Dry Cargo Market Report

1. DRY CARGO MARKET REPORT
10th
April 2017
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SOURCE: Baltic Exchange and Others

2. KAMSARMAX
Ikan Bagang' 2009 83651 dwt dely Singapore 8 Apr trip via EC South America redel Singapore-Japan
$14,000 daily - cnr
Shandong Peng Cheng' 2010 82154 dwt dely ARA 12/15 Apr trip via Murmansk redel Jorf Lasfar
$14,250 daily - cnr
Zheng Kai' 2012 81877 dwt dely Fujairah 09/12 Apr trip via EC South America redel Singapore-Japan
$14,000 daily - cnr
Key Pacifico ' 2015 81812 dwt dely Jorf Lasfar prompt trip via US Gulf redel Japan $23,000 daily - NS
United
Kynouria' 2012 81354 dwt dely Santos 15 Apr trip redel Singapore-Japan $13,000 daily + $612,500
bb - Cargill
Transpacific' 2012 81247 dwt dely retro Paradip 2 April trip via EC South America redel Singapore-
Japan $13,750 daily - cnr - <this business failed but the rate agreed was $13,000 daily>
Platanos ' 2011 81123 dwt dely Singapore 21/24 Apr trip via EC South America redel Singapore-Japan
$12,000 daily - Sinochart
PANAMAX
Dream Seas' 2009 75151 dwt dely Qingdao 12/16 Apr trip via EC South America redel Singapore-
Japan $11,000 daily - Amaggi
Unity' 2001 74133 dwt dely Singapore 13/16 Apr trip via EC South America redel Singapore-Japan
$12,000 daily - Bunge
SUPRAMAX
Yangze 8' 2015 63515 dwt dely Amsterdam prompt trip redel Durban $14,250 daily - Eastern Bulk
Carriers
Maritime Prosperity' 2012 61453 dwt dely Xiamen prompt trip Indonesia redel China $9,500 daily -
cnr
Dacc Egeo' 2015 60550 dwt dely Canakkale prompt trip via Black Sea redel Singapore-Japan $17,000
daily - cnr
Fareast Harmony ' 2012 56756 dwt dely CJK prompt trip redel Indonesia approx. $6,250 daily - cnr
Shandong Hai Tong' 2012 56725 dwt dely Dalian 11 Apr trip redel SE Asia $8,000 daily - ETL
Josco Yangzhou' 2005 55621 dwt dely CJK 10/11 Apr trip via Philippines redel China intention nickel
ore $9,000 daily - cnr
PERIOD
Anangel Mariner' 2011 179700 dwt dely Cape Passero 25 Apr min 9 max 12 months trading redel
worldwide $20,750 daily - Engelhart Commodities Trading Partners
Valiant Spring' 2015 81580 dwt dely Qingdao 07/13 Apr 4/6 months trading redel worldwide
$12,000 daily - Oldendorff

3. Kiran Istanbul' 2013 63610 dwt dely Abidjan 10/14 Apr 3/5 months trading redel worldwide $12,250
daily - Grace Trading Corporation - <adds the rate to 7/4 report>
VOYAGES
ORE
London Spirit' 2007 170000/10 Tubarao/Qingdao 01/10 May $14.50 fio half rate for any additional
cargo scale/30000shinc - RWE
TBN' 170000/10 West Australia/Qingdao 22/25 Apr $6.20 fio scale/30000shinc - Hyundai Glovis
EPS TBN' 160000/10 Port Hedland/Qingdao 22/24 Apr $6.10 fio scale/30000shinc - FMG
Eurydice D' 2009 170000/10 Dampier/Qingdao 22/24 Apr $6.15 fio scale/30000shinc - Rio Tinto
CSK Glory ' Bunge relet 2002 170000/10 Dampier/Qingdao 21/23 Apr $6.15 fio scale/30000shinc -
Rio Tinto - <fixed 7/4>
Braverus' 2009 160000/10 Port Hedland/Qingdao 20/22 Apr $6.15 fio scale/30000shinc - FMG -
<adds name of ship to 7/4 report>

4. Bunker Prices (as on 10/04/2017)
IFO380 IFO180 MGO
Rotterdam 303.50 331.50 477.50
Fujairah 317.50 380.00 562.50
Singapore 325.00 352.00 492.00
Houston 290.50 390.50 500.00
Cape Town NA 375.00 532.00
Baltic Dry Bulk Indices 10/04/2017
Baltic Exchange Capesize Index
BCI_2014 5TCavg $/day 15493 (-77)
BCI4TCavg $/day 14429 (-77)
BPITCavg $/day 11750 (+307)
BSI58TCavg $/day 9842 (+29)
BSITCavg $/day 9116 (+54)
BHSITCavg $/day 8053 (+33)
BDI 1231 (+8)
BCI_2014 2165 (-8)
BPI 1466 (+39)
BSI 888 (+2)
BHSI 549 (+2)

5. Baltic Exchange Capesize Index
Weighted Time Charter Average (C8_14, C9_14, C10-14, C_14 & C_16), $15493, -$77
C17 Saldanha Bay to Qingdao 170000 10.977 -0.018
Baltic Exchange Capesize Index (172000)
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
BCI 4TC 4TC AVERAGE 172000 $14429 -$77
ROUTE
NO
DESCRIPTION SIZE(MT) VALUE ($) CHANGE
C2 Tubarao -Rotterdam 160000 7.652 +0.037
C3 Tubarao - Qingdao 160000 or 170000 14.588 +0.130
C4 Richards Bay to Rotterdam 150000 7.459 +0.034
C5 W Australia - Qingdao 160000 or 170000 6.142 -0.018
C7 Bolivar - Rotterdam 150000 8.273 -0.041
C15 Richard Bay to Fangcheng 160000 10.495 -0.010
C8_14 Gibraltar/Hamburg trans-Atlantic RV 180000 16468 -46
C9_14 Continent/Mediterranean trip Far
East
180000 28042 -83
C10_14 China-Japan transpacific RV 180000 13942 -208
C14 China-Brazil RV 180000 14429 +16
C16 Revised Backhaul 180000 6221 -58

6. Baltic Exchange Panamax Index
ROUTE
NO
DESCRIPTION SIZE(MT) VALUE ($) CHANGE
P1A_03 Transatlantic RV 74000 13112 +504
P2A_03 SKAW-GIB/FAR EAST 74000 18445 +483
P3A_03 Japan-SK/Pacific/RV 74000 10842 +142
P4 _03 Japan-SK trip to shaw Passero 74000 4602 +101
Weighted Time Charter Average (P1A_03, P2A_03, P3A_03 & P4_0), $11750, +$307
Baltic Exchange Panamax - Asia (BEP Asia)
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
P3A-IV Newcas tale to Qingdao – implied voyage 74000 11.73 +0.17
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
P5 South China, one Indonesian round voyage 74000 $11100 -$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 15234 +65
S1C_58 US Gulf trip to China-s outh Japan 58328 17767 +434
S2_58 N.China one Australian or Pacific round voyage 58328 9264 -29
S3_58 North China trip to Wes t Africa 58328 5270 +40
S4A_58 US Gulf trip to Skaw-Pas s ero 58328 11903 +240
S4B_58 Skaw-Pas s ero trip to US Gulf 58328 6891 +63
S5_58 W. Africa trip via east coast S.America to N.China 58328 14121 +100
S8_58 South China trip via Indones ia to ECI 58328 10056 -132
S9_58 W. Africa trip via ECSA to Skaw-Pass ero 58328 10446 +75
S10-58 S. China trip via Indonesia to S. China 58328 9694 -112
Weighted time charter average (all 10-time charter routes), $9842, +$29
Baltic Exchange Supramax - Asia Tess 58 (BES Asia Tess 58)
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
S8_58 S. China trip via Indones ia to ECI 58328 - -
S10_58 S. China trip via Indonesia to south China 58328 - -
S11_58 Mid China, Australian or trans pacific round voyage 58328 - -
Weighted time charter average (all 3 routes)
• 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 6670 +65
HS2 Skaw - Passero trip Boston - Galveston 28000 6604 +71
HS3 Rio de janeiro-Recalada trip to Skaw-Passero 28000 11506 +123
HS4 US Gulf trip via US Gulf or NCSA to Skaw-Passero 28000 9360 -22
HS5 South East Asia trip via Australia to Spore-Japan 28000 7689 +18
HS6 S Korea - Japan via NOPAC to Singapore-Japan 28000 7454 -3
Weighted Time Charter Average (HS1, HS2, HS3, HS4, HS5 & HS6), $8053, +$33

9. MARKET REPORT
CAPESIZE
There was limited fixing reported today although sources continued to point to a firmer market for
those needing early positions from Tubarao to Qingdao. The market was looking to have bottomed
sources said but there were probably those in the market keen to fix quickly and take a lower
number. The West Australia/China route slipped today but the fall possibly halted.
ECTP booked the 179,700-dwt 2011-built Anangel Mariner for 25 April delivery Cape Passero for a
minimum of 9 months trading to 12 months at a firm $20,750 daily. Sources said Koch Carbon last
week booked the Korea Line relet Navios Melodia 2010-built 179,132-dwt for 1-5 May delivery Japan
for 11 to 13 months trading but a rate was not reported.
ATLANTIC
Pacific Bulk relet the Koryu 8 172,549-dwt 2000-built due 14-15 May in Brazil for a Tubarao/Qingdao
run allegedly at $14.75-90 but this could not be confirmed.
ASIA
Rio Tinto and FMG both came into the market today with cargoes from 22 April onwards shipment.
FMG was linked with EPS tonnage for a 160,000-tonne 10% cargo from Port Hedland to Qingdao at
$6.10 while Rio Tinto allegedly fixed the 2009-built Eurydice D for 170,000-tonnes 10% from
Dampier to Qingdao at $6.15.
Sources said the Shagang Hongfa 179,461-dwt 2011-built open West Australia fixed but details were
not disclosed.
Libra reportedly covered a cargo from Richards Bay to Dhamra for 21-30 April at $9.50.
PANAMAX
A buoyant Atlantic market although little so far has been reported fixed. Sources said there were
ships asking in excess of $19,000 daily for quick trips in the north Atlantic and some trying to push
for 2 to 3 laden legs.
There were charterers with voyage cargoes bidding rates equivalent to $14,250 daily for ships open
Gibraltar for round voyages. Charterers were there with more transatlantic and front haul coal
tenders. Most of the ships fixed in the east were being picked off for South America cargoes with
few local trades so far reported but rates seemingly well supported.
The 75,151-dwt 2009-built Dream Seas fixed for 12-16 April delivery Qingdao for an east coast South
American round at $11,000 daily although some suggested this included an option of 3 to 5 months
trading at the same rate. Oldendorff booked the 2015-built Kamsarmax at the end of last week for 4
to 6 months trading with slightly earlier delivery Qingdao at $12,000 daily.
ATLANTIC
The 2010-built 82,154-dwt Shangdong Peng Chang open 12-15 April ARA reportedly fixed from
Murmansk to Jorf Lasfar at $14,250 daily while the Spring Glory 2011-built 92,339-dwt open
Hamburg 19 April was on subjects for a Baltic round at close to $15,000 daily.

10. Cargill reportedly has the Ionic Katana 82,936-dwt 2005-built on subjects for delivery Cape Passero
for a trip via South America with some suggesting the Amazon to the east at $18,500 daily.
The 2011-built 81,123-dwt Platanos open 21-24 Singapore fixed for an east coast South American
round at $12,000 daily while the Ikan Bagang 83,651-dwt 2009-built open Singapore about 8 April
went at $14,000 daily. Bunge booked the 74,133-dwt 2001-built Unity from the same area 13-16
April at $12,000 daily.
Cargill paid the 81,354-dwt 2012-built Kynouria open Santos 15 April a strong $13,000 daily plus a
$612,500 bonus for the trip east.
ASIA
Little has been reported fixed for single trips but sentiment remained positive. Sources said that
good Kamsarmaxes in the east were seeing $11,750 to $12,000 daily for short periods up to one
year.
ULTRAMAX/SUPRAMAX
With some having one eye on a short week, as expected it was a quiet start. Brokers reported a
possible 12-month charter was being concluded with a Crown 63 at a rate in the low $11,000s.
ATLANTIC
Sources advised an Ultramax was linked to 2-3 laden legs delivery Continent at about $9,000 per
day. The Columbia River 56,013-dwt fixed and failed with J. Lauritzen for a trip from Heroya to
Kohsichang but another has since been fixed on subjects with no further details currently available.
The Great Pioneer 2015-built 63,411-dwt which was close to fixing period delivery US Gulf with
Cargill was failed remained in the market.
ASIA
A 57,000-dwt open in Hong Kong was fixed for a trip from Indonesia to south China at $8,500 daily.
Rumours circulated about a 63,000-dwt vessel fixing delivery west India for a trip to China at $12,500
daily.
HANDYSIZE
Hopefully, today will not be the norm for the rest of the week and that brokers will have fixtures
they are able to talk about.
The north Continent remained strong with the larger Handies currently commanding levels of about
$8,000 daily basis dop for transatlantic business to east coast South America. A few Owners will still
consider short period within Atlantic but typically a 32,000-tonner will want a rate in the $8,000s
basis redelivery Atlantic.
Apparently, a 28,000-tonner was close to securing $10,000 per day for a trip delivery north Brazil to
the Continent. Rumours circulated about a trip from south Brazil to Continent is likely to pay excess
$12,000 for the same sized 28,000-dwt while the larger 32,000 to -34,000-dwt vessels were asking
$14,000.
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