MONTHLY MARKET OVERVIEW

1st — 31st August 2017

SUMMARY OF CONTENT
• Value analysis
• Second hand S&P activity
• Newbuilding activity
• Demolition activity
• Charter rate analysis

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BULKER VALUES THROUGH AUGUST 2017

BULKERS Bulker values have firmed for all vessel types.

This table shows the monthly % change in value from 1 st to the 31 st August 2017
for Bulker vessels, by year of build.

YEAR
OF BUILD CAPE PMAX SUPRA HANDY
D WT DWT DWT DWT

+5.0% +1.4% +0.8% +0.1%

2017
180k 80k 60k 30k
+4.8% +1.4% +1.1% +0.6%
2016
180k 80k 60k 30k
+4.7% +1.5% +1.4% +1.2%
2015
180k 80k 60k 30k
+4.5% +1.5% +1.7% +1.7%
2014
180k 80k 60k 30k
+4.3% +1.5% +2.0% +2.3%
2013
180k 80k 60k 30k
+4.2% +1.4% +2.4% +3.1%
2012
180k 80k 60k 30k
+4.0% +1.5% +2.8% +3.7%
2011
180k 80k 60k 30k
+3.9% +1.5% +3.3% +4.5%
2010
180k 80k 55k 30k
+3.8% +1.5% +3.8% +5.1%
2009
180k 80k 55k 30k
+3.7% +1.6% +4.2% +5.2%
2008
180k 80k 55k 30k
+3.6% +2.3% +4.8% +5.3%
2007
180k 75k 55k 30k
+3.6% +2.3% +4.4% +5.4%
2006
180k 75k 55k 30k
+3.6% +2.4% +4.0% +5.4%
2005
180k 75k 55k 30k
+3.6% +2.4% +4.5% +5.3%
2004
180k 75k 55k 30k
+3.2% +2.4% +4.7% +5.3%
2003
175k 75k 50k 30k
+3.3% +2.5% +5.0% +5.1%
2002
175k 75k 50k 30k

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BULKER VALUES THROUGH AUGUST 2017

Capesize Values have firmed throughout August.

3 sales have been confirmed this month.

2 Valemax Shandong Da De (402,300 DWT, Sep 2011, Daewoo) and Shandong Da Cheng
(402,300 DWT, May 2012, Daewoo) sold including charter to Bank of Communications for an en
bloc price of USD 178 mil.

Asterix (179,400 DWT, Jul 2010, HHI) sold for USD 29.5 mil in a part shares part cash deal to
Navios Maritime, VV value USD 27.5 mil.

Panamax Values have firmed throughout August.

10 sales have taken place this month.

United World (82,000 DWT, Oct 2013, Tsuneishi Zosen) sold for USD 21.5 mil, VV value USD 21.6 to
JP Morgan.

Harbor Hirose (83,500 DWT, Oct 2011, Sanoyas) sold for USD 19.3 mil to Songa Bulk, VV value USD
19.25 mil.

ABY Diva (76,600 DWT, Apr 2007, Imabari) sold for USD 12.7 mil, VV value USD 12.56 mil.

Levantes (76,000 DWT, Sep 2001, Tadotusu Tsuneishi) sold for USD 8.2 mil, VV value USD 7.81 mil.

Supramax Values have firmed a small amount this month.

15 sales have taken place.

An en bloc deal of 4 Tiger Ultramaxs’ Tiger Zheijiang, Tianjin, Hongking and Beijing
(63,600 DWT, 2015, Chengxi) sold for USD 80 mil, VV value USD 74.65 mil.

Ocean Leader (56,100 DWT, Jan 2010, Mitsui Ichihara) sold for USD 14.5 mil, VV value USD
14.26 mil.

Chrina (52,800 DWT, May 2001, Onomichi) sold for USD 7.2 mil, VV value USD 7.15 mil.

Handy Values have firmed most significantly for older tonnage.

4 sales have taken place this month.

2 resale vessels have been bought by Oldendorff Shipbuilding Hull 1058 and 1059 (35,700
DWT, Dec 2018, Samjin) for USD 15 mil each, VV value USD 15.07 mil each.

Voula Seas (28,500 DWT, Jun 2002, Kanda) sold for USD 5.3 mil, VV value USD 4.28 mil.

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TANKER VALUES THROUGH AUGUST 2017

TANKERS Tanker values have varied this month. Aframax and LR1 values have
firmed.

This table shows the monthly % change in value from 1 st to the 31 st August 2017
for Tanker vessels, by year of build.

YEAR
OF BUILD VLCC SUEZ AFRA LR1 MR
D WT DWT DWT DWT DWT

+1.2% +0.2% +3.9% +3.7% +3.5%

2017
320k 160k 110k 75k 50k
+1.1% +0.1% +3.9% +3.7% +3.4%
2016
320k 160k 110k 75k 50k
+1.1% -0.0% +4.0% +3.8% +3.2%
2015
320k 160k 110k 75k 50k
+1.0% -0.3% +4.2% +3.9% +2.9%
2014
320k 160k 110k 75k 50k
+1.0% -0.5% +4.5% +4.2% +2.6%
2013
320k 160k 110k 75k 50k
+1.0% -0.9% +4.7% +4.4% +2.2%
2012
310k 160k 110k 75k 50k
+0.9% -1.3% +5.0% +4.7% +1.7%
2011
310k 160k 110k 75k 50k
+0.8% -1.7% +5.2% +5.0% +1.2%
2010
310k 160k 110k 75k 50k
+0.7% -2.1% +5.4% +5.1% +0.6%
2009
310k 160k 110k 75k 50k
+0.8% -2.5% +5.4% +5.2% -0.1%
2008
310k 160k 110k 75k 50k
+0.5% -3.0% +5.4% +5.2% -0.7%
2007
310k 160k 110k 75k 50k
+0.3% -3.5% +5.3% +5.0% -1.3%
2006
310k 160k 110k 70k 45k
-0.0% -3.5% +5.1% +4.7% -0.4%
2005
310k 160k 110k 70k 45k
-0.3% -3.2% +4.7% +4.4% -2.8%
2004
305k 155k 105k 70k 45k
-0.5% -3.1% +4.3% +4.0% -3.6%
2003
305k 155k 105k 70k 45k
-0.8% -3.0% +3.6% +3.2% -4.3%
2002
305k 155k 105k 70k 45k

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TANKER VALUES THROUGH AUGUST 2017

VLCC Values have remained stable this month.

1 sale has been concluded this month.

Nichinori (298,400 DWT, Nov 2002, Hitachi) sold SS Due for USD 21 mil, VV value USD
22.67 mil to Sinokor Merchant.

Suezmax Values have remained stable this month.

There have been no sales this month for Suezmax vessels.

Aframax Values have firmed slightly this month.

3 Aframax Tankers and 2 Panamax Dirty Tankers have been sold this month.

Phoenix Light (105,600 DWT, Jan 2009, HHI) was sold by Phoenix Tankers to Great Eastern
Shipping for USD 23.25 mil, VV value USD 21.55 mil.

Gener8 Pericles (105,700 DWT, Feb 2003, Sumitomo) sold SS Due for USD 10.3 mil, VV value
USD 11.4 mil.

The two Dirty Panamax Tankers Jill and Tanja Jacob (73,000 DWT, Jan 2003, Samsung) sold
for USD 20 mil en bloc, VV value USD 19.92 mil.

LR1 Values have softened in older tonnage.

No LR1 vessels have been sold this month.

MR Values have softened a small amount.

5 sales have taken place this month.

Atlantic Falcon and Guard (50,000 DWT, Sep 2017, Hyundai Mipo) was bought by Torm for
USD 32.5 mil each, VV value USD 32.4 mil each.

Box (50,500 DWT, Dec 2009, SPP) sold for 19.2 mil, VV value 19.4 mil.

Torm Fox (37,000 DWT, May 2005, Hyundai Mipo) sold for USD 11 mil, VV value USD 11.71 mil.

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CONTAINER VALUES THROUGH AUGUST 2017

CONTAINERS Container values have firmed for Post Panamax Container vessels
and Panamax Container vessels. Handy and Feedermax values have
remained stable.

This table shows the monthly % change in value from 1 st to the 31 st August 2017
for Container vessels, by year of build.

YEAR
OF BUILD POST PMAX PMAX HANDY FMAX
TE U TEU TEU TEU

+3.2% +7.6% +0.4% +0.4%

2017
7000 4250 1750 1100
+3.1% +7.4% +0.3% +0.4%
2016
7000 4250 1750 1100
+2.9% +7.2% +0.2% +0.3%
2015
7000 4250 1750 1100
+2.6% +6.9% +0.1% +0.2%
2014
7000 4250 1750 1100
+2.3% +6.5% +0.0% +0.1%
2013
7000 4250 1750 1100
+1.8% +6.1% -0.1% +0.0%
2012
7000 4250 1750 1100
+1.4% +5.6% -0.1% -0.1%
2011
7000 4250 1750 1100
+0.8% +5.0% -0.2% -0.3%
2010
7000 4250 1750 1100
+0.3% +4.5% -0.2% -0.4%
2009
7000 4250 1750 1100
+0.3% +4.0% -0.3% -0.4%
2008
7000 4250 1750 1100
+0.2% +9.6% -0.3% -0.6%
2007
7000 4250 1750 1100
+0.1% +9.5% +2.7% -0.2%
2006
7000 4250 1750 1100
+0.1% +9.6% +2.9% -0.0%
2005
7000 4250 1750 1100
+1.3% +9.6% +3.1% -0.3%
2004
7000 4250 1750 1100
+9.6% +9.6% +3.1% -0.0%
2003
6500 4000 1750 1100
+9.6% +9.6% +3.3% -0.4%
2002
6500 4000 1750 1100

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CONTAINER VALUES THROUGH AUGUST 2017

Post PMax Values have firmed most significantly for older tonnage due to scrap rates.

There has been 1 sale this month.

Ever Charming (8,084 TEU, Sep 2005, Samsung) sold for USD 22 mil, VV value USD
22.03 mil.

Panamax Values have firmed throughout the month particularly for older tonnage due to scrap rates.

17 sales have taken place this month.

4 Seaspan Panamax containers have been sold Seaspan Kenya, Alps, Grouse and Mourne (4,275
TEU, Oct 2008, Feb, Mar and May 2009, Samsung) sold for USD 38.8 mil en bloc, VV value USD
37.85 mil.

Pinehurst Kontor (5,060 TEU, Aug 2004, HHI) sold for USD 6.85 mil, VV value USD 7.03 mil.

Handy Values have remained stable this month.

2 Handy sales have taken place this month.

Hansa Nordburg (1,740 TEU, Jun 2002, CSSC OME) sold for USD 3.5 mil, VV value USD 3.99 mil.

Feedermax Values have remained stable this month.

1 sale have been confirmed this month.

Shippan Island (1,118 TEU, Oct 2005, Jiangdong) sold for USD 4.8 mil, VV value USD 5.11 mil.

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LPG VALUES THROUGH AUGUST 2017

LPG LPG values have remained stable across all vessel types.

This table shows the monthly % change in value from 1 st to the 31 st August 2017
for LPG vessels, by year of build.

YEAR SP FR SP FR FULL
OF BUILD VLGC LGC MGC LARGE SMALL PRESS LEG
CBM CBM C BM C BM C BM C BM C BM

+0.4% +0.9% -1.5% -4.2% -2.5% -1.5% -1.4%

2017
84k 60k 38k 20k 6.5k 3.5k 12k

+0.3% +0.8% -1.5% -4.1% -2.5% -1.5% -1.5%

2016
84k 60k 38k 20k 6.5k 3.5k 12k

+0.2% +0.7% -1.5% -4.1% -2.4% -1.4% -1.5%

2015
84k 60k 38k 20k 6.5k 3.5k 12k

+0.1% +0.6% -1.6% -3.9% -2.3% -1.6% -1.5%

2014
84k 60k 38k 20k 6.5k 3.5k 12k

+0.0% +0.5% -1.6% -3.8% -2.1% -1.5% -1.6%

2013
82k 60k 35k 20k 6.5k 3.5k 12k

-0.1% +0.4% -1.6% -3.6% -1.9% -1.6% -1.6%

2012
82k 60k 35k 20k 6.5k 3.5k 9k

-0.2% +0.3% -1.6% -3.4% -1.7% -1.6% -1.6%

2011
82k 60k 35k 20k 6.5k 3.5k 9k

-0.2% +0.3% -1.6% -3.1% -1.5% -1.7% -1.7%

2010
82k 60k 35k 20k 6.5k 3.5k 9k

-0.3% +0.2% -1.6% -3.0% -1.3% -1.8% -1.7%

2009
82k 60k 35k 20k 6.5k 3.5k 9k

-0.3% +0.2% -1.7% -2.8% -1.1% -1.7% -1.7%

2008
82k 60k 35k 20k 6.5k 3.5k 9k

-0.3% +0.1% -1.7% -2.7% -1.0% -1.7% -1.7%

2007
82k 60k 35k 20k 6.5k 3.5k 8k

-0.4% +0.1% +1.1% -2.7% -1.0% -0.7% -1.1%

2006
82k 60k 35k 20k 6.5k 3.5k 8k

-0.3% +0.1% +1.1% -2.7% -1.0% -0.8% -1.2%

2005
78k 60k 35k 20k 6.5k 3.5k 8k

-0.3% +0.2% +1.1% -2.8% -1.1% -0.9% -1.3%

2004
78k 60k 35k 20k 6.5k 3.5k 8k

-0.2% +0.2% +1.1% -3.0% -1.3% -1.1% -1.4%

2003
78k 60k 35k 20k 6.5k 3.5k 8k

-0.2% +0.3% +1.0% -3.3% -1.5% -1.2% -1.8%

2002
78k 57k 35k 20k 6.5k 3.5k 8k

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LPG VALUES THROUGH AUGUST 2017

VLGC Values have remained stable this month.

No sales have been concluded this month.

SPFR Values have remained stable this month.

Maple 3 (20,700 CBM, Feb 1993, HHI) sold for an undisclosed price, VV value USD 8.42 mil.

Fully Values have softened this month.

Pressurised
Lady Mathilde (3,515 CBM, Feb 2001, Shitanoe Zosen) sold for an undisclosed price,
VV value USD 3.75 mil.

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OFFSHORE VALUES THROUGH AUGUST 2017

OSV Values have remained stable in both the AHTS/AHT and PSV sector
this month.

This table shows the monthly % change in value from 1 st to the 31 st August 2017
for OSV vessels, by year of build.

YEAR LARGE MEDIUM SMALL SUPER MEDIUM SMALL

OF BUILD PSV PSV PSV AHTS AHTS AHTS
D WT D WT DWT BHP BHP BHP

+1.8% +1.8% +1.8% +1.4% +2.2% +2.2%

2017
5.2k 3.6k 1.7k 24k 8.2k 5.5k
+1.8% +1.8% +1.9% +1.4% +1.9% +1.8%
2016
5.2k 3.6k 1.7k 24k 8k 5.2k
+1.7% +1.6% +1.6% +1.4% +1.3% +1.3%
2015
5.2k 3.6k 1.7k 24k 8k 5.2k
+1.6% +1.5% +1.5% +1.3% +0.9% +0.9%
2014
5.2k 3.4k 1.7k 24k 8k 5.2k
+1.4% +1.5% +1.5% +1.3% +0.4% +0.6%
2013
5.1k 3.3k 1.7k 24k 8k 5.2k
+1.4% +1.4% +1.4% +1.3% +0.3% +0.0%
2012
4.8k 3.3k 1.7k 24k 8k 5.2k
+1.3% +1.3% +1.3% +1.3% +0.0% +0.0%
2011
4.8k 3.3k 1.6k 24k 8k 5.2k
+1.2% +1.2% +1.2% +1.2% +0.0% +0.0%
2010
4.8k 3.3k 1.6k 24k 8k 5.1k
+1.1% +1.2% +1.0% +1.2% +0.0% +0.0%
2009
4.8k 3.3k 1.6k 24k 8k 5.1k
+1.0% +1.0% +1.2% +1.2% +0.0% +0.0%
2008
4.8k 3.3k 1.6k 24k 8k 5.1k
+1.0% +1.0% +0.9% +1.2% +0.0% +0.0%
2007
4.8k 3.3k 1.6k 24k 8k 5.1k
+1.0% +0.9% +1.0% +1.1% +0.0% +0.0%
2006
4.8k 3.3k 1.6k 24k 8k 5.1k
+1.0% +0.8% +1.2% +1.3% +0.0% +0.0%
2005
4.8k 3.3k 1.6k 24k 8k 5k
+1.0% +0.9% +1.4% +1.2% +0.0% +5.0%
2004
4.8k 3.3k 1.6k 24k 8k 5k
+0.9% +0.7% +0.8% +1.2% +0.0% +0.0%
2003
4.8k 3.3k 1.6k 24k 8k 5k
+0.8% +0.8% +0.9% +1.2% +0.0% +0.0%
2002
4.7k 3.3k 1.6k 24k 8k 5k

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OFFSHORE VALUES THROUGH AUGUST 2017

PSV Values remained stable this month.

No PSV sales have taken place this month.

AHTS Values remained stable this month.

& AHT
1 small AHT sale has taken place this month.

Lydia D (3,872 BHP, Nov 2011, Neptune Shipyard) sold for an undisclosed price, VV value
USD 2.11 mil.

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2ND HAND S&P ACTIVITY AUGUST 2017

S&P $ Value of 2nd hand sales in August 2017 vs August 2016.

Aug 2017
700 $629
Aug 2016
600
$490 $492
500
Value (M USD)

400

300
$226
$201
200
$120
$90
100
$6 N/A $14
0
Bulker Tanker Container Gas OSV

Total transaction values are only USD 200 mil lower for August 2016 compared to August 2017.
Bulker transaction values are firmer by 20% for August 2016 compared to August 2017.
Tanker transaction values are more than half the value for August 2017 compared to August
2016.
Container transaction values are half the value for August 2017 compared to August 2016.
2 LNG vessels Gallina and Galea were sold mid August by Shell for USD 45 mil each.

S&P No. Number of 2nd hand sales taken place in August 2017 vs August 2016.

Aug 2017
70
61 Aug 2016
60

50
No. Vessels

40
33
30 25

20 15 7
13
8
10 5
1 1
0
Bulker Tanker Container Gas OSV

Total sales by number count are 67% lower for August 2017 at a total of 67 compared to
a total of 112 sales for August 2016.
Bulker sales are down by 90% for this August.
Tanker sales are just over half the number this August at 13 sales compared to last
August with 25 sales.
Both Container and Gas sales are higher for August 2017 compared to August 2016.

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NEWBUILDING ACTIVITY AUGUST 2017 VS 2016

Newbuilding Number of newbuilding orders taken place in August 2017 vs August 2016.

No.
38 Aug 2017
40
Aug 2016
35

30
No. New Buildings

25 23 22

20

15

10 8
5
5 2 2
0 0 0
0
Bulker Tanker Container Gas OSV

38 Bulker NB orders have been placed for August 2017. 3 x 180,000 DWT, delivery 2019,
Jiangsu New Yangzijiang Capesize vessels were ordered for an undisclosed price.
33 Panamax vessels have been ordered with 19 of these vessels 81,600 DWT, Tsuneishi Cebu.
Both Tanker and Container NB orders are a considerable lower for August 2017 compared to
August 2016.
SITC has ordered 2+2 Feedermax Containers (1,006 TEU, Delivery 2018 +2 2019, Dae Sun) for
USD 17 mil each.
No Gas or OSV NB orders have been placed.

Newbuilding Total number of newbuild orders from 1st August 2016 to 31st August 2017.

Total No.
300

243
250

200
No. Vessels

145
150

100
58
50 25
9
0
Bulker Tanker Container Gas OSV

The total number of NB orders from last August through to this August is considerably
higher for Tankers compared to other vessel types. The majority of these orders took place
in the latter half of 2016 and early 2017.
Total Bulker NB orders by number are c.100 less than Tankers. Few orders were placed in
the last half of 2016 however 71 orders have already been placed in the 3rd Quarter of 2017.
Container orders have stayed low with only 12 vessels being ordered in the first half on 2017
compared to 34 vessels in the latter half of 2016.

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DEMOLITION ACTIVITY AUGUST 2017 VS 2016

Demolition Number of demolition sales per ship type, taken place in August 2017 vs August 2016.

No.
Aug 2017
25
21 Aug 2016
19
20
17
16
No. Demo sales

15

10
6
4
5 3
2 2
1

0
Bulker Tanker Container Gas OSV

It has been a relatively active month for demolition with total demolition sales across all
ship types in August 2017 higher by 22% compared to August 2016 due to the increased
scrap rate.
8 Panamax vessels have been scrapped in the Bulker sector, all roughly 17 years old.
Pakistan remains the favourable option of delivery for Bulkers.
5 VLCC vessels have been scrapped this August along with various other larger tonnage,
with main deliveries being Bangladesh for Tankers.
For the first time in a while Container scrap numbers are lower this month.

Demolition Demolition price trend for Tanker Price India from August 2016 - August 2017.

Trend
Tanker scrap price
450

400
No. Vessels

350

300

250

200
Oct 2016 Jan 2016 Apr 2016 Jul 2017

Demolition price USD/LDT over the past year has fluctuated however over the course of
July and August 2017 a significant increase in price was seen, also confirmed by the
number of sales for this year, especially within the Tanker sector.

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CHARTER RATES

Dry Baltic Exchange daily market spot rates for Capesize, Panamax, Supramax and
Handy Bulkers from 1st August 2016 - 31st August 2017. Source: Baltic Exchange

Capesize
Panamax
25,000
Supramax
Handy
20,000
(USD per day)

15,000

10,000

5,000

0
Oct 2016 Jan 2016 Apr 2016 Jul 2017

Capesize rates have firmed a considerable amount this month. Rates peaked mid
month with levels as high as USD 18,451/day, a c.70% increase on last year’s rates which
were fluctuating round the USD 4,000/day figure.
Panamax rates also firmed at the beginning of the month with rates reaching over USD
10,800/day which is the highest we have seen since earlier this year in April.
Both Supramax and Handysize rates have also firmed a small amount showing an
active month.

Wet Baltic Exchange daily market spot rates for VLCC, Suezmax and Aframax Tankers
from 1st August 2016 - 31st August 2017. Source: Baltic Exchange

VLCC
Suezmax
60,000
Aframax

50,000
(USD per day)

40,000

30,000

20,000

10,000

0
Oct 2016 Jan 2016 Apr 2016 Jul 2017

VLCC rates have softened a considerable amount this month, at the end of August rates
were as low as USD 487/day. There is much availability and little enquiry which is
supressing rates.
Suezmax rates have firmed throughout the month, rates at the end of the month
reached USD 7,765/day showing reduced tonnage and higher rates.
Aframax rates have also firmed from USD 1,671/day to USD 4,940/day.

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CHARTER RATES

Container Contex daily time charter rates for Panamax, Handysize and Feedermax Containers
from 1st August 2016 - 31st August 2017. Source: Contex, VHSS

Panamax
Handy
12,000
Feedermax

10,000
(USD per day)

8,000

6,000

4,000

2,000

0
Oct 2016 Jan 2016 Apr 2016 Jul 2017

Panamax rates have begun to soften again over the past few months.
Handy and Feedermax rates have remained stable throughout the month with a slight
firming in value.

LPG Fearnleys weekly market spot rates for VLGC, MGC and LEG Gas ships
from 1st August 2016 - 31st August 2017. Source: Fearnleys

VLGC
MGC
900
LEG
800
(Thousand USD per month)

700
600
500
400
300
200
100
0
Oct 2016 Jan 2016 Apr 2016 Jul 2017

VLGC rates have firmed towards the latter part of the month after the low seen earlier this
month with rates USD 180,000/month.
MGC and LEG rates remain stable throughout August, with MGC rates now dropping below
LEG to USD 420,000/month.
The flooding in Houston caused severe disruption to scheduled loadings and exports from US
Gulf terminals have been suspended, causing uncertainty in the VLGC market. This has helped
keep vessels occupied and encouraged owners to raise their offers higher for September.

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