VMR BALTIC REPORT DATED: 09 DECEMBER, 2015

Baltic Report Date: 09 DECEMBER 2015

BDI  Baltic Exchange Dry Index                                  546  -5  

BCI  Baltic Exchange Capesize Index(basis 180000 dwt vsl)       857  -13

BPI  Baltic Exchange Panamax Index                              412  -8  

BSI  Baltic Exchange Supramax Index                             460  -1 

BHSI Baltic Exchange Handysize Index                            286   0

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Bunker Prices 10-12-2015(*)                    

                             

          IFO380          IFO180          MDO        MGO 

Singapore  186.00          198.50          367.50     377.50    

Rotterdam  159.50          204.00          -         336.50    

Houston    160.50          243.00          -         403.50    

Fujairah   186.00          228.50          -         591.50    

New York   194.00          275.50          -         398.50                                                                                              

                                                                                                        

*courtesy bunkerworld.com

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Baltic Exchange Capesize Index

Route   Description                                         Value($) Change

C2     160000lt Tubarao to Rotterdam(long tons)               5.222   +0.205

C3     160000 or 170000mt Tubarao to Qingdao                  9.285   +0.095

C4     150000mt Richards Bay to Rotterdam                     4.375   +0.010

C5     160000 or 170000mt W Australia to Qingdao              4.077   -0.096

C7     150000mt Bolivar to Rotterdam                          5.780   -0.070

C15    160000mt Richards Bay to Fangcheng                     6.477   -0.009

C8_14  180000mt Gibraltar/Hamburg transatlantic r/v            8895   -155

C9_14  180000mt Continent/Mediterranean trip China-Jpn        14365   -100

C10_14 180000mt China-Japan transpacific r/v                   6777   -259

C14    180000mt China-Brazil round voyage                      7509    0

C16    180000mt Revised backhaul                               -841   -59

Weighted Time Charter Average(C8_14,C9_14,C10_14,C14 & C16)    7486   -123

The following route does not contribute to the BCI

C17    170000mt Saldanha Bay to Qingdao                       7.170   -0.025

BCI 4TC - 172,000 4TC average                                  6179   -143

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Baltic Exchange Panamax Index

Route   Description                                         Value($) Change

P1A_03 74000mt Skaw-Gibraltar, transatlantic r/v               3040   -30

P2A_03 74000mt Skaw-Gibraltar trip to Taiwan-Jpn               6877   -148

P3A_03 74000mt Japan-S.Korea transpacific r/v                  3050   -73

P4_03  74000mt Japan-S.Korea trip to Skaw-Passero               211   -9

Weighted Time Charter Average(P1A_03,P2A_03,P3A_03 & P4_03)    3295   -65

(The following route does not contribute to the BPI)

P3A-IV  74000mt Newcastle to Qingdao - implied voyage          6.19  -0.17

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Baltic Exchange Supramax Index

Route   Description                                          Value($) Change

S1A  52454 Antwerp - Skaw trip to Singapore-Japan              7575    -71

S1B  52454 Canakkale trip to Singapore-Japan                   6457    -122

S2   52454 S.Korea-Jpn,one Austral. or Pacific r/v             5100    +10

S3   52454 S.Korea-Jpn trip to Skaw-Gibraltar                  3100    +42

S4A  52454 US Gulf trip to Skaw-Passero                        6681    -50

S4B  52454 Skaw-Passero trip to US Gulf                        1382    +53

Weighted Time Charter Average(S1A,S1B,S2,S3,S4A & S4B)         4812    -11

Baltic Exchange Supramax - Asia

S8   52454 S.China trip via Indonesia to EC India               5238   +22

S10  52454 S.China via Indo to S.China                          3794   +28

S11  52454 Mid China, Australian or transpacific rv             4486   +15

Weighted Time Charter Average(S8,S10 & S11)                     4506   +22

The routes below do not form part of the index calculation

S5   52454 WAfr trip via ECSA to N.China                        5288   -130

S9   52454 WAfr trip via ECSA to Skaw-Passero                   3918   -80

Baltic Exchange Supramax 58

S1B_58 58328 Canakkale trip via Med or BlSea to China-S.Korea   7121   -161

S1C_58 58328 USG trip to China-S.Japan                          8944   -145

S2_58  58328 N.China one Australian or Pacific r/v              5371   +14

S3_58  58328 N.China trip to W.Africa                           3244   +19

S4A_58 58328 USG trip to Skaw-Passero                           7288   -37

S4B_58 58328 Skaw-Passero trip to USG                           1682   +46

S5_58  58328 W.Africa trip via ECSA to N.China                  5913   -147

S8_58  58328 S.China trip via Indonesia to ECI                  5932   +26

S9_58  58328 W.Africa trip via ECSA to Skaw-Passero             4584   -114

S10_58 58328 S.China trip via Indonesia to S.China              4148   +25

Time Charter Average                                            5023   -17

        

Baltic Exchange Supramax 58 - Asia

S8_58  58328 S.China trip via Indonesia to EC India             5932   +26

S10_58 58328 S.China via Indo to S.China                        4148   +25

S11_58 58328 Mid China, Australian or transpacific rv           4964   +14

Time Charter Average                                            5015   +22

          

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Baltic Exchange Handysize Index

Route   Description                                        Value($)  Change

HS1 28000 Skaw-Passero trip to Rio de Janeiro-Recalada      3003       -6

HS2 28000 Skaw-Passero trip to Boston-Galveston             3544       -22

HS3 28000 Rio de Janeiro-Recalada trip to Skaw-Passero      4682      -84

HS4 28000 USG trip via USG or NCSA to Skaw-Passero          4999      +57

HS5 28000 SE Asia trip via Australia to Spore-Japan         3874      +6

HS6 28000 SKorea-Japan via NOPAC to Spore-Japan             4791      +5

Weighted Time Charter Average(HS1,HS2,HS3,HS4,HS5 & HS6)    4195      -4

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TIMECHARTER

CAPE

'Stella Ada' 2011 180223 dwt dely Zhoushan 15 December trip via West Australia redel Singapore-Japan $7,000 daily - Panocean

KAMSARMAX

'SBI Capoeira' 2015 84978 dwt dely aps Ponta Da Madeira 08/09 Dec trip redel US Gulf intention pig iron $4,500 daily - ABT

'Thalassini' 2005 82977 dwt dely aps EC South America 25/30 Dec trip redel SE Asia $6,750 daily + $180,000 bb - Marubeni - <fixed last week>

'Semiramis' 2013 82301 dwt dely Kunsan 08/12 Dec trip via Queensland redel EC India $4,000 daily - China Shipping

PANAMAX

'Baltic Wasp' 2014 64000 dwt dely aps Grays Harbour prompt trip via Nopac redel Philipines $7,400 daily +130,000 bb - Olam

SUPRAMAX

'Platon' 2011 58502 dwt dely S Brazil prompt trip redel Egypt $6,000 daily - Bunge

'Vindonissa' 2012 58097 dwt dely E C South America 21/24 Dec trip redel SE Asia $8,000 daily + $30,000 bb - Caravel

'Densa Jaguar' 2012 57637 dwt dely aps Indonesia prompt trip redel India intention coal $8,500 daily - Hayne Shipping

'Ocean Treasure' 2002 51201 dwt dely Singapore prompt trip via Indonesia redel China intention coal $4,000 daily - Noble Miracle

HANDY

'St George' 2009 32657 dwt dely Canakkale prompt trip via Black Sea redel Tunisia $4,900 daily - Clipper

PERIOD

'Danae' 2001 75106 dwt dely Singapore 09/13 Dec 11/14 months trading redel worldwide $4,900 daily - Norden - <fixed last week>

'Angelina' 2001 74540 dwt dely ex dd Zhoushan spot 4/7 months trading redel worldwide $5,000 daily - Itiro

'Sunbay' 2008 56842 dwt dely Ulsan 20/23 Dec 5/8 months trading redel worldwide $4,900 daily - Hayne Shipping

VOYAGES

ORE

'Seaforce' 2015 170000/10 W Australia/Qingdao 15/19 Dec $4.25 fio scale/30000shinc - Topsail - <adds name to report of 8/12>

'Ocean Courtesey' 2008 170000/10 Dampier/Qingdao 20/24 Dec $4.10 fio scale/30000shinc - Rio Tinto

'Stella Cherise' 2010 170000/10 Saldanha Bay/Qingdao 18/22 Dec $7.25 fio scale/30000shinc - Anglo American

'Oldendorff TBN' 170000/10 Tubarao/Rotterdam 13/27 Jan $5.60 plt fio 6 days shinc - TKS

'Anglo American TBN' 170000/10 Saldanha Bay/Qingdao 24/30 Dec $6.95 basis 1.25% total fio 90000shinc/30000shinc - Ore & Metal

'TBN' 170000/10 W Australia/China 26/31 Dec $4.15 fio scale/30000shinc - RGL

'Classic Maritime TBN' 170000/10 CSN/Qingdao 03/12 Jan $8.80 basis 1.25% total fio scale/30000shinc - CSN

'TBN' 170000/10 Dampier/Qingdao 24/28 Dec $4.10 fio scale/30000shinc - Rio Tinto

'TBN' 170000/10 W Australia/China 26/31 Dec $4.15 fio scale/30000shinc – RGL

'TBN ' 170000/10 W Australia/Qingdao 25/30 Dec $4.10 fio scale/30000shinc - Pacific Bulk - <fixed 8/12>

'TBN' 170000/10 W Australia/Qingdao 25/30 Dec $4.20 fio scale/30000shinc - Pacific Bulk - <fixed 8/12>

'Mineral Antwerpen' 2003 170000/10 Dampier/Qingdao 21/25 Dec $4.10 fio scale/30000shinc - Rio Tinto

'TBN' 130000/10 Narvik/Hamburg 19/28 Dec $3.30 fio 50000shinc/35000shinc - Salzgitter

'TBN' 59000/10 bauxite Kamsar/San Ciprian 18/24 Dec $5.25 fio 25000shinc/15000shinc - United

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(Source BDI, December 9, 2015)