ATHENIAN SHIPBROKERS S.A.

107-109, Vas. Pavlou Str., GR 166 73, Voula , Athens, Greece

Tel: 210 9659700 - Fax: 210 8996040
Internet Mail: athenian@atheniansa.gr
www.atheniansa.gr

January 2014
MONTHLY REPORT

12000
Baltic Dry Index
10000

8000

6000

4000

2000

0
May-04

May-05

May-06

May-07

May-08

May-09

May-10

May-11

May-12

May-13
Jan-04

Jan-05

Jan-06

Jan-07

Sep-07
Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14
Sep-04

Sep-05

Sep-06

Sep-08

Sep-09

Sep-10

Sep-11

Sep-12

Sep-13
PRICES TANKERS ($ MIO)
* Prices reflect Year’s End 2009* 2010* 2011* 2012* 2013* Jan-14
VLCC 5Y 78.0 87.8 55.6 56.0 55.8 67.4
VLCC 10Y 59.5 64.3 34.1 35.0 35.0 45.4
SUEZMAX 5Y 57.0 62.8 45.6 40.2 39.5 46.0
AFRAMAX 5Y 40.5 44.5 34.7 28.0 27.8 33.2
AFRAMAX10Y 23.5 30.7 19.3 16.3 16.3 23.3
PANAMAX5Y 35.5 39.0 30.9 24.3 24.3 31.5
45K 5Y D/H 23.5 27.3 25.8 23.0 23.3 29.2
45K 10Y D/H 16.0 19.7 15.8 15.5 15.7 18.8
45K 20Y 4.0 6.7 6.0 6.2 6.2 6.5

PRICES BULKERS ($ MIO)

* Prices reflect Year’s End 2009* 2010* 2011* 2012* 2013* Jan-14
CAPESIZE 5Y 54.5 57.0 36.3 32.0 43.9 44.6
CAPESIZE 10Y 45.0 43.0 26.8 20.5 31.0 32.2
CAPESIZE 15Y 28.0 26.0 15.2 12.7 18.2 18.5
CAPESIZE 20Y 16.5 16.4 10.5 9.3 10.1 10.0
PANAMAX 5Y 35.0 38.5 26.4 18.0 25.6 26.5
PANAMAX 10Y 27.5 31.6 18.6 12.5 17.9 19.8
PANAMAX 15Y 22.0 23.1 12.4 8.3 12.0 13.0
PANAMAX 20Y 12.0 13.8 8.1 5.4 7.5 7.5
SUPRAMAX 5Y 27.5 31.9 26.4 23.3 24.3 25.5
HANDYMAX10Y 22.0 24.7 18.0 13.0 17.4 18.9
HANDYMAX15Y 17.5 20.0 11.1 8.7 10.9 11.6
HANDYMAX20Y 11.0 12.0 7.9 6.3 6.4 6.4
 2

SECOND HAND SALES & CHARTER FIXTURE TRENDS

Monthly Tanker Market Trend Monthly 1 Yr TC Rates

180.0 100000

160.0 90000

140.0 80000

70000
120.0
60000
100.0
50000
80.0
Price (USD Mio)

Price (USD)
40000
60.0
30000
40.0
20000
20.0 10000
0.0 0

VLCC 5Y VLCC 10Y SMAX 5Y AMAX 5Y VLCC 1 Yr T/C SMAX 1 Yr T/C AMAX 1 Yr T/C

AMAX 10Y PMAX 5Y 45K 5Y D/H 45K 10Y D/H PMAX 1 Yr T/C MR 1 Yr T/C

Monthly Bulk Carrier Market Trend Monthly 1 Yr TC Rates

160.0 180000

140.0 160000

140000
120.0
120000
Prices (USD Mio)

100.0
100000
Price (USD)

80.0
80000
60.0
60000
40.0
40000

20.0 20000

0.0 0

CAPE 5Y CAPE 10Y CAPE 15Y PMAX 5Y CAPE 1 Yr T/C PMAX 1 Yr T/C
PMAX 10Y PMAX 15Y SUPRA 5Y HMAX 5Y
SUPRA 1 Yr T/C HMAX 1 Yr T/C
HMAX 10Y HMAX 15Y

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3

SECOND HAND TONNAGE MARKET

AVAILABLE FOR SALE AVAILABLE FOR SALE

S&P Activity Dry S&P Activity Tankers
REPORTED SOLD REPORTED SOLD
(<5,000 Dwt) (<5,000 Dwt)
PREVIOUS MONTH A/BLE FOR PREVIOUS MONTH A/BLE FOR
SALE SALE
PREVIOUS MONTH SALES PREVIOUS MONTH SALES

600 300

400 471 200

198 215
366
200 100
33 61 40
23
0 0
THIS MONTH - PREVIOUS MONTH THIS MONTH - PREVIOUS MONTH

*Excluding demolition sales

Sale and Purchase Market - Second Hand units

Ship Type Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Total
BULK 42 29 51 54 61 33 270
TANK 22 35 27 48 23 40 195
GAS 0 6 1 4 6 3 20
CONT 14 8 15 28 7 4 76
TWEEN 0 0 1 2 1 1 5
REEF 0 0 0 0 0 0 0
RORO 0 0 0 0 0 0 0
FERRY 0 2 0 0 0 0 2
CRUISE 0 0 0 0 0 0 0

Total 78 80 95 136 98 81 568

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4

Baltic Clean Tanker - Yearly Baltic Dirty Tanker - Yearly

750 1400 1287
700 1200
650 690 633
614 1000
600
800 692
550 657
556
500 600
450 486 400
6 9 12 15 18 21 24 27 30 33 36 39 42 45 48 51 2 5 6 9 12 15 18 21 24 27 30 33 36 39 42 45 48 51 2 5
2013 2014 2013 2014
WEEK NO WEEK NO

Baltic Clean Tanker - Monthly Baltic Dirty Tanker - Monthly

620 1400 1344
618
1300
615 613 1200
1099
1100
610
1000
606 1006
608 900
605 607
605 800
600 700
02/01/2014 09/01/2014 16/01/2014 23/01/2014 30/01/2014 02/01/2014 09/01/2014 16/01/2014 23/01/2014 30/01/2014

TANKER SALES
NAME DWT BLT PRICE $ BUYER
NIKER 5850 2005 TURKEY DH 7 MIO ITALIAN (Via Auction)
BOW MATE 6001 1999 POLAND DH 6.8 MIO UNDISCLOSED (Stst tanker)
BRO VENTO 8063 2010 CHINA DH 11 MIO UNDISCLOSED
RUI XIANG 9000 2012 CHINA DH 18.65 MIO CHINESE (Stst tanker)
RUN ZE 9016 2011 CHINA DH 18.65 MIO CHINESE (Stst tanker)
CLIPPER KATE 11260 2006 S.KOREA DH 11.5 MIO S.KOREAN
CLIPPER KARINA 11420 2006 S.KOREA DH 11.5 MIO S.KOREAN
CLIPPER DAISY 12756 1998 JAPAN DH 8.5 MIO S.KOREAN
MALPENSA 17525 2009 S.KOREA DH * ENBLOC BSS▼
MANON 17527 2008 S.KOREA DH * ENBLOC BSS▼
MYKINES 17548 2008 S.KOREA DH * ENBLOC BSS▼
MIRABEAU 17548 2009 S.KOREA DH 72 MIO SINGAPOREAN (Bank sale. Total Price)
CLIPPER MAKISHIO 19999 2009 JAPAN DH 26.8 MIO NORWEGIAN
TURID KNUTSEN 22000 1993 SPAIN DH 7 MIO NIGERIAN
GREAT SWAN 23480 1991 GERMANY DH 7 MIO GREEK
DAN EAGLE 46186 1999 S.KOREA DH * ENBLOC BSS▼
DAN SABIA 59317 2012 CHINA DH * ENBLOC BSS▼
KNUTSEN NYK OFFSHORE (Total
DAN CISNE 59335 2011 CHINA DH 65 MIO
Price)
THERESA CRYSTAL 46842 1993 S.KOREA DH 8 MIO SEVEN ISLAND SHIPPING, INDIA
OCEAN LEO 47366 2010 JAPAN DH 28 MIO UACC, MIDDLE EAST
SENATORE 72514 2004 S.KOREA DH 22 MIO GREEK
NOEMI 72604 2004 S.KOREA DH 22 MIO GREEK
ANNA VICTORIA 74999 2004 S.KOREA DH 22.5 MIO GREEK
ELEGANT VICTORIA 74999 2007 JAPAN DH 28.2 MIO GREEK
VALDARNO 108914 2010 CHINA DH 32 MIO TEEKAY GROUP

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5

VALBRENTA 109039 2009 CHINA DH 32 MIO TEEKAY GROUP

VALFOGLIA 109060 2009 CHINA DH 32 MIO TEEKAY GROUP
VALLESINA 109060 2009 CHINA DH 32 MIO TEEKAY GROUP
SEAMASTER 109266 2006 CHINA DH 24 MIO UNDISCLOSED
ELISEWIN 149991 2002 JAPAN DH 23 MIO GREEK
HERO 156532 2011 CHINA DH 51 MIO GREEK
ALMI SKY 157787 2012 S.KOREA DH 55 MIO GREEK
ALGECIRAS SPIRIT 160250 2000 S.KOREA DH 18.2 MIO GREEK
PRISCO MIZAR 166468 2007 S.KOREA DH * ENBLOC BSS▼
PRISCO ALCOR 166546 2007 S.KOREA DH 82 MIO GREEK (Total Price)
LUXEMBOURG 199150 1999 S.KOREA DH 28 MIO UNDISCLOSED (For conversion)
GULF SHEBA 298923 2007 CHINA DH * ENBLOC BSS▼
GULF EYADAH 298971 2006 CHINA DH 99 MIO UNDISCLOSED (Total Price)
SATURN GLORY 198982 1998 S.KOREA DH 23 MIO SANTEK MARINE PTE, SINGAPORE
BW NYSA 299543 2000 S.KOREA DH 32 MIO UNDISCLOSED

GAS SALES
NAME DWT BLT CBM PRICE $ BUYER
LONG CHAMP 4316 1990 JAPAN 3142 2 MIO INDONESIAN
SIGLOO DISCOVERY 9999 1989 ITALY 10326 8.6 MIO INDIAN
OVAL NOVA 50357 1993 JAPAN 75362 30 MIO CHINESE

VLCC
SUEZMAX
Spot Market - Tankers AFRAMAX

70000
60000 58000
50000 48900
45500
40000
$/Day

30000
20000
10000
0
Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14

VLCC
SUEZMAX
Period Market - Tankers 1 Year T/C AFRAMAX

30000
27000
25000
23000
20000
$/Day

18000
15000

10000

5000
Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14

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6

Baltic Handysize Baltic Supramax

790 1380
770
750 1280
750 1276
730
1180
710 1191
715
690 2 705 1080 2
670 1079
650 980
02/01/2014 09/01/2014 16/01/2014 23/01/2014 30/01/2014 02/01/2014 09/01/2014 16/01/2014 23/01/2014 30/01/2014

Baltic Panamax Baltic Capesize

1900 4000
1800 3500
1700 1750 3531
3000
1600 1552
1621 2500
1500 1413 2082
4 2000 4 38
1400 1673
1300 1500 1832

1200 1000
02/01/2014 09/01/2014 16/01/2014 23/01/2014 30/01/2014 02/01/2014 09/01/2014 16/01/2014 23/01/2014 30/01/2014

BULKER SALES
NAME DWT BLT GEAR PRICE $ BUYER
PACIFIC CHIKUSA 16870 2000 JAPAN CR 3X25 5 MIO UNDISCLOSED
DANIELA BOLTEN 23641 2008 JAPAN CR 4X30 14 MIO UNDISCLOSED
CYNTHIA PIONEER 23641 2009 JAPAN CR 4X30 15 MIO UNDISCLOSED
CARMEN SILVA 25739 1992 ROMANIA CR 3X25 2.63 MIO TURKISH (Via Auction)
CS SOLARIS 28492 2001 JAPAN CR 4X30 13 MIO UNDISCLOSED
FEDERAL AGNO 29643 1985 JAPAN CR 4X25 3.25 MIO UNDISCLOSED
TINA A 42717 1997 JAPAN CR 4X30 10.5 MIO DANISH
PACIFIC ROYAL 43210 1996 S.KOREA CR 4X25 8.7 MIO UNDISCLOSED (Bss dely upon
TC comp mid 2014)

PACIFIC CHAMP 43229 1996 S.KOREA CR 4X25 9 MIO UNDISCLOSED (Bss dely upon
TC comp mid 2014)
NIKKEI PHOENIX 45635 2002 JAPAN CR 4X30 16 MIO GREEK
AZURE SKY 45712 1995 JAPAN CR 4X30 8.7 MIO GREEK
SEA PEACE 46786 2000 JAPAN CR 4X30 14.2 MIO UNDISCLOSED
EILHARD SCHULTE 48913 1999 JAPAN CR 4X25 12.7 MIO GREEK
PACIFIC BASIN, HONG
AOYAMA 56013 2006 JAPAN CR 4X30 22.3 MIO
KONG
IKAN SERONG 56023 2006 JAPAN CR 4X30 22.7 MIO UNDISCLOSED
ORIENT RISE 56700 2010 CHINA CR 4X30 21.5 MIO UNDISCLOSED
JINLING JLZ9120410 62450 2014 CHINA CR 4X30 * ENBLOC BSS▼
JINLING JLZ9120411 62450 2014 CHINA CR 4X30 * ENBLOC BSS▼
JINLING JLZ9120408 63500 2014 CHINA CR 4X30 * ENBLOC BSS▼
JINLING JLZ9120409 63500 2014 CHINA CR 4X30 121 MIO GREEK (Total Price)
GLOBAL TRIUMPH 72870 1996 TAIWAN GLESS 8 MIO CHINESE
KALYPSO 73762 1997 JAPAN GLESS 11.3 MIO S.KOREAN

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7

AUGUSTEA, ITALY (Bss dely 4-

GRAND DIVA 76596 2007 JAPAN GLESS 21.8 MIO
7/2014 chopt)
SEA OF HARVEST 81383 2009 JAPAN GLESS * ENBLOC BSS▼
GRAND CHALLENGER 82992 2006 JAPAN GLESS 52 MIO GREEK (Total price)
MINERAL PEARL 81545 2013 CHINA GLESS 26 MIO UNDISCLOSED
PRETTY MASTER 82000 2013 CHINA GLESS 24 MIO UNDISCLOSED
KAMISHIMA 95625 1993 JAPAN GLESS 8.1 MIO CHINESE
CAPE PROVIDENCE 169234 2010 S.KOREA GLESS 34 MIO CARGILL
JINHAI J0021 176000 2013 CHINA GLESS 46.5 MIO GREEK
QINGDAO BEIHAI BC 180-26 180000 2013 CHINA GLESS * ENBLOC BSS▼
QINGDAO BEIHAI BC 180-30 180000 2013 CHINA GLESS 46.5 MIO GREEK (Price each)
SANKO POWER 181196 2010 JAPAN GLESS 49.4 MIO EASTERN PACIFIC

CAPESIZE

Spot Market - Bulkers PANAMAX

HANDYMAX

45000
40000
35000
30000
25000
$/Day

20000
15000
11500
10000 11000
5000 7450
0
Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14

CAPE

Period Market - Bulkers 1 Year T/C PMAX

HANDYMAX
25000 23500
23000
21000
19000
17000 4
15000 14700
$/Day

13000
11000
10500
9000
7000
5000
Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14

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8

CONTAINER SALES
NAME DWT BLT GEAR TEU PRICE $ BUYER
BARBARA 5910 1997 TURKEY GLESS 467 1 MIO RUSSIAN (Laid up)
BOTERDIEP 8300 1999 NETHERLANDS GLESS 401 2.2 MIO TURKISH
BUXHILL 23465 1995 GERMANY GLESS 1684 4 MIO UNDISCLOSED
CAP SALINAS 57500 2013 CHINA GLESS 4800 43.5 MIO GERMAN

TWEEN SALES
NAME DWT BLT GEAR TEU PRICE $ BUYER
BAO YUN DA 5769 1996 JAPAN DR 3X30 1.5 MIO UNDISCLOSED

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9

NEW BUILDING MARKET AND REPORTED CONTRACTS

Tanker Prices VLCC Suezmax Bulker Prices Capesize Panamax

Aframax MR Handymax Handysize

120 60
55 54.7
100 50
94.3 45
80 40
35
$m

$m
30
28.2
60 60.7
52.8 25 26.5
40 20 22.2
35.4
15
20 10
Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14

Dry Bulk Orderbook

Ship Type 2014 (deliv) 2014 2015 2016 2017 2018 2019 Total
VLOC 1 18 12 7 0 0 0 37
Capesize 10 90 105 67 1 0 0 263
Small Cape 3 30 19 4 1 0 0 54
Panamax 20 207 123 66 3 0 0 399
Supramax 14 223 240 112 18 1 0 594
Handys 19 200 163 55 1 0 0 419
Total 67 768 662 311 24 1 0 1766

Tanker Orderbook
Ship Type 2014 (deliv) 2014 2015 2016 2017 2018 2019 Total
ULCC/VLCC 1 33 22 22 3 0 0 80
Suezmax 1 34 15 8 0 0 0 57
Aframax 0 35 43 25 1 0 0 104
Panamax 1 11 2 3 0 0 0 16
MR 9 120 135 78 8 0 0 341
Handy 0 20 32 3 2 2 0 59
Total 12 253 249 139 14 2 0 657

LPG Tank Orderbook

Ship Type 2014 (deliv) 2014 2015 2016 2017 2018+ Total
VLGC 1 10 30 11 0 0 51
LGC 0 0 3 0 0 0 3
MR 0 6 11 8 2 1 28
Handy 0 19 12 6 0 0 37
Small 0 31 36 3 1 0 71
Total 1 66 92 28 3 1 190

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10

Tankers >10,000 dwt

Newbuilding Sales Delivery Schedule Bulkers >10,000 dwt.
Bulkers >10,000 dwt
Containerships Tankers >10,000 dwt
1000 80 74.8
885
900
70
800
No. of Vessels

60
700

m. dwt
600 50 44.8
500 40
395
400 27.6 28
30
300 260 214 17.4
169 20 15.5
200
70 10
100 38 9
8
0 0
2012 2013 Jan-14 Jan-14 2015 2016+

VLCC Suezmax Bulker Newbuildings on Order

Tanker Newbuildings on Order Aframax Panamax
Capesize Panamax

Products Handymax Handysize

25 70
22.4
58.9
60
20 17.6
50
37.1
m. dwt

15 40 36.1
m. dwt

11.5
30
10 7.4 15.1
20
5 1.8
10

0 0
January 2014 January 2014

Newbuilding Historical Prices ($m)

Tankers Jan-14 2013 2012 2011 2010 2009 2008 2007 2005 2000 1995 1990 1985
1 2
310,000 DWT 94.3 93.8 93.2 98.9 104.8 97.5 150 145 120 76.5 85.3 87.4 38.2
170,000 DWT1 60.7 59.6 57.1 60.3 66.3 61 90 90 71.5 52.5 54 66.1
2
28.2
110,000 DWT1 52.8 52.2 48.5 52.2 56 49.5 74 72 58 41.5 43.3 53.2
2
18.1
47,000 DWT1 35.4 34.6 33.8 35.2 36.1 35 46.5 52 43 29.5 33.2
3
32.1
3
13.3
Bulkers
180,000 DWT1 54.7 53.6 45.7 48.4 57.2 55.5 87 96 58.5 40.5 42.3 60.2 29.3
73,000 DWT1 28.2 27.8 25.6 28.7 34.3 34.5 45.5 54 36 22.5 27.9 30 13.4
45,000 DWT 26.5 26.5 23.7 26.7 31.1 29 41 47.5 31 20.5 24.1 25.3 12.4
29,000 DWT 22.8 22.2 20.5 22.2 26.3 24.5 31 34 25.5 15 19.2 21.3 9.7
1 2 3
Before 2001 sizes to read 280,000 - 140,000 - 95,000 - 40,000 respectively for tankers and 150,000 - 69,000 for Bulkers Single Hull 30,000 DWT
(note: above is for vessels built Japan / Korea, you should also consider US$ / Yen / Won relation for the years mentioned)

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11

The Shipbuilding Market

TYPE DWT BUILDER DELIVERY PRICE $ OWNER NOTES
BULK 82000 Zhejiang Zhenhe SB 2015 Seatankers Mngt.
BULK 82000 Zhejiang Zhenhe SB 2015 Seatankers Mngt.
BULK 64000 Huangpu Wenchong S/Y 2015 Prosperity Investment
BULK 64000 Huangpu Wenchong S/Y 2016 Prosperity Investment
BULK 64000 Huangpu Wenchong S/Y 2016 Prosperity Investment
BULK 64000 Huangpu Wenchong S/Y 2017 Prosperity Investment
BULK 64000 Chengxi Shipyard 2015 Greathorse Shipping
BULK 64000 Chengxi Shipyard 2015 Greathorse Shipping
BULK 64000 Chengxi Shipyard 2015 Greathorse Shipping
BULK 63500 Dayang S.B. 2016 Ariston Navigation
BULK 82000 Dayang S.B. 2016 Diana Shipping
BULK 63000 Imabari S.B. 2017 Wisdom Marine Lines
BULK 63000 Imabari S.B. 2017 Wisdom Marine Lines
BULK 63000 Imabari S.B. 2017 Wisdom Marine Lines
BULK 64000 Jinling Shipyard 2015 Sinotrans Shpg. Ltd.
BULK 64000 Jinling Shipyard 2015 Sinotrans Shpg. Ltd.
BULK 64000 Jinling Shipyard 2015 Sinotrans Shpg. Ltd.
BULK 64000 Jinling Shipyard 2015 Sinotrans Shpg. Ltd.
BULK 61000 Dalian COSCO KHI 2016 Lauritzen Bulkers
BULK 61000 Dalian COSCO KHI 2016 Lauritzen Bulkers
BULK 63000 Imabari S.B. 2017 Lauritzen Bulkers
BULK 63000 Imabari S.B. 2017 Lauritzen Bulkers
BULK 64000 Zhejiang Yangfan 2016 d'Amico Ireland
BULK 64000 Zhejiang Yangfan 2016 d'Amico Ireland
BULK 38800 Taizhou Sanfu 2016 Pioneer Marine Advis
BULK 38800 Taizhou Sanfu 2016 Pioneer Marine Advis
BULK 82000 Jiangsu New YZJ 2016 Torvald Klaveness
BULK 82000 Jiangsu New YZJ 2016 Torvald Klaveness
BULK 208000 Jiangsu New YZJ 2016 Oldendorff Carriers
BULK 208000 Taizhou Catic 2016 Oldendorff Carriers
BULK 208000 Taizhou Catic 2016 Oldendorff Carriers
BULK 43500 Qingshan Shipyard 2016 Blue Wall Shipping
BULK 43500 Qingshan Shipyard 2016 Blue Wall Shipping
BULK 208000 Hantong S.Y. 2016 Oldendorff Carriers
BULK 208000 Hantong S.Y. 2016 Oldendorff Carriers
BULK 82000 Jinling Shipyard 2015 Oldendorff Carriers
BULK 82000 Jinling Shipyard 2015 Oldendorff Carriers
BULK 82000 Sungdong S.B. 2015 Reuben Brothers Ltd.
BULK 82000 Sungdong S.B. 2015 Reuben Brothers Ltd.
BULK 82000 Sungdong S.B. 2016 Reuben Brothers Ltd.
Chem & Oil 3500 Dae Sun S.B. 2016 Heung-A Shpg Co. Ltd
Chem & Oil 3500 Dae Sun S.B. 2016 Heung-A Shpg Co. Ltd
Chem & Oil 12000 Dae Sun S.B. 2016 Heung-A Shpg Co. Ltd
Chem & Oil 12000 Dae Sun S.B. 2016 Heung-A Shpg Co. Ltd
CONT 21500 CSBC 2016 25 Mio Iseaco Holdings Pte.
CONT 21500 CSBC 2016 25 Mio Iseaco Holdings Pte.
CONT 115000 Hyundai H.I. 2015 Oceanbulk Maritime
CONT 115000 Hyundai H.I. 2016 Oceanbulk Maritime
CONT 150000 Samsung H.I. 2016 116.8 Mio Costamare Shipping
CONT 150000 Samsung H.I. 2016 116.8 Mio Costamare Shipping
CONT 150000 Samsung H.I. 2016 116.8 Mio Costamare Shipping
CONT 150000 Samsung H.I. 2017 116.8 Mio Costamare Shipping
CONT 150000 Samsung H.I. 2017 116.8 Mio Costamare Shipping
CONT 150000 Samsung H.I. 2017 116.8 Mio Costamare Shipping
Cruise Fincantieri 2016 Seabourn Cruise Line
Diving Support VARD Soeviknes 2016 Harkand
Drillship 6800 Yantai CIMC Raffles 2016 Norshore
Fast Pass Cat 100 Afai Southern 2015 Shenzhen Pengxing
Fast Pass Cat 100 Afai Southern 2015 Shenzhen Pengxing
Fast Pass Cat 100 Afai Southern 2015 Shenzhen Pengxing

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12

LPG 43500 Hyundai H.I. 2015 Solvang ASA

MSV Kleven Werft 2015 Olympic Shipping
Open Hatch 38300 Jinling Shipyard 2016 Oldendorff Carriers
Open Hatch 38300 Jinling Shipyard 2016 Oldendorff Carriers
Open Hatch 38300 Jinling Shipyard 2016 Oldendorff Carriers
Pass 8000 Tianjin Xingang 2017 Mercy Ships
Pass/Car F. 1900 Kouan S.B. 2015 Guangdong Shuangtai
Pass/Car F. 1900 Kouan S.B. 2015 Guangdong Shuangtai
PCC 29000 Shin Kurushima 2016 K-Line
PCC 29000 Shin Kurushima 2017 K-Line
PCC 30000 Japan Marine United 2016 K-Line
PCC 30000 Japan Marine United 2017 K-Line
Pipe Layer Shanghai Zhenhua 2017 Petrofac Resources
Products 50000 Guangzhou S.Y. Int. 2016 Trafigura Beheer
Products 50000 Guangzhou S.Y. Int. 2016 Trafigura Beheer
Products 50000 Guangzhou S.Y. Int. 2016 Trafigura Beheer
Products 50000 Guangzhou S.Y. Int. 2016 Trafigura Beheer
Products 115000 Sungdong S.B. 2016 Lyras Maritime Ltd.
Products 115000 Sungdong S.B. 2016 Lyras Maritime Ltd.
Products 74000 New Times S.B. 2016 Larine Tankers
Products 74000 New Times S.B. 2016 Larine Tankers
PSV 5500 Remontowa Shpbld 2015 Siem Offshore
PSV 5500 Remontowa Shpbld 2015 Siem Offshore
PSV 5500 Remontowa Shpbld 2016 Siem Offshore
PSV 5500 Remontowa Shpbld 2016 Siem Offshore
PSV 5275 Kleven Verft 2015 Rem Maritime
TANK 308000 Dalian Shipbuilding 2016 COSCO Dalian
TANK 308000 Dalian Shipbuilding 2016 COSCO Dalian
TANK 308000 Dalian Shipbuilding 2016 COSCO Dalian
TANK 308000 Dalian Shipbuilding 2016 COSCO Dalian
TANK 300000 Hyundai H.I. 2016 92.7 Mio DHT Management AS

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13

DEMOLITION MARKET
Demolition Prices
Gen Cargo Tanker
India USD 415 /lt Ldt USD 445 /lt Ldt
Bangladesh USD 410 /lt Ldt USD 440 /lt Ldt
Pakistan USD 405 /lt Ldt USD 430 /lt Ldt
China USD 335 /lt Ldt USD 345 /lt Ldt

Demolition Historical Data

Price Tankers* 2011 2012

2013 2014
580
530
480 445
USD/ton

430
380
330
280
230
180
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
*India month's end prices
2011 2012
Price Bulkers*
2013 2014
580
530
480
415
430
380
USD/ton

330
280
230
180
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
*India month's end prices

Total Demolition (Dwt)

60
50.3
50 41.8
Million dwt

38
40
30.5 31.58
27 28.6526.9 28.428.5 27 28.9
30 25.6 25 25.7
22.4
18.9 18
20 13.4 14.5 15.916.7 15.5 15.6
10 12
10 4.9 4.6 3.8 5.5 6.5 5
2.35 1.54
0

* Bss reported sales

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14

Historical Demolition Prices (India Year's End)

600

500

400 TANKERS
USD/ton

300 BULKERS

200 Avg. Trend

100

HISTORICAL DEMOLITION PRICES (*Indian Year’s End)

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 CURR.
TANK 186 182 172 115 136 174 135 174 262 362 302 405 507 287 338 485 482 435 445
BULK 166 153 152 112 143 170 135 181 267 381 332 392 472 268 328 437 456 410 415

India
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
BULK LTI INTEGRITY 12045 1985 4400 460
BULK FILIPPA C 14190 1991 6600 445
BULK FUJISAN MARU 16922 1976 5336 441
BULK CATHAY MORSKI 39055 1984 6973 430
CONT NEDLLOYD ASIA 50620 1991 20400 452
CONT NEDLLOYD AMERICA 50620 1992 20447 450
CONT MAERSK MIAMI 55238 1994 23800 450
CONT MSC DALTON 59283 1992 19441 452
CONT MSC TANZANIA 63551 1997 18945 477 Incl spares and 200T RoB
RORO VINNI 13480 1994 10692 470 Incl non-ferrous material on board
TWEEN NOBLE STAR 18230 1977 6000 460

Bangladesh
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
BULK DIBENA WIN 7824 1974 2291 340
BULK FORUNE CLOUD 34070 1983 7423 415 Asis Chittagong under tow w/ 200T RoB
BULK GREEN OCEAN 1 43381 1984 8299 430
BULK YUN TONG 61537 1982 11843 350
BULK INFINITE PROSPERITY 64166 1983 13617 472 Incl Full Spares and 250T RoB
BULK CARPIO 69703 1989 10019 442
BULK SUNNY SAILOR 149498 1990 18464 442
CONT KAPITAN ARTYUKH 9141 1986 5000 448
CONT YANG PU WAN 9509 1984 4294 450
CONT SANA 41937 2000 14788 457
CONT MAERSK DANANG 68411 2008 13002 435
RORO SINGA ACE 18293 1984 1226 445 Asis Spore
TANK BIN HAI NO 1 64048 1991 13045 445
TANK VINASHIN ATLANTIC 149544 1992 20784 375
TWEEN VIKKI 8750 1985 7789 425

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15

China
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
BULK TAI HE HAI 37544 1984 7801 345
BULK PENG YE 68676 1989 9724 348
BULK FULL BEAUTY 70198 1994 350
CONT ZHUANG HE 33240 1985 8756 340
CONT PU HE 45990 1990 15932 342
TANK YAN SHUI HU 43928 1995 9147 355

Pakistan
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
TANK HALIFAX 29753 1992 7077 300 Asis West Africa

Turkey
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
CONT TRAPANI 21238 1990 7817 351 Bss asis Piraeus

Undisclosed
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
TANK GENMAR MINOTAUR 96226 1995 14658 460 Asis Spore incl abt 750T RoB

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16

HISTORICAL BUNKER PRICES

Bunkers Cost (380 cst)

800
700
600
500
USD/ton

400 Rotterdam
Fujeirah
300
Houston
200
Average Trend
100
0

Bunkers Cost (MGO)

1200

1000

800
USD/ton

600 Rotterdam
Fujeirah
400
Houston
200 Average Trend

HISTORICAL BUNKER PRICES

Rotterdam Fujeirah Houston
380 cst MGO 380 cst MGO 380 cst MGO
1992 83 161.9 81.5 208.2 78.4 165.2
1993 67 150.5 70 202.5 71.1 160.6
1994 86 133.2 80.9 182.6 80.8 148.8
1995 97 140.6 94.6 175.8 93.2 148
1996 107 175.1 104.4 207.5 105.8 186
1997 92 155.4 99.3 205.6 97.3 179.9
1998 66.5 112.2 69.2 152.2 67.2 136.9
1999 94 133 98.5 157.2 93.3 143.9
2000 139 231.6 155.3 263.5 136 255.7
2001 116 192.4 129.7 244.7 112.8 227.5
2002 135 188.2 145.9 222.8 134 196
2003 151 230.4 166.3 265.2 160.2 265.1
2004 154 313.4 176.7 359.3 167.3 328.7
2005 236 458.4 256.6 500.1 248.3 508.5
2006 195 524.1 310.9 631.8 303 562.3
2007 347 571.3 373.7 664.7 351.8 608.6
2008 469 850.7 509.4 1037.7 496.8 933.2
2009 355 490.6 372.8 657 360.7 525
2010 452 667.1 468.2 712.9 449.3 683
2011 548 848.6 587.5 897.5 542.1 862.4
2012 585 920 606 1005 610 1005
2013 585 920 620 1010 580 985
Jan-14 563 885 622 985 585 980

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17

MARKET INDICATORS

USD-EUR
Currencies USD-JPY

1.80 130
1.60 120
1.40 110

USD-JPY
USD-EUR

1.20 100
1.00 90
0.80 80
0.60 70
0.40 60

Brent Oil
160.00
140.00
120.00
100.00
$/Barrel

80.00
60.00
40.00
20.00
0.00

GBP CAD EUR JPY CHF USD AUD

GBP 1 0.633 0.8577 0.006967 0.6908 0.6343 0.6626

CAD 1.5804 1 1.3554 0.01101 1.0916 1.0022 1.047
EUR 1.1661 0.738 1 0.008123 0.8054 0.7395 0.7725
JPY 143.558 90.8581 123.124 1 99.1607 91.0434 95.1073
CHF 1.448 0.9165 1.2419 0.010087 1 0.9183 0.9594
USD 1.5769 0.998 1.3524 0.010986 1.0892 1 1.0447
AUD 1.5097 0.9554 1.2947 0.010517 1.0428 0.9574 1
* 30/01/2014 values

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18

STOCK WATCH

NAME TICKER THIS MONTH* LAST MONTH CHANGE % 52w HIGH 52w LOW

NewLead Holdings Ltd. NEWL 1.07 1.80 -40.6 64.80 1.06

Capital Product Partners CPLP 10.12 10.56 -4.2 10.80 7.55

Diana Shipping Inc. DSX 11.99 13.47 -11 13.93 8.24

Dryships Inc. DRYS 3.36 4.68 -28.2 5.00 1.65

Dynagas LNG Partners LP DLNG 21.16 22.67 -6.7 23.79 16.75

Eagle Bulk Shipping Inc. EGLE 3.80 4.34 -12.4 8.75 1.75

Euroseas Ltd. ESEA 1.33 1.47 -9.5 1.80 0.95

Freeseas Inc. FREE 1.80 2.53 -28.9 16.48 0.83

Genco Shipping&Trading GNK 2.32 2.53 -8.3 4.98 1.12

Costamare Inc. CMRE 18.51 18.38 0.7 19.25 13.01

Goldenport Holdings Inc. GPRT 40.25 43.86 -8.2 51.00 29.00

Navios Maritime Holdings NM 9.37 11.26 -16.8 11.73 3.59

GasLog Ltd. GLOG 21.78 17.41 25.1 22.09 11.92

Paragon Shipping Inc. PRGN 6.30 7.51 -16.1 9.40 2.65

Safe Bulkers Inc. SB 9.36 10.36 -9.7 11.25 3.61

Star Bulk Carriers Corp. SBLK 11.91 13.10 -9.1 14.08 5.28

Stealthgas Inc. GASS 9.61 10.32 -6.9 13.00 5.34

TEN Inc. TNP 7.46 6.10 22.3 8.17 3.29

TOP Ships Inc. TOPS 1.74 1.99 -12.6 2.93 0.70

Box Ships Inc. TEU 2.90 3.42 -15.2 6.25 2.80

Diana Containerships Inc. DCIX 4.04 4.11 -1.7 7.13 3.47

Danaos Corporation DAC 6.70 4.90 36.7 7.75 3.11

Aegean Marine Petroleum ANW 8.95 11.31 -20.9 12.72 5.74

* 29/01/2014 closing values

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Disclaimer: Information and data that appear in this report have been obtained from various sources which are believed to
be correct and reliable. However, Athenian Shipbrokers S.A. does not guarantee their accuracy or completeness and
therefore cannot be held liable for any loss incurred as a result of reliance in any way whatsoever on the information
contained herein.

R
Kind Regards,

ATHENIAN SHIPBROKERS S.A.

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