Dry Cargo Market Report

1. DRY CARGO MARKET REPORT
3rd
April 2017
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SOURCE: Baltic Exchange and Others

2. KAMSARMAX
Ionic Kibou' 2015 81889 dwt dely Amsterdam spot trip via USEC redel Cape Passero $12,000 daily -
Pola Maritime
Panther Max' 2012 81283 dwt dely Fazendinha mid Apr trip redel Singapore-Japan $12,500 daily +
$625,000 bb - Glencore
PANAMAX
Captain J Neofotistos' 2012 79501 dwt dely Fos 08/12 Apr trip via Kamsar redel UKC $13,000 daily -
cnr
Huayang Dream' 2013 75906 dwt dely Hong Kong 04/05 Apr trip via Indonesia redel Singapore-Japan
$12,000 daily - cnr
SUPRAMAX
TR Prince' 2015 63581 dwt dely New Orleans prompt trip via St Lawrence breaking IWL redel Italy
$11,400 daily - Caravel
Ocean Tianbao' 2016 63562 dwt dely Yalova ely Apr trip redel US Gulf intention clinker $7,000 daily -
Norvic
Ioannis Theo' 2010 56785 dwt dely Lagos prompt trip via Termisa redel Lagos intention salt $11,500
daily - cnr
Shandong Hai Sheng' 2011 56532 dwt dely Kolkata prompt trip via EC India redel China intention iron
ore $9,500 daily - cnr
Honest Spring' 2008 55641 dwt dely Varna prompt trip via Novorossiysk redel New Orleans intention
pig iron $7,250 daily first 43 days $11,000 balance - Oldendorff
Burton' 2006 53688 dwt dely CJK prompt trip via Indonesia redel CJK intention coal $7,000 daily - cnr
PERIOD
Medi Gladstone' 2016 81845 dwt dely Rotterdam 06/12 Apr 4/6 months trading redel Atlantic
$13,100 daily - Norvic Shipping
Cymona Pride' 2014 78000 dwt dely Far East August 7/9 months trading redel worldwide $12,300
daily – cnr
VOYAGES
ORE
Oldendorff TBN' 170000/10 Saldanha Bay/Qingdao 19/23 Apr $11.38 fio basis 1.25%
80000shinc/30000shinc - Ore & Metals
Herodotus' 2012 170000/10 Teluk Rubiah/Qingdao 09/15 Apr $5.30 fio 90000shinc/30000shinc -
Vale

3. Bunker Prices (as on 3/04/2017)
IFO380 IFO180 MGO
Rotterdam 283.50 315.50 453.50
Fujairah 304.50 375.00 560.00
Singapore 299.50 332.50 474.50
Houston 280.00 380.00 487.00
Cape Town NA 357.00 511.00
Baltic Dry Bulk Indices 3/04 /2017
Baltic Exchange Capesize Index
BCI_2014 5TCavg $/day 18259 (-605)
BCI4TCavg $/day 17195 (-605)
BPITCavg $/day 11065 (+40)
BSI58TCavg $/day 9756 (-4)
BSITCavg $/day 8956 (-258)
BHSITCavg $/day 7925 (+16)
BDI 1282 (-15)
BCI_2014 2518 (-79)
BPI 1379 (+5)
BSI 882 (NA)
BHSI 541 (+1)

4. Baltic Exchange Capesize Index
Weighted Time Charter Average (C8_14, C9_14, C10-14, C_14 & C_16), $18259, -$605
C17 Saldanha Bay to Qingdao 170000 11.814 -0.345
Baltic Exchange Capesize Index (172000)
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
BCI 4TC 4TC AVERAGE 172000 $17195 -$605
ROUTE
NO
DESCRIPTION SIZE(MT) VALUE ($) CHANGE
C2 Tubarao -Rotterdam 160000 8.345 -0.230
C3 Tubarao - Qingdao 160000 or 170000 16.004 -0.254
C4 Richards Bay to Rotterdam 150000 7.964 0.141
C5 W Australia - Qingdao 160000 or 170000 6.529 -0.050
C7 Bolivar - Rotterdam 150000 8.991 -0.154
C15 Richard Bay to Fangcheng 160000 11.468 -0.259
C8_14 Gibraltar/Hamburg trans-Atlantic RV 180000 19514 -895
C9_14 Continent/Mediterranean trip Far
East
180000 32525 -829
C10_14 China-Japan transpacific RV 180000 16635 -369
C14 China-Brazil RV 180000 16729 -546
C16 Revised Backhaul 180000 7792 -387

5. Baltic Exchange Panamax Index
ROUTE
NO
DESCRIPTION SIZE(MT) VALUE ($) CHANGE
P1A_03 Transatlantic RV 74000 12118 +103
P2A_03 SKAW-GIB/FAR EAST 74000 16608 +75
P3A_03 Japan-SK/Pacific/RV 74000 11065 -21
P4 _03 Japan-SK trip to shaw Passero 74000 4469 +5
Weighted Time Charter Average (P1A_03, P2A_03, P3A_03 & P4_0), $11065, +$40
Baltic Exchange Panamax - Asia (BEP Asia)
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
P3A-IV Newcas tale to Qingdao – implied voyage 74000 11.65 +0.02
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
P5 South China, one Indonesian round voyage 74000 $11469 +$30

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 14953 +72
S1C_58 US Gulf trip to China-s outh Japan 58328 16661 -203
S2_58 N.China one Australian or Pacific round voyage 58328 9343 -7
S3_58 North China trip to Wes t Africa 58328 5260 -10
S4A_58 US Gulf trip to Skaw-Pas s ero 58328 11347 -319
S4B_58 Skaw-Pas s ero trip to US Gulf 58328 6519 +81
S5_58 W. Africa trip via east coast S.America to N.China 58328 13768 +129
S8_58 South China trip via Indones ia to ECI 58328 10413 +22
S9_58 W. Africa trip via ECSA to Skaw-Pass ero 58328 10146 +135
S10-58 S. China trip via Indonesia to S. China 58328 10039 +14
Weighted time charter average (all 10-time charter routes), $9756, -$4
Baltic Exchange Supramax - Asia Tess 58 (BES Asia Tess 58)
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
S8_58 S. China trip via Indones ia to ECI 58328 10413 +22
S10_58 S. China trip via Indonesia to south China 58328 10039 +14
S11_58 Mid China, Australian or trans pacific round voyage 58328 9579 +38
Weighted time charter average (all 3 routes), $10010, +$24
• 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.

7. Baltic Exchange Handysize Index
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
HS1 Skaw - Passero trip Recalada - Rio de Janeiro 28000 6415 +60
HS2 Skaw - Passero trip Boston - Galveston 28000 6367 +75
HS3 Rio de janeiro-Recalada trip to Skaw-Passero 28000 10714 +86
HS4 US Gulf trip via US Gulf or NCSA to Skaw-Passero 28000 9579 -200
HS5 South East Asia trip via Australia to Spore-Japan 28000 7675 +25
HS6 S Korea - Japan via NOPAC to Singapore-Japan 28000 7489 +32
Weighted Time Charter Average (HS1, HS2, HS3, HS4, HS5 & HS6), $7925, +$16

8. MARKET REPORT
CAPESIZE
Tomb cleaning in China curtailed trading for the big ships with little action evident either in the
Atlantic or the east. There was talk of the Great Sui 178,978-dwt 2010-built open China 7-12 April
was rumoured fixed for 11 to 13 months trading at $15,000 daily. Cargill was linked with the ship but
this was denied allegedly but others said the business failed.
The Imperius 179,062-dwt 2011-built 4 April Gibraltar was rumoured fixed but sources said this
report was old and the ship was said to have fixed to Vale.
PANAMAX
Trading here too was slow although at little more was reported fixed as the day wore on. Rates so
far reported remained largely unchanged in most areas of the market. Owners were not dropping
rates but rather waiting to see what happens when the Chinese return to work.
The 81,577-dwt 2017-built Medi Gladstone open 6 April Rotterdam fixed to Norvic Shipping for 4 to
6 with Atlantic redelivery at $13,100 daily. Sources said there remained significant interest to take
tonnage for 2 to 3 legs.
There was some forward period activity with the 78,000-dwt 2014-built Cymona Pride booked for
August delivery in the east for 7 to 9 months trading at $12,300 daily. The Istria 81,761-dwt 2013-
built open Japan 10-25 April was said to be on subjects for a year with a European at $11,000 daily
with some linking Cerraghil with the business.
ATLANTIC
The 81,600-dwt 2016-built open Aiantas open Hamburg 12 April fixed for a Baltic round voyage at
$14,000 daly but a charterer was not disclosed.
ArcelorMittal covered a 10-14 April cargo from Ponta Da Madeira to Swinouscjie but little else
emerged. At the end of last week, the Captain J Neofotistos open Fos 8-12 April was booked at
$13,000 daily for a Kamsar/UK-Continent run.
The 92,475-dwt 2007-built Prigipos, which sailed Rotterdam 2 April fixed for a trip to the east with
minerals at $17,750 daily, but a charterer was not reported.
Glencore took the Panther Max 81,283-dwt 2012-built from Fazendinha mid-April for a trip to
Singapore-Japan at $12,500 daily plus a $625,000 bonus.
The 75,348-dwt 2005-built Danae open 4-5 April Tanjung Bin went for an east coast South America
at a rate in the mid-$12,000s daily. The Key Mission 82,099-dwt 2013-builgt went retroactive sailing
Kandla for an east coast South America/east run at something close to $13,000 daily.
ASIA
A Kamsarmax was linked with Taurus basis 6 April Philippines for a trip via Port Kembla to south
China at $12,000 daily. The Eva 82,620-dwt 2013-built open Tianjin fixed a NoPac round at $11,750
daily, but a charterer was not reported.

9. Sources said the 81,5370dwt 2014-built open Kwangyang 8 April went for a NoPac round but little
else emerged. The 92,950-dwt 2012-built Fuzhou 5 April was reported on subjects for a round
voyage in the east.
It emerged that the 75,906-dwt 2013-built Huayang Dream open 4-5 April Hong Kong fixed for an
Indonesian round at $12,000 daily.
ULTRAMAX/SUPRAMAX
With the quiet start to the week in Asia, everywhere remained underwhelmed with little being
talked about. On the period front, a 57,700-dwt open west coast India was reported fixed for short
period in the mid $10,000s basis delivery dop but no further details were released.
An Ultramax 63,600-dwt open east Mediterranean was said fixed and failed for short period in the
low $12,000s
ATLANTIC
A 61,000-dwt 2016-built was rumoured fixed for a trip delivery US Gulf redelivery Morocco for
prompt dates in the mid $12,000s but no further details came to light. The IVS Naruo 60,317-dwt
2014-built was linked to ArcelorMittal for a voyage from Norfolk to the UK-Continent at $9.50.
A Chinese-owned 56,000-dwt open New Orleans was rumoured fixed for a trip to the Mediterranean
at below $9,000 but this was not confirmed. The Honest Spring 2008-built 55,641-dwt was linked to
Oldendorff having fixed a pig iron cargo from the Black Sea to US Gulf at $7,250 daily for the first 43
days and $11,000 for the balance .
ASIA
The Topaz Halo 55,612-dwt 2011-built was rumoured on subjects basis delivery in the Persian Gulf
for 2 to 3 laden legs at $12,500 daily.
The Ikan Senyuk 61,494-dwt 2010-built delivery west coast India was failed on subjects for a trip
from the Persian Gulf to west coast India at $13,550 daily. A 56,000-dwt was rumoured fixed basis
Yangon for a trip south China at $9,500 daily.
HANDYSIZE
Handy information again was difficult to obtain today but still the Indices moved forward with the
exception of the US Gulf route. Brokers suggested a lack of requirements in some sectors the result
of the holiday in China and the pending Easter break.
A 24,000-tonner was suggested covered for a trip delivery Rotterdam via Murmansk to Terneuzen at
$7,500 daily. Sources revealed the Vega Granat 2011-built 31,957-dwt was concluded at $9,500 daily
delivery dop Icdas for steels to central Mediterranean.
The Apollo Bulker 2011 33,124-dwt was reported as fixed basis delivery dop Brunswick 5 April at
$9,000 daily for a scrap cargo into the Mediterranean.
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