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Baltic Report Date: 16 DECEMBER 2015

BDI  Baltic Exchange Dry Index                                 471 -13
BCI  Baltic Exchange Capesize Index(basis 180000 dwt vsl)      549 -74
BPI  Baltic Exchange Panamax Index                             415 +4
BSI  Baltic Exchange Supramax Index                            448 -1
BHSI Baltic Exchange Handysize Index                           275 -1

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Bunker Prices 17-12-2015(*)                    
                             
          IFO380          IFO180          MDO        MGO 
Singapore  171.00          185.00          331.00     342.00    
Rotterdam  145.00          184.50          -         304.00    
Houston    150.00          245.00          -         362.50    
Fujairah   169.00          199.00          -         595.00    
New York   182.50          251.50          -         374.50                                                                                                                                                                                                                                
*courtesy bunkerworld.com

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Baltic Exchange Capesize Index

Route   Description                                         Value($) Change
C2     160000lt Tubarao to Rotterdam(long tons)               4.283   -0.128
C3     160000 or 170000mt Tubarao to Qingdao                  7.695   -0.765
C4     150000mt Richards Bay to Rotterdam                     3.635   -0.160
C5     160000 or 170000mt W Australia to Qingdao              3.332   -0.113
C7     150000mt Bolivar to Rotterdam                          4.515   -0.160
C15    160000mt Richards Bay to Fangcheng                     5.114   -0.231
C8_14  180000mt Gibraltar/Hamburg transatlantic r/v            5750   -345
C9_14  180000mt Continent/Mediterranean trip China-Jpn        11725   -550
C10_14 180000mt China-Japan transpacific r/v                   3973   -541
C14    180000mt China-Brazil round voyage                      5441   -586
C16    180000mt Revised backhaul                              -1705   -269

Weighted Time Charter Average(C8_14,C9_14,C10_14,C14 & C16)    5044   -470

The following route does not contribute to the BCI
C17    170000mt Saldanha Bay to Qingdao                        3816   -426

BCI 4TC - 172,000 4TC average                                 5.310   -0.105

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Baltic Exchange Panamax Index

Route   Description                                         Value($) Change
P1A_03 74000mt Skaw-Gibraltar, transatlantic r/v              3153     -2
P2A_03 74000mt Skaw-Gibraltar trip to Taiwan-Jpn              6686     +84
P3A_03 74000mt Japan-S.Korea transpacific r/v                 3040     +33
P4_03  74000mt Japan-S.Korea trip to Skaw-Passero              400     +24

Weighted Time Charter Average(P1A_03,P2A_03,P3A_03 & P4_03)   3320     +35

(The following route does not contribute to the BPI)
P3A-IV  74000mt Newcastle to Qingdao - implied voyage         5.88     -0.04

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Baltic Exchange Supramax Index

Route   Description                                          Value($) Change
S1A  52454 Antwerp - Skaw trip to Singapore-Japan             7288      -29
S1B  52454 Canakkale trip to Singapore-Japan                  6136      -28
S2   52454 S.Korea-Jpn,one Austral. or Pacific r/v            5000      -17
S3   52454 S.Korea-Jpn trip to Skaw-Gibraltar                 3040      -10
S4A  52454 US Gulf trip to Skaw-Passero                       6463      +4
S4B  52454 Skaw-Passero trip to US Gulf                       1479      +4

Weighted Time Charter Average(S1A,S1B,S2,S3,S4A & S4B)        4681      -13

Baltic Exchange Supramax - Asia
S8   52454 S.China trip via Indonesia to EC India             5203     -28
S10  52454 S.China via Indo to S.China                        3806      0
S11  52454 Mid China, Australian or transpacific rv           4480     -18

Weighted Time Charter Average(S8,S10 & S11)                   4496     -16

The routes below do not form part of the index calculation
S5   52454 WAfr trip via ECSA to N.China                      4755     -75
S9   52454 WAfr trip via ECSA to Skaw-Passero                 3415     -116

Baltic Exchange Supramax 58
S1B_58 58328 Canakkale trip via Med or BlSea to China-S.Korea 6739     +10
S1C_58 58328 USG trip to China-S.Japan                        8669     +27
S2_58  58328 N.China one Australian or Pacific r/v            5333     -6
S3_58  58328 N.China trip to W.Africa                         3288     +13
S4A_58 58328 USG trip to Skaw-Passero                         7172     +3
S4B_58 58328 Skaw-Passero trip to USG                         1776     +4
S5_58  58328 W.Africa trip via ECSA to N.China                5390     -108
S8_58  58328 S.China trip via Indonesia to ECI                5928     -25
S9_58  58328 W.Africa trip via ECSA to Skaw-Passero           4097     -141
S10_58 58328 S.China trip via Indonesia to S.China            4131     -10

Time Charter Average                                          4925     -17
       
Baltic Exchange Supramax 58 - Asia
S8_58  58328 S.China trip via Indonesia to EC India           5928    -25
S10_58 58328 S.China via Indo to S.China                      4131    -10
S11_58 58328 Mid China, Australian or transpacific rv         4950    -21

Time Charter Average                                          5003    -19

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Baltic Exchange Handysize Index

Route   Description                                       Value($)  Change   
HS1 28000 Skaw-Passero trip to Rio de Janeiro-Recalada      2825      +5
HS2 28000 Skaw-Passero trip to Boston-Galveston             3279      -29
HS3 28000 Rio de Janeiro-Recalada trip to Skaw-Passero      4238      -18
HS4 28000 USG trip via USG or NCSA to Skaw-Passero          4878      -11
HS5 28000 SE Asia trip via Australia to Spore-Japan         3836      +10
HS6 28000 SKorea-Japan via NOPAC to Spore-Japan             4686      -45

Weighted Time Charter Average(HS1,HS2,HS3,HS4,HS5 & HS6)    4033      -15

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TIMECHARTER

CAPE

'Mount Uluru' 2014 181513 dwt dely Rotterdam 16/18 Dec transatlantic round redel Skaw-Cape Passero $6,000 daily - Oldendorff
'Frontier Island' 2011 181352 dwt dely El Ferrol 16/20 Dec transatlantic round redel Skaw-Cape Passero approx $6,500 daily - Cargill
'Aqua Vision' Noble relet 2011 180353 dwt dely Lianyungang 24 December trip via West Australia redel China $3,500 daily - Phaethon
'Kumiai Shagang' 2011 179191 dwt dely Montoir prompt trip via Puerto Bolivar redel Skaw-Cape Passero $5,800 daily - Cargill

PANAMAX

'CSK Unity' 2015 77105 dwt dely aps Itacoatiara 01/05 Jan trip redel Skaw-Cape Passero $5,000 daily - Bunge
'Startrader' 2001 76623 dwt dely Brazil 12/13 Jan trip redel Mayasia-Singapore $6,000 daily + $170,000 bb - D'Amico
'GH Power' 2002 76421 dwt dely Nopac end December trip redel China $4,000 daily + $130,000 bb - Refined Success
'Shandong Hong Tu' 2012 76116 dwt dely W Australia 25/30 Dec trip redel China $3,000 daily + $55,000 bb - Refined Success
'Manzoni' 2013 76000 dwt dely aps EC South America 20/30 Dec trip redel Singapore-Japan intention grains $7,250 daily + $100,000 bb - CJ International - <adds charterer's name to report of 15/12>
'Jia Foison' 2010 75434 dwt dely Weihai 20/25 Dec - <this fixture reported on 15/12 has now failed>
'Conti Saphir' 2010 75200 dwt dely aps US Gulf 25/30 Dec trip redel Skaw-Gibraltar intention coal $7,500 daily - EdF
'Monte Pelmo' 2000 72917 dwt dely EC South America 20/30 Dec trip redel Southeast Asia $5500 daily + $150000 bb - cnr - <recent>

SUPRAMAX

'Nighthawk' 2010 57809 dwt dely Meizhou 21/22 Dec trip redel Singapore intention aggregate $4,000 daily - Cross Ocean
'Seapace' 2010 56894 dwt dely passing Singapore 16/19 Dec trip via Indo redel WC India -Pakistan $7,250 daily - cnr - <corrects report 15/12/15>
'Portoroz' 2011 56633 dwt dely U.S.Gulf prompt trip redel east med $8,000 daily intention petcoke - Panocean
'APJ Jai' 2010 56594 dwt dely CJK prompt trip redel WCI $5,700 - Noble Miracle
'CMB Coralie' 2009 53463 dwt dely Dneprobugskiy prompt trip redel USG-Caribs $2,000 daily first 53 days approx $5,900 balance - MUR - <corrects report 15/12>

HANDY

'Lisa J' 2010 34426 dwt dely Canakkale trip via Bl Sea redel Egypt Med $4,500 daily - Pacific Basin
'Trans Friendship II' 2012 32000 dwt dely Singapore prompt trip redel China intention Alumina $4,700 daily - cnr
'Shoveler' 2009 30927 dwt dely Rotterdam prompt trip via UK redel Tunisia approx $6,250 daily intention wheat - Langlois

PERIOD

'Fortune Harmony' 2013 82305 dwt dely Longkou 20/30 Dec 11/14 months trading redel worldwide $5,800 daily - cnr

VOYAGES

ORE

'Indomitable' 2015 170000/10 Port Hedland/Qingdao 28/30 Dec $3.65 basis $299000 d/a fio scale/30000shinc - Classic Maritime
'TBN' 170000/10 Dampier/Qingdao 03/07 Jan $3.35 fio scale/30000shinc - Rio Tinto
'Bocimar TBN' 170000/10 Pepel/China 06/10 Jan $8.50 fio 20000shinc/30000shinc - cnr - <fixed 14/12>
'Classic Maritime TBN' 170000/10 Itaguai/Taranto 10/19 Jan $4.75 fio 40000shinc/40000shinc - Ilva
'TBN' 170000/10 Teluk Rubiah/Qingdao 24/28 Dec $2.70 fio 70000shinc/30000shinc - Vale
'C.Oasis' 1996 160000/10 Tubarao/Qingdao 15/25 Jan $7.85 fio scale/30000shinc - Vale
'C.March' 1995 160000/10 Tubarao/Qingdao 15/25 Jan $7.85 fio scale/30000shinc - Vale
'EdF TBN' 130000/10 Narvik/Qingdao 05/15 Jan $2.60 fio 50000shinc/35000shinc- Salzgitter - <updates with tonnage involved from 15/12 report>

COAL

'TBN' 120000/10 Roberts Bank/Hamburg 15/25 Jan $7.00 fio 35000shinc/20000shinc - Salzgitter
'Korea Line TBN' 138000/10 Newcastle/Hadong 01/05 Jan $4.08 fio 40000shinc/25000shinc - KEPCO

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(Source: Baltic Dry Index, December 2015 )

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