Fearnleys Weekly Report Printer version C J es VLCC rates have continued to side in the week gone by. Numerous MEG/China “COA” movements have been booked, with Chinese charterers taking care of business ahead of their holidays next week - leaving litle enquiry cof note for third party owners to bite into. The market remains firmly mired in the WS20's for MEG/Eastbound cargoes, ranging from the low end for the somewhat challenged units to the upper end for modern tonnage. The Atlantic has fared somewhat better, with daily earings twice that available from the MEG, but it's a Hobson's c’choice whether to lock in current rock bottom levels well into the new year. —TRE7RaR#2F (One meal won't make a fat man). (Suczmax) ‘Coming into this week Suezmax owners felt much more confident than the last couple of months. Activity in the st have been very good for over a week, thinning out the front end of the position list. Only problem is that might not be enough, The activity in the East it has prevented the stream of ballasters to West Arica, 1 Atlantic list to look slightly better as well, enly problem there is the cargo activity. North, Med/Black Sea, USG and West Africa is stil rather quiet, but there are some positives going forward. Libya is up at 250k bbls/day in production, which is a good start. Volumes in Wafr are expected ta slowly increase, and going forward we can say that WS35 on TD20 Is the bottom for now. (Game) F Aframax owners trading in the North Sea/Baltic, even a relatively busy week with a decent amount of cargoes was not enough to push the market up higher as the tonnage list was too long. Owners are showing some resistance to fix current low levels, but again the volumes are not there to support them. Some delays in strategic load and discharge port coupled with some bad weather could possibly play thelr role i do not expect any dramatic change in the rates, Also in the Med/Bsea the low rate levels have rolled for another week On a positive we have seen a fow more inquiries from Libya as a result of the force majeure being lifted in some ports, however due to the unbalance of cargoes versus ships we do not foresee an imminent improvement In the week to come. the short term, but we MEG/WEST (280 000) ws 175 ose ws 280 208 MEG/Singapore (280 000) ws275 35 WAF/FEAST (260.000), ws 330 ov WAF/USAC (130 000), ws 325 00 Sidi Kerir7W Me (135 000) ws 400 00>NN. Afe/Euromed (80 000) wss7s 00 UKycont (80 000) ws 725 asm ‘aribs/Use (70 000) ws 525 2s Vice (Modern) 365000 09 ‘Suezmax (Medern) 215009 $5000 ‘Aframax (Modern) 9000.0 09 VLCC fixed inal areas lst week 52 6m VLCCS available in MEG next 30158 on days We see the market continuing its move upwards despite an expected quiet week with holidays in China, The Brazil to China route with iron ore is the main driver where i's been a lot of activity with levels up 18% from last week. However, in terms of increase the north Atlantic is the most impressive with the fronthaul rate being up 50% and transatlantic up 68%. The Pacific is more stable, but still with good amount of activity is up 3%. For now, the ‘market seems very solid and with a thin available tonnage list for Brazil itis expected to see further near-term Improvement. ‘The Panamax market has experienced a flat tendency in both hemispheres this week It has been slow activity and With Chinese and Korean Holidays starting off today, we believe the activity will remain slow, TAs are yielding USD tow 12k while fronthauls bss Continent delivery are being fixed in region of USD low 20k. The Pacific round voyages are priced similar to the Atlantic rounds andl are being fixed in the low 12kPositive sentiment across all borders for the Supramax market. Though @4 expect to be more volatile than usual, spot market supporting firm sentiment going forward. The increased activity and stronger rates in the Pacific pushed indexes further up, which helped to increase period activity for tonnage open in Far East. Imabari’ 63, built 2019, open China med September was fixed USD 1100 bss 8-10 mos, Seasonal grain export from Black Sea and Continent dominating Atlantic market. Rates from Continent to Far East fixing in low USD 20k pd. Scrap runs to Med paying USD 17k pd. Clinker from Med to West Africa reported to fix USD 20,500 pd APS on a $5,000 dwt USG market is firm with good demand and lack of fresh tonnage supply. ECSA stable and rates holding same level from “last done” about USD 15k plus 550k GBB pd delivery Brazil for trip to Se Asia & (Gepesize WD/Day UEE/TEMD) ‘TCE Cont/Far East (180 DWT) sas.oae i994 * Australia ser sor PacificRV 23991 $58 (Panamax OS0/Day. Uso/Temed) “Transatlantic RV si2270 $220 TE Contr East seas $260% Tee Far EasCont S454 “20 Tce Far East RV siisae $2000 GED) Atlantic AV sis3s2 502% Pacific RV ses $94 ‘TCE Cont/Far East 21.182 sma (Cerrc wscrom) Neweastlemax (208 000 dwt) 17250 $500 ‘capesize (180 000 dwt) 15100 $800 Kamsarmax (82 000 dt) 12750 2808 Panamax (75000 dt) 11300 250% Ultramax (64000 ct 11,900 250% Supramax (58 000 dw) 800 $2504 Baltic Dry index (801) 969.148 (Wear by Bu)USD per Day je EAST 4 handful of ships have been taken out this week in the mid usd 50s baltic range, but time being there seems to be few requirements left for October load unless ships get delayed and miss their laycans later. The market is also preparing for long holiday in China next week that will last until 8th Oct, Meanwhile we continue to see strong activity on freight for US cargos and thus we do not expect the baltic to come off anytime soon, as Owners would rather send their open shins back West unless able to program them at favorable rates in the Fast. west Things have slowed down to some extent in the West this week compared to a busy week of fixing in the US last week. However, there are things going on, and although we have only seen one fixture done in the new fixing window so far, a couple of ships are on subs, and another few are under discussion. We are still seeing interest on freight for both October and November dates, and rate wise it seems levels in the new fixing window pretty much carry on from the last (Geerates) (aero) UGC (84 000 ebm) 1350000 $50,000 * sc (60 000 eben) 800,000 09 MGC (38 000 ebm) 950,000 90> HOY SR 20-22 000 ebm) 650,000 50> HOY ETH (17-22 000 ebm) 709000 50> ETH (8-12 000 ebm) 420.000 50> '5R (6 500 ebm») 340,000 10000 * COASTER Asia 280000 50> ‘COASTER Europe 150000 $09 (EG/FOE Prices - Propane (US0/Tenne)) FOB North Sea/ANS! $305, 50> ‘Saudi Arabia/cP 8375 S10Mr Belview (US Gulf) S283 ee Sonatrach/Bethioua $335 an FOB North Sea/ANSI s321 90> Saudi Arabia/cP $380 wn MT Belview (US Gulf) $250 y Sonatrach/Bethious $380 som (crates) Gate G5) East of Suez 155-165 000 ebm $57,500 90> West of Suer 155-165 000.cbm $60,000 09 1 Year T/C 155-160 000 cbm 47,000 90> (Hewbuiting] Carine) Tankers stow Siow Dry Bulkers| Sow sow ‘others Siow Slow Gres) vice 050 500 Suezmax 560 500 Aframax sass 500 Product sas $00 Neweastlemax sao $009 Kamsarmax 5265 300 Uttramax 245 $009 NGC (MEG (ebm s1e00 500 (Sate & Purchase] os)Capesize s3so 00> Kamsarmax se20 $00> Urtramax siss. 300% capesize si95 500 Kamsarmax sis0 500 Uteramax sno s00> vice 670 10d Suezmax $450 “$108 ‘framax / R2 360 500 MR 260 500 vice sass $054 Suezmax ssi0 $009 éramax / U2 8250 $00 me sis, 4054 usoney 10638 102 Usp/KRW 118965 5a Usp/NoK, asr one EUR/USD 18 ood LIBOR USD (6 months) 023% 9.02% NIBOR NOK (6 months) 037% oniBrent Spot $42.00 soso Singapore 380 CST seers 3003 Singapore Gaseil sno s20% Rotterdam 380 CST segs $00 Rotterdam Gasoil s3220 s30% g All rates published in this report do not necessarily reflect actual transactions occurring in the market. Certain ‘estimates may be based on prevailing market conditions, In some circumstances, rates for certain vessel tyes are based on theoretical assumptions of premium or discount for particular vessel versus other vessel types, Disesimer