Weekly Market Report

Issue: Week 14 | Tuesday 7th April 2015

Market insight
By Christopher T. Whitty
Marketing Manager - Harbour Towage & Port Agency
Cotzias Intermodal Shipping Inc.
China is the world's largest consumer of coal, using more coal each year
than the United States, the European Union, and Japan combined. Coal power has been the dominant source of energy used to fuel the rapid economic
development of China in the past two decades, with significant impact on its
physical environment and human population. China relies on coal power for
approximately 70-80% of its energy, with 45% used for the industrial sector
and the remainder used to generate electricity. Nevertheless, China has
been slowly entering into a new era where clean-fuel policies and new regulations are being implemented.
China burns half of the worlds coal and has caused more than half of total
CO2 growth globally for the past decade, and many believe that the reversal
in coal use may represent a significant progress in slowing down climate
change. According to the China Electricity Council, utilization rates at Chinas
thermal power plants fired by coal, natural gas and oil, are set to fall further
this year. Beijing is aiming to raise the share of non-fossil fuels in primary
energy use to 15% in 2020, up from 11.2%last year.
Lower coal use is already evident in China with power companies using a
greater mix of hydro, nuclear and renewable options, especially wind. Chinas coal imports fell 11% in 2014 compared to the previous year, the first
annual decline in at least a decade. Lignite, thermal and metallurgical coal,
hit a 43-month low of 16.78 million mt in January, falling 53.2% year on year
the seventh consecutive year-on-year decline and the biggest decline in
the past 15 years.
The Australian and Indonesian coal exporters are obviously focusing on the
worlds largest consumer of the fuel and they also have to deal with the
quality checks under the new ash and Sulphur restrictions. As a result of this
uncertainty, some are even holding back shipments to China.
Australian coal, which is considered the benchmark for Asia, slumped 30%
last year and dropped below $60/tonne this month, the lowest level since
May 2007. With both imports and prices of the commodity falling further
and unless something changes dramatically in the future, it looks like coal
will lose its position in the fossil fuel markets. As a result, freight rates for
Panamaxes and Kamsarmaxes will most likely continue to be adversely
affected.
Some say that the Indian market will still exhibit wide scale demand for the
continued importing of coal at a large scale but, on the other hand, they will
never push up prices. Indian power plants have their own limitations and
they are not free to pass any rise in coal prices through to consumers. Still,
in Indian East Coast ports coal stockpiles are rising up to record levels and
the power plants are only buying as much as required from these huge reserves in major ports. Coal stocks at 16 main Indian ports were at 16.48
million metric tons as of March 20, whereas at the end of March last year,
coal stocks were a mere 7.7 million metric tons.
From our side we can only hope that Asian countries and mainly China will
continue to depend on coal at least for the next couple of years. It should
take considerable time for Chinas transition to more clean sources of energy to run its power plants. But on top of that we would also like to see the
price of the commodity at sustainable levels that can support the industry
and consequently demand for seaborne trade.

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

The Dry Bulk market has faced another week of increasing pressure,
with Capesize performance still weighed down by weak market fundamentals. The BDI closed today (07/04/2015) at 583 points, down by 5
points compared to Thursdays levels (02/04/2015) and a decrease of 19
points compared to previous Tuesdays closing (31/03/2015). Steady
Middle East activity continues to support the crude carriers market together with strong Asian demand. The BDTI Thursday (02/04/2015) was
at 795 points, a decrease of 16 points and the BCTI at 665, a decrease of
6 points compared to previous Thursdays (26/03/2015) levels.
Sale & Purchase (Wet: Stable- / Dry: Stable- )
The heavily discounted asset prices over at the Dry Bulk sector continue
to attract exceptionally high buying interest, while MR tonnage remains
popular amongst tanker sales candidates. On the tanker side, we had
the sale of the CLIO (112,723dwt-blt 08, China), which was sold to
German owner, TB Marine-Hamburg for a price in the region of $33.5m.
On the dry bulker side we had the sale of the HOUHENG 2
(179,929dwt-blt 11, Philippines), which was reported being sold to Belgian owner, Cobelfret for a price in the region of $30.5m.
Newbuilding (Wet: Stable- / Dry: Stable-)
Activity in the newbuilding market sustained its volumes from the week
prior, while it remained once again mostly concentrated around tankers
where fundamentals remain in favour of those looking to invest in the
sector. We reiterate our expectation that despite the spark of increased
ordering activity for tankers we dont see newbuilding prices moving up
at least until the spark becomes a full on trend that could allow yards to
request for significant premiums for their slots.. On the other hand the
situation in the dry bulk sector remains sluggish with only a limited number of orders being concluded for a third consecutive month since the
beginning of the year. As we mentioned last week orders for the bigger
size segments has pretty much halted with no signs of a reversal due
anytime soon. At the same time the number of containership orders
that is coming in light is revealing a much better environment for the
long battered sector, which seems to be slowly achieving a better market supported by the normalization of the world trade. In terms of recently reported deals, Greek owner, Unisea, placed an order for two
firm plus two optional Aframaxes (115,000dwt) at Samsung , in S. Korea,
with delivery set in 2017.
Demolition (Wet: Firm+ / Dry: Firm+ )
In our previous report we pointed out how things in the demolition market had finally started to improve and it seems that last week sentiment
managed to remain upbeat. Despite the lower activity volume, which is
greatly attributed to the Easter holidays, demo markets in the currently
appear that are due to gain some further ground in the following days as
well, albeit this improvement will most probably come at a fairly slow
pace rather than in fast price moves. Most of the action took place in
Bangladesh and Pakistan last week, while offerings for wet tonnage
managed to surpass $400/ldt following a couple of months of trending
below that level. Bids coming out of India also ticked up last week and
we wait that business will resume at a faster pace in the country in the
following days as well. The improved demo prices are also expected to
lure to the breaking yards and even greater number of vintage dry bulk
vessels, as owners previously contemplating the idea of scrapping due
to the plummeting of demo prices, might shortly feel more encouraged
at these improved levels. Prices this week for wet tonnage were at
around 230-405 $/ldt and dry units received about 215-390 $/ldt.

Wet Market
Spot Rates
Routes

$/day

2014

2013

WS
points

$/day

WS
points

$/day

$/day

$/day

265k MEG-JAPAN

52.0

51,042

51

47,080

8.4%

30,469

21,133

280k MEG-USG

27.0

30,159

27

29,890

0.9%

17,173

7,132

260k WAF-USG

64

60,617

64

59,960

1.1%

40,541

26,890

130k MED-MED

90

49,563

87.5

46,385

6.9%

30,950

17,714

130k WAF-USAC

88

45,196

84

41,853

8.0%

24,835

13,756

130k BSEA-MED

88

45,263

96

56,560 -20.0% 30,950

17,714

80k

MEG-EAST

110

31,523

112.5

31,430

19,956

11,945

80k

MED-MED

102.5

33,409

122.5

41,318 -19.1% 28,344

13,622

80k

UKC-UKC

115

33,719

95

23,261

45.0%

33,573

18,604

70k

CARIBS-USG

192

56,947

180

52,470

8.5%

25,747

16,381

75k

MEG-JAPAN

101.5

27,368

102.5

29,785

-8.1%

16,797

12,011

55k

MEG-JAPAN

128.5

27,214

130

26,542

2.5%

14,461

12,117

37K

UKC-USAC

140

17,322

157

22,735

-23.8%

10,689

11,048

30K

MED-MED

179

28,356

170

25,536

11.0%

18,707

17,645

55K

UKC-USG

110

21,953

115

23,820

-7.8%

23,723

14,941

55K

MED-USG

112.5

21,963

115

22,020

-0.3%

21,089

12,642

50k

CARIBS-USAC

150

27,781

130

23,529

18.1%

25,521

15,083

0.3%

TC Rates
$/day
VLCC
Suezmax
Aframax
Panamax
MR
Handy
size

- 6mos
-

- 'PRIDE'
- $34,000/day

2000

307,000 dwt
- Core

-12 mos
-

- 'NAVE GALACTIC '

2009
- $30,000/day+profit share

297,000 dwt
- Shell

TD3

TD4

TD6

TC1

TC2

TC5

DIRTY - WS RATES

TD9

220
170

120
70
20

WS poi nts

Dirty

Clean

Aframax

Suezmax

VLCC

Vessel

Indicative Period Charters

Week 13

WS poi nts

Week 14

240
220
200
180
160
140
120
100
80
60

Week 14

Week 13

Diff

2014

2013

300k 1yr TC

40,000

40,000

0.0%

28,346

20,087

300k 3yr TC

41,000

41,000

0.0%

30,383

23,594

150k 1yr TC

33,000

33,000

0.0%

22,942

16,264

150k 3yr TC

33,000

33,000

0.0%

24,613

18,296

110k 1yr TC

23,000

23,000

0.0%

17,769

13,534

110k 3yr TC

23,000

23,000

0.0%

19,229

15,248

75k 1yr TC

21,500

21,500

0.0%

16,135

15,221

75k 3yr TC

19,000

18,500

2.7%

500

16,666

15,729

VLCC

300KT DH

81.0

CLEAN - WS RATES

TC6

Indicative Market Values ($ Million) - Tankers

Vessel 5yrs old

Apr-15 Mar-15

2014

2013

2012

81.0

0.0%

73.6

56.2

62.9

52k 1yr TC

15,500

15,500

0.0%

14,889

14,591

Suezmax

150KT DH

58.5

58.5

0.0%

50.2

40.1

44.9

52k 3yr TC

15,000

15,000

0.0%

15,604

15,263

Aframax

110KT DH

45.0

45.0

0.0%

38.6

29.2

31.2

75KT DH

39.0

36.8

6.1%

32.8

28.0

26.7

52KT DH

25.0

25.0

0.0%

27.2

24.7

24.6

36k 1yr TC

14,000

14,000

0.0%

14,024

13,298

LR1

36k 3yr TC

14,000

14,000

0.0%

14,878

13,907

MR

Chartering

Sale & Purchase

As the price of oil moved back down last week, the crude carriers market
partly found support on cheaper bunkers in a week that was expected to be
quieter but has nonetheless finished off with fairly steady activity in the
Middle East region. Asian demand seems to be currently the backbone behind strong the strong business volumes we have been witnessing since the
beginning of the year, and despite any demand volatility witnessed in the
second half of March, Eastbound demand has overall remained strong and
is expected to remain such at least until the end of the month.

In the Aframax sector we had the sale of the CLIO (112,723dwt-blt 08,
China), which was sold to German owner, TB Marine-Hamburg for a price in
the region of $33.5m.
In the MR sector we had the sale of the ALGA (37,538dwt-blt 12, S.Korea),
which was sold to Maersk for $27.3m.

Rates for VLs closed off the week on a positive tone, with steady demand in
both the W. Africa and MEG regions, while ideas for period activity revived
a bit at the end of the week.
The positive sentiment in which the week prior ended for Suezmaxes, managed to feed through last week as well, although the second half of the
week saw things slowing down a bit as holidays in Europe and the US got in
the way, while this current week has also kicked off on a lightly negative
tone.
Rates for Aframaxes were also pointing up on Friday, with those for crossMed voyages being the only negative exception in an otherwise firming
market, while both North Sea and Caribs continued to witnessed increased
enquiry throughout the week.
Intermodal Research

07/04/2015

Dry Market
Baltic Indices

Indicative Period Charters

Point
Diff

$/day
%

2014

2013

Index

Index

1,097

1,205

BDI

588

BCI

454

$4,218

456

$4,290

-2

-1.7%

1,943

2,106

BPI

589

$4,708

597

$4,778

-8

-1.5%

960

1,186

BSI

636

$6,654

647

$6,768

-11

-1.7%

937

983

BHSI

386

$5,740

390

$5,780

-4

-0.7%

522

562

596

-8

- 7 to 10 mos
- Busan 01/05 Apr

- 'LORD BYRON '

- $ 7,250/day

2005

76,838dwt
-SwissMarine

- 10 to 15 mos
- Qingdao prompt

- 'CHINA PEACE'
- $ 9,000/day

2005

174,713 dwt
-Edf

Baltic Indices
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0

BCI

Index

Week 13
27/03/2015
Index
$/day

45,000
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0

AVR 4TC BCI

$/day

Week 14
03/04/2015
Index
$/day

Diff

2014

2013

Capesize

170K 6mnt TC

Week
13
8,000

-3.1%

-250

22,020

17,625

170K 1yr TC

9,250

9,500

-2.6%

-250

21,921

15,959

170K 3yr TC

11,000

11,250

-2.2%

-250

21,097

16,599

Handysize Supramax Panamax

Period
Week
14
7,750

76K 6mnt TC

7,750

7,750

0.0%

12,300

12,224

$/day

76K 1yr TC

7,750

7,750

0.0%

12,259

10,300

76K 3yr TC

8,750

9,000

-2.8%

-250

13,244

10,317

55K 6mnt TC

7,750

8,000

-3.1%

-250

12,008

11,565

55K 1yr TC

8,000

8,250

-3.0%

-250

11,589

10,234

55K 3yr TC

8,250

8,500

-2.9%

-250

11,585

10,482

30K 6mnt TC

6,750

6,750

0.0%

9,113

8,244

30K 1yr TC

7,000

7,250

-3.4%

-250

9,226

8,309

30K 3yr TC

7,250

7,750

-6.5%

-500

9,541

8,926

BPI

BSI

BHSI

BDI

Average T/C Rates

AVR 4TC BPI

AVR 5TC BSI

AVR 6TC BHSI

Chartering
The Dry Bulk market seems unable to catch a break these days. Following
the market stabilization that preceded last week, lack of fundamentals to
push the market forward was once more evident across the board, while
despite the fact that the days leading to the Eastern holidays boosted rates
in some cases, it seems that the negative sentiment remains too strong to
shake off. Period enquiry remained healthy last week, but in most cases
charterers ideas were at a discount compared to last dones, with owners
seeming ready to accept these new lower levels even for longer term contracts.
The Capesize segment remains the weakest link in the market, while despite the slight increase in activity that was noted last week, this hardly
changed sentiment, with owners in search of cover before the holidays
accepting further discounted levels, while period ideas were also under
pressure.

Indicative Market Values ($ Million) - Bulk Carriers

Vessel 5 yrs old

Apr-15 Mar-15

2014

2013

2012

Capesize

180k

35.5

35.6

-0.4%

47.3

35.8

34.6

Panamax

76K

17.5

17.6

-0.7%

24.5

21.3

22.7

Supramax

56k

18.0

18.6

-3.4%

24.7

21.5

23.0

Handysize

30K

14.0

14.0

0.0%

19.5

18.2

18.2

Sale & Purchase

In the Capesize sector, we had the sale of the HOUHENG 2 (179,929dwtblt 11, Philippines), which was reported being sold to Belgian owner, Cobelfret for a price in the region of $30.5m.
In the Kamsarmax sector we had the sale of the PRABHU MOHINI
(81,340dwt-blt 11, S.Korea), which was sold to Greek owner, Chartworld
Shipping, for a price in the region of $17.2m.

Despite the negative week on week closing, the Panamax market was quite
busier towards the end of the week as charterers and owners sought to
conclude business before the start of the Easter long weekend. Activity in
East Coast South America also started to pick up once again, which eventually led to improved numbers, while period activity also remained healthy in
volumes .
Rates for the smaller size segments, aligned with the overall market sentiment, but have once more managed to hold much better off compared to
the non-geared sizes, with a slight optimistic feeling persisting until Friday
and despite the slow start to the week.
Intermodal Research

07/04/2015

Secondhand Sales
Tankers
Size

Name

Dwt

Built

Yard

M/E
MAN-B&W

MAN-B&W

SS due

Hull

Price

Buyers

Comments

DH

$ 33.5m

Germa n (TB
Ma ri neHa mburg)

incl back to back 2-yr

TC to Shell at
$22,500/day

DH

$ 39.5m

Norwegi a n
(Ocea n Yi el d
ASA)

incl. BB back to Navig8

for 15 years with
purchase option

DH

$ 29.8m

AFRA

CLIO

112,723

2008

NEW TIMES
SHIPBUILDING,
Chi na

MR

4 x STX JINHAE

49,000

2016

STX, S. Korea

MR

4 x Hyunda i
Mi po

37,000

2015

HYUNDAI MIPO, S.
Korea

MR

ALGA

37,538

2012

HYUNDAI MIPO
MAN-B&W
DOCKYARD, S. Korea

Oct-17

DH

$ 27.3m

Da ni s h (Ma ers k)

MR

FAOUET

36,939

2005

HYUNDAI MIPO
DOCKYARD, S. Korea

Apr-15

DH

$ 16.2m

Greek
(Thena ma ri s )

PROD/
CHEM

MAEMI

19,859

2008

FUKUOKA FUKUOKA,
MAN-B&W Ma r-18
Ja pa n

DH

$ 24.0m

Europea n

PROD/
CHEM

LIQUID GOLD

13,754

1999

JIANGNAN
SHIPYARD GROU,
Chi na

B&W

DH

$ 4.5m

undi s cl os ed

SMALL

CRYSTALWATER

2,684

1997

BREKO,
Netherl a nds

Deutz

DH

undi s cl os ed

Norwegi a n

B&W

Aug-18

Apr-17

ol d s a l e

a t a uction i n
Si nga pore

MPP/General Cargo
Name

Dwt

Built

Yard

M/E

SS due

Gear

Price

Buyers

BRONCO

7,301

1998

HAKATA, Ja pa n

Mi ts ubi s hi

Feb-18

3 X 30t
DERRICKS

$ 1.8m

undi s cl os ed

ALTONA 1

4,413

1984

ELSFLETHER AG,
Germa ny

Deutz

Jul -17

undi s cl os ed

undi s cl os ed

Intermodal Research

07/04/2015

Comments

Secondhand Sales
Bulk Carriers
Size

Name

Dwt

Built

Yard

M/E

SS due

CAPE

HOUHENG 2

179,929

2011

HHIC-PHIL INC,
Phi l i ppi nes

MAN-B&W

CAPE

ONOE

172,572

2000

NKK CORP - TSU,

Ja pa n

MAN-B&W

KOYO MIHARA,
Ja pa n

Gear

Price

Buyers

Aug-16

$ 30.0m

Bel gi a n
(Cobel fret)

Oct-15

$ 9.5m

Comments

Greek
CAPE

CHITOSE

171,199

2000

KMAX

UNITY PRIDE

81,393

2011

KMAX

PRABHU MOHINI

81,340

2011

PMAX

DEWI LAKSMI

76,000

2011

GUANGZHOU
HUANGPU SHIP,
Chi na

PMAX

BLUE MONT
BLANC

74,043

1998

UMAX

SBI THALIA

63,500

SMAX

GLOBAL WIND

HMAX

Oct-17

$ 9.5m

HYUNDAI SAMHO
HEAVY IN, S.
MAN-B&W
Korea

Nov-16

$ 17.7m

Greeks (Aeol os )

HYUNDAI HEAVY
MAN-B&W
INDS - U, S. Korea

Aug-16

$ 17.2m

Greek
(Cha rtworl d
Shi ppi ng)

MAN-B&W

Aug-16

$ 12.5m

Greek (Sea
Tra ders )

HASHIHAMA
SHBLDG - TAD,
Ja pa n

B&W

Jun-17

$ 6.0m

Greek

2016

CHENGXI
SHIPYARD CO LT,
Chi na

MAN-B&W

4 X 30t
CRANES

$ 24.5m

Greek

53,026

2003

OSHIMA
SHIPBUILDING,
Ja pa n

Mi ts ubi s hi

Apr-18

4 X 30t
CRANES

$ 9.0m

Indones i a n

AMBER HALO

45,292

1995

OSHIMA
SHIPBUILDING,
Ja pa n

Mi ts ubi s hi

Jul -15

4 X 30t
CRANES

$ 3.9m

undi s cl os ed

HANDY

INDIGO OCEAN

28,749

2008

IMABARI
IMABARI, Ja pa n

MAN-B&W

Apr-18

4 X 30,5t
CRANES

$ 9.1m

undi s cl os ed

HANDY

STONES

28,115

2001

SIETAS KG,
Germa ny

Ma K

Ja n-16

$ 18.5m

North Ameri ca n

HANDY

ECO VOYAGER

28,000

2015

I-S SHIPYARD CO
LTD,

MAN-B&W

Ja n-20

4 X 30,5t
undi s cl os ed
CRANES

Greek

HANDY

KOTSIKAS

27,359

1996

HANJIN HI CO LTD ULS, S. Korea

B&W

Apr-16

4 X 30t
CRANES

$ 3.9m

Syri a n

HANDY

AQUA RUNNER

24,110

1997

SHANGHAI
SHIPYARD, Chi na

Sul zer

Ma r-13

4 X 30t
CRANES

$ 2.9m

undi s cl os ed

SMALL

CENTURY PEARL

16,394

2008

SHIN KOCHI,
Ja pa n

Mi ts ubi s hi

Jun-18

4 X 30t
CRANES

undi s cl os ed

USA ba s ed

Intermodal Research

B&W

07/04/2015

previ ous dea l to

Greeks Fa i l ed

s el f-unl oa di ng

Newbuilding Market
Indicative Newbuilding Prices (million$)
Vessel

Gas

Tankers

Bulkers

Capesize
180k
Kamsarmax 82k
Panamax
77k
Ultramax
63k
Handysize
38k
VLCC
300k
Suezmax
160k
Aframax
115k
LR1
75k
MR
50k
LNG 160k cbm
LGC LPG 80k cbm
MGC LPG 55k cbm
SGC LPG 25k cbm

Week
14
52.5
29.0
28.5
26.0
22.0
96.5
65.0
53.5
46.0
36.5
190.0
78.0
68.5
46.5

Week
13
52.5
29.0
28.5
26.0
22.0
96.5
65.0
53.5
46.0
36.5
190.0
78.0
68.0
46.0

2014 2013 2012

0.0% 55.8 49
0.0% 30.4 27
0.0% 29.2 26
0.0% 27
25
0.0% 23
21
0.0% 98.6 91
0.0% 65
56
0.0% 54
48
0.0% 45.9 41
0.0% 36.9 34
0.0% 186.0 185
0.0% 78.4 71
0.7% 66.9 63
1.1% 44.3 41

47
28
27
25
22
96
58
50
42
34
186
71
62
44

Activity in the newbuilding market sustained its volumes from the week prior, while it remained once again mostly concentrated around tankers where
fundamentals remain in favour of those looking to invest in the sector. We
reiterate our expectation that despite the spark of increased ordering activity
for tankers we dont see newbuilding prices moving up at least until the
spark becomes a full on trend that could allow yards to request for significant premiums for their slots.. On the other hand the situation in the dry
bulk sector remains sluggish with only a limited number of orders being concluded for a third consecutive month since the beginning of the year. As we
mentioned last week orders for the bigger size segments has pretty much
halted with no signs of a reversal due anytime soon. At the same time the
number of containership orders that is coming in light is revealing a much
better environment for the long battered sector, which seems to be slowly
achieving a better market supported by the normalization of the world trade.
In terms of recently reported deals, Greek owner, Unisea, placed an order for
two firm plus two optional Aframaxes (115,000dwt) at Samsung , in S. Korea,
with delivery set in 2017.

Bulk Carriers Newbuilding Prices (m$)

Tankers Newbuilding Prices (m$)

VLCC

Suezmax

Aframax

LR1

MR

Capesize

110

Panamax

Supramax

Handysize

90

140

mi l lion $

mi l lion $

180

100

70
50

60

30

20

10

Newbuilding Orders
Units

Type

Size

Yard

Delivery

Buyer

Price

2+2

Tanker

115,000 dwt

Samsung, S. Korea

2017

Greek (Unisea)

undisclosed

Tanker

20,000 dwt

Kitanihon, Japan

2016

Singaporean (Eastern
Pacific)

undisclosed

chemical

Tanker

13,000 dwt

Wuchang S. B., China

2016

Chinese (COSCOL)

$ 26.3m

asphalt/bitumen
carriers

Bulker

38,000 dwt

AVIC Weihai, China

2016

German (MST - Mineralien)

$ 22.0m

Ice 1 C

6+6

Container

21,100 teu

Samsung, S. Korea

2017

Hong Kong based (OOCL)

$ 158.6m

Container

20,600 teu

Hanjin, Philippines

Q32017

French (CMA CGM)

$ 145.0m

Container

20,150 teu

Samsung, S. Korea

2017

Japanese (Mitsui OSK)

$ 155.0m

Intermodal Research

07/04/2015

Comments

older deal surfacing

now

Demolition Market
Indicative Demolition Prices ($/ldt)

Dry

Wet

Markets
Bangladesh
India
Pakistan
China
Bangladesh
India
Pakistan
China

Week
14
400
400
405
230
390
380
380
215

Week
13
395
395
405
230
380
375
380
215

In our previous report we pointed out how things in the demolition market
had finally started to improve and it seems that last week sentiment managed to remain upbeat. Despite the lower activity volume, which is greatly
attributed to the Easter holidays, demo markets in the currently appear that
are due to gain some further ground in the following days as well, albeit this
improvement will most probably come at a fairly slow pace rather than in
fast price moves. Most of the action took place in Bangladesh and Pakistan
last week, while offerings for wet tonnage managed to surpass $400/ldt following a couple of months of trending below that level. Bids coming out of
India also ticked up last week and we wait that business will resume at a
faster pace in the country in the following days as well. The improved demo
prices are also expected to lure to the breaking yards and even greater number of vintage dry bulk vessels, as owners previously contemplating the idea
of scrapping due to the plummeting of demo prices, might shortly feel more
encouraged at these improved levels. Prices this week for wet tonnage were
at around 230-405 $/ldt and dry units received about 215-390 $/ldt.

2014 2013 2012

1.3%
1.3%
0.0%
0.0%
2.6%
1.3%
0.0%
0.0%

469
478
471
313
451
459
449
297

422
426
423
365
402
405
401
350

440
445
444
384
414
419
416
365

The highest price amongst recently reported deals, was that paid by Bangladeshi breakers for the Capesize OCEAN DRAGON (151,049dwt-17,987ldtblt 95) that received a price of $425/ldt.

Dry Demolition Prices

550
500
450
400
350
300
250
200

Bangladesh

India

Pakistan

China

$/l dt

$/l dt

Wet Demolition Prices

550
500
450
400
350
300
250
200

Bangladesh

India

Pakistan

China

Demolition Sales
Name

Built

Yard

Type

$/ldt

Breakers

Comments

151,049 17,987

1995

NKK CORP - TSU,

Japan

BULKER

$ 425/Ldt

Bangladeshi

incl. 800T ROB

MERRY TRANS

40,698

10,188

1985

NKK CORP BULKER

TSURUMI - Y, Japan

$ 410/Ldt

Bangladeshi

KONSTANTINOS A

71,550

10,110

1995

BULKER

$ 405/Ldt

Pakistani

NATS EMPEROR

38,300

8,539

1987 SETENAVE, Portugal BULKER

$ 410/Ldt

Bangladeshi

ARMIA LUDOWA

33,640

8,421

1987

A WARSKIEGO
STOCZNIA, Poland

BULKER

$ 400/Ldt

Bangladeshi

LIAN HUA

34,560

6,940

1984

MITSUBISHI KOBE,
Japan

BULKER

$ 395/Ldt

Pakistani

OCEAN DRAGON

Size

Intermodal Research

Ldt

HITACHI ZOSEN MAIZUR, Japan

07/04/2015

Commodities & Ship Finance

2-Apr-15

1-Apr-15

1.850
2,066.96
4,886.94
17,763.24
6,833.46
3,696.03
5,074.14
11,967.39
19,435.08
25,275.64
242.81
1.09
1.49
120.14
0.13
6.15
1,085.95
86.63

1.920
2,066.96
4,886.94
17,763.24
6,833.46
3,696.03
5,074.14
11,967.39
19,312.79
25,275.64
242.81
1.09
1.48
119.70
0.13
6.21
1,092.35
87.23

1.870
2,059.69
4,880.23
17,698.18
6,809.50
3,680.45
5,062.22
12,001.38
19,034.84
25,082.75
244.98
1.08
1.48
119.59
0.12
6.20
1,100.05
87.70

31-Mar-15

30-Mar-15

1.940
2,067.89
4,900.88
17,776.12
6,773.04
3,663.58
5,033.64
11,966.17
19,206.99
24,900.89
246.35
1.07
1.48
120.00
0.12
6.20
1,109.10
87.94

1.960
2,086.24
4,947.44
17,976.31
6,891.43
3,719.43
5,083.52
12,086.01
19,411.40
24,855.12
242.87
1.08
1.48
120.02
0.12
6.21
1,107.50
87.57

W-O-W
Change %
-5.1%
0.3%
-0.1%
0.3%
-0.3%
-0.2%
0.8%
-1.0%
0.1%
3.2%
1.1%
0.0%
0.3%
0.8%
-0.4%
-1.0%
-1.6%
-0.5%

Maritime Stock Data

Company

Basic Commodities Weekly Summary

Oil WTI $

oil

Oil Brent $

Gold $

65

1,350

60

1,300

55

1,250

50

1,200

45

1,150

40

1,100

gold

Bunker Prices
3-Apr-15 27-Mar-15

MDO

10year US Bond
S&P 500
Nasdaq
Dow Jones
FTSE 100
FTSE All-Share UK
CAC40
Xetra Dax
Nikkei
Hang Seng
DJ US Maritime
$/
$/
/$
$ / NoK
Yuan / $
Won / $
$ INDEX

3-Apr-15

380cst

Currencies

Stock Exchange Data

Market Data

Rotterdam
Houston
Singapore
Rotterdam
Houston
Singapore

513.0
590.5
522.0
286.5
294.5
307.5

527.0
586.5
532.5
306.5
309.5
337.5

W-O-W
Change %
-2.7%
0.7%
-2.0%
-6.5%
-4.8%
-8.9%

Finance News

Stock
Curr. 03-Apr-15 27-Mar-15
Exchange

W-O-W
Change %

AEGEAN MARINE PETROL NTWK

NYSE

USD

13.98

13.97

0.1%

BALTIC TRADING

NYSE

USD

1.51

1.47

2.7%

BOX SHIPS INC

CAPITAL PRODUCT PARTNERS LP
COSTAMARE INC

NYSE
USD
NASDAQ USD
NYSE
USD

0.85
9.73
17.51

0.87
9.29
17.98

-2.3%
4.7%
-2.6%

DANAOS CORPORATION

NYSE

USD

6.40

6.50

-1.5%

DIANA SHIPPING

NYSE

USD

6.08

6.28

-3.2%

DRYSHIPS INC

NASDAQ USD

0.75

0.83

-9.6%

EAGLE BULK SHIPPING

NASDAQ USD

8.72

8.02

8.7%

EUROSEAS LTD.
FREESEAS INC
GLOBUS MARITIME LIMITED

NASDAQ USD
NASDAQ USD
NASDAQ USD

0.71
0.04
1.30

0.71
0.05
1.29

0.0%
-20.0%
0.8%

GOLDENPORT HOLDINGS INC

LONDON GBX

123.58

123.71

-0.1%

HELLENIC CARRIERS LIMITED

LONDON GBX

15.00

18.00

-16.7%

NAVIOS MARITIME ACQUISITIONS

NYSE

USD

3.86

3.50

10.3%

NAVIOS MARITIME HOLDINGS

NYSE

USD

4.11

4.25

-3.3%

NAVIOS MARITIME PARTNERS LP

NYSE

USD

11.54

11.08

4.2%

PARAGON SHIPPING INC.

NYSE

USD

0.90

1.00

-10.0%

SAFE BULKERS INC

SEANERGY MARITIME HOLDINGS CORP
STAR BULK CARRIERS CORP
STEALTHGAS INC
TSAKOS ENERGY NAVIGATION
TOP SHIPS INC

NYSE
NASDAQ
NASDAQ
NASDAQ
NYSE
NASDAQ

USD
USD
USD
USD
USD
USD

3.55
0.74
3.58
6.53
8.63
1.14

3.55
0.76
3.56
6.68
8.22
1.03

0.0%
-2.6%
0.6%
-2.2%
5.0%
10.7%

PE swap at Marquette
Private equity firm BDT Capital Partners has acquired
a majority stake in US tug operator Marquette Transportation Co. The stake was acquired from fellow
private equity firm KRG Capital Partners for an undisclosed amount. However, earlier this year Reuters
had reported that Marquette had been exploring a
sale worth a potential $1bn. Minority shares in the
company include chief executive John Eckstein, other
members of the Eckstein family and Marquette management.
Marquette has built its industry-leading position by
investing in a world class fleet and providing excellent
customer service, said John Eckstein. Our long-term
capital will provide a solid foundation and long runway to pursue a number of exciting growth initiatives.
We met the BDT team as we were beginning to think
about a capital partner for the next 10+ years. We
were attracted to their long investment horizon and
their strategic approach to partnering with me and
the Marquette management team.
BDT chief executive Byron Trott commented: Our
long-term capital will provide a solid foundation and
long runway to pursue a number of exciting growth
initiatives. Virginia-based investment bank Harris
Williams & Co acted as the exclusive financial advisor
to Marquette Transportation.
Bank of America Merrill Lynch, PNC Bank National
Association, and Wells Fargo Capital Finance acted as
joint lead arrangers for a senior secured credit facility; Bank of America Merrill Lynch also acted as administrative agent for the facility. (Dale Wainwright,
Trade Winds)

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 making 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 reproducing 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

You can contact us directly by phone or by e-mailing, faxing or posting the

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Email: research@intermodal.gr

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145 64 N.Kifisia,
Athens - Greece

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07/04/2015