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Baltic Report Date: 22 DECEMBER 2015

BDI  Baltic Exchange Dry Index                                 474 -4
BCI  Baltic Exchange Capesize Index(basis 180000 dwt vsl)      485 -27
BPI  Baltic Exchange Panamax Index                             445 +12
BSI  Baltic Exchange Supramax Index                            449 0
BHSI Baltic Exchange Handysize Index                           271 -2

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Bunker Prices 23-12-2015(*)                    
                             
          IFO380          IFO180          MDO        MGO 
Singapore  159.00          176.00          317.00     327.00    
Rotterdam  134.00          172.50          -         296.00    
Houston    139.50          206.00          -         351.00    
Fujairah   157.50          200.50          -         597.00    
New York   171.50          236.50          -         352.00                                                                                                                                                                                                                                                    
*courtesy bunkerworld.com

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Baltic Exchange Capesize Index

Route   Description                                         Value($) Change
C2     160000lt Tubarao to Rotterdam(long tons)               4.100   -0.028
C3     160000 or 170000mt Tubarao to Qingdao                  6.843   -0.122
C4     150000mt Richards Bay to Rotterdam                     3.440   -0.035
C5     160000 or 170000mt W Australia to Qingdao              3.027   -0.100
C7     150000mt Bolivar to Rotterdam                          5.115   +0.040
C15    160000mt Richards Bay to Fangcheng                     4.775   -0.093
C8_14  180000mt Gibraltar/Hamburg transatlantic r/v            7330   +105
C9_14  180000mt Continent/Mediterranean trip China-Jpn        12120   -15
C10_14 180000mt China-Japan transpacific r/v                   2800   -523
C14    180000mt China-Brazil round voyage                      4618   -337
C16    180000mt Revised backhaul                              -1950   -55

Weighted Time Charter Average(C8_14,C9_14,C10_14,C14 & C16)    4958   -198

The following route does not contribute to the BCI
C17    170000mt Saldanha Bay to Qingdao                       4.987   -0.053

BCI 4TC - 172,000 4TC average                                  3955   -122

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Baltic Exchange Panamax Index

Route   Description                                         Value($) Change
P1A_03 74000mt Skaw-Gibraltar, transatlantic r/v              3420   +107
P2A_03 74000mt Skaw-Gibraltar trip to Taiwan-Jpn              7132   +200
P3A_03 74000mt Japan-S.Korea transpacific r/v                 3188   +39
P4_03  74000mt Japan-S.Korea trip to Skaw-Passero              477   +22

Weighted Time Charter Average(P1A_03,P2A_03,P3A_03 & P4_03)   3554   +92

(The following route does not contribute to the BPI)
P3A-IV  74000mt Newcastle to Qingdao - implied voyage         5.82   -0.05

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Baltic Exchange Supramax Index

Route   Description                                          Value($) Change
S1A  52454 Antwerp - Skaw trip to Singapore-Japan              7217    -25
S1B  52454 Canakkale trip to Singapore-Japan                   6139    -11
S2   52454 S.Korea-Jpn,one Austral. or Pacific r/v             4950    -8
S3   52454 S.Korea-Jpn trip to Skaw-Gibraltar                  3000    -10
S4A  52454 US Gulf trip to Skaw-Passero                        6725    +56
S4B  52454 Skaw-Passero trip to US Gulf                        1604    +11

Weighted Time Charter Average(S1A,S1B,S2,S3,S4A & S4B)         4698    -1

Baltic Exchange Supramax - Asia
S8   52454 S.China trip via Indonesia to EC India              5109   -35
S10  52454 S.China via Indo to S.China                         3757   -27
S11  52454 Mid China, Australian or transpacific rv            4414   -42

Weighted Time Charter Average(S8,S10 & S11)                    4427   -34

The routes below do not form part of the index calculation
S5   52454 WAfr trip via ECSA to N.China                       4627   -28
S9   52454 WAfr trip via ECSA to Skaw-Passero                  3290   -29

Baltic Exchange Supramax 58
S1B_58 58328 Canakkale trip via Med or BlSea to China-S.Korea  6700   -14
S1C_58 58328 USG trip to China-S.Japan                         9389   +295
S2_58  58328 N.China one Australian or Pacific r/v             5282   -22
S3_58  58328 N.China trip to W.Africa                          3288    0
S4A_58 58328 USG trip to Skaw-Passero                          7472   +97
S4B_58 58328 Skaw-Passero trip to USG                          1897   +18
S5_58  58328 W.Africa trip via ECSA to N.China                 5262   -36
S8_58  58328 S.China trip via Indonesia to ECI                 5822   -41
S9_58  58328 W.Africa trip via ECSA to Skaw-Passero            3963   -13
S10_58 58328 S.China trip via Indonesia to S.China             4053   -28

Time Charter Average                                           4943   +7
       
Baltic Exchange Supramax 58 - Asia
S8_58  58328 S.China trip via Indonesia to EC India            5822   -41
S10_58 58328 S.China via Indo to S.China                       4053   -28
S11_58 58328 Mid China, Australian or transpacific rv          4881   -23

Time Charter Average                                           4919   -30
           
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Baltic Exchange Handysize Index

Route   Description                                         Value($)  Change
HS1 28000 Skaw-Passero trip to Rio de Janeiro-Recalada       2757      -28
HS2 28000 Skaw-Passero trip to Boston-Galveston              3173      -23
HS3 28000 Rio de Janeiro-Recalada trip to Skaw-Passero        4158     -14
HS4 28000 USG trip via USG or NCSA to Skaw-Passero            4886     +7
HS5 28000 SE Asia trip via Australia to Spore-Japan           3854     -3
HS6 28000 SKorea-Japan via NOPAC to Spore-Japan               4582     -50

Weighted Time Charter Average(HS1,HS2,HS3,HS4,HS5 & HS6)      3981     -20

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TIMECHARTER

KAMSARMAX

'Contantinos G.O.' 2011 87447 dwt dely US Gulf 01/10 Jan trip redel China via Cape of Good Hope $10,000 daily + $110,000 bb - Bunge
'Densa Pelican ' 2012 82744 dwt dely aps EC South America spot trip redel Singapore-Japan $7,400 daily + $105,000 bb - Louis Dreyfus
'Mastros Nikos' 2011 82177 dwt dely aps EC South America 08/14 Jan trip redel South Korea approx $7,250 daily + $210,000 bb - Vitol
'Renaissance' 2012 81699 dwt dely psg Singapore prompt trip via West Australia redel China intention ore $3250 daily - Panocean
'Prime Lily' 2012 81507 dwt dely Recalada 10/15 Jan trip redel Southeast Asia $7,000 daily + $190,000 bb - ADMI

PANAMAX

'Black Pearl' 2012 78890 dwt dely aps EC South America 05/10 Jan trip redel Singapore-Japan $9,000 daily + $150,000 bb - CJ International
'Kea' 2010 75633 dwt dely psg Cape of Good Hope end Dec trip via EC South America redel Singapore-Japan $6,250 daily + $110,000 bb - HMM
'Ever Leader' 1999 73965 dwt dely Ennore end Dec trip via EC South America redel Singapore-Japan $3,900 daily - Caravel
'Fu Da' 1997 71330 dwt dely Tyne 17/20 Dec trip via Murmansk redel Turkey $3,750 daily - Klaveness - <fixed about a week ago>

SUPRAMAX

'Durban Bay' 2010 58186 dwt dely E Med prompt redel West Africa intention clinker approx $5,500 daily - cnr
'Oceanmaster' 2013 56715 dwt dely WC India prompt trip redel China $4,100 daily - Platina Bulkcarriers

HANDY

'Holylight' 1997 42717 dwt dely Thailand prompt trip redel Indonesia intention clinker $4,000 daily - Platina Bulkcarriers

VOYAGES

ORE

'Shagang TBN' 170000/10 Port Hedland/Qingdao 01/10 Jan $3.20 fio scale/30000shinc - BaoNYK - <recent>
'TBN' 170000/10 Tubarao/Qingdao 01/15 Jan $6.85 fio scale/30000shinc - Vale

COAL

'Fuk Hing TBN' 162000/10 Dalrymple Bay/Qingdao 06/15 Jan approx $3.40 basis 1.25% total fio scale/20000shinc - Sinometals
'E.R. Bayern' Oldendorff relet 2010 160000/10 Drummond/Rotterdam 09/18 Jan $5.00 fio 50000shinc/25000shinc - K Line
'TBN' 150000/10 Richards Bay/Krishnapatnam 05/14 Jan approx $4.20 fio 50000shinc/20000shinc - Pacific Bulk
'TBN' 75000/10 Hay Point /EC India 05/14 Jan $6.55 fio 35000shex/20000shex - SAIL

GRAIN

'TBN' 60000/10 hss US Gulf/N. China 10/20 Jan $21.50 fio 10000shex/8000shex - Beibu Gulf - <via Cape of Good Hope>

( Source: Baltic Dry Index, December 2015)

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