ATHENIAN SHIPBROKERS S.A.

107-109, Vas. Pavlou Str., GR 166 73, Voula , Athens, Greece

Tel: 210 9659700 - Fax: 210 8996040
Internet Mail: athenian(at)atheniansa(dot)gr
www.atheniansa.gr

May 2016
MONTHLY REPORT

12000
Baltic Dry Index
10000

8000

6000

4000

2000

0
May-06

May-07

May-08

May-09

Jan-10
May-10

May-11

May-12

May-13

May-14

May-15

May-16
Jan-07

Jan-08

Jan-09

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16
Sep-06

Sep-07

Sep-08

Sep-09

Sep-10

Sep-11

Sep-12

Sep-13

Sep-14

Sep-15
PRICES TANKERS ($ MIO)
* Prices reflect Year’s End 2010* 2011* 2012* 2013* 2014* 2015* May-16
VLCC 5Y 87.8 55.6 56.0 55.8 77.1 80 72
VLCC 10Y 64.3 34.1 35.0 35.0 52.1 55 52
SUEZMAX 5Y 62.8 45.6 40.2 39.5 56.8 60 52.6
AFRAMAX 5Y 44.5 34.7 28.0 27.8 41.9 46 39
AFRAMAX10Y 30.7 19.3 16.3 16.3 26.8 31 26.6
PANAMAX5Y 39.0 30.9 24.3 24.3 33.4 35 35.2
45K 5Y D/H 27.3 25.8 23.0 23.3 23.8 28.9 26.7
45K 10Y D/H 19.7 15.8 15.5 15.7 15.2 19.6 19
45K 20Y 6.7 6.0 6.2 6.2 6.5 8.5 7.5

PRICES BULKERS ($ MIO)

* Prices reflect Year’s End 2010* 2011* 2012* 2013* 2014* 2015* May-16
CAPESIZE 5Y 57.0 36.3 32.0 43.9 39.5 25 24.7
CAPESIZE 10Y 43.0 26.8 20.5 31.0 27.8 13.6 14
CAPESIZE 15Y 26.0 15.2 12.7 18.2 16.3 8.5 8
CAPESIZE 20Y 16.4 10.5 9.3 10.1 9.0 5.6 5.5
PANAMAX 5Y 38.5 26.4 18.0 25.6 20.1 14 14
PANAMAX 10Y 31.6 18.6 12.5 17.9 14.6 8.5 8
PANAMAX 15Y 23.1 12.4 8.3 12.0 10.0 5 4.5
PANAMAX 20Y 13.8 8.1 5.4 7.5 5.4 3.6 3.2
SUPRAMAX 5Y 31.9 26.4 23.3 24.3 20.8 13.6 13
 2

SECOND HAND SALES & CHARTER FIXTURE TRENDS

Monthly Tanker Market Trend Monthly 1 Yr TC Rates

100.0 70000

90.0
60000
80.0

70.0 50000

60.0
40000
50.0
Price (USD Mio)

Price (USD)
30000
40.0

30.0 20000
20.0
10000
10.0

0.0 0

VLCC 5Y VLCC 10Y SMAX 5Y AMAX 5Y VLCC 1 Yr T/C SMAX 1 Yr T/C AMAX 1 Yr T/C

AMAX 10Y PMAX 5Y 45K 5Y D/H 45K 10Y D/H PMAX 1 Yr T/C MR 1 Yr T/C

Monthly Bulk Carrier Market Trend Monthly 1 Yr TC Rates

70.0 40000

60.0 35000

30000
50.0
Prices (USD Mio)

25000
40.0
Price (USD)

20000
30.0
15000
20.0
10000

10.0
5000

0.0 0

CAPE 5Y CAPE 10Y CAPE 15Y CAPE 1 Yr T/C PMAX 1 Yr T/C

PMAX 5Y PMAX 10Y PMAX 15Y
SUPRA 1 Yr T/C HMAX 1 Yr T/C
SUPRA 5Y HMAX 10Y HMAX 15Y

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3

SECOND HAND TONNAGE MARKET

AVAILABLE FOR SALE AVAILABLE FOR SALE

S&P Activity Dry S&P Activity Tankers
REPORTED SOLD REPORTED SOLD
(>5,000 Dwt) (>5,000 Dwt)
PREVIOUS MONTH A/BLE FOR PREVIOUS MONTH A/BLE FOR
SALE SALE
PREVIOUS MONTH SALES PREVIOUS MONTH SALES

300 200

251 150
200 220 149
139
100
100 53 60 50 32 24
0 0
THIS MONTH - PREVIOUS MONTH THIS MONTH - PREVIOUS MONTH

*Excluding demolition sales

Sale and Purchase Market

Ship Type Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Total
BULK 46 41 35 49 60 53 240
TANK 20 26 23 28 24 32 153
GAS 2 2 4 2 1 1 12
CONT 6 4 4 14 8 7 43
TWEEN/MPP 2 0 7 7 5 0 21
REEF 0 0 0 0 0 0 0
RORO 2 0 0 0 0 0 2
FERRY 0 0 0 0 0 0 0
CRUISE 0 0 0 0 0 0 0

Total 78 73 73 100 98 86 508

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4

Baltic Clean Tanker - Yearly Baltic Dirty Tanker - Yearly

950 1100
833 1052 1046
850 1000
750 710 900
650 800
700
550
600
450 601
458 500
350 400
23 26 29 32 35 38 41 44 47 50 1 4 7 10 13 16 19 22 23 26 29 32 35 38 41 44 47 50 1 4 7 10 13 16 19 22
2015 2016 2015 2016
WEEK NO WEEK NO

Baltic Clean Tanker - Monthly Baltic Dirty Tanker - Monthly

540 750
534
740
520 735

500
730
500
720
480 716
710 715
469
460 700
03/05/2016 10/05/2016 17/05/2016 24/05/2016 31/05/2016 03/05/2016 10/05/2016 17/05/2016 24/05/2016 31/05/2016

TANKER SALES
NAME DWT BLT PRICE $BUYER
SANKEI MARU 2051 1995 JAPAN DB 0.76 MIO UNDISCLOSED
BOW SAILOR 6008 1999 POLAND DH 6.4 MIO UNDISCLOSED (SUS316L)
DA WEI SHAN 6163 2009 CHINA DH 12.2 MIO UNDISCLOSED
GOLDEN DOMINANCE 12866 2008 S.KOREA DH *ENBLOC BSS▼
GOLDEN CREST 12898 2008 S.KOREA DH 25.8 MIO KOREAN (Ttl Price)
GOLDEN PACIFIC 18041 2012 CHINA DH 12 MIO GREEK (Marineline- Laid up)
FAIRCHEM BRONCO 19776 2007 JAPAN DH 20.5 MIO TUFTON OCEANIC (STST - Incl 3 yrs
TCB)
SICHEM CONTESTER 19822 2007 JAPAN DH 20.25 MIO UNDISCLOSED (STST)
SIRA 20832 2008 JAPAN DH 20.5 MIO TUFTON OCEANIC
AEGEAN CHAMPION 23400 1991 GERMANY DH 5.8 MIO MIDDLE EASTERN
KING ERNEST 36997 2004 S.KOREA DH 11.8 MIO ENBLOC BSS▼
KING EVEREST 37229 2001 S.KOREA DH 9.8 MIO ENBLOC BSS▼
KING EDWARD 37384 2004 S.KOREA DH 11.8 MIO ENBLOC BSS▼
KING EMERALD 38850 2004 CHINA DH 11.8 MIO UNDISCLOSED (Price Each)
JADE 40092 2007 S.KOREA DH 21.5 MIO VIETNAMESE (Long Subjects)
SHENLONG, CHINA (Against long
STAVANGER EAGLE 45898 2004 JAPAN DH 16 MIO
TC)
SIGNAL MAYA 46843 2005 JAPAN DH 15.5 MIO UNDISCLOSED
CPO KOREA 51747 2009 S.KOREA DH * ENBLOC BSS▼
CPO JAPAN 51747 2010 S.KOREA DH 46 MIO UNDISCLOSED(Ttl price)
ISIS 116093 2007 JAPAN DH 29.8 MIO JAPANESE (Incl 3yrs BB Back)
ARABIYAH 121109 1989 S.KOREA DH 8.5 MIO UNDISCLOSED
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5

POETIC 150103 2003 JAPAN DH * ENBLOC BSS▼

ROMANTIC 150247 2004 JAPAN DH * ENBLOC BSS▼
AUTHENTIC 150249 2004 JAPAN DH * ENBLOC BSS▼
MAJESTIC 150284 2000 JAPAN DH 106 MIO NORDIC AMERICAN TANKERS
(Ttl price)
BERMUDA SPIRIT 158143 2009 S.KOREA DH 47 MIO ENBLOC BSS▼
HAMILTON SPIRIT 158769 2009 S.KOREA DH 47 MIO GREEK (Price Each)
DHT TARGET 164626 2001 S.KOREA DH 22.5 MIO RIDGEBURY TANKERS
NEW MEDAL 297556 2009 CHINA DH * ENBLOC BSS▼
NEW CORAL 297580 2010 CHINA DH 117.5 MIO FRONTLINE (Ttl price)
FRONT VANGUARD 300058 1998 JAPAN DH 26 MIO UNDISCLOSED
DS CHIEF 311224 1999 S.KOREA DH 25.25 MIO UNDISCLOSED

GAS SALES
NAME DWT BLT CBM PRICE $ BUYER
G. ELITE 3714 1996 JAPAN 4017 2 MIO THAI

VLCC
SUEZMAX
Spot Market - Tankers AFRAMAX

110000
100000
90000
80000
70000
60000
$/Day

50000
40000 33440
30000 25350
20000 21830
10000
0
May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16

VLCC
SUEZMAX
Period Market - Tankers 1 Year T/C AFRAMAX

70000
60000
50000
$/Day

40000 39250
30000 28750
23500
20000
10000
May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16

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6

Baltic Handysize Baltic Supramax

370 595
365 587
585
579
360
575

350 347 565

555
340 2 553 2
342 545
330 535
03/05/2016 10/05/2016 17/05/2016 24/05/2016 31/05/2016 03/05/2016 10/05/2016 17/05/2016 24/05/2016 31/05/2016

Baltic Panamax Baltic Capesize

660 1080
640 1030
988
617 980
620
930
600 880
830
580 4 830 4 38
581 582
780
560
730
540 713
680
03/05/2016 10/05/2016 17/05/2016 24/05/2016 31/05/2016 03/05/2016 10/05/2016 17/05/2016 24/05/2016 31/05/2016

BULKER SALES
NAME DWT BLT GEAR PRICE $ BUYER
CR 2X30,
CONCORD EXPRESS 10613 1999 JAPAN 1.7 MIO TAIWANESE
DR 2X30
ARKLOW WILLOW 13873 2004 JAPAN GLESS 5.2 MIO CANADIAN (For conversion)
MA CHO 16860 1997 CHINA CR 2X25 1.55 MIO UNDISCLOSED
ROMUVA 17786 1998 INDONESIA CR 3X25 2.9 MIO UNDISCLOSED
VORUTA 17789 1998 INDONESIA CR 3X25 2.9 MIO UNDISCLOSED
KENANGA 27259 1996 S.KOREA CR 4X30 1.7 MIO UNDISCLOSED (Via auction in Durban
where laid up for 6 months)
APOLLONAS 27912 1996 JAPAN CR 4X30 2.55 MIO UNDISCLOSED.
SEA RICHES 28287 2001 JAPAN CR 4X30 3.5 MIO UNDISCLOSED
SEA HARVEST 28294 2000 JAPAN CR 4X30 3.65 MIO UNDISCLOSED
DILIGENCE 28381 1995 JAPAN CR 4X30 2 MIO CHINESE
SAINT DIONYSIS 31838 2002 JAPAN CR 4X30 3.3 MIO EUROPEAN
ORIENT DREAM 32162 2008 JAPAN CR 4X30 7.5 MIO TAIWANESE
CABOT AVIVA 32252 2012 CHINA CR 4X30 6.2 MIO UNDISCLOSED (Via auction)
BIANCO OLIVIA BULKER 32500 2013 CHINA CR 4X30 7.4 MIO UNDISCLOSED
CS VANGUARD 34812 2004 CHINA CR 4X30 3.5 MIO UNDISCLOSED
HOLY LIGHT 42717 1997 JAPAN CR 4X30 2.5 MIO CHINESE
VOC ROSE 47183 1998 JAPAN CR 4X30 2.5 MIO CHINESE
ARMERIA 48104 2003 JAPAN CR 4X30 4.2 MIO UNDISCLOSED
LOYAL UNION 48549 2007 JAPAN CR 4X30 6.3 MIO GREEK
AURORA AMETHYST 48893 1999 JAPAN CR 4X30 2.8 MIO BANGLADESHI
STEEL VISION 48913 2001 JAPAN CR 4X30 3.5 MIO UNDISCLOSED
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7

NEER 50785 2006 CHINA CR 4X40 3.6 MIO UNDISCLOSED

MEDI NAGASAKI 53098 2003 JAPAN CR 4X30 4.6 MIO GREEK
ALAM MURNI 53553 2003 JAPAN CR 4X30 4.65 MIO GREEK
CHRISTOPH S 56770 2011 CHINA CR 4X35 7 MIO GREEK
FREDERIKE SELMER 56847 2009 CHINA CR 4X30 5.8 MIO UNDISCLOSED
ORIENTAL PHOENIX 57000 2012 CHINA CR 4X35 * ENBLOC BSS▼
ORIENTAL EXPLORER 57000 2012 CHINA CR 4X35 14 MIO UNDISCLOSED (Ttl Price)
OCEAN ANGEL 58679 2008 PHILIPPINES CR 4x30 8.1 MIO UNDISCLOSED
IKAN SIAKAP 58713 2008 PHILIPPINES CR 4X30 8.1 MIO UNDISCLOSED
ABY PAOLA 60935 2015 JAPAN CR 4X30 19.4 MIO SINGAPOREAN
DALIAN COSCO KHI
61000 2016 CHINA CR 4X30 18.9 MIO UNDISCLOSED
DE030
JIA YUE 63800 2016 CHINA CR 4X30 16.3 MIOBREAKWATER CAPITAL
HERMES ISLAND 74867 2012 JAPAN GLESS 13.6 MIOGREEK
NORDWESER 75.321 2001 S.KOREA GLESS 4.4 MIOGREEK
OCEAN QINGDAO 75618 2011 CHINA GLESS 11.5 MIOUNDISCLOSED
ARCHIMEDES 81123 2011 S.KOREA GLESS 14.6 MIOGREEK (Via Auction)
MIRAERO ACE 81420 2012 S.KOREA GLESS 14.2 MIOUNDISCLOSED (Incl TC til 06-07/2017)
SAFE VOYAGER 82514 2007 JAPAN GLESS 9.2 MIOGREEK
SRI PREM VEENA 82792 2007 JAPAN GLESS 9.3 MIOWOOYANG SHIPPING
KAIEN 88200 2004 JAPAN GLESS 6 MIOCHINESE
SUIREI MARU 88736 1996 JAPAN GLESS 4.1 MIOUNDISCLOSED
CHITRA PREM 93200 2010 CHINA GLESS 9.8 MIOGREEK (Via Auction)
CONTI JADE 93253 2012 CHINA GLESS 11 MIOUNDISCLOSED (Sold by financiers)
CONTI JAPSIS 93266 2012 CHINA GLESS 11 MIOUNDISCLOSED (Sold by financiers)
ETERNAL POWER 97045 2004 JAPAN GLESS 6.3 MIOUNDISCLOSED
SA ALTIUS 171480 2001 S.KOREA GLESS 7.75 MIOCHINESE
AN MAY 174674 2005 CHINA GLESS 12 MIO UNDISCLOSED (C/free dely 11-
12/2016)
KLARA SELMER 175247 2012 CHINA GLESS 19.5 MIO GREEK
BESIKTAS
179797 2011 S.KOREA GLESS 23.75 MIO ENBLOC BSS▼
TURKMENISTAN
BESIKTAS 179843 2011 S.KOREA GLESS 23.75 MIO GREEK (Price Each)
SHINING DRAGON 181365 2012 JAPAN GLESS 26 MIO UNDISCLOSED
GALAXY DREAM 181371 2013 JAPAN GLESS 27.4 MIO WINNING SHIPPING

CAPESIZE

Spot Market - Bulkers PANAMAX

HANDYMAX

18000
16000
14000
12000
10000
$/Day

8000 6380
6000 6150
5500
4000
2000
0
May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16

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8

CAPE

Period Market - Bulkers 1 Year T/C PMAX

HANDYMAX
13100
12100
11100
10100
9100 4
8100
$/Day

7100 7500
6100 5670
5750
5100
4100
May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16

CONTAINER SALES
NAME DWT BLT GEAR TEU PRICE $ BUYER
WEC MAJORELLE 7223 1996 GERMANY GLESS 700 1.7 MIO UNDISCLOSED
ALICE 12827 2005 S.KOREA GLESS 1043 8 MIO SITC HONG KONG
STADT ROTENBURG 12864 2003 UKRAINE CR 2X45 1102 3.5 MIO GERMAN
ISOLDE 34026 2000 GERMANY CR 3X45 2.452 3 MIO MIDDLE EASTERN
E.R. CUXHAVEN 35414 2002 ROMANIA CR 3X45 2490 3.8 MIO ENBLOC BSS▼
E.R. HELGOLAND 35611 2002 GERMANY CR 3X45 2496 3.8 MIO GREEK (Price Each)
STADT AACHEN 44145 2007 S.KOREA GLESS 3398 7.1 MIO CHINESE

MPP/TWEEN SALES
NAME DWT BLT GEAR TEU PRICE $ BUYER
ARKLOW ROSE 5005 2002 NETHERLANDS GLESS 138 2.7 MIO UNDISCLOSED
NIUGINI COAST 5273 1996 ROMANIA CR 2X36 373 * ENBLOC BSS▼
NIU AILAN COAST 5273 1996 ROMANIA CR 2X36 375 2 MIO OCEANIC CONTAINER (Ttl
Price)
TRANSANDROMEDA 6663 1999 NETHERLANDS GLESS 390 5.7 MIO ENBLOC BSS▼
LATVIAN (Price Each. Ice Super
TRANCAPRICORN 6663 2000 NETHERLANDS GLESS 390 5.7 MIO
1A)

COMBO SALES
NAME DWT BLT GEAR PRICE $ BUYER
SKS TYNE 109891 1996 S.KOREA CR 1X15 7 MIO KARADENIZ

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9

NEW BUILDING MARKET AND REPORTED CONTRACTS

Tanker Prices VLCC Suezmax Bulker Prices Capesize Panamax

Aframax MR Handymax Handysize

120 70

60
100
90 50
1 5
80 44
$m

40

$m
60 60
30 25
5 50
40 3 20 23
33.7 20
20 10
May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16 May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16

Ship Type 2016 2017 2018+ Total

Capesize 110 39 74 223
Panamax 175 77 24 276
Supra/Hmax 329 151 21 501
Handies 177 100 53 330
Total 791 367 172 1330

Ship Type 2016 2017 2018+ Total

ULCC/VLCC 50 46 27 123
Suezmax 38 65 12 115
Aframax 53 70 39 162
Panamax 29 30 10 69
MR+Small 191 156 68 415
Total 361 367 156 884

Ship Type 2016 2017 2018+ Total

VLGC 26 29 16 71
LGC 2 0 0 2
MR 19 44 4 67
Handy 9 18 2 29
Small 3 1 1 5
Total 59 92 23 174

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 10

Tankers >10,000 dwt

Newbuilding Sales Delivery Schedule Bulkers >10,000 dwt.
Bulkers >10,000 dwt
Containerships Tankers >10,000 dwt
700 660 70 66.4

600 60
No. of Vessels

500 50
398 38.8

m. dwt
400 40 35.8
28.1
300 235 30
208 22.3
17.8
200 142 20
128
100 10
33 34 6
0 0
2014 2015 May-16 May-16 2017 2018+

Tanker Newbuildings on Order VLCC Suezmax Bulker Newbuildings on Order Capesize Panamax
Aframax Panamax
Products Handymax Handysize
40 38 60
51.9
35 50
30
40
m. dwt

30.5
25
m. dwt

20 18.1 18.3 30
14.7 22.7
15 20 11.9
10 5
10
5
0 0
May 2016 May 2016

Newbuilding Historical Prices ($m)

May-
2015 2014 2013 2012 2011 2010 2009 2008 2005 2000 1995 1990 1985
Tankers 16
1 2
310,000 DWT 90 93.7 97.3 93.8 93.2 98.9 104.8 97.5 150 120 76.5 85.3 87.4 38.2
1 2
170,000 DWT 60 63 65.5 59.6 57.1 60.3 66.3 61 90 71.5 52.5 54 66.1 28.2
110,000 DWT1 50 52 53.6 52.2 48.5 52.2 56 49.5 74 58 41.5 43.3 53.2 2
18.1
1 3 3
47,000 DWT 33.7 35.4 36.8 34.6 33.8 35.2 36.1 35 46.5 43 29.5 33.2 32.1 13.3
Bulkers
180,000 DWT1 44 46 54.2 53.6 45.7 48.4 57.2 55.5 87 58.5 40.5 42.3 60.2 29.3
73,000 DWT1 25 25.7 29 27.8 25.6 28.7 34.3 34.5 45.5 36 22.5 27.9 30 13.4
45,000 DWT 23 24.1 27.2 26.5 23.7 26.7 31.1 29 41 31 20.5 24.1 25.3 12.4
29,000 DWT 20 20.3 22.8 22.2 20.5 22.2 26.3 24.5 31 25.5 15 19.2 21.3 9.7
1 2 3
Before 2001 sizes to read 280,000 - 140,000 - 95,000 - 40,000 respectively for tankers and 150,000 - 69,000 for Bulkers Single Hull
30,000 DWT
(note: above is for vessels built Japan / Korea, you should also consider US$ / Yen / Won relation for the years mentioned)

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11

The Shipbuilding Market

TYPE DWT BUILDER DELIVERY PRICE $ OWNER NOTES
Accom. Unit 4200 Ast. Gondan 2018 Ostensjo Rederi AS
Chem & Oil 18600 Chengxi Shipyard 2018 28.00 Mio Ektank AB
Chem & Oil 18600 Chengxi Shipyard 2018 28.00 Mio Ektank AB
Chem & Oil 18600 Chengxi Shipyard 2018 28.00 Mio Ektank AB Option
Chem & Oil 18600 Chengxi Shipyard 2018 28.00 Mio Ektank AB Option
Chem & Oil 40000 Hyundai Mipo 2017 Super-Eco Tankers
Chem & Oil 40000 Hyundai Mipo 2018 Super-Eco Tankers
Container 12000 Kyokuyo Shipyard 2017 Kotoku Kaiun
Container 12000 Kyokuyo Shipyard 2018 Kotoku Kaiun
Container 35000 Shanghai Shipyard 2017 Zhonggu Shipping
Container 35000 Shanghai Shipyard 2018 Zhonggu Shipping
Container 35000 Shanghai Shipyard 2018 Zhonggu Shipping
Container 35000 Shanghai Shipyard 2018 Zhonggu Shipping
Container 35000 Shanghai Shipyard 2018 Zhonggu Shipping Option
Container 35000 Shanghai Shipyard 2018 Zhonggu Shipping Option
Cruise Lloyd Werft Wismar 2019 Genting Hong Kong
Cruise Lloyd Werft Wismar 2020 Genting Hong Kong
Cruise Lloyd Werft 2018 Crystal Cruises
Hvy Dk Cargo 15000 VARD Braila 2017 20.00 Mio Topaz Energy
Hvy Dk Cargo 15000 VARD Braila 2017 20.00 Mio Topaz Energy
Hvy Dk Cargo 15000 VARD Braila 2017 20.00 Mio Topaz Energy
Hvy Dk Cargo 15000 VARD Braila 2018 20.00 Mio Topaz Energy
Hvy Dk Cargo 15000 VARD Braila 2018 20.00 Mio Topaz Energy
Hvy Dk Cargo 15000 VARD Tulcea 2017 20.00 Mio Topaz Energy
Hvy Dk Cargo 15000 VARD Tulcea 2017 20.00 Mio Topaz Energy
Hvy Dk Cargo 15000 VARD Tulcea 2018 20.00 Mio Topaz Energy
Hvy Dk Cargo 15000 VARD Tulcea 2018 20.00 Mio Topaz Energy
Hvy Dk Cargo 15000 VARD Vung Tau 2017 20.00 Mio Topaz Energy
Hvy Dk Cargo 15000 VARD Vung Tau 2017 20.00 Mio Topaz Energy
Hvy Dk Cargo 15000 VARD Vung Tau 2018 20.00 Mio Topaz Energy
Hvy Dk Cargo 15000 VARD Vung Tau 2018 20.00 Mio Topaz Energy
Hvy Dk Cargo 15000 VARD Vung Tau 2018 20.00 Mio Topaz Energy
Hvy Dk Cargo 15000 VARD Vung Tau 2018 20.00 Mio Topaz Energy
L.P.G 51000 MHI Nagasaki 2020 Nissen Kaiun K.K.
L.P.G 51000 MHI Nagasaki 2020 Nissen Kaiun K.K.
L.P.G 55000 JMU Tsu Shipyard 2019 Nippon Yusen Kaisha
L.P.G 55000 JMU Tsu Shipyard 2019 Nippon Yusen Kaisha
Pass/Cat Ast. Gondan 2017 Naviera Nabia
Research 51000 Damen Gorinchem 2020 396 Mio Antarctic Division
Ro-Ro 15000 Flesburger SB 2017 Siem Industries
Ro-Ro 15000 Flesburger SB 2017 Siem Industries
Ro-Ro 15000 Flesburger SB 2017 Siem Industries
Ro-Ro 15000 Flesburger SB 2018 Siem Industries

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12

DEMOLITION MARKET
Demolition Prices
Gen Cargo Tanker
India USD 260 /lt Ldt USD 280 /lt Ldt
Bangladesh USD 265 /lt Ldt USD 290 /lt Ldt
Pakistan USD 255 /lt Ldt USD 280 /lt Ldt
China USD 150 /lt Ldt USD 160 /lt Ldt

Demolition Historical Data

2013 2014
Price Tankers*
2015 2016
580
530
480
USD/ton

430
380
330 280 280 295 280
280 250
230
180
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
*India month's end prices
2013 2014
Price Bulkers*
2015 2016
580
530
480
430
380
USD/ton

330 275
260 260 260
280 225
230
180
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
*India month's end prices

Total Demolition (Dwt)

60
50.3
50
41.8
38.8
Million dwt

38
40 34.3
30.5 31.58
28.4 28.5 27 28.9
30 25.6 25 25.7 25.8
22.4
18.9 18
20 14.5 15.9 16.7 15.5 15.6
10 12
10 4.9 4.6 3.8 5.5 6.5 5
2.35
0

* Bss reported sales

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13

Historical Demolition Prices (India Year's End)

600

500

400 TANKERS
USD/ton

300 BULKERS

200 Avg. Trend

100

HISTORICAL DEMOLITION PRICES (*Indian Year’s End)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 CURR.
TANK 115 136 174 135 174 262 362 302 405 507 287 338 485 482 405 435 425 300 280
BULK 112 143 170 135 181 267 381 332 392 472 268 328 437 456 375 410 400 285 260

India
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
BULK SPAR NEPTUN 70101 1994 9203 290
CONT SHIN CHUN 14263 1987 4584 205 As is Hong Kong with min ROB
CONT MSC LIESELOTTE 21370 1983 10655 307
CONT SIRIUS 25049 1998 9355 270 As is Malta incl ROB for voy
CONT KARIN 25648 1999 9540 293 Bss as is Colombo
CONT TAURUS 29260 1998 10427 280
CONT NORASIA VALPARAISO 58341 2002 21382 232 As is Singapore incl ROB for voy
GAS MARIMAR GAS 18270 1981 8215 338
RORO HUDSON LEADER 14104 1987 13261 294 PCC
As is Khor Fakkan with sufficient
RORO SAINT ROCH 24282 1980 15515 240
ROB for voy
TANK BAO HENG 36620 1988 11043 295 Incl 600T ROB
TANK STOLT TOPAZ 38818 1986 270

Bangladesh
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
BULK U HAPPY 43906 1996 8875 276
BULK HUA XIANG 26695 1986 5450 265
BULK OCEAN HOPE 29513 1996 7790 300
BULK C. POLARIS 150903 1995 18502 320
BULK IRON BARON 169981 1999 20500 320
BULK CARINA 73049 1997 10783 275 As is Singapore
As is Singapore incl sufficient
BULK ANANGEL ETERNITY 171176 1999 21211 300
bunkers for voy
BULK NEW FANTASY 45531 1996 8852 304 En bloc with New Giant
BULK SUCHADA NAREE 23732 1994 5000 250
BULK HUA TAI 26720 1984 9255 285 Converted from tanker
BULK RUI FU 25759 1985 6439 265
TWEEN XIANG RUI MEN 20377 1989 8193 290
CONT JAPAN 67958 1996 295

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14

China
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
BULK SHIN ONDO 151833 1996 19800 220
BULK ONGA 229228 2001 26640 220

Pakistan
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
BULK GOLDEN TRUST 170907 1996 21937 316
BULK ARWAD TOWER 28269 1985 6135 290
BULK GS ANGEL 122259 1995 16477 320 Incl ROB
BULK BADRI PRASAD 151418 1990 17618 314
TANK ALBA 45931 1987 8978 300
TANK ADVENTURE 41035 1990 7931 307
TANK FAISAL 95793 1990 14011 318

Turkey
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
N/A N/A N/A

Other
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
BULK CHINA STEEL EXPRESS 154556 1997 22746 286 As is Kaohsiung incl 350T ROB
CONT ACAPULCO 14148 1996 5652 290 As is Colombo
CONT GLORY 30300 1996 10485 300 As is Hong Kong
CONT NORASIA ALPS 34954 1997 11355 310 As is Singapore
CONT MUNDRA 63533 1997 18963 320 As is Singapore
CONT HANJIN OTTAWA 68834 2000 24215 318 As is Singapore
CONT DS DOMINION 80550 2001 27201 310 As is Busan

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15

HISTORICAL BUNKER PRICES

Bunkers Cost (380 cst)
800
700
600
500
USD/ton

400 Rotterdam
Fujeirah
300
Houston
200
Average Trend
100
0

Bunkers Cost (MGO)

1200

1000

800
USD/ton

600 Rotterdam
Fujeirah
400
Houston
200 Average Trend

HISTORICAL BUNKER PRICES

Rotterdam Fujeirah Houston
380 cst MGO 380 cst MGO 380 cst MGO
1992 83 161.9 81.5 208.2 78.4 165.2
1993 67 150.5 70 202.5 71.1 160.6
1994 86 133.2 80.9 182.6 80.8 148.8
1995 97 140.6 94.6 175.8 93.2 148
1996 107 175.1 104.4 207.5 105.8 186
1997 92 155.4 99.3 205.6 97.3 179.9
1998 66.5 112.2 69.2 152.2 67.2 136.9
1999 94 133 98.5 157.2 93.3 143.9
2000 139 231.6 155.3 263.5 136 255.7
2001 116 192.4 129.7 244.7 112.8 227.5
2002 135 188.2 145.9 222.8 134 196
2003 151 230.4 166.3 265.2 160.2 265.1
2004 154 313.4 176.7 359.3 167.3 328.7
2005 236 458.4 256.6 500.1 248.3 508.5
2006 195 524.1 310.9 631.8 303 562.3
2007 347 571.3 373.7 664.7 351.8 608.6
2008 469 850.7 509.4 1037.7 496.8 933.2
2009 355 490.6 372.8 657 360.7 525
2010 452 667.1 468.2 712.9 449.3 683
2011 548 848.6 587.5 897.5 542.1 862.4
2012 585 920 606 1005 610 1005
2013 585 920 620 1010 580 985
2014 310 570 350 880 315 695
2015 140 311 170 560 140 360
May-16 220 432 240 472 210 460

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16

MARKET INDICATORS

USD-EUR
Currencies USD-JPY

1.80 130
1.60 120
1.40 110

USD-JPY
USD-EUR

1.20 100
1.00 90
0.80 80
0.60 70
0.40 60

Brent Oil
160.00
140.00
120.00
100.00
$/Barrel

80.00
60.00
40.00
20.00
0.00

GBP CAD EUR JPY CHF USD AUD

GBP 1 0.52401 0.7626 0.00617 0.68992 0.68445 0.49479

CAD 1.9077 1 1.45497 0.01177 1.31631 1.30594 0.94406
EUR 1.31099 0.68708 1 0.00809 0.90463 0.89745 0.6488
JPY 162.14 84.97 123.66 1 111.87 110.99 80.24
CHF 1.44905 0.75941 1.10519 0.00894 1 0.99192 0.71706
USD 1.46079 0.76559 1.11412 0.00901 1.00794 1 0.7229
AUD 2.02029 1.05882 1.54095 0.01246 1.394 1.38301 1
* 01/06/2016 values

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17

STOCK WATCH

NAME TICKER THIS MONTH* LAST MONTH CHANGE % 52w HIGH 52w LOW

Capital Product Partners CPLP 2.94 2.69 9.3 9.23 2.41

Diana Shipping Inc. DSX 2.61 3.13 -16.6 8.27 1.95

Dryships Inc. DRYS 2.19 2.88 -24 19.20 1.80

Dynagas LNG Partners LP DLNG 14.29 15.47 -7.6 19.70 6.70

Eagle Bulk Shipping Inc. EGLE 0.56 0.67 -17 9.57 0.30

Euroseas Ltd. ESEA 2.06 2.33 -11.6 7.80 1.40

Freeseas Inc. FREEF 0.12 0.74 -83.8 107.40 0.08

Costamare Inc. CMRE 9.84 9.82 0.2 20.43 6.01

Goldenport Holdings Inc. GPRT 0.00 1.07 -100 144.75 0.50

Navios Maritime Holdings NM 1.11 1.30 -14.6 4.51 0.57

GasLog Ltd. GLOG 12.45 13.06 -4.7 21.12 5.24

Paragon Shipping Inc. PRGN 0.75 0.26 194.1 45.60 0.20

Safe Bulkers Inc. SB 1.14 1.37 -16.8 4.13 0.30

Star Bulk Carriers Corp. SBLK 0.80 0.96 -16.9 3.42 0.31

Stealthgas Inc. GASS 4.69 4.04 16.1 7.10 2.39

TEN Inc. TNP 6.47 6.48 -0.2 10.50 4.79

TOP Ships Inc. TOPS 2.33 2.57 -9.3 13.00 1.30

Box Ships Inc. TEUFF 0.01 0.06 -82.5 1.07 0.01

Diana Containerships Inc. DCIX 0.68 0.83 -17.7 2.64 0.31

Danaos Corporation DAC 3.50 4.09 -14.4 6.70 3.07

Aegean Marine Petroleum ANW 6.66 8.00 -16.8 15.25 5.52

* 31/05/2016 closing values

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Disclaimer: Information and data that appear in this report have been obtained from various sources which are believed to
be correct and reliable. However, Athenian Shipbrokers S.A. does not guarantee their accuracy or completeness and
therefore cannot be held liable for any loss incurred as a result of reliance in any way whatsoever on the information
contained herein.

Kind Regards,

ATHENIAN SHIPBROKERS S.A.

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