Dry Cargo Market Report

1. DRY CARGO MARKET REPORT
15th
May 2017
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SOURCE: Baltic Exchange and Others

2. CAPE
'Greta Selmer'2011 175181 dwt dely Fangcheng 17/20 May trip via Australia redel Singapo re-Japan
$13,0 0 0 daily – Cargill
KAMSARMAX
'Xing Sheng Hai' 2015 81917 dwt dely CJK 16 /19 May trip via EC Australia redel India $8,300 daily -
Bulk Marine
'Caravo s Harmo ny' 2013 81631 dwt dely EC So uth America 16 /17 May trip redel Skaw-Gibraltar
$12,000 daily - Cargill
'Antiparo s ' 2013 81572 dwt dely EC South America 12/17 Jun trip redel Singapo re-Japan $11,500
daily + $550,000 bb -
Bunge -
'BTG Denali' 2015 80800 dwt dely Cape Cassero 17/18 May trip via no rth Brazil or Amazo n redel
Cape Passero $7,750 daily
- Bunge
'Infinity' 2010 80282 dwt dely Gresik pro mpt trip via Indo nesia redel Malaysia appro x $8,50 0 daily
– cnr
PANAMAX
'Nenita' 2006 76807 dwt dely Rizhao pro mpt trip via No Pac redel Singapo re-Japan $7,900 daily -
cnr
'Panamax No sto s' 2005 76620 dwt dely NC South America 22/26 May 2 laden legs redel Skaw-Cape
Passero $10,000 daily- cnr
SUPRAMAX
'Ocean Tianbao ' 2016 63562 dwt dely US Gulf pro mpt trip redel Singapo re-Japan $22,000 daily -
Pano cean
'Fu Quan Shan ' 2013 56621 dwt dely passing Gibraltar prompt trip via Alcanar redel Ho usto n
$6,250 daily - No rden
'Initiato r D' 2007 56017 dwt dely Canakkale pro mpt trip via Black Sea redel east Mediterranean
$8,250 daily - Cargill
'Olympic Peace' 2006 55709 dwt dely Singapo re pro mpt trip via Indo nesia redel India $8,600 daily
– cnr

3. HANDYMAX
'Thor Horizo n' 2002 43105 dwt dely Misurata prompt trip via Black Sea redel Italy $9,500 daily – cnr
HANDY
'Stargate' 2011 28221 dwt dely S Brazil prompt trip redel EC Mexico $8,500 daily - Oldendo rff
VOYAGES
ORE
'Herman Oldendorff ' 2016 170000/10 Seven Islands /Ro tterdam 0 5/11 Jun $5.90 fio 55000
shinc/35000 shinc - Ro gesa
'Alexandra P' 2009 170000/10 Tubarao /Qingdao end May $14.10 fio 3 days shinc/30000 shinc - Vale
- inco rrect >
'Cape Agamemnon' Cosbulk relet 2010 160000/10 Narvik/El Dekheila 21/30 May $4 .79 fio 50000
shinc/35000 fhinc – EZDK
COAL
'TBN' 75000/10 Gladsto ne/EC India 0 3/13 Jun $11.90 fio 35000 sshex/20000 sshex - SAIL
'TBN' 75000/5 Dalrymple Bay/EC India 10/19 Jun $10.60 fio 35000 shinc/40000 shinc - VSP

4. Bunker Prices (as on 15/05/2017)
IFO380 IFO180 MGO
Rotterdam 285.50 313.50 437.00
Fujairah 312.50 365.00 560.00
Singapore 310.00 339.00 460.00
Houston 276.00 376.00 450.00
Cape Town NA 350.00 NA
Baltic Dry Bulk Indices 15/05/2017
Baltic Exchange Capesize Index
BDI 994 (-20)
BCI_2014 1661 (-64)
BPI 978 (-14)
BSI 782 (-2)
BHSI 508 (-1)
BCI_2014 5TCavg $/day 12385 (-559)
BCI4TCavg $/day 11321 (-559)
BPITCavg $/day 7870 (-110)
BSI58TCavg $/day 8824 (-28)
BSITCavg $/day 8804 (-14)
BHSITCavg $/day 7370 (-21)

5. Baltic Exchange Capesize Index
Weighted Time Charter Average (C8_14, C9_14, C10-14, C_14 & C_16), $12385, +$559
C17 Saldanha Bay to Qingdao 170000 10.595 -0.150
Baltic Exchange Capesize Index (172000)
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
BCI 4TC 4TC AVERAGE 172000 $11321 -$559
ROUTE
NO
DESCRIPTION SIZE(MT) VALUE ($) CHANGE
C2 Tubarao -Rotterdam 160000 6.165 -0.140
C3 Tubarao - Qingdao 160000 or 170000 14.363 -0.095
C4 Richards Bay to Rotterdam 150000 6.018 -0.087
C5 W Australia - Qingdao 160000 or 170000 5.938 -0.250
C7 Bolivar - Rotterdam 150000 6.714 -0.268
C15 Richard Bay to Fangcheng 160000 9.927 -0.091
C8_14 Gibraltar/Hamburg trans-Atlantic RV 180000 10827 -632
C9_14 Continent/Mediterranean trip Far
East
180000 24042 -1146
C10_14 China-Japan transpacific RV 180000 12488 -624
C14 China-Brazil RV 180000 12808 -305
C16 Revised Backhaul 180000 2792 -204

6. Baltic Exchange Panamax Index
ROUTE
NO
DESCRIPTION SIZE(MT) VALUE ($) CHANGE
P1A_03 Transatlantic RV 74000 6641 -189
P2A_03 SKAW-GIB/FAR EAST 74000 13478 -113
P3A_03 Japan-SK/Pacific/RV 74000 7511 -73
P4 _03 Japan-SK trip to shaw Passero 74000 3850 -65
Weighted Time Charter Average (P1A_03, P2A_03, P3A_03 & P4_0), $7870, -$110
The following route does not contribute to the BPI
Baltic Exchange Panamax - Asia (BEP Asia)
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
P3A-IV Newcas tale to Qingdao – implied voyage 74000 9.80 -0.05
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
P5 South China, one Indonesian round voyage 74000 7333 -$6

7. Baltic Exchange Supramax Tess 58 Index
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
S1B_58 Canakkale trip via Med or Bl Sea to China S.Korea 58328 14516 -134
S1C_58 US Gulf trip to China-s outh Japan 58328 20278 -139
S2_58 N.China one Australian or Pacific round voyage 58328 7464 +57
S3_58 North China trip to Wes t Africa 58328 4270 +20
S4A_58 US Gulf trip to Skaw-Pas s ero 58328 15472 +9
S4B_58 Skaw-Pas s ero trip to US Gulf 58328 7166 -59
S5_58 W. Africa trip via east coast S.America to N.China 58328 11839 -104
S8_58 South China trip via Indones ia to ECI 58328 7698 -40
S9_58 W. Africa trip via ECSA to Skaw-Pass ero 58328 8021 -118
S10-58 S. China trip via Indonesia to S. China 58328 7256 -33
Weighted time charter average (all 10-time charter routes), $8824, -$28
Baltic Exchange Supramax - Asia Tess 58 (BES Asia Tess 58)
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
S8_58 S. China trip via Indones ia to ECI 58328 7698 -40
S10_58 S. China trip via Indonesia to south China 58328 7256 -33
S11_58 Mid China, Australian or trans pacific round voyage 58328 7194 -22
Weighted time charter average (all 3 routes) 7383, -31
• The derived timecharter average is calculated by the following formula (S1B_58*21.43% + S2_58*28.54% +
S3_58*21.43% + S4A_58*14.29% + S4B_58*14.29%) * VDF the value of the VDF is 0.937359.

8. Baltic Exchange Handysize Index
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
HS1 Skaw - Passero trip Recalada - Rio de Janeiro 28000 6785 -10
HS2 Skaw - Passero trip Boston - Galveston 28000 6762 -5
HS3 Rio de janeiro-Recalada trip to Skaw-Passero 28000 9319 -136
HS4 US Gulf trip via US Gulf or NCSA to Skaw-Passero 28000 8879 +40
HS5 South East Asia trip via Australia to Spore-Japan 28000 6918 -21
HS6 S Korea - Japan via NOPAC to Singapore-Japan 28000 6689 -7
Weighted Time Charter Average (HS1, HS2, HS3, HS4, HS5 & HS6), $7370, -$21

9. MARKET REPORT
CAPESIZE
A slow start with West Australia/China rates under pressure and north Atlantic rates talked lower.
There were unconfirmed reports of Vale fixing again but confirmation was elusive.
ATLANTIC
Vale booked SwissMarine tonnage for early dates to move 170,000-tonnes 10% from Tubarao to
Qingdao at $14.10 but the rate was not confirmed. There had been talk that the EGPN relet
Alexandra P also went to Vale in the low $14.00s on the same run but sources suggested this was
incorrect.
At the end of last week, Rogesa took the 2016-built Herman Oldendorff for a 5-11 June 170,000-
tonne 10% cargo from Seven Islands to Rotterdam at $5.90 and EZDK booked the Cosbulk relet Cape
Agamemnon 2010-built for 160,000-tonnes from Narvik to El Dekheila at $4.79.
ASIA
Rio Tinto booked late May tonnage at under $6.00 with the charterer linked with two ships on the
Dampier/Qingdao run at $5.95.The charterer was linked with the 2001-built 172,494-dwt Alpha
Cosmos, a KLC relet, for one of the cargoes but there had been talk that this ship fixed Friday.
Cargill reportedly booked the 175,181-dwt 2011-built Greta Selmer for 17-20 May delivery
Fangcheng for an Australian round at $13,000 daily.
PANAMAX
Another day of falling rates with little stir the market and charterers generally unwilling to rate.
Fresh fixing and business were slow to emerge and detail limited.
ATLANTIC
The super economical JMU built BTG Denali 2017-built 80,800-dwt went to Bunge basis Cape
Passero 17 May for a round voyage via the Amazon or north Brazil and Cape Passero redelivery at
$7,750 daily. Brokers suggested less eco ships would struggle to achieve anywhere near that level
today.
The 2013-built 82,138-dwt Karpaty spot Cape Passero was reported booked to load out of north
coast South America but details were not reported. The 75,200-dwt 2012-built Agadir spot also went
on private terms while Cofco was reported fixing transatlantic business.
At the end of last week, the Loch Long 81,600-dwt 2013-built was reported booked basis 15-18 May
delivery for a trip to the UK or Continent at $8,000 daily plus a $100,000 bonus but sources said the
rate details were incorrect.
The 2005-built 76,620-dwt Panamax Nostos fixed a $10,000 daily for two legs within the Atlantic
with delivery north coast South America, but a charterer was not disclosed. Cargill booked the 2013-
built Kamsarmax Caravos Harmony from east coast South America 16-17 May for a trip Skaw-
Gibraltar at $12,000 daily.
ASIA

10. The 80,283-dwt 2010-built Infinity Gresik prompt was reported fixed for prompt delivery Gresik for a
trip via Indonesia to Malaysia at $8,500 daily. Cargill was incorrectly linked with the ship and the rate
was said to be higher, brokers said. K-Line fixed on subjects a 1 June onwards cargo from Newcastle
to Malaysia with sources suggesting the charterer had been talking to a Kamsarmax at $8,000 daily
basis Japan The 76,807-dwt 2006-built Nenita open Rizhao prompt was rumoured booked for a
NoPac round at $7,900 daily.
ULTRAMAX/SUPRAMAX
Brokers reported limited activity as in a typical Monday. Rates remained under pressure for most of
the index routes and but possibly too early to judge the direction of the market this week.
ATLANTIC
There was talk of the Columbia 58,701-dwt 2009-built open in the Black Sea fixing at $15,250 daily
for a trip to the east. The Sea Athena 57,034-dwt 2010-built delivery Trabzon was linked to a trip via
the Black Sea to the Far East at $13,500 daily.
The Ocean Century 55,848-dwt 2011-built open Amsterdam was reportedly fixed at $11,000 daily for
a scrap trip from the Continent to the east Mediterranean. The MP Ultramax 2 63,410-dwt 2016-
built open Djen Djen was put on subjects at a rate in the low $11,000s for a trip to west Africa and
the Glovis Maine 56,600-dwt 2013-built was fixed to the same direction at $11,000 daily.
The Newseas Amber 52,347-dwt 2005-built delivery FOC was also fixed to west Africa at $10,500
daily with clean cargo option or $11,000 daily if with clinker. From east coast South America, a
56,000-dwt was rumoured to have fixed on subjects at $12,000 daily delivery Santos to Lagos.
ASIA
Klaveness relet the Olympic Peace 55,709-dwt 2006-built at $8,600 daily basis Singapore for a trip
via Indonesia redelivery India. A charterer was not disclosed.
HANDYSIZE
The day started the way last week ended 'slow'. Brokers, owners and charterers were not prepared
to share much information for this sector.
ATLANTIC
Three possible fixtures emerged but for now, not the rates agreed. The Western Lucrezia 2013-built
37,000-dwt was linked to a deal delivery passing Gibraltar for a trip via the Baltic to West Africa.
A Danish charterer was responsible for fixing a grain cargo from the Baltic to Egyptian
Mediterranean and brokers suggested the Westgate 2011-built 28,200-dwt was on subjects for a trip
from the Baltic to US Gulf. The Ocean Galaxy 2011-built 37,193-dwt was said covered delivery aps
River Plate for a trip to the UK-Continent at $9,350 per day.
The Nordic Alianca 2014-built 37,500-dwt was fixed from east coast South America for a coastal
trade up to Brazil at $9,600.
ASIA
Apparently, 24,000 tons of mineral sands was fixed loading in West Australia to three ports China at
$24.