Weekly Market Report

Issue: Week 11 | Tuesday 19th March 2013

Brokers insight
by George Lazaridis A very precarious trade that of invesng in ships. A market in constant shi and subject to so many dierent types of risk, most of which are notoriously dicult to quanfy and predict. This is nothing new for owners whom already know all too well that they must remain highly adaptable to change and exible to whatever the new status quo may well be; But are they well equipped for what the future has to oer? We have already seen many old sea dogs going back to their old ways and while operang your vessel cost eciently and compevely is very important, it doesnt mean that you will have also taken a path which ensures your future survival in the industry. In terms of trade, things have almost turned on their head. In the oil trade we have seen several fundamental changes, with most prominent of these being that of the U.S.s gradual shi from net importer to net exporter of crude oil. The change in locaon of oil reneries has also started to make its mark on the product and chemical tanker trade. In the Gas sector natural gas and petroleum gases have started to make a name for themselves as Green Soluons, creang an ever more complex and exible trade matrix. Similarly strong shis are taking place in the dry bulk sector, as although iron ore and coal sll take up a major part in dening dry bulk seaborne trade, we have already started to see signs of a stronger boom in the minor bulk commodies. Commodies such as bauxite, nickel, zinc, n and lead (to name a few) had also been riding on the back of Chinas growth miracle over the past decade and are now showing more potenal for strong growth than ever before. This changing nature of things is not just limited to the demand side but is also taking place in the supply side. The new Chinese President has already proven his willingness to put strong priority in supporng his countrys marime interests. A good example of this has been the newly brought about merger of four marime law-enforcement agencies into the State Oceanic Administraon (SOA) so as to beer facilitate the governments coordinaon on marime maers. This parcular change may well turn out to be of lile consequence to the global marime industry; however it does show a general commitment by the newly appointed leadership to build the country up as a leading marime power. This will also likely take eect within the ship nance sector as well, and although Chinese banks are sll, in many ways, trailing behind their Western counterparts, the ample liquidity at their disposal could be channeled through to support the local marime community and provide local ship owners with a possible compeve edge. In the West, it is sll slim pickings out there in terms of nance. This point is something that has been thoroughly conversed in most forums and conferences lately. Tradional bankers have been subtle in revealing this harsh reality, but almost all will admit to not be willing to increase their exposure to shipping while also leaving hints that some may even exit the industry altogether, as the latest Basel requirements makes any further commitments unbearable. Shipping funds and other private equity sources, have been popping up le, right and center picking-up the slack while also taking advantage of the currently high price of nancing. As such, in the new shape of things where nancing has taken more complex forms and annual return on capital takes center stage, owners will have to also take up the role of nancial engineers as well. All this aforemenoned uncertainty and change makes room for a plethora of opportunies for ship owners to take advantage of. I would like to end as such with a famous quote I recently came across from American Author William Arthur Ward which seems very ng and marime in nature - The pessimist complains about the wind; the opmist expects it to change; the realist adjusts the sails. Chartering (Wet: Stable- / Dry: Firmer+ ) Its been a month of straight gains for the Dry Bulk market. While Cape rates have reversed somewhat their negave course, it is sll the Panamaxes and the smaller size segments that are boosng the market as we head towards the end of the rst quarter of 2013. The BDI closed today (19/03/2013) at 912 points, up by 13 points compared to Mondays levels (18/03/2013) and an increase of 47 points compared to the previous Tuesdays levels (12/02/2013). The VL market managed to stay aoat this past week, with increased demand for Eastbound voyages, while the direcon of bunker prices connues to ally with owners. The BDTI Monday (18/03/2013), was at 662, 4 points down and the BCTI at 709, an increase of 7 points compared to the previous Mondays levels (11/03/2013). Sale & Purchase (Wet: Stable- / Dry: Stable+ ) This past week was fairly quiet aer the shoot up in volume of SnP acvity witnessed a couple of weeks back. Most of the reported deals were seen on the Dry Bulk sector. As freight rates for bulkers have been strengthening the past weeks, it looks like owners might be starng to appreciate the current prices for secondhand tonnage, biding somemes above market levels. On the Tankers side, we had the sale of the TRAVESTERN (17,080dwt-blt 93 Germany), which was picked for a price of $ 6.5m by Canadian buyers. While on the dry bulker side, we had the en-bloc sale of the gearless, ice-class Handies FEDERAL VENTURE (38,130dwt-blt 89 Japan) and FEDERAL PROGRESS (36,790dwtblt 89 Japan) , which went for a price of $ 5.5m each to Greek buyers. Newbuilding (Wet: Stable- / Dry: Stable- ) Interest for newbuilding orders has kept its pace while it was spread across a few sectors. Even though acvity on the tankers side was fairly slow, it seems that interest in the MR sector is geng stronger and stronger. Last week Italian owner DAmico has agreed to increase their exisng orderbook and headed to Hyundai Vinashin for another couple of product tankers. The price of their latest order is substanally below the one placed in the beginning of October in STX, S. Korea, which was reported at $ 33.0m, which is a whopping 12% more than what the Vietnamese yard has now agreed with the Italian owner. It is interesng to note that even in highly busy sectors for the newbuilding market, like that of the MR, yards are sll compeng head to head to ll their slots, proving how much in need of new orders they are and consequently how sector consolidaon is inevitable in the next couple of years. In terms of reported deals this week, German owner Oldendor reportedly placed an order for 2 Newcastlemaxes (208,000dwt) at Hyundai, S. Korea for a price of low $ 50.0m and delivery is between 2014 and 2015. Demolion (Wet: Firmer+ / Dry: Firmer+ ) India is sll the big star amongst demo countries as it connues to aract the vast majority of those vessels sent for scrap. While Bangladesh is sll trying to expedite the process of issuing Leers of Credit and Pakistani breakers have sat quiet at the sidelines for the past couple of weeks, India covered the gap with bids coming out of there becoming more and more lucrave for those owners deciding to beach their vessels. Prices have increased another 15-20$/ldt on top of the 10$/ldt from the week before and have started to create again rumors of whether this price rming is based on fundamentals or whether this is the making of those speculave cash buyers. Whichever it is the eect is clear; strong demo prices equals more demo volumes equals tonnage relief... Prices this week for wet tonnage were at around 395-445$/ldt and dry units received about 375-425$/ldt.

Wet Market
Spot Rates
Week 11 Vessel Routes WS $/day points 35 19 35 70 58 58 78 78 90 113 100 135 148 163 108 105 125 9,173 -13,191 12,621 24,503 11,111 12,268 9,483 12,720 19,561 21,801 18,146 23,055 15,947 24,517 15,743 13,125 18,477 Week 10 WS points 32 19 40 70 58 60 80 85 90 118 93 120 150 160 110 105 120 $/day 3,615 -13,966 23,950 10,239 10,296 19,246 23,727 13,768 16,811 16,201 23,606 16,368 12,720 16,326 $/day 2013 $/day 2012 $/day 21,835 1,604 31,457 22,121 13,373 22,181 14,182 13,700 18,517 12,325 11,258 10,867 9,251 19,062 16,571 14,735 13,028
WS poi nts
TC2 TC4 TC6 TC1

Indicative Period Charters

%
- 04/08 mos - 'Pula' 2006 $ 14,000/day 2006 $ 13,300/day 47,300dwt - Stenaweco 74,000dwt - Penfield Marine

VLCC

265k MEG-JAPAN 280k MEG-USG 260k WAF-USG 130k MED-MED 130k WAF-USAC 130k MEG-CHINA 80k MEG-EAST MED-MED UKC-UKC CARIBS-USG MEG-JAPAN MEG-JAPAN UKC-USAC MED-MED UKC-USG MED-USG CARIBS-USAC 80k 80k 70k 75k

153.7% 1,859 5.5% 2.3% 8.5% -7.9% 1.6% -8.1% 31.8% 37.1% -1.6% 3.9% -3.8% 3.2% 13.2% -2,550 4,850 4,019 1,964 3,613 2,220 2,918 3,378 2,816 2,256 2,805 4,048 5,600 3,348 2,498 3,136

- 12/12 mos - 'Hellespont Protector' * amended details from last week

20,559 -38.6%

Suezmax

TD3

TD5

TD8

TD4

160 140
WS points

DIRTY - WS RATES

13,937 -12.0% 16,522 -23.0%

120 100 80 60 40 20

Clean Dirty

Aframax

55k 37K 30K 55K 55K 50k

TC Rates
$/day VLCC Suezmax Aframax Panamax MR Handy size 300k 1yr TC 300k 3yr TC 150k 1yr TC 150k 3yr TC 110k 1yr TC 110k 3yr TC 75k 1yr TC 75k 3yr TC 52k 1yr TC 52k 3yr TC 36k 1yr TC 36k 3yr TC Week 11 19,200 25,200 16,200 18,200 13,200 15,200 15,200 15,450 14,200 14,950 13,200 13,700 Week 10 19,200 25,200 16,200 18,200 13,200 15,200 14,700 15,200 14,200 14,950 13,200 13,700 % 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 3.4% 1.6% 0.0% 0.0% 0.0% 0.0% Diff 0 0 0 0 0 0 500 250 0 0 0 0 2013 20,364 26,155 16,864 20,473 13,841 15,609 14,568 15,155 14,159 14,768 13,091 13,677 2012 22,375 27,195 17,606 21,152 13,889 16,070 13,245 14,368 13,764 14,589 12,567 13,378

260 240 220 200 180 160 140 120 100 80 60

CLEAN - WS RATES

Indicative Market Values ($ Million) - Tankers

Vessel 5yrs old VLCC Suezmax Aframax LR1 MR 300KT DH 150KT DH 110KT DH 75KT DH 52KT DH Mar-13 Feb-13 56.0 40.0 27.2 25.0 25.0 57.0 40.0 27.5 25.0 25.0 % -1.8% 0.0% -1.2% 0.0% 0.0% 2013 57.0 40.3 27.7 25.3 24.7 2012 62.9 44.9 31.2 26.7 24.6 2011 77.6 54.4 39.1 35.2 28.4

Chartering With Owners heavily resisng any further drop in hire rates and bunker prices soening from their previous levels, VLCCs were able to catch a break this week with eastbound voyages from the MEG nong a signicant improvement on me equivalent basis. Westbound voyages had a more subtle upward shi, while in the WAF things were on a downward trend as the lack of inquiries and signicant supply of tonnage drowned the market and pushed rates further down. Same story for Suezmaxes as well, with marginal imrpovements noted in both the WAF and Black Sea/Med regions while at the same me the lack of acvity is pung signicant pressure for a reversal and another downward slide. The resistance from owners has been signicant up to know, however with acvity lacking and most early April stems covered for now, it looks like charterers may have the upper hand for now in this tug-of-war. Although a fairly negave week for Aframaxes, the slow start was fairly well countered by increased acvity towards the close of the week and as such we may well see things turn around over the next couple of days if acvity connues to pick up. The only region which was able to note a posive week-on-week change was the North Sea/Balc, however this may have be decepve as only ice class vessels were able to see a gain in freight levels.

Sale & Purchase In the Suezmax segment this week, we had the sale of the WILANA (149,706dwt-blt 97 China), which was reported sold at price in excess of $ 12.5m by Greek buyers Avin. In the Product/Chemical sector we had the sale of the TRAVESTERN (17,080dwt-blt 93 Germany), which was picked for a price of $ 6.5m by Canadian buyers.

Intermodal Research

19/03/2013

Dry Market
Baltic Indices
Week 11 15/03/2013 Index $/day
BDI BCI BPI BSI BHSI

Indicative Period Charters

$/day %

Week 10 08/03/2013 Index $/day 843 1,262 1,124 864 483 $4,405 $8,994 $9,038 $7,193

Point Diff 49 37 38 61 23

2013 Index 775 1,390 833 741 449

2012 Index 921 1,571 965 906 518

-5/9 mos - 'Konstantinos D' - dely Shanghai spot - 6/8 mos - 'Transpacific' - dely Phu My 11/16 Mar

2000 - $ 8,900/day 2012 - $ 10,500/day

50,326dwt - Hudson 81,247dwt - Hudson

892 1,299 1,162 925 506 $4,923 $9,296 $9,677 $7,536

11.8% 3.4% 7.1% 4.8%

Baltic Indices
3,000 2,500 2,000
Index
BCI BPI BSI BHSI BDI

Period
$/day Capesize Week 11 170K 6mnt TC 10,825 170K 1yr TC 170K 3yr TC 76K 6mnt TC 76K 1yr TC 76K 3yr TC 55K 6mnt TC 55K 1yr TC 55K 3yr TC 45k 6mnt TC 45k 1yr TC 45k 3yr TC 30K 6mnt TC 30K 1yr TC 30K 3yr TC 11,950 13,700 12,575 10,075 9,950 11,450 9,950 9,950 9,700 8,450 8,950 7,700 7,700 8,700 Week 10 10,825 11,950 13,700 11,575 9,825 9,700 10,950 9,950 9,950 8,950 8,450 8,950 7,450 7,450 8,700 % 0.0% 0.0% 0.0% 8.6% 2.5% 2.6% 4.6% 0.0% 0.0% 8.4% 0.0% 0.0% 3.4% 3.4% 0.0% Diff 0 0 0 1,000 250 250 500 0 0 750 0 0 250 250 0 2013 11,655 12,098 13,700 10,036 8,802 9,200 9,859 9,268 9,814 8,109 7,950 8,814 6,973 7,359 8,700 2012 13,549 13,885 15,282 11,003 9,906 10,888 11,176 10,330 11,195 9,375 8,849 9,575 8,255 8,424 9,450

1,500 1,000 500 0

Handysize Handymax Supramax Panamax

Average T/C Rates

30,000 25,000 20,000
$/day
AV R 4TC BCI AVR 4TC BPI AVR 5TC BSI AVR 6TC BHSI

15,000 10,000 5,000 0

Indicative Market Values ($ Million) - Bulk Carriers

Chartering
Vessel 5 yrs old Capesize Panamax Supramax Handysize 180k 76K 56k 30K Mar-13 Feb-13 34.0 18.5 18.5 17.0 33.8 18.5 18.5 17.0 % 0.7% 0.0% 0.0% 0.0% 2013 33.7 18.6 19.3 17.0 2012 34.6 22.7 23.0 18.2 2011 43.5 31.3 28.1 23.5

With acvity looking very rm mid week in both the Atlanc and Pacic basins, Capes were able to note a signicant improvement compared to the previous week. All this upward momentum seems to be subsiding now as by close of business Friday there seemed to be a slowing pace of charterers interest, something that may well be explained by the slowing demand for iron ore that we have seen over the past couple of days. It looks as though we may see a negave trend in freight rates over the next couple of days as demand slows down further. This was not the case for Panamaxes, which showed to be picking up pace even towards the end of the week as the rm Atlanc basin fuelled the market and provided the much needed support for owners to push for an improvement in freight levels. The Pacic basin was not looking as promising during the week, however there was a small upward trend noced towards Friday for North Pacic round voyages. We should see this posive trend connue over the next couple of days, as posion lists are fairly ght and with an extra bust in demand it should be hard for freight rates to go considerably higher. Similar situaon for Supras and Handies, although here we also witnessed an improvement in the Pacic basin were there was a strong increase in fresh inquiries coming in. Things now look fairly rm and we could possibly see further improvements over the next couple of days despite the Catholic Easter holidays coming up.

Sale & Purchase

In the Panamax sector we had the sale of the PAUL OLDENDORFF (74,247dwt-blt 01 Japan), which reportedly was picked up by Greek buyers for an above market levels price of $11.7m. In the Handysize sector we had the en-bloc sale of the gearless, ice-class FEDERAL VENTURE (38,130dwt-blt 89 Japan) and FEDERAL PROGRESS (36,790dwt-blt 89 Japan) , which went for a price of $ 5.5m each to Greek buyers.

Intermodal Research

19/03/2013

Secondhand Sales
Tankers
Size
VLCC

Name
DHT REGAL

Dwt
309,966

Built
1997

Yard
HITACHI, Japa n

M/E
B&W

SS due
Ma r-17

Hull
DH

Price
$ 23.5m

Buyers
Tha i (Na tha lin)

Comments
3 weeks s ubs

SUEZ

WILANA

149,706

1997 DALIAN NEW, China

Sulzer

Apr-17

DH

xs $ 12.5m

Greek (Avin)

MR

BOLERO

44,999

1996

HALLA, S. Korea

B&W

Jun-16

DH

$ 10.0m

Chi nes e

IMO II/III, pa rtia ll y zi nc coated epoxy, i ce cla s s , SS/DD due

PROD/ CHEM PROD/ CHEM

TRAVESTERN

17,080

1993

MTW, Germany

MAN

Nov-13

DH

$ 6.5m

Ca nadia n

DUTA BANGSA

6,118

1990

SANUKI, Japa n

Ha ns hi n

Feb-15

DH

$ 2.4m

undis cl os ed

epoxy

Bulk Carriers
Size
PMAX

Name
PAUL OLDENDORFF

Dwt
74,247

Built
2001

Yard
SASEBO, Ja pa n

M/E
B&W

SS due
Ja n-16

Gear

Price
$ 11.7m

Buyers
Greek

Comments
bs s ppt del y UKConti nent

SMAX

GOOD DAY

53,000

2011

HINDUSTAN, Indi a MITSUI TAMANO, Ja pa n

Wa rts i l a

4 X 36t CRANES 4 X 30,5t CRANES

$ 16.0m

Tha i (Preci ous Shi ppi ng)

SMAX

SANTANA

50,271

2001

B&W

$ 13.0m

undi s cl os ed

HANDY

FEDERAL VENTURE FEDERAL PROGRESS

38,130

1989

NKK, Ja pa n

Sul zer

Oct-15

gea rl es s

$ 5.5m Greek

del y Ca na da , i cecl a s s del y Ca na da , i cecl a s s

HANDY

36,790

1989

NKK, Ja pa n

Sul zer

Sep-15

gea rl es s

$ 5.5m

HANDY

ELENI G

31,605

1985

KURUSHIMA, Ja pa n

B&W

Aug-15

5 X 25t CRANES

$ 2.8m

Chi nes e

bs s del y Chi na

HANDY

JA ALADDIN DREAM II

28,611

2003

IMABARI, Ja pa n

B&W

Ja n-18

4 X 30,5t $ 12.0-12.5m CRANES 4 X 25t CRANES 3 X 30,5t CRANES

undi s cl os ed

HANDY

FUAT BEY

27,652

1985

MITSUBISHI, Ja pa n

Mi ts ubi s hi

Ma r-15

$ 3.1m

undi s cl os ed

HANDY

SEA BELL

24,997

2000

IWAGI, Ja pa n

B&W

Apr-15

$ 6.0m

Turki s h

HANDY

JIN CHENG ZHOU 118

23,294

2010

TAIZHOU, Chi na

MAN-B&W

Jul -15

undi s cl os ed

Chi nes e

Intermodal Research

19/03/2013

Secondhand Sales
Containers
Size SUB PMAX SUB PMAX Name JANUS Teu 2,452 Built 2001 Yard THYSSEN, Germany THYSSEN, Germany M/E B&W SS due Aug-16 Gear 3 X 45t CRS 3 X 45t CRS Price
rgn $ 10.0m

Buyers

Comments bank controled sale, incl. soft finance

HK based JUPITER 2,452 2001 MAN-B&W Apr-16

rgn $ 10.0m

Gas/LPG/LNG
Type
LPG

Name
CORNWALL

Dwt
16225

Built
1992

Yard
FERRARI, Ita l y

M/E
Sul zer

SS due
Ma y-16

Cbm
16,664

Price
l ow $ 10.0m

Buyers
Fa r Ea s tern

Comments
s emi -ref, a ga i ns t Indones i a n LPG tender

Offshore
Type
Research

Name
GEOBAY

Dwt
2,404

Built

Yard

M/E
Ca terpi l l a r

Bhp
7,886

SS due

Price

Buyers
Mi dl e Eas tern

Comments
s urvey ves s el

1978 UWAJIMA, Japa n

Apr-14 undi s cl os ed

Intermodal Research

19/03/2013

Newbuilding Market
Indicative Newbuilding Prices (million$)
Vessel Capesize Panamax Supramax Handysize VLCC Suezmax Aframax LR1 MR LNG LGC LPG MGC LPG SGC LPG 180k 77k 58k 35k 300k 160k 115k 75k 52k 150K 80k 52k 23k Bulkers Week 11 46.0 25.3 24.3 21.0 90.5 55.5 46.5 40.0 33.0 185 69.5 61.5 40.5 Week 10 46.0 25.3 24.3 21.0 90.5 55.5 46.5 40.0 33.0 185 69.5 61.5 40.5 % 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2013 2012 2011 45 25 24 21 90 55 46 40 33 181 69 61 40 47 27 26 22 96 59 51 43 35 186 72 63 44 53 33 30 25 102 64 54 45 36 187 73 64 46
Interest for newbuilding orders has kept its pace while it was spread across a few sectors. Even though acvity on the tankers side was fairly slow, it seems that interest in the MR sector is geng stronger and stronger. Last week Italian owner DAmico has agreed to increase their exisng orderbook and headed to Hyundai Vinashin for another couple of product tankers. The price of their latest order is substanally below the one placed in the beginning of October in STX, S. Korea, which was reported at $ 33.0m, which is a whopping 12% more than what the Vietnamese yard has now agreed with the Italian owner. It is interesng to note that even in highly busy sectors for the newbuilding market, like that of the MR, yards are sll compeng head to head to ll their slots, proving how much in need of new orders they are and consequently how sector consolidaon is inevitable in the next couple of years. One of the most notable deals last week, was that of German owner Oldendor, who reportedly placed an order for 2 Newcastlemaxes (208,000dwt) at Hyundai, S. Korea for a price of low $ 50.0m and delivery is between 2014 and 2015.

Gas

Tankers

Tankers Newbuilding Prices (m$)

180 140
mi l lion $
VLCC Suezmax Aframax LR1 MR

Bulk Carriers Newbuilding Prices (m$)

110 90
mi l lion $
Capesize Panamax Supramax Handysize

70 50 30 10

100 60 20

Newbuilding Orders
Units 2+2 4 2 2 5 2 4+2 2 2 1 1 2 2+1 1 Type Tanker Bulker Bulker Bulker Container Container Container Gas Gas MPP Offshore Offshore Offshore Offshore
Intermodal Research

Size 50,000 dwt

Yard Hyundai Vinashin, Vietnam

Delivery 01/2014 2015 2014/2015

Buyer Italian (D'Amico) Chinese (Shandong Shipping) German (Oldendorff) Strategic Bulk / MT Maritime Japanese (K-Line) German (NSC Schiffahrt) Chinese (DAL)

Price $ 29.0m $ 57.0m low $ 50.0m undisclosed undisclosed undisclosed $ 26.0m $ 63.5m $ 72.0m $ 17.5m undisclosed $ 14.0m undisclosed

Comments prod/chem

250,000 dwt Beihai Shipyard, China 208,000 dwt 40,000 dwt 14,000 teu 9,200 teu 2,200 teu 83,000 cbm 82,000 cbm 700 teu 5,150 bhp 800 PAX 60 PAX HHI, S. Korea

Tianjin Xingang, China 10-12/2014 Imabari, Japan HHIC-Phil, Phillipines Zhejiang Yangfan, China Jiangnan Changxing, China HHI, S. Korea Jiangshou, China Fujian Southeast, China Batamec, Indonesia HHI, S. Korea Kleven Verft, Norway 04-08/2015 2015 2015

05-06/2015 Norwegian (Frontilne 2012) 2015 2015 2015 08/2014 06-2015 12/2014
19/03/2013

Greek (Dorian Hellas) Hong Kong based Dutch (Vroon BV) Indonesian Norwegian (Edda Accommodation) undisclosed

VLGC

LOA 78m AHTS

accomodation, monohull, LOA 155m expedition support undisclosed vessel, LOA 107m
6

Demolion Market
Indicative Demolition Prices ($/ldt)
Markets Bangladesh India Pakistan China Bangladesh India Pakistan China Wet Week 11 425 445 435 395 405 425 420 375 Week 10 425 430 430 395 405 410 400 375 % 0.0% 3.5% 1.2% 0.0% 0.0% 3.7% 5.0% 0.0% 2013 2012 2011 427 430 426 397 404 412 401 384 440 445 444 384 414 419 416 365 523 511 504 451 498 484 477 432
India is sll the big star amongst demo countries as it connues to aract the vast majority of those vessels sent for scrap. While Bangladesh is sll trying to expedite the process of issuing Leers of Credit and Pakistani breakers have sat quiet at the sidelines for the past couple of weeks, India covered the gap with bids coming out of there becoming more and more lucrave for those owners deciding to beach their vessels. Prices have increased another 15-20$/ldt on top of the 10$/ldt from the week before and have started to create again rumors of whether this price rming is based on fundamentals or whether this is the making of those speculave cash buyers. Whichever it is the eect is clear; strong demo prices equals more demo volumes equals tonnage relief... Prices this week for wet tonnage were at around 395-445$/ ldt and dry units received about 375-425$/ldt. The most notable price paid this week was once more by Indian breakers for the Container HANJIN PORTLAND (62,716 dwt-18,616ldt-blt 93) and the RoRo SAUDI DIRIYAH (42,600 dwt-18,665ldt-blt 83) both of which received a very rm price of $ 465/ldt.

Dry

Wet Demolition Prices

550 500 450
$/l dt
Bangladesh India Pakistan China

Dry Demolition Prices

550 500 450
$/l dt
Bangladesh India Pakistan China

400 350 300 250

400 350 300 250

Demolition Sales
Name NATIONAL BLUE PRINCESS STAR SIGMA HANJIN PORTLAND SAUDI DIRIYAH CSL RIDE SELETAR WADI HALFA SUCCESS NAVAJO PRINCESS SMART JESSICA MING CHUN Size Ldt Built 1993 1986 1991 1993 1983 1996 1981 1985 1983 1987 1982 1985 Yard NKK, Japan HYUNDAI, S. Korea KAWASAKI HEAVY INDS -, Japan HANJIN, S. Korea KOCKUMS, Sweden 3 MAJ, Croatia TSUNEISHI, Japan HYUNDAI, S. Korea IMABARI, Japan IMABARI, Japan USUKI, Japan NAIKAI, Japan Type TANKER GC BULKER CONT RORO CONT BULKER BULKER BULKER GC GC CONT $/ldt
$ 450/Ldt $ 416/Ldt $ 420/Ldt $ 465/Ldt $ 465/Ldt $ 445/Ldt $ 420/Ldt $ 410/Ldt $ 420/Ldt $ 455/Ldt $ 431/Ldt $ 370/Ldt

Breakers undisclosed Indian Bangladeshi Indian Indian Indian Indian Bangladeshi Indian Indian Indian Chinese

Comments option India / Pakistan

258,019 32,832 36,913 9,619

184,403 21,220 62,716 42,600 35,592 32,192 31,948 25,402 21,902 21,124 15,099 18,616 18,665 14,707 7,434 7,865 6,226 7,566 8,187 4,924

incl. 280t bunkers as-is Mumbai, incl. sufficient bunkers to Alang bss dely India, incl. bunkers

incl. 312t bunkers

Intermodal Research

19/03/2013

Commodies & Ship Finance

Market Data
15-Mar-13 10year US Bond 2.000 S&P 500 1,560.70 Nasdaq 3,249.07 Dow Jones 14,514.11 FTSE 100 6,489.65 FTSE All-Share UK 3,422.11 CAC40 3,844.03 Xetra Dax 8,042.85 Nikkei 12,560.95 Hang Seng 22,533.11 DJ US Maritime 265.83 $/ 1.31 $/ 1.51 /$ 95.70 $ / NoK 0.17 Yuan / $ 6.23 Won / $ 1,109.32 $ INDEX 85.30 14-Mar-13 2.030 1,563.23 3,258.93 14,539.14 6,529.41 3,438.73 3,871.58 8,058.37 12,381.19 22,619.18 265.94 1.30 1.50 96.25 0.17 6.23 1,106.37 86.00 13-Mar-13 2.020 1,554.52 3,245.12 14,455.28 6,481.50 3,413.15 3,836.04 7,970.91 12,239.66 22,556.65 264.58 1.30 1.49 95.95 0.17 6.23 1,099.74 86.10 12-Mar-13 2.020 1,552.48 3,242.32 14,450.06 6,510.62 3,427.86 3,839.97 7,966.12 12,314.81 22,890.60 263.13 1.30 1.49 96.10 0.18 6.23 1,096.15 85.90 11-Mar-13 2.060 1,556.22 3,252.87 14,447.29 6,503.63 3,424.63 3,836.27 7,984.29 12,349.05 23,090.82 264.41 1.30 1.49 96.16 0.17 6.23 1,094.46 86.00 W-O-W Change % -2.9% 0.6% 0.1% 0.8% 0.1% 0.2% 0.1% 0.7% 2.3% -2.4% 1.3% 0.0% 1.0% 0.0% -1.2% 0.0% 1.9% -0.9%
130 120 oil 110 100 90 80

Basic Commodities Weekly Summary

Oil WTI $ Oil Brent $ Gold $

1,720 1,680 1,640 1,600 1,560 1,520 gold

Stock Exchange Data

Bunker Prices
15-Mar-13 8-Mar-13 Rotterdam Houston Singapore Rotterdam Houston Singapore 909.0 999.0 916.0 598.0 604.0 636.5 916.0 1,013.0 931.0 608.0 612.5 645.5 MDO W-O-W Change % -0.8% -1.4% -1.6% -1.6% -1.4% -1.4%

Currencies

Maritime Stock Data

Company AEGEAN MARINE PETROL NTWK BALTIC TRADING BOX SHIPS INC CAPITAL PRODUCT PARTNERS LP COSTAMARE INC DANAOS CORPORATION DIANA SHIPPING DRYSHIPS INC EAGLE BULK SHIPPING EUROSEAS LTD. EXCEL MARITIME CARRIERS FREESEAS INC GENCO SHIPPING GLOBUS MARITIME LIMITED GOLDENPORT HOLDINGS INC HELLENIC CARRIERS LIMITED NAVIOS MARITIME ACQUISITIONS NAVIOS MARITIME HOLDINGS NAVIOS MARITIME PARTNERS LP NEWLEAD HOLDINGS LTD PARAGON SHIPPING INC. SAFE BULKERS INC SEANERGY MARITIME HOLDINGS CORP STAR BULK CARRIERS CORP STEALTHGAS INC TSAKOS ENERGY NAVIGATION TOP SHIPS INC Stock Curr. 15-Mar-13 08-Mar-13 Exchange NYSE NYSE USD USD 6.79 3.90 5.30 7.63 16.00 3.31 8.88 1.97 2.86 0.97 0.70 1.56 2.84 1.95 39.00 16.75 3.21 4.29 14.28 0.65 4.24 4.90 1.87 6.10 11.59 3.95 0.92 6.95 3.93 5.92 7.76 16.35 3.58 9.06 1.96 2.40 1.02 0.65 1.75 2.83 1.94 37.78 18.10 3.37 4.25 14.05 0.61 3.64 4.63 1.55 6.05 11.48 4.12 0.76 W-O-W Change % -2.3% -0.8% -10.5% -1.7% -2.1% -7.5% -2.0% 0.5% 19.2% -4.9% 7.7% -10.9% 0.4% 0.5% 3.2% -7.5% -4.7% 0.9% 1.6% 6.6% 16.5% 5.8% 20.6% 0.8% 1.0% -4.1% 21.1%
Stolt hopes to re.

380cst

Finance News

NYSE USD NASDAQ USD NYSE USD NYSE NYSE USD USD

Stolt-Nielsen is ring on only two of three cylinders and is dependant on a recovery in the parcel tanker market to post a respectable prot, its top execuves say. Chairman Christer Olsson and CEO Niels StoltNielsen deliver the sombre view in the companys annual report today. Stolt-Nielsen dismisses the $70m prot for 2012 as meagre. Considering the $3.8bn we have ed up in our business the result is far from where it should be, he wrote. Even thought our terminal and tank container divisions connue to grow and produce nice results, the group as a whole is sll dependent on a recovery in the parcel tanker market before we can expect to deliver a respectable prot. Olsson says the company never believed the last boom in shipping would last forever and it knows the recession will also come to an end. At the moment Stolt-Nielson is like a three-cylinder engine running on only two cylinders and with bad petrol in the tank, he wrote. He says the results for 2012, which saw tank containers and terminals produce 90% of the companys operang income, show the divisions can carry it through tough economic mes. Olsson believes it also displays the fact the company is beer posioned than at any point in its history to benet from an upturn in the economy. Because when the economy improves, not only will Stolt Tankers our third cylinder kick in, but STC and Stolthaven will benet from improved petrol too, he explained. (Trade Winds)

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The informaon contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such informaon to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the producon 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 informaon 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 wrien authorizaon of Intermodal Shipbrokers Co.

Compiled by Intermodal Research & Valuaons Department | research@intermodal.gr Analysts: Mr. George Lazaridis | g.lazaridis@intermodal.gr Ms. Eva Tzima | e.tzima@intermodal.gr