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THE COMPASS WEEKLY MARKET REPORT

November 20th, 2009/ Week 45

THE VIEW FROM THE BRIDGE …

Volatility returned to the dry market - the Cape market was euphoric early in the week and surged up over 1,000
points through the 8,000 level and by midweek rates touched $110,000/daily from West Australia to China while
Atlantic rates were also firm and fronthaul was reported done at $116,000/daily and a transAtlantic round was
done at $95,000/daily! On Thursday and Friday the BCI gave back a lot of the gains (down over 700 points) as the
majors retreated from the market. Buying sentiment carried down to all sizes (very few Cape bulkers have been
sold recently) but Panamax bulkers were the flavor of the week as more than 10 were reported sold this week and
values firmed across the board.

Dryships increased the size of their bond offering from $300 mill. to $400 mill. and reported that they would
obtain $387 mill. from the offer to be used for "vessel acquisitions and other general corporate purposes". They
used $75.75 mill. to buy 2 modern Panamax bulkers, the M/V "FORTUNE PRINCESS" (76,635 DWT/Built
Sasebo 2007) and the M/V "FORTUNE OCEAN" (76,801 DWT/Built Sasebo 2006).

Tanker sale and purchase activity remains limited although tanker rates strengthened this week and a VLCC
obtained $50,000/day for a West African loading. A few modern units changed hands as Nordic American
Tankers (NATS) paid $51.5 mill. each for the M/T "DECATHLON" / "PENTATHLON" (164,274 DWT/Built
Samho 2002-2002).

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 SALE & PURCHASE ACTIVITY REPORTED THIS WEEK
TANKERS

“AL BALI STAR / LIBRA STAR / PHOENIX STAR”

291,435/94/93/93 - MITSUBISHI - MIT 28,000 - COATED - SBT - IGS - COW - SH
Sold for $20 mill. each to Brazilian buyer (Vale).

“DECATHLON / PENTATHLON”
164,274/02 - SAMHO - B&W 25,321 - COATED - COILED - SBT - IGS - COW - DH
Sold for $103 mill. “en bloc” to Norwegian buyer (NAT).

LPG - “ALTHEA GAS” 53,677/03 - KAWASAKI - MAN/B&W 19,100 - 82,488 CBM

Sold for region $53 mill. to Stolt-Nielsen.

“SETO EAGLE” 47,474/04 - ONOMICHI - B&W 11,665 - COATED - COILED - SBT - IGS - COW - DH
Sold for $22 mill. to undisclosed buyer.

BULK CARRIERS

OBO - “PRINCESS SUSANA” 152,295/86 - HHI - SUL 19,501 - 9HH - 26,500 LDT
Sold for $13 mill. to Chinese buyer.

“GRAND FORTUNE” 150,877/94 - SANOYAS - SUL 17,002 - 9HH

Sold for $28 mill. to undisclosed buyer.

“TSUNEISHI NB RESALE” 82,500/04-10 - TSUNEISHI - MAN/B&W 15,037 - 7HH

Sold for $37.8 mill. to Italian buyer (Bottiglieri).

“FORTUNE OCEAN / FORTUNE PRINCESS”

76,801/06/07 - SASEBO - MAN/B&W 15,037 - 7HH - 225.00M LOA
Sold for $37 mill. and $38.75 respectively to Greek buyer (Dryships).

“TORM CHARLOTTE / TORM ROTNA” 75,944/05/01 - TSUNEISHI - B&W 12,250 - 7HH - 225.00M LOA
Sold for $35 and $29.2 mill. respectively to Greek buyer.

“MARIA SALAMON / GERTRUD SALAMON / WILLI SALAMON”

74,000/01/00/00 - IMABARI - B&W 12,000 - 7HH - 224.97M LOA
Sold for $28 mill., $27 mill, and 27 mill. respectively to German buyer (Vogemann).

“ERNST SALAMON” 74,002/99 - IMABARI - B&W 12,001 - 7HH - 224.97M LOA

Sold on subjects for $26 mill. to Norwegian buyer (Nortrans).

“GLOBAL CHALLENGER” 73,218/96 - SAMSUNG - B&W 16,681 - 7HH - 224.96M LOA

Sold for $24.7 mill. to Chinese buyer.

“CONSUL POPPE” 68,591/95 - SASEBO - B&W 13,901 - 7HH - 224.00M LOA

Sold for $22 mill. to undisclosed buyer.

OBO - “ALKAIOS” 66,234/85 - NAMURA - SUL 11,207 - 7HA - 15,000 LDT

Sold for $6 mill. to Chinese buyer.

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“TRITON EAGLE” 52,579/03 - TOYOHASHI - MAN/B&W 10,599 - 5HH - C 4X30.5T
Sold for $25.65 mill. to Greek buyer (Windforce Maritime).

“FURNESS TIMIKA” 52,508/01 - SHIN KURUSHIMA - MIT 11,221 - 5HH - C 4X30.5T

Sold for $23.5 mill. to Turkish buyer.

“NEW EMINENCE” 45,830/94 - KOYO - MIT 9,951 - 5HH - C 4X25T

Sold for $17.3 mill. to Chinese buyer.

“OCEAN WORLD” 33,261/09 - ORIENT - MAN/B&W 7,929 - 5HH - C 4X25T

Sold for $25.5 mill. to Greek buyer.

CONTAINERSHIPS

“GRAND VIEW” 44,006/91 - DAEWOO - SUL 31,502 - 7HO/14HA - 2,986 TEU - GLESS - 16,000 LDT
Sold for $6.25 mill. to Chinese buyer.

.TWEENDECKERS / MPC / Ro-Ro / MISCELLANEOUS VESSELS

“SKY TREASURE / SKY BRIGHT / SKY LIGHT”

10,800/97/96/96 - GERMANY - MAN 9,993 - 3HH - 724 TEU - C 2X40T
Sold on subjects for $13.5 mill. “en bloc” to Malaysian buyer.

“ST FORWARD / ST LEADER” 6,901/92/91 - JAPAN - HAN 3,500 - 2HH - C 2X25T

“ST BRILLIANCE / ST SPIRIT / ST FIDELITY” 4,705/92 - TURKEY - B&W 4,560 - 2HH - C 2X25T
“ST STAR” 3,750/91 - TURKEY - B&W 4,560 - 2HH - C 2X25T
Sold at auction for region $1.8 mill. each to undisclosed buyer.

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 NEWBUILDINGS

NEWBUILDING STATISTICS
ASSET * TOTAL
CLASS 2009 2010 2011 2012 2013 2014 2015 ORDERBOOK
ULCC/VLCC 8 78 90 20 1 197
SUEZMAX 22 47 57 9 4 139 (-1)
AFRAMAX 18 85 49 6 5 4 167
PANAMAX 10 28 37 2 2 79 (-2)
MR TANKER 82 198 116 17 2 415 (-4)

0-35K DWT 101 182 71 14 1 369 (-5)

CAPESIZE 62 320 223 111 35 7 758 (+4)

80-100K WT 27 189 188 73 24 4 505 (-4)
PANAMAX 12 80 76 37 9 214
SUPRAMAX 119 373 270 79 9 850 (-6)
HANDYSIZE 162 3019 262 122 10 857 (-12)
• Includes ALL vessels on order.
• Please note that not all data are current as of the end of this week.
•

NEWBUILDING ACTIVITY REPORTED THIS WEEK

No. Size Type Yard Delivery Price (mill) Owners Comm.

1x 180,000 dwt Bulk SungDong 2011 $56 Kumiai Senpaku

1x 180,000 dwt Bulk SungDong 2011 $56 Greek
2x 92,000 dwt Bulk Yangzijiang 2012 Bottiglieri
6x 80,000 dwt Bulk Yangfan 2011/12 $40 Lanhai Shipping
3+1 37,000 dwt Bulk Hyundai Mipo 2010/11 $30 ISH

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 KEY INDICATORS
MARKET SNAPSHOT
FINANCIAL SUMMARY FREIGHT INDICES - BALTIC EXCHANGE INDICES
WON / US $ 1,162.52 THIS WEEK LAST WK LAST YR CHANGE w-o-w y-o-y y-o-y (%)
NOK / US $ 5.640 BDI - DRY 4,507 4,111 841 396 3,270 388.82%
US $ / € 1.4919 BCI - CAPES 7,542 7,183 1,016 359 6,167 606.99%
US $ / £ 1.6659 BPI - PANAMAX 4,424 3,978 953 446 3,025 317.42%
¥ / US $ 89.080 BSI - SUPRAMAX 2,487 2,147 556 340 1,931 347.30%
OIL (WTI) / bbl $ 77.46 BHSI - HANDYSIZE 1,088 970 297 118 791 266.33%
10-YR TREAS 3.349% BDTI - DIRTY TANKERS 673 655 1,020 18 (365) -35.78%
LIBOR (3-mos) 0.27% BCTI - CLEAN TANKERS 497 457 961 40 (504) -52.45%

BALTIC TANKER INDICES - DAILY BALTIC DRY INDICES - DAILY

2,500 20,000
BDTI INDEX
2,000 16,000 BCI BPI BSI
BCTI INDEX
1,500 12,000

1,000 8,000

500 4,000

0 -

23-Nov-07

11-Nov-08
27-Apr-06

12-Dec-06

11-Apr-07

2-Aug-07

27-Mar-08
3-Jan-06

21-Aug-06

21-Jul-08

11-Mar-09

7-Jul-09
1- -06

1- -07

1- -08

1- -09
A 6

Ja 6
A 7

Ja 7
A 8

Ja 8
A 9
1- l-06

1- l-07

1- l-08

9
1- t-0

1- t-0

1- t-0
1- n-0

1- n-0

1- n-0

1- n-0

l-0
pr

pr

pr

pr
Ju

Ju

Ju

Ju
c

c
Ja

O
1-

ASSET PRICES MONTHLY - 5YR OLD VESSELS

BALTIC DRY INDEX (BDI) - WEEKLY
ASSET PRICES (in US $ mil)

14,000 $180
$160 VLCC 300K DWT TANKER
12,000
$140 AFRAMAX DH 97K DWT TANKER
10,000 $120 CAPE 170K DWT BC
8,000 $100 PANAMAX 74K DWT BC

6,000 $80
$60
4,000
$40
2,000 $20
0 $0
2005-01

2005-07

2006-01

2006-07

2007-01

2007-07

2008-01

2008-07

2009-01
WK - 1
WK - 4
WK - 7
WK - 10
WK - 13
WK - 16
WK - 19
WK - 22
WK - 25
WK - 28
WK - 31
WK - 34
WK - 37
WK - 40
WK - 43
WK - 46
WK - 49

2006 2007
2008 2009

VESSEL VALUES FREIGHT

ASSET CLASS NB CONTRACT PROMPT 5 YR 10 YR 20 YR (HULL) ONE-YR TC
TANKERS SIZE (DWT) (All Numbers in US $ Millions) (US$ / pd)
VLCC 300,000 $98.0 $96.0 $77.0 $57.0 $12.0 SH $30,000
SUEZMAX 150,000 $61.0 $58.0 $52.0 $41.0 $10.0 DH $21,000
AFRAMAX 105,000 $51.0 $49.0 $37.0 $26.0 $7.0 SH $17,000
PANAMAX 70,000 $40.0 $39.0 $33.0 $24.0 $6.0 SH $16,000
MR TANKER 47,000 $36.0 $30.0 $22.0 $18.0 $4.0 SH $9,750
DRY BULK SIZE (DWT) NB CONTRACT PROMPT 5 YR 10 YR 20 YR
CAPE 170,000 $56.0 $65.0 $52.0 $41.0 $18.0 $40,000
PANAMAX 74,000 $35.5 $38.0 $32.0 $24.0 $12.0 $26,000
SUPRAMAX 52,000 $30.5 $33.0 $27.0 $21.0 $10.0 $19,000

BUNKER PRICES (US$/ton) ROTTERDAM FUJAIRAH SINGAPORE PIRAEUS

380 CST $456.00 $463.00 $467.00 $479.00
180CST $477.00 $474.00 $475.00 $494.00
MGO $602.50 $627.50 $635.00 $642.50

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 DEMOLITION
DEMOLITION STATISTICS
ASSET CLASS THIS DATE 2009 THIS DATE 2008 2008 TOTAL 2007 TOTAL
ULCC/VLCC 11 7 7 1
SUEZMAX 6 4 4 1
AFRAMAX 13 11 11 8
PANAMAX TANKER 11 9 10 4

CAPE/COMBO (100K DWT +) 6 10 13 0

PANAMAX BULKER 41 8 29 2

ESTIMATED DEMOLITION PRICES (US $ per lt)

LOCATION TANKERS 6-10,000 LT TANKERS 15-20,000 LT BULK CARRIERS
CHINA 270 275 260
SUB-CONTINENT 340 345 285

RECYCLING ACTIVITY REPORTED THIS WEEK

BANGLADESH – CHITTAGONG

M/T “AKER SMART 3” (FSO) 180,377/82 - 27,385 LDT - $270/LDT – as is Singapore

M/T “BRAVEHEART” 94,998/92 - 13,939 LDT - $353/LDT
M/T “ACCORD” 31,374/80 - 7,799 LDT - $338/LDT

CHINA

M/V “CHANG LE” 16,798/75 - 3,998 LDT - $262/LDT (old sale)

M/V “MASAN” (tween) 15,098/77 - 4,680 LDT - $265/LDT

INDIA – ALANG

M/V “GLEN VINE” 48,369/81 - 12,893 LDT - $335/LDT (Incl. extra generators+equip)
M/V “EURUS STOCKHOLM” 26,676/90 - 7,602 LDT - $290/LDT
M/V “NOBIL” 25,599/82 - 7,797 LDT - $288/LDT
M/V “MSC LUCIA” (cont) 20,239/78 - 8,948 LDT - $290/LDT
M/V “WINDSOR RUBY” (tween) 14,328/81 - 6,260 LDT - $295/LDT
M/V “SEA MASTER” (cont) 7,861/81 - 2,731 LDT - $300/LDT
PAKISTAN – KARACHI

M/T “PACIFIC JEWEL” 258,068/75 - 38,519 LDT - $330/LDT

TURKEY

No sales to report

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 COMPASS CONTACTS
SALE & PURCHASE MOBILE PHONE NUMBER AOH

Terry Chance 201 - 463-3834 908 - 232-5574

Bart Lawrence 201 - 463-3835 914 - 997-7599
Tom Linter 201 - 463-3826 973 - 949-4218
Tom Roberts 201 - 463-3832 914 - 242-5436
Sophus Schanche 201 - 463-3831 973 - 283-2848
Evan Sproviero 201 - 563-3240

OFFSHORE MOBILE PHONE NUMBER AOH

Tommy O’Toole 845 - 597-4150 845 - 827-5277

PROJECTS & FINANCE MOBILE PHONE NUMBER AOH

Basil Karatzas 201 - 463-3828 713 - 545-5990

IT & MANAGEMENT RESOURCES MOBILE PHONE NUMBER AOH

Joseph Kaufmann 201 - 463-3833

Very Truly Yours,

COMPASS MARITIME SERVICES, LLC

Compass Maritime Services, LLC is Member of

9 The Association of Ship Brokers & Agents (USA) Inc. (ASBA), and
9 The Baltic Exchange,

and Panel Member of

9 The Baltic Exchange Sale & Purchase Assessment (BSPA Index)
9 The Baltic Exchange Demolition Assessment (BDA Index)

The information contained in this report has been obtained from various market sources. COMPASS MARITIME
SERVICES (CMS) believes such information to be factual and reliable without making guarantees regarding its accuracy or
completeness. CMS will not be held responsible for any action or failure to take action upon reliance on information
contained herein. This report, whether partially or in its entirety, cannot be reproduced by any means without the prior
written authorization of Compass Maritime Services, LLC.
© 2000-2009 COMPASS MARITIME SERVICES, LLC All Rights Reserved

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