• •

• •
• •
• •
• •
•
•
• •
•

•
 Dry Bulk Fleet By Number of Ships

0-4 5-9 10-14 15-19 20-24 25-29 >30 Total Orderbook

Orderbook
years years years years years years years Fleet as % of Total Fleet

VLOC 43 105 38 4 7 51 10 0 215 20%

Newcastlemax 87 121 47 17 0 4 1 0 190 46%

Modern Capesize 118 415 374 146 113 53 5 0 1106 11%

Small Capesize 5 95 24 3 0 1 0 0 123 4%

Post-Panamax 70 269 138 31 28 11 1 3 481 15%

Panamax 297 858 396 332 276 122 48 13 2045 15%

Ultramax 416 349 12 0 0 0 0 0 361 115%

Supramax 74 805 713 341 12 0 0 0 1871 4%

Handymax 29 170 19 73 244 133 50 34 723 4%

Handysize 352 1082 699 251 281 137 88 175 2713 13%

Total Fleet 1491 4269 2460 1198 961 512 203 225 9828 15%

% of Total Fleet 15% 43% 25% 12% 10% 5% 2% 2%

 Dry Bulk Fleet By Mn Dwt

0-4 5-9 10-14 15-19 20-24 25-29 >30 Total Orderbook

Orderbook
years years years years years years years Fleet as % of Total Fleet

VLOC 10.87 32.26 10.53 0.93 1.78 14.12 2.72 0.00 73.21 15%

Newcastlemax 18.09 25.03 9.69 3.47 0.00 0.83 0.21 0.00 57.32 32%

Modern Capesize 20.85 74.42 66.41 25.48 18.88 8.06 0.80 0.00 214.91 10%

Small Capesize 0.55 10.76 2.67 0.32 0.00 0.11 0.00 0.00 14.42 4%

Post-Panamax 5.71 23.92 12.53 2.73 2.33 1.02 0.09 0.26 48.59 12%

Panamax 23.43 68.04 30.71 25.03 19.78 8.47 3.21 0.82 179.50 13%

Ultramax 26.09 21.75 0.75 0.00 0.00 0.00 0.00 0.00 48.59 54%

Supramax 4.21 45.62 39.77 18.03 0.61 0.00 0.00 0.00 108.24 4%

Handymax 1.30 7.84 0.88 3.45 11.22 5.92 2.17 1.47 34.27 4%

Handysize 12.76 35.92 20.21 7.30 7.44 3.53 2.40 4.50 94.05 14%

Total Fleet 123.87 345.57 194.16 86.72 62.04 42.07 11.61 7.06 873.08 14%

% of Total Fleet 14% 40% 22% 10% 7% 5% 1% 1%

 Supramax Fleet Profile → As the first standardised Supramaxes with
189.99m LOA and Panamax beam (32.26m)
20 started delivering at the start of the
millennium, the fleet profile is very young.
15
Mn DWT

10 → Deliveries peaked in , with a total of 320

ships of a combined 18.1 Mn Dwt. Many of
5 these were ordered in late 2007 and 2008,
prior to the financial crisis, while others were
0 ordered in 2010 due to substantially reduced

2013
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012

2014
2015
2016
2017
build costs.

Fleet Orderbook
350
300
Number of Ships

250
200
150
100
50
0
20…
20…
20…
20…
20…
20…
20…
20…
20…
20…
20…
20…
20…
20…
20…
20…
20…
20…
 Supramax Fleet Development → Annual growth of the Supramax fleet has
slowed down in the last five years to
20 40% approximately 3.4% in 2014.
15 30%
→ This is a result of an evolution in bulk carrier
Mn DWT

10 20% design, with most shipyards now offering

Ultramax types.
5 10%
0 0%
-5 -10%

Additions Removals %Change

400 40%
NUmber of Ships

300 30%
200 20%
100 10%
0 0%
-100 -10%
 → The Supramax sector started growing
Cumulative Supramax Fleet explosively at the start of the millennium with
an average of 123 vessels being delivered
120
per year between 2000 and 2014.
100
80
Mn DWT

→ Low orderbooks, poor markets and

60 decreased enthusiasm for the size category
40 capered to Ultramaxes means that fleet
growth is slowing down.
20
0
→ 60 ships were delivered in 2014, the lowest

2009
2000
2001
2002
2003
2004
2005
2006
2007
2008

2010
2011
2012
2013
2014
2015
number since 2004.

Fleet
2000

1500
Number of Ships

1000

500

0
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
 Avg Supramax Dwt
58,000

57,000

56,000

55,000
Dwt

54,000

53,000

52,000

51,000

50,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
 → The Dry bulk fleet is constantly evolving, thus
Ultramax Fleet Profile
the Ultramax sector only started being
20 delivered from 2010 onwards.
15 → The current orderbook accounts for 133% of
Mn DWT

the current fleet.

10
5
0

2017
2010

2011

2012

2013

2014

2015

2016

2018
Fleet Orderbook
300
Number of Ships

200

100

0
2010

2011

2012

2013

2014

2015

2016

2017

2018
 Ultramax Orderbook • Under construction is here defined from the
20
moment steel cutting has begun.
• Assuming a 12 month construction period,
vessels that are scheduled for delivery up
15
until September 2016 and have yet to
begin steel cutting can be expected to
Mn Dwt

10
either slip or be cancelled.
• This period has 178 vessels amounting to a
5
total of 11.14 Mn Dwt.
0
2015 2016 2017 2018 2019
Under Construction On order
300

250
Number of ships

200

150

100

50

0
2015 2016 2017 2018 2019
 Cumulative Ultramax Fleet → A very young ship type, the Ultramax fleet
has experienced rapid expansion since its
25
introduction in 2010.
20
Mn DWT

15
→ Demand for this class is largely driven by
10 shipyards offering new designs with larger
5 freight capacity on similar dimensions to the
0 last generation of Supramaxes.
2010

2011

2012

2013

2014

2015
Fleet
400
Number of Ships

300

200

100

0
2010

2011

2012

2013

2014

2015
 Chinese Steel Exports
12

10

8
Mn Tonnes

0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
 Seaborne Coking and Steam Coal
900

800

700

600
Mn T

500

400

300

200

100

Seaborne Coking Coal Seaborne Steam Coal

 Seaborne Bauxite and Alumina
110.0

100.0

90.0

80.0

70.0
Mn T

60.0

50.0

40.0

30.0

20.0

10.0

Bauxite Alumina
 World Grain Imports
120

100

80 EUROPE
CIS
N & C AMERICA
Mn Tons

60 SOUTH AMERICA
NEAR EAST ASIA
FAR EAST ASIA
40 AFRICA
OCEANIA

20

0
12/13 13/14 14/15 15/16 (f'cast)
 1 YR TC Rate / BSI
1 YR TC BSI

16,000 1,800

14,000 1,600

1,400
12,000

1,200
10,000
USD/Day

1,000

BSI
8,000
800
6,000
600

4,000
400

2,000 200

- -
 Supramax Values
Resale 5YO 10 YO Vessel Value

40

35

30

25
Mn USD

20

15

10

5
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