ATHENIAN SHIPBROKERS S.A....23 26 29 32 35 38 41 44 47 50 1 4 7 10 13 16 19 22 WEEK NO WEEK NO...

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

M O N T H L Y R E P O R T

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May

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-14

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-16

Baltic Dry Index

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

http://www.atheniansa.gr/

www.atheniansa.gr ATHENIAN SHIPBROKERS S.A.

2

S E C O N D H A N D S A L E S & C H A R T E R F I X T U R E T R E N D S

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

Pri

ce (

USD

Mio

)

Monthly Tanker Market Trend

VLCC 5Y VLCC 10Y SMAX 5Y AMAX 5Y

AMAX 10Y PMAX 5Y 45K 5Y D/H 45K 10Y D/H

0

10000

20000

30000

40000

50000

60000

70000

Pri

ce (

USD

)

Monthly 1 Yr TC Rates

VLCC 1 Yr T/C SMAX 1 Yr T/C AMAX 1 Yr T/C

PMAX 1 Yr T/C MR 1 Yr T/C

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

Pri

ces

(USD

Mio

)

Monthly Bulk Carrier Market Trend

CAPE 5Y CAPE 10Y CAPE 15Y

PMAX 5Y PMAX 10Y PMAX 15Y

SUPRA 5Y HMAX 10Y HMAX 15Y

0

5000

10000

15000

20000

25000

30000

35000

40000

Pri

ce (

USD

)

Monthly 1 Yr TC Rates

CAPE 1 Yr T/C PMAX 1 Yr T/C

SUPRA 1 Yr T/C HMAX 1 Yr T/C



3

S E C O N D H A N D T O N N A G E M A R K E T

*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

251

53

220

60

0

100

200

300

THIS MONTH - PREVIOUS MONTH

S&P Activity Dry (>5,000 Dwt)

AVAILABLE FOR SALE

REPORTED SOLD

PREVIOUS MONTH A/BLE FORSALEPREVIOUS MONTH SALES

139

32

149

24

0

50

100

150

200

THIS MONTH - PREVIOUS MONTH

S&P Activity Tankers (>5,000 Dwt)

AVAILABLE FOR SALE

REPORTED SOLD

PREVIOUS MONTH A/BLE FORSALEPREVIOUS MONTH SALES



4

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)

STAVANGER EAGLE 45898 2004 JAPAN DH 16 MIO SHENLONG, CHINA (Against long

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

833

458

710

350

450

550

650

750

850

950

23 26 29 32 35 38 41 44 47 50 1 4 7 10 13 16 19 22

WEEK NO

Baltic Clean Tanker - Yearly

2016 2015

1052

601

1046

400

500

600

700

800

900

1000

1100

23 26 29 32 35 38 41 44 47 50 1 4 7 10 13 16 19 22

WEEK NO

Baltic Dirty Tanker - Yearly

2016 2015

534

469

500

460

480

500

520

540

03/05/2016 10/05/2016 17/05/2016 24/05/2016 31/05/2016

Baltic Clean Tanker - Monthly

715 716

735

700

710

720

730

740

750

03/05/2016 10/05/2016 17/05/2016 24/05/2016 31/05/2016

Baltic Dirty Tanker - Monthly



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

33440 25350 21830

0100002000030000400005000060000700008000090000

100000110000

May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16

$/D

ay

Spot Market - Tankers VLCC

SUEZMAX

AFRAMAX

39250

28750

23500

10000

20000

30000

40000

50000

60000

70000


$/D

ay

Period Market - Tankers 1 Year T/C

VLCC

SUEZMAX

AFRAMAX



6

BULKER SALES

NAME DWT BLT GEAR PRICE $ BUYER

CONCORD EXPRESS 10613 1999 JAPAN CR 2X30, DR 2X30

1.7 MIO TAIWANESE

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

365

342

347

330

340

350

360

370

03/05/2016 10/05/2016 17/05/2016 24/05/2016 31/05/2016

Baltic Handysize

2

587

553

579

535

545

555

565

575

585

595

03/05/2016 10/05/2016 17/05/2016 24/05/2016 31/05/2016

Baltic Supramax

2

581

617

582

540

560

580

600

620

640

660

03/05/2016 10/05/2016 17/05/2016 24/05/2016 31/05/2016

Baltic Panamax

4

713

988

830

680

730

780

830

880

930

980

1030

1080

03/05/2016 10/05/2016 17/05/2016 24/05/2016 31/05/2016

Baltic Capesize

4 38



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 DE030

61000 2016 CHINA CR 4X30 18.9 MIO UNDISCLOSED

JIA YUE 63800 2016 CHINA CR 4X30 16.3 MIO BREAKWATER CAPITAL HERMES ISLAND 74867 2012 JAPAN GLESS 13.6 MIO GREEK NORDWESER 75.321 2001 S.KOREA GLESS 4.4 MIO GREEK OCEAN QINGDAO 75618 2011 CHINA GLESS 11.5 MIO UNDISCLOSED ARCHIMEDES 81123 2011 S.KOREA GLESS 14.6 MIO GREEK (Via Auction) MIRAERO ACE 81420 2012 S.KOREA GLESS 14.2 MIO UNDISCLOSED (Incl TC til 06-07/2017) SAFE VOYAGER 82514 2007 JAPAN GLESS 9.2 MIO GREEK SRI PREM VEENA 82792 2007 JAPAN GLESS 9.3 MIO WOOYANG SHIPPING KAIEN 88200 2004 JAPAN GLESS 6 MIO CHINESE SUIREI MARU 88736 1996 JAPAN GLESS 4.1 MIO UNDISCLOSED CHITRA PREM 93200 2010 CHINA GLESS 9.8 MIO GREEK (Via Auction) CONTI JADE 93253 2012 CHINA GLESS 11 MIO UNDISCLOSED (Sold by financiers) CONTI JAPSIS 93266 2012 CHINA GLESS 11 MIO UNDISCLOSED (Sold by financiers) ETERNAL POWER 97045 2004 JAPAN GLESS 6.3 MIO UNDISCLOSED SA ALTIUS 171480 2001 S.KOREA GLESS 7.75 MIO CHINESE

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 TURKMENISTAN

179797 2011 S.KOREA GLESS 23.75 MIO ENBLOC BSS▼

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

6380 6150 5500

0

2000

4000

6000

8000

10000

12000

14000

16000

18000


$/D

ay

Spot Market - Bulkers CAPESIZE

PANAMAX

HANDYMAX



8

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▼

TRANCAPRICORN 6663 2000 NETHERLANDS GLESS 390 5.7 MIO LATVIAN (Price Each. Ice Super

1A)

COMBO SALES

NAME DWT BLT GEAR PRICE $ BUYER

SKS TYNE 109891 1996 S.KOREA CR 1X15 7 MIO KARADENIZ

7500

5670 5750

4100

5100

6100

7100

8100

9100

10100

11100

12100

13100


$/D

ay

Period Market - Bulkers 1 Year T/C CAPE

PMAX

HANDYMAX

44



9

N E W B U I L D I N G M A R K E T A N D R E P O R T E D C O N T R A C T S

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


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


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

90

60

50

33.7

20

40

60

80

100

120

May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16

$m

Tanker Prices VLCC Suezmax

Aframax MR

1

5

3

44

25

23 20

10

20

30

40

50

60

70

May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16

$m

Bulker Prices Capesize Panamax

Handymax Handysize

5



10

142

398

33

660

235

34

128

208

6

0

100

200

300

400

500

600

700

2014 2015 May-16

No

. o

f V

es

se

ls

Newbuilding Sales Tankers >10,000 dwt

Bulkers >10,000 dwt

Containerships66.4

28.1

22.3

35.8 38.8

17.8

0

10

20

30

40

50

60

70

May-16 2017 2018+

m. d

wt

Delivery Schedule Bulkers >10,000 dwt.

Tankers >10,000 dwt

38

18.1 18.3

5

14.7

0

5

10

15

20

25

30

35

40

May 2016

m.

dw

t

Tanker Newbuildings on Order VLCC Suezmax

Aframax Panamax

Products

51.9

22.7

30.5

11.9

0

10

20

30

40

50

60

May 2016

m. d

wt

Bulker Newbuildings on Order Capesize Panamax

Handymax Handysize

Newbuilding Historical Prices ($m)

Tankers May-

16 2015 2014 2013 2012 2011 2010 2009 2008 2005 2000 1995 1990 1985

310,000 DWT1 90 93.7 97.3 93.8 93.2 98.9 104.8 97.5 150 120 76.5 85.3 87.4 2 38.2

170,000 DWT1 60 63 65.5 59.6 57.1 60.3 66.3 61 90 71.5 52.5 54 66.1 2 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

47,000 DWT1 33.7 35.4 36.8 34.6 33.8 35.2 36.1 35 46.5 43 29.5 33.2 3 32.1 3 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 Before 2001 sizes to read 280,000 - 140,000 - 95,000 - 40,000 respectively for tankers and 150,000 - 69,000 for Bulkers 2 Single Hull 3

30,000 DWT (note: above is for vessels built Japan / Korea, you should also consider US$ / Yen / Won relation for the years mentioned)



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 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 Tulcea 2017 20.00 Mio Topaz Energy




Hvy Dk Cargo 15000 VARD Vung Tau 2017 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






12

D E M O L I T I O N M A R K E T

Demolition Historical Data

280 250

280 295 280

180

230

280

330

380

430

480

530

580

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

USD

/to

n

Price Tankers* 2013 2014

2015 2016

*India month's end prices

260 225

260 275 260

180

230

280

330

380

430

480

530

580

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

USD

/to

n

Price Bulkers* 2013 2014

2015 2016

*India month's end prices

38

25.6

14.5

4.9 2.35

4.6 3.8

15.9 16.7 18.9

15.5 18

15.6

25

30.5

22.4

28.4 28.5 27

10 5.5 6.5 5

12

28.9 25.7

31.58

50.3

41.8

34.3 38.8

25.8

0

10

20

30

40

50

60

Mill

ion

dw

t

Total Demolition (Dwt)

* Bss reported sales

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



13

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

RORO SAINT ROCH 24282 1980 15515 240 As is Khor Fakkan with sufficient ROB for voy

TANK BAO HENG 36620 1988 11043 295 Incl 600T ROB

TANK STOLT TOPAZ 38818 1986 270

Bangladesh


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

BULK ANANGEL ETERNITY 171176 1999 21211 300 As is Singapore incl sufficient 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

0

100

200

300

400

500

600

USD

/to

n

Historical Demolition Prices (India Year's End)

TANKERS

BULKERS

Avg. Trend



14

China


BULK SHIN ONDO 151833 1996 19800 220 BULK ONGA 229228 2001 26640 220

Pakistan


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


N/A N/A N/A

Other


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



15

H I S T O R I C A L B U N K E R P R I C E S

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

0

100

200

300

400

500

600

700

800

USD

/to

n

Bunkers Cost (380 cst)

Rotterdam

Fujeirah

Houston

Average Trend

0

200

400

600

800

1000

1200

USD

/to

n

Bunkers Cost (MGO)

Rotterdam

Fujeirah

Houston

Average Trend



16

M A R K E T I N D I C A T O R S

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

60

70

80

90

100

110

120

130

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

USD

-JP

Y

USD

-EU

R

Currencies USD-EUR

USD-JPY

0.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

160.00

$/B

arre

l

Brent Oil



17

S T O C K W A T C H

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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