Weekly Market Report

Issue: Week 16 | Tuesday 23rd April 2013

Brokers insight
By Eva Tzima, Research Analyst The tanker market, a byproduct of the global oil industry, has been in a state of constant change lately as the shiing paerns of trade make any predicons for the future a very dicult task . Nevertheless, in the past year, there have been a few developments that help draw a more clear picture of what lies ahead for certain parts of the world like in the Land Down Under for example. The rening business in the Australia has become an ever growing challenge for companies operang in the country, most of which havent been protable for some me now. As most of the sites were built around the late 1950s, with specicaons to process sweet crude, companies have had to digest powerful capital injecons in order to upgrade the infrastructure of their facilies and adapt. At the same me, compeon from Asian countries has grown signicantly. Exisng reneries in India, China and Singapore manage to oer more compeve prices due to the fact that compared to their Australian competors all these sites operate on newer more compeve technology. As a result, any of these big sites alone produces mulples of the total Australian capacity, achieving those much needed economies of scale that the former are missing. On top of that, Australian companies have had to struggle with high operang costs due to appreciaon of their local currency. The AUD has strengthened signicantly against the USD, leaving reners in a posion of having to cover their AUD expenses with USD margins. Very recently, Royal Dutch Shell has announced its decision to sell its second renery in Australia, located in Geelong, Victoria. This comes aer the company closed down its other local renery back in September last year and together with Caltexs decision to shut down their Sydney operaon. Both sites are now in the process of being converted into import terminals, a fate that will be shared by the Geelong renery if a buyer isnt found by next year. The former is the scenario the majority of market sources view as the most dominant, as it would be highly unlikely that that any of the major players will decide to invest in a loss generang renery that cant compete in todays challenging environment, let along in a country the polical objecve of which hasnt showed any signs of intenon to subsidize the industry and follow the example of Asian governments. Such a development would leave Australia with only four reneries in total, down from eight just nine years ago. Given that this is a country that imports more than 80% of its crude requirement and that this year alone, and despite overall being a net exporter of energy, is expected to rely on imported fuel for more than 50% of its consumpon, everything points towards one direcon; a long lasng trend of strongly increased imports for rened petroleum products set to begin in the not so distant future. Its not by chance that Shell itself has shied its focus in its Pulau Bukom renery in Singapore, the country from which Australia gets almost 60% of its imported rened products. With the countrys rening capacity set to be reduced substanally and the fact that its geographical posion doesnt allow for import of oil via pipelines, Australia is bound to become a very big importer of oil products and subsequently boost the product tanker market, which has already grown signicantly in the area. There will always be some rening capacity in the country for the sake of avoidance of supply cuts but I believe this will end up being a very small poron of what it was a few years ago. This is neither a short term nor a long term forecast, but rather a Medium-Range one and it looks very posive. Chartering (Wet: Stable+ / Dry: Firmer+ ) The Dry Bulk market has sustained its levels edging up a bit, with Cape rates resuming their negave trend of the past week and wiping out any increases noted the week before. At the same me the posive senment for Panamaxes seems to get stronger, with signicant volume of xtures in both basins. The BDI closed today (23/04/2013) at 885 points, down by 4 points compared to Mondays levels (22/04/2013) and a increase of 5 points compared to previous Tuesdays levels (16/04/2013). Rates for Aframaxes slide further down this week, while decreased bunker prices sided with owners for the larger crude oil segments. The BDTI Monday (22/04/2013), was at 638, 25 points down and the BCTI at 634, a decrease of 1 point compared to the previous Mondays levels (15/04/2013). Sale & Purchase (Wet: Stable- / Dry: Stable- ) The SnP market was fairly quiet this week, with equal numbers of tankers and bulkers reported sold. Its been a long me since we last saw 3 Capesize sales in the same week, possibly revealing that price levels for the big bulkers have nally reached levels that are encing owners to start thinking that somewhere around these levels the entry for a successful asset play has been opened. On the Tankers side, we had the enbloc sale of the ATHENS STAR (73,869dwt-blt 05 China), the LONDON STAR (73,869dwt-blt 06 China), the NEW YORK STAR (73,869dwt-blt 06 China) and the HAMBURG STAR (73,869dwt-blt 05 China), which were reported sold in a bank driven deal at an en-bloc price of $ 74.0m. On the dry bulker side, we had the sale of the PACIFIC TIARA (180,310dwt-blt 04 Japan), which was picked up by Chinese buyers for a price of $25.25m. Newbuilding (Wet: Stable- / Dry: Stable+ ) While extensive ordering in the dry bulk sector has caused a lot of uncertainty in an industry that is sll trying to nd its foong amongst low freight rates and the very foggy future of the global economic recovery, the oshore sector seems to be weathering the storm fairly unscathed. Petrobras, has been reported inking an order of 23 new oshore vessels recently, across a number of local yards. The Brazilian colossus, who is planning to tender for another 24 vessels someme this summer, is further driving its policy of support for its local shipbuilders and marine industry as a whole. In terms of reported deals this week, Berge Bulk was reported signing an LOI with both Guangzhou and Bohai in China, for two rm plus two oponal VLOCs (250,000dwt) from each yard, for a price of $ 57.5m each and delivery between 2014 and 2015. Demolion (Wet: Firmer+ / Dry: Firmer+ ) Prices keep rming in the demo market, with a oor having now been created around 420$/ldt as far as the Sub-Connent is concerned. Both Pakistani and Bangladeshi breakers have sustained their bids in an eort to catch up with their Indian competors, while trying at the same me to increase their stocks before any addional import tax is nalized in the case of Pakistan. As those strong levels are being maintained in the demo market, we are hoping that more owners will decide to beach their vessel further down the year, as the volume of ships that has been scrapped so far doesn't compare to those of last year for the same period. There is sll me for 2013 to be the record year it is set out to be, but we need to see more tonnage being scrapped and at a faster pace. Prices this week for wet tonnage were at around 385-450$/ldt and dry units received about 365-430$/ldt.

Wet Market
Spot Rates
Week 16 Vessel Routes WS $/day points 33 19 40 68 68 65 78 80 85 85 95 115 160 143 115 115 108 8,999 -6,566 25,264 26,907 16,976 15,493 10,428 15,668 14,258 10,639 17,014 16,435 19,565 18,897 20,201 18,139 13,895 Week 15 WS points 31 19 38 68 58 55 78 83 98 88 98 115 145 150 110 110 110 $/day 2,258 16,843 23,038 11,406 10,220 9,670 16,220 10,383 17,140 15,672 15,480 16,808 15,391 13,306 $/day 2013 $/day 2012 $/day 21,835 1,604 31,457 22,121 13,373 22,181 14,182 13,700 18,517 12,325 11,258 10,867 9,251 19,062 16,571 14,735 13,028
WS poi nts
TC2 TC4 TC6 TC1

Indicative Period Charters

%
- 12/12 mos - 12/12 mos - 'Riverside' - 'Carina' 2009 $ 15,600/day 2010 $ 13,350/day 115,406dwt - Navig8 47,962dwt - D'Amico

VLCC

265k MEG-JAPAN 280k MEG-USG 260k WAF-USG 130k MED-MED 130k WAF-USAC 130k MEG-CHINA 80k MEG-EAST MED-MED UKC-UKC CARIBS-USG MEG-JAPAN MEG-JAPAN UKC-USAC MED-MED UKC-USG MED-USG CARIBS-USAC 80k 80k 70k 75k

298.5% 2,555 -3,746 6,552 6,497 3,340 4,775 3,166 4,918 5,836 3,775 3,971 4,674 5,540 7,712 4,996 3,876 4,590 50.0% 16.8% 48.8% 51.6% 7.8% -3.4% 2.5% -0.7% 4.9% 26.4% 20.2% 17.9% 4.4%

-13,139 50.0%

Suezmax

TD3

TD5

TD8

TD4

160 140
WS points

DIRTY - WS RATES

120 100 80 60 40 20

Aframax

25,835 -44.8%

Clean

55k 37K 30K 55K 55K 50k

21,196 -10.8%

Dirty

TC Rates
$/day VLCC Suezmax Aframax Panamax MR Handy size 300k 1yr TC 300k 3yr TC 150k 1yr TC 150k 3yr TC 110k 1yr TC 110k 3yr TC 75k 1yr TC 75k 3yr TC 52k 1yr TC 52k 3yr TC 36k 1yr TC 36k 3yr TC Week 16 18,700 24,200 15,950 17,700 13,200 15,200 15,200 15,700 14,200 14,950 12,950 13,700 Week 15 18,700 24,200 15,950 17,700 13,200 15,200 15,200 15,700 14,200 14,950 12,950 13,700 % 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Diff 0 0 0 0 0 0 0 0 0 0 0 0 2013 19,922 25,606 16,641 19,606 13,672 15,481 14,828 15,388 14,188 14,809 13,094 13,684 2012 22,375 27,195 17,606 21,152 13,889 16,070 13,245 14,368 13,764 14,589 12,567 13,378

260 240 220 200 180 160 140 120 100 80 60

CLEAN - WS RATES

Indicative Market Values ($ Million) - Tankers

Vessel 5yrs old VLCC Suezmax Aframax LR1 MR 300KT DH 150KT DH 110KT DH 75KT DH 52KT DH Apr-13 Mar-13 55.0 40.0 27.3 25.7 25.0 55.6 40.0 27.1 25.0 25.0 % -1.1% 0.0% 0.9% 2.7% 0.0% 2013 56.4 40.3 27.6 25.4 24.7 2012 62.9 44.9 31.2 26.7 24.6 2011 77.6 54.4 39.1 35.2 28.4

Chartering We nally saw some acvity sparks shoong out of the MEG. Charterers have made a comeback this past week trying to take advantage of those low levels we have been witnessing for the past weeks and eventually pushing rates up a bit. Nevertheless the most important component for the upck in VL rates was the downturn bunker prices took this week, giving a signicant amount of breathing space while also allowing for some opmism to emerge. Aer a at beginning, rates for Suezmaxes made a nice comeback halfway through the week. Fixture acvity towards both the USAC and China has rmed considerably as charterers had to match their increased appete with decreased tonnage available in both the WAF and MEG regions respecvely. Rates for cross-Med voyages managed to sustain their levels, enjoying the overall posive senment for the segment. Acvity in the Balc has quietened down a lot this week, with the eects felt across all of the cross-Med, UKC and Caribs regions, although the former enjoyed a small upck on TCE due to decreasing bunker prices. The Eastbound voyage was the only excepon to an overall negave week for Afras, with rates holding their ground on WS basis.

Sale & Purchase In the LR1 segment this week, we had the en-bloc sale of the ATHENS STAR (73,869dwt-blt 05 China), the LONDON STAR (73,869dwt-blt 06 China), the NEW YORK STAR (73,869dwt-blt 06 China) and the HAMBURG STAR (73,869dwt-blt 05 China), which were reported sold in a bank driven deal at the en-bloc price of $ 74.0m. In the MR sector we had the sale of the UACC SILA (50,105dwt-blt 09 S. Korea), which was picked for a price of $ 26.0m.

Intermodal Research

23/04/2013

Dry Market
Baltic Indices
Week 16 19/04/2013 Index $/day
BDI BCI BPI BSI BHSI

Indicative Period Charters

$/day %

Week 15 12/04/2013 Index $/day 875 1,265 1,112 902 526 $4,701 $8,892 $9,426 $7,823

Point Diff 13 -31 84 0 13

2013 Index 813 1,346 936 801 476

2012 Index 921 1,571 965 906 518

-5/8 mos - 'Medi Antwerp' - dely Gijon 28/30 Apr - 8/13 mos - 'Heroic' - dely Tianjin 21/22 Apr

2007 - $ 13,500/day 2010 - $ 10,500/day

76596dwt - ABT 182,060dwt - Classic Maritime

888 1,234 1,196 902 539 $4,329 $9,557 $9,432 $7,999

-7.9% 7.5% 0.1% 2.2%

Baltic Indices
3,000 2,500 2,000
Index
BCI BPI BSI BHSI BDI

Period
$/day Capesize Week 16 170K 6mnt TC 11,200 170K 1yr TC 170K 3yr TC 76K 6mnt TC 76K 1yr TC 76K 3yr TC 55K 6mnt TC 55K 1yr TC 55K 3yr TC 45k 6mnt TC 45k 1yr TC 45k 3yr TC 30K 6mnt TC 30K 1yr TC 30K 3yr TC 12,325 13,700 11,575 9,950 9,575 11,450 9,700 10,200 9,950 8,200 8,950 7,950 8,200 8,700 Week 15 11,200 12,325 13,700 10,825 9,825 9,700 11,700 9,700 10,200 10,200 8,450 8,950 7,950 8,200 8,700 % 0.0% 0.0% 0.0% 6.9% 1.3% -1.3% -2.1% 0.0% 0.0% -2.5% -3.0% 0.0% 0.0% 0.0% 0.0% Diff 0 0 0 750 125 -125 -250 0 0 -250 -250 0 0 0 0 2013 11,442 12,153 13,700 10,463 9,145 9,395 10,395 9,419 9,919 8,700 8,091 8,856 7,263 7,622 8,700 2012 13,549 13,885 15,282 11,003 9,906 10,888 11,176 10,330 11,195 9,375 8,849 9,575 8,255 8,424 9,450

1,500 1,000 500 0

Handysize Handymax Supramax Panamax

Average T/C Rates

30,000 25,000 20,000
$/day
AV R 4TC BCI AVR 4TC BPI AVR 5TC BSI AVR 6TC BHSI

15,000 10,000 5,000 0

Chartering

Indicative Market Values ($ Million) - Bulk Carriers

Vessel 5 yrs old Capesize Panamax Supramax Handysize 180k 76K 56k 30K Apr-13 Mar-13 33.0 18.7 18.8 17.0 34.0 18.5 18.5 17.0 % -2.9% 0.9% 1.8% 0.0% 2013 33.7 18.7 19.3 17.1 2012 34.6 22.7 23.0 18.2 2011 43.5 31.3 28.1 23.5

The Dry Bulk market is sll hovering below the 900 points level, nong a small upck this past week. The usual story of the past couple of months, was repeated once more; Cape rates down and Panamax rates up. The big size segment closed negave week on week, erasing all the upside previously gained, with acvity in the Atlanc basin remaining very quiet, while rates in the Pacic didn't improve either despite more xtures taking place in the area. Panamax rates have rmed this week as acvity in both basins helped increase the posive senment witnessed throughout the spring season for the sector. The trans-Atlanc voyage has witnessed one of the main rate increases across the board, while the fronthaul trip has seen a good boost from enquiries ex-Connent. At the same me the ghter tonnage lists all around has kept on breathing life into rates reported in the Pacic, which cked up a bit despite no parcular rise in fresh inquiries there. The Supramax market remained fairly at for a second week in a row, with rates increasing slightly in most routes while voyages from USG to Connent and NOPAC round voyages nong the biggest decreases. The Handysize market closed the week on a posive note, with the trip from South America back to Connent witnessing the strongest increase. Acvity in the Pacic basin didn't live up to expectaons but nonetheless the average rate paid for a Handy has increased further this week being quoted only a breath below the $8,000/day.

Sale & Purchase

In the Capesize sector we had the sale of the PACIFIC TIARA (180,310dwt -blt 04 Japan), which was picked up by Chinese buyers for a price of $25.25m. In the Handysize sector we had the sale of the NORTHERN LIGHT (29,754dwt-blt 07 Japan), which went for a price of $ 10.9m to Greek buyers.

Intermodal Research

23/04/2013

Secondhand Sales
Tankers
Size
LR1

Name
ATHENS STAR

Dwt
73,869

Built
2005

Yard
NEW CENTURY, China NEW CENTURY, China NEW CENTURY, China NEW CENTURY, China

M/E
MAN-B&W

SS due
Dec-15

Hull
DH

Price

Buyers

Comments
epoxy

LR1

LONDON STAR

73,869

2006

MAN-B&W

Oct-16

DH en-bloc $ 74.0m

undi s clos ed (ba nk driven dea l )

epoxy

LR1

NEW YORK STAR

73,869

2006

MAN-B&W

Dec-11

DH

epoxy

LR1

HAMBURG STAR

73,869

2005

MAN-B&W

Dec-16

DH

epoxy

MR

UACC SILA

50,105

2009 SPP PLANT, S. Korea

MAN-B&W Mar-14

DH

$ 26.0m

undi s clos ed

epoxy

PROD/ CHEM PROD/ CHEM

GOURITZ

16,500

2011

TAIZHOU SANFU, China TAIZHOU SANFU, China

MAN-B&W

Jun-17

DH

$ 16.0m European

epoxy IMO II

GAMTOOS

16,500

2011

MAN-B&W

Jun-17

DH

$ 16.0m

epoxy IMO II

Bulk Carriers
Size
CAPE

Name
PACIFIC TIARA

Dwt
180,310

Built
2004

Yard
KOYO MIHARA, Ja pa n HYUNDAI, S. Korea CHINAKAO, Ta i wa n

M/E
B&W

SS due
Oct-14

Gear

Price
$ 25.25m

Buyers
Chi nes e

Comments

CAPE

SEAKOH

172,247

2000

B&W

Ja n-15

$ 16.2m

Greek

CAPE

CAPE EUROPE

149,425

1993

B&W

Aug-13

$ 8.3m

Chi nes e

KMAX

STX PAN OCEAN RESALE

83,000

2013 STX DALIAN, Chi na

MAN

$ 25.4m

undi s cl os ed

del y June 2013, exya rd

SMAX

ULTRA PAGUERA

53,609

2003

IWAGI, Ja pa n KANASASHI TOYOHASHI, Ja pa n SHIMANAMI ZOSEN, Ja pa n

MAN-B&W

Ja n-18

4 X 30t CRS 4 X 25,4t CRS 4 X 30t CRS

$ 14.8m

undi s cl os ed

HMAX

GLORY SANYE

45,216

1994

Mi ts ubi s hi

Aug-14

$ 6.5m

Indones i a (Ta nto)

ppt del i very i n Turkey

HANDY

NORTHERN LIGHT

29,754

2007

MAN-B&W

Jun-17

$ 10.9m

Greek

Intermodal Research

23/04/2013

Secondhand Sales
MPP/General Cargo
Name
MARCHEROKEE

Dwt
20,567

Built
1999

Yard

M/E

SS due

Gear

Price
$ 5.0m

Buyers
undis clos ed

Comments

FLENSBURGER KG, Mitsubi shi Germa ny

Ma r-14 2 X 60t CRS 2 X 30t DRS,2 X 25t DRS

KING ACE

7,732

1995

HIGAKI, Ja pa n

Mitsubi shi

Jul -15

$ 2.3m

Chines e

NERI

5,055

1997

JINLING, China

Wa rts i la

Sep-17 2 X 40t CRS

$ 1.9m

undis clos ed

Gas/LPG/LNG
Type
LPG

Name
TOYO MARU

Dwt
7410

Built
2007

Yard
SEVERNAV, Roma ni a MIURA SAIKI, Ja pa n MIURA SAIKI, Ja pa n

M/E
Ma K

SS due
Jun-13

Cbm
6,459

Price
$ 22.5m

Buyers
UK ba s ed (Tufton Ocea ni c)

Comments

LPG

SAKURA SYMPHONY

3,161

2008

Ha ns hi n

Jun-13

3,514

$ 12.0m Greek (Bra ve Ma ri ti me)

LPG

SAKURA SERENITY

3,147

2006

Ha ns hi n

Ma r-16

3,443

$ 11.0m

Roros
Name
GLOBAL LEADER

Loa(m)
189.2

LM

Built
2002

Yard
GDYNIA STOCZNIA, Pol and

M/E
Sulzer

SS due

Price

Buyers
undi s clos ed

Comments

Nov-17 undis clos ed

AUTO BANNER

199.52

1988 DAEWOO, S. Korea

B&W

Ma r-17 undis clos ed Korean

T/C atta ched

AUTO ATLAS

199.52

1988 DAEWOO, S. Korea

B&W

Ma r-17 undis clos ed

T/C atta ched

Intermodal Research

23/04/2013

Newbuilding Market
Indicative Newbuilding Prices (million$)
Vessel Capesize Panamax Supramax Handysize VLCC Suezmax Aframax LR1 MR LNG LGC LPG MGC LPG SGC LPG 180k 77k 58k 35k 300k 160k 115k 75k 52k 150K 80k 52k 23k Bulkers Week 16 46.5 25.3 24.5 21.0 89.5 55.3 46.5 40.0 33.0 185 69.5 61.5 40.5 Week 15 46.5 25.3 24.5 21.0 90.0 55.3 46.5 40.0 33.0 185 69.5 61.5 40.5 % 0.0% 0.0% 0.0% 0.0% -0.6% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2013 2012 2011 45 25 24 21 89 55 46 40 33 181 69 61 40 47 27 26 22 96 59 51 43 35 186 72 63 44 53 33 30 25 102 64 54 45 36 187 73 64 46
While extensive ordering in the dry bulk sector has caused a lot of uncertainty in an industry that is sll trying to nd its foong amongst low freight rates and the very foggy future of the global economic recovery, the oshore sector seems to be weathering the storm fairly unscathed. Petrobras, has been reported inking an order of 23 new oshore vessels recently, across a number of local yards. The Brazilian colossus, who is planning to tender for another 24 vessels someme this summer, is further driving its policy of support for its local shipbuilders and marine industry as a whole. On the dry sector last week, Berge Bulk was reported signing an LOI with both Guangzhou and Bohai in China, for two rm plus two oponal VLOCs (250,000dwt) from each yard, for a price of $ 57.5m each and delivery between 2014 and 2015.

Gas

Tankers

Tankers Newbuilding Prices (m$)

180 140
mi l lion $
VLCC Suezmax Aframax LR1 MR

Bulk Carriers Newbuilding Prices (m$)

110 90
mi l lion $
Capesize Panamax Supramax Handysize

70 50 30 10

100 60 20

Newbuilding Orders
Units 2+2 2+2 2+2 3+2 2+2 2 1 1 1 4 1 Type Bulker Bulker Bulker Bulker Container Container Gas Gas Offshore Offshore Ro-Ro Size 250,000 dwt 250,000 dwt 83,800 dwt 38,800 dwt 9,000 teu 160 teu 84,000 cbm 30,000 cbm 99,750 dwt 5,400 DWT 11,060 dwt Yard Guangzhou Longxue, China Bohai, China Oshima, Japan Jiangsu Hantong, China Hyundai Samho, S.Korea Western Marine, Bangladesh Hyundai HI, S.Korea Ningbo's Xinle, China Hyundai HI, S.Korea Leevac, USA Visentini, Italy Delivery 2014 2015 2014 2015 2014 2014 Mar-15 2016 2014/2015 2014 Buyer Singaporean (Berge Bulk) Singaporean (Berge Bulk) Taiwanese (U Ming Marine) German (Peter Dohle) Greek (Aeolos Mgmt) Bangladeshi (Neepa Paribahan) S. Korean (KSS Line) Chinese (PetroChina) US based (Chevron) US based (Tidewater) Danish (Nordana Line) Price $ 57.5m $ 57.5m $ 33.5m
$ 21.0-22.0m

Comments LOI LOI options SDARI design

rgn $ 80.0m $ 3.2m $ 72.0m undisclosed undisclosed undisclosed

undi s cl os ed
will operat e between Chittagong and Pangaon Inland Cont ainer Terminal

FPSO PSV 2,600 cars

Intermodal Research

23/04/2013

Demolion Market
Indicative Demolition Prices ($/ldt)
Markets Bangladesh India Pakistan China Bangladesh India Pakistan China Wet Week 16 440 450 445 385 420 430 430 365 Week 15 440 445 445 385 420 425 425 365 % 0.0% 1.1% 0.0% 0.0% 0.0% 1.2% 1.2% 0.0% 2013 2012 2011 429 435 430 393 407 417 408 378 440 445 444 384 414 419 416 365 523 511 504 451 498 484 477 432
Prices keep rming in the demo market, with a oor having now been created around 420$/ldt as far as the Sub-Connent is concerned. Both Pakistani and Bangladeshi breakers have sustained their bids in an eort to catch up with their Indian competors, while trying at the same me to increase their stocks before any addional import tax is nalized in the case of Pakistan. As those strong levels are being maintained in the demo market, we are hoping that more owners will decide to beach their vessel further down the year, as the volume of ships that has been scrapped so far doesn't compare to those of last year for the same period. There is sll me for 2013 to be the record year it is set out to be, but we need to see more tonnage being scrapped and at a faster pace. Prices this week for wet tonnage were at around 385-450$/ ldt and dry units received about 365-430$/ldt. The most notable price paid this week was by Indian breakers for the Container MSC GIANNA (42,077 dwt-12,767ldt-blt 83), which received a rm price of $ 446/ldt.

Dry

Wet Demolition Prices

550 500 450
$/l dt
Bangladesh India Pakistan China

Dry Demolition Prices

550 500 450
$/l dt
Bangladesh India Pakistan China

400 350 300 250

400 350 300 250

Demolition Sales
Name PAPUDO Size 68,232 Ldt 15,969 Built 1993 Yard ZALIV, Ukraine Type TANKER $/ldt
$ 341/Ldt

Breakers Indian

Comments as-is Chile

MSC GIANNA

42,077

12,767

1983 BOELWERF, Belgium CONT

$ 446/Ldt

Indian

HUA JIN SONG

64,211

11,829

1988

ALIANZA, Argentina BULKER AKER MTW, Germany HAKODATE, Japan

$ 360/Ldt

Chinese

FRANCISCA SCHULTE 22,020

7,390

1998

CONT

$ 445/Ldt

Indian

as-is Salalah

SAPPHIRE II

28,668

6,598

1978

BULKER

$ 440/Ldt

Indian

Intermodal Research

23/04/2013

Commodies & Ship Finance

Market Data
19-Apr-13 10year US Bond 1.700 S&P 500 1,555.25 Nasdaq 3,206.06 Dow Jones 14,547.51 FTSE 100 6,286.59 FTSE All-Share UK 3,314.00 CAC40 3,651.96 Xetra Dax 7,459.96 Nikkei 13,316.48 Hang Seng 22,013.57 DJ US Maritime 253.53 $/ 1.31 $/ 1.53 /$ 99.13 $ / NoK 0.17 Yuan / $ 6.19 Won / $ 1,120.20 $ INDEX 86.50 18-Apr-13 1.680 1,541.61 3,166.36 14,537.14 6,243.67 3,292.53 3,599.36 7,473.73 13,220.07 21,512.52 249.23 1.30 1.53 98.22 0.17 6.20 1,118.81 86.20 17-Apr-13 1.700 1,552.01 3,204.67 14,618.59 6,244.21 3,292.19 3,599.23 7,503.03 13,382.89 21,569.67 249.95 1.31 1.52 98.02 0.17 6.19 1,119.70 86.20 16-Apr-13 1.720 1,574.57 3,264.63 14,756.78 6,304.58 3,323.50 3,685.79 7,682.58 13,221.44 21,672.03 251.61 1.31 1.53 97.60 0.17 6.20 1,117.01 85.90 15-Apr-13 1.700 1,552.36 3,216.49 14,599.20 6,343.60 3,343.56 3,710.48 7,712.63 13,275.66 21,772.67 246.84 1.31 1.53 97.74 0.17 6.20 1,123.29 86.00 W-O-W Change % -1.2% -2.1% -2.7% -2.1% -1.5% -1.6% -2.1% -3.7% -1.3% -0.3% -1.4% 0.2% -0.4% 0.0% -1.2% -0.3% -0.8% 0.6%
130 120 oil 110 100 90 80

Basic Commodities Weekly Summary

Oil WTI $ Oil Brent $ Gold $

1,580 1,500 1,420 1,340 1,260 1,180 gold

Stock Exchange Data

Bunker Prices
19-Apr-13 12-Apr-13 Rotterdam Houston Singapore Rotterdam Houston Singapore 826.0 930.0 836.0 570.0 566.5 604.5 875.0 988.0 899.0 596.0 605.0 630.0 MDO W-O-W Change % -5.6% -5.9% -7.0% -4.4% -6.4% -4.0%

Currencies

Maritime Stock Data

Company AEGEAN MARINE PETROL NTWK BALTIC TRADING BOX SHIPS INC CAPITAL PRODUCT PARTNERS LP COSTAMARE INC DANAOS CORPORATION DIANA SHIPPING DRYSHIPS INC EAGLE BULK SHIPPING EUROSEAS LTD. EXCEL MARITIME CARRIERS FREESEAS INC GENCO SHIPPING GLOBUS MARITIME LIMITED GOLDENPORT HOLDINGS INC HELLENIC CARRIERS LIMITED NAVIOS MARITIME ACQUISITIONS NAVIOS MARITIME HOLDINGS NAVIOS MARITIME PARTNERS LP NEWLEAD HOLDINGS LTD PARAGON SHIPPING INC. SAFE BULKERS INC SEANERGY MARITIME HOLDINGS CORP STAR BULK CARRIERS CORP STEALTHGAS INC TSAKOS ENERGY NAVIGATION TOP SHIPS INC Stock Curr. 19-Apr-13 12-Apr-13 Exchange NYSE NYSE USD USD 5.91 3.24 4.49 8.54 15.82 4.14 9.34 1.75 3.00 1.06 0.43 1.07 1.62 2.67 37.00 22.00 3.18 4.04 14.39 0.38 3.80 4.74 1.41 6.09 11.28 3.68 1.50 6.21 3.66 4.64 8.55 15.80 3.84 9.79 1.88 3.26 1.07 0.87 1.31 2.29 2.82 34.25 19.20 3.38 4.19 14.48 0.47 3.90 5.00 1.90 6.35 11.69 3.76 1.57 W-O-W Change % -4.8% -11.5% -3.2% -0.1% 0.1% 7.8% -4.6% -6.9% -8.0% -0.9% -50.6% -18.3% -29.3% -5.3% 8.0% 14.6% -5.9% -3.6% -0.6% -19.1% -2.6% -5.2% -25.8% -4.1% -3.5% -2.1% -4.5%

380cst

Finance News

Lloyds seeks loan sale Lloyds Banking Group is looking to shed a further 400m ($610m) from its shipping catalogue, it is claimed. The bank, which branded its 6bn shipping book as non-core in 2011, has previously sold o a $750m batch of loans to Oaktree Capital. According to Dow Jones it is now looking to ooad the extra block to hedge funds as other shipping lenders are baling with their own problem loans. Lloyds took a 3bn impairment on non-core commercial loans last year and blamed its deteriorang shipping book for some of the charges. It is not year clear how much the bank is looking to secure for the loans. Oaktree was thought to have taken some of the more distressed loans in the Lloyds book at below 50 cents in the dollar. (Trade Winds) Teekay starts press Teekay Oshore is seeking to collect up to $140m from the prinng of preferred shares. New Yorklisted Teekay Oshore revealed the plan today just a few days aer a $60m issue to pay for four newbuildings was announced. Today the MLP explains the funds from its latest call on investors will be used to aid acquisions, dropdowns from parent Teekay Corp and the repayment of debt under two of its credit facilies. BofA Merrill Lynch, Morgan Stanley and UBS Investment Bank are the book running managers for the fundraiser. In a ling with the SEC Teekay Oshore reveals up to $140m shares will be oered at a maximum of $25 each. Potenal cash for dropdowns could come in handy. Last week the company was oered a 50% stake in an FPSO by Teekay Corp.. (Trade Winds)

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The informaon contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such informaon to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the producon 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 informaon 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 wrien authorizaon of Intermodal Shipbrokers Co.

Compiled by Intermodal Research & Valuaons Department | research@intermodal.gr Analysts: Mr. George Lazaridis | g.lazaridis@intermodal.gr Ms. Eva Tzima | e.tzima@intermodal.gr