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Weekly Market Report
Issue: Week 44 | Tuesday 4th November 2014
Market insight
Chartering (Wet: Firm+ / Dry: Firm+ )
The steep appreciation in dry bulker values between late 2012 and March
2014 resulted in unrealistically expensive ship values compared to fundamentals and vessel’s earnings. The concurrence of historically low prices in
both second-hand and newbuilding markets, which approached the post
Asian crisis lows in inflation-adjusted terms, offered the perfect background
for asset play, but while several owners attempted to offload tonnage acquired at rock-bottom prices only a dozen of owners managed to successfully do so.
Leave it to Capes to turn things round for the BDI. The very strong performance of Capesize rates has brought some smiles back despite the
fact that the smaller size segments didn't follow the upward trend. The
BDI closed today (04/11/2014) at 1,484 points, up by 28 points compared to Monday’s levels (03/11/2014) and an increase of 89 points
compared to previous Tuesday’s closing (28/10/2014). Far East demand
has been supporting the crude carriers market, with VL activity ex-MEG
jumping to impressive levels, while Aframaxes resumed the firm performance of late. The BDTI Monday (03/11/2014) was at 813 points, an
increase of 78 points and the BCTI at 729, an increase of 37 points compared to previous Monday’s (27/10/2014)levels.
By Panos Tsilingiris
SnP/ Newbuildings Broker
Most real-world buy-low-sell-higher cases concentrated on the flipping of
newbuildings contracted at rock-bottom prices when we witnessed
Handysize Newbuildings at sub-20musd levels, Ultramaxes at sub-24musd,
Kamsarmaxes at rgn 26musd, and Capes at low-mid 40s. Today, after the
ongoing correction in newbuildings prices, we still stand well in excess of
10% above previous lows. We do not anticipate witnessing new lows in the
Newbuildings market because the costs of creating a new asset, ie, newbuilding prices, are well above previous lows. This is not only due to labor
and maker’s inflation but also because of incoming new regulations (notably,
Tier III engines, harmonized CSR, etc). Indeed, certain shipbuilders in all major shipbuilding countries have realized this and are more aggressively marketing slots again in advance in order to secure orders which demand a lower cost of construction.
During the same period in the S&P market, volatility prevailed. As far as
LME Panamaxes are concerned, ex-Ocean Planet (‘05 Sasebo) was committed in January 2013 by Chartworld at rgn m$15 while ex-Ocean Lily (’06
Imabari) was sold to Sanko close to 25musd this March, resulting in a 2/3
value appreciation in just 14 months. The current correction notoriously
commenced back in June with the sale of the ‘Yusho Spica’ at rgn 20musd
which marked an abrupt 5musd discount from her same-year built sister
‘Ocean Lily’ sold just 3 months earlier (in March 2014). Asset values were
brought back to May 2013 when the ex-Shoyo (76k ’06 Namura) was sold at
20.25musd to Diana. This week’s reported sale of 2008-built Japanese-built
Kamsarmax Medi Sentosa at region 19.5musd to Greeks is marginally discounted when compared to the sale of ex-Stefania Lembo (82k, 2010, Tsuneishi – JPN) to Diana Shipping back in September 2013. Interestingly, the
price correction for older tonnage Panamax tonnage is steeper. More than a
month ago the Japanese controlled Panamax Bulker 'Mishima' (76600kdwt,
2002, Imabari, MAN B&W 6S60) was committed at rgn 12.5musd to Greeks
very close to the levels of ex-Archon (75k, Hitachi, 2001, B&W 6S60) which
was committed in the end of January 2013 (very close to the bottom) by
Greeks at rgn 12.4musd. That said, as far as mid/late 90s Panamaxes the
prices are concerned, these are currently very close to the previous bottom.
Two ongoing factors that we need to take into consideration are the weakening Japanese Yen and the price of Oil/Bunkers. The Japanese Yen, which
declined to a seven year low versus the dollar, and its outlook after the Bank
of Japan unexpectedly increased monetary stimulus that tends to devalue
the currency, will further entice more Japanese owners and Builders to sell
Vessels and Slots, respectively, and accept less dollars. Moving on to the
price of oil, a rule of thumb is that a 10% decrease will increase 0.25% off
global growth, while the lower price of Bunkers will hurt the newbuildings
‘eco’ story and will give some support to “non-eco” tonnage. Based on the
recent history and the rock-bottom price resistance levels witnessed before,
there may be longer-term value in Newbuilding and S&P deals priced south
of current market levels.
Sale & Purchase (Wet: Firm+ / Dry: Stable - )
Activity in the second hand market has returned to healthy volumes this
past week as buying interest appears to be steadily making a comeback.
Dry bulk units had the lion’s share as the recent freight market comeback seems to be all that was needed for those owners who were sitting
on the sidelines to get back in the game. On the tanker side, we had the
sale of the “NORD STAR” (45,997dwt-blt 09, Japan) which was picked up
for a price of US$ 19.0m. On the dry bulker side, we had the sale of the
“MEDI SENTOSA” (83,690dwt-blt 08, Japan), which went to Greek buyers for a price of $ 19.5m.
Newbuilding (Wet: Stable- / Dry: Stable- )
Things on the newbuilding front remained very quiet this past week,
with very few orders being reported, while prices show no intention of
moving either direction in the short term. Despite the fact that this is
one of the very rare times during the year that the freight market performance of both tankers and dry bulkers looks more than promising, it
seems that the most owners are not yet ready to revisit the prospect of
ordering, or they need more time of improved rates before they do so.
At the same time, the tanker sector remains much more popular compared to the dry bulker one, possibly showing more faith in the longer
term fundamentals of the market or simply revealing the weight that a
much healthier orderbook can have on the decision to invest in shipping
today and while excess supply of tonnage still remains the main industry
worry. In terms of recently reported deals, Transport Recovery Fund has
placed an order for two firm plus two optional Suezmax tankers
(157,500dwt) at New Times, in China, for a price of USD 60.0m each and
delivery set in 2016.
Demolition (Wet: Soft- / Dry: Soft- )
The demolition market remains under significant pressure, with cheap
Chinese scrap steel weighing down heavily on any attempts for a positive reversal. Most breakers across the Indian sub-Continent are in a
wait and see mode, as there is no reason for them to commit to current
levels, with the market softening as fast as it does. As a result, both volume and prices have taken a big hit this past week, while those sales
that are being reported at levels a lot higher than the market average,
are deals concluded much earlier on. Some are hopeful that the volume
of imported steel by China might start facing restrictions in the future,
which could well be the case if some sort of import tax is applied. If this
scenario materializes, market fundamentals could well support a price
recovery, as the reality is that the performance of the Indian Rupee has
stabilized a lot and steel demand remains at satisfactory levels across all
demo markets despite recent doldrums. Average prices this week for
wet tonnage were at around 300-485$/ldt and dry units received about
280-465$/ldt.
Wet Market
Spot Rates
Routes
WS
$/day
points
$/day
2014
2013
WS
points
$/day
±%
$/day
$/day
265k MEG-JAPAN
57
46,717
44
29,099
60.5%
25,369
21,133
280k MEG-USG
31
26,856
24
13,334 101.4%
14,064
7,132
260k WAF-USG
60
48,334
55
41,035
17.8%
35,984
26,890
130k MED-MED
80
33,150
68
23,255
42.5%
27,068
17,714
130k WAF-USAC
75
28,069
68
23,752
18.2%
21,349
13,756
130k BSEA-MED
80
33,790
68
22,577
49.7%
27,068
17,714
80k
MEG-EAST
110
26,633
105
25,011
6.5%
17,389
11,945
80k
MED-MED
120
35,672
88
21,380
66.8%
24,768
13,622
80k
UKC-UKC
105
21,241
100
18,720
13.5%
32,356
18,604
70k
CARIBS-USG
165
42,156
125
28,357
48.7%
24,616
16,381
75k
MEG-JAPAN
135
33,199
118
26,800
23.9%
14,909
12,011
55k
MEG-JAPAN
132
22,608
132
22,589
0.1%
13,092
12,117
37K
UKC-USAC
150
18,515
145
17,893
3.5%
7,885
11,048
30K
MED-MED
200
28,910
190
25,126
15.1%
15,475
17,645
55K
UKC-USG
135
24,110
120
20,626
16.9%
22,649
14,941
55K
MED-USG
125
21,804
113
17,229
26.6%
19,966
12,642
50k
CARIBS-USAC
135
20,095
125
19,483
3.1%
25,017
15,083
TC Rates
$/day
VLCC
Suezmax
Aframax
Panamax
MR
Handy
size
- 2 yrs
-
- 'SMITI'
- $ 28,350/day
2005
281,396dwt
- HMM
- 1 yr
-
- 'PINK STARS'
- $ 20,500/day
2010
115,592dwt
- Reliance
TD3
TD5
TD8
TC2
TC4
TC6
DIRTY - WS RATES
TD4
220
170
120
70
20
WS poi nts
Dirty
Clean
Aframax
Suezmax
VLCC
Vessel
Indicative Period Charters
Week 43
WS poi nts
Week 44
240
220
200
180
160
140
120
100
80
60
Week 44
Week 43
±%
Diff
2014
2013
300k 1yr TC
31,750
31,750
0.0%
0
27,216
20,087
300k 3yr TC
34,250
34,250
0.0%
0
29,632
23,594
150k 1yr TC
25,750
25,750
0.0%
0
21,614
16,264
150k 3yr TC
28,250
28,250
0.0%
0
23,643
18,296
110k 1yr TC
20,250
20,250
0.0%
0
16,932
13,534
110k 3yr TC
22,250
22,250
0.0%
0
18,575
15,248
75k 1yr TC
17,500
16,500
6.1%
1000
15,653
15,221
75k 3yr TC
17,250
17,250
0.0%
0
16,456
15,729
VLCC
300KT DH
75.8
CLEAN - WS RATES
TC1
Indicative Market Values ($ Million) - Tankers
Vessel 5yrs old
Oct-14 Sep-14
±%
2014
2013
2012
74.0
2.4%
72.9
56.2
62.9
52k 1yr TC
15,000
14,750
1.7%
250
14,807
14,591
Suezmax
150KT DH
52.1
50.0
4.2%
49.2
40.1
44.9
52k 3yr TC
15,250
15,250
0.0%
0
15,660
15,263
Aframax
110KT DH
42.3
41.8
1.3%
37.9
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%
27.7
24.7
24.6
36k 1yr TC
13,250
13,250
0.0%
0
14,131
13,298
LR1
36k 3yr TC
14,250
14,250
0.0%
0
15,001
13,907
MR
Chartering
Sale & Purchase
Spread the joy! The crude carriers market seems unstoppable, with rates
jumping across the board and sentiment firming considerably, allowing for
the built up of even greater expectations for the upcoming winter season.
Despite the fact that bunker prices moved up this past week, even at these
levels they still side with owners. At the same time, the significant increase
of demand ex-China has been on of the main drivers of this latest surge,
which has given some much needed legs to the mini rally of late. Activity ex
MEG has jumped this past week, mainly driven by firming Far East enquiry,
driving VL rates to over WS55 for the eastbound voyage, while the WAF
region remained stable during the week in terms of fresh business coming
through.
In the MR sector, we had the sale of the “NORD STAR” (45,997dwt-blt 09,
Japan) which was picked up for a price of US$ 19.0m.
In the Product Chemical tankers sector we had the sale of the “CRYSTAL
ATLANTICA” (16,631dwt-blt 00, Italy), which was sold to Sinochem for a
price of US$ 9.0m.
The Suezmax market followed the overall market trend and closed off the
week on the green despite the fact that the W. Africa market was a bit quieter compared to the week prior. Despite a quieter WAF region in terms of
activity, steady European demand and strong rates for VLs in the region
allowed Suezmax tonnage to also enjoy some significant upside as well.
Rates for Aframaxes also moved higher across the board , with cross-Med
business noting another impressive jump sending rates from WS 88 to
WS120,while at the same time the Caribs Afra maintained its strength despite the fact that activity scaled back midweek onwards.
© Intermodal Research
04/11/2014
2
Dry Market
Baltic Indices
Indicative Period Charters
BDI
1,428
1,192
BCI
3,552
$25,725
2,422
$17,691
1130
BPI
1,233
$9,883
1,121
$8,971
112
BSI
892
$9,326
900
$9,412
BHSI
467
$6,839
489
$7,153
2014
2013
Index
Index
1,098
1,205
45.4%
1,947
2,106
10.2%
944
1,186
-8
-0.9%
940
983
-22
-4.4%
531
562
Point
Diff
$/day
±%
236
- 3 to 4 mos
- Tianjin spot
- 'ROSCO MAPLE'
- $ 20,000/day
2010
181,453dwt
- RGL
- 12 mos
- retro PMO 24 Oct
- 'ROSCO LITCHI'
- $ 10,000/day
2011
82,153dwt
- EDF
Baltic Indices
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
BCI
Index
Week 43
24/10/2014
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 44
31/10/2014
Index
$/day
Handysize Supramax Panamax
Capesize
Period
Week
$/day
44
170K 6mnt TC 19,250
Week
43
19,250
±%
Diff
2014
2013
0.0%
0
23,316
17,625
170K 1yr TC
17,250
17,250
0.0%
0
23,342
15,959
170K 3yr TC
15,500
15,500
0.0%
0
22,419
16,599
76K 6mnt TC
11,000
10,100
8.9%
900
12,654
12,224
76K 1yr TC
11,500
10,550
9.0%
950
12,603
10,300
76K 3yr TC
12,750
12,500
2.0%
250
13,502
10,317
55K 6mnt TC
11,250
11,000
2.3%
250
12,280
11,565
55K 1yr TC
10,250
10,500
-2.4%
-250
11,899
10,234
55K 3yr TC
10,000
10,250
-2.4%
-250
11,893
10,482
30K 6mnt TC
8,500
8,500
0.0%
0
9,359
8,244
30K 1yr TC
8,500
8,500
0.0%
0
9,452
8,309
30K 3yr TC
8,750
8,750
0.0%
0
9,751
8,926
BPI
BSI
BHSI
BDI
Average T/C Rates
AVR 4TC BPI
AVR 5TC BSI
AVR 6TC BHSI
Chartering
Following a fantastic week in terms of rate performance for Capes, the Dry
Bulk market managed to note another positive weekly closing, which
strongly supported the creation of better sentiment across the market. The
BDI managed to move above 1,400 points, making everyone hope that the
last quarter recovery, which everyone was longing for, has finally started.
The performance of the market this week, which has also kicked off in a
positive tone, will be crucial , as even the stabilizing of rates at these levels
will be more than most in the market have been hoping for and possibly
the catalyst for rates for the smaller size segments to start enjoying some
of the upside as well, as their stalling performance during recent weeks
have caused further worries to emerge.
The Capesize segment enjoyed firming rates across both basins, with majors being particularly active in the Pacific. The W. Australia to China route
fired up while the fronthaul ex Brazil was also very strong, allowing owners
to grab to upper hand and achieve fresh upside. Despite some slowdown
towards the end of the week expectations remain firm, while the period
market appears to be stable for the time being.
Indicative Market Values ($ Million) - Bulk Carriers
Vessel 5 yrs old
Oct-14 Sep-14
±%
2014
2013
2012
Capesize
180k
48.0
48.0
0.0%
48.5
35.8
34.6
Panamax
76K
22.0
23.0
-4.3%
25.3
21.3
22.7
Supramax
56k
22.6
23.6
-4.3%
25.3
21.5
23.0
Handysize
30K
18.5
19.0
-2.6%
20.0
18.2
18.2
Sale & Purchase
In the Kamsarmax sector, we had the sale of the “MEDI SENTOSA” (83,690dwt-blt 08, Japan), which went to Greek buyers for a price of
$ 19.5m.
In the Panamax sector we had the sale of the “SEA OF FUTURE” (76,454dwt
-blt 05, Japan), which was sold for a price of US$ 15.8m
Rates for Panamaxes were also stronger especially in the Atlantic, while the
Pacific continued supporting last dones. Activity ex-ECSA continued supporting Panamax rates while the period market noted gains across the
board.
Supras and Handies remained under pressure for yet another week, with
enquiry in the Pacific remaining uninspiring, while the USG region is still
weighed down by excessive tonnage in the Supra-Panamax range.
© Intermodal Research
04/11/2014
3
Secondhand Sales
Tankers
Size
Name
Dwt
Built
Yard
M/E
SUEZ
AMIN
157,985
2009
HYUNDAI SAMHO
HEAVY IN, S. Korea
MAN-B&W
MR
NORD STAR
45,997
2009
SHIN KURUSHIMA
ONISHI, Ja pa n
MAN-B&W
PROD/
CHEM
CRYSTAL
ATLANTICA
16,631
2000
ORLANDO FRATELLI,
Ital y
PROD/
CLIPPER LEANDER
CHEM
10,098
2006
SMALL
4,581
2007
RHONE
SS due
Hull
Price
Buyers
Comments
DH
RMB 324m
Chi nes e (Xi n Ye)
a uction s a l e i n
Chi na
Oct-14
DH
$ 19.0m
undi s cl os ed
Wa rts i l a
Ma r-15
DH
$ 9.0m
Chi nes e
(Si nochem)
YARDIMCI, Turkey
MAN-B&W
Jul -15
DH
$ 7.6m
Europea n
CEKSAN, Turkey
Ma K
DH
$ 7.5m
US ba s ed
Price
Buyers
Comments
Chi nes e
(Si notra ns
Shi ppi ng)
TCB to s el l ers
StSt
Bulk Carriers
Size
Name
Dwt
Built
CAPE
E. R. BEILUN
178,979
2010
Yard
M/E
SS due
Gear
HYUNDAI HEAVY
MAN-B&W
INDS - G, S. Korea
$ 49.3m
CAPE
E. R. BRAZIL
178,978
2010
HYUNDAI HEAVY
MAN-B&W
INDS - G, S. Korea
KMAX
MEDI SENTOSA
83,690
2008
SANOYAS HISHINO
MAN-B&W
MIZ'MA, Ja pa n
Ja n-18
$ 19.5m
Greek
PMAX
SEA OF FUTURE
76,454
2005
TSUNEISHI CORP MAN-B&W
TADOT, Ja pa n
Feb-15
$ 15.8m
undi s cl os ed
SMAX
DARYA BHAKTI
56,060
2005
MITSUI TAMANO,
MAN-B&W
Ja pa n
Feb-15
4 X 30,5t
CRANES
$ 16.8m
undi s cl os ed
SMAX
PAX PHOENIX
50,236
2001
MITSUI TAMANO,
Ja pa n
B&W
Aug-16
4 X 30t
CRANES
$ 11.0m
Greek
HANDY
ELENI T.
27,802
HUDONG
1997 SHIPBUILDING GR,
Chi na
B&W
Aug-17
4 X 30t
CRANES
$ 5.3m
Si nga porea n
a uction i n Durba n
HANDY
NESTOR
27,407
HUDONG
1997 SHIPBUILDING GR,
Chi na
B&W
Ja n-17
4 X 30t
CRANES
$ 4.9m
undi s cl os ed
a uction i n Pi ra eus
HANDY
TAN BINH 69
24,838
1999
4 X 30t
CRANES
$ 6.6m
Chi nes e
HANDY
EVER REGAL
23,468
1998
4 X 30t
CRANES
$ 5.8m
Chi nes e
© Intermodal Research
SHIKOKU
DOCKYARD,
$ 49.3m
B&W
TSUNEISHI HEAVY
MAN-B&W
CEBU, Phi l i ppi nes
Apr-18
04/11/2014
KDIC fl eet tender
4
Secondhand Sales
MPP/General Cargo
Name
Dwt
Built
Yard
M/E
KARTINI
10,102
2003
SHIN KOCHI,
Japan
B&W
SS due
Gear
Price
Buyers
2 X 30,7t
CRS,1 X 30t
DRS
$ 3.5m
S. Korean
Comments
Containers
Size
Name
Teu
Built
Yard
M/E
FEEDER
SANUKI
1,157
1997
SHIN KOCHI,
Japan
Type
Name
Dwt
Built
Yard
M/E
LPG
NORGAS NAPA
10,790
2003
HUDONGZHONGHUA
SHIPBU, Chi na
MAN
SS due
Mitsubishi Feb-17
Gear
Price
Buyers
Comments
2 X 40t
CRANES
$ 5.1m
Asian
Cbm
Price
Buyers
Comments
10,208
$ 27.0m
Canadi an
(Teekay LNG)
5 yrs bearboat
Gas/LPG/LNG
© Intermodal Research
SS due
04/11/2014
5
Newbuilding Market
Indicative Newbuilding Prices (million$)
Vessel
Gas
Tankers
Bulkers
Capesize
180k
Kamsarmax 82k
Panamax
77k
Ultramax
63k
Handysize
38k
VLCC
300k
Suezmax
160k
Aframax
115k
LR1
75k
MR
50k
LNG 160k cbm
LGC LPG 80k cbm
MGC LPG 55k cbm
SGC LPG 25k cbm
Week
44
55.0
30.5
29.5
27.5
23.0
98.0
66.0
54.0
46.5
37.0
186.0
79.0
68.5
45.5
Week
43
55.0
30.5
29.5
27.5
23.0
98.0
66.0
54.0
46.5
37.0
186.0
79.0
68.5
45.5
±%
2014 2013 2012
0.0% 56.1 49
0.0% 30.4 27
0.0% 29.2 26
0.0% 27
25
0.0% 23
21
0.0% 98.8 91
0.0% 65
56
0.0% 54
48
0.0% 45.9 41
0.0% 36.9 34
0.0% 185.8 185
0.0% 78.3 71
0.0% 66.6 63
0.0% 44.0 41
47
28
27
25
22
96
58
50
42
34
186
71
62
44
Things on the newbuilding front remained very quiet this past week, with
very few orders being reported, while prices show no intention of moving
either direction in the short term. Despite the fact that this is one of the very
rare times during the year that the freight market performance of both tankers and dry bulkers looks more than promising, it seems that the most owners are not yet ready to revisit the prospect of ordering, or they need more
time of improved rates before they do so. At the same time, the tanker sector remains much more popular compared to the dry bulker one, possibly
showing more faith in the longer term fundamentals of the market or simply
revealing the weight that a much healthier orderbook can have on the decision to invest in shipping today and while excess supply of tonnage still remains the main industry worry.
In terms of recently rumored deals, Transport Recovery Fund has placed an
order for two firm plus two optional Suezmax tankers (157,500dwt) at New
Times, in China, for a price of USD 60.0m each and delivery set in 2016.
Bulk Carriers Newbuilding Prices (m$)
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
Yard
Delivery
Buyer
Price
2+2
Tanker
157,500 dwt
New Times, China
2016
Transport Recovery Fund
$ 60.0m
4+2
Tanker
74,000 dwt
Sungdong, S. Korea
2016-2017
Greek (TEN)
$ 47.0m
2
Tanker
50,000 dwt
Japanese yard
2015-2016
Japanese (Mitsui OSK)
undisclosed
2+2
Container
2,700 teu
Zhejiang Ouhua, China
starting
2017
2
Gas
174,000 cbm
Daewoo, S. Korea
2017
Norwegian (Fredriksen
Group)
$ 205.0m
2
Gas
174,000 cbm
Samsung, S. Korea
2017
S. Korean (SK Shipping)
$ 207.0m
© Intermodal Research
04/11/2014
Comments
methanol powered
methanol carriers
HK based (Tribini Capital) undisclosed
6
Demolition Market
Indicative Demolition Prices ($/ldt)
Dry
Wet
Markets
Bangladesh
India
Pakistan
China
Bangladesh
India
Pakistan
China
Week
44
475
470
485
300
460
445
465
280
Week
43
480
475
490
300
465
450
470
280
±%
The demolition market remains under significant pressure, with cheap Chinese scrap steel weighing down heavily on any attempts for a positive reversal. Most breakers across the Indian sub-Continent are in a wait and see
mode, as there is no reason for them to commit to current levels, with the
market softening as fast as it does. As a result, both volume and prices have
taken a big hit this past week, while those sales that are being reported at
levels a lot higher than the market average, are deals concluded much earlier
on. Some are hopeful that the volume of imported steel by China might start
facing restrictions in the future, which could well be the case if some sort of
import tax is applied. If this scenario materializes, market fundamentals
could well support a price recovery, as the reality is that the performance of
the Indian Rupee has stabilized a lot and steel demand remains at satisfactory levels across all demo markets despite recent doldrums. Average prices
this week for wet tonnage were at around 300-485$/ldt and dry units received about 280-465$/ldt.
2013 2012 2011
-1.0%
-1.1%
-1.0%
0.0%
-1.1%
-1.1%
-1.1%
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
One of the highest prices amongst recently reported deals, was that paid by
Bangladeshi breakers for the container vessel ‘SITC KEELUNG’ (12,713dwt5,103ldt-blt 94), which received a firm price of $ 505/ldt.
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
Size
Ldt
Built
Yard
Type
$/ldt
Breakers
EVER REACH
46,600
21,794
1994
ONOMICHI, Japan
CONT
$ 468/Ldt
Bangladeshi
MARIE
35,230
9,909
1999
SZCZECINSKA PORTA
HOLD, Poland
GC
$ 505/Ldt
Indian
SITC KEELUNG
12,713
5,103
1994
SZCZECINSKA
STOCZNIA S, Poland
CONT
$ 505/Ldt
Bangladeshi
BRIGHT
11,301
2,877
1981
TAIHEI AKITSU,
GC
$ 450/Ldt
Bangladeshi
ORAPIN 2
2,764
1,073
1981
$ 450/Ldt
Indian
© Intermodal Research
KISHIMOTO KINOE, TANKER
04/11/2014
Comments
7
Commodities & Ship Finance
Market Data
2.310
1,994.65
4,566.14
17,195.42
6,463.60
3,458.91
4,141.24
9,114.84
15,658.20
23,702.04
354.74
1.26
1.60
109.04
0.15
6.12
1,052.61
92.00
29-Oct-14
2.320
1,982.30
4,549.23
16,974.31
6,453.90
3,452.52
4,110.64
9,082.81
15,553.91
23,819.87
367.77
1.27
1.61
108.27
0.15
6.12
1,047.94
91.20
28-Oct-14
2.280
1,985.05
4,564.29
17,005.75
6,402.20
3,425.41
4,112.67
9,068.19
15,329.91
23,520.36
367.71
1.27
1.61
108.00
0.15
6.12
1,049.55
91.30
27-Oct-14
2.260
1,961.63
4,485.93
16,817.94
6,363.50
3,405.27
4,096.74
8,902.61
15,388.72
23,143.23
361.67
1.27
1.61
107.86
0.15
6.12
1,054.56
91.50
Maritime Stock Data
Company
Oil WTI $
Oil Brent $
Gold $
100
1,250
1,240
1,230
1,220
gold
1,210
1,200
1,190
1,180
95
90
oil
85
80
75
70
Bunker Prices
31-Oct-14 24-Oct-14
MDO
10year US Bond
2.340
S&P 500
2,018.05
Nasdaq
4,630.74
Dow Jones
17,390.52
FTSE 100
6,546.50
FTSE All-Share UK 3,503.46
CAC40
4,233.09
Xetra Dax
9,326.87
Nikkei
16,413.76
Hang Seng
23,998.06
DJ US Maritime
362.98
$/€
1.26
$/₤
1.60
¥/$
111.44
$ / NoK
0.15
Yuan / $
6.13
Won / $
1,065.86
$ INDEX
93.20
30-Oct-14
Basic Commodities Weekly Summary
380cst
Currencies
Stock Exchange Data
31-Oct-14
W-O-W
Change %
3.1%
2.7%
3.3%
3.5%
2.5%
2.5%
2.5%
4.8%
7.3%
3.0%
-1.2%
-0.7%
-0.5%
3.2%
-2.7%
0.0%
0.9%
1.6%
Rotterdam
Houston
Singapore
Rotterdam
Houston
Singapore
733.5
845.0
732.0
466.5
460.0
479.0
718.0
843.0
719.0
451.0
455.0
468.0
W-O-W
Change %
2.2%
0.2%
1.8%
3.4%
1.1%
2.4%
Finance News
Stock
Curr. 31-Oct-14
Exchange
24-Oct-14
W-O-W
Change %
AEGEAN MARINE PETROL NTWK
NYSE
USD
8.45
8.25
2.4%
BALTIC TRADING
NYSE
USD
3.75
3.79
-1.1%
BOX SHIPS INC
CAPITAL PRODUCT PARTNERS LP
COSTAMARE INC
NYSE
USD
NASDAQ USD
NYSE
USD
1.08
9.23
20.57
1.12
9.42
19.85
-3.6%
-2.0%
3.6%
DANAOS CORPORATION
NYSE
USD
5.48
4.49
22.0%
DIANA SHIPPING
NYSE
USD
8.45
8.66
-2.4%
DRYSHIPS INC
NASDAQ USD
1.48
1.52
-2.6%
EAGLE BULK SHIPPING
NASDAQ USD
16.19
16.16
0.2%
EUROSEAS LTD.
FREESEAS INC
GLOBUS MARITIME LIMITED
NASDAQ USD
NASDAQ USD
NASDAQ USD
1.05
0.16
3.20
1.02
0.20
3.11
2.9%
-20.0%
2.9%
GOLDENPORT HOLDINGS INC
LONDON GBX
286.00
297.00
-3.7%
HELLENIC CARRIERS LIMITED
LONDON GBX
32.20
32.15
0.2%
NAVIOS MARITIME ACQUISITIONS
NYSE
USD
3.17
2.71
17.0%
NAVIOS MARITIME HOLDINGS
NYSE
USD
5.89
5.55
6.1%
NAVIOS MARITIME PARTNERS LP
NYSE
USD
16.16
16.45
-1.8%
PARAGON SHIPPING INC.
NYSE
USD
3.65
3.55
2.8%
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
5.34
1.42
10.32
8.40
6.77
1.86
5.47
1.36
10.19
8.33
6.52
1.65
-2.4%
4.4%
1.3%
0.8%
3.8%
12.7%
“Rickmers Maritime loses $53.02m
Over $60m in writedowns sent Rickmers Maritime
deep into the red in the third quarter.
The Singapore-listed Trust reported a $53.02m deficit
for the quarter as a result of the one off items.
Rickmers explains a $44.4m impairment was taken
due to the reduced value of six vessels, with a further
$18.6m provision recorded as a goodwill measure.
The Trust stresses it would have booked a quarterly
gain of $10.0m if it had not carried the exceptional
items, a figure that would have marked a fall from
the $13.09m profit at this stage in 2013.
Rickmers Maritime saw quarterly revenue fall by one
tenth due to charter renewals at lower rates, while
operating costs increased by 4% and financial costs
escalated by 6%.
It says a significant number of large newbuildings are
set to arrive in 2015, meaning the structural oversupply issues of the market will persist despite higher
scrapping.
“The charter market for modern panamax vessels has
seen a gradual improvement in recent months. Although the trend could be subject to seasonal weakening towards the end of the year, the gradual recovery of time charter rates is expected to continue in
2015,” its quarterly report added” (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
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
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145 64 N.Kifisia,
Athens - Greece
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9