SIW Issue 1240 23 - 09 - 2016

Shipping Intelligence Weekly
Issue No. 1,240
23-Sep-2016
ClarkSea Index
This Week's Analysis (see Back Page)
Some Like It HotAnd Some Like It ColdIn Today's

World There's A Cruise For Everyone!
$,000/day
15
Vessel Charter Rates This Week

1 Year VLCC TC Rate $26,500/day
1 Year Capesize TC Rate
$13,000/day
6-12m 2,750 TEU TC Rate $5,900/day
1 Year MR TC Rate
10
$8,750/day
Aug-16
Oct-15
Mar-16
May-15
Jul-14
Dec-14
Feb-14
Apr-13
Sep-13
Jun-12
Nov-12
Jan-12
Aug-11
Oct-10
Mar-11
Sullom Voe
Primorsk
Wilhelmshaven
CONTENTS
Rotterdam
Roberts Bank
Crude Tanker Spot Market

Product Tanker Spot Market
Hampton Roads
New Orleans
LOOP
Houston
p2
p3
Odessa
Novorossiysk
Trieste
Augusta
Agioi Theodoroi
Arzew
Sidi Kerir
Es Sider
Ain Sukhna
Ras Tanura
Bonaire
Lome
p4
Bonny Offshore
Dar es Salaam
& Futures
p5
Gas & Chemical Markets
p6
Liner & Offshore Markets
p7
Secondhand Prices
p8
Sale & Purchase Market
pi
Recent Ship Sales by Vessel Type
pii
Fleet Changes, Bunkers

& Capital Market Activity
piii
Timecharter Fixture Record
piv
The Timecharter Market
p9
The Shipbuilding Market
p10
The Demolition Market
p11
Economic Indicators
p12
World Fleets & Orderbooks

Analysis
Gangavaram
Mumbai
Tripcharter Market, Freight Indices
Ship Demand Trends
Jamnagar
Mundra
St Eustatius
Bolivar
Large Bulk Carrier Market
Lavera
New York
Philadelphia
p13
p14-15
p16
Rio de Janeiro
Tubarao
Richards Bay
Saldanha Bay
Selection of ports covered by the various market sectors in this report
Asset Prices This Week

VLCC N/B
$85.0m
Capesize N/B
$42.0m
2,750 TEU N/B
$28.0m
VLCC 5yo
$62.0m
Capesize 5yo
$24.0m
2,750 TEU 5yo
$11.0m
Roberts Bank
Longkou
Qingdao
Chiba
Oita
Beilun
Mundra
Jamnagar
Pipavav
Gangavaram
Mumbai
New York
Philadelphia
Ulsan
Houston
Ningbo
Hampton Roads
New Orleans
LOOP
St Eustatius
Bolivar
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intelligence for the global shipping industry.
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Bonaire
Singapore
Jakarta
Dampier
Banjarmasin
Hay Point
Rio de Janeiro
Tubarao
Sydney
Selection of ports covered by the various market sectors in this report
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20
$8,293
ISSN: 1358-8028
Crude Tanker Spot Market

Crude Tanker Spot Earnings ($,000's/day)
Crude Tanker Highlights

VLCCs:
120
110
100
An active week in the Caribbean supported the lumpsum

rate on the route to Singapore rising to $3.25m.
Meanwhile, enquiry in WAF helped to absorb excess
tonnage in the region, although the rate on the route to
China remained steady w-o-w.
VLCC
Suezmax
Aframax
80
Suezmaxes:
70
In WAF, bullish sentiment and increased enquiry, with

vessels placed on subjects to load all four Nigerian crude
streams previously under force majeure, supported the
rate on both featured routes rising w-o-w. This, coupled
with a tight position list in the Med and Black Sea,
supported the rate on the cross-Med route rising to WS
100. Suezmax average earnings surged 78% w-o-w to
$32,051/day, the highest level since mid-April 2016.
60
50
40
30
20
Aframaxes:
10
This week, the rate on the Black Sea-Med route rose to

WS 105, whilst the rate on the Sidi Kerir-Trieste route
increased to WS 105. However, it is expected that rates in
the Black Sea may come under pressure going forwards.
Sep Nov Jan Apr Jun Aug Oct Dec Feb Apr Jun Aug
'14 '14 '15 '15 '15 '15 '15 '15 '16 '16 '16 '16
VLCC Single
Voyage.....
23
23
23
23
23
23
23
23
23
23
23
280,000t Gulf - Europe

280,000t Gulf - US Gulf~ *
265,000t Gulf - Japan *
265,000t Gulf - S.Korea *
270,000t Gulf - Sing
280,000t Gulf - Red Sea
260,000t WAF - China *
260,000t WAF - US Gulf
260,000t WAF - WC India^
275,000t Caribs-Singapore^
VLCC Ave. Earnings *
WS 2016
Average earnings $ per day
VLCC Earnings
Sep 16
Sep 23
2016
2014
2015
2016
Sep 16
Sep 23
25
24
34
34
34
37.5
42.5
50
2.50
3.00
22.5
21.5
32
30
31
37.5
42.5
55
2.60
3.25
36
34
56
54
58
62
60
67
3.62
4.77
21,719
29,977
27,462
26,167
28,008
38,648
27,028
39,442
32,389
52,937
30,015
57,649
68,365
65,865
61,646
67,366
76,407
63,508
76,160
72,151
105,085
64,846
37,958
43,769
39,762
37,064
41,709
47,297
40,715
53,367
50,167
72,498
40,328
18,398
22,322
14,249
14,508
14,212
19,195
20,856
32,918
26,964
36,513
17,984
13,599
16,652
11,188
9,581
10,197
18,153
19,995
36,862
27,758
39,965
14,354
This Week ....

WEAKER!!
WEAKER!!
WEAKER
WEAKER!!
WEAKER!!
SOFTER
SOFTER
FIRMER
STEADY
FIRMER
WEAKER
-26%
-25%
-21%
-34%
-28%
-5%
-4%
12%
3%
9%
-20%
^ Lump sum in million dollars. ~VLCC earnings on the Gulf-US Gulf route are basis ballast to Bonaire from start 2011 onwards.
Suezmax Single
Voyage.....
24
24
24
24
24
24
130,000t WAF - USAC

130,000t WAF - Med*
130,000t Med - Med *
140,000t Black Sea - Med*
130,000t Gulf - WC India*
Suezmax Ave. Earnings *
WS 2016
Voyage.....
100,000t Baltic - UKC *
80,000t
Black Sea - Med *
80,000t
Sidi Kerir - Trieste *
80,000t
Mellitah - Fos^
80,000t
Med - USAC
80,000t
UKC - UKC *
80,000t
UKC - USAC
80,000t
Gulf - East *
80,000t
Indo - Japan *
70,000t
Caribs - US Gulf *
Aframax Ave. Earnings *
Suezmax Earnings
Sep 16
Sep 23
2016
2014
2015
2016
Sep 16
Sep 23
62.5
65
70
67.5
60
97.5
100
100
97.5
60
69
72
77
80
77
24,785
25,583
30,796
31,000
21,612
27,791
40,265
42,840
50,292
53,515
40,205
46,713
22,954
24,473
28,766
31,651
21,900
26,697
17,799
18,932
22,271
20,008
10,836
18,012
35,459
37,022
40,036
40,949
10,199
32,051
Aframax Single
25
25
25
25
25
25
25
25
25
25
25
WS 2016
This Week ....

FIRMER
FIRMER
FIRMER
FIRMER
SOFTER
FIRMER
99%
96%
80%
105%
-6%
78%
Aframax Earnings
Sep 16
Sep 23
2016
2014
2015
2016
Sep 16
Sep 23
70
95
95
97.5
65
97.5
85
62.5
62.5
90
65
105
105
110
90
90
85
62.5
62.5
92.5
79
96
95
98
86
104
92
102
104
103
28,519
24,679
24,427
21,200
22,059
23,216
22,581
23,075
23,060
25,960
24,705
44,990
37,003
36,530
34,415
32,430
39,729
32,121
34,158
36,904
36,522
37,977
25,942
21,753
21,460
15,008
21,845
24,052
22,835
21,749
23,785
19,992
22,676
19,157
19,522
19,966
13,164
12,171
19,546
18,100
8,004
8,561
14,381
15,591
15,887
23,223
23,379
17,906
21,615
12,725
17,791
7,498
8,118
14,664
15,070
This Week ....

WEAKER
FIRMER
FIRMER
FIRMER
FIRMER
WEAKER!!
STEADY
SOFTER
SOFTER
STEADY
SOFTER
-17%
19%
17%
36%
78%
-35%
-2%
-6%
-5%
2%
-3%
"Voyage Earnings" are estimated from spot freight rates (see footnote on page 4); */ # Indicates constituent routes of "Average Earnings".
^Earnings and rate based on Es Sider - Fos before 20th February 2015.
Clarksons Research
Page 2
23-Sep-16
90
Product Tanker Spot Market

Product Tanker Spot Earnings ($,000's/day)
Product Tanker Highlights
MR Clean Tanker Earnings

Handy Clean Earnings
Dirty Panamax Earnings
45
40
35
30
25
20
Dirty Products:
The European and Mediterranean load regions were
relatively active this week. However, rates declined on
both featured routes out of the region, partly due to some
ballasters entering the region. Meanwhile, there was
limited activity in the Caribbean market and the rate on
the route to the US Gulf remained steady w-o-w at WS
85. Dirty average earnings declined by 12% w-o-w to
$8,694/day.
15
10
5
Sep Nov Jan

'14 '14 '15
Apr
'15
Jun Aug Oct Dec Feb Apr

'15 '15 '15 '15 '16 '16
Clean Product
Single Voyage...
26
27
28
28
28
28
28
28
28
28
28
29
29
75,000t Gulf - Japan

55,000t Gulf - Japan
37,000t UKC - USAC *
37/38kt UKC-USAC-USG-UKC
37,000t UKC- W. Africa *
38,000t USG - ECSA *
30,000t Singapore-E Aus *
40,000t Korea-Singapore^
35,000t WC India - Japan *
35,000t Gulf - E.Africa
40,000t Gulf - UKC * ^
30,000t Med - Med #
30,000t Black Sea - Med #
Clean 'MR' Ave. Earnings *
Clean 'Hdy' Ave. Earnings #
^ Lump Sum in $million.
WS 2016
31
31
31
33
55,000t Med - US Gulf *

55,000t UKC - US Gulf *
50,000t Caribs - US Gulf *
30,000t Black Sea - Med
Dirty Ave. Earnings *
Sep 23
2016
2014
2015
2016
Sep 16
Sep 23
65
82.5
80
97
106
105
70/70
80/77.5
105/82
120
107.5
172.5
0.34
92.5
105
0.925
100
110
97.5
130
172
0.34
97.5
115
1.025
95
100
136
134
176
0.35
109
142
1.06
135
144
18,302
15,232
10,330
17,913
15,358
14,111
13,474
23,098
10,737
16,733
11,093
13,079
11,867
12,517
12,473
30,497
24,847
19,276
26,876
25,178
24,416
21,477
29,291
19,604
22,191
18,714
24,462
19,726
21,444
22,094
19,025
14,925
11,281
16,010
14,789
15,886
14,969
19,779
11,568
13,462
10,534
8,535
10,141
13,171
9,338
10,512
9,238
3,714
8,620
10,636
10,344
13,400
17,485
7,414
7,391
6,475
1,114
4,227
8,664
2,670
7,117
7,716
5,185
10,650
6,854
13,563
13,008
17,580
7,947
8,346
8,253
75
2,673
9,135
1,374
Gulf-West
Gulf-East/Japan
Gulf-Red Sea
Others
Total Number of Fixtures
Vessels due to arrive in Gulf ~

VLCCs Spot in Gulf ~ No.
000 Dwt
This Week ....

WEAKER!!
WEAKER
FIRMER
FIRMER
WEAKER!!
FIRMER
STEADY
STEADY
FIRM....
FIRMER
FIRMER
WEAKER!!
WEAKER!!
FIRM....
WEAKER!!
-32%
-16%
40%
24%
-36%
31%
-3%
1%
7%
13%
27%
-93%
-37%
5%
-49%
Earnings for a triangular voyage of UKC-USAC at WS 80, followed by USG-UKC at WS 77.5. See Sources & Methods.
WS 2016
Dirty Earnings
Sep 16
Sep 23
2016
2014
2015
2016
Sep 16
Sep 23
87.5
87.5
85
100
82.5
82.5
85
100
103
104
111
139
17,418
19,586
19,568
17,630
18,858
25,938
26,852
26,854
20,300
26,548
15,701
16,607
15,826
11,582
16,045
10,452
11,031
8,196
3,869
9,893
9,053
9,306
7,724
3,766
8,694
Average No.
2015
This Week ....

WEAKER
WEAKER
SOFTER
STEADY
WEAKER
-13%
-16%
-6%
-3%
-12%
VLCC Spot Market
Monthly Fixture Record
2014
Fixtures:
Clean Earnings
75
87.5
70
VLCC Spot
Market Activity...
Sep 16
Dirty Product
Single Voyage...
Jun Aug
'16 '16
Number
Last
This Week ...
Apr '16
May '16
Jun '16
Jul '16
Aug '16
4 Wks
29
102
0
71
202
17
87
4
58
166
29
81
2
58
170
16
54
1
63
134
DOWN BY.....
DOWN BY.....
DOWN BY.....
UP BY....
DOWN BY.....
-45%
-33%
-50%
9%
-21%
100
8
2,450
119
8
2,429
66
7
2,093
129
6
1,816
UP BY....
DOWN BY.
DOWN BY.
95%
-14%
-13%
19
97
1
52
169
19
90
5
58
173
9
71
2
56
138
20
87
4
49
160
92
6
1,865
95
4
1,059
83
2
596
99
6
1,821
~ As at the beginning of the month for historical data; for the next 4 weeks (vessels due) or this week (vessels spot) for current week's data.
Clarksons Research
Page 3
23-Sep-16
Clean Products:
The LR market in the MEG softened this week, with the
LR2 rate on the route to Japan falling to WS 65.
Meanwhile, the MR market in the Far East has been
relatively steady, with the rate on the Singapore-East
Coast Australia falling marginally w-o-w to WS 172. In the
MR market West of Suez, the rate on the UKC-USAC
route rose w-o-w to WS 80, partly due to the recent
closure of the Colonial Line 1 pipeline in the US.
However, the rate on the UKC-West Africa route fell to
WS 97.5. Clean MR average earnings increased by 5%
w-o-w to stand at $9,135/day.
50
Large Bulk Carrier Market

Bulkcarrier Spot Earnings ($,000's/Day)
35
Capesize Average Spot
Panamax Average Spot
30
Supramax Tripcharter
Panamax:
Activity picked up in the Pacific basin this week, with a
fresh flow of coal cargoes out of Australia helping to
support Panamax spot rates on routes out of the region,
despite long tonnage lists. The healthy flow of cargoes in
the North Pacific also helped support an 18% w-o-w rise
in the Transpacific RV tripcharter rate, to $6,500/day.
20
15
10
Sep Nov Jan Apr Jun Aug Oct Dec Feb Apr Jun Aug
'14 '14 '15 '15 '15 '15 '15 '15 '16 '16 '16 '16
Capesize Single
Voyage
34
34
34
34
34
34
34
34
34
34
34
176,000t ore Tubarao/Rotterdam*

173,000t ore Tubarao/El Dekheila
176,000t ore Tub/Qingdao*
166,500t coal Bolivar/Rotterdam*
175,000t ore Dampier/Qingdao*
176,000t ore Saldanha/Qingdao
176,000t ore Dampier/Japan 18m*
168,000t coal Hay Pt./China
168,500t coal R.Bay/Rotterdam
168,500t coal R.Bay/EC India
Capesize Average Earnings *
Panamax Single
Voyage
36
36
36
36
36
36
36
36
36
36
36
36
36
Capesize:
The positive sentiment seen in the Capesize market late
last week continued throughout this week. A healthy flow
of iron ore cargoes out of Brazil and Western Australia
provided the impetus for a rise in Capesize rates across
both basins. Overall, average Capesize spot earnings
rose 25% w-o-w to a one year high of $16,390/day.
67,000t coal USGulf/ARA*

67,000t coal Bolivar/ARA
65,000t coal Murmansk/ARA*
55,000t grain USGulf/N. China*^
72,000t coal Rob. Bank/N. China*
72,000t coal Dalrymp. B./N. China*
70,000t coal Indonesia/S. China*^
72,000t coal Indonesia/WC India*
72,000t coal Indonesia/EC India
60,000t grain Nopac/N. China*^
66,500t coal R.Bay/Rotterdam
72,000t coal R.Bay/WC India *
Panamax Average Earnings *
Supramax Single
Voyage...
37 50,000t grain USGulf/Jap.(HSS)
37 50,000t coal R.Bay/WC India
37 Supramax Average Earnings
$ Per Ton
Sep 16 Sep 23
5.95
6.15
12.10
6.15
5.85
9.20
5.70
6.25
5.75
8.00
7.15
7.45
12.80
7.80
6.40
9.95
6.25
7.05
6.85
8.50
Average Earnings $ Per Day
8.30
5.90
5.15
29.75
10.50
7.90
3.30
6.00
5.25
16.00
7.00
7.75
8.30
6.10
5.25
30.25
10.51
9.00
3.50
6.25
5.50
16.60
6.00
8.25
2014
2015
2016
Sep 16
Sep 23
4.09
4.40
8.04
4.70
4.00
6.03
3.91
4.59
3.57
5.72
11,321
13,477
27,342
13,601
12,511
18,862
16,800
15,690
499
12,922
16,315
6,170
9,251
14,080
8,431
6,306
10,124
10,315
7,689
79
7,906
9,060
3,129
5,582
9,157
5,488
4,947
7,177
8,172
5,074
-941
5,578
6,179
9,083
10,650
17,691
9,464
12,731
14,424
16,692
10,496
3,328
12,324
13,132
13,431
15,096
18,939
15,273
14,959
16,067
19,346
13,368
5,796
13,593
16,390

2014
2015
2016
Sep 16
Sep 23
8.34
6.13
5.07
26.06
8.42
7.09
3.40
5.31
4.58
13.86
6.28
6.99
7,192
6,456
4,361
14,600
11,764
10,569
6,035
11,119
12,558
9,384
2,596
9,129
7,801
5,892
6,531
7,079
9,701
8,746
7,456
3,102
9,113
9,649
6,597
1,730
7,160
7,205
4,838
3,009
4,763
7,961
7,513
6,889
3,425
6,526
6,630
5,894
2,156
5,267
5,897
3,774
1,387
3,567
9,665
10,315
7,773
2,645
7,577
7,877
7,372
2,109
5,653
6,482
3,535
1,614
3,704
9,780
10,078
9,746
3,057
7,982
8,370
7,766
324
6,150
6,866
29.50
8.40
30.25
8.80
This Week ...

FIRMER
FIRMER
FIRM.......
FIRMER
FIRMER
FIRMER
FIRMER
FIRMER
FIRMER
FIRMER
FIRMER
48%
42%
7%
61%
18%
11%
16%
27%
74%
10%
25%
Panamax Market
2016
$ Per Ton
Sep 16 Sep 23
Capesize Market
2016
$ Per Ton
Sep 16 Sep 23
Handy:
Sentiment was fairly flat in the Pacific basin this week,
with volumes of coal cargoes out of Indonesia largely
unchanged and limited fresh enquiry on routes out of
Nopac. It was also a fairly flat week in the Atlantic basin,
with limited fresh enquiry on routes out of ECSA.
This Week ...

SOFTER
FIRMER
FIRM.......
STEADY
STEADY
FIRMER
FIRMER
FIRM.......
FIRM.......
FIRM.......
WEAKER!!
FIRMER
FIRM.......
-6%
16%
4%
1%
-2%
25%
16%
5%
6%
5%
-85%
9%
6%
Supramax Market
This Week ...
2016
2014
2015
2016
Sep 16
Sep 23
25.91
7.37
18,950
6,317
10,819
12,586
4,389
7,366
10,737
2,795
5,634
12,162
3,139
6,388
12,519 STEADY
3,285 FIRM.......
6,610 FIRM.......
3%
5%
3%
"Voyage Earnings" are calculated from spot freight rates for standard routes/ships. These assumptions are detailed in the "Sources & Methods" document on the Shipping Intelligence
Network (www.clarksons.net). Standard ships are indicated by the figures on the left e.g. modern Capesize = standard ship no. 34. A wider selection of spot freight rate and earnings
series, including for Kamsarmax vessels, is available on Shipping Intelligence Network. ^2014 averages comprised of July-December data.
Clarksons Research
Page 4
23-Sep-16
25
Bulkcarrier Highlights
Tripcharter Market, Freight Indices & Futures

Capesize
Tripcharter*
Cont/Far East
Transpacific R/V
Far East/Cont
Transatlantic R/V
Average Capesize Earnings
2014
2015
2016
Aug 26
Sep 02
Sep 09
Sep 16
Sep 23
29,591
12,723
159
12,257
13,683
16,257
7,353
-236
8,113
7,872
11,969
5,622
-188
5,504
5,727
12,500
7,500
500
4,750
6,313
13,000
8,000
750
4,500
6,563
16,500
11,900
3,900
9,150
10,363
17,000
12,150
4,900
9,950
11,000
21,700
15,700
9,650
15,600
15,663
Panamax
Tripcharter...
2014
2015
2016
Aug 26
Sep 02
Sep 09
Sep 16
Sep 23
15,336
7,988
974
6,837
7,783
10,263
5,063
559
5,925
5,452
8,276
4,479
544
4,632
4,483
10,000
5,400
900
5,500
5,450
10,000
5,150
900
4,900
5,238
9,500
5,500
900
4,600
5,125
10,000
5,500
900
4,750
5,288
10,750
6,500
1,000
5,350
5,900
Supramax
Tripcharter...
^ Does not include Indonesia-China.
This Week ....

FIRM.......
FIRMER
FIRMER
FIRMER
FIRMER
8%
18%
11%
13%
12%
Supramax Market
Average Rate $ Per Day
Cont/Far East
Transpacific R/V
Far East/Cont
Transatlantic R/V
Indonesia - China~
Average Supramax Earnings^
28%
29%
97%
57%
42%
Panamax Market
Cont/Far East
Transpacific R/V
Far East/Cont
Transatlantic R/V
Average Panamax Earnings
This Week ....

FIRMER
FIRMER
FIRMER
FIRMER
FIRMER
2014
2015
2016
Aug 26
Sep 02
Sep 09
Sep 16
Sep 23
14,918
8,894
6,322
6,351
5,966
9,121
9,986
5,910
4,615
5,803
4,399
6,578
8,744
4,931
2,933
4,342
3,962
5,238
10,250
7,000
4,400
5,000
6,500
6,663
10,000
7,000
4,400
5,000
6,500
6,600
10,000
6,750
4,000
5,000
6,250
6,438
10,500
6,500
4,250
4,500
6,000
6,438
10,500
6,500
4,250
4,500
6,000
6,438
This Week ....

STEADY
STEADY
STEADY
STEADY
STEADY
STEADY
0%
0%
0%
0%
0%
0%
~ Based on delivery South China, redelivery South China.
Handysize
Handysize Market
Tripcharter...
Cont/ECSA
Cont/USEC-USG
ECSA/Cont
USEC-USG/Cont
SEAsia/Australia R/V
Transpacific R/V
Average Handysize Earnings
2014
2015
2016
Aug 26
Sep 02
Sep 09
Sep 16
Sep 23
5,656
5,319
10,100
10,683
6,920
7,294
7,662
3,779
4,063
8,572
7,236
4,331
4,933
5,485
3,885
4,067
5,910
5,944
3,955
4,294
4,676
6,500
6,400
6,000
6,500
5,500
6,000
6,150
6,250
6,100
5,750
6,300
5,250
5,750
5,900
6,000
5,750
5,500
6,000
5,250
5,750
5,708
6,000
5,700
5,500
6,000
5,500
6,000
5,783
5,750
5,750
5,750
6,000
5,500
6,000
5,792
This Week ....

SOFTER
STEADY
FIRM.......
STEADY
STEADY
STEADY
STEADY
-4%
1%
5%
0%
0%
0%
0%
Note: Vessels based on Baltic standards where appropriate. *Capesize rates based on a 180,000 dwt vessel from start 2015, and a 172,000 dwt vessel previously. Trip rates
for a wider selection of standard vessels, including a 58,000 dwt Supramax and 34,000 dwt Handysize are available on Shipping Intelligence Network at www.clarksons.net.
Baltic Freight Indices

Date
BPI
656
649
645
646
650
657
673
700
700
645
660
BCI
1607
1444
1487
1680
1853
1964
2118
2389
2389
1444
1818
13-Sep
14-Sep
15-Sep
16-Sep
19-Sep
20-Sep
21-Sep
22-Sep
Max Value
Min Value
Avg Value
Baltic Dry Index Trends

BSI
671
665
661
660
661
660
662
669
671
660
664
BHSI
415
415
415
415
416
417
418
420
420
415
416
BDI
796
756
764
800
836
865
903
937
937
756
832
FFA Indications*
$/day
22-Sep
BCI 7 Bolivar-Rott.
BCI 4 R.Bay-Rott.
BPI 2A USG/F.East
BPI 3A T/P R/V
Cape TC Avg.
P'max TC Avg.
S'max TC Avg.
Index
7.83
6.79
10,429
5,914
15,301
5,611
6,982
2,500
2014
2,250
2,000
2016
1,750
1,500
1,250
1,000
Oct-16
7.00
6.10
12,075
6,250
11,475
6,950
7,475
Q4 16
6.80
5.90
11,625
6,250
9,750
6,900
7,350
Cal 17
5.95
4.75
750
500
7,575
6,050
6,150
250
Week No.
0
1 3 6 8 11 13 16 18 21 23 26 28 31 33 36 38 40 43 45 48 50
*FFA Indications basis closing mid-price
Clarksons Research
2015
Page 5
23-Sep-16
Capesize Market
Gas & Chemical Markets

Gas Carrier
Markets.
Average
2016
2014
2015
Jul
Aug
91.21
90.14
24.40
20.63
Gas Market
23 Sep
LPG Charter Rates, $'000/month
Trends
4,500
19.00 SOFTER...
-8%
77,070 88,508
14,367 9,600
8,219 WEAKER.. -14% 3,500
3,500m Pressure (West)
51,810
45,839
31,452
27,737
33,361
28,205
17,011
7,179
7,533
19,398
20,121
20,581
19,628
19,924
21,042
16,110
5,425
5,589
15,781
15,946
18,740
17,096
17,261
19,398
15,617
5,425
5,589
LNG Spot Rate, $/day^

160,000m (TFDE)
145,000m (ST)
71,942 36,038
49,317 26,000
17,096
18,370
19,603
18,411
18,699
20,631
16,028
5,425
5,589
33,400 40,000
17,400 26,250
3,000
SOFTER... -8%
WEAKER.. -13% 2,500
SOFTER... -4%
2,000
SOFTER... -7%
SOFTER... -8% 1,500
SOFTER... -6%
1,000
STEADY... -3%
STEADY... 0%
500
STEADY... 0%
0
1 Yr t/c (84,000m3)
Sep-14
Nov-14
Dec-14
Jan-15
Mar-15
Apr-15
Jun-15
Jul-15
Aug-15
Oct-15
Nov-15
Jan-16
Feb-16
Mar-16
May-16
Jun-16
Jul-16
Sep-16
3,500m Pressure (East)
63,096
62,040
36,418
28,335
31,559
26,609
16,872
5,798
6,108
84,000m3 TCE,
Gulf - Japan
4,000
35,000 WEAKER.. -13%

25,000 SOFTER... -5%
~Based on 82K cbm ship until end 2015. ^Single voyage loading in the next 3 months.
There was finally a slightly more

busy and optimistic tone in the spot
market this week, particularly for
cargoes loading in the US Gulf in
October. Pricing spreads showed some
improvement which gave traders the
confidence to freight rather than cancel
stems. This meant fewer third party
relets and more owner-influence on the
availability of tonnage, which looked a
bit more balanced than of late.
Markets.
Voyage Rates ($/mt)
10,000 Gulf/WC India
15,000 Gulf/Ulsan
15,000 Gulf/Med
15,000 Gulf/Rott.
5,000 Rott/Houston
10,000 Rott/Houston
5,000 Rott/Ulsan
5,000 Singapore/Rott
1,000~ Sing./Houston
10,000 Ulsan/Houston
5,000 Houston/Rott
5,000 Houston/Ulsan
12 mths TC, $/day
13,000 dwt IMO II
19,999 dwt S/S
Average
2016
Chem Market
2014
2015
Jul
Aug
23 Sep
32.79
50.73
60.62
66.48
44.01
39.28
100.14
93.04
164.17
59.10
47.98
65.15
31.98
45.60
58.88
60.88
44.70
40.23
84.93
91.40
161.90
56.19
58.25
63.08
23.00
39.00
48.00
52.00
35.50
33.30
81.30
72.60
137.00
36.00
58.20
67.80
22.00
38.00
47.00
51.00
33.88
30.88
78.50
71.00
137.00
37.00
54.00
55.25
21.50
37.50
46.50
50.50
29.00
26.00
77.00
73.00
139.00
37.00
52.00
53.00
Trends
STEADY... -2%
STEADY... -1%
STEADY... -1%
STEADY... -1%
WEAKER.. -14%
WEAKER.. -16%
STEADY... -2%
STEADY... 3%
STEADY... 1%
STEADY... 0%
SOFTER... -4%
SOFTER... -4%
A small handful of older vessels,

built before or in the early 1990s, are
starting to appear on the market looking
for timecharter business and/or are
available for sale. In the current market,
it is looking difficult for these ships to
find onward employment and the
possibility is that they could eventually
be recycling candidates. Meanwhile, as
anticipated, there have also been signs
of restructuring in ship owning groups.
Chemical Freight Rates, $/mt

100
Rott/Far E.
Houston/Far E.
90
80
70
60
50
basis 5,000mt
Easychems
40
9,167 10,146
14,042 15,200
11,250 10,000
15,750 15,350
9,750 STEADY...
15,000 STEADY...
-3%
-2%
Sep-14
Nov-14
Dec-14
Jan-15
Mar-15
Apr-15
Jun-15
Jul-15
Aug-15
Oct-15
Nov-15
Jan-16
Feb-16
Mar-16
May-16
Jun-16
Jul-16
Sep-16
Chemicals
Voyage and short timecharter

fixtures were reported, with rates
gradually improving as the week
progressed, and more charterers
entered the market to capture remaining
tonnage. In the East, the rate on the Ras
Tanura-Chiba route also showed a
slightly healthier trend, but not by the
same magnitude as the gains seen in
the West. The spot rate on the route
remained steady w-o-w at $19/tonne.
Easychems except for: ~ Stainless Steel.
It has once again been a relatively

quiet week in the specialised products
market, with only a few w-o-w changes
seen in benchmark voyage rates.
On the eastbound transatlantic

trade lane, parcel rates declined marginally as owners were looking to fill
prompt space. Rates for both 2,000mt
and 3,000mt parcels on the route softened by $1/mt w-o-w to stand at $74/mt
and $71/mt respectively. Meanwhile,
Clarksons Research
rates for 5,000mt parcels on the same

route dropped by $2/mt w-o-w to stand
at $52/mt.
Elsewhere, there was a flurry of

activity in the transpacific market which
supported a marginal increase in voyage rates on the route from Houston to
Ulsan. Rates for both 5,000mt and
10,000mt parcels on this route firmed by
$1/mt w-o-w to stand at $53/mt and
$51/mt respectively. Meanwhile, parcel
Page 6
voyage rates on all other featured routes

remained steady w-o-w.
23-Sep-16
LPG Voyage Rates, $/mt
46.2K mt Gulf/Jap
LPG TCE, $/day
84,000m modern~
LPG 12 mths T/C, $/day
84,000m modern~
59,000m modern
35,000m
22,500m modern
20,500m Semi-Ref
17,000m Ethylene
8,250m Ethylene
5,000
Liner & Offshore Markets

Liner Market Rates ($,000's/day)
Liner Market News
20
grdFCC,
FCC, 6-12
mthmth
TC TC
1,7001,700
teuteu
grd
6-12
glsFCC,
FCC, 6-12
mthmth
TC TC
2,7502,750
teuteu
gls
6-12
glsFCC,
FCC, 6-12
mthmth
TC TC
4,4004,400
teuteu
gls
6-12
15
Container / MPP /
Sep-16
Jun-16
Mar-16
Dec-15
Sep-15
Jun-15
Mar-15
Dec-14
Sep-14
Jun-14
Mar-14
Dec-13
Sep-13
Jun-13
Mar-13
Dec-12
Sep-12
Average
Short Sea Markets

Containerships ($/Day, 6-12mth TC)
Feeder, 1,000 teu grd.
Feeder, 1,700 teu grd.
Feeder, 2,000 teu g'less
Feeder, 2,750 teu g'less
Narrow Beam, 4,400 teu g'less
Intermediate, 6,800 teu g'less (3yr TC)
MPP Tonnage ($/Day)^
17,000 dwt, grd. 1 yr. t/c (liner)
12,000 dwt, grd. 1 yr. t/c (liner)
European Short Sea 3,000dwt ($/t)
ECUK/ARAG - N.Spain
French Bay - ECUK
Lower Baltic - ARAG
UK/ARAG - W.Med
3,500dwt g'less. 1 yr. t/c (/day)~
Liner Markets
2016
2012
2013
2014
2015
Jun
Jul
Aug
Sep
Trends*
5,358
6,292
6,408
6,742
9,942
29,857
6,321
7,096
6,483
6,829
8,696
27,542
6,396
7,313
6,933
7,425
8,771
24,667
7,250
8,842
8,483
9,563
11,817
22,750
6,800
7,000
6,200
6,000
5,150
13,000
6,700
6,900
6,150
6,000
5,100
13,000
6,700
6,700
6,100
5,900
4,700
13,000
6,700
6,700
6,100
5,900
4,700
13,000
STEADY...
SOFTER...
STEADY...
STEADY...
SOFTER...
STEADY...
-1%
-4%
-2%
-1%
-7%
0%
8,988
9,780
8,870
9,763
8,508
8,463
7,379
7,500
6,500
7,500
6,500
7,500
6,500
7,500
6,500
SOFTER...
SOFTER...
-4%
-5%
22.73
16.73
20.42
33.22
22.85
17.96
20.98
33.22
25.02
18.64
21.64
35.56
2,594
22.24
15.51
17.62
29.77
2,704
16.13
12.75
16.38
22.19
2,800
15.60
12.65
15.55
22.05
2,750
15.00
12.63
15.19
20.94
2,650
14.25
12.00
14.50
20.00
2,650
SOFTER...
SOFTER...
SOFTER...
SOFTER...
STEADY...
-5%
-5%
-5%
-4%
0%
*3-month trend for Container/MPP; current month shows latest end month data. Change since previous month for Short Sea; see www.hcshipping.co.uk for market report.
~2014 avg basis May-Dec data. ^2012 data based on previous historical vessel specification (see Container Intelligence Monthly), 2013 average basis Aug-Dec data.
Latest
Trends*
13,898
16,000
3,342
6,000
FIRMER... 27%
STEADY... 0%
WEAKER.. -22%
STEADY... 0%
4,400 STEADY... -2%

10,000 WEAKER.. -15%
23,000 STEADY... 0%
60-100 SOFTER... -6%
100-180 WEAKER.. -17%
Clarksons Research
35
20
30
25
15
20
10
15
5
10
This Month
Aug-16
Obk
% Fleet
2,917
2,336
1,022
6,703
12,979
2,977
2,463
1,010
6,903
13,353
3,002
2,520
993
7,005
13,520
185
221
171
408
985
6%
9%
17%
6%
7%
Page 7
0
Aug-16
2015
May-16
2014
Feb-16
Anchor Handling Tug/Supply

PSV/Supply
Mobile Drilling Units
Other Types
All Offshore Vessels
45
40
W.Africa Term, PSV, >900m2, $000/day (RHS)
25
Nov-15
Trends
$000/day
Aug-15
Offshore Fleet
000/day
N.Sea Term, PSV, >900m2, 000/day (LHS)
*3-month trend. ** Annual drilling rig dayrates on end year basis.
No. End
30
May-15
2015
Feb-15
2014
North Sea OSV Market /Day

38,400 16,895
AHTS Spot, 20k+ BHP
35,000 18,000
AHTS Term, 20k+ BHP
12,229
4,871
PSV Spot, >900m2
17,250
7,592
PSV Term, >900m2
Regional OSV Market $/Day
5,908
SE Asia, AHTS Term, 5k BHP 8,500
30,917 16,196
W.Africa PSV Term, >900m2
36,208 29,153
Brazil, PSV Term, >900m2
Drilling Rig Market, $000/Day**
Jack-Up, SE Asia, High-Spec 125-150 80-100
350-410 200-275
Floater, GoM, Ultra Deep
Offshore Vessel Charter Rates
Offshore Market
Nov-14
Market
Average
Aug-14
Offshore
Offshore fleet includes all mobile units; for more detailed coverage of the full
range of offshore sectors see Offshore Intelligence Monthly. See also Offshore
Drilling Rig Monthly and Offshore Support Vessel Monthly.
23-Sep-16
10
This week, the Maersk Group announced plans to

restructure its businesses into two entities, Transport &
Logistics and Energy. Within Transport & Logistics,
Maersk Line will be grouped alongside Damco, APM
terminals, Svitzer and Maersk Container Industry. Maersk
Group reportedly expects cost savings of $600m in the
coming years as a result of the reorganisation. Earlier in
2016, Maersk Line reported a loss of $151m in Q2.
As disruption related to the collapse of Hanjin Shipping
continued this week, there are reportedly nine ports where
Hanjin vessels can currently discharge cargo without fear
of arrest by creditors, with negotiations continuing with
others. While some ships have unloaded, others still await
completion of agreements with port operators. Korea
Development Bank has reportedly agreed to contribute
$45m in conditional credit to Hanjin Shipping in order to
facilitate cargo discharge from Hanjin vessels.
Secondhand Prices
Trend
SOFTER...
WEAKER..
WEAKER..
WEAKER..
WEAKER..
WEAKER..
WEAKER..
WEAKER..
WEAKER..
WEAKER..
SOFTER...
WEAKER..
WEAKER..
SOFTER...
WEAKER..
WEAKER..
WEAKER..
WEAKER..
WEAKER..
STEADY...
WEAKER..
-5%
-11%
-17%
-14%
-10%
-13%
-16%
-10%
-13%
-17%
-4%
-10%
-15%
-6%
-12%
-12%
-8%
-14%
-8%
-2%
-12%
Long Term Price Trends

Index, Start 2000 = 100
550
500
Bulkers
Tankers
450
400
350
300
250
200
150
100
50
Aug '16
86.0
62.0
41.0
26.0
57.0
44.0
31.5
47.0
32.5
21.0
43.0
30.0
20.0
34.0
23.0
16.5
11.0
20.0
15.0
25.5
112
-22%
Aug '15
100.0
80.0
55.0
38.0
70.0
60.0
42.0
55.0
46.0
31.0
48.0
35.0
24.0
38.5
29.0
19.5
12.0
25.0
17.0
27.0
144
10%
Aug '14
105.0
77.0
52.0
29.0
72.0
57.0
37.0
57.0
42.0
27.0
45.0
33.5
23.5
37.0
25.0
16.0
10.0
23.0
15.0
26.8
131
1%
Aug '13
83.0
60.0
41.0
26.0
57.0
42.0
27.0
43.0
32.0
22.0
41.0
31.0
21.0
38.0
29.0
19.0
11.0
25.0
15.0
24.5
129
15%
Aug '12
Sep
Aug '11
2015
Aug '10
2014
Aug '09
Resale
5 yrs
10 yrs
15 yrs
Resale
5 yrs
10 yrs
Resale
5 yrs
10 yrs
Resale
5 yrs
10 yrs
Resale
5 yrs
10 yrs
15 yrs
5 yrs
10 yrs
19,999 dwt Chem S/S 5 yrs
5-y-o Tanker Index
12 month Change
310,000 dwt
310,000 dwt
300,000 dwt
300,000 dwt
160,000 dwt
160,000 dwt
150,000 dwt
105,000 dwt
105,000 dwt
105,000 dwt
73,000 dwt
73,000 dwt
70,000 dwt
51,000 dwt
47,000 dwt
45,000 dwt
45,000 dwt
37,000 dwt
37,000 dwt ^
2013
Short Term Tanker Trends

25%
% Year on Year
Tanker prices based on double hull vessels. ^Pre Jan-15 (dwt): 35k.
Bulkcarrier
End Year, $m
15%
Three Month
-20%
Aug '16
May '16
Feb '16
-25%
Short Term Bulk Trends

50%
% Year on Year
5-year-old Bulker Price Index
Percentage Change
Year-On-Year
40%
20%
2013
2014
2015
Sep
Trend
20.0
16.3
9.3
37.1
18.0
17.0
19.0
14.5
8.0
24.7
18.0
17.0
16.0
16.0
8.5
35.7
27.0
21.0
10.0
11.0
6.0
28.2
35.0
26.0
WEAKER.. -13%
SOFTER... -4%
SOFTER... -6%
SOFTER... -6%
STEADY...
0%
STEADY...
0%
*Ro-Ro prices in euros. ^Price basis a Narrow Beam ("Old Panamax") vessel.
Three Month
111
102
93
80
SOFTER...
-7%
Aug '16
ALL VESSELS
Trend
May '16
Sep
-40%
Feb '16
2015
-30%
Nov '15
2014
-20%
Aug '15
2013
-10%
May '15
Index
0%
Feb '15
End Year, Index
10%
Nov '14
Clarkson
5-year-old Tanker Price Index

Percentage Change
Year-On-Year
-15%
Aug '14
10 yrs
10 yrs
-10%
Feb '14
5 yrs
5 yrs
10 yrs
-5%
May '14
4,500 teu^
2,750 teu
1,700 teu
Container Index
Ro-Ro 4,000 lm*
Ro-Ro 2,500 lm*
0%
Nov '13
End Year, $m
Ro-Ro Prices
5%
30%
*Pre Jan-14: 58k dwt. Pre Jul-16 (dwt): "52k, ~45-48k.
Container &
10%
Nov '15
3%
0%
0%
0%
1%
2%
0%
0%
7%
5%
25%
10%
0%
0%
7%
0%
7%
4%
Aug '15
FIRM....
STEADY...
STEADY...
STEADY...
STEADY...
STEADY...
STEADY...
STEADY...
FIRM....
FIRM....
FIRMER...
FIRMER...
STEADY...
STEADY...
FIRM....
STEADY...
FIRM....
FIRM....
May '15
36.5
24.0
14.0
8.0
24.5
14.0
8.0
4.5
21.5
13.5
9.0
4.5
2.8
17.5
10.5
6.8
4.0
74
-21%
Feb '15
39.0
25.0
13.5
8.5
25.0
14.0
8.5
5.0
22.5
13.5
8.0
4.5
3.5
19.0
10.0
8.0
4.5
73
-37%
Nov '14
54.0
39.0
27.5
16.0
31.0
20.0
14.5
10.0
30.0
20.5
13.5
9.0
6.0
24.0
17.0
12.5
8.0
116
-14%
Aug '14
54.0
44.0
31.0
18.0
33.0
25.5
18.0
12.0
30.0
24.5
17.5
11.0
6.5
23.5
19.0
14.0
9.5
135
28%
Trend
Feb '14
Sep
May '14
2015
Nov '13
2014
Aug '13
Resale
5 yrs
10 yrs
15 yrs
Resale
5 yrs
10 yrs
15 yrs
Resale
5 yrs
10 yrs
15 yrs
20 yrs
Resale
5 yrs
10 yrs
15 yrs
2013
Aug '13
Prices...
180,000 dwt
180,000 dwt
170,000 dwt
170,000 dwt
82,000 dwt
76,000 dwt
75,000 dwt
73,000 dwt
61,000 dwt *
56,000 dwt
55-56,000 dwt "
52,000 dwt ~
42-45,000 dwt
37,000 dwt
32,000 dwt
32,000 dwt
28,000 dwt
5-y-o Bulker Index
12 month Change
20%
Three Month
Resale prices basis prompt delivery. 3-month trend: avg last 3 months vs avg previous 3 months. See SIN for full details of standard ship size history.
Clarksons Research
Page 8
23-Sep-16
Prices
Asset Play in Focus
Three Month
Aug '08
End Year, $m
Aug '07
Oil Tanker
Sale & Purchase Market

Sales Volumes & Values
4,000
Value
3,500
160
140
3mma
3,000
120
2,500
100
2,000
80
1,500
60
1,000
40
500
20
Volume
0
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
Sep-14
Jan-15
May-15
Sep-15
Jan-16
May-16
Tanker
Sales* ....
Type:
VLCC
Suezmax
Aframax
Handy/Pmax
Total No. Sales
Total DWT (,000)
Total Value ($ m)
Type:
Capesize
Panamax
Handymax
Handysize
Total No. Sales
Total DWT (,000)
Total Value ($ m)
Total No. Sales

Total dwt (,000s)
Total Value ($ m)
2015
2016
2016
38
38
38
186
300
28,383
8,838
15
11
22
97
145
11,699
2,805
2
4
3
9
1,152
135
Y-t-d
Aug
2015
2016
2016
73
120
130
133
456
35,123
6,203
64
112
131
109
416
30,225
3,365
4
12
22
16
54
3,281
407
Y-t-d
Aug
2015
2016
2016
575
13,896
8,320
300
5,036
2,244
24
484
164
Baltic Sale & Purchase Assessments (weekly)
Y-t-d
Aug
(Based on max. 5-year old vessels, as published by the Baltic Exchange)

As of the 19th September 2016.
2015
2016
2016
236
68
56
132
41
41
1,331
77,402
23,362
302
128
17
25
116
25
20
861
46,959
8,415
179
Total
Sales .....
Buyers:
Greece
Norway
Germany
China P.R.
UK
South Korea
Total No. Sales
Total Dwt (,000)
Total Value ($m.)
Average $/Dwt
With the freight markets gaining ground, particularly in the Capesize sector in the
first part of the week, markets are gaining some traction again and the positive
sentiment that we have been seeing in the dry S&P markets is starting to settle. In
the Capesize market, further to last weeks report, German insolvency
administrators have now committed the three sisters E.R. BAYERN, E.R.
BOSTON (both 178,978 dwt, built 2010, Hyundai HI (Gunsan)) and E.R.
BAVARIA (178,838 dwt, built 2010, Hyundai Samho HI) for a price in the region of
$20m each to Greek interests, with the BAVARIA sold with an index linked charter
attached until May-July 2017. We understand that the vessels were sold to two
different buyers, with one taking on two of the three units. It seems that values have
stabilised for the time being as the levels achieved fall in line with the recent sales in
the sector. However, with a number of other candidates currently being inspected
and negotiated we expect further activity in the near future which should give us a
clear picture on whether the current rally of the Capesize indices will translate into
an uptick in secondhand values.
Aug
Other
Sales ....
Dry Cargo:
Y-t-d
Bulker
Sales* ....
With bums back on seats and the summer becoming a distant memory there has
been a real sense of tanker buyers knuckling down and focussing on who is a
genuine seller of tankers and who is not. For sellers, the autumn dawn is not proving
particularly appetising and consequently some ships have been withdrawn. Owners
have preferred to hold onto their assets and take their chances with the winter
markets, which in certain sectors such as Suezmaxes have shown some promising
early form. For those that remain sellers the realisation that the market is not there
to pay the sort of levels that they had hoped for is proving a hard pill to swallow.
However, there are clearly some who are taking the view that it is prudent to sell
now whilst those that continue to sit on the fence may live to regret their
indecisiveness. Consequently, we anticipate reporting more sales over the coming
days although our lack of reported business this week does not necessarily mean
the tanker market is quiet!
16
3
3
87
4,917
705
143
In the Kamsarmax sector, the Norwegian controlled BWTS fitted BAVANG (82,028
dwt, built 2016, Jiangsu New YZJ) has been committed for a price in excess of
$19m to Greek buyers, reaffirming the substantial discount carried by Chinese built
vessels against their Japanese or Korean counterparts, but equally reflecting the
premium for ships from better Chinese yards compared to some of their less well
regarded facilities. This is also particularly apparent with this weeks auction sale of
the Panamax GARV PREM (74,444 dwt, built 2006, Hudong Zhonghua) which has
been sold for a price of $4m to undisclosed buyers. By comparison, the three years
older Japanese built OCEAN LIFE (75,318 dwt, built 2003, Universal SB
(Maizuru)) was sold last month for a price of $5.3m.
In the Supramax segment, clients of Kassian Maritime have sold the VIRGINIA
(50,175 dwt, built 2001, Mitsui SB (Chiba), C4x30T) to Chinese interests for a price
of $4.6m. The price paid is stable and in line with last done NEMTAS-1 (50,077
dwt, built 2001, Mitsui SB (Chiba), C4x30T) which was sold at $4.5m earlier this
month. Offers will be invited on Monday by the Tokyo court appointed trustee for the
Tess 58 OCEAN PARADISE (58,701 dwt, built 2007, Tsuneishi Cebu) which has
attracted substantial interest in Hong Kong recently, with in excess of 15 inspections
taking place. She is another of the vessels from the ex United Ocean fleet which is
in the process of being sold, with four Kamsarmaxes being disposed of to third
parties to date.
Lastly, the overaged Handysize URAWEE NAREE (28,415 dwt, built 1997, Imabari
SB Marugame, C4x30T) has been sold to undisclosed buyers for a price of $2.35m
VLCC (305,000 DWT):

$61.025m
Aframax (105,000 DWT):
$32.310m
MR Product tanker (51,000 DWT):
$22.702m
Capesize (180,000 DWT):
$23.160m
Panamax (74,000 DWT):
$13.684m
Super Handy (56,000 DWT):
$12.697m
Note: Clarksons Platou brokers did not contribute to the above Baltic Sale &
Purchase Assessment rates.
ALL DATA AND INFORMATION IN THIS REPORT ARE AS REPORTED

UP TO NOON ON THE DATE OF PUBLICATION
* Includes vessels over 10,000 dwt only. Sales of bulk vessels under 10,000 dwt and of non-bulk vessels are included in "Other Sales".
Clarksons Research
23-Sep-16
Tankers:
No.
$m.
Recent Ship Sales by Vessel Type

Vessel Type
Dwt/Unit
Blt.
Yard
Date
Price $m.
Buyers
13,098
2008
Samho Tongyoung
23-Sep
12
South Korean interests
Tankchem IMO II/III
Zircone
8,100
1993
Fincantieri Muggiano
22-Sep
Undisclosed interests
TankChem IMO II
Ardmore Centurion
28,987
2005
STX SB (Jinhae)
13-Sep
15.7
TankChem IMO II/III
Diamond Orchid
19,702
2008
Fukuoka SB
13-Sep
region
20.5
Clients of Tufton Oceanic
TankChem IMO II/III
Princimar Americas
19,707
2004
Usuki Zosensho
09-Sep
18.5
TankChem IMO III
Pacific Marchioness*
46,697
2010
Hyundai Mipo
01-Sep
5 yrs BB
43
Clients of PAG
TankChem IMO III
Pacific Duchess*
46,697
2009
Hyundai Mipo
01-Sep
5 yrs BB
Ro-Ro
318 cars
FESCO Ulan-Ude
3,199
1985
Usuki Zosensho
06-Sep
undisclosed
# Clients of PAG
Clients of AMTC
Pass./Car
408 pass.
Avrora Okushiri
510
1999
Naikai Zosen Setoda 21-Sep
undisclosed
Clients of Cokaliong Shipping
Pass./Car
876 pass.
Queen Star
500
2000
Rodriquez
16-Sep
undisclosed
Clients of Seajets Catamaran
Pass./Car
1,500 pass
Povl Anker
1,940
1978
Aalborg Vaerft
06-Sep
undisclosed
Clients of MOLS Linien
Pass
418 pass.
New Imperial Star
1,746
1980
Stocznia Szczecinska 01-Sep
1.46
Offshore
Survey
Hawk Explorer
1,749
1984
Tangen Verft
01-Sep
1.1
Clients of Seabird Exploration
Gas C'rier
126,530 cu.m
Gaea
72,560
1980
Gen. Dynamics
20-Sep
13.3
Dry MPP
210 teu.
Ming Heng 79
10,348
2005
Zhejiang Aotai
05-Sep
at auction
RMB8.04
Chinese interests
Dry MPP
100 teu.
Ming Heng 59
6,129
2006
Nanjing Yonghua
05-Sep
at auction
RMB4.9
Chinese interests
Dry Genl
Gearless
Bao An Cheng 26
5,005
2005
Yueqing Qiligang
19-Sep
at auction
RMB5.39
Chinese interests
Dry Genl
Gearless
Ming Heng 1
8,900
2011
Fujian Southeast SB
05-Sep
at auction
RMB5.45
Container
1,577 teu.
Cala Pinguino
21,150
2007
Imabari SB (Imabari)
21-Sep
undisclosed
undisclosed
Container
1,740 teu.
Anthea
23,579
2000
Jiangyang S.Y.
06-Sep
Container
868 teu.
WEC Velazquez
11,433
2007
J. J. Sietas
06-Sep
Container
1,708 teu.
IS Japan
21,292
2007
06-Sep
Car C'rier
4,287 cars.
NOCC Puebla*
12,780
1999
Uljanik Brod.
16-Sep
Car C'rier
4,287 cars.
NOCC Pamplona*
12,778
1999
Uljanik Brod.
16-Sep
Bulk
Gearless
Bavang
82,028
2016
Jiangsu New YZJ
Bulk
3x30t cr.
London Spirit
20,427
1999
at auction
Chinese interests
Clients of Tanto Intim Line
Far East interests
German interests
10.5
Clients of Wan Hai Lines
region
25
Clients of COSCOL
23-Sep
excess
19
Wuhu Shipyard
23-Sep
undisclosed
21-Sep
# Clients of COSCOL
Greek interests
Bangladeshi interests
Bulk
Str. Hvy.
Garv Prem
74,444
2006
Hudong Zhonghua
at auction
Bulk
Str. Hvy.
E.R. Bayern*
178,978
2010
Hyundai HI (Gunsan) 20-Sep
region
20
Greek interests
Bulk
Str. Hvy.
E.R. Boston*
178,978
2010
Hyundai HI (Gunsan) 20-Sep
region
20
Greek interests
Bulk
4x30t cr.
Virginia
50,175
2001
Mitsui SB (Chiba)
4.6
Chinese interests
Bulk
4x30t cr.
Urawee Naree
28,415
1997
Imabari SB Marugame 20-Sep
Bulk
Str. Hvy.
E.R. Bavaria
178,838
2010
Hyundai Samho HI
Bulk
Str. Hvy.
C. Blossom
179,185
2009
Hyundai HI (Ulsan)
16-Sep
Bulk
Str. Hvy.
Star Aline
76,429
2004
Tsuneishi Zosen
16-Sep
Bulk
Str. Hvy.
Primrose
74,716
2001
Hudong Zhonghua
16-Sep
Bulk
4x30.5t cr.
Fleet Phoenix
55,903
2006
Mitsui SB (Chiba)
15-Sep
Bulk
4x30t cr.
Karine Bulker
32,271
2008
Kanda Zosensho
15-Sep
7.7
Bulk
4x35t cr.
Steven C*
34,340
2009
SPP Tongyoung SY
13-Sep
19.5
Bulk
4x35t cr.
Lisa J*
34,426
2010
SPP Tongyoung SY
13-Sep
Bulk
Gearless
Tana Sea*
93,246
2011
Zhejiang Yangfan
13-Sep
Bulk
Gearless
Tonda Sea*
93,246
2011
Zhejiang Yangfan
13-Sep
# Clients of Oldendorff Carriers
Bulk
Str. Hvy.
Tango Sea*
93,028
2011
Taizhou Catic SB
13-Sep
Bulk
Str. Hvy.
Tonic Sea*
93,005
2012
Taizhou Catic SB
13-Sep
Bulk
Str. Hvy.
Hanjin Matsuyama
179,166
2011
Sungdong SB
13-Sep
Bulk
Str. Hvy.
Emma Schulte
115,156
2012
Jiangnan Changxing
13-Sep
12.6
Clients of Oldendorff
Bulk
4x30t cr.
Western Singapore
52,433
2003
Tsuneishi Cebu
08-Sep
4.7
Clients of PT Salam Pacific
Bulk
4x30t cr.
Hanjin Liverpool
36,851
2012
Hyundai Vinashin
08-Sep
Greek interests
Bulk
4x30t cr.
Hanjin Isabel
36,798
2012
Hyundai Vinashin
08-Sep
8.3
Greek interests
Bulk
Gearless
Darya Shree
74,823
2004
Hudong Zhonghua
07-Sep
excess
Bulk
3x14t cr.
Crimson Jupiter
48,205
1996
Tsuneishi Zosen
07-Sep
3.33
Clients of United Nav Devl
Bulk
4x30t cr.
Jin Ming*
61,414
2010
Oshima Shipbuilding
06-Sep
region
28.5
Bulk
4x30t cr.
Jin Han*
61,414
2011
Oshima Shipbuilding
06-Sep
Bulk
4x25t cr.
You Liang
42,067
1991
Oshima Shipbuilding
03-Sep
at auction
RMB26.5
Bulk
4x30t cr.
Conti Flint*
57,081
2012
COSCO Guangdong
02-Sep
region
Clients of Celsius
Bulk
4x30t cr.
Conti Fuchsit*
57,081
2012
COSCO Guangdong
02-Sep
region
Clients of Celsius
Bulk
4x30t cr.
NOSCO Victory
45,585
1996
Hashihama Zosen
02-Sep
2.1
Bulk
4x30t cr.
Nemtas-1
50,077
2001
Mitsui SB (Chiba)
02-Sep
4.5
Chinese interests
Bulk
Str. Hvy.
N/B RESALE HULL 1181
76,000
2016
Jiangsu Rongsheng
02-Sep
11
Tianjin interests
Bulk
Str. Hvy.
Toro Orient
76,636
2008
Imabari SB Marugame 02-Sep
8.5
Tug
455 gt
Kamabanga Primeiro*
2008
Uzmar
Tug
455 gt
Kamabanga Segundo*
2008
Uzmar
19-Sep
Tug
230 gt
Bhagwan Pride*
2014
Damen Changde SY
07-Sep
Tug
294 gt
Bhagwan Power*
2013
Damen Gorinchem
07-Sep
160
20-Sep
20-Sep
19-Sep
region
2.35
20
Greek interests
18.9
undisclosed
region
3.2
8.8
Bangladeshi interests
# Clients of Tufton Oceanic

region
40
Clients of Oldendorff Carriers

region
22.75
Clients of Winning Shipping
# Clients of Tufton Oceanic
undisclosed
Clients of COSCO Bulk Carrier
Clients of Boluda Corp.
# Clients of Boluda Corp.
undisclosed
Clients of Svitzer Australasia

# Clients of Svitzer Australasia
* En bloc Sales. #En Bloc price shown under first ship of bloc.
Clarksons Research
ii
23-Sep-16
D/Hull
Vessel name
Lady Cordelia
Tanker
Fleet Changes, Bunkers & Capital Market Activity

Cargo Fleet
Tanker Fleet
Changes
2015
No.
5,885
251
49
3
11
194
6,079
3.3%
2016 to date
000 Dwt
507,713
19,147
2,347
940
1,393
16,347
524,061
3.2%
No.
6,079
247
30
2
0
219
6,298
3.6%
2015
Containership Fleet
2016 to date
000 Dwt
No.
000 Dwt
No.
000 Dwt
524,061 10,479 758,376 10,703 776,438
23,817
659
49,256
439
36,651
1,536
429
30,549
340
24,958
430
0
0
0
0
0
6
646
5
640
22,711
224
18,062
94
11,053
546,771 10,703 776,438 10,797 787,491
4.3%
2.1%
2.4%
0.9%
1.4%
2015
No.
5,111
211
92
0
4
115
5,226
2.3%
2016 to date
000 Teu
No.
18,259 5,226
1,678
95
193
126
0.0
0
4
3
1,481
-34
19,740 5,192
8.1%
-0.7%
000 Teu
19,740
681
422
0
3
256
19,996
1.3%
Tankers and bulkcarriers over 10,000 dwt only are included in the analysis in this table. Great Lakes Only vessels are excluded.
Deliveries to the World Fleet

Type
Date
Vessel Name
Flag
Year
Dwt
Owner
Shipyard & Yard No.
Built
Bulk
Open Hatch
Crew/Fast Supply
AHTS
Crew/Fast Supply
Accom. Unit
Chem & Oil
Chem & Oil
Bulk
Tanker
Chem & Oil
AHTS
AHTS
GCargo
Bulk
Bulk
Chem & Oil
Bulk
Bulk
Container
Products
L.P.G.
Tanker
Bulk
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Berge Shari
Zhong Yang Men
Rashied Behbudov
QMS Poseidon
Famar Intervention
Reforma Pemex
Mahatsangy
Fairchem Victory
Navios Coral
Cherokee
Hafnia Lise
Hai Yang Shi You 678
Hai Yang Shi You 677
Keum Yang 2
Great Comfort
BW Durum
Stena Immortal
Pacific Seagull
MG Mercury
MSC Mirja
Pacific A. Dorodchi
BTC Balyena
Eco Queen
African Heron
Regional
Bunker Prices
Rotterdam
Hamburg
Genoa
Gibraltar
Philadelphia
Houston
Cristobal
Los Angeles
Japan
Singapore
Fujairah
Activity
2016
2016
2016
2016
2016
2016
2016
2016
2016
2016
2016
2016
2016
2016
2016
2016
2016
2016
2016
2016
2016
2016
2016
2016
Price
34,534
55,444
189
2,300
350
4,835
6,913
21,000
84,904
158,480
49,999
2,300
2,300
3,567
63,498
61,491
49,750
63,463
84,790
200,148
109,999
3,717
299,985
34,387
Berge Bulk Ltd.

NASCO
Caspian Marine Svcs
Quality Marine (QMS)
Damen Marine Service
Pemex
SOCATRA
Meiho Kaiun
Higaki Sangyo Kaisha
Nereus Shipping
Hafnia Tankers
COSL
COSL
Keum Yang Shipping C
Sinotrans Shpg. Ltd.
BW Dry Cargo
Stena Bulk
Keiyo Kisen KK
Chiba Shipping Co.
Minsheng Financial
Sinokor Merchant
SMC Shipping
Awilco AS
MUR Shipping BV
Average MGO Price, $/tonne

2014
2015
2016
818
875
903
890
977
935
988
926
858
961
481
512
549
534
558
546
581
566
499
693
363
382
425
407
398
407
427
452
378
478
Capital Market
Shipping IPOs
Shipping Follow Ons
Shipping Bonds
Total Shipping
Total Offshore^
Total Shipyard^
PA.
PA.
JM.
SV.
SV.
MA.
LU.
PA.
PA.
GR.
MA.
PRC
PRC
KO.
H.K.
I.M.
BR.
PA.
PA.
LI.
M.I.
PAL
NIS
BS.
Hakodate Dock
Taizhou Kouan SB
Austal Phils Ltd
0
0
$m
Guangzhou Hangtong HT132209 0
Damen Gorinchem
547252
0
Astillero Barreras
C1700
0
Dearsan Shipyd.
2060
0
Asakawa Shipbuilding
616
0
Imabari SB Marugame 1650
0
Hyundai Samho HI S796
0
CSSC Offshore Marine 13130064 0
Wuchang SB Group
0
Wuchang SB Group
0
Jiangsu Hongqiang HI HQ166
0
Chengxi Shipyard
CX0660
Dalian COSCO KHI DE031
0
CSSC Offshore Marine 12130008 $m
Iwagi Zosen
388
0
Imabari SB Marugame 1697
0
Daewoo (DSME)
4299
0
Daehan Shipbuilding 5007
0
Kegoya Dock
1171
0
Daewoo (DSME)
5417
0
Namura Shipbuilding 425
0
Average 380 cst Price, $/tonne
Sep 16 Sep 23
394
416
461
443
423
449
460
491
406
503
Contracted
404
431
469
451
433
455
475
498
415
510
2014
2015
2016
533
543
561
557
577
547
561
570
607
561
563
265
273
289
286
303
272
286
289
340
293
293
192
203
210
207
215
187
202
208
240
211
211
Number
Sep 16 Sep 23
235
260
256
248
260
230
246
255
286
250
253
248
261
261
254
264
248
258
265
288
263
269
874
TK1101
392
34.00
38.00
Prices This
Week (380 cst)
UP...
UP...
UP...
UP...
UP...
UP...
UP...
UP...
UP...
UP...
UP...
5.5%
0.4%
2.0%
2.4%
1.5%
7.6%
4.9%
3.9%
0.9%
5.2%
6.3%
Trends
$ Million
2012
2013
2014
2015
2016
2012
2013
2014
2015
2016
This Year
5
19
68
92
77
32
15
60
59
134
99
14
15
58
53
126
76
27
10
40
33
83
40
14
1
18
18
37
13
7
614
3,751
13,321
17,687
20,092
11,231
2,969
6,168
11,118
20,255
19,740
2,140
1,637
8,466
9,483
19,587
15,279
6,751
828
4,849
7,398
13,074
19,764
1,820
7
1,598
4,790
6,395
2,858
4,147
DOWN...
DOWN...
DOWN...
DOWN...
DOWN...
UP...
-99%
-56%
-14%
-35%
-81%
204%
Data includes companies whose core activity is owning merchant vessels, offshore units, or shipbuilding. ^Totals for Offshore and Shipyard activity include IPOs, follow ons,
and bonds. Trends this year based on annualised figures for this year against last year. For further information see Shipping Intelligence Network and Capital Market Monthly.
Clarksons Research
iii
23-Sep-16
(No. Vessels , 000dwt/teu)

Fleet 1st January
Deliveries
Changes:
Sold For Scrap
Misc. Additions
Misc.Removals/Losses
Net Change During Year
Fleet End Yr/ Yr to Date
% Change Since Start Year
Bulk Carrier Fleet
Timecharter Fixture Record

Latest Tanker Timecharter Fixtures...
Reported
Charterer
Vessel Name
D/
Year
Dwt
Ice LR
Ext.
Period
equiv.
Rate
$ per Day
Delivery
Date
Place
20-Sep
CNR
Trex ex Navig8 Spirit
2008
48,754
12 Mths
Low $13,000s
Oct 16
Gibraltar
20-Sep
Petrobras
Olympic Leopard
2010
319,869
1 Yr
$30,250
Oct 16
East
20-Sep
Petrobras
Olympic Lion
2010
319,869
1 Yr
$30,250
Oct 16
East
19-Sep
Solal
Leyla K
2010
115,570
6 Mths
$16,250
Sep 16
West Coast India
12-Sep
PBF
Emerald Spirit
2009
109,060
12-18 Mths
$17,500
Sep 16
US Gulf
08-Sep
Phillips 66
Houston Star
2007
116,093
2 Yrs
RNR
Sep 16
08-Sep
Penfield
Galway Spirit
2007
105,559
18 Mths
$17,000
Sep 16
01-Sep
Handytankers
Chem Helen Or Chem Nicholas
2007
38,396
1 Yr
$12,000 + pshare Sep 16
C. Mediterranean
01-Sep
Navig8
Bareilly
2005
106,053
1 Yr
$15,500
Aug 16
D/C
24-Aug
Norden
Sky
2007
37,879
1A
3-4 Mths
RNR
Sep 16
Mediterranean
24-Aug
Norden
Style
2008
37,900
1A
3-4 Mths
RNR
Sep 16
E. Mediterranean
18-Aug
Scorpio
Jag Pooja Ex Challenge Prospect
2005
48,710
1 Yr
$14,500
Aug 16
WCI
17-Aug
Parakou
Korea Line TBN
2017
50,000
7 Yrs
$14,950
Apr 17
Ex Yard
17-Aug
Parakou
Korea Line TBN
2017
50,000
7 Yrs
$14,950
Jun 17
Ex Yard
12-Aug
Laurin
Nord Valiant
2016
49,973
2 Yrs
$15,100
Aug 16
Cont.
26-Jul
Tullow Oil
Kokkari
2008
298,500
7-9 Mths
$28,000
Aug 16
West Africa
25-Jul
Total
Hellas Aphrodite
2016
49,999
22 Mths
$14,500
Sep 16
Ex Yard
25-Jul
Total
Hellas TBN
2017
50,000
2 Yrs
$14,000 + pshare May 17
Ex Yard
25-Jul
Total
Hellas TBN
2017
50,000
2 Yrs
$14,000 + pshare Jul 17
Ex Hyundai Mipo
22-Jul
Champion Tankers
Lone Star ex Navig8 Stealth
2002
47,465
12 Mths
$13,500
Aug 16
Arg
18-Jul
MTMM
Alpine Stealth
2002
47,465
1 Yr
$13,500
Aug 16
USAC
08-Jul
ST Shipping
Alia
2003
35,669
06-Jul
Frontline
Miss Benedetta
2012
50,400
04-Jul
Shell
Lyric Magnolia
2016
115,000
01-Jul
Reliance
Hafnia Adamello
2004
39,997
28-Jun
Scorpio
Zefyros
2011
50,122
27-Jun
Stena
Densa Whale
2012
27-Jun
Stena
Densa Orca
2012
Ext.
UKC
3 Mths
$12,000
Jul 16
C. Med
Ext.
6 Mths
$14,750
Jul 16
D/C
60-180 Days
$18,000
Jul 16
Ex Yard
Ext.
1 Yr
$15,650
Jul 16
D/C
1 Yr
$14,500
Jul 16
158,322
Ext.
1 Yr
$23,000 + pshare Jul 16
D/C
158,322
Ext.
1 Yr
$23,000 + pshare Jul 16
D/C
West
Latest Dry Bulk Timecharter Fixtures...

Reported
Charterer
Vessel Name
Year
Dwt
Cbm
Gear
Period
Built
Rate
$ per Day
4C x 36T
2-4 Months
$6,000
Delivery
Date
Place
22-Sep
Oldendorff
Arkas
2012
58,471
75,530
Prompt
Fujairah
22-Sep
Oldendorff
Corinthian Phoenix
2009
179,223
200,170
12 Months
22-Sep
Pan Ocean
Cepheus
2012
56,539
71,500
4C x 36T
5-7 Months
$9,250
15Oct-30Oct
China
$6,750
30Sep
21-Sep
WBC
All Star Atlas
2014
63,500
77,492
4C x 36T
4-6 Months
$7,350
Vietnam
30Sep
Koh Sichang
20-Sep
Pacific Bulk
Pacific Success
16-Sep
Jiangsu Steamship Anangel Argonaut
15-Sep
Classic Maritime
Aquabreeze
2003
171,009
190,153
12-15 Months
$9,000
16Sep-17Sep
Zhuhai
15-Sep
DHL
Cavaliere Grazia Bottiglieri
2010
178,132
194,179
4-7 Months
$9,000
18Sep-20Sep
Xiamen
12-Sep
Korea Line
Star Angie
2007
177,932
194,179
10-12 Months
$8,500
11Sep-13Sep
Bayuquan
09-Sep
CNR
Greek Seas
2015
82,043
97,250
5-8 Months
$6,750
10Sep-15Sep
Phu My
09-Sep
Phaethon
Red Sage
2015
182,443
192,235
5-8 Months
$10,500
10Sep
Yantai
2011
180,407
201,953
5-8 Months
$10,000
19Sep
Bayuquan
2009
177,835
194,179
4-8 Months
$10,500
Prompt
Shanghai
08-Sep
Cargill
Trade Will
2012
81,712
97,115
10-14 Mths/10-14 Mths
$6,500/$7,500
25Sep-30Sep
Taichung
08-Sep
Cargill
Trade Resource
2016
82,031
97,529
1 Years/1 Year $7,000/$8,000
15Sep-20Sep
Lanshan
08-Sep
Cobelfret
Anthemis
2011
93,216
110,330
5-7 Months
$7,000
22Sep-23Sep
Singapore
07-Sep
MOL
Bravery
2004
76,606
90,740
4-7 Months
$5,850
Prompt
Chiwan
07-Sep
WBC
Spar Vega
2011
57,981
71,549
4C x 30T
4-6 Months
$7,650
Prompt
Hon Gai
07-Sep
Seatrek
Dalmatia G
2010
57,673
71,850
4C x 36T
3-5 Months
$7,000
Prompt
CJK
05-Sep
Priminds
Athanasia C
2012
80,988
97,091
4-7 Months
$6,500
02Sep-05Sep
Nagoya
01-Sep
CNR
Vivian
2002
75,735
87,693
4-7 Months
$6,000
07Sep-11Sep
Paradip
01-Sep
CNR
Pedhoulas Leader
2007
82,050
97,233
4-7 Months
$6,500
Prompt
Zhanjiang
01-Sep
CNR
Tiger Zhejiang
2015
63,488
78,500
6-8 Months
$7,650
30Sep
N China
31-Aug
ADMI
Ecoan G. O.
2008
75,131
89,939
5-10 Months
$5,500
01Sep-05Sep
Se Asia
31-Aug
Trafigura
Genco Bourgogne
2010
57,981
71,549
4-6 Months
$7,250
30Aug-31Aug
Shanwei
30-Aug
Oldendorff
Deneb
2000
74,078
89,158
4-7 Months
$5,000
06Sep-09Sep
Rizhao
30-Aug
Ultrabulk
Jupiter
2006
77,171
90,150
8-11 Months
$6,250
Prompt
Busan
30-Aug
Oldendorff
Simon LD
2014
179,816
203,687
12-16 Months
$9,000
31Aug
Qingdao
30-Aug
Phaethon
Spring Cosmos
2014
63,273
78,703
5-8 Months
$8,000
Prompt
CJK
Clarksons Research
iv
4C x 30T
4C x 30T
4C x 36T
23-Sep-16
C Built
The Timecharter Market

Tanker Timecharter Market
VLCC (Modern)
23
34,949
27,510
21,804
18,663
15,644
14,692
27,000
22,875
17,750
15,625
14,125
13,250
27,481 32,154 40,933 33,429

16,856 20,317 23,173 20,205
15,567 16,063 16,091 15,295
27,000
17,750
14,125
Total Fixtures
To Date
120
1 Year t/c
20
100
16
80
12
60
40
20
0
Aug-16
42,707
33,038
24,587
20,510
16,409
15,250
140
Spot $/day
24
Jun-16
30,183
24,413
19,029
16,466
15,399
14,678
$,000/day
Apr-16
23,404
18,096
15,048
15,514
15,063
13,707
28
Feb-16
26,500
21,250
16,000
15,000
13,000
12,000
Dec-15
39,051
29,135
23,042
19,683
16,077
14,779
Oct-15
48,433
35,875
26,712
23,567
17,769
15,880
Aug-15
28,115
22,712
17,538
15,880
14,630
13,774
Jun-15
19,837
16,014
13,288
14,981
14,351
13,063
No. fixtures
Apr-15
2016
Feb-15
2015
Dec-14
2014
T/C Activity
...over 1 year
2012
2013
2014
2015
2016
VLCC
200,000 +
Suezmax
120-200,000
Aframax
80-120,000
Panamax
60-80,000
Handy
10-60,000
Total No. Fixtures
26
20
21
21
108
196
12
14
42
27
139
234
30
25
61
28
101
245
71
36
63
31
100
301
17
7
28
20
72
144
Total in m. dwt
19.9
18.9
26.5
41.2
14.2
Tanker timecharter activity this week

This week, Brazilian state oil company Petrobras
chartered two 2010-built VLCCs, OLYMPIC LION and
OLYMPIC LEOPARD, for one year at a rate of
$30,250/day each. Meanwhile, Solal fixed the 2010built 115,570 dwt LEYLA K for six months at
$16,250/day.
Sep
T/C Activity & The Freight Market
Estimated owners' rates prior to start 2016. Modern=no more than 10 years old.
Bulk Carrier Timecharter Market
17,303 21,038 13,270 10,269

10,870 13,935 9,519
7,804
10,928 11,428 8,207
7,115
9,385
9,519
7,293
6,282
10,875
7,825
7,000
6,000
Total Fixtures
To Date
2012
2013
2014
2015
2016
Capesize
100,000 +
Panamax
65-100,000
Handymax
40-65,000
Handysize
10-40,000
Total No. Fixtures
20
55
18
3
96
33
78
11
1
123
61
70
9
3
143
36
45
4
0
85
25
31
8
0
64
Total in m. dwt
8.9
12.7
16.8
10.3
7.4
Tanker and bulk carrier T/C activity size ranges reflect existing Clarksons Research ship type
definitions. Modern is taken to mean no more than 10 years old. A wider selection of
bulkcarrier T/C rates are available on Shipping Intelligence Network at www.clarksons.net.
Clarksons Research
Page 9
10
25
20
15
10
0
Aug-16
10,750
7,225
6,250
5,500
1 Year t/c
Spot $/day
Jun-16
9,306
6,562
6,256
5,506
$,000/day 30
Apr-16
16,413 20,889 12,104

10,125 13,050 8,373
10,284 11,385 7,966
8,726
9,346
7,077
12
Feb-16
8,750
6,675
7,000
5,250
Dec-15
7,584
5,649
5,676
4,923
No. fixtures
Oct-15
15,760 21,751 11,175

10,099 12,035 7,492
10,034 11,385 7,620
8,106
9,012
6,692
Capesize timecharter rates based on a 180,000 dwt vessel from start 2015 and 172,000 dwt
vessel previously.
T/C Activity
...over 1 year
Capesize (Modern)
23
Aug-15
2016
Jun-15
2015
Apr-15
2014
Feb-15
2013
One Year Timecharter

Capesize
Modern
Panamax
Modern
Supramax
Modern
Handysize
Modern
Three Year Timecharter
Capesize
Modern
Panamax
Modern
Supramax
Modern
Handysize
Modern
Five Year Timecharter
Capesize
Modern
Panamax
Modern
Supramax
Modern
Handysize
Modern
Dec-14
(Average Pac/Atl Delivery)
Oct-14
Average Rate $/day To Date
Aug-14
Timecharter Rates
Bulk carrier timecharter activity this week

This week the 2009-built Capesize CORINTHIAN
PHOENIX was chartered by Oldendorff for 12 months
at a rate of $9,250/day. Meanwhile, short term activity
included the 2012-built Supramax CEPHEUS, which
was chartered by Pan Ocean for 5-7 months, at a rate
of $6,750/day.
23-Sep-16
2013
One Year Timecharter
310,000 Dwt
Modern
150,000 Dwt
Modern
110,000 Dwt
Modern
74,000 Dwt
Modern
47-48,000 Dwt Modern
37,000 Dwt
Modern
Three Year Timecharter
310,000 Dwt
Modern
150,000 Dwt
Modern
110,000 Dwt
Modern
74,000 Dwt
Modern
37,000 Dwt
Modern
Five Year Timecharter
310,000 Dwt
Modern
110,000 Dwt
Modern
T/C Activity & The Freight Market
Sep
Oct-14
Average Rate $/day To Date
Aug-14
Timecharter Rates
The Shipbuilding Market

What's Been Ordered...
Type
Hvy Dk Cargo
Hvy Dk Cargo
Chem & Oil
Cruise
Pass/Car F.
Container
Container
Container
Cruise
Cruise
Chem & Oil
Chem & Oil
Products
Products
Products
Products
Cruise
Cruise
Bulk
Bulk
Ro-Ro/Cnt
Ro-Ro/Cnt
Tanker
Date
Sep-16
Sep-16
Sep-16
Sep-16
Sep-16
Sep-16
Sep-16
Sep-16
Sep-16
Sep-16
Sep-16
Sep-16
Aug-16
Aug-16
Aug-16
Aug-16
Aug-16
Aug-16
Aug-16
Aug-16
Aug-16
Aug-16
Aug-16
Dwt/Unit
15,000
15,000
3,500
600
5,600
22,000
22,000
22,000
4,155
210
600
1,900
1,900
1,900
2,500
2,500
28,000
28,000
4,500
4,500
6,000
6,000
240
240
63,000
63,000
50,000
50,000
320,000
Delivery
June 2018
June 2018
Mar 2018
Oct 2017
Jun 2017
Dec 2017
Jan 2018
Feb 2018
2021
2023
2018
2018
Jan 2018
2018
2017
2017
Apr 2019
Oct 2019
2019
2019
Jun 2019
Jun 2020
2018
Builder
Price
VARD Braila
VARD Vung Tau
Dae Sun Shipbuilding
ASENAV
MHI Shimonoseki
Jiangsu New YZJ
Jiangsu New YZJ
Jiangsu New YZJ
Meyer Werft
Meyer Werft
Wuhu Shipyard
Wuhu Shipyard
Kangnam Corporation
Kangnam Corporation
Zhejiang Shenzhou
Zhejiang Shenzhou
VARD Tulcea
VARD Tulcea
Gen. Dynamics NASSCO
Gen. Dynamics NASSCO
JMU Ariake Shipyard
$m
$m
20.00
20.00
$m
$m
$m
$m
24.00
24.00
255.50
255.50
Owner/Manager*
Topaz Energy
Topaz Energy
Hana Marine
Nisa Navegacion S.A.
Shin Nihonkai Ferry
Jiangsu Ocean Shpg.
Jiangsu Ocean Shpg.
Jiangsu Ocean Shpg.
Disney Cruise Lines
Disney Cruise Lines
Unknown Chinese
Unknown Chinese
Doora Logistics Co.
Doora Logistics Co.
Sinanju Tankers Pte.
Sinanju Tankers Pte.
Hapag-Lloyd Cruises
Hapag-Lloyd Cruises
Wisdom Marine Group
Wisdom Marine Group
Matson Inc
Matson Inc
JX Ocean
S=Status, where: 5=confirmed order, 16=unconfirmed order, 17=option. Other units are: teu for containerships, cbm for gas vessels, numbers of cars, passengers or berths.
* The Primary Reference Company, as used in the Clarkson Fleet Database i.e. the company with the main commercial responsibility for the ship.
Shipbuilding News
Three Month
WEAKER... -4.6%
WEAKER!! -6.3%
WEAKER!! -6.9%
WEAKER... -1.5%
180,000 dwt
81,000 dwt
62,000 dwt
35,000 dwt
53.5
29.5
26.5
22.3
54.0
30.0
27.0
23.0
46.0
26.5
24.3
20.5
42.0
24.5
22.3
19.5
WEAKER...
WEAKER...
WEAKER...
WEAKER...
-4.0%
-2.7%
-2.9%
-1.7%
82,000m
174,000m
74.5
79.0
205.0
77.0
204.0
72.5 WEAKER...
198.0 WEAKER...
-2.2%
-0.7%
13,000 teu
2,750 teu
Pure Car Carrier 6,000 ceu
Clarkson Index
113.5
31.5
66.5
133
116.0
32.5
64.0
138
116.0
29.5
59.5
131
109.0
28.0
59.0
125
-3.3%
-2.9%
-1.1%
-2.4%
Newbuilding
Activity ....
Oil Tankers
Chemical & Spec. Tankers
LPG Carriers
LNG Carriers
Bulk Carriers
Containerships
General Cargo Vessels
Ro-Ro Vessels
Refrigerated Vessels
Offshore Vessels
FPSO/FSU
Passenger & Cruise Ships
Other Misc. Vessels
TOTAL CONTRACTING
Vessels Contracted
WEAKER...
WEAKER...
WEAKER...
WEAKER....
Newbuilding Price Index
Year-on-Year
2013
2014
2015
2016
394
134
121
45
1246
288
91
56
2
571
5
69
34
3,056
221
161
111
69
780
160
94
35
11
477
7
59
32
2,217
413
116
73
34
354
242
112
53
6
143
4
40
27
1,617
50
24
5
4
37
61
16
18
1
33
51
8
308
Trend ...
WEAK.
WEAK.
WEAK.
WEAK.
WEAK.
WEAK.
WEAK.
WEAK.
WEAK.
WEAK.
WEAK.
FIRMER...
WEAK.
WEAK.
-83%
-72%
-91%
-84%
-86%
-66%
-80%
-54%
-77%
-68%
-100%
74%
-59%
-74%
Index, Jan'88 = 100

200
190
180
170
160
150
140
130
Ten year trend in

newbuilding
prices
120
110
100
Aug-16
85.0
55.0
45.0
33.0
Aug-15
93.5
63.0
52.0
35.5
Aug-14
97.0
65.0
54.0
36.8
Aug-13
94.0
59.5
52.3
34.8
Aug-12
320,000 dwt
157,000 dwt
115,000 dwt
51,000 dwt
Tankers
VLCC
Suezmax
Aframax
'MR' Tanker
Bulk Carriers
Capesize
Panamax
Handymax
Handysize
Gas Vessels
LPG
LNG
Dry Cargo
Container
Container
There is a single newbuilding order to report in

the tanker market this week, with Dae Sun receiving
a contract for one firm 3,500 dwt stainless steel
chemical tanker from Hana Marine Co. in Korea. This
vessel is scheduled to be delivered in the first quarter
of 2018 and will be the second tanker unit in the
series.
In other sectors, German builder Meyer Werft has
now confirmed the order for two firm 135,000 GT
cruise ships placed by Disney Cruise Lines. The
vessels are reported to have 2,500 passenger berths
and will be Bahamas flagged. The pair are due to be
delivered in 2021 and 2023 from the Papenburg
yard.
Meanwhile, Topaz Energy have added an order at
VARD by contracting two firm 15,000 dwt module
carriers, both of which are scheduled for delivery in
the second quarter of 2018. The vessels will be
delivered from VARDs facilities in Braila and Vung
Tau, and will be the 16th and 17th units in the series.
Aug-11
Sep
Aug-10
2015
Aug-09
2014
Aug-08
Trend ...
2013
Aug-07
Prices ....
Year End, $m.
Aug-06
Newbuilding
Newbuilding prices vary as to country of build, delivery and ship specification. Prices here are end year/latest and from Jun-08 assume a "European spec", 20/20/20/20/20% payments and "first class competitive
yards" quotations, and relate to market contracts where these have taken place and to brokers' best estimates when no contracts have occurred. 3-month trend basis last 3 vs previous 3 months.
Clarksons Research
Page 10
23-Sep-16
S
5
5
5
5
5
5
5
5
5
5
5
17
5
17
5
5
5
5
5
5
5
5
5
The Demolition Market

What's Been Scrapped...
Date
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Scrap
Prices...
Vessel Name
Flag
M.I.
IT.
GR.
SG.
SG.
PA.
PA.
MA.
MO.
SV.
PA.
PA.
PA.
PA.
PA.
LI.
TV.
MA.
KO.
BR.
BS.
SG.
PRC
Box Emma
Primrose
JPS Debussy
APL Turquoise
APL Tourmaline
The Responder
The Odyssey
HS Mozart
Aquamarine
Fiskela
Green Arrow
Splendour
Aog Explorer
Mekong
The Forgiver
Viktoria Wulff
Deep True
Mitrope
C. Young
Putford Apollo
Belgian Reefer
Medea
Jing Po He
Year End ($/ldt)

2013
2014
2015
Blt
2004
2001
2001
1996
1996
1983
1975
2002
1979
1982
1985
1984
1991
1997
1994
2006
1985
1999
1988
1975
1983
1982
1997
Latest
Tankers
435
450
290
270
-7%
425
420
282
295
5%
Note: The scrap prices ($/ldt) are based on Indian prices for VLCC tankers and a
Handy dry bulk carrier of around 8,000 ldt.
Activity...
Year (m dwt)
This Year
%
2013
2014
2015
2016
China
11.1
8.4
6.6
3.4
-31%
India
11.8
8.7
7.8
9.3
60%
Bangladesh
12.0
6.9
13.5
11.3
11%
Pakistan
9.3
6.9
8.2
7.1
16%
Other
2.8
2.7
2.8
3.9
85%
TOTAL
47.0
33.6
38.8
35.0
20%
Size &
Type...
Year (m dwt)
2013
2014
2015
5.0
2.4
0.5
This Year
2016
-100%
Suezmax
1.0
1.1
0.1
#####
Aframax
2.7
2.4
0.3
0.5
137%
Handy
2.3
1.8
1.5
0.9
-21%
< 10,000 dwt
0.1
0.1
0.0
0.0
-10%
Total Tankers
11.0
7.8
2.4
1.6
-13%
Capesize
7.9
4.2
15.4
12.0
3%
Panamax
5.0
4.8
6.8
7.0
39%
Bulkcarriers
Handymax
3.5
3.1
3.1
3.1
32%
Handysize
6.7
4.2
5.2
2.8
-27%
Total Bulkers
23.1
6.3
16.3
5.3
30.5
2.8
25.0
5.7
9%
172%
Containerships
6,045
5,192
2,909
9,686
11,961
21,191
5,666
6,575
Gas Vessels
0.4
0.3
0.3
0.3
52%
Other Dry
6.2
3.8
2.9
2.5
17%
TOTAL
47.0
33.6
38.8
35.0
20%
Owner
Box Ships Inc.
Gorgonia di Nav.
Samartzis Maritime
APL
APL
Integrated Marine Se
Dulam
Hansa Shipping
Interrybflot
Thalatta Shipping
Strand Shipmgt. SA
Saanguine Shpg
AOG Group
SSG Capital
SNP Shipping Service
Hermann Wulff
Stiga Shipping
Polish Steamship Co.
Hanaro Shipping
Seacor Intl (UK)
Chartworld Shpg.
Wallenius Lines AB
Shanghai Pan Asia
Buyer
Indian Sub cont
As is Shanghai
As is Labuan
As is S'pore
As is S'pore
India
India
As is Hong Kong
Turkey
Pakistan
As is Eleusis
Bangladesh
Turkey
Private terms
Pakistan
As is Shanghai
India
As is Colombo
Old sale
Denmark
India
China P.R.
China P.R.
$/ldt
$ m.
280.0
270.0
317.0
270.0
270.0
5.65
3.18
8.35
5.85
5.85
310.0
5.94
273.0
1.42
304.5
303.0
268.0
3.64
6.42
1.52
Scrapping Price Trends

550
US$ per ldt
500
Tankers - India
Handy Bulk - India
Tankers - Bangladesh
450
400
350
300
250
200
Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
'14 '14 '15 '15 '15 '15 '15 '15 '16 '16 '16 '16 '16
Demolition Market News
Tankers
VLCC
Ldt
20,180
11,789
26,353
21,672
21,672
1,174
1,637
19,171
This Year
Dry Cargo
Buyer
Dwt
68,120
74,716
80,251
59,780
59,780
1,262
1,036
58,486
3,062
11,243
24,784
23,593
9,256
69,186
70,003
58,241
26,541
15,866
69,347
965
14,786
28,566
44,911
It is amazing what a number does. The $300/ldt figure was

breached last week and, as anticipated, it has attracted
substantial interest from owners who had been keeping a close
eye on scrap prices. On the back of this, several more units
have been circulated to the recycling market, particularly in the
containership sector. This is expected to continue with owners
finding it near impossible even to fix vessels for OPEX, which
is highlighted by the younger and younger units that are
starting to enter the market.
The many units entering recycling yards in such a short
space of time, especially in the containership sector, appear to
have spooked the local vessel recyclers, which saw some
caution re-entering the demolition market at the end of the
week. The question is whether owners may have missed the
chance to sell tonnage during the recent spike in prices and it
remains to be seen whether these high scrap prices will be
upheld over this coming weekend. Current expectations
appear to indicate that next week could see a different
recycling market.
* The % change is based on annualised figures for this year against last year.
Clarksons Research
Page 11
23-Sep-16
Type
Container
Bulk
Container
Container
Container
Maintenance
AHTS
Container
Reefer
MPP
Bulk
Bulk
Products
Bulk
Bulk
Container
Bulk
M. Sulphur
Bulk
ERRV
Reefer
PCC
Container
Economic Indicators
GDP Growth & Forecasts*
Germany Euro Area
0.4%
-0.3%
1.6%
0.9%
1.5%
1.7%
1.3%
1.6%
1.6%
1.7%
1.7%
1.6%
1.6%
1.6%
1.2%
1.4%
World
3.3%
3.4%
3.1%
0.0%
0.0%
0.0%
3.1%
3.4%
Industrial Production*: OECD

Europe
-0.8%
0.5%
1.0%
0.6%
0.0%
0.0%
OECD
0.4%
2.0%
0.8%
-0.2%
0.0%
0.0%
Industrial Production*: Asia
25
-10
Atlantic
-15
Pacific
-20
Currency Trends Spot ~ & Forward# ...
Australia
1.13
1.11
1.33
1.35
1.33
1.31
1.31
Jan '16
Jan '15
Jan '14
Jan '13
$/Yen
$/Euro
120
110
100
90
80
70
Sep '16
India
62.07
61.04
64.10
67.18
67.22
66.91
66.72
$/Sterling
130
Aug '16
23-Sep
140
Jun '16
#Forward Rates as of:
Index Jan'00=100
May '16
China
6.07
6.16
6.28
6.58
6.67
6.64
6.67
SDR
1.54
1.49
1.40
1.41
1.39
1.40
1.40
Jan '12
Exchange Rate Trends
Norway
6.15
6.30
8.05
8.28
8.45
8.26
8.10
Apr '16
H.Kong Singapore
7.76
1.27
7.75
1.27
7.75
1.37
7.76
1.36
7.76
1.35
7.76
1.35
7.76
1.35
Switz.
0.90
0.91
0.96
0.97
0.98
0.97
0.97
Feb '16
R.o K.
1,059.3
1,052.3
1,131.7
1,166.1
1,140.8
1,109.2
1,103.3
Japan
104.70
105.77
121.07
106.17
103.98
100.78
100.80
100.56
100.81
Dec '14
end:
2013
2014
2015
Jun
Jul
Aug
23-Sep
U.K.
1.64
1.65
1.53
1.44
1.32
1.31
1.31
1.30
1.31
Nov '14
Euro
1.37
1.33
1.11
1.12
1.11
1.12
1.12
1.12
1.14
Oct '14
end:
2013
2014
2015
Jun
Jul
Aug
23-Sep
3mo.#
12mo.#
Jan '11
-25
Jan '10
Brazil
1.2%
-3.1%
-8.5%
-5.9%
-6.6%
0.0%
Jan '16
Chile
3.1%
0.1%
-0.7%
-3.8%
-1.8%
0.0%
Jan '09
Poland
2.3%
3.5%
4.8%
6.0%
-3.4%
7.4%
Nov '15
Hungary
1.8%
7.1%
7.0%
-0.2%
0.0%
0.0%
0
-5
Oct '15
Czech.
0.6%
5.1%
4.2%
3.8%
-14.0%
0.0%
Jul '15
Russia
-0.2%
1.7%
-3.2%
1.8%
-0.3%
0.7%
10
Sep '15
avg:
2013
2014
2015
Jun '16
Jul '16
Aug '16
15
Jan '08
Ind. Production*: E.Europe & S. America
20
Jan '07
India
0.4%
1.2%
3.3%
2.1%
-2.4%
0.0%
Jan '06
Thailand Malaysia
-3.1%
2.7%
-4.6%
5.1%
-3.4%
4.6%
0.8%
5.2%
-5.1%
4.1%
0.0%
0.0%
Jan '05
Taiwan
0.9%
6.2%
-1.4%
0.9%
-0.4%
0.0%
Jun '15
China
9.7%
8.3%
6.1%
6.2%
6.0%
6.3%
May '15
R.o K.
-0.2%
0.0%
-0.7%
0.8%
1.6%
0.0%
30
Jan '04
avg:
2013
2014
2015
Jun '16
Jul '16
Aug '16
Industrial Production
% change
Mar '15
Japan
-0.7%
2.1%
-0.9%
-1.5%
-4.2%
0.0%
Jan '03
USA
2.6%
4.1%
1.2%
-0.7%
-0.5%
-1.1%
Feb '15
U.K.
-0.1%
1.9%
1.1%
1.6%
2.1%
0.0%
Jan '02
avg:
Germany
0.2%
2013
1.2%
2014
0.5%
2015
0.5%
Jun '16
-1.2%
Jul '16
0.0%
Aug '16
This week, the Bank of Japan (BoJ) announced that it

had changed its economic stimulus package. The BoJ kept
interest rates steady at -0.1%, but ended its policy of
quantative easing, instead focussing on reducing the yield
of 10-year government bonds to around zero. The BoJs
recent policies, aimed at boosting consumer spending and
inflation to above 2%, have had limited success. It is also
generally expected that the recent changes in policy will
have a muted effect on the Japanese economy.
The Bank for International Settlements (BIS), of which

60 central banks are members, announced this week that
the ratio of Chinas household debt to GDP stood at 30.1%
at the end of March, up from 25.4% at the start of 2016.
However, when including government debt the ratio is
lower than many other economies. A ratio of over 10% is
seen as an indicator of financial insecurity.
Jan '01
USA
1.5%
2.4%
2.4%
2.0%
2.1%
1.2%
2.2%
2.5%
Jan '00
Japan
1.4%
0.0%
0.5%
0.7%
0.1%
0.8%
0.3%
0.1%
*% change year-on-year. Source: IMF, OECD, The Economist. ~Currency units per US$ except , Euro and SDR.
Interest Rate Trends ...
Inflation & Prices
Prime Lending Rates:

avg:
2013
2014
2015
Jun
Jul
Aug
23-Sep
Euro
U.K.
China
Japan
U.S.A.
0.54%
0.16%
0.05%
0.00%
0.00%
0.00%
0.00%
1.50%
1.50%
1.50%
1.50%
1.50%
1.25%
1.25%
6.00%
5.95%
4.98%
4.35%
4.35%
4.35%
4.35%
1.48%
1.48%
1.48%
1.48%
1.48%
1.48%
1.48%
3.25%
3.25%
3.25%
3.50%
3.50%
3.50%
3.50%
Clarksons Research
Prices in $/bbl or $/t
Consumer Prices
$ Libor
6 mths.
0.41%
0.33%
0.48%
0.95%
0.98%
1.21%
1.26%
Page 12
avg:
2013
2014
2015
Jun
Jul
Aug
Latest
Eur
USA
Japan
OECD
1.9%
1.1%
0.6%
0.7%
0.9%
0.0%
0.0%
1.5%
1.6%
0.1%
1.0%
0.8%
1.1%
0.0%
0.4%
2.7%
0.8%
-0.4%
-0.4%
0.0%
0.0%
1.6%
1.7%
0.6%
0.9%
0.8%
0.0%
0.0%
Crude
Grain
Steel
Oil
Wheat
Ship Plate
Brent
USG
Japan
108.24
98.34
52.98
48.74
41.85
49.16
47.05
322
302
228
187
188
190
187
621
592
494
360
360
360
360
23-Sep-16
2013
2014
2015
4Q15
1Q16
2Q16
2016 (f)
2017 (f)
China
7.7%
7.3%
6.9%
6.8%
6.7%
6.7%
6.6%
6.2%
Ship Demand Trends
34
3.0
2.9
2.0
2.5
17.9
3.3
2.7
2.0
2.2
17.4
3.4
2.6
2.2
2.0
18.0
3.7
2.7
2.3
2.2
18.7
6%
2%
4%
11%
4%
5.1
5.8
5.1
36.9
4.5
5.5
5.6
36.3
4.2
5.9
6.1
37.4
4.5
5.7
6.9
38.7
7%
-3%
12%
4%
1.6
2.6
1.7
7.7
20.7
1.4
2.5
1.8
7.8
20.9
1.5
2.6
1.8
8.4
22.1
1.5
2.8
1.8
8.6
23.0
3%
6%
1%
3%
4%
VLCC Demand
AG Exports
to China
to Japan
to Korea
to USA/UKC
Total Gulf Crude Exports
Crude Oil Trade

Imports:
USA (seaborne)
EU-5
China
Total Seaborne Imports
Products Trade
Imports:
USA
EU-5
Latin America
Asia
80
32
70
60
31
50
30
40
29
30
20
28
10
27
0
Aug-16
0%
-4%
5%
-15%
-2%
-4%
Feb-16
95.5
12.1
31.7
4.5
7.6
2.9
May-16
95.9
12.6
30.3
5.3
7.8
3.0
90
Aug-15
Nov-15
93.2
11.7
29.2
5.2
7.6
3.0
Nov-12
Feb-13
91.2
10.1
28.5
5.3
7.5
3.5
VLCC Earnings
33
Aug-12
World
USA
Middle East
West Africa
South & Central America
North Africa
100
Major Oil Trades News:

This week, gasoline flows in the 1.3m bpd Colonialoperated Line 1 pipeline resumed following a leak of 68,000 bbls on 9th September. The closure of the pipeline
that connects the US East Coast with the US Gulf led to
gasoline prices rising in several US regions supplied by
the pipeline. Furthermore, gasoline stocks in the US Gulf
have risen sharply, topping 70m bbls by the 16th September. In the first half of 2016, US gasoline imports rose
by 7% y-o-y to stand at 0.6m bpd.
*2016 data are projections. Oil production data shows total supply including crude oil, lease condensates and NGLs; world supply includes refinery gains, other liquids.
Dry Bulk
2013
2014
2015
2016*
2016/15
Steel Production
China
Japan
EU-27
Total Steel Prod. (listed)
China
Japan
South Korea
Exports:
Australia
-1%
-2%
-6%
-2%
China
India
Japan
South Korea
Exports: **
Australia
Indonesia
Total Seaborne Coal Trade
794.9 913.8 939.7 993.8

135.9 136.4 131.0 129.7
63.4
73.5
73.3
70.7
1189.3 1339.3 1363.3 1400.9
570.0 717.0 766.9 806.7
264.9 239.0 163.6 171.2

175.3 216.0 214.2 202.8
186.1 183.2 184.8 184.6
118.0 122.7 126.1 120.8
344.9 375.1 378.2 385.0
415.5 408.2 365.7 340.1
1179.8 1214.0 1134.8 1111.2
World Seaborne
Crude Oil
Oil Products
Dry Bulk
Containers
Other
World Seaborne Trade
y-o-y growth
$,000/day
Steel Production Index
Capesize Earnings
60
50
350
40
325
30
6%
-1%
-4%
3%
5%
5%
-5%
0%
-4%
2%
-7%
-2%
*2016 data are projections. ** Steam coal, lignite & coking coal.
Trade
Index
300
Coal Trade
Imports: **
400
375
815.4 822.7 803.8 793.8

110.6 110.7 105.2 103.5
166.0 169.3 166.2 156.6
1091.9 1102.7 1075.2 1053.8
Iron Ore Trade

Imports:
Steel Production and Capesize Earnings
% Chg
million tonnes
2013
2014
2015
% Chg
2016*
1,837 1,806 1,862 1,929

957
964
1,023 1,063
4,584 4,821 4,818 4,857
1,545 1,640 1,687 1,759
1,363 1,408 1,446 1,490
10,286 10,639 10,836 11,099
3.4%
3.4%
1.9%
2.4%
2016/15
4%
4%
1%
4%
3%
2%
20
275
250
10
225
0
Aug-12
Nov-12
Feb-13
May-13
Aug-13
Nov-13
Feb-14
May-14
Aug-14
Nov-14
Feb-15
May-15
Aug-15
Nov-15
Feb-16
May-16
Aug-16
Demand ....
million tonnes
Major Bulk Trades News:

Chinese coal mining cuts and a 9% y-o-y rise in the
countrys coal fired power generation in May-July 2016
have contributed to a recent surge in coal prices. This
week, the benchmark Australian 6,300kcal FOB steam
coal spot price hit a two year high of $74/t, up 47% since
the start of the year. Reports indicate that emergency
meetings are taking place in Beijing this week, to discuss
measures to arrest the rapidly rising coal prices.
Steam coal stockpiles at key Indian power plants fell to
an 18 month low of 25mt this week. This was largely due
to easing domestic coal output and a rise in Indian power
generation in August. However, the latest reports have
also indicated a drop in Indian steam coal import
demand, partly due to the recent hike in coal prices.
Data based on latest available information at start Sep-16. For more detail see Seaborne Trade Monitor on Shipping Intelligence Network.
Clarksons Research
Page 13
23-Sep-16
Oil Production
110
OPEC Oil Production
May-15
2016/15
Nov-14
Feb-15
2016*
$,000/day
Aug-14
2015
35
May-14
2014
m. bpd
Nov-13
Feb-14
2013
OPEC Production & VLCC Earnings
% Chg
Aug-13
Demand ....
million barrels per day
May-13
Oil Tanker

Total Cargo
CRUDE TANKERS
PRODUCTS TANKERS
CHEMICAL TANKERS
OTHER TANKERS
BULKERS
COMBOS
LPG CARRIERS
LNG CARRIERS
CONTAINERSHIPS
MULTI-PURPOSE
GENERAL CARGO
RO-RO
CAR CARRIERS
REEFERS
OFFSHORE (AHTS/PSV)
WORLD CARGO FLEET
TOTAL WORLD FLEET
TOTAL WORLD FLEET ($bn)*
Tanker
Fleet, m. Dwt
VLCC
Suezmax
Aframax
Panamax
Small
200,000+
120-200,000
80-120,000
60-80,000
10-60,000
of which: Specialised >10,000
<10,000
TOTAL FLEET >10,000
of which:
Single Hull
Double Hull
Combos in Oil
Laid-up
Storage
ACTIVE FLT. >10,000
2012
2013
2014
2015
No.
335.6
340.2
341.7
348.6 1,893
140.4
144.3
149.5
157.4 8,153
37.4
38.1
38.7
40.4
3,611
0.9
0.8
0.8
0.8
384
687.5
726.8
758.5
776.6 10,779
4.7
4.2
3.9
2.8
18
15.4
16.3
17.0
19.4
1,395
28.9
30.0
32.7
35.1
459
206.5
216.2
228.2
244.3 5,214
29.5
29.8
29.7
29.7
3,250
38.0
37.5
37.6
37.5 15,019
8.1
7.7
7.5
7.7
1,297
11.8
11.9
12.1
12.4
785
5.3
5.2
5.0
5.0
1,406
7.9
8.6
9.5
10.0
5,523
1,557.8 1,617.6 1,672.3 1,727.8 59,186
1,629.4 1,690.4 1,747.7 1,805.5 92,265
891.3
955.5
972.4
936.9 92265
m.Dwt
No.
m.Dwt
% Fleet
2016
2017
2018+
359.9
163.9
41.8
1.0
785.4
2.7
21.7
36.4
246.5
29.8
37.5
7.6
12.4
5.0
10.3
1,762.0
1,840.5
894.8
312
393
255
5
1,249
0
149
140
432
109
113
34
66
15
406
3,678
4,582
4,582
63.1
20.4
5.4
0.0
108.4
0.0
4.9
11.4
38.5
1.5
1.0
0.6
1.3
0.1
1.1
257.8
263.6
274.7
17.5%
12.5%
13.0%
1.0%
13.8%
0.0%
22.3%
31.2%
15.6%
5.1%
2.6%
7.3%
10.2%
2.8%
10.9%
14.6%
14.3%
30.7%
16.7
5.8
1.9
0.0
48.3
0.0
1.2
2.2
8.0
0.9
0.5
0.2
0.2
0.0
0.5
86.3
87.0
67.2
28.1
10.0
2.0
0.0
34.8
0.0
2.6
3.4
14.7
0.5
0.3
0.2
0.6
0.1
0.6
97.8
99.9
99.8
18.4
4.6
1.6
0.0
25.4
0.0
1.1
5.7
15.9
0.1
0.2
0.2
0.4
0.0
0.0
73.7
76.6
107.7
01-Sep-16
Year End
Orderbook & Delivery Schedule
2012
2013
2014
2015
No.
m.Dwt
No.
m.Dwt
% Fleet
2016
2017
2018+
187.2
72.6
97.9
29.8
105.0
29.8
22.0
492.6
12.4
480.2
4.0
2.9
2.3
491.4
190.2
76.2
96.9
29.9
107.7
30.1
22.7
500.8
9.1
491.7
2.4
7.9
2.4
493.0
194.2
75.9
96.0
29.8
111.7
30.5
23.0
507.7
6.0
501.8
2.7
5.8
2.3
502.3
200.3
77.4
98.8
29.4
118.3
32.2
23.2
524.1
3.7
520.4
2.0
3.3
9.9
512.9
678
510
950
416
3,720
3,274
7,767
6,274
133
6,141
8
27
41
6,214
208.5
79.1
102.6
30.2
122.7
42.1
23.4
543.1
3.2
539.8
1.3
2.3
10.7
531.4
123
99
146
61
403
260
133
832
37.9
15.6
16.4
4.5
13.9
5.5
0.7
88.3
18.2%
19.7%
16.0%
14.9%
11.3%
13.0%
3.1%
16.3%
11.0
4.1
3.8
1.2
4.0
1.9
0.4
24.0
13.9
9.9
8.0
2.3
5.8
2.0
0.3
39.8
13.1
1.6
4.6
1.1
4.2
1.6
0.1
24.5
Increase in size of Tanker Fleet:

2015/2014
3.2%
2016*/2015
3.6%
* year to date
Bulk Carrier
Fleet, m. Dwt
2012
2013
2014
2015
No.
m.Dwt
No.
Capesize
100,000+
Panamax
65-100,000
Handymax
40-65,000
Handysize
10-40,000
TOTAL FLEET
Combos in Dry
Laid-up
Storage
ACTIVE FLEET
279.9
169.4
147.6
90.6
687.5
0.7
1.2
0.1
686.8
293.8
184.4
158.5
90.0
726.8
0.4
1.0
0.2
726.0
308.1
192.5
166.8
91.1
758.5
0.6
0.7
0.2
758.2
309.3
195.3
179.5
92.5
776.6
0.3
2.7
0.8
773.3
1,631
2,446
3,403
3,299
10,779
7
119
7
10,660
310.7
195.8
185.6
93.2
785.4
0.9
6.9
0.8
778.6
198
261
469
321
1,249
01-Sep-16
Year End

m.Dwt
% Fleet
2016
2017
2018+
47.1
15.1%
18.2
11.3
17.6
21.4
10.9%
10.0
8.4
3.1
28.4
15.3%
15.2
10.8
2.5
11.5
12.3%
5.0
4.3
2.2
108.4
13.8%
48.3
34.8
25.4
Increase in size of Bulkcarrier Fleet:
2015/2014
2.4%
2016*/2015
1.1%
* year to date
Note: Panamax fleet includes vessels 60-64,999 dwt built prior to 2000. Handymax fleet includes vessels 65-69,999 built from 2000 onwards.
LPG Carrier
Fleet ,000m
<5,000 cbm
5-20,000 cbm
20-45,000 cbm
45-65,000 cbm
>65,000 cbm
TOTAL FLEET
TOTAL M. DWT
01-Sep-16
Year End
2012
2013
2014
2015
No.
,000m
No.
,000m
% Fleet
2016
2017
2018+
1,529
2,428
3,394
1,184
11,411
19,947
15.4
1,518
2,579
3,552
1,184
12,484
21,318
16.3
1,538
2,627
3,797
1,184
13,153
22,299
17.0
1,537
2,794
4,040
1,365
16,088
25,825
19.4
638
349
149
24
235
1,395
1,534
2,859
4,346
1,425
19,191
29,353
21.7
6
23
62
1
57
149
18
245
1,913
60
4,746
6,982
4.85
1.2%
8.6%
44.0%
4.2%
24.7%
23.8%
22.3%
10
39
430
60
1,184
1,723
1.18
4
172
1,249
0
2,233
3,657
2.62
4
34
234
0
1,330
1,602
1.06
"Oil Tankers" includes vessels in the crude oil & oil products sectors, including all IMO 3 tankers and specified IMO 2 tankers (see Oil & Tanker Trades Outlook for detailed
definition). "Chemical" includes IMO 1 tankers and specified IMO 2 tankers. "Specialised" includes chemical tankers and other tankers designed for the carriage of
specialist liquids. "Laid-up" includes vessels reported and confirmed to be in lay-up, remaining out of service for an extended period.
Clarksons Research
Page 14
23-Sep-16
Fleet, m. Dwt
01-Sep-16
Year End
<40,000 cbm
40-100,000 cbm
100-150,000 cbm
150-180,000 cbm
180-220,000 cbm
>220,000 cbm
TOTAL FLEET
TOTAL M. DWT
Containership
Fleet ,000 Teu
01-Sep-16
Year End
2012
2013
2014
2015
No.
,000m
No.
,000m
% Fleet
2016
2017
2018+
293
1,070
31,620
9,776
6,608
3,727
53,093
28.9
231
982
31,367
12,306
6,608
3,727
55,221
30.0
231
839
31,388
17,473
6,608
3,727
60,266
32.7
345
684
31,136
22,073
6,608
3,727
64,573
35.1
29
9
222
154
31
14
459
372
684
30,880
24,988
6,608
3,727
67,259
36.4
12
1
0
119
8
0
140
220
45
0
20,348
1,442
0
22,055
11.4
59.0%
6.6%
0.0%
81.4%
21.8%
0.0%
32.8%
31.2%
104
0
0
3,880
182
0
4,166
2.2
115
45
0
6,100
360
0
6,620
3.4
0
0
0
10,369
900
0
11,269
5.7
01-Sep-16
Year End
2012
100-2,999 teu (Feeder)

4,188.6
3-5,999 teu
(Intermediate) 5,574.4
6-7,999 teu
(Intermediate) 1,788.2
8-11,999 teu (Neo-P'max)
3,123.3
12-14,999 teu (Neo-P'max)
1,436.6
15,000 &+ teu (Post-P'max)
140.4
16,251.6
TOTAL FLEET
206.5
TOTAL M. DWT
2013
2014
4,084.9
5,562.7
1,881.4
3,554.7
1,812.5
245.5
17,141.6
216.2
4,011.6
5,539.9
1,914.2
4,096.1
2,178.4
516.5
18,256.7
228.2
2015
No.
4,016.1 2,927
5,533.5 1,188
1,934.7 282
4,796.9 559
2,446.8 193
1,010.2
65
19,738.2 5,214
244.3
,000teu
No.
,000teu % Fleet
2016
2017
2018+
3,992.9
5,327.1
1,883.7
5,034.9
2,603.5
1,159.7
20,001.7
246.5
205
37
1
57
65
67
432
394.5
143.8
6.9
602.1
909.8
1,318.3
3,375.4
38.5
93.9
21.0
6.9
304.1
128.1
137.0
691.0
8.0
154.9
81.9
0.0
227.2
365.5
464.4
1,293.9
14.7
145.7
40.9
0.0
70.8
416.2
717.0
1,390.6
15.9
9.9%
2.7%
0.4%
12.0%
34.9%
113.7%
16.9%
15.6%
12-14,999 TEU 'Neo-Panamax' includes some ships which are too large to transit the expanded locks of the Panama Canal based on current official dimension restrictions.
Multipurpose
Fleet ,000 Teu
100 - 499 teu
500 - 999 teu
1000 &+ teu
TOTAL FLEET
MPP FLEET M. DWT
GC FLEET M. DWT
01-Sep-16
Year End
2012
2013
2014
2015
No.
561.9
556.1
547.5
539.8 2,133
593.8
575.2
554.7
551.5
797
334.3
398.7
432.6
452.3
320
1,490.0 1,530.1 1,534.7 1,543.7 3,250
29.5
29.8
29.7
29.7
38.0
37.5
37.6
37.5 15,019
,000teu
No.
536.7
548.4
458.8
1,543.9
29.8
37.5
19
70
20
109
113
,000teu % Fleet
6.4
51.6
24.1
82.2
1.5
1.0
1.2%
9.4%
5.3%
5.3%
5.1%
2.6%
2016
2017
2018+
5.6
31.1
9.7
46.4
0.9
0.5
0.8
12.4
14.5
27.6
0.5
0.3
0.0
8.1
0.0
8.1
0.1
0.2
Ro-Ro Vessel
Fleet, m. Dwt
2012
2013
2014
2015
No.
m.Dwt
No.
m.Dwt
% Fleet
2016
2017
2018+
<5,000 dwt
5,000-10,000 dwt
10,000 &+ dwt
TOTAL FLEET
CAR CARRIERS
1.1
2.4
4.5
8.1
11.8
1.1
2.3
4.3
7.7
11.9
1.1
2.3
4.1
7.5
12.1
1.1
2.3
4.4
7.7
12.4
751
314
232
1,297
785
1.1
2.3
4.3
7.6
12.4
5
11
18
34
66
0.0
0.1
0.5
0.6
1.3
1.6%
3.3%
10.8%
7.3%
10.2%
0.0
0.0
0.1
0.2
0.2
0.0
0.0
0.2
0.2
0.6
0.0
0.0
0.2
0.2
0.4
01-Sep-16
Year End
Reefer Vessel
Fleet m. ft.
2012
2013
2014
2015
No.
m.ft
No.
m.ft
% Fleet
2016
2017
2018+
< 200,000 cu ft
200-449,999 cu ft
> 450,000 cu ft
TOTAL FLEET
TOTAL M. DWT
48.1
76.0
112.9
236.9
5.3
47.2
74.9
109.7
231.8
5.2
46.0
73.9
105.5
225.4
5.0
46.1
74.2
103.8
224.2
5.0
976
244
186
1,406
46.0
72.9
103.3
222.2
5.0
2
9
4
15
0.3
2.5
3.0
5.8
0.1
0.7%
3.4%
2.9%
2.6%
2.8%
0.0
1.3
0.8
2.0
0.0
0.3
0.6
1.5
2.4
0.1
0.0
0.6
0.8
1.4
0.0
01-Sep-16
Year End
Owner Fleets by
Nationality, m. GT
2012
2013
2014
2015
No.
m. GT
No.
m. GT
% Fleet
2016
2017
2018+
Greece
Japan
China P.R.
Germany
United States
151.0
158.2
113.0
97.4
51.4
164.1
161.2
119.2
95.4
53.1
180.2
163.4
122.0
95.0
58.5
192.5
163.8
131.5
92.9
59.6
5,266
8,638
6,843
3,772
5,211
200.0
163.1
135.1
90.2
62.1
353
454
572
188
191
21.4
27.1
33.8
5.6
8.9
10.7%
16.6%
25.0%
6.2%
14.3%
7.7
3.7
12.4
2.8
3.1
8.9
7.7
7.8
1.9
2.3
4.7
15.6
13.7
1.0
3.5
01-Sep-16
Year End
Note: All fleet figures are from the Clarksons Research Ship and Orderbook Databases, expressed in the units indicated. All dwt figures are metric. Annual data are as at
year end, monthly data at the beginning of the month. The databases comprise vessels of 100gt and above. For access to more detailed fleet data visit World Fleet Register
at www.clarksons.net/wfr. * Value of the world fleet based on estimates of the value of each vessel based on type, size and age. For specialised and non-cargo vessels,
coverage may not be complete. Value of the orderbook based on reported newbuilding contract prices wherever possible and estimated contract prices adjusted for vessel
type, size and the date of the contract elsewhere. For more detail see World Fleet Monitor.
A "Sources & Methods" document which describes the methodology by which Clarksons Research gathers and processes the data set out in this
report, including the calculation of voyage earnings for tankers and bulk carriers, is available on our website at www.clarksons.net. Further enquiries
may be made to the addresses set out on the back page.
Clarksons Research
Page 15
23-Sep-16
LNG Carrier
Fleet ,000m
Analysis
During the summer, the cruise ship fleet surged past half a million berths of total capacity. The cruise
industry is continuing to expand its horizons, and has seen strong newbuilding investment this year.
Whilst many of the new mega-ships will likely be heading to sunny climes, there have been developments at the small end of the sector too, for ships venturing forth to remote and often chilly destinations.
Given the extremely subdued level of
ordering in other vessel sectors, the
cruise sector has accounted for almost
50% of the total estimated value of newbuilding investment in the year to date,
and provided support to the European
yards who dominate in this sector.
Look Helpful...
Overall, 2016 is a record year for investment in the cruise ship sector, with estimated investment in the year to date at
$8.9 billion, already up nearly 50% on the
previous high reached last year. A large
number of orders are also in the pipeline
and are likely to be confirmed in the coming years, which could add at least another 65,000 berths to the orderbook (nearly
half of the current size of the orderbook).
So, despite weak conditions prevailing in

many of the major volume markets, at
least the sun is still shining on one part of
the shipping industry. Whether youre
looking for a trip to some warmer latitudes or a voyage to a more bracing environment, the next phase for the cruise
sector might not be plain sailing but it
should be an adventure. Have a nice day!
Graph of the Week

700
'000 berths, start year

Global Newbuild Investment
Value 2016 ytd ($m)
Other
Look Big...
Shipping Intelligence Weekly, 23 September 2016

Published by:
Clarkson Research Services Limited
Commodity Quay, St Katharine Docks
London E1W 1BF, England.
Tel: + (44) (0) 20 7334 3134
E-mail: sales.crs@clarksons.co.uk
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Website: www.clarksons.com/services/research
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World Fleet Register: www.clarksons.net/wfr
Shipping Intelligence Weekly is published 50 times a year. It is
available on subscription at a price of 895/960 a year (within
Europe/outside Europe) including postage.
500
Cruise
2006-15
CAGR
4.3% p.a.
Tanker
400
300
4,000+ berths
2,500-3,999 berths
1,000-2,499 berths
<1,000 berths
200
100
2020
2018
2016
2014
2012
2010
2008
2006
0
1998
The graph shows cruise ship

fleet development over the past
two decades in terms of lower
berth capacity, split by berth capacity range, and from start 2017
onwards the potential size of the
fleet after adding on the volume
of capacity currently scheduled
for delivery in each year (not
taking into account removal or
non-delivery trends). The pie
chart shows the estimated contract value of global newbuilding
investment in the first eight
months of 2016 by vessel type.
Bulker
Boxship
1996
However, it has been the rapid expansion

in the mega-ship sizes that has recently
pushed the cruise fleet over its new milestone, and underpinned the expansion in
the cruise ship orderbook to a record 60
units of 142,922 berths at the start of
September. Around 70% of berth capacity ordered this year has been accounted
for by ships of 4,000 berths and above,
with many of the major brands confirming
contracts. Having expanded robustly by a
CAGR of 4.3% p.a. in 2006-15, growth in
the cruise fleet is now likely to accelerate
in the next few years, as more megaships are delivered. Cruise operators
retain a positive market outlook, with increased passenger volumes in Asia ex-
2016-21
CAGR
c.6% p.a.?
600
2004
Cruise Capacity:
Half Way There To
Its First Million
2002
Arctic navigation was once the preserve

of intrepid explorers. In 1848, British explorer Sir John Franklin set out on an
ultimately doomed attempt to navigate
the Northwest Passage. His abandoned
ship, HMS Terror, was finally discovered
this month in near-pristine condition in 80
feet of water off Canadas King William
Island. Today, Arctic navigation is potentially less hazardous, and while many
modern cruise passengers are not always seen as the most adventurous of
folk, rising demand for expedition ships
has been an interesting feature of cruise
ship ordering this year. Nine such orders
have been placed in 2016 to date, including some for voyages to the Poles, with
other contracts for small vessels catering
for the high-end, luxury market. Overall,
vessels with less than 1,000 berths have
accounted for half of the 26 cruise ship
orders placed so far this year.
pected to be a key driver of global cruise

passenger growth. Some experts expect
Chinese cruise passenger numbers to
reach 3-4 million by 2020.
2000
Look North...
Source : Clarksons Research
Editorial Board:
Managing Director
Research Director
Market Research
Publisher
Editor
Clarksons Platou Contacts:
S&P
Tankers
Specialised
Gas
Dry Cargo
Containers
Freight Derivatives
Offshore
Stephen Gordon
Trevor Crowe
Sarah Holden
Rob Benson
Ben Trimmel
J. Brynteson
R. Knight
R. Whittet
T. Baggio
M. Goodall
J. Tolstrup-Moller
A. Gray
P. Middleton
The material and the information contained herein are

provided for general information purposes, and may not be
reproduced without the written permission of Clarksons
Research. To the maximum extent permitted by law, Clarksons Research shall not be liable to the recipient or any
third party for any loss, liability or damage, cost or expense
including without limitation, direct, indirect, consequential
loss or damage, any loss of profit, loss of use, loss of or
interruption in business, loss of goodwill, loss of data arising out of, or in connection with, the use of and the reliance
on the information whether in contract, tort, negligence,
bailment, breach of statutory duty or otherwise, even if
foreseeable. This disclaimer shall be governed by and
construed in accordance with English law.
Cruising To New Horizons: Days In the Sun, And The Snow!

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Shipping Intelligence Weekly

Issue No. 1,240

This Week's Analysis (see Back Page)

Some Like It HotAnd Some Like It ColdIn Today's

Vessel Charter Rates This Week

1 Year Capesize TC Rate

6-12m 2,750 TEU TC Rate $5,900/day

Crude Tanker Spot Market

Gas & Chemical Markets

Liner & Offshore Markets

Sale & Purchase Market

Recent Ship Sales by Vessel Type

Fleet Changes, Bunkers

Timecharter Fixture Record

The Timecharter Market

The Shipbuilding Market

The Demolition Market

World Fleets & Orderbooks

Tripcharter Market, Freight Indices

Ship Demand Trends

Large Bulk Carrier Market

Selection of ports covered by the various market sectors in this report

Asset Prices This Week

2,750 TEU N/B

2,750 TEU 5yo

Clarksons Research is respected worldwide

Selection of ports covered by the various market sectors in this report

Shipping Intelligence Network

Crude Tanker Spot Market

Crude Tanker Highlights

An active week in the Caribbean supported the lumpsum

In WAF, bullish sentiment and increased enquiry, with

This week, the rate on the Black Sea-Med route rose to

280,000t Gulf - Europe

Average earnings $ per day

This Week ....

130,000t WAF - USAC

Average earnings $ per day

Average earnings $ per day

This Week ....

This Week ....

Product Tanker Spot Market

Product Tanker Highlights

MR Clean Tanker Earnings

Sep Nov Jan

Jun Aug Oct Dec Feb Apr

75,000t Gulf - Japan

^ Lump Sum in $million.

55,000t Med - US Gulf *

Vessels due to arrive in Gulf ~

This Week ....

Average earnings $ per day

This Week ....

VLCC Spot Market

Monthly Fixture Record

Average earnings $ per day

This Week ...

Large Bulk Carrier Market

176,000t ore Tubarao/Rotterdam*

67,000t coal USGulf/ARA*

Average Earnings $ Per Day

Average Earnings $ Per Day

Average Earnings $ Per Day