MONTHLY MARKET OVERVIEW

1st 31st May 2017

SUMMARY OF CONTENT
Value analysis
Second hand S&P activity
Newbuilding activity
Demolition activity
Charter rate analysis

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BULKER VALUES THROUGH MAY 2017

BULKERS Bulker values have softened this month. Most significantly for
Supramax Bulkers.

This table shows the monthly % change in value from 1 st to the 31 st May 2017
for Bulker vessels, by year of build.

YEAR
OF BUILD CAPE PMAX SUPRA HANDY
D WT DWT DWT DWT

-2.8% -1.3% -4.0% -2.3%

2017
180k 80k 60k 30k
-2.7% -1.4% -4.4% -2.2%
2016
180k 80k 60k 30k
-2.7% -1.6% -4.7% -2.1%
2015
180k 80k 60k 30k
-2.6% -1.7% -5.1% -2.0%
2014
180k 80k 60k 30k
-2.5% -1.8% -5.5% -1.9%
2013
180k 80k 60k 30k
-2.5% -1.9% -5.9% -1.8%
2012
180k 80k 60k 30k
-2.5% -2.0% -6.2% -1.6%
2011
180k 80k 60k 30k
-2.5% -2.0% -5.2% -1.4%
2010
180k 80k 55k 30k
-2.6% -2.0% -5.5% -1.3%
2009
180k 80k 55k 30k
-2.7% -2.1% -5.5% -1.0%
2008
180k 80k 55k 30k
-3.0% -2.1% -5.5% -0.8%
2007
180k 75k 55k 30k
-3.4% -2.1% -5.4% -0.6%
2006
180k 75k 55k 30k
-3.9% -2.2% -5.4% -0.5%
2005
180k 75k 55k 30k
-4.6% -2.1% -5.0% -0.4%
2004
180k 75k 55k 30k
-5.4% -2.2% -1.1% +0.0%
2003
175k 75k 50k 30k
-6.5% -2.0% -0.4% +0.2%
2002
175k 75k 50k 30k

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BULKER VALUES THROUGH MAY 2017

Capesize Values have softened throughout May.

4 sales have been concluded this month.

Navios Maritime Partners LP have bought 3 vessels this month:

Aristofanis (178,900 DWT, Nov 2011, Sungdong) sold by Capital Maritime and Trading for USD 31.1
mil, VV value USD 32.08 mil. The deal includes a charter at USD 11,700 per day until Feb 2018.

Hyundai Talent (180,000 DWT, Apr 2012, Sungdong) sold by HMM for USD 30.5 mil, VV 32.22 mil.

Triton Condor (180,300 DWT, Oct 2009, Koyo Dock) sold for USD 28.3 mil, VV value 28.88 mil.

Panamax Values have softened a small amount.

6 sales have taken place this month.

Frontier Hero (81,000 DWT, Jul 2014, Japan Maritime United) sold for USD 24.0 mil, VV value
USD 24.76 mil.

Hanjin Paradip (82,200 DWT, Jan 2013, Tsuneishi Zosen) was bought by JP Morgan for USD
21.3 mil, VV value USD 21.62 mil.

Santa Paula (77,200 DWT, Sep 2009, Oshima) sold by Mitsubishi Corp for USD 15.0 mil, VV
value USD 15.76 mil.

Supramax Values have softened.

12 sales have taken place this month.

Crystal Palace (58,500 DWT, Jun 2008, Tsunieshi Cebu) was bought by Thoresen for USD 13.4 mil, VV
value USD 13.18 mil.

Ocean Diamond (53,500 DWT, Jun 2007, Iwagi Zosen) sold for USD 9.8 mil, VV value USD 12.04 mil.

V Gannet (51,500 DWT, Jan 2002, STX Offshore) has been sold for USD 6.6 mil, VV value USD 6.77 mil.

Handy Values have softened a small amount.

4 sales have taken place this month.

Global Peace (31,900 DWT, Aug 2011, Hakodate Dock) sold by United Ocean Group for USD
10.0 mil, VV value USD 11.21 mil.

CS Ocean (32,300 DWT, Feb 2008, Kanda) sold for USD 8.5 mil, VV value USD 8.64 mil.

In older tonnage the Acacia Bulker (32,800 DWT, May 2005, Kanda) sold for USD 7.3 mil, VV
value USD 6.49 mil.

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TANKER VALUES THROUGH MAY 2017

TANKERS Tanker values have firmed for modern tonnage and softened for
older tonnage.

This table shows the monthly % change in value from 1 st to the 31 st May 2017
for Tanker vessels, by year of build.

YEAR
OF BUILD VLCC SUEZ AFRA LR1 MR
D WT DWT DWT DWT DWT

+0.7% +1.3% +1.8% +0.1% -0.4%

2017
320k 160k 110k 75k 50k
+0.7% +1.2% +1.7% +0.0% -0.4%
2016
320k 160k 110k 75k 50k
+0.6% +1.2% +1.6% -0.1% -0.5%
2015
320k 160k 110k 75k 50k
+0.4% +1.3% +1.5% -0.2% -0.6%
2014
320k 160k 110k 75k 50k
+0.2% +1.3% +1.4% -0.4% -0.7%
2013
320k 160k 110k 75k 50k
-0.5% +1.4% +1.2% -0.5% -0.8%
2012
310k 160k 110k 75k 50k
-0.7% +1.5% +1.0% -0.7% -1.0%
2011
310k 160k 110k 75k 50k
-1.0% +1.6% +0.9% -0.8% -1.1%
2010
310k 160k 110k 75k 50k
-1.3% +1.7% +0.7% -1.0% -1.3%
2009
310k 160k 110k 75k 50k
-1.6% +1.7% +0.5% -1.2% -1.5%
2008
310k 160k 110k 75k 50k
-2.0% +1.7% +0.3% -1.4% -1.7%
2007
310k 160k 110k 75k 50k
-2.3% +1.6% +0.1% -2.3% -2.0%
2006
310k 160k 110k 70k 45k
-2.7% +1.6% -0.1% -2.5% -2.2%
2005
310k 160k 110k 70k 45k
-3.3% +1.4% -0.4% -2.7% -2.5%
2004
305k 155k 105k 70k 45k
-3.6% +1.2% -0.6% -2.9% -2.6%
2003
305k 155k 105k 70k 45k
-4.0% +0.9% -0.7% -3.0% -3.0%
2002
305k 155k 105k 70k 45k

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TANKER VALUES THROUGH MAY 2017

VLCC Values have firmed in modern tonnage and softened in older.

6 sales have occurred this month.

Dalian Venture (297,000 DWT, Aug 2011, Dalian Shipbuilding) was bought by Zodiac
Maritime for USD 53.5 mil, VV value USD 50.49 mil.

Irene SL (319,200 DWT, Oct 2004, Hyundai Samho HI) was bought by Sinokor Merchant
for USD 30.0 mil, VV value USD 29.59 mil.

TI Topaz (319,000 DWT, Oct 2002, Hyundai Samho HI) was bought by New Shipping for
USD 21.0 mil SS due, VV value USD 24.43 mil.

Suezmax Values have firmed this month.

5 sales have taken place this month.

Arcadia Ship management has offloaded the Aegean Fighter (150,000 DWT, Jun 2017,
HHI) and Aegean Miracle (150,000 DWT, May 2017, HHI) for USD 55.8 mil each, VV value
USD 54.95 mil each.

In older tonnage the Gener8 Orion (160,300 DWT, Mar 2002, Samsung) has sold SS due to
Indian buyers for USD 13.3 mil, VV value USD 14.53 mil.

Aframax Values have firmed a small amount.

Nissos Santorini (115,700 DWT, Mar 2012, Samsung) sold for USD 30.3 mil, VV value USD 29.78 mil
to Zodiac Maritime.

3 Ratna vessels have been bought by Centrofin in an en bloc deal for USD 65.0 mil. Ratna Shruti,
Shradha, Namrata (105,800 DWT, Apr, Jun, Jul 2008, HHI) VV value USD 61.73 mil. In addition,
Ratna Shalini (105,800 DWT, Mar 2010, HHI) sold for USD 25.0 mil, VV value USD 24.61 mil.

LR1 Values have remained stable this month.

En bloc deal of the Mare Pacific and Atlantic (68,500 DWT, Jan, Feb 2001, Koyo Dock) both
LR1 vessels have sold for USD 6.8 mil each, VV value USD 7.62 and 7.73 mil respectively.

MR Values have softened throughout the month.

16 sales have taken place this month.

STI Sapphire and Emerald (52,000 DWT, Jan, Mar 2013, Hyundai Mipo) sold for USD 56.4 mil en
bloc, VV value USD 55.01 mil.

The en bloc bank sale of 5 MR1 tankers from Interorient to Advantage Tankers for USD 60.0 mil,
VV value USD 68.18 mil.

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CONTAINER VALUES THROUGH MAY 2017

CONTAINERS Container values have firmed most significantly for Post Panamax and
Panamax Containers. Handy and Feedermax values have remained stable.

This table shows the monthly % change in value from 1 st to the 31 st May 2017
for Container vessels, by year of build.

YEAR
OF BUILD POST PMAX PMAX HANDY FMAX
TE U TEU TEU TEU

+0.0% +0.9% +0.4% +0.4%

2017
7000 4250 1750 1100
+0.0% +0.9% +0.3% +0.4%
2016
7000 4250 1750 1100
+0.0% +1.8% +0.2% +0.3%
2015
7000 4250 1750 1100
+0.1% +3.5% +0.1% +0.2%
2014
7000 4250 1750 1100
+0.1% +6.3% +0.0% +0.1%
2013
7000 4250 1750 1100
+2.9% +10.1% -0.1% +0.0%
2012
7000 4250 1750 1100
+7.2% +14.7% -0.1% -0.1%
2011
7000 4250 1750 1100
+12.3% +13.7% -0.2% -0.3%
2010
7000 4250 1750 1100
+17.9% -3.9% -0.2% -0.4%
2009
7000 4250 1750 1100
+23.9% -9.9% -0.3% -0.4%
2008
7000 4250 1750 1100
+28.5% -9.8% -0.3% -0.6%
2007
7000 4250 1750 1100
+6.1% -9.8% +2.5% +2.0%
2006
7000 4250 1750 1100
-9.9% -9.9% +2.1% +2.8%
2005
7000 4250 1750 1100
-9.9% -9.9% +1.9% +3.6%
2004
7000 4250 1750 1100
-9.9% -9.9% +1.7% +4.6%
2003
6500 4000 1750 1100
-9.9% -9.9% +7.3% -0.4%
2002
6500 4000 1750 1100

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CONTAINER VALUES THROUGH MAY 2017

Post PMax Values have firmed most significantly in mid age tonnage.

There have been no sales this month.

Container charter rates have been firming throughout the month.

Panamax Values have firmed throughout the month particularly for modern tonnage.

3 sales have taken place this month.

Barbados (4,360 TEU, Feb 2010, Hanjin Subic) sold for USD 9.5 mil, VV value USD 7.11 mil.

Nansen Strait (5,047 TEU, Jul 2005, HHI) sold to Cyprus Sea Lines for USD 7.6 mil, VV value USD
7.36 mil.

Handy Values have firmed in older tonnage.

4 sales have taken place this month.

Hull 606 (1,800 TEU, Jul 2017, Dae Sun) sold for USD 20.4 mil, VV USD 17.63 mil.

Sunshine Bandama (1,700 TEU, Jul 2007, Imabari) sold for USD 9.0 mil, VV value USD 8.85 mil.

Aja IPSA (1,858 TEU, Jul 2004, Jiangsu Yangzijiang) sold for USD 5.3 mil, USD 4.86 mil.

Feedermax Values have remained stable.

5 sales have been confirmed this month.

Contrail Sky (907 TEU, Feb 2009, Kyokuyo) sold for USD 6.5 mil, VV value USD 6.68 mil.

Shippan Island (1,118 TEU, Oct 2005, Jiangdong) sold for USD 5.5 mil, VV value USD 5.21 mil.

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LPG VALUES THROUGH MAY 2017

LPG LPG values have softened across all vessel types.

This table shows the monthly % change in value from 1 st to the 31 st May 2017
for LPG vessels, by year of build.

YEAR SP FR SP FR FULL
OF BUILD VLGC LGC MGC LARGE SMALL PRESS LEG
CBM CBM C BM C BM C BM C BM C BM

-4.7% -6.4% -1.5% -3.8% -3.4% -1.5% -1.4%

2017
84k 60k 38k 20k 6.5k 3.5k 12k

-4.2% -5.9% -1.5% -3.8% -3.5% -1.5% -1.5%

2016
84k 60k 38k 20k 6.5k 3.5k 12k

-3.7% -5.4% -1.5% -3.8% -3.6% -1.4% -1.5%

2015
84k 60k 38k 20k 6.5k 3.5k 12k

-3.2% -5.0% -1.6% -3.9% -3.6% -1.6% -1.5%

2014
84k 60k 38k 20k 6.5k 3.5k 12k

-2.9% -4.5% -1.6% -3.9% -3.6% -1.5% -1.6%

2013
82k 60k 35k 20k 6.5k 3.5k 12k

-2.5% -4.1% -1.6% -4.0% -3.7% -1.6% -1.6%

2012
82k 60k 35k 20k 6.5k 3.5k 9k

-2.1% -3.8% -1.6% -4.0% -3.6% -1.6% -1.6%

2011
82k 60k 35k 20k 6.5k 3.5k 9k

-1.8% -3.4% -1.6% -4.0% -3.7% -1.7% -1.7%

2010
82k 60k 35k 20k 6.5k 3.5k 9k

-1.5% -3.2% -1.6% -4.1% -3.8% -1.8% -1.7%

2009
82k 60k 35k 20k 6.5k 3.5k 9k

-1.3% -3.0% -1.7% -4.1% -3.8% -1.7% -1.7%

2008
82k 60k 35k 20k 6.5k 3.5k 9k

-1.2% -2.9% -1.7% -4.1% -3.8% -1.7% -1.7%

2007
82k 60k 35k 20k 6.5k 3.5k 8k

-1.2% -2.9% -6.2% -4.1% -3.8% -3.7% -3.8%

2006
82k 60k 35k 20k 6.5k 3.5k 8k

-1.5% -2.9% -6.2% -4.1% -3.7% -3.8% -3.9%

2005
78k 60k 35k 20k 6.5k 3.5k 8k

-1.7% -3.1% -6.4% -4.1% -3.8% -3.7% -3.8%

2004
78k 60k 35k 20k 6.5k 3.5k 8k

-1.9% -3.3% -6.6% -4.1% -3.8% -3.8% -3.8%

2003
78k 60k 35k 20k 6.5k 3.5k 8k

-2.3% -4.0% -6.8% -4.1% -3.7% -5.6% -5.6%

2002
78k 57k 35k 20k 6.5k 3.5k 8k

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LPG VALUES THROUGH MAY 2017

VLGC Values have softened.

Gas Miracle (84,270 CBM, Mar 1996, Kawasaki) sold for USD 19.0 mil, VV value USD 25.09 mil.

Rates have softened dramatically over the past month, causing a softening in values.

SPFR Values have softened over May 2017.

No sales have been concluded this month.

Fully Values have softened over the past month.

Pressurised
Rates have softened over throughout the month which has caused a softening in values.

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OFFSHORE VALUES THROUGH MAY 2017

OSV Values have softened for all PSV vessels. Small and Medium AHTS
values have also softened.

This table shows the monthly % change in value from 1 st to the 31 st May 2017
for OSV vessels, by year of build.

YEAR LARGE MEDIUM SMALL SUPER MEDIUM SMALL

OF BUILD PSV PSV PSV AHTS AHTS AHTS
D WT D WT DWT BHP BHP BHP

-1.9% -6.6% -11.5% +0.4% +4.2% -5.3%

2017
5.2k 3.6k 1.7k 24k 8.2k 5.5k
-1.9% -6.7% -11.4% +0.4% +3.0% -7.2%
2016
5.2k 3.6k 1.7k 24k 8k 5.2k
-1.8% -6.6% -11.4% +0.4% +1.4% -8.7%
2015
5.2k 3.6k 1.7k 24k 8k 5.2k
-1.9% -7.1% -11.3% +0.3% -1.5% -11.1%
2014
5.2k 3.4k 1.7k 24k 8k 5.2k
-2.2% -7.4% -11.3% +0.4% -5.6% -15.1%
2013
5.1k 3.3k 1.7k 24k 8k 5.2k
-3.2% -7.5% -11.4% +0.3% -10.2% -19.2%
2012
4.8k 3.3k 1.7k 24k 8k 5.2k
-3.5% -7.8% -11.7% +0.3% -15.4% -23.9%
2011
4.8k 3.3k 1.6k 24k 8k 5.2k
-4.1% -8.4% -12.4% +0.3% -20.7% -28.9%
2010
4.8k 3.3k 1.6k 24k 8k 5.1k
-5.0% -9.2% -13.0% +0.2% -25.8% -33.2%
2009
4.8k 3.3k 1.6k 24k 8k 5.1k
-6.0% -10.2% -14.3% +0.3% -30.2% -37.5%
2008
4.8k 3.3k 1.6k 24k 8k 5.1k
-7.5% -11.6% -15.4% +0.3% -34.6% -41.1%
2007
4.8k 3.3k 1.6k 24k 8k 5.1k
-9.0% -13.1% -17.1% +0.2% -38.4% -44.4%
2006
4.8k 3.3k 1.6k 24k 8k 5.1k
-11.0% -14.7% -18.6% +0.1% -40.9% -47.7%
2005
4.8k 3.3k 1.6k 24k 8k 5k
-13.1% -16.9% -20.2% +0.1% -43.6% -49.4%
2004
4.8k 3.3k 1.6k 24k 8k 5k
-15.4% -19.1% -22.6% +0.2% -45.5% -51.5%
2003
4.8k 3.3k 1.6k 24k 8k 5k
-17.9% -21.3% -25.2% +0.2% -47.1% -52.7%
2002
4.7k 3.3k 1.6k 24k 8k 5k

NB. Large % fluctuations are a product of historically low OSV values.

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OFFSHORE VALUES THROUGH MAY 2017

PSV Continued softening in PSV values this month.

2 PSV sales have been concluded this month.

The Trom Artemis (4,900 DWT, Nov 2011, Hellesoy) was sold for undisc price to Vestland
Offshore.

The NSO Spirit (2,500 DWT, Mar 1983, Ulstein Verft) was sold by Nor Supply Offshore to
unknown buyer for USD 0.18 mil, VV value USD 0.25 mil.

AHTS Softening in Small and Medium AHTS this month. Super AHTS remain stable due to
& AHT limited S&P activity.

4 AHTS/AHT sales have been concluded in May.

The Jaya Seal (5,500 BHP, Sept 2004, Jaya Asiatic) was sold by MMA Offshore.

The MMA Carver (4,693 BHP, Jun 2001, Guangdong Hope Yue) was also sold by MMA
Offshore.

Mermaid Vanquish (5,150 BHP, Apr 2007, Fujian Fishery) was sold for USD 1.1 mil, VV value
USD 0.95 mil.

The Lion King (5,218 BHP, Jul 2012, Yuexin Shipbuilding Co) was sold by Arendals
Dampskibssel to Global Marine Services SS/DD due for USD 2.25 mil. Buyer upon
completion of the sale had to pay additional 200k reactivation cost and 800k DD/SS costs.

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2ND HAND S&P ACTIVITY MAY 2017

S&P $ Value of 2nd hand sales in May 2017 vs May 2016.

May 2017
2000 $1,871
May 2016
1800
1600
1400
Value (M USD)

1200
$1,003
1000
800
600 $473 $513
$333 $379
400
200 $51 $2 $3 $0
0
Bulker Tanker Container Gas OSV

Total activity by transaction value is more than 3 times higher in May 2017 compared
to May 2016, due to fewer disclosed prices in May 2016.
Container transaction values a considerable amount higher in May 2017, this is due to
a large en bloc deal of 14 ULCV Containers bought by COSCO.
Gas values are significantly higher due to the sales on two Large LNG vessels bought
by Flex LNG for USD 180.0 mil each.

S&P No. Number of 2nd hand sales taken place in May 2017 vs May 2016.

May 2017
60
May 2016
48
50
41
40
No. Vessels

31 30
30 26

20
13

10 6 7
3
1
0
Bulker Tanker Container Gas OSV

Total sales by number count are up 6% for May 2017 compared to May 2016.
Bulker sales by number are down by 45% compared to this time last year.
A higher number of sales have taken place in May 2017 within the Tanker, Container
and Gas sectors compared to May 2017.

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NEWBUILDING ACTIVITY MAY 2017 VS 2016

Newbuilding Number of newbuilding orders taken place in May 2017 vs May 2016.

No.
May 2017
30
May 2016
24
25
No. New Buildings

20
16
15
15 13

10
6
5
5 2 2
0 0
0
Bulker Tanker Container Gas OSV

Overall there is an increased number of NB orders in 2017 for the Bulker and Tanker
industry compared to year to date 2016.
Container NB are a considerable amount lower due to the oversupply of tonnage
we are experiencing.

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DEMOLITION ACTIVITY MAY 2017 VS 2016

Demolition Number of demolition sales per ship type, taken place in May 2017 vs May 2016.

No.
May 2017
45
39 May 2016
40
35
No. Demo sales

30
24
25 22

20
15
10
10 6 6
4
5 1 1
0
0
Bulker Tanker Container Gas OSV

Scrap rates have softened throughout May having a knock-on effect of reducing the number
of demolition sales.
Total demolition sales for all ship types are down 34% for May 2017 compared to May 2016 due
to the closure of Pakistan for Tankers.
Both Bulker, Tanker and Container sales are lower for this May 2017.
6 OSV vessels have been scrapped this May, all with undisclosed prices.

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CHARTER RATES

Dry Baltic Exchange daily market spot rates for Capesize, Panamax, Supramax and
Handy Bulkers from 1st May 2016 - 31st May 2017. Source: Baltic Exchange

Capesize
Panamax
25,000
Supramax
Handy
20,000
(USD per day)

15,000

10,000

5,000

0
Jul 2016 Oct 2016 Jan 2016 Apr 2017

Capesize rates have varied this month. Rates have fluctuated between USD 11,880/day and
USD 9, 989/day which has also contributed in the softening of Bulker values.
Panamax rates have softened significantly over May 2017 from USD 9,162/day to USD
6,658/day showing a distinct availability on tonnage.
Supramax and Handysize Bulker values have softened slightly towards the end of the month.

Wet Baltic Exchange daily market spot rates for VLCC, Suezmax and Aframax Tankers
from 1st May 2016 - 31st May 2017. Source: Baltic Exchange

VLCC
Suezmax
60,000
Aframax

50,000
(USD per day)

40,000

30,000

20,000

10,000

0
Jul 2016 Oct 2016 Jan 2016 Apr 2017

Tanker rates have softened throughout May 2017.

A slow start to the month saw Suezmax rates softening however spot rates began to firm
towards the end of the month.
Aframax rates firmed significantly from USD 8,571/day to USD 15,584/day at the beginning
of the month however rates began to soften towards the end of the month to USD
10,080/day.

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CHARTER RATES

Container Contex daily time charter rates for Panamax, Handysize and Feedermax Containers
from 1st May 2016 - 31st May 2017. Source: Contex, VHSS

Panamax
Handy
12,000
Feedermax

10,000
(USD per day)

8,000

6,000

4,000

2,000

0
Jul 2016 Oct 2016 Jan 2016 Apr 2017

Panamax rates have firmed significantly throughout May. Rates have nearly doubled since
the beginning of the year.
Rates in May 2016 were seen at USD 7,250/day compared May 2017 where we have seen
rates as high as USD 10,509/day.
Handy and Feedermax rates have remained stable throughout the month.

LPG Fearnleys weekly market spot rates for VLGC, MGC and LEG Gas ships
from 1st May 2016 - 31st May 2017. Source: Fearnleys

VLGC
MGC
900
LEG
800
(Thousand USD per month)

700
600
500
400
300
200
100
0
Jul 2016 Oct 2016 Jan 2016 Apr 2017

VLGC rates have continued to soften throughout May 2017 from USD 655,000/month to
USD 395,000/month.
MGC and LEG rates remain stable with a slight softening in values, MGC and LEG rates
have now reached similar prices.

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