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Braemar Seascope Thursday, 28 February 2013

Market Indicator Wet* 27-Feb-13 Jan Avg Avg YTD 2012 Avg

TCE ( US $ / Da y ) TCE ( US $ / Da y ) TCE ( US $ / Da y ) TCE ( US $ / Da y )

260,000 NHC AG/EAST TD3 -9,500 1,000 -4,500 11,000

130,000 NHC WAFR/USAC TD5 11,000 5,000 4,000 12,000

80,000 NHC NSEA/CONT TD7 6,000 6,000 5,000 7,500

55,000 CLN AG/JAPAN TC5 10,500 8,000 6,000 8,500

37,000 CLN CONT/USAC TC2 13,000 17,500 18,000 10,000

38,000 CLN CARIB/USAC TC3 8,000 10,000 10,500 9,500

* All rates based on benchmark Baltic Exchange speed and consumption f igures

Dry 27-Feb-13 Jan Avg Avg YTD 2012 Avg

BDI 745 771 758 920

BCI 1,264 1,441 1,420 1,573

BPI 961 719 761 963

BSI 745 726 710 904

Container 25-Feb-13 Jan Avg Avg YTD 2012 Avg

B O X i 53.59 53.73 53.73 55.76

Financial 27-Feb-13 Jan Avg Avg YTD 2012 Avg

BRENT CRUDE US$/bbl 112.70 112.92 114.68 111.81

IFO 380 ROTT US$/tonne 614.50 614.27 624.11 640.97

YEN/US$ 91.90 89.09 90.46 79.70

WON/US$ 1,085 1,067 1,077 1,123

US$/EURO 1.31 1.33 1.33 1.34

Braemar Seascope Weekly Chartering Report 2

28/02/2013

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VLCC Since we still have one month of the first quarter to run for fixing, it is by no means over, but all indications are that we shall continue in the same vein as we have seen for the first few weeks of the year. AG/East is back to fixing 270kt x ws32.5, which gives a daily return with slow steaming ballast at US$4,750/day. The freight for AG/West, steady for another week at 280kt x ws18.0 via Cape and ws16.0 via Suez, only really covers the bunker costs and offers no earning potential. Going forward, for the rest of 2013 we need a significant increase of tonne-miles or numbers of cargoes to be able to pull freight rates up from what are now historic lows. West Africa showed a brief firmness at the end of last week which has lingered keeping rates at 260kt x ws35.0 for West Africa/China voyages. More significantly this week, a West Africa/USG cargo was quoted and fixed 260kt x ws35.0, showing how keen owners are to stay in the Atlantic given a chance. There has been limited activity for Indian charterers this week, with the only activity being IOC fixing their final stem for March dates. Charterers fixed an eastern ballaster at US$3.2m for Nigeria/EC India off 30-31 March. IOC fixed three cargoes from the region for the month of March, HPCL lifting one cargo and Reliance with one lifting. The charterers now await the firm dates from suppliers for their April cargoes which are expected to be given to them by next week. We are assessing W Africa/WC India at US$3m and W Africa/EC India at US$3.25m. The 30 day availability index shows 56 VLCCs arriving at Fujairah, of which six are over 15 years old, compared to 47 last week (of which seven were over 15 years old). So far for the month of March we have seen 56 reported fixtures, which means we should have about the same number to come again. We are currently assessing the AG as about 20% oversupplied with tonnage. The bunker price today is US$641/tonne, down US$13 from last week. The freight rate for 280,000mt AG/USG is ws18.0, same as last week, so owners' earnings are: Assuming one way (excludes any ballast) at 13knots laden, this equates to US$5,760/day (US$4,750/day last week) Round Trip Cape Laden (13knots)/Suez Ballast (11knots) US$-13,000/day (US$-14,000/day last week) The freight rate for 270,000mt is ws32.5, down ws1pt from the rate last week, so owners' earnings are: Round Trip Ras Tanura/Ulsan US$4,750/day at 11knots ballast and 13knots laden (US$5,400/day last week) *Obviously with further slow steaming these daily earnings can be improved.

Route Size Load Discharge Today’s Assessment Last Week’s Average

TD1 280,000 Ras Tanura LOOP ws18.0 ws19.0

TD2 265,000 Ras Tanura Singapore ws33.0 ws33.5

TD3 265,000 Ras Tanura Chiba ws32.0 ws33.0

TD4 260,000 Bonny LOOP ws35.0 ws39.0

TD15 260,000 West Africa China ws34.0 ws34.5

China46%

Korea-Japan18%

India14%

USA7%

Spore/Indo7%

Med/Red Sea4%

NW Europe4%

VLCC AG Weekly Spot Fixtures by VolumeIntended Discharge (21 - 27 Feb 2013)

Long East62%

Short East21%

West17%

VLCC AG Monthly Spot Fixtures by VolumeFinal Destination (Jan 2013)

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28/02/2013

As expectations brewed over the weekend, the West Africa market set itself up for a boost. With positions tightening, and several charterers entering the fray late on with promptish cargoes, rates jumped from ws57.5 for UKC-Med to a much healthier ws65.0. Off prompter dates, ws67.5 was achievable as the recovery of the Med helped to bear fruit in adjacent markets. Throughout the week these rates have persisted until the first wave of cargoes was covered. Those owners drawn in by a rising market found themselves slightly caught out as the level of cargoes dwindled, with rates dropping down to ws55.0 for USG and ws57.5 for UKC-Med. The Med market that helped drive this momentum has now quietened down and a lack of local cargoes may have led to higher levels of competition for these later West Africa cargoes. It is nonetheless a surprising display of volatility and it will be interesting to see next week whether these markets continue to play off one another. It would be surprising to see a second wave of upward momentum, considering the list, as there is a reasonable position list and one cargo off natural dates attracted nine offers. We are yet to really see the last decade, but at the moment March looks a little thin on expected cargoes. As for the Med itself, a welcome rise last week was perpetuated with rates of ws80.0 fixed to Portugal from central Med. The market soon began to fill its boots with eastbound cargoes, the first of which fixing a reasonably healthy US$3.4m to Ningbo, though this perhaps was not quite in line with the increase in cross-Med rates. A forward fixing cargo was smuggled away for a relatively cheap US$2.375m to India, cutting momentum, and by the end of the week, a Ningbo-bound voyage was only achieving US$3.2m. Supporting this is a Black Sea market which, despite two early cargoes fixing 135kt x ws67.5, has managed to maintain levels around 140kt x ws75.0. With UKC, W Africa and eastern ballasters removed from the position list, and bearing in mind normal delays, owners should be able to maintain levels at ws72.5, particularly with two cargoes in the market and five more to come off March dates in total. With the North Sea quiet, it will be up to the Black Sea market to help sustain Worldscale levels over the next week for itself and the Med. It could go either way, but the Black Sea charterers seem to be fixing early to avoid a problematic position list so expect there to be little upward or downward movement as they fix away. The AG began the week in busy form with 94kt x ws77.5 to EC India reasonably similar to last week's 123kt x ws60.0, but 135kt x ws53.0 to WC India yielded a slight drop off, although this rose three points by the end of the week. There was to be no respite on the low levels to the West we have been experiencing for several weeks now. 130kt x ws30.0 to the USG and UKC alongside ws31.0 to UKC-Med represented the owners' resistance to the ws30.0 barrier, but ws47.5 to South Africa was a five point drop off the same voyage a month ago. With a couple of cross-USG fixtures of around US$550,000 having little effect on the market, there seems little reason for optimism with a consistent stream of vessels headed to the AG from the East to join those already lying in wait.

Suezmax

USA29%

NW Europe57%

Med/Red Sea14%

Suezmax WAFR Weekly Spot Fixtures by VolumeIntended Discharge (21 - 27 Feb 2013)


TD5 130,000 Bonny Philadelphia ws57.5 ws64.5

TD6 135,000 Novorossiysk Augusta ws75.0 ws74.5

135,000 Mediterranean UK Cont ws75.0 ws75.0

135,000 North Sea US Gulf ws55.0 ws55.0

135,000 Ras Tanura South East Asia ws60.0 ws60.0

W Africa18%

Med/Red Sea13%

AG24%

Black Sea22%

Carib/EC Mex10%

USA7%

S America2%

India2% NW Europe

2%

Suezmax Weekly Spot Fixtures by VolumeLoad Area (21 - 27 Feb 2013)


28/02/2013

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Aframax

The Mediterranean and Black Sea Aframax markets have seen activity pick up since last week, which was notably quiet due to IP week. This has consequently meant sentiment has shifted from soft to flat-strong. At the beginning of the week, a well reported cross-Med fixture was concluded at 80kt x ws73.75. Although this was from a cheaper load port, and with a better flat rate, this was still over five points less than last done. This seemingly prompted many other charterers to come into the market at the same time. However, due to the number of increased cargoes, no one achieved a similar rate. A few succeeded in fixing ws77.5, but the majority had to settle for ws80.0, the same rate as last week. Black Sea fixing has stayed consistent this week at 80kt x ws80.0. At present though, tonnage has shortened to the extent that if enquiry continues at the same rate, or if a few require replacements, this will be enough to see rates move up. There has been some added fuel oil enquiry to the market, so we expect rates to move up from 80kt x ws80.0. In the Baltic and North Sea, there has been a good amount of activity all round with Baltic ice voyages, cross-North Sea and DPP all working simultaneously. Presently, owners/operators are achieving 100nhc x ws75.0 level for ice class requirements and although that could be deemed as low for this time of year, is at least better than where the week began. In the cross-North Sea market, 80kt x ws87.5 has been achieved on several occasions and the feeling is that slightly more may be done there shortly. In amongst this are a number of DPP possibilities that need discharge options including trans-Atlantic and Med. We may well see the list tighten a little as a result, and in the short term, perhaps, a slightly firmer market. However, as ships turn around on shorter voyages and new dates trickle out, it remains doubtful as to whether owners will be able to maintain this stance. It has been a lacklustre week for Aframaxes in the eastern hemisphere due to the lack of activity and cargoes in the market. In the AG, eastbound activity has been limited, with TD8 rates softening to ws82.5. However, there has been a healthy level of short haul activity across AG, but this doesn’t really affect the tonnage list as vessels quickly return after their voyage. It has been a dull week with modest activity in the Far East and Indo/up rates are softening ws72.5 due to charterers drip feeding the market. With the abundance of vessels sitting prompt in Singapore, there is no reason for charterers to be in a hurry to cover their requirements. Exports out of Australia have also seemingly diminished after a busy week last week, with most of the questions being asked behind the scenes. Back haul rates are hovering around ws70s levels.

NW Europe39%

Med/Red Sea43%

USA14%

Black Sea2%

W Africa2%

Aframax (West of Suez) Weekly Spot FixturesIntended Discharge Area (21 - 27 Feb 2013)

Baltic32%

N Africa/E Med20%

UKC7%

Black Sea14%

Med14%

USA4%

Carib/EC Mex7%

W Africa2%

Aframax (West of Suez) Weekly Spot FixturesLoad Area (21 - 27 Feb 2013)


TD7 80,000 Sullom Voe Wilhelmshaven ws87.5 ws87.5

TD8 80,000 Mina Al Ahmadi Singapore ws82.5 ws83.5

TD9 70,000 Puerto La Cruz Corpus Christi ws117.5 ws113.0

TD14 80,000 Seria Sydney ws72.5 ws72.5

TD17 100,000 Primorsk Wilhelmshaven ws70.0 ws69.0

TD19 80,000 Ceyhan Lavera ws77.5 ws79.0


28/02/2013

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-20,000

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40,000

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TD3 - 260 - Ras Tanura - Chiba TCE

2011

2012

2013

-10,000

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10,000

20,000

30,000

40,000

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TD5 - 130 - Bonny - Philadelphia TCE

2011

2012

2013

0

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20,000

30,000

40,000

50,000

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TD7 - 80 - Sullom Voe - Wilhelmshaven TCE

2011

2012

2013

-5,000

5,000

15,000

25,000

35,000

45,000

55,000

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US

$/D

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TD9 - 70 Puerto La Cruz- Corpus Christi TCE

2011

2012

2013


28/02/2013

Pro

jects

Time Charter

It appears that any conclusions drawn from IP week have taken time to be absorbed, leading to a fairly lackadaisical week on the period market. VLCC & Suezmax owners continue to face the harsh realities of the spot market as period enquiry for such units continue to be as rare as French Six Nations victories. The clean sector saw modest activity but generally the market is very slow as charterers and owners maintain their stand-off over valuations for periods longer than 12 months and the relative value of claimed speed/consumption figures for new tonnage.

0

10,000

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30,000

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Jan

-11

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US$

/day

1 Year Time Charter Rates

MR Aframax VLCC

1 yr 3 yr 5 yr

Handy 12,500 13,500 15,000

MR 13,500 14,500 16,000

LR1 14,000 15,000 17,000

Panamax 13,000 14,500 16,500

LR2 15,000 16,250 18,000

Aframax 12,500 15,000 16,750

Suezmax 15,000 18,500 22,500

VLCC 16,000 20,000 25,000

US$/day

Contact [email protected] London: Michael B. Friis / Mike Roberts Singapore: Iain Rennie / Ben Dudman

Pacific Bridge/sub Aframax Halla 2002 6/6m 11,250/11,750 PetroVietnam

Amfritriti LR2 STX 2009 2 yrs 13,500 Shell

Hellespont Protector Panamax New Century 2007 12m 13,000 Penfield

Nave Orion (relet) MR Dae Sun 2012 12m 14,350 Scorpio

Pula MR 3 Maj 2006 4+4m 14,000 StenaWeco

Acor Handy Hyundai 2008 12m 12,600 Norient

Rock Handy Hyundai 2008 12m 12,600 Norient

Nord Princess Handy Guangzhou 2006 12m 12,750 Shell

Nord Fast Handy SLS 2007 12m 12,750 Shell


28/02/2013

LR1s have enjoyed a buoyant week, with activity brisk in the first half of March and rate levels jumped accordingly. It remains to be seen if this bull run can be continued. With the West markets slipping again after their recent higher levels, and tonnage more numerous in the second half of the month, it's likely we'll see rates to the West remain bullish while numbers to the East level off or even drop a little. MRs have been very active this week in the AG. TC12 has led from the front after a quiet month as bigger ships have been preferred for their dollar per tonne saving. There have been seven 35kt naphtha WC India/East cargoes, two of which have fixed, the rest still on subs. BITR this morning rated 35kt x ws127.5, a gain of ten points for the week. Elsewhere in the AG, rates have been firming on the back of a very busy prompt position, with cross-AG and AG/Red Sea cargoes quoted up until 10th March. Rates cross-AG have firmed US$50k-US$60k, and US$75k AG-WC India/Red Sea. East Africa has had a couple of questions, with 35kt x ws197.5 on subs off 10th March and 35kt x ws200.0 given as an option off 5-7 March. Again, this is a gain of ten points. US$1.66m was on subs AG/West earlier in the week. However, it was an option that was dropped and the vessel was sent cross-AG instead. US$1.65m, though, was confirmed, which is US$150k higher than last done – a rate not only influenced by the tight AG market but also by owners’ resistance to fix into a depressed Atlantic market. Looking ahead to next week, the tonnage list remains tight and sentiment is bullish for rates.

CP

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Clean Products - East

-5,000

5,000

15,000

25,000

35,000

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TC1 - 75 - Ras Tanura - Yokohama TCE

2011

2012

2013

-5,000

0

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10,000

15,000

20,000

25,000

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TC5 - 55 - Ras Tanura - Yokohama TCE

2011

2012

2013


TC1 75,000 Ras Tanura Yokohama ws85.0 ws84.5

TC5 55,000 Ras Tanura Yokohama ws120.0 ws115.0

TC4 30,000 Singapore Chiba ws132.5 ws131.0

TC12 35,000 WC India Japan ws128.0 ws122.5


28/02/2013

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Clean Products - West

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TC2 - 37 - Rotterdam - New York TCE

2011

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TC3 - 38 - Aruba - New York TCE

2011

2012

2013


TC2 37,000 Rotterdam New York ws150.0 ws147.5

TC3 38,000 Aruba New York ws120.0 ws119.5

TC6 30,000 Skikda Lavera ws172.5 ws168.5

Some dynamic entered the Atlantic markets with ULSD pricing finally reaching such a low level in the USG that traders started jumping on prompt tonnage to commit on subjects. This is relevant because up until now, roundtrip TC2 was such that it is better when open New York to ballast straight back to UKC, with 37kt at no less than ws140.0-ws145.0 or US$13,200/day versus the triangulation combo of TC14, where front haul is actually eroded down to US$12,000/day. Front end vessels at the week's end were disappearing, including the cheap 'trans-Atlantic only' units, and sentiment is certainly firmer as we progress into second decade loading. NWE Refinery shut downs/turnarounds offer some additional promise, especially potential St Lawrence river demand, where the Valero St Romauld facility in Quebec City will be down for 2-3 months. This should mean plenty of extra product imports. In addition, Section 105 in Montreal (Ultramar dock) will also be under maintenance and upgrade, in preparation for Alberta crude runs, again leaving a gap in the usual supply balance. Mediterranean rates on Handies were peaking above ws170.0 as weather delays, Algeria issues and Black Sea activity (i.e. longer voyages) tightened the list up. MRs ex-Italy and Lavera were fixing off in mogas direction Red Sea-AG, at about US$95k less than last week. Gasoil cargoes originally destined for Algeria, Med were deviated through Suez as well, given weak pricing in this sector. The outlook is moderate.

28/02/2013

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At the last time of writing, the average of the four Cape routes stood at US$5,383/day, but the week witnessed a steady decline from this lowly level to reach US$4,278/day today. The approach of another cyclone off the coast of West Australia did nothing to help activity in the East, though the presence of some coal enquiry endeavoured to assist matters. Any hope of improved rates was ruled out, however, by the amount of tonnage available. The Atlantic remained listless, the Colombian coal strike having a negative influence in this basin. A trans-Atlantic R/V was fixed at US$4,250/day, the index rate now being below US$4,000/day. The Tubarao/Qingdao route fell to US$17.60/tonne for a second half March position, but there is some belief that April loading positions will achieve more attractive levels. On the period front, there was a suggestion that a 170,000 Dwt vessel had fixed for 6/10 months below US$10,000/day. Today did see the return of some ore enquiry from West Australia after disruption caused by the cyclone, which allows a small spark of optimism that the coming week's market will be a shade less dismal than its immediate predecessor.

Capesize

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The Baltic Capesize Index vs Atlantic & Pacific Earnings

Atlantic Pacific BCI

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28/02/2013

The Pacific continued to firm, with EC S American grain being the driving force. Plenty of ships have fixed at mid/high US$9,000s/day from Singapore and rumours of high US$10,000/day fixed from Vizag on an eco 77,000 Dwt Panamax. Good eco types remain in short supply for period as owners are holding out for better rates, now asking high US$9,000-US$10,000/day for short period. Australia has been on high alert due to Cyclone Rusty resulting in disruption and delays. Compounded by Korean holidays, we expect a slow end to the week. Otherwise, the market appears to have sufficient support to maintain its momentum for at least next week. The Atlantic market has been steady over the past week with further increments likely during next week's trade. An increasing number of charterers have been actively seeking candidates willing for short period or a couple of laden legs in anticipation of steadier prospects near term. The EC S America grain market has been firmer with better daily and ballast bonus being achieved for March loaders. Although there is no shortage of ballasters heading towards this region, port congestion and higher demurrage rates agreed with head charterers are likely to keep this route on a steady footing during next week.


Panamax

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The Baltic Panamax Index vs Atlantic & Pacific Earnings

Atlantic Pacific BPI

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28/02/2013


The Far East Supramax market has continued to ride on the back of increased demand for Indonesian coal, combined with the spot requirements coming out of Australia and US West Coast, pushing rates up further than anticipated by most, post Lunar New Year. Interest in period has been reignited as some optimism comes back along with the liquidity. There remain doubters to this swing who express concern that the immediate activity will fall off and soften current rates in the coming week. Likewise, the Far East Handysize market pushed north on time charter rates with plenty of positional demand, especially for prompt vessels. However, SE Asia positions continue to struggle under the weight of available tonnage. We remain cautiously optimistic. With the grain season slowly getting underway, the US Gulf has been enjoying the tight tonnage market for 1H March. An eco 55k Dwt ship has been rumoured to have earned well over US$20,000/day for a trip to the Far East. Another early March position of similar spec has been traded at US$18,000/day levels for a petcoke trip to East Med. A combination of sentiment and lack of tonnage will favour owners for the time being. Many are hoping it stabilizes instead of crashing when the peak comes.

Handy/Handymax/Supramax

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The Baltic Supramax Index vs Atlantic & Pacific Earnings

Atlantic Pacific BSI


28/02/2013

Cyclone Rusty misses port but heading for the mines Port Hedland has escaped with only minor damage from Cyclone Rusty, but it is now heading inland towards the iron ore mines. Exports from the port were up 30% this month to 18.4m tonnes from 14m tonnes in January, but the cyclone could bring heavy flooding to the mining area resulting in prolonged loss of production impacting supply for export. However, recent reports suggest the storm is running out of steam and that overall damage will be less than previously expected.

Newcastle coal recovering from bad weather Thermal and coking coal has recovered 20% to 2.2m tonnes in the seven day period ending Monday. This is an increase from 1.8m tonnes the week prior. In spite of the rough weather and coastal swells that have hit the area, 26 ships berthed at Newcastle’s three coal terminals last week. Delays are expected at the port in March when planned maintenance work to the rail system serving the port will be carried out on March 11-16.

Australian grain exports…box or bulk? Up to 115,000 teu per year have been filled with Australian grown grain. This allows shippers to take advantage of cheap freight rates by filling empty containers on their return to export hubs. However, this trend appears to have hit a plateau, with the port of Melbourne noting a shift in the export mode of grain to bulk carriers.

Chinese manganese imports double China’s imports of manganese ore and concentrates in January surged by 99% year-on-year to 1.35m tonnes. This increase can be attributed to manganese alloy producer’s bullish market expectation for alloy prices. The Chinese administration could be set to roll out pro-growth initiatives following CNY, which will boost consumption and the prices of manganese alloys and their ores.

Gold run gets worse Gold is heading for a fifth monthly decline in the longest run of losses since 1997. The bullion market is now focusing on the eventual withdrawal of monetary stimulus packages, whereas a year ago, focus was on the expectation of further monetary policy easing, pushing the price of gold up.

Increased imports to cover Chinese stockpile drop Stockpiles of iron ore in China are at a three year low. China has historically increased steel production in the second quarter every year since 1990. As a result, some forecasters predict that this demand will result in Capesize daily earnings in the second increasing from US$5,088/day to US$11,250/day by the end of June. Iron ore has surged by 75% from the September low but some believe that this will slump to around US$130/tonne from the current US$150/tonne during the same period as supply surpasses demand. However, as the Chinese domestic producers come back online after the harsh winter, there is potential that some of the demand will be absorbed by domestic producers.

Copper imports increase for fifth month Chinese refined-copper imports have increased for a fifth consecutive month. Inbound shipments reached 245,000 tonnes last month, up from 235,000 tonnes in December. High imports on top of huge stockpiles do not create a positive picture for prices, especially with doubts cast over the extent of the forecast demand recovery in the spring.

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28/02/2013


It was back to business as usual this week as the New Year holidays came to an end and with the larger sectors leading the charge. Our revised Boxi has had a welcome shot in the arm and kicked off in the right direction with an increase of half a point. Fixing levels certainly haven't changed dramatically but have been consistent with previous weeks. As we approach the busy season, we expect this activity to increase as a number of vessels approach the end of their charters as is normal at this time of year. Generally, activity stimulates a firming of rates. Much of the focus this week once again was on the 2500TEU geared sector as a number of lines look to capitalise on the increasingly busy Asia-Africa trades. With a number of on-going orders here for the April window, it should give an expected and much welcomed boost to a sector that despite enduring a relatively quiet few months, is fast becoming the talk of the town. In the Mediterranean, we continue to see rates being pushed upwards, particularly in the geared feeder sections, as a lack of supply and a marginal pick-up in demand has left relatively few candidates available for charterers to choose. It is notable that charterers are opting for short and flexible periods at higher rates in the hope that an influx of tonnage in Q2 may lower owners’ expectations. We have even seen charterers take ships with alternative delivery and positioning into the Mediterranean, thus showing the lack of tonnage in the area. Interest in the Post-Panamax sector is still strong from a number of big players and the much remarked shortage of supply should ensure that the levels attained will continue to climb and in turn tempt various lines where some vessels have become surplus to requirements to release these and capitalise on the comparatively stronger levels to the still muted mid and feeder sizes. The big question going forward will be how the large number of Panamaxes that are coming off long charters will fare. Older ones are likely to be scrapped but younger ones may join the 2800 gearless sector as the unlucky ones that will find it difficult to find gainful employment. On Friday, AP Moller Maersk published their annual report, confirming that Maersk Line produced an annual profit of US$461m in 2012, compared to a loss of US$553m in the previous year - a remarkable achievement considering global container demand grew only 3% compared to 2011. Their report also suggested that the major Asia-Europe trade lane was heading for an equally underwhelming year in 2013. Forecasts aside - there are signs, most notably within the larger sectors, that suggest such flat predictions for 2013 may indeed be a touch pessimistic bearing in mind that we have yet to even hit the peak season and already rates are starting to gather a degree of momentum.

Containers

Vessel (TEU/HMG) Index + / -770/440 TEU (GL) 17.5 k 3.20 ► 0.00

1,043/660 TEU (GL) 18 k Eco 4.58 ► 0.00

1,100/715 TEU (G) 19 k 7.27 ► 0.00

1,700/1,125 TEU (G) 19.5 k 7.27 ► 0.00

1,740/1,300 TEU (G) 20.5 k 7.35 ► 0.00

1,714/1,250 TEU (G) 19 k Bkk Max 4.86 ► 0.00

2,500/1,900 (G) 22 k 3.76 ▲ 0.05

2,800/2,000 TEU (GL) 22 k 3.18 ▲ 0.05

3,500/2,500 TEU (GL) 23 k 1.61 ▲ 0.02

4,250/2,800 TEU (GL) 24 k 2.92 ▲ 0.17

5,500/4,200 TEU (GL) 25 k 3.42 ▲ 0.08

6,500/4,800 (GL) 25 k 4.19 ▲ 0.13

Index Total 53.59 ▲ 0.50

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The Box Index B O X i

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