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

February 2014
MONTHLY REPORT

12000
Baltic Dry Index
10000

8000

6000

4000

2000

0
Oct-07
Jun-04
Oct-04

Jun-05
Oct-05

Jun-06
Oct-06

Jun-07

Jun-08
Oct-08

Jun-09
Oct-09

Jun-10
Oct-10

Jun-11
Oct-11

Jun-12
Oct-12

Jun-13
Oct-13
Feb-04

Feb-05

Feb-06

Feb-07

Feb-08

Feb-09

Feb-10

Feb-11

Feb-12

Feb-13

Feb-14
PRICES TANKERS ($ MIO)
* Prices reflect Year’s End 2009* 2010* 2011* 2012* 2013* Feb-14
VLCC 5Y 78.0 87.8 55.6 56.0 55.8 68.9
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 47.2
AFRAMAX 5Y 40.5 44.5 34.7 28.0 27.8 35.8
AFRAMAX10Y 23.5 30.7 19.3 16.3 16.3 23.5
PANAMAX5Y 35.5 39.0 30.9 24.3 24.3 31.8
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 18.9
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* Feb-14
CAPESIZE 5Y 54.5 57.0 36.3 32.0 43.9 47.5
CAPESIZE 10Y 45.0 43.0 26.8 20.5 31.0 32.5
CAPESIZE 15Y 28.0 26.0 15.2 12.7 18.2 18.8
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 26.7
PANAMAX 10Y 27.5 31.6 18.6 12.5 17.9 21.5
PANAMAX 15Y 22.0 23.1 12.4 8.3 12.0 14.0
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 25.8
HANDYMAX10Y 22.0 24.7 18.0 13.0 17.4 19.2
HANDYMAX15Y 17.5 20.0 11.1 8.7 10.9 12.5
HANDYMAX20Y 11.0 12.0 7.9 6.3 6.4 8.7
 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

400 300

300 343 366

200
208 198
200
45 100
100 33 40
13
0 0
THIS MONTH - PREVIOUS MONTH THIS MONTH - PREVIOUS MONTH

*Excluding demolition sales

Sale and Purchase Market - Second Hand units

Ship Type Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Total
BULK 29 51 54 61 33 45 273
TANK 35 27 48 23 40 13 186
GAS 6 1 4 6 3 16 36
CONT 8 15 28 7 4 13 75
TWEEN 0 1 2 1 1 1 6
REEF 0 0 0 0 0 0 0
RORO 0 0 0 0 0 0 0
FERRY 2 0 0 0 0 0 2
CRUISE 0 0 0 0 0 0 0

Total 80 95 136 98 81 88 578

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4

Baltic Clean Tanker - Yearly Baltic Dirty Tanker - Yearly

750 1400 1287
706
700 1200
650 633
614 1000
600
800 696
550
556
500 600
450 486 400
10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 3 6 9 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 3 6 9
2013 2014 2013 2014
WEEK NO WEEK NO

Baltic Clean Tanker - Monthly Baltic Dirty Tanker - Monthly

640 1000
630
630 950
620 900
610 850
853 802
600 602 800
750
590 593 750
580 700
03/02/2014 10/02/2014 17/02/2014 24/02/2014 03/02/2014 10/02/2014 17/02/2014 24/02/2014

TANKER SALES
NAME DWT BLT PRICE $ BUYER
AYSE-S 5850 2008 TURKEY DH * ENBLOC BSS▼
DENIZ-S 5850 2008 TURKEY DH 13.6 MIO NORDIC, DENMARK (Stst tanker. Total
Price)
TRANS ARCTIC 6810 1991 GERMANY DH 4.2 MIO UNDISCLOSED (Ice Class 1A)
ESHIPS NAHYAN 8657 2005 JAPAN DH 8 MIO S.AMERICAN
BOW AMERICAS 19707 2004 JAPAN DH 21.5 MIO US BASED FUND (Incl BB Till 9/2014)
HIPPO 46092 1997 POLAND DH 6.7 MIO UNDISCLOSED
ZAPPHIRE 47329 2010 JAPAN DH 29 MIO MIDDLE EASTERN
BELAIA 48673 2007 JAPAN DH 21.5 MIO GREEK
GARDEN CITY RIVER 106468 2005 JAPAN DH 25.2 MIO GREEK
PHOENIX AMBITION 107529 2009 JAPAN DH 36.75 MIO TEEKAY TANKER INVESTMENTS
DROMUS 109579 1999 CHINA DH 13 MIO FAR EASTERN
STI SPIRIT 113091 2008 CHINA DH 31 MIO GREEK
AL DAWHA 153044 1997 S.KOREA DH 15 MIO EASTERN EUROPEAN

GAS SALES
NAME DWT BLT CBM PRICE $ BUYER
SIVA CORAL 6022 2010 JAPAN 7210 19 MIO USA
SIVA PEARL 6028 2010 JAPAN 7211 19 MIO USA
AINTREE 6665 1997 JAPAN 6520 8 MIO GREEK
NEWMARKET 1 8485 1999 JAPAN 6397 13 MIO GREEK
NORGAS PATRICIA 9470 1991 GERMANY 8238 7.5 MIO TPL SHIPPING, DUBAI
TEMSE 30761 1994 JAPAN 34754 27 MIO INDONESIAN
MILL REEF 58564 2008 S.KOREA 80657 37.5 MIO AURORA, NORWAY
MILL HOUSE 58610 2008 S.KOREA 82000 37.5 MIO AURORA, NORWAY
FLANDERS HARMONY 64220 1992 BELGIUM 84109 36.2 MIO UNDISCLOSED (For Storage)
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5

HYNDAI GREENPIA 71684 1996 S.KOREA 125000 * ENBLOC BSS▼

HYUNDAI UTOPIA 71909 1994 S.KOREA 125182 * ENBLOC BSS▼
HYUNDAI OCEANPIA 77513 2000 S.KOREA 134300 * ENBLOC BSS▼
HYUNDAI AQUAPIA 77564 2000 S.KOREA 134400 * ENBLOC BSS▼
HYNDAI TECHNOPIA 77584 1999 S.KOREA 134524 * ENBLOC BSS▼
HYUNDAI COSMOPIA 77591 2000 S.KOREA 134308 * ENBLOC BSS▼
HYUNDAI ECOPIA 83959 2008 S.KOREA 146790 1.6 BIO IMM INVESTMENTS, KOREA (Total Price)

VLCC
SUEZMAX
Spot Market - Tankers AFRAMAX

70000
60000
50000
40000 34250
$/Day

30000
20000
15100
10000 10850
0
Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14

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

30000
26000
25000

20000 20000
$/Day

15000 16000

10000

5000
Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14

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6

Baltic Handysize Baltic Supramax

685 1200
681
1098
680 678 1100
675
1000
670 673
2 900 928 2
665
665
660 800
03/02/2014 10/02/2014 17/02/2014 24/02/2014 03/02/2014 10/02/2014 17/02/2014 24/02/2014

Baltic Panamax Baltic Capesize

1350 1324 2200
2049
1300 2000

1250 1800
1222 1690
1611
1200 1600
4 4 38
1150 1400

1100 1200
03/02/2014 10/02/2014 17/02/2014 24/02/2014 03/02/2014 10/02/2014 17/02/2014 24/02/2014

BULKER SALES
NAME DWT BLT GEAR PRICE $ BUYER
FREE KNIGHT 24111 1997 CHINA CR 4X30 3.6 MIO CHINESE (Class overdue)
GLOBAL ARROW 24804 1997 JAPAN CR 4X30 6.1 MIO GREEK
HAKUFU 26682 1987 JAPAN CR 4X30 3.1 MIO TURKISH
ISLAND SKIPPER 28031 1984 JAPAN CR 4X25 3.3 MIO UNDISCLOSED
EARNEST 33024 1986 JAPAN CR 4X25 3 MIO CHINESE
PACIFIC ELFIN 35062 2001 JAPAN CR 4X30 14.1 MIO GREEK
NORDIC SYDNEY 37300 2014 CHINA CR 4X30 22.5 MIO S. AMERICAN
NORDIC MELBOURNE 37300 2015 CHINA CR 4X30 22.5 MIO S. AMERICAN
POCHARD 37384 2003 CHINA CR 4X40 9 MIO CANFORNAV
AMIRA LAYAN 37554 1984 JAPAN CR 4X25 3.7 MIO SYRIAN
AK CEREN 42284 1991 S.KOREA CR 4X10 4.7 MIO RUSSIAN
LIVANITA 45426 1997 JAPAN CR 4X25 12.3 MIO GREEK
SLAVNIK 46570 1998 JAPAN CR 4X30 12.5 MIO GREEK
SANKO MERMAID 50779 2009 JAPAN CR 4X40 * ENBLOC BSS▼
SANKO MARBLE 50779 2010 JAPAN CR 4X40 * ENBLOC BSS▼
SANKO MERCURY 50792 2010 JAPAN CR 4X40 66 MIO GREEK (Total Price. 8 Ho/Ha)
OCEAN PRESIDENT 50913 2001 JAPAN CR 4X30 14.65 MIO GREEK
TROPICAL QUEEN 52498 2005 PHILIPPINES CR 4X30 21 MIO GREEK
ORIENT IRIS 54958 2014 JAPAN CR 4X30 31 MIO UNDISCLOSED
KAWASAKI KOBE 1719 55000 2015 JAPAN CR 4X30 31 MIO UNDISCLOSED
METROPOL 55415 2012 VIETNAM CR 4X35 25 MIO UNDISCLOSED
AQUAROSA 57000 2010 CHINA CR 4X36 21 MIO GREEK
ASIA 57005 2010 CHINA CR 4X30 22.4 MIO GREEK
JIN YANG 57982 2010 PHILIPPINES CR 4X30 27 MIO GRIMSTAD SHIPPING
JIN ZE 57982 2012 PHILIPPINES CR 4X30 29 MIO GRIMSTAD SHIPPING
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7

VITAPRIDE 69153 1993 JAPAN GLESS 7 MIO CHINESE

NEW IRENE 72940 1997 S.KOREA GLESS 8.5 MIO GREEK (Incl 2-3 Yrs TC at Usd 9000
Pd)
HANSUNG SUNRISE 73670 1993 S.KOREA GLESS 7.5 MIO GREEK
UTOPIE 75118 2008 CHINA GLESS 23.7 MIO PAGANINI SHIPPING (Via
Auction. Possible bank sale)
ORSOLINA BOTTIGLIERI 75413 2001 JAPAN GLESS 18.5 MIO UNDISCLOSED
CHENGYANG PIONEER 76202 2013 CHINA GLESS 26.5 MIO S.KOREAN
TOP ETERNITY 76295 2005 JAPAN GLESS 22.5 MIO GREEK
MILLION TRADER II 76466 2004 JAPAN GLESS 21.5 MIO GREEK
TOP COURAGE 76801 2004 JAPAN GLESS 21.8 MIO GREEK
POS DIGNITY 76801 2004 JAPAN GLESS 21.8 MIO GREEK
GIUSEPPE RIZZO 77684 2004 TAIWAN GLESS 18 MIO GREEK (SS/DD Due)
PRIME DAISY 81507 2012 S.KOREA GLESS * ENBLOC BSS▼
PRIME GINGER 81507 2012 S.KOREA GLESS * ENBLOC BSS▼
PRIME LILY 81507 2012 S.KOREA GLESS * ENBLOC BSS▼
PRIME ROSE 81516 2012 S.KOREA GLESS 132 MIO GREEK (Total Price)
CHRISTINA VICTORY 82619 2006 S.KOREA GLESS 23.5 MIO GREEK
GL DAISHAN 98681 2011 CHINA GLESS 30 MIO GREEK (Incl 3 Yrs TCB at 15,000 Pd)
GL QUSHAN 98681 2011 CHINA GLESS 30 MIO GREEK (Incl 3 Yrs TCB at 15,000 Pd)
CAPE SEAGULL 175800 2012 CHINA GLESS 46 MIO UNDISCLOSED

CONCHES 179078 2011 S.KOREA GLESS 50 MIO KNIGHTSBRIDGE TANKERS (Incl

TC till 7/2014 at Usd 26000 Pd)

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8

CAPESIZE

Spot Market - Bulkers PANAMAX

HANDYMAX

45000
40000
35000
30000
25000
$/Day

20000
15000 8650
10000 7650
5000 7550
0
Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14

CAPE

Period Market - Bulkers 1 Year T/C PMAX

HANDYMAX
30000
25700
25000

20000 4
15000
$/Day

15000

10000 11250

5000
Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14

CONTAINER SALES
NAME DWT BLT GEAR TEU PRICE $ BUYER
HARMA 9455 1994 BULGARIA CR 2X40 518 1.4 MIO GREEK
ASIATIC LLOYD,
SUZURAN 17704 1997 JAPAN CR 2X40 1177 4.74 MIO
SINGAPORE
ASIATIC LLOYD,
SATSUKI 17705 1997 JAPAN CR 2X40 1177 4.74 MIO
SINGAPORE
ASIATIC LLOYD,
SUMIRE 17732 1997 JAPAN CR 2X40 1177 4.74 MIO
SINGAPORE
MAERSK VIGO 22200 2002 GERMANY CR 3X45 1678 * ENBLOC BSS▼
MAERSK VALLETTA 22300 2002 GERMANY CR 3X45 1678 * ENBLOC BSS▼
MAERSK VANCOUVER 22308 2001 GERMANY CR 3X45 1678 32.4 MIO BOREALIS, UK
CR 3X45,
CSCL NAPOLI 35971 2002 POLAND 2681 13 MIO ARKAS DENIZCILIK
CR 1X35
HLL ATLANTIC 53554 2002 S.KOREA GLESS 4713 11 MIO CHINESE
CMA CGM GALAXY 53704 2006 S.KOREA GLESS 4298 13.3 MIO UNDISCLOSED
CAP SARAY 57500 2014 CHINA GLESS 4800 41 MIO HAMBURG SUD
CAP SERRAT 57500 2014 CHINA GLESS 4800 41 MIO HAMBURG SUD
CAP SORELL 57500 2014 CHINA GLESS 4800 41 MIO HAMBURG SUD

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9

TWEEN/MPP SALES
NAME DWT BLT GEAR TEU PRICE $ BUYER
PERLE 4270 1998 BULGARIA GLESS 114 1.4 MIO UNDISCLOSED
TINSDAL 4310 1998 BULGARIA GLESS 114 1.1 MIO UNDISCLOSED
THORCO DIAMOND 12840 2004 CHINA CR 2X120 665 9.5 MIO CHILEAN

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10

NEW BUILDING MARKET AND REPORTED CONTRACTS

Tanker Prices VLCC Suezmax Bulker Prices Capesize Panamax

Aframax MR Handymax Handysize

120 60
55 55.7
100 50
98
45
1 40 5
80
$m

35

$m
63.7 28.9
60 30
53.8 25 27.2
5
40 3 20 22.8
36.9
15
20 10
Feb-12 Jun-12 Oct-12 Feb-13 Jun-13 Oct-13 Feb-14 Feb-12 Jun-12 Oct-12 Feb-13 Jun-13 Oct-13 Feb-14

Dry Bulk Orderbook

Ship Type 2014 (deliv) 2014 2015 2016 2017 2018 2019 Total
VLOC 1 19 12 9 0 0 0 40
Capesize 15 85 105 75 4 0 0 269
Small Cape 5 28 18 4 1 0 0 51
Panamax 35 194 122 69 3 0 0 388
Supramax 19 218 241 120 23 2 0 604
Handys 22 198 163 52 1 0 0 414
Total 97 742 661 329 32 2 0 1766

Tanker Orderbook
Ship Type 2014 (deliv) 2014 2015 2016 2017 2018 2019 Total
ULCC/VLCC 2 32 22 22 3 0 0 79
Suezmax 1 33 15 6 0 0 0 54
Aframax 0 36 45 27 3 0 0 111
Panamax 1 11 3 3 0 0 0 17
MR 15 115 137 78 9 0 0 339
Handy 0 20 32 3 3 2 0 60
Total 19 247 254 139 18 2 0 660

LPG Tank Orderbook

Ship Type 2014 (deliv) 2014 2015 2016 2017 2018+ Total
VLGC 1 10 31 13 0 0 54
LGC 0 0 3 0 0 0 3
MR 0 6 11 8 2 1 28
Handy 0 19 12 8 0 0 39
Small 2 31 36 3 1 0 71
Total 3 66 93 32 3 1 195

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11

Tankers >10,000 dwt

Newbuilding Sales Delivery Schedule Bulkers >10,000 dwt.
Bulkers >10,000 dwt
Containerships Tankers >10,000 dwt
1000 80
885
900 68.1
70
800
No. of Vessels

60
700 49.8

m. dwt
600 50
500 40
395
400 26 27.7
30
300 260 17.8 19.7
214 20
169
200
70 95 10
100 25 20
0 0
2012 2013 Feb-14 Feb-14 2015 2016+

Tanker Newbuildings on Order VLCC Suezmax Bulker Newbuildings on Order Capesize Panamax
Aframax Panamax
Products Handymax Handysize
30 70
62.5
25
25 60

50
20 37.1
m. dwt

17.8
40 34.8
m. dwt

15
10.8 30
14.4
10 7.1 20
5 1.6 10

0 0
February 2014 February 2014

Newbuilding Historical Prices ($m)

Tankers Feb-14 2013 2012 2011 2010 2009 2008 2007 2005 2000 1995 1990 1985
1 2
310,000 DWT 98 93.8 93.2 98.9 104.8 97.5 150 145 120 76.5 85.3 87.4 38.2
170,000 DWT1 63.7 59.6 57.1 60.3 66.3 61 90 90 71.5 52.5 54 66.1
2
28.2
110,000 DWT1 53.8 52.2 48.5 52.2 56 49.5 74 72 58 41.5 43.3 53.2
2
18.1
47,000 DWT1 36.9 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 55.7 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 28.9 27.8 25.6 28.7 34.3 34.5 45.5 54 36 22.5 27.9 30 13.4
45,000 DWT 27.2 26.5 23.7 26.7 31.1 29 41 47.5 31 20.5 24.1 25.3 12.4
29,000 DWT 23.4 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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12

The Shipbuilding Market

TYPE DWT BUILDER DELIVERY PRICE $ OWNER NOTES
AHTS Japan Marine United 2016 OJC
AHTS 1800 Nam Cheong Dock 2016 Sentinel Marine
BULK 82000 Weichai Samjin 2017 NK Shipping
BULK 82000 Weichai Samjin 2017 NK Shipping
BULK 78000 Jiangnan SY Group 2015 Sinotrans Shpg. Ltd.
BULK 78000 Jiangnan SY Group 2015 Sinotrans Shpg. Ltd.
BULK 64000 Chengxi Shipyard 2016 Sinotrans Shpg. Ltd.
BULK 64000 Chengxi Shipyard 2016 Sinotrans Shpg. Ltd.
BULK 64000 Chengxi Shipyard 2016 Sinotrans Shpg. Ltd.
BULK 64000 Chengxi Shipyard 2016 Sinotrans Shpg. Ltd.
BULK 63800 Qingshan Shipyard 2016 Atlantska Plovidba
BULK 63800 Qingshan Shipyard 2016 Atlantska Plovidba
BULK 208000 Jiangsu New YZJ 2016 Cardiff Marine Inc.
BULK 208000 Jiangsu New YZJ 2016 Cardiff Marine Inc.
BULK 64000 Jinling Shipyard 2016 Swiss Marine Inc.
BULK 64000 Jinling Shipyard 2016 Swiss Marine Inc.
C, U & FP Lay IHC Offshore & Marine 2016 Sapura Navegacao
Chem & Oil 25000 Kitanihon Zosen 2016 Navig8 Chem Tankers
Chem & Oil 25000 Kitanihon Zosen 2016 Navig8 Chem Tankers
Chem & Oil 25000 Kitanihon Zosen 2016 Navig8 Chem Tankers
Chem & Oil 25000 Kitanihon Zosen 2016 Navig8 Chem Tankers
Chem & Oil 25000 Kitanihon Zosen 2017 Navig8 Chem Tankers
Chem & Oil 25000 Kitanihon Zosen 2017 Navig8 Chem Tankers
Chip 60000 Imabari S.B. 2016 Hachiuma Steamship
Chip 60000 Shin Kurushima 2016 Daio Kaiun Ltd
Chip 60000 Shin Kurushima 2016 Daio Kaiun Ltd
CONT 117000 Jiangnan Changxin 2016 COSCON
CONT 117000 Jiangnan Changxin 2016 COSCON
CONT 117000 Jiangnan Changxin 2016 COSCON
CONT 117000 Jiangnan Changxin 2017 COSCON
CONT 117000 Jiangnan Changxin 2017 COSCON
CONT 140000 Hyundai H.I. 2016 United Arab Shpg
CONT 140000 Hyundai H.I. 2016 United Arab Shpg
CONT 140000 Hyundai H.I. 2016 United Arab Shpg
CONT 140000 Hyundai H.I. 2016 United Arab Shpg
CONT 140000 Hyundai H.I. 2016 United Arab Shpg
CONT 140000 Hyundai H.I. 2016 United Arab Shpg
Livestock 5000 COSCO Guangdong 2015 28.5 Mio Vroon
Livestock 5000 COSCO Guangdong 2015 28.5 Mio Vroon
LNG 95000 Daewoo 2016 Maran Gas Maritime
LNG 95000 Daewoo 2016 Maran Gas Maritime
LNG 85000 Daewoo 2016 Sovcomflot JSC
LPG 4500 Sasaki Zosen 2014 ECO
Methanol 50000 Minami Nippon 2015 Mitsui O.S.K. Lines
Methanol 50000 Minami Nippon 2016 Mitsui O.S.K. Lines
Methanol 30000 Minami Nippon 2015 Mitsui O.S.K. Lines
Methanol 30000 Minami Nippon 2015 Mitsui O.S.K. Lines
Methanol 30000 Minami Nippon 2015 Mitsui O.S.K. Lines
MSV Flensburger S.B. 2016 Siem Offshore
MSV Flensburger S.B. 2016 Siem Offshore
Pass/Cargo Japan Marine United 2016 Tuvalu Government
PCC 26000 Tianjin Xingang 2016 Wallenius Lines AB
PCC 26000 Tianjin Xingang 2016 Wallenius Lines AB
PSV 4000 Bollinger Amelia 2015 ECO
PSV 4000 Bollinger Amelia 2015 ECO
PSV 4000 Bollinger Amelia 2015 ECO
PSV 5740 Bollinger Amelia 2015 ECO
PSV 5740 Bollinger Amelia 2015 ECO
PSV 5740 Bollinger Amelia 2016 ECO
PSV 5740 Bollinger Amelia 2016 ECO

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13

PSV 4200 Ulstein Ulsteinvik 2015 44 Mio Nordic American NAO

PSV 4200 Ulstein Ulsteinvik 2015 44 Mio Nordic American NAO
PSV 5000 Estaleiro Navship 2016 Bram OTM
PSV 5000 Estaleiro Navship 2016 Bram OTM
PSV 5000 Estaleiro Navship 2016 Bram OTM
PSV 5000 Estaleiro Navship 2016 Bram OTM
PSV 5100 Detroit Brasil 2016 Starnav Brasil
PSV 5100 Detroit Brasil 2016 Starnav Brasil
PSV 5100 Detroit Brasil 2016 Starnav Brasil
PSV 5066 VARD Niteroi 2016 NorSkan Offshore
PSV 3500 COSCO Guangdong 2016 Chellsea
PSV 3500 COSCO Guangdong 2016 Chellsea
Standby/Resc. 1500 Fujian Southeast 2015 Sentinel Marine
Standby/Resc. 1500 Fujian Southeast 2015 Sentinel Marine
Standby/Resc. 1500 Fujian Southeast 2015 Sentinel Marine
Standby/Resc. 1500 Fujian Southeast 2015 Sentinel Marine
TANK 300000 Daewoo 2016 Capital Ship Management
TANK 300000 Daewoo 2016 Capital Ship Management
TANK 300000 Hyundai H.I. 2016 Metrostar Management
TANK 300000 Hyundai H.I. 2017 Metrostar Management
TANK 300000 Hyundai H.I. 2016 Oceanbulk Maritime
TANK 300000 Hyundai H.I. 2016 Oceanbulk Maritime
TANK 320000 Daewoo 2016 Awilco AS
TANK 320000 Daewoo 2016 Awilco AS
TANK 300000 Hyundai H.I. 2016 DHT Management AS
TANK 300000 Hyundai H.I. 2016 DHT Management AS
TANK 300000 Hyundai H.I. 2016 DHT Management AS

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14

DEMOLITION MARKET
Demolition Prices
Gen Cargo Tanker
India USD 430 /lt Ldt USD 445 /lt Ldt
Bangladesh USD 415 /lt Ldt USD 435 /lt Ldt
Pakistan USD 420 /lt Ldt USD 435 /lt Ldt
China USD 325 /lt Ldt USD 340 /lt Ldt

Demolition Historical Data

Price Tankers* 2011 2012

2013 2014
580
530
480 445 445
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
480 430
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
22.4
25.7
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 4.2
2.35
0

* Bss reported sales

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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 166 153 152 112 143 170 135 181 267 381 332 392 472 268 328 437 456 410 430

India
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
BULK DON MAX 8865 1997 3746 472
BULK RISING PHOENIX 38220 1985 7475 430
BULK SAFARINI 47882 1984 9257 450
BULK M. FARUK 63494 1984 11124 452
CONT NEDLLOYD EUROPA 50620 1991 19783 470
CONT NEDLLOYD AFRICA 50620 1992 16020 470
CONT MEKOL 59283 1993 19631 485
CONT MSC SALERNO 59283 1994 19600 470
CONT MSC MALAYSIA 59283 1994 19094 470
CONT MAERSK DELMONT 59283 1995 19278 470
CONT MARATHONAS 60350 1991 23326 495
CONT HANJIN IRENE 62742 1994 18888 486
CONT HANJIN VALENCIA 62799 1998 25000 470
CONT HANJIN BEIJING 67115 1996 25000 470
CONT HANJIN PARIS 67266 1997 25000 470
CONT HANJIN LONDON 67298 1996 25000 470
CONT HANJIN BERLIN 67298 1997 25000 470
GAS LNG ARIES 72511 1977 29834 585 High Nickel content
TWEEN FAITH 17274 1982 6988 445

Bangladesh
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
BULK RAYNA 32813 1984 9187 396
BULK LI DA 68255 1986 10232 452
TANK OCEAN DOLPHIN 13623 1995 2826 451

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China
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
BULK MING JIE 6503 1984 2027 300

Pakistan
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
TANK SUCCESS OCEAN XX 97097 1993 13786 435

Turkey
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
RORO OSTEND SPIRIT 4213 1987 11000 300
PASS OCEAN COUNTESS 3062 1976 9226 303

Undisclosed
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
BULK FATHER S 194226 1985 25464 430 Bss asis Singapore
CONT APL SARDONYX 65598 1995 21574 475 Asis Singapore incl 550T RoB
TANK GEORGIA 29988 1986 7335 370 Asis Bandar Abbas
TANK BREEZE A 32396 1994 10830 370 Asis Russia
TANK SRI QADRIAH 1 275341 1989 33267 430 Asis Singapore

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17

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
Feb-14 590 910 620 985 605 1010

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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 0.5407 0.8232 0.005863 0.6751 0.5999 0.5394

CAD 1.85 1 1.5228 0.010845 1.2488 1.1097 0.9978
EUR 1.215 0.6569 1 0.007122 0.8201 0.7288 0.6553
JPY 170.603 92.239 140.429 1 115.159 102.335 92.0178
CHF 1.4817 0.8011 1.2196 0.008686 1 0.8888 0.7992
USD 1.6671 0.9013 1.3723 0.009773 1.1254 1 0.8992
AUD 1.8544 1.0026 1.5263 0.01087 1.2517 1.1123 1
* 27/02/2014 values

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19

STOCK WATCH

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

NewLead Holdings Ltd. NEWL 0.67 1.07 -37.9 51.75 0.63

Capital Product Partners CPLP 10.42 10.12 3 10.80 7.55

Diana Shipping Inc. DSX 12.39 11.99 3.3 13.93 8.32

Dryships Inc. DRYS 3.51 3.36 4.5 5.00 1.65

Dynagas LNG Partners LP DLNG 22.07 21.16 4.3 23.79 16.75

Eagle Bulk Shipping Inc. EGLE 4.13 3.80 8.7 8.75 1.88

Euroseas Ltd. ESEA 1.34 1.33 0.8 1.80 0.95

Freeseas Inc. FREE 1.69 1.80 -6.1 10.75 0.83

Genco Shipping&Trading GNK 1.48 2.32 -36.2 4.98 1.12

Costamare Inc. CMRE 19.91 18.51 7.6 20.95 13.01

Goldenport Holdings Inc. GPRT 47.70 40.25 18.5 51.00 29.00

Navios Maritime Holdings NM 9.41 9.37 0.4 11.73 3.59

GasLog Ltd. GLOG 21.61 21.78 -0.8 22.65 11.92

Paragon Shipping Inc. PRGN 6.58 6.30 4.4 9.40 2.69

Safe Bulkers Inc. SB 10.27 9.36 9.7 11.25 3.80

Star Bulk Carriers Corp. SBLK 11.20 11.91 -6 14.08 5.28

Stealthgas Inc. GASS 10.35 9.61 7.7 13.00 5.34

TEN Inc. TNP 6.48 7.46 -13.1 8.17 3.29

TOP Ships Inc. TOPS 1.36 1.74 -21.8 2.93 0.70

Box Ships Inc. TEU 2.63 2.90 -9.3 6.11 2.55

Diana Containerships Inc. DCIX 4.23 4.04 4.7 6.87 3.47

Danaos Corporation DAC 6.36 6.70 -5.1 7.75 3.30

Aegean Marine Petroleum ANW 9.80 8.95 9.5 12.72 5.74

* 26/02/2014 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.

Kind Regards,

ATHENIAN SHIPBROKERS S.A.

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