Weekly Market Report Issue: Week 41 | Tuesday 14th October 2014 Market insight By Panos Makrinos SnP Broker As the East part of our globe was coming back from its October holidays last week, everyone expected that the Dry Bulk market would follow suit and maybe come out of its lethargy. Instead, the BDI moved below the 1,000 unit mark, a level which has been the psychological market barrier for the past couple of years, and started drawing up a completely different picture for dry bulkers compared to the one we see on the wet side and more specifically the crude sector. Chartering (Wet: Firm+ / Dry: Soft- ) The Dry Bulk market remains under significant pressure, while the continuous softening of Capesize rates is causing worries that it will be hard for the market to find a more stable foot soon. The BDI closed today (14/10/2014) at 948 points, down by 6 points compared to Monday’s levels (13/10/2014) and a decrease of 67 points compared to previous Tuesday’s closing (07/10/2014). The crude carriers market witnessed impressive rate gains last week, with activity ex-MEG and ex-WAF firming considerably. The BDTI Monday (13/10/2014) was at 683 points, an increase of 34 points and the BCTI at 574, an increase of 3 points compared to previous Monday’s (06/10/2014)levels. Sale & Purchase (Wet: Firm+ / Dry: Soft - ) Dry Bulk asset prices keep dropping, expectations look dimmer by the day and newbuilding prices are probably the only indicator in the sector still displaying some sort of resistance refusing to adjust accordingly tot his new reality. In addition to the current orderbook, Vale seems to have finally cracked the "code" for entering its gigantic ships to the Chinese shores and the fate of coal exports to China are currently a big question mark following the new standards set by the government there. Optimism for a stronger Q4 has given its way to panic about next year's outlook and in many cases it feels like we are once again being overrun by sentiment. What's there to look forward to? Activity on the SnP front sustained its levels, with modern tonnage being more popular in the case of tankers. At the same time, despite the very poor performance of rates in the Dry Bulk market, buying interest seems to be sitting on the sidelines, ready to invest in deals that possibly hide asset play opportunities. On the tanker side, we had the sale of the “ARIADNI” (166,092dwt-blt 09, S. Korea) which was picked up by Teekay for a price of US$ 56.5m. On the dry bulker side, we had the sale of the “SININ” (52,466dwt-blt 05, Philippines), which went to Greek buyers for a price of $ 13.7m. Sale and purchase activity has been at healthy levels and -despite the large number of candidates- the market has remained highly liquid with a wide range of buyers for all sizes and age groups. Demo prices are very strong and activity is finally picking up to reflect the rising need for tonnage exiting the market. Prices for prompt resales are in par with newbuilding prices after a long time and vessels being delivered now have little or zero differences from the designs that yards are marketing for construction. These facts along with the rising finance gap that has been widening throughout the year as private equity started to distance itself from shipping, should provide enough disincentives for new orders going forward. Isn’t this the perfect storm that counter-cyclical investors are looking for? The newbuilding market witnessed increased activity for a second week in a row, while the newly found love for the tanker sector seems to be what is mainly supporting the increased volume of orders, as the interest in the dry bulker side is currently limited to big operators. The changes in asset prices are also evident of this trend, with the average price of Suezmaxes ticking further up and that of Capes touching $55.0m, a level last witnessed around the begging of the year. Should the performance of freight rates in the crude carriers market in the next couple of months improves further or even stabilizes around the current levels, it is more than possible that it will pushed the price of the VL back above $100.0m or much higher, given the strong resistance it displayed during the past couple of months when the freight market received a lot of downward pressure. In terms of recently reported deals, Thenamaris has placed an order for 4 LR2 (115,000dwt) at Sungdong, in S. Korea, for a price of US $ 56.0m each and with delivery set for 2017. On the other side of the fence, tankers are displaying a much rosier picture. The M/T Ariadni (166,000dwt - blt 2009) is being reported sold for a very solid USD 56.5m and analysts are becoming increasingly optimistic about the outlook of the crude market, commenting on the low orderbook and rising demand for higher ton-mile cargo movements. Sale and purchase activity is steadily rising and asset values across all sizes are beating last done values every time. The Newbuilding market is also experiencing this euphoria with prices picking up at least 5% within weeks, completing an image very different to the one during the first quarter of the year. What has changed? Are we going to shoot ourselves in the foot once again? Hopefully market pundits will understand that this long-awaited improvement has been achieved due to the entire sector patiently and painfully working towards a healthier equilibrium and we will avoid making the “recent” mistakes of other sectors... Newbuilding (Wet: Stable+ / Dry: Soft - ) Demolition (Wet: Stable- / Dry: Stable- ) Things remained overall stable in the demolition market, which witnessed a notable decrease in activity. Despite the notable absence of demo candidates prices remained stable, revealing skepticism from the side of breakers who are probably now re-assessing the aggressive price levels of the past couple of months. The price of scrap steel in the Indian sub-Continent still remains in the spotlight here. As the Indian Rupee has started softening again against the USD Dollar, Indian breakers are expected to sit on the sidelines for the upcoming weeks and especially throughout the Diwali holidays, which are about are set to begin in less than ten days. At the same time the gap between China and the rest of the competition is expected to most probably widen even further as the subsidy program in place will continue pushing down demo prices in the country. Average prices this week for wet tonnage were at around 300500$/ldt and dry units received about 280-475$/ldt. Wet Market Spot Rates Routes WS $/day points WS points $/day 2014 2013 ±% $/day $/day $/day 265k MEG-JAPAN 44 27,558 39 19,221 43.4% 24,631 21,133 280k MEG-USG 23 9,013 20 2,388 277.4% 13,824 7,132 260k WAF-USG 53 36,487 50 31,427 16.1% 35,435 26,890 130k MED-MED 85 36,041 78 28,619 25.9% 26,763 17,714 130k WAF-USAC 85 32,822 75 25,523 28.6% 20,885 13,756 130k BSEA-MED 88 39,644 75 27,092 46.3% 26,763 17,714 80k MEG-EAST 80 14,804 80 14,043 5.4% 17,129 11,945 80k MED-MED 90 21,569 78 12,966 66.4% 24,256 13,622 80k UKC-UKC 100 27,208 98 23,834 14.2% 32,501 18,604 70k CARIBS-USG 106 19,501 95 13,955 39.7% 23,991 16,381 75k MEG-JAPAN 105 20,720 105 19,948 3.9% 13,936 12,011 55k MEG-JAPAN 118 17,050 110 14,267 19.5% 12,439 12,117 37K UKC-USAC 115 10,053 140 14,699 -31.6% 7,281 11,048 30K MED-MED 128 14,955 130 15,045 -0.6% 14,047 17,645 55K UKC-USG 115 18,375 115 17,056 7.7% 22,358 14,941 55K MED-USG 113 16,932 115 16,457 2.9% 19,858 12,642 50k CARIBS-USAC 118 17,310 118 15,675 10.4% 25,005 15,083 TC Rates $/day VLCC Suezmax Aframax Panamax MR Handy size - 12 mos - - 'ASTRO PERSEUS' - $ 21,750/day 2004 159,116dwt - BG - 12 mos (ext.) - - 'AQUALEADER' - $ 19,500/day 2011 115,669dwt - Flopec TD3 TD5 TD8 TC2 TC4 TC6 DIRTY - WS RATES TD4 220 170 120 70 20 200 CLEAN - WS RATES TC1 180 WS poi nts Dirty Clean Aframax Suezmax VLCC Vessel Indicative Period Charters Week 40 WS poi nts Week 41 160 140 120 100 Week 41 Week 40 ±% Diff 2014 2013 300k 1yr TC 30,750 30,750 0.0% 0 26,884 20,087 300k 3yr TC 34,250 34,250 0.0% 0 29,298 23,594 150k 1yr TC 24,750 24,750 0.0% 0 21,335 16,264 150k 3yr TC 26,250 26,250 0.0% 0 23,359 18,296 110k 1yr TC 19,500 19,500 0.0% 0 16,689 13,534 110k 3yr TC 21,250 21,250 0.0% 0 18,310 15,248 75k 1yr TC 16,250 16,250 0.0% 0 15,573 15,221 75k 3yr TC 16,750 16,750 0.0% 0 16,413 15,729 VLCC 300KT DH 74.5 80 60 Indicative Market Values ($ Million) - Tankers Vessel 5yrs old Oct-14 Sep-14 ±% 2014 2013 2012 74.0 0.7% 72.7 56.2 62.9 52k 1yr TC 14,250 14,000 1.8% 250 14,805 14,591 Suezmax 150KT DH 50.5 50.0 1.0% 48.9 40.1 44.9 52k 3yr TC 15,250 15,250 0.0% 0 15,694 15,263 Aframax 110KT DH 42.0 41.8 0.6% 37.6 29.2 31.2 75KT DH 32.5 32.5 0.0% 32.8 28.0 26.7 52KT DH 25.5 25.5 0.0% 27.8 24.7 24.6 36k 1yr TC 13,250 13,250 0.0% 0 14,195 13,298 LR1 36k 3yr TC 14,250 14,250 0.0% 0 15,060 13,907 MR Chartering Sale & Purchase The crude carriers market appears to be in a comeback mode. With major key trading areas witnessing increased activity, rates across the board moved decisively up, while the sliding price of bunkers was the cherry on the top of the cake for the entire market. As a result expectations for a similar performance during the upcoming winter season have started building up . Rates for VLCC tonnage finally cashed in big on the increased activity ex-MEG, which managed to lift ideas across both the Westbound and Eastbound voyage. Strengthening demand helped the MEG/USG rate move back above OPEX levels. In the Suezmax sector, we had the sale of the “ARIADNI” (166,092dwt-blt 09, S. Korea) which was picked up by Teekay for a price of US$ 56.5m. In the MR sector we had the sale of the “MAOHI” (46,177dwt-blt 06, S. Korea), which was sold to Greek buyers for a price of US$ 18.5m. The Suezmax market was the strongest link for yet another week, with rates for the main Suez routes noting fresh gains and TCE being pushed well above $30,000/day. Activity ex-WAF was slightly down for a second week in a row, but balanced supply of tonnage in the region managed to push ideas further up, while the stable European demand helped rates for crossMED and Black Sea/Med voyages move higher. European demand also helped rates for cross-Med and cross-UKC Afra firm further this week, while positionally tighter Suez tonnage was in many cases the reason why Aframax tonnage was the next best thing for charteres . The Caribs Afra also moved up as tighter tonnage supply compensated for the decline in fixing activity. © Intermodal Research 14/10/2014 2 Dry Market Baltic Indices Indicative Period Charters Point Diff $/day ±% 2014 2013 Index Index 1,094 1,205 BDI 963 BCI 1,544 $10,277 1,758 $12,009 -214 -14.4% 1,921 2,106 BPI 865 $6,924 887 $7,101 -22 -2.5% 935 1,186 BSI 970 $10,147 1,028 $10,745 -58 -5.6% 942 983 BHSI 516 $7,547 530 $7,724 -14 -2.3% 534 562 1,037 -74 - 4 to 7 mos - ex yard Sanoyasu 23 Octt - 'SANTA REGINA' - $ 10,850/day 2014 82,700dwt - EDF - 12 to 16 mos - Rotterdam spot - 'ZHONG MAY' - $ 15,500/day 2010 176,403dwt - SwissMarine Baltic Indices 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 BCI Index Week 40 03/10/2014 Index $/day 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 AVR 4TC BCI $/day Week 41 10/10/2014 Index $/day Handysize Supramax Panamax Capesize Period Week $/day 41 170K 6mnt TC 14,750 Week 40 16,500 ±% Diff 2014 2013 -10.6% -1,750 23,740 17,625 170K 1yr TC 14,750 17,250 -14.5% -2,500 23,865 15,959 170K 3yr TC 14,625 17,500 -16.4% -2,875 22,965 16,599 76K 6mnt TC 10,750 10,750 0.0% 0 12,807 12,224 76K 1yr TC 10,750 10,750 76K 3yr TC 12,625 12,625 55K 6mnt TC 11,500 12,000 55K 1yr TC 10,750 11,250 55K 3yr TC 10,500 30K 6mnt TC 8,500 30K 1yr TC 30K 3yr TC 0.0% 0 12,729 10,300 0.0% 0 13,570 10,317 -4.2% -500 12,371 11,565 -4.4% -500 12,011 10,234 11,000 -4.5% -500 12,023 10,482 8,500 0.0% 0 9,426 8,244 8,750 8,750 0.0% 0 9,526 8,309 9,500 9,500 0.0% 0 9,828 8,926 BPI BSI BHSI BDI Average T/C Rates AVR 4TC BPI AVR 5TC BSI AVR 6TC BHSI Chartering The Dry Bulk market noted another weekly decline last week, while the BDI moved below 1,000 points taking down with it expectations that a postholidays more active Pacific could provide some support to rates. Hopes that the Dry Bulk market could make a very big comeback during the last quarter are slowly abandoning even the most optimistic but saying that we believe that an upward correction is long overdue and should be materializing in the next couple of weeks. Whether the magnitude of such correction will put at ease those starting to worry that fundamentals remain shaky, remains to be seen, but given the signs activity in the bigger size segments we are not setting our expectations too high. Rates for Capes remained under pressure throughout the week, while the segment was once more the weakest link across the board. Activity in both basins was limited, allowing those charterers who were active to hold on firmly to the upper hand. The period market also took another hit last week, with sharp corrections being noted across most contracts. Indicative Market Values ($ Million) - Bulk Carriers Vessel 5 yrs old Oct-14 Sep-14 ±% 2014 2013 2012 Capesize 180k 48.0 48.0 0.0% 48.5 35.8 34.6 Panamax 76K 22.0 23.0 -4.3% 25.5 21.3 22.7 Supramax 56k 22.8 23.6 -3.7% 25.5 21.5 23.0 Handysize 30K 18.5 19.0 -2.6% 20.1 18.2 18.2 Sale & Purchase In the Capesize sector, we had the sale of the “CAPE HOPE II” (170,761dwtblt 00, Japan), which was picked up by Navios for a price of $ 22.3m. In the Supramax sector we had the sale of the “SININ” (52,466dwt-blt 05, Philippines), which went to Greek buyers for a price of $ 13.7m. Rates for Panamaxes also noted a weekly decline, albeit of fairly small scale, while the Panamax period market remained in line with last dones. Activity in the Pacific was unimpressive as the end of holidays in China didn't bring along any significant improvements, while over in the Atlantic the USG provided steady flow of business. Supras and Handies were also on the downward slide, as a drop in fresh inquiries in the Pacific, coupled with a softer week in terms of Stems for the Atlantic basin, meant that there was no significant support to be found in the market. © Intermodal Research 14/10/2014 3 Secondhand Sales Tankers Size Name Dwt Built Yard M/E SS due Hull Price Buyers SUEZ ARIADNI 166,092 2009 HYUNDAI SAMHO HEAVY IN, S. Korea MAN-B&W DH $ 56.5m Ca na di a n (Teeka y) AFRA SEASTAR 115,639 2008 SAMSUNG HEAVY INDUSTRI, S. Korea MAN-B&W DH $ 46.0m S. Korea n (Da el i m) AFRA ACS BRAVE 105,672 2003 SUMITOMO HI YOKOSUKA, Ja pa n Sul zer DH $ 23.8m Sul zer Oct-18 DH $ 23.8m SANOYAS HISHINO MIZ'MA, Ja pa n Sul zer Feb-15 DH $ 11.5m Ma r-18 Comments undi s cl os ed AFRA ACS BRIGHT 104,075 SUMITOMO HEAVY 2003 MARINE, Ja pa n MR SITEAM JUPITER 48,330 2000 Norwegi a n MR SITEAM NEPTUN 48,309 SANOYAS HISHINO 2000 MIZ'MA, Ja pa n MR HIGH LIGHT 46,843 2005 MR MAOHI 46,177 2006 Size Name Dwt Built Yard M/E CAPE CAPE HOPE II 170,761 2000 KOYO MIHARA, Ja pa n B&W CAPE CAPE VIEWER 169,381 DAEWOO 1992 SHIPBUILDING &, S. Korea PMAX PLEIADES 68,962 1997 SMAX SININ 52,466 HMAX HAPPY SUCCESS 42,203 NAIKAI ZOSEN SETODA, Ja pa n Sul zer Ma r-15 DH $ 11.5m B&W Oct-15 DH $ 16.0m Greek DH $ 18.5m Greek STX SHIPBUILDING MAN-B&W JIN, S. Korea Bulk Carriers SS due Gear 2CRANES Price Buyers Comments $ 22.3m Greek (Na vi os ) purcha s e option $ 8.3m HK ba s ed (Nobl e Group) US court s a l e $ 8.2m Greek (Ari on/Begl eri s ) B&W Dec-17 IMABARI MARUGAME, Ja pa n Sul zer Oct-17 2005 TSUNEISHI HEAVY CEBU, Phi l i ppi nes B&W Ma y-15 4 X 30t CRANES $ 13.7m Greek 1991 OSHIMA SHIPBUILDING, Ja pa n Sul zer Sep-15 4 X 25t CRANES $ 5.9m S. Korea n a uction MPP/General Cargo Name Dwt IZUMI 20,170 © Intermodal Research Built Yard 2007 SHITANOE, Japan M/E SS due MAN-B&W Gear 2 X 50t Sep-17 CRS,1 X 30t CRS 14/10/2014 Price Buyers $ 10.0m Chi nes e Comments 4 Secondhand Sales Containers Size Name Teu Built PMAX GEORG SCHULTE 3,534 2008 SUB PMAX KING ADRIAN 2,702 2004 NORDSEEWERKE, Germany B&W FEEDER POSITANO 1,730 1996 SZCZECINSKA STOCZNIA S, Poland Sulzer FEEDER VENTO DI TRAMONTANA 1,577 2006 IMABARI IMABARI, Japan MAN-B&W © Intermodal Research Yard SHANGHAI SHIPYARD CO L, China M/E SS due Gear MAN-B&W Mar-18 Dec-14 14/10/2014 Price Buyers Comments $ 15.0m UK based Greek (Lomar) incl. financing undi s cl os ed German 3 X 40t undi s cl os ed CRANES 3 X 45t CRANES $ 4.0m USA based HK based (Continental Inv.) 5 Newbuilding Market Indicative Newbuilding Prices (million$) Vessel Gas Tankers Bulkers Capesize 180k Kamsarmax 82k Panamax 77k Ultramax 63k Handysize 38k VLCC 300k Suezmax 160k Aframax 115k LR1 75k MR 50k LNG 160k cbm LGC LPG 80k cbm MGC LPG 55k cbm SGC LPG 25k cbm Week 41 55.0 30.0 29.0 27.5 23.0 98.0 66.0 54.0 46.5 37.0 186.0 79.0 68.5 45.5 Week 40 55.3 30.0 29.0 27.5 23.0 98.0 65.5 54.0 46.5 37.0 186.0 79.0 68.5 45.0 ±% -0.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.8% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.1% 2014 2013 2012 56.2 30.4 29.2 27 23 98.8 65 54 45.8 36.9 49 27 26 25 21 91 56 48 41 34 185.8 185 78.2 71 66.5 63 43.9 41 47 28 27 25 22 96 58 50 42 34 186 71 62 44 The newbuilding market witnessed increased activity for a second week in a row, while the newly found love for the tanker sector seems to be what is mainly supporting the increased volume of orders, as the interest in the dry bulker side is currently limited to big operators. The changes in asset prices are also evident of this trend, with the average price of Suezmaxes ticking further up and that of Capes touching $55.0m, a level last witnessed around the begging of the year. Should the performance of freight rates in the crude carriers market in the next couple of months improves further or even stabilizes around the current levels, it is more than possible that it will pushed the price of the VL back above $100.0m or much higher, given the strong resistance it displayed during the past couple of months when the freight market received a lot of downward pressure. In terms of recently rumored deals, Thenamaris has placed an order for 4 LR2 (115,000dwt) at Sungdong, in S. Korea, for a price of US $ 56.0m each and with delivery set for 2017. Bulk Carriers Newbuilding Prices (m$) Tankers Newbuilding Prices (m$) VLCC Suezmax Aframax LR1 MR Capesize 110 Panamax Supramax Handysize 90 140 mi l lion $ mi l lion $ 180 100 70 50 60 30 20 10 Newbuilding Orders Units Type Size Yard Delivery Buyer Price Comments 4 Tanker 115,000 dwt Sungdong S.B., S.Korea 2017 Greek (Thenamaris) $ 56.0m LR2 2 Tanker 72,000 dwt STX Shipbuilding, S. Korea 2016 Greek $ 46.0m LR1 3 Tanker 70,000 dwt Samsung, S. Korea 2016 Russian (Sovcomflot) $ 147.0m shuttle tankers, ARC 7 icebreakers 1 Tanker 19,950 dwt Usuki Zosensho, Japan 2/2016 Japanese (Dorval Kaiun) undisclosed 2 Bulker 208,000 dwt New Times, China 2016-2017 S. Korean (Dong-A Tanker) $ 55.5m 2 Bulker 180,000 dwt Qingdao Beihai, China 2016 China (Shanghai Baosteel) $ 52.5m 2 Container 1,800 teu Dae Sun, S. Korea 2016 S. Korean (Heung-A Shipping) $ 27.8m 1 Container 1,800 teu Dae Sun, S. Korea 2016 S. Korean (Dong-A Tanker) $ 27.8m 1 Gas 2/2016 Japanese (Tachibanaya) undisclosed 4 MPP 2017 Singaporean (Greenland Petrol Ops) undisclosed Semi-sub/Heavy Lift 4,500 cbm Murakami Hide, Japan 65,000 dwt © Intermodal Research CSBC, Taiwan 14/10/2014 6 Demolition Market Indicative Demolition Prices ($/ldt) Dry Wet Markets Bangladesh India Pakistan China Bangladesh India Pakistan China Week 41 490 485 500 300 470 455 475 280 Week 40 490 485 500 300 470 455 475 280 ±% Things remained overall stable in the demolition market, which witnessed a notable decrease in activity. Despite the notable absence of demo candidates prices remained stable, revealing skepticism from the side of breakers who are probably now re-assessing the aggressive price levels of the past couple of months. The price of scrap steel in the Indian sub-Continent still remains in the spotlight here. As the Indian Rupee has started softening again against the USD Dollar, Indian breakers are expected to sit on the sidelines for the upcoming weeks and especially throughout the Diwali holidays, which are about are set to begin in less than ten days. At the same time the gap between China and the rest of the competition is expected to most probably widen even further as the subsidy program in place will continue pushing down demo prices in the country. Average prices this week for wet tonnage were at around 300-500$/ldt and dry units received about 280-475$/ldt. 2013 2012 2011 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 422 426 423 365 402 405 401 350 440 445 444 384 414 419 416 365 523 511 504 451 498 484 477 432 The highest price amongst recently reported deals, was that paid by Pakistani breakers for the VLCC Tanker ‘HEBEI MOUNTAIN’ (307,050dwt-41,660ldt-blt 95), which received a very firm price of $ 526/ldt. Dry Demolition Prices Wet Demolition Prices Bangladesh India Pakistan 550 China 500 500 450 450 $/l dt $/l dt 550 400 Bangladesh India Pakistan China 400 350 350 300 300 250 250 Demolition Sales Name Built Yard Type $/ldt Breakers 307,050 41,660 1995 HITACHI ZOSEN NAGASU, Japan TANKER $ 526/Ldt Pakistani YIALIA 69,458 10,862 1990 NKK CORP - TSU, Japan BULKER $ 502/Ldt Pakistani PANAMAX JADE 70,227 9,215 1988 SANOYAS CORP, Japan BULKER $ 505/Ldt Indian XIN PENG 38,888 7,140 1984 IHI - AIOI, Japan BULKER $ 493/Ldt Bangladeshi HEBEI MOUNTAIN Size © Intermodal Research Ldt 14/10/2014 Comments last week's sale, falsely reported at $504/ldt 7 Commodities & Ship Finance Market Data 8-Oct-14 7-Oct-14 6-Oct-14 2.330 1,928.21 4,378.34 16,659.25 6,431.90 3,427.70 4,141.45 9,005.02 15,478.93 23,534.53 345.42 1.27 1.62 107.91 0.16 6.14 1,063.64 91.20 2.330 1,968.89 4,468.59 16,994.22 6,482.20 3,454.51 4,168.12 8,995.33 15,595.98 23,263.33 361.31 1.27 1.61 108.27 0.15 6.14 1,071.91 91.60 2.350 1,935.10 4,385.20 16,719.39 6,495.60 3,467.07 4,209.14 9,086.21 15,783.83 23,422.52 364.62 1.26 1.61 108.50 0.15 6.14 1,069.61 91.70 2.420 1,964.82 4,454.80 16,991.91 6,563.70 3,503.63 4,286.52 9,209.51 15,890.95 23,315.04 374.67 1.26 1.60 109.26 0.15 6.14 1,065.57 92.10 Maritime Stock Data Company Oil WTI $ Oil Brent $ Gold $ 110 1,250 105 1,240 100 1,230 oil 95 1,220 gold 90 1,210 85 1,200 80 1,190 Bunker Prices MDO 10year US Bond 2.310 S&P 500 1,906.13 Nasdaq 4,276.24 Dow Jones 16,544.10 FTSE 100 6,340.00 FTSE All-Share UK 3,380.02 CAC40 4,073.71 Xetra Dax 8,788.81 Nikkei 15,300.55 Hang Seng 23,088.54 DJ US Maritime 338.59 $/€ 1.27 $/₤ 1.60 ¥/$ 107.82 $ / NoK 0.15 Yuan / $ 6.14 Won / $ 1,074.25 $ INDEX 91.70 9-Oct-14 Basic Commodities Weekly Summary 380cst Currencies Stock Exchange Data 10-Oct-14 W-O-W Change % -5.7% -3.1% -4.5% -2.7% -2.9% -3.0% -4.9% -4.6% -2.6% 0.1% -10.4% 0.4% 0.2% -1.3% -0.4% 0.0% 1.2% -1.0% Rotterdam Houston Singapore Rotterdam Houston Singapore 10-Oct-14 3-Oct-14 735.5 890.5 764.0 506.0 510.0 523.0 771.0 914.0 795.5 535.5 547.5 552.5 W-O-W Change % -4.6% -2.6% -4.0% -5.5% -6.8% -5.3% Finance News Stock Curr. 10-Oct-14 Exchange 03-Oct-14 W-O-W Change % AEGEAN MARINE PETROL NTWK NYSE USD 7.79 9.06 -14.0% BALTIC TRADING NYSE USD 3.18 3.88 -18.0% BOX SHIPS INC CAPITAL PRODUCT PARTNERS LP COSTAMARE INC NYSE USD NASDAQ USD NYSE USD 1.18 8.33 20.08 1.10 9.83 21.77 7.3% -15.3% -7.8% DANAOS CORPORATION NYSE USD 4.60 4.91 -6.3% DIANA SHIPPING NYSE USD 8.14 8.50 -4.2% DRYSHIPS INC NASDAQ USD 1.86 2.21 -15.8% EAGLE BULK SHIPPING NASDAQ USD 0.74 0.89 -16.9% EUROSEAS LTD. FREESEAS INC GLOBUS MARITIME LIMITED NASDAQ USD NASDAQ USD NASDAQ USD 0.99 0.13 3.10 1.11 0.17 3.36 -10.8% -23.5% -7.7% GOLDENPORT HOLDINGS INC LONDON GBX 329.00 350.00 -6.0% HELLENIC CARRIERS LIMITED LONDON GBX 37.00 37.06 -0.2% NAVIOS MARITIME ACQUISITIONS NYSE USD 2.58 2.87 -10.1% NAVIOS MARITIME HOLDINGS NYSE USD 4.92 5.81 -15.3% NAVIOS MARITIME PARTNERS LP NYSE USD 16.22 18.12 -10.5% PARAGON SHIPPING INC. NYSE USD 3.08 3.34 -7.8% SAFE BULKERS INC SEANERGY MARITIME HOLDINGS CORP STAR BULK CARRIERS CORP STEALTHGAS INC TSAKOS ENERGY NAVIGATION TOP SHIPS INC NYSE NASDAQ NASDAQ NASDAQ NYSE NASDAQ USD USD USD USD USD USD 5.48 1.43 9.06 7.76 5.32 1.71 6.36 1.71 10.54 8.78 6.25 1.89 -13.8% -16.4% -14.0% -11.6% -14.9% -9.5% “Frontline buys bonds John Fredriksen’s Frontline has spent $17.8m on buying back its own bonds as the payment deadline looms. The deals were carried out in the open market on Monday at 91.65% of face value, the tanker owner said. This gives the shipowner $52.8m or 23.5% of the issue. The 4.5% convertible bonds worth $190m are due in April and Frontline admitted in August it faced a “challenging situation” as it sought a way to meet the final payment The owner has $1bn in debt and said that, based on the current tanker market outlook, it was “doubtful” whether it could generate sufficient cash from operations to meet its obligation. It said it was considering raising equity or selling assets, establishing new loans or refinancing existing arrangements. A full restructuring of the company, including lease obligations and debt agreements, might be the only alternative, however. Bjorn Kristian Roed, an analyst at Danske Bank, said at the time the company could avoid selling its prized asset, a $108m stake in spin-off Frontline 2012, if it sheds two new suezmaxes and raises a further $40m from an at the market (ATM) offering.” (Trade Winds) The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbr okers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co. 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