Dry Cargo Market Report

1. DRY CARGO MARKET REPORT
20th
March 2017
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SOURCE: Baltic Exchange and Others

2. POST PANAMAX
Harvest Sky' 2013 95717 dwt dely Lanqiao spot trip via Australia redel Singapore-Japan $10,000 daily
- cnr
Bottiglieri Giorgio Avino ' Nordic relet 2011 93269 dwt dely Taichung 19/21 Mar trip via Indonesia
redel South Korea $10,750 daily - Hyundai Glovis
KAMSARMAX
Olympic Glory' Quadra relet 2011 84091 dwt dely Shanghai 22/24 Mar trip via EC Australia redel
India $9,750 daily - Bulk Marine
KM Tokyo ' 2010 83483 dwt dely Sual 24/26 Mar trip Indonesia redel Philippines $11,000 daily - cnr
Key Light' 2012 83027 dwt dely US Gulf prompt trip redel UKC intention grain $10,000 daily +
$200,000 bb - Azure - <fixed mid last week>
Yangtze Xing Zhong' 2012 81622 dwt dely CJK prompt trip via NoPac redel China intention grain
$9,250 daily - Oceanways
Yangtze Xing Xiu' 2013 81602 dwt dely EC South America 11/15 Apr trip redel Singapore-Japan
$11,500 daily + $550,000 bb - Louis Dreyfus
PANAMAX
Te Ho' 2004 77834 dwt dely Zhoushan 22/24 Mar 2/3 laden legs redel Singapore-Japan intention
coal $9,750 daily - cnr
Marbella' 2000 72561 dwt dely Kunsan 18/22 Mar trip via Japan redel India intention met coke
$9,500 daily - Xianglong
SUPRAMAX
Great Fluency' 2016 63392 dwt dely Mumbai prompt trip redel Singapore-Japan $14,000 daily - cnr
Pacific Talisman' 2016 61415 dwt dely aps Recalada prompt trip redel Skaw-Passero $14,000 daily -
Pacific Basin
Aliki Perriotis ' 2015 60897 dwt dely Durban prompt trip redel Singapore-Japan $12,750 daily +
$275,000 bb - cnr
Agia Irini' 2010 57015 dwt dely Aratu prompt trip redel France $12,000 daily - Cofco Agri
Rinia' 2012 56746 dwt dely Machong 29 Mar/07 Apr trip via Indonesia redel India $10,500 daily - cnr
Sky Magnolia' 2011 55886 dwt dely Huanghua prompt trip redel SE Asia $7,850 daily - cnr
Nord Glory ' 2012 55657 dwt dely Recalada prompt trip redel Algeria $12,500 daily - Cargill
Asi M' 2001 52404 dwt dely Chennai 19/23 Mar trip redel Bintulu intention alumina $9,000 daily -
cnr
V Gannet' 2001 51536 dwt dely Xiamen 21/22 Mar trip via Philippines redel China intention nickel
ore $10,600 daily - Tongli

3. Furka' 2011 50630 dwt dely Kaohsiung prompt trip via Indonesia redel China $8,000 daily - Oriental
Pearl Shipping
PERIOD
AM Port Cartier' 2013 180715 dwt dely Gijon 30 Mar/01 Apr 11/13 months trading redel worldwide
$17,750 daily - Koch Shipping
Medi Hong Kong' 2006 82790 dwt dely Shibushi 22/24 Mar 5/7 months trading redel worldwide
$10,500 daily - Engelhart Commodities Trading Partners
Long Dar' 2013 82265 dwt dely EC India 25 Mar/05 Apr 4/7 months trading redel worldwide $11,000
daily - Sinoeast
Pedhoulas Leader' 2007 82050 dwt dely CJK 25/27 Mar 5/8 months trading redel worldwide $10,750
daily - cnr
Medi Newport' 2017 81600 dwt dely Masinloc 01/07 Apr 11/13 months trading redel worldwide
$11,000 daily - cnr
Mandarin Sky' 2009 56930 dwt dely Kohsichang 25 Mar 5/7 months trading redel worldwide approx.
$9,750 daily - Tianhui
VOYAGES
ORE
Oldendorff TBN' 190000/10 Port Hedland/Qingdao 01/10 Apr $6.95 fio 80000shinc/30000shinc - Roy
Hill - <fixed 17 March>
Hosco TBN' 170000/10 Teluk Rubiah/Qingdao 05/15 Apr approx $5.90 fio 90000shinc/30000shinc -
Vale - <fixed 16 March>
COAL
TBN' 75000/10 Hay Point/EC India 01/10 Apr $12.55 fio 35000sshex/20000sshex - SAIL

4. Bunker Prices (as on 20/03/2017)
IFO380 IFO180 MGO
Rotterdam 275.00 303.50 435.00
Fujairah 292.50 380.00 555.00
Singapore 292.50 326.50 469.00
Houston 275.00 375.00 475.00
Cape Town NA 349.00 495.00
Baltic Dry Bulk Indices 20/03/2017
Baltic Exchange Capesize Index
BCI_2014 5TCavg $/day 18080 (+317)
BCI4TCavg $/day 17016 (+317)
BPITCavg $/day 8875 (-39)
BSI58TCavg $/day 9762 (+34)
BSITCavg $/day 9245 (+52)
BHSITCavg $/day 7499 (+30)
BDI 1205 (+9)
BCI_2014 2466 (+53)
BPI 1103 (-5)
BSI 884 (+5)
BHSI 510 (+2)

5. Baltic Exchange Capesize Index
Weighted Time Charter Average (C8_14, C9_14, C10-14, C_14 & C_16), $18080, +$317
C17 Saldanha Bay to Qingdao 170000 12.768 +0.077
Baltic Exchange Capesize Index (172000)
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
BCI 4TC 4TC AVERAGE 172000 $17016 +$317
ROUTE
NO
DESCRIPTION SIZE(MT) VALUE ($) CHANGE
C2 Tubarao -Rotterdam 160000 8.340 +0.130
C3 Tubarao - Qingdao 160000 or 170000 16.700 +0.021
C4 Richards Bay to Rotterdam 150000 7.827 +0.082
C5 W Australia - Qingdao 160000 or 170000 6.929 0.000
C7 Bolivar - Rotterdam 150000 8.818 +0.127
C15 Richard Bay to Fangcheng 160000 11.923 +0.109
C8_14 Gibraltar/Hamburg trans-Atlantic RV 180000 19409 +636
C9_14 Continent/Mediterranean trip Far
East
180000 29579 +412
C10_14 China-Japan transpacific RV 180000 17142 +38
C14 China-Brazil RV 180000 17583 +187
C16 Revised Backhaul 180000 6792 +399

6. Baltic Exchange Panamax Index
ROUTE
NO
DESCRIPTION SIZE(MT) VALUE ($) CHANGE
P1A_03 Transatlantic RV 74000 8250 -55
P2A_03 SKAW-GIB/FAR EAST 74000 13743 -80
P3A_03 Japan-SK/Pacific/RV 74000 9653 -61
P4 _03 Japan-SK trip to shaw Passero 74000 3853 +41
Weighted Time Charter Average (P1A_03, P2A_03, P3A_03 & P4_0), $8875, -$39
Baltic Exchange Panamax - Asia (BEP Asia)
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
P3A-IV Newcas tale to Qingdao – implied voyage 74000 10.97 -0.06
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
P5 South China, one Indonesian round voyage 74000 $10019 -$37

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 14181 +78
S1C_58 US Gulf trip to China-s outh Japan 58328 20156 0
S2_58 N.China one Australian or Pacific round voyage 58328 9033 +90
S3_58 North China trip to Wes t Africa 58328 4960 +25
S4A_58 US Gulf trip to Skaw-Pas s ero 58328 16688 -40
S4B_58 Skaw-Pas s ero trip to US Gulf 58328 5766 +3
S5_58 W. Africa trip via east coast S.America to N.China 58328 11839 +39
S8_58 South China trip via Indones ia to ECI 58328 9986 +17
S9_58 W. Africa trip via ECSA to Skaw-Pass ero 58328 7989 +39
S10-58 S. China trip via Indonesia to S. China 58328 9775 +42
Weighted time charter average (all 10-time charter routes), $9762, +$34
Baltic Exchange Supramax - Asia Tess 58 (BES Asia Tess 58)
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
S8_58 S. China trip via Indones ia to ECI 58328 9986 +17
S10_58 S. China trip via Indonesia to south China 58328 9775 +42
S11_58 Mid China, Australian or trans pacific round voyage 58328 9275 +62
Weighted time charter average (all 3 routes), $9679, +$41

8. Baltic Exchange Supramax Index
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
S1A Antwerp - Skaw Trip Far East 52454 13754 +96
S1B Canakkale Trip Far East 52454 13457 +53
S2 Japan - SK / NOPAC or Australia rv 52454 8340 +98
S3 Japan - SK Trip Gib - Skaw range 52454 4488 +58
S4A US Gulf - Skaw-Passero 52454 15841 -47
S4B Skaw-Passero - US Gulf 52454 5250 +4
S5 W.Africa trip via ECSA to Singapore-Japan 52454 11171 +46
S9 W.Africa trip via ECSA to Skaw-Passero 52454 7317 +46
S8 S. China via Indonesia / EC India 52454 9195 +26
S10 S China via Indo S. China 52454 8936 +55
S11 Mid China/Australia or Nopac 52454 8533 +79
Weighted Time Charter Average (S1A, S1B, S2, S3, S4A & S4B), $9245, +$52
Baltic Exchange Handysize Index
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
HS1 Skaw - Passero trip Recalada - Rio de Janeiro 28000 5547 +7
HS2 Skaw - Passero trip Boston - Galveston 28000 5464 +6
HS3 Rio de janeiro-Recalada trip to Skaw-Passero 28000 9886 +5
HS4 US Gulf trip via US Gulf or NCSA to Skaw-Passero 28000 9854 +33
HS5 South East Asia trip via Australia to Spore-Japan 28000 7464 +27
HS6 S Korea - Japan via NOPAC to Singapore-Japan 28000 7155 +65
Weighted Time Charter Average (HS1, HS2, HS3, HS4, HS5 & HS6), $7499, +$30

9. MARKET REPORT
CAPESIZE
A very slow start to the week particularly in the east where the Australian miners were absent from
the market. The Atlantic too began slowly after last week surge in rates with little new here
reported.
Sources earlier suggested a Chinese charterer took the Star Ariadne 207,000-dwt 2017-built ex-yard
Shanghai 28 March-2 April for 11 to 13 months around $19,500 daily.
Koch Shipping remained active and took the 2013-built 180,715-dwt AM Port Cartier from Gijon 30
March-1 April for 11 to 13 months trading at $17,750 daily.
ASIA
K-Line earlier had the Alpha Hope 181,433-dwt 2011-built on subjects retroactive to the ship sailing
from Rizhao for a South African round at $19,250 daily.
It emerged that Roy Hill took an Oldendorff Newcastlemax for a 1-10 April 190,000-tonne 10% cargo
from Port Hedland to Qingdao at $6.95.
ATLANTIC
Brazil trading was scarce although there was a rumour that over $17.00 was done for a cargo to
China, but this so far proved unfounded.
Last Thursday, Anglo American covered a 10-14 April 170,000-tonne 10% cargo from Acu to Qingdao
but a rate was not reported.
PANAMAX
A slow start again in the north Atlantic with the market needing fresh business. Transatlantic trading
remained thin and South America yet to provide any momentum.
Asia too saw little activity with rates trying to hold at last week's levels. Ongoing period activity
provided the bright spot with the 82,050-dwt 2007-built Pedhoulas Trader from CJK 25 March
onwards for 5 to 8 months trading at $10,750 but a charterer was not reported.
The Medi Newport 81,600-dwt 2017-built fixed from Masinloc 1-17 April for 11 to 13 months trading
at $11,000 daily but again a charterer was not disclosed. ECTP took the Medi Hong Kong 82,790-dwt
2006-built from Shibushi 22-24 March for 5 to 7 months trading at $10,500 daily.
Sinoeast booked the Long Dar 82,265-dwt 2013-built from east coast India for 4 to 7 months trading
at $11,000 daily.
The Great Hope 75,000-dwt 2012-built spot Continent went to BG Shipping for period business but
details remained private.
ATLANTIC
The 75,016-dwt 2013-built Hercules open Ghent 20 March fixed clean for a trip from the Baltic to the
Mediterranean but little else was disclosed.

10. Aquavita covered a 29 March onwards cargo from Riga to Italy on a voyage basis at something over
$8.00.
The Queena 2016-built 82,000-dwt open San Ciprian 26 March finally fixed for a trip to the east with
grain at $14,750 daily.
Louis Dreyfus refixed the Yangtze Xing Xiu 81,602-dwt 2013-built for 11-15 April delivery east coast
South America to the east. Sources earlier suggested the rate was $11,500 daily plus a $550,000
bonus but this was not confirmed. Others said it was concluded on a rate equating to $11,000 daily
retroactive.
ASIA
The 17-year old 72,561-dwt Marbella achieved $9,500 daily from Xianglong for 18-22 March delivery
for a trip via Japan to India with metallurgical coke. The 2013-built 95,717-dwt Harvest Sky spot
Lanqiao fixed for an Australian round at $10,000 daily. Panocean booked tonnage for a 27 March
onwards cargo from Indonesia to South Korea on subjects.
Hyundai Glovis took the Nordic relet Bottiglieri Giorgio Avino, a 2011-built Post-Panamax from
Taichung for a trip from Indonesia to South Korea at $10,750 daily.
ULTRAMAX/SUPRAMAX
A usual Monday start and with Japanese holidays it was a touch quieter than usual in Asia but from
south-east Asia the market there remained quite active as many fresh nickel ore cargoes appeared.
ATLANTIC
The Kavala Seas 56,380-dwt 2011-built was linked to a scrap run to Turkey in the upper $11,000s
from the Continent. The Hanton Trader II 63,485-dwt 2014-built open east coast South America was
linked to Glencore for a trip east at around $12,800 plus $280,000 ballast bonus.
The SBI Tango 61,286-dwt 2015-built was rumoured fixed with a similar delivery for a trip via the Red
Sea redelivery Port Said at close to $13,000 daily. A 57,000-tonner was rumoured fixed basis delivery
Canakkale for a trip redelivery Singapore-Japan range at $14,800 daily.
A 56,000-tonner was rumoured fixed for long duration business for west Mediterranean to east
coast South America in the mid $13,000s. The Mariman 2012-dwt 63,227-dwt fixed for a trip east
coast South America redelivery Singapore-Japan at $13,000 plus $300,000.
The Seaboss 55,000-dwt open in north coast South America was fixed on voyage business reportedly
at a time charter equivalent of $12,000 plus $200,000 ballast bonus.
ASIA
Tongli booked a 55,000-dwt 2007-built open CJK for a nickel ore via the Philippines to China at
$10,500 daily. A 56,000-dwt was rumoured fixed basis delivery north China trip redelivery in the
Persian Gulf at $8,850 daily with intention pet coke. A 63,400-dwt vessel open Salalah mid-March
was fixed with sulphur for a trip via Red Sea redelivery China at $15,500 daily.
The Konkar Theodoros 60,897-dwt 2015 was reported fixed delivery Ilo Ilo for a trip via Indonesia
(charterer's option Malaysia) to Thailand (charterer's option Philippines) at $12,750.

11. HANDYSIZE
All handy routes climbed up slightly but brokers reported a very quiet Monday.
ATLANTIC
There was talk of the Apostolos II 34,676-dwt 2003-built fixing $12,250 daily delivery Abidjan for a trip
to east coast India. Bunge was linked to a voyage fixture of 30,000-tonnes 10% 10 grains from Tuapse
to Morocco at $16.00 with 8,000 tonnes load and 5,000 tonnes discharge.
ASIA
The Nordmosel 38,618-dwt 2017-built was reportedly fixed at a rate in the mid $12,000s basis
Adelaide to the Philippines and an Australia coastal trip was concluded at mid-$14,000s with 15 to 20
days duration.
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