Weekly Market Report

Issue: Week 27| Tuesday 11th July 2017

Market insight Chartering (Wet: Stable - / Dry: Stable -)

The sharp drop in Capesize earnings during the past days that complete-
By Linos Kogevinas ly wiped out the upside of the week prior, left little - if any - reason to be
Commercial Executive - Cotzias Intermodal hopeful. The BDI closed today (11/07/2017) at 830 points, up by 10
points compared to yesterday’s levels (10/07/2017) and decreased by
Having just passed the second quarter of 2017, it is interesting to take a look
41 points when compared to previous Tuesday’s closing (04/07/2017).
at the performance of the commodity market and how certain commodities
VL rates remained overall upbeat last week on the back of steady activi-
acted during this time.
ty in the Middle East region. The BDTI today (11/07/2017) closed at 651,
decreased by 5 points and the BCTI at 569, a decrease of 6 points com-
It is worth delving further into the S&P’s GSCI course over the past 6 months
pared to previous Tuesday’s (04/07/2017) levels.
which exhibited a 10% decrease in the index over the past 6 months. It has
been a harsh year for mainly the energy components which are down in the Sale & Purchase (Wet: Stable +/ Dry: Stable - )
first 2 quarters. Livestock components are fairing very well, Industrial metals
SnP activity was significantly softer also this week as we are approaching
are mostly up, precious metals are marginally up and agricultural products
the peak of the summer season, while Far Eastern buyers showed partic-
are mixed with the glaring exception of sugar which exhibited the largest
ular interest for wet tonnage. On the tanker side we had the sale of the
decrease for the period (~33%). “TOREA” (40,000dwt-blt 04, S. Korea), which was sold to Far Eastern
buyer, for a price in the region of $10.8m. On the dry bulker side we had
The oil market has left bullish players nervous after the recent spike on the
the sale of the “SUNRISE SKY” (58,100dwt-blt 12, Philippines), which was
Brent and WTI indices was quickly reversed over the weekend with respec-
sold to Taiwanese owner, Wisdom Marine Lines, for a price in the region
tive 5.22% /4.93% decreases. This continues this quarter’s trend closing at
of $14.7m.
about -17% from the end of Q1 and reaching similar levels to a year ago
(+1.23% for Brent and -1.16% for the WTI). While the OPEC production cuts Newbuilding (Wet: Firm +/ Dry: Stable +)
agreed upon were mostly abided by for the first 2 quarters, they were coun-
A sector that has consistently left us with a positive taste week afer
tered by increases in production in the States, Brasil and for certain OPEC
week is undoubtedly the Newbuilding market. For yet another week, we
countries over the past couple of months in addition to Russia’s announced
witnessed a plenty of NB orders surfacing in the market, the majority of
opposition to any future production cuts also add to the oversupply angst.
which were in the wet sector. Twelve firm tanker orders were placed
Despite what looked like a strong demand outlook for the near future, the
during last week, implying a sense of confidence in the wet market's
overall weak market conditions further dampen expectations for the long
outlook that is still holding strong. However, the question remains for
term.
how long this ordering frenzy will last for, as prices are gradually increas-
ing and slots are becoming more scarce. As a result, the next few weeks
Natural Gas, which has been a growing industry over the past decade and
will be interesting in regards to the wet sector especially when consider-
now makes up 6% of the energy index, showed the least decline during the
ing the upcoming quieter summer period and the volatility prevalent in
same period at -6.98% (+8.12% year-on-year). This is mostly attributed to
the dry and wet markets. In terms of recently reported deals, Singapo-
increasing US exports and a stable production.
rean owner, BW Group, placed an order for six firm and two optional
LR2 Tankers (115,000 dwt) at Daehan, in South Korea for a price in the
Coal has continued a stellar run over the past year gaining ~10% over the
region of $45.0 and delivery set in 2019.
past quarter and ~41% over the past year. This comes even amidst worrying
news for the commodity’s future such as Coal India’s closing down of 37 Demolition (Wet: Stable - / Dry: Stable - )
(around 9% of its total capacity) of its mines and their consequent an-
nouncement of their intent to focus on renewables. Indias’, and other coal The muddled picture in the demolition market has started to become
players, efforts to improve energy efficiency are seen. With the plummeting more clear and activity in the following weeks is expected to gauge the
prices for renewable energy coupled with technological and governmental reactions of cash buyers in the Indian subcontinent market as rumors in
incentives already skewing strategic planning away from proposed invest- regards to the possible withdrawal of the Bangladesh VAT increase were
ments in the sector, this will likely prove a sore point for coal going forward. finally confirmed last week. This will undoubtedly continue to offer
some support to local demo prices in the short term, however this posi-
Iron ore closed at $ 64.29 continuing it’s mostly stable course over the past tive development for Bangladesh might not be as encouraging for the
week (+2%). However, even with the recent spike in iron ore prices, the past Indian and Pakistani markets, with the later still unable to accept tank-
quarter has not been particularly kind to Iron Ore with losses of about 16% ers for scrapping. Moreover, the momentum in the Indian market seems
for the period at least partly due to the increases in Australian and Brasilian to have lost ground during the past few weeks and we don't expect this
productions serving to curb the enthusiasm that was prevalent during the to particularly change at least until summer is over. At the same time,
start of the year. the gap between Chinese prices and the rest of the Indian subcontinent
remains wide, which gives more reasons for owners to sell their vessels
To conclude, commodities have had a tumultuous course over the past year. in the Subcontinent and effectively increase supply of demo candidates
The coming second half of the year is sure to bring further surprises for trad- in the region during the last quarter of the year. Average prices this
ers and it will be crucial to be vigilant for any developments that may have a week for tankers were at around $240-355/ldt and dry bulk units re-
significant impact on the markets. ceived about 230-330 $/ldt.
 Tanker Market
Spot Rates Indicative Period Charters
Week 27 Week 26 2016 2015
$/day - 1 to 2 mos - 'GENER8 ATLAS' 2007 306,506 dwt
Vessel Routes WS WS
$/day $/day ±% $/day $/day - - $23,000/day - Trafigura
points points
265k MEG-JAPAN 52 21,487 51 20,117 6.8% 41,068 65,906 - 2 to 5 mos - 'MISS BENEDETTA' 2012 50,400 dwt
VLCC

280k MEG-USG 25 6,749 25 6,842 -1.4% 44,269 49,575 - - $13,500/day - Cargill

260k WAF-CHINA 60 19,115 55 18,343 4.2% 41,175 63,590
130k MED-MED 65 6,380 60 5,539 15.2% 29,930 50,337
Suezmax

TD3 TD6 TD9 DIRTY - WS RATES

130k WAF-USAC 60 8,643 63 9,514 -9.2% 23,591 40,490 520
470
130k BSEA-MED 73 9,913 70 8,273 19.8% 29,930 50,337 420
80k MEG-EAST 90 8,005 96 9,758 -18.0% 20,111 34,131 370

WS poi nts
320
Aframax

80k MED-MED 75 5,272 68 3,597 46.6% 20,684 37,127 270

80k UKC-UKC 100 8,470 95 5,788 46.3% 26,526 39,338 220
170
70k CARIBS-USG 83 4,227 88 5,505 -23.2% 20,501 36,519 120
70
75k MEG-JAPAN 95 8,557 90 7,297 17.3% 16,480 30,482 20
Clean

55k MEG-JAPAN 119 8,296 118 8,227 0.8% 12,891 24,854

37K UKC-USAC 130 7,339 130 7,307 0.4% 10,622 19,973
30K MED-MED 140 4,545 140 4,569 -0.5% 9,056 24,473
55K UKC-USG 105 7,651 113 9,348 -18.2% 15,726 27,228
TC1 TC2 TC5 TC6 CLEAN - WS RATES
Dirty

55K MED-USG 105 6,757 113 8,288 -18.5% 14,879 26,083 270
50k CARIBS-USAC 115 8,456 115 8,626 -2.0% 15,549 27,146 240
WS poi nts 210
180
150
TC Rates 120
$/day Week 27 Week 26 ±% Diff 2016 2015 90
60
300k 1yr TC 27,000 27,000 0.0% 0 38,108 46,135
VLCC
300k 3yr TC 28,500 28,500 0.0% 0 34,379 42,075
150k 1yr TC 17,750 17,750 0.0% 0 27,363 35,250
Suezmax
150k 3yr TC 18,500 18,500 0.0% 0 25,653 33,219
Indicative Market Values ($ Million) - Tankers
110k 1yr TC 15,000 15,000 0.0% 0 22,396 26,808
Aframax Jul-17 Jun-17
110k 3yr TC 17,000 17,000 0.0% 0 20,948 24,729 Vessel 5yrs old ±% 2016 2015 2014
avg avg
75k 1yr TC 13,000 13,000 0.0% 0 19,127 23,596
Panamax VLCC 300KT DH 63.0 62.6 0.6% 68.7 81.2 73.8
75k 3yr TC 14,000 14,000 0.0% 0 18,592 20,580
Suezmax 150KT DH 43.0 42.7 0.7% 49.7 59.7 50.4
52k 1yr TC 13,250 13,250 0.0% 0 15,410 17,865
MR Aframax 110KT DH 29.0 29.0 0.0% 36.8 45.5 38.9
52k 3yr TC 13,750 13,750 0.0% 0 15,681 16,638
LR1 75KT DH 27.0 27.6 -2.2% 32.9 36.1 33.0
36k 1yr TC 11,750 11,750 0.0% 0 14,380 16,101
Handy MR 52KT DH 24.0 23.6 1.7% 25.0 27.6 27.5
36k 3yr TC 13,000 13,000 0.0% 0 14,622 15,450

Chartering Sale & Purchase

The crude carriers market is still trying to shake off the negative sentiment In the MR sector we had the sale of the “TOREA” (40,000dwt-blt 04, S. Ko-
of the past months but despite the fact that there was still some pressure rea), which was sold to Far Eastern buyer, for a price in the region of
witnessed positionally last week, sentiment was evidently more upbeat as $10.8m.
earnings for a number of key routes started to improve. Numbers in the In the Chemical sector we had the sale of the “ORIENTAL CLEMA-
period market were overall steady, while the rally in oil prices last week TIS” (14,227dwt-blt 06, Japan), which was sold to Far Eastern buyers, for a
once again added pressure on spot usd/day earnings. The yo-yo perfor- price in the region of $14.0m.
mance of oil seems to still be baffling investors, with the reverse of last
week's rally just before the weekend evidencing the lack of momentum
that could decisively push prices higher as the oil market is still being chal-
lenged by rising output from the U.S., slightly strengthening OPEC exports
and - on top of everything else - an increasing number of rigs.
VL rates remained overall upbeat last week on the back of steady activity in
the Middle East region, while the West Africa market also found supported
on fresh Asian enquiry and overall improved sentiment among owners.
The West Africa Suezmax gave up some of its recent gains during the past
days on the back of muted enquiry, while Black Sea/Med rates moved up
on the back of balanced tonnage supply dynamics in the region. Pressure
on the Med Aframax persisted last week, while Caribs rates extended their
drop as charterers remained well in control of the market there.

© Intermodal Research 11/07/2017 2

 Dry Bulk Market
Baltic Indices Indicative Period Charters
Week 27 Week 26
Point $/day 2016 2015 - 4 to 6 mos - 'DOUBLE FANTASY' 2011 95,712 dwt
07/07/2017 30/06/2017
Diff ±% - Yantai prompt - $ 10,850/day - Cobelfret
Index $/day Index $/day Index Index
BDI 822 901 -79 676 713 - 11 to 13 mos - 'MEDUSA' 2010 82,194 dwt
BCI 753 $6,396 1,086 $8,923 -333 -28.3% 1,030 1,009 - Hong Kong 8/12 Jul - $ 10,250/day - Cargill
BPI 1,062 $8,523 1,091 $8,746 -29 -2.5% 695 692
Baltic Indices
BSI 732 $8,327 754 $8,571 -22 -2.8% 601 663 BCI BPI BSI BHSI BDI
3,000
BHSI 471 $6,887 467 $6,815 4 1.1% 364 365
2,500
2,000

Index
1,500
1,000
500
0
Period
Week Week
$/day ±% Diff 2016 2015
27 26
180K 6mnt TC 10,750 12,750 -15.7% -2,000 7,842 9,969
Capesize

180K 1yr TC 10,750 12,500 -14.0% -1,750 7,582 10,263

Average T/C Rates
180K 3yr TC 12,000 13,500 -11.1% -1,500 8,728 11,243
25000 Av erage of the 4 T / C AVR 4TC BPI AV R 5TC BSI AVR 6TC BHSI
76K 6mnt TC 9,500 9,500 0.0% 0 6,492 7,921
Handysize Supramax Panamax

76K 1yr TC 9,750 9,750 0.0% 0 6,558 7,705 20000

76K 3yr TC 10,000 10,000 0.0% 0 7,068 8,724 15000

$/day

55K 6mnt TC 9,500 9,500 0.0% 0 6,582 8,162

10000
55K 1yr TC 9,750 9,750 0.0% 0 6,851 7,849
5000
55K 3yr TC 10,000 10,000 0.0% 0 6,827 8,181
30K 6mnt TC 7,750 7,750 0.0% 0 5,441 6,690 0
30K 1yr TC 8,000 8,000 0.0% 0 5,511 6,897
30K 3yr TC 8,250 8,250 0.0% 0 5,950 7,291

Chartering

The performance of Capesize rates continues to not only disappoint but

also cast a big shadow of insecurity over most dry bulk owners, who by
watching average earnings for the big bulkers move below those for all Indicative Market Values ($ Million) - Bulk Carriers
other sizes can't help but wonder if the positive reversal of the market
during the first half of the year is now being seriously challenged. It goes Vessel 5 yrs old Jul-17 avg Jun-17 avg ±% 2016 2015 2014
without saying that the traditionally quiter summer period was expected
Capesize 180k 30.0 30.9 -2.9% 23.2 33.4 47.5
to bring along some pressure on Capes but the truth is that the overall
optimistic environment in which dry bulkers have been operating for the Panamax 76K 18.5 18.8 -1.6% 13.4 17.5 24.8
greater part of the year so far, had predisposed most market participants Supramax 56k 16.0 16.3 -1.8% 12.2 16.6 25.2
for greater resistance during those less busy summer weeks. The silver Handysize 30K 12.0 12.3 -2.4% 9.4 13.8 20.0
lining here is the healthy performance in all other sizes, although the com-
bination of possibly extended Capesize pressure and the upcoming picking Sale & Purchase
of the summer season will most probably hurt earnings for the rest of the
In the Supramax sector we had the sale of the “SUNRISE SKY” (58,100dwt-
market as well in the following weeks.
blt 12, Philippines), which was sold to Taiwanese owner, Wisdom Marine
The sharp drop in Capesize earnings during the past days that completely Lines, for a price in the region of $14.7m.
wiped out the upside of the week prior, left little - if any - reason to be In the same sector we had the sale of the “ELEKTRA” (53,260dwt-blt 05,
hopeful that the rest of the summer could be hiding any significant posi- China), which was sold to undisclosed buyers, for a price in the region of
tive surprises for the size that has been left on the mercy of uninspiring mid $7.5m.
activity amidst a quiet summer season.

Panamax rates inched downwards last week, on the back of soft declines
in activity ex-South America. At the same time, the North Atlantic region
emained overall busy with good numbers being paid, while sentiment in
the East was also positive on the back of a large volume of fixing through-
out the week.
The Supramax market moved sideways last week, with healthy activity in
most key trading regions shielding rates from significant drops, while
Handysize avearge earnings closed off the week positively on the back of a
vivid East Coast South America market resuming its busy pace..

© Intermodal Research 11/07/2017 3

 Secondhand Sales

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

KOYO MIHARA, a uction s a l e, out

AFRA AMBA BHAVANEE 107,081 2003 MAN-B&W Dec-13 DH $ 5.6m undi s cl os ed
Ja pa n of cl a s s

SUMITOMO HI
AFRA GENER8 PERICLES 105,674 2003 Sul zer Feb-18 DH $ 11.7m Fa r Ea s tern
YOKOSUKA, Ja pa n

HYUNDAI HEAVY
MR MARLIN 46,145 2000 B&W Ma y-15 DH undi s cl os ed Indi a n
INDS - U, S. Korea

SHINA
MR TOREA 40,000 2004 SHIPBUILDING CO, B&W Jun-19 DH $ 10.8m Fa r Ea s tern
S. Korea

PROD/ ORIENTAL
14,227 2006 ASAKAWA, Ja pa n MAN-B&W DH $ 14.0m Fa r Ea s tern StSt
CHEM CLEMATIS

USUKI SHIPYARD,
SMALL SUN JUPITER 8,833 2002 Mi ts ubi s hi Ja n-22 DB $ 6.5m Fa r Ea s tern StSt
Ja pa n

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

QINGDAO BEIHAI
KMAX BBG HOPE 82,044 2013 MAN-B&W Dec-20
SHIPBUI, Chi na
Si nga porea n
$ 29.0m
(Wi l ma r)
KMAX BBG FUTURE 81,700 2014 WUCHANG, Chi na MAN-B&W

Ta i wa nes e
TSUNEISHI HEAVY 4 X 30t i ncl . 7-yr BB
SMAX SUNRISE SKY 58,100 2012 MAN-B&W $ 14.7m (Wi s dom Ma ri ne
CEBU, Phi l i ppi nes CRANES
Li nes )
New Ti mes
4 X 36t
SMAX ELEKTRA 53,260 2005 Shi pbui l di ng Co., MAN-B&W Jun-20 $ 7.5m undi s cl os ed
CRANES
Ltd., Chi na

TAIZHOU MAPLE 3 X 30t

HANDY BO JI 23,000 2010 MAN-B&W Jun-20 undi s cl os ed Chi nes e
LEAF SHB, Chi na CRANES

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

YANGFAN GROUP
FEEDER CONTSHIP CUP 706 2007 MaK $ 3.9m South Korean
CO LTD, China

© Intermodal Research 11/07/2017 4

 Newbuilding Market

Indicative Newbuilding Prices (million$) A sector that has consistently left us with a positive taste week afer week is
undoubtedly the Newbuilding market. For yet another week, we witnessed a
Week Week
Vessel ±% 2016 2015 2014 plenty of NB orders surfacing in the market, the majority of which were in
27 26 the wet sector. Twelve firm tanker orders were placed during last week,
Capesize 180k 42.5 42.5 0.0% 43 50 56 implying a sense of confidence in the wet market's outlook that is still hold-
Bulkers

Kamsarmax 82k 24.5 24.5 0.0% 25 28 30 ing strong. However, the question remains for how long this ordering frenzy
Ultramax 63k 23.5 23.5 0.0% 23 25 27 will last for, as prices are gradually increasing and slots are becoming more
Handysize 38k 20.0 20.0 0.0% 20 21 23 scarce. As a result, the next few weeks will be interesting in regards to the
VLCC 300k 80.0 80.0 0.0% 88 96 99 wet sector especially when considering the upcoming quieter summer period
and the volatility prevalent in the dry and wet markets.
Tankers

Suezmax 160k 53.0 53.0 0.0% 58 64 65

Aframax 115k 43.0 43.0 0.0% 48 53 54 In terms of recently reported deals, Singaporean owner, BW Group, placed
LR1 75k 40.0 40.0 0.0% 43 46 46 an order for six firm and two optional LR2 Tankers (115,000 dwt) at Daehan,
MR 50k 32.5 32.5 0.0% 34 36 37 in South Korea for a price in the region of $45.0 and delivery set in 2019.
LNG 160k cbm 186.0 186.0 0.0% 189 190 186
LGC LPG 80k cbm 71.0 71.0 0.0% 74 77 78
Gas

MGC LPG 55k cbm 64.0 64.0 0.0% 66 68 67

SGC LPG 25k cbm 42.0 42.0 0.0% 43 45 44

Tankers Newbuilding Prices (m$) Bulk Carriers Newbuilding Prices (m$)

VLCC Suezmax Aframax LR1 MR Capesize Panamax Supramax Handysize
180 110

140 90
mi l lion $

mi l lion $

70
100
50
60
30
20 10

Newbuilding Orders
Units Type Size Yard Delivery Buyer Price Comments
Hanjin HIC, Greek
2+2 Tanker 115,000 dwt 2019 $ 45.0m LR2
Philippines (Central Shipping Monaco)
shuttle tankers, DP2,
2 Tanker 125,000 dwt Samsung, S. Korea 2019 Malaysian (AET) $ 125.0m
dual fuelled
6+2 Tanker 115,000 dwt Daehan, S. Korea 2019 Singaporean (BW Group) $ 45.0m Tier III
subject leasing
2+2 Tanker 50,000 dwt Jinling, China 2019 French (Socatra) undisclosed
finance
STX Shipbuilding, S.
2+2 Tanker 50,000 dwt 2019 French (Socatra) undisclosed LOI stage
Korea
2 Bulker 186,000 dwt SWS, China 2019 Japanese (Santoku Senpaku) $ 45.0m Tier III, wide beam

© Intermodal Research 11/07/2017 5

 Demolition Market

Indicative Demolition Prices ($/ldt) The muddled picture in the demolition market has started to become more
Week Week clear and activity in the following weeks is expected to gauge the reactions of
Markets ±% 2016 2015 2014 cash buyers in the Indian subcontinent market as rumors in regards to the
27 26
possible withdrawal of the Bangladesh VAT increase were finally confirmed
Bangladesh 355 340 4.4% 287 360 469 last week. This will undoubtedly continue to offer some support to local
India 350 350 0.0% 283 361 478
Tanker

demo prices in the short term, however this positive development for Bang-
Pakistan 350 350 0.0% 284 366 471 ladesh might not be as encouraging for the Indian and Pakistani markets,
China 240 240 0.0% 176 193 313 with the later still unable to accept tankers for scrapping. Moreover, the
Turkey 250 250 0.0% 181 225 333 momentum in the Indian market seems to have lost ground during the past
few weeks and we don't expect this to particularly change at least until sum-
Bangladesh 330 320 3.1% 272 341 451
mer is over. At the same time, the gap between Chinese prices and the rest
Dry Bulk

India 330 330 0.0% 268 342 459 of the Indian subcontinent remains wide, which gives more reasons for own-
Pakistan 330 330 0.0% 267 343 449 ers to sell their vessels in the Subcontinent and effectively increase supply of
China 230 230 0.0% 160 174 297 demo candidates in the region during the last quarter of the year. Average
Turkey 240 240 0.0% 174 216 322 prices this week for tankers were at around $240-355/ldt and dry bulk units
received about 230-330 $/ldt.

The highest price amongst recently reported deals was paid by Bangladeshi
breakers for the Suezmax Tanker “BLUE TRADER” (149,775dwt-24,462ldt-blt
97), which received $378/ldt.

Tanker Demolition Prices Dry Bulk Demolition Prices

Bangladesh India Pakistan China Turkey Bangladesh India Pakistan China Turkey
400 400

300 300
$/l dt

$/l dt

200 200

100 100

Demolition Sales
Name Size Ldt Built Yard Type $/ldt Breakers Comments
SUMITOMO as-is Fakkan
AURA 303,184 39,731 1993 TANKER $ 330/Ldt undisclosed
OPPAMA, Japan
as-is Fakkan
BRIGHT 299,085 38,996 1993 DAEWOO, S. Korea TANKER $ 330/Ldt undisclosed

BLUE TRADER 149,775 24,462 1997 DALIAN, China TANKER $ 378/Ldt Bangladeshi as-is Singapore

© Intermodal Research 11/07/2017 6

 Commodities & Ship Finance

Market Data Basic Commodities Weekly Summary

W-O-W Oil WTI $ Oil Brent $ Gold $
7-Jul-17 6-Jul-17 5-Jul-17 4-Jul-17 3-Jul-17
Change % 60 1,250

10year US Bond 2.390 2.370 2.330 2.350 2.350 3.9% 55

S&P 500 2,425.18 2,425.18 2,409.75 2,432.54 2,429.01 0.1%
oil 50 gold
Stock Exchange Data

Nasdaq 6,153.08 6,153.08 6,089.46 6,150.86 6,110.06 0.2%

Dow Jones 21,414.34 21,414.34 21,320.04 21,478.17 21,479.27 0.3% 45

FTSE 100 7,350.92 7,337.28 7,367.60 7,357.23 7,377.09 0.5% 40 1,200

FTSE All-Share UK 4,020.82 4,013.80 4,029.81 4,019.63 4,029.70 0.5%
CAC40 5,145.16 5,152.40 5,180.10 5,174.90 5,195.72 0.5%
Xetra Dax 12,388.68 12,381.25 12,453.68 12,437.13 12,475.31 -0.7%
Nikkei 19,929.09 19,994.06 20,081.63 20,032.35 20,055.80 -0.6%
Hang Seng 25,340.85 25,465.22 25,521.97 25,389.01 25,784.17 -1.6%
DJ US Maritime 211.07 211.07 217.63 220.59 222.56 -3.8% Bunker Prices
$/€ 1.14 1.14 1.13 1.14 1.14 -0.2% W-O-W
7-Jul-17 30-Jun-17
$/₤ 1.29 1.30 1.29 1.29 1.29 -2.1% Change %
Currencies

¥/$ 113.89 113.15 113.20 112.97 113.38 1.4% Rotterdam 425.0 420.0 1.2%

MDO
$ / NoK 0.12 0.12 0.12 0.12 0.12 -2.4% Houston 456.0 440.0 3.6%
Yuan / $ 6.81 6.80 6.80 6.80 6.79 0.5%
Singapore 442.0 435.0 1.6%
Won / $ 1,153.59 1,157.37 1,153.85 1,150.20 1,150.58 0.8%
Rotterdam 286.5 283.0 1.2%

380cst
$ INDEX 96.01 95.80 96.29 96.22 96.22 0.4%
Houston 269.5 264.5 1.9%
Singapore 307.5 302.5 1.7%

Maritime Stock Data

Stock W-O-W Market News
Company Curr. 07-Jul-17 30-Jun-17
Exchange Change % “CMA CGM raises $741m through note offering
AEGEAN MARINE PETROL NTWK NYSE USD 5.35 5.85 -8.5% CMA CGM has stretched out its debt repayment
CAPITAL PRODUCT PARTNERS LP NASDAQ USD 3.74 3.40 10.0% schedule through a note issue that does not mature
until 2022.
COSTAMARE INC NYSE USD 6.97 7.31 -4.7%
Proceeds from the €650m ($741.1m) raised will be
DANAOS CORPORATION NYSE USD 1.58 1.70 -7.1% used to extend its debt maturities, in particular
DIANA SHIPPING NYSE USD 3.81 4.06 -6.2% redeeming notes due in 2018 and reimbursing
drawings under credit facilities made to repay the
DRYSHIPS INC NASDAQ USD 1.05 1.27 -17.3% NOL 2017 bonds upon their maturity in April, CMA
EAGLE BULK SHIPPING NASDAQ USD 4.38 4.73 -7.4% CGM said.
EUROSEAS LTD. NASDAQ USD 1.25 1.27 -1.6% The group said it had now fully delivered on the
strategy laid out a year ago when it acquired Singa-
GLOBUS MARITIME LIMITED NASDAQ USD 1.27 1.24 2.4% pore’s NOL for $2.4bn.
NAVIOS MARITIME ACQUISITIONS NYSE USD 1.41 1.47 -4.1% CMA CGM announced a few days ago that it had
NAVIOS MARITIME HOLDINGS NYSE USD 1.20 1.37 -12.4% found a buyer for a 90% stake in its Los Angeles
terminal, Global Gateway South, for an immediate
NAVIOS MARITIME PARTNERS LP NYSE USD 1.48 1.59 -6.9% consideration of $817m.
SAFE BULKERS INC NYSE USD 2.33 2.29 1.7% The group also said that, in conjunction with the
SEANERGY MARITIME HOLDINGS CORP NASDAQ USD 0.93 1.04 -10.6% new notes that carry a coupon of 6.5%, CMA CGM
had agreed with a pool of lenders the implementa-
STAR BULK CARRIERS CORP NASDAQ USD 9.18 9.83 -6.6% tion of a new $205m three-year unsecured revolv-
STEALTHGAS INC NASDAQ USD 3.17 3.25 -2.5% ing credit facility.
TSAKOS ENERGY NAVIGATION NYSE USD 4.88 4.80 1.7% Against the background of improving industry con-
ditions and CMA CGM’s good financial perfor-
TOP SHIPS INC NASDAQ USD 0.28 0.42 -33.3% mance, these initiatives resulted in credit rating
agency Standard & Poor's recently adopting a posi-
tive outlook on its corporate rating (B), said CMA
CGM....” (Lloyds List)

The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbr okers Co. believes such information to be factual and reliable without mak-
ing guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way
whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-
producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.

Compiled by Intermodal Research & Valuations Department | [email protected]

Ms. Eva Tzima | [email protected]
Mr. George Panagopoulos | [email protected]
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