Interocean Dry Cargo Market Report

1. DRY CARGO MARKET REPORT
18th
April 2017
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SOURCE: Baltic Exchange and Others

2. CAPE
Ever Beauty' 2011 180156 dwt dely Rotterdam 15 Apr transatlantic round voyage redel Skaw-Cape
Passero $17,850 daily - SwissMarine - <fixed 12/4>
KAMSARMAX
Yasa Pioneer' 2006 82849 dwt dely retro Singapore 2 April trip via EC South America redel Singapore-
Japan $13,600 daily - Omegra
Xin Hua' 2012 82269 dwt dely Ningde spot trip via Indonesia redel Malaysia $12,900 daily - Intergis
Xing Huan Hai' 2017 81361 dwt dely retro Singapore 8 April trip via EC South America & PG including
Iran redel PMO $15,300 daily - Bunge
SUPRAMAX
Star Eos ' 2015 63500 dwt dely Dongjiakou 18 Apr trip via CIS redel S China $10,500 daily - cnr
Asia Ruby I' 2014 63088 dwt dely Karachi prompt trip via EC South America redel India/Japan
$12,350 daily. - cnr
Sifnos ' 2010 57050 dwt dely EC India prompt trip redel WC India $9,000 daily - cnr
Apiradee Naree' 2012 56512 dwt dely Dubai 19/23 Apr trip via PG redel WC India $11,000 daily -
Norvic Shipping - <fixed 13 April>
HANDYMAX
Bao An Ling' 2014 47483 dwt dely Bin Qasim 19 Apr trip redel China $10,000 daily - cnr
Chariana L' 1997 46670 dwt dely Black Sea prompt trip redel Bangladesh $15,000 daily - cnr
PERIOD
Omicron Nikos' 2003 75834 dwt dely retro Gibraltar 7 April 5/7 months trading redel worldwide
$16,750 daily - Cargill - <fixed mid last week >

3. VOYAGES
ORE
Lake D' 2011 170000/10 Port Hedland/Qingdao 27/30 Apr $6.40 fio 80000shinc/30000shinc -
Oldendorff - <adds ship's name to report of 13/4>
RWE TBN' 170000/10 Teluk Rubiah/Qingdao 19/21 Apr $4.88 fio 90000shinc/30000shinc - Vale -
<fixed 12/4>
Cargill TBN' 170000/10 Acu/Qingdao 21/30 May $14.90 fio scale/30000shinc - NYK
CCL TBN' 170000/10 Port Hedland/Qingdao 02/06 May $6.50 fio 90000shinc/30000shinc - BHP
Billiton
Kumiai Shagang' 2011 160000/10 Port Hedland/Qingdao 26/27 Apr $6.75 fio scale/30000shinc –
FMG
COAL
HMM TBN' 130000/10 Newcastle + Gladstone/Taean 01/10 May $8.37 fio 45000shinc/26500shinc -
KEPCO
Panocean TBN' 145000/10 Richards Bay/Hadong 01/05 May $11.26 fio scale/30000shinc - KEPCO
Five Ocean TBN' 125000/10 Vostochny/Boryeong 06/15 May $4.17 fio 25000sshex/30000shinc -
KEPCO

4. Bunker Prices (as on 18/04/2017)
IFO380 IFO180 MGO
Rotterdam 298.00 326.50 471.50
Fujairah 320.00 380.00 560.00
Singapore 321.00 347.00 496.00
Houston 294.00 394.00 500.00
Cape Town NA 371.00 538.00
Baltic Dry Bulk Indices 18/04/2017
Baltic Exchange Capesize Index
BCI_2014 5TCavg $/day 16154 (-207)
BCI4TCavg $/day 15090 (-207)
BPITCavg $/day 12987 (+79)
BSI58TCavg $/day 10054 (+16)
BSITCavg $/day 9650 (+138)
BHSITCavg $/day 8258 (+51)
BDI 1294 (-2)
BCI_2014 2220 (-29)
BPI 1621 (+10)
BSI 898 (-1)
BHSI 563 (+3)

5. Baltic Exchange Capesize Index
Weighted Time Charter Average (C8_14, C9_14, C10-14, C_14 & C_16), $16154, -$207
C17 Saldanha Bay to Qingdao 170000 11.041 -0.173
Baltic Exchange Capesize Index (172000)
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
BCI 4TC 4TC AVERAGE 172000 $15090 -$207
ROUTE
NO
DESCRIPTION SIZE(MT) VALUE ($) CHANGE
C2 Tubarao -Rotterdam 160000 7.675 -0.105
C3 Tubarao - Qingdao 160000 or 170000 14.579 -0.382
C4 Richards Bay to Rotterdam 150000 7.495 -0.069
C5 W Australia - Qingdao 160000 or 170000 6.508 +0.240
C7 Bolivar - Rotterdam 150000 8.573 -0.072
C15 Richard Bay to Fangcheng 160000 10.605 -0.081
C8_14 Gibraltar/Hamburg trans-Atlantic RV 180000 17341 -318
C9_14 Continent/Mediterranean trip Far
East
180000 29000 -575
C10_14 China-Japan transpacific RV 180000 15038 +326
C14 China-Brazil RV 180000 14638 -433
C16 Revised Backhaul 180000 6196 -233

6. Baltic Exchange Panamax Index
ROUTE
NO
DESCRIPTION SIZE(MT) VALUE ($) CHANGE
P1A_03 Transatlantic RV 74000 14980 +22
P2A_03 SKAW-GIB/FAR EAST 74000 20091 +82
P3A_03 Japan-SK/Pacific/RV 74000 11732 +126
P4 _03 Japan-SK trip to shaw Passero 74000 5145 +87
Weighted Time Charter Average (P1A_03, P2A_03, P3A_03 & P4_0), $12987, +$79
Baltic Exchange Panamax - Asia (BEP Asia)
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
P3A-IV Newcas tale to Qingdao – implied voyage 74000 12.22 +0.06
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
P5 South China, one Indonesian round voyage 74000 $11842 +$64

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 16166 +216
S1C_58 US Gulf trip to China-s outh Japan 58328 20483 +689
S2_58 N.China one Australian or Pacific round voyage 58328 9000 -43
S3_58 North China trip to Wes t Africa 58328 5120 -40
S4A_58 US Gulf trip to Skaw-Pas s ero 58328 14669 +763
S4B_58 Skaw-Pas s ero trip to US Gulf 58328 7463 +88
S5_58 W. Africa trip via east coast S.America to N.China 58328 14321 +25
S8_58 South China trip via Indones ia to ECI 58328 9341 -127
S9_58 W. Africa trip via ECSA to Skaw-Pass ero 58328 10643 +25
S10-58 S. China trip via Indonesia to S. China 58328 8919 -178
Weighted time charter average (all 10-time charter routes), $10054, +$16
Baltic Exchange Supramax - Asia Tess 58 (BES Asia Tess 58)
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) 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 6990 +65
HS2 Skaw - Passero trip Boston - Galveston 28000 6946 +54
HS3 Rio de janeiro-Recalada trip to Skaw-Passero 28000 12294 +227
HS4 US Gulf trip via US Gulf or NCSA to Skaw-Passero 28000 9371 -33
HS5 South East Asia trip via Australia to Spore-Japan 28000 7725 +43
HS6 S Korea - Japan via NOPAC to Singapore-Japan 28000 7507 +7
Weighted Time Charter Average (HS1, HS2, HS3, HS4, HS5 & HS6), $8258, +$51

9. MARKET REPORT
CAPESIZE
The return to work saw a mixture of new and old fixtures. In the east, the West Australia/China run
saw rates rise but trading was very thin after the Easter break. The Atlantic saw some reports of
fixing from Brazil and West Africa but this was debated.
ATLANTIC
Here there was talk that a cargo fixed from Pepel to China with Panocean tonnage at $14.25 for 11-
15 May shipment but this was denied.
NYK booked Cargill tonnage for a 21-30 May 170,000-tonne 10% cargo from Acu to Qingdao at
$14.90.
It emerged that SwissMarine booked the Ever Beauty 180,156-dwt 2011-built from Rotterdam 15
April for a transatlantic round with Skaw-Cape Passero redelivery at $17,850 daily. This was
concluded pre-Easter.
ASIA
Here FMG fixed a 26-27 April 160,000-tonne 10% cargo from Port Hedland to Qingdao with the
Kumiai Shagang at $6.75. There had been early talk that the charterer fixed a cargo at $6.50 but this
was denied.
BHP Billiton booked CCL tonnage for a cargo from Port Hedland to Qingdao for 2 May onwards at
$6.50. A CCL vessel was also linked with a Teluk Rubiah/Qingdao cargo at $5.30. Arrium reportedly
booked CCL tonnage for a 7-12May Whyalla/Qingdao cargo at $9.15.
The Guo May 176,000-dwt 2011-built open Xiamen 20 April went for an Australian round and had
been asking $16,000 daily.
PANAMAX
A few more ships than cargoes appeared in the market but essentially charterers and owners were
in a face off.
ATLANTIC
There was talk that Vale fixed 5 ships for cargoes from Ponta Da Madeira to Qingdao but little detail
emerged.
Strong numbers were still reported from east coast South America with Bunge booking the 2017-
Namura built 81,361-dwt Xing Huan Hai retroactive Singapore 8 April for an east coast South
America/Persian Gulf run including Iran at a firm $15,300 daily.
Sources said the Tomahawk 82,056-dwt 2017-built fixed from Singapore for an east coast South
American round to the east at $14,000 daily but others suggested the ship, which sailed Singapore
24-25 March, fixed at $14,000 daily plus a $265,000 bonus basis aps.
Omegra reportedly took the Yasa Pioneer 82,849-dwt 2006-built from Singapore at $13,600 daily.

10. Further north the 73,601-dwt 2004built Oldendorff relet Hai Ji, open Rotterdam 18 April, was said on
subjects for a transatlantic round with the ship reportedly having fixed Oldendorff last week for
period business.
ASIA
A slow start here although Intergris fixed the 2012-built Xin Hua 82,269-dwt from Ningde spot for an
Indonesia/Malaysia run at a still strong $12,900 daily.
ULTRAMAX/SUPRAMAX
Unsurprisingly a quiet start, certainly from the Atlantic basin this week after the widespread
Christian holidays.
ATLANTIC
The Chariana L 1997-built 46,600-dwt was reported fixed basis delivery the Black Sea for a trip
redelivery Bangladesh at $15,000 daily. Cargill was said to have fixed a disponently owned 55,000-
dwt 2008-built open US Gulf for a trip to the Far East but no further details came to light.
Brokers said that a 52,000-dwt was rumoured fixed for a trip basis delivery Upriver trip redelivery
Egypt at close to $18,000 daily. A 61,000-dwt 2014-built Ultramax was rumoured fixed basis delivery
east coast South America trip redelivery Singapore-Japan at $14,500 plus close to $450,000 ballast
bonus.
ASIA
A 50,000-dwt open Taichung was fixed for a trip from Indonesia to CJK at low $7,000s daily. A
53,000-dwt spot Hong Kong was fixed for a trip from Indonesia to China at $7,000 daily and a
50,000-dwt delivery Belawan was fixed for a similar trip at high $8,000s daily.
The Mandarin Ocean 56,735-dwt 2012-built delivery Haimen was failed on subjects for a trip also
from Indonesia to China at low $9,000s daily.
HANDYSIZE
As expected after the Easter holidays a very quiet day.
ATLANTIC
Brokers suggested a 37,000 tonner was fixed basis delivery west coast Norway for a trip via St
Petersburg to ARAG at a level about $11,250-11,500 per day but this could not be reconfimred.
There was talk a small Handy was close to fixing delivery Recalada for trip to the Continent-
Mediterranean at a rate in the region of mid $13,000s. Rumours a large Handy fixed Brazil to west
coast South America at an unspecified rate.
ASIA
A Handy size which was open in north China was apparently fixed on subjects for a trip to south
Korea at low $7,000s daily.
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