Shipping Intelligence 26.Nov

Issue No.948 ClarkSea Index $14,361 ISSN: 1358-8028 The Atlantic Market This Week …… $,000/day Capesize: Weaker Panamax: Firmer Handy: Firm Dec-04 Apr-05 Aug-05 Dec-05 Apr-06 Aug-06 Dec-06 Apr-07 Aug-07 Dec-07 Apr-08 Aug-08 Dec-08 Apr-09 Aug-09 Dec-09 Apr-10 Aug-10 55 50 45 40 35 30 25 20 15 10 5 26-Nov-2010 Highlights VLCC Market Spot rates in WAF remained firm despite eastern ballasters………….…………p.2 Suezmax Market Average Suezmax earnings firmed by 26% w-o-w on the back of increased cargo volumes…….....………..……..p.2 Aframax Market Average Aframax spot earnings softened by 25% w-o-w……………………….p.2 Products Market Average clean “Handy” spot earnings firmed by 38% w-o-w…….…...….…p.3 Capesize Market Rates in the Atlantic fell despite a rather active week, whilst the Pacific market was sluggish for most of the week…..p.4 Panamax Market Whilst rates in the Atlantic improved wo-w, those in the Pacific declined...…p.4 Handymax Market Earnings rose w-o-w, with the strongest gains made in the Pacific basin……...p.5 S & P Market There have been several interesting sales in the Panamax sector………………..p.i Newbuilding It is increasingly apparent that mediumterm demand sentiment from owners is softening………… …………….......p.10 Demolition The waiting continues to see whether the promise of Bangladesh’s reopening will deliver………………………...…….p.11 Selection of ports covered by the various market sectors in this report The Pacific Market This Week …… Capesize: Weaker Panamax: Softer Handy: Firm Licensed to Wallem Shipbroking HK Limited. Distribution is restricted; please remember to acknowledge the source. http://www.clarksons.net 29/11/2010 01:39:14 68045 Licensed to Wallem Shipbroking HK Limited. Distribution is restricted; please remember to acknowledge the source. http://www.clarksons.net 29/11/2010 01:39:14 68045 Shipping Intelligence Weekly Crude Tanker Spot Market Crude Tanker Spot Earnings ($,000's/day) Crude Tanker Highlights Licensed to Wallem Shipbroking HK Limited. Distribution is restricted; please remember to acknowledge the source. http://www.clarksons.net 29/11/2010 01:39:14 68045 90 VLCC Suezmax 80 Aframax 70 60 50 40 30 20 10 Nov Jan Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct '08 '09 '09 '09 '09 '09 '09 '10 '10 '10 '10 '10 VLCC Single Voyage..... 2 2 2 2 2 2 2 2 2 2 2 280,000t Gulf - Europe 280,000t Gulf - US Gulf * 265,000t Gulf - Japan * 265,000t Gulf - S.Korea * 270,000t Gulf - Sing 280,000t Gulf - Red Sea 260,000t WAF - East * 260,000t WAF - US Gulf * 280,000t Med - UKC 260,000t WAF - WC India^ VLCC Ave. Earnings * 2010 2008 2009 2010 Nov 19 VLCC Earnings Nov 26 This Week .... 50 50 73 73 74 80 72 75 85 3.63 74,040 71,874 105,036 102,002 108,338 118,415 82,951 100,691 128,474 87,201 92,511 19,797 19,115 31,186 31,634 33,172 44,638 35,013 43,097 58,558 37,844 32,009 28,468 22,535 43,391 41,936 44,779 55,693 42,766 45,926 68,066 44,411 39,311 17,171 12,640 38,419 38,175 38,832 53,830 38,736 47,395 67,280 40,243 35,073 16,333 11,976 28,945 28,747 29,740 44,328 35,855 39,248 58,165 39,782 28,954 WS 2010 Nov 19 Nov 26 42.5 42.5 70.0 70.0 70.0 80.0 70.0 77.5 87.5 3.50 42.5 42.5 62.5 62.5 62.5 72.5 67.5 70.0 80.0 3.50 Average earnings $ per day SOFTER SOFTER WEAKER WEAKER WEAKER WEAKER SOFTER WEAKER WEAKER STEADY WEAKER -5% -5% -25% -25% -23% -18% -7% -17% -14% -1% -17% ^ WAF - WC India route quoted in WS until 11-Aug-06; quoted as a lump-sum figure thereafter (in $ million). Suezmax Single Voyage..... 4 4 4 4 4 130,000t Gulf - S.China 130,000t WAF - USAC * 130,000t WAF - Med 130,000t Med - Med * Suezmax Ave. Earnings * Aframax Single Voyage..... 6 6 6 6 6 6 6 6 6 6 80,000t Gulf - East * 80,000t Med - Med * 80,000t Med - USAC 80,000t UKC - UKC * 80,000t UKC - USAC 80,000t UKC - Med 80,000t Indo - Japan * 70,000t Carib - US Gulf * 80,000t Black Sea - Med * Aframax Ave. Earnings * Nov 19 Nov 26 2010 2008 2009 2010 Nov 19 Suezmax Earnings Nov 26 This Week .... 100.0 97.5 100.0 105.0 99 98 99 104 65,548 65,588 76,636 87,681 76,634 24,545 25,031 27,025 31,391 28,211 27,130 25,932 28,576 35,521 30,727 26,296 25,062 27,613 32,850 28,956 22,987 29,676 33,564 43,073 36,375 WS 2010 95.0 107.5 110.0 120.0 Average earnings $ per day WEAKER FIRMER FIRMER FIRMER FIRMER -13% 18% 22% 31% 26% Nov 19 Nov 26 2010 2008 2009 2010 Nov 19 Aframax Earnings Nov 26 This Week .... 110.0 110.0 105.0 110.0 120.0 100.0 105.0 140.0 110.0 117 114 120 111 123 103 112 132 119 38,045 50,637 50,924 68,511 50,587 40,363 38,513 36,172 67,785 49,944 14,330 16,674 19,869 12,164 18,339 13,890 11,537 13,120 25,071 15,483 15,849 19,387 19,612 21,916 18,582 13,337 14,780 16,770 26,649 19,225 12,719 15,051 12,121 19,020 16,598 10,772 10,770 18,444 19,710 15,952 13,892 9,258 11,772 9,520 14,229 6,464 10,612 13,904 14,913 12,017 WS 2010 115.0 95.0 105.0 95.0 115.0 90.0 105.0 125.0 100.0 Average earnings $ per day FIRMER WEAKER!! STEADY WEAKER!! WEAKER WEAKER!! STEADY WEAKER WEAKER WEAKER 9% -38% -3% -50% -14% -40% -1% -25% -24% -25% Note: In June 2008, all tanker earnings since start 2004 were re-evaluated on the basis of revised voyage calculations; "Earnings" are timecharter equivalents of spot freight rates (see footnote on page 4); */# Indicates constituent routes of "Average Earnings" for each sector since start 2004. Clarkson Research Services Page 2 26-Nov-10 Licensed to Wallem Shipbroking HK Limited. Distribution is restricted; please remember to acknowledge the source. http://www.clarksons.net 29/11/2010 01:39:14 68045 • VLCCs: The MEG market softened considerably this week. The total number of fixtures for the month is now up to 43, though many more will be required to halt the falling rates. Despite ballasters from the Gulf, West Africa VLCC rates remain steady around WS 70. • Suezmaxes: Cargoes flooded into the WAF market yesterday, so owners were unwilling to offer their tonnage out today, preferring to hold off until Monday in case US charterers want to add their cargoes. It looks like the expected pre-Thanksgiving spike may yet end up as a post-Thanksgiving spike. • Aframaxes: All guns were blazing in the North Sea/Baltic on Friday. Extremely cold Baltic weather has led to speculation that ice class restrictions could be imposed as early as 10-15th December for Primorsk which has caused some ice class owners to re-evaluate the worth of their tonnage. However rates for voyages UKC have softened. 100 .865 20.160 13.880 19..675 5.859 14. Rates dropped off slightly towards the end of the week due to the lack of action.000t Med .608 5.000t Gulf . Clarkson Research Services Page 3 26-Nov-10 Licensed to Wallem Shipbroking HK Limited.428 10.000t Med .957 9..526 13..305 34.0 145.955 40.669 23.537 8.5 122.834 10.354 14. § Note: 45kt dirty products Med-UKC is now calculated using a 47.854 22..539 6.0 185.578 24.E.000t Gulf .725 11..612 11.0 170.427 7.063 4.661 7. -19% DOWN BY.000t UKC ..495 8..990 9. However.028 33.766 10.0 135. The tonnage list cleared towards the end of the week. MedUKC rates firmed to WS 145.883 15. rates have not climbed as much as perhaps could have been expected.059 6.0 150.0 175.994 8...628 7.738 14. spot rates may move further upwards next week..USAC # 30.Product Tanker Spot Market Product Tanker Spot Earnings ($.396 8.617 8.000t Baltic .0 Average earnings $ per day 23.clarksons.0 170.720 9.968 31.000t Caribs .080 WS 2010 122.0 160.973 5..039 8..305 7.466 6.432 14. 45 .909 5. Fixtures: Gulf-West Gulf-East/Japan Gulf-Red Sea Others Total Number of Fixtures Vessels due to arrive in Gulf ~ VLCC's Spot in Gulf ~ No..457 11. There was an increase in activity for Panamaxes in the Med this week.USAC * 30.190 6.413 11.0 200.. Earnings * Clean 'Hdy' Ave..422 FIRMER SOFTER FIRMER FIRMER FIRMER FIRMER FIRMER FIRMER FIRM. -13% DOWN BY.000's/day) Product Tanker Highlights Licensed to Wallem Shipbroking HK Limited.net 29/11/2010 01:39:14 68045 • Clean Products After a busy week which saw a lot of activity.418 10.845 2008 2009 24 56 0 27 107 71 4 1.553 7.457 6. please remember to acknowledge the source.754 10.709 7.485 8. lots of cargo flooded out of the Black Sea and into the Med..295 12.906 10..0 135.Handy 30 25 20 15 10 5 Nov Jan Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct '08 '09 '09 '09 '09 '09 '09 '10 '10 '10 '10 '10 Clean Product Single Voyage. http://www. not much cargo was seen in the Cont “Handy” market this week.258 WS 2010 130.USAC * 45.651 8.0 180.000t Black Sea . Distribution is restricted.0 125.000t UKC . meaning that earnings increased 25% w-o-w.0 135.000t Med .009 19 57 0 30 106 80 9 2...000t Med .798 15.000t Gulf ..546 8.000t Sing .430 5.596 4 Wks 18 71 0 28 117 101 8 2.114 2.0 150.USAC * 38. http://www..0 132..0 Average earnings $ per day 36.567 7.Japan * 30.000t Caribs . 125.clarksons.0 140. but the Cont has been quiet.656 12..650 13.510 29.US Gulf * 50. -60% ~ As at the beginning of the month for historical data.335 12.. and rates could rise next week if the tighter tonnage list places sufficient pressure on spot rates.000 dwt "MR" vessel Dirty Product Single Voyage.436 Aug '10 26 60 0 32 118 97 11 3.. Earnings * VLCC Spot Market Activity.169 15.552 12. for the next 4 weeks (vessels due) or this week (vessels spot) for current week's data.0 160.775 14.096 -8% -7% -29% 25% -14% VLCC Spot Market Last This Week .320 14.250 21.UKC § Dirty Ave.386 22.0 135.MR Clean ..459 Number Jun '10 19 60 0 26 105 64 9 2.170 1..648 12.net 29/11/2010 01:39:14 68045 40 35 Dirty Clean .248 10.0 160.212 Oct '10 27 77 0 41 145 116 19 5.5 115.Japan 55.861 6. 8 9 13 13 13 13 13 14 14 14 14 14 14 75.227 17.687 16.UKC Clean 'MR' Ave.075 20.0 310.0 180.085 11.0 290. 12 12 12 13 55. Distribution is restricted. Conversely.820 10.000t Med .601 Jul '10 26 88 0 31 145 111 5 1. • Dirty Products Again.450 12.737 14.000t Gulf .Med 30.840 11. -32% DOWN BY. Monthly Fixture Record Average No.UKC # 30. -8% #DIV/0! #DIV/0! DOWN BY..0 122 133 145 265 163 140 140 200 181 171 177 171 168 41.887 9. but had eased back down to WS 210 by the end of the week.0 170.0 180.713 36.845 16..261 DOWN BY.0 190. SOFTER SOFTER WEAKER!! FIRMER WEAKER Sep '10 15 59 0 32 106 92 8 2.Japan * 35.US Gulf * 55. 122. 000 Dwt Nov 19 Nov 26 2010 2008 2009 2010 Nov 19 Dirty Earnings Nov 26 This Week . FIRM.UKC # 30.Med 30.Japan 35.000t UKC . -58% DOWN BY. STEADY FIRMER FIRMER FIRMER FIRMER 14% -4% 22% 12% 36% 11% 46% 52% 6% 7% 0% 70% 92% 24% 38% See footnote on page 2.499 17..5 135.047 16.400 10.0 170. -33% DOWN BY..107 11.574 19.053 16. “Handy” rates there peaked at WS 220 mid-week..838 10. please remember to acknowledge the source. Earnings # Nov 19 Nov 26 2010 2008 2009 2010 Nov 19 Clean Earnings Nov 26 This Week .Africa * 37.0 125.5 141 141 142 151 36.429 8. Rates accordingly softened.741 7.. with tonnage lists continuing to tighten.928 13. 01 12.124 24. Earnings.887 39.25 20.5% -17.7% -23.97 9.000 Dampier/Japan 18m 165.907 16.000 Saldanha/Beilun.00 17.261 10.13.689 24.54 17.25 29.211 41.802 97.255 28.Rds/ARA 70.clarksons.90 9.18 29.981 50.533 56.45 27.25 17.Bao.55 24.00 12.000 Dampier/Rotterdam 165..454 28.3% 12.000 Hay Pt. Distribution is restricted. Clarkson Research Services Page 4 26-Nov-10 Licensed to Wallem Shipbroking HK Limited.398 29.439 13. which are no longer reported and are not included in average earnings from start 2007 onwards.886 18.309 26.989 15.840 43.507 45..0% -3.8% -12..Bao.1% -17.395 10.50 25.850 92.net).176 35.832 11.017 FIRMER 12.000 Richards B.089 13. with further gains expected in the Atlantic and rates remaining flat in the Pacific.000 USGulf/ARA 70..50 19. It looks as though the market could remain lopsided next week.. fronthaul earnings leapt on Thursday..06 104.221 40.80 25.9% -11.75 10.000 H.906 63.625 31.999 11.064 34.3% 36.876 32. • Handymax: After a steady tightening of tonnage in the Atlantic. 14.426 10.7% *This route replaces the Panamax grain routes.605 34.17 56.864 15.75 26.clarksons. the opposite was generally the case in the Pacific. Coal Trades 70.674 31.105 37.275 12. which precipitated a standoff between owners and charterers.000 Dampier/Beilun. "Average Earnings" are timecharter equivalents of spot freight rates.Baoshan 165.31 12.075 9.282 25.367 46.049 12..000 Indonesia/Rotterdam 150. there was far greater activity in the Pacific than last week but a large amount of prompt tonnage meant that earnings rose only moderately.g.456 49./Rott 70.847 12. 1990/91-built Panamax Single Voyage.70 17.net 29/11/2010 01:39:14 68045 Licensed to Wallem Shipbroking HK Limited.000 Bolivar/Rotterdam 150.00 18.465 17.51 21. with most activity focused in the Atlantic basin.617 11.422 23.30 16.2% -8.377 36.219 43.90 14.000 Tub/Beilun.845 30..720 98.639 137.063 12. Average Earnings $ Per Day 2010 2008 2009 2010 Nov 19 Capesize Market Nov 26 This Week .072 18. Standard Ships are indicated by the figures on the left.555 9.9% -16.20 18.75 23. 1980's-built 18 18 18 18 18 18 18 18 18 $ Per Tonne Nov 19 Nov 26 • Capesize: The Capesize market was buoyant during the first half of the week.323 39.105 29. However.13 20.000 Tubarao/Japan 18m 165.000 Tubarao/Rotterdam 165.336 13.922 10.000 R.953 11.660 33. 165. Earnings. Earnings.896 41..75 16.000 Newcastle/Japan 55.588 14.3% -3.489 39.945 42. http://www.000 Newcastle/Cont 70..147 36.00 9.511 25.891 61.6% -18.90 18. Distribution is restricted.85 17.00 54.00 13.258 61.253 29.90 19.560 17.4% -19. 1999/00-built Ave.699 83. e.10 11.65 105..800 95.674 49. Meanwhile.964 20.100 21. please remember to acknowledge the source.280 26.035 16.137 14.460 35.84 25.963 34.914 58.25 14.427 STEADY STEADY WEAKER WEAKER WEAKER WEAKER WEAKER -2.409 25.0% -14. please remember to acknowledge the source./Rotterdam 150.50 24.871 9.00 17.75 18.587 16.780 14.000 Indonesia/Rotterdam Grain Trade (Supramax) 19 49. excluding waiting time off-hire etc.000 Roberts Bank/Japan 70.974 26.95 12.00 65.000 Roberts Bank/Rott 70.455 34.clarksons.10 15.72 18.217 30.251 FIRM.4% -17.75 19.582 24.25 26.75 10. Coal Trades 150.162 105.80 14.632 14.05 13.570 18. 15.227 30.Bay/Rotterdam 150. for which see the "Sources & Methods" document on our website.4% -1.524 19.8% -13.000 Bolivar/ARA 70..000's/Day) 90 Capesize Panamax Handymax 70 60 50 40 30 20 10 Nov Jan Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct '08 '09 '09 '09 '09 '09 '09 '10 '10 '10 '10 '10 Capesize Single Voyage. "SIN 2005" (www.4% -23.25 9.980 17..00 13.000 Hay Pt.897 35.637 33.3% -8..00 13...76 53.201 8. rates softened..6% $ Per Tonne Nov 19 Nov 26 Average Earnings $ Per Day 2010 2008 2009 2010 Nov 19 Panamax Market Nov 26 This Week .635 17.42 13.72 14.. • Panamax: Whereas rates on most Atlantic routes improved markedly compared to last week..087 22.332 15.196 49.982 34.165 34.059 29.5% -16. 16 16 16 16 16 16 16 16 16 16 16 16 16 17 Iron Ore Trades 165.913 58.699 14.95 23.855 18.153 13.090 40.315 11./Japan 17m Ave.3% 14.50 19. Modern Capesize = Standard Ship no.961 139.139 SOFTER WEAKER WEAKER WEAKER WEAKER WEAKER WEAKER -7.90 21.715 18.988 9.379 19.50 15..673 26.03 21. and rates fell accordingly.5% 53.75 15. The Pacific market was sluggish throughout the week. Earnings.070 19.000 USGulf/Japan(HSS)* 18 Ave.. as ballasters began to sail towards Brazil.773 18.001 21.916 10.2% 42.net 29/11/2010 01:39:14 68045 80 Bulkcarrier Highlights .Large Bulk Carrier Market Bulkcarrier Spot Earnings ($.926 8. http://www.860 25.6% 10. 13. for standard routes/ships.515 FIRMER FIRMER FIRMER WEAKER WEAKER SOFTER SOFTER WEAKER WEAKER 49.742 FIRMER 3.283 27.75 17...512 68.146 7.35 13. 1997/98-built 19/20 Ave.264 45.82 26. 500 19.7% 12... STEADY FIRM.500 16.500 19.938 215 22.0% 5.500 17.500 15. please remember to acknowledge the source.048 35..000 16.563 171 Handymax Market Nov 26 This Week .938 202 Nov 12 Nov 19 21...125 173 Panamax Market Nov 26 This Week .250 12.000 22.16 12.000 8.0% 0.250 195 25.305 22.000 16.875 Cal-11 0 0 0 13.500 17.50 25.3% 5..876 494 29..0% 3.298 195 36.408 15.000 12. To date 19 26 718 750 743 804 785 745 724 - 707 750 758 789 771 753 705 - 2009 353 373 368 360 381 375 409 371 372 2010 447 468 464 446 471 464 515 461 465 Nov Nov 19 26 463 473 471 460 493 490 535 480 478 469 484 488 461 488 500 538 484 492 Q1-11 0 28.750 13..* .…… Basis Closing Mid Price BPI 1A BPI 2A BPI 3A BCI 7 BCI 4 Cape P'max S'max TransAtlantic R/V.354 22.Tripcharter Market.317 46.673 53.0% -1.750 10.036 19.774 9..607 18. 9. To date Rotterdam Genoa Philadelphia Houston Cristobal Los Angeles Japan Singapore Fujairah 2009 490 576 525 618 564 557 517 - 2010 658 689 674 739 714 709 655 - 12..000 19. & Bunkers Cont/Far East TransPacific R/V Far East/Cont TransAtlantic R/V Average Panamax Earnings Clarkson P'max Trip Index Average Earnings $ Per Day 2008 2009 2010 Oct 29 63.000 12.500 12.088 Nov-10 0 25.9% 2.000 dwt Clarkson Handymax Index Average Earnings $ Per Day 2008 2009 2010 51.500 20..625 17.4% 0. 0 1 3 6 8 11 13 16 18 21 23 26 28 31 33 36 38 40 43 45 48 50 FFA Indications at close ….. Handymax Tripcharter…* Cont/Far East TransPacific R/V Far East/Cont TransAtlantic R/V Average Earnings 52.050 15.clarksons. FIRM..3% 3.588 7.188 181 FIRMER FIRM. $/day TransPacific R/V.000 6. Freight Futures. Distribution is restricted.500 9.000 12.000 17.500 14...800 10.904 31.1% 12.969 20.168 15..414 19..3% 2...net 29/11/2010 01:39:14 68045 Panamax Tripcharter.8% 3.000 19. please remember to acknowledge the source.000 17.75 12.750 14.250 Bunkers This Week .500 15.500 16.779 48.400 16.1% *Rates are for a Panamax vessel based on the Baltic standard BPI vessel..813 190 Nov 19 27.829 261 Nov 05 27.750 15..500 15..250 17.200 194 FIRMER STEADY WEAKER FIRMER FIRMER FIRMER 12. 28. $/day Skaw-Gib/Far East... Avg.750 18.750 17.005 43..000 19. http://www.000 4.000 dwt Average Earnings 45.176 26..188 12.500 15.414 27.7% * 52...042 25.8% 6... http://www.875 17.000 2. FIRM.813 14.000 18.250 18.80 32.673 271 Oct 29 Nov 05 25.000 2008 2009 2010 10.000 14.2% -16.38 11.190 24.375 18..245 497 27.500 11..214 41. $/day Bolivar/Rott $/ton R.000 14.13 11.383 16.000 dwt "Supramax" unless stated Baltic Freight Indices 28-Oct 29-Oct 01-Nov 02-Nov 03-Nov 04-Nov 05-Nov 08-Nov 09-Nov 10-Nov 11-Nov 12-Nov 15-Nov 16-Nov 17-Nov 18-Nov 19-Nov 22-Nov 23-Nov 24-Nov 25-Nov Max Value Min Value Avg Value Baltic Panamax Index Trends BPI BCI BSI BDI 2465 2410 2371 2313 2288 2287 2304 2322 2361 2437 2432 2365 2294 2216 2122 2063 2038 2061 2112 2194 2290 2465 2038 2274 4272 4262 4231 4165 4060 4011 3994 3984 3938 3882 3695 3612 3530 3490 3492 3496 3526 3585 3593 3539 3381 4272 3381 3797 1768 1750 1730 1705 1680 1655 1628 1597 1580 1552 1532 1516 1495 1474 1457 1431 1389 1369 1370 1392 1443 1768 1369 1548 2707 2678 2648 2600 2542 2510 2495 2482 2467 2454 2366 2313 2261 2219 2188 2164 2155 2179 2199 2213 2200 2707 2155 2383 Regional Bunker Markets .0% Bunkers are in $/t Clarkson Research Services Page 5 26-Nov-10 Licensed to Wallem Shipbroking HK Limited.741 204 31.500 12.143 13.75 36.750 380cst Nov Nov Avg.. 22.074 15.Bay/Rott $/ton TC Average $/day TC Average $/day TC Average $/day MDO 25-Nov Index 19.000 18..113 36.5% 0.clarksons...7% 5..50 24.250 15.914 14.063 191 20.000 17.000 13..250 11.500 16.000 Week No..750 16.. Distribution is restricted..075 35.6% 0.663 19.7% 51.125 193 Nov 12 26..750 9.750 16.096 16..2% -0.net 29/11/2010 01:39:14 68045 Licensed to Wallem Shipbroking HK Limited. (380cst) HIGHER HIGHER HIGHER HIGHER LOWER HIGHER HIGHER HIGHER HIGHER 1..786 24...178 13. FIRM. 88 101. 1 Yr t/c 400 300 200 100 0 Nov-08 Jan-09 Feb-09 Apr-09 May-09 Jun-09 Aug-09 Sep-09 Oct-09 Dec-09 Jan-10 Mar-10 Apr-10 May-10 Jul-10 Aug-10 Oct-10 Nov-10 Voyage Rates ($/mt) 44/46K mt Gulf/Jap* T/C Equivalent. 59% 58% 700 22. Distribution is restricted.72 34..877 15. This perhaps explains the signs of weakness in the Baltic Index.91 21...246 20.40 28. 29% 22.60 32.73 44..90 88.00 27. 800 600 78000m³ TCE.134 21..452 16..465 17. FIRMER.85 67... This has been affected to some extent by a typical pause while the market awaits Saudi Aramco’s CP announcement.000 ~ Houston/MPFE 5.000m³ modern 59.004 23.991 22. Distribution is restricted.143 7.40 47.00 96..000m³ Semi-Ref + 15.124 20.00 Easychems except for: ~ Stainless Steel. FIRM.. FIRM.00 46.00 73. of last week were reported finalised and there will be a similar number carried over this weekend. .124 20. rates have been marked up by a dollar for the smaller easy chems and stainless tanks rates. STEADY.233 8.31 37... WEAKER.75 97.000 Houston/Rott 5.50 51. STEADY. however.00 58.40 66.035 18.32 85.457 18.06 63. • Chemical freight rates ex-Europe have been relatively stable this week.70 48.20 51..233 8.858 29.. STEADY.. Chemical Freight Rates.230 5.89 52.000m³ 22.863 19. Some of the recent positive developments have. In the West. please remember to acknowledge the source.000 Rott/MPFE 2.000 ~ Rott/MPFE 3..00 83.20 27.934 6.75 76.35 64. FIRM.858 16.000m³ Semi-Ref 8.94 80..096 19.000 Houston/MPFE Average 2008 2009 31.. • On the trade to the Far East. 26-Nov-10 Licensed to Wallem Shipbroking HK Limited.000 ~ Houston/Rott 3.000 ~ Rott/MPFE 2.00 43.19 61.347 27.net 29/11/2010 01:39:14 68045 Licensed to Wallem Shipbroking HK Limited. maintaining the steady rates which have persisted since late October.000 2008 2009 41. Although owners are trying to sound optimistic. STEADY.00 52..000 Gulf/MPFE 15.314 30.64 66.836 17.00 70. which for December is expected early next week.50 54.548 15.124 20. $/day 82. STEADY..219 FIRMER.. FIRM.95 56. eastbound rates exMiddle East Gulf have softened weekon-week.00 32. in particular because of the recent attractive product prices which have tempted Middle East shipments to the MPFE= Main Port Far East has prevented the kind of strong firming seen in Houston-Asia rates as a result of strong Asian polymer prices.. However.251 28. there has been a parallel slowdown in activity giving rise to some concern by shipowners that the number of open ships in the region is set to rise.505 16.135 31. SOFTER.000 Gulf/WCIndia 15.00 83.239 21.014 20.95 83. please remember to acknowledge the source.clarksons..00 78. which has fallen slightly. The hangover from Eid in terms of undersupply of cargoes has Page 6 seemingly persisted whilst prompt tonnage has built up over the holidays.945 22.10 54.00 74.. • Some spot fixtures which had been fixed on subjects prior to the end Voyage Rates ($/mt) 10. STEADY.621 19.23 37..000m³ modern 12 mths T/C.32 40. 30.clarksons. with no change on the westbound transatlantic trade.507 20.480 20.00 32.00 83....00 72.. $'000/month 1.. STEADY.. http://www.50 FIRMER.500m³ Pressure (East) 3.916 5. 95 85 75 65 55 45 basis 5..Japan 78.957 10.06 45.343 20.000 Gulf/Med 5.82 2010 Sep 26.000mt Easychems 35 Nov-08 Jan-09 Feb-09 Apr-09 May-09 Jun-09 Aug-09 Sep-09 Oct-09 Dec-09 Jan-10 Mar-10 Apr-10 May-10 Jul-10 Aug-10 Oct-10 Nov-10 Chemicals Markets….220 15.61 63.000m³.00 27.00 55. Some owners have already addressed the potential imbalance.548 20.25 49.98 85.551 16.Gas & Chemical Markets 2010 Sep Oct LPG Market 26 Nov Trends… LPG Charter Rates.207 21.00 46.00 55. STEADY..384 15.233 8. Demand in Europe Clarkson Research Services Oct 25.000 Rott/MPFE 5. FIRM. Houston/Far E.99 88.00 95. FIRMER.20 53. FIRMER.00 WEAKER.net 29/11/2010 01:39:14 68045 LPG Market…. • Spot cargo availability east of Suez has slowed a little this week .85 60.480 19. FIRMER.000m³ 35. Gulf . $/mt 105 Rott/Far E.87 80.250m³ Ethylene 3. the available space makes it hard to see anything other than a softer outlook for the short term. -9% -11% -7% -1% -1% 1% 4% 3% 1% 5% 6% 5% 14% 32% 27% West.20 Chem Market 26 Nov Trends… 23.200m³ Semi-Ref Average * 44K mt for 78K vessel/46K mt for 82K vessel.61 35..92 93.00 62. there has been some upward pressure on rates to justify higher benchmarks.850 23.439 7.00 65. STEADY. $/day 82.548 8% 8% 5% 3% 1% 0% -1% -1% 2% 0% 4% 500 900 16.946 7.781 15.23 37.00 44.00 44.05 56. however.000 Rott/Houston 1.721 24.00 42..143 7.014 22.219 23.000 Houston/MPFE 10.....00 86.. STEADY.022 15. STEADY.074 21.959 19.25 66. FIRM.with a resultant slowdown in the level of spot freight enquiry.055 15.562 FIRMER.247 FIRMER.000 Houston/Rott 2.903 20...957 20.00 78.. STEADY. scheduling some of their ships to ballast back to the AG. • However.40 95.003 29.00 95.088 20. been counter-balanced by the emergence of trader relets into the market for December...00 80.000m³ modern 57. http://www.000m³ modern 78.000m³ modern 78..000m³ 24.000 Rott/Houston 10.557 8.66 20. Average Liner Markets . 3.813 15.44 23..613 19.81 17.706 55.Liner & Offshore Markets Liner Market Rates ($.clarksons.. WEAKER!!.750 10.05 28..696 26. Revenue in Q3 climbed 77% y-o-y.855 11.075 4.412 9... WEAKER.000 16.095 6.250 7.408 7.UK/ARAG Nov-10 Aug-10 May-10 Feb-10 Nov-09 Aug-09 May-09 Feb-09 Nov-08 Aug-08 May-08 Feb-08 Nov-07 Aug-07 May-07 Feb-07 • Nov-06 Israeli container line Zim has reported a third quarter profit of US$37 million.500 7..50 21.net 29/11/2010 01:39:14 68045 20 The Offshore Fleet published above has been expanded as of 1st September 2010 to include all vessels >100 GT...000 dwt. 2% 7% 21.000 TEU. Nov Trends…* 2010 2006 2007 2008 2009 Aug Sep Oct 9.86 28.975 9. 1 yr.. t/c (liner) European Short Sea 3... 1 yr.708 17.392 22. WEAKER!!. current month shows latest end month data.69 32..242 6.125 3.747 10..095 AHTS >12. No.88 21.clarksons. FIRMER.. Distribution is restricted.935 22.972 9. end 2007 2008 2009 Oct-10 Fleet:* 3-week moving average 120 2.. 2.uk for market report. Handy.754 5. STEADY.19 25. Vessels.638 6.444 5.000dwt($/t) ECUK/ARAG . Sub-P'max.800 13... -18% -18% -28% -34% Note: Rates are based on the averages of reported fixtures in the North Sea in £/day.200 7..750 6.500 10. 1.000 teu grd.357 1. STEADY.054 12.074 24...Spain French Bay . FIRM. supplied by One Offshore UK Ltd.net 29/11/2010 01:39:14 68045 Maersk Line is reported to be in talks to sign a deal for a series of containership vessels.100 14.346 14.192 14.000Bhp 90 60 30 Sep-10 Jun-10 Mar-10 Dec-09 Jun-09 Sep-09 Mar-09 Dec-08 Jun-08 Sep-08 Mar-08 0 Dec-07 320 193 7 144 664 Jun-07 Orderbook: Anchor Handling Tug/Supply PSV/Supply Crew/Workboat Other Types All Offshore Vessels AHTS Freight Rates £.300 8..67 18..000 dwt MPP 15 10 5 Container / MPP / Short Sea Markets Container Vessels ($/Day) Feedermax.817 12.13 30. Clarkson Research Services Page 7 26-Nov-10 Licensed to Wallem Shipbroking HK Limited. which would be the biggest boxship vessels in the world upon completion. Dec-06 Licensed to Wallem Shipbroking HK Limited.000 teu FCC 17.119 34..559 21. This adds 2.300 smaller vessels to CRS's fleet coverage.000 14.30 15.000 dwt. please remember to acknowledge the source. to US$1bn.000 Bhp AHTS 12. http://www.32 26.05 25.936 8.500 7.758 7.042 18.00 29. compared to a loss of US$208 million in the same period last year.354 20. the ships are likely be due for delivery in 2012-14 and may come with an option for further vessels.514 1.000 5...500 8.50 12.292 29.N. Negotiations are said to be taking place around the design of the vessels.250 5. t/c (liner) 9. It is reported that a LOI could be signed before the end of the year for the potential order.13 12.57 16.792 8.200 10.021 19.535 19..821 886 2.07 22. 6% 5% 3% 11% 1% 0% 12.W. 7.000 Dwt Average Offshore Market … 26 Nov This Month 2010 2006 2007 2008 2009 Aug Sep Oct 40. Handy.97 32..31 23.500 16.300 7..94 21.252 16.000's/day) Liner Market News • 1.083 10.Med . rumoured to be of around 18..000 19.848 8.800 13.079 18.990 2.500 8.250 9.108 16.792 10..000/day Sep-07 Anchor Handling Tug/Supply PSV/Supply Crew/Workboat Other Types All Offshore Vessels 150 Mar-07 Offshore Fleet & Orderbook….125 1. STEADY.763 9.645 19.122 51..000 Dwt PSV > 3.63 22..00 19..300 7.443 7.700 teu FCC 725 teu FCC 1.03 15.. grd.071 988 2.000 16..500 teu g'less MPP Tonnage ($/Day) 17.53 37. please remember to acknowledge the source.500 5.822 2.75 22.ARAG UK/ARAG .000+ Bhp PSV < 3.631 14.000 18.054 5..00 26.81 31..538 5.313 21.75 FIRMER..80 44.801 712 335 33 237 1306 699 309 35 242 1277 483 202 24 183 890 2.465 17..80 25.575 5. Offshore Vessel Market AHTS 7-12.750 teu g'less Panamax.co.958 26.005 2.350 17..170 26.75 17.700 teu grd.223 WEAKER.81 17..64 13. see www.927 8.30 33.300 7.533 15.50 37. 11% 17% 11% 9% 7% *3-mnth trend for Container/MPP.350 8..601 26. If such an order goes ahead. Better market conditions in general and internal restructuring are said to have contributed to the turnaround. Change since previous month for Short Sea..ECUK Lower Baltic .08 17..Med W.066 51.583 9..250 STEADY..929 20.646 26. which could be the first to be powered by LNG in a bid to make them more environmentally friendly..hcshipping.558 4.944 940 2.200 10.246 2. 2.43 12..271 10..815 2..250 9.200 10.563 10.500 FIRM. 1. FIRM. FIRMER. Distribution is restricted. FIRMER... 725 teu grd. 25 .. FIRMER.200 FIRM.85 37.958 7.000 teu g'less Sub-P'max. http://www.61 16. ..0 61. SOFTER.. "End 2008 values subject to uncertainty.000 dwt d/h 5 yrs 45.5 14....7 47.. STEADY. 10-y-o Container Index 86.0 59.000 dwt d/h 10 yrs 105..0 18.000 dwt 10 yrs 69.5 STEADY.0 55.0 33..0 75.0 26.. SOFTER. STEADY..0 20.5 23.. Start 2000 = 100 Oct '03 0% -2% -3% Oct '02 60.....0 24.5 14.0 26.250 lm* 10 yrs 10.0 86.. $m 26-Nov-10 Licensed to Wallem Shipbroking HK Limited....0 33. Index..5 11.0 20.000 dwt 20 yrs 76. STEADY.5 13. STEADY.0 28. http://www. STEADY..000 dwt d/h' 15 yrs 160.0 423 77% Tankers Jul '08 170..0 59.0 26.000 dwt d/h 10 yrs 45.5 63..5 50.. Ro-Ro 2.clarksons..0 15..0 18.0 92.0 29.0 44.0 44.5 15.0 27.5 30.0 15.5 12. STEADY.000 dwt 5 yrs 28-30.0 10.0 11. STEADY. Ro-Ro 1.0 32. STEADY..000 dwt d/h # 5 yrs 150. SOFTER. STEADY.0 15.. 3-month trend is the average of the last three months over the average of the previous three months.0 104...000 dwt d/h Resale 310.5 150 Apr '09 End Year..000 dwt 15 yrs 69.000 dwt ~ 5 yrs 45-48..0 39.5 11. SOFTER..0 88.0 15..5 26..clarksons.0 26.0 23. $m 200 20% Before Oct-08: *150k dwt.0 42. SOFTER. SOFTER.0 15...5 43.0 88. SOFTER.net 29/11/2010 01:39:14 68045 Oil Tanker Prices… .0 53.0 30.000 dwt § 10 yrs 42-45.5 17..0 22.0 16. Jan '08 102. Distribution is restricted.5 41...0 70.000 dwt d/h 15 yrs 73.000 dwt d/h 5 yrs 105.0 74.0 60.5 36.000 dwt d/h ~ 5 yrs 70..000 dwt * 10 yrs 150.. http://www.0 110.0 56...0 16...0 59. SOFTER.0 266 7% 93.000 dwt 15 yrs 150.0 60. please remember to acknowledge the source..0 Oct '01 310.0 198 15% 45.000 dwt 15 yrs 27. SOFTER...5 36.. SOFTER.0 17..5 8.0 13..0 39. SOFTER..0 59.0 36.0 40..5 STEADY.0 44..5 12.5 21.3 36.2 22..0 21. 500 Jan '09 -3% -3% -4% 1% 1% -3% -4% -2% -2% 0% -2% -3% -4% -6% -5% -5% -3% 550 Oct '04 STEADY..0 31. STEADY.5 19.000 dwt d/h Resale 160.0 5.0 25. STEADY. 1.0 21..000 dwt d/h 10 yrs 5-y-o Tanker Index 12 month Change Asset Play in Focus Oct '07 2007 2008" 2009 Three Month Nov Trend… Oct '07 End Year.0 22.0 60.0 23..0 23.0 23. Three Month Nov Trend… End Year.0 151 175 -64% 16% 350 Jul '08 150.0 74.500 teu 10 yrs 36. STEADY..0 24.000 dwt d/h 47.700 teu 10 yrs 16.0 49.. historical data converted using historical exchange rates Short Term Tanker Trends % Year on Year Jan '10 2009 15..000 dwt 20 yrs 5-y-o Bulker Index 12 month Change 400 Apr '08 2007 2008" 2009 Bulkers Apr '08 Bulkcarrier Prices..0 44..0 8.5 22.0 80.0 79.0 7.0 12.0 10. SOFTER..0 44.5 30.000 dwt 10 yrs 28-30.8 81.000 dwt s/h 20 yrs Resale 51..0 14.000 dwt ^ 5 yrs 72.0 12..5 9. STEADY. Clarkson Research Services Oct '10 Oct '09 Oct '08 Oct '07 Oct '06 Oct '05 -10% 0 Oct '10 2007 2008" 2009 8% 1% 4% 5% 0% 0% 0% Apr '09 -2% -3% -4% -6% 2% -5% 2% 13% 2% 2% 2% -2% -3% -4% -4% -6% -3% -1% Jul '10 End Year. Before Jan-10: ^73k dwt #60k dwt ~52k dwt §42-45k dwt.. *Ro-Ro prices in euros.0 98..net 29/11/2010 01:39:14 68045 Licensed to Wallem Shipbroking HK Limited.0 4.0 197 133 -26% -32% Long Term Price Trends STEADY.0 17.Secondhand Prices Three Month Nov Trend … -20% -30% -40% -50% 0 0 0 0 0 0 0 Page 8 0 Oct '10 Jul '10 Apr '10 Jan '10 Oct '09 Jul '09 -60% Short Term Bulk Trends 100% % Year on Year 5-year-old Bulker Price Index Percentage Change Year-On-Year 80% 60% 40% 20% 0% -20% -40% -60% -80% -2% ALL VESSELS 225 156 142 145 STEADY.0 24.8 25. STEADY. SOFTER.0 78.000 dwt d/h 10 yrs 265.0 41.000 dwt 20 yrs 28-30.0 46.0 60.0 105.5 FIRM.000 dwt d/h Resale 105.0 10.0 43. STEADY.. SOFTER.0 28.000 dwt # 20 yrs 56. SOFTER. 725 teu 10 yrs 8.0 54.0 134...5 10.0 70.0 52.0 38. FIRMER..0 64..000 dwt ~ 3 yrs 56.0 27.0 37...5 27. SOFTER.8 50 Oct '09 2008" 29.000 dwt d/h 15 yrs 37.3 STEADY..000 dwt d/h 5 yrs 35.0 136...5 75.5 148 12% Jan '08 155.0 44.500 lm* 10 yrs 22.000 dwt d/h ^ 10 yrs 95.... please remember to acknowledge the source.5 100 Jul '09 2007 49..0 14..0 39.5 9. $m 5-year-old Tanker Price Index Percentage Change Year-On-Year Apr '10 Clarkson Index … 30% 10% Three Month Nov Trend … 3.000 dwt d/h * 5 yrs 300..5 5..5 13.0 28.000 dwt 5 yrs 170.5 5. Container & Ro-Ro Prices 250 Oct '08 STEADY..0 35..5 FIRM. STEADY.000 dwt 15 yrs 42-45.0 7.0 21.2 FIRM. $m 450 Jan '09 0% Before Feb-10: *300k dwt '250k dwt #150k dwt ^95-97k dwt s/h ~70k dwt §65k dwt. 300 Oct '08 55......5 49..0 27.0 71.0 13. Distribution is restricted.0 135.000 dwt d/h § 10 yrs 65. STEADY.0 36.0 115.0 26. STEADY.5 72. 558 3.000 4.500 dwt. for $58.594 48 100 120 176 444 26.000 6. Clients of Euronav continued their ongoing fleet renewal programme by selling the “PACIFIC LAGOON” (305...101 294 183 52 17 132 24 32 1.) Average $/Dwt SLS Shipbuilding has sold an MR tanker (49.500 3. the “VOYAGER” (33.500 6. Sales Total DWT (. VLCC (305. built 1994 Hashihama Zosen.500 4. for $55.766 21.5m.I. In August. non-IMO pump room design)..116 493 7. clients of Oceanfreight have sold both of the Italian built Panamaxes.K. http://www.324 dwt. This is the second vessel Grand China has purchased from these owners.834 dwt.net 29/11/2010 01:39:14 68045 Licensed to Wallem Shipbroking HK Limited..5m with 4+1 years timecharter attached at $10..500/day. Japanese owners have sold the “SILKY OCEAN” (45. built 1995 Tsuneishi Zosen. 5-year old vessels.. Sales Total Dwt (. VLCC Suezmax Aframax Handy/Pmax Total No.741 dwt.000 DWT): MR Product tanker (45.211 3. C4x25T) which has been sold for slightly in excess of $20m. built 1996 Imabari S. Tanker Sales* .000 DWT): Panamax (74. built 1999 Mitsubishi H.842 302 Total Sales .R.000) Total Value ($m. especially as there are comparable units currently available at more competitive price levels.139 348 21 8 1 10 3 2 102 6.net 29/11/2010 01:39:14 68045 Sale & Purchase Market ..P.839 dwt.175m $38.378 dwt.000 dwt only.347 dwt.387m $26.665 dwt. C4x30T) for $13.741 986 Y-t-d Oct Other Sales . who are purchasing the vessel for a price in the region of $38.665 4 14 7 22 47 2.“TI CREATION” (298.Sales Volumes & Values Tankers: No.536m Baltic Sale & Purchase ALL DATA AND INFORMATION IN THIS REPORT ARE AS REPORTED UP TO NOON ON THE DATE OF PUBLICATION * Includes vessels over 10.5m to clients of Andros Maritime. Clarkson brokers did not contribute to the above Assessment rates.5m. Elsewhere.000 DWT): Super Handy (52. lastly. Sales Total dwt (. Euronav have been fairly active in the disposal of their older VL tonnage this year. C4x30T) has been sold for $13m.184 60.406m $55.700 dwt.. to Grand China for $54.500 1.6m. the Baltic Exchange) $87.000 DWT): Capesize (172. clients of Clemko are rumoured to have sold the first of their four Kamsarmaxes at Hyundai Mipo. built 1998 Daewoo). Distribution is restricted.796 556 Y-t-d Oct 2009 2010 2010 48 129 153 245 575 31. With regards to over-aged tonnage. Sales Total DWT (..212 dwt. C4x25T) to Greek interests for a firm $21. In the Handymax sector. Baltic Sale & Purchase Assessments (weekly) (Based on max. Dry Cargo: Revised: Suezmax = 120-200k dwt. Sales of bulk vessels under 10. Distribution is restricted. Aframax = 80-120k dwt Bulker Sales* .000 dwt and of non-bulk vessels are included in "Other Sales".000 DWT): Note: H... The buyers are rumoured to be Egyptian Tanker Company. clients of HOSCO have sold the Capesize “HEBEI WISDOM” (182. for delivery in September 2011.500 5.000s) Total Value ($ m) 494 5. 220 200 180 Value 160 140 120 100 80 60 40 20 Volume 0 Nov-05 Mar-06 Jul-06 Nov-06 Mar-07 Jul-07 Nov-07 Mar-08 Jul-08 Nov-08 Mar-09 Jul-09 Nov-09 Mar-10 Jul-10 7.317 6.clarksons.B.500 2. the “SANTA CHRISTINA” (25. C4x25T) has been sold for $8. Taiwanese buyers have purchased the “GLOBAL DIAMOND” (24. Buyers: Greece Norway Germany China P.. have sold the “BENEDETTA D'AMATO” (92. Firstly. as published by As of the 22nd November 2010. built 1985 Kanda Zosensho. for $42m to Greek owners. “TRENTON” and “AUSTIN” (75.215 51.778m $44.000 DWT): Aframax (105. built 1995 Fincantieri) for $22m each.000) Total Value ($ m) Y-t-d Oct 2009 2010 2010 26 14 23 83 146 14.796 9.5m with 2 year timecharter attached at $13.. built 1997 Kanasashi K.000) Total Value ($ m) Type: Type: Capesize Panamax Handymax Handysize Total No. Italian owners Setsea S. on the basis of a charter free delivery from the yard in January 2011.920m $32. http://www.75m on the basis of a charter free delivery in Q1 2011. they acquired the ex-“NAMUR” (298.clarksons. although we understand there are some outstanding subjects. In February. built 2000 Hitachi Zosen).552 dwt.090 1. Clarkson Research Services i 26-Nov-10 Licensed to Wallem Shipbroking HK Limited.391 48 20 33 146 247 26. built 1986 Hitachi Zosen) for $14m and. The two 1990s built Handysize vessels sold this week have both come from Japanese owners.400/day for a minimum of 83 and a maximum of 86 months. UK South Korea Total No. Firstly. please remember to acknowledge the source.920 30 553 300 Y-t-d Oct 2009 2010 2010 219 28 14 214 33 30 1.578 8. Elsewhere.000 500 0 $m.653 4.A. The biggest talking point of this week has been within the PostPanamax/Kamsarmax sector where there have been several interesting sales.264 dwt. In terms of 1990s built tonnage.346 15. they sold the ex. built 2010 Jiangsu New Yangzijiang) for $46m to clients of Mercator with timecharter attached (to commence on delivery) at $21.000 2.).000/day.553 6 3 16 25 2. please remember to acknowledge the source. 2009 2010 2010 Total No.. If this is correct then it represents a very firm price.000 5. The other sale within this sector is that of the Taiwanese controlled “NEW ETERNITY” (45.000 1..000 3. 539 Bulk Str.clarksons. Siam 1 15.474 Gas C'rier 83.200 Dry Genl 2x5t dr. Szczecin Murakami Hide Iwagi Zosen Kawasaki H. Xin Hai Yuan 8.I.5 Undisclosed interests 16-Nov 4. Buyers 25-Nov region 38.net 29/11/2010 01:39:14 68045 Vessel Type N/B RESALE HULL 496 Tanker D/Hull 49. Artne* 6.I.347 N/B RESALE HULL ZH1019* 57. Sirocco 5.002 Bulk 5x25t cr. please remember to acknowledge the source.212 N/B RESALE HULL 81.B.200 cu.I. Silky Ocean 45. Ore.000 Bulk 4x35t cr.000 cu.830 Dry Genl 2x20t dr.5k 24-Nov 14 Undisclosed interests 22-Nov 42 Greek interests 13.456 teu.129 teu.224 TankChem IMO II Trans Sund* 4. New Eternity 45.7 Undisclosed interests 25-Nov at auction EUR3 Clients of Great Option Investment Clients of Island Flag Shipping 23-Nov undisclosed 23-Nov undisclosed Undisclosed interests 23-Nov undisclosed Carribbean based interests 17-Nov undisclosed Undisclosed interests 15-Nov undisclosed Undisclosed interests 08-Nov undisclosed Greek interests 24-Nov 39.500 Bulk 4x30t cr. Kyokuyo S. . Jiangsu New YZJ Fincantieri Fincantieri Kanda Zosensho Hitachi Zosen Hyundai Mipo Kanasashi K. Jiangzhou S/Y Fujian New Shenghai Bayerische Frederikshavn Frederikshavn Miyoshi Zosen Sasebo H.75 Clients of Grand China 15-Nov for conversion 27 Clients of OGX Petroleum & Gas 15-Nov for conversion 27 Clients of OGX Petroleum & Gas 08-Nov 2 Undisclosed interests 23-Nov 8. Clifton Bridge 47. Nordstar 22. Energy Trade 77. Hvy.5 South Korean interests 23-Nov at auction 6 Greek interests 09-Nov 5.726 Container 2.5 Greek interests 26-Nov-10 Licensed to Wallem Shipbroking HK Limited.265 Bulk 4x25t cr.196 Dry Genl 2x35t cr. Hvy. Hvy. Yasemin 6.900 Container 566 teu.800 TankChem IMO II/III Southern Orchis 8.I. Lehmann Forester 8. CIC Belem* 6. Stocz.750 Offshore AHTS Temasek Sepinggan 1.500 cu. Kyokuyo S.170 Dry Genl 1x60t cr.862 Tanker S/Hull Suhail Star* 301. please remember to acknowledge the source.628 Container 3.m Lady Barbara 3.m Thetis Glory* 54.5 Undisclosed interests 15-Nov dely JAN/APR11 09-Nov high 7 Clients of Sinokor 05-Nov 8 Far Eastern interests 05-Nov dely APR/2011 8.m Noto Gloria 49.378 Bulk Str.3 Undisclosed interests 05-Nov 14 Clients of Petredec 19-Nov 6 Clients of Allcargo Logistics 19-Nov # Clients of Allcargo Logistics 12-Nov 2.000 Bulk 3x14t cr. De Waal Daewoo Daewoo Daewoo Hanjin H.412 Gas C'rier 3. Bulk 4x30t cr. N/B RESALE HULL ZH1020* 57. Voyager 33.834 Bulk Str.203 cu. Hakodate Dock Shin Kurushima Mitsui SB Daehan S. Hvy.119 * En bloc Sales.clarksons.B.5-37 Clients of Vinalines 09-Nov 09-Nov 18.m Kinna 3.000 Offshore Support Noordhoek Singapore 2.B.839 Tanker S/Hull Gemini Star* 301.307 Dry Genl Gearless Nortic 1.m Oriental Sky 2.616 Container 1.I. Austin* 75. Oriental Bright 16.5 Undisclosed interests 09-Nov 26. Bulk 4x30t cr.200 Offshore AHTS Redfish 1 8.336 TankChem IMO II Golden Emerald 6. Mitsubishi H. Hebei Wisdom 182.835 Bulk Str. Feroi 37.Y. Benedetta D'Amato 92.148 Bulk Str. Clarkson Research Services 2010 1999 1995 1994 1992 1999 2008 1998 1991 1991 2002 2010 1977 2008 2008 2008 1989 1995 1986 1992 1990 1991 1992 1992 1998 2008 1970 1969 1969 2005 1996 1985 2011 1984 1996 1994 1998 1999 1996 1988 1995 1994 1996 2010 1995 1995 1985 1986 2011 1997 1990 2010 2010 2010 1995 1981 1983 1998 2010 1997 1997 2007 1992 Yard SLS Shipbuilding Mitsubishi H. Chane Navigator 54.net 29/11/2010 01:39:14 68045 Licensed to Wallem Shipbroking HK Limited. Nordic Yards Wismar Shin Kurushima Imabari S.1 Chinese interests 16-Nov 6. Orient Saori 30.7 Clients of Nordsul 36.576 teu.I.1 Clients of Goldenport 26-Nov 21.862 Tanker D/Hull Forth Bridge 5.5 Clients of Egyptian Tanker Co 22-Nov 54. Kyokuyo S.5 Undisclosed interests 08-Nov 11 Clients of Gazprom 08-Nov # Clients of Gazprom 19-Nov 10 Clients of PT Bahtera Nusantara 15-Nov 22 Malaysian interests Clients of Euroflow Designs 10-Nov undisclosed 26-Nov cash+50%avance Clients of Avance Gas Clients of Avance Gas 26-Nov cash+50%avance Clients of Avance Gas 26-Nov cash+50%avance 22-Nov 3.500 Bulk Str.500 Container 1. Santa Christina 25. Harmony 21.480 Container 1. NKK Corp. Iwagi Zosen Imabari S. Schpsw.2 Korean interests 11-Nov 10 Clients of Naftomar 10-Nov 15 Clients of Siam Gas 10-Nov 3.789 Gas C'rier 83.983 Gas C'rier 78. Kawasaki S.K.K.347 Bulk Str. ii Date Price $m.620 Dry Genl Gearless Adriane 1.273 Dry MPP 430 teu.B.B. Blue Annapurna 180. Hvy.005 cu.712 Bulk 5x25t cr Agios Minas 29.515 Container 927 teu. Songa Peak 151. Positano 38.I.6 Greek interests 26-Nov slightly excess 20 Undisclosed interests 26-Nov high 13 Undisclosed interests 46 Clients of Mercator 26-Nov 83-86mthTC@$21k 24-Nov low 22 Undisclosed interests 24-Nov low 22 Undisclosed interests 8. http://www. Halla Eng. Hvy.Recent Ship Sales by Vessel Type Vessel name Dwt/Unit Blt.8 Malaysian interests 18-Nov undisclosed Undisclosed interests 16-Nov 7 11 South American interests 14.513 cu.000 cu.679 Bulk Str. Nord Brave 53. Tsuneishi Zosen Hashihama Zosen Imabari S. ID Harmony 23. http://www.2 Clients of Lucky Marine 22-Nov ss/dd overdue 5.B.9 Clients of Hammonia Reederei 18-Nov 1.707 Gas C'rier 4.436 TankChem IMO II/III Golden Kaori 9.Y.Y.980 Dry MPP 430 teu.m Joyama 49. PB Eagle 97. Minami Nippon Sumitomo H.m Iris Glory* 54. Shitanoe Zosen Mitsubishi H.924 Gas C'rier 82. #En Bloc price shown under first ship of bloc.920 Bulk Str.I. Vsico Promote 8.B.092 Bulk Str. Amsterdam 6. Hvy.665 Bulk 4x25t cr. Asakawa S.262 Dry MPP 366 teu.5k 61 Clients of Ship Finance 17-Nov 10yrsTC@$16. Sunroad Tsuwano 9. Golden Shadow 73. Zhenjiang Sopo Higaki Zosen Aarhus Flydedok Aarhus Flydedok Pan United Yuexin S.5k # Clients of Ship Finance 17-Nov 14.999 Gas C'rier 75.B.231 Gas C'rier 3.000 Bulk 4x30t cr. Global Diamond 24.700 Tanker D/Hull Pacific Lagoon 305.800 teu.728 teu.m Venus Glory* 54.3 Far Eastern interests 15-Nov excess 24 Undisclosed interests 15-Nov 63-64 Greek interests 10-Nov 19. Hvy. Distribution is restricted. Hanjin H. Hvy.m Sunway 48. Hvy. Jiangsu Qinfeng Zhejiang Zhenghe SB Zhejiang Zhenghe SB Kanasashi K.5 Greek interests 24-Nov 2yrsTC@$13.640 Dry Genl 2x15t cr.000 cu.5 Taiwanese interests 22-Nov 4+1 yrsTCB@$10k 18-Nov excess 20 Undisclosed interests 18-Nov 30 Chinese interests 17-Nov 10yrsTC@$16.741 Bulk 4x30t cr.078 Gas C'rier 83. Distribution is restricted. Hvy.794 TankChem IMO II Trans Vik* 4.476 cu. Trenton* 75.264 Bulk Str.000 Container 450 teu.529 Bulk Str. Katrine Krog 1. Odense Lindo Odense Lindo Cochrane S. Guangdong Sun China Shpg. Thoresen Thai Agen.R. Shpg. India P.055 525.500 6.315 11. 5. PA. Misc.225 127.023 7.Dely Misc.0 460.300 18.Rem. PK.549 12.12 470..K.Prev.505 9.665 Vessels over 10.720 7.264 4. H.Add.072 5 1. CB. PA.G. 6. 2.0 455. MA.000 11. LI.Prev.654 10.506 842 103 4 57 49 743 68.Prev. 8091 Lujiashi Zhoushan 2076 Lujiashi Zhoushan 2075 Chongqing Chuandong Misc.454 451.0 2.clarksons. Type MPP MPP Date Vessel Name Flag Year Built Dwt PCC Ro-Ro GC Liner L.Prev. Intership Nav.655 7.054 8.R.709 26. CY.739 15. Laeisz F.198 54.net 29/11/2010 01:39:14 68045 Licensed to Wallem Shipbroking HK Limited.Add.B. Laeisz Bulk Open Hatch Chem & Oil Chem & Oil Chem & Oil RoPax Nov'10 Nov'10 Nov'10 Nov'10 Nov'10 Nov'10 Sea Master Thor Champion Topaz Violet Malou Theresa Asakaze 21 BM.Prev.288 436.689 6.296 39. Hudong Zhonghua Dalian Fishing Miyoshi Zosen $m 28.Rem.Add.978 9.144 63.78 4. Lines F. LI. Kambara Kisen NYKCOS Car Car.312 459. http://www. Dwt 2009 No.189 29. Dwt 70 7. Chem & Oil Bulk Chem & Oil Tanker Harbour Tug Gravel/Stone Reefer GCargo Bulk Nov'10 Nov'10 Nov'10 Nov'10 Nov'10 Nov'10 Nov'10 Nov'10 Nov'10 Nov'10 Nov'10 Nov'10 Nov'10 Nov'10 Nov'10 Nov'10 Mikue Eastern Sea Southern Arrow Astro Venus Fu Han Kou Bolan Berge Racine Bow Panther Maha Vidya Ustica Ocean Power Mermaid Warrior Pieter Storm Bay Asrar-a-Mostafa Our River CS.575 180.000 32.880 1. Johann Interorient Nav. Co.599 76 130 -775 5 1. TU.754 W-O Shipping Group Vinaship Jian Mao Intl.451 24. Kaman Denizcilik Pet Chemmariner Shpg.479 5. Tank.599 7.639 16 78 166 864 12. JA.500 10.C.Demol.00 New Times S.11 4.369 Guangdong Lanhai Lauritzen Bulkers Harren & Partner Guangdong Yuedian Briese-Schiffahrts Nissho Odyssey Frangoulis S/Mngt. PA. Oil Tanker Fleet 2009 Fleet 1st January No. Dwt 4.B.I. Misc.233 Uniteam Marine Ltd.P.800 34.458 2. Pakistan India India Pakistan India Bangladesh 802 11.Demol. AT.861 448.916 Changes: Deliveries Sold For Scrap Losses Misc. Herning A/S Kita Nippon Kaiun Shipyard & Yard No.288 436.Bulk Fleet Changes Bulk Fleet Changes.clarksons. CSIC-IMC Shipping CSIC-IMC Shipping Mitsui O. Additions Misc.B. NIS SG. http://www. Removals Net Change During Year 573 130 1 41 116 367 2010 to date No. Xiamen S.000dwt) Bulk Carrier Fleet .384 26-Nov-10 Licensed to Wallem Shipbroking HK Limited.506 8. Type Date Vessel Name Flag Year Built Dwt Owner Bulk Bulk MPP/Hvy.Add.Prev.K.0 0. Misc. Shin Kurushima Mitsui SB Weihai Samjin H1550A 2008-1203 405 H4056 0117637 5710 1790 1017 Chongqing Chuandong HT0106 SPP Shipbuilding Contracted Price $m 90.000 dwt only are included in the analysis in this table..Add. Distribution is restricted. CY.619 33. Co. MA.014 9.Excld. MA.000 6. SG.002 48.538 176.50 117 $m 45.535 11.635 21. PRC 2006 1960 1976 1965 1974 1962 GCargo Clarkson Research Services Owner Breakers Ldt India Bangladesh P. 7. Great Lakes Only vessels are excluded.072 75 8. IN.Prev. Jiangmen Nanyang Kouan S.105 Glomar Supplies Ltd Alunited Maritime Pamela Corp. Lift Bulk GCargo Tanker Bulk Bulk Chem & Oil Bulk Bulk Chem & Oil Chem & Oil Bulk PCC PCC Nov'10 Nov'10 Nov'10 Nov'10 Nov'10 Nov'10 Nov'10 Nov'10 Nov'10 Nov'10 Nov'10 Nov'10 Nov'10 Nov'10 Nov'10 Nov'10 Lan Hai Fen Jin Orchard Bulker Hyundai Phoenix Yue Dian 83 BBC Magellan S.508 385..456 14. AT.C.363 94 1.847 10 722 1 2 -11 70 Fleet End Yr/ Yr to Date 5. AU. VN.986 232 10.63 3. Vessels .160 2010 to date Dwt 81 7.K.S.080 7.28 5.Rem Loss Loss Misc.464 9. TH.0 450. PA.Rem iii India Bangladesh Bangladesh Price $/ldt $m. 7. please remember to acknowledge the source.0 6. 1985 1982 2009 2008 2008 2009 23. NE. 1980 1984 1984 1982 1986 1980 1985 1986 1977 1986 1983 1969 1965 1983 1978 1983 7. 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 57.00 HT0105 Imabari S. Distribution is restricted.010 531 246 6 104 47 336 Combo Fleet 42.987 27.Demo.200 75. BA. & Serv Holyman Ltd. Gabes Marine Tankers Ocean Tankers Pte Mermaid Marine Group Van Oord Oceanlink Management AK Ship Mngt.573 66.679 12. Berlian Laju Tanker Blumenthal.778 Bunkering GC Liner Bulk GCargo Bulk Bulk Nov'10 Nov'10 Nov'10 Nov'10 Nov'10 Nov'10 W-O Budmo Bien Dong 02 Jianmao 9 Guang Ming Fubo Huai Hai M.52 10.B.004 315 4. BW Gas Odfjell ASA Five Stars Shpg.422 27. Pakistan Nat.000 26. SG.496 Dwt 2009 No.671 Deliveries & Other Additions.906 12.Add. No.665 6.net 29/11/2010 01:39:14 68045 (No. PRC PA. PRC PRC PA.573 1. CS. LI. Shg. Misc.128 87. PA.Demo.575 6.921 406. (Hainan) China Ocean (COSCO) Misc.Dely Misc.743 25.Dely Misc. H.842 1..150 2. please remember to acknowledge the source.086 415 187 38.Leader Mercurius Percival Wilutama Anna Meta Orient Accord Shanxin Shanren Crystal Tiger CSAV Rio Bueno CSAV Rio Blanco PRC SG.671 41.002 5.0 478.395 34.00 $m 35.021 2010 to date Dwt No.976 418. Scrapping & Other Removals. MA.Prev.312 459. 250 $26.500 $20.000 $24.000 115.000 Sub $ 14.000 $18. 24-Nov 24-Nov 23-Nov 19-Nov 19-Nov 15-Nov 15-Nov 15-Nov 08-Nov 08-Nov 08-Nov 08-Nov 04-Nov 04-Nov 02-Nov 01-Nov 01-Nov 01-Nov 01-Nov 01-Nov 01-Nov 27-Oct 25-Oct 25-Oct 25-Oct 15-Oct 14-Oct 14-Oct Charterer Vitol Repsol Stena Stena Stena Shell Shell TTMI Shell Shell Shell Shell Cosco Cosco Hanjin Shpg BP Oman Shipping Norden Emarat BP Trafigura Petrobras AET Scorpio Scorpio Scorpio BP BP Vessel Name Futura SKS Sira Alhani Samraa Alkhaleej Alhani Ocean Lady True.000 $ 22.936 57.000 76.400 $19.285 74. Jacques Graubart Micaela Della Gatta Galini Marina Aliki Ocean Qingdao Grain Harvester Ocean Freedom Marylaki Megalohari Giant Ace Navios Star Mary Gorgias Brilliance Aeolian Glory Maple Pioneer Pollux Osprey I Nyon Libertas Ocean Lily Navios Titan Amoy Dream Golden Heiwa Year Built Dwt 2002 2001 2001 2007 2006 2005 2000 2005 2010 2004 2010 2010 2004 2009 2002 2008 1990 1995 2008 2007 2002 1999 2007 2006 2005 2010 2007 50.790 56.000 $18.250 $30. Period 3-5 Months 12 Months 3 Months 3-5 Months 5-7 Months 4-6 Months 4-6 Months 59-61 Months 5 Years 3-5 Months 4-6 Months 3-5 Months 3-5 Months 3-6 Months 2 Years 3-5 Months 4-6 Months 14-16 Months 3-5 Months 3-5 Months 12 Months 18-20 Months 11-13 Months 4-6 Months 23-25 Months 3-5 Months 4-6 Months iv Rate $ per Day Date Delivery Place $16.500 $19.500 $14.000 320.917 73.000 $17.350 Delivery Date Place Nov 10 Caribs Dec 10 Nov 10 $ 10k/12k/14k/16k per 6 Mths $ 10k/12k/14k/16k per 6 Mths $ 10k/12k/14k/16k per 6 Mths $ 10k/12k/14k/16k per 6 Mths $ 36. Distribution is restricted.417 55.470 76. http://www.900 $ 18.000 $ 15.662 75. United Ambassador Genmar Concord Stena Concert Stena Contest Stena Consul Yiangos Kaliope Arion Eships Falcon Pyxis Delta Formosa 14 Uacc Consensus Atlantas Saham TI Oceana Blue Topaz Hellespont Progress Hellespont Prosperity Marcela Lady Kazdanga Eurochampion 2004 D/ C C D D D D D D D D D D C C C C D C D D C C C D D Year Built 2006 2002 2007 2006 2007 2002 2010 2007 2004 2004 2005 2004 2010 2010 2001 2010 2010 2005 2005 2010 2003 2010 2006 2006 2007 2005 2007 Dwt 40.015 75.242 76.500 $ 12.500 $20.900 $20.588 82.000 + P/S $ 17. http://www.000 + P/S $ 22.000 + P/S $ 28.991 32.000 $23.clarksons.500 + P/S $ 22..000 + P/S $ 22.017 50.000 $ 25.Timecharter Fixture Record Latest Tanker Timecharter Fixtures.net 29/11/2010 01:39:14 68045 Reported .500 $16.250 $19.832 52.349 157.122 180.000 + p/s yrs 3-5 $16.715 46.000 76.000 114.035 74.000 47..662 Spd Cons.000 Prompt 25Nov-05Dec 27Nov-30Nov 26Nov-30Nov Prompt 03Dec-05Dec 21Nov-23Nov 01Mar-31Mar 01Jun 21Nov-23Nov 25Nov 25Nov 19Dec-25Dec 05Dec-07Dec 01Dec-01Jan Prompt 22Nov-25Nov Prompt 18Nov-21Nov 20Nov-22Nov 01Nov 01Apr 17Nov-20Nov 15Nov 23Nov-25Nov 15Nov Prompt Dalian Toyama Cape Passero Kaohsiung Bayuquan South Korea Dalian Far East Jiangnan Taichung Japan Far East China China Far East Krishnapatnam Beilun Zhoushan Falmouth Rotterdam East Med World Wide Singapore China Jintang Algeria Bayuquan 26-Nov-10 Licensed to Wallem Shipbroking HK Limited. Distribution is restricted.585 73.435 113.312 164.500 32.000 46.000 $19.459 51.750 $19.500 + P/S $ 36..500 $15.000 $ 37.000 + P/S $ 25.000 58..727 73.608 Spd Cons.000 $21.000 47.000 $ 32.500 $18.clarksons.000 51. Reported 25-Nov 24-Nov 24-Nov 24-Nov 24-Nov 23-Nov 22-Nov 22-Nov 22-Nov 19-Nov 19-Nov 19-Nov 19-Nov 19-Nov 18-Nov 18-Nov 17-Nov 16-Nov 15-Nov 15-Nov 11-Nov 11-Nov 11-Nov 11-Nov 11-Nov 10-Nov 10-Nov Charterer Korean Chtrs GMI Noble Rio Tinto Oldendorff Cargill Norden Minmetal Minmetal Swiss Marine Cargill Cargill Transgrain Classic Maritime Vitol Transgrain Swiss Marine Swiss Marine TA Bulk Cargill CNR Swiss Marine Swiss Marine GMI GMI Dreyfus Sinochart Clarkson Research Services Vessel Name Equinox Voyager Goldeneye Georgios S F.500 $ 14.000 296.633 179.000 47.000 296.750 $24.500 Nov 10 Nov 10 Nov 10 $34.000 Oct 10 Oct 10 Oct 10 Latest Dry Bulk Timecharter Fixtures.000 441.000 $19. 16 15 74 50 15 15 15 44 49 15 16 17 14 16 15 105 145 33 67 Period 12 Mths 2 Yrs 6 Mths 6 Mths 6 Mths 12 Mths 12 Mths 12 Mths 2 Yrs 2 Yrs 2 Yrs 2 Yrs 5 Yrs 5 Yrs 12 Mths 6 Mths 27 Mths 3 Yrs 12 Mths 12 Mths 3 Mths 6 Mths 5 Yrs 2 yrs 2 yrs 6 Mths/6 Mths 2 Yrs 2 Yrs/1 Yrs Rate $ per Day $ 11.000 37.147 76.000 46.750 Nov 10 $ 14. please remember to acknowledge the source.000 $20.930 76.000 159. please remember to acknowledge the source.585 82.500 $15.000 $15.000 $20.000 $14.000 113.206 73.net 29/11/2010 01:39:14 68045 Licensed to Wallem Shipbroking HK Limited.204 149. D.000 105.000 47.000 308.235 76. 481 21.000 Dwt 47-48. Fixtures Total in m.315 18. dwt 2009 27.863 63.586 Capesize (Modern) Dec-09 30.000/day Dec-09 2008 58.000 18..000 Oct-09 T/C Activity… .000 17.5 Oct-10 2007 22 16 34 11 68 151 16.900/day respectively.077 28.000 26.clarksons. please remember to acknowledge the source.000 Dwt Average Rate $/day To Date • Tanker timecharter activity this week… In November there have been 21 tanker timecharter fixtures reported.106 20.000 16.000 Handymax 10-40.500/day and $18..000 20.000 Handysize Total No..609 21.678 12.479 32.904 23.870 28.053 28.250 23. Fixtures Total in m. 2007 55.625 17.702 35.317 25.clarksons.000 Dwt 110.322 20.750 13.000 Handy Total No.918 52. These were the Capesize “ALIKI”. dwt Modern is taken to mean no more than 10 years old. * All tanker timecharter rates are now for Double Hulls.701 15.135 40.327 45.250 16 Feb-10 44.766 16.000 12.000 Dwt Early '90s* 285.904 $.000 21. and the second most popular vessels were Aframaxes. Nine handy tankers have been fixed.000 Dwt Modern 110.413 47.375 15.5 27.827 10.276 18. • Bulk carrier timecharter activity this week… Chilean company Minmetal took two bulk carriers on 5 year time charters this week.net 29/11/2010 01:39:14 68045 1 Year T/C.077 19.208 10..250 15. fixtures Apr-10 14.000 Dwt Modern 37.837 14 Aug-10 2007 75. fixtures 8 Oct-09 2007 48.000 Panamax 60-80.052 22.827 Feb-09 310.3 6 Aug-10 2006 29 22 40 16 68 175 20.577 30.229 21. 145 timecharter fixtures of one year and above have been reported in 2010.000 + Suezmax 120-200.250 16.452 33.635 Apr-09 Modern Modern Modern Modern Modern Modern 2009 39. http://www..500 27.538 29.923 30.957 15.452 6.615 18. of which five were fixed.469 14.144 29.000 21. Clarkson Research Services Page 9 26-Nov-10 Licensed to Wallem Shipbroking HK Limited.over 1 year 2010 38.808 39.8 2010 27 16 46 18 38 145 18.. http://www.288 21.582 Apr-09 3 Year T/C. Distribution is restricted.678 19.6 Tanker and bulk carrier T/C activity size ranges reflect existing CRSL ship type definitions.673 29.793 29.000 20.000 Dwt 2008 73.net Bulk Carrier Timecharter Market Capesize 100.000 40-60.168 Nov 26 $.792 Aug-09 Modern Modern Modern Modern "CSBC" 1980s 2009 33.870 13.354 15.952 68. 2007 106.828 17.000 Dwt Modern 74.637 45.908 26.269 T/C Activity & The Freight Market Nov 26 Dec-08 310..The Timecharter Market Tanker Timecharter Market VLCC 200.904 2010 29.000 15.000 Dwt Modern 47-48.152 Jun-09 Capesize Panamax Supramax Handysize Capesize Panamax 2008 111.clarksons.317 45. .678 27.7 70 1 Year t/c 12 80 Oct-10 2008 82.4 2008 91 188 66 8 353 33.486 89.474 14.427 20.644 40.000 2010 38 137 60 11 246 20.000 Dwt 37.556 10.531 13..115 11.1 2007 144 282 110 8 544 51. please remember to acknowledge the source.000 Total Fixtures 2006 111 183 74 9 377 36. which were fixed at rates of $26..774 33.. Spot $/day 60 10 50 8 40 6 30 4 20 2 10 0 0 To Date 2009 53 146 68 2 269 23.177 11.net 29/11/2010 01:39:14 68045 Licensed to Wallem Shipbroking HK Limited.625 26.000 Aframax 80-120..000 Dwt 150.313 23.634 15.221 23.356 33.486 22.385 No.688 28.913 23.192 35.697 10.151 14.120 90.000 + Panamax 60-100.529 55.788 21.577 29.000 26.260 32.745 13.926 Feb-09 Modern Modern Modern Modern Modern "CSBC" 1980s 1980s T/C Activity & The Freight Market Nov 26 Dec-08 Capesize Panamax Supramax Handymax Handysize Capesize Capesize * Panamax Average Rate $/day To Date Oct-08 1 Year T/C.000 18.000 Dwt Modern Modern 150.750 21..510 38.519 42.385 38. Distribution is restricted.302 19.000 13. Modern is taken to mean no more than 10 years old.702 39.317 Nov 26 VLCC (early 2000s) Aug-09 Average Rate $/day To Date 31. and the newly-built Panamax “OCEAN QINGDAO”.1 105 Jun-10 Total Fixtures 36.750 14.192 17.000 120 Spot $/day Apr-10 2010 38.000 13.721 15.656 1 Year t/c 7 Feb-10 2009 37.000 10-60.500 26.260 44.577 20.548 44. 2008 14 27 53 9 53 156 17.692 Oct-08 3 Year T/C.0 90 5 75 4 60 3 45 2 30 1 15 0 0 To Date 2009 29 12 31 7 31 110 15.000 Dwt Early '90s* 145.698 25.837 70.000 Dwt 74.000 Jun-09 T/C Activity… .over 1 year 2010 33.000 Dwt Early '90s* 97.000 8.000/day Jun-10 Average Rate $/day To Date No.000 13.163 27. *Vessel no longer reported due to lack of liquidity.231 13.490 27. Data from start 2008 are available at www.057 17. .500 teu 1.100 11. 95% 28 WEAKER!! -72% 1. Trans.. Other units are: teu for containerships.....000 dwt 157. This is likely to have the desired effect of spurring potential buyers into action and. FIRM.850 1. Shandong Int. Jan'88 = 100 190 Ten year trend in newbuilding prices 180 170 160 150 140 130 120 110 100 Oct '10 101. Type 5 5 5 5 5 5 5 5 17 17 17 17 5 5 5 5 5 5 5 5 5 5 5 Date Nov-10 Nov-10 Nov-10 Nov-10 Nov-10 Nov-10 Nov-10 Nov-10 Nov-10 Nov-10 Nov-10 Nov-10 Nov-10 Nov-10 Nov-10 Nov-10 Nov-10 Nov-10 Nov-10 Nov-10 Nov-10 Nov-10 Nov-10 Bulk Bulk Ore Ore Container Container Container Container Container Container Container Container Container Container Container Container Bulk Bulk Bulk Bulk Bulk Bulk Bulk Dwt/Unit 207..10 18.000 11.. 202.10 18.B..000 180..500 41. Universal S.0 38..clarksons.0 138 49. http://www. and relate to market contracts where these have taken place and to brokers' best estimates when no contracts have occurred. 88% WEAKER!! -60% #DIV/0! ###### 155 FIRM.0 26.Y..2% FIRM. 3..4% FIRM. Distribution is restricted......5 25. Trans...6% FIRMER….. http://www.8 30. could prolong the current momentum that exists within the market into the new year.0 72. * The Primary Reference Company.. it is clear that yards remain determined to compete strongly for the right enquiry.0 88.08 Licensed to Wallem Shipbroking HK Limited.850 1.000 81.000 180.0 57.5 56.Y.5 52.0 91..1% Year-on-Year 2010 Trend .clarksons..500 3. Oct '07 320.6% -0.000 dwt 97. Shandong Int. Trans.5 49.550 FIRMER.0 75. Shandong Int.850 1.0 62. consequently.. it is now increasingly apparent that mediumterm demand sentiment from owners is beginning to soften. Clarkson Research Services Page 10 26-Nov-10 .0 245. Lines Mitsui O. FIRMER. the current momentum of the market shows little sign of relenting.850 1...000 dwt 51. Therefore.0 Oct '09 150. 2. Shanghai S.0 47..000 dwt 35.850 1. please remember to acknowledge the source.500 41. 3-month trend basis last 3 vs previous 3 months.0 32.0 27....500 3. 121% 37 FIRMER.00 51.. Daehan S. Lines Shandong Int.100 41. 0..10 51. Distribution is restricted. Shanghai S.850 1.2% -2.100 11. Shanghai S.000 dwt 115.9% 0. Universal S.0 25.00 53.0 36...net 29/11/2010 01:39:14 68045 Licensed to Wallem Shipbroking HK Limited.0 237.100 11. 2007 2008 2009 Oil Tankers Chemical & Spec. cbm for gas vessels..000 300. Newbuilding Price Index 200 Index.The Shipbuilding Market What's Been Ordered...100 11. Trans... 193% FIRMER. please remember to acknowledge the source.000 180. there remains an imperative to attract further business.100 11.5 184 60.. 20/20/20/20/20% payments and "first class competitive yards" quotations. 105. Tramp China Shpg.0 55. Tramp Haibao Shipping Haibao Shipping Haibao Shipping 18... Prices here are end year/latest and from Jun-08 assume a "European spec".B.5 FIRM.00 51.. Mitsui O..0 FIRM..B. Shandong Int..3% 1... 149% #DIV/0! ###### FIRMER.10 18.S.Y...500 180..321 288 242 114 59 191 39 62 5 1242 215 328 97 6 350 3 27 132 2.2% 180.8 FIRM...000 300..0 48. WEAKER. numbers of cars or passengers.. 0.000m³ 160...Y. where: 5=confirmed order.0 211.. 91% • Although we do not anticipate any significant deviation in newbuilding values in the near future. Zhejiang Yangfan Zhejiang Yangfan Zhejiang Yangfan Zhejiang Yangfan Zhejiang Yangfan Zhejiang Yangfan Zhejiang Yangfan Zhejiang Yangfan Shanghai S.0 33..0 72. Vessels TOTAL CONTRACTING 323 725 6 78 25 1999 543 393 151 9 711 6 59 293 5..500 41. delivery and ship specification.500 3..0 57.. WEAKER.. Tankers Combined Carriers LPG Carriers LNG Carriers Bulk Carriers Containerships General Cargo vessels Ro-Ro Vessels Refrigerated Vessels Offshore Vessels FPSO/FSU Passenger & Cruise Ships Other Misc..100 11.100 teu 63. the company with the main commercial responsibility for the ship.000 dwt 57.0 19.5 42. Shanghai Jiangnan Shanghai Jiangnan Shanghai Jiangnan Shanghai Jiangnan Dalian Shipbuilding Dalian Shipbuilding Dalian Shipbuilding Price $m 63.500 3..K.....e.100 11.3 34. Trans. Golden Flame Shpg. 8.5 WEAKER.. 16=unconfirmed order.50 $m 63.000 180. Trans. Tramp China Shpg.5 31.5 72.10 18.10 18. although shipyards do have the comfort of a forward orderbook. Newbuilding prices vary as to country of build....850 1.0 177 36.B.50 $m $m $m $m $m $m $m $m $m $m $m $m $m $m $m $m Owner/Manager* Golden Flame Shpg..00 51. However.850 1.5% -0. WEAKER.000 207. 3% 4 FIRMER.6% -3. Oct '05 Nov Oct '04 2009 Oct '03 2008 Shipbuilding News Oct '02 2007 Three Month Oct '01 Tankers VLCC Suezmax Aframax 'MR' Tanker Bulk Carriers Capesize Panamax Handymax Handysize Gas Vessels LPG LNG Dry Cargo Container Container Clarkson Index Year End..000 180.net 29/11/2010 01:39:14 68045 S S=Status. Shandong Int. as used in the Clarkson Fleet Database i...... 85% WEAKER!! -27% FIRMER..5 67.10 18.0 46.08 53.000m³ 93. 674% FIRMER. WEAKER. Nile Dutch Africa Nile Dutch Africa Nile Dutch Africa Nile Dutch Africa China Shpg.0% 82. FIRM. Shandong Int.5 Oct '08 146. Oct '00 Newbuilding Prices .997 16 36 5 857 112 78 8 Vessels Contracted 324 16 46 22 167 2 21 111 898 0..S. Trans.200 Delivery Mar 2012 Apr 2012 2012 2013 May 2012 Aug 2012 Nov 2012 Jan 2013 2013 2013 2013 2013 2012 2012 2013 2013 Nov 2012 Nov 2012 Dec 2012 Dec 2012 Nov 2012 Feb 2013 Oct 2012 Builder Daehan S. Trans.0 35.5 and as we approach the Christmas period. Shandong Int.08 53.10 18. $m.000 dwt 76...3 142 Newbuilding Activity .0 90. Tramp China Shpg.0 92. 17=option.0 21.7% 0.08 53..000 dwt • There were further reports of new business this week Oct '06 Trend .K. -2. PA.Desh Handy Bulk .9 2.0 2.Desh 400 350 300 250 200 150 Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov '08 '09 '09 '09 '09 '09 '09 '10 '10 '10 '10 '10 '10 Demolition Market News and Gossip • There is little new or more certain to report from the Bangladeshi market. PK.3 -56% -8% -54% 43% 18% -24% This Year 2010 % 3.549 12.5 -75% 0.300 18.0 4.52 10. the Indians will also be scrapping the “BOW PANTHER” (39.422 dwt.7 0..6 0..-100% 0.m. & Serv Holyman Ltd.4 0.3 -24% Dwt 7.2 0.5 0.225 127.3 7. 11. SC.422 27.net 29/11/2010 01:39:14 68045 Licensed to Wallem Shipbroking HK Limited. Year (m dwt) 2007 2008 2009 0.4 2. PA.451 24..42 468.296 39.4 2.237 600 86. http://www.309 6.6 0.C.508 Kambara Kisen NYKCOS Car Car.R.3 5. Year (m dwt) 2007 Tankers VLCC Suezmax Aframax Handy < 10. CS.India Tankers .5 1.4 10. Shpg.464 9. PA. 5..0 22. please remember to acknowledge the source. L.78 4.9 47% 145% -1% 56% 78% 52% 2.105 33.0 0.3 1.0 435. BA. or just over $10 million..6 China India Bangladesh Pakistan Other TOTAL Size & Type.906 12.4 -70% 1. PA.160 Pan Seas Co. CB.3 31.4 0. Buyer Activity.6 13..0 -48% .9 1.0 3. The firm price is reflective of a small stainless steel content.3 1. including one sale this week.8 -64% 5.The Demolition Market Type MPP MPP GCargo PCC Ro-Ro GC Liner L.3 4. Distribution is restricted.36 448.2 8.3 5. http://www. PA. please remember to acknowledge the source. • This week. Shpg.5 3.4 0.5 1. India Old sale Pakistan India India Pakistan India Bangladesh As is Fujairah Bangladesh Bangladesh India Bangladesh Pakistan Pakistan India India $/ldt $ m.372 Pakistan Nat.0 455. Ltd.B.861 Five Stars Shpg.8 1. Gabes Marine Tankers Ocean Tankers Pte Mermaid Marine Group Van Oord 6.458 Glomar Supplies Ltd Alunited Maritime 2.3 0.8 9. Tankers Dry Cargo Vessel Name Mikue Eastern Sea Southern Arrow Astro Venus Fu Han Kou Bolan Berge Racine Bow Panther Maha Vidya Ustica Ocean Power Mermaid Warrior Pieter Storm Bay Asrar-a-Mostafa Our River Phuc Hai Moon Sea Pearl Iman VOS Conquest Swat SNAV Sicilia Terrisha Flag CS.0 0.6 2.3 3. Distribution is restricted.8 5.665 6.978 BW Gas 9.1 2. Year End ($/ldt) 2007 2008 2009 510 470 285 270 340 330 Blt 1980 1984 1984 1982 1986 1980 1985 1986 1977 1986 1983 1969 1965 1983 1978 1983 1979 1973 1986 1974 1985 1974 1984 This Year Latest % 470 435 38% 32% Note: The scrap prices ($/ldt) are based on Indian prices for VLCC tankers and a Handy dry bulk carrier of around 8.733 Phuc Hai Shipping Al-Dawood Shpg.384 Oceanlink Management AK Ship Mngt. it will not be until there is a proven track record of ships being granted licence to beach under the new regime that it can be said that the problems are over.720 7. Lift Date Nov '10 Nov '10 Nov '10 Nov '10 Nov '10 Nov '10 Nov '10 Nov '10 Nov '10 Nov '10 Nov '10 Nov '10 Nov '10 Nov '10 Nov '10 Nov '10 Nov '10 Nov '10 Nov '10 Nov '10 Nov '10 Nov '10 Nov '10 Scrap Prices.7 4.12 470.net 29/11/2010 01:39:14 68045 What's Been Scrapped. built 1985 Chantiers de la Ciotat) was sold by BW Gas at $460/ldt.8 13.7 11. SG. . Clarkson Research Services Page 11 26-Nov-10 Licensed to Wallem Shipbroking HK Limited. BR. Although a few ships were beached earlier in the month.3 1.1 3. At least one more vessel is likely to follow the others to domestic breakers imminently.L.1 0. MA.1 0.8 5.63 3.163 Laskaridis Shpg Vroon Offshore 16.000 dwt Total Tankers Bulkcarriers Capesize Panamax Handymax Handysize Total Bulkers Combos Gas Vessels Other Dry TOTAL 2008 2009 0. Buyer India Old sale P. Chem & Oil Bulk Chem & Oil Tanker Harbour Tug Gravel/Stone Reefer GCargo Bulk Bulk Chem & Oil Products Standby/Resc.7 5.66 Scrapping Price Trends 550 US$ per ldt 500 450 Tankers .4 5. * The % change is based on annualised figures for this year against last year.635 Pakistan Nat.6 0. LI.0 7.688 3.0 1.1 0.clarksons.3 1.2 4.3 2.014 Pamela Corp.clarksons. PA.689 Odfjell ASA 6. built 1986 Hanjin H. Meanwhile.0 10.G. The vessel is expected to deliver to one of the recycling yards at Alang with amongst the best green credentials. 3. 9.11 4. 7.B.4 7.5 0. • The Pakistani National Shipping Company has been relatively active recently..0 3. AU.6 0.6 -6% 4.0 460.341 17. PK.510 Alisnav 7.2 0.000 ldt. NIS SG.3 11. Tanker Pass/Car F.8 -54% 22.8 0.778 802 11.5 2. IN.2 1..330 Ldt Owner 2.2 3.144 63.6 This Year 2010 % 2.2 1.6 0.28 448.5 0. NE. 385. The “BERGE RACINE” (81.1 0.C.593 5. 21. MPP/Hvy.5 0..0 478.P.200 75.0 450.3 73% 0.I. SG.7 31.600 cu.) which was sold by Odfjell for $478/ldt. a couple of major Norwegian owners have been disposing of specialised tonnage to Indian yards. K.85 84. avg: 5.8% 3.0% -4.A.0% 2.9% 5.7% 1. help small businesses and increase consumer spending.3% 2.50 83.2% 10 Mar '10 Jul '10 Aug '10 Sep '10 Russia 6.6% 0. October was the twentieth consecutive month in which Japanese consumer prices have fallen.5% 0.121.0% 11.3% 4.99 1.0% 2.3% Jan '08 Arge.2% 2007 3.60 7.65 #Forward Rates as of: 26-Nov Index Jan'00=100 170 $/Sterling $/Yen $/Euro 160 150 140 130 120 110 100 90 Nov '10 Oct '10 80 Aug '10 Australia 1.7% 3.8% 3.58 1.0% Prices in $/bbl or $/t Crude Oil Brent 72.8% 14.42 48.5% 0. 1.2% 8.8% 20.47 1.0% 15.7% 0.0% -1.79 84.9% 8.3% 5. Switz.9% -0.37 1.1% -0.9% 0.95 82.59 83. 1.5% 2.0% 11. Production*: E.3% 0.5% 0.9% 2.2% -4. 8.83 5.Europe & S.4% Jan '04 Taiwan Thailand 7.3% Nov '09 Jul '10 Aug '10 Sep '10 R.1% 5.8% -5.168.8% 7.3% 2.4% -0.6% 3.7% 16.3% 3.60 1.4% -0.4% 3. Inflation & Prices … Prime Lending Rates: avg: 2007 2008 2009 Sep Oct Nov 26-Nov Consumer Prices Euro U.07 1.9% 0.07 Exchange Rate Trends China 7.98 1.4% 13.5% 1. please remember to acknowledge the source.K.57 1.4% 4.3% 23.6% 1.0% Jan '01 Europe 2.42 1.31 Jan '09 26-Nov 3mo.76 Dec '08 end: 2007 2008 2009 Sep Oct Nov Jan '10 -25 Jan '09 Brazil 5.29 1.54 1.1% 2009 0.57 R.1% 3.95 7. H.4% -4. the Ifo index of German business confidence rose by 1.19 5.9% 3.09 5.7% 8.6% 4..1% -14.0% 8.76 1.3% Clarkson Research Services $ Libor 6 mths.05 1.5% 14.7% Jan '07 Poland 9.84 6.59 1.3% 1.64 6.2% 15 Jan '10 avg: 2007 2008 2009 20 Jan '06 Ind. Switz.K.0% 1.4% 11.45 1.5% Latest Page 12 Eur USA Japan OECD 2.6% Industrial Production*: Asia Industrial Production Jan '02 OECD 2.55 7.9% 4.1% 13. Distribution is restricted.3% 3.3 points. 8.5% 1.83 6.5% 0.137.0% Jan '00 Japan 2. #Forward Rates: The FT.9% 2..93 73.5% 0.41 1.5% 4. Distribution is restricted.34 1. Euro and SDR.52 Apr '09 SDR 1.5% 5.5% 8.6% 0.6% 0.0% 1.6% 1.71 7.30 6.6 points month-on-month in November.5% 1.47 7.0% 0.8% Jul '09 Jul '10 Aug '10 Sep '10 Germ 5.3% Jan '95 U.180.net 29/11/2010 01:39:14 68045 2007 2008 2009 • Despite the current travails in the Eurozone surrounding the Irish debt crisis and the fear that other fringe nations which currently maintain high budget deficits may be forced to appeal for financial assistance.00 Sing.38 Grain Steel Wheat Ship Plate USG Japan 267 643 343 1.9% May '09 avg: 2007 2008 2009 Jan '98 Industrial Production*: OECD Jan '97 Japan Euro Area World 2.8% 1.81 46.2% 0.# Euro U.5% -2.# 12mo.0% 2.8% Jan '94 1Q10 2Q10 3Q10 2010 (f) 2011 (f) Germ 2.1% 3.57 1.2% 3.76 6.08 7.6% 1.9% 5 Apr '10 Czech.2% Jan '96 USA 1. The Economist.9% 1.7% 5.3% 11.5% -9.15 90.49 86.2% -14.67 91.52 1.4% 7.0% 0.0% -7.9% 1.9% 0.00 N'way 5.0% 0.75 1.76 1.S.1% -4.8% -6. • In contrast to the austerity packages being implemented by many European governments. 5.5% 1.7% 0.33 1.3% 3.6% 13.2% 10..34 1.0% 4.9% 10..65 7.39 1.Economic Indicators -10 Atlantic -15 Pacific -20 Currency Trends Spot ~ & Forward# .0% 7.7% 2.6% 1.0% 2.8% 1.34 1.299.0% 26-Nov *% change year-on-year.Kong 940.1% -3. 1.4% -9.1% 2.6% 4. Jan '93 GDP Growth & Forecasts* .02 1.8% 15.7% 2.4% 0 Oct 0.9% -1.0% 2008 1. Interest Rate Trends .1% Dec '09 China 17.9% 3.9% 6.7% 1.5% 3.41 1.68 6.53 7.07 1.58 1.6% 1. This is its highest value since January 1991.2% -21.3% -1.46 46.9% 1.5% 5.56 1.0% 6.46 1.1% -0.7% 12.97 0.8% 1.5% 1.125. Source: IMF. http://www.4% -1. http://www.7% -12. which is symptomatic of the deflation that the Japanese economy has been suffering from over the past few months. 8.94 6.5% 1.56 1.4% Aug '09 U.30 1.3% 3.51 81.9% 12.82 45.4% -2.01 0.1% -16. OECD. It now stands at 109.45 1.9% 6.4% 8. the Japanese Parliament has recently passed a new stimulus package worth $61bn.4% 1.7% 1.K.58 1.4% 1.9% 0.5% 0.o K.1% 3. 1.net 29/11/2010 01:39:14 68045 Licensed to Wallem Shipbroking HK Limited.3% 12.9% 7.7% -0. please remember to acknowledge the source. 2.1% Jan '99 USA 2.5% 1.o K. 3.6% 3.7% 6.0% 5.0% -2.9% 7.4% 13.02 Jul '10 India 39. Japan U.1% -0. This aims to create new jobs.2% 3.0% 6. America 25 Jan '05 India 9.2% 0. ~Currency units per US$ except £.0% 1.1% 13.50 44.3% 11.6% -9.77 1.60 83.14 1.3% 7.8% -7.1% 3.0% 0.75 1.9% 1.6% 0.54 Feb '09 end: 2007 2008 2009 Sep Oct Nov Japan 114.5% 11.1% 4.2% 5.78 78.5% 17.7% -3.118 234 707 288 700 287 700 295 700 283 730 26-Nov-10 Licensed to Wallem Shipbroking HK Limited. 0.00 1.0% 0.6% 4.3% 1.6% 2.25 44.9% 7.clarksons.6% 2.14 1.8% 1.5% Aug 0.2% 4.3% -2.56 1.5% -0.80 1.8% -1.30 1.0% 3.5% Sep 0.14 1.9% 0.6% 3.67 60.clarksons.2% 1.4% 2.1% 3.8% 0 -5 Jun '10 Hung.1% 8.6% -17.9% 13.8% 5.8% 1.89 6.0% 1.29 98.2% 1.9% Sep '09 avg: 2007 2008 2009 30 % change Jan '03 Malay.0% 5.47 1. 4 933.0 VLCC Demand Middle-East Output # Less: Red Sea export E. (ex soya) EU-25 # Total Exports (listed) 0 Major Oil Trades News: • Construction of a pipeline which will transport crude from Abu Dhabi’s oilfields to Fujairah has been completed.3 25.7 29.2% 2.8 6..3 1. 2010 data are projections/annualised figures.5 4.2 362.5 29.1 3.1 818.8 25 Steel Production & Cape Earnings 180 Index $.3 779.9 148.3 102.6 109.1 6. The pipeline will allow Abu Dhabi to bypass the risky Strait of Hormuz and offset the reliance on oil terminals in the Arabian Gulf.1 614.2 5.5 31. ..5 24.9 190.0% *2010 data are projections/annualised figures.3 1.3% 9.6 762.4% 1.1 Products Trade Imports: 27 May-10 3.8 73.3 172.9 140.6 23.4 5.5m bpd of Murban crude. a slight decline compared to October last year.1 26.9 16.2% 50 Jun-10 9.3 159.2 51.5 2.1 18.6mt in October. please remember to acknowledge the source.6% 12.2 90.9% 139. China EU-12 Total Steel Prod.1 562.9 410.9% 15.3% 0.8 395.6 26.5 497.. This represents y-o-y growth of 2%.9 625.2 178.6 815.4 9.000/day 200 May-07 2010/09 Jun-07 2010* Jan-07 2009 Feb-07 2008 OPEC Production & VL Earnings 34 m.8% 2.8 4.1 480.5% 40.1 6.3 May-08 83.5 5.3 0..9 3.0 46.1 51.6 250.1 0.9 16.9 67. as testing for leaks begins. The pipeline may further boost Fujairah’s importance as an oil hub.5 27. Distribution is restricted.2 66.8% 3.7 26. (listed) 26 Sep-10 3.6% 11.4 9.Korea EU-25 # Total Imports (listed) Exports: Australia USA Canada South Africa Total Exports (listed) Grain Trade Exports: USA (ex soya) Canada Australia Arg.6 0.1 2.3 7.8 382.4 16.4 36.4% 9.5 31.3 0.8 115.3 635.4 4.9 805.0 27.0 406.4 49.4 211.9 9.0% 186.3 -7.2 20.8% 1.8 57.2 377. Chinese output totalled 50.4 62. World Total includes NGL's.6 29 Feb-10 USA Eur-4 Japan Total Imports (listed) 100 Oct-09 10.2 87.0 3.2 487.8 43.5 98. 0 Clarkson Research Services 0 0 0 0 0 0 Page 13 0 26-Nov-10 Licensed to Wallem Shipbroking HK Limited.2% 0.1 31 Jan-09 22.6 3.9 566.7 24.4 174.0% 4.9% 2.000/day 180 170 160 160 140 150 120 140 100 130 80 120 60 110 40 Steel Production Index Capesize Earnings 100 90 20 0 Oct-10 3. then EU27. Europe FSU OPEC 33 Oct-07 Oil Production $. Oil will begin to flow on a trial basis in December.4 2. bpd Oct-06 2007 % Chg Sep-06 in million barrels per day Major Dry Bulk Trades News: • Data released by the World Steel Association shows that global steel output reached 117.7 4. Oil production data sourced from IEA.0% -17.6 5.3 20.9 OPEC Oil Production Sep-07 World N. MOL will order two 300.4 28 Jan-10 9.8% -2.9 22.1% 125 Jun-09 22.0% 12.net 29/11/2010 01:39:14 68045 Licensed to Wallem Shipbroking HK Limited.3 1.7 130.6 84.4 15.clarksons.2 75 Sep-09 9.8 3.6 VLCC Earnings Sep-08 23.clarksons.2 22.5 Jan-08 82.0 6.5 20.0% -7.1 83.2% Iron Ore Trade Imports: Japan S.8% 42.6 6.2 0.000 dwt VLOCs from Universal Shipbuilding.9% Jun-08 84.5 150 Feb-09 24. #Mid-E output is sum of OPEC and non-OPEC crude production.1 20.5 48.8 105.3% 26.9 62.6 28.4 112.3 0.2 205. http://www.8% 15.7 9.4 298.Med export Refinery T'put Gulf Crude Exports 32 Oct-08 1.4% 17.1 15.9 0. The 370km pipeline will carry around 1. http://www. in million tonnes 2007 2008 2009 2010* 2010/09 120.3 156. America W.5 5.2 241.6 30.3mt.0 271.4 494.3 156.9 459.9 7. • This week shipowner Mitsui OSK Lines and mining giant Vale signed a 25-year agreement to ship iron ore from Brazil to China.5 42.5 19.5 5. #EU 25 to 2006.1 0.0 262.0% 1.8 30.R.4 453.0 6.Ship Demand Trends USA Eur-4 Japan Total Imports (listed) 2.4 16.1 7.4 184. Dry Bulk Demand . % Chg Steel Production Japan S. seasonally adjusted from latest year-to-date figures.3% 2.8% 15. please remember to acknowledge the source. As a result of the contract.4 2.Korea P.3 55.8% -10.2% 12.1 6.0% -3.4 14.5 435. Distribution is restricted.2 118.5 Crude Oil Trade Imports: 30 May-09 2..8 8.1 9. 83.1 18.8 13.9 175.0 0.7 53.9 13.4 134. and an increase of 5% compared to global production in September 2010.7% 1.Korea China Total Imports (listed) Exports: Australia Coal Trade Imports: Japan S.3% 31.net 29/11/2010 01:39:14 68045 Oil Tanker Demand .1 590.0 67.6 5.0 175 Feb-08 Crude Oil NGL's/Cond. but this was more than offset by a strong performance by the other major steelmaking countries.9% -2.0% 1.7 2.1 18.8 162.3 459.9 6.2% 0.7% 0.2% -2..0% 96.8 625. 000 Panamax 60-80.3 398.2 81.7 354.6 71.9 92.5 9.4 28.8% 22.2 01-Nov-10 Year End 2007 543 409 879 397 3.902 2.5 0.1 1.6 66.5 3.0% 2010 2011 2012+ 10.66 0.6 3.784 4.0 434.9 0.6 1.8 384.4 26.186 12.071.8 0.213.8% 9.8 9.3 1.500 17.5 152.1 2.000 Small 10-60.17 210.1 4.9 9.4% 2010 2011 2012+ 53 96 105 0 83 337 0.1 26.8% 35.2 120.9 3.9 64.7 16.0 1.78 0.15 53.4 3.8 417.1 4.000 >10.5 364.3 3.9 18.329.net 29/11/2010 01:39:14 68045 Total Cargo Fleet .6 519.368 10. http://www.0 39.6 10.5 3.1 127.236.7 105.39 8.2 459.3 38.1 1.000 40-60.2% 9.4 13.4 1.4 4.3 7.6 0.5 21.4 446.562 3.1 0.1 6.7 22. m.5 21.8 28.3 431.7 28.6% 19.7 1.Dwt 336.3 101.9 160.53 8 340 101 0 242 690 0.2 26.2 3.3 20.000 <10.4 15.6 368.1 3.1 358 128.3 11.886 13.0% 8.8 669 7.2 13.000m³ <5.6 54.5 648 368.0 42.6 0.3 0.m.8 1.1 90.58 "Oil Tankers" covers vessels in the crude oil & oil products sectors.4 132.2 0.000 TOTAL FLEET of which: Single Hull Double Hull Combos in Oil Laid-up Storage ACTIVE FLT.3 8.3 121.000 cbm 40-60.6 108.6 6.1 76.9 45.8 1.4 392.9 8.2 0.000 of which: Specialised >10.407 2.5 11.1 383.118 1.7% 4.9 338.47 0.2 ] Tanker Fleet .437 1.986 95.7 0.0 13.000 LPG Carrier Fleet .9 8.5 1. Dwt Capesize Panamax Handymax Handysize TOTAL FLEET Combos in Dry Laid-up Storage ACTIVE FLEET 100.624 409.3% 19.7 96.21 0.2 56.9 0.1 17.4 23.5 0.6 131.0% 5.115 8.886 10.1 71.6 50.4 114.6 6.000 10-40.2 6.8 6.6 6.693 1.1 47.000 Aframax 80-120.4 8.0 9.Dwt % Fleet 117.9 75.8 55.7 21.8 39.7 26.4 29.769 2.5 0.00 0.5 3.6 1.0 405.1 8.9 0.4 8. Clarkson Research Studies Page 14 26-Nov-10 Licensed to Wallem Shipbroking HK Limited.5% 10.9% 37.466 8.02 0.975 29.2% 1.5 1.9 7.3 18.9 3..3 0.5 0.9 42.4 170.8 1.2 20.6 71.107 2. including tankers with IMO 3 grade specification.7 0.4 1.4 52.3 0.2 392.1 76.012 200.096 142 18.2 5. 805 102 552 40 3.995 7.4 0.0 182.4 449.8 27.8 28.7 73.728 1.6 1.0 2.3% 4.2 371.5 Orderbook & Delivery Schedule No.0 37.0 25.7% 27.4% 6.0 519.2 3.213 1.0% 26.187 m.1 6.9 27.1% 3.9% 24.3 372.0 0.139.7 2006 2007 2008 2009 121. .8 76.7 92.0 1.9 45.6 97.3 75.3 1.0 1.6 Increase in size of Tanker Fleet: 2009/2008 7.000 Bulk Carrier Fleet .366 19.3 25.6 2.6 0..7 0.027 2.000+ Suezmax 120-200.3 169. 198 150 142 86 590 361 333 1.3 60.8 52.377 2.1 37.3% 16.8 Orderbook & Delivery Schedule No.9 6.9 44.7 2.m. please remember to acknowledge the source.842 10. 668 876 809 834 3.6 1.6 147.7 83.1 120.07 201.7 33.3 1.0 31.9 4.7 No. m. 33 71 15 0 7 126 126 .net 29/11/2010 01:39:14 68045 Licensed to Wallem Shipbroking HK Limited.8% 0.6 19.960 24.2 7.1 417.2 0.2 396.8 4.9 11.326 1.447 652 2.8 11.m.0 5.5% 7...3 87.1 121.000+ 60-100.8 2. Distribution is restricted.1 31.1 91.1 11.263 269 2.600 7.09 0.434 01-Nov-10 Year End 2006 No.1 0.5 417. Distribution is restricted.7 0.164 11.7 27.3 10.6 3.0 76.34 0.4% 9.3 0.24 0.360 8.6 0.1 2.9 2. "Chemical" includes tankers with IMO 1&2 grade specification.2 10. "Specialised" covers IMO 1&2 chemical tankers and other tankers designed for the carriage of specialist liquids.5 2.187 5 126 26 624 514 187 78 128 7 513 27 6.4% * year to date Orderbook & Delivery Schedule No.3 0.6 0.480 1.1 1.585 5.8 2008 1.2 34.2% * year to date Orderbook & Delivery Schedule No.3 1.6 406.8 8.3 272.1% 9.6 0.265 2.1 120.3 19.Dwt 2009 No.922 37 27 17 5.2 5.154 7.0 0.027 1.1 74 12.5% 7.8% 22.2 52.3 271.1 10.2 7. Dwt .6 1.2 461.4% 24.28 58 163 201 0 243 666 0.3 0.4 0.7 22.000m³ 1.7 0.9 5.8 34.1 62.989 8.6 57.3% 2010 2011 2012+ 5.8 60.World Fleets & Orderbooks OIL TANKERS >10k dwt OIL TANKERS <10k dwt CHEMICAL TANKERS OTHER TANKERS BULKERS COMBOS LPG CARRIERS LNG CARRIERS CONTAINERSHIPS MULTI-PURPOSE GENERAL CARGO RO-RO CAR CARRIERS REEFERS OFFSHORE (AHTS/PSV) OTHER CARGO WORLD CARGO FLEET 01-Nov-10 Year End 2006 2007 2008 2009 No.5 0.6 1.Dwt % Fleet 2010 2011 2012+ 129.6 9.185 15.4% 13.8 37.9 1.3 26.0 14.9% 24.964 14.0% 52.4 81.2 143.9 14.7 302. >10.5 272.4 465.4 4.491 2.2 0.166 m. DWT 01-Nov-10 Year End 2006 2007 2008 2009 142.4 101.4 3.000 cbm >60.3 0.301 1.6 10.938 1.000m³ % Fleet 120 598 407 0 568 1. m. please remember to acknowledge the source.5% 31.5% 19.758 102 1.4 2.210 2.000 cbm 20-40.2 523.9 81.0 3.3 0.3 384.5 97.3 422.441 518 4.000 cbm TOTAL FLEET TOTAL M.185 1.clarksons.4 14.2 5.185 14.7 81.7 1.8% 12.4 14.989 33 6 4 8.Dwt % Fleet 62.0% 2010*/2009 3.4 144. Dwt VLCC 200.8 1.3 Increase in size of Bulkcarrier Fleet: 2009/2008 9.4 0.Dwt 1.000 cbm 5-20.466 15.6 161.4 5.7 60.8 10.7% 4.9 55.6 10.921 m.2 7.6 0.9% 2010*/2009 13.6 5.clarksons.7 2.0 53.8 3.224 14. http://www.9% 28.4 164.822 15.8 1.164 20 11.8 28.9 459.3 0.1 23.9 8.1 363.0 33.2 0. 6 71.4 1.787 22.0 0.6 714.3 169.09 Note: All fleet figures are from the Clarkson Research Ship and Orderbook Databases.7 197 163 1.337. ft³.1 2.000teu % Fleet 2010 2011 2012+ 665.178 15.5% 1.000 cbm TOTAL FLEET TOTAL M.net.1% 7.199 teu 200 .6 45.2% 7.2 19.5 185.8 No.2 705 1.5 89. Clarkson Research Studies Page 15 26-Nov-10 Licensed to Wallem Shipbroking HK Limited.1 10.1 189.0 292 2.000 dwt 2.9 28.0 296.6 946 253 186 149 159 91 1.5 1.594.5% 2010 2011 2012+ 2.481.06 0. .780.8 17. Further enquiries may be made to the addresses set out on the back page.0 0.884.5 50.8 4.8 114.383 45.22 0.7 104.7 82.1 252 253 1.3 1.7 49.7 229.043.749 teu 750 . .781.0% 94.5 4.6 1.1 1.06 0.500 dwt 7.3 951 3.9 74.8% 20.47 3.6 6.25 0.55 0.5 1.0% 6.2 46. < 100.7 1.01 0. http://www.1 0.241.886 115.5 0.208 28.8 7.781.8 4.5 1.9 3.00 0.7 1.6 48.5 35.5 3.3 55.2 53.4% 18.59 1.999 teu (Post-Pmax) 8.4 4.2 1.9 2.0% 7.0 1.2 21.4 144.3 0.115 1.986 25.8 88.000m³ No.0 0.594.000 cbm 40-60.0% 5.000 dwt 15.224 286 228 128 153 135 2.66 1.1 01-Nov-10 Year End 5.0 0.499 teu 500 .1 1.4% 13.0 01-Nov-10 Year End Orderbook & Delivery Schedule .7 22.0 309.5 110.5 7.5% 8.233 25.413.4 26.9 116.1% 1.000m³ .067.1 27.4 206 163 1.9 79.0 01-Nov-10 Year End 2006 2007 2008 2009 0.0% 0.21 Orderbook & Delivery Schedule No.9% 2010 2011 2012+ 22 0 0 1.11 0.0 10.1 7.000m³ % Fleet 44 0 0 3. m.4 3.clarksons.946.945 17.clarksons.3 355.7 2.1 1.5 195.5% 0.792.244.00 0.9 7.3 86.ft³ No.2 187.349 teu 350 .5 325.000 &+ teu (Panamax) 3-7.000 cu ft 100-199. Annual data are as at year end.5 1.162.29 0.0 56.7 56.1% 0.6 0 0 0 1.960 14.3% 78.9 30.697. monthly data at the beginning of the month.999 cu ft > 550.8% 9.7 31.986 37.5 635 138.7 0.4 66. A "Sources & Methods" document which describes the methodology by which Clarkson Research gathers and manipulates the data set out in this report.0 1.9 0.819.2 96.1 1.2% 13.6 334.5 1.9 194.902.3 6.7 7.34 6.8% 6. please remember to acknowledge the source.999 cu ft 450-549.3 1.6 4.999 cu ft 200-299.9 376. Distribution is restricted.2 1.000&+ dwt TOTAL FLEET CAR CARRIERS Reefer Vessel Fleet m.999 cu ft 300-449.000-5.3 38.9 2.738. Dwt <2.6% 0. expressed in the units indicated.432.1 2006 2007 2008 No. The databases comprise vessels of 100gt and above.0 2009 No. .5 183. DWT Multipurpose Fleet .8 1.1 1.9 4.7 11.net 29/11/2010 01:39:14 68045 LNG Carrier Fleet .0 10.4 467 384.7 126.2 1.0 0.1 9. 1 0 15 13 29 20 78 128 m.0 0.3 166 207.3 56. m. is available on our website at www.9 21.6 1.2 57.1 1.5 1.0 95.5 48.9 19.3 740.6 10.4 17.000 cu ft TOTAL FLEET TOTAL M.8% 10.Dwt 1.0 0. 16 3 17 322 358 358 4 0 0 22 26 26 226 122 1.7 788 192.225.0 0. including the calculation of the time charter equivalent (TCE) earnings for tankers and bulk carriers.295 49.27 0.0% 0.784 21.0% 0.0 0.4 1.3 47.2% 2010 2011 2012+ 0.0 188.05 0.2 1.1 5.0 0.000teu 113.2 173 1.9 9.0% 0.5 19.781.6 72.0 341.3 334.840 47.1 2.383 39.538.8% 60.6 1.6 6.000teu % Fleet 7.436 1.2 12.0 0.606 1.000teu No.3 23.592 26. 55 103 50 88 98 120 514 514 187 .6 322. DWT Containership Fleet .8 94.2 168.1 3.562 3.045 40.587.9 9.0 0.1 105.436 0.0 0.65 0.3 38.1% 29.0 1.7 15.4% 24.ft³ % Fleet 2010 2011 2012+ 21.8% 10.6 22 0 0 1.19 0.0 0.4 259.1 2.5 146.960 182. DWT Ro-Ro Vessel Fleet.net 29/11/2010 01:39:14 68045 Licensed to Wallem Shipbroking HK Limited.02 0.1 53.1 62.773.7 140.114.9 510 3.0 3.0 0.893.0 0.3 203.703.World Fleets & Orderbooks <40.9 14.012 1.999 teu 1000 &+ teu TOTAL FLEET MPP FLEET M.05 0.3 38.000 dwt 10-15.133 31.9 29.9% 13.7 48 104 45 83 108 236 624 624 37.6 0.6 0 0 0 0 0 7 7 7 0.56 0.8 19.948. please remember to acknowledge the source.2 1.1 10. .7 2.0 4.564 51. Distribution is restricted.000 dwt 5.0 0. DWT GC FLEET M.154 669 0.8 0.784 1.4 83.7 Orderbook & Delivery Schedule 2009 No.90 0.0 0.274.9 391.45 Orderbook & Delivery Schedule 2006 2007 2008 2009 No.0 50.04 0.5 12.00 0. m.0 0.0 51.3 136.1 196.999 teu 3.6 2.7% 27.153.8 10.6 3.1 948.5 1.0 3.999 teu 2-2.0% 8.307 30.9 3.Dwt % Fleet 0.034 0.0 35.842.6 94.00 0.000 Teu 100-999 teu 1-1.8 2.2 38.2 1.5 178.362.8 Year End 01-Nov-10 2006 2007 2008 100. DWT 01-Nov-10 Year End 2006 2007 2008 2009 262 253 1.00 0.00 0.4 58.6 1.7 4.000 Teu 100 .682.137 0.7 2.125.8 26.1% 3.095.8% 22.473.04 0.04 2.2 24.9 0.01 0.1 206.1 0.05 0.3 9.1 1.2 1.9 2.7 9.000 cbm >100.3 97.24 0.275 1.2 8.3 2.2 21.7 39.9 612.3 128.0 40.00 0.9 132.430 27.0 323.227 735.0 25.1 1.6 161.000 cbm 60-100.00 0.9 757 204.0% 0.8 752.4 1.2 196. All dwt figures are metric.5 1.7% Orderbook & Delivery Schedule No.5 1.640.500-10.0 389.5 183.9 1.6% 27.000-7.6 1.clarksons.17 0.3 41.8 38.000 &+ teu (Post-Pmax) TOTAL FLEET TOTAL M.0 17.9 0.7 187.807.0 0.0 0. m.5 1.1 1.1 1. http://www.0 0. please remember to acknowledge the source. it's even easier to understand why some might wake up in a sweat worrying about the obstacle course which lies ahead. which is a better quality fuel with about 2% sulphur and costs 50% more than HFO. Lee K. Distribution is restricted. moody and tense? Go straight to your doctor and if you are a shipowner. 26 November. Another challenge is that the correct grades must be available at the start of the voyage. but may not be. Quirk Shipping Intelligence Weekly is published 50 times a year.clarksons. when and where. And although the matter is not yet quite mission-critical. financial and economic indicators.uk Web-site: http://www. HFO is the refinCrude Oil Price 380CST Bunkers ing waste left after dis380CST low sulphur tillation. They are big. Whilst care has been taken in the production of this review. Whittet J. But it is 25% cheaper than crude oil (see graph). Lane P. heavy and face the risk that better technology will appear before 2015. St.1% sulphur fuel oil.net 29/11/2010 01:39:14 68045 Anxiety. Tel: + (44) (0) 20 7334 3134 Fax: + (44) (0) 20 7522 0330 Telex: 8812927 CLTNKA G E-mail: sales. American ECA comes into force in August 2012 and Japan is examining a scheme.co. London EC3R 6HE. Tension. Offshore and Liner vessels as well as the second-hand. Licensed to Wallem Shipbroking HK Limited. EGCSs capable of removing sulphur and particular matter have been tested at sea. Campbell A. please remember to acknowledge the source. trade. ECAs cover the only the Baltic and North Seas but the 200 mile N. Distribution is restricted. 2010 Published by: Clarkson Research Services Ltd. new building and demolition markets.Analysis Feeling irritable.crsl. Graph of the Week Shipping Intelligence Weekly. containing 4Gasoil 6% sulphur and various MDO Rotterdam sediments. Currently. Specialised and Gas tankers. Under MARPOL Annex 6.1% gasoil. Taylor R. Today. That’s no problem but the limits are much tougher in designated Emission Control Areas (ECAs) which regulate both SOx and NOx. earnings. Magnus House. Finally. no liability can be accepted for any loss incurred in any way whatsoever by any person who may seek to rely on the information contained herein. It requires adequate bunker tank segregations to switch between high seas. England. prices and activity in all these markets.clarksons. the chances are he will diagnose Particle Matter Trauma (PMT) brought on by the stress of the constantly shifting regulations about ship emissions. It reviews the markets for Crude. http://www. Emission Control Timeline Let's start with the emissions timest line. Scrubbing Up MARPOL Annex 6 also allows Exhaust Gas Cleaning Systems (EGCS) which remove emissions from the exhaust in service. Products. Gray G. Evans G. but are not in use yet.crs@clarksons. Lower Thames Street. the inability to remember which fuel grade to use. Knight R. Also (nothing to do with IMO) ships in EU ports must burn 0. Simply using the fuel that regulators require looks an easy option. The information in this report may not be reproduced without the written permission of Clarkson Research Services Limited. which could be anywhere in the world. To drive auxiliary engines most ships have used Marine Diesel Oil (MDO).5% will be introduced. Bulk carriers. This condition is more serious for those with Low Sulphur Dementia (LSD). It is available on subscription at a price of £675/£690 a year (within Europe/outside Europe) including postage. Dealing with the Trauma The complex matrix of regional and fuel quality issues leaves shipping companies in a dilemma. 3. falling to Aug-10 May-10 Aug-07 0 Feb-10 100 Nov-09 300 200 Aug-09 400 May-09 600 500 Feb-09 700 Nov-08 900 800 Aug-08 1000 Feb-08 1100 May-08 1300 1200 You Are What You Burn Ship emissions are a problem because marine diesel engines have traditionally used Heavy Fuel Oil (HFO) Feeling a Bit Heavy About The Fuel? which no one else $/tonne wants.5% in 2020. insist on the use of gasoil. though regulators sensitive Source: Clarkson Research Services about particular matter Nov-07 1400 0. ships sailing in ECA waters must use 1% sulphur fuel oil and from January 2015 0. Australia Martin Stopford Cliff Tyler C. It provides details of freight rates. R. M. It's easy to understand why busy shipowners struggle to keep up with this complex mix of regulatory requirements and technical options. territorial and port requirements. on 1 January 2012 a global sulphur cap of 3. http://www. Have a nice day.com Editorial Board: Analysis Publisher Editor Production S&P Tankers Specialised Gas Dry Cargo Freight Derivatives Singapore Sydney. fleet statistics. Mood Swings? Could it be PMT? . Take an Aspirin and Forget It So there you have it.net 29/11/2010 01:39:14 68045 Licensed to Wallem Shipbroking HK Limited. Kennedy D. low-sulphur MGO and HFO are now available.