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

June 2014
MONTHLY REPORT

12000
Baltic Dry Index
10000

8000

6000

4000

2000

0
Jun-04
Oct-04

Jun-05
Oct-05

Jun-06
Oct-06

Jun-07
Oct-07

Oct-08
Feb-08
Jun-08

Jun-09
Oct-09

Jun-10
Oct-10

Jun-11
Oct-11

Jun-12
Oct-12

Jun-13
Oct-13

Jun-14
Feb-05

Feb-06

Feb-07

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* Jun-14
VLCC 5Y 78.0 87.8 55.6 56.0 55.8 74.2
VLCC 10Y 59.5 64.3 34.1 35.0 35.0 49.0
SUEZMAX 5Y 57.0 62.8 45.6 40.2 39.5 50.0
AFRAMAX 5Y 40.5 44.5 34.7 28.0 27.8 37.6
AFRAMAX10Y 23.5 30.7 19.3 16.3 16.3 23.2
PANAMAX5Y 35.5 39.0 30.9 24.3 24.3 33.0
45K 5Y D/H 23.5 27.3 25.8 23.0 23.3 28.0
45K 10Y D/H 16.0 19.7 15.8 15.5 15.7 18.6
45K 20Y 4.0 6.7 6.0 6.2 6.2 6.8

PRICES BULKERS ($ MIO)

* Prices reflect Year’s End 2009* 2010* 2011* 2012* 2013* Jun-14
CAPESIZE 5Y 54.5 57.0 36.3 32.0 43.9 48.0
CAPESIZE 10Y 45.0 43.0 26.8 20.5 31.0 36.0
CAPESIZE 15Y 28.0 26.0 15.2 12.7 18.2 21.9
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 25.8
PANAMAX 10Y 27.5 31.6 18.6 12.5 17.9 20.0
PANAMAX 15Y 22.0 23.1 12.4 8.3 12.0 12.9
PANAMAX 20Y 12.0 13.8 8.1 5.4 7.5 7.0
SUPRAMAX 5Y 27.5 31.9 26.4 23.3 24.3 26.0
HANDYMAX10Y 22.0 24.7 18.0 13.0 17.4 20.0
HANDYMAX15Y 17.5 20.0 11.1 8.7 10.9 13.1
HANDYMAX20Y 11.0 12.0 7.9 6.3 6.4 8.0
 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

300 355 328 200

210 210
200
100
100 21 34 31
22
0 0
THIS MONTH - PREVIOUS MONTH THIS MONTH - PREVIOUS MONTH

*Excluding demolition sales

Sale and Purchase Market - Second Hand units

Ship Type Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Total
BULK 33 45 41 44 22 21 206
TANK 40 13 43 33 31 34 194
GAS 3 16 1 6 3 4 33
CONT 4 13 17 10 17 8 69
TWEEN 1 1 1 0 2 2 7
REEF 0 0 0 0 0 0 0
RORO 0 0 0 0 0 2 2
FERRY 0 0 0 0 0 0 0
CRUISE 0 0 0 0 0 0 0

Total 81 88 103 93 75 71 511

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4

Baltic Clean Tanker - Yearly Baltic Dirty Tanker - Yearly

633
650 1400 1287
614
600 1200
596
550
1000
500
514 800
450 486

400 600 647

579
350 400
27 30 33 36 39 42 45 48 51 2 5 8 11 14 17 20 23 26 27 30 33 36 39 42 45 48 51 2 5 8 11 14 17 20 23 26
2013 2014 2013 2014
WEEK NO WEEK NO

Baltic Clean Tanker - Monthly Baltic Dirty Tanker - Monthly

560 750
715 723
550
537
700
540
530
530 650
520 630
600
510
510
500 550
02/06/2014 09/06/2014 16/06/2014 23/06/2014 30/06/2014 02/06/2014 09/06/2014 16/06/2014 23/06/2014 30/06/2014

TANKER SALES
NAME DWT BLT PRICE $ BUYER
ALINA 5064 2001 NETHERLANDS DH 7.75 MIO DUTCH (Bss asis Rotterdam via Auction)
MARILENA 12966 2009 S.KOREA DH 13 MIO UNDISCLOSED
ROYAL AQUA 13076 2008 S.KOREA DH * ENBLOC BSS▼
ROYAL EMERALD 13102 2006 S.KOREA DH * ENBLOC BSS▼
ROYAL CRYSTAL 7 13102 2007 S.KOREA DH 39 MIO SINGAPOREAN (Total Price)
SC ZHUHAI 19455 1999 JAPAN DH 16.5 MIO UNDISCLOSED
SC SHANTOU 19508 1998 JAPAN DH 16.5 MIO UNDISCLOSED
LOBELIA 37263 2001 S.KOREA DH 11.5 MIO UNDISCLOSED
CHEMTRANS JACOBI 43716 1999 CHINA DH 8.5 MIO UNDISCLOSED
CARIBBEAN SPIRIT 46383 2004 JAPAN DH 21 MIO UNDISCLOSED
NARA 47172 1996 JAPAN DH 10 MIO MALAYSIAN
EASTERN FORCE 48056 2009 JAPAN DH 21 MIO MAERSK
MARLIN GLORY 50304 2008 CHINA DH 24.4 MIO ENBLOC BSS▼
MARLIN TOPAZ 50319 2009 CHINA DH 26.1 MIO ENBLOC BSS▼
MARLIN IRIS 50352 2008 CHINA DH 24.4 MIO GREEK (Price Each)
EVINOS 50800 2013 S.KOREA DH 36.5 MIO ARDMORE SHIPPING
STRIMON 50800 2013 S.KOREA DH 36.5 MIO ARDMORE SHIPPING
PACIFIC BRAVERY 68967 1999 JAPAN DH 8.5 MIO MIDDLE EASTERN
ARAB 105994 1998 S.KOREA DH 12.5 MIO MIDDLE EASTERN
SEATRANSPORT 106638 2002 JAPAN DH 18.3 MIO UNDISCLOSED
FORWARD FLAIR 115536 2006 JAPAN DH * ENBLOC BSS▼
FORWARD BRIGHT 115577 2007 JAPAN DH 62 MIO ZODIAC, UK (Total Price)
ENERGY SPRINTER 159089 2005 S.KOREA DH 36.5 MIO UNDISCLOSED
ENERGY SKIER 159089 2005 S.KOREA DH 36.5 MIO UNDISCLOSED
RYUHO MARU 281050 1999 JAPAN DH 21.5 MIO GREEK
SKYSAN 313992 2006 JAPAN DH 60 MIO ARAMCO, SAUDI ARABIA
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5

FORTUNE ELEPHANT 317106 2011 S.KOREA DH 78 MIO GREEK

SAMCO EUROPE 317713 2007 S.KOREA DH 66.4 MIO ENBLOC BSS▼
SAMCO TAIGA 317788 2012 S.KOREA DH 96.5 MIO ENBLOC BSS▼
SAMCO CHINA 317794 2007 S.KOREA DH 66.4 MIO ENBLOC BSS▼
SAMCO SCANDINAVIA 317826 2006 S.KOREA DH 60.8 MIO ENBLOC BSS▼
SAMCO SUNDARBANS 318000 2012 S.KOREA DH 96.5 MIO ENBLOC BSS▼
SAMCO AMAZON 318129 2011 S.KOREA DH 91.7 MIO ENBLOC BSS▼
SAMCO REDWOOD 318129 2011 S.KOREA DH 91.7 MIO DHT, USA (Subj to finance incl TC
attached. Price Each)

GAS SALES
NAME DWT BLT CBM PRICE $ BUYER
CHARLTON 9127 2006 JAPAN 9339 52 MIO ENBLOC BSS▼
MAYFAIR 9127 2007 JAPAN 9343 52 MIO EPIC GAS, SINGAPORE (Incl TC at Usd
450,000 Pd)
PROSPECT 58551 2009 S.KOREA 80797 85 MIO SINGAPOREAN
LNG TAURUS 72642 1979 USA 126750 18 MIO SINGAPOREAN

VLCC
SUEZMAX
Spot Market - Tankers AFRAMAX

70000
60000
50000
40000
30315
$/Day

30000
20000 25000
10000 15200
0
Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14

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

30000

25000 23500

20000
$/Day

19000
15000 16000

10000

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

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6

Baltic Handysize Baltic Supramax

500 850
478 797
480 800

460 750 740

440 701
440 700
2 2
420 650 678
420
400 600
02/06/2014 09/06/2014 16/06/2014 23/06/2014 30/06/2014 02/06/2014 09/06/2014 16/06/2014 23/06/2014 30/06/2014

Baltic Panamax Baltic Capesize

900 2000 1950
1903
1900
800
713 1800
700 1700 1748
1676
600 1600
4 542 4 38
1500
500 452
1400
400 1300
02/06/2014 09/06/2014 16/06/2014 23/06/2014 30/06/2014 02/06/2014 09/06/2014 16/06/2014 23/06/2014 30/06/2014

BULKER SALES
NAME DWT BLT GEAR PRICE $ BUYER
AMAR JUNIOR 22242 1992 JAPAN CR 4X30 5 MIO MIDDLE EASTERN
TAN BINH 36 22256 1990 JAPAN CR 4X30 3.65 MIO CHINESE
EVER REGAL 23468 1998 PHILIPPINES CR 4X30 6.8 MIO EUROPEAN
LORD CURZON 27868 1997 JAPAN CR 4X30 8.8 MIO CHINESE
UNIPLUS 28024 1989 JAPAN CR 4X30 4 MIO UNDISCLOSED
BUMBI 29870 2004 JAPAN CR 4X30 13.2 MIO UNDISCLOSED
TRANS OCEAN 1 38398 1986 JAPAN CR 4X25 3.9 MIO UNDISCLOSED
SKYE 42223 1991 JAPAN CR 4X25 5.2 MIO UNDISCLOSED
UNDISCLOSED (Long subs
FATHER NEPTUNE 55700 2009 JAPAN CR 4X30 25.8 MIO
attached)
PACIFIC BRIGHT 56512 2013 CHINA CR 4X30 31.5 MIO ZODIAC MARITIME, UK
CROWN ESMERALDA 58000 2012 CHINA CR 4X36 25.2 MIO UNDISCLOSED
OSPREY 63500 2014 CHINA CR 4X35 29.5 MIO GREEK
FIRST ENDEAVOUR 69111 1994 JAPAN GLESS 5.6 MIO UNDISCLOSED
THEMIS P 70165 1994 JAPAN GLESS 5.75 MIO CHINESE
RENASCENTIA 74732 1999 CHINA GLESS 11.5 MIO S.KOREAN (Bss SS/DD Due)
ABYO NATALIE 75473 1996 ITALY GLESS * ENBLOC BSS▼
ABYO JENNIFER 75473 1996 ITALY GLESS 13.5 MIO CHINESE (Total Price)
YUSHO SPICA 76598 2006 JAPAN GLESS 20.5 MIO GREEK
YE SHAN 79754 2011 CHINA GLESS 22.1 MIO UNDISCLOSED
BLUE MANASLU 179276 2011 S.KOREA GLESS 51.5 MIO GREEK
QINGDAO BEIHAI BC18.0-
180000 2014 CHINA GLESS 58 MIO GREEK
50

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7

COMBO SALES
NAME DWT BLT GEAR PRICE $ BUYER
E WHALE 319869 2010 S.KOREA CR 6X30 61 MIO GREEK (Court Sale. Laid up)

CAPESIZE

Spot Market - Bulkers PANAMAX

HANDYMAX

45000
40000
35000
30000
25000
$/Day

20000
15000
11730
10000
6213
5000
0 1740
Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14

CAPE

Period Market - Bulkers 1 Year T/C PMAX

HANDYMAX
35000

30000

25000
22000
4
20000
$/Day

15000
10125
10000
8500
5000
Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14

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8

CONTAINER SALES
NAME DWT BLT GEAR TEU PRICE $ BUYER
DEVON STRAIT 13760 2008 CHINA CR 2X45 1118 8.5 MIO GERMAN
VULKAN 22982 1996 POLAND CR 3X40 1730 4.5 MIO UNDISCLOSED
LEO AUTHORITY 24336 1997 JAPAN GLESS 1560 4.5 MIO CHINESE
CRISTINA STAR 39978 2001 S.KOREA CR 4X45 3430 13 MIO GREEK
XIANG SHUI WAN 44510 1993 GERMANY GLESS 3469 * ENBLOC BSS▼
LONG MU WAN 44585 1994 GERMANY GLESS 3469 7 MIO CHINESE (Enbloc with Xiang Shui
Wan)
CONTI ANPING 53682 2006 S.KOREA GLESS 4298 15 MIO SINOKOR
MANHATTAN 66633 2005 S.KOREA GLESS 5043 14.5 MIO SINOKOR

TWEEN/MPP SALES
NAME DWT BLT GEAR TEU PRICE $ BUYER
RUIJIN 8036 1991 JAPAN DR 2X25, DR 2X20 214 1.4 MIO UNDISCLOSED
AOMI PEARL 8657 1997 JAPAN DR 4X30 1.6 MIO EGYPTIAN (Asis Spore via Court
sale.)

RORO SALES
NAME GT BLT LANE MTS/CARS PAX PRICE $ BUYER
A LADYBUG 72408 2011 S.KOREA 8011 56 MIO KOREAN
B LADYBUG 72408 2011 S.KOREA 8011 56 MIO SINGAPOREAN

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9

NEW BUILDING MARKET AND REPORTED CONTRACTS

Tanker Prices VLCC Suezmax Bulker Prices Capesize Panamax

Aframax MR Handymax Handysize

120 70

60
100 100.7 58.1
50
1 5
80
$m

40

$m
65.9 30
60
55.2 30
5 28
40 3 37.2 20 23.7

20 10
Jun-12 Oct-12 Feb-13 Jun-13 Oct-13 Feb-14 Jun-14 Jun-12 Oct-12 Feb-13 Jun-13 Oct-13 Feb-14 Jun-14

Dry Bulk Orderbook

Ship Type 2014 (deliv) 2014 2015 2016+ Total
Capesize 45 82 128 166 421
Panamax 83 184 150 106 523
Supra/Hmax 121 222 331 249 923
Handies 116 145 220 127 608
Total 365 633 829 648 2475

Tanker Orderbook
Ship Type 2014 (deliv) 2014 2015 2016+ Total
ULCC/VLCC 9 20 16 53 98
Suezmax 12 15 13 11 51
Aframax 8 34 57 31 130
Panamax 2 10 4 18 34
MR+Small 48 113 160 135 456
Total 79 192 250 248 769

LPG Tank Orderbook

Ship Type 2014 (deliv) 2014 2015 2016+ Total
VLGC 3 8 37 36 84
LGC 0 0 4 0 4
MR 3 10 10 32 55
Handy 7 10 20 8 45
Small 12 16 6 0 34
Total 25 44 77 76 222

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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 70
885 60.8
900 56.8
60
800
No. of Vessels

700 50 46.5

m. dwt
600 40
500
395
400 30 25.2
358 21.2
300 260 18
214 20
169
200
70 69 10
100 64
0 0
2012 2013 Jun-14 Jun-14 2015 2016+

Tanker Newbuildings on Order VLCC Suezmax Bulker Newbuildings on Order Capesize Panamax
Aframax Panamax
Products Handymax Handysize
30 80
26.7
67.8
70
25
60
19 44.7
20
m. dwt

50
m. dwt

15 12.9 40 34.9

30 16.5
10
5.8 20
2.4
5 10

0 0
June 2014 June 2014

Newbuilding Historical Prices ($m)

Tankers Jun-14 2013 2012 2011 2010 2009 2008 2007 2005 2000 1995 1990 1985
1 2
310,000 DWT 100.7 93.8 93.2 98.9 104.8 97.5 150 145 120 76.5 85.3 87.4 38.2
170,000 DWT1 65.9 59.6 57.1 60.3 66.3 61 90 90 71.5 52.5 54 66.1
2
28.2
110,000 DWT1 55.2 52.2 48.5 52.2 56 49.5 74 72 58 41.5 43.3 53.2
2
18.1
47,000 DWT1 37.2 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 58.1 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 30 27.8 25.6 28.7 34.3 34.5 45.5 54 36 22.5 27.9 30 13.4
45,000 DWT 28 26.5 23.7 26.7 31.1 29 41 47.5 31 20.5 24.1 25.3 12.4
29,000 DWT 23.7 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
Asp. & Bit. 15000 3. Maj. Brod. 2015 Wisby Tankers AB
BULK 37600 Imabari S.B. 2017 26 Mio Wisdom Marine Lines
BULK 62000 Oshima S.B. Co. 2017 30 Mio Wisdom Marine Lines
BULK 81522 Tsuneishi Zhoushan 2017 Santoku Senpaku
BULK 61000 Dalian COSCO KHI 2016 Fortune Ocean Shpg.
BULK 61000 Dalian COSCO KHI 2016 Fortune Ocean Shpg.
BULK 61000 Dalian COSCO KHI 2016 Fortune Ocean Shpg.
BULK 61000 Dalian COSCO KHI 2016 Fortune Ocean Shpg.
BULK 208000 Nantong Cosco KHI 2016 Golden Flame Shpg.
BULK 208000 Nantong Cosco KHI 2016 Golden Flame Shpg.
BULK 81600 Tsuneishi Cebu 2016 Nissen Kaiun K.K.
BULK 81600 Tsuneishi Cebu 2016 Nissen Kaiun K.K.
BULK 81600 Tsuneishi Cebu 2016 Nissen Kaiun K.K.
BULK 15500 Nantong Rainbow 2016 23.05 Mio Unknown Greek
BULK 34000 Hakodate Dock 2017 Blumenthal, Johann
BULK 34000 Hakodate Dock 2017 Blumenthal, Johann
BULK 34000 Hakodate Dock 2015 Shikishima Kisen
BULK 63800 Hantong S.Y. 2017 Conti Reederei
BULK 63800 Hantong S.Y. 2017 Conti Reederei
BULK 63800 Hantong S.Y. 2017 Conti Reederei
BULK 63800 Hantong S.Y. 2017 Conti Reederei
BULK 63800 Hantong S.Y. 2018 Conti Reederei
BULK 63800 Hantong S.Y. 2018 Conti Reederei
BULK 63800 Hantong S.Y. 2018 Conti Reederei
BULK 63800 Hantong S.Y. 2018 Conti Reederei
BULK 207000 New Times S.B. 2016 Pan Ocean
BULK 207000 New Times S.B. 2016 Pan Ocean
BULK 84700 Sasebo H.I. 2016 Osaka Asahi Kaiun
BULK 63000 Imabari S.B. 2017 Ugland Marine
BULK 63000 Imabari S.B. 2017 Ugland Marine
Chem & Oil 19900 Kitanihon Zosen 2017 CMB N.V.
Chem & Oil 52000 SPP Shipbuilding 2016 Parakou Shpg Option
Chem & Oil 52000 SPP Shipbuilding 2016 Parakou Shpg Option
Chem & Oil 52000 SPP Shipbuilding 2016 Parakou Shpg Option
Chem & Oil 52000 SPP Shipbuilding 2016 Parakou Shpg Option
Chem & Oil 52000 SPP Shipbuilding 2017 Parakou Shpg Option
Chem & Oil 52000 SPP Shipbuilding 2017 Parakou Shpg Option
Chem & Oil 52000 SPP Shipbuilding 2017 Parakou Shpg Option
Chem & Oil 52000 SPP Shipbuilding 2017 Parakou Shpg Option
Chem & Oil 52000 SPP Shipbuilding 2017 Parakou Shpg
Chem & Oil 52000 SPP Shipbuilding 2017 Parakou Shpg
Chem & Oil 52000 SPP Shipbuilding 2017 Parakou Shpg
Chem & Oil 52000 SPP Shipbuilding 2017 Parakou Shpg
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 50000 Aker Philadelphia 2016 125 Mio Philly Tankers AS
Chem & Oil 50000 Aker Philadelphia 2017 125 Mio Philly Tankers AS
Chem & Oil 15000 AVIC Dingheng SB 2016 Terntank Rederi A/S
Chem & Oil 15000 AVIC Dingheng SB 2017 Terntank Rederi A/S
Chem & Oil 25000 Fukuoka S.B. 2017 Greathorse Chemical
Chem & Oil 25000 Fukuoka S.B. 2017 Greathorse Chemical
Chem & Oil 49600 Gen. Dynamics NASSCO 2017 American Petroleum
LNG 96000 Hyundai H.I. 2017 Gaslog Ltd
LNG 96000 Hyundai H.I. 2017 Gaslog Ltd
LPG 5000 Murakami Hide 2015 Fuji Iron Works
LPG 5000 Murakami Hide 2016 Unknown
LPG 30000 Hyundai Mipo 2017 West Africa LPG
MSV 6000 VARD Brevik 2016 Island Offshore Mngt
MSV 4400 VARD Brattvaag 2016 Rem Maritime NK 800 Mio
MSV Kleven Verft 2015 Olympic Shipping
Ore 250000 Beihai Shipyard 2016 Cara Shipping Pte
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Ore 250000 Beihai Shipyard 2016 Cara Shipping Pte

Ore 260000 Unknown China 2016 Fortescue Metals Grp
Ore 260000 Unknown China 2017 Fortescue Metals Grp
Ore 260000 Unknown China 2017 Fortescue Metals Grp
Ore 260000 Unknown China 2017 Fortescue Metals Grp
PCC 30000 Toyohashi S.B. 2017 K-Line
PCC 30000 Toyohashi S.B. 2017 K-Line
Products 111000 New Times S.B. 2016 Frontline 2012
Products 111000 New Times S.B. 2016 Frontline 2012
Products 50000 Guangzhou S.Y. Int. 2016 COSCO Dalian
Products 50000 Guangzhou S.Y. Int. 2016 COSCO Dalian
Products 50000 Guangzhou S.Y. Int. 2016 COSCO Dalian
Products 40000 CSBC 2016 Chinese Petroleum
Products 40000 CSBC 2016 Chinese Petroleum
PSV 4400 COSCO Guangdong 2017 Chellsea
PSV 4400 COSCO Guangdong 2017 Chellsea
PSV 3900 Fujian Mawei 2016 Sinopec
RoPax 10000 German Yard 2016 92 Mio SeaRoad Shipping
Seis. Support 1200 ASL S.Y. (Singapore) 2016 Unknown Norwegian
TANK 40000 New Century S/Y 2016 Pertamina Direktorat
TANK 40000 New Century S/Y 2016 Pertamina Direktorat
TANK 40000 New Century S/Y 2016 Pertamina Direktorat
TANK 318000 Japan Marine United 2017 Unknown Greek
TANK 318000 Japan Marine United 2017 Unknown Greek
TANK 318000 Japan Marine United 2017 Eastern Med. Mar.
TANK 318000 Japan Marine United 2017 Eastern Med. Mar.

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13

DEMOLITION MARKET
Demolition Prices
Gen Cargo Tanker
India USD 455 /lt Ldt USD 465 /lt Ldt
Bangladesh USD 435 /lt Ldt USD 460 /lt Ldt
Pakistan USD 435 /lt Ldt USD 460 /lt Ldt
China USD 305 /lt Ldt USD 325 /lt Ldt

Demolition Historical Data

Price Tankers* 2011 2012

2013 2014
580
530 485
460 465
480 445 445 445
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
465 455
480 430 430 440
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 17.2
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
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 186 182 172 115 136 174 135 174 262 362 302 405 507 287 338 485 482 435 465
BULK 166 153 152 112 143 170 135 181 267 381 332 392 472 268 328 437 456 410 455

India
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
BULK OCEAN RICH 21348 1981 5210 462
BULK YUAN HENG 26268 1984 7370 485
BULK UNI-BROTHERS 27650 1984 6388 477
BULK FLORIDA II 28234 1980 6485 457
BULK FISHER D 29003 1981 6198 507 Full spares on board, incl RoB
BULK SAN TEODORO 29462 1985 7134 493
BULK LIBER 30027 1985 7142 496
BULK LIMESTONE II 33660 1979 11717 510 Limestone Carrier
BULK HORIZON EXPRESS 38891 1987 7500 506
BULK TRANS OCEAN EXPRESS 42183 1987 8669 490 Incl 500T RoB
BULK SPIRIT OF BRAZIL 70653 1986 9526 482
CONT MSC HINA 21730 1984 10655 490
CONT SAN PEDRO BAY DRAGON 38400 1997 11950 510 Asis Colombo incl RoB
CONT XIN YING WAN 44044 1990 13184 507 Incl 250T RoB
CONT MSC JADE 44552 1986 13552 485
GAS BENEGAS 6110 1981 3443 495
GAS GAZ PIONEER 7495 1982 4042 480 Asis Fujairah with spares on board
REEF BALTIC NOVATOR 10510 1984 6752 496 Incl 72T Aluminium
REEF BALTIC NAVIGATOR 10572 1985 6646 500 Incl 72T Aluminium
REEF BALTIC NOVEL 10598 1980 6646 500 Incl 72T Aluminium
REEF BALTIC STRAIT 12545 1981 8000 500 Rich Aluminium content
RORO TRANSLANDIA 4113 1976 6187 480
RORO BALTIC MERCUR 19036 1988 8920 480
TANK THERESA MARS 13749 1987 4111 720 Incl 520T Stst
TANK BATEEL 83651 1987 16283 510
TWEEN DANNY ROSE 9606 1988 3660 485

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15

Bangladesh
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
BULK TATARSTAN 1961 1977 2242 400
BULK WIN SHING 1 4446 1973 2384 450
BULK ISA ACTIVE 21289 1982 5277 444
BULK JING PENG HAI 22260 1980 5402 435
BULK ROCKAWAY BELLE 39333 1984 8032 470 Incl 250T RoB
BULK GLORIOUS 40836 1986 7017 490
BULK NEW FORTUNE 44820 1994 2374 430
RORO SKY TETHYS 7071 1979 4229 481
TANK GLENN BATAAN 2990 1982 1298 442
TWEEN NEW FORTUNE 6831 1986 2374 430
TWEEN GOLAM-E-MOSTAFA 16223 1986 5000 350

China
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
TANK GLOBAL EMINENCE 6962 1983 2576 330
TANK NEW VALOR 284631 1992 39721 338

Pakistan
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
TANK OLYMPIC SPONSOR 96547 1994 15513 490
TANK MYKONOS WARRIOR 149085 1996 24078 502
TANK PRATIBHA BHEEMA 154971 1991 20502 500

Turkey
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
No Reported Sales

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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
Jun-14 604 895 618 980 612 985

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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 0.5508 0.8013 0.005791 0.6592 0.5981 0.5544

CAD 1.8191 1 1.4567 0.010524 1.1983 1.0867 1.0072
EUR 1.2492 0.6874 1 0.007228 0.8227 0.7463 0.6912
JPY 172.896 95.2474 138.494 1 113.789 103.412 95.819
CHF 1.5183 0.8363 1.2163 0.008803 1 0.908 0.8416
USD 1.7367 0.9555 1.3907 0.01005 1.144 1 0.9616
AUD 1.8099 0.9958 1.4488 0.010469 1.1922 1.0811 1
* 30/06/2014 values

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18

STOCK WATCH

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

Capital Product Partners CPLP 11.56 10.72 7.8 11.63 8.12

Diana Shipping Inc. DSX 10.86 11.11 -2.3 13.93 9.64

Dryships Inc. DRYS 3.22 3.01 7 5.00 1.74

Dynagas LNG Partners LP DLNG 24.95 23.30 7.1 25.50 16.75

Eagle Bulk Shipping Inc. EGLE 3.11 3.40 -8.5 8.75 2.71

Euroseas Ltd. ESEA 1.16 1.22 -4.9 1.80 1.01

Freeseas Inc. FREE 0.64 1.16 -44.7 4.64 0.56

Genco Shipping&Trading GNK 0.88 1.75 -49.7 4.98 0.80

Costamare Inc. CMRE 23.42 22.14 5.8 23.85 15.90

Goldenport Holdings Inc. GPRT 360.50 345.00 4.5 510.00 290.00

Navios Maritime Holdings NM 9.93 9.05 9.7 12.12 5.25

GasLog Ltd. GLOG 31.65 23.14 36.8 32.44 12.56

Paragon Shipping Inc. PRGN 5.88 5.67 3.7 9.40 3.90

Safe Bulkers Inc. SB 9.32 8.47 10 11.48 4.78

Star Bulk Carriers Corp. SBLK 12.95 11.13 16.4 15.88 5.37

Stealthgas Inc. GASS 11.28 10.49 7.5 13.00 5.34

TEN Inc. TNP 6.69 7.27 -8 8.48 4.16

TOP Ships Inc. TOPS 2.17 4.30 -49.5 20.51 1.80

Box Ships Inc. TEU 1.50 1.54 -2.6 4.66 1.40

Diana Containerships Inc. DCIX 2.54 2.65 -4.2 4.79 2.38

Danaos Corporation DAC 5.98 5.95 0.5 7.75 3.67

Aegean Marine Petroleum ANW 10.03 10.10 -0.7 12.72 8.24

* 27/06/2014 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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