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Baltic Report Date: 14 DECEMBER 2015

BDI  Baltic Exchange Dry Index                                 508 -14
BCI  Baltic Exchange Capesize Index(basis 180000 dwt vsl)      722 -57
BPI  Baltic Exchange Panamax Index                             410  0
BSI  Baltic Exchange Supramax Index                            450 -1
BHSI Baltic Exchange Handysize Index                           279 -3

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Bunker Prices 15-12-2015(*)                    
                             
          IFO380          IFO180          MDO        MGO 
Singapore  178.50          190.00          350.00     360.00    
Rotterdam  147.50          196.50          -         304.50    
Houston    148.50          241.00          -         379.50    
Fujairah   172.00          198.50          -         580.00    
New York   182.50          259.50          -         377.50                                                                                                                                                                                                                      
*courtesy bunkerworld.com

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Baltic Exchange Capesize Index

Route   Description                                        Value($)  Change
C2     160000lt Tubarao to Rotterdam(long tons)           4.661    -0.272   
C3     160000 or 170000mt Tubarao to Qingdao              8.895    -0.150   
C4     150000mt Richards Bay to Rotterdam                 3.970    -0.215  
C5     160000 or 170000mt W Australia to Qingdao          3.827    -0.155   
C7     150000mt Bolivar to Rotterdam                      5.050    -0.205   
C15    160000mt Richards Bay to Fangcheng                 5.873    -0.354   
C8_14  180000mt Gibraltar/Hamburg transatlantic r/v        7205    -575   
C9_14  180000mt Continent/Mediterranean trip China-Jpn    13000    -450    
C10_14 180000mt China-Japan transpacific r/v               5505    -631    
C14    180000mt China-Brazil round voyage                  6768    -332   
C16    180000mt Revised backhaul                          -1227    -136    

Weighted Time Charter Average(C8_14,C9_14,C10_14,C14 & C16)6341    -458   

The following route does not contribute to the BCI          
C17    170000mt Saldanha Bay to Qingdao                    6.095    -0.760  

BCI 4TC - 172,000 4TC average                              5001    -448  

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Baltic Exchange Panamax Index

Route   Description                                         Value($) Change
P1A_03 74000mt Skaw-Gibraltar, transatlantic r/v             3135    +18
P2A_03 74000mt Skaw-Gibraltar trip to Taiwan-Jpn             6634    -64
P3A_03 74000mt Japan-S.Korea transpacific r/v                2978    +23
P4_03  74000mt Japan-S.Korea trip to Skaw-Passero             352    +24

Weighted Time Charter Average(P1A_03,P2A_03,P3A_03 & P4_03)  3275    0

(The following route does not contribute to the BPI)
P3A-IV  74000mt Newcastle to Qingdao - implied voyage        6.01    -0.02

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Baltic Exchange Supramax Index

Route   Description                                        Value($) Change
S1A  52454 Antwerp - Skaw trip to Singapore-Japan           7392    -41  
S1B  52454 Canakkale trip to Singapore-Japan                6186    -71  
S2   52454 S.Korea-Jpn,one Austral. or Pacific r/v          5025    +17 
S3   52454 S.Korea-Jpn trip to Skaw-Gibraltar               3060    +10
S4A  52454 US Gulf trip to Skaw-Passero                     6488    -37 
S4B  52454 Skaw-Passero trip to US Gulf                     1376    +1 

Weighted Time Charter Average(S1A,S1B,S2,S3,S4A & S4B)      4702    -11 
         
Baltic Exchange Supramax - Asia
S8   52454 S.China trip via Indonesia to EC India             5225    +3
S10  52454 S.China via Indo to S.China                        3797     0
S11  52454 Mid China, Australian or transpacific rv           4486    +15

Weighted Time Charter Average(S8,S10 & S11)                   4503    +6

The routes below do not form part of the index calculation
S5   52454 WAfr trip via ECSA to N.China                      4918    -67
S9   52454 WAfr trip via ECSA to Skaw-Passero                 3647    -50

Baltic Exchange Supramax 58
S1B_58 58328 Canakkale trip via Med or BlSea to China-S.Korea  6764    -86
S1C_58 58328 USG trip to China-S.Japan                         8667    -52
S2_58  58328 N.China one Australian or Pacific r/v             5339    +6
S3_58  58328 N.China trip to W.Africa                          3238    +23
S4A_58 58328 USG trip to Skaw-Passero                          7172    +9
S4B_58 58328 Skaw-Passero trip to USG                          1673    +7
S5_58  58328 W.Africa trip via ECSA to N.China                 5585    -42
S8_58  58328 S.China trip via Indonesia to ECI                 5944    +25
S9_58  58328 W.Africa trip via ECSA to Skaw-Passero            4297    -33
S10_58 58328 S.China trip via Indonesia to S.China             4144    -3

Time Charter Average                                           4938    -2

Baltic Exchange Supramax 58 - Asia
S8_58  58328 S.China trip via Indonesia to EC India           5944    +25
S10_58 58328 S.China via Indo to S.China                      4144    -3
S11_58 58328 Mid China, Australian or transpacific rv         4961    +11
Time Charter Average                                          5016    +11
                  
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Baltic Exchange Handysize Index

Route   Description                                      Value($)  Change  
HS1 28000 Skaw-Passero trip to Rio de Janeiro-Recalada     2875    -25 
HS2 28000 Skaw-Passero trip to Boston-Galveston            3368    -78 
HS3 28000 Rio de Janeiro-Recalada trip to Skaw-Passero     4361    -95  
HS4 28000 USG trip via USG or NCSA to Skaw-Passero         4932    -24
HS5 28000 SE Asia trip via Australia to Spore-Japan        3851    -36
HS6 28000 SKorea-Japan via NOPAC to Spore-Japan            4749    -29

Weighted Time Charter Average(HS1,HS2,HS3,HS4,HS5 & HS6)   4092    -44

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TIMECHARTER

KAMSARMAX

'NBA Millet' 2014 82100 dwt dely Oxelosund 15/20 Dec trip via Baltic redel Skaw-Gibraltar intention minerals $6,500 daily - Medmar
'Tuo Fu 6' 2013 81588 dwt dely SW Pass 20/25 Dec trip via US Gulf redel Singapore-Japan $9,000 daily + $90,000 bb - Beibu Gulf
'Golden Daisy' 2012 81507 dwt dely Xiamen 18/20 Dec trip via Indonesia redel Japan $3,000 daily - K-Line

PANAMAX

'Yong Huan' 2000 74837 dwt dely Rotterdam spot 2 laden legs , first leg via Trombetas to US Gulf redel Skaw-Cape Passero $3,200 daily - Cargill
'Flipper' 1999 73726 dwt dely aps Samarinda 18/25 Dec trip redel India $3,500 daily + $35,000 bb - Bunge
'Orion Ocean' 2015 61321 dwt dely U.S.Gulf prompt trip redel East Med $8,700 daily - Panocean

SUPRAMAX

'Sun Vil II' 2011 56042 dwt dely South West Pass prompt trip redel North Brazil $6,000 daily - Norden
'Jin Xing' 2007 55300 dwt dely Tianjin prompt trip redel EC India $5,500 daily - cnr
'Arion ' 2003 53806 dwt dely Busan prompt trip via Nakhodka redel Indonesia $5,000 daily - Hayne Shipping
'Red Diamond' 2009 53430 dwt dely Singapore prompt trip via Indonesia redel China $4,200 daily - cnr
'Azizi' 2001 52544 dwt dely Tonda spot trip 2-3 l/l redel Singapore-Japan $5,750 daily - Korean charterer
'Gloriana' 2000 52068 dwt dely Texas Gulf prompt trip redel East Med $7,750 daily - Refined Success - <recent>

HANDY

'Spar Orion' 1996 47639 dwt dely Singapore prompt trip via EC Australia redel EC India $6,500 daily - WBC - <corrects report 11/12/15>
'Jin Qiang' 1998 47324 dwt dely Cigading 17/18 Dec trip via Indonesia redel Vietnam $4,000 daily - cnr

PERIOD

'Unity N' 2011 79642 dwt dely passing CJK 17/20 Dec 5/9 months trading redel worldwide $4,950 daily - Mosvold
'Xin Hai Tong 8' 2014 48897 dwt dely Dafeng end Dec about 2/4 months trading redel worldwide approx $4,750 daily - Oldendorff

VOYAGES

ORE

'TBN' 170000/10 W Australia/Qingdao 26/31 Dec $4.08 fio scale/30000shinc - Caravel
'TBN' 170000/10 Dampier/Qingdao 29 Dec/02 Jan $3.65 fio scale/30000shinc - Rio Tinto
'MOL TBN' 170000/10 Tubarao/Rotterdam 01/14 Jan $4.10 fio 6 days shinc - TKS
'Kohyohsan' 2001 170000/10 Dampier/Qingdao end December $3.95 fio scale/30000shinc - Rio Tinto - <adds name to report of 11/12>

COAL

'Norden TBN' 60000/10 Vysotsk/Rotterdam 17/22 Dec $4.90 fio 15000shinc/25000shinc - EdF


(Source: Baltic Dry Index, December 2015)

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