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

April 2014
MONTHLY REPORT

12000
Baltic Dry Index
10000

8000

6000

4000

2000

0
Apr-04

Apr-05

Apr-06

Apr-07

Dec-07
Apr-08

Apr-09

Apr-10

Apr-11

Apr-12

Apr-13

Apr-14
Dec-04

Dec-05

Dec-06

Dec-08

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13
Aug-04

Aug-05

Aug-06

Aug-07

Aug-08

Aug-09

Aug-10

Aug-11

Aug-12

Aug-13
PRICES TANKERS ($ MIO)
* Prices reflect Year’s End 2009* 2010* 2011* 2012* 2013* Apr-14
VLCC 5Y 78.0 87.8 55.6 56.0 55.8 73.4
VLCC 10Y 59.5 64.3 34.1 35.0 35.0 48.5
SUEZMAX 5Y 57.0 62.8 45.6 40.2 39.5 50.0
AFRAMAX 5Y 40.5 44.5 34.7 28.0 27.8 38.2
AFRAMAX10Y 23.5 30.7 19.3 16.3 16.3 23.2
PANAMAX5Y 35.5 39.0 30.9 24.3 24.3 35.0
45K 5Y D/H 23.5 27.3 25.8 23.0 23.3 29.2
45K 10Y D/H 16.0 19.7 15.8 15.5 15.7 18.9
45K 20Y 4.0 6.7 6.0 6.2 6.2 6.8

PRICES BULKERS ($ MIO)

* Prices reflect Year’s End 2009* 2010* 2011* 2012* 2013* Apr-14
CAPESIZE 5Y 54.5 57.0 36.3 32.0 43.9 52.8
CAPESIZE 10Y 45.0 43.0 26.8 20.5 31.0 37.5
CAPESIZE 15Y 28.0 26.0 15.2 12.7 18.2 25.0
CAPESIZE 20Y 16.5 16.4 10.5 9.3 10.1 10.8
PANAMAX 5Y 35.0 38.5 26.4 18.0 25.6 27.1
PANAMAX 10Y 27.5 31.6 18.6 12.5 17.9 22.6
PANAMAX 15Y 22.0 23.1 12.4 8.3 12.0 14.2
PANAMAX 20Y 12.0 13.8 8.1 5.4 7.5 7.8
SUPRAMAX 5Y 27.5 31.9 26.4 23.3 24.3 27.2
HANDYMAX10Y 22.0 24.7 18.0 13.0 17.4 21.0
HANDYMAX15Y 17.5 20.0 11.1 8.7 10.9 13.4
HANDYMAX20Y 11.0 12.0 7.9 6.3 6.4 8.3
 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

400 200
396 370 198 197
200 100
44 33 43
41
0 0
THIS MONTH - PREVIOUS MONTH THIS MONTH - PREVIOUS MONTH

*Excluding demolition sales

Sale and Purchase Market - Second Hand units

Ship Type Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 Total
BULK 54 61 33 45 41 44 278
TANK 48 23 40 13 43 33 200
GAS 4 6 3 16 1 6 36
CONT 28 7 4 13 17 10 79
TWEEN 2 1 1 1 1 0 6
REEF 0 0 0 0 0 0 0
RORO 0 0 0 0 0 0 0
FERRY 0 0 0 0 0 0 0
CRUISE 0 0 0 0 0 0 0

Total 136 98 81 88 103 94 599

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4

Baltic Clean Tanker - Yearly Baltic Dirty Tanker - Yearly

628
650 1400
1287
600 1200
550
1000
500 556
520 800
450 486 657
400 600 655
350 400
18 21 24 27 30 33 36 39 42 45 48 51 2 5 8 11 14 17 18 21 24 27 30 33 36 39 42 45 48 51 2 5 8 11 14 17
2013 2014 2013 2014
WEEK NO WEEK NO

Baltic Clean Tanker - Monthly Baltic Dirty Tanker - Monthly

650 700
690
600 677
606 680 688
550 670
500 660
520
650
450 655
640
400 630
01/04/2014 08/04/2014 15/04/2014 22/04/2014 29/04/2014 01/04/2014 08/04/2014 15/04/2014 22/04/2014 29/04/2014

TANKER SALES
NAME DWT BLT PRICE $ BUYER
MINITANK ONE 5695 2005 KOREA DH * ENBLOC BSS
MINITANK TWO 5720 2005 KOREA DH 14.3 MIO UNDISCLOSED
ORAROSE 6450 2008 CHINA DH * ENBLOC BSS
ORARIKKE 6886 2008 CHINA DH 10 MIO BELGIAN
AEGEAN FLOWER 6523 2002 CHINA DH 2 MIO UNDISCLOSED (Laid up)
ESHIPS QUEST 8501 2003 JAPAN DH 7.7 MIO ENBLOC BSS
ESHIPS PRELUDE 8508 2003 JAPAN DH 7.7 MIO FAR EASTERN
SAKARYA 11258 2008 TURKEY DH 14 MIO NORWEGIAN (Marineline)
DUMLUPINAR 11259 2008 TURKEY DH 14 MIO NORWEGIAN (Marineline)
CHEM STAR 11616 1999 JAPAN DH 7.25 MIO UNDISCLOSED (Stst)
EK RIVER 17259 1994 NORWAY DH 7.95 MIO F.E. RUSSIAN
BUNGA KANTAN TIGA 19734 2005 JAPAN DH 20.3 MIO ENBLOC BSS
BUNGA KANTAN DUA 19766 2005 JAPAN DH 20.3 MIO ENBLOC BSS
BUNGA KANTAN SATU 19774 2005 JAPAN DH 20.3 MIO SINOCHEM
LADY ARTEMIS 19950 1987 JAPAN DH 4.25 MIO DUBAI
ICDAS 09 19983 2010 TURKEY DH 19 MIO UNDISCLOSED (Marineline)
ICDAS 11 19984 2011 TURKEY DH 19 MIO UNDISCLOSED (Marineline)
STOLT MEGAMI 19997 2008 JAPAN DH 25 MIO GREEK (Stst)
VALDAOSTA 25527 2002 KOREA DH 14.5 MIO UNDISCLOSED
VALPADANA 25583 2002 KOREA DH 14.5 MIO UNDISCLOSED
LOBELIA 37263 2001 KOREA DH 13 MIO PERUVIAN
BUNGA BAKAWALI 45553 2010 KOREA DH 35.5 MIO ENBLOC BSS
BUNGA BALSAM 45612 2010 KOREA DH 35.5 MIO DUBAI
HELLAS CONSTELLATION 46162 2000 KOREA DH 11.9 MIO NIGERIAN BUYERS
SALAMIS 47236 1998 JAPAN DH 10.7 MIO UNDISCLOSED
RIGA 68467 2001 JAPAN DH 11.5 MIO GREEK
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5

STI HERITAGE 73956 2008 JAPAN DH 30 MIO UNDISCLOSED

FOUR BAY 94225 1995 ITALY DH 9 MIO UNDISCLOSED
JAG LAXMI 105051 1999 KOREA DH 13.1 MIO WARUNA
ATLAS VALOR 107181 1999 JAPAN DH 13.1 MIO UNDISCLOSED
FORWARD VENTURE 115567 2006 JAPAN DH 31 MIO UNDISCLOSED
VENTURE SPIRIT 298330 2003 JAPAN DH 43.5 MIO GREEK
ASIAN PROGRESS II 314026 2000 JAPAN DH 28.5 MIO GREEK

GAS SALES
NAME DWT BLT CBM PRICE $ BUYER
COTSWOLD 4999 1995 JAPAN 5007 5.5 MIO INDONESIAN
GREAT TRIBUNE 46609 1999 JAPAN 78432 54 MIO CHINESE
HELLAS NAUTILUS 54999 2003 KOREA 80551 64 MIO CHINESE
METHANE SHIRLEY ELISABETH 78997 2007 KOREA 142000 153 MIO ENBLOC BSS
METHANE ALISON VICTORIA 79058 2007 KOREA 145000 153 MIO ENBLOC BSS
METHANE HEATHER SALLY 79084 2007 KOREA 142702 153 MIO GREEK

VLCC
SUEZMAX
Spot Market - Tankers AFRAMAX

70000
60000
50000
40000
$/Day

30000
20000 15390
15110
10000
11110
0
Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14

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

30000
25570
25000

20000
$/Day

19160
15000 15280
10000

5000
Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14

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6

Baltic Handysize Baltic Supramax

650 632 1100 1068

600 1050
1000
550
950 921 916
500
517 900
2 2
450 850
400 800
01/04/2014 08/04/2014 15/04/2014 22/04/2014 29/04/2014 01/04/2014 08/04/2014 15/04/2014 22/04/2014 29/04/2014

Baltic Panamax Baltic Capesize

950 2600
2400 2293
900
868 2200
850 2000
812
800 1800
4 1668
4 38
777 1600
750 1591
1400
700 1200
01/04/2014 08/04/2014 15/04/2014 22/04/2014 29/04/2014 01/04/2014 08/04/2014 15/04/2014 22/04/2014 29/04/2014

BULKER SALES
NAME DWT BLT GEAR PRICE $ BUYER
HELEEN C 13497 2006 JAPAN C 2X30 * ENBLOC BSS
AMY C 13538 2006 JAPAN C 2X30 14.5 MIO GREEK
WOOYANG STERLING 20756 1999 SINGAPORE C 3X36 6 MIO GREEK
KEN ZUI 23564 1996 JAPAN C 4X30 6 MIO FAR EASTERN
HO XIN 24823 2007 JAPAN C 4X30 13 MIO GREEK
VOYAGER K 26591 1985 JAPAN C 4X30 3.5 MIO TURKISH
IVS SUPER CHALLENGE 28581 1996 JAPAN C 4X30 8.8 MIO UNDISCLOSED
FEDERAL FUJI 29531 1986 JAPAN C 4X25 * ENBLOC BSS
FEDERAL POLARIS 29536 1985 JAPAN C 4X25 6.9 MIO SYRIAN
TAIZHOU PIONEER 32453 2011 CHINA C 4X30 16.5 MIO ID SHIPPING
FLEX SHINE 32700 2003 JAPAN C 4X30 15.2 MIO GREEK
ACE CENTURY 32787 2000 JAPAN C 4X30 12 MIO GREEK
ORIENT SINGAPORE 33688 2011 JAPAN C 4X30 23.1 MIO GREEK
ROMEA 38852 1995 JAPAN C 4X25 8 MIO TURKISH
HAY 40478 1985 JAPAN C 5X25 4 MIO SYRIAN
ATALANTA 44593 1999 POLAND C 3X40 6.75 MIO UNDISCLOSED (Conbulker)
ASIAN EXCELSIOR 45190 1996 CHINA C 4X30 11.1 MIO GREEK
ALAM MESRA 46446 2000 JAPAN C 4X30 14.5 MIO GREEK
JING YANG 47685 2012 CHINA C 4X30 15 MIO CHINESE
MALTO BLOSSOM 50307 2003 JAPAN C 4X30 17.5 MIO UNDISCLOSED
NIRMAL GAUTAM 50455 1994 DENMARK C 4X25 6.5 MIO UNDISCLOSED (Via Auction)
CROWN PRINCESS 52347 2005 JAPAN C 4X30 22.1 MIO CHINESE (TC Attached)
ATLANTIC ADVENTURE 55709 2006 JAPAN C 4X30 23 MIO GREEK
TESS BULKER 57991 2011 PHILIPPINES C 4X30 29 MIO ID SHIPPING
TANAGER BULKER 57991 2011 PHILIPPINES C 4X30 29 MIO ID SHIPPING
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7

PACIFIC IRMA 58092 2010 PHILIPPINES C 4X30 27.5 MIO GREEK

CHENGXI HULL 0639 64000 2015 CHINA C 4X30 29.7 MIO ENBLOC BSS
CHENGXI HULL 0640 64000 2015 CHINA C 4X30 29.7 MIO EU BASED
FIRST ENDEAVOUR 69111 1994 JAPAN C 4X30 5.3 MIO CHINESE (SS/DD due)
PIPAVAV P017 73500 2014 INDIA GLESS 28 MIO UNDISCLOSED
ORSOLINA BOTTIGLIERI 75413 2001 JAPAN GLESS 18.75 MIO FAR EASTERN
OCEAN LILY 76585 2006 JAPAN GLESS 25 MIO SANKO
CORONA ACE 77447 1994 JAPAN GLESS 6.8 MIO CHINESE
ZHUSHUI 3 79501 2012 CHINA GLESS 24.5 MIO GREEK
ZHUSHUI 5 79501 2012 CHINA GLESS 24.5 MIO GREEK
SEA OF HARVEST 81383 2009 JAPAN GLESS 28 MIO GREEK
STX JINHAE 1623 82000 2014 KOREA GLESS 32.5 MIO GREEK
GRAND CHALLENGER 82992 2006 JAPAN GLESS 25 MIO GREEK
PACIFIC CHELLENGER 149210 1995 CHINA GLESS 13 MIO GREEK
PACIFIC ENTERPRISE 149363 1996 CHINA GLESS 13 MIO GREEK
A DUCKLING 171199 1999 JAPAN GLESS 20.8 MIO KOREA LINE
LIAN FU STAR 172091 1997 JAPAN GLESS 18 MIO VISTA
SHIN SURUGA 176391 2002 JAPAN GLESS 34 MIO UNDISLOSED
SHAGANGFIRST ERA 181447 2010 JAPAN GLESS 54.4 MIO UNDISLOSED

CAPESIZE

Spot Market - Bulkers PANAMAX

HANDYMAX

45000
40000
35000
30000
25000
$/Day

20000
15000
10000 8650
5000 7395
0 5145
Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14

CAPE

Period Market - Bulkers 1 Year T/C PMAX

HANDYMAX
35000

30000
26670
25000
4
20000
$/Day

15000 13295
12200
10000

5000
Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14

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8

CONTAINER SALES
NAME DWT BLT GEAR TEU PRICE $ BUYER
CMA CGM JUNIOR S 12310 1994 POLAND C 2X40 1016 2.5 MIO UNDISCLOSED
MELL SAYANG 16509 2007 CHINA C 2X45 1341 8.6 MIO UK (Via Auction)
SAWASDEEE JAKARTA 20072 1996 GERMANY C 3X40 1512 3.5 MIO UNDISCLOSED
MERIAN 20336 1994 GERMANY C 3X45 1452 4 MIO UNDISCLOSED
HS SCHUBERT 23689 2006 CHINA C 2X45 1740 11.8 MIO GREEK
YM FUZHOU 39333 2005 KOREA GLESS 2824 13.5 MIO US
THURINGIA 50790 2003 KOREA GLESS 4253 * ENBLOC BSS
BAVARIA 50800 2003 KOREA GLESS 4253 24 MIO CHINESE
MSC UGANDA 63523 1997 KOREA GLESS 4545 9 MIO CHINESE
10166
CMA CGM VIVALDI 2004 KOREA GLESS 8238 50 MIO JAPANESE (Incl 3 yrs TCB)
1

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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
56.9

100 99.8 50
45
80 40
35
$m

$m
65.4 29.6
60 30
54.2 25 27.3
40 20 23.4
36.9
15
20 10
Apr-12 Aug-12 Dec-12 Apr-13 Aug-13 Dec-13 Apr-14 Apr-12 Aug-12 Dec-12 Apr-13 Aug-13 Dec-13 Apr-14

Ship Type 2014 (deliv) 2014 2015 2016+ Total

Capesize 38 88 130 135 391
Panamax 51 218 119 79 467
Supra/Hmax 88 260 255 188 791
Handies 41 228 238 120 627
Total 218 794 742 522 2276

Tanker Orderbook
Ship Type 2014 (deliv) 2014 2015 2016+ Total
ULCC/VLCC 6 24 16 53 99
Suezmax 8 21 14 5 48
Aframax 8 32 57 25 122
Panamax 2 10 4 15 31
MR+Small 29 128 162 115 434
Total 53 215 253 213 734

LPG Tank Orderbook

Ship Type 2014 (deliv) 2014 2015 2016+ Total
VLGC 2 9 37 26 74
LGC 0 0 4 0 4
MR 2 11 9 20 42
Handy 6 11 22 7 46
Small 9 19 5 0 33
Total 19 50 77 53 199

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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 60 55
885 54
900
50 47
800
No. of Vessels

700
40

m. dwt
600
500 30 25
395
400 20.6 18.3
260 265 20
300 214
169
200 10
70 108 60
100
0 0
2012 2013 Apr-14 Mar-14 2015 2016+

VLCC Suezmax Bulker Newbuildings on Order

Tanker Newbuildings on Order Aframax Panamax
Capesize Panamax

Products Handymax Handysize

30 27.4 70 65

25 60

50 42
20 18.6
m. dwt

40
m. dwt

34.5
15 12.3
30
15.3
10 20
5.5
2.6
5 10

0 0
April 2014 April 2014

Newbuilding Historical Prices ($m)

Tankers Apr-14 2013 2012 2011 2010 2009 2008 2007 2005 2000 1995 1990 1985
1 2
310,000 DWT 99.8 93.8 93.2 98.9 104.8 97.5 150 145 120 76.5 85.3 87.4 38.2
170,000 DWT1 65.4 59.6 57.1 60.3 66.3 61 90 90 71.5 52.5 54 66.1
2
28.2
110,000 DWT1 54.2 52.2 48.5 52.2 56 49.5 74 72 58 41.5 43.3 53.2
2
18.1
47,000 DWT1 36.9 34.6 33.8 35.2 36.1 35 46.5 52 43 29.5 33.2
3
32.1
3
13.3
Bulkers
180,000 DWT1 56.9 53.6 45.7 48.4 57.2 55.5 87 96 58.5 40.5 42.3 60.2 29.3
73,000 DWT1 29.6 27.8 25.6 28.7 34.3 34.5 45.5 54 36 22.5 27.9 30 13.4
45,000 DWT 27.3 26.5 23.7 26.7 31.1 29 41 47.5 31 20.5 24.1 25.3 12.4
29,000 DWT 23.3 22.2 20.5 22.2 26.3 24.5 31 34 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
AHTS 4250 NorYards Fosen AS 2014 Det Nordenfjeldske
BULK 37300 Nanjing Dongze 2015 Nordic Hamburg
BULK 37300 Nanjing Dongze 2015 Nordic Hamburg
BULK 37300 Nanjing Dongze 2015 Nordic Hamburg
BULK 84000 Sasebo H.I 2016 Santoku Senpaku
BULK 84000 Sasebo H.I 2016 Santoku Senpaku
BULK 33000 Shin Kurushima 2016 Sesoda Steamship
BULK 33000 Shin Kurushima 2016 Sesoda Steamship
BULK 180000 Hanjin H.I. 2016 Unknown
BULK 180000 Hanjin H.I. 2016 Unknown
BULK 180000 Hanjin H.I. 2016 Unknown
BULK 80500 Zhejiang Ouhua 2017 Torvald Klaveness
BULK 82000 Jiangsu New YZJ 2016 Torvald Klaveness
BULK 82000 Jiangsu New YZJ 2016 Torvald Klaveness
BULK 206000 Qingdao Yangfan 2017 Trafigura Beheer
BULK 206000 Qingdao Yangfan 2017 Trafigura Beheer
BULK 63000 Imabari S.B. 2016 Sealink Navigation
BULK 63000 Imabari S.B. 2017 Sealink Navigation
BULK 81200 AVIC Weihai 2017 Golden Union
BULK 81200 AVIC Weihai 2016 Golden Union
BULK 81200 AVIC Weihai 2016 Golden Union
BULK 208000 Taizhou Catic 2016 Oldendorff Carriers
BULK 208000 Taizhou Catic 2017 Oldendorff Carriers
Chem & Oil 49500 Uljanik Brod. 2016 Trogir Maritime
Chem & Oil 49500 Uljanik Brod. 2015 Trogir Maritime
Chem & Oil 50000 Hyundai Vinashin 2016 36.6 Mio D' Amico Societa di Navig.
Chem & Oil 50000 Hyundai Vinashin 2016 36.6 Mio D' Amico Societa di Navig.
CONT 32000 Sainty SB 2015 42 Mio Universal Marine BV
CONT 32000 Sainty SB 2016 42 Mio Universal Marine BV
CONT 32000 Sainty SB 2016 42 Mio Universal Marine BV
CONT 32000 Sainty SB 2016 42 Mio Universal Marine BV
CONT 115177 Jiangsu New YZJ 2016 Seaspan Corp.
CONT 115177 Jiangsu New YZJ 2016 Seaspan Corp.
CONT 115177 Jiangsu New YZJ 2016 Seaspan Corp.
CONT 115177 Jiangsu New YZJ 2016 Seaspan Corp.
CONT 37000 Zhejiang Ouhua 2017 Arkas Line
CONT 37000 Zhejiang Ouhua 2016 Arkas Line
Dredger IHC Dredgers 2016 Transnet
Heavy Lift 12500 Taizhou Sanfu 2017 Zeaborn GmbH
Heavy Lift 12500 Taizhou Sanfu 2017 Zeaborn GmbH
Heavy Lift 12500 Taizhou Sanfu 2017 Zeaborn GmbH
Heavy Lift 12500 Taizhou Sanfu 2016 Zeaborn GmbH
LPG 51000 Mitsubishi H.I. 2016 Astomos Energy Corp.
LPG 34500 Jiangnan SY Group 2016 78.4 Mio Navigator Gas
LPG 34500 Jiangnan SY Group 2016 78.4 Mio Navigator Gas
LPG 34500 Jiangnan SY Group 2016 78.4 Mio Navigator Gas
LPG 51800 Mitsubishi H.I. 2016 JX Shipping Co. Ltd.
LPG 18000 Sinopacific Offshore 2016 55 Mio Eletson Gas
LPG 18000 Sinopacific Offshore 2016 55 Mio Eletson Gas
PSV 5000 Ast. Gondan 2016 Mokster Shipping
PSV 4200 COSCO Guangdong 2016 Vroon Offshore Services
PSV 4200 Arctech 2016 Sovcomflot JSC Eur 100 Mio
PSV 4700 Simek A/S 2015 Gulf Offshore Norge
Seis. Support 2400 Tongfang Jiangxin 2015 24 Mio COSL
Seis. Support 2400 Tongfang Jiangxin 2015 24 Mio COSL
Seis. Surv Cochin Shipyard 2017 ONGC
TANK 320000 HHIC-Philippines Inc. 2017 TRF
TANK 320000 HHIC-Philippines Inc. 2016 TRF

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12

DEMOLITION MARKET
Demolition Prices
Gen Cargo Tanker
India USD 440 /lt Ldt USD 460 /lt Ldt
Bangladesh USD 420 /lt Ldt USD 435 /lt Ldt
Pakistan USD 435 /lt Ldt USD 455 /lt Ldt
China USD 305 /lt Ldt USD 325 /lt Ldt

Demolition Historical Data

Price Tankers* 2011 2012

2013 2014
580
530
445 445 445 460
480
USD/ton

430
380
330
280
230
180
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
*India month's end prices
2011 2012
Price Bulkers*
2013 2014
580
530
480 430 430 440
415
430
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 28.428.5 27 28.9
30 25.6 25 25.7
22.4
18.9 18
20 13.4 14.5 15.916.7 15.5 15.6
10 12 10.3
10 4.9 4.6 3.8 5.5 6.5 5
2.35
0

* Bss reported sales

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13

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)

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 CURR.
TANK 186 182 172 115 136 174 135 174 262 362 302 405 507 287 338 485 482 435 460
BULK 166 153 152 112 143 170 135 181 267 381 332 392 472 268 328 437 456 410 440

India
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
BULK AQUAHOLIC 7635 1979 2863 480
BULK AQUA LUNA 12860 1992 4950 480
BULK ACJ PRIDE 21340 1983 5213 482
BULK AMIRA MARIAM 23791 1982 5947 465
BULK AASHMAN 24872 1984 5706 505
BULK ABYO ONE 64850 1987 11025 445 As is Labuan
BULK ARMIA KRAJOWA 73505 1991 13575 480 Incl 280T ROB
BULK ABYO CHARLIZE 75264 1997 11608 445
BULK ABYO SIENNA 75265 1997 11608 445
BULK ABYO TWO 122829 1990 16939 445 As is Labuan
BULK ABYO THREE 122829 1990 17008 445 As is Labuan
BULK ABYO FOUR 172639 1999 27828 445
CONT NORTHERN DELIGHT 22246 1994 7729 492
CONT KOTA WIJAYA 24689 1991 6815 525 Incl 520T ROB
CONT NORASIA NOOR 24693 1991 6811 513
CONT FINISTERRE 33221 1991 13341 504
CONT ATHENS TRADER 35534 1995 10370 495 As is Jebel Ali incl 120T ROB
CONT COMMODORE 61152 1992 22148 510
REEF AKADEMIKIS ZAVARICKIS 7673 1986 5996 505
REEF BALTIC MARINER 9852 1979 5900 473
RORO GLOBAL SPIRIT 16493 1987 13298 512
RORO JOLLY ROSSO 27229 1983 13575 500 As is Jebel Ali incll ROB
RORO JOLLY VERDE 27720 1983 13696 500 As is Jebel Ali incll ROB

Bangladesh
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
BULK PIONER KORSAKOVA 6070 1980 3937 455
BULK JIN HAI YUAN 26354 1981 6485 356 As is Fujian incl 100T ROB
BULK MAORI MAIDEN 37695 1984 7243 467
BULK SHUN RU 40572 1984 7475 482 Incl 460T ROB
BULK RACER EXPRESS 43062 1986 8194 450
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14

BULK FIRST KASIH 52580 1994 13630 446

BULK JI SHENG 145235 1984 23800 490 Incl 350T ROB
GAS NEW SEASON 3084 1984 1884 460
TANK B.P.P. 6 11427 1970 2337 410
TWEEN YUE HANG 201 16780 1972 5486 356

China
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
BULK HAI XIANG 174505 1996 24494 320
CONT FEI HE 51280 1994 19000 341

Pakistan
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
TANK VEGAS 39710 1989 9800 505
TANK OVERSEAS ERMAR 39982 1989 8900 472
TANK EAGLE OTOME 95663 1994 15646 474 As is Malaysia
TANK KAPPA 96759 1992 15301 490 As is Fujairah

Turkey
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
BULK PRAPHATHEPPRARAT 42832 1984 7625 336

Undisclosed
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
BULK ILONA 11116 1996 5075 374
CONT MSC SOCOTRA 63179 1995 24508 490
TANK CE-WAVE 96099 1992 14240 473
TANK UNIVERSAL PEACE 299700 1995 40970 474 As is Spore

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15

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
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
2013 585 920 620 1010 580 985
Apr-14 585 885 595 980 590 990

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16

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 0.5394 0.8236 0.005827 0.6755 0.5954 0.5526

CAD 1.8563 1 1.5276 0.010808 1.253 1.1042 1.0249
EUR 1.2149 0.6551 1 0.007076 0.8203 0.723 0.6709
JPY 171.795 92.6079 141.419 1 116.006 102.215 94.835
CHF 1.4816 0.799 1.2197 0.00863 1 0.8819 0.8186
USD 1.6811 0.906 1.3835 0.009788 1.1348 1 0.9282
AUD 1.8133 0.9773 1.4918 0.010557 1.224 1.0786 1
* 28/04/2014 values

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17

STOCK WATCH

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

NewLead Holdings Ltd. NEWL - - - - -

Capital Product Partners CPLP 10.76 10.64 1.1 11.30 8.12

Diana Shipping Inc. DSX 11.28 11.78 -4.2 13.93 9.00

Dryships Inc. DRYS 2.94 3.14 -6.4 5.00 1.65

Dynagas LNG Partners LP DLNG 21.54 22.09 -2.5 23.79 16.75

Eagle Bulk Shipping Inc. EGLE 2.99 3.98 -24.9 8.75 2.71

Euroseas Ltd. ESEA 1.21 1.25 -3.2 1.80 0.98

Freeseas Inc. FREE 1.28 1.65 -22.4 6.00 0.83

Genco Shipping&Trading GNK 1.79 1.43 25.2 4.98 1.12

Costamare Inc. CMRE 21.11 20.56 2.7 22.25 15.78

Goldenport Holdings Inc. GPRT 36.53 46.40 -21.3 51.00 29.00

Navios Maritime Holdings NM 7.78 9.26 -16 12.12 4.35

GasLog Ltd. GLOG 26.43 23.39 13 27.46 12.02

Paragon Shipping Inc. PRGN 5.58 6.54 -14.7 9.40 3.75

Safe Bulkers Inc. SB 7.97 9.06 -12 11.48 4.78

Star Bulk Carriers Corp. SBLK 11.80 13.75 -14.2 15.88 5.28

Stealthgas Inc. GASS 10.96 10.89 0.6 13.00 5.34

TEN Inc. TNP 6.98 7.50 -6.9 8.48 3.54

TOP Ships Inc. TOPS 7.09 - - - -

Box Ships Inc. TEU 1.63 2.41 -32.4 5.00 1.62

Diana Containerships Inc. DCIX 3.77 3.82 -1.3 6.02 3.47

Danaos Corporation DAC 5.39 7.02 -23.2 7.75 3.67

Aegean Marine Petroleum ANW 9.02 9.63 -6.3 12.72 5.76

* 28/04/2014 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,
R

ATHENIAN SHIPBROKERS S.A.

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