Siw - 05-09-2014

Clarkson Research Services
Shipping Intelligence Weekly

Issue No. 1,137 5-Sep-2014 ISSN: 1358-8028
ClarkSea Index $10,654
Vessel Charter Rates This Week
1 Year VLCC TC Rate | 1 Year Capesize TC Rate
1 Year MR TC Rate | 6-12m 2750 TEU TC Rate
Asset Prices This Week
VLCC N/B $98.0m | Capesize N/B $55.3m | 2750 TEU N/B $32.0m
VLCC 5yo
$74.0m | Capesize 5yo $48.0m | 2750 TEU 5yo $15.3m
This Week's Analysis (see Back Page)
LNG Trade - Stiff Competition In The Energy World
But Long-Term Trends Are Dynamic
$29,000/day $21,500/day
$14,000/day $7,600/day
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$,000/day
CONTENTS

Crude Tanker Spot Market p2
Product Tanker Spot Market p3
Large Bulk Carrier Market p4
Tripcharter Market, Freight Indices
& Futures p5
Gas & Chemical Markets p6
Liner & Offshore Markets p7
Secondhand Prices p8
Sale & Purchase Market pi
Recent Ship Sales by Vessel Type pii
Cargo Fleet Changes & Bunkers piii
Timecharter Fixture Record piv
The Timecharter Market p9
The Shipbuilding Market p10
The Demolition Market p11
Economic Indicators p12
Ship Demand Trends p13
World Fleets & Orderbooks p14-15
Analysis p16
Roberts Bank
New York
Philadelphia
Hampton Roads
Houston New Orleans
LOOP
Selection of ports covered by the various market sectors in this report
St Eustatius
Bonaire Bolivar
Rio de Janeiro
Tubarao
Mumbai
Mundra Jamnagar
Gangavaram
Pipavav
Singapore
Jakarta
Banjarmasin
Dampier
Hay Point
Sydney
Ningbo
Beilun Oita
Chiba
Ulsan
Longkou
Qingdao
Clarkson Research Services Limited
(CRSL) is respected worldwide as the most
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global shipping. CRSL is part of the
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shipbroking and integrated shipping
services provider. For more detail about the
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Clarkson Research will be exhibiting at
SMM 2014, Hamburg, Germany from
the 9th-12th September 2014 and will
be located in hall B1.OG. at stand 304.
Roberts Bank
New York
Philadelphia
Hampton Roads
Houston New Orleans
LOOP
Selection of ports covered by the various market sectors in this report
St Eustatius
Bonaire Bolivar
Rio de Janeiro
Tubarao
Saldanha Bay
Richards Bay
Dar es Salaam
Lome
Bonny Offshore
Sullom Voe
Primorsk
Wilhelmshaven
Rotterdam
Lavera
Arzew
Es Sider
Trieste
Odessa
Novorossiysk
Augusta
Agioi Theodoroi
Sidi Kerir
Ain Sukhna
Ras Tanura
Mumbai
Mundra Jamnagar
Gangavaram
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Crude Tanker Spot Market
Crude Tanker Highlights
VLCC Single
WS 2014 Average earnings $ per day VLCC Earnings
Voyage.....
Aug 29 Sep 05 2014 2013 2014 Aug 29 Sep 05 This Week ....
23 280,000t Gulf - Europe 27 26 30 11,486 19,638 14,043 11,430 WEAKER -19%
23 280,000t Gulf - US Gulf * 26 25 29 8,319 14,516 9,772 7,048 WEAKER!! -28%
23 265,000t Gulf - Japan * 42 42.5 45 17,710 21,629 17,296 17,340 STEADY 0%
23 265,000t Gulf - S.Korea * 42 42.5 45 16,937 20,827 16,760 16,712 STEADY 0%
23 270,000t Gulf - Sing 45 43.5 46 17,994 22,429 20,946 18,130 WEAKER -13%
23 280,000t Gulf - Red Sea 52.5 50 52 25,880 32,918 33,611 29,380 WEAKER -13%
23 260,000t WAF - China * 47.5 46 47 15,454 21,264 21,840 21,000 SOFTER -4%
23 260,000t WAF - US Gulf * 50 55 55 22,665 34,069 29,023 35,144 FIRMER 21%
23 260,000t WAF - WC India^ 4.00 3.70 3.68 20,313 24,997 31,203 24,954 WEAKER -20%
23 275,000t Caribs-Singapore^ 6.00 6.00 4.63 29,608 40,859 67,754 67,421 STEADY 0%
23 VLCC Ave. Earnings * 16,217 22,461 18,938 19,449 STEADY 3%
^ Lump sum in million dollars
Suezmax Single
WS 2014 Average earnings $ per day Suezmax Earnings
Voyage.....
24 130,000t WAF - USAC * 62.5 60 72 14,245 21,006 15,580 13,738 WEAKER -12%
24 130,000t WAF - Med 62.5 60 74 13,863 21,775 14,443 12,859 WEAKER -11%
24 130,000t Med - Med * 65 65 80 16,776 27,315 16,439 16,752 STEADY 2%
24 140,000t Black Sea - Med 62.5 62.5 78 13,321 26,204 12,799 13,559 FIRM.... 6%
24 Suezmax Ave. Earnings * 15,511 24,160 16,010 15,245 SOFTER -5%
Aframax Single
WS 2014 Average earnings $ per day Aframax Earnings
Voyage.....
25 100,000t Baltic - UKC * 105 65 92 19,903 27,847 37,996 11,394 WEAKER!! -70%
25 80,000t Black Sea - Med * 105 90 102 11,265 21,326 23,356 16,107 WEAKER!! -31%
25 80,000t Sidi Kerir - Trieste * 102.5 90 101 11,346 21,319 22,872 16,984 WEAKER!! -26%
25 80,000t Es Sider - Fos 117.5 105 104 7,023 18,060 25,819 19,567 WEAKER -24%
25 80,000t Med - USAC 95 87.5 97 15,525 20,228 19,735 16,276 WEAKER -18%
25 80,000t UKC - UKC * 105 95 114 11,633 22,718 17,259 10,605 WEAKER!! -39%
25 80,000t UKC - USAC 95 90 105 17,958 21,950 17,352 14,943 WEAKER -14%
25 80,000t Gulf - East * 105 102.5 103 14,185 20,921 22,111 21,102 SOFTER -5%
25 80,000t Indo - Japan * 105 102.5 100 14,076 21,065 23,467 23,030 STEADY -2%
25 70,000t Carib - US Gulf * 92.5 85 130 16,508 25,843 12,334 9,134 WEAKER!! -26%
25 Aframax Ave. Earnings * 14,131 23,005 22,771 15,479 WEAKER!! -32%
Clarkson Research Services Page 2
12,541
"Voyage Earnings" are estimated from spot freight rates (see footnote on page 4); */
#
Indicates constituent routes of "Average Earnings".
05-Sep-14
15,649
9,398
16,710
15,618
13,741
12,558
16,908
2012
12,876
12,331
11,264
6,948
18,359
2012
14,937
15,042
18,879
17,453
18,845
30,899
17,668
25,730
20,441
28,537
Crude Tanker Spot Earnings ($,000's/day)
2012
17,302
13,039
17,904
17,455
VLCCs:
It has been an uninspiring week in both the East and West
this week. In the MEG, volumes have been on the low side
with the rate on the Gulf-US Gulf route falling to WS 25. In
WAF it has been a quiet week, although the Caribs market
remains firm with the lump sum rate on the Caribs-
Singapore route at $6.0m.
Suezmaxes:
Rates in WAF began the week at WS 62.5 for Europe
bound voyages but as the fixing window stretched out to
the back of the month rates came under increasing
pressure. Charterers had multiple offers for cargoes and
subsequently the rate on both the WAF-USAC and WAF-
Med routes decreased to WS 60.
Aframaxes:
It was generally a quiet week in the Aframax market this
week and as a result the rates on all featured routes
declined w-o-w. For example, the rate on the cross-UKC
route dropped to WS 95. As a result of softening rates,
Aframax average earnings fell 32% w-o-w to $15,479/day.
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Suezmax
Aframax
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Product Tanker Spot Market
Product Tanker Highlights
Clean Product
WS 2014 Average earnings $ per day Clean Earnings
Single Voyage...
Aug 29 Sep 05 2014 2012 2013 2014 Aug 29 Sep 05 This Week ....
26 75,000t Gulf - Japan 117.5 115 91 13,683 14,525 25,515 24,140 SOFTER -5%
27 55,000t Gulf - Japan 117.5 113 106 12,951 12,594 16,077 14,425 WEAKER -10%
28 37,000t UKC - USAC * 90 115 112 10,469 6,735 2,787 7,925 FIRMER 184%
28 37/38kt UKC-USAC-USG-UKC 90/72.5 115/70 112/87 19,399 14,048 8,717 11,489 FIRMER 32%
28 37,000t UKC- W. Africa * 120 135 131 16,660 10,295 8,509 11,638 FIRMER 37%
28 38,000t USG - ECSA * 95 100 127 16,574 11,292 4,946 5,765 FIRMER 17%
28 30,000t Singapore-E Aus * 175 175 168 14,360 11,803 13,081 13,564 FIRM.... 4%
28 30,000t Singapore-Japan 120 112.5 113 14,517 9,542 11,349 10,016 WEAKER -12%
28 35,000t WC India - Japan * 120 120 109 10,760 8,452 11,078 11,587 FIRM.... 5%
28 35,000t Gulf - E.Africa 190 185 165 17,134 15,450 20,226 19,027 SOFTER -6%
28 40,000t Gulf-UKC * ^ 1.7 1.75 1.43 10,840 8,504 14,660 15,585 FIRM.... 6%
29 30,000t Med - Med # 120 120 136 11,354 9,009 5,569 5,873 FIRM.... 5%
29 30,000t Black Sea - Med # 120 120 140 9,981 8,949 5,469 5,702 FIRM.... 4%
Clean 'MR' Ave. Earnings * 13,277 9,514 9,177 11,011 FIRMER 20%
Clean 'Hdy' Ave. Earnings # 10,668 8,979 5,519 5,787 FIRM.... 5%
^ Lump Sum in $million. Earnings for a triangular voyage of UKC-USAC at WS 115, followed by USG-UKC at WS 70. See Sources & Methods.
Dirty Product
WS 2014 Average earnings $ per day Dirty Earnings
Single Voyage...
Aug 29 Sep 05 2014 2012 2013 2014 Aug 29 Sep 05 This Week ....
31 55,000t Med - US Gulf * 117.5 117.5 123 10,536 15,957 14,704 14,802 STEADY 1%
31 55,000t UKC - US Gulf * 112.5 117.5 128 11,648 18,309 14,014 15,493 FIRMER 11%
31 50,000t Caribs - US Gulf * 120.0 120.0 145 11,197 19,334 13,121 12,815 STEADY -2%
33 30,000t Black Sea - Med 162.5 150.0 176 10,668 12,912 15,445 12,705 WEAKER -18%
Dirty Ave. Earnings * 11,127 17,867 13,946 14,370 FIRM.... 3%
VLCC Spot
Monthly Fixture Record VLCC Spot Market
Market Activity...
Average No. Number Last This Week ...
2012 2013 Apr '14 Jun '14 Jul '14 Aug '14 4 Wks
Fixtures: Gulf-West 22 24 20 10 26 17 14 DOWN BY..... -18%
Gulf-East/Japan 93 98 102 87 74 83 73 DOWN BY..... -12%
Gulf-Red Sea 1 2 0 2 3 0 0 #DIV/0! #DIV/0!
Others 53 50 46 50 57 59 51 DOWN BY..... -14%
Total Number of Fixtures 169 173 168 149 160 159 138 DOWN BY..... -13%
Vessels due to arrive in Gulf ~ 86 82 94 98 90 94 95 UP BY.... 1%
VLCCs Spot in Gulf ~ No. 4 4 4 11 5 6 9 UP BY.... 50%
000 Dwt 1,097 1,056 1,202 3,326 1,537 1,888 2,774 UP BY.... 47%
~ As at the beginning of the month for historical data; for the next 4 weeks (vessels due) or this week (vessels spot) for current week's data.
Clarkson Research Services Page 3 05-Sep-14
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113
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2,755
9,912
10,592
11,671
May '14
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11,527
9,657
10,589
10,592
12,087
13,014
12,422
9,292
12,056
10,156
17,897
9,576
Product Tanker Spot Earnings ($,000's/day)
14,172
12,890
9,062
14,098
13,027
Clean Products:
In the LR market the West-East naphtha arbitrage closed,
placing downward pressure on demand. As a result the
LR2 rate on the Gulf-Japan route softened to WS 115,
although the market appears to be firming going forward.
Meanwhile, in the MR market the rate on the fronthaul
UKC-USAC route firmed to WS 115 as a result of a short
supply of tonnage. Conversely, a large volume of
available tonnage in the USG depressed the rate on the
USG-UKC route, which fell to WS 70. In spite of this,
clean MR average earnings firmed 20% w-o-w to
$11,011/day.
Dirty Products:
There was a steady amount of activity in the Med and
UKC this week, with the rate on the UKC-US Gulf route
increasing to WS 117.5. With activity coming off towards
the end of the week and potential ballasters from Caribs
entering Europe it seems likely that tonnage will rebuild.
The Caribs market was relatively flat this week;
consequently the rate on the Caribs-US Gulf route
remained steady at WS 120.
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MR Clean Tanker Earnings
Handy Clean Earnings
Dirty Panamax Earnings
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Bulkcarrier Spot Earnings ($,000's/Day) Bulkcarrier Highlights
Capesize Single
$ Per Ton Average Earnings $ Per Day Capesize Market
Voyage
Aug 29 Sep 05 2014 2012 2013 2014 Aug 29 Sep 05 This Week ...
16 165,000t ore Tubarao/Rotterdam* 10.75 9.70 9.54 -784 9,903 6,763 12,841 8,323 WEAKER!! -35%
16 165,000t ore Tubarao/El Dekheila 10.15 10.05 10.08 2,792 14,528 10,226 11,235 10,774 SOFTER -4%
16 165,000t ore Tub/Qingdao* " 24.00 23.65 21.36 18,397 24,314 25,292 32,890 31,942 STEADY -3%
16 165,000t coal Bolivar/Rotterdam* 10.25 9.90 10.13 4,761 13,696 9,277 10,469 9,143 WEAKER -13%
16 165,000t ore Dampier/Qingdao* " 9.00 8.40 8.33 5,776 13,279 9,145 12,603 10,246 WEAKER -19%
16 165,000t ore Saldanha/Qingdao " 16.75 16.25 15.19 9,118 15,759 15,852 21,185 19,645 SOFTER -7%
16 165,000t ore Dampier/Japan 18m* 8.65 8.15 8.04 7,305 17,044 13,069 16,761 14,633 WEAKER -13%
16 150,000t coal Hay Pt./Rotterdam 18.00 16.75 15.35 -6,663 475 -191 5,959 4,076 WEAKER!! -32%
16 150,000t coal Indonesia/Rotterdam 13.00 12.70 10.05 -9,667 -3,658 -3,605 4,750 4,813 STEADY 1%
16 150,000t coal Hay Pt./China 11.25 11.10 10.23 255 8,178 8,959 13,129 13,257 STEADY 1%
16 150,000t coal R.Bay/Rotterdam 11.75 11.10 9.00 -11,234 -5,769 -5,784 2,817 1,013 WEAKER!! -64%
17 150,000t coal R.Bay/EC India 12.00 12.75 11.42 10,400 15,659 13,079 15,299 17,661 FIRMER 15%
16 Ave. Earnings, 1999/00-built * 7,091 15,647 12,709 17,113 14,857 WEAKER -13%
Panamax Single
$ Per Ton Average Earnings $ Per Day Panamax Market
Voyage
18 70,000t coal Baltimore/ARA^ 11.00 11.29 10.66 5,309 8,106 3,739 5,077 5,794 FIRMER 14%
18 70,000t coal USGulf/ARA 14.00 14.40 14.48 7,036 8,145 4,830 4,512 5,197 FIRMER 15%
18 70,000t coal Bolivar/ARA 12.75 12.95 12.60 4,697 7,665 3,863 4,571 5,130 FIRMER 12%
18 70,000t coal Rob. Bank/N. China 12.80 14.00 15.36 5,771 7,342 9,205 4,678 7,308 FIRMER 56%
18 70,000t coal Dalrymp. B./N. China 11.00 12.00 12.83 7,338 9,731 9,641 5,501 8,233 FIRMER 50%
18 55,000t coal Roberts Bank/Rott 17.00 17.00 18.39 1,076 -163 -459 -1,838 -1,334 WEAKER!! -27%
18 70,000t coal Indonesia/Rotterdam 14.50 15.00 15.15 -689 -96 562 -253 995 WEAKER!! -494%
18 70,000t coal Dalrymple B./Rott. 17.60 17.40 18.88 -254 316 1,159 -191 140 WEAKER!! -173%
18 70,000t coal Richards B./Rott 12.05 12.40 12.49 -2,444 -1,627 167 -296 30 WEAKER!! -110%
18 72,000t coal Richards B./WC India 13.50 14.00 14.12 8,673 9,654 6,306 5,435 6,032 FIRMER 11%
18 Ave. Earnings, 1997/98-built~ 5,271 6,600 5,603 4,281 5,722 FIRMER 34%
Supramax Single
$ Per Ton Average Earnings $ Per Day Supramax Market
Voyage...
22 49,000t grain USGulf/Jap.(HSS) 46.50 47.50 46.29 18,701 18,828 19,053 19,751 20,578 FIRM....... 4%
22 50,000t coal Richards B./WC India 15.75 15.75 17.40 7,948 7,186 5,284 3,322 3,057 SOFTER -8%
22 Ave. Earnings, 1997/98-built 11,667 11,583 10,304 8,946 9,051 STEADY 1%
Large Bulk Carrier Market
"Voyage Earnings" are calculated from spot freight rates, excluding waiting time off-hire etc., for standard routes/ships, for which see the "Sources & Methods" document on our website,
"SIN 2010" (www.clarksons.net). Standard Ships are indicated by the figures on the left e.g. Modern Capesize = Standard Ship No. 16
05-Sep-14
* Indicates components of average earnings since start 2009.
~Avg Panamax earnings based on revised selection of routes from start 2014.
Selected voyage earnings featured on pages 4 & 5, including historical data, based on revised voyage cost, time and distance assumptions from 25-Jul-14.
5
10
15
20
25
30
35
40
45
50
Sep
'12
Nov
'12
Jan
'13
Mar
'13
May
'13
Jul
'13
Sep
'13
Nov
'13
Jan
'14
Mar
'14
May
'14
Aug
'14
Capesize Average Spot
Panamax Average Spot
Supramax Tripcharter
Capesize:
It was a slow start to the week in both basins. Spot
tonnage built up in the Atlantic earlier in the week,
although the tonnage situation did improve slightly as the
week went on. Elsewhere, the spot rate on the Western
Australia to China fell w-o-w to $8.40/tonne.
Panamax:
In the Atlantic, the week started with the US Gulf still
being the focal point of the market. There also was an
increase in activity on fronthaul routes. Elsewhere, there
was fresh enquiry in the Pacific, including in SE Asia and
NOPAC. Overall, average Panamax spot earnings
increased 34% w-o-w to $5,722/day.
Handy:
Rates on routes from the US Gulf continued to rise this
week for both Supramaxes and Handysizes. Meanwhile,
the Pacific market has shown a slight improvement this
week, particularly on routes from Indonesia to China and
India. Overall, average Supramax trip earnings increased
4% w-o-w to $8,600/day.
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Tripcharter Market, Freight Indices & Futures
Capesize Capesize Market
Tripcharter...
2012 2013 2014 Aug 08 Aug 15 Aug 22 Aug 29 Sep 05 This Week ....
Cont/Far East 23,389 29,692 30,708 23,000 32,000 35,500 35,500 34,000 SOFTER -4%
Transpacific R/V 7,423 14,168 13,033 9,000 16,500 16,750 17,250 16,250 SOFTER -6%
Far East/Cont -8,851 -635 -544 -4,500 1,000 2,750 3,500 3,250 SOFTER -7%
Transatlantic R/V 6,620 15,447 12,119 6,500 10,500 9,000 11,750 11,000 SOFTER -6%
Average Capesize Earnings 7,145 14,668 13,829 8,500 15,000 16,000 17,000 16,125 SOFTER -5%
Panamax Panamax Market
Tripcharter...
Cont/Far East 15,995 17,625 15,554 12,250 14,000 14,000 15,350 15,450 STEADY 1%
Transpacific R/V 7,021 9,073 7,733 3,100 5,000 4,500 4,600 7,000 FIRMER 52%
Far East/Cont -674 349 1,119 100 0 100 100 150 FIRMER 50%
Transatlantic R/V 7,418 10,623 6,354 5,250 6,500 5,750 7,000 6,750 SOFTER -4%
Average Panamax Earnings 7,440 9,418 7,690 4,640 6,000 5,720 6,260 6,920 FIRMER 11%
Supramax Supramax Market
Tripcharter...
Cont/Far East 15,875 15,538 15,188 10,750 12,500 12,500 12,750 13,000 STEADY 2%
Transpacific R/V 7,861 8,653 8,826 8,750 8,750 9,000 9,250 9,500 STEADY 3%
Far East/Cont 4,106 5,118 5,840 7,500 7,500 8,000 8,000 8,000 STEADY 0%
Transatlantic R/V 7,596 9,284 6,299 4,750 6,000 6,000 6,250 6,500 FIRM....... 4%
Indonesia - China~ 5,955 6,242 5,993 4,500 4,500 5,250 5,250 6,000 FIRMER 14%
Average Supramax Earnings* 8,859 9,648 9,038 7,250 7,850 8,150 8,300 8,600 FIRM....... 4%
* Does not include Indonesia-China. ~ Based on delivery North China, redelivery South China.
Handysize Handysize Market
Tripcharter...
Cont/ECSA 5,214 6,211 5,669 3,250 3,500 4,000 4,750 5,000 FIRM....... 5%
Cont/USEC-USG 5,203 5,668 5,183 3,250 3,500 4,000 4,750 5,000 FIRM....... 5%
ECSA/Cont 12,120 11,563 10,700 8,000 8,000 8,500 8,500 8,750 STEADY 3%
USEC-USG/Cont 10,668 13,942 11,465 6,750 7,000 7,500 8,000 8,750 FIRMER 9%
SEAsia/Australia R/V 7,041 7,074 7,308 4,750 4,750 6,500 6,750 7,000 FIRM....... 4%
Transpacific R/V 6,866 7,004 7,544 5,500 5,500 6,750 7,000 7,500 FIRM....... 7%
Average Handysize Earnings 7,852 8,577 7,978 5,250 5,375 6,208 6,625 7,000 FIRM....... 6%
Note: Vessels based on Baltic standards.
Baltic Freight Indices Baltic Handysize Index Trends
Date BCI 2014 BSI BHSI BDI
26-Aug 2430 944 420 1070
27-Aug 2366 952 427 1063
28-Aug 2551 963 437 1119
29-Aug 2627 970 442 1147
01-Sep 2606 977 450 1151
02-Sep 2568 983 456 1149
03-Sep 2489 988 462 1142
04-Sep 2464 993 466 1147
Max Value 2627 993 466 1151
Min Value 2366 944 420 1063
Avg Value 2513 971 445 1124
FFA Indications*
$/day 04-Sep Sep-14 Q4 14 Cal 15
BCI 7 Bolivar-Rott. 10.15 12.88 11.75
BCI 4 R.Bay-Rott. 11.20 12.20 11.05
BPI 2A USG/F.East 17,375 19,375
BPI 3A T/P R/V 8,250 10,250
Cape TC Avg. 18,250 24,250 19,000
P'max TC Avg. 8,425 10,850 10,325
S'max TC Avg. 11,125 12,300 10,800
*FFA Indications basis closing mid-price
11.05
15,819
6,288
15,940
7,396
10,384
927
927
808
871
Index
9.71
811
842
871
888
903
919
Average Rate $ Per Day
BPI
808
0
125
250
375
500
625
750
875
1,000
1 3 6 8 11 13 16 18 21 23 26 28 31 33 36 38 40 43 45 48 50
Week No.
2012
2013
2014
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Gas & Chemical Markets
LPG Charter Rates, $'000/month
Markets.
2012 2013 Jul Aug 05 Sep Trends
LPG Voyage Rates, $/mt
44/46K mt Gulf/Jap* 55.29 58.49 137.25 107.60 99.00 SOFTER... -8%
LPG TCE, $/day
82,000m modern 30,396 36,446 128,682 93,602 81,207 WEAKER.. -13%
78,000m modern 29,280 35,100 122,855 91,070 84,824 SOFTER... -7%
LPG 12 mths T/C, $/day
82,000m modern 30,513 31,430 60,412 56,089 55,892 STEADY... 0%
78,000m modern 30,159 31,022 59,097 55,103 54,905 STEADY... 0%
59,000m modern 29,144 32,138 47,138 48,330 51,782 FIRM... 7%
35,000m 25,704 26,492 33,740 33,897 34,193 STEADY... 1%
22,500m modern 23,950 25,442 28,275 28,275 28,275 STEADY... 0%
20,500m Semi-Ref^ 28,104 30,162 34,110 34,686 35,343 STEADY... 2%
15,000m Semi-Ref 20,687 21,247 25,480 25,579 25,316 STEADY... -1%
8,250m Ethylene 17,744 17,295 16,932 16,932 16,932 STEADY... 0%
3,500m Pressure (East) 7,777 8,096 7,397 7,036 6,904 STEADY... -2%
LNG 12 mths T/C, $/day
160,000m modern 136,673 90,000 67,250 66,000 66,000 STEADY... 0%
*44K mt for 78K vessel/46K mt for 82K vessel. ^22,000 cbm before Jan-12.
Chemical Freight Rates, $/mt
Markets.
2012 2013 Jul Aug 05 Sep Trends
Voyage Rates ($/mt)
10,000 Gulf/WC India 30.46 31.40 34.50 35.40 37.00 FIRM... 5%
15,000 Gulf/Ulsan 46.83 49.23 52.50 52.40 54.00 FIRM... 3%
15,000 Gulf/Med 55.96 62.06 60.00 61.20 63.00 STEADY... 3%
15,000 Gulf/Rott. 67.13 69.40 66.00 67.20 69.00 STEADY... 3%
5,000 Rott/Houston 44.46 45.48 42.25 40.80 41.00 STEADY... 0%
10,000 Rott/Houston 38.62 41.11 36.00 36.00 36.00 STEADY... 0%
5,000 Rott/Ulsan 90.02 91.67 98.75 93.40 92.00 STEADY... -1%
5,000 Singapore/Rott 97.29 98.23 96.00 94.60 96.00 STEADY... 1%
1,000~ Sing./Houston 153.04 153.31 160.00 162.00 166.00 STEADY... 2%
10,000 Ulsan/Houston 50.46 60.58 58.50 58.60 60.00 STEADY... 2%
5,000 Houston/Rott 49.37 48.40 45.00 45.00 45.00 STEADY... 0%
5,000 Houston/Ulsan 70.00 73.85 58.00 53.80 52.00 SOFTER... -3%
12 mths TC, $/day
13,000 dwt IMO II* 8,000 8,583 9,250 9,250 9,250 STEADY... 0%
19,999 dwt S/S* 13,056 13,438 14,000 14,250 14,250 STEADY... 0%
Easychems except for: ~ Stainless Steel. *2012 average basis April-December data.
Gas Carrier
Average 2014 Gas Market
Chemicals
Average 2014 Chem Market
0
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1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
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78,000m3 TCE,
Gulf - Japan
78,000m3,
1 Yr t/c
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Rott/Far E.
Houston/Far E.
basis 5,000mt
Easychems
The spot market was very active
and we saw once again just how quickly
the market can turn around and an
apparent length in available tonnage
turn into a more balanced situation. As
we are seeing more regularly, ships
appearing open for Middle East loading
can quickly be soaked up by hidden
requirements as well as being drawn
into alternative load areas at short
notice.
This is what we witnessed in the
last few days with vessels not only being
picked up for AG-East voyages but also
for loading in Houston, Balboa (STS)
and Algeria. Owners were able to exert
some upward pressure on rates. There
were some exceptions, with Indian
charterers being able to secure freight
and demurrage levels arguably giving
the charterers advantageous terms over
the Baltic. As things stand, September
looks like a secure platform for owners
to keep pushing rates up and we are
already seeing requirements worked for
first half October loading out of the AG.
Term negotiations are ongoing on
a number of fronts, while a small
number of timecharters are rumoured
already concluded with periods varying
from a couple of years to long-term.

With autumn almost upon us, a
number of spot markets are beginning to
experience seasonality and the uptick in
activity which usually comes towards the
end of the year. However, the increased
volume of enquiries has so far not trans-
lated into improved spot freight rates,
with all benchmark routes remaining flat
week-on-week.
The Americas chemical and edible
oils markets are gaining strength, with
cargoes seemingly getting booked and a
number of enquiries never touching the
open market. The current assessment of
benchmark freight rates for the transpa-
cific route, at $52/mt and $49/mt for
5,000 and 10,000mt parcels of easy
chemicals, is around 30% lower com-
pared to a year ago. Furthermore, these
levels represent around a 44% fall since
the start of 2014, demonstrating the vol-
atility which can exist on this trade lane.
In the Middle East it is a similar
story, with enquiries plentiful but rates
unchanged and little in the way of tangi-
ble fixtures. With a new refinery set to
come online in the coming months, this
may help to absorb the current available
capacity. The arterial ex-Europe and
Asia trade lanes seem to be in a drifting
mode, with little evidence of any uptick
in activity and as a result, a stable rate
environment.
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Liner & Offshore Markets
Liner Market Rates ($,000's/day) Liner Market News
Container / MPP /
Average 2014 Liner Markets ....
Short Sea Markets
2010 2011 2012 2013 Jun Jul Aug Sep Trends*
Container Vessels ($/Day)
Feedermax, 725 teu grd. 4,535 5,479 4,383 4,842 5,000 4,950 4,950 4,950 STEADY... -1%
Handy, 1,000 teu grd. 6,133 7,729 5,358 6,321 6,350 6,250 6,300 6,300 STEADY... -2%
Handy, 1,700 teu grd. 6,800 10,142 6,292 7,096 7,500 7,350 7,250 7,250 STEADY... -2%
Sub-P'max, 2,000 teu g'less 7,467 10,688 6,408 6,483 7,000 7,100 7,200 7,200 STEADY... 1%
Sub-P'max, 2,750 teu g'less 9,942 13,388 6,742 6,829 7,250 7,450 7,600 7,600 FIRM....... 5%
Panamax, 3,500 teu g'less 13,250 14,871 7,179 7,021 7,800 7,850 7,850 7,850 STEADY... 1%
MPP Tonnage ($/Day)
17,000 dwt, grd. 1 yr. t/c (liner) 9,604 9,729 8,988 8,358 7,500 7,500 7,500 7,500 STEADY... 0%
9,000 dwt, 1 yr. t/c (liner) 6,425 6,425 6,042 5,875 6,000 6,000 6,000 6,000 STEADY... 0%
European Short Sea 3,000dwt ($/t)
ECUK/ARAG - N.Spain 24.17 22.31 22.73 22.85 24.36 23.44 22.70 22.50 STEADY... -1%
French Bay - ECUK 14.93 15.72 16.73 17.96 16.75 16.94 17.05 17.25 STEADY... 1%
Lower Baltic - ARAG 19.95 20.42 20.42 20.98 20.19 19.19 19.15 19.00 STEADY... -1%
UK/ARAG - W.Med 33.50 30.71 33.22 33.22 36.13 35.00 33.25 33.00 STEADY... -1%
W.Med - UK/ARAG 25.11 24.91 26.11 27.56 25.56 24.50 24.70 24.50 STEADY... -1%
*3-mnth trend for Container/MPP; current month shows latest end month data. Change since previous month for Short Sea; see www.hcshipping.co.uk for market report.
Offshore Vessel
Average 2014 Offshore Market
Market
2010 2011 2012 2013 Jun Jul Aug 05 Sep This Month
AHTS, Large, /Day 13,509 22,152 16,303 24,142 15,635 15,472 51,444 82,160 FIRMER... 60%
AHTS, Very Large, /Day 18,717 35,114 24,252 39,085 18,966 24,623 66,493 114,450 FIRMER... 72%
PSV, Medium, /Day 10,871 11,518 9,763 13,589 9,748 10,271 10,515 13,250 FIRMER... 26%
PSV, Large, /Day 13,804 13,574 12,020 16,101 10,358 11,234 14,351 19,216 FIRMER... 34%
Basis North Sea spot market. AHTS, Large = 13-18,000 Bhp, Very Large = 18,000+ Bhp. PSV, Medium = 600-800m2, Large = >800m
2
. New size ranges adopted Aug'10.
Offshore Fleet
No. Vessels, end
AHTS Spot Rates
& Orderbook.
2011 2012 2013 Aug-14
Fleet:
Anchor Handling Tug/Supply 2,696 2,787 2,880 2,933
PSV/Supply 1,951 2,038 2,205 2,329
Crew/Workboat 1,660 1,724 1,797 1,842
Other Types 3,732 3,828 3,903 3,979
All Offshore Vessels 10,039 10,377 10,785 11,083
Orderbook:
Anchor Handling Tug/Supply 290 247 219 186
PSV/Supply 379 473 478 425
Crew/Workboat 84 112 86 45
Other Types 307 341 367 358
All Offshore Vessels 1,060 1,173 1,150 1,014
Offshore fleet includes 'ship-shaped' units only; for more detailed coverage of the full range of offshore sectors see Offshore Intelligence Monthly.
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17,000 dwt MPP
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18,000+ BHP
,000/day
3-week moving average
Box volumes on the Asia-Europe trade route
increased by 7.3% y-o-y in July to 1.39m TEU - according
to data provided by Container Trade Statistics. This
follows a peak leg volume increase in May of 11.7% y-o-y
and a 10.2% y-o-y rise in June. Whilst the peak leg trade
volumes have strengthened in 2014 the non-peak leg
trade volumes from Europe to Asia continued to fall y-o-y
in July by 2.8% to 0.58m TEU. Meanwhile, on the
Transpacific trade route, North American imports from
Asia in July showed a rise of 5.4% y-o-y to 1.39m TEU.
In their 2Q financial report CSAV posted a $58.5m net
loss for 2Q 2014, 11.2% better than their 1Q loss of
$65.9m. The company attributed this to depressed freight
rates, reporting them to be down 9.9% on Q2 2013, but
announced that it has achieved progress in unit operating
costs. CSAV is preparing for its merger with Hapag-Lloyd
later this year.
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Secondhand Prices
Oil Tanker
End Year, $m Three Month Asset Play in Focus
Prices
2011 2012 2013 Sep Trend
310,000 dwt d/h Resale 90.0 82.0 83.0 104.0 STEADY... 0%
310,000 dwt d/h * 5 yrs 58.0 57.0 60.0 74.0 STEADY... 0%
300,000 dwt d/h 10 yrs 36.0 37.0 41.0 48.0 STEADY... -2%
300,000 dwt d/h' 15 yrs 25.0 27.0 26.0 28.0 STEADY... -1%
160,000 dwt d/h Resale 62.0 55.0 57.0 70.0 STEADY... 2%
160,000 dwt d/h # 5 yrs 47.0 40.0 42.0 50.0 STEADY... 0%
150,000 dwt d/h 10 yrs 32.0 26.0 27.0 34.0 STEADY... 0%
105,000 dwt d/h Resale 50.0 40.0 43.0 55.0 FIRM.... 4%
105,000 dwt d/h 5 yrs 35.0 27.5 32.0 41.0 FIRM.... 4%
105,000 dwt d/h ^ 10 yrs 20.0 17.0 22.0 26.0 FIRM.... 7%
73,000 dwt d/h Resale 41.0 35.0 41.0 45.0 STEADY... -1%
73,000 dwt d/h ~ 5 yrs 31.0 25.0 31.0 32.5 STEADY... -3%
70,000 dwt d/h 10 yrs 20.5 16.5 21.0 22.0 STEADY... -1%
51,000 dwt d/h Resale 36.0 35.0 38.0 37.0 SOFTER... -4%
47,000 dwt d/h 5 yrs 26.0 25.0 29.0 25.5 SOFTER... -7%
45,000 dwt d/h 10 yrs 16.0 16.5 19.0 18.0 STEADY... -2%
45,000 dwt d/h 15 yrs 9.0 10.0 11.0 11.0 STEADY... 0%
37,000 dwt d/h 5 yrs 22.0 22.0 25.0 23.0 WEAKER.. -9%
35,000 dwt d/h 10 yrs 12.0 13.0 15.0 15.0 STEADY... -2%
19,999 dwt Chem S/S 5 yrs 21.5 24.5 28.0 STEADY... -2%
5-y-o Tanker Index 122 112 129 128 SOFTER... -5%
12 month Change -10% -8% 15% 8%
Pre Feb-10: *300k dwt #150k dwt ^95-97k dwt s/h ~70k dwt 65k dwt. Pre Jan-11: '265k.
Bulkcarrier
End Year, $m Three Month
Prices...
2011 2012 2013 Sep Trend
180,000 dwt Resale 48.0 40.0 54.0 60.0 SOFTER... -4%
180,000 dwt 5 yrs 36.0 32.5 44.0 48.0 SOFTER... -5%
170,000 dwt 10 yrs 26.5 21.0 31.0 34.0 SOFTER... -6%
170,000 dwt * 15 yrs 16.0 12.5 18.0 20.0 WEAKER.. -12%
82,000 dwt Resale 28.5 33.0 32.5 SOFTER... -7%
76,000 dwt 5 yrs 26.5 18.0 25.5 23.5 WEAKER.. -8%
75,000 dwt " 10 yrs 20.0 13.0 18.0 17.0 WEAKER.. -15%
73,000 dwt ^ 15 yrs 13.0 8.0 12.0 11.5 WEAKER.. -13%
61,000 dwt ** Resale 32.0 26.5 30.0 31.5 SOFTER... -4%
56,000 dwt 5 yrs 24.5 19.5 24.5 24.0 SOFTER... -7%
52,000 dwt # 10 yrs 17.0 14.5 17.5 17.0 WEAKER.. -14%
45-48,000 dwt ^^ 15 yrs 12.0 9.0 11.0 11.5 WEAKER.. -11%
42-45,000 dwt 20 yrs 9.0 7.0 6.5 7.5 WEAKER.. -8%
33,000 dwt ~ Resale 24.5 21.8 23.5 25.0 SOFTER... -3%
32,000 dwt ~ 5 yrs 21.0 15.5 19.0 19.0 SOFTER... -5%
32,000 dwt ~ 10 yrs 16.0 12.0 14.0 14.0 SOFTER... -4%
28,000 dwt ~ 15 yrs 11.0 7.5 9.5 9.5 STEADY... -3%
5-y-o Bulker Index 139 105 135 134 SOFTER... -6%
12 month Change -20% -25% 28% 8%
Pre Jan-14 (dwt): **58k. Pre Jan-12: 170k *150k "72k ^69k **57k #45-48k ^^42-45k ~28-30k.
Container &
End Year, $m Three Month
Ro-Ro Prices
2011 2012 2013 Sep Trend
4,500 teu 5 yrs 38.0 25.5 20.0 18.0 STEADY... 0%
2,750 teu 5 yrs 23.0 17.0 16.3 15.3 SOFTER... -4%
1,700 teu 10 yrs 12.3 8.0 9.3 8.5 SOFTER... -7%
10-y-o Container Index 65.8 36.6 37.1 33.2 WEAKER.. -10%
Ro-Ro 4,000 lm* 10 yrs 20.0 18.0 18.0 STEADY... 0%
Ro-Ro 2,500 lm* 10 yrs 22.0 21.0 17.0 17.0 STEADY... 0%
*Ro-Ro prices in euros, historical data converted using historical exchange rates
Clarkson
End Year, Index Three Month
Index
2011 2012 2013 Sep Trend
ALL VESSELS 119 96 111 110 SOFTER... -6%
Resale prices basis prompt delivery. 3-month trend: avg last 3 months vs avg previous 3 months. See SIN 2010 for full details of standard ship size history.
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Long Term Price Trends
Bulkers
Tankers
Index, Start 2000 = 100
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Short Term Tanker Trends
% Year on Year
5-year-old Tanker Price Index
Percentage Change
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Short Term Bulk Trends
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5-year-old Bulker Price Index
Percentage Change
Year-On-Year
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Tanker
Y-t-d Aug
Sales* ....
2013 2014 2014
Type: VLCC 34 50 2
Suezmax 18 27 3
Aframax 42 39 3
Handy/Pmax 215 152 4
Total No. Sales 309 268 12
Total DWT (,000) 25,160 29,132 1,484
Total Value ($ m) 5,668 7,300 225
Bulker
Y-t-d Aug
Sales* ....
2013 2014 2014
Type: Capesize 60 35 1
Panamax 130 89 8
Handymax 134 101 7
Handysize 171 76 5
Total DWT (,000) 33,002 20,549 1,328
Total Value ($ m) 6,678 5,090 349
Other
Y-t-d Aug
Sales ....
2013 2014 2014
Total dwt (,000s) 7,827 9,744 1,355
Total Value ($ m) 8,112 5,272 1,020
Total
Y-t-d Aug
Sales .....
2013 2014 2014
Buyers: Greece 263 181 14
Norway 52 32 5
Germany 25 20 2
China P.R. 87 47 3
UK 42 31 3
South Korea 34 37 1
Total No. Sales 1,433 931 74
Total Dwt (,000) 65,989 59,424 4,167
Total Value ($m.) 20,459 17,661 1,594
Average $/Dwt 310 297 383
* Includes vessels over 10,000 dwt only. Sales of bulk vessels under 10,000 dwt and of non-bulk vessels are included in "Other Sales".
Clarkson Research Services i 05-Sep-14
Sale & Purchase Market
ALL DATA AND INFORMATION IN THIS REPORT ARE AS
REPORTED UP TO NOON ON THE DATE OF PUBLICATION
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No. $m.
Sales Volumes & Values
Volume
Value
Tankers:
In the tanker market this week we have seen the sale of two
Chinese built coated Aframaxes, namely the BEECH 3 (109,354
dwt, built 2000, Dalian New Yard) and BEECH 4 (109,693 dwt,
built 1999, Dalian New Yard), sold by clients of Woodstreet Inc. for
$23.5m en-bloc to clients of Sinokor. Pricing appears to be in line
with that of the coated DL IRIS (89,999 dwt, built 1998, Dalian
New Yard) which was committed but failed at a price in the region of
$10.3m to Far Eastern interests last month.
The Aframax sector has seen strong levels of activity of late, re-
affirming the high level of interest among buyers across the larger
crude segments currently. This is set to continue with offers invited
this week on the German controlled SC SARA (105,344 dwt, built
2001, Sumitomo (Yokosuka)). We understand that the vessel has
seen firm levels of interest, with five buyers reportedly offering in the
region of $16m. Given this, and the general level of optimism
around the tanker S&P market at the moment, we expect to report
more sales in the coming weeks.

Dry Cargo:
This week we have seen a steady amount of dry cargo S&P activity,
focused mainly in the Handysize sector. The Japanese controlled
four hold/hatch unit FORTE (23,573 dwt, built 2001, Shin
Kurushima, C4x30T) has been sold to Greek buyers for $7.8m. The
Chinese built open-hatch BIRCH 3 (20,427 dwt, built 1999, Wuhu
Shipyard, C3x30T) has been sold for $5.3m to European buyers,
THEOMITOR (28,510 dwt, built 1994, Kanda Zosensho, C4x30T)
has been sold for $6.8m and FREE IMPALA (24,111 dwt, built
1997, Shanghai Shipyard, C4x30T) has been sold for $3.5m to
Middle Eastern interests.
Other activity includes the sale of the Panamax JINDAL VARAD
(75,460 dwt, built 1994, Burmeister & Wain) for $5.8m and the
Taiwanese controlled Handymax CHC NO.3 (46,635 dwt, built
1995, Mitsui S.B., C4x30T) which has been purchased for $7.2m by
South Korean buyers.

Baltic Sale & Purchase Assessments (weekly)
(Based on max. 5-year old vessels, as published by the Baltic
Exchange)
As of the 1
st
September 2014.
VLCC (305,000 DWT): $73.421m
Aframax (105,000 DWT): $37.731m
MR Product tanker (51,000 DWT): $26.016m
Capesize (172,000 DWT): $47.042m
Panamax (74,000 DWT): $23.452m
Super Handy (56,000 DWT): $23.678m
Note: H. Clarkson brokers did not contribute to the above Baltic Sale &
Purchase Assessment rates.
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Recent Ship Sales by Vessel Type
Vessel Type Vessel name Dwt/Unit Blt. Yard Date Price $m. Buyers
Tanker D/Hull Beech 3* 109,354 2000 Dalian New Yard 03-Sep 23.5 Clients of Sinokor
Tanker D/Hull Beech 4* 109,693 1999 Dalian New Yard 03-Sep # Clients of Sinokor
Tanker D/Hull Cygnus Voyager* 156,835 1993 I.H.I. 28-Aug undisclosed Clients of Chevron
Tanker D/Hull Altair Voyager* 135,829 1993 Ishibras 28-Aug # Clients of Chevron
Tanker D/Hull Sirius Voyager* 156,380 1994 Ishibras 28-Aug # Clients of Chevron
Tanker D/Hull DS Victory 299,089 2001 Daewoo 27-Aug region 33.6 Clients of Moundreas
Tanker D/Hull DT Providence* 104,255 2008 Shanghai Waigaoqiao 22-Aug region 34 Undisclosed interests
Tanker D/Hull Enrica Lexie* 104,255 2008 Shanghai Waigaoqiao 22-Aug region 34 Undisclosed interests
Tanker D/Hull Ambelos 105,315 2006 Sumitomo (Yokosuka) 15-Aug 33 Clients of PNSC
TankChem IMO II/III Clipper Legacy* 10,051 2005 Yardimci Deniz 05-Sep low 7 Nigerian interests
TankChem IMO II/III Clipper Lancer* 9,971 2006 Yardimci Deniz 05-Sep low 7 Nigerian interests
TankChem IMO II Alfatem 6,753 2000 Dearsan Shipyd. 29-Aug undisclosed Undisclosed interests
TankChem IMO II N/B RESALE HULL S5126 49,990 2014 SPP Shipbuilding 21-Aug 37.1 Clients of Scorpio Tankers
TankChem IMO III Green Stars 36,039 2001 Daedong S.B. 19-Aug region 12.5 Indonesian interests
TankChem IMO II/III Chem Sea 11,642 1999 Fukuoka S.B. 07-Aug region 7.7 Undisclosed interests
Ro-Ro/Pass 1500 pass. Lefka Ori* 6,911 1992 Mitsubishi H.I. 07-Aug T/C back Euro21 Undisclosed interests
Ro-Ro/Pass 1500 pass. Sophocles V* 6,987 1990 Mitsubishi H.I. 07-Aug T/C back # Undisclosed interests
Passenger 34 pass. To Callisto 66 1963 D. W. Kremer 29-Aug undisclosed Clients of Irrawaddy
Offshore MSV Siem Daya 1* 5,000 2013 VARD Brattvaag 22-Aug 282 Clients of Daya Materials
Offshore MSV Siem Daya 2* 5,000 2013 VARD Brattvaag 22-Aug # Clients of Daya Materials
Offshore AHTS N/B RESALE HULL 3172 1,475 2014 Yuexin S.B. 12-Aug region 11.5 Clients of SC Group
Gas C'rier 6,571 cu.m Gas Puffer 7,046 1995 Asakawa S.B. 02-Sep 6.9 Clients of Laugfs Gas
Gas C'rier LPG Norgas Petaluma 9,260 2003 Zhonghua S.Y. 21-Aug 24 Clients of SGPC
Gas C'rier LNG Methane Jane Elizabeth* 78,984 2006 Samsung H.I. 14-Aug 328 Clients of GasLog Ptnrs
Gas C'rier LNG Methane Rita Andrea* 79,046 2006 Samsung H.I. 14-Aug # Clients of GasLog Ptnrs
Dry MPP 618 teu. GW Beychevelle 7,650 2009 Shandong Huanghai 04-Sep 4.5 Chinese interests
Dry MPP 224 teu. Swegard 4,956 2001 Damen Hoogezand 03-Sep 2.4 Undisclosed interests
Dry MPP 256 teu. Hudsonborg* 6,041 2006 Niestern Sander 12-Aug low euro5 Norwegian interests
Dry MPP 256 teu. Humberborg* 6,041 2006 Niestern Sander 12-Aug low euro5 Norwegian interests
Dry Genl 98 teu Sava Lake 3,050 1990 Brod. Sava 13-Aug Euro0.6 Greek interests
Container 1730 teu. N/B RESALE HULL 661* 23,245 2014 Zhejiang Ouhua 03-Sep 26 Clients of Seacon
Container 1730 teu. X-Press Nuptse* 23,245 2014 Zhejiang Ouhua 03-Sep 26 Clients of Seacon
Container 1452 teu. Novia* 20,176 1995 Kv. Warnowwerft 03-Sep 4.2 Clients of Continental Investment
Container 1452 teu. Olivia* 20,176 1995 Kv. Warnowwerft 03-Sep 4.2 Clients of Continental Investment
Container 2169 teu. Westwood Cascade* 29,700 1999 Flender Werft 29-Aug 7 Clients of Thor Dahl
Container 2169 teu. Santa Felicita* 30,135 1999 Flender Werft 29-Aug 7 Clients of Thor Dahl
Container 700 teu. Johanna 7,131 1999 J. J. Sietas 19-Aug 1.65 Clients of Foroohari Schiff.
Container 5500 teu. YM Great* 67,270 2004 Koyo Dock K.K. 07-Aug 22.175 Clients of Diana Containerships
Container 5500 teu. YM March* 67,270 2004 Koyo Dock K.K. 07-Aug 22.175 Clients of Diana Containerships
Car C'rier 4864 cars Nocc Coral 12,706 1987 Hyundai H.I. 02-Sep undisclosed Undisclosed interests
Car C'rier 254 cars Austal Hull 270 700 2010 Austal Pty. Ltd. 22-Aug 61.5 Clients of Condor Ferries
Bulk 4x30t cr. Forte 23,573 2001 Shin Kurushima 03-Sep 7.8 Greek interests
Bulk 3x30t cr. Birch 3 20,427 1999 Wuhu Shipyard 03-Sep 5.3 European interests
Bulk 4x30t cr. CHC No. 3 46,635 1995 Mitsui SB 02-Sep 7.2 South Korean interests
Bulk 4x30t cr. Theomitor 28,510 1994 Kanda Zosensho 02-Sep 6.8 Undisclosed interests
Bulk 4x30t cr. Free Impala 24,111 1997 Shanghai S.Y. 02-Sep 3.5 Middle East interests
Bulk Gearless Jindal Varad 75,460 1994 Burmeister & Wain 02-Sep 5.8 Indian interests
Bulk Gearless Zhushui 5 79,501 2012 Jinhai Heavy Ind. 29-Aug 20.9 Greek interests
Bulk 4x36t cr. Bao Bright 56,582 2011 New Hantong Shipyard 29-Aug region 19.6 Undisclosed interests
Bulk 3x30t cr. Celal Amca 12,274 2001 Shin Kurushima 29-Aug 4.9 Turkish interests
Bulk Gearless N/B RESALE HULL J0062 176,000 2014 Jinhai Heavy Ind. 28-Aug 43.5 European interests
Bulk Gearless Golden Kiji 76,596 2007 Imabari S.B. 28-Aug 19.5 Clients of Apollonia Lines
Bulk 4x30.5t cr. N/B RESALE HULL CHB001* 39,000 2014 Zhoushan Changhong 27-Aug 22.2 Hong Kong interests
Bulk 4x30.5t cr. N/B RESALE HULL CHB002* 39,000 2014 Zhoushan Changhong 27-Aug 22.2 Hong Kong interests
Bulk 4x30t cr. Fortune Frontier 29,738 2002 Shikoku Dock. 27-Aug 10.5 Undisclosed interests
Bulk 4x25t cr. Island Ranger 42,427 1994 Oshima S.B. Co. 27-Aug 8 Clients of Seorae
Bulk Gearless Red Iris 75,834 2003 Sanoyas 22-Aug 15.75 Clients of Omicron Ship Mngt.
Bulk 4x30t cr. Alianca Orient 52,454 2006 Tsuneishi Zosen 22-Aug higher 17 Undisclosed interests
Bulk Gearless N/B RESALE HULL YC015 79,659 2014 Yichun Wujiazui S.B. 15-Aug 22.5 Clients of New Shipping
Bulk 4x30t cr. Lingue 26,973 1990 Minami Nippon 12-Aug 4 Undisclosed interests
Bulk 4x30t cr. N/B RESALE HULL 865 61,000 2016 Imabari S.B. 12-Aug 31.4 Clients of Scorpio
Bulk Gearless Lowlands Nello 76,830 2004 Sasebo H.I. 08-Aug about 17.2 Norwegian interests
Bulk Gearless Michele D'Amato 76,440 2005 Tsuneishi Zosen 08-Aug around 17.7 Greek interests
* En bloc Sales. #En Bloc price shown under first ship of bloc.
Clarkson Research Services ii 05-Sep-14
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Cargo Fleet Changes & Bunkers
Cargo Fleet
Oil Tanker Fleet Bulk Carrier Fleet Containership Fleet
Changes...
2013 2014 to date 2013 2014 to date 2013 2014 to date
(No. Vessels , 000dwt/teu) No. 000 Dwt No. 000 Dwt No. 000 Dwt No. 000 Dwt No. 000 Teu No. 000 Teu
Fleet 1st January 5,759 492,618 5,820 501,883 9,490 679,224 9,917 721,407 5,108 16,239 5,115 17,134
Changes: Deliveries 196 21,450 116 10,483 780 62,103 433 33,935 201 1,336 143 1,097
Sold For Scrap 109 10,834 70 6,361 390 21,623 189 10,147 187 429 128 319
Losses 8 403 4 10
Misc. Additions 16 1,500 24 440 100 4,004 151 5,249 18 15 11 13
Misc. Removals 42 2,852 13 1,393 55 1,899 69 2,677 21 17 46 31
Net Change During Year 61 9,264 57 3,170 427 42,183 326 26,360 7 895 -20 760
Fleet End Yr/ Yr to Date 5,820 501,883 5,877 505,052 9,917 721,407 10,243 747,766 5,115 17,134 5,095 17,894
Tankers and bulkcarriers over 10,000 dwt only are included in the analysis in this table. Great Lakes Only vessels are excluded.
Deliveries to the Cargo Fleet
Type Date Vessel Name Flag Year Dwt Owner Shipyard & Yard No. Contracted
Built Price
Bulk Sep'14 Alkimos Heracles PA. 2014 81,922 Ariston Navigation Tsuneishi Zhoushan SS-147
Bulk Sep'14 San Fu 51004 PRC 2014 50,879 Taizhou Santai Taizhou Sanfu $m 25.00
Container Sep'14 Chowgule 7 IN. 2014 1,552 Chowgule S.S. Ltd. Chowgule S.B. C-217
Ro-Ro/Cnt Sep'14 Grande Lagos IT. 2014 30,990 Grimaldi Group Hyundai Mipo 8138
PSV Sep'14 SK Line 713 MY. 2014 4,000 Nam Cheong Marine Xiamen S.B. SK713
PSV Sep'14 Sea Swan CY. 2014 4,700 DESS Singapore Sinopacific Zhejiang ZJ2025
Container Sep'14 Wide Charlie M.I. 2014 65,152 Rickmers Reederei HHIC-Phil. Inc. P0106
Bulk Sep'14 CIC Oslo PA. 2014 159,180 Golden Union Hyundai H.I. 2665 $m 49.00
Bulk Sep'14 Majulah Singapura SG. 2014 57,982 Kambara Kisen Tsuneishi Cebu SC-178
PSV Sep'14 Stril Luna NO. 2014 5,346 Mokster Shipping Ast. Gondan C456
Edible Oil Sep'14 Seroja XIII IA. 2014 4,175 Usda Seroja Usda Seroja
Chem & Oil Sep'14 Xing Tong 19 PRC 2014 4,141 Quanzhou Xingtong Kaihang S.B. Ind. Co
MPP Sep'14 Huanghai Struggler H.K. 2014 31,000 Huanghai Shun An Spg Shandong Huanghai HCY-146
GCargo Sep'14 Ocean 03 VN. 2014 7,165 Binh Minh Intl Thai Son Shipbuildg S72-21
Bulk Sep'14 Spring Legend PA. 2014 56,104 Shunzan Kaiun K.K. Oshima S.B. Co. 10681
Bulk Sep'14 Devongate LI. 2014 61,517 Zodiac Maritime Agy. Dalian COSCO KHI DE017
Bulk Sep'14 IVS Phinda SG. 2014 37,720 Island View Shpg. Kanda S.B. Co. 543
Chem & Oil Sep'14 High Fidelity LI. 2014 50,000 D'Amico Soc. di Nav. Hyundai Vinashin S409 $m 29.00
Bulk Sep'14 Sbi Cakewalk M.I. 2014 81,600 Scorpio Bulkers Shanghai Waigaoqiao 1284 $m 27.50
Products Sep'14 Front Lion M.I. 2014 115,000 Frontline 2012 Guangzhou Longxue L0037 $m 42.00
Chem & Oil Sep'14 Alpine Maria LI. 2014 51,800 PMI Norteamerica SPP Shipbuilding H4098
Tanker Sep'14 Al Yarmouk KU. 2014 316,648 Kuwait Oil Tanker Daewoo 5391
L.N.G. Sep'14 Clean Planet M.I. 2014 89,995 Dynagas LNG Hyundai H.I. 2565
Bulk Sep'14 Amis Champion PA. 2014 61,000 Wisdom Marine Group Oshima S.B. Co. 10682
L.N.G. Sep'14 Pskov LI. 2014 94,700 Sovcomflot JSC STX Shipbuild. 1911
Bulk Sep'14 Max Oldendorff LI. 2014 205,000 Polembros Shipping Qidong Daoda DD034 $m 56.00
Container Sep'14 Katrin S AT. 2014 34,409 Schepers Reederei Jiangsu New YZJ YZJ2008-832C 3.00
Bulk Sep'14 Shining Bliss SG. 2014 81,996 K-Line Tsuneishi Zosen 1501
Regional
380 cst Low Sulphur 380 cst This
Bunkers
To date Aug Sep Avg. To date Aug Sep Avg. To date Aug Sep Week
$/tonne 2014 29 5 2013 2014 29 5 2013 2014 29 5 (380cst)
Rotterdam 873 845 848 617 617 572 575 594 575 563 563 STEADY
Hamburg 925 903 885 639 638 617 583 605 584 573 565 DOWN -1.3%
Great Belt 948 943 943 647 666 675 675 617 604 605 605 STEADY
Falmouth 947 914 918 661 656 623 623 632 614 611 609 DOWN -0.3%
Genoa 960 922 924 - - - - 617 604 587 584 DOWN -0.5%
Gibraltar 949 907 909 655 656 619 633 622 599 585 581 DOWN -0.7%
Philadelphia 1042 963 951 659 685 602 604 615 620 588 590 UP 0.4%
Houston 985 957 960 661 671 628 635 602 591 568 578 UP 1.9%
Cristobal 1033 998 998 701 738 686 686 618 604 584 588 UP 0.6%
Los Angeles 978 985 975 771 752 725 728 631 606 577 590 UP 2.3%
Japan - - - - - - - 657 648 625 628 UP 0.4%
Singapore 916 893 885 - - - - 616 601 599 580 DOWN -3.1%
Fujairah 980 985 1013 - - - - 617 604 598 609 UP 1.8%
Clarkson Research Services iii
MGO
05-Sep-14
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Latest Tanker Timecharter Fixtures...
Reported Charterer Vessel Name D / Year Dwt Ice LR Ext. Period Rate Delivery
C Built equiv. $ per Day Date Place
29-Aug Ruhai Shipping Port Stanley D 2003 45,996 1 Yr around $14,000 Sep 14
25-Aug Scorpio Desh Samman D 2011 115,000 6 Mths/6 Mths $15,500/$16,000 Sep 14 West Coast India
25-Aug Koch Alam Bistari C 2001 47,065 3 Mths $13,250 Sep 14
20-Aug Clearlake Pyxis Delta C 2006 46,616 2-4 Mths $13,500 Sep 14
20-Aug Stena Weco St Katharinen C 2013 50,300 2-7 Mths $17,500/$16,500 Sep 14
19-Aug BP Bull C 2009 50,542 1 Yr $13,750 Sep 14
18-Aug Tesoro Chloe D 2011 321,300 2 Yrs $25,000 Sep 14
15-Aug Shell Tsakos LR1 TBN C 2016 5 Yrs $17,000 Jan 16
15-Aug Shell Tsakos LR1 TBN C 2016 5 Yrs $17,000 Jan 16
15-Aug Cape Tankers Hellespont Promise D 2006 73,726 1 Yr $15,500 Aug 14
15-Aug Cape Tankers Hellespont Pride D 2006 73,727 1 Yr $15,500 Aug 14
14-Aug BP Eurochampion 2004 D 2005 164,608 1C 2 Yrs + 12 Mths Floor + P Share Aug 14
13-Aug ST Shipping Zhongji No1 C 2008 46,345 1B 3 Mths around $13,000 Aug 14
12-Aug BP Euronike D 2005 164,565 1C 1 Yr/12 Mths RNR Aug 14
08-Aug Shell Tian E Zuo C 2012 75,588 1D 6 Mths/6 Mths $14,800/$15,400 Aug 14
06-Aug ST Shipping Mei Lin Wan C 2013 109,000 1D 1 Yr $16,000 Aug 14
01-Aug D'Amico Future Prosperity C 2010 48,045 1 Yr $13,000 Aug 14
01-Aug Koch Orfeas C 2008 73,711 Ext. 6 Mths $15,000 Aug 14
31-Jul Stena Weco Eships Taweelah C 2014 49,737 3 + 1 + 1 Yrs $16,200/$17,200/$18,000 Aug 14
31-Jul GS Caltex New Creation D 2009 297,293 5 Yrs $29,000 Aug 14
31-Jul Stena Weco Ecomaxx C 2015 50,000 3 + 1 + 1 Yrs $16,200/$17,200/$18,000 Jan 15
31-Jul Stena Weco Ecotank C 2016 50,000 3 + 1 + 1 Yrs $16,200/$17,200/$18,000 Jan 16
25-Jul Trafigura Theodosia C 2004 69,999 6 Mths $15,000 Jul 14
24-Jul Trafigura Suez Rajan D 2011 158,000 11-15 Mths $19,300 Aug 14
24-Jul Tesoro Jurkalne D 2006 52,622 1B 1 Yr/12 Mths $14,750/$15,500 Aug 14
24-Jul Tesoro Eships Liwa C 2008 47,097 6 Mths $14,100 Oct 14
22-Jul Koch Ardmore Seamaster C 2004 45,840 6 Mths RNR Aug 14
22-Jul Stena Weco Pula C 2006 46,941 3 + 3 Mths RNR Aug 14
Latest Dry Bulk Timecharter Fixtures...
Reported Charterer Vessel Name Year Dwt Cbm Gear Period Rate Delivery
Built $ per Day Date Place
04-Sep Chang Hong Shi Dai 2 2007 76,510 90,100 4-7 Months $8,350 Prompt Xiamen
02-Sep CNR Conti Lapislazuli 2011 57,001 71,500 4C x 30T 3-5 Months $10,500 Prompt Singapore
01-Sep Phaethon Hebei Zhangjiakou 2011 93,647 111,513 4-6 Months $9,500 30Aug-04Sep Zhanjiang
01-Sep Vitol Navios Altamira 2011 179,165 197,598 15-18 Months $23,000 02Sep-03Sep Pmo
29-Aug BTG Tian Lu Hai 2005 174,398 193,008 4-6 Months $23,000 Prompt Far East
29-Aug CNR Transtime 2012 56,726 71,634 4C x 30T 4-6 Months $8,750 Prompt Jebel Ali
29-Aug Phaethon Deep Seas 1999 72,891 85,428 3-5 Months $9,000 Prompt Zhoushan
28-Aug ED&F Man Shipping Star Globe 2010 56,868 71,500 4C x 30T 2-4 Months $10,000 Prompt North Spain
26-Aug CNR Aeolos 2001 31,651 40,141 4C x 30T 3-5 Months $8,000 05Sep Ecsa
26-Aug Cargill Golden Trust 1996 170,907 186,628 15-18 Months $19,750 27Aug-29Aug North China
21-Aug Western Bulk Carriers Navios Kypros 2003 55,000 69,428 4C x 35T 3-5 Months $11,350 Prompt South Korea
21-Aug Sivabulk Flag Mersinidi 2011 56,754 71,634 4C x 30T 2-4 Months $8,000 23Aug-26Aug Mundra
21-Aug RWE Maia 2009 82,193 97,294 12-16 Months $12,000 20Sep-30Sep Singapore
20-Aug Norden Densa Dolphin 2010 58,772 72,360 4C x 30T 3-5 Months $10,000 Prompt Taiwan
20-Aug Clipper Bianco Bulker 2001 52,193 67,500 4C x 30T 3-5 Months $10,500 Prompt Hong Kong
20-Aug Copenship Ci Yun Shan 2010 56,600 71,634 4C x 30T 5-7 Months $13,000 Prompt Us Gulf
18-Aug Rio Tinto Cape Agamemnon 2010 179,221 197,598 7-9 Months $23,500 20Aug-24Aug Lanshan
15-Aug K Noble ABYO Audrey 2011 175,125 198,122 12 Months $20,500 20Sep-30Sep Tubarao
15-Aug Klaveness Densa Pelican 2012 82,744 96,400 3-5 Months $10,500 14Aug-16Aug North China
15-Aug Jaldhi Densa Panther 2011 57,284 4C x 30T 3-5 Months $11,000 Prompt Nemrut Bay
14-Aug Cobelfret Golden Endeavour 2010 79,454 98,324 5-8 Months $11,000 18Aug-20Aug Ijmuiden
14-Aug CNR Sea Proteus 2013 81,762 98,091 4-6 Months $9,250 17Aug-20Aug Caofeidian
12-Aug CNR Prabhu Yuvika 2004 76,310 88,432 5-8 Months $9,250 01Aug-15Aug Japan
11-Aug GMI Ocean Qingdao 2011 75,618 90,109 4-8 Months $8,000 12Aug-15Aug Song Xia
08-Aug Classic Maritime Aquadiva 2010 182,060 11-15 Months $19,000 13Aug-18Aug Zhangjiang
08-Aug Clearlake Shipping Sea Gemini 2014 81,716 98,314 4-6 Months $8,250 13Aug-15Aug Hualien
07-Aug Intergis YM Virtue 2003 76,610 90,740 4-7 Months $8,100 11Aug-16Aug Qinhuangdao
Clarkson Research Services iv 05-Sep-14
Timecharter Fixture Record
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The Timecharter Market
Tanker Timecharter Market
Timecharter Rates
Average Rate $/day To Date Sep T/C Activity & The Freight Market
2011 2012 2013 2014 5 VLCC (Modern)
One Year Timecharter
310,000 Dwt Modern 24,947 22,125 19,837 26,139 29,000
150,000 Dwt Modern 19,587 17,356 16,014 20,625 24,000
110,000 Dwt Modern 15,457 13,639 13,288 16,125 18,500
74,000 Dwt Modern 14,745 12,995 14,981 15,222 15,500
47-48,000 Dwt Modern 13,668 13,514 14,351 14,646 14,000
37,000 Dwt Modern 12,221 12,317 13,063 14,076 13,000
Three Year Timecharter
310,000 Dwt Modern 31,481 26,995 23,404 28,417 34,000
150,000 Dwt Modern 23,630 20,952 18,096 22,764 26,000
110,000 Dwt Modern 18,135 15,870 15,048 17,708 21,000
74,000 Dwt Modern 16,063 14,168 15,514 16,174 16,250
47-48,000 Dwt Modern 14,538 14,389 15,063 15,556 15,000
37,000 Dwt Modern 13,212 13,178 13,707 14,979 14,000
Five Year Timecharter
310,000 Dwt * Modern 33,899 30,827 27,481 30,833 35,000
110,000 Dwt* Modern 20,240 18,423 16,856 18,972 23,000
47-48,000 Dwt* Modern 15,077 14,962 15,567 16,201 15,750
T/C Activity
To Date
...over 1 year
2010 2011 2012 2013 2014
VLCC 200,000 + 25 14 26 12 11
Suezmax 120-200,000 17 14 21 14 11
Aframax 80-120,000 45 12 21 42 24
Panamax 60-80,000 18 10 21 28 10
Handy 10-60,000 29 59 108 139 55
Total No. Fixtures 134 109 197 235 111
Total in m. dwt 17.9 11.3 20.1 18.9 11.1
Estimated owners' rates. Modern=no more than 10 years old. * Timeseries for all sizes available at www.clarksons.net.
Bulk Carrier Timecharter Market
Timecharter Rates
Average Rate $/day To Date Sep T/C Activity & The Freight Market
(Average Pac/Atl Delivery) 2011 2012 2013 2014 5 Capesize (Modern)
One Year Timecharter
Capesize Modern 16,938 13,685 15,760 24,465 21,500
Panamax Modern 14,663 9,706 10,099 12,778 11,375
Supramax Modern 14,108 10,130 10,034 11,910 12,000
Handysize Modern 11,587 8,234 8,106 9,413 8,750
Three Year Timecharter
Capesize Modern 17,399 15,082 16,413 23,319 22,750
Panamax Modern 14,300 10,688 10,125 13,493 12,875
Supramax Modern 13,846 10,995 10,284 11,965 11,250
Five Year Timecharter
Capesize Modern 18,726 16,798 17,303 23,257 22,750
Panamax Modern 14,428 11,798 10,870 14,319 13,875
Supramax Modern 14,082 11,755 10,928 12,028 11,250
T/C Activity
To Date
...over 1 year
2010 2011 2012 2013 2014
Capesize 100,000 + 39 32 20 33 52
Panamax 65-100,000 149 72 55 78 63
Handymax 40-65,000 64 36 18 11 8
Handysize 10-40,000 12 7 3 1 2
Total No. Fixtures 264 147 96 123 125
Total in m. dwt 21.9 13.6 8.9 12.7 14.6
Tanker and bulk carrier T/C activity size ranges reflect existing CRSL ship type definitions.
Modern is taken to mean no more than 10 years old.
Total Fixtures
Total Fixtures
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Tanker timecharter activity this week
Towards the end of last week Ruhai Shipping fixed the
2003-built, 45,996 dwt Handy tanker PORT STANLEY
at rate of around $14,000/day for a period of one year.
This brings the total number of reported timecharter
fixtures over one year to 111 so far in 2014,
representing 11.1m dwt.
Bulk carrier timecharter activity this week
This week, the 2011-built Capesize NAVIOS
ALTAMIRA was chartered by Vitol for period of 15-18
months at a rate of $23,000/day. Short-term activity
included the 1999-built Panamax DEEP SEAS which
was chartered by Phaethon for 3-5 months at
$9,000/day.
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The Shipbuilding Market
What's Been Ordered...
S Type Date Dwt/Unit Delivery Builder Price Owner/Manager*
5 Bulk Sep-14 34,500 Jun 2016 Shikoku Dock. Nissen Kaiun K.K.
5 Bulk Sep-14 34,500 Mar 2017 Shikoku Dock. Nissen Kaiun K.K.
5 Bulk Sep-14 34,000 Jan 2016 Hakodate Dock Chowgule S.S. Ltd.
5 Bulk Sep-14 34,000 Jan 2018 Hakodate Dock Chowgule S.S. Ltd.
5 Bulk Sep-14 34,000 Oct 2017 Hakodate Dock Blumenthal, Johann
5 Products Sep-14 29,000 Sep 2018 Onomichi Dockyd Samos Steamship
5 Bulk Sep-14 60,000 Jan 2018 Onomichi Dockyd Inui S.S. Co. Ltd.
5 Bulk Sep-14 63,000 2016 Imabari S.B. Empros Lines Shpg.
5 Bulk Sep-14 63,000 2016 Imabari S.B. Empros Lines Shpg.
5 Dump/Fallpipe Sep-14 14,000 Jan 2016 Sinopacific Zhejiang Van Oord
5 AHTS Aug-14 3,000 8,000 Mar 2016 Jiangsu Dajin HI RMB m 120.00 Shanghai Changhai
5 AHTS Aug-14 3,000 8,000 May 2016 Jiangsu Dajin HI RMB m 120.00 Shanghai Changhai
5 AHTS Aug-14 2,700 Feb 2016 Alianca S.Y. Brasileira Offshore
5 AHTS Aug-14 2,700 Apr 2016 Alianca S.Y. Brasileira Offshore
5 AHTS Aug-14 2,700 Jun 2016 Alianca S.Y. Brasileira Offshore
5 AHTS Aug-14 2,700 Aug 2016 Alianca S.Y. Brasileira Offshore
5 L.P.G. Aug-14 26,000 21,850 May 2017 Hyundai Mipo StealthGas
5 L.P.G. Aug-14 26,000 21,850 Aug 2017 Hyundai Mipo StealthGas
5 Diving Spt Aug-14 8,000 Jan 2017 Shanghai Zhenhua UDS
17 Diving Spt Aug-14 8,000 Dec 2017 Shanghai Zhenhua UDS
17 PSV Aug-14 4,000 Apr 2016 Wuchang S.B. Otto Marine
17 PSV Aug-14 4,000 Jun 2016 Wuchang S.B. Otto Marine
17 PSV Aug-14 4,000 Aug 2016 Wuchang S.B. Otto Marine
S=Status, where: 5=confirmed order, 16=unconfirmed order, 17=option. Other units are: teu for containerships, cbm for gas vessels, numbers of cars or passengers.
* The Primary Reference Company, as used in the Clarkson Fleet Database i.e. the company with the main commercial responsibility for the ship.
Newbuilding
Year End, $m. Three Month Shipbuilding News
2011 2012 2013 Sep
Tankers
VLCC 320,000 dwt 99.0 93.0 94.0 98.0 WEAKER.... -2.2%
Suezmax 157,000 dwt 60.5 56.5 59.5 65.0 WEAKER.... -0.8%
Aframax 115,000 dwt 52.5 48.0 52.3 53.5 WEAKER.... -1.8%
'MR' Tanker 51,000 dwt 35.5 34.0 34.8 37.0 WEAKER.... -0.4%
Bulk Carriers
Capesize 180,000 dwt 48.5 46.0 53.5 55.3 WEAKER.... -3.6%
Panamax 76,000 dwt 29.0 25.8 27.8 29.8 WEAKER.... -0.3%
Handymax 62,000 dwt 27.0 24.3 26.5 27.8 WEAKER.... -0.3%
Handysize 35,000 dwt 22.5 21.0 22.3 23.5 WEAKER.... -0.4%
Gas Vessels
LPG 82,000m 73.0 70.0 74.5 79.0 WEAKER.... -0.7%
LNG 160,000m 202.0 199.5 198.0 200.0 SAME.......
Dry Cargo
Container 13,000 teu 128.0 107.0 113.5 115.5 WEAKER.... -1.0%
Container 2,750 teu 38.3 30.5 31.5 32.0 SAME.......
Pure Car Carrier 6,000 ceu 67.0 64.5 66.5 66.0 WEAKER.... -2.7%
Clarkson Index 139 126 133 139 WEAKER.... -0.4%
Newbuilding
Vessels Contracted Year-on-Year Newbuilding Price Index
2011 2012 2013 2014
Oil Tankers 127 100 173 97 WEAK. -17%
Chemical & Spec. Tankers 110 150 343 122 WEAK. -48%
LPG Carriers 25 56 123 86 FIRM....... 3%
LNG Carriers 53 39 46 32 FIRM....... 3%
Bulk Carriers 601 366 1200 492 WEAK. -40%
Containerships 251 79 259 94 WEAK. -47%
General Cargo Vessels 98 71 96 55 WEAK. -16%
Ro-Ro Vessels 24 45 59 18 WEAK. -55%
Refrigerated Vessels 3 1 1
Offshore Vessels 479 531 465 194 WEAK. -39%
FPSO/FSU 6 8 5 6 FIRMER... 77%
Passenger & Cruise Ships 22 37 49 22 WEAK. -34%
Other Misc. Vessels 37 25 15 6 WEAK. -41%
TOTAL CONTRACTING 1,836 1,508 2,834 1,224 WEAK. -36%
Prices .... Trend ...
Activity .... Trend ...
Newbuilding prices vary as to country of build, delivery and ship specification. Prices here are end year/latest and from Jun-08 assume a "European spec", 20/20/20/20/20% payments and "first class competitive
yards" quotations, and relate to market contracts where these have taken place and to brokers' best estimates when no contracts have occurred. 3-month trend basis last 3 vs previous 3 months.
100
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Ten year trend in
newbuilding prices
Index, Jan'88 = 100
There are a number of orders to report this week.
In the dry sector, contracting activity was focused on
small/mid-size vessels with Empros Lines ordering 2
x 63,000 dwt Ultramax vessels at Imabari S.B.
Delivery of both vessels is due in 2016. Meanwhile,
Inui S.S. Co. Ltd. ordered a 60,000 dwt Ultramax
bulker at Onomichi Dockyard. Delivery of the ship is
due in January 2018. In the Handysize sector,
Nissen Kaiun K.K. ordered 2 x 34,500 dwt bulkers at
Shikoku Dock. These are the 2
nd
and 3
rd
vessels in
this series and are due for delivery in 2016 and 2017
respectively.
In the containership sector, it has come to light
that the Scorpio Group ordered 3 + 3 x 19,200 TEU
containerships at Samsung H.I. in August. These
vessels are amongst the largest containerships
currently on order and they are believed to have
been contracted against a charter to MSC. Delivery
of the firm vessels is scheduled to begin from the
middle of 2016 with the options, if declared, due for
delivery into 2017.
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The Demolition Market
What's Been Scrapped...
Type Date Vessel Name Flag Blt Dwt Ldt Owner Buyer $/ldt $ m.
Pass/Car F. Sep '14 Super Liner Ogasawara 2006 925 Unknown Japan
Cruise Sep '14 Club Harmony 1969 6,121 12,491 Polaris Shipping Co As is Korea
Reefer Sep '14 Majestic 1980 4,337 2,936 Silver Star Ltd. Bangladesh 452.0 1.33
GCargo Sep '14 Ace 1990 8,123 2,579 Unknown Old sale
GCargo Sep '14 Soleil 1983 6,658 2,382 Dergham Marine SA Pakistan 453.0 1.08
Bulk Sep '14 Shahriar Jahan 1985 37,568 7,453 Brave Royal Shipping Old sale
Bulk Sep '14 Brave Royal 1984 34,607 6,880 Brave Royal Shipping Old sale
Bulk Sep '14 Bramco 2 1984 54,500 12,458 Bramco WLL Old sale
Tanker Sep '14 Overseas Eliane 1994 94,813 17,079 Overseas Shipholding As is S'pore 515.0 8.80
MPP Sep '14 Feng Shun Shan 1985 18,277 COSCO Shipping Co. Old sale
Container Sep '14 Marcajama 1996 18,355 6,775 Marconsult As is Malta 418.0 2.83
Bulk Sep '14 Jin Pei 1993 15,571 China Shipping Bulk Old sale
Bulk Aug '14 Bao Wang 1992 20,407 China Shipping Bulk Old sale
Bulk Aug '14 Ba Da Ling 1985 20,333 Yinhua Shipping Old sale
Bulk Aug '14 Zhen Fen 10 1985 19,509 China Shipping Bulk Old sale
Bulk Aug '14 Zhen Fen 9 1986 19,509 China Shipping Bulk Old sale
Chem & Oil Aug '14 Jin Hai Lian 1984 3,671 Shanghai Jinhai Shpg Old sale
Tanker Aug '14 Olympic Flair 1991 150,092 22,933 Olympic Shipping As is Khor Fakkan 525.0 12.04
Pass Aug '14 Atlantis 1967 2,169 IBII Turkey
Reefer Aug '14 Summer Wind 1985 13,636 Chartworld Shpg. Old sale
Container Aug '14 Meratus Spirit 2 1989 13,226 Pelayaran Meratus Bangladesh 479.0
MPP Aug '14 Topaz II 1980 17,169 Gulf of Aden Shpg. Old sale
Bulk Aug '14 Princess Vanya 1989 70,329 9,143 Cyprus Maritime Co. India 514.0 4.70
Scrap
Year End ($/ldt) This Year Scrapping Price Trends
Prices...
2011 2012 2013 Latest %
Tankers 480 420 435 485 12%
Dry Cargo 455 405 425 485 14%
Buyer
Year (m dwt) This Year
Activity...
2011 2012 2013 2014 %
China 9.6 12.0 11.3 5.2 -34%
India 14.1 18.4 11.8 7.2 -12%
Bangladesh 10.6 13.6 12.0 4.4 -47%
Pakistan 5.4 10.2 9.5 5.0 -24%
Other 3.0 4.2 2.7 2.0 6%
TOTAL 42.7 58.4 47.2 23.9 -27%
Size &
Year (m dwt) This Year
Type...
2011 2012 2013 2014 %
Demolition Market News
Tankers
VLCC 3.3 2.7 5.0 2.6 -24%
Suezmax 1.1 3.0 1.0 0.8 10%
Aframax 2.5 3.5 2.7 1.9 2%
Handy 2.8 2.3 2.4 1.1 -34%
< 10,000 dwt 0.2 0.2 0.1 0.1 14%
Total Tankers 10.0 11.8 11.1 6.4 -16%
Bulkcarriers
Capesize 10.5 11.7 8.1 3.3 -41%
Panamax 5.2 8.7 4.9 2.5 -27%
Handymax 2.2 4.7 3.5 1.7 -31%
Handysize 5.3 8.3 6.7 2.6 -43%
Total Bulkers 23.2 33.4 23.2 10.1 -37%
Containerships 1.2 4.9 6.3 4.5 4%
Gas Vessels 0.5 0.2 0.4 0.2 -13%
Other Dry 7.7 8.0 6.2 2.5 -41%
TOTAL 42.7 58.4 47.2 23.9 -27%
* The % change is based on annualised figures for this year against last year.
PA.
BD.
IA.
SV.
CY.
Note: The scrap prices ($/ldt) are based on Indian prices for VLCC tankers and a
Handy dry bulk carrier of around 8,000 ldt.
PRC
PRC
PRC
PRC
PRC
GR.
BA.
PA.
M.I.
PRC
AT.
PRC
JA.
M.I.
SK.
CS.
TG.
BA.
300
325
350
375
400
425
450
475
500
525
550
Sep
'12
Nov
'12
Jan
'13
Mar
'13
May
'13
Jul
'13
Sep
'13
Nov
'13
Jan
'14
Mar
'14
May
'14
Jul
'14
Sep
'14
US$ per ldt
Tankers - India
Handy Bulk - India
Tankers - Bangladesh
The market has remained relatively dormant this week. A
number of the cash buyers appear to be bidding on the
expectation that the lack of tonnage supply will help stimulate the
market. However, if domestic steel and currency markets fail to
improve, they may struggle to resell at a profit. The lack of sales
completed during the summer may aid this speculation. The only
question is: will there be sufficient supply to satisfy the breakers
requirements at each recycling destination? The Pakistani market
continues to offer the best rates; however, reports suggest that
the majority of the breakers are satisfied with the tonnage in hand
and may reconsider the numbers placed on the table. The Indian
market is still suffering the effects of the recent currency issues
and the volatility of the steel market. Therefore we see no
evidence of breakers adjusting their rates upwards, though the
market has not softened. Bangladesh is clearly struggling as
breakers are reportedly unable to shift the steel from their yards
so demand for new tonnage is limited. Severe flooding has had a
serious effect on short-term demand; however, in the long-term
the rebuilding programme will hopefully rectify this.
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Economic Indicators
GDP Growth & Forecasts*
China Japan USA Germany Euro Area World
2011 9.3% -0.5% 1.8% 3.4% 1.6% 3.9%
2012 7.7% 1.4% 2.8% 0.9% -0.7% 3.5%
2013 7.7% 1.5% 1.9% 0.5% -0.5% 3.2%
4Q13 7.7% 2.6% 2.6% 1.4% 0.5% 0.0%
1Q14 7.4% 3.0% 1.5% 2.3% 0.9% 0.0%
2Q14 7.5% -0.1% 2.5% 1.3% 0.7% 0.0%
2014 (f) 7.4% 1.6% 1.7% 1.9% 1.1% 3.4%
2015 (f) 7.1% 1.1% 3.0% 1.7% 1.5% 4.0%
Industrial Production*: OECD
avg: Germany U.K. USA Japan Europe OECD
2011 7.9% -0.4% 4.1% -3.5% 3.1% 2.4%
2012 -0.6% -2.3% 3.5% 0.0% -2.7% -0.1%
2013 0.2% -0.1% 2.6% -0.7% -0.8% 0.4%
Jun '14 -0.4% 1.2% 4.3% 3.1% 0.2% 2.1%
Jul '14 0.0% 0.0% 5.0% -0.9% 0.0% 0.0%
Industrial Production*: Asia
avg: R.o K. China Taiwan Thailand Malaysia India
2011 6.9% 13.7% 5.1% -10.0% 1.2% 3.9%
2012 1.8% 10.0% 0.2% 7.2% 4.0% 1.5%
2013 -0.2% 9.7% 0.9% -3.1% 2.7% 0.4%
May '14 -2.1% 8.8% 5.2% -4.1% 6.1% 4.7%
Jun '14 0.6% 9.2% 8.6% -6.6% 6.9% 3.4%
Jul '14 3.4% 9.0% 6.1% -5.2% 0.0% 0.0%
Ind. Production*: E.Europe & S. America
avg: Russia Czech. Hungary Poland Argentina Brazil
2011 4.8% 7.3% 5.8% 7.0% 4.9% 0.3%
2012 2.7% -1.1% -1.7% 1.4% -1.1% -2.6%
2013 -0.2% 0.6% 1.8% 2.3% -0.1% 1.2%
May '14 2.8% 2.6% 9.5% 4.5% -4.9% -3.1%
Jun '14 0.4% 8.1% 11.1% 1.7% -0.4% -6.9%
Jul '14 1.6% 0.0% 0.0% 2.3% -0.7% -3.5%
Currency Trends Spot
~
& Forward
#
... Exchange Rate Trends
end: Euro U.K. Japan Switz. Norway China
2011 1.29 1.52 77.73 0.94 6.02 6.32
2012 1.32 1.61 85.93 0.91 5.58 6.24
2013 1.37 1.64 104.70 0.90 6.15 6.07
Jun 1.36 1.69 101.91 0.89 6.07 6.23
Jul 1.35 1.71 101.71 0.90 6.19 6.20
Aug 1.33 1.67 102.90 0.91 6.21 6.16
05-Sep 1.30 1.64 105.12 0.93 6.26 6.14
3mo.# 1.30 1.64 105.04
12mo.# 1.30 1.63 104.64
end: R.o K. H.Kong Singapore SDR India Australia
2011 1,152.0 7.77 1.30 1.53 53.06 0.99
2012 1,072.2 7.75 1.22 1.54 54.96 0.97
2013 1,059.3 7.76 1.27 1.54 62.07 1.13
Jun 1,018.3 7.75 1.25 1.54 59.71 1.07
Jul 1,019.9 7.75 1.24 1.54 60.22 1.07
Aug 1,024.8 7.75 1.25 1.53 60.79 1.07
05-Sep 1,018.9 7.75 1.25 1.51 60.46 1.07

*% change year-on-year. Source: IMF, OECD, The Economist. ~Currency units per US$ except , Euro and SDR. # Forward Rates: The FT.
Interest Rate Trends ... Inflation & Prices
Prices in $/bbl or $/t
Prime Lending Rates: Consumer Prices Crude Grain Steel
$ Libor Oil Wheat Ship Plate
avg: 6 mths. avg: Brent USG Japan
2011 1.25% 1.50% 6.35% 1.48% 3.25% 0.51% 2011 3.2% 3.2% 0.0% 2.9% 111.30 335 803
2012 0.88% 1.50% 6.26% 1.48% 3.25% 0.69% 2012 2.9% 2.1% 0.0% 2.3% 110.57 333 686
2013 0.54% 1.50% 6.00% 1.48% 3.25% 0.41% 2013 1.9% 1.5% 0.4% 1.6% 108.24 322 621
Jun 0.15% 1.50% 6.00% 1.48% 3.25% 0.32% Jun 1.4% 2.1% 3.6% 2.1% 114.29 320 590
Jul 0.15% 1.50% 6.00% 1.48% 3.25% 0.33% Jul 1.2% 2.0% 3.4% 1.9% 105.39 283 590
Aug 0.15% 1.50% 6.00% 1.48% 3.25% 0.33% Aug 0.0% 0.0% 0.0% 0.0% 99.88 285 590
05-Sep 0.05% 1.50% 6.00% 1.48% 3.25% 0.33% Latest 0.0% 0.0% 0.0% 0.0% 100.64 274 590
May '14 1.2% 2.2% 4.3% 1.0% -0.2%
#Forward Rates as of: 05-Sep
Euro U.K. China Japan U.S.A. USA Japan OECD
05-Sep-14
1.5%
Industrial Production
Eur
The European Central Bank has lowered its benchmark
interest rate for the second time in 2014, to a record low of
0.05%, following a cut from 0.25% to 0.15% in June. The
Bank also announced a bond-buying program in an attempt to
add financial liquidity, encourage lending, and combat the risk
of deflation. Economic growth in the Eurozone has continued
to struggle this year, and recent indicators suggest that the
recovery remains fragile. Growth in manufacturing activity in
the region reportedly fell to its slowest pace in 15 months in
August, while in Germany, the Eurozones largest economy,
GDP reportedly fell by 0.2% q-o-q in Q2 2014.
Growth in the Indian economy reached 5.7% y-o-y in Q2
2014, the fastest pace of expansion in more than two years.
Consumer and business confidence has improved as a result
of policies introduced by the central bank and the recent
election of a new government, reportedly leading to increased
spending and manufacturing activity in recent months.
-25
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$/Sterling
$/Yen
$/Euro
Index Jan'00=100
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Ship Demand Trends
Oil Tanker
million barrels per day % Chg
Demand ....
2011 2012 2013 2014* 2014/13
Oil Production
World 88.2 90.0 90.3 91.2 1%
USA 7.9 8.9 10.0 10.9 9%
Middle East 27.5 27.9 27.7 28.0 1%
West Africa 5.5 5.5 5.4 5.2 -3%
South & Central America 7.1 7.1 7.1 7.1 0%
North Africa 3.2 4.1 3.5 2.9 -17%
VLCC Demand
AG Exports to China 2.9 2.8 3.0 3.3 10%
to Japan 2.9 2.9 2.9 2.8 -3%
to Korea 2.1 2.1 2.0 2.0 -1%
to USA/UKC 2.4 2.6 2.5 2.7 9%
Total Gulf Crude Exports 18.3 18.1 17.9 18.2 2%
Crude Oil Trade
Imports: USA (seaborne) 6.7 6.1 5.1 4.9 -6%
EU-5 6.0 6.1 5.7 5.5 -5%
China 4.6 4.9 5.1 5.7 10%
Total Seaborne Imports 37.2 38.2 36.8 36.8 0%
Products Trade
Imports: USA 1.9 1.6 1.5 1.5 -2%
EU-5 2.6 2.5 2.6 2.5 0%
Latin America 1.4 1.7 1.7 2.0 20%
Asia 7.2 7.4 7.8 8.0 2%
*2014 data are projections. Oil production data shows total supply including crude oil, lease condensates and NGLs; world supply includes refinery gains, other liquids.
Dry Bulk
million tonnes % Chg
Demand ....
2011 2012 2013 2014* 2014/13
Steel Production
P.R. China 684.3 708.8 774.6 806.5 4%
Japan 107.6 107.2 110.6 108.4 -2%
EU-27 182.0 169.4 166.0 171.6 3%
Total Steel Prod. (listed) 974 985 1051 1086 3%
Iron Ore Trade
Imports: China 665.4 723.5 794.9 901.8 13%
Japan 128.4 131.1 135.9 134.3 -1%
South Korea 64.9 66.0 63.4 71.6 13%
Exports: Australia 437.8 493.7 579.0 678.1 17%
Coal Trade
Imports: ** China 165.6 228.7 264.9 275.4 4%
India 127.2 158.1 175.3 196.0 12%
Japan 169.9 179.2 186.1 187.5 1%
South Korea 124.0 122.5 123.0 124.8 2%
Exports: ** Australia 271.9 308.4 344.9 366.6 6%
USA 90.9 107.4 100.0 93.6 -6%
Total Seaborne Coal Trade 1000.2 1123.2 1179.3 1228.9 4%
*2014 data are projections. ** Steam coal, lignite & coking coal.
World Seaborne
million tonnes % Chg
Trade
2011 2012 2013 2014* 2014/13
Crude Oil 1,851 1,901 1,831 1,831 0%
Oil Products 915 923 965 997 3%
Dry Bulk 3,841 4,098 4,329 4,521 4%
Containers 1,404 1,453 1,532 1,629 6%
Other 1,188 1,214 1,260 1,336 6%
World Seaborne Trade 9,199 9,589 9,918 10,315 4%
y-o-y growth 4.5% 4.2% 3.4% 4.0%
Data based on latest available information at start Jan-00. For more detail see Seaborne Trade & Tonne-Mile Tables on Shipping Intelligence Network and World Fleet Monitor.
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$,000/day Index
Steel Production Index
Capesize Earnings
Steel Production and Capesize Earnings
Major Oil Trades News:
It was reported this week that Russian oil production in
August rose 1% m-o-m to 10.5m bpd, partly driven by an
increase in condensate output. Although Russia has
been the subject of a number of sanctions, they have not
adversely affected the oil sector, although they may af-
fect some future projects. Seaborne crude exports from
the FSU are expected to increase by 2% y-o-y in 2014.
Meanwhile, estimated output from Saudi Arabia totalled
9.8m bpd in August.
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$,000/day m. bpd
OPEC Production & VLCC Earnings
OPEC Oil Production
VLCC Earnings
Major Bulk Trades News:
In August 2014, shipments of iron ore from Port
Hedland, Australia, reached a record 37.4mt, bringing
total shipments from the port in the first eight months of
the year to 268.3mt, up 33% y-o-y. Firm growth has
been driven by the scheduled ramp up of Australian iron
ore production this year. Overall, Australian iron ore
exports are projected to rise 17% y-o-y in full year 2014.
Twelve iron ore mines in the state of Jharkhand,
India, have been ordered to stop production after failing
to renew licenses. Iron ore production in the state
supplies a significant share of ore used by the domestic
steel industry. It is indicated that this will disrupt
domestic supply, and could further limit Indian iron ore
exports this year.
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World Fleets & Orderbooks
Total Cargo
Year End Orderbook & Delivery Schedule
Fleet, m. Dwt
2010 2011 2012 2013 No. m.Dwt No. m.Dwt % Fleet 2014 2015 2016+
OIL TANKERS >10k dwt 418.6 443.2 461.1 469.3 4,354 471.7 593 65.8 13.9% 12.3 19.2 34.3
OIL TANKERS <10k dwt 12.0 12.3 12.9 13.3 5,016 13.3 100 0.3 2.6% 0.3 0.0 0.0
CHEMICAL TANKERS 35.4 37.1 37.8 38.3 3,428 39.0 239 5.7 14.6% 1.0 2.0 2.7
OTHER TANKERS 3.5 3.5 3.5 3.5 656 3.5 32 0.8 21.8% 0.1 0.3 0.4
BULKERS 538.8 619.3 684.8 724.0 10,237 747.0 2,084 174.1 23.3% 33.7 68.1 72.2
COMBOS 8.0 6.8 4.7 4.2 24 4.2 0 0.0 0.0% 0.0 0.0 0.0
LPG CARRIERS 14.9 15.1 15.3 16.3 1,281 16.7 225 7.0 42.0% 0.5 2.7 3.8
LNG CARRIERS 25.9 28.2 28.9 29.0 399 31.3 135 10.8 34.5% 2.1 2.7 6.0
CONTAINERSHIPS 183.7 196.7 206.5 216.0 5,093 224.3 448 39.1 17.4% 5.5 21.1 12.4
MULTI-PURPOSE 28.2 28.7 29.1 29.4 3,255 29.5 131 2.2 7.4% 0.4 1.2 0.7
GENERAL CARGO 36.0 35.1 34.3 34.1 15,038 33.9 67 0.5 1.3% 0.3 0.2 0.0
RO-RO 9.0 8.8 8.6 8.2 1,262 8.0 30 0.8 9.7% 0.3 0.5 0.1
CAR CARRIERS 10.4 11.2 11.7 11.9 766 12.1 68 1.5 12.6% 0.2 0.7 0.6
REEFERS 6.2 5.9 5.2 5.1 1,420 5.1 0 0.0 0.0% 0.0 0.0 0.0
OFFSHORE (AHTS/PSV) 6.8 7.3 7.9 8.7 5,262 9.2 611 1.9 20.4% 0.7 0.9 0.3
OTHER CARGO 6.0 5.9 6.0 5.9 775 5.9 15 0.1 2.5% 0.1 0.1 0.0
WORLD CARGO FLEET 1,343.3 1,465.0 1,558.2 1,617.1 58,266 1,654.8 4,778 310.5 18.8% 57.4 119.7 133.4
TOTAL WORLD FLEET 1,412.0 1,535.1 1,629.1 1,690.0 89,237 1,727.4 5,555 318.9 18.5% 59.1 122.1 137.8
TOTAL WORLD FLEET ($bn)* 831.2 856.7 822.8 897.2 89237 944.2 5,555 309.7 32.8% 59.9 106.9 142.9
Tanker
Fleet ..m. Dwt
VLCC 200,000+ 163.5 176.0 186.9 190.2 624 191.7 90 28.1 14.7% 4.8 5.6 17.8
Suezmax 120-200,000 62.8 68.3 72.6 76.1 490 75.9 50 7.8 10.3% 1.8 1.7 4.3
Aframax 80-120,000 93.3 97.0 97.9 96.9 892 96.0 113 12.7 13.2% 2.4 5.5 4.8
Panamax 60-80,000 28.2 29.3 29.8 29.9 416 30.1 39 2.8 9.4% 0.7 0.3 1.9
Small 10-60,000 100.8 104.0 105.7 108.4 3,452 111.0 513 20.4 18.4% 3.6 8.3 8.6
30.1 31.4 31.9 32.2 1,520 32.9 212 6.2 18.7% 0.9 2.2 3.1
<10,000 20.7 21.4 22.1 22.7 7,580 22.9 159 0.7 2.9% 0.5 0.1 0.1
TOTAL FLEET >10,000 448.7 474.6 492.9 501.5 5,874 504.6 805 71.9 14.3% 13.2 21.4 37.3
of which: Single Hull 39.3 28.4 19.3 7.4 207 6.3
Double Hull 409.4 446.2 473.6 490.6 5,667 498.3
Combos in Oil 4.5 4.3 4.4 2.4 14 1.7 Increase in size of Tanker Fleet:
Laid-up 4.0 4.8 2.9 7.9 60 6.3 2013/2012 1.7%
Storage 3.3 1.8 2.3 2.4 10 2.3 2014*/2013 0.6% * year to date
ACTIVE FLT. >10,000 445.9 472.3 492.1 493.6 5,818 497.7
Bulk Carrier
Fleet ..m. Dwt
Capesize 100,000+ 210.1 250.0 280.0 293.8 1,615 303.1 371 73.5 24.3% 10.5 25.0 38.0
Panamax 65-100,000 134.7 151.8 169.9 185.1 2,432 192.2 444 36.0 18.7% 10.7 14.3 10.9
Handymax 40-65,000 111.1 130.9 146.9 157.8 3,079 163.4 801 48.1 29.4% 9.3 20.8 18.0
Handysize 10-40,000 82.9 86.6 88.0 87.3 3,111 88.4 468 16.5 18.7% 3.2 8.1 5.3
TOTAL FLEET 538.8 619.3 684.8 724.0 10,237 747.0 2,084 174.1 23.3% 33.7 68.1 72.2
Combos in Dry 3.9 3.3 0.9 0.7 2 0.1 Increase in size of Bulkcarrier Fleet:
Laid-up 0.1 0.3 1.2 0.6 12 0.8 2013/2012 5.7%
Storage 0.2 0.2 0.1 0.2 5 0.2 2014*/2013 3.2% * year to date
ACTIVE FLEET 542.4 622.1 684.3 724.0 10,222 746.1
Note: Panamax fleet includes vessels 60-65,000 dwt built prior to 2000.
LPG Carrier
Fleet ,000m
2010 2011 2012 2013 No. ,000m No. ,000m % Fleet 2014 2015 2016+
<5,000 cbm 1,486 1,517 1,535 1,529 654 1,554 20 69 4.5% 35 34 0
5-20,000 cbm 2,284 2,340 2,426 2,578 320 2,616 55 516 19.7% 93 275 148
20-40,000 cbm 3,043 3,290 3,346 3,504 126 3,646 61 1,737 47.6% 205 289 1,242
40-60,000 cbm 1,164 1,107 1,107 1,107 19 1,107 3 180 16.3% 0 180 0
>60,000 cbm 11,358 11,360 11,521 12,592 162 13,007 86 7,206 55.4% 335 3,099 3,772
TOTAL FLEET 19,335 19,613 19,936 21,310 1,281 21,931 225 9,709 44.3% 668 3,878 5,162
TOTAL M. DWT 14.9 15.1 15.3 16.3 16.7 7.03 42.0% 0.53 2.72 3.78
01-Sep-14
01-Sep-14
of which: Specialised >10,000
01-Sep-14
01-Sep-14
"Oil Tankers" includes vessels in the crude oil & oil products sectors, including all IMO 3 tankers and specified IMO 2 tankers (see Oil & Tanker Trades Outlook for detailed
definition). "Chemical" includes IMO 1 tankers and specified IMO 2 tankers. "Specialised" includes chemical tankers and other tankers designed for the carriage of
specialist liquids.
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World Fleets & Orderbooks
LNG Carrier
Year End
Orderbook & Delivery Schedule
Fleet ,000m
2010 2011 2012 2013 No. ,000m No. ,000m % Fleet 2014 2015 2016+
<40,000 cbm 230 277 293 231 24 231 14 380 164.5% 0 212 168
40-60,000 cbm 122 122 0 0 0 0 0 0 #DIV/0! 0 0 0
60-100,000 cbm 1,295 1,070 1,070 982 12 911 0 0 0.0% 0 0 0
>100,000 cbm 50,014 51,672 51,851 54,128 363 56,446 121 20,228 35.8% 4,001 4,944 11,284
TOTAL FLEET 51,661 53,142 53,214 55,342 399 57,588 135 20,608 35.8% 4,001 5,156 11,452
TOTAL M. DWT 28.2 28.9 29.0 30.1 31.3 10.8 34.5% 2.1 2.7 6.0
Containership
Year End
Fleet ,000 Teu
2010 2011 2012 2013 No. ,000teu No. ,000teu % Fleet 2014 2015 2016+
100-999 teu 735.0 728.7 706.8 686.9 1,088 673.0 5 3.6 0.5% 0.8 2.3 0.5
1-2,999 teu 3,592.4 3,609.6 3,484.9 3,401.4 1,864 3,356.1 147 278.2 8.3% 47.3 100.6 130.2
3,000 &+ teu (Panamax) 3,940.6 3,957.3 3,935.4 3,764.1 866 3,630.7 5 16.4 0.5% 10.2 3.1 3.1
3-7,999 teu (Post-Pmax) 2,918.7 3,215.1 3,415.0 3,667.4 648 3,755.8 59 291.0 7.7% 105.3 143.5 42.2
8-11,999 teu (Post-Pmax) 2,471.8 2,805.2 3,118.7 3,541.2 444 3,948.0 138 1,288.0 32.6% 167.4 715.7 404.9
12,000 &+ teu (Post-Pmax) 544.1 1,005.0 1,574.3 2,055.3 183 2,523.0 94 1,465.6 58.1% 131.7 861.7 472.2
TOTAL FLEET 14,202.5 15,320.9 16,235.1 17,116.3 5,093 17,887.1 448 3,342.7 18.7% 462.8 1,826.8 1,053.2
TOTAL M. DWT 183.7 196.7 206.5 216.0 224.3 39.1 17.4% 5.5 21.1 12.4
Multipurpose
Year End
Fleet ,000 Teu
2010 2011 2012 2013 No. ,000teu No. ,000teu % Fleet 2014 2015 2016+
100 - 499 teu 557.1 552.4 551.9 547.2 2,161 543.7 26 8.9 1.6% 4.4 3.3 1.2
500 - 999 teu 556.2 574.6 578.1 560.2 802 552.0 72 48.8 8.8% 8.3 18.9 21.7
1000 &+ teu 245.4 290.3 334.3 398.8 292 418.7 33 65.1 15.6% 5.6 45.0 14.5
TOTAL FLEET 1,358.7 1,417.3 1,464.3 1,506.2 3,255 1,514.4 131 122.9 8.1% 18.3 67.2 37.4
MPP FLEET M. DWT 28.2 28.7 29.1 29.4 29.5 2.2 7.4% 0.4 1.2 0.7
GC FLEET M. DWT 36.0 35.1 34.3 34.1 15,038 33.9 67 0.5 1.3% 0.3 0.2 0.0
Ro-Ro Vessel
Year End
Fleet, m. Dwt
<5,000 dwt 1.3 1.2 1.1 1.1 696 1.1 1 0.0 0.0% 0.0 0.0 0.0
5,000-10,000 dwt 2.6 2.5 2.4 2.4 322 2.3 5 0.0 1.3% 0.0 0.0 0.0
10,000 &+ dwt 5.1 5.1 5.0 4.7 244 4.6 24 0.7 16.1% 0.2 0.4 0.1
TOTAL FLEET 9.0 8.8 8.6 8.2 1,262 8.0 30 0.8 9.7% 0.3 0.5 0.1
CAR CARRIERS 10.4 11.2 11.7 11.9 766 12.1 68 1.5 12.6% 0.2 0.7 0.6
Reefer Vessel
Year End
Fleet m. ft.
2010 2011 2012 2013 No. m.ft No. m.ft % Fleet 2014 2015 2016+
< 200,000 cu ft 53.5 51.3 48.4 47.8 983 47.4 0 0.0 0.0% 0.0 0.0 0.0
200-449,999 cu ft 97.1 89.8 76.0 74.9 247 73.9 0 0.0 0.0% 0.0 0.0 0.0
> 450,000 cu ft 132.6 125.8 112.8 109.6 190 105.4 0 0.0 0.0% 0.0 0.0 0.0
TOTAL FLEET 283.1 267.0 237.2 232.3 1,420 226.7 0 0.0 0.0% 0.0 0.0 0.0
TOTAL M. DWT 6.2 5.9 5.2 5.1 5.1 0.0 0.0% 0.0 0.0 0.0
Owner Fleets by
Year End
Nationality, m. GT
2010 2011 2012 2013 No. m. GT No. m. GT % Fleet 2014 2015 2016+
Greece 132.0 143.1 151.4 164.5 4,994 175.6 531 30.4 17.3% 3.7 13.3 13.3
Japan 138.4 147.5 155.4 158.8 8,581 161.3 315 14.6 9.0% 3.2 4.7 6.6
China P.R. 86.6 99.6 110.3 117.3 6,583 118.5 649 32.4 27.4% 7.3 12.1 13.1
Germany 86.6 95.0 97.9 95.8 4,126 94.5 278 11.3 12.0% 1.9 3.8 5.7
United States 47.1 49.5 49.9 51.6 4,978 54.8 264 9.7 17.7% 1.6 2.5 5.5
Note: All fleet figures are from the Clarkson Research Ship and Orderbook Databases, expressed in the units indicated. All dwt figures are metric. Annual data are as at year
end, monthly data at the beginning of the month. The databases comprise vessels of 100gt and above. For access to more detailed fleet data visit World Fleet Register at
www.clarksons.net/wfr. * Value of the world fleet based on estimates of the value of each vessel based on type, size and age. For specialised and non-cargo vessels,
coverage may not be complete. Value of the orderbook based on reported newbuilding contract prices wherever possible and estimated contract prices adjusted for vessel
type, size and the date of the contract elsewhere. For more detail see World Fleet Monitor.
A "Sources & Methods" document which describes the methodology by which Clarkson Research Services gathers and processes the data set out
in this report, including the calculation of voyage earnings for tankers and bulk carriers, is available on our website at www.clarksons.net. Further
enquiries may be made to the addresses set out on the back page.
05-Sep-14
01-Sep-14
01-Sep-14
01-Sep-14
01-Sep-14
01-Sep-14
01-Sep-14
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Analysis

Energy is shippings biggest single market, accounting for 43% of the cargo moved in 2013 4.3 billion
tonnes. Oil is still the big dog, with 2.8 billion tonnes of cargo and the coal trade has now reached 1.2
billion tonnes. Which leaves gas as the junior partner in the energy triangle with 307 million tonnes of
trade in 2013, of which 244 million tonnes was LNG and an estimated 63 million tonnes was LPG.
Shipping Intelligence Weekly, 05 September 2014
Published by:
Clarkson Research Services Limited
St. Magnus House,
3, Lower Thames Street,
London EC3R 6HE, England.
Tel: + (44) (0) 20 7334 3134
E-mail: sales.crs@clarksons.co.uk
On-line Shop: http://www.crsl.com
Website: http://www.clarksons.com/research
Shipping Intelligence Network: http:/www.clarksons.net
World Fleet Register: http://www.clarksons.net/wfr
Editorial Board:
Managing Director Stephen Gordon
Research Director Trevor Crowe
Analysis Martin Stopford
Publisher Rob Benson
Editor Samantha Barnwell
Clarkson Contacts:
S&P J. Brynteson
Tankers R. Knight
Specialised R. Whittet
Gas J.R. Evans
Dry Cargo M. Goodall
Containers J. Tolstrup-Moller
Freight Derivatives A. Gray
Offshore P. Middleton
Shipping Intelligence Weekly is published 50 times a year. It
reviews the markets for crude, products, specialised and gas
tankers, bulkcarriers, liner and offshore vessels as well as the
secondhand, newbuilding and demolition markets. It provides
details of freight rates, earnings, prices and activity in these
markets along with fleet statistics, trade data, and economic
indicators. It is available on subscription at a price of 800/865
a year (within Europe/outside Europe) including postage.

Whilst care has been taken in the production of this review, no
liability can be accepted for any loss incurred in any way what-
soever by any person who may seek to rely on the information
contained herein. The information in this report may not be
reproduced without the written permission of Clarkson Research
Services Limited.
The Crown Prince Of Energy

LNG may still be the junior partner in ton-
nage, but it is widely seen as a future
seed corn trade for the maritime busi-
ness. This positive perception rests on
two foundations. Firstly there are enor-
mous reserves of stranded natural gas
located so far from the worlds major con-
sumer zones that sea transport is the
only way to bring the product to market.
Secondly natural gas is a clean fuel, in an
era which is becoming increasingly pre-
occupied with reducing emissions of car-
bon and other pollutants into the atmos-
phere.

Fight For The Title

But its not all plain sailing and LNG is up
against some tough competition coal
and oil and in the three way fight for
market share which lies ahead it has a
few strategic disadvantages. Oil, the ulti-
mate portable energy source, has the
land and air transport fuel market nailed
down. In this market the need to maintain
LNG at a temperature of -162C makes
competition extremely difficult, and cre-
ates limitations to the wider use of LNG
as a transport fuel.

The other major market is power genera-
tion and here LNG is on firmer ground.
Once the storage and re-gasification fa-
cilities have been installed, LNG is the
ideal clean fuel. The problem is that in
this market coal is a long established and
devastating competitor. Coal is generally
much cheaper than gas and more widely
available. In contrast gas supplies are
more limited, requiring major investment,
and are often located in difficult geopo-
litical areas.
Speedy Growth

Despite these disadvantages, the LNG
trade has turned in a spritely growth per-
formance. Since 1984 imports by coun-
tries east of Suez have grown by a
CAGR of 5.8%, and by 6.5% west of Su-
ez (despite a slowdown in 2012-13).
Compared with the growth of the oil trade
when it developed more than a century
ago, this is super-fast. 44 years since the
first LNG shipment by sea to Asia, global
trade in 2013 reached 532m cbm, or
244m tonnes, with a fleet of 31m dwt. For
comparison, after 44 years seaborne oil
trade only reached 55m tonnes and the
tanker fleet was just 9.5m dwt (in 1928).
This is a reminder that although LNG has
not been an easy ride, things take time
and LNGs growth path is pretty dynamic
(though not without its problems - in the
1980s one third of the fleet was laid up).

Trending But Tricky

If current growth trends continue, LNG
trade could reach one billion tonnes in
the 2030s. It is easy to believe that there
will be demand in an energy hungry world
for this clean fuel, despite its limitations.
But in the meantime LNG is a niche play-
er, trading luxury fuel to price sensitive
markets. Which makes it tricky, even for
the big boys. Have a nice day.
Graph of the Week
Energy On The
Move - LNG By Sea
The red line and blue bars on the
graph show LNG imports by sea
in million cubic metres by coun-
tries east and west of Suez re-
spectively. The dotted lines show
exponential trend lines for the
two series.
Source : Clarkson Research Services
LNG Trade - Dynamic Growth In The Energy Competition
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m cbm
LNG imports, west of Suez
LNG imports, east of Suez
LNG imports by
countries west of
Suez 1984-2013
grew by a CAGR
of 5.8%
LNG imports by
countries east of
Suez 1984-2013
grew by a CAGR
of 6.5%
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