Affinity (Shipping) LLP, 44th Floor, T. +44 (0) 20 3142 0100 E. affinity@affinityship.

com
The Leadenhall Building, 122 Leadenhall Street, W. affinityship.com
London, EC3A 8EE, United Kingdom
13 APRIL 2023

QUARTERLY ORDERBOOK BY SECTOR

Newbuilding ALSO THIS WEEK
Thousands
Grilled Cheese Vessels

Inevitably, being the sandwich week between European and Greek Easters, it’s a little bit 4.5
quieter in the newbuilding market this week than we‘ve got used to. That by no means makes it Second-hand 4
quiet though. It’s just a relative dip in activity compared to the frenzy since the start of the 3.5
year. Business continues in all the major sizes and sectors with buyers keen to try and Easter holidays causes temporary lag in tanker
SNP sales 3
conclude within existing validities rather than face the risk of an extension not being given or
2.5
higher prices being demanded for additional time. To be fair, the vast majority of negotiations
are still being carried out in a cooperative and collaborative manner between builder and buyer Question raised over longevity of grain initiative 2
although there have certainly been a few instances of yards not being willing to extend LOIs as 1.5
they see prices and / or costs rising. As a result, we’ve see a constantly evolving jigsaw of Full story on page 3
1
availability for 2025 as the rapidly moving market inevitably leads to a number of deals fixing
0.5
and failing as buyers feel the need to act now and make a decision later and yards are equally
skittish. With berths disappearing fast, anyone who thinks too long misses the boat so it’s little 0

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Q3 2021

Q4 2021

Q1 2022

Q2 2022

Q3 2022

Q4 2022

Q1 2023
surprise to see a higher portion of deals failing now than we’ve traditionally been used to. Macroeconomics
Yards are incentivised by rising prices not to give buyers too much time and are happy to move
on to the next buyer at a higher price if given the chance. And, likewise, buyers have to take The slumbering giant awakens: China’s economy is
their chance when it appears or risk missing out completely. The strength of the sellers’ back on the track Container Dry Bulk LNG Tanker LPG
market is increasingly obvious as yards use their leverage to improve payment terms, limit
specification modifications and, of course, push prices up. Full story on page 6 NB PRICE INDEX
BLT 170
As has been the case for most of the last couple of years, the big end of the market is the
tightest and most challenging. Yard positions remain further forward than they are sub- 160
Panamax – the enduring legacy of the container boom – while continuing concurrent demand
from ALL the main sectors – Dry / wet / containers / LNG – is keeping the yards very 150
comfortable with most yards well out into 2026 already and some even beginning to think
about 2027. Although there’s very little VLCC demand today, if you wanted one, you would
almost certainly be looking at 2H 2026 and a price, in Korea at least, of closer to $130mill 140
than $120mill. Of course, earlier berths pop up from time to time and some of the less fancied
yards are a little earlier than the most established but the prevailing position is one of tightness 130
with more than enough demand for prices to continue to drift up. At the moment, Suezmaxes
are particularly popular with several enquiries in the market for both conventional and LNG DF 120
tonnage. As Suez generally fills berths that would otherwise take a VLCC, the continued
appetite for Suez spells continued supply side restraint for VLCCs. With no VLCC demand to
speak of at the moment, the fundamentals for VLCCs look ever more appealing – if you could 110

Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
get one of course.
Continued on page 2

Sources: Affinity (Shipping) LLP

1
 13 APRIL 2023

Newbuilding
Ham & Cheese
For While activity and demand are relatively evenly distributed between sizes and types of vessels, TANKER NEWBUILDING PRICES (US$M)
contracting remains rather lopsided in favour of the Chinese yards both in terms of numbers of
130 Most Recent Values
vessels and overall DWT. The Koreans have been relatively quiet so far this year as their unwillingness
/ inability to play in the bulk market has isolated them from a lot of demand but, more concerningly, 110
we also see the Korean yards increasingly uncompetitive in what used to be their core market – VLCC US$122.0m
product and crude tankers – where the Chinese yards are starting to dominate. With 2025 berths 90
now largely committed in China, the Korean yards are making a bit of a comeback in the MR market Suezmax US$82.0m
70
but, elsewhere, they’re not even in the running. In spite of a feeding frenzy for LR2s this year, there
hasn’t been any LR2s contracted in Korea yet in 2023 and the spread is yawning open at more like 50
Aframax US$69.0m
15-20% than the historical 10%. In Suez, it’s a little more balanced with the HHI / Evalend deal and
Daehan’s success with several buyers this year saving the Koreans’ faces but, again, with recent cost 30 MR US$45.5m
increases, the spread even for Suezmaxes is opening up way beyond normal parameters. As we’ve
commented ad nauseam over the last couple of years, as long as container demand holds up, the VLCC Suezmax Aframax
Korean big 3 are unlikely to be too bothered about their growing lack of competitiveness for crude
and product tankers. But if / when container demand falters, as it eventually will, they might find a BULK CARRIER NEWBUILDING PRICES (US$M)
lot of their traditional clients happily building in China and reluctant to return. Most Recent Values
70
Coronation Chicken
The Easter story is one of resurrection – just like the NB market of recent years. Since Easter 2020,
60
Newcastlemax US$65.0m
50
the orderbook has grown by 39% from around 54 Mn CGT to almost 75 Mn CGT. Likewise, prices
have staged a miraculous recovery with our NB price index up 34.3 % to the extent that some yards 40 Kamsarmax US$34.0m
even now admit to making a profit. But we’re also now seeing a more sustained recovery in 30
shipbuilding capacity as prices make marginal capacity profitable again and demand looks
20
Ultramax US$32.5m
sustainable enough to justify the reactivation costs of bringing mothballed facilities back to life. So
far, the extent is pretty limited with additional berths mostly created by greater efficiency or more
man hours. But we also increasingly see additional slipways / skidways coming back into production
10
Handysize US$30.0m
at existing yards and some hibernating facilities being taken over by more successful groups. Even NCM Kamsarmax Supramax
with these marginal facilities coming back to life, capacity remains, and will continue to remain, well
below peak levels. It’s also noticeable that, with a few targeted exceptions, there’s no sign of AFFINITY NB INDEX
capacity expansion in Korea with labour and subcontracting shortages more likely to crimp existing 230
capacity than support additional availability. With shipping continuing to be very profitable, 210
Nominal Terms Most Recent Values
orderbooks historically very small and fleets increasingly middle aged, it’s hard to see demand Real Terms
moderating any time soon. So, a bit of additional capacity should be welcomed as it moderates price
190
170
Nominal Terms 163.1
increases without threatening the positive supply side fundamentals.
150 Nominal avg (2000 – Present) 133.7
130
110 Real Terms 90.2
90
70
Real avg (2000 – Present) 102.1
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2
13 APRIL 2023
Secondhand
Tankers
Easter holidays causes temporary lag in tanker SNP sales
The past week has straddled both the European and Greek Easter holidays
which inevitably causes a slow down in SNP activity as a number of ship
Owners take a short pause to celebrate the holiday periods. With this said,
various other tanker discussions have remained ongoing over the period
therefore we expect further tanker SNP transactions to emerge as we enter
next week.
The major sale of the week sees a trio of modern / scrubber fitted Chinese
LR1s, MT "NAUTICAL DEBORAH" (75,343 dwt, built 2019 Jiangsu Hantong –
SS/DD 7/23), "NAUTICAL SARAH" (75,342 dwt, built 2019 Jiangsu Hantong –
SS/DD 4/24) & “NAUTICAL JANINE” (75,111 dwt, built 2019 Jiangsu Hantong
– SS/DD 1/24) sold to clients of Advantage Tankers for US$ 51 million per
ship. The deal is understood to have been concluded with a 5 year charter to
Trafigura at US$ 28,500 per day.
With no other ultra modern LR1s sold over the past year the deal sets a
benchmark for similar tonnage and demonstrates again how tanker pricing has
firmed since the beginning of the Ukraine war with the subsequent rise in
freight rates.
Otherwise in the smaller tanker market, the DPP trading 2009 built Phenolic
Epoxy coated MT “PATANI” (16,670 dwt, built 2009 Jiangnan – SS/DD 1/24 –
BWTS fitted) is reportedly sold for US$ 12.6 million, while the two 12K dwt
modern stainless steel coated tankers MTs “TIGER PERSEVERANCE” (12,267
dwt, built 2019 Shin Kurushima – SS/DD 1/24 – BWTS fitted) & “TIGER
RELIANCE” (12,259 dwt, built 2018 Shin Kurushima – SS/DD 7/23 – BWTS
fitted) are understood to have been sold to Chinese Buyers for US$ 27.5 million
each.
SECONDHAND
Dry Key facts
Question raised over longevity of grain initiative
Over Although it is currently a relatively quiet period for the S&P market due to
the Easter holidays in Europe and Greece, the Dry Bulk sector continues to TANKERS
experience a steady volume of transactions. On Tuesday this week, Russian and
Ukrainian inspectors disagreed on procedures during their vetting of vessels Advantage Tankers linked to
using the grain initiative, resulting in a 50-ship backlog. While the issue was 3x 2019 built LR1s against 5
resolved just a day later, it raises concerns about potential obstacles and the year TC to Trafigura
sustainability of the initiative going forward. Over the past seven days,
2019 and 2018 built 12K dwt
Capesize rates have declined with 5TC dropping 6.4% since last Thursday and
stainless steel coated tankers
C10 rates for a round trip from Australia to China falling by 15.4%. With Chinese
sold enbloc
steel prices coming under pressure of late and experts suggesting there may be
a further decline in pricing by the end of 2023, this has resulted in recent more
negative sentiment in the Capesize market.
BULKERS
Despite the above, clients of Ever Stella Shipping are reported to have sold MV
“STELLA ADA” (180,223 dwt built 2011 Dalian – SS 12/25 DD 9/23 – BWTS Falling Chinese steel prices
fitted) for rgn US$ 25 million to Greek buyers basis prompt delivery. This sale
2022 DACKS built Ultramax
falls more or less in line with last month's sale of MV "XIN JIN HAI" (180,406
abt 61,000-dwt reported sold
dwt, built 2009 Dalian - SS/DD 11/24 - BWTS fitted) for US$ 23 million basis
for excess US$ 34 million
prompt delivery once taking into consideration the age difference.
This week's headline transaction sees modern Ultramax MV “GLOBAL ROYAL”
(61,211 dwt built 2022 DACKS – SS 3/27 DD 3/25 – BWTS fitted) being sold
to Greek buyers for excess $34 million. Having originally invited offers on 27th
March basis of a prompt delivery May-July, it is now understood she has will be
delivered with a forward laycan and August 2023 cancelling.
Clients of Eagle Bulk Shipping are reported to have off-loaded trio of Crown 58s
MV “MONTAUK EAGLE” (57,970 dwt built 2011 Yangzhou Dayang– SS 10/26
DD 12/24), MV “NEWPORT EAGLE” (57,970 dwt built 2011 Yangzhou Dayang –
SS 12/26 DD 2/25) and MV “SANKATY EAGLE” (57,970 dwt built 2011
Yangzhou Dayang – SS 4/26 DD 7/24) for US$ 48 million enbloc. 10 year old
Mitsui 56 MV "NEW BEGINNING" (56,098 dwt, built 2013 Mitsui - SS 1/28 DD
2/26 - BWTS fitted) is reported sold for rgn US$ 20.5 million. The 4 year older
Dolphin 57 MV “ROSLYN” (57,012 dwt built 2009 Qingshan – SS 10/27 DD
1/24 – BWTS fitted) is reported sold US$ 14 million to undisclosed buyers.
Once taking into consideration the difference in ages, these two sales highlight
the premium which a Mitsui 56 design can demand over a Dolphin 57.
3
13 APRIL 2023

RECENT SECONDHAND SHIP SALES

TANKERS
Name Type DWT Built Yard US$/m Comments Buyers
SS/DD 7/23 TANKER S/H VALUES – 5 YEAR OLDS (US$M)
Jiangsu Scrubber fitted
NAUTICAL DEBORAH LR1 75,343 2019
Hantong Basis TC attached for 5 years at US$ 28,500 to
Trafigura 100
SS/DD 4/24 VLCC
Clients of 90
Jiangsu Scrubber fitted
NAUTICAL SARAH LR1 75,342 2019 51 Each Advantage Suezmax
Hantong Basis TC attached for 5 years at US$ 28,500 to
Tankers 80
Trafigura
SS/DD 1/24 Aframax
Jiangsu Scrubber fitted 70
NAUTICAL JANINE LR1 75,111 2019
Hantong Basis TC attached for 5 years at US$ 28,500 to
Trafigura 60
SS/DD 1/24
BWTS fitted 50
Undisclosed
PATANI Chem 16,670 2009 Jiangnan 12.6 DPP
Buyers
ICE 1A 40
Phenolic Epoxy
SS/DD 1/24
TIGER 30
Chem 12,267 2019 Shin Kurushima BWTS fitted
PERSEVERANCE
STST
27.5 Each Chinese Buyers 20
SS/DD 7/23

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023
TIGER RELIANCE Chem 12,259 2018 Shin Kurushima BWTS fitted
STST
DRY BULK
Name Type DWT Built Yard US$/m Comments Buyers BULK CARRIER S/H VALUES – 5 YEAR OLDS (US$M)
SS 12/25 DD 9/23
60
STELLA ADA Cape 180,223 2011 Dalian Rgn 25 BWTS fitted Greek Buyers
Basis prompt delivery by arrangement Capesize
SS 3/27 DD 3/25 50 Panamax
GLOBAL ROYAL Ultra 61,211 2022 DACKS xs 34 BWTS fitted Greek Buyers
Basis forward laycan - August cancelling Supramax
Yangzhou SS 10/26 DD 12/24 40
MONTAUK EAGLE Supra 57,970 2011
Dayang Basis prompt delivery by arrangement
Yangzhou SS 12/26 DD 2/25 Undisclosed
NEWPORT EAGLE Supra 57,970 2011 48 Enbloc 30
Dayang Basis prompt delivery by arrangement Buyers
Yangzhou SS 4/26 DD 7/24
SANKATY EAGLE Supra 57,970 2011
Dayang Basis prompt delivery by arrangement
20
SS 10/27 DD 1/24 Undisclosed
ROSLYN Supra 57,012 2009 Qingshan 14
BWTS fitted Buyers
SS 1/28 DD 2/26 10
Undisclosed
NEW BEGINNING Supra 56,098 2013 Mitsui Rgn 20.5 BWTS fitted
Buyers
Trading TC until May 2023
SS 7/25 DD 8/23 Undisclosed 0
MINER Handy 33,002 2010 Taizhou 10.5

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023
BWTS fitted Buyers
SS/DD 8/23 Undisclosed
LADY LAURA Handy 31,945 2008 Hakodate 11.8
Logs fitted Buyers

4
SECONDHAND
13 APRIL 2023

Ship Recycling

2020

2021

2022

2023
US$/LDT 70 800
Dry Cargo Containerships Tankers
60 700
India

590 590 590 50

600

500
40
Pakistan

Mn DWT

US$/LDT
400
530 530 530 30
300
20
Bangladesh

200
610 610 610 10 100

0 0

2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Turkey

350 350 350

Mn DWT India Pakistan Bangladesh Turkey

DATE TYPE NAME BUILT COUNTRY DWT LDT (MT) $ / LT LDT DESTINATION SALE COMMENTS

No Reported Sales

5
SHIP RECYCLING
13 APRIL 2023

Macroeconomics
The slumbering giant awakens: China’s economy is back on the track
Last week’s US data painted an increasingly dovish picture. The manufacturing and service ISM surveys fell BDI HISTORICAL
below estimates to 46.3 and 51.2 respectively, and the breakdowns showed that prices and new orders in 6,000
particular fell meaningfully. The labour market showed signs of loosening too: ADP employment fell to 145k
from 242k previously, while the Challenger job cuts survey indicated another 90k job cuts, mostly in the
western US and driven by the tech and finance sectors. JOLTS job openings declined by 8 per cent to 9.9 Mn, 5,000 2014
the ratio of job openings to unemployed fell to 1.7 times, while the quits range stayed basically unchanged at
2015
2.6 per cent, only 10 basis points higher. Non-farm payroll showed a slightly rosier picture, but still displays a
slowing picture. Looser labour markets are dovish for the Fed, but softer inflation is a key condition for a softer 4,000 2016
tone. For this, Wednesday’s CPI print will be key: Consensus currently estimates headline to rise 0.3 per cent 2017
m-o-m and 5.2 per cent y-o-y, while core is expected to rise 0.4 per cent m-o-m and 5.6 per cent y-o-y. For
2018
headline, the numbers will be shaped by rising oil prices since mid-March versus falling food prices, while for 3,000
core the recent rise in car prices will weigh against any potential declines in services and rents. The weakening 2019
labour market, paired with tight lending standards by banks and forward-looking indicators pointing to falling 2020
inflation, could mean that the Fed’s current approach should end soon. If this is the case, terminal rates 2,000
should be rising at most by 25 basis points from current levels. 2021

2022
Pent-up demand is driving China’s recovery in the services sector, following three years of lockdowns. China’s
1,000
service activity rose to a two-year high last week when the Caixin services PMI printed at 57.8, almost 3 points 2023
above consensus and the prior result. Further, the People Bank of China’s index of income sentiment rose to
50.7 in Q1 2023, supporting consumer confidence as incomes increase. Mobility is now back to pre-Covid
0
levels in most cities, and even near 120 per cent in Shenzhen, given the proximity to the open borders of Hong Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Kong. Flights data shows that domestic flights are back to around 80 per cent of pre-Covid levels, and should
rise further to 90 per cent from June onwards according to OAG’s flights schedule. International travel is still
BALTIC DRY INDICES
only at 9 per cent of pre-pandemic levels, but should rise to 13 per cent from June onwards, flight schedule
data shows. 11,000
Despite the reopening being services-led, commodity demand can be expected to rise later this year. Leading
indicators of commodity demand, such as iron ore imports and steel output, are pointing upwards on the back 9,000
of increased infrastructure spending and less weakness in property investment. In fact, daily iron ore imports
for the first two months of 2023 are at 3.29 Mn T/day, according to official data, and the strongest on a daily
basis since September last year. China's steel output also rose in the first two months of 2023, gaining 5.6 per 7,000

cent from the same period last year to reach 168.7 Mn T. Meanwhile, March iron ore imports are at 99.96 Mn
T, according to Kpler, which translates to about 3.23 Mn T/day. The recovery in China's demand has yet to 5,000
show up in some other major commodities, especially crude oil, which tends to be a lagging indicator given it
takes several months from when cargoes are purchased to when they are delivered and processed by
3,000
refineries. Crude imports in the first two months of the year were 1.25 per cent lower y-o-y at 10.4 Mn bpd,
according to customs data. March imports are around 11.18 Mn bpd, according to Kpler, but this is hardly the
massive lift forecasted by some. It is more probable that China's crude imports will accelerate from the 1,000
second quarter onwards as the country continues to reopen after abandoning its strict zero-Covid policy. Also,
the latest decision by Opec to cut production, and its subsequent knock-on effect on prices, could cast some
Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
May-19

May-20

May-21

May-22
Mar-19

Nov-19

Mar-20

Nov-20

Mar-21

Nov-21

Mar-22

Nov-22

Mar-23
Jul-19

Sep-19

Jul-20

Sep-20

Jul-21

Sep-21

Jul-22

Sep-22
-1,000
more uncertainty around price-sensitive China’s import levels as refiners might use up some of the large
inventories they have accumulated in recent years. For now, market consensus sees GDP growth at 5.3 per
BCI BPI BSI BDI
cent for 2023 compared to the official target of only 5 per cent, but some economists with more bullish views
even call for 6 per cent. And, while the China reopening trade has taken a breather in global markets lately, as
the US banking stress and recession fears took centre stage, the story is far from over...

6
MACROECONOMICS
13 APRIL 2023

USD/JPY, KRW
BTI Dirty 1,256 63
USD/JPY USD/KRW
BTI Clean 940 74
150 1,500
BDI 1,463 97
145 1,450
Most Recent Rates
140 1,400
135
VLCC AG-West 47.06 0.78 1,350

VLCC AG-China 73.82 4.77

130
1,300
US$/YEN 132.36
125
MR 39,493 1,400 1,250
120
115
1,200 US$/WON 1,310.53
110 1,150
Crude Oil (WTI) 83.40 2.73
105 1,100
Crude Oil (Brent) 87.35 2.21 100 1,050
Natural Gas (HH) 2.04 0.10
FTSE 100 7,840.44 119.88
JPY KRW
DJIA 33,788.50 305.78
Nikkei 225 28,156.97 684.34

~Updated at 16:21 13/04/2023

USD/GBP, EUR
Tanker Spot Rates, US$/day
1.00 1.05
200,000
180,000
0.95 Most Recent Rates
160,000 1.00
140,000 0.90
120,000
0.95
US$/GBP 0.7987
100,000 0.85

80,000
60,000
0.80
0.90 US$/EURO 0.9048
40,000 0.75
20,000 0.85
0 0.70
-20,000
0.65 0.80
-40,000
Apr-19

Apr-20

Apr-21

Apr-22

Apr-23
Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
Oct-19

Oct-20

Oct-21

Oct-22
Jul-19

Jul-20

Jul-21

Jul-22

VLCC-TCE Suezmax-TCE Aframax-TCE MR Atlantic Basket GBP EUR

7
MACROECONOMICS
AFFINITY GLOBAL OFFICES

LONDON SEOUL SINGAPORE HOUSTON

Sale & Sale & Sale & Offshore
Dry Cargo Newbuilding Dry Cargo Tankers
Purchase Purchase Purchase

Tankers Newbuilding LNG Tankers LNG

LNG Research
BEIJING & SHANGHAI S Y D N E Y, M E L B O U R N E , MONTEVIDEO, RIO GRANDE,
BRISBANE & PERTH BUENOS AIRES & SANTIAGO
Finance Tankers LNG Dry Cargo Dry Cargo
Valuations

Dry Cargo
OSLO ROT TERDAM LIMA
Sale &
Offshore
Purchase H O N G KO N G Dry Cargo Dry Cargo Container

Tankers
13 APRIL 2023

Disclaimer
The information contained within this report is given in good faith based on the current
market situation at the time of preparing this report and as such is specific to that point
only. While all reasonable care has been taken in the preparation and collation of
information in this report Affinity (Shipping) LLP (and all associated and affiliated
companies) does not accept any liability whatsoever for any errors of fact or opinion based
on such facts.
Some industry information relating to the shipping industry can be difficult to find or
establish. Some data may not be available and may need to be estimated or assessed and
where such data may be limited or unavailable subjective assessment may have to be
used.
No market analysis can guarantee accuracy. The usual fundamentals may not always
govern the markets, for example psychology, market cycles and external events (such as
acts of god or developments in future technologies) could cause markets to depart from
their natural/usual course. Such external events have not been considered as part of this
analysis. Historical market behaviour does not predict future market behaviour and
shipping is an inherently high risk business. You should therefore consider a variety of
information and potential outcomes when making decisions based on the information
contained in this report.
All information provided by Affinity (Shipping) LLP is without any guarantee whatsoever.
Affinity (Shipping) LLP or any of its subsidiaries or affiliates will not be liable for any
consequences thereof.
This report is intended solely for the information of the email recipient account and must
not be passed or divulged to any third parties whatsoever without the written permission of
Affinity (Shipping) LLP. Affinity (Shipping) LLP accepts no liability to any third parties
whatsoever. If permission is granted, you must disclose the full report including all
disclaimers, and not selected excerpts which may be taken out of context.

9
DISCLAIMER
Weekly Report Contacts

SNP DESK
E. snp.ldn@affinityship.com

NEWBUILDING DESK
E. newbuilding@affinityship.com

NICK WOOD
E. nick.wood@affinityship.com
T. +44 (0) 203 142 0111

NICK PUGH
E. nick.pugh@affinityship.com
T. +44 (0) 203 142 0183

Affinity (Shipping) LLP, 44th Floor, T. +44 (0) 20 3142 0100

The Leadenhall Building, 122 Leadenhall Street, E. affinity@affinityship.com
London, EC3A 8EE, United Kingdom W. affinityship.com