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Baltic Report Date: 10 DECEMBER 2015

BDI  Baltic Exchange Dry Index                               534 -12
BCI  Baltic Exchange Capesize Index(basis 180000 dwt vsl)    824 -33
BPI  Baltic Exchange Panamax Index                           408 -4
BSI  Baltic Exchange Supramax Index                          455 -5  
BHSI Baltic Exchange Handysize Index                         285 -1

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Bunker Prices 11-12-2015(*)                    
                             
          IFO380          IFO180          MDO        MGO 
Singapore  180.00          200.00          359.00     369.00    
Rotterdam  159.50          200.00          -         331.50    
Houston    159.00          241.00          -         395.50    
Fujairah   183.00          227.00          -         580.50    
New York   192.00          275.00          -         397.50                                                                                                                                                                                                            
*courtesy bunkerworld.com

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Baltic Exchange Capesize Index

Route   Description                                         Value($) Change
C2     160000lt Tubarao to Rotterdam(long tons)              5.122   -0.100
C3     160000 or 170000mt Tubarao to Qingdao                 9.180   -0.105
C4     150000mt Richards Bay to Rotterdam                    4.340   -0.035
C5     160000 or 170000mt W Australia to Qingdao             4.050   -0.027
C7     150000mt Bolivar to Rotterdam                         5.430   -0.350
C15    160000mt Richards Bay to Fangcheng                    6.325   -0.152
C8_14  180000mt Gibraltar/Hamburg transatlantic r/v           8335   -560
C9_14  180000mt Continent/Mediterranean trip China-Jpn       13975   -390
C10_14 180000mt China-Japan transpacific r/v                  6523   -254
C14    180000mt China-Brazil round voyage                     7345   -164
C16    180000mt Revised backhaul                              -936   -95

Weighted Time Charter Average(C8_14,C9_14,C10_14,C14 & C16)   7181   -305

The following route does not contribute to the BCI          
C17    170000mt Saldanha Bay to Qingdao                      6.990   -0.180

BCI 4TC - 172,000 4TC average                                 5854   -325 

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Baltic Exchange Panamax Index

Route   Description                                         Value($) Change
P1A_03 74000mt Skaw-Gibraltar, transatlantic r/v              3077    +37
P2A_03 74000mt Skaw-Gibraltar trip to Taiwan-Jpn              6759    -118
P3A_03 74000mt Japan-S.Korea transpacific r/v                 2958    -92
P4_03  74000mt Japan-S.Korea trip to Skaw-Passero              236    +25

Weighted Time Charter Average(P1A_03,P2A_03,P3A_03 & P4_03)   3258    -37

(The following route does not contribute to the BPI)
P3A-IV  74000mt Newcastle to Qingdao - implied voyage         6.12    -0.07

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Baltic Exchange Supramax Index

Route   Description                                          Value($) Change
S1A  52454 Antwerp - Skaw trip to Singapore-Japan              7467    -108
S1B  52454 Canakkale trip to Singapore-Japan                   6343    -114
S2   52454 S.Korea-Jpn,one Austral. or Pacific r/v             5058    -42
S3   52454 S.Korea-Jpn trip to Skaw-Gibraltar                  3085    -15
S4A  52454 US Gulf trip to Skaw-Passero                        6588    -93
S4B  52454 Skaw-Passero trip to US Gulf                        1371    -11

Weighted Time Charter Average(S1A,S1B,S2,S3,S4A & S4B)         4757    -55

Baltic Exchange Supramax - Asia         
S8   52454 S.China trip via Indonesia to EC India               5222   -16 
S10  52454 S.China via Indo to S.China                          3797   +3
S11  52454 Mid China, Australian or transpacific rv             4475   -11

Weighted Time Charter Average(S8,S10 & S11)                     4498   -8

The routes below do not form part of the index calculation
S5   52454 WAfr trip via ECSA to N.China                        5150   -138
S9   52454 WAfr trip via ECSA to Skaw-Passero                   3825   -93

Baltic Exchange Supramax 58
S1B_58 58328 Canakkale trip via Med or BlSea to China-S.Korea   6971   -150
S1C_58 58328 USG trip to China-S.Japan                          8833   -111
S2_58  58328 N.China one Australian or Pacific r/v              5351   -20
S3_58  58328 N.China trip to W.Africa                           3233   -11
S4A_58 58328 USG trip to Skaw-Passero                           7194   -94
S4B_58 58328 Skaw-Passero trip to USG                           1662   -20
S5_58  58328 W.Africa trip via ECSA to N.China                  5783   -130
S8_58  58328 S.China trip via Indonesia to ECI                  5919   -13
S9_58  58328 W.Africa trip via ECSA to Skaw-Passero             4475   -109
S10_58 58328 S.China trip via Indonesia to S.China              4147   -1
Time Charter Average                                            4978   -45
         
Baltic Exchange Supramax 58 - Asia
S8_58  58328 S.China trip via Indonesia to EC India             5919   -13
S10_58 58328 S.China via Indo to S.China                        4147   -1
S11_58 58328 Mid China, Australian or transpacific rv           4954   -10

Time Charter Average                                            5007   -8
        
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Baltic Exchange Handysize Index

Route   Description                                       Value($)  Change   
HS1 28000 Skaw-Passero trip to Rio de Janeiro-Recalada      2965      -38
HS2 28000 Skaw-Passero trip to Boston-Galveston             3517      -27
HS3 28000 Rio de Janeiro-Recalada trip to Skaw-Passero      4619     -63
HS4 28000 USG trip via USG or NCSA to Skaw-Passero          4993     -6
HS5 28000 SE Asia trip via Australia to Spore-Japan         3882     +8
HS6 28000 SKorea-Japan via NOPAC to Spore-Japan             4786     -5
Weighted Time Charter Average(HS1,HS2,HS3,HS4,HS5 & HS6)    4179     -16

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TIMECHARTER

CAPE

'Obelix' 2011 181433 dwt dely Gijon spot trip via Puerto Drummond redel Continent $9,000 daily - SwissMarine

KAMSARMAX

'Galio' 2013 81404 dwt dely Singapore 10/11 Dec trip via Indonesia redel EC India $3,750 daily - Oldendofff
'Key Frontier' 2011 80679 dwt dely Hamburg 14 December trip via Murmansk redel Skaw-Palma $4,500 daily - cnr

PANAMAX

'Pantera Rosa' 2009 78844 dwt dely Zhoushan 11/13 Dec 12 months trading redel worldwide basis BPI 4 timecharter average plus 10% - Aquavita
'Yong Tai' 2001 74060 dwt dely aps CJK 10/15 Dec trip redel India intention fertilisers $2,500 daily - cnr
'Bravo John' 1997 71333 dwt dely CJK spot trip via China redel India intention fertilisers $2,500 daily - Norvic
'Samos Legend' 1996 70293 dwt dely Hong Kong 09/11 Dec trip via Indonesia redel India $2,000 daily - Jaldhi
'Dacc Tirreno' 2015 60550 dwt dely Navlakhi mid Dec trip redel China $5,000 - cnr

SUPRAMAX

'Federal Lyra' 2014 55725 dwt dely Fazendinha prompt trip redel Greece $5,750 daily - cnr

HANDY

'Spar Orion' 1996 47639 dwt dely Singapore prompt trip via Indon redel S.China $4,500 daily - Cross Ocean
'Chariana L' 1997 46670 dwt dely Black Sea prompt trip redel E.Med $4,250 daily - XO Shipping

PERIOD

'Los Angeles' 2012 206104 dwt dely Huanghua spot 11/14 months trading redel worldwide $7,750 daily - SwissMarine
'Marina' 2006 87036 dwt dely aps Brazil 20/25 Dec 10/14 months trading redel worldwide $6,250 daily - Bunge - <recent>
'Maritsa' 2005 76015 dwt dely Rizhao 12/14 Dec 5/8 months trading redel worldwide $5,250 daily - Glencore - <recent>
'Ecostar G.O.' 2007 75149 dwt dely passing Yosu 08/13 Dec about 5/about 9 months trading redel worldwide $5,000 daily - SwissMarine - <recent>

VOYAGES

ORE

'Samjohn Solidarity' Anglo American relet 2010 170000/10 Saldanha Bay/Qingdao 30 Dec/05 Jan $6.90 fio scale/30000shinc - Vitol
'Aliki ' 2005 170000/10 W Australia/Qingdao 22/28 Dec $4.30 max $299,000 d/as fio scale/30000shinc - Classic Maritime
'Aquajoy' 2003 170000/10 Tubarao/Qingdao 20/25 Dec $9.285 basis BCI C3 minus 1% fio scale/30000shinc - Vale

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(Source:  BDI, 10/12/2015)

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