Intermodal Weekly 10-2013

7/30/2019 Intermodal Weekly 10-2013

1/9

Brokers insightby George Dermas

Inflaon is fast becoming our new friendUp almost 9% for the year so far,

the more than century-old blue-chip index, Dow Jones, posted last week its

first finish above the record closing high of 14,164.53 set on Oct. 9th 2007,

which is just ahead of the global financial meltdown. It is an undeniable fact

that this new peak is reached primarily due to the extensive monetary sm-

uli that the Fed has provided over the past 4years.

In Japan, the sun seems to be rising once again aer decades of standing as

a warning sign of what can go wrong when government debt reaches to

extremely high levels. Yet even though Japan's Nikkei 225 index stands at

less than a third of its record high since 1989, the stock market has made big

strides forward, climbing 35% since mid-November.

In Europe stocks rallied to their highest level in 4 years, as investors

cheered stronger-than-expected euro-zone retail sales and keyed off gains

in U.S. equies. Europe is standing at the opposite side of inflaon argu-

ment, with austerity measures governing the southern countries and an

almost deflaonary outlook for the year ahead. Amidst heavy reforms on

governance, fiscal policy and taxaon amongst the country-members, the

EU has managed to increase its compeveness; however pressures for mon-

etary easing are expected to intensify as the voiced concerns in the Euro-

zone amplify. Lets not forget that it is the only major economy that has not

resorted to this soluon post-2008 Could this change soon?

Chinas minimum wage has tripled since 2000, creang extra pressure via

fast rising labour costs within China. This fact should however be looked at

with greater scruny, as the ageing populaon of China means a dropping

supply of youth labour in the country. Environmental awareness pressures

and restricons on polluon from factories create another boleneck in

producon and raise producon costs across the board for Chinese manu-

facturing. Furthermore, the RMB is going from strength to strength and

while nominal appreciaon has been slower than crics in Brussels and

Washington might like, real appreciaon (adjusng for the country's rela-

vely faster inflaon rate) has been rapid. The Chinese currency has appre-

ciated considerably in nominal terms as well, recording a median of about

22% against 13 Asian currencies over the past five years, as such negavely

impacng the aracveness of the country's exports. In order to combat

this and drive the countrys compeveness, the only soluon is through

automaon and higher sophiscaon in producon, which in turn requires

substanal support from the government in the form of financial aid, subsi-

dies and access to finance (especially for the laer this column has been a

regular and strong advocate of financial easing in all forms of producon as

an added incenve for local and/or foreign investors). These measures

would mean increasing the money supply and in turn having to bale infla-on once more, hopefully in a more effecve way than last years aempt

to keep real estate prices and infrastructure spending under control.

As inflaon seems to be fast-becoming a lesser of two evils for most major

economies, what are the potenal effects on shipping? Secondhand prices

and NB cost have seriously dropped over the past 4 years. Current fleet

profile, outstanding deliveries, market demand/supply factors all maintain

their importance of course and have generated a dim outlook for the mar-

ket ahead, but we cannot ignore the fact that all asset prices are subject to

inflaonary pressures as well. As the price gap between Japan and China is

narrowing down, shipyards suffer greatly from rising construcon costs and

seem heavily reluctant to drop their price expectaons to higher loss areas.

Could this provide the necessary pillar for a reacon in prices? Could we

finally be close to an arficial boom?

Chartering (Wet:Firmer+ / Dry:Firmer+ )

The Dry Bulk market has gained for a third week in a row, with Panamax

rates going from strength to strength, while Cape rates have shed away

from any big posive reversals despite the connuing lows of the pastweeks. The BDI closed today (12/03/2013) at 865 points, up by 18 points

compared to Mondays levels (11/03/2013) and an increase of 59 points

compared to the previous Tuesdays levels (05/02/2013). A mixed pic-

ture for the crude market last week, with Aframax rates especially resis-

ve to the negave senment that ways on the bigger size segments

and especially the VLs. The BDTI Monday (11/03/2013), was at 666, 30

points down and the BCTI at 702, an increase of 6 points compared to

the previous Mondays levels (04/03/2013).

Sale & Purchase (Wet:Stable- / Dry:Stable+ )

An admiedly busy SnP week with most of the acvity noted in the Con-

tainer and Tanker markets. The MR segment is once more gathering

most of the interest, which is now officially spreading across the private

equity world. On the Tankers side, we had the en-bloc sale of the MRtankers TORM AGNES (50,274dwt-blt 11 China), TORM AMA-

LIE (50,273dwt-blt 11 China), TORM ASLAUG (50,263dwt-blt 10 Chi-

na), TORM ALMENA (50,247dwt-blt 10 China) and TORM AL-

ICE (50,216dwt-blt 10 China), which were picked for a price of $ 27.0m

each by US based fund Oaktree Capital. While on the dry bulker side, we

had the sale of the TRITON LARK (56,025dwt-blt 05 Japan), which

went for a price of excess $ 16.0m to Hong Kong based buyers.

Newbuilding (Wet:Stable- / Dry:Stable- )

It was all Bulkers, Bulkers, Bulkers this week for the newbuilding market.

We elaborated last week how Frontlines recent orders has ignited the

interest for new orders by other owners as well. This past week the

group is rumoured to have agreed to add more tonnage to an already

impressively big fleet and at the same me more big names were re-ported following the same course. As dry market rates have reached

painful lows throughout 2012, it definitely looks like the aermath of a

delayed recovery due to oversupply is lost to some extent with all the

recent inking of reported new contracts even in sectors that are already

expecng a big chunk of deliveries over the next two years (e.g. the

Panamax/Kamsarmax sector). But it is all a game theory, isn't it? So

whoever gets there first will either get burnt or win it all. In terms of

reported deals this week, Taiwan based China Steel Express reportedly

placed an order for 2 VLOCs (209,000dwt) at Mitsubishi, Japan for a

price of $ 52.5m and delivery in between 2014 and 2015.

Demolion (Wet:Firmer+ / Dry:Firmer+ )

India was the main story last week in the demo market. With Pakistanibreakers sll trying to figure out how the proposed 5% tax will affect

their volumes, both the posive trend of candidate volume and prices

offered by Indian breakers resumed last week. With the Indian Rupee

stabilizing and those ever willing cash buyers acng on speculaon, bids

quoted out of India shot up a full $ 10/ldt, concluding the majority of

deals that were agreed last week. At the same me China demand

weakened a bit as local buyers are looking for further indicaons of

where steel prices and consequently demand will head over the coming

days. Prices this week for wet tonnage were at around 395-430$/ldt and

dry units received about 375-410$/ldt.

Weekly Market Report

Issue: Week 10 | Tuesday 12th

March 2013


2/9

Intermodal Research 12/03/2013 2

2013 2012

WS

points$/day

WS

points$/day $/day $/day

265k MEG-JAPAN 32 3,615 32 3,234 11.8% 1,685 21,835

280k MEG-USG 19 -13,966 19 -15,434 9.5% -2,294 1,604

260k WAF-USG 40 20,559 35 11,718 75.4% 4,609 31,457

130k MED-MED 70 23,950 70 23,708 1.0% 3,550 22,121

130k WAF-USAC 58 10,239 58 10,249 -0.1% 1,753 13,373

130k MEG-CHINA 60 13,937 63 15,965 -12.7% 3,379 22,181

80k MEG-EAST 80 10,296 80 10,249 0.5% 2,039 14,182

80k MED-MED 85 16,522 80 13,527 22.1% 2,674 13,700

80k UKC-UKC 90 19,246 88 17,023 13.1% 3,003 18,517

70k CARIBS-USG 118 23,727 118 23,573 0.7% 2,398 12,325

7 5k MEG-JAPAN 93 13,768 88 11,022 24.9% 1,908 11,258

5 5k MEG-JAPAN 120 16,811 120 16,607 1.2% 2,363 10,867

3 7K UKC-USAC 150 16,201 150 16,125 0.5% 3,742 9,251

30K MED-MED 160 23,606 163 24,281 -2.8% 5,129 19,062

55K UKC-USG 110 16,368 110 16,163 1.3% 3,045 16,571

55K MED-USG 105 12,720 100 10,590 20.1% 2,246 14,73550k CARIBS-USAC 120 16,326 138 22,354 -27.0% 2,781 13,028

Vessel Routes

Week 10 Week 9$/day

%

Dirty

Aframax

Clean

VLCC

Suezmax

Spot Rates

Mar-13 Feb-13 % 2013 2012 2011

300KT DH 56.5 57.0 -0.9% 57.2 62.9 77.6

150KT DH 40.0 40.0 0.0% 40.3 44.9 54.4

110KT DH 27.3 27.5 -0.9% 27.7 31.2 39.1

75KT DH 25.0 25.0 0.0% 25.3 26.7 35.2

52KT DH 25.0 25.0 0.0% 24.7 24.6 28.4

Aframax

LR1

VLCC

Suezmax

Indicative Market Values ($ Million) - Tankers

Vessel 5yrs old

MR

Chartering

The price of oil is sll moving in favour of VL owners, who have seen rates

liding for the biggest part of 2013, but as the declining trend in bunker

prices isn't expected to connue, the market doesn't have many reasons to

elebrate since the oversupply of tonnage is expected to keep weighing onates for the following months. Acvity in the WAF region has firmed con-

iderably last week for cargoes ballasng in the area, while rates offered for

other routes remained at those unimpressive low levels weve been wit-

nessing for the past weeks.

The Black Sea/Med region has soened for Suezmaxes a bit, but has overall

held its levels. We do expect to see some further decline in the rates in the

oming weeks as posive senment is sll lacking and it is sll very well a

harterers market out there. The WAF region has seen rates coming back

o live towards the end of this past week, while at the same me demand

rom the Caribs region has sided with owners trading in the Atlanc basin.

Aframax rates are proving bulletproof against the ups and downs of the

anker market. Rates are holding firm across the board for now and we

believe that if any soening takes place in the next few weeks it shouldn't

be enough to reverse the posive trend that has been outlining the course

of the sector since the beginning of the year.

Sale & Purchase

In the Suezmax segment this week, we had the sale of the SAMSUNG

1904 (159,000dwt-blt 13 S. Korea), which was reported sold at price of

around $ 54.0m by US based buyers NATS.

The MR sector had another en-bloc sale this week, comprised by the tank-ers TORM AGNES (50,274dwt-blt 11 China), TORM AMALIE (50,273dwt-

blt 11 China), TORM ASLAUG (50,263dwt-blt 10 China), TORM AL-

MENA (50,247dwt-blt 10 China) and TORM ALICE (50,216dwt-blt 10

China), which were picked for a price of $ 27.0m each by US based fund

Oaktree Capital.

Wet Market

Indicative Period Charters

- 24/34 mos - 'Helles pont Protector' 2006 74,000dwt

- - $ 12,000/day - Shell

- 12/12 mos - 'STX Ace 12' 2008 46,000dwt

- - $ 13,500/day - Exxon-Modil

20

40

60

80

100

120

140

160

WSpoints

DIRTY -WS RATESTD3 TD5 TD8 TD4

Week 10 Week 9 % Diff 2013 2012

300k 1yr TC 19,200 19,750 -2.8% -550 20,475 22,375

300k 3yr TC 25,200 26,250 -4.0% -1050 26,250 27,195

150k 1yr TC 16,200 16,750 -3.3% -550 16,925 17,606

150k 3yr TC 18,200 19,250 -5.5% -1050 20,700 21,152

110k 1yr TC 13,200 13,500 -2.2% -300 13,900 13,889

110k 3yr TC 15,200 15,750 -3.5% -550 15,650 16,07075k 1yr TC 14,700 15,000 -2.0% -300 14,500 13,245

75k 3yr TC 15,200 15,500 -1.9% -300 15,125 14,368

52k 1yr TC 14,200 14,250 -0.4% -50 14,150 13,764

52k 3yr TC 14,950 15,000 -0.3% -50 14,750 14,589

36k 1yr TC 13,200 13,250 -0.4% -50 13,075 12,567

36k 3yr TC 13,700 13,750 -0.4% -50 13,675 13,378

Panamax

MR

Handy

size

TC Rates

$/day

VLCC

Suezmax

Aframax

6080

100120140160180200220240260

WSpoints

CLEAN - WS RATESTC2 TC4 TC6 TC1


3/9


0

500

1,000

1,500

2,000

2,500

3,000

Index

Baltic IndicesBCI BPI BSI BHSI BDI

0

5,000

10,000

15,000

20,000

25,000

30,000

$/day

Average T/C RatesAVR 4TC BCI AVR 4TC BPI AVR 5TC BSI AVR 6TC BHSI

170K 6mnt TC 10 ,82 5 1 0,5 00 3.1% 325 1 1,7 38 1 3,5 49

170K 1yr TC 11 ,95 0 1 1,7 50 1.7% 200 1 2,1 13 1 3,8 85

170K 3yr TC 13 ,70 0 1 3,7 50 -0.4% -50 1 3,7 00 1 5,2 82

76K 6mnt TC 11 ,57 5 1 1,2 50 2.9% 325 9,783 11,003

76K 1yr TC 9,825 9,750 0.8% 75 8,675 9,90676K 3yr TC 9,700 9,750 -0.5% -50 9,125 10,888

55K 6mnt TC 10 ,95 0 1 0,7 50 1.9% 200 9,700 11,176

55K 1yr TC 9,950 9,750 2.1% 200 9,200 10,330

55K 3yr TC 9,950 10,000 -0.5% -50 9,800 11,195

45k 6mnt TC 8,950 8,750 2.3% 200 7,950 9,375

45k 1yr TC 8,450 8,250 2.4% 200 7,900 8,849

45k 3yr TC 8,950 9,000 -0.6% -50 8,800 9,575

30K 6mnt TC 7,450 7,000 6.4% 450 6,900 8,255

30K 1yr TC 7,450 7,250 2.8% 200 7,325 8,424

30K 3yr TC 8,700 8,750 -0.6% -50 8,700 9,450

Handymax

Handysize

Period

2012

Panamax

Supramax

Week

10

Week

9

Capesize

2013$/day % Diff

Chartering

At the end of this past week Colombian strikes were nearing their end, and

hopefully all coal trading will resume soon, offering some much needed

breather for Capes that had been blocked in the area with no cargoes to

ease the pain for their respecve owners. On the posive side, the tropical

yclone that crossed the northwest part of Australia last week allowed for a

quick resuming of business at local ports, as the damage caused was much

ess than originally ancipated. We don't expect any quick recoveries for

he me being, as even though a posive correcon in rates may well be

due aer having lost more than 100% over the past month, at the same

me the recovery misses some much needed fundamentals.

The Panamax market is growing stronger week by week. Increased acvity

both in the Atlanc and the Pacific basin have resulted in levels that hadn't

been visited since last July. Considering the large number of newbuilding

deliveries that will enter the market this year, firming rates are offering

ome hope that those levels will be maintained or at least that a floor is

being created for rates offered in this segment.

Rates for Supras and Handies have resumed their upward movement from

he week before, with the former enjoying most notable increases for Pa-

ific round voyages. The senment is good for the smaller segments as well

but it will be interesng to see how soon will the spot market offer beer

eturns from the period market as the gap between the two is quickly clos-

ng.

Sale & Purchase

In the Handysize sector we had the sale of the AMOR II (32,000dwt-blt 11

S. Korea), which reportedly was picked up by S. Korean buyers at an auc-

on, for a price of $10.0m.

In the Supramax sector we had the sale of the TRITON LARK (56,025dwt-

blt 05 Japan), which went for a price of excess $ 16.0m to Hong Kong based

buyers.

Mar-13 Feb-13 % 2013 2012 2011

180k 34.0 33.8 0.7% 33.7 34.6 43.5

76K 18.5 18.5 0.0% 18.6 22.7 31.3

56k 18.5 18.5 0.0% 19.3 23.0 28.1

30K 17.0 17.0 0.0% 16.9 18.2 23.5Handysize

Capesize

Panamax

Supramax

Indicative Market Values ($ Million) - Bulk CarriersVessel 5 yrs old

Indicative Period Charters

-11/13 mos - 'Prem Veena' 2007 82,459dwt

- dely China 20/30 Mar - $ 9,750/day - Medmar

- 6/9 mos - 'Good Wish' 2001 75,031dwt

- dely Qingdao - $ 9,250/day - Norden

Dry Market

Index $/day Index $/day Index Index

BDI 843 776 67 765 921

BCI 1,262 $4,405 1,243 $4,236 19 4.0% 1,399 1,571

BPI 1,124 $8,994 1,036 $8,281 88 8.6% 801 965

BSI 864 $9,038 781 $8,170 83 10.6% 724 906

BHSI 483 $7,193 447 $6,670 36 7.8% 444 518

01/03/2013

Baltic IndicesWeek 10

08/03/2013

Week 9Point

Diff

2013 2012$/day

%


4/9


Secondhand Sales

Type Name Dwt Built Yard M/E SS due Cbm Price Buyers Comments

LPG RIO GRACIA 6954 1996 HIGAKI, Japan B&W Jul-16 6,375 rgn $4.5-5.0m Vi etnamese

LPG MAPLE 1 51,466 1987HITACHI ZOSEN -

INNOSH, Japa n

B&W Ma r-13 76,194 $ 10.0m Thai (Si am Ga s)

LPGGAS

INSPIRATION4991 2006

SASAKI KINOE,

JapanMAN-B&W May-16 5,018 $ 15.0m

Greek

(StealthGas)

LPG CO-OP AKEBONO 49,242 1993KAWASAKI HEAVY

INDS -, Japa nB&W Jan-17 73,882 $ 24.0m

Turkish

(Negmar)

Gas/LPG/LNG

Size Name Dwt Built Yard M/E SS due Hull Price Buyers Comments

SUEZ SAMSUNG 1904 159,000 2013 SAMSUNG, S. Korea MAN-B&W - DH $ 54.0m US based (NATS)

AFRA ZALIV ANADYR 103,023 2009 HYUNDAI, S. Korea MAN-B&W May-14 DH $ 27.0m undisclosed

MR TORM AGNES 50,274 2011 Zha o, China MAN-B&W Jan-16 DH $ 27.0m epoxy

MR TORM AMALIE 50,273 2011 Zha o, China MAN-B&W Feb-16 DH $ 27.0m epoxy

MR TORM ASLAUG 50,263 2010 Zha o, China MAN-B&W Jul-15 DH $ 27.0m epoxy

MR TORM ALMENA 50,247 2010 Zha o, China MAN-B&W Oct-15 DH $ 27.0m epoxy

MR TORM ALICE 50,216 2010 Zhao, China MAN-B&W Apr-15 DH $ 27.0m epoxy

PROD/

CHEMMCT ALMAK 19,996 1999 ULJANIK, Croatia MAN-B&W Sep-14 DH $ 9.0m undiscl osed epoxy

PROD/

CHEM

TRADEWIND

MOON8,518 2002 HIGAKI, Japan MAN-B&W Oct-17 DH high $ 8.0m S. Korean StSt

PROD/

CHEMMALOU THERESA 7,842 2008

CHT DENIZCILIK,

TurkeyMaK Jul -13 DH undis cl osed Dani s h

Tankers

US based

(Oaktree)


5/9


Secondhand Sales

Name Loa(m) LM Built Yard M/E SS due Price Buyers Comments

NORQUEEN 170.93 2067 1980RAUMA-REPOLA,

FinlandMaK Dec-15 undis cl os ed

Greek (Salamis

Shipping)

Roros

Size Name Dwt Built Yard M/E SS due Gear Price Buyers Comments

SMAX TRITON LARK 56,025 2005 MITSUI, Japan MAN-B&W May-154 X 30t

CRANESxs $ 16.0m HK based

SMAX ACE GATE 55,697 2005 MITSUI, Japan MAN-B&W Jun-15 4 X 30tCRANES

$ 16.2m Indones ian

HMAX SALAMANCA 46,743 2000 KANASASHI, Japan Mi ts ubis hi Jul -154 X 30t

CRANES$ 9.5m undisclosed

HMAX NENA J 43,230 1995HYUNDAI, S.

KoreaB&W May-15

4 X 25t

CRANES$ 6.8m Swiss based

HANDY AMOR II 32,000 2011 SAMHO, S. Korea MAN-B&W -4 X 30t

CRANES$ 10.0m S. Korean

at auction, lai d up

at the yard since

2011

HANDY COSMOS VERDE 24,838 1999 SHIKOKU, Japan B&W Jun-14 4 X 30tCRANES

$ 6.0m undisclosed

Bulk Carriers

Name Loa(m) Pass Cars Built Yard M/E SS due Price Buyers Comments

Superfast VI 203.9 1,595 140 2001HDW AG,

GermanySulzer Fe b-16 EUR 54.0m

Malaysian

(Genting Group)

Ferries

Name Dwt Built Yard M/E SS due Gear Price Buyers Comments

MARCOMANCHE 20,526 1998FLENSBURGER KG,

GermanyMits ubis h i Apr-13

2 X 60t

CRANES$ 5.0m undisclosed 1,290 teu

BEGONIA 12,119 2007LINHAI

HANGCHANG,

China

Piels tick Oct-17 $ 4.3m Turkis h gearles s , bowthrus ter

MPP/General Cargo


6/9


Secondhand Sales

Size Name Teu Built Yard M/E SS due Gear Price Buyers Comments

PMAX MOL EXCELLENCE 4,646 2003MITSUBISHI,

JapanSulzer Jun-13 undisclosed

PMAX MOL EXPEDI TOR 4,646 2003 MITSUBISHI,Japan

Sulzer Aug-13 undisclosed

PMAX MOL EXPRESS 4,646 2003MITSUBISHI,

JapanSulzer Nov-13 undisclosed

PMAX MOL EFFICIENCY 4,646 2003MITSUBISHI,

JapanSulzer Apr-13 undisclosed

SUB

PMAXGALLIA 2,452 1998

THYSSEN,

GermanyMitsubishi May-13

3 X 40t

CRS$ 6.3m Greek

SUBPMAX

ANL BINBURRA 2,452 2002 NORDSEEWERKE,Germany

MAN-B&W Oct-17 3 X 45tCRS

undisclosed Greek (Lomar)

FEEDER NIENSTEDTEN 1,730 2002SZCZECINSKA,

PolandSulzer Jan-17

3 X 45t

CRSlow $ 7.0m Greek (Conbulk)

FEEDER MOL AMAZONIA 1,603 2000 HANJIN, S. Korea B&W Apr-15

2 X 45t

CRS,1 X

40t CRS

undisclosed Greek (Lomar)bank sale, incl.

financing

FEEDER MACUBA 1,122 1998PEENE-WERFT,

GermanyB&W Mar-13

2 X 40t

CRSundisclosed Turkish (Arkas)

FEEDER TURTLE BAY 1,118 2006 QINGSHAN, Chi na MAN-B&W Nov-162 X 45t

CRSundisclosed

FEEDER TAMPA BAY 1,118 2006 QINGSHAN, China MAN-B&W Jun-162 X 45t

CRSundisclosed

FEEDER MAGNOS 977 1998 BARRERAS, Spain B&W Apr-13

FEEDER MANARIAS 977 1997 BARRERAS, Spain B&W Oct-17

Containers

Greek (Lomar)

Greek

bank sale, incl.

financing

$ 5.5m

en-bloc

HK based

(Seaspan)


7/9


It was all Bulkers, Bulkers, Bulkers this week for the newbuilding market. We

elaborated last week how Frontlines recent orders has ignited the interest

for new orders by other owners as well. This past week the group is ru-

moured to have agreed to add more tonnage to an already impressively big

fleet and at the same me more big names were reported following the

same course. As dry market rates have reached painful lows throughout

2012, it definitely looks like the aermath of a delayed recovery due to over-

supply is lost to some extent with all the recent inking of reported new con-

tracts even in sectors that are already expecng a big chunk of deliveries

over the next two years (e.g. the Panamax/Kamsarmax sector). But it is all a

game theory, isn't it? So whoever gets there first will either get burnt or win

it all..

Last week Taiwan based China Steel Express reportedly placed an order for 2

VLOCs (209,000dwt) at Mitsubishi, Japan for a price of $ 52.5m and delivery

in between 2014 and 2015.

Newbuilding Market

20

60

100

140

180

million$

Tankers Newbuilding Prices (m$)

VLCC Suezmax Aframax LR1 MR

Week

10

Week

9% 2013 2012 2011

Capesize 180k 46.0 45.5 1.1% 45 47 53

Panamax 77k 25.3 25.3 0.0% 25 27 33

Supramax 58k 24.3 24.3 0.0% 24 26 30

Handysize 35k 21.0 21.0 0.0% 21 22 25VLCC 300k 90.5 91.0 -0.5% 90 96 102

Suezmax 160k 55.5 55.5 0.0% 55 59 64

Aframax 115k 46.5 46.5 0.0% 46 51 54

LR1 75k 40.0 40.0 0.0% 40 43 45

MR 52k 33.0 33.0 0.0% 33 35 36

LNG 150K 185 185 0.0% 181 186 187

LGC LPG 80k 69.5 69.5 0.0% 69 72 73

MGC LPG 52k 61.5 61.5 0.0% 61 63 64

SGC LPG 23k 40.5 40.5 0.0% 40 44 46

Vessel

Indicative Newbuilding Prices (million$)

Gas

Bulkers

Tankers

10

30

50

70

90

110

million$

Bulk Carriers Newbuilding Prices (m$)Capesize Panamax Supramax Handysize

Units Type Yard Delivery Buyer Price Comments

2+2 Tanker 114,000 dwtHyundai Samho,

S.Korea07-09/2014 Italian (Scorpio Tankers) $ 49.75m LR2

2 Bulker 209,000 dwt Mitsubishi, Japan 2014-2015Taiwanese (China Steel

Express)$ 52.5m

4+4 Bulker 180,000 dwtShanghai Waigaoqiao,

China06-12/2015 Norwegian (Frontl ine2012) $ 47.0m

3 Bulker 83,000 dwtTsuneis hi Cebu,

Philippine02-0 5/2014 Ja pa nese (Mi tsui OSK) undi scl osed


Philippine06-1 2/2014 Ja pa nese (K Li ne) undi scl osed

2 Bulker 83,000 dwt STX Dal ian, China - European xs $ 26.0m

2 Bulker 75,000 dwt Oshima, Japan 06-09/2015Danish (Nordic Bulk

Carriers)$ 32.5m

2 Bulker 60,000 dwt Oshima, Japan 09-12/2015Taiwanese (Taiwan

Navigation)$ 27.3m


Philippine2014 Japanese (NYK) undisclosed


Philippine08/2014 Japanese (NYK) undisclosed

8 Container 5,400 teuHanjin Subic,

Philippines- European LOI

high efficient fuel-

saving design

2 Gas 7,200 cbm Kyokuyo, Japan 05-06/2014 Greek (StealthGas) $ 22.0m LPG

Newbuilding Orders

Size


8/9


India was the main story last week in the demo market. With Pakistani break-

ers sll trying to figure out how the proposed 5% tax will affect their vol-

umes, both the posive trend of candidate volume and prices offered by

Indian breakers resumed last week. With the Indian Rupee stabilizing and

those ever willing cash buyers acng on speculaon, bids quoted out of India

shot up a full $ 10/ldt, concluding the majority of deals that were agreed last

week. At the same me China demand weakened a bit as local buyers are

looking for further indicaons of where steel prices and consequently de-

mand will head over the coming days. Prices this week for wet tonnage were

at around 395-430$/ldt and dry units received about 375-410$/ldt.

The most notable price paid this week was by Indian breakers for the Con-

tainers MSC AUSTRIA (48,485 dwt-18,185ldt-blt 84), E.R. PERTH (35,798

dwt-11,944ldt-blt 98) and PORT SAID (22,236 dwt-7,740ldt-blt 94), all of

which received a very firm price of $ 450/ldt.

Demolion Market

Week

10

Week

9% 2013 2012 2011

Bangladesh 425 420 1.2% 427 440 523

India 430 420 2.4% 429 445 511

Pakistan 430 420 2.4% 425 444 504

China 395 400 -1.3% 398 384 451

Bangladesh 405 400 1.3% 404 414 498

India 410 400 2.5% 411 419 484

Pakistan 400 390 2.6% 400 416 477

China 375 380 -1.3% 385 365 432

Dry

Indicative Demolition Prices ($/ldt)

Markets

Wet

250

300

350

400

450

500

550

$/ldt

Wet Demolition Prices

Bangladesh India Pakistan China

250

300

350

400

450

500

550

$/ldt

Dry Demolition Prices

Bangladesh India Pakistan China

Name Size Ldt Built Yard Type $/ldt Breakers Comments

WARRIOR 240,423 36,155 1990 IHI - KURE, Japan BC $ 432/Ldt Bangladeshi incl. 400/500 tons of bunkers ROB

BW HAVLYS 13,935 7,720 1983 HDW AG, GermanyGAS

TANKER$ 343/Ldt Turkish

FENG LIN WAN 110,296 16,391 1988 MITSUI, Japan TANKER $ 395/Ldt Chinese

MSC AUSTRI A 48,485 18,185 1984 ODENSE, Denma rk CONT $ 450/Ldt Indian

VANBLOOM 36,850 8,414 1983 HYUNDAI, S. Korea BULKER $ 407/Ldt Bangladeshi

KOSTAS N 35,971 9,182 1982 IMABARI, Japan BULKER $ 423/Ldt Indian

E. R. PERTH 35,798 11,944 1998HALLA ENG & HI, S.

KoreaCONT $ 450/Ldt Indian

SELIN K 28,610 9,680 1986KHERSONSKIY,

RussiaTANKER $ 310/Ldt Turkish

PORT SAID 22,236 7,740 1994 DAEWOO, S. Korea CONT $ 450/Ldt Indian

JUDI ALAMAR 21,362 5,191 1984 WATANABE, Japan BULKER $ 408/Ldt Indian

HACI ALI SARI 1 9,637 5,312 1978 HYUNDAI , S. Korea BULKER $ 418/Ldt Indian

THE CALYPSO 1,449 7,465 1967 ITALCANTI ERI, I ta ly PAX $ 285/Ldt Indian as-is Elefsis

Demolition Sales


9/9

e informaon contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such informaon to be factual and reliable without mak-

guarantees regarding its accuracy or completeness. Whilst every care has been taken in the producon of the above review, no liability can be accepted for any loss or damage incurred in any way

atsoever by any person who may seek to rely on the informaon and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-

oducing is allowed, without the prior wrien authorizaon of Intermodal Shipbrokers Co.

Compiled by Intermodal Research & Valuaons Department | [email protected]

Analysts: Mr. George Lazaridis | [email protected]

| d l

Finance News

More me for Box Ships

Box Ships has secured more breathing space to repay

an outstanding loan from major shareholder Paragon

Shipping.

The containership operang company said it has seen

the deadline extended by twelve months unl 19

April 2014.

Paragon holds around 16.4% of Box Ships shares and

Michael Bodouroglou is chief execuve and chairman

of both companies.

During the remaining term of the loan, Box Ships is

required to make quarterly principal installment pay-

ments of $1m each from 19 April 2013 with a final

balloon payment on the maturity date.

In return for extending the repayment deadline it has

also agreed to pay an amendment fee and to increase

the margin by 100 basis points.

Box Ships, which has a fleet of nine containerships,

said the current outstanding principal balance of the

loan is around $13m.

Last month the company reported a 28% increase in

fourth quarter profits to $6.2m on the back of an

expanded fleet.

Revenue increased 13.5% to $19.4m while charter

coverage has been increased to 85% of fleet capacity

for the remainder of the year. (Trade Winds)

Commodies & Ship Finance

8-Mar-13 7-Mar-13 6-Mar-13 5-Mar-13 4-Mar-13W-O-W

Change %

10year US Bond 2.060 1.990 1.940 1.890 1.880 11.4%

S&P 500 1,551.18 1,544.26 1,541.46 1,539.79 1,525.20 2.2%

Nasdaq 3,244.37 3,232.09 3,222.37 3,224.13 3,182.03 2.4%

Dow Jones 14,397.07 14,329.49 14,296.24 14,253.77 14,127.82 2.2%

FTSE 100 6,483.58 6,439.16 6,427.64 6,431.95 6,345.63 1.6%

FTSE All-Share UK 3,415.55 3,393.20 3,387.42 3,386.61 3,341.46 1.7%

CAC40 3,840.15 3,793.78 3,773.76 3,787.19 3,709.76 3.8%

Xetra Dax 7,986.47 7,939.77 7,919.33 7,870.31 7,691.68 3.6%

Nikkei 12,283.62 11,968.08 11,932.27 11,683.45 11,652.29 5.4%

Hang Seng 23,091.95 22,771.44 22,777.84 22,560.50 22,537.81 2.5%

DJ US Maritime 262.41 262.60 263.29 266.58 263.15 -0.2%

$ / 1.31 1.30 1.30 1.30 1.30 0.5%

$ / 1.50 1.50 1.51 1.51 1.51 -0.3%

/ $ 95.74 94.57 93.55 93.28 93.51 3.0%

$ / NoK 0.18 0.18 0.18 0.18 0.17 1.1%

Yuan / $ 6.23 6.23 6.22 6.23 6.24 -0.1%

Won / $ 1,089.14 1,086.78 1,083.91 1,088.63 1,088.88 0.3%

$ INDEX 86.10 85.40 85.30 85.20 85.20 0.9%

Market Data

Currencies

StockExchangeData

1,520

1,560

1,600

1,640

1,680

1,720

80

90

100

110

120

130

goldoil

Basic Commodities Weekly Summary

Oil WTI $ Oil Brent $ Gold $

8-Mar-13 1-Mar-13W-O-W

Change %

Rotterdam 916.0 931.0 -1.6%

Houston 1,013.0 1,013.0 0.0%

Singapore 931.0 959.0 -2.9%

Rotterdam 608.0 614.0 -1.0%

Houston 612.5 616.5 -0.6%

Singapore 645.5 637.0 1.3%

Bunker Prices

MDO

380cst

CompanyStock

ExchangeCurr. 08-Mar-13 01-Mar-13

W-O-W

Change %

AEGEAN MARINE PETROL NTWK NYSE USD 6.95 6.25 11.2%

BALTIC TRADING NYSE USD 3.93 3.78 4.0%

BOX SHIPS INC NYSE USD 5.92 5.51 7.4%

CAPITAL PRODUCT PARTNERS LP NASDAQ USD 7.76 7.88 -1.5%

COSTAMARE INC NYSE USD 16.35 15.49 5.6%

DANAOS CORPORATION NYSE USD 3.58 3.46 3.5%

DIANA SHIPPING NYSE USD 9.06 8.47 7.0%

DRYSHIPS INC NASDAQ USD 1.96 1.80 8.9%

AGLE BULK SHIPPING NASDAQ USD 2.40 1.99 20.6%

UROSEAS LTD. NASDAQ USD 1.02 0.99 3.0%

XCEL MARITIME CARRIERS NYSE USD 0.65 0.52 25.0%

REESEAS INC NASDAQ USD 1.75 0.97 80.4%

GENCO SHIPPING NYSE USD 2.83 2.57 10.1%

GLOBUS MARITIME LIMITED NASDAQ USD 1.94 1.81 7.2%

GOLDENPORT HOLDINGS INC LONDON GBX 37.78 37.00 2.1%

HELLENIC CARRIERS LIMITED LONDON GBX 18.10 18.30 -1.1%

NAVIOS MARITIME ACQUISITIONS NYSE USD 3.37 2.99 12.7%

NAVIOS MARITIME HOLDINGS NYSE USD 4.25 3.78 12.4%

NAVIOS MARITIME PARTNERS LP NYSE USD 14.05 13.61 3.2%

NEWLEAD HOLDINGS LTD NASDAQ USD 0.61 0.70 -12.9%

PARAGON SHIPPING INC. NYSE USD 3.64 2.88 26.4%

AFE BULKERS INC NYSE USD 4.63 3.93 17.8%

EANERGY MARITIME HOLDINGS CORP NASDAQ USD 1.55 1.69 -8.3%

TAR BULK CARRIERS CORP NASDAQ USD 6.05 5.75 5.2%

TEALTHGAS INC NASDAQ USD 11.48 10.85 5.8%

TSAKOS ENERGY NAVIGATION NYSE USD 4.12 3.71 11.1%

TOP SHIPS INC NASDAQ USD 0.76 0.90 -15.6%

Maritime Stock Data

Intermodal Weekly 10-2013

Documents

Transcript of Intermodal Weekly 10-2013