Market insight

By Katerina Restis

Tanker Chartering

A war of words blasted last month as the UAE, S. Arabia, Egypt and Bahrain revealed that they are experiencing severe diplomatic issues with the state of Qatar over assertions that it is sponsoring terrorism. Furthermore, various prohibitions have been imposed on land, sea and air travel as well as move-ment of goods into and out of Qatar, triggering economic and social isola-tion. President Trump has supported S. Arabia even though Qatar was re-cently identified by him as a “strategic partner”. Unfortunately, such devel-opments mark an unprecedented swift in Middle Eastern relations, which undoubtedly affect the maritime industry with developing implications.

Qatari flagged or owned vessels, calling ports in S. Arabia, UAE and Bahrain have been restricted from entering and also excluded from their regional waters. A ban has been imposed in certain ports on vessels of any flag arriv-ing from, or bound for, Qatari ports. Currently, the restriction is related only to the last/next port call as a vessel transiting via a third country such as Kuwait or Oman would not be refused entry. Additionally, Saudi Arabia has prohibited the discharging of goods of Qatari origin in its ports. Egypt further cut off diplomatic ties with Qatar and access to its airspace but Suez Canal transit remains open and unaffected for Qatari flagged or owned vessels and delivery of cargoes. In view of the current situation Qatar ports have not yet declared any joint restraint on any vessel arriving from, or proceeding to, S. Arabia, the UAE or Bahrain.

Moreover, UAE acquires almost 1/3 of its natural gas from Qatar via the Dolphin Energy pipeline. The value of Qatar’s trade with Saudi Arabia is over $2 billion, $7 billion with the UAE and $500 million with Bahrain. Remarka-bly, Qatar exports more to these countries than it imports. The exposure of the S. Arabia banking sector to Qatar is assessed to be $30 billion with the UAE’s exposure being of similar magnitude. It has recently been reported that some Saudi, UAE and Egyptian banks are suspending business with Qa-tari banks until they receive guidance from their central banks.

Qatar is a major exporter of condensate and the trade sanction may render the purchase of Qatari crude and condensate difficult. Excluding vessels that have called at Qatar may require traders to differ their trading patterns. For example, as recently reported, the LNG carriers Zarga and Al Mafyar with Qatar cargo onboard are going to Europe around the continent of Africa as an alternative of the preferred route via the Red Sea and the Suez Canal.

Bunkering is also likely to be affected in bunkering ports such as Fujairah, where some three-quarters of tankers sailing through the Gulf stopover to refuel. It is reported that the Fujairah port’s immigration is not permitting crews to join or to sign off vessels coming from or bound to Qatar. Largely, Qatar and its neighbors share strong cultural and family ties.

In any event, for the time being, there is no indication of the dispute de-escalating. In the short term, the costs will fall more heavily but not entirely on Qatar. However, if the conflict persists, Qatar will search for alternative channels, which could in turn change the economic, social, and political landscape of the Gulf in ways that will ultimately challenge its neighbors. The current conflict comes at a time of severe economic downturn caused by the fall in global energy prices. Gulf economies are already distressed due to low oil prices. We expect to have more visibility on the operational and further implications of the restrictions against Qatar as the matter unfolds.

Chartering (Wet: Stable - / Dry: Stable +)

Although rates for Capes improved on a weekly basis, the market for the big bulkers still lacks confidence. The BDI closed today (04/07/2017) at 871 points, down by 11 points compared to yesterday’s levels (03/07/2017) and decreased by 32 points when compared to previous Tuesday’s closing (27/06/2017). With the exception of an improved West Africa Suezmax, the rest of the crude carriers market showed no signs of strengths last week. The BDTI today (04/07/2017) closed at 656, decreased by 15 points and the BCTI at 563, a decrease of 7 points com-pared to previous Tuesday’s (27/06/2017) levels.

Sale & Purchase (Wet: Stable +/ Dry: Stable - )

SnP activity was significantly softer last week as we are approaching the peak of the summer season, while Buyers in the tanker sector remained focused on tonnage built post 2000. On the tanker side we had the sale of the “TAIZAN” (300,405dwt-blt 02, Japan), which was sold to Greek buyer, for a price in the region of $15.5m. On the dry bulker side we had the sale of the “OCEAN HEAVEN” (57,949dwt-blt 13, Philippines), which was sold to Monaco based owner, Shamrock Maritime, for a price in the region of mid $16.0m.

Newbuilding (Wet: Firm +/ Dry: Firm +)

The fact that we are almost halfway through the summer period, a time of the year traditionally less busy in terms of both SnP and newbuilding activity, seems to not have particularly affected the volume of con-tracting so far, which remains in line with what we have been seeing during the bigger part of H1. The presence of four firm Capesize orders in the list of deals reported last week is also evidence of the fact that newbuilding appetite in the sector has not significantly waned despite the admittedly sizeable correction the size has witnessed in terms of earnings since the year to date highs at the end of March. Prices are also still inching up in both the dry bulk and tanker sector particularly those of the bigger sizes, although as we have stressed before the steadying - or the softening in some cases - in second-hand values is bound to stall the upward trend newbuilding values have been following sooner rather than later. In terms of recently reported deals, Japanese owner, Mitsui OSK Lines, placed an order for one firm and one optional Gas carrier (174,000 cbm) at Hudong-Zhonghua, in China for a price in the region of $184.5 and delivery set in 2020.

Demolition (Wet: Stable - / Dry: Stable - )

The demolition market is still operating under a cloud of uncertainty, with last week’s activity reflecting the indecisiveness of cash buyers in the Indian subcontinent market, who still wait to get a better sense of where prices are heading next before committing to additional tonnage. This hesitation is also reflected in demolition prices that stalled last week despite the significant improvement steel prices in the region achieved. It seems that the dust from the recent budget announcements has yet to settle and that is also partly explaining the fact that Indian breakers have been almost monopolizing any action during the past couple of weeks. We reiterate our opinion that a hold back in the num-ber of demo candidates in the following weeks could potentially provide support to prices, while should rumors of the withdrawal of the recently announced VAT in Bangladesh prove true, this will also help towards the same direction. Average prices this week for tankers were at around $240-350/ldt and dry bulk units received about 230-330 $/ldt.

Weekly Market Report

Issue: Week 26| Tuesday 4th July 2017

© Intermodal Research 04/07/2017 2

2016 2015

WS

points$/day

WS

points$/day $/day $/day

265k MEG-JAPAN 51 20,117 52 21,713 -7.4% 41,068 65,906

280k MEG-USG 25 6,842 27 7,827 -12.6% 44,269 49,575

260k WAF-CHINA 55 18,343 56 19,850 -7.6% 41,175 63,590

130k MED-MED 60 5,539 60 5,699 -2.8% 29,930 50,337

130k WAF-USAC 63 9,514 50 6,415 48.3% 23,591 40,490

130k BSEA-MED 70 8,273 68 7,437 11.2% 29,930 50,337

80k MEG-EAST 96 9,758 96 10,057 -3.0% 20,111 34,131

80k MED-MED 68 3,597 90 8,949 -59.8% 20,684 37,127

80k UKC-UKC 95 5,788 103 9,035 -35.9% 26,526 39,338

70k CARIBS-USG 88 5,505 85 5,136 7.2% 20,501 36,519

75k MEG-JAPAN 90 7,297 86 6,507 12.1% 16,480 30,482

55k MEG-JAPAN 118 8,227 106 6,856 20.0% 12,891 24,854

37K UKC-USAC 130 7,307 140 8,998 -18.8% 10,622 19,973

30K MED-MED 140 4,569 145 5,450 -16.2% 9,056 24,473

55K UKC-USG 113 9,348 115 10,253 -8.8% 15,726 27,228

55K MED-USG 113 8,288 115 9,205 -10.0% 14,879 26,083

50k CARIBS-USAC 115 8,626 115 8,897 -3.0% 15,549 27,146

Vessel Routes

Week 26 Week 25$/day

±%

Dir

tyA

fram

axC

lean

VLC

CSu

ezm

ax

Spot Rates

Jun-17

avg

May-17

avg±% 2016 2015 2014

300KT DH 62.6 61.5 1.8% 68.7 81.2 73.8

150KT DH 42.7 41.3 3.5% 49.7 59.7 50.4

110KT DH 29.0 29.0 0.0% 36.8 45.5 38.9

75KT DH 27.6 28.0 -1.4% 32.9 36.1 33.0

52KT DH 23.6 22.0 7.3% 25.0 27.6 27.5

VLCC

Suezmax

Indicative Market Values ($ Million) - Tankers

Vessel 5yrs old

MR

Aframax

LR1

Chartering

The crude carriers market went through a rather uninspiring week, with an overall steady Middle East region proving unable to set a more positive tone all around and increasing bunker prices eating into TCE levels accord-ingly. The mixed picture that the market has been displaying week over week has certainly denied owners the good psychology needed to resist during less busy days, while the fact that period business has been also focusing on shorter contracts is also evidence of this distinctive lack of con-fidence. Oil prices have stalled yesterday on the back of the Independence Day holiday in the U.S. after their strong performance last week amidst reports outlining that the acceleration in U.S. production is losing steam.

Rates for VLs witnessed an overall steady week, with Middle East activity slowing down a little but just enough to put a bit of pressure on earnings across the board, while the West Africa market followed a similar pattern.

After a few very disappointing weeks, rates for Suezmaxes in the West Afri-ca outperformed the rest of the market on the back of a significant drop in the number of prompt tonnage in the region, while the Black Sea/Med market was also more upbeat. Pressure on the Med Aframax persisted last week as well amidst soft activity extending further, while the Caribs market inched up despite the fact that trading remained limited here as well.

Sale & Purchase

In the VLCC sector we had the sale of the “TAIZAN” (300,405dwt-blt 02, Japan), which was sold to Greek buyer, for a price in the region of $15.5m.

In the MR sector we had the sale of the “NORD INDEPEND-ENCE” (48,005dwt-blt 03, Japan), which was sold to U.K based owner, Un-ion Maritime, for a price in the region of $18.0m.

Tanker Market

- 3 to 6 mos - 'TOWER BRIDGE' 2004 47,199 dwt

- - $13,500/day - CCI

Indicative Period Charters

- 2 to 4 mos - 'DENSA ORCA' 2012 158,322 dwt

- - $21,000/day - Trafigura

2070

120170220270320370420470520

WS

po

ints

DIRTY - WS RATESTD3 TD6 TD9

Week 26 Week 25 ±% Diff 2016 2015

300k 1yr TC 27,000 27,000 0.0% 0 38,108 46,135

300k 3yr TC 28,500 28,500 0.0% 0 34,379 42,075

150k 1yr TC 17,750 17,750 0.0% 0 27,363 35,250

150k 3yr TC 18,500 18,500 0.0% 0 25,653 33,219

110k 1yr TC 15,000 15,000 0.0% 0 22,396 26,808

110k 3yr TC 17,000 17,000 0.0% 0 20,948 24,729

75k 1yr TC 13,000 13,000 0.0% 0 19,127 23,596

75k 3yr TC 14,000 14,000 0.0% 0 18,592 20,580

52k 1yr TC 13,250 13,250 0.0% 0 15,410 17,865

52k 3yr TC 13,750 13,750 0.0% 0 15,681 16,638

36k 1yr TC 11,750 11,750 0.0% 0 14,380 16,101

36k 3yr TC 13,000 13,000 0.0% 0 14,622 15,450

Panamax

MR

Handy

TC Rates

$/day

VLCC

Suezmax

Aframax

60

90

120

150

180

210

240

270

WS

po

ints

CLEAN - WS RATESTC1 TC2 TC5 TC6

© Intermodal Research 04/07/2017 3

0

500

1,000

1,500

2,000

2,500

3,000

Ind

ex

Baltic Indices

BCI BPI BSI BHSI BDI

0

5000

10000

15000

20000

25000$

/da

y

Average T/C Rates

Average of the 4 T / C AVR 4TC BPI AVR 5TC BSI AVR 6TC BHSI

Chartering

Despite another positive week for the BDI, market confidence is still being

challenged by the continuous yo-yo of Capesize performance that causes

insecurity to owners that always look at the earnings of the big bulkers to

better assess the direction of the entire market. Saying that, it is evident

that Panamaxes and the geared sizes have built great resistance lately,

with the former substantially outperforming the rest of the market. The

same is true if we look at each of the dry bulk indices and compare them

to the levels of a year ago. Indeed, the BCI is today, compared to the 4th of

July 2016, down by 17%, the BHSI enjoys a 36% increase, the BSI is in-

creased by 18% and the BPI is up by a whopping 50% !!! Whether this

performance divergence between Capes and the rest of the market can be

maintained if the market for the big bulkers doesn't improve is hard to tell,

although most would argue that this would make sense given the nature of

the Capesize trade.

Despite the weekly increase in Capesize rates, owners have little to be

cheerful for as the market remains shaky, with activity in both basins cur-

rently uninspiring, while the levels at which the next period contract will

be fixed will reveal more in regards to the momentum in this size.

Rates in the Panamax market stalled a bit on the back of slightly softer

activity in ECSA and an increasing number of prompt vessels in the North

Atlantic, while Asian trade also saw small discounts that are not worrying

owners so far though as pretty good numbers are still paid in the region.

Supramax rates moved sideways, with good period numbers still outlining

a strong market, while Handysize rates enjoyed decent upside in some

cases, with ECSA still paying the most significant premiums.

Sale & Purchase

In the Panamax sector we had the sale of the “AESARA” (75,080dwt-blt 01, S. Korea), which was sold to U.A.E based buyer, for a price in the region of $7.5m.

In the Supramax sector we had the sale of the “OCEAN HEAVEN” (57,949dwt-blt 13, Philippines), which was sold to Monaco based owner, Shamrock Maritime, for a price in the region of mid $16.0m.

Jun-17 avg May-17 avg ±% 2016 2015 2014

180k 30.9 33.0 -6.4% 23.2 33.4 47.5

76K 18.8 19.0 -1.1% 13.4 17.5 24.8

56k 16.3 16.5 -1.2% 12.2 16.6 25.2

30K 12.3 12.5 -1.6% 9.4 13.8 20.0

Capesize

Panamax

Supramax

Indicative Market Values ($ Million) - Bulk Carriers

Vessel 5 yrs old

Handysize

Indicative Period Charters

- 5 to 8 mos - 'CHARIKLIA JUNIOR' 2011 92,932 dwt

- CJK prompt - $ 9,500/day - cnr

- 12 mos - 'EM AMBER' 2010 58,018 dwt

- LUOYUAN 5/6 Jul - $ 9,250/day - Tianhui

Dry Bulk Market

Index $/day Index $/day Index Index

BDI 901 870 31 676 713

BCI 1,086 $8,923 987 $7,746 99 15.2% 1,030 1,009

BPI 1,091 $8,746 1,138 $9,114 -47 -4.0% 695 692

BSI 754 $8,571 744 $8,442 10 1.5% 601 663

BHSI 467 $6,815 451 $6,584 16 3.5% 364 365

23/06/2017

Baltic IndicesWeek 26

30/06/2017Week 25

Point

Diff

2016 2015$/day

±%

180K 6mnt TC 12,750 13,000 -1.9% -250 7,842 9,969

180K 1yr TC 12,500 12,500 0.0% 0 7,582 10,263

180K 3yr TC 13,500 13,500 0.0% 0 8,728 11,243

76K 6mnt TC 9,500 9,000 5.6% 500 6,492 7,921

76K 1yr TC 9,750 9,750 0.0% 0 6,558 7,705

76K 3yr TC 10,000 10,000 0.0% 0 7,068 8,724

55K 6mnt TC 9,500 9,000 5.6% 500 6,582 8,162

55K 1yr TC 9,750 9,500 2.6% 250 6,851 7,849

55K 3yr TC 10,000 9,750 2.6% 250 6,827 8,181

30K 6mnt TC 7,750 7,500 3.3% 250 5,441 6,690

30K 1yr TC 8,000 7,750 3.2% 250 5,511 6,897

30K 3yr TC 8,250 8,000 3.1% 250 5,950 7,291Han

dys

ize

Period

2015

Pan

amax

Sup

ram

ax

Week

26

Week

25

Cap

esi

ze

2016$/day ±% Diff

© Intermodal Research 04/07/2017 4

Secondhand Sales

Size Name Dwt Built Yard M/E SS due Hull Price Buyers Comments

VLCC TAIZAN 300,405 2002 NKK, Japan Sulzer May-20 DH $ 15.5m Greek

MR KIRSTIN 50,078 2009 SPP, S. Korea MAN-B&W DH $ 19.3m Danish (Norden)

MRNORD

INDEPENDENCE48,005 2010 IWAGI, Japan MAN-B&W Sep-20 DH $ 18.0m

U.K based

(Union

Mari time)

MR MARITIME YUAN 45,374 1998DALIAN SHIPYARD,

ChinaB&W Jan-18 DH $ 4.5m undisclosed

MR ACQUAVIVA 40,113 2002HYUNDAI MIPO, S.

KoreaMAN-B&W Apr-17 DH $ 9.5m undisclosed

PROD/

CHEMGOLDEN PACIFIC 18,041 2012

ZHEJIANG

HANGCHANG, ChinaMAN-B&W Jan-21 DH undisclosed Greek

PROD/

CHEMDUMLUPINAR 11,259 2008 DEARSAN, Turkey MAN-B&W Nov-18 DH $ 10.8m

Norwegian

(Njord Shipping)

Tankers

Size Name Dwt Built Yard M/E SS due Gear Price Buyers Comments

PMAX AESARA 75,080 2001

SAMHO HEAVY

INDUSTRIES, S.

Korea

B&W Sep-21 $ 7.5m U.A.E based

SMAX OCEAN HEAVEN 57,949 2013TSUNEISHI CEBU,

Phi l ippinesMAN-B&W Sep-18

4 X 30t

CRANESmid $16.0m

Monaco based

(Shamrock

Mari time)

HMAX AARON N 45,518 1994 TSUNEISHI, Japan B&W Jun-194 X 25t

CRANEShigh $2.0m Chinese

HANDY SUNNY SKY 28,390 2011 IMABARI, Japan MAN-B&W4 X 30,5t

CRANES$ 8.85m undisclosed

Bulk Carriers

Size Name Teu Built Yard M/E SS due Gear Price Buyers Comments

POST

PMAXMSC LISBON 9,178 2007

SAMSUNG HI, S.

KoreaMAN-B&W

POST

PMAXMSC ROMA 9,178 2006

SAMSUNG HI, S.

KoreaMAN-B&W

UK based

(Tufton Oceanic)$ 40.0m

incl. T/C at

$34.800/day to

MSC

Containers

© Intermodal Research 04/07/2017 5

The fact that we are almost halfway through the summer period, a time of the year traditionally less busy in terms of both SnP and newbuilding activity, seems to not have particularly affected the volume of contracting so far, which remains in line with what we have been seeing during the bigger part of H1. The presence of four firm Capesize orders in the list of deals reported last week is also evidence of the fact that newbuilding appetite in the sector has not significantly waned despite the admittedly sizeable correction the size has witnessed in terms of earnings since the year to date highs at the end of March. Prices are also still inching up in both the dry bulk and tanker sector particularly those of the bigger sizes, although as we have stressed before the steadying - or the softening in some cases - in second-hand values is bound to stall the upward trend newbuilding values have been following sooner rather than later.

In terms of recently reported deals, Japanese owner, Mitsui OSK Lines, placed an order for one firm and one optional Gas carrier (174,000 cbm) at Hudong-Zhonghua, in China for a price in the region of $184.5 and delivery set in 2020.

Newbuilding Market

20

60

100

140

180

mil

lion

$

Tankers Newbuilding Prices (m$)

VLCC Suezmax Aframax LR1 MR

10

30

50

70

90

110

mil

lion

$

Bulk Carriers Newbuilding Prices (m$)

Capesize Panamax Supramax Handysize

Week

26

Week

25±% 2016 2015 2014

Capesize 180k 42.5 42.0 1.2% 43 50 56

Kamsarmax 82k 24.5 24.5 0.0% 25 28 30

Ultramax 63k 23.5 23.5 0.0% 23 25 27

Handysize 38k 20.0 20.0 0.0% 20 21 23

VLCC 300k 80.0 79.0 1.3% 88 96 99

Suezmax 160k 53.0 53.0 0.0% 58 64 65

Aframax 115k 43.0 43.0 0.0% 48 53 54

LR1 75k 40.0 40.0 0.0% 43 46 46

MR 50k 32.5 32.5 0.0% 34 36 37

186.0 186.0 0.0% 189 190 186

71.0 71.0 0.0% 74 77 78

64.0 64.0 0.0% 66 68 67

42.0 42.0 0.0% 43 45 44

Vessel

Indicative Newbuilding Prices (million$)

Bu

lke

rsTa

nke

rs

LNG 160k cbm

LGC LPG 80k cbm

MGC LPG 55k cbm

SGC LPG 25k cbm

Gas

Units Type Yard Delivery Buyer Price Comments

1 Tanker 310,000 dwt JMU, Japan 2020 Japanese (Kyoei Tanker) undisclosed

2 Bulker 180,000 dwt SWS, China 2019 Chinese (Foremost group) undisclosed Tier III

2+2 Bulker 180,000 dwt SWS, China 2019 U.S Based (JP Morgan) undisclosed Tier III

1+1 Gas 174,000 cbmHudong-Zhonghua,

China2020 Japanese (Mitsui OSK Lines) $ 184.5m Yamal LNG project

1+2 Cruise 298 paxAstillero Barreras,

Spain2019-2020 U.S Based (Ritz-Carlton) undisclosed luxury cruise line

1 Cruise 100 pax Asenav, Chile 2019 undisclosed undisclosed

Newbuilding OrdersSize

© Intermodal Research 04/07/2017 6

The demolition market is still operating under a cloud of uncertainty, with last week’s activity reflecting the indecisiveness of cash buyers in the Indian subcontinent market, who still wait to get a better sense of where prices are heading next before committing to additional tonnage. This hesitation is also reflected in demolition prices that stalled last week despite the significant improvement steel prices in the region achieved. It seems that the dust from the recent budget announcements has yet to settle and that is also partly explaining the fact that Indian breakers have been almost monopolizing any action during the past couple of weeks. We reiterate our opinion that a hold back in the number of demo candidates in the following weeks could poten-tially provide support to prices, while should rumors of the withdrawal of the recently announced VAT in Bangladesh prove true, this will also help towards the same direction. Average prices this week for tankers were at around $240-350/ldt and dry bulk units received about 230-330 $/ldt.

The highest price amongst recently reported deals was paid by undisclosed breakers for the Feedermax Container “BOMAR RISSEN” (23,028dwt-7,807ldt-blt 99), which received $356/ldt.

Demolition Market

100

200

300

400

$/ld

t

Dry Bulk Demolition Prices Bangladesh India Pakistan China Turkey

100

200

300

400

$/l

dt

Tanker Demolition Prices Bangladesh India Pakistan China Turkey

Week

26

Week

25±% 2016 2015 2014

Bangladesh 340 340 0.0% 287 360 469

India 350 350 0.0% 283 361 478

Pakistan 350 350 0.0% 284 366 471

China 240 240 0.0% 176 193 313

Turkey 250 250 0.0% 181 225 333

Bangladesh 320 320 0.0% 272 341 451

India 330 330 0.0% 268 342 459

Pakistan 330 330 0.0% 267 343 449

China 230 230 0.0% 160 174 297

Turkey 240 240 0.0% 174 216 322

Indicative Demolition Prices ($/ldt)

Markets

Tan

ker

Dry

Bu

lk

Name Size Ldt Built Yard Type $/ldt Breakers Comments

MIRAFLORES 48,977 9,250 1999SANOYAS HISHINO

MIZ'MA, JapanBULKER $ 315/Ldt Indian green recycling

BOMAR RISSEN 23,028 7,807 1999SZCZECINSKA

STOCZNIA, PolandCONT $ 356/Ldt undisclosed India-Pakistan option

PDZ MEWAH 12,577 5,247 1993SZCZECINSKA

STOCZNIA, PolandCONT $ 325/Ldt Indian

Demolition Sales

The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without mak-ing guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.

Compiled by Intermodal Research & Valuations Department | research@intermodal.gr Ms. Eva Tzima | e.tzima@intermodal.gr

Mr. George Panagopoulos | g.panagopoulos@intermodal.gr

Market News

“NordLB drops plans to sell ship loans to KKR

NordLB has reportedly abandoned plans to offload a EUR 1.3bn ($1.5bn) portfolio of shipping loans to US private equity giant KKR.

The German bank also said that a sale of individual ship loans was more profitable than a sale of portfo-lios, reports Reuters.

KKR had reportedly put the deal on the back burner earlier this year, partly due to a lack of progress in talks over pricing for the assets, the news agency said.

NordLB had said in April that it hoped to complete a deal by the end of June, following about a year of negotiations.

At the end of June Moody’s Investors Service down-graded NordLB’s long-term debt rating to “Baa3” from “Baa2” with a negative outlook.

“While NordLB made adequate progress in its de-risking programme, supported by a less adverse shipping market environment than in 2016 Moody’s believes that the bank will only gradually rebuild a sufficient degree of resilience against adverse ship market value and freight rates scenarios, leaving it significantly exposed to solvency risks within the next 12 to 18 months,” the rating agency said at the time.....” (TradeWinds)

Commodities & Ship Finance

30-Jun-17 29-Jun-17 28-Jun-17 27-Jun-17 26-Jun-17W-O-W

Change %

10year US Bond 2.300 2.270 2.220 2.200 2.140 7.5%

S&P 500 2,423.41 2,419.70 2,440.69 2,419.38 2,439.07 -0.6%

Nasdaq 6,140.42 6,144.35 6,234.41 6,146.62 6,247.15 -2.0%

Dow Jones 21,349.63 21,287.03 21,454.61 21,310.66 21,409.55 -0.2%

FTSE 100 7,312.72 7,350.32 7,387.80 7,434.36 7,446.80 -1.5%

FTSE All-Share UK 4,002.18 4,018.61 4,039.30 4,062.45 4,073.45 -1.5%

CAC40 5,120.68 5,154.35 5,252.90 5,258.58 5,295.75 -2.8%

Xetra Dax 12,325.12 12,416.19 12,647.27 12,671.02 12,770.83 -3.5%

Nikkei 20,033.43 20,220.30 20,130.41 20,225.09 20,153.35 -0.6%

Hang Seng 25,764.58 25,965.42 25,683.50 25,839.99 25,871.89 0.4%

DJ US Maritime 219.44 219.44 217.80 212.71 213.04 3.2%

$ / € 1.14 1.14 1.14 1.13 1.12 2.1%

$ / ₤ 1.32 1.30 1.29 1.28 1.27 3.0%

¥ / $ 112.35 112.01 112.36 112.19 111.86 1.0%

$ / NoK 0.12 0.12 0.12 0.12 0.12 2.2%

Yuan / $ 6.78 6.78 6.80 6.81 6.84 -0.8%

Won / $ 1,144.90 1,147.18 1,138.71 1,140.96 1,133.53 0.9%

$ INDEX 95.63 95.63 96.01 96.39 97.43 -1.7%

Market Data

Cu

rre

nci

es

Sto

ck E

xch

ange

Dat

a

1,200

1,250

40

45

50

55

60

goldoil

Basic Commodities Weekly Summary

Oil WTI $ Oil Brent $ Gold $

30-Jun-17 23-Jun-17W-O-W

Change %

Rotterdam 420.0 410.0 2.4%

Houston 440.0 440.0 0.0%

Singapore 435.0 425.0 2.4%

Rotterdam 283.0 267.5 5.8%

Houston 264.5 255.0 3.7%

Singapore 302.5 292.5 3.4%

Bunker Prices

MD

O3

80

cst

CompanyStock

ExchangeCurr. 30-Jun-17 23-Jun-17

W-O-W

Change %

AEGEAN MARINE PETROL NTWK NYSE USD 5.85 5.35 9.3%

CAPITAL PRODUCT PARTNERS LP NASDAQ USD 3.40 3.41 -0.3%

COSTAMARE INC NYSE USD 7.31 6.87 6.4%

DANAOS CORPORATION NYSE USD 1.70 1.65 3.0%

DIANA SHIPPING NYSE USD 4.06 3.91 3.8%

DRYSHIPS INC NASDAQ USD 1.27 2.44 -48.0%

EAGLE BULK SHIPPING NASDAQ USD 4.73 4.56 3.7%

EUROSEAS LTD. NASDAQ USD 1.27 1.29 -1.6%

GLOBUS MARITIME LIMITED NASDAQ USD 1.24 1.20 3.3%

NAVIOS MARITIME ACQUISITIONS NYSE USD 1.47 1.40 5.0%

NAVIOS MARITIME HOLDINGS NYSE USD 1.37 1.25 9.6%

NAVIOS MARITIME PARTNERS LP NYSE USD 1.59 1.55 2.6%

SAFE BULKERS INC NYSE USD 2.29 2.38 -3.8%

SEANERGY MARITIME HOLDINGS CORP NASDAQ USD 1.04 0.84 23.8%

STAR BULK CARRIERS CORP NASDAQ USD 9.83 9.22 6.6%

STEALTHGAS INC NASDAQ USD 3.25 3.27 -0.6%

TSAKOS ENERGY NAVIGATION NYSE USD 4.80 4.49 6.9%

TOP SHIPS INC NASDAQ USD 0.42 0.80 -3.2%

Maritime Stock Data

© Intermodal Shipbrokers Co

8

04/07/2017

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