Interocean Dry Cargo Market Report

1. DRY CARGO MARKET REPORT
22nd
May 2017
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SOURCE: Baltic Exchange and Others

2. KAMSARMAX
Iolcos Genesis ' 2011 84062 dwt dely Indonesia spot trip redel India $6,000 daily + $60,000 bb -
Jaldhi
Bahia 1' 2010 82250 dwt dely Qingdao 24/26 May trip via NoPac redel Singapore-Japan $6,300 daily
- Panocean - <recent>
SUPRAMAX
Christos' 2016 63353 dwt dely Port Said prompt trip redel West Africa $11,000 daily - Norden
DL Pansy' 2013 57835 dwt dely Weihai prompt trip redel WC India-PG $7,500 daily - cnr
Vlazakis I' 2010 57022 dwt dely aps Fujairah prompt trip redel EC India intention aggregates $8,000
daily - PGSC
Jin Yun' 2012 56810 dwt dely Qingdao 22/23 May trip redel SE Asia $7,000 daily – cnr
HANDY
Irmgard' 2012 38100 dwt dely Paranagua spot trip via ECSA redel ARAG $7,700 daily - Meadway
HANDY
Ocean Virgo' 2012 81563 dwt dely Colombo 26 May 4/7 months trading redel worldwide $8,250
daily - SDTR
VOYAGES
ORE
TBN' 170000/10 Dampier/Qingdao 04/06 Jun $6.20 fio scale/30000shinc - Rio Tinto
TBN' 170000/10 Dampier/Qingdao 04/06 Jun $6.20 fio scale/30000shinc - Rio Tinto
Ocean Road' 2009 170000/10 Tubarao/Qingdao 03/12 Jun $14.65 fio scale/30000shinc - RWE
Pompano ' Classic Maritime relet 2009 170000/10 Tubarao/Qingdao 10/15 Jun $14.75 fio scale/30000shinc -
Cargill
Ines Corrado' 2012 55000/10 bauxite Juruti/China 01/07 Jun $28.75 fio 24000shinc/30000shinc - Coblefret
Pessada' 1999 55000/5 bauxite Porto Trombetas/Qingdao 01/14 Jun $29.75 fio 28000shinc/20000shinc -
Bunge - <recent>
COAL
Cargill TBN' 80000/10 Dalrymple Bay/Qingdao 04/08 Jun $7.95 fio 35000shinc/25000shinc - BHP Billiton
TBN' 75000/10 Nacala/EC India 24/29 May $9.05 fio 33000shinc/40000shinc – SAIL
GRAIN
Oldendorff TBN' 60000/5 Corpus Christi/Algeria 01/10 Jun $21.00 fio 10000sshex/2500fhex - Transgrain

3. Bunker Prices (as on 22/05/2017)
IFO380 IFO180 MGO
Rotterdam 297.00 325.50 456.50
Fujairah 319.50 370.00 560.00
Singapore 318.00 354.00 475.00
Houston 292.50 392.50 475.00
Cape Town NA 362.00 NA
Baltic Dry Bulk Indices 22/05/2017
Baltic Exchange Capesize Index
BDI 954 (-2)
BCI_2014 1704 (+36)
BPI 854 (-16)
BSI 753 (-6)
BHSI 496 (-6)
BCI_2014 5TCavg $/day 12458 (+219)
BCI4TCavg $/day 11394 (+219)
BPITCavg $/day 6872 (-128)
BSI58TCavg $/day 8480 (-65)
BSITCavg $/day 8633 (-34)
BHSITCavg $/day 7183 (-84)

4. Baltic Exchange Capesize Index
Weighted Time Charter Average (C8_14, C9_14, C10-14, C_14 & C_16), $12458, +$219
C17 Saldanha Bay to Qingdao 170000 10.909 +0.127
Baltic Exchange Capesize Index (172000)
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
BCI 4TC 4TC AVERAGE 172000 $11394 +$219
ROUTE
NO
DESCRIPTION SIZE(MT) VALUE ($) CHANGE
C2 Tubarao -Rotterdam 160000 6.200 +0.105
C3 Tubarao - Qingdao 160000 or 170000 14.825 +0.262
C4 Richards Bay to Rotterdam 150000 6.045 +0.063
C5 W Australia - Qingdao 160000 or 170000 6.193 +0.043
C7 Bolivar - Rotterdam 150000 6.486 +0.018
C15 Richard Bay to Fangcheng 160000 10.295 +0.113
C8_14 Gibraltar/Hamburg trans-Atlantic RV 180000 9850 -59
C9_14 Continent/Mediterranean trip Far
East
180000 23375 +83
C10_14 China-Japan transpacific RV 180000 13069 +361
C14 China-Brazil RV 180000 13771 +467
C16 Revised Backhaul 180000 2908 +133

5. Baltic Exchange Panamax Index
ROUTE
NO
DESCRIPTION SIZE(MT) VALUE ($) CHANGE
P1A_03 Transatlantic RV 74000 5585 -95
P2A_03 SKAW-GIB/FAR EAST 74000 12077 -182
P3A_03 Japan-SK/Pacific/RV 74000 6517 -135
P4 _03 Japan-SK trip to shaw Passero 74000 3310 -98
Weighted Time Charter Average (P1A_03, P2A_03, P3A_03 & P4_0), $6872, -$128
The following route does not contribute to the BPI
Baltic Exchange Panamax - Asia (BEP Asia)
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
P3A-IV Newcas tale to Qingdao – implied voyage 74000 9.41 +0.01
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
P5 South China, one Indonesian round voyage 74000 6556 -$161

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 14472 +6
S1C_58 US Gulf trip to China-s outh Japan 58328 19050 -236
S2_58 N.China one Australian or Pacific round voyage 58328 7371 -29
S3_58 North China trip to Wes t Africa 58328 4140 -40
S4A_58 US Gulf trip to Skaw-Pas s ero 58328 14972 -103
S4B_58 Skaw-Pas s ero trip to US Gulf 58328 6838 -43
S5_58 W. Africa trip via east coast S.America to N.China 58328 10911 -139
S8_58 South China trip via Indones ia to ECI 58328 7513 -43
S9_58 W. Africa trip via ECSA to Skaw-Pass ero 58328 6861 -175
S10-58 S. China trip via Indonesia to S. China 58328 7150 -33
Weighted time charter average (all 10-time charter routes), $8480, -$65
Baltic Exchange Supramax - Asia Tess 58 (BES Asia Tess 58)
ROUTE NO DESCRIPTION SIZE(MT) VALUE ($) CHANGE
S8_58 S. China trip via Indones ia to ECI 58328 7513 -43
S10_58 S. China trip via Indonesia to south China 58328 7150 -33
S11_58 Mid China, Australian or trans pacific round voyage 58328 7081 -35
Weighted time charter average (all 3 routes) 7248, -37
• 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 6368 -291
HS2 Skaw - Passero trip Boston - Galveston 28000 6515 -176
HS3 Rio de janeiro-Recalada trip to Skaw-Passero 28000 8478 -195
HS4 US Gulf trip via US Gulf or NCSA to Skaw-Passero 28000 9086 +15
HS5 South East Asia trip via Australia to Spore-Japan 28000 6871 -15
HS6 S Korea - Japan via NOPAC to Singapore-Japan 28000 6639 +3
Weighted Time Charter Average (HS1, HS2, HS3, HS4, HS5 & HS6), $7183, -$84

8. MARKET REPORT
CAPESIZE
There was a late spurt of activity at the end of last week with rates strengthening from Brazil to China and on-
going West Australia trading today.
ATLANTIC
Cargill reportedly fixed the 2009-built BTG relet (not Classic Maritime) Pompano for a 10 June eta cargo from
Tubarao to Qingdao at an improved $14.75. RWE reportedly took the Ocean Road 2009-built on this run for 3
June eta at $14.65.
Daiichi took the eco Anangel Victory 2016-built reportedly retroactive sailing Jintang for a Brazilian round at
$17,250 daily or there about a rate that some brokers suggested equated to the low $15.00s.
Cargill booked the K-Line controlled 179,759-dwt 2009-built Mariperla on subjects for a cargo from Tubarao to
Ijmuiden and Port Talbot at $7.75.
Further north, Salzgitter has now fully fixed Cargill tonnage for a 29 May-7 June 130,000-tonne 10% cargo from
Narvik to Hamburg at $3.60.
ASIA
Rio Tinto booked two ships for 4-6 June loading from Dampier to Qingdao at $6.20 but names have yet to be
disclosed. At the end of last week, the 2012-built 179,227-dwt Densa Shark open Rizhao 19 May fixed for a
west Australian round but a rate and charterer were not disclosed.
The CCL-controlled Star Borealis 179,678-dwt 2011-built open Taichung 22-23 May also went but little
emerged. The Ariadne 180,010-dwt 2009-built open Bedi prompt also fixed but details were elusive.
PANAMAX
A slow start generally but there were those that suggested a floor may have been reached or failing that
owners were trying to resist the low numbers on offer. There was some new coal business in the east but it
remained too early to gauge any clear direction.
There were a couple of Diana Shipping vessels reported on subjects for period but details were sketchy. The
newly acquired Astarte 81,513-dwt 2013-built was said close to fixing to Glencore for a long period but details
were not disclosed.
The Danae 75,106-dwt 2001-built was also rumoured booked for some sort of period with Phaethon in the low
$8,000s daily. Sources suggested the Kavo Yeraki 82,926-dwt 2006-built fixed for 4 to 8 months trading
reportedly at $9,000 daily. Last week SDTR took the Ocean Virgo 81,563-dwt 2012-built from Colombo 26 May
for 4 to 7 months trading at $8,250 daily.
ATLANTIC
Front haul trading was slow but Louis Dreyfus reportedly took the 74,269-dwt 2003-built Paraskevi spot Beirut
for a cargo from the Black Sea to the Far East on private terms but some sources the charterer agreed mid-
$13,000s daily for passing Canakkale delivery.
ECTP fixed the Yasa H Mulla 83,482-dwt 2011-built open Damietta very end May for a trip from the Black Sea
to Spain with some suggestion the rate was $6,000 daily.
Transgrain fixed in Oldendorff tonnage for a 1-10 June 60,000-tonne 5% grain cargo from Corpus Christi to
Algeria at $21.00. Sources then said Oldendorff fixed in the 71,535-dwt 1995-built Peter S from Gibraltar for a
US Gulf/transatlantic grain run but rate details were not reported.

9. The Iolcos Pride 87,375-dwt 2010-built due open east coast South America 1-2 June went for a trip to the
Continent on private terms but had been rating in the high $12,000s daily.
ASIA
Cargill reportedly fixed a 4-8 June 80,000-tonne 10% coal cargo from Dalrymple Bay to Qingdao at $7.95. SAIL
fixed yet another cargo this time a 6-10 June 75,000-tonne 10% cargo from Hay Point to Vizakhapatnam at an
easier $11.25.
The Ioclcos Genesis 84,062-dwt 2011-built went to Jaldhi for spot delivery Indonesia to India at $6,000 daily
plus a $60,000 bonus.
It emerged today that the 82,230-dwt 2012-built Bahia I fixed to Panocean for Qingdao delivery for a NoPac
round at $6,500 daily and not $6,300 daily as some reports suggested.
ULTRAMAX/SUPRAMAX
Limited information was reported as the start of a typical Monday.
ATLANTIC
The Ocean Ang 63,547-dwt 2017-built was fixed from the US Gulf to the Far East with pet coke and sources
also suggested it could be a voyage fixture but no details emerged. A 57,000-dwt 2014-built open Iceland was
fixed on subjects via the Baltic to the Mediterranean with scrap at a rate in the $11,000s possibly on aps basis.
ASIA
The DL Pansy 57,835-dwt 2013-built was booked for a trip to west coast India to Persian Gulf range at $7,500
daily delivery Weihai, China. The Jin Yun 56,810-dwt 2012-built open Qingdao was paid $7,000 daily for a steel
trip redelivery Southeast Asia.
PGSC was reportedly fixed the Vlazakis I 57,022-dwt 2010-built basis Fujairah for a run to east coast India with
aggregates at $8,000 per day.
HANDYSIZE
A very slow start to the week with very few confirmed fixtures being reported.
ATLANTIC
The Huanghai Struggler 2014-built 31,777-dwt was allegedly on subject’s delivery Poland end of May for a trip
via the Baltic to the Continent at $9,500 daily. There was a suggestion that a charterer was meant to be
holding tonnage firm in the low $5,000s basis aps Morocco for a trip to Brazil. Brokers rumoured a vessel had
fixed delivery Morocco to West Africa at above $8,000.
An unnamed vessel was linked to a cargo of 20,000-tonnes 10% ddgs from Mississippi River to the west coast
UK (Liverpool or Portbury) for May 29-June 7 dates basis 6 daps sshex at $31.50.
The Interlink Probity 2015-built 38,635-dwt open Maceio 26 May was said fixed for a trip via north Brazil to
Norway at around $10,500 daily. The Irmgard 2012 38,167-dwt was concluded for a trip delivery aps
Paranagua spot to ARA-Ghent at $7,700.
ASIA
A 37,000-dwt was fixed for a trip to India at $8,000 daily basis east Kalimantan delivery. A 35,000-dwt open
west coast India was covered for a trip to the Persian Gulf at $7,500 daily.
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