ATHENIAN SHIPBROKERS S.A.

107-109, Vas. Pavlou Str., GR 166 73, Voula , Athens, Greece

Tel: 210 9659700 - Fax: 210 8996040
Internet Mail: athenian@atheniansa.gr
www.atheniansa.gr

December 2013
MONTHLY REPORT

12000
Baltic Dry Index
10000

8000

6000

4000

2000

0
Aug-07
Apr-04

Apr-05

Apr-06

Apr-07

Apr-08

Apr-09

Apr-10

Apr-11

Apr-12

Apr-13
Dec-03

Dec-04

Dec-05

Dec-06

Dec-07

Dec-08

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13
Aug-04

Aug-05

Aug-06

Aug-08

Aug-09

Aug-10

Aug-11

Aug-12

Aug-13
PRICES TANKERS ($ MIO)
* Prices reflect Year’s End 2008* 2009* 2010* 2011* 2012* Dec-13
VLCC 5Y 155.8 78.0 87.8 55.6 56.0 59.8
VLCC 10Y 131.0 59.5 64.3 34.1 35.0 40.7
SUEZMAX 5Y 106.0 57.0 62.8 45.6 40.2 41.8
AFRAMAX 5Y 76.8 40.5 44.5 34.7 28.0 32.0
AFRAMAX10Y 64.7 23.5 30.7 19.3 16.3 21.9
PANAMAX5Y 61.0 35.5 39.0 30.9 24.3 30.8
45K 5Y D/H 52.7 23.5 27.3 25.8 23.0 28.9
45K 10Y D/H 43.2 16.0 19.7 15.8 15.5 18.8
45K 20Y 10.0 4.0 6.7 6.0 6.2 6.5

PRICES BULKERS ($ MIO)

* Prices reflect Year’s End 2008* 2009* 2010* 2011* 2012* Dec-13
CAPESIZE 5Y 45.5 54.5 57.0 36.3 32.0 43.9
CAPESIZE 10Y 30.0 45.0 43.0 26.8 20.5 31.0
CAPESIZE 15Y 21.0 28.0 26.0 15.2 12.7 18.2
CAPESIZE 20Y 15.2 16.5 16.4 10.5 9.3 10.1
PANAMAX 5Y 25.5 35.0 38.5 26.4 18.0 25.6
PANAMAX 10Y 19.0 27.5 31.6 18.6 12.5 17.9
PANAMAX 15Y 12.5 22.0 23.1 12.4 8.3 12.0
PANAMAX 20Y 9.2 12.0 13.8 8.1 5.4 7.5
SUPRAMAX 5Y 24.0 27.5 31.9 26.4 23.3 24.3
HANDYMAX10Y 18.2 22.0 24.7 18.0 13.0 17.4
HANDYMAX15Y 13.0 17.5 20.0 11.1 8.7 10.9
HANDYMAX20Y 7.4 11.0 12.0 7.9 6.3 6.4
 2

SECOND HAND SALES & CHARTER FIXTURE TRENDS

Monthly Tanker Market Trend Monthly 1 Yr TC Rates

180.0 100000

160.0 90000

140.0 80000

70000
120.0
60000
100.0
50000
80.0
Price (USD Mio)

Price (USD)
40000
60.0
30000
40.0
20000
20.0 10000
0.0 0

VLCC 5Y VLCC 10Y SMAX 5Y AMAX 5Y VLCC 1 Yr T/C SMAX 1 Yr T/C AMAX 1 Yr T/C

AMAX 10Y PMAX 5Y 45K 5Y D/H 45K 10Y D/H PMAX 1 Yr T/C MR 1 Yr T/C

Monthly Bulk Carrier Market Trend Monthly 1 Yr TC Rates

160.0 180000

140.0 160000

140000
120.0
120000
Prices (USD Mio)

100.0
100000
Price (USD)

80.0
80000
60.0
60000
40.0
40000

20.0 20000

0.0 0

CAPE 5Y CAPE 10Y CAPE 15Y PMAX 5Y CAPE 1 Yr T/C PMAX 1 Yr T/C
PMAX 10Y PMAX 15Y SUPRA 5Y HMAX 5Y
SUPRA 1 Yr T/C HMAX 1 Yr T/C
HMAX 10Y HMAX 15Y

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3

SECOND HAND TONNAGE MARKET

AVAILABLE FOR SALE AVAILABLE FOR SALE

S&P Activity Dry S&P Activity Tankers
REPORTED SOLD REPORTED SOLD
(<5,000 Dwt) (<5,000 Dwt)
PREVIOUS MONTH A/BLE FOR PREVIOUS MONTH A/BLE FOR
SALE SALE
PREVIOUS MONTH SALES PREVIOUS MONTH SALES

600 300

400 471 200 215

408
182
200 62 100
54 23 48
0 0
THIS MONTH - PREVIOUS MONTH THIS MONTH - PREVIOUS MONTH

*Excluding demolition sales

Sale and Purchase Market - Second Hand units

Ship Type Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Total
BULK 43 42 29 51 54 62 281
TANK 27 22 35 27 48 23 182
GAS 5 0 6 1 4 6 22
CONT 18 14 8 15 28 7 90
TWEEN 0 0 0 1 2 1 4
REEF 0 0 0 0 0 0 0
RORO 1 0 0 0 0 0 1
FERRY 0 0 2 0 0 0 2
CRUISE 0 0 0 0 0 0 0

Total 94 78 80 95 136 99 582

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Baltic Clean Tanker - Yearly Baltic Dirty Tanker - Yearly

750 727 1100
700 1000 993
650 617 900
600 800
696
550 700
556
500 600
486 583
450 500
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52
2012 2013 2012 2013
WEEK NO WEEK NO

Baltic Clean Tanker - Monthly Baltic Dirty Tanker - Monthly

660 1200
997
640 636 1000
800
620
600 680
600 616
400
580 586 200
560 0
02/12/2013 09/12/2013 16/12/2013 23/12/2013 30/12/2013 02/12/2013 09/12/2013 16/12/2013 23/12/2013 30/12/2013

TANKER SALES
NAME DWT BLT PRICE $ BUYER
FRECCIAMARE 3087 2009 TURKEY DH 9.5 MIO RUSSIAN
EASTERN JUBILEE 6135 2003 JAPAN DH 8.5 MIO S. KOREAN (STST)
SATURNUS 8490 1990 RUSSIAN DH 4 MIO RUSSIAN
CLIPPER KAREN 11290 2006 KOREA DH 11.5 MIO UNDISCLOSED
BREGEN 13941 1994 TAIWAN DH 6.8 MIO UNDISCLOSED
ORIENTAL ZINNIA 14045 2002 JAPAN DH 11.7 MIO EUROPEAN (STST)
B HANDY 36866 2011 KOREA DH 20 MIO UNDISCLOSED
HYUNDAI MIPO 2445 50000 2014 KOREA DH * ENBLOC BSS▼
HYUNDAI MIPO 2446 50000 2015 KOREA DH * ENBLOC BSS▼
HYUNDAI MIPO 2447 50000 2014 KOREA DH * ENBLOC BSS▼
HYUNDAI MIPO 2448 50000 2015 KOREA DH 154 MIO SCORPIO (Ttl Price)
ASHLEY SEA 73933 2007 CHINA DH 25 MIO GREEK
VALCONA 109060 2009 CHINA DH * ENBLOC BSS▼
VALPIAVE 109060 2010 CHINA DH 56 MIO UNDISCLOSED (Ttl Price)
TORDIS KNUTSEN 123848 1993 SPAIN DH 8.15 MIO UNDISCLOSED
ALMI SUN 157430 2013 KOREA DH 55 MIO GREEK
ALMI MARINER 157638 2013 KOREA DH 55 MIO GREEK
ALMI GLOBE 157787 2012 KOREA DH 54 MIO GREEK
RIO GENOA 169395 2007 JAPAN DH 35 MIO AMERICAN (With TC Attached)
WILSKY 167787 2009 KOREA DH 40 MIO RIDGEBURY
GULF SHEBA 298923 2007 CHINA DH * ENBLOC BSS▼
GULF EYADAH 298971 2006 CHINA DH 90 MIO NORWEGIAN (Ttl Price)
BLUE JADE 317000 2012 KOREA DH 88 MIO BW MARITIME

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5

GAS SALES
NAME DWT BLT CBM PRICE $ BUYER
MONSOON 3814 1989 JAPAN 3139 2 MIO PANAMANIAN
GAS BALI 5350 2007 JAPAN 4919 13 MIO GREEK
GASCHEM ISAR 5681 1991 NETHERLANDS 4148 5.4 MIO MID EASTERN
CHAMPIONSHIP 6618 2001 JAPAN 7200 11 MIO EPIC GAS (With TC Attached)
ARCTIC GAS 23256 1993 KOREA 20268 20 MIO GLOBAL UNITED
DEVON 53010 2010 JAPAN 78595 78 MIO CHINESE

VLCC
SUEZMAX
Spot Market - Tankers AFRAMAX

70000
60420
60000
50000 45110
40000 40355
$/Day

30000
20000
10000
0
Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13

VLCC
SUEZMAX
Period Market - Tankers 1 Year T/C AFRAMAX

30000
26850
25000

20000
$/Day

16550
15000
13850
10000

5000
Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13

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6

Baltic Handysize Baltic Supramax

860 1780
820
810 1562
1580
760 801
771
710 1380 1488 1453
660
2 1180 2
610
560 980
02/12/2013 09/12/2013 16/12/2013 23/12/2013 30/12/2013 02/12/2013 09/12/2013 16/12/2013 23/12/2013 30/12/2013

Baltic Panamax Baltic Capesize

2300 4600
2096 4291
2100 4100
4078
3843
1900
3600
1825
1700 3596
3100 3194
1500 4 4 38
1300 2600

1100 2100
02/12/2013 09/12/2013 16/12/2013 23/12/2013 30/12/2013 02/12/2013 09/12/2013 16/12/2013 23/12/2013 30/12/2013

BULKER SALES
NAME DWT BLT GEAR PRICE $ BUYER
SELGA 3185 1984 GERMANY CR 2X12 0.7 MIO UNDISCLOSED (Via Auction)
HELMA 3936 1990 GERMANY CR 2X25 0.9 MIO UNDISCLOSED (Via Auction)
SOMERS ISLES 4655 1991 GERMANY GLESS 1 MIO UNDISCLOSED
BBC UKRAINE 4710 2000 CHINA CR 2X80 5 MIO PAPUA NEW GUINEA
ECE S 5774 1998 CHINA CR 2X40 2.5 MIO UNDISCLOSED
NORDANA MAXIMA 11104 2007 CHINA CR 2X80 6.7 MIO GERMAN
KITA DAKE 21955 1994 JAPAN CR 4X30 4.8 MIO ENBLOC BSS▼
MAE DAKE 22242 1992 JAPAN CR 4X30 4.2 MIO UNDISCLOSED
CIDO PACIFIC 22202 1986 JAPAN CR 4X25 2.6 MIO TURKISH
TAO TRIUMPH 23604 1997 JAPAN CR 4X30 7 MIO UNDISCLOSED
LADYTRAMP 24765 2001 CHINA CR 4X25 7.25 MIO GREEK
HANJI ISTANBUL 27369 1997 KOREA CR 4X30 8.8 MIO UNDISCLOSED
ETERNAL FORTUNE 27776 1999 JAPAN CR 4X30 10.5 MIO GREEK
DUNCAN BAY 28414 2006 JAPAN CR 4X30 15 MIO UNDISCLOSED
SUPER ADVENTURE 28630 1996 JAPAN CR 4X30 8.2 MIO UNDISCLOSED
CR 4X20, DR
OCALA 28960 1994 CHINA 6 MIO UNDISCLOSED
1X15
CR 4X20, DR
JOLBOS 29016 1994 CHINA 6 MIO UNDISCLOSED
1X15
SAN TEODORO 29462 1985 JAPAN CR 4X25 4 MIO UNDISCLOSED
CR 2X100,
CAPE DON 30537 2002 CHINA 9 MIO MACS
CR 2X50
CARL OLDENDORFF 31642 2002 JAPAN CR 4X30 14 MIO UNDISCLOSED
TUNA 7 32128 1999 JAPAN CR 4X30 11.25 MIO TURKISH
CIELO DI GENOVA 32354 2005 JAPAN CR 4X30 16.5 MIO UNDISCLOSED
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7

IVS KWAITO 32573 2004 JAPAN CR 4X30 15.2 MIO UNDISCLOSED

RUBY STAR 34000 2010 KOREA CR 4X30 16 MIO GREEK (Via Auction)
NAMURA 373 34000 2015 JAPAN 25 MIO UNDISCLOSED
NAMURA 374 34000 2015 JAPAN 25 MIO UNDISCLOSED
NAMURA 387 34000 2016 JAPAN * ENBLOC BSS▼
NAMURA 387 34000 2016 JAPAN 50 MIO BAHRAINI (Ttl Price)
JIANGMEN NANYANG
35000 2014 CHINA CR 4X30 23 MIO ENBLOC BSS▼
134
JIANGMEN NANYANG
35000 2014 CHINA CR 4X30 23 MIO EUROPEAN
135
CHIOS VICTORY 35500 2014 CHINA CR 4X30 19.5 MIO GREEK
MARO L 40048 1985 JAPAN CR 4X30 4 MIO EGYPTIAN
FOUNTAIN 5 41574 1987 JAPAN CR 4X25 3.9 MIO GREEK
NEW RAINBOW 42717 1998 JAPAN CR 4X30 11.2 MIO GREEK
ZELLA OLDENDORFF 50326 2001 JAPAN CR 4X30 15.4 MIO UNDISCLOSED
MAPLE CREEK 53474 2005 JAPAN CR 4X30 19.5 MIO GREEK
GIANNUTRI 55660 2012 KOREA CR 4X30 * ENBLOC BSS▼
MONTECRISTO 55675 2011 KOREA CR 4X25 56 MIO UNDISCLOSED (Ttl Price)
DYNA CRANE 55705 2006 JAPAN CR 4X30 21.5 MIO GREEK
MAJA 56733 2011 CHINA CR 4X30 19.2 MIO GREEK
JS BANDOL 57970 2010 CHINA CR 4X35 22.5 MIO UNDISCLOSED
THUNDERBIRD
57911 2011 PHILIPPINES CR 4X30 * ENBLOC BSS▼
BULKER
THUNDERBIRD
57911 2011 PHILIPPINES CR 4X30 58 MIO SWISS ATLANTIC (Ttl Price)
BULKER
TIGER TIAN 58000 2013 CHINA 27 MIO UNDISCLOSED
TIGER DI 58000 2013 CHINA 27 MIO UNDISCLOSED
JIANGSU HANTONG
63500 2013 CHINA CR 4X30 27.6 MIO GREEK
HT64-120
CAROL 75608 1999 JAPAN GLESS 14.2 MIO GREEK
MEDI KOBE 75924 2001 JAPAN GLESS 15.3 MIO UNDISCLOSED
SHIRANE 77672 2000 JAPAN GLESS 15.8 MIO CHINESE
STELLA BECRUX 80328 2011 KOREA GLESS 29.5 MIO UNDISCLOSED
STX JINHAE 1621 82000 2013 KOREA GLESS 31.3 MIO GREEK
HOKURIKU MARU 94274 1995 JAPAN CR 2X25 8.9 MIO UNDISCLOSED
PACIFIC CHALLENGER 149210 1995 CHINA GLESS 12 MIO WINNING SHPG
GRAND CLIPPER 168146 1996 KOREA GLESS 14.5 MIO EUROPEAN
JIUZHOU SHPG (Via Auction /
GLORY ADVANCE 171039 1996 JAPAN GLESS 10 MIO
out of class)
SCOPE 174008 2006 CHINA GLESS 33 MIO CARGILL
CAPE PROVENCE 177022 2005 JAPAN GLESS 33 MIO CARGILL
PROUD 178055 2009 CHINA GLESS 42.5 MIO CARGILL (With TC Attached)
SHANGHAI
180000 2015 CHINA GLESS * ENBLOC BSS▼
WAIGAOQIAO 1309
SHANGHAI
180000 2015 CHINA GLESS * ENBLOC BSS▼
WAIGAOQIAO 1310
SHANGHAI
180000 2015 CHINA GLESS * ENBLOC BSS▼
WAIGAOQIAO 1311
SHANGHAI
180000 2015 CHINA GLESS 224 MIO SCORPIO (Ttl Price)
WAIGAOQIAO 1312

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8

CAPESIZE

Spot Market - Bulkers PANAMAX

HANDYMAX

45000
41250
40000
35000
30000
25000
$/Day

20000
15000 12105
10000 10650
5000
0
Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13

CAPE

Period Market - Bulkers 1 Year T/C PMAX

HANDYMAX
25000
23000 21850
21000
19000
17000 4
15000 13450
$/Day

13000
11000
10450
9000
7000
5000
Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13

CONTAINER SALES
NAME DWT BLT GEAR TEU PRICE $ BUYER
FLORENTIA 12400 1996 POLAND CR 2X40 1016 3 MIO UNDISCLOSED
STX QINGDAO 23579 2009 CHINA CR 2X45 1740 * ENBLOC BSS▼
STX QINGDAO 23579 2010 CHINA CR 2X45 1740 26 MIO GERMAN (Ttl Price)
MSC NATAL 39626 1996 GERMANY GLESS 2604 6.5 MIO FAR EASTERN
CRISTINA STAR 39978 2001 KOREA CR 4X45 3430 * ENBLOC BSS▼
CELINA STAR 40059 2001 KOREA CR 4X45 3430 * ENBLOC BSS▼
CAROLINA STAR 40125 2000 KOREA CR 4X45 3430 45 MIO GREEK (Ttl Price)

TWEEN SALES
NAME DWT BLT GEAR TEU PRICE $ BUYER
DK IRENE 5587 1997 JAPAN CR 2X40 200 2 MIO TURKISH

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9

NEW BUILDING MARKET AND REPORTED CONTRACTS

Tanker Prices VLCC Suezmax Bulker Prices Capesize Panamax

Aframax MR Handymax Handysize

120 60
55 53.6
100 50
93.8 45
1 40 5
80
$m

35

$m
30 27.8
60 59.6
552.2 25 26.5
40 3 20 22.2
34.6 15
20 10
Dec-11 Apr-12 Aug-12 Dec-12 Apr-13 Aug-13 Dec-13 Dec-11 Apr-12 Aug-12 Dec-12 Apr-13 Aug-13 Dec-13

Dry Bulk Orderbook

Ship Type 2013 (deliv) 2013 2014 2015 2016 2017 2018+ Total
VLOC 23 1 19 9 3 0 0 32
Capesize 70 14 84 88 40 1 0 227
Small Cape 45 3 29 15 4 0 0 51
Panamax 215 20 205 98 35 1 0 359
Supramax 240 22 218 184 72 8 1 505
Handys 182 24 195 129 37 0 0 385
Total 775 84 750 523 191 10 0 1559

Tanker Orderbook
Ship Type 2013 (deliv) 2013 2014 2015 2016 2017 2018+ Total
ULCC/VLCC 28 4 35 18 9 1 0 67
Suezmax 31 1 32 15 5 0 0 53
Aframax 20 2 35 45 18 1 0 101
Panamax 10 0 11 3 3 0 0 17
MR 80 3 109 128 57 2 0 299
Handy 3 3 22 25 2 2 1 55
Total 172 13 244 234 94 6 1 592

LPG Tank Orderbook

Ship Type 2013 (deliv) 2013 2014 2015 2016 2016+ Total
VLGC 11 1 11 26 11 0 49
LGC 0 0 0 2 0 0 2
MR 5 0 6 11 3 2 22
Handy 4 1 18 12 6 0 37
Small 23 5 24 30 0 0 59
Total 43 7 59 81 20 2 169

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10

Tankers >10,000 dwt

Newbuilding Sales Delivery Schedule Bulkers >10,000 dwt.
Bulkers >10,000 dwt
Containerships Tankers >10,000 dwt
1000 70 66.5
62.8
900 885
60
800
No. of Vessels

700 50

m. dwt
600 40
500 440 26.2
395 30 23.6
400
300 260
225 214 20
163 169 12.9
200
70 10 3.8
100
0 0
2011 2012 Dec-13 Dec-13 2014 2015+

Tanker Newbuildings on Order VLCC Suezmax Bulker Newbuildings on Order Capesize Panamax
Aframax Panamax
Products Handymax Handysize
18 60 56.9
16.5
15.5
16
50
14
11.5 35.3
12 40
m. dwt

35.1
m. dwt

10 8.3 30
8
14.8
6 20
4 1.8
10
2
0 0
December 2013 December 2013

Newbuilding Historical Prices ($m)

Tankers Dec-13 2012 2011 2010 2009 2008 2007 2006 2005 2000 1995 1990 1985
1 2
310,000 DWT 93.8 93.2 98.9 104.8 97.5 150 145 130 120 76.5 85.3 87.4 38.2
170,000 DWT1 59.6 57.1 60.3 66.3 61 90 90 80 71.5 52.5 54 66.1
2
28.2
110,000 DWT1 52.2 48.5 52.2 56 49.5 74 72 65.5 58 41.5 43.3 53.2
2
18.1
47,000 DWT1 34.6 33.8 35.2 36.1 35 46.5 52 47 43 29.5 33.2
3
32.1
3
13.3
Bulkers
180,000 DWT1 53.6 45.7 48.4 57.2 55.5 87 96 67 58.5 40.5 42.3 60.2 29.3
73,000 DWT1 27.8 25.6 28.7 34.3 34.5 45.5 54 39.5 36 22.5 27.9 30 13.4
45,000 DWT 26.5 23.7 26.7 31.1 29 41 47.5 37 31 20.5 24.1 25.3 12.4
29,000 DWT 22.2 20.5 22.2 26.3 24.5 31 34 27.5 25.5 15 19.2 21.3 9.7
1 2 3
Before 2001 sizes to read 280,000 - 140,000 - 95,000 - 40,000 respectively for tankers and 150,000 - 69,000 for Bulkers Single Hull 30,000 DWT
(note: above is for vessels built Japan / Korea, you should also consider US$ / Yen / Won relation for the years mentioned)

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11

The Shipbuilding Market

TYPE DWT BUILDER DELIVERY PRICE $ OWNER NOTES
BULK 64000 Guangzhou Huangpu 2016 KC Maritime Ltd.
BULK 64000 Guangzhou Huangpu 2016 KC Maritime Ltd.
BULK 64000 Qingshan Shipyard 2016 Oldendorff Carriers
BULK 64000 Qingshan Shipyard 2016 Oldendorff Carriers
BULK 64000 Qingshan Shipyard 2016 Oldendorff Carriers
BULK 64000 Qingshan Shipyard 2016 Oldendorff Carriers
BULK 64000 Qingshan Shipyard 2015 Oldendorff Carriers
BULK 64000 Qingshan Shipyard 2015 Oldendorff Carriers
BULK 36700 Weihai Samjin 2015 Reederei H. Vogemann
BULK 36700 Weihai Samjin 2015 Reederei H. Vogemann
BULK 207000 Hyundai H.I. 2015 Oldendorff Carriers
BULK 63500 Dayang S.B. 2016 Euroseas Ltd.
BULK 63500 Dayang S.B. 2015 Euroseas Ltd.
BULK 60200 Mitsui SB 2016 Scorpio Bulkers
BULK 60200 Mitsui SB 2016 Scorpio Bulkers
BULK 82000 Jiangsu New YZJ 2016 Scorpio Bulkers
BULK 82000 Jiangsu New YZJ 2015 Scorpio Bulkers
BULK 82000 Jiangsu New YZJ 2015 Scorpio Bulkers
BULK 82000 Jiangsu New YZJ 2015 Scorpio Bulkers
BULK 210000 Bohai Shipbuilding 2017 53.5 Mio Hyundai M.M.
BULK 210000 Bohai Shipbuilding 2017 53.5 Mio Hyundai M.M.
BULK 67000 Zhejiang Zhenghe SB 2015 Vane Bloom Co.
BULK 67000 Zhejiang Zhenghe SB 2015 Vane Bloom Co.
BULK 180000 Beihai Shipyard 2016 Chinese Mar. Trans.
BULK 82000 Zhejiang Zhenghe SB 2014 Frontline 2012
BULK 82000 Zhejiang Zhenghe SB 2014 Frontline 2012
BULK 64000 CIC (Jiangsu) 2015 Ceylon Shipping Corp.
BULK 64000 CIC (Jiangsu) 2015 Ceylon Shipping Corp.
BULK 63500 Dayang S.B. 2016 Transocean Marine
BULK 63500 Dayang S.B. 2016 Transocean Marine
BULK 81000 Japan Marine United 2016 KG Jebsen
BULK 81000 Japan Marine United 2016 KG Jebsen
BULK 81000 Japan Marine United 2015 KG Jebsen
BULK 64000 Chengxi Shipyard 2016 China Merchants
BULK 64000 Chengxi Shipyard 2016 China Merchants
BULK 64000 Chengxi Shipyard 2016 China Merchants
BULK 64000 Chengxi Shipyard 2016 China Merchants
Chem & Oil 39000 Hyundai Mipo 2015 35 Mio Top Ships Inc.
Capital Ship
Chem & Oil 50000 Samsung Ningbo 2016
Management
Capital Ship
Chem & Oil 50000 Samsung Ningbo 2016
Management
Cruise Fincantieri 2017 Viking Ocean Cruises
Cruise Fincantieri 2016 Viking Ocean Cruises
LNG 95000 Koyo Dock K.K. 2017 Elcano
LNG 95000 Koyo Dock K.K. 2017 Elcano
LNG 95000 Daewoo 2017 Teekay LNG Partners
LPG 12000 Kyokuyo S.Y. 2016 Epic Pantheon
LPG 12000 Kyokuyo S.Y. 2016 Epic Pantheon
LPG 50000 Kawasaki H.I. 2016 Iino Kaiun Kaisha
LPG 51000 Mitsubishi H.I. 2015 Kyoei Tanker Co.
LPG 28000 Hyundau Mipo 2016 51 Mio Yara International
LPG 28000 Hyundau Mipo 2016 51 Mio Yara International
MPP 36000 Guangzhou Huangpu 2016 COSCO Shipping Co.
MPP 36000 Guangzhou Huangpu 2016 COSCO Shipping Co.
MPP 36000 Guangzhou Huangpu 2016 COSCO Shipping Co.
MPP 36000 Guangzhou Huangpu 2016 COSCO Shipping Co.
Products 52000 Hyundai Mipo 2016 Latsco (London)
Products 52000 Hyundai Mipo 2016 Latsco (London)
Products 52000 Hyundai Mipo 2016 Latsco (London)
Products 52000 Hyundai Mipo 2016 Latsco (London)

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12

Products 52000 Hyundai Mipo 2016 Latsco (London)

Ropax 200 Damen Shipyards 2015 Newfoundland & Lab.
VLCC 300000 Hyundai Samho 2016 Scorpio Tankers
VLCC 300000 Daewoo 2016 Scorpio Tankers
VLCC 300000 Daewoo 2016 Scorpio Tankers
VLCC 300000 Daewoo 2015 Scorpio Tankers
VLCC 300000 Daewoo 2015 Scorpio Tankers
VLCC 300000 Daewoo 2015 Scorpio Tankers

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13

DEMOLITION MARKET
Demolition Prices
Gen Cargo Tanker
India USD 410 /lt Ldt USD 435 /lt Ldt
Bangladesh USD 405 /lt Ldt USD 425 /lt Ldt
Pakistan USD 400 /lt Ldt USD 430 /lt Ldt
China USD 320 /lt Ldt USD 335 /lt Ldt

Demolition Historical Data

Price Tankers* 2010 2011

2012 2013
580
530
480 435
USD/ton

430 425 425 420 415

430 410 405 400 410
380 385
380
330
280
230
180
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
*India month's end prices

Price Bulkers* 2010 2011

2012 2013
580
530
480
430 400 410 400 400 410
405 380 380 375 385
360 370
380
USD/ton

330
280
230
180
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
*India month's end prices

Total Demolition (Dwt)

60
50.3
50 41.8
Million dwt

38
40
30.5 31.58
27 28.6526.9 28.4 28.5 27 28.9
30 25.6 25
22.4
25.7
18.9 18
20 13.4 14.5 15.9 16.7 15.5 15.6
10 12
10 4.9 4.6 3.8 5.5 6.5 5
2.35
0

* Bss reported sales

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14

Historical Demolition Prices (India Year's End)

600

500

400 TANKERS
USD/ton

300 BULKERS

200 Avg. Trend

100

HISTORICAL DEMOLITION PRICES (*Indian Year’s End)

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 CURR.
TANK 186 182 172 115 136 174 135 174 262 362 302 405 507 287 338 485 482 400 435
BULK 166 153 152 112 143 170 135 181 267 381 332 392 472 268 328 437 456 370 410

India
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
BULK ILIOS 62343 1982 11476 443 Incl Full Spares
COMBO BW PHOENIX 290793 1986 38642 433
CONT MSC CARLA 43300 1986 13769 450
CONT NEDLLOYD OCEANIA 50620 1992 17600 444
CONT NEDLLOYD AFRICA 56620 1992 16020 444
CONT NEDLLOYD HONSHU 55238 1995 23857 444
CONT MSC DARTFORD 59283 1993 19631 444
CONT MOL VELOCITY 66511 1996 21574 454 As is Spore with 650T ROB
RORO THEBELAND 16600 1978 11057 448
TANK MOTILAL NEHRU 94540 1990 17037 440
TWEEN INDIA EXPRESS 17373 1986 7150 445
TWEEN XIANG FU MEN 20586 1988 8190 420

Bangladesh
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
BULK MARINA BAY 7267 1990 2642 412
BULK SOUTHERN JUICE 25950 1983 8017 437
BULK KAI STAR 31793 1982 6141 430 Incl extra ROB
BULK OCEAN MATE 37111 1984 7305 407
BULK DD VIGOR 42069 1985 8139 440
BULK ZHUSHUI 2 150149 1991 17312 423
TANK SHANGHAI 47803 1982 10600 440

China
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
TANK SIMPLE I 17181 1987 6137 285

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15

Pakistan
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
NO REPORTED SALES

Turkey
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
PASS CORAL 2238 1971 7876 320

Undisclosed
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
BULK BRIGHT ROYAL 28259 1985 6145 220 As is Vietnam
CONT STX SINGAPORE 22740 1991 6663 375 As is Spore with min ROB
CONT HYUNDAI KENNEDY 54665 1988 453 As is Spore with extra ROB
TANK NUEVO PEMEX I 45202 1987 10890 114 As is EC Mexico
TANK NORTH STAR 148561 1996 23172 451

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16

HISTORICAL BUNKER PRICES

Bunkers Cost (380 cst)

800
700
600
500
USD/ton

400 Rotterdam
Fujeirah
300
Houston
200
Average Trend
100
0

Bunkers Cost (MGO)

1200

1000

800
USD/ton

600 Rotterdam
Fujeirah
400
Houston
200 Average Trend

HISTORICAL BUNKER PRICES

Rotterdam Fujeirah Houston
380 cst MGO 380 cst MGO 380 cst MGO
1991 82 170.8 78.6 206.1 75.3 161.1
1992 83 161.9 81.5 208.2 78.4 165.2
1993 67 150.5 70 202.5 71.1 160.6
1994 86 133.2 80.9 182.6 80.8 148.8
1995 97 140.6 94.6 175.8 93.2 148
1996 107 175.1 104.4 207.5 105.8 186
1997 92 155.4 99.3 205.6 97.3 179.9
1998 66.5 112.2 69.2 152.2 67.2 136.9
1999 94 133 98.5 157.2 93.3 143.9
2000 139 231.6 155.3 263.5 136 255.7
2001 116 192.4 129.7 244.7 112.8 227.5
2002 135 188.2 145.9 222.8 134 196
2003 151 230.4 166.3 265.2 160.2 265.1
2004 154 313.4 176.7 359.3 167.3 328.7
2005 236 458.4 256.6 500.1 248.3 508.5
2006 195 524.1 310.9 631.8 303 562.3
2007 347 571.3 373.7 664.7 351.8 608.6
2008 469 850.7 509.4 1037.7 496.8 933.2
2009 355 490.6 372.8 657 360.7 525
2010 452 667.1 468.2 712.9 449.3 683
2011 548 848.6 587.5 897.5 542.1 862.4
2012 585 920 606 1005 610 1005
Dec-13 585 920 620 1010 580 985

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17

MARKET INDICATORS

USD-EUR
Currencies USD-JPY

1.80 130
1.60 120
1.40 110

USD-JPY
USD-EUR

1.20 100
1.00 90
0.80 80
0.60 70
0.40 60

Brent Oil
160.00
140.00
120.00
100.00
$/Barrel

80.00
60.00
40.00
20.00
0.00

GBP CAD EUR JPY CHF USD AUD

GBP 1 0.5737 0.835 0.005828 0.6809 0.6101 0.5427

CAD 1.7439 1 1.4559 0.010162 1.1873 1.0638 0.9462
EUR 1.198 0.6871 1 0.00698 0.8155 0.7308 0.6499
JPY 171.642 98.4571 143.297 1 116.853 104.708 93.1249
CHF 1.4693 0.8428 1.2266 0.008561 1 0.8963 0.7972
USD 1.6393 0.9403 1.3686 0.009552 1.1161 1 0.8894
AUD 1.8437 1.0575 1.5391 0.010742 1.2552 1.1247 1
* 27/12/2013 values

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18

STOCK WATCH

NAME TICKER THIS MONTH* LAST MONTH CHANGE % 52w HIGH 52w LOW

NewLead Holdings Ltd. NEWL 1.80 0.72 150 122.85 1.14

Capital Product Partners CPLP 10.56 8.96 17.9 10.77 6.26

Diana Shipping Inc. DSX 13.47 11.27 19.5 13.93 7.16

Dryships Inc. DRYS 4.68 3.29 42.2 5.00 1.53

Dynagas LNG Partners LP DLNG 22.67 18.60 21.9 22.89 16.75

Eagle Bulk Shipping Inc. EGLE 4.34 3.72 16.7 8.75 1.43

Euroseas Ltd. ESEA 1.47 1.18 24.6 1.80 0.86

Freeseas Inc. FREE 2.53 0.32 690.6 29.00 0.83

Genco Shipping&Trading GNK 2.53 2.40 5.4 4.98 1.12

Costamare Inc. CMRE 18.38 17.41 5.6 19.06 13.01

Goldenport Holdings Inc. GPRT 43.86 42.30 3.7 51.00 29.00

Navios Maritime Holdings NM 11.26 7.64 47.4 11.73 3.26

GasLog Ltd. GLOG 17.41 15.93 9.3 17.82 11.92

Paragon Shipping Inc. PRGN 7.51 5.35 40.4 9.40 2.10

Safe Bulkers Inc. SB 10.36 7.64 35.6 10.95 3.20

Star Bulk Carriers Corp. SBLK 13.10 9.06 44.6 13.83 5.28

Stealthgas Inc. GASS 10.32 12.14 -15 13.00 5.34

TEN Inc. TNP 6.10 4.94 23.5 6.19 3.29

TOP Ships Inc. TOPS 1.99 1.60 24.4 2.93 0.70

Box Ships Inc. TEU 3.42 3.07 11.4 6.25 2.80

Diana Containerships Inc. DCIX 4.11 3.99 3 7.13 3.47

Danaos Corporation DAC 4.90 4.48 9.4 4.90 2.44

Aegean Marine Petroleum ANW 11.31 10.72 5.5 12.72 5.08

* 27/12/2013 closing values

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Disclaimer: Information and data that appear in this report have been obtained from various sources which are believed to
be correct and reliable. However, Athenian Shipbrokers S.A. does not guarantee their accuracy or completeness and
therefore cannot be held liable for any loss incurred as a result of reliance in any way whatsoever on the information
contained herein.

Kind Regards,

ATHENIAN SHIPBROKERS S.A.

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