SIW Issue 1239 16 - 09 - 2016

Shipping Intelligence Weekly
Issue No. 1,239
16-Sep-2016
ClarkSea Index
This Week's Analysis (see Back Page)
Heavy Metal Always Close To Shipping's Heart But

Sometimes It Takes Nerves Of Steel
$,000/day
15
Vessel Charter Rates This Week

1 Year VLCC TC Rate $26,500/day
1 Year Capesize TC Rate
$13,125/day
6-12m 2,750 TEU TC Rate $5,900/day
1 Year MR TC Rate
10
$8,750/day
Jul-16
Feb-16
Apr-15
Sep-15
Jun-14
Nov-14
Jan-14
Aug-13
Oct-12
Mar-13
May-12
Jul-11
Dec-11
Feb-11
Sep-10
Sullom Voe
Primorsk
Wilhelmshaven
CONTENTS
Rotterdam
Roberts Bank
Crude Tanker Spot Market

Product Tanker Spot Market
Hampton Roads
New Orleans
LOOP
Houston
p2
p3
Odessa
Novorossiysk
Trieste
Augusta
Agioi Theodoroi
Arzew
Sidi Kerir
Es Sider
Ain Sukhna
Ras Tanura
Bonaire
Lome
p4
Bonny Offshore
Dar es Salaam
& Futures
p5
Gas & Chemical Markets
p6
Liner & Offshore Markets
p7
Secondhand Prices
p8
Sale & Purchase Market
pi
Recent Ship Sales by Vessel Type
pii
Fleet Changes, Bunkers

& Capital Market Activity
piii
Timecharter Fixture Record
piv
The Timecharter Market
p9
The Shipbuilding Market
p10
The Demolition Market
p11
Economic Indicators
p12
World Fleets & Orderbooks

Analysis
Gangavaram
Mumbai
Tripcharter Market, Freight Indices
Ship Demand Trends
Jamnagar
Mundra
St Eustatius
Bolivar
Large Bulk Carrier Market
Lavera
New York
Philadelphia
p13
p14-15
p16
Rio de Janeiro
Tubarao
Richards Bay
Saldanha Bay
Selection of ports covered by the various market sectors in this report
Asset Prices This Week

VLCC N/B
$85.5m
Capesize N/B
$42.0m
2,750 TEU N/B
$28.0m
VLCC 5yo
$62.0m
Capesize 5yo
$24.0m
2,750 TEU 5yo
$11.0m
Roberts Bank
Longkou
Qingdao
Chiba
Oita
Beilun
Mundra
Jamnagar
Pipavav
Gangavaram
Mumbai
New York
Philadelphia
Ulsan
Houston
Ningbo
Hampton Roads
New Orleans
LOOP
St Eustatius
Bolivar
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intelligence for the global shipping industry.
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Bonaire
Singapore
Jakarta
Dampier
Banjarmasin
Hay Point
Rio de Janeiro
Tubarao
Sydney
Selection of ports covered by the various market sectors in this report
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20
$7,873
ISSN: 1358-8028
Crude Tanker Spot Market

Crude Tanker Spot Earnings ($,000's/day)
Crude Tanker Highlights

VLCCs:
120
70
Suezmaxes:
100
90
30
A pick-up in cargoes offered from Nigeria has supported

rates on all featured routes loading in the West Africa
increasing w-o-w. Meanwhile, a tight tonnage list and an
active Black Sea and Mediterranean market supported the
rate on the cross-Med route rising to WS 70. Suezmax
average earnings surged 68% w-o-w to $18,012/day.
20
Aframaxes:
60
50
40
It has been a busy week in the Mediterranean and Black

Sea load regions, which supported the rate on the Sidi
Kerir-Trieste route increasing to WS 95. Elsewhere, the
rate on the Baltic-UKC route rose to WS 70. Aframax
average earnings increased by 24% w-o-w to $15,591/day.
10
Sep Nov Jan Mar May Jul

'14 '14 '15 '15 '15 '15
Oct Dec Feb Apr Jun Aug

'15 '15 '16 '16 '16 '16
VLCC Single
Voyage.....
23
23
23
23
23
23
23
23
23
23
23
280,000t Gulf - Europe

280,000t Gulf - US Gulf~ *
265,000t Gulf - Japan *
265,000t Gulf - S.Korea *
270,000t Gulf - Sing
280,000t Gulf - Red Sea
260,000t WAF - China *
260,000t WAF - US Gulf
260,000t WAF - WC India^
275,000t Caribs-Singapore^
VLCC Ave. Earnings *
WS 2016
Average earnings $ per day
VLCC Earnings
Sep 09
Sep 16
2016
2014
2015
2016
Sep 09
Sep 16
25
24
34
33
33
36.5
37.5
50
2.25
2.60
25
24
34
34
34
37.5
42.5
50
2.50
3.00
36
34
56
54
59
63
60
67
3.64
4.81
21,719
29,977
27,462
26,167
28,008
38,648
27,028
39,442
32,389
52,937
30,015
57,649
68,365
65,865
61,646
67,366
76,407
63,508
76,160
72,151
105,085
64,846
38,599
44,483
40,514
37,787
42,538
48,064
41,260
53,801
50,757
73,354
41,011
17,495
21,440
13,392
12,683
12,372
17,364
15,172
32,570
21,483
28,610
15,672
18,398
22,322
14,249
14,508
14,212
19,195
20,856
32,918
26,964
36,513
17,984
This Week ....

FIRM....
FIRM....
FIRM....
FIRMER
FIRMER
FIRMER
FIRMER
STEADY
FIRMER
FIRMER
FIRMER
5%
4%
6%
14%
15%
11%
37%
1%
26%
28%
15%
^ Lump sum in million dollars. ~VLCC earnings on the Gulf-US Gulf route are basis ballast to Bonaire from start 2011 onwards.
Suezmax Single
Voyage.....
24
24
24
24
24
24
130,000t WAF - USAC

130,000t WAF - Med*
130,000t Med - Med *
140,000t Black Sea - Med*
130,000t Gulf - WC India*
Suezmax Ave. Earnings *
WS 2016
Voyage.....
100,000t Baltic - UKC *
80,000t
Black Sea - Med *
80,000t
Sidi Kerir - Trieste *
80,000t
Mellitah - Fos^
80,000t
Med - USAC
80,000t
UKC - UKC *
80,000t
UKC - USAC
80,000t
Gulf - East *
80,000t
Indo - Japan *
70,000t
Caribs - US Gulf *
Aframax Ave. Earnings *
Suezmax Earnings
Sep 09
Sep 16
2016
2014
2015
2016
Sep 09
Sep 16
47.5
47.5
55
52.5
62.5
62.5
65
70
67.5
60
68
71
77
79
78
24,785
25,583
30,796
31,000
21,612
27,791
40,265
42,840
50,292
53,515
40,205
46,713
22,625
24,142
28,469
31,406
22,207
26,556
9,959
9,301
12,854
9,058
11,617
10,708
17,799
18,932
22,271
20,008
10,836
18,012
Aframax Single
25
25
25
25
25
25
25
25
25
25
25
WS 2016
This Week ....

FIRMER
FIRMER
FIRMER
FIRMER
SOFTER
FIRMER
79%
104%
73%
121%
-7%
68%
Aframax Earnings
Sep 09
Sep 16
2016
2014
2015
2016
Sep 09
Sep 16
67.5
72.5
72.5
75
65
92.5
85
62.5
62.5
105
70
95
95
97.5
65
97.5
85
62.5
62.5
90
79
96
94
98
86
104
92
103
105
103
28,519
24,679
24,427
21,200
22,059
23,216
22,581
23,075
23,060
25,960
24,705
44,990
37,003
36,530
34,415
32,430
39,729
32,121
34,158
36,904
36,522
37,977
26,206
21,715
21,410
14,932
21,851
24,350
22,968
22,124
24,198
20,132
22,876
17,068
10,450
11,505
3,954
11,896
14,623
17,744
7,559
8,118
18,838
12,594
19,157
19,522
19,966
13,164
12,171
19,546
18,100
8,004
8,561
14,381
15,591
This Week ....

FIRMER
FIRMER
FIRMER
FIRMER
STEADY
FIRMER
STEADY
FIRM....
FIRM....
WEAKER
FIRMER
12%
87%
74%
233%
2%
34%
2%
6%
5%
-24%
24%
"Voyage Earnings" are estimated from spot freight rates (see footnote on page 4); */ # Indicates constituent routes of "Average Earnings".
^Earnings and rate based on Es Sider - Fos before 20th February 2015.
Clarksons Research
Page 2
16-Sep-16
80
With holidays in the Far East and MEG, the market exMEG has been relatively quiet. By contrast, the market in
the Atlantic has been relatively positive, with a number of
cargoes being offered early in the week and a pick-up in
the Suezmax market in the region supporting the rate on
the WAF-China route rising to WS 42.5.
110
VLCC
Suezmax
Aframax
Product Tanker Spot Market

Product Tanker Spot Earnings ($,000's/day)
Product Tanker Highlights
MR Clean Tanker Earnings

Handy Clean Earnings
Dirty Panamax Earnings
45
40
35
30
25
20
15
Dirty Products:
In spite of limited activity in the UKC and Mediterranean,
rates on both featured routes out of the region increased
w-o-w. Meanwhile, activity remained subdued in the
Caribbean market and the rate on the Caribs-US Gulf
route remained unchanged w-o-w at WS 85. Dirty
average earnings rose by 10% w-o-w to stand at
$9,893/day.
10
5

'14 '14 '15 '15 '15 '15
Oct Dec Feb Apr

'15 '15 '16 '16
Clean Product
Single Voyage...
26
27
28
28
28
28
28
28
28
28
28
29
29
75,000t Gulf - Japan

55,000t Gulf - Japan
37,000t UKC - USAC *
37/38kt UKC-USAC-USG-UKC
37,000t UKC- W. Africa *
38,000t USG - ECSA *
30,000t Singapore-E Aus *
40,000t Korea-Singapore^
35,000t WC India - Japan *
35,000t Gulf - E.Africa
40,000t Gulf - UKC * ^
30,000t Med - Med #
30,000t Black Sea - Med #
Clean 'MR' Ave. Earnings *
Clean 'Hdy' Ave. Earnings #
^ Lump Sum in $million.
WS 2016
31
31
31
33
55,000t Med - US Gulf *

55,000t UKC - US Gulf *
50,000t Caribs - US Gulf *
30,000t Black Sea - Med
Dirty Ave. Earnings *
Sep 16
2016
2014
2015
2016
Sep 09
Sep 16
75
87.5
70
98
106
106
75/55
70/70
106/82
92.5
95
172.5
0.33
92.5
115
0.975
100
110
120
107.5
172.5
0.335
92.5
105
0.925
100
110
137
134
176
0.35
110
142
1.06
136
145
18,302
15,232
10,330
17,913
15,358
14,111
13,474
23,098
10,737
16,733
11,093
13,079
11,867
12,517
12,473
30,497
24,847
19,276
26,876
25,178
24,416
21,477
29,291
19,604
22,191
18,714
24,462
19,726
21,444
22,094
19,338
15,115
11,441
16,151
14,998
15,948
15,021
19,837
11,663
13,596
10,594
8,758
10,338
13,277
9,548
15,737
10,408
4,248
6,478
6,059
8,183
13,071
16,784
7,079
8,419
7,218
950
4,067
7,643
2,508
10,512
9,238
3,714
8,620
10,636
10,344
13,400
17,485
7,414
7,391
6,475
1,114
4,227
8,664
2,670
Gulf-West
Gulf-East/Japan
Gulf-Red Sea
Others
Total Number of Fixtures
Vessels due to arrive in Gulf ~
VLCCs Spot in Gulf ~ No.
000 Dwt
This Week ....

WEAKER!!
WEAKER
WEAKER
FIRMER
FIRMER
FIRMER
STEADY
FIRM....
FIRM....
WEAKER
WEAKER
FIRMER
FIRM....
FIRMER
FIRM....
-33%
-11%
-13%
33%
76%
26%
3%
4%
5%
-12%
-10%
17%
4%
13%
6%
Earnings for a triangular voyage of UKC-USAC at WS 70, followed by USG-UKC at WS 70. See Sources & Methods.
WS 2016
Dirty Earnings
Sep 09
Sep 16
2016
2014
2015
2016
Sep 09
Sep 16
82.5
85
85
107.5
87.5
87.5
85
100
104
104
111
140
17,418
19,586
19,568
17,630
18,858
25,938
26,852
26,854
20,300
26,548
15,876
16,799
16,039
11,788
16,238
8,909
10,055
8,025
5,118
8,996
10,452
11,031
8,196
3,869
9,893
Average No.
2015
This Week ....

FIRMER
FIRMER
STEADY
WEAKER
FIRMER
17%
10%
2%
-24%
10%
VLCC Spot Market
Monthly Fixture Record
2014
Fixtures:
Clean Earnings
95
95
75
VLCC Spot
Market Activity...
Sep 09
Dirty Product
Single Voyage...
Jun Aug
'16 '16
Number
Last
This Week ...
Apr '16
May '16
Jun '16
Jul '16
Aug '16
4 Wks
29
102
0
72
203
17
87
4
58
166
29
81
2
58
170
15
59
1
48
123
DOWN BY.....
DOWN BY.....
DOWN BY.....
DOWN BY.....
DOWN BY.....
-48%
-27%
-50%
-17%
-28%
100
8
2,450
119
8
2,429
66
7
2,093
122
6
1,825
UP BY....
DOWN BY.
DOWN BY.
85%
-14%
-13%
19
97
1
52
169
19
90
5
58
173
9
71
2
56
138
20
87
4
49
160
92
6
1,865
95
4
1,059
83
2
596
99
6
1,821
~ As at the beginning of the month for historical data; for the next 4 weeks (vessels due) or this week (vessels spot) for current week's data.
Clarksons Research
Page 3
16-Sep-16
Clean Products:
An increase in available tonnage and limited activity in
the MEG combined to depress LR rates on the
benchmark route to Japan. Meanwhile, the MR market in
the region has also softened, with the lumpsum rate on
the Gulf-UKC route declining w-o-w to $0.925m.
Elsewhere, the MR market in the US Gulf has firmed this
week, with the rate on the USG-ECSA route rising to WS
107.5. Meanwhile, the rate on the backhaul leg of the
transatlantic triangle rose to WS 70. However, the rate on
the westbound leg fell w-o-w to WS 70. Clean MR
average earnings increased 13% w-o-w to stand at
$8,664/day.
50
Large Bulk Carrier Market

Bulkcarrier Spot Earnings ($,000's/Day)
35
Capesize Average Spot
Panamax Average Spot
30
Supramax Tripcharter
Panamax:
Activity was slow in the Pacific basin this week, largely
due to holidays in Singapore, China and South Korea.
Meanwhile, it was a subdued start to the week in the
Atlantic basin, with limited enquiry for shipments out of
ECSA. Nevertheless, average Panamax spot earnings
rose 4% w-o-w to $6,482/day.
20
15
10

'14 '14 '15 '15 '15 '15
Oct Dec Feb Apr Jun Aug

'15 '15 '16 '16 '16 '16
Capesize Single
Voyage
34
34
34
34
34
34
34
34
34
34
34
176,000t ore Tubarao/Rotterdam*

173,000t ore Tubarao/El Dekheila
176,000t ore Tub/Qingdao*
166,500t coal Bolivar/Rotterdam*
175,000t ore Dampier/Qingdao*
176,000t ore Saldanha/Qingdao
176,000t ore Dampier/Japan 18m*
168,000t coal Hay Pt./China
168,500t coal R.Bay/Rotterdam
168,500t coal R.Bay/EC India
Capesize Average Earnings *
Panamax Single
Voyage
36
36
36
36
36
36
36
36
36
36
36
36
36
Capesize:
It was a slow start to the week in the Capesize market,
with limited enquiry in both basins. However, activity
picked up towards the end of the week, with the major iron
ore miners in Western Australia and Brazil providing a
healthy flow of fresh cargoes. Overall, average Capesize
earnings rose 7% w-o-w to $13,132/day.
67,000t coal USGulf/ARA*

67,000t coal Bolivar/ARA
65,000t coal Murmansk/ARA*
55,000t grain USGulf/N. China*^
72,000t coal Rob. Bank/N. China*
72,000t coal Dalrymp. B./N. China*
70,000t coal Indonesia/S. China*^
72,000t coal Indonesia/WC India*
72,000t coal Indonesia/EC India
60,000t grain Nopac/N. China*^
66,500t coal Richards B./Rott
72,000t coal Richards B./WC India*
Panamax Average Earnings *
Supramax Single
Voyage...
37 50,000t grain USGulf/Jap.(HSS)
37 50,000t coal Richards B./WC India
37 Supramax Average Earnings
$ Per Ton
Sep 09 Sep 16
5.70
6.05
11.70
6.10
5.85
8.85
5.70
6.25
5.60
8.00
5.95
6.15
12.10
6.15
5.85
9.20
5.70
6.25
5.75
8.00
Average Earnings $ Per Day
8.30
5.90
5.10
29.75
10.50
7.90
3.30
6.00
5.25
16.00
7.00
7.75
8.30
5.90
5.15
29.75
10.50
7.90
3.30
6.00
5.25
16.00
7.00
7.75
2014
2015
2016
Sep 09
Sep 16
4.01
4.32
7.91
4.62
3.93
5.93
3.85
4.52
3.48
5.65
11,321
13,477
27,342
13,601
12,511
18,862
16,800
15,690
499
12,922
16,315
6,170
9,251
14,080
8,431
6,306
10,124
10,315
7,689
79
7,906
9,060
2,858
5,331
8,899
5,231
4,684
6,943
7,878
4,855
-1,118
5,367
5,910
7,587
9,781
16,238
8,827
12,323
12,969
16,228
10,085
2,443
11,908
12,241
9,083
10,650
17,691
9,464
12,731
14,424
16,692
10,496
3,328
12,324
13,132

2014
2015
2016
Sep 09
Sep 16
8.34
6.13
5.06
25.95
8.36
7.04
3.40
5.29
4.56
13.79
6.28
6.95
7,192
6,456
4,361
14,600
11,764
10,569
6,035
11,119
12,558
9,384
2,596
9,129
7,801
5,892
6,531
7,079
9,701
8,746
7,456
3,102
9,113
9,649
6,597
1,730
7,160
7,205
4,872
3,046
4,791
7,913
7,445
6,814
3,435
6,488
6,584
5,845
2,204
5,243
5,872
3,510
1,177
3,161
9,450
10,046
7,516
2,475
7,365
7,687
7,187
1,845
5,390
6,233
3,774
1,387
3,567
9,665
10,315
7,773
2,645
7,577
7,877
7,372
2,109
5,653
6,482
30.50
8.30
29.50
8.40
This Week ...

FIRMER
FIRMER
FIRMER
FIRM.......
FIRM.......
FIRMER
STEADY
FIRM.......
FIRMER
FIRM.......
FIRM.......
20%
9%
9%
7%
3%
11%
3%
4%
36%
3%
7%
Panamax Market
2016
$ Per Ton
Sep 09 Sep 16
Capesize Market
2016
$ Per Ton
Sep 09 Sep 16
Handy:
Sentiment was negative in the Pacific basin this week.
Limited fresh cargoes in the north Pacific contributed to a
4% w-o-w drop in the Supramax Transpacific RV
tripcharter rate. Meanwhile, a build-up of tonnage in the
US Gulf put pressure on Supramax rates in the region.
This Week ...

FIRM.......
FIRMER
FIRMER
STEADY
STEADY
FIRM.......
FIRM.......
STEADY
STEADY
STEADY
FIRMER
FIRM.......
FIRM.......
8%
18%
13%
2%
3%
3%
7%
3%
2%
3%
14%
5%
4%
Supramax Market
This Week ...
2016
2014
2015
2016
Sep 09
Sep 16
25.80
7.33
18,950
6,317
10,819
12,586
4,389
7,366
10,690
2,782
5,608
12,763
2,779
6,353
12,162 SOFTER
3,139 FIRMER
6,388 STEADY
-5%
13%
1%
"Voyage Earnings" are calculated from spot freight rates for standard routes/ships. These assumptions are detailed in the "Sources & Methods" document on the Shipping Intelligence
Network (www.clarksons.net). Standard ships are indicated by the figures on the left e.g. modern Capesize = standard ship no. 34. A wider selection of spot freight rate and earnings
series, including for Kamsarmax vessels, is available on Shipping Intelligence Network. ^2014 averages comprised of July-December data.
Clarksons Research
Page 4
16-Sep-16
25
Bulkcarrier Highlights
Tripcharter Market, Freight Indices & Futures

Capesize
Tripcharter*
Cont/Far East
Transpacific R/V
Far East/Cont
Transatlantic R/V
Average Capesize Earnings
2014
2015
2016
Aug 19
Aug 26
Sep 02
Sep 09
Sep 16
29,591
12,723
159
12,257
13,683
16,257
7,353
-236
8,113
7,872
11,713
5,356
-447
5,239
5,465
12,000
6,350
400
4,100
5,713
12,500
7,500
500
4,750
6,313
13,000
8,000
750
4,500
6,563
16,500
11,900
3,900
9,150
10,363
17,000
12,150
4,900
9,950
11,000
Panamax
Tripcharter...
2014
2015
2016
Aug 19
Aug 26
Sep 02
Sep 09
Sep 16
15,336
7,988
974
6,837
7,783
10,263
5,063
559
5,925
5,452
8,211
4,426
532
4,613
4,445
10,250
5,250
900
5,650
5,513
10,000
5,400
900
5,500
5,450
10,000
5,150
900
4,900
5,238
9,500
5,500
900
4,600
5,125
10,000
5,500
900
4,750
5,288
Supramax
Tripcharter...
^ Does not include Indonesia-China.
This Week ....

FIRM.......
STEADY
STEADY
FIRM.......
FIRM.......
5%
0%
0%
3%
3%
Supramax Market
Average Rate $ Per Day
Cont/Far East
Transpacific R/V
Far East/Cont
Transatlantic R/V
Indonesia - China~
Average Supramax Earnings^
3%
2%
26%
9%
6%
Panamax Market
Cont/Far East
Transpacific R/V
Far East/Cont
Transatlantic R/V
Average Panamax Earnings
This Week ....

FIRM.......
STEADY
FIRMER
FIRMER
FIRM.......
2014
2015
2016
Aug 19
Aug 26
Sep 02
Sep 09
Sep 16
14,918
8,894
6,322
6,351
5,966
9,121
9,986
5,910
4,615
5,803
4,399
6,578
8,697
4,889
2,899
4,338
3,908
5,206
10,250
6,500
4,250
4,500
6,000
6,375
10,250
7,000
4,400
5,000
6,500
6,663
10,000
7,000
4,400
5,000
6,500
6,600
10,000
6,750
4,000
5,000
6,250
6,438
10,500
6,500
4,250
4,500
6,000
6,438
This Week ....

FIRM.......
SOFTER
FIRM.......
WEAKER
SOFTER
STEADY
5%
-4%
6%
-10%
-4%
0%
~ Based on delivery South China, redelivery South China.
Handysize
Handysize Market
Tripcharter...
Cont/ECSA
Cont/USEC-USG
ECSA/Cont
USEC-USG/Cont
SEAsia/Australia R/V
Transpacific R/V
Average Handysize Earnings
2014
2015
2016
Aug 19
Aug 26
Sep 02
Sep 09
Sep 16
5,656
5,319
10,100
10,683
6,920
7,294
7,662
3,779
4,063
8,572
7,236
4,331
4,933
5,485
3,836
4,022
5,914
5,943
3,914
4,249
4,646
6,000
6,000
6,000
6,500
5,000
5,750
5,875
6,500
6,400
6,000
6,500
5,500
6,000
6,150
6,250
6,100
5,750
6,300
5,250
5,750
5,900
6,000
5,750
5,500
6,000
5,250
5,750
5,708
6,000
5,700
5,500
6,000
5,500
6,000
5,783
This Week ....

STEADY
STEADY
STEADY
STEADY
FIRM.......
FIRM.......
STEADY
0%
-1%
0%
0%
5%
4%
1%
Note: Vessels based on Baltic standards where appropriate. *Capesize rates based on a 180,000 dwt vessel from start 2015, and a 172,000 dwt vessel previously. Trip rates
for a wider selection of standard vessels, including a 58,000 dwt Supramax and 34,000 dwt Handysize are available on Shipping Intelligence Network at www.clarksons.net.
Baltic Freight Indices

Date
06-Sep
07-Sep
08-Sep
09-Sep
12-Sep
13-Sep
14-Sep
15-Sep
Max Value
Min Value
Avg Value
Baltic Supramax Index Trends
BPI
641
648
655
658
659
656
649
645
659
641
651
BSI
714
702
694
688
681
671
665
661
714
661
685
BHSI
425
422
420
419
417
415
415
415
425
415
419
BDI
745
773
792
804
804
796
756
764
804
745
779
Index
5.66
5.43
9,829
5,441
9,618
5,173
6,917
Oct-16
6.15
5.50
11,900
6,250
10,125
6,450
6,850
Q4 16
6.15
5.40
11,775
6,250
9,425
6,575
6,850
Cal 17
5.75
4.60
BCI
1182
1371
1478
1566
1581
1607
1444
1487
1607
1182
1465
1,750
2014
1,500
2015
2016
1,250
1,000
750
FFA Indications*
$/day
15-Sep
BCI 7 Bolivar-Rott.
BCI 4 R.Bay-Rott.
BPI 2A USG/F.East
BPI 3A T/P R/V
Cape TC Avg.
P'max TC Avg.
S'max TC Avg.
500
250
7,475
5,750
5,900
Week No.
0
1 3 6 8 11 13 16 18 21 23 26 28 31 33 36 38 40 43 45 48 50
*FFA Indications basis closing mid-price
Clarksons Research
Page 5
16-Sep-16
Capesize Market
Gas & Chemical Markets

Gas Carrier
Markets.
Average
2016
Gas Market
16 Sep
LPG Charter Rates, $'000/month
Trends
2014
2015
Jul
Aug
91.21
90.14
24.40
20.63
19.00 SOFTER...
-8%
77,070 88,508
14,367 9,600
8,745 WEAKER..
-9% 3,500
3,500m Pressure (West)
51,810
45,839
31,452
27,737
33,361
28,205
17,011
7,179
7,533
19,398
20,121
20,581
19,628
19,924
21,042
16,110
5,425
5,589
15,781
16,110
18,905
17,261
17,589
19,726
15,617
5,425
5,589
LNG Spot Rate, $/day^

160,000m (TFDE)
145,000m (ST)
71,942 36,038
49,317 26,000
4,500
LPG Voyage Rates, $/mt
3,500m Pressure (East)
63,096
62,040
36,418
28,335
31,559
26,609
16,872
5,798
6,108
17,096
18,370
19,603
18,411
18,699
20,631
16,028
5,425
5,589
33,400 40,000
17,400 26,250
84,000m3 TCE,
Gulf - Japan
4,000
3,000
SOFTER... -8%
WEAKER.. -12% 2,500
SOFTER... -4%
2,000
SOFTER... -6%
SOFTER... -6% 1,500
SOFTER... -4%
1,000
STEADY... -3%
STEADY... 0%
500
STEADY... 0%
0
37,000 SOFTER...
27,000 STEADY...
1 Yr t/c (84,000m3)
Sep-14
Oct-14
Dec-14
Jan-15
Mar-15
Apr-15
May-15
Jul-15
Aug-15
Oct-15
Nov-15
Dec-15
Feb-16
Mar-16
Apr-16
Jun-16
Jul-16
Sep-16
46.2K mt Gulf/Jap
LPG TCE, $/day
84,000m modern~
LPG 12 mths T/C, $/day
84,000m modern~
59,000m modern
35,000m
22,500m modern
20,500m Semi-Ref
17,000m Ethylene
8,250m Ethylene
-8%
3%
~Based on 82K cbm ship until end 2015. ^Single voyage loading in the next 3 months.
With earnings at current levels, it

seems that freight negotiations are
increasingly focussed on what might be
considered small change. Indeed, what
may just be a few $s/mt or $s/day is now
potentially a big gap to bridge when
trying to fix business these days. Spot
rates and earnings are at the lowest
levels since 2010, yet every cent seems
to count in the current market, on both
the owners and the charterers side.
Markets.
Voyage Rates ($/mt)
10,000 Gulf/WC India
15,000 Gulf/Ulsan
15,000 Gulf/Med
15,000 Gulf/Rott.
5,000 Rott/Houston
10,000 Rott/Houston
5,000 Rott/Ulsan
5,000 Singapore/Rott
1,000~ Sing./Houston
10,000 Ulsan/Houston
5,000 Houston/Rott
5,000 Houston/Ulsan
12 mths TC, $/day
13,000 dwt IMO II
19,999 dwt S/S
Average
2016
Chem Market
2014
2015
Jul
Aug
16 Sep
32.79
50.73
60.62
66.48
44.01
39.28
100.14
93.04
164.17
59.10
47.98
65.15
31.98
45.60
58.88
60.88
44.70
40.23
84.93
91.40
161.90
56.19
58.25
63.08
23.00
39.00
48.00
52.00
35.50
33.30
81.30
72.60
137.00
36.00
58.20
67.80
22.00
38.00
47.00
51.00
33.88
30.88
78.50
71.00
137.00
37.00
54.00
55.25
21.50
37.50
46.50
50.50
29.00
26.00
77.00
73.00
139.00
37.00
54.00
52.00
Trends
STEADY... -2%
STEADY... -1%
STEADY... -1%
STEADY... -1%
WEAKER.. -14%
WEAKER.. -16%
STEADY... -2%
STEADY... 3%
STEADY... 1%
STEADY... 0%
STEADY... 0%
SOFTER... -6%
probably some way off from being at the

point of actually taking such an action.
Thankfully, one owner has taken the
initiative and set an example by selling a
vessel for recycling; the first VLGC to be
sold for demolition since 2011. One can
only hope that other owners will follow
suit rather than persist in trying to find
further trading opportunities which only
serve to further depress the market.
Chemical Freight Rates, $/mt

100
Rott/Far E.
Houston/Far E.
90
80
70
60
50
basis 5,000mt
Easychems
40
9,167 10,146
14,042 15,200
11,250 10,000
15,750 15,350
9,750 STEADY...
15,000 STEADY...
-3%
-2%
Sep-14
Oct-14
Dec-14
Jan-15
Mar-15
Apr-15
May-15
Jul-15
Aug-15
Oct-15
Nov-15
Dec-15
Feb-16
Mar-16
Apr-16
Jun-16
Jul-16
Sep-16
Chemicals
As things stand, it is expected that

vessel utilisation levels could deteriorate
further into next year. So there does not
appear to be much support for anything
other than a temporary improvement in
rates without some radical strategies
being
implemented.
Recent
data
indicates that many vessels in the VLGC
fleet are still not slow steaming which is
difficult to understand. Although there is
widespread talk of lay-up, owners are
Easychems except for: ~ Stainless Steel.
It has once again been a quiet

week in the specialised products market. Reflecting this, spot rates on all featured routes remained flat w-o-w.
On the Houston to Far East route,

rates for 5,000mt parcels stood at
$52/mt, below the year to date average
of $72/mt. Overall, the year to date average is up 16% y-o-y. Rates for
10,000mt parcels on the same route
stood at $50/mt this week. Meanwhile,
Clarksons Research
rates for 5,000mt parcels on the Rotterdam to Far East route stood at $77/mt.
The rate on the route has averaged
$82/mt in the year to date, 4% below the
average rate during the same period of
2015. Elsewhere, rates for 5,000mt parcels on the Singapore to Rotterdam
route remained steady w-o-w at $73/mt.
A persistent oversupply of space

has pushed down edible oil rates. The
spot rate for a 35,000 tonne veg oil carPage 6
go on the Argentina to India route declined $1/mt w-o-w to $36.50/mt.
16-Sep-16
5,000
Liner & Offshore Markets

Liner Market Rates ($,000's/day)
Liner Market News
20
grdFCC,
FCC, 6-12
mthmth
TC TC
1,7001,700
teuteu
grd
6-12
glsFCC,
FCC, 6-12
mthmth
TC TC
2,7502,750
teuteu
gls
6-12
glsFCC,
FCC, 6-12
mthmth
TC TC
4,4004,400
teuteu
gls
6-12
15
Container / MPP /
Sep-16
Jun-16
Mar-16
Dec-15
Sep-15
Jun-15
Mar-15
Dec-14
Sep-14
Jun-14
Mar-14
Dec-13
Sep-13
Jun-13
Mar-13
Dec-12
Sep-12
Average
Short Sea Markets

Containerships ($/Day, 6-12mth TC)
Feeder, 1,000 teu grd.
Feeder, 1,700 teu grd.
Feeder, 2,000 teu g'less
Feeder, 2,750 teu g'less
Narrow Beam, 4,400 teu g'less
Intermediate, 6,800 teu g'less (3yr TC)
MPP Tonnage ($/Day)^
17,000 dwt, grd. 1 yr. t/c (liner)
12,000 dwt, grd. 1 yr. t/c (liner)
European Short Sea 3,000dwt ($/t)
ECUK/ARAG - N.Spain
French Bay - ECUK
Lower Baltic - ARAG
UK/ARAG - W.Med
3,500dwt g'less. 1 yr. t/c (/day)~
Liner Markets
2016
2012
2013
2014
2015
Jun
Jul
Aug
Sep
Trends*
5,358
6,292
6,408
6,742
9,942
29,857
6,321
7,096
6,483
6,829
8,696
27,542
6,396
7,313
6,933
7,425
8,771
24,667
7,250
8,842
8,483
9,563
11,817
22,750
6,800
7,000
6,200
6,000
5,150
13,000
6,700
6,900
6,150
6,000
5,100
13,000
6,700
6,700
6,100
5,900
4,700
13,000
6,700
6,700
6,100
5,900
4,700
13,000
STEADY...
SOFTER...
STEADY...
STEADY...
SOFTER...
STEADY...
-1%
-4%
-2%
-1%
-7%
0%
8,988
9,780
8,870
9,763
8,508
8,463
7,379
7,500
6,500
7,500
6,500
7,500
6,500
7,500
6,500
SOFTER...
SOFTER...
-4%
-5%
22.73
16.73
20.42
33.22
22.85
17.96
20.98
33.22
25.02
18.64
21.64
35.56
2,594
22.24
15.51
17.62
29.77
2,704
16.13
12.75
16.38
22.19
2,800
15.60
12.65
15.55
22.05
2,750
15.00
12.63
15.19
20.94
2,650
14.25
12.25
14.75
20.00
2,650
SOFTER...
STEADY...
STEADY...
SOFTER...
STEADY...
-5%
-3%
-3%
-4%
0%
*3-month trend for Container/MPP; current month shows latest end month data. Change since previous month for Short Sea; see www.hcshipping.co.uk for market report.
~2014 avg basis May-Dec data. ^2012 data based on previous historical vessel specification (see Container Intelligence Monthly), 2013 average basis Aug-Dec data.
Latest
Trends*
17,082
16,000
5,220
6,000
FIRMER... 33%
STEADY... 0%
WEAKER.. -13%
STEADY... 0%
4,400 STEADY... -2%

10,000 WEAKER.. -15%
23,000 STEADY... 0%
60-100 SOFTER... -6%
100-180 WEAKER.. -17%
Clarksons Research
35
20
30
25
15
20
10
15
5
10
This Month
Aug-16
Obk
% Fleet
2,917
2,336
1,022
6,703
12,979
2,977
2,463
1,010
6,903
13,353
3,002
2,520
993
7,005
13,520
185
221
171
408
985
6%
9%
17%
6%
7%
Page 7
0
Aug-16
2015
May-16
2014
Feb-16
Anchor Handling Tug/Supply

PSV/Supply
Mobile Drilling Units
Other Types
All Offshore Vessels
45
40
W.Africa Term, PSV, >900m2, $000/day (RHS)
25
Nov-15
Trends
$000/day
Aug-15
Offshore Fleet
000/day
N.Sea Term, PSV, >900m2, 000/day (LHS)
*3-month trend. ** Annual drilling rig dayrates on end year basis.
No. End
30
May-15
2015
Feb-15
2014
North Sea OSV Market /Day

38,400 16,895
AHTS Spot, 20k+ BHP
35,000 18,000
AHTS Term, 20k+ BHP
12,229
4,871
PSV Spot, >900m2
17,250
7,592
PSV Term, >900m2
Regional OSV Market $/Day
5,908
SE Asia, AHTS Term, 5k BHP 8,500
30,917 16,196
W.Africa PSV Term, >900m2
36,208 29,153
Brazil, PSV Term, >900m2
Drilling Rig Market, $000/Day**
Jack-Up, SE Asia, High-Spec 125-150 80-100
350-410 200-275
Floater, GoM, Ultra Deep
Offshore Vessel Charter Rates
Offshore Market
Nov-14
Market
Average
Aug-14
Offshore
Offshore fleet includes all mobile units; for more detailed coverage of the full
range of offshore sectors see Offshore Intelligence Monthly. See also Offshore
Drilling Rig Monthly and Offshore Support Vessel Monthly.
16-Sep-16
10
The fate of Hanjin Shipping remains uncertain, and

disruptions to cargo operations continue. Many of the
companys c. 100 operated ships appear to be idle, whilst
there have also reportedly been several vessel arrests. A
number of containership operators have continued to reorganise services and slot arrangements this week,
including on the Transpacific and intra-Asian routes. Since
the collapse of Hanjin Shipping in late August, spot
container freight rates on the Far East-Europe and
Transpacific trades have increased by around 40-50%,
according to the Shanghai Containerized Freight Index
(SCFI). However, spot rates on these routes have remained
relatively steady over the last two weeks. As of the 14th
September, the SCFI spot freight rate on the ShanghaiEurope route stood at $966/TEU, rising 2.4% w-o-w. The
latest Shanghai-US West Coast route SCFI spot freight rate
stood at $1,742/FEU, a decline of 0.4% w-o-w.
Secondhand Prices
Trend
SOFTER...
WEAKER..
WEAKER..
WEAKER..
WEAKER..
WEAKER..
WEAKER..
WEAKER..
WEAKER..
WEAKER..
SOFTER...
WEAKER..
WEAKER..
SOFTER...
WEAKER..
WEAKER..
WEAKER..
WEAKER..
WEAKER..
STEADY...
WEAKER..
-5%
-11%
-17%
-14%
-10%
-13%
-16%
-10%
-13%
-17%
-4%
-10%
-15%
-6%
-12%
-12%
-8%
-14%
-8%
-2%
-12%
Long Term Price Trends

Index, Start 2000 = 100
550
500
Bulkers
Tankers
450
400
350
300
250
200
150
100
50
Aug '16
86.0
62.0
41.0
26.0
57.0
44.0
31.5
47.0
32.5
21.0
43.0
30.0
20.0
34.0
23.0
16.5
11.0
20.0
15.0
25.8
112
-22%
Aug '15
100.0
80.0
55.0
38.0
70.0
60.0
42.0
55.0
46.0
31.0
48.0
35.0
24.0
38.5
29.0
19.5
12.0
25.0
17.0
27.0
144
10%
Aug '14
105.0
77.0
52.0
29.0
72.0
57.0
37.0
57.0
42.0
27.0
45.0
33.5
23.5
37.0
25.0
16.0
10.0
23.0
15.0
26.8
131
1%
Aug '13
83.0
60.0
41.0
26.0
57.0
42.0
27.0
43.0
32.0
22.0
41.0
31.0
21.0
38.0
29.0
19.0
11.0
25.0
15.0
24.5
129
15%
Aug '12
Sep
Aug '11
2015
Aug '10
2014
Aug '09
Resale
5 yrs
10 yrs
15 yrs
Resale
5 yrs
10 yrs
Resale
5 yrs
10 yrs
Resale
5 yrs
10 yrs
Resale
5 yrs
10 yrs
15 yrs
5 yrs
10 yrs
19,999 dwt Chem S/S 5 yrs
5-y-o Tanker Index
12 month Change
310,000 dwt
310,000 dwt
300,000 dwt
300,000 dwt
160,000 dwt
160,000 dwt
150,000 dwt
105,000 dwt
105,000 dwt
105,000 dwt
73,000 dwt
73,000 dwt
70,000 dwt
51,000 dwt
47,000 dwt
45,000 dwt
45,000 dwt
37,000 dwt
37,000 dwt ^
2013
Short Term Tanker Trends

25%
% Year on Year
Tanker prices based on double hull vessels. ^Pre Jan-15 (dwt): 35k.
Bulkcarrier
End Year, $m
15%
Three Month
-20%
Aug '16
May '16
Feb '16
-25%
Short Term Bulk Trends

50%
% Year on Year
5-year-old Bulker Price Index
Percentage Change
Year-On-Year
40%
20%
2013
2014
2015
Sep
Trend
20.0
16.3
9.3
37.1
18.0
17.0
19.0
14.5
8.0
24.7
18.0
17.0
16.0
16.0
8.5
35.7
27.0
21.0
10.0
11.0
6.0
28.2
35.0
26.0
WEAKER.. -13%
SOFTER... -4%
SOFTER... -6%
SOFTER... -6%
STEADY...
0%
STEADY...
0%
*Ro-Ro prices in euros. ^Price basis a Narrow Beam ("Old Panamax") vessel.
Three Month
111
102
93
79
SOFTER...
-7%
Aug '16
ALL VESSELS
Trend
May '16
Sep
-40%
Feb '16
2015
-30%
Nov '15
2014
-20%
Aug '15
2013
-10%
May '15
Index
0%
Feb '15
End Year, Index
10%
Nov '14
Clarkson
5-year-old Tanker Price Index

Percentage Change
Year-On-Year
-15%
Aug '14
10 yrs
10 yrs
-10%
Feb '14
5 yrs
5 yrs
10 yrs
-5%
May '14
4,500 teu^
2,750 teu
1,700 teu
Container Index
Ro-Ro 4,000 lm*
Ro-Ro 2,500 lm*
0%
Nov '13
End Year, $m
Ro-Ro Prices
5%
30%
*Pre Jan-14: 58k dwt. Pre Jul-16 (dwt): "52k, ~45-48k.
Container &
10%
Nov '15
3%
0%
0%
0%
1%
2%
0%
0%
7%
5%
25%
10%
0%
0%
4%
0%
7%
3%
Aug '15
FIRM....
STEADY...
STEADY...
STEADY...
STEADY...
STEADY...
STEADY...
STEADY...
FIRM....
FIRM....
FIRMER...
FIRMER...
STEADY...
STEADY...
FIRM....
STEADY...
FIRM....
STEADY...
May '15
36.5
24.0
14.0
8.0
24.5
14.0
8.0
4.5
21.5
13.5
9.0
4.5
2.8
17.5
9.5
6.8
4.0
71
-24%
Feb '15
39.0
25.0
13.5
8.5
25.0
14.0
8.5
5.0
22.5
13.5
8.0
4.5
3.5
19.0
10.0
8.0
4.5
73
-37%
Nov '14
54.0
39.0
27.5
16.0
31.0
20.0
14.5
10.0
30.0
20.5
13.5
9.0
6.0
24.0
17.0
12.5
8.0
116
-14%
Aug '14
54.0
44.0
31.0
18.0
33.0
25.5
18.0
12.0
30.0
24.5
17.5
11.0
6.5
23.5
19.0
14.0
9.5
135
28%
Trend
Feb '14
Sep
May '14
2015
Nov '13
2014
Aug '13
Resale
5 yrs
10 yrs
15 yrs
Resale
5 yrs
10 yrs
15 yrs
Resale
5 yrs
10 yrs
15 yrs
20 yrs
Resale
5 yrs
10 yrs
15 yrs
2013
Aug '13
Prices...
180,000 dwt
180,000 dwt
170,000 dwt
170,000 dwt
82,000 dwt
76,000 dwt
75,000 dwt
73,000 dwt
61,000 dwt *
56,000 dwt
55-56,000 dwt "
52,000 dwt ~
42-45,000 dwt
37,000 dwt
32,000 dwt
32,000 dwt
28,000 dwt
5-y-o Bulker Index
12 month Change
20%
Three Month
Resale prices basis prompt delivery. 3-month trend: avg last 3 months vs avg previous 3 months. See SIN for full details of standard ship size history.
Clarksons Research
Page 8
16-Sep-16
Prices
Asset Play in Focus
Three Month
Aug '08
End Year, $m
Aug '07
Oil Tanker
Sale & Purchase Market

Sales Volumes & Values
4,000
Value
3,500
160
140
3mma
3,000
120
2,500
100
2,000
80
1,500
60
1,000
40
500
20
Volume
0
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
Sep-14
Jan-15
May-15
Sep-15
Jan-16
May-16
Tanker
Sales* ....
Type:
VLCC
Suezmax
Aframax
Handy/Pmax
Total No. Sales
Total DWT (,000)
Total Value ($ m)
Type:
Capesize
Panamax
Handymax
Handysize
Total No. Sales
Total DWT (,000)
Total Value ($ m)
Sales ....
2015
2016
2016
38
38
38
186
300
28,383
8,838
15
11
22
96
144
11,686
2,793
2
4
3
9
1,152
135
Y-t-d
Aug
2015
2016
2016
73
120
130
133
456
35,123
6,203
60
107
130
107
404
29,027
3,248
4
11
22
16
53
3,206
403
Y-t-d
Aug
2015
2016
2016
575
13,896
8,320
284
4,394
1,857
24
484
164
Baltic Sale & Purchase Assessments (weekly)
Y-t-d
Aug
(Based on max. 5-year old vessels, as published by the Baltic Exchange)

As of the12th September 2016.
2015
2016
2016
236
68
56
132
41
41
1,331
77,402
23,362
302
124
17
25
112
25
19
832
45,107
7,899
175
Total
Sales .....
Buyers:
Greece
Norway
Germany
China P.R.
UK
South Korea
Total No. Sales
Total Dwt (,000)
Total Value ($m.)
Average $/Dwt
With limited activity on the modern Capesize front over the past month we now see
some movement in the sector, with one sale to report this week and a number of
further ongoing negotiations. The Japanese controlled HANJIN MATSUYAMA
(179,166 dwt, built 2011, Sungdong SB) has been sold to clients of Winning
Shipping for a price in the region of $22.75m. The last sale of a five year old
Capesize was the CAPE ALTHEA (179,250 dwt, built 2011, Hyundai HI(Ulsan)),
which was sold in June this year to clients of Great Eastern Shipping for a price in
the region of $23.75m. Elsewhere, German insolvency administrators have invited
offers for the three sisters E.R. BAYERN, E.R. BOSTON (both 178,978 dwt, built
2010, Hyundai HI(Gunsan)) and E.R. BAVARIA (178,838 dwt, built 2010, Hyundai
Samho HI). Bids were invited on Monday and we understand that the sellers
received a number of offers on both a singular vessel and en bloc basis and are
now engaged in close negotiations. We expect to be able to report further next
week.
Aug
Other
Total No. Sales
Total dwt (,000s)
Total Value ($ m)
Dry Cargo:
Y-t-d
Bulker
Sales* ....
Whilst there has been a hive of activity in the dry bulk market, we have had another
slow week in the tanker space as the watching and waiting game continues to play
out in the face of softening values. We have just one sale to report this week, which
counters the general softening in values. The Ardmore controlled Handy tanker
ARDMORE CENTURION (28,987 dwt, built 2005, STX SB (Jinhae), IMO2), was
announced as sold for a price of $15.7m to undisclosed buyers. The sellers have
achieved a very strong price given recent activity in the sector. However, it is likely a
premium would have been paid due to the vessels IMO 2 capabilities. Sales of this
type are few and far between, by comparison the last Handysize sold on a straight
sale basis around this age was non-IMO NORD THUMBELINA (38,492 dwt, built
2006, Guangzhou SY Intl) which achieved a price in excess of $13.5m last month.
15
3
3
86
4,842
702
145
Meanwhile, clients of Oldendorff have emerged as the buyers of the four PostPanamax sisters TONDA SEA, TANA SEA (both 93,246 dwt, built 2011, Zhejiang
Yangfan), TANGO SEA (93,028 dwt, built 2011, Taizhou Catic SB) and TONIC
SEA (93,005 dwt, built 2012, Taizhou Catic). The vessels have been sold on an en
bloc basis by clients of NSC Schiffahrt for a price in the region of $40m. Additionally,
clients of Oldendorff have bought the German controlled mini Cape EMMA
SCHULTE (115,156 dwt, built 2012, Jiangnan Changxing) from clients of Thomas
Schulte for a price of $12.6m.
Elsewhere, clients of Tufton Oceanic are continuing their fleet expansion program
and have now added the following two Handysize sisters to their fleet. The
STEVEN C (34,340 dwt, built 2009, SPP Tongyoung SY, C4x35T) and LISA J
(34,426 dwt, built 2010, SPP Tongyoung SY, C4x35T) were bought this week from
clients of Apex Marine Corp for a price of $19.5m on an en bloc basis. It should be
noted that the same sellers sold the two sisters QUINN J (34,399 dwt, built 2011,
SPP Goseong SY) at the start of June and the ETHEL L (34,399 dwt, built 2010,
SPP Tongyoung SY) in July this year for a price in the region of $9.5m each. Lastly
in the Handysize segment, the KARINE BULKER (32,271 dwt, built 2008, Kanda
Zosensho, C4x30T) has been sold for a price of $7.7m to undisclosed interests.
In the Supramax sector, Japanese owners invited offers on the FLEET PHOENIX
(55,903 dwt, built 2006, Mitsui SB (Chiba), C4x30.5T) earlier this week. Of the 12
outright parties, five bids were received on Wednesday and the vessel is now
committed for a price in the region of $8.8m to Bangladeshi interests.
Finally, the 15 year old Panamax PRIMROSE (74,716 dwt, built 2001, Hudong
Zhonghua) has been sold for a price of $3.2m to undisclosed buyers
VLCC (305,000 DWT):

$61.265m
Aframax (105,000 DWT):
$32.934m
MR Product tanker (51,000 DWT):
$22.767m
Capesize (180,000 DWT):
$23.614m
Panamax (74,000 DWT):
$13.706m
Super Handy (56,000 DWT):
$12.615m
Note: Clarksons Platou brokers did not contribute to the above Baltic Sale &
Purchase Assessment rates.
ALL DATA AND INFORMATION IN THIS REPORT ARE AS REPORTED

UP TO NOON ON THE DATE OF PUBLICATION
* Includes vessels over 10,000 dwt only. Sales of bulk vessels under 10,000 dwt and of non-bulk vessels are included in "Other Sales".
Clarksons Research
16-Sep-16
Tankers:
No.
$m.
Recent Ship Sales by Vessel Type

Vessel Type
D/Hull
Vessel name
Nord Thumbelina
Dwt/Unit
38,492
Blt.
2006
Yard
Guangzhou SY Intl
Date
30-Aug
TankChem IMO II
Ardmore Centurion
28,987
2005
STX SB (Jinhae)
13-Sep
TankChem IMO II/III
Diamond Orchid
19,702
2008
Fukuoka SB
13-Sep
TankChem IMO II/III
Princimar Americas
19,707
2004
Usuki Zosensho
09-Sep
TankChem IMO III
Pacific Marchioness*
46,697
2010
Hyundai Mipo
01-Sep
TankChem IMO III
Price $m.
Buyers
excess
13.5
Undisclosed interests
15.7
region
20.5
Clients of Tufton Oceanic
18.5
5 yrs BB
43
Clients of PAG
Pacific Duchess*
46,697
2009
Hyundai Mipo
01-Sep
5 yrs BB
Ro-Ro
318 cars
FESCO Ulan-Ude
3,199
1985
Usuki Zosensho
06-Sep
undisclosed
Clients of AMTC
Pass./Car
876 pass.
Queen Star
500
2000
Rodriquez
16-Sep
undisclosed
Clients of Seajets
06-Sep
undisclosed
Pass./Car
1,500 pass
Povl Anker
1,940
1978
Aalborg Vaerft
Pass
418 pass.
New Imperial Star
1,746
1980
Stocznia Szczecinska 01-Sep
Offshore
Survey
Hawk Explorer
1,749
1984
Tangen Verft
01-Sep
Offshore
PSV
Maersk Forwarder
4,643
1992
Ulstein Ulsteinvik
25-Aug
at auction
# Clients of PAG
Clients of MOLS Linien

1.46
1.1
Clients of Seabird Exploration
Clients of Karadeniz
undisclosed
Gas C'rier
84,333 cu.m
BW Borg
54,826
2001
Kawasaki HI Sakaide 30-Aug
2 yrs TCB
40.5
Clients of Varun
Dry MPP
100 teu.
Ming Heng 59
6,129
2006
Nanjing Yonghua
05-Sep
at auction
RMB4.9
Chinese interests
Dry MPP
210 teu.
Ming Heng 79
10,348
2005
Zhejiang Aotai
05-Sep
at auction
RMB8.04
Chinese interests
Dry MPP
1,842 teu.
Global Pioneer
30,537
2002
Xiamen Shipbuilding
25-Aug
Dry Genl
Gearless
Ming Heng 1
8,900
2011
Fujian Southeast SB
05-Sep
3.6
at auction
RMB5.45
Chinese interests
150
Container
8,450 teu.
Maersk Santana*
97,517
2005
I.H.I.
14-Sep
TC to 2022
Container
8,466 teu.
Maersk Sofia*
97,550
2007
I.H.I.
14-Sep
TC to 2020
TC to 2021
# Undisclosed interests
Container
8,466 teu.
Maersk Sheerness*
97,536
2006
I.H.I.
14-Sep
Container
1,708 teu.
IS Japan
21,292
2007
Imabari SB (Imabari)
06-Sep
10.5
# Undisclosed interests
Clients of Wan Hai Lines
Container
868 teu.
WEC Velazquez
11,433
2007
J. J. Sietas
06-Sep
German interests
Container
1,740 teu.
Anthea
23,579
2000
Jiangyang S.Y.
06-Sep
undisclosed
Car C'rier
4,287 cars.
NOCC Puebla*
12,780
1999
Uljanik Brod.
16-Sep
region
Far East interests
Car C'rier
4,287 cars.
NOCC Pamplona*
12,778
1999
Uljanik Brod.
16-Sep
Bulk
Str. Hvy.
Primrose
74,716
2001
Hudong Zhonghua
16-Sep
Bulk
4x30.5t cr.
Fleet Phoenix
55,903
2006
Mitsui SB (Chiba)
15-Sep
Bulk
4x30t cr.
Karine Bulker
32,271
2008
Kanda Zosensho
15-Sep
7.7
Bulk
4x35t cr.
Steven C*
34,340
2009
SPP Tongyoung SY
13-Sep
19.5
Bulk
4x35t cr.
Lisa J*
34,426
2010
SPP Tongyoung SY
13-Sep
Bulk
Gearless
Tana Sea*
93,246
2011
Zhejiang Yangfan
13-Sep
Bulk
Gearless
Tonda Sea*
93,246
2011
Zhejiang Yangfan
13-Sep
Bulk
Str. Hvy.
Tango Sea*
93,028
2011
Taizhou Catic SB
13-Sep
# Clients of Oldendorff
Bulk
Str. Hvy.
Tonic Sea*
93,005
2012
Taizhou Catic SB
13-Sep
Bulk
Str. Hvy.
Emma Schulte
115,156
2012
Jiangnan Changxing
13-Sep
Bulk
Str. Hvy.
Hanjin Matsuyama
179,166
2011
Sungdong SB
13-Sep
Bulk
4x30t cr.
Hanjin Isabel
36,798
2012
Hyundai Vinashin
Bulk
4x30t cr.
Western Singapore
52,433
2003
Tsuneishi Cebu
Bulk
4x30t cr.
Hanjin Liverpool
36,851
2012
Hyundai Vinashin
Bulk
3x14t cr.
Crimson Jupiter
48,205
1996
Tsuneishi Zosen
07-Sep
3.33
Clients of United Nav Devl
Bulk
Gearless
Darya Shree
74,823
2004
Hudong Zhonghua
07-Sep
excess
region
28.5
25
Clients of COSCOL
# Clients of COSCOL
region
3.2
8.8
Bangladesh interests
# Clients of Tufton Oceanic

region
40
Clients of Oldendorff
12.6
Clients of Oldendorff
22.75
Clients of Winning Shipping
08-Sep
8.3
Greek interests
08-Sep
4.7
Clients of PT Salam Pacific
08-Sep
Greek interests
region
Bulk
4x30t cr.
Jin Ming*
61,414
2010
Oshima Shipbuilding
06-Sep
Bulk
4x30t cr.
Jin Han*
61,414
2011
Oshima Shipbuilding
06-Sep
Bulk
4x25t cr.
You Liang
42,067
1991
Oshima Shipbuilding
03-Sep
at auction
RMB26.5
Bulk
4x30t cr.
Conti Flint*
57,081
2012
COSCO Guangdong
02-Sep
region
Clients of Celsius
Bulk
4x30t cr.
Conti Fuchsit*
57,081
2012
COSCO Guangdong
02-Sep
region
Clients of Celsius
Bulk
4x30t cr.
NOSCO Victory
45,585
1996
Hashihama Zosen
02-Sep
2.1
Bulk
4x30t cr.
Nemtas-1
50,077
2001
Mitsui SB (Chiba)
02-Sep
4.4
Chinese interests
Bulk
Str. Hvy.
N/B RESALE HULL 1181
76,000
2016
Jiangsu Rongsheng
02-Sep
11
Tianjin interests
Bulk
Str. Hvy.
Toro Orient
76,636
2008
Imabari SB Marugame 02-Sep
8.5
Bulk
4x30t cr.
Marguerite
47,304
2002
Minami Nippon
4.2
Greek interests
# Clients of Tufton Oceanic
02-Sep
Clients of COSCO Bulk Carrier
Bulk
4x36t cr.
JS Loire*
63,301
2012
Sinopacific Dayang
30-Aug
region
12.5
Clients of Celsius
Bulk
4x36t cr.
JS Rhin*
63,500
2012
Sinopacific Dayang
30-Aug
region
12.5
Clients of Celsius
Bulk
4x35t cr.
N/B RESALE HULL H3067*
63,660
2016
Huangpu Wenchong
30-Aug
17.5
Clients of Celsius
Bulk
4x35t cr.
N/B RESALE HULL H3068*
63,660
2016
Huangpu Wenchong
30-Aug
17.5
Clients of Celsius
Bulk
3x30t cr.
Siam Win
12,519
2006
Shin Kochi Jyuko
30-Aug
RMB12.04
Chinese interests
Bulk
Gearless
Bei Kun
13,000
2006
Zhejiang Donghong
29-Aug
Bulk
4x36t cr.
United Jalua
53,538
2010
Halong Shipbuilding
26-Aug
5.5
Bulk
4x30.5t cr.
Tan Binh 234
32,936
2006
Kanda Zosensho
26-Aug
7.2
European interests
Bulk
4x36t cr.
Temara
53,410
2007
Shanghai Chengxi
26-Aug
5.5
Bulk
4x30.5t cr.
Aroma
28,050
2009
I-S Shipyard
26-Aug
Tug
230 gt
Bhagwan Pride*
2014
Damen Changde SY
07-Sep
Tug
294 gt
Bhagwan Power*
2013
Damen Gorinchem
07-Sep
160
at auction
undisclosed
# Clients of Svitzer
* En bloc Sales. #En Bloc price shown under first ship of bloc.
Clarksons Research
ii
16-Sep-16
Tanker
Fleet Changes, Bunkers & Capital Market Activity

Cargo Fleet
Tanker Fleet
Changes
2015
No.
5,886
251
49
3
11
194
6,080
3.3%
2016 to date
000 Dwt
507,723
19,147
2,347
940
1,393
16,347
524,071
3.2%
No.
6,080
244
30
2
0
216
6,296
3.6%
2015
Containership Fleet
2016 to date
000 Dwt
No.
000 Dwt
No.
000 Dwt
524,071 10,480 758,506 10,704 776,568
23,587
659
49,256
435
36,412
1,536
429
30,549
334
24,653
430
0
0
0
0
0
6
646
5
640
22,481
224
18,062
96
11,118
546,552 10,704 776,568 10,800 787,686
4.3%
2.1%
2.4%
0.9%
1.4%
2015
No.
5,111
211
92
0
4
115
5,226
2.3%
2016 to date
000 Teu
No.
18,258 5,226
1,678
95
193
120
0.0
0
4
3
1,481
-28
19,739 5,198
8.1%
-0.5%
000 Teu
19,739
681
395
0
3
283
20,022
1.4%
Tankers and bulkcarriers over 10,000 dwt only are included in the analysis in this table. Great Lakes Only vessels are excluded.
Deliveries to the World Fleet

Type
Date
Vessel Name
Flag
Year
Dwt
Owner
Shipyard & Yard No.
Contracted
Built
GCargo
Bulk
Chem & Oil
Bulk
Bulk
Container
Products
L.P.G.
Tanker
Bulk
Tanker
Chem & Oil
Bulk
Chem & Oil
Ore
Crew Boat
Crew/Fast Supply
Crew/Fast Supply
Crew Boat
MPP
Bulk
Bulk
Tanker
Bulk
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Sep'16
Keum Yang 2
Great Comfort
Stena Immortal
Pacific Seagull
MG Mercury
MSC Mirja
Pacific A. Dorodchi
BTC Balyena
Eco Queen
African Heron
Gener8 Oceanus
Archon
Bo Yuan Jing
Ternfjord
Sea Ponta da Madeira
Global Tiger
Karina
Baru Sirius
Pelican Renewal
Kairos Triumph
Federal Alster
Lefkada
Gener8 Perseus
SBI Poseidon
Regional
Bunker Prices
Rotterdam
Hamburg
Genoa
Gibraltar
Philadelphia
Houston
Cristobal
Los Angeles
Japan
Singapore
Fujairah
Activity
2016
2016
2016
2016
2016
2016
2016
2016
2016
2016
2016
2016
2016
2016
2016
2016
2016
2016
2016
2016
2016
2016
2016
2016
Price
3,567
63,498
49,750
63,463
84,790
200,148
109,999
3,717
299,985
34,387
299,011
50,100
28,784
14,848
403,508
124
210
350
33
17,578
36,583
37,951
299,392
60,432
Keum Yang Shipping C

Sinotrans Shpg. Ltd.
Stena Bulk
Keiyo Kisen KK
Chiba Shipping Co.
Minsheng Financial
Sinokor Merchant
SMC Shipping
Awilco AS
MUR Shipping BV
Gener8 Maritime
Capital Ship Mngt
Taizhou Boyuan
Terntank Rederi A/S
Pan Ocean
Global Marine Serv
Oceanografia
Baru Offshore
Pelican Offshore
Daishin Senpaku K.K.
Intership Nav. Co.
Lydia Mar Shpg. Co.
Gener8 Maritime
Scorpio Bulkers
Average MGO Price, $/tonne

2014
2015
2016
818
875
903
890
977
935
988
926
858
961
481
512
549
534
558
546
581
566
499
693
362
381
424
406
397
405
426
450
377
477
Capital Market
Shipping IPOs
Shipping Follow Ons
Shipping Bonds
Total Shipping
Total Offshore^
Total Shipyard^
KO.
H.K.
BR.
PA.
PA.
LI.
M.I.
PAL
NIS
CM.
LI.
LI.
PRC
DIS
KO.
SV.
ME.
BZ.
MY.
LI.
M.I.
LI.
LI.
LI.
Average 380 cst Price, $/tonne
Sep 09 Sep 16
413
436
463
448
435
457
465
498
425
510
Jiangsu Hongqiang H HQ166

Chengxi Shipyard
CX0660
CSSC Offshore Marine 12130008
Iwagi Zosen
388
Imabari SB Marugame1697
Daewoo (DSME)
4299
Daehan Shipbuilding 5007
Kegoya Dock
1171
Daewoo (DSME)
5417
Namura Shipbuilding 425
Hyundai Samho HI S778
Samsung Ningbo
H033
Linhai Jianghai
AVIC Dingheng SB AD0025
STX Dalian
1707
Grandweld
H143/15
De Hoop Lobith
455
ETP Brazil
041/12
Penguin Shipyard
H298
Honda Zosen K.K
1102
New Times SB
0103601
Shimanami Shipyard 611
Hyundai HI (Gunsan) 2794
Mitsui SB (Tamano) 1911
394
416
461
443
423
449
460
491
406
503
2014
2015
2016
533
543
561
557
577
547
561
570
607
561
563
265
273
289
286
303
272
286
289
340
293
293
191
201
209
206
214
186
200
207
239
209
209
Number
Sep 09 Sep 16
248
263
266
259
263
235
256
255
293
263
266
235
260
256
248
260
230
246
255
286
250
253
0
$m
0
0
0
0
0
0
0
0
0
0
0
$m
0
0
0
0
0
0
0
0
0
38.00
110.00
Prices This
Week (380 cst)
DOWN...
DOWN...
DOWN...
DOWN...
DOWN...
DOWN...
DOWN...
STEADY...
DOWN...
DOWN...
DOWN...
-5.3%
-1.1%
-3.8%
-4.3%
-1.3%
-2.1%
-3.9%
0.0%
-2.4%
-5.0%
-4.9%
Trends
$ Million
2012
2013
2014
2015
2016
2012
2013
2014
2015
2016
This Year
5
19
68
92
77
32
15
60
59
134
99
14
15
58
53
126
76
27
10
40
33
83
40
14
1
17
17
35
13
6
614
3,751
13,321
17,687
20,092
11,231
2,969
6,168
11,118
20,255
19,740
2,140
1,637
8,466
9,483
19,587
15,279
6,751
828
4,849
7,398
13,074
19,764
1,820
7
1,548
4,730
6,285
2,858
4,096
DOWN...
DOWN...
DOWN...
DOWN...
DOWN...
UP...
-99%
-56%
-13%
-34%
-80%
208%
Data includes companies whose core activity is owning merchant vessels, offshore units, or shipbuilding. ^Totals for Offshore and Shipyard activity include IPOs, follow ons,
and bonds. Trends this year based on annualised figures for this year against last year. For further information see Shipping Intelligence Network and Capital Market Monthly.
Clarksons Research
iii
16-Sep-16
(No. Vessels , 000dwt/teu)

Fleet 1st January
Deliveries
Changes:
Sold For Scrap
Misc. Additions
Misc.Removals/Losses
Net Change During Year
Fleet End Yr/ Yr to Date
% Change Since Start Year
Bulk Carrier Fleet
Timecharter Fixture Record

Latest Tanker Timecharter Fixtures...
Reported
Charterer
Vessel Name
D/
Year
Dwt
2009
Ice LR
Ext.
Period
equiv.
Rate
$ per Day
109,060
12-18 Mths
Place
12-Sep
PBF
Emerald Spirit
08-Sep
Phillips 66
Houston Star
2007
116,093
2 Yrs
RNR
Sep 16
08-Sep
Penfield
Galway Spirit
2007
105,559
18 Mths
$17,000
Sep 16
01-Sep
Handytankers
Chem Helen or Chem Nicholas
2007
38,396
1 Yr
$12,000 + pshare Sep 16
C. Mediterranean
01-Sep
Navig8
Bareilly
2005
106,053
1 Yr
$15,500
Aug 16
D/C
24-Aug
Norden
Sky
2007
37,879
1A
3-4 Mths
RNR
Sep 16
Mediterranean
24-Aug
Norden
Style
2008
37,900
1A
3-4 Mths
RNR
Sep 16
E. Mediterranean
18-Aug
Scorpio
Jag Pooja Ex Challenge Prospect
2005
48,710
1 Yr
$14,500
Aug 16
WCI
17-Aug
Parakou
Korea Line TBN
2017
50,000
7 Yrs
$14,950
Apr 17
Ex Yard
17-Aug
Parakou
Korea Line TBN
2017
50,000
7 Yrs
$14,950
Jun 17
Ex Yard
12-Aug
Laurin
Nord Valiant
2016
49,973
2 Yrs
$15,100
Aug 16
Cont.
26-Jul
Tullow Oil
Kokkari
2008
298,500
7-9 Mths
$28,000
Aug 16
West Africa
25-Jul
Total
Hellas Aphrodite
2016
49,999
22 Mths
$14,500
Sep 16
Ex Yard
25-Jul
Total
Hellas TBN
2017
50,000
2 Yrs
$14,000 + pshare May 17
Ex Yard
25-Jul
Total
Hellas TBN
2017
50,000
2 Yrs
$14,000 + pshare Jul 17
Ex Hyundai Mipo
22-Jul
Champion Tankers
Lone Star Ex Navig8 Stealth
2002
47,465
12 Mths
$13,500
Aug 16
Arg
18-Jul
MTMM
Alpine Stealth
2002
47,465
1 Yr
$13,500
Aug 16
US Atlantic Coast
08-Jul
ST Shipping
Alia
2003
35,669
3 Mths
$12,000
Jul 16
C. Med
06-Jul
Frontline
Miss Benedetta
2012
50,400
6 Mths
$14,750
Jul 16
D/C
04-Jul
Shell
Lyric Magnolia
2016
115,000
60-180 Days
$18,000
Jul 16
Ex Yard
01-Jul
Reliance
Hafnia Adamello
2004
39,997
Ext.
1 Yr
$15,650
Jul 16
D/C
28-Jun
Scorpio
Zefyros
2011
50,122
1 Yr
$14,500
Jul 16
27-Jun
Stena
Densa Whale
2012
158,322
Ext.
1 Yr
$23,000 + pshare Jul 16
27-Jun
Stena
Densa Orca
2012
158,322
Ext.
1 Yr
$23,000 + pshare Jul 16
D/C
21-Jun
ST Shipping
United Ambassador
2007
73,584
Ext.
6 Mths
$18,750
D/C
20-Jun
Navig8
Captain Paris
2014
114,793
1 Yr
Average $21,500 Jun 16
West
16-Jun
Scorpio
Atria
2011
37,000
6 + 6 Mths
$13,500
Jul 16
Mediterranean
16-Jun
ATC
Muskie
2003
70,297
1 Yr
$19,600
Jul 17
AG
Ext.
Ext.
$17,500
Delivery
Date
Sep 16
US Gulf
UKC
West
D/C
Jul 16
Latest Dry Bulk Timecharter Fixtures...

Reported
Charterer
Vessel Name
Year
Dwt
Cbm
Gear
Period
Built
Rate
$ per Day
Delivery
Date
Place
15-Sep
DHL
Cavaliere Grazia Bottiglieri
2010
178,132
194,179
4-7 Months
$9,000
18Sep-20Sep
Xiamen
15-Sep
Classic Maritime
Aquabreeze
2003
171,009
190,153
12-15 Months
$9,000
16Sep-17Sep
Zhuhai
12-Sep
Korea Line
Star Angie
2007
177,932
194,179
10-12 Months
$8,500
11Sep-13Sep
Bayuquan
09-Sep
CNR
Greek Seas
2015
82,043
97,250
5-8 Months
$6,750
10Sep-15Sep
Phu My
09-Sep
Phaethon
Red Sage
2015
182,443
192,235
5-8 Months
$10,500
10Sep
Yantai
08-Sep
Cargill
Trade Will
2012
81,712
97,115
10-14 Mths/10-14 Mths
$6,500/$7,500
25Sep-30Sep
Taichung
08-Sep
Cargill
Trade Resource
2016
82,031
97,529
1 Years
$7,000
15Sep-20Sep
Lanshan
08-Sep
Cobelfret
Anthemis
2011
93,216
110,330
5-7 Months
$7,000
22Sep-23Sep
Singapore
07-Sep
Seatrek
Dalmatia G
2010
57,673
71,850
4C x 36T
3-5 Months
$7,000
Prompt
CJK
07-Sep
WBC
Spar Vega
2011
57,981
71,549
4C x 30T
4-6 Months
$7,650
Prompt
Hon Gai
07-Sep
MOL
Bravery
2004
76,606
90,740
4-7 Months
$5,850
Prompt
Chiwan
05-Sep
Priminds
Athanasia C
2012
80,988
97,091
4-7 Months
$6,500
02Sep-05Sep
Nagoya
01-Sep
CNR
Pedhoulas Leader
2007
82,050
97,233
4-7 Months
$6,500
Prompt
Zhanjiang
01-Sep
CNR
Vivian
2002
75,735
87,693
4-7 Months
$6,000
07Sep-11Sep
Paradip
01-Sep
CNR
Tiger Zhejiang
2015
63,488
78,500
4C x 30T
6-8 Months
$7,650
30Sep
N China
31-Aug
ADMI
Ecoan G. O.
2008
75,131
89,939
5-10 Months
$5,500
01Sep-05Sep
Se Asia
31-Aug
Trafigura
Genco Bourgogne
2010
57,981
71,549
4C x 30T
4-6 Months
$7,250
30Aug-31Aug
Shanwei
30-Aug
Oldendorff
Deneb
2000
74,078
89,158
4-7 Months
$5,000
06Sep-09Sep
Rizhao
30-Aug
Phaethon
Spring Cosmos
2014
63,273
78,703
4C x 36T
5-8 Months
$8,000
Prompt
CJK
30-Aug
Ultrabulk
Jupiter
2006
77,171
90,150
8-11 Months
$6,250
Prompt
Busan
30-Aug
Oldendorff
Simon Ld
2014
179,816
203,687
12-16 Months
$9,000
31Aug
Qingdao
25-Aug
CNR
Minoan Grace
2012
56,709
71,634
4-6 Months
$6,600
Prompt
Fujairah
24-Aug
CNR
CP Chongqing
2016
64,000
83,253
10-12 Months
$7,500
30Oct
CJK
23-Aug
Sivabulk
CP Guangzhou
2015
63,527
78,772
10-12 Months
Basis BSI + 12%
15Aug
Bangladesh
23-Aug
Swiss Marine
Pacific Canopus
2012
180,330
201,953
4-7 Months
$7,700
31Aug-02Sep
Wakayama
22-Aug
Pacific Bulk
Amoy Action
2010
56,954
71,994
7-9 Months
$6,750
Prompt
N China
19-Aug
Oldendorff
Very Maria
2001
73,910
89,246
3-5 Months
$5,600
15Aug
Jinzhou
Clarksons Research
iv
4C x 30T
4C x 30T
4C x 30T
16-Sep-16
C Built
The Timecharter Market

Tanker Timecharter Market
VLCC (Modern)
16
35,158
27,632
21,911
18,743
15,684
14,730
27,000
22,875
17,750
16,000
14,125
13,250
27,481 32,154 40,933 33,599

16,856 20,317 23,173 20,270
15,567 16,063 16,091 15,326
27,000
17,750
14,125
Total Fixtures
To Date
120
1 Year t/c
20
100
16
80
12
60
40
20
0
Aug-16
42,707
33,038
24,587
20,510
16,409
15,250
140
Spot $/day
24
Jun-16
30,183
24,413
19,029
16,466
15,399
14,678
$,000/day
Apr-16
23,404
18,096
15,048
15,514
15,063
13,707
28
Feb-16
26,500
21,250
16,000
15,000
13,125
12,000
Dec-15
39,382
29,342
23,227
19,806
16,158
14,852
Oct-15
48,433
35,875
26,712
23,567
17,769
15,880
Aug-15
28,115
22,712
17,538
15,880
14,630
13,774
Jun-15
19,837
16,014
13,288
14,981
14,351
13,063
No. fixtures
Apr-15
2016
Feb-15
2015
Dec-14
2014
T/C Activity
...over 1 year
2012
2013
2014
2015
2016
VLCC
200,000 +
Suezmax
120-200,000
Aframax
80-120,000
Panamax
60-80,000
Handy
10-60,000
Total No. Fixtures
26
20
21
21
108
196
12
14
42
27
139
234
30
25
61
28
101
245
71
36
63
31
100
301
15
7
28
18
68
136
Total in m. dwt
19.9
18.9
26.5
41.2
13.3
Tanker timecharter activity this week

This week, US-based PBF were reported to have
chartered the 2009-built, 109,060 dwt EMERALD
SPIRIT for between 12 and 18 months at a rate of
$17,500/day. Last week, US-headquartered Phillips 66
fixed the 2007-built 116,093 dwt HOUSTON STAR for
two years.
Sep
T/C Activity & The Freight Market
Estimated owners' rates prior to start 2016. Modern=no more than 10 years old.
Bulk Carrier Timecharter Market
17,303 21,038 13,270 10,253

10,870 13,935 9,519
7,804
10,928 11,428 8,207
7,118
9,385
9,519
7,293
6,289
10,875
7,800
7,000
6,000
Total Fixtures
To Date
2012
2013
2014
2015
2016
Capesize
100,000 +
Panamax
65-100,000
Handymax
40-65,000
Handysize
10-40,000
Total No. Fixtures
20
55
18
3
96
33
78
11
1
123
61
70
9
3
143
36
45
4
0
85
24
31
8
0
63
Total in m. dwt
8.9
12.7
16.8
10.3
7.2
Tanker and bulk carrier T/C activity size ranges reflect existing Clarksons Research ship type
definitions. Modern is taken to mean no more than 10 years old. A wider selection of
bulkcarrier T/C rates are available on Shipping Intelligence Network at www.clarksons.net.
Clarksons Research
Page 9
10
25
20
15
10
0
Aug-16
10,750
7,175
6,250
5,500
1 Year t/c
Spot $/day
Jun-16
9,268
6,544
6,257
5,507
$,000/day 30
Apr-16
16,413 20,889 12,104

10,125 13,050 8,373
10,284 11,385 7,966
8,726
9,346
7,077
12
Feb-16
8,750
6,400
6,750
5,250
Dec-15
7,553
5,622
5,641
4,914
No. fixtures
Oct-15
15,760 21,751 11,175

10,099 12,035 7,492
10,034 11,385 7,620
8,106
9,012
6,692
Capesize timecharter rates based on a 180,000 dwt vessel from start 2015 and 172,000 dwt
vessel previously.
T/C Activity
...over 1 year
Capesize (Modern)
16
Aug-15
2016
Jun-15
2015
Apr-15
2014
Feb-15
2013
One Year Timecharter

Capesize
Modern
Panamax
Modern
Supramax
Modern
Handysize
Modern
Three Year Timecharter
Capesize
Modern
Panamax
Modern
Supramax
Modern
Handysize
Modern
Five Year Timecharter
Capesize
Modern
Panamax
Modern
Supramax
Modern
Handysize
Modern
Dec-14
(Average Pac/Atl Delivery)
Oct-14
Average Rate $/day To Date
Aug-14
Timecharter Rates
Bulk carrier timecharter activity this week

The 2003-built Capesize AQUABREEZE was
chartered by Classic Maritime for 12-15 months at
$9,000/day this week. Meanwhile, the 2012-built
Kamsarmax TRADE WILL was chartered by Cargill
for an initial period of 10-14 months at $6,500/day, with
an option for a further 10-14 months at $7,500/day.
16-Sep-16
2013
One Year Timecharter
310,000 Dwt
Modern
150,000 Dwt
Modern
110,000 Dwt
Modern
74,000 Dwt
Modern
47-48,000 Dwt Modern
37,000 Dwt
Modern
Three Year Timecharter
310,000 Dwt
Modern
150,000 Dwt
Modern
110,000 Dwt
Modern
74,000 Dwt
Modern
37,000 Dwt
Modern
Five Year Timecharter
310,000 Dwt
Modern
110,000 Dwt
Modern
T/C Activity & The Freight Market
Sep
Oct-14
Average Rate $/day To Date
Aug-14
Timecharter Rates
The Shipbuilding Market

What's Been Ordered...
Type
Cruise
Pass/Car F.
Container
Container
Container
Chem & Oil
Chem & Oil
Products
Products
Products
Products
Cruise
Cruise
Bulk
Bulk
Ro-Ro/Cnt
Ro-Ro/Cnt
Tanker
Tanker
Tanker
Asp.& Bit.
Asp.& Bit.
Asp.& Bit.
Date
Sep-16
Sep-16
Sep-16
Sep-16
Sep-16
Sep-16
Sep-16
Aug-16
Aug-16
Aug-16
Aug-16
Aug-16
Aug-16
Aug-16
Aug-16
Aug-16
Aug-16
Aug-16
Aug-16
Aug-16
Aug-16
Aug-16
Aug-16
Dwt/Unit
600
5,600
22,000
22,000
22,000
28,000
28,000
4,500
4,500
6,000
6,000
210
600
1,900
1,900
1,900
240
240
63,000
63,000
50,000
50,000
320,000
320,000
311,000
7,500
7,500
7,500
Delivery
Oct 2017
Jun 2017
Dec 2017
Jan 2018
Feb 2018
2018
2018
Jan 2018
2018
2017
2017
Apr 2019
Oct 2019
2019
2019
Jun 2019
Jun 2020
2018
2018
2018
2018
2018
2018
Builder
Price
ASENAV
MHI Shimonoseki
Jiangsu New YZJ
Jiangsu New YZJ
Jiangsu New YZJ
Wuhu Shipyard
Wuhu Shipyard
Kangnam Corporation
Kangnam Corporation
Zhejiang Shenzhou
Zhejiang Shenzhou
VARD Tulcea
VARD Tulcea
Gen. Dynamics NASSCO
Gen. Dynamics NASSCO
JMU Ariake Shipyard
JMU Ariake Shipyard
JMU Ariake Shipyard
Chengxi Shipyard
Chengxi Shipyard
Chengxi Shipyard
$m
$m
$m
$m
24.00
24.00
255.50
255.50
Owner/Manager*
Nisa Navegacion S.A.
Shin Nihonkai Ferry
Jiangsu Ocean Shpg.
Jiangsu Ocean Shpg.
Jiangsu Ocean Shpg.
Unknown Chinese
Unknown Chinese
Doora Logistics Co.
Doora Logistics Co.
Sinanju Tankers Pte.
Sinanju Tankers Pte.
Hapag-Lloyd Cruises
Hapag-Lloyd Cruises
Wisdom Marine Group
Wisdom Marine Group
Matson Inc
Matson Inc
JX Ocean
JX Ocean
Kyoei Tanker
COSCO Southn Asphalt
S=Status, where: 5=confirmed order, 16=unconfirmed order, 17=option. Other units are: teu for containerships, cbm for gas vessels, numbers of cars, passengers or berths.
* The Primary Reference Company, as used in the Clarkson Fleet Database i.e. the company with the main commercial responsibility for the ship.
Shipbuilding News
Three Month
WEAKER... -4.5%
WEAKER!! -6.0%
WEAKER!! -6.6%
WEAKER... -1.5%
180,000 dwt
81,000 dwt
62,000 dwt
35,000 dwt
53.5
29.5
26.5
22.3
54.0
30.0
27.0
23.0
46.0
26.5
24.3
20.5
42.0
24.5
22.3
19.5
WEAKER...
WEAKER...
WEAKER...
WEAKER...
-4.0%
-2.7%
-2.9%
-1.7%
82,000m
174,000m
74.5
79.0
205.0
77.0
204.0
72.5 WEAKER...
198.0 WEAKER...
-2.2%
-0.7%
13,000 teu
2,750 teu
Pure Car Carrier 6,000 ceu
Clarkson Index
113.5
31.5
66.5
133
116.0
32.5
64.0
138
116.0
29.5
59.5
131
109.0
28.0
59.0
125
-3.3%
-2.9%
-1.1%
-2.4%
Newbuilding
Activity ....
Oil Tankers
Chemical & Spec. Tankers
LPG Carriers
LNG Carriers
Bulk Carriers
Containerships
General Cargo Vessels
Ro-Ro Vessels
Refrigerated Vessels
Offshore Vessels
FPSO/FSU
Passenger & Cruise Ships
Other Misc. Vessels
TOTAL CONTRACTING
Vessels Contracted
WEAKER...
WEAKER...
WEAKER...
WEAKER....
Newbuilding Price Index
Year-on-Year
2013
2014
2015
2016
394
134
121
45
1246
288
91
56
2
571
5
69
34
3,056
221
161
111
69
780
160
94
35
11
477
7
59
32
2,217
413
116
73
34
354
242
112
53
6
143
4
40
27
1,617
50
23
5
4
37
61
16
18
1
31
49
8
303
Trend ...
WEAK.
WEAK.
WEAK.
WEAK.
WEAK.
WEAK.
WEAK.
WEAK.
WEAK.
WEAK.
WEAK.
FIRMER...
WEAK.
WEAK.
-83%
-72%
-90%
-83%
-85%
-65%
-80%
-52%
-77%
-70%
-100%
72%
-58%
-74%
Index, Jan'88 = 100

200
190
180
170
160
150
140
130
Ten year trend in

newbuilding
prices
120
110
100
Aug-16
85.5
55.5
45.5
33.0
Aug-15
93.5
63.0
52.0
35.5
Aug-14
97.0
65.0
54.0
36.8
Aug-13
94.0
59.5
52.3
34.8
Aug-12
320,000 dwt
157,000 dwt
115,000 dwt
51,000 dwt
Tankers
VLCC
Suezmax
Aframax
'MR' Tanker
Bulk Carriers
Capesize
Panamax
Handymax
Handysize
Gas Vessels
LPG
LNG
Dry Cargo
Container
Container
There is only one order to report in the

newbuilding market this week. Shin Nihonkai Ferry
have announced an order for one firm 14,400 GT
passenger/car ferry at Mitsubishi Heavy Industries.
This is the second vessel in the series and is
scheduled to be delivered in 1H 2017 from the yards
Shimonoseki facility. The vessel will be able to carry
600 passengers and 22 vehicles. Shin Nihonkai
Ferry previously ordered one passenger/car ferry at
Mitsubishi Heavy Industries in November 2015,
which is scheduled for delivery in Q1 2017.
Global newbuild contracting activity has remained
weak in the year to date. There have been 303
reported newbuilding orders so far in 2016,
representing a 74% y-o-y decline in numerical terms
on an annualised basis.
Guideline newbuilding prices have weakened
throughout the first eight months of 2016. The
Clarksons Newbuilding Price Index currently stands
at 125 points, down 5% since the start of the year.
Aug-11
Sep
Aug-10
2015
Aug-09
2014
Aug-08
Trend ...
2013
Aug-07
Prices ....
Year End, $m.
Aug-06
Newbuilding
Newbuilding prices vary as to country of build, delivery and ship specification. Prices here are end year/latest and from Jun-08 assume a "European spec", 20/20/20/20/20% payments and "first class competitive
yards" quotations, and relate to market contracts where these have taken place and to brokers' best estimates when no contracts have occurred. 3-month trend basis last 3 vs previous 3 months.
Clarksons Research
Page 10
16-Sep-16
S
5
5
5
5
5
5
17
5
17
5
5
5
5
5
5
5
5
5
5
5
5
5
5
The Demolition Market

Type
Date
Container
Bulk
M. Sulphur
Bulk
ERRV
Reefer
PCC
Container
Container
Container
Research
Bulk
L.P.G.
Pass/Car F.
PCC
Container
Container
Container
Container
Container
Container
Container
Bulk
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Sep '16
Scrap
Prices...
Vessel Name
Flag
LI.
TV.
MA.
KO.
BR.
BS.
SG.
PRC
PA.
PA.
PA.
PA.
DJ.
M.I.
PA.
LI.
LI.
LI.
LI.
LI.
LI.
LI.
PA.
Viktoria Wulff
Deep True
Mitrope
C. Young
Putford Apollo
Belgian Reefer
Medea
Jing Po He
Ha Ni He
Bu Yi He
John Lethbridge
Hibari
Aruja
Lucky Star
Hercules Highway
HS Colon
Liwia P
Meta
Heike P
Alexandra
Hang Jun 5
Northern Grace
DST Drammen
Year End ($/ldt)

2013
2014
2015
Blt
2006
1985
1999
1988
1975
1983
1982
1997
1997
1997
1966
1997
1981
1976
1987
2002
2001
2001
2000
2000
2003
2000
1998
Latest
Tankers
435
450
290
265
-9%
425
420
282
285
1%
Note: The scrap prices ($/ldt) are based on Indian prices for VLCC tankers and a
Handy dry bulk carrier of around 8,000 ldt.
Activity...
Year (m dwt)
This Year
%
2013
2014
2015
2016
China
11.1
8.4
6.6
3.4
-29%
India
11.8
8.7
7.8
9.2
62%
Bangladesh
12.0
6.9
13.5
11.1
12%
Pakistan
9.3
6.9
8.2
7.0
17%
Other
2.7
2.7
2.8
3.6
77%
TOTAL
46.9
33.6
38.8
34.3
21%
Size &
Type...
Year (m dwt)
2013
2014
2015
5.0
2.4
0.5
2016
550
Buyer
As is Shanghai
India
As is Colombo
Old sale
Denmark
India
China P.R.
China P.R.
China P.R.
China P.R.
U.K. Interests
China P.R.
India
Turkey
India
As is Malta
As is Hong Kong
As is Malta
As is S'pore
As is Korea
As is Colombia
Bangladesh
Pakistan
$/ldt
$ m.
303.0
268.0
6.42
1.52
276.0
282.0
258.0
287.0
280.0
240.0
295.0
5.32
3.69
3.36
3.75
3.66
3.64
5.92
US$ per ldt
500
Tankers - India
Handy Bulk - India
Tankers - Bangladesh
450
400
350
300
250
200
Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep
'14 '14 '15 '15 '15 '15 '15 '15 '16 '16 '16 '16 '16
Demolition Market News
-100%
Suezmax
1.0
1.1
0.1
#####
Aframax
2.7
2.4
0.3
0.5
143%
Handy
2.3
1.8
1.5
0.9
-19%
< 10,000 dwt
0.1
0.1
0.0
0.0
-43%
Total Tankers
11.0
7.8
2.4
1.6
-11%
Capesize
7.9
4.2
15.4
12.0
6%
Panamax
5.0
4.8
6.8
6.8
38%
Bulkcarriers
Handymax
3.5
3.1
3.1
3.1
34%
Handysize
6.7
4.2
5.2
2.8
-27%
Total Bulkers
23.1
6.3
16.3
5.3
30.5
2.8
24.7
5.3
10%
162%
Containerships
6,481
13,928
19,259
13,077
13,016
13,052
13,060
15,161
20,073
9,792
Owner
Hermann Wulff
Stiga Shipping
Polish Steamship Co.
Hanaro Shipping
Seacor Intl (UK)
Chartworld Shpg.
Wallenius Lines AB
Shanghai Pan Asia
Shanghai Pan Asia
COSCON
Global Marine Sys
Nippon Yusen Kaisha
Unknown
Anchor Management
K-Line
Hansa Shipping
Stefan Patjens
Stefan Patjens
Stefan Patjens
Stefan Patjens
Hammonia Reederei
NVA Norddeutsche
Atlantica Shipping
Scrapping Price Trends
This Year
Tankers
VLCC
Ldt
21,191
5,666
6,575
This Year
Dry Cargo
Buyer
Dwt
58,241
26,541
15,866
69,347
965
14,786
28,566
44,911
44,911
44,911
605
91,437
4,514
4,150
14,977
58,399
39,128
39,198
39,300
39,128
41,802
66,910
71,982
Gas Vessels
0.4
0.3
0.3
0.3
56%
Other Dry
6.1
3.8
2.9
2.5
18%
TOTAL
46.9
33.6
38.8
34.3
21%
The $300/ldt level was breached this week as evidenced

by the sale of the containership VIKTORIA WULFF. This is
surprising as the Eid holidays have meant that it has been a
very quiet week in the ship recycling sector. However, the
signs have been there for a while, as the lack of tonnage
started to push rates up and we have been moving towards a
scenario where yards have emptied and are open across the
board in the Indian Sub-Continent. This would help create
healthy competition once again, which can only benefit owners.
It is very unusual that we are in a position where several of
the cash buyers have no tonnage in hand and with the actual
recyclers looking for tonnage, the speculation by cash buyers
is expected to occur once again.
The key factor to the stability of rates will now be down to
how many owners act on the back of this sudden increase in
price levels. It is evident that many ship owners are carefully
watching this market and may now be tempted to approach
buyers to ascertain a rate for their units.
* The % change is based on annualised figures for this year against last year.
Clarksons Research
Page 11
16-Sep-16
What's Been Scrapped...
Economic Indicators
GDP Growth & Forecasts*
Germany Euro Area
0.4%
-0.3%
1.6%
0.9%
1.5%
1.7%
1.3%
1.6%
1.6%
1.7%
1.7%
1.6%
1.6%
1.6%
1.2%
1.4%
World
3.3%
3.4%
3.1%
0.0%
0.0%
0.0%
3.1%
3.4%
Industrial Production*: OECD

Europe
-0.8%
0.5%
1.0%
0.6%
0.0%
0.0%
OECD
0.4%
2.0%
0.8%
-0.2%
0.0%
0.0%
Industrial Production*: Asia
25
-10
Atlantic
-15
Pacific
-20
Currency Trends Spot ~ & Forward# ...
Australia
1.13
1.11
1.33
1.35
1.33
1.31
1.33
Jan '16
Jan '15
Jan '14
Jan '13
$/Yen
$/Euro
120
110
100
90
80
70
Sep '16
India
62.07
61.04
64.10
67.18
67.22
66.91
66.98
$/Sterling
130
Jul '16
16-Sep
140
Jun '16
#Forward Rates as of:
Index Jan'00=100
May '16
China
6.07
6.16
6.28
6.58
6.67
6.64
6.67
SDR
1.54
1.49
1.40
1.41
1.39
1.40
1.40
Jan '12
Exchange Rate Trends
Norway
6.15
6.30
8.05
8.28
8.45
8.26
8.24
Mar '16
H.Kong Singapore
7.76
1.27
7.75
1.27
7.75
1.37
7.76
1.36
7.76
1.35
7.76
1.35
7.76
1.36
Switz.
0.90
0.91
0.96
0.97
0.98
0.97
0.97
Feb '16
R.o K.
1,059.3
1,052.3
1,131.7
1,166.1
1,140.8
1,109.2
1,118.9
Japan
104.70
105.77
121.07
106.17
103.98
100.78
102.40
101.55
100.18
Dec '14
end:
2013
2014
2015
Jun
Jul
Aug
16-Sep
U.K.
1.64
1.65
1.53
1.44
1.32
1.31
1.32
1.32
1.33
Nov '14
Euro
1.37
1.33
1.11
1.12
1.11
1.12
1.12
1.13
1.14
Sep '14
end:
2013
2014
2015
Jun
Jul
Aug
16-Sep
3mo.#
12mo.#
Jan '11
-25
Jan '10
Brazil
1.2%
-3.1%
-8.5%
-5.9%
-6.6%
0.0%
Jan '16
Chile
3.1%
0.1%
-0.7%
-3.8%
-1.8%
0.0%
Jan '09
Poland
2.3%
3.5%
4.8%
6.0%
-3.4%
0.0%
Nov '15
Hungary
1.8%
7.1%
7.0%
-0.2%
-0.1%
0.0%
0
-5
Oct '15
Czech.
0.6%
5.1%
4.2%
3.8%
-14.0%
0.0%
Jul '15
Russia
-0.2%
1.7%
-3.2%
1.8%
-0.3%
0.0%
10
Aug '15
avg:
2013
2014
2015
Jun '16
Jul '16
Aug '16
15
Jan '08
Ind. Production*: E.Europe & S. America
20
Jan '07
India
0.4%
1.2%
3.3%
2.1%
-2.4%
0.0%
Jan '06
Thailand Malaysia
-3.1%
2.7%
-4.6%
5.1%
-3.4%
4.6%
0.8%
5.2%
-5.1%
4.1%
0.0%
0.0%
Jan '05
Taiwan
0.9%
6.2%
-1.4%
0.9%
-0.3%
0.0%
Apr '15
China
9.7%
8.3%
6.1%
6.2%
6.0%
6.3%
Jun '15
R.o K.
-0.2%
0.0%
-0.7%
0.8%
1.6%
0.0%
30
Jan '04
avg:
2013
2014
2015
Jun '16
Jul '16
Aug '16
Industrial Production
% change
Mar '15
Japan
-0.7%
2.1%
-0.9%
-1.5%
-3.8%
0.0%
Jan '03
USA
2.6%
4.1%
1.2%
-0.7%
-0.5%
0.0%
Jan '15
U.K.
-0.1%
1.9%
1.1%
1.6%
2.1%
0.0%
Jan '02
avg:
Germany
0.2%
2013
1.2%
2014
0.5%
2015
0.5%
Jun '16
-1.2%
Jul '16
0.0%
Aug '16
In August 2016, the value of US retail sales fell 0.3%

m-o-m, the first decline recorded since March, partly on the
back of a decline in automobile and gasoline sales.
Manufacturing output also fell, by 0.4% m-o-m, partly
reflecting the impact of the stronger dollar. These trends
have reduced expectations of a rate rise by the Federal
Reserve next week and some economists have cut their
US GDP growth forecasts for Q3 2016.
UK retail sales beat expectations in August, dropping

0.2% m-o-m and rising 6.2% y-o-y, partly easing concerns
of the impact of the Brexit vote on consumer confidence.
The y-o-y rise has in part been attributed to the weaker
pound boosting purchases of high-end goods by tourists.
Meanwhile, the UK unemployment rate in the May to July
period stood at 4.9%, down slightly y-o-y, indicating little
immediate impact of the Brexit vote on the UK jobs market.
Jan '01
USA
1.5%
2.4%
2.4%
2.0%
2.1%
1.2%
2.2%
2.5%
Jan '00
Japan
1.4%
0.0%
0.5%
0.7%
0.1%
0.8%
0.3%
0.1%
*% change year-on-year. Source: IMF, OECD, The Economist. ~Currency units per US$ except , Euro and SDR.
Interest Rate Trends ...
Inflation & Prices
Prime Lending Rates:

avg:
2013
2014
2015
Jun
Jul
Aug
16-Sep
Euro
U.K.
China
Japan
U.S.A.
0.54%
0.16%
0.05%
0.00%
0.00%
0.00%
0.00%
1.50%
1.50%
1.50%
1.50%
1.50%
1.50%
1.25%
6.00%
5.95%
4.98%
4.35%
4.35%
4.35%
4.35%
1.48%
1.48%
1.48%
1.48%
1.48%
1.48%
1.48%
3.25%
3.25%
3.25%
3.50%
3.50%
3.50%
3.50%
Clarksons Research
Prices in $/bbl or $/t
Consumer Prices
$ Libor
6 mths.
0.41%
0.33%
0.48%
0.95%
0.96%
0.93%
1.25%
Page 12
avg:
2013
2014
2015
Jun
Jul
Aug
Latest
Eur
USA
Japan
OECD
1.9%
1.1%
0.6%
0.7%
0.9%
0.0%
0.0%
1.5%
1.6%
0.1%
1.0%
0.8%
0.0%
0.0%
0.4%
2.7%
0.8%
-0.4%
-0.4%
0.0%
0.0%
1.6%
1.7%
0.6%
0.9%
0.8%
0.0%
0.0%
Crude
Grain
Steel
Oil
Wheat
Ship Plate
Brent
USG
Japan
108.24
98.34
52.98
48.74
41.85
49.16
46.05
322
302
228
187
188
190
184
621
592
494
360
360
360
360
16-Sep-16
2013
2014
2015
4Q15
1Q16
2Q16
2016 (f)
2017 (f)
China
7.7%
7.3%
6.9%
6.8%
6.7%
6.7%
6.6%
6.2%
Ship Demand Trends
34
3.0
2.9
2.0
2.5
17.9
3.3
2.7
2.0
2.2
17.4
3.4
2.6
2.2
2.0
18.0
3.7
2.7
2.3
2.2
18.7
6%
2%
4%
11%
4%
5.1
5.8
5.1
36.9
4.5
5.5
5.6
36.3
4.2
5.9
6.1
37.4
4.5
5.7
6.9
38.7
7%
-3%
12%
4%
1.6
2.6
1.7
7.7
20.7
1.4
2.5
1.8
7.8
20.9
1.5
2.6
1.8
8.4
22.1
1.5
2.8
1.8
8.6
23.0
3%
6%
1%
3%
4%
VLCC Demand
AG Exports
to China
to Japan
to Korea
to USA/UKC
Total Gulf Crude Exports
Crude Oil Trade

Imports:
USA (seaborne)
EU-5
China
Total Seaborne Imports
Products Trade
Imports:
USA
EU-5
Latin America
Asia
80
32
70
60
31
50
30
40
29
30
20
28
10
27
0
Aug-16
0%
-4%
4%
-14%
-2%
-4%
Feb-16
95.5
12.1
31.6
4.6
7.6
2.9
May-16
95.9
12.6
30.3
5.3
7.8
3.0
90
Aug-15
Nov-15
93.2
11.7
29.2
5.2
7.6
3.0
Nov-12
Feb-13
91.2
10.1
28.5
5.3
7.5
3.5
VLCC Earnings
33
Aug-12
World
USA
Middle East
West Africa
South & Central America
North Africa
100
Major Oil Trades News:

Several Libyan oil terminals were seized from forces
aligned with the UN-backed government and control
handed over to the Libyan National Oil Corporation
(NOC). Later in the week, the NOC announced that it
would lift force majeure at Zuetina, Ras Lanuf and Es
Sider, with exports to resume as soon as possible. Additionally, the NOC stated that it would aim to raise Libyan
crude output by 0.6m bpd to around 1.0m bpd, although
this is dependent on lasting peace in the country.
*2016 data are projections. Oil production data shows total supply including crude oil, lease condensates and NGLs; world supply includes refinery gains, other liquids.
Dry Bulk
2013
2014
2015
2016*
2016/15
Steel Production
China
Japan
EU-27
Total Steel Prod. (listed)
China
Japan
South Korea
Exports:
Australia
-1%
-2%
-6%
-2%
China
India
Japan
South Korea
Exports: **
Australia
Indonesia
Total Seaborne Coal Trade
794.9 913.8 939.7 993.8

135.9 136.4 131.0 129.7
63.4
73.5
73.3
70.7
1189.3 1339.3 1363.3 1400.9
570.0 717.0 766.9 806.7
264.9 239.0 163.6 171.2

175.3 216.0 214.2 202.8
186.1 183.2 184.8 184.6
118.0 122.7 126.1 120.8
344.9 375.1 378.2 385.0
415.5 408.2 365.7 340.1
1179.8 1214.0 1134.8 1111.2
World Seaborne
Crude Oil
Oil Products
Dry Bulk
Containers
Other
World Seaborne Trade
y-o-y growth
$,000/day
Steel Production Index
Capesize Earnings
60
50
350
40
325
30
6%
-1%
-4%
3%
5%
5%
-5%
0%
-4%
2%
-7%
-2%
*2016 data are projections. ** Steam coal, lignite & coking coal.
Trade
Index
300
Coal Trade
Imports: **
400
375
815.4 822.7 803.8 793.8

110.6 110.7 105.2 103.5
166.0 169.3 166.2 156.6
1091.9 1102.7 1075.2 1053.8
Iron Ore Trade

Imports:
Steel Production and Capesize Earnings
% Chg
million tonnes
2013
2014
2015
% Chg
2016*
1,837 1,806 1,862 1,929

957
964
1,023 1,063
4,584 4,821 4,818 4,857
1,545 1,640 1,687 1,759
1,363 1,408 1,446 1,490
10,286 10,639 10,836 11,099
3.4%
3.4%
1.9%
2.4%
2016/15
4%
4%
1%
4%
3%
2%
20
275
250
10
225
0
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Jul-16
Demand ....
million tonnes
Major Bulk Trades News:

Data released this week indicates that iron ore
throughput at Port Hedland in Western Australia
increased 9% y-o-y in August 2016, to reach a record
42.9mt. This was supported by a ramp-up in iron ore
output at Roy Hill and firm Chinese import demand.
Shipments to China accounted for 83% of Port Hedlands
total iron ore throughput in August.
According to provisional data released by the Chinese
National Bureau of Statistics this week, Chinese crude
steel output increased 3% y-o-y to 68.6mt in August
2016. The rise was partly driven by an expansion in the
countrys manufacturing output. Overall, Chinese crude
steel output dropped 0.6% y-o-y to 67.1mt in the first
eight months of the year.
Data based on latest available information at start Sep-16. For more detail see Seaborne Trade Monitor on Shipping Intelligence Network.
Clarksons Research
Page 13
16-Sep-16
Oil Production
110
OPEC Oil Production
May-15
2016/15
Nov-14
Feb-15
2016*
$,000/day
Aug-14
2015
35
May-14
2014
m. bpd
Nov-13
Feb-14
2013
OPEC Production & VLCC Earnings
% Chg
Aug-13
Demand ....
million barrels per day
May-13
Oil Tanker

Total Cargo
CRUDE TANKERS
PRODUCTS TANKERS
CHEMICAL TANKERS
OTHER TANKERS
BULKERS
COMBOS
LPG CARRIERS
LNG CARRIERS
CONTAINERSHIPS
MULTI-PURPOSE
GENERAL CARGO
RO-RO
CAR CARRIERS
REEFERS
OFFSHORE (AHTS/PSV)
WORLD CARGO FLEET
TOTAL WORLD FLEET
TOTAL WORLD FLEET ($bn)*
Tanker
Fleet, m. Dwt
VLCC
Suezmax
Aframax
Panamax
Small
200,000+
120-200,000
80-120,000
60-80,000
10-60,000
of which: Specialised >10,000
<10,000
TOTAL FLEET >10,000
of which:
Single Hull
Double Hull
Combos in Oil
Laid-up
Storage
ACTIVE FLT. >10,000
2012
2013
2014
2015
No.
335.6
340.2
341.7
348.6 1,893
140.4
144.3
149.5
157.4 8,153
37.4
38.1
38.7
40.4
3,611
0.9
0.8
0.8
0.8
384
687.5
726.8
758.5
776.6 10,779
4.7
4.2
3.9
2.8
18
15.4
16.3
17.0
19.4
1,395
28.9
30.0
32.7
35.1
459
206.5
216.2
228.2
244.3 5,214
29.5
29.8
29.7
29.7
3,250
38.0
37.5
37.6
37.5 15,019
8.1
7.7
7.5
7.7
1,297
11.8
11.9
12.1
12.4
785
5.3
5.2
5.0
5.0
1,406
7.9
8.6
9.5
10.0
5,523
1,557.8 1,617.6 1,672.3 1,727.8 59,186
1,629.4 1,690.4 1,747.7 1,805.5 92,265
891.3
955.5
972.4
936.9 92265
m.Dwt
No.
m.Dwt
% Fleet
2016
2017
2018+
359.9
163.9
41.8
1.0
785.4
2.7
21.7
36.4
246.5
29.8
37.5
7.6
12.4
5.0
10.3
1,762.0
1,840.5
894.8
312
393
255
5
1,249
0
149
140
432
109
113
34
66
15
406
3,678
4,582
4,582
63.1
20.4
5.4
0.0
108.4
0.0
4.9
11.4
38.5
1.5
1.0
0.6
1.3
0.1
1.1
257.8
263.6
274.7
17.5%
12.5%
13.0%
1.0%
13.8%
0.0%
22.3%
31.2%
15.6%
5.1%
2.6%
7.3%
10.2%
2.8%
10.9%
14.6%
14.3%
30.7%
16.7
5.8
1.9
0.0
48.3
0.0
1.2
2.2
8.0
0.9
0.5
0.2
0.2
0.0
0.5
86.3
87.0
67.2
28.1
10.0
2.0
0.0
34.8
0.0
2.6
3.4
14.7
0.5
0.3
0.2
0.6
0.1
0.6
97.8
99.9
99.8
18.4
4.6
1.6
0.0
25.4
0.0
1.1
5.7
15.9
0.1
0.2
0.2
0.4
0.0
0.0
73.7
76.6
107.7
01-Sep-16
Year End
Orderbook & Delivery Schedule
2012
2013
2014
2015
No.
m.Dwt
No.
m.Dwt
% Fleet
2016
2017
2018+
187.2
72.6
97.9
29.8
105.0
29.8
22.0
492.6
12.4
480.2
4.0
2.9
2.3
491.4
190.2
76.2
96.9
29.9
107.7
30.1
22.7
500.8
9.1
491.7
2.4
7.9
2.4
493.0
194.2
75.9
96.0
29.8
111.7
30.5
23.0
507.7
6.0
501.8
2.7
5.8
2.3
502.3
200.3
77.4
98.8
29.4
118.3
32.2
23.2
524.1
3.7
520.4
2.0
3.3
9.9
512.9
678
510
950
416
3,720
3,274
7,767
6,274
133
6,141
8
27
41
6,214
208.5
79.1
102.6
30.2
122.7
42.1
23.4
543.1
3.2
539.8
1.3
2.3
10.7
531.4
123
99
146
61
403
260
133
832
37.9
15.6
16.4
4.5
13.9
5.5
0.7
88.3
18.2%
19.7%
16.0%
14.9%
11.3%
13.0%
3.1%
16.3%
11.0
4.1
3.8
1.2
4.0
1.9
0.4
24.0
13.9
9.9
8.0
2.3
5.8
2.0
0.3
39.8
13.1
1.6
4.6
1.1
4.2
1.6
0.1
24.5
Increase in size of Tanker Fleet:

2015/2014
3.2%
2016*/2015
3.6%
* year to date
Bulk Carrier
Fleet, m. Dwt
2012
2013
2014
2015
No.
m.Dwt
No.
Capesize
100,000+
Panamax
65-100,000
Handymax
40-65,000
Handysize
10-40,000
TOTAL FLEET
Combos in Dry
Laid-up
Storage
ACTIVE FLEET
279.9
169.4
147.6
90.6
687.5
0.7
1.2
0.1
686.8
293.8
184.4
158.5
90.0
726.8
0.4
1.0
0.2
726.0
308.1
192.5
166.8
91.1
758.5
0.6
0.7
0.2
758.2
309.3
195.3
179.5
92.5
776.6
0.3
2.7
0.8
773.3
1,631
2,446
3,403
3,299
10,779
7
119
7
10,660
310.7
195.8
185.6
93.2
785.4
0.9
6.9
0.8
778.6
198
261
469
321
1,249
01-Sep-16
Year End

m.Dwt
% Fleet
2016
2017
2018+
47.1
15.1%
18.2
11.3
17.6
21.4
10.9%
10.0
8.4
3.1
28.4
15.3%
15.2
10.8
2.5
11.5
12.3%
5.0
4.3
2.2
108.4
13.8%
48.3
34.8
25.4
Increase in size of Bulkcarrier Fleet:
2015/2014
2.4%
2016*/2015
1.1%
* year to date
Note: Panamax fleet includes vessels 60-64,999 dwt built prior to 2000. Handymax fleet includes vessels 65-69,999 built from 2000 onwards.
LPG Carrier
Fleet ,000m
<5,000 cbm
5-20,000 cbm
20-45,000 cbm
45-65,000 cbm
>65,000 cbm
TOTAL FLEET
TOTAL M. DWT
01-Sep-16
Year End
2012
2013
2014
2015
No.
,000m
No.
,000m
% Fleet
2016
2017
2018+
1,529
2,428
3,394
1,184
11,411
19,947
15.4
1,518
2,579
3,552
1,184
12,484
21,318
16.3
1,538
2,627
3,797
1,184
13,153
22,299
17.0
1,537
2,794
4,040
1,365
16,088
25,825
19.4
638
349
149
24
235
1,395
1,534
2,859
4,346
1,425
19,191
29,353
21.7
6
23
62
1
57
149
18
245
1,913
60
4,746
6,982
4.85
1.2%
8.6%
44.0%
4.2%
24.7%
23.8%
22.3%
10
39
430
60
1,184
1,723
1.18
4
172
1,249
0
2,233
3,657
2.62
4
34
234
0
1,330
1,602
1.06
"Oil Tankers" includes vessels in the crude oil & oil products sectors, including all IMO 3 tankers and specified IMO 2 tankers (see Oil & Tanker Trades Outlook for detailed
definition). "Chemical" includes IMO 1 tankers and specified IMO 2 tankers. "Specialised" includes chemical tankers and other tankers designed for the carriage of
specialist liquids. "Laid-up" includes vessels reported and confirmed to be in lay-up, remaining out of service for an extended period.
Clarksons Research
Page 14
16-Sep-16
Fleet, m. Dwt
01-Sep-16
Year End
<40,000 cbm
40-100,000 cbm
100-150,000 cbm
150-180,000 cbm
180-220,000 cbm
>220,000 cbm
TOTAL FLEET
TOTAL M. DWT
Containership
Fleet ,000 Teu
01-Sep-16
Year End
2012
2013
2014
2015
No.
,000m
No.
,000m
% Fleet
2016
2017
2018+
293
1,070
31,620
9,776
6,608
3,727
53,093
28.9
231
982
31,367
12,306
6,608
3,727
55,221
30.0
231
839
31,388
17,473
6,608
3,727
60,266
32.7
345
684
31,136
22,073
6,608
3,727
64,573
35.1
29
9
222
154
31
14
459
372
684
30,880
24,988
6,608
3,727
67,259
36.4
12
1
0
119
8
0
140
220
45
0
20,348
1,442
0
22,055
11.4
59.0%
6.6%
0.0%
81.4%
21.8%
0.0%
32.8%
31.2%
104
0
0
3,880
182
0
4,166
2.2
115
45
0
6,100
360
0
6,620
3.4
0
0
0
10,369
900
0
11,269
5.7
01-Sep-16
Year End
2012
100-2,999 teu (Feeder)

4,188.6
3-5,999 teu
(Intermediate) 5,574.4
6-7,999 teu
(Intermediate) 1,788.2
8-11,999 teu (Neo-P'max)
3,123.3
12-14,999 teu (Neo-P'max)
1,436.6
15,000 &+ teu (Post-P'max)
140.4
16,251.6
TOTAL FLEET
206.5
TOTAL M. DWT
2013
2014
4,084.9
5,562.7
1,881.4
3,554.7
1,812.5
245.5
17,141.6
216.2
4,011.6
5,539.9
1,914.2
4,096.1
2,178.4
516.5
18,256.7
228.2
2015
No.
4,016.1 2,927
5,533.5 1,188
1,934.7 282
4,796.9 559
2,446.8 193
1,010.2
65
19,738.2 5,214
244.3
,000teu
No.
,000teu % Fleet
2016
2017
2018+
3,992.9
5,327.1
1,883.7
5,034.9
2,603.5
1,159.7
20,001.7
246.5
205
37
1
57
65
67
432
394.5
143.8
6.9
602.1
909.8
1,318.3
3,375.4
38.5
93.9
21.0
6.9
304.1
128.1
137.0
691.0
8.0
154.9
81.9
0.0
227.2
365.5
464.4
1,293.9
14.7
145.7
40.9
0.0
70.8
416.2
717.0
1,390.6
15.9
9.9%
2.7%
0.4%
12.0%
34.9%
113.7%
16.9%
15.6%
12-14,999 TEU 'Neo-Panamax' includes some ships which are too large to transit the expanded locks of the Panama Canal based on current official dimension restrictions.
Multipurpose
Fleet ,000 Teu
100 - 499 teu
500 - 999 teu
1000 &+ teu
TOTAL FLEET
MPP FLEET M. DWT
GC FLEET M. DWT
01-Sep-16
Year End
2012
2013
2014
2015
No.
561.9
556.1
547.5
539.8 2,133
593.8
575.2
554.7
551.5
797
334.3
398.7
432.6
452.3
320
1,490.0 1,530.1 1,534.7 1,543.7 3,250
29.5
29.8
29.7
29.7
38.0
37.5
37.6
37.5 15,019
,000teu
No.
536.7
548.4
458.8
1,543.9
29.8
37.5
19
70
20
109
113
,000teu % Fleet
6.4
51.6
24.1
82.2
1.5
1.0
1.2%
9.4%
5.3%
5.3%
5.1%
2.6%
2016
2017
2018+
5.6
31.1
9.7
46.4
0.9
0.5
0.8
12.4
14.5
27.6
0.5
0.3
0.0
8.1
0.0
8.1
0.1
0.2
Ro-Ro Vessel
Fleet, m. Dwt
2012
2013
2014
2015
No.
m.Dwt
No.
m.Dwt
% Fleet
2016
2017
2018+
<5,000 dwt
5,000-10,000 dwt
10,000 &+ dwt
TOTAL FLEET
CAR CARRIERS
1.1
2.4
4.5
8.1
11.8
1.1
2.3
4.3
7.7
11.9
1.1
2.3
4.1
7.5
12.1
1.1
2.3
4.4
7.7
12.4
751
314
232
1,297
785
1.1
2.3
4.3
7.6
12.4
5
11
18
34
66
0.0
0.1
0.5
0.6
1.3
1.6%
3.3%
10.8%
7.3%
10.2%
0.0
0.0
0.1
0.2
0.2
0.0
0.0
0.2
0.2
0.6
0.0
0.0
0.2
0.2
0.4
01-Sep-16
Year End
Reefer Vessel
Fleet m. ft.
2012
2013
2014
2015
No.
m.ft
No.
m.ft
% Fleet
2016
2017
2018+
< 200,000 cu ft
200-449,999 cu ft
> 450,000 cu ft
TOTAL FLEET
TOTAL M. DWT
48.1
76.0
112.9
236.9
5.3
47.2
74.9
109.7
231.8
5.2
46.0
73.9
105.5
225.4
5.0
46.1
74.2
103.8
224.2
5.0
976
244
186
1,406
46.0
72.9
103.3
222.2
5.0
2
9
4
15
0.3
2.5
3.0
5.8
0.1
0.7%
3.4%
2.9%
2.6%
2.8%
0.0
1.3
0.8
2.0
0.0
0.3
0.6
1.5
2.4
0.1
0.0
0.6
0.8
1.4
0.0
01-Sep-16
Year End
Owner Fleets by
Nationality, m. GT
2012
2013
2014
2015
No.
m. GT
No.
m. GT
% Fleet
2016
2017
2018+
Greece
Japan
China P.R.
Germany
United States
151.0
158.2
113.0
97.4
51.4
164.1
161.2
119.2
95.4
53.1
180.2
163.4
122.0
95.0
58.5
192.5
163.8
131.5
92.9
59.6
5,266
8,638
6,843
3,772
5,211
200.0
163.1
135.1
90.2
62.1
353
454
572
188
191
21.4
27.1
33.8
5.6
8.9
10.7%
16.6%
25.0%
6.2%
14.3%
7.7
3.7
12.4
2.8
3.1
8.9
7.7
7.8
1.9
2.3
4.7
15.6
13.7
1.0
3.5
01-Sep-16
Year End
Note: All fleet figures are from the Clarksons Research Ship and Orderbook Databases, expressed in the units indicated. All dwt figures are metric. Annual data are as at
year end, monthly data at the beginning of the month. The databases comprise vessels of 100gt and above. For access to more detailed fleet data visit World Fleet Register
at www.clarksons.net/wfr. * Value of the world fleet based on estimates of the value of each vessel based on type, size and age. For specialised and non-cargo vessels,
coverage may not be complete. Value of the orderbook based on reported newbuilding contract prices wherever possible and estimated contract prices adjusted for vessel
type, size and the date of the contract elsewhere. For more detail see World Fleet Monitor.
A "Sources & Methods" document which describes the methodology by which Clarksons Research gathers and processes the data set out in this
report, including the calculation of voyage earnings for tankers and bulk carriers, is available on our website at www.clarksons.net. Further enquiries
may be made to the addresses set out on the back page.
Clarksons Research
Page 15
16-Sep-16
LNG Carrier
Fleet ,000m
Analysis
Marvels Iron Man, as depicted in the 2008 film, features industrialist and genius inventor Tony Stark
creating a powered suit, later perfecting its design and fighting evil. While it was a gold titanium alloy rather than iron which was used to make the futuristic armour, iron-based materials such as steel are used
incredibly widely in the worlds industries today, with clear implications for shipping too.
The strength of Iron Mans suit was what

helped turn Tony Stark into a superhero.
The versatility and strength of steel has
made it todays most important construction material, with 1.6 billion tonnes of
steel produced last year. Over recent
decades, steel became one of shippings
superheroes, with the unprecedented
growth in Chinese steel production leading to a doubling of global steel output
between 2000 and 2014, and helping to
underpin the biggest shipping market
boom in history. Growth in Chinas raw
material demand was explosive, and by
2014, global seaborne iron ore and coking coal trade totalled 1.6 billion tonnes,
one seventh of total seaborne trade.
A Dangerous Weapon
But even superheroes have weaknesses,
and reaching new heights was problematic for Iron Man, when the build-up of ice
on his suit at high altitudes brought him
back down to earth with a bump. A distinct chill in the air has recently surrounded the steel industry too. Slower economic growth in China, which uses half of the
worlds steel, led Chinese steel consumption to drop 5% in 2015, undermining
steel prices. Difficult economic conditions
elsewhere also limited steel use, with
consumption in Latin America and the
Middle East declining 7% and 1% respectively last year, and overall, global steel
output fell 3%. Weaker demand for
steelmaking materials was a key driver of
the fall in seaborne dry bulk trade in
2015, despite a 20% surge in Chinese
steel exports. The steel market remains
challenging with world consumption expected to fall again in 2016, and dry bulk
Shipping Intelligence Weekly, 16 September 2016

Published by:
Clarkson Research Services Limited
Commodity Quay, St Katharine Docks
London E1W 1BF, England.
Tel: + (44) (0) 20 7334 3134
E-mail: sales.crs@clarksons.co.uk
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World Fleet Register: www.clarksons.net/wfr
Shipping Intelligence Weekly is published 50 times a year. It is
available on subscription at a price of 895/960 a year (within
Europe/outside Europe) including postage.
trade still lacks the power to boost the

bulker markets back into higher altitudes.
In Need Of A Shield
Of course, steel also impacts the supply
side of the shipping industry. In Iron
Mans final showdown with the Iron Monger, in the end it all comes down to a
good design and precise timing, concepts
close to any shipowners heart. As the
very fabric of the ships themselves, steel
is a key cost for shipbuilders, but volatile
prices have just as big an impact at the
older end of the market. With continued
exports of surplus steel from China maintaining pressure on steel prices, there is
limited light at the end of the tunnel for

owners scrapping ships in difficult market
conditions for values around 50% lower
than just two years ago.
Iron World
So there you have it. An Iron Man with a
will of iron can save the world, whilst
steel can bring the worlds shipowners
fortune and challenges in equal measure.
Steel may no longer be the superhero of
seaborne trade growth, but it is still the
glue that quite literally holds the shipping
industry together and keeps 11 billion
tonnes a year of cargo afloat. Now thats
a superhuman effort. Have a nice day!
Graph of the Week

Nerves Of Steel?
Precarious Heights
To Abrupt Landings
160
140
million tonnes
$/ldt
Global Steel Production (LHS)

Bulkcarrier Scrap Price (RHS)
800
700
120
600
100
500
80
400
60
300
40
200
20
100
The grey area on the graph

shows monthly global crude steel
production in million tonnes. The
line shows the scrap price assessment for a Handysize
(c.8,000 ldt) bulkcarrier in the
Indian Sub-Continent (right hand
axis).
Jan-00
Jan-01
Jan-02
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Steel At The Heart
Source : Clarksons Research
Editorial Board:
Managing Director
Research Director
Market Research
Publisher
Editor
Clarksons Platou Contacts:
S&P
Tankers
Specialised
Gas
Dry Cargo
Containers
Freight Derivatives
Offshore
Stephen Gordon
Trevor Crowe
Sarah Holden
Rob Benson
Nathaniel Elliott-Green
J. Brynteson
R. Knight
R. Whittet
T. Baggio
M. Goodall
J. Tolstrup-Moller
A. Gray
P. Middleton
The material and the information contained herein are

provided for general information purposes, and may not be
reproduced without the written permission of Clarksons
Research. To the maximum extent permitted by law, Clarksons Research shall not be liable to the recipient or any
third party for any loss, liability or damage, cost or expense
including without limitation, direct, indirect, consequential
loss or damage, any loss of profit, loss of use, loss of or
interruption in business, loss of goodwill, loss of data arising out of, or in connection with, the use of and the reliance
on the information whether in contract, tort, negligence,
bailment, breach of statutory duty or otherwise, even if
foreseeable. This disclaimer shall be governed by and
construed in accordance with English law.
Shippings Heavy Metal Hero, Or Marvellous Villain?

SIW Issue 1239 16 - 09 - 2016

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SIW Issue 1239 16 - 09 - 2016

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Shipping Intelligence Weekly

Issue No. 1,239

This Week's Analysis (see Back Page)

Heavy Metal Always Close To Shipping's Heart But

Vessel Charter Rates This Week

1 Year Capesize TC Rate

6-12m 2,750 TEU TC Rate $5,900/day

Crude Tanker Spot Market

Gas & Chemical Markets

Liner & Offshore Markets

Sale & Purchase Market

Recent Ship Sales by Vessel Type

Fleet Changes, Bunkers

Timecharter Fixture Record

The Timecharter Market

The Shipbuilding Market

The Demolition Market

World Fleets & Orderbooks

Tripcharter Market, Freight Indices

Ship Demand Trends

Large Bulk Carrier Market

Selection of ports covered by the various market sectors in this report

Asset Prices This Week

2,750 TEU N/B

2,750 TEU 5yo

Clarksons Research is respected worldwide

Selection of ports covered by the various market sectors in this report

Shipping Intelligence Network

Crude Tanker Spot Market

Crude Tanker Highlights

A pick-up in cargoes offered from Nigeria has supported

It has been a busy week in the Mediterranean and Black

Sep Nov Jan Mar May Jul

Oct Dec Feb Apr Jun Aug

280,000t Gulf - Europe

Average earnings $ per day

This Week ....

130,000t WAF - USAC

Average earnings $ per day

Average earnings $ per day

This Week ....

This Week ....

Product Tanker Spot Market

Product Tanker Highlights

MR Clean Tanker Earnings

Sep Nov Jan Mar May Jul

Oct Dec Feb Apr

75,000t Gulf - Japan

^ Lump Sum in $million.

55,000t Med - US Gulf *

This Week ....

Average earnings $ per day

This Week ....

VLCC Spot Market

Monthly Fixture Record

Average earnings $ per day

This Week ...

Large Bulk Carrier Market

Sep Nov Jan Mar May Jul

Oct Dec Feb Apr Jun Aug

176,000t ore Tubarao/Rotterdam*

67,000t coal USGulf/ARA*