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

May 2014
MONTHLY REPORT

12000
Baltic Dry Index
10000

8000

6000

4000

2000

0
Jan-08
May-04

May-05

May-06

May-07

May-08

May-09

May-10

May-11

May-12

May-13

May-14
Jan-05

Jan-06

Jan-07

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14
Sep-04

Sep-05

Sep-06

Sep-07

Sep-08

Sep-09

Sep-10

Sep-11

Sep-12

Sep-13
PRICES TANKERS ($ MIO)
* Prices reflect Year’s End 2009* 2010* 2011* 2012* 2013* May-14
VLCC 5Y 78.0 87.8 55.6 56.0 55.8 74.8
VLCC 10Y 59.5 64.3 34.1 35.0 35.0 49.0
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 34.0
45K 5Y D/H 23.5 27.3 25.8 23.0 23.3 29.0
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* May-14
CAPESIZE 5Y 54.5 57.0 36.3 32.0 43.9 51.5
CAPESIZE 10Y 45.0 43.0 26.8 20.5 31.0 38.5
CAPESIZE 15Y 28.0 26.0 15.2 12.7 18.2 24.0
CAPESIZE 20Y 16.5 16.4 10.5 9.3 10.1 10.3
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 22.0
PANAMAX 15Y 22.0 23.1 12.4 8.3 12.0 14.0
PANAMAX 20Y 12.0 13.8 8.1 5.4 7.5 7.3
SUPRAMAX 5Y 27.5 31.9 26.4 23.3 24.3 26.5
HANDYMAX10Y 22.0 24.7 18.0 13.0 17.4 20.8
HANDYMAX15Y 17.5 20.0 11.1 8.7 10.9 13.1
HANDYMAX20Y 11.0 12.0 7.9 6.3 6.4 8.1
 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
396 210 198
328
200 100
22 44 31 33
0 0
THIS MONTH - PREVIOUS MONTH THIS MONTH - PREVIOUS MONTH

*Excluding demolition sales

Sale and Purchase Market - Second Hand units

Ship Type Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Total
BULK 61 33 45 41 44 22 246
TANK 23 40 13 43 33 31 183
GAS 6 3 16 1 6 3 35
CONT 7 4 13 17 10 17 68
TWEEN 1 1 1 1 0 2 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 98 81 88 103 93 75 538

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4

Baltic Clean Tanker - Yearly Baltic Dirty Tanker - Yearly

650 633 1400
614 1287
600 1200
550
556 1000
500 521
486 800
450
400 600 647
579 597
350 400
23 26 29 32 35 38 41 44 47 50 1 4 7 10 13 16 19 22 23 26 29 32 35 38 41 44 47 50 1 4 7 10 13 16 19 22
2013 2014 2013 2014
WEEK NO WEEK NO

Baltic Clean Tanker - Monthly Baltic Dirty Tanker - Monthly

540 700
537 691

535 534 680

665
530 660 667

528 528 648

525 527 640 649

520 620
01/05/2014 08/05/2014 15/05/2014 22/05/2014 29/05/2014 01/05/2014 08/05/2014 15/05/2014 22/05/2014 29/05/2014

TANKER SALES
NAME DWT BLT PRICE $ BUYER
XIN DA 1 4000 2012 CHINA DH 5 MIO MIDDLE EASTERN
TROMA 5565 2007 TURKEY DH * ENBLOC BSS▼
FROSTA 5675 2006 TURKEY DH 14.6 MIO NST, NETHERLANDS (Total Price)
BRO HAWAII 5664 2009 S.KOREA DH 9 MIO S.KOREAN
CHEM STAR 19993 2009 S.KOREA DH 20.5 MIO GREEK (Marineline coated)
CAPE BEAR 33540 1997 RUSSIA DH 7 MIO UNDISCLOSED
ATLANTIC LOMBARDIA 35841 2000 S.KOREA DH 9 MIO GREEK (Marineline coated)
BUNGA ASTER 37933 2010 S.KOREA DH * ENBLOC BSS▼
BUNGA AZALEA 37959 2010 S.KOREA DH * ENBLOC BSS▼
BUNGA AKASIA 37961 2009 S.KOREA DH * ENBLOC BSS▼
BUNGA ALAMANDA 37961 2009 S.KOREA DH * ENBLOC BSS▼
BUNGA ALLIUM 37961 2010 S.KOREA DH * ENBLOC BSS▼
BUNGA ANGELICA 38001 2010 S.KOREA DH * ENBLOC BSS▼
BUNGA ANGSANA 38001 2010 S.KOREA DH 231 MIO UNDISCLOSED (Marineline coated)
PYXIS DELTA 46616 2006 S.KOREA DH 25.5 MIO UNDISCLOSED
IVER EXPRESS 46858 2007 S.KOREA DH 23 MIO UNDISCLOSED
JAG PADMA 47172 1996 JAPAN DH 9.1 MIO UNDISCLOSED
EASTERN FORCE 48056 2009 JAPANA DH 24 MIO UNDISCLOSED
OTTAWA 70296 2003 S.KOREA DH 20.5 MIO GREEK
TAMAR 70362 2003 S.KOREA DH 20.5 MIO GREEK
ASTRO SIRIUS 98805 1996 S.KOREA DH 10 MIO MIDDLE EASTERN
RICH QUEEN II 105572 2007 JAPAN DH 34 MIO UNDISCLOSED
CAPE BALDER 159998 2000 S.KOREA DH 18.5 MIO UNDISCLOSED (For Conversion)
KOU-EI 279999 1999 JAPAN DH 21 MIO GREEK
SAMHO CROWN 300482 1996 S.KOREA DH 22 MIO UNDISCLOSED (Via Auction in Dubai)
CHARLES EDDIE 305178 2002 S.KOREA DH 41.5 MIO GREEK

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SYNERGY QUEEN 309741 2010 JAPAN DH 78 MIO UNDISCLOSED

A ELEPHANT 314000 2010 S.KOREA DH 77 MIO TEEKAY
B ELEPHANT 314000 2010 S.KOREA DH 77 MIO TEEKAY
S GLORY 318000 2004 S.KOREA DH 41.7 MIO UNDISCLOSED
YOUNARA GLORY 320051 2004 S.KOREA DH 49 MIO GREEK

GAS SALES
NAME DWT BLT CBM PRICE $ BUYER
CHANG NENG 39 2983 2010 CHINA 3700 7 MIO S.KOREAN (Via auction)
EEKLO 29458 1995 JAPAN 36770 34 MIO UNDISCLOSED
FLANDERS TENACITY 54155 1996 JAPAN 84269 51 MIO TURKISH (Incl BB Charter)

VLCC
SUEZMAX
Spot Market - Tankers AFRAMAX

70000
60000
50000
40000
$/Day

30000
20000 19100
17010
10000
8280
0
May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14

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

30000

25000 23500

20000
$/Day

18900
15000 15100
10000

5000
May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14

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6

Baltic Handysize Baltic Supramax

520 950
510 920
510
900
500
490 850
480 839
485 2 481 800 2
470
460 750
01/05/2014 08/05/2014 15/05/2014 22/05/2014 29/05/2014 01/05/2014 08/05/2014 15/05/2014 22/05/2014 29/05/2014

Baltic Panamax Baltic Capesize

1100 1900
1061 1829
1050 1800
1000 1700
950 1600
900 1500 1457
4 904 4 1453 38
850 866 1400
800 1300
1302
750 1200
01/05/2014 08/05/2014 15/05/2014 22/05/2014 29/05/2014 01/05/2014 08/05/2014 15/05/2014 22/05/2014 29/05/2014

BULKER SALES
NAME DWT BLT GEAR PRICE $ BUYER
ARKTIS 27348 1996 CHINA CR 4X30 7.5 MIO UNDISCLOSED
GLORIOUS SPLENDOUR 28141 2014 JAPAN CR 4X30 22 MIO GREEK BASED
CITRUS VENUS 28492 2001 JAPAN CR 4X30 10.2 MIO UNDISCLOSED
NANTICOKE BELLE 28835 1989 JAPAN CR 4X30 3.5 MIO CHINESE
BULK PROVIDENCE 30193 2007 INDIA CR 4X30 13 MIO UNDISCLOSED
PACIFIC TRAMP 33200 2011 CHINA CR 4X30 16 MIO UNDISCLOSED (Open Hatch)
GREAT LEADER 33745 2004 JAPAN CR 4X30 14.2 MIO GREEK
PAROS 39110 1992 JAPAN CR 4X25 6.7 MIO CHINESE
WANDERLUST 41675 2006 BULGARIA CR 4X30 15.5 MIO NAVIBULGAR
EXPANDER 46644 2000 JAPAN CR 4X30 14.5 MIO UNDISCLOSED
BULK LIBERTY 46747 1998 JAPAN CR 4X30 12.8 MIO UNDISCLOSED
WESTERN SINGAPORE 52239 2003 PHILIPPINES CR 4X30 17.5 MIO INDIAN
GRETA 53621 2007 CHINA CR 4X36 15.25 MIO UNDISCLOSED
KOMATSUSHIMA STAR 55522 2009 JAPAN CR 4X30 25.3 MIO GREEK
ORIENT ROSE 56026 2006 JAPAN CR 4X30 22 MIO THORESEN THAI
COYOTE 72338 1994 S.KOREA GLESS 6.9 MIO CHINESE
MOKPO STAR 82852 2012 S.KOREA GLESS 31 MIO GREEK
SHIRAKUMO 87144 2006 JAPAN GLESS 22 MIO GREEK
GREAT HARVEST, HONG
SEA STAR 92500 2010 CHINA GLESS 22.8 MIO
KONG
CAPE OCEANIA 152025 1994 TAIWAN GLESS 10 MIO UNDISCLOSED
ELEGANT STAR 177216 2005 JAPAN GLESS 40 MIO GREEK
F. D. LUIGI D' AMATO 180184 2006 JAPAN GLESS 39.6 MIO GREEK

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7

COMBO SALES
NAME DWT BLT GEAR PRICE $ BUYER
C WHALE 319869 2010 S.KOREA CR 6X30 58.2 MIO UNDISCLOSED

CAPESIZE

Spot Market - Bulkers PANAMAX

HANDYMAX

45000
40000
35000
30000
25000
$/Day

20000
15000
7000
10000
6850
5000
5500
0
May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14

CAPE

Period Market - Bulkers 1 Year T/C PMAX

HANDYMAX
35000

30000

25000 24500
4
20000
$/Day

15000 12750
10000 10300
5000
May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14

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8

CONTAINER SALES
NAME DWT BLT GEAR TEU PRICE $ BUYER
NEW BLESSING 10548 1998 SINGAPORE CR 2X40 802 * ENBLOC BSS▼
PT SALAM PACIFIC,
PAC NATUNA 11593 1997 JAPAN CR 2X36 850 6.2 MIO
INDONESIA (Total Price)
MERKUR BEACH 22900 1996 POLAND CR 3X40 1706 3.5 MIO GREEK
NORSUL ICARAI 24376 1997 JAPAN CR 3X40 1613 * ENBLOC BSS▼
ACX MARGUERITE 24386 1997 JAPAN CR 3X40 1613 10 MIO TAIWANESE (Total Price)
URANUS 29210 1999 POLAND CR 3X45 1835 * ENBLOC BSS▼
NEPTUN 29233 1998 POLAND CR 3X45 1835 10 MIO GREEK (Total Price)
TIGER SPEED 34083 1997 S.KOREA CR 3X40 2468 5.7 MIO NORWEGIAN
SC TIANJIN 50953 2001 S.KOREA GLESS 4253 * ENBLOC BSS▼
SC QINGDAO 50953 2001 S.KOREA GLESS 4253 * ENBLOC BSS▼
SC ROTTERDAM 50953 2002 S.KOREA GLESS 4253 33 MIO SINOKOR (Total Price)
ZHEJAING OUHUA 649 56300 2014 CHINA GLESS 4834 40.1 MIO GERMAN
MSC CURITIBA 62200 1997 S.KOREA GLESS 4800 9.8 MIO SWISS BASED
SANTA PAOLA 67310 2005 S.KOREA GLESS 5047 14.5 MIO SINOKOR
YM UNISON 101411 2006 S.KOREA GLESS 8208 58 MIO UNDISCLOSED (Incl TC
attached for 45 mos)

YM UTMOST 101597 2006 S.KOREA GLESS 8208 58 MIO UNDISCLOSED (Incl TC

attached for 45 mos)

TWEEN/MPP SALES
NAME DWT BLT GEAR TEU PRICE $ BUYER
WESTERKADE 8450 2000 CROATIA CR 2X40 712 2.8 MIO UNDISCLOSED
J WELL 10053 1991 JAPAN DR 4X20 1.5 MIO GREEK
MUSASHI 13721 2007 JAPAN CR 2X50 468 8 MIO UNDISCLOSED

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9

NEW BUILDING MARKET AND REPORTED CONTRACTS

Tanker Prices VLCC Suezmax Bulker Prices Capesize Panamax

Aframax MR Handymax Handysize

120 70

60
100 100.5 57.8
50
1 5
80
$m

40

$m
65.8 29.8
60
54.8 30
5 27.7
40 3 20 23.5
37

20 10
May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14

Dry Bulk Orderbook

Ship Type 2014 (deliv) 2014 2015 2016+ Total
Capesize 39 87 128 160 414
Panamax 67 202 136 98 503
Supra/Hmax 100 247 305 224 876
Handies 78 185 233 132 628
Total 284 721 802 614 2421

Tanker Orderbook
Ship Type 2014 (deliv) 2014 2015 2016+ Total
ULCC/VLCC 6 24 16 53 99
Suezmax 8 21 13 9 51
Aframax 8 32 57 29 126
Panamax 2 10 4 18 34
MR+Small 35 123 160 128 446
Total 59 210 250 237 756

LPG Tank Orderbook

Ship Type 2014 (deliv) 2014 2015 2016+ Total
VLGC 2 9 37 33 81
LGC 0 0 4 0 4
MR 3 10 9 26 48
Handy 6 11 22 8 47
Small 12 16 6 0 34
Total 23 46 78 67 214

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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
885
900 57.4
60 53
800 50
No. of Vessels

700 50

m. dwt
600 40
500
395 27.2
400 30
20.5 20.1
305
300 260 214 20
169
200 120
70 65 10
100
0 0
2012 2013 May-14 May-14 2015 2016+

Tanker Newbuildings on Order VLCC Suezmax Bulker Newbuildings on Order Capesize Panamax
Aframax Panamax
Products Handymax Handysize
30 27.5 80
67
70
25
60
20 18.4 43.4
m. dwt

50
m. dwt

15 12.5 40 34.9

30 16.5
10
6.1 20
2.4
5 10

0 0
May 2014 May 2014

Newbuilding Historical Prices ($m)

Tankers May-14 2013 2012 2011 2010 2009 2008 2007 2005 2000 1995 1990 1985
1 2
310,000 DWT 100.5 93.8 93.2 98.9 104.8 97.5 150 145 120 76.5 85.3 87.4 38.2
170,000 DWT1 65.8 59.6 57.1 60.3 66.3 61 90 90 71.5 52.5 54 66.1
2
28.2
110,000 DWT1 54.8 52.2 48.5 52.2 56 49.5 74 72 58 41.5 43.3 53.2
2
18.1
47,000 DWT1 37 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 57.8 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 29.8 27.8 25.6 28.7 34.3 34.5 45.5 54 36 22.5 27.9 30 13.4
45,000 DWT 27.7 26.5 23.7 26.7 31.1 29 41 47.5 31 20.5 24.1 25.3 12.4
29,000 DWT 23.5 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 4000 Remontowa Shpbld 2015 Secunda Marine
BULK 61000 Imabari S.B. 2017 Kuang Ming Shpg.
BULK 61000 Imabari S.B. 2017 Kuang Ming Shpg.
BULK 82000 Jiangsu New YZJ 2015 Sincere Navigation
BULK 81522 Tsuneishi Zhoushan 2016 Santoku Senpaku
Chem & Oil 35000 Minami Nippon 2017 Tokyo Marine Co. Ltd
Chem & Oil 35000 Minami Nippon 2017 Tokyo Marine Co. Ltd
CONT 30350 Zhejiang Yangfan 2016 Schulte Group
CONT 30350 Zhejiang Yangfan 2016 Schulte Group
CONT 30350 Zhejiang Yangfan 2016 Schulte Group
CONT 30350 Zhejiang Yangfan 2016 Schulte Group
Cruise 15000 STX France 2018 1320 Mio Royal Caribbean
Cruise 15000 Fincantieri 2017 700 Mio MSC Cruises
Cruise 15000 Fincantieri 2017 700 Mio MSC Cruises
Ethy/LPG 34000 Sinopacific Offshore 2016 81 Mio Ocean Yield
Ethy/LPG 34000 Sinopacific Offshore 2016 81 Mio Ocean Yield
Ethy/LPG 34000 Sinopacific Offshore 2016 81 Mio Ocean Yield
Ethy/LPG 18000 Sinopacific Offshore 2016 50 Mio Odfjell Gas
Ethy/LPG 18000 Sinopacific Offshore 2016 50 Mio Odfjell Gas
Ethy/LPG 18000 Sinopacific Offshore 2017 50 Mio Odfjell Gas
Ethy/LPG 18000 Sinopacific Offshore 2017 50 Mio Odfjell Gas
Ethy/LPG 22500 Jiangnan SY Group 2016 Petredec S.A.M.
Ethy/LPG 22500 Jiangnan SY Group 2016 Petredec S.A.M.
Ethy/LPG 22500 Jiangnan SY Group 2017 Petredec S.A.M.
Ethy/LPG 22500 Jiangnan SY Group 2017 Petredec S.A.M.
Icebreaker 9000 Baltic Shipyd. 2019 1200 Mio Atomflot FSUE
Icebreaker 9000 Baltic Shipyd. 2020 1300 Mio Atomflot FSUE
LNG 90000 Samsung H.I. 2017 Gaslog Ltd
LNG 90000 Samsung H.I. 2017 Gaslog Ltd
LNG 75000 Mitsubishi H.I. 2017 Nippon Yusen Kaisha
LNG 97000 Hyundai H.I. 2016 Knutsen OAS Shipping
LNG 97000 Hyundai H.I. 2017 Knutsen OAS Shipping
LNG/Eth/LPG 20400 Sinopacific Offshore 2016 Evergas AS
LNG/Eth/LPG 20400 Sinopacific Offshore 2016 Evergas AS
LPG 55000 Daewoo 2016 Shandong Shipping
LPG 55000 Daewoo 2016 Shandong Shipping
LPG 7000 Sasaki Zosen 2016 Epic Gas
LPG 7000 Sasaki Zosen 2016 Epic Gas
LPG 23000 STX Shipbuild. 2015 Ultragas Aps
LPG 23000 STX Shipbuild. 2015 Ultragas Aps
LPG 23000 STX Shipbuild. 2015 Ultragas Aps
LPG 30000 Hyundai Mipo 2016 West Africa LPG
MPP 7000 Jiangzhou S/Y 2016 German Owners
MPP 7000 Jiangzhou S/Y 2016 German Owners
MPP 7000 Jiangzhou S/Y 2016 German Owners
MPP/Hvy Lift 12500 Nantong Hongqiang HI 2015 Krey Schiffahrts
MPP/Hvy Lift 12500 Nantong Hongqiang HI 2015 Krey Schiffahrts
Pass/Car F. 4000 CNN - La Naval 2016 Texel's Eigen Stoom.
PCC 23000 Hyundai H.I. 2015 Hyundai Glovis
PCC 23000 Hyundai H.I. 2015 Hyundai Glovis
PCC 23000 Hyundai H.I. 2016 Hyundai Glovis
PCC 23000 Hyundai H.I. 2016 Hyundai Glovis
PCC 5000 Jinling Shipyard 2016 Anji Automotive Log
PSV 4000 Japan Marine United 2016 Swire Pacific
PSV 4000 Japan Marine United 2016 Swire Pacific
PSV 4000 Japan Marine United 2016 Swire Pacific
PSV 4000 Japan Marine United 2016 Swire Pacific
PSV 4200 Wuchang S.B. 2015 Unknown Singapore
PSV 4200 Wuchang S.B. 2015 Unknown Singapore
PSV 4200 Wuchang S.B. 2016 Unknown Singapore
PSV 4500 Wilson Sons 2017 Wilson Ultratug
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PSV 4500 Wilson Sons 2017 Wilson Ultratug

PSV 4000 VARD Vung Tau 2015 Carlotta Offshore
Seis. Survey Tongfang Jiangxin 2015 COSL
TANK 158000 Sungdong S.B. 2016 Eastern Pacific Shipping
TANK 158000 Sungdong S.B. 2016 Eastern Pacific Shipping
TANK 158000 Sungdong S.B. 2016 Eastern Pacific Shipping

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13

DEMOLITION MARKET
Demolition Prices
Gen Cargo Tanker
India USD 465 /lt Ldt USD 485 /lt Ldt
Bangladesh USD 445 /lt Ldt USD 465 /lt Ldt
Pakistan USD 440 /lt Ldt USD 460 /lt Ldt
China USD 305 /lt Ldt USD 325 /lt Ldt

Demolition Historical Data

Price Tankers* 2011 2012

2013 2014
580
530 485
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
465
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
22.4
25.7
18.9 18
20 13.4 14.5 15.916.7 15.5 15.6 14.8
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)

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 CURR.
TANK 186 182 172 115 136 174 135 174 262 362 302 405 507 287 338 485 482 435 485
BULK 166 153 152 112 143 170 135 181 267 381 332 392 472 268 328 437 456 410 465

India
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
BULK ADI I 16324 1978 5916 490
BULK ARIADNE 28791 1984 7198 492
BULK YONG FA MEN 29338 1983 7829 500 Incl 200T RoB
BULK ERK 30898 1984 6720 490 Incl 350T RoB
BULK IRINI 47665 1987 8488 495
BULK YU JIE 72578 1987 10876 502 Incl abt 400T RoB
BULK CAPE WARRIOR 151688 1995 18885 467 Asis Hong Kong incl RoB for India
BULK PHYLLIS N 285768 1990 33875 500 Converted to Ore Carrier
CONT MSC KIRARI 34927 1996 11516 512
CONT KONSTANTINA 47230 1992 14465 520
CONT MESSOLOGI 60350 1991 23740 515
CONT APL NINGBO 61470 1995 24325 517
CONT SUNNY AMAZON 62905 1995 23600 523
CONT SUNNY OASIS 62905 1995 23600 523
CONT APL CHIWAN 63440 1995 23174 517
GAS RHEINGAS 5650 1992 3152 600
REEF STINA 10601 1983 6597 495
TANK PALANIMALAI 33056 1992 8861 435 Asis Vizag incl Bunkers RoB
TANK VALDIVIA 68232 1994 16248 402 Asis Chile
TANK KITION 96315 1994 14568 510
TWEEN TONG JI MEN 23476 1982 7373 500 Incl 200T RoB

Bangladesh
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
BULK YANG QUAN 18863 1977 4330 435
BULK KATE 29433 1985 6863 487
BULK RIZHAO EXPRESS 43212 1989 9075 459
BULK DA FU STAR 69006 1987 12216 470
BULK MAGDALENE 152160 1989 15803 490
BULK MACAU MINERAL 207785 1989 24950 501 Incl 1100T RoB
TANK ANDHIKA ASHURA 6956 1984 2267 443
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15

TANK TUO FU 3 63920 1993 15877 491 Incl 750T RoB

TWEEN PEARL 5968 1984 2167 440
TWEEN WIN BRIGHT 6846 1983 2340 438

China
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
No reported sales

Pakistan
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
TANK EAGLE SUBARU 95675 1994 15886 475 Asis Labuan incl RoB

Turkey
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
BULK SALMO 3225 1979 1321 319

Undisclosed
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
TANK SHINYO SPLENDOR 306474 1993 41237 485

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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
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
May-14 584 877 606 983 605 990

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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 0.5493 0.8124 0.005855 0.6646 0.5965 0.5515

CAD 1.8211 1 1.4792 0.010662 1.2103 1.0862 1.0042
EUR 1.2312 0.6762 1 0.007208 0.8183 0.7344 0.6789
JPY 170.816 93.818 138.75 1 113.517 101.891 94.1908
CHF 1.5049 0.8266 1.2224 0.008811 1 0.8977 0.8299
USD 1.6765 0.9208 1.3618 0.009816 1.1142 1 0.9245
AUD 1.8138 0.9962 1.4732 0.010619 1.2054 1.0819 1
* 29/05/2014 values

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18

STOCK WATCH

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

NewLead Holdings Ltd. NEWL - - - - -

Capital Product Partners CPLP 10.72 10.76 -0.4 11.30 8.12

Diana Shipping Inc. DSX 11.11 11.28 -1.5 13.93 9.38

Dryships Inc. DRYS 3.01 2.94 2.4 5.00 1.65

Dynagas LNG Partners LP DLNG 23.30 21.54 8.2 24.27 16.75

Eagle Bulk Shipping Inc. EGLE 3.40 2.99 13.7 8.75 2.71

Euroseas Ltd. ESEA 1.22 1.21 0.8 1.80 0.98

Freeseas Inc. FREE 1.16 1.28 -9.4 4.64 0.83

Genco Shipping&Trading GNK 1.75 1.79 -2.2 4.98 1.14

Costamare Inc. CMRE 22.14 21.11 4.9 22.55 15.90

Goldenport Holdings Inc. GPRT - - - - -

Navios Maritime Holdings NM 9.05 7.78 16.3 12.12 4.70

GasLog Ltd. GLOG 23.14 26.43 -12.4 28.89 12.20

Paragon Shipping Inc. PRGN 5.67 5.58 1.6 9.40 3.75

Safe Bulkers Inc. SB 8.47 7.97 6.3 11.48 4.78

Star Bulk Carriers Corp. SBLK 11.13 11.80 -5.7 15.88 5.28

Stealthgas Inc. GASS 10.49 10.96 -4.3 13.00 5.34

TEN Inc. TNP 7.27 6.98 4.2 8.48 4.06

TOP Ships Inc. TOPS 4.30 7.09 -39.4 20.51 3.90

Box Ships Inc. TEU 1.54 1.63 -5.5 4.66 1.40

Diana Containerships Inc. DCIX 2.65 3.77 -29.7 6.02 2.65

Danaos Corporation DAC 5.95 5.39 10.4 7.75 3.67

Aegean Marine Petroleum ANW 10.10 9.02 12 12.72 8.16


* 28/05/2014 closing values Executed Reverse Split

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

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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