Bulk Vessel - Clarksons Shipping Intelligence Network

90.085.080.075.070.065.060.055.050.045.040.035.030.025.020.0$mBulk VesselPrices…Tanker Newbuilding PricesShipbuilding Price TrendsPrice $ million, endPrice DevelopmentsSummary• In the tanker market, Minerva Marine increased itsseries of Aframaxes at Samsung to seven vessels afterdeclaring two options. Hyundai Mipo also benefited fromthe declaration of options with another two Boston Beam37,000dwt ice classed ships for Tsakos and a further threeunits for Interorient. This takes these buyers' orders at theyard to 6 and 13 ships respectively.• Prices in the LNG sector have failed to rise in linewith the rest of the market due to fierce competitionbetween the Japanese and the Korean yards both internallyand externally. Pricing was not helped by the report thatGaz de France has ordered a 153,000 cbm LNG carrier atChantiers de l’Atlantique for E195m ($220m), which isaround $70m more than Far East bids.• It has been an active time for the dry bulk market aswell with the Japanese domestic shipowners finalising anumber of negotiations before the new IACS rules cameinto force. Tsuneishi extended its series of 229m LOAKamsarmax bulkers to 20 units and have also taken aconventional Panamax order for delivery at the end of2005. In China, Restis has signed contracts at Kouanshipyard for four Handymax bulkers with numerousoptions.Price Trend Against a1995 1996 1997 1998 1999 2000 2001 2002 Jun* Year Ago Is…VLCC 300,000 dwt 85.00 82.00 83.00 72.50 69.00 76.50 70.00 63.50 67.00 STEADY... 2.3%Suezmax 150,000 dwt 54.00 51.00 52.00 44.00 42.50 52.50 46.50 43.75 46.25 FIRMER... 5.1%Aframax 110,000 dwt 43.50 40.50 41.00 34.50 33.00 41.50 36.00 34.75 37.00 FIRMER... 7.2%Panamax 70,000 dwt 37.50 37.00 31.00 31.00 36.00 32.00 31.25 33.00 STRONG... 10.9%Handy 47,000 dwt 33.50 31.50 31.50 26.00 26.00 29.50 26.25 27.00 29.00 STRONG... 10.5%Capesize 170,000 dwt 42.50 39.00 40.50 33.00 35.00 40.50 36.00 36.25 38.50 STRONG... 11.6%Panamax 75,000 dwt 28.50 26.50 27.00 20.00 22.00 22.50 20.50 21.50 22.50 FIRMER... 4.7%Handymax 51,000 dwt 24.00 23.00 22.50 18.00 20.00 20.50 18.50 19.00 19.75 FIRMER... 3.9%Handysize 30,000 dwt 19.50 19.00 18.00 14.25 15.50 15.00 14.50 15.00 15.75 FIRMER... 6.8%Price Index 140 133 131 111 107 114 108 106 110 FIRMER... 4.2%% change -6% -2% -15% -4% 7% -5% -3% 4%Other VesselPrices…VLCCAframaxHandySuezmaxPanamaxJun-98Sep-98Dec-98Mar-99Jun-99Sep-99Dec-99Mar-00Jun-00Sep-00Dec-00Mar-01Jun-01Sep-01Dec-01Mar-02Jun-02Sep-02Dec-02Mar-03Jun-03Source: Clarkson Research StudiesPrice $ million, endPrice Trend Against a1995 1996 1997 1998 1999 2000 2001 2002 Jun* Year Ago Is…LNG 138,000 m 3 230.0 220.0 230.0 190.0 165.0 172.5 165.0 150.0 150.0 SOFTER... -4.5%LPG 78,000 m 3 70.00 68.00 62.00 58.00 56.00 60.00 60.00 58.00 60.00 FIRMER... 3.4%Container 725 teu 18.00 17.00 13.50 14.00 14.00 13.00 13.00 14.00 FIRMER... 7.7%Container 1,000 teu 21.00 20.00 18.00 17.50 18.00 15.50 15.50 16.50 FIRMER... 6.5%Container 1,700 teu 31.00 29.00 24.50 23.00 25.00 21.50 21.00 22.00 FIRMER... 4.8%Container 2,000 teu 35.00 33.00 29.00 28.00 31.50 28.00 27.00 28.00 STEADY... 1.8%Container 2,750 teu 38.00 38.00 31.00 33.00 37.50 31.00 29.50 32.50 STRONG... 8.3%Container 3,500 teu 52.00 50.00 42.00 38.00 41.50 36.00 33.00 37.00 STRONG... 10.4%Container 4,600 teu 54.00 52.00 45.00 49.00 FIRMER... 7.7%Container 6,200 teu 73.00 72.00 60.00 63.00 STEADY... 1.6%Ro-Ro 1,2-1,300 Lm 24.00 19.50 21.50 20.00 19.00 18.50 19.25 STEADY... 1.3%Ro-Ro 2,3-2,700 Lm 37.00 30.00 32.50 33.00 31.00 31.00 32.00 FIRMER... 3.2%Sources: Clarksons. Ro-Ro prices for 1997 are averages not end year. All historial data refers to standard vessel sizes published at the time. The dwt sizes quoted refer to thelatest spec. in that vessel sector, and new vessel sizes are introduced from time to time. Tanker and Capesize prices are for double-hull vessels; VLCCs from 1992, Suezmax &Aframax from 1990. Panamax and Handy Tankers are coated. Price data assumes a "European spec", with 10/10/10/70% payments, basis "first class competitive yards".Price data latest available at time of press. NB Price Index is value at the end of the previous month.Clarkson Research Studies Page 8Jul-03