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RSPlatouMonthly

April2015

Supply,demandandutilizationrate,tankerfleet(10,000dwt+)

Analyticaltopicofthemonth:

500

140

450

130

400

120

Milldwt

150

350

110

300

100

250

90

200

80

150

70

05

06

07

08

Supply

09

10

11

Demand

12

13

14

15

Utilizationrate(%)

550

LNGshippingshould
reachacyclicalbottom
thissummer
Page2

Analysesandcomments.. 2
Worldeconomyandworldshipping .. 3

Utilizationrate

Newbuilding . 4
Supply,demandandutilizationrate,drybulkfleet(10,000dwt+)
140

Tankers|Freightmarket.. 5

700

130

Tankers|Saleandpurchase.. 6

600

120

500

110

400

100

300

90

200

80

100

05

06

07

08

Supply

RSPlatouEconomicResearchAS
Shipbroking|Oslo

09

10
Demand

11

12

13

14

Utilizationrate

Munkedamsveien62C
N0270Oslo,Norway

15

70

Bulkcarriers|Freightmarket 7
Utilizationrate(%)

Milldwt

800

Bulkcarriers|Saleandpurchase .. 8
Cellularcontainerships 9
LNGcarriers

10

Representativenewbuildingcontracts

11

Representativesecondhandsales.

12

Contactlist..

13

Tel.: +4723112000
Fax: +4723112300

ecr@platou.com
www.platou.com

RSPlatouMonthly

April2015

Analysesandcomments
LNGshippingshouldreachacyclicalbottomthissummer
TheLNGshippingmarketisinthemidstofacyclicaldownturn
causedbyanincreasinglyhigherfleetgrowthinparallelwitha
disappointinglowgrowthindemand.Asaresultshortterm
ratesformoderndualfuelledtonnagedroppedby$30,000per
dayinfirstquarterthisyearcomparedtoayearago.
Themostunexpecteddevelopmentintheshippingdemandhas
theseabornetradeofLNG,whichfellbyanestimated3
percentYoYduringthefirstquarterthisyear.Algeria,
Indonesia,PeruandQatarseemstohavereducedthe
productionlevelandcontributedtothesaiddropwhilethe
AngolanandEgyptianexportremainsshut.RecentlytheYemen
exporthasalsobeenhaltedduetosocialunrest.
OntheimportsidewehaveregisteredaslowdowninAsiaLNG
importsastheChineseeconomyislosingpace,Koreangas
demandishamperedbytherestartofnuclearpowerplants
andIndianLNGimportsarealsoreducedsofarthisyear.
ThishasledtoanincreasingshareoftheMiddleEasternLNG
productionsoldwestofSuez.InMarch,Qatarideliveriesto
Europedoubledyearonyearto2millionmt,thehighest
monthlyfigureonrecord.
TheEuropeangasmarkethastakenmoreofthesurplusLNG
andtheimportreached11millionmtintheperiodbetween
JanuaryandMarch,up23percentyearonyear.Marchsaw
particularlystrongimports,withover4millionmtlandedat
Europeanterminalsequaltoa32percentincreasefromthe
samemonthlastyear.
LowerAsianLNGimportscombinedwithnewproduction
capacityinOceaniathataresoldintoAsiahasledtoadropin
theinterbasintradeandthusreducedthetransportdistance
forLNGbyanestimated2percentduring1Q2015.
InsumtheshippingdemandforLNGcarriersin1Qthisyearhas
deterioratedbyanestimated4percentcomparedtoayear
ago.

Thefleetinfirstquarter2015hasgrownby9percentduring
thepastyearasanumberofnewbuildingshasenteredthe
marketandthusledtoan10percentfallintheutilizationrate
82percent.
However,goingforwardwedoexpectthemarketconditionsto
improve.Thereisanumberofnewproductionfacilitiessetto
startproductionthisyear.QueenslandLNG,an8.5millmt
Australianfacility,loadedthefirstcargoearlythisyearand
threeotherAustralianprojectsareexpectedtostartexporting
LNGduringthesecondhalfofthisyear;AustraliaLNG(4.5mill
mt),GladstoneLNG(7.8millmt)andGorgonLNG(5.2millmt).
Thereisalsoa2millmtLNGprojectinIndonesia,Donggi
SenoroLNG,comingonstreamlaterthisyear.Combinedthese
projectsshouldrisetheexportcapacityby16millmttoreach
300millmtthisyearandturnthenegativeyearonyeargrowth
seeninthefirstquartertoadoubledigitgrowthduringthelast
quarterofthisyear.
Transportdistanceisexpectedtocontinuetocontribute
negativelythroughouttheyearastherewillbeneedforless
AtlanticandMiddleEasternLNGinAsiaduetonewproduction
capacityinOceaniathataresoldonlongtermcontractsto
Asianbyuerswhichshouldresultinalowerinterbasintrade.
Wethusexpectshippingdemandtofallbyabout2percentYoY
inthesecondquarterthisyearbeforeturninginthethirdand
inthefourthquarterleaptowardsdoubledigitterritory.
Thefleetgrowthshouldbeatitshighestduringthefirsthalfof
thisyear;9to10percentYoY,anddropto7to8percent
duringthetwolastquartersoftheyearaccordingtothe
deliveryschedule.
Thebalanceshouldthusweakensomewhatfurtherduringthe
secondquarterinlinewiththenormalseasonalpattern.Inthe
thirdquartertheutilizationrateshouldstarttoincreaseas
demandgrowthisexpectedtoleapupwardscombinedwitha
somewhatweakergrowthinthefleet.

JrnBakkelund
RSPlatouEconomicResearch

RSPlatouEconomicResearchAS
Shipbroking|Oslo

RSPlatouMonthly

April2015

Worldeconomyandworldshipping
TheIMFofferedacautiouslyoptimisticviewoftheworldeconomyin
itsbiannualreview.The2015forecastwasleftunchangedat3.5%,a
slightimprovementonthe3.4%rateregisteredin2013and2014.The
2016forecastwasbumpedupby0.1%pointto3.8%,whichwould
representthebestperformancesince2011,ifcorrect.Developed
countriesareingeneralseenasdoingbetterandforecastswere
raisedformostEuropeancountriesaswellasJapan.Thefund

highlightedongoingheadwindsinemergingmarkets,however,an
importantchallengeforshipping.Dataoverthepastmonthconfirms
thefundsanalysisofthesituation.Europeanmacrofigureshave
surprisedontheupside.However,thishasbeencounteredbyamore
visibleslowdownintheUS,wheretheeconomyvirtuallystalledinQ1,
asthecutbacksinoilspendingandthestrengtheningoftheUSDhit
home.

WorldeconomyYoYchangein%

ForecastsforworldGDP,monthlyrevisionsYoYchangein%

GDPgrowth
US
Euroarea
China
Japan
India
World
Worldtrade

2014
2.4
0.9
7.4
0.1
7.2 (5.8)
3.3 (3.2)
3.4 (3.1)

Varioussources

2015
3.0 (3.2)
1.5 (1.4)
6.9 (7.1)
1.0 (1.1)
7.6 (6.7)
3.4
3.7 (3.8)

2016
2.8 (2.9)
1.8 (1.7)
6.8
1.7
8.0 (6.9)
3.8
4.7 (5.3)

()previousmonth,ifchanged

2014
4.3
4.4
84.4

2015F
5.2
4.5
84.9

3.75
3.50
3.25
3.00
2.75
Jan2014

WorldmerchantfleetYoYchangein%
Tonnagedemand
Fleetgrowth
Utilizationrate

4.00

2016F
5.1
4.6
85.3

Jul2014
2014

Jan2015
2015

2016

Seabornetrade YoYchangein%
40

MarketindicatorsYoYchangein%
Seabornetrade*
Oil
Drybulk
Oil
Oilconsumption

Crudeimports

World
US
China
US
China

Drybulk
Chinaimports

Total
Ironore
Steelproduction
China
US
Container
USimports

3Q/2014
2.2
2.9
Feb2015
1.1
2.1
11.9
15.1
10.6
Feb2015
8.7
7.4
3.4
7.9
Feb2015
5.7

30
4Q/2014
1.5
3.7
Mar2015
1.4
3.0
9.2
10.9
14.0
Mar2015
0.2
8.5
1.2
12.7
Mar2015
3.8

201502m
1.2
4.2
201503m
1.2
2.3
6.8
14.3
7.5
201503m
12.3
0.1
1.7
7.6
201503m
4.7

20
10
0
10
20
08

09

10

11

12

Drybulk

13

14

15

Oil

SteelpriceHRCBlackSea USD/ton
1200.0
1000.0
800.0

Commodityprices,endofmonth
Brentoilspot
HFOSingapore
Indianironore
Steamcoal
SteelHRCB.Sea

USD/bbl
USD/t
USD/t
USD/t
USD/t

Apr2014
109.0
588.0
109.5
72.8
513.0

Mar2015
53.3
308.5
53.5
58.4
385.0

Apr2015
63.8
365.0
58.5
58.6
350.0

600.0
400.0
200.0
0.0
2007 2008 2009 2010 2011 2012 2013 2014 2015

*Fordetailsonsourcesandmethods,visit www.platou.com/dnn_site/LinkClick.aspx?fileticket=CodSYdx5lSM%3d&tabid=536

RSPlatouEconomicResearchAS
Shipbroking|Oslo

RSPlatouMonthly

April2015

Newbuilding
deliveredthroughout2017.Inthecontainershipsector,Seaspan
extendedtheirorderof10,000TEUboxshipsatJiangsuNewYZJ
followingthedeclarationoftwooptions.Theshipsareduefor
deliveryinthefirsthalfof2017.Italsocametolightthisweekthat
ZhongfuShippingdeclaredoptionsfortwo2,100CEUPCTCsat
XiamenSB.Theshipsareduefordeliveryin2016and2017
respectively.

NewbuildingpricesinmillUSD

BuildingpricesfortankersMillUSD

Bulk*

Tank*

DAmicoannouncinganorderatHyundaiVinashinfor2x75,000
dwtLR1tankerswithdeliverydueinQ2andQ32017.DAmico
currentlyhavefour50,000dwtMRtankersandfour39,000dwt
Handysizetankersonorderattheshipyard.Inthedrysector,
TsuneishiCebuarereportedtohavetakenanorderfromanasyet
unconfirmedJapaneseshipownerforsixfirm38,300dwt
Handysizelogandbulkcarriers.Thevesselsarescheduledtobe

VLCC
Suezmax
Aframax
MRClean
Capesize
Kamsarmax
Ultramax(fromJan2013)

Dec2014
96/97
65
53/54
36
52
29
27

Mar2015
96/97
65
53/54
36
52
28
26

Apr2015
96/97
65
53/54
36/37
51
27
25

* TankersfromKoreanyards,bulkcarriersfromChineseyards

Tank*
Bulk*

89
27.7
VLCC
68
10.7
Suezmax
12.8
113
Aframax
489
20.1
Smaller
759
71.2
Total
289
57.5
Capesize
1.4
15
PostPanamax
26.5
Pan./Kamsarmax 329
34.1
Handy/Supramax 560
363
13.0
Handysize
1556 132.5
Total

150
125
100
75
50
25
0

Orderbookinno./milldwt
Total

175

Rest2015
20
7
33
200
260
109
5
146
258
174
692

6.2
1.0
3.8
8.0
19.0
20.9
0.5
11.6
15.7
6.2
54.9

2016
51
37
56
213
357
148
6
122
243
140
659

05

2017+

15.9 18 5.6
5.9 24 3.8
6.3 24 2.7
9.1 76 2.9
37.1 142 15.1
29.3 32 7.3
0.6
4 0.4
10.0 61 5.0
14.7 59 3.6
5.1 49 1.8
59.6 205 18.0

06

07

VLCC

08

09

10

Suezmax

11

12

13

Aframax

14

15

MRClean

BuildingpricesforbulkcarriersMillUSD
100
75
50
25

Bulk*

Tank*

Newordersinno./milldwt
VLCC
Suezmax
Aframax
Smaller
Total
Capesize
PostPanamax
Pan./Kamsarmax
Handy/Supramax
Handysize
Total

2014
27
8.5
39
6.2
29
3.2
204
7.3
299
25.1
138
28.4
2
0.2
122
9.7
362
21.8
185
6.8
809
66.9

2015YTD
12
3.7
15
2.4
14
1.6
14
1.0
55
8.7
3
0.7
0.2
2
6
0.5
29
1.7
40
1.4
80
4.5

Apr2015
0
0.0
2
0.3
6
0.7
2
0.2
10
1.2
0
0.0
0
0.0
0
0.0
0
0.0
6
0.2
6
0.2

0
05

06

07

08

Capesize

09

10

11

12

13

Kamsarmax/Panamax

14

Supramax

ExchangeratesLeft:CNY/USD|Right:JPY/USD
10

140

120

100

80

60

40

* Fortonnagedefinitions,visit www.platou.com/dnn_site/LinkClick.aspx?fileticket=CodSYdx5lSM%3d&tabid=536

05

RSPlatouEconomicResearchAS
Shipbroking|Oslo

15

06

07

08 09 10
CNY/USD

11

12 13
JPY/USD

14

15

RSPlatouMonthly

April2015

Tankers|Freightmarket
towardstheendoftheperiod.Suezmaxesandaframaxeswere
volatileatseasonallyverystronglevelsthroughthemonth.Thesurge
inEuropeanrefinerydemandinrecentmonthscontinuestosupport
bothsizeclasses.MRratesremainedresilientintheAtlantic,helped
byrenewedimportdemandontheUSEastCoast.LRratesweresofter
throughthemonth,notyetseeingmanypositiveeffectsofnew
refinerycapacitybeingbroughtonstreamintheMiddleEast.

Averagefreightratesin1,000USD/day

Weeklyspotratesforcrudecarriers#1,000USD/day

12mT/C

Spot

Aprilwasasteadymonthinthetankermarket,whichmustbe
consideredquiteremarkablegiventhismonthstrackrecordof
yieldinglowerrates.SeveralAsiarefineriesaredelayingnormal
maintenance,inresponsetofirmermargins.OPECproduction
remainednearatwoyearhighinresponse,ledbyajumpinIraq
exports.VLCCratesonthebenchmarkMEGAsiarouterosefromthe
WS50leveltothemidWS60sbeforesofteningsomewhat

VLCC
Suezmax
Aframax
LR2Clean
LR1Clean
MRClean
VLCC
Suezmax
Aframax
LR2Clean
LR1Clean
MRClean

2014YTD 2015YTD Mar2015 Apr2015


30.0
42.6
52.4
51.9
47.4
42.3
24.5
33.9
24.8
35.0
34.0
32.5
27.6
25.9
24.5
11.7
23.5
21.9
12.0
26.4
9.9
20.7
20.6
21.0
25.0
42.8
42.0
45.0
32.0
33.0
33.0
20.3
15.5
22.4
23.0
23.0
22.0
21.5
15.9
23.5
20.0
20.3
15.0
21.5
14.8
16.8
15.4
15.5

70

50

30

10
6Mar

20Mar

3Apr

VLCC

17Apr

Suezmax

Aframax
#

Forweeklyfreightrates,visit www.platou.com/dnn_site/EconomicResearch/WeeklyFreightRates.aspx

Worldwideaverages

Weeklyspotratesforcleancarriers#1,000USD/day
40

Tankerfleetdevelopmentinmilldwt*

VLCC
Suezmax
Aframax
Smaller
Totaltankerfleet

Deliveries Removals Fleetend


2015YTD 2015YTD Apr2015
1.6
0.5
195.6
1.1
0.0
77.5
1.6
100.3
0.2
1.9
0.6
111.2
6.2
1.3
484.6

YoY
in%
2.3
1.4
1.8
3.7
2.4

30

20

* Fortonnagedefinitions,visit www.platou.com/dnn_site/LinkClick.aspx?fileticket=CodSYdx5lSM%3d&tabid=536

10
6Mar

20Mar

Supply

Demand

Oilmarketinmillbpd
OECD
NonOECD
Worlddemand
MiddleEast
Africa
LatinAmerica
NorthAmerica
WesternEurope
Asia
FSU
Others
Worldsupply

Worldseaborneoiltrade

RSPlatouEconomicResearchAS
Shipbroking|Oslo

201403m 201503m YoYin%


45.9
0.3
45.7
47.9
2.1
46.9
93.7
1.2
92.6
23.4
1.5
23.7
7.4
7.4
0.5
7.2
7.4
2.9
18.1
19.6
8.2
3.5
3.5
0.8
7.7
7.7
0.1
14.0
14.0
0.1
11.2
2.1
11.0
92.2
94.5
2.5
2015F
2013
2014E
44.6
44.7
45.8

3Apr

MRClean

17Apr

LR1

LR2
#

Worldwideaverages

MiddleEastoilproduction(monthly)Millbpd
25
24
23
22
21
20
19
05

06

07

08

09

10

11

12

13

14

15

RSPlatouMonthly

April2015

Tankers|Saleandpurchase
Withchartermarketscontinuingtoholdfirmandseveraltanker
ownerspostingpositivequarterlyresults,theoptimism
experiencedthroughoutthepastfewmonthsisnowfirmly
establishedinthetankersector.EuronavannouncedQ1profitsof

$80.9m,comparedto$1.4minQ12014.ScorpioTankersalso
reportedalargeincreaseinQ1profitsyoy,upto$39.3mfrom
$1.9minQ12014

EstimatedvaluesinmillUSD

Secondhandvalues,5yearsoldMillUSD

310,000dwtresale
305,000dwt5years
300,000dwt10years
160,000dwtresale
160,000dwt5years
160,000dwt10years
115,000dwtresale
105,000dwt5years
105,000dwt10years
C75,000dwtresale
C75,000dwt5years
C50,000dwtresale
C47,000dwt5years
C47,000dwt10years
C37,000dwt5years

Apr2014 Feb2015 Mar2015 Apr2015


105.0
105.0
105.0
105.0
75.0
81.0
81.0
81.0
52.0
52.0
52.0
48.0
70.0
70.0
65.0
71.0
50.0
59.0
57.5
59.0
41.0
41.0
40.0
35.0
56.0
56.0
56.0
54.0
45.0
45.0
39.0
45.0
30.0
30.0
25.0
30.0
44.0
46.0
46.0
45.0
36.0
34.0
32.5
36.0
37.0
37.0
37.0
37.0
28.0
27.0
27.0
27.0
18.0
17.5
18.0
18.0
24.0
24.0
23.0
24.0

175
150
125
100
75
50
25
0
05

06

07

08

09

VLCC

10

11

12

Suezmax

13

14

15

Aframax

Secondhandvaluesforcleancarriers,40/45,000dwtMillUSD
60

BalticSale&PurchaseAssessmentsinmillUSD
AverageBalticpanelassessments
VLCC5yearsold305,000dwt
Aframax5yearsold105,000dwt
MRProd.5yearsold51,000dwt

13Apr
79.1
43.6
26.3

50
27Apr
79.0
43.6
26.3

40
30
20
10

DemolitionpricesinUSD/ldt
FarEast
Subcontinent*
* India/Bangladesh/Pakistan

Apr2014 Feb2015 Mar2015 Apr2015


n.a.
n.a.
325
n.a.
475
375
375
380

0
05

06

07

08

09

10

11

10yearsDH

12

13

14

15

5years

5yearssecondhandvaluesinpercentofnewbuildingprices

Soldforscrappingandotherremovals*inno./milldwt
2014YTD
4
1.2
2
0.3
11
1.0
10
0.3
27
2.8
0.5
14
41
3.4

VLCCdoublehull
Suezmaxdoublehull
Aframaxdoublehull
Smallerdoublehull
Totaldoublehull
Singlehull
Total
* Includingtotalloss/conversion/reclass

2015YTD
0
0.0
0
0.0
0.1
1
6
0.3
7
0.4
11
0.9
18
1.3

Apr2015
0
0.0
0.0
0
1
0.1
0
0.0
1
0.1
1
0.0
2
0.1

120
110
100
90
80
70
60
50

Fortonnagedefinitions,visit www.platou.com/dnn_site/LinkClick.aspx?fileticket=CodSYdx5lSM%3d&tabid=536

05

06

07

08

VLCC

RSPlatouEconomicResearchAS
Shipbroking|Oslo

09

10

11

Suezmax

12

13

14

15

Aframax

RSPlatouMonthly

April2015

Bulkcarriers|Freightmarket
lowerthaninthecomparableperiodlastyear.Steelimportsto
theUSdroppedmoderately,whilefertilizershipmentstoBrazil
continuedtoescalate.GrainexportfromSouthAmericaincreased
steadily,butamplesupplyofspottonnageresultedinonly
marginallyhigherfreightrates.

Averagefreightratesin1,000USD/day

Weeklyspotrates1,000USD/day

12mT/C

Spot

OnlyminorchangeswerenoticedinDryBulkearningsoverthe
lastmonth.Chineseimportsofironoreandminorbulk
commoditiesrecoveredsignificantlyfromverylowlevelsin
February,androsemorethan8percentcomparedwiththesame
monthlastyear.Coalimports,however,wasonlymarginally
higherthaninthepreviousmonthand33percent

Capesize
Panamax
Supramax
Handysize
Capesize
Panamax
Supramax
Handysize

2014YTD 2015YTD Mar2015 Apr2015


17.3
5.3
4.3
4.4
9.6
4.8
5.0
4.9
6.5
6.4
11.2
6.5
5.5
5.5
9.6
5.3
23.7
9.9
10.0
8.5
7.0
13.8
7.2
7.2
12.6
7.8
7.7
7.7
6.8
6.5
9.4
6.8

8
7
6
5
4
3

2
Forweeklyfreightrates,visit www.platou.com/dnn_site/EconomicResearch/WeeklyFreightRates.aspx
6Mar
20Mar
Capesize

Drybulkfleetdevelopmentinmilldwt
Deliveries* Removals Fleetend
2015YTD 2015YTD Apr2015
8.7
292.9
6.6
Capesize
51.1
PostPanamax
0.9
0.2
2.3
3.3
155.0
Panamax/Kamsarmax
Handymax/Supramax
5.9
1.1
165.6
Handysize
2.3
87.9
2.2
18.9
Totaldrybulkfleet
14.6
752.6
* Includingconversions

YoY
in%
2.1
3.8
2.2
5.9
0.5
2.9

3Apr

Panamax

17Apr

Supramax

Handysize

12monthsT/Crates1,000USD/day
175
150
125
100
75
50

Industrialproduction,YoYin%
USA
Euroarea
Japan
China
OtherAsia

25
2014
4.3
0.8
2.1
8.3
2.1

2015F
3.1
1.6
2.3
7.6
3.7

2016F
3.1
2.4
3.0
7.5
4.6

0
05

06

07

Capesize

08

09

10

Panamax

11

12

13

14

Supramax

15

Handysize

ChinesedrybulkimportsMilltons/month
100

Steelproductioninmilltons
USA
Japan
EU27
China
OtherAsia
Totalworld

201403m 201503m YoYin%


21.6
20.0
7.6
27.6
26.7
3.0
44.0
46.7
6.2
200.1
203.5
1.7
44.1
45.2
2.5
407.4
400.0
1.8

80
60
40
20
0

RSPlatouEconomicResearchAS
Shipbroking|Oslo

05

06

07

08 09
Ironore

10

11 12
Coal

13 14
Others

15

RSPlatouMonthly

April2015

Bulkcarriers|Saleandpurchase
DianaShippingannouncedthepurchaseofaCapesizeresale,
(180,000dwt,built2015,ShanghaiWaigaoqiao)fromclientsof
ScorpioBulkersfor$43m,duefordeliveryinAugustthisyear.This
followsScorpioBulkersrecentsalesoffourCapesizenewbuildings;
threefromDaewooMangaliascheduledfordeliveryin2015/16and
onefromSungdongduetodeliverin2016.Otherpublic
announcementsincludethatofGoldenOceanGroupLimitedwho,in
additiontoothertransactions,havesoldfourCapesize

newbuildingresalesfromunnamedChineseyards.Further
informationhasnotbeenforthcomingbutitisthoughtthataKorean
buyerisbehindthepurchases.GoldenOceanhasalsoagreedthesale
andcharterbackofeightCapesizebulkersfromtheiraffiliated
company,ShipFinanceInternationalLtd.Thepricewas$272mwith
timechartersbackfor10yearsatratesof$17,600forthefirst7years
and$14,900fortheremainder;thereisalsoaprofitsplitabovethese
baserates.

EstimatedvaluesinmillUSD

Secondhandvalues,5yearsoldMillUSD

180,000dwtresale
172,000dwt5years
170,000dwt10years
82,000dwtresale
74,000dwt5years
72,000dwt10years
60,000dwtresale
56,000dwt5years
50,000dwt10years
34,000dwtresale
32,000dwt5years
28,000dwt10years

Apr2014 Feb2015 Mar2015 Apr2015


48.0
63.0
48.0
49.0
52.0
34.0
33.0
34.0
21.0
40.0
22.0
22.0
28.5
28.5
36.0
28.5
16.5
29.5
17.0
17.5
13.0
22.5
13.0
13.0
27.5
27.5
28.0
34.0
16.0
27.0
16.5
16.0
11.0
11.5
11.0
22.0
21.5
26.0
22.5
21.5
21.0
13.5
14.5
13.5
9.5
16.0
10.0
9.5

BalticSale&PurchaseAssessmentsinmillUSD
AverageBalticpanelassessments
Capesize5yearsold172,000dwt
Panamax5yearsold74,000dwt
SuperHandy5yearsold56,000dwt

13Apr
31.6
16.6
16.3

120
80
40
0
05

06

Apr2014 Feb2015 Mar2015 Apr2015


n.a.
n.a.
n.a.
310
445
375
385
360

09

10

11

12

Panamax

13

14

15

Handymax

150

100

50

0
05

2015YTD
2014YTD
10
8.7
1.6 52
0
2
0.0
0.2
9
0.6 33
2.3
24
1.2 25
1.1
1.1 70
40
2.2
83
4.6 182
14.6

08

Capesize

06

07

08

09

Capesize

Soldforscrappinginno./milldwt
Capesize
PostPanamax
Panamax/Kamsarmax
Handymax/Supramax
Handysize
Total

07

Secondhandvalues,10yearsoldMillUSD
27Apr
31.2
16.7
16.2

DemolitionpricesinUSD/ldt
FarEast
Subcontinent*
* India/Bangladesh/Pakistan

160

Apr2015
21
3.7
0
0.0
12
0.9
0.1
3
18
0.6
54
5.2

10

11

12

Panamax

13

14

15

Handymax

5yearssecondhandvaluesinpercentofnewbuildingprices
200
175
150
125
100
75
50
05

06

07

08

Capesize
RSPlatouEconomicResearchAS
Shipbroking|Oslo

09

10

11

Panamax

12

13

14

15

Handymax

RSPlatouMonthly

April2015

Cellularcontainerships
Boxratescontinuedtodropinmosttradelanesoverthelast
month.Acontinuedinflowofnewcapacitydeliveredfromyards
combinedwithlimitedscrappingactivityresultedinhigherfleet
growththandemandincrease.PortstatisticssuggestsEuropean
boxvolumesroselessthan5percent,whileUScontainerimports
fromAsiaclimbed3percentandfromEuropeby7percent.

Intheemergingtrades,boxvolumesincreasedfurther,buta
somewhatslowerpacetoAfricaandSouthAmericathaninrecent
months.
Inthechartermarket,acoupleoffixtureswerenoticedat
generallyunchangedratescomparedwithonemonthago.

Averagecharterratesin1,000USD/day

12monthT/Crates1,000USD/day

2014YTD 2015YTD Mar2015 Apr2015


6.0
6.9
6.8
7.5
8.0
7.4
9.3
8.0
12.7
14.8
14.8
7.9
14.7
17.1
18.0
18.0

1,000TEU
1,700TEU
4,500TEU
5.600TEU

60
50
40
30
20

ContainerfleetdevelopmentinmillTEU

Below1,000TEU
1,0001,999TEU
2,0003,999TEU
4,0005,999TEU
6,0007,999TEU
8,0009,999TEU
10,000+TEU
Totalcontainerfleet

Deliveries Removals Fleetend


2015YTD 2015YTD Apr2015
0.60
0.00
0.01
0.01
0.02
1.73
2.53
0.03
0.03
0.02
4.56
0.03
0.01
0.00
1.87
0.00
3.64
0.15
0.00
0.29
3.69
18.62
0.07
0.53

YoY
in%
3.4
0.0
0.8
1.4
1.5
11.1
28.2
7.0

10
0
05

06

07

08

09

5,600TEU

10

11

4,500TEU

12

13

1,700TEU

14

15

1,000TEU

BuildingpricesMillUSD
120
100
80

Orderbookinno./millTEU
TEU
Below1,000
1,0001,999
2,0003,999
4,0005,999
6,0007,999
8,0009,999
10,000+
Total

Total
0 0.00
81 0.12
95 0.25
9 0.04
2 0.01
82 0.75
151 2.32
420 3.49

Rest2015
2016
0
0
0.00
0.00
32
0.05 42
0.06
42
0.11 31
0.08
6
3
0.03
0.01
0.00
2
0
0.01
0.48 27
0.25
53
43
0.66 52
0.74
178
1.34 155
1.14

2017+
0.00
0
0.01
7
22
0.07
0
0.00
0
0.00
2
0.02
56
0.92
1.01
87

60
40
20
0
05

06

07

9,000TEU

08

09

10

11

6,000TEU

12

13

4,500TEU

14

15

1,700TEU*
*Geared

ChinaContainerizedFreightIndex(CCFI)USD/TEU

Newordersinno./millTEU
Below1,000TEU
1,0001,999TEU
2,0003,999TEU
4,0005,999TEU
6,0007,999TEU
8,0009,999TEU
10,000+TEU
Total

2014
0.00
4
57
0.08
21
0.05
0
0.00
0
0.00
19
0.18
54
0.78
1.09
155

2015YTD
0
0.00
2
0.00
0.04
11
0.01
2
0
0.00
0.00
0
42
0.72
57
0.76

Apr2015
0
0.00
0
0.00
0.00
0
0.00
0
0
0.00
0
0.00
0.19
15
15
0.19

2250
2000
1750
1500
1250
1000
750

10

11

12

ChinatoN.Europe
ChinatoUSWC

RSPlatouEconomicResearchAS
Shipbroking|Oslo

13

14

15

ChinatoS.Europe
ChinatoUSEC

RSPlatouMonthly

April2015

LNGcarriers
Shorttermratesremainedunderpressureasdemandfortonnage
continuedtobeweakandfleetgrowthwereatitshighestlevel
since2010.YemenLNGdeclaredforcemajeureandhaltedall
productionfromthe6.7millmtfacilityduetothesecurity
situationinthevicinityofBalhaf.Shellannounceda$70blnbid
forBGGroupwhichwillcreateanewhugeplayerintheLNG
arena.FollowingshelltakeoveroftheLNGassetsofRepsollast

year,itsglobalvolumeweretakentoaround24millmtwhichwill
increasetomorethe40uponcompletionoftheBGmerger.In
Japan,acourtrejectedabidtoblocktherestartoftwonuclear
reactorsoperatedbyKyushuElectricPowerCo.,easingthewayfor
theresumptionofnuclearpowerinJapanforthefirsttimein
morethanayearandahalf.

Averagecharterratesin1,000USD/day

Freightrates1,000USD/day

2014YTD 2015YTD Mar2015 Apr2015


60
25
31
138145kcbmSTSpot
25
44
41
155160kcbmDFDET/C
73
38

LNGcarrierfleetdevelopmentinno./millcbm
1,000cbm
1050
50100
100200
200+
Total

Deliveries
2015YTD
0
0.00
0
0.00
11
1.81
0
0.00
1.81
11

Removals
Fleetend
YoY
2015YTD
Apr2015
in%
0
8
0.00
0.23 0.0
0.16 25
2
0.61 33.4
0
0.00 352 51.95 12.1
0
0.00 45 10.30 0.0
0.16 430 63.08 9.2
2

Orderbookinno./millcbm
1,000cbm
1050
50100
100200
200+
Total

Total
Rest2015
15
8
0.21
0.42
0.00
0
0
0.00
142 24.18 26
4.29
1
0.26
0
0.00
158 24.86 34
4.50

160
140
120
100
80
60
40
20
0
05

06

07

08

09

10

Spot,145ksteam

11

12

13

14

15

12mT/C,160kDFDE

BuildingpricesforLNGcarriersMillUSD
2016
4
0.11
0
0.00
37
6.32
1
0.26
42
6.69

2017+
0.10
3
0
0.00
79 13.57
0
0.00
82 13.67

250
225
200
175

Newordersinno./millcbm
1,000cbm
1050
50100
100200
200+
Total

2014
5
0.12
0
0.00
67 11.50
0.00
0
72 11.62

2015YTD
0.10
3
0
0.00
6
1.06
0
0.00
1.16
9

Apr2015
0
0.00
0
0.00
0
0.00
0.00
0
0
0.00

150
125
05

06

07

08

09

10

11

155kcbm

12

13

14

15

173kcbm

NaturalgaspricesUSD/mmbtu
30

LNGimportsinmillmt
Japan
Korea
China

201404m
23.7
12.8
5.6

201503m
24.3
10.3
5.1

YoYin%
2.4
19.5
8.9

25
20
15
10
5
0
05

06

07

08

HenryHub

RSPlatouEconomicResearchAS
Shipbroking|Oslo

09

10
NBP

11

12

13

14

15

LNGspotAsia

10

RSPlatouMonthly

April2015

Representativereportednewbuildingcontracts
Tank
Capacity
2x155,000dwt
4x115,000dwt
4x115,000dwt
2x75,000dwt
2x38,000dwt

Shipyard
SamsungHI
SamsungHI
SamsungHI
HyundaiVinashin
KitanihonZosen

Owner
CardiffMarineInc.
CardiffMarineInc.
UniseaShippingLtd.
D'AmicoSoc.diNav.
DounKisenK.K.

Reportedprice/unit

Shipyard
TsuneishiCebu

Owner
UnknownJapanese

Reportedprice/unit

Delivery
2017

Shipyard
JiangsuNewYZJ
HyundaiSamhoHI
HHICPhil.Inc.
HHICPhil.Inc.

Owner
SeaspanCorporation
HapagLloydCont
SeaspanCorporation
CMACGM

Reportedprice/unit

Delivery
2017
2016
2017
2017

Shipyard
JiangnanChangxing

Owner
CSSCShipping(HK)

Reportedprice/unit
74 millUSD

Delivery
2017

Shipyard
CSCJinlingShipyard
HyundaiSamhoHI
MinamiNippon

Owner
AnjiAutomotive
NOCC
MitsuiO.S.K.Lines

Reportedprice/unit

Delivery
2017
2016/17
2017/18

57.5 millUSD
44 millUSD

Delivery
2016
2017
2017
2017
2018

Bulk
Capacity
6x38,000dwt

Container
Capacity
2x10,000TEU
5x10,500TEU
5x11,000TEU
3x20,600TEU

LPG
Capacity
2x85,000cbm

PCTC
Capacity
1x3,800cars
2x6,400cars
4x6,400cars

RSPlatouEconomicResearchAS
Shipbroking|Oslo

11

RSPlatouMonthly

April2015

Representativesecondhandsales
Tank
Name
OlympicHawk
BeijingSunrise
DalianGlory

Capacity
300000 dwt
113000 dwt
302000 dwt

Built
2000/Korea
2009/Korea
2011/Japan

Price
34.5 millUSD
"
165 millUSD

Buyers
HongKong
"
China

Comments

ENBLOC

Chemical/Product
Name
Clio
StavangerPrince
Atlantik
Alga
Maemi
Odin

Capacity
113000
109000
105000
38000
20000
19000

Built
Price
2008/China
Region36 millUSD
2002/China
19.3 millUSD
1998/Korea
12.5 millUSD
2012/Korea
27.25 millUSD
2008/Japan
Region23 millUSD
2003/Portugal
9.8 millUSD

Buyers
Germany
Greece
Ukraine
Denmark
Netherlands
Undisclosed

Comments

dwt
dwt
dwt
dwt
dwt
dwt

Capacity
171000
173000
81000
81000
81000
78000
76000
73000
73000
56000
47000
46000
45000
45000
45000
44000
43000
43000
33000
29000
29000
28000
28000
27000

Built
Price
2000/Japan
"
2000/Japan
18.9 millUSD
2011/Korea
17.5 millUSD
2011/Korea
17.95 millUSD
2011/Korea
17.7 millUSD
2001/Japan
Region7 millUSD
2011/China
12.2 millUSD
1998/Korea
4.5 millUSD
2000/Korea
Excess6 millUSD
2007/Japan
Low12 millUSD
1997/Korea
4.7 millUSD
1995/Japan
4.5 millUSD
1995/Japan
3.9 millUSD
1997/Korea
4.8 millUSD
1994/Japan
4 millUSD
1992/Japan
3.4 millUSD
1995/Korea
4.2 millUSD
1997/Croatia
3.55 millUSD
2010/China
6.5 millUSD
1995/China
3 millUSD
2008/Japan
9.25 millUSD
1998/China
High3 millUSD
2001/Germany
20.2 millUSD
1996/Korea
3.9 millUSD

Buyers
"
Greece
Greece
Greece
Greece
Undisclosed
Greece
China
Undisclosed
Undisclosed
Undisclosed
China
Undisclosed
Undisclosed
China
China
Undisclosed
Greece
Taiwan
Turkey
Turkey
Undisclosed
Canada
Syria

Comments

dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt

Bulk
Name
Chitose
Onoe
PrabhuMohini
PrabhuSher
UnityPride
Shiyo
DewiLaksmi
AgiosEfraim
Pontodamon
NobleHawk
Kite
SeaRose
AmberHalo
AristeaM
OrchidOcean
Zenovia
Blackfin
DonFraneBulic
NewSailingStar
Dobrota
IndigoOcean
Sanaga
Stones
Kotsikas

RSPlatouEconomicResearchAS
Shipbroking|Oslo

ENBLOC

12

RSPlatouMonthly

April2015

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