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Secondhand Market page 1/2

Overview of S&P Activity page 1

Top Ranking of Buyers page 1

S&P Activity –Statistics page 2

Greek Presence page 2

Chinese Presence page 2

Demolition Market page 3/4

Overview of Demo Activity page 3

Top Ranking of Demo Countries page 3

Demo Activity –Statistics page 5

Demo Activity-Countries page 4/5

Pakistan /India/Bdesh page 4

China page 5

Special Feature-Dry Period page 6/7 Bulk Carriers Fixture Activity

Capesize page 6

Post Panamax page 6

Kamsarmax page 6

Panamax page 6

Supramax page 7

Handymax page 7

Handysize page 7

Total Fixture Activity page 7

Freight Market Performance page 8/9 Dry Market - Charts

Baltic Dry Indices page 8

TC Average Earnings page 8 Tanker Market - Charts

Baltic Tanker Indices page 9 Summary of Baltic Indices page 9 Summary of Baltic TC Avg. Earnings page 9

SECONDHAND MARKET

DEMOLITION MARKET

BULK CARRIERS – PERIOD

MARKET

FREIGHT RATES –BALTIC

INDICES

GRAPHICAL ANALYSIS OF

BALTIC INDICES

Monthly

Market

Report Issue May 2020

All the information contained in this report is given in good faith, but without

any guarantee from our part, and is based on our S&P Market Reports and

Insight Market Information provided and/or collected from various sources.

This report is presented for the sole and exclusive information of its

recipients and whilst every care has been taken in the preparation of this

report, no representation or warranty, express or implied, is made by Golden

Destiny S.A. in respect of the accuracy, completeness or correctness of the

information contained herein. Neither our company nor its directors or

employees assumes or accepts any liability whatsoever for any loss or

damage incurred by any person whatsoever in relation to and/or as a result

of the use of and/or due to any person’s reliance on the information

contained in this report. Furthermore, no responsibility is accepted in

respect of any errors or inaccuracies which may be contained in this report.

GOLDEN DESTINY established since 1994 SALE & PURCHASE - MARINE INSURANCE - SHIP VALUATIONS - MARKET RESEARCH

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GOLDEN DESTINY established since 1994 SALE & PURCHASE - MARINE INSURANCE - SHIP VALUATIONS - MARKET RESEARCH May 2020

Page 1 MONTHLY MARKET REPORT

SECONDHAND MARKET - Overview of S&P Activity

Top Ranking of Buyers

m-o-m y-o-y

98% -24%No. of Vessels Changed Hands

May-20

87

Previous Month May-19

44 114

12 yrs old built 2008

25 55,749

Bulkers 154% m-o-m -21% y-o-y

Units: 33

12 yrs old built 20081

Tankers -7% m-o-m -19% y-o-y 414,800,000

Average Age of Vessels Sold: 14 yrs old built 2006 Units: 26

5

Containers m-o-m -36% y-o-y 372,000,000

Average Age of Vessels Sold: 6 yrs old built 2014 Units: 7

2

53,662

87,580

S&P deals reported at an undisclosed sale price:

Average Dwt Sold:

Total Invested Capital:

S&P deals reported at an undisclosed sale price:

Average Dwt Sold:S&P deals reported at an undisclosed sale price: 83,769

Average Age of Vessels Sold (in Total): Total Invested Capital: 1,120,637,610

Average Age of Vessels Sold:S&P deals reported at an undisclosed sale price:

Total Invested Capital:

Average Dwt Sold:

Average Dwt Sold:

Total Invested Capital: 253,220,000

Bulkers No. of S&P deals Average Dwt Average Built

VLOC - - -

Newcastlemax - - -

Capesize 1 177,536 2005

Post Panamax 1 93,270 2009

Kamsarmax - - -

Panamax 3 75,846 2002

Ultramax 3 65,373 2012

Supramax 11 55,702 2008

Handymax 2 43,374 2005

Handysize 9 33,944 2010

Handy 3 23,804 2002

Small - - -

Tankers No. of S&P deals Average Dwt Average Built

VLCC 3 302,666 2014

Suezmax 2 153,426 1999

Aframax 3 106,037 2001

Panamax 2 73,390 2004

MR/Handymax 12 45,450 2008

Handy 2 20,410 2001

Small 2 5,557 2000

Containers No. of S&P deals Average Dwt Average Built

ULCV - - -

Neopanamax 4 132,689 2018

Post-Panamax - - -

Panamax - - -

Feedermax - - -

Feeder 2 23,232 2014

Small feeder 1 9,164 2000

Secondhand Buying Trends (S&P Activity Reported per Vessel Size - Current Month)



SECONDHAND MARKET

S&P Activity (No of Units Changed Hands, Dwt, Invested Capital) Greek Presence (No of Vessel Purchases, Dwt, Invested Capital) Chinese Presence (No of Vessel Purchases, Dwt, Invested Capital)

S&P Activity (Secondhand Market)

Vessel Type Units Dwt ($) Invested P&C Auction Units %m-o-m Units %y-o-y

Bulk Carriers 33 1,770,838 253,220,000 1 1 13 154% 42 -21%

Tankers 26 2,277,073 414,800,000 5 1 28 -7% 32 -19%

Gas Tankers 1 54,656 71,500,000 0 0 1 0% 4 -75%

General Cargo/MPP 3 64,314 7,267,610 1 1 2 50% 2 50%

Containers 7 586,384 372,000,000 2 0 0 11 -36%

Reefers 0 0 0 0 0 0 0

Passenger/Cruise 0 0 0 0 0 0 2 -100%

Ro-Ro 0 0 0 0 0 0 3 -100%

Car Carrier 0 0 0 0 0 0 0

Combined 0 0 0 0 0 0 0

Special Projects 17 41,120 1,850,000 16 0 0 18 -6%

TOTAL 87 4,794,385 1,120,637,610 25 3 44 98% 114 -24%

GREEK PRESENCE 13% share to the total S&P Activity

Vessel Purchases (Secondhand Market)


Bulk Carriers 6 284,462 66,700,000 0 0 2 200% 19 -68%

Tankers 5 568,132 169,000,000 1 0 6 -17% 6 -17%

Gas Tankers 0 0 0 0 0 0 1 -100%

General Cargo/MPP 0 0 0 0 0 0 0

Containers 0 0 0 0 0 0 3 -100%

Reefers 0 0 0 0 0 0 0

Passenger/Cruise 0 0 0 0 0 0 0

Ro-Ro 0 0 0 0 0 0 1 -100%


Combined 0 0 0 0 0 0 0

Special Projects 0 0 0 0 0 0 1 -100%

TOTAL 11 852,594 235,700,000 1 0 8 38% 31 -65%

CHINESE PRESENCE 15% share to the total S&P Activity

Vessel Purchases (Secondhand Market)


Bulk Carriers 7 412,698 37,030,000 0 0 2 250% 6 17%

Tankers 0 0 0 0 0 4 -100% 1 -100%

Gas Tankers 0 0 0 0 0 0 0

General Cargo/MPP 1 8,015 267,610 0 1 1 0% 1 0%

Containers 1 9,164 0 1 0 0 0

Reefers 0 0 0 0 0 0 0

Passenger/Cruise 0 0 0 0 0 0 0

Ro-Ro 0 0 0 0 0 0 0


Combined 0 0 0 0 0 0 0

Special Projects 4 12,000 0 4 0 0 1 300%

TOTAL 13 441,877 37,297,610 5 1 7 86% 9 44%

Previous Year

Previous Month Previous Year

Previous YearPrevious Month

Previous Month



DEMOLITION MARKET - Overview of Demo Activity

Top Ranking of Demo Countries

m-o-m y-o-y

200% -56%No. of Vessel Demolitions 24 8 54

May-20 Previous Month May-19

Average Age of Vessels Scrapped: 26 yrs old built 1994

60,364

Bulkers 200% m-o-m -14% y-o-y

Units: 6

26 yrs old built 1994 169,269

Tankers m-o-m -88% y-o-y

Units: 1

30 yrs old built 1990 4,574

Containers 400% m-o-m -29% y-o-y 267,717

Units: 5

22 yrs old built 1998 53,543

Total Deadweight:

Total Deadweight:

Total Deadweight:

Total Deadweight:

Average Age of Vessels Scrapped: Average Dwt :

1,448,733

1,015,613

Average Dwt :

Average Age of Vessels Scrapped:

Average Age of Vessels Scrapped:

4,574

Average Dwt :

Average Dwt :

Bulkers No. of Demolitions Average Dwt Average Built

VLOC 1 306,902 1993

Newcastlemax 1 298,450 1994

Capesize 2 172,303 2001

Post Panamax - - -

Kamsarmax - - -

Panamax - - -

Ultramax - - -

Supramax - - -

Handymax 1 42,487 1997

Handysize - - -

Handy 1 23,169 1980

Small - - -

Tankers No. of Demolitions Average Dwt Average Built

VLCC - - -

Suezmax - - -

Aframax - - -

Panamax - - -

MR/Handymax - - -

Handy - - -

Small 1 4,574 1990

Containers No. of Demolitions Average Dwt Average Built

ULCV - - -

Neopanamax - - -

Post-Panamax - - -

Panamax 3 73,052 1997

Feedermax - - -

Feeder 2 24,280 1999

Small Feeder - - -



DEMOLITION MARKET

Demo Activity (No of Units Demolished, Dwt) per vessel type Demo Activity per Demolition Country (Bangladesh, India)

Demo Activity (Demoltion Market)

Vessel Type Units Dwt Units %m-o-m Units %y-o-y

Bulk Carriers 6 1,015,613 2 200% 7 -14%

Tankers 1 4,574 0 8 -88%

Gas Tankers 0 0 2 -100% 0

General Cargo/MPP 2 59,881 1 100% 10 -80%

Containers 5 267,717 1 400% 7 -29%

Reefers 0 0 0 2 -100%

Passenger/Cruise 0 0 0 1 -100%

Ro-Ro 3 42,861 1 200% 3 0%

Car Carrier 0 0 0 0

Combined 0 0 0 0

Special Projects 7 58,087 1 600% 16 -56%

TOTAL 24 1,448,733 8 200% 54 -56%


India 42%


Bulk Carriers 2 479,471 0 1 100%

Tankers 0 0 0 1 -100%

Gas Tankers 0 0 0 0

General Cargo/MPP 2 59,881 0 1 100%

Containers 3 181,937 0 3 0%

Reefers 0 0 0 0

Passenger/Cruise 0 0 0 1 -100%

Ro-Ro 2 30,373 0 1 100%

Car Carrier 0 0 0 0

Combined 0 0 0 0

Special Projects 1 45,574 0 3 -67%

TOTAL 10 797,236 0 11 -9%


share of total Demo Activity

Bangladesh 17%


Bulk Carriers 3 512,973 1 200% 4 -25%

Tankers 0 0 0 4 -100%

Gas Tankers 0 0 0 0

General Cargo/MPP 0 0 0 4 -100%

Containers 1 19,260 0 1 0%

Reefers 0 0 0 2 -100%

Passenger/Cruise 0 0 0 0

Ro-Ro 0 0 0 1 -100%

Car Carrier 0 0 0 0

Combined 0 0 0 0

Special Projects 0 0 1 -100% 1 -100%

TOTAL 4 532,233 2 100% 17 -76%





DEMOLITION MARKET

Demo Activity per Demolition Country (Pakistan, China)

Pakistan 4%


Bulk Carriers 0 0 0 0

Tankers 1 4,574 0 0

Gas Tankers 0 0 0 0

General Cargo/MPP 0 0 0 0

Containers 0 0 0 0

Reefers 0 0 0 0


Ro-Ro 0 0 0 0

Car Carrier 0 0 0 0

Combined 0 0 0 0

Special Projects 0 0 0 1 -100%

TOTAL 1 4,574 0 1 0%



China 0%


Bulk Carriers 0 0 0 0

Tankers 0 0 0 0

Gas Tankers 0 0 0 0

General Cargo/MPP 0 0 0 0

Containers 0 0 0 0

Reefers 0 0 0 0


Ro-Ro 0 0 0 0

Car Carrier 0 0 0 0

Combined 0 0 0 0

Special Projects 0 0 0 0

TOTAL 0 0 0 0





SPECIAL FEATURE – DRY PERIOD MARKET

Bulk Carriers Fixture Activity ( No. of Fixtures per vessel size /age and type of fixture period) CAPESIZE / POST PANAMAX/ KAMSARAMAX / PANAMAX

3-6

MONTHS

6-12

MONTHS

12-24

M0NTHS

24-36

M0NTHS

>36

MONTHS

>=2016 N/B 0 0 0 0 0 0

2011-2015 UP TO 5YRS 0 0 0 0 0 0

2006-2010 UP TO 10YRS 0 0 0 0 0 0

2001-2005 UP TO 15YRS 0 0 0 0 0 0

1996-2000 UP TO 20YRS 0 0 0 0 0 0

1986-1995 UP TO 30YRS 0 0 0 0 0 0

0 0 0 0 0 0

3-6

MONTHS

6-12

MONTHS

12-24

M0NTHS

24-36

M0NTHS

>36

MONTHS

>=2016 N/B 0 0 0 0 0 0

2011-2015 UP TO 5YRS 0 0 0 0 0 0

2006-2010 UP TO 10YRS 0 0 0 0 0 0

2001-2005 UP TO 15YRS 0 0 0 0 0 0

1996-2000 UP TO 20YRS 0 0 0 0 0 0

1986-1995 UP TO 30YRS 0 0 0 0 0 0

0 0 0 0 0 0

3-6

MONTHS

6-12

MONTHS

12-24

M0NTHS

24-36

M0NTHS

>36

MONTHS

>=2016 N/B 0 0 0 0 0 0

2011-2015 UP TO 5YRS 2 0 1 1 0 0

2006-2010 UP TO 10YRS 4 0 3 1 0 0

2001-2005 UP TO 15YRS 0 0 0 0 0 0

1996-2000 UP TO 20YRS 0 0 0 0 0 0

1986-1995 UP TO 30YRS 0 0 0 0 0 0

6 0 4 2 0 0

3-6

MONTHS

6-12

MONTHS

12-24

M0NTHS

24-36

M0NTHS

>36

MONTHS

>=2016 N/B 0 0 0 0 0 0

2011-2015 UP TO 5YRS 0 0 0 0 0 0

2006-2010 UP TO 10YRS 2 1 1 0 0 0

2001-2005 UP TO 15YRS 3 2 1 0 0 0

1996-2000 UP TO 20YRS 0 0 0 0 0 0

1986-1995 UP TO 30YRS 0 0 0 0 0 0

5 3 2 0 0 0

BULK CARRIERS FIXTURE ACTIVITY IN MAY 2020

CAPESIZE (120,000-219,999 DWT) - FIXTURES PER VESSEL'S AGE

BUILT VESSEL'S AGE

FIXTURES

NO.

FIXTURE PERIOD

TOTAL

POST PANAMAX - FIXTURES PER VESSEL'S AGE

BUILT VESSEL'S AGE

FIXTURES

NO.

FIXTURE PERIOD

TOTAL

KAMSARMAX - FIXTURES PER VESSEL'S AGE

BUILT VESSEL'S AGE

FIXTURES

NO.

FIXTURE PERIOD

TOTAL

ULTRAMAX/PANAMAX (60,000-76,999 DWT) - FIXTURES PER VESSEL'S AGE

BUILT VESSEL'S AGE

FIXTURES

NO.

FIXTURE PERIOD

TOTAL



SPECIAL FEATURE – DRY PERIOD MARKET

Bulk Carriers Fixture Activity ( No. of Fixtures per vessel size /age and type of fixture period) SUPRAMAX / HANDYMAX/ HANDYSIZE

3-6

MONTHS

6-12

MONTHS

12-24

M0NTHS

24-36

M0NTHS

>36

MONTHS

>=2016 N/B 0 0 0 0 0 0

2011-2015 UP TO 5YRS 0 0 0 0 0 0

2006-2010 UP TO 10YRS 0 0 0 0 0 0

2001-2005 UP TO 15YRS 0 0 0 0 0 0

1996-2000 UP TO 20YRS 0 0 0 0 0 0

1986-1995 UP TO 30YRS 0 0 0 0 0 0

0 0 0 0 0 0

3-6

MONTHS

6-12

MONTHS

12-24

M0NTHS

24-36

M0NTHS

>36

MONTHS

>=2016 N/B 0 0 0 0 0 0

2011-2015 UP TO 5YRS 0 0 0 0 0 0

2006-2010 UP TO 10YRS 0 0 0 0 0 0

2001-2005 UP TO 15YRS 0 0 0 0 0 0

1996-2000 UP TO 20YRS 0 0 0 0 0 0

1986-1995 UP TO 30YRS 0 0 0 0 0 0

0 0 0 0 0 0

3-6

MONTHS

6-12

MONTHS

12-24

M0NTHS

24-36

M0NTHS

>36

MONTHS

>=2016 N/B 0 0 0 0 0 0

2011-2015 UP TO 5YRS 0 0 0 0 0 0

2006-2010 UP TO 10YRS 1 1 0 0 0 0

2001-2005 UP TO 15YRS 0 0 0 0 0 0

1996-2000 UP TO 20YRS 0 0 0 0 0 0

1986-1995 UP TO 30YRS 0 0 0 0 0 0

1 1 0 0 0 0

SUPRAMAX (50,000-59,999 DWT) - FIXTURES PER VESSEL'S AGE

BUILT VESSEL'S AGE

FIXTURES

NO.

FIXTURE PERIOD

TOTAL

HANDYMAX (38,000-49,999 DWT) - FIXTURES PER VESSEL'S AGE

BUILT VESSEL'S AGE

FIXTURES

NO.

FIXTURE PERIOD

TOTAL

TOTAL

HANDYSIZE (22,000-37,9999 DWT) - FIXTURES PER VESSEL'S AGE

BUILT VESSEL'S AGE

FIXTURES

NO.

FIXTURE PERIOD

TOTAL BULK CARRIERS FIXTURE ACTIVITY

N/B UP TO 5YRS UP TO 10YRS UP TO 15YRS UP TO 20YRS UP TO 30YRS

>=2017 2012-2016 2007-2011 2002-2006 1997-2001 1987-1996

CAPESIZE 0 0 0 0 0 0 0 1 -100%

POST PANAMAX 0 0 0 0 0 0 0 1 -100%

KAMSARMAX 0 2 4 0 0 0 6 4 50%

PANAMAX 0 0 2 3 0 0 5 0 -

SUPRAMAX 0 0 0 0 0 0 0 1 -100%

HANDYMAX 0 0 0 0 0 0 0 0 -

HANDYSIZE 0 0 1 0 0 0 1 0 -

TOTAL 0 2 7 3 0 0 12 7 71%

PERIOD MARKET - TOTAL BULK CARRIERS FIXTURE ACTIVITY, MAY 2020 Previous Month

TOTAL Units % m-o-m



FREIGHT MARKET PERFORMANCE DRY MARKET-BALTIC DRY INDICES-CHARTS

BALTIC DRY INDEX / BALTIC CAPESIZE / BALTIC PANAMAX INDEX / BALTIC SUPRAMAX / BALTIC HANDYSIZE INDEX

TC AVERAGE EARNINGS – CAPESIZE / PANAMAX / SUPRAMAX / HANDYSIZE



FREIGHT MARKET PERFORMANCE TANKER MARKET-BALTIC INDICES-CHARTS

BALTIC TANKER INDICES – (BALTIC CLEAN AND BALTIC DIRTY)

Summary of Baltic Indices & Average Time Charter Earnings

Dry Current Previous Change % m-o-m May-19 Change % y-o-y Low High

BDI 489 664 -175 -26% 1,036 -547 -53% 393 617

BCI 247 726 -479 -66% 1,442 -1,195 -83% -48 820

BPI 656 784 -128 -16% 1,249 -593 -47% 599 754

BSI 455 430 25 6% 771 -317 -41% 413 502

BHSI 241 286 -45 -16% 387 -146 -38% 228 271

Wet Current Previous Change % m-o-m May-19 Change % y-o-y Low High

Dirty-BDTI 838 1,301 -463 -36% 668 170 25% 713 1,105

Clean-BCTI 882 1,306 -424 -32% 524 357 68% 569 1,687

Average T/C routes Current Previous Change % m-o-m May-19 Change % y-o-y Low High

Capesize 4,042 7,757 -3,714 -48% 11,907 -7,865 -66% 1,992 7,263

Panamax 4,573 5,724 -1,151 -20% 10,001 -5,428 -54% 4,054 5,453

Supramax 5,003 4,733 270 6% 8,511 -3,508 -41% 4,543 5,520

Handy 4,330 5,159 -829 -16% 5,790 -1,460 -25% 4,108 4,875

Figures represent monthly average values

May-20

May-20

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