ATHENIAN SHIPBROKERS S.A.

107-109, Vas. Pavlou Str., GR 166 73, Voula , Athens, Greece

Tel: 210 9659700 - Fax: 210 8996040
Internet Mail: athenian@atheniansa.gr
www.atheniansa.gr

August 2014
MONTHLY REPORT

12000
Baltic Dry Index
10000

8000

6000

4000

2000

0
Apr-08
Apr-05

Apr-06

Apr-07

Apr-09

Apr-10

Apr-11

Apr-12

Apr-13

Apr-14
Dec-04

Dec-05

Dec-06

Dec-07

Dec-08

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13
Aug-04

Aug-05

Aug-06

Aug-07

Aug-08

Aug-09

Aug-10

Aug-11

Aug-12

Aug-13

Aug-14
PRICES TANKERS ($ MIO)
* Prices reflect Year’s End 2009* 2010* 2011* 2012* 2013* Aug-14
VLCC 5Y 78.0 87.8 55.6 56.0 55.8 74.1
VLCC 10Y 59.5 64.3 34.1 35.0 35.0 48.3
SUEZMAX 5Y 57.0 62.8 45.6 40.2 39.5 49.2
AFRAMAX 5Y 40.5 44.5 34.7 28.0 27.8 39.3
AFRAMAX10Y 23.5 30.7 19.3 16.3 16.3 24.2
PANAMAX5Y 35.5 39.0 30.9 24.3 24.3 32.6
45K 5Y D/H 23.5 27.3 25.8 23.0 23.3 25.8
45K 10Y D/H 16.0 19.7 15.8 15.5 15.7 18.1
45K 20Y 4.0 6.7 6.0 6.2 6.2 6.4

PRICES BULKERS ($ MIO)

* Prices reflect Year’s End 2009* 2010* 2011* 2012* 2013* Aug-14
CAPESIZE 5Y 54.5 57.0 36.3 32.0 43.9 47.2
CAPESIZE 10Y 45.0 43.0 26.8 20.5 31.0 34.2
CAPESIZE 15Y 28.0 26.0 15.2 12.7 18.2 20.3
CAPESIZE 20Y 16.5 16.4 10.5 9.3 10.1 10.0
PANAMAX 5Y 35.0 38.5 26.4 18.0 25.6 24.2
PANAMAX 10Y 27.5 31.6 18.6 12.5 17.9 17.3
PANAMAX 15Y 22.0 23.1 12.4 8.3 12.0 11.4
PANAMAX 20Y 12.0 13.8 8.1 5.4 7.5 6.0
SUPRAMAX 5Y 27.5 31.9 26.4 23.3 24.3 24.2
HANDYMAX10Y 22.0 24.7 18.0 13.0 17.4 17.3
HANDYMAX15Y 17.5 20.0 11.1 8.7 10.9 11.8
HANDYMAX20Y 11.0 12.0 7.9 6.3 6.4 7.6
 2

SECOND HAND SALES & CHARTER FIXTURE TRENDS

Monthly Tanker Market Trend Monthly 1 Yr TC Rates

180.0 100000

160.0 90000

140.0 80000

70000
120.0
60000
100.0
50000
80.0
Price (USD Mio)

Price (USD)
40000
60.0
30000
40.0
20000
20.0 10000
0.0 0

VLCC 5Y VLCC 10Y SMAX 5Y AMAX 5Y VLCC 1 Yr T/C SMAX 1 Yr T/C AMAX 1 Yr T/C

AMAX 10Y PMAX 5Y 45K 5Y D/H 45K 10Y D/H PMAX 1 Yr T/C MR 1 Yr T/C

Monthly Bulk Carrier Market Trend Monthly 1 Yr TC Rates

160.0 160000

140.0 140000

120.0 120000
Prices (USD Mio)

100.0 100000
Price (USD)

80.0 80000

60.0 60000

40.0 40000

20.0 20000

0.0 0

CAPE 5Y CAPE 10Y CAPE 15Y PMAX 5Y CAPE 1 Yr T/C PMAX 1 Yr T/C
PMAX 10Y PMAX 15Y SUPRA 5Y HMAX 5Y
SUPRA 1 Yr T/C HMAX 1 Yr T/C
HMAX 10Y HMAX 15Y

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3

SECOND HAND TONNAGE MARKET

AVAILABLE FOR SALE AVAILABLE FOR SALE

S&P Activity Dry S&P Activity Tankers
REPORTED SOLD REPORTED SOLD
(<5,000 Dwt) (<5,000 Dwt)
PREVIOUS MONTH A/BLE FOR PREVIOUS MONTH A/BLE FOR
SALE SALE
PREVIOUS MONTH SALES PREVIOUS MONTH SALES

400 300

300 340 327 200

200 190 199
100
100 19 30 35
9
0 0
THIS MONTH - PREVIOUS MONTH THIS MONTH - PREVIOUS MONTH

*Excluding demolition sales

Sale and Purchase Market - Second Hand units

Ship Type Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Total
BULK 41 44 22 21 31 19 178
TANK 43 33 31 34 35 9 185
GAS 1 6 3 4 3 1 18
CONT 17 10 17 8 12 12 76
TWEEN 1 0 2 2 0 3 8
REEF 0 0 0 0 0 0 0
RORO 0 0 0 2 0 0 2
FERRY 0 0 0 0 0 0 0
CRUISE 0 0 0 0 0 0 0

Total 103 93 75 71 81 44 467

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4

Baltic Clean Tanker - Yearly Baltic Dirty Tanker - Yearly

650 1400
600 633 1200 1287
550 548
1000 928
500 547
521
489 800
450 586 739
400 600
350 400
36 39 42 45 48 51 2 5 8 11 14 17 20 23 26 29 32 35 36 39 42 45 48 51 2 5 8 11 14 17 20 23 26 29 32 35
2013 2014 2013 2014
WEEK NO WEEK NO

Baltic Clean Tanker - Monthly Baltic Dirty Tanker - Monthly

560 555 840
820 811
555
800
550 780 768
545 548 760
540 545 740 747
541 720 735
535 700
530 680
04/08/2014 11/08/2014 18/08/2014 25/08/2014 04/08/2014 11/08/2014 18/08/2014 25/08/2014

TANKER SALES
NAME DWT BLT PRICE $ BUYER
CHEM SEA 11642 1999 JAPAN DH 7.7 MIO UNDISCLOSED (St. St.)
BRO JUNO 14359 1999 CHINA DH 7 MIO WILMAR (Epoxy)
GREEN STARS 36038 2001 KOREA DH 12.5 MIO INDONESIAN (Epoxy)
SPP SACHEON S5126 50300 2014 KOREA DH 37.1 MIO SCORPIO
DT PROVIDENCE 104255 2008 CHINA DH 34 MIO ENBLOC BSS▼
ENRICA LEXIE 104255 2008 CHINA DH 34 MIO GREEK (Price Each)
AMBELOS 105315 2006 JAPAN DH 33 MIO PNSC (Via Tender)
CAP ISABELLA 159000 2013 KOREA DH 65 MIO GREEK (Ice Classed)
ULRIKEN 309996 1998 KOREA DH 26 MIO UNDISCLOSED

GAS SALES
NAME DWT BLT CBM PRICE $ BUYER
NORGAS PETALUMA 9352 2003 CHINA 8385 24 MIO SINGAPOREAN

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5

VLCC
SUEZMAX
Spot Market - Tankers AFRAMAX

70000
60000
50000
40000
28910
$/Day

30000
25950
20000
10000 16000

0
Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14

VLCC
SUEZMAX
Period Market - Tankers 1 Year T/C AFRAMAX

35000
30000 28950
25000 23840
$/Day

20000
18150
15000
10000
5000
Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14

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6

Baltic Handysize Baltic Supramax

440 1000
420 950
427 952
400 900
380 850 877
387
360 800
2 740 2
340 356 750
320 700
04/08/2014 11/08/2014 18/08/2014 25/08/2014 04/08/2014 11/08/2014 18/08/2014 25/08/2014

Baltic Panamax Baltic Capesize

900 3000
850 837
2578
800 2500
811 2151
750 2366
700 2000
650 4
4
674 38
600 1500
609
550 1178
500 1000
04/08/2014 11/08/2014 18/08/2014 25/08/2014 04/08/2014 11/08/2014 18/08/2014 25/08/2014

BULKER SALES
NAME DWT BLT GEAR PRICE $ BUYER
LINGUE N 26973 1990 JAPAN C 4X30 4 MIO UNDISCLOSED
JIN DE 5 27000 2010 CHINA C 3X25 14 MIO UNDISCLOSED
FORTUNE FRONTIER 29738 2002 JAPAN C 4X30 10.5 MIO GREEK
CIELO DI VANCOUVER 37420 2002 CHINA C 4X30 12.5 MIO ENBLOC BSS▼
CIELO DI MONFALCONE 37450 2002 CHINA C 4X30 12.5 MIO SINGAPOREAN (Price Each)
MARABOU 40908 1989 YUGOSLAVIA C 3X25 4.8 MIO GREEK
AMAN TRADER 48320 1990 YUGOSLAVIA C 4X25 4.1 MIO CHINESE
GOOD TRADE 53732 2012 INDIA C 4X36 18.2 MIO GREEK
BRIGHT MOON 56071 2007 JAPAN C 4X30 20.7 MIO GREEK
STAVROPOL 56831 2012 QINGSHAN C 4X30 17.8 MIO GREEK
IMABARI HULL 865 61000 2015 JAPAN C 4X30 31.4 MIO SCORPIO
SEA URCHIN 74193 2001 JAPAN GLESS 17.5 MIO GREEK (Via Auction incl.
finance/restructure scheme)
RED IRIS 75730 2003 JAPAN GLESS 15.75 MIO GREEK
MISCHELE D'AMATO 76440 2005 JAPAN GLESS 17.7 MIO GREEK
LOWLANDS NELLO 76830 2004 JAPAN GLESS 17.3 MIO GREEK
LAN HAI JIN XIU 79600 2014 CHINA GLESS 22.5 MIO GREEK
NAVIOS TITAN 82936 2005 JAPAN GLESS 17.7 MIO GREEK
SOMA MARU 90844 1995 JAPAN GLESS 7.25 MIO CHINESE
BLUE CHO OYU 180200 2011 KOREA GLESS 51 MIO GREEK

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7

MPP/TWEEN SALES
NAME DWT BLT GEAR PRICE $ BUYER
ST. OLGA 5820 1996 LITHUANIA C 2X36 1.5 MIO RUSSIAN
HUMBERBORG 6053 2006 NETHERLANDS GLESS 5 MIO ENBLOC BSS▼
HUDSONBORG 6100 2006 NETHERLANDS GLESS 5 MIO NORWEGIAN (Price Each)

CAPESIZE

Spot Market - Bulkers PANAMAX

HANDYMAX

45000
40000
35000
30000
25000
$/Day

20000
16500
15000
10000
6150
5000
4250
0
Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14

CAPE

Period Market - Bulkers 1 Year T/C PMAX

HANDYMAX
35000

30000

25000 23250
4
20000
$/Day

15000
10900
10000 10350
5000
Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14

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8

CONTAINER SALES
NAME DWT BLT GEAR TEU PRICE $ BUYER
JOHANNA 7131 1991 GERMANY GLESS 700 1.6 MIO GERMAN
TAGA BAY 13760 2007 CHINA C 2X45 1118 * ENBLOC BSS▼
TABAGO BAY 13781 2007 CHINA C 2X45 1118 * ENBLOC BSS▼
SAN ALESSIO 28142 2008 KOREA C 3X45 1819 * ENBLOC BSS▼
SAN ADRIANO 28147 2008 KOREA C 3X45 1819 * ENBLOC BSS▼
SAN ANDES 28156 2008 KOREA C 3X45 1819 * ENBLOC BSS▼
SAN AURELIO 28170 2008 KOREA C 3X45 1819 * ENBLOC BSS▼
SAN AMERIGO 28186 2008 KOREA C 3X45 1819 * ENBLOC BSS▼
SAN ANTONIO 28196 2008 KOREA C 3X45 1819 * ENBLOC BSS▼
ANNABELLE SCHULTE 34622 2002 KOREA C 3X45 2602 80-85 MIO UNDISCLOSED (Bank sale)
VEGA TURMALIN 14065 1999 CHINA C 2X45 1116 2.9 MIO UAE BASED
THANLWIN STAR 20406 1995 GERMANY GLESS 1452 4.2 MIO SINGAPOREAN
SAFMARINE SANAGA 21436 2007 JAPAN C 3X40 1700 13.5 MIO JAPANESE
AS SCOTIA 25414 2000 CHINA C 3X45 1716 4.3 MIO GREEK
VIRGINIA 66644 2005 KOREA GLESS 5018 15.9 MIO GREEK
YM MARCH 67270 2004 JAPAN GLESS 5576 22.2 MIO GREEK (Incl TC Back)
YM GREAT 67270 2004 JAPAN GLESS 5576 22.2 MIO GREEK (Incl TC Back)

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9

NEW BUILDING MARKET AND REPORTED CONTRACTS

Tanker Prices VLCC Suezmax Bulker Prices Capesize Panamax

Aframax MR Handymax Handysize

120 70

60
100 98.2 55.7
50
1 5
80
$m

40

$m
65.8 30
60
30
553.3 27.7
40 3 20 23.6
37

20 10
Aug-12 Dec-12 Apr-13 Aug-13 Dec-13 Apr-14 Aug-14 Aug-12 Dec-12 Apr-13 Aug-13 Dec-13 Apr-14 Aug-14

Dry Bulk Orderbook

Ship Type 2014 (deliv) 2014 2015 2016+ Total
Capesize 67 59 137 212 475
Panamax 118 148 171 136 573
Supra/Hmax 157 185 376 316 1034
Handies 139 121 239 151 650
Total 481 513 923 815 2732

Tanker Orderbook
Ship Type 2014 (deliv) 2014 2015 2016+ Total
ULCC/VLCC 13 16 16 59 104
Suezmax 16 14 10 26 66
Aframax 18 24 53 45 140
Panamax 3 9 4 23 39
MR+Small 72 89 174 170 505
Total 122 152 257 323 854

LPG Tank Orderbook

Ship Type 2014 (deliv) 2014 2015 2016+ Total
VLGC 7 4 38 46 95
LGC 0 0 4 0 4
MR 5 8 10 36 59
Handy 9 8 18 10 45
Small 16 12 10 0 38
Total 37 32 80 92 241

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10

Tankers >10,000 dwt

Newbuilding Sales Delivery Schedule Bulkers >10,000 dwt.
Bulkers >10,000 dwt
Containerships Tankers >10,000 dwt
1000 80
885 70.9
900 66.8
70
800
No. of Vessels

60
700

m. dwt
600 50
500 470 40 36.5 35.5
395
400 30 20
300 260 214
169 208 20 14.6
200
70 90 10
100
0 0
2012 2013 Aug-14 Aug-14 2015 2016+

Tanker Newbuildings on Order VLCC Suezmax Bulker Newbuildings on Order Capesize Panamax
Aframax Panamax
Products Handymax Handysize
30 80
27 73.5
70
25
20.1 60 48
20
m. dwt

50
m. dwt

13.1 40 36.3
15
30 16.7
10 7.3
20
2.5
5 10

0 0
August 2014 August 2014

Newbuilding Historical Prices ($m)

Tankers Aug-14 2013 2012 2011 2010 2009 2008 2007 2005 2000 1995 1990 1985
1 2
310,000 DWT 98.2 93.8 93.2 98.9 104.8 97.5 150 145 120 76.5 85.3 87.4 38.2
170,000 DWT1 65.8 59.6 57.1 60.3 66.3 61 90 90 71.5 52.5 54 66.1
2
28.2
110,000 DWT1 53.3 52.2 48.5 52.2 56 49.5 74 72 58 41.5 43.3 53.2
2
18.1
47,000 DWT1 37 34.6 33.8 35.2 36.1 35 46.5 52 43 29.5 33.2
3
32.1
3
13.3
Bulkers
180,000 DWT1 55.7 53.6 45.7 48.4 57.2 55.5 87 96 58.5 40.5 42.3 60.2 29.3
73,000 DWT1 30 27.8 25.6 28.7 34.3 34.5 45.5 54 36 22.5 27.9 30 13.4
45,000 DWT 27.7 26.5 23.7 26.7 31.1 29 41 47.5 31 20.5 24.1 25.3 12.4
29,000 DWT 23.6 22.2 20.5 22.2 26.3 24.5 31 34 25.5 15 19.2 21.3 9.7
1 2 3
Before 2001 sizes to read 280,000 - 140,000 - 95,000 - 40,000 respectively for tankers and 150,000 - 69,000 for Bulkers Single Hull 30,000 DWT
(note: above is for vessels built Japan / Korea, you should also consider US$ / Yen / Won relation for the years mentioned)

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11

The Shipbuilding Market

TYPE DWT BUILDER DELIVERY PRICE $ OWNER NOTES
PSV 2500 Sinopacific Zhejiang 2016 Shenzhen Huawei
PSV 2500 Sinopacific Zhejiang 2016 Shenzhen Huawei
Cruise 10900 Fincantieri 2017 Princess Cruises Inc. Eur 600 Mio
TANK 319000 Daewoo 2016 Maran Tankers
TANK 319000 Daewoo 2016 Maran Tankers
TANK 319000 Daewoo 2016 Maran Tankers
TANK 319000 Daewoo 2016 Maran Tankers
CONT 60000 Sainty SB (Yangzhou) 2017 NSB Niederelbe
CONT 60000 Sainty SB (Yangzhou) 2017 NSB Niederelbe
CONT 60000 Sainty SB (Yangzhou) 2017 NSB Niederelbe
CONT 60000 Sainty SB (Yangzhou) 2017 NSB Niederelbe
TANK 160000 Daewoo 2016 Sonangol
TANK 160000 Daewoo 2016 Sonangol
AHTS 1500 Sinopacific Zhejiang 2015 Newcruz
AHTS 1500 Sinopacific Zhejiang 2014 Newcruz
Cruise 97000 STX Finland (Turku) 2016 Tui Cruises
Cruise 97000 STX Finland (Turku) 2017 Tui Cruises
TANK 105000 Sumitomo (Yokosuka) 2016 Lundqvist Rederierna
PSV 1700 Sinopacific Zhejiang 2015 Naviera Petrolera
PSV 4500 Tersan Shipyard 2016 Troms Offshore
PSV 4500 Tersan Shipyard 2016 Troms Offshore
PSV 4500 Tersan Shipyard 2016 Troms Offshore
PSV 4500 Tersan Shipyard 2016 Troms Offshore
Chem & Oil 13000 Xinle SB 2016 Elcano
Chem & Oil 13000 Xinle SB 2016 Elcano
TANK 159000 Hyundai H.I. 2017 Polembros Shipping
TANK 159000 Hyundai H.I. 2017 Polembros Shipping
Chem & Oil 49100 STX Shipbuilding 2016 Navig8 Chem Tankers
Chem & Oil 49100 STX Shipbuilding 2016 Navig8 Chem Tankers
Chem & Oil 49100 STX Shipbuilding 2016 Navig8 Chem Tankers
Chem & Oil 49100 STX Shipbuilding 2016 Navig8 Chem Tankers
MSV 8000 COSCO Dalian 2016 Maersk Supply
MSV 8000 COSCO Dalian 2016 Maersk Supply
MSV 8000 COSCO Dalian 2016 Maersk Supply
MSV 8000 COSCO Dalian 2016 Maersk Supply
BULK 64000 COSCO Zhoushan 2016 28 Mio KC Maritime Ltd.
BULK 64000 COSCO Zhoushan 2017 28 Mio KC Maritime Ltd.
Asph & Bitu 4900 AVIC Dingheng SB 2016 Suisse-Outremer
Asph & Bitu 4900 AVIC Dingheng SB 2016 Suisse-Outremer
LPG 28086 Hyundai Mipo 2017 Eastern Pacific Shipping
LPG 28086 Hyundai Mipo 2017 Eastern Pacific Shipping
BULK 42300 Nantong Hongqiang HI 2016 Navibulgar
BULK 42300 Nantong Hongqiang HI 2016 Navibulgar
BULK 42300 Nantong Hongqiang HI 2016 Navibulgar
BULK 42300 Nantong Hongqiang HI 2016 Navibulgar
CONT 12500 Dae Sun S.B. 2016 Nam Sung Shipping Co.
CONT 12500 Dae Sun S.B. 2016 Nam Sung Shipping Co.
CONT 12500 Dae Sun S.B. 2016 Nam Sung Shipping Co.
CONT 12500 Dae Sun S.B. 2016 Nam Sung Shipping Co.
LPG 54000 Hyundai H.I. 2016 77.6 Mio KSS Line Ltd.
BULK 82000 Tsuneishi Zosen 2017 Santoku Senpaku
BULK 82000 Tsuneishi Zosen 2017 Santoku Senpaku
BULK 5000 Zhoushan Wuzhou 2015 Guangdong Sunrise
CONT 200000 Daewoo 2017 BoCom Leasing
CONT 200000 Daewoo 2017 BoCom Leasing

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12

DEMOLITION MARKET
Demolition Prices
Gen Cargo Tanker
India USD 450 /lt Ldt USD 480 /lt Ldt
Bangladesh USD 445 /lt Ldt USD 475 /lt Ldt
Pakistan USD 455 /lt Ldt USD 480 /lt Ldt
China USD 290 /lt Ldt USD 300 /lt Ldt

Demolition Historical Data

Price Tankers* 2011 2012

2013 2014
580
530 485 480
460 465 470
480 445 445 445
USD/ton

430
380
330
280
230
180
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
*India month's end prices
2011 2012
Price Bulkers*
2013 2014
580
530
465 455 450 450
480 430 430 440
415
430
380
USD/ton

330
280
230
180
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
*India month's end prices

Total Demolition (Dwt)

60
50.3
50 41.8
Million dwt

38
40
30.5 31.58
27 28.6526.9 28.428.5 27 28.9
30 25.6 25
22.4
25.7
22.1
18.9 18
20 13.4 14.5 15.916.7 15.5 15.6
10 12
10 4.9 4.6 3.8 5.5 6.5 5
2.35
0

* Bss reported sales

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13

Historical Demolition Prices (India Year's End)

600

500

400 TANKERS
USD/ton

300 BULKERS

200 Avg. Trend

100

HISTORICAL DEMOLITION PRICES (*Indian Year’s End)

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 CURR.
TANK 186 182 172 115 136 174 135 174 262 362 302 405 507 287 338 485 482 435 480
BULK 166 153 152 112 143 170 135 181 267 381 332 392 472 268 328 437 456 410 450

India
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
BULK MAGNUM 3146 1979 962 502
BULK OCEAN VOYAGER 7278 1994 5074 510
BULK G. INEBOLU 18466 1983 5258 490 Delivery 10/2014
CONT ZIM JAMAICA 45850 1997 16900 510
CONT YM NORTH 45995 1995 19426 495 As is Colombo
RORO SKODSBORG 10470 1979 6803 500
TANK RAGGA 40325 1983 9962 502

Bangladesh
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
BULK SEA WORKER 3950 1970 1991 445
BULK SEA SUNNY 6265 1984 2136 430
BULK NIAMUN NASIR 6612 1985 2051 400
BULK MERARUS SPIRIT 2 13173 1989 5422 473
BULK GUNKUL 1 22577 1980 5300 439
BULK BRAVE ROYAL 34607 1984 6980 479
BULK MINXI 37092 1983 7627 470
BULK HONG WANG 2 37744 1985 7488 475
BULK SUPERTEC 44679 1991 9264 480
BULK WINTEC 45673 1988 9410 482 Woodchip
BULK SINO PEACE 69171 1984 10450 479
As is HK-Xiamen Range incl 350T
BULK GH RESOURCES 123503 1990 15305 467
ROB
RORO FESCO UELEN 3023 1990 3264 490
RORO ALEXA 5804 1982 7610 430

China
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
BULK PACIFIC PARADISE 73645 1993 10061 327
BULK TIAN YANG HAI 169999 1997 20666 300
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14

Pakistan
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
BULK ELMINDA 26700 1985 6622 507 Incl 600T ROB
BULK ADVENTURE 38130 1989 7012 490
BULK KAGHAN 65716 1986 10472 483
BULK LEGIONY POLSKIE 73505 1991 13575 485
TANK EVERWIN 70894 1988 10857 499 Option India
TANK LEADER 83890 1985 14910 517

Turkey
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
BULK PARALOS 2264 1968 280
BULK WILSON TANA 7174 1977 2578 355

Other
TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS
BULK HANJIN GLADSTONE 207391 1990 25767 475 As is Spore. Full Spares
MAESTRA
CONT 16985 1996 6580 323 As is Brazil
MEDITERRANEO
CONT MAESTRA PACIFICO 22343 1994 7100 323 As is Brazil
CONT MAESTRA CARIBE 22343 1994 7068 323 As is Brazil
CONT MAESTRA ATLANTICO 28977 1986 10996 323 As is Brazil
CONT JAG PRACHI 28610 1991 9860 492 As is Colombo incl 150T ROB

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15

HISTORICAL BUNKER PRICES

Bunkers Cost (380 cst)

800
700
600
500
USD/ton

400 Rotterdam
Fujeirah
300
Houston
200
Average Trend
100
0

Bunkers Cost (MGO)

1200

1000

800
USD/ton

600 Rotterdam
Fujeirah
400
Houston
200 Average Trend

HISTORICAL BUNKER PRICES

Rotterdam Fujeirah Houston
380 cst MGO 380 cst MGO 380 cst MGO
1992 83 161.9 81.5 208.2 78.4 165.2
1993 67 150.5 70 202.5 71.1 160.6
1994 86 133.2 80.9 182.6 80.8 148.8
1995 97 140.6 94.6 175.8 93.2 148
1996 107 175.1 104.4 207.5 105.8 186
1997 92 155.4 99.3 205.6 97.3 179.9
1998 66.5 112.2 69.2 152.2 67.2 136.9
1999 94 133 98.5 157.2 93.3 143.9
2000 139 231.6 155.3 263.5 136 255.7
2001 116 192.4 129.7 244.7 112.8 227.5
2002 135 188.2 145.9 222.8 134 196
2003 151 230.4 166.3 265.2 160.2 265.1
2004 154 313.4 176.7 359.3 167.3 328.7
2005 236 458.4 256.6 500.1 248.3 508.5
2006 195 524.1 310.9 631.8 303 562.3
2007 347 571.3 373.7 664.7 351.8 608.6
2008 469 850.7 509.4 1037.7 496.8 933.2
2009 355 490.6 372.8 657 360.7 525
2010 452 667.1 468.2 712.9 449.3 683
2011 548 848.6 587.5 897.5 542.1 862.4
2012 585 920 606 1005 610 1005
2013 585 920 620 1010 580 985
Aug-14 558 840 595 930 568 932

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16

MARKET INDICATORS

USD-EUR
Currencies USD-JPY

1.80 130
1.60 120
1.40 110

USD-JPY
USD-EUR

1.20 100
1.00 90
0.80 80
0.60 70
0.40 60

Brent Oil
160.00
140.00
120.00
100.00
$/Barrel

80.00
60.00
40.00
20.00
0.00

GBP CAD EUR JPY CHF USD AUD

GBP 1 0.5433 0.7915 0.00577 0.6507 0.5907 0.5529

CAD 1.841 1 1.457 0.010622 1.1977 1.0874 1.0179
EUR 1.2636 0.6865 1 0.007291 0.8221 0.7464 0.6986
JPY 173.334 94.1737 137.182 1 112.77 102.385 95.8342
CHF 1.5372 0.8352 1.2166 0.008869 1 0.908 0.85
USD 1.693 0.9198 1.3399 0.009768 1.1015 1 0.9361
AUD 1.809 0.9828 1.4316 0.010437 1.1769 1.0685 1
* 28/08/2014 values

www.atheniansa.gr ATHENIAN SHIPBROKERS S.A.

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STOCK WATCH

NAME TICKER THIS MONTH* LAST MONTH CHANGE % 52w HIGH 52w LOW

Capital Product Partners CPLP 10.96 11.21 -2.2 11.63 8.12

Diana Shipping Inc. DSX 10.60 9.77 8.5 13.93 8.83
Dryships Inc. DRYS 3.25 2.92 11.3 5.00 2.28
Dynagas LNG Partners LP DLNG 23.88 23.63 1.1 25.50 16.75
Eagle Bulk Shipping Inc. EGLE 1.17 1.79 -34.6 8.75 1.02
Euroseas Ltd. ESEA 1.14 1.14 0 1.80 1.10
Freeseas Inc. FREE 0.61 0.49 24.5 4.64 0.42
Genco Shipping&Trading GNKOQ 0.79 0.78 1.3 4.98 0.68
Costamare Inc. CMRE 22.47 23.90 -6 24.94 15.90
Goldenport Holdings Inc. GPRT 362.75 350.00 3.6 510.00 320.00
Navios Maritime Holdings NM 9.48 8.20 15.6 12.12 6.06
GasLog Ltd. GLOG 25.09 26.40 -5 32.44 13.41
Paragon Shipping Inc. PRGN 5.20 5.06 2.8 9.40 4.52
Safe Bulkers Inc. SB 8.58 7.39 16.1 11.48 6.21
Star Bulk Carriers Corp. SBLK 13.90 10.86 28 15.88 7.72
Stealthgas Inc. GASS 9.73 10.72 -9.2 13.00 8.60
TEN Inc. TNP 7.64 7.15 6.9 8.48 4.52
TOP Ships Inc. TOPS 2.03 1.93 5.2 20.51 1.75
Box Ships Inc. TEU 1.36 1.40 -2.9 4.66 1.19
Diana Containerships Inc. DCIX 2.61 2.44 7 4.52 2.38
Danaos Corporation DAC 5.74 5.90 -2.7 7.75 3.67
Aegean Marine Petroleum ANW 9.95 9.63 3.3 12.72 8.50
* 28/08/2014 closing values

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Disclaimer: Information and data that appear in this report have been obtained from various sources which are believed to
be correct and reliable. However, Athenian Shipbrokers S.A. does not guarantee their accuracy or completeness and
therefore cannot be held liable for any loss incurred as a result of reliance in any way whatsoever on the information
contained herein.

Kind Regards,

ATHENIAN SHIPBROKERS S.A.

www.atheniansa.gr ATHENIAN SHIPBROKERS S.A.