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ATHENIAN SHIPBROKERS S.A.

107-109, Vas. Pavlou Str., GR 166 73, Voula , Athens, Greece Tel: 210 9659700 - Fax: 210 8996040

Internet Mail: [email protected] www.atheniansa.gr

September 2012

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Baltic Dry Index

PRICES TANKERS ($ MIO)

* Prices reflect Year’s End 2007* 2008* 2009* 2010* 2011* Sep-12

VLCC 5Y 136.0 155.8 78.0 87.8 55.6 60.8

VLCC 10Y 114.5 131.0 59.5 64.3 34.1 36.4

SUEZMAX 5Y 95.5 106.0 57.0 62.8 45.6 44.5

AFRAMAX 5Y 70.0 76.8 40.5 44.5 34.7 32.8

AFRAMAX10Y 60.0 64.7 23.5 30.7 19.3 18.0

PANAMAX5Y 60.4 61.0 35.5 39.0 30.9 25.5

45K 5Y D/H 53.0 52.7 23.5 27.3 25.8 25.0

45K 10Y D/H 44.7 43.2 16.0 19.7 15.8 16.4

45K 20Y 12.8 10.0 4.0 6.7 6.0 6.0

PRICES BULKERS ($ MIO)

* Prices reflect Year’s End 2007* 2008* 2009* 2010* 2011* Sep-12

CAPESIZE 5Y 148.0 45.5 54.5 57.0 36.3 33.5

CAPESIZE 10Y 103.0 30.0 45.0 43.0 26.8 22.7

CAPESIZE 15Y 88.5 21.0 28.0 26.0 15.2 13.2

CAPESIZE 20Y 60.0 15.2 16.5 16.4 10.5 9.5

PANAMAX 5Y 89.0 25.5 35.0 38.5 26.4 22.0

PANAMAX 10Y 71.5 19.0 27.5 31.6 18.6 15.8

PANAMAX 15Y 61.0 12.5 22.0 23.1 12.4 10.1

PANAMAX 20Y 44.0 9.2 12.0 13.8 8.1 7.0

SUPRAMAX 5Y 74.5 24.0 27.5 31.9 26.4 25.2

HANDYMAX10Y 60.5 18.2 22.0 24.7 18.0 13.7

HANDYMAX15Y 46.0 13.0 17.5 20.0 11.1 9.5

HANDYMAX20Y 36.0 7.4 11.0 12.0 7.9 7.0

mailto:[email protected]

http://www.atheniansa.gr/

www.atheniansa.gr ATHENIAN SHIPBROKERS S.A.

2

S E C O N D H A N D S A L E S & C H A R T E R F I X T U R E T R E N D S

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ce (

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)

Monthly Tanker Market Trend

VLCC 5Y VLCC 10Y SMAX 5Y AMAX 5Y

AMAX 10Y PMAX 5Y 45K 5Y D/H 45K 10Y D/H

0

10000

20000

30000

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50000

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Monthly 1 Yr TC Rates

VLCC 1 Yr T/C SMAX 1 Yr T/C AMAX 1 Yr T/C

PMAX 1 Yr T/C MR 1 Yr T/C

0.0

20.0

40.0

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Monthly Bulk Carrier Market Trend

CAPE 5Y CAPE 10Y CAPE 15Y PMAX 5Y

PMAX 10Y PMAX 15Y SUPRA 5Y HMAX 5Y

HMAX 10Y HMAX 15Y

0

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Pri

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USD

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Monthly 1 Yr TC Rates

CAPE 1 Yr T/C PMAX 1 Yr T/C

SUPRA 1 Yr T/C HMAX 1 Yr T/C



3

S E C O N D H A N D T O N N A G E M A R K E T

*Excluding demolition sales

Sale and Purchase Market - Second Hand units

Ship Type Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Total

BULK 52 50 25 34 24 43 228 TANK 25 32 15 26 20 30 148 GAS 2 2 7 1 2 3 17 CONT 12 22 14 10 8 9 75 TWEEN 1 1 0 0 3 1 6 REEF 0 0 2 2 0 0 4 RORO 1 1 0 0 0 8 10 FERRY 0 0 3 0 0 0 3 CRUISE 0 0 0 0 0 0 0

Total 93 108 66 73 57 94 491

405

43

480

27

0

200

400

600

THIS MONTH - PREVIOUS MONTH

S&P Activity Dry (<5,000 Dwt)

AVAILABLE FOR SALE

REPORTED SOLD

PREVIOUS MONTH A/BLE FORSALEPREVIOUS MONTH SALES

178

30

197

20

0

100

200

300

THIS MONTH - PREVIOUS MONTH

S&P Activity Tankers (<5,000 Dwt)

AVAILABLE FOR SALE

REPORTED SOLD

PREVIOUS MONTH A/BLE FORSALEPREVIOUS MONTH SALES



4

TANKER SALES

NAME DWT BLT PRICE $ BUYER

ELIN APOLLO 1952 2004 JAPAN DH 4.5 MIO UNDISCLOSED

FORSTRAUM 2910 1991 NORWAY DH 4.5 MIO VEXOIL BUNKERING, LATVIA

MOHEGAN 3851 2003 TURKEY DH 7.3 MIO GREEK SENTOSA ISLAND 4990 1985 ITALY DB 1.4 MIO UNDISCLOSED SAMHO SPINEL 5657 2008 S.KOREA DH 7.8 MIO KOREAN (Via Auction)

SAMPURNA ABIDIN 6412 2007 CHINA DH 3.05 MIO S. AMERICAN (Vsl in Batam fr 2 Yrs.

Extensive repairs undergone) RUTH THERESA 8025 2008 CHINA DH 7.5 MIO BOREALIS, UK DITTE THERESA 8026 2008 CHINA DH 7.5 MIO BOREALIS, UK ORIENTAL CHEMI 8416 1990 JAPAN DH 3.1 MIO MIDDLE EASTERN SUNRISE HAMANASU 12475 2008 S.KOREA DH 12.2 MIO VIETNAMESE SUNRISE WISTERIA 12665 2007 S.KOREA DH 11.8 MIO JAPANESE B HANDY 31440 2011 S.KOREA DH 19.5 MIO S.EAST ASIAN FORMOSA SEVEN 35657 1996 JAPAN DH 9.35 MIO UNDISCLOSED (Zinc-Epoxy Coated) AVONDEN 45948 2004 JAPAN DH 14.5 MIO GREEK

STENA FR8 2 46763 2007 S.KOREA DH * ENBLOC BSS▼ STENA FR8 1 46846 2007 S.KOREA DH * ENBLOC BSS▼ FR8 ENDEAVOUR 50546 2006 S.KOREA DH * ENBLOC BSS▼ FR8 ENDURANCE 50655 2007 S.KOREA DH * ENBLOC BSS▼ FR8 REGINAMAR 70312 2004 S.KOREA DH * ENBLOC BSS▼ FR8 PRIDE 74035 2006 CHINA DH * ENBLOC BSS▼ FR8 VENTURE 74065 2006 CHINA DH 146 MIO GREEK (Total Price)

TAIYOH III 95666 1997 JAPAN DH 8.5 MIO MIDDLE EASTERN

KHORFAKKAN 105304 2010 JAPAN DH 33 MIO GREEK (Via private judicial sale in

Spore) HELLESPONT TROOPER 147916 1996 S.KOREA DH 11.7 MIO GREEK

683

908

653

721

555

646

400

500

600

700

800

900

1000

40 43 46 49 52 3 6 9 12 15 18 21 24 27 30 33 36 39

WEEK NO

Baltic Clean Tanker - Yearly

2012 2011

842

783

930

788

851

767

606

639

500

600

700

800

900

1000

40 43 46 49 52 3 6 9 12 15 18 21 24 27 30 33 36 39

WEEK NO

Baltic Dirty Tanker - Yearly

2012 2011

581

593

639 648

400

500

600

700

800

27/08/2012 03/09/2012 10/09/2012 17/09/2012 24/09/2012

Baltic Clean Tanker - Monthly

626

626

637

635

643

638

600

610

620

630

640

650

27/08/2012 03/09/2012 10/09/2012 17/09/2012 24/09/2012

Baltic Dirty Tanker - Monthly



5

TOKACHI 280973 1999 JAPAN DH 27 MIO NATHALIN, THAILAND TENRYU 281050 1999 JAPAN DH 25 MIO NATHALIN, THAILAND TITAN VENUS 298306 1995 S.KOREA DH 25 MIO UNDISCLOSED TI NINGBO 298306 1996 S.KOREA DH 23.5 MIO UNDISCLOSED LA MADRINA 299700 1994 DENMARK DH 21 MIO CHINESE (For Conversion) SAMCO RAVEN 301653 1996 JAPAN DH 25.75 MIO GREEK

GAS SALES

NAME DWT BLT CBM PRICE $ BUYER

DP ORION 3594 1990 JAPAN 2954 3 MIO MILANGAZ, TURKEY GASCHEM TANA 9436 1992 GERMANY 8239 10 MIO GREEK MUSASHI GLORIA 49255 1993 JAPAN 75358 20 MIO EUROPEAN

10425 6680

13980

0

10000

20000

30000

40000

50000

Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12

$/D

ay

Spot Market - Tankers VLCC

SUEZMAX

AFRAMAX

22000

18500

13000

5000

10000

15000

20000

25000

30000


$/D

ay

Period Market - Tankers 1 Year T/C

VLCC

SUEZMAX

AFRAMAX



6

BULKER SALES

NAME DWT BLT GEAR PRICE $ BUYER

HOHEGRUND 3850 2000 ROMANIA GLESS 1.9 MIO TURKISH HELI 4200 1993 NETHERLANDS GLESS 0.6 MIO UNDISCLOSED (Via Auction)

GOLF 4258 1991 GERMANY GLESS 0.72 MIO UNDISCLOSED (Via Auction.

Laid up since 2011) ROSA 5050 2000 NETHERLANDS GLESS 2.1 MIO UNDISCLOSED

BEHICE 8720 1989 ROMANIA CR 2X25 0.86 MIO CM DENIZCILIK, TURKEY (Via Auction in Durban)

KUNASHIR 9150 1998 NETHERLANDS GLESS 6.5 MIO UNDISCLOSED

FREDENSBORD 12667 2011 CHINA CR 2X150 25 MIO JUTHA, THAILAND (70 pct

finance fm State's Maritime Fund)

TAMOYO MAIDEN 17297 1986 JAPAN CR 5X25 1.6 MIO CHINESE SEA FATE 21341 1983 JAPAN CR 3X25, DR 1X25 2.5 MIO CHINESE KOPER 22150 1993 JAPAN CR 4X30 4.3 MIO UNDISCLOSED OSIOS DAVID II 23791 1982 JAPAN CR 4X25 2.25 MIO EGYPTIAN GITTA OLDENDORFF 31603 2005 JAPAN CR 4X30 13.2 MIO UNDISCLOSED (Log fitted) IVS KESTREL 32537 2002 JAPAN CR 4X30.5 11 MIO PACIFIC BASIN D HANDY 37000 2012 S.KOREA CR 4X30 20 MIO PASIFIC BASIN KS GRACE 41090 1985 JAPAN CR 4X25 3.1 MIO CHINESE IOANTHI 42001 1992 JAPAN CR 4X25 6.7 MIO FAR EASTERN BUYERS SAL DE AMERICA 42129 1985 JAPAN CR 4X25 3.2 MIO ITALIAN

NENA F 42263 1990 S.KOREA CR 4X10 * ENBLOC BSS▼ MIHALIS F 42263 1990 S.KOREA CR 4X10 * ENBLOC BSS▼ JOALMI 42263 1990 S.KOREA CR 4X10 * ENBLOC BSS▼ IRINI F 42263 1991 S.KOREA CR 4X10 * ENBLOC BSS▼ ALMI 42263 1991 S.KOREA CR 4X10 * ENBLOC BSS▼

472

455

477 480

486

479

450

460

470

480

490

27/08/2012 03/09/2012 10/09/2012 17/09/2012 24/09/2012

Baltic Handysize

2

855

821

850 847

844

800

820

840

860

880

27/08/2012 03/09/2012 10/09/2012 17/09/2012 24/09/2012

Baltic Supramax

2

735

714

582

461

400

500

600

700

800

900

27/08/2012 03/09/2012 10/09/2012 17/09/2012 24/09/2012

Baltic Panamax

4

1169 1186

1219

1584

1549

1050

1150

1250

1350

1450

1550

1650

27/08/2012 03/09/2012 10/09/2012 17/09/2012 24/09/2012

Baltic Capesize

44 4438



7

JOHN F 42263 1991 S.KOREA CR 4X10 UND TURKISH

ROTTERDAM TRADER 51356 1998 S.KOREA CR 3X15 9 MIO HONG KONG BASED (Chip

Carrier) BRAVE WIND 71333 1997 JAPAN GLESS 9.5 MIO UNDISCLOSED HOUHENG 1 76059 2012 CHINA GLESS 24 MIO GREEK HOUHENG 5 76500 2012 CHINA GLESS 24 MIO GREEK SAAR N 122259 1995 S.KOREA GLESS 6.6 MIO S.KOREAN DONG A ARES 151439 1994 TAIWAN GLESS 8 MIO SAMSUN LOGIX ORCHID RIVER 170896 1997 JAPAN GLESS 12.5 MIO GREEK ORIENT VEGA 181433 2011 JAPAN GLESS 36.7 MIO GREEK WARRIOR 240423 1990 JAPAN GLESS 12 MIO SINOKOR, KOREA GENERAL 243870 1992 JAPAN GLESS 12 MIO SINOKOR, KOREA

ORE URUCUM 291435 1993 JAPAN GLESS * ENBLOC BSS▼ ORE SALOBO 291435 1993 JAPAN GLESS * ENBLOC BSS▼ ORE FAZENDAO 291435 1994 JAPAN GLESS * ENBLOC BSS▼ ORE PARATI 298338 1994 S.KOREA GLESS * ENBLOC BSS▼ ORE SANTOS 298445 1994 S.KOREA GLESS * ENBLOC BSS▼ ORE PAQUETA 298624 1994 S.KOREA GLESS * ENBLOC BSS▼ ORE ITAGUAI 298806 1994 S.KOREA GLESS * ENBLOC BSS▼ ORE CORUMBA 301389 1995 S.KOREA GLESS * ENBLOC BSS▼ ORE CAUE 305668 1994 JAPAN GLESS * ENBLOC BSS▼

ORE YANTAI 305846 1994 JAPAN GLESS 600 MIO POLARIS, KOREA (TC Back to

Vale fr 10-12 Yrs)

10328

2760

6952

0

5000

10000

15000

20000

25000

30000

35000


$/D

ay

Spot Market - Bulkers CAPESIZE

PANAMAX

HANDYMAX



8

CONTAINER SALES

NAME DWT BLT GEAR TEU PRICE $ BUYER

AFL NEW ENGLAND 7223 1996 GERMANY GLESS 700 1.2 MIO UNDISCLOSED (Via Auction) MARE 10700 2009 GERMANY GLESS 974 14.1 MIO SEABOARD, USA HANSA WISMAR 12575 1993 POLAND CR 2X40 1016 2.75 MIO UNDISCLOSED HANSA STRALSUND 12577 1993 POLAND CR 2X40 1016 2.75 MIO UNDISCLOSED CAPE SORRELL 13741 1997 POLAND CR 2X40 1158 2.4 MIO FAR EASTERN

FIONA RICKMERS 23028 1998 POLAND CR 3X45 1730 * ENBLOC BSS▼ CAMILLA RICKMERS 23045 1996 POLAND CR 3X40 1216 10 MIO UNDISCLOSED

NILEDUTCH SHANGHAI 23276 1994 GERMANY CR 3X40 1684 3.65 MIO SIMATECH, UAE

BUNGA TERATAI 24612 1998 S.KOREA GLESS 1725 5.5 MIO ORIENT EXPRESS LINES, SINGAPORE

TWEEN SALES

NAME DWT BLT GEAR TEU PRICE $ BUYER

ARGO 3851 1985 GERMANY CR 2X25 157 0.3 MIO UNDISCLOSED (Via Auction. Laid up

since 2011)

RORO SALES

NAME GT BLT LANE MTS/CARS PAX PRICE $ BUYER

CIMBRIA 12189 1986 DENMARK 2026 12 3.5 MIO FAR EASTERN STRAIT OF GIBRALTAR 32645 2010 S.KOREA 3810/1255 12 32.3 MIO GRIMALDI, ITALY STRAIT OF DOVER 32645 2010 S.KOREA 3810/1255 12 32.3 MIO GRIMALDI, ITALY STRAI OF MAGELLAN 29429 2011 DENMARK 3663 12 32.3 MIO GRIMALDI, ITALY BERING STRAIT 29429 2012 DENMARK 3663 12 32.3 MIO GRIMALDI, ITALY HUMBER VIKING 29004 2009 DENMARK 12 32.3 MIO GRIMALDI, ITALY STRAIT OF MESSINA 29429 2011 DENMARK 3663 12 32.3 MIO GRIMALDI, ITALY NOCC CARIBBEAN 42447 1988 S.KOREA 4800 12 MIO UNDISCLOSED

11700

7500

8200

5000

7000

9000

11000

13000

15000

17000

19000

21000

23000


$/D

ay

Period Market - Bulkers 1 Year T/C CAPE

PMAX

HANDYMAX

44



9

N E W B U I L D I N G M A R K E T A N D R E P O R T E D C O N T R A C T S

Dry Bulk Orderbook

Ship Type 2012 (deliv) 2012 2013 2014 2015 2016 2017+ Total

VLOC 26 22 16 10 1 0 0 49

Capesize 123 46 105 16 8 0 0 175

Small Cape 84 36 48 12 1 0 0 97

Panamax 197 190 253 68 14 2 0 527

Supramax 271 179 258 64 5 4 0 510

Handys 216 115 243 54 20 3 0 435

Total 917 588 923 224 49 9 0 1793

Tanker Orderbook

Ship Type 2012 (deliv) 2012 2013 2014 2015 2016 2017+ Total

ULCC/VLCC 36 24 50 11 1 0 0 86

Suezmax 37 25 38 9 5 3 0 80

Aframax 37 13 32 13 0 0 0 58

Panamax 10 10 19 4 0 0 0 33

MR 36 40 70 47 8 5 2 172

Handy 8 8 8 2 0 0 0 18

Total 164 120 217 86 14 8 2 447

LPG Tank Orderbook

Ship Type 2012 (deliv) 2012 2013 2014 2015 2016+ Total

VLGC 2 0 12 5 0 0 17

LGC 0 0 0 0 0 0 0

MR 2 0 6 5 0 0 11

Handy 0 7 6 9 1 0 23

Small 24 30 12 6 3 0 51

Total 28 37 36 25 4 0 102

94.8

57.8 48.8

33.8

0

20

40

60

80

100

120

Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12

$m

Tanker Prices VLCC Suezmax

Aframax MR

1

5

3

46

26.3

24.3 21

0

10

20

30

40

50

60

70

Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12

$m

Bulker Prices Capesize Panamax

Handymax Handysize

5



10

215 163

86

972

440

190 121

225

44

0

100

200

300

400

500

600

700

800

900

1000

2010 2011 Sep-12

No

. o

f V

es

se

ls

Newbuilding Sales Tankers >10,000 dwt

Bulkers >10,000 dwt

Containerships

59.5

66

26 20

31.2

12.2

0

10

20

30

40

50

60

70

Sep-12 2013 2014+

m. d

wt

Delivery Schedule Bulkers >10,000 dwt.

Tankers >10,000 dwt

28.6

13.5

6.1 2.8

11.8

0

5

10

15

20

25

30

35

September 2012

m.

dw

t

Tanker Newbuildings on Order VLCC Suezmax

Aframax Panamax

Products57 53.7

25.8

14.2

0

10

20

30

40

50

60

September 2012

m. d

wt

Bulker Newbuildings on Order Capesize Panamax

Handymax Handysize

Newbuilding Historical Prices ($m)

Tankers Sep-12 2011 2010 2009 2008 2007 2006 2005 2004 2000 1995 1990 1985

310,000 DWT1 94.8 98.9 104.8 97.5 150 145 130 120 108 76.5 85.3 87.4 2 38.2

170,000 DWT1 57.8 60.3 66.3 61 90 90 80 71.5 71 52.5 54 66.1 2 28.2

110,000 DWT1 48.8 52.2 56 49.5 74 72 65.5 58 60 41.5 43.3 53.2 2 18.1

47,000 DWT1 33.8 35.2 36.1 35 46.5 52 47 43 39 29.5 33.2 3

32.1 3

13.3

Bulkers

180,000 DWT1 46 48.4 57.2 55.5 87 96 67 58.5 64.5 40.5 42.3 60.2 29.3

73,000 DWT1 26.3 28.7 34.3 34.5 45.5 54 39.5 36 37 22.5 27.9 30 13.4

45,000 DWT 24.3 26.7 31.1 29 41 47.5 37 31 30 20.5 24.1 25.3 12.4

29,000 DWT 21 22.2 26.3 24.5 31 34 27.5 25.5 24 15 19.2 21.3 9.7

1 Before 2001 sizes to read 280,000 - 140,000 - 95,000 - 40,0000 respectively for tankers and 150,000 - 69,000 for Bulkers 2 Single Hull 3 30,000 DWT

(note: above is for vessels built Japan / Korea, you should also consider US$ / Yen / Won relation for the years mentioned)



11

The Shipbuilding Market

TYPE DWT BUILDER DELIVERY PRICE $ OWNER NOTES

ACCOM. UNIT 7000 Barreras S.A. 2015 Pemex

ACCOM. UNIT 7000 Barreras S.A. 2015 Pemex

BULK 51000 Taizhou Sanfu 2014 Guangdong Lanhai

BULK 51000 Taizhou Sanfu 2014 Guangdong Lanhai

BULK 34000 Namura Shipbuilding 2014 Wisdom Marine Lines




BULK 82000 Jinhai Heavy Ind. 2014 Nisshin Shpg. Co. Ltd.

BULK 82000 Jinhai Heavy Ind. 2014 Nisshin Shpg. Co. Ltd.

BULK 77000 Sasebo H.I. 2014 Fundador Naviera

BULK 77000 Sasebo H.I. 2014 Fundador Naviera

BULK 94000 Jiansu Eastern 2014 Oldendorff Carriers

BULK 75000 Sasebo H.I. 2013 DST Shipping Inc.

Drillship 34000 Hyundai H.I. 2015 620 Mio Rowan Companies Inc

FSO 150000 STX S.B. 2014 441.2 Mio Undisclosed

FSU 100000 Samsung H.I. 2015 230 Mio Statoil

Lift Boat 1500 Gulf Island 2014 Montco Offshore

LNG 90000 Hudong Zhonghua 2015 China Shipping LNG




MPP 8500 Jiangzhou S/Y 2015 Montana Shipping Ltd






PCC 20000 Jinling Shipyard 2014 Global Car Carriers






PCC 20700 Hyundai Mipo 2014 Ray Shipping

PCC 20000 Daewoo-Mangalia 2014 67 Mio Ocean Yield AS

PCC 20000 Daewoo-Mangalia 2014 67 Mio Ocean Yield AS

PCC 20700 Hyundai Mipo 2014 Ray Shipping

PSV 6200 VT Halter 2015 45 Mio Hornbeck Offshore

PSV 6200 VT Halter 2015 45 Mio Hornbeck Offshore

PSV 5000 Eastern S.B. 2015 45 Mio Hornbeck Offshore

PSV 5644 Eastern S.B. 2015 45 Mio Hornbeck Offshore

RORO / Cont 28600 Hyundai Mipo 2014 Grimaldi Group



Shuttle 120000 Samsung H.I. 2014 AET Tanker

Shuttle 120000 Samsung H.I. 2014 AET Tanker



12

D E M O L I T I O N M A R K E T

Demolition Historical Data

490 490 486 480

440

380 410 424 414

180

230

280

330

380

430

480

530

580

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

USD

/to

n

Price Tankers* 2009 2010

2011 2012

*India month's end prices

485 476 464 470

426

350

390 414

389

180

230

280

330

380

430

480

530

580

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

USD

/to

n

Price Bulkers* 2009 2010

2011 2012

*India month's end prices

13.4

27 28.65

26.9

38

25.6

14.5

4.9 2.35

4.6 3.8

15.9 16.7 18.9

15.5 18

15.6

25

30.5

22.4

28.4 28.5 27

10

5.5 6.5 5

12

28.9 25.7

31.58 31.2

0

5

10

15

20

25

30

35

40

Mill

ion

dw

t

Total Demolition (Dwt)

Demolition Prices

Gen Cargo Tanker India USD 389 /lt Ldt USD 414 /lt Ldt

Bangladesh USD 370 /lt Ldt USD 395 /lt Ldt

Pakistan USD 385 /lt Ldt USD 415 /lt Ldt

China USD 285 /lt Ldt USD 310 /lt Ldt



13

HISTORICAL DEMOLITION PRICES (*Indian Year’s End)

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 CURR.

TANK 178 186 182 172 115 136 174 135 174 262 362 302 405 507 287 338 485 482 414 BULK 183 166 153 152 112 143 170 135 181 267 381 332 392 472 268 328 437 456 389

India

TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS

BULK AVEIRO 16530 1978 4507 427 Incl 250 T RoB upon arrival

BULK VICTORIA 16653 1979 5150 428

BULK YUAN CHENG 18030 1986 7560 405

BULK HUNTER K 23892 1981 5945 402

BULK AL AMAL BELLAH 24733 1982 5725 420

BULK KS ACE 28234 1983 7800 400

BULK WHITE ARROW 36663 1985 10265 420 Full Spares

BULK VIVIAN 41829 1983 7985 415

BULK CHUETSU MARU 42791 1987 8950 410

BULK GRANDIS 44711 1991 9022 425

BULK ZUI YOH 44840 1990 9088 425

BULK CARRARA CASTLE 44959 1984 12041 407

BULK FOREST WAVE 45748 1991 9089 425

BULK VSP TITAN 66995 1985 10958 383 Asis Jebel Ali

BULK TAIGLORY 92473 1988 16463 402

BULK ETERNAL OCEAN 94995 1989 17593 425

BULK C. KOREANA 149516 1990 18447 405 With opt fr dely India/Pakistan/Bangladesh

BULK AWOBASAN 150275 1994 18595 417

CONT VESTFOLD 19984 1992 8185 440

CONT BUXCROWN 26288 1989 7125 427 Asis Qatar with min RoB

CONT AL WAJBA 35615 1983 12918 430 Asis Khor Fakkan with sufficient RoB

CONT MOL IDEAL 59603 1992 18712 425

RORO NORMANDY 3315 1982 10575 320 Asis Singapore

0

100

200

300

400

500

600

USD

/to

n

Historical Demolition Prices (India Year's End)

TANKERS

BULKERS

Avg. Trend



14

Bangladesh


BULK WEI SHENG 11565 1978 3764 385

BULK TAINO MAIDEN 23278 1985 5714 420

BULK GLORY SUN 24938 1985 14135 415

BULK HOUMA BELLE 42219 1985 7832 441 Full Spares

BULK PANOSTAR 63880 1984 12776 432

BULK LACONIA 68283 1987 10614 428 Incl abt 300 T RoB

BULK GLORYSUN 71229 1982 14000 415

BULK MOSEL N 122331 1995 16477 410

BULK PSU THIRD 149383 1992 18580 426

BULK CAPE MADRAS 150977 1990 18954 433

BULK OCEAN CASTLE 182711 1990 432 432

BULK KASSOS WARRIOR 194744 1986 23579 450

CONT CS CHRISTINE 20270 1992 6930 435

CONT MERKUR SKY 39927 1997 11000 423 Asis Singapore

TANK PROSPEROUS 62654 1982 10963 456

TWEEN SANCRIS 8750 1975 7518 415

China


BULK TRADE FORTUNE 3901 1985 1669 290 BULK RAINBOW WING 15199 1986 15199 310

BULK AKITEC 30413 1981 6974 310

BULK BIN DONG SHAN 35 82488 1990 19247 320

TWEEN RU YI 19141 1981 7287 290

Pakistan


BULK PARTNERSHIP 30900 1981 6807 410 BULK GOVIND PRASAD 129237 1981 24555 402

BULK MAHAVIR PRASAD 136608 1983 18882 398

BULK OCEAN UNIVERSE 245609 1988 30064 380 Asis S.Korea with min RoB

TANK AL MUMINAH 81503 1985 15286 440

TANK NISYROS 143932 1992 24323 440

TANK AILSA CRAIG 211641 1974 32150 430

Turkey


BULK GOODWAY 4245 1977 1379 315

Undisclosed


CONT TEGESOS 38380 1996 11800 407 Asis Singapore

CONT NANJING DRAGON 38502 1997 11800 407 Asis Singapore



15

H I S T O R I C A L B U N K E R P R I C E S

HISTORICAL BUNKER PRICES

Rotterdam Fujeirah Houston

380 cst MDO 380 cst MDO 380 cst MDO

1990 105 191.2 104 233.1 104.6 199.6

1991 82 170.8 78.6 206.1 75.3 161.1

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

Sep-12 640 970 665 1040 655 1055

0

100

200

300

400

500

600

700

800

USD

/to

n

Bunkers Cost (380 cst)

Rotterdam

Fujeirah

Houston

Average Trend

0

200

400

600

800

1000

1200

USD

/to

n

Bunkers Cost (MDO)

Rotterdam

Fujeirah

Houston

Average Trend



16

M A R K E T I N D I C A T O R S

GBP CAD EUR JPY CHF USD

AUD

GBP 1 0.6295 0.796 0.007953 0.6583 0.6183 0.6406

CAD 1.589 1 1.2648 0.012637 1.046 0.9824 1.0179

EUR 1.2564 0.7909 1 0.009992 0.8271 0.7768 0.8048

JPY 125.763 79.1608 100.099 1 82.7867 77.751 80.5596

CHF 1.5193 0.9563 1.2093 0.012082 1 0.9393 0.9732

USD 1.6175 1.0181 1.2874 0.012863 1.0648 1 1.0361

AUD 1.5614 0.9828 1.2428 0.012416 1.0278 0.9653 1 * 26/09/2012 values

60

70

80

90

100

110

120

130

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

USD

-JP

Y

USD

-EU

R

Currencies USD-EUR

USD-JPY

0.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

160.00

$/B

arre

l

Brent Oil



17

S T O C K W A T C H

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

NewLead Holdings NEWL 0.65 0.80 -18.8 5.23 0.40

Capital Product Partners CPLP 8.21 7.69 6.8 8.80 5.26

Diana Shipping DSX 6.55 6.55 0 10.19 5.89

Dryships DRYS 2.34 2.20 6.4 3.84 1.75

Eagle Bulk EGLE 3.51 2.91 20.6 9.80 2.51

Euroseas ESEA 1.15 1.11 3.6 3.74 1.01

Excel Martime EXM 0.70 0.51 37.3 3.30 0.40

Freeseas FREE 0.22 0.31 -28.1 2.18 0.21

Genco Shipping&Trading GNK 3.55 3.14 13.1 10.14 2.09

Costamare Inc. CMRE 15.07 12.94 16.5 16.11 10.93

Goldenport GPRT 45.00 53.37 -15.7 45.00 0.39

Navios NM 3.65 3.55 2.8 4.49 2.88

GasLog LNG Services GLOG 11.59 11.30 2.6 13.34 8.76

Paragon PRGN 0.43 0.41 6.2 1.22 0.40

Safe Bulkers SB 5.83 6.07 -4 7.73 5.28

Star Bulk SBLK 0.58 0.52 11.5 1.47 0.50

Stealthgas GASS 6.57 6.13 7.2 7.00 3.50

TEN TNP 5.25 5.46 -3.8 9.14 4.71

TOP Ships TOPS 1.19 1.24 -4 5.20 1.00

Box Ships Inc TEU 6.61 5.96 10.9 10.88 5.74

Diana Containerships Inc DCIX 5.62 5.37 4.7 7.88 4.57

Danaos Corporation DAC 3.15 3.75 -16 4.88 2.77

Aegean Marine Petroleum ANW 6.05 7.05 -14.2 7.93 3.19

* 26/09/2012 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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