WEEKLY SHIPPING MARKET

REPORT WEEK 23
WEEK 23 (3rd Jun to 10th Jun 2016)

Market Overview

Finally, the biggest shipping week came to her last day, with people from every sector of shipping
industry participated in the celebrations and given new rendezvous for the next Posidonia ceremony in
2 years. A great atmosphere, giving time and space for new meetings and contacts, improvement on
relations and new opportunities for every person that attended. Comparing to the celebrations , the
situation in Dry market still it’s the same, with only some signs of development but without stability.
During this week, BDI closed at 610 with no changes from last Friday’s closing.

Bulkers

In the sales sector, we saw 8 BC vessels changing ownership this week. Most notable, is the sale of the
Capesize M/V Red Ivy – Dwt 181.162 / Blt 2016 Imabari Japan at $ 35.8 mil. to Greek buyers , hearing
as buyers clients of Alpha Tankers. As having for last sale the M/V Aquacaro back in beginning of March
at $ 32.5 mil. with daily rates at arnd $ 2250 we can understand that the current sale is in line with
current market. Another two resales are reported this week, the 2 Chinese Ultramaxes M/V Night Owl
and M/V Early Bird at $ 18.7 mil each to US based clients of Raven Capital. Interesting rumors are spread
in the air, for the Kamsarmax 0f 2007bltM/V Billion Trader I, hearing that have been sold close to mid $
9 mil but needs to be reconfirmed, as might vessel be still on subjects. The reported sale of the Japanese
Supramax M/V Santa Elena at $ 7,3 mil back in previous week may have failed but this is due to be
double checked . In conclusion, 2 1991 Blt Korean Handymaxes along with 2 Handysize vessel reported
as sold.

Tankers

Brent rates were day by day improved during this whole week as they became stable above $ 50 per
barrel. From today’s $ 51.39 it can be clearly seen an increase at region $ 2 per barrel in contrast to
previous week’s closing at levels region $ 49 per barrel. In the Wet Secondhand Market, during
beginning of June ,we can see 13 Tankers that have been sold for a total price of rgn $ 327.5 mil. Clients
of Ardmore Shipping Corporation purchased the 6 Eco Korean MR tankers for a price of $ 172.5 mil.
Meanwhile, Greek buyers were not silent this week , with Union Maritime hearing moved for 2 STX
Korean MR’s for a total purchase price of $ 40 and presently hearing that are on subs including TC Back.
Furthermore the completion of sales includes 2 LNG Tankers reported on a deal of $ 40 mil. along with
another 2 Handy Tankers and the M/T Atlantic Hope.

Demolition

This week’s beaching total includes 12Bulkers ,2 Containers , 1 Tanker, and 4Others.
Total week’s number of 19 vessels being scrapped ,something that shows a small increase from
previous week’s total at 15 vessels. Levels for Subcontinent are keep falling, as from the beginning of the
month, in the region of $ 240- 255 per Ldt.
Meanwhile, Turkey’s market follows the declined prices of $ 155-170 per Ldt.

Advanced Shipping & Trading S.A 1st Floor, 168 Vouliagmenis Avenue 16674 Glyfada, Greece
Contact Details: Tel: +30 210 3003000 snp@advanced-ship.gr chartering@advanced-ship.gr finance@advanced-ship.gr
 Second Hand Sale
Bulk Carriers

Name Dwt YoB Yard SS Engine Gear Price (mill.) Buyer

Red Ivy 181,162 2016 Imabari , Japan 02/2021 B&W - $ 35.8 Greek
Billion Tsuneishi , $ 9.5
82,050 2007 01/2017 B&W - Greek
Trader I Japan On Subjs
Night Owl 63,600 2016 Jiangsu , China - B&W 4 x 30 T $ 18.7 USA Based
(Raven
Early Bird 63,410 2016 Jiangsu , China - B&W 4 x 30 T $ 18.7 Capital)
Hyundai Heavy ,
Petra II 42,263 1991 05/2020 B&W 4 x 10 T
Korea
N/A Russian
Hyundai Heavy ,
Petra I 42,263 1991 08/2019 B&W 4 x 10 T
Korea
Cyan Hutau Heavy , Wartsi
37,302 2010 - 4 x 30 T $ 7.2 European
Phoenix China la
Naikai Zosen ,
Sea Amity 28,290 2001 01/2021 B&W 4 x 30 T $ 3.8 Turkish
Japan

Containers

Price
Name Teu YoB Yard SS Engine Gear Buyer
(mill.)

Jiangdong ,
Mount Bokor 1,118 2005 05/2020 B&W 2 x 45 T $ 4.0 Undisclosed
China

Advanced Shipping & Trading S.A Research 10/06/2016 2

 Tankers

Name Dwt YoB Yard SS Engine Price (mill.) Buyer

Universal ,
Isis 116,093 2007 07/2017 Sulzer $ 26.5 Greek
Japan
Rgn $ 20.0
On Subs
St. Johannis 51,218 2007 STX , Korea 02/2017 B&W
Incl T/C
Back Greek
Rgn $ 20.0 (Union Maritime)
On Subs
St. Marien 51,218 2007 STX , Korea 03/2017 B&W
Incl T/C
Back

Front Clyde 49,478 2014 Stx , Korea 03/2019 B&W $ 29.2

Front Dee 49,494 2014 Stx , Korea 03/2019 B&W $ 29.2

Front Esk 49,526 2014 Stx , Korea 03/2019 B&W $ 29.2 Ireland Based
(Ardmore Shipping
Front Mersey 49,420 2014 Stx , Korea 03/2019 B&W $ 29.2 Corporation)

Front Arrow 49,452 2013 Stx , Korea 09/2018 B&W $ 27.85

Front Avon 49,466 2013 Stx , Korea 12/2018 B&W $ 27.85

Hyundai Mipo ,
Atlantic Hope 47,128 2008 02/2018 B&W $ 22.0 Undisclosed
Korea
Zhejiang ,
Golden Pacific 16,600 2011 06/2017 B&W $ 12.0 Greek
China
Yangzhou , Canadian
Sten Fjord 13,670 2004 07/2019 B&W $ 13.5
China (Coastal Shipping)
Mitsubishi , $ 20.0
LNG Wilgas 67,552 1984 Mitsubishi
Japan Laid Up
Far Eastern
$ 20.0
LNG Wilenergy 67,055 1983 Mitsubishi Mitsubishi
Laid Up

Advanced Shipping & Trading S.A Research 10/06/2016 3

 Indicative Values - Bulk Carriers

Prompt
Size 5 years 10 years 15 years
Resale
Capesize 35 23.5 13.5 7.5
Panamax - Kamsarmax 24 13 6.5 4.5
Supramax - Ultramax 19.5 12 5.5 3.5
Handysize 15 9 5 3

Indicative Values - Tankers

Prompt
Size 5 years 10 years 15 years
Resale
VLCC 91.5 70 49 30
Suezmax 63.5 53 38 20
Aframax 49.5 38 25 15
Panamax 45 33 23 14
MR 37 28 19 11

Advanced Shipping & Trading S.A Research 10/06/2016 4

 Demolition & Newbuilding
Demolition Sales

Vessel Type Built Ldt Dwt Price ($) Country Comments

MOL Precision Container 2002 26,557 73.063 (P&C) India
MOL Promise Container 2002 26,557 73.063 (P&C) India
New Amity Tanker 1998 15,683 106.120 (P&C) (P&C)
IDM Symex RoRo 1988 12,360 12.763 (P&C) Bangladesh
Bahamas Pearl GC 1985 11,561 39.218 261 India
Energy Enterprise BC 1983 10,566 33.373 272 Pakistan Selfdischarger
Brother Glory BC 1998 8,181 46.211 (P&C) Bangladesh
Samudrika-5 Offshore 1986 1,000 1.239 (P&C) India
Bright Master GC 1994 8.583 (P&C) China
Catherine III GC 1962 8.395 (P&C) Turkey
Century Highway
RoRo 1985 15.509 (P&C) Turkey
No. 2
Chennai Jayam BC 1983 41.824 (P&C) Bangladesh
Ever Glory III BC 1983 37.994 (P&C) India
Heng Shan Hai BC 1998 72.769 (P&C) China
Hua Qiang BC 1998 (P&C) China
Mi Yang 7 GC 1983 4.149 (P&C) China
Qi Lin Men GC 1991 7.034 (P&C) China
Walvis 6 Offshore 1982 1.289 (P&C) (P&C)
Yong Jia BC 2001 74.870 (P&C) China

Indicative Demolition Prices

Country Tanker Prices Bulker Prices
India 275 245
Bangladesh 280 250
Pakistan 275 245
China 160 150
Turkey 170 165

Advanced Shipping & Trading S.A Research 10/06/2016 5

 Demolition & Newbuilding

Tankers
No Type Dwt Yard Delivery Owner Price (mill.) Comments
S.Korea
Dae Sun , StSt,
2 Tanker 6,500 2018 (Heung-A $ 15.0
Korea IMO II
Shipping)
Dae Sun , S.Korea
3 Tanker 3,500 2017-2018 N/A StSt IMO II
Korea (Kss Line)
S.Korea
180,000 Hyundai ,
2+2 LNG 2019 (Sk $200.0
Cbm Korea
Shipping)
Japan
83,000 JMU , (Nippon
2 LPG 2019 $ 75.0
Cbm Japan Yusen
Kaisha)

Container
No Type Teu Yard Delivery Owner Price (mill.) Comments
Post Hyundai
Iran
3 Panama 14,500 Mipo, 2018-2020 N/A
(Irisl)
x Korea
Cosco
Panama France High refer
4 3,300 Zhoushan , 2019 $ 29.0
x (Cma Cgm) capacity
China
Csbc , Prevalence
2+1 Handy 1,800 2017-2018 $ 48.0
Taiwan Holdings
USA
Huangpu ,
2 Handy 1,100 2017 (Tropical $ 25.0
China
Shipping)

Advanced Shipping & Trading S.A Research 10/06/2016 6

 Dry Bulk Chartering
Reports released during Week 23are indicating that global iron ore output is expected to
continue growing. An estimated 180 million additional tones are expected to enter seaborne
trade routes up until 2020 through a number of projects, such as Hancock Prospecting’s Roy Hill
mine (which is continuously ramping up its production volumes), Vale’s brand new S11D
mine(which is expected to kick off its production at the end of 2016) and Rio Tinto’s Silvergrass
mine(which is scheduled to take less than a year to build).

The majority of Capesize iron ore parcels ex West Australia into China has been reported
throughout the week in the low/mid usd 4.00’s pmt. Latest fixtures are now being reported in
the high usd 4.00’s pmt. Transatlantic activity in the mid usd 5,000’s range. Brazilian iron ore
parcels into China are worth low usd 9.00’s pmt. Alternatively, similar trips are being reported in
the mid usd 8,000’s plus a usd 375,000 ballast bonus basis passing Cape of Good Hope delivery.
Australian coal parcels into China are currently worth high usd 4.00’s pmt. Period employment is
being reported in the high usd 6/7,000’s range.

While a strong cold front is bringing with it the possibility of freezing temperatures in areas of
the Brazilian corn producing state of Parana, a decent number of South American
Kamsarmax/Panamax fixtures are still being reported, primarily on an APS basis, in the low usd
7,000’s plus a low usd 200,000’s ballast bonus. Fronthaul grain trips out of US Gulf are being
reported in the low usd 9,000’s plus a usd 200,000 ballast bonus. Coal trips into India ex South
Africa are being reported at low/mid usd 6,000’s plus a usd 120/150,000 ballast bonus basis APS
delivery. Australian coal runs into India are worth in the low usd 4,000’s. North Pacific grain trips
into China are being reported in the mid usd 3/4,000’s basis DOP delivery. Short period
employment is being rated in the low/mid usd 5,000’s range. Long period in the low usd 6,000’s.

Ultramaxes continue seeing 5-digit figure rates out of US Gulf for petcoke trips towards the
Mediterranean, primarily in the mid/high usd 12,000’s. For exactly the same route, Supramaxes
are being reported at mid/high usd 10,000’s while India destination is being reported at low usd
13,000’s. Fronthaul trips out of East Coast South America are being reported in the very high usd
8,000’s plus a usd 90,000 ballast bonus basis APS delivery. Supramax scrap trips ex Continent and
into Turkey are currently being reported in the high usd 8,000’s range. Fronthaul trips ex Black
Sea are being rated in the usd 9,000’s range basis delivery passing Canakkale. Charterers are
rating Supramax candidates at low/mid usd 2,000’s for Chinese fertilizers trip towards West
Coast Central America. Limestone trips out of Persian Gulf into India are rating in the usd 6,000.
Indonesian coal trips into China continue being reported in the usd 4/5,000 range. Iron ore trips
out of East Coast India are being rated at mid/high usd 3,000’s for Far East destination. Low usd
5,000’s for Chinese steels trips into Southeast Asia. Little reported on period employment, with a
US Gulf Supramax being fixed for 3/5 months at usd 8,000.

Chinese steel Principals have been evaluating Handymax candidates for trips into East Africa at
usd 3,000 basis APS delivery. Chinese fertilizers trips into India are being evaluated at mid usd
3,000’s basis APS delivery. A Handysize is being evaluated at high usd 4,000’s for a trip with
fertilizers ex China towards West Coast India. Inter-Pacific steels trips are being reported in the
low usd 4,000’s. Inter-Mediterranean trips are worth in the usd 4,000’s range. Low usd 7,000’s
for an alumina trip out of Jamaica and into the Continent. US Gulf local trips are being reported
in the mid usd 7,000’s. Fronthaul trips out of East Coast South America are being reported at
high usd 7,000’s. No period activity to report here.

Advanced Shipping & Trading S.A Research 10/06/2016 7

 Baltic Indices (Friday Closing Values)
Index Week 23 Week 22 Change (%)
BDI 610 610 0.00
BCI 1006 913 10.19
BPI 543 550 1.27
BSI 557 574 2.96
BHSI 327 349 6.30

Advanced Shipping & Trading S.A Research 10/06/2016 8

 Key Indicators & Stock Markets
Currency Week 23 Week 22 Change (%)
EUR / USD 1.1320 1.1295 0.22
USD / JPY 106.76 107.60 0.78
USD / KRW 1,165.30 1,183.61 1.55
USD / NOK 8.1723 8.2040 0.39

Commodity Week 23 Week 22 Change (%)

Brent Crude (BZ) 51.39 49.67 3.46
Natural Gas (NG) 2.58 2.40 7.50
Gold (GC) 1.270 1.241 2.34
Copper 202.25 211.45 4.35
Wheat (W) 508.75 488.50 4.15

Euro/Usd

1.145
1.14
1.135
1.13
1.125
1.12
1.115
1.11
1.105
1.1
01-Apr 08-Apr 15-Apr 22-Apr 28-Apr 06-May 13-May 20-May 27-May 03-Jun 10-Jun

Weekl y Brent Crude Pri ce

60.00
50.00
40.00
30.00
20.00
10.00
0.00
16

16

16

16

16

16

16

16

16

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16
20

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20

20

20

20

20

20

20
4/

4/

4/

4/

4/

5/

5/

5/

5/

6/

6/
/0

/0

/0

/0

/0

/0

/0

/0

/0

/0

/0
01

08

15

22

29

06

13

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27

03

10

Advanced Shipping & Trading S.A Research 10/06/2016 9

 Bunker Prices
Port IFO 380 IFO 180 MGO
Piraeus 254 277 481
Fujairah 256 300 510
Singapore 252 262 455
Rotterdam 238 258 455
Houston 233 336 475

Shipping Stock Prices – Dry Bulk

Company Stock Exchange Week 23 Week 22 Change (%)

Diana Shipping Inc (DSX) NASDAQ 2.57 2.40 7.08
DryshipsInc (DRYS) NASDAQ 1.24 2.17 42.86
Euroseas Ltd (ESEA) NASDAQ 2.03 1.90 6.84
Eagle Bulk Shipping Inc
(EGLE)
NASDAQ 0.535 0.588 9.01
Navios Maritime (NM) NYSE 0.075 0.115 34.78
Navios Maritime PTN
(NMM)
NYSE 1.10 1.09 0.92
Paragon Shipping Inc
(PRGN)
NASDAQ 0.475 0.760 37.50
Star Bulk Carriers Corp
(SBLK)
NASDAQ 0.800 0.771 3.76
Seanergy Maritime
Holdings Corp (SHIP)
NASDAQ 2.18 2.30 5.22
Safe Bulkers Inc (SB) NYSE 1.200 1.030 16.50
Golden Ocean (GOGL) NASDAQ 0.790 0.776 1.80

Shipping Stock Prices – Wet

Company Stock Exchange Week 23 Week 22 Change %

Capital Product Partners LP
(CPLP)
NASDAQ 3.10 3.14 1.27
TOP Ships Inc (TOPS) NASDAQ 2.22 2.34 5.13
Tsakos Energy Navigation
(TNP)
NYSE 6.18 6.09 1.48

Advanced Shipping & Trading S.A Research 10/06/2016 10

 Shipping Stock Prices – Other

Company Stock Exchange Week 23 Week 22 Change (%)

Aegean Maritime Petrol
(ANW)
NYSE 6.06 6.25 3.04
Danaos Corporation (DAC) NYSE 3.53 3.46 2.02
StealthGasInc (GASS) NASDAQ 4.17 4.19 0.48
Rio Tinto (RIO) NYSE 28.75 27.58 4.24
Vale (VALE) NYSE 4.63 4.15 11.57
ADM Archer Daniels
Midland (ADM)
NYSE 43.83 43.47 0.83
BHP Billiton (BHP) NYSE 27.98 26.76 4.56

Legal Disclaimer
The information contained herein has been obtained by various sources. Although every effort has been made to ensure that this
information is
accurate, complete and up-to-date, Advanced Shipping & Trading S.A. does not accept any responsibility whatsoever for any loss or
damage
occasioned or claimed, upon reliance on the information, opinions and analysis contained in this report.
Research compiled by:Advanced Shipping & Trading S.A. Market Research on behalf of the Sale & Purchase, Dry Cargo Chartering and
Tanker
Chartering Departments. For any questions, please contact: research@advanced-ship.gr

Advanced Shipping & Trading S.A Research 10/06/2016 11