1. finance
2. investing
3. stocks

Weekly Market Report
Issue: Week 20 | Tuesday 19th May 2015
Market insight
Chartering (Wet: Firm + / Dry: Stable + )
Since Early October 2014 the tanker market has been experiencing a very
positive momentum and has continued its strong performance so far in
2015. Freight rates in the wet tanker market remained solidly firm and
somewhat increasing over the past weeks.
The BDI improved last week, exclusively supported by Capesize performance, while the rest of the market displayed no significant improvement in sentiment. The BDI closed today (19/05/2015) at 620 points,
down by 10 points compared to Monday’s levels (18/05/2015) and an
increase of 31 points when compared to previous Tuesday’s closing
(12/05/2015). Strong demand and robust activity in the Middle East
gave a strong push to the crude carriers market last week. The BDTI
Monday (18/05/2015) was at 846 points, an increase of 100 points and
the BCTI at 646, an increase of 25 points compared to previous Monday’s (11/05/2015) levels.
By John N. Cotzias
SnP Broker
The VLCC TD3 daily is today in excess of $80,000/day, reaching 5 year highs
and has improved phenomenally on a y-on-y comparison as around this time
last year it was averaging at -$3,000/day. Cargo volumes are at elevated
levels with oil production in Saudi Arabia holding at record highs and more
crude cargo exports coming out of Iraq’s Basrah. Market expectation is that
there is will be an upward trend in VLCC rates in June and it is worth noting
that nearly 1 out of 3 VLCC’s taken on T/C during 2015 is being used for storage mostly in the AG, some in Spore, W. Africa & the Med. Suezmaxes were
partly assisted by the bullish sentiment of the rising VLCC market and saw
the Black Sea-Med TD6 route averaging around $55,000/day during Q12015,
which is 70% up from the average during Q12014. Rates for Aframax Tankers
are slightly softening over the past month, but the average spot rate is still
holding above $25,000/day, with stable activity expected in the short to
medium term as well.
Spot earnings for MR tankers are close to $23,500/day while the LR1’s average spot rates are ranging slightly higher at around$25,000/day. LR2’s product tanker rates in the Q12015 averaged the highest for the same period
since 2006. These rates have been supported mainly by new refineries in the
Middle East, which in turn utilized long haul product exports. Low oil prices
have also kept naphtha prices down, making it a competitive alternative to
LPG for petrochemical plants feedstock, which ultimately led to strong Asian
naphtha imports.
Newbuilding and secondhand prices are also on the rise and in general we
are seeing a great volume of transactions on quality modern wet tonnage, as
keen buyers appear ready to act on tonnage that could benefit from the
strong freight market. More than 105 Secondhand and Resale Tankers of
25.000dwt and above have changed hands since Jan. For the same period
we have seen newbuilding orders for more than 130 tankers. The existing
tanker orderbook is in excess of 680 vessels, 78% of which is scheduled to be
delivered before 2017. At the same time, the healthy returns of the past six
months gave tanker owners practically no incentive to send their vessels for
scrap. In fact, only 8 large sized tankers went for demo so far in the year,
while these where all well above 20 years of age.
According to International Energy Agency (IEA), European oil demand in the
first quarter of this year grew at its fastest pace in almost 20 years, increased by 185,000 b/d compared to the Agency’s previous estimates, while
low prices and colder weather, were as expected the main reasons behind
this strong uptrend. At the same time, China, the world’s second-largest oil
consumer behind the United States according to the IEA, is forecasted to
consume a little below 12million barrels of oil per day in 2017, with oil consumption doubling since 2004 and oil import dependency up from 30% in
2000 to about 57% in 2014.
So given that oil prices will keep fairing at their lower new normal in the
short to medium term, sustaining this way the strong demand for longer,
the weight that scheduled deliveries will place on the market is expected to
be partly offset, allowing the sector to keep enjoying firm rates with potential of further upside very possible .
Sale & Purchase (Wet: Stable - / Dry: Stable - )
SnP activity with regards to both dry bulkers and tankers slowed down
this week, while the number of post 2000 built container vessels sales
was remarkable. On the tanker side, we had the sale of the “IVER EXPERT” (45,809dwt-blt 97, S.Korea), which was sold to Sinochem for
$8.5m. On the dry bulker side we had the sale of the “JIANG JUN SHAN”
(176,924dwt-blt 06, Japan), which was reported being sold to Winning
Shipping for a price of $18.1m .
Newbuilding (Wet: Stable- / Dry: Soft - )
“One of the same” could very well be the title for last week’s newbuilding market, with tanker orders still having the lion’s share among those
limited orders being reported across the market and dry bulk prices
continuing to move south and closer to the 2012 lows. As long as dry
bulk second-hand prices keep failing to note a significant upward correction, we expect more downside on the newbuilding side as well, while
the trend of converting previous Capesize orders to tanker ones seems
that is still holding well, with more similar conversions coming to light
recently. Such deals underline the extent of the lack of faith in the segment by owners who just a little while ago saw potential in Capes but
currently seem unable to find anything positive in concluding such orders, despite the fact that a significant amount of deadweight has been
already removed by the market and more is expected to do so in the
coming months. In terms of recently reported deals, German owner,
Blumenthal, converted a Capesize order to one firm plus one optional
Suezmax (160,000dwt) at Hyundai Samho, in S. Korea, for a price of
$67.0 each and delivery set in 2017.
Demolition (Wet: Soft - / Dry: Soft - )
The fact that demo prices extended their fall last week hardly took anyone by surprise as market sentiment has been persistently dictating for
further downside since the beginning of the month. The downward
trend seems to have ultimately taken its toll on activity as well, which
came in overwhelmingly lower than what we have been used to lately,
while the lack of demo sales involving Capesize tonnage certainly didn’t
go unnoticed as the big bulkers have been regularly popping up in reported demo sales since the beginning of the year. We see the market
stabilizing around current levels for a couple of weeks, while if no important upside is noted on prices, we expect the upcoming monsoon
season to almost certainly weigh down further on activity. Saying that,
we still believe that this summer will be busier compared to the 2014
one, while despite the momentary stall in demo sales of big bulkers, we
expect the trend to resume for as long as earning remain close to or just
above OPEX levels. Prices this week for wet tonnage were at around
225-400 $/ldt and dry units received about 210-380 $/ldt.
Wet Market
Spot Rates
Routes
$/day
2014
2013
WS
points
$/day
WS
points
$/day
±%
$/day
$/day
265k MEG-JAPAN
78
80,210
63
58,593
36.9%
30,469
21,133
280k MEG-USG
49
71,105
35
41,109
73.0%
17,173
7,132
260k WAF-USG
80
78,198
70
69,026
13.3%
40,541
26,890
130k MED-MED
96
52,125
75
36,597
42.4%
30,950
17,714
130k WAF-USAC
117.5
57,410
73
31,480
82.4%
24,835
13,756
130k BSEA-MED
100
60,997
75
39,916
52.8%
30,950
17,714
80k
MEG-EAST
120
36,348
102.5
28,028
29.7%
19,956
11,945
80k
MED-MED
92.5
25,910
105
32,032 -19.1% 28,344
13,622
80k
UKC-UKC
102.5
27,114
120
40,401 -32.9% 33,573
18,604
70k
CARIBS-USG
110
27,311
102.5
23,460
75k
MEG-JAPAN
103
29,043
103
55k
MEG-JAPAN
120
24,225
110
37K
UKC-USAC
160
24,014
152.5
30K
MED-MED
135
16,644
137.5
55K
UKC-USG
120
24,040
55K
MED-USG
120
22,359
50k
CARIBS-USAC
130
21,902
16.4%
25,747
16,381
28,468
2.0%
16,797
12,011
21,392
13.2%
14,461
12,117
21,897
9.7%
10,689
11,048
17,360
-4.1%
18,707
17,645
125
25,573
-6.0%
23,723
14,941
125
23,826
-6.2%
21,089
12,642
132.5
22,665
-3.4%
25,521
VLCC
Suezmax
Aframax
Panamax
MR
Handy
size
- 'STAVANGER PRINCE'
- $21,000/day
2002
109,400 dwt
- Trafigura
-12 mos
-
- 'MERKUR O'
- $20,2500/day
2004
75,000 dwt
-Koch
TD3
TD4
TD6
TC1
TC2
TC5
DIRTY - WS RATES
TD9
220
170
120
70
20
CLEAN - WS RATES
TC6
270
15,083
TC Rates
$/day
-12 mos
-
240
WS poi nts
Dirty
Clean
Aframax
Suezmax
VLCC
Vessel
Indicative Period Charters
Week 19
WS poi nts
Week 20
210
180
150
120
Week 20
Week 19
±%
Diff
2014
2013
300k 1yr TC
42,000
40,000
5.0%
2000
28,346
20,087
300k 3yr TC
40,500
40,500
0.0%
0
30,383
23,594
150k 1yr TC
33,500
33,000
1.5%
500
22,942
16,264
150k 3yr TC
32,500
32,500
0.0%
0
24,613
18,296
110k 1yr TC
24,000
23,500
2.1%
500
17,769
13,534
110k 3yr TC
23,000
23,000
0.0%
0
19,229
15,248
75k 1yr TC
21,500
21,500
0.0%
0
16,135
15,221
75k 3yr TC
19,250
19,250
0.0%
0
16,666
15,729
VLCC
300KT DH
80.7
90
60
Indicative Market Values ($ Million) - Tankers
Vessel 5yrs old
May-15 Apr-15
±%
2014
2013
2012
81.0
-0.4%
73.6
56.2
62.9
52k 1yr TC
16,750
16,250
3.1%
500
14,889
14,591
Suezmax
150KT DH
58.8
58.1
1.2%
50.2
40.1
44.9
52k 3yr TC
16,000
16,000
0.0%
0
15,604
15,263
Aframax
110KT DH
45.0
45.0
0.0%
38.6
29.2
31.2
75KT DH
34.2
35.6
-4.1%
32.8
28.0
26.7
52KT DH
26.7
27.0
-1.2%
27.2
24.7
24.6
36k 1yr TC
15,000
15,000
0.0%
0
14,024
13,298
LR1
36k 3yr TC
14,250
14,250
0.0%
0
14,878
13,907
MR
Chartering
Sale & Purchase
What a great week that was for the crude carriers market that saw rates for
most routes noting significant upside amidst strong activity in both the Middle East and W. Africa regions. Significant amount of fresh business combined with balanced supply of tonnage all around, allowed owners to quickly get the upper hand and push for more, as charterers appeared more than
keen to move into June dates amidst a strengthening market that continues
to enjoy strong momentum that could soon be translating into even higher
returns.
In the LR1 sector we had the en-bloc resale of the “STX JINHAE
1657” (73,800dwt-blt 16, S. Korea), the “STX JINHAE 1652” (73,800dwt-blt
15, S. Korea), “STX JINHAE 1658” (73,800dwt-blt 16, S. Korea) and “STX
JINHAE 1651” (73,800dwt-blt 15, S. Korea), which were sold to Greek owner
Prime Marine for a price in the region of $53.5m each.
In the MR sector we had the sale of the “IVER EXPERT” (45,809dwt-blt 97, S.
Korea), which was sold to Sinochem for $8.5m .
The VL market closed off the week noting exceptional gains on the back of
impressive activity in the Middle East, while this notable increase of enquiry
is shaping high expectations for next month as well, with market talk insisting on a very promising begging of the summer period in terms of demand.
The W. Africa Suezmax market witnessed improved activity for a second
time in a row, but this time round tonnage supply was clearly in favour of
owners ballasting in the region, who saw rates surging to TCE levels last
witnessed back in the beginning of March.
Rates for Aframaxes displayed a mixed picture last week, with the crossMed Afra remaining under pressure, while the Caribs Afra remained on an
upward trend amidst strengthening enquiry in the region.
© Intermodal Research
19/05/2015
2
Dry Market
Baltic Indices
Indicative Period Charters
Point
Diff
$/day
±%
2014
2013
Index
Index
1,097
1,205
BDI
634
BCI
954
$6,946
616
$4,737
338
46.6%
1,943
2,106
BPI
579
$4,630
594
$4,734
-15
-2.2%
960
1,186
BSI
628
$6,566
618
$6,460
10
1.6%
937
983
BHSI
327
$4,832
329
$4,876
-2
-0.9%
522
562
574
60
- 4 to 7 mos
- Indonesia prompt
- 'DA SHUN '
- $ 6,000/day
2013
81,068dwt
-Noble
- 4 to 8 mos
- Paradip prompt
- 'NORD SATURN'
- $ 6,900/day
2012
77,288 dwt
-GMI
Baltic Indices
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
BCI
Index
Week 19
08/05/2015
Index
$/day
45,000
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
AVR 4TC BCI
$/day
Week 20
15/05/2015
Index
$/day
±%
Diff
2014
2013
Capesize
170K 6mnt TC
Week
19
7,250
6.9%
500
22,020
17,625
170K 1yr TC
8,500
8,500
0.0%
0
21,921
15,959
170K 3yr TC
10,000
10,000
0.0%
0
21,097
16,599
Handysize Supramax Panamax
Period
Week
20
7,750
76K 6mnt TC
6,750
7,250
-6.9%
-500
12,300
12,224
$/day
76K 1yr TC
6,750
7,250
-6.9%
-500
12,259
10,300
76K 3yr TC
7,750
8,250
-6.1%
-500
13,244
10,317
55K 6mnt TC
7,500
7,500
0.0%
0
12,008
11,565
55K 1yr TC
7,250
7,250
0.0%
0
11,589
10,234
55K 3yr TC
7,750
7,750
0.0%
0
11,585
10,482
30K 6mnt TC
6,000
6,000
0.0%
0
9,113
8,244
30K 1yr TC
6,250
6,250
0.0%
0
9,226
8,309
30K 3yr TC
6,750
6,750
0.0%
0
9,541
8,926
BPI
BSI
BHSI
BDI
Average T/C Rates
AVR 4TC BPI
AVR 5TC BSI
AVR 6TC BHSI
Chartering
The Dry Bulk market closed off the week on the green last week, purely on
the back of improved Capesize performance, while the rest of the segments
moved sideways, denying the sector even the slightest change in sentiment. Despite the jump in Cape rates, the market remains under pressure
with average T/C rates for all sizes segments faring below $7,000/day and
barely covering OPEX in the best of cases. At the same time it is very worrying to note that even amidst what are considered “hot” seasons for regions
in the likes of ECSA, the market has been unable to advance, with further
fears emerging if one tries to assess what is due to happen once things slow
down further.
Rates for Capes were for a second week in a row the only substantial positive exception in an otherwise uninspiring market, with activity in both
basins reviving significantly and reports signalling the return of majors in
the Pacific. Sentiment nonetheless has not improved much from the week
prior and given the lows rates have been hovering around, current levels
can hardly allow for big hopes to built up. The following days are set to
offer a better idea as to how meaningful this recent upside could be.
Indicative Market Values ($ Million) - Bulk Carriers
Vessel 5 yrs old
May-15 Apr-15
Capesize
180k
33.5
34.8
±%
2014
2013
2012
-3.6%
47.3
35.8
34.6
Panamax
76K
16.8
16.6
1.3%
24.5
21.3
22.7
Supramax
56k
15.8
16.1
-1.8%
24.7
21.5
23.0
Handysize
30K
13.5
13.9
-2.7%
19.5
18.2
18.2
Sale & Purchase
In the Capesize sector, we had the sale of the “JIANG JUN SHAN”
(176,924dwt-blt 06, Japan), which was reported being sold to Winning Shipping for a price of $18.1m.
In the Handymax sector we had the sale of the “AGIA” (45,296dwt-blt 94,
Japan), which was sold to Chinese buyers for a price in the region of $3.5m .
The Atlantic Panamax market started to improve slowly following holidays
in a number of European countries, while the Pacific Panamax was still
moving sideways as the market slid into the weekend.
Rates for the geared sizes slightly improved in the Pacific following a fairly
quiet first half of the month in the region, while improved rates were also
being achieved out of Continent with Atlantic business remaining overall
stable.
© Intermodal Research
19/05/2015
3
Secondhand Sales
Tankers
Size
Name
Dwt
Built
Yard
M/E
SS due
Hull
Price
Buyers
DH
$ 61.5m
Mona co ba s ed
(Scorpi o
Ta nkers )
AFRA
FLAGSHIP
JASMINE
114,900
DAEHAN
2015 SHIPBUILDING -, S.
Korea
LR1
STX JINHAE 1657
73,800
2016
STX OFFSHORE &
SHBLDG, S. Korea
MAN-B&W
DH
$ 53.5m
LR1
STX JINHAE 1652
73,800
2015
STX OFFSHORE &
SHBLDG, S. Korea
MAN-B&W
DH
$ 53.5m
Comments
Greek (Pri me
Ma ri ne)
LR1
STX JINHAE 1658
73,800
2016
STX OFFSHORE &
SHBLDG, S. Korea
MAN-B&W
DH
$ 53.5m
LR1
STX JINHAE 1651
73,800
2015
STX OFFSHORE &
SHBLDG, S. Korea
MAN-B&W
DH
$ 53.5m
MR
FLAGSHIP IRIS
51,600
2012
HYUNDAI MIPO
MAN-B&W
DOCKYARD, S. Korea
DH
$ 30.5m
Da ni s h (AP
Mol l er Group)
MR
IVER EXPERT
45,809
1997
Sep-17
DH
$ 8.5m
Chi nes e
(Si nochem)
PROD/
CHEM
EVERRICH 7
22,780
2001 KITANIHON, Ja pa n
Mi ts ubi s hi Sep-16
DH
undi s cl os ed
Greek (Ma re
Ma ri time)
HALLA ENG & HI SAMHO, S. Korea
B&W
i ncl . 6 mos . T/C to
Tra fi gura a t
$15,600/da y
Bulk Carriers
Size
Dwt
Name
Built
Yard
M/E
SS due
MAN-B&W
Gear
Price
Buyers
Apr-16
$ 29.0m
undi s cl os ed
Comments
CAPE
BLUE CHO OYU
180,161
2011
DAEHAN
SHIPBUILDING -,
S. Korea
CAPE
JIANG JUN SHAN
176,924
2006
NAMURA IMARI,
Ja pa n
MAN-B&W
Sep-15
$ 18.1m
Si nga pore
a t a uction, ves s el
ba s ed (Wi nni ng
l a i d up
Shi ppi ng)
CAPE
CECILIA
170,565
1999
NAMURA IMARI,
Ja pa n
MAN-B&W
Jun-19
$ 8.75m
Ukra i ni a n (Vi s ta
Shi ppi ng)
PMAX
TIARA GLOBE
72,928
HUDONG
1998 SHIPBUILDING GR,
Chi na
B&W
Apr-18
4 X 30t
CRANES
$ 5.5m
Chi nes e
HMAX
AGIA
45,296
1994
SHIN KURUSHIMA
Mi ts ubi s hi
ONISHI, Ja pa n
Ma r-19
4 X 25,4t
CRANES
$ 3.5m
Chi nes e
SMALL
SEA RACER
18,320
2000
SHIKOKU
DOCKYARD, Ja pa n
Jun-15
3 X 30t
CRANES
$ 3.5m
Turki s h
© Intermodal Research
B&W
19/05/2015
4
Secondhand Sales
Containers
Size
Name
Teu
SUB
PMAX
CLYDE
2,824
Built
Yard
M/E
SS due
HYUNDAI MIPO
2007 DOCKYARD, S. MAN-B&W Nov-16
Korea
HYUNDAI MIPO
2006 DOCKYARD, S. MAN-B&W Apr-20
Korea
GDANSKA
2006 STOCZNIA GRUPA, MAN-B&W Aug-16
Poland
SUB
PMAX
PHOENIX
HUNTER
2,824
SUB
PMAX
PASSAT SPRING
2,732
SUB
PMAX
CALEDONIAN
EXPRESS
2,702
2006
FEEDER
TAURUS J
1,201
2002
PEENE-WERFT,
Germany
B&W
Nov-17
FEEDER
ANTARES J
1,201
2002
PEENE-WERFT,
Germany
B&W
Feb-17
PEENE-WERFT,
Germany
B&W
FEEDER
AURIGA J
1,150
FEEDER
HANSE
CONFIDENCE
830
2001
Gear
Buyers
Comments
$ 16.3m
Turkish
$ 14.8m
$ 14.2m
UK based
(Borealis
Maritime)
$ 14.3m
Turkish
2 X 45t
CRANES
$ 5.5m
Norwegian
(Nordic
Shipping)
2 X 40t
CRANES
$ 5.3m
2 X 45t
CRANES
$ 5.3m
NORDSEEWERKE,
MAN-B&W Sep-16
Germany
Oct-16
Price
2004 QINGSHAN, China MAN-B&W Feb-15
German
(Navalis)
undi s cl os ed
German (ER
Capital Holding)
FEEDER HANSE COURAGE
830
2005 QINGSHAN, China MAN-B&W Jul-15
undi s cl os ed
FEEDER
WMS
ROTTERDAM
698
2005
MAWEI, China
MaK
Jun-15
undi s cl os ed
FEEDER
WMS
AMSTERDAM
698
2005
MAWEI, China
MaK
-
undi s cl os ed
FEEDER
WMS
VLISSINGEN
698
2005
MAWEI, China
MaK
Aug-15
undi s cl os ed
Type
Name
Dwt
Built
Yard
M/E
SS due
Cbm
Price
LNG
TENAGA DUA
72,087
1981
DUNKERQUENORMANDIE,
Fra nce
Sta l -La va l
-
127,400
$ 19.2m
CNIM, Fra nce
Sta l -La va l
Dec-19
127,409
$ 19.2m
MITSUBISHI
Mi ts ubi s hi
NAGASAKI, Ja pa n
Dec-15
78,462
$ 39.0m
Filipino
Gas/LPG/LNG
LNG
TENAGA LIMA
72083
1981
LPG
GAS SCORPIO
49,679
1995
© Intermodal Research
Buyers
Comments
Chi nes e
19/05/2015
Vi etna mes e
(Truong Pha t
Loc)
5
Newbuilding Market
Indicative Newbuilding Prices (million$)
Vessel
Gas
Tankers
Bulkers
Capesize
180k
Kamsarmax 82k
Panamax
77k
Ultramax
63k
Handysize
38k
VLCC
300k
Suezmax
160k
Aframax
115k
LR1
75k
MR
50k
LNG 160k cbm
LGC LPG 80k cbm
MGC LPG 55k cbm
SGC LPG 25k cbm
Week
20
50.5
27.5
26.5
25.5
21.5
96.5
65.0
53.5
46.0
36.5
190.0
77.0
68.0
46.0
Week
19
51.0
28.0
27.5
25.5
21.5
96.5
65.0
53.5
46.0
36.5
190.0
77.0
68.0
46.0
±%
-1.0%
-1.8%
-3.6%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
2014 2013 2012
55.8
30.4
29.2
27
23
98.6
65
54
45.9
36.9
49
27
26
25
21
91
56
48
41
34
186.0 185
78.4 71
66.9 63
44.3 41
47
28
27
25
22
96
58
50
42
34
186
71
62
44
“One of the same” could very well be the title for last week’s newbuilding
market, with tanker orders still having the lion’s share among those limited
orders being reported across the market and dry bulk prices continuing to
move south and closer to the 2012 lows. As long as dry bulk second-hand
prices keep failing to note a significant upward correction, we expect more
downside on the newbuilding side as well, while the trend of converting
previous Capesize orders to tanker ones seems that is still holding well, with
more similar conversions coming to light recently. Such deals underline the
extent of the lack of faith in the segment by owners who just a little while
ago saw potential in Capes but currently seem unable to find anything positive in concluding such orders, despite the fact that a significant amount of
deadweight has been already removed by the market and more is expected
to do so in the coming months.
In terms of recently reported deals, German owner, Blumenthal, converted a
Capesize order to one firm plus one optional Suezmax (160,000dwt) at Hyundai Samho, in S. Korea, for a price of $67.0 each and delivery set in 2017.
Bulk Carriers Newbuilding Prices (m$)
Tankers Newbuilding Prices (m$)
VLCC
Suezmax
Aframax
LR1
MR
Capesize
110
Panamax
Supramax
Handysize
90
140
mi l lion $
mi l lion $
180
100
70
50
60
30
20
10
Newbuilding Orders
Units
Size
Type
Yard
Hyundai Samho, S.
Korea
Delivery
Buyer
2017
German ( Blumenthal)
Price
1+1
Tanker
160,000 dwt
2
Tanker
156,000 dwt
DSME, S. Korea
2017
Greek (Maran Tankers)
1
Bulker
60,000 dwt
Onomichi, Japan
2018
Dutch (Triton Navigation)
1
Gas
178,000 cbm
Imabari, Japan
2020
Japanese (Trinity LNG
Transport)
2
Gas
165,000 cbm
Mitsubishi, Japan
2018
Japanese (NYK)
undisclosed
3
MPP
17,500 dwt
Honda Zosen, Japan
2016-2017
Japanese (Mitsui OSK)
undisclosed
2
PCTC
7,000 ceu
Uljanik, Croatia
2017-2018
Norwegian (Siem Shipping)
$ 55.0m
© Intermodal Research
19/05/2015
Comments
Ca pes i ze order
$ 67.0m
convers i on
4 Suezma xes + 6 VLs
undisclosed
a l rea dy on order
Sumi tomo s ubs di a ry,
undisclosed
total 4 on order
25-yr T/C to Mi ts ui &
undisclosed
Co.
total 5 on order
6
Demolition Market
Indicative Demolition Prices ($/ldt)
Dry
Wet
Markets
Bangladesh
India
Pakistan
China
Bangladesh
India
Pakistan
China
Week
20
390
390
400
225
380
380
380
210
Week
19
395
395
405
225
385
385
385
210
±%
-1.3%
-1.3%
-1.2%
0.0%
-1.3%
-1.3%
-1.3%
0.0%
The fact that demo prices extended their fall last week hardly took anyone by
surprise as market sentiment has been persistently dictating for further
downside since the beginning of the month. The downward trend seems to
have ultimately taken its toll on activity as well, which came in overwhelmingly lower than what we have been used to lately, while the lack of demo
sales involving Capesize tonnage certainly didn’t go unnoticed as the big
bulkers have been regularly popping up in reported demo sales since the
beginning of the year. We see the market stabilizing around current levels for
a couple of weeks, while if no important upside is noted on prices, we expect
the upcoming monsoon season to almost certainly weigh down further on
activity. Saying that, we still believe that this summer will be busier compared to the 2014 one, while despite the momentary stall in demo sales of
big bulkers, we expect the trend to resume for as long as earning remain
close to or just above OPEX levels. Prices this week for wet tonnage were at
around 225-400 $/ldt and dry units received about 210-380 $/ldt.
2014 2013 2012
469
478
471
313
451
459
449
297
422
426
423
365
402
405
401
350
441
445
444
384
415
419
416
365
The highest price amongst recently reported deals, was that paid by Indian
breakers for the General Cargo vessel “OMOLON” (7,075dwt-4,174ldt-blt 87),
which received $364/ldt .
Dry Demolition Prices
550
500
450
400
350
300
250
200
Bangladesh
India
Pakistan
China
$/l dt
$/l dt
Wet Demolition Prices
550
500
450
400
350
300
250
200
Bangladesh
India
Pakistan
China
Demolition Sales
Name
Size
Ldt
Built
Yard
Type
$/ldt
Breakers
Comments
AMADEO
39,350
11,509
1996
GALATI, Romania
TANKER
$ 281/Ldt
undisclosed
as-is Argentina, incl. 290T ROB
OMOLON
7,075
4,174
1987
LENINA STOCZNIA
GDANSK, Poland
GC
$ 364/Ldt
Indian
© Intermodal Research
19/05/2015
7
Commodities & Ship Finance
14-May-15
13-May-15
12-May-15
11-May-15
2.140
2,122.73
5,048.29
18,272.56
6,960.49
3,779.96
4,993.82
11,447.03
19,732.92
27,822.28
265.95
1.14
1.57
119.28
0.14
6.20
1,083.90
84.11
2.230
2,121.10
5,050.80
18,252.24
6,973.04
3,782.49
5,029.31
11,559.82
19,570.24
27,286.55
264.74
1.14
1.58
119.21
0.14
6.20
1,090.35
84.14
2.270
2,098.48
4,981.69
18,060.49
6,949.63
3,769.69
4,961.86
11,351.46
19,764.72
27,249.28
267.99
1.13
1.57
119.18
0.14
6.20
1,093.55
84.30
2.280
2,099.12
4,976.19
18,068.23
6,933.80
3,756.45
4,974.65
11,472.41
19,624.84
27,407.18
269.23
1.12
1.57
119.84
0.13
6.21
1,094.05
85.14
2.280
2,105.33
4,993.57
18,105.17
7,029.85
3,805.48
5,027.87
11,673.35
19,620.91
27,718.20
269.86
1.11
1.56
120.13
0.13
6.21
1,098.25
85.53
W-O-W
Change %
-0.9%
0.3%
0.9%
0.4%
-1.2%
-0.9%
-1.9%
-1.9%
0.6%
0.9%
-2.9%
1.5%
1.8%
-0.4%
2.3%
0.0%
-0.4%
-1.3%
Maritime Stock Data
Company
Basic Commodities Weekly Summary
Oil WTI $
Oil Brent $
Gold $
70
1,350
65
1,300
60
oil
1,250
55
gold
1,200
50
45
1,150
40
1,100
Bunker Prices
15-May-15 8-May-15
MDO
10year US Bond
S&P 500
Nasdaq
Dow Jones
FTSE 100
FTSE All-Share UK
CAC40
Xetra Dax
Nikkei
Hang Seng
DJ US Maritime
$/€
$/₤
¥/$
$ / NoK
Yuan / $
Won / $
$ INDEX
15-May-15
380cst
Currencies
Stock Exchange Data
Market Data
Rotterdam
Houston
Singapore
Rotterdam
Houston
Singapore
593.0
657.0
588.5
358.5
352.5
377.5
579.5
660.0
578.5
359.5
351.0
389.0
W-O-W
Change %
2.3%
-0.5%
1.7%
-0.3%
0.4%
-3.0%
Finance News
Stock
Curr. 15-May-15 08-May-15
Exchange
W-O-W
Change %
AEGEAN MARINE PETROL NTWK
NYSE
USD
14.84
14.28
3.9%
BALTIC TRADING
NYSE
USD
1.50
1.42
5.6%
BOX SHIPS INC
CAPITAL PRODUCT PARTNERS LP
COSTAMARE INC
NYSE
USD
NASDAQ USD
NYSE
USD
0.95
9.00
20.03
0.93
8.59
20.29
2.2%
4.8%
-1.3%
DANAOS CORPORATION
NYSE
USD
6.18
6.49
-4.8%
DIANA SHIPPING
NYSE
USD
7.23
6.88
5.1%
DRYSHIPS INC
NASDAQ USD
0.78
0.71
9.9%
EAGLE BULK SHIPPING
NASDAQ USD
10.00
9.50
5.3%
EUROSEAS LTD.
FREESEAS INC
GLOBUS MARITIME LIMITED
NASDAQ USD
NASDAQ USD
NASDAQ USD
0.77
0.11
1.38
0.80
0.03
1.36
-3.8%
266.7%
1.5%
GOLDENPORT HOLDINGS INC
LONDON GBX
118.00
120.95
-2.4%
HELLENIC CARRIERS LIMITED
LONDON GBX
20.70
23.50
-11.9%
NAVIOS MARITIME ACQUISITIONS
NYSE
USD
3.75
3.69
1.6%
NAVIOS MARITIME HOLDINGS
NYSE
USD
3.66
3.73
-1.9%
NAVIOS MARITIME PARTNERS LP
NYSE
USD
10.98
11.66
-5.8%
PARAGON SHIPPING INC.
NYSE
USD
0.70
0.70
0.0%
SAFE BULKERS INC
SEANERGY MARITIME HOLDINGS CORP
STAR BULK CARRIERS CORP
STEALTHGAS INC
TSAKOS ENERGY NAVIGATION
TOP SHIPS INC
NYSE
NASDAQ
NASDAQ
NASDAQ
NYSE
NASDAQ
USD
USD
USD
USD
USD
USD
3.71
0.71
3.48
6.70
9.50
1.03
3.67
0.71
3.75
6.51
9.06
1.06
1.1%
0.0%
-7.2%
2.9%
4.9%
-2.8%
“Frangou’s Navios stake grows
Angeliki Frangou has seen her stake in US-listed
Navios Maritime Holdings rise to 26.3%, according to
a securities filing today.
The chief executive of the Piraeus-headquartered
shipowner reported a holding of 29 million shares
and vested or soon-to-vest options. The stake is
worth $106m at today’s price on the New York Stock
Exchange.
A year ago, she told the US Securities & Exchange
commission that she controlled 27.7 million shares
and vested options, or 25.9% of the company.
The upsized figure reported today includes 3.08 million vested options to purchase shares and another
208,000 that vest within the next 60 days.
Not included are 1.29 million unvested options,
which would lift Frangou’s stake to 27.2%.
As of its last quarterly report, Navios controlled a
fleet of 40 owned and 24 chartered-in bulkers and
newbuildings.
The company also has a controlling stake in Navios
South American Logistics, bulker and containership
owner Navios Maritime Partners and tanker owner
Navios Maritime Acquisition.” (Eric Martin, Trade
Winds)
The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way
whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
Compiled by Intermodal Research & Valuations Department | research@intermodal.gr
Ms. Eva Tzima | e.tzima@intermodal.gr
Mr. Vassilis Logothetis | v.logothetis@intermodal.gr
You can contact us directly by phone or by e-mailing, faxing or posting the
below form completed with all your details:
Tel: +30 210 6293 300
Fax:+30 210 6293 333-4
Email: research@intermodal.gr
Intermodal Shipbrokers Co.
17th km Ethniki Odos Athens-Lamia & 3 Agrambelis street,
145 64 N.Kifisia,
Athens - Greece
Select
Price in US$
Annual Subscription
□
Free
Shipping Monthly Recap - free summary
Annual Subscription - 12 issues
□
Free
Shipping Monthly Recap - full report
Annual Subscription - 12 issues
□
Please contact our
department
Weekly Publications
Weekly Market Report
Monthly Publications
Your Contact Details
Full Name:
Title:
Company:
Position:
Address:
Country:
Post code:
E-mail:
Telephone:
Company Website:
Fax:
© Intermodal Shipbrokers Co
19/05/2015
9