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RS Platou Monthly

December 2009
AVERAGE T/C-RESULTS FOR TANKERS 2003-09
1 0 0 0 $ /D A Y

ANALYSES & COMMENTS
100

100

80

80

NEWBUILDING
-Representative Reported Contracts

60

60

40

40

20

20

TANKER MARKET
0 V LCC 2003 SU EZMA X 2004 2005 2006 A FRA MA X 2007 2008 CLEA N MR 2009 0

DRY BULK MARKET
AVERAGE T/C-RESULTS FOR BULK CARRIERS 2003-09
1 0 0 0 $ /D A Y 140 120 100 80 60 40 20 0 CA PESIZE 2003 PA N A MA X 2004 2005 2006 H A N D Y MA X 2007 2008 H A N D Y SIZE 2009 140 120 100 80 60 40 20 0

SALE AND PURCHASE
-Tankers -Bulk Carriers -Representative Sales

CONTAINER SHIPS

CONTACT DETAILS

While care has been taken to ensure the information in this report is accurate, it is a general guide and not intended to be relied upon for any specific purpose. R.S. Platou Economic Research A.S. cannot accept any responsibility for any errors or any consequences arising therefrom. Reproducing any materials from this report without prior approval from R.S. Platou is strictly forbidden.

S.6 percent. Instead we reached an average of $28. but unfortunately not able to say anything precise about the realism for such a scenario. Preliminary data suggest that tonnage demand fell by 1 percent for the total year resulting in a utilization rate of 84 percent compared to 91 percent in 2008. We wrote on this place a year ago that it was necessary to remove 35 to 40 percent of the order books for bulk carriers and container ships and minimum 10 percent of the order book for tankers. In other countries.000 in 2008. There is a well-known correlation between the global economy and the need for seaborne transportation capacity. Platou Economic Research a. on a yearly average basis. freight rates recovered significantly over the year driven by a substantial increase in Chinese dry bulk imports. BUT BETTER THAN EXPECTED World shipping in general was somewhat better in 2009 than we expected at the beginning of the year. It was a well-founded fear that we were entering a long-term structural overcapacity. The active dry bulk fleet increased by 7 percent calculated on a yearly average basis. India raised its dry bulk imports by 30 mill tonnes. in OECD countries the decline was 4 to 5 percent.000 per day for VLCCs. mainly driven by higher coal imports. but not covering full capital costs. in emerging markets there was an increase of 2 percent. Preliminary figures suggest the world seaborne trade in dry bulk commodities and tonnage demand to have remained more or less unchanged from 2008 to 2009. The deliveries for bulk as well as for container ships are lagging behind the delivery schedule by between 35 and 40 percent. while coal imports jumped nearly 80 mill tonnes (160 percent). R. If deliveries of newbuildings continue to stretch out in time we may see a certain upturn in the utilization rate. DRY BULK MARKET – STRONGER THAN EXPECTED 2009 turned out stronger for dry bulk shipping than expected at the start of the year. a situation where even a robust upturn in the global economy was not sufficient to absorb the accumulated overcapacity.s . After many consecutive years with exceptionally high global economic growth contributing to annual tonnage demand growth of 8 to 9 percent the need for tonnage seems to have fallen by 3 percent in 2009. However. the lowest level since the 1980s. down from $88. freight rates were around 60 percent lower than in 2008. The growth rate for the world total merchant fleet was then somewhat weaker than the 9 to 10 percent we expected. dry bulk imports fell about 300 mill tonnes. Iron ore imports rose around 170 mill tonnes (39 percent). The most recent forecasts for the world economy indicates a growth in tonnage demand in 2010 of 6 to 7 percent. the growth now seems have been between 7 and 8 percent. Oil production was reduced by 2 percent. A persistent oversupply of oil accumulated some 170 mill bbls as floating storage at the end of the year and tied up as much as 6 percent of the tanker fleet. iron ore and coal suffered most. The utilization rate for the total merchant fleet declined from 90 percent last year (as we define as full capacity utilization) to 81 percent this year. World oil demand fell by 1. Without this employment we believe freight rates had been close to operating cost.ANALYSES & COMMENTS WORLD SHIPPING 2009 – A SHARP DECLINE. After a very weak start of the year. in Middle East the decline was 8 percent. Transport distances fell sharply in the first half and increased in the second half. China's crude imports contributed strongly to this trend. China’s dry bulk imports increased by 270 mill tonnes from 2008 to 2009. for tankers 10 percent behind. The strongest drops were seen in Japan and Europe and by commodity. The fleet utilization rate fell thus by approximately 7 percentage points. TANKER MARKET – A STRONG SUPPORT FROM FLOATING STORAGE Despite a 7 percent fleet growth and an estimated decline of 5 percent in seaborne oil trade in volume terms tanker rates in 2009 were on average significantly above lay-up levels. After 12 months we are still of the same opinion. Newbuilding prices fell on average by 25 percent over the year and with an expected very modest ordering activity in 2010 the price decline will most likely continue. but it is a long way to go before we reach 90 percent and full capacity utilization.

4 11.8 8.7 12.4 32.8 20.6 18 21 3 70 112 61 48 47 283 439 2009 5.4 8.1 14.7 22.2 7.5 137.2 77. $ 160 VLCC Suezmax Aframax M R Clean Capesize Panamax Handymax 08/12 134 82 66 45 76 44 39 09/11 96 61 52 34 54 36 29 09/12 94/95 60 51 34 52 36 29 140 140 Tankers 120 120 100 100 Bulk Carriers 80 80 60 60 40 40 20 99 00 01 MR CLEAN 20 02 03 04 05 06 SUEZMAX 07 08 VLCC 09 ORDERBOOK in no/mill dwt End Dec 09 VLCC Suezmax Aframax Small Total Capesize PostPnmx Panamax Handy Total Tankers * AFRAMAX Total 205 146 186 827 1364 711 453 218 1780 3162 63.3 2011+ 119 78 70 299 566 376 249 120 713 1458 37. In the Capesize sector Sungdong have secured orders for six ships for Greek and Korean owners.6 3.4 1.7 12.7 14. $ 100 BUILDING PRICES FOR BULK CARRIERS 100 90 80 70 60 50 90 80 70 60 50 Bulk Carriers** 40 30 40 30 1289 20 10 20 10 * incl.7 11.1 39.9 70.5 3.8 1.999 dwt .000-99.0 32.2 74 56 92 363 585 305 165 83 736 2010 22.0 3.3 5.2 50.6 4.8 2.8 7.1 12.2 3.7 10.2 22.0 15.2 6.4 54.3 4.4 30.6 120 1000 Bulk Carriers 100 800 80 99 00 01 02 03 YEN/$ 600 04 05 06 07 08 09 WON/$ *80.5 77.1 12.4 MILL.9 21.4 107.3 140 1200 180 1600 Tankers Suezmax Aframax Small Total Capesize PostPnmx* Panamax Handy Total 160 1400 1.5 1.4 12.7 0 20 0 10 30 6 2 10 35 53 09/12 0.1 42.3 138.4 1.8 11.2 0.NEWBUILDING This month’s seemingly biggest order is placed by Almi Tankers with Daewoo shipyard for Suezmax tankers.4 269.0 3.9 54.3 4.8 33. Chemical carriers **Post Panamax: 80.8 3.999 dwt 99 00 01 02 03 04 05 06 07 08 09 HANDYMAX PANAMAX CAPESIZE NEW ORDERS in no/mill dwt EXCHANGE RATES YEN/$ 200 WON/$ 1800 2008 VLCC 106 37 34 226 403 216 130 70 751 1167 33.8 3. Chinese shipowners still active with Da Sin ordering five Supramaxes at Hantong Shipyard.7 90. Additionally Centrofin took three Suezmax tankers at Samsung.1 0.000-99.9 31.7 140.7 5.9 Delay 09 12 12 24 165 213 30 39 15 331 415 3.0 0.3 0. NEWBUILDING PRICES in mill $ 160 BUILDING PRICES FOR TANKERS MILL.2 0.

2 33.0 % 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 12 m moving average .2 -1.Asia .2 -6.0 25.5 35 30 25 20 15 $1.0 10.7 31.2 85.3 8.5 34.0 % -4.8 23.0 % 6.0 % Percent 8.999 dwt 200.2 4.0 % -4.L.9 10.6 27.THE TANKER MARKET Large tankers maintained firm rates in December despite modest overall tanker demand.3 -0. many consider the backdrop for 2010 to be somewhat improved over expectations from only months ago.East .3 31.7 18.6 38.0 % Demand .1 0. the prior eight years VLCCs have averaged about $69.8 17.11m 45.0 16.3 19.7 13.America 47.0 11.5 10.7 23.5 9.9 36. The fact that rates did rise throughout Q4 2009 has provided hope to owners that the mismatch in fundamentals will not be severe and profitability will continue moving forward.2 432.8 4.0 % -2.0 % 4.0 % 2.3 -1.9 28.9 2008 44.0 12.9 16.5 16.7 35 35 30 30 25 25 20 20 12m t/c end month VLCC mod Suezmax mod Aframax mod LR2 Clean mod M R Clean mod 15 15 10 06 Nov 20 Nov AFRAMAX MOD 10 04 Dec SUEZMAX MOD 18 Dec VLCC MOD WEEKLY SPOT RATES FOR CLEAN CARRIERS OIL FLEET DEVELOPMENT in mill dwt Deliver.000/DAY 35 30 25 20 15 Incl.5 09/12 39.7 7.4 156.1 7.5 10.4 -8.6 End December 276.6 39.6 4.3 16.1 09/11 27.OECD .0 % 4.8 44. The Q4 rally boosted earnings as expected.8 10.N.7 47.4 29.0 % Supply .Non OECD World demand .0 % -6.7 86.0 % -5.0 % WORLD OIL CONSUMPTION MONTHLY 2000-2009 8.7 24.000/day.M . 2009 6.2 16.1 18.Africa .3 2.000/day in Q4.0 -6.Europe . chemical carriers 10 5 10 5 0 06 Nov 20 Nov MR CLEAN MOD 0 04 Dec LR2 MOD 18 Dec OIL MARKET in mbd 08 .8 % 09/08 -4.9 Delet.0 84.W.2 84. With the single hull phase out now upon us and the forward demand scenario improving stepby-step.5 2007 44.4 67.4 13.2 49.3 22.8 17.2 9.FSU World supply World seaborne oil trade 0.3 1.6 % chg 12 mths 9.3 16.000/DAY 45 2008 2009 28.7 4.1 26.8 3.5 17.0 23.0 22.0 40 40 Single Voyage VLCC mod Suezmax mod Aframax mod LR2 Clean mod M R Clean mod 88.9 7.3 12. more than double this year's figure of $29.5 7.America .000 dwt+ Total tanker fleet 31.5 47.0 % -2.7 3.000/day 45 WEEKLY SPOT RATES FOR CRUDE CARRIERS $1. 2009 10-199.6 21.1 6.11m 09 .9 2009 F 43. AVERAGE FREIGHT RATES in $ 1.0 % 2. However.5 72.

000 dwt (BSPA) 55 50 45 55 50 45 40 35 30 25 20 15 10 99 00 01 02 03 04 05 06 07 08 09 5 YEARS 14 Dec 77.000 dwt resale C 47.0 21.0 24.0 38.000 dwt 5 years 150.0 40.0 78.5 40.0 56.0 n.35 7.0 52.000 dwt resale 160.000 dwt 5 years 08/12 120.0 40.950 23.0 50.0 68.5 years old 305.0 35. The number of vessels sold during the year fell from about 300 in 2008 to about 170 vessels with a total value of about $4 billion in 2009 representing a fall of some 60 percent and more than 70 percent since 2007.0 28.0 85.0 28.42 31 8.0 280.31 4.0 16.0 35.26 1 0.07 2.0 56.78 0.000 dwt M R PROD .75 120 SH IN PERCENT OF NEWBUILDING PRICES 5 YEARS OLD TANKERS PERCENT 120 53 9 1 5 68 1 1 2 0 4 92 14 7 9 122 110 110 100 100 90 90 OTHER REMOVALS* in no/mill dwt Tankers 2008 10-199.a.0 25.0 80.29 0.94 Total 108 13.999 dwt 86 7.0 52.03 0.000 dwt+ Total 2008 1. $ MILL.0 21.969 23.0 102.0 65.0 53.15 1.636 21 Dec 77.$ 160 140 120 100 80 60 40 20 99 00 160 140 120 100 80 60 40 20 01 02 AFRAMAX 03 04 05 06 07 08 09 SUEZMAX VLCC SH VALUES FOR CLEAN CARRIERS 40.a.0 09/11 95.063 37. 09/10 95.00 0.000 dwt 10 years C 37.999 dwt 120-199.556 40 35 30 25 20 15 10 DEMOLITION PRICES in $/ldt Tankers Far East Sub continent 08/12 230.81 0.5 40.0 71.27 6 0.0 57.0 40.000 dwt AFRAM AX .0 68.0 24.0 56.999 dwt 70-119.0 24.0 28.000 dwt 5 years C 50.000 dwt 5 years 300.0 42.000 dwt+ 22 5.10 0.0 60.0 78.0 45.000 dwt resale 305.0 09/10 290/300 330/340 09/11 275/285 330/340 09/12 315.000 dwt resale C 75.0 68.99 1.000 DWT / 45.000 dwt 5 years 105.0 82.0 18.0 n.0 10 YEARS DB 10 YEARS DH SOLD FOR SCRAPPING in no/mill dwt Tankers 10-69.30 200.0 33.0 25.0 09/12 100.34 1. 50.42 50 9.0 54.000 DWT BALTIC SALE & PURCHASE ASSESSMENTS Average Baltic panel assessments in mill $ Vessel VLCC .84 80 80 70 70 60 00 01 02 03 AFRAMAX 60 04 05 06 SUEZMAX 07 08 09 VLCC .083 37.52 2009 19 1.0 390.999 dwt 200.000 dwt resale 105.000 dwt 10 years 105. SH VALUES FOR CRUDE CARRIERS 5 YEARS OLD ESTIMATED VALUES in mill $ End month 310.000 dwt 10 years C 75.SALE AND PURCHASE TANKERS The average values for the vessels in our report fell by some 25 percent during 2009 or about 50 percent since the peak mid 2008.25 * Including total loss/conversions/reclass 09/12 5 0.5 years old 45.0 68.000 dwt 10 years 160.0 40.0 60.0 MILL.0 45.5 years old 105.0 16.0 33.0 50.0 38. On the positive side single hull tankers will be faced out during the year and with about 80 single hull VLCCs still “around” compared to about 75 scheduled for delivery during 2010 the market could well be better than most market players expect.42 2009 2. At the moment values seem to have leveled out and we believe the charter market will be the most influential factor to determine prices /values in the months to come.0 38.05 09/12 0.000 dwt 5 years C 47.

2 Delet.9 24.2 42.4 % 09/08 -39.9 1.090.1 14.7 50.3 40.1 2005.11m 52.3 10.999 dwt 80-99. 2009 6.5 12.5 9. 2007.7 20 0 02 03 04 05 06 SUPRAMAX 07 08 09 PANAMAX HANDYSIZE USA Euro zone Japan China Other Asia WORLD STEEL PRODUCTION MILL MT/MONTH 150 150 125 100 75 50 25 0 2004. freight rates remained relatively steady over the last month.6 53.2 18. The Panamax sector showed a firmer tendency towards the end of the year driven by higher Atlantic grain activity and increased fixtures of coal in the Pacific. * 2009 13. AVERAGE FREIGHT RATES in $ 1.0 17.0 462.THE DRY BULK MARKET Freight rates for Capesizes weakened during the second half of December resulting from less Chinese activity in iron ore.6 22.999 dwt 60-79.4 09 .5 Tripchart.000/DAY 180 160 140 120 180 160 140 120 10-59.2 -1.9 32.8 0.6 78.8 09/11 65.3 518.8 2009 39.6 -22.5 119.8 -29. REST OF THE WORLD .1 .0 18.8 97.2 29. 50 40 30 50 40 30 12m t/c end month 20 10 0 20 10 0 06 Nov 20 Nov CAPESIZE 04 Dec PANAMAX SUPRAMAX 18 Dec HANDYSIZE DRY BULK FLEET DEVELOPMENT in mill dwt Deliver.1 14.3 103.9 48.4 2009 E -10.7 27. The main element behind firm tonnage demand for the smaller sizes was firm Pacific activity in steel and other minor bulks.6 9.8 -3.4 12. In the Handy and Supramax sectors.1 CHINA 125 STEEL PRODUCTION in mill tonnes 08 .0 1.3 41.6 18.0 21.0 09/12 52.1 1.6 -10.3 2010 F 4.4 12 MONTHS T/C RATES FOR BULK CARRIERS $1.6 126.8 458.8 End December 172.222.2 110.8 % chg 12 mths 4.4 -33.11m 87.4 111.1 22.8 -3.8 14.3 3.3 1.1 2009.1 2008.3 1. conversions 100 80 60 40 100 80 60 40 20 0 99 00 01 CAPESIZE INDUSTRIAL PRODUCTION % change 2008 -2.8 10.6 17.8 100 75 USA Japan EU 27 China Other Asia Total World 50 25 0 2003.9 26.3 189.0 -14.1 1.1 3.0 -7.7 26.0 22.1 11.000 dwt+ Total bulk fleet *Incl.4 12.999 dwt 100.0 13.1 TOTAL WORLD .2 12.000/day 80 70 60 WEEKLY SPOT RATES FOR BULK CARRIERS $1.7 17.7 29.6 165.3 35.000/DAY 80 70 60 Capesize Panamax Supramax Handysize Capesize Panamax Supramax Handysize 2008 95.1 7.2 32.2 4.1 19.1 2006.

09 1.0 55.000 dwt 10 years 56.0 16.0 27.999 dwt 100.$ 160 140 160 140 120 BALTIC SALE & PURCHASE ASSESSMENTS Average Baltic panel assessments in mill $ Vessel CAPESIZE .0 17.0 34.371 21 Dec 53.0 41.5 21.999 dwt 60-79.0 31.5 years old 172.5 35.0 35.0 330. terms of values and liquidity.000 dwt 5 years 72.0 190 SH IN PERCENT OF NEWBUILDING PRICES 5 YEARS OLD BULK CARRIERS PERCENT 190 170 170 150 150 SOLD FOR SCRAPPING in no/mill dwt Bulk carriers 10-59.00 1.000 dwt 5 years 170.44 09/12 0.0 49.0 21.5 21.38 4.0 09/10 280/290 290/300 09/11 260/270 285/295 09/12 315.SALE AND PURCHASE BULK CARRIERS The year ended with solid activity in the dry-cargo sale & purchase market where Chinese buyers continued the trend seen throughout the year and picked up the majority of vessels reported sold in December.000 dwt SUPER HANDY .0 250.0 26.5 years old 52.000 dwt resale 28.5 35.5 26.0 33.79 130 130 110 110 90 90 59 19 0 9 87 8 0 0 0 8 218 28 1 9 256 70 70 50 00 01 02 HANDYMAX 50 03 04 05 06 07 08 09 CAPESIZE PANAMAX .000 dwt PANAM AX .0 09/10 66.0 17.25 0.000 (BSPA) 120 100 80 60 40 20 0 99 00 01 02 03 04 05 06 07 08 09 100 80 60 40 20 0 14 Dec 53.0 55.5 mill to Chinese buyers.0 28.5 26. Prices remain firm and we understand a Capesize resale for delivery ex Japanese yard April 2010 has just been committed for a strong $71.00 0.424 27.000 dwt+ Total 2008 1. We estimate the value for a new Capesize increased more than 15 percent over the year while Panamaxes and Supramaxes gained above 10 percent.308 HANDYMAX PANAMAX CAPESIZE DEMOLITION PRICES in $/ldt Bulk carriers Far East Sub continent 08/12 220.0 26.0 33.000 dwt resale 74.23 0.5 21.53 9. the total value of all transactions concluded were considerable below the 2008 figures reflecting the substantially drop in values since the peak which ended in the early autumn 2008.0 45.0 17.5 26.5 43.5 37.015 33.339 27. Whereas the activity in terms of number of sales almost doubled in 2009 compared to 2008.5 20.5 years old 74.32 1.0 22.0 28.000 dwt 10 years 08/12 60.5 140 120 100 80 140 120 100 80 60 40 20 0 99 00 01 HANDYMAX 60 40 20 0 02 03 04 05 06 07 08 CAPESIZE 09 PANAMAX SH VALUES FOR BULK CARRIERS 10 YEARS OLD MILL. the market improved drastically during 2009 both in.000 dwt 5 years 46.5 22.85 0. Despite a very uncertain start of the year in respect of second-hand values.5 26.0 23.000 dwt 10 years 76.5 09/11 67.000 dwt 5 years 28.5 26.000 dwt resale 172.23 2009 6. SH VALUES FOR BULK CARRIERS 5 YEARS OLD ESTIMATED VALUES in mill $ MILL.00 0.0 40.999 dwt 80-99.0 37.0 52.0 30.132 33.0 45.82 1.0 39.000 dwt 10 years 32.0 22.5 26.000 dwt resale 52.5 09/12 70.00 0.$ 160 160 End month 180.

700 teu 05 06 3.500 teu SH VALUES FOR CONTAINER SHIPS 5 YEARS OLD MILL.000 .000 .000 1.0 118.000/DAY 50 40 40 Below 1.000 TEUs Deliver.999 2. Preliminary figures suggest some 6 – 7 percent drop in container volumes from 2008 to 2009.5 mill teu) of the container ship fleet was reported to be idle.5 45 45 35 35 25 25 15 15 5 99 00 01 02 03 04 05 06 3.000 .999 teu 4.500 teu 10 ORDERBOOK in no/1.000 .5 % chg 12 mths 1.760.4 percent (1.3.000 teu + Total container fleet 30 30 20 20 10 10 0 0 99 00 01 1.000 teu 06 07 08 09 6.8 50 12 MONTHS T/C RATES FOR CONTAINER SHIPS $1.000 .405 5.1 -3.645 2.8 7.6 112.1 12.4 2.000 .017 Delay 09 45 46 11 48 150 32 70 34 302 439 39 73 54 210 376 2010 33 101 157 1.8 11.0 280.823.000 TEUs BUILDING PRICES FOR CONTAINER SHIPS End Dec 09 Below 1.000 teu 5 07 08 09 4. the container ship fleet increased by 8 percent calculated on a yearly average basis.963.0 0.1. At year end 11.7 14. 2009 12. At the same time.5 6.0 4.000 + Total 93 154 108 568 923 Total 71 223 318 4.000 teu 1.3 111.4 855.3 24. while box rates increased over the last months mainly resulting from a significant adjustment of the operating container ship capacity.2 4.5 6.7 350.9 1.9 End December 772.000 + Total 49.4 86.000 TEUs 2008 Below 1.0 88.7 5.999 2.500 teu 10 1.3.000 teu 1.8 2009 4.3.458 1. FLEET DEVELOPMENT in 1.6 1.000 teu 1.000 teu NEW ORDERS in no/1.6 0 0 0 0 0 09/12 0. $ 120 110 100 90 80 120 110 100 90 80 310 397 70 60 50 40 70 60 50 40 30 20 10 99 00 1.5 5.7 35.8 8.5 09/12 4.0 0.000 teu 02 03 04 1.999 4.830 MILL.3 1.0 4 11 4 6 25 2009 1.105.0 4. Charter rates hovered around lay-up levels most of the year.6 834.0 36.0 45. 2009 23.700 teu 3.4 12.999 4.CELLULAR CONTAINER SHIPS 2009 was a disastrous year for container shipping.6 103.0 0. $ 85 85 74.5 214.700 teu 4.3 5.1.1 30 20 10 01 02 03 04 05 3.8 09/11 4.0 30.5 -0.500 teu 2008 10.1.000 teu 1.000/day Modern vessels 1. The capacity utilization rate decreased thus by 14 – 15 percentage points from 2008 to 2009.0 0.999 teu 2.9 Delet.700 teu .055.8 16.201.749 9 35 43 2011+ 6 52 127 2.000 1.000 teu 07 08 09 4.8 75 75 65 PRICES PER END FEB 2009 65 55 55 AVERAGE CHARTER RATES in $ 1.0 33.3 5.0 77.000 teu 4.

000 dwt 2 x 81.0 mill.000 dwt 180.0 mill.000 dwt 2 x 180.000 dwt BULK 4 x 35. 53.000 dwt 10 x 158.000 dwt 5 x 157. 53.0 mill.The Platou Monthly December 2009 Representative reported contracts Type Capacity Shipyard Reported price / unit (USD mill) 18.000 dwt 2 x 37. 28. Samsung H.000 dwt 2 x 180.000 dwt 5 x 57.0 mill.0 mill Vroon Global Transporte Oceanico Sonangol Almi Tankers Centrofin Stena 2011 2011 2012 / 2013 2011 / 2013 2011 2011 24. Samho Tongyong Huatai H. I. S T X Shipbuilding Jiangsu Hantong Xiamen Shipyard S P P Shipbuilding Hudong-Zhonghua Shipyard Nantong Rongsheng Shipbuilding S P P Shipbuilding Sungdong Shipbuilding Sungdong Shipbuilding Sungdong Shipbuilding Sungdong Shipbuilding Itajai Shipyard Daewoo S B & Marine Eng. 53. Ciner 2011 Marine Capital 2011 / 2012 Taiwanese Owner 2011 Da Sin Shipping 2011 Hongkong Tianhong 2012 European Owner 2010 / 2011 Domestic Owner 2011 Mingsheng Financial Leasing 2011 / 2012 European Owner 2012 Korean Owner 2012 Navios 2012 Polembros 2011 Teh Hu 2012 Elcano 2011 2011 / 2012 70.000 dwt 2 x 76.I.000 dwt 2 x 57.2 mill.000 dwt 180.5 mill.000 dwt GAS 3 x 7. 53.000 dwt 2 x 158. Ignazio Messina .000 dwt 4 x 59.5 mill. 28.000 dwt 3 x 158.0 mill. Owner Delivery TANK 2 x 6. 61.000 dwt 3 x 45.5 mill.000 cbm RORO 4 x 2300 teu Hyundai Mipo Maua Jurong Daewoo Shipbuilding Daewoo Shipbuilding Samsung H.5 mill.9 mill. 33.I.000 dwt 6 x 37. 27.000 dwt 8 x 76.

000 dwt 1983/Germany USD 6.000 97.5 Mill Buyers Comments Indonesia Korea (North) conversion Far East India auction China Norway 99.000 77.000 70.000 65.000 67.000 73.000 67.3 Mill " USD 75 Mill USD 35 Mill USD 26.000 72.5 Mill USD 36.5 Mill Rgn USD 25 Mill USD 11.000 69.000 73.000 74.5 Mill USD 52 Mill USD 17.3 Mill China China China China China China China ss/dd due " China Greece United States Undisclosed Greece Greece China China Undisclosed China Undisclosed China China China .5 Mill Undisclosed Greece " " " Venezuela Vietnam China auction 7 years BBHP 76.5 Mill Xs USD 41 Mill USD 36.5 Mill USD 22 Mill USD 12 Mill USD 20.000 73.5 Mill USD 40.000 179.000 73.000 150.000 108.000 302.000 Type Built dwt dwt dwt dwt dwt dwt 2000/Korea 1994/Korea 1988/Korea 1991/Korea 2009/Japan 1993/Korea Price Rgn USD 64 Mill USD 20 Mill USD 16 Mill USD 7.8 Mill " " " USD 52 Mill Each USD 24.000 76.000 77.000 77.000 77.000 140.000 69.000 65.000 65.000 276.95 Mill USD 5.8 Mill Undisclosed 180.000 dwt dwt dwt dwt dwt dwt dwt dwt dwt dwt dwt dwt dwt dwt dwt dwt dwt dwt dwt dwt dwt dwt 2010/Japan 1998/Korea 2003/Japan 1991/Korea 2008/Japan 2005/Japan 2005/Japan 2006/Japan 2007/Japan 2004/Japan 1999/Japan 1997/Japan 1988/Japan 1996/Japan 1989/Korea 1994/Japan 1984/Taiwan 1983/Japan 1982/Japan 1982/Japan 1982/Japan 1982/Japan USD 71.97 Mill USD 52 Mill USD 12.000 dwt dwt dwt dwt dwt dwt dwt 1991/China 2009/China 2009/China 2009/China 2009/China 2004/Japan 2007/Japan USD 7.000 177.000 20.5 Mill Undisclosed USD 5.000 82.The Platou Monthly December 2009 Representative sales Type/Name Tank Effie Maersk Hamal Star Concord Viking Crux Rosi I Chemtrans Lyra Chem/Prod Vanguard Viking 1 Constantinos Meltemi Scirocco Maistros Rose Southern Eagle Comb Navdhenu Trust Bulk Oriental Bay Azul Glory Cape Victory Chs Star Sunlight Ocean Navios Orion India Fortune Ocean Fortune Princess Theresa Hebei Ernst Salamon Juno Island Noble Jade Pierre Haina Wealth Sejahtera Harita Ferro Vitatrader Gem Of Haldia Gem Of Cochin Gem Of Aqaba Sagaland Cap 307.3 Mill USD 5 Mill USD 4 Mill USD 5.000 70.000 46.000 65.

The Platou Monthly December 2009 Representative sales Santos Success Gem Of Madras Forestal Esperanza Pindos Orientor 2 Luckyfield Zsq Star Gingko Nurten Ana Gregos Jianmao 18 Bled Bohinj Kritika Naree Discoverer Lodestar Forest Calypso I Basic Reliance Fgm Achiever Darya Yog Virginia Maritime Master Hilda Container Shanghai Bridge Lions Gate Bridge Long Beach Bridge Msc Zrin Cape Arago Sinar Bangka Ice King Ute Johanna 63.000 50.3 Mill USD 8.000 30.5 Mill USD 7.060 428 366 teu teu teu teu teu teu teu teu 2002/Japan 2001/Korea 2002/Japan 1993/Croatia 1992/Germany 2000/Japan 1994/Spain 1995/Germany USD 22 Mill USD 21 Mill USD 22 Mill USD 4.7 Mill USD 5 Mill Undisclosed USD 7.000 35.35 Mill USD 5.000 54.575 Mill USD 13.5k pd 5.000 29.000 34.000 35.000 32.576 2.000 46.066 1.2 Mill USD 2.000 26.000 43.7 Mill USD 3 Mill Undisclosed Undisclosed USD 1.5 Mill USD 4.610 5.83 Mill USD 4.7 Mill USD 18 Mill USD 24.000 39.5 Mill USD 2 Mill USD 20.2 Mill Undisclosed Norway Undisclosed China Undisclosed Undisclosed China Undisclosed European Greece European Greece Greece China Undisclosed Hong Kong Kuwait Undisclosed Undisclosed Greece Undisclosed China Undisclosed incl 2 yrs t/c at usd 10.5 Mill USD 33.2 Mill Rgn USD 23.3 Mill USD 4.2 Mill USD 3.5 Mill USD 9.000 29.000 27.000 25.000 45.9 Mill USD 5.000 57.45 Mill USD 4.625 Mill Greece Undisclosed Greece Undisclosed Undisclosed Japan Undisclosed Russia .064 1.000 34.000 38.000 50.896 5.000 31.6 Mill USD 4.000 35.000 dwt dwt dwt dwt dwt dwt dwt dwt dwt dwt dwt dwt dwt dwt dwt dwt dwt dwt dwt dwt dwt dwt dwt 1984/Japan 2008/Japan 1990/Japan 1994/Denmark 2002/China 1982/Japan 1986/Brazil 1984/ 1985/Japan 1984/Japan 1984/Spain 1983/Spain 1984/Spain 1982/ 1983/Japan 2005/Japan 1977/Serbia 2002/Japan 1978/Great Britain 1996/China 1985/ 1984/Japan 1984/Japan USD 5.