Dry Cargo Market Report- Interocean, 20th Feb'17

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

2. KAMSARMAX
Ocean Vision' 2015 81502 dwt dely Aughinish 21 Feb trip via Santarem redel Skaw-Barcelona
intention grains $6,500 daily - Cargill
SUPRAMAX
Baltic Wasp' 2015 63389 dwt dely Marmara prompt trip redel US Gulf $5,750 daily first 35 days
$9,500 daily for balance - Western Bulk Carriers
Pacific Ability' 2016 61411 dwt dely Singapore 24/25 Feb trip via Indonesia redel Thailand $9,500
daily - Cargill
Europa Bay' 2013 58606 dwt dely US Gulf 20/22 Feb trip redel Egypt $17,000 daily - Norden
Jin Ping ' 2002 50777 dwt dely Singapore 19/20 Feb trip via Indonesia redel China $8,000 daily - cnr
HANDY
K Neptune' 2012 29037 dwt dely Laem Chabang 23/28 Feb trip via SE Asia redel Singapore-Japan
intention China with tapioca $6,750 daily - Jierui
PERIOD
Lorient' 2009 82331 dwt dely Hong Kong 24/28 Feb 5/8 months trading redel worldwide $8,500 daily
- Nordic
Josco Changzhou ' 2011 58764 dwt dely Yoesu 23/24 Feb 6/8 months trading redel worldwide
$8,000 daily - cnr
VOYAGES
UNKNOWN
Unknown
TBN' 170000/10 Port Hedland/Qingdao 02/04 Mar $5.20 fio 80000shinc/30000shinc - BHP Billiton
ORE
Oldendorff Newcastlemax TBN' 170000/10 Saldanha Bay/Qingdao 13/18 Mar $7.80 fio basis
1.25% commission 90000shinc/30000shinc - Ore & Metals - <fixed 17/2>
SwissMarine TBN' 170000/10 CSN/Qingdao 10/20 Mar $10.15 fio 3 days shinc/30000shinc -
CSN Maritime Transportation - <fixed 16/2>
Alpha Freedom' ECTP relet 2015 170000/10 Dampier/Qingdao 03/05 Mar $4.90 fio
scale/30000shinc - Rio Tinto
Yuritamou' Sanko relet 2007 170000/10 Dampier/Qingdao 02/04 Mar $5.00 fio
scale/30000shinc - Rio Tinto
Southern Wisdom' 2004 170000/10 Saldanha Bay/Qingdao 11/20 Mar $7.40 fio
scale/30000shinc - Oldendorff - <fixed 16/2>
TBN' 170000/10 Tubarao/Qingdao 01/10 Apr $10.75 fio 3 days shinc/30000shinc - Cargill -
<fixed last week>
TBN' 170000/10 Whyalla/Qingdao 09/16 Mar $7.10 fio 40000shinc/30000shinc - Arrium

3. Bunker Prices (as on 20/02/2017)
IFO380 IFO180 MGO
Rotterdam 306.00 333.50 478.00
Fujairah 328.00 385.00 560.00
Singapore 326.00 358.00 505.50
Houston 300.00 400.00 504.00
Cape Town NA 358.00 527.00
Baltic Dry Bulk Indices 20/02/2017
Baltic Exchange Capesize Index
Baltic Exchange Capesize Index
Weighted Time Charter Average (C8_14, C9_14, C10-14, C_14 & C_16), $6496, +$366
BCI_2014 5TCavg $/day 6496 (+366)
BCI4TCavg $/day 5432 (+366)
BPITCavg $/day 7298 (-61)
BSI58TCavg $/day 7652 (+221)
BSITCavg $/day 7813 (+191)
BHSITCavg $/day 5816 (+65)
BDI 757 (+16)
BCI_2014 791 (+52)
BPI 909 (-8)
BSI 747 (+18)
BHSI 396 (+5)
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
C2 Tubarao -Rotterdam 160000 5.380 +0.085
C3 Tubarao - Qingdao 160000 or 170000 10.483 +0.112
C4 Richards Bay to Rotterdam 150000 5.000 +0.095
C5 W Australia - Qingdao 160000 or 170000 5.104 +0.194
C7 Bolivar - Rotterdam 150000 5.955 +0.064
C15 Richard Bay to Fangcheng 160000 7.127 +0.063
C8_14 Gibraltar/Hamburg trans-Atlantic RV 180000 6832 +209
C9_14 Continent/Mediterranean trip Far East 180000 13292 +309
C10_14 China-Japan transpacific RV 180000 6781 +666
C14 China-Brazil RV 180000 6642 +342
C16 Revised Backhaul 180000 -1833 +188

4. C17 Saldanha Bay to Qingdao 170000 7.809 +0.164
Baltic Exchange Capesize Index (172000)
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
BCI 4TC 4TC AVERAGE 172000 $5432 +$366
Baltic Exchange Panamax Index
ROUTE
NO
DESCRIPTION SIZE(MT) VALUE ($) CHANGE
P1A_03 Transatlantic RV 74000 7037 -241
P2A_03 SKAW-GIB/FAR EAST 74000 12199 -112
P3A_03 Japan-SK/Pacific/RV 74000 7106 +97
P4 _03 Japan-SK trip to shaw Passero 74000 2848 +10
Weighted Time Charter Average (P1A_03, P2A_03, P3A_03 & P4_0), $7298, -$61
Baltic Exchange Panamax - Asia (BEP Asia)
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
P3A-IV Newcas tale to Qingdao – implied voyage 74000 9.91 +0.06
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
P5 South China, one Indonesian round voyage 74000 $6983 +$50

5. 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 12879 +107
S1C_58 US Gulf trip to China-s outh Japan 58328 17463 +291
S2_58 N.China one Australian or Pacific round voyage 58328 6664 +271
S3_58 North China trip to Wes t Africa 58328 3340 +220
S4A_58 US Gulf trip to Skaw-Pas s ero 58328 15679 +391
S4B_58 Skaw-Pas s ero trip to US Gulf 58328 5461 +64
S5_58 W. Africa trip via east coast S.America to N.China 58328 9888 +42
S8_58 South China trip via Indones ia to ECI 58328 6638 +307
S9_58 W. Africa trip via ECSA to Skaw-Pass ero 58328 6188 +49
S10-58 S. China trip via Indonesia to S. China 58328 6244 +255
Weighted time charter average (all 10-time charter routes), $7652, +$221
Baltic Exchange Supramax - Asia Tess 58 (BES Asia Tess 58)
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
S8_58 S. China trip via Indones ia to ECI 58328 6638 +307
S10_58 S. China trip via Indonesia to south China 58328 6244 +255
S11_58 Mid China, Australian or trans pacific round voyage 58328 6331 +268
Weighted time charter average (all 3 routes), $6404, +$276

6. Baltic Exchange Supramax Index
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
S1A Antwerp - Skaw Trip Far East 52454 12270 +145
S1B Canakkale Trip Far East 52454 12250 +93
S2 Japan - SK / NOPAC or Australia rv 52454 6158 +275
S3 Japan - SK Trip Gib - Skaw range 52454 2990 +150
S4A US Gulf - Skaw-Passero 52454 14696 +365
S4B Skaw-Passero - US Gulf 52454 4988 +74
S5 W. Africa trip via ECSA to Singapore-Japan 52454 9340 +15
S9 W. Africa trip via ECSA to Skaw-Passero 52454 5620 +37
S8 S. China via Indonesia / EC India 52454 6016 +228
S10 S China via Indo S. China 52454 5694 +288
S11 Mid China/Australia or Nopac 52454 5821 +300
Weighted Time Charter Average (S1A, S1B, S2, S3, S4A & S4B), $7813, +$191
Baltic Exchange Handysize Index
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
HS1 Skaw - Passero trip Recalada - Rio de Janeiro 28000 3900 +20
HS2 Skaw - Passero trip Boston - Galveston 28000 3963 +20
HS3 Rio de janeiro-Recalada trip to Skaw-Passero 28000 7317 +45
HS4 US Gulf trip via US Gulf or NCSA to Skaw-Passero 28000 8457 +21
HS5 South East Asia trip via Australia to Spore-Japan 28000 5854 +100
HS6 S Korea - Japan via NOPAC to Singapore-Japan 28000 5593 +114
Weighted Time Charter Average (HS1, HS2, HS3, HS4, HS5 & HS6), $5816, +$65

7. MARKET REPORT
CAPESIZE
Another positive day although the emphasis largely on West Australia. Trading in the Atlantic area
remained thin especially cargoes from Brazil.
Period talk included the 181,255-dwt 2009-built Alexandra P open in the east was said on subjects
with EGPN for 11 to 14 months but details were not reported. Overnight reports from some of the
key broking houses but the rate for this type of ship in the low $11,000s. The DS Charme 2011-built
176,000-dwt fixed last week for 11 to 13 months trading with delivery north China 20-30 with Cargill
but a rate was not reported.
ASIA
The miners were in the market but confirmation of business fixed was elusive. BHP Billiton allegedly
fixed a 2-4 March 170,000-tonne 10% cargo from Port Hedland to Qingdao at $5.20 with Rio Tinto
earlier fixing the Sanko vessel Yuritamou for a 4-6 March cargo from Dampier to Qingdao at $5.00.
There were various rumours of FMG fixing but these were said premature. Talk emerged of FMG
fixing a Louis Dreyfus vessel at $5.20 for a Port Hedland cargo but this was not confirmed.
ATLANTIC
At the end of last week, Anglo American took the Navios Aurora II 169,031-dwt 2009-built fixed for a
170,000-tonne 10% cargo from Acu to Jaigarh for 11-15 March shipment, but a rate was not
reported.
PANAMAX
A slow start to the week with the Atlantic seeing fresh cargoes but equally more ships appearing.
There were rumblings of business fixed from South America but short on detail
The Atlantic started slowly with rates thus far unchanged.
Period talk included ADMI booking the Olympic Galaxy 81,383-dwt 2009-built open south China 22-
24 February on details for about a year at a reasonable $9,500 daily. Nordic earlier booked the
82,331-dwt 2009-built Lorient from Hong Kong 24-28 February for 5 to 8 months trading at $8,500
daily. The 2011-built 81,000-dwt Delmar open 22 February Tianjin fixed on subjects for 6 to 9
months trading at $8,500 daily but a charterer was not reported.
ATLANTIC
The Woolloomooloo 76,064-dwt 2012-built open prompt Ijmuiden was linked with ADMI for a trip
via the Baltic with redelivery Cape Passero at $8,000 daily.
The Tai Profit 73,105-dwt 2001-built was linked with Cargill for a cargo from Santarem to Barcelona
at $9,000 daily aps basis. The charterer earlier fixed 2015-built Kamsarmax Ocean Vision for prompt
delivery Aughinish for a trip via Santarem to Skaw-Barcelona at $6,500 daily.

8. Klaveness booked tonnage for a 25 February cargo from Trombetas to Burnside but details were not
disclosed.
The 2015-built Great Triumph 77,835-dwt open 11-12 March cargo from east coast South America to
the east but details were not reported. It emerged that the Shandong Hai Chang the 2011-built
75,000-dwt Hyundai Glovis relet went for voyage business with Louis Dreyfus from Bacarena to
China at $28.50.
ASIA
ADMI was linked with the 76,465-dwt 2006-built Bonanza YR spot Rizhao for a NoPac round at
$6,750 daily.
Tongli reportedly took the Bariloche 2007-built 75,395-dwt open CJK for a trip from Indonesia to
south China at $8,250 daily. Sivabulk booked tonnage for a cargo from Geraldton to China, but
details were not forthcoming.
The Lyric Poet 81,276-dwt 2012-built spot Singapore fixed for a trip from Australia to south China
with grain at $9,000 daily but sources said the business was on subjects.
ULTRAMAX/SUPRAMAX
A quiet start to the week in the Atlantic and holiday in the US slowing trade. Brokers reported that
the Asian market was still active with some stronger rates achieved.
Short period was still bubbling away and an unnamed Supramax open Persian Gulf rumoured fixed
for 3 to 5 months redelivery worldwide at close to $8,000 daily and Western Bulk talking the Spar
Lynx 53,162-built 2005-dwt taken in direct continuation end February at $7,500 daily with redelivery
Atlantic. An Ultramax open in south China was put on subjects at a rate in the mid $8,000s for about
3 to 5 months trading.
ATLANTIC
A 56,000-dwt was rumoured fixed basis delivery US Gulf trip redelivery Morocco with pet coke at
$15,5000 daily. A 45,000-dwt was rumoured fixed for a trip north coast South America redelivery
east Mediterranean in the low $9,000s.
A 56,000-dwt was linked to a grain run from the US Gulf to Singapore-Japan, but it remained unclear
when this was concluded. The earlier report of the Baltic Wasp 63,389-dwt being fixed for a trip east
Mediterranean redelivery US Gulf at $5,750 daily for the 35 days and $9,500 for the balance was said
to be incorrect.
ASIA
The Jin Ping 50,777-dwt 2002-built was paid $8,000 daily with Singapore delivery for a trip via
Indonesia to China. The S-Bravery 2002 53,553-dwt delivery prompt in Singapore was fixed for a trip
via Indonesia to south Vietnam to east coast Thailand range at $9,500 daily which brokers said to be
on the high side even considering a firm market in the Pacific.
Cargill took the Pacific Ability 61,411-dwt 2016-built for a very similar run at the same rate also
delivery Singapore. The Amstel Eagle 56,108-dwt 2014-built open in Singapore was booked to move
some iron ore cargo from Australia to China on voyage basis with TCE rates rumoured to be close to
$12,000 daily.

9. HANDYSIZE
A rare day with all 6 Handysize index routes reporting a small increase. Brokers were watching the
market closely but not really prepared to give a prediction within the Atlantic but in Asia levels were
said to be moving up.
ATLANTIC
EMR allegedly has a 33,000-dwt vessel on subjects giving delivery Tilbury at $7,500 daily for the
usual scrap run into the eastern Mediterranean. Sources had linked the Cielo di Venezia 37,313-dwt
built 2008 which was open Martas 18-20 February for carrying a steel cargo into US Gulf-north coast
South America at $4,500.
There was a rumour that a 28,000-tonner was fixed for coastal trade delivery aps Recalada with a
minimum guaranteed duration of 40 days at $8,500.
ASIA
The K Neptune 2012 built 29,037-dwt was taken basis delivery Laem Chabang 23-28 February for a
trip via south-east Asia with redelivery Singapore-Japan range including China at $6,750 daily.
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