Lion’s demometer (usd $ / lt)

WEEK 36 - 09 SEPTEMBER 2012
“You can't put a limit on anything. The more you dream, the farther you get.”

Michael Phelps (born June 30, 1985, American swimmer and the most decorated Olympian of all time with 22
medals)

MARKET NEWS/ RUMOURS

On the dry-bulk side, in an off market deal, clients of Polaris of South Korea have acquired a fleet of
10 ore carriers for $600 mill basis 10 to 12 year time charter back to Sellers, Vale of Brazil, at an
undisclosed rate. The 300,000 deadweight capacity ships, which where originally tankers converted to
bulkers, were bought by current owners between 2009 and 2010 when Vale sought to build a maritime
fleet to serve its clients. Following June’s sale of GAIA (170K BLT 1999 DAEWOO/S. KOREA) for $15.2
mill, clients of Swissmarine of Greece are also linked with the sale of 2 years older cape ORCHID
RIVER (170K BLT 1997 KOYO/JAPAN) for $12.3 mill basis special & dry-docking surveys freshly
passed. Mini caper SAAR N (122K BLT 1995 DAEWOO/S. KOREA, LDT 16477) is snapped by South
Korean buyers for the scrap related price of $6.6 mill including bunkers basis delivery in Singapore,
equivalent to $400 per lt. Two prompt 76.5k panamax resales ex Hudong Shipyard in China have been
committed by clients of Katsikis & Sigalas for $24 mill each. It should be noted that vessels were
designed & contracted by Chinese owners. Japanese controlled panamax BRAVE WIND (71K BLT 1997
NAMURA/JAPAN) is reported sold to German buyers for $10.25-$10-.5 mill basis special & dry-
docking surveys freshly passed, while other sources suggest that vessel is still for sale. A fleet of six
handymax sisters (42K BUILT 1990/1991 IN HYUNDAI/S. KOREA, LDT 7700) are committed en bloc to
undisclosed Turkish interests for usd 21 mill (equivalent to $3.5 mill each having a scrap value of $3.2
mill), while other sources suggest they went to Bangladeshi buyers. South Korean controlled handymax
IOANTHI (42K BLT 1992 OSHIMA/JAPAN CR 4X30T) is reported sold to Indonesian or Taiwanese
buyers for $6.7 mill. Originally ordered by TMT of Taiwan, prompt handy resale B HANDY (37K BLT
OCT 2012 HYUNDAI MIPO/S. KOREA CR 4X30T) has gone to South East Asian buyers for $20 mill.
Having being reported erroneously sold back in May for $14.5 mill to Turks, Japanese controlled box-
hold handy GITTA OLDENDORFF (31K BLT 2005 SAIKI/JAPAN CR 4X30T) has finally found Far
Eastern buyers who paid $13.25 mill.
On the container/mpp front, situation is still slow with just a few further trading sales to report; Clients
of Orient Express Lines of Singapore have purchased gearless feeder BUNGA TERATAI (1725 TEUS BLT
1998 DAEWOO/S. KOREA) for $5.5 mill. In an auction in Halifax, Canada, clients of ARA Shipping of
Holland were the highest bidders with $1.2 mill for gearless feeder AFL NEW ENGLAND (700 TEUS
BLT 1996 SIETAS/GERMANY).

In the Tanker segment, numerous VLCCs changed hands this week; SAMCO RAVEN (301K BLT 1996
SUMITOMO/JAPAN) was committed to Greek interests for $25.5 mill, while LA MADRINA (299K BLT
1994/DENMARK) was bought for storage by clients of Southernpec of China for $21 mill. Japanese
controlled TENRYU (281K BLT 1999 MITSUBISHI/JAPAN) & TOKACHI (280K BLT 1999 IHI/JAPAN)
were committed to undisclosed interests for $25 & $27 mill respectively. Pumproom MR AVONDEN
(45K BLT 2004 SHIN KURUSHIM/JAPAN) is sold for $14.5 mill to clients of AVIN of Greece, while two
years older shallow draft product carrier ANTIGNANO (40K BLT 2002 HYUNDAI MIPO/S. KOREA) went
for exactly the same level to undisclosed buyers basis special & dry-docking surveys freshly passed.
Chinese buyers have acquired zinc coated handy FORMOSA SEVEN (33.6K BLT 1996 SHIN
KURUSHIMA/JAPAN) for $9.35 mill. High specification ice class chemical unit SUNRISE WISTERIA
(12.6K BLT 2007 SAMHO/S. KOREA IMO2/3 EPOXY COATED, COILED, 14 TANKS) changed hands within
Japan for $11.8 mill. In a distressed sale, small product/chemical sisters RUTH THERESA & DITTE
THERESA (8K BLT 2008 NANTONG MINGDE/CHINA MARINELINE COATED) were acquired en bloc by
clients of Borealis maritime of U.K. for $7.5 mill each.
Visit our website at www.lionshipbrokers.com for our latest market report In the demolition sector, this week’s subcontinent’s market has decreased significantly (about $10-$15
since last week) mainly due to vast oversupply of tonnage. Cash buyers and scrap-yards alike, are
“cherry-picking” available ships in the demo-market, thus driving prices down. Rates are currently
ranging between $390-$410 for bulkers, $415-$435 for tankers & $410-$425 for container vessels.
China is still weak paying $290-$305 while Turkey is still bullish paying $330-$340 for bulkers,
$335-$345 for containers & tankers. For an overview of demolition market rates this week, please
check our comprehensive demometer below. Should you have any queries about the content of this
report or require our services, please do not hesitate to contact us.
LION’S DEMOMETER (USD $ / LT)
CONT/TWEEN
PAKISTAN
BANGLADESH

BULKERS

M/V "ORE GORO" - 305,846 dwt, blt 1994 Nkk Corp/Japan, LR, 7 HO/7 HA, Sulzer 7RTA84M
M/V "ORE CAUE" - 305,668 dwt, blt 1994 Nkk Corp/Japan, LR, 7 HO/7 HA, Sulzer 7RTA84M
M/V "ORE PARATI" - 301,542 dwt, blt 1994 Hyundai/S. Korea, LR, 7 HO/7 HA, B+W 7S80MC
M/V "ORE SANTOS" - 301,591 dwt, blt 1994 Hyundai/S. Korea, LR, 7 HO/7 HA, B+W 7S80MC
M/V "ORE PAQUETA" - 301,569 dwt, blt 1994 Hyundai/S. Korea, LR, 7 HO/7 HA,B+W 7S80MC
M/V "ORE CORUMBA" - 301,389 dwt, blt 1995 Hyundai/S. Korea, LR, 7 HO/7 HA,B+W 7S80MC
M/V "ORE ITAGUAI" - 298,806 dwt, blt 1994 Hyundai/S. Korea, LR, 7 HO/7 HA, B+W 7S80MC
M/V "ORE URUCUM" - 291,435 dwt, blt 1993 Mitsubishi/Japan, LR, 7 HO/7 HA, Mitsubishi 7UEC85LSII
M/V "ORE SALOBO" - 291,435 dwt, blt 1993 Mitsubishi/Japan, LR, 7 HO/7 HA, Mitsubishi 7UEC85LSII
M/V "ORE FAZENDAO" - 291,435 dwt, blt 1994 Mitsubishi/Japan, LR, 7 HO/7 HA, Mitsubishi 7UEC85LSII
Sold en bloc (10 vessels) to clients of Polaris of South Korea for $600 mill including 10-12 years time charter back to Sellers
Vale of Brazil

M/V "ORCHID RIVER" - 170,896 dwt, blt 1997 Koyo/Japan, NK ss/dd freshly passed, 9 HO/9 HA, B+W 6S70MC
Sold to clients of Swissmarine of Greece for $12.3 mill (Sinokor also heard as buyers)
M/V "SAAR N" - 122,259 dwt, blt 1995 Daewoo/S. Korea, LR ss due 3/2015 dd due 4/2013, 9 HO/9 HA, B+W 5S70MC, LDT
16,477
Sold to South Korean buyers for $6.6 mill including bunkers basis delivery Singapore equivalent to 402 per LDT

M/V "HOUHENG 1" - 76,500 dwt, blt 6/12 Hudong-Zhonghua/China, CC, MAN-B+W 5S60MC-C
M/V "HOUHENG 5" - 76,500 dwt, blt 8/12 Hudong-Zhonghua/China, CC, MAN-B+W 5S60MC-C,
Sold en bloc to clients of Katsikis & Sigalas for $24 mill each - note vessels were designed & contracted by Chinese owners

M/V "BRAVE WIND" - 71,333 dwt, blt 1997 Namura/Japan, NK ss/dd freshly passed, 7 HO/7 HA, B+W 6S60MC
Sold to German buyers for $10.25-10.5 mill basis ss/dd freshly passed
M/V "NENA F" - 42,263 dwt, blt 1990 Hyundai/S. Korea, AB, 5 HO/5 HA, B+W 5L60MC, Cr 4X10T, LDT 7,723
M/V "MIHALIS F" - 42,263 dwt, blt 1990 Hyundai/S. Korea, AB, 5 HO/5 HA, B+W 5L60MC, Cr 4X10T, LDT 7,723
M/V "JOALMI" - 42,263 dwt, blt 1990 Hyundai/S. Korea, NV, 5 HO/5 HA, B+W 5L60MC, Cr 4X10T, LDT 7,723
M/V "IRINI F" - 42,263 dwt, blt 1991 Hyundai/S.Korea, NV, 5 HO/5 HA, B+W 5L60MC, Cr 4X10T, LDT 7,723
M/V "ALMI" - 42,263 dwt, blt 1991 Hyundai/S. Korea, GL, 5 HO/5 HA, B+W 5L60MC, Cr 4X10T, LDT 7,723
M/V "JOHN F" - 42,263 dwt, blt 1991 Hyundai/S. Korea, AB, 5 HO/5 HA, B+W 5L60MC, Cr 4X10T, LDT 7,723
Sold en bloc to undisclosed Bangladesh or Turkish buyers for $21 mill (equivalent to $3.5 mill each)

M/V "IOANTHI" - 42,001 dwt, blt 1992 Oshima/Japan, KR ss due 01/2017, 5 HO/5 HA, Sulzer 6RTA52, Cr 4X30T
Sold to undisclosed Indonesian or Taiwanese buyers for $6.7 mill

M/V "B HANDY" - 37,000 dwt, blt 10/2012 Hull 6074 ex Hyundai Mipo/S. Korea, MAN-B+W, Cr 4x30.5T
Sold to South East Asian bclients of the shipyard for $20 mill (originally ordered by TMT)

M/V "GITTA OLDENDORFF" - 31,603 dwt, blt 2005 Saiki/Japan, NK, 5 BOX HO/5 HA, Mitsubishi 6UEC52LA, Cr 4X30T
Sold to undisclosed Far Eastern buyers for $13.25 mill
Lion Research & Valuations 2012 - All rights reserved. No part of this report may be reproduced or circulated without our prior written approval. M/V "HOHEGRUND" - 3,850 dwt, blt 2000 Daewoo-Mangalia/Romania, LR ss/dd freshly passed, 1 HO/1 HA, 193 TEUS,
MaK 8M20
Sold to Turkish buyers for $1.9 mill

CONTAINERS/TWEENS

M.V "BUNGA TERATAI" - 24,612 dwt, blt 1998 Daewoo/S. Korea, LR, 5 HO/9 HA, 1725 TEUS, B+W 6S60MC
Sold to clients of Orient Express Lines of Singapore for $5.5 mill

M/V "AFL NEW ENGLAND" - 7,223 dwt, blt 1996 Sietas/Japan, GL, 4 HO/3 HA, 700 TEUS, MAN 8L40/54
Sold at by private treaty (auction) in Halifax Nova Scotia (Canada) to clients of Ara Shipping of Holland for $1.2 mill
PASSENGER
M/V "COSTA ALLEGRA" - 6,968 dwt, blt 1969 Wartsila/Finland, RINA, Wartsila 6R46, 399 cabins, 663 passengers
Sold to Turkish buyers for $10 mill - she suffered a generator fire incident in February 2012
RO-RO

M/V "NOCC CARIBBEAN" - 12,763 dwt, blt 1988 Hyundai/S. Korea, AB, B+W 8L60MCE, 4800 cars (vehicle carrier)
Sold to undisclosed buyers for $12 mill

TANKERS

M/T "SAMCO RAVEN" - 301,653 dwt, blt 1996 Sumitomo/Japan, NV, 15 tanks, 332,884 cbm, M/E: Sulzer 7RTA84M
Sold to undisclosed Greek buyers for $25.5-$25.75 mill
M/T "LA MADRINA" - 299,700 dwt, blt 1994 Odense/Denmark, LR, 15 tanks, 321,162 cbm, M/E: Mitsubishi 8UEC75LSII
Sold to clients of Southernpec of China for $21 mill for storage
M/T "TENRYU" - 281,050 dwt, blt 1999 Mitsubishi/Japan, NK, 15 tanks, 308,376 cbm, M/E: Mitsubishi 7UEC85LSII
Sold to undisclosed buyers for $25 mill
M/T "TOKACHI" - 280,973 Ddwt, blt 1999 Ihi/Japan, NK, 15 tanks, 321,889 cbm, M/E: Sulzer 7RTA84T
Sold to undisclosed buyers for $27 mill
M/T "AVONDEN" - 45,948 dwt, blt 2004 Shin Kurushima/Japan, BV, 14 tanks, 50,754 cbm, M/E: MAN-B+W 6S50MC-C,
pumproom MR
Sold to clients of AVIN of Greece for $14.5 mill
M/T "ANTIGNANO" - 40,113 dwt, blt 2002 Hyundai Mipo/S. Korea, RI ss/dd passed May 2012, 12 tanks, 42,744 cbm, M/E:
MAN-B+W 6S50MC-C, shallow draft
Sold to undisclosed buyers for $14.5 mill
M/T "FORMOSA SEVEN" - 35,657 dwt, blt 1996 Shin Kurushima/Japan, AB, 14 tanks/14 pumps 32,914 cbm, M/E:
Mitsubishi 6UEC60LA, LDT 7301TS, zinc coated
Sold to undisclosed Chinese buyers for $9.35 mill
M/T "SUNRISE WISTERIA" - 12,665 dwt, blt 2007 Samho/S. Korea, NK, 12 tanks 13,505 cbm, M/E: MAN-B+W 6S35MC
Sold to undisclosed Japanese buyers for $11.8 mill
M/T "DITTE THERESA" - 8,026 dwt, blt 2008 Nantong Mingde/China, BV, 8 tanks 8,975 cbm, M/E: MaK 9M25, Imo 2,
marineline coated
M/T "RUTH THERESA" - 8,025 dwt, blt 2008 Nantong Mingde/China, BV, 8 tanks 8,963 cbm, M/E: MaK 9M25, Imo 2,
marineline coated
Sold en bloc to clients of Borealis maritime of U.K. for $7.5 mill each (distressed sale)
GAS

M/T "DP ORION"(LPG) - 3,594 dwt, blt 1990 Teraoka/Japan, RINA, M/E: Hanshin 6EL40, capacity 2954 cbm
Sold to clients of Milangaz of Turkey for $3 mill

DEMOLITION

Tankers
M/T "AILSA CRAIG" - LDT 32152TS- 211,641 dwt, blt 1974 Hdw Kiel/Germany, RS, 15 tanks, 287,449 cbm, M/E: AEG
Demo to PAKISTAN for $430-$440 per LDT
M/T "NISYROS" - LDT 24286TS- 143,932 dwt, blt 1992 Ihi/Japan, AB, 12 tanks, 160,260 cbm, M/E: Sulzer 6RTA72
Demo to PAKISTAN for $438 per LDT
M/T "AL MUMINAH" - LDT 15286TS- 81,503 dwt, blt 1985 Uddevallavarvet/Sweden, NV, 16 tanks, 89,154 cbm, M/E:
B+W 4L80MCE
Demo to PAKISTAN for $440 per LDT
Lion Research & Valuations 2012 - All rights reserved. No part of this report may be reproduced or circulated without our prior written approval.
Bulkers
M/V "KASSOS WARRIOR" LDT 23555- 194,744 dwt, blt 1986 Mitsui/Japan, KR, 9 HO/9 HA, B+W 6L80MCE
Demo to BANGLADESH for $450 per LDT

M/V "CAPE MADRAS" - LDT 19,499 - 150,977 dwt, blt 1990 Hyundai/S. Korea, KR, 9 HO/9 HA, B+W 5S70MC
Demo to BANGLADESH for $433 per LDT
M/V "DONG-A RHEA" - LDT 18,458- 149,505 dwt, blt 1993 China Shipbuilding/Taiwan, KR, 9 HO/9 HA, B+W 5L80MCE
Demo to BANGLADESH for $428 per LDT

M/V "PSU THIRD" - LDT 18,580- 149,383 dwt, blt 1992 China Shipbuilding/Taiwan, BV, 9 HO/9 HA, B+W 5L80MCE
Demo to BANGLADESH for $426 per LDT

M/v "MOSEL N" - LDT 16,477- 122,331 dwt, blt 1995 Daewoo/S. Korea, LR, 9 HO/9 HA, B+W 5S70MC
Demo to INDIA for $410 per LDT

M/V "TAIGLORY" - LDT 16,463- 92,470 dwt, blt 1988 Sumitomo/Japan, NV ss/dd due Jun 2013, Sulzer 6RTA62, Cr 1X15T
Demo to BANGLADESH for $406 per LDT

M/V "BIN DONG SHAN 35" - LDT 19,247 - 82,488 dwt, blt 1990 Setenave/Portugal, CC, 7 HO/7 HA, B+W 6L70MC
Demo to CHINA for $320 per LDT

M/V "PANOSTAR" - LDT 12,303- 63,880 dwt, blt 1984 B+W Skibsvaerft/Denmark, AB, 7 HO/7 HA, B+W 4L90GBE
Demo to BANGLADESH for $432 per LDT
M/V "PROSPEROUS" - LDT 10,693- 62,654 dwt, blt 1982 Mitsui/Japan, LR, 7 HO/7 HA, B+W 7L67GFCA
Demo to BANGLADESH for $456 per LDT
M/V "SUNNY VISHIP" - LDT 11,605- 61,775 Tdwt, blt 1982 Koyo/Japan, VR, 7 HO/7 HA, B+W 7L67GFCA
Demo to CHINA for $322 per LDT

M/V "FOREST WAVE" - LDT 9,089- 45,748 dwt, blt 1991 Oshima/Japan, NK, 6 HO/6 HA, Sulzer 6RTA52, Cr 3X14.7T,
(Woodchip carrier)
Demo to INDIA for $425 per LDT

M/V "ZUI YOH" - LDT 9,088- 44,840 dwt, blt 1990 Sanoyas/Japan, NK, 6 HO/6 HA, Mitsubishi 6UEC52LS, Cr 3X14.7T,
(Woodchip carrier)
Demo to INDIA for $425 per LDT
M/V "GRANDIS" - LDT 9,022- 44,711 dwt, blt 1991 Sanoyas/Japan, NK, 6 HO/6 HA, Sulzer 6RTA52, Cr 3X14.7T
(Woodchip carrier)
Demo to INDIA for $445 per LDT

M/V "CHUETSU MARU" - LDT 8,950- 42,791 dwt, blt 1987 Imabari/Japan, NK, 6 HO/6 HA, B+W 6L60MCE, Cr 3X12.5T
Demo to INDIA for $425 per LDT

M/V "HOUMA BELLE" - LDT 7,708- 42,219 Tdwt, blt 1985 Mitsui/Japan, LR, 5 HO/5 HA, B+W 6L60MCE, Cr 5X25T
Demo to BANGLADESH for $438 per LDT including spare propeller & tailshaft

M/V "WHITE ARROW"- LDT 10,265- 36,663 dwt, blt 1985 Daewoo/S. Korea, NV, 5 HO/5 HA, B+W 6L60MCE, Cr
4X25T
Demo to INDIA for $452 per LDT including 300t bunker rob and full ste of spares
M/V "ATHANASIOS G. CALLITSIS" - LDT 8,049- 28,035 dwt, blt 1983 Jiangnan/China, LR, 5 HO/5 HA, B+W 8L55GB,
Cr 4X25T
Demo to BANGLADESH for $414 per LDT
M/V "GLORY SUN" - LDT 14,135- 24,938 dwt, blt 1985 Hashihama/Japan, NK, 4 HO, B+W 6L50MCE, Cr 3X25T, Der
1X25T
Demo to BANGLADESH for $415 per LDT
M/V "AL AMAL BELLAH" - LDT 5,725-24,733 dwt, blt 1982 Imabari/Japan, RS, 4 HO/4 HA, Sulzer 7RLB56, Cr 3X25T,
Der 1X25T
Demo to INDIA for $420 per LDT

M/V "TAINO MAIDEN" - LDT 5,714- 23,278 dwt, blt 1985 Ihi - Aioi/Japan, LR, 5 HO/5 HA, Pielstick 12PC2-6V-4007020,
Cr 5X25T
Demo to BANGLADESH for $420 per LDT

M/V "WEI SHENG" - LDT 3,705- 11,565 dwt, blt 1978 Kurushima/Japan, NK, 3 HO/3 HA, MAN K6Z52/90, Der 1X40T,
Der 3X20T
Demo to BANGLADESH for $385 per LDT
Containers
Lion Research & Valuations 2012 - All rights reserved. No part of this report may be reproduced or circulated without our prior written approval. M/V "MERKUR SKY" - LDT 11,266 - 39,927 dwt, blt 1997 Flensburger/Germany, GL, 8 HO/10 HA, 2604 TEUS, B+W
7S70MC
Demo to BANGLADESH for $423 per LDT as-is Singapore
M/V "AL WAJBA" - LDT 12,918- 35,615 dwt, blt 1983 Hyundai/S. Korea, LR, 6 HO/31 HA, 2199 TEUS, B+W 6L80GFCA
Demo AS IS KHOR FAKKAN, U.A.E. for $435 per LDT
M/V "CS CHRISTINE" - LDT 6,930- 20,270 dwt, blt 1992 Kvaerner/Germany, RINA ss/dd due 11/2012 , 6 HO/8 HA, 1388
TEUS, Sulzer 6RTA58, Cr 3X40T
Demo to BANGLADESH for $432-435 per LDT
M/V "VESTFOLD" - LDT 8,016- 19,984 dwt, blt 1992 Verolme Heusden Bv/Netherlands, KR, 5 HO, 1646 TEUS, Stork-
Werksp8TM620
Demo to INDIA for $440 per LDT
Tweendeckers
M/V "RU YI" - LDT 7,480- 19,141 dwt, blt 1981 Zhonghua/China, HR, 4 HO/7 HA, B+W 6L67GFCA, Cr 5X25T
Demo to CHINA for $290 per LDT

M/V "SANCRIS" - LDT 7,518- 8,750 dwt, blt 1975 Galati/Romania, IS, 4 HO/4 HA, Sulzer 5RD68, Cr 4X5T
Demo to BANGLADESH for $415 per LDT
LEGAL DISCLAIMER

This report has been produced on information collected from a variety of sources and presented in good faith and without any
guarantee. No responsibility can be accepted for any errors and omissions or any consequences arising from this report. Neither
the company nor its directors nor its employees shall be liable in any way for any claimed loss or damage occurred by
information & analysis contained herein.
Lion Research & Valuations 2012 - All rights reserved. No part of this report may be reproduced or circulated without our prior written approval.

Source: http://www.seanews.com.tr/reports/Lion_weekly_09_september_2012.pdf