Intermodal_ Report W402011

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r any further queries please do not hesitate to contact our Research Department.

e informaon contained in this report has een otained from arious sources as reported in the maret. ntermodal hiproers o. eliees such informaon to e factual and reliale ithout ma

uarantees reardin its accuracy or completeness. hilst eery care has een taen in the producon of the aoe reie no liaility can e accepted for any loss or damae incurred in any ay

atsoeer y any person ho may see to rely on the informaon and ies contained in this material. his report is ein produced for the internal use of the intended recipients only and no re

oducin is alloed ithout the prior rien authoriaon of ntermodal hiproers o.

termodal Shipbrokers Co.

th m Ethnii Odos AthensLamia & 3 Aramelis treet

5 64 N. Kifisia Athens Greece

l: +30.210.6293300

x: +30.210.6293333

ww.intermodal.gr

ompiled y: ntermodal Research Department

Mr Geore Laaridis

Email: [email protected]

On ehalf of: ntermodal ale & Purchase and Neuildin Departments

Email: [email protected]

Weekly Market Reportale & Purchase Neuildin econdhand Demolion harterin

ee 40uesday 11th Octoer 2011

Broker’s insight

by Yannis Olziersky

Despite the proloned uncertaines in the orld economy for the rest of this

year and next year and ith loal GDP roth in a constant donard pres

sure the dry ul maret has sll remained at healthy leels aer rally seen

he last couple of months.

he recoery inially triered ith ains in the ape sie maret a sie se

ment hich has een strulin ith suoperaon cost freiht leels from

he einnin of the year. Heay iron ore ooin from hina’s stron de

mand droe the ape ndex to a sinificant recoery ith an aerae of the t/c

outes reachin today at xs $28000 per day. Many elieed that the recoery

n rates ould e short lied as the ianc roth of the eet ith the economic turmoil ill cap roth. Despite that to months aer the inion of

he reound the maret stands at the hihest point since Decemer 2010

ith all indices contriun to that.

On the asset maret front despite the sinificant recoery in rates e sll

ace a earish senment hich has hit acity and prices as ell. Asset alues

hae sinificantly declined and are sll under pressure hich is contradictory

ith the maret’s upard trends. A paradox indeed ith acity thouh

expected to sll remain at a slo pace and ith the financial uncertaines

mainly due to Euroone det crisis and fears of a douledip recession Buyers

ancipate further decline in alues and feel that sooner or later more dis

ressed sales ill surface.

ame on the Ne Buildin maret hip oners’ appete for ne orders isept aated. hinese shipuilders’ Orderoo has dropped more than 6% in

he first seen months from a year earlier despite that uilders are offerin

arace prices and ne ecient desins in order to encourae further or

derin and eep their producity alie.

t is indeed a ery noteorthy era in shippin ith asset alues droppin

reiht maret in a (temporary?) recoery phase and ith a lot of uncertainty

or the future due to financial turmoil and oercapacity it ill e ery inter

esn to see ho oners ill alance their concerns and needs aainst the

opportunies and/or pialls hich may arise.

Chartering (Wet: Firm+ / Dry: Firm+ )

Dry ulers noted yet another posie ee as tonnae lists ere oer

all ery ht and demand from charterers remains firm. he BD today

(11/10/2011) closed at 2106points an increase of 74 point compared to

Monday’s (10/10/2011) closure and up y 221 points compared to last

uesday’s leels (04/10/2011). e finally sa a small recoery in freiht

leels for lare crude carriers hile at the same me droppin uner

prices created further reathin space to oners. he BD Monday

(10/10/2011) as at 785 81 point up and the B at 711 a decrease of

10 points compared to the preious Monday’s leels (03/10/2011).

Sale & Purchase (Wet: Soer- / Dry: Soer- )

Minimal acity is sll ein osered in the secondhand maret as

possily lac of maret liquidity and reat uncertainty for the future

sll cast a ery lare shado preenn many oners from tain acon. On the aners side the most noteorthy deal reported this ee

as the sale of the VL “aase” (314250dtlt 99 Japan) hich ent

to Gree uyers namely Polemros for a price of $ 27.5m. hile on the

dry uler of interest as the enloc sale of the resale Necastlemaxes

‘Uniersal su 134’ (205000dtlt 11 Japan) and ‘Uniersal su

135’ (205000dtlt 11 Japan) hich reportedly ent to aian’s Hsin

hien for a price of $ 56.5m each.

Newbuilding (Wet: Stable- / Dry: Stable- )

hile demand from oners remains fairly asent neuildin prices

hae seem to hae slihtly decreased these past ees and are shoin

a further donard trend. ith the excepon of specialised units there

has een minimal acity reported this ee. t seems as thouh the

maority of oners are sll ery scepcal of ne orders as they sll face

a maret ith an oerhelmin orderoo scheduled for deliery ll the

end of 2012. At the same me the crical prolems faced in the ship

finance sector are preenn any sinificant liquidity to accumulate in

the maret and as such leain the neuildin opon out of reach for

many oners. t ill e interesn to see ho lo neuildin prices

ill o efore e see acity for dry ul and taner ne orders fire up

aain. orth menonin this ee is the reported order placed y ndo

nesia’s Pertamina Group for one firm plus one oponal as carrier

(84000cm) at outh Korea’s Hyundai Heay ndustries for deliery in

the 4th quarter of 2013 and at a reported price of around $ 77.0m each.

Demolion (Wet: Soer- / Dry: Soer- )

e connue to see a sinificant amount of instaility in the marethile at the same me there has een a roin price ap created e

teen et and dry tonnae these past to ees. he oerhelmin

numer of dry ulers enterin as demo candidates these past months

has caused decreased compeon amonst reaers ho are no

shoin a much hiher preference for taner units. At the same me it

is important to note that there is a much decreased appete amonst

reaers ho seem to e close to capacity hile the uncertainty oer

local steel prices in the ndian uonnent and hina has made many

cash uyers to mae more careful and less speculae purchases. Demo

prices oerall decreased for yet another ee ith et tonnaes clos

in at leels of around 450525$/ldt hile dry tonnaes decreased to

aout 430495$/ldt.



ntermodal Research 2 11/10/2011

6080

100120140160180200220240260

p o i n t s

CLEAN - WS RATES2 4 6 1

20

40

60

80

100

120

140

160

180

p o i n t s

DIRTY - WS RATESD3 D5 D8 D 4

12 mos 'eas erice ' 1998 107 dt $12000 /day hell

3 mos 'Pacific Gala xy' 2 009 111 dt $ 8500/day Nai8

Indicative Period Charters

Oct-11 Sep-11 ±% 2011 2010 2009

300KT DH 66.0 74.4 11.3% 82.5 87.2 84.3

150KT DH 47.0 49.6 5.2% 56.6 62.6 59.2

105KT DH 37.0 37.0 0.0% 40.0 44.7 43.2

70KT DH 34.0 34.6 1.7% 36.0 38.8 37.5

45KT DH 29.0 29.1 0.2% 28.7 26.5 29.2

VLCC

Suezmax

Indicative Market Values ($ Million) - Tankers

Vessel 5yrs old

MR

Aframax

Panamax

Week 40 Week 39 ±% Diff 2011 2010

300k 1yr TC 20250 21000 3.6% 750 26869 38288

300k 3yr TC 29000 29500 1.7% 500 33044 38671

150k 1yr TC 18750 18750 0.0% 0 20531 28712

150k 3yr TC 22000 22000 0.0% 0 24669 27642

105k 1yr TC 15000 15500 3.2% 500 16163 19014

105k 3yr TC 18250 18250 0.0% 0 18725 20282

70k 1yr TC 14750 14750 0.0% 0 15406 16865

70k 3yr TC 16000 16000 0.0% 0 16719 17700

45k 1yr TC 14250 14500 1.7% 250 13963 13423

45k 3yr TC 14750 15000 1.7% 250 14831 14388

36k 1yr TC 12500 12500 0.0% 0 12538 11808

36k 3yr TC 13750 13750 0.0% 0 13475 12008

anamax

MR

Handy

size

TC Rates

$/day

VLCC

uezmax

Aframax

2011 2010

WS

points$/day

WS

points$/day $/day $/day

265k AG-JAPAN 42 2602 41 1174 1% 17667 41620

280k AG-USG 33 2736 33 2767 2% 2985 20959

260k WAF-USG 63 34675 48 14688 32% 24707 45311

130k MED-MED 105 39993 80 18589 31% 23043 36316

130k WAF-USAC 98 27489 73 9123 34% 12386 26222

130k AG-CHINA 75 12200 80 14809 6% 15413 26910

80k AG-EAST 98 8079 100 8647 3% 13245 15716

80k MED-MED 160 41425 85 6563 88% 11547 19835

80k UKC-UKC 108 22547 98 13365 10% 16683 24225

70k CARIBS-USG 95 4247 90 2301 6% 8025 17047

75k AG-JAPAN 120 13241 120 12827 0% 11707 14544

55k AG-JAPAN 123 6658 125 7024 2% 8600 10784

37K UKC-USAC 150 8035 180 12941 17% 10837 1053130K MED-MED 155 16316 150 13839 3% 17546 19933

55K UKC-USG 110 6618 110 6187 0% 11315 16419

55K MED-USG 110 5253 110 4678 0% 9700 14358

50k CARIBS-USAC 120 7264 125 8123 4% 11064 14117 D i r t y

A f r a m a x

C

l e a n

V L C C

S u e z m a x

Spot Rates

Vessel Routes

Week 40 Week 39

±%

Wet Market

Chartering

ith demand sll holdin firm VL oners ere ale to push for a slihtecoery in rates this ee. t seems that the typical firmin autumn de

mand has added an extra oost to the maret early this year. here as

ome small ain in Eastound oyaes from the MEG hile the AF as

le to record a sinificant eeonee increase on the ac of the

ean up uemax maret. Droppin uner prices ere also ale to add

o this improin maret leain oners ith consideraly hiher earnins.

ain said that ith the oersupply of tonnae sll clearly eident it is

ncertain if rates ill e ale to eep on their improin path for lon.

uemaxes itnessed considerale ains in oth the AF and Blac ea/

Med maret non in oth a more than 30% eeonee increase in

orld scale rates. he ancipated arrial of a lare numer of essels in oth

rea seemed to hae een met y a more than sucient quanty of fresh

nquiries hile delays in the urish straits and to the posie momentum.ery quic response y the condions in the urish straits as Aframaxes

a rates pic up rapidly ithin the ee. he posie senment seems to

ae spilled oer to oth the North ea/Balc and aris reions hich

eemed to also e in a recoery mood and loos liely to e firmin further

er the next couple of days.

Sale & Purchase

he most noteorthy deal reported this ee as the sale of the VL“aase” (314250dtlt 99 Japan) hich ent to Gree uyers namely

Polemros for a price of $ 27.5m. Aer inspecons completed it ill e

interesn to see hat the “y in” (299997dtlt 02 Japan) ill fetch.

Also orth menonin is the sale of the Aframax “Genmar Re

ene” (96755dt lt 94 .Korea) hich ent to Gree uyers for a price

of $ 9.1m.




Index $/day Index $/day Index Index

BDI 2000 1899 5.3% 101 1441 2758

BCI 3218 $27876 3136 $26601 2.6% 82 1926 3480

BPI 1913 $15326 1726 $13813 10.8% 187 1723 3115

BSI 1533 $16028 1499 $15678 2.3% 34 1372 2148

BHSI 774 $11435 740 $10851 4.6% 34 725 1124

30/09/2011

Baltic IndicesWeek 40 Week 39

±%2011 2010Point

Diff 07/10/2011

0

1000

2000

3000

4000

5000

6000

n d e x

Baltic Indices

B BP B BH BD

170K 6mnt TC 2 225 0 2 22 50 0% 0 16 206 36483

170K 1yr TC 1 975 0 1 80 00 10% 1750 16 092 33167

170K 3yr TC 1 700 0 1 65 00 3% 500 17 531 2915370K 6mnt TC 1 825 0 1 66 25 10% 1625 17 153 28879

70K 1yr TC 1 500 0 1 40 00 7% 1000 15 293 24759

70K 3yr TC 1 412 5 1 40 00 1% 125 14 841 19735

52K 6mnt TC 1 625 0 1 62 50 0% 0 15 909 24569

52K 1yr TC 1 450 0 1 45 00 0% 0 14 634 21047

52K 3yr TC 1 400 0 1 40 00 0% 0 14 250 17502

45k 6mnt TC 1 400 0 1 40 00 0% 0 13 775 21372

45k 1yr TC 1 250 0 1 25 00 0% 0 12 856 18530

45k 3yr TC 1 225 0 1 22 50 0% 0 12 646 15568

30K 6mnt TC 1 175 0 1 20 00 2% 250 12 184 16908

30K 1yr TC 1 200 0 1 20 00 0% 0 12 131 15862

30K 3yr TC 1 200 0 1 20 00 0% 0 12 184 14143

$/day ±% Diff

H a n d y m a x

H a n

d y s i z e

Period

2010

P a n a m a x

S u p r a m a x

Week

40

Week

39

C a p e s i z e

2011

Dry Market

Chartering

he apes maret itnessed another ump in freiht leels as charterers

eturned this ee ith sinificant appete to fix tonnae. he Pacific

hoed sinificant acity especially from Australia ere e sa a sinifi

ant increase in iron ore stems. Not much increase in demand in the Atlan

c thouh the ht tonnae lists there helped eep rates uoyant hile

oners pushed charterers consideraly for slihtly eer leels. ith the

FFA maret no reecn a more posie outloo ay may ell see een

urther increases ithin the next couple of days..

Panamaxes recorded the larest eeonee ain from all the sie se

ments this ee. n the Atlanc a firm supply of caroes comin out of the

UGulf coupled ith ood posion lists as enouh to oost freiht leels

onsideraly. he Pacific as also a lot more ace this ee hile at the

ame me tonnae lists there ere already much hter due to the consid

erale olume of fixtures concluded oer the preious ees.

upras connued to sho the same minimal improement recorded oer

he past couple of ees thouh their freiht leels loo to e much eer

omparale ith most of the other sie sements currently. Handies on the

other hand hich hae een sll holdin at relaely lo leels noted a

tron increase in rates. he Atlanc shoed hiher acity thans to fresh

nquiries comin out of EA and the onnent. he Pacific connues to

ho lucluster demand hoeer the much decreased open essels in the

rea proided leerae for oners to push charterers further.

Sale & Purchase

Most noteorthy deal this ee as the enloc sale of the resale Necas

tlemaxes ‘Uniersal su 134’ (205000dtlt 11 Japan) and ‘Uniersal su135’ (205000dtlt 11 Japan) hich reportedly ent to aian’s Hsin

hien for a price of $ 56.5m each.

Further to the aoe e also sa hina teel snap up a Necastlemax

resale from the Japanese hipuilder the ‘Uniersal su 147’ (205000dt

lt 12 Japan) for a price of $ 56.3m.

Another interesn deal as the sale of the Handymax ‘Dry

Beam’ (46619dtlt 05 Japan) hich ent to Hon Kon ased uyers

Pacific Basin for a price of $ 22.0m.

Indicative Period Charters

4/6 mos 'Nadine Venture' 2011 93000dt

dely Xinan 7/12 Oct $ 12500/day Norden

3/5 mos 'eti Duam' 2010 51000dt

dely ndia 12/13 Oct $ 15000 /day Norden

0

10000

20000

30000

40000

50000

60000

70000

$ / d a y

Average T/C Rates

AVR 4 B AVR 4 BP AVR 5 B AVR 6 BH

Oct-11 Sep-11 ±% 2011 2010 2009

170k 39.0 39.0 0.0% 44.9 57.4 49.0

75K 27.0 27.2 0.7% 32.5 39.0 30.3

52k 24.0 24.0 0.0% 26.1 30.2 26.1

29K 22.0 22.0 0.0% 23.7 26.2 21.1

Panamax

Supramax

Indicative Market Values ($ Million) - Bulk Carriers

Vessel 5 yrs old

Handysize

Capesize




Secondhand Sales

Size Name Dwt Built Yard M/E SS due Hull Price Buyers Comments

VL AKAE 314250 1999MU HBA

HHARA JapanB& Jan14 DH $ 27.8m

Gree

(Polemros)

AFRAGENMAR

REVENGE96755 1994

AMUNG HEAVY

NDUR . KoreaB& May13 DH $ 9.1m Gree

Tankers

Size Name Dwt Built Yard M/E SS due Gear Price Buyers Comments

VLOUNVERAL U

135205000 2011

UNVERAL

HBLDG U

Japan

MANB& $ 56.5m on s us

VLO

UNVERAL U

134 205000 2011

UNVERAL

HBLDG UJapan

MANB& $ 56.5m on s us

VLOUNVERAL U

147205000 2012

UNVERAL

HBLDG U

Japan

MANB& $ 56.3mhines e (hina

teel)on sus

APE APE AKABA 171978 1996KAAAK HEAVY

ND Japa nB& Mar16 $ 18.2m Gree

MAXZHEJANG

ZENGZHOU 00257000 2012

ZHEJANG

ZENGZHOU HP

hina

MANB&4 X 30t

RANE$ 27.0m undi sclosed

MAX UNNY GLOBE 55715 2005

OHMA

HPBULDNGJapan

B& Apr15 4 X 30tRANE $ 25.0m undi sclosed on s us

MAX OEAN PR 55614 2006NANONG OO

KH hinaMANB& Apr16

4 X 30.5t

RANE$ 25.0m undi sclosed on s us

MAX FREE LADY 50246 2003MU AMANO

JapanB& Apr13

4 X 30.5t

RANE$ 21.9m Gree

HMAX DRY BEAM 46619 2005

OHMA

HPBULDNG

Japan

B& Apr154 X 30t

RANE$ 22.0m

Hon Kon

ase d (Pacific

Basin)

AND Y AM GARNE 35501 1984

OHOKU

HPBULDNG

Japan

Mi ts ui s hi Ma r14 4 X 25tRANE

$ 4.5m hi nes e

ANDY POEDON 34000 2011

21 ENURY

HPBULD .

Korea

MANB&4 X 30t

RANE$ 26.0m

Gree

(ransman)

aianese

(Hsin hien)

Bulk Carriers




Secondhand Sales

Name Dwt Built Yard M/E SS due Gear Price Buyers Comments

MERMAD AR 14026 1999 HAKAA Japan B& Oct142 X 36t

RANE

$ 8.25mHon Kon

ased

MPP/General Cargo

Size Name Teu Built Yard M/E SS due Gear Price Buyers Comments

PMAX AP AN N OLA 3739 2001

AMUNG HEAVY

NDUR .

Korea

uler Jan162 X 45t

RANE$ 33.5m

in cl 3yrs ac at

$ 22500/day

PMAX AP AN MARO 3739 2001

AMUNG HEAVY

NDUR .

Korea

uler Mar162 X 45t

RANE$ 33.5m

in cl 3yrs ac at

$ 22500/day

PMAX AP ANAUGUN

3739 2001

AMUNG HEAVY

NDUR .

Korea

uler Au16 2 X 45tRANE

$ 33.5m in cl 3yrs ac at$ 22500/day

PMAXAP AN

ANONO3739 2001

AMUNG HEAVY

NDUR .

Korea

uler Oct162 X 45t

RANE$ 33.5m

in cl 3yrs ac at

$ 22500/day

PMAXAP AN

RAPHAEL3739 2002

AMUNG HEAVY

NDUR .

Korea

uler Fe122 X 45t

RANE$ 33.5m

in cl 3yrs ac at

$ 22500/day

PMAXAP AN

LORENZO3739 2001

AMUNG HEAVY

NDUR .

Korea

uler Jul162 X 45t

RANE$ 33.5m

in cl 3yrs ac at

$ 22500/day

Gree

Containers

Type Name Dwt Built Yard M/E Bhp SS due Price Buyers Comments

AHO

UPEROR1000 2008

GUANGZHOU

PANYU LNG H

hina

aterpi l l ar 4584 Ma y13 $ 3.0m

UAE ase d

(Muara

Marine)

Offshore




Week

40

Week

39±% 2011 2010 2009

Bangladesh 525 525 0.0% 523 424 316

India 525 525 0.0% 517 428 292

Pakistan 520 515 1.0% 507 427 297

China 450 450 0.0% 462 384 258

Bangladesh 495 500 1.0% 499 378 269

India 495 500 1.0% 490 395 265

Pakistan 490 490 0.0% 481 389 266

China 430 430 0.0% 443 365 240

D r y

Indicative Demolition Prices ($/ldt)

Markets

W e t

250

300

350

400

450

500

550

600

$ / l d t

Dry Demolition Prices

Banladesh ndia Paistan hina

250

300

350

400

450

500

550

600

$ / l d t

Wet Demolition Prices

Banladesh ndia Paistan hina

Demolion Market

e connue to see a sinificant amount of instaility in the maret hile at the

same me there has een a roin price ap created eteen et and dry ton

nae these past to ees. he oerhelmin numer of dry ulers enterin as

demo candidates these past months has caused decreased compeon amonst

reaers ho are no shoin a much hiher preference for taner units. At the

same me it is important to note that there is a much decreased appete

amonst reaers ho seem to e close to capacity hile the uncertainty oer

local steel prices in the ndian uonnent and hina has made many cash uy

ers to mae more careful and less speculae purchases. Demo prices oerall

decreased for yet another ee ith et tonnaes closin at leels of around

450525$/ldt hile dry tonnaes decreased to aout 430495$/ldt.

Most notale this ee as the price paid y Banladeshi reaers for the Afram

ax taner ‘Jaa ea’ (99016dt16134ldtlt 91) hich reportedly ent for a firm

price of $ 545/Ldt.

Name Size Ldt Built Yard Type $/ldt Breakers Comments

AURALA 172972 27230 1993ONANA

RomaniaBULK $ 509/Ldt Banladeshi

EV KNUEN 126352 22852 1988 DALAN hina ANK $ 465/Ldt undisclosedss 'as i s' aris incl 650 of

uner ROB

HA MNG HENG 111689 21070 1992 3 MAJ roati a ANK $ 540/Ldt ndian option Paistan

JAVA EA 99016 16134 1991 HYUNDA .Korea ANK $ 545/Ldt Banladeshi

LMRANE BRON 95922 14130 1990 MABAR Ja pa n ANK $ 535/Ldt Paistani

PARO ARR OR 93823 17335 1989UMOMO H

JapanANK $ 535/Ldt Paistani

LOUKA 68159 16320 1989 ZALV Russia ANK $ 540/Ldt ndi an opti on Pai sta n/Ba nl ades hZHENG HANG 63942 12432 1983 AMUNG .Korea BULK $ 512/Ldt Banladeshi

M AURELE 40379 16584 1979HNA HPBLDNG

hinaON $ 540/Ldt ndian

ANJAN 36882 8385 1985 KAADO Japan ANK $ 520/Ldt Paistani

EM A HELMNKA 26700 6622 1984 AL ANZA Arenti na BULK $ 507/Ldt ndian

NE LEGEND

FORUNE23601 5770 1980 AANABE Japan BULK $ 515/Ldt ndian

APAN

KURBAKY19943 10900 1983 VALME Finland G $ 515/Ldt ndian

ARAMA 7188 3927 1986 HKOKU Japan REEFER $ 491/Ldt ndian

AMER F 4208 1948 1978 EA Germany G $ 360/Ldt urish

NORMAN PR 3832 12135 1992BOELERF EME

BeliumROPAX $ 518/Ldt ndian

Demolition Sales




15

30

45

60

75

90

105

120

m i l l i o n $

Tankers Newbuilding Prices (m$)VL uemax Aframax LR1 MR

20

30

40

50

60

70

80

m i l l i o n $

Bulk Carriers Newbuilding Prices (m$)ap es ie Pan amax up ramax Hand ysi e

Week

40

Week

39±% 2011 2010 2009

Capesize 170k 50.0 50.5 1.0% 52 58 67

Panamax 75k 29.0 29.5 1.7% 32 35 36

Supramax 57k 28.0 28.3 0.9% 30 31 34

Handysize 30k 22.8 23.3 2.2% 24 25 27

VLCC 300k 99.5 100.0 0.5% 100 103 121

Suezmax 150k 61.5 62.0 0.8% 63 66 70

Aframax 110k 52.5 52.5 0.0% 53 55 59

LR1 70k 43.5 43.5 0.0% 43 46 52

MR 47k 35.0 35.0 0.0% 35 36 40

LPG M3 80k 72.5 72.5 0.0% 71 72 81

LPG M3 52k 62.5 62.5 0.0% 62 65 73

LPG M3 23k 46.0 46.0 0.0% 45 46 49

Indicative Newbuilding Prices (million$)

G a s

Vessel

B u l k

e r s

T a n k e r s

New Building Market

hile demand from oners remains fairly asent neuildin prices

hae seem to hae slihtly decreased these past ees and are shoin a

further donard trend. ith the excepon of specialised units there

has een minimal acity reported this ee. t seems as thouh the ma

ority of oners are sll ery scepcal of ne orders as they sll face a

maret ith an oerhelmin orderoo scheduled for deliery ll the

end of 2012. At the same me the crical prolems faced in the ship fi

nance sector are preenn any sinificant liquidity to accumulate in the

maret and as such leain the neuildin opon out of reach for many

oners. t ill e interesn to see ho lo neuildin prices ill o

efore e see acity for dry ul and taner ne orders fire up aain.

Most noteorthy deal reported this ee as the order placed y ndo

nesia’s Pertamina Group for one firm plus one oponal as carrier

(84000cm) at outh Korea’s Hyundai Heay ndustries for deliery in the

4th quarter of 2013 and at a reported price of around $ 77.0m each.

nits Type Yard Delivery Buyer Price Comments

2 aner 75000 dtJiansu Ronshen

hina

2013hinese (hanhai North

ea)

undisclosed huttle

2 ontainer 2900 teu X Dalian hina 0205/2013 urish (Aras Group) $ 36.5m

1+1 Gas 84000 cm Hyundai H .Korea 4Q2013 ndonesian (Pertamina) $ 77.0m

2 Offshore 3100 dt Rosetti Marino taly 20132014U ased (GulfMar

Offshore)undisclosed PV

1 Offshore 3000 dt ime A Noreian 2013U ased (GulfMar

Offshore)undisclosed PV

1 Offshore 3000 dtMuhiah Marine

Malaysia01/2013

Malaysian (anun

Offshore)$ 31.3m PV

2+1 RoRo 2800 lnm Hyundai Mipo .Korea 2013 French (Maritime Nantaise) undisclosed

Newbuilding Orders

Size




7-Oct-11 30-Sep-11W-O-W

Change %

Rotterdam 877.0 920.0 4.7%

Houston 937.5 950.5 1.4%

Singapore 881.0 908.0 3.0%

Rotterdam 608.0 616.5 1.4%

Houston 610.5 614.5 0.7%

Singapore 645.5 646.5 0.2%Rotterdam 635.5 638.5 0.5%

Houston 640.5 649.5 1.4%

Singapore 655.5 656.5 0.2%

Bunker Prices

M D O

3 8 0 c s t

1 8 0 c s t

1600

1620

1640

1660

1680

1700

70

80

90

100

110

120

goldoil

Basic Commodities Weekly Summary

Oil $ Oil Brent $ Gold $7-Oct-11 6-Oct-11 5-Oct-11 4-Oct-11 3-Oct-11W-O-W

Change %

10year US Bond 2.070 1.990 1.900 1.780 1.780 7.8%

S&P 500 1155.46 1164.97 1144.04 1123.95 1099.23 2.1%

Nasdaq 2479.35 2506.82 2460.51 2404.82 2335.83 2.6%

Dow Jones 11103.12 11123.33 10939.95 10808.71 10655.30 1.7%

FTSE 100 5303.40 5291.26 5102.17 4944.44 5075.50 3.4%

FTSE All-Share UK 2734.98 2727.37 2632.35 2557.82 2628.41 3.0%

CAC40 3095.56 3075.37 2973.90 2850.55 2926.83 3.8%

Xetra Dax 5675.70 5645.25 5473.03 5216.71 5376.70 3.2%

Nikkei 8605.62 8522.02 8382.98 8456.12 8545.48 1.1%

Hang Seng 17707.01 17172.28 16250.27 16822.15 0.7%

Dow Jones 175.13 181.30 179.09 176.24 169.44 2.2%

$ / € 1.34 1.33 1.33 1.32 1.33 0.5%

$ / ₤ 1.55 1.53 1.55 1.54 1.55 0.3%

₤ / € 0.86 0.87 0.86 0.86 0.86 0.2%

¥ / $ 76.69 76.77 76.67 76.69 76.83 0.2%

$ / Au$ 0.98 0.97 0.96 0.94 0.96 0.6%

$ / NoK 0.17 0.17 0.17 0.17 0.17 0.7%

$ / SFr 0.92 0.93 0.92 0.92 0.91 2.1%Yuan / $ 6.36 6.38 6.38 6.36 6.38 0.4%

Won / $ 1181.87 1186.46 1189.08 1196.84 1181.44 0.1%

$ INDEX 78.73 78.63 78.92 79.60 79.43 0.2%

Market Data

C

u r r e n c i e s

S t o c k E x c h a n g e D a

t a

CompanyStock

ExchangeCurr. 07-Oct-11 30-Sep-11

W-O-W

Change %Max 40wk Min 40wk

GEAN MARINE PETROL NTWK NYSE USD 3.84 4.51 14.9% 4.17 3.73

LTIC TRADING NYSE USD 4.60 4.65 1.1% 4.93 4.25

X SHIPS INC NYSE USD 7.80 7.90 1.3% 7.80 7.20

PITAL PRODUCT PARTN ERS L P NASDAQ USD 5.74 6.39 10.2% 6.28 5.74

STAMARE INC NYSE USD 11.60 12.35 6.1% 12.03 11.39

NAOS CORPORATION NYSE USD 3.06 3.32 7.8% 3.17 2.85

ANA SHIPPING NYSE USD 7.08 7.42 4.6% 7.40 6.93

YSHIPS INC NASDAQ USD 2.24 2.34 4.3% 2.39 1.96

GLE BULK SHIPPING NASDAQ USD 1.36 1.57 13.4% 1.46 1.32

ROSEAS LTD. NASDAQ USD 3.16 3.16 0.0% 3.34 3.07

CEL MARITIME CARRIERS NYSE USD 1.89 2.08 9.1% 2.03 1.87

EESEAS INC NASDAQ USD 0.76 0.92 17.4% 0.85 0.71

NCO SHIPPING NYSE USD 6.90 7.81 11.7% 6.90 6.50

NERAL MARITIME CORP NYSE USD 0.17 0.26 34.6% 0.20 0.16

OBUS MARITIME LIMITED NASDAQ USD 5.15 5.20 1.0% 5.15 4.95

OLDENPORT HOLDINGS INC LONDON GBX 71.50 71.88 0.5% 72.50 71.50

LLENIC CARRIERS LIMITED LONDON GBX 46.00 47.00 2.1% 47.00 44.00

AVIOS MARITIME ACQUISITIONS NYSE USD 3.40 3.39 0.3% 3.45 3.21

AVIOS MARITIME HOLDINGS NYSE USD 3.04 3.17 4.1% 3.04 2.98

AVIOS MARITIME PARTNERS LP NYSE USD 13.85 13.30 4.1% 13.85 12.49

WLEAD HOLDINGS LTD NASDAQ USD 0.75 0.80 6.3% 0.75 0.66

EANFREIGHT INC NASDAQ USD 18.30 17.75 3.1% 18.30 17.04

MEGA NAVIGATION ENTERPRISES INC NASDAQ USD 0.23 0.28 17.9% 0.26 0.23

RAGON SHIPPING INC. NYSE USD 0.85 0.79 7.6% 0.87 0.76

FE BULKERS INC NYSE USD 5.70 6.19 7.9% 5.85 5.61

ANERGY MARITIME HOLDINGS CORP NASDAQ USD 2.79 3.19 12.5% 3.01 2.79

AR BULK CARRIERS CORP NASDAQ USD 1.23 1.29 4.7% 1.24 1.15

EALTHGAS INC NASDAQ USD 3.85 3.92 1.8% 3.88 3.60

AKOS ENERGY NAVIGATION NYSE USD 5.44 5.58 2.5% 5.62 5.31

P SHIPS INC NASDAQ USD 1.06 1.45 26.9% 1.26 1.06

Maritime Stock Data

Commodies & Financial Market

World Economy News

l fell from its highest level in more than two weeks in New York afteruropean Central Bank President Jean-Claude Trichet said the region’sebt crisis threatens the financial system. Futures dropped for the firstme in five days as the euro weakened and equities declined afterichet’s comments and before a government vote in Slovakia on the euroea’s bailout fund. OPEC cut its global oil demand forecast for this year on

weakening economic outlook in industrialized nations. (Bloomer)

Energy & Commodies

Cargill, the world’s biggest agricultural trader, blamed rapid money flowsin commodity markets and deep uncertainty over the global economy asit reported a 66 per cent decline in net profit. The Minnesota-based com-pany, with businesses from corn syrup to financial derivatives, said itearned $236m in the first quarter to August 31, down from $693m a yearago. Year-ago results excluded profit contributions from Mosaic, the ferti-

liser maker from which Cargill spun off its stake in May. (Financial Times)

Finance News

The shipping industry is made up of shipownerswho own and/or operate ships and cargo ownersthat buy and sell their raw materials, manufac-tured goods and energy products to be delivered

by sea to their counterparties.

To a limited extent some cargo owners also ownand operate ships or contract for their use on along-term basis to control their transportationcosts. Conversely, few if any shipowners own or

control any cargo.

Thus both parties need each other and need towork together to manage the volatility of world

trade and the variability of supply and demandarising from that.

Given these facts and the capital intensity of ship-owning, with the all costs of operating the shipsand managing the logistics, one would expect thatthe majority of shipping would operate under con-

tracts for periods of years, not months.

The routes on which most ships operate are well

defined and with the exception of container ship-ping and the trade of the smaller dry cargo ships,most voyages are from a single load port to a sin-

gle discharge port.

Why then has the relationship between shipowners

and cargo owners reached a point where charterrates have sunk to historic lows?

This is clearly unsustainable for any length of timeas shipowners will rapidly consume their cash re-

serves and eventually become insolvent. (Lloyd’s

List)

Documents

Intermodal_ Report W402011