Platou Monthly December 2009b

7/28/2019 Platou Monthly December 2009b

1/11

ANALYSES & COMMENTS

DRY BULK MARKET

SALE AND PURCHASE-Tankers-Bulk Carriers-Representative Sales

CONTAINER SHIPS

CONTACT DETAILS

TANKER MARKET

NEWBUILDING

-Representative ReportedContracts

RS Platou Monthly

While care has been taken to ensure the information in this report is accurate, it is a general guide and not intended to be reliedupon for any specific purpose. R.S. Platou Economic Research A.S. cannot accept any responsibility for any errors or anyconsequences arising therefrom. Reproducing any materials from this report without prior approval from R.S. Platou is strictly

forbidden.

December 2009

VLCC SUEZMAX AFRAMAX CLEAN MR

0

20

40

60

80

10 0

0

20

40

60

80

10 0

1000 $/DAY

20 03 2 004 2 00 5 2 006 2 007 20 08 20 09

AVERAGE T/C-RESULTS FOR TANKERS

2003-09

CAPESIZE PANAMAX HANDYMAX HANDYSIZE

0

2 0

4 0

6 0

8 0

10 0

12 0

14 0

0

2 0

4 0

6 0

8 0

1 00

1 20

1 40

1000 $ /DAY

2 00 3 20 0 4 2 00 5 2 0 06 2 00 7 2 0 08 2 00 9

AVERAGE T/C-RESULTS FOR BULK CARRIERS2003-09


2/11

WORLD SHIPPING 2009A SHARP DECLINE, BUT BETTER THAN

EXPECTED

ANALYSES & COMMENTS

World shipping in general was somewhat better in 2009than we expected at the beginning of the year. It was a

well-founded fear that we were entering a long-term

structural overcapacity, a situation where even a robust

upturn in the global economy was not sufficient to

absorb the accumulated overcapacity. We wrote on this

place a year ago that it was necessary to remove 35 to

40 percent of the order books for bulk carriers and

container ships and minimum 10 percent of the order

book for tankers. After 12 months we are still of the

same opinion, but unfortunately not able to say anything

precise about the realism for such a scenario. The

deliveries for bulk as well as for container ships arelagging behind the delivery schedule by between 35 and

40 percent, for tankers 10 percent behind.

The growth rate for the world total merchant fleet was

then somewhat weaker than the 9 to 10 percent we

expected, the growth now seems have been between 7

and 8 percent. There is a well-known correlation

between the global economy and the need for seaborne

transportation capacity. After many consecutive years

with exceptionally high global economic growth

contributing to annual tonnage demand growth of 8 to 9

percent the need for tonnage seems to have fallen by 3percent in 2009. The utilization rate for the total

merchant fleet declined from 90 percent last year (as we

define as full capacity utilization) to 81 percent this

year, the lowest level since the 1980s.

The most recent forecasts for the world economy

indicates a growth in tonnage demand in 2010 of 6 to 7

percent. If deliveries of newbuildings continue to stretch

out in time we may see a certain upturn in the utilization

rate, but it is a long way to go before we reach 90

percent and full capacity utilization.

Newbuilding prices fell on average by 25 percent over

the year and with an expected very modest ordering

activity in 2010 the price decline will most likely

continue.

TANKER MARKETA STRONG SUPPORT FROM

FLOATING STORAGE

Despite a 7 percent fleet growth and an estimated

decline of 5 percent in seaborne oil trade in volume

terms tanker rates in 2009 were on average significantly

above lay-up levels, but not covering full capital costs.

A persistent oversupply of oil accumulated some 170 millbbls as floating storage at the end of the year and tied up as

much as 6 percent of the tanker fleet. Without this

employment we believe freight rates had been close to

operating cost. Instead we reached an average of $28,000

per day for VLCCs, down from $88,000 in 2008.

Preliminary data suggest that tonnage demand fell by 1

percent for the total year resulting in a utilization rate of 84

percent compared to 91 percent in 2008. Transport distances

fell sharply in the first half and increased in the second half.

China's crude imports contributed strongly to this trend.

World oil demand fell by 1.6 percent, in OECD countriesthe decline was 4 to 5 percent, in emerging markets there

was an increase of 2 percent. Oil production was reduced by

2 percent, in Middle East the decline was 8 percent.

DRY BULK MARKETSTRONGER THAN

EXPECTED

2009 turned out stronger for dry bulk shipping than

expected at the start of the year. However, on a yearly

average basis, freight rates were around 60 percent lower

than in 2008. After a very weak start of the year, freightrates recovered significantly over the year driven by a

substantial increase in Chinese dry bulk imports.

Preliminary figures suggest the world seaborne trade in dry

bulk commodities and tonnage demand to have remained

more or less unchanged from 2008 to 2009. The active dry

bulk fleet increased by 7 percent calculated on a yearly

average basis. The fleet utilization rate fell thus by

approximately 7 percentage points.

Chinas dry bulk imports increased by 270 mill tonnes from

2008 to 2009. Iron ore imports rose around 170 mill tonnes(39 percent), while coal imports jumped nearly 80 mill

tonnes (160 percent). India raised its dry bulk imports by

30 mill tonnes, mainly driven by higher coal imports. In

other countries, dry bulk imports fell about 300 mill tonnes.

The strongest drops were seen in Japan and Europe and by

commodity, iron ore and coal suffered most.

R.S. Platou Economic Research a.s


3/11

ORDERBOOK in no/mill dwt

NEW ORDERS in no/mill dwt

NEWBUILDING PRICES in mill $

NEWBUILDING

This months seemingly biggest order is placed by Almi

Tankers with Daewoo shipyard for Suezmax tankers.

Additionally Centrofin took three Suezmax tankers at

Samsung.

VLCC

Suezmax

Aframax

MR Clean

Capesize

Panamax

Handymax

08/12

134

Tankers

39

82

66

09/11

52

09/12

29

60

94/95

34

52

61

36

51

96

54

Bulk

C

arriers

44

45

76

34

36

29

VLCC 106 33.3 0 0.0 18 5.8

Suezmax 37 5.8 20 3.2 21 3.3

Aframax 34 3.8 0 0.0 3 0.3

Small 226 7.2 10 0.2 70 1.7

Total 403 50.1 30 3.4 112 11.1

Capesize 216 42.8 6 1.1 61 14.3

PostPnmx* 130 11.3 2 0.2 48 4.0

Panamax 70 4.9 10 0.8 47 3.4

Handy 751 31.7 35 1.6 283 11.8

Total 1167 90.7 53 3.6 439 33.6

*80,000-99,999 dwt

2008 09/12 2009

Tankers

B

ulkCarriers

20

40

60

80

100

120

140

160

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100

120

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160

99 00 01 02 03 04 05 06 07 08 09

MILL. $

BUILDING PRICES FOR TANKERS

MR CLEAN AFRAMAX SUEZMAX VLCC

10

20

30

40

50

60

70

80

90

100

10

20

30

40

50

60

70

80

90

100

99 00 01 02 03 04 05 06 07 08 09

MILL. $

BUILDING PRICES FOR BULK CARRIERS

HANDYMAX PANAMAX CAPESIZE

600

800

1000

1200

1400

1600

1800

80

100

120

140

160

180

200

99 00 01 02 03 04 05 06 07 08 09

WON/$YEN/$

EXCHANGE RATES

YEN/$ WON/$

VLCC 205 63.7 12 3.5 74 22.8 119 37.4

Suezmax 146 22.8 12 1.8 56 8.7 78 12.2

Aframax 186 20.4 24 2.6 92 10.1 70 7.7

Small 827 30.5 165 4.7 363 12.9 299 12.9

Total 1364 137.3 213 12.7 585 54.4 566 70.2

Capesize 711 138.1 30 5.5 305 54.7 376 77.9

PostPnmx 453 39.0 39 3.4 165 14.2 249 21.4

Panamax 218 15.5 15 1.1 83 6.0 120 8.4

Handy 1780 77.4 331 12.2 736 32.4 713 32.7

Total 3162 269.9 415 22.2 1289 107.3 1458 140.4

* incl. Chemical carriers **Post Panamax: 80,000-99,999 dwt

Delay 09End Dec 09 Total

BulkCarriers**

2010 2011+

Tankers*

In the Capesize sector Sungdong have secured orders for six

ships for Greek and Korean owners. Chinese shipowners still

active with Da Sin ordering five Supramaxes at Hantong

Shipyard.


4/11

OIL FLEET DEVELOPMENT in mill dwt

OIL MARKET in mbd

AVERAGE FREIGHT RATES in $ 1,000/day

THE TANKER MARKET

Incl. chemical carriers

Large tankers maintained firm rates in December despite

modest overall tanker demand. The Q4 rally boosted earnings

as expected. However, the prior eight years VLCCs have

averaged about $69,000/day in Q4, more than double this

year's figure of $29,000/day. With the single hull phase out

now upon us and the forward demand scenario improving step-

by-step, many consider the backdrop for 2010 to be somewhat

improved over expectations from only months ago. The fact

that rates did rise throughout Q4 2009 has provided hope to

owners that the mismatch in fundamentals will not be severe

and profitability will continue moving forward.

2008 2009 09/11 09/12

VLCC mod 88.4 28.0 27.7 39.4

Suezmax mod 67.2 25.9 31.2 29.7

Aframax mod 49.8 16.1 16.3 24.6

LR2 Clean mod 44.7 18.1 19.7 27.0

MR Clean mod 23.5 7.9 4.9 12.3

VLCC mod 72.5 36.1 28.0 31.0Suezmax mod 47.5 26.7 22.5 23.5

Aframax mod 34.2 18.8 16.0 17.3

LR2 Clean mod 33.3 17.7 16.5 16.5

MR Clean mod 22.7 13.1 9.5 10.0

SingleVoyage

12m

t/cendmonth

Deliver. Delet. End % chg

2009 2009 December 12 mths

10-199,999 dwt 31.3 6.8 276.4 9.7

200,000 dwt+ 16.7 10.8 156.2 3.9

Total tanker fleet 47.9 17.6 432.6 7.5

08 - 11m 09 - 11m % 09/08

- OECD 47.6 45.6 -4.3- Non OECD 38.2 39.0 2.3

World demand 85.8 84.6 -1.4

- M.East 23.2 21.3 -8.2

- Africa 9.5 8.9 -6.3

- L.America 10.0 10.0 -0.6

- N.America 10.8 11.2 4.1

- W.Europe 4.7 4.5 -5.3

- Asia 7.3 7.4 1.8

- FSU 12.7 13.2 3.2

World supply 86.5 84.9 -1.9

2007 2008 2009 F

World seaborne oil trade 44.1 44.8 43.0

Demand

Supply

10

15

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25

30

35

40

45

10

15

20

25

30

35

40

45

06 Nov 20 Nov 04 Dec 18 Dec

$1,000/DAY

WEEKLY SPOT RATES FOR CRUDE CARRIERS

AFRAMAX MOD SUEZMAX MOD VLCC MOD

0

5

10

15

20

25

30

35

0

5

10

15

20

25

30

35


$1,000/DAY

WEEKLY SPOT RATES FOR CLEAN CARRIERS

MR CLEAN MOD LR2 MOD

-6.0 %

-4.0 %

-2.0 %

0.0 %

2.0 %

4.0 %

6.0 %

8.0 %

-6.0 %

-4.0 %

-2.0 %

0.0 %

2.0 %

4.0 %

6.0 %

8.0 %

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Percent

WORLD OIL CONSUMPTIONMONTHLY 2000-2009

12 m moving average


5/11

BALTIC SALE & PURCHASE ASSESSMENTS (BSPA)

SOLD FOR SCRAPPING in no/mill dwt

ESTIMATED VALUES in mill $

DEMOLITION PRICES in $/ldt

OTHER REMOVALS* in no/mill dwt

* Including total loss/conversions/reclass

SALE AND PURCHASE TANKERS

The average values for the vessels in our report fell by some 25

percent during 2009 or about 50 percent since the peak mid

2008. The number of vessels sold during the year fell from

about 300 in 2008 to about 170 vessels with a total value of

about $4 billion in 2009 representing a fall of some 60 percent

and more than 70 percent since 2007.

At the moment values seem to have leveled out and we believe

the charter market will be the most influential factor to

determine prices /values in the months to come. On the positive

side single hull tankers will be faced out during the year and

with about 80 single hull VLCCs still around compared to

about 75 scheduled for delivery during 2010 the market couldwell be better than most market players expect.

08/12 09/10 09/11 09/12

310,000 dwt resale 120.0 95.0 95.0 100.0

305,000 dwt 5 years 102.0 78.0 78.0 82.0

300,000 dwt 10 years 80.0 60.0 60.0 68.0

160,000 dwt resale 85.0 68.0 68.0 68.0

160,000 dwt 5 years 71.0 56.0 56.0 56.0

150,000 dwt 10 years 54.0 40.0 40.0 40.0

105,000 dwt resale 65.0 50.0 52.5 52.5

105,000 dwt 5 years 53.0 40.0 40.0 40.0

105,000 dwt 10 years 42.0 28.0 24.0 24.0

C 75,000 dwt resale 57.0 45.0 45.0 50.0

C 75,000 dwt 5 years n.a. 38.0 35.0 38.0

C 50,000 dwt resale 50.0 35.0 33.0 33.0

C 47,000 dwt 5 years 38.0 28.0 25.0 25.0

C 47,000 dwt 10 years 28.0 18.0 16.0 16.0

C 37,000 dwt 5 years n.a. 24.0 21.0 21.0

End month

Average Baltic panel assessments in mill $

Vessel 14 Dec 21 Dec

VLCC - 5 years old 305,000 dwt 77.063 77.083

AFRAMAX - 5 years old 105,000 dwt 37.950 37.969

MR PROD - 5 years old 45,000 dwt 23.636 23.556

Tankers 08/12 09/10 09/11 09/12

Far East 230.0 290/300 275/285 315.0

Sub continent 280.0 330/340 330/340 390.0

Tankers

10-69,999 dwt 53 1.78 1 0.03 92 2.99

70-119,999 dwt 9 0.81 1 0.10 14 1.34

120-199,999 dwt 1 0.15 2 0.29 7 1.07

200,000 dwt+ 5 1.31 0 0.00 9 2.35

Total 68 4.05 4 0.42 122 7.75

2008 09/12 2009

Tankers

10-199,999 dwt 86 7.30 5 0.26 19 1.42

200,000 dwt+ 22 5.94 1 0.27 31 8.42

Total 108 13.25 6 0.52 50 9.84

2008 09/12 2009

20

40

60

80

100

120

140

160

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40

60

80

100

120

140

160

99 00 01 02 03 04 05 06 07 08 09

MILL.$

SH VALUES FOR CRUDE CARRIERS5 YEARS OLD

AFRAMAX SUEZMAX VLCC

10

15

20

25

30

35

40

45

50

55

10

15

20

25

30

35

40

45

50

55

99 00 01 02 03 04 05 06 07 08 09

MILL. $

SH VALUES FOR CLEAN CARRIERS40,000 DWT / 45,000 DWT

10 YEARS DB 10 YEARS DH 5 YEARS

60

70

80

90

100

110

120

60

70

80

90

100

110

120

00 01 02 03 04 05 06 07 08 09

PERCENT

SH IN PERCENT OF NEWBUILDING PRICES5 YEARS OLD TANKERS

AFRAMAX SUEZMAX VLCC


6/11

DRY BULK FLEET DEVELOPMENT in mill dwt

INDUSTRIAL PRODUCTION % change

AVERAGE FREIGHT RATES in $ 1,000/day

STEEL PRODUCTION in mill tonnes

THE DRY BULK MARKET

Freight rates for Capesizes weakened during the second half of

December resulting from less Chinese activity in iron ore.

The Panamax sector showed a firmer tendency towards the end

of the year driven by higher Atlantic grain activity and

increased fixtures of coal in the Pacific.

In the Handy and Supramax sectors, freight rates remained

relatively steady over the last month. The main element behind

firm tonnage demand for the smaller sizes was firm Pacific

activity in steel and other minor bulks.

2008 2009 09/11 09/12

Capesize 95.7 39.1 65.9 52.2

Panamax 50.3 19.7 32.1 29.9

Supramax 41.7 17.1 22.8 24.6

Handysize 29.3 11.2 14.3 17.3

Capesize 103.6 32.6 40.0 35.0

Panamax 53.2 18.1 22.0 21.0

Supramax 42.7 14.8 18.0 17.5

Handysize 27.8 10.8 13.0 12.5

Tripchart.

12mt/cend

month

2008 2009 E 2010 F

USA -2.2 -10.0 4.1

Euro zone -1.8 -14.6 3.4

Japan -3.4 -22.3 12.1

China 12.9 10.8 14.1

Other Asia 1.4 -3.3 7.7

08 - 11m 09 - 11m % 09/08

USA 87.4 52.6 -39.8

Japan 111.3 78.6 -29.4

EU 27 189.0 126.3 -33.2

China 462.5 518.2 12.0

Other Asia 119.1 110.0 -7.6

Total World 1,222.4 1,090.4 -10.8

0

25

50

75

100

125

150

0

25

50

75

100

125

150

2003.1 2004.1 2005.1 .2006.1 2007.1 2008.1 2009.1 .

MILL MT/MONTH

WORLD STEEL PRODUCTION

CHINA REST OF THE WORLD TOTAL WORLD

0

20

40

60

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120

140

160

180

0

20

40

60

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100

120

140

160

180

99 00 01 02 03 04 05 06 07 08 09

$1,000/DAY

12 MONTHS T/C RATES FOR BULK CARRIERS

CAPESIZE PANAMAX SUPRAMAX HANDYSIZE

0

10

20

30

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60

70

80

0

10

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$1,000/DAY

WEEKLY SPOT RATES FOR BULK CARRIERS

CAPESIZE PANAMAX SUPRAMAX HANDYSIZE

Deliver. * Delet. End % chg


10-59,999 dwt 13.3 6.3 172.8 4.3

60-79,999 dwt 3.2 1.8 97.6 1.7

80-99,999 dwt 4.9 0.1 22.6 26.2

100,000 dwt+ 26.9 1.5 165.8 18.6Total bulk fleet 48.2 9.8 458.8 9.4

*Incl. conversions


7/11

.

SOLD FOR SCRAPPING in no/mill dwt

ESTIMATED VALUES in mill $

DEMOLITION PRICES in $/ldt

SALE AND PURCHASE BULK CARRIERS

The year ended with solid activity in the dry-cargo sale &

purchase market where Chinese buyers continued the trend

seen throughout the year and picked up the majority of vessels

reported sold in December. Prices remain firm and we

understand a Capesize resale for delivery ex Japanese yard

April 2010 has just been committed for a strong $71.5 mill toChinese buyers. Despite a very uncertain start of the year in

respect of second-hand values, the market improved drastically

during 2009 both in terms of values and liquidity. We estimate

the value for a new Capesize increased more than 15 percent

over the year while Panamaxes and Supramaxes gained above

10 percent. Whereas the activity in terms of number of sales

almost doubled in 2009 compared to 2008, the total value of all

transactions concluded were considerable below the 2008figures reflecting the substantially drop in values since the peak

which ended in the early autumn 2008.

BALTIC SALE & PURCHASE ASSESSMENTS (BSPA)

08/12 09/10 09/11 09/12

180,000 dwt resale 60.0 66.0 67.0 70.0

172,000 dwt 5 years 49.0 52.5 55.0 55.0

170,000 dwt 10 years 37.5 43.0 45.0 45.0

76,000 dwt resale 37.0 39.0 40.0 41.0

74,000 dwt 5 years 30.0 31.5 33.0 34.0

72,000 dwt 10 years 23.0 26.0 26.5 27.5

56,000 dwt resale 33.5 35.0 35.0 35.0

52,000 dwt 5 years 26.5 26.5 28.0 28.0

46,000 dwt 10 years 20.5 22.5 22.5 22.5

32,000 dwt resale 26.0 26.5 26.5 26.5

28,000 dwt 5 years 21.0 21.0 21.0 21.0

28,000 dwt 10 years 16.0 17.5 17.5 17.5

End month

Average Baltic panel assessments in mill $

Vessel 14 Dec 21 Dec

CAPESIZE - 5 years old 172,000 dwt 53.132 53.015

PANAMAX - 5 years old 74,000 dwt 33.339 33.424

SUPER HANDY - 5 years old 52,000 27.371 27.308

Bulk carriers 08/12 09/10 09/11 09/12

Far East 220.0 280/290 260/270 315.0

Sub continent 250.0 290/300 285/295 330.0

Bulk carriers

10-59,999 dwt 59 1.82 8 0.23 218 6.32

60-79,999 dwt 19 1.25 0 0.00 28 1.85

80-99,999 dwt 0 0.00 0 0.00 1 0.09

100,000 dwt+ 9 1.38 0 0.00 9 1.53Total 87 4.44 8 0.23 256 9.79

09/12 20092008

0

20

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160

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160

99 00 01 02 03 04 05 06 07 08 09

MILL.$

SH VALUES FOR BULK CARRIERS5 YEARS OLD


0

20

40

60

80

100

120

140

160

0

20

40

60

80

100

120

140

160

99 00 01 02 03 04 05 06 07 08 09

MILL.$

SH VALUES FOR BULK CARRIERS10 YEARS OLD


50

70

90

110

130

150

170

190

50

70

90

110

130

150

170

190

00 01 02 03 04 05 06 07 08 09

PERCENT

SH IN PERCENT OF NEWBUILDING PRICES5 YEARS OLD BULK CARRIERS



8/11

ORDERBOOK in no/1,000 TEUs

AVERAGE CHARTER RATES in $ 1,000/day

FLEET DEVELOPMENT in 1,000 TEUs

NEW ORDERS in no/1,000 TEUs

CELLULAR CONTAINER SHIPS

Preliminary figures suggest some 67 percent drop in container

volumes from 2008 to 2009. At the same time, the container ship

fleet increased by 8 percent calculated on a yearly average basis.

The capacity utilization rate decreased thus by 1415

percentage points from 2008 to 2009.

2009 was a disastrous year for container shipping. Charter rates

hovered around lay-up levels most of the year, while box rates

increased over the last months mainly resulting from a

significant adjustment of the operating container ship capacity.

At year end 11.4 percent (1.5 mill teu) of the container ship

fleet was reported to be idle.

Deliver. Delet. End % chg


Below 1,000 teu 23.4 12.0 772.3 1.5

1,000 - 1,999 teu 86.3 88.5 1,823.4 -0.1

2,000 - 3,999 teu 111.6 214.7 2,963.8 -3.4

4,000 teu + 834.6 35.7 7,201.1 12.5

Total container fleet 1,055.9 350.9 12,760.5 5.8

End Dec 09

Below 1,000 93 71 45 32 39 33 9 6

1,000 - 1,999 154 223 46 70 73 101 35 52

2,000 - 3,999 108 318 11 34 54 157 43 127

4,000 + 568 4,405 48 302 210 1,458 310 2,645Total 923 5,017 150 439 376 1,749 397 2,830

2010 2011+Total Delay 09

Below 1,000 49.0 33.6 0 0.0 4 1.8

1,000 - 1,999 77.0 112.6 0 0.0 11 16.8

2,000 - 3,999 36.0 103.4 0 0.0 4 11.0

4,000 + 118.0 855.9 0 0.0 6 45.1

Total 280.0 1,105.6 0 0.0 25 74.8

09/12 20092008

Modern vessels 2008 2009 09/11 09/12

1,000 teu 10.7 4.2 4.0 4.0

1,700 teu 14.3 4.7 4.3 4.3

3,000 teu 24.0 5.8 5.5 5.5

4,500 teu 30.8 8.8 6.5 6.5

10

20

30

40

50

60

70

80

90

100

110

120

10

20

30

40

50

60

70

80

90

100

110

120

99 00 01 02 03 04 05 06 07 08 09

MILL. $

BUILDING PRICES FOR CONTAINER SHIPS

1,000 teu 1,700 teu 3,000 teu 4,500 teu 6,000 teu

5

15

25

35

45

55

65

75

85

5

15

25

35

45

55

65

75

85

99 00 01 02 03 04 05 06 07 08 09 10

MILL. $

SH VALUES FOR CONTAINER SHIPS

5 YEARS OLD

1,000 teu 1,700 teu 3,000 teu 4,500 teu

PRICES PER END FEB 2009

0

10

20

30

40

50

0

10

20

30

40

50

99 00 01 02 03 04 05 06 07 08 09 10

$1,000/DAY

1,000 teu 1,700 teu 3,000 teu 4,500 teu

12 MONTHS T/C RATES FOR CONTAINER SHIPS


9/11

Representative reported contracts

The Platou Monthly December 2009

Type Capacity Shipyard Reported

price / unit

(USD mill)

Owner Delivery

TANK

2 x 6,000 dwt Hyundai Mipo 18,0 mill. Vroon 2011

3 x 45,000 dwt Maua Jurong Global Transporte Oceanico 2011

5 x 157,000 dwt Daewoo Shipbuilding Sonangol 2012 / 2013

10 x 158,000 dwt Daewoo Shipbuilding 61,0 mill Almi Tankers 2011 / 2013

3 x 158,000 dwt Samsung H.I. Centrofin 2011

2 x 158,000 dwt Samsung H.I. Stena 2011

BULK

4 x 35,000 dwt Samho Tongyong Ciner 2011

6 x 37,000 dwt Huatai H. I. 24,9 mill. Marine Capital 2011 / 2012

2 x 37,000 dwt S T X Shipbuilding 28,0 mill. Taiwanese Owner 2011

5 x 57,000 dwt Jiangsu Hantong 28,2 mill. Da Sin Shipping 2011

2 x 57,000 dwt Xiamen Shipyard 27,0 mill. Hongkong Tianhong 2012

4 x 59,000 dwt S P P Shipbuilding 33,0 mill. European Owner 2010 / 2011

2 x 76,000 dwt Hudong-Zhonghua Shipyard Domestic Owner 2011

8 x 76,000 dwt Nantong Rongsheng Shipbuilding Mingsheng Financial Leasing 2011 / 2012

2 x 81,000 dwt S P P Shipbuilding European Owner 2012

2 x 180,000 dwt Sungdong Shipbuilding 53,5 mill. Korean Owner 2012

180,000 dwt Sungdong Shipbuilding 53,5 mill. Navios 2012

2 x 180,000 dwt Sungdong Shipbuilding 53,5 mill. Polembros 2011180,000 dwt Sungdong Shipbuilding 53,5 mill. Teh Hu 2012

GAS

3 x 7,000 cbm Itajai Shipyard Elcano 2011

RORO

4 x 2300 teu Daewoo S B & Marine Eng. 70,0 mill. Ignazio Messina 2011 / 2012


10/11

Representative sales


Type/Name Cap Type Built Price Buyers Comments

Tank

Effie Maersk 307,000 dwt 2000/Korea Rgn USD 64 Mill Indonesia

Hamal Star 302,000 dwt 1994/Korea USD 20 Mill Korea (North) conversion

Concord 276,000 dwt 1988/Korea USD 16 Mill Far East

Viking Crux 140,000 dwt 1991/Korea USD 7.97 Mill India auction

Rosi I 108,000 dwt 2009/Japan USD 52 Mill China

Chemtrans Lyra 97,000 dwt 1993/Korea USD 12.5 Mill Norway

Chem/ProdVanguard Viking 1 99,000 dwt 1991/China USD 7.8 Mill Greece auction

Constantinos 73,000 dwt 2009/China " "

Meltemi 73,000 dwt 2009/China " "

Scirocco 73,000 dwt 2009/China " "

Maistros 73,000 dwt 2009/China USD 52 Mill Each Venezuela 7 years BBHP

Rose 46,000 dwt 2004/Japan USD 24.5 Mill Vietnam

Southern Eagle 20,000 dwt 2007/Japan Undisclosed China

Comb

Navdhenu Trust 76,000 dwt 1983/Germany USD 6.8 Mill Undisclosed

Bulk

Oriental Bay 180,000 dwt 2010/Japan USD 71.5 Mill ChinaAzul Glory 179,000 dwt 1998/Korea USD 40.5 Mill China

Cape Victory 177,000 dwt 2003/Japan USD 52 Mill China

Chs Star 150,000 dwt 1991/Korea USD 17.5 Mill China

Sunlight Ocean 82,000 dwt 2008/Japan Xs USD 41 Mill China

Navios Orion 77,000 dwt 2005/Japan USD 36.5 Mill China

India 77,000 dwt 2005/Japan USD 36,3 Mill China ss/dd due

Fortune Ocean 77,000 dwt 2006/Japan " "

Fortune Princess 77,000 dwt 2007/Japan USD 75 Mill China

Theresa Hebei 76,000 dwt 2004/Japan USD 35 Mill Greece

Ernst Salamon 74,000 dwt 1999/Japan USD 26,5 Mill United States

Juno Island 72,000 dwt 1997/Japan Rgn USD 25 Mill Undisclosed

Noble Jade 70,000 dwt 1988/Japan USD 11.5 Mill Greece

Pierre 70,000 dwt 1996/Japan USD 22 Mill Greece

Haina Wealth 69,000 dwt 1989/Korea USD 12 Mill China

Sejahtera 69,000 dwt 1994/Japan USD 20,5 Mill China

Harita Ferro 67,000 dwt 1984/Taiwan Undisclosed Undisclosed

Vitatrader 67,000 dwt 1983/Japan USD 5.95 Mill China

Gem Of Haldia 65,000 dwt 1982/Japan USD 5.3 Mill Undisclosed

Gem Of Cochin 65,000 dwt 1982/Japan USD 5 Mill China

Gem Of Aqaba 65,000 dwt 1982/Japan USD 4 Mill China

Sagaland 65,000 dwt 1982/Japan USD 5.3 Mill China


11/11

Representative sales


Santos Success 63,000 dwt 1984/Japan USD 5.5 Mill Undisclosed

Gem Of Madras 57,000 dwt 2008/Japan USD 33.5 Mill Norway

Forestal Esperanza 54,000 dwt 1990/Japan USD 9.7 Mill Undisclosed

Pindos 50,000 dwt 1994/Denmark USD 18 Mill China

Orientor 2 50,000 dwt 2002/China USD 24.7 Mill Undisclosed

Luckyfield 46,000 dwt 1982/Japan USD 5 Mill Undisclosed

Zsq Star 45,000 dwt 1986/Brazil Undisclosed China

Gingko 43,000 dwt 1984/ USD 7.3 Mill Undisclosed

Nurten Ana 39,000 dwt 1985/Japan USD 8.5 Mill European

Gregos 38,000 dwt 1984/Japan USD 7.9 Mill GreeceJianmao 18 35,000 dwt 1984/Spain USD 5.3 Mill European

Bled 35,000 dwt 1983/Spain USD 4.5 Mill Greece

Bohinj 35,000 dwt 1984/Spain USD 4.45 Mill Greece

Kritika Naree 34,000 dwt 1982/ USD 4.35 Mill China

Discoverer 34,000 dwt 1983/Japan USD 5.2 Mill Undisclosed incl 2 yrs t/c at usd 10.5k pd

Lodestar Forest 32,000 dwt 2005/Japan Rgn USD 23,5 Mill Hong Kong

Calypso I 31,000 dwt 1977/Serbia USD 2 Mill Kuwait

Basic Reliance 30,000 dwt 2002/Japan USD 20.2 Mill Undisclosed

Fgm Achiever 29,000 dwt 1978/Great Britain USD 2.575 Mill Undisclosed

Darya Yog 29,000 dwt 1996/China USD 13,6 Mill Greece

Virginia 27,000 dwt 1985/ USD 4.2 Mill Undisclosed

Maritime Master 26,000 dwt 1984/Japan USD 3.83 Mill China

Hilda 25,000 dwt 1984/Japan USD 4.2 Mill Undisclosed

Container

Shanghai Bridge 5,896 teu 2002/Japan USD 22 Mill Greece

Lions Gate Bridge 5,610 teu 2001/Korea USD 21 Mill Undisclosed

Long Beach Bridge 5,576 teu 2002/Japan USD 22 Mill Greece

Msc Zrin 2,064 teu 1993/Croatia USD 4.7 Mill Undisclosed

Cape Arago 1,066 teu 1992/Germany USD 3 Mill Undisclosed

Sinar Bangka 1,060 teu 2000/Japan Undisclosed Japan

Ice King 428 teu 1994/Spain Undisclosed Undisclosed

Ute Johanna 366 teu 1995/Germany USD 1.625 Mill Russia

Platou Monthly December 2009b

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