ATHENIAN SHIPBROKERS S.A.drg.blob.core.windows.net/hellenicshippingnewsbody/pdf/ATHREPAPR12.pdf18 21...

ATHENIAN SHIPBROKERS S.A.

107-109, Vas. Pavlou Str., GR 166 73, Voula , Athens, Greece Tel: 210 9659700 - Fax: 210 8996040

Internet Mail: [email protected] www.atheniansa.gr

April 2012

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

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Apr

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-12

Baltic Dry Index

PRICES TANKERS ($ MIO)

* Prices reflect Year’s End 2007* 2008* 2009* 2010* 2011* Apr-12

VLCC 5Y 136.0 155.8 78.0 87.8 55.6 60.0

VLCC 10Y 114.5 131.0 59.5 64.3 34.1 35.9

SUEZMAX 5Y 95.5 106.0 57.0 62.8 45.6 44.9

AFRAMAX 5Y 70.0 76.8 40.5 44.5 34.7 33.6

AFRAMAX10Y 60.0 64.7 23.5 30.7 19.3 19.0

PANAMAX5Y 60.4 61.0 35.5 39.0 30.9 27.0

45K 5Y D/H 53.0 52.7 23.5 27.3 25.8 25.5

45K 10Y D/H 44.7 43.2 16.0 19.7 15.8 16.0

45K 20Y 12.8 10.0 4.0 6.7 6.0 6.0

PRICES BULKERS ($ MIO)

* Prices reflect Year’s End 2007* 2008* 2009* 2010* 2011* Apr-12

CAPESIZE 5Y 148.0 45.5 54.5 57.0 36.3 35.5

CAPESIZE 10Y 103.0 30.0 45.0 43.0 26.8 25.0

CAPESIZE 15Y 88.5 21.0 28.0 26.0 15.2 15.0

CAPESIZE 20Y 60.0 15.2 16.5 16.4 10.5 10.1

PANAMAX 5Y 89.0 25.5 35.0 38.5 26.4 23.5

PANAMAX 10Y 71.5 19.0 27.5 31.6 18.6 17.8

PANAMAX 15Y 61.0 12.5 22.0 23.1 12.4 11.0

PANAMAX 20Y 44.0 9.2 12.0 13.8 8.1 7.7

SUPRAMAX 5Y 74.5 24.0 27.5 31.9 26.4 25.0

HANDYMAX10Y 60.5 18.2 22.0 24.7 18.0 16.5

HANDYMAX15Y 46.0 13.0 17.5 20.0 11.1 10.1

HANDYMAX20Y 36.0 7.4 11.0 12.0 7.9 7.6

mailto:[email protected]

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

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

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

80000

90000

100000

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

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

Pri

ces

(USD

Mio

)

Monthly Bulk Carrier Market Trend

CAPE 5Y CAPE 10Y CAPE 15Y PMAX 5Y

PMAX 10Y PMAX 15Y SUPRA 5Y HMAX 5Y

HMAX 10Y HMAX 15Y

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

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

TANKER SALES

NAME DWT BLT PRICE $ BUYER

VERA 3720 1985 BULGARIA SH 0.75 MIO UNDISCLOSED (Asis Jamaica) SPRING MISTRAL 3818 2009 JAPAN DH 9.3 MIO S.KOREAN

LYCIAN 5517 2007 TURKEY DH * ENBLOC BSS▼ HADA 5543 2008 TURKEY DH 9 MIO BOREALIS, UK (Price Each)

ELEOUSA TRIKOUKIOTISA

4509 2000 TURKEY DH 3.4 MIO UNDISCLOSED (Via Auction)

DUTCH MATE 6259 1989 NETHERLANDS DH 3.8 MIO ITALIAN KORMEL 7003 2010 TURKEY DH 10.25 MIO EUROPEAN (Via Auction) NUR QAMARINA 7119 2009 CHINA DH 6 MIO MALAYSIAN YC PRUNUS 8073 1991 JAPAN DH 3.1 MIO EUROPEAN YC IVY 8858 1990 JAPAN DH 3.1 MIO EUROPEAN AGISTRI 9304 1992 JAPAN DB 2.1 MIO UNDISCLOSED ATTIKOS 11800 2005 CHINA DH 10 MIO UNDISCLOSED ARISTOFANIS 12000 2005 CHINA DH 10.2 MIO UNDISCLOSED SC CHELSIA 26707 2000 ITALY DH 12 MIO GABES, TUNISIA (Via Auction) FRIENDSHIP T 40395 1991 YUGOSLAVIA DB 4 MIO UNDISCLOSED (Via Auction Nigeria) MARCELA LADY 46683 2004 TAIWAN DH 21.5 MIO ENAD TANDER (Sub Tender)

PACIFIC RUBY 46850 1994 S.KOREA DH * ENBLOC BSS▼ PACIFIC JADE 46801 1994 S.KOREA DH * ENBLOC BSS▼ PACIFIC OPAL 46850 1993 S.KOREA DH * ENBLOC BSS▼ PACIFIC PEARL 46850 1994 S.KOREA DH * ENBLOC BSS▼ PACIFIC AMBER 46878 1993 S.KOREA DH 37.5 MIO NIGERIAN (Total Price)

MERIOM LILY 50350 2012 CHINA DH 29.3 MIO USA BASED DALMACIJA 96168 1996 S.KOREA DH 9.75 MIO UNDISCLOSED MORNING GLORY 98743 1996 JAPAN DH 16.6 MIO MALAYSIAN (For Conversion project)

873

659

724

650

908

653 637

400

500

600

700

800

900

1000

18 21 24 27 30 33 36 39 42 45 48 51 2 5 8 11 14 17

WEEK NO

Baltic Clean Tanker - Yearly

2012 2011

781

674

842

930

784

851

755

500

600

700

800

900

1000

18 21 24 27 30 33 36 39 42 45 48 51 2 5 8 11 14 17

WEEK NO

Baltic Dirty Tanker - Yearly

2012 2011

642

640

500

600

700

800

900

26/03/2012 02/04/2012 09/04/2012 16/04/2012 23/04/2012

Baltic Clean Tanker - Monthly

822 813

773

740

700

720

740

760

780

800

820

840

26/03/2012 02/04/2012 09/04/2012 16/04/2012 23/04/2012

Baltic Dirty Tanker - Monthly



4

ARCTIC GALAXY 105475 2008 S.KOREA DH * ENBLOC BSS▼ LIBYAN GALAXY 105484 2008 S.KOREA DH 64.5 MIO GREEK (Total Price)

GAS SALES

NAME DWT BLT CBM PRICE $ BUYER

CHACONIA 29271 1990 BULGARIA 27509 17 MIO NEGMAR DENIZCILIK, TURKEY ELVERSELE 28993 1996 JAPAN 36761 31.9 MIO UTRAGAS, CHILE

23851

11226 14048

3500

13500

23500

33500

43500

53500

63500

73500

Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12

$/D

ay

Spot Market - Tankers VLCC

SUEZMAX

AFRAMAX

23000

17000

13750

0

5000

10000

15000

20000

25000

30000

35000


$/D

ay

Period Market - Tankers 1 Year T/C

VLCC

SUEZMAX

AFRAMAX



5

BULKER SALES

NAME DWT BLT GEAR PRICE $ BUYER WESERTOR 4985 1997 TURKEY CR 2X40 1.1 MIO UNDISCLOSED BALSA 71 6687 1999 JAPAN CR 3X15 3.1 MIO UNDISCLOSED TIEN YEN 7060 1989 JAPAN CR 4X25 1 MIO CHINESE ATLANTIC CRUISER 7612 2001 POLAND CR 2X80 5.3 MIO FAR EASTERN

WISLA 13770 1992 POLAND CR 4X16, CR

1X12.50 4 MIO EUROPEAN

IKAN TERBANG 18849 2005 JAPAN CR 3X30.5 10 MIO EUROPEAN ZULAL N 23911 1984 JAPAN CR 3X25 2.9 MIO LEBANESE

ID PIONEER 26455 1991 JAPAN CR 4X30.5 5.1 MIO BONAFIDE MARITIME, INDIA

SPRING BULKER 27321 1995 JAPAN CR 4X30.5 7.75 MIO GREEK SIAM SAPPHIRE 27652 1986 JAPAN CR 4X25 3 MIO CHINESE ALAM SENANG 27654 1984 JAPAN CR 4X25 3 MIO MIDDLE EASTERN ARMSTRONG 27900 1995 JAPAN CR 4X30 7.75 MIO UNDISCLOSED SEA HOPE 27939 1989 JAPAN CR 4X30 4 MIO CHINESE DIAMOND GLORY 28515 1997 JAPAN CR 4X30 8.7 MIO UNDISCLOSED PERAST 29781 1984 UK CR 4X25 3.2 MIO TURKISH (SS/DD Due 8/2012) SH BRIGHT 29828 2006 JAPAN CR 4X30.5 15.75 MIO UNDISCLOSED OCEAN BELLE 32130 1999 JAPAN CR 4X30 10 MIO TURKISH ORIENTAL FINDER 32395 2003 JAPAN CR 3X40 13 MIO S.KOREAN (Bank deal) LIVADIA 32662 2003 JAPAN CR 4X30 15.2 MIO NACHIPA, CHILE NAVIOS SERENITY 34690 2011 S.KOREA CR 4X35 26 MIO GREEK BUYERS (Bank deal) IRMGARD 37300 2012 JAPAN CR 4X30.5 22.5 MIO PACIFIC BASIN, CHINA DINA G 37725 1984 JAPAN CR 4X25 3.5 MIO CHINESE FURNESS AUSTRALIA 42489 2001 JAPAN CR 4X30.5 15 MIO UNDISCLOSED

566

537

562

450

500

550

600

650

26/03/2012 02/04/2012 09/04/2012 16/04/2012 23/04/2012

Baltic Handysize

2

1055

949 925

1020

700

800

900

1000

1100

1200

26/03/2012 02/04/2012 09/04/2012 16/04/2012 23/04/2012

Baltic Supramax

2

1051

1040

1487

600

800

1000

1200

1400

1600

1800

26/03/2012 02/04/2012 09/04/2012 16/04/2012 23/04/2012

Baltic Panamax

4

1354

1412

1507

1576

1521

1300

1350

1400

1450

1500

1550

1600

26/03/2012 02/04/2012 09/04/2012 16/04/2012 23/04/2012

Baltic Capesize

44 4438



6

TARAPACA 46786 2000 JAPAN CR 4X30 13.5 MIO GREEK FEYZA 47882 1984 JAPAN CR 3X25 3.8 MIO UNDISCLOSED OCEAN SUNRISE 48203 1999 JAPAN CR 4X25 13.4 MIO FAR EASTERN SALVIA 48265 2000 JAPAN CR 4X25 13.75 MIO UNDISCLOSED DAEBO FRONTIER 48280 1985 JAPAN CR 4X25 4.7 MIO UNDISCLOSED FURNESS HARTLEPOOL

52481 2006 PHILIPPINES CR 4X30 20.5 MIO USA BASED

HIRYU 52982 2003 JAPAN CR 4X30 17.7 MIO NORWEGIAN OCEAN SPIRIT 55614 2006 CHINA CR 4X30.5 20 MIO UNDISCLOSED YANGZHOU DAYANG DY 144

58000 2012 CHINA GLESS 26.8 MIO GREEK

VALOUR 66734 1985 TAIWAN GLESS 5 MIO FAR EASTERN SILVER MEI 68676 1989 JAPAN GLESS 5.8 MIO CHINESE ROYAL OCEAN 70677 1995 BRAZIL GLESS 8.5 MIO CHINESE AMALIA 75100 2000 JAPAN GLESS 16.2 MIO GREEK

PETKA 75460 1994 DENMARK GLESS 9.5 MIO UNDISCLOSED (Incl 1 Yr TC

Back) SHINING BLISS 76939 2007 JAPAN GLESS 22.5 MIO UNDISCLOSED

ENERGY PROMETHEUS

74083 1998 JAPAN GLESS * ENBLOC BSS▼

ORANGE TRIDENT 78932 2007 JAPAN GLESS * ENBLOC BSS▼ KOHFUKUSAN 172566 1999 JAPAN GLESS 52 MIO GREEK (Total Price)

VOGESAILOR 164188 1996 SPAIN GLESS 11.1 MIO UNDISCLOSED DS CHALLENGE 176000 2012 CHINA GLESS 38 MIO ZODIAC MARITIME C PHOENIX 176000 2012 CHINA GLESS 38 MIO ZODIAC MARITIME BULK GENIUS 176000 2012 CHINA GLESS 36.5 MIO GREEK BULK CHARITY 176000 2012 CHINA GLESS 36.5 MIO BOCIMAR, BELGIUM BULK GLORY 176000 2012 CHINA GLESS 36.5 MIO BW SHIPPING, SINGAPORE BULK FORCE 176000 2012 CHINA GLESS 36.5 MIO BOCIMAR, BELGIUM BULK HARVEST 176000 2012 CHINA GLESS 36.5 MIO GREEK BULK MAJESTY 176000 2012 CHINA GLESS 36.5 MIO BW SHIPPING, SINGAPORE

3827

8926

8458

0

5000

10000

15000

20000

25000

30000

35000


$/D

ay

Spot Market - Bulkers CAPESIZE

PANAMAX

HANDYMAX



7

CONTAINER SALES

NAME DWT BLT GEAR TEU PRICE $ BUYER MASSDIEP 6853 1997 NETHERLANDS CR 2X40 600 3.7 MIO INDONESIAN SUDMUHLE 9907 2008 CHINA GLESS 740 2.82 MIO GREEK HR MAGICIAN 10747 2005 UKRAINE GLESS 917 11 MIO GERMAN SHIMA 17250 1997 JAPAN CR 2X40 1157 5 MIO INDONESIAN HELVETIA 20084 1996 GERMANY CR 3X40 1519 5 MIO FAR EASTERN FRESENA 20983 1997 GERMANY CR 3X40 1651 4.5 MIO GREEK FIDUCIA 21060 1997 GERMANY CR 3X40 1644 4.5 MIO GREEK WEHR NIENSTEDTEN 22968 2002 POLAND CR 4X35 1730 12.2 MIO GREEK

CAP NORTE 41850 2007 POLAND CR 3X45 3091 29 MIO GREEK (Incl 3 Yrs TC at Uds

17500 Pd) MSC BASEL 45696 1992 GERMANY GLESS 2680 6.5 MIO CHINA SHIPPING

BUNGA SEROJA SATU 103717 2006 S.KOREA GLESS 7943 48 MIO GREEK (Incl TC at Usd 36000 Pd till 21/10-21/12)

BUNGA SEROJA DUA 103773 2007 S.KOREA GLESS 7943 48 MIO GREEK (Incl TC at Usd 36000

Pd till 16/5-16/7)

RORO SALES

NAME GT BLT LANE MTS/CARS PAX PRICE $ BUYER TAISHUN 19220 1997 JAPAN 1450 9.5 MIO CHINESE

15000

11375 9750

0

5000

10000

15000

20000

25000


$/D

ay

Period Market - Bulkers 1 Year T/C CAPE

PMAX

HANDYMAX

44



8

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

Dry Bulk Orderbook

Ship Type 2012 (deliv) 2012 2013 2014 2015 2016 2017+ Total

VLOC 8 43 14 10 2 0 0 69

Capesize 57 123 80 13 9 0 0 225

Small Cape 34 104 30 11 1 0 0 146

Panamax 90 384 212 54 0 0 0 650 Supramax 94 366 195 21 3 0 0 585

Handys 84 283 176 32 2 0 0 493

Total 367 1303 707 141 17 0 0 2168

Tanker Orderbook

Ship Type 2012 (deliv) 2012 2013 2014 2015 2016 2017+ Total

ULCC/VLCC 16 52 48 9 0 0 0 109

Suezmax 10 51 37 4 0 0 0 92

Aframax 18 40 28 9 0 0 0 77

Panamax 5 18 17 2 0 0 0 37

MR 14 64 70 29 3 3 2 171

Handy 3 11 4 0 0 0 0 15

Total 66 236 204 53 3 3 2 501

LPG Tank Orderbook

Ship Type 2012 (deliv) 2012 2013 2014 2015 2016+ Total

VLGC 1 1 13 1 0 0 15

LGC 0 0 0 0 0 0 0

MR 2 0 4 3 0 0 7 Handy 0 12 10 4 1 0 27

Small 4 49 11 6 3 0 69

Total 7 62 38 14 4 0 118

96.3

58.4 50.4

33.2

0

20

40

60

80

100

120

Apr-10 Aug-10 Dec-10 Apr-11 Aug-11 Dec-11 Apr-12

$m

Tanker Prices VLCC Suezmax

Aframax MR

1

5

3

46.4

27.2

25.2 22.1

0

10

20

30

40

50

60

70

Apr-10 Aug-10 Dec-10 Apr-11 Aug-11 Dec-11 Apr-12

$m

Bulker Prices Capesize Panamax

Handymax Handysize

5



9

215 163

41

972

440

65 121

225

7 0

100

200

300

400

500

600

700

800

900

1000

2010 2011 Apr-12

No

. o

f V

es

se

ls

Newbuilding Sales Tankers >10,000 dwt

Bulkers >10,000 dwt

Containerships

110.7

64.1

16.7

39.6 30.2

9.3

0

20

40

60

80

100

120

Apr-12 2013 2014+

m. d

wt

Delivery Schedule Bulkers >10,000 dwt.

Tankers >10,000 dwt

36.6

17.8

8.6

2.6

11.4

0

5

10

15

20

25

30

35

40

April 2012

m. d

wt

Tanker Newbuildings on Order VLCC Suezmax

Aframax Panamax

Products

77.8

62.1

33.2

17.5

0

10

20

30

40

50

60

70

80

90

April 2012

m. d

wt

Bulker Newbuildings on Order Capesize Panamax

Handymax Handysize

Newbuilding Historical Prices ($m)

Tankers Apr-12 2011 2010 2009 2008 2007 2006 2005 2004 2000 1995 1990 1985

310,000 DWT1 96.3 98.9 104.8 97.5 150 145 130 120 108 76.5 85.3 87.4 2 38.2

170,000 DWT1 58.4 60.3 66.3 61 90 90 80 71.5 71 52.5 54 66.1 2 28.2

110,000 DWT1 50.4 52.2 56 49.5 74 72 65.5 58 60 41.5 43.3 53.2 2 18.1

47,000 DWT1 32.2 35.2 36.1 35 46.5 52 47 43 39 29.5 33.2 3 32.1 3 13.3

Bulkers

180,000 DWT1 46.4 48.4 57.2 55.5 87 96 67 58.5 64.5 40.5 42.3 60.2 29.3

73,000 DWT1 27.2 28.7 34.3 34.5 45.5 54 39.5 36 37 22.5 27.9 30 13.4

45,000 DWT 25.2 26.7 31.1 29 41 47.5 37 31 30 20.5 24.1 25.3 12.4

29,000 DWT 22.1 22.2 26.3 24.5 31 34 27.5 25.5 24 15 19.2 21.3 9.7

1 Before 2001 sizes to read 280,000 - 140,000 - 95,000 - 40,0000 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)



10

The Shipbuilding Market

TYPE DWT BUILDER DELIVERY PRICE $ OWNER NOTES ACCOM. UNIT Barreras S.A. 2015 Edda Accomodation Unconfirmed Order

ACCOM. UNIT Barreras S.A. 2015 Edda Accomodation Unconfirmed Order

BULK 180000 Universal S.B. 2013 55.5 Mio China Steel Corporation

BULK 76000 Jiangnan SY Group 2013 29 Mio Diana Shipping Inc.

BULK 76000 Jiangnan SY Group 2013 29 Mio Diana Shipping Inc.

BULK 35000 Jiangsu Haishili 2013 Zhong Ning Shipping Co

BULK 45000 Tsuneishi Zhoushan 2014 Wisdom Marine Lines

BULK 45000 Tsuneishi Zhoushan 2014 Wisdom Marine Lines

BULK 37700 Hyundai Mipo 2013 NS Nikko Copper

BULK 51000 Taizhou Sanfu 2013 25 Mio Unknown




BULK 82000 Oshima S.B. Co. 2013 Bahri Dry Bulk





Bunkering 4200 Shanghai Waigaoqiao 2013 7 Mio Wilmar Holdings

Bunkering 4200 Shanghai Waigaoqiao 2013 7 Mio Wilmar Holdings

CONT 27000 Guangzhou Wenchong 2014 26 Mio Lomar Shipping

CONT 27000 Guangzhou Wenchong 2014 26 Mio Lomar Shipping

Drillship Samsung H.I. 2014 645 Mio ENSCO Offshore

LNG 86000 Daewoo 2015 Maran Gas Maritime

LNG 86000 Daewoo 2015 Maran Gas Maritime

LNG 85000 Hyundai H.I. 2015 Tsakos Energy Nav.

LPG 5500 STX Shipbuilding 2014 19.8 Mio StealthGas Inc.

LPG 5500 STX Shipbuilding 2014 19.8 Mio StealthGas Inc.

LPG 7000 STX Shipbuilding 2014 StealthGas Inc.

LPG 7000 STX Shipbuilding 2014 StealthGas Inc.

MSV STX Brevik 2014 Island Offshore Mngt

MSV STX Brattvaag 2013 Siem Offshore

MSV STX Brattvaag 2013 Siem Offshore

Pass / Car F. Fiskerstrand 2013 Boreal Transport



Pass / Car F. Remontowa 2013 25 Mio DSD Shipping A/S

Pass / Car F. Remontowa 2013 25 Mio DSD Shipping A/S

PCC 20700 Hyundai Mipo 2013 Ray Shipping

PROD 52000 Hyundai Mipo 2013 36 Mio Scorpio Tankers

PROD 30000 Hyundai Mipo 2013 Wisby Tankers AB

PROD 30000 Hyundai Mipo 2013 Wisby Tankers AB

PROD 73000 Hyundai H.I. 2013 Livanos Group

PROD 73000 Hyundai H.I. 2014 Livanos Group



11

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

Demolition Historical Data

480 479 473 464

180

230

280

330

380

430

480

530

580

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

USD

/to

n

Average Price Tankers 2009 2010

2011 2012

456 451 448 444

180

230

280

330

380

430

480

530

580

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

USD

/to

n

Average Price Bulkers 2009 2010

2011 2012

13.4

27 28.65

26.9

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

14.64

0

5

10

15

20

25

30

35

40

Mill

ion

dw

t

Total Demolition (Dwt)

Demolition Prices

Gen Cargo Tanker India USD 450 /lt Ldt USD 475 /lt Ldt

Bangladesh USD 460 /lt Ldt USD 485 /lt Ldt Pakistan USD 450 /lt Ldt USD 475 /lt Ldt China USD 415 /lt Ldt USD 420 /lt Ldt



12

HISTORICAL DEMOLITION PRICES (*Year’s End)

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 TANKER 178 186 182 172 115 136 174 135 174 262 362 302 405 507 287 338 485 482

BULKER 183 166 153 152 112 143 170 135 181 267 381 332 392 472 268 328 437 456

India

TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS

BULK PAQUITA 8615 1992 4565 472

BULK ALIDA GORTHON 14240 1977 6279 475

BULK FOREST TRADER 14240 1977 6279 475

BULK KALIAKRA 25560 1984 7755 460

BULK MED LEVANT 28780 1982 6861 467

BULK SEA BRIGHT 37226 1977 7975 465

BULK ARISTEAS P 38623 1985 7919 482

BULK LOVESTAR II 39339 1984 8026 475

BULK SPYROS B 45112 1985 9304 484

BULK DAKSHINWESHWAR 47277 1987 10100 430 Asis Sri Lanka

BULK ALEX D 52600 1989 13420 487

BULK LUCKY STAR 65767 1984 11795 465

BULK SEA PRIDE 66980 1983 11902 498 Incl Full spares, 1 extra Generator, 200 T RoB

BULK VISTA 86661 1987 17385 465

BULK ANDROS WARRIOR 171931 1986 22954 485

BULK MORGIANA 186001 1988 21427 485

BULK HYUNDAI OLYMPIA 186330 1987 21742 452 Asis S.Korea With 500-600 T RoB

COMBO BONNIE SMITHWICK 83155 1993 15455 452 Asis Colombo

CONT MSC BROOKE 17610 1992 6260 472

CONT BUNGA TERASEK 20000 1991 7247 510

CONT MSC HINA 21370 1984 10000 480

CONT BUNGA BIDARA 23518 1990 7274 510

CONT BUNGA DELIMA 23518 1990 7274 510

CONT AL MIRQAB 35615 1983 12861 488 Asis Khor Fakkan With sufficient fuel RoB

CONT HAMMURABI 35616 1983 13121 498 Asis Khor Fakkan With sufficient fuel RoB

CONT MSC SARAWAK 38351 1983 14998 481 Asis Colombo Incl 450 T RoB

CONT MSC HANNE 40027 1989 15000 493

CONT MSC TINA 45643 1986 15000 487

CONT YM AMERICA 46785 1992 18330 480 Asis Hong Kong With Bunkers for India

0

100

200

300

400

500

600

USD

/to

n

Historical Demolition Prices

TANKERS

BULKERS



13

REEF EIGER 6809 1991 4179 440

REEF HUDSON BAY 8945 1983 4973 452

REEF REF STAR 9360 1984 7200 463

REEF SNOW DRIFT 15710 1973 9100 458

TANK NORTHERN BELL 83651 1990 16283 488 Asis Colombo With 200 T bunkers RoB

TANK OVERSEAS REBECCA 94853 1994 17000 485 Asis Spore With 350 T bunkers RoB

TANK NAVAJO 111742 1990 19797 498

TANK KAMARI 149803 1991 20625 498

Bangladesh


BULK OCEAN LORD 37085 1984 9840 465

BULK STEEL ANDRONIKOS 37415 1982 9667 473

BULK ISLAND SINGAPURA 41346 1985 8817 480

BULK KS PHILIA 42972 1984 8471 470

BULK GREEN SKY 43184 1985 9000 480

BULK YONG XIANG MEN 45548 1982 9757 465

BULK SANTA CRUZ II 60847 1977 12270 465

BULK WAN DA 67670 1982 11725 460

BULK HEBEI LOYALTY 172810 1987 25658 460 CONT MARINA SOUTH 34380 1987 9510 478 CONT MARINA BAY 34380 1987 9510 468

REEF AKADEMIK VAVILOV 7673 1985 5996 510 With 37 T of Aluminium on board

TANK CE-ULSAN 106966 1990 18311 480 Asis Spore With 350 T RoB

TANK HEBEI AMBITION 285640 1990 33741 480

China

TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK BEST GLORY 65960 1982 11066 423

BULK RANIA 68405 1984 9919 445 Incl abt 150 T RoB and full

spares on board

BULK NEWLEAD VENETICO 134981 1990 20910 457

BULK IRIS FRONTIER 156326 1987 20784 440 BULK ALINA II 179802 1986 22083 463 Incl 1000 T RoB

CONT STX BUSAN 12573 1985 3826 420

CONT X-PRESS TOWER 14090 1988 14090 418

CONT YM EUROPE 47998 1992 18628 450 Asis Hong Kong With min Bunkers RoB

TWEEN SHAWNEE PRINCESS 22339 1984 5672 435

TWEEN TAYRONA PRINCESS 26320 1983 7318 439 Incl 200 T RoB

Pakistan

TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK GLORY 2 38300 1980 8148 471 TANK AMBERJACK 84040 1990 16789 500

TANK SEACREST 154970 1991 20179 475 Asis Spore With 400 T Bunkers RoB

TANK SEA WAVE 154970 1991 20179 475 Asis Fujairah With 150 T Bunkers RoB



14

Turkey

TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK DOVER 23438 1982 5663 360

CONT GOODWILL 5812 1987 2659 320

GAS LNG ELBA 25235 1970 14481 340

PASS PACIFIC 2936 1971 8765 260

RORO MIRAGE I 1829 1973 9446 328 RORO EUROVOYAGER 1992 1978 5970 365 RORO HELLENIC STAR 12700 1978 10245 370

Other


BULK SKY VENUS 5813 1994 2035 480 Asis Colombo Incl 450 T RoB

RORO SCOTIA PRINCE 1321 1971 6963 430 Asis Colombo

TANK AKER SMART 2 127003 1980 30043 400 Asis Indonesia under tow



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 MDO 380 cst MDO 380 cst MDO

1990 105 191.2 104 233.1 104.6 199.6

1991 82 170.8 78.6 206.1 75.3 161.1

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

Apr-12 686 996 726 1040 701 1030

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 (MDO)

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 0.6262 0.8164 0.007641 0.6794 0.6199 0.6379 CAD 1.5975 1 1.3041 0.012205 1.0852 0.9901 1.019 EUR 1.225 0.767 1 0.009359 0.8322 0.7593 0.7814 JPY 130.905 81.9629 106.865 1 88.9265 81.1326 83.4992 CHF 1.4723 0.9218 1.2019 0.011248 1 0.9125 0.9391 USD 1.6135 1.0102 1.3172 0.012327 1.0961 1 1.0292 AUD 1.568 0.9818 1.2801 0.011979 1.0652 0.9718 1

* 25/04/2012 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

-JPY

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

NewLead Holdings NEWL 3.13 1.55 101.9 5.23 0.40

Capital Product Partners

CPLP 8.40 8.09 3.8 11.39 4.85

Diana Shipping DSX 7.89 8.69 -9.2 11.65 6.59

Dryships DRYS 3.17 3.36 -5.7 4.82 1.75

Eagle Bulk EGLE 1.85 1.93 -4.1 3.57 0.88

Euroseas ESEA 1.85 2.35 -21.3 4.77 1.84

Excel Martime EXM 1.72 1.99 -13.6 4.20 1.37

Freeseas FREE 1.28 1.02 25.5 2.80 0.36

Genco Shipping&Trading

GNK 5.45 6.33 -13.9 10.14 4.15

Costamare Inc. CMRE 13.93 14.06 -0.9 18.10 10.93

Goldenport GPRT 84.88 79.28 7.1 115.61 83.00

Navios NM 3.89 4.19 -7.2 5.58 2.88

GasLog LNG Services GLOG 11.58 1.20 865 13.34 10.70

Paragon PRGN 0.73 0.82 -11 3.10 0.55

Safe Bulkers SB 6.60 6.69 -1.3 8.34 5.28

Star Bulk SBLK 0.98 0.92 6.5 2.44 0.86

Stealthgas GASS 6.25 6.04 3.5 6.45 3.40

TEN TNP 6.37 7.80 -18.3 10.84 4.78

TOP Ships TOPS 2.07 2.11 -1.9 7.80 1.00

* 25/04/2012 closing values IPO held previous month

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

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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