1. finance
2. investing
3. stocks

Weekly Market Report
Issue: Week 40 | Tuesday 07th October 2014
Market insight
Chartering (Wet: Firm+ / Dry: Soft- )
By Yannis Olziersky
SnP Broker
In the movie “Life Of Brian”, a character on a nearby cross was singing the
famous “Always look on the bright side of life” in order to cheer up Brian,
who had been sentenced to death by crucifixion. In shipping the “dry side of
life” doesn't seem very bright and unfortunately the fundamentals are not
there to support the industry and sing to us to “look on the bright side of an
upcoming rise...”
The much anticipated Q4 is here and market hopes for a dry bulk market
rally have not yet materialized and it doesn't see like they will soon. A snapshot comparison of today's BDI with that of the same time last year reveals
that by no means, and especially for the bigger sizes (Capes & Panamaxes),
are we on the same track; the chart below can prove same and can show the
completely different picture between present levels and those of last year.
From this comparison the only size/segments which is relatively close to last
year’s figures, are the Supras and the Handysizes. These two sizes have man-
5,000
Dry Bulk Indices
4,000
3,000
07/10/2013
2,000
07/10/2014
1,000
-
BDI
BCI
BPI
BSI
BHSI
aged to find support mainly by the US Gulf – Continent route which remains
strong due to the record high predicted US grain export season. On the Pacific, although the Indonesian ban of unprocessed ore exports is weighing on
Supras and Handies, strong Chinese steel exports managed to support these
sizes in the backhaul trade to Continent, US and within Intra Asia.
On the other hand, the situation on the bigger sizes (Capes, Panamaxes) is
not the same and their rates have plummeted compared with that of last
year. Capesizes have been impacted by the drop in Brazilian iron ore exports
and news that Chinese authorities are cutting coal imports by 50Mt this year
in order to support the domestic coal market. Along with this, the Chinese
government is formulating a new series of anti-pollution measures that may
affect imports from Australia.
So is there any bright side on the Dry bulk segment? Apparently not in terms
of healthy charter rates and good returns. On the other hand the crisis has
given birth to opportunities in the dry bulk market; opportunities to invest!
Asset prices are falling and we have seen deals concluded at attractive new
lows. As a benchmark the sale of panamax BC m/v Mishima (2002 blt JPN)
which has been reported sold for region USD 12,5mill is setting up a new era
on asset values, since this price is in line with values we witnessed back in
the end of 2012/beginning 2013 were dry bulk assets had hit bottom.
More deals on the same pace will likely follow, since the market has lately
been flooded with sales candidates and market prospects remain the same.
At the same time the YEN to USD exchange rate is also assisting towards this
direction since Japanese owners are traditional Sellers of second hand Bulk
Carriers. What dry bulk owners with appetite to invest should be doing is to
be well alerted and ready in order to manage to acquire the right tonnage at
the right price!
The Dry Bulk market closed off on the red once more on Friday, while
the Capesize segment was for yet another week the main receiver of the
downward pressure with no visible signs of a positive reversal ahead.
The BDI closed today (07/10/2014) at 1,015 points, down by 15 point
compared to Monday’s levels (06/10/2014) and a decrease of 48 points
compared to previous Tuesday’s closing (30/09/2014). Strong European
demand combined with the stable activity across key trading areas has
offered a big boost to the crude carriers last week. The BDTI Monday
(06/10/2014) was at 649 points, an increase of 36 points and the BCTI at
571, an increase of 10 points compared to previous Monday’s
(29/09/2014)levels.
Sale & Purchase (Wet: Firm+ / Dry: Soft - )
The disappointment in the performance of the Dry Bulk market has
started to be more than evident on the SnP front as well, with dry bulker
sales clearly being outnumbered by those on the tanker side which remains receiver of firm buying interest. On the tanker side, we had the
enbloc sale of the “DAEWOO 5402” (114,900dwt-blt 15, S. Korea) and
the “DAEWOO 5403” (114,900dwt-blt 15, S. Korea), which were picked
up by Scorpio for a price of US$ 58.0m each. On the dry bulker side, we
had the sale of the “KOHJU” (172,498dwt-blt 01, Japan), which was
picked up by Cargill for a price of $ 25.5m.
Newbuilding (Wet: Stable+ / Dry: Stable- )
Large Tankers have been the flavour of the week, with a number of orders coming to light, as well as several other orders that have been rumoured for months now finally reaching a full conclusion. This seems to
have been fuelled by the lack of cheaply available secondhand tonnage
in the market, in combination with the overall promising performance
both by the Suez and the VLCCs, in terms of freight rates, these past
months. After last week’s reported large orders though, there has been
some nervousness amongst many market players as they see the orderbook swelling once more and this time by a small number of individuals
and without the orders being substantiated by a good performance in
the freight market, nor by historically low newbuilding prices. This could
spell danger going forward as speculative ordering of this nature, which
might be taking into consideration a rejuvenated freight market come
delivery date, could inevitably lead to the exact opposite of a self fulfilling prophecy, were the market is always swamped with just enough
excess tonnage. In terms of recently reported deals, Frontline 2012 has
placed an order for 4 firm and 4 optional Suezmaxes (160,000dwt) at
New Times, in China, for a price of US $ 59.5m each and with delivery
set between 2016 and 2017.
Demolition (Wet: Stable- / Dry: Stable- )
With a number of holidays close to starting in the Indian Sub-Continent,
it seems that everyone was in haste to buy, rejuvenating much of the
buying appetite and pushing for quick conclusion of deals. This has been
in contrast to what was experienced in previous week and what one
would anticipate. It seems the pessimistic view regarding earnings has
played a catalytic role and in fear of losing these firm offers candidates
were given the go-ahead to head to the scrap yards a bit earlier than
planned. Prices have been hitting close on the USD 500/ldt mark for
some time now and it seems that we may start to see ever more bullish
and speculative buys going forward if movements in foreign exchange
continue to favor breakers. Average prices this week for wet tonnage
were at around 300-500$/ldt and dry units received about 280-475$/ldt.
Wet Market
Spot Rates
Routes
WS
$/day
points
WS
points
2014
2013
±%
$/day
$/day
$/day
$/day
265k MEG-JAPAN
39
19,221
34
9,856
95.0%
24,554
21,133
280k MEG-USG
20
2,388
19
-3,667
165.1%
13,940
7,132
260k WAF-USG
50
31,427
48
25,341
24.0%
35,406
26,890
130k MED-MED
78
28,619
60
14,037 103.9% 26,536
17,714
130k WAF-USAC
75
25,523
65
18,264
39.7%
20,591
13,756
130k BSEA-MED
75
27,092
63
14,770
83.4%
26,536
17,714
80k
MEG-EAST
80
14,043
90
17,128 -18.0% 17,262
11,945
80k
MED-MED
78
12,966
73
9,690
33.8%
24,286
13,622
80k
UKC-UKC
98
23,834
93
16,165
47.4%
32,658
18,604
70k
CARIBS-USG
95
13,955
80
8,273
68.7%
24,105
16,381
75k
MEG-JAPAN
105
19,948
105
19,354
3.1%
13,770
12,011
55k
MEG-JAPAN
110
14,267
118
15,828
-9.9%
12,325
12,117
37K
UKC-USAC
140
14,699
110
8,056
82.5%
7,216
11,048
30K
MED-MED
130
15,045
130
14,154
6.3%
14,029
17,645
55K
UKC-USG
115
17,056
115
16,798
1.5%
22,383
14,941
55K
MED-USG
115
16,457
115
16,349
0.7%
19,893
12,642
50k
CARIBS-USAC
118
15,675
118
15,660
0.1%
25,147
15,083
TC Rates
$/day
VLCC
Suezmax
Aframax
Panamax
MR
Handy
size
- 12 mos
-
- 'ELLINIS'
- $ 30,000/day
2007
306,507dwt
- BP
- 12 mos (ext.)
-
- 'BAREILLY'
- xs $ 18,000/day
2005
106,061dwt
- Navig8
TD3
TD5
TD8
TC2
TC4
TC6
DIRTY - WS RATES
TD4
220
170
120
70
20
200
CLEAN - WS RATES
TC1
180
WS poi nts
Dirty
Clean
Aframax
Suezmax
VLCC
Vessel
Indicative Period Charters
Week 39
WS poi nts
Week 40
160
140
120
100
Week 40
Week 39
±%
Diff
2014
2013
300k 1yr TC
30,750
31,250
-1.6%
-500
26,788
20,087
300k 3yr TC
34,250
34,250
0.0%
0
29,175
23,594
150k 1yr TC
24,750
24,750
0.0%
0
21,250
16,264
150k 3yr TC
26,250
26,250
0.0%
0
23,288
18,296
110k 1yr TC
19,500
19,250
1.3%
250
16,619
13,534
110k 3yr TC
21,250
21,250
0.0%
0
18,238
15,248
75k 1yr TC
16,250
16,250
0.0%
0
15,556
15,221
75k 3yr TC
16,750
16,750
0.0%
0
16,406
15,729
VLCC
300KT DH
74.0
52k 1yr TC
14,000
14,000
0.0%
0
14,819
14,591
Suezmax
150KT DH
52k 3yr TC
15,250
15,250
0.0%
0
15,706
15,263
Aframax
110KT DH
80
60
Indicative Market Values ($ Million) - Tankers
Vessel 5yrs old
36k 1yr TC
13,250
13,250
0.0%
0
14,219
13,298
LR1
36k 3yr TC
14,250
14,250
0.0%
0
15,081
13,907
MR
Oct-14 Sep-14
±%
2014
2013
2012
74.0
0.0%
72.6
56.2
62.9
50.0
50.0
0.0%
48.8
40.1
44.9
42.0
41.8
0.6%
37.5
29.2
31.2
75KT DH
32.5
32.5
0.0%
32.8
28.0
26.7
52KT DH
25.5
25.5
0.0%
27.9
24.7
24.6
Chartering
Sale & Purchase
Its been quite a while since we last saw so much green on the tankers
freight rates board. It seems that the increased activity we witnessed the
week prior in the MEG has finally paid off for crude carriers and while a lot
of the steam was lost during this past week, the negative trend was nonetheless reversed as sentiment had already firmed amongst market players.
VL rates were the first ones to take a deep breath following the very poor
performance of the past weeks. The rate for the Eastbound voyage noted
the most notable increase on WS points, while the WAF region proved to be
very supportive of VL activity as well.
In the Aframax sector, we had the enbloc sale of the “DAEWOO
5402” (114,900dwt-blt 15, S. Korea) and the “DAEWOO 5403” (114,900dwtblt 15, S. Korea), which were picked up by Scorpio for a price of US$ 58.0m
each.
In the small tanker sector we had the sale of the “AYFER KA” (3,791dwt-blt
07, China), which was sold to Russian buyers.
The Suezmax market continues to be the strongest link across the market,
with rates resuming their stable upward trend from the previous weeks.
Fresh gains were noted across all key routes, with cross-Med rates more
than doubling. Activity ex-WAF was slightly down this past week for Suez
tonnage, but rates still firmed as the recently boosted European demand
has allowed owners to increase their ideas further, while enquiry for more
forward dates has also allowed stronger figures.
Rates for the Aframax segment also moved higher on a weekly basis, following the overall market trend, while both cross-Med and cross-UKC rates
firmed on the back of stable demand from Europeans. The Caribs Afra noted the biggest rate increase as fresh business was ample in the region.
© Intermodal Research
07/10/2014
2
Dry Market
Baltic Indices
Indicative Period Charters
BDI
1,037
1,049
BCI
1,758
$12,009
1,852
$12,880
-94
BPI
887
$7,101
807
$6,462
80
BSI
1,028
$10,745
1,053
$11,009
BHSI
530
$7,724
526
$7,676
2014
2013
Index
Index
1,097
1,205
-6.8%
1,928
2,106
9.9%
937
1,186
-25
-2.4%
941
983
4
0.6%
534
562
Point
Diff
$/day
±%
-12
- 4 to 7 mos
- 'CHRISTINA J'
2010
- zHANGJIANG 09/13 Oct
- $ 15,000/day
- 3 to 5 mos
- Longkou prompt
Capesize
Handysize Supramax Panamax
Week
39
18,500
±%
Diff
2014
2013
-10.8%
-2,000
23,966
17,625
170K 1yr TC
17,250
18,250
-5.5%
-1,000
24,094
15,959
170K 3yr TC
17,500
18,000
-2.8%
-500
23,175
16,599
76K 6mnt TC
10,750
10,375
3.6%
375
12,859
12,224
76K 1yr TC
10,750
10,500
2.4%
250
12,779
10,300
76K 3yr TC
12,625
13,375
-5.6%
-750
13,594
10,317
55K 6mnt TC
12,000
12,000
0.0%
0
12,394
11,565
55K 1yr TC
11,250
11,250
0.0%
0
12,044
10,234
55K 3yr TC
11,000
11,250
-2.2%
-250
12,063
10,482
30K 6mnt TC
8,500
8,500
0.0%
0
9,450
8,244
30K 1yr TC
8,750
9,000
-2.8%
-250
9,546
8,309
30K 3yr TC
9,500
9,500
0.0%
0
9,838
8,926
75,884dwt
- cnr
Baltic Indices
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
BCI
45,000
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
AVR 4TC BCI
Period
Week
$/day
40
170K 6mnt TC 16,500
177,832dwt
- SwissMarine
- 'ALPHA LOYALTY'
2007
- $ 10,000/day
Index
Week 39
26/09/2014
Index
$/day
$/day
Week 40
03/10/2014
Index
$/day
BPI
BSI
BHSI
BDI
Average T/C Rates
AVR 4TC BPI
AVR 5TC BSI
AVR 6TC BHSI
Chartering
The Dry Bulk market remained under pressure last week, with rates for
Capes remaining on the red while those for Panamaxes managed to outperform the rest of the market, which overall displayed a mixed picture.
Whether this past week marked the slowdown of the negative trend or
whether this was just a slowdown before another round of losses might be
too early to say. From the looks of it though, we can surely say that sentiment still appears very fragile, with notably soft activity and fresh rate losses being noted across all segments in the beginning of this current week as
well.
Rates for Capes continued softening throughout last week, on the back of
uninspiring activity persisting across both basins, while further losses were
noted in the period market as well, bring the 6 months T/C closer to the
$15,000/day level. The rate for the W. Australia to China voyage moved to
below $8/mt, while previous talks of higher figures on more forward October dates never materialized, while activity ex-Brazil also remained uninspiring.
Indicative Market Values ($ Million) - Bulk Carriers
Vessel 5 yrs old
Oct-14 Sep-14
±%
2014
2013
2012
Capesize
180k
48.0
48.0
0.0%
48.6
35.8
34.6
Panamax
76K
22.0
23.0
-4.3%
25.6
21.3
22.7
Supramax
56k
23.0
23.6
-2.6%
25.5
21.5
23.0
Handysize
30K
18.5
19.0
-2.6%
20.1
18.2
18.2
Sale & Purchase
In the Capesize sector, we had the sale of the “KOHJU” (172,498dwt-blt 01,
Japan), which was picked up by Cargill for a price of $ 25.5m.
In the Handysize sector we had the sale of the “NIKOL H” (24,159dwt-blt 97,
Japan), which went for a price of $ 4.5m.
Rates for Panamaxes noted the only substantial increases last week, pushing the average TC for the segment to back above $7,000/day, while the
period market also witnessed improvements from the last dones. Activity in
the USG was particularly supportive for Panamax tonnage, while things in
the Pacific remained overall quiet.
Rates for Supras and Handies moved slightly down and slightly up respectively, while the absence of the Chinese from the market was only felt positionally by both segments.
© Intermodal Research
07/10/2014
3
Secondhand Sales
Tankers
Size
Name
Dwt
Built
Yard
M/E
MR
SPP GOSEONG
RESALE
50,300
2016
SPP GOSEONG, S.
Korea
MAN-B&W
MR
SPP GOSEONG
RESALE
50,300
2016
SPP GOSEONG, S.
Korea
MR
HYUNDAI MIPO
2447
50,000
MR
HYUNDAI MIPO
2446
MR
SS due
Hull
Price
DH
$ 36.5m
Buyers
Comments
Fa r Ea s tern
MAN-B&W
DH
$ 36.5m
2014
HYUNDAI MIPO
MAN-B&W
DOCKYARD, S. Korea
DH
$ 37.3m
50,000
2014
HYUNDAI MIPO
MAN-B&W
DOCKYARD, S. Korea
DH
$ 37.3m
HYUNDAI MIPO
2448
50,000
2015
HYUNDAI MIPO
MAN-B&W
DOCKYARD, S. Korea
DH
$ 37.3m
SMALL
SUNNY IRIS
7,849
2000
FUKUOKA FUKUOKA,
Ja pa n
B&W
DH
$ 6.9m
undi s cl os ed
StSt tanks
SMALL
MEDKEM ONE
6,049
1994
MORINI, Ital y
Wa rts i l a
DH
undi s cl os ed
Turki s h
StSt tanks
Ma y-17
Fa r Ea s tern
Bulk Carriers
Size
Dwt
Name
Built
Yard
M/E
SS due
B&W
MAN-B&W
Gear
Price
Buyers
Ma y-17
$ 12.5m
Greek
(Bul kSea s )
Ja n-17
$ 18.3m
Norwegi a n
(ADS)
4 X 30t
CRANES
$ 20.8m
Greek
PMAX
MISHIMA
76,598
2002
IMABARI
MARUGAME,
Ja pa n
PMAX
BELMONTE
75,395
2007
UNIVERSAL
SHBLDG - MAI,
Ja pa n
SMAX
BULK LEO
55,679
2008
SMAX
SEA ELEGANCE
51,097
2002
OSHIMA
SHIPBUILDING,
Ja pa n
MAN-B&W
Ja n-17
4 X 30t
CRANES
$ 12.5m
Greek
HANDY
PANTANASSA
39,110
1992
IHI - TOKYO,
Ja pa n
Sul zer
Ma r-17
4 X 25t
CRANES
$ 6.2m
Syri a n
(Na vcra tor)
MITSUI TAMANO,
MAN-B&W
Ja pa n
Comments
MPP/General Cargo
Name
Dwt
Built
Yard
M/E
MARINE VICTOR
10,320
2003
HIGAKI, Ja pa n
B&W
SHINLINE 5
7,059
1985
KOCHI JYUKO,
Ja pa n
B&W
© Intermodal Research
SS due
Aug-14
07/10/2014
Gear
Price
Buyers
2X36t CRS,
undi s cl os ed
1X30t DRS
Vi etna mes e
3 X 20t
DERRICKS
undi s cl os ed
$ 1.2m
Comments
4
Secondhand Sales
Containers
Size
Name
Teu
POST
PMAX
MOL PRIORITY
6,402
2002 IHI - KURE, Japan
Sulzer
undi s cl os ed
POST
PMAX
MOL
PERFORMANCE
6,402
2002 IHI - KURE, Japan
Sulzer
undi s cl os ed
POST
PMAX
MOL PROGRESS
6,402
2002 IHI - KURE, Japan
Sulzer
undi s cl os ed
SUB
PMAX
HS SCOTT
2,846
FEEDER
ARIES
1,835
FEEDER
VEGA
1,835
Built
Yard
M/E
SS due
STX
2007 SHIPBUILDING - MAN-B&W
JIN, S. Korea
GDANSKA
2001 STOCZNIA GRUPA,
B&W
Poland
GDYNIA STOCZNIA
2001
SA, Poland
B&W
Gear
Price
undi s cl os ed
Buyers
Comments
Greek
(Marinakis)
Turkish
3 X 45t
undi s cl os ed
CRANES
German
3 X 45t
undi s cl os ed
CRANES
Reefers
Name
ECUADOR STAR
Dwt
10,581
© Intermodal Research
Built
Yard
1992
GDANSKA
STOCZNIA SA,
Pol and
M/E
Sul zer
Cu Ft
Gear
14843
2X32t
CRS, 2X8t
CRS
07/10/2014
SS due
Price
Buyers
$ 4.3m
undi s cl os ed
Comments
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
40
55.3
30.0
29.0
27.5
23.0
98.0
65.5
54.0
46.5
37.0
186.0
79.0
68.5
45.0
Week
39
55.3
30.0
29.0
27.5
23.0
98.0
65.0
54.0
46.0
37.0
186.0
79.0
68.5
44.5
±%
2014 2013 2012
0.0% 56.2 49
0.0% 30.4 27
0.0% 29.2 26
0.0% 27
25
0.0% 23
21
0.0% 98.9 91
0.8% 65
56
0.0% 54
48
1.1% 45.8 41
0.0% 36.9 34
0.0% 185.8 185
0.0% 78.2 71
0.0% 66.5 63
1.1% 43.9 41
47
28
27
25
22
96
58
50
42
34
186
71
62
44
Large Tankers have been the flavour of the week, with a number of orders
coming to light, as well as several other orders that have been rumoured for
months now finally reaching a full conclusion. This seems to have been
fuelled by the lack of cheaply available secondhand tonnage in the market, in
combination with the overall promising performance both by the Suez and
the VLCCs, in terms of freight rates, these past months. After last week’s
reported large orders though, there has been some nervousness amongst
many market players as they see the orderbook swelling once more and this
time by a small number of individuals and without the orders being substantiated by a good performance in the freight market, nor by historically low
newbuilding prices. This could spell danger going forward as speculative ordering of this nature, which might be taking into consideration a rejuvenated
freight market come delivery date, could inevitably lead to the exact opposite of a self fulfilling prophecy, were the market is always swamped with just
enough excess tonnage.
In terms of recently rumored deals, Frontline 2012 has placed an order for 4
firm and 4 optional Suezmaxes (160,000dwt) at New Times, in China, for a
price of US $ 59.5m each and with delivery set between 2016 and 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
Type
Size
Yard
Delivery
Dalian Shipbuilding,
319,000 dwt
2016-2017
China
Shanghai Waigaoqiao,
318,000 dwt
2016-2017
China
2+1
Tanker
2
Tanker
4+4
Tanker
160,000 dwt
New Times, China
2
Bulker
38,800 dwt
Jiangsu Hantong,
China
2017
U.S. based (Progress Bulk
Carriers)
$ 24.0m
2
Bulker
37,800 dwt
Imabari, Japan
2017
Singaporean (Berge Bulk)
undisclosed
2
Gas
155,000 cbm
Kawasaki, Japan
2016-2017
Japanese (Mitsui OSK)
undisclosed
1
Gas
83,000 cbm
Mitsubishi, Japan
12/2016
Japanese (Lino Kaiun
Kaisha)
$ 80.0m
© Intermodal Research
Buyer
Price
Comments
Chinese (China Merchants)
$ 97.4m
Eco design
Chinese (China Merchants)
$ 97.4m
Eco design
2016-2017 Norwegian (Frontline 2012)
$ 59.5m
07/10/2014
declared options
LNG
6
Demolition Market
Indicative Demolition Prices ($/ldt)
Dry
Wet
Markets
Bangladesh
India
Pakistan
China
Bangladesh
India
Pakistan
China
Week
40
490
485
500
300
470
455
475
280
Week
39
490
485
500
300
470
455
475
280
±%
With a number of holidays close to starting in the Indian Sub-Continent, it
seems that everyone was in haste to buy, rejuvenating much of the buying
appetite and pushing for quick conclusion of deals. This has been in contrast
to what was experienced in previous week and what one would anticipate. It
seems the pessimistic view regarding earnings has played a catalytic role and
in fear of losing these firm offers candidates were given the go-ahead to head
to the scrap yards a bit earlier than planned. Prices have been hitting close on
the USD 500/ldt mark for some time now and it seems that we may start to
see ever more bullish and speculative buys going forward if movements in
foreign exchange continue to favor breakers. Average prices this week for
wet tonnage were at around 300-500$/ldt and dry units received about 280475$/ldt.
2013 2012 2011
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
422
426
423
365
402
405
401
350
440
445
444
384
414
419
416
365
523
511
504
451
498
484
477
432
The highest price amongst recently reported deals, was that paid for the Gas
Tanker ‘ACF ARCTIC’ (40,585dwt-19,472ldt-blt 69), which received a very firm
price of $ 565/ldt basis delivery “as is” Gibraltar and including about 1,200
tons of IFO and 50 tons of MGO remaining onboard.
Dry Demolition Prices
Wet Demolition Prices
Bangladesh
India
Pakistan
550
China
500
500
450
450
$/l dt
$/l dt
550
400
Bangladesh
India
Pakistan
China
400
350
350
300
300
250
250
Demolition Sales
Name
C. CORSIER
Size
Ldt
Built
158,537 19,160
1991
YIALIA
69,458
10,862
1990
ARENA
69,235
10,467
1987
SINO GRACE
68,337
12,253
1989
ISLA DE CEDROS
60,732
12,648
1982
ZIM IBERIA
46,850
12,000
1997
SCF ARCTIC
40,585
19,472
1969
XING HUA
27,476
6,622
1977
© Intermodal Research
Yard
SASEBO SASEBO,
Japan
NKK CORP - TSU,
Japan
IMABARI
MARUGAME, Japan
NAMURA IMARI,
Japan
KOYO MIHARA,
Japan
HDW AG - KIEL GEU, Germany
KOCKUMS
MEKANISKA, Sweden
OSHIMA, Japan
Type
$/ldt
Breakers
BULKER
$ 500/Ldt
Pakistani
BULKER
$ 504/Ldt
Pakistani
BULKER
$ 505/Ldt
Bangladeshi
BULKER
$ 480/Ldt
Bangladeshi
BULKER
$ 485/Ldt
Indian
CONT
$ 525/Ldt
Indian
GAS
$ 565/Ldt
undisclosed
bss "as is" Gbraltar, incl 1,200T
IFO & 50T MDO ROB
BULKER
$ 405/Ldt
Bangladeshi
bss "as is" Keelung Taiwan
07/10/2014
Comments
Green recycling
7
Commodities & Ship Finance
2-Oct-14
1-Oct-14
10year US Bond
2.450
S&P 500
1,967.90
Nasdaq
4,475.62
Dow Jones
17,009.69
FTSE 100
6,527.90
FTSE All-Share UK 3,485.96
CAC40
4,281.74
Xetra Dax
Nikkei
15,708.65
Hang Seng
23,064.56
DJ US Maritime
377.75
$/€
1.26
$/₤
1.60
¥/$
109.26
$ / NoK
0.15
Yuan / $
6.14
Won / $
1,061.07
$ INDEX
92.60
2.440
1,946.17
4,430.20
16,801.05
6,446.40
3,442.20
4,242.67
9,195.68
15,661.99
371.91
1.26
1.61
108.71
0.16
6.14
1,061.96
91.60
2.400
1,946.16
4,422.09
16,804.71
6,557.50
3,498.96
4,365.27
9,382.03
16,082.25
371.29
1.26
1.62
109.63
0.15
6.14
1,060.77
92.10
30-Sep-14
2.510
1,972.29
4,493.39
17,042.90
6,622.70
3,533.93
4,416.24
9,474.30
16,173.52
22,932.98
386.85
1.26
1.62
109.64
0.16
6.14
1,054.20
92.00
29-Sep-14
2.490
1,977.80
4,505.85
17,071.22
6,646.60
3,544.91
4,358.07
9,422.91
16,310.64
23,229.21
392.20
1.27
1.62
109.39
0.16
6.15
1,050.92
91.70
W-O-W
Change %
-3.5%
-0.8%
-0.8%
-0.6%
-1.8%
-1.7%
-2.6%
-3.1%
-3.2%
-2.6%
-3.2%
-1.0%
-1.6%
0.2%
-1.1%
0.1%
1.7%
1.1%
Maritime Stock Data
Company
Basic Commodities Weekly Summary
Oil WTI $
Oil Brent $
Gold $
110
1,250
105
1,240
100
1,230
oil
95
1,220 gold
90
1,210
85
1,200
80
1,190
Bunker Prices
MDO
3-Oct-14
380cst
Currencies
Stock Exchange Data
Market Data
Rotterdam
Houston
Singapore
Rotterdam
Houston
Singapore
3-Oct-14
26-Sep-14
771.0
914.0
795.5
535.5
547.5
552.5
790.5
938.5
819.5
541.0
547.5
561.0
W-O-W
Change %
-2.5%
-2.6%
-2.9%
-1.0%
0.0%
-1.5%
Finance News
Stock
Curr. 03-Oct-14
Exchange
26-Sep-14
W-O-W
Change %
AEGEAN MARINE PETROL NTWK
NYSE
USD
9.06
9.60
-5.6%
BALTIC TRADING
NYSE
USD
3.88
4.23
-8.3%
BOX SHIPS INC
CAPITAL PRODUCT PARTNERS LP
COSTAMARE INC
NYSE
USD
NASDAQ USD
NYSE
USD
1.10
9.83
21.77
1.24
10.01
22.70
-11.3%
-1.8%
-4.1%
DANAOS CORPORATION
NYSE
USD
4.91
5.29
-7.2%
DIANA SHIPPING
NYSE
USD
8.50
9.14
-7.0%
DRYSHIPS INC
NASDAQ USD
2.21
2.54
-13.0%
EAGLE BULK SHIPPING
NASDAQ USD
0.89
0.76
17.1%
EUROSEAS LTD.
FREESEAS INC
GLOBUS MARITIME LIMITED
NASDAQ USD
NASDAQ USD
NASDAQ USD
1.11
0.17
3.36
1.11
0.23
3.36
0.0%
-26.1%
0.0%
GOLDENPORT HOLDINGS INC
LONDON GBX
350.00
351.00
-0.3%
HELLENIC CARRIERS LIMITED
LONDON GBX
37.06
38.05
-2.6%
NAVIOS MARITIME ACQUISITIONS
NYSE
USD
2.87
2.85
0.7%
NAVIOS MARITIME HOLDINGS
NYSE
USD
5.81
5.85
-0.7%
NAVIOS MARITIME PARTNERS LP
NYSE
USD
18.12
17.30
4.7%
PARAGON SHIPPING INC.
NYSE
USD
3.34
4.12
-18.9%
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
6.36
1.71
10.54
8.78
6.25
1.89
7.13
1.79
11.38
9.13
6.48
1.87
-10.8%
-4.5%
-7.4%
-3.8%
-3.5%
1.1%
“Frontline buys bonds
John Fredriksen’s Frontline has spent $17.8m on buying back its own bonds as the payment deadline
looms.
The deals were carried out in the open market on
Monday at 91.65% of face value, the tanker owner
said.
This gives the shipowner $52.8m or 23.5% of the
issue.
The 4.5% convertible bonds worth $190m are due in
April and Frontline admitted in August it faced a
“challenging situation” as it sought a way to meet the
final payment
The owner has $1bn in debt and said that, based on
the current tanker market outlook, it was “doubtful”
whether it could generate sufficient cash from operations to meet its obligation.
It said it was considering raising equity or selling assets, establishing new loans or refinancing existing
arrangements.
A full restructuring of the company, including lease
obligations and debt agreements, might be the only
alternative, however.
Bjorn Kristian Roed, an analyst at Danske Bank, said
at the time the company could avoid selling its prized
asset, a $108m stake in spin-off Frontline 2012, if it
sheds two new suezmaxes and raises a further $40m
from an at the market (ATM) offering.” (Trade Winds)
The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbr okers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way
whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
Compiled by Intermodal Research & Valuations Department | research@intermodal.gr
Analysts:
Mr. George Lazaridis | g.lazaridis@intermodal.gr
Ms. Eva Tzima | e.tzima@intermodal.gr
You can contact us directly by phone or by e-mailing, faxing or posting the
below form completed with all your details:
Tel: +30 210 6293 300
Fax:+30 210 6293 333-4
Email: research@intermodal.gr
Intermodal Shipbrokers Co.
17th km Ethniki Odos Athens-Lamia & 3 Agrambelis street,
145 64 N.Kifisia,
Athens - Greece
Select
Price in US$
Annual Subscription
□
Free
Shipping Monthly Recap - free summary
Annual Subscription - 12 issues
□
Free version
Shipping Monthly Recap - full report
Annual Subscription - 12 issues
□
$ 1,000
Annual publication - 1 issue
□
$ 500
Weekly Publications
Weekly Market Report
Monthly Publications
Sector Reports
The LNG Market 2013 - An overview analysis on the state of
the LNG market in 2013
Your Contact Details
Full Name:
Title:
Company:
Position:
Address:
Country:
Post code:
E-mail:
Telephone:
Company Website:
Fax:
Name and address to appear on invoice (if different from above):
□ I will be paying by bank transfer (please contact us for our bank details)
© Intermodal Shipbrokers Co
07/10/2014
9