1. business and industrial
2. energy
3. oil

Weekly Market Report
Issue: Week 4 | Tuesday 27th January 2015
Market insight
By Stelios Kollintzas
Specialized Products Desk
With most traders having returned to action from year end festivities, we
have already seen signs of activity in the specialized product markets. Longhaul trades, - namely vegetable oil shipments from South America and the
deep-sea MR market from Southeast Asia to Med/Continent - are increasingly active. On the other hand, the demand across the inter-regional palm
oil trade lanes has weakened.
The slow pace of enquiry to India and China for palm oils during the year
end, has remained evident in the first days of 2015. A small number of cargoes in January and sporadic cargo enquiries already quoted for February,
have resulted in increased availability of prompt tonnage and lower freight
rates. The rates for Straits/WCI bss 10-12k shipments are between 29-31
usd/pmt and 27-29 usd/pmt bss 10-12k shipments to ECI.
Analysts say that recent major floods in high-producing palm oil areas of
Malaysia, the world’s second-largest grower, will take a toll on the country’s
outputs and they are likely to fall further. As such, and in view of increased
exports due to the upcoming Chinese New Year festivities, we expect the
market to experience some activity with a positive effect on freight rates.
While many traders expected hire rates for long-haul MR trips to fall at the
start of the year, the market has proved them wrong. The continuous delays
in both newbuilding scheduled deliveries and ships discharging soft oils in
India are the main factors that keep hire rate levels around 20,000-22,000
pd; with the higher rates being attributed to the ‘’ECO-MRs’’.
It is true however, that with a 40-50% drop on bunker prices over the last
months, the operational cost advantage is not so evident for the latter, as
charterers might end-up with a cheaper solution when taking a ‘’normal
MR’’ at a lower hire rate. Finally 33-40,000 shipments to Continent are still
earning around low 60 usd/pmt and 55 usd/pmt on voyage bss.
Overall, there has been a fair amount of activity out of South America for
soya been oil exports during the start of the year. The driving forces behind
this demand have been India and Europe while China has been almost obsolete. While the Atlantic CPP market is slightly cooling off, but still at healthy
rates, there might be other ships apart from the non-CPP players and the
older candidates, that would look at veg oil out of South America. As such,
this might give charterers, the opportunity to push rates back.
The situation ex - Black Sea is similar. While the cross-Med CPP market has
slightly softened, it is still far from poor and leaves owners with better earnings than a veg oil voyage. Despite increased activity towards all destinations, Westbound cargoes are preferable especially to ice-class candidates,
as the ice-season has arrived; unless you are an Owner with older tonnage
or have contractual commitments in the East. In any case, it seems that
charterers will not get a very competitive rate, for either taking a higherspec vessel West or taking a dedicated CPP trader East.
On a last note, it is certain that the continuous drop of bunker and crude oil
prices will have a great impact on the shipping markets during 2015 as well.
But to what extend this trend will continue translating into higher freight
rates, is probably the right question to ask.
Chartering (Wet: Stable+ / Dry: Stable- )
The Dry Bulk market closed off the week on the green, solely on the
back of improved Capesize rates, while as the entire market started
pulling back mid-week onwards sentiment remained under significant
pressure. The BDI closed today (27/01/2015) at 688 points, down by 15
points compared to Monday’s levels (26/01/2015) and a decrease of 65
points compared to previous Tuesday’s closing (20/01/2015). Despite
the fact that rates in the crude carriers market gave up some of the
upside of the prior weeks, strong demand remains well in place and so
does positive sentiment for the upcoming weeks. The BDTI Monday
(26/01/2015) was at 889 points, a decrease of 59 points and the BCTI at
698, a decrease of 38 points compared to previous Monday’s
(19/01/2015) levels.
Sale & Purchase (Wet: Firm+ / Dry: Soft - )
SnP activity was well off the volumes of the week prior, while the absence of Greece buyers was also notable. Tankers continue to have the
lion’s share despite the fact that prices remain on an upward trend. On
the tanker side, we had the sale of the “AL MUMINAH” (107,081dwt-blt
05, Japan), which was picked up by Norwegian buyers for a price of US$
31.0m. On the dry bulker side, we had the sale of the
“ANNOULA” (70,281dwt-blt 97, Japan), which went to Chinese buyers
for a price of $ 6.1m.
Newbuilding (Wet: Stable- / Dry: Stable- )
Activity in the newbuilding market slightly increased this past week.
Tanker and Gas orders monopolized the list of reported newbuilding
deals last week, with the volume for the former clearly benefiting from
the steady performance of the freight market. Market talk of a few
Greek owners being in talks with S. Korean yards, negotiating Suezmax
and VLCC slots, has been intensifying lately and we believe we should
soon see these names confirming additions to the orderbook for 2017,
which in the case of tankers is getting longer fairly fast. As far as prices
are concerned, downward pressure is still very evident in the case of dry
bulkers where orders are few and far between and we expect to see this
pressure resulting in further discounts within the next month, while as
far as tankers are concerned we believe that newbuilding prices might
have bottomed out. In terms of recently reported deals, Hong Kong
based owner, Wah Kwong, has placed an order, for two firm Aframax
tankers (158,000dwt) at SWS, in China, for a price of $ 51.7m each and
delivery set in 2017.
Demolition (Wet: Stable+ / Dry: Stable+ )
The situation on the demolition front remains overall unchanged. The
market’s fundamentals continue to be weak with no evident signs of a
rebound in the short term. Nevertheless, as key market players are
getting accustomed to the new reality, which dictates much lower prices
than the ones prevailing in the period prior to last summer, we are witnessing activity volumes slowly returning to much healthier levels and
recently reported activity is representative of that. As we mentioned last
week increased activity involving Capesize vessels is under way with a
number of candidates still in the market. In terms of prices, it seems
that things might have stabilized for now, while the only positive exception was the market in Pakistan, where the regulatory duty on imported
steel billets set to come into effect shortly, seems to have finally convinced breakers in the country that local market fundamentals could
soon turn in their favor pushing them to slightly increase their bids.
Average prices this week for wet tonnage were at around 245-430 $/ldt
and dry units received about 220-410 $/ldt.
Wet Market
Spot Rates
Routes
265k MEG-JAPAN
WS
$/day
points
WS
points
$/day
2014
2013
±%
$/day
$/day
$/day
69.0
74,455
68.5
73,144
1.8%
30,469
21,133
280k MEG-USG
38
50,844
38
51,458
-1.2%
17,173
7,132
260k WAF-USG
78
80,959
78
81,456
-0.6%
40,541
26,890
130k MED-MED
85
46,992
100
59,457 -21.0% 30,950
17,714
130k WAF-USAC
82.5
38,775
92.5
51,186 -24.2% 24,835
13,756
130k BSEA-MED
85.0
46,337
103
65,802 -29.6% 30,950
17,714
80k
MEG-EAST
113
35,481
105.0
31,515
12.6%
19,956
11,945
80k
MED-MED
140
59,811
110
34,858
71.6%
28,344
13,622
80k
UKC-UKC
128
51,356
130
53,859
-4.6%
33,573
18,604
70k
CARIBS-USG
140
39,381
151
43,225
-8.9%
25,747
16,381
75k
MEG-JAPAN
85.0
22,841
88
23,645
-3.4%
16,797
12,011
55k
MEG-JAPAN
110
22,771
120.0
25,686 -11.3% 14,461
12,117
37K
UKC-USAC
130.0 19,462
30K
MED-MED
55K
147.5
23,866
-18.5%
10,689
11,048
35,846
220
38,331
-6.5%
18,707
17,645
UKC-USG
155.0 38,242
148
35,911
6.5%
23,723
14,941
55K
MED-USG
155.0 36,526
147.5
34,315
6.4%
21,089
12,642
50k
CARIBS-USAC 147.5 30,210
147.5
30,430
-0.7%
25,521
15,083
210
TC Rates
$/day
VLCC
Suezmax
Aframax
Panamax
MR
Handy
size
- 14 mos
-
- 'OLYMPIC LIGHT'
- $48,500/day
2011
317,200 dwt
- Repsol
-12 mos
-
- 'COSGLAD LAKE '
- $41,000/day
2011
297,388 dwt
- Trafigura
TD3
TD5
TD8
TC2
TC4
TC6
DIRTY - WS RATES
TD4
220
170
120
70
20
WS poi nts
Dirty
Clean
Aframax
Suezmax
VLCC
Vessel
Indicative Period Charters
Week 3
WS poi nts
Week 4
240
220
200
180
160
140
120
100
80
60
Week 4
Week 3
±%
Diff
2014
2013
300k 1yr TC
45,000
45,000
0.0%
0
28,346
20,087
300k 3yr TC
40,000
40,000
0.0%
0
30,383
23,594
150k 1yr TC
32,000
32,000
0.0%
0
22,942
16,264
150k 3yr TC
30,000
30,000
0.0%
0
24,613
18,296
110k 1yr TC
23,000
23,000
0.0%
0
17,769
13,534
110k 3yr TC
23,000
23,000
0.0%
0
19,229
15,248
75k 1yr TC
20,250
19,250
5.2%
1000
16,135
15,221
75k 3yr TC
18,000
18,000
0.0%
0
16,666
15,729
VLCC
300KT DH
79.6
CLEAN - WS RATES
TC1
Indicative Market Values ($ Million) - Tankers
Vessel 5yrs old
Jan-15 Dec-14
±%
2014
2013
2012
77.0
3.4%
73.6
56.2
62.9
52k 1yr TC
15,250
15,250
0.0%
0
14,889
14,591
Suezmax
150KT DH
58.3
56.5
3.1%
50.2
40.1
44.9
52k 3yr TC
15,250
15,250
0.0%
0
15,604
15,263
Aframax
110KT DH
44.4
42.0
5.7%
38.6
29.2
31.2
75KT DH
34.6
32.9
5.3%
32.8
28.0
26.7
52KT DH
25.4
24.4
4.1%
27.2
24.7
24.6
36k 1yr TC
13,750
13,750
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 gave up some of its gains last week, while the
slight increase in bunker prices added a bit to the overall negative trend.
Saying that, we are still very positive in regards to the performance of the
market in the following month, as we are watching charterers boosting up
activity across all key trading regions and ensuring balanced tonnage supply
at the same time. Period activity is also keeping up the increased volume of
late, allowing for an even more solid ground to be built up for February as
well. Rates for VLs remained stable overall, with the rate for the Eastbound
route moving a bit closer to WS 70. We expect this current week to close off
on the green with rate upside noted across the board for VLs as the strong
enquiry is expected to continue during the following days as well.
In the Aframax sector, we had the sale of the “AL MUMINAH” (107,081dwtblt 05, Japan), which was picked up by Norwegian buyers for a price of US$
31.0m.
In the MR sector we had the sale of the “KANDILOUSA” (46,700dwt-blt 95,
S. Korea), which was sold to Far Eastern Buyers for a price of $8.3m.
Rates for Suezmaxes were pointing down on Friday with the WAF Suezmax
losing ground on the back of an increased number of ballasters in the region, while following the streamline in the Black Sea/Med trade more
prompt tonnage was also pushing rates down there as well.
Rates for Aframaxes displayed a mixed picture last week, with the crossMed market firming for a second week on the back of continuous flow of
fresh business in the region. The Baltic market lost some further ground at
the same time as more ballasters continued gathering in the region, while
the Caribs market gave up some of the gains of the week prior.
© Intermodal Research
27/01/2015
2
Dry Market
Baltic Indices
Indicative Period Charters
Point
Diff
$/day
±%
2014
2013
Index
Index
1,097
1,205
BDI
720
BCI
887
$8,096
620
$7,023
267
15.3%
1,943
2,106
BPI
685
$5,465
759
$6,057
-74
-9.8%
960
1,186
BSI
650
$6,794
716
$7,487
-66
-9.3%
937
983
BHSI
380
$5,732
418
$6,290
-38
-8.9%
522
562
Diff
2014
2013
741
-21
- 3 to 5 mos
- Far East prompt
- 'YOUNG HARMONY '
- $ 9,250/day
2014
63,600dwt
- Panocean
- 4 to 7 mos
- Oman 20/25 Jan
- 'MYRMIDON'
- $ 8,600/day
1997
73,307dwt
- Polaris
Baltic Indices
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
BCI
Index
Week 3
16/01/2015
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 4
23/01/2015
Index
$/day
Capesize
170K 6mnt TC
Week
3
9,250
0.0%
0
22,020
17,625
170K 1yr TC
11,500
11,750
-2.1%
-250
21,921
15,959
170K 3yr TC
11,500
11,500
0.0%
0
21,097
16,599
Handysize Supramax Panamax
Period
Week
4
9,250
76K 6mnt TC
8,000
8,500
-5.9%
-500
12,300
12,224
$/day
±%
76K 1yr TC
8,250
8,500
-2.9%
-250
12,259
10,300
76K 3yr TC
10,750
11,500
-6.5%
-750
13,244
10,317
55K 6mnt TC
8,500
9,000
-5.6%
-500
12,008
11,565
55K 1yr TC
8,750
9,250
-5.4%
-500
11,589
10,234
55K 3yr TC
8,750
9,250
-5.4%
-500
11,585
10,482
30K 6mnt TC
7,250
7,250
0.0%
0
9,113
8,244
30K 1yr TC
7,250
7,250
0.0%
0
9,226
8,309
30K 3yr TC
8,000
8,000
0.0%
0
9,541
8,926
BPI
BSI
BHSI
BDI
Average T/C Rates
AVR 4TC BPI
AVR 5TC BSI
AVR 6TC BHSI
Chartering
The Dry Bulk market displayed a mirror performance of that of the week
prior, with the Capesize market correcting further upwards and the rest of
the size segments resuming their declines for yet another week, while the
entire market was under pressure Friday onwards, leaving little hope that
the upward movement of the BDI during the past two weeks could continue
well into February. At the same time the period market noted further declines. The trend in both the period and spot market is expected to be negative in the next couple of weeks, as things in the East are bound to quieten
further on the back of the upcoming Chinese holidays.
Rates for Capes continued their upward movement last week, the end of
which found the average rate for the segment reclaiming back the top spot
across the board. Despite the weekly rate increases noted in the segment
though, sentiment is still far from positive, especially as rates started trending sideways in the second part of the week, setting a less positive tone for
the days leading to the end of the month.
Indicative Market Values ($ Million) - Bulk Carriers
Vessel 5 yrs old
Jan-15 Dec-14
±%
2014
2013
2012
Capesize
180k
38.3
39.9
-4.1%
47.3
35.8
34.6
Panamax
76K
19.6
20.1
-2.5%
24.5
21.3
22.7
Supramax
56k
20.6
21.1
-2.4%
24.7
21.5
23.0
Handysize
30K
16.6
17.0
-2.2%
19.5
18.2
18.2
Sale & Purchase
In the Panamax sector, we had the sale of the “ANNOULA” (70,281dwt-blt
97, Japan), which went to Chinese buyers for a price of $ 6.1m.
In the Handysize sector we had the sale of the “EGS TIDE” (35,916dwt-blt
11, S. Korea), which was sold to Italian buyers for $16.8m.
There was very little fresh inquiry for the Atlantic Panamax basin last
week. New business mostly from the U.S. Gulf and ECSA remained in short
supply, with much of the February cargoes already covered. In the Pacific
basin, rates were stuck at the same lows we ve been seeing lately, with
available tonnage in excess of what the market can absorb. Talk of interest
for period tonnage is valid, at low levels though.
Atlantic Handy/Handymax/Supra business stayed particularly quiet towards
the end of the week with rates trending slightly off last dones on Friday,
while fresh discounts were also noted in the period market here as well.
© Intermodal Research
27/01/2015
3
Secondhand Sales
Tankers
Size
Name
Dwt
Built
Yard
M/E
SUEZ
WINDSOR
KNUTSEN
162,258
2007
DAEWOO
SHIPBUILDING &,
Korea , South
SUEZ
KAREN KNUTSEN
153,617
1999
SUEZ
SALLIE KNUTSEN
153,617
SUEZ
JASMINE
KNUTSEN
SUEZ
SS due
Hull
Price
MAN-B&W
DH
undi s cl os ed
HYUNDAI HEAVY
INDS - U, S. Korea
B&W
DH
undi s cl os ed
1999
HYUNDAI HEAVY
INDS - U, S. Korea
B&W
DH
undi s cl os ed
148,644
2005
SAMSUNG HEAVY
INDUSTRI, S. Korea
B&W
DH
undi s cl os ed
GERD KNUTSEN
146,273
1996
HARLAND & WOLFF
SB/HI, U. K.
B&W
DH
undi s cl os ed
AFRA
AL MUMINAH
107,081
2005
KOYO MIHARA,
Ja pa n
B&W
DH
$ 31.0m
MR
MAERSK MISUMI
47,186
2008
ONOMICHI, Ja pa n
MAN-B&W
DH
undi s cl os ed
MR
KANDILOUSA
46,700
1995
HYUNDAI HEAVY
INDS - U, S. Korea
B&W
Ja n-15
DH
$ 8.3m
Fa r Ea s tern
MR
VALPADANA
25,583
2002
SHINA
SHIPBUILDING CO,
S. Korea
B&W
Ma y-17
DH
$ 13.9m
Ni geri a n
PROD/
CHEM
ST DAWN
19,399
2000
SHIN KURUSHIMA
ONISHI, Ja pa n
Mi ts ubi s hi
Jun-15
DH
$ 14.3m
Vi etna mes e
(TPL)
PROD/
CHEM
ST CHARLOTTE
12,497
2006
TURKTER, Turkey
Ma K
DH
$ 17.0m
Dutch (Vroon)
SMALL
STOLT VIOLET
8,792
2004
SHIN KURUSHIMA
IMABARI, Ja pa n
B&W
DH
$ 10.5m
Chi nes e
(Grea thors e)
Size
Name
Teu
Built
3,534
2006
1,102
2005
AKER TULCEA,
Romania
2004
ZHEJIANG
YANGFAN SHIP,
China
Sep-19
Buyers
Comments
Norwegi a n
Norwegi a n
SS/DD fres hl y
pa s s ed
on pri va te terms .
option exerci s ed
Containers
PMAX HELENA SCHULTE
FEEDER
FEEDER
SEA PIONEER
KAPPELN
© Intermodal Research
657
Yard
M/E
SS due
Gear
SHANGHAI
MAN-B&W Mar-11
SHIPYARD, China
$ 14.0m
MAN-B&W May-15
MaK
Apr-14
27/01/2015
Price
2 X 50t
CRANES
Buyers
US based fund
(Soundview
Maritime)
$ 4.8m
Chinese
$ 2.1m
German (Lubeca
Marine)
Comments
4
Secondhand Sales
Bulk Carriers
Size
Name
Dwt
Built
Yard
M/E
SS due
PMAX
ANNOULA
70,281
1997
SANOYAS HISHINO
MIZ'MA, Ja pa n
Sul zer
Aug-17
HMAX
STAVROS P.
45,863
1994
KOYO MIHARA,
Ja pa n
Mi ts ubi s hi
HANDY
EGS TIDE
35,916
2011
HYUNDAI MIPO
DOCKYARD, S.
Korea
MAN-B&W
HANDY
VTC SKY
23,581
1997
SAIKI HEAVY
INDUSTRIES,
Ja pa n
Mi ts ubi s hi
© Intermodal Research
Price
Buyers
$ 6.1m
Chi nes e
4 X 25t
CRANES
$ 4.0m
Chi nes e
Ja n-16
4 X 35t
CRANES
$ 16.8m
Ital i a n
Feb-17
4 X 30t
CRANES
$ 5.8m
undi s cl os ed
27/01/2015
Gear
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
4
53.5
30.0
29.0
27.0
23.0
96.5
65.0
54.0
46.0
36.5
190.0
78.5
68.0
46.0
Week
3
53.5
30.0
29.0
27.0
23.0
96.5
65.0
54.0
46.0
36.5
190.0
79.0
68.5
46.0
±%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
-0.6%
-0.7%
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
Activity in the newbuilding market slightly increased this past week. Tanker
and Gas orders monopolized the list of reported newbuilding deals last week,
with the volume for the former clearly benefiting from the steady performance of the freight market. Market talk of a few Greek owners being in
talks with S. Korean yards, negotiating Suezmax and VLCC slots, has been
intensifying lately and we believe we should soon see these names confirming additions to the orderbook for 2017, which in the case of tankers is
getting longer fairly fast. As far as prices are concerned, downward pressure
is still very evident in the case of dry bulkers where orders are few and far
between and we expect to see this pressure resulting in further discounts
within the next month, while as far as tankers are concerned we believe that
newbuilding prices might have bottomed out.
In terms of recently reported deals, Hong Kong based owner, Wah Kwong,
has placed an order, for two firm Aframax tankers (158,000dwt) at SWS, in
China, for a price of $ 51.7m 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
Type
Size
Yard
Delivery
1
Tanker
319,000 dwt
Dalian , China
Sep-2017
2
Tanker
158,000 dwt
Samsung, S. Korea
2017
Greek
$ 67.5m
1+1
Tanker
152,000 dwt
COSCO Zhoushan,
China
Mar-2017
Norwegian (Knutsen NYK)
$ 101.0m
2
Tanker
115,000 dwt
SWS, China
2017
Hong Kong based (Wah
Kwong)
$ 51.7m
4
Tanker
114,000 dwt
Samsung, S. Korea
2017
Greek
$ 55.8m
2
Gas
174,000 cbm
Samsung, S. Korea
2017
S. Korean (SK Shipping)
$ 208.5m
LNG, against KOGAS
tender, total 6 vsls
2
Gas
174,000 cbm
Daewoo, S.Korea
2017
S.Korean (Hyundai LNG
Shipping)
$ 200.0m
LNG
2
Gas
174,000 cbm
Daewoo, S.Korea
2018
S. Korean (Korea Line)
$ 200.0m
LNG
2
Gas
170,000 cbm
Dalian , China
2019
Chinese (Sinopec)
$ 159.0m
LNG
© Intermodal Research
27/01/2015
Buyer
Price
Chinese (China Merchants
undisclosed
Energy Shipping)
Comments
shuttle tanker, incl.
11-yr TC
6
Demolition Market
Indicative Demolition Prices ($/ldt)
Dry
Wet
Markets
Bangladesh
India
Pakistan
China
Bangladesh
India
Pakistan
China
Week
4
425
425
430
245
405
400
405
220
Week
3
425
425
425
245
405
400
400
220
±%
The situation on the demolition front remains overall unchanged. The market’s fundamentals continue to be weak with no evident signs of a rebound
in the short term. Nevertheless, as key market players are getting accustomed to the new reality, which dictates much lower prices than the ones
prevailing in the period prior to last summer, we are witnessing activity volumes slowly returning to much healthier levels and recently reported activity
is representative of that. As we mentioned last week increased activity involving Capesize vessels is under way with a number of candidates still in the
market. In terms of prices, it seems that things might have stabilized for now,
while the only positive exception was the market in Pakistan, where the regulatory duty on imported steel billets set to come into effect shortly, seems
to have finally convinced breakers in the country that local market fundamentals could soon turn in their favor pushing them to slightly increase their
bids. Average prices this week for wet tonnage were at around 245-430 $/ldt
and dry units received about 220-410 $/ldt.
2014 2013 2012
0.0%
0.0%
1.2%
0.0%
0.0%
0.0%
1.3%
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
One of the highest prices amongst recently reported deals, was that paid by
Indian breakers for the Container vessel “CHINA STAR” (47,230dwt14,465ldt-blt 90), which received $446/ldt.
550
500
450
400
350
300
250
200
Bangladesh
India
Dry Demolition Prices
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
CHINA
1996 SHIPBUILDING KAO, BULKER
Taiwan
$/ldt
Breakers
$ 430/Ldt
Bangladeshi
IRFON
165,729 22,427
AQUADONNA
161,010 20,039
1995
HYUNDAI HEAVY
INDS - U, S. Korea
BULKER
$ 415/Ldt
Bangladeshi
MARTZOUKOS A.
161,175 19,874
1995
HYUNDAI HEAVY
INDS - U, S. Korea
BULKER
$ 420/Ldt
Bangladeshi
CHINA STAR
47,230
14,465
1990
HDW AG - KIEL GEU, Germany
CONT
$ 446/Ldt
Indian
DUBAI STAR
47,230
14,465
1991
HDW AG - KIEL GEU, Germany
CONT
$ 446/Ldt
Indian
POSIDON
20,101
6,400
1997
WUHU SHIPYARD,
China
GC
$ 275/Ldt
undisclosed
1983
SIETAS
SCHIFFSWERFT KG,
Germany
GC
$ 300/Ldt
Turkish
JASY
8,340
© Intermodal Research
3,356
27/01/2015
Comments
incl. 300T ROB
as-is Singapore
7
Commodities & Ship Finance
22-Jan-15
21-Jan-15
20-Jan-15
19-Jan-15
1.810
2,051.82
4,757.88
17,672.60
6,832.83
3,664.41
4,640.69
10,649.58
17,511.75
24,850.45
259.52
1.12
1.50
117.67
0.13
6.23
1,077.85
85.40
1.900
2,063.15
4,750.40
17,813.98
6,796.63
3,644.98
4,552.80
10,435.62
17,329.02
24,522.63
259.45
1.13
1.50
118.72
0.13
6.21
1,086.10
84.94
1.870
2,032.12
4,667.42
17,554.28
6,728.04
3,610.37
4,484.82
10,299.23
17,280.48
24,352.58
258.53
1.16
1.51
117.86
0.13
6.21
1,082.60
84.17
1.820
2,022.55
4,654.85
17,515.23
6,620.10
3,558.63
4,446.02
10,257.13
17,366.30
23,951.16
254.63
1.15
1.51
118.66
0.13
6.22
1,087.50
84.33
1.830
2,019.42
4,634.38
17,511.57
6,585.53
3,540.97
4,394.93
10,242.35
17,014.29
23,738.49
256.60
1.16
1.51
117.74
0.13
6.22
1,079.50
83.88
Maritime Stock Data
Company
Basic Commodities Weekly Summary
Oil WTI $
oil
Oil Brent $
Gold $
60
1,350
55
1,300
1,250
50
gold
1,200
45
1,150
40
1,100
Bunker Prices
23-Jan-15 16-Jan-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
23-Jan-15
W-O-W
Change %
-1.1%
1.6%
2.7%
0.9%
4.3%
4.1%
6.0%
4.0%
2.9%
3.1%
1.1%
-3.1%
-1.0%
0.0%
-2.7%
0.4%
-0.2%
1.8%
380cst
Currencies
Stock Exchange Data
Market Data
Rotterdam
Houston
Singapore
Rotterdam
Houston
Singapore
470.5
572.5
479.5
243.0
265.5
282.5
469.0
571.0
479.5
242.0
257.5
280.5
W-O-W
Change %
0.3%
0.3%
0.0%
0.4%
3.1%
0.7%
Finance News
Stock
Curr. 23-Jan-15
Exchange
16-Jan-15
W-O-W
Change %
AEGEAN MARINE PETROL NTWK
NYSE
USD
14.01
13.76
1.8%
BALTIC TRADING
NYSE
USD
1.77
1.74
1.7%
BOX SHIPS INC
CAPITAL PRODUCT PARTNERS LP
COSTAMARE INC
NYSE
USD
NASDAQ USD
NYSE
USD
0.81
8.68
16.80
0.79
8.54
16.39
2.5%
1.6%
2.5%
DANAOS CORPORATION
NYSE
USD
5.16
5.19
-0.6%
DIANA SHIPPING
NYSE
USD
6.60
6.51
1.4%
DRYSHIPS INC
NASDAQ USD
0.97
0.99
-2.0%
EAGLE BULK SHIPPING
NASDAQ USD
11.61
12.87
-9.8%
EUROSEAS LTD.
FREESEAS INC
GLOBUS MARITIME LIMITED
NASDAQ USD
NASDAQ USD
NASDAQ USD
0.73
0.08
2.30
0.75
0.09
2.35
-2.7%
-11.1%
-2.1%
GOLDENPORT HOLDINGS INC
LONDON GBX
210.54
228.46
-7.8%
HELLENIC CARRIERS LIMITED
LONDON GBX
26.00
27.00
-3.7%
NAVIOS MARITIME ACQUISITIONS
NYSE
USD
3.81
3.83
-0.5%
NAVIOS MARITIME HOLDINGS
NYSE
USD
3.96
4.03
-1.7%
NAVIOS MARITIME PARTNERS LP
NYSE
USD
12.39
12.50
-0.9%
PARAGON SHIPPING INC.
NYSE
USD
1.92
1.91
0.5%
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
3.62
0.77
4.15
5.73
7.77
1.09
3.75
0.82
4.64
5.80
7.73
1.22
-3.5%
-6.1%
-10.6%
-1.2%
0.5%
-10.7%
“HSH eyes $1.7bn cut
HSH Nordbank is seeking to accelerate its disposal of
bad shipping debt, a leading executive says. Wolfgang
Topp, head of HSH’s restructuring unit, told Bloomberg the division shed around EUR 1bn in debt last
year and plans to hike that figure in 2015.
“I expect that we will speedily wrap up -- one, two,
three -- transactions with a gross value of EUR 1.5bn
($1.7bn) this year,” Topp told the newswire.
“The problem last year was that our market forecast,
particularly concerning bulk carriers, differed from
that of market participants.”
HSH struck a landmark deal with Navios in 2013 that
saw it offload 10 vessels to the Greek owner with
fresh funding provided as part of the package.
In 2014 a further 34 vessels were shipped out by the
bank in three separate deals, Bloomberg says.
The bank’s shipping book runs to EUR 21bn, of which
9.2bn is non-performing, the report adds.
In November, the bank said it wanted to dispose of
its non-performing shipping loans by 2019.” (Andy
Pierce, 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
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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27/01/2015
9