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Baltic Report Date: 17 DECEMBER 2015

BDI  Baltic Exchange Dry Index                                471  0
BCI  Baltic Exchange Capesize Index(basis 180000 dwt vsl)     524 -25
BPI  Baltic Exchange Panamax Index                            421 +6
BSI  Baltic Exchange Supramax Index                           448  0
BHSI Baltic Exchange Handysize Index                          274 -01

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Bunker Prices 18-12-2015(*)                    
                             
          IFO380          IFO180          MDO        MGO 
Singapore  164.00          179.00          319.00     329.00    
Rotterdam  138.00          179.00          -         295.00    
Houston    142.00          226.50          -         357.00    
Fujairah   165.50          204.50          -         589.50    
New York   180.00          252.00          -         370.00                                                                                                                                                                                                                                     
*courtesy bunkerworld.com

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Baltic Exchange Capesize Index

Route   Description                                         Value($) Change
C2     160000lt Tubarao to Rotterdam(long tons)              4.178   -0.105
C3     160000 or 170000mt Tubarao to Qingdao                 7.355   -0.340
C4     150000mt Richards Bay to Rotterdam                    3.525   -0.110
C5     160000 or 170000mt W Australia to Qingdao             3.241   -0.091
C7     150000mt Bolivar to Rotterdam                         4.680   +0.165
C15    160000mt Richards Bay to Fangcheng                    5.027   -0.087
C8_14  180000mt Gibraltar/Hamburg transatlantic r/v           6175   +425
C9_14  180000mt Continent/Mediterranean trip China-Jpn       11875   +150
C10_14 180000mt China-Japan transpacific r/v                  3686   -287
C14    180000mt China-Brazil round voyage                     5141   -300
C16    180000mt Revised backhaul                             -1814   -109

Weighted Time Charter Average(C8_14,C9_14,C10_14,C14 & C16)   5008   -36
   
The following route does not contribute to the BCI
C17    170000mt Saldanha Bay to Qingdao                      5.245   -0.065 

BCI 4TC - 172,000 4TC average                                 3861   +45

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Baltic Exchange Panamax Index

Route   Description                                         Value($) Change
P1A_03 74000mt Skaw-Gibraltar, transatlantic r/v              3208     +55
P2A_03 74000mt Skaw-Gibraltar trip to Taiwan-Jpn              6741     +55
P3A_03 74000mt Japan-S.Korea transpacific r/v                 3087     +47
P4_03  74000mt Japan-S.Korea trip to Skaw-Passero              424     +24

Weighted Time Charter Average(P1A_03,P2A_03,P3A_03 & P4_03)   3365     +45

(The following route does not contribute to the BPI)
P3A-IV  74000mt Newcastle to Qingdao - implied voyage         5.91     +0.03

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Baltic Exchange Supramax Index

Route   Description                                          Value($) Change
S1A  52454 Antwerp - Skaw trip to Singapore-Japan              7250     -38
S1B  52454 Canakkale trip to Singapore-Japan                   6168     +32
S2   52454 S.Korea-Jpn,one Austral. or Pacific r/v             4958     -42 
S3   52454 S.Korea-Jpn trip to Skaw-Gibraltar                  3030     -10
S4A  52454 US Gulf trip to Skaw-Passero                        6538     +75
S4B  52454 Skaw-Passero trip to US Gulf                        1557     +78

Weighted Time Charter Average(S1A,S1B,S2,S3,S4A & S4B)         4686     +5

Baltic Exchange Supramax - Asia
S8   52454 S.China trip via Indonesia to EC India               5191   -12
S10  52454 S.China via Indo to S.China                          3800   -6
S11  52454 Mid China, Australian or transpacific rv             4464   -16

Weighted Time Charter Average(S8,S10 & S11)                     4485   -11

The routes below do not form part of the index calculation
S5   52454 WAfr trip via ECSA to N.China                         4713   -42
S9   52454 WAfr trip via ECSA to Skaw-Passero                    3378   -37

Baltic Exchange Supramax 58
S1B_58 58328 Canakkale trip via Med or BlSea to China-S.Korea    6732   -7
S1C_58 58328 USG trip to China-S.Japan                           8700   +31
S2_58  58328 N.China one Australian or Pacific r/v               5319   -14
S3_58  58328 N.China trip to W.Africa                            3269   -19
S4A_58 58328 USG trip to Skaw-Passero                            7244   +72
S4B_58 58328 Skaw-Passero trip to USG                            1822   +46
S5_58  58328 W.Africa trip via ECSA to N.China                   5348   -42
S8_58  58328 S.China trip via Indonesia to ECI                   5919   -9
S9_58  58328 W.Africa trip via ECSA to Skaw-Passero              4043   -54
S10_58 58328 S.China trip via Indonesia to S.China               4134   +3

Time Charter Average                                             4923   -2

Baltic Exchange Supramax 58 - Asia
S8_58  58328 S.China trip via Indonesia to EC India              5919   -9
S10_58 58328 S.China via Indo to S.China                         4134   +3
S11_58 58328 Mid China, Australian or transpacific rv            4941   -9

Time Charter Average                                             4998   -5

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Baltic Exchange Handysize Index

Route   Description                                         Value($)  Change
HS1 28000 Skaw-Passero trip to Rio de Janeiro-Recalada        2820      -5
HS2 28000 Skaw-Passero trip to Boston-Galveston               3271      -8
HS3 28000 Rio de Janeiro-Recalada trip to Skaw-Passero        4228      -10
HS4 28000 USG trip via USG or NCSA to Skaw-Passero            4846      -32
HS5 28000 SE Asia trip via Australia to Spore-Japan           3850      +14
HS6 28000 SKorea-Japan via NOPAC to Spore-Japan               4665      -21

Weighted Time Charter Average(HS1,HS2,HS3,HS4,HS5 & HS6)      4024      -9

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TIMECHARTER

CAPE

'KSL Sapporo' 2014 180960 dwt dely Cape Passero 17/19 Dec transatlantic round redel Skaw-Cape Passero $6,500 daily - Cargill
'Polymnia' 2011 175800 dwt dely Amsterdam 17/18 Dec transatlantic round redel Skaw-Cape Passero $4,500 daily - Cargill - <recent>
'Evgenia' 2011 175800 dwt dely Rotterdam 18/19 Dec transatlantic round redel Skaw-Cape Passero $4,150 daily - SwissMarine - <fixed 14/12>

KAMSARMAX

'Vita Future' 2015 81600 dwt dely aps Black Sea prompt trip redel Rotterdam intention grain $3,250 daily - Transgrain
'Ming De' 2014 81200 dwt dely dop Huanghua 20/26 Dec trip via North China redel India intention fertilisers $3,500 daily - Chinese charterer

PANAMAX

'Fame' 2004 75912 dwt dely aps EC South America 10/20 Jan trip redel Singapore-Japan $6,000 daily + $160,000 bb - Sinochart
'Capetan Tassos' 2000 75100 dwt dely aps EC South America 25/30 Dec trip redel Singapore-Japan intention grains $5,600 daily + $175,000 bb - Cargill
'Hispania Graeca' 2001 74133 dwt dely aps NoPac 04/10 Jan trip redel China intention grains $4,100 daily + $110,000 bb - Hyundai Glovis
'Jin Run' 1998 72495 dwt dely Hazira 19/22 Dec trip via EC South America redel PG-Japan intention grain $3,450 daily - Cargill
'Clear Sky' 2014 63800 dwt dely US Gulf 20/25 Dec trip redel East Med approx $8,750 daily – Oldendorff

SUPRAMAX

'Kure Harbour' 2011 55832 dwt dely Jamaica end Dec trip redel Corpus Christi intention bauxite $5,600 daily - Ultrabulk
'Diamond Sky' 2012 55304 dwt dely Beira prompt trip redel EC India $7,000 daily - WBC
'An Ning ' 2009 55000 dwt dely U.S.Gulf prompt trip redel Turkey $$7,750 daily - WBC
'Topflight' 2004 52544 dwt dely Recalada end Dec trip redel Bejaia $5,750 daily - Cargill - <rate correction report 15/12>

PERIOD

'Fortune Harmony' 2013 82305 dwt dely Longkou 20/30 Dec 11/14 months trading redel worldwide $5,800 daily - China Shipping - <adds charterer's name to report of 16/12>

VOYAGES

ORE

'Oldendorff Newcastlemax TBN' 180000/10 Port Hedland/Cigading 01/06 Jan $2.24 fio 95000shinc/36000shinc - POSCO Krakatau
'Star Borealis' 2011 170000/10 West Australia/Qingdao 01/05 Jan $3.60 max $299000 d/as fio scale/30000shinc - Classic Maritime - <fixed 16/12>
'IVS Cabernet' 2007 170000/10 W Australia/Qingdao 03/08 Jan $3.60 d/as $299000 fio scale/30000shinc - Classic Maritime - <fixed 16/12>
'Bulk Success' Fuk Hing relet 2014 160000/10 Port Hedland/Qingdao 28/30 Dec $3.25 fio scale/30000shinc - FMG
'Calliope P' 2011 170000/10 Port Hedland/Qingdao 01/04 Jan $3.30 fio 80000shinc/30000shinc - BHP Billiton - <fixed 16/12>
'TBN' 170000/10 Saldanha Bay/Qingdao 02/08 Jan $5.35 fio 90000shinc/30000shinc - Oldendofff
'TBN' 170000/10 Tubarao/Qingdao 15/25 Jan $7.40 fio 3days shinc/30000shinc - Vale
'TBN' 170000/10 Tubarao/Qingdao 15/25 Jan $7.25 fio 3days shinc/30000shinc - Vale
'CHS Cosmos' 2006 170000/10 Tubarao/Qingdao 15/25 Jan $7.50 fio scale/30000shinc - Vale
'Classic Maritime TBN ' 165000/10 Kamsar/China 02/05 Jan $7.90 fio 20000shinc/30000shinc - Winning - <fixed 15/12>

COAL

'K-Line TBN' 170000/10 Puerto Bolivar/Iskenderun 18/27 Jan BCI C7 rate + 2% fio scale/30000shinc - Trafigura
'TBN' 160000/10 Dalrymple Bay/Qingdao 03/12 Jan $3.50 fio 50000shinc/25000shinc - Pacific Bulk
'Oldendorff TBN' 130000/10 Hampton Roads/Rotterdam 02/11 Jan $5.40 fio 6 days shinc - TKS
'TBN' 130000/10 Roberts Bank/Hamburg 15/25 Jan $7.10 fio 35000shinc/20000shinc - Salzgitter - <corrects rate on report of 16/12>

GRAIN

'Nemtas 1' 2001 30000/10 soyabean New Orleans/Mersin 21/25 Dec $16.50 fio 4 days ld/6000satshex - ADMI

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(Source: Baltic Dry Index, December 2015)

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