30th May - 03rd June 2016

6 | Week 22
2

A very celebratory week but with li!le to celebrate this "me around. It feels as though Dry Bulk Freight Market
most conversa"on circles at this years Posidonia have limited if any posi"ve things to W-O-W change
talk about. Sen"ment for all shipping markets is keeping at a downright nega"ve tone, 03 Jun %
while most are trying to excuse the inexcusable in terms of what has inevitably led to BDI 610 p 4 0.7%
this great down turn in the market. In forums you hear blame being thrown le#, right BCI 913 p 83 10.0%
and centre, though the unavoidable truth is that each market player has played there BPI 550 q -32 -5.5%
BSI 574 q -5 -0.9%
small or big part. One must let all this get the down however, as the shipping market
BHSI 349 p 2 0.6%
always prevails back to normality even if it be with a renewal of market players and
under ever changing market fundamentals.
Tanker Freight Market
The big issue on focus across all these talks is the overwhelming supply of vessels and W-O-W change
the large damage done by the excessive ordering of the past. It will be a while before 03 Jun %
a proper balance between supply and demand has been achieved and we have man- BDTI 759 p 24 3.3%
aged to shrink the orderbook down to size, but fears are that we may see a trickle BCTI 490 q -10 -2.0%
back into old bad habits, with new orders being placed as soon as the market starts to
pick up once more, con"nuing the two year cycle pa!ern that has been noted ever Newbuilding Market
since the market crash of 2008. Whats worse is that this two year market cycle has Aggregate Price Index M-O-M change
been a downward trending one, with each subsequent peak and trough being lower 03 Jun %
than the last, primarily driven by the sluggish demand side of things. The collapse of Bulkers 75 q -1 -1.9%
Cont 93 q -4 -3.9%
the commodi"es markets has been severe and it looks as though things are not in any
Tankers 96 q -2 -1.6%
state of improving on this front for now, despite the slight recovery noted during the
Gas 95 q -3 -3.5%
past couple of months in some of the commodity markets such as that of iron ore and
crude oil. The fundamentals for most of the commodi"es markets s"ll point towards Secondhand Market
further problems down the line. Aggregate Price Index M-O-M change
The few bullish views present in the market seem to focus more on the poten"al pro- 03 Jun %
spects, quo"ng gures such as the level of poten"al growth in consump"on of energy Capesize 39 p 0 1.1%
and goods in most of the developing countries, however one must not forget that Panamax 37 p 2 4.5%
even Chinas exponen"al growth of the early 2000s was heavily dependent and driv- Supramax 38 p 2 5.5%
Handysize 42 p 1 2.0%
en by the opening of credit in the U.S. and European markets, allowing the consumers
VLCC 93 q -10 -9.8%
in these respec"ve markets to over indulge in imports and create enough demand and
Suezmax 92 q -1 -0.6%
foreign direct investment so as to create a strong upward pulling force for China to
Aframax 108 q -3 -2.8%
become the worlds workshop. Shipping is heavily reliant on large investment projects
MR 114 q -7 -5.4%
which increase the demand for industrial commodi"es such as iron ore, while once
most of these investments come into opera"on the pull onwards the requirements for Demoli"on Market
energy commodi"es as well as commodi"es which are heavily used as feedstock in Avg Price Index (main 5 regions) W-O-W change
the eventual produc"on line of nished products. Of course this cycle of growth will 03 Jun %
make an appearance once again, however before it is able to do so several structural Dry 217 q -6 -2.7%
changes will need to take place in the developed economies so as to create the prime Wet 241 q -6 -2.4%
condi"ons for consumers to be able to support such growth. Economic Indicators
In the mean"me, it looks as though we need to look more favourably to the vital M-O-M change
structural changes that need to take place within shipping itself. In order to drive the 03 Jun %
next boom in the freight market, we will require a more appropriate shipbuilding ca- Gold $ 1,212 q -44 -3.5%
pacity to the one we have today, keeping as such a self-providing check to refrain the Oil WTI $ 49 p 3 6.3%
market players from any new excesses in terms of ordering new vessels and as such Oil Brent $ 50 p 3 5.3%
keeping eet growth more in line with what the market really requires. Iron Ore 48 q -15 -23.8%
George Lazaridis Coal 57 p 5 8.6%
Head of Market Research & Asset Valua!ons

1
30th May - 03rd June 2016
201
016

Capesize - With ac"vity con"nuing at a fairly good pace and a good level of inter- BDI BCI BPI BSI BHSI
est arising from Brazil, rates started to see a slight improvement towards the end 3,000
of the week. There is s"ll a good level of fresh inquiries coming in for the later half 2,500
of June loading dates which could keep things on the posi"ve track for a li!le
2,000
while longer, though with the North Atlan"c showing signs of easing, things might
hold more stable rather then show any keen upward trajectory. 1,500
1,000
Panamax - We witnessed yet another week of downward correc"ons in rates as
the holiday pause on Monday in the U.K. and U.S. seemed to have taken away 500
from any momentum that could have built up in interest. On the Pacic side, 0
things were already slow from the week prior and with poor posi"on lists weigh-
ing down on the market rates slid down further as the week came to a close.
Supramax - A fairly slow start to the week here as well though with the Pacic
showing some renewed interest and with fewer vessels open prompt, it managed
25
to hold as a backstop to further losses being noted overall in the market. If we '000 US$/day
20
dont however see a renewed market in the North Atlan"s over the coming days,
15
it looks as though we may well be in sight for further downward correc"ons by
10
the end of this week.
5
Handysize - A similar vibe was being noted in the Handysize segment as well, 0
though the slight renewed interest in the U.S. Gulf and a much stronger market in
the Pacic helped closing things o in the green this week. A lot will con"nue to
depend on the Far East market holding strong, keeping the momentum going.

Spot market rates & indices Average 10

8
'000 US$/day
03 Jun 27 May % 2016 2015
Baltic Dry Index 6
BDI 610 606 0.7% 467 711 4
Capesize
BCI 913 830 10.0% 488 1,009
2
BCI 5TC $ 6,754 $ 6,346 6.4% $ 4,374 $ 8,001 0
ATLANTIC RV $ 6,925 $ 7,025 -1.4% $ 4,764 $ 8,206
Cont / FEast $ 12,886 $ 14,045 -8.3% $ 10,546 $ 16,387
PACIFIC RV $ 6,704 $ 5,746 16.7% $ 3,765 $ 7,394
FEast / ECSA $ 6,682 $ 5,482 21.9% $ 4,489 $ 8,353
Panamax
BPI 550 582 -5.5% 489 690 15
BPI - TCA $ 4,393 $ 4,650 -5.5% $ 3,910 $ 5,513
'000 US$/day
ATLANTIC RV $ 4,718 $ 5,127 -8.0% $ 3,935 $ 5,925 10
Cont / FEast $ 8,198 $ 8,333 -1.6% $ 7,435 $ 10,563
PACIFIC RV $ 4,070 $ 4,523 -10.0% $ 3,790 $ 5,021 5
FEast / Cont $ 587 $ 616 -4.7% $ 480 $ 542
Supramax 0
BSI 574 579 -0.9% 443 662
BSI - TCA $ 5,998 $ 6,051 -0.9% $ 4,631 $ 6,919
Cont / FEast $ 9,433 $ 9,742 -3.2% $ 7,997 $ 9,890
Med / Feast $ 8,004 $ 8,029 -0.3% $ 6,992 $ 9,274
PACIFIC RV $ 4,942 $ 4,933 0.2% $ 4,045 $ 5,989
FEast / Cont $ 3,000 $ 2,975 0.8% $ 2,252 $ 4,794 15
USG / Skaw $ 10,388 $ 10,381 0.1% $ 6,939 $ 10,915 12
'000 US$/day
Skaw / USG $ 4,271 $ 4,439 -3.8% $ 2,529 $ 3,705
Handysize 9
BHSI 349 347 0.6% 275 364 6
BHSI - TCA $ 4,975 $ 4,936 0.8% $ 4,003 $ 5,354 3
Skaw / Rio $ 4,750 $ 5,055 -6.0% $ 3,283 $ 3,770
0
Skaw / Boston $ 5,229 $ 5,617 -6.9% $ 3,672 $ 4,057
Rio / Skaw $ 5,761 $ 6,036 -4.6% $ 5,777 $ 8,526
USG / Skaw $ 7,479 $ 7,071 5.8% $ 5,267 $ 7,200
SEAsia / Aus / Jap $ 3,700 $ 3,379 9.5% $ 3,055 $ 4,211
PACIFIC RV $ 4,589 $ 4,475 2.5% $ 3,955 $ 5,429 2015 2016

2
30th May - 03rd June 2016
2

Crude Oil Carriers - A strong recovery in inquiries this week helped owners boost BDTI BCTI
their posi"on, while the thinner tonnage lists in the MEG and WAF helped boost 1,250
things further. Over spilling on from the VLs, the Suezmax market also managed
1,050
to see a considerable improvement, while the MEG also managed to pull in some
ballasters, easing o condi"ons in the WAF. It was only Aframaxes in the North 850
Sea/ Bal"c and Caribs markets that were lacking interest and posi"ve growth,
650
though this was in part due to the slower start to the week noted due to the holi-
days in the U.K. and U.S. 450

Oil Products - A fairly dicult week for CPP cargoes, with routes across the 250
board showing a considerable downward correc"on. With the price arbitrage
closing in the North Atlan"c, demand was week not helping owners who where
opening in the region. Things were slightly be!er on the DPP routes, with ac"vity
rising and keeping things posi"ve on most routes.
110
90 '000 US$/day
Spot market rates & indices Average 70
50
03 Jun 27 May % 2016 2015
30
Baltic Tanker Indices 10
BDTI 759 735 3.3% 801 820 -10
BCTI 490 500 -2.0% 550 637
VLCC
WS 35.29 32.50 8.6% 39.73 36.36
MEG-USG
$/day $ 17,988 $ 14,746 22.0% $ 26,359 $ 31,968
WS 67.46 56.21 20.0% 68.38 64.43
MEG-SPORE
$/day $ 59,476 $ 52,268 13.8% $ 62,984 $ 61,629 100
MEG-JAPAN
WS 65.68 54.50 20.5% 66.78 63.09
75
'000 US$/day
$/day $ 48,827 $ 37,553 30.0% $ 53,212 $ 68,288
WS 70.00 62.50 12.0% 73.10 72.72 50
WAF-USG
$/day $ 89,257 $ 77,992 14.4% $ 96,681 $ 76,589 25
SUEZMAX
WS 85.00 60.00 41.7% 77.86 81.13
0
WAF-USAC -25
$/day $ 51,619 $ 32,807 57.3% $ 48,428 $ 46,404
WS 100.00 97.00 3.1% 89.56 91.34
BSEA-MED
$/day $ 33,993 $ 32,341 5.1% $ 31,069 $ 46,346
AFRAMAX
WS 94.72 99.17 -4.5% 107.44 111.01
NSEA-CONT
$/day $ 10,744 $ 13,763 -21.9% $ 26,548 $ 37,053
WS 93.78 92.11 1.8% 117.35 112.26 100
MEG-SPORE
$/day $ 15,300 $ 14,722 3.9% $ 24,626 $ 31,406 80
'000 US$/day
WS 100.00 100.83 -0.8% 115.35 133.63 60
CARIBS-USG
$/day $ 13,374 $ 13,658 -2.1% $ 21,179 $ 37,962
WS 70.00 82.50 -15.2% 86.45 92.57
40
BALTIC-UKC 20
$/day $ 15,297 $ 22,600 -32.3% $ 29,378 $ 43,406
DPP 0
WS 120.00 115.00 4.3% 124.46 138.77
CARIBS-USAC
$/day $ 26,359 $ 24,741 6.5% $ 29,208 $ 30,727
WS 123.50 115.75 6.7% 112.64 122.73
ARA-USG
$/day $ 34,256 $ 30,968 10.6% $ 29,568 $ 30,281
WS 94.31 89.94 4.9% 116.19 110.54
SEASIA-AUS
$/day $ 18,588 $ 17,097 8.7% $ 27,798 $ 35,804 35
MED-MED
WS 117.64 114.44 2.8% 100.07 108.70 30 '000 US$/day
$/day $ 23,975 $ 23,004 4.2% $ 19,911 $ 35,902 25
CPP 20
WS 85.11 94.83 -10.2% 101.72 105.50
MEG-JAPAN 15
$/day $ 13,407 $ 16,022 -16.3% $ 19,911 $ 28,796
10
WS 109.32 113.64 -3.8% 116.82 134.68
CONT-USAC 5
$/day $ 8,594 $ 9,332 -7.9% $ 11,884 $ 18,755
WS 105.00 115.00 -8.7% 129.95 134.05
CARIBS-USAC
$/day $ 16,022 $ 18,507 -13.4% $ 23,202 $ 22,099
WS 70.42 74.64 -5.7% 94.74 96.47
USG-CONT 2015 2016
$/day $ 2,579 $ 3,324 -22.4% $ 8,543 $ 12,481

3
30th May - 03rd June 2016
6
Dry Bulk period market TC rates last 5 years
03 Jun 29 Apr % Min Avg Max
Capesize 15 10
12 months $ 8,000 $ 9,750 -17.9% $ 6,200 $ 15,138 $ 31,450
36 months $ 10,500 $ 10,000 5.0% $ 6,950 $ 15,748 $ 25,200 13 9
Panamax 8
12 months $ 6,000 $ 6,000 0.0% $ 4,950 $ 10,562 $ 18,700 11
36 months $ 6,750 $ 6,750 0.0% $ 6,200 $ 11,109 $ 16,700 7
Supramax 9
12 months $ 6,250 $ 6,000 6
4.2% $ 4,450 $ 10,410 $ 15,950
36 months $ 6,250 $ 6,250 0.0% $ 6,200 $ 10,725 $ 15,450 7 5
Handysize
12 months $ 5,000 $ 4,750 5.3% $ 4,450 $ 8,597 $ 12,950 5 4
36 months $ 5,500 $ 5,500 0.0% $ 5,450 $ 9,153 $ 12,950

Latest indica"ve Dry Bulk Period Fixtures

M/V ''NAVIOS SOLEIL'', 57334 dwt, built 2009, dely Campha prompt for
10 8
about, $5,700, for 4/6 months trading, to WBC 9
7
M/V ''RIVA WIND'', 53533 dwt, built 2005, dely PG prompt about, $5,400, 8
for 3/5 months trading, to Oldendorff
7 6
M/V ''SENORITA'', 58663 dwt, built 2008, dely Onsan 10/11 Jun about,
$5,750, for 3/5 months trading, to Oldendorff 6
5
M/V ''SUNNY YOUNG'', 81966 dwt, built 2011, dely CJK 04/08 Jun,
5
$5,350, for 5/8 months trading, to Hyundai Glovis 4 4
M/V ''GEORGIOS P '', 57000 dwt, built 2010, dely Rotterdam prompt,
$7,000, for min 3/about 5 months trading, to Chart Not Rep

Tanker period market TC rates last 5 years

03 Jun 29 Apr % Min Avg Max
VLCC
12 months $ 39,250 $ 42,000 -6.5% $ 18,000 $ 30,088 $ 57,750 60 45
36 months $ 34,000 $ 37,500 -9.3% $ 22,000 $ 31,631 $ 45,000 55 40
Suezmax 50
12 months $ 28,750 $ 29,500 -2.5% $ 15,250 $ 23,204 $ 42,500 35
45
36 months $ 26,500 $ 27,500 -3.6% $ 17,000 $ 24,558 $ 35,000
Aframax
40 30
12 months $ 23,250 $ 24,750 -6.1% $ 13,000 $ 18,108 $ 30,000 35 25
36 months $ 21,500 $ 23,000 -6.5% $ 14,750 $ 19,025 $ 27,000 30
MR 25 20
12 months $ 15,750 $ 16,750 -6.0% $ 12,500 $ 15,007 $ 21,000 20 15
36 months $ 15,750 $ 16,250 -3.1% $ 14,000 $ 15,298 $ 18,250

Latest indica"ve Tanker Period Fixtures

M/T ''DS COMMANDER'', 310000 dwt, built 1999, $35,250, for 1 year 32 22
trading, to HOB 21
20
M/T ''RS TARA'', 158000 dwt, built 2016, $28,500, for 2 years trading, to 27
19
VITOL 18
22 17
M/T ''CAPTAIN JOHN'', 115000 dwt, built 2014, $23,000, for 2 years 16
trading, to NAVIG8 15
17
14
M/T ''STAR EAGLE'', 51200 dwt, built 2007, $16,500, for 1 year trading, to
13
TUNE CHEMICAL
12 12
M/T ''ATLANTIC CANYON'', 36500 dwt, built 2009, $13,500, for 2+1 years
trading, to SIGNAL MARITIME

4
30th May - 03rd June 2016

Despite entering into another Posidonia week and despite the in- Capesize Panamax Supramax Handysize
tense marke"ng eorts that will be put on during the week by most 60
shipbuilders to en"ce interest especially from the Greek market, it 50
40 US$ million
looks like will be seeing limited ac"vity in this eld and despite the
30
strong downward correc"on that has been noted in terms of prices
20
over the past couple of months. The secondhand market is s"ll the
10
main prevailing deterrent to most and with good reason, while there
is also a strong feel that the market cant sustain a strong growth in
the eet. In terms of this la!er point most will point out that this has
not prevent owners in the past in over ordering, however with
freight rate condi"ons in most sectors s"ll in the doldrums and a VLCC Suezmax Aframax LR1 MR
110
considerable amount of economic and poli"cal risks s"ll fairly pre-
sent few are willing to take such a high value and long term commit- 90
US$ million
ment with ease. 70
50
30

Indicative Dry NB Prices (US$ million) last 5 years Indicative Wet NB Prices (US$ million) last 5 years
03 Jun 29 Apr % Min Avg Max 03 Jun 29 Apr % Min Avg Max
Dry Bulkers Tankers
Capesize (180,000dwt) 43.5 45.0 -3.3% 43.5 50.2 58.0 VLCC (300,000dwt) 89.5 91.5 -2.2% 89.5 96.1 104.0
Kamsarmax (82,000dwt) 25.0 25.5 -2.0% 25.0 28.9 36.5 Suezmax (160,000dwt) 59.5 61.0 -2.5% 55.8 61.5 66.0
Panamax (77,000dwt) 24.5 25.0 -2.0% 24.5 28.1 34.5 Aframax (115,000dwt) 49.5 50.0 -1.0% 47.0 51.8 56.0
Ultramax (64,000dwt) 23.0 23.5 -2.1% 23.0 26.3 31.0 LR1 (75,000dwt) 43.5 44.0 -1.1% 40.5 44.0 47.0
Handysize (37,000dwt) 20.0 20.0 0.0% 20.0 22.3 26.5 MR (56,000dwt) 33.5 34.0 -1.5% 33.5 35.3 37.3
Container Gas
Post Panamax (9,000teu) 84.5 86.5 -2.3% 76.5 86.6 94.5 LNG 160k cbm 196.0 198.0 -1.0% 196.0 200.0 203.0
Panamax (5,200teu) 50.0 52.5 -4.8% 48.6 57.0 65.6 LPG LGC 80k cbm 73.0 76.0 -3.9% 70.0 74.2 80.0
Sub Panamax (2,500teu) 28.5 29.3 -2.6% 28.5 32.9 41.0 LPG MGC 55k cbm 62.5 66.0 -5.3% 62.0 64.6 68.5
Feeder (1,700teu) 19.0 20.3 -6.2% 19.0 24.3 29.4 LPG SGC 25k cbm 42.0 43.5 -3.4% 41.0 44.1 46.5

Reported Transac"ons
Type Units Size Shipbuilder Price Buyer Delivery Comments
LR3, Coated, Ice class, Tier III
TANKER 2 158,000 dwt HYUNDAI HI, S. Korea $ 70.0m AMPTC - Egypt 2018
design
TANKER 2 112,800 dwt DAEHAN, S. Korea $ 45.5m ENESEL - Greece 2017 Tier II design
DAE SUN SHIPBUILDING, S. HEUNG-A SHIPPING - South
TANKER 2 6,500 dwt $ 15.0m 2018 StSt, IMO II
Korea Korea
DAE SUN SHIPBUILDING, S.
TANKER 3 3,500 dwt N/A KSS LINE - South Korea 2017-2018 StSt, IMO II
Korea
CONT 3 14,500 teu HYUNDAI MIPO, S. Korea N/A IRISL - Iran 2018-2020
CONT 4 3,300 teu COSCO ZHOUSHAN, China $ 29.0m CMA CGM - France 2019 high reffer capacity
CONT 2+1 1,800 teu CSBC CORP., Taiwan $ 48.0m PREVALENCE HOLDINGS - 2017-2018
HUANGPU WENCHONG, TROPICAL SHIPPING -
CONT 2 1,100 teu $ 25.0m 2017
China United States Of America
GAS 2+2 180,000 cbm HYUNDAI HI, S. Korea $ 200.0m SK SHIPPING - South Korea 2019 LNG
NIPPON YUSEN KAISHA - 01 - 03
GAS 2 83,000 cbm JAPAN MARINE UNITED, Japan $ 75.0m LPG
Japan 2019

5
30th May - 03rd June 2016

On the dry bulk side, it looks as though prices have hit a slight stall
point for now despite the s"ll ample ac"vity being reported. It seems 5% +3% 20% +17% +17%
+0%
as though buyers are reluctant just yet to allow for prices to really 0% 15%
escape the freight market reality, while there is limited appe"te for -5% 10% +6%
specula"ve buying right now despite the fact that many s"ll heavily 5%
-10%
en"ced by the prices levels being noted despite being slightly higher -9% 0%
-15%
then what they where one month prior. -5%
-20%
On the tanker side, the market started to liven up this past week -10%
-25%
with a number of deals being recorded on the larger crude oil carri- -15%
ers as well as in the product tankers range. This however brought -30% -27% -20%
-18%
with it another wave of price discounts compared to where the mar- 1 month diff 3 months diff 1 month diff 3 months diff
6 months diff 12 months diff 6 months diff 12 months diff
ket was showing how the buyers are the ones now controlling the
market and this mainly down to the fact that few sellers are looking
at the prospect of ooading any units in any favorable light whatso- 20% 15% +9% +9%
+14% +14% 10%
ever. 15% +11% 5%
Indicative Dry Bulk Values (US$ million) last 5 years 10% 0%
5% -5%
03 Jun 29 Apr % Min Avg Max -3%
-10%
Capesize 0% -15%
180k dwt Resale 35.0 35.0 0.0% 34.5 48.4 65.0 -20%
-5%
170k dwt 5 year old 23.8 23.8 0.0% 23.0 37.2 53.0 -25%
170k dwt 10 year old 14.0 13.3 5.7% 12.0 25.4 39.0 -10% -30%
150k dwt 15 year old 8.0 8.0 0.0% 6.5 15.4 25.0 -15% -35%
Panamax -40% -35%
-20% -17%
82k dwt Resale 24.0 22.8 5.5% 22.5 30.7 43.0
76k dwt 5 year old 13.5 12.8 5.9% 11.5 22.1 36.8 1 month diff 3 months diff 1 month diff 3 months diff
76k dwt 10 year old 8.0 8.0 0.0% 7.3 16.4 29.3 6 months diff 12 months diff 6 months diff 12 months diff
74k dwt 15 year old 4.5 4.3 5.9% 3.5 10.8 22.0
Supramax
62k dwt Resale 20.5 19.3 6.5% 19.0 28.6 36.8
58k dwt 5 year old 12.5 11.3 11.1% 11.0 21.3 30.5
52k dwt 10 year old 6.5 6.5 0.0% 6.0 15.4 24.3
52k dwt 15 year old 3.5 3.5 0.0% 3.5 10.3 19.0 0% 0% +0%
Handysize -2%
-2%
37k dwt Resale 17.0 17.0 0.0% 17.0 23.1 30.0 -4%
32k dwt 5 year old 8.8 8.0 9.4% 7.8 17.4 25.5 -4%
32k dwt 10 year old 6.3 6.3 0.0% 6.0 13.0 19.5 -6%
28k dwt 15 year old 3.5 3.5 0.0% 3.5 8.8 14.5 -8% -6%
-10% -8% -6%
-10% -8%
Indicative Tanker Values (US$ million) last 5 years -12%
03 Jun 29 Apr % Min Avg Max -10%
-14% -13%
VLCC
310k dwt Resale 90.5 95.0 -4.7% 80.0 95.3 108.5 -16% -15% -12% -11% -11%
310k dwt 5 year old 69.0 75.0 -8.0% 55.0 70.4 87.0 1 month diff 3 months diff 1 month diff 3 months diff
250k dwt 10 year old 49.0 55.0 -10.9% 33.8 46.6 62.0 6 months diff 12 months diff 6 months diff 12 months diff
250k dwt 15 year old 30.0 35.0 -14.3% 16.9 27.7 41.0
Suezmax
160k dwt Resale 65.0 65.0 0.0% 53.0 64.1 73.0 0% 0%
150k dwt 5 year old 52.5 52.5 0.0% 38.0 50.1 62.0 -2%
150k dwt 10 year old 39.0 40.0 -2.5% 24.0 34.1 44.5 -2%
-4% -3% -3%
150k dwt 15 year old 23.0 23.0 0.0% 14.0 18.9 23.3
Aframax -6% -4%
-4%
110k dwt Resale 54.0 55.0 -1.8% 39.0 48.9 57.0 -8% -6%
110k dwt 5 year old 39.0 40.0 -2.5% 27.0 37.0 47.5 -5% -5%
105k dwt 10 year old 26.0 27.0 -3.7% 16.0 24.1 33.0 -10%
-8%
105k dwt 15 year old 16.0 16.5 -3.0% 8.0 13.2 18.5 -12%
MR -14% -10%
52k dwt Resale 36.0 37.0 -2.7% 32.0 36.9 39.3 -13% -10%
52k dwt 5 year old 26.0 27.5 -5.5% 22.0 26.9 31.0 -16% -12%
-15%
45k dwt 10 year old 19.0 20.0 -5.0% 14.0 18.0 21.0 1 month diff 3 months diff 1 month diff 3 months diff
45k dwt 15 year old 11.5 12.5 -8.0% 9.0 11.0 13.5 6 months diff 12 months diff 6 months diff 12 months diff

6
30th May - 03rd June 2016

Tankers
Size Name Dwt Built Shipbuilder M/E Coating Price Buyers Comments
HYUNDAI SAMHO, via auction - SS/DD due -
VLCC E ELEPHANT 317,174 2011 Wartsila $ 55.6m Greek - Minerva
S. Korea out of calss

HYUNDAI HEAVY
VLCC CRUDE HOPE 308,000 2016 Wartsila $ 84.8m
INDUSTRI, S. Korea

HYUNDAI HEAVY
VLCC CRUDE PROGRESS 308,000 2017 Wartsila $ 84.8m
INDS - G, S. Korea Crude Progress & Med are
Norwegian - Frontline
HYUNDAI HEAVY options
VLCC CRUDE MED 308,000 2017 Wartsila $ 84.8m
INDS - G, S. Korea

HYUNDAI HEAVY
VLCC CRUDE HORN 308,000 2016 Wartsila $ 84.8m
INDS - G, S. Korea

HITACHI ARIAKE
VLCC NIPPON 298,399 2002 B&W $ 31.5m Singaporean
NAGASU, Japan
BRODOTROGIR, EPOXY
MR PURE GRACE 46,057 1996 B&W N/A undisclosed
Croatia Coated

HYUNDAI MIPO, S. EPOXY

MR SIMOA 40,354 2004 B&W $ 13.0m Greek
Korea Coated

PROD/ SHIN KURUSHIMA U. K. Based - Tufton

SIRA 20,832 2008 MAN-B&W StSt $ 20.5m
CHEM AKITSU, Japan Oceanic

SZCZECINSKA,
SMALL BOW SAILOR 6,008 1999 MAN-B&W StSt $ 6.4m undisclosed
Poland
Bulk Carriers
Size Name Dwt Built Shipbuilder M/E Gear Price Buyers Comments
HANJIN SALDANHA HYUNDAI HEAVY S. Korean - H-Line incl. TC until 2024 at
CAPE 179,147 2010 MAN-B&W $ 37.5m
BAY INDUSTRI, S. Korea Shipping $19,500/day

POST JIANGSU NEW

CONTI JAPSIS 93,266 2012 MAN-B&W $ 11.2m
PMAX YANGZIJIAN, China S. American - Ultra
POST JIANGSU NEW Ocean
CONTI JADE 93,253 2012 MAN-B&W $ 11.2m
PMAX YANGZIJIAN, China
Greek -
TSUNEISHI CORP
PMAX UNITED TREASURE 82,926 2006 MAN-B&W $ 8.4m Gourdomichalis SS/DD due Jul '16
NUMAKUM, Japan
Shipping
NANTONG
PMAX C FORTUNE 76,000 2016 RONGSHENG Wartsila N/A undisclosed via auction
SHBL, China
JIANGSU NEW
4 X 30t
UMAX NYZJ RESALE 63,600 2016 YANGZIJIAN, MAN-B&W $ 18.7m prompt dely
CRANES
CHina U.S. based - Raven
JIANGSU NEW Capital
4 X 30t
UMAX NYZJ RESALE 63,600 2016 YANGZIJIAN, MAN-B&W $ 18.7m prompt dely
CRANES
CHina
TSUNEISHI
4 X 30t
SMAX TENKO MARU 58,732 2008 ZHOUSHAN HUL, MAN-B&W $ 9.0m Greek
CRANES
China
MITSUI TAMANO, 4 X 30t Bangladeshi - SR
SMAX SANTA ELENA 56,011 2005 MAN-B&W $ 7.2m
Japan CRANES Shipping
OSHIMA
4 X 30t
SMAX JIN AN 50,786 2000 SHIPBUILDING, Sulzer $ 3.5m undisclosed
CRANES
Japan
4 X 25t
HMAX TOP BRILLIANCE 45,769 1998 TSUNEISHI, Japan B&W $ 2.5m Chinese
CRANES

7
30th May - 03rd June 2016

Bulk Carriers - continued

Size Name Dwt Built Shipbuilder M/E Gear Price Buyers Comments
NAIKAI ZOSEN - 4 X 30t
HANDY SEA AMITY 28,290 2001 B&W $ 3.9m Turkish
SETODA, Japan CRANES
Containers
Size Name TEU Built Shipbuilder M/E Gear Price Buyers Comments
SUB AKER MTW, 3 X 45t
HANSA VICTORY 2,478 2000 B&W $ 4.0m Greek - Lomar
PMAX Germany CRANES
SUB THYSSEN, 3 X 45t
KATHARINA 2,452 2001 MAN-B&W $ 3.5m Greek - Lomar Ice FSII
PMAX Germany CRANES

2 X 45t
FEEDER ISLANDIA 1,118 2004 JINLING, China MAN-B&W $ 4.5m undisclosed
CRANES
Gas Carriers
Size Name Dwt Built Shipbuilder M/E CBM Price Buyers Comments
MITSUBISHI
LNG WILGAS 67,552 1984 Mitsubishi 126,975 $ 20.0m Laid up
NAGASAKI, Japan
Far Eastern
MITSUBISHI
LNG WILENERGY 67,055 1983 Mitsubishi 125,788 $ 20.0m Laid up
NAGASAKI, Japan

8
30th May - 03rd June 2016

With interest from end buyers s"ll lacking this past week, while most Bangladesh India Pakistan China Turkey
hold back and wait to see the markets true direc"on, prices quoted 450
400
for scrapping eased further across the board. There are now several 350
nega"ve factors approaching the market with the budgets in Paki- 300
250
stan and Bangladesh due now and the Ramadan holidays further 200
taking capacity out of ac"on and just before the start of the mon- 150 US$/ldt
100
soon season, it looks as though we are all set for some further down-
ward correc"ons over the next couple of weeks. On the plus side the
number of demo candidates has also eased slightly helping prices
hold more buoyant. What will need to be seen is a slow inux of can-
didates so as to keep a good volume of vessels being taken out of Bangladesh India Pakistan China Turkey
the market, but at the same "me not so many so as to not swamp the 450
400
market and cause another price crash like the one noted last sum- 350
mer. A hard outcome to see, but not all out impossible to achieve. 300
250
200
150 US$/ldt
100

Indicative Dry Prices ($/ldt) last 5 years Indicative Wet Prices ($/ldt) last 5 years
03 Jun 27 May % Min Avg Max 03 Jun 27 May % Min Avg Max
Indian Sub Continent Indian Sub Continent
Bangladesh 260 270 -3.7% 220 402 515 Bangladesh 290 300 -3.3% 245 424 540
India 255 260 -1.9% 225 409 525 India 285 290 -1.7% 250 432 550
Pakistan 250 260 -3.8% 220 405 510 Pakistan 280 290 -3.4% 245 429 525
Far East Asia Far East Asia
China 150 150 0.0% 110 308 455 China 170 170 0.0% 120 325 485
Mediterranean Mediterranean
Turkey 170 175 -2.9% 145 256 355 Turkey 180 185 -2.7% 150 267 355

Reported Transac"ons
Type Vessel's Name Dwt Built Country Built Ldt US$/ldt Buyer Sale Comments
Bulker ASSIMINA 72,126 1997 Japan 9,495 $ 285/Ldt Bangladeshi old sale
Cont HANSA CONSTITUTION 34,954 1997 Germany 11,355 N/A undisclosed bss 'as is' S'pore
Cont GLORY 30,300 1996 Poland 10,485 N/A undisclosed bss 'as is' Hong Kong
Bulker SUCHADA NAREE 23,732 1994 Japan 5,000 $ 250/Ldt Bangladeshi

9
30th May - 03rd June 2016
Bremer Landesbank (BLB) is reported to have been urged to shore up
its capital against non-performing shipping loans by the European US Dollar per Euro Yen per US Dollar
Central Bank (ECB). However, the German shipping bank has dis- 1.20 125.00
missed the reports as wrong, according to reports from news agency
Reuters. On Saturday German weekly publica"on Focus reported that 1.15 120.00
Bremer Landesbank needs another EUR 700m ($795m) in equity
ci"ng talks between the city-states nance chief and parliamentary 1.10 115.00
leaders. However, Reuters quoted a spokeswoman at BLB denying
that the ECB is pressuring the bank into making provisions for bad 1.05 110.00
shipping loans, saying the informa"on about the ECB as well as the
level of EUR 700m of equity needed were factually wrong and pure 1.00 105.00
inven"on. In early May TradeWinds reported that a deal by BLB to
ooad a eet of 32 feederships to Norwegian and Dutch investors
had run into trouble. The deal was undertaken as part of BLBs eorts Yuan per US Dollar US Dollar INDEX
to reduce its exposure to shipping markets, where vessels under 3,000 6.70 108.00
teu make up one-third of its shipping por:olio. 6.60 107.00
106.00
While the number of nanced ships was reduced last year, BLBs ex- 6.50 105.00
posure has risen due to the compara"vely strong US dollar, according 6.40 104.00
103.00
to its 2015 annual report. Source: Tradewinds 6.30
102.00
6.20 101.00
last 12 months
6.10 100.00
03 Jun 29 Apr % Min Avg Max 99.00
Markets 6.00 98.00
10year US Bond 1.70 1.82 -6.6% 1.64 2.08 2.48
S&P 500 2,099.1 2,065.3 1.6% 1,829 2,029 2,128
Nasdaq 4,942.5 4,775.4 3.5% 4,267 4,868 5,219
Dow Jones 17,807.1 17,773.6 0.2% 15,660 17,272 18,144
FTSE 100 6,209.6 6,241.9 -0.5% 5,537 6,264 6,951
FTSE All-Share UK 3,416.1 3,421.7 -0.2% 3,047 3,437 3,787 Iron Ore (TSI) Coal Price Index
CAC40 4,421.8 4,429.0 -0.2% 3,897 4,612 5,197 70.00 70.00
Xetra Dax 10,103.3 10,039.0 0.6% 8,753 10,351 11,736 65.00
Nikkei 16,642.2 16,666.1 -0.1% 14,953 18,291 20,868 65.00
60.00
Hang Seng 20,947.2 21,067.1 -0.6% 18,320 22,010 27,657
55.00 60.00
DJ US Maritime 227.5 209.5 8.6% 150.2 210.2 263.8
Currencies 50.00 55.00
$ per 1.12 1.14 -1.7% 1.06 1.11 1.16 45.00
$ per 1.45 1.46 -1.0% 1.39 1.49 1.59 50.00
40.00
per 0.77 0.78 -0.7% 0.70 0.74 0.81
35.00 45.00
per $ 107.9 108.0 -0.1% 106.2 118.1 125.1
$ per Au$ 0.73 0.76 -4.3% 0.69 0.73 0.78
$ per NoK 0.12 0.12 -2.3% 0.11 0.12 0.13
$ per SFr 0.98 0.96 2.4% 0.92 0.98 1.03 Oil WTI $ Palm Oil
Yuan per $ 6.58 6.48 1.5% 6.16 6.41 6.60 65.00 650
Won per $ 1,181.7 1,143.2 3.4% 1,102.0 1,168.9 1,237.8 60.00 600
$ INDEX 100.8 99.0 1.8% 98.1 103.4 107.4 55.00
Commoditites 50.00 550
Gold $ 1,212.4 1,256.0 -3.5% 1,049.4 1,158.6 1,294.0 45.00 500
Oil WTI $ 48.9 46.0 6.3% 26.9 43.0 61.2 40.00
Oil Brent $ 49.8 47.3 5.3% 28.2 45.7 65.6
450
35.00
Palm Oil 562.0 562.0 0.0% 437.5 553.9 630.5
30.00 400
Iron Ore 47.9 62.9 -23.8% 37.0 51.7 68.7
25.00 350
Coal Price Index 56.8 52.3 8.6% 47.3 53.7 62.1
White Sugar 496.6 456.9 8.7% 333.6 398.4 496.6

10
30th May - 03rd June 2016 | Week 22

ALLIED SHIPBROKING INC. ALLIED CHARTERING S.A.

48, Aigialeias Street, 4th Floor, 48, Aigialeias Street, 4th Floor,
Maroussi 151 25, Greece Maroussi 151 25, Greece
Tel: +30 210 45 24 500 Tel : +30 210 42 88 100
Fax: +30 210 45 25 017/ 019 Fax: +30 210 45 24 201
E-mail: snp@allied-shipbroking.gr E-mail: drycargo@allied-chartering.gr

E-mail: tanker@allied-chartering.gr

Sale & Purchase Dry Cargo Chartering

AERAKIS GEORGE ALEXOPOULOS PANOS
MOBILE: +30 6946 04 57 37 MOBILE: +30 6944 34 66 15
BOLIS ILIAS DAOULAS SPYROS
MOBILE: +30 6937 02 65 00 MOBILE: +30 6932 27 88 40
DASKALAKIS GEORGE KAILAS VAGGELIS
MOBILE: +30 6932 24 80 07 MOBILE: +30 6942 48 05 69
DRAKOGIANNOPOULOS STAVROS KANELLOS DIMITRIS
MOBILE: +30 6932 20 15 65 MOBILE: +30 6945 07 47 85
DRAKOGIANNOPOULOS SAKIS KAPPA ANGELIKI
MOBILE: +30 6944 88 58 08 MOBILE: +30 6975 85 60 84
HATZIGEORGIOU NASSOS KARAMANIS COSTAS
MOBILE: +30 6944 73 33 93 MOBILE: +30 6941 54 14 65
KARADIMAS COSTAS KARAMANI NATALIA
MOBILE: +30 6932 20 15 64 MOBILE: +30 6984 58 82 99
KLONIZAKIS JOHN MANOLOPOULOS VASSILIS
MOBILE: +30 6948 50 55 81 MOBILE: +30 6988 88 13 05
KOSTOYANNIS JOHN MAVRIKOU GEORGINA
MOBILE: +30 6932 43 39 99 MOBILE: +30 6974 18 07 84
MANOLAS NIKOLAS PATELIS DIMITRIS
MOBILE: +30 6940 63 22 56 MOBILE: +30 6944 04 43 61
MOISSOGLOU THEODOROS THEODOTOS ARISTOFANIS
MOBILE: +30 6932 45 52 41 MOBILE: +30 6951 79 82 89
PAPOUIS THASSOS TSALPATOUROU MARGARITA
MOBILE: +30 6944 29 49 89 MOBILE: +30 6934 74 22 16
PRACHALIAS ARGIRIS Tanker Chartering
MOBILE: +30 6947 62 82 62 FLOURIS JOHN
MOBILE: +30 6955 80 15 03
STASSINAKIS JOHN
MOBILE: +30 6972 60 92 09 FOUROULI STELLA
MOBILE: +30 6947 35 68 48
TSALPATOUROS COSTIS
MOBILE: +30 6932 20 15 63 PAPANTONOPOULOS NICOLAS
MOBILE: +30 6945 23 21 88
VARVAROS PLUTON
MOBILE: +30 6937 25 15 15
Maritime Research & Valuations
LAZARIDIS GEORGE
MOBILE: +30 6946 95 69 40

11
30th May - 03rd June 2016 | Week 22

Disclaimer
The informa"on contained within this report has been provided by Allied Shipbroking Inc. and Allied Chartering S.A. for general informa"on
purposes.
All the informa"on is compiled through Allied Shipbroking Inc. and Allied Chartering S.A. databases, as well as from other market sources. De-
spite having taken reasonable care in the gathering, ltering and audi"ng of this informa"on and believing that the informa"on is accurate and
correct, it may s"ll contain errors, as a lot of the views regarding market levels are par"ally derived from es"mates and/or subject judgments
while the reported transac"on ac"vity is gathered from several sources and rumors, some of which are some"mes hard to validate in full their
accuracy and truthfulness. As such we advise that the informa"on be taken cau"ously, while advising that this informa"on does not obviate the
need to also make further enquiries and seek further informa"on in order to obtain a more accurate outlook. As we make no warran"es of any
kind, both expressed or implied, as to the completeness, accuracy, reliability or completeness of the informa"on herein, Allied Shipbroking Inc.
and its connected persons shall not be held liable to any loss or damage of any kind, including direct, indirect and/or consequen"al damages
caused by negligence of any kind on our part.
Any choice to rely on this informa"on provided is strictly at the recipients own risk.
This report and its informa"on is conden"al and solely for the internal use of its recipients, while any re-produc"on or re-distribu"on of the
report and its material is strictly prohibited without prior permission from Allied Shipbroking Inc.
If you wish to subscribe to this or any other report we produce, please contact us directly.

Appendix
Aggregate Price Index quoted on the rst page for both Newbuilding and Secondhand relates to the current average prices levels compared to
where they stood at 1st January 2010 (i.e. index 100 = 01/01/2010)
Demoli"on market average price index refers to the combina"on of the average prices currently oered in the Indian Sub-Con"nent, Far East
and Mediterranean.
Period rates currently relate to Capesize of 180,000dwt, Panamax of 76,000dwt, Supramax of 56,000dwt and Handysize of 33,000dwt on the
Dry Bulk side and VLCC of 250,000dwt, Suezmax of 150,000dwt, Aframax of 115,000dwt and MR of 52,000dwt on the Tankers side respec-
"vely.
In terms of Secondhand Asset Prices their levels are quoted based on following descrip"on:
All vessels built to European specica"ons
Resale 5 year old 10 year old 15 year old
by top Japanese shipbuilders, with dwt size
Capesize 180,000dwt 170,000dwt 170,000dwt 150,000dwt based on the below table.
Panamax 82,000dwt 76,000dwt 76,000dwt 74,000dwt
Supramax 62,0000dwt 58,000dwt 52,000dwt 52,000dwt
Handysize 37,000dwt 32,000dwt 32,000dwt 28,000dwt
VLCC 310,000dwt 310,000dwt 250,000dwt 250,000dwt
Suezmax 160,000dwt 150,000dwt 150,000dwt 150,000dwt
Aframax 110,000dwt 110,000dwt 105,000dwt 95,000dwt
MR 52,000dwt 45,000dwt 45,000dwt 45,000dwt

12