DORIC UPDATE

Doric Zweite Navigation GmbH & Co. KG | 19 May 2016

New Charter with Oldendorff

The MS Sunrise has been chartered by Oldendorff, one of the
world‘s leading dry bulk operators, since 19 May 2016. The
gross daily charter rate of USD 6,000 covers nearly all the
ship‘s operating costs. Since 20 February 2016, Uniper Global
Commodities SE had been chartering the MS Sunrise at a gross
daily rate of USD 3,250.
Oldendorff has chartered the MS Sunrise for a round-trip from
Gangaravan in India to Richards Bay in South Africa. The ship
is currently heading to South Africa to take delivery of 150,000
tonnes of coal before returning to Gangaravan. The voyage –
and therefore the term of the charter contract – is expected
to take approximately 40 days, i.e. terminating at the end of
June 2016.
In March 2016 capesize bulkers such as the MS Sunrise were
being chartered for USD 1,600 per day. In the meantime the
daily charter rates are many times this amount. Nevertheless,
viewed long-term, charter rates are still at very low levels with
the operating costs of the ships only just being covered in most
cases.
Source: Der Fondsbrief Nr. 262, 13 May 2016 “Charterraten für Bulker holen auf”
Baltic Dry Index June 2015 – May 2016
Baltic Dry Index1
1.200

1.000
Oldendorff
800
Oldendorff is Germany‘s largest dry bulk shipping company.
600
Its headquarters are in Lübeck. With about 500 own and
chartered ships, Oldendorff has a fleet capacity of roughly 400
40 million tonnes.
200
Oldendorff ships call at about 12,000 ports in 125 countries
0
every year, transporting some 300 million tonnes of bulk and June August November 2016 March May
break-bulk cargo. In terms of steel shipments, Oldendorff is one
of the world‘s leaders. The Oldendorff Group has an annual Source: https://www.quandl.com/data/LLOYDS/BDI-Baltic-Dry-Index
turnover of USD 5 billion and about 3,500 employees. 1
The Baltic Dry Index is published by the Baltic Exchange in London. It is an
Source: http://www.oldendorff.com/index.html important economic indicator providing an assessment of the price of moving
major raw materials such as coal, iron ore and grain by sea.

Baltic Dry Index (BDI) The asset company, Doric Zweite Navigation GmbH & Co. KG,
The market for bulkers has looked up over the past few weeks. still has adequate liquidity to cover both operation of the ship
Following the historic low of under 300 points in February and servicing of the loan, which has a balance of USD 12.35
2016, the BDI has more than doubled to 625 points. This million, in the foreseeable future.
positive development is in part thanks to China where steel
production grew by 22.7 percent in March 2016 compared
with the previous month, and by 2.9 percent when compared
with March 2015. China imported 5.9 percent more iron ore –
capesize bulkers‘ main cargo – in March 2016 as compared to
the previous year.

Success through Experience

Doric GmbH
Berliner Strasse 114 - 116
63065 Offenbach, Germany
Tel. +49 69 247559 100
www.doric.com