This document provides a market report on dry bulk cargo as of May 8th, 2017. Key points include: - Rates on the West Australia to China route increased, with fixtures from $5.65 to $6.20 per ton. - Asia rates were generally firmer, while the North Atlantic market remained flat. - In the Atlantic, charterers were seeking cargoes from Tubarao to Qingdao around $13.50 per ton.

1. DRY CARGO MARKET REPORT
8th
May 2017
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SOURCE: Baltic Exchange and Others

2. CAPE
Densa Cobra' 2011 180491 dwt dely Singapore trip full options (worldwide) redel Singapore-Japan
$14,300 daily - Classic Maritime - <fixed 4/5>
H S C' 2006 173800 dwt dely Kemen 4 May trip via Saldanha Bay redel China $10,100 daily - Hyundai
Glovis - <fixed 5/5>
Alpha Millenium' 2000 170415 dwt dely China prompt trip via west Australia redel Singapore-Japan
$9,500 daily - Cargill - <fixed 5/5>
Cape Northville' Bilgent relet 2010 169126 dwt dely Lanshan 4 May trip via Australia redel
Singapore-Japan $10,000 daily - Jiangsu Steamship - <fixed 5/5>
POST PANAMAX
Indus Fortune' 2011 92988 dwt dely Haimen 5 May trip via South Africa redel China intention coal
$7,500 daily - cnr
KAMSARMAX
Yue Dian 85' 2011 87329 dwt dely Yantai 07/10 May trip via EC Australia redel Malaysia $7,200 daily
- cnr
St.Dimitrios' 2008 82688 dwt dely Pecem prompt trip via Ponta Da Madeira redel Singapore-Japan
$13,500 daily + $325,000 bb - BDH
PANAMAX
Medi Taipei' 2003 76633 dwt dely EC South America 25/26 May trip redel Singapore-Japan $11,250
daily + $475,000 bb - cnr
Lambay' 2011 75200 dwt dely retro Rotterdam 2 May trip via Baltic redel India intention grains
$14,000 daily - Cargill
Atlas ' 2012 75122 dwt dely Antwerp prompt trip via Trombetas redel China $11,400 daily - Bunge -
<fixed 5/5>
SUPRAMAX
Nautical Anne' 2016 63593 dwt dely Mississippi River prompt trip redel Continent intention petcoke
$15,000 daily - Centurion
Tiger Beijing' 2015 63493 dwt dely Altamira prompt trip redel Mediterranean intention coal $15,000
daily - Klaveness
Star Mistral' 2014 63301 dwt dely Canakkale prompt trip redel Singapore-Japan $15,250 daily - cnr
Asian Summit' 2017 62466 dwt dely Fujairah prompt trip via PG redel Geelong intention ferts
$10,250 daily - Louis Dreyfus
Crystal Palace' 2008 58781 dwt dely Tonda prompt trip via NoPac redel Singapore-Japan $8,250 daily
- J Lauritzen
Requiem' 2010 58018 dwt dely South Africa prompt trip redel Singapore-Japan $10,250 daily +
$200,000 bb - Klaveness

3. Stove Friend' 2016 57679 dwt dely Bejaia prompt trip redel USEC $8,250 daily - Swires
Darya Lakshmi ' 2009 55469 dwt dely Zhoushan prompt trip via NoPac redel Singapore-Japan $8,000
daily - Norden
HANDY
Alycia' 2012 34000 dwt dely Constantza prompt trip redel Tunisia $9,000 daily - J Lauritzen
VOYAGES
ORE
Peloreus' 2014 170000/10 Tubarao/Qingdao 14 May $13.40 fio scale/30000shinc - Cargill
Bocimar TBN' 170000/10 Dampier/Qingdao 10/19 May $5.95 fio scale/30000shinc - NYK
Shagang TBN' 170000/10 Port Hedland/Qingdao 20/24 May $5.60 fio 80000shinc/30000shinc -
Oldendorff - <fixed 5/5>
TBN' 170000/10 Port Hedland/Qingdao 17/20 May $5.90 fio max $299,000 d/as
80000shinc/30000shinc - Classic Maritime - <fixed 5/5>
Championship' SafBulk relet 2011 170000/10 Port Hedland/Qingdao 20/21 May $6.15 fio
80000shinc/30000shinc - BHP Billiton
Casta Diva' 2011 170000/10 W Australia/Qingdao 13/15 May $5.65 fio scale/30000shinc - cnr -
<fixed 4/5>
Aqua Honor' Noble relet 2012 170000/10 Dampier/Qingdao 23/26 May $6.20 fio scale/30000shinc -
Rio Tinto
COAL
TBN' 150000/10 Hay Point/China 24/28 May $6.65 fio 50000shinc/30000shinc - BHP Billiton
TBN' 75000/5 Norfolk/EC India 01/10 Jun $21.10 fio 40000shinc bends - VSP
TBN' 75000/10 Gladstone/EC India 22/31 May $11.25 fio 35000sshex/20000sshex – SAIL
GRAIN
TBN' 60000/10 Brazil/China 22/30 May $26.50 fio 8000sshex bends - Pacific Bulk

4. Bunker Prices (as on 8/05/2017)
IFO380 IFO180 MGO
Rotterdam 267.50 295.50 408.00
Fujairah 296.50 350.00 550.00
Singapore 299.00 327.50 443.50
Houston 263.00 363.00 451.00
Cape Town 340.00 485.00
Baltic Dry Bulk Indices 8/05/2017
Baltic Exchange Capesize Index
BDI 1001 (+7)
BCI_2014 1571 (+91)
BPI 1009 (-14)
BSI 799 (-12)
BHSI 517 (-6)
BCI_2014 5TCavg $/day 12082 (+583)
BCI4TCavg $/day 11018 (+583)
BPITCavg $/day 8112 (-113)
BSI58TCavg $/day 8993 (-133)
BSITCavg $/day 8854 (-105)
BHSITCavg $/day 7505 (-101)

5. Baltic Exchange Capesize Index
Weighted Time Charter Average (C8_14, C9_14, C10-14, C_14 & C_16), $12082, +$583
C17 Saldanha Bay to Qingdao 170000 10.055 +0.237
Baltic Exchange Capesize Index (172000)
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
BCI 4TC 4TC AVERAGE 172000 $11018 +$583
ROUTE
NO
DESCRIPTION SIZE(MT) VALUE ($) CHANGE
C2 Tubarao -Rotterdam 160000 6.060 +0.055
C3 Tubarao - Qingdao 160000 or 170000 13.504 +0.312
C4 Richards Bay to Rotterdam 150000 5.841 +0.077
C5 W Australia - Qingdao 160000 or 170000 6.079 +0.425
C7 Bolivar - Rotterdam 150000 6.945 +0.077
C15 Richard Bay to Fangcheng 160000 9.468 +0.136
C8_14 Gibraltar/Hamburg trans-Atlantic RV 180000 11091 +291
C9_14 Continent/Mediterranean trip Far
East
180000 23354 +291
C10_14 China-Japan transpacific RV 180000 12365 +1223
C14 China-Brazil RV 180000 12150 +500
C16 Revised Backhaul 180000 2088 +346

6. Baltic Exchange Panamax Index
ROUTE
NO
DESCRIPTION SIZE(MT) VALUE ($) CHANGE
P1A_03 Transatlantic RV 74000 7410 -135
P2A_03 SKAW-GIB/FAR EAST 74000 13335 -147
P3A_03 Japan-SK/Pacific/RV 74000 7712 -150
P4 _03 Japan-SK trip to shaw Passero 74000 3989 -21
Weighted Time Charter Average (P1A_03, P2A_03, P3A_03 & P4_0), $8112, -$113
The following route does not contribute to the BPI
Baltic Exchange Panamax - Asia (BEP Asia)
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
P3A-IV Newcas tale to Qingdao – implied voyage 74000 9.74 -0.15
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
P5 South China, one Indonesian round voyage 74000 $7556 -$294

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 15319 -256
S1C_58 US Gulf trip to China-s outh Japan 58328 19664 +1
S2_58 N.China one Australian or Pacific round voyage 58328 7529 -113
S3_58 North China trip to Wes t Africa 58328 4310 -70
S4A_58 US Gulf trip to Skaw-Pas s ero 58328 14188 -18
S4B_58 Skaw-Pas s ero trip to US Gulf 58328 7431 -53
S5_58 W. Africa trip via east coast S.America to N.China 58328 12757 -454
S8_58 South China trip via Indones ia to ECI 58328 8056 -102
S9_58 W. Africa trip via ECSA to Skaw-Pass ero 58328 9061 -450
S10-58 S. China trip via Indonesia to S. China 58328 7589 -82
Weighted time charter average (all 10-time charter routes), $8993, -$133
Baltic Exchange Supramax - Asia Tess 58 (BES Asia Tess 58)
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
S8_58 S. China trip via Indones ia to ECI 58328 8056 -102
S10_58 S. China trip via Indonesia to south China 58328 7589 -82
S11_58 Mid China, Australian or trans pacific round voyage 58328 7444 -73
Weighted time charter average (all 3 routes) 7696, -86
• 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 6965 -65
HS2 Skaw - Passero trip Boston - Galveston 28000 6913 -54
HS3 Rio de janeiro-Recalada trip to Skaw-Passero 28000 9944 -323
HS4 US Gulf trip via US Gulf or NCSA to Skaw-Passero 28000 8657 -114
HS5 South East Asia trip via Australia to Spore-Japan 28000 7036 -47
HS6 S Korea - Japan via NOPAC to Singapore-Japan 28000 6746 -79
Weighted Time Charter Average (HS1, HS2, HS3, HS4, HS5 & HS6), $7505, -$101

9. MARKET REPORT
CAPESIZE
A more optimistic start to the week with rates firmer in the east and some talk of a firmer South
America rates but the north Atlantic remained flat.
ASIA
Rates on the key West Australia/China run broke through $6.00 with Rio Tinto fixing the Noble relet
Aqua Honor 2012-built for a 23-26 May cargo from Dampier to Qingdao at $6.20. Earlier BHP Billiton
took the 2011-built SafBulk relet Championship 2011-built from Port Hedland to Qingdao at $6.15
for a 20-21 May onwards cargo.
Sources suggested BHP Billiton fixed more than one ship but this could not be confirmed. The day
began with a report that NYK took Bocimar tonnage for a 10-19 May cargo from Dampier at $5.95 or
possibly $6.00 with the charterer needing a replacement vessel.
Most of the business reported today was concluded towards the end of last week. The 170,145-dwt
2000-built Alpha Millennium prompt China fixed Friday for a West Australian round at $9,500 daily
and the Bilgent relet Cape Northville 169,126-dwt 2010-built went at $10,000 daily for Lanshan
delivery for an Australian round.
The ballaster True Patriort 180,967-dwt, a Koch Shipping relet, eta 20 May Brazil was said to have
fixed to Anglo American for a 23-25 May cargo from Saldanha Bay to Qingdao but a rate was not
reported.
ATLANTIC
There were rumours that Vale fixed a cargo from Tubarao to Qingdao at $14.00 but this was denied.
The charterer was in the market and brokers said had been rating around midday at $13.50 or the
BCI C3 index assessment.
At the end of last week, Cargill took the Peloreus 2014-built for a 14 May onwards cargo at $13.40.
ArcelorMittal Friday was said to have booked the CCL-controlled Sea Monterrey 180,000-dwt 2016-
built spot Gibraltar for a Tubarao/Quebec cargo but the rate was not disclosed.
PANAMAX
The week began as it ended last week remaining generally weak but with just some suggestion that
the South America market steadier for May. Transatlantic trading remained negligible and rates still
weak.
However, there was talk of a period fixture in the Atlantic that prompted some surprise with Rio
Tinto allegedly taking the 2017-built 81,000-dwt Dione for retroactive delivery Gibraltar for 3 to 5
months delivery at $10,000 daily redelivery Skaw-Passero.

10. ATLANTIC
The Star Iris 76,300-dwt 2004-built, reportedly failed with Amaggi Friday from east coast South
America to the east at $11,000 daily and $500,000 was said to have re-fixed with Norden at $11,250
daily plus a $525,000 bonus. BDH took the 82,688-dwt 2008-built M2M relet St.
Dimitrios from Pecem for a trip to the east at $13,500 daily plus a $325,000 bonus.The Post Panamax
AOM Aphrodite fixed at the end of last week for delivery passing Gibraltar for a trip via Orinoco to
the China at $15,750 daily but this rate was said to be incorrect and lower.
Paccship took an eco Kamsarmax from Poland for a trip via the Baltic to Italy redelivery Cape Passero
at $8,350 daily.
Cofco Agri reportedly covered a 75,000-tonne 10% coal cargo from CMT to Rotterdam at 24-29 May
on subjects at $11.25 but some suggested Louis Dreyfus was evolved.
ASIA
Rates have yet to move in the east despite some resistance fostering more optimism. So far the
market here appeared flat with some ships ballasting and South Korea holiday Tuesday and
Singapore Wednesday possibly curtailing any significant trade.
A steadier east coast South America for the balance of May could absorb those ships already in
ballast. Ultrabulk allegedly took the DL Acacia 81,568-dwt 2013-built from Japan for a trip via
Australia to India at $6,400 daily but this was not confirmed.
Oldendorff covered an 18-26 May cargo from Weipa to China on subjects.At the end of last week,
the Yue Dian 85 87,329-dwt 2011-built open 7-10 May Yantai fixed for a trip via east coast Australia
to Malaysia at $7,200 daily but the charterer was not reported.
The Post Panamax Great Cheer 2009-built open Taichung 10-15 May went for a trip via Indonesia to
south China at $8,900 daily but again a charterer was not disclosed.
ULTRAMAX/SUPRAMAX
A typical Monday start. Brokers suggested the east coast South America rates continued to move
sharply lower with little fresh cargo to lend support. The US Gulf market might have reached the
bottom.
ATLANTIC
Centurion was linked to the Nautical Anne 63,593-dwt 2016-built at $15,000 daily delivery
Mississippi River to the Continent with pet coke. There was a talk of Glencore taking the Cyprus
Arrow 2015-built 61,022-dwt open Altamira at a rate in the $19,000s with delivery there for a trip via
the US Gulf redelivery Singapore-Japan range.
The Star Mistral 63,301-dwt 2014-built fixed from Canakkale at $15,250 daily with redelivery in the
Far East. Swires booked the Stove Friend 57,679-dwt 2016-built at $8,250 daily delivery Bejaia to
east coast America.

11. ASIA
A 57,000-dwt open Jintang was fixed for a trip to south-east Asia with steel at $7,000 daily. The Xing
Shou Hai 60,492-dwt 2016-built delivery Dafeng was failed on subjects for a trip to Pakistan at
$8,200 daily. A 57,000-dwt spot Singapore was also failed on subjects for a trip via Indonesia to
China at $8,000 daily.
Two NoPac fixtures were reported today with the Crystal Palace 58,781-dwt 2008-built fixing basis
Tonda at $8,250 daily and Darya Lakshmi 55,469-dwt 2009-built fixing at $8,000 daily basis Zhoushan
both redelivery in the far East.
HANDYSIZE
A dull start to the week with another loss for all BHSI Index route.
The Alycia 2012-built 34,018-dwt was reported fixed to J Lauritzen at $9,000 daily delivery dop
Constantza for a trip to Tunisia. Meanwhile, there was a rumour that Swires fixed one of its B Delta
39,000-dwt bulkers delivery dop Turkey for a trip to the USA at $7,500 daily.
Louis Dreyfus apparently took a 32,000-dwt at mid $9,000s aps Recalada for a trip to Skaw-Passero
but further details were not reported.
It was rumoured that the Warmia 2005-built 38,981-dwt was concluded basis delivery Paranagua 5-6
May at $11,000 delivery aps Up River to Morocco with the owner reportedly accepting about a 10
day wait.
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