000 0.0% 0 19,229 15,248

75k 1yr TC 21,500 21,500 0.0% 0 16,135 15,221

75k 3yr TC 19,250 19,250 0.0% 0 16,666 15,729

52k 1yr TC 16,250 16,250 0.0% 0 14,889 14,591

52k 3yr TC 16,000 15,750 1.6% 250 15,604 15,263

36k 1yr TC 15,000 14,500 3.4% 500 14,024 13,298

36k 3yr TC 14,250 14,250 0.0% 0 14,878 13,907

Panamax

MR

Handy

size

TC Rates

$/day

VLCC

Suezmax

Aframax

60

90

120

150

180

210

240

270

WS

po

ints

CLEAN - WS RATESTC1 TC2 TC5 TC6

© Intermodal Research 12/05/2015 3

0500

1,0001,5002,0002,5003,0003,5004,0004,500

Ind

ex

Baltic Indices

BCI BPI BSI BHSI BDI

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000$

/da

y

Average T/C Rates

AVR 4TC BCI AVR 4TC BPI AVR 5TC BSI AVR 6TC BHSI

Chartering

Nothing fascinating happened last week in the Dry Bulk market, except

maybe that Capes outperformed the rest of the market, which closed off

negatively on a weekly basis, while despite the fact that the big bulkers

appear to be enjoying some improved momentum this week as well, the

inflow of negative news is not allowing us to raise much our expectations

for the following months. Chinese coal imports seem to have declined fur-

ther in April, while iron ore imports from Australia have also taken a dive,

adding to the already doubtful freight market for dry bulkers, which has

currently placed most of its hopes on the aggressive demolition activity and

almost non-existent newbuilding ordering.

Rates for Capes were the only positive exception last week, with activity in

the Pacific picking up especially towards the end of the week, while things

in the Atlantic kept moving sideways despite the fact the overall improve-

ment in the segment allowed for slightly better sentiment in the region as

well. Talk of owners pushing for more started to emerge but no contracts

materialized over last dones as the positive reversal is still a bit premature

for tables to turn.

Significant lack of fresh enquiry from the ECSA weighed down on the Atlan-

tic Panamax market last week, while things in the Pacific remained quiet

following national holidays in the region.

Rates for Handy/ Supramax tonnage in the Atlantic were not consistent as

good and bad numbers were being reported throughout last week, while

the Pacific Basin remained quiet as the market slid into the weekend.

Sale & Purchase

In the Capesize sector, we had the sale of the “BLUE EVEREST” (180,116dwt-blt 10, S. Korea), which was reported being sold to Greek buy-ers for a price of $27.0m .

In the Handysize sector we had the sale of the “BIRCH 5” (26,045dwt-blt 97, China), which was sold to Chinese buyers for a price in the region of $2.6m.

May-15 Apr-15 ±% 2014 2013 2012

180k 33.8 34.8 -2.9% 47.3 35.8 34.6

76K 16.8 16.6 0.8% 24.5 21.3 22.7

56k 16.0 16.1 -0.8% 24.7 21.5 23.0

30K 13.5 13.9 -2.7% 19.5 18.2 18.2

Capesize

Panamax

Supramax

Indicative Market Values ($ Million) - Bulk Carriers

Vessel 5 yrs old

Handysize

Indicative Period Charters

- 8 to 13 mos - 'EPIC ' 2010 182,060dwt

- Singapore prompt - $ 8,200/day -Oldendorff

- 24 mos - 'ALCMENE' 2010 93,193 dwt

- Cape of Good Hope 10/13 May - $ 7,500/day -ADMI

Dry Market

Index $/day Index $/day Index Index

BDI 574 587 -13 1,097 1,205

BCI 616 $4,737 574 $4,570 42 3.7% 1,943 2,106

BPI 594 $4,734 647 $5,155 -53 -8.2% 960 1,186

BSI 618 $6,460 621 $6,494 -3 -0.5% 937 983

BHSI 329 $4,876 340 $5,063 -11 -3.7% 522 562

01/05/2015

Baltic IndicesWeek 19

08/05/2015Week 18

Point

Diff

2014 2013$/day

±%

170K 6mnt TC 7,250 7,000 3.6% 250 22,020 17,625

170K 1yr TC 8,500 8,500 0.0% 0 21,921 15,959

170K 3yr TC 10,000 9,750 2.6% 250 21,097 16,599

76K 6mnt TC 7,250 7,500 -3.3% -250 12,300 12,224

76K 1yr TC 7,250 7,500 -3.3% -250 12,259 10,300

76K 3yr TC 8,250 8,500 -2.9% -250 13,244 10,317

55K 6mnt TC 7,750 7,750 0.0% 0 12,008 11,565

55K 1yr TC 7,750 7,750 0.0% 0 11,589 10,234

55K 3yr TC 8,000 8,000 0.0% 0 11,585 10,482

30K 6mnt TC 6,000 6,250 -4.0% -250 9,113 8,244

30K 1yr TC 6,250 6,500 -3.8% -250 9,226 8,309

30K 3yr TC 6,750 6,750 0.0% 0 9,541 8,926Han

dys

ize

Period

2013

Pan

amax

Sup

ram

ax

Week

19

Week

18

Cap

esi

ze

2014$/day ±% Diff

© Intermodal Research 12/05/2015 4

Secondhand Sales

Size Name Dwt Built Yard M/E SS due Hull Price Buyers Comments

AFRA RIVER PRIDE 105,547 2007SUMITOMO HEAVY

MARINE, JapanWarts i la Mar-17 DH undisclosed Greek

LR1 ABRAM SCHULTE 72,663 2004SAMSUNG HEAVY

INDUSTRI, S. KoreaMAN-B&W Feb-19 DH $ 21.8m

UK based

(Union

Mari time)

MR ESHIPS FALCON 51,156 2010SLS SHIPBUILDING

CO LT, S. KoreaMAN-B&W May-15 DH $ 25.0m undisclosed

MRFUTURE

PROSPERITY47,990 2010 IWAGI, Japan MAN-B&W Feb-20 DH $ 22.5m Danish (Maersk)

PROD/

CHEMNORDIC OSLO 12,975 2005

SAMHO

SHIPBUILDING - T,

S. Korea

MAN-B&W Oct-15 DH $ 8.4m S. Korean

Tankers

Size Name Dwt Built Yard M/E SS due Gear Price Buyers Comments

CAPE BLUE EVEREST 180,116 2010

DAEHAN

SHIPBUILDING -,

S. Korea

MAN-B&W Nov-15 - $ 27.0m Greek

CAPE SBI HABANO 180,000 2015

SUNGDONG

SHIPBUILDING, S.

Korea

MAN-B&W - - $ 43.5m undisclosed

PMAX GH PROSPERITY 70,257 1997SANOYAS HISHINO

MIZ'MA, JapanSulzer Nov-17 - $ 3.6m

Chinese

(Hengda

Shipping)

SMAX AGIA IRINI 57,017 2010 QINGSHAN, China MAN-B&W Jan-204 X 35t

CRANES$ 13.0m undisclosed

SMAX CMB JIALING 55,090 2010NANTONG COSCO

KHI, ChinaMAN-B&W Apr-15

4 X 30,5t

CRANES$ 13.6m Greek

HMAX KYRIAKOS 44,821 1995HALLA ENG & HI -

INCHE, S. KoreaB&W May-15

4 X 25t

CRANES$ 4.2m Greek

HANDY BIRCH 5 26,045 1997 Zhao, China B&W Jun-174 X 25t

CRANES$ 2.6m Chinese

Bulk Carriers

Size Name Teu Built Yard M/E SS due Gear Price Buyers Comments

POST

PMAX

GOLDEN GATE

BRIDGE5,610 2001

HYUNDAI HEAVY

INDS - U, S. KoreaMAN-B&W Jul-16 rg $ 20.0m

Taiwanese (Wan

Hai)

Containers

Type Name Dwt Built Yard M/E SS due Cbm Price Buyers Comments

LNG LNG ABUJA 72,571 1980

GENERAL

DYNAMICS QC, U.

S. A.

General

ElectricJun-17 126,530 $ 20.0m

Norwegian

(Golar LNG)for convers ion

LNG LNG SWIFT 67024 1989MITSUBISHI

NAGASAKI, JapanMitsubishi Apr-17 127,580 $ 20.5m

S.Korean

(Sinokor)

deal concluded in

Apri l

Gas/LPG/LNG

© Intermodal Research 12/05/2015 5

With very few orders being reported and prices still shaky, the newbuilding market seems unable to come out of the vicious circle it has been caught during the past year, while the effects of the lack of dry bulk orders, seems to have already caught up with expectations of key industry players. The Chair-man of Yangzijiang, China’s biggest privately owned yard, appeared to be fairly gloomy last week in regards to the future of the shipbuilding industry in the country, stating that it is possible that the number of shipyards in China moves down to 1/3 in three years’ time with mergers and acquisitions as well as closures taking place. For as long as demand for new orders continues to fall short of existing shipbuilding capacity, pessimistic estimations like that will continue to make a lot of sense. At the same time, we expect that any increase in investing appetite for dry bulkers, will keep being absorbed by the second-hand market for at least another couple of quarters.

In terms of recently reported deals, German owner, Reederei Nord, placed an order for two firm LR2s (115,000dwt) at Samsung, in S. Korea, for a price of $56.5 each and delivery set in 2017.

Newbuilding Market

20

60

100

140

180

mil

lion

$

Tankers Newbuilding Prices (m$)

VLCC Suezmax Aframax LR1 MR

Week

19

Week

18±% 2014 2013 2012

Capesize 180k 51.0 51.5 -1.0% 55.8 49 47

Kamsarmax 82k 28.0 28.0 0.0% 30.4 27 28

Panamax 77k 27.5 27.5 0.0% 29.2 26 27

Ultramax 63k 25.5 25.5 0.0% 27 25 25

Handysize 38k 21.5 21.5 0.0% 23 21 22

VLCC 300k 96.5 96.5 0.0% 98.6 91 96

Suezmax 160k 65.0 65.0 0.0% 65 56 58

Aframax 115k 53.5 53.5 0.0% 54 48 50

LR1 75k 46.0 46.0 0.0% 45.9 41 42

MR 50k 36.5 36.5 0.0% 36.9 34 34

190.0 190.0 0.0% 186.0 185 186

77.0 77.0 0.0% 78.4 71 71

68.0 68.0 0.0% 66.9 63 62

46.0 46.0 0.0% 44.3 41 44

Vessel

Indicative Newbuilding Prices (million$)

Bu

lke

rsTa

nke

rs

LNG 160k cbm

LGC LPG 80k cbm

MGC LPG 55k cbm

SGC LPG 25k cbm

Gas

10

30

50

70

90

110

mil

lion

$

Bulk Carriers Newbuilding Prices (m$)

Capesize Panamax Supramax Handysize

Units Type Yard Delivery Buyer Price Comments

2 Tanker 115,000 dwt Samsung, S. Korea 2017 German (Reederei Nord) $ 56.5m LR2

4+4 Tanker 74,000 dwt STX, S. Korea 2017 S.Korean (Sinokor) $ 46.0mLR1, T/C to Shell, initially

OMAN Shipping order

1 Gas 170,000 cbm Hyundai HI, S.Korea 11/2017 Russian (JSC Gazprom) $ 295.0m LNG FSRU, Ice-classed

4+7 Container 20,000 teu Daewoo, S. Korea 2016-2017 Danish (AP Moller Maersk) $ 151.0m ULCV

6 Container 11,000 teuShanghai Waigaoqiao,

China- European undisclosed

Newbuilding Orders Size

© Intermodal Research 12/05/2015 6

Things on the demolition front remained under pressure this week, with the short-term improvement witnessed mid-April, already being interpreted as a glitch in an otherwise falling market. Prices in the Indian subcontinent slid further south in the past days breaking below the barrier of $400/ton, in what seems to be a quick return to the shaky days the market has been wit-nessing for the biggest part of the year. The monsoon season that is ap-proaching, in combination with the oversupply of vessels in the past weeks that is keeping breakers busy, is expected to further weigh down on prices in the short term. On the plus side, is – what else? – activity volumes that seem to be shielded from any volatility witnessed in demo prices. Behind this re-sistance, is the still very much strong trend of post ‘95 built large bulk carriers heading for demolition and as second-hand prices for older Capes keep fall-ing and nearing their scrap value, we reiterate our expectation for equally strong Capesize demo activity during the second half of the year as well. Prices this week for wet tonnage were at around 225-405 $/ldt and dry units received about 210-385 $/ldt.

The highest price amongst recently reported deals, was that paid by Pakistani breakers for the Handysize “CHARLES MARTIN” (37,604dwt-6,938ldt-blt 83), which received $390/ldt.

Demolition Market

Week

19

Week

18±% 2014 2013 2012

Bangladesh 395 400 -1.3% 469 422 441

India 395 400 -1.3% 478 426 445

Pakistan 405 410 -1.2% 471 423 444

China 225 230 -2.2% 313 365 384

Bangladesh 385 390 -1.3% 451 402 415

India 385 390 -1.3% 459 405 419

Pakistan 385 390 -1.3% 449 401 416

China 210 215 -2.3% 297 350 365

Dry

Indicative Demolition Prices ($/ldt)

Markets

We

t

200

250

300

350

400

450

500

550

$/l

dt

Wet Demolition Prices

Bangladesh India Pakistan China

200

250

300

350

400

450

500

550

$/ld

t

Dry Demolition Prices

Bangladesh India Pakistan China

Name Size Ldt Built Yard Type $/ldt Breakers Comments

IONIAN PROSPERITY 179,385 22,165 1998HYUNDAI HEAVY

INDS - U, S. KoreaBULKER $ 385/Ldt - as-is Singapore, incl. 1500T ROB

CAPE MELBOURNE 186,260 21,831 1987HYUNDAI HEAVY

INDS - U, S. KoreaBULKER $ 375/Ldt Pakistani

FENGLI 1 149,533 18,430 1991

CHINA

SHIPBUILDING KEE,

Taiwan

BULKER $ 382/Ldt Bangladeshi incl. 800T ROB

LADY SADIKA 37,664 7,352 1984KANASASHI ZOSEN -

TOYO, JapanBULKER $ 386/Ldt Indian

CHARLES MARTIN 37,604 6,938 1983MITSUBISHI KOBE,

JapanBULKER $ 390/Ldt Pakistani

ASEAN PROSPER 27,293 6,114 1992MINAMI-NIPPON

USUKI, JapanBULKER $ 367/Ldt Indian

Demolition Sales

The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without mak-ing guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.

Compiled by Intermodal Research & Valuations Department | research@intermodal.gr Ms. Eva Tzima | e.tzima@intermodal.gr

Mr. Vassilis Logothetis | v.logothetis@intermodal.gr

Finance News

“Norden questions FFAs

Norden believes a decline in dry cargo freight futures is now underestimating potential earnings.

While the Danish owner is not expecting a strong recovery this year, its first quarter report questions the significant decrease seen in FFAs. “The drop has been very rapid, and it is the company’s immediate assessment that the long-term FFA forward curve underestimates the future earnings potential in dry cargo,” its quarterly report said.

Martin Badsted, executive vice president of Norden, explained: “When you go out a couple of years in the future the FFA market is quite illiquid. “Many people focus on it and we think that is a little dangerous as it’s so influenced by the spot market.” Cape FFAs currently guide for rates of $11,000 daily to $11,400 in 2016 and $12,900 daily to $13,300 daily in 2017 for an 180,000 dwt vessel, SSY Futures says.

Norden believes the bulker market is paralysed but Badsted says owners are making every effort to ad-dress the oversupply issues with scrapping and new-building conversions.

Norden counts 9.1 million dwt of dry tonnage scrapped in the first quarter, equal to 5% of the fleet on an annual basis.

This will help moderate fleet growth at 2% to 3% this year, a couple of points down on previous expecta-tions, its report said.

“At the same time, the order book has declined to the lowest level since the fourth quarter of 2013 due to cancellations, conversions and lack of new orders,” its quarterly report said...” (Andy Pierce, Trade Winds)

Commodities & Ship Finance

8-May-15 7-May-15 6-May-15 5-May-15 4-May-15W-O-W

Change %

10year US Bond 2.630 2.180 2.250 2.190 2.160 24.1%

S&P 500 2,116.10 2,088.00 2,080.15 2,089.46 2,114.49 0.4%

Nasdaq 5,003.55 4,945.54 4,919.64 4,939.33 5,016.93 0.0%

Dow Jones 18,191.11 17,924.06 17,841.98 17,928.20 18,070.40 0.9%

FTSE 100 7,046.82 6,886.95 6,933.74 6,927.58 6,985.95 0.9%

FTSE All-Share UK 3,814.45 3,726.25 3,746.50 3,744.86 3,770.75 1.2%

CAC40 5,090.39 4,967.22 4,981.59 4,974.07 5,081.97 0.9%

Xetra Dax 11,709.73 11,407.97 11,350.15 11,327.68 11,619.85 0.8%

Nikkei 19,379.19 19,291.99 19,531.63 19,531.63 19,531.63 -0.8%

Hang Seng 27,577.34 27,289.97 27,640.91 27,755.54 28,123.82 -2.0%

DJ US Maritime 273.83 271.73 267.56 265.82 260.83 6.4%

$ / € 1.12 1.12 1.13 1.12 1.11 0.2%

$ / ₤ 1.54 1.54 1.52 1.52 1.51 2.0%

¥ / $ 119.81 119.71 119.43 119.94 120.11 -0.3%

$ / NoK 0.13 0.13 0.13 0.13 0.13 1.6%

Yuan / $ 6.21 6.21 6.20 6.20 6.21 -0.1%

Won / $ 1,088.30 1,094.25 1,080.50 1,081.35 1,080.55 0.8%

$ INDEX 85.26 85.24 84.85 85.47 85.87 -0.6%

Market Data

Cu

rre

nci

es

Sto

ck E

xch

ange

Dat

a

1,100

1,150

1,200

1,250

1,300

1,350

40

45

50

55

60

65

70

goldoil

Basic Commodities Weekly Summary

Oil WTI $ Oil Brent $ Gold $

8-May-15 1-May-15W-O-W

Change %

Rotterdam 579.5 582.5 -0.5%

Houston 660.0 648.0 1.9%

Singapore 578.5 573.5 0.9%

Rotterdam 359.5 341.0 5.4%

Houston 351.0 347.5 1.0%

Singapore 389.0 370.0 5.1%

Bunker Prices

MD

O3

80

cst

CompanyStock

ExchangeCurr. 08-May-15 01-May-15

W-O-W

Change %

AEGEAN MARINE PETROL NTWK NYSE USD 14.28 15.02 -4.9%

BALTIC TRADING NYSE USD 1.42 1.43 -0.7%

BOX SHIPS INC NYSE USD 0.93 0.90 3.3%

CAPITAL PRODUCT PARTNERS LP NASDAQ USD 8.59 9.11 -5.7%

COSTAMARE INC NYSE USD 20.29 20.11 0.9%

DANAOS CORPORATION NYSE USD 6.49 6.28 3.3%

DIANA SHIPPING NYSE USD 6.88 6.25 10.1%

DRYSHIPS INC NASDAQ USD 0.71 0.69 2.9%

EAGLE BULK SHIPPING NASDAQ USD 9.50 8.54 11.2%

EUROSEAS LTD. NASDAQ USD 0.80 0.73 9.6%

FREESEAS INC NASDAQ USD 0.03 0.03 0.0%

GLOBUS MARITIME LIMITED NASDAQ USD 1.36 1.50 -9.3%

GOLDENPORT HOLDINGS INC LONDON GBX 120.95 119.00 1.6%

HELLENIC CARRIERS LIMITED LONDON GBX 23.50 23.40 0.4%

NAVIOS MARITIME ACQUISITIONS NYSE USD 3.69 3.77 -2.1%

NAVIOS MARITIME HOLDINGS NYSE USD 3.73 3.80 -1.8%

NAVIOS MARITIME PARTNERS LP NYSE USD 11.66 13.17 -11.5%

PARAGON SHIPPING INC. NYSE USD 0.70 0.70 0.0%

SAFE BULKERS INC NYSE USD 3.67 3.57 2.8%

SEANERGY MARITIME HOLDINGS CORP NASDAQ USD 0.71 0.70 1.4%

STAR BULK CARRIERS CORP NASDAQ USD 3.75 3.78 -0.8%

STEALTHGAS INC NASDAQ USD 6.51 6.72 -3.1%

TSAKOS ENERGY NAVIGATION NYSE USD 9.06 9.12 -0.7%

TOP SHIPS INC NASDAQ USD 1.06 1.08 -1.9%

Maritime Stock Data

© Intermodal Shipbrokers Co

8

12/05/2015

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