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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 November 2011 MONTHLY REPORT 0 2000 4000 6000 8000 10000 12000 Nov-01 Mar-02 Jul-02 Nov-02 Mar-03 Jul-03 Nov-03 Mar-04 Jul-04 Nov-04 Mar-05 Jul-05 Nov-05 Mar-06 Jul-06 Nov-06 Mar-07 Jul-07 Nov-07 Mar-08 Jul-08 Nov-08 Mar-09 Jul-09 Nov-09 Mar-10 Jul-10 Nov-10 Mar-11 Jul-11 Nov-11 Baltic Dry Index PRICES TANKERS ($ MIO) * Prices reflect Year’s end 2006* 2007* 2008* 2009* 2010* Nov-11 VLCC 5Y 117,2 136,0 155,8 78,0 87,8 55.6 VLCC 10Y 95,8 114,5 131,0 59,5 64,3 34.2 SUEZMAX 5Y 81,0 95,5 106,0 57,0 62,8 45.7 AFRAMAX 5Y 65,3 70,0 76,8 40,5 44,5 34.8 AFRAMAX10Y 51,8 60,0 64,7 23,5 30,7 19.5 PANAMAX5Y 55,5 60,4 61,0 35,5 39,0 31.2 45K 5Y D/H 47,3 53,0 52,7 23,5 27,3 26.1 45K 10Y D/H 38,9 44,7 43,2 16,0 19,7 16.5 45K 20Y 13,2 12,8 10,0 4,0 6,7 6.0 PRICES BULKERS ($ MIO) * Prices reflect Year’s end 2006* 2007* 2008* 2009* 2010* Nov-11 CAPESIZE 5Y 81,2 148,0 45,5 54,5 57,0 36.5 CAPESIZE 10Y 61,8 103,0 30,0 45,0 43,0 28.0 CAPESIZE 15Y 43,0 88,5 21,0 28,0 26,0 15.3 CAPESIZE 20Y 21,3 60,0 15.2 16,5 16,4 10.5 PANAMAX 5Y 45,4 89,0 25,5 35,0 38,5 26.5 PANAMAX 10Y 37,0 71,5 19,0 27,5 31,6 18.8 PANAMAX 15Y 27,7 61,0 12,5 22,0 23,1 12.6 PANAMAX 20Y 16,1 44,0 9,2 12,0 13,8 9.1 SUPRAMAX 5Y 40,0 74,5 24,0 27,5 31,9 26.5 HANDYMAX10Y 32,0 60,5 18,2 22,0 24,7 18.9 HANDYMAX15Y 22,1 46,0 13,0 17,5 20,0 11.9 HANDYMAX20Y 15,4 36,0 7,4 11,0 12,0 8.1

Transcript of ATHENIAN SHIPBROKERS S.A.drg.blob.core.windows.net/hellenicshippingnewsbody/pdf/ATHREPN… ·...

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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

November 2011

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

0

2000

4000

6000

8000

10000

12000

No

v-0

1

Mar

-02

Jul-

02

No

v-0

2

Mar

-03

Jul-

03

No

v-0

3

Mar

-04

Jul-

04

No

v-0

4

Mar

-05

Jul-

05

No

v-0

5

Mar

-06

Jul-

06

No

v-0

6

Mar

-07

Jul-

07

No

v-0

7

Mar

-08

Jul-

08

No

v-0

8

Mar

-09

Jul-

09

No

v-0

9

Mar

-10

Jul-

10

No

v-1

0

Mar

-11

Jul-

11

No

v-1

1

Baltic Dry Index

PRICES TANKERS ($ MIO)

* Prices reflect Year’s end 2006* 2007* 2008* 2009* 2010* Nov-11

VLCC 5Y 117,2 136,0 155,8 78,0 87,8 55.6

VLCC 10Y 95,8 114,5 131,0 59,5 64,3 34.2

SUEZMAX 5Y 81,0 95,5 106,0 57,0 62,8 45.7

AFRAMAX 5Y 65,3 70,0 76,8 40,5 44,5 34.8

AFRAMAX10Y 51,8 60,0 64,7 23,5 30,7 19.5

PANAMAX5Y 55,5 60,4 61,0 35,5 39,0 31.2

45K 5Y D/H 47,3 53,0 52,7 23,5 27,3 26.1

45K 10Y D/H 38,9 44,7 43,2 16,0 19,7 16.5

45K 20Y 13,2 12,8 10,0 4,0 6,7 6.0

PRICES BULKERS ($ MIO)

* Prices reflect Year’s end 2006* 2007* 2008* 2009* 2010* Nov-11

CAPESIZE 5Y 81,2 148,0 45,5 54,5 57,0 36.5

CAPESIZE 10Y 61,8 103,0 30,0 45,0 43,0 28.0

CAPESIZE 15Y 43,0 88,5 21,0 28,0 26,0 15.3

CAPESIZE 20Y 21,3 60,0 15.2 16,5 16,4 10.5

PANAMAX 5Y 45,4 89,0 25,5 35,0 38,5 26.5

PANAMAX 10Y 37,0 71,5 19,0 27,5 31,6 18.8

PANAMAX 15Y 27,7 61,0 12,5 22,0 23,1 12.6

PANAMAX 20Y 16,1 44,0 9,2 12,0 13,8 9.1

SUPRAMAX 5Y 40,0 74,5 24,0 27,5 31,9 26.5

HANDYMAX10Y 32,0 60,5 18,2 22,0 24,7 18.9

HANDYMAX15Y 22,1 46,0 13,0 17,5 20,0 11.9

HANDYMAX20Y 15,4 36,0 7,4 11,0 12,0 8.1

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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 - Second Hand units

Ship Type Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Total

BULK 32 42 40 32 37 46 229 TANK 20 37 18 23 24 29 151 GAS 2 14 8 2 10 0 36 CONT 5 9 7 14 14 6 55 TWEEN 3 6 1 0 2 2 14 REEF 0 0 0 1 6 1 8 RORO 3 2 0 1 0 0 6 FERRY 1 2 0 0 0 1 4 CRUISE 0 0 0 0 1 0 1

Total 66 112 74 73 94 85 504

546

48

615

39

0

200

400

600

800

THIS MONTH - PREVIOUS MONTH

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

AVAILABLE FOR SALE

REPORTED SOLD

PREVIOUS MONTH A/BLE FORSALEPREVIOUS MONTH SALES

179

29

196

24

0

100

200

300

THIS MONTH - PREVIOUS MONTH

S&P Activity - Tankers (<5,000 Dwt)

AVAILABLE FOR SALE

REPORTED SOLD

PREVIOUS MONTH A/BLE FORSALEPREVIOUS MONTH SALES

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TANKER SALES

626 619

892

659 650 683

0

200

400

600

800

1000

49 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46

WEEK NO

Baltic Clean Tanker - Yearly

2011 2010

1061

660

1047

737 693

842

300

500

700

900

1100

1300

49 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46

WEEK NO

Baltic Dirty Tanker - Yearly

2011 2010

731

699

679

705

640

660

680

700

720

740

26/10/2011 02/11/2011 09/11/2011 16/11/2011 23/11/2011

Baltic Clean Tanker - Monthly

781

759

770

762

787

780

720

740

760

780

800

820

26/10/2011 02/11/2011 09/11/2011 16/11/2011 23/11/2011

Baltic Dirty Tanker - Monthly

NAME DWT BLT PRICE $ BUYER

NAVAJO 3418 2002 S.KOREA DH 6.3 MIO S.KOREAN

LISA 4285 2007 CHINA DH 2.98 MIO ITALIAN (Via Auction)

MARIM 4285 2007 CHINA DH 2.65 MIO GREEK (Via Auction on Asis Whr is

Bss) TRANS MARMARA 5825 2003 TURKEY DH 4 MIO UNDISCLOSED

DOROTHEA 5980 1997 JAPAN DH 5.2 MIO ENBLOC BSS▼ FIONA 8511 1997 JAPAN DH 6.5 MIO WOO JIN SHIPPING, S.KOREA

CHEM POLLUX 12441 1995 ITALY DH 6.1 MIO UNDISCLOSED

ANEFANI 15885 1998 GERMANY DH 6.3 MIO GREEK (Via Auction on Asis Whr is

Bss) RHEINSTERN 17080 1993 GERMANY DH 7.5 MIO NIGERIAN DONAUSTERN 17094 1995 GERMANY DH 7.8 MIO UNDISCLOSED GOLDEN TOPSTAR 19735 2010 JAPAN DH 27.7 MIO UNDISCLOSED

PRODROMI 19996 2000 RUSSIA DH 7.5 MIO GREEK (Via Auction on Asis Whr is

Bss) KING EDWIN 35775 2000 S.KOREA DH 14.5 MIO UNDISCLOSED DAI VIET 37432 2005 S.KOREA DH 21.7 MIO GREEK BEAVER 40302 1984 YUGOSLAVIA DB 5 MIO UNDISCLOSED JAG PRATAP 45692 1995 S.KOREA DH 8.5 MIO UNDISCLOSED IOANNIS P 46349 2003 S.KOREA DH 21.5 MIO GREEK PACIFIC CRYSTAL 46842 1993 S.KOREA DH 7.25 MIO UNDISCLOSED DELOS 47067 1991 S.KOREA DH 7.3 MIO GREEK SANKO LIBRA 47378 2010 JAPAN DH 32 MIO US BASED SANKO LYNX 47678 2010 JAPAN DH 32 MIO US BASED OCEAN LADY 105579 2002 JAPAN DH 21.5 MIO SINOKOR, S.KOREA SALI 110461 1994 CROATIA DH 13 MIO UNDISCLOSED

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15986 23106

10603 350013500235003350043500535006350073500

Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11

$/D

ay

Spot Market - Tankers VLCC

SUEZMAX

AFRAMAX

19120 17230

13700

0

5000

10000

15000

20000

25000

30000

35000

Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11

$/D

ay

Period Market - Tankers 1 Year T/C

VLCC

SUEZMAX

AFRAMAX

FRONT HUNTER 146268 1996 UK DH 13.2 MIO VIETNAMESE WILSKY 164787 2009 S.KOREA DH 52.2 MIO US BASED TOKACHI 280973 1999 JAPAN DH 28 MIO SINOKOR, S.KOREA EAGLE VALENCIA 306999 2005 S.KOREA DH 53 MIO UNDISCLOSED

LEANDER 308491 1999 S.KOREA DH 33.5 MIO SBM OFFSHORE, MONACO (Via

Auction)

HERO I 308571 1999 S.KOREA DH 33.5 MIO SBM OFFSHORE, MONACO (Via

Auction)

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BULKER SALES

NAME DWT BLT GEAR PRICE $ BUYER

LIST 5099 2000 CHINA CR 2X40 4.6 MIO UNDISCLOSED (Private

Tender) ASIAN AMBITIOUS 5797 1995 JAPAN D 1X30, D 2X22 3 MIO UNDISCLOSED

GLOBAL HEMERA 7394 2008 CHINA GLESS * ENBLOC BSS▼ GLOBAL HERMES 7448 2006 CHINA GLESS * ENBLOC BSS▼ GLOBAL HELIOS 7448 2006 CHINA GLESS * ENBLOC BSS▼ GLOBAL HERA 7448 2006 CHINA GLESS * ENBLOC BSS▼ GLOBAL HESTIA 7448 2007 CHINA GLESS * ENBLOC BSS▼

GLOBAL HEBE 7486 2005 CHINA GLESS 24 MIO UK BASED (Via Auction.

Price Each) MEGAH LIMA 8680 1997 JAPAN CR 2X30, D 2X25 15.3 MIO INDONESIAN AO LI 8 9000 2010 CHINA CR 2X40 13.5 MIO RUSSIAN DOLCE X 9655 1984 SPAIN CR 2X16, D 2X16 1.4 MIO UNDISCLOSED

ASIAN HERO 11432 2006 JAPAN CR 1X60, CR

2X30, D 2X30 10.5 MIO S.KOREAN

FRIENDLY SEA 12034 1996 JAPAN CR 2X30, D 1X25 7 MIO UNDISCLOSED OCEAN VITA 16857 1997 CHINA CR 2X25 4.5 MIO ROMANIAN (Bank Sale) SELETAR HOPE 18320 2000 JAPAN CR 3X30 10.5 MIO GREEK RIO NEGRO 20567 1999 GERMANY CR 2X60 12.3 MIO UNDISCLOSED AQUILA COMPANION 20567 2000 GERMANY CR 2X60 10.5 MIO FAR EASTERN NEW ACCORD 27359 1996 S.KOREA CR 4X25 10.3 MIO GREEK

STX QUEENSLAND 33720 2005 JAPAN CR 4X30 20 MIO PRECIOUS SHIPPING, THAILAND

STX PIONEER 33733 2005 JAPAN CR 4X30 20 MIO PRECIOUS SHIPPING, THAILAND

779

668

659

500

550

600

650

700

750

800

850

26/10/2011 02/11/2011 09/11/2011 16/11/2011 23/11/2011

Baltic Handysize

2

1531

1404

1326

1381 1378

1150

1200

1250

1300

1350

1400

1450

1500

1550

1600

26/10/2011 02/11/2011 09/11/2011 16/11/2011 23/11/2011

Baltic Supramax

2

1931

1761

1831 1848

1600

1650

1700

1750

1800

1850

1900

1950

2000

26/10/2011 02/11/2011 09/11/2011 16/11/2011 23/11/2011

Baltic Panamax

4

3274

2779

3162 3223

3049

2000

2200

2400

2600

2800

3000

3200

3400

3600

3800

26/10/2011 02/11/2011 09/11/2011 16/11/2011 23/11/2011

Baltic Capesize

44 4438

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STELLA ALNILAM 34601 2010 CHINA CR 4X35 24.5 MIO GREEK BRAVERY 35676 1983 JAPAN CR 4X25 3.33 MIO UNDISCLOSED KOSTAS N 35971 1982 JAPAN CR 4X25 5 MIO CHINESE OCEAN JADE 37216 1984 S.KOREA CR 4X25 5 MIO SYRIAN OCEAN WIND 37306 1983 JAPAN CR 4X25 4.7 MIO CHINESE TEAM SPIRIT 37593 1984 JAPAN CR 5X25 5 MIO GREEK PARNASSOS 40907 1984 JAPAN CR 4X25 5.1 MIO GREEK ORANA 44849 1991 JAPAN CR 3X14.7 9.7 MIO CHINESE BONASIA 46509 2001 JAPAN CR 4X30 20.3 MIO GREEK WESTERN SANTIAGO 46637 1997 JAPAN CR 4X31 14 MIO GREEK

ZHEJIANG ZENGZHOU 003 57000 2012 CHINA CR 4X30 26 MIO COURAGE MARINE, TAIWAN

PLEIADES 68962 1997 JAPAN GLESS 14 MIO GREEK BIG WAVE 69346 1989 JAPAN GLESS 8 MIO CHINESE ETERNAL WIND 71372 1997 JAPAN GLESS 12.4 MIO CHINESE MERIAN 74717 2000 CHINA GLESS 17.2 MIO DILEK SHIPPING PENGLAI JINGLU JI0026 75200 2011 CHINA GLESS 31 MIO BRAZILIAN MINERAL STAR 76286 2005 JAPAN GLESS 27 MIO UNDISCLOSED LUO DA 79600 2011 CHINA GLESS 28.75 MIO UNDISCLOSED VATHY 81297 2010 JAPAN GLESS 32.5 MIO GREEK STX JINHAE 2054 81700 2011 S.KOREA GLESS 32.5 MIO GREEK HUYNDAI MIPO 6062 82000 2012 S.KOREA GLESS 35 MIO GREEK KAMISU MARU 151102 1994 JAPAN GLESS 15.5 MIO UNDISCLOSED ROYAL OASIS 161192 1994 S.KOREA GLESS 16.5 MIO GREEK FORMOSABULK ENERGY 170089 2002 JAPAN GLESS 30.5 MIO GREEK HOUHENG SUNRISE 176298 2003 JAPAN GLESS 34 MIO GREEK (Dely 3/2012) UNIVERSAL TSU 167 207000 2012 JAPAN GLESS 57 MIO GREEK

24537

11834

10117

0

5000

10000

15000

20000

25000

30000

35000

Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11

$/D

ay

Spot Market - Bulkers CAPESIZE

PANAMAX

HANDYMAX

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COMBO SALES

NAME DWT BLT GEAR PRICE $ BUYER

FRONT RIDER 169718 1992 S.KOREA 12.5 MIO CHINESE

TWEEN SALES

NAME DWT BLT GEAR TEU PRICE $ BUYER

CARIBE MAIDEN 22500 1987 UK CR 6X32 796 5.75 MIO CHINESE OTTAWA PRINCESS 22800 1987 UK CR 6X32 796 5.75 MIO CHINESE

CONTAINER SALES

NAME DWT BLT GEAR TEU PRICE $ BUYER

SIEFKE 5700 2002 CHINA CR 2X45 520 4.8 MIO UNDISCLOSED PARIS JR. 18400 1996 POLAND CR 2X43 848 4.5 MIO GREEK MERIAN 20336 1994 GERMANY CR 3X45 1452 19.7 MIO GREEK

ST CERGUE 39316 2006 S.KOREA GLESS 2824 25 MIO GERMAN (Incl TC Attached for 9

MOS to Maersk at USD 8500 Pd) CMA CGM VERDI 73235 2004 S.KOREA GLESS 5782 45 MIO ENBLOC BSS▼ CMA CGM WAGNER

73235 2004 S.KOREA GLESS 5782 45 MIO GREEK (Incl TC Back 5 Yrs at USD

25000 PD)

REEFER SALES

NAME DWT BLT GEAR CBFT PRICE $ BUYER

ATLANTIK FRIGO 11000 89 YUGOSLAVIA CR 4X16 459871 1.8 MIO UNDISCOSED (Bss Laid

up/asis)

RORO SALES

NAME GT BLT LANE MTS/CARS PAX PRICE $ BUYER

AUSTRHEIM 749 1971 NORWAY 32 399 0.7 MIO UNDISCLOSED

20220 20840

16000

0

5000

10000

15000

20000

25000

30000

35000

Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11

$/D

ay

Period Market - Bulkers 1 Year T/C

CAPE

PMAX

HANDYMAX

44

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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 2011 (deliv) 2011 2012 2013 2014 2015 2016+ Total

VLOC 25 7 48 14 10 2 0 81

Capesize 173 43 156 66 7 7 0 279

Small Cape 113 33 120 23 8 0 0 184

Panamax 172 74 434 178 42 0 0 728

Supramax 315 99 377 165 15 1 0 657

Handys 237 73 322 146 18 0 0 559

Total 1035 329 1457 592 100 10 0 2488

Tanker Orderbook

Ship Type 2011 (deliv) 2011 2012 2013 2014 2015 2016+ Total

ULCC/VLCC 55 21 61 43 7 0 0 132

Suezmax 39 6 61 39 4 0 0 110

Aframax 53 12 52 23 5 0 0 92

Panamax 27 6 22 16 2 0 0 46

MR 65 9 82 49 4 0 0 144

Handy 21 9 9 4 0 0 0 22

Total 260 63 287 174 22 0 0 546

LPG Tank Orderbook

Ship Type 2011 (deliv) 2011 2012 2013 2014 2015+ Total

VLGC 2 1 2 10 0 0 13

LGC 0 0 0 0 0 0 0

MR 3 1 2 1 0 0 4

Handy 9 1 12 9 1 1 24

Small 32 20 33 5 3 3 64

Total 46 23 49 25 4 4 105

99.4

60.9 52.7

35.4

0

20

40

60

80

100

120

Nov-09 Mar-10 Jul-10 Nov-10 Mar-11 Jul-11 Nov-11

$m

Tanker Prices VLCC Suezmax

Aframax MR

1

5

3

48.4

28.7

26.8

22.3

0

10

20

30

40

50

60

70

Nov-09 Mar-10 Jul-10 Nov-10 Mar-11 Jul-11 Nov-11

$m

Bulker Prices Capesize Panamax

Handymax Handysize

5

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9

80

215

90.7

191

972

225

7

121 53.1

0

100

200

300

400

500

600

700

800

900

1000

2009 2010 Nov-11

No

. o

f V

es

se

ls

Newbuilding Sales Tankers >10,000 dwt

Bulkers >10,000 dwt

Containerships

49

115

57

14.9

44.9

33

0

20

40

60

80

100

120

140

Nov-11 2012 2013+

m. d

wt

Delivery Schedule Bulkers >10,000 dwt.

Tankers >10,000 dwt

44.8

18.7

10.7 4.1

13

0

5

10

15

20

25

30

35

40

45

50

November 2011

m.

dw

t

Tanker Newbuildings on Order VLCC Suezmax

Aframax Panamax

Products

97.7

65

40

20.8

0

20

40

60

80

100

120

November 2011

m. d

wt

Bulker Newbuildings on Order Capesize Panamax

Handymax Handysize

Newbuilding Historical Prices ($m)

Tankers Nov-11 2010 2009 2008 2007 2006 2005 2004 2003 2001 1995 1990 1985

310,000 DWT1 99.4 104.8 97.5 150 145 130 120 108 77.1 69.9 85.3 87.4 2 38.2

170,000 DWT1 60.9 66.3 61 90 90 80 71.5 71 51.4 46.3 54 66.1 2 28.2

110,000 DWT1 52.7 56 49.5 74 72 65.5 58 60 41.4 36.3 43.3 53.2 2 18.1

47,000 DWT1 35.4 36.1 35 46.5 52 47 43 39 31.4 26.2 33.2 3

32.1 3

13.3

Bulkers

180,000 DWT1 48.4 57.2 55.5 87 96 67 58.5 64.5 48.2 35.8 42.3 60.2 29.3

73,000 DWT1 28.7 34.3 34.5 45.5 54 39.5 36 37 27.1 20.3 27.9 30 13.4

45,000 DWT 26.8 31.1 29 41 47.5 37 31 30 24.1 18.4 24.1 25.3 12.4

29,000 DWT 22.3 26.3 24.5 31 34 27.5 25.5 24 18.1 14.2 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)

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The Shipbuilding Market

TYPE DWT BUILDER DELIVERY PRICE $ OWNER NOTES BARGE ASL Shipyard 2012 Unknown

BARGE ASL Shipyard 2012 Unknown

BULK 16000 Usuki Zosensho 2012 Uknown

BULK 35000 Dae Sun S.B. 2014 25.5 Mio Uknown

BULK 35000 Dae Sun S.B. 2014 25.5 Mio Uknown

BULK 37000 Jinling Shipyard 2013 Clipper Group

BULK 37000 Jinling Shipyard 2013 Clipper Group

BULK 37000 Jinling Shipyard 2014 Clipper Group (Option)

BULK 37000 Jinling Shipyard 2014 Clipper Group (Option)

BULK 37000 Jinling Shipyard 2013 23 Mio Ariston Shipping

BULK 37000 Jinling Shipyard 2013 23 Mio Ariston Shipping

BULK 37000 Jinling Shipyard 2014 23 Mio Ariston Shipping

BULK 37000 Jinling Shipyard 2014 23 Mio Ariston Shipping

BULK 37000 Jinling Shipyard 2014 23 Mio Ariston Shipping

BULK 37000 Jinling Shipyard 2014 23 Mio Ariston Shipping

BULK 37000 Jinling Shipyard 2015 Ariston Shipping(Option)

BULK 37000 Jinling Shipyard 2015 Ariston Shipping(Option)

BULK 37000 Jinling Shipyard 2015 Ariston Shipping(Option)

BULK 45000 Bohai Shipbld. 2013 27.5 Mio Tianjin Zhonghai

BULK 45000 Bohai Shipbld. 2013 27.5 Mio Tianjin Zhonghai

BULK 45000 Bohai Shipbld. 2013 27.5 Mio Tianjin Zhonghai

BULK 45000 Bohai Shipbld. 2013 27.5 Mio Tianjin Zhonghai

BULK 58000 Tsuneishi Zhoushan 2012 Tata NYK

BULK 58000 Tsuneishi Zhoushan 2012 Tata NYK

BULK 76000 Jiangnan SY Group 2013 36.09 Mio Tianjin Zhonghai

BULK 81000 Tsuneishi Zhoushan 2013 Mykonos Shipping

BULK 81000 Tsuneishi Zhoushan 2013 Mykonos Shipping

BULK 82000 Cosco Zhoushan 2013 Uknown

BULK 82000 Cosco Zhoushan 2013 Uknown

BULK 206000 Shanghai Jiangnan 2013 53 Mio The-Hu Cargocean

BULK 206000 Shanghai Jiangnan 2013 53 Mio The-Hu Cargocean (Option)

CONT 120000 Hudong Zhonghua 2013 China Shipping Cont

CONT 120000 Hudong Zhonghua 2013 China Shipping Cont

CONT 120000 Hudong Zhonghua 2013 China Shipping Cont

CONT 120000 Hudong Zhonghua 2013 China Shipping Cont

CONT 120000 Dalian Shipbuilding 2013 China Shipping Cont

CONT 120000 Dalian Shipbuilding 2013 China Shipping Cont

CONT 120000 Dalian Shipbuilding 2013 China Shipping Cont

CONT 155000 STX Shipbuild. 2014 Zodiac Maritime Agy.

CONT 155000 STX Shipbuild. 2014 Zodiac Maritime Agy.

CONT 155000 STX Shipbuild. 2015 Zodiac Maritime Agy.

CONT 155000 STX Shipbuild. 2015 Zodiac Maritime Agy.

CONT 155000 STX Shipbuild. 2015 Zodiac Maritime Agy.

CONT 155000 STX Shipbuild. 2015 Zodiac Maritime Agy.

CONT 155000 STX Shipbuild. 2016 Zodiac Maritime Agy.

CONT 155000 STX Shipbuild. 2016 Zodiac Maritime Agy.

CONT 155000 STX Shipbuild. 2016 Zodiac Maritime Agy.

CONT 155000 STX Shipbuild. 2016 Zodiac Maritime Agy.

Drillship Daewoo 2014 600 Mio Atwood Oceanics Inc

GEN.CARGO 14000 Dae Sun S.B. 2014 Uknown

GEN.CARGO 14000 Dae Sun S.B. 2014 Uknown

GEN.CARGO 14000 Dae Sun S.B. 2014 Uknown (Option)

Jackup Drill Lamprell Sharjah 2014 165.65 Mio National Drilling CO

Jackup Drill Lamprell Sharjah 2014 165.65 Mio National Drilling CO

LNG 75000 Mitsubishi H.I. 2014 Osaka Gas Co. LTD

LNG 75000 Mitsubishi H.I. 2015 Osaka Gas Co. LTD

LNG 85000 Daewoo 2014 Stena Bulk AB

LNG 85000 Daewoo 2014 Stena Bulk AB

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LPG 26500 Hyundai Mipo 2013 KSS Line Ltd

MPP 5200 Western Marine 2012 10.67 MK Shipping BV

MPP 5200 Western Marine 2012 10.67 MK Shipping BV

MPP 5200 Western Marine 2013 10.67 MK Shipping BV

MPP 5200 Western Marine 2013 10.67 MK Shipping BV

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

Demolition Historical Average Prices

485 485 486 506 507 498 497 498 505 492

339

180230280330380430480530580630680730780

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

$

Tankers 2008 2009

2010 2011

455 447 465 479 484 473 472 473 484 464

427

180230280330380430480530580630680730

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

$

Bulkers 2008 2009

2010 2011

Demolition Prices

Gen Cargo Tanker India USD 450 /lt Ldt USD 480 /lt Ldt

Bangladesh N/A N/A

Pakistan USD 450 /lt Ldt USD 475 /lt Ldt

China USD 380 /lt Ldt USD 400 /lt Ldt

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India

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

29.6

0 5 10 15 20 25 30 35 40

1981198219831984198519861987198819891990199119921993199419951996199719981999200020012002200320042005200620072008200920102011

Million dwt

Year

Total Demolition

TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS

BULK MV AMERICAN TERN 17175 1990 7340 502 Asis Pakistan

BULK RED SEA SPIRIT 17556 1977 4978 463

BULK GRAND MIDAS 19408 1978 5278 385

BULK DEVIGLORYI 26400 1982 5860 469

BULK ALASKA II 26681 1975 6908 478

BULK XIN YUAN CHAO 34287 1983 7934 495 Asis Fujairah

BULK ALINA 34318 1977 7624 478

BULK TABASSUM 34859 1983 7800 475

BULK NORWICH 43052 1978 11500 508

BULK MANHATTAN PRINCESS 45526 1982 10290 485

BULK GOOD LIGHT 55822 1979 10862 490 Asis Colombo With Min Bunkers

BULK HARITA FERRO 66786 1984 12216 450 Asis Spore With Abt 200 T IFO RoB

CONT ESM TRAVELLER 17400 1984 9732 508 Incl IFO RoB

CONT KOTA ABADI 21888 1984 7497 470 Asis Fujairah

REEF GUADALAJARA 12243 1982 72136 487

REEF GIBRALTAR 13303 1977 8064 490

RORO BALTICUM 9700 1977 6652 520

RORO BALTICA 13772 1990 6458 452 Asis Fujairah

RORO AMDERMA 23024 1983 10816 472

RORO JOLLY ZAFFIRO 28098 1978 19728 460 Asis Genoa

RORO JOLLY CORALLO 28173 1979 19654 460 Asis Genoa

TANK LIQUID CRYSTAL 7623 1989 2810 505

TANK SUN BRIDGE 13901 1989 3891 726 Enbloc With World Bridge

TANK WORLD BRIDGE 13901 1989 3892 726 Enbloc With Sun Bridge

TANK SEBAROK SPIRIT 95649 1993 15661 481 Asis Spore Incl 400 T RoB

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China

TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS

BULK SHINZAN MARU 200999 1987 26850 380

TANK BLACK JADE 4231 1983 1091 385

TANK BLACK PEARL 5067 1982 2283 380

TANK GOLDEN SUN 100488 1986 17250 430

TWEEN DONG BINH 15240 1980 3766 400

CONT KITANO 59804 1990 18500 378

Pakistan

TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS

BULK OCEAN HOST 46752 1985 11681 512 Incl 300 T RoB

BULK OCEAN FRIEND 46856 1982 11000 512 Incl 300 T RoB

BULK ILSE 65239 1982 10690 500 Incl 700 T IFO RoB

TANK FRONT DELTA 136055 1993 23423 520

TWEEN MULTAN 18257 1980 5522 490 Asis Pakistan

TWEEN FU TONG 14347 1980 5750 500

TWEEN ARETI I 15884 1979 6060 480

TWEEN HONG LUCK 19403 1980 6395 475

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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 0.6229 0.8572 0.008247 0.6979 0.6428 0.6408

CAD 1.6061 1 1.3767 0.013243 1.1207 1.0322 1.0291

EUR 1.1667 0.7266 1 0.009621 0.8141 0.7499 0.7475

JPY 121.291 75.5358 103.963 1 84.6335 77.9522 77.7107

CHF 1.4334 0.8927 1.2286 0.011819 1 0.9213 0.9184

USD 1.556 0.969 1.3337 0.01283 1.0857 1 0.9969

AUD 1.561 0.9722 1.3381 0.012872 1.0893 1.0033 1 * 30/11/11 values

70

75

80

85

90

95

100

105

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

01/11/10 01/01/11 01/03/11 01/05/11 01/07/11 01/09/11 01/11/11

USD

-JP

Y

USD

-EU

R

Currencies USD-EURO

USD-JPY

0

20

40

60

80

100

120

140

01/11/10 01/01/11 01/03/11 01/05/11 01/07/11 01/09/11 01/11/11

$/B

arre

l

Brent Oil

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S T O C K W A T C H

NAME TICKER THIS

MONTH* LAST MONTH CHANGE % 52w HIGH 52w LOW

NewLead Holdings NEWL 0.78 0.75 4 3.88 0.53

Capital Product Partners

CPLP 6.03 6.90 -12.6 11.39 4.85

Diana Shipping DSX 7.40 7.98 -7.3 13.74 6.59

Dryships DRYS 2.14 2.57 -16.7 6.44 1.75

Eagle Bulk EGLE 1.09 1.50 -27.3 5.39 1.05

Euroseas ESEA 2.81 3.14 -10.5 5.28 2.53

Excel Martime EXM 1.75 2.96 -40.9 6.17 1.63

Freeseas FREE 0.59 0.93 -36.5 4.08 0.56

Genco Shipping &Trading

GNK 7.37 8.83 -16.5 15.65 4.15

General Maritime GMR N/A N/A N/A N/A N/A

Goldenport GPRT 71.75 72.00 -0.3 122.00 71.40

Navios NM 3.37 3.70 -8.9 5.99 2.88

Omega Navigation ONAV N/A N/A N/A N/A N/A

Paragon PRGN 0.75 1.06 -29 3.66 0.66

Safe Bulkers SB 6.00 6.65 -9.8 9.78 5.28

Star Bulk SBLK 1.19 1.40 -15 3.09 1.00

Stealthgas GASS 3.77 4.19 -10 8.80 3.40

TEN TNP 4.86 5.99 -18.9 11.18 4.84

TOP Ships TOPSD 2.29 2.16 6 11.60 1.00

* 29/11/2011 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.