New Orders on the Rise

Activity in the newbuild sector is slowly picking up for most yards in the Far East. According to Fearnleys, the temporary slowdown early parts of the year is over.

Although many of the orders reported are options, the sentiment seems to be changing, and willing owners are back for more tonnage. If the current activity prevails, prices will continue to increase.

ACTIVITY LEVEL Tankers Dry Bulkers Others Moderate Active Active

Average Far Eastern Prices

PRICES

PRICES (mill usd) This week Last week Low 2014 High 2014 VLCC 300’dwt USD 102.0 m USD 102.0 m 96.0 102.0 Suezmax 150’dwt USD 68.0 m USD 68.0 m 64.0 68.0 Aframax 110’dwt USD 55.0 m USD 54.0 m 52.0 55.0 Product 50’dwt USD 37.5 m USD 37.5 m 36.0 37.5 Capesize 180’dwt USD 57.0 m USD 56.0 m 55.0 57.0 Panamax 82’dwt USD 31.5 m USD 31.5 m 30.0 31.5 Handymax 64’dwt USD 29.0 m USD 29.0 m 28.0 29.0 Prices are based on payment terms 40/60

NEWBUILDING CONTRACTS

Type No Size Yard Owner Del Mill$ Comm BC 1 37600 dwt  Imabari Wisdom 2017 26 BC 1 62000 dwt  Oshima Wisdom 2017 30 BC 2 81522 dwt  Tsuneishi Zhoushan Santoku Senpaku 2016-2017 BC 2 208000 dwt  NACKS Golden Flame 2016 61 BC 2 250000 dwt  Beihai Cara Shipping 2016 Chem 1 19900 dwt  Kitanihon Zosen Bocimar 2017 35 PC 2 110000 dwt  New Times Frontline 2012 2016 MT 3 40000 dwt  New Century Pertamina 2016 CO 3 2400 teu  Bohai Ningbo Ocean 2016 Bit 1 15000 dwt  3 Maj Wisby 2015 LPG 1 38000 cbm  HMD West Africa LPG 2016 53

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June 6, 2014