Interocean Dry Cargo Market Report

1. DRY CARGO MARKET REPORT
1st
March 2017
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SOURCE: Baltic Exchange and Others

2. CAPE
Cape Hawk' 2006 176996 dwt dely retro Yantai 24 Feb trip via EC Australia redel China $9,250 daily -
Jiangsu Steamship
POST PANAMAX
CMB Pomerol' 2012 95740 dwt dely Japan 7 Mar trip via Australia redel China $10,250 daily - World
Wide Bulk
KAMSARMAX
Union Mariner' 2013 81964 dwt dely Fuzhou prompt 2 laden legs redel Singapore-Japan $9,300 daily
- Norden
Precious Sky' 2015 81893 dwt dely EC South America 11/13 Mar trip redel Singapore-Japan $10,000
daily + $500,000 bb - Omegra
Q Ioanari' 2011 81827 dwt dely EC South America 15/20 Mar trip redel Singapore-Japan approx
$9,950 daily + $500,000 bb - Bunge
Super Grace' 2011 81601 dwt dely Surabaya prompt trip via Indonesia redel EC India $12,500 daily -
cnr
AOM Bianca' 2017 81500 dwt dely Ijmuiden 03/07 Mar 2/3 laden legs 1st leg via Baltic with pig iron
to US Gulf, redel Skaw-Cape Passero $10,000 daily - D'Amico
Genesis' Cargill relet 2011 81305 dwt dely Port Said 1 Mar trip via Black Sea redel Vietnam $16,000
daily - Dooyang
BTG Matterhorn' 2016 80800 dwt dely Cai Lan 05/10 Mar trip via EC South America redel Singapore-
Japan $10,500 daily - Bunge
PANAMAX
Sea Express' 2012 79252 dwt dely Hong Kong 04/06 Mar trip via Indonesia redel SE Asia $8,500 daily
- cnr
Tai Prosperity' 2005 77747 dwt dely US Gulf - Azure - <reported 28/2 updates with charterer>
ADS Arendal' 2004 76830 dwt dely Mizushima 07/10 Mar trip via NoPac redel Singapore-Japan
$9,000 daily - cnr
SUPRAMAX
Tiger Jilin' 2015 63600 dwt dely Richards Bay prompt trip redel India $17,000 daily - cnr
Red Orchid' 2015 61645 dwt dely Santos prompt trip redel Singapore-Japan $12,000 daily + $200,000
bb - Cargill - <fixed last week>
Seacon 8' 2012 57000 dwt dely Dafeng 05/06 Mar trip redel Black Sea $5,500 daily - EPC
Jin Yun' 2012 56810 dwt dely CJK 02/03 Mar trip via Philippines redel China intention nickel ore
$7,500 daily - Joint Fortune Shipping

3. Lan Hai He Xie ' 2011 56620 dwt dely Cebu prompt trip via Philippines redel S China intention coal
$10,500 daily - Tongli
Ocean Phoenix' 2009 56013 dwt dely Recalada prompt trip redel Skaw-Passero $10,750 daily - Louis
Dreyfus
Hannah S' 2008 53577 dwt dely Ho Chi Minh prompt 2 laden legs redel Singapore-Japan $8,500 daily
- CRCDubai Crown' 2005 55338 dwt dely Gizan prompt trip redel WC India $8,000 daily - cnr
Vela' 2007 53565 dwt dely Kohsichang prompt trip redel Bangladesh intention clinker $5,900 daily -
Hyundai Glovis
Santa Margherita' 2005 53206 dwt dely CJK spot trip via China redel Yangon $3,000 daily - Chun An
PERIOD
Cape Azalea ' 2012 208025 dwt dely Kawasaki 01/15 Apr 11/14 months trading redel worldwide
approx $14,750 daily - Oldendorff - <recent>
Golden Aso' 2015 182472 dwt dely China 01/05 Apr 11/13 months trading redel worldwide $15,100
daily - BTG - <fixed 24/2>
Jupiter' 2006 77061 dwt dely Xinsha 04/05 Mar period up to min 20 June max 28 July 1st trip
Indonesia/Italy redel worldwide $9,500 daily - UBCI
VOYAGES
ORE
Oldendorff TBN' 180000/10 Saldanha Bay/Qingdao 18/22 Mar $8.15 basis 1.25% total fio
90000shinc/30000shinc - Ore & Metals
Ever Beauty' 2011 180000/10 Ponta Da Madeira/Rotterdam + options 15/29 Mar $5.10 plt fio 6 days
shinc - Oldendorff
BTG TBN' 170000/10 Dampier/Qingdao 11/13 Mar approx $5.30 fio scale/30000shinc - Rio Tinto -
<fixed 28/2>
Classic Maritime TBN' 170000/10 Tubarao/Qingdao 13/22 Mar $10.50 fio 3 days shinc/30000shinc -
Cargill
TBN' 170000/10 Port Hedland/Qingdao 12/14 Mar $5.85 fio max $299,000 d/as scale/30000shinc -
Classic Maritime
TBN' 170000/10 Teluk Rubiah/Qingdao 08/12 Mar $4.10 fio 90000shinc/30000shinc - Vale
COAL
SwissMarine TBN' 150000/10 Richards Bay/Dhamra 05/14 Mar $8.00 fio scale/30000shinc -
Libra

4. Bunker Prices (as on 01/03/2017)
IFO380 IFO180 MGO
Rotterdam 307.00 337.50 478.50
Fujairah 327.50 375.00 557.50
Singapore 330.50 365.00 504.00
Houston 307.00 407.00 515.00
Cape Town NA 367.00 530.00
Baltic Dry Bulk Indices 01/03/2017
Baltic Exchange Capesize Index
Baltic Exchange Capesize Index
Weighted Time Charter Average (C8_14, C9_14, C10-14, C_14 & C_16), $7893, -$134
BCI_2014 5TCavg $/day 7893 (-134)
BCI4TCavg $/day 6829 (-134)
BPITCavg $/day 8366 (+370)
BSI58TCavg $/day 9104 (+120)
BSITCavg $/day 8707 (+85)
BHSITCavg $/day 6609 (+107)
BDI 871 (+12)
BCI_2014 994 (-27)
BPI 1041 (+46)
BSI 833 (+8)
BHSI 451 (+7)
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
C2 Tubarao -Rotterdam 160000 5.525 -0.190
C3 Tubarao - Qingdao 160000 or 170000 10.933 +0.020
C4 Richards Bay to Rotterdam 150000 5.168 -0.046
C5 W Australia - Qingdao 160000 or 170000 5.421 +0.142
C7 Bolivar - Rotterdam 150000 5.959 -0.114
C15 Richard Bay to Fangcheng 160000 7.536 +0.001
C8_14 Gibraltar/Hamburg trans-Atlantic RV 180000 8064 -531
C9_14 Continent/Mediterranean trip Far East 180000 15388 -62
C10_14 China-Japan transpacific RV 180000 8431 +181
C14 China-Brazil RV 180000 7721 -8
C16 Revised Backhaul 180000 -679 -300

5. C17 Saldanha Bay to Qingdao 170000 8.182 -0.009
Baltic Exchange Capesize Index (172000)
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
BCI 4TC 4TC AVERAGE 172000 $6829 -$134
Baltic Exchange Panamax Index
ROUTE
NO
DESCRIPTION SIZE(MT) VALUE ($) CHANGE
P1A_03 Transatlantic RV 74000 7974 +429
P2A_03 SKAW-GIB/FAR EAST 74000 13495 +459
P3A_03 Japan-SK/Pacific/RV 74000 8824 +509
P4 _03 Japan-SK trip to shaw Passero 74000 3171 +83
Weighted Time Charter Average (P1A_03, P2A_03, P3A_03 & P4_0), $8366, +$370
Baltic Exchange Panamax - Asia (BEP Asia)
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
P3A-IV Newcas tale to Qingdao – implied voyage 74000 10.93 +0.19
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
P5 South China, one Indonesian round voyage 74000 $8283 +$122

6. 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 13425 +28
S1C_58 US Gulf trip to China-s outh Japan 58328 20628 +72
S2_58 N.China one Australian or Pacific round voyage 58328 8100 +107
S3_58 North China trip to Wes t Africa 58328 4180 +50
S4A_58 US Gulf trip to Skaw-Pas s ero 58328 17281 +143
S4B_58 Skaw-Pas s ero trip to US Gulf 58328 5794 +25
S5_58 W. Africa trip via east coast S.America to N.China 58328 10686 +115
S8_58 South China trip via Indones ia to ECI 58328 9007 +219
S9_58 W. Africa trip via ECSA to Skaw-Pass ero 58328 6939 +132
S10-58 S. China trip via Indonesia to S. China 58328 8731 +242
Weighted time charter average (all 10-time charter routes), $9104, +$120
Baltic Exchange Supramax - Asia Tess 58 (BES Asia Tess 58)
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
S8_58 S. China trip via Indones ia to ECI 58328 9007 +219
S10_58 S. China trip via Indonesia to south China 58328 8731 +242
S11_58 Mid China, Australian or trans pacific round voyage 58328 8300 +169
Weighted time charter average (all 3 routes), $8679, +$210

7. Baltic Exchange Supramax Index
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
S1A Antwerp - Skaw Trip Far East 52454 12892 +121
S1B Canakkale Trip Far East 52454 12796 +28
S2 Japan - SK / NOPAC or Australia rv 52454 7367 +92
S3 Japan - SK Trip Gib - Skaw range 52454 3750 +70
S4A US Gulf - Skaw-Passero 52454 16469 +175
S4B Skaw-Passero - US Gulf 52454 5264 +28
S5 W.Africa trip via ECSA to Singapore-Japan 52454 10150 +133
S9 W.Africa trip via ECSA to Skaw-Passero 52454 6363 +138
S8 S. China via Indonesia / EC India 52454 8193 +243
S10 S China via Indo S. China 52454 7886 +198
S11 Mid China/Australia or Nopac 52454 7542 +117
Weighted Time Charter Average (S1A, S1B, S2, S3, S4A & S4B), $8707, +$85
Baltic Exchange Handysize Index
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
HS1 Skaw - Passero trip Recalada - Rio de Janeiro 28000 4775 +115
HS2 Skaw - Passero trip Boston - Galveston 28000 4746 +129
HS3 Rio de janeiro-Recalada trip to Skaw-Passero 28000 8306 +156
HS4 US Gulf trip via US Gulf or NCSA to Skaw-Passero 28000 9525 +93
HS5 South East Asia trip via Australia to Spore-Japan 28000 6550 +79
HS6 S Korea - Japan via NOPAC to Singapore-Japan 28000 6211 +104
Weighted Time Charter Average (HS1, HS2, HS3, HS4, HS5 & HS6), $6609, +$107

8. MARKET REPORT
CAPESIZE
An uptick in rates after two days of gloom produced a slightly
livelier market for the big ships with improved levels both in the
Atlantic and the east. Paper values fell early morning recovered
and were holding at higher numbers.
Navig8 relet its period fleet en bloc to SwissMarine for the
balance of period after reportedly closing its Cape desk.
SwissMarine took the Hope I 170,000-dwt 2000-built open Lianyungang 2-3 March, the Navios
Altamira 179,000-dwt 2010-built Bayuquan 25-30 March, the Navios Aurora II 169,000-dwt 2009-
built China 6-10 April, the Navios Beaufiks 180,000-dwt 2004-built Qingdao 10-11 March, the Navios
Mars 181,000-dwt 2016-bult China 5-10 March, Navios Phoenix 180,000-dwt 2009-built open
Qingdao 20-30 April and the Navios Stellar 169,000-dwt 2009-buiult open China 1-10 April.
The periods were not disclosed but rumoured up to January 2018 and reportedly linked with the BCI.
It also emerged that BTG took the 182,472-dwt 2015-built Golden Aso at the end of last week for 11
to 13 months trading with delivery China 1-5 April at $15,100 daily.
ATLANTIC
There were a couple of cargoes fixed at improved numbers from Brazil in late trade with the Cape
Elektra 179,430-dwt 2011-built fixed for a Tubarao/Qingdao cargo at $11.10 and then the EdF relet
Pacific Capella 180,346-dwt 2012-built spot the Cape of Good Hope allegedly booked at $11.25 basis
Vale terms.
Cargill took the Equator Prosper 171,191-dwt 2000-built for a Nouadhibou/Qingdao cargo on private
terms although sources suggested $13.25 was agreed.
There was little transatlantic activity while from Colombia very few cargoes remained in the market.
It emerged today that EdF relet the Cape Claudine to Cargill for a 1-10 March cargo from Narvik to El
Dekheila at $4.69.
The Tampa 2008-built 177,987-dwt open Hamburg Hansaport 12-13 March fixed but details were
not disclosed.
Tuesday Oldendorff booked the Ever Beauty 2011-built for a 15-29 March 180,000-ton 10% cargo
from Ponta Da Madeira to Rotterdam plus options at a low $5.10 per long ton.
ASIA
Here the West Australia/China rate steadied and showed signs of moving up. Early reports had
suggested BHP Billiton booked a 10-13 March cargo from Port Hedland to Qingdao at $5.10 but this
was denied.
Classic Maritime took tonnage with some suggesting a Koch Shipping relet for a 13-22 March cargo
from Port Hedland to Qingdao at $5.85 with the usual $299,000 disbursements giving a premium of
at least 20cents in the regular trade. Sources said charterers in the market had upped their rate
ideas.

9. Vale booked tonnage for eta 8 March from Teluk Rubiah to Qingdao at $4.10 and talk of a second
cargo at $4.15. Libra reportedly took the Aquafortune 174,725-dwt 2011-built for a cargo from
Indonesia to India but the rate remained under wraps.
Earlier Jiangsu Steamship booked the 176,996-dwt 2006-built retroactive Yantai 24 February for an
east coast Australia round at $9,250 daily.
Salzgitter fixed a 20-30 March 130,000-tonne 10% cargo from Roberts Bank to Hamburg, but a rate
was not reported.
K-Line was linked with the Navios Fulvia 179,263-dwt 2010-built coming open PMO for a trip from
Richards Bay to India although the rate was not reported. SwissMarine earlier this week covered a 5-
14 March 150,000-tonne 10% cargo from Richards Bay to Dhamra at $8.00.
Ore & Metals booked Oldendorff tonnage for an 18-22 March 180,000-tonne 10% cargo from
Saldanha to Qingdao at $8.15 basis a total 1.25% commission.
PANAMAX
In late trade, the pace slowed today but fundamentally the market
remained strong with east coast South America still active and rates
firm with more ships fixing on a dop basis.
This activity has lent support to the ships open further north.
Similarly, rates remained firm in the ea st with charterers having to
concede premiums as owners continued to eye the longer South
America trips and period business.
Period talk included the Pabur 76,166-dwt 2012-built open Ningbo 2-5 March on subjects for 7 to 9
months in the $9,000s daily with the ship having failed at the end of last week with United at $9,000
daily.
United took the Jupiter 77,061-dwt 2006-bult for about 3.5 months trading with Xinsha delivery 4-5
March with the first leg a trip from Indonesia to Italy at $7,500 daily.
Norden reportedly took the Coronis 74,381-dwt 2006-built for a balance of period until May around
the mid $8,000s daily and then relet the vessel to LD Bulk for a 10-19 May 70,000-tonne 10% cargo
from IBT to Mauban in the low $5.00s.
ATLANTIC
The Trade Spirit 2016-built 82,000-dwt open 4-5 March Dahej reportedly went on subjects for a trip
via east coast South America to the east at a strong rate for this well-described vessel and said to be
in the mid-high $11,000s daily.
The Star Belinda 81,000-dwt open Haldia was rumoured booked for a trip via east coast South
America to the east at $10,000 daily. Reports Bunge took the ship proved inaccurate others
suggested Priminds or Sinochart and that the rate was $10,250 or $10,500 daily.

10. The Star Mariella 82,266-dwt 2007-built which sailed Hamburg 26 February was said to have fixed
front haul business today with details scarce.
The GL Colmena 98,000-dwt 2012-built which sailed Amsterdam 24 February was rumoured fixing
front haul retroactively front haul at $15,000 daily but there were some linking the ship with
SwissMarine for a US east coast/Taranto cargo.
The Star Nasia 2006-built Kamsarmax was earlier linked with a trip aps east coast South America to
the east at $10,250 daily plus a $525,000 bonus, but the ship remained in the market. The 81,840-
dwt 2012-built Figalia Navigator allegedly went to Cofco Agri from east coast South America but to
south-east Asia at $9,800 daily plus a $480,000 bonus.
Omegra had earlier booked the 2015-built 81,893-dwt Precious Sky for an 11-13 March on this run at
$100,000 daily plus a $500,000 bonus and Bunge earlier took the Q Ioanari 81,827-dwt for 15-20
March at a tick under $10,000 daily and a $500,000 bonus.
Transatlantic business included D'Amico taking the AOM Bianca 81,500-dwt 2017-built from
Ijmuiden 3-7 March for 2 to 3 laden legs within the Atlantic with the first pig iron from the Baltic to
the US Gulf at $10,000 daily.
The Star Planet 76,821-dwt 2005-built open Liverpool 4-5 March fixed on subjects with Oldendorff
with some brokers suggesting this was basis US Gulf delivery for the trip to the Mediterranean at
$10,000 daily plus a $250,000 bonus but others saying it was dop in the $8,000s.
The Sidari 75,204-dwt 2007-built reportedly agreed $8,000 daily for delivery Aughinish for a trip via
US east coast to Skaw-Gibraltar but the charterer was not reported.
The Hai Jing 75,928-dwt 2001-built open San Ciprian 4 March was rumoured fixed at $7,500 daily for
a Kamsar round possibly with Oldendorff.
Lansing was said to have fixed a grain cargo from Hamburg to Iskenderun on voyage basis at $12.00.
Oldendorff took the Levantes 75,900-dwt 2001-built open Haifa went for a run from the Black Sea to
Egypt but the rate was not reported.
A Polish Kamsarmax open Port Said was said on subjects for a trip from the Black Sea to Saudi Arabia
with a grain house.
ASIA
The 2004-built 76,830-dwt ADS Arendal open 7-10 March in Mizushima fixed a NoPac round at
$9,000 daily but the charterer was not disclosed.
The Super Grace 81,601-dwt 2011-built open prompt Surabaya agreed $12,500 daily for a trip from
Indonesia to east coast India.
Elsewhere, Louis Dreyfus took a Post-Panamax for a trip from Richards Bay to China at an improved
$10,000 daily and a $330,000 bonus.
World Wide Bulk booked the 95,740-dwt 2012-built CMB Pomerol from Japan 7 March for a trip via
Australia with redelivery north China at $11,000 daily or south China at $10,500 daily and not a flat
rate of $10,250 daily as reported.

11. ULTRAMAX/SUPRAMAX
Again another day where the Asian basin saw the majority of activity,
however across the board routes remained in positive territory.
A 53,000-tonner was rumoured fixed at close to $8,000 daily delivery
in Turkey for short period, which included 3 consecutiv e dirty
cargoes and redelivery Atlantic.
Another 53,000-dwt open in Thailand was fixed also for short period
at low $8,000s with worldwide redelivery. A 61,648-dwt 2014-built open in south China early next
week was put on subjects for a short period in the mid $9,000s.
ATLANTIC
A 56,000-dwt was rumoured on subjects for a scrap run from the Continent to the east
Mediterranean in the upper $10,000s to $11,000 area. Brokers said that an Ultramax did somewhere
around $13,000 daily for an east coast South America run to the Continent. A 56,000-dwt was fixed
for a trip from US Gulf to Japan with pet coke at $18,750 daily
ASIA
Some suggested the market in the Pacific might be softening with some vessels failing on subjects
early today. A 55,000-dwt 2003-built open Singapore fixed and failed at $11,000 daily for a trip via
Indonesia to China.
A 57,000-dwt 2011-built was booked for a similar run at low $10,000s basis Singapore. The Jin Yun
56,810-dwt 2012-built was paid to load nickel ore from the Philippines to China at $7,500 daily basis
CJK.
In the Indian Ocean, a Tess 52 type open Mongla was put on subjects at mid $7,000s for short period
trading. A 52,000-dwt 2015-built was fixed for coastal business at $8,0 00 daily from east coast to
west coast India. A 58,000-dwt 2013-built was booked on subjects at $11,000 daily delivery Damman
to east coast India.
HANDYSIZE
Another plus day and another day with limited information.
Apparently, the Bunun Fortune 2015-built 37,790-dwt which was open
in Aliaga 4-5 March was covered on subjects for a trip to the US Gulf at
about $5,500 daily. Sources advised a 34,000-dwt was currently asking
$10,000 for a trip to China basis delivery eastern Mediterranean.
There was a vague rumour doing the rounds of a 36,000-tonner having
been fixed delivery US Gulf for a trip to east coast Mexico at $11,000 daily and a 32,000-dwt was
linked to a trip from Tampa to Uruguay with pet coke at close to $10,000 daily for March dates. Very
little else emerged.
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