SIW Issue 1476 11 - 06 - 2021

Shipping Intelligence Weekly
Issue No. 1,476 11-Jun-2021 ISSN: 1358-8028
ClarkSea Index $25,341 This Week's Analysis (see Back Page)

35 Reaching A New Record - Reflecting On The
30 Containership Market's Spectacular Surge
25
Licensed to Panagiotis Gatsos of Ultragas. Distribution is restricted; please remember to acknowledge the source. http://www.clarksons.net 46085
Vessel Charter Rates This Week…
20
1 Year VLCC TC Rate… $21,000/day | 1 Year Capesize TC Rate… $26,875/day
15 1 Year MR TC Rate… $12,750/day | 6-12m 2,750 TEU TC Rate… $36,000/day
10
5
Jun-15
Dec-15
Jun-16
Dec-16
Jun-17
Dec-17
Jun-18
Dec-18
Jun-19
Dec-19
Jun-20
Dec-20
Jun-21
Sullom Voe Primorsk
Wilhelmshaven
CONTENTS Roberts Bank

Rotterdam
Lavera
Odessa
Trieste Novorossiysk
Philadelphia New York Augusta Agioi Theodoroi
Crude Tanker Spot Market p2 Houston
Hampton Roads
New Orleans
Arzew
Es Sider
Sidi Kerir
Ras Tanura
LOOP Ain Sukhna
Product Tanker Spot Market p3 Mundra Jamnagar
St Eustatius Mumbai Gangavaram
Bulkcarrier Market p4 Bolivar Bonaire
Lome
Bonny Offshore
Tripcharter Market, Freight Indices
Dar es Salaam
& Futures p5
Tubarao
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Gas & Chemical Markets p6 Rio de Janeiro
Richards Bay
Liner & Offshore Markets p7 Saldanha Bay
Secondhand Prices p8
Sale & Purchase Market pi Selection of ports covered by the various market sectors in this report
Recent Ship Sales by Vessel Type pii

Asset Prices This Week…
Fleet Changes, Bunkers
VLCC N/B… $96.0m | Capesize N/B… $57.5m | 2,750 TEU N/B… $36.0m
& Capital Market Activity piii VLCC 5yo… $70.0m | Capesize 5yo… $43.0m | 2,750 TEU 10yo… $28.0m
Timecharter Fixture Record piv
The Timecharter Market p9
The Shipbuilding Market p10
The Ship Recycling Market p11
Economic Indicators p12 Roberts Bank
Ship Demand Trends p13 Longkou

Qingdao
Ulsan Philadelphia New York
Chiba Hampton Roads
World Fleets & Orderbooks p14-15 Beilun Oita Houston New Orleans
Ningbo LOOP
Mundra Jamnagar
Analysis p16 Pipavav
Mumbai Gangavaram St Eustatius
Bolivar Bonaire
Clarksons Research is respected worldwide Singapore
as the most authoritative provider of Banjarmasin

Jakarta
intelligence for the global shipping industry.
Dampier Hay Point
Clarksons Research is part of the Clarksons Rio de Janeiro
Tubarao
group, the world’s largest provider of

Sydney
shipbroking and integrated shipping
services. For more detail about the
Clarksons group visit www.clarksons.com. Selection of ports covered by the various market sectors in this report
Crude Tanker Spot Market
Crude Tanker Spot Earnings ($,000's/day) Crude Tanker Highlights
350 • VLCCs:
VLCC Charterers kept firm control of the market this week: drip-
Suezmax feeding enquiry and fixing ships on subjects. As a result,
300 Aframax rates have dropped to such low levels that owners are now
showing resistance, with many deciding to forego cargoes
towards the end of the week in favour of next week’s July
250
stem confirmation, in the hope that this will bring an uptick
in activity and sentiment.
200 • Suezmaxes:
The market was quiet this week as charterers kept a lid on
marketed volumes. There was a flurry of WAF cargoes late
150 in the week, though this did little to move up rates in the
region. On a more positive note for owners, four extra CPC
stems have been preliminarily quoted for next month.
100
• Aframaxes:
The Med/Black Sea market firmed slightly this week, with
50 rates rising or holding steady w-o-w, and charterers are
now concentrating on fixing the last few stems for June in
the Black Sea. In the UKC/Baltic, the market has been
fairly busy, though rates still fell on the Baltic-UKC route.
Jun Aug Oct Nov Jan Mar May Jul Sep Oct Dec Feb Apr Jun However, a lot of early excess tonnage has now been
'19 '19 '19 '19 '20 '20 '20 '20 '20 '20 '20 '21 '21 '21 shifted and lists look much improved.
VLCC Single WS 2021 Average earnings $/day VLCC Earnings

Voyage..... Jun 04 Jun 11 2021 2019 2020 2021 Jun 04 Jun 11 This Week ....
23 270,000t MEG - China* 32.5 31 33 44,625 51,882 1,597 -628 -2,497 FIRMER!! 298%
23 270,000t MEG - S.Korea* 31.5 30 31 42,854 49,523 1,920 139 -1,692 WEAKER!! -1317%
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23 270,000t MEG - WC India* 43.5 42.5 43 50,408 58,043 3,819 2,908 1,517 WEAKER!! -48%
23 280,000t MEG - UKC 21 20 21 28,918 51,089 -855 -2,661 -4,423 FIRMER!! 66%
23 280,000t MEG - US Gulf* 19 18 19 35,644 59,528 1,670 161 -2,002 WEAKER!! -1345%
23 260,000t WAF - China* 34 32.5 35 41,072 48,294 3,641 589 -1,198 WEAKER!! -303%
23 260,000t WAF - WC India^* 2.80 2.60 2.70 50,391 58,512 15,244 15,381 11,514 WEAKER!! -25%
23 270,000t USG - East~* 4.25 4.10 4.38 86,585 93,946 33,412 28,970 26,085 WEAKER -10%
23 275,000t Caribs-Singapore^ 3.65 3.35 3.63 93,665 97,499 30,743 28,910 23,084 WEAKER -20%
23 VLCC Avg. Earnings* 41,364 53,145 5,236 3,445 1,347 WEAKER!! -61%
39 Scrubber Fitted Avg. Earnings* 58,750 10,123 8,300 6,380 WEAKER -23%
~Basis ballast to Singapore; component of VLCC average earnings basis round voyage.
Suezmax Single WS 2021 Average earnings $/day Suezmax Earnings

24 130,000t WAF - Med* 47.5 47.5 56 26,179 26,546 5,314 -963 -1,219 FIRMER!! 27%
24 130,000t WAF - UKC* 47.5 47.5 55 28,437 28,616 6,719 1,199 1,142 SOFTER -5%
24 130,000t Med - Med* 55 55 65 30,842 28,170 9,466 1,274 1,009 WEAKER -21%
24 130,000t Med - East^* 2.20 2.20 2.49 41,670 41,495 17,248 10,853 10,627 STEADY -2%
24 140,000t Black Sea - Med* 55 55 65 39,596 32,734 10,159 1,383 1,146 WEAKER -17%
24 140,000t MEG - Med* 17.5 24 19 17,805 20,700 -3,021 -5,502 -890 WEAKER!! -84%
24 130,000t MEG - WC India* 60 60 63 29,622 30,573 5,931 3,249 3,075 SOFTER -5%
24 150,000t USG - UKC* 37.5 40 49 27,891 33,085 8,045 -693 577 WEAKER!! -183%
24 Suezmax Avg. Earnings* 31,560 30,240 7,483 1,350 1,933 FIRMER!! 43%
40 Scrubber Fitted Avg. Earnings* 33,163 10,519 4,707 5,375 FIRM.... 14%
Aframax Single WS 2021 Average earnings $/day Aframax Earnings

25 100,000t Baltic - UKC* 65 60 74 25,838 18,835 7,602 905 -1,764 WEAKER!! -295%
25 80,000t UKC - UKC* 90 95 93 32,549 24,848 7,421 2,493 5,536 FIRMER!! 122%
25 80,000t Black Sea - Med* 90 95 99 30,998 23,617 16,213 11,164 12,994 FIRM.... 16%
25 80,000t Med - Med'* 70 70 81 25,817 17,663 7,381 2,037 1,811 WEAKER -11%
25 80,000t MEG - East* 90 92.5 81 24,448 21,034 6,802 8,549 9,147 FIRMER 7%
25 80,000t USG - UKC* 70 75 85 20,823 23,423 8,741 2,949 4,144 FIRMER!! 41%
25 70,000t Caribs - USG* 80 80 99 20,871 25,707 10,229 2,972 2,618 WEAKER -12%
25 Aframax Avg. Earnings * 26,225 22,161 9,198 4,438 4,927 FIRM.... 11%
41 Scrubber Fitted Avg. Earnings* 24,473 11,879 7,468 8,053 FIRMER 8%
^ Lump sum in $m. */ # Indicates constituent routes of 'Average Earnings' from start 2020. 'Aframax Med-Med route basis Sidi Kerir-Trieste. Series in tables/graph refer to
c.2010-built non-scrubber fitted ships unless otherwise specified. 'Voyage Earnings' are estimated from spot rates (see note on page 4). See SIN for wider range of series.
Clarksons Research Page 2 11-Jun-21
Product Tanker Spot Market
Product Tanker Spot Earnings ($,000's/day) Product Tanker Highlights
100 • Clean Products:
MR Clean Earnings
90
West of Suez: Activity was limited in the MR market this
Handy Clean Earnings
week, and the rate on the UKC-USAC route fell w-o-w to
Dirty Panamax Earnings
80 WS 110. However, rates ex-USG ticked up, despite market
prospects remaining weak. The LR1 rate on the UKC-WAF
70 route held steady w-o-w, with plenty of tonnage remaining
in the region. The LR2 market saw a busy end to the week
60
which helped to thin tonnage lists. Yet, freight is expected
50 to continue to move sideways as the market remains
relatively crowded, especially on the Med-Far East route.
40 East of Suez: This week, activity was limited in the MR
markets. With tonnage lists long and little activity in the Far
30 East, it looks as if rates will continue to drop. Meanwhile,
LR1 tonnage is tight, but with the MR and LR2 markets
20
weak, LR1 rates appear unlikely to improve further.
10 • Dirty Products
The Handy and MR markets softened a little this week in
0 the UKC, with some drops in rates seen, even though MRs
in particular saw higher levels of activity this week.
-10
Meanwhile, the Med/Black Sea Handy and MR markets
Jun Aug Oct Nov Jan Mar May Jul Sep Oct Dec Feb Apr Jun
'19 '19 '19 '19 '20 '20 '20 '20 '20 '20 '20 '21 '21 '21 were slightly busier, though the Handy rate on the Med-
Med route fell w-o-w to WS 115.
Clean Product WS 2021 Average earnings $/day Clean Earnings

Single Voyage... Jun 04 Jun 11 2021 2019 2020 2021 Jun 04 Jun 11 This Week ....
26 LR2 75,000t MEG - Japan 77.5 75 83 22,045 28,582 6,583 4,044 3,144 WEAKER -22%
42 LR2 75,000t Scrubber Fitted" 31,840 9,539 6,930 6,122 WEAKER -12%
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27 LR1 55,000t MEG - Japan 90 92.5 98 15,147 19,858 6,626 3,933 4,339 FIRM.... 10%
43 LR1 55,000t Scrubber Fitted" 22,636 9,119 6,376 6,859 FIRMER 8%
28 MR 37,000t UKC - USAC* 130 110 124 12,362 13,315 6,130 6,007 2,717 WEAKER!! -55%
28 MR 37/38kt UKC-USAC-USG-UKC § 130/65 110/90 124/77 17,290 20,303 8,840 6,460 8,126 FIRMER!! 26%
28 MR 37,000t UKC - W. Africa* 140 115 133 14,612 17,038 8,187 8,727 4,841 WEAKER!! -45%
28 MR 38,000t USG - ECSA* 100 130 115 13,207 15,963 5,484 1,902 6,542 FIRMER!! 244%
28 MR 38,000t USG - Caribs^* 0.32 0.44 0.38 17,310 6,316 1,324 8,581 FIRMER!! 548%
28 MR 40,000t Korea - Singapore^ 0.31 0.27 0.34 26,056 20,384 12,502 9,573 6,442 WEAKER!! -33%
28 MR 35,000t Singapore-E. Aus* 150 137.5 142 16,154 14,647 7,224 7,550 5,587 WEAKER!! -26%
28 MR 35,000t WC India - Japan* 125 110 116 12,275 15,241 6,362 7,178 4,324 WEAKER!! -40%
28 MR 35,000t MEG - E. Africa* 165 162.5 155 13,478 15,183 10,141 10,734 10,278 SOFTER -4%
28 MR 40,000t MEG - UKC^* 1.18 1.10 1.08 13,833 13,314 4,426 5,434 3,808 WEAKER!! -30%
29 Hdy 30,000t Med - Med# 145 127.5 142 13,993 12,785 6,279 5,901 2,493 WEAKER!! -58%
29 Hdy 30,000t Black Sea - Med# 155 137.5 156 15,231 15,094 9,769 8,902 6,100 WEAKER!! -31%
29 Hdy 30,000t Baltic - UKC# 120 120 127 12,868 13,765 5,889 3,318 3,220 STEADY -3%
28 Clean MR Avg. Earnings* 13,740 15,251 6,784 6,107 5,835 SOFTER -4%
44 Scrubber Fitted MR Avg. Earnings* 17,411 9,039 8,464 8,250 STEADY -3%
29 Clean Handy Avg. Earnings# 14,560 13,881 7,312 6,041 3,938 WEAKER!! -35%
^ Lump sum in million dollars. "Basis MEG-Japan. § Earnings for a triangular voyage of UKC-USAC at WS 110, followed by USG-UKC at WS 90. See Sources & Methods.
Dirty Product WS 2021 Average earnings $/day Dirty Earnings

Single Voyage... Jun 04 Jun 11 2021 2019 2020 2021 Jun 04 Jun 11 This Week ....
31 Pmx 55,000t Med - US Gulf* 105 105 88 15,312 12,950 4,199 7,118 6,853 SOFTER -4%
31 Pmx 55,000t UKC - US Gulf* 105 105 88 15,955 12,115 2,182 4,802 4,644 SOFTER -3%
31 Pmx 50,000t Caribs - US Gulf* 110 107.5 132 18,776 18,110 10,537 4,087 3,168 WEAKER -22%
33 Hdy 30,000t Med - Med 117.5 115 142 17,076 15,089 6,838 1,444 860 WEAKER!! -40%
33 Hdy 30,000t Black Sea - Med 127.5 125 152 18,090 16,084 9,099 3,574 2,968 WEAKER -17%
31 Dirty Panamax Avg. Earnings* 16,681 14,392 5,639 5,336 4,888 WEAKER -8%
Series in tables/graph refer to c.2010-built non-scrubber fitted ships unless otherwise specified. A wider range of rate and earnings timeseries is available on SIN.
VLCC Spot Number of Fixtures/Vessels VLCC Spot Market

Market Activity... '19 Avg '20 Avg Jan '21 Feb '21 Mar '21 Apr '21 May '21 Last 4Wks This Week ...
Total Number of Fixtures 261 198 158 157 199 163 148 136 DOWN BY..... -8%
of which Gulf-East 147 104 69 80 92 84 83 78 DOWN BY..... -6%
Vessels due to arrive in Gulf ~ 152 150 176 148 165 176 161 141 DOWN BY..... -12%
VLCCs Spot in Gulf ~ 4 3 7 12 11 13 7 10 UP BY.... 43%
~ Source: Clarksons Platou brokers. 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.
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Bulkcarrier Market
Bulkcarrier Spot Earnings ($,000's/Day) Bulkcarrier Highlights
40 • Capesize:
Capesize Average Spot The Capesize market first found a floor before rallying
35 Panamax Average Spot firmly towards the end of the week, led once again by
Supramax Tripcharter significant gains on the paper curve. Some impressive
30 fixtures were seen on fronthaul routes, and by the end of
the week, average spot earnings for non-scrubber-fitted
25 ships had risen to $22,468/day, up 26% w-o-w.
• Panamax:
20 After a slow start, the Atlantic came to life towards the
end of the week as a flurry of fixing eroded the tonnage
15 list, while ECSA led the charge upwards, drawing in
ballasters from outside of the basin. In the Pacific, while
10 fundamentals were more balanced, the strong Atlantic
market also dragged rates upwards.
5
• Handy:
0 Firm enquiry and a clear-out of tonnage pushed up rates
in the Pacific, with the paper market adding impetus. In
-5 the Atlantic, ECSA and the USG remain the driving force,
Jun Aug Oct Nov Jan Mar May Jul Sep Oct Dec Feb Apr Jun with the latter seeing some remarkable fixtures as the
'19 '19 '19 '19 '20 '20 '20 '20 '20 '20 '20 '21 '21 '21 USEC competed for tonnage in an already tight region.
Capesize Single $ Per Tonne Average Earnings $/Day Capesize Market

Voyage… Jun 04 Jun 11 2021 2019 2020 2021 Jun 04 Jun 11 This Week ...
34 177,000t ore Tubarao - Rotterdam* 11.25 11.00 10.94 2,837 -37 6,933 6,622 5,740 WEAKER -13%
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34 177,000t ore Tubarao - Qingdao* 22.75 24.50 21.37 18,349 12,569 20,664 22,218 25,418 FIRMER 14%
34 156,000t ore Port Cartier - Rott. 8.75 10.40 10.38 26,862 19,303 30,367 19,645 28,692 FIRMER 46%
34 166,500t coal Bolivar - Rotterdam* 10.50 12.00 11.63 18,020 13,465 21,824 16,153 21,761 FIRMER 35%
34 172,000t ore Dampier - Qingdao* 9.75 11.25 9.59 18,672 12,740 22,315 22,301 29,468 FIRMER 32%
34 172,000t ore Dampier - Japan* 8.75 10.25 8.84 19,756 14,646 23,190 21,830 29,953 FIRMER 37%
34 165,000t coal Hay Point - Qingdao 11.45 11.95 11.08 18,996 12,681 20,554 21,223 23,025 FIRMER 8%
34 177,000t ore Saldanha - Qingdao 17.25 18.50 16.23 18,535 12,599 21,149 22,717 25,778 FIRMER 13%
34 165,000t coal R. Bay - EC India 11.00 12.00 11.25 13,548 10,928 18,049 16,197 19,281 FIRMER 19%
34 Capesize Average Earnings* 15,527 10,677 18,985 17,825 22,468 FIRMER 26%
70 Scrubber Fitted Average Earnings* 13,428 21,915 20,997 25,655 FIRMER 22%
Panamax Single $ Per Tonne Average Earnings $/Day Panamax Market

Voyage… Jun 04 Jun 11 2021 2019 2020 2021 Jun 04 Jun 11 This Week ...
36 67,000t coal USG - ARA* 20.00 22.10 20.47 10,125 7,680 17,400 15,841 18,913 FIRMER 19%
36 65,000t coal Murmansk - ARA* 10.70 12.50 9.63 7,113 6,824 15,105 17,868 23,799 FIRMER 33%
36 60,000t grain USG - N. China^* 67.50 73.50 57.14 20,025 16,886 26,662 33,193 37,252 FIRMER 12%
36 60,000t grain Santos - Qingdao* 58.50 61.75 48.63 11,393 8,876 18,641 23,903 25,717 FIRM....... 8%
36 72,000t coal Dalrym. B. - N. China* 21.25 22.40 17.72 14,375 11,512 22,690 29,355 31,612 FIRM....... 8%
36 70,000t coal Indonesia - S. China* 12.70 14.50 9.84 8,811 8,656 18,450 26,386 31,553 FIRMER 20%
36 72,000t coal Indonesia - WC India 15.25 16.25 14.48 14,366 10,474 24,532 25,956 28,339 FIRMER 9%
36 72,000t coal Indonesia - EC India* 14.50 15.50 13.73 14,931 11,492 27,461 29,137 31,794 FIRMER 9%
36 60,000t grain Nopac - N. China 39.50 41.36 34.21 12,829 10,691 21,122 25,658 27,342 FIRM....... 7%
36 72,000t coal R. Bay - WC India* 22.00 21.00 21.85 13,594 11,327 24,003 23,656 21,915 SOFTER -7%
36 Panamax Average Earnings * 13,030 10,407 21,302 24,918 27,819 FIRMER 12%
72 Scrubber Fitted Average Earnings* 11,749 22,701 26,455 29,384 FIRMER 11%
Supramax Single $ Per Tonne Average Earnings $/Day Supramax Market

Voyage... Jun 04 Jun 11 2021 2019 2020 2021 Jun 04 Jun 11 This Week ...
37 50,000t grain USG - Japan (HSS) 58.75 60.50 54.84 21,432 18,146 24,710 26,867 28,191 FIRM....... 5%
37 50,000t coal R. Bay - WC India 24.25 25.25 19.70 6,856 4,571 11,359 15,932 16,962 FIRM....... 6%
37 Supramax Average Earnings 12,027 9,511 16,140 19,924 21,055 FIRM....... 6%
73 Scrubber Fitted Average Earnings 11,351 17,808 21,759 22,940 FIRM....... 5%
"Voyage Earnings" are calculated from spot freight rates for standard routes/ships; see "Sources & Methods" on SIN for details of assumptions used. Standard ships are indicated by
the numbers on the left e.g. c.2010-built non-scrubber fitted Capesize=34. *Indicates constituent routes of 'Average Earnings' from start 2020. ^via Panama. Series in tables/graph refer
to c.2010-built non scrubber fitted vessels unless otherwise specified; a wider selection of spot rate and earnings series is available on SIN.
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Tripcharter Market, Freight Indices & Futures
Capesize Average Rate $/Day (180,000 dwt Capesize) Capesize Market
Tripcharter... 2019 2020 2021 May 14 May 21 May 28 Jun 04 Jun 11 This Week ....
Cont/Far East 34,260 27,606 40,104 57,000 50,000 40,000 38,000 45,000 FIRMER 18%
Transpacific R/V 17,005 12,827 22,521 35,000 38,000 29,000 22,750 25,500 FIRMER 12%
Far East/Cont 2,332 -750 6,819 19,000 17,000 10,500 5,000 5,000 STEADY 0%
Transatlantic R/V 17,923 13,197 23,042 36,000 31,000 19,000 15,000 21,500 FIRMER 43%
Average Capesize Earnings 17,880 13,220 23,121 36,750 34,000 24,625 20,188 24,250 FIRMER 20%
Panamax Average Rate $/Day (82,000 dwt Kamsarmax) Panamax Market

Cont/Far East 20,788 18,012 29,877 36,850 34,500 33,250 35,750 40,500 FIRMER 13%
Transpacific R/V 11,133 9,287 21,621 30,000 29,000 26,500 26,750 28,500 FIRM....... 7%
Far East/Cont 4,826 2,824 9,467 14,500 14,850 14,500 14,500 15,000 FIRM....... 3%
Transatlantic R/V 12,458 9,656 19,646 23,000 19,900 18,500 22,500 30,000 FIRMER 33%
Average Panamax Earnings 12,301 9,945 20,258 26,088 24,563 23,188 24,875 31,036 FIRMER 25%
Supramax Average Rate $/Day (58,000 dwt Supramax) Supramax Market

Cont/Far East 18,856 19,285 30,500 32,500 34,000 33,000 31,500 34,000 FIRM....... 8%
Far East/WAF" 4,723 2,698 15,910 26,000 29,500 29,750 26,500 28,000 FIRM....... 6%
US Gulf/Cont 14,769 13,210 23,735 20,000 21,000 29,000 31,000 36,000 FIRMER 16%
ECSA/Cont* 9,147 7,228 18,217 20,200 22,800 24,400 27,000 26,500 STEADY -2%
Indonesia - China~ 10,556 8,686 23,604 34,000 34,000 33,000 27,000 27,500 STEADY 2%
Average Supramax Earnings^ 10,867 8,813 21,126 25,550 26,700 28,475 27,750 29,500 FIRM....... 6%
Average excludes Cont/Far East and Far East/WAF. ~Delivery South China, redelivery South China. *Delivery WAF.
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Handysize Average Rate $/Day (38,000 dwt Handysize) Handysize Market
Cont/ECSA 8,462 8,251 16,352 16,600 15,000 18,200 21,500 20,000 SOFTER -7%
Cont/USEC-USG 8,724 8,563 16,394 16,700 16,000 18,500 21,500 20,300 SOFTER -6%
ECSA/Cont 13,459 10,313 22,100 25,200 26,000 27,800 26,000 29,300 FIRMER 13%
USEC-USG/Cont 10,813 9,945 17,760 16,800 20,000 18,700 19,000 20,150 FIRM....... 6%
SEAsia/Australia R/V 8,453 6,869 20,879 30,000 32,000 30,000 27,000 27,000 STEADY 0%
Avg Handysize Earnings 9,608 8,395 18,886 22,550 23,333 23,700 23,333 23,792 STEADY 2%
Note: Vessels in line with Baltic Exchange standards where appropriate. Tripcharter rates for 'eco' Capesizes, 76,000 dwt Panamaxes, 61,000 dwt Ultramaxes and 28,000
dwt Handysizes are available on Shipping Intelligence Network.
Baltic Freight Indices Baltic Capesize Index Trends

Date BCI BPI BSI BHSI BDI 6,000
01-Jun 3018 2801 2455 1339 2568 2019
02-Jun 2862 2855 2456 1338 2530 2020
03-Jun 2665 2896 2441 1336 2472 5,000
2021
04-Jun 2524 2933 2449 1337 2438
07-Jun 2467 2954 2461 1336 2428
08-Jun 2393 2993 2479 1336 2420 4,000
09-Jun 2488 3065 2508 1343 2481
10-Jun 2899 3204 2552 1355 2669
Max Value 3018 3204 2552 1355 2669 3,000
Min Value 2393 2801 2441 1336 2420
Avg Value 2665 2963 2475 1340 2501
2,000
Bulkcarrier FFA Indications*
$/day 10-Jun Index Jun-21 Q3 21 Cal 22
1,000
BCI 3 Tub.-Qingdao 23.90 24.00 25.88 18.40
BCI 5 W.Aus.-Qingdao 10.40 11.15 11.98 8.60
BPI 2A USG/F.East 38,697 34,125 35,250 23,000
0
BPI 3A T/P R/V 26,784 22,000 19,000 11,875
Cape TC Avg. 24,039 28,250 38,375 24,050
Week No.
P'max TC Avg. 27,500 28,750 32,350 18,675
-1,000
S'max TC Avg. 28,072 29,750 30,500 17,600 1 3 6 8 11 13 16 18 21 23 26 28 31 33 36 38 40 43 45 48 50
*FFA Indications basis closing mid-price. Supramax FFA data basis 10TC avg.
n/57FLHHi8JU6u9WYqOwCiihicpYtYq9jj0ysHopnXht1YtbCM8O7Ec7UHkEthpGTnYAWHfPlJQ==
4KEaXvV+RMc7gUjkZiGb00nNzBeDauDreNU+HwscH3kz+xXfkcym+yCtQDCMpINxZjXScl9gwMWpzRM3dmJEKuusKtlQkoBDXXmQ=
y9YG+t4Z9kLWAvwML3rXRF05c2/GciyAG0vrCq90kMs/B7/Z
Gas & Chemical Markets
Gas Carrier Average 2021 Gas Market LPG Charter Rates, $,000's/day
120
Markets…. 2019 2020 Apr May 11 Jun Trends… 1 Yr t/c (84,000m3)
LPG Voyage Rates, $/mt 84,000m3 TCE, MEG-Japan
46.2K mt MEG/Jap 57.55 58.70 50.10 59.75 45.00 WEAKER... -25% 100
LPG TCE, $/day
84,000m³ modern~ 46,009 47,657 33,623 43,855 26,908 WEAKER!! -39% 80
LPG 12 mths T/C, $/day
84,000m³ modern~ 32,830 34,923 33,568 34,768 33,699 SOFTER... -3%
59,000m³ modern 26,346 29,059 29,195 30,371 30,412 STEADY... 0% 60
35,000m³ 19,284 23,039 23,606 23,343 22,685 STEADY... -3%
22,500m³ modern 15,873 18,639 20,055 20,055 19,891 STEADY... -1%
40
20,500m³ Semi-Ref 17,564 21,048 22,028 22,028 21,535 STEADY... -2%
17,000m³ Ethylene 21,456 19,654 19,069 19,069 19,069 STEADY... 0%
8,250m³ Ethylene 15,452 15,158 14,959 14,959 14,959 STEADY... 0% 20
3,500m³ Pressure (East) 7,894 7,476 7,233 7,233 7,233 STEADY... 0%
3,500m³ Pressure (West) 8,713 7,224 7,200 7,233 7,233 STEADY... 0%
LNG Spot Rate, $/day^ 0
Jul-20
Jun-19
Aug-19
Oct-19
Nov-19
Jan-20
Mar-20
May-20
Sep-20
Oct-20
Dec-20
Apr-21
Jun-21
Feb-21
160,000m³ (TFDE) 69,337 59,269 50,800 61,750 60,000 STEADY... -3%
145,000m³ (ST) 47,695 41,048 39,400 48,750 46,000 SOFTER... -6%
~Est. earnings basis 'eco' ship; assumes consumption of VLSFO from start 2020. 1yr TC rate for a non-eco VLGC available on SIN. ^Single voyage, delivery in next 3 weeks.
• VLGC: This week, there was a by $10/mt w-o-w to end the week at causing a slight improvement in
slight divergence in the VLGC market, $45/mt. The main source of fixing arbitrage dynamics, with enquiries
with very limited activity ex-MEG. interest was a first-decade July cargo ensuing. That said, rate ideas are yet
• In the East, limited fresh enquiry destined for India, fixed on subjects in to reflect this, with the benchmark
was seen as attention turns to July line with benchmark rates. Houston-Chiba rate sliding throughout
dates. Some acceptances were • In the West, activity remained the week to end the week at $81/mt.
published, containing confirmations of muted in the first half of the week with Going forwards we may see this tick
cuts and deferrals. As such there may no improvement in the arbitrage. up if freight can catch up with the
db38780e-e221-4315-9dda-cdef42212dff
db38780e-e221-4315-9dda-cdef42212dff
be some June positions that now However, the release of the US stocks improvement in the product picture as
overhang into July, with the rate for a report showed a larger build in some trader-relets get absorbed and
VLGC on the MEG-Japan route falling inventories than had been expected, possible inefficiencies develop.
Chemicals Average 2021 Chem Market Chemical Freight Rates, $/mt

100 65
Markets…. 2019 2020 Apr May 11 Jun Trends… Houston/Far E. (LHS)
Voyage Rates ($/mt) 90 Rott/Houston (RHS) 60
10,000 MEG/WC India 26.07 26.93 25.80 26.00 26.00 STEADY... 0%
15,000 MEG/Ulsan 42.55 45.26 42.70 43.00 42.00 STEADY... -2%
80 55
15,000 MEG/Med 50.20 58.02 55.70 56.00 55.00 STEADY... -2%
15,000 MEG/Rott. 53.98 63.30 65.80 68.50 67.00 STEADY... -2%
70 50
5,000 Rott/Houston 35.76 39.89 35.00 32.50 32.50 STEADY... 0%
10,000 Rott/Houston 30.95 33.57 29.30 28.00 28.00 STEADY... 0%
60 45
5,000 Rott/Ulsan 79.60 86.79 89.60 89.50 87.00 STEADY... -3%
5,000 Singapore/Rott 73.58 72.41 87.80 94.00 95.00 STEADY... 1%
50 40
1,000~ Sing./Houston 133.96 136.87 141.40 142.00 142.00 STEADY... 0%
6,000" Ulsan/Houston 54.63 52.00 54.25 55.00 STEADY... 1%
5,000 Houston/Rott 52.35 53.04 48.80 48.00 48.00 STEADY... 0% 40 35
basis 5,000mt
5,000 Houston/Ulsan 64.60 72.92 57.00 56.00 56.00 STEADY... 0% Easychems
12 mths TC, $/day 30 30
Jun-19
Jan-20
Jul-20
Jun-21
Aug-19
Oct-19
Nov-19
Mar-20
May-20
Sep-20
Oct-20
Dec-20
Feb-21
Apr-21
13,000 dwt IMO II 8,386 8,271 8,000 8,000 8,000 STEADY... 0%

19,999 dwt S/S 13,227 13,479 13,000 13,000 13,000 STEADY... 0%
Easychems except for: ~ Stainless Steel, " Benzene.
• Freight rates ex-MEG westbound parcels, while rates for 1,000mt, activity; rates on this route have fallen
fell again this week, with limited activity 2,000mt and 3,000mt parcels all fell by by c.10% since the start of the year.
on the trade lane and a number of ves- $5/mt w-o-w. Demand on the trade route • Soy oil rates from Argentina to India
sels struggling to obtain complete car- continues to be muted, with some car- remained flat w-o-w, with only one cargo
goes. As a result, many owners are goes pushed towards July loading fixed so far this week. Some pressure
looking at sailing with space on prompt dates. Regular owners are now looking may emerge going forwards, with limited
dates. Freight rates for 15,000mt parcels at July positions, although there remains demand for veg oil into India expected
to the Med and Rotterdam fell by $1/mt significant outsider spot tonnage that throughout July. Meanwhile, palm oil
and $0.5/mt w-o-w respectively. may accept base cargoes in June. TCT rates fell by $500/day, driven by a
• Benchmark rates from Rotterdam to • Similarly, freight rates from Houston softening in the CPP market along with
Ulsan fell by $1/mt w-o-w for 5,000mt to Santos fell by $2/mt w-o-w amid weak an increase in the open tonnage list.
DB8q4QksWNJyJqv/ZmMyCX7BhLoMZKL31oiPXqehiME03+Ilq6Glv/87l+A8H84lcxweYykyeg==
hBSnaJ5CdzPkLBGZaSAvMo1sW63mIK63bCZ+vcyfpxTVCS/0
AlouQKGjgMZPXv8a2MwarCZfU4DsIlMOq8SoH2qurZWSqrIJzsN4Z26TTY14d56CF37ojecCdhRwHzYTw7wYlRddftk6La3tM5mqXUc=
Liner & Offshore Markets
Containership 6-12mth Charter Rates ($,000's/day) Containership Highlights
70 • Market dynamics in the containership sector have not
1,700 teu grd
changed in recent weeks, with charter rates continuing to
60 2,750 teu gls rise across the size ranges. The Containership Charter
4,400 teu gls Rate Index reached another new record of 191 points
50 6,800 teu gls this week, up 2% w-o-w and more than double the end
2020 level.
40 • Whilst gains in the smaller sectors initially took some
time to gain momentum, healthy rates and periods are
30 now being seen, with fixtures of one year or more now
being fixed for tonnage down to the sub-1,000 TEU
sector. Significant premiums have been offered for
20
shorter, sub-6 month periods, driven in part by new
entrant operators looking to ship surplus cargo which
10 cannot be booked with the traditional lines.
• The SCFI Comprehensive Index rose to a new
record of 3,704 points this week. The index has now
Jun-17
Sep-17
Dec-17
Jun-18
Sep-18
Dec-18
Jun-19
Sep-19
Dec-19
Jun-20
Sep-20
Dec-20
Jun-21
Mar-18
Mar-19
Mar-20
Mar-21
climbed 26% from the start 2021 level and stands at
more than quadruple the 1H 2020 average.
Container / MPP / Average 2021 Liner Markets

Short Sea Markets 2017 2018 2019 2020 Mar Apr May Jun Trends*
Containerships ($/Day, 6-12mth TC)
Feeder, 1,000 teu grd. 6,142 7,467 6,158 6,099 11,800 13,750 16,438 18,000 FIRMER... 49%
Feeder, 1,700 teu grd. 7,242 9,675 8,132 8,165 16,375 20,950 24,588 28,000 FIRMER... 67%
Feeder, 1,700 teu grd. (Eco)~ 9,700 12,483 11,088 10,573 20,813 24,600 28,250 33,000 FIRMER... 51%
Feeder, 2,750 teu g'less 8,800 10,813 9,604 10,901 24,063 27,850 31,875 36,000 FIRMER... 49%
Narrow Beam, 4,400 teu g'less 7,692 11,096 11,164 14,151 35,625 41,800 51,000 57,000 FIRMER... 64%
db38780e-e221-4315-9dda-cdef42212dff
db38780e-e221-4315-9dda-cdef42212dff
Intermediate, 6,800 teu g'less~ 13,171 14,542 20,362 21,470 40,875 46,800 60,250 65,500 FIRMER... 52%
Neo-Panamax, 9,000 teu gls (Eco)~ 18,929 28,000 35,630 34,903 54,125 62,500 72,250 76,500 FIRMER... 42%
MPP Tonnage ($/Day)
17,000 dwt, grd. 1 yr. t/c (liner) 7,671 8,992 8,858 8,625 10,750 13,000 13,500 13,500 FIRMER... 29%
12,000 dwt, grd. 1 yr. t/c (liner) 6,454 8,342 7,750 7,142 10,000 11,500 12,000 12,000 FIRMER... 26%
European Short Sea 3,000dwt ($/t)
ECUK/ARAG - N.Spain 18.61 20.93 18.38 16.13 23.69 22.70 22.63 22.50 STEADY... -1%
French Bay - ECUK 14.66 17.61 15.43 13.82 19.00 19.05 18.19 18.50 STEADY... 2%
Lower Baltic - ARAG 18.40 20.50 19.18 18.05 27.06 25.30 24.06 24.00 STEADY... 0%
UK/ARAG - W.Med 24.01 27.00 23.24 20.99 26.88 27.55 28.31 28.75 STEADY... 2%
3,500dwt g'less. 1 yr. t/c (€/day) 2,879 3,096 3,113 2,983 3,250 3,250 3,300 3,300 STEADY... 0%
*3-month trend for Container/MPP; current month shows latest. Change since previous month for Short Sea. Short Sea rates source HC Shipping. ~2017 avg basis June-Dec.
Offshore Average Offshore Market Offshore Vessel Charter Rates

Market 2019 2020 Latest Trends* 15
£000/day $000/day
8
North Sea OSV Market £/Day
AHTS Spot, 20k+ BHP 23,880 17,001 28,755 FIRM....... 8%
AHTS Term, 20k+ BHP 17,833 17,625 17,500 FIRMER... 11%
PSV Spot, >900m2 11,165 5,835 9,628 FIRMER... 23% 6
PSV Term, >900m2 11,521 7,521 8,000 FIRMER... 13% 10
Regional OSV Market $/Day
SE Asia, AHTS Term, 5k BHP 4,536 4,225 4,069 FIRMER... 9%
W.Africa PSV Term, >900m2 13,000 10,458 14,000 FIRMER... 29% 4
Brazil, PSV Term, >900m2 18,083 18,583 19,000 STEADY... 0%
Drilling Rig Market, $000/Day**
5
Jack-Up, SE Asia, High-Spec 70-110 60-75 60-75 STEADY... 0%
Floater, GoM, Ultra Deep 170-240 150-190 200-250 FIRMER... 23% 2
*3-month trend. ** Annual drilling rig dayrates on end year basis. N.Sea Term, PSV, >900m2, £000/day (LHS)
Offshore Fleet No. End This Month SE Asia Term, AHTS, 5k BHP, $000/day (RHS)
0 0
Trends 2019 2020 May-21 Obk % Fleet
May-17
Aug-17
Nov-17
Nov-20
Feb-18
May-18
Aug-18
Nov-18
May-19
Nov-19
Feb-19
Aug-19
Feb-20
May-20
Aug-20
Feb-21
May-21
Anchor Handling Tug/Supply 2,480 2,464 2,454 84 3%

PSV/Supply 2,042 2,037 2,029 114 6%
Mobile Drilling Units 937 900 885 64 7% Offshore fleet includes all mobile units; for more detailed coverage of the full
Other Types 7,394 7,429 7,447 275 4% range of offshore sectors see Offshore Intelligence Monthly. See also
All Offshore Vessels 12,853 12,830 12,815 537 4% Offshore Drilling Rig Monthly and Offshore Support Vessel Monthly.
S7FRoXOLjXSgOlMNbZiN+76AW4Vwp4vSJ2Sm3GuuLpQQgr2
mdsdFXEvIeFj8gjocqnNvQcipejsMecIMcSuXM8J8yC+t+zjvihWucGF5Krg5fw4i3UfKqqssFN4Z1904pvc4F8bBpnz9gwjPjxXDg=
twhkEAoufdfYeZNV9FQrCQeZmIucMRQZkYSfAqFHr5wZMAVAh79V/U72V80EU9/XJsjSdhamNSqA==
Secondhand Prices
Oil Tanker End Year, $m Three Month Asset Play in Focus
Prices… 2018 2019 2020 Jun Trend…
Long Term Price Trends
310,000 dwt Resale 94.0 100.0 88.0 95.0 FIRM.... 4%
5-year-old Index, Start 2000 = 100
310,000 dwt 5 yrs 66.0 75.0 63.0 70.0 FIRM.... 4% 200
300,000 dwt 10 yrs 43.0 53.0 43.0 48.0 STEADY... 3% Bulkers
300,000 dwt 15 yrs 30.0 38.0 30.0 35.0 FIRM.... 5% Tankers
175
160,000 dwt Resale 66.0 72.0 58.0 65.0 FIRMER... 11%
160,000 dwt 5 yrs 46.0 53.0 43.0 47.5 FIRM.... 8%
150,000 dwt 10 yrs 32.0 36.0 28.0 32.0 FIRM.... 7% 150
105,000 dwt 5 yrs 33.0 41.0 32.5 40.0 FIRMER... 17% 125
105,000 dwt 10 yrs 21.0 30.0 20.5 26.0 FIRMER... 19%
100
73,000 dwt 5 yrs 30.0 32.5 29.0 33.0 FIRMER... 11%
73,000 dwt # 10 yrs 17.5 20.0 18.0 22.0 FIRMER... 11%
51,000 dwt Resale 37.5 40.0 36.0 37.0 STEADY... 3% 75
51,000 dwt ^ 5 yrs 27.5 30.0 26.0 27.5 STEADY... 0%
47,000 dwt * 10 yrs 16.5 19.0 17.0 18.5 STEADY... 0%
50
45,000 dwt 15 yrs 9.5 12.0 11.0 12.0 STEADY... 0%
Jun '12
Jun '13
Jun '14
Jun '15
Jun '16
Jun '17
Jun '18
Jun '19
Jun '20
Jun '21
37,000 dwt 5 yrs 24.0 25.0 23.0 24.0 STEADY... 1%
37,000 dwt 10 yrs 14.0 15.0 14.0 14.5 STEADY... -2%
19,999 dwt Chem S/S" 5 yrs 21.0'' 20.3'' 24.5 25.8 FIRM.... 3%
5-y-o Tanker Index 124 138 118 132 FIRM.... 7% Short Term Tanker Trends
12 month Change 7% 12% -14% 3% % Year on Year
20%
Pre Jan-19 (dwt): #70k, ^47k, *45k. "Non-eco vessel prior to Jan 2020.
Bulkcarrier End Year, $m Three Month 15%
Prices... 2018 2019 2020 Jun Trend…

db38780e-e221-4315-9dda-cdef42212dff
db38780e-e221-4315-9dda-cdef42212dff
10%
180,000 dwt Resale 52.0 52.0 49.0 53.0 FIRM.... 6%
180,000 dwt 5 yrs 41.3 37.5 35.5 43.0 FIRMER... 12% 5%
180,000 dwt " 10 yrs 24.0 22.0 19.5 30.0 FIRMER... 26%
176,000 dwt # 15 yrs 15.0 13.5 12.8 19.0 FIRMER... 12% 0%
82,000 dwt Resale 31.5 31.0 29.5 34.0 FIRM.... 8%
82,000 dwt 5 yrs 23.5 23.5 22.0 29.0 FIRMER... 11% -5%
82,000 dwt ~ 10 yrs 15.0 13.5 13.8 21.0 FIRMER... 15%
75,000 dwt † 15 yrs 9.0 9.5 8.3 15.3 FIRMER... 33% -10%
63,000 dwt ‡ Resale 28.5 28.0 26.5 30.5 FIRM.... 6% 5-year-old Tanker Price
Index Percentage Change
60-61,000 dwt 5 yrs 22.0 17.8 25.0 FIRMER... 13% -15%
Year-On-Year
56,000 dwt ** 10 yrs 14.0 12.5 10.8 17.5 FIRMER... 30%
52,000 dwt 15 yrs 9.0 8.3 6.8 11.5 FIRMER... 33% -20%
Jun '18
Dec '18
Jun '19
Dec '19
Jun '20
Dec '20
Jun '21
Sep '18
Mar '19
Sep '19
Mar '20
Sep '20
Mar '21
38,000 dwt ̿ Resale 24.5 23.0 20.5 26.5 FIRMER... 18%
37,000 dwt ′ 5 yrs 15.0 16.5 14.8 20.5 FIRMER... 20%
32,000 dwt 10 yrs 11.5 9.0 8.3 13.5 FIRMER... 25%
28,000 dwt 15 yrs 7.0 5.5 5.0 7.0 FIRMER... 14%
5-y-o Bulker Index 104 105 93 125 FIRMER... 15% Short Term Bulk Trends
12 month Change 5% 1% -11% 31% % Year on Year
40%
Pre Jan-21 (dwt): ~76k. Pre Jan-19: #170k, ~75k, †73k, ‡61k, **55-56k, ̿ 37k, ′32k. All resale & 5 year
old prices for tankers & bulkers basis eco vessels. 5-year-old Bulker Price
ⁱ Index Percentage Change
Containership & End Year, $m Three Month 30%
Year-On-Year
Ro-Ro Prices 2018 2019 2020 Jun Trend …
20%
8,800 teu 10 yrs 30.0 30.5 38.0 64.0 FIRMER... 33%
6,600 teu 10 yrs 24.0 23.0 34.0 62.0 FIRMER... 38%
4,500 teu^ 10 yrs 11.0 11.0 19.0 48.0 FIRMER... 56% 10%
2,750 teu 10 yrs 9.0 13.0 28.0 FIRMER... 53%
1,700 teu 10 yrs 10.5 7.8 9.0 20.0 FIRMER... 51% 0%
Container Index 40.1 38.0 40.9 69.9 FIRMER... 35%
Ro-Ro 4,000 lm" 10 yrs 35.5 27.5 24.5 24.0 STEADY... 0%
Ro-Ro 2,500 lm" 10 yrs 26.3 23.0 19.0 18.5 STEADY... 0% -10%
"Ro-Ro prices in euros. ^Price basis a Narrow Beam ("Old Panamax") vessel.
Clarkson End Year, Index Three Month -20%

Sep '18
Mar '19
Sep '19
Mar '20
Sep '20
Mar '21
Jun '18
Dec '18
Jun '19
Dec '19
Jun '20
Dec '20
Jun '21
Index … 2018 2019 2020 Jun Trend …

ALL VESSELS 98 96 93 140 FIRMER... 25%
Resale prices basis prompt delivery. 3-month trend: avg last 3 months vs avg prior 3 months. See SIN for full range of historical series and details of standard ship size history.
zvzzjHiVF8GAaewb0hx72rhYnF7zI0Tmz1BfbFMTqmjkXYfb5pTcnlzKV5UCw2/FKbU/mI2lOrE1/m+bZqFTpi2XI0BPS0GSybKZCHkR0=
evSHDZG4/bXcypAMp3Ew4TRHSW4ZG+H7TO6PwL8hcmHKqf
+2PIi1ZqxOPmP4TPMEa4ZFmNvepyAj/iUo1onbGGpanEOTLY6LCQUtmPiElgkL7ak6rRhd6Mg==
Sale & Purchase Market
Sales Volumes & Values Tankers:
$m. No.
3,500 350 It has been a quiet week in the tanker sale and purchase market and
Volume (3mma, RHS) as such there is no concluded business to report. Despite this, tanker
3,000 Value (3mma, LHS) 300 sale and purchase activity remains firm, with 266 vessels of a
combined 33.0m dwt reported sold in the year to date, representing a
2,500 250 77% year-on-year increase in numerical terms. Against this
backdrop, tanker values have firmed considerably, with the
benchmark price for a 5 year old 310,000 dwt VLCC currently
2,000 200
standing at $70m, up from $63m at the start of the year.
1,500 150 Dry Cargo:
Clients of Global Maritime remain active sellers in the bulkcarrier
1,000 100 sale and purchase market, having this week sold the Kamsarmax
units “PEAK LIBERTY” (81,837 dwt, built 2015, Tsuneishi Zosen)
500 50 and “PEAK PEGASUS” (82,026 dwt, built 2013, Tsuneishi Zosen) to
European buyers for a price in excess of $51m en bloc. This follows
0 0 their previous sale of the “PEAK PROTEUS” (82,158 dwt, built 2013,
Sep-16
Jan-17
Sep-17
Jan-18
Sep-18
Jan-19
Sep-19
Jan-20
Sep-20
Jan-21
May-16
May-17
May-18
May-19
May-20
May-21
Tsuneishi Zosen) for a price in the low/mid $21ms back in April.

Other Kamsarmax/Panamax sales this week include the “XIN FENG”
(79,699 dwt, built 2010, New Times SB), which was sold for a price
in the region of $16.5m to Greek buyers basis surveys passed and
Tanker Y-t-d May
BWMS fitted. Meanwhile, clients of Canberra Shipping have
Sales* .... 2020 2021 2021 disposed of the “CANBERRA” (75,410 dwt, built 2001, Hitachi
Zosen) for a price in excess of $9.5m, basis surveys due in
Type: VLCC 79 54 14
September.
Suezmax 50 27 7
Aframax 51 67 18 Elsewhere, Japanese owners have disposed of the “KUMANO
Handy/Pmax 190 118 18 MARU” (106,506 dwt, built 2008, Oshima Shipbuilding) for $18.5m
Total No. Sales 370 266 57 basis drydock due in August.
db38780e-e221-4315-9dda-cdef42212dff
db38780e-e221-4315-9dda-cdef42212dff
Total DWT (,000) 45,228 32,970 8,153 In the Supramax sector, the Japanese controlled unit “DONAU K”
Total Value ($ m) 7,923 5,019 1,458 (58,682 dwt, built 2012, Kawasaki HI Sakaide, C4x30.5T) invited
offers this week and has now been sold to Chinese buyers for
Bulker Y-t-d May $19.6m, with a very prompt delivery. Clients of Griegmaas have sold
the ‘Crown 58’ design unit “STAR ERACLE” (58,018 dwt, built 2012,
Sales* .... 2020 2021 2021 Sinopacific Dayang, C4x30T) for a price in excess of $15.5m.
Type: Capesize 77 50 4 Meanwhile, the “MADONNA III” (53,411 dwt, built 2007, Chengxi
Panamax 131 135 24 Shipyard, C4x36T) has been sold for a price in the mid/high $11ms,
Handymax 227 171 40 which follows the seller’s last sale of the “GEORGIANA” (53,413 dwt,
Handysize 147 120 30 built 2008, Chengxi Shipyard, C4x36T) earlier in 2021 for a price in
Total No. Sales 582 476 98 the region of $10m.
Total DWT (,000) 42,871 33,296 5,913
Total Value ($ m) 5,741 6,169 1,403
Other Y-t-d May
Sales .... 2020 2021 2021

Total No. Sales 633 376 52
Total dwt (,000s) 13,995 10,519 1,271
Total Value ($ m) 5,770 3,339 694
Total Y-t-d May
Sales ..... 2020 2021 2021

Buyers: Greece 201 158 22
Norway 33 24 8
Germany 33 21 4 All data and information in this report are as reported up to noon on the date of publication.
China P.R. 287 176 39 Contact Clarksons Valuations at shipvalue@clarksons.com for any specific vessel or portfolio
UK 24 16 1 valuation requirements. Clarksons Valuations is the largest provider of valuation services to the
shipowning and financial community, combining market leading expertise, research and
South Korea 32 13 3 technology.
Total No. Sales 1,585 1,118 207
Total Dwt (,000) 102,094 76,786 15,337 A "Sources & Methods" document describing the methodology by which Clarksons Research
gathers and processes the data in this report, including the calculation of voyage earnings for
Total Value ($m.) 19,433 14,527 3,555 tankers and bulk carriers, is available on Shipping Intelligence Network. Further enquiries may
Average $/Dwt 190 189 232 be made to the addresses set out on the back page.
* 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".
Clarksons Research i 11-Jun-21
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mfozCMCZ6AHDcIj6uqS/X3liGnZmjx0YlKoPn182zw+KJZPnrU
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Recent Ship Sales by Vessel Type
Vessel Type Vessel Name Dwt/Unit Blt. Yard Date Price $m. Buyers
Tanker Coated Champion Pleasure 105,852 2008 Namura Shipbuilding 04-Jun 18.1 Greek interests
Tanker Coated SKS Satilla 158,843 2006 Hyundai Samho HI 02-Jun region 24 Undisclosed interests
Tanker IMO II/III Mentor 13,012 2007 Sekwang H.I. 26-May 5.5 Indian interests
LPG Carrier 37,450 cu.m Queen Luca 29,458 1995 Kawasaki HI Kobe 28-May undisclosed Undisclosed interests
Offshore PSV Caledonian Vigilance 4,312 2006 Yantai Raffles 04-Jun undisclosed Clients of GSP
Offshore PSV Far Scotia 3,022 2001 Aker Brattvaag 28-May undisclosed Undisclosed interests
Container 4,225 teu. Hawk Hunter 51,745 2009 Hyundai HI (Ulsan) 10-Jun undisclosed Undisclosed interests
Container 4,992 teu. Kowloon Bay 62,740 2004 Hyundai HI (Ulsan) 10-Jun region 42.5 Clients of MSC
Container 2,492 teu. Oregon Trader 34,500 2006 Howaldtswerke Werft 08-Jun undisclosed Clients of MSC
Container 2,526 teu. Kiel Trader 33,545 2003 Warnowwerft 08-Jun undisclosed Undisclosed interests
Container 925 teu. Pictor 12,640 2009 Naval Gijon 04-Jun 8.5 Canadian interests
Container 3,586 teu. Nordsummer* 46,321 2007 STX SB (Jinhae) 04-Jun high 60 Clients of CMA CGM
Container 3,586 teu. Nordautumn* 46,212 2008 STX SB (Jinhae) 04-Jun # Clients of CMA CGM
Container 2,824 teu. Frisia Goteborg* 39,345 2006 Hyundai Mipo 04-Jun high 60 European interests
Container 2,824 teu. Frisia Oslo* 39,345 2007 Hyundai Mipo 04-Jun # European interests
Container 2,824 teu. Frisia Amsterdam* 39,345 2007 Hyundai Mipo 04-Jun # European interests
Container 5,301 teu. Blandine 65,700 2009 Zhejiang Ouhua SB 02-Jun 42 Clients of Maersk
Container 2,702 teu. X-Press Khyber 37,950 2007 TKMS Nordseewerke 02-Jun 24.5 European interests
Container 2,750 teu. Scio Sky 39,307 2002 Stocznia Gdansk 02-Jun undisclosed Undisclosed interests
Container 956 teu. Elke 11,023 2005 CSC Qingshan SY 02-Jun undisclosed Undisclosed interests
Container 1,096 teu. Contship Gem* 12,920 2003 Mutzelfeldt 02-Jun 14 Clients of MSC
Container 1,100 teu. Contship Hub* 12,900 2003 Santierul Naval 02-Jun # Clients of MSC
Container 1,528 teu. FSL Kolkata* 23,063 2020 Huangpu Wenchong 02-Jun undisclosed Clients of CNAN Med Spa
Container 1,528 teu. FSL Colombo* 23,063 2020 Huangpu Wenchong 02-Jun # Clients of CNAN Med Spa
Container 2,564 teu. City of Hongkong* 34,418 2009 Xiamen Shipbuilding 01-Jun 58 Clients of MSC
Container 3,534 teu. Songa Haydn* 41,989 2010 Shanghai Shipyard 01-Jun # Clients of MSC
Bulk 4x30.5t cr. Donau K 58,682 2012 Kawasaki HI Sakaide 11-Jun 19.6 Chinese interests
Bulk 4x36t cr. Madonna III 53,411 2007 Chengxi Shipyard 11-Jun mid/high 11 Undisclosed interests
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db38780e-e221-4315-9dda-cdef42212dff
Bulk 4x30t cr. Raeda 23,544 1997 Saiki Hvy. Ind. 09-Jun low 5 Undisclosed interests
Bulk Str. Hvy. Xin Feng 79,699 2010 New Times SB 09-Jun region 16.5 Greek interests
Bulk 4x30t cr. Star Eracle 58,018 2012 Sinopacific Dayang 08-Jun excess 15.5 Undisclosed interests
Bulk Gearless Kumano Maru 106,506 2008 Oshima Shipbuilding 08-Jun 18.5 Undisclosed interests
Bulk Str. Hvy. Canberra 75,410 2001 Hitachi Zosen 08-Jun excess 9.5 Undisclosed interests
Bulk 2x25t cr. Puffy 11,775 2009 Lianyungang Wuzhou 08-Jun at auction 2.5 Clients of Navalmar (UK)
Bulk Str. Hvy. Peak Pegasus* 82,026 2013 Tsuneishi Zosen 08-Jun excess 51 European interests
Bulk Str. Hcy. Peak Liberty* 81,837 2015 Tsuneishi Zosen 08-Jun # European interests
Bulk 4x30.5t cr. You & Island 38,309 2011 Shimanami Shipyard 04-Jun low 15 Clients of Taylor Maritime
Bulk 4x30t cr. Grace Ocean 33,296 2013 Shin Kurushima 04-Jun 15.4 Greek interests
Bulk 4x30t cr. Interlink Comity 37,302 2010 Huatai Hvy. Ind. 04-Jun 12.75 Undisclosed interests
Bulk 4x30.5t cr. Tern 50,209 2003 Mitsui SB (Tamano) 02-Jun 9.7 Chinese interests
Bulk 3x30.5t cr. Lalinde 18,909 2006 Yamanishi Zosen 02-Jun 6.8 Undisclosed interests
Bulk Str. Hvy. Eclipse 79,471 2010 Jinhai Heavy Ind 02-Jun 16.75 Clients of Sterling Shipping
Bulk Str. Hvy. Rich Future 82,197 2013 Tsuneishi Zhoushan 02-Jun 22.6 German interests
Bulk 4x45t cr. Clipper Kalavryta* 63,325 2015 Sainty SB (Yangzhou) 02-Jun BBB 140.45 Clients of CDB Leasing
Bulk 4x45t cr. Clipper Kythira* 63,273 2015 Sainty SB (Yangzhou) 02-Jun # Clients of CDB Leasing
Bulk 4x36t cr. Clipper Brunello* 58,443 2012 SPP Sacheon SY 02-Jun # Clients of CDB Leasing
Bulk 4x36t cr. Clipper Barolo* 58,923 2011 SPP Sacheon SY 02-Jun # Clients of CDB Leasing
Bulk 4x30.5t cr. Clipper Apollonia* 32,755 2010 Jiangmen Nanyang 02-Jun # Clients of CDB Leasing
Bulk 4x30.5t cr. Clipper Aegina* 32,691 2010 Jiangmen Nanyang 02-Jun # Clients of CDB Leasing
Bulk 4x30.5t cr. Clipper Alexandria* 32,500 2010 Jiangmen Nanyang 02-Jun # Clients of CDB Leasing
Bulk 4x30.5t cr. Clipper Tarpon* 30,427 2010 Tsuji H.I. 02-Jun # Clients of CDB Leasing
Bulk 4x30.5t cr. Clipper Talent* 30,475 2009 Tsuji H.I. 02-Jun # Clients of CDB Leasing
Bulk 4x30.5t cr. Clipper Triumph* 30,442 2009 Tsuji H.I. 02-Jun # Clients of CDB Leasing
Bulk 4x30.5t cr. Clipper Lis* 28,321 2009 I-S Shipyard 02-Jun # Clients of CDB Leasing
Bulk 4x30.5 cr. Cherry Island 28,220 2014 I-S Shipyard 28-May region 11 Undisclosed interests
Bulk 4x30t cr. New General 35,009 2011 Shikoku Dock. 28-May mid/high 13 Undisclosed interests
Bulk Gearless Jia Quan Yong Sheng 20,024 2021 Jiangsu Jiuzhou 28-May RMB69.4 Chinese interests
Bulk 4x30t cr. Nautical Hilary* 63,531 2015 Jiangsu New Hantong 28-May region 43.5 Clients of Eagle Bulk
Bulk 4x30t cr. Nautical Loredana* 63,556 2015 Jiangsu New Hantong 28-May # Clients of Eagle Bulk
Bulk 4x30t cr. Olympic Pegasus 56,725 2011 COSCO Guangdong 27-May 15 Greek interests
Bulk 4x30t cr. Ryoga 24,959 2011 Murakami Hide 27-May 8.8 Undisclosed interests
Bulk 4x35t cr. AMS Pegasus III 56,521 2012 Jiangsu Hantong HI 26-May 14.3 Undisclosed interests
Bulk Gearless BW Canola 81,344 2014 Oshima Shipbuilding 26-May 20.7 German interests
* En bloc Sales. #En Bloc price shown under first ship of bloc.
Clarksons Research ii 11-Jun-21
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V+EMW6r5GhoiyZUTUicJMqOJV6z3WpwI0lHxEFtFLwM5fvpdYALZLkOsLJb5t7OhOFDHLcCA==
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Fleet Changes, Bunkers & Capital Market Activity
Cargo Fleet Tanker Fleet Bulk Carrier Fleet Containership Fleet
Changes 2020 2021 to date 2020 2021 to date 2020 2021 to date
(No. Vessels , 000dwt/teu) No. 000 Dwt No. 000 Dwt No. 000 Dwt No. 000 Dwt No. 000 Teu No. 000 Teu
Fleet 1st January 6,990 622,910 7,173 641,370 11,973 878,888 12,316 912,121 5,379 22,976 5,438 23,645
Changes: Deliveries 235 23,619 125 14,630 489 48,928 209 18,573 140 860 76 465
Sold For Scrap 49 3,559 71 5,217 142 15,262 45 4,338 79 188 11 9
Misc. Additions 3 231 1 173 1 1
Misc. Removals/Losses 6 1,831 1 301 5 605 3 4 2 4
Net Change During Year 183 18,460 53 9,113 343 33,232 164 14,235 59 670 63 453
Fleet End Yr/ Yr to Date 7,173 641,370 7,226 650,483 12,316 912,121 12,480 926,356 5,438 23,645 5,501 24,098
% Change Since Start Year 2.6% 3.0% 0.7% 1.4% 2.9% 3.8% 1.3% 1.6% 1.1% 2.9% 1.2% 1.9%
Tankers and bulkcarriers over 10,000 dwt only are included in the analysis in this table. Great Lakes Only vessels are excluded.
Deliveries to the World Fleet

Type Date Vessel Name Flag Built Dwt Owner Shipyard & Yard No. Contract Price
Bulk Jun'21 Navios Star PA. 2021 81,994 ITOCHU Corp Nantong COSCO KHI NE330
Bulk Jun'21 Golden Furious M.I. 2021 82,000 Golden Ocean Group Shanhaiguan SB B82K-18
Bulk Jun'21 Pacific Pioneer LI. 2021 37,700 Unknown Japanese Shimanami Shipyard 746
Pass/Car F. Jun'21 Island 4 SV. 2021 334 BC Ferries Damen Galati 539321
Tanker Jun'21 C. Brave LI. 2021 319,200 SK Shipping Hyundai Samho HI 8098 $m 94.20
Pass/Car F. Jun'21 Silver Breeze JA. 2021 3,400 Tsugaru Kaikyo Ferry Naikai Zosen Setoda 821
Cruise Jun'21 Golden Horizon CT. 2021 2,000 Brodosplit Plovidba Brodosplit 483 EURm 65.00
Bulk Jun'21 Sunrise Spring PA. 2021 19,900 Toda Kisen KK Shin Kurushima 6122
Chem & Oil Jun'21 Maritime Guardian SG. 2021 55,000 Aurora Tankers GSI Nansha 17121017
Bulk Jun'21 Darya Mira H.K. 2021 61,000 CMB Leasing Dalian COSCO KHI DE090
Pass/Cat Jun'21 Da Wan Qu Er Hao PRC 2021 Shenzhen Xunlong CMHI (Jiangsu) CMCS-001-2
Pass/Car F. Jun'21 Malmefjord NO. 2021 700 Boreal Sjo As Sedef Gemi (Tuzla) 212
Bulk Jun'21 Jal Kalp PA. 2021 81,978 Unknown Japanese SKS Mizushima 1375
LPG Jun'21 Hakusei Maru No. 10 JA. 2021 1,420 Seiwa Kaiun K.K. Miura Zosensho 1626
Tanker Jun'21 Stirling M.I. 2021 113,000 Union Maritime COSCO HI (Zhoushan) N755
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PCC Jun'21 Sakura JA. 2021 2,285 Seitoku Kaiun Shin Kurushima 6103
Container Jun'21 Wan Hai 329 SG. 2021 37,160 Wan Hai Lines JMU Kure Shipyard 5376
MPP Jun'21 Astrol - 5 RS. 2021 8,126 Pola Rise LLC Okskaya Shipyard 5910
Bulk Jun'21 Federal Fraser M.I. 2021 34,492 Fednav Oshima Shipbuilding 10979
Ro-Ro Jun'21 Cherokee M.I. 2021 15,000 CG Railway Inc Huangpu Wenchong H3089
GCargo Jun'21 Mercantile-59 BA. 2021 2,500 Mercantile Shipping Meghna Ship Builders MSDL-89
Tanker Jun'21 Seaguardian M.I. 2021 112,000 Valles Steamship Sumitomo (Yokosuka) 1405
MPP Jun'21 Vladimir Latyshev RS. 2021 8,144 Alpha LLC Krasnoye Sormovo 06023
Container Jun'21 Straits City PA. 2021 11,600 Kyokuyo Shipyard Kyokuyo Shipyard 557
Regional MGO, $/t HSFO (380cst), $/t VLSFO, $/t Prices This
Bunker Prices 2021 Jun 04 Jun 11 2021 Jun 04 Jun 11 2020 2021 Jun 04 Jun 11 Week (VLSFO)
Rotterdam 510 569 575 363 396 399 328 464 507 508 UP... 0.1%
Singapore 523 578 584 379 403 404 371 488 517 522 UP... 1.0%
Fujairah 589 629 636 382 415 420 374 491 519 524 UP... 0.9%
Hamburg 528 598 600 375 403 404 336 470 510 512 UP... 0.4%
Gibraltar 541 601 612 390 412 416 364 484 521 527 UP... 1.2%
Philadelphia 560 624 631 385 413 418 371 493 523 534 UP... 2.1%
Houston 549 598 614 363 395 400 342 470 507 517 UP... 1.9%
Cristobal 575 645 662 385 412 415 371 489 536 538 UP... 0.2%
Los Angeles 581 643 644 426 445 453 395 508 552 555 UP... 0.5%
Shanghai 559 607 612 404 422 428 384 500 524 528 UP... 0.7%
Tokyo 659 708 719 421 439 453 397 507 542 556 UP... 2.6%
VLSFO prices basis range of industry sources, basis maximum sulphur content of 0.5%. HSFO prices basis max sulphur content of 3.5%.
Capital Market Number $ Million Trends

Activity 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 This Year
Shipping IPOs 8 3 1 2 3 823 119 15 766 548 UP... 55%
Shipping Follow Ons 58 45 35 59 24 5,241 3,610 2,662 10,728 5,167 UP... 4%
Shipping Bonds 49 42 35 51 25 10,162 7,397 6,865 24,786 8,310 DOWN... -27%
Total Shipping 115 90 71 112 52 16,225 11,125 9,542 36,280 14,025 DOWN... -16%
Total Offshore^ 33 44 21 24 10 6,697 12,794 7,236 8,780 3,115 DOWN... -23%
Total Shipyard^ 5 7 1 3 1 4,258 6,025 215 2,146 1 DOWN... -100%
Data includes companies whose core activity is owning merchant vessels, offshore units, or shipbuilding. ^Totals for Offshore and Shipyard activity include IPOs, follow ons,
and bonds. Trends this year based on annualised figures for this year against last year. For further information see Shipping Intelligence Network and Capital Market Monthly.
Clarksons Research iii 11-Jun-21
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Timecharter Fixture Record
Latest Tanker Timecharter Fixtures...

Date Charterer Vessel Name D / Year Dwt Ice LR SOx Ext. Period Rate Delivery
C Built equiv. Status $ per Day Date Place
04-Jun LMCS Papalemos D 2018 319,191 Fitted 3 Yrs $36,000 Jun 21 Singapore
02-Jun Ultranav Dong-a Krios C 2015 50,040 6/6 Mths c.$13,000 Jun 21 West
02-Jun Total C. Grace C 2021 319,202 30-120 days $21,500 Jun 21 AG
02-Jun ATC Epicurus C 2017 79,945 6/6 Mths $14,000/$15,500 Jun 21 Gibraltar
27-May ATC Oracle D 2008 105,380 Ext. 6 Mths $15,000 D/C D/C
24-May Trafigura Thundercat D 2008 108,943 90-180 Days T/C Index Linked TD8 Prompt Yosu
20-May Trafigura Kudos D 2007 109,672 90 Days $10,500 May 21 Port Said
19-May Sinochem Almi Titan D 2018 315,299 Fitted 15 Mths/1 Yr $16k 1st 60 days, esc. to $33k/$40k Jul 21 Korea
17-May ST Shipping High Adventurer C 2017 49,997 1 Yr/1 Yr $14,000/$15,000 May 21 Yosu
17-May Pan Ocean Nord Miyako C 2021 51,000 Fitted 7-9 Mths $15,150 1st 7 Mths, esc. to $15,850 Jun 21 Singapore - Japan
17-May Coral Nordic Cosmos D 2003 159,999 30-90 days $15,500 Prompt Med
17-May Stenabulk Celsius Portsmouth C 2021 50,000 6 Mths/1 Yr $15,000/Low $17,000s Jul 21 Ex Yard
17-May Trafigura Unique Harmony C 2012 50,471 60-90 Days RNR May 21 Bataan
17-May Trafigura Zefyros C 2013 50,155 60-90 Days RNR May 21 Chiba
14-May Trafigura Hudson (TBRN) D 2017 297,638 Fitted 42 Mths $21,000 1st 6 Mths, esc. to $36,000 Jun-Jul 21 Far East
13-May Weco Tankers BW Wren C 2016 49,999 4-6 Mths Mid-High $14,000s May 21 Black Sea
06-May ST Shipping Bahla C 2020 299,997 Fitted 30-90 Days $22,000 Prompt Singapore
05-May HPCL Sanmar Sitar C 2000 48,705 2/1/1 Mths $10,500 May 21 ECI
05-May Stenabulk Crude Zephyrus D 2021 158,000 2 Yrs $25,000 + profit share Q3 21 West/East
05-May Stenabulk Crude Levante D 2021 158,000 2 Yrs $25,000 + profit share Q3 21 West/East
27-Apr BP Turmoil C 2011 50,358 9-12 Mths $13,000 May 21 Ex D/D Singapore
27-Apr Trafigura Pacific Quartz C 2011 47,917 30-90 Days $10,000/$11,000/$12,000 May 21 Ex D/D Zhoushan
27-Apr Vitol Maersk Cancun C 2018 49,919 2 Yrs $15,600 May 21 India
26-Apr Shell Aristarchos C 2017 79,905 3-6 Mths $14,000 May 21 Gibraltar
22-Apr Vitol Manolates C 2018 49,999 9-11 Mths $14,000 May 21 Gibraltar
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21-Apr Vitol Nave Constellation D 2010 297,101 30-150 Days $8,500 Prompt Singapore
20-Apr Norden Rose M C 2005 45,838 1 Yr/1 Yr $11,750/$12,750 May 21 Gibraltar
19-Apr AET Houston Star D 2007 116,093 Up to 6 Mths TC $14,000 Apr 21 Rotterdam
Latest Dry Bulk Timecharter Fixtures...

Date Charterer Vessel Name Year Dwt Cbm SOx Gear Period Rate Delivery
Built Status $ per Day Date Place
11-Jun Classic Maritime Yasa Dream 2008 207,805 218,790 12 Months BCI 5TC +22% 10 -15 Singapore
11-Jun CTM Boston 2007 177,828 193,247 10-12 Months $25,500 15 Jun Caofeidian
11-Jun Olam Nicolemy 2014 179,910 201,954 12 Months $25,000 07 Jun Liuheng
11-Jun Olam P.S. Palios 2013 179,134 200,170 8-10 Months $26,500 06 Jun CJK
10-Jun Norden Amazon 2019 81,018 12-14 Months $26,750 17 Jun Kakogawa
10-Jun ST Shipping Transcenden Grace 2019 81,600 2 Years $18,000 No v-D Far East
10-Jun Bunge Ultra Tiger 2009 83,611 96,152 28-32 Months $18,750 + $1.25m 29 Jun Liverpool
10-Jun CNR Shandong Fu En 2017 81,774 96,828 34-38 Months $16,750 No v20 Pmo-Japan
09-Jun Western Bulk Carriers Giorgos B 2010 35,315 44,294 4C x 30T 3-5 Months $20,850 10 Jun SW Pass
09-Jun Cargill KN Blossom 2021 82,000 Fitted 11-13 Months $27,000 30 Jun Ex Yard
07-Jun Propel Shipping MP Ultramax 1 2016 63,339 78,703 4C x 35T 3-5 Months $34,000 03 Jun Chittagong
07-Jun Panocean Buenos Aires 2011 83,366 96,070 6-8 Months $25,250 13-14 Jun Qingdao
04-Jun Viterra Maia 2009 82,193 97,294 11-13 Months $25,000 09 Jun Putian
04-Jun Norvic Shipping Leon Oetker 2008 58,790 72,360 4C x 30T 4-6 Months $28,300 08-12 Jun Kanda
03-Jun Viterra Amaryllis 2019 81,758 97,247 11-13 Months $26,000 30 May Zhoushan
31-May Tongli AVICL Atermis 2019 82,000 5-7 Months $27,500 03-05 Jun Tianjin
28-May Speed Logistics MBA Future 2009 82,191 97,233 5-7 Months $26,000 04-06 Jun Manila
28-May NYK Medi Sydney 2015 81,788 97,247 Fitted 12 Months $26,000 03-05 Jun Qingdao
28-May PCL Seagull 2010 58,923 75,531 4C x 36T 4-6 Months $28,000 01 Jun New York
27-May CNR Paiwan Wisdom 2010 31,967 40,872 4C x 30T 4-6 Months $25,000 05-12 Jun South Japan
26-May ECTP Shandong Fu Hui 2017 81,782 96,828 3 Years $16,000 01 Oct Pmo-Japan
26-May Lighthouse Navigation Bright Star 2011 34,514 48,765 4C x 35T 6-8 Months $21,500 Prompt Sea Of Varna
26-May Fednav Sun Aquamarine 2008 32,221 42,595 4C x 30T 12 Months $15,000 Prompt Dakar
24-May Rio Tinto CMB Pauillac 2012 95,707 109,477 11-13 Months $25,000 09 Jun Samcheon Po
24-May MOL Medi Matsuura 2015 81,788 97,247 Fitted 11-13 Months $24,750 10-25 Jun Ishikawa
24-May Tongli NS Hangzhou 2004 77,834 92,152 4-7 Months $26,800 05 May Guangzhou
24-May Cargill Balos 2018 82,025 96,597 10-12 Months $25,000 23-26 May Yantai
Date= Reported Date.
Clarksons Research iv 11-Jun-21
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The Timecharter Market
Tanker Timecharter Market
Timecharter Rates Average Rate $/day To Date Jun Long-Term VLCC T/C Activity & Earnings
2018 2019 2020 2021 11 No. fixtures $,000/day
12 200
One Year Timecharter Spot $/day
VLCC (Eco) 310,000 dwt 41,072 44,036 25,604 25,000 1 Year t/c 175
VLCC 310,000 dwt 22,899 36,358 39,788 22,995 21,000 10
Suezmax 150,000 dwt 17,486 26,649 27,899 16,922 16,750
Aframax 110,000 dwt 14,925 22,091 22,329 15,526 16,000 150
LR1 74,000 dwt 12,962 16,635 16,918 13,786 13,250
8
MR (Eco) 50,000 dwt 14,565 16,418 15,700 14,359 14,500 125
MR 47-48k dwt 13,120 14,683 14,440 12,490 12,750
Handy 37,000 dwt 11,572 13,425 12,995 11,000 11,000 6 100
Three Year Timecharter
VLCC 310,000 dwt 25,534 30,077 33,305 27,229 27,125 75
Suezmax 150,000 dwt 20,067 23,673 26,106 20,750 20,750 4
Aframax 110,000 dwt 17,019 19,375 21,303 19,531 19,500
50
MR 47-48k dwt 14,154 14,714 14,930 13,505 13,500
Five Year Timecharter 2
VLCC 310,000 dwt 26,380 27,529 31,692 27,552 27,500 25
Aframax 110,000 dwt 17,337 18,264 20,462 18,792 18,750
MR 47-48k dwt 14,125 14,413 14,909 13,547 14,000 0 0
Jul-19
Jul-20
May-19
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Sep-20
Nov-20
Jan-21
Mar-21
May-21
T/C Activity… Total Fixtures To Date
...over 1 year 2017 2018 2019 2020 2021

VLCC 200,000 + 25 11 13 24 13 • Tanker timecharter activity this week…
Suezmax 125-200,000 18 9 13 20 5 Last week, Indian charterer LMCS chartered the 2018-
Aframax 85-125,000 28 22 28 26 12 built scrubber-fitted VLCC “PAPALEMOS” for a period
Panamax 55-85,000 14 8 13 12 3 of three years at a rate of $36,000/day. Also last week,
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Handy 10-55,000 69 23 40 35 25 French energy major Total chartered the newbuild
Total No. Fixtures 154 73 107 119 58 VLCC “C. GRACE” for a period of 30-120 days at a rate
Total in m. dwt 17.8 9.0 12.1 16.3 7.6 of $21,500/day.
TC rate series for 'eco' vessels in all featured tanker sizes are available on SIN. Rates are for non-eco, non-scrubber fitted ships up to c.10yrs old unless otherwise specified.
Bulk Carrier Timecharter Market
Timecharter Rates Average Rate $/day To Date Jun Long-Term Capesize T/C Activity & Earnings
(Average Pac/Atl Delivery) 2018 2019 2020 2021 11 No. fixtures $,000/day
8 40
One Year Timecharter…
Spot $/day
Capesize (Eco) 180,000 dwt 16,514 23,875 28,375
1 Year t/c
Capesize 180,000 dwt 19,146 17,358 14,808 22,359 26,875
Kamsarmax 82,000 dwt 14,304 13,251 11,849 19,493 26,625 6 30
Panamax 75,000 dwt 13,029 11,877 10,530 17,514 24,450
Supramax 58,000 dwt 12,808 10,862 9,834 16,159 21,750
Handysize 38,000 dwt 10,707 9,862 9,297 15,544 21,000
Three Year Timecharter… 4 20
Capesize 180,000 dwt 18,245 14,947 13,837 18,786 23,625
Kamsarmax 82,000 dwt 13,388 12,661 11,542 14,610 19,000
Supramax 58,000 dwt 11,760 10,017 9,257 11,609 14,500
Handysize 38,000 dwt 9,760 9,469 9,358 11,323 14,000 2 10
Five Year Timecharter…
Capesize 180,000 dwt 17,406 15,745 14,642 16,880 20,750
Kamsarmax 82,000 dwt 13,173 12,352 11,493 13,257 15,350 0 0
Supramax 58,000 dwt 11,317 9,918 9,310 10,047 10,500
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
May-19
May-20
May-21
Handysize 38,000 dwt 9,635 9,452 10,255 10,458 10,750
T/C Activity… Total Fixtures To Date
...over 1 year 2017 2018 2019 2020 2021 • Bulk carrier timecharter activity this week…
Capesize 100,000 + 72 64 29 8 13 In a busy week, longer-term activity included Bunge’s
Panamax 65-100,000 74 72 32 45 47 charter of the 2009-built Kamsarmax ‘‘ULTRA TIGER”
Handymax 40-65,000 8 4 5 9 7 for 28-32 months at $18,750/day, with a $1.25m
Handysize 10-40,000 1 0 2 0 3 bonus, as well as Classic Maritime’s charter of the
Total No. Fixtures 155 140 68 62 70 2008-built Newcastlemax ‘‘YASA DREAM’’ for 12
Total in m. dwt 19.4 17.6 8.2 5.7 6.8 months at 122% of the BCI 5TC average.
For a wider range of bulker TC rates, see SIN. Rates are for non-eco, non-scrubber fitted ships up to c.10yrs old unless otherwise specified. Kamsarmax rate basis 'eco' ship.
'Long-Term' VLCC and Capesize T/C activity on graphs basis reported period fixtures of 1 year or more in duration.
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The Shipbuilding Market
What's Been Ordered...
S Type Date Dwt/Unit Delivery Builder Price Owner/Manager*
5 Chem & Oil Jun-21 26,300 Aug 2023 Fukuoka SB Fairfield Chemical
5 Chem & Oil Jun-21 26,300 Nov 2023 Fukuoka SB Fairfield Chemical
17 Chem & Oil Jun-21 26,300 2024 Fukuoka SB Fairfield Chemical
5 Pass/Car F. Jun-21 248 Apr 2023 Tersan Shipyard Fjord1 AS
5 Pass/Car F. Jun-21 248 Jun 2023 Tersan Shipyard Fjord1 AS
5 Chem & Oil Jun-21 50,000 52,000 Jan 2023 Hyundai Mipo $m 37.00 Unknown
5 Chem & Oil Jun-21 50,000 52,000 Feb 2023 Hyundai Mipo $m 37.00 Unknown
5 Chem & Oil Jun-21 50,000 52,000 Feb 2023 Hyundai Mipo $m 37.00 Unknown
5 Chem & Oil Jun-21 50,000 52,000 Mar 2023 Hyundai Mipo $m 37.00 Unknown
5 LPG Jun-21 62,000 93,000 Jan 2024 Jiangnan SY Group $m 78.90 Jovo Energy
5 Tanker Jun-21 158,000 Aug 2023 Hyundai Samho HI $m 66.40 Euronav NV
5 Tanker Jun-21 158,000 Nov 2023 Hyundai Samho HI $m 66.40 Euronav NV
5 Tanker Jun-21 158,000 Feb 2024 Hyundai Samho HI $m 66.40 Euronav NV
5 LPG Jun-21 55,000 86,000 2023 Hyundai HI (Ulsan) BGN
5 LPG Jun-21 55,000 86,000 2023 Hyundai HI (Ulsan) BGN
5 LPG Jun-21 30,000 40,000 Aug 2023 Hyundai Mipo Unknown
5 Bulk May-21 36,000 Apr 2024 Yangzi-Mitsui SB Algoma Central Corp
5 Container May-21 140,000 13,100 May 2023 Samsung HI $m 118.50 Wan Hai Lines
5 Container May-21 140,000 13,100 Aug 2023 Samsung HI $m 118.50 Wan Hai Lines
5 Container May-21 140,000 13,100 Nov 2023 Samsung HI $m 118.50 Wan Hai Lines
S=Status, where: 5=confirmed order, 16=unconfirmed order, 17=option. Other units include: teu for containerships, cu.m. for gas vessels, numbers of cars, passengers, berths, lane metres.
* The Primary Reference Company, as used in the Clarkson Fleet Database i.e. the company with the main commercial responsibility for the ship.
Newbuilding Year End, $m. Three Month Shipbuilding News

Prices .... 2018 2019 2020 Jun Trend ... • In the tanker sector, Hyundai Mipo received an
order for 4 x 50,000 dwt MRs from undisclosed
Tankers interests. Delivery of the series is due by end Q1
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VLCC 320,000 dwt 92.5 92.0 85.5 96.0 FIRMER…. 6.0% 2023. Fairfield Chemical Carriers placed an order for
Suezmax 157,000 dwt 60.5 61.5 56.0 63.5 FIRMER…. 6.5% 2 + 4 x 26,300 dwt stainless steel tankers at Fukuoka
Aframax 115,000 dwt 48.0 48.5 46.5 51.0 FIRM....... 4.8% Shipyard. The units are set to be LNG dual fuel, with
'MR' Tanker 51,000 dwt 36.5 35.8 34.0 36.2 FIRM....... 4.6% delivery of the firm vessels scheduled for 2H 2023.
Bulk Carriers • In the passenger ferry sector, Tersan Shipyard
Capesize 180,000 dwt 50.0 49.5 46.5 57.5 FIRMER…. 12.1% received an order for 2 x 84m LOA Ro-Pax vessels
Panamax 81,000 dwt 28.0 27.5 26.0 30.5 FIRMER…. 9.1% from Fjord AS. The units are set to be fully electric
Handymax 62,000 dwt 26.0 25.5 24.0 28.5 FIRMER…. 10.5% and have a capacity for 248 pax. and 80 cars.
Handysize 38,000 dwt 24.0 23.5 23.0 25.8 FIRMER…. 6.6% Delivery of the units is due for Q2 2023.
Gas Vessels • It came to light this week that Russian builder
LPG 82,000m³ 71.0 71.0 71.0 74.0 FIRM....... 2.8% Krasnoye Sormovo received an order for 11 x 8,100
LNG 174,000m³ 182.0 186.0 186.0 189.0 FIRM....... 0.7% dwt MPPs from JSC State Transport Leasing
Dry Cargo Company. Delivery of the units is due across 2022.
Container 23,000 teu 149.0 146.0 142.0 160.5 FIRMER…. 8.2% • Against the backdrop of strong newbuilding
Container 2,750 teu 35.0 31.5 30.0 36.0 FIRMER…. 13.8% interest in the year to date and extremely firm steel
Pure Car Carrier 6,500 ceu 63.5 65.0 67.5 74.0 FIRMER…. 6.0% prices, the Clarksons Newbuilding Price Index
Clarkson Index 130 130 126 137 FIRMER…. 5.5% currently stands at 137, up 11 points since end 2020.
Newbuilding Vessels Contracted Year-on-Year Newbuilding Price Index

Index, Jan'88 = 100
Activity .... 2018 2019 2020 2021 Trend ... 150
Ten year trend in
Oil Tankers 227 222 173 93 FIRMER... 21%
newbuilding prices
Chemical & Spec. Tankers 84 75 56 24 WEAKER... -4%
140
LPG Carriers 48 65 46 64 FIRMER... 213%
LNG Carriers 77 60 53 23 WEAKER... -2%
Bulk Carriers 461 381 267 103 WEAK…. -13% 130
Containerships 203 122 112 251 FIRMER... 405%
General Cargo Vessels 118 134 71 40 FIRMER... 27%
Ro-Ro Vessels 31 21 11 12 FIRMER... 146% 120
Refrigerated Vessels 6 8 4 WEAK…. -100%
Offshore Vessels 55 68 47 15 WEAK…. -28%
FPSO/FSU 5 5 4 4 FIRMER... 125% 110
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Jun-19
Jun-20
Jun-21
Passenger & Cruise Ships 105 118 29 12 WEAKER!! -7%

Other Misc. Vessels 33 39 28 3 WEAK…. -76%
TOTAL CONTRACTING 1,453 1,318 901 644 FIRMER... 61%
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.
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The Ship Recycling Market
What's Been Scrapped...
Type Date Vessel Name Flag Blt Dwt Ldt Owner Buyer $/ldt $ m.
Bulk Jun '21 Win Win M.I. 2001 170,094 20,980 Unimar Success Bangladesh 580.0 12.17
Container Jun '21 Dole Costa Rica BS. 1991 11,800 8,308 Dole Fresh Fruit India 585.0 4.86
Reefer Jun '21 Ice Glacier M.I. 1988 14,933 6,614 Maestro Reefers India 543.0 3.59
Drillship Jun '21 West Navigator PA. 1998 99,304 North Atlantic Turkey
AHTS Jun '21 Alcyon A CY. 1981 1,000 Hakvoort Trans. Shpg Turkey
Chem & Oil Jun '21 Gagasan Johor MY. 2009 7,618 3,069 Gagasan Carriers Bangladesh
LPG Jun '21 B Gas Commander MA. 1996 2,347 1,463 B-Gas AS Turkey
Products Jun '21 Shaybah PA. 1998 47,185 9,289 A.M.P.T.C. As is U.A.E 540.0 5.02
Products Jun '21 Able II TZ. 1992 2,261 Hyperactive Mgmt Pakistan
Hvy Dk Cargo Jun '21 Zhen Hua 17 LI. 1985 30,126 Zhenhua Shipping Bangladesh
Accom. Unit Jun '21 Sable Express DIS 1977 2,761 Wilson Offshore Denmark
AHTS Jun '21 S. Cas KN. 1985 2,100 Prayati Shipping India
RoPax Jun '21 Duba Bridge CY. 1976 7,486 7,583 European Sealines India
Reefer Jun '21 Nika Victory GG. 1987 2,133 Marine Technical Turkey
Pass Jun '21 GSP Phoenix MA. 1995 891 GSP Drilling Turkey
Tanker Jun '21 Med PAL 1991 152,680 20,584 Jin Hao Ship Mgmt Bangladesh
Products Jun '21 Luck Grow 899 MG. 1987 4,999 You Young Shipmgmt Bangladesh
Products Jun '21 Nadine TZ. 1991 4,993 Stellar Shipmgmt Pakistan
Chem & Oil Jun '21 Mega KN. 1993 5,737 2,369 Mega Glory India
AHTS Jun '21 Intercom 1 MG. 1974 1,016 Emerald Shpg Mgmt Pakistan
AHTS Jun '21 Tag 19 IN. 1998 2,067 1,944 TAG Offshore India
AHTS Jun '21 Tag 16 IN. 1999 2,230 1,473 TAG Offshore India
PSV Jun '21 Tag 17 IN. 1996 3,111 1,425 TAG Offshore India
Scrap Year End ($/ldt) This Year Scrapping Price Trends

Prices... 2018 2019 2020 Latest % 600
US$ per ldt
Tankers 415 365 400 520 30% Tankers - India

550
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Dry Cargo 420 365 405 510 26% Handy Bulk - India
Note: The scrap prices ($/ldt) are based on Indian prices for VLCC tankers and a 500 Tankers - Bangladesh
Handy dry bulk carrier of around 8,000 ldt.
450
Buyer Year (m dwt) This Year
400
Activity... 2018 2019 2020 2021 %
Bangladesh 14.7 10.7 11.5 5.3 -1% 350

India 6.9 4.3 5.8 1.0 -62% 300
Pakistan 7.2 0.5 5.2 2.0 -16%
China 0.6 0.5 0.3 0.1 -51% 250
Other 1.2 1.7 2.1 3.4 257%
200
TOTAL 30.6 17.6 24.8 11.8 3%
Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun
'19 '19 '19 '19 '20 '20 '20 '20 '20 '20 '21 '21 '21
Size & Year (m dwt) This Year
Type... 2018 2019 2020 2021 % Ship Recycling Market News
• With various negotiations believed to be ongoing this week,
Tankers
the market appeared to come back to life, with cash buyers
VLCC 9.2 1.1 1.2 1.8 223% showing interest in the various offshore and other specialised units
Suezmax 3.3 0.8 0.3 0.5 299% on offer. This has been encouraging, as there were some
Aframax 4.7 0.1 1.0 1.5 221% expectations of a correction in the market, with sentiment
Handy 3.0 1.3 1.1 1.4 188% impacted by the start of the monsoon season and continued
0.2 0.2 0.3 0.2 64%
lockdowns in the Indian Sub-Continent. The pandemic continues
< 10,000 dwt
to cause huge disruption to working life, as well as ongoing
Total Tankers 20.3 3.6 3.9 5.4 206% difficulties for buyers involved in ‘as-is’ deals, due to the almost
Bulkcarriers universal ban on crew changes through India.
Capesize 3.1 5.9 11.4 3.0 -44% • That said, despite the pick-up in activity, the lack of confirmed
Panamax 0.1 0.4 1.0 0.4 -11% sales is still evident, and the market is some way from reaching
Handymax 0.7 0.8 1.8 0.5 -36% ‘normalised’ levels. The scarcity of available tonnage looks set to
Handysize 0.5 0.8 1.0 0.4 -10% continue, although the potential lifting of sanctions on Iran by the
Biden administration could lead to some demolition of older crude
Total Bulkers 4.4 7.9 15.3 4.3 -38%
tankers.
Containerships 1.6 2.5 2.5 0.1 -88%
• Meanwhile, the latest government budget in Bangladesh did
Gas Vessels 1.1 0.3 0.5 0.2 -17% not throw up any major surprises with respect to the recycling
Other Dry 3.3 3.4 2.7 1.7 32% industry. Next week an announcement on the budget in Pakistan
TOTAL 30.6 17.6 24.8 11.8 3% is also expected.
* The % change is based on annualised figures for this year against last year.
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Economic Indicators
GDP Growth & Forecasts* • The total value of Chinese exports totalled $263.9bn
China Japan India US Euro Area World
in May 2021, rising firmly by 28% y-o-y in US dollar terms
2018 6.7% 0.3% 6.1% 2.9% 1.9% 3.6% from a low base last year and up by 26% from May 2019,
2019 6.1% 0.7% 4.2% 2.2% 1.3% 2.8% if slightly below some analysts’ expectations. The value of
2020 (e) 2.3% -4.8% -8.0% -3.5% -6.6% -3.3% Chinese imports increased by 52% y-o-y in May, to reach
3Q20 4.9% -5.5% -7.0% -2.8% -4.1% -2.8% $218.4bn (up by 23% from May 2019), partly underpinned
4Q20 6.5% -1.0% 0.1% -2.4% -4.9% -1.4% by a significant rise in commodity prices over recent
1Q21 18.3% -1.8% 1.6% 0.4% -1.8% 2.1% months. However, an outbreak of Covid-19 in southern
2021 (f) 8.4% 3.3% 12.5% 6.4% 4.4% 6.0% China has led to disruption to activity at some key ports,
2022 (f) 5.6% 2.5% 6.9% 3.5% 3.8% 4.4% with strict measures implemented by the government to
try and limit the spread of infections.
Industrial Production*: OECD • UK GDP rose 2.3% m-o-m in April, the fastest growth
avg: Germany U.K. US Japan Europe OECD since July ‘20. While it remained 3.7% below the February
2018 1.1% 0.8% 4.2% 1.4% 1.2% 2.2% ’20 pre-pandemic level, the improvement, largely driven
2019 -3.5% -0.8% 1.1% -2.8% -1.0% -0.6% by consumer spending, highlights the potential for easing
2020 -8.6% -8.7% -7.1% -10.0% -8.8% -8.4% Covid-19 restrictions to support firm rebounds elsewhere.
Feb '21 -6.1% -3.5% -4.2% -2.0% -3.9% -3.7%
Mar '21 4.9% 3.6% 1.0% 3.4% 12.0% 6.8% Industrial Production
Apr '21 26.6% 0.0% 17.6% 15.4% 0.0% 0.0% % change
35
Industrial Production*: Asia 30
avg: S. Korea China Taiwan Thailand Malaysia India 25
2018 0.2% 6.3% 3.8% 2.6% 2.9% 5.0% 20
2019 -0.8% 5.7% -0.8% -3.7% 2.4% 0.6% 15
2020 0.5% 2.0% 7.0% -9.1% -4.3% -11.0%
10
Feb '21 0.9% 35.1%^ 2.5% -1.1% 1.5% -3.6%
5
Mar '21 4.7% 14.1% 16.8% 4.1% 9.2% 22.4%
Apr '21 12.4% 9.8% 13.6% 18.4% 0.0% 0.0% 0
-5
Ind. Production*: E.Europe & S. America -10
avg: Russia Czech. Hungary Poland Chile Brazil
-15 Atlantic
db38780e-e221-4315-9dda-cdef42212dff
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2018 2.4% 3.2% 3.8% 6.0% 3.0% 1.3%
2019 2.5% 0.1% 5.3% 4.4% -0.3% -1.3% -20 Pacific
2020 -4.2% -7.8% -7.1% -0.9% -1.0% -4.5% -25
Mar '02
Mar '03
Mar '04
Mar '05
Mar '06
Mar '07
Mar '08
Mar '09
Mar '10
Mar '11
Mar '12
Mar '13
Mar '14
Mar '15
Mar '16
Mar '17
Mar '18
Mar '19
Mar '20
Mar '21
Feb '21 -3.7% -2.6% 3.6% 2.7% -3.4% 0.3%
Mar '21 1.1% 18.2% 16.1% 18.9% 2.9% 10.4%
Apr '21 7.3% 55.1% 59.4% 44.4% 5.1% 34.7%
Currency Trends Spot ~ & Forward# ... Exchange Rate Trends

avg: Euro U.K. Japan Switz. Norway China Index Jan'00=100
2018 1.18 1.34 110.46 0.98 8.14 6.62 130
$/Sterling
2019 1.12 1.28 108.99 0.99 8.80 6.91 $/Yen
2020 1.14 1.28 106.77 0.94 9.42 6.90 120
$/Euro
Mar 1.19 1.39 108.73 0.93 8.54 6.50
Apr 1.19 1.38 109.10 0.92 8.38 6.52 110
May 1.21 1.41 109.31 0.90 8.32 6.43
11-Jun 1.22 1.42 109.38 0.89 8.26 6.39 100
3mo.# 1.22 1.42 109.39
#Forward Rates as of: 11-Jun
12mo.# 1.22 1.42 109.30 90
avg: S. Korea H.Kong Singapore SDR India Australia
2018 1,100.0 7.84 1.35 1.42 68.45 1.34 80
2019 1,166.0 7.83 1.36 1.38 70.40 1.44
2020 1,178.5 7.76 1.38 1.39 74.06 1.45
70
Mar 1,129.7 7.76 1.34 1.43 72.66 1.30
Jun '19
Nov '19
Jan '20
Jul '20
Dec '20
Jun '21
Aug '19
Oct '19
Mar '20
May '20
Sep '20
Oct '20
Apr '21
Feb '21
Apr 1,117.8 7.77 1.33 1.43 74.32 1.30

May 1,123.4 7.76 1.33 1.44 73.11 1.29
11-Jun 1,110.2 7.76 1.32 1.44 72.93 1.29
*% change year-on-year. Source: IMF, OECD, The Economist. ~Currency units per US$ except £, Euro and SDR. # Forward Rates: The FT. ^Figure for Jan-Feb combined.
Interest Rate Trends ... Inflation & Prices … Prices in $/bbl or $/t
Prime Lending Rates: Consumer Prices Crude Grain Steel
$ Libor Oil Wheat Ship Plate
Euro U.K. China Japan US Eur US Japan OECD
avg: 6 mths. avg: Brent USG Japan
2018 0.00% 1.61% 4.35% 1.48% 4.89% 2.48% 2018 3.1% 2.5% 1.0% 2.6% 71.04 237 630
2019 0.00% 1.75% 4.29% 1.48% 5.20% 2.33% 2019 2.7% 1.8% 0.5% 2.0% 64.19 219 595
2020 0.00% 1.23% 3.93% 1.48% 3.55% 0.71% 2020 1.7% 1.2% 0.0% 1.4% 43.22 240 518
Mar 0.00% 1.10% 3.85% 1.48% 3.25% 0.20% Mar 2.6% 2.6% -0.2% 2.4% 65.70 272 650
Apr 0.00% 1.10% 3.85% 1.48% 3.25% 0.21% Apr 3.1% 4.2% -0.4% 3.3% 65.31 285 660
May 0.00% 1.10% 3.85% 1.48% 3.25% 0.19% May 0.0% 5.0% 0.0% 0.0% 68.34 296 748
11-Jun 0.00% 1.10% 3.85% 1.48% 3.25% 0.16% Latest 0.0% 0.0% 0.0% 0.0% 72.33 292 800
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LccbfnnZCzm8c4mkKO10tc794ntDYe3QFtpKiAcC/rQcH7LTx3sVC0=
Ship Demand Trends
OPEC Production & VLCC Earnings
Oil Tanker million barrels per day % Chg
m. bpd $,000/day
42 200
Demand .... 2018 2019 2020 2021* 2021/20
40 175
Oil Production
38 150
World 100.6 100.4 94.1 95.3 1%
USA 15.3 17.1 16.5 16.3 -1%
36 125
Middle East/ISC 31.8 30.3 28.1 27.9 -1%
West Africa 4.8 4.7 4.2 4.3 2% 34 100
South & Central America 6.6 6.2 5.9 6.0 3%
OPEC Oil Production
25%
North Africa 3.3 3.4 2.5 3.1 32 75
VLCC Earnings
VLCC Demand 30 50
AG Exports to China 3.9 4.3 4.9 4.9 0%
to Japan 2.6 2.5 2.1 2.2 3% 28 25
to Korea 2.1 1.9 1.7 1.7 1%
to USA/UKC 2.1 1.5 1.2 1.0 -16% 26 0
May-17
Aug-17
Nov-17
May-18
Nov-18
Nov-19
Feb-18
Aug-18
Feb-19
May-19
Aug-19
Feb-20
May-20
Aug-20
Nov-20
Feb-21
May-21
Total Gulf Crude Exports 18.4 17.0 16.1 15.8 -2%
Crude Oil Trade

Imports: USA (seaborne) 4.2 3.2 2.5 2.6 7% Major Oil Trades News:
EU-5 5.8 5.9 5.0 5.1 3% • Preliminary data indicates that Chinese seaborne
China 8.3 9.2 9.9 10.2 3% crude oil imports weakened by 2% m-o-m to an esti-
Total Seaborne Imports 40.8 40.3 37.3 38.5 3% mated 8.7m bpd in May (the lowest level of 2021 so far)
against a backdrop of heavy refinery maintenance, with
Products Trade c.1.2m bpd of refinery capacity reportedly offline during
Imports: USA 1.6 1.7 1.5 1.6 12% the month. Crude imports stood 20% below the strong
EU-5 2.6 2.5 2.1 2.3 6% Feb-Mar ’21 level, and stood 16% below May 2020 lev-
Latin America 2.6 2.6 2.1 2.3 9% els. Chinese seaborne oil product export volumes also
Asia 8.8 8.3 7.9 8.3 5% eased back in May, falling 21% m-o-m to c.1.0m bpd,
Total Seaborne Imports 23.5 22.3 19.7 21.0 7% albeit still up 47% y-o-y.
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*2021 data are projections. Oil production data shows total supply including crude oil, lease condensates and NGLs; world supply includes refinery gains, other liquids.
Dry Bulk million tonnes % Chg Iron Ore Exports & Capesize Earnings
mt/month $,000/day
Demand .... 2018 2019 2020 2021* 2021/20 150 35
'Big 4^' Iron Ore Exports
Steel Production 140 Capesize Earnings 30
China 928.3 996.3 1,064.8 1,096.7 3%
Japan 104.3 99.3 83.2 92.3 11% 130 25
EU-28 168.2 157.2 139.2 157.3 13%
Total Steel Prod. (listed) 1,200.8 1,252.7 1,287.2 1,346.4 5% 120 20
Iron Ore Trade 110 15

Imports: China 1,047.7 1,047.4 1,145.9 1,144.8 0%
Japan 123.9 119.6 99.4 118.3 19% 100 10
Exports: Australia 834.6 836.3 867.4 881.4 2%
Brazil 386.9 347.7 339.5 372.5 10%
90 5
Total Seaborne Trade 1,476.0 1,455.5 1,503.3 1,552.1 3%
80 0
Coal Trade
May-17
Aug-17
Nov-17
Nov-19
Feb-18
May-18
Aug-18
Nov-18
Feb-19
May-19
Aug-19
Feb-20
May-20
Aug-20
Nov-20
Feb-21
May-21
Imports: ** China 236.8 257.9 237.8 227.0 -5%

India 230.9 249.9 222.2 242.3 9%
Japan 183.2 180.4 168.4 176.0 4%
Exports: ** Australia 379.9 383.1 360.3 368.1 2% Major Bulk Trades News:
Indonesia 422.3 456.7 404.4 431.1 7% • Preliminary customs data shows that Chinese
Total Seaborne Trade 1,263.9 1,284.3 1,165.7 1,221.2 5% seaborne iron ore imports were up 3% y-o-y at c.87.5mt
*2021 data are projections. ** Steam coal, lignite & coking coal.
in May. However, this was down 10% m-o-m and
represents the lowest level in a year, as Chinese traders
World Seaborne million tonnes % Chg
slowed overseas purchases somewhat amid high and
Trade… 2018 2019 2020 2021* 2021/20 volatile prices, resulting in a drawdown in inventories,
while scrap consumption has also increased recently.
Crude Oil 2,030 2,008 1,859 1,917 3%
• Meanwhile, Chinese coal imports (thermal and
Oil Products 1,086 1,031 910 972 7%
coking coal, including landborne volumes) held fairly
Dry Bulk 5,225 5,248 5,167 5,356 4%
steady m-o-m at 21.0mt in May, down 5% y-o-y. Imports
Containers 1,837 1,877 1,851 1,961 6%
Gas 432 478 480 504 5%
could well pick up somewhat into June, however, as
Other 3,312 1,301 1,270 1,318 4% robust domestic demand and still subdued hydropower
World Seaborne Trade 11,892 11,943 11,537 12,026 4% generation have reportedly prompted some easing of
y-o-y growth 2.7% 0.4% -3.4% 4.2% import restrictions at a number of ports.
Data based on latest information as at start: Jun-21. For more detail see Seaborne Trade Monitor on Shipping Intelligence Network. ^Big 4 = Australia, Brazil, S. Africa, Canada.
suyeVUjFhvWsRNBjxu7z8EryIxCGrbI3DJzLq0dr1Iie0Unkm1VGRWI8cNzz/Hd/odBXFsDRAQk3SSxq5H0WH1k5+f6q3U5ENnRT6kMAQ==
xRcjgviwmmfh7MHOsIUjeQ6ctY7vNqycxZ9SoPW43H2HKrEmIeXt3I0=
9lwyZ6HlRKRFUyDVrAqlCLXTdpnrITsMY4v4w6BiQDq8aC9RUKwGnAsGnP1PBVcfPP14L26NOg==
World Fleets & Orderbooks
Total Cargo Year End 01-Jun-21 Orderbook & Delivery Schedule
Fleet, m. Dwt 2017 2018 2019 2020 No. m.Dwt No. m.Dwt % Fleet 2021 2022 2023+
CRUDE TANKERS 387.1 389.4 414.8 428.4 2,208 434.2 180 37.9 8.7% 8.7 21.0 8.2
PRODUCTS TANKERS 175.4 178.8 186.7 190.8 9,233 192.5 228 10.7 5.6% 4.4 4.0 2.3
CHEMICAL TANKERS 43.6 45.4 46.7 48.0 3,981 48.3 164 3.0 6.2% 1.3 1.3 0.3
OTHER TANKERS 0.9 0.9 0.9 1.0 415 1.0 7 0.0 0.5% 0.0 0.0 0.0
BULKERS 821.5 845.4 879.0 912.1 12,466 925.4 626 53.7 5.8% 21.7 24.0 8.1
COMBOS 1.4 1.1 0.8 0.9 12 1.1 0 0.0 0.0% 0.0 0.0 0.0
LPG CARRIERS 24.3 24.6 25.6 26.9 1,502 27.6 139 5.5 19.9% 1.0 1.8 2.7
LNG CARRIERS 40.2 44.6 48.1 50.5 648 52.7 149 12.0 22.8% 3.2 2.9 5.9
CONTAINERSHIPS 253.7 266.1 275.0 281.8 5,500 286.7 497 44.6 15.6% 6.9 9.2 28.5
MULTI-PURPOSE 29.3 29.3 29.3 28.9 3,149 28.9 70 1.2 4.0% 0.4 0.7 0.0
GENERAL CARGO 38.6 39.0 39.2 39.3 15,446 39.3 165 1.2 3.0% 0.7 0.3 0.2
RO-RO 6.8 7.0 7.1 7.1 831 7.2 37 0.6 9.0% 0.2 0.1 0.3
CAR CARRIERS 12.4 12.5 12.4 12.2 757 12.2 19 0.3 2.4% 0.1 0.1 0.1
REEFERS 4.8 4.6 4.6 4.6 1,468 4.6 5 0.0 0.7% 0.0 0.0 0.0
OFFSHORE (AHTS/PSV) 9.6 9.6 9.5 9.5 4,483 9.4 198 0.5 5.5% 0.2 0.2 0.1
WORLD CARGO FLEET 1,849.7 1,898.3 1,979.6 2,042.1 62,099 2,071.2 2,484 171.3 8.3% 49.0 65.5 56.7
TOTAL WORLD FLEET 1,932.4 1,983.1 2,064.7 2,127.5 100,288 2,156.2 3,754 175.7 8.1% 50.1 67.0 58.5
TOTAL WORLD FLEET ($bn)* 933.0 952.0 993.7 950.6 100288 1,096.3 3,754 236.5 21.6% 56.8 78.3 101.4
*Source: Clarksons Valuations. See note on page 15.
Tanker Year End 01-Jun-21 Orderbook & Delivery Schedule

VLCC 200,000+ 225.7 228.0 247.7 256.5 841 259.3 81 24.7 9.5% 5.6 12.4 6.7
Suezmax 125-200,000 87.0 88.4 91.4 95.7 630 98.5 48 7.5 7.6% 1.1 5.3 1.1
Aframax 85-125,000 108.3 108.8 114.6 115.6 1,065 116.8 90 10.3 8.8% 3.5 4.9 1.8
db38780e-e221-4315-9dda-cdef42212dff
db38780e-e221-4315-9dda-cdef42212dff
Panamax 55-85,000 32.8 32.9 33.8 34.4 473 34.4 6 0.4 1.1% 0.2 0.2 0.0
Small 10-55,000 127.7 130.2 135.3 139.5 4,215 140.4 213 8.1 5.8% 3.7 3.3 1.2
of which: Chem./Spec. >10,000 35.4 37.0 38.1 39.4 1,804 39.6 89 2.6 6.5% 1.1 1.2 0.3
<10,000 25.5 26.1 26.4 26.5 8,613 26.5 141 0.6 2.4% 0.4 0.2 0.1
TOTAL FLEET >10,000 581.6 588.5 622.8 641.7 7,224 649.5 438 51.0 7.8% 14.1 26.1 10.8
Laid-up 0.8 0.9 1.2 0.7 14 0.5
Storage 8.6 11.7 22.4 35.0 191 31.1 Tanker fleet growth (dwt): 2020 3.0%
ACTIVE FLT. >10,000 573.0 576.2 599.3 606.1 7,020 618.0 Year to date 1.2%
Avg Speed Index (2008=100)^
Crude Tankers 82.1 80.9 81.4 81.0 YTD: 79.5 2021 avg speed vs 2020 avg: -1.9%
Products Tankers 78.8 78.2 77.8 77.4 YTD: 77.2 2021 avg speed vs 2020 avg: -0.3%
Note: "Storage" includes tankers currently employed in oil storage activity; subject to revision based on latest available data.
Bulk Carrier Year End 01-Jun-21 Orderbook & Delivery Schedule

Capesize 100,000+ 323.9 335.0 348.1 361.2 1,870 367.6 106 22.3 6.1% 9.4 9.0 3.9
Panamax 65-100,000 201.4 206.8 217.7 228.7 2,873 232.3 183 15.3 6.6% 5.6 6.5 3.2
Handymax 40-65,000 196.1 201.0 208.4 216.0 3,897 218.4 228 13.1 6.0% 4.9 7.3 0.8
Handysize 10-40,000 100.1 102.6 104.8 106.2 3,826 107.1 109 3.1 2.9% 1.8 1.2 0.2
TOTAL FLEET 821.5 845.4 879.0 912.1 12,466 925.4 626 53.7 5.8% 21.7 24.0 8.1
Laid-up 0.9 0.4 0.3 0.7 9 0.3
Storage 0.6 0.6 0.8 0.8 14 0.8 Bulker fleet growth (dwt): 2020 3.8%
ACTIVE FLEET 820.6 844.9 878.3 911.0 12,446 924.6 Year to date 1.5%
Avg Speed Index (2008=100)^ 84.3 83.7 83.0 82.4 YTD: 83.4 2021 avg speed vs 2020 avg: 1.2%
Note: Panamax fleet includes vessels 60-64,999 dwt built prior to 2000. Handymax fleet includes vessels 65-69,999 built from 2000 onwards.
LPG Carrier Year End 01-Jun-21 Orderbook & Delivery Schedule

Fleet ,000m³ 2017 2018 2019 2020 No. ,000m³ No. ,000m³ % Fleet 2021 2022 2023+
<5,000 cbm 1,483 1,446 1,417 1,422 596 1,417 13 35 2.5% 31 0 4
5-20,000 cbm 2,918 2,937 2,923 2,933 362 2,958 15 92 3.1% 32 21 40
20-45,000 cbm 5,388 5,581 5,820 5,903 200 5,941 36 1,307 22.0% 114 530 663
45-65,000 cbm 1,428 1,314 1,257 1,257 21 1,257 0 0 0.0% 0 0 0
>65,000 cbm 21,795 22,232 23,710 25,641 323 26,637 75 6,737 25.3% 1,389 2,109 3,239
TOTAL FLEET 33,011 33,510 35,127 37,155 1,502 38,210 139 8,171 21.4% 1,566 2,660 3,946
TOTAL M. DWT 24.3 24.6 25.6 26.9 27.6 5.50 19.9% 1.04 1.80 2.66
"Oil Tankers" includes vessels in the crude oil & oil products sectors, including all IMO 3 tankers and specified IMO 2 tankers. See Oil & Tanker Trades Outlook for detailed
definitions of tanker types including chemical and specialised tankers. "Laid-up" includes vessels reported and confirmed to be in lay-up, remaining out of service for an
extended period. Tanker and bulkcarrier 'active fleet' includes combos trading in wet/dry respectively. ^Speed indices basis annual average.
VUGBBYcN/KEfkMMwBhFriH6aSvyz0BHCxj+PWSqUXvpqvv5ufJTUqEqYaxPJs/eWZkTReVag==
CLMZi36pA5bxi58s8ce+4f2KPCtteXBMyR00Y6abiV8wWP0sU/OSKk=
8zLwBw4MrDmmPVOxnbYDovJgzEsd1yx3eUPAU0VZyVtv33Qz73v7EhlMTbX7Wkg73LjzVWHInMPsl+MpoQWrhn4UX3QvH2t9uwwusDQ==
World Fleets & Orderbooks
LNG Carrier Year End 01-Jun-21 Orderbook & Delivery Schedule
Fleet ,000m³ 2017 2018 2019 2020 No. ,000m³ No. ,000m³ % Fleet 2021 2022 2023+
<40,000 cbm 514 575 583 649 52 700 21 231 33.1% 114 54 64
40-100,000 cbm 684 534 579 579 8 579 6 444 76.8% 160 160 125
100-150,000 cbm 30,352 29,712 29,201 27,752 196 27,499 0 0 0.0% 0 0 0
150-180,000 cbm 31,616 39,824 45,872 50,740 327 54,732 117 20,327 37.1% 5,045 4,698 10,585
180-220,000 cbm 6,968 7,691 8,591 9,671 50 10,031 5 900 9.0% 540 360 0
>220,000 cbm 3,990 3,990 3,990 3,990 15 3,990 0 0 0.0% 0 0 0
TOTAL FLEET 74,123 82,326 88,817 93,381 648 97,531 149 21,903 22.5% 5,859 5,271 10,773
TOTAL M. DWT 40.2 44.6 48.1 50.5 52.7 12.0 22.8% 3.2 2.9 5.9
Containership Year End 01-Jun-21 Orderbook & Delivery Schedule
Fleet ,000 Teu 2017 2018 2019 2020 No. ,000teu No. ,000teu % Fleet 2021 2022 2023+
100-2,999 teu (Feeder) 3,966.8 4,064.3 4,126.4 4,239.9 3,072 4,317.7 217 378.0 8.8% 131.9 148.0 98.1
3-5,999 teu (Intermediate) 4,869.5 4,853.1 4,797.2 4,739.5 1,070 4,751.8 54 235.4 5.0% 8.4 33.6 193.5
6-7,999 teu (Intermediate) 1,802.8 1,802.8 1,802.8 1,782.0 267 1,782.0 6 42.2 2.4% 0.0 0.0 42.2
8-11,999 teu (Neo-P'max) 5,558.6 5,755.3 5,778.9 5,780.3 628 5,837.1 20 228.4 3.9% 102.6 78.7 47.2
12-14,999 teu (Neo-P'max) 2,860.4 3,169.7 3,416.9 3,632.1 273 3,726.4 54 742.8 19.9% 57.5 287.2 398.1
15,000 &+ teu (Post-P'max) 1,859.4 2,445.9 3,052.5 3,470.5 190 3,682.7 146 2,669.2 72.5% 341.0 301.8 2,026.3
TOTAL FLEET 20,917.6 22,091.1 22,974.9 23,644.5 5,500 24,097.7 497 4,296.1 17.8% 641.4 849.3 2,805.4
TOTAL M. DWT 253.7 266.1 275.0 281.8 286.7 44.6 15.6% 6.9 9.2 28.5
Avg Speed Index (2008=100) 76.8 76.5 74.8 73.9 YTD: 75.6 2021 avg speed vs 2020 avg: 2.3%
12-14,999 TEU 'Neo-Panamax' includes some ships which are too large to transit the expanded locks of the Panama Canal based on current official dimension restrictions.
Multipurpose Year End 01-Jun-21 Orderbook & Delivery Schedule

Fleet ,000 Teu 2017 2018 2019 2020 No. ,000teu No. ,000teu % Fleet 2021 2022 2023+
100 - 499 teu 523.6 520.1 520.2 522.7 2,066 520.5 28 6.9 1.3% 4.4 2.4 0.0
500 - 999 teu 530.8 533.0 532.8 529.1 767 528.1 25 18.5 3.5% 10.4 6.7 1.4
1000 &+ teu 466.3 466.5 464.8 442.3 316 445.3 17 30.5 6.9% 7.5 23.0 0.0
3.7%
db38780e-e221-4315-9dda-cdef42212dff
db38780e-e221-4315-9dda-cdef42212dff
TOTAL FLEET 1,520.8 1,519.6 1,517.8 1,494.1 3,149 1,494.0 70 55.9 22.3 32.2 1.4
MPP FLEET M. DWT 29.3 29.3 29.3 28.9 28.9 1.2 4.0% 0.4 0.7 0.0
GC FLEET M. DWT 38.6 39.0 39.2 39.3 15,446 39.3 165 1.2 3.0% 0.7 0.3 0.2
Ro-Ro Vessel Year End 01-Jun-21 Orderbook & Delivery Schedule

<5,000 dwt 0.8 0.8 0.8 0.8 339 0.8 5 0.0 1.2% 0.0 0.0 0.0
5,000-10,000 dwt 1.8 1.8 1.8 1.8 252 1.8 8 0.1 2.8% 0.0 0.0 0.0
10,000 &+ dwt 4.2 4.3 4.5 4.6 240 4.6 24 0.6 12.8% 0.2 0.1 0.3
TOTAL FLEET 6.8 7.0 7.1 7.1 831 7.2 37 0.6 9.0% 0.2 0.1 0.3
CAR CARRIERS 12.4 12.5 12.4 12.2 757 12.2 19 0.3 2.4% 0.1 0.1 0.1
Reefer Vessel Year End 01-Jun-21 Orderbook & Delivery Schedule

Fleet m. ft³. 2017 2018 2019 2020 No. m.ft³ No. m.ft³ % Fleet 2021 2022 2023+
< 200,000 cu ft 45.5 44.4 43.7 43.4 1,067 43.1 1 0.2 0.4% 0.2 0.0 0.0
200-449,999 cu ft 72.8 70.7 70.5 71.7 243 71.5 4 1.1 1.6% 0.6 0.6 0.0
> 450,000 cu ft 95.4 92.1 88.2 87.8 158 89.7 0 0.0 0.0% 0.0 0.0 0.0
TOTAL FLEET 213.7 207.2 202.3 202.8 1,468 204.3 5 1.3 0.6% 0.7 0.6 0.0
Owner Fleets by Year End 01-Jun-21 Orderbook & Delivery Schedule

Nationality, m. GT 2017 2018 2019 2020 No. m.gt No. m. GT % Fleet 2021 2022 2023+
Greece 215.3 222.1 231.4 238.4 5,711 240.7 179 14.4 6.0% 3.9 7.0 3.5
China P.R. 158.4 180.7 193.1 202.0 10,347 210.8 680 24.1 11.4% 7.0 7.1 10.0
Japan 165.4 168.2 175.0 179.7 8,668 179.1 498 19.3 10.8% 7.7 8.8 2.9
Germany 77.4 72.2 69.0 66.7 2,880 64.3 102 3.6 5.6% 0.8 0.7 2.1
Norway 58.3 60.1 62.0 64.3 2,882 62.6 124 3.6 5.8% 0.8 1.4 1.4
Environmental Technology Fleet No Fleet No Fleet GT Fleet GT Orderbook Orderbook CO2
11-June 2021 Update Fitted Incl. Pending Fitted Incl. Pending No GT Emissions^
SOx Scrubber 4138 (4.1% of total) 4420* (4.4%) 318.2 (21.8%) 341.1* (23.4%) 362 (9.6%) 38.1 (27.8%) 2021e: 838.0mt
LNG Fuel Capable 672 (0.7% of total) 53.8 (3.7%) 438 (11.6%) 36.9 (26.9%) (2.4% of Global CO2)
Percentages basis world fleet/orderbook 100+ GT. *SOx scrubber fleet figures basis installed plus ordered retrofit, and exclude a significant number of reported orders yet
to be linked to individual ships. Data will underestimate the total market size. ^CO 2 emissions basis estimated total CO 2 emitted by the world fleet (100+ GT); estimates on
a theoretical basis and subject to a wide range of assumptions including on trading patterns, taking into account variation in active capacity on a limited, high-level basis
only. Further information including details on additional technology, equipment and emissions is available on World Fleet Register.
Note: Fleet/orderbook data includes merchant vessels 100+ GT, as at year end/start month. Dwt figures are metric. For more detailed fleet data see World Fleet Register.
*World fleet value basis estimates of the value of each vessel based on type, size and age. For specialised & non-cargo vessels, coverage may not be comprehensive.
Orderbook value basis reported newbuilding prices where possible, or estimated contract prices adjusted for type, size and date. For more detail see World Fleet Monitor.
CSKSufbXtuETIE2UpZ+0VVrlDokBQGjFXYXGbwA+ACLtG5R7u+m5jdvc=
fyXUAYLdXfHzHfdqLkvSZ6KtW5fZb2ErJROiZhp7lPcoMBG1nRBeGq+bUjavpv46GI2jagUR+55sJIPAGgQQau++2ooVJXel3BzsBGSzIRA==
HkDsneiiEc4A/KAuvxNITZJbL7tGnxO064K/jWIZ05C3NpasK67PNsqXHl9B4rpN5vRHwP4E211Q==
Analysis
Reflecting On Record Containership Earnings
Last week we reported on a milestone for the ClarkSea Index (May was the best month since before the
global Þnancial crisis), and this week we take a look at one of the key elements: the record breaking
performance in the containership sector. In recent weeks our Containership Charter Rate Index has
reached a new record level, surpassing the previous high seen back in 2005.
Record Breaker tainer trade expanded by an average of early June) and a lack of availability of
11% p.a. Against this backdrop, between containers. Underlying box freight rates
The graph shows our index, based on a Jan-03 and Sep-08 the charter rate index have also set new records (this week’s
‘basket’ of vessel sizes adjusted over time averaged 115. But when the crisis hit and SCFI spot freight index hit a new high of
to allow for ship type upsizing (see graph demand collapsed, with a containership 3,704), and average Þxture periods have
description), back to 1993. In the last orderbook around 60% of fleet capacity, leapt from <6 months to >2 years.
week of May the index set a new record things turned downwards (across 2009-
level of 179 points and by 11th June had 19, the index averaged 49). Charter earnings’ record-breaking rise
increased to 191. The recovery from the has been swift: less than 5 months ago
initial impacts of Covid-19 has been dra- Perfect Storm the index passed the 100 mark. In the
matic; in Jun-20 the index had bottomed 2000s it spend 50 months above this lev-
out at 41, with earnings in many sectors This year’s extraordinary surge to new el - the spectacular run still has a way to
around OPEX levels (1-yr rate for a 4,400 record levels has been driven (see SIW go to match that, though the near-term
TEU ‘old Panamax’ at $6,800/day). Since 1,466) by a strong recovery in trade outlook remains highly positive. Medium-
then the index has increased by >350%, (volumes in Apr-21 up 20% y-o-y) com- term complexities around disruption and
and now stands >250% above the post- bined with ‘disruption upside’ from major demand remain, but for now, amongst
Þnancial crisis average, with the 1-yr rate regional port congestion (capacity in port this year’s milestones, the container sec-
assessment for the 4,400 TEU unit at globally rose 9% between late Aug and tor has posted an extraordinary record.
db38780e-e221-4315-9dda-cdef42212dff
db38780e-e221-4315-9dda-cdef42212dff
$57,000/day, though in reality vessels
that size and above are today being Þxed Graph of the Week
for multi-year periods.
Containership 200
Index, 1993=100
Back In The Day Charter Rates In
180
The latest increases saw the index sur- Record Territory
pass the previous high set back in Mar/ 160
Apr 2005 (172 points, with an old Pana- The graph shows our Container-
ship Charter Rate Index. Contain- 140
max at $50,000/day for 1-yr). Between
ership timecharter rates are not
the early 2000s and the onset of the Þ- as volatile as spot tanker and 120
nancial crisis in autumn 2008, the con- bulker earnings, for example, but
tainership charter market, along with the index captures the trends 100
most shipping sectors, experienced a over time. Meanwhile the ‘basket’
spectacularly strong period, driven pri- index approach has enabled us 80
marily by demand side factors. Robust to allow for the upsizing of char-
growth in the world economy (average ter market containerships by 60
revising the vessel components
5.1% p.a. 2003-07) was supported by the
periodically (in the 1990s the
continued containerization of cargoes 40
larger charter market container-
(though much had already been complet- ships were still around 4,000 TEU Containership Charter Rate Index: line shows
ed by then), and critically a surge in the 20
but today our ‘basket’ includes monthly and latest (11th June) weekly index value.
outsourcing of manufactures production vessels well over twice the size). SIN TSID: 16891/542041.
0
to Asia (China had joined the WTO in late The author of this feature article is
1995
2013
1993
1997
1999
2001
2003
2005
2007
2009
2011
2015
2017
2019
2021
2001). Across 2002-07, peak leg Far East Trevor Crowe. Any views or opinions
-Europe trade saw average growth of an presented are solely those of the
author and do not necessarily repre-
astonishing 17% p.a., whilst global con- sent those of the Clarksons group. Source : Clarksons Research
Shipping Intelligence Weekly, 11 June 2021 Editorial Board: The material and the information contained herein are
Published by: Managing Director Stephen Gordon provided for general information purposes, and may not be
Clarkson Research Services Limited Research Director Trevor Crowe reproduced without the written permission of Clarksons
Commodity Quay, St Katharine Docks Market Research Sarah Holden Research. To the maximum extent permitted by law, Clark-
London E1W 1BF, England. Editor David Whittaker sons Research shall not be liable to the recipient or any
Tel: + (44) (0) 20 7334 3134 Clarksons Platou Contacts:
third party for any loss, liability or damage, cost or expense
E-mail: sales.crs@clarksons.co.uk S&P J. Brynteson
On-line Shop: www.crsl.com Tankers R. Knight
including without limitation, direct, indirect, consequential
Website: www.clarksons.com/services/research Specialised J. Webber loss or damage, any loss of profit, loss of use, loss of or
Shipping Intelligence Network: www.clarksons.net Gas T. Becker interruption in business, loss of goodwill, loss of data aris-
World Fleet Register: www.clarksons.net/wfr Dry Cargo M. Goodall ing out of, or in connection with, the use of and the reliance
Printed on FSC/PEFC certified paper. Containers S. Goodrich on the information whether in contract, tort, negligence,
Shipping Intelligence Weekly is published 50 times a year. It is Freight Derivatives B. Courtney bailment, breach of statutory duty or otherwise, even if
available on subscription at a price of £1,295/£1,360 a year Offshore C. Brugård foreseeable. This disclaimer shall be governed by and
(within Europe/outside Europe) including postage. Renewables F. Colban-Andersen construed in accordance with English law.
Qw8FJ2t4D8m8cjnUMcMdcrqbtA6jRZI1AoR3MgagSGlWMV3GAz5Su7RiRMD57VKLDdpaZl2iogn8/miyvXSHnXeNGzWh/ibBmYXVnJuOOA==
BxmA4bOrxYVS3hTk7jxWKm5WNLZ5+pw00zU80hdDxl7Ts/nU1/VA=
buWtfLe6jpmhdQ7krpc+etvbgY6K8aDUlfPCRk69+4wRoh9xhh18dzW7xqAVVs8ajKqtoe0t3g==

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Shipping Intelligence Weekly

Issue No. 1,476 11-Jun-2021 ISSN: 1358-8028

ClarkSea Index $25,341 This Week's Analysis (see Back Page)

Sullom Voe Primorsk

CONTENTS Roberts Bank

Recent Ship Sales by Vessel Type pii

Ship Demand Trends p13 Longkou

Clarksons Research is respected worldwide Singapore

as the most authoritative provider of Banjarmasin

group, the world’s largest provider of

VLCC Single WS 2021 Average earnings $/day VLCC Earnings

Suezmax Single WS 2021 Average earnings $/day Suezmax Earnings

Aframax Single WS 2021 Average earnings $/day Aframax Earnings

Clean Product WS 2021 Average earnings $/day Clean Earnings

Dirty Product WS 2021 Average earnings $/day Dirty Earnings

VLCC Spot Number of Fixtures/Vessels VLCC Spot Market

Capesize Single $ Per Tonne Average Earnings $/Day Capesize Market

Panamax Single $ Per Tonne Average Earnings $/Day Panamax Market

Supramax Single $ Per Tonne Average Earnings $/Day Supramax Market

Clarksons Research Page 4 11-Jun-21

Panamax Average Rate $/Day (82,000 dwt Kamsarmax) Panamax Market

Supramax Average Rate $/Day (58,000 dwt Supramax) Supramax Market

Baltic Freight Indices Baltic Capesize Index Trends

Chemicals Average 2021 Chem Market Chemical Freight Rates, $/mt

13,000 dwt IMO II 8,386 8,271 8,000 8,000 8,000 STEADY... 0%

Clarksons Research Page 6 11-Jun-21

Container / MPP / Average 2021 Liner Markets

Offshore Average Offshore Market Offshore Vessel Charter Rates

Anchor Handling Tug/Supply 2,480 2,464 2,454 84 3%

Clarksons Research Page 7 11-Jun-21

Bulkcarrier End Year, $m Three Month 15%

Prices... 2018 2019 2020 Jun Trend…

Clarkson End Year, Index Three Month -20%

Index … 2018 2019 2020 Jun Trend …

Tsuneishi Zosen) for a price in the low/mid $21ms back in April.

Other Y-t-d May

Sales .... 2020 2021 2021

Total Y-t-d May

Sales ..... 2020 2021 2021

Clarksons Research i 11-Jun-21

Clarksons Research ii 11-Jun-21

Deliveries to the World Fleet

Capital Market Number $ Million Trends

Latest Tanker Timecharter Fixtures...

Latest Dry Bulk Timecharter Fixtures...

Clarksons Research iv 11-Jun-21

...over 1 year 2017 2018 2019 2020 2021

Bulk Carrier Timecharter Market

Handysize 38,000 dwt 9,635 9,452 10,255 10,458 10,750

T/C Activity… Total Fixtures To Date

Newbuilding Year End, $m. Three Month Shipbuilding News

Newbuilding Vessels Contracted Year-on-Year Newbuilding Price Index

Passenger & Cruise Ships 105 118 29 12 WEAKER!! -7%

Clarksons Research Page 10 11-Jun-21

Scrap Year End ($/ldt) This Year Scrapping Price Trends

Tankers 415 365 400 520 30% Tankers - India

Bangladesh 14.7 10.7 11.5 5.3 -1% 350