Weekly Shipping Intelligence Report

Issue No.
948
ClarkSea Index $14,361
ISSN: 1358-8028
The Atlantic Market This Week
$,000/day
Capesize:
Weaker
Panamax: Firmer
Handy:
Firm
Dec-04
Apr-05
Aug-05
Dec-05
Apr-06
Aug-06
Dec-06
Apr-07
Aug-07
Dec-07
Apr-08
Aug-08
Dec-08
Apr-09
Aug-09
Dec-09
Apr-10
Aug-10
55
50
45
40
35
30
25
20
15
10
5
26-Nov-2010
Highlights
VLCC Market
Spot rates in WAF remained firm despite
eastern ballasters.p.2
Suezmax Market
Average Suezmax earnings firmed by
26% w-o-w on the back of increased
cargo volumes.........p.2
Aframax Market
Average Aframax spot earnings softened
by 25% w-o-w.p.2
Products Market
Average clean Handy spot earnings
firmed by 38% w-o-w.....p.3
Capesize Market
Rates in the Atlantic fell despite a rather
active week, whilst the Pacific market
was sluggish for most of the week..p.4
Panamax Market
Whilst rates in the Atlantic improved wo-w, those in the Pacific declined...p.4
Handymax Market
Earnings rose w-o-w, with the strongest
gains made in the Pacific basin...p.5
S & P Market
There have been several interesting sales
in the Panamax sector..p.i
Newbuilding
It is increasingly apparent that mediumterm demand sentiment from owners is
softening .......p.10
Demolition
The waiting continues to see whether the
promise of Bangladeshs reopening will
deliver....p.11
Selection of ports covered by the various market sectors in this report
The Pacific Market This Week

Capesize:
Weaker
Panamax: Softer
Handy:
Firm
Licensed to Wallem Shipbroking HK Limited. Distribution is restricted; please remember to acknowledge the source. http://www.clarksons.net 29/11/2010 01:39:14 68045
Shipping Intelligence
Weekly
Crude Tanker Spot Market

Crude Tanker Spot Earnings ($,000's/day)
Crude Tanker Highlights
90
VLCC
Suezmax
80
Aframax
70
60
50
40
30
20
10
Nov Jan Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct
'08 '09 '09 '09 '09 '09 '09 '10 '10 '10 '10 '10
VLCC Single
Voyage.....
2
2
2
2
2
2
2
2
2
2
2
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 - East *
260,000t WAF - US Gulf *
280,000t Med - UKC
260,000t WAF - WC India^
VLCC Ave. Earnings *
2010
2008
2009
2010
Nov 19
VLCC Earnings
Nov 26 This Week ....
50
50
73
73
74
80
72
75
85
3.63
74,040
71,874
105,036
102,002
108,338
118,415
82,951
100,691
128,474
87,201
92,511
19,797
19,115
31,186
31,634
33,172
44,638
35,013
43,097
58,558
37,844
32,009
28,468
22,535
43,391
41,936
44,779
55,693
42,766
45,926
68,066
44,411
39,311
17,171
12,640
38,419
38,175
38,832
53,830
38,736
47,395
67,280
40,243
35,073
16,333
11,976
28,945
28,747
29,740
44,328
35,855
39,248
58,165
39,782
28,954
WS 2010
Nov 19 Nov 26
42.5
42.5
70.0
70.0
70.0
80.0
70.0
77.5
87.5
3.50
42.5
42.5
62.5
62.5
62.5
72.5
67.5
70.0
80.0
3.50
Average earnings $ per day
SOFTER
SOFTER
WEAKER
WEAKER
WEAKER
WEAKER
SOFTER
WEAKER
WEAKER
STEADY
WEAKER
-5%
-5%
-25%
-25%
-23%
-18%
-7%
-17%
-14%
-1%
-17%
^ WAF - WC India route quoted in WS until 11-Aug-06; quoted as a lump-sum figure thereafter (in $ million).
Suezmax Single
Voyage.....
4
4
4
4
4
130,000t Gulf - S.China

130,000t WAF - USAC *
130,000t WAF - Med
130,000t Med - Med *
Suezmax Ave. Earnings *
Aframax Single
Voyage.....
6
6
6
6
6
6
6
6
6
6
80,000t Gulf - East *

80,000t Med - Med *
80,000t Med - USAC
80,000t UKC - UKC *
80,000t UKC - USAC
80,000t UKC - Med
80,000t Indo - Japan *
70,000t Carib - US Gulf *
80,000t Black Sea - Med *
Aframax Ave. Earnings *
Nov 19 Nov 26
2010
2008
2009
2010
Nov 19
Suezmax Earnings
100.0
97.5
100.0
105.0
99
98
99
104
65,548
65,588
76,636
87,681
76,634
24,545
25,031
27,025
31,391
28,211
27,130
25,932
28,576
35,521
30,727
26,296
25,062
27,613
32,850
28,956
22,987
29,676
33,564
43,073
36,375
WS 2010
95.0
107.5
110.0
120.0
WEAKER
FIRMER
FIRMER
FIRMER
FIRMER
-13%
18%
22%
31%
26%
Nov 19 Nov 26
2010
2008
2009
2010
Nov 19
Aframax Earnings
110.0
110.0
105.0
110.0
120.0
100.0
105.0
140.0
110.0
117
114
120
111
123
103
112
132
119
38,045
50,637
50,924
68,511
50,587
40,363
38,513
36,172
67,785
49,944
14,330
16,674
19,869
12,164
18,339
13,890
11,537
13,120
25,071
15,483
15,849
19,387
19,612
21,916
18,582
13,337
14,780
16,770
26,649
19,225
12,719
15,051
12,121
19,020
16,598
10,772
10,770
18,444
19,710
15,952
13,892
9,258
11,772
9,520
14,229
6,464
10,612
13,904
14,913
12,017
WS 2010
115.0
95.0
105.0
95.0
115.0
90.0
105.0
125.0
100.0
FIRMER
WEAKER!!
STEADY
WEAKER!!
WEAKER
WEAKER!!
STEADY
WEAKER
WEAKER
WEAKER
9%
-38%
-3%
-50%
-14%
-40%
-1%
-25%
-24%
-25%
Note: In June 2008, all tanker earnings since start 2004 were re-evaluated on the basis of revised voyage calculations; "Earnings" are timecharter
equivalents of spot freight rates (see footnote on page 4); */# Indicates constituent routes of "Average Earnings" for each sector since start 2004.
Clarkson Research Services
Page 2
26-Nov-10
VLCCs:
The MEG market softened considerably this week. The
total number of fixtures for the month is now up to 43,
though many more will be required to halt the falling rates.
Despite ballasters from the Gulf, West Africa VLCC rates
remain steady around WS 70.
Suezmaxes:
Cargoes flooded into the WAF market yesterday, so owners
were unwilling to offer their tonnage out today, preferring
to hold off until Monday in case US charterers want to add
their cargoes. It looks like the expected pre-Thanksgiving
spike may yet end up as a post-Thanksgiving spike.
Aframaxes:
All guns were blazing in the North Sea/Baltic on Friday.
Extremely cold Baltic weather has led to speculation that
ice class restrictions could be imposed as early as 10-15th
December for Primorsk which has caused some ice class
owners to re-evaluate the worth of their tonnage. However
rates for voyages UKC have softened.
100
Product Tanker Spot Market

Product Tanker Spot Earnings ($,000's/day)
Product Tanker Highlights
40
35
Dirty
Clean - MR
Clean - Handy
30
25
20
15
10
5
'08 '09 '09 '09 '09 '09 '09 '10 '10 '10 '10 '10
Clean Product
Single Voyage...
8
9
13
13
13
13
13
14
14
14
14
14
14
75,000t Gulf - Japan

55,000t Gulf - Japan
35,000t Gulf - Japan *
35,000t Gulf - E.Africa *
37,000t UKC - USAC *
38,000t Caribs - USAC *
30,000t Sing - Japan *
30,000t Med - USAC #
30,000t Med - UKC #
30,000t Med - Med
30,000t Black Sea - Med
30,000t Baltic - UKC #
30,000t UKC - UKC
Clean 'MR' Ave. Earnings *
Clean 'Hdy' Ave. Earnings #
Nov 19 Nov 26
2010
2008
2009
2010
Nov 19
Clean Earnings
122.5
135.0
150.0
290.0
150.0
135.0
170.0
170.0
180.0
170.0
180.0
135.0
135.0
122
133
145
265
163
140
140
200
181
171
177
171
168
41,305
34,854
22,968
31,578
24,669
23,650
13,386
22,865
20,713
36,510
29,075
20,687
16,526
13,608
5,883
15,495
8,539
6,170
1,957
9,720
9,429
8,840
11,741
7,063
4,661
7,651
8,737
14,766
10,973
5,396
8,834
10,305
7,114
2,450
12,413
11,574
19,499
17,320
14,798
15,709
7,656
12,928
13,838
10,430
5,428
10,628
7,675
5,909
5,553
7,418
10,227
17,845
16,457
6,861
6,567
7,039
8,169
15,820
10,059
6,612
11,906
10,466
6,537
8,107
11,248
10,880
19,053
16,457
11,648
12,617
8,725
11,258
WS 2010
130.0
135.0
160.0
310.0
170.0
140.0
190.0
200.0
185.0
175.0
180.0
160.0
160.0
23,250
21,422
FIRMER
SOFTER
FIRMER
FIRMER
FIRMER
FIRMER
FIRMER
FIRMER
FIRM....
FIRM....
STEADY
FIRMER
FIRMER
FIRMER
FIRMER
14%
-4%
22%
12%
36%
11%
46%
52%
6%
7%
0%
70%
92%
24%
38%
See footnote on page 2. Note: 45kt dirty products Med-UKC is now calculated using a 47,000 dwt "MR" vessel
Dirty Product
Single Voyage...
12
12
12
13
55,000t Med - US Gulf *

55,000t UKC - US Gulf *
50,000t Caribs - USAC *
45,000t Med - UKC
Dirty Ave. Earnings *
VLCC Spot
Market Activity...
Fixtures:
Gulf-West
Gulf-East/Japan
Gulf-Red Sea
Others
Total Number of Fixtures
Vessels due to arrive in Gulf ~
VLCC's Spot in Gulf ~ No.
000 Dwt
Nov 19 Nov 26
2010
2008
2009
2010
Nov 19
Dirty Earnings
125.0
125.0
125.0
132.5
141
141
142
151
36,955
40,028
33,552
12,775
14,085
11,354
14,335
12,738
14,047
16,160
13,432
14,859
14,546
8,400
10,994
8,887
9,990
9,427
7,754
10,190
6,295
12,485
8,080
WS 2010
122.5
122.5
115.0
145.0
36,845
2008
2009
24
56
0
27
107
71
4
1,009
19
57
0
30
106
80
9
2,459
Number
Jun '10
19
60
0
26
105
64
9
2,601
Jul '10
26
88
0
31
145
111
5
1,436
Aug '10
26
60
0
32
118
97
11
3,096
-8%
-7%
-29%
25%
-14%
VLCC Spot Market

Last
This Week ...
Monthly Fixture Record

Average No.
SOFTER
SOFTER
WEAKER!!
FIRMER
WEAKER
Sep '10
15
59
0
32
106
92
8
2,212
Oct '10
27
77
0
41
145
116
19
5,596
4 Wks
18
71
0
28
117
101
8
2,261
DOWN BY... -33%

DOWN BY... -8%
#DIV/0!
#DIV/0!
DOWN BY... -32%
DOWN BY... -19%
DOWN BY... -13%
DOWN BY... -58%
DOWN BY... -60%
~ 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.
Page 3
26-Nov-10
Clean Products
After a busy week which saw a lot of activity, rates have
not climbed as much as perhaps could have been
expected. However, with tonnage lists continuing to
tighten, spot rates may move further upwards next week.
Dirty Products
Again, not much cargo was seen in the Cont Handy
market this week. Rates dropped off slightly towards the
end of the week due to the lack of action. Conversely, lots
of cargo flooded out of the Black Sea and into the Med.
Handy rates there peaked at WS 220 mid-week, but had
eased back down to WS 210 by the end of the week. MedUKC rates firmed to WS 145, meaning that earnings
increased 25% w-o-w. There was an increase in activity
for Panamaxes in the Med this week, but the Cont has
been quiet. Rates accordingly softened. The tonnage list
cleared towards the end of the week, and rates could rise
next week if the tighter tonnage list places sufficient
pressure on spot rates.
45
Large Bulk Carrier Market

Bulkcarrier Spot Earnings ($,000's/Day)
90
Capesize
Panamax
Handymax
70
60
50
40
30
20
10
'08 '09 '09 '09 '09 '09 '09 '10 '10 '10 '10 '10
Capesize Single
Voyage.......
16
16
16
16
16
16
16
16
16
16
16
16
16
17
Iron Ore Trades

165,000 Tubarao/Rotterdam
165,000 Tubarao/Japan 18m
165,000 Tub/Beilun.Baoshan
165,000 Dampier/Rotterdam
165,000 Dampier/Japan 18m
165,000 Dampier/Beilun.Bao.
165,000 Saldanha/Beilun.Bao.
Coal Trades
150,000 Bolivar/Rotterdam
150,000 Hay Pt./Rotterdam
150,000 R.Bay/Rotterdam
150,000 Indonesia/Rotterdam
150,000 Hay Pt./Japan 17m
Ave. Earnings, 1999/00-built
Ave. Earnings, 1990/91-built
Panamax Single
Voyage.......
Coal Trades
70,000 H.Rds/ARA
70,000 USGulf/ARA
70,000 Bolivar/ARA
70,000 Newcastle/Cont
70,000 Richards B./Rott
70,000 Roberts Bank/Japan
70,000 Newcastle/Japan
55,000 Roberts Bank/Rott
70,000 Indonesia/Rotterdam
Grain Trade (Supramax)
19 49,000 USGulf/Japan(HSS)*
18 Ave. Earnings, 1997/98-built
19/20 Ave. Earnings, 1980's-built
18
18
18
18
18
18
18
18
18
$ Per Tonne
Nov 19 Nov 26
Capesize:
The Capesize market was buoyant during the first half of
the week, with most activity focused in the Atlantic basin.
However, as ballasters began to sail towards Brazil, rates
softened, which precipitated a standoff between owners
and charterers. The Pacific market was sluggish
throughout the week, and rates fell accordingly.
Panamax:
Whereas rates on most Atlantic routes improved markedly
compared to last week, the opposite was generally the
case in the Pacific. It looks as though the market could
remain lopsided next week, with further gains expected in
the Atlantic and rates remaining flat in the Pacific.
Handymax:
After a steady tightening of tonnage in the Atlantic,
fronthaul earnings leapt on Thursday. Meanwhile, there
was far greater activity in the Pacific than last week but a
large amount of prompt tonnage meant that earnings rose
only moderately.
Average Earnings $ Per Day
2010
2008
2009
2010
Nov 19
Capesize Market
Nov 26 This Week ...
14.25
26.45
27.30
16.25
9.75
10.50
19.00
13.75
23.55
24.25
14.90
9.00
9.70
17.05
13.84
25.82
26.72
14.97
9.75
10.54
17.65
105,639
137,961
139,512
68,162
105,720
98,800
95,219
43,914
58,913
58,087
22,090
40,887
39,105
37,660
33,674
49,196
49,587
16,217
30,845
30,876
32,165
34,456
49,981
50,379
19,059
29,227
30,460
35,674
31,896
41,211
41,588
14,582
24,282
25,398
29,139
SOFTER
WEAKER
WEAKER
WEAKER
WEAKER
WEAKER
WEAKER
-7.4%
-17.5%
-17.4%
-23.5%
-16.9%
-16.6%
-18.3%
14.90
19.00
13.00
13.95
12.80
14.75
19.00
12.35
13.10
11.90
14.72
18.01
12.42
13.31
12.06
104,891
61,906
63,533
56,850
92,802
97,699
83,264
45,070
19,570
18,715
18,963
34,489
39,064
34,147
36,315
11,999
11,847
12,283
27,625
31,454
28,377
36,153
13,063
12,632
14,105
29,637
33,253
29,897
35,275
12,916
10,395
10,860
25,255
28,974
26,427
STEADY
STEADY
WEAKER
WEAKER
WEAKER
WEAKER
WEAKER
-2.4%
-1.1%
-17.7%
-23.0%
-14.8%
-12.9%
-11.6%
$ Per Tonne
Nov 19 Nov 26

2010
2008
2009
2010
Nov 19
Panamax Market
Nov 26 This Week ...
13.25
17.10
15.80
25.50
15.90
18.00
17.75
26.50
19.75
16.25
20.00
18.50
24.75
15.00
17.75
17.50
25.75
18.85
17.95
23.03
21.18
29.20
18.13
20.90
21.25
29.51
21.76
53,367
46,258
61,982
34,945
42,507
45,221
40,455
34,605
34,100
21,072
18,524
19,926
8,922
10,635
17,035
16,555
9,201
8,280
26,422
23,511
25,332
15,780
14,124
24,689
24,864
15,137
14,699
14,439
13,049
12,832
11,075
9,886
18,465
17,426
10,953
11,001
21,560
17,773
18,261
10,146
7,980
17,907
16,871
9,988
9,515
FIRMER
FIRMER
FIRMER
WEAKER
WEAKER
SOFTER
SOFTER
WEAKER
WEAKER
49.3%
36.2%
42.3%
-8.4%
-19.3%
-3.0%
-3.2%
-8.8%
-13.5%
53.00
54.00
65.17
56,840
43,323
39,673
26,989
15,089
13,176
35,964
20,855
18,409
25,336
13,617
11,309
26,251 FIRM.......
15,017 FIRMER
12,742 FIRMER
3.6%
10.3%
12.7%
*This route replaces the Panamax grain routes, which are no longer reported and are not included in average earnings from start 2007 onwards.
"Average Earnings" are timecharter equivalents of spot freight rates, excluding waiting time off-hire etc., for standard routes/ships, for which see the "Sources & Methods"
document on our website, "SIN 2005" (www.clarksons.net). Standard Ships are indicated by the figures on the left, e.g. Modern Capesize = Standard Ship no.13.
Page 4
26-Nov-10
80
Bulkcarrier Highlights
Tripcharter Market, Freight Futures, & Bunkers
Cont/Far East
TransPacific R/V
Far East/Cont
TransAtlantic R/V
Average Panamax Earnings
Clarkson P'max Trip Index

2008
2009
2010
Oct 29
63,005
43,048
35,673
53,779
48,876
494
29,096
16,774
9,305
22,036
19,298
195
36,786
24,074
15,414
27,042
25,829
261
Nov 05
27,500
19,000
12,000
18,000
19,125
193
Nov 12
26,500
19,500
12,250
17,000
18,813
190
Nov 19
27,500
20,000
12,500
17,000
19,250
195
25,000
17,000
12,000
14,500
17,125
173
Panamax Market
28,000
16,800
10,000
22,000
19,200
194
FIRMER
STEADY
WEAKER
FIRMER
FIRMER
FIRMER
12.0%
-1.2%
-16.7%
51.7%
12.1%
12.1%
*Rates are for a Panamax vessel based on the Baltic standard BPI vessel.
Handymax
Tripcharter*
Cont/Far East
TransPacific R/V
Far East/Cont
TransAtlantic R/V
Average Earnings 52,000 dwt
Average Earnings 45,000 dwt
Clarkson Handymax Index

2008
2009
2010
51,075
35,904
31,317
46,214
41,113
36,245
497
27,178
13,588
7,663
19,383
16,914
14,741
204
31,969
20,143
13,190
24,354
22,414
19,673
271
Oct 29
Nov 05
25,000
17,250
12,000
16,750
17,750
15,938
215
22,750
16,250
11,500
16,500
16,750
14,938
202
Nov 12
Nov 19
21,500
14,750
10,500
16,500
15,813
14,063
191
20,500
11,750
9,500
15,000
14,188
12,563
171
Handymax Market
22,500
12,500
9,500
15,500
15,000
13,188
181
FIRMER
FIRM.......
STEADY
FIRM.......
FIRM.......
FIRM.......
FIRM.......
9.8%
6.4%
0.0%
3.3%
5.7%
5.0%
5.7%
* 52,000 dwt "Supramax" unless stated
Baltic Freight Indices

28-Oct
29-Oct
01-Nov
02-Nov
03-Nov
04-Nov
05-Nov
08-Nov
09-Nov
10-Nov
11-Nov
12-Nov
15-Nov
16-Nov
17-Nov
18-Nov
19-Nov
22-Nov
23-Nov
24-Nov
25-Nov
Max Value
Min Value
Avg Value
Baltic Panamax Index Trends
BPI
BCI
BSI
BDI
2465
2410
2371
2313
2288
2287
2304
2322
2361
2437
2432
2365
2294
2216
2122
2063
2038
2061
2112
2194
2290
2465
2038
2274
4272
4262
4231
4165
4060
4011
3994
3984
3938
3882
3695
3612
3530
3490
3492
3496
3526
3585
3593
3539
3381
4272
3381
3797
1768
1750
1730
1705
1680
1655
1628
1597
1580
1552
1532
1516
1495
1474
1457
1431
1389
1369
1370
1392
1443
1768
1369
1548
2707
2678
2648
2600
2542
2510
2495
2482
2467
2454
2366
2313
2261
2219
2188
2164
2155
2179
2199
2213
2200
2707
2155
2383
Regional Bunker
Markets .....
Avg.
To date
Rotterdam
Genoa
Philadelphia
Houston
Cristobal
Los Angeles
Japan
Singapore
Fujairah
2009
490
576
525
618
564
557
517
-
2010
658
689
674
739
714
709
655
-
12,000
2008
2009
2010
10,000
8,000
6,000
4,000
2,000
Week No.
0
1
11 13 16 18 21 23 26 28 31 33 36 38 40 43 45 48 50
FFA Indications at close ..

Basis Closing Mid Price
BPI 1A
BPI 2A
BPI 3A
BCI 7
BCI 4
Cape
P'max
S'max
TransAtlantic R/V, $/day

Skaw-Gib/Far East, $/day
TransPacific R/V, $/day
Bolivar/Rott $/ton
R.Bay/Rott $/ton
TC Average $/day
TC Average $/day
TC Average $/day
MDO
25-Nov
Index
19,176
26,875
17,168
15.16
12.80
32,607
18,408
15,088
Nov-10
0
25,625
17,250
15.75
12.75
36,750
18,050
15,750
380cst
Nov
Nov
Avg.
To date
19
26
718
750
743
804
785
745
724
-
707
750
758
789
771
753
705
-
2009
353
373
368
360
381
375
409
371
372
2010
447
468
464
446
471
464
515
461
465
Nov
Nov
19
26
463
473
471
460
493
490
535
480
478
469
484
488
461
488
500
538
484
492
Q1-11
0
28,000
17,750
13.38
11.50
25,250
18,750
16,875
Cal-11
0
0
0
13.13
11.50
24,375
18,400
16,250
Bunkers
This Week ....
(380cst)
HIGHER
HIGHER
HIGHER
HIGHER
LOWER
HIGHER
HIGHER
HIGHER
HIGHER
1.3%
2.3%
3.5%
0.2%
-0.9%
2.0%
0.6%
0.8%
3.0%
Bunkers are in $/t
Page 5
26-Nov-10
Panamax
Tripcharter...*
Gas & Chemical Markets

2010
Sep
Oct
LPG Market
26 Nov Trends
LPG Charter Rates, $'000/month

1,000
2008
2009
41.91
21.72
34.31 37.70
48.50
FIRMER..
29%
22,916 5,991
22,230 5,836
17,096 19,858
16,480 19,135
31,562 FIRMER..
30,247 FIRMER..
59%
58%
700
22,945
22,003
29,858
29,251
28,347
27,314
30,004
23,207
21,143
7,957
10,088
20,507
20,343
20,959
19,480
20,055
15,124
20,877
15,781
15,946
7,233
8,219
23,014
22,850
23,014
20,548
20,220
15,124
20,384
15,452
16,439
7,233
8,548
8%
8%
5%
3%
1%
0%
-1%
-1%
2%
0%
4%
500
900
16,505
16,246
20,621
19,903
20,457
18,721
24,035
18,465
17,934
6,557
8,134
21,239
21,074
21,863
19,957
20,022
15,124
20,548
15,551
16,143
7,233
8,219
FIRMER..
FIRMER..
FIRM...
STEADY...
STEADY...
STEADY...
STEADY...
STEADY...
STEADY...
STEADY...
FIRM...
800
600
78000m TCE,
Gulf - Japan
78,000m,
1 Yr t/c
400
300
200
100
0
Nov-08
Jan-09
Feb-09
Apr-09
May-09
Jun-09
Aug-09
Sep-09
Oct-09
Dec-09
Jan-10
Mar-10
Apr-10
May-10
Jul-10
Aug-10
Oct-10
Nov-10
Voyage Rates ($/mt)

44/46K mt Gulf/Jap*
T/C Equivalent, $/day
82,000m modern
78,000m modern
12 mths T/C, $/day
82,000m modern
78,000m modern
59,000m modern
57,000m
35,000m
24,000m
22,000m Semi-Ref +
15,000m Semi-Ref
8,250m Ethylene
3,500m Pressure (East)
3,200m Semi-Ref
Average
* 44K mt for 78K vessel/46K mt for 82K vessel.
Spot cargo availability east of

Suez has slowed a little this week - with
a resultant slowdown in the level of
spot freight enquiry. This has been
affected to some extent by a typical
pause while the market awaits Saudi
Aramcos CP announcement, which for
December is expected early next week.
Some spot fixtures which had

been fixed on subjects prior to the end
Voyage Rates ($/mt)

10,000 Gulf/WCIndia
15,000 Gulf/MPFE
15,000 Gulf/Med
5,000 Rott/Houston
10,000 Rott/Houston
1,000 ~ Rott/MPFE
2,000 ~ Rott/MPFE
3,000 Rott/MPFE
5,000 Rott/MPFE
2,000 ~ Houston/Rott
3,000 Houston/Rott
5,000 Houston/Rott
2,000 ~ Houston/MPFE
5,000 Houston/MPFE
10,000 Houston/MPFE
Average
2008
2009
31.66 20.61
63.23 37.06
63.23 37.06
45.61 35.32
40.40 28.75
97.88 101.90
88.92 93.95
83.99 88.94
80.87 80.64
66.95 56.19
61.89 52.10
54.73 44.98
85.32 85.85
67.85 60.35
64.05 56.82
2010
Sep
26.25
49.25
66.00
32.00
27.00
95.00
83.00
78.00
72.50
54.50
51.00
43.75
76.00
46.00
44.00
Easychems except for: ~ Stainless Steel.
Chemical freight rates ex-Europe

have been relatively stable this week,
with no change on the westbound transatlantic trade, maintaining the steady
rates which have persisted since late
October.
On the trade to the Far East, however, rates have been marked up by a
dollar for the smaller easy chems and
stainless tanks rates. Demand in Europe
Oct
25.40
47.40
66.60
32.20
27.40
95.00
83.00
78.00
73.00
55.00
52.00
44.00
83.20
53.20
51.20
Chem Market
26 Nov Trends
23.00
42.00
62.00
32.00
27.00
96.00
86.00
80.00
74.00
58.00
55.00
46.00
95.00
70.00
65.00
WEAKER.
WEAKER.
SOFTER...
STEADY...
STEADY...
STEADY...
FIRM...
STEADY...
STEADY...
FIRM...
FIRM...
FIRM...
FIRMER..
FIRMER..
FIRMER..
-9%
-11%
-7%
-1%
-1%
1%
4%
3%
1%
5%
6%
5%
14%
32%
27%
West. Some owners have already

addressed the potential imbalance,
scheduling some of their ships to ballast
back to the AG. Some of the recent
positive developments have, however,
been
counter-balanced
by
the
emergence of trader relets into the
market for December. This perhaps
explains the signs of weakness in the
Baltic Index, which has fallen slightly.
Chemical Freight Rates, $/mt

105
Rott/Far E.
Houston/Far E.
95
85
75
65
55
45
basis 5,000mt Easychems
35
Nov-08
Jan-09
Feb-09
Apr-09
May-09
Jun-09
Aug-09
Sep-09
Oct-09
Dec-09
Jan-10
Mar-10
Apr-10
May-10
Jul-10
Aug-10
Oct-10
Nov-10
Chemicals
Markets.
of last week were reported finalised and

there will be a similar number carried
over this weekend. In the West, there
has been a parallel slowdown in activity
giving rise to some concern by
shipowners that the number of open
ships in the region is set to rise, in
particular because of the recent
attractive product prices which have
tempted Middle East shipments to the
MPFE= Main Port Far East
has prevented the kind of strong firming seen in Houston-Asia rates as a result of strong Asian polymer prices.
However, there has been some upward
pressure on rates to justify higher
benchmarks.
However, eastbound rates exMiddle East Gulf have softened weekon-week. The hangover from Eid in
terms of undersupply of cargoes has
Page 6
seemingly persisted whilst prompt tonnage has built up over the holidays. Although owners are trying to sound optimistic, the available space makes it
hard to see anything other than a softer
outlook for the short term.
26-Nov-10
LPG
Market.
Liner & Offshore Markets

Liner Market Rates ($,000's/day)
Liner Market News
1,700 teu FCC

725 teu FCC
1,000 teu FCC
17,000 dwt MPP
15
10
Container / MPP /
Short Sea Markets
Container Vessels ($/Day)
Feedermax, 725 teu grd.
Handy, 1,000 teu grd.
Handy, 1,700 teu grd.
Sub-P'max, 2,000 teu g'less
Sub-P'max, 2,750 teu g'less
Panamax, 3,500 teu g'less
MPP Tonnage ($/Day)
17,000 dwt, grd. 1 yr. t/c (liner)
9,000 dwt, 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
W.Med - UK/ARAG
Nov-10
Aug-10
May-10
Feb-10
Nov-09
Aug-09
May-09
Feb-09
Nov-08
Aug-08
May-08
Feb-08
Nov-07
Aug-07
May-07
Feb-07
Nov-06
Israeli container line Zim has reported a third quarter profit

of US$37 million, compared to a loss of US$208 million in the
same period last year. Better market conditions in general and
internal restructuring are said to have contributed to the
turnaround. Revenue in Q3 climbed 77% y-o-y, to US$1bn.
Average
Liner Markets ....

Nov
Trends*
2010
2006
2007
2008
2009
Aug
Sep
Oct
9,817
12,350
17,079
18,392
22,646
26,583
9,054
12,500
16,613
19,696
26,292
29,958
7,563
10,346
14,108
16,313
21,958
26,125
3,558
4,075
4,754
5,054
5,638
6,575
5,200
7,300
8,500
10,000
14,000
18,250
5,300
7,350
8,750
10,100
14,000
19,000
5,300
7,500
8,250
9,800
13,000
16,500
5,300
7,500
8,250
9,800
13,000
16,500
FIRM.......
FIRM.......
STEADY...
FIRMER...
STEADY...
STEADY...
6%
5%
3%
11%
1%
0%
12,083
10,192
14,792
10,708
17,792
8,763
9,412
9,747
10,500
7,200
10,500
7,200
10,250
7,200
10,250 STEADY...
7,200 FIRM.......
2%
7%
21.64
13.03
15.97
32.19
25.86
28.61
16.07
22.53
37.00
29.69
32.67
18.05
28.80
44.85
37.08
17.43
12.57
16.32
26.75
22.94
21.13
12.81
17.13
30.63
22.88
21.50
12.81
17.81
31.44
23.31
23.30
15.00
19.30
33.80
25.05
25.75
17.50
21.50
37.00
26.75
FIRMER...
FIRMER...
FIRMER...
FIRMER...
FIRM.......
11%
17%
11%
9%
7%
*3-mnth 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.
Offshore Vessel
Market
AHTS 7-12,000 Bhp
AHTS 12,000+ Bhp
PSV < 3,000 Dwt
PSV > 3,000 Dwt
Average
Offshore Market
26 Nov This Month
2010
2006
2007
2008
2009
Aug
Sep
Oct
40,706
55,935
22,170
26,119
34,122
51,559
21,601
26,074
24,066
51,533
15,535
19,855
11,645
19,242
6,095
6,929
20,354
20,252
16,021
19,631
14,465
17,813
15,042
18,408
7,271
10,443
7,972
9,444
5,936
8,538
5,750
6,223
WEAKER...
WEAKER...
WEAKER!!...
WEAKER!!...
-18%
-18%
-28%
-34%
Note: Rates are based on the averages of reported fixtures in the North Sea in /day, supplied by One Offshore UK Ltd.
No. Vessels, end

2007
2008
2009
Oct-10
Fleet:*
3-week moving average
120
2,357
1,821
886
2,758
7,822
2,514
1,944
940
2,848
8,246
2,815
2,071
988
2,927
8,801
712
335
33
237
1306
699
309
35
242
1277
483
202
24
183
890
2,990
2,125
1,005
2,975
9,095
AHTS >12,000Bhp
90
60
30
Sep-10
Jun-10
Mar-10
Dec-09
Jun-09
Sep-09
Mar-09
Dec-08
Jun-08
Sep-08
Mar-08
0
Dec-07
320
193
7
144
664
Jun-07
Orderbook:
Anchor Handling Tug/Supply
PSV/Supply
Crew/Workboat
Other Types
All Offshore Vessels
AHTS Freight Rates
,000/day
Sep-07
Anchor Handling Tug/Supply

PSV/Supply
Crew/Workboat
Other Types
All Offshore Vessels
150
Mar-07
Offshore Fleet
& Orderbook.
Dec-06
20
The Offshore Fleet published above has been expanded as of 1st September 2010 to include all vessels >100 GT. This adds 2,300 smaller vessels to CRS's fleet coverage.
Page 7
26-Nov-10
Maersk Line is reported to be in talks to sign a deal for a

series of containership vessels, rumoured to be of around 18,000
TEU, which would be the biggest boxship vessels in the world
upon completion. It is reported that a LOI could be signed
before the end of the year for the potential order. Negotiations
are said to be taking place around the design of the vessels,
which could be the first to be powered by LNG in a bid to make
them more environmentally friendly. If such an order goes
ahead, the ships are likely be due for delivery in 2012-14 and
may come with an option for further vessels.
25
Secondhand Prices
Three Month
Nov Trend
-20%
-30%
-40%
-50%
0 0
Page 8
Oct '10
Jul '10
Apr '10
Jan '10
Oct '09
Jul '09
-60%
Short Term Bulk Trends

100%
% Year on Year
5-year-old Bulker
Price Index
Percentage
Change
Year-On-Year
80%
60%
40%
20%
0%
-20%
-40%
-60%
-80%
-2%
ALL VESSELS
225 156 142
145 STEADY...
"End 2008 values subject to uncertainty. 3-month trend is the average of the last three months over the average of the previous three months.
Oct '10
Oct '09
Oct '08
Oct '07
Oct '06
Oct '05
-10%
Oct '10
2007 2008" 2009
8%
1%
4%
5%
0%
0%
0%
Apr '09
-2%
-3%
-4%
-6%
2%
-5%
2%
13%
2%
2%
2%
-2%
-3%
-4%
-4%
-6%
-3%
-1%
Jul '10
End Year, $m
5-year-old Tanker
Price Index
Percentage Change
Year-On-Year
Apr '10
Clarkson
Index
30%
10%
Three Month
Nov Trend
3,500 teu
10 yrs
36.5 FIRM....
1,700 teu
10 yrs
16.3 STEADY...
725 teu
10 yrs
8.5 FIRM....
10-y-o Container Index
86.2 FIRM....
Ro-Ro 2,500 lm* 10 yrs
22.5 STEADY...
Ro-Ro 1,250 lm* 10 yrs
10.5 STEADY...
*Ro-Ro prices in euros, historical data converted using historical exchange rates
Short Term Tanker Trends

% Year on Year
Jan '10
2009
15.5
8.5
5.5
49.2
22.5
10.8
50
Oct '09
2008"
29.0
12.5
9.8
81.0
24.0
14.5
100
Jul '09
2007
49.5
26.5
14.0
136.8
25.0
15.5
150
Apr '09
End Year, $m
200
20%
Before Oct-08: *150k dwt. Before Jan-10: ^73k dwt #60k dwt ~52k dwt 42-45k dwt.
Container &
Ro-Ro Prices
250
Oct '08
STEADY...
SOFTER...
SOFTER...
SOFTER...
STEADY...
SOFTER...
STEADY...
FIRMER...
STEADY...
STEADY...
STEADY...
STEADY...
STEADY...
SOFTER...
SOFTER...
SOFTER...
SOFTER...
STEADY...
300
Oct '08
55.5
41.0
23.0
15.0
39.5
30.0
23.5
15.0
36.0
33.0
26.0
21.0
13.0
25.0
21.5
14.0
10.0
198
15%
45.0 55.0
31.0 44.0
22.0 27.5
13.0 16.0
26.0 36.0
20.0 27.5
12.5 21.5
9.0 11.0
26.5 30.0
24.5 27.0
18.0 21.5
13.0 17.0
7.5 11.0
20.5 22.0
16.0 17.0
10.0 12.5
5.0
8.0
151 175
-64% 16%
350
Jul '08
150.0
105.0
88.0
59.0
88.5
72.0
61.0
44.5
75.0
75.0
60.0
46.5
36.0
44.0
40.0
33.0
26.0
423
77%
Tankers
Jul '08
170,000 dwt
5 yrs
170,000 dwt *
10 yrs
150,000 dwt
15 yrs
150,000 dwt
20 yrs
76,000 dwt ^
5 yrs
72,000 dwt
10 yrs
69,000 dwt
15 yrs
69,000 dwt #
20 yrs
56,000 dwt ~
3 yrs
56,000 dwt ~
5 yrs
45-48,000 dwt 10 yrs
42-45,000 dwt
15 yrs
42-45,000 dwt
20 yrs
28-30,000 dwt
5 yrs
28-30,000 dwt
10 yrs
28-30,000 dwt
15 yrs
27,000 dwt
20 yrs
5-y-o Bulker Index
12 month Change
400
Apr '08
2007 2008" 2009
Bulkers
Apr '08
Bulkcarrier
Prices...
Three Month
Nov Trend
End Year, $m
450
Jan '09
0%
Before Feb-10: *300k dwt '250k dwt #150k dwt ^95-97k dwt s/h ~70k dwt 65k dwt.
500
Jan '09
-3%
-3%
-4%
1%
1%
-3%
-4%
-2%
-2%
0%
-2%
-3%
-4%
-6%
-5%
-5%
-3%
550
Oct '04
STEADY...
SOFTER...
SOFTER...
STEADY...
STEADY...
SOFTER...
SOFTER...
STEADY...
STEADY...
STEADY...
STEADY...
STEADY...
SOFTER...
SOFTER...
SOFTER...
SOFTER...
STEADY...
Index, Start 2000 = 100
Oct '03
0%
-2%
-3%
Oct '02
60.5
50.5
12.0
59.0
52.0
42.0
28.0
44.5
36.0
266
7%
93.0 70.0
78.0 56.5
63.0 43.0
64.0 53.0
54.0 41.5
43.0 24.0
28.0 13.0
49.0 35.0
39.0 22.0
7.0
4.7
47.0 32.0
37.0 23.0
27.0 15.5
17.0 10.0
30.5 19.5
23.0 14.0
197 133
-26% -32%
Long Term Price Trends
STEADY...
STEADY...
STEADY...
Jan '08
102.0
92.0
74.0
80.0
70.0
60.0
115.0
86.0
60.0
39.0
71.0
60.0
44.0
59.0
44.0
29.0
15.0
38.0
28.0
5.3
36.0
26.0
18.5
11.0
23.0
15.5
148
12%
Jan '08
155.0 134.0 98.0

135.0 104.0 79.0
110.0 74.0 59.0
Oct '01
310,000 dwt d/h Resale

310,000 dwt d/h * 5 yrs
300,000 dwt d/h 10 yrs
265,000 dwt d/h' 15 yrs
160,000 dwt d/h # 5 yrs
150,000 dwt d/h 10 yrs
105,000 dwt d/h
5 yrs
105,000 dwt d/h ^ 10 yrs
95,000 dwt d/h
15 yrs
73,000 dwt d/h ~ 5 yrs
70,000 dwt d/h 10 yrs
65,000 dwt s/h
20 yrs
Resale
51,000 dwt d/h
47,000 dwt d/h
5 yrs
45,000 dwt d/h
10 yrs
45,000 dwt d/h
15 yrs
37,000 dwt d/h
5 yrs
35,000 dwt d/h
10 yrs
5-y-o Tanker Index
12 month Change
Asset Play in Focus
Oct '07
2007 2008" 2009
Three Month
Nov Trend
Oct '07
End Year, $m
26-Nov-10
Oil Tanker
Prices
Sales Volumes & Values
Tankers:
No.
220
200
180
Value
160
140
120
100
80
60
40
20
Volume
0
Nov-05
Mar-06
Jul-06
Nov-06
Mar-07
Jul-07
Nov-07
Mar-08
Jul-08
Nov-08
Mar-09
Jul-09
Nov-09
Mar-10
Jul-10
7,000
6,500
6,000
5,500
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
$m.
Tanker
Sales* ....
VLCC
Suezmax
Aframax
Handy/Pmax
Total No. Sales
Total DWT (,000)
Total Value ($ m)
Type:
Type:
Capesize
Panamax
Handymax
Handysize
Total No. Sales
Total DWT (,000)
Total Value ($ m)
Y-t-d
Oct
2009
2010
2010
26
14
23
83
146
14,558
3,391
48
20
33
146
247
26,317
6,553
6
3
16
25
2,796
556
Y-t-d
Oct
2009
2010
2010
48
129
153
245
575
31,578
8,594
48
100
120
176
444
26,796
9,665
4
14
7
22
47
2,741
986
Y-t-d
Oct
Other
Sales ....
2009
2010
2010
Total No. Sales

Total dwt (,000s)
Total Value ($ m)
494
5,211
3,116
493
7,653
4,920
30
553
300
Y-t-d
Oct
2009
2010
2010
219
28
14
214
33
30
1,215
51,346
15,101
294
183
52
17
132
24
32
1,184
60,766
21,139
348
21
8
1
10
3
2
102
6,090
1,842
302
Total
Sales .....
Buyers: Greece
Norway
Germany
China P.R.
UK
South Korea
Total No. Sales
Total Dwt (,000)
Total Value ($m.)
Average $/Dwt
SLS Shipbuilding has sold an MR tanker (49,700 dwt, non-IMO pump room
design), on the basis of a charter free delivery from the yard in January 2011. The
buyers are rumoured to be Egyptian Tanker Company, who are purchasing the
vessel for a price in the region of $38.5m. If this is correct then it represents a very
firm price, especially as there are comparable units currently available at more
competitive price levels.
Dry Cargo:
Revised: Suezmax = 120-200k dwt, Aframax = 80-120k dwt
Bulker
Sales* ....
Clients of Euronav continued their ongoing fleet renewal programme by selling the
PACIFIC LAGOON (305,839 dwt, built 1999 Mitsubishi H.I.), to Grand China
for $54.75m on the basis of a charter free delivery in Q1 2011. This is the second
vessel Grand China has purchased from these owners. In February, they acquired
the ex-NAMUR (298,552 dwt, built 2000 Hitachi Zosen), for $58.5m. Euronav
have been fairly active in the disposal of their older VL tonnage this year. In
August, they sold the ex- TI CREATION (298,324 dwt, built 1998 Daewoo), for
$55.5m to clients of Andros Maritime.
The biggest talking point of this week has been within the PostPanamax/Kamsarmax sector where there have been several interesting sales.
Firstly, Italian owners Setsea S.P.A. have sold the BENEDETTA D'AMATO
(92,500 dwt, built 2010 Jiangsu New Yangzijiang) for $46m to clients of Mercator
with timecharter attached (to commence on delivery) at $21,400/day for a
minimum of 83 and a maximum of 86 months. Elsewhere, clients of Clemko are
rumoured to have sold the first of their four Kamsarmaxes at Hyundai Mipo, for
delivery in September 2011, for $42m to Greek owners, although we understand
there are some outstanding subjects. In terms of 1990s built tonnage, clients of
Oceanfreight have sold both of the Italian built Panamaxes, TRENTON and
AUSTIN (75,264 dwt, built 1995 Fincantieri) for $22m each.
In the Handymax sector, Japanese owners have sold the SILKY OCEAN (45,665
dwt, built 1995 Tsuneishi Zosen, C4x25T) to Greek interests for a firm $21.6m.
The other sale within this sector is that of the Taiwanese controlled NEW
ETERNITY (45,741 dwt, built 1994 Hashihama Zosen, C4x25T) which has been
sold for slightly in excess of $20m. The two 1990s built Handysize vessels sold
this week have both come from Japanese owners. Firstly, Taiwanese buyers have
purchased the GLOBAL DIAMOND (24,834 dwt, built 1997 Kanasashi K.K.,
C4x30T) for $13.5m with 4+1 years timecharter attached at $10,000/day.
Elsewhere, the SANTA CHRISTINA (25,378 dwt, built 1996 Imabari S.B.,
C4x30T) has been sold for $13m.
With regards to over-aged tonnage, clients of HOSCO have sold the Capesize
HEBEI WISDOM (182,212 dwt, built 1986 Hitachi Zosen) for $14m and, lastly,
the VOYAGER (33,347 dwt, built 1985 Kanda Zosensho, C4x25T) has been
sold for $8.5m with 2 year timecharter attached at $13,500/day.
Baltic Sale & Purchase Assessments (weekly)

(Based on max. 5-year old vessels, as published by
As of the 22nd November 2010.
VLCC (305,000 DWT):
Aframax (105,000 DWT):
MR Product tanker (45,000 DWT):
Capesize (172,000 DWT):
Panamax (74,000 DWT):
Super Handy (52,000 DWT):
Note: H. Clarkson brokers did not contribute to the above
Assessment rates.
the Baltic Exchange)

$87.778m
$44.387m
$26.406m
$55.175m
$38.920m
$32.536m
Baltic Sale & Purchase
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".
26-Nov-10
Sale & Purchase Market
Recent Ship Sales by Vessel Type

Vessel name
Dwt/Unit Blt.
2010
1999
1995
1994
1992
1999
2008
1998
1991
1991
2002
2010
1977
2008
2008
2008
1989
1995
1986
1992
1990
1991
1992
1992
1998
2008
1970
1969
1969
2005
1996
1985
2011
1984
1996
1994
1998
1999
1996
1988
1995
1994
1996
2010
1995
1995
1985
1986
2011
1997
1990
2010
2010
2010
1995
1981
1983
1998
2010
1997
1997
2007
1992
Yard
SLS Shipbuilding
Mitsubishi H.I.
Odense Lindo
Odense Lindo
Cochrane S.B.
Asakawa S.B.
Zhenjiang Sopo
Higaki Zosen
Aarhus Flydedok
Aarhus Flydedok
Pan United
Yuexin S.B.
Schpsw. De Waal
Daewoo
Daewoo
Daewoo
Hanjin H.I.
Shitanoe Zosen
Mitsubishi H.I.
Kawasaki S.B.
Kyokuyo S.Y.
Mitsubishi H.I.
Kyokuyo S.Y.
Kyokuyo S.Y.
Jiangzhou S/Y
Fujian New Shenghai
Bayerische
Frederikshavn
Frederikshavn
Miyoshi Zosen
Sasebo H.I.
Halla Eng.
Nordic Yards Wismar
Shin Kurushima
Imabari S.B.
Hanjin H.I.
Stocz. Szczecin
Murakami Hide
Iwagi Zosen
Kawasaki H.I.
Tsuneishi Zosen
Hashihama Zosen
Imabari S.B.
Jiangsu New YZJ
Fincantieri
Fincantieri
Kanda Zosensho
Hitachi Zosen
Hyundai Mipo
Kanasashi K.K.
NKK Corp.
Jiangsu Qinfeng
Zhejiang Zhenghe SB
Zhejiang Zhenghe SB
Kanasashi K.K.
Hakodate Dock
Shin Kurushima
Mitsui SB
Daehan S.B.
Minami Nippon
Sumitomo H.I.
Iwagi Zosen
Imabari S.B.
ii
Date
Price $m.
Buyers
25-Nov
region
38.5 Clients of Egyptian Tanker Co
22-Nov
54.75 Clients of Grand China
15-Nov for conversion
27 Clients of OGX Petroleum & Gas
15-Nov for conversion
27 Clients of OGX Petroleum & Gas
08-Nov
2 Undisclosed interests
23-Nov
8.5 South Korean interests
23-Nov
at auction
6 Greek interests
09-Nov
5.5 Undisclosed interests
08-Nov
11 Clients of Gazprom
08-Nov
# Clients of Gazprom
19-Nov
10 Clients of PT Bahtera Nusantara
15-Nov
22 Malaysian interests
Clients of Euroflow Designs
10-Nov
undisclosed
26-Nov cash+50%avance
Clients of Avance Gas
22-Nov
3.2 Clients of Lucky Marine
22-Nov ss/dd overdue
5.2 Korean interests
11-Nov
10 Clients of Naftomar
10-Nov
15 Clients of Siam Gas
10-Nov
05-Nov
14 Clients of Petredec
19-Nov
6 Clients of Allcargo Logistics
19-Nov
# Clients of Allcargo Logistics
12-Nov
25-Nov
at auction
EUR3 Clients of Great Option Investment
Clients of Island Flag Shipping
23-Nov
undisclosed
23-Nov
undisclosed
Undisclosed interests
23-Nov
undisclosed
Carribbean based interests
17-Nov
undisclosed
15-Nov
undisclosed
08-Nov
undisclosed
Greek interests
24-Nov
39.9 Clients of Hammonia Reederei
18-Nov
1.8 Malaysian interests
18-Nov
undisclosed
16-Nov
7
11 South American interests
15-Nov dely JAN/APR11
09-Nov
high
7 Clients of Sinokor
05-Nov
8 Far Eastern interests
05-Nov dely APR/2011
8.1 Clients of Goldenport
26-Nov
21.6 Greek interests
26-Nov slightly excess
26-Nov
high
46 Clients of Mercator
26-Nov 83-86mthTC@$21k
24-Nov
low
24-Nov
low
8.5 Greek interests
24-Nov 2yrsTC@$13.5k
24-Nov
22-Nov
42 Greek interests
13.5 Taiwanese interests
22-Nov 4+1 yrsTCB@$10k
18-Nov
excess
18-Nov
30 Chinese interests
61 Clients of Ship Finance
# Clients of Ship Finance
17-Nov
16-Nov
4.1 Chinese interests
16-Nov
6.3 Far Eastern interests
15-Nov
excess
15-Nov
63-64 Greek interests
10-Nov
09-Nov
26.7 Clients of Nordsul
36.5-37 Clients of Vinalines
09-Nov
09-Nov
18.5 Greek interests
26-Nov-10
Vessel Type
N/B RESALE HULL 496

Tanker
D/Hull
49,700
Tanker
D/Hull
Pacific Lagoon
305,839
Tanker
S/Hull
Gemini Star*
301,862
Tanker
S/Hull
Suhail Star*
301,862
Tanker
D/Hull
Forth Bridge
5,800
TankChem IMO II/III
Southern Orchis
8,336
TankChem IMO II
Golden Emerald
6,436
TankChem IMO II/III
Golden Kaori
9,224
TankChem IMO II
Trans Sund*
4,794
TankChem IMO II
Trans Vik*
4,750
Offshore
AHTS
Temasek Sepinggan
1,200
Offshore
AHTS
Redfish 1
8,000
Offshore
Support
Noordhoek Singapore
2,078
Gas C'rier 83,000 cu.m Thetis Glory*
54,789
Gas C'rier 83,000 cu.m Venus Glory*
54,474
Gas C'rier 83,000 cu.m Iris Glory*
54,707
Gas C'rier 4,005 cu.m
Kinna
3,231
Oriental Sky
2,924
Gas C'rier 82,513 cu.m Joyama
49,999
Gas C'rier 75,203 cu.m Noto Gloria
49,412
Lady Barbara
3,983
Gas C'rier 78,476 cu.m Sunway
48,980
Dry MPP
430 teu.
CIC Belem*
6,273
Dry MPP
430 teu.
Artne*
6,262
Dry MPP
366 teu.
Sirocco
5,196
Dry Genl
2x35t cr.
Lehmann Forester
8,620
Dry Genl
Gearless
Adriane
1,307
Dry Genl
Gearless
Nortic
1,200
Dry Genl
2x5t dr.
Katrine Krog
1,170
Dry Genl
1x60t cr.
Sunroad Tsuwano
9,640
Dry Genl
2x15t cr.
Yasemin
6,830
Dry Genl
2x20t dr.
Amsterdam
6,726
Container 2,800 teu.
Positano
38,000
Container 450 teu.
Xin Hai Yuan
8,616
Oriental Bright
16,500
Harmony
21,480
Nordstar
22,900
Container 566 teu.
Vsico Promote
8,515
Container 927 teu.
Siam 1
15,628
Clifton Bridge
47,539
Bulk
Str. Hvy.
Silky Ocean
45,665
Bulk
4x25t cr.
New Eternity
45,741
Bulk
4x30t cr.
Santa Christina
25,378
Bulk
Str. Hvy.
Benedetta D'Amato
92,500
Bulk
Str. Hvy.
Austin*
75,264
Bulk
Str. Hvy.
Trenton*
75,265
Bulk
4x25t cr.
Voyager
33,347
Bulk
Str. Hvy.
Hebei Wisdom
182,212
N/B RESALE HULL
81,920
Bulk
Str. Hvy.
Bulk
4x30t cr.
Global Diamond
24,834
Bulk
Str. Hvy.
Songa Peak
151,148
Bulk
Str. Hvy.
Chane Navigator
54,347
N/B RESALE HULL ZH1019*
57,000
Bulk
4x35t cr.
N/B RESALE HULL ZH1020*
57,000
Bulk
3x14t cr.
Bulk
4x30t cr.
ID Harmony
23,712
Bulk
5x25t cr
Agios Minas
29,002
Bulk
5x25t cr.
Feroi
37,092
Bulk
Str. Hvy.
Energy Trade
77,679
Bulk
Str. Hvy.
Blue Annapurna
180,000
Bulk
4x30t cr.
Orient Saori
30,835
Bulk
Str. Ore.
Golden Shadow
73,500
Bulk
4x30t cr.
Nord Brave
53,529
Bulk
Str. Hvy.
PB Eagle
97,119
* En bloc Sales. #En Bloc price shown under first ship of bloc.
Bulk Fleet Changes

Bulk Fleet
Changes...
Oil Tanker Fleet

2009
Fleet 1st January
No.
Dwt
4,921 406,916
Changes:
Deliveries
Sold For Scrap
Losses
Misc. Additions
Misc. Removals
Net Change During Year
573
130
1
41
116
367
2010 to date
No.
Dwt
2009
No.
5,288 436,002
48,054
8,363
94
1,679
12,189
29,086
415
187
38,535
11,639
16
78
166
864
12,739
15,021
2010 to date
Dwt
No.
6,976 418,010
531
246
6
104
47
336
Combo Fleet
42,505
9,986
232
10,880
1,671
41,496
Dwt
2009
No.
7,312 459,506
842
103
4
57
49
743
68,479
5,004
315
4,573
1,573
66,160
2010 to date
Dwt
81
7,847
10
722
1
2
-11
70
Fleet End Yr/ Yr to Date

5,288 436,002
5,454 451,023
7,312 459,506
8,055 525,665
Vessels over 10,000 dwt only are included in the analysis in this table. Great Lakes Only vessels are excluded.
No.
Dwt
70
7,072
1,599
76
130
-775
1,599
7,072
75
8,671
Deliveries & Other Additions..

Type
Date
Vessel Name
Flag
Year
Built
Dwt
Owner
Bulk
Bulk
MPP/Hvy. Lift
Bulk
GCargo
Tanker
Bulk
Bulk
Chem & Oil
Bulk
Bulk
Chem & Oil
Chem & Oil
Bulk
PCC
PCC
Nov'10
Nov'10
Nov'10
Nov'10
Nov'10
Nov'10
Nov'10
Nov'10
Nov'10
Nov'10
Nov'10
Nov'10
Nov'10
Nov'10
Nov'10
Nov'10
Lan Hai Fen Jin

Orchard Bulker
Hyundai Phoenix
Yue Dian 83
BBC Magellan
S.Leader
Mercurius
Percival
Wilutama
Anna Meta
Orient Accord
Shanxin
Shanren
Crystal Tiger
CSAV Rio Bueno
CSAV Rio Blanco
PRC
SG.
AT.
H.K.
AT.
PA.
CY.
CY.
H.K.
LI.
MA.
PRC
PRC
PA.
LI.
LI.
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
57,000
32,500
10,128
87,000
6,264
4,800
34,538
176,000
26,198
54,619
33,500
6,575
6,575
180,000
11,315
11,369
Guangdong Lanhai
Lauritzen Bulkers
Harren & Partner
Guangdong Yuedian
Briese-Schiffahrts
Nissho Odyssey
Frangoulis S/Mngt.
Intership Nav. Co.
Berlian Laju Tanker
Blumenthal, Johann
Interorient Nav. Co.
CSIC-IMC Shipping
CSIC-IMC Shipping
Mitsui O.S.K. Lines
F. Laeisz
F. Laeisz
Bulk
Open Hatch
Chem & Oil
Chem & Oil
Chem & Oil
RoPax
Nov'10
Nov'10
Nov'10
Nov'10
Nov'10
Nov'10
Sea Master
Thor Champion
Topaz
Violet
Malou Theresa
Asakaze 21
BM.
TH.
TU.
MA.
MA.
JA.
1985
1982
2009
2008
2008
2009
23,743
25,150
2,655
7,080
7,842
1,233
Uniteam Marine Ltd.

Thoresen Thai Agen.
Kaman Denizcilik Pet
Chemmariner Shpg.
Tank. Herning A/S
Kita Nippon Kaiun
Shipyard & Yard No.

Xiamen S.B.
Jiangmen Nanyang
Kouan S.B.
Hudong Zhonghua
Dalian Fishing
Miyoshi Zosen
$m 28.50
117
$m 45.00
New Times S.B.

Shin Kurushima
Mitsui SB
Weihai Samjin
H1550A
2008-1203
405
H4056
0117637
5710
1790
1017
Chongqing Chuandong
HT0106
SPP Shipbuilding
Contracted
Price
$m 90.00
$m 35.00
HT0105
Imabari S.B.
8091
Lujiashi Zhoushan 2076
Lujiashi Zhoushan 2075
Chongqing Chuandong
Misc.Add.Prev.Demo.
Misc.Add.Prev.Demo.
Misc.Add.Prev.Dely
Misc.Add.Prev.Dely
Misc.Add.Prev.Dely
Misc.Add.Prev.Excld.
Scrapping & Other Removals..

Type
MPP
MPP
Date Vessel Name
Flag
Year
Built
Dwt
PCC
Ro-Ro
GC Liner
L.P.G.
Chem & Oil
Bulk
Chem & Oil
Tanker
Harbour Tug
Gravel/Stone
Reefer
GCargo
Bulk
Nov'10
Nov'10
Nov'10
Nov'10
Nov'10
Nov'10
Nov'10
Nov'10
Nov'10
Nov'10
Nov'10
Nov'10
Nov'10
Nov'10
Nov'10
Nov'10
Mikue
Eastern Sea
Southern Arrow
Astro Venus
Fu Han Kou
Bolan
Berge Racine
Bow Panther
Maha Vidya
Ustica
Ocean Power
Mermaid Warrior
Pieter
Storm Bay
Asrar-a-Mostafa
Our River
CS.
MA.
CB.
PA.
PA.
PK.
NIS
SG.
IN.
PA.
SG.
AU.
NE.
SG.
BA.
CS.
1980
1984
1984
1982
1986
1980
1985
1986
1977
1986
1983
1969
1965
1983
1978
1983
7,906
12,665
6,549
12,464
9,300
18,144
63,296
39,422
27,451
24,225
127,778
Bunkering
GC Liner
Bulk
GCargo
Bulk
Bulk
Nov'10
Nov'10
Nov'10
Nov'10
Nov'10
Nov'10
W-O Budmo
Bien Dong 02
Jianmao 9
Guang Ming
Fubo
Huai Hai
M.I.
VN.
PA.
PRC
PA.
PRC
2006
1960
1976
1965
1974
1962
GCargo
Owner
Breakers
Ldt
India
Bangladesh
P.R.C.
India
P.R.C.
Pakistan
India
India
Pakistan
India
Bangladesh
802
11,720
7,200
75,105
Glomar Supplies Ltd

Alunited Maritime
Pamela Corp.
Kambara Kisen
NYKCOS Car Car.
Pakistan Nat. Shpg.
BW Gas
Odfjell ASA
Five Stars Shpg.
Gabes Marine Tankers
Ocean Tankers Pte
Mermaid Marine Group
Van Oord
Oceanlink Management
AK Ship Mngt. & Serv
Holyman Ltd.
7,654
10,395
34,456
14,987
27,709
26,754
W-O Shipping Group

Vinaship
Jian Mao Intl. Shg.
Guangdong Sun
China Shpg. (Hainan)
China Ocean (COSCO)
Misc.Rem
Loss
Loss
Misc.Rem.Prev.Demol.
Misc.Rem.Prev.Demol.
Misc.Rem
iii
India
Bangladesh
Bangladesh
Price
$/ldt
$m.
2,458
2,014
9,508
385.0
450.0
0.78
4.28
5,635
21,978
9,689
6,861
448.0
460.0
478.0
455.0
2.52
10.11
4.63
3.12
470.0
6,384
26-Nov-10
(No. Vessels ,000dwt)
Bulk Carrier Fleet
Timecharter Fixture Record

Latest Tanker Timecharter Fixtures...
24-Nov
24-Nov
23-Nov
19-Nov
19-Nov
15-Nov
15-Nov
15-Nov
08-Nov
08-Nov
08-Nov
08-Nov
04-Nov
04-Nov
02-Nov
01-Nov
01-Nov
01-Nov
01-Nov
01-Nov
01-Nov
27-Oct
25-Oct
25-Oct
25-Oct
15-Oct
14-Oct
14-Oct
Charterer
Vitol
Repsol
Stena
Stena
Stena
Shell
Shell
TTMI
Shell
Shell
Shell
Shell
Cosco
Cosco
Hanjin Shpg
BP
Oman Shipping
Norden
Emarat
BP
Trafigura
Petrobras
AET
Scorpio
Scorpio
Scorpio
BP
BP
Vessel Name
Futura
SKS Sira
Alhani
Samraa Alkhaleej
Alhani
Ocean Lady
True.
United Ambassador
Genmar Concord
Stena Concert
Stena Contest
Stena Consul
Yiangos
Kaliope
Arion
Eships Falcon
Pyxis Delta
Formosa 14
Uacc Consensus
Atlantas
Saham
TI Oceana
Blue Topaz
Hellespont Progress
Hellespont Prosperity
Marcela Lady
Kazdanga
Eurochampion 2004
D/
C
C
D
D
D
D
D
D
D
D
D
D
C
C
C
C
D
C
D
D
C
C
C
D
D
Year
Built
2006
2002
2007
2006
2007
2002
2010
2007
2004
2004
2005
2004
2010
2010
2001
2010
2010
2005
2005
2010
2003
2010
2006
2006
2007
2005
2007
Dwt
40,000
159,435
113,000
114,000
113,000
105,000
115,917
73,000
47,000
47,000
47,000
47,000
296,000
296,000
308,459
51,000
51,000
46,000
46,000
320,000
441,585
73,727
73,715
46,000
37,312
164,608
Spd
Cons.
16
15
74
50
15
15
15
44
49
15
16
17
14
16
15
105
145
33
67
Period
12 Mths
2 Yrs
6 Mths
6 Mths
6 Mths
12 Mths
12 Mths
12 Mths
2 Yrs
2 Yrs
2 Yrs
2 Yrs
5 Yrs
5 Yrs
12 Mths
6 Mths
27 Mths
3 Yrs
12 Mths
12 Mths
3 Mths
6 Mths
5 Yrs
2 yrs
2 yrs
6 Mths/6 Mths
2 Yrs
2 Yrs/1 Yrs
Rate
$ per Day
$ 11,000
$ 22,500 + P/S
$ 22,000 + P/S
$ 22,000 + P/S
$ 22,000 + P/S
$ 17,900
$ 18,000
$ 15,350
Delivery
Date
Place
Nov 10 Caribs
Dec 10
Nov 10
$ 10k/12k/14k/16k per 6 Mths

$ 10k/12k/14k/16k per 6 Mths
$ 10k/12k/14k/16k per 6 Mths
$ 10k/12k/14k/16k per 6 Mths
$ 36,500 + P/S
$ 36,000 + P/S
$ 28,750
Nov 10
$ 14,500
$ 14,000
Sub $ 14,000
$ 32,000
$ 37,500
Nov 10
Nov 10
Nov 10
$34,000 + p/s yrs 3-5
$16,500
$16,500
$ 12,000
$ 25,000 + P/S
$ 25,000
Oct 10
Oct 10
Oct 10
Latest Dry Bulk Timecharter Fixtures...

Reported
25-Nov
24-Nov
24-Nov
24-Nov
24-Nov
23-Nov
22-Nov
22-Nov
22-Nov
19-Nov
19-Nov
19-Nov
19-Nov
19-Nov
18-Nov
18-Nov
17-Nov
16-Nov
15-Nov
15-Nov
11-Nov
11-Nov
11-Nov
11-Nov
11-Nov
10-Nov
10-Nov
Charterer
Korean Chtrs
GMI
Noble
Rio Tinto
Oldendorff
Cargill
Norden
Minmetal
Minmetal
Swiss Marine
Cargill
Cargill
Transgrain
Classic Maritime
Vitol
Transgrain
Swiss Marine
Swiss Marine
TA Bulk
Cargill
CNR
Swiss Marine
Swiss Marine
GMI
GMI
Dreyfus
Sinochart
Vessel Name
Equinox Voyager
Goldeneye
Georgios S
F. D. Jacques Graubart
Micaela Della Gatta
Galini
Marina
Aliki
Ocean Qingdao
Grain Harvester
Ocean Freedom
Marylaki
Megalohari
Giant Ace
Navios Star
Mary Gorgias
Brilliance
Aeolian Glory
Maple Pioneer
Pollux
Osprey I
Nyon
Libertas
Ocean Lily
Navios Titan
Amoy Dream
Golden Heiwa
Year
Built
Dwt
2002
2001
2001
2007
2006
2005
2000
2005
2010
2004
2010
2010
2004
2009
2002
2008
1990
1995
2008
2007
2002
1999
2007
2006
2005
2010
2007
50,832
52,285
74,242
76,588
82,790
56,015
75,122
180,235
76,000
76,417
55,000
58,470
76,633
179,147
76,662
75,204
149,349
157,991
32,500
32,017
50,206
73,035
74,930
76,585
82,936
57,000
76,662
Spd Cons.
Period
3-5 Months
12 Months
3 Months
3-5 Months
5-7 Months
4-6 Months
4-6 Months
59-61 Months
5 Years
3-5 Months
4-6 Months
3-5 Months
3-5 Months
3-6 Months
2 Years
3-5 Months
4-6 Months
14-16 Months
3-5 Months
3-5 Months
12 Months
18-20 Months
11-13 Months
4-6 Months
23-25 Months
3-5 Months
4-6 Months
iv
Rate
$ per Day
Date
Delivery
Place
$16,000
$17,000
$19,500
$19,750
$19,500
$15,400
$19,250
$26,500
$18,900
$20,000
$15,500
$15,250
$19,250
$30,000
$18,000
$19,750
$24,000
$24,500
$14,000
$14,000
$18,500
$20,000
$20,000
$21,500
$20,000
$20,000
$23,000
Prompt
25Nov-05Dec
27Nov-30Nov
26Nov-30Nov
Prompt
03Dec-05Dec
21Nov-23Nov
01Mar-31Mar
01Jun
21Nov-23Nov
25Nov
25Nov
19Dec-25Dec
05Dec-07Dec
01Dec-01Jan
Prompt
22Nov-25Nov
Prompt
18Nov-21Nov
20Nov-22Nov
01Nov
01Apr
17Nov-20Nov
15Nov
23Nov-25Nov
15Nov
Prompt
Dalian
Toyama
Cape Passero
Kaohsiung
Bayuquan
South Korea
Dalian
Far East
Jiangnan
Taichung
Japan
Far East
China
China
Far East
Krishnapatnam
Beilun
Zhoushan
Falmouth
Rotterdam
East Med
World Wide
Singapore
China
Jintang
Algeria
Bayuquan
26-Nov-10
Reported
The Timecharter Market

Tanker Timecharter Market
VLCC
200,000 +
Suezmax
120-200,000
Aframax
80-120,000
Panamax
60-80,000
10-60,000
Handy
Total No. Fixtures
Total in m. dwt
Modern is taken to mean no more than 10 years old.
2008
14
27
53
9
53
156
17.0
90
75
60
45
30
15
To Date
2009
29
12
31
7
31
110
15.8
2010
27
16
46
18
38
145
18.5
Oct-10
2007
22
16
34
11
68
151
16.3
Aug-10
2006
29
22
40
16
68
175
20.1
105
Jun-10
Total Fixtures
36,500
27,000
20,000
17,750
14,750
13,000
120
Spot $/day
Apr-10
2010
38,490
27,427
20,057
17,469
14,115
11,656
1 Year t/c
Feb-10
2009
37,538
29,106
20,678
19,957
15,870
13,904
$,000/day
Dec-09
2008
58,644
40,923
30,500
26,486
22,322
20,385
No. fixtures
Oct-09
2007
48,385
38,577
29,625
26,913
23,288
21,317
Nov
26
VLCC (early 2000s)
Aug-09
Average Rate $/day To Date
31,000
26,000
18,000
16,000
13,000
12,000
26,000
21,000
15,000
Jun-09
T/C Activity
...over 1 year
2010
38,688
28,615
18,766
16,745
13,177
11,479
32,313
23,354
15,635
Apr-09
Modern
Modern
Modern
Modern
Modern
Modern
2009
39,577
30,577
20,077
19,375
15,231
13,702
35,163
27,192
17,827
Feb-09
310,000 Dwt
150,000 Dwt
110,000 Dwt
74,000 Dwt
47-48,000 Dwt
37,000 Dwt
2008
73,413
47,192
35,793
29,221
23,481
21,952
68,519
42,260
32,692
Oct-08
3 Year T/C...
2007
55,548
44,452
33,144
29,317
25,904
23,269
T/C Activity & The Freight Market
Nov
26
Dec-08
310,000 Dwt
Modern
Modern
150,000 Dwt
Modern
110,000 Dwt
Modern
74,000 Dwt
Modern
47-48,000 Dwt
Modern
37,000 Dwt
Early '90s*
285,000 Dwt
Early '90s*
145,000 Dwt
Early '90s*
97,000 Dwt
Tanker timecharter activity this week

In November there have been 21 tanker timecharter
fixtures reported. Nine handy tankers have been fixed,
and the second most popular vessels were Aframaxes,
of which five were fixed. 145 timecharter fixtures of
one year and above have been reported in 2010.
* All tanker timecharter rates are now for Double Hulls. Data from start 2008 are available at www.clarksons.net
Bulk Carrier Timecharter Market
Capesize
100,000 +
Panamax
60-100,000
40-60,000
Handymax
10-40,000
Handysize
Total No. Fixtures
Total in m. dwt
2009
27,721
15,531
13,556
10,609
21,452
6,904
2010
29,302
19,828
17,474
14,052
22,208
10,000
Total Fixtures
2006
111
183
74
9
377
36.1
2007
144
282
110
8
544
51.4
2008
91
188
66
8
353
33.5
27,000
18,250
16,000
13,000
21,000
8,000
2010
38
137
60
11
246
20.6
Tanker and bulk carrier T/C activity size ranges reflect existing CRSL ship type definitions.
Spot $/day
60
10
50
40
30
20
10
To Date
2009
53
146
68
2
269
23.7
70
1 Year t/c
12
80
Oct-10
2008
82,260
44,356
33,788
21,837
70,053
28,837
14
Aug-10
2007
75,808
39,774
33,750
21,863
63,077
28,168
Nov
26
$,000/day
Jun-10
No. fixtures
Apr-10
14,250
16
Feb-10
44,697 10,634 15,586
Capesize (Modern)
Dec-09
30,000
20,625
17,250
15,000
13,250
23,000
Oct-09
T/C Activity
...over 1 year
2010
33,698
25,229
21,315
18,701
15,908
26,792
Aug-09
Modern
Modern
Modern
Modern
"CSBC"
1980s
2009
33,276
18,151
14,678
12,827
10,678
27,152
Jun-09
Capesize
Panamax
Supramax
Handysize
Capesize
Panamax
2008
111,529
55,637
45,510
38,673
29,486
89,582
Apr-09
3 Year T/C...
2007
106,918
52,317
45,702
39,870
28,120
90,327
45,135
40,926
Feb-09
Modern
Modern
Modern
Modern
Modern
"CSBC"
1980s
1980s
T/C Activity & The Freight Market
Nov
26
Dec-08
Capesize
Panamax
Supramax
Handymax
Handysize
Capesize
Capesize *
Panamax
Oct-08
1 Year T/C...
Bulk carrier timecharter activity this week

Chilean company Minmetal took two bulk carriers on
5 year time charters this week. These were the
Capesize ALIKI, and the newly-built Panamax
OCEAN QINGDAO, which were fixed at rates of
$26,500/day and $18,900/day respectively.
Modern is taken to mean no more than 10 years old. *Vessel no longer reported due to lack of liquidity.
Page 9
26-Nov-10
1 Year T/C...
The Shipbuilding Market

What's Been Ordered...
Type
5
5
5
5
5
5
5
5
17
17
17
17
5
5
5
5
5
5
5
5
5
5
5
Date
Nov-10
Nov-10
Nov-10
Nov-10
Nov-10
Nov-10
Nov-10
Nov-10
Nov-10
Nov-10
Nov-10
Nov-10
Nov-10
Nov-10
Nov-10
Nov-10
Nov-10
Nov-10
Nov-10
Nov-10
Nov-10
Nov-10
Nov-10
Bulk
Bulk
Ore
Ore
Container
Container
Container
Container
Container
Container
Container
Container
Container
Container
Container
Container
Bulk
Bulk
Bulk
Bulk
Bulk
Bulk
Bulk
Dwt/Unit
207,000
207,000
300,000
300,000
11,850 1,100
11,850 1,100
11,850 1,100
11,850 1,100
11,850 1,100
11,850 1,100
11,850 1,100
11,850 1,100
41,500 3,500
41,500 3,500
41,500 3,500
41,500 3,500
180,000
180,000
180,000
180,000
180,000
180,000
81,200
Delivery
Mar 2012
Apr 2012
2012
2013
May 2012
Aug 2012
Nov 2012
Jan 2013
2013
2013
2013
2013
2012
2012
2013
2013
Nov 2012
Nov 2012
Dec 2012
Dec 2012
Nov 2012
Feb 2013
Oct 2012
Builder
Daehan S.B.
Daehan S.B.
Universal S.B.
Universal S.B.
Zhejiang Yangfan
Zhejiang Yangfan
Zhejiang Yangfan
Zhejiang Yangfan
Zhejiang Yangfan
Zhejiang Yangfan
Zhejiang Yangfan
Zhejiang Yangfan
Shanghai S.Y.
Shanghai S.Y.
Shanghai S.Y.
Shanghai S.Y.
Shanghai Jiangnan
Shanghai Jiangnan
Shanghai Jiangnan
Shanghai Jiangnan
Dalian Shipbuilding
Dalian Shipbuilding
Dalian Shipbuilding
Price
$m 63.50
$m 63.50
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Owner/Manager*
Golden Flame Shpg.
Golden Flame Shpg.
Mitsui O.S.K. Lines
Mitsui O.S.K. Lines
Shandong Int. Trans.
Nile Dutch Africa
Nile Dutch Africa
Nile Dutch Africa
Nile Dutch Africa
China Shpg. Tramp
China Shpg. Tramp
China Shpg. Tramp
China Shpg. Tramp
Haibao Shipping
Haibao Shipping
Haibao Shipping
18.10
18.10
18.10
18.10
18.10
18.10
18.10
18.10
51.00
51.00
51.00
51.00
53.08
53.08
53.08
53.08
S=Status, where: 5=confirmed order, 16=unconfirmed order, 17=option. Other units are: teu for containerships, cbm for gas vessels, numbers of cars or passengers.
* The Primary Reference Company, as used in the Clarkson Fleet Database i.e. the company with the main commercial responsibility for the ship.
105.5
67.0
57.0
36.5
FIRM.......
WEAKER...
WEAKER...
FIRM.......
0.6%
-0.5%
-0.3%
1.2%
180,000 dwt
76,000 dwt
57,000 dwt
35,000 dwt
97.0
55.0
48.0
38.0
88.0
46.5
42.0
32.5
56.0
33.8
30.5
25.0
57.3
34.5
31.0
26.5
WEAKER...
FIRM.......
WEAKER...
WEAKER...
-2.7%
0.2%
-2.6%
-3.0%
82,000m
160,000m
93.0
237.0
92.0
245.0
72.0
211.5
72.8 FIRM.......
202.0 FIRM.......
3,500 teu
1,100 teu
63.0
27.5
184
60.0
25.0
177
36.0
19.0
138
49.0
21.3
142
Newbuilding
Activity ....
2007
2008
2009
Oil Tankers
Chemical & Spec. Tankers
Combined Carriers
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
323
725
6
78
25
1999
543
393
151
9
711
6
59
293
5,321
288
242
114
59
191
39
62
5
1242
215
328
97
6
350
3
27
132
2,997
16
36
5
857
112
78
8
Vessels Contracted
324
16
46
22
167
2
21
111
898
0.9%
0.6%
FIRMER. 8.2%
FIRM....... 2.4%
FIRM....... 0.1%
Year-on-Year
2010
Trend ...
FIRMER... 85%
WEAKER!! -27%
FIRMER... 149%
#DIV/0!
######
FIRMER... 193%
FIRMER... 674%
FIRMER... 88%
WEAKER!! -60%
#DIV/0!
######
155 FIRM.......
3%
4
FIRMER... 121%
37 FIRMER... 95%
28 WEAKER!! -72%
1,550 FIRMER... 91%
Although we do not anticipate any significant
deviation in newbuilding values in the near future, it is

clear that yards remain determined to compete strongly
for the right enquiry. This is likely to have the desired
effect of spurring potential buyers into action and,
consequently, could prolong the current momentum that
exists within the market into the new year.
Newbuilding Price Index

200
Index, Jan'88 = 100
190
Ten year trend in
newbuilding prices
180
170
160
150
140
130
120
110
100
Oct '10
101.0
62.5
49.0
35.0
Oct '09
150.0
91.0
75.0
47.5
Oct '08
146.0
90.0
72.5
52.5
and as we approach the Christmas period, the current

momentum of the market shows little sign of relenting.
However, it is now increasingly apparent that mediumterm demand sentiment from owners is beginning to
soften. Therefore, although shipyards do have the
comfort of a forward orderbook, there remains an
imperative to attract further business.
Oct '07
320,000 dwt
157,000 dwt
115,000 dwt
51,000 dwt
There were further reports of new business this week
Oct '06
Trend ...
Oct '05
Nov
Oct '04
2009
Oct '03
2008
Shipbuilding News
Oct '02
2007
Three Month
Oct '01
Tankers
VLCC
Suezmax
Aframax
'MR' Tanker
Bulk Carriers
Capesize
Panamax
Handymax
Handysize
Gas Vessels
LPG
LNG
Dry Cargo
Container
Container
Clarkson Index
Year End, $m.
Oct '00
Newbuilding
Prices ....
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.
Page 10
26-Nov-10
The Demolition Market

Type
MPP
MPP
GCargo
PCC
Ro-Ro
GC Liner
L.P.G.
Chem & Oil
Bulk
Chem & Oil
Tanker
Harbour Tug
Gravel/Stone
Reefer
GCargo
Bulk
Bulk
Chem & Oil
Products
Standby/Resc.
Tanker
Pass/Car F.
MPP/Hvy. Lift
Date
Nov '10
Nov '10
Nov '10
Nov '10
Nov '10
Nov '10
Nov '10
Nov '10
Nov '10
Nov '10
Nov '10
Nov '10
Nov '10
Nov '10
Nov '10
Nov '10
Nov '10
Nov '10
Nov '10
Nov '10
Nov '10
Nov '10
Nov '10
Scrap
Prices...
Tankers
Dry Cargo
Vessel Name
Mikue
Eastern Sea
Southern Arrow
Astro Venus
Fu Han Kou
Bolan
Berge Racine
Bow Panther
Maha Vidya
Ustica
Ocean Power
Mermaid Warrior
Pieter
Storm Bay
Asrar-a-Mostafa
Our River
Phuc Hai Moon
Sea Pearl
Iman
VOS Conquest
Swat
SNAV Sicilia
Terrisha
Flag
CS.
MA.
CB.
PA.
PA.
PK.
NIS
SG.
IN.
PA.
SG.
AU.
NE.
SG.
BA.
CS.
PA.
SC.
PA.
LI.
PK.
BR.
PA.
Year End ($/ldt)

2007
2008
2009
510
470
285
270
340
330
Blt
1980
1984
1984
1982
1986
1980
1985
1986
1977
1986
1983
1969
1965
1983
1978
1983
1979
1973
1986
1974
1985
1974
1984
This Year
Latest %
470
435
38%
32%
Note: The scrap prices ($/ldt) are based on Indian prices for VLCC tankers and a
Handy dry bulk carrier of around 8,000 ldt.
Buyer
Activity...
Year (m dwt)
2007
2008
2009
0.3
1.4
2.5
0.6
0.7
5.5
1.3
3.4
7.1
0.6
0.8
13.3
5.8
9.0
10.1
3.0
3.7
31.6
China
India
Bangladesh
Pakistan
Other
TOTAL
Size &
Type...
Year (m dwt)
2007
Tankers
VLCC
Suezmax
Aframax
Handy
< 10,000 dwt
Total Tankers
Bulkcarriers
Capesize
Panamax
Handymax
Handysize
Total Bulkers
Combos
Gas Vessels
Other Dry
TOTAL
2008
2009
0.9
2.4
0.2
3.5
0.8
0.3
1.1
2.0
0.2
4.3
2.4
0.8
1.5
3.6
0.2
8.5
0.1
0.1
0.3
0.6
0.5
0.8
5.5
2.2
1.1
0.5
1.8
5.6
0.2
0.6
2.6
13.3
1.4
2.3
1.3
5.4
10.4
0.7
0.7
11.3
31.6
This Year
2010
%
2.3
7.7
4.3
4.0
4.0
22.3
-56%
-8%
-54%
43%
18%
-24%
This Year
2010
%
3.2
1.9
1.4
5.2
0.3
11.9
47%
145%
-1%
56%
78%
52%
2.3
73%
0.5 -75%
0.4 -70%
1.8 -64%
5.0 -48%
- -100%
0.6
-6%
4.8 -54%
22.3 -24%
Dwt
7,906
12,665
6,549
12,464
9,300
18,144
63,296
39,422
27,451
24,225
127,778
802
11,720
7,200
75,105
33,688
3,309
6,237
600
86,593
5,341
17,330
Ldt
Owner
2,458 Glomar Supplies Ltd
Alunited Maritime
2,014 Pamela Corp.
9,508 Kambara Kisen
NYKCOS Car Car.
5,635 Pakistan Nat. Shpg.
21,978 BW Gas
9,689 Odfjell ASA
6,861 Five Stars Shpg.
Gabes Marine Tankers
Ocean Tankers Pte
Mermaid Marine Group
Van Oord
6,384 Oceanlink Management
AK Ship Mngt. & Serv
Holyman Ltd.
7,733 Phuc Hai Shipping
Al-Dawood Shpg. Ltd.
3,163 Laskaridis Shpg
Vroon Offshore
16,372 Pakistan Nat. Shpg.
11,510 Alisnav
7,160 Pan Seas Co. L.L.C.
Buyer
India
Old sale
P.R.C.
India
Old sale
Pakistan
India
India
Pakistan
India
Bangladesh
As is Fujairah
Bangladesh
Bangladesh
India
Bangladesh
Pakistan
Pakistan
India
India
$/ldt
$ m.
385.0
450.0
0.78
4.28
448.0
460.0
478.0
455.0
2.52
10.11
4.63
3.12
470.0
435.0
3.36
448.0
1.42
468.0
7.66
Scrapping Price Trends

550 US$ per ldt
500
450
Tankers - India
Tankers - B.Desh
Handy Bulk - B.Desh
400
350
300
250
200
150
Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov
'08 '09 '09 '09 '09 '09 '09 '10 '10 '10 '10 '10 '10
Demolition Market News and Gossip
There is little new or more certain to report from the

Bangladeshi market. Although a few ships were beached earlier in
the month, it will not be until there is a proven track record of ships
being granted licence to beach under the new regime that it can be
said that the problems are over.
This week, a couple of major Norwegian owners have been
disposing of specialised tonnage to Indian yards. The BERGE
RACINE (81,600 cu.m., built 1985 Chantiers de la Ciotat) was sold
by BW Gas at $460/ldt, or just over $10 million. Meanwhile, the
Indians will also be scrapping the BOW PANTHER (39,422 dwt,
built 1986 Hanjin H.I.) which was sold by Odfjell for $478/ldt. The
firm price is reflective of a small stainless steel content. The vessel is
expected to deliver to one of the recycling yards at Alang with
amongst the best green credentials.
The Pakistani National Shipping Company has been relatively
active recently, including one sale this week. At least one more
vessel is likely to follow the others to domestic breakers imminently.
* The % change is based on annualised figures for this year against last year.
Page 11
26-Nov-10
What's Been Scrapped...
Economic Indicators
-10
Atlantic
-15
Pacific
-20
Currency Trends Spot ~ & Forward# ...

Switz.
1.14
1.07
1.05
1.01
0.97
0.98
1.00
N'way
5.47
7.19
5.89
6.09
5.83
5.94
6.07
Exchange Rate Trends

China
7.30
6.84
6.83
6.76
6.68
6.64
6.65
#Forward Rates as of: 26-Nov
Index Jan'00=100
170
$/Sterling
$/Yen
$/Euro
160
150
140
130
120
110
100
90
Nov '10
Oct '10
80
Aug '10
Australia
1.14
1.47
1.14
1.07
1.02
1.00
1.02
Jul '10
India
39.42
48.46
46.81
46.25
44.50
44.82
45.52
Apr '09
SDR
1.57
1.54
1.56
1.52
1.57
1.56
1.54
Feb '09
end:
2007
2008
2009
Sep
Oct
Nov
Japan
114.15
90.67
91.79
84.51
81.95
82.59
83.60
83.50
83.00
Sing.
1.45
1.45
1.41
1.34
1.30
1.29
1.31
Jan '09
26-Nov
3mo.#
12mo.#
Euro
U.K.
1.46
1.99
1.41
1.47
1.42
1.59
1.30
1.56
1.39
1.58
1.37
1.60
1.34
1.58
1.34
1.58
1.33
1.57
R.o K. H.Kong
940.60
7.80
1,299.55
7.75
1,180.08
7.76
1,168.53
7.77
1,125.71
7.76
1,121.95
7.75
1,137.65
7.76
Dec '08
end:
2007
2008
2009
Sep
Oct
Nov
Jan '10
-25
Jan '09
Brazil
5.9%
2.8%
-7.1%
8.7%
8.9%
6.3%
Jan '08
Arge.
5.4%
4.1%
-3.5%
3.0%
5.9%
7.7%
Jan '07
Poland
9.6%
3.9%
-1.2%
10.4%
13.5%
11.8%
0
-5
Jun '10
Hung.
8.4%
-0.6%
-17.3%
11.5%
14.9%
10.9%
Apr '10
Czech.
8.5%
-0.7%
-12.3%
5.3%
12.9%
12.2%
10
Mar '10
Jul '10
Aug '10
Sep '10
Russia
6.6%
2.6%
-9.7%
5.9%
7.0%
6.2%
15
Jan '10
avg:
2007
2008
2009
20
Jan '06
Ind. Production*: E.Europe & S. America
25
Jan '05
India
9.8%
3.9%
6.1%
13.8%
5.6%
4.4%
Jan '04
Taiwan Thailand
7.3%
7.8%
-1.5%
5.8%
-6.4%
-4.8%
20.7%
16.3%
23.4%
8.7%
12.2%
8.1%
Dec '09
China
17.6%
13.0%
11.1%
13.4%
13.9%
13.3%
Nov '09
Jul '10
Aug '10
Sep '10
R.o K.
8.2%
3.3%
0.0%
15.5%
17.1%
3.9%
Sep '09
avg:
2007
2008
2009
30 % change
Jan '03
Malay.
1.9%
0.0%
-7.8%
3.2%
4.0%
5.6%
Industrial Production*: Asia
Industrial Production
Jan '02
OECD
2.3%
-2.1%
-14.0%
8.9%
8.5%
0.0%
Jan '01
Europe
2.4%
-2.2%
-14.4%
7.9%
7.9%
0.0%
Jan '00
Japan
2.7%
-3.2%
-21.8%
14.8%
15.4%
11.1%
Jan '99
USA
2.0%
-1.5%
-9.8%
7.7%
6.2%
5.4%
Aug '09
U.K.
0.5%
-2.4%
-9.7%
1.9%
4.2%
3.8%
Jul '09
Jul '10
Aug '10
Sep '10
Germ
5.5%
0.1%
-16.0%
11.3%
11.0%
7.9%
May '09
avg:
2007
2008
2009
Jan '98
Industrial Production*: OECD
Jan '97
Japan Euro Area World

2.4%
2.9%
5.3%
-1.2%
0.5%
2.8%
-5.2%
-4.1%
-0.6%
4.6%
0.6%
0.0%
2.4%
1.9%
0.0%
0.0%
4.4%
1.9%
2.9%
1.6%
4.8%
1.3%
1.3%
4.2%
Jan '96
USA
1.9%
0.0%
-2.6%
3.7%
3.0%
3.1%
2.6%
2.3%
Jan '95
U.K.
2.7%
-0.1%
-4.9%
-0.2%
1.7%
2.8%
1.7%
1.8%
Jan '94
1Q10
2Q10
3Q10
2010 (f)
2011 (f)
Germ
2.7%
1.0%
-4.7%
2.1%
4.1%
3.9%
3.3%
2.0%
26-Nov
*% change year-on-year. Source: IMF, OECD, The Economist. ~Currency units per US$ except , Euro and SDR. #Forward Rates: The FT.
Interest Rate Trends ...
Inflation & Prices
Prime Lending Rates:

avg:
2007
2008
2009
Sep
Oct
Nov
26-Nov
Consumer Prices
Euro
U.K.
Switz.
Japan
U.S.A.
3.9%
3.8%
1.2%
1.0%
1.0%
1.0%
1.0%
6.5%
5.6%
1.6%
1.5%
1.5%
1.5%
1.5%
4.1%
3.5%
0.5%
0.5%
0.6%
0.6%
0.6%
1.8%
1.8%
1.5%
1.5%
1.5%
1.5%
1.5%
8.1%
5.1%
3.3%
3.3%
3.3%
3.3%
3.3%
$ Libor
6 mths.
avg:
5.2%
2007
3.0%
2008
1.1%
2009
0.5%
Aug
0.5%
Sep
0.4% 0 Oct
0.5%
Latest
Page 12
Eur
USA
Japan OECD
2.6%
3.9%
1.0%
2.3%
2.5%
0.0%
0.0%
2.9% 0.1%
3.9% 1.4%
-0.4% -1.3%
1.1% -0.9%
1.1% -0.6%
1.2% 0.0%
0.0% 0.0%
2.4%
3.7%
0.0%
1.6%
1.7%
0.0%
0.0%
Prices in $/bbl or $/t

Crude
Oil
Brent
72.29
98.67
60.93
73.78
78.85
84.49
86.38
Grain
Steel
Wheat Ship Plate
USG
Japan
267
643
343
1,118
234
707
288
700
287
700
295
700
283
730
26-Nov-10
2007
2008
2009
Despite the current travails in the Eurozone surrounding the

Irish debt crisis and the fear that other fringe nations which
currently maintain high budget deficits may be forced to appeal
for financial assistance, the Ifo index of German business
confidence rose by 1.6 points month-on-month in November. It
now stands at 109.3 points. This is its highest value since January
1991.
In contrast to the austerity packages being implemented by

many European governments, the Japanese Parliament has
recently passed a new stimulus package worth $61bn. This aims
to create new jobs, help small businesses and increase consumer
spending. October was the twentieth consecutive month in which
Japanese consumer prices have fallen, which is symptomatic of
the deflation that the Japanese economy has been suffering from
over the past few months.
Jan '93
GDP Growth & Forecasts*
Ship Demand Trends
USA
Eur-4
Japan
Total Imports (listed)
2.7
2.1
0.5
5.4
2.5
2.2
0.6
5.3
-7.2%
0.8%
15.2%
-2.0%
*2010 data are projections/annualised figures. World Total includes NGL's; #Mid-E output is
sum of OPEC and non-OPEC crude production. Oil production data sourced from IEA.
Dry Bulk
Demand ....
in million tonnes
2007
2008
2009
2010*
2010/09
120.2
51.2
487.3
156.6
815.2
118.7
53.5
497.9
148.1
818.2
87.5
48.9
566.3
102.9
805.6
109.8
57.3
635.7
130.4
933.3
25.4%
17.2%
12.3%
26.8%
15.9%
139.0
46.2
377.1
562.2
241.9
140.4
49.5
435.9
625.8
625.8
105.5
42.1
614.6
762.2
362.4
134.3
55.1
590.3
779.8
395.0
27.3%
31.0%
-3.9%
2.3%
9.0%
186.1
83.4
211.1
480.6
250.4
36.5
29.2
66.8
382.9
190.5
98.2
205.4
494.0
262.1
51.8
30.9
62.0
406.8
162.4
112.2
178.4
453.0
271.8
43.7
26.9
67.9
410.4
184.8
115.3
159.3
459.4
298.4
62.5
31.0
67.9
459.8
13.8%
2.8%
-10.7%
1.4%
9.8%
42.9%
15.3%
0.0%
12.0%
96.9
22.4
9.6
26.9
16.3
172.2
90.3
20.9
13.1
26.5
24.9
175.8
73.2
22.5
19.9
16.7
24.3
156.6
84.1
18.5
20.6
23.5
27.4
174.1
15.0%
-17.8%
3.5%
40.6%
12.6%
11.2%
Iron Ore Trade

Imports:
Japan
S.Korea
China
Exports:
Australia
Coal Trade
Imports:
Japan
S.Korea
EU-25 #
Exports:
Australia
USA
Canada
South Africa
Total Exports (listed)
Grain Trade
Exports:
USA (ex soya)

Canada
Australia
Arg. (ex soya)
EU-25 #
Total Exports (listed)
Major Oil Trades News:

Construction of a pipeline which will transport crude
from Abu Dhabis oilfields to Fujairah has been completed.
Oil will begin to flow on a trial basis in December, as testing
for leaks begins. The pipeline will allow Abu Dhabi to bypass the risky Strait of Hormuz and offset the reliance on oil
terminals in the Arabian Gulf. The 370km pipeline will carry
around 1.5m bpd of Murban crude. The pipeline may further
boost Fujairahs importance as an oil hub.
% Chg
Steel Production
Japan
S.Korea
P.R. China
EU-12
Total Steel Prod. (listed)
26
Sep-10
3.1
2.1
0.5
5.8
25
Steel Production & Cape Earnings

180 Index
$,000/day 180
170
160
160
140
150
120
140
100
130
80
120
60
110
40
Steel Production
Index
Capesize
Earnings
100
90
20
0
Oct-10
3.4
2.0
0.6
6.1
Products Trade
Imports:
27
May-10
3.9%
-2.8%
1.0%
1.2%
50
Jun-10
9.4
5.8
3.1
18.4
28
Jan-10
9.1
6.0
3.1
18.2
75
Sep-09
9.8
6.7
4.2
20.6
29
Feb-10
USA
Eur-4
Japan
100
Oct-09
10.0
6.4
4.1
20.5
Crude Oil Trade

Imports:
30
May-09
2.7%
0.0%
1.2%
0.0%
4.1%
125
Jun-09
22.9
0.3
1.1
6.4
15.1
31
Jan-09
22.3
0.3
1.1
6.4
14.5
150
Feb-09
24.3
0.3
1.0
6.4
16.6
VLCC
Earnings
Sep-08
23.6
0.3
0.9
6.4
16.0
VLCC Demand
Middle-East Output #
Less:
Red Sea export
E.Med export
Refinery T'put
Gulf Crude Exports
32
Oct-08
1.8%
-2.0%
-7.4%
1.3%
2.2%
2.9%
Jun-08
84.3
7.9
3.4
9.7
29.2
5.5
Jan-08
82.8
8.1
3.7
9.6
28.6
5.3
May-08
83.9
7.6
3.9
9.5
31.5
5.0
175
Feb-08
Crude Oil
NGL's/Cond.
83.1
7.8
4.1
9.6
30.5
4.9
OPEC Oil
Production
Sep-07
World
N. America
W. Europe
FSU
OPEC
33
Oct-07
Oil Production
$,000/day 200
May-07
2010/09
Jun-07
2010*
Jan-07
2009
Feb-07
2008
OPEC Production & VL Earnings
34 m. bpd
Oct-06
2007
% Chg
Sep-06
in million barrels per day
Major Dry Bulk Trades News:

Data released by the World Steel Association shows that
global steel output reached 117.6mt in October. This
represents y-o-y growth of 2%, and an increase of 5%
compared to global production in September 2010. Chinese
output totalled 50.3mt, a slight decline compared to October
last year, but this was more than offset by a strong
performance by the other major steelmaking countries.
This week shipowner Mitsui OSK Lines and mining
giant Vale signed a 25-year agreement to ship iron ore from
Brazil to China. As a result of the contract, MOL will order
two 300,000 dwt VLOCs from Universal Shipbuilding.
2010 data are projections/annualised figures, seasonally adjusted from latest year-to-date figures. #EU 25 to 2006, then EU27.
Page 13
26-Nov-10
Oil Tanker
Demand ....
World Fleets & Orderbooks
OIL TANKERS >10k dwt

OIL TANKERS <10k dwt
CHEMICAL TANKERS
OTHER TANKERS
BULKERS
COMBOS
LPG CARRIERS
LNG CARRIERS
CONTAINERSHIPS
MULTI-PURPOSE
GENERAL CARGO
RO-RO
CAR CARRIERS
REEFERS
OFFSHORE (AHTS/PSV)
OTHER CARGO
WORLD CARGO FLEET
01-Nov-10
Year End
2006
2007
2008
2009
No. m.Dwt
336.7
354.2
371.2
396.5 3,842
10.8
11.1
11.5
11.9 4,975
29.7
33.8
39.0
42.9 3,562
3.5
3.6
3.5
3.5
648
368.2
392.1
417.9
459.3 7,989
8.9
8.2
7.9
7.1
74
12.4
13.0
14.4
14.8 1,185
15.1
17.7
22.4
26.1
358
128.4
144.6
161.3
169.1 4,960
24.0
25.2
26.3
25.9 2,986
95.7
96.5
97.0
37.9 14,886
10.1
10.2
10.3
10.1 2,154
7.9
8.8
9.9
9.8
669
7.2
7.2
6.9
6.6 1,784
4.6
5.0
5.6
6.4 5,115
8.4
8.4
8.3
8.3 1,437
1,071.7 1,139.5 1,213.7 1,236.2 56,624
409.3
11.9
45.2
3.6
519.8
8.4
14.8
28.0
182.7
26.3
38.0
9.6
10.1
6.6
6.9
8.3
1,329.5
Orderbook & Delivery Schedule

No.
805
102
552
40
3,187
5
126
26
624
514
187
78
128
7
513
27
6,921
m.Dwt % Fleet
117.4
0.6
10.9
0.3
272.8
1.6
1.4
1.9
45.2
7.1
1.3
1.0
2.2
0.1
1.4
0.4
465.8
28.7%
4.9%
24.1%
9.0%
52.5%
19.2%
9.4%
6.9%
24.7%
27.1%
3.5%
10.8%
22.2%
1.6%
19.7%
4.8%
35.0%
2010
2011
2012+
10.8
0.4
3.7
0.1
31.2
0.3
0.3
0.6
2.4
2.0
0.47
0.2
0.6
0.02
0.78
0.15
53.9
55.7
0.2
5.5
0.1
120.3
1.3
0.5
0.6
19.9
3.5
0.66
0.6
1.2
0.00
0.34
0.17
210.6
50.9
0.1
1.7
0.1
121.3
0.0
0.6
0.7
22.8
1.6
0.21
0.3
0.5
0.09
0.24
0.07
201.2
Tanker
Fleet ..m. Dwt
VLCC
200,000+
Suezmax
120-200,000
Aframax
80-120,000
Panamax
60-80,000
Small
10-60,000
of which: Specialised >10,000
<10,000
>10,000
TOTAL FLEET
of which:
Single Hull
Double Hull
Combos in Oil
Laid-up
Storage
ACTIVE FLT.
>10,000
Bulk Carrier
Fleet ..m. Dwt
Capesize
Panamax
Handymax
Handysize
TOTAL FLEET
Combos in Dry
Laid-up
Storage
ACTIVE FLEET
100,000+
60-100,000
40-60,000
10-40,000
LPG Carrier
Fleet ,000m
<5,000 cbm
5-20,000 cbm
20-40,000 cbm
40-60,000 cbm
>60,000 cbm
TOTAL FLEET
TOTAL M. DWT
01-Nov-10
Year End
2006
2007
2008
2009
142.4
52.6
71.5
21.3
75.3
26.3
18.1
363.1
91.3
271.8
4.0
1.0
1.5
364.6
147.6
54.8
76.4
23.9
81.4
29.9
18.8
384.2
81.7
302.5
1.2
0.8
1.1
383.5
152.8
55.4
81.1
26.1
90.2
34.3
20.0
405.6
66.9
338.7
2.6
0.6
0.6
406.9
160.8
60.3
87.7
27.6
97.8
37.5
21.0
434.1
47.3
384.4
3.5
2.6
3.3
431.7
2006
2007
2008
2009
121.3
101.6
71.7
73.6
368.2
5.1
0.4
0.3
372.6
131.6
108.1
76.9
75.4
392.1
6.7
0.3
0.3
398.2
143.4
114.7
83.0
76.8
417.9
5.3
0.6
0.3
422.4
170.1
120.9
92.1
76.2
459.3
3.3
0.6
0.2
461.8
2008
1,326
1,902
2,027
1,466
8,466
15,186
12.4
1,377
2,027
2,301
1,360
8,822
15,886
13.0
1,407
2,210
2,480
1,368
10,500
17,964
14.4
164.1
62.7
92.7
28.4
101.0
39.7
21.4
449.0
31.5
417.4
4.2
3.1
3.4
446.7
No. m.Dwt
1,118
1,769
2,107
2,995
7,989
33
6
4
8,012
200.4
132.7
105.7
81.0
519.8
3.9
0.3
0.2
523.2
01-Nov-10
Year End
2007
543
409
879
397
3,213
1,600
7,585
5,441
518
4,922
37
27
17
5,434
01-Nov-10
Year End
2006
No. m.Dwt
2009
No. ,000m
1,447
652
2,263
269
2,758
102
1,164
20
11,096
142
18,728 1,185
14.8 1,185
1,491
2,265
2,938
1,164
11,366
19,224
14.8

No.
198
150
142
86
590
361
333
1,166
m.Dwt % Fleet
62.1
23.4
15.6
6.3
19.6
9.7
2.1
127.1
37.9%
37.3%
16.8%
22.3%
19.4%
24.4%
9.9%
28.3%
2010
2011
2012+
5.6
1.6
1.5
0.4
4.8
2.9
1.2
13.8
28.6
10.1
8.0
3.8
10.2
5.1
0.7
60.8
27.9
11.8
6.1
2.1
4.6
1.7
0.2
52.6
Increase in size of Tanker Fleet:

2009/2008
7.0%
2010*/2009
3.4%
* year to date

No.
668
876
809
834
3,187
m.Dwt % Fleet
2010
2011
2012+
129.9
64.8%
12.6
57.3
60.1
71.0
53.5%
7.4
28.8
34.9
44.9
42.5%
7.2
20.7
16.9
27.0
33.3%
4.0
13.5
9.5
272.8
52.5%
31.2
120.3
121.3
Increase in size of Bulkcarrier Fleet:
2009/2008
9.9%
2010*/2009
13.2%
* year to date

No.
33
71
15
0
7
126
126
,000m % Fleet
120
598
407
0
568
1,693
1.39
8.0%
26.4%
13.8%
0.0%
5.0%
8.8%
9.4%
2010
2011
2012+
53
96
105
0
83
337
0.28
58
163
201
0
243
666
0.53
8
340
101
0
242
690
0.58
"Oil Tankers" covers vessels in the crude oil & oil products sectors, including tankers with IMO 3 grade specification. "Chemical" includes tankers with
IMO 1&2 grade specification. "Specialised" covers IMO 1&2 chemical tankers and other tankers designed for the carriage of specialist liquids..
Clarkson Research Studies
Page 14
26-Nov-10
Total Cargo
Fleet ..m. Dwt
World Fleets & Orderbooks

<40,000 cbm
40-60,000 cbm
60-100,000 cbm
>100,000 cbm
TOTAL FLEET
TOTAL M. DWT
Containership
Fleet ,000 Teu
100-999 teu
1-1,999 teu
2-2,999 teu
3,000 &+ teu (Panamax)
3-7,999 teu
(Post-Pmax)
8,000 &+ teu (Post-Pmax)
TOTAL FLEET
TOTAL M. DWT
Multipurpose
Fleet ,000 Teu
100 - 199 teu
200 - 349 teu
350 - 499 teu
500 - 749 teu
750 - 999 teu
1000 &+ teu
TOTAL FLEET
MPP FLEET M. DWT
GC FLEET M. DWT
Ro-Ro Vessel
Fleet, m. Dwt
<2,000 dwt
2,000-5,000 dwt
5,000-7,500 dwt
7,500-10,000 dwt
10-15,000 dwt
15,000&+ dwt
TOTAL FLEET
CAR CARRIERS
Reefer Vessel
Fleet m. ft.
< 100,000 cu ft
100-199,999 cu ft
200-299,999 cu ft
300-449,999 cu ft
450-549,999 cu ft
> 550,000 cu ft
TOTAL FLEET
TOTAL M. DWT
01-Nov-10
Year End
2006
2007
2008
2009
262
253
1,233
25,430
27,178
15.1
252
253
1,307
30,133
31,945
17.7
197
163
1,383
39,045
40,787
22.4
206
163
1,383
45,840
47,592
26.1
2006
2007
2008
No. ,000m
No.
16
3
17
322
358
358
4
0
0
22
26
26
226
122
1,295
49,564
51,208
28.0
01-Nov-10
Year End

,000m % Fleet
44
0
0
3,562
3,606
1.9
19.5%
0.0%
0.0%
7.2%
7.0%
6.9%
2010
2011
2012+
22
0
0
1,012
1,034
0.6
22
0
0
1,115
1,137
0.6
0
0
0
1,436
1,436
0.7
2009
No. ,000teu
No.
,000teu % Fleet
2010
2011
2012+
665.6
714.8
752.3
740.6
1,481.5 1,640.6 1,781.1 1,773.0
1,594.5 1,703.9 1,819.1 1,781.7
2,538.7 2,946.0 3,337.6 3,587.9
2,244.8 2,413.9 2,682.7 2,884.1
948.7 1,362.0 1,780.6 2,125.9
9,473.8 10,781.2 12,153.5 12,893.3
128.4
144.6
161.3
169.1
1,227
735.3
1,275 1,807.2
705 1,792.3
951 3,902.9
510 3,067.0
292 2,738.5
4,960 14,043.4
4,960
182.7
48
104
45
83
108
236
624
624
37.7
140.9
116.0
341.9
612.1
2,594.1
3,842.6
45.2
19.7
31.1
27.0
40.9
30.3
47.1
196.1
2.4
17.9
74.5
35.9
132.6
322.6
1,114.3
1,697.8
19.9
0.0
35.2
53.2
168.4
259.2
1,432.8
1,948.7
22.8
Year End
01-Nov-10
2006
2007
2008
100.5
183.2
187.5
325.8
114.5
183.7
1,095.2
24.0
95.7
104.9
194.5
195.3
355.7
126.5
185.1
1,162.0
25.2
96.5
110.3
203.2
196.9
391.3
136.7
187.5
1,225.8
26.3
97.0
2009
No. ,000teu
113.9
757
204.7
788
192.4
467
384.5
635
138.3
166
207.2
173
1,241.1 2,986
25.9 2,986
37.9 14,886
115.1
206.0
188.0
389.5
146.7
229.1
1,274.4
26.3
38.0
01-Nov-10
Year End
2006
2007
2008
2009
0.4
1.2
1.5
1.1
1.7
4.0
10.1
7.9
0.4
1.2
1.6
1.2
1.8
4.1
10.2
8.8
0.4
1.2
1.6
1.2
1.8
4.1
10.3
9.9
0.5
1.1
1.5
1.1
1.9
4.0
10.1
9.8
No. m.Dwt
1,224
286
228
128
153
135
2,154
669
0.5
1.0
1.5
1.1
1.9
3.7
9.6
10.1
01-Nov-10
Year End
5.1%
7.8%
6.5%
8.8%
20.0%
94.7%
27.4%
24.7%

No.
55
103
50
88
98
120
514
514
187
,000teu % Fleet
7.9
28.5
19.1
53.8
88.5
178.9
376.8
7.1
1.34
6.9%
13.8%
10.2%
13.8%
60.3%
78.1%
29.6%
27.1%
3.5%
2010
2011
2012+
2.7
15.1
5.8
17.3
23.3
41.1
105.3
2.0
0.47
3.7
11.9
9.9
29.6
48.3
86.1
189.4
3.5
0.66
1.5
1.5
3.5
7.0
17.0
51.7
82.2
1.6
0.21

No.
1
0
15
13
29
20
78
128
m.Dwt % Fleet
0.0
0.0
0.1
0.1
0.3
0.5
1.04
2.25
0.1%
0.0%
5.8%
9.4%
18.4%
13.8%
10.8%
22.2%
2010
2011
2012+
0.00
0.00
0.01
0.05
0.06
0.05
0.17
0.56
0.00
0.00
0.04
0.05
0.22
0.27
0.59
1.24
0.00
0.00
0.04
0.01
0.06
0.19
0.29
0.45
2006
2007
2008
2009
No.
m.ft
No.
m.ft
% Fleet
2010
2011
2012+
21.8
38.5
50.6
72.6
94.7
56.3
334.7
7.2
21.7
39.0
50.6
71.8
94.2
57.6
334.9
7.2
21.3
38.7
49.4
66.5
89.4
58.0
323.3
6.9
21.3
38.5
48.1
62.4
83.3
56.0
309.6
6.6
946
253
186
149
159
91
1,784
1,784
21.2
38.2
46.3
55.9
79.0
56.0
296.6
6.6
0
0
0
0
0
7
7
7
0.0
0.0
0.0
0.0
0.0
4.6
4.55
0.11
0.0%
0.0%
0.0%
0.0%
0.0%
8.1%
1.5%
1.6%
0.0
0.0
0.0
0.0
0.0
0.7
0.65
0.02
0.0
0.0
0.0
0.0
0.0
0.0
0.00
0.00
0.0
0.0
0.0
0.0
0.0
3.9
3.90
0.09
Note: All fleet figures are from the Clarkson 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.
A "Sources & Methods" document which describes the methodology by which Clarkson Research gathers and manipulates the data set out in this
report, including the calculation of the time charter equivalent (TCE) 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.
Clarkson Research Studies
Page 15
26-Nov-10
LNG Carrier
Fleet ,000m
Analysis
Feeling irritable, moody and tense?
Go straight to your doctor and if you
are a shipowner, the chances are he
will diagnose Particle Matter Trauma
(PMT) brought on by the stress of the
constantly shifting regulations about
ship emissions. This condition is
more serious for those with Low Sulphur Dementia (LSD), the inability to
remember which fuel grade to use,
when and where.
Emission Control Timeline
Let's start with the emissions timest
line. Under MARPOL Annex 6, on 1
January 2012 a global sulphur cap of
3.5% will be introduced, falling to
Aug-10
May-10
Aug-07
Feb-10
100
Nov-09
300
200
Aug-09
400
May-09
600
500
Feb-09
700
Nov-08
900
800
Aug-08
1000
Feb-08
1100
May-08
1300
1200
You Are What You Burn
Ship emissions are a problem because

marine diesel engines
have traditionally used
Heavy Fuel Oil (HFO)
Feeling a Bit Heavy About The Fuel?
which no one else
$/tonne
wants. HFO is the refinCrude Oil Price
380CST Bunkers
ing waste left after dis380CST low sulphur
tillation, containing 4Gasoil
6% sulphur and various
MDO Rotterdam
sediments. But it is
25% cheaper than crude
oil (see graph). To drive
auxiliary engines most
ships have used Marine
Diesel Oil (MDO),
which is a better quality
fuel with about 2% sulphur and costs 50%
more than HFO. Finally,
low-sulphur
MGO and HFO are
now available, though
regulators
sensitive
Source: Clarkson Research Services
about particular matter
Nov-07
1400
0.5% in 2020. Thats no problem but

the limits are much tougher in designated Emission Control Areas
(ECAs) which regulate both SOx and
NOx. Today, ships sailing in ECA
waters must use 1% sulphur fuel oil
and from January 2015 0.1% sulphur
fuel oil. Currently, ECAs cover the
only the Baltic and North Seas but the
200 mile N. American ECA comes
into force in August 2012 and Japan
is examining a scheme. Also (nothing
to do with IMO) ships in EU ports
must burn 0.1% gasoil.
insist on the use of gasoil.

Dealing with the Trauma
The complex matrix of regional and
fuel quality issues leaves shipping
companies in a dilemma. Simply using the fuel that regulators require
looks an easy option, but may not be.
It requires adequate bunker tank segregations to switch between high
seas, territorial and port requirements.
Another challenge is that the correct
grades must be available at the start
of the voyage, which could be anywhere in the world.
Scrubbing Up
MARPOL Annex 6 also allows Exhaust Gas Cleaning Systems (EGCS)
which remove emissions from the
exhaust in service. EGCSs capable of
removing sulphur and particular matter have been tested at sea, but are not
in use yet. They are big, heavy and
face the risk that better technology
will appear before 2015.
Take an Aspirin and Forget It
So there you have it. It's easy to understand why busy shipowners struggle to keep up with this complex mix
of regulatory requirements and technical options. And although the matter is not yet quite mission-critical,
it's even easier to understand why
some might wake up in a sweat worrying about the obstacle course which
lies ahead. Have a nice day.
Graph of the Week

Shipping Intelligence Weekly, 26 November, 2010
Published by:
Clarkson Research Services Ltd.
St. Magnus House,
3, Lower Thames Street,
London EC3R 6HE, England.
Tel: + (44) (0) 20 7334 3134
Fax: + (44) (0) 20 7522 0330
Telex: 8812927 CLTNKA G
E-mail: sales.crs@clarksons.co.uk
Web-site: http://www.crsl.com
Editorial Board:
Analysis
Publisher
Editor
Production
S&P
Tankers
Specialised
Gas
Dry Cargo
Freight Derivatives
Singapore
Sydney, Australia
Martin Stopford
Cliff Tyler
C. Kennedy
D. Lee
K. Taylor
R. Knight
R. Whittet
J. R. Evans
G. Campbell
A. Gray
G. Lane
P. M. Quirk
Shipping Intelligence Weekly is published 50 times a year. It reviews the

markets for Crude, Products, Specialised and Gas tankers, Bulk carriers,
Offshore and Liner vessels as well as the second-hand, new building and
demolition markets. It provides details of freight rates, earnings, prices and
activity in all these markets; fleet statistics; trade, financial and economic
indicators. It is available on subscription at a price of 675/690 a year
(within Europe/outside Europe) including postage.
Whilst care has been taken in the production of this review, no liability can
be accepted for any loss incurred in any way whatsoever by any person
who may seek to rely on the information contained herein. The information
in this report may not be reproduced without the written permission of
Clarkson Research Services Limited.
Anxiety, Tension, Mood Swings? Could it be PMT?

Weekly Shipping Intelligence Report

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Issue No.

The Atlantic Market This Week

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

The Pacific Market This Week

Crude Tanker Spot Market

Crude Tanker Highlights

280,000t Gulf - Europe

Average earnings $ per day

130,000t Gulf - S.China

80,000t Gulf - East *

Average earnings $ per day

Average earnings $ per day

Clarkson Research Services

Product Tanker Spot Market

Product Tanker Highlights

75,000t Gulf - Japan

Average earnings $ per day

55,000t Med - US Gulf *

Average earnings $ per day

VLCC Spot Market

Monthly Fixture Record

DOWN BY... -33%

Clarkson Research Services

Large Bulk Carrier Market

Iron Ore Trades

Average Earnings $ Per Day

Clarkson Research Services

Tripcharter Market, Freight Futures, & Bunkers

Average Earnings $ Per Day

Average Earnings $ Per Day

* 52,000 dwt "Supramax" unless stated

Baltic Freight Indices

Baltic Panamax Index Trends

FFA Indications at close ..

TransAtlantic R/V, $/day

Bunkers are in $/t

Clarkson Research Services

Gas & Chemical Markets

LPG Charter Rates, $'000/month

Voyage Rates ($/mt)

* 44K mt for 78K vessel/46K mt for 82K vessel.

Spot cargo availability east of

Some spot fixtures which had

Voyage Rates ($/mt)

Easychems except for: ~ Stainless Steel.

Chemical freight rates ex-Europe

West. Some owners have already

Chemical Freight Rates, $/mt

of last week were reported finalised and

MPFE= Main Port Far East

Liner & Offshore Markets

Liner Market News

1,700 teu FCC

Israeli container line Zim has reported a third quarter profit

Liner Markets ....

No. Vessels, end

3-week moving average

AHTS Freight Rates

Anchor Handling Tug/Supply

Clarkson Research Services

Maersk Line is reported to be in talks to sign a deal for a

Short Term Bulk Trends