s&p monthly report may 2010 -...

www.cotzias.gr – visit our constantly updated website MAY 2010

Ship sale volume: May-10 Apr-10119 109 last month

73 71 last month

46 38 last month

Scrap volume:

94 134 last month

$750/LDT INDIA (STAINLESS ~950TNS)

Newbuilding Ships Prices (31/5/2010) (in mil USD)Dry Cargo CAPE 2-1-2009 PMX 2-1-2009 HMAX 2-1-2009

NEWBUILDING $73.0 $50.0 $44.2 $35.0 $34.9 $27.0

Tanker Ships VLCC 2-1-2009 SUZ 2-1-2009 AFR 2-1-2009

NEWBUILDING $98.0 $114.0 $69.0 $91.0 $51.0 $74.0

PAN 2-1-2009 PROD 2-1-2009

$44.0 $60.0 $34.0 $51.0

Average Dry cargo T/C Earnings (worldwide routes):

May-10 Apr-10 Mar-10 Feb-10$45,446 $35,281 $33,881 $30,036$33,914 $30,003 $30,833 $21,786$34,270 $31,330 $31,816 $26,308$32,556 $29,071 $31,358 $27,558$34,654 $29,022 $29,010 $23,592$22,854 $21,421 $20,896 $18,889$20,655 $18,073 $19,896 $16,175

Scrap Prices for MAY 2010

CHINA HIGH $450 AVERAGE $431 MAY 2010 AVERAGE $404 INDIA HIGH $750 AVERAGE $410 APR 2010 AVERAGE $440

BANGLADESH HIGH $470 AVERAGE $415 MAR 2010 AVERAGE $369 PAKISTAN HIGH $410 AVERAGE $384 FEB 2010 AVERAGE $346

TURKEY HIGH $212 AVERAGE $212 JAN 2010 AVERAGE $354 308.35BALTIC INDICES 31-May-10 30-Apr-10 31-Mar-10 26-Feb-10

4078 21.59% 3354 2998 27385217 32.55% 3936 3425 31744247 8.90% 3900 3674 33992982 9.83% 2715 2431 22881477 8.92% 1356 1375 1153680 -7.23% 733 708 762962 -3.41% 996 964 897

COMMENTS:

How does this fit in the Shipping markets? In an exacttly parallel way! Market Psychology anf Volatility are in shipping too!The world economy with its upswings and downturns and volatility has been engaged in an exact similar manner mainly in the Dry Bulk shipping markets. Price agreements

between iron/ore exporters/producers and importers are there to alter the quantities shipped to move demand and supply accordingly and to create the freight levels that swing

according to the prevailing economic fundamentals. We have never seen such great volatilities in the Baltic Dry index as we have monitored during these 5 months of 2010. From

Nov 2009 until Feb 2010 the Index dropped by nearly 50% whereas from then on until today it has risen in less than 3 months more than 60%. Such volatilities of 2‐3 month

periodicity and of that magnitude both positive and negative, create short term opportunities of shipping investments but can actually put‐off long term investors. Presently we

see that most investors decide to keep a wait and see stance, trying to convince themselves primarily that it is the right moment to invest, despite the increase in secondhand ship

prices to levels that are up to 30‐40% greater than 6 months ago.

Baltic Supramax Index

Baltic Handymax Index

Baltic Cape Index

Executive Summary

Dry cargo Ships sold this month:

Total number of Ships sold this month:

Handies 40,000 – 30,000 dwt: Small Bulkers 30,000 – 12,000 dwt:

Post Panamax 132,000 – 90,000 dwt:Panamax 89,000 – 59,000 dwt: Supramax 59,000 – 48,000 dwt:Handymax 48,000 – 40,000 dwt:

S&P MONTHLY REPORT

Baltic Dirty Tanker Index

Wet cargo Ships sold this month:

Ships scrapped this month:

Baltic Panamax Index

MAY 2010

GENERAL SCRAP PRICE AVERAGE

Highest Scrap Price paid this month:

Baltic Clean Tanker Index

Capes >134,000 dwt:

Baltic Dry Index

% change since LAST MONTH

Lets have a look at how the Financial Markets behaved last week. Oddly enough, the Dow Jones Industrial Average (and many other stock indices) fell to a new yearly low at 9774. It

was sudden and fast. It didn’t stay there long and by the end of the day, it was 275 points above that new low, perhaps marking the end to this present decline. The next day the

DJIA went up another 135 points but then gave back 200 by the close. The next day it closed up nearly 300 points. And on Friday, it fell back 121 points. Markets swinging wildly

back and forth while making large price movements each way.

Could we be weeing the end of a mini‐bear market, and the start of a new bull market that will take stock indices to new yearly highs quickly? Well yes, it would be fitting, but it will

not necessarily be the case, as the markets are captured by everyday surprises and the unexpected. From the perspective of this the possibility of move up in the DJIA to 12,500 is

about equal to the possibility of move down to 8500‐9000 or slightly lower. We would not be surprised to see both levels attained this year yet we are just not sure which comes

first.The fact remains that he markets are wild, volatile, and experiencing very sharp price swings in which the lows fall much lower than anyone expects, and the rallies are much

stronger than anyone expects. We can claim accuracy for forecasting the volatility and wild price swings, which are likely to continue through much of the summer and possibly

well beyond and into early next year. (starIQ )

N. COTZIAS SHIPPING CO. LTD.7-9 AKTI MIAOULI - 185 35 PIRAEUS TEL:+30 210 4222660/5 FAX:+30 210 4222678/9

PAGE 1 of [email protected], [email protected]


2010

NAME TYPE YEAR BUILT DWT GEAR PRICEBUYERS

NAMEBUYERS NATION

NOTES IMO

CAECILIE BULKER BC 2009 HYUNDAI 179,000 $71.00m GREEK BUYERS GREECESELLERS ARE LAURITZEN

J DENMARK 9455959

DOCECAPE BC 1987VEROLME

BRAZIL 151,852 P&C DEALCHINESE BUYERS

CHINASELLERS ARE

COMPANHIA VALE DO RIODOCE VALE, BRAZIL

8317813

RUBIN ACE BC 1996 NKK CORP 151,279 $29.00mFAR EAST BUYERS

FAREASTSELLERS ARE TOYO

SANGYO CO LTD JAPAN 9137959

SILVER CONSTELLATION

BC 1986 NIPPON KOKAN 146,351 $10.50mCOURAGE MARITIME

TAIWANSELLERS ARE ORIENT STEAMSHIP CANADA 8417883

PB PHOENIX BC 1989IMABARI

MARUGAME 97,161 $16.00m GREEK BUYERS GREECE

SELLERS ARE BARBER SHIPMANAGEMENT

CHINA. CONVERTED IN 2009 IN CHINA FROM A

TANKER. SALE INCL A T/C ATTACHED AT AROIUND $18/19K/DAY UNTIL AUG

2010

8913980

KOYO MARU BC 1985KASADO

KUDAMATSU 86,690 $12.55mCLIENTS OF LARUS SA

GREECESELLERS ARE MITSUI OSK

JAPAN 8315023

ZAGREB BC 2008JIANGSU EASTERN 80,400 $39.50m

CHINESE BUYERS

CHINASELLERS ARE

ATLANTSKA PLOVIDBA DD 9384502

JIN STAR BC 2010 JIANGSU 79,800 $41.00m GREEK BUYERS GREECE

SELLERS ARE JIN YANG SHIPPING CHINA. SALE

INCL A T/C ATTACHED AT $14250/DAY UNTIL END

2014

9431525

GEMINI S BC 2009HUDONG-

ZHONGHUA 74,500 $43.00m DRYSHIPS GREECESELLERS ARE IRIKA

SHIPPING SA, GREECE 9465801

XANADU BC 1999IMABARI

MARUGAME 72,270 $30.50mCHINESE BUYERS

CHINA

SELLERS ARE CARDIFF MARINE INC/DRYSHIPS,

GREECE - SHE WAS ACQUIRED BY DRYSHIPS IN FEB 2005 FOR $42MIL

9205823

IRINI BC 1988IMABARI

MARUGAME 69,734 $14.00mUNDISCLOSED

BUYERS-

SELLERS ARE EUROBULKLTD, GREECE 8802210

HELLENIC BREEZE BC 1993 TSUNEISHI 69,601 $21.50mCHINESE BUYERS

CHINASELLERS ARE HELLENIC

SHIPMANAGEMENT GREECE

9057587

PAIUTE BC 1995SANOYAS HISHINO 69,183 $23.50m

UNDISCLOSED BUYERS

-

SELLERS ARE HARREN & PARTNER SHIP MGT,

GERMANY. INCL T/C TILL 10/2011 AT $27750/DAY

9105530

IOLCOS CELEBRITY BC 1982 NAMURA 65,921 $7.50mCHINESE BUYERS

CHINASELLERS ARE IOLCOS

HELLENIC MANAGEMENT GREECE

8005276

AMPHION BC 1987 HYUNDAI HI 64,442 $14.20m GREEK BUYERS GREECESELLERS ARE ANDRIAKI

SHIPPING GREECE 8407890

YANGZHOU DAYANG SHIPBUILDING SB 1

BC 2011YANGZHOU

DAYANG SHIPBUILDING

58,000 4X30T $32.50m -

YANGZHOU DAYANG SHIPBUILDING SB 2

BC 2011YANGZHOU

DAYANG SHIPBUILDING

58,000 4X30T $32.50m -

SANFU RESALE BC 2009 SANFU 57,000 $33.50m GREEK BUYERS GREECE OSCAR WEHR GERMANY

CAKE BC 2007 CHENGXI 53,350 4X36T $32.00mCHINESE BUYERS

CHINASELLERS ARE GEDEN, TURKEY. OTHER REPS

SAY $31m9353216

MAYDRY CARGO SHIPS SOLD DURING THIS MONTH

SPAR SHIPPING NORWAYSELLERS ARE SETAF-

SAGET FRANCE




AGIOS NEKTARIOS BC 1988 DAMEN OKEAN 52,540 4X30T $7.95mFAR EAST BUYERS

FAREASTSELLERS ARE FLANMARE

SHIPPING GREECE 8723610

PINDOS BC 1994 DANYARD 48,218 4X25T $17.50m BINNY SHIPPING INDIA

SELLERS ARE HELIKON SHIPPING ENTERPRISES

UK. - SHE WAS REPORTED SOLD IN DEC

2009 AS SOLD TO CHINESE FOR $17.9MIL

9100217

SYRENA BC 1997GDANSKA

LENINA 48,122 4X35T $18.00mUNDISCLOSED

BUYERS-

SELLERS ARE SEVEN SEAS CARRIERS AS

NORWAY9102485

GRIFFON BC 1995 MITSUI TAMANO 46,635 4X30T $21.50mTAIWANESE

BUYERSTAIWAN

SELLERS ARE EAGLE SHIPPING INC USA - SHE WAS ACQUIRED IN MAR 2005 FOR $30MIL IN A 6 VSL ENBLOC DEAL OF

$180MIL TOTAL

9109354

WESTERN SEATTLE

BC 1999TSUNEISHI

CEBU 45,630 4X30T $25.00m GREEK BUYERS GREECESELLERS ARE VICTORIA SHIP MANAGEMENT INC

PHILIPPINES9207807

MED INTEGRITY BC 1984 TSUNEISHI 43,381 4X25T $6.00mFAR EAST BUYERS

FAREAST

SELLERS ARE MEDITERRANEAN

MARITIME SA, GREECE. AT AUCTION IN HONG

KONG

8307961

JIN ACE BC 1985 NIPPONKAI HI 43,184 4X25T $11.50mINDONESIAN

BUYERSINDONESIA

SELLERS ARE JIN YANG SHIPPING CHINA 8316546

ZAMRUD BC 1986 HYUNDAI 41,630 4X25T $9.00mEUROPEAN

BUYERSEUROPE

SELLERS ARE PT PERUSAHAAN

PELAYARAN EQUINOX INDONESIA. THIS VSL

WAS BOUGHT BY PRESENT SELLERS IN JANUARY 2010 FOR A

REPORTED $8.4m

8412132

DA FU STAR BC 1984 OSHIMA ZOSEN 41,093 4X25T $8.00m GREEK BUYERS GREECE

SELLERS ARE CHINESE WHO ACQUIRED HER IN NOV 2008, ONE OF THE

FIRST SALES AFTER OCT 2008 FINANCIAL CRASH,

FOR $3.85MIL

8307789

CS SADA BC 2005SHIN

KURUSHIMA 33,562 4X30T $28.50m GREEK BUYERS GREECESELLERS ARE

GALBRAITH'S LTD, UK 9300910

NORD MUMBAI BC 2009JIANGMEN NANYANG 32,688 $27.50m 9437529

NORD SHANGHAI BC 2009JIANGMEN NANYANG 32,688 $27.50m 9437517

NORD HONG KONG BC 2010JIANGMEN NANYANG 32,688 $27.50m 9437505

NORD VANCOUVER BC 2010JIANGMEN NANYANG 32,688 $27.50m 9414773

SHINYO REWARD BC 2010JIANGSU

ZHENJIANG 32,500 4X25T $24.50m WESTERN BULK NORWAYSELLERS ARE UNIVAN SHIP MANAGEMENT

CHINA9559690

SOLD ENBLOC NORD MUMBAI, NORD

SHANGHAI, NORD HONG KONG, NORD

VANCOUVER TO RUSSIANBUYERS FOR $27.5m

EACH UNIT. SELLERS ARENORDEN DENMARK

APSIS GLOBE RUSSIA




TAURUS CONT 1998GDYNIA

STOCZNIA 31,000 3X45T, 1835 TEU $14.50m 9134593

URANUS CONT 1999GDYNIA

STOCZNIA 31,000 3X45T, 1835 TEU $14.50m 9163207

LARISA BC 1981 SUNDERLAND 30,900 2X25T, 3X15T $4.50mUNDISCLOSED

BUYERS-

SELLERS ARE NAVISERVICE LTD ITALY 7920039

NORTHERN FORTUNE

CONT 1991GDANSKA

LENINA 30,685 $5.50mCHINESE BUYERS

CHINASELLERS ARE REEDEREI

KARL SCHLUTER GERMANY

8302167

ODER TRADER CONT 1998GDYNIA

STOCZNIA 30,360 3X45T, 2008 TEU 9146302

ARKONA TRADER CONT 1998GDYNIA

STOCZNIA 30,360 3X45T, 2008 TEU 9146314

FORTUNE EXPRESS BC 1998 NAIKAI SETODA 30,109 4X30T $21.00mTURKISH BUYERS

TURKEYSELLERS ARE SOJITZ

MARINE AND ENGINEERING JAPAN

8631245

DION BC 1994KANDA

KAWAJIRI 28,510 4X30T $15.75m GREEK BUYERS GREECE

SELLERS ARE UNION COMMERCIAL

INCORPORATED GREECE.INCL A BALANCE OF T/C

TO CLIPPER AT $15000/DAY TILL 1-3/2011

9078335

TRI ARROWS BC 2009IMABARI

MARUGAME 28,050 4X30.5T $29.50m GREEK BUYERS GREECESELLERS ARE P&F

MARINE CO LTD, JAPAN 9519224

ATLANTIC LAUREL BC 1999 NAIKAI ZOSEN 27,797 4X30T $21.50mUNDISCLOSED

BUYERS-

SELLERS ARE SEKIHYO LINE JAPAN 9196395

NOSCO PEACE BC 1983 JAPAN 26,384 4X25T $2.40mCHINESE BUYERS

CHINA

SELLERS ARE NORTHERNSHIPPING JOINT STOCK,

VIETNAM. (INTERESTINGLY THIS

VESSEL WAS REPORTED SOLD DEC 2008 AT $3.7m AND IN JAN 10 AT $4 2m)

8312617

COMANDATE MPP 1983 HDW AG-KIEL 25,855 4X36T, 1378 TEU $5.00mCHINESE BUYERS

CHINASELLERS ARE ALON

MARITIME CORP GREECE 8209638

STX ASIA CONT 1991 KANASASHI 24,502 1461 TEU $5.30mCHINESE BUYERS

CHINA

SELLERS ARE STX PAN OCEAN CO LTD KOREA -

SHE WAS AQUIRED IN MAY 2005 FOR $34MIL

9009176

MOJI TOWER CONT 1994IMABARI

MARUGAME 24,444 1432 TEU $7.50m SINOKOR KOREASELLERS ARE ZODIAC

MARITIME AGENCIES, UK 9084035

DRIEVER CONT 2009WADAN YARDS

MTW GMBH 23,978 1698 TEU $11.69mUNDISCLOSED

BUYERS-

EURO 9.5m BASIS PROMPT DELIVERY 9354648

NEERMOOR CONT 2010WADAN YARDS

MTW GMBH 23,870 1698 TEU $11.69mUNDISCLOSED

BUYERS-

EURO 9.5m BASIS PROMPT DELIVERY 9348182

CONTI GERMANY CONT 1992 GERMANY 23,596 1599 TEU $5.80m 9051222

CONTI JORK CONT 1990 GERMANY 23,596 1599 TEU $5.80m 8908181

CONTI BARCELONA CONT 1991BREMER VULKAN 23,465 1599 TEU $5.80m 9008536

COLUMBIAN EXPRESS

MPP 1986 MITSUBISHI 20,479 4X25T $6.50mCHINESE BUYERS

CHINASELLERS ARE FLEET

MANAGEMENT HK CHINA 8412558

GRAND CHINA LOGISTICS

CHINA

SOLD ENBLOC CONTI BARCELONA, CONTI

GERMANY AND CONTI JORK TO CHINESE

BUYERS FOR $17.4m FOR ALL THREE UNITS. SELLERS ARE NSB

NIEDERELBE SCHIFFAHRTSGESELLSC

HAFT GERMANY

NORWAY

SOLD ENBLOC NEPTUN AND URANUS AT $14.5m

EACH UNIT TO NORWEGIAN BUYERS - SELLERS ARE ALPHA SHIP GMBH GERMANY

$32.00m EUROBULK GREECE

SOLD ENBLOC TO GREEK BUYERS FOR $32m FOR BOTH UNITS. SELLERS

ARE HERMANN BUSS KG, GERMANY

NORWEGIAN BUYERS




A. V. KASTNER BC 1987 HYUNDAI HI 19,075 $3.50mMIDDLE

EASTERN BUYERS

MIDDLE EASTSELLERS ARE GYPSUM TRANSPORTATION LLC,

USA8605208

SAGAR CONT 1999 IWAGI 17,791 2X25T, 1005 TEUUNDISCLOSED

BUYERS-

SELLERS ARE NORTHSTAR SHIP

MANAGEMENT HK, CHINA.9202895

AIGIORGIS BC 1979 IMABARI 17,686 D4X25T $2.20mUNDISCLOSED

BUYERS-

SELLERS ARE MARITEAM SERVICES INC GREECE 7903017

CIELO DI CASABLANCA

CONT 2007 JINLING 17,000 2X40, 1118 TEU $14.38mGERMAN BUYERS

GERMANY

SELLERS ARE FAR-EASTERN

SHIPMANAGEMENT RUSSIA

9406829

THOR SKY MPP 1986 AESA SESTAO 16,224 4X12.5T $3.50mCHINESE BUYERS

CHINASELLERS ARE THORESEN

& CO (BANGKOK) THAILAND

8411827

INGA S CONT 1995 VOLKSWERFT 14,454 2X45T, 1104 TEU $6.00mUNDISCLOSED

BUYERS-

SELLERS ARE H SCHEPERS

BEREEDERUNGS GMBH, GERMANY

9106637

FILIPPA CONT 1991 MTW 14,140 2X40T, 1158 TEU 9004188

VENTO DI GRECALE

CONT 1991 MTW 14,140 2X40T, 1158 TEU 8801357

IBN HAZM CONT 2005 AKER TULCEA 13,951 1120 TEU $14.00mUNDISCLOSED

BUYERS-

SELLERS ARE INTERORIENT MARINE

SERVICES CYPRUS9319569

ASIAN GLORY CONT 2005 JIANDONG 13,760 2X45T, 1118 TEU 9301562

TROPIC CANADA CONT 2005 CHR 13,760 2X45T, 1118 TEU 9245677

ALI S MPP 1989KOMUNY PARYSKI 13,593

3X25T, 3X12.5T, D2X5T, 302 TEU $4.15m 8302258

MONA S MPP 1987KOMUNY PARYSKI 13,593

3X25T, 3X12.5T, D2X5T, 302 TEU $4.15m 8302210

ID TRADER MPP 1996 IMABARI 8,679 2X30T, D2X25T P&C DEALUNDISCLOSED

BUYERS-

SELLERS ARE BIDSTED AND CO AS, DENMARK 9146091

RESIT ATASOY MPP 1996 TURKEY 8,258 2X20T D2X15T P&C DEALTURKISH BUYERS

TURKEY 9116084

KATERINI MPP 1980 HAKATA HAKATA 5,207 D3X10T $0.72m SYRIAN BUYERS SYRIA

SELLERS ARE TRUSTCARRIER GREECE REPORTED SOLD IN JAN

2008 FOR $2.5MIL

8004129

DEFNE Y BC 1980FERGUSON

BROS 4,412 $0.83mUNDISCLOSED

BUYERS-

SELLERS ARE ISTANBUL DENIZ TICARET LTD,

TURKEY7725518

RIJEKA RORO 1984 VISENTINI 3,979 347 TEU $1.55mTURKISH BUYERS

TURKEYSELLERS ARE LOSINJSKAPLOVIDBA BRODARSTVO

CROATIA8223244

THE AEGEAN PEARL

PAX 1971TIRRENO

RIUNITI RT 2,388980 PAX, 395

CABINS $19.50mISRAELY BUYERS

ISRAELSELLERS ARE CORE

MARINE GREECE 7111078

Note1: With Red color are indicated all Greek interest Buyers or Sellers

$26.50mUNDISCLOSED

BUYERS-

SOLD ENBLOC AT $26.5m FOR BOTH UNITS TO

UNDISCLOSED BUYERS. SELLERS ARE W

BOCKSTIEGEL REEDEREI GMBH, GERMANY

RUSSIAN BUYERS

RUSSIA

SOLD ENBLOC ALI S AND MONA S TO RUSSIAN

BUYERS FOR $8.3m FOR BOTH UNITS. SELLERS ARE SAMIN SHIPPING

SYRIA

P&C DEALUNDISCLOSED

BUYERS-

P&C EN BLOC DEAL TO UNDISCLOSED BUYERS. SELLERS ARE ERRIA AS,

DENMARK




DRY CARGO 2ND HAND MARKET STATISTICS

country units %

2010 UNITS OUTLAY$ DWT GREECE 77 16.28%

JANUARY 86 $1,331.34m 4,032,764 CHINA 58 12.26%

FEBRUARY 82 $1,383.07m 3,896,685 GERMANY 57 12.05%

MARCH 161 $3,532.12m 7,367,541 JAPAN 42 8.88%

APRIL 71 $1,087.61m 3,404,042 SINGAPORE 23 4.86%

MAY 73 $1,118.90m 3,062,811 FRANCE 15 3.17%

JUNE 0 $0.00m 0 TURKEY 15 3.17%

JULY 0 $0.00m 0 NORWAY 14 2.96%

AUGUST 0 $0.00m 0 ITALY 13 2.75%

SEPTEMBER 0 $0.00m 0 DENMARK 13 2.75%

OCTOBER 0 $0.00m 0 KOREA 11 2.33%

NOVEMBER 0 $0.00m 0 CYPRUS 10 2.11%

DECEMBER 0 $0.00m 0 USA 9 1.90%

TOTAL 473 $8,453.04m 21,763,843 UK 9 1.90%

RUSSIA 9 1.90%

THAILAND 8 1.69%

COUNTRY UNITS % OUTLAY ($) % DWT % VIETNAM 7 1.48%

CHINA 117 24.74% $1,810 21.41% 7,790,636 35.80% SWITZERLAND 6 1.27%

GREECE 88 18.60% $2,089 24.71% 5,078,223 23.33% ALL OTHER 59 12.47%

TURKEY 24 5.07% $198 2.35% 438,421 2.01% UNDISCL 18 3.81%

USA 22 4.65% $1,288 15.24% 534,322 2.46% TOTAL 473 100.00%

NORWAY 17 3.59% $444 5.25% 799,750 3.67%

GERMANY 13 2.75% $110 1.30% 370,425 1.70%

RUSSIA 10 2.11% $126 1.49% 195,849 0.90%

INDIA 9 1.90% $225 2.66% 552,759 2.54%

INDONESIA 9 1.90% $78 0.93% 280,659 1.29%

KOREA 8 1.69% $164 1.94% 343,060 1.58%

VIETNAM 7 1.48% $61 0.72% 148,752 0.68%

ISRAEL 6 1.27% $115 1.35% 412,747 1.90%

FAREAST 5 1.06% $76 0.90% 305,670 1.40%

SYRIA 4 0.85% $18 0.22% 85,630 0.39%

UNDISCL 81 17.12% $977 11.55% 2,623,894 12.06%

ALLOTHER 53 11.21% $693 8.20% 1,888,676 8.68%

TOTAL 473 100.00% $8,453 100.00% 21,763,843 100.00%

2010 BC SD CONT MPP TWEEN REEFER PASS RORO OTHER TOTAL

JANUARY 61 0 15 3 0 1 0 5 1 86

FEBRUARY 59 0 3 9 0 0 0 4 7 82

MARCH 89 0 35 14 0 3 0 4 16 161

APRIL 47 0 12 6 1 0 0 5 0 71

MAY 43 0 20 8 0 0 0 1 1 73

JUNE 0 0 0 0 0 0 0 0 0 0

JULY 0 0 0 0 0 0 0 0 0 0

AUGUST 0 0 0 0 0 0 0 0 0 0

SEPTEMBER 0 0 0 0 0 0 0 0 0 0

OCTOBER 0 0 0 0 0 0 0 0 0 0

NOVEMBER 0 0 0 0 0 0 0 0 0 0

DECEMBER 0 0 0 0 0 0 0 0 0 0

TOTAL 299 0 85 40 1 4 0 19 25 473

SELLERS - The sellers stats have changed even morethis month. Greeks have for a 2nd month sold more andhave increased the "spread" between Greece-China…!

Greeks have sold 77 units (62 last) with China having disposed 58 units (51 last). In 3rd place of the sellers list is

Germany who sold 20 units more in May 2010 with 57 while Japanese are 4th with 42 units sold from Jan 2010

until today

MONTHLY UNIT SALE ACTIVITY

2010 DRY CARGO STATISTICS - BUYERS

BUYERS - Greece and China are on a rat race, with the score this month to be China-Greece 15-14…!!! Chinese

buyers are topping the tables with 117 units (102 last) acquired during the 1st 5 months of 2010. Greeks have acquired 88 units (74 last). Turkish buyers 3rd with 24

units. In terms of capital outlay Greeks have outperformed Chinese with 2billion spent vs 1.8 by the Chinese new

owners. In terms of dwt Chinese have neraly 8million tonnesvs 5 that the Greeks have added to the Hellenic controlled fleet. It is worth pointing out that during the 1st 5 months of 2010 8.5bilion USD has been used to finance and pay for

these 473 ships sold. 21.7milion tonnes have changed hands, while China is responsible for 36% of the total DWT

carrying capacity that has been traded vi athe Sale and Purchase market.

SELLERS STATS 2010

DRY CARGO UNITS SOLD - BREAKDOWN PER MONTH 2010

Similar levels of activity with last month. Not surpising though. The market is in a wait and see mode. Feight rates are increasing and ship prices are on the increase. Many owners are not able to identify a clear direction. Serious sellers are put off by more than average T/C rates and choose to make more money by tradingtheir ships. The

potential investor, feels that he is not getting such a value for money as he could get before Easter period. Prices for secondhand ships have picked up even up to 50% frm the

start of the year. A 20 year old panamax vessel culd be bought for $11mil in Jan 2010 and today some are traded

for excess $15.5-$16mil usd!! that is a 45% increase, while a Handymax vessel built 1990 was sold for $10mil in Jan

2010 and today can fetch 14.5mil, a 45% increase.




CHANGE CHANGE

FR0M 1/5/09 FR0M 1/5/09

NB CAPE $96.7 $57.0 $73.0 28% 5y CAPE $150.5 $45.4 $61.0 34%

NB PMX $57.0 $36.0 $44.2 23% 5y PMX $88.0 $28.0 $39.0 39%

NB HANDY $49.0 $30.0 $34.9 16% 5y HANDY $73.6 $24.8 $29.0 17%

CHANGE CHANGE

FR0M 1/5/09 FR0M 1/5/09

10y CAPE $131.0 $36.5 $43.5 19% 20y CAPE $82.0 $19.5 $19.5 0%

10y PMX $76.0 $22.5 $31.5 40% 20y PMX $47.0 $9.8 $16.8 71%

10y HANDY $62.0 $18.2 $23.4 29% 20y HANDY $41.0 $8.6 $13.0 51%

In the table on the top we see monthly number of dry cargo ships sold as of May 2010, compared to 2009's monthly activity.

In the table on the top we see the MONTHLY dry cargo capital expenditure for May 2010 compared to 2009's monthly activity.

TYPE 11-07-08

TYPE

28-05-10

28-05-10

01-05-09

01-05-0911-07-08TYPE

11-07-08

28-05-10

1990 built (20Y) OLD BULKERS PRICE COMPARISON

01-05-09


TYPE

NB BULKERS PRICE COMPARISON

28-05-10

11-07-08

01-05-09


Tables above compare prices from 11th Jul 2008 and 6th Feb 2009 with today

Dry cargo units sold 2010 vs 2009

5972

100

75

109 108

71

104 100

80

161

93

52

8682

71 73

30

50

70

90

110

130

150

170

JANUARY

FEBRUARY

MARCHAPRIL

MAYJUNE

JULY

AUGUST

SEPTEMBER

OCTOBER

NOVEMBER

DECEMBER

units 2009 2010 Dry cargo - Capital expend. 2010 vs 2009

$970

$1,656

$681$1,018

$913$739

$1,350$1,123

$710

$1,528

$1,083$1,189

$1,119

$3,532

$1,088

$1,331$1,383

$150m

$650m

$1,150m

$1,650m

$2,150m

$2,650m

$3,150m

$3,650m

JANUARY

FEBRUARY

MARCHAPRIL

MAYJUNE

JULY

AUGUST

SEPTEMBER

OCTOBER

NOVEMBER

DECEMBER

2008 2009

DRY CARGO (2000 - 2010) NB vsl PRICES

$16

$31

$46

$61

$76

$91

May

-00

Nov-0

0

May

-01

Nov-0

1

May

-02

Nov-0

2

May

-03

Nov-0

3

May

-04

Nov-0

4

May

-05

Nov-0

5

May

-06

Nov-0

6

May

-07

Nov-0

7

May

-08

Nov-0

8

May

-09

Nov-0

9

May

-10

CAPE 170KPANAMAX 70KHANDY 50K

DRY CARGO (2000 - 2010) 5y OLD vsl PRICES

$10

$33

$55

$78

$100

$123

$145

May

-00

Nov-0

0

May

-01

Nov-0

1

May

-02

Nov-0

2

May

-03

Nov-0

3

May

-04

Nov-0

4

May

-05

Nov-0

5

May

-06

Nov-0

6

May

-07

Nov-0

7

May

-08

Nov-0

8

May

-09

Nov-0

9

May

-10



$8

$28

$48

$68

$88

$108

$128

May

-00

Nov-0

0

May

-01

Nov-0

1

May

-02

Nov-0

2

May

-03

Nov-0

3

May

-04

Nov-0

4

May

-05

Nov-0

5

May

-06

Nov-0

6

May

-07

Nov-0

7

May

-08

Nov-0

8

May

-09

Nov-0

9

May

-10

CAPE 170K

PANAMAX


$2

$15

$27

$40

$52

$65

$77

May

-00

Nov-0

0

May

-01

Nov-0

1

May

-02

Nov-0

2

May

-03

Nov-0

3

May

-04

Nov-0

4

May

-05

Nov-0

5

May

-06

Nov-0

6

May

-07

Nov-0

7

May

-08

Nov-0

8

May

-09

Nov-0

9

May

-10





2010

NAME TYPE YEAR BUILT DWT PRICEPRICE NOTE

BUYERS NAME

BUYERS NATION

NOTES IMO

CRUDESTAR TANKER 2003HYUNDAI SAMHO 318,695 9254082

CRUDEMED TANKER 2010HYUNDAI SAMHO 318,325 9411032

CRUDESUN TANKER 2007DAEWOO

SHIPBUILDING 306,543 9322279

CRUDESKY TANKER 2007DAEWOO


CRUDE PROGRESS TANKER 2002DAEWOO


CRUDE ITA TANKER 2010HYUNDAI SAMHO 165,000 9461776

SHAULA STAR TANKER 1994 HYUNDAI HI 301,591 $23.50m 9060338

POLARIS STAR TANKER 1994 HYUNDAI HI 301,569 $23.50m 9048110

MIRFAK STAR TANKER 1994 HYUNDAI HI 301,542 $23.50m 9060314

PHERKAD STAR TANKER 1995 HYUNDAI HI 301,389 $23.50m 9048134

MARKAB STAR TANKER 1994 HYUNDAI HI 301,227 $23.50m 9048122

TITAN CHIOS TANKER 1986 MITSUI CHIBA 239,783 $14.00mUNDISCLOSED

BUYERSSELLERS ARE TITAN

OCEAN PTE, SINGAPORE. 8500147

DILONG SPIRIT TANKER 2009 BOHAI 159,021 $70.50m 9390628

SHENLONG SPIRIT TANKER 2009 BOHAI 159,021 $70.50m 9379210

JIAOLONG SPIRIT TANKER 2009 BOHAI 159,021 $70.50m 9379208

BLUE TANKER 2010JIANGSU

RONGSHENG SHIPBUILDING

156,000 $70.00m APOLLOINCL A 5 YEAR TC BACK

AT AN UNDISCLOSED RATE

OLINDA TANKER 1996FINCANTIERI

BREDA 149,258 $26.00mUNDISCLOSED

BUYERS-

SELLERS ARE CARDIFF MARINE, GREECE. IN JAN

2008 SHE WAS REPORTED SOLD AT

$65m

9033971

TSUNEISHI RESALE1

TANKER 2010 TSUNEISHI 107,500

TSUNEISHI RESALE2

TANKER 2010 TSUNEISHI 107,500

LIVIA TANKER 2003HYUNDAI SAMHO 105,889 $38.00m COILED GREEK BUYERS GREECE

SELLERS ARE REPSOL YPF, SPAIN 9261619

TIGANI TANKER 1991 KOYO MIHARA 97,114 $12.40m THAI OIL THAILANDSELLERS ARE

OCEANFREIGHT INC GREECE

9002142

LOCHNESS TANKER 1993 GDYNIA 90,607 $14.00mMERCATOR

LINESINDIA

SELLERS ARE GROTON PACIFIC CARRIERS INC

USA8719231

SANKO HERITAGE TANKER 2008 ONOMICHI 73,956 $46.00m 9334569

SANKO HARMONY TANKER 2007 ONOMICHI 73,919 $46.00m 9334557

TANKER SHIPS SOLD DURING THIS MONTH

SH. SOLD ENBLOC FOR $23.5m EACH

UNIT FOR CONVERSION

VALE

SOLD ENBLOC TO TURKISH BASED

UKRAINIAN BUYERS FOR $120m FOR BOTH UNITS. SELLERS ARE POLYAR

TANKERS GREECE

$600.00m

SOLD ENBLOC FOR XS $600M

TOTAL FOR ALL 6 UNITS

GENERAL MARITIME

GREECE

SOLD ENBLOC FOR XS $600M TOTAL FOR ALL 6

UNITS. SELLERS ARE METROSTAR

MANAGEMENT GREECE

MAY

SOLD FOR CONVERSION -ENBLOC WITH MIRFAK STAR, PHERKAD STAR, SHAULA STAR, MARKAB

STAR, POLARIS STAR FOR$23.5MIL EACH UNIT

SOLD ENBLOC TO US

INVESTORS FOR $70.5m EACH UNIT

RIDGEBURY TANKERS (IPO)

USA

SOLD ENBLOC TO US INVESTORS FOR $70.5m

EACH UNIT. VESSEL WILL REMAIN IN TEEKAY SUEZ

POOL.

BRAZIL

$120.00m

SOLD ENBLOC TO TURKISH

BASED UKRAINIAN

BUYERS FOR $120m FOR BOTH UNITS

PALMALI UKRAINE

SOLD ENBLOC SANKO

HARMONY ANDSANKO

HERITAGE TO SCORPIO

TANKER ITALY FOR REGION

$92m FOR BOTH UNITS INCL 2.5 m

FOR TERMINATION OF PREVIOUS

T/C

SCORPIO TANKERS

ITALY

SOLD ENBLOC SANKO HARMONY AND SANKO HERITAGE TO SCORPIO

TANKER ITALY FOR REGION $92m FOR BOTH

UNITS INCL 2.5 m FOR TERMINATION OF

PREVIOUS T/C




PACIFIC SERENITY TANKER 2003 IWAGI 47,945 $24.50mUNDISCLOSED

BUYERS-

SELLERS ARE IINO KAIUN KAISHA LTD JAPAN 9275983

TORM ESBJERG TANKER 2008STX


TORM NAKSKOV TANKER 2008STX


TORM AALBORG TANKER 2008 HYUNDAI MIPO 47,128 9374284

TORM HANSTHOLM TANKER 2008 HYUNDAI MIPO 47,128 9374296

ATLANTIC HOPE TANKER 2008 HYUNDAI MIPO 47,128 9374272

TROGIR TANKER 1995BRODOTROGIR

SHIPYARD 40,727 $11.00mCHAMPION TANKERS

NORWAYSELLERS ARE NOVOSHIP

JSC RUSSIA 9080493

MISS CLAUDIA TANKER 2006 KOREA 40,158 $27.20mNORWEGIAN

BUYERSNORWAY

SOLD WITH BB CHARTER AT $8000 FOR 3 YEARS 9293959

NORDANVIND TANKER 2001 DAMEN GALATZ 39,768 $8.50mUNDISCLOSED

BUYERS-

SELLERS ARE NEWLEAD HOLDINGS LTD GREECE 9037123

OSTRIA TANKER 2000 DAMEN GALATZ 39,768 $8.50mUNDISCLOSED

BUYERS-

SELLERS ARE NEWLEAD HOLDINGS LTD GREECE 9037135

USUKI 1724 TANKER 2010 USUKI 19,900 $30.00m 9477529

USIKI 1728 TANKER 2011 USUKI 19,900 $30.00m 9477567

BUNGA SIANTAN TANKER 1991 MALAYSIA 16,924 $3.80mWARUNA NUSA

SENTANAINDONESIA 8818245

COSMIC 18 TANKER 1996 JAPAN 9,273 $6.50m IMO II/IIIFAR EASTERN

BUYERSFAR EAST EX GLOBAL MERCURY 9149342

GLOBAL VENUS TANKER 1995 JAPAN 9,273 $5.20m IMO II/III ASIAN BUYERS ASIASELLERS ARE GLOBAL

MARINE SERVICE CO LTD JAPAN

9132612

BRO VENTURE TANKER 1995SINGAPORE

SLIPWAY 7,476 $2.50m 9101455

BRO OPTI TANKER 1995SINGAPORE

SLIPWAY 7,476 $2.50m 9101467

SUNNY HAWK TANKER 1991 SANUKI TAKAMA 6,114 $2.80mTAIWANESE

BUYERSTAIWAN

SELLERS ARE MITSUI OSKLINES LTD JAPAN 9009944

MULTITANK BADENIA

TANKER 1997VIANA DO CASTELO 5,846 $6.65m 9140827

MULTITANK BRITANNIA

TANKER 1996 PORTUGAL 5,846 $6.65m 9114751

SUPREMITY TANKER 2007 QINGSHAN 4,426 $10.90mNORWEGIAN

BUYERSNORWAY

SELLERS ARE JAMES FISHER SHIPPING

SERVICES UK9285213

OSM BRAVE GAS 1988 KOREA 3,239 P&CKOREAN BUYERS

KOREA

SELLEERS ARE SUNWOO MERCHANT

MARINE CO LTD KOREA - .LPG TANKER

8619405

Note1: With Red color are indicated all Greek interest Buyers or Sellers

$180.00m

SOLD ENBLOC TORM

ESBJERG. TORM

AALBORG, TORM

NAKSKOV, TORM

HANSTHOLM, ATLANTIC

HOPE FOR $180m TOTAL

FOR ALL 5 UNITS

BLUE LINES UAE

SOLD ENBLOC FOR $180m FOR ALL 5 UNITS TO DUBAI BASED BLUE

LINES INCL 7-8 YEARS TCAT BETWEEN $16K AND

$16.5K /DAY

SOLD ENBLOC FOR $30m

EACH UNIT TO MTMM

MTMM USA

SOLD ENBLOC FOR $30m EACH UNIT TO MTMM.

SELLERS ARE CIDO SHIPPING CHINA

SOLD ENBLOC WITH BRO

OPTI TO FAR EASTERN

BUYERS AT $5m FOR

BOTH UNITS

WINSON SHIPPING

CHINA

SOLD ENBLOC WITH BRO OPTI TO FAR EASTERN BUYERS AT $5m FOR

BOTH UNITS

COATED, IMO II. SOLD ENBLOC REGION

$13.3m FOR BOTH UNITS

TO ESSBERGER

ESSBERGER JT GERMANY

SOLD ENBLOC REGION $13.3m FOR BOTH UNITS

TO GERMAN BUYERS (ESSBERGER JT) -

SELLERS ARE AHRENKIELSHIPMAN GERMANY




TANKER 2ND HAND MARKET STATISTICS

COUNTRY UNITS %

2010 UNITS OUTLAY$ DWT GREECE 41 18.81%

JANUARY 60 $1,265.58m 3,750,900 SINGAPORE 19 8.72%

FEBRUARY 35 $705.70m 2,477,731 TURKEY 17 7.80%

MARCH 39 $633.05m 3,185,888 JAPAN 21 9.63%

APRIL 38 $1,088.50m 2,785,130 GERMANY 13 5.96%

MAY 46 $1,682.60m 5,474,809 CHINA 18 8.26%

JUNE 0 $0.00m 0 NORWAY 10 4.59%

JULY 0 $0.00m 0 KOREA 9 4.13%

AUGUST 0 $0.00m 0 UAE 9 4.13%

SEPTEMBER 0 $0.00m 0 UK 7 3.21%

OCTOBER 0 $0.00m 0 ITALY 7 3.21%

NOVEMBER 0 $0.00m 0 USA 6 2.75%

DECEMBER 0 $0.00m 0 CYPRUS 5 2.29%

TOTAL 218 $5,375.43m 17,674,458 MALAYSIA 6 2.75%

CANADA 7 3.21%

LATVIA 3 1.38%

COUNTRY UNITS OUTLAY ($) % DWT % CHILE 1 0.46%

GREECE 31 $1,557 28.97% 4,031,629 22.81% INDIA 1 0.46%

NORWAY 14 $487 9.05% 1,452,333 8.22% ALL OTHER 17 7.80%

INDONESIA 12 $163 3.04% 598,881 3.39% UNDISCL 1 0.46%

CHINA 11 $127 2.36% 893,798 5.06% TOTAL 218 100.00%

DENMARK 6 $144 2.68% 238,766 1.35%

SINGAPORE 6 $103 1.91% 590,950 3.34%

INDIA 6 $68 1.27% 294,867 1.67%

USA 10 $524 9.74% 986,417 5.58%

UK 4 $20 0.37% 15,370 0.09%

BRAZIL 6 $133 2.46% 1,787,302 10.11%

CHILE 4 $49 0.91% 227,971 1.29%

MONACO 4 $97 1.80% 157,619 0.89%

NIGERIA 4 $12 0.21% 94,309 0.53%

UNDISCL 39 $536 9.97% 2,613,483 14.79%

ALL OTHER 61 $1,358 25.25% 3,690,763 20.88%

TOTAL 218 $5,375 100.00% 17,674,458 100.00%

2010VLCC & ULCC

SUEZMAXAFRAMAX

110KPANAMAX

70KPROD 45K < 40,000 OBO LPG & LNG TOTAL

JANUARY 3 8 4 2 15 21 1 5 59

FEBRUARY 3 0 7 5 8 11 0 1 35

MARCH 6 4 5 0 2 21 0 1 39

APRIL 4 2 4 4 8 11 0 5 38

MAY 11 6 5 2 8 13 0 1 46

JUNE 0 0 0 0 0 0 0 0 0

JULY 0 0 0 0 0 0 0 0 0

AUGUST 0 0 0 0 0 0 0 0 0

SEPTEMBER 0 0 0 0 0 0 0 0 0

OCTOBER 0 0 0 0 0 0 0 0 0

NOVEMBER 0 0 0 0 0 0 0 0 0

DECEMBER 0 0 0 0 0 0 0 0 0

TOTAL 27 20 25 13 41 77 1 13 217

Japanese sellers are 2nd with 21 units, while

Singapore based sellers are 3rd with 19 ships,

leaving Chinese 4th with 18 units sold during the period Jan-May 2010.

SELLERS - The table on the RIGHT shows the nationality of the Sellers. Greek Sellers are in number

one position having sold 41 units (29 units last).

Tanker sale have picked up. A clear spike in the marketwith improved freight rates, is here. 46 deals this month

with the largest capital outlay since the start of 2010, and even looking back into 2009 we see that the

1.7billion spent to finance these 46 ships had not been seen since pre August 2008 times when we were

averaging the levels of $1.5-$1.7 billion spent. A bullishmarket is here for the tankers, and the indstry is greatly

helped by the phase-out deadline of Dec 2010 while 180 units have already been scrapped of a total of

10mil DWT carrying capacity removed from the active fleet. The question for the tankers will not be if the

demand for petroleum products will be good or not, but if the world supply /production of oil will be able to meetthe demand and produce the needed quantities... so it

is high time, despite the ecological disaster that BP hasto get that bloody USG hole fixed... we can'f afford to throw away so much oil ... at these difficult times...!!!

TANKER UNITS SOLD - BREAKDOWN PER SIZE AND MONTH 2010

2010 TANKER buyer STATISTICS

SELLERS STATS 2010

MONTHLY UNIT SALE ACTIVITY

BUYERS - Greek buyers are leading the tanker buyers league. They have increased their lead further by acquiring a total of 31units (24

last) of 2.3million DWT carrying capacity, and have forked out a massive $1.6million USD. Norwegian buyers strong in 2nd place with

14 units (11 last) pulling away from Indonesian buyers that have added one more ship since last month and have bought 12

units.Chinese buyers are still 4th with11 units (9 last).




CHANGE CHANGE

FR0M 1/5/09 FR0M 1/5/09

VLCC $156.5 $109.0 $98.0 -10% VLCC $155.0 $77.0 $80.0 4%SUEZMAX $96.0 $76.0 $69.0 -9% SUEZMAX $101.0 $60.0 $59.0 -2%AFRAMAX $78.0 $60.5 $51.0 -16% AFRAMAX $76.0 $45.5 $42.0 -8%PANAMAX $65.0 $52.0 $44.0 -15% PANAMAX $61.0 $38.0 $34.0 -11%MR PROD $55.0 $40.0 $34.0 -15% MR PROD $52.5 $32.0 $26.0 -19%

CHANGE CHANGEFR0M 1/5/09 FR0M 1/5/09

VLCC $128.0 $62.0 $61.0 -2% VLCC $39.5 $22.5 $15.8 -30%SUEZMAX $82.0 $44.0 $42.0 -5% SUEZMAX $34.5 $17.0 $12.6 -26%AFRAMAX $63.0 $30.5 $27.0 -11% AFRAMAX $25.5 $13.5 $8.8 -35%PANAMAX $50.5 $29.0 $19.0 -34% PANAMAX $24.0 $9.1 $6.4 -30%MR PROD $45.0 $24.2 $16.0 -34% MR PROD $18.0 $7.5 $4.5 -40%

01-05-09

2005 built (5Y old) TANKERS PRICE COMPARISONNB TANKERS PRICE COMPARISON

TYPE 11-07-08 28-05-10

Tables above compare prices from 11th Jul 2008 and 6th Feb 2009 with today

shipsale activity in volume (number of ships sold per month 2010-2009)

11-07-08

TYPE28-05-10 01-05-09

01-05-09

2000 built (10Y old) TANKERS PRICE COMPARISON

11-07-08

28-05-1011-07-08 01-05-09TYPE

1990 built (20Y old) TANKERS PRICE COMPARISON

28-05-10TYPE

TANKER units sold 2010 vs 2009

383943

11

60

3539

46

49

4848

45 42 37

23

15

23

5

15

25

35

45

55

65

JANUARY

FEBRUARY

MARCHAPRIL

MAYJUNE

JULY

AUGUST

SEPTEMBER

OCTOBER

NOVEMBER

DECEMBER

units2010 2009

NEWBUILDING TANKER PRICES 2000 - 2010

24

44

64

84

104

124

144

164

May

-00

Nov-0

0

May

-01

Nov-0

1

May

-02

Nov-0

2

May

-03

Nov-0

3

May

-04

Nov-0

4

May

-05

Nov-0

5

May

-06

Nov-0

6

May

-07

Nov-0

7

May

-08

Nov-0

8

May

-09

Nov-0

9

May

-10

VLCC 300K

SUEZ 150K

AFRA 110K

PANAMAX 70K

PROD 45K

5 YEAR OLD TANKER PRICES 2000 - 2010

20

40

60

80

100

120

140

160

May

-00

Nov-0

0

May

-01

Nov-0

1

May

-02

Nov-0

2

May

-03

Nov-0

3

May

-04

Nov-0

4

May

-05

Nov-0

5

May

-06

Nov-0

6

May

-07

Nov-0

7

May

-08

Nov-0

8

May

-09

Nov-0

9

May

-10

VLCC 300K

SUEZ 150K

AFRA 110K

PANAMAX 70K

PROD 45K


13

33

53

73

93

113

133

May

-00

Nov-0

0

May

-01

Nov-0

1

May

-02

Nov-0

2

May

-03

Nov-0

3

May

-04

Nov-0

4

May

-05

Nov-0

5

May

-06

Nov-0

6

May

-07

Nov-0

7

May

-08

Nov-0

8

May

-09

Nov-0

9

May

-10

VLCC 300K

SUEZ 150K

AFRA 110K

PANAMAX 70K

PROD 45K


3

8

13

18

23

28

33

38

43

May

-00

Nov-0

0

May

-01

Nov-0

1

May

-02

Nov-0

2

May

-03

Nov-0

3

May

-04

Nov-0

4

May

-05

Nov-0

5

May

-06

Nov-0

6

May

-07

Nov-0

7

May

-08

Nov-0

8

May

-09

Nov-0

9

May

-10

VLCC 300K

SUEZ 150K

AFRA 110K

PANAMAX 70K

PROD 45K




NEWBUILDING ORDERS MAY 2010UNITS TYPE TONNAGE YEAR PRICE

3 BC 206,000 2012

6 BC 205,000 2012/2013 67.0$

1 BC 92,000 2012 37.0$

2 BC 82,000 2011 38.0$

3 BC 82,000 2012

3 BC 82,000 2012 35.0$

2 BC 82,000 2012

1 BC 82,000 2013

2 BC 82,000 2012

2 BC 82,000 2011‐12

2 BC 82,000 2011 38.0$

6 BC 81,200 2011‐2012

2 BC 81,000 2011

2 BC 81,000 2012

4 BC 78,000 2012

2 BC 76,000 2012 37.0$

2 BC 76,000 2011‐2012 33.0$

4 BC 76,000 2012 35.0$

2 BC 76,000 2011

3 BC 57,000 2011

4 BC 45,000 2012

2 BC 37,000 2011

3 BC 24,000 2011‐2012 20.0$

2 LNG 2014 200.0$

1 PLATFORM

SUPPLY4,700 2012 53.5$

2 PLATFORM

SUPPLY2011‐2012 113.2$

2 TANKER 320,000 2012 100.0$

2 TANKER 320,000 2012

2 TANKER 318,000 2012 108.0$

4 TANKER 163,000 2013 61.5$

2 TANKER 158,000 2011 65.0$

2 TANKER 80,000 2013‐2014 199.0$

5 TANKER 30,000 2013‐2014 88.3$

1 TANKER 7,000 2012 17.0$ Note1: With Red color are indicated all Greek interest Buyers or Sellers

2010 ORDERS UNITS BC MPP CONT TANKER LNG/LPG ALL OTHERJANUARY 35 68 42 0 0 12 6 8

FEBRUARY 39 75 35 0 0 18 4 18

MARCH 44 121 71 0 5 29 3 13

APRIL 18 49 32 0 0 16 1 0

MAY 34 88 63 0 0 20 2 3JUNE 0 0 0 0 0 0 0 0

JULY 0 0 0 0 0 0 0 0

AUGUST 0 0 0 0 0 0 0 0

SEPTEMBER 0 0 0 0 0 0 0 0

OCTOBER 0 0 0 0 0 0 0 0

NOVEMBER 0 0 0 0 0 0 0 0

DECEMBER 0 0 0 0 0 0 0 0

TOTAL 170 401 243 0 5 95 16 42

SWS

HYUNDAI HI

KOREAN YARD

160000 CBM

. OPTION 1 MORE DELIVERY IN

COMPANY'S YARD IN LANGSTEN

PLUS 2 OPTION

OPTION 2

PLUS 2 OPTION

FOREMOST MARITIME

FORTIS BANK NEDERLAND

NEWLEAD HOLDINGS (GREECE)

PLUS 2 OPTION

TARGET MARINE

CHEVRON SHIPPING

TRANSPETROTURKMENIAN SEA & RIVER

SHIPPING CO

PETROCHINA

SAUDI MARITIME HOLDING CO

SAMCO

CINER DENIZCILIK

SHANGHAI BAOSTEEL SHIPPING

CHEVRON

NORWAY

REM OFFSHORE NORWAY

SAMSUNG HI

RIO NAVE BRAZILKRASNOYE SORMOVO (RUSSIAN

FEDERATION)

HENGHOU GROUP

NINGBO FENGHUA

SHANGHAI TIME SHIPPING

XIAMEN ITG

HONG DA INTERNATIONAL

SHANGHAI TIME SHIPPING

PARAGON SHIPPING

HYUNDAI SAMHO

HYUNDAI HI

BOHAI SHIPYARD

SAMSUNG HI

TIANJIN XINGANG

QINGDAO WUCHAN

ZHEJIANG OUHUA

JIANGSU EASTERN

SAMSUNG HI

HAVYARD LEIRVIK NORWAY

STX TULCEA

BOHAI SHIPYARD

NEWBUILDING ORDERS BREAKDOWN by TYPE PER MONTH, for YEAR 2010

JIANGNAN SHIPYARD

HUDONG ZHONGHUA

ALSO REPORTED AT $37MIL

HUDONG ZHONGHUA

SHANGHAI CHENGXI

NOTESYARD BUYER’S NAME

SHIN KURUSHIMA

PARAGON SHIPPING

TOLANI

INTERNATIONAL FAREASTERN

ARCHIPELAGO SHIPPING GREECE

SAMONAS BROS LTD

NYK

CHARTERERD TO BHP BILLITON

ATTACHED TO A 7 YEAR

DAEBO SHIPPING

EFSHIPPING

GREEK BUYERS

IRIKA SHIPPING

KASSIAN MARITIME

KC MARITIME

HYUNDAI HI

DALIAN SHIPBUILDING

HYUNDAI HI

STX OFFSHORE

HYUNDAI HI

SUNGDONG

DAEWOO MANGALIA

SUNGDONG

GUANGZHOU LONGXUE

DAEWOO MANGALIA

ZHEJIANG OUHUA

GAS TANKER

NEW BUILDING ORDER TYPES FOR 2010

BC, 243, 61%MPP, 0, 0%

CONT, 5, 1%

TANKER, 95, 24%

LNG/LPG, 16, 4% ALL OTHER, 42, 10%




2010NAME TYPE YEAR BUILT DWT LDT PRICE BREAKER IMO

SHINYO MARINER TANKER 1991 NKK CORP 271,208 32,900 435$ CHINA 8917481

BRIGHT CENTURY BC 1997DAEWOO

SHIPBUILDING 178,739 30,000 420$ CHINA 9138977

OCEAN HOPE TANKER 1982DAEWOO

SHIPBUILDING 134,089 ‐ ‐ ‐ 8028096

TRAVELLER TANKER 1978UDDEVALLAVAR

VET 125,690 4,542 ‐ INDIA 7707932

MUBARAKA TANKER 1968 FRANCE 77,067 15,590 377$ PAKISTAN

EUROPA STAR TANKER 1985 SWEDEN 76,000 15,040 365$ AS IS

EUROPA VENTURE TANKER 1985UDDEVALLAVAR

VET SWEDEN76,000 15,040 365$ PAKISTAN 8315645

SHARIFA 3 TANKER 1984MITSUI

TAMANO 66,800 12,015 410$ PAKISTAN 8304086

A. K. RAJA‐1 GAS 1985HITACHI ZOSEN ‐

INN 51,232 20,283 470$ BANGLADESH 8303654

EXPRESS CONT 1987MITSUI

TAMANO 44,969 16,847 356$ INDIA 8415952

LILLY 4 CONT 1987MITSUI

TAMANO 44,966 17,171 ‐ INDIA 8413277

AQUAMARINE I TANKER 1984TSUNEISHI

SHBLDG ‐ 40,890 9,663 ‐ BANGLADESH 8313374

MSC MEXICO CONT 1978 FLENDER 40,849 16,750 440$ INDIA 7502930

FOSS TANKER 1988KOREA SHBLDG

& ENG 40,264 8,844 ‐ BANGLADESH 8619417

IKAN VERACRUZ BC 1977 IHI ‐ YOKOHAMA 37,681 ‐ ‐ CHINA 7616640

SEA‐LAND DEVELOPER CONT 1980MITSUBISHI

KOBE35,758 ‐ ‐ AS IS 7820904

ZHEN HUA 1 BC 1976 NKK CORP ‐

TSURUMI30,602 12,258 ‐ CHINA 7506572

ATHENA I CONT 1980ONOMICHI

DOCKYARD CO L 28,902 11,529 450$ CHINA 7900821

INGA TANKER 1990KHERSONSKIY

SSZ 28,610 9,525 410$ INDIA 8820913

MAHA GAYATRI BC 1977 OSAKA 27,481 6,665 438$ CHINA 7432587

SAMMI CRYSTAL BC 1979TSUNEISHI

SHBLDG ‐ 26,743 7,028 406$ CHINA 7900986

LONTEC BC 1978KANASASHI

ZOSEN ‐ S 25,906 6,696 ‐ CHINA 7632424

ORIENTAL EXPRESS RORO 1984WARNOWWERF

T WARNEMU 17,850 8,920 ‐ INDIA 8314598

WINNER II RORO 1979 POLAND 17,665 9,450 360$ INDIA 7637814

FUJI RORO 1984IMABARI

SHIPBUILDING ‐ 16,349 ‐ ‐ CHINA 8402369

DUKE CONT 1979HAYASHIKANE

SHBLDG 16,291 5,099 ‐ BANGLADESH 7823530

LU BAN MPP 1981SHANGHAI

SHIPYARD 16,152 7,378 ‐ AS IS 8218548

KALIOPE TANKER 1995 SZCZECINSKA

STOCZNI15,340 4,326 357$ INDIA 8908856

BELLONA CAR 1985IMABARI

SHIPBUILDING ‐ 15,160 ‐ ‐ CHINA 8402371

GOLOZ MPP 1977 SINGAPORE 14,827 4,062 ‐ PAKISTAN 7519995

UNDISCLOSED BREAKERS AND PRIVATE

TERMS ‐ SELLERS ARE CHIPOBROK CHINA

MOLTEN SULPHUR TANKER

BROKEN UP

REPORTED DEMOLITION DEALS

SELLERS ARE NIPPON YUSEN KAISHA JAPAN

BROKEN UP ‐ SELLERS ARE OCEANIC

TRADING BUREAU SA

GREECE

SELLERS ARE ARGO SYSTEMS FZE UAE

NOTESMAY

SELLERS ARE UNIVAN SHIP MANAGEMENT,

HK, CHINA. INCL LOTS OF BUNKERS ROB

SELLERS ARE BERNHARD SCHULTE

SHIPMANAGEMENT GERMANY

SHUTTLE TANKER

SHUTTLE TANKER

AS IS GIBRALTAR

SELLERS ARE ORYX SHIPPING SINGAPORE

REGION $440 BASIS DELIVERY

PAKISTAN/BANGLADESH RANGE IN BUYERS

OPTION, AND GAS FREE FOR HOT WORKS

TO BE BROKEN UP

LPG TANKER ‐ SELLERS ARE MARLBOROUGH

SHIPPIN GPTE SINGAPORE

SELLERS ARE HAPAG‐LLOYD AG GERMANY

BROKEN UP

CHEMICAL/PRODUCTS TANKER ‐ SELLERS

ARE TRUSTOIL TANKERS GREECE

SELLERS ARE ADANI SHIPPING CHINA CO

LTD CHINA

SELLERS ARE ORIENTAL EXPRESS SHIPPING

CO SYRIA

HEAVY LOAD CARRIER

SELLERS ARE STX PAN OCEAN CO LTD KOREA

SELLERS ARE TECHNOMAR SHIPPING GREECE

BASIS DELIVERY PAKISTAN/INDIA IN BUYERS

OPTION ‐ PRODUCTS TANKER ‐ SELLERS ARE

LATVIAN SHIPPING CO LATVIA

SELLERS ARE FIVE STARS SHIPPING CO PVT

LTD INDIA

SELLERS ARE CIEL SHIPMANAGEMENT

GREECE

CHEMICAL/PRODUCTS TANKER

SELLERS ARE PACC SHIP MANAGERS PTE

LTD SINGAPORE




HA NA BC 1978WARNOWWERF

T WARNEMU 14,651 6,715 ‐ INDIA 7803944

BLUE LADY BC 1981WARNOWWERF

T WARNEMU 14,114 6,157 440$ BANGLADESH 8131946

SERPENTINE RORO 1980KAWASAKI

HEAVY INDS 14,019 18,500 ‐ INDIA 7822201

MATINA A TANKER 1985 TAIHEI AKITSU 12,674 3,688 ‐ INDIA 8510403

FORTH SEA TANKER 1992ESERCIZIO

VIAREGGIO 12,592 4,427 750$ INDIA 8900309

JUBBA I BC 1974FUKUOKA

SHIPBUILDING ‐ 11,723 3,392 ‐ PAKISTAN 7377488

SARACEN STAR RORO 1984OSHIMA

SHIPBUILDING 11,554 7,365 405$ INDIA 8217556

PRIDE TANKER 1982VALMET OY ‐

HELSINK 11,538 4,000 ‐ PAKISTAN 8027195

LILLY V GAS 1978

MOSS

ROSENBERG

MOSS 11,485 5,650 430$ INDIA 7414133

MEULABOH BC 1978FUKUOKA

SHIPBUILDING ‐ 11,075 5,267 ‐ BANGLADESH 7705166

PROSPERITY No.8 BC 1976TOHOKU

SHIPBUILDING 11,036 2,152 ‐ CHINA 7419872

GREAT SOURCE BC 1972GEORGI

DIMITROV SHI 10,888 ‐ ‐ ‐ 7117797

SILKEBORG RORO 1978LINDENAU P.

KIEL 10,651 6,388 425$ INDIA 7708699

ICE MAIDEN I BC 1992KHERSONSKIY

SSZ OAO10,500 ‐ ‐ AS IS 9056894

PIETARI CLOUD REEFER 1985 SPAIN 10,168 5,276 370$ INDIA 8301022

GRANITNYY BEREG OTHER 1977MATHIAS‐

THESEN‐WERF 9,288 7,256 ‐ INDIA 7638167

LADY ALLA MPP 1981 CADAGUA 9,062 3,054 375$ INDIA 8216150

NIPPON STAR REEFER 1982 JAPAN 8,709 4,981 355$ INDIA 8118384

SAGED MPP 1975 SHIMODA 8,352 2,768 418$ INDIA 7430345

STAR RIDER SD 1980SIETAS

SCHIFFSWERFT 8,118 ‐ ‐ TURKEY 7928744

ANTISANA TANKER 1985MITSUBISHI

SHIMONOSEKI 7,918 3,147 ‐ INDIA 8323886

ALPHA BC 1977 MIE YOKKAICHI 7,678 2,173 ‐ PAKISTAN 7632670

ZIAD STAR BC 1971ONOMICHI

DOCKYARD CO L 7,460 ‐ ‐ TURKEY 7118698

MARIA G RORO 1977 NAVIRE AB 7,300 ‐ ‐ TURKEY 7521223

LERIDA CARRIER REEFER 1983 SHIMODA 7,079 ‐ ‐ CHINA 8217609

GREEN AUTUMN REEFER 1982SHIKOKU

DOCKYARD 6,348 3,947 350$ INDIA 8126044

SACHA BC 1978JULIANA

GIJONESA ‐ 6,016 ‐ ‐ TURKEY 7503219

CAPRICORNIO GAS I GAS 1977 MEYER JL ‐ GFR 5,961 3,218 430$ INDIA 7601047

FAST INDEPENDENCE RORO 1984MATHIAS‐

THESEN‐WERF 5,545 ‐ ‐ TURKEY 8306589

MARINE ROAD CAR 1992MITSUBISHI

KOBE5,260 ‐ ‐ AS IS 9039559

ARKAIM‐2 SD 1979SINGAPORE

SLIPWAY & 5,228 1,884 ‐ AS IS 7702566

BAO JIANG MPP 1983GUANGZHOU

WENCHONG5,082 2,340 ‐ ‐ 8315865

SOK GEMI SOKUM LTD

SELLERS ARE FUJIAN JIE'AN SHIPPING CHINA

DORTEL GEMI SOKUM DEMIR VE CEL

LPG TANKER ‐ SELLERS ARE GALAXY /

BENELUX GREECE

CHEMICAL/PRODUCTS

SELLERS ARE BASED IN UAE

IZMIR GERI DONUSUM LTD

RO‐RO CARGO SHIP YAZICI DEMIR CELIK AS

RO‐RO CARGO SHIP

AS IS UK

FISH CARRIER

SELLERS ARE WEST MANAGEMENT UKRAINE

SELLERS ARE CHARTWORLD SHIPPING CORP

GREECE

SELLERS ARE ISM GROUP SYRIA

AVSAR GEMI SOKUM LTD

BROKEN UP

SELLERS ARE BASED IN UAE

INCL 500 TONS IFO

PRODUCTS TANKER ‐ SELLERS ARE AEGEAN

MARINE PETROLEUM GREECE

LPG TANKER

BROKEN UP

CHEMICAL/PRODUCTS...

INCL 950 TONS OF STEEL ONBOARD ‐

CHEMICAL TANKER

SELLERS ARE PROSPERITY STEAMSHIP CO,

HK, CHINA




KEM KREST TANKER 1979KURUSHIMA

ONISHI 4,999 ‐ ‐ INDIA 7821609

NICEA RORO 1987NEPTUN

SCHIFFSWERFT 4,673 5,200 212$ TURKEY 8606642

LIAN.J MPP 1970NEPTUN

SCHIFFSWERFT 4,481 1,913 ‐ TURKEY 7023805

KILMORE PAX 1977 HYUNDAI HI 4,418 7,924 ‐ TURKEY 7528582

CAPNEGRET REEFER 1969 BARERAS 4,120 ‐ ‐ AS IS 6828844

MARINEROAD 2 RORO 1993MITSUBISHI

KOBE3,379 ‐ ‐ AS IS 9064827

ROSE SD 1972 ZTS 3,236 ‐ ‐ TURKEY 8865975

MONA A SD 1973SMIT E.J.

SCHEEPS W 2,970 ‐ ‐ TURKEY 7332127

SHREE SHAKTI SD 1981 KRASNOYARSKIY 2,766 960 ‐ PAKISTAN 8858075

N. VENTURE CAR 1978USUKI IRON

WORKS ‐ 2,589 2,885 ‐ BANGLADESH 7805825

KC BRIDGE RORO 1980

KOYO

DOCKYARD CO

LTD 2,510 8,170 435$ CHINA 7908835

B. P. P. 16 TANKER 1968 GEIBI 2,437 926 390$ BANGLADESH 6816619

LILIA SD 1967 BOELE'S NV 2,081 ‐ ‐ TURKEY 6708238

SVYATOY PAVEL TRAWLER 1974 VOLKSWERFT 2,063 ‐ ‐ TURKEY 7397531

FATIMA I SD 1969SIETAS

SCHIFFSWERFT 2,017 ‐ ‐ TURKEY 6918223

TRAMP SD 1978 HANCOCKS 1,856 ‐ ‐ TURKEY 7604831

ORIENTAL PRINCESS REEFER 1979RAUMA‐REPOLA

OY ‐ R 1,630 ‐ ‐ INDIA 7809259

ATLANTIC CAR 1945BETHLEHEM‐

HINGHAM 1,575 ‐ ‐ AS IS 5262081

KAPTAIN BORIS PAX 1966ORESUNDSVARV

ET 1,410 6,000 ‐ PAKISTAN 6600462

WINNER 10 PAX 1974 SCHICHAU 1,377 ‐ ‐ INDIA 7360667

CASINO ROYALE PAX 1975 KYNOSSOURA 1,361 5,189 360$ BANGLADESH 7350442

VASSILIOS XIV TANKER 1969NIEUWE NOORD

NEDERL 1,356 ‐ ‐ TURKEY 6906983

XT MESOGIAKOS SD 1966 JANSEN 1,330 ‐ ‐ TURKEY 6616851

LUNA H SD 1963KOMUNY

PARYSKIEJ ST 1,305 895 330$ INDIA 5181615

OMAR SD 1966 ORENS 1,228 ‐ ‐ TURKEY 6708563

PHOENICIA I SD 1962 PETERS H. 1,194 ‐ ‐ TURKEY 5101902

ISTRA CAR 1966AALBORG

VAERFT 869 ‐ ‐ TURKEY 6525143

BIN HAI 211 TUG 1975HITACHI ZOSEN ‐

MUK 752 ‐ ‐ CHINA 7375715

BIN HAI 209 TUG 1974SANYO

ONOMICHI 752 ‐ ‐ CHINA 7375698





DEA SUPPORTER TUG 1970MANGONE

SHIPBUILDIN 719 ‐ ‐ AS IS 7047289

Note1: With Red color are indicated all Greek interest Sales

AS IS ARGENTINA

HISAR GEMI SOKUM AS ‐ SELLERS ARE

LEBANESE

Factory Stern Trawler

HUZUR GEMI SOKUM LTD

GENERAL CARGO SHIP

VEHICLES CARRIER

SELLERS ARE C&KCL CO LTD, KOREA. SOLD AT

AUCTION

MOLASSES TANKER

HISAR GEMI SOKUM AS

GENERAL CARGO SHIP AGS LTD

SOK DENIZCILIK TIC LTD STI

SELLERS ARE ALWADI SHIPPING & TRADING

CO SYRIA

SIMSEKLER GEMI SOKUM ‐ ALIAGA

Offshore Tug/Supply Ship

AS IS DENMARK ‐ PLATFORM SUPPLY SHIP

SOK DENIZCILIK TIC LTD STI ‐ SELLERS ARE

JADROLINJIA CROATIA


Platform Supply Ship


BERKET IHRACAT‐ITHALAT GEMI

CEMSAN GEMI SOKUM SAN LTD

PASS/CRUISE

PRODUCTS TANKER ‐ CEMSAN GEMI SOKUM

ARE BREAKERS ‐ SELLERS ARE VASILIOS

SHIPPING GREECE

PASSENGER FERRY




DEMOLITION STATISTICS: 2010 UNITS DWT LDT

January 113 3,971,795 916,571 UNITS LDT TAKEN AV. SCRP PRICE

February 105 2,644,173 651,697 80 482,908 $366March 126 4,621,069 1,016,091 221 1,603,377 $385

April 134 2,901,286 696,557 86 1,035,572 $398May 94 2,008,109 461,428 79 80,464 $213

June 0 0 0 53 395,631 $396July 0 0 0 53 144,392

August 0 0 0 572 3,742,344 $352September 0 0 0

October 0 0 0

November 0 0 0

December 0 0 0

TOTAL 572 16,146,432 3,742,344

UNITS LDT TAKEN av $ UNITS LDT UNITS LDT

80 482,908 366.5 50 413,048 1,937,690 5

221 1,603,377 384.7 147 1,063,884 2,800,754 67

86 1,035,572 398.2 32 257,662 738,837 54

79 80,464 212.7 37 70,415 366,224 6

53 395,631 395.5 28 106,933 283,165 25

53 144,392 49.0 14 60,864 216,745 6

572 3,742,344 351.5 308 1,972,806 6,343,415 163

COUNTRY UNITS % rankGREECE 100 17.5% 1

CHINA 38 6.6% 2SINGAPORE 37 6.5% 3

UAE 34 5.9% 4JAPAN 32 5.6% 5

NORWAY 29 5.1% 6SYRIA 23 4.0% 7USA 21 3.7% 8

TURKEY 20 3.5% 9INDIA 15 2.6% 10

LEBANON 14 2.4% 11RUSSIA 14 2.4% 11

UK 13 2.3% 13LATVIA 11 1.9% 14

BULGARIA 10 1.7% 15UKRAINE 10 1.7% 15

INDONESIA 8 1.4% 17BANGLADESH 7 1.2% 18

DENMARK 7 1.2% 18KOREA 7 1.2% 18

ALL OTHER 114 19.9%

UNDISCL 8 1.4%

TOTAL 572 100.0%

TURKEY

PAKISTAN

2010 DEMOLITION SELLERS STATISTICS

source of data: N. COTZIAS SHIPPING CONSULTANTS (NCSC)

BREAKER – STATS ‘2010

CHINA

BREAKER

DETAILED BREAKER REGION - STATISTICS FOR 2010 DRY

OTHER/CASH/AS IS

TOTAL

WET

CHINA

BANGLADESH

INDIA

PAKISTAN

INDIA

TOTAL

OTHER/CASH/AS IS

BANGLADESH

TURKEY

BREAKER

Average Scrap Price & No of Ships Scrapped 2005-2010

11

0

1618

105

127

1715

241820

1717161711

19

2929

2116

25

131716

1310

1723

812

2114

1922

1925

51

28

39

7379

112

95101

75

91

125

134

63

94

62

113

105

126

134

94

129125

$100

$200

$300

$400

$500

$600

$700

$800

May

-05

Jul-0

5

Sep-0

5

Nov-05

Jan-0

6

Mar

-06

May

-06

Jul-0

6

Sep-0

6

Nov-06

Jan-0

7

Mar

-07

May

-07

Jul-0

7

Sep-0

7

Nov-07

Jan-0

8

Mar

-08

May

-08

Jul-0

8

Sep-0

8

Nov-08

Jan-0

9

Mar

-09

May

-09

Jul-0

9

Sep-0

9

Nov-09

Jan-1

0

Mar

-10

May

-10

-5

15

35

55

75

95

115

135

155

Average Scrap PriceNumber of Ships

DEMO STATS 2005-2010

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

4,500,000

5,000,000

May

-05

Jul-0

5

Sep-0

5

Nov-05

Jan-0

6

Mar

-06

May

-06

Jul-0

6

Sep-0

6

Nov-06

Jan-0

7

Mar

-07

May

-07

Jul-0

7

Sep-0

7

Nov-07

Jan-0

8

Mar

-08

May

-08

Jul-0

8

Sep-0

8

Nov-08

Jan-0

9

Mar

-09

May

-09

Jul-0

9

Sep-0

9

Nov-09

Jan-1

0

Mar

-10

May

-10

0

20

40

60

80

100

120

140DWTLDTNUMBER

LDT INTAKE PER SCRAP COUNTRY FOR 2010 OTHER/CASH/AS IS,144,392, 4%

PAKISTAN, 395,631, 11%

TURKEY, 80,464, 2%

BANGLADESH, 1,035,572,

28%

INDIA, 1,603,377,

42%

CHINA, 482,908, 13%

UNIT INTAKE PER SCRAP COUNTRY FOR 2010

CHINA, 80, 14%

INDIA, 221, 39%

BANGLADESH, 86, 15%

TURKEY, 79, 14%

PAKISTAN, 53, 9%

OTHER/CASH/AS IS, 53, 9%




BULKERS / SDTANK/

OBO/GASCONT/

TWEEN/MPP REEFER

RORO PAX CRUISE, OTHER

VEHICLES CARRIERS

TRAWLER TUG OTHER TOTAL

156 179 110 21 56 29 21 572 SHIPS

27.3% 31.3% 19.2% 3.7% 9.8% 5.1% 3.7% 100.0%

615,322 1,755,981 673,603 100,612 293,865 162,562 140,399 3,742,344

2,908,625 9,693,990 1,950,648 161,867 431,568 314,468 685,266 16,146,432

$167,971,615 $649,831,112 $189,631,770 $38,558,260 $72,291,226 $28,758,985 $39,760,668 $1,186,803,636

32.7 Years 27.7 Years 29.2 Years 29.4 Years 35.7 Years 27.2 Years 32.5 Years 30.6 Years

source of data: N. COTZIAS SHIPPING CONSULTANTS (NCSC)

AVERAGE AGE

STATS

DWT

LDT

%

UNITS

Demolition DATA for 2010

USD PAID

AVERAGE MONTHLY SCRAP PRICE 2010 ‐ CHINA

$228$243

$215 $209$226

$251 $255 $268 $279 $266$286

$312 $319$343

$375$401

$384

205

255

305

355

405

Jan‐

09

Feb‐

09

Mar‐

09

Apr‐

09

May‐

09

Jun‐

09

Jul‐09 Aug‐

09

Sep‐

09

Oct‐

09

Nov‐

09

Dec‐

09

Jan‐

10

Feb‐

10

Mar‐

10

Apr‐

10

May‐

10

AV

ER

AG

E S

CR

AP

PR

ICE

U$

/LD

T

AVERAGE MONTHLY SCRAP PRICE 2010 ‐ INDIA

$267 $262 $272 $259$234

$258 $249

$309$327

$291

$340$324

$361 $346

$387

$460

$410

220

270

320

370

420

470

Jan‐

09

Feb‐

09

Mar‐

09

Apr‐

09

May‐

09

Jun‐

09

Jul‐09 Aug‐

09

Sep‐

09

Oct‐

09

Nov‐

09

Dec‐

09

Jan‐

10

Feb‐

10

Mar‐

10

Apr‐

10

May‐

10

AV

ER

AG

E S

CR

AP

PR

ICE

U$

/LD

T

AVERAGE MONTHLY SCRAP PRICE 2010 ‐ PAKISTAN

$271 $265 $261 $266$248

$282$315

$273

$313 $312$293

$265

$379$353

$377

$464$431

220

270

320

370

420

470

Jan‐

09

Feb‐

09

Mar‐

09

Apr‐

09

May‐

09

Jun‐

09

Jul‐09 Aug‐

09

Sep‐

09

Oct‐

09

Nov‐

09

Dec‐

09

Jan‐

10

Feb‐

10

Mar‐

10

Apr‐

10

May‐

10

AV

ER

AG

E S

CR

AP

PR

ICE

U$

/LD

T

AVERAGE MONTHLY SCRAP PRICE 2010 ‐ BANGLADESH

$274 $269

$311$277

$240

$296 $289 $300

$342$322 $322 $335

$362$393 $390

$445$415

220

270

320

370

420

Jan‐

09

Feb‐

09

Mar‐

09

Apr‐

09

May‐

09

Jun‐

09

Jul‐09 Aug‐

09

Sep‐

09

Oct‐

09

Nov‐

09

Dec‐

09

Jan‐

10

Feb‐

10

Mar‐

10

Apr‐

10

May‐

10

AV

ER

AG

E S

CR

AP

PR

ICE

U$

/LD

T

AVERAGE MONTHLY SCRAP PRICE 2010 ‐ TURKEY

$218

$183 $186$202

$172$155

$174 $179 $177 $181 $184 $179$187 $187

$207

$242

$212

140

160

180

200

220

240

260

Jan‐

09

Feb‐

09

Mar‐

09

Apr‐

09

May‐

09

Jun‐

09

Jul‐09 Aug‐

09

Sep‐

09

Oct‐

09

Nov‐

09

Dec‐

09

Jan‐

10

Feb‐

10

Mar‐

10

Apr‐

10

May‐

10

AV

ER

AG

E S

CR

AP

PR

ICE

U$

/LD

T




DATE BDI % frm 1/1/2010 BCI 1/1/2010 BPI 1/1/2010 BSI 1/1/2010 BHI 1/1/2010

30‐04‐10 3,354 7% 3,936 ‐6% 3,900 2% 2,715 22% 1,356 18%04‐05‐10 3,352 7% 3,892 ‐7% 3,910 2% 2,732 23% 1,373 19%05‐05‐10 3,379 8% 3,917 ‐7% 3,951 3% 2,755 24% 1,386 20%06‐05‐10 3,468 10% 4,041 ‐4% 4,018 5% 2,817 27% 1,398 21%07‐05‐10 3,608 15% 4,348 4% 4,062 6% 2,888 30% 1,412 23%10‐05‐10 3,707 18% 4,551 8% 4,096 7% 2,947 33% 1,420 23%11‐05‐10 3,822 22% 4,804 14% 4,146 8% 2,991 34% 1,437 25%12‐05‐10 3,888 24% 4,878 16% 4,196 10% 3,025 36% 1,456 26%13‐05‐10 3,914 25% 4,861 16% 4,273 12% 3,053 37% 1,468 28%14‐05‐10 3,929 25% 4,804 14% 4,340 14% 3,076 38% 1,481 29%17‐05‐10 3,922 25% 4,711 12% 4,417 16% 3,090 39% 1,491 30%18‐05‐10 3,882 24% 4,513 8% 4,504 18% 3,103 40% 1,502 30%19‐05‐10 3,832 22% 4,300 2% 4,596 20% 3,111 40% 1,511 31%20‐05‐10 3,803 21% 4,192 0% 4,622 21% 3,106 40% 1,514 32%21‐05‐10 3,844 22% 4,317 3% 4,576 20% 3,095 39% 1,516 32%24‐05‐10 3,943 26% 4,625 10% 4,537 19% 3,090 39% 1,520 32%25‐05‐10 4,187 33% 5,262 25% 4,492 17% 3,076 38% 1,517 32%26‐05‐10 4,209 34% 5,357 28% 4,450 16% 3,053 37% 1,506 31%27‐05‐10 4,156 32% 5,304 26% 4,360 14% 3,015 36% 1,492 30%28‐05‐10 4,078 30% 5,217 24% 4,247 11% 2,982 34% 1,477 28%

BALTIC TANKER MARKET INDICES until 28th MAY 2010

BALTIC DRY BULK MARKET INDICES until 28th MAY 2010

All Baltic DRY indices 2005 - 2010

3002300430063008300

1030012300143001630018300

May-05

Aug-05

Nov-05

Feb-06

May-06

Aug-06

Nov-06

Feb-07

May-07

Aug-07

Nov-07

Feb-08

May-08

Aug-08

Nov-08

Feb-09

May-09

Aug-09

Nov-09

Feb-10

May-10

BPIBCIBDIBSI

BALTIC DRY 2005 - 2010

400

2400

4400

6400

8400

10400

May-05Aug-05

Nov-05Feb-06

May-06Aug-06

Nov-06Feb-07

May-07Aug-07

Nov-07Feb-08

May-08Aug-08

Nov-08Feb-09

May-09Aug-09

Nov-09Feb-10

May-10

BDI

BALTIC PMAX 2005 - 2010

300

2300

4300

6300

8300

10300

May-05Aug-05

Nov-05Feb-06

May-06Aug-06

Nov-06Feb-07

May-07Aug-07

Nov-07Feb-08

May-08Aug-08

Nov-08Feb-09

May-09Aug-09

Nov-09Feb-10

May-10

BPI

BALTIC CAPE 2005 - 2010

400

2900

5400

7900

10400

12900

15400

17900

May-05Aug-05

Nov-05Feb-06

May-06Aug-06

Nov-06Feb-07

May-07Aug-07

Nov-07Feb-08

May-08Aug-08

Nov-08Feb-09

May-09Aug-09

Nov-09Feb-10

May-10

BCI

BALTIC SUPMAX 2006 - 2010

300

1300

2300

3300

4300

5300

6300

7300

May-05Aug-05

Nov-05Feb-06

May-06Aug-06

Nov-06Feb-07

May-07Aug-07

Nov-07Feb-08

May-08Aug-08

Nov-08Feb-09

May-09Aug-09

Nov-09Feb-10

May-10

BSI

CAPITAL LINK MARITIME INDEX 2005-2010

400

1400

2400

3400

4400

5400

May-05Aug-05

Nov-05Feb-06

May-06Aug-06

Nov-06Feb-07

May-07Aug-07

Nov-07Feb-08

May-08Aug-08

Nov-08Feb-09

May-09Aug-09

Nov-09Feb-10

May-10

CL Maritime Index (CLMI)

CAPITAL LINK DRYBULK INDEX 2005-2010

400

1400

2400

3400

4400

5400

6400

7400

May-05Aug-05

Nov-05Feb-06

May-06Aug-06

Nov-06Feb-07

May-07Aug-07

Nov-07Feb-08

May-08Aug-08

Nov-08Feb-09

May-09Aug-09

Nov-09Feb-10

May-10

CL Drybulk Index (CLDBI)

CAPITAL LINK CONTAINER INDEX 2005-2010

400

1400

2400

3400

4400

5400

May-05Aug-05

Nov-05Feb-06

May-06Aug-06

Nov-06Feb-07

May-07Aug-07

Nov-07Feb-08

May-08Aug-08

Nov-08Feb-09

May-09Aug-09

Nov-09Feb-10

May-10

CL Container Index (CLCI)

CAPITAL LINK MLP INDEX 2005-2010

400900

1400190024002900340039004400

May-05Aug-05

Nov-05Feb-06

May-06Aug-06

Nov-06Feb-07

May-07Aug-07

Nov-07Feb-08

May-08Aug-08

Nov-08Feb-09

May-09Aug-09

Nov-09Feb-10

May-10

CL MLP Index (CLMLP)




DATE CLEAN % frm 2/1/10 DIRTY % frm 2/1/10

30‐04‐10 403 ‐10.3% 477 ‐2.7%

04‐05‐10 424 ‐10.6% 476 ‐2.8%

05‐05‐10 431 ‐11.1% 463 ‐3.9%

06‐05‐10 440 ‐11.5% 466 ‐3.5%

07‐05‐10 450 ‐11.4% 475 ‐3.1%

10‐05‐10 458 ‐10.9% 480 ‐2.1%

11‐05‐10 469 ‐10.3% 485 1.7%

12‐05‐10 474 ‐10.0% 482 4.5%

13‐05‐10 479 ‐10.4% 479 5.8%

14‐05‐10 476 ‐10.4% 473 6.8%

17‐05‐10 478 ‐10.6% 473 7.1%

18‐05‐10 479 ‐11.4% 474 7.8%

19‐05‐10 483 ‐11.9% 479 8.6%

20‐05‐10 483 ‐12.4% 484 9.6%

21‐05‐10 484 ‐12.9% 485 8.8%

24‐05‐10 485 ‐13.5% 480 6.3%

25‐05‐10 487 ‐14.2% 479 2.9%

26‐05‐10 484 ‐15.1% 480 0.1%

27‐05‐10 482 ‐15.9% 484 ‐4.8%

28‐05‐10 481 ‐16.8% 482 ‐6.1%

ALL CAPITAL LINK INDICES ARE USED WITH THE EXPRESS KIND PERMISSION OF CAPITAL LINK INC - NEW YORK

DISCLAIMER: INFORMATION & DATA CONTAINED IN THIS MONTHLY MARKET REPORT HAVE BEEN CAREFULLY OBTAINED FROM VARIOUS MARKET SOURCES. ALTHOUGH ALL IS BELIEVED TO BE CORRECT, N. COTZIAS SHIPPING GROUP MAKES NO GUARANTEE FOR ACCURACY, AND SHALL NOT BE LIABLE FOR ANY LOSS INCURRED IN ANY WAY WHATSOEVER BY ANY PERSON RELYING ON THE INFORMATION CONTAINED HEREIN.

ALL BALTIC WET Indices 2006-2010

300

800

1300

1800

2300

May-06Aug-06

Nov-06Feb-07

May-07Aug-07

Nov-07Feb-08

May-08Aug-08

Nov-08Feb-09

May-09Aug-09

Nov-09Feb-10

May-10

BCTI

BDTI

BALTIC DIRTY TANKER INDEX 2005 - 2010

400

900

1400

1900

2400

Nov-05Feb-06

May-06Aug-06

Nov-06Feb-07

May-07Aug-07

Nov-07Feb-08

May-08Aug-08

Nov-08Feb-09

May-09Aug-09

Nov-09Feb-10

May-10

BDTIBALTIC CLEAN TANKER INDEX 2005 - 2010

300

700

1100

1500

1900

Nov-05Feb-06

May-06Aug-06

Nov-06Feb-07

May-07Aug-07

Nov-07Feb-08

May-08Aug-08

Nov-08Feb-09

May-09Aug-09

Nov-09Feb-10

May-10

BCTI

Brent OIL (2001 - 2010)

162636465666768696

106116126136146

May

-01

Aug-0

1

Nov-0

1

Feb-02

May

-02

Aug-0

2

Nov-0

2

Feb-03

May

-03

Aug-0

3

Nov-0

3

Feb-04

May

-04

Aug-0

4

Nov-0

4

Feb-05

May

-05

Aug-0

5

Nov-0

5

Feb-06

May

-06

Aug-0

6

Nov-0

6

Feb-07

May

-07

Aug-0

7

Nov-0

7

Feb-08

May

-08

Aug-0

8

Nov-0

8

Feb-09

May

-09

Aug-0

9

Nov-0

9

Feb-10

May

-10

Brent Oil

ALL CAPITAL LINK WET Indices 2006-2010

400

1400

2400

3400

4400

5400

Aug-05Nov-05

Feb-06May-06

Aug-06Nov-06

Feb-07May-07

Aug-07Nov-07

Feb-08May-08

Aug-08Nov-08

Feb-09May-09

Aug-09Nov-09

Feb-10May-10

CL Tanker Index (CLTI)

CL LNG/LPG Index (CLLG)

CAPITAL LINK TANKER INDEX 2005-2010

400.00

1400.00

2400.00

3400.00

4400.00

5400.00

Nov-05Feb-06

May-06Aug-06

Nov-06Feb-07

May-07Aug-07

Nov-07Feb-08

May-08Aug-08

Nov-08Feb-09

May-09Aug-09

Nov-09Feb-10

May-10

CL Tanker Index (CLTI)

CAPITAL LINK LNG/LPG INDEX 2005-2010

400.00

800.00

1200.00

1600.00

2000.00

2400.00

2800.00

3200.00

Nov-05Feb-06

May-06Aug-06

Nov-06Feb-07

May-07Aug-07

Nov-07Feb-08

May-08Aug-08

Nov-08Feb-09

May-09Aug-09

Nov-09Feb-10

May-10

CL LNG/LPG Index (CLLG)

WTI SPOT PRICE (2001 - 2010)

162636465666768696

106116126136146

May

-01

Aug-0

1

Nov-0

1

Feb-02

May

-02

Aug-0

2

Nov-0

2

Feb-03

May

-03

Aug-0

3

Nov-0

3

Feb-04

May

-04

Aug-0

4

Nov-0

4

Feb-05

May

-05

Aug-0

5

Nov-0

5

Feb-06

May

-06

Aug-0

6

Nov-0

6

Feb-07

May

-07

Aug-0

7

Nov-0

7

Feb-08

May

-08

Aug-0

8

Nov-0

8

Feb-09

May

-09

Aug-0

9

Nov-0

9

Feb-10

May

-10

WTI Spot Price



s&p monthly report may 2010 -...

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