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Baltic Report Date: 24 DECEMBER 2015

BDI  Baltic Exchange Dry Index                                 478 +3
BCI  Baltic Exchange Capesize Index(basis 180000 dwt vsl)      470 +1
BPI  Baltic Exchange Panamax Index                             462 +5 
BSI  Baltic Exchange Supramax Index                            450 0
BHSI Baltic Exchange Handysize Index                           270 0

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Bunker Prices 28-12-2015(*)                    
                             
          IFO380          IFO180          MDO        MGO 
Singapore  166.00          177.50          332.00     345.00    
Rotterdam  139.00          170.50          -         308.00    
Houston    139.00          199.00          -         360.00    
Fujairah   166.50          212.50          -         597.00    
New York   175.50          242.50          -         351.50                                                                                                                                                                                                                                                    
*courtesy bunkerworld.com

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Baltic Exchange Capesize Index

Route   Description                                         Value($) Change
C2     160000lt Tubarao to Rotterdam(long tons)              4.078    -0.028
C3     160000 or 170000mt Tubarao to Qingdao                 6.583    -0.100
C4     150000mt Richards Bay to Rotterdam                    3.306    -0.064
C5     160000 or 170000mt W Australia to Qingdao             2.925    -0.002
C7     150000mt Bolivar to Rotterdam                         5.217    +0.037
C15    160000mt Richards Bay to Fangcheng                    4.500    -0.086
C8_14  180000mt Gibraltar/Hamburg transatlantic r/v           7706    +146
C9_14  180000mt Continent/Mediterranean trip China-Jpn       12250    +65
C10_14 180000mt China-Japan transpacific r/v                  2610    +137
C14    180000mt China-Brazil round voyage                     4405    -45
C16    180000mt Revised backhaul                             -1975    0

Weighted Time Charter Average(C8_14,C9_14,C10_14,C14 & C16)   4965    +68

The following route does not contribute to the BCI
C17    170000mt Saldanha Bay to Qingdao                      4.661    -0.004

BCI 4TC - 172,000 4TC average                                 4028    +87

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Baltic Exchange Panamax Index

Route   Description                                         Value($) Change
P1A_03 74000mt Skaw-Gibraltar, transatlantic r/v              3540    +20
P2A_03 74000mt Skaw-Gibraltar trip to Taiwan-Jpn              7582    +155
P3A_03 74000mt Japan-S.Korea transpacific r/v                 3151   -15
P4_03  74000mt Japan-S.Korea trip to Skaw-Passero              493    +4

Weighted Time Charter Average(P1A_03,P2A_03,P3A_03 & P4_03)   3692    +41

(The following route does not contribute to the BPI)
P3A-IV  74000mt Newcastle to Qingdao - implied voyage         5.83    -0.03

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Baltic Exchange Supramax Index

Route   Description                                          Value($) Change
S1A  52454 Antwerp - Skaw trip to Singapore-Japan              7192    0
S1B  52454 Canakkale trip to Singapore-Japan                   6129    0
S2   52454 S.Korea-Jpn,one Austral. or Pacific r/v             4942    -18
S3   52454 S.Korea-Jpn trip to Skaw-Gibraltar                  2990    -10
S4A  52454 US Gulf trip to Skaw-Passero                        6806    +43
S4B  52454 Skaw-Passero trip to US Gulf                        1636    +7

Weighted Time Charter Average(S1A,S1B,S2,S3,S4A & S4B)         4703    -1

Baltic Exchange Supramax - Asia
S8   52454 S.China trip via Indonesia to EC India              5022   -42
S10  52454 S.China via Indo to S.China                         3703   -29
S11  52454 Mid China, Australian or transpacific rv            4389   -24

Weighted Time Charter Average(S8,S10 & S11)                    4371   -32

The routes below do not form part of the index calculation
S5   52454 WAfr trip via ECSA to N.China                       4583   -25
S9   52454 WAfr trip via ECSA to Skaw-Passero                  3275    -3

Baltic Exchange Supramax 58
S1B_58 58328 Canakkale trip via Med or BlSea to China-S.Korea  6729   +29
S1C_58 58328 USG trip to China-S.Japan                         9561   +73
S2_58  58328 N.China one Australian or Pacific r/v             5264   -24
S3_58  58328 N.China trip to W.Africa                          3275   -13
S4A_58 58328 USG trip to Skaw-Passero                          7515    +9
S4B_58 58328 Skaw-Passero trip to USG                          1930    -3
S5_58  58328 W.Africa trip via ECSA to N.China                 5258   +15
S8_58  58328 S.China trip via Indonesia to ECI                 5741   -27
S9_58  58328 W.Africa trip via ECSA to Skaw-Passero            3950   -1
S10_58 58328 S.China trip via Indonesia to S.China             3975   -39

Time Charter Average                                           4933   -9

Baltic Exchange Supramax 58 - Asia
S8_58  58328 S.China trip via Indonesia to EC India            5741   -27
S10_58 58328 S.China via Indo to S.China                       3975   -39
S11_58 58328 Mid China, Australian or transpacific rv          4843   -29

Time Charter Average                                           4853   -32

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Baltic Exchange Handysize Index

Route   Description                                         Value($)  Change
HS1 28000 Skaw-Passero trip to Rio de Janeiro-Recalada        2720    -7
HS2 28000 Skaw-Passero trip to Boston-Galveston               3142    -6
HS3 28000 Rio de Janeiro-Recalada trip to Skaw-Passero        4178    0
HS4 28000 USG trip via USG or NCSA to Skaw-Passero            4932    +25
HS5 28000 SE Asia trip via Australia to Spore-Japan           3814    -15
HS6 28000 SKorea-Japan via NOPAC to Spore-Japan               4521    +8

Weighted Time Charter Average(HS1,HS2,HS3,HS4,HS5 & HS6)      3955    -1

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TIMECHARTER

CAPE

'Alpha Dignity' 2011 176296 dwt dely CJK 04/06 Jan trip via WC Canada redel Singapore-Japan $3,200 daily - cnr

KAMSARMAX

'Rosco Palm' 2011 82153 dwt dely Machong prompt trip via Australia redel EC India $3,000 daily - cnr

PANAMAX

'Great Victory' 2010 79933 dwt dely CJK 23/27 Dec trip via Australia redel Singapore-Japan $3,750 daily - Bunge
'Draftslayer' 2014 66622 dwt dely Recalada 03/10 Jan trip redel SE Asia $9,000 daily + $100,000 bb - Hyundai Glovis

SUPRAMAX

'Nikolaos A' 2009 58133 dwt dely US Gulf 02 Jan trip redel Singapore-Japan $11,000 daily - cnr

PERIOD

'Meteor' 2010 82589 dwt dely Gangavaram end Dec / ely Jan 4-7 months trading redel worldwide $5,250 daily - Starboard

VOYAGES

ORE

'TBN' 170000/10 Tubarao/Qingdao 15/30 Jan $6.45 fio 3 days shinc/30000shinc - Vale - <vessel is 250,000 dwt - fixed 22/12>
'Deep Blue' Cargill relet 2015 150000/10 Acu/Qingdao 04/15 Jan $8.35 fio scale/30000shinc - Oldendorff
'Panocean TBN' 170000/10 Dampier/Qingdao 12/16 Jan $2.85 fio scale/30000shinc - Rio Tinto
'TBN' 170000/10 Saldanha Bay/Qingdao 11/14 Jan $4.45 fio scale/30000shinc - Anglo American
'Anglo American TBN' 170000/10 Saldanha Bay/Qingdao 17/23 Jan $4.58 fio basis 1.25% total scale/30000shinc - Ore & Metals
'TBN' 170000/10 Dampier/Qingdao 12/16 Jan $2.85 fio scale/30000shinc - Rio Tinto
'TBN' 170000/10 W Australia/Qingdao 05/14 Jan $3.00 fio scale/30000shinc - Bao-NYK - <recent>

COAL

'TBN' 160000/10 Dalrymple Bay/Qingdao 20/25 Jan $3.30 fio 50000shinc/25000shinc - Pacific Bulk
'Bluebell' Korea Line relet 1996 150000/10 Vanino/Youngheung 01/10 Jan $1.97 fio 30000shinc/25000shinc – KEPCO

GRAIN

'TBN' 30000/5 wheat Rouen/Algeria ely Jan $11.00 fio 15000shex /2500shex - cnr

(Source: Baltic Dry Index, December 2015)

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