capital link shipping weekly markets reportmaritime-connector.com/documents/capital link...

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Monday, March 17, 2014 (Week 11)

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IN THE NEWS Latest Company News

Dividend Paying Shipping Stocks

CAPITAL MARKETS DATA Currencies, Commodities & Indices

Shipping Equities – Weekly Review

Weekly Trading Statistics – by KCG

SHIPPING MARKETS Weekly Market Report – by Cleartrade Exchange

Stifel Shipping Markets

Dry Bulk Market – Weekly Highlights, by Intermodal Shipbrokers

Container Market – Weekly Highlights, by Braemar Seascope

Weekly Tanker Market Opinion, by Poten & Partners

Tanker Market - Weekly Highlights, by Charles R. Weber Company

S&P Secondhand, Newbuilding & Demolition Markets, by Golden Destiny

TERMS OF USE & DISCLAIMER

CONTENT CONTRIBUTORS

Capital Link Shipping

Weekly Markets Report

• ABN AMRO

• Alterna Capital Partners, LLC

• Bank of America Merrill Lynch

• Blank Rome

• Bracewell & Giuliani

• Castlelake

• Centerbridge Partners, LP

• Citi

• Clarkson Capital Markets

• Cotemar, S.A. de C.V.

• Concordia Maritime (Stockhom:CCORB)

• d’Amico International Shipping (MI:DIS)

• Danaos Corporation (NYSE: DAC)

• DryShips, Inc. (NASDAQ:DRYS)

• DVB Bank SE

• Dynagas LNG PARTNERS (NASDAQ:DLNG)

• Eletson Gas Maritime Ltd

• E.R. Shiffahrt

• Ernst & Young

• Euronav (Euronext:EURN)

• Euroseas (NASDAQ:ESEA)

• GasLog Ltd (NYSE: GLOG)

• Gibson, Dunn & Crutcher LLP

• Global Marketing Systems (GMS)

• Goldman Sachs

• International Registries

• Intrepid Shipping

• Jefferies LLC

• Maxim Group LLC

• Miller Buckfire & Co.

• Morgan Stanley

• Morgan, Lewis & Bockius LLP

• NASDAQ OMX

• Navigator Gas (NYSE: NVGS)

• Navios Maritime Acquisition (NYSE: NNA)

• Navios Maritime Holdings (NYSE: NM)

• Navios Maritime Partners (NYSE: NMM)

• NYSE Euronext

• Ocean Rig (NASDAQ:ORIG)

• Prospector Offshore Drilling (OSLO: PROS)

• Reed Smith

• RS Platou Markets AS

• Safe Bulkers (NYSE:SB)

• Sankaty Advisors, LLC

• Seaspan Corporation (NYSE:SSW)

• Seward & Kissel LLP

• Sovcomflot

• Star Bulk Carriers (NASDAQ:SBLK)

• Stealth Gas, Inc.

• Stifel

• Tsakos Energy Navigation (NYSE:TNP)

• Vantage Drilling Company (NYSE: VTG)

• Wafra Capital Partners Inc.

• Watson, Farley & Williams

• Wells Fargo Securities LLC

• Western Bulk ASA (OSLO:WBULK)

• WL Ross & Co. LLC

ABOUT THE FORUM

Capital Link will host its 8th Annual Invest in International Shipping Forum in cooperation with NYSE Euronext and NASDAQ OMX on Thursday,

March 20, 2014 at the Metropolitan Club in New York City.

An investor-focused event held every year in New York, the most influential C-level executives from U.S. and foreign listed shipping companies as well as

analysts, financiers, and market experts will come together to discuss and examine the macroeconomic issues that are shaping and transforming

international shipping today. The forum will provide a comprehensive review and outlook on the various shipping markets-container, dry bulk, tanker, and

LNG-made more timely and relevant by the annual release of companies' performance results. It will also assess the critical issues affecting the shipping

industry: bank financing, access to the capital markets, alternative financing, restructuring, bankruptcy, and investment opportunities.

Kyri Loupis, Managing Director of the Investment Management Division of

INDUSTRY PANEL TOPICS TO BE COVERED

Developments, Trends & Sector Outlook

CLUDE:

PARTICIPATING PANELISTS & PRESENTERS:

• Global Economy and World Trade - Developments & Outlook

• Container Sector

• The Re-Opening of Capital Markets for Shipping

• Norwegian Private Placements and U.S. Listings

• Tanker Sector

• Private Equity’s Increasing Role in Shipping

• Restructuring: Opportunities for a New Beginning

• Creative Financing - Fast Solutions for Today’s Market Conditions

• LNG/LPG

• Offshore Sector

• Dry Bulk Sector

• Banking & Ship Finance

• Acquisition of Non-Performing Bank Loans

• Analyst Panel

Seating is limited. To register, click on the above button or visit our website

Attendance is complimentary for qualified delegates.

ORGANIZED BY CAPITAL LINK, INC. New York • London • Athens • Oslo

230 Park Ave. Suite 1536 New York,

NY 10169 | NY: +1 (212) 661-7566

[email protected]

Wilbur L. Ross, Chairman &

CEO - WL Ross & Co. LLC

Dagfinn Lunde, former CEO & Industry

Head of the Shipping & Offshore Division

- DVB Bank; former Managing Director -

Intertanko

IN COOPERATION WITH

LUNCHEON KEYNOTE SPEAKER SHIPPING LEADERSHIP AWARD HONORING

mailto:http://forums.capitallink.com/shipping/2014newyork/index.html

mailto:[email protected]

mailto:http://forums.capitallink.com/shipping/2014newyork/index.html?articleID=1RksKBnDLDHP1j4

http://forums.capitallink.com/shipping/2014newyork/signup.html

http://forums.capitallink.com/shipping/2014newyork/index.html?articleID=1RksKBnDLDHP1j4

http://forums.capitallink.com/shipping/2014newyork/add_to_outlook.php

New York - 230 Park Avenue, Suite 1536, New York, NY, 10169 Tel.: +1 212 661 7566 Fax: +1 212 661 7526London - Longcroft House,2-8 Victoria Avenue, London, EC2M 4NS, U.K Tel. +44(0) 203 206 1320 Fax. +44(0) 203 206 1321Athens - 40, Agiou Konstantinou Str, Suite A 5, 151-24 Athens, Greece Tel. +30 210 6109 800 Fax +30 210 6109 801

Capital Link - New York - London - Athenswww.capitallink.comwww.capitallinkforum.com

www.CapitalLinkShipping.comA web based resource that provides information on the major shipping and stock market

Investor Relations & Financial Advisory

indices, as well as on all shipping stocks. It also features an earnings and conference call calendar, industry reports from major industry participants and interviews with CEOs, analysts and other market participants.

www.CapitalLinkWebinars.comSector Forums & Webinars: Regularly, we organize panel discussions among CEOs, analysts, bankers and shipping industry participants on the developments in the various shipping sectors (containers, dry bulk, tankers) and on other topics of interest (such as Raising Equity in Shipping Today, Scrapping, etc).

Capital Link Investor Shipping ForumsIn New York, Athens and London bringing together investors, bankers, financial advisors, listed companies CEOs, analysts, and shipping industry participants.

www.MaritimeIndices.comCapital Link Maritime Indices: Capital Link developed and maintains a series of stock market maritime indices which track the performance of U.S. listed shipping stocks (CL maritime Index, CL Dry Bulk Index, CL Tanker Index, CL Container Index, CL LNG/LPG Index, CL Mixed Fleet Index, CL Shipping MLP Index – Bloomberg page: CPLI. The Indices are also distributed through the Reuters Newswires and are available on Factset.

Capital Link Shipping Weekly Markets ReportWeekly distribution to an extensive audience in the US & European shipping, financial and investment communities with updates on the shipping markets, the stock market and listed company news.

Operating more like a boutique investment bank rather than a traditional Investor Relations firm, our objective is to assist our clients enhance long term shareholder value and achieve proper valuation through their positioning in the investment community. We assist them to determine their objectives, establish the proper investor outreach strategies, generate a recurring information flow, identify the proper investor and analyst target groups and gather investor and analyst feedback and related market intelligence information while keeping track of their peer group. Also, to enhance their profile in the financial and trade media.

Capital Link is a New York-based Advisory, Investor Relations and Financial Communications firm. Capitalizing on our in-depth knowledge of the shipping industry and capital markets, Capital Link has made a strategic commitment to the shipping industry becoming the largest provider of Investor Relations and Financial Communications services to international shipping companies listed on the US and European Exchanges. Capital Link's headquarters are in New York with a presence in London and Athens.

In our effort to enhance the information flow to the investment community and contribute to improving investor knowledge of shipping, Capital Link has undertaken a series of initiatives beyond the traditional scope of its investor relations activity, such as:

...Linking Shipping and Investors Across the GlobeCapital Link Shipping

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Monday, March 10, 2014

Knightsbridge Tankers Limited Agrees to Purchase Six

Capesize Bulk Carriers

Knightsbridge Tankers Limited and Frontline 2012 Ltd. announced

that they and Karpasia Shipping Inc (Karpasia), a company

controlled by a trust established by John Fredriksen for the benefit of

his immediate family have agreed for Knightsbridge to acquire five

fuel efficient 180,000 DWT Capesize bulk carrier newbuildings from

Frontline 2012 and one Capesize bulk carrier built in 2013 from

Karpasia. The newbuildings were ordered by Frontline 2012 from

Shanghai Waigaoqiao Shipbuilding Company Limited in China and

have expected deliveries of between May 2014 and September

2014.

NewLead Holdings Ltd. Announces Placement of $25.0 Million

Perpetual Preferred Equity

NewLead Holdings Ltd. announced that on March 4, 2014, it

completed the issuance of $25.0 million in Perpetual Series A

Preferred Shares ("Preferred Shares") to an institutional investor

under a share subscription agreement ("Agreement"). The preferred

shares can be redeemed by the Company or converted by the

purchaser in common shares. The Company received partial

consideration of $2.5 million in cash at the closing of the transaction.

The $22.5 million balance is expected to be received, subject to

certain conditions per the Agreement, in nine consecutive equal

monthly installments commencing approximately ninety days after

the closing date.

Ocean Rig Udw Inc. Announces Commencement of Tender

Offer for 9.5% Senior Unsecured Callable Notes Due 2016

Ocean Rig UDW Inc. announced that it has commenced a cash

tender offer for any and all of its currently outstanding 9.5% Senior

Unsecured Callable Notes due 2016 (the “Notes”) on the terms and

subject to the conditions set forth in the Company’s Offer to

Purchase dated March 10, 2014 (the “Statement”). The tender offer

will expire at 12:01 a.m., New York City time, on April 7, 2014,

unless extended or earlier terminated by the Company (such date

and time, as the same may be extended or earlier terminated, the

“Expiration Time”). The Company reserves the right to terminate,

withdraw or amend the tender offer at any time subject to applicable

law.

Tuesday, March 11, 2014

Teekay LNG Partners Announces Change to Board of Directors

Teekay LNG Partners L.P. announced that Ms. Beverlee F. Park

has accepted an invitation to join Teekay LNG's Board of Directors

and to Chair its Audit Committee, effective March 11, 2014. Ms.

Park replaces Mr. Robert E. Boyd who retired today from the Teekay

LNG Board after serving as a Director and Chair of its Audit

Committee since 2005.

Box Ships Inc. Reports Financial Results For The Fourth

Quarter And Year Ended December 31, 2013

Box Ships Inc. announced its results for the fourth quarter and year

ended December 31, 2013. Net Income and Adjusted Net Income

during the fourth quarter of 2013 was $3.0 million and $5.2 million,

respectively, resulting in basic earnings per share of $0.10 and basic

adjusted earnings per share of $0.19. EBITDA and Adjusted

EBITDA for the fourth quarter of 2013 was $8.8 million and $11.0

million, respectively.

Euroseas Ltd. Enters Into Agreement to Sell Common Stock in

a Private Placement Raising $14.4 Million in Net Proceeds

Euroseas Ltd. announced that it entered into an agreement to sell

approximately 11.2 million shares of its common stock in a private

placement at a price of $1.3435 per share to an institutional investor

for expected net proceeds of approximately $14.4 million. The

Company intends to use the proceeds for the acquisition of vessels

and general corporate purposes. The transaction is expected to

close by March 14, 2014. RMK Maritime acted as an advisor to the

Company in the transaction.

Ship Finance Announces Acquisition of Two Container Vessels

Ship Finance International Limited announced the agreement to

acquire two 5,800 teu post-panamax container vessels built in

2001/2002 in combination with long-term charters. The vessels are

expected to be delivered to SFL over the course of the next few

weeks, and the annual EBITDA contribution is estimated to be

approximately $5.5 million on average during the charter period. The

charters include a purchase option with profit share after 5 years.

The Company is also pleased to announce the settlement of a claim

relating to four Handysize dry bulk carriers which were redelivered to

us in 2012, before the final maturity of their charters.

Wednesday, March 12, 2014

Global Ship Lease Announces Pricing of 10.000% First Priority

Secured Notes Due 2019

Global Ship Lease, Inc. announced that it has priced an offering of

$420,000,000 aggregate principal amount of 10.000% first priority

secured notes due 2019 (the "Notes") at an issue price of 98.5% in a

private placement (the "Offering"). The Notes will be fully and

unconditionally guaranteed, jointly and severally, on a senior basis

by Global Ship Lease Services Limited and each of the Company's

17 vessel-owning subsidiaries and in the future by certain of the

Company's existing and future restricted subsidiaries, as may be

required by the terms of the indenture that will govern the Notes.

Thursday, March 13, 2014

Paragon Shipping Inc. Reports Fourth Quarter And Year Ended

December 31, 2013 Results

Paragon Shipping Inc. announced its results for the fourth quarter

and year ended December 31, 2013. The Company reported a net

loss of $6.0 million, or $0.34 per basic and diluted share, for the

fourth quarter of 2013. EBITDA for the fourth quarter of 2013 was

$0.6 million, compared to $6.9 million for the fourth quarter of 2012.

The Company reported a net loss of $17.0 million, or $1.31 per

basic and diluted share, for the year ended December 31, 2013.

Latest Company News

IN THE NEWS

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Friday, March 14, 2014

Scorpio Tankers Inc. Announces Agreement to Sell Seven

VLCCs Under Construction for a Gain of Approximately $50

Million

Scorpio Tankers Inc. announced that it has entered into an

agreement whereby the Company will sell its seven Very Large

Crude Carriers ("VLCCs") under construction for cash and record a

gain of approximately $50 million. This transaction is subject to the

execution of definitive agreements and satisfaction of customary

closing conditions and is expected to close by the end March 2014.

NewLead Holdings Ltd. Announces Agreements to Acquire Two

Eco-Type 2012-Built Handysize Vessels

NewLead Holdings Ltd. announced that it has executed definitive

agreements for the acquisition of two eco-type 31,800 dwt,

Handysize bulk carriers built in 2012 for a total acquisition price of

$37.0 million. The two eco-type vessels are expected to be delivered

in NewLead by the end of June and July this year. Upon completion

of this acquisition, NewLead will own five dry-bulk vessels,

consisting of three Handysize and two Panamax vessels.

Monday, March 17, 2014

Navios Maritime Acquisition Corporation Announces Proposed

Private Offering of $50 Million of 8.125% First Priority Ship

Mortgage Notes Due 2021

Navios Maritime Acquisition Corporation announced today that the

Company and Navios Acquisition Finance (US) Inc., its wholly

owned finance subsidiary, intend to offer through a private

placement, subject to market and other conditions, approximately

$50 million of 8.125% First Priority Ship Mortgage Notes due 2021

(the "Notes"). The Notes will be offered and sold in the United States

only to qualified institutional buyers pursuant to Rule 144A under the

Securities Act of 1933, as amended (the "Securities Act"), and in

offshore transactions to non-United States persons in reliance on

Regulation S under the Securities Act.

Tsakos Energy Navigation Reports Financial Results for the

Fourth Quarter and Year Ended December 31, 2013

Tsakos Energy Navigation Limited reported results for the fourth

quarter of 2013 and year ended December 31, 2013. For the year

2013, operating income, excluding impairment charges, for 2013

doubled to $33.2 million from $16.7 million in 2012, excluding

impairment charges and loss on sale of vessel. Revenues, net of

voyage expenses and commissions, totaled $70.6 million in the

fourth quarter of 2013, up 4.5% from the fourth quarter of 2012. The

Company will pay a dividend of $0.05 per common share of

common stock on May 22 to shareholders of record as of May 19,

2014 with ex-dividend date May 15, 2014.

Latest Company News

IN THE NEWS

Get your message across to

36,000 weekly recipients around the globe

Join a select group of shipping & financial industry’s advertisers by promoting your

brand with Capital Link’s Shipping Weekly Markets Report.

For additional advertising information and a media kit, please contact/email:

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5


Select Dividend Paying Shipping Stocks Stock Prices as of March 14, 2014

CAPITAL MARKETS DATA

Company Name Ticker Quarterly

Dividend

Annualized

Dividend

Last Closing Price

(Mar. 14, 2014)

Annualized Dividend

Yield (%)

Container

Box Ships Inc TEU $0.06 $0.24 $2.32 10.34%

Costamare Inc CMRE $0.27 $1.08 $20.63 5.24%

Diana Containerships DCIX $0.15 $0.60 $3.89 15.42%

Matson Inc MATX $0.16 $0.64 $24.80 2.58%

Seaspan Corp SSW $0.345 $1.38 $22.30 6.19%

Dry Bulk

Baltic Trading Limited BALT $0.01 $0.04 $6.64 1.81%

Navios Maritime Holdings Inc. NM $0.06 $0.24 $10.10 2.38%

Navios Maritime Partners L.P.(1) NMM $0.4425 $1.77 $18.21 9.72%

Safe Bulkers Inc.(2) SB $0.06 $0.24 $9.69 2.48%

Tankers

Ardmore Shipping Corp. ASC $0.10 $0.40 $13.66 2.93%

Capital Product Partners L.P. CPLP $0.2325 $0.93 $10.56 8.81%

DHT Holdings, Inc. DHT $0.02 $0.08 $8.05 0.99%

KNOT Offshore Partners L.P. KNOP $0.4350 $1.74 $28.90 6.02%

Navios Maritime Acquisition Corp NNA $0.05 $0.20 $3.76 5.32%

Nordic American Tankers Limited NAT $0.12 $0.48 $10.01 4.80%

Scorpio Tankers Inc STNG $0.08 $0.32 $10.54 3.04%

Teekay Corporation TK $0.31625 $1.265 $56.38 2.24%

Teekay Offshore Partners L.P. TOO $0.5384 $2.1536 $31.60 6.82%

Teekay Tankers Ltd TNK $0.03 $0.12 $4.23 2.84%

Tsakos Energy Navigation Ltd (3) TNP $0.05 $0.20 $7.01 2.85%

Mixed Fleet

Knightsbridge Tankers Limited VLCCF $0.175 $0.70 $14.00 5.00%

Ship Finance International Limited SFL $0.40 $1.60 $17.64 9.07%

LNG/LPG

Dynagas LNG Partners L.P. DLNG $0.1746 $1.46 $21.66 6.74%

Gas Log Ltd GLOG $0.12 $0.48 $22.78 2.11%

Glolar LNG GLNG $0.45 $1.80 $39.16 4.60%

Glolar LNG Partners, L.P GMLP $0.5225 $2.09 $29.62 7.06%

Teekay LNG Partners L.P. TGP $0.6918 $2.7672 $40.08 6.90%

Maritime MLPs

Capital Product Partners L.P. CPLP $0.2325 $0.93 $10.56 8.81%

Dynagas LNG Partners L.P. DLNG $0.1746 $1.46 $21.66 6.74%

Golar LNG Partners, L.P. GMLP $0.5225 $2.09 $29.62 7.06%

Navios Maritime Partners L.P. NMM $0.4425 $1.77 $18.21 9.72%

Teekay LNG Partners L.P. TGP $0.6918 $2.7672 $40.08 6.90%

Teekay Offshore Partners L.P. TOO $0.5384 $2.1536 $31.60 6.82%

KNOT Offshore Partners L.P. KNOP $0.4350 $1.74 $28.90 6.02%

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(1) Board approved a 0.57% dividend increase, beginning with the second quarter 2012 dividend, raising the quarterly dividend from $0.44 to

$0.4425 per unit.

(2) SB completed an offering of 800,000 shares of its 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares at a price of

$25.00 per share. On June 19, 2013, the Series B Preferred Shares commenced trading on the New York Stock Exchange, under the symbol

“SBPRB”. On January 13, 2014, SB declared a cash dividend of $$0.50 per share on the Series B Preferred Shares for the period from

October 30, 2013 to January 29, 2014. The dividend will be paid on January 30, 2014, to all Series B preferred shareholders of record as of

January 24, 2014.

(3) On May 13, 2013, TEN’s 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares commenced trading on the New York

Stock Exchange at $25.00 per share, under the symbol “TNPPRB.” On September 30, 2013, TEN successfully closed its $50 million offering

of 8 7/8% Series C Cumulative Redeemable Perpetual Preferred Shares in a public offering under its effective shelf registration statement at

$25.00 per share. On January 14, 2014, the Board of Directors declared regular quarterly cash dividends of $0.50 per share for the Series B

Preferred Shares and $0.73958 per share for the Series C Preferred Shares.

(4) Annual dividend percentage based upon the liquidation preference of the preferred shares.


Get your message across to

36,000 weekly recipients around the globe

Join a select group of shipping & financial industry’s advertisers by promoting your

brand with Capital Link’s Shipping Weekly Markets Report.

For additional advertising information and a media kit, please contact/email:

Capital Link at +1 212 661-7566 or [email protected]

Preferred

Shipping

Stocks

Safe

Bulkers

Series B

Tsakos

Energy

Series B

Tsakos

Energy

Series C

Costamare

Series B

Costamare

Series C

Diana

Shipping

Series B

Box Ships

Series C

Navios

Series G

Seaspan

Series C

Seaspan

Series D

Seaspan

Series E

International

Shipholding

Series A

Teekay

Offshore

Series A

Ticker SBPRB TNPPRB TNPPRB CMREPRB CMREPRC DSXPRB TEUPRC NMPRG SSWPRC SSWPRD SSWPRE ISHPRA TOOPRA

Fixed

Annual

Dividend(4)

8.00% 8.00% 8 7/8 % 7.625% 8.50% 8.875% 9.00% 8.75% 9.50% 7.95% 8.25% 9.50% 7.25%

Liquidation

Preference $25.00 $25.00 $25.00 $25.00 $25.00 $25.00 $24.00 $25.00 $27.15 $25.00 $25.00 $100.00 $25.00

Last Closing

Price

(3/14/14)

$25.93 $22.69 $24.45 $23.71 $24.95 $25.18 $24.00 $24.85 $27.41 $25.19 $25.30 $108.20 $25.50

7


Currencies, Commodities & Indices Week ending, Friday, March 14, 2014

Rate Current Price Price Last Week % Change YTD %Chg 52 Week High 52 Wk Low

3-Month LIBOR (USD) $0.2349 $0.2357 -0.34% -3.29% $0.2846 $0.2333

10-Yr US Treasury Yield $2.6543 $2.7879 -4.79% -11.20% $3.0516 $1.6120

USD/CNY $6.1507 $6.1263 0.40% 1.65% $6.2227 $6.0377

USD/EUR $0.7189 $0.7206 -0.24% -1.71% $0.7844 $0.7161

USD/GBP $0.6007 $0.5983 0.40% -1.17% $0.6749 $0.5946

USD/JPY $101.5800 $102.9600 -1.34% -3.62% $105.4700 $92.5700

KEY CURRENCY RATES

KEY AGRICULTURAL & CONSUMER COMMODITIES

PRECIOUS METALS

KEY FUTURES

Current Price Price Last Week % Change YTD %Chg 52 Week High 52 Wk Low

Copper $295.05 $308.25 -4.28% -12.75% $353.90 $290.80

Gold $1,370.63 $1,348.30 1.66% 12.21% $1,617.07 $1,180.50

Palladium $773.25 $781.80 -1.09% 5.89% $788.45 $690.00

Platinum $1,474.63 $1,480.50 -0.40% 5.96% $1,598.50 $1,294.60

Silver $21.30 $21.36 -0.30% 6.37% $29.32 $18.23

Current Price Price Last Week % Change YTD %Chg 52 Week High 52 Wk Low

Cocoa $2,992.00 $2,981.00 0.37% 13.51% $3,039.00 $2,150.00

Coffee $198.40 $196.85 0.79% 78.10% $209.75 $106.35

Corn $486.00 $489.00 -0.61% 15.58% $589.75 $414.50

Cotton $92.19 $91.27 1.01% 9.70% $93.75 $77.18

Soybeans $1,388.50 $1,457.75 -4.75% 9.33% $1,460.00 $1,175.50

Sugar #11 $17.25 $18.01 -4.22% 5.89% $19.89 $14.92

Wheat $687.25 $654.00 5.08% 15.12% $773.75 $553.50

Commodities Current Price Price Last Week % Change YTD %Chg 52 Week High 52 Wk Low

Gas Oil Futures $901.75 $912.50 -1.18% -2.30% $950.75 $838.25

Gasoline RBOB Future $295.97 $297.38 -0.47% 9.82% $305.38 $263.37

Heating Oil Future $294.31 $301.21 -2.29% -1.46% $313.24 $278.00

Natural Gas Future $4.43 $4.62 -4.18% 2.41% $6.49 $3.13

WTI Crude Future $98.89 $102.58 -3.60% 3.61% $105.22 $85.20


8


MAJOR INDICES

CAPITAL LINK MARITIME INDICES

BALTIC INDICES

Index Symbol 14-March-14 7-March-14 % Change 2-Jan-14 YTD % Change

Capital Link Maritime Index CLMI 2,389.05 2,417.53 -1.18% 2,250.12 6.17%

Tanker Index CLTI 2,819.74 2,853.00 -1.17% 2,521.85 11.81%

Drybulk Index CLDBI 1,020.59 1,073.97 -4.97% 1,020.38 0.02%

Container Index CLCI 1,875.23 1,845.95 1.59% 1,814.70 3.34%

LNG/LPG Index CLLG 3,229.00 3,277.57 -1.48% 3,212.34 0.52%

Mixed Fleet Index CLMFI 1,695.26 1,695.66 -0.02% 1,437.01 17.97%

MLP Index CLMLP 2,958.74 3,014.87 -1.86% 3,062.97 -3.40%

Index Symbol 14-March-14 7-March-14 % Change 2-Jan-14 YTD % Change

Baltic Dry Index BDIY 1,477 1,543 -4.28% 2,113 -30.10%

Baltic Capesize Index BCIY 2,677 2,980 -10.17% 3,733 -28.29%

Baltic Panamax Index BPIY 1,113 1,075 3.53% 1,780 -37.47%

Baltic Supramax Index BSI 1,183 1,131 4.60% 1,330 -11.05%

Baltic Handysize Index BHSI 671 663 1.21% 773 -13.20%

Baltic Dirty Tanker Index BDTI 679 689 -1.45% 1,021 -33.50%

Baltic Clean Tanker Index BCTI 626 625 0.16% 612 2.29%

Index Symbol 14-Mar-14 7-Mar-14 % Change YTD %

Change 2-Jan-14

Dow Jones INDU 16,065.67 16,452.72 -2.35% -2.28% 16,441.35

Dow Jones Transp. TRAN 7,475.79 7,592.36 -1.54% 2.58% 7,287.87

NASDAQ CCMP 4,245.40 4,336.22 -2.09% 2.47% 4,143.07

NASDAQ Transp. CTRN 3,049.34 3,136.80 -2.79% 3.79% 2,938.03

S&P 500 SPX 1,841.13 1,878.04 -1.97% 0.50% 1,831.98

Russell 2000 Index RTY 1,181.41 1,203.32 -1.82% 2.67% 1,156.09

FTSE 100 Index UKX 6,527.89 6,712.67 -2.75% -2.83% 6,730.70


*The Capital Link Maritime Indices were updated recently to adjust for industry changes. Navigator Holding Ltd (NYSE:NVGS) became a member of

Capital Link LNG/LPG Index and Scorpio Bulkers(NYSE:SALT) became a member of Capital Link Dry Bulk Index.

9


Shipping Equities: The Week in Review

SHIPPING EQUITIES OUTPERFORM THE BROADER MARKET

CONTAINER THE BEST PERFORMER

During last week, shipping equities outperformed the broader market, with the Capital Link Maritime

Index (CLMI), a composite index of all US listed shipping stocks retreating 1.18%, compared to the Dow

Jones Industrial Average (DJII) sliding 2.35%, and the S&P 500 down 1.97%.

Container stocks were the best performers during last week, with Capital Link Container Index advancing

1.59%, followed by Capital Link Mixed Fleet Index slightly down 0.02%. Dry bulk equities were the least

performer in last week, with Capital Link Dry Bulk Index losing 4.97%. The top three weekly gainers last

week were Knightbridge Tankers (VLCCF), Scorpio Tankers (STNG), and GasLog Ltd (GLOG), up

26.13%, 5.29%, and 3.26%, respectively.

During last week, Dry Bulk shipping stocks underperformed the physical market, with Baltic Dry Index

(BDI) tumbling 4.28%, compared to the Capital Link Dry Bulk Index slipping 4.97%. Year-to-date, the BDI

has dropped 30.10%, while the Capital Link Dry Bulk Index went up 0.02%%.

Crude tanker market remained weak during last week, with Baltic Dirty Tanker Index (BDTI) declining

1.45%, while Baltic Clean Tanker Index (BCTI) improved 0.16%. Capital Link Tanker Index lost 1.17% in

last week. Year-to-date, the BDTI dropped 33.50% and the BCTI rose 2.29%, compared to Capital Link

Tanker Index increasing 11.81%.

The Trading Statistics supplied by Knight Capital provide details of the trading performance of each

shipping stock and analyze the market’s trading momentum and trends for the week and year-to-date.

The objective of the Capital Link Maritime Indices is to enable investors, as well as all shipping market

participants, to better track the performance of listed shipping stocks individually, by sector or as an

industry. Performance can be compared to other individual shipping stocks, to their sector, to the broader

market, as well as to the physical underlying shipping markets or other commodities. The Indices

currently focus only on companies listed on US Exchanges providing a homogeneous universe. They are

calculated daily and are based on the market capitalization weighting of the stocks in each index. In

terms of historical data, the indices go back to January 1, 2005, thereby providing investors with

significant historical performance.

There are seven indices in total; the Capital Link Maritime Index comprised of all 42 listed shipping

stocks, and six Sector Indices, the CL Dry Bulk Index, the CL Tanker Index, the CL Container Index, the

CL LNG / LPG Index, the CL Mixed Fleet Index and the CL Maritime MLP Index.

The Index values are updated daily after the market close and can be accessed at

www.CapitalLinkShipping.com or at or www.MaritimeIndices.com. They can also be found through the

Bloomberg page “CPLI” and Reuters.


http://www.capitallinkshipping.com/





http://www.maritimeindices.com/





10


MARITIME INDEX DAILY COMPARISON CHARTS (52 -WEEK )

*SOURCE: BLOOMBERG


11


11

Custom Statistics Prepared Weekly for Capital Link Shipping

BROAD MARKET

Percent Change of Major Indexes for the Week Ending Friday, March 14, 2014

Name Symbol Close Net Gain Percent Gain

Russell 2000 Index RUT 1181.49 -21.83 -1.81%

Russell 3000 Index RUA 1110.1 -21.83 -1.93%

Russell 1000 Index RUI 1030.81 -20.38 -1.94%

S&P 500 Index SPX 1841.13 -36.91 -1.97%

Nasdaq-100 Index NDX 3627.87 -75.53 -2.04%

Nasdaq Composite Index COMPX 4245.4 -90.82 -2.09%

SHIPPING INDUSTRY DATA (42 Companies)

Moving Averages

31.11% closed > 10D Moving Average.




Top Upside Momentum (Issues with the greatest 100 day upside

momentum*)

Top Downside Momentum (Issues with the greatest 100 day

downward momentum*)

*Momentum: (100D % change) + 1.5*(50D % change) + 2.0*(10D

% change) for each stock then sort group in descending order and report the top 10.

*Momentum: (100D % change) + 1.5*(50D % change) + 2.0*(10D

% change) for each stock - sort names that have a negative value in ascending order - report the top 10.

Symbol Close Weekly %

Change

50-Day %

Change

VLCCF 14 26.13% 55.04%

DAC 6.58 -0.15% 34.29%

GLOG 22.78 3.26% 33.29%

SBLK 13.92 -8.90% 4.43%

DHT 8.05 -1.47% 18.04%

TNP 7.01 -1.54% 16.64%

CMRE 20.63 0.39% 14.55%

TK 56.38 -2.17% 18.15%

TNK 4.23 -5.79% 8.46%

GLNG 39.16 -0.20% 9.14%

Symbol Close Weekly %

Change

50-Day %

Change

NEWL 3.44 -18.48% -80.56%

GNK 1.44 -11.66% -42.40%

TEU 2.32 -20.00% -29.48%

FREE 1.77 -11.94% -25.63%

GSL 4.78 -10.82% -20.47%

EGLE 4.39 -16.38% -4.36%

NVGS 24.96 0.81% -7.35%

ESEA 1.25 -10.07% -13.79%

NNA 3.76 -3.59% -14.55%

TGP 40.08 -3.00% -4.53%

SHIPPING MARKETS

Top Consecutive Higher Closes Top Consecutive Lower Closes

Symbol Close

Up

Streak

KNOP 28.9 2

NVGS 24.96 2

Symbol Close Up

Streak

PRGN 6.8 -2

SBLK 13.92 -2

FREE 1.77 -2

SALT 9.3 -3

GLOG 22.78 -3

GSL 4.78 -4

GLBS 3.85 -4

GNK 1.44 -4

EGLE 4.39 -5

DSX 12.34 -5

12


Top Largest Weekly Trading Gains Top Largest Weekly Trading Losses

12

Symbol Close One

Week Ago

Friday

Close

Net

Change

%

Change

VLCCF 11.1 14 2.90 26.13%

STNG 10.01 10.54 0.53 5.29%

GLOG 22.06 22.78 0.72 3.26%

SSW 21.74 22.3 0.56 2.58%

NMM 17.97 18.21 0.24 1.34%

ASC 13.5 13.66 0.16 1.19%

KNOP 28.6 28.9 0.30 1.05%

NVGS 24.76 24.96 0.20 0.81%

TOPS 1.49 1.5 0.01 0.67%

MATX 24.68 24.8 0.12 0.49%

Symbol Close One

Week Ago

Friday

Close

Net

Change % Change

TEU 2.9 2.32 -0.58 -20.00%

NEWL 4.22 3.44 -0.78 -18.48%

EGLE 5.25 4.39 -0.86 -16.38%

SB 11.43 9.69 -1.74 -15.22%

DRYS 3.95 3.4 -0.55 -13.92%

PRGN 7.77 6.8 -0.97 -12.48%

FREE 2.01 1.77 -0.24 -11.94%

GNK 1.63 1.44 -0.19 -11.66%

NM 11.43 10.1 -1.33 -11.64%

BALT 7.48 6.64 -0.84 -11.23%

Top Largest Monthly Trading Gains (A month has been

standardized to 20 trading days)

Top Largest Monthly Trading*Losses (A month has been

standardized to 20 trading days)

Stocks Nearest to 52-Week Highs Stocks Nearest To 52-Week Lows

Symbol Prior

Close

Friday

Close

Net

Change

%

Change

VLCCF 10.06 14 3.94 39.17%

SHIP 1.33 1.69 0.36 27.07%

TNK 3.48 4.23 0.75 21.55%

SBLK 11.8 13.92 2.12 17.97%

GLBS 3.33 3.85 0.52 15.62%

GLNG 34.44 39.16 4.72 13.70%

STNG 9.49 10.54 1.05 11.06%

EGLE 4.01 4.39 0.38 9.48%

GASS 10.2 11.15 0.95 9.31%

KNOP 26.82 28.9 2.08 7.76%

Symbol Prior

Close

Friday

Close

Net

Change

%

Change

NEWL 8.9 3.44 -5.46 -61.35%

GNK 1.91 1.44 -0.47 -24.61%

GSL 5.5 4.78 -0.72 -13.09%

TEU 2.62 2.32 -0.30 -11.45%

NNA 4.15 3.76 -0.39 -9.40%

DRYS 3.73 3.4 -0.33 -8.85%

ESEA 1.36 1.25 -0.11 -8.09%

TOPS 1.6 1.5 -0.10 -6.25%

SB 10.33 9.69 -0.64 -6.20%

GMLP 31.46 29.62 -1.84 -5.85%

Symbol 52W Low % Away

GMLP 27.07 10.16%

SALT 9.04 12.39%

TEU 2.55 13.73%

TGP 35.90 15.10%

MATX 21.11 16.90%

SSW 18.51 17.47%

DCIX 3.41 18.19%

ASC 11.19 20.66%

TOO 26.48 20.75%

NVGS 19.48 27.10%

SHIPPING MARKETS

Symbol 52W High % Away

CPLP 11.12 -2.34%

DSX 13.93 -2.80%

SFL 19.35 -2.89%

KNOP 29.52 -3.12%

GLNG 41.20 -3.67%

SBLK 15.88 -3.78%

VLCCF 11.54 -3.81%

DHT 8.55 -4.44%

TK 60.42 -4.62%

CMRE 21.66 -5.12%

13


13

SHIPPING MARKETS

Symbol Close Net % Change Run Rate

NEWL 3.44 -18.48% 15.4404

SALT 9.3 -8.46% 2.6194

TOPS 1.5 0.67% 2.5679

VLCCF 14 26.13% 2.5382

ASC 13.66 1.19% 2.3118

GLOG 22.78 3.26% 2.2362

DHT 8.05 -1.47% 2.1299

GSL 4.78 -10.82% 1.5207

PRGN 6.8 -12.48% 1.3356

TK 56.38 -2.17% 1.3005

Top Stocks with Highest Weekly Volume Run Rate* > 1

*The Volume Run Rate is calculated by dividing the current week's volume by the average volume over the last 20 weeks. For example, a run rate of 2.0 means the stock traded twice its average volume

Top Year-To-Date Gainers Top Year-To-Date Decliners

Symbol YTD Gain %

GLNG 40.74

CMRE 21.66

CPLP 11.12

NMM 19.22

DHT 8.55

GLOG 24.23

TK 60.42

SFL 18.93

TOO 34.39

DLNG 23.59

The following are the 45 members of this group: Symbol - Name: ASC – Ardmore Shipping Corp; BALT - Baltic Trading Ltd; CPLP - Capital Product

Partners LP; CMRE- Costamare, Inc.; DAC - Danaos Corp; DCIX – Diana Containerships; DHT - DHT Maritime Inc; DRYS - DryShips Inc; DNLG - Dynagas

LNG Partners LP; DSX - Diana Shipping Inc; EGLE - Eagle Bulk Shipping Inc; ESEA - Euroseas Ltd; FREE – FreeSeas; FRO - Frontline Ltd; GASS -

StealthGas Inc; GLBS – Globus Maritime Limited ; GLNG - Golar LNG Ltd; GLOG - GasLog Ltd.; GMLP – Golar LNG Partners; GNK - Genco Shipping &

Trading Ltd; GSL - Global Ship Lease Inc; KNOP - KNOT Offshore Partners LP; MATX - Matson, Inc.; NAT - Nordic American Tanker Shipping; NEWL -

NewLead Holdings Ltd; NM - Navios Maritime Holdings Inc; NMM - Navios Maritime Partners LP; NNA - Navios Maritime Acquisition Corp; NVGS - Navigator

Holdings Ltd.; PRGN - Paragon Shipping Inc; SALT – Scorpio Bulkers; SB - Safe Bulkers Inc; SBLK - Star Bulk Carriers Corp; SFL - Ship Finance

International Ltd; SHIP - Seanergy Maritime Holdings Corp; SSW - Seaspan Corp; STNG - Scorpio Tankers Inc; TEU - Box Ships; TGP - Teekay LNG

Partners LP; TK - Teekay Corp; TNK - Teekay Tankers Ltd; TNP - Tsakos Energy Navigation Ltd; TOO - Teekay Offshore Partners LP; TOPS - TOP Ships

Inc.; VLCCF - Knightsbridge Tankers Ltd

DISCLAIMER: This communication has been prepared by Knight Capital Americas LLC.s ("KCA"), trading, market making and/or sales personnel

(collectively, "KCG Traders") to compile commentary received from either particular KCG Traders providing their personal perspectives on the markets,

sectors and general news or third party sources. The information set forth above has been obtained from or based upon sources believed by the KCG Traders

to be reliable, but each KCG Trader and KCG (as defined below) does not represent or warrant its accuracy or completeness and is not responsible for losses

or damages arising out of errors or omissions, delays in the receipt of this information, or any actions taken in reliance thereon. Opinions, historical price(s) or

value(s) are as of the date and, if applicable, time indicated. KCG does not accept any responsibility to update any opinions or other information contained in

this communication. The information provided herein is not intended to provide a sufficient basis on which to make an investment decision. It is intended only

to provide observations and views of individual KCG Traders, which may be different from, or inconsistent with, the observations and views of KCG and/or its

affiliates, officers, directors and/or employees (including other KCG Traders). The communication is for your general information only and is not an offer or

solicitation to buy or sell any security or product. KCG Traders may, from time to time express indications of interest to potentially buy or sell a particular

security. These indications of interest are not firm orders or quotes, and may not be current. Accordingly, please contact your KCG representative if you have

any interest or questions relating to these indications of interest or to any information provided herein. KCA most likely makes a market in the securities

mentioned in this document. KCG and/or its affiliates, officers, directors and employees, including persons involved in the preparation or issuance of this

material, may, from time to time, have long or short positions in, or buy or sell (on a principal basis or otherwise) the securities mentioned in this

communication which may be inconsistent with the views expressed herein. Questions regarding the information presented herein or to request a copy of this

document should be referred to your KCG Representative.

This document is a product of KCG Holdings, Inc. ("KCG") and its affiliates and subsidiaries (collectively "KCG"). KCG Holdings, Inc. ("KCG") is comprised of

trading and related entities under common control such as Knight Capital Americas, LLC, KCG Europe Limited (a U.K. registered broker-dealer) and KCG

Hotspot FX LLC.

© 2013 KCG Holdings, Inc. ("KCG") All rights reserved. Provided by Knight Capital Americas LLC, member of FINRA and SIPC.

Symbol YTD Decliners %

NEWL -80.56%

GNK -42.40%

TEU -29.48%

DRYS -27.66%

FREE -25.63%

GSL -20.47%

TOPS -16.67%

SHIP -15.92%

NNA -14.55%

ESEA -13.79%

14


Weekly Market Report Week Ending March 14, 2014

FREIGHT

Capesize 4TC Average BCI TC Volume: 7,333 lots

Contract Average Chg Open Close Chg Low High

Mar 14 21868 1717 23000 20000 -3000 19500 23250

Apr 14 21968 -1639 22500 23000 500 20000 23000

Q2 14 23075 -1955 26500 24000 -2500 20350 26500

Q3 14 25171 -3649 27250 27000 -250 23750 27250

Q4 14 31766 -2512 33000 32500 -500 29650 33250

Cal 15 23558 -2257 25000 23900 -1100 22400 25000

Cal 16 20146 -2304 20500 20500 0 19750 20500

Panamax 4TC Average BPI TC Volume: 2,035 lots


Mar 14 9911 -543 10100 9500 -600 9500 10100

Apr 14 12870 -442 13800 12200 -1600 12200 14000

Q2 14 13497 -852 14850 13200 -1650 12900 14850

Q3 14 13200 8 12900 13400 500 12900 13600

Q4 14 14982 -298 14900 15000 100 14750 15250

Cal 15 14175 -306 14100 14100 0 14100 14250

Cal 16 13250 -250 13250 13250 0 13250 13250

Supramax 6TC Average Volume: 495 lots


Q2 14 13738 458 13700 13750 50 13700 13750

Q3 14 13600 321 13600 13600 0 13600 13600

Q4 14 14500 67 14500 14500 0 14500 14500

Cal 16 12950 -1167 12950 12950 0 12950 12950

IRON ORE

-

TSI Iron Ore 62% Fines TSIO 62 Volume: 4,803,000 mt


Mar 14 109.45 -5.33 107.50 111.25 3.75 106.00 113.25

Apr 14 105.97 -5.78 102.00 108.50 6.50 100.00 112.00

May 14 106.51 -4.76 102.50 107.50 5.00 100.00 112.00

Q2 14 106.35 -3.62 102.00 108.00 6.00 101.00 111.75

Q3 14 104.56 -5.05 103.00 107.00 4.00 100.00 110.00

Q4 14 104.66 -5.04 103.25 105.75 2.50 102.00 106.25

Cal 15 104.28 -3.16 1.00 1.00 1.00 102.50 105.00

SHIPPING MARKETS

http://www.thecleartrade.com/

15


Legend

Average Weighted average price of the contract period for the week

Change (1) Difference between the current week Average and the previous week Average

Open Opening price of the week

Close Closing price of the week

Change (2) Different between the weekly Open and Close Price

Low Lowest price of the week

High Highest price of the week

SHIPPING MARKETS

Rotterdam 3.5% Urea G N Volume: 9,300 MT


Apr 14 575.50 -17.75 575.50 575.50 0.00 575.50 575.50

BUNKER FUEL

Singapore 380cst S38 20,200 MT


Apr 14 594.50 -2.70 594.25 594.75 0.50 594.25 594.75

Jun 14 595.50 -6.89 595.50 595.50 0.00 595.50 595.50

Q2 14 593.75 -10.80 593.75 593.75 0.00 593.75 593.75

FERTILIZER

-

Urea Nola TSIO 62 Volume: 45 lots


Apr 14 386.93 na 376.00 393.00 17.00 374.00 400.00

May 14 350.00 na 350.00 350.00 0.00 350.00 350.00

16


First Watch: Stifel Shipping Weekly Contributed by

Stifel Nicolaus & CO, Inc.

Stifel

One Financial Plaza,

501 North Broadway

St. Louis, MO 63102

Phone: (314) 342-2000 Website: www.stifel.com

In late February 2014, Evergreen Marine Corp announced its decision to join the CKYH Alliance, which incorporates Yang Ming Marine

Transport Corp, China Ocean Shipping, "K" Line, and Hanjin Shipping Co. The lines control approximately 26% of the routes to Europe.

However, the P3 Alliance, comprised of Maersk Line, MSC, and CMA CGM, command about 45% of this route, along with 41% of the trans-

Atlantic market, and approximately 24% of the trans-Pacific route. Along with the three major alliances that have recently formed, China's two

largest liner shippers, China Ocean Shipping (Cosco) and China Shipping Group, have decided to form their own alliance in order to better

compete in the industry. Cosco controls the fifth largest fleet in the industry, while China Shipping operates the ninth largest. Many smaller

liner operators, fuel suppliers, freight forwarders, and importers and exporters are strongly petitioning to block the alliance approval as they

may lose negotiating power when it comes to freight rates and fuel prices. These alliances should help each company better compete in

specific shipping routes, and may improve efficiency and profitability among the liners. However, the ship lessors could continue to be

squeezed as fleet efficiency improves and vessel supply continues to grow with an orderbook to fleet ratio of 25.7%. While demand is

growing in most geographies, we feel it will be some time before demand overtakes supply and charter rates move into a cyclical recovery.

Furthermore, we see the bigger operators as the primary benefactors for each alliance while smaller international liner companies could be

increasingly challenged to remain competitive.

SHIPPING MARKETS

17


17

Global Shipping Fleet & Orderbook Statistics

Contributed by Stifel Nicolaus & Co, Inc.

SHIPPING MARKETS

DWT: Dead Weight Tons, TEU: Twenty Equivalent Units, CBM: Cubic Meters Source: Clarkson Research

Ca rgo Ca te gory Fle e t

Size (DWT)

Orde rbook

(DWT)

OB/Fle e t

%

Ave ra ge

Age

% Gre a te r

tha n 20 yrs.

Crude VLCC 191,222,575 27,131,631 14.2% 7.3 2.3% Suezmax 76,418,172 7,320,185 9.6% 7.5 4.5%

Aframax 69,751,450 3,868,558 5.5% 8.3 6.7%

Product LR2 26,654,110 7,947,416 29.8% 6.9 2.9%

LR1 23,753,659 1,832,998 7.7% 6.2 2.2%

MR 71,373,996 15,255,888 21.4% 8.1 7.3%

Handy 5,162,559 196,612 3.8% 17.7 51.6%

Dry Bulk Capesize 295,744,699 65,260,457 22.1% 6.7 10.8%

Panamax 188,303,295 34,320,295 18.2% 7.8 10.3%

Supramax 158,659,488 39,419,671 24.8% 7.5 8.5%

Handymax 86,659,475 14,986,764 17.3% 11.1 21.6%

(TEU) (TEU)

Containers Post Panamax 9,424,680 3,515,296 37.3% 5.7 0.2%

Panamax 3,667,075 27,128 0.7% 8.6 5.5%

Handy-Feeder 1,673,973 101,005 6.0% 10.7 7.0%

(CBM) (CBM)

Gas LPG 21,356,684 7,695,711 36.0% 15.3 22.1%

LNG 55,617,846 17,717,710 31.9% 11.2 12.8%

http://marine-transportation.capitallink.com/

18


Dry Bulk Market – Weekly Highlights

Baltic Indices / Dry Bulk Spot Rates

Week 11

14/03/2014

Week 10

07/03/2014 Point

Diff

$/day

±%

2014 2013

Avg Index Avg Index Index $/day Index $/day

BDI 1,477 1,543 -66 1,341 1,205

BCI 2,677 $20,952 2,980 $24,243 -303 -13.6% 2,080 2,106

BPI 1,113 $8,956 1,075 $8,651 38 3.5% 1,351 1,186

BSI 1,183 $12,368 1,131 $11,831 52 4.5% 1,099 983

BHSI 671 $9,805 663 $9,654 8 1.6% 693 562

The Dry Bulk market took a break from moving further north this past week, halting

the latest upside trend of the past few weeks. The Dry Bulk market continued to gain

ground for another week. The main reason behind the fall of the market, which

plummeted on Wednesday and tried to find its footing through Thursday and Friday,

was the massive drop noted by the Capesize market midweek. The segment lost its

positive momentum as Chinese macro data has come to reinforce those who support

that the world’s second largest economy is losing strength. Rates for Panamaxes

have closed off the week noting a small increase but the Atlantic Panamax remained

week as the list of ballasters kept lengthening. On the smaller size segments rates

moved sideways overall, with Supra gaining some ground in the

ECSA region while Handies held on to their levels in both basins,

with the average rate approaching the $ 10,000/day.

The world continues to watch the developments in Ukraine with a lot

of interest. Yesterday’s referendum in Crimea, the result of which

was for joining Russia with a 96.8% positive vote, has turned - even

more than before – the world’s spotlight on Russia and how the

country will use this vote going forward. While the European Union

and the U.S.A. are firm on their intentions to place sanctions if

Russia decides to annex Crimea, commodity prices seem to trade

sideways instead of surging as we would normally expect. With the

exception of the price of gold, commodities in the likes of natural gas

and other grains have remained stable overall, with reports stressing

that ample global supply on most of these commodities is currently

“blocking” any substantial price increase despite any Ukraine

concerns.

qThe Baltic Dry Index closed on Friday the 14th of March at 1,477

points with a weekly loss of -66 points or -4.3% over previous week’s

closing. (Last Friday’s the 7th of March closing value was recorded

at 1,543 points).

CAPESIZE MARKET - q The Baltic Cape Index closed on Friday

the 14th of March at 2,677 points with a weekly loss of -303 points.

For this week we monitor a -10.2% change on a week-on-week

comparison, as Last Friday’s the 7th of March closing value was

2,980 points). It is worth noting that the annual average of 2011 for

the Cape Index is currently calculated at 2,080 points, while the

average for the year 2010 was 2,106 points.

Contributed by

Intermodal

Intermodal Shipbrokers Co.

17th km Ethniki Odos Athens-Lamia & 3 Agrambelis Street,

145 64 N. Kifisia,

Athens – Greece

Phone: +30 210 6293300

Website: www.intermodal.gr

SHIPPING MARKETS

0

20

40

60

80

100

120

140

160

0

200

400

600

800

1,000

1,200

1,400

1,600

no

. Fix

ture

s

Ind

ex

Baltic Dry0

5

10

15

20

25

500

1,000

1,500

2,000

2,500

3,000

no

. Fix

ture

s

Inde

x

Capesize

19


19


In the bar chart on the left

we see that the BCI is

showing a -10.2% loss on

a weekly comparison, a

72.9% gain on a 1 month

basis, a -30.3% loss on a

3 month basis, a -4.4%

loss on a 6 month basis

and a 108.5% gain on a

12 month basis.

PANAMAX MARKET - p The Baltic Panamax Index closed on

Friday the 14th of March at 1,113 points having gained 38 points on

a weekly comparison. It is worth noting that last Friday’s the 7th of

March saw the Panamax index close at 1,075 points. The week-on-

week change for the Panamax index is calculated to be 3.5%, while

the yearly average for the Baltic Panamax Index for this running year

is calculated at 1,351 points while the average for 2010 was 1,186

points.

For Week 11 we have recorded a total of 38 timecharter fixtures in

the Panamax sector, 4 for period charter averaging $14,688 per day,

while 34 trip charters were reported this week with a daily average of

$12,872 per day.

The daily earnings differential for the Panamaxes, that we calculate

from all this week’s reported fixtures, i.e. the difference between the

lowest and highest reported fixture for this week was improved, and

this week’s fixture that received the lowest daily hire was the M/V

''FORTUNE CLOVER'', 77430 dwt, built 2006, dely Stade 10/15

Mar, redely Skaw-Gibraltar , $5000, Golden Ocean, for a trip via

Murmansk 2500$ improved from last week, and the fixture with the

highest daily hire was the M/V ''INDIA'', 80562 dwt, built 2011, dely

Jorf Lasfar 19/21 Mar , redely China, $19600, Marubeni, for a trip

via Ponta Da Madeira, Norden relet 2950$ improved from last

week.

Week No. of

Fixtures

Highest

Fixture

Lowest

Fixture

this week 6 $50,000 $15,000

last week 26 $31,000 $2,400

Week Period Charter Trip Charter

this week $25,000 $31,688

last week $26,753 $18,377

For Week 11 we have recorded a total of 6 timecharter fixtures in the

Capesize sector, 2 for period charter averaging $25,000 per day,


$31,688 per day.

This week’s fixture that received the lowest daily hire was the M/V

''WISE 1'', 151000 dwt, built 1995, dely Fangcheng 15/20 Mar,

redely worldwide, $15000, Tongli, for a 4/6 months trading 12600$

improved from last week, and the fixture with the highest daily hire

was the M/V ''ANANGEL ELEGANCE'', 206000 dwt, built 2014, dely

Cape Passero 30/31 Mar , redely Singapore-Japan, $50000, Polaris,

for a trip via USEC, Classic Maritime relet 19000$ improved from

last week.

Week No. of

Fixtures

Highest

Fixture

Lowest

Fixture

this week 38 $19,600 $5,000

last week 44 $16,650 $2,500


this week $14,688 $12,872

last week $14,561 $12,187

SHIPPING MARKETS

0.9%

-10.2%

72.9%

-30.3%

-4.4%

108.5%

-40%

-20%

0%

20%

40%

60%

80%

100%

120%Baltic Capesize Index (BCI)

1 DAY 1 WEEK 1 MONTH

3 MONTHS 6 MONTHS 1 YEAR

0

10

20

30

40

50

60

70

80

500

750

1,000

1,250

1,500

1,750

2,000

2,250

2,500

no

. Fix

ture

s

Ind

ex

Panamax

20


20

Dry Bulk Market – Weekly Highlights In the bar chart on the left

we see that the BPI is

showing a 3.5% gain on a

weekly comparison, a -

15.9% loss on a 1 month

basis, a -40.4% loss on a

3 month basis, a 9.1%

gain on a 6 month basis

and a -8.0% loss on a 12

month basis

SUPRAMAX & HANDYMAX MARKET - p The Baltic Supramax

Index closed on Friday the 14th of March at 1,183 points up with a

weekly gain of 52 point or 4.6%. The Baltic Supramax index on a

weekly comparison is with an upward trend as last Friday’s the 7th

of March closing value was 1,131 points. The annual average of the

BSI is recorded at 1,099 points while the average for 2010 was 983

points.

Week No. of

Fixtures

Highest

Fixture

Lowest

Fixture

this week 18 $18,500 $4,250

last week 27 $24,000 $8,200


this week $14,500 $13,500

last week $13,478 $14,636

For Week 11 we have recorded a total of 18 timecharter fixtures in

the Supramax & Handymax sector, 1 for period charter averaging

$14,500 per day, while 17 trip charters were reported this week with

a daily average of $13,500 per day.

The minimum vs maximum daily rate differential as analyzed from

our fixtures database was overall reduced and from the reported

fixtures we see that this week’s fixture that received the lowest daily

hire was the M/V ''FORTUNE BIRD'', 55640 dwt, built 2010, dely

Canakkale prompt , redely USGulf intention grain, $4250, Cargill,

for a trip via Black Sea -3950$ reduced from last week, and the

fixture with the highest daily hire was the M/V ''JOSCO TAIZHOU'',

55561 dwt, built 2005, dely Barranquilla prompt, redely Chile,

$18500, Oldendorff, for a trip -5500$ reduced from last week.

In the bar chart on the left

we see that the BSI is

showing a 4.6% gain on a

weekly comparison, a


basis, a -22.7% loss on a 3

month basis, a 23.4% gain

on a 6 month basis and a


basis.

SHIPPING MARKETS

0.6%3.5%

-15.9%

-40.4%

9.1%

-8.0%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%Baltic Panamax Index (BPI)



0

5

10

15

20

25

30

35

40

0

250

500

750

1,000

1,250

1,500

1,750

2,000

no

Fix

ture

s

Inde

x

Supramax

0.9%

4.6%

26.1%

-22.7%

23.4%20.6%

-30%

-20%

-10%

0%

10%

20%

30%Baltic Supramax Index (BSI)



0

2

4

6

8

10

12

0

200

400

600

800

1,000

1,200

no

. Fix

ture

s

Ind

ex

Handysize

21


21


All Baltic Dry Indices, 1 day, 1week , 1 month, 3 months, 6 months and 12 months % changes based on last Friday’s closing figures.

HANDYSIZE MARKET – p The Baltic Handysize Index closed on

Friday the 14th of March with an upward trend at 671 points with a

weekly gain of 8 points and a percentage change of 1.2%. It is noted

that last Friday’s the 7th of March closing value was 663 points and

the average for 2011 is calculated at 693 points while the average

for 2010 was 562 points.

Week No. of

Fixtures

Highest

Fixture

Lowest

Fixture

this week 4 $10,500 $9,250

last week 1 $9,250 $9,250


this week $10,500 $9,833

last week $9,250 $0

In the bar chart above we

see that the BHI is showing

a 1.2% change on a weekly

comparison, a 0.9% on a 1

month basis, a -14.6% loss

on a 3 month basis, a


basis and a 23.6% gain on

a 12 month basis

For Week 11 we have recorded a total of 4 timecharter fixtures in the

Handysize sector, 1 for period charter averaging $10,500 per day,


$9,833 per day.

The minimum vs maximum daily rate differential as analyzed from

our fixtures database was overall improved and this week’s fixture

that received the lowest daily hire was the M/V ''NORD SINCERE'',

28355 dwt, built 2010, dely Zhangzhou 16/19 Mar, redely Indonesia,

$9250, Enferco, for a trip 0$ improved from last week and the

fixture with the highest daily hire was the M/V ''BALTIC WIND'',

34408 dwt, built 2009, dely ex drydock China 22/24 Mar, redely

Singapore-Japan, $10500, Chart Not Rep, for a 2/4 months trading

1250$ improved from last week.

INDEX 1 DAY 1 WEEK 1 MONTH 3 MONTHS 6 MONTHS 1 YEAR

BDI 0.6% -4.3% 36.1% -31.1% 9.2% 58.0%

BCI 0.9% -10.2% 72.9% -30.3% -4.4% 108.5%

BPI 0.6% 3.5% -15.9% -40.4% 9.1% -8.0%

BSI 0.9% 4.6% 26.1% -22.7% 23.4% 20.6%

BHI 0.4% 1.2% 0.9% -14.6% 25.0% 23.6%

SHIPPING MARKETS

0.4% 1.2% 0.9%

-14.6%

25.0%23.6%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%Baltic Handysize Index (BHSI)



22


22

Weekly Freight Rate & Asset Trends Contributed by

Intermodal

Intermodal Shipbrokers Co.

17th km Ethniki Odos Athens-Lamia & 3 Agrambelis Street,

145 64 N. Kifisia,

Athens – Greece

Phone: +30 210 6293300

Website: www.intermodal.gr

SHIPPING MARKETS

Tanker Spot Rates

Vessel Routes

Week 11 Week 10 $/day

±%

2014 2013

WS points

$/day WS

points $/day $/day $/day

VL

CC

265k AG-JAPAN 42 19,957 47.5 26,868 -25.7% 38,990 21,133

280k AG-USG 29 14,499 30 16,225 -10.6% 25,879 7,132

260k WAF-USG 50 28,349 55 34,465 -17.7% 50,272 26,890

Su

ezm

ax

130k MED-MED 65 15,775 67.5 17,575 -10.2% 41,215 17,714

130k WAF-USAC 57.5 9,820 60 11,117 -11.7% 26,604 13,756

130k AG-CHINA 57.5 11,993 62.5 16,348 -26.6% 41,215 17,714

Afr

am

ax

80k AG-EAST 92.5 16,036 97.5 17,820 -10.0% 18,441 11,945

80k MED-MED 85 20,195 85 14,131 42.9% 36,011 13,622

80k UKC-UKC 87.5 3,724 85 671 454.9

% 52,854 18,604

70k CARIBS-USG 97.5 11,426 102.5 13,002 -12.1% 37,754 16,381

Cle

an

75k AG-JAPAN 87.5 12,028 82.5 10,469 14.9% 8,537 12,011

55k AG-JAPAN 110 12,906 107.5 12,407 4.0% 9,833 12,117

37K UKC-USAC 142.5 13,529 135 11,815 14.5% 11,856 11,048

30K MED-MED 175 17,952 172.5 16,037 11.9% 24,479 17,645

Dir

ty 55K UKC-USG 125 21,597 127 22,305 -3.2% 29,943 14,941

55K MED-USG 122.5 19,336 122 18,466 4.7% 29,176 12,642

50k CARIBS-USAC 112.5 13,570 135 21,845 -37.9% 40,693 15,083

Tanker Time Charter Rates

$/day Week 11 Week 10 ±% Diff 2014 2013

VLCC 300k 1yr TC 27,250 27,250 0.0% 0 26,659 20,087

300k 3yr TC 27,750 27,750 0.0% 0 26,336 23,594

Suezmax 150k 1yr TC 20,250 20,250 0.0% 0 20,841 16,264

150k 3yr TC 22,250 22,250 0.0% 0 21,155 18,296

Aframax 110k 1yr TC 15,750 15,750 0.0% 0 16,023 13,534

110k 3yr TC 17,250 17,250 0.0% 0 16,973 15,248

Panamax 75k 1yr TC 15,500 15,500 0.0% 0 15,455 15,221

75k 3yr TC 16,250 16,250 0.0% 0 16,200 15,729

MR 52k 1yr TC 15,250 15,250 0.0% 0 15,341 14,591

52k 3yr TC 16,250 16,250 0.0% 0 16,155 15,263

Handysize 36k 1yr TC 14,750 14,750 0.0% 0 14,705 13,298

36k 3yr TC 15,500 15,500 0.0% 0 15,405 13,907

Dry Bulker Time Charter Rates

$/day Week

11

Week

10 ±% Diff 2014 2013

Ca

pe

siz

e

170K 6mnt TC 30,750 30,875 -0.4% -125 23,620 17,625

170K 1yr TC 31,500 31,500 0.0% 0 25,359 15,959

170K 3yr TC 24,750 24,750 0.0% 0 23,518 16,599

Pa

na

ma

x

76K 6mnt TC 15,500 15,375 0.8% 125 16,564 12,224

76K 1yr TC 15,250 15,250 0.0% 0 14,973 10,300

76K 3yr TC 15,100 15,375 -1.8% -275 14,414 10,317

Su

pra

ma

x

55K 6mnt TC 14,750 14,750 0.0% 0 14,155 11,565

55K 1yr TC 14,000 13,750 1.8% 250 12,973 10,234

55K 3yr TC 13,750 13,500 1.9% 250 12,700 10,482

Ha

nd

ym

ax

45k 6mnt TC 12,750 12,750 0.0% 0 12,109 9,771

45k 1yr TC 11,750 11,750 0.0% 0 11,132 8,852

45k 3yr TC 11,500 11,250 2.2% 250 10,927 9,237

Ha

nd

ysiz

e

30K 6mnt TC 10,750 10,500 2.4% 250 10,314 8,244

30K 1yr TC 10,500 10,500 0.0% 0 10,027 8,309

30K 3yr TC 10,500 10,500 0.0% 0 10,109 8,926

Secondhand Indicative Market Values ($ Million) - Tankers

Vessel 5yrs old Mar-14 Feb-14 ±% 2014 2013 2012

VLCC 300KT DH 71.5 69.1 3.4% 68.4 56.2 62.9

Suezmax 150KT DH 49.0 47.5 3.2% 46.7 40.1 44.9

Aframax 110KT DH 37.5 35.8 4.9% 35.3 29.2 31.2

Panamax 75KT DH 32.0 32.0 0.0% 32.0 28.0 26.7

MR 52KT DH 29.0 29.6 -2.1% 29.9 24.7 24.6

Secondhand Indicative Market Values ($ Million) - Bulk Carriers

Vessel 5yrs old Mar-14 Feb-14 ±% 2014 2013 2012

Capesize 180k 48.5 46.9 3.5% 46.3 35.8 34.6

Panamax 76K 27.0 27.0 0.0% 26.8 21.3 22.7

Supramax 56k 27.0 27.0 0.0% 26.4 21.5 23.0

Handysize 30K 21.0 21.0 0.0% 20.8 18.2 18.2

New Building Indicative Market Prices (million$)

Vessel Week 11 Week 10 ±% 2014 2013 2012

Bu

lkers

Capesize 180k 56.5 56.0 0.9% 55.2 49 47

Panamax 77k 30.5 30.5 0.0% 30.2 27 28

Supramax 58k 29.5 29.3 0.7% 28.8 26 27

Handysize 35k 27.5 27.5 0.0% 27 25 25

Ta

nk

ers

VLCC 300k 23.5 23.5 0.0% 23 21 22

Suezmax 160k 99.0 98.5 0.5% 96.9 91 96

Aframax 115k 65.0 64.5 0.8% 63 56 58

LR1 75k 54.5 54.5 0.0% 54 48 50

MR 52k 45.5 45.5 0.0% 44.7 41 42

Ga

s

LNG 150K 37.3 37.3 0.0% 36.7 34 34

LGC LPG 80k 186.0 186.0 0.0% 185.2 185 186

MGC LPG 52k 77.0 77.0 0.0% 76.0 71 71

SGC LPG 23k 66.0 66.0 0.0% 65.2 63 62

23


23

Container Market – Weekly Highlights

This week was perhaps the busiest of the year so far in terms of

fixtures concluded, although a particularly large percentage of those

were extensions, while enquiry for additional loaders or new services

remains thin on the ground to the extent that our BOXi has again

moved laterally.

After around nine months of experiencing declining fortunes, the post-

Panamax sector has shown signs of turning a corner, with arguably

the highlight being a brace of 5,500 TEU units reportedly achieving

USD 12,700/day for a 7-12 month period, as part of an en bloc deal.

Although it is too early to draw any firm conclusions from this, it will no

doubt come as welcome news to many players on the owning side

who often cite the larger sizes as telltales for the rest of the market. In

contrast, the Panamax sector, despite a few weeks of increased

activity, remains oversupplied, with owners willing to fix short periods

at well below what might be seen as period market levels, in order to

cover themselves until later in the spring/summer when demand might

have picked up somewhat.

The 1,700 TEU sector continues to be the closest to being well

balanced, with rates, though still historically well below average, at

least sufficiently above OPEX to encourage some owners into fixing

SHIPPING MARKETS

Contributed by

Braemar Seascope

35 Cosway Street

London NW1 5BT

United Kingdom

Phone: +44 (0) 20 7535 2650

Website: braemarseascope.com

longer periods. Meanwhile, the CV1100 segment continues to

remain as it has been since the middle of 2013, with over a

thousand dollar difference between rates in the Far East and the

Mediterranean but this is seemingly still not enough of a rate gap to

justify a westward, trans-Suez positioning of tonnage, although

perhaps with the benefit of hindsight and the unusually long period

of inter-regional market difference, some owners would have made

this costly move eight months ago.

If rates are going to pick up this year, we would expect this to

happen in the next couple of months in the run up to the peak Asia-

Europe summer season. Historically, at least in recent years, the

third and fourth quarters have tended to offer little in terms of

impetus and owners will be hoping that the generally positive news

on the global demand side translates into improved charter rates

through soaking up oversupply and we therefore don't get too much

further into this busy Spring renegotiation window without an uptick

occurring

24


24

Weekly Tanker Market Opinion Do You Need to Clean Up Your Act?

One critical decision a shipowner faces when ordering an Aframax is

whether or not to coat the vessel’s tanks to allow for clean refined

product carriage. In the few years leading up to the market peak in

2008, anticipation and excitement for long-haul refined products

trades gained momentum. New refineries to be built in the Middle East

would forever change the commercial landscape of the tanker market.

Refined product ton-miles would grow to the detriment of the crude oil

trade. The onset of the financial crisis forced companies looking at

investment in, or expansion of, refineries to pump the brakes on such

ideas. With worldwide petroleum demand in question, the sense of

urgency for refining projects quickly dissipated. Eventually, worldwide

fuel demand growth was restored, but many of the proposed refining

projects were not. With an ever-changing outlook, the long-haul

product market continues to be shrouded with uncertainty. The

question remains not when, but if, large scale export refineries will

ultimately turn on their boilers.

The chart below shows the change in the rolling five-year outlook for

incremental refining capacity in 2006, 2011 and 2013 on a regional

basis.

Contributed by

Poten & Partners, Inc.

805 Third Avenue

New York, NY 10022

Phone: (212) 230 - 2000

Website: www.poten.com

In 2006, planned capacity additions were projected to total 7.6 million

barrels by 2012; 25% of additions would take their form in large export

refineries to be built in the Middle East. In actuality, global additions

over that period only amounted to 5.3 million barrels per day. The

Middle East added 900,000 barrels per day of capacity instead of the

originally intended 1.9 million barrels per day.

Economic, political and investment conditions make refining capacity

and utilization rates a moving target. By 2011, the total capacity to be

added worldwide grew to over 10 million barrels per day and now,

additions are in the range of 8.9 million barrels per day.

Languishing refining margins in the United States and Caribbean in

the mid-2000’s sparked a seemingly logical conclusion that East of

Suez refiners would supply gasoline and diesel to Atlantic basin

mega-consumers. These trades, it was widely believed, would buck

long-standing, milk-run LR2 demand for naphtha exports to the Far

East. The upstart of Reliance’s expanded Jamnagar, India facility in

2009 was key in underpinning the outlook for long-haul product trade

growth. The sophistication and export-oriented nature of the

Jamnagarrefinery would support trade for diesel cargoes moving to

Northwest Europe and the Mediterranean and gasoline to the United

States.

SHIPPING MARKETS

The chart below shows reported spot fixtures for Long-Range 2 (LR2)

and Long-Range 1 (LR1) loadings from the Arabian Gulf and India.

Port limitations in the US prevented the widespread adoption of LR2s

for import, whereas Europe was able to accommodate larger stem

sizes.

Reported spot LR2 fixtures from the Arabian Gulf increased a

noteworthy 26% between 2012 and 2013, however not due to the

service of Atlantic Basin customers. Naphtha, to supply far eastern

demand, has continued to be the cargo of importance.

Refinery closures in Europe point to increased imports of finished

product, however suppliers in the Arabian Gulf and India now find

fierce competition from nearby US-based refiners with access to

cheap crude oil. The outlook for LR2 clean trade growth from the East

to the West is in question today largely due to the significant evolution

of competitve US Gulf exports.

While there is more clean product demand for LR2s today as

compared to a decade ago, the return on coating costs is still up for

debate. It can certainly be concluded that coating the asset affords

increased flexibility from a trade perspective. However, on a practical

basis, the disparity in earnings remain underwhelming. The table

below shows the relative spot market earnings on a round-trip basis

for benchmark clean and dirty Aframax and LR2 trades compared to

time charter rates.

Most of the Aframaxes and LR2s plying the oceans today are involved

in the dirty trade of crude oil and heavier products, and for the

forseeable future, that is where they are likely to stay.

SOURCE: POTEN & PARTNERS

SOURCE: POTEN & PARTNERS

25


25

Second-hand Aframax asset values show strongest gain in

tanker space

Five year asset values across the tanker market have experienced an

average gain of 15% since just the start of the year as greater rate

volatility evidenced by the start of the year’s strong rally raises

optimism for future market performance. Five-year Aframax asset

values stand out among the rest however, having experienced a 30%

gain since the start of the year to $36.5m – a 2.5-year high.

The Aframax lead appears sensible when correlated with annualized

average earnings progression. Whereas the class’ larger crude

counterparts have posted values gains that run counter to a decline in

average earnings during 2013, Aframax earnings remained in positive

year-on-year earnings territory for a second consecutive year. Last

year, VLCC earnings declined 12% to ~$19,796/day and Suezmaxes

declined 26% to ~$11,618/day while Aframaxes rose 6% to

~$15,263/day. Even with Aframax rates having corrected strongly

from record highs at the start of the year, average earnings stand at

~$14,353/day.

Given last year’s progression into negative fleet growth territory – a

feature likely to remain during 2014 – the class’ fundamentals could

appear increasingly attractive. Already, some four Aframaxes and

four LR2s trading dirty cargoes (a common trading orientation of older

units) have been removed from service, representing a strong

acceleration from a combined monthly average of 1.4 Aframax and

dirty LR2’s phased out during 2013. The extent to which earnings

benefit on this basis will largely be dependent upon the ability of the

class to continue experiencing intra-regional demand gains – as well

as the extent of competition from Suezmaxes, which have in recent

years placed a ceiling on the extent of Aframax rate gains achieved

during periodic rallies, given the larger class’ ability to compete with

lower $/mt freights.

SHIPPING MARKETS

Contributed by

Charles R. Weber Company, Inc.

Greenwich Office Park One,

Greenwich, CT 06831

Phone: (203) 629 - 2300

Website: www.crweber.com

Tanker Market – Weekly Highlights

2014 2013

VLCC TCE

280k AG-USG + CBS-SPORE

MTD Average

$32,300/Day

Month y/y +121%

S’MAX TCE

130k WAF-USAC

MTD Average

$13,200/Day

Month y/y -5%

A’MAX TCE

70k CBS-USG

MTD Average

$12,800/Day

Month y/y -15%

P’MAX TCE

50k CBS-USAC

MTD Average

$7,500/Day

Month y/y -51%

26


26

SHIPPING MARKETS

Tanker Market – Weekly Highlights 2014 2013

MR TCE 38k CBS-USAC

MTD Average

$5,800/Day

Month y/y -50%

US Crude Stocks (EIA)

Last Week

370.0 Mbbls

Week y/y

-3.6%

US Gasoline Demand (EIA)

Last week

8.949 Mb/d

Week y/y

+3.7%

Spot Market WS/LS TCE $/day

WS/LS TCE $/day

VLCC (12 Kts L/11.5 Kts B) 7-Mar 14-Mar

AG>USG 280k (TD1) 30.0 $5,394 29.0 $4,214

AG>USG/CBS>SPORE/AG -- $31,425 -- $27,953

AG>SPORE 270k (TD2) 48.5 $29,867 42.5 $21,791

AG>JPN 265k (TD3) 48.5 $29,600 42.5 $21,298

WAFR>USG 260k (TD4) 54.0 $33,596 47.5 $25,531

WAFR>CHINA 260k (TD15) 48.5 $26,942 42.5 $19,072

CBS>SPORE/AG 270k $4.50m $36,151 $4.20m $31,150

SUEZMAX (12 Kts L/11.5 Kts B)

WAFR>USAC 130k (TD5) 62.5 $13,839 60.0 $12,343

BSEA>MED 135k (TD6) 65.0 $11,188 60.0 $6,970

CBS>USG 130k 67.5 $14,888 55.0 $5,790

AFRAMAX (12.5 Kts L/B)

N.SEA>UKC 80k (TD7) 85.0 $11,027 87.5 $13,280

AG>SPORE 70k (TD8) 102.5 $20,111 100.0 $19,043

BALT>UKC 100k (TD17) 60.0 $4,052 65.0 $8,143

CBS>USG 70k (TD9) 100.0 $12,465 97.5 $11,449

MED>MED 80k (TD19) 85.0 $12,481 93.75 $17,858

PANAMAX (12.5 Kts L/B)

CBS>USAC 50k 130.0 $10,379 115.0 $6,173

CONT>USG 55k (TD12) 120.0 $10,509 125.0 $12,264

ECU>USWC 50k 180.0 $22,322 175.0 $21,667

CPP (13.5 Kts L/B)

CONT>USAC 37k (TC2) 132.5 $11,000 145.0 $13,965

CONT>WAFR 37k 145.0 $12,156 155.0 $13,640

USG>CONT 38k (TC14) 75.0 $16 70.0 $(1,106)

USG>CONT/CONT>USAC/USG

-- $13,266 -- $13,485

USG>P.COLORADOS 38k $425k $8,235 $425k $8,307

CBS>USAC 38k (TC3) 100.0 $5,518 95.0 $4,386

AG>JPN 35k 110.0 $5,804 105.0 $4,785

SPORE>JPN 30k (TC4) 110.0 $4,063 111.0 $4,283

AG>JPN 75k (TC1) 87.0 $13,850 84.25 $12,633

AG>JPN 55k (TC5) 110.0 $10,474 110.25 $10,599

Time Charter Market $/day (theoretical)

1 Year 3 Years

VLCC $25,000 $23,750

Suezmax $19,500 $19,000

Aframax $14,500 $15,750

Panamax $14,250 $15,500

MR $14,500 $16,000

27


27


SHIPPING MARKETS

THE TANKER MARKETS

VLCC

This week’s mercurial trading patterns were a microcosm of what we

have witnessed in the Arabian Gulf VLCC sector in 2014. Volatility led

to daily, if not hourly, changes in market sentiment. Monthly cargo

programs yielded the biggest uncertainty over the first two months of

the year, and March has proven to be no different. January followed

December’s record high with a lower than expected 111 fixtures, after

which February yielded a much higher than anticipated 135 fixtures.

This put expectation for the March cargo program in doubt and with

supply-demand in very fine balance, a shift of plus or minus 5 to 10

cargoes could make a considerable difference in market direction.

This week started out with a market quote receiving upwards of 11

offers which put downward pressure on rates. However, after this

deal was concluded at recent lows, an influx of fresh inquiry appeared

and from a cargo receiving 11 offers; overnight we saw 11 plus

cargoes outstanding. This brought downward sentiment back to a

standoff with stronger undertones evident. Continuing with the theme

of volatility several older, less approved units reduced the list of

outstanding cargoes and those stronger undertones disappeared. We

now wait to see how busy the March program ends up, for now the

market is flat and the hangover tonnage into April looks ample, but as

we have seen through Q1, things change.

There were a total of 29 fixtures reported this week. Of these 7 were

bound for the West and 22 destined for East discharge with China

leading the way as usual accounting for 6 of the latter. Eastbound

rates initially dropped from the high ws40’s down to just above the

ws40 level as ws40.25 was paid on a larger cargo size on a vessel

with limited approvals. Following this initial plunge, rates steadied in

the low ws40’s and looked to be gaining some upward momentum.

This pressure was short lived as the March cargo program has proved

shorter thus far and supply has proven over-abundant, keeping

Eastbound rates in the low ws40’s. Westbound was less active and

thus rates showed less fluctuation, trading within a narrow two point

band from ws28 – ws30, the lower concluded for voyages destined to

the USG while the higher was for UKC discharge with various options

attached.

To date some 106 March cargoes have been covered and if the pace

seen over the first two decades of the month continues (35 cargoes 1-

10 Mar, 36 cargoes 11-20 Mar) we only anticipate a handful of

cargoes remain. We compare the 5 or so cargoes expected with a

position list that shows some 24 units load ready through the end of

the month. The excess units are much higher than many anticipated a

week ago; in part due to “hidden” vessels appearing and also due to

the much lower than anticipated March program which looks to end

around 110 cargoes. Next week we will begin to see the start of the

April program, but with ample supply carrying over from March little

change is expected in the current trend with rates holding flat in the

short term. As we proceed through April, next month’s cargo tally will

once again be in question and keenly effect the balanced supply-

demand equation.

VLCC Projected Deliveries/Removals

Suezmax Projected Deliveries/Removals

Aframax/LR2 Projected Deliveries/Removals

Panamax/LR1 Projected Deliveries/Removals

MR Projected Deliveries/Removals

20 24

40

7

-19 -18-14 -10

2014 2015 2016 2017

Present Fleet: 617

9

12

4

1

-10-9

-10-7

2014 2015 2016 2017

442Present Fleet:

30

42

31

4

-13-22

-19 -16

2014 2015 2016 2017

Present Fleet: 876

7

10 11

-9-8

-10-8

2014 2015 2016 2017

Present Fleet: 419

71

119

89

15

-15 -19 -13 -16

2014 2015 2016 2017

Present Fleet: 1,198

28


28


$-

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

0

5

10

15

20

25

30

35

40

45

Jan

-12

Feb

-12

Ma

r-12

Ap

r-1

2

Ma

y-1

2

Jun

-12

Jul-

12

Au

g-1

2

Sep

-12

Oct

-12

No

v-1

2

De

c-12

Jan

-13

Feb

-13

Ma

r-13

Ap

r-1

3

Ma

y-1

3

Jun

-13

Jul-

13

Spo

t TC

E

Excess ME Positions AG-FEAST TCE

Excess Middle East VLCC Positions vs AG-FEAST TCEsunits $/day

17

24

15

2

-11-14 -15

-10

2013 2014 2015 2016

Present Fleet: 61723

12 11 10

-8 -8 -8-6

2013 2014 2015 2016

444Present Fleet:

10

25

35

9

-9

-18-22

-13

2013 2014 2015 2016

Present Fleet: 900

4

10 10

-3

-8 -8

-12

2013 2014 2015 2016

Present Fleet: 417

36

87 85

2312

-11 -14 -13 -11-13

2013 2014 2015 2016 2017


44.0

45.0

46.0

47.0

48.0

OPEC OECD IEA OECD EIA OECD

85.0

87.0

89.0

91.0

93.0

OPEC World IEA World EIA World

0

10

20

30

40

50

60

70

80

90

100

J F M A M J J A S O N D

Mbbls 130+ kMT Fixtures AG/West

2012 2013

0

25

50

75

100

125

150

175

200

225


Mbbls 130+ kMT Fixtures AG/East

2012 2013

0

10

20

30

40

50

60

70


Mbbls 130+ kMT Fixtures WAF/West

2012 2013

0

10

20

30

40

50

60


Mbbls 130+ kMT Fixtures WAF/East

2012 2013$300

$325

$350

$375

$400

$425

$450

$475

30 34 38 42 46 50 2 6 10 14 18 22 26

2012/2013 weeks

TANKER DEMOLITION VALUES, $/LDT

Bangladesh China Ind ia Pakistan

SHIPPING MARKETS

Atlantic Basin

It was a quieter week in the Atlantic Basin with rates softening on the

back of the lower levels concluded in the AG. We saw a total of 6

fixtures reported; two from West Africa, 1 from UKC and 3 from the

USG region. As is the norm, all voyages were destined to the East

with rates from West Africa falling from the high ws40’s down to

ws42.5 (same as eastbound levels from the AG). Caribbean rates

also softened, moving towards the $4.0 million level for Singapore and

down to $3.6 million for west coast India discharge. The 11 plus offers

seen for an east coast Mexico cargo destined for India point to the

over-supply and likely softening trend that persists.

Suezmax

The West Africa Suezmax market was quieter this week with total

fixtures declining 37%, w/w, to 12. The slower pace combined with a

small rise in available tonnage to place rates under negative pressure.

The WAFR-USAC route shed 2.5 points to conclude at ws60. As the

market remains soft, further rate erosion could be recorded during the

upcoming week failing a substantial rise in fresh inquiry.

Aframax

The Caribbean Aframax market was significantly busier this week with

total regional activity doubling from last week’s level to 20 fresh

fixtures (the most in nine weeks). The stronger demand helped to limit

the extent of rate erosion which had materialized last week. The CBS-

USG route traded within the ws97.5 to ws100 range throughout the

week and concludes at ws97.5 – a 2.5 point loss from last week’s

closing level.

PADD 3 refining runs were stronger last week, according to the EIA,

despite refinery maintenance schedules which implied stronger

turnarounds. Assuming a delay period, lower processing rates could

be expected during the upcoming week. Combined with the fact that

regional crude inventories rose by 7.5 Mbbls despite slowing volumes

from Cushing; a slowdown in CBS-USG voyages should materialize

during the upcoming week as imports trim. Simultaneously, long-haul

voyages from the region should favor more attractively priced

Suezmax tonnage leaving Aframaxes vulnerable to a significantly

softer demand environment. This could potentially see rates come

under stronger negative pressure during the upcoming week,

accordingly.

Panamax

Rates in the Caribbean Panamax market commenced the week under

negative pressure, but rate erosion was quickly trimmed by a stronger

level of fresh inquiry. Following a drop of 15 points at the start of the

week, the CBS-USG route leveled off at the ws115 level, where the

market ultimately concluded.

Projected OECD Oil Demand

Projected World Oil Demand

44.0

45.0

46.0

47.0

48.0


85.0

87.0

89.0

91.0

93.0

95.0


http://www.crweber.com/

29


29


$-

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

0

5

10

15

20

25

30

35

40

45

Jan

-12

Feb

-12

Ma

r-12

Ap

r-1

2

Ma

y-1

2

Jun

-12

Jul-

12

Au

g-1

2

Sep

-12

Oct

-12

No

v-1

2

De

c-12

Jan

-13

Feb

-13

Ma

r-13

Ap

r-1

3

Ma

y-1

3

Jun

-13

Jul-

13

Spo

t TC

E

Excess ME Positions AG-FEAST TCE

Excess Middle East VLCC Positions vs AG-FEAST TCEsunits $/day

17

24

15

2

-11-14 -15

-10

2013 2014 2015 2016

Present Fleet: 61723

12 11 10

-8 -8 -8-6

2013 2014 2015 2016

444Present Fleet:

10

25

35

9

-9

-18-22

-13

2013 2014 2015 2016

Present Fleet: 900

4

10 10

-3

-8 -8

-12

2013 2014 2015 2016

Present Fleet: 417

36

87 85

2312

-11 -14 -13 -11-13

2013 2014 2015 2016 2017


44.0

45.0

46.0

47.0

48.0


85.0

87.0

89.0

91.0

93.0


0

10

20

30

40

50

60

70

80

90

100



2012 2013

0

25

50

75

100

125

150

175

200

225



2012 2013

0

10

20

30

40

50

60

70



2012 2013

0

10

20

30

40

50

60



2012 2013$300

$325

$350

$375

$400

$425

$450

$475

30 34 38 42 46 50 2 6 10 14 18 22 26

2012/2013 weeks

TANKER DEMOLITION VALUES, $/LDT

Bangladesh China Ind ia Pakistan

SHIPPING MARKETS

CPP

The USG MR market was markedly busier this week as trans-Atlantic

arbitrage opportunity reappeared and stoked a rise in fixtures bound

for points in Europe to the highest level in seven weeks. However,

many of these include discharge range options which could divert the

related cargoes to points in the Caribbean and Latin America. Fixtures

to Latin America were at their highest level in a month at a total of 14.

Total regional fixtures tallied 31 which represent a 48% w/w gain –

and 19% more than the average of the past year.

Rates on the USG-UKC route declined by a further 5 points this week

to a closing value of ws70 – largely as stronger rates in the Continent

market incentivized owners to trade on the route given a triangulated

earnings premium to regional voyages. At present rates, USG-

UKC/UKC-USAC/USG trading yields a TCE of ~$13,485/day while

USG-POZOS voyages yield just ~$8,307/day. The latter route traded

in the $400-425k range throughout the week and concluded

unchanged from last week’s closing value of $425k.

The re-opening of trans-Atlantic arbitrage opportunity has failed to

stoke sufficient fixtures to raise near-term prospects. Two LR1

fixtures were concluded on the USG-UKC route, drawing from MR

demand and the ongoing orientation of the majority of MR fixtures on

short-haul voyages to Latin America and the Caribbean continues to

keep the USG market oversupplied. Simultaneously, with fixture

activity likely to remain strong given a surprise rise in PADD 3 refining

runs (despite maintenance schedules implying greater turnarounds),

further rate downside could be limited, particularly for regional

voyages given their relative earnings discount to triangulated voyages

while some upside could materialize on this basis if trans-Atlantic

activity remains stronger and ex-UKC rates fail to show downside.

The UKC market was also busier this week with voyages to the US

from the UKC and Baltic ranges more than doubling. Draws on PADD

1 gasoline inventories and a jump in US gasoline demand likely

helped prompt the greater fixture activity, though at least one gasoil

cargo was included in the week’s tally. Rates on the UKC-USAC

route quickly rebounded into the ws140s and conclude the week at

ws145, representing a 12.5 points gain on last week’s closing level.

While recent activity has held regional rates at elevated levels, the

appearance of more ballast units during the upcoming week will likely

require activity levels to remain strong in order to maintain this week’s

momentum.

0

10

20

30

40

50

60

70

80

90

100



2013 2014

0

25

50

75

100

125

150

175

200

225

250



2013 2014

0

10

20

30

40

50

60

70



2013 2014

0

10

20

30

40

50

60



2013 2014

http://www.crweber.com/

30


30

Contributed by

Golden Destiny S.A.

57 Akti Miaouli Street, Piraeus,185 36

Greece

Phone: +30 210 4295000

Website: www.goldendestiny.gr

S&P Secondhand, Newbuilding & Demolition Markets

The estimated invested capital does not include deals reported at an

undisclosed secondhand sale price.

P&C: deals reported as private and confidential with no disclosed details

for the secondhand sale price.

NEWBUILDING MARKET The estimated invested capital does not include deals reported with

undisclosed newbuilding price

P&C: deals reported as private and confidential (not revealed contract

price)

SHIPPING MARKETS

S&P MARKET TRENDS DURING MARCH:

↓ Secondhand – ↓Newbuilding – Demolition ▬

TOTAL

Units

($) Invested

Capital Units in DWT Units SH DEMO

Bulkcarriers 9 200.700.000 5 219.975 14 13% 150%

Tankers 20 974.500.000 6 567.462 26 900% 200%

Gas Tankers 0 0 1 1.123 1 -100%

General Cargo 2 3.800.000 3 19.410 5 100% -50%

Containers 12 114.200.000 1 13.252 13 1100% -67%

Reefers 0 0 0 0 0

Passenger / Cruise 0 0 0 0 0

Ro - Ro 0 0 2 11.764 2 -33%

Car Carrier 0 0 0 0 0

Combined 0 0 0 0 0Special Projects 1 30.900.000 0 0 1 0% -100%

TTL VSLS/Demo 44 1.324.100.000 18 832.986 62 175% 6%

WEEKLY S&P ACTIVITY

6 S&P deals reported at an undisclosed sale price

VESSELTYPE SECOND HAND DEMOLITION %w-o-w

Vessel Type Units in DWT P&C

Bulkcarriers 23 2.512.084 3

Tankers 7 115.750 5

Gas Tankers 1 51.600 1

General Cargo 0 0 0

Containers 7 409.500 6

Reefers 0 0 0

Passenger / Cruise 0 0 0

Ro - Ro 0 0 0

Car Carrier 0 0 0

Combined 0 0 0

Special Projects 21 9.300 19

TOTAL 59 3.098.234 34

140.000.000

0

1

2

3

-75%

-100%

%w-o-w

-60%

-13%

Invested Capital

719.000.000

86.000.000

425%

-28%

WEEKLY NEWBUILDING ACTIVITY

4

100.700.000

1.045.700.010

-100%

N/A

0

Increasing trend in secondhand selling & buying appetite in the

years 2012 &2013, with a sharp upward trend in the first two months

of 2014.

Declining trend in S&P activity during the year 2011.

Sharp upward trend in the ordering appetite of 2013 and a sustained

firm momentum for the opening of 2014. Flat to stable trends in

2012-2011.

Declining trend in scapping activity of 2013. Record scapping

momentum during 2012. Declining trend in the scrapping appetite of

2014.

OVERVIEW OF S&P ACTIVITY (2011-2014)

(Given in good faith, but without guarantee)

31


31

NEWBUILDING MARKET – ORDERS

SHIPPING MARKETS

Key: GR: Greece, PRC: China, NOR: Norway, JPN: Japan,DEN: Denmark, CAN: Canada, SWD: Sweden, GER: Germany, TRK: Turkey, NIG: Nigeria, SKR: South Korea, SPORE:

Singapore, CYP: Cyprus, Dely: Delivery

Vessel Type Sub-type Units Dwt Country Country Dely

Bulker 1 275.084 SKR SKR 6-2017

Bulker 1 250.000 PRC PRC N/A

Bulker 4 208.000 GER PRC 2016Bulker 1 95.000 N/A PRC 9-2015

Bulker 2 82.000 PRC PRC 7/11-2016

Bulker 12 64.000 PRC PRC 2015-2017

Bulker 2 64.000 NOR PRC 2015-2016

Tanker Product 2 40.000 TWN TWN 9/12-2016

Tanker Chemical 5 7.150 TUR TUR 2015-2016

LPG 1 51.600 JPN SKR 10-2016

Container 6 40.000 PRC PRC 2015

Container 1 169.500 UAE SKR 1h2015

Special Proj. PSV 2 AU N/A 2015-2016

Special Proj. Jack-up Drilling Rig 1 MAL PRC 2015

Special Proj. Offshore Subsea 1 NOR NOR 2q2016

Special Proj. OSV 2 N/A NOR 3q/4q2015

Special Proj. Fast Crew Supplier 4 MEX NTH 2014-2015

Special Proj. Domen Offshore 1 9.300 DMK ROM 6-2015

Special Proj. Crewboat 10 AZER AZER N/ASOCAR Baku Shipyard N/A

Naviera Integral Damen Gorinchem N/A

Maersk SS Damen Galati N/A

Undisclosed Vard Holdings 50.350.000Solstad Offshore Vard Holdings N/A

Thaumas Marine Yantai CIMC Raffles N/A

Mermaid Marine Undisclosed N/A

UASC Hyundai HI 140.000.000

Zhoushan Wuzhou Shanghai Zhonggu Xinliang N/A

Kumiai Senpaku Hyundai HI N/A

Palmali Shipping Armada Shipyard N/A

CPC Corporation CSBC Keelung 43.000.000

Mingsheng Financial China Shipping Group 28.000.000

Spar Shipping Hantong 24.500.000

Shandong Bohi Sinopacific Shpd. N/A

Undisclosed Jiangsu Eastern HI 30.000.000

Contractor Builder USD mil/Unit

Oldendorff Carriers Jiangsu Eastern HI 60.000.000

Polaris Shipping Hyundai HI N/A

Sincere Navigation China Shipping 64.000.000

http://marine-transportation.capitallink.com/

Capital Link Shipping Weekly Markets Report

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