MONTHLY MARKET OVERVIEW

1st – 31st May 2018

SUMMARY OF CONTENT
• Value analysis
• Total second hand S&P activity
• Newbuilding activity
• Demolition activity
• Charter rate analysis

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BULKER VALUES THROUGH MAY 2018

BULKERS All older Supramax and Handy tonnage have firmed over the
course of the month.

This table shows the monthly % change in value from 1 st to the 31 st May 2018
for Bulker vessels, by year of build.

YEAR
OF BUILD CAPE PMAX SUPRA HANDY
D WT DWT DWT DWT

-0.3% +0.0% -1.9% +0.0%

2018
180k 80k 60k 30k
-0.3% +0.0% -2.0% +0.0%
2017
180k 80k 60k 30k
-0.3% +0.0% -2.0% +0.1%
2016
180k 80k 60k 30k
-0.2% +0.1% -2.0% +0.3%
2015
180k 80k 60k 30k
-0.2% +0.2% -2.1% +0.4%
2014
180k 80k 60k 30k
-0.3% +0.4% -2.1% +0.4%
2013
180k 80k 60k 30k
-0.3% +0.5% -2.1% +0.6%
2012
180k 80k 60k 30k
-0.3% +0.7% -2.1% +0.8%
2011
180k 80k 60k 30k
-0.4% +0.9% -1.8% +0.9%
2010
180k 80k 55k 30k
-0.4% +1.1% -1.8% +1.1%
2009
180k 80k 55k 30k
-0.5% +1.4% -1.9% +1.2%
2008
180k 80k 55k 30k
-0.6% +1.6% -1.9% +1.4%
2007
180k 75k 55k 30k
-0.7% +1.9% -1.9% +1.6%
2006
180k 75k 55k 30k
-0.8% +2.2% -2.0% +1.7%
2005
180k 75k 55k 30k
-0.9% +2.4% -2.1% +1.8%
2004
175k 75k 50k 30k
-0.6% +2.7% -0.6% +2.1%
2003
175k 75k 50k 30k

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BULKER VALUES THROUGH MAY 2018

Capesize Values have remained stable this month.

16 sales have been confirmed this month.

New Mighty (179,900 DWT, May 2011, Hanjin Subic) sold for USD 27.5 mil,
VV value USD 28.93 mil.

Star Bulk bought a total of 18 vessels from Songa Bulk this week for an undisclosed price
in a part shares/part cash deal. Consisting of 6 capesize, 10 Panamaxes, 1 Ultramax
and 1 Supramax.

Panamax Values have firmed slightly in older tonnage this month.

26 sales have taken place this month.

Boreal (74,200 DWT, Mar 2002, Namura) sold for USD 10 mil, VV value USD 9.71 mil.

Golden Eminence (79,400 DWT, Jul 2010, Jinhai Intelligent Manufacturing) sold to
SNP Shipping Services for USD 14.7 mil, VV value USD 13.8 mil.

Supramax Values have softened slightly across all ages this month.

12 sales have taken place this month.

Sea confidence (53,500 DWT, Jun 2005, Oshima) sold for USD 10 mil, VV value USD 11 mil.

Magnum force (53,600 DWT, Nov 2008, Dayang) sold for USD 9.9 mil SS/DD due, VV value
USD 11 mil.

Zola (55,800 DWT, Jun 2012, IHI) sold to Nomikos AM for USD 17.4 mil, VV value 17.72 mil.

Handy Values have remained stable this month.

26 sales have taken place this month.

Clipper Lasco (28,400 DWT, Feb 2004, Imabari) sold for 6.75 mil, VV 6.93 mil.

Silvretta and Silvaplana (29,700 DWT, 2003, Shikoku Dockyard) sold en bloc for
USD 7 mil each, VV value USD 7.12/ 6.81 mil respectively.

Cielo di Tokoyo (37,300, Jul 2008, Saiki) sold to Samin Shipping for USD 12 mil, DD due,
VV value USD 12.77 mil.

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TANKER VALUES THROUGH MAY 2018

TANKERS Values have remained stable in all larger tonnage whereas LR1 and
MR values have softened.

This table shows the monthly % change in value from 1 st to the 31 st May 2018
for Tanker vessels, by year of build.

YEAR
OF BUILD VLCC SUEZ AFRA LR1 MR
D WT DWT DWT DWT DWT

+1.1% +1.4% -0.4% -1.4% -0.3%

2018
320k 160k 110k 75k 50k
+1.1% +1.3% -0.5% -1.6% -0.4%
2017
320k 160k 110k 75k 50k
+1.0% +1.3% -0.7% -1.8% -0.3%
2016
320k 160k 110k 75k 50k
+1.0% +1.2% -1.0% -2.0% -0.2%
2015
320k 160k 110k 75k 50k
+1.0% +1.2% -1.2% -2.2% -0.1%
2014
320k 160k 110k 75k 50k
+0.9% +1.2% -1.4% -2.4% +0.1%
2013
320k 160k 110k 75k 50k
+1.2% +1.2% -1.5% -2.6% +0.3%
2012
310k 160k 110k 75k 50k
+1.1% +1.2% -1.6% -2.6% +0.4%
2011
310k 160k 110k 75k 50k
+1.0% +1.2% -1.4% -2.5% +0.6%
2010
310k 160k 110k 75k 50k
+0.9% +1.3% -1.2% -2.2% +0.7%
2009
310k 160k 110k 75k 50k
+0.7% +1.3% -0.8% -1.8% +0.6%
2008
310k 160k 110k 75k 50k
+0.6% +1.3% -0.2% -1.3% +0.7%
2007
310k 160k 110k 70k 45k
+0.4% +1.4% +0.5% -0.8% +0.6%
2006
310k 160k 110k 70k 45k
+0.2% +1.4% +1.5% +0.1% +0.6%
2005
305k 155k 105k 70k 45k
+0.2% +1.4% +2.3% +1.1% +0.3%
2004
305k 155k 105k 70k 45k
+0.1% +1.4% +3.4% +2.2% +0.1%
2003
305k 155k 105k 70k 45k

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TANKER VALUES THROUGH MAY 2018

VLCC Values have have firmed slightly this month.

2 sales have been concluded this month.

Takamine (306,200 DWT, Jun 2004, Mitsubishi Heavy Ind) sold to Hellenic Tankers for
USD 22.7 mil, VV value USD 23.43 mil.

Rokkosan (300,300 DWT, Oct 2003, Universal) sold for an undisclosed price,
VV value USD 21.34 mil.

Suezmax Values have firmed slightly this month.

1 sale has been concluded this month.

United Leadership (159,100 DWT, Feb 2005, Hyundai Heavy Ind) sold to Eurotankers for
USD 18.2 mil, VV value USD 18.28 mil.

Aframax Values have softened in the modern tonnage this month.

1 sale has been concluded this month.

Seaways Josefa Camejo (112,200 DWT, Feb 2001, Hyundai Heavy Ind) sold for to Oasis
Energy Co. for USD 9.5 mil. VV value USD 7.81 mil.

LR2 Values have softened in the modern tonnage this month.

5 sales have been concluded this month.

United Grace (112,800 DWT, June 2010, New Times Shipbuilding) sold to Stealth Maritime
for USD 22 mil, VV value USD 22.71 mil.

STI Rambla (110,000 DWT, Mar 2017, Sungdong) and STI Rose (115,300 DWT, built Jan 2015,
Daehan) sold to Avic Leasing for an undisclosed price, VV value USD 43.55 / 38.47 mil.

Aegea and Amorea (115,800 DWT, Mar / Jul 2009, Samsung) sold to Latsco Shipping for
USD 23.7 mil each, VV value USD 23.19 / 24.03 mil.

LR1 Values have softened in modern tonnage this month.

3 sales have been concluded this month.

United Banner (73,600 DWT, Sept 2007, New Century) sold to Sea World Management in a
bank driven sale for USD 10.25 mil, VV value was USD 13.8 mil.

United Ambassador / Carrier (73,600 DWT, Jun / Sept 2007, New Century) sold
at auction to Hellenic Tanker for USD 10.3 mil each, VV value USD 13.41 / 13.79 mil.

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TANKER VALUES THROUGH MAY 2018

MR Values have remained stable this month.

15 sales have taken place this month.

Scorpio Tankers have sold a total of 8 MR2s. 5 x 2014 Korean built MR2s to China
Huarong Finance, for an undisclosed price including a bareboat back to Scorpio and a
further 3 x Korean built 2013/15 MR2s to Avic Leasing, again including a bareboat back.

The British Courtesy / Serenity / Tranquillity (47,200 DWT, 2005, Hyundai Mipo)
sold DD due for USD 10.7 mil each, VV value 12.32 / 12.33 / 12.91 mil.

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CONTAINER VALUES THROUGH MAY 2018

CONTAINERS Post Panamax and Panamax tonnage has firmed in value

whereas Handy and Feedermax values have firmed.

This table shows the monthly % change in value from 1 st to the 31 st May 2018
for Container vessels, by year of build.

YEAR
OF BUILD POST PMAX PMAX HANDY FMAX
TE U TEU TEU TEU

+6.1% +5.1% -0.1% +2.1%

2018
7000 4250 1750 1100
+6.0% +5.1% -0.2% +2.1%
2017
7000 4250 1750 1100
+6.0% +5.1% -0.2% +1.9%
2016
7000 4250 1750 1100
+5.9% +5.0% -0.2% +1.8%
2015
7000 4250 1750 1100
+5.9% +4.9% -0.2% +1.8%
2014
7000 4250 1750 1100
+5.9% +5.0% -0.2% +1.6%
2013
7000 4250 1750 1100
+6.0% +5.0% -0.2% +1.5%
2012
7000 4250 1750 1100
+6.1% +5.1% -0.1% +1.4%
2011
7000 4250 1750 1100
+6.2% +5.2% +0.0% +1.2%
2010
7000 4250 1750 1100
+6.3% +5.3% +0.1% +1.0%
2009
7000 4250 1750 1100
+6.4% +5.4% +0.2% +0.9%
2008
7000 4250 1750 1100
+6.5% -0.6% +0.3% +0.7%
2007
7000 4250 1750 1100
+6.7% -0.7% +0.5% +0.5%
2006
7000 4250 1750 1100
+3.9% -0.7% +0.7% +0.4%
2005
7000 4250 1750 1100
+0.0% -0.7% +0.8% +0.3%
2004
6500 4000 1750 1100
+0.0% -0.6% +0.9% +0.2%
2003
6500 4000 1750 1100

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 CONTAINER VALUES THROUGH MAY 2018

Post PMax Values have firmed for modern tonnage this month.

4 sales have been confirmed this month.

YM Unity/ YM Utmost (8,204 TEU, Aug / Oct 2006, Hyundai Heavy Ind) sold internally for
USD 33.5 mil each, with a time charter attached for 3 / 5 months, respectively at
USD 34,266 p.d.

Hamburg (6,494 TEU, Mar 2009, Koyo Dock) sold for USD 21 mil, VV value
USD 20.6 mil.

Puelo (6,541 TEU, Nov 2006, Hyundai Heavy Ind) sold for USD 20.5 mil, VV value
USD 16.78 mil.

Panamax Values have firmed slightly for modern tonnage this month.

No sales have been confirmed this month.

Sub-Panamax Values have firmed across all ages this month.

3 sales have been confirmed this month.

Nordwoge (2,572 TEU, Feb 2006, STX Offshore) and Welle (2,572 TEU, built Nov 2005)
sold for USD 11 mil each, VV value USD 11.17 and 10.87 mil, respectively.

Victoria Schulte (2,478 TEU, Jul 2005, Aker Ostsee) sold for USD 11.8 mil, VV value
USD 10.72 mil.

Handy Values have firmed for older tonnage this month.

No sales have been confirmed this month.

Feedermax Values have firmed for older tonnage this month.

4 sales have been confirmed this month.

ER Sydney (1,102 TEU, Aug 2005, Vard Tulcea) and ER Hobart (1,118 TEU,
built Sept 2005 Jingling Shipyard Jiangsu) sold en bloc for USD 5.2 mil, VV value
USD 4.86 and 5.4 mil, respectively.

Ice Moon / Ice Crystal (698 TEU, Mar/ Apr 2008, Sainty Marine Corporation)
sold for an undisclosed price, VV value USD 3.67 / 3.72 mil.

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LPG VALUES THROUGH MAY 2018

LPG Values have softened slightly this month.

This table shows the monthly % change in value from 1 st to the 31 st May 2018
for LPG vessels, by year of build.

YEAR SP FR SP FR FULL
OF BUILD VLGC LGC MGC LARGE SMALL PRESS LEG
CBM CBM C BM C BM C BM C BM C BM

-1.7% -1.5% -1.3% -0.9% +0.6% +4.5% -1.1%

2018
84k 60k 38k 20k 6.5k 3.5k 12k

-1.7% -1.5% -1.3% -1.0% +0.6% +4.5% -1.2%

2017
84k 60k 38k 20k 6.5k 3.5k 12k

-1.7% -1.6% -1.4% -0.9% +0.7% +4.5% -1.1%

2016
84k 60k 38k 20k 6.5k 3.5k 12k

-1.8% -1.7% -1.4% -0.8% +0.7% +4.8% -1.0%

2015
84k 60k 38k 20k 6.5k 3.5k 12k

-1.8% -1.7% -1.5% -0.7% +0.9% +4.9% -0.8%

2014
84k 60k 35k 20k 6.5k 3.5k 12k

-1.9% -1.8% -1.5% -0.5% +1.2% +5.1% -0.6%

2013
82k 60k 35k 20k 6.5k 3.5k 9k

-2.0% -1.9% -1.6% -0.2% +1.4% +5.4% +0.2%

2012
82k 60k 35k 20k 6.5k 3.5k 9k

-2.1% -2.0% -1.7% +0.0% +1.6% +5.6% +0.4%

2011
82k 60k 35k 20k 6.5k 3.5k 9k

-2.2% -2.1% -1.8% +0.3% +1.8% +5.9% +0.6%

2010
82k 60k 35k 20k 6.5k 3.5k 9k

-2.3% -2.2% -1.9% +0.4% +2.1% +6.1% +0.9%

2009
82k 60k 35k 20k 6.5k 3.5k 9k

-2.4% -2.3% -2.1% +0.6% +2.2% +6.3% +1.0%

2008
82k 60k 35k 20k 6.5k 3.5k 8k

-2.6% -2.4% -2.2% +0.7% +2.3% +6.3% +1.4%

2007
82k 60k 35k 20k 6.5k 3.5k 8k

-2.7% -2.6% -2.3% +0.6% +2.1% +6.2% +1.3%

2006
82k 60k 35k 20k 6.5k 3.5k 8k

-2.8% -2.7% -2.4% +0.4% +2.0% +6.0% +1.2%

2005
78k 60k 35k 20k 6.5k 3.5k 8k

-3.0% -2.9% -2.6% +0.0% +1.5% +5.6% +0.7%

2004
78k 60k 35k 20k 6.5k 3.5k 8k

-3.1% -3.0% -2.8% +0.0% +0.9% +4.9% +0.2%

2003
78k 60k 35k 20k 6.5k 3.5k 8k

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LPG VALUES THROUGH MAY 2018

VLGC Values have softened across all ages this month.

No sales have been confirmed this month.

SPFR Large vessels have firmed in older tonnage and small vessel values have firmed
slightly this month.

No sales have taken place this month.

Fully Values have softened this month.

Pressurised
1 sale has been confirmed this month.

Gas Legacy (3,514 CBM, Dec 1998, Shitanoe Zosen) sold for an undisclosed
price by StealthGas Inc.

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OFFSHORE VALUES THROUGH MAY 2018

OSV Values have softened for PSV’s and firmed for AHTS/AHT’s.

This table shows the monthly % change in value from 1 st to the 31 st May 2018
for OSV vessels, by year of build.

YEAR LARGE MEDIUM SMALL SUPER MEDIUM SMALL

OF BUILD PSV PSV PSV AHTS AHTS AHTS
D WT D WT DWT BHP BHP BHP

+2.1% +2.1% +2.0% +9.1% +3.8% +3.9%

2018
5.2k 3.6k 1.7k 24k 8.2k 5.5k
+1.8% +1.8% +1.8% +9.0% +3.4% +3.3%
2017
5.2k 3.6k 1.7k 24k 8.2k 5.5k
+0.9% +1.0% +0.9% +8.7% +2.9% +3.0%
2016
5.2k 3.6k 1.7k 24k 8k 5.2k
-0.3% -0.4% -0.2% +8.3% +2.4% +2.5%
2015
5.2k 3.6k 1.7k 24k 8k 5.2k
-1.8% -1.8% -1.8% +7.7% +1.9% +1.9%
2014
5.2k 3.4k 1.7k 24k 8k 5.2k
-3.1% -3.1% -2.9% +7.0% +1.6% +1.6%
2013
5.1k 3.3k 1.7k 24k 8k 5.2k
-4.0% -4.1% -4.1% +6.2% +1.4% +1.4%
2012
4.8k 3.3k 1.7k 24k 8k 5.2k
-4.3% -4.3% -4.2% +5.2% +1.5% +1.0%
2011
4.8k 3.3k 1.6k 24k 8k 5.2k
-3.8% -3.8% -3.5% +4.3% +1.1% +0.7%
2010
4.8k 3.3k 1.6k 24k 8k 5.1k
-2.5% -2.4% -2.4% +3.2% +1.5% +2.0%
2009
4.8k 3.3k 1.6k 24k 8k 5.1k
-0.6% -0.5% -0.6% +2.0% +1.1% +1.4%
2008
4.8k 3.3k 1.6k 24k 8k 5.1k
+2.0% +1.9% +2.3% +0.8% +1.5% +2.0%
2007
4.8k 3.3k 1.6k 24k 8k 5.1k
+4.8% +5.3% +4.8% -0.4% +0.0% +2.7%
2006
4.8k 3.3k 1.6k 24k 8k 5.1k
+8.8% +8.4% +8.6% -1.7% +2.7% +0.0%
2005
4.8k 3.3k 1.6k 24k 8k 5k
+12.2% +12.2% +12.7% -3.0% +3.6% +4.8%
2004
4.8k 3.3k 1.6k 24k 8k 5k
+16.2% +16.5% +16.3% -4.1% +0.0% +0.0%
2003
4.8k 3.3k 1.6k 24k 8k 5k

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OFFSHORE VALUES THROUGH MAY 2018

PSV Values have softened slightly, while older PSVs have firmed this month.

9 sale has been confirmed this month.

Hornbeck Offshore purchased Dwight S Ramsey (5,600 DWT, Aug 2010, Eastern
Shipbuilding), Betty Pfankuch (5,600 DWT, Apr 2011, Eastern Shipbuilding), Ram Nation
(3,800 DWT, Dec 2014, Leevac) and Ram Country (3,800 DWT, Apr 2015, Leevac) en bloc
for USD 36 mil from Aries Marine.

Seatankers bought Hull 6282, Hull 6283, Hull 6285 (5,200 DWT, May 2018, Fujian Mawei
Shipbuilding) and Armada Tuah 520 (5,200 DWT, Oct 2018, Fujian Mawei Shipbuilding)
from the yard. VV en bloc value USD 99.5 mil.

Solstad Farstad offloaded Far Supporter (4,700 DWT, Mar 1996, Bergen Fosen)
to Hair Duong Co. VV value USD 1 mil.

AHTS Values have firmed slightly this month.

& AHT
3 sales have taken place this month.

Solstad Farstad sold Far Sailor (16,809 BHP, Jul 1997, Vard Langsten) and Far Senior
(16,823 BHP, Jun 1998, Vard Langsten) to undisclosed buyers.

Undisclosed buyers picked up Kigoriak (16,800 BHP, Sep 1979, Saint John Shipbuilding)
for conversion into a yacht from FEMCO.

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2ND HAND S&P ACTIVITY MAY 2018

S&P $ Value of 2nd hand sales in May 2018 vs May 2017.

May 2018
2,500
May 2017
$2,019
2,000
Value (M USD)

1,500
$1,121
1,000
$605
$427
500 $315
$242
$153
$0 $37 $23
0
Bulker Tanker Container Gas OSV

Total value for sales are down c.73% in May 2018 compared to May 2017.
Bulkers and OSVs sales are higher by transaction level in May 2018, compared to May 2017.
Tanker, Container and Gas sales are all lower by transaction value this May. Although, some
Gas sales happened, they were sold at undisclosed prices.

S&P No. Number of 2nd hand sales taken place in May 2018 vs May 2017.

May 2018
90 83
May 2017
80
70
60
No. Vessels

50 45 43
40 33 35

30
20 17
11 12
10 5
2
0
Bulker Tanker Container Gas OSV

Total sales by number count are the same for May 2018 compared to May 2017.
Bulker sales by number count are up by c.152% with the majority of tonnage sold
being Panamaxes and Handies.
Tanker sales by number are down by c. 22% for May 2018 compared to May 2017.

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NEWBUILDING ACTIVITY MAY 2018

Newbuilding Number of newbuilding orders taken place in May 2018 vs May 2017.

No.
May 2018
80
May 2017
70 67

60
No. Newbuildings

50

40
31
30 25

20

10 6 4 4 5
2 3
0
0
Bulker Tanker Container Gas OSV

The number of newbuilds is down significantly compared to May 2017.

Vitol ordered 4x VLCCs (300,000 DWT, delivery 2020 Hyundai Heavy Ind) for USD 92 mil
each.
Apollo Asset ordered 4 x VLCCs (300,000 DWT, delivery 2020 Daewoo) for USD 85.5 mil
each.
Zodiac Maritime has ordered 4 x ULCVs (14,300 TEU, delivery 2020 Hyundai Heavy Ind)
for an undisclosed price.

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DEMOLITION ACTIVITY MAY 2018

Demolition Number of demolition sales per ship type, taken place in May 2018 vs May 2017.

No.
May 2018
30
May 2017
25 24 24
No. Demo sales

20

15
12
10
10
7
6
5
5 3
2
1
0
Bulker Tanker Container LPG OSV

Total demolition sales by count has increased for May 2018 compared to May 2017.
The most notable increase is in the Tanker sector where there has a large increase in
the number of vessels scrapped this May. Including 7 VLCCs.
The most noticeable decrease in candidates is within the Bulker sector where there
has only been 5 sales including 2 Capesizes.

Demolition Demolition price trend for Tanker Price India from May 2017 – May 2018.

Trend
Tanker scrap price
500

450

400
USD/LDT

350

300

250
Jul 2017 Oct 2017 Jan 2018 Apr 2018

Sentiment has remained stable through May, following the dip in April this year.
With Pakistan reopening for Tankers in late April, there have been further deliveries
throughout May. Pakistan is still remaining strict on gas free for hot work certificates
to be confirmed prior to beachings.

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CHARTER RATES

Dry Baltic Exchange daily market spot rates for Capesize, Panamax, Supramax and Handy
Bulkers from 1st May 2017 – 31st May 2018. Source: Baltic Exchange

Capesize
Panamax
35,000
Supramax
30,000 Handy

25,000
(USD per day)

20,000

15,000

10,000

5,000

0
Jul 2017 Oct 2017 Jan 2018 Apr 2018

Capesize rates have softened significantly from USD 20,646/day to USD 11,723/day
towards the end of the month.
Panamax rates remained softened slightly throughout May to roughly USD 9,348/day.
Supramax and Handysize rates also remained stable throughout May.

Wet Baltic Exchange daily market spot rates for VLCC, Suezmax and Aframax Tankers from
1st May 2017 – 31st May 2018. Source: Baltic Exchange

VLCC
Suezmax
25,000 Aframax

20,000
(USD per day)

15,000

10,000

5,000

-5,000
Jul 2017 Oct 2017 Jan 2018 Apr 2018

VLCC rates have remained at very low levels throughout May, although rates have
firmed from USD -6,314/day to USD -1,821/day.
Suezmax rates firmed during May from USD 7,674/day to USD 12,117/day.
Aframax rates firmed from USD 1,623/day, peaking at USD 10,591/day in mid-May,
before ending the month at USD 6,826/day.

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CHARTER RATES

Container Contex daily time charter rates for Panamax, Handysize and Feedermax Containers from
1st May 2017 – 31st May 2018. Source: Contex, VHSS

Panamax
Handy
14,000 Feedermax
12,000

10,000
(USD per day)

8,000

6,000

4,000

2,000

0
Jul 2017 Oct 2017 Jan 2018 Apr 2018

Rates firmed for Panamaxes and Handy containers with the most significant firming
taking place in May. Feedermax rates have stabilised throughout May.

LPG Fearnleys weekly market spot rates for VLGC, MGC and LEG Gas ships from
1st May 2017 – 31st May 2018. Source: Fearnley's

VLGC
MGC
700 LEG
(Thousand USD per month)

600

500

400

300

200

100

0
Jul 2017 Oct 2017 Jan 2018 Apr 2018

VLGC rates have firmed dramatically throughout May, from USD 225,000/day
to USD 480,000/day.
Rates remained stable for the MGC and LEG gas vessels throughout May 2018.

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