1. business and industrial

Weekly Market Report
Issue: Week 13 | Tuesday 31st March 2015
Market insight
By Panos Makrinos
SnP Broker
There is no doubt that we are still witnessing a very challenging and at the
same time very uncertain market, both with respect to dry chartering as well
as SnP activity. As far as the latter is concerned, we observe a strong negative trend in asset prices that has kicked off back in mid-2014, but which has
nevertheless still hasn’t convinced buying interest to the extent that one
would think. This trend affects all segments and ages with the most representative examples those of the 10-year old Panamax and the 5-year old
Cape, the prices of which are currently at a massive discount compared to a
year ago.
The obvious question that rises among the majority of shipowners and potential investors is whether this is the right time to invest in second hand
vessels or not, but this time round the argument for investing is very hard to
make as the present earnings from the very depressed freight market are at
levels that in many cases fail to even cover operation expenses.
So does buying a ship at a low freight market entail a substantial risk? The
answer is a definitive yes, but as it has happened many times in the past,
such risks have proven to be excellent investment choices when improved
freight levels finally take place following a market recovery. The million dollar question is as always what is the best time for such investments, and one
that cannot be answered as the “perfect timing” or “accurately calling the
bottom” is a very rare occurrence in this market to begin with.
When looking at the very low asset prices and the fairly intense buying interest of the last month, especially for vessels build post 1990, one could observe that some key players are eager to buy at the lowest price they can
achieve right now, having in mind that the BDI has reached its historical
bottom recently and a gradual rise is bound to happen even at a pace that
might not secure immediate profit for shipowners.
At the same time, the oversupply of available tonnage in the dry market
remains a very important issue, especially if one takes into account the number of bulkers that are due to be delivered this year following the ordering
spree of 2013. Slippage and cancellation might help this number eventually
come in lower than expected, while on top of that, intense demolition activity is already offering hopes for a much needed breather in the dry bulk market, despite the fact that demo prices are currently in the range of $360380/ldt. Although a slight increase in steel prices has been observed in the
past couple of weeks this is not yet reflected in demo prices, but if it eventually does, we expect the number of bulkers heading for scrapped to accelerate.
To sum up despite the fact that the dry market is not currently showing signs
of a recovery being just around the corner, I believe that we will sooner
rather than later observe more intense buying interest being transformed
into actual deals, especially for vessels that are easier to charter these days
and still manage to do so over OPEX levels, such as geared sizes build after
2000.
Chartering (Wet: Stable + / Dry: Stable + )
Despite the fact that the Dry Bulk market moved slightly up last week,
this has yet to be reflected in improvement of sentiment, especially as
Cape earnings remain well below OPEX. The BDI closed today
(31/03/2015) at 602 points, up by 3 points compared to Monday’s levels
(30/03/2015) and an increase of 5 points compared to previous Tuesday’s closing (24/03/2015). A busier Middle East provided some support
to the crude carriers market last week, while rates continue finding support out of West Africa. The BDTI Monday (30/03/2015) was at 792
points, a increase of 6 points and the BCTI at 675, an increase of 3 points
compared to previous Monday’s (23/03/2015) levels.
Sale & Purchase (Wet: Stable- / Dry: Stable- )
SnP activity sustained its levels last week with MRs remaining popular
amongst tanker Buyers, while the rumoured sale of the “IDAS BULKER”
(27,321dwt-blt 95, Japan)” at around $4.0m is evidence of the current
lows in the dry bulk sector. On the tanker side, we had the sale of the of
the “SEA AUVA” (37,538dwt-blt 33, S.Korea), which was sold to Maersk
for $28.0m. On the dry bulker side we had the sale of the “CS SACHA”
(28,379dwt-blt 01, Japan), which was sold to Far Eastern buyers for a
price in the region of $7.1m.
Newbuilding (Wet: Stable- / Dry: Stable-)
Fewer orders were reported in the market last week, with the tanker
sector remaining far more popular than the dry bulk one, where the
entire activity reported consisted only of a couple of Ultramax orders by
Greek owners, both related to deals inked earlier on in the year. At the
same time prices remained unchanged across the board, but this is not
to be taken as a sign of a stabilizing market, especially when it comes to
dry bulkers. In our opinion the lack of recently reported deals in segments like the Capesize one, is the main reason behind this artificial
stability, while we once more reiterate our opinion that there is more
downside on the way especially as yards are bound to feel more and
more pressure in this persistently low ordering activity environment.
The example of Rongsheng, which has recently warned that “it might
not be able to continue to operate as a going concern” is representative
of the increasing pressure that is on the way for the industry. In terms of
recently reported deals, Greek owner, Delta Tankers, placed an order
for two Suezmaxes (160,000dwt) at Samsung , in S.Korea, for a price of
$ 66.0m each and delivery set in April of 2016.
Demolition (Wet: Firm+ / Dry: Firm+ )
About time! Following a long period of low prices and extremely negative market sentiment, things seem to finally start improving in the demolition market. Prices across the Indian subcontinent managed to close
off the week with a gain of $10-15/ldt, while dry bulk vintage tonnage
still made up for a significant portion of the recently reported deals. At
the core of this long awaited market reversal, lies the improved price of
steel, which kicked off in the beginning of the week prior and finally
managed to feed through demo prices as well. On top of that, the stabilization of the Indian rupee has also helped sentiment, as it has, at least
for now, eased some of the always present exchange rate risk worries.
The improved demo prices were immediately reflected on the increased
number of deals that concluded last week in India and Bangladesh,
where prices had fallen the most during the past months, while if steel
prices stabilize we expect to see some additional price upside during
next week as well. Prices this week for wet tonnage were at around 230405 $/ldt and dry units received about 215-380 $/ldt.
Wet Market
Spot Rates
Indicative Period Charters
Routes
WS points $/day
$/day
2014
2013
WS
points
$/day
±%
$/day
$/day
265k MEG-JAPAN
51
47,080
50
46,227
1.8%
30,469
21,133
280k MEG-USG
27
29,890
26
29,319
1.9%
17,173
7,132
260k WAF-USG
64
59,960
64
60,789
-1.4%
40,541
26,890
130k MED-MED
88
46,385
88
46,662
-0.6%
30,950
17,714
130k WAF-USAC
84
41,853
81
40,923
2.3%
24,835
13,756
130k BSEA-MED
96
56,560
93
54,722
3.4%
30,950
17,714
80k
MEG-EAST
113
31,430
107.0
31,122
1.0%
19,956
11,945
80k
MED-MED
122.5
41,318
123
41,625
-0.7%
28,344
13,622
80k
UKC-UKC
95
23,261
95
23,127
0.6%
33,573
18,604
70k
CARIBS-USG
180
52,470
129
32,061
63.7% 25,747
16,381
75k
MEG-JAPAN
103
29,785
107
31,602
-5.7%
16,797
12,011
55k
MEG-JAPAN
130
26,542
128
27,187
-2.4%
14,461
12,117
37K
UKC-USAC
157
22,735
155
22,552
0.8%
10,689
11,048
30K
MED-MED
170
25,536
170
25,921
-1.5%
18,707
17,645
55K
UKC-USG
115
23,820
115
24,437
-2.5%
23,723
14,941
55K
MED-USG
115
22,020
115
22,765
-3.3%
21,089
12,642
50k
CARIBS-USAC
130
23,529
115
20,609
14.2% 25,521
15,083
TC Rates
$/day
VLCC
Suezmax
Aframax
Panamax
MR
Handy
size
- 24mos
-
- 'EPHESOS'
- $30,000/day
2012
165,000 dwt
- Total
-24 mos
-
- 'FOTINI LADY '
- $19,000/day
2005
71,000 dwt
- Trafigura
TD3
TD4
TD6
TC1
TC2
TC5
DIRTY - WS RATES
TD9
220
170
120
70
20
WS poi nts
Dirty
Clean
Aframax
Suezmax
VLCC
Vessel
Week 12
WS poi nts
Week 13
240
220
200
180
160
140
120
100
80
60
Week 13
Week 12
±%
Diff
2014
2013
300k 1yr TC
40,000
40,000
0.0%
0
28,346
20,087
300k 3yr TC
41,000
41,000
0.0%
0
30,383
23,594
150k 1yr TC
33,000
33,000
0.0%
0
22,942
16,264
150k 3yr TC
33,000
33,000
0.0%
0
24,613
18,296
110k 1yr TC
23,000
23,000
0.0%
0
17,769
13,534
110k 3yr TC
23,000
23,000
0.0%
0
19,229
15,248
75k 1yr TC
21,500
21,000
2.4%
500
16,135
15,221
75k 3yr TC
18,500
18,500
0.0%
0
16,666
15,729
VLCC
300KT DH
81.0
CLEAN - WS RATES
TC6
Indicative Market Values ($ Million) - Tankers
Vessel 5yrs old
Mar-15 Feb-15
±%
2014
2013
2012
80.6
0.5%
73.6
56.2
62.9
52k 1yr TC
15,500
15,250
1.6%
250
14,889
14,591
Suezmax
150KT DH
58.5
59.0
-0.8%
50.2
40.1
44.9
52k 3yr TC
15,000
15,000
0.0%
0
15,604
15,263
Aframax
110KT DH
45.0
45.0
0.0%
38.6
29.2
31.2
75KT DH
36.8
35.6
3.2%
32.8
28.0
26.7
52KT DH
25.0
25.6
-2.4%
27.2
24.7
24.6
36k 1yr TC
14,000
14,000
0.0%
0
14,024
13,298
LR1
36k 3yr TC
14,000
14,000
0.0%
0
14,878
13,907
MR
Chartering
Sale & Purchase
The crude carriers market was overall stable last week, while the bounce in
the price of oil denied bigger TCE earnings in those cases were the market
improved. After a couple of weeks of softer Middle East activity, it seems
that business in the region was getting back on track as last week kicked off,
with charterers starting to move more aggressively into next month’s dates.
Whether things will further improve in April is too soon to say, but we expect steady business out of the MEG region at least for the first few days of
the month. Rates for VLs closed off the week on a positive tone, mainly due
to the improvement that took place in the Middle East market, while things
over in West Africa remained stable overall and period interest still anaemic
in the segment.
In the VLCC sector we had the sale of the “COSMIC JEWEL” (300,955dwt-blt
97, Japan), which was sold for a price in the region of $25.5m.
In the MR sector we had the sale of the “SEA AUVA” (37,538dwt-blt 33,
S.Korea), which was sold to Maersk for $28.0m.
Following the downward pressure that kicked off mid-March, things in the
Suezmax segment were also more positive as last week came to an end,
while substantially increased enquiry in the West Africa region was the
main reason behind this recent upside that was also enjoyed across the
Black/Sea Med region.
Rates for Aframaxes also improved marginally last week, with North Sea
demand firming and the Caribs Afra surging as the increased activity in the
region that kicked off in the beginning of the week prior, eventually fed
through rates in the region with further upside expected this week as well.
© Intermodal Research
31/03/2015
2
Dry Market
Baltic Indices
Indicative Period Charters
Point
Diff
$/day
±%
2014
2013
Index
Index
1,097
1,205
BDI
596
BCI
456
$4,290
423
$4,174
33
2.8%
1,943
2,106
BPI
597
$4,778
617
$4,941
-20
-3.3%
960
1,186
BSI
647
$6,768
635
$6,638
12
2.0%
937
983
BHSI
390
$5,780
384
$5,667
6
2.0%
522
562
591
5
- 4 to 7 mos
- Hong Kong 24/28 Mar
- 'RHINE '
- $ 7,250/day
2001
75,202dwt
-Hudson
- 4 to 6 mos
- Abidjan prompt
- 'SEA MOON'
- $ 8,000/day
2009
57,012 dwt
-Chinese
Baltic Indices
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
BCI
Index
Week 12
20/03/2015
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 13
27/03/2015
Index
$/day
±%
Diff
2014
2013
Capesize
170K 6mnt TC
Week
12
8,250
-3.0%
-250
22,020
17,625
170K 1yr TC
9,500
10,000
-5.0%
-500
21,921
15,959
170K 3yr TC
11,250
11,500
-2.2%
-250
21,097
16,599
Handysize Supramax Panamax
Period
Week
13
8,000
76K 6mnt TC
7,750
7,750
0.0%
0
12,300
12,224
$/day
76K 1yr TC
7,750
7,750
0.0%
0
12,259
10,300
76K 3yr TC
9,000
9,000
0.0%
0
13,244
10,317
55K 6mnt TC
8,000
8,000
0.0%
0
12,008
11,565
55K 1yr TC
8,250
8,250
0.0%
0
11,589
10,234
55K 3yr TC
8,500
8,500
0.0%
0
11,585
10,482
30K 6mnt TC
6,750
6,750
0.0%
0
9,113
8,244
30K 1yr TC
7,250
7,250
0.0%
0
9,226
8,309
30K 3yr TC
7,750
7,750
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
Despite the fact that the Dry Bulk market closed off on the green last week,
sentiment didn't improve by any means, not only because of the fact that
the increase was pretty much insignificant, but also because following a
couple of weeks of healthier activity and numbers in the Atlantic, it now
seems that the market has started to show signs of pulling back once again,
with lower numbers offered across most key routes. We are still of the view
that the geared sizes will continue to outperform the market at least for the
short to medium term, as demand for such tonnage remains much healthier when compared to Panamax range and Capesize vessels, the average
rate for which remains south of $5,000/day.
Following another modest week in terms of gains for Capes, the BCI managed to dragged itself above 450 points before the end of the month, which
hinted that March is due to end on the red for the big bulkers, while despite
the positive weekly closing, activity remains uninspiring across both basins.
Indicative Market Values ($ Million) - Bulk Carriers
Vessel 5 yrs old
Mar-15 Feb-15
±%
2014
2013
2012
Capesize
180k
35.6
36.8
-3.1%
47.3
35.8
34.6
Panamax
76K
17.6
18.6
-5.4%
24.5
21.3
22.7
Supramax
56k
18.6
19.5
-4.5%
24.7
21.5
23.0
Handysize
30K
14.0
15.3
-8.2%
19.5
18.2
18.2
Sale & Purchase
In the Panamax sector, we had the sale of the “GERASIMOS” (70,296dwt-blt
66, Japan), which was reported being sold for a price in the region of
$3.5m.
In the Handymax sector we had the sale of the “CS SACHA” (28,379dwt-blt
01, Japan), which was sold to Far Eastern buyers for a price in the region of
$7.1m.
Activity continued to grow on the Panamax size for trips out and transAtlantic runs last week, with East Coast South America still sourcing most of
the business and rates trending sideways or slightly up in some cases. Over
in the East, fresh enquiry was lacking overall, with charterers ideas still fairly low.
Rates for the smaller size segments held steady towards the weekend, with
small increases being noted positionally across both basins, while period
ideas also remained stable, still offering a premium compared to similar
Panamax charters.
© Intermodal Research
31/03/2015
3
Secondhand Sales
Tankers
Size
Name
Dwt
Built
Yard
M/E
SS due
Hull
Price
Buyers
VLCC
COSMIC JEWEL
300,955
1997
MITSUBISHI
NAGASAKI, Ja pa n
Mi ts ubi s hi
Jun-17
DH
$ 25.5m
undi s cl os ed
MR
FUTURE
PROSPERITY
47,990
2010
IWAGI, Ja pa n
MAN-B&W
Feb-20
DH
$ 23.0m
undi s cl os ed
MR
CHEMTRANS
PETRI
47,228
2000
ONOMICHI, Ja pa n
MAN-B&W
Ja n-20
DH
$ 12.3m
Indones i a n
MR
SEA AUVA
37,538
2013
HYUNDAI MIPO
MAN-B&W
DOCKYARD, S. Korea
Jul -18
DH
$ 28.0m
Da ni s h (Ma ers k)
PROD/
CHEM
MAR ELENA I
18,736
2003
Ja n-16
DH
$ 11.0m
PROD/
CHEM
MAR DANIELA
VULCANO, Spa i n
MAN-B&W
Comments
Swedi s h
(Furetank)
18,500
2003
VULCANO, Spa i n
MAN-B&W
Jun-18
DH
$ 11.0m
Bulk Carriers
Size
Name
Dwt
Built
Yard
M/E
SS due
PMAX
LILIAN Z
74,461
1999
SASEBO SASEBO,
Ja pa n
B&W
Sep-19
PMAX
LOPI Z
71,982
SHIN KURUSHIMA
1998
Mi ts ubi s hi
ONISHI, Ja pa n
PMAX
GERASIMOS
70,296
1996
SMAX
ROYAL FLUSH
56,726
2010 QINGSHAN, Chi na MAN-B&W
SMAX
GLOBAL WIND
53,026
2003
OSHIMA
SHIPBUILDING,
Ja pa n
HMAX
SEALADY
42,183
1995
OSHIMA
SHIPBUILDING,
Ja pa n
HANDY
JASMINE ACE
32,946
2006
HANDY
CS SACHA
28,379
2001
SUMITOMO HI
OPPAMA, Ja pa n
Sul zer
Price
$ 5.9m
Buyers
Comments
Norwegi a n
(Atl a ntica
Shi ppi ng)
on buyers s ubs
Ja n-18
$ 5.7m
Jun-16
$ 3.5m
undi s cl os ed
Apr-15
4 X 30t
CRANES
$ 13.5m
Chi nees e
Mi ts ubi s hi
Apr-18
4 X 30t
CRANES
$ 8.8m
Greek
Sul zer
Ma r-20
4 X 25t
CRANES
$ 4.4m
Leba nes e
(Muhhi edi ne)
Ma y-16
4 X 30,5t
CRANES
$ 9.5m
Greek
Ja n-16
4 X 30,5t
CRANES
$ 7.1m
Fa r Ea s tern
KANDA KAWAJIRI,
Mi ts ubi s hi
Ja pa n
IMABARI
IMABARI, Ja pa n
Gear
MAN-B&W
on s ubs
l ogger
MPP/General Cargo
Name
Dwt
Built
Yard
M/E
SS due
CINDIA
7,594
2005
JIANGSU EASTERN
HEAVY, Chi na
MAN-B&W
Jun-16
© Intermodal Research
31/03/2015
Gear
Price
Buyers
$ 3.1m
Swedi s h
Comments
4
Secondhand Sales
Containers
Size
Name
Teu
Built
Yard
M/E
SS due
PMAX
NORFOLK
EXPRESS
3,607
1995
HYUNDAI HEAVY
INDS - U, S. Korea
Sulzer
Oct-15
SUB
PMAX
MERKUR BAY
2,764
2002
GDYNIA STOCZNIA
SA, Poland
B&W
Jul-17
FEEDER
ANTJE RUSS
658
1998
SIETAS KG,
Germany
MAN
Nov-18
Type
Name
Dwt
Built
Yard
LPG
CEFALU
4970
1996
Gear
3 X 45t
CRANES,1 X
35t CRANES
Price
Buyers
Comments
undi s cl os ed
undisclosed
$ 8.0m
Turksih (Arkas)
$ 1.8m
Hungarians
for conversion
Buyers
Comments
Gas/LPG/LNG
LPG
EPIC CEBU
© Intermodal Research
4,285
1997
M/E
WATANABE ZOSEN
Mi ts ubi s hi
KK - HA, Ja pa n
SHIN KOCHI,
Ja pa n
Aka s a ka
SS due
Cbm
Price
Oct-16
3,933
undi s cl os ed
Indones i a n
(Soechi Li nes )
Dec-16
31/03/2015
3,934
undi s cl os ed
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
13
52.5
29.0
28.5
26.0
22.0
96.5
65.0
53.5
46.0
36.5
190.0
78.0
68.0
46.0
Week
12
52.5
29.0
28.5
26.0
22.0
96.5
65.0
53.5
46.0
36.5
190.0
78.0
68.0
46.0
±%
Fewer orders were reported in the market last week, with the tanker sector
remaining far more popular than the dry bulk one, where the entire activity
reported consisted only of a couple of Ultramax orders by Greek owners,
both related to deals inked earlier on in the year. At the same time prices
remained unchanged across the board, but this is not to be taken as a sign of
a stabilizing market, especially when it comes to dry bulkers. In our opinion
the lack of recently reported deals in segments like the Capesize one, is the
main reason behind this artificial stability, while we once more reiterate our
opinion that there is more downside on the way especially as yards are
bound to feel more and more pressure in this persistently low ordering activity environment. The example of Rongsheng, which has recently warned
that “it might not be able to continue to operate as a going concern” is representative of the increasing pressure that is on the way for the industry.
2014 2013 2012
0.0% 55.8 49
0.0% 30.4 27
0.0% 29.2 26
0.0% 27
25
0.0% 23
21
0.0% 98.6 91
0.0% 65
56
0.0% 54
48
0.0% 45.9 41
0.0% 36.9 34
0.0% 186.0 185
0.0% 78.4 71
0.0% 66.9 63
0.0% 44.3 41
47
28
27
25
22
96
58
50
42
34
186
71
62
44
In terms of recently reported deals, Greek owner, Delta Tankers, placed an
order for two Suezmaxes (160,000dwt) at Samsung , in S.Korea, for a price of
$ 66.0m each and delivery set in April of 2016.
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
Type
Size
1
Tanker
320,000 dwt
2
Tanker
160,000 dwt
2
Tanker
2
Yard
Japan Marine United,
Japan
Delivery
Buyer
Price
Comments
2018
Japanese (Meiji)
undisclosed
total 2 on order
Samsung, S. Korea
Apr-16
Greek (Delta Tankers)
$ 66.0m
35,500 dwt Shin Kurushima, Japan
2018
US based (MTMM)
undisclosed
Tanker
21,000 dwt
Kitanihon, Japan
2018
US based (MTMM)
undisclosed
2
Bulker
63,500 dwt
Yangzhou Dayang,
China
2015-2016
Greek ( White Sea
Navigation)
undisclosed
older deal surfacing
now
1+1
Bulker
63,000 dwt
Yangzhou Guoyu,
China
-
Greek (Kyma Shipping)
undisclosed
older deal surfacing
now
2
PCTC
7,700 ceu
Hyundai Mipo, S.
Korea
2017
Isle of Man based (Ray Car
Carriers)
$ 78.0m
total 6 on order
total 9 on order
© Intermodal Research
31/03/2015
6
Demolition Market
Indicative Demolition Prices ($/ldt)
Dry
Wet
Markets
Bangladesh
India
Pakistan
China
Bangladesh
India
Pakistan
China
Week
13
395
395
405
230
380
375
380
215
Week
12
385
380
395
230
370
365
370
215
±%
About time! Following a long period of low prices and extremely negative
market sentiment, things seem to finally start improving in the demolition
market. Prices across the Indian subcontinent managed to close off the week
with a gain of $10-15/ldt, while dry bulk vintage tonnage still made up for a
significant portion of the recently reported deals. At the core of this long
awaited market reversal, lies the improved price of steel, which kicked off in
the beginning of the week prior and finally managed to feed through demo
prices as well. On top of that, the stabilization of the Indian rupee has also
helped sentiment, as it has, at least for now, eased some of the always present exchange rate risk worries. The improved demo prices were immediately reflected on the increased number of deals that concluded last week in
India and Bangladesh, where prices had fallen the most during the past
months, while if steel prices stabilize we expect to see some additional price
upside during next week as well.
2014 2013 2012
2.6%
3.9%
2.5%
0.0%
2.7%
2.7%
2.7%
0.0%
469
478
471
313
451
459
449
297
422
426
423
365
402
405
401
350
440
445
444
384
414
419
416
365
The highest price amongst recently reported deals, was that paid by Bangladeshi breakers for the Gas carriers “GAS KAIZEN” (4,380dwt-2,761ldt-blt 91),
and “GAS CRYSTAL” (4,298dwt-2,525ldt-blt 90) that received a price of
$420/ldt each.
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
$ 360/Ldt
Bangladeshi
Comments
GREEN SEA
77,016
12,598
1983
BOELWERF TEMSE,
BULKER
Belgium
KING EDWARD
46,650
12,163
1985
SUNDERLAND, U. K.
GC
$ 405/Ldt
Indian
incl . full spares and heavy probs
EVRIALOS
68,407
10,390
1987
NAMURA, Japan
BULKER
$ 395/Ldt
undisclosed
buyer's option India/Pakistan
GOLDEN TRADER
48,170
10,283
1994
BRODOSPLIT,
Croatia
BULKER
$ 398/Ldt
Indian
CITRAWATI
69,332
9,517
1990
IMABARI , Japan
BULKER
$ 390/Ldt
Bangladeshi
KOTA BERLIAN
17,493
7,439
1992
NEPTUN, Germany
GC
$ 400/Ldt
Bangladeshi
KAI HE
38,888
7,149
1986
IHI - AIOI, Japan
BULKER
$ 381/Ldt
Bangladeshi
KOTA BERJAYA
17,546
7,148
1993
KVAERNER ,
Germany
GC
$ 408/Ldt
Indian
GAS KAIZEN
4,380
2,761
1991
JULIANA, Spain
GAS
$ 420/Ldt
Bangladeshi
GAS CRYSTAL
4,298
2,525
1990
SHINHAMA ANAN,
Japan
GAS
$ 420/Ldt
Bangladeshi
© Intermodal Research
31/03/2015
7
Commodities & Ship Finance
26-Mar-15
25-Mar-15
24-Mar-15
23-Mar-15
1.950
2,061.02
4,891.22
17,712.66
6,855.02
3,701.62
5,034.06
11,868.33
19,285.63
24,486.20
240.12
1.09
1.49
119.14
0.13
6.21
1,104.05
87.08
2.010
2,056.15
4,863.36
17,678.23
6,895.33
3,722.62
5,006.35
11,843.68
19,471.12
24,497.08
242.12
1.09
1.49
119.20
0.13
6.21
1,104.95
86.95
1.930
2,061.05
4,876.52
17,718.54
6,990.97
3,773.63
5,020.99
11,865.32
19,746.20
24,528.23
242.41
1.10
1.49
119.53
0.13
6.21
1,100.55
86.70
1.880
2,091.50
4,994.73
18,011.14
7,019.68
3,788.90
5,088.28
12,005.69
19,713.45
24,399.60
243.56
1.09
1.48
119.79
0.13
6.21
1,103.60
86.80
1.920
2,104.42
5,010.97
18,116.04
7,037.67
3,795.61
5,054.52
11,895.84
19,754.36
24,494.51
245.50
1.09
1.50
119.75
0.13
6.22
1,105.15
86.76
W-O-W
Change %
1.0%
-2.2%
-2.7%
-2.3%
-2.4%
-2.3%
-1.1%
-0.2%
-2.4%
0.5%
-3.3%
0.6%
-0.5%
-0.8%
0.7%
0.0%
-0.8%
-0.4%
Basic Commodities Weekly Summary
Oil WTI $
oil
Gold $
1,350
60
1,300
55
1,250
50
1,200
45
1,150
40
1,100
27-Mar-15 20-Mar-15
Rotterdam
Houston
Singapore
Rotterdam
Houston
Singapore
Maritime Stock Data
Company
Oil Brent $
65
gold
Bunker Prices
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
27-Mar-15
380cst
Currencies
Stock Exchange Data
Market Data
527.0
586.5
532.5
306.5
309.5
337.5
499.0
585.0
509.0
288.5
287.5
310.5
W-O-W
Change %
5.6%
0.3%
4.6%
6.2%
7.7%
8.7%
Finance News
Stock
Curr. 27-Mar-15 20-Mar-15
Exchange
W-O-W
Change %
AEGEAN MARINE PETROL NTWK
NYSE
USD
13.97
14.56
-4.1%
BALTIC TRADING
NYSE
USD
1.47
1.38
6.5%
BOX SHIPS INC
CAPITAL PRODUCT PARTNERS LP
COSTAMARE INC
NYSE
USD
NASDAQ USD
NYSE
USD
0.87
9.29
17.98
0.77
9.82
18.75
13.0%
-5.4%
-4.1%
DANAOS CORPORATION
NYSE
USD
6.50
6.11
6.4%
DIANA SHIPPING
NYSE
USD
6.28
6.37
-1.4%
DRYSHIPS INC
NASDAQ USD
0.83
0.80
3.7%
EAGLE BULK SHIPPING
NASDAQ USD
8.02
9.39
-14.6%
EUROSEAS LTD.
FREESEAS INC
GLOBUS MARITIME LIMITED
NASDAQ USD
NASDAQ USD
NASDAQ USD
0.71
0.05
1.29
0.73
0.07
1.21
-2.7%
-28.6%
6.6%
GOLDENPORT HOLDINGS INC
LONDON GBX
123.71
124.78
-0.9%
HELLENIC CARRIERS LIMITED
LONDON GBX
18.00
17.00
5.9%
NAVIOS MARITIME ACQUISITIONS
NYSE
USD
3.50
3.52
-0.6%
NAVIOS MARITIME HOLDINGS
NYSE
USD
4.25
4.50
-5.6%
NAVIOS MARITIME PARTNERS LP
NYSE
USD
11.08
9.75
13.6%
PARAGON SHIPPING INC.
NYSE
USD
1.00
1.21
-17.4%
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
3.55
0.76
3.56
6.68
8.22
1.03
3.66
0.71
3.30
6.61
7.80
1.08
-3.0%
7.0%
7.9%
1.1%
5.4%
-4.6%
“Economou buys from DryShips
DryShips has struck deals worth $536m to sell its 10
tankers to George Economou, its chief executive and
largest shareholder. The transactions mark the end of
the US-listed owner’s efforts to spin off its tanker
assets as Tankships Investment Holdings in a New
York initial public offering (IPO).
Tankships said in a filing it was withdrawing its IPO
application "due to market conditions."
“Ultimately, we believe the sale of the tankers as
opposed to an initial public offering of our tanker
fleet is the best way to immediately realise maximum
value,” said DryShips chief financial officer, Ziad Nakhleh.
Suezmax quartet
Private companies controlled by Economou will pay
$245m for four suezmaxes. The entities will pay 20%
up front for the ships, and they will pay the rest upon
deliveries scheduled between 1 July and 31 October.
Athens-headquartered DryShips said that it also
struck a deal that could see it sell six aframax tankers
to Economou for $291m. That agreement has yet to
be finalised.
Economou, a Greek shipowner, has until 30 June to
make a firm commitment on the sextet.
The aframax deal has a similar 20% down payment
requirement...” (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
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© Intermodal Shipbrokers Co
31/03/2015
9