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Monday, February 27, 2017 (Week 9)
1
Monday, February 27, 2017 (Week 9)
IN THE NEWS Latest Company News
Earnings Recap
CAPITAL MARKETS DATA Currencies, Commodities & Indices
Shipping Equities – Weekly Review
Dividend Paying Shipping Stocks
SHIPPING MARKETS Global Shipping Company Bond Profiles
Weekly Market Report – Allied Shipbroking Inc
Stifel Shipping Markets
Weekly Tanker Market Opinion – Poten & Partners
Tanker Market – Weekly Highlights – Charles R. Weber Company
Dry/Wet & TC Rates – Alibra Shipping
TERMS OF USE & DISCLAIMER
CONTENT CONTRIBUTORS
Capital Link Shipping
Weekly Markets Report
REGISTER
REGISTER
Attendance is complimentary for qualified attendees
IN COOPERATION WITH
ABOUT THE FORUM
Please join Capital Link’s 11th Annual International Shipping & Offshore Forum
on Monday, March 20, 2017 at The Metropolitan Club in New York City.
This Forum is organized in partnership with Citi and in cooperation with the New York
Stock Exchange and NASDAQ. The event is known for its large attendance by investors,
owners and financiers. Held in New York City every year, the Forum examines the
macroeconomic issues that are shaping and transforming the international shipping and
offshore markets today. It provides a comprehensive review and outlook of the various
shipping and offshore markets, made more relevant by the release of companies’ annual
results. In addition, it discusses topics of critical relevance to the industry such as, such as
restructuring and consolidation, the various channels and methods of raising capital as well
as the impact of new technologies and trading routes.
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]
Seating is limited. To register and/or for more information, click on the above button or visit our website
GLOBAL LEAD SPONSOR
GLOBAL GOLD SPONSORS
GLOBAL SPONSORS
MEDIA PARTNERS
Capital Link Shipping Leadership Award
After the luncheon, the “2017 Capital Link Shipping
Leadership Award” will be presented to Mr. Richard T. du
Moulin, President of Intrepid Shipping and the Former
Chairman of Intertanko in recognition of his unique and
extensive contribution to the shipping industry.
EVENT SPONSORS
PARTICIPATING PANELISTS & PRESENTERS
Alix Partners • Amsterdam Trade Bank • Apollo Management • Arctic Securities • Avance Gas • Blank Rome LLP • BW LPG • Capital Product
Partners • Castlelake • Citi • Clarksons Platou Securities • Clyde & Co. • Columbia Shipmanagement • Concordia Maritime • d’Amico
International Shipping SA • Dorian LPG • DHT Holdings, Inc. • DVB Bank • Ernst & Young Capital Advisors, LLC • Euroseas • Euronav •
Fleetscape • GasLog • Genco Shipping & Trading • Goldin Associates LLC • Goldin Maritime • International Registries • International Seaways •
INTERTANKO • Intrepid Shipping • Jefferies LLC • Maxim Group LLC • Miller Buckfire • Morgan, Lewis & Bockius LLP • Morgan Stanley •
NAMEPA • Navios Corporation • NYMAR • Ocean Yield • Pacific Basin Shipping • Paulson & Co. • Pyxis Tankers • Reed Smith LLP • Ridgebury
Tankers • Safe Bulkers • Scorpio Bulkers • Scorpio Tankers • Seanergy Maritime Holdings • Seward & Kissel LLP • Ship Finance • Star Bulk
Carriers • Stellar Acquisition III Inc. • Stifel • Teekay Corporation • Tsakos Energy Navigation • TORM A/S • USCG Marine Safety Center •
Wafra Capital Partners, Inc. • Watson Farley Williams • Wells Fargo Securities
Introductory Remarks by
Mr. C. Sean Day, Director and Chairman – Teekay
Corporation
SUPPORTING SPONSORS
KEYNOTE SPEAKERS
Commissioner Mario
Cordero of Federal
Maritime Commission
Mr. Peter Evensen,
Former President and
CEO – Teekay
Corporation
ABOUT THE FORUM
Capital Link's Invest in Cyprus Forum will take place on Wednesday, March 22, 2017 at the Metropolitan Club in New York
City.
We are particularly proud to inaugurate the Capital Link Invest in Cyprus Forum which we plan to repeat annually. The Forum aims to
raise awareness of Cyprus as an investment and business destination among the US investment, financial and business communities.
It will showcase the increasing importance of Cyprus as a regional maritime, logistics, energy and operational hub and highlight
investment and business opportunities in these areas as well as in financial services, IT and tourism.
Cyprus can be of significant value to companies which are using the United Kingdom as a gateway to the European Union and will
thus be affected by BREXIT. Strategically located as the gateway to the European Union, the Middle East, North Africa and the Black
Sea, Cyprus is a full member of the European Union with an open market economy and skilled workforce mainly specializing in the
financial and service sectors. It offers political stability, an efficient legal system, a competitive tax regime and a restructured and
growth oriented economy. The banking system has been recapitalized and is governed by practices aligned with the EU legislation.
The conference will feature the developments and reforms in the Cypriot economy and the Cypriot government's programme for the
economy and investments. It will highlight investment and business opportunities in key areas such as banking and financial services,
shipping and transportation, logistics, energy, IT and tourism.
The conference will feature political and business leaders and decision makers from the public and private sectors, including the
President and three key Government Ministers from the Republic of Cyprus, the CEOs of major Cypriot organizations and senior
executives of US and international companies active in the region.
Capital Link remains committed to its aim of raising awareness about Cyprus as an investment destination to a wider investor
audience. This Forum will provide the audience with a unique blend of informational, marketing and networking opportunities.
PANEL TOPICS TO BE COVERED
Seating is limited. To register and/or for more information, click on the above button or visit our website.
• The Emergence of Cyprus As A Regional Business
Hub
• The Economy of Cyprus – Developments & Outlook
• Cyprus: A Dynamic Business and Investment
Centre
• Doing Business in Cyprus – Legal and Tax
Considerations
• Cyprus: Growth Opportunities in the Financial
Sector and Beyond
• Banking & Financial Services
• Developing the Fund Industry Through Cyprus –
Cyprus as the Gateway to the European Union
• Cyprus as a Regional Energy Hub
• Investment & Business Opportunities in Energy
• Cyprus as a Regional Banking and Financial
Services Hub
• Why Cyprus – The International Investor
Perspective
• Why Cyprus – The Cypriot American Perspective
• Investing in Growth & Entrepreneurship –
International Funding Mechanisms for SME
Investments in Cyprus
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]
Capital Link - New York - London - Athens - Oslo 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 1321 Athens - 40, Agiou Konstantinou Str, Suite A 5, 151-24 Athens, Greece Tel. +30 210 6109 800 Fax +30 210 6109 801 Oslo - Raadhusgaten 25 P.O. Box 1904 Vika N-0116 Oslo, Norway
www.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
2
Monday, February 27, 2017 (Week 9)
Tuesday, February 21, 2017
Diana Containerships Inc. Announces the Filing of its Annual
Report on Form 20-F
Diana Containerships Inc. (NASDAQ: DCIX), (the “Company”), a
global shipping company specializing in the ownership of
containerships, today announced that on February 16, 2017 it filed
its 2016 Annual Report on Form 20-F with the United States
Securities and Exchange Commission. The Annual Report is
available for download on the Company’s website,
www.dcontainerships.com. Any shareholder may receive a hard
copy of the Company’s complete Annual Report, which includes the
Company’s complete 2016 audited financial statements, free of
charge upon request.
http://www.dcontainerships.com/investors/press-releases/news-
diana-containerships-inc-announces-the-filing-of-its-annual-report-
on-form-20-f-05
DRYSHIPS INC. RE-ENTERS THE TANKER MARKET,
ACQUIRES TWO MODERN TANKER VESSELS
DryShips Inc. (NASDAQ: DRYS) (the “Company” or
“DryShips”), a diversified owner of ocean going cargo vessels,
announced today that it has entered into agreements with
unaffiliated third parties to acquire:
- one 113,644 DWT Aframax tanker currently under construction in
South Korea. The Company expects to take delivery of this vessel
sometime in the second quarter of 2017. The vessel is expected to
be employed in the spot market.
- one 320,105 DWT Very Large Crude Carrier built in 2011. The
Company expects to take delivery of this vessel sometime in the
second quarter of 2017. The vessel is expected to be employed in
the spot market.
http://dryships.irwebpage.com/press/dryspr022117.pdf
Nordic American Tankers Limited (NYSE:NAT) - A note about
responsibilities from Herbjorn Hansson
Headquartered in Bermuda, NAT is an international crude oil tanker
company founded and run by the undersigned as Chairman and
CEO. Listed on NYSE, we have offices and representatives in
several other countries as well.
http://www.nat.bm/IR/press_releases/2080437.html
Scorpio Tankers Inc. Announces Purchase of Common Shares
by Scorpio Services Holding Limited
Scorpio Tankers Inc. (NYSE: STNG) (the "Company") announced
today that Scorpio Services Holding Limited ("SSH"), a related party
affiliate, purchased an aggregate of 425,000 common shares of the
Company in the open market at an average price of $4.29 per share.
http://ir.scorpiotankers.com/press-releases/scorpio-tankers-inc-
announces-purchase-of-common-shares-by-scorpio-services-hold-
nyse-stng-11g130691-001
Danaos Corporation Reports Results for the Fourth Quarter and
Year Ended December 31, 2016
Danaos Corporation ("Danaos") (NYSE: DAC), one of the world's
largest independent owners of containerships, today reported
unaudited results for the fourth quarter and the year ended
December 31, 2016.
Highlights for the Fourth Quarter and Year Ended December 31,
2016:
•Adjusted net income1 of $23.2 million, or $0.21 per share, for the
three months ended December 31, 2016 compared to $47.2 million,
or $0.43 per share, for the three months ended December 31, 2015,
a decrease of 50.8%. Adjusted net income1 of $140.9 million, or
$1.28 per share, for the year ended December 31, 2016compared to
$159.5 million, or $1.45 per share, for the year ended December 31,
2015, a decrease of 11.7%.
•Operating revenues of $112.1 million for the three months ended
December 31, 2016 compared to $143.3 million for the three months
ended December 31, 2015, a decrease of 21.8%. Operating
revenues of $498.3 million for the year ended December 31, 2016
compared to $567.9 million for the year ended December 31, 2015,
a decrease of 12.3%.
•Adjusted EBITDA1 of $75.9 million for the three months ended
December 31, 2016 compared to $105.7 million for the three months
ended December 31, 2015, a decrease of 28.2%. Adjusted EBITDA1
of $350.6 million for the year ended December 31, 2016 compared
to $418.3 million for the year ended December 31, 2015, a decrease
of 16.2%.
•On September 1, 2016, Hanjin Shipping ("Hanjin"), formerly the
charterer of eight of our vessels, filed for receivership with the Seoul
Central District Court, which had a negative impact on our current
operating results, contracted operating revenue and our debt.
•We recognized an impairment loss of $415.1 million for our vessels
and $29.4 million impairment loss on securities.
•Total contracted operating revenues were $2.1 billion as of
December 31, 2016, with charters extending through 2028 and
remaining average contracted charter duration of 6.6 years,
weighted by aggregate contracted charter hire.
•Charter coverage of 92% for the next 12 months based on current
operating revenues and 74% in terms of contracted operating days.
http://www.danaos.com/news-and-media/press-release-
details/2017/Danaos-Corporation-Reports-Results-for-the-Fourth-
Quarter-and-Year-Ended-December-31-2016/default.aspx
Ensco plc Announces Cash Dividend
Ensco plc (NYSE: ESV) announced today that its Board of Directors
has declared a regular quarterly cash dividend of US$0.01 per Class
A ordinary share payable on 17 March 2017. The ex-dividend date
for this payment is expected to be 2 March 2017 with a record date
of 6 March 2017.
http://www.enscoplc.com/news-and-media/press-releases/press-
release-details/2017/Ensco-plc-Announces-Cash-
Dividend/default.aspx
FRO - Invitation to Q4 2016 Results Conference Call and
Webcast
Frontline Ltd.'s preliminary fourth quarter 2016 results will be
released on Tuesday February 28, 2017 and a webcast and
conference call will be held at 3:00 p.m. CET (9:00 a.m U.S. Eastern
Time). The results presentation will be available for download from
the Investor Relations section at www.frontline.bm ahead of the
conference call.
http://www.frontline.bm/external_feed/external_feeds/view/6/press_r
elease/2080541?active=6800
Latest Company News
IN THE NEWS
3
Monday, February 27, 2017 (Week 9)
FOURTH QUARTER 2016 RESULTS RELEASE DATEOCEAN RIG
UDW INC. ANNOUNCES
Ocean Rig UDW Inc. (NASDAQ:ORIG) (“Ocean Rig”), a global
provider of offshore deepwater drilling services, announced today
that it will release its results for the fourth quarter 2016 after the
market closes in New York on Wednesday, February 22, 2017.
http://cdn.capitallink.com/files/docs/companies/ocean_rig/press/2017
/oceanrig022117.pdf
SFL - Invitation to Presentation of 4Q 2016 Results
Ship Finance International Limited ("Ship Finance") (NYSE: SFL)
plans to release its preliminary financial results for the fourth quarter
2016 on Tuesday, February 28, 2017.
http://www.shipfinance.org/external_feed/external_feeds/view/5/pres
s_release/2080569?active=6800
Wednesday, February 22, 2017
STAR BULK CARRIERS CORP. REPORTS FINANCIAL RESULTS
FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER
31, 2016
Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq:
SBLK), a global shipping company focusing on the transportation of
dry bulk cargoes, today announced its unaudited financial and
operating results for the fourth quarter and year ended December
31, 2016.
http://www.starbulk.com/UserFiles/sblk022217.pdf
SDRL - Seadrill Limited Reschedules Fourth Quarter 2016
Earnings Release and Conference call
Seadrill Limited ("Seadrill" or "the Company") announces it has
rescheduled its fourth quarter and preliminary 2016 results and
conference call to Tuesday, February 28, 2017 at 12:00pm EST /
5:00pm GMT to provide additional time for the Company to complete
its review of the accounting for the Company's interest rate and
cross currency hedges.
http://www.seadrill.com/investor-relations/news/pr-
story.aspx?ResultPageURL=http://cws.huginonline.com/S/135817/P
R/201702/2080715.xml
SDLP - Seadrill Partners Reschedules Fourth Quarter 2016
Earnings Release and Conference Call
Seadrill Partners ("SDLP" or "the Company") announces it has
rescheduled its fourth quarter and preliminary 2016 results and
conference call to Tuesday, February 28, 2017 to provide additional
time for the Company to complete its review of the accounting for the
Company's interest rate hedges.
http://www.seadrillpartners.com/investor-relations/news-releases/pr-
story.aspx?ResultPageURL=http://cws.huginonline.com/S/155503/P
R/201702/2081066.xml
SUNOCO LOGISTICS ANNOUNCES RECORD RESULTS AND
DISTRIBUTABLE CASH FLOW FOR FULL YEAR 2016
Sunoco Logistics Partners L.P. (NYSE: SXL) (the "Partnership")
today announced net income attributable to partners for the year
ended December 31, 2016 of $705 million ($0.98 per limited partner
unit, diluted), compared to $393 million ($0.42 per limited partner
unit, diluted) for the prior year period. Adjusted EBITDA for the
twelve months ended December 31, 2016 was $1.23 billion,
compared to $1.15 billion for the prior year period. Net income
attributable to partners for the three months ended December 31,
2016 was $204 million ($0.29 per limited partner unit, diluted),
compared to $25 million (a loss of $0.21 per limited partner unit,
diluted) for the prior year period. Adjusted EBITDA was $327 million
for the three months ended December 31, 2016, compared to $317
million for the prior year period. Recent highlights include:
• Distributable Cash Flow of $943 million for the year ended
December 31, 2016
• Forty-seventh successive quarter over quarter distribution increase
to $0.52 ($2.08 annualized) for the fourth quarter 2016
• Completed the $760 million acquisition from Vitol of a Permian
Basin crude oil system and remaining interest in SunVit
• Established a $1.0 billion 364-day credit facility in December 2016
to continue to support our expansion capital program
• Completed the Permian Express Partners joint venture with
ExxonMobil in February 2017
• Completed debt financing and equity interest sale in connection
with the Bakken pipeline in February 2017, resulting in over $1.1
billion of proceeds
http://www.sunocologistics.com/SiteData/docs/Q42016SXLE/902f68f
5ae28b067/Q4%202016%20SXL%20Earnings%20Press%20Releas
e.pdf
Golar LNG Limited - Q4 2016 results presentation
Golar LNG's 4th Quarter 2016 results will be released before the
NASDAQ opens on Tuesday February 28 2017. In connection with
this a webcast presentation will be held at 3:00 P.M (London Time)
on Tuesday, February 28 2017. The presentation will be available to
download from the Investor Relations section at www.golarlng.com
http://www.golarlng.com/index.php?name=seksjon/Stock_Exchange
_Releases/Press_Releases.html&pressrelease=2080971.html
OCEAN RIG UDW INC. REPORTS FINANCIAL AND OPERATING
RESULTS FOR THE FOURTH QUARTER 2016
Ocean Rig UDW Inc. (NASDAQ:ORIG), or Ocean Rig or the
Company, an international contractor of offshore deepwater drilling
services, today announced its unaudited financial and operating
results for the quarter ended December 31, 2016.
Fourth Quarter 2016 Financial Highlights
-For the fourth quarter of 2016, the Company reported a net loss of
$3,711.6 million, or $45.08 basic and diluted loss per share.
-The fourth quarter 2016 results include an impairment loss of
$3,751.2 million, or $45.56 per share, associated with the
impairment of the book value of the Company’s drilling units.
-The Company reported Adjusted EBITDA(1) of $242.7 million for
the fourth quarter of 2016.
http://cdn.capitallink.com/files/docs/companies/ocean_rig/press/ocea
nrig022217.pdf
Invitation to presentation of Q4 2016 Results
In connection with the release of Golden Ocean's fourth quarter
2016 results in the morning (CET) Tuesday February 28, 2017, a
teleconference/webcast will be held as described below:
Teleconference and webcast
A conference call will be held at 02:00 P.M. CET (8:00 A.M. New
York Time) on Tuesday February 28, 2017. The presentation will be
Latest Company News
IN THE NEWS
4
Monday, February 27, 2017 (Week 9)
available for download from the Investor Relations section at
www.goldenocean.no (under "Presentations") prior to the
teleconference/webcast.
http://www.goldenocean.no/?view=hugin_feed&menu=21&feed=http:
//cws.huginonline.com/G/132879/PR/201702/2080572.xml
Navios Maritime Partners L.P. Announces the Acquisition of
Certain Financial Assets for $27.0 million from Navios Maritime
Holdings Inc.
Navios Maritime Partners L.P. (“Navios Partners” or the “Company”)
(NYSE:NMM) announced today that it has agreed to acquire from
Navios Maritime Holdings Inc. (“Navios Holdings”) (NYSE:NM) a
47.5% participation interest that Navios Holdings indirectly owns in
certain loan facilities previously made to Navios Europe Inc. (the
“Transaction”). The purchase price is $27.0 million, payable in the
form of (1) $4.05 million in cash and (2) approximately 13.1 million
common units of NMM. The loans being purchased have an
aggregate balance of $21.4 million as of February 2017, earn
interest at 12.7% annually and mature no later than December 2023
with an estimated nominal value of $51.3 million. Navios Partners
may require Navios Holdings, under certain conditions, to
repurchase the loans after the third anniversary of the date of the
sale based on the then outstanding balance of the loans.
http://navios-mlp.irwebpage.com/files/nmm220217.pdf
Navios Maritime Holdings Inc. Reports Financial Results for the
Fourth Quarter and Year Ended December 31, 2016
Navios Maritime Holdings Inc. ("Navios Holdings" or "the Company")
(NYSE:NM), a global, vertically integrated seaborne shipping and
logistics company, today reported financial results for the fourth
quarter and year ended December 31, 2016.
•$419.8 million revenue for 2016
- $99.5 million revenue for Q4
•$36.9 million net cash from operating activities for 2016
•$144.0 million adjusted EBITDA for 2016
- $29.1 million adjusted EBITDA for Q4
•$141.4 million of cash as of December 31, 2016
•London arbitration tribunal ruled 20-year port services contract with
Vale to be in full force and effect
•New York arbitration tribunal awards $21.5 million to Navios
Logistics from Vale re: barge COA dispute
•Agreement to sell certain loans to Navios Partners for $27.0 million
- $4.05 million in cash
- 13.1 million in common units of Navios Partners
•Positioned to capture market recovery
- $28.0 million expected reduction in 2017 cash breakeven
- Industry leading operating efficiencies
- Opex 37% lower than industry average
- 45% decrease in G&A compared to 2015
- Significant upside to market recovery in 2017 through -
- 19.5% of revenue days fixed
- 34.5% fixed with floating rates
- 46.0% open
- Chartering strategy generated $37.0 million of additional revenue
vs. average spot market in 2016
http://www.navios.com/InvestorRelations/default.asp
Thursday, February 23, 2017
Transocean Ltd. Reports Fourth Quarter, Full Year 2016 Results
•Revenues were $974 million, up from $906 million in the third
quarter of 2016
•Operating and maintenance expense was $314 million, including
$30 million in favorable items associated with litigation matters. This
compares with $407 million in the prior period;
•Net income attributable to controlling interest was $226 million,
$0.60 per diluted share, compared with $230 million, $0.62 per
diluted share, in the third quarter of 2016;
•Adjusted net income was $239 million, $0.63 per diluted share,
excluding $13 million of net unfavorable items. This compares with
$100 million, $0.27 per diluted share, in the prior quarter, excluding
$130 million of net favorable items;
•Effective Tax Rate excluding discrete items (1) was 11.6 percent,
compared with 18.2 percent in the third quarter of 2016;
•Cash flows from operating activities were $633 million, up from
$440 million in the previous quarter;
•Revenue efficiency(2) was 100.3 percent, compared with 100.7
percent in the third quarter of 2016; and
•Contract backlog was $11.3 billion as of the February 2017 Fleet
Status Report.
http://investor.deepwater.com/phoenix.zhtml?c=113031&p=irol-
newsArticle&ID=2248552
TEEKAY CORPORATION REPORTS FOURTH QUARTER AND
ANNUAL 2016 RESULTS
Highlights
•Reported consolidated GAAP net loss attributable to shareholders
of Teekay of $2.7 million, or $0.03 per share, and consolidated
adjusted net loss attributable to shareholders of Teekay(1) of $18.6
million, or $0.22 per share in the fourth quarter of 2016.
•Generated GAAP consolidated income from vessel operations of
$83.2 million and $384.3 million, respectively, and consolidated cash
flow from vessel operations(1) of $290.5 million and $1.3 billion,
respectively, in the fourth quarter and fiscal year 2016.
•Entered into a contract amendment and heads of terms to extend
the firm periods for the Banff FPSO and Hummingbird Spirit FPSO
out to the third quarter of 2018 and September 2020, respectively.
•Declared fourth quarter 2016 cash dividend of $0.055 per share.
http://teekay.com/blog/2017/02/23/teekay-corporation-reports-fourth-
quarter-and-annual-2016-results/
TEEKAY LNG PARTNERS REPORTS FOURTH QUARTER AND
ANNUAL 2016 RESULTS
Highlights
•Reported GAAP net income attributable to the partners and
preferred unitholders of $84.4 million and adjusted net income
attributable to the partners and preferred unitholders(1) of $29.0
million (excluding items listed in Appendix A to this release) in the
fourth quarter of 2016.
•Generated GAAP income from vessel operations of $38.0 million
and $153.2 million, respectively, and total cash flow from vessel
operations(1) of $114.5 million and $480.1 million, respectively, in
the fourth quarter and fiscal year 2016.
•Generated distributable cash flow(1) of $50.2 million, or $0.63 per
Latest Company News
IN THE NEWS
5
Monday, February 27, 2017 (Week 9)
common unit, in the fourth quarter of 2016.
•Completed approximately $1.0 billion of new long-term financings
for the Partnership’s growth projects to fund four MEGI LNG carrier
newbuildings, the Bahrain regasification terminal and two LPG
carrier newbuildings in the Exmar LPG joint venture.
TEEKAY OFFSHORE PARTNERS REPORTS FOURTH QUARTER
AND ANNUAL 2016 RESULTS
Highlights
•Reported GAAP net income attributable to the partners and
preferred unitholders of $92.0 million and adjusted net income
attributable to the partners and preferred unitholders(1) of $8.5
million (excluding items listed in Appendix A to this release) in the
fourth quarter of 2016 .
•Generated GAAP income from vessel operations of $56.5 million
and $230.9 million, respectively, and total cash flow from vessel
operations(1) of $134.8 million and $584.3 million, respectively, in
the fourth quarter and fiscal year 2016.
•Generated distributable cash flow(1) of $21.6 million, or $0.15 per
common unit, in the fourth quarter of 2016 and $161.3 million, or
$1.28 per common unit, during 2016.
•Finalizing a new five-year North Sea shuttle tanker contract of
affreightment (CoA) in January 2017.
•Sold a 1995-built shuttle tanker, the Navion Europa, for net
proceeds of $14.4 million, resulting in a gain of approximately $7
million in November 2016.
http://teekay.com/blog/2017/02/23/teekay-offshore-partners-reports-
fourth-quarter-and-annual-2016-results/
TEEKAY TANKERS LTD. REPORTS FOURTH QUARTER AND
ANNUAL 2016 RESULTS
Highlights
•Reported GAAP net income of $6.8 million, or $0.04 per share, and
adjusted net income attributable to shareholders(1) of $5.1 million, or
$0.03 per share, in the fourth quarter of 2016.
•Generated free cash flow(1) of $34.2 million in the fourth quarter of
2016.
•Declared cash dividend of $0.03 per share for the fourth quarter of
2016, representing the minimum quarterly dividend.
•Completed the sale of a Medium-Range (MR) product tanker and an
older Suezmax tanker in November 2016 and January 2017,
respectively, with one older Suezmax tanker sale scheduled to be
completed in late-February 2017.
•Since October 2016, secured three time charter-out contracts,
increasing Teekay Tankers’ fixed-rate charter coverage to
approximately 40 percent for the 12 months ending December 31,
2017.
https://teekay.com/blog/2017/02/23/teekay-tankers-ltd-reports-fourth-
quarter-and-annual-2016-results/
STEALTHGAS INC. REPORTS FOURTH QUARTER AND
TWELVE MONTHS ENDED DECEMBER 31, 2016 FINANCIAL
AND OPERATING RESULTS
STEALTHGAS INC. (NASDAQ: GASS),a ship-owning company
primarily serving the liquefied petroleum gas (LPG) sector of the
international shipping industry, announced today its unaudited
financial and operating results for the fourth quarter and twelve
months ended December 31, 2016.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
- Vessel calendar days up 9.4% year on year with operational
utilization of 91.1% for 2016.
- Operational utilization of 94.2% in Q4 2016 (91.0% in Q4 2015).
- Commercial off hire days reduced in Q4 2016 by 54.7% compared
to previous quarter.
- 73% of fleet days secured on period charters for 2017, with a total
of approximately $200 million in contracted revenues.
- Sale of our oldest vessel the Gas Ice (1991 built) in December
2016.
- Revenues of $144.1 million increased by 2.0% year on year.
- Adjusted EBITDA of $51.8 million in 2016.
- Moderate gearing as debt to assets stands at 39.7% while net debt
to assets is as low as 33.2%.
- Cash on hand of $65.0 million with operating cashflow of $36.2
million for 2016.
http://www.stealthgas.com/press-releases-investor-relations-
107/351-stealthgas-inc-reports-fourth-quarter-and-twelve-months-
ended-december-31,-2016-financial-and-operating-results.html
Noble Corporation plc Provides Fleet Contract Status Update
Noble Corporation plc (NYSE: NE) today announced that its report of
drilling rig status and contract information has been updated as of
February 23, 2017. The report, titled "Fleet Status Report," can be
found on the Company's Website www.noblecorp.com, under the
"Investor Relations" section of the Website.
http://phx.corporate-ir.net/phoenix.zhtml?c=98046&p=irol-
newsArticle&ID=2249028
Pacific Drilling Announces Fourth-Quarter and Full-Year 2016
Results
Conference call set 9 a.m. Central time Friday, February 24
•Record revenue efficiency(a) of 99.2% for the fourth quarter yielded
revenue of $178.0 million
•Revenue efficiency of 98.2% for the full year 2016 yielded revenue
of $769.5 million, as compared to 94.7% and $1,085.1 million,
respectively, for the full year 2015
•Net loss for the fourth quarter of $43.0 million, or $2.03 per diluted
share, and net loss for the full year of $37.2 million, or$1.76 per
diluted share
•EBITDA(b) for the fourth quarter of $92.9 million, representing an
EBITDA margin(c) of 52.2%, and adjusted EBITDA(b) for the full
year of $413.7 million, representing an adjusted EBITDA margin(c)
of 53.8%
•Cash flow from operations for the full year of $249.1 million
•Operating and G&A costs for the full year of $353.4 million, a
reduction of $133.4 million or 27.4% from 2015
http://www.pacificdrilling.com/Investor-Relations/News/News-
Details/2017/Pacific-Drilling-Announces-Fourth-Quarter-and-Full-
Year-2016-Results/default.aspx
Safe Bulkers, Inc. Reports Fourth Quarter and Twelve Months
2016 Results
Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international
provider of marine drybulk transportation services, announced today
its unaudited financial results for the three and twelve month period
ended December 31, 2016. Summary of Fourth Quarter 2016
Results
Latest Company News
IN THE NEWS
6
Monday, February 27, 2017 (Week 9)
• Net revenues for the fourth quarter of 2016 increased by 6% to
$31.7 million from $29.9 million during the same period in 2015.
• Net loss for the fourth quarter of 2016 was $4.6 million as
compared to $29.9 million, during the same period in 2015. Adjusted
net loss1 for the fourth quarter of 2016 was $4.1 million as compared
to adjusted net loss of $7.7 million, during the same period in 2015.
• EBITDA2 for the fourth quarter of 2016 amounted to earnings of
$13.1 million as compared to a loss of $13.1 million during the same
period in 2015. Adjusted EBITDA3 for the fourth quarter of 2016
increased by 49% to $13.6 million from $9.1 million during the same
period in 2015.
• Loss per share4 and adjusted loss per share4 for the fourth quarter
of 2016 were $0.09 and $0.09 respectively, calculated on a weighted
average number of 87,364,672 shares, as compared to loss per
share of $0.40 and adjusted loss per share of $0.13 during the same
period in 2015, calculated on a weighted average number of
83,504,266 shares.
http://www.safebulkers.com/sbpr022317.pdf
Friday, February 24, 2017
SUNOCO LOGISTICS PARTNERS L.P. FILED FORM 10-K WITH
THE SECURITIES AND EXCHANGE COMMISSION
Sunoco Logistics Partners L.P. (NYSE: SXL) announced today that
the Partnership filed its Annual Report on Form 10-K with the
Securities and Exchange Commission on February 24, 2017. A copy
of the Annual Report may be found on the Partnership’s website
www.sunocologistics.com under “Investors,” “Financial Information.”
Unitholders may request a copy of the Partnership’s complete
audited financial statements free of charge upon request to
[email protected] or by calling toll-free 866-248-4344.
http://www.sunocologistics.com/SiteData/docs/2016Filed1/98dedaac
18a22a1a/2016%20Filed%2010-K%20Announcement.pdf
Genco Shipping & Trading Limited Announces Fourth Quarter
2016 Conference Call and Webcast
Genco Shipping & Trading Limited (NYSE:GNK) announced today
that it will hold a conference call to discuss the Company’s results for
the fourth quarter of 2016 on Thursday, March 2, 2017 at 8:30 a.m.
Eastern Time. The conference call will also be broadcast live over
the Internet and include a slide presentation. The Company will issue
financial results for the fourth quarter ended December 31, 2016 on
Wednesday, March 1, 2017 after the close of market trading.
http://phx.corporate-ir.net/phoenix.zhtml?c=190282&p=irol-
newsArticle&ID=2249235
Overseas Shipholding Group to Announce Fourth Quarter and
Full Year 2016 Results on March 7, 2017
Overseas Shipholding Group, Inc. (NYSE:OSG) (the “Company” or
“OSG”) announced today that it plans to release fourth quarter and
full year 2016 results before market open on Tuesday, March 7,
2017.
The Company will host a conference call to discuss its fourth quarter
and full year 2016 results at 9:00 a.m. Eastern Time (“ET”) on
Tuesday, March 7, 2017.
http://www.osg.com/file/Index?KeyFile=38218374
Höegh LNG : Webcast/Q&A session details for the 4Q 2016 financial
results
Höegh LNG Holdings Ltd. ("Höegh LNG") will release its 4Q 2016
financial results on Tuesday 28 February 2017 at 07:00 am CET. In
connection with this, Höegh LNG will hold a webcast at 09:00am
CET which will immediately be followed by a Q&A session.
http://www.hoeghlng.com/Pages/News.aspx
Pacific Drilling Announces Availability of 2016 Financial
Statements on Form 20-F
Pacific Drilling S.A. (NYSE: PACD) announced today that its
financial statements for the year ended December 31, 2016, filed on
Form 20-F with the U.S. Securities and Exchange Commission on
February 24, 2017, are available on the company’s website,
www.pacificdrilling.com, in the “SEC Filings” subsection of the
“Investor Relations” section. Shareholders may also request a free
hard copy of the filing, which includes the company’s complete 2016
audited financial statements, by emailing
[email protected] or by dialing +1 832-255-0600.
http://www.pacificdrilling.com/Investor-Relations/News/News-
Details/2017/Pacific-Drilling-Announces-Availability-of-2016-
Financial-Statements-on-Form-20-F/default.aspx
ROWAN REPORTS FOURTH QUARTER AND FULL-YEAR 2016
RESULTS
For the quarter ended December 31, 2016, Rowan Companies plc
("Rowan" or the "Company")(NYSE: RDC) reported a net loss of
$24.4 million, or $0.19 per diluted share, compared to net income of
$124.4 million, or $0.99 per diluted share, in the fourth quarter of
2015. The net loss for the current quarter included a $33.6 million
(after tax), or $0.27 per share, loss on extinguishment of $463.9
million of debt. The net income for the prior-year quarter included a
gain on the sale of the Rowan Louisiana of$6.3 million (after tax), or
$0.05 per share, and a $1.0 million loss on extinguishment of debt
(after tax), or $0.01 per share.
http://www.rowan.com/investor-relations/press-releases/press-
release-details/2017/Rowan-Reports-Fourth-Quarter-and-Full-Year-
2016-Results/default.aspx
Monday, February 27, 2017
NORDIC AMERICAN TANKERS LIMITED (NYSE:NAT) - THE
CHAIRMAN & CEO AND HIS FAMILY INCREASE ITS HOLDING
IN NAT
A company owned by the NAT Chairman & CEO, Herbjorn Hansson
and his son, Alexander, bought 75,000 NAT shares last week,
adding to the position as one of the largest shareholders of NAT.
The share price was $7.96 per share.
http://www.nat.bm/IR/press_releases/2082177.html
Latest Company News
IN THE NEWS
7
Monday, February 27, 2017 (Week 9)
IN THE NEWS
Danaos Corporation Reports Results for the Fourth Quarter
and Year Ended December 31, 2016
Danaos Corporation ("Danaos") (NYSE: DAC), one of the world's
largest independent owners of containerships, today reported
unaudited results for the fourth quarter and the year ended
December 31, 2016.
Highlights for the Fourth Quarter and Year Ended December 31,
2016:
•Adjusted net income1 of $23.2 million, or $0.21 per share, for the
three months ended December 31, 2016 compared to $47.2 million,
or $0.43 per share, for the three months ended December 31, 2015,
a decrease of 50.8%. Adjusted net income1 of $140.9 million, or
$1.28 per share, for the year ended December 31, 2016compared to
$159.5 million, or $1.45 per share, for the year ended December 31,
2015, a decrease of 11.7%.
•Operating revenues of $112.1 million for the three months ended
December 31, 2016 compared to $143.3 million for the three months
ended December 31, 2015, a decrease of 21.8%. Operating
revenues of $498.3 million for the year ended December 31, 2016
compared to $567.9 million for the year ended December 31, 2015,
a decrease of 12.3%.
•Adjusted EBITDA1 of $75.9 million for the three months ended
December 31, 2016 compared to $105.7 million for the three months
ended December 31, 2015, a decrease of 28.2%. Adjusted EBITDA1
of $350.6 million for the year ended December 31, 2016 compared
to $418.3 million for the year ended December 31, 2015, a decrease
of 16.2%.
•On September 1, 2016, Hanjin Shipping ("Hanjin"), formerly the
charterer of eight of our vessels, filed for receivership with the Seoul
Central District Court, which had a negative impact on our current
operating results, contracted operating revenue and our debt.
•We recognized an impairment loss of $415.1 million for our vessels
and $29.4 million impairment loss on securities.
•Total contracted operating revenues were $2.1 billion as of
December 31, 2016, with charters extending through 2028 and
remaining average contracted charter duration of 6.6 years,
weighted by aggregate contracted charter hire.
•Charter coverage of 92% for the next 12 months based on current
operating revenues and 74% in terms of contracted operating days.
http://www.danaos.com/news-and-media/press-release-
details/2017/Danaos-Corporation-Reports-Results-for-the-Fourth-
Quarter-and-Year-Ended-December-31-2016/default.aspx
STAR BULK CARRIERS CORP. REPORTS FINANCIAL RESULTS
FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER
31, 2016
Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq:
SBLK), a global shipping company focusing on the transportation of
dry bulk cargoes, today announced its unaudited financial and
operating results for the fourth quarter and year ended December
31, 2016.
http://www.starbulk.com/UserFiles/sblk022217.pdf
SUNOCO LOGISTICS ANNOUNCES RECORD RESULTS AND
DISTRIBUTABLE CASH FLOW FOR FULL YEAR 2016
Sunoco Logistics Partners L.P. (NYSE: SXL) (the "Partnership")
today announced net income attributable to partners for the year
ended December 31, 2016 of $705 million ($0.98 per limited partner
unit, diluted), compared to $393 million ($0.42 per limited partner
unit, diluted) for the prior year period. Adjusted EBITDA for the
twelve months ended December 31, 2016 was $1.23 billion,
compared to $1.15 billion for the prior year period. Net income
attributable to partners for the three months ended December 31,
2016 was $204 million ($0.29 per limited partner unit, diluted),
compared to $25 million (a loss of $0.21 per limited partner unit,
diluted) for the prior year period. Adjusted EBITDA was $327 million
for the three months ended December 31, 2016, compared to $317
million for the prior year period. Recent highlights include:
• Distributable Cash Flow of $943 million for the year ended
December 31, 2016
• Forty-seventh successive quarter over quarter distribution increase
to $0.52 ($2.08 annualized) for the fourth quarter 2016
• Completed the $760 million acquisition from Vitol of a Permian
Basin crude oil system and remaining interest in SunVit
• Established a $1.0 billion 364-day credit facility in December 2016
to continue to support our expansion capital program
• Completed the Permian Express Partners joint venture with
ExxonMobil in February 2017
• Completed debt financing and equity interest sale in connection
with the Bakken pipeline in February 2017, resulting in over $1.1
billion of proceeds
http://www.sunocologistics.com/SiteData/docs/Q42016SXLE/902f68f
5ae28b067/Q4%202016%20SXL%20Earnings%20Press%20Releas
e.pdf
OCEAN RIG UDW INC. REPORTS FINANCIAL AND OPERATING
RESULTS FOR THE FOURTH QUARTER 2016
Ocean Rig UDW Inc. (NASDAQ:ORIG), or Ocean Rig or the
Company, an international contractor of offshore deepwater drilling
services, today announced its unaudited financial and operating
results for the quarter ended December 31, 2016.
Fourth Quarter 2016 Financial Highlights
-For the fourth quarter of 2016, the Company reported a net loss of
$3,711.6 million, or $45.08 basic and diluted loss per share.
-The fourth quarter 2016 results include an impairment loss of
$3,751.2 million, or $45.56 per share, associated with the
Earnings Recap
8
Monday, February 27, 2017 (Week 9)
IN THE NEWS
impairment of the book value of the Company’s drilling units.
-The Company reported Adjusted EBITDA(1) of $242.7 million for
the fourth quarter of 2016.
http://cdn.capitallink.com/files/docs/companies/ocean_rig/press/ocea
nrig022217.pdf
Navios Maritime Holdings Inc. Reports Financial Results for the
Fourth Quarter and Year Ended December 31, 2016
Navios Maritime Holdings Inc. ("Navios Holdings" or "the Company")
(NYSE:NM), a global, vertically integrated seaborne shipping and
logistics company, today reported financial results for the fourth
quarter and year ended December 31, 2016.
•$419.8 million revenue for 2016 - $99.5 million revenue for Q4
•$36.9 million net cash from operating activities for 2016
•$144.0 million adjusted EBITDA for 2016
- $29.1 million adjusted EBITDA for Q4
•$141.4 million of cash as of December 31, 2016
•London arbitration tribunal ruled 20-year port services contract with
Vale to be in full force and effect
•New York arbitration tribunal awards $21.5 million to Navios
Logistics from Vale re: barge COA dispute
•Agreement to sell certain loans to Navios Partners for $27.0 million
- $4.05 million in cash
- 13.1 million in common units of Navios Partners
•Positioned to capture market recovery
- $28.0 million expected reduction in 2017 cash breakeven
- Industry leading operating efficiencies
- Opex 37% lower than industry average
- 45% decrease in G&A compared to 2015
- Significant upside to market recovery in 2017 through -
- 19.5% of revenue days fixed
- 34.5% fixed with floating rates
- 46.0% open
- Chartering strategy generated $37.0 million of additional revenue
vs. average spot market in 2016
http://www.navios.com/InvestorRelations/default.asp
Transocean Ltd. Reports Fourth Quarter, Full Year 2016 Results
•Revenues were $974 million, up from $906 million in the third
quarter of 2016
•Operating and maintenance expense was $314 million, including
$30 million in favorable items associated with litigation matters. This
compares with $407 million in the prior period;
•Net income attributable to controlling interest was $226 million,
$0.60 per diluted share, compared with $230 million, $0.62 per
diluted share, in the third quarter of 2016;
•Adjusted net income was $239 million, $0.63 per diluted share,
excluding $13 million of net unfavorable items. This compares with
$100 million, $0.27 per diluted share, in the prior quarter, excluding
$130 million of net favorable items;
•Effective Tax Rate excluding discrete items (1) was 11.6 percent,
compared with 18.2 percent in the third quarter of 2016;
•Cash flows from operating activities were $633 million, up from
$440 million in the previous quarter;
•Revenue efficiency(2) was 100.3 percent, compared with 100.7
percent in the third quarter of 2016; and
•Contract backlog was $11.3 billion as of the February 2017 Fleet
Status Report.
http://investor.deepwater.com/phoenix.zhtml?c=113031&p=irol-
newsArticle&ID=2248552
TEEKAY CORPORATION REPORTS FOURTH QUARTER AND
ANNUAL 2016 RESULTS
Highlights
•Reported consolidated GAAP net loss attributable to shareholders
of Teekay of $2.7 million, or $0.03 per share, and consolidated
adjusted net loss attributable to shareholders of Teekay(1) of $18.6
million, or $0.22 per share in the fourth quarter of 2016.
•Generated GAAP consolidated income from vessel operations of
$83.2 million and $384.3 million, respectively, and consolidated cash
flow from vessel operations(1) of $290.5 million and $1.3 billion,
respectively, in the fourth quarter and fiscal year 2016.
•Entered into a contract amendment and heads of terms to extend
the firm periods for the Banff FPSO and Hummingbird Spirit FPSO
out to the third quarter of 2018 and September 2020, respectively.
•Declared fourth quarter 2016 cash dividend of $0.055 per share.
http://teekay.com/blog/2017/02/23/teekay-corporation-reports-fourth-
quarter-and-annual-2016-results/
TEEKAY LNG PARTNERS REPORTS FOURTH QUARTER AND
ANNUAL 2016 RESULTS
Highlights
•Reported GAAP net income attributable to the partners and
preferred unitholders of $84.4 million and adjusted net income
attributable to the partners and preferred unitholders(1) of $29.0
million (excluding items listed in Appendix A to this release) in the
fourth quarter of 2016.
•Generated GAAP income from vessel operations of $38.0 million
and $153.2 million, respectively, and total cash flow from vessel
operations(1) of $114.5 million and $480.1 million, respectively, in
the fourth quarter and fiscal year 2016.
•Generated distributable cash flow(1) of $50.2 million, or $0.63 per
common unit, in the fourth quarter of 2016.
•Completed approximately $1.0 billion of new long-term financings
for the Partnership’s growth projects to fund four MEGI LNG carrier
newbuildings, the Bahrain regasification terminal and two LPG
Earnings Recap
9
Monday, February 27, 2017 (Week 9)
IN THE NEWS
carrier newbuildings in the Exmar LPG joint venture.
TEEKAY OFFSHORE PARTNERS REPORTS FOURTH QUARTER
AND ANNUAL 2016 RESULTS
Highlights
•Reported GAAP net income attributable to the partners and
preferred unitholders of $92.0 million and adjusted net income
attributable to the partners and preferred unitholders(1) of $8.5
million (excluding items listed in Appendix A to this release) in the
fourth quarter of 2016 .
•Generated GAAP income from vessel operations of $56.5 million
and $230.9 million, respectively, and total cash flow from vessel
operations(1) of $134.8 million and $584.3 million, respectively, in
the fourth quarter and fiscal year 2016.
•Generated distributable cash flow(1) of $21.6 million, or $0.15 per
common unit, in the fourth quarter of 2016 and $161.3 million, or
$1.28 per common unit, during 2016.
•Finalizing a new five-year North Sea shuttle tanker contract of
affreightment (CoA) in January 2017.
•Sold a 1995-built shuttle tanker, the Navion Europa, for net
proceeds of $14.4 million, resulting in a gain of approximately $7
million in November 2016.
http://teekay.com/blog/2017/02/23/teekay-offshore-partners-reports-
fourth-quarter-and-annual-2016-results/
TEEKAY TANKERS LTD. REPORTS FOURTH QUARTER AND
ANNUAL 2016 RESULTS
Highlights
•Reported GAAP net income of $6.8 million, or $0.04 per share, and
adjusted net income attributable to shareholders(1) of $5.1 million, or
$0.03 per share, in the fourth quarter of 2016.
•Generated free cash flow(1) of $34.2 million in the fourth quarter of
2016.
•Declared cash dividend of $0.03 per share for the fourth quarter of
2016, representing the minimum quarterly dividend.
•Completed the sale of a Medium-Range (MR) product tanker and an
older Suezmax tanker in November 2016 and January 2017,
respectively, with one older Suezmax tanker sale scheduled to be
completed in late-February 2017.
•Since October 2016, secured three time charter-out contracts,
increasing Teekay Tankers’ fixed-rate charter coverage to
approximately 40 percent for the 12 months ending December 31,
2017.
https://teekay.com/blog/2017/02/23/teekay-tankers-ltd-reports-fourth-
quarter-and-annual-2016-results/
STEALTHGAS INC. REPORTS FOURTH QUARTER AND
TWELVE MONTHS ENDED DECEMBER 31, 2016 FINANCIAL
AND OPERATING RESULTS
STEALTHGAS INC. (NASDAQ: GASS),a ship-owning company
primarily serving the liquefied petroleum gas (LPG) sector of the
international shipping industry, announced today its unaudited
financial and operating results for the fourth quarter and twelve
months ended December 31, 2016.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
- Vessel calendar days up 9.4% year on year with operational
utilization of 91.1% for 2016.
- Operational utilization of 94.2% in Q4 2016 (91.0% in Q4 2015).
- Commercial off hire days reduced in Q4 2016 by 54.7% compared
to previous quarter.
- 73% of fleet days secured on period charters for 2017, with a total
of approximately $200 million in contracted revenues.
- Sale of our oldest vessel the Gas Ice (1991 built) in December
2016.
- Revenues of $144.1 million increased by 2.0% year on year.
- Adjusted EBITDA of $51.8 million in 2016.
- Moderate gearing as debt to assets stands at 39.7% while net debt
to assets is as low as 33.2%.
- Cash on hand of $65.0 million with operating cashflow of $36.2
million for 2016.
http://www.stealthgas.com/press-releases-investor-relations-
107/351-stealthgas-inc-reports-fourth-quarter-and-twelve-months-
ended-december-31,-2016-financial-and-operating-results.html
Pacific Drilling Announces Fourth-Quarter and Full-Year 2016
Results
Conference call set 9 a.m. Central time Friday, February 24
•Record revenue efficiency(a) of 99.2% for the fourth quarter yielded
revenue of $178.0 million
•Revenue efficiency of 98.2% for the full year 2016 yielded revenue
of $769.5 million, as compared to 94.7% and $1,085.1 million,
respectively, for the full year 2015
•Net loss for the fourth quarter of $43.0 million, or $2.03 per diluted
share, and net loss for the full year of $37.2 million, or$1.76 per
diluted share
•EBITDA(b) for the fourth quarter of $92.9 million, representing an
EBITDA margin(c) of 52.2%, and adjusted EBITDA(b) for the full
year of $413.7 million, representing an adjusted EBITDA margin(c)
of 53.8%
•Cash flow from operations for the full year of $249.1 million
•Operating and G&A costs for the full year of $353.4 million, a
reduction of $133.4 million or 27.4% from 2015
http://www.pacificdrilling.com/Investor-Relations/News/News-
Details/2017/Pacific-Drilling-Announces-Fourth-Quarter-and-Full-
Year-2016-Results/default.aspx
Earnings Recap
10
Monday, February 27, 2017 (Week 9)
IN THE NEWS
Safe Bulkers, Inc. Reports Fourth Quarter and Twelve Months
2016 Results
Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international
provider of marine drybulk transportation services, announced today
its unaudited financial results for the three and twelve month period
ended December 31, 2016. Summary of Fourth Quarter 2016
Results
• Net revenues for the fourth quarter of 2016 increased by 6% to
$31.7 million from $29.9 million during the same period in 2015.
• Net loss for the fourth quarter of 2016 was $4.6 million as
compared to $29.9 million, during the same period in 2015. Adjusted
net loss1 for the fourth quarter of 2016 was $4.1 million as compared
to adjusted net loss of $7.7 million, during the same period in 2015.
• EBITDA2 for the fourth quarter of 2016 amounted to earnings of
$13.1 million as compared to a loss of $13.1 million during the same
period in 2015. Adjusted EBITDA3 for the fourth quarter of 2016
increased by 49% to $13.6 million from $9.1 million during the same
period in 2015.
• Loss per share4 and adjusted loss per share4 for the fourth quarter
of 2016 were $0.09 and $0.09 respectively, calculated on a weighted
average number of 87,364,672 shares, as compared to loss per
share of $0.40 and adjusted loss per share of $0.13 during the same
period in 2015, calculated on a weighted average number of
83,504,266 shares.
http://www.safebulkers.com/sbpr022317.pdf
ROWAN REPORTS FOURTH QUARTER AND FULL-YEAR 2016
RESULTS
For the quarter ended December 31, 2016, Rowan Companies plc
("Rowan" or the "Company")(NYSE: RDC) reported a net loss of
$24.4 million, or $0.19 per diluted share, compared to net income of
$124.4 million, or $0.99 per diluted share, in the fourth quarter of
2015. The net loss for the current quarter included a $33.6 million
(after tax), or $0.27 per share, loss on extinguishment of $463.9
million of debt. The net income for the prior-year quarter included a
gain on the sale of the Rowan Louisiana of$6.3 million (after tax), or
$0.05 per share, and a $1.0 million loss on extinguishment of debt
(after tax), or $0.01 per share.
http://www.rowan.com/investor-relations/press-releases/press-
release-details/2017/Rowan-Reports-Fourth-Quarter-and-Full-Year-
2016-Results/default.aspx
Earnings Recap
11
Monday, February 27, 2017 (Week 9)
Dividend Paying Shipping Stocks Stock Prices as of February 24, 2017
CAPITAL MARKETS DATA
*Semi-annual dividend
Company Name TickerQuarterly
Dividend
Annualized
Dividend
Last Closing Price
(February 24, 2017)
Annualized
Dividend Yield
Container
Costamare Inc CMRE $0.10 $0.40 6.12 6.54%
Seaspan Corp SSW $0.375 $1.50 7.78 19.28%
Tankers
DHT Holdings, Inc. DHT $0.08 $0.32 4.75 6.74%
Frontline FRO $0.10 $0.40 6.76 5.92%
Navios Maritime Acquisition Corp NNA $0.05 $0.20 1.87 10.70%
Nordic American Tankers Limited NAT $0.20 $0.80 7.97 10.04%
Scorpio Tankers Inc STNG $0.010 $0.04 4.12 0.97%
Tsakos Energy Navigation Ltd TNP $0.05 $0.20 4.66 4.29%
Teekay Tankers TNK $0.03 $0.12 2.35 5.11%
Mixed Fleet
Ship Finance International Limited SFL $0.45 $1.80 14.55 12.37%
Teekay Corporation TK $0.055 $0.22 9.92 2.22%
LNG/LPG
GasLog Ltd GLOG $0.14 $0.56 15.70 3.57%
Golar LNG GLNG $0.05 $0.20 26.27 0.76%
Maritime MLPs
Capital Product Partners L.P. CPLP $0.0800 $0.320 3.33 9.61%
Dynagas LNG Partners DLNG $0.4225 $1.69 16.62 10.17%
GasLog Partners LP GLOP $0.4900 $1.960 23.70 8.27%
Golar LNG Partners, L.P. GMLP $0.5775 $2.31 23.56 9.80%
Hoegh LNG Partners HMLP $0.4125 $1.65 19.85 8.31%
KNOT Offshore Partners L.P. KNOP $0.52 $2.08 22.45 9.27%
Navios Maritime Midstream Partners NAP $0.4225 $1.69 11.02 15.34%
Teekay LNG Partners L.P. TGP $0.14 $0.56 19.15 2.92%
Teekay Offshore Partners L.P. TOO 0.11 0.44 5.19 8.48%
Offshore Drilling
Ensco plc ESV $0.01 $0.04 10.17 0.39%
Seadrill Partners SDLP $0.10 $0.40 5.01 7.98%
Container
Costamare Inc CMRE $0.10 $0.40 6.12 6.54%
Seaspan Corp SSW $0.375 $1.50 7.78 19.28%
12
Monday, February 27, 2017 (Week 9)
(1) Annual dividend percentage based upon the liquidation preference of the preferred shares.
* Prices reflected are since inception date:
Seaspan Series G – 6/10/2016
Seaspan Series H – 8/5/2016
* Historical Price available until:
Safe Bulkers Series B – 2/23/2017
CAPITAL MARKETS DATA
Preferred Shipping Stocks Stock Prices as of February 24, 2017
Company Ticker
Amount
Issued
($m)
TypeAnnual
Coupon
Offer
Price
Current
Price
2/24/2017
Current
Yield
(annualized)
%
change
last
week
52-week
range*
Costamare Series BCMRE
PRB50 perpetual 7.625% $25.00 $22.24 8.57% 2.49%
15.70 -
23.20
Costamare Series CCMRE
PRC100 perpetual 8.50% $25.00 $22.54 9.43% 1.30%
15.95 -
22.84
Costamare Series DCMRE
PRD100 perpetual 8.75% $25.00 $22.97 9.52% 1.96%
16.00 -
23.42
Diana Shipping Series B DSXPRB 65 perpetual 8.875% $25.00 $18.40 12.06% -3.06%$10.00 -
19.71
Dynagas LNG Partners
Series A
DLNGPR
A75 perpetual 9.000% $25.00 $25.70 8.75% 0.12%
16.80 -
25.99
GasLog Series A GLOGA 111 perpetual 8.75% $25.00 $25.61 7.97% 0.95%20.48 -
26.99
Global Ship Lease Series
BGSLB 35 perpetual 8.75% $25.00 $19.75 11.08% -5.73%
10.65 -
21.62
Safe Bulkers Series B SBPRB 40perpetual
step up8.00% $25.00 $23.75 8.42% -0.50%
$21.30 -
24.24
Safe Bulkers Series C SBPRC 58 perpetual 8.00% $25.00 $17.05 11.73% 0.89%9.04 -
18.33
Safe Bulkers Series D SBPRD 80 perpetual 8.00% $25.00 $16.95 11.80% 0.00%8.34 -
18.38
Seaspan Series D SSWPRD 128 perpetual 7.95% $25.00 $20.48 9.70% 0.39%16.19 -
26.90
Seaspan Series E SSWPRE 135 perpetual 8.25% $25.00 $20.42 10.10% -1.07%17.72 -
26.50
Seaspan Series G SSWPRG 100 perpetual 8.25% $25.00 $21.10 4.75% 0.62%18.03 -
25.93
Seaspan Series H SSWPRH 225 perpetual 7.875% $25.00 $20.27 N/A 1.30%20.06 -
20.27
Teekay Offshore Series A TOOPRA 150 perpetual 7.25% $25.00 $20.30 8.93% -3.06%14.04 -
21.94
Teekay Offshore Series B TOOPRB 125 perpetual 8.50% $25.00 $22.36 9.50% -3.41%$12.20 -
23.20
Tsakos Energy Series B TNPPRB 50perpetual
step up8.00% $25.00 $25.21 8.63% 0.96%
22.66 -
25.44
Tsakos Energy Series C TNPPRC 50 perpetual 8.875% $25.00 $25.54 7.83% 1.23%22.30 -
25.83
Tsakos Energy Series D TNPPRD 85 perpetual 8.75% $25.00 $25.73 8.62% 0.74%21.90 -
26.15
13
Monday, February 27, 2017 (Week 9)
IndicesWeek ending February 24, 2017
CAPITAL MARKETS DATA
MAJOR INDICES
CAPITAL LINK MARITIME INDICES
America Symbol 2/24/2017 2/17/2017 % Change YTD % Change 1/3/2017
Dow Jones INDU 20,821.76 20,624.05 0.96 4.73 19,881.76
Dow Jones Transp. TRAN 9,421.87 9,495.39 -0.77 4.41 9,023.86
NASDAQ CCMP 5,845.31 5,838.58 0.12 7.67 5,429.08
NASDAQ Transp. CTRN 4,433.90 4,452.43 -0.42 9.44 4,051.44
S&P 500 SPX 2,367.34 2,351.16 0.69 4.85 2,257.83
Europe Symbol 2/24/2017 2/17/2017 % Change YTD % Change 1/3/2017
Deutsche Borse Ag DAX 11,804.03 11,757.02 0.40 1.90 11,584.24
Euro Stoxx 50 SX5E 3,304.09 3,308.81 -0.14 -0.33 3,315.02
FTSE 100 Index UKX 7,243.70 7,299.96 -0.77 0.92 7,177.89
Asia/Pacific Symbol 2/24/2017 2/17/2017 % Change YTD % Change 1/3/2017
ASX 200 AS51 5,738.99 5,805.82 -1.15 0.10 5,733.18
Hang Seng HSI 23,965.70 24,033.74 -0.28 8.20 22,150.40
Nikkei 225 NKY 19,283.54 19,234.62 0.25 0.89 19,114.37
Index Symbol 2/24/2017 2/17/2017 % Change YTD % Change 1/3/2017
Capital Link Maritime Index CLMI 1,289.03 1,288.23 0.06 6.03 1,215.70
Tanker Index CLTI 748.19 760.80 -1.66 -1.99 763.40
Drybulk Index CLDBI 642.59 581.76 10.46 44.54 444.57
Container Index CLCI 606.03 624.82 -3.01 -14.50 708.80
LNG/LPG Index CLLG 2,033.19 2,029.76 0.17 8.31 1,877.12
Mixed Fleet Index CLMFI 1,264.99 1,275.31 -0.81 -1.61 1,285.67
MLP Index CLMLP 1,801.19 1,781.18 1.12 7.11 1,681.56
*The Capital Link Maritime Indices were updated recently to adjust for industry changes. Dorian LPG Ltd (NYSE:LPG) became a member of Capital
Link LNG/LPG Index, GasLog Partners L.P. (NYSE:GLOP) became a member of Capital Link LNG/LPG Index and Capital Link MLP Index, Navios
Maritime Midstream Partners (NYSE:NAP) became a member of Capital Link MLP Index, Euronav NV (NYSE: EURN) became a member of Capital
Link Tanker Index, and Gener8 Maritime (NYSE: GNRT) became a member of Capital Link Tanker Index. Additionally, Capital Link Dry Bulk Index
reflects the stock name change of Baltic Trading Ltd (NYSE: BALT) to Genco Shipping & Trading Limited (NYSE: GNK).
14
Monday, February 27, 2017 (Week 9)
CAPITAL MARKETS DATA
TRANSPORTATION STOCKS
DRYBULK Ticker 2/24/2017 2/17/2017 Change 52 week 52 week 1/4/2016 Three Month
Genco Shipping & Trading Ltd GNK Friday Friday % high low 1/4/2016 Avg. Volume
Diana Shipping Inc DSX $11.36 $9.87 15.10% $12.20 $3.77 $14.90 126,351
DryShips Inc DRYS $3.62 $3.74 -3.21% $4.27 $2.12 $4.35 656,007
Eagle Bulk Shipping Inc EGLE $2.24 $4.47 -49.89% $1,924.80 $1.87 $3.98 13,809,105
FreeSeas Inc FREEF $5.40 $5.40 0.00% $60.00 $4.12 $3.25 299,279
Globus Maritime Ltd GLBS $0.22 $0.32 -32.03% $35,875.00 $0.16 $892,499.82 15,753
Golden Ocean Group GOGL $7.34 $7.44 -1.34% $14.23 $0.52 $0.15 1,160,207
Navios Maritime Holdings Inc NM $6.38 $5.87 8.78% $6.65 $2.90 $5.05 229,425
Navios Maritime Partners LP NMM $1.79 $1.90 -5.79% $2.19 $0.64 $1.65 1,217,224
Paragon Shipping Inc PRGNF $1.83 $1.86 -1.61% $2.10 $1.06 $3.07 684,254
Safe Bulkers Inc SB $0.10 $0.11 -9.18% $3.62 $0.08 $5.52 154,407
Scorpio Bulkers SALT $1.34 $1.30 3.08% $1.90 $0.62 $0.75 504,802
Seanergy Maritime SHIP $7.55 $7.05 7.09% $7.90 $2.65 $8.34 966,357
Star Bulk Carriers Corp SBLK $1.00 $1.10 -9.09% $7.20 $1.00 $3.27 1,152,377
BALTIC INDICES
Index Symbol 2/24/2017 2/17/2017 % ChangeYTD %
Change1/3/2017
Baltic Dry Index BDIY 875.00 741.00 18.08 28.12 953
Baltic Capesize Index BCIY 1,165.00 739.00 57.65 75.85 1538
Baltic Panamax Index BPIY 947.00 917.00 3.27 25.43 811
Baltic Supramax Index BSI 809.00 729.00 10.97 28.95 843
Baltic Handysize Index BHSI 428.00 391.00 9.46 29.96 559
Baltic Dirty Tanker Index BDTI 857.00 863.00 -0.70 -30.99 1088
Baltic Clean Tanker Index BCTI 609.00 612.00 -0.49 -27.33 867
TANKERS Ticker 2/24/2017 2/17/2017Change
%
52 wk
high
52 wk
low1/4/2016
3-Month
Avg. Vol.
Ardmore Shipping Corp ASC $6.95 $7.05 -1.42% $9.90 $5.50 $12.33 261,209
Capital Product Partners LP CPLP $3.33 $3.41 -2.35% $3.95 $2.51 $5.25 838,054
DHT Holdings Inc DHT $4.75 $4.79 -0.84% $6.43 $3.38 $7.83 2,179,284
Euronav NV EURN $8.00 $8.20 -2.44% $11.37 $6.70 $13.44 652,475
Frontline Ltd/Bermuda FRO $6.76 $6.99 -3.29% $10.26 $6.71 $14.65 1,148,136
Gener8 Maritime Inc GNRT $4.67 $4.91 -4.89% $8.13 $3.56 $9.08 683,636
KNOT Offshore Partners KNOP $22.45 $22.10 1.58% $24.50 $15.83 $14.17 143,152
Navios Acquisition NNA $1.87 $1.88 -0.53% $2.08 $1.20 $2.83 591,455
Navios Midstream Partners NAP $11.02 $10.89 1.19% $14.04 $9.07 $11.32 106,399
Nordic American NAT $7.97 $8.34 -4.44% $16.00 $7.66 $15.14 1,667,905
Overseas Shipholding OSG $5.01 $5.02 -0.20% $5.53 $2.73 $16.20 718,725
Pyxis Tankers PXS $2.39 $2.60 -8.08% $4.04 $1.16 $1.25 7,927
Scorpio Tankers Inc STNG $4.12 $4.30 -4.19% $6.57 $3.55 $7.62 2,951,721
Teekay Offshore Partners LP TOO $5.19 $5.50 -5.64% $6.92 $2.96 $6.32 722,055
Teekay Tankers Ltd TNK $2.35 $2.46 -4.47% $4.30 $1.98 $6.72 1,565,853
Top Ships TOPS $2.39 $3.22 -25.78% $6.61 $1.49 $3.10 498,695
Tsakos Energy Navigation Ltd TNP $4.66 $4.78 -2.51% $6.70 $4.01 $7.66 485,205
15
Monday, February 27, 2017 (Week 9)
CAPITAL MARKETS DATA
LPG/LNG Ticker 2/24/2017 2/17/2017Change
%
52 wk
high
52 wk
low1/4/2016
3-Month
Avg. Vol.
Dynagas LNG Partners DLNG $16.62 $16.16 2.85% $17.17 $9.11 $9.74 156,598
Dorian LPG $9.45 $9.36 0.96% $12.38 $5.09 $11.37 258,701
GasLog Ltd GLOG $15.70 $15.95 -1.57% $17.50 $9.17 $8.77 354,869
Gaslog Partners GLOP $23.70 $23.90 -0.84% $24.05 $15.33 $14.25 253,003
Golar LNG Ltd GLNG $26.27 $26.57 -1.13% $28.48 $14.56 $17.07 1,593,084
Golar LNG Partners LP GMLP $23.56 $23.67 -0.46% $25.48 $14.15 $13.14 332,975
Hoegh LNG Partners HMLP $19.85 $19.35 2.58% $20.25 $15.30 $18.18 96,612
Navigator Gas NVGS $10.70 $11.00 -2.73% $17.57 $6.55 $13.66 316,933
StealthGas Inc GASS $4.16 $4.10 1.46% $5.05 $2.70 $3.43 32,121
Teekay LNG Partners LP TGP $19.15 $18.65 2.68% $19.35 $9.50 $13.78 463,526
MIXED FLEET Ticker 2/24/2017 2/17/2017Change
%
52 wk
high
52 wk
low1/4/2016
3-Month
Avg. Vol.
Euroseas Ltd ESEA $1.37 $1.65 -16.97% $4.85 $1.19 $2.57 997,375
Ship Finance International SFL $14.55 $14.55 0.00% $16.17 $12.30 $16.23 844,664
Teekay Corp TK $9.92 $10.17 -2.46% $11.43 $5.54 $10.18 1,293,532
MLPs Ticker 2/24/2017 2/17/2017Change
%
52 wk
high
52 wk
low1/4/2016
3-Month
Avg. Vol.
Capital Product Partners CPLP $3.33 $3.41 -2.35% $3.95 $2.51 $5.25 838,054
Dynagas LNG Partners DLNG $16.62 $16.16 2.85% $17.17 $9.11 $9.74 156,598
GasLog Partners GLOP $23.70 $23.90 -0.84% $24.05 $15.33 $14.25 253,003
Golar LNG Partners LP GMLP $23.56 $23.67 -0.46% $25.48 $14.15 $13.14 332,975
Hoegh LNG Partners HMLP $19.85 $19.35 2.58% $20.25 $15.30 $18.18 96,612
Knot Offshore Partners KNOP $22.45 $22.10 1.58% $24.50 $15.83 $14.17 143,152
Navios Maritime Midstream NAP $11.02 $10.89 1.19% $14.04 $9.07 $11.32 106,399
Navios Partners NMM $1.83 $1.86 -1.61% $2.10 $1.06 $3.07 684,254
Teekay Offshore TOO $5.19 $5.50 -5.64% $6.92 $2.96 $6.32 722,055
Teekay LNG TGP $19.15 $18.65 2.68% $19.35 $9.50 $13.78 463,526
OFFSHORE DRILL RIGS Ticker 2/24/2017 2/17/2017Change
%
52 wk
high
52 wk
low1/4/2016
3-Month
Avg. Vol.
Atwood Oceanics ATW $10.39 $10.00 3.90% $14.05 $6.48 $10.59 4,552,282
Diamond Offshore Drilling DO $16.91 $16.99 -0.47% $26.11 $14.80 $21.85 2,841,580
Ensco International ESV $10.17 $10.33 -1.55% $12.45 $6.64 $15.89 11,188,772
Noble Corp. NE $6.97 $6.97 0.00% $13.56 $4.64 $10.82 12,539,461
Ocean Rig UDW Inc ORIG $0.78 $1.22 -36.02% $3.07 $0.70 $1.69 3,032,881
Pacific Drilling PACD $2.76 $3.14 -12.10% $8.50 $2.69 $9.00 329,817
Rowan Companies RDC $18.02 $17.44 3.33% $20.90 $12.46 $17.09 2,869,327
Seadrill Ltd. SDRL $1.98 $1.94 2.06% $6.06 $1.68 $3.47 14,007,819
Transocean RIG $13.75 $13.16 4.48% $15.84 $8.41 $12.55 13,662,603
Vantage Drilling Company VTGDF $0.02 $0.02 -3.57% $0.03 $0.01 $0.00 619,913
CONTAINERS Ticker 2/24/2017 2/17/2017Change
%
52 wk
high
52 wk
low1/4/2016
3-Month
Avg. Vol.
Box Ships Inc TEUFD #N/A N/A $0.44 -6.82% $9.50 $0.31 $8.10 27,505
Costamare Inc CMRE $6.12 $6.05 1.16% $10.70 $5.25 $9.62 954,645
Danaos Corp DAC $2.55 $2.65 -3.77% $4.74 $2.30 $5.92 56,356
Diana Containerships Inc DCIX $2.55 $2.80 -8.93% $12.86 $2.06 $6.36 1,164,821
Global Ship Lease Inc GSL $1.47 $1.52 -3.29% $2.50 $1.07 $2.60 282,708
Seaspan Corp SSW $7.78 $8.16 -4.66% $19.59 $6.85 $15.48 1,063,649
16
Monday, February 27, 2017 (Week 9)
OFFSHORE SUPPLY Ticker 2/24/2017 2/17/2017 Change %52 wk
high
52 wk
low1/4/2016
3-Month
Avg. Vol.
Gulfmark Offshore GLF $1.25 $1.35 -7.41% $7.38 $1.10 $4.60 549,038
Hornback Offshore HOS $4.40 $4.66 -5.58% $12.28 $3.32 $10.12 1,384,894
Nordic American Offshore NAO $1.25 $2.50 -50.00% $5.69 $1.23 $5.26 301,994
Tidewater TDW $1.34 $1.38 -2.90% $11.09 $1.32 $7.33 2,436,667
Seacor Holdings CKH $69.97 $70.53 -0.79% $75.47 $46.74 $52.71 100,319
OSLO-Listed Shipping Comps
(currency in NOK)Ticker 2/24/2017 2/17/2017 Change %
52 wk
high
52 wk
low1/4/2016
3-Month
Avg. Vol.
Golden Ocean GOGL $53.50 $5.87 10.54% $55.00 $24.25 $44.01 945,265
Stolt-Nielsen Ltd. SNI $132.50 $76.04 2.32% $136.50 $79.75 $105.00 76,745
Frontline Ltd. FRO $55.80 $6.99 -4.04% $82.30 $55.70 $129.45 631,238
Jinhui Shpg. & Trans JIN $10.90 $9.90 10.10% $12.35 $4.60 $7.30 659,202
Odfjell (Common A Share) ODF $28.30 $28.90 -2.08% $36.10 $22.50 $28.20 28,057
American Shipping Co. AMSC $27.50 $27.00 1.85% $30.90 $19.33 $22.62 143,066
Hoegh LNG HLNG $89.00 $91.75 -3.00% $101.00 $80.00 $95.25 91,156
17
Monday, February 27, 2017 (Week 9)
Shipping Equities: The Week in ReviewSHIPPING EQUITIES OUTPERFORMED THE BROADER MARKET
During last week shipping equities though netting a positive return, narrowly overperformed the broader market,
with the Capital Link Maritime Index (CLMI), a composite index of all US listed shipping stocks, up 0.76%,
compared to the S&P 500 which increased 0.81%, Nasdaq up 1.19%, and Dow Jones Industrial Average (DJII)
also up 0.99%.
Mixed Fleet stocks lead the strongest performers, with Capital Link Mixed Fleet Index (CLMFI) up 1.26% from
the previous week, outperforming the broader market. Conversely, Dry Bulk equities were the weakest
performers during last week, with Capital Link Dry Bulk Index (CLDBI) down 3.07%.
Along with the Dry Bulk Equities dropping 3.07%, both the Capital Link Tanker (CLTI) and Container (CLCI)
Indices saw losses this week of 0.29% and 0.93% respectively.
The Baltic Capesize Index saw the steepest falls this week, dropping 29.97%. Finally, the Baltic Panamax
Index was the best performer in the broader market with a growth of 2.28% over the last week.
The Trading Statistics supplied by KCG Holdings, Inc. 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 2, 2005, thereby providing investors with historical performance.
There are seven indices in total; the Capital Link Maritime Index comprised of all 45 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 or at or
www.MaritimeIndices.com. They can also be found through the Bloomberg page “CPLI” and Reuters.
CAPITAL MARKETS DATA
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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18
Monday, February 27, 2017 (Week 9)
MARITIME INDEX DAILY COMPARISON CHARTS (52 -WEEK )
*SOURCE: BLOOMBERG
CAPITAL MARKETS DATA
19
Monday, February 27, 2017 (Week 9)
19
Global Shipping Company Bond Data
Contributed by Stifel Nicolaus & Co, Inc.
SHIPPING MARKETS
20
Monday, February 27, 2017 (Week 9)
Market Analysis
A case of New Year Blues for the Far East?
We have started to some sparks of life in the commodities markets
these past weeks, with prices having shown a strong push during the
past couple of days especially for iron ore. This has been in line with the
restart of the main trade growth engines of the Far East which have
started to gain “steam”. Chinese exports showed a year-on-year rise for
the first time in ten months, while S. Korea has been showing increased
figures in exports for the past three months in a row. This is not just
limited to these two players in the region, with strong exports being in
the works for Japan, Singapore and Taiwan. It seems as though the Far
East’s manufacturing power houses have started to regain their
strength, pulling in with them several commodities and possibly paving
the route for increased demand for trade as other countries in the region
start to slowly take up the role of low-end manufacturing hubs. This in
combination with a more optimistic views on the global economic growth
figures for this year and it seems as though the slowly growing optimism
in the markets is gaining pace.
The Trump effect however still looms in the background, providing good
reason for most to keep a restrain on optimism. Most of these increases
in trade in the Far East are boosted by the high-tech industry and
although consumer confidence seems to be in better shape than it has
been during the course of the past couple of years, any strains that start
emerge between nations and any increase in tariffs could dampen the
positive gains. The U.S. is still an underlining risk in this regard as it
threatens to close of its borders through increased tariffs. This is not just
limited to end consumer products but leaves a risk in several
commodities. In reference to this latter point, it is worth mentioning that
although it will be hard to create a real alternative for all this raw
resources the U.S. imports, any increase in tariffs will surely hurt
consumers within the U.S. while any decreases in the purchasing power
could easily erase any growth in trade that would be hoped for.
For the moment however we seem to be seeing a more optimistic side
to the market. Trading of the steel industries main ingredient rose by 7
per cent, reaching their highest level since 2013. At the same time,
seaborne trade coal has seen good news pile on, with the recent
announcement by China of a ban on coal imports from North Korea
leaving many local steel mills to scramble in order to find alternative
supplies (many of which will likely by from sources further away). All this
will help further boost the freight market in the Pacific, which since the
early part of February has already shown positive signs and strong
activity levels. The problem at the moment however has been the slower
feel of the Atlantic which has starved the overall dry bulk markets from
support that could help easily drive a fair rally. Nevertheless, if activity in
the Pacific manages to hold off at such strong levels during the
remainder of the first quarter and even through onto the second quarter
of 2017, the market should start to show some fairly strong levels once
the grain season in the Atlantic goes into full swing.
For the moment it seems that we have a lot of favourable winds moving
in the dry bulk market’s direction. A lot is riding on how well the Asian
powerhouses will be able to feed off their own gains and show greater
self-reliance rather than being as dependent as they have been in the
past to the purchasing power of consumers in the U.S. and Europe.
Aggregate Price Index
17 Feb ±∆ ±%Capesize 41 p 1 1.8%
Panamax 42 p 2 5.5%
Supramax 49 p 3 6.5%
Handysize 51 p 4 7.9%
M-O-M change
SHIPPING MARKETS
Contributed by
Allied Shipbroking Inc
48 Aigialeias Str. 151 25 Maroussi
Athens, Greece
Phone: +30 2104524500
Website: www.allied-shipbroking.gr
Weekly Market Report
Dry Bulk Freight Market
Secondhand Market
Newbuilding Market
Demolition Market
Tanker Freight Market
17 Feb ±∆ ±%BDI 741 p 39 5.6%
BCI 739 p 52 7.6%
BPI 917 q -26 -2.8%
BSI 729 p 57 8.5%
BHSI 391 p 14 3.7%
W-O-W change
17 Feb ±∆ ±%BDTI 863 p 16 1.9%
BCTI 612 p 30 5.2%
W-O-W change
Avg Price Index (main 5 regions)
17 Feb ±∆ ±%Dry 277 q -9 -3.1%
Wet 290 q -5 -1.7%
W-O-W change
Aggregate Price Index
17 Feb ±∆ ±%Bulkers 73 u 0 0.0%
Cont 93 q -4 -4.5%
Tankers 88 q -1 -1.0%
Gas 93 q -3 -3.1%
M-O-M change
VLCC 83 q -3 -3.3%
Suezmax 75 q -2 -3.0%
Aframax 90 q -4 -4.6%
MR 104 q -6 -5.4%
21
Monday, February 27, 2017 (Week 9)
Dry Bulkers – Spot Market
SHIPPING MARKETS
Capesize – There was an optimistic movement in the markets, with rates
showing a positive light in the second half of the week. Much of the boost
was provided by the bullish movements being seen in the Pacific, with
Australian miners bringing in a good flow of fresh enquiries to market and
forcing numbers to take a quick climb. Things were also slightly busier in
the Atlantic, though it seemed that most of the upward trend was thanks to
overspill of sentiment from the East.
Panamax - The Atlantic continued to remain under pressure this past
week, with the fresh interest still coming in slow and position lists
continuing to swell. There was still a fair upward moment to be seen in the
Far East, though with some slight hiccups during the final days of the week.
There is a sense that we will start to see extra interest pouring in and the
tonnage lists better balanced between the two basins, something that
should boost rates once more.
Supramax - An overall positive week with most major routes managing to
make good gains. The north Atlantic seemed to be struggling early on in
the week, but as the days progressed things started to look better
balanced. Moving forward we could see some more positive movements,
though still mainly dependent on the Pacific trade for the time being.
Handysize - Similar story here too, with the Pacific basin being the main
source of comfort. Interest in the Atlantic was still lagging, bringing a
downward trend on the rates of most routes in the region. There I seems as
though support from the Far East will continue, something which may help
move things in the Atlantic.
2015 2016
BCI Average TCE
BPI Average TCE
BSI Average TCE
BHSI Average TCE
Dry Bulk Indices
17 Feb 10 Feb ±% 2017 2016
Baltic Dry Index
BDI 741 702 5.6% 840 677
Capesize
BCI 739 687 7.6% 1,212 1,031
BCI 5TC $ 6,130 $ 5,363 14.3% $ 9,049 $ 7,400
ATLANTIC RV $ 6,623 $ 6,000 10.4% $ 11,160 $ 7,775
Cont / FEast $ 12,983 $ 12,875 0.8% $ 17,263 $ 13,856
PACIFIC RV $ 6,115 $ 4,142 47.6% $ 7,792 $ 7,070
FEast / ECSA $ 6,300 $ 5,750 9.6% $ 8,213 $ 7,164
Panamax
BPI 917 943 -2.8% 945 696
BPI - TCA $ 7,359 $ 7,556 -2.6% $ 7,553 $ 5,566
ATLANTIC RV $ 7,278 $ 8,040 -9.5% $ 8,820 $ 6,139
Cont / FEast $ 12,311 $ 12,880 -4.4% $ 12,937 $ 9,818
PACIFIC RV $ 7,009 $ 6,553 7.0% $ 5,821 $ 5,161
FEast / Cont $ 2,838 $ 2,750 3.2% $ 2,635 $ 1,144
Supramax
BSI 729 672 8.5% 722 602
BSI - TCA $ 7,622 $ 7,022 8.5% $ 7,547 $ 6,297
Cont / FEast $ 12,125 $ 11,767 3.0% $ 12,782 $ 9,760
Med / Feast $ 12,157 $ 12,036 1.0% $ 12,911 $ 9,635
PACIFIC RV $ 5,883 $ 4,500 30.7% $ 4,439 $ 5,197
FEast / Cont $ 2,840 $ 2,250 26.2% $ 2,294 $ 3,272
USG / Skaw $ 14,331 $ 13,881 3.2% $ 15,129 $ 9,845
Skaw / USG $ 4,914 $ 4,993 -1.6% $ 6,087 $ 4,196
Handysize
BHSI 391 377 3.7% 436 365
BHSI - TCA $ 5,751 $ 5,493 4.7% $ 6,291 $ 5,277
Skaw / Rio $ 3,880 $ 4,088 -5.1% $ 5,357 $ 4,640
Skaw / Boston $ 3,950 $ 4,054 -2.6% $ 5,326 $ 4,832
Rio / Skaw $ 7,272 $ 7,011 3.7% $ 9,140 $ 6,720
USG / Skaw $ 8,436 $ 8,686 -2.9% $ 10,603 $ 7,056
SEAsia / Aus / Jap $ 5,754 $ 5,171 11.3% $ 5,033 $ 4,339
PACIFIC RV $ 5,479 $ 4,882 12.2% $ 4,916 $ 5,146
Spot market rates & indices Average
0
5
10
15
20
25'000 US$/ day
0
5
10
15'000 US$/ day
0
5
10
15'000 US$/ day
0
3
6
9
12
15'000 US$/ day
0
500
1,000
1,500
2,000
2,500
3,000
BDI BCI BPI BSI BHSI
22
Monday, February 27, 2017 (Week 9)
Tankers – Spot Market
SHIPPING MARKETS
Crude Oil Carriers - Despite the positive movements having been noted
one week prior, things settled down fairly quick for VLs in the MEG, with the
market now awaiting to see how the upcoming Saudi program will look in
order to get things moving in the market. Things were looking slightly better
in the Suezmaxes, with both the WAF and Black Sea/Med showing some
positive movements, increased enquiries emerging for the first half of the
March program and with tonnage lists clearing relatively easy. Similar
positive momentum was to be seen in the Afras, with the same sort of
increased interest being seen in the Black Sea/Med and at the same time
both the North Sea/Baltic and Caribs managing to clear their previous
position lists and showing good volume of fresh interest.
Oil Products - The products market seemed to be mainly driven by interest
in the Far East this week, with both the CPP and DPP Eastbound routes
showing good positive gains. The North Atlantic seemed to be a bit
sluggish with minimal interest and ample vessels promptly available
weighing down the market.
2015 2016
VLCC Average TCE
Suezmax Average TCE
Aframax Average TCE
MR Average TCE
Tanker Indices
17 Feb 10 Feb ±% 2017 2016
Baltic Tanker Indices
BDTI 863 847 1.9% 945 730
BCTI 612 582 5.2% 655 491
VLCC
WS 35.45 40.92 -13.4% 46.79 35.46
$/ day $ 2,832 $ 7,940 -64.3% $ 12,671 $ 18,511
WS 74.08 78.73 -5.9% 82.09 60.57
$/ day $ 60,243 $ 62,486 -3.6% $ 66,587 $ 53,871
WS 72.38 76.89 -5.9% 79.93 59.11
$/ day $ 33,366 $ 37,401 -10.8% $ 39,631 $ 42,341
WS 71.50 75.00 -4.7% 80.83 64.79
$/ day $ 85,607 $ 91,248 -6.2% $ 98,790 $ 81,300
SUEZMAX
WS 77.50 70.00 10.7% 84.86 71.68
$/ day $ 41,979 $ 36,595 14.7% $ 47,445 $ 41,669
WS 83.75 80.70 3.8% 96.38 84.23
$/ day $ 11,476 $ 9,923 15.7% $ 18,163 $ 24,854
AFRAMAX
WS 108.89 99.44 9.5% 102.21 103.36
$/ day $ 14,548 $ 7,548 92.7% $ 10,357 $ 23,003
WS 113.22 110.33 2.6% 116.53 99.78
$/ day $ 8,332 $ 8,114 2.7% $ 9,177 $ 16,988
WS 152.50 96.88 57.4% 144.68 106.76
$/ day $ 17,901 $ 2,938 509.3% $ 16,630 $ 16,423
WS 111.39 99.28 12.2% 103.39 81.18
$/ day $ 25,801 $ 19,597 31.7% $ 22,666 $ 23,914
DPP
WS 125.00 140.00 -10.7% 165.21 112.34
$/ day $ 24,956 $ 30,005 -16.8% $ 37,912 $ 23,804
WS 111.25 146.88 -24.3% 155.43 101.78
$/ day $ 25,467 $ 35,248 -27.7% $ 36,729 $ 24,883
WS 102.69 100.06 2.6% 109.02 98.52
$/ day $ 8,962 $ 8,615 4.0% $ 10,996 $ 19,768
WS 99.31 98.33 1.0% 124.68 97.08
$/ day $ 8,008 $ 7,711 3.9% $ 16,616 $ 16,861
CPP
WS 121.56 86.25 40.9% 105.21 91.35
$/ day $ 12,081 $ 4,943 144.4% $ 8,723 $ 15,145
WS 130.00 136.25 -4.6% 156.49 104.70
$/ day $ 6,026 $ 6,803 -11.4% $ 9,645 $ 8,637
WS 117.50 115.00 2.2% 130.00 114.82
$/ day $ 17,069 $ 16,582 2.9% $ 20,139 $ 18,531
WS 76.43 80.00 -4.5% 99.42 82.20
$/ day -$ 857 -$ 390 -119.7% $ 2,298 $ 5,194
BALTIC-UKC
ARA-USG
Spot market rates & indices Average
MED-MED
CONT-USAC
USG-CONT
MEG-USG
MEG-SPORE
WAF-USG
BSEA-MED
MEG-SPORE
MEG-JAPAN
WAF-USAC
NSEA-CONT
CARIBS-USG
CARIBS-USAC
SEASIA-AUS
MEG-JAPAN
CARIBS-USAC
250
450
650
850
1,050
1,250
BDTI BCTI
-10
10
30
50
70
90
110'000 US$/ day
-25
0
25
50
75'000 US$/ day
0
20
40
60
80
100'000 US$/ day
5
10
15
20
25
30
35'000 US$/ day
23
Monday, February 27, 2017 (Week 9)
Period Charter Market
SHIPPING MARKETS
Capesize Panamax
Dry Bulk 12 month period charter rates (USD ‘000/day)
VLCC Suezmax
Tanker 12 month period charter rates (USD ‘000/day)
Supramax Handysize
Aframax MR
Latest indicative Dry Bulk Period Fixtures
Latest indicative Tanker Period Fixtures
last 5 years
17 Feb 13 Jan ±% Min Avg Max
Capesize
$ 14,500 $ 11,250 28.9% $ 6,200 $ 14,016 $ 31,450
$ 15,000 $ 11,250 33.3% $ 6,950 $ 14,729 $ 25,200
Panamax
$ 9,000 $ 8,500 5.9% $ 4,950 $ 9,298 $ 15,450
$ 9,250 $ 8,750 5.7% $ 6,200 $ 9,973 $ 15,325
Supramax
$ 8,750 $ 7,250 20.7% $ 4,450 $ 9,192 $ 13,950
$ 9,250 $ 7,750 19.4% $ 6,200 $ 9,569 $ 13,700
Handysize
$ 7,000 $ 7,000 0.0% $ 4,450 $ 7,633 $ 10,450
$ 7,250 $ 7,250 0.0% $ 5,450 $ 8,194 $ 11,450
36 months
12 months
36 months
36 months
12 months
36 months
12 months
12 months
Dry Bulk period market TC rates
last 5 years
17 Feb 13 Jan ±% Min Avg Max
VLCC
$ 27,750 $ 30,000 -7.5% $ 18,000 $ 31,127 $ 57,750
$ 28,000 $ 27,500 1.8% $ 22,000 $ 31,289 $ 45,000
Suezmax
$ 21,000 $ 22,500 -6.7% $ 15,250 $ 23,888 $ 42,500
$ 22,500 $ 22,750 -1.1% $ 17,000 $ 24,588 $ 35,000
Aframax
$ 16,750 $ 17,750 -5.6% $ 13,000 $ 18,610 $ 30,000
$ 17,000 $ 17,250 -1.4% $ 14,750 $ 19,064 $ 27,000
MR
$ 12,500 $ 12,750 -2.0% $ 12,000 $ 15,030 $ 21,000
$ 14,000 $ 14,000 0.0% $ 14,000 $ 15,318 $ 18,250
12 months
36 months
Tanker period market TC rates
12 months
36 months
12 months
36 months
12 months
36 months
5
7
9
11
13
15
4
5
6
7
8
9
10
4
5
6
7
8
9
10
4
5
6
7
8
20
25
30
35
40
45
50
15
20
25
30
35
40
12
17
22
27
32
11
12
13
14
15
16
17
18
19
M/ T ''C PROSPERITY'', 315000 dwt, built 2009, $30,500, for 2 years
trading, to SK ENERGY
M/ T ''SEA AMBER'', 158000 dwt, built 2016, $24,000, for 6 months trading,
to STATOIL
M/ T ''DENSA ALLIGATOR'', 106000 dwt, built 2013, $14,000, for 6 months
trading, to SCORPIO
M/ T ''ETERNAL DILIGENCE'', 75000 dwt, built 2006, $12,000, for 1 year
trading, to SHELL
M/ T ''FPMC 22'', 51000 dwt, built 2010, $11,500, for 6 months trading, to
VITOL
M/ V ''ALPHA FREEDOM'', 180380 dwt, built 2014, dely China end
February, $14,000, for 11/ 13 months trading, to ECTP
M/ V ''ZOI XL'', 82273 dwt, built 2006, dely Zhoushan spot, $9,000, for 6/ 9
months trading, to Chart Not Rep
M/ V ''JIMMY T'', 81704 dwt, built 2015, dely ex yard Imabari 25/ 28 Feb,
$9,900, for 12 months trading, to ECTP
M/ V ''SONGA GENESIS'', 80705 dwt, built 2010, dely Ulsan 25/ 27 Feb,
$7,600, for 4/ 7 months trading, to Klaveness
M/ V ''OMICRON SKY'', 77031 dwt, built 2006, dely Takehara 20/ 22 Feb,
$8,750, for 5/ 8 months trading, to Chart Not Rep
24
Monday, February 27, 2017 (Week 9)
Indicative Tanker Values (US$ million)
17 Feb 13 Jan ±% Min Avg Max
VLCC
310k dwt Resale 83.0 84.0 -1.2% 80.0 92.9 105.0
310k dwt 5 year old 63.0 64.0 -1.6% 55.0 68.1 84.0
250k dwt 10 year old 43.0 44.0 -2.3% 34.5 45.2 59.0
250k dwt 15 year old 26.0 28.0 -7.1% 16.9 27.9 41.0
Suezmax
160k dwt Resale 55.0 55.0 0.0% 53.0 62.9 73.0
150k dwt 5 year old 42.0 43.0 -2.3% 38.0 48.7 62.0
150k dwt 10 year old 29.5 31.0 -4.8% 24.0 33.2 44.5
150k dwt 15 year old 20.0 21.0 -4.8% 14.0 18.8 23.0
Aframax
110k dwt Resale 44.0 45.0 -2.2% 39.0 48.4 57.0
110k dwt 5 year old 31.0 32.5 -4.6% 27.0 36.0 47.5
105k dwt 10 year old 20.0 21.0 -4.8% 16.0 23.3 33.0
105k dwt 15 year old 15.0 16.0 -6.3% 8.0 13.2 18.5
MR
52k dwt Resale 33.5 33.5 0.0% 32.0 36.2 39.0
52k dwt 5 year old 23.5 24.5 -4.1% 22.0 26.2 31.0
45k dwt 10 year old 16.0 17.5 -8.6% 14.0 17.7 21.0
45k dwt 15 year old 11.0 12.0 -8.3% 9.0 11.0 13.5
last 5 years
Indicative Dry Bulk Values (US$ million)
17 Feb 13 Jan ±% Min Avg Max
Capesize
180k dwt Resale 37.5 36.0 4.2% 34.5 45.7 65.0
170k dwt 5 year old 24.5 24.5 0.0% 23.0 34.2 53.0
170k dwt 10 year old 15.5 15.5 0.0% 12.0 22.5 38.0
150k dwt 15 year old 8.8 8.5 2.9% 6.5 13.6 25.0
Panamax
82k dwt Resale 25.0 24.5 2.0% 22.5 28.3 34.0
76k dwt 5 year old 16.5 14.5 13.8% 11.5 19.3 28.0
76k dwt 10 year old 9.5 9.0 5.6% 7.3 13.7 23.0
74k dwt 15 year old 5.8 5.8 0.0% 3.5 8.7 14.5
Supramax
62k dwt Resale 23.5 22.5 4.4% 19.0 26.6 33.0
58k dwt 5 year old 14.5 14.0 3.6% 11.0 18.9 27.0
52k dwt 10 year old 10.0 9.0 11.1% 6.0 13.4 22.0
52k dwt 15 year old 6.0 5.5 9.1% 3.5 8.4 13.5
Handysize
37k dwt Resale 18.5 17.5 5.7% 17.0 21.5 26.0
32k dwt 5 year old 13.0 12.0 8.3% 7.8 15.3 22.0
32k dwt 10 year old 7.5 7.0 7.1% 6.0 11.1 16.8
28k dwt 15 year old 4.3 3.8 13.3% 3.5 7.1 11.0
last 5 years
Secondhand Asset Values
SHIPPING MARKETS
On the dry bulk side, activity showed a considerable boost, with ample
vessels changing hand this week. Prices in most size segments and
especially in the younger units have continued to show an upward trend
though this is still at a very slow pace, with only minimal premiums
against last done sales being seen “here and there”. We still haven’t
seen any remarkable rise in the freight market yet to really justify a big
rise in prices, so we may well be ready for some high gains in the near
fortune.
On the tanker side, nothing really impressive to note this week with
minimal activity to post. These few sales are still reflecting the downward
trend in asset prices being noted over the past couple of months. It
seems as though we may well start to see things pause in this regard,
with sellers showing a sense of disappointment with the figures being
thrown around, while at the same time buyers have become fewer and
less eager in this market.
Capesize Panamax
Supramax Handysize
VLCC Suezmax
Aframax MR
Price movements of 5 year old Dry Bulk assets
Price movements of 5 year old Tanker assets
+0%
+2%
+0%
+7%
0%
1%
2%
3%
4%
5%
6%
7%
1 month diff 3 months diff6 months diff 12 months diff
+14%
+22% +22%
+43%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
1 month diff 3 months diff6 months diff 12 months diff
+4%
+16% +16%
+32%
0%
5%
10%
15%
20%
25%
30%
35%
1 month diff 3 months diff6 months diff 12 months diff
+8%
+37%+44%
+68%
0%
10%
20%
30%
40%
50%
60%
70%
80%
1 month diff 3 months diff6 months diff 12 months diff
-2%
+5%
+0%
-21%-25%
-20%
-15%
-10%
-5%
0%
5%
10%
1 month diff 3 months diff6 months diff 12 months diff
-2%
+0%
-9%
-29%-35%
-30%
-25%
-20%
-15%
-10%
-5%
0%
1 month diff 3 months diff6 months diff 12 months diff
-5%
+3%
-9%
-30%-35%
-30%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
1 month diff 3 months diff6 months diff 12 months diff
-4%
+2% +2%
-15%-16%
-14%
-12%
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
1 month diff 3 months diff6 months diff 12 months diff
25
Monday, February 27, 2017 (Week 9)
Newbuilding Market
SHIPPING MARKETS
Tanker Newbuilding Prices
Dry Bulk Newbuilding Prices
Demolition Market
Wet Scrap Prices
Dry Scrap Prices
Indicative Dry Prices ($/ ldt) last 5 years
17 Feb 10 Feb ±% Min Avg Max
Indian Sub Continent
Bangladesh 315 335 -6.0% 220 375 475
India 315 335 -6.0% 225 377 500
Pakistan 315 335 -6.0% 220 374 475
Far East Asia
China 250 235 6.4% 110 268 425
Mediterranean
Turkey 190 190 0.0% 145 241 355
Indicative Wet Prices ($/ ldt) last 5 years
17 Feb 10 Feb ±% Min Avg Max
Indian Sub Continent
Bangladesh 330 350 -5.7% 245 396 495
India 330 340 -2.9% 250 399 510
Pakistan 330 340 -2.9% 245 397 500
Far East Asia
China 260 245 6.1% 120 285 445
Mediterranean
Turkey 200 200 0.0% 150 251 355
Indicative Dry NB Prices (US$ million) last 5 years
17 Feb 13 Jan ±% Min Avg Max
Dry Bulkers
Capesize (180,000dwt) 41.8 41.8 0.0% 41.8 48.6 58.0
Kamsarmax (82,000dwt) 24.3 24.3 0.0% 24.3 27.5 30.8
Panamax (77,000dwt) 23.8 23.8 0.0% 23.8 26.7 29.5
Ultramax (64,000dwt) 22.3 22.3 0.0% 22.3 25.1 28.0
Handysize (37,000dwt) 19.5 19.5 0.0% 19.5 21.5 23.5
Container
Post Panamax (9,000teu) 82.5 82.5 0.0% 76.5 84.8 92.0
Panamax (5,200teu) 48.0 50.0 -4.0% 48.0 54.4 63.9
Sub Panamax (2,500teu) 26.0 28.0 -7.1% 26.0 31.0 38.0
Feeder (1,700teu) 21.5 23.0 -6.5% 21.5 24.5 27.3
Indicative Wet NB Prices (US$ million) last 5 years
17 Feb 13 Jan ±% Min Avg Max
Tankers
VLCC (300,000dwt) 81.0 83.5 -3.0% 81.0 93.6 101.0
Suezmax (160,000dwt) 53.5 54.0 -0.9% 53.5 60.3 66.0
Aframax (115,000dwt) 43.5 44.0 -1.1% 43.5 50.5 55.0
LR1 (75,000dwt) 42.0 42.0 0.0% 40.5 43.8 47.0
MR (56,000dwt) 32.5 32.5 0.0% 32.5 34.9 37.3
Gas
LNG 160k cbm 193.0 197.0 -2.0% 193.0 199.3 202.0
LPG LGC 80k cbm 70.5 72.5 -2.8% 70.0 74.3 80.0
LPG MGC 55k cbm 62.5 64.5 -3.1% 62.0 64.9 68.5
LPG SGC 25k cbm 40.0 42.0 -4.8% 40.0 43.4 46.0
10
20
30
40
50
Capesize Panamax Supramax Handysize
US$ million
30405060708090
100
VLCC Suezmax Aframax LR1 MR
US$ million
100
150
200
250
300
350Bangladesh India Pakistan China Turkey
US$/ ldt
100
150
200
250
300
350
Bangladesh India Pakistan China Turkey
US$/ ldt
26
Monday, February 27, 2017 (Week 9)
First Watch: Stifel Shipping Weekly
Contributed by
Stifel Nicolaus & CO, Inc.
Stifel
One Financial Plaza,
501 North Broadway
St. Louis, MO 63102
Phone: (314) 342-2000Website: www.stifel.com
North Korea's loss could ultimately be the dry bulk market's gain as Chinese officials recently agreed to suspend all coal imports until the end
of 2017, following new U.N. sanctions. China imported 1.45 million tons of coal from North Korea in January down 13% yoy and 28% from
December with the Chinese Foreign Ministry saying Chinese imports from the country were already near the upper limits and the government
plans to fully enforce the new policy. China mainly imports thermal coal from North Korea, which rose to 22.4 million tons in 2016, up 14.5%
yoy. Importantly the North Korean coal was either shipped by rail or on very short haul voyages, and we believe North Korean coal will likely
be replaced by Australian, Indonesian, and Colombian cargoes adding both incremental shipping demand as well as a much greater ton-mile
factor. The 22.4 million tons is small relative to the 1,135 of global seaborne coal trade or 4,875 million tons of global dry bulk trade, meaning
a 0.5% incremental impact on a volume basis. Also China's overall seaborne coal demand remains uncertain as policy changes could
reinvigorate domestic production and there is an increasing push toward cleaner power generation. Still the trend last year and thus far in
2017 has been a sharp increase in Chinese thermal coal imports at the expense of domestic mining and import levels would still have to grow
40 million tons (24%) from 2016 levels to reach the 2013 thermal coal import peak levels.
SHIPPING MARKETS
27
Monday, February 27, 2017 (Week 9)
27
Global Shipping Fleet & Orderbook Statistics
Contributed by Stifel Nicolaus & Co, Inc.
SHIPPING MARKETS
28
Monday, February 27, 2017 (Week 9)
Large Tankers Are Cleaning Up Their ActLarge product carriers are starting to deliver on their promise
Long Range 1 (LR1) and Long Range 2 (LR2) product carriers are
the coated version of their crude oil relatives Panamaxes and
Aframaxes. Although these large product carriers have been around
for a long time, it is only in the last 10 - 15 years that they have
become a significant factor in the clean product trades, as long-haul
product trades have taken off. Initially, the Middle East to Asia
naphtha trade employed most of these vessels, but over the last 5 -
10 years, more regions and more products have gotten into the act.
In today’s weekly opinion, we will cover the key trades that these
vessels are currently employed in as well as highlight the changes
from 2015 to 2016 based on APEX trade data.
A look at the age profile of the LR1 fleet shows that while there are
still a few clean Panamax vessels around from the 1990s, the bulk of
this fleet was built in the period 2004-2010. An average of 32 vessels
were delivered each year during this period. After a pause in ordering
led to declining deliveries in the years after the financial crisis, LR1
fleet growth ramped up again in 2016, when 16 vessels were
delivered. Another 31 LR1s are scheduled for delivery in 2017.
Trade statistics seem to indicate that 2016 was a good year for the
LR1 segment. Global clean Panamax volumes were up 11.3% (from
1,844 voyages in 2015 to 2,052 in 2016). Most of this growth was in
Asia (from the Middle East to Asia as well as Intra-Asian trades).
India was the source of most of the IntraAsian trades and the
(relatively) short haul nature of these exports reduced ton mile growth
(a more accurate indicator of shipping demand) to a still impressive
6.4%. Unfortunately for the owners of clean product tankers, the rate
environment did not reflect this positive demand trend. On the
contrary: 2016 LR1 earnings were significantly below those of 2015.
There are several factors that could explain this apparent
discrepancy. First, the LR1 fleet grew by about 5% in 2016 due to
significant deliveries and limited scrapping. Secondly, some LR1s
previously employed in the crude/fuel oil trades may have switched to
the clean trades as the ton miles for dirty Panamaxes declined 3.7%
in 2016. Another contributing factor may be the shift away from less
efficient trading areas in West Africa. The number of LR1 tankers
discharging in West Africa declined significantly in 2016. Ships
trading to countries like Togo, Nigeria and Angola typically incur
significant waiting time, reducing their efficiency.
The LR2 age profile is different from the LR1s. In the 2003-2009
period, many more crude Aframaxes were delivered than LR2s and
the pivot from crude towards clean vessels only took place in recent
years (since 2014). In 2017, some 51 LR2s are expected to be
delivered (compared to 32 crude Afras).
LR2 trade data indicates healthy growth in 2016 over 2015 in terms of
number of voyages (+6.2%), but the ton mile numbers are not very
impressive (+0.7%). This lackluster ton mile growth, combined with
strong supply expansion (+11%) goes a long way in explaining the
underwhelming performance of LR2 segment in 2016.
Asia remains the most important area for clean Aframaxes with 54%
of worldwide voyages ending up there in 2016 (56% in 2015).
Contributed by
Poten & Partners, Inc.
805 Third Avenue
New York, NY 10022
Phone: (212) 230 - 2000
Website: www.poten.com
SHIPPING MARKETS
However, the growth in terms of ton miles originated in the
Middle East and was directed towards Europe. The UKC/Baltic
area received 225 LR2 cargoes in 2016, up 39 (21%) from 2015.
Since a lot of these cargoes were sourced (long haul) from the
Middle East, the ton mile growth rate was even higher (+25%).
The Middle East is clearly the growth engine for LR2 cargoes. In
2016, the Middle East generated more than half (51%) of the LR2
cargoes worldwide. In 2015, this was only 47%. Middle Eastern
refiners export their products worldwide, to Asia, Northwest
Europe and the Mediterranean. The only area where the Middle
Eastern products are not going is the Americas, which is already
long product and a very significant exporter in its own right.
Going forward, the prospects for growth in the LR1 and LR2
trades look promising given the plans for continued refinery
expansion in the Middle East and Asia. However, shipowners
have to keep the supply side in check if they want to make sure
that the trade growth translates into higher earnings.
29
Monday, February 27, 2017 (Week 9)
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
Idled VLCCs indicate large‐scale floating storage?
Reports this week indicated that VLCC availability has been limited by a
surge in floating storage which has consumed a large segment of the
fleet, raising fears about the timing and implications of a mass return of
these units to normal trading. However, in examining both AIS idle
fleet data and our proprietary commercial deployment data on a
granular basis, we believe that the extent of floating storage has been
overstated.
There are presently 42 VLCC units that have been idle for at least two
weeks and 27 units that have been idle for at least one month. Far
from the notional implication, however that the number of units engaged
in storage has expanded by 56% over the past two weeks to now
account for 6% of the trading fleet we find the reality to be quite
different on the basis of individual vessels’ circumstances. Three of
these units are in dry dock, seven are constituents of Iran’s NITC fleet
(which regularly interchange between storage, ship‐to‐ship transfers
and customer deliveries), seven are being actively used for either fixed
storage (having been withdrawn from trade by their current owners for
this purpose) or to facilitate ship‐to‐ship transfers. Ullage issues or
onward trade complications have delayed the discharge operations of
three units. Once factoring for the above, we find that just 14 units, or
2% of the trading fleet, are actively storing crude. This tally of units
engaged in floating storage does not represent a material deviation
from storage levels observed over the past 18 months.
How readily the market will be able to absorb the 14 units upon their
exit from floating storage depends heavily on how global VLCC trade
routes are distributed at the time. As has become the case in recent
years, vies between markets for tonnage and declining efficiency in
trade patterns have helped the VLCC market to escape a structural
oversupply situation that would otherwise be suggested by the
traditional supply vs. ton‐miles view.
30
Monday, February 27, 2017 (Week 9)
Tanker Market – Weekly Highlights
SHIPPING MARKETS
VLCC
Rates in the VLCC market commenced the week with a modest degree
of support as participants took stock of a relatively balanced overall
Middle East and West Africa combined supply/demand positioning. As
the week progressed, however, sluggish demand in the Middle East
market eroded owners’ bullish position by raising fears over likely March
volumes which led to fresh rate losses.
A total of 24 units were reported fixed in the Middle East market;
although the figure represents a 71% w/w gain, it remained 10% below
the 52‐week average. The West Africa market observed a rebound of
demand with the week’s fixture tally of six representing a doubling from
last week’s tally.
To‐date, a total of 36 March Middle East cargoes have been covered
(inclusive of 32 for loading during the month’s first decade and four
during the second decade). We anticipate that a further 8 first‐decade
cargoes will materialize and anticipate further demand length in the
West Africa market given that the March export program there was
heavily subscribed by Asian buyers (thus favoring VLCCs
over Suezmaxes). There are 31 units available for loading
through March’s fist decade in the Middle East which
implies a likely surplus of 16 units once additional demand
in both markets is accounted for. A week ago, the surplus
appeared likely to fall between 6 and 12 units, illustrating a
widening supply/demand imbalance. Despite this, rates
could stabilize during the upcoming week as charterers are
likely to be busier in the Middle East market covering
remaining first decade cargoes and progressing
concertedly into the month’s second decade.
Middle East
Rates to the Far East lost 6.5 points to conclude at ws67.5
with corresponding TCEs declining by 12% to conclude at
~$31,535/day. Rates to the USG via the Cape shed 6.5
points to conclude at ws32.5. Triangulated Westbound
trade earnings fell 6% to ~$36,924/day.
Atlantic Basin
Rates in the West Africa market lagged those in the Middle
East and the WAFR‐FEAST route shed 4 points to
31
Monday, February 27, 2017 (Week 9)
Tanker Market – Weekly Highlights
SHIPPING MARKETS
conclude at ws67.5. Corresponding TCEs were off by 9% to conclude at
~$31,720/day.
The Caribbean market was largely nactive with limited fixture activity. A
widening oversupply situation in the market, however, saw owners’
confidence erode and rates on the CBS‐SPORE route were off by $100k
to $4.4m lump sum – the lowest level for the route since September
‘16.
Suezmax
Rates in the West Africa Suezmax market extended gains this week
despite a slowing of fresh demand as vessel availability through the first
half of March remained tight. A total of seven fixtures were reported—
six fewer than a week ago. Rates on the WAFR‐UKC route added 5
points to conclude at ws85. Inward ballasts from other regions have
remained light with rates in the Caribbean market firming and demand in
the Middle East keeping units (and particularly newbuildings) employed
there. Given likely further first‐decade West Africa cargo availability
and only a light progression thus far into the month’s second decade,
chartering demand should improve, keeping the regional supply/demand
balance sufficiently tight to potentially substantiate further – albeit
modest – rate gains.
Aframax
The Caribbean market commenced the week on a bullish tone following
last week’s strong rally. While rates remained relatively stable on this
basis for much of the week, light activity levels throughout the week and
rising availability saw negative pressure continue to mount before
becoming fully evident on Friday. Just ten fixtures ultimately
materialized – 15 fewer than last week and the fewest since the first
week of 2016. Having commenced at ws152.5 and hovered around the
ws150 level for much of the week, by the close of the week the
CBS‐USG route dropped to ws142.5. Further rate losses will likely
materialize during the start of the upcoming week as more units appear
on availability lists.
MR
Rates in the USG MR market experienced strong support this week from
a fresh rebound in chartering activity and declining availability. The tally
of ex‐USG fixtures rose 67% w/w to a four‐week high of 45. Of these,
four were bound for points in Europe (+1, w/w), 29 were bound for points
in Latin America and the Caribbean (+8, w/w) and the remainder were
bound for alternative destinations or have yet to be
determined. Against the demand gain, availability replenishment was
limited by a long list of units awaiting berthing time on Mexico’s east
coast, rendering many units expected to become available there
unworkable, and due to both a reduction of units freeing on the USAC
and rising demand to export cargoes from the same region, which
trimmed USAC to USG ballasts. YTD, the number of spot ex‐USAC
fixtures has risen by 33% over 2016’s average and with most of this
year’s demand concentrated during the past‐month the four‐week
average of fixtures stands at a record high. Rates on the USG‐UKC
route jumped 27.5 points to ws105 while the USG‐CBS route added
$115k to $430k lump sum. At the close of the week, the two‐week
forward view of viably available units stands at 40, the fewest in six
weeks and 7% less than a week ago. We expect that rates will remain
firm at the start of the upcoming week on the low availability count while
the direction thereafter will be dictated by how quickly units off Mexico’s
32
Monday, February 27, 2017 (Week 9)
Tanker Market – Weekly Highlights
SHIPPING MARKETS
east coast berth and return to the market as viable positions and the
extent of fresh ex‐USG demand during the upcoming week.
33
Monday, February 27, 2017 (Week 9)
TANKER TIME CHARTER ESTIMATES* (pdpr) - Non-Eco
tonnage
Tanker Comment: On Tuesday oil prices rose to over $1/ bbl
after OPEC claimed it will stay firm to its oil cut production
agreement and there are hopes for increased compliance from
the members – participating countries. If the plan continues
successfully we will eventually see further decline on the
inventories. On the spot market, MEG firmed for the LR2 and
LR1 markets with Gulf-Japan rates reaching WS 120 and WS
130 respectively. On the other hand, MRs in the East achieved
bullish rates on both the Spore-E. Australia and Korea-Spore
routes. Period sector did not experience any significant upturn
with rates to remain on similar levels. LR2 rates for 1 Yr period
time charter expected to be around $17,500, slightly above
Dirty Aframax rates, fixed for the same period.
Contributed by
Alibra Shipping Limited
35 Thurloe Street
South Kensington
London, SW7 2LQ
Phone: +44 020 7581 7766
Website: www.alibrashipping.com
Dry/Wet & TC Rates
SHIPPING MARKETS
DRY TIME CHARTER ESTIMATES* (pdpr)
Dry comment: Cape rates have firmed following fresh enquiries across
the market, particularly for Brazil to China. Cape 1 year rates can achieve
around $11,250/pdpr. The Panamax market in the Atlantic has softened
due to excess tonnage to the north with Panamax 1 year rates able to
achieve close to $8,500/pdpr. Period enquiries in the East have remained
steady with 1 year rates achieving $7,600/pdpr. The Supra market in the
Pacific for short period has also firmed to around $7,250/pdpr.
DRY FFA: Cape 6 and 12 month FFA’s rose $900 to $8,300 and $10,300 respectively Panamax rates remained firm with only 6 month
FFA’s rising $50 to $8,500. Supra 6 month rates dipped to $6,600.
WET FFA: TD3 and TD7 noticeably lower this week for 1,2 and 3 months paper.
