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Monday, January 9, 2017 (Week 2)

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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

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ABOUT THE FORUM

The Capital Link Cyprus Shipping Forum, will take place in Limassol on Thursday , February 9, 2017, at the Columbia Plaza,

Under the Auspices of the Ministry of Transport, Communications and Works.

The event aims to highlight the significant role of Cyprus as a maritime, energy and logistics hub and as an investment and business

destination. The Forum will feature major international speakers and delegates and local leaders in an exchange of ideas on critical

industry topics. It will discuss the developments and trends in the major shipping, financial and capital markets as well as issues

pertaining to geopolitical and regulatory developments, technical and commercial fleet management. The Forum will highlight the

competitive positioning and advantages of Cyprus as an industry hub.

PANEL TOPICS TO BE COVERED

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

LEAD SPONSORS

GLOBAL GOLD SPONSORS

SPONSORS

MEDIA PARTNERS

SUPPORTING ORGANIZATIONS

• Cyprus as a Maritime, Logistics &

Energy Hub

• Global Shipping Markets – Current

Developments & Outlook

• A Review of the Global Commodity,

Energy & Shipping Markets – Sector

Review, Analysis & Outlook

• Optimizing Technical Fleet Management

• Good People Pay Off – Crewing

Strategies and Staff Development

• Managing Risks – Foreign Corruption

Practices Act

• Optimizing Insurance & Reinsurance –

Trends & Developments

• China, the Global Economy & Shipping

• “One Belt – One Road” – The New Silk

Road & How It Will Affect Shipping

• Geopolitical and Regulatory

Developments Affecting Shipping

• Access to Capital as a Competitive

Advantage – Bank Finance, Capital

Markets, Private Equity & Alternative

Financing

• Restructuring as a Business &

Investment Opportunity

• Expertise and Infrastructure in Cyprus –

Cyprus as an Operational Hub

• Is There Light at the End of the Tunnel?

– The Shipowner Perspective SUPPORTING SPONSORS

SPEAKERS DINNER SPONSOR



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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


Tuesday, January 3, 2016

DryShips Announces Closing of $200.0 Million New Sifnos

Revolving Facility

DryShips Inc. (NASDAQ:DRYS), an international owner of drybulk

carriers and offshore support vessels, announced that, it has signed

definitive documentation with Sifnos Shareholders Inc. (“Sifnos”), an

entity controlled by our Founder and Chairman Mr. Economou, for

the previously announced refinancing of the majority of its

outstanding debt under the new senior secured revolving facility

(“New Revolver”).

http://dryships.irwebpage.com/press/dryspr010317.pdf

Costamare Inc. Declares Quarterly Dividend On Its Preferred

And Common Stock

Costamare Inc. (NYSE: CMRE) has declared cash dividends of US

$0.476563 per share on its 7.625% Series B Cumulative

Redeemable Perpetual Preferred Stock (the “Series B Preferred

Stock”) (NYSE: CMRE PR B), US $0.531250 per share on its 8.50%

Series C Cumulative Redeemable Perpetual Preferred Stock (the

“Series C Preferred Stock”) (NYSE: CMRE PR C) and US $0.546875

per share on its 8.75% Series D Cumulative Redeemable Perpetual

Preferred Stock (the “Series D Preferred Stock”) (NYSE: CMRE PR

D). The dividend for the Series B Preferred Stock, the Series C

Preferred Stock and the Series D Preferred Stock is for the period

from October 15, 2016, to January 14, 2017. The dividends will be

paid on January 17, 2017 to all holders of record as of January 13,

2017 of Series B Preferred Stock, Series C Preferred Stock and

Series D Preferred Stock.

http://ir.costamare.com/images/news/cmre_dividend_press_release.

pdf

Teekay Corporation Declares Dividend

Teekay Corporation (NYSE:TK) announced that its Board of

Directors has declared a cash dividend on its common stock of

$0.055 per share for the quarter ended December 31, 2016. The

cash dividend is payable on February 15, 2017 to all shareholders of

record as at January 27, 2017.

http://teekay.com/blog/2017/01/03/teekay-corporation-declares-

dividend-35/

Teekay Lng Partners Declares Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P.

(NYSE:TGP), has declared a cash distribution of $0.14 per unit for

the quarter ended December 31, 2016. The cash distribution is

payable on February 10, 2017 to all unitholders of record on

February 3, 2017.

http://teekay.com/blog/2017/01/03/teekay-lng-partners-declares-

distribution-12/

Teekay Offshore Partners Declares Distribution

Teekay Offshore GP LLC, the general partner of Teekay Offshore

Partners L.P. (NYSE:TOO), has declared a distribution of $0.11 per

unit for the quarter ended December 31, 2016. The limited partner

and general partner distributions payable to Teekay Corporation will

be paid in the form of new common units while distributions to third

party investors will be paid in cash. The distributions are payable on

February 10, 2017 to all unitholders of record on February 3, 2017.

Teekay Offshore’s cash distributions are reported on Form 1099 for

United States tax purposes.

http://teekay.com/blog/2017/01/03/teekay-offshore-partners-

declares-distribution-12/

Wednesday, January 4, 2016

Diana Shipping Inc. Announces Delivery of Two Newbuilding

Newcastlemax Dry Bulk Vessels and Drawdown of US$57.24

Million Term Loan Facility with The Export-Import Bank of China

Diana Shipping Inc. (NYSE: DSX), a global shipping company

specializing in the ownership of dry bulk vessels, announced that,

through two separate wholly-owned subsidiaries, it has taken

delivery of the m/v San Francisco (formerly Hull No. H2548) and the

m/v Newport News (formerly Hull No. H2549), two newbuilding

Newcastlemax dry bulk vessels of approximately 208,500 dwt that

were contracted in May 2013.

http://www.dianashippinginc.com/news/news-diana-shipping-inc-

announces-delivery-of-two-newbuilding-newcastlemax-dry-bulk-

vessels-and-drawdown-of-usps57-24-million-term-loan-facility-with-

the-export-import-bank-of-china

Atwood Oceanics To Attend The Goldman Sachs Global Energy

Conference

Atwood Oceanics, Inc. (NYSE: ATW) announced that the Company's

President and CEO, Rob Saltiel, will be on a panel discussion at the

Goldman Sachs Global Energy Conference on Thursday, January 5,

2017 in Orlando, Florida. A copy of the Company's presentation can

be viewed on the Company's website at www.atwd.com.

http://ir.atwd.com/file/Index?KeyFile=37368745

Rowan Announces Final Results And Expiration Of Cash

Tender Offers

Rowan Companies plc (NYSE: RDC) announced final results and

expiration of the previously announced cash tender offers (the

"Tender Offers") to purchase the outstanding senior notes of Rowan

Companies, Inc., a Delaware corporation and indirect, wholly owned

subsidiary of the Company ("RCI"), listed in the table below

(collectively, the "Notes"), for a maximum aggregate purchase price

of up to $750 million, excluding accrued and unpaid interest.

http://www.rowan.com/investor-relations/press-releases/press-

release-details/2017/Rowan-Announces-Final-Results-and-

Expiration-of-Cash-Tender-Offers/default.aspx

Knot Offshore Partners Lp Announces Public Offering Of

2,500,000 Common Units

KNOT Offshore Partners LP (NYSE: KNOP) announced the

commencement of an underwritten public offering of 2,500,000

common units, representing limited partner interests in the

Partnership. The Partnership expects to grant the underwriter a 30-

day option to purchase up to an additional 375,000 common units.

http://ir.knotoffshorepartners.com/investor-relations/Investor-

Information/news-releases/news-details/2017/KNOT-Offshore-

Partners-LP-Announces-Public-Offering-of-2500000-Common-

Units/default.aspx

Dynagas LNG Partners LP Announces Cash Distribution for the

Quarter Ended December 31, 2016 of $0.4225 Per Common and

Latest Company News

IN THE NEWS


http://ir.costamare.com/images/news/cmre_dividend_press_release.pdf

http://teekay.com/blog/2017/01/03/teekay-corporation-declares-dividend-35/

http://teekay.com/blog/2017/01/03/teekay-lng-partners-declares-distribution-12/

http://teekay.com/blog/2017/01/03/teekay-offshore-partners-declares-distribution-12/

http://www.dianashippinginc.com/news/news-diana-shipping-inc-announces-delivery-of-two-newbuilding-newcastlemax-dry-bulk-vessels-and-drawdown-of-usps57-24-million-term-loan-facility-with-the-export-import-bank-of-china

http://ir.atwd.com/file/Index?KeyFile=37368745

http://www.rowan.com/investor-relations/press-releases/press-release-details/2017/Rowan-Announces-Final-Results-and-Expiration-of-Cash-Tender-Offers/default.aspx

http://ir.knotoffshorepartners.com/investor-relations/Investor-Information/news-releases/news-details/2017/KNOT-Offshore-Partners-LP-Announces-Public-Offering-of-2500000-Common-Units/default.aspx

3


Subordinated Unit

Dynagas LNG Partners LP (NYSE: “DLNG”), an owner and operator

of LNG carriers, announced that its Board of Directors has declared

a quarterly cash distribution with respect to the quarter ended

December 31, 2016 of $0.4225 per unit. The cash distribution is

payable on or about January 19, 2017 to all unit holders of record as

of January 11, 2017.

http://www.dynagaspartners.com/?page=press_show&id=94

Thursday, January 5, 2016

DryShips Announces Strategic Expansion Into The Gas Carrier

Market

DryShips Inc. (NASDAQ:DRYS), an international owner of drybulk

carriers and offshore support vessels, announced that, it has agreed

to enter into a “zero cost” Option Agreement (“LPG Option

Agreement”) with companies controlled by its Chairman and Chief

Executive Officer, Mr. George Economou, to purchase up to four

high specifications Very Large Gas Carriers (“VLGC(s)”) capable of

carrying liquefied petroleum gas (“LPG”) that are currently under

construction at Hyundai Heavy Industries (“HHI”) . Each of the four

VLGCs is going to be employed on long term charters to major oil

companies and oil traders.


Ensco Announces Final Results for Private Offers to Exchange

Outstanding Senior Notes

Ensco plc (NYSE:ESV) reported the final results of its private offers

to exchange (the “offers”) outstanding notes issued by Ensco and

Pride International, Inc., a wholly owned subsidiary of Ensco

(“Pride”), listed in the below table, which Ensco refers to collectively

as the “outstanding notes.” As of 11:59 p.m., New York City time, on

January 4, 2017, approximately $650million aggregate principal

amount of outstanding notes were tendered and not validly

withdrawn in the offers. The aggregate cash consideration payable in

the offers does not exceed the aggregate maximum cash

consideration for the offers. As a result, Ensco is accepting all

outstanding notes validly tendered and not validly withdrawn. Ensco

expects to make payment of cash and Ensco’s 8.00% Senior Notes

due 2024 (the “new notes”) as set forth below on January 9, 2017.

http://www.enscoplc.com/news-and-media/press-releases/press-

release-details/2017/Ensco-Announces-Final-Results-for-Private-

Offers-to-Exchange-Outstanding-Senior-Notes/default.aspx

Friday, January 6, 2016

KNOT Offshore Partners LP To Host Investor Day In New York

City On 15 February, 2017

KNOT Offshore Partners LP (NYSE ticker: KNOP) is pleased to

invite investors, analysts and media to take part in an “Investor Day”

in New York City on 15 February 2017. The Investor Day will

commence after the presentation of the fourth quarter earnings

results.

http://ir.knotoffshorepartners.com/investor-relations/Investor-

Information/news-releases/news-details/2017/KNOT-Offshore-

Partners-LP-to-Host-Investor-Day-in-New-York-City-on-15-February-

2017/default.aspx

Monday, January 9, 2016

DryShips Exercises First Option To Acquire A Very Large Gas

Carrier With A 5 Year Time Charter Attached To An Oil Major

DryShips Inc. (NASDAQ:DRYS) , an international owner of drybulk

carriers and offshore support vessels, announced that it has

exercised its first option under the previously announced option

agreement to acquire one Very Large Gas Carrier (“VLGC”) currently

under construction at Hyundai Heavy Industries (“HHI”) for a

purchase price of $83.5 million.


DHT Holdings, Inc. Business Update

It is DHT's policy to inspect all newbuildings, including underwater

areas, during their respective warranty periods. During such routine

inspection of the DHT Jaguar, a fracture surrounding the inspection

window of the rudder was identified. Following a root cause analysis

conducted by the builder Hyundai Heavy Industries (HHI) and

classification society American Bureau of Shipping (ABS), DHT

implemented a permanent repair plan for a rudder design

improvement on the DHT Jaguar and its sister ships. DHT has

completed the work and has in relation to this incurred 105 off-hire

days during the fourth quarter of 2016, equaling to about 5% of its

trading days during the same period. The repair cost has been

covered by HHI under its warranty obligation.

http://www.dhtankers.com/index.php?id=441&pressrelease=206981

6.html

Latest Company News

IN THE NEWS

http://www.dynagaspartners.com/?page=press_show&id=94


http://www.enscoplc.com/news-and-media/press-releases/press-release-details/2017/Ensco-Announces-Final-Results-for-Private-Offers-to-Exchange-Outstanding-Senior-Notes/default.aspx

http://ir.knotoffshorepartners.com/investor-relations/Investor-Information/news-releases/news-details/2017/KNOT-Offshore-Partners-LP-to-Host-Investor-Day-in-New-York-City-on-15-February-2017/default.aspx


http://www.dhtankers.com/index.php?id=441&pressrelease=2069816.html

4


Dividend Paying Shipping Stocks Stock Prices as of January 6, 2017

CAPITAL MARKETS DATA

*Semi-annual dividend

Company Name TickerQuarterly

Dividend

Annualized

Dividend

Last Closing Price

(January 6, 2017)

Annualized

Dividend Yield

Container

Costamare Inc CMRE $0.10 $0.40 5.99 6.68%

Seaspan Corp SSW $0.375 $1.50 9.59 15.64%

Tankers

DHT Holdings, Inc. DHT $0.02 $0.08 4.11 1.95%

Frontline FRO $0.10 $0.40 7.39 5.41%

Navios Maritime Acquisition Corp NNA $0.05 $0.20 2.02 9.90%

Nordic American Tankers Limited NAT $0.26 $1.04 8.68 11.98%

Scorpio Tankers Inc STNG $0.125 $0.50 4.75 10.53%

Tsakos Energy Navigation Ltd TNP $0.05 $0.20 5.04 3.97%

Teekay Tankers TNK $0.03 $0.12 2.35 5.11%

Mixed Fleet

Ship Finance International Limited SFL $0.45 $1.80 15.05 11.96%

Teekay Corporation TK $0.055 $0.22 8.81 2.50%

LNG/LPG

GasLog Ltd GLOG $0.14 $0.56 17.00 3.29%

Golar LNG GLNG $0.05 $0.20 24.84 0.81%

Maritime MLPs

Capital Product Partners L.P. CPLP $0.0750 $0.300 $3.21 9.35%

Dynagas LNG Partners DLNG $0.4225 $1.69 $17.17 9.84%

GasLog Partners LP GLOP $0.4780 $1.912 $21.80 8.77%

Golar LNG Partners, L.P. GMLP $0.5775 $2.31 $22.82 10.12%

Hoegh LNG Partners HMLP $0.4125 $1.65 $18.90 8.73%

KNOT Offshore Partners L.P. KNOP $0.52 $2.08 $22.30 9.33%

Navios Maritime Midstream Partners NAP $0.4225 $1.69 $11.64 14.52%

Teekay LNG Partners L.P. TGP $0.14 $0.56 15.25 3.67%

Teekay Offshore Partners L.P. TOO 0.11 0.44 5.57 7.90%

Offshore Drilling

Ensco plc ESV $0.01 $0.04 11.68 0.34%

Seadrill Partners SDLP $0.10 $0.40 4.46 8.97%

Container

Costamare Inc CMRE $0.10 $0.40 5.99 6.68%

Seaspan Corp SSW $0.375 $1.50 9.59 15.64%

5


(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


Preferred Shipping Stocks Stock Prices as of January 6, 2017

Company Ticker

Amount

Issued

($m)

TypeAnnual

Coupon

Offer

Price

Current

Price

1/6/2017

Current

Yield

(annualized)

%

change

last

week

52-week

range*

Costamare Series BCMRE

PRB50 perpetual 7.625% $25.00 $21.71 8.78% 6.95%

$11.96-

$23.00

Costamare Series CCMRE

PRC100 perpetual 8.50% $25.00 $22.55 9.42% 4.07%

$12.49-

$22.68

Costamare Series DCMRE

PRD100 perpetual 8.75% $25.00 $23.21 9.42% 4.55%

$12.70-

$23.29

Diana Shipping Series B DSXPRB 65 perpetual 8.875% $25.00 $17.83 12.44% 8.65%$9.50-

$18.52

Dynagas LNG Partners

Series A

DLNGPR

A75 perpetual 9.000% $25.00 $25.60 8.79% 1.26%

$14.80-

$25.72

GasLog Series A GLOGA 111 perpetual 8.75% $25.00 $24.98 8.17% -0.56%$13.75-

$26.61

Global Ship Lease Series

BGSLB 35 perpetual 8.75% $25.00 $21.09 10.37% 3.43%

$8.00-

$20.98

Safe Bulkers Series B SBPRB 40perpetual

step up8.00% $25.00 $23.79 8.41% -1.49%

$17.84-

$24.49

Safe Bulkers Series C SBPRC 58 perpetual 8.00% $25.00 $14.24 14.04% 2.74%$6.84-

$16.00

Safe Bulkers Series D SBPRD 80 perpetual 8.00% $25.00 $14.36 13.93% 6.21%$6.29-

$16.47

Seaspan Series D SSWPRD 128 perpetual 7.95% $25.00 $22.52 8.83% 10.66%$19.19-

$26.48

Seaspan Series E SSWPRE 135 perpetual 8.25% $25.00 $23.11 8.92% 12.79%$19.92-

$26.38

Seaspan Series G SSWPRG 100 perpetual 8.25% $25.00 $21.47 4.67% 7.67%$19.66-

$26.09*

Seaspan Series H SSWPRH 225 perpetual 7.875% $25.00 $21.19 N/A 8.83%$18.84-

$25.24*

Teekay Offshore Series A TOOPRA 150 perpetual 7.25% $25.00 $19.92 9.10% 7.10%$9.07-

$21.42

Teekay Offshore Series B TOOPRB 125 perpetual 8.50% $25.00 $21.26 10.00% 6.03%$10.50-

$22.92

Tsakos Energy Series B TNPPRB 50perpetual

step up8.00% $25.00 $25.51 7.84% 0.95%

$21.50-

$25.83

Tsakos Energy Series C TNPPRC 50 perpetual 8.875% $25.00 $25.88 8.57% 2.02%$20.19-

$26.12

Tsakos Energy Series D TNPPRD 85 perpetual 8.75% $25.00 $24.35 8.98% -0.27%$16.25-

$25.00

6


IndicesWeek ending January 6, 2017


MAJOR INDICES

CAPITAL LINK MARITIME INDICES

America Symbol 1/6//2017 12/30//2016 % Change YTD % Change 4-Jan-16

Dow Jones INDU 19,963.80 19,762.60 1.02 16.41 17,148.94

Dow Jones Transp. TRAN 9,104.08 9,043.90 0.67 23.82 7,352.59

NASDAQ CCMP 5,521.06 5,383.12 2.56 12.60 4,903.09

NASDAQ Transp. CTRN 4,094.28 4,063.35 0.76 25.41 3,264.70

S&P 500 SPX 2,276.98 2,238.83 1.70 13.13 2,012.66

Europe Symbol 1/6//2017 12/30//2016 % Change YTD % Change 4-Jan-16

Deutsche Borse Ag DAX 11,599.01 11,481.06 1.03 12.79 10,283.44

Euro Stoxx 50 SX5E 3,321.17 3,290.52 0.93 4.94 3,164.76

FTSE 100 Index UKX 7,210.05 7,142.83 0.94 18.32 6,093.43

Asia/Pacific Symbol 1/6//2017 12/30//2016 % Change YTD % Change 4-Jan-16

ASX 200 AS51 5,755.58 5,665.80 1.58 9.20 5,270.48

Hang Seng HSI 22,503.01 22,000.56 2.28 5.51 21,327.12

Nikkei 225 NKY 19,454.33 19,114.37 1.78 5.44 18,450.98

Index Symbol 1/6//2017 12/30//2016 % Change YTD % Change 4-Jan-16

Capital Link Maritime Index CLMI 1,215.01 1,182.24 2.77 18.31 1,026.98

Tanker Index CLTI 774.92 731.19 5.98 -8.71 848.82

Drybulk Index CLDBI 485.31 417.38 16.28 50.05 323.43

Container Index CLCI 709.45 672.90 5.43 -36.68 1,120.50

LNG/LPG Index CLLG 1,907.86 1,842.60 3.54 43.98 1,325.11

Mixed Fleet Index CLMFI 1,281.80 1,258.48 1.85 9.95 1,165.83

MLP Index CLMLP 1,660.28 1,665.88 -0.34 46.90 1,130.22

*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).

7



TRANSPORTATION STOCKS

DRYBULK Ticker 1/6/2017 12/30/2016 Change52 week

high

52 week

low1/4/2016 Three Month

Genco Shipping & Trading Ltd GNK $7.68 $7.38 4.07% $12.20 $3.77 $14.90 273,120

Diana Shipping Inc DSX $3.60 $3.02 19.21% $4.11 $2.02 $4.35 790,756

DryShips Inc DRYS $3.03 $3.69 -17.89% $240.60 $2.76 $3.98 7,806,603

Eagle Bulk Shipping Inc EGLE $6.12 $5.85 4.62% $60.00 $4.12 $3.25 716,465

FreeSeas Inc FREEF $0.00 $0.00 0.00% $114.00 $0.00 $178.50 48,587,976

Globus Maritime Ltd GLBS $4.36 $4.08 6.86% $14.23 $0.24 $0.15 642,325

Golden Ocean Group GOGL $5.16 $4.71 9.55% $5.23 $2.71 $5.05 156,389

Navios Maritime Holdings Inc NM $1.62 $1.41 14.89% $1.79 $0.64 $1.65 1,424,785

Navios Maritime Partners LP NMM $1.61 $1.41 14.18% $2.40 $0.80 $3.07 893,615

Paragon Shipping Inc PRGNF $0.11 $0.10 9.15% $5.13 $0.10 $5.52 270,832

Safe Bulkers Inc SB $1.30 $1.15 13.04% $1.90 $0.30 $0.75 378,522

Scorpio Bulkers SALT $5.65 $5.05 11.88% $5.95 $1.84 $8.34 823,566

Seanergy Maritime SHIP $1.20 $1.15 4.35% $7.20 $1.15 $3.27 1,467,386

Star Bulk Carriers Corp SBLK $6.11 $5.11 19.57% $6.19 $1.80 $3.08 376,544

TANKERS Ticker 1/6/2017 12/30/2016 Change

52

week

high

52 week

low1/4/2016 Three Month

Ardmore Shipping Corp ASC $7.75 $7.40 4.73% $10.77 $5.50 $12.33 326,308

Capital Product Partners LP CPLP $3.21 $3.18 0.94% $4.67 $2.51 $5.25 780,239

DHT Holdings Inc DHT $4.11 $4.14 -0.72% $6.65 $3.38 $7.83 2,266,887

Euronav NV EURN $8.40 $7.95 5.66% $12.27 $6.70 N/A 845,697

Frontline Ltd/Bermuda FRO $7.39 $7.11 3.94% $11.65 $6.85 $14.65 1,059,588

Gener8 Maritime Inc GNRT $4.63 $4.48 3.35% $8.13 $3.56 $9.08 539,130

KNOT Offshore Partners KNOP $22.30 $23.60 -5.51% $24.50 $10.30 $14.17 119,695

Navios Acquisition NNA $2.02 $1.70 18.82% $2.32 $1.20 $2.83 716,204

Navios Midstream Partners NAP $11.64 $10.78 7.98% $14.04 $6.77 $11.32 85,861

Nordic American NAT $8.68 $8.40 3.33% $16.00 $7.66 $15.14 1,967,507

Overseas Shipholding OSG $4.48 $3.83 16.97% $5.70 $2.73 $16.20 667,290

Pyxis Tankers PXS $2.71 $2.60 4.23% $4.04 $0.65 $1.25 11,718

Scorpio Tankers Inc STNG $4.75 $4.53 4.86% $6.57 $3.69 $7.62 2,843,918

Teekay Offshore Partners LP TOO $5.57 $5.06 10.08% $6.92 $2.61 $6.32 662,271

Teekay Tankers Ltd TNK $2.35 $2.26 3.98% $5.29 $1.98 $6.72 1,706,735

Top Ships TOPS $2.45 $2.25 8.89% $6.61 $1.49 $3.10 762,959

Tsakos Energy Navigation Ltd TNP $5.04 $4.69 7.46% $6.70 $4.01 $7.66 520,502

8



LPG/LNG Ticker 1/6/2017 12/30/2016 Change52 week

high

52 week

low1/4/2016

Three

Month

Dynagas LNG Partners DLNG $17.17 $15.98 7.45% $17.17 $6.86 $9.74 156,582

Dorian LPG $9.18 $8.21 11.81% $12.21 $5.09 $11.37 214,211

GasLog Ltd GLOG $17.00 $16.10 5.59% $17.05 $5.78 $8.77 432,516

Gaslog Partners GLOP $21.80 $20.55 6.08% $22.00 $10.00 $14.25 121,178

Golar LNG Ltd GLNG $24.84 $22.94 8.28% $25.65 $10.04 $17.07 1,432,747

Golar LNG Partners LP GMLP $22.82 $24.04 -5.07% $24.04 $9.52 $13.14 234,693

Hoegh LNG Partners HMLP $18.90 $19.00 -0.53% $19.23 $12.55 $18.18 67,101

Navigator Gas NVGS $9.45 $9.30 1.61% $17.57 $6.55 $13.66 332,175

StealthGas Inc GASS $3.40 $3.38 0.59% $5.05 $2.49 $3.43 40,923

Teekay LNG Partners LP TGP $15.25 $14.45 5.54% $16.10 $8.77 $13.78 386,784

MIXED FLEET Ticker 1/6/2017 12/30/2016 Change52 week

high

52 week

low1/4/2016

Three

Month

Euroseas Ltd ESEA $1.85 $1.69 9.47% $4.85 $1.19 $2.57 1,540,299

Ship Finance International SFL $15.05 $14.85 1.35% $16.17 $10.31 $16.23 921,864

Teekay Corp TK $8.81 $8.03 9.71% $11.43 $4.92 $10.18 1,388,235

MLPs Ticker 1/6/2017 12/30/2016 Change52 week

high

52 week

low1/4/2016

Three

Month

Capital Product Partners CPLP $3.21 $3.18 0.94% $4.67 $2.51 $5.25 780,239

Dynagas LNG Partners DLNG $17.17 $15.98 7.45% $17.17 $6.86 $9.74 156,582

GasLog Partners GLOP $21.80 $20.55 6.08% $22.00 $10.00 $14.25 121,178

Golar LNG Partners LP GMLP $22.82 $24.04 -5.07% $24.04 $9.52 $13.14 234,693

Hoegh LNG Partners HMLP $18.90 $19.00 -0.53% $19.23 $12.55 $18.18 67,101

Knot Offshore Partners KNOP $22.30 $23.60 -5.51% $24.50 $10.30 $14.17 119,695

Navios Maritime Midstream NAP $11.64 $10.78 7.98% $14.04 $6.77 $11.32 85,861

Navios Partners NMM $1.61 $1.41 14.18% $2.40 $0.80 $3.07 893,615

Teekay Offshore TOO $5.57 $5.06 10.08% $6.92 $2.61 $6.32 662,271

Teekay LNG TGP $15.25 $14.45 5.54% $16.10 $8.77 $13.78 386,784

OFFSHORE DRILL RIGS Ticker 1/6/2017 12/30/2016 Change52 week

high

52 week

low1/4/2016

Three

Month

Atwood Oceanics ATW $13.24 $13.13 0.84% $13.98 $5.32 $10.59 4,089,621

Diamond Offshore Drilling DO $19.19 $17.70 8.42% $26.11 $14.80 $21.85 2,870,099

Ensco International ESV $11.68 $9.72 20.16% $12.45 $6.64 $15.89 9,547,977

Noble Corp. NE $7.33 $5.92 23.82% $13.56 $4.64 $10.82 11,856,252

Ocean Rig UDW Inc ORIG $1.85 $1.74 6.32% $3.07 $0.70 $1.69 3,540,744

Pacific Drilling PACD $4.88 $4.06 20.20% $8.50 $2.90 $9.00 326,361

Rowan Companies RDC $19.81 $18.89 4.87% $20.90 $11.23 $17.09 3,260,076

Seadrill Ltd. SDRL $3.42 $3.41 0.29% $6.06 $1.63 $3.47 10,648,160

Transocean RIG $15.77 $14.74 6.99% $15.77 $8.20 $12.55 14,077,642

Vantage Drilling Company VTGDF $0.03 $0.02 67.74% $0.03 $0.00 $0.00 511,851

CONTAINERS Ticker 1/6/2017 12/30/2016 Change52 week

high

52 week

low1/4/2016

Three

Month

Box Ships Inc TEUFF $0.01 $0.01 -1.33% $0.19 $0.01 $0.16 3,149,150

Costamare Inc CMRE $5.99 $5.60 6.96% $10.70 $5.57 $9.62 727,960

Danaos Corp DAC $2.65 $2.65 0.00% $5.42 $2.30 $5.92 92,024

Diana Containerships Inc DCIX $2.82 $2.78 1.44% $12.86 $2.06 $6.36 1,576,212

Global Ship Lease Inc GSL $1.65 $1.50 10.00% $2.50 $1.07 $2.60 828,047

Seaspan Corp SSW $9.59 $9.14 4.92% $19.59 $8.67 $15.48 709,434

9


OFFSHORE SUPPLY Ticker 1/6/2017 12/30/2016 Change52 week

high

52 week

low1/4/2016

Three

Month

Gulfmark Offshore GLF $1.65 $1.75 -5.71% $7.38 $1.10 $4.60 460,509

Hornback Offshore HOS $7.57 $7.22 4.85% $12.28 $3.32 $10.12 1,238,925

Nordic American Offshore NAO $2.80 $2.75 1.82% $5.69 $2.60 $5.26 114,233

Tidewater TDW $3.63 $3.41 6.45% $11.09 $1.49 $7.33 2,190,155

Seacor Holdings CKH $74.73 $71.28 4.84% $75.47 $42.35 $52.71 130,294

OSLO-Listed Shipping Comps

(currency in NOK)Ticker 1/6/2017 12/30/2016 Change

52 week

high

52 week

low1/4/2016

Three

Month

Golden Ocean GOGL $43.20 $41.30 4.60% $43.20 $21.30 $44.01 961,603

Stolt-Nielsen Ltd. SNI $105.50 $106.00 -0.47% $118.00 $79.50 $105.00 44,796

Frontline Ltd. FRO $63.05 $62.00 1.69% $105.65 $56.15 $129.45 591,389

Jinhui Shpg. & Trans JIN $8.45 $8.88 -4.84% $8.97 $4.60 $7.30 981,759

Odfjell (Common A Share) ODF $29.40 $29.30 0.34% $33.40 $22.10 $28.20 19,566

American Shipping Co. AMSC $25.60 $24.30 5.35% $26.35 $19.02 $22.62 87,639

Hoegh LNG HLNG $91.75 $96.50 -4.92% $98.25 $78.75 $95.25 51,187

10


Shipping Equities: The Week in ReviewSHIPPING EQUITIES OUTPERFORMED THE BROADER MARKET

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

(CLMI), a composite index of all US listed shipping stocks, up 2.77%, compared to the S&P 500 increasing

1.70%, Nasdaq growing 2.56%, and Dow Jones Industrial Average (DJII) climbing 1.02%.

Dry Bulk stocks were the best performers during last week, with Capital Link Dry Bullk Index up 15.28%,

followed by Capital Link Tanker Index growing 5.98%. MLP equities were the least performer during last week,

with Capital Link MLP Index down 0.34%.

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.


Get your message across to

36,000 weekly recipients around the globe

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

brand with Capital Link’s Shipping Weekly Markets Report.

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

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

11


MARITIME INDEX DAILY COMPARISON CHARTS (52 -WEEK )

*SOURCE: BLOOMBERG


12


12

Global Shipping Company Bond Data

Contributed by Stifel Nicolaus & Co, Inc.

SHIPPING MARKETS

13


Aggregate Price Index

06 Jan ±∆ ±%Capesize 40 p 1 1.5%

Panamax 39 p 1 2.7%

Supramax 46 p 1 2.1%

Handysize 47 p 1 2.2%

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 ReportMarket Analysis

After having entered into a New Year, fresh hopes seem to be high for

this to be the turning point in the market that many have been looking

forward to for several years now. As such the question being thrown

around more often nowadays is “what’s in store for 2017” and “will we

see a better market this year”, prompting many to take out their “crystal

balls” seeking to see if this will be a year of gains or yet another full of

further pains.

On the Dry Bulk side we have seen the market gone through some of its

worst pains over the last twelve months and is now looking towards a

brighter future in the horizon (or is this just hopeful thinking?). On the

ugly side of things, it looks as though demand is likely to face serious

issues in the near term. Further trimming of coal consumption seems to

be in sight, given the serious smog problems being faced in China’s

capital these past months. Other industrial commodities such as iron ore

are still tied to a global economy which is still seemingly anaemic in

nature and as such are unlikely to show any extraordinarily boosted

figures in terms of trade growth. While being on the topic of global

economic growth, there are still a number of risks to be faced, given the

developments scheduled in this year’s political agenda, with Europe now

taking centre stage for most as a number of countries in the region are

set to go through some “tricky elections” while the U.K. will also start

tackling the difficult negotiations as to its terms of exit. As to

developments in the U.S., not much is yet known as to what the new

direction will be of the next U.S. president and what this will spell in

terms of trade relations for the world’s largest economy.

That’s as far as the main bad news have to go. However there are a

number of bright spots in the horizon which could just make 2017 the

turning point in the market that everyone has been looking forward to.

The orderbook in the dry bulk market has been at some of its lowest

levels (compared to the active fleet) that we have seen in over 15 years

now. Given the current orderbook schedule this also means that the

growth in supply will start to stagnate after June. At the same time and

unlike what we have seen in the past, there is currently little appetite for

another ordering frenzy to take place, while many shipbuilders are

already finding themselves in dire conditions, making the possibility of

offering extra incentives such as easy financing and favourable payment

terms and prices a difficult thing right now. As the orderbook starts to dry

up, the world’s shipbuilding capacity will start to shrink considerably and

as that happens, the market will be finally allowed to go through longer

cycles then the two year peaks and troughs we have grown accustomed

to over the past 8 years.

Things are a little shakier for the tanker sector, where we expect to see

demand levels slowly slumber as the price of crude oil continues its rise.

Demand in the crude oil trade has been facing difficulties for many years

now and given that the main driver of the market (low prices) has now

left us, the balance in the market will become more unstable. The

orderbook is not in the worst state it has ever been, as few went out to

order new vessels during the past two years, though even this might

eventually prove to be more then what tanker owners would like. Given

that non-OPEC oil production could once again flourish under these new

terms, the price of crude is expected to cap at lower levels then what it

was 3 years ago, but all will depend as to how high that price cap will be.

Dry Bulk Freight Market

Secondhand Market

Newbuilding Market

Demolition Market

Tanker Freight Market

06 Jan ±∆ ±%BDI 963 p 2 0.2%

BCI 1,658 p 273 19.7%

BPI 892 p 40 4.7%

BSI 783 q -120 -13.3%

BHSI 508 q -89 -14.9%

W-O-W change

06 Jan ±∆ ±%BDTI 1,026 p 107 11.6%

BCTI 846 p 168 24.8%

W-O-W change

Avg Price Index (main 5 regions)

06 Jan ±∆ ±%Dry 271 p 15 5.9%

Wet 284 p 13 4.8%

W-O-W change

Aggregate Price Index

06 Jan ±∆ ±%Bulkers 73 u 0 0.0%

Cont 97 u 0 0.0%

Tankers 90 q -1 -1.2%

Gas 96 u 0 0.0%

M-O-M change

VLCC 87 p 7 9.2%

Suezmax 79 p 4 5.3%

Aframax 94 p 7 8.5%

MR 110 p 6 5.5%

14


Dry Bulkers – Spot Market

SHIPPING MARKETS

Capesize – With a strong end to 2016, things continued to gain pace in the

first trading days of the new year, though with a feel that things are starting

to ease back slightly. The Pacific has already shown signs of softer days to

come, while the Atlantic seemed to be mainly holding momentum thanks to

favorable vessel positioning. With the Chinese New Year now close on our

tail, we are likely to see things move in the red over the coming days.

Panamax - Despite the negative close to 2016, there was a slight

improvement to be seen in the Atlantic this past week, with rates firming on

the back of tighter tonnage lists in the U.S. Gulf and increased demand

coming from a number of grain houses. In the East owners continued to

face challenges, as interest remained subdued while tonnage lists have

continued to remain swollen since before the Christmas holidays.

Supramax - A negative start to the year, with both basins seeing fairly

strong negative trends on reported hire rates. Things look to be slowly

coming to a balance in the Atlantic thanks to the slightly improved number

of fresh inquiries showing up in the U.S. Gulf. The big issue will be faced in

the Pacific over the coming days, with the Chinese upcoming holidays

already taking their toll on the market.

Handysize - With a build up of tonnage being noticed on all of the major

trading regions, rates started the year with a drop. There has been limited

interest emerging in both the Atlantic and Pacific, likely leaving the market

on a downward trend for the next couple of days.

2015 2016

BCI Average TCE

BPI Average TCE

BSI Average TCE

BHSI Average TCE

Dry Bulk Indices

06 Jan 30 Dec ±% 2017 2016

Baltic Dry Index

BDI 963 961 0.2% 966 677

Capesize

BCI 1,658 1,385 19.7% 1,603 1,031

BCI 5TC $ 12,345 $ 10,078 22.5% $ 11,857 $ 7,400

ATLANTIC RV $ 15,409 $ 13,600 13.3% $ 15,174 $ 7,775

Cont / FEast $ 21,250 $ 17,509 21.4% $ 20,238 $ 13,856

PACIFIC RV $ 11,500 $ 8,417 36.6% $ 10,875 $ 7,070

FEast / ECSA $ 10,446 $ 8,659 20.6% $ 9,996 $ 7,164

Panamax

BPI 892 852 4.7% 840 696

BPI - TCA $ 7,128 $ 6,826 4.4% $ 6,719 $ 5,566

ATLANTIC RV $ 8,410 $ 7,459 12.7% $ 7,475 $ 6,139

Cont / FEast $ 12,635 $ 11,553 9.4% $ 11,730 $ 9,818

PACIFIC RV $ 5,040 $ 5,541 -9.0% $ 5,106 $ 5,161

FEast / Cont $ 2,425 $ 2,750 -11.8% $ 2,565 $ 1,144

Supramax

BSI 783 903 -13.3% 829 602

BSI - TCA $ 8,188 $ 9,445 -13.3% $ 8,665 $ 6,297

Cont / FEast $ 13,875 $ 15,233 -8.9% $ 14,317 $ 9,760

Med / Feast $ 13,843 $ 15,218 -9.0% $ 14,421 $ 9,635

PACIFIC RV $ 4,758 $ 5,540 -14.1% $ 5,107 $ 5,197

FEast / Cont $ 2,780 $ 3,513 -20.9% $ 3,086 $ 3,272

USG / Skaw $ 15,075 $ 18,288 -17.6% $ 16,114 $ 9,845

Skaw / USG $ 7,636 $ 8,718 -12.4% $ 8,085 $ 4,196

Handysize

BHSI 508 597 -14.9% 545 365

BHSI - TCA $ 7,264 $ 8,501 -14.6% $ 7,775 $ 5,277

Skaw / Rio $ 7,010 $ 8,445 -17.0% $ 7,681 $ 4,640

Skaw / Boston $ 7,025 $ 8,283 -15.2% $ 7,593 $ 4,832

Rio / Skaw $ 10,933 $ 13,872 -21.2% $ 12,117 $ 6,720

USG / Skaw $ 11,857 $ 14,957 -20.7% $ 13,020 $ 7,056

SEAsia / Aus / Jap $ 5,268 $ 5,517 -4.5% $ 5,383 $ 4,339

PACIFIC RV $ 5,375 $ 5,708 -5.8% $ 5,511 $ 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

15


Tankers – Spot Market

SHIPPING MARKETS

Crude Oil Carriers - There was a fair correction to be noted in the early

part of the year, as the continual increase in bunker prices eat a further

portion of earnings. Demand seems to be trending sideways, leaving the

market in the MEG for VLs in a limbo state. Things where not looking much

better in the WAF with both the VLs and Suezmaxes loosing some slight

ground over the past week. Things were not looking much better for the

Afras, with earnings slipping in most regions, though there is a sense that

there might be some slight upward momentum to be had in the Black

Sea/Med and North Sea/Baltic regions, though little of this has yet to

materialize into hard currency just yet.

Oil Products - Things were looking slightly better on the product tankers

front, with DPP routes in the Atlantic and parts of the Pacific looking to be

on an upward momentum. On the CPP routes there was some positive

gains to be seen on the backhaul runs in the North Atlantic, while the Far

East runs where also making good gains.

2015 2016

VLCC Average TCE

Suezmax Average TCE

Aframax Average TCE

MR Average TCE

Tanker Indices

06 Jan 30 Dec ±% 2017 2016

Baltic Tanker Indices

BDTI 1,026 919 11.6% 1,022 730

BCTI 846 678 24.8% 821 491

VLCC

WS 55.52 49.96 11.1% 57.00 35.46

$/ day $ 18,368 $ 28,851 -36.3% $ 22,938 $ 18,511

WS 90.32 87.00 3.8% 93.69 60.57

$/ day $ 61,771 $ 88,245 -30.0% $ 75,008 $ 53,871

WS 87.95 85.04 3.4% 91.35 59.11

$/ day $ 43,987 $ 62,223 -29.3% $ 51,031 $ 42,341

WS 85.00 85.00 0.0% 85.00 64.79

$/ day $ 79,289 $ 105,719 -25.0% $ 99,843 $ 81,300

SUEZMAX

WS 97.50 97.50 0.0% 97.50 71.68

$/ day $ 56,249 $ 56,915 -1.2% $ 56,382 $ 41,669

WS 115.29 112.35 2.6% 116.78 84.23

$/ day $ 27,740 $ 37,422 -25.9% $ 30,897 $ 24,854

AFRAMAX

WS 100.00 90.56 10.4% 98.89 103.36

$/ day $ 8,931 $ 12,111 -26.3% $ 10,062 $ 23,003

WS 113.39 100.28 13.1% 111.77 99.78

$/ day $ 7,219 $ 11,870 -39.2% $ 8,610 $ 16,988

WS 145.31 198.75 -26.9% 180.83 106.76

$/ day $ 16,656 $ 43,476 -61.7% $ 28,685 $ 16,423

WS 113.06 99.44 13.7% 111.25 81.18

$/ day $ 27,654 $ 30,513 -9.4% $ 28,550 $ 23,914

DPP

WS 180.00 180.00 0.0% 180.00 112.34

$/ day $ 42,160 $ 42,663 -1.2% $ 42,261 $ 23,804

WS 181.00 121.88 48.5% 169.39 101.78

$/ day $ 42,875 $ 32,845 30.5% $ 37,860 $ 24,883

WS 106.25 96.63 10.0% 106.66 98.52

$/ day $ 9,429 $ 14,286 -34.0% $ 11,220 $ 19,768

WS 141.94 94.44 50.3% 115.65 97.08

$/ day $ 22,197 $ 13,167 68.6% $ 14,836 $ 16,861

CPP

WS 149.51 110.06 35.8% 143.08 91.35

$/ day $ 17,052 $ 16,479 3.5% $ 17,436 $ 15,145

WS 198.75 149.50 32.9% 188.10 104.70

$/ day $ 15,100 $ 14,365 5.1% $ 14,794 $ 8,637

WS 135.00 135.00 0.0% 135.00 114.82

$/ day $ 21,016 $ 21,359 -1.6% $ 21,085 $ 18,531

WS 107.56 125.31 -14.2% 119.06 82.20

$/ day $ 3,207 $ 10,404 -69.2% $ 5,680 $ 5,194

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

BALTIC-UKC

ARA-USG

Spot market rates & indices Average

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

100'000 US$/ day

0

20

40

60

80

100'000 US$/ day

5

10

15

20

25

30

35'000 US$/ day

16


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

06 Jan 02 Dec ±% Min Avg Max

Capesize

$ 9,500 $ 11,250 -15.6% $ 6,200 $ 14,052 $ 31,450

$ 10,750 $ 11,500 -6.5% $ 6,950 $ 14,791 $ 25,200

Panamax

$ 8,500 $ 10,250 -17.1% $ 4,950 $ 9,315 $ 15,450

$ 8,750 $ 8,500 2.9% $ 6,200 $ 9,998 $ 15,325

Supramax

$ 7,250 $ 7,750 -6.5% $ 4,450 $ 9,228 $ 13,950

$ 7,750 $ 7,750 0.0% $ 6,200 $ 9,605 $ 13,700

Handysize

$ 7,000 $ 7,000 0.0% $ 4,450 $ 7,654 $ 10,450

$ 7,250 $ 7,500 -3.3% $ 5,450 $ 8,219 $ 11,450

12 months

Dry Bulk period market TC rates

12 months

36 months

36 months

12 months

36 months

12 months

36 months

last 5 years


VLCC

$ 31,750 $ 30,250 5.0% $ 18,000 $ 31,190 $ 57,750

$ 27,750 $ 27,750 0.0% $ 22,000 $ 31,372 $ 45,000

Suezmax

$ 22,500 $ 22,500 0.0% $ 15,250 $ 23,945 $ 42,500

$ 22,750 $ 22,750 0.0% $ 17,000 $ 24,634 $ 35,000

Aframax

$ 18,000 $ 18,000 0.0% $ 13,000 $ 18,641 $ 30,000

$ 17,250 $ 17,250 0.0% $ 14,750 $ 19,108 $ 27,000

MR

$ 12,750 $ 12,250 4.1% $ 12,000 $ 15,085 $ 21,000

$ 14,000 $ 14,000 0.0% $ 14,000 $ 15,348 $ 18,250

12 months

36 months

12 months

36 months

Tanker period market TC rates

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

55

60

15

20

25

30

35

40

45

12

17

22

27

32

11

12

13

14

15

16

17

18

19

20

M/ T ''TRIKWONG VENTURE'', 300000 dwt, built 2012, $30,000, for 1 year

trading, to NAVIG8

M/ T ''ALMI SUN'', 150000 dwt, built 2013, $22,000, for 1 year trading, to

PHILLIPS66

M/ T ''GULF VALOUR'', 115000 dwt, built 2013, $17,750, for 6 months

trading, to ST SHIPPING

M/ T ''TONNA'', 75000 dwt, built 2009, $12,500, for 2 years trading, to

HAFNIA

M/ T ''SWARNA PUSHPA'', 48000 dwt, built 2010, $13,000, for 1 year

trading, to RELIANCE

M/ V ''PEDHOULAS ROSE'', 82000 dwt, built 2017, dely Yangzijiang 10/ 20

Jan, $8,500, for 12 months trading, to Chart Not Rep

M/ V ''RECCO'', 81000 dwt, built 2015, dely Dalian prompt, $8,750, for 4/ 8

months trading, to Marubeni

M/ V ''KYPROS SKY'', 77079 dwt, built 2014, dely retro Haldia 29

December, $9,100, for 9/ 12 months trading, to Chart Not Rep

M/ V ''NONI'', 61631 dwt, built 2014, dely passing Gibraltar, $11,000, for

100-200 days trading, to Gearbulk

M/ V ''BLACK PEARL'', 78890 dwt, built 2012, dely retro Busan 16

December, $6,250, for 7/ 10 months trading, to BG Shipping

17


Indicative Tanker Values (US$ million)


VLCC

310k dwt Resale 85.0 85.0 0.0% 80.0 93.1 105.0

310k dwt 5 year old 65.0 60.0 8.3% 55.0 68.3 84.0

250k dwt 10 year old 45.0 40.0 12.5% 34.5 45.2 59.0

250k dwt 15 year old 28.0 24.0 16.7% 16.9 27.9 41.0

Suezmax

160k dwt Resale 56.0 56.0 0.0% 53.0 63.1 73.0

150k dwt 5 year old 44.0 42.0 4.8% 38.0 48.8 62.0

150k dwt 10 year old 31.0 29.0 6.9% 24.0 33.3 44.5

150k dwt 15 year old 22.0 20.0 10.0% 14.0 18.8 23.0

Aframax

110k dwt Resale 45.0 45.0 0.0% 39.0 48.5 57.0

110k dwt 5 year old 32.5 30.0 8.3% 27.0 36.1 47.5

105k dwt 10 year old 21.0 19.0 10.5% 16.0 23.4 33.0

105k dwt 15 year old 16.0 14.0 14.3% 8.0 13.1 18.5

MR

52k dwt Resale 33.5 33.5 0.0% 32.0 36.3 39.0

52k dwt 5 year old 24.5 23.0 6.5% 22.0 26.3 31.0

45k dwt 10 year old 17.5 16.5 6.1% 14.0 17.7 21.0

45k dwt 15 year old 12.0 11.0 9.1% 9.0 11.0 13.5

last 5 years

Indicative Dry Bulk Values (US$ million)


Capesize

180k dwt Resale 36.0 36.0 0.0% 34.5 45.9 65.0

170k dwt 5 year old 24.0 24.0 0.0% 23.0 34.5 53.0

170k dwt 10 year old 15.0 14.0 7.1% 12.0 22.7 38.0

150k dwt 15 year old 8.0 8.0 0.0% 6.5 13.7 25.0

Panamax

82k dwt Resale 24.5 24.5 0.0% 22.5 28.4 34.0

76k dwt 5 year old 14.0 14.0 0.0% 11.5 19.4 28.0

76k dwt 10 year old 8.5 8.0 6.3% 7.3 13.8 23.0

74k dwt 15 year old 5.3 4.8 10.5% 3.5 8.8 14.5

Supramax

62k dwt Resale 22.0 21.5 2.3% 19.0 26.7 33.0

58k dwt 5 year old 13.5 13.5 0.0% 11.0 19.0 27.0

52k dwt 10 year old 9.0 8.5 5.9% 6.0 13.5 22.0

52k dwt 15 year old 5.5 5.5 0.0% 3.5 8.4 13.5

Handysize

37k dwt Resale 17.5 17.0 2.9% 17.0 21.6 26.0

32k dwt 5 year old 12.0 11.5 4.3% 7.8 15.3 22.0

32k dwt 10 year old 6.5 6.5 0.0% 6.0 11.2 16.8

28k dwt 15 year old 3.8 3.8 0.0% 3.5 7.2 11.0

last 5 years

Secondhand Asset Values

SHIPPING MARKETS

On the dry bulk side, activity continued to hold firm over the past two

weeks, giving a positive end to 2016 and starting off 2017 on an equally

strong footing. Buyers’ focus seemed to have been centered on the

more modern tonnage with a fair split amongst most of the dry bulk size

segments, though Capes seemed to have been lacking in transactions.

Despite this prices have held fairly stable across the board for now,

however there is a sense that there is strong buildup of upward pressure

under the surface and we might be on track for some fair gains to be

noted over the coming weeks.

On the tanker side, there was a couple of high profile transactions taking

place, with some of the bigger size segments seeing a fair amount of

activity after several months of nothing going on. There was not much to

be seen in the product tankers range, though this will likely to be a

momentary gap in the market which will surely be filled over the coming

weeks.

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% +0%

-2%

-4%-5%

-4%

-4%

-3%

-3%

-2%

-2%

-1%

-1%

0%

1 month diff 3 months diff6 months diff 12 months diff

+0%

+4% +4%

+22%

0%

5%

10%

15%

20%

25%


+0%

+8% +8%

+23%

0%

5%

10%

15%

20%

25%


+4%

+33% +33% +33%

0%

5%

10%

15%

20%

25%

30%

35%


+8%+5%

+2%

-22%-25%

-20%

-15%

-10%

-5%

0%

5%

10%


+5%

+0%

-12%

-29%-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%


+8%

+0%

-10%

-32%-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%


+7% +7%

+2%

-18%-20%

-15%

-10%

-5%

0%

5%

10%


18


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


Indian Sub Continent

Bangladesh 310 290 6.9% 220 376 475

India 305 280 8.9% 225 378 500

Pakistan 310 280 10.7% 220 375 475

Far East Asia

China 230 230 0.0% 110 269 425

Mediterranean

Turkey 200 200 0.0% 145 242 355

Indicative Wet Prices ($/ ldt) last 5 years


Indian Sub Continent

Bangladesh 325 305 6.6% 245 397 495

India 320 300 6.7% 250 400 510

Pakistan 325 300 8.3% 245 399 500

Far East Asia

China 240 240 0.0% 120 285 445

Mediterranean

Turkey 210 210 0.0% 150 253 355

Indicative Dry NB Prices (US$ million) last 5 years


Dry Bulkers

Capesize (180,000dwt) 41.8 41.8 0.0% 41.8 48.8 58.0

Kamsarmax (82,000dwt) 24.3 24.3 0.0% 24.3 27.6 30.8

Panamax (77,000dwt) 23.8 23.8 0.0% 23.8 26.8 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) 50.0 50.0 0.0% 48.6 54.5 63.9

Sub Panamax (2,500teu) 28.0 28.0 0.0% 28.0 31.1 38.0

Feeder (1,700teu) 23.0 23.0 0.0% 21.5 24.5 27.3

Indicative Wet NB Prices (US$ million) last 5 years


Tankers

VLCC (300,000dwt) 84.0 85.0 -1.2% 84.0 93.8 101.0

Suezmax (160,000dwt) 54.5 55.0 -0.9% 54.5 60.4 66.0

Aframax (115,000dwt) 44.5 45.0 -1.1% 44.5 50.7 55.0

LR1 (75,000dwt) 42.5 43.0 -1.2% 40.5 43.8 47.0

MR (56,000dwt) 32.5 33.0 -1.5% 32.5 34.9 37.3

Gas

LNG 160k cbm 197.0 197.0 0.0% 197.0 199.4 202.0

LPG LGC 80k cbm 72.5 72.5 0.0% 70.0 74.3 80.0

LPG MGC 55k cbm 64.5 64.5 0.0% 62.0 65.0 68.5

LPG SGC 25k cbm 42.0 42.0 0.0% 41.0 43.5 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

19


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

Not only are LNG spot rates now solidly better than $50,000 per day and headed higher, but the tight market was despite the fact that for the

past several weeks Gorgon in Australia and Angola LNG have been off line for repairs. This week both projects returned to operations, which

should add incremental cargoes to the market causing further tightening. Also last week, two significant new LNG import terminals opened

operations. First, in Dunkirk France EDF began operations of their new facility with 13 billion cbm of annual off take capacity, making it

Europe's second largest regasification terminal, and Engie began operations of the FSRU GDF Suez Neptune in Turkey. While there has

been a significant amount of momentum in Europe, demand is Asia is spiking due of cold whether driving LNG prices up to nearly $10/mmbtu

or about 3x Henry Hub pricing resulting in nearly all recent U.S. cargoes making the long voyage across the Pacific. While the prices may fall

as Gorgon comes back on line and as temperatures eventually move higher, we believe the rates on LNG vessels are likely to continue to

move higher as well as the rapid pace of infrastructure developments to also persist. While LNG equities have done well recently, we expect

given the pace and scale of the current momentum that for most names, further positive development should drive share prices even higher.

SHIPPING MARKETS

20


20

Global Shipping Fleet & Orderbook Statistics

Contributed by Stifel Nicolaus & Co, Inc.

SHIPPING MARKETS

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

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

21


Groundhog DayTop Reported Dirty Spot Charterers for 2016*

There were only minor changes in the rankings of the top dirty spot

charterers in 2016 as compared to 2015. Unipec, Shell and Vitol

claimed the top positions as they did last year. The Indian Oil

Company and ExxonMobil each moved up one position, while

Petrochina moved down two spots. At 10,264 fixtures, the overall

volume of reported spot movements in 2016 was 214 (2.1%) higher

than in the prior year. Commodities trader Trafigura continued its

climb in the rankings. In 2015 it entered the top 20 at number 16. This

year Trafigura moved up 5 spots to number 11.

In the VLCC segment, Unipec continues to be in a league of its own.

In 2016, we counted 524 reported fixtures for the Chinese

powerhouse, which is the same volume as the next five largest VLCC

charterers combined! The list also illustrates the growing dominance

of China and India as crude oil importers, since five of the top seven

VLCC charterers are either Chinese or Indian.

There were almost no changes in the Suezmax segment. Chevron

leads the pack (as they did last year), followed by Repsol (2nd) and

Unipec (3rd). A new entrant on the 6th spot is Vitol, pushing

Petrobras outside the top 10 Suezmax spot charterers.

The Aframax segment continues to be the one where the trading

companies are most active. While Shell is holding its own in 3rd spot

and Unipec moved from up from 8th position in 2015 to 4th

Contributed by

Poten & Partners, Inc.

805 Third Avenue

New York, NY 10022

Phone: (212) 230 - 2000

Website: www.poten.com

SHIPPING MARKETS

last year, it is the activity of traders that stands out. Vitol is the

undisputed number one, followed by Glencore in 2 nd place (up

from 5 th in 2015), while Trafigura moved up from 9th in last

years’ ranking to 5th in the current list.

Looking ahead, 2017 is shaping up to be an interesting year. A

new President is taking office in the U.S., Brexit negotiations are

heating up in Europe while OPEC is reasserting itself in the oil

markets.

* The above report has been assembled from market intelligence and reported spot

market activity. As such, it may not provide a complete picture of the market due to

the private nature of many spot market fixtures.

22


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

VLCC

The VLCC market concluded 2016 on a strong note, with average

earnings during December surging to a nine‐month high of

~$62,184/day. Despite a 30% y/y decline, 2016’s average earnings of

$46,591/day represented the second‐strongest year since 2009 – and

the third strongest year of the past decade. Progressing into 2017, the

market appears set for stronger headwinds, however, with the tenuous

specter of a global crude production cuts and ongoing fleet growth

presenting a challenge to earnings. The VLCC fleet grew by 7.0%

during 2016 and though we project a moderating thereof to 5.1% during

2017, we note the potential for a substantial rate of fleet growth in the

Suezmax segment of 10.2% to see the smaller class increasingly

compete for cargoes in the VLCC space. Offsetting some of the

challenge, with 72% of the OPEC/non‐OPEC cuts agreed late last year

distributed to the Middle East region, Asian crude buyers could migrate,

in part, to the West Africa region where supply could grow on a net basis

from recent levels (if Nigeria is able to address its security situation and

reduce production under forces majeure). The slow return of

23



SHIPPING MARKETS

production under forces majeure and disappointing current cargo

availability there, however, illustrates that this too is quite tenuous.

In the spot market this week, activity remained on the slow pace that

characterized the holidays which appears to be building increasing

bearishness. The Middle East market observed 26 fresh fixtures, one

more than last week while the four‐week moving average thereof

dropped to a nine‐week low. In the West Africa market, three fixtures

were reported, also one more than last week, while the four‐week

moving average dropped to a four‐month low. The latter is of greater

concern, given implications for both the near‐term rate progression due

to the importance of competition between the Middle East and West

Africa markets for tonnage and in the intermediate‐term as the decline

suggests that availability levels will rise due to the lower ton‐miles

generated in the absence of strong West Africa demand.

To‐date, the January Middle East program has yielded 96 cargoes and a

further 35 to 40 are expected. Against this, there are 52 units

available. Though uncertain, we expect that draws from the West Africa

market will remain low while the market monitors supply levels to

interpret adherences to OPEC cuts data for clarity about grade‐specific

pricing differentials and the general direction of crude prices. Factoring

for this, we estimate that the January program will conclude with around

11 surplus units, which compares with just two at the conclusion of the

December program. Our models indicate that on the surplus alone

rates are poised to ease, though the timing of demand for the remainder

of the January program will likely rate progression ahead of a move into

February cargoes, at which point the high surplus would require a strong

start to the February program to prevent an accelerating of rate erosion.

During the upcoming week, Basrah stems are expected to be released

which will provide greater clarity both for near‐term rate progression and

compliance amongst parties to production cuts agreement. January’s

program was surprisingly high given its coinciding with the cuts’

implantation date, though historically there is a lag of 3‐4 weeks

between production changes and supply changes.

Middle East

Rates to the Far East dropped 13 points over the course of the week to

conclude at ws91.25 (basis 2017 WS) with corresponding TCEs

dropping 18% to conclude at ~$48,885/day. Rates to the USG via the

Cape observed a loss of 4.6 points this week to conclude at ws59.75

(basis 2017 WS). Triangulated Westbound trade earnings were off by

5% to a closing assessment of ~$62,004/day. We note that a two‐tiered

market for AG‐FEAST fixtures has prevailed since late during 2016 with

disadvantaged units (units 15+ years old, newbuildings on their first

trade and ex‐DD units, among others) trading around a 15 point discount

to their more non‐disadvantaged counterparts.

Atlantic Basin

The West Africa market followed the Middle East with the WAFR‐FEAST

route losing 9.8 points to conclude at ws94.9 (basis 2017 WS) and

corresponding TCEs off by 13% to an assessed ~$51,799/day. Further

weakness in the Middle East market will likely see WAFR‐FEAST TCEs

come under stronger negative pressure as owners seek the longer

voyage duration of trades to the Far East from West Africa relative to

those from the Middle East. The Caribbean market was relatively quiet

while rates were steady. The CBS‐SPORE route was unchanged

around the $5.2m lump sum level.

24



SHIPPING MARKETS

Suezmax

Demand in the West Africa Suezmax market commenced with an

extending of the slow pace observed during the prior, holidays‐eclipsed

week, leading to a fresh weakening of rates. Rate erosion slowed at

mid‐week by an earnest resumption of demand and a subsequent

end‐week burst of demand saw rates pare some of the earlier

losses. Eleven fixtures were reported over the course of the week, a

weekly gain of one fixture. Rates on the WAFR‐ UKC route lost 17

points over the course of the week to conclude at ws111 (basis 2017 flat

rates), having earlier dipped into the high ws100s. Given low VLCC

coverage of the January West Africa program to‐date, sufficient further

demand length for Suezmaxes likely remains to support a modest

extending of gains during the upcoming week.

Aframax

The Caribbean Aframax market commenced the week with an extending

of last week’s bullish tone by owners, pointing to weather‐related

delays. However, after a quiet start and with the weather concerns

having moderated, participants became cognizant of a loosening

regional supply/demand position, leading to strong rate losses. Having

commenced at ws221 (basis 2017 flat rates), the CBS‐USG route

dropped into the low ws140s by midweek before rebounding modestly to

the mid‐high ws140s following a replacement premium which saw

owners pose greater resistance for subsequent trades. Nevertheless,

with availability sufficient to meet expected demand and likely to be

augmented with new positions following the weekend, rates appear

poised to observe fresh losses during the upcoming week.

MR

The USG MR market commenced with an extending of the negative rate

direction that accompanied the final week of 2016 on the back of a

second‐consecutive week of sluggish demand. A total of 23 fixtures

were reported; although a 35% w/w gain, the figure was 30% below the

2016 weekly average. Meanwhile, the four‐week moving average of

fixtures dropped to its lowest since September. Of the week’s fixtures,

three were bound for points in Europe (‐1, w/w), 13 were bound for

points in Latin America and the Caribbean (+1), and the remainder were

yet to be determined or bound for alternative destinations. Rates on the

USG‐UKC route shed 15.5 points over the course of the week to

conclude at ws105.5 (basis 2017 flat rates). Fundamentals suggest that

demand is poised to improve during the upcoming week on surging

PADD 3 product inventories but rates are likely to continue to observe

losses given rising availability rates as units trading earlier short‐haul

intraregional cargoes return to position lists. The two‐week forward

view of available tonnage shows 51 units available, representing a 31%

w/w gain and the highest availability since mid‐November.

25



SHIPPING MARKETS

26


TANKER TIME CHARTER ESTIMATES* (pdpr) - Non-Eco

tonnage

Tanker Comment: Oil markets have fallen in the wake of a

strengthening US Dollar leading to reducing investor demand

for commodities linked to the currency. Other market

movements include OPEC’s agreement along with 11 other

nations to cut output which started on January 1st this year.

Analysts continue to predict that Brent will average $58 a

barrel in 2017, with Brent currently trading at around $55 and

WTI at $52. VLCC activity has been steady with rates

remaining around the $31,000/pdpr mark for 1 year period

TC. Rates for MR’s fixed for 1 year period TC have

strengthened and estimated to be around $13,000/pdpr.

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: Inevitably as 2016 drew to a close and 2017 begins,

global trade experienced its usual inter-year lull. Despite a positive spot

start for Capes with tonnage tight in the Atlantic, smaller tonnage,

particularly Supras, began sluggishly with further lulls expected ahead of

the Chinese New Year. Capes fixed for 6 months TC are expected to earn

around $8,000/pdpr, while 1 year TC rates remain at around $9,250/pdpr. 6

month Pana/Kamsarmax in the Pacific also fell to around $6,250/pdpr.

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