IN THE NEWS• Latest Company News

• Key Market Updates For Container Shipping

By James Catlin

CAPITAL MARKETS • Currencies, Commodities & Indices

• Shipping Equities – Weekly Review

• Dividend Paying Shipping Stocks

SHIPPING MARKETS• Global Shipping Company Bond Profiles

• Weekly Market Report – Allied Shipbroking Inc

• Stifel Shipping Markets

Monday, September 14, 2020 (Week 37)

www.CapitalLinkShipping.com

In partnership with major industry participants, Capital Link

launches its new shipping website

Knowledge Hub for Shipping

Upcoming Forum TERMS OF USE & DISCLAIMER

CONTENT CONTRIBUTORS

RECENT WEBINARS To view, please click on the title

• Women in Maritime: The Shipping Agenda and

the Mechanisms for Change – August 12, 2020

• Addressing the Industry's Crewing Challenge

During the Covid-19 Era and Beyond - July 29,

2020

• Hong Kong’s Advantages for Ship Leasing –

July 27, 2020

• Deep Dive into TEN & the Tanker Sector – July

16, 2020

• Does Size Matter? Shipping Operational

Performance & Fleet Size – July 8, 2020

Capital Link Shipping

Weekly Markets Report

ABOUT THE FORUMABOUT THE DIGITAL FORUM

Capital Link’s 5th Annual Digital International Shipping Forum – China will take place on September 15 & 16, 2020. It is held

in partnership with Columbia Shipmanagement and Singhai Marine Services and with the support of the Shanghai/Pudong

Government.

ICBC Leasing is the Lead Sponsor

WITH THE SUPPORT OF THE

SHANGHAI PUDONG NEW AREA COMMISSION

OF COMMERCE

(International Shipping Service Office)

For further information, contact Eleni Bej (New York), Director of Special Events, at ebej@capitallink.com or +1 (212) 661-7566.

For sponsorship opportunities, please contact Nicolas Bornozis or Anny Zhu at forum@capitallink.com or call +1 212 661-7566.

KEYNOTE SPEAKERS

H.E. Ioannis Plakiotakis

Minister of Maritime Affairs &

Insular Policy

Hellenic Republic.

Martin Stopford

Non-Executive President

Clarkson Research

Services Ltd.

FORUM OVERVIEW & STRUCTURE

Since its inception, this Forum has been a top-level link between the International and Chinese shipping, financial and business

communities by featuring industry leaders, debating latest market trends, and exploring business opportunities.

China has been a major business destination for the international shipping community, providing financing, shipbuilding, cargo

trading and more.

The Forum will explore cooperation and business opportunities in these areas and will also highlight the significance of

Shanghai as a Global Maritime Hub.

Shipping has been navigating the challenges of Covid-19 while ensuring the global supply chain remains uninterrupted.

Furthermore, the industry is going through a period of rapid change, the result of new environmental regulation and technology.

The Forum will focus on fostering closer cooperation between the international and Chinese maritime communities discussing

topics such as:

Financing, Leasing and Private Equity

Dealing with Chinese Shipyards

Navigating in and out of Chinese Ports

The increasing international presence of Chinese Seafarers

Optimizing Cargo Trading with China

Exploring joint venture opportunities, optimizing technical & commercial ship management

Also, issues of critical significance to the industry such as availability of marine fuels, technology & digitalization, IMO 2020 and

decarbonization, and issues affecting the global economy and trade and the global commodity and energy markets.

The Forum will host a series of panel discussions featuring senior Domestic Chinese and non-Chinese executives and

international experts and a series of 1x1 ONLINE Meetings between international shipping companies and Chinese Leasing

Firms.

The event will be in both English and Chinese Languages

AWARD HONOREE

2020 Capital Link China Shipping Leadership Award

Presented To

Prof. Yu Qing Sun

President of Dalian Maritime University, China

REGISTER

www.CapitalLinkShipping.com

The Knowledge Hub for Shipping

Your One-Stop Digital Resource on the Shipping IndustryAvailable to Members - Register Free

Capital Link, in partnership with major industry participants, launches its

revamped website. Site features:

Analyst Corner

Weekly Video Update by Randy Giveans, Jefferies

Weekly Analyst Interviews

Daily Research Bulletin Board

Randy Giveans

Group Head of Energy Maritime Shipping

Equity Equity Research

Jefferies

Listed CompaniesCompany Profiles, News, Presentations, Earnings & Conference Calls Schedule, SEC Fillings

Shipping MarketsSpot & Time Charter Earnings, FFAs, Asset Values; S&P Activity, Freight Rates & More – Daily & Weekly

Updates – Dry Bulk – Tanker – LNG/LPG – Containers

Freight Indices – Baltic Indices – FFA Indices – Bunkering / Marine Fuel Prices

Capital Markets

Shipping Stocks Daily Stock Market Trading Data – Common & Preferred Stocks

Maritime Bonds

Capital Link Stock Market Indices – Currencies – Commodities

Interactive Comparisons

Comparison of Relative Performance of Stock Market / Freight Market / FFA Market

Daily Industry News

Extensive Aggregation of Industry News from a Wide Variety of Sources – RSS Feeds & More, Providing Rich

Content & Updates

Industry ReportsIndustry Reports Contributed by Major Participants

Across All Industry Sectors & Functions

Braemar, Allied, Affinity, Alphaliner, Arrow, Bancero

Costa, Breakwave Advisors, BunkerEx, Charles W.

Webber, DNB Markets, Drewry, Gibson, Intermodal,

GMS, Poten, Optima Shipping, Weberseas etc.

Daily BlogsInsight of Well-Known Industry Analysts, Investors,

Managers & Journalists

James Catlin & J Mintzmyer, Renaud Saleur, Mark

Williams, Richard Diamond, Barry Parker

Capital Link’s Proprietary ContentWebinars, Podcasts, Maritime Forums, Capital Link TV

Channel

Weekly Features with Major Industry Personalities

Company ChannelsContent from Select Industry Participants

DNV-GL, EY, InvestHK, Tototheo, Columbia

Shipmanagement, Seward & Kissel, WFW, Stephenson

Harwood, ReedSmith,Yield Street, Braemar Naves,

DNB, Citi, BoComm Leasing, ICBC, and more.

www.CapitalLinkShipping.com

The Knowledge Hub for Shipping

Your One-Stop Digital Resource on the Shipping IndustryAvailable to Members - Register Free

Capital Link, in partnership with major industry participants, launches its revamped website. Site features:

www.CapitalLinkShipping.com

August 2020 Pressure Market Assessment

12 MONTH / ONE YEAR TIME CHARTER MARKET (US$/DAY)

US$/Day Aug-20 Jul-20 Monthly Change Historical Avg*

11,000cbm $13,171 $13,025 $146 $13,703

7,500cbm $10,603 $10,603 $0 $11,269

5,000cbm $8,384 $8,384 $0 $8,859

3,500cbm $7,068 $7,101 -$33 $7,366 *3,500cbm, 5,000cbm & 7,500cbm since Jan’10 *11,000cbm since Nov'14

Activity levels in the European market is picking up, and with less availability of the smaller vessels

freight levels seem to have bottomed-out. The larger pressurised vessels have gained traction due to an

active East Mediterranean and Black Sea market, and continuing exports from the usual Middle East

facilities. No change in the newbuilding orderbook with four pressure vessels for delivery in 2020 and

nine in 2021 that will join the international fleet.

For further information please see www.epic-gas.com or,

Contact our Investor Relations team: ir@epic-gas.com

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

Jan-10…

Jul-

10

Jan-11…

Jul-

11

Jan-12…

Jul-

12

Jan-13…

Jul-

13

Jan-14…

Jul-

14

Jan

-15

Jul-

15

Jan

-16

Jul-

16

Jan

-17

Jul-

17

Jan

-18

Jul-

18

Jan

-19

Jul-

19

Jan

-20

Jul-

20

3,500cbm-Steem1960 5,000cbm-Steem1960 7,500cbm-Grieg, Gibson, BRS 11,000cbm-Grieg, Epic, Braemar

Capital Link - New York - London - Athens - Oslo

New York - 230 Park Avenue, Suite 1536, New York, NY, 10169 Tel.: +1 212 661 7566 Fax: +1 212 661 7526

London - Longcroft House,2-8 Victoria Avenue, London, EC2M 4NS, U.K Tel. +44(0) 203 206 1320 Fax. +44(0) 203 206 1321

Athens - 40, Agiou Konstantinou Str, Suite A 5, 151-24 Athens, Greece Tel. +30 210 6109 800 Fax +30 210 6109801

Oslo - Raadhusgaten 25 P.O. Box 1904 Vika N-0116 Oslo, Norway

www.capitallink.com

www.capitallinkforum.com

Capital Link is a New York-based Advisory, Investor Relations and Financial Communications firm. Capitalizing on our in-

depth knowledge of the shipping industry and capital markets, Capital Link has made a strategic commitment to the

shipping industry becoming the largest provider of Investor Relations and Financial Communications services to

international shipping companies listed on the US and European Exchanges. Capital Link's headquarters are in New York

with a presence in London and Athens.

Investor Relations & Financial AdvisoryOperating more like a boutique investment bank rather than a traditional Investor Relations firm,

our objective is to assist our clients enhance long term shareholder value and achieve proper

valuation through their positioning in the investment community. We assist them to determine

their objectives, establish the proper investor outreach strategies, generate a recurring

information flow, identify the proper investor and analyst target groups and gather investor and

analyst feedback and related market intelligence information while keeping track of their peer

group. Also, to enhance their profile in the financial and trade media.

In our effort to enhance the information flow to the investment community and contribute to improving investor knowledge of

shipping, Capital Link has undertaken a series of initiatives beyond the traditional scope of its investor relations activity, such as:

www.CapitalLinkShipping.comA web based resource that provides information on the major shipping and stock market

indices, as well as on all shipping stocks. It also features an earnings and conference call

calendar, industry reports from major industry participants and interviews with CEOs, analysts

and other market participants.

Capital Link Shipping Weekly Markets ReportWeekly distribution to an extensive audience in the US & European shipping, financial and

investment communities with updates on the shipping markets, the stock market and listed

company news.

www.CapitalLinkWebinars.comSector Forums & Webinars: Regularly, we organize panel discussions among CEOs, analysts,

bankers and shipping industry participants on the developments in the various shipping sectors

(containers, dry bulk, tankers) and on other topics of interest (such as Raising Equity in

Shipping Today, Scrapping, etc).

Capital Link Investor Shipping ForumsIn New York, Athens and London bringing together investors, bankers, financial advisors, listed

companies CEOs, analysts, and shipping industry participants.

www.MaritimeIndices.comCapital Link Maritime Indices: Capital Link developed and maintains a series of stock market

maritime indices which track the performance of U.S. listed shipping stocks (CL maritime Index,

CL Dry Bulk Index, CL Tanker Index, CL Container Index, CL LNG/LPG Index, CL Mixed Fleet

Index, CL Shipping MLP Index – Bloomberg page: CPLI. The Indices are also distributed

through the Reuters Newswires and are available on Factset.

Capital Link Shipping...Linking Shipping and Investors Across the Globe

5

Monday, September 14, 2020 (Week 37)

Latest Company News

IN THE NEWS

Monday, September 7, 2020

(EURN) SHARE BUYBACK

ANTWERP, Belgium, 7 September 2020 – Euronav NV (NYSE: EURN

& Euronext: EURN) (“Euronav” or the “Company”) announces that the

Company has purchased on the NYSE and on Euronext Brussels a

total of 400,000 of its own shares for an aggregate price of EUR

3,053,717.36 (USD 3,631,883.53) as part of its capital allocation

strategy and returns to shareholder policy.

https://www.euronav.com/en/investors/company-news-reports/press-

releases/2020/share-buyback-5/

GOGL – Transition of Chief Financial Officer

Golden Ocean Group Limited (NASDAQ and OSE: GOGL) (“Golden

Ocean” or the “Company“) today announced that Mr. Per Heiberg,

Chief Financial Officer of Golden Ocean Management AS, has

submitted his notice of resignation. Mr. Heiberg has held this position

since April 2016 and has worked for the company in various capacities

since July 2005.

https://www.goldenocean.bm/gogl-transition-of-chief-financial-officer/

Tuesday, September 8, 2020

Diana Shipping Inc. Announces Time Charter Contract for m/v

Newport News with Koch

ATHENS, GREECE, September 8, 2020 – Diana Shipping Inc.

(NYSE: DSX), (the “Company”), a global shipping company

specializing in the ownership of dry bulk vessels, today announced

that, through a separate wholly-owned subsidiary, it has entered into a

time charter contract with Koch Shipping Pte. Ltd., Singapore, for one

of its Newcastlemax dry bulk vessels, the m/v Newport News. The

gross charter rate is US$18,400 per day, minus a 5% commission

paid to third parties, for a period until minimum 16 October 2021 up to

maximum 30 December 2021.

http://www.dianashippinginc.com/investors/press-releases/news-

diana-shipping-inc-announces-time-charter-contract-for-m-v-newport-

news-with-koch

(EURN) DISCLOSURE REGARDING A TRANSPARENCY

NOTIFICATION

ANTWERP, Belgium, 8 September 2020 – Euronav NV (NYSE: EURN

& Euronext: EURN) (“Euronav” or the “Company”) received a

transparency notification on 4 September 2020 from FMR LLC

according to which FMR LLC holds 5.02% of the voting rights in the

Company.

https://www.euronav.com/en/investors/company-news-reports/press-

releases/2020/disclosure-regarding-a-transparency-notification-8/

Global Ship Lease Declares Quarterly Dividend on its 8.75%

Series B Cumulative Redeemable Perpetual Preferred Shares

LONDON, Sept. 08, 2020 (GLOBE NEWSWIRE) -- Global Ship

Lease, Inc. (NYSE:GSL) (the “Company”) announced today that the

Company’s Board of Directors has declared a cash dividend of

$0.546875 per depositary share, each representing a 1/100th interest

in a share of its 8.75% Series B Cumulative Redeemable Perpetual

Preferred Shares (the “Series B Preferred Shares”) (NYSE:GSLPrB).

https://www.globalshiplease.com/news-releases/news-release-

details/global-ship-lease-declares-quarterly-dividend-its-875-series-23

SCORPIO TANKERS INC. ANNOUNCES UPDATE ON THE

REPURCHASE OF ITS SECURITIES AND A NEW $250 MILLION

SECURITIES REPURCHASE PROGRAM

MONACO, Sept. 08, 2020 (GLOBE NEWSWIRE) — Scorpio Tankers

Inc. (NYSE:STNG) (“Scorpio Tankers,” or the “Company”) announced

an update on the repurchase of the Company’s securities and a new

$250 Million Securities Repurchase Program.

https://www.scorpiotankers.com/scorpio-tankers-inc-announces-

update-on-the-repurchase-of-its-securities-and-a-new-250-million-

securities-repurchase-program/

Wednesday, September 9, 2020

Global Ship Lease Issues Inaugural Environmental Social and

Governance (ESG) Report

LONDON, Sept. 09, 2020 (GLOBE NEWSWIRE) -- Global Ship

Lease, Inc. (NYSE:GSL) (the “Company”), a leading independent

owner of containerships, announced today that it has issued its

inaugural Environmental, Social, and Governance (“ESG”) report. The

ESG report outlines the Company’s maritime sustainability strategy

and targets, as well as current ESG policies and performance.

https://www.globalshiplease.com/news-releases/news-release-

details/global-ship-lease-issues-inaugural-environmental-social-and

SCORPIO TANKERS INC. ANNOUNCES AN UPDATE ON DAILY

TCE RATES

MONACO, Sept. 09, 2020 (GLOBE NEWSWIRE) — Scorpio Tankers,

Inc. (NYSE: STNG) (“Scorpio Tankers”, or the “Company”) announced

today an update on daily TCE rates. Below is a summary of the

estimated average daily Time Charter Equivalent (“TCE”) revenue

(see definition below) and duration of contracted pool activities

(voyages and time charters) for the Company’s vessels as of today for

the three months ending September 30, 2020.

https://www.scorpiotankers.com/scorpio-tankers-inc-announces-an-

update-on-daily-tce-rates-2/

Thursday, September 10, 2020

Seaspan Continues to Execute on Growth Strategies Announcing

Delivery of Two 13,000 TEU Vessels

London, UK, September 10, 2020 – Seaspan Corporation

("Seaspan"), a wholly owned subsidiary of Atlas Corp. (“Atlas”)

(NYSE:ATCO), today announced that it has taken delivery of two high-

quality 13,000 TEU containerships built in 2010 and 2011. Both

vessels have commenced long-term time charters with a leading

global liner. The acquisitions were previously announced in July 2020.

https://ir.atlascorporation.com/press-releases

Seaspan Updates Proposed Voluntary Redemption of 7.125%

Senior Notes

London, UK, September 10, 2020 – Seaspan Corporation

("Seaspan"), a wholly owned subsidiary of Atlas Corp. (“Atlas”)

(NYSE:ATCO), today announced that it will not pursue the previously

proposed voluntary redemption of its outstanding 7.125% senior

unsecured notes due 2027 (the “Notes”). This decision aligns with

Atlas and Seaspan’s prudent focus on maintaining a strong financial

position during a period of uncertainty for the global capital markets.

https://ir.atlascorporation.com/press-releases

6

Monday, September 14, 2020 (Week 37)

Latest Company News

IN THE NEWS

Golar LNG Partners LP: Class I Director Appointment

Golar LNG Partners L.P. (“Golar Partners”) announces today that its

Board of Directors has appointed Mr. Neil Glass as a Class I Director.

This appointment fills the Class I vacancy on the Board of Directors

created by the resignation of Mr. Alf Thorkildsen in August 2020. Mr.

Glass replaces Mr. Thorkildsen and will serve out the remaining

portion of Mr. Thorkildsen’s term of office, which will expire at the 2022

Annual Meeting of Limited Partners. We welcome Neil to the Board of

Directors of Golar Partners.

https://www.golarlngpartners.com/investors/news/pr-

story.aspx?ResultPageURL=https://www.globenewswire.com/HexMLIt

em/Content/FullText/Attachments/All/Identifier/2091589/language/en

Seanergy Maritime Holdings Corp. Announces Open-Market

Stock Purchase Plan by the CEO and Additional Shareholder

Updates

September 10, 2020 - Athens, Greece - Seanergy Maritime Holdings

Corp. (NASDAQ: SHIP) (“Seanergy” or the “Company”) announced

today that its Chairman and Chief Executive Officer, Mr. Stamatis

Tsantanis, intends to purchase an aggregate of up to 500,000

common shares of the Company in the open market. In addition, for at

least the next 12 months, Mr. Tsantanis does not intend to sell any

newly acquired shares of the Company or any of the shares he

currently holds, which were acquired in previous years.

https://www.seanergymaritime.com/en/news/press-releases/article-

002701DEDC

Friday, September 11, 2020

Atlas Corp. Announces Departure of Chief Financial Officer

London, UK, September 11, 2020 – Atlas Corp. (NYSE:ATCO) (“Atlas”

or “Company”), today announced that Chief Financial Officer (“CFO”),

Ryan Courson, has decided to leave the Company to pursue

opportunities outside of the maritime and energy industries.

https://ir.atlascorporation.com/press-releases

Castor Maritime Inc. Reports Financial Results for the Three

Months and Six Months Ended June 30, 2020

Limassol, Cyprus, September 11, 2020 – Castor Maritime Inc.

(NASDAQ: CTRM), (“Castor” or the “Company”), a global shipping

company specializing in the ownership of dry bulk vessels, today

announced its results for the three months and six months ended June

30, 2020.

http://castormaritime.com/images//press_releases/Castor_Maritime_In

c_Reports_Financial__Results_for_the_Three_Months_and_Six_Mont

hs_Ended_June_30__2020.pdf

SCORPIO BULKERS INC. ANNOUNCES PURCHASE OF

COMMON SHARES BY SCORPIO SERVICES HOLDING LIMITED

MONACO, Sept. 11, 2020 (GLOBE NEWSWIRE) — Scorpio Bulkers,

Inc. (NYSE: SALT) (the “Company”) announced today that Scorpio

Services Holding Limited (“SSH”), a related party, has purchased

50,000 common shares of the Company at an average price of $12.96

per share in the open market. The Company currently has 11,992,380

common shares outstanding, of which SSH and its affiliates own

2,597,751 or 21.66%.

https://www.scorpiobulkers.com/scorpio-bulkers-inc-announces-

purchase-of-common-shares-by-scorpio-services-holding-limited-7/

7

Monday, September 14, 2020 (Week 37)

‹#› 7

Non US-Listed Company NewsTuesday, September 8, 2020

d’AMICO INTERNATIONAL SHIPPING S.A. ANNOUNCES THE

SALE OF ONE OF ITS OLDEST MR VESSELS, GENERATING NET

CASH OF APPROXIMATELY US$ 8.9 MILLION

Luxembourg – September 08th, 2020 – d’Amico International Shipping

S.A. (Borsa Italiana: DIS) (the “Company”or “DIS”), an international

marine transportation company operating in the product tanker

market, announces that its operating subsidiary d’Amico Tankers

D.A.C. (Ireland) (“d’Amico Tankers”), signed a memorandum of

agreement for the sale of the MT High Courage (the “Vessel”), a

46,975 dwt MR product tanker vessel, built in 2005 by STX, South

Korea, for a consideration of US$ 12.65 million.

http://investorrelations.damicointernationalshipping.com/files/comunic

atiStampa/2020/ENG/settembre/DIS_Announces%20the%20sale%20

of%20MT%20High%20Courage.pdf

8

Monday, September 14, 2020 (Week 37)

Today’s Blog

IN THE NEWS

Key Market Updates For Container

Shipping

By James Catlin -September 14, 2020

Quite some time ago, we noted the emergence of a

bifurcated container shipping market: One where

oversupply of ULCVs, which are confined to the

Asia/Euro routes, would keep larger container

shipping rates under pressure while the mid to

smaller classes would benefit from a shrinking

orderbook and a wider variety of trading options.

This proved to be the case for quite some time up till

the impact of C19. It was at that point where demand

destruction became the overriding market trend

taking down all classes in an indiscriminate fashion.

Idle capacity rates are a key gauge for

containerships and for a brief period we surpassed

those horrific 2016 levels.

Source: Clarksons SIN

But things appear to be rebounding nicely with

utilization rising sharply over the past months,

bringing with it rising rates.

Source: Clarksons SIN

In fact, the Shanghai to US West Coast freight rate

just hit a high not seen in well over a decade.

This is all welcome news, but is this trend

sustainable?

Read the full blog here:

https://capitallinkshipping.com/key-market-updates-

for-container-shipping/

9

Monday, September 14, 2020 (Week 37)

‹#› 9

Earnings Releases

Castor Maritime Inc. Reports Financial Results for the Three

Months and Six Months Ended June 30, 2020

Limassol, Cyprus, September 11, 2020 – Castor Maritime Inc.

(NASDAQ: CTRM), (“Castor” or the “Company”), a global shipping

company specializing in the ownership of dry bulk vessels, today

announced its results for the three months and six months ended June

30, 2020.

http://castormaritime.com/images//press_releases/Castor_Maritime_In

c_Reports_Financial__Results_for_the_Three_Months_and_Six_Mont

hs_Ended_June_30__2020.pdf

10

Monday, September 14, 2020 (Week 37)

Dividend Paying Shipping Stocks Stock Prices as of September 11, 2020

CAPITAL MARKETS DATA

Company Name TickerQuarterly

Dividend

Annualized

Dividend9/11/2020

Annualized

Dividend Yield

Container

Atlas Corp. ATCO Equity $0.125 $0.50 $9.33 5.36%

Costamare Inc CMRE Equity $0.10 $0.40 $5.44 7.35%

Tankers

DHT Holdings, Inc. DHT Equity $0.48 $1.92 $5.78 33.22%

Euronav NV EURN Equity $0.47 $1.88 $9.64 19.50%

Frontline Ltd. FRO Equity $0.50 $2.00 $7.49 26.70%

International Seaways, Inc. INSW Equity $0.06 $0.24 $16.88 1.42%

Navios Maritime Acquisition Corp NNA Equity $0.30 $1.20 $4.13 29.06%

Nordic American Tankers Limited NAT Equity $0.20 $0.80 $3.98 20.10%

Scorpio Tankers Inc STNG Equity $0.10 $0.40 $13.32 3.00%

Tsakos Energy Navigation Ltd TNP Equity $0.25 $1.00 $8.56 11.68%

Mixed Fleet

Ship Finance International Limited SFL Equity $0.25 $1.00 $9.11 10.98%

LNG/LPG

GasLog Ltd GLOG Equity $0.05 $0.20 $3.04 6.58%

Maritime MLPs

Capital Product Partners L.P. CPLP Equity $0.10 $0.400 $6.59 6.07%

GasLog Partners LP GLOP Equity $0.125 $0.500 $3.70 13.51%

Golar LNG Partners, L.P. GMLP Equity $0.0202 $0.08 $2.54 3.18%

Hoegh LNG Partners HMLP Equity $0.44 $1.76 $10.62 16.57%

KNOT Offshore Partners L.P. KNOP Equity $0.52 $2.08 $12.76 16.30%

Navios Maritime Partners NMM Equity $0.05 $0.20 $5.97 3.35%

Teekay LNG Partners L.P. TGP Equity $0.25 $1.00 $10.84 9.23%

11

Monday, September 14, 2020 (Week 37)

(1) Annual dividend percentage based upon the liquidation preference of the preferred shares.

* Prices reflected are since inception date:

CAPITAL MARKETS DATA

Preferred Shipping Stocks Stock Prices as of September 11, 2020

Company Ticker

Amount

Issued

($m)

TypeAnnual

Coupon

Offer

Price

Current

Price

9/11/2020

Current

Yield

(annualized)

%

change

last

week

52-week

Low

52-week

High

Altera Infrastructure L.P.

Series AALIN-PA 150 perpetual 7.25% $25.00 $15.65 11.58% 0.13% $5.64 $23.98

Altera Infrastructure L.P.

Series BALIN-PB 125 perpetual 8.50% $25.00 $16.65 12.76% 0.98% $6.90 $24.00

Altera Infrastructure L.P.

Series EALIN-PE 120 perpetual 8.875% $25.00 $16.42 13.51% 1.67% $7.15 $24.00

Altlas Corp. Series D ATCO-PD 177.29 perpetual 7.95% $25.00 $23.34 8.51% 1.09% $7.00 $24.72

Altlas Corp. Series E ATCO-PE 135 perpetual 8.25% $25.00 $24.43 8.44% 1.92% $7.49 $26.42

Altlas Corp. Series G ATCO-PG 115 perpetual 8.20% $25.00 $24.15 8.49% 0.37% $7.00 $25.36

Altlas Corp. Series H ATCO-PH 225 perpetual 7.875% $25.00 $23.35 8.43% -0.93% $7.20 $24.85

Altlas Corp. Series I ATCO-PI 150 perpetual 8.00% $25.00 $22.78 8.78% -1.85% $6.48 $25.95

Costamare Series B CMRE-PB 50 perpetual 7.625% $25.00 $22.69 8.40% 0.44% $10.64 $25.65

Costamare Series C CMRE-PC 100 perpetual 8.50% $25.00 $23.60 9.00% -0.52% $12.31 $26.10

Costamare Series D CMRE-PD 100 perpetual 8.75% $25.00 $24.28 9.01% 0.69% $12.96 $26.31

Costamare Series E CMRE-PE 115 perpetual 8.875% $25.00 $24.86 8.92% 0.65% $12.00 $27.05

Diana Shipping Series B DSX-PB 65 perpetual 8.875% $25.00 $23.00 9.65% 0.48% $10.55 $26.90

Dynagas LNG Partners A DLNG-PA 75 perpetual 9.000% $25.00 $22.25 10.11% 1.04% $7.50 $24.00

Dynagas LNG Partners B DLNG-PB 55 perpetual 8.75% $25.00 $18.43 11.87% -0.11% $9.90 $22.31

GasLog Series A GLOG-PA 115 perpetual 8.75% $25.00 $19.93 10.98% -1.58% $13.52 $27.00

Gaslog Partners Series A GLOP-PA 143.75 perpetual 8.63% $25.00 $15.76 13.68% -2.48% $6.40 $26.02

Gaslog Partners Series B GLOP-PB 115 perpetual 8.20% $25.00 $14.79 13.86% -1.92% $5.50 $25.54

Gaslog Partners Series C GLOP-PC 100 perpetual 8.50% $25.00 $15.15 14.03% -3.50% $5.23 $25.06

Global Ship Lease Series B GSL-PB 35 perpetual 8.75% $25.00 $23.00 9.51% 2.05% $10.08 $25.92

Golar LNG Partners Series A GMLPP 138 perpetual 8.75% $25.00 $19.24 11.37% 3.97% $6.40 $26.25

Hoegh LNG Partners Series A HMLP-PA 115 perpetual 8.75% $25.00 $23.80 9.19% 0.44% $10.09 $27.82

Navios Maritime Holdings

Series GNM-PG 50 perpetual 8.75% $25.00 $2.20 0.00% 6.80% $1.92 $9.65

Navios Maritime Holdings

Series HNM-PH 120 perpetual 8.63% $25.00 $2.01 0.00% -6.43% $1.45 $9.67

Safe Bulkers Series C SB-PC 57.5 perpetual 8.00% $25.00 $19.10 10.47% -3.29% $9.25 $23.41

Safe Bulkers Series D SB-PD 80 perpetual 8.00% $25.00 $19.38 10.32% 2.00% $9.90 $23.50

Teekay LNG Partners Series

ATGP-PA 125 perpetual 9.00% $25.00 $24.57 9.16% -0.69% $13.57 $27.01

Teekay LNG Partners Series

BTGP-PB 170 perpetual 8.50% $25.00 $23.23 9.15% -0.30% $11.76 $26.45

Tsakos Energy Series C TNP-PC 50perpetual-

Step up8.875% $25.00 $25.33 8.76% 0.12% $19.10 $26.86

Tsakos Energy Series D TNP-PD 85 perpetual 8.75% $25.00 $21.00 10.42% -0.05% $9.90 $25.19

Tsakos Energy Series E TNP-PE 115 perpetual 9.250% $25.00 $19.53 11.84% -0.86% $9.75 $24.98

Tsakos Energy Series F TNP-PF 150 perpetual 9.50% $25.00 $20.02 11.86% -0.30% $10.00 $25.19

12

Monday, September 14, 2020 (Week 37)

IndicesWeek ending September 11, 2020

CAPITAL MARKETS DATA

TRANSPORTATION STOCKS

BALTIC INDICES

Index Symbol 9/11/2020 9/4/2020 % ChangeYTD %

Change1/2/2020

Baltic Dry Index BDIY Index 1,267.00 1,362.00 -6.98 29.82 976

Baltic Capesize Index BCI14 Index 1,839.00 1,960.00 -6.17 11.73 1646

Baltic Panamax Index BPIY Index 1,313.00 1,473.00 -10.86 30.91 1003

Baltic Supramax Index BSI58A Index 917.00 953.00 -3.78 33.87 685

Baltic Handysize Index BHSI Index 560.00 569.00 -1.58 20.43 465

Baltic Dirty Tanker Index BIDY Index 459.00 446.00 2.91 -69.46 1503

Baltic Clean Tanker Index BITY Index 467.00 477.00 -2.10 -47.47 889

DRYBULK TICKER9/11/2020

Friday

9/4/2020

Friday

Change

%

52 week

high

52 week

low1/2/2020

Three Month

Avg. Volume

Castor Maritime Inc. CTRM $0.16 $0.17 -3.94% $3.94 $0.15 $1.90 15,049,640

Genco Shipping & Trading Ltd GNK $6.90 $6.35 8.66% $11.43 $4.51 $10.37 195,112

Diana Shipping Inc DSX $1.39 $1.43 -2.80% $3.95 $1.27 $3.07 310,285

Eurodry EDRY $3.51 $3.63 -3.30% $8.69 $3.28 $7.63 55,241

Eagle Bulk Shipping Inc EGLE $2.61 $2.63 -0.76% $4.84 $1.38 $4.51 406,479

FreeSeas Inc FREEF $0.00 $0.00 -30.30% $0.01 $0.00 N/A 41,628

Globus Maritime Ltd GLBS $0.13 $0.12 5.07% $2.80 $0.12 $1.00 17,432,690

Golden Ocean Group GOGL $3.57 $3.68 -2.99% $6.48 $2.55 $5.59 314,311

Navios Maritime Holdings Inc NM $1.75 $1.81 -3.31% $6.12 $1.45 $4.33 56,063

Navios Maritime Partners LP NMM $5.97 $6.10 -2.13% $20.98 $4.17 $17.87 112,137

Pangaea Logistics Solutions Ltd. PANL $2.14 $2.27 -5.73% $3.32 $1.62 $2.93 43,829

Paragon Shipping Inc PRGNF $0.00 $0.01 -72.22% $0.02 $0.00 N/A 25,503

Safe Bulkers Inc SB $1.02 $1.06 -3.77% $2.05 $0.84 $1.70 153,555

Scorpio Bulkers SALT $13.06 $13.00 0.46% $70.05 $12.52 $62.80 283,274

Seanergy Maritime SHIP $0.40 $0.43 -5.78% $13.28 $0.40 $8.67 6,532,592

Star Bulk Carriers Corp SBLK $6.64 $6.68 -0.60% $11.94 $3.92 $11.45 505,825

TANKERS Ticker 9/11/2020 9/4/2020 Change % 52 wk high 52 wk low 1/2/20203-Month Avg.

Vol.

Ardmore Shipping Corp ASC $3.55 $3.51 1.14% $9.49 $3.43 $8.97 334,390

Diamond S Shipping DSSI $8.47 $7.63 11.01% $17.06 $7.47 $16.86 345,796

DHT Holdings Inc DHT $5.78 $5.25 10.10% $8.59 $4.91 $8.40 3,154,638

Euronav NV EURN $9.64 $8.64 11.57% $13.09 $7.92 $12.83 1,986,008

Frontline Ltd/Bermuda FRO $7.49 $7.62 -1.71% $13.18 $6.38 $12.94 2,643,879

International Seaways INSW $16.88 $15.78 6.97% $30.63 $15.25 $29.82 246,556

Knot Offshore Partners KNOP $12.76 $12.43 2.65% $20.92 $8.92 $19.80 160,560

Navios Acquisition NNA $4.13 $4.60 -10.22% $10.83 $2.19 $8.84 173,722

Nordic American NAT $3.98 $3.69 7.86% $7.34 $1.90 $4.84 3,800,523

Overseas Shipholding OSG $2.14 $2.12 0.94% $2.65 $1.60 $2.32 332,361

Performance Shipping Inc PSHG $0.61 $0.59 2.63% $1.07 $0.37 $0.82 177,357

Pyxis Tankers PXS $0.79 $0.78 0.63% $1.75 $0.65 $1.14 86,619

Scorpio Tankers Inc STNG $13.32 $11.60 14.83% $39.69 $10.90 $39.69 1,899,545

Teekay Tankers Ltd TNK $12.65 $11.62 8.86% $25.18 $9.76 $24.63 1,022,170

Top Ships TOPS $1.10 $1.10 0.00% $114.75 $1.08 $0.79 5,614,983

Torm PLC TRMD $6.86 $6.65 3.16% $12.50 $6.49 $10.50 41,304

Tsakos Energy Navigation Ltd TNP $8.56 $8.46 1.18% $22.80 $8.26 $22.80 160,419

13

Monday, September 14, 2020 (Week 37)

CAPITAL MARKETS DATA

CONTAINERS Ticker 9/11/2020 9/4/2020 Change % 52 wk high 52 wk low 1/2/20203-Month Avg.

Vol.

Atlas Corp. ATCO $9.33 $8.94 4.36% $14.51 $6.27 $14.11 408,090

Box Ships Inc TEUFF $0.01 N/A #VALUE! $0.01 $0.00 N/A 43,694

Capital Product Partners LP CPLP $0.01 $5.95 -99.92% $14.13 $5.34 $13.50 146,191

Costamare Inc CMRE $5.44 $4.99 9.02% $10.71 $3.55 $9.60 763,501

Danaos Corp DAC $5.20 $4.74 9.70% $12.48 $2.78 $9.40 144,478

Euroseas ESEA $2.24 $2.09 7.18% $6.20 $1.73 $4.29 260,202

Global Ship Lease Inc GSL $5.43 $5.47 -0.73% $9.08 $2.70 $8.61 32,496

Navios Maritime Containers LP NMCI $0.80 $0.78 3.09% $2.15 $0.55 $2.04 182,239

LPG/LNG Ticker 9/11/2020 9/4/2020 Change % 52 wk high 52 wk low 1/2/20203-Month Avg.

Vol.

Dynagas LNG Partners DLNG $2.94 $2.87 2.44% $3.88 $1.01 $2.13 276,929

Dorian LPG $8.87 $7.96 11.43% $16.27 $6.44 $15.32 507,920

Flex LNG Ltd FLNG $5.69 $5.88 -3.23% $11.67 $3.69 $10.81 25,903

GasLog Ltd GLOG $3.04 $3.22 -5.59% $14.63 $2.62 $9.78 815,745

Gaslog Partners GLOP $3.70 $3.66 1.09% $20.46 $1.70 $15.63 344,136

Golar LNG Ltd GLNG $11.80 $10.20 15.69% $15.68 $4.63 $14.66 1,060,052

Golar LNG Partners LP GMLP $2.54 $2.55 -0.39% $10.53 $1.60 $8.74 138,317

Hoegh LNG Partners HMLP $10.62 $10.46 1.53% $17.12 $5.10 $15.88 138,901

Navigator Gas NVGS $9.39 $9.15 2.62% $13.73 $3.88 $13.25 92,151

StealthGas Inc GASS $2.39 $2.61 -8.43% $3.79 $1.73 $3.46 75,141

Teekay LNG Partners LP TGP $10.84 $10.95 -1.00% $16.37 $7.42 $15.52 248,077

MIXED FLEET Ticker 9/11/2020 9/4/2020 Change % 52 wk high 52 wk low 1/2/20203-Month Avg.

Vol.

Atlas Corp. ATCO $9.33 $8.94 4.36% $14.51 $6.27 $14.11 408,090

Grindrod Shipping GRIN $3.71 $3.70 0.27% $7.97 $2.21 $6.81 57,375

Navios Maritime Holdings Inc NM $1.75 $1.81 -3.31% $6.12 $1.45 $4.33 56,063

Ship Finance International Ltd SFL $9.11 $9.02 1.00% $15.06 $6.65 $14.59 659,794

Teekay Corp TK $2.44 $2.44 0.00% $5.67 $2.09 $5.26 1,078,743

MLPs Ticker 9/11/2020 9/4/2020 Change % 52 wk high 52 wk low 1/2/20203-Month Avg.

Vol.

Capital Product Partners CPLP $6.59 $5.95 10.76% $14.13 $5.34 $13.50 146,191

Dynagas LNG Partners DLNG $2.94 $2.87 2.44% $3.88 $1.01 $2.13 276,929

GasLog Partners GLOP $3.70 $3.66 1.09% $20.46 $1.70 $15.63 344,136

Golar LNG Partners LP GMLP $2.54 $2.55 -0.39% $10.53 $1.60 $8.74 138,317

Hoegh LNG Partners HMLP $10.62 $10.46 1.53% $17.12 $5.10 $15.88 138,901

KNOT Offshore Partners KNOP $12.76 $12.43 2.65% $20.92 $8.92 $19.80 160,560

Navios Partners NMM $5.97 $6.10 -2.13% $20.98 $4.17 $14.70 112,137

Teekay LNG TGP $10.84 $10.95 -1.00% $16.37 $7.42 $15.52 248,077

Oslo-Listed Shipping Comps

(currency in NOK)Ticker 9/11/2020 9/4/2020 Change % 52 wk high 52 wk low 1/2/2020

3-Month Avg.

Vol.

Golden Ocean GOGL $3.58 $3.61 -0.82% $6.86 $2.64 $5.72 1,166,189

Stolt-Nielsen Ltd. SNI $9.27 $9.25 0.24% $14.72 $6.16 $13.29 24,085

Frontline Ltd. FRO $7.63 $7.32 4.23% $13.18 $6.38 $12.94 3,905,685

MPC Containers MPCC $0.33 $0.31 6.43% $2.34 $0.21 $1.90 341,725

Jinhui Shpg. & Trans JIN $0.38 $0.40 -2.83% $1.03 $0.28 $0.64 104,587

Odfjell (Common A Share) ODF $2.33 $2.44 -4.59% $3.43 $1.63 $3.02 14,212

American Shipping Co. AMSC $3.11 $3.14 -1.08% $4.06 $1.38 $3.72 118,889

Hoegh LNG HLNG $1.27 $1.33 -4.59% $4.23 $0.78 $3.86 217,325

14

Monday, September 14, 2020 (Week 37)

Shipping Equities: The Week in ReviewSHIPPING EQUITIES OUTPERFORMED THE BROADER MARKET

Shipping equities outperformed the indices last week, with the Capital Link Maritime Index (CPLMMARI) -- a

composite index of all US listed shipping stocks – up 7.27%, compared to the S&P 500 (SPX) which went down

2.51%, Nasdaq (CCMP) down 4.06%, and Dow Jones Industrial Average (INDU) down 1.66%.

The Capital Link Maritime Indices fared well this past week with each of the 7 indices closing with gains. The

best performer was the Tanker Index (CPLMTANK) with a gain of 8.37%, while the MLP Index (CPLMMLPI)

was the worst performer with a gain of 0.48%.

The Baltic Indices performed poorly last week with 6 of the 7 indices finishing in the red and 1 finishing

positively. The Dirty Tanker Index (BDTI) was the best performer with a gain of 2.91%, while the Panamax

Index (BPI) was the worst performer with a decline of 10.86%.

CAPITAL MARKETS DATA

CAPITAL LINK MARITIME INDICES

Index Symbol 9/11/2020 9/4/2020 % Change YTD % Change 1/2/2020

Capital Link Maritime

IndexCPLMMARI Index 1,878.50 1,751.23 7.27 -49.76 3,739.19

Tanker Index CPLMTANK Index 902.58 832.90 8.37 -50.43 1,820.97

Dry Bulk Index CPLMDRYB Index 500.49 493.47 1.42 -64.15 1,395.89

Container Index CPLMCONT Index 808.10 768.37 5.17 -34.25 1,228.96

LNG/LPG Index CPLMLNPG Index 888.18 834.95 6.38 -33.36 1,332.79

Mixed Fleet Index CPLMMIXD Index 864.53 835.78 3.44 -33.93 1,308.52

MLP Index CPLMMLPI Index 927.60 923.16 0.48 -38.27 1,502.69

The objective of the Capital Link Maritime Indices is to enable investors, as well as all shipping market participants, to better track the performance of

listed shipping stocks individually, by sector or as an industry. Performance can be compared to other individual shipping stocks, to their sector, to the

broader market, as well as to the physical underlying shipping markets or other commodities. The Indices currently focus only on companies listed on

US Exchanges providing a homogeneous universe. They are calculated daily and are based on the market capitalization weighting of the stocks in

each index. In terms of historical data, the indices go back to January 2, 2005, thereby providing investors with historical performance.

There are seven indices in total; the Capital Link Maritime Index comprised of all 45 listed shipping stocks, and six Sector Indices, the CL Dry Bulk

Index, the CL Tanker Index, the CL Container Index, the CL LNG / LPG Index, the CL Mixed Fleet Index and the CL Maritime MLP Index.

The Index values are updated daily after the market close and can be accessed at or at or www.MaritimeIndices.com. They can also be found through

the Bloomberg page “CPLI” and Reuters.

15

Monday, September 14, 2020 (Week 37)

Global Shipping Company Bond Data

Contributed by Stifel Nicolaus & Co, Inc.

SHIPPING MARKETS

16

Monday, September 14, 2020 (Week 37)

Market Analysis

It is undoubtedly a period in which investment sentiment across the

whole spectrum of economic activity has been severely hit. A global

recession for 2020 is now a certainty, with the only question and debate

being as to its scale. At this point and in line with all this, global trade

has posted a massive decline this year, with estimates from the WTO

pointing to an annual drop of between 13% and 32%. Given these dire

circumstances it is of little surprise that newbuilding appetite for dry

bulkers has hit rock bottom, with the number of new contracts this year

having slumped to the second lowest figure on record for the past

decade.

Newbuilding activity plays a key role in describing future market

expectations and thus it has always been insightful to examine its trends

and patterns deeper. Nowadays, interest for new orders has been

limited, given the lack of confidence in the market. Putting down the

numbers, as at 1st September 2020, the total dry bulk orderbook

comprises of 614 vessels. This number is much lower than the

respective figures for September 2019 (870 units), 2018 (863 units),

2017 (664 units) as well as 2016 (1043 units). This drop is vastly

justified by the demand and supply balance that has been shaped by the

pandemic, but has also been in the making for some time prior to this.

During the period Jan – Aug 2020, 67 units were ordered, compared to

98 placed during the same period in 2019, 141 units in 2018 and 72

units 2017. However, is the longer-term outlook for this sector in line

with this decreasing trend noted in in the year so far in terms of

newbuilding orders?

To answer this question, we could further scrutinize the potential future

demand and supply fundamentals for this sector. Beginning with the

demand fundamentals, it is important to state that the majority of

forecasting models available are pointing to a significant rebound in

global trade from next year onwards. However, given where we are

today, it is likely that this rebound will just return things to pre-pandemic

levels. On the other hand, it may well signal the beginning of a longer-

term rising pattern for global trade. The average growth in total

merchandise trade from 2010 to 2019 stands at 2.8%, on par with what

we have seen for the average annual fleet capacity growth over the past

5 years. This shows that the two sides of this precarious balance are in

a close “confrontation”. Here it is interesting to disclose another two

crucial, though highly controversial points. The current orderbook to fleet

ratio is at around 5.7%, its lowest point for the past decade, while the

overage fleet (vessels above 20 years of age) to tal fleet ratio is

currently at 9.3%. Finally, it is worth mentioning that the FFA market

right now is pointing to a backwardation, with future BDI levels presently

being below what we are seeing in the spot market. At the same time

the cost-benefit analysis of placing a newbuilding order is heavily

depending on its price (though technical aspects also play a major role).

Current newbuilding prices are at historical lows, yet when stacked up

against the current second-hand prices, the investment opportunity

“glimmer” quickly fades away.

All in all, it is fair to note that the newbuilding market has been

considered for some time now as a threat to the shipping market

balance and a significantly risky investment decision. It will be

interesting to see if this belief starts to shift, possibly leading to a ramp

up in new orders during the final quarter of the year, or if the current

slump will continue, with shipbuilders shifting their hopes on a rebound

to be noted in 2021.

Aggregate Price Index

11 Sep ±∆ ±%Capesize 53 u 0 0.0%

Panamax 57 u 0 0.0%

Supramax 56 q 0 -0.6%

Handysize 60 u 0 0.0%

M-O-M change

SHIPPING MARKETS

Contributed by

Allied Shipbroking Inc

48 Aigialeias Str. 151 25 Maroussi

Athens, Greece

Phone: +30 2104524500

Website: www.allied-shipbroking.gr

Weekly Market Report

Dry Bulk Freight Market

Secondhand Market

Newbuilding Market

Demolition Market

Tanker Freight Market

11 Sep ±∆ ±%BDI 1,267 q -95 -7.0%

BCI 1,839 q -121 -6%

BPI 1,313 q -160 -10.9%

BSI 917 q -36 -3.8%

BHSI 560 q -9 -1.6%

W -O-W change

11 Sep ±∆ ±%BDTI 459 p 13 2.9%

BCTI 467 q -10 -2.1%

W-O-W change

Avg Price Index (main 5 regions)

11 Sep ±∆ ±%Dry 305 u 0 0.0%

Wet 323 u 0 0.0%

W-O-W change

Aggregate Price Index

11 Sep ±∆ ±%Bulkers 83 q -2 -2.2%

Cont 94 u 0 0.0%

Tankers 96 q -1 -0.8%

Gas 91 u 0 0.0%

M-O-M change

VLCC 93 q -4 -4.5%

Suezmax 81 q -3 -3.2%

Aframax 104 q -3 -3.1%

MR 113 q -3 -2.2%

17

Monday, September 14, 2020 (Week 37)

11 Sep 04 Sep ±% 2020 2019

Baltic Dry Index

BDI 1,267 1,362 -7.0% 932 1,344

Capesize

BCI 1,839 1,960 -6.2% 1,174 2,241

BCI 5TC $ 15,248 $ 16,252 -6.2% $ 11,209 $ 17,854

ATLANTIC RV $ 12,975 $ 14,150 -8.3% $ 11,753 $ 18,271

Cont / FEast $ 31,250 $ 33,105 -5.6% $ 25,540 $ 34,767

PACIFIC RV $ 16,025 $ 16,504 -2.9% $ 10,939 $ 16,987

FEast / ECSA $ 15,227 $ 16,364 -6.9% $ 10,219 $ 17,040

Panamax

BPI 1,313 1,473 -10.9% 1,002 1,384

BPI - TCA $ 11,817 $ 13,260 -10.9% $ 9,016 $ 11,090

ATLANTIC RV $ 10,115 $ 12,330 -18.0% $ 7,995 $ 11,245

Cont / FEast $ 19,605 $ 21,968 -10.8% $ 16,904 $ 19,398

PACIFIC RV $ 11,792 $ 12,946 -8.9% $ 8,029 $ 9,804

FEast / Cont $ 3,957 $ 4,199 -5.8% $ 2,135 $ 3,844

Supramax

BSI 917 953 -3.8% 646 877

BSI - TCA $ 10,092 $ 10,481 -3.7% $ 7,110 $ 9,914

USG / FEast $ 24,019 $ 24,400 -1.6% $ 18,436 $ 21,136

Med / Feast $ 21,479 $ 23,189 -7.4% $ 16,439 $ 18,182

PACIFIC RV $ 9,014 $ 9,396 -4.1% $ 6,323 $ 8,890

FEast / Cont $ 3,420 $ 3,300 3.6% $ 2,111 $ 4,651

USG / Skaw $ 15,669 $ 16,097 -2.7% $ 11,951 $ 14,664

Skaw / USG $ 9,338 $ 9,731 -4.0% $ 5,817 $ 7,590

Handysize

BHSI 560 569 -1.6% 375 490

BHSI - TCA $ 10,075 $ 10,246 -1.7% $ 6,736 $ 7,178

Skaw / Rio $ 12,093 $ 12,907 -6.3% $ 6,139 $ 6,081

Skaw / Boston $ 12,571 $ 13,507 -6.9% $ 6,572 $ 6,504

Rio / Skaw $ 11,544 $ 12,028 -4.0% $ 9,595 $ 10,511

USG / Skaw $ 12,229 $ 12,443 -1.7% $ 8,362 $ 7,901

SEAsia / Aus / Jap $ 8,797 $ 8,472 3.8% $ 6,153 $ 6,713

PACIFIC RV $ 7,709 $ 7,516 2.6% $ 5,667 $ 6,500

Spot market rates & indices Average

Dry Bulkers – Spot Market

SHIPPING MARKETS

Capesize - The downward correction continued for yet another week, with

the BCI 5TC figure losing a further 6.2%. The negative pressure was rather

attuned across all of the benchmark trade routes, given the uninspiring

trajectory in fixing activity. For the time being, the Atlantic region seems to

be the most under pressure, given the limited cargo availability and the fact

that the overall market was in clampdown throughout the past week. All-in-

all, despite the limited (so far) correction, the market is showing troubling

signs in terms of how strong the final quarter can prove to be.

Panamax - Things moved on the negative side here too, as of the past

week. The BPI TCA figure lost 10.9% of its value on a w-o-w basis, with

demand for tonnage across all main routes experiencing strong downward

pressure. Despite the good start to the week, the Pacific market lost

traction, with the uninspiring mineral trade putting pressure on freight rates.

Moreover, inline somehow with the bigger size segment, the Atlantic trade

was also problematic, given the relatively large amassed tonnage

availability in the region.

Supramax - The general negative pressure also hit the freight market here,

with the BSI TCA losing 3.7%. Things remain rather uninspiring, given the

lack of fresh enquiries, as well as, the limited activity in many of the

benchmark trades.

Handysize - In a very short period of time, the market has reached once

again a periodical “ceiling”, seemingly unable to push through at this point.

However, even with the small correction noted during the past week, the

market is still sustained at year-to-date high levels.

2015 2016

BCI Average TCE

BPI Average TCE

BSI Average TCE

BHSI Average TCE

Dry Bulk Indices

0

10

20

30

40'000 US$/ day

0

5

10

15

20'000 US$/ day

0

5

10

15

20'000 US$/ day

0

3

6

9

12

15'000 US$/ day

-1,000

0

1,000

2,000

3,000

4,000

5,000

6,000

BDI BCI BPI BSI BHSI

18

Monday, September 14, 2020 (Week 37)

Tankers – Spot Market

SHIPPING MARKETS

Crude Oil Carriers - A week with mixed signals in the crude oil tanker

market, with downward pressure though prevailing, pushing the BDTI 2.9%

lower w-o-w. On the VL front, owners finally witnessed a rebound, with

increased demand from the MEG playing a pivotal role. The positive vibe

was not transferred to the other segments. Suezmax freight rates posted

an overall decline, sourced from the lack of fresh enquiries in key regions

such as the WAF and Black Sea/Med. The same negative pattern was also

seen in the Aframax front. Activity remained subdued in almost all key

trading routes with limited cargo being available. The largest losses were

noted on the BALTIC-UKC route, where WS rates fell by 13.8%.

Oil Products - On the DPP front, it was a week with no clear direction, as

gains were posted on some routes such as ARA-USG, with a healthier

demand-supply balance. On other routes though, earnings posted losses

due to limited available cargoes. On the CPP front, things were less

positive, with interest from the charterers side being weak, while several

units remained unfixed.

2015 2016

VLCC Average TCE

Suezmax Average TCE

Aframax Average TCE

MR Average TCE

Tanker Indices

11 Sep 04 Sep ±% 2020 2019

Baltic Tanker Indices

BDTI 459 446 2.9% 846 867

BCTI 467 477 -2.1% 680 613

VLCC

WS 20.95 17.82 17.6% 47.81 33.64

$/ day $ 5,793 $ 160 3520.6% $ 40,682 $ 9,554

WS 39.35 25.38 55.0% 75.77 67.71

$/ day $ 26,979 $ 8,904 203.0% $ 67,683 $ 42,767

WS 38.17 24.75 54.2% 74.06 66.61

$/ day $ 24,319 $ 6,833 255.9% $ 64,544 $ 40,235

WS 40.00 29.75 34.5% 74.10 67.44

$/ day $ 39,325 $ 21,978 78.9% $ 87,897 $ 75,602

SUEZMAX

WS 35.00 37.50 -6.7% 83.56 86.38

$/ day $ 10,700 $ 11,260 -5.0% $ 45,390 $ 46,081

WS 47.56 49.17 -3.3% 94.62 103.20

$/ day $ 2,127 $ 2,505 -15.1% $ 34,916 $ 30,981

AFRAMAX

WS 74.69 77.19 -3.2% 112.39 117.06

$/ day $ 2,207 $ 2,407 -8.3% $ 26,138 $ 23,410

WS 65.11 67.78 -3.9% 113.39 127.42

$/ day $ 8,016 $ 8,235 -2.7% $ 23,142 $ 19,343

WS 55.31 56.88 -2.8% 138.32 127.91

$/ day $ 1,400 $ 1,224 14.4% $ 30,543 $ 19,566

WS 42.81 49.69 -13.8% 89.00 95.59

$/ day $ 1,384 $ 4,948 -72.0% $ 27,454 $ 25,348

DPP

WS 80.00 82.50 -3.0% 155.98 151.03

$/ day $ 10,927 $ 10,738 1.8% $ 34,109 $ 31,394

WS 59.58 58.75 1.4% 105.68 116.63

$/ day $ 3,749 $ 2,850 31.5% $ 15,534 $ 12,425

WS 71.56 73.75 -3.0% 107.03 115.83

$/ day $ 11,361 $ 11,611 -2.2% $ 23,608 $ 20,048

WS 59.50 59.06 0.7% 101.00 117.21

$/ day $ 2,421 $ 1,510 60.3% $ 21,636 $ 21,651

CPP

WS 80.36 87.86 -8.5% 143.09 119.65

$/ day $ 15,382 $ 17,403 -11.6% $ 35,151 $ 19,065

WS 112.22 118.33 -5.2% 143.91 133.65

$/ day $ 11,969 $ 12,644 -5.3% $ 16,792 $ 10,590

WS 97.50 120.00 -18.8% 158.52 131.01

$/ day $ 12,460 $ 17,370 -28.3% $ 26,643 $ 19,249

WS 62.50 65.36 -4.4% 112.68 94.94

$/ day $ 14,214 $ 14,214 0.0% $ 11,986 $ 4,402

MED-MED

CONT-USAC

USG-CONT

MEG-USG

MEG-SPORE

WAF-USG

BSEA-MED

MEG-SPORE

MEG-JAPAN

WAF-USAC

NSEA-CONT

CARIBS-USG

CARIBS-USAC

SEASIA-AUS

MEG-JAPAN

CARIBS-USAC

BALTIC-UKC

ARA-USG

Spot market rates & indices Average

0

500

1,000

1,500

2,000

2,500

BDTI BCTI

-10

40

90

140

190

240

290'000 US$/ day

0

50

100

150'000 US$/ day

0

20

40

60

80

100'000 US$/ day

5152535455565 '000 US$/ day

19

Monday, September 14, 2020 (Week 37)

Period Charter Market

SHIPPING MARKETS

Capesize Panamax

Dry Bulk 12 month period charter rates (USD ‘000/day)

VLCC Suezmax

Tanker 12 month period charter rates (USD ‘000/day)

Supramax Handysize

Aframax MR

Latest indicative Dry Bulk Period Fixtures

Latest indicative Tanker Period Fixtures

last 5 years

11 Sep 07 Aug ±% Min Avg Max

Capesize

$ 15,500 $ 18,000 -13.9% $ 6,200 $ 14,233 $ 23,200

$ 14,250 $ 15,250 -6.6% $ 6,950 $ 13,870 $ 20,950

Panamax

$ 13,250 $ 13,500 -1.9% $ 4,950 $ 10,288 $ 14,950

$ 12,500 $ 12,750 -2.0% $ 6,200 $ 10,302 $ 12,950

Supramax

$ 10,750 $ 10,250 4.9% $ 4,450 $ 9,624 $ 13,950

$ 9,500 $ 9,500 0.0% $ 6,200 $ 9,423 $ 12,700

Handysize

$ 10,000 $ 9,500 5.3% $ 4,450 $ 8,171 $ 11,200

$ 9,500 $ 9,500 0.0% $ 5,450 $ 8,162 $ 9,950

12 months

Dry Bulk period market TC rates

12 months

36 months

36 months

12 months

36 months

12 months

36 months

last 5 years

11 Sep 07 Aug ±% Min Avg Max

VLCC

$ 31,500 $ 36,000 -12.5% $ 19,000 $ 35,772 $ 80,000

$ 34,500 $ 34,500 0.0% $ 23,500 $ 32,540 $ 45,000

Suezmax

$ 23,000 $ 23,000 0.0% $ 15,500 $ 26,088 $ 45,000

$ 26,000 $ 26,000 0.0% $ 19,500 $ 25,527 $ 35,000

Aframax

$ 19,000 $ 19,750 -3.8% $ 13,250 $ 20,785 $ 38,750

$ 20,500 $ 21,750 -5.7% $ 16,750 $ 20,008 $ 27,000

MR

$ 14,000 $ 13,750 1.8% $ 12,000 $ 14,915 $ 21,000

$ 14,750 $ 15,250 -3.3% $ 14,000 $ 14,990 $ 18,250

12 months

36 months

12 months

36 months

Tanker period market TC rates

12 months

36 months

12 months

36 months

7

9

11

13

15

17

19

21

23

25

5

7

9

11

13

15

5

6

7

8

9

10

11

12

13

4

5

6

7

8

9

10

11

17

27

37

47

57

67

77

87

15

20

25

30

35

40

45

50

12

17

22

27

32

37

42

111213141516171819202122

M/ T ''ELANDRA ELBRUS'', 300000 dwt, built 2020, $37,000, for 6 months

trading, to LITASCO

M/ T ''ISTANBUL'', 160000 dwt, built 2015, $25,000, for 1 year trading, to

STENA BULK

M/ T ''NECTAR SEA'', 105000 dwt, built 2008, $19,000, for 1 year trading,

to SAUDI ARAMCO

M/ T ''TORM VENTURE'', 74000 dwt, built 2007, $17,500, for 1-2 months

trading, to LITASCO

M/ T ''CHALLENGE POLLUX'', 50000 dwt, built 2017, $14,750, for 6

months trading, to SHELL

M/ V ''NEWPORT NEWS'', 208021 dwt, built 2017, dely Fangcheng 6/ 7

Sep , $18,400, for 11-13 months, to Koch

M/ V ''TINA IV'', 75187 dwt, built 2009, dely Lanshan 17/ 21 Sep 17/ 21 Sep

, $10,300, for 11/ 13 months, to Reachy

M/ V ''GRUAUD LAROSE'', 56728 dwt, built 2010, dely Gresik 9 Sep,

$10,650, for 3/ 5 months, to Ming Wah

M/ V ''MSXT ASTERIA'', 63465 dwt, built 2019, dely Bahodopi 19 Aug,

$11,250, for 1 year, to Transatlantic

M/ V ''TAI KUDOS'', 81670 dwt, built 2017, dely CJK 19/ 24 Aug, $14,000,

for 5/ 8 months, to Crystal Seas

20

Monday, September 14, 2020 (Week 37)

Indicative Tanker Values (US$ million)

11 Sep 07 Aug ±% Min Avg Max

VLCC

310k dwt Resale 91.00 93.00 -2.2% 82.0 93.3 106.0

310k dwt 5 year old 68.00 69.00 -1.4% 60.0 70.4 84.0

250k dwt 10 year old 46.00 48.00 -4.2% 38.0 47.2 59.0

250k dwt 15 year old 32.00 35.00 -8.6% 21.5 30.4 41.0

Suezmax

160k dwt Resale 62.00 63.00 -1.6% 54.0 63.7 73.0

150k dwt 5 year old 47.00 48.00 -2.1% 40.0 49.3 62.0

150k dwt 10 year old 32.50 34.00 -4.4% 25.0 33.9 44.5

150k dwt 15 year old 19.00 20.00 -5.0% 16.0 20.1 24.0

Aframax

110k dwt Resale 48.50 50.00 -3.0% 43.5 50.4 57.0

110k dwt 5 year old 36.00 37.00 -2.7% 29.5 36.9 47.5

105k dwt 10 year old 25.00 26.00 -3.8% 18.0 24.6 33.0

105k dwt 15 year old 17.00 17.50 -2.9% 11.0 14.6 21.0

MR

52k dwt Resale 37.00 37.00 0.0% 33.0 36.6 40.0

52k dwt 5 year old 26.50 27.00 -1.9% 23.0 26.9 31.0

45k dwt 10 year old 17.50 18.00 -2.8% 14.5 17.9 21.0

45k dwt 15 year old 11.50 12.00 -4.2% 9.0 10.9 13.5

last 5 years

Indicative Dry Bulk Values (US$ million)

11 Sep 07 Aug ±% Min Avg Max

Capesize

180k dwt Resale 50.00 50.00 0.0% 34.5 46.1 54.0

180k dwt 5 year old 27.50 27.50 0.0% 23.0 30.5 39.0

170k dwt 10 year old 20.50 20.50 0.0% 12.0 20.6 27.5

150k dwt 15 year old 12.50 12.50 0.0% 6.5 12.5 16.5

Panamax

82k dwt Resale 30.00 30.00 0.0% 22.5 28.7 32.0

82k dwt 5 year old 23.00 23.00 0.0% 11.5 20.0 25.0

76k dwt 10 year old 13.50 13.50 0.0% 7.3 12.5 16.5

74k dwt 15 year old 8.50 8.50 0.0% 3.5 8.0 11.5

Supramax

62k dwt Resale 27.50 28.00 -1.8% 19.0 26.2 30.0

58k dwt 5 year old 16.00 16.00 0.0% 11.0 16.1 20.5

56k dwt 10 year old 11.00 11.00 0.0% 6.0 11.5 14.5

52k dwt 15 year old 7.00 7.00 0.0% 3.5 7.4 10.5

Handysize

37k dwt Resale 21.50 21.50 0.0% 17.0 21.6 24.5

37k dwt 5 year old 15.00 15.00 0.0% 7.8 13.9 17.5

32k dwt 10 year old 8.50 8.50 0.0% 6.0 9.1 12.5

28k dwt 15 year old 5.50 5.50 0.0% 3.5 5.5 8.0

last 5 years

Secondhand Asset Values

SHIPPING MARKETS

On the dry bulk side, a fair boost in the SnP market was noted as of the

past week, given the strong number of units changing hands. At this

point, we see movement across all main size segments, suggesting a

rather equally shared buying appetite in the sector. Notwithstanding this,

activity seems limited for more vintage units, for the time being at least.

All-in-all, on the back of a more bullish sentiment and freight returns

during the final quarter of the year, we may well see a more vivid SnP

market taking shape in the coming months.

On the tankers side, activity seems to be in a mediocre state over the

past few days or so. The uninspiring track from the side of earnings can

be seen as one of the main culprits for the softened appetite of late.

During the past week, we saw volumes concentrated on the medium to

smaller size units, as well as, of age older that 15 years. For the coming

period, a lot will depend on how realized returns respond as we

approach the end of the year.

Capesize Panamax

Supramax Handysize

VLCC Suezmax

Aframax MR

Price movements of 5 year old Dry Bulk assets

Price movements of 5 year old Tanker assets

+0% +0%

-2%

-11%-12%

-10%

-8%

-6%

-4%

-2%

0%

1 month diff 3 months diff6 months diff 12 months diff

+0% +0%

-2%

-4%-5%

-4%

-4%

-3%

-3%

-2%

-2%

-1%

-1%

0%

1 month diff 3 months diff6 months diff 12 months diff

+0% +0%

-6%

-11%-12%

-10%

-8%

-6%

-4%

-2%

0%

1 month diff 3 months diff6 months diff 12 months diff

+0%

-3%

-12%

-14%-16%

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%

1 month diff 3 months diff6 months diff 12 months diff

-1%

-4%

-12%

-4%

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%

1 month diff 3 months diff6 months diff 12 months diff

-2%

-6%

-11%

-6%

-12%

-10%

-8%

-6%

-4%

-2%

0%

1 month diff 3 months diff6 months diff 12 months diff

-3%

-5%

-15%

-5%

-18%

-16%

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%

1 month diff 3 months diff6 months diff 12 months diff

-2% -2%

-15%

-12%

-16%

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%

1 month diff 3 months diff6 months diff 12 months diff

21

Monday, September 14, 2020 (Week 37)

Newbuilding Market

SHIPPING MARKETS

Tanker Newbuilding Prices

Dry Bulk Newbuilding Prices

Demolition Market

Wet Scrap Prices

Dry Scrap Prices

Indicative Dry Prices ($/ ldt) last 5 years

11 Sep 04 Sep ±% Min Avg Max

Indian Sub Continent

Bangladesh 340 340 0.0% 220 360 455

India 330 330 0.0% 225 358 445

Pakistan 350 350 0.0% 220 358 460

Far East Asia

China - - 110 194 290

Mediterranean

Turkey 200 200 0.0% 145 229 305

Indicative Wet Prices ($/ ldt) last 5 years

11 Sep 04 Sep ±% Min Avg Max

Indian Sub Continent

Bangladesh 360 360 0.0% 245 378 475

India 350 350 0.0% 250 375 470

Pakistan 370 370 0.0% 245 375 470

Far East Asia

China - - 120 210 300

Mediterranean

Turkey 210 210 0.0% 150 239 315

Indicative Dry NB Prices (US$ million) last 5 years

11 Sep 07 Aug ±% Min Avg Max

Dry Bulkers

Capesize (180,000dwt) 47.5 47.5 0.0% 41.8 47.7 54.0

Kamsarmax (82,000dwt) 27.0 28.0 -3.6% 24.3 28.7 34.0

Panamax (77,000dwt) 26.0 27.0 -3.7% 23.8 27.9 33.0

Ultramax (64,000dwt) 25.0 26.0 -3.8% 22.3 26.8 32.0

Handysize (37,000dwt) 23.0 23.0 0.0% 19.5 22.8 26.0

Container

Post Panamax (9,000teu) 82.5 82.5 0.0% 82.5 83.8 88.5

Panamax (5,200teu) 48.5 48.5 0.0% 48.0 50.6 58.5

Sub Panamax (2,500teu) 27.0 27.0 0.0% 26.0 27.9 33.0

Feeder (1,700teu) 21.5 21.5 0.0% 21.5 22.8 27.0

Indicative Wet NB Prices (US$ million) last 5 years

11 Sep 07 Aug ±% Min Avg Max

Tankers

VLCC (300,000dwt) 87.5 89.0 -1.7% 80.0 89.6 97.0

Suezmax (160,000dwt) 57.5 59.0 -2.5% 53.0 59.5 65.0

Aframax (115,000dwt) 48.5 48.5 0.0% 43.0 48.9 54.0

LR1 (75,000dwt) 46.0 46.0 0.0% 42.0 45.5 48.5

MR (56,000dwt) 34.5 34.5 0.0% 32.5 35.1 36.8

Gas

LNG 175k cbm 185.5 185.5 0.0% 184.0 190.3 200.0

LPG LGC 80k cbm 70.0 70.0 0.0% 70.0 72.1 79.0

LPG MGC 55k cbm 62.0 62.0 0.0% 62.0 63.6 68.5

LPG SGC 25k cbm 40.0 40.0 0.0% 40.0 41.4 45.5

10

20

30

40

50

60

Capesize Panamax Supramax Handysize

US$ million

30405060708090

100

VLCC Suezmax Aframax LR1 MR

US$ million

150200250300350400450500

Bangladesh India Pakistan China Turkey

US$/ ldt

150200250300350400450500

Bangladesh India Pakistan China Turkey

US$/ ldt

22

Monday, September 14, 2020 (Week 37)

First Watch: Stifel Shipping Weekly

Contributed by

Stifel Nicolaus & CO, Inc.

Stifel

One Financial Plaza,

501 North Broadway

St. Louis, MO 63102

Phone: (314) 342-2000Website: www.stifel.com

SHIPPING MARKETS

23

Monday, September 14, 2020 (Week 37)

Global Shipping Fleet & Orderbook Statistics

Contributed by Stifel Nicolaus & Co, Inc.

SHIPPING MARKETS

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