Weekly Market Report

Week 10 | Tuesday12th March 2024

Market Insight
By George Vitsos, Offshore Broker

The beginning of 2024 has marked one of the strongest openings of the Looking on the bigger picture, there are presently over 25 extraction are-
last decade on the North Sea PSV spot market, especially on the larger as in development and over 40 new drilling licenses been given since
sizes, as vessels were getting fixed for over 60% to what they did on the October 2023 for the North Sea, which when become operational, the
first quarter of the record-breaking 2023. Contrary to the first 2-months rates will be driven at even higher levels - taking also into consideration
of the year, March has not managed to meet the market expectations the fact that the PSV & AHTS orderbook is 2% and 3% respectively. What
yet, as PSV utilization on the North Sea has dropped over 27%, leading is also worth noting, is that the growing demand has led to an all-time
the rates to cool down at an average of US$ 10,000 / day, which is about low / close to zero laid-up vessels in the area, especially of the high-spec
half of what these vessels were achieving in the area a month ago. vessels, as the last reactivations took place in December 2023.

On the contrary, the AHTS North Sea spot market is booming. The utiliza- With the present orderbook levels and the steadily rising demands of the
tion peaked at almost 100% at the end of February, with vessels earning market, a growing appetite is also being observed for modern-design
an average of US$ 90,000 / day, which is an increase of 30% and 35% Chinese tonnage, whose price and spot rates are approaching similar
from the two previous years respectively. Rates have been climbing rap- levels of the 15-years old European built vessels trading in the North
idly in 2024, as the average Anchor Handler is earning around US$ Sea. Last year, some of the major players of the OSV industry proceeded
25,000 / day more every month. into massive acquisitions of other PSV and AHTS owning companies,
which can be reasoned as a counter-measure to solidify their position in
Rates are set to ameliorate even more on both above-mentioned seg-
the market, against the colossal forecasted demand of the not-so-
ments, as we are slowly starting to enter the warmer period of the year,
distant future.
were traditionally the rates are getting stronger due to the ease of the
weather phenomena in the area.

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 Tanker Market

Indicative Period Charters

08/03/24 01/03/24 2023 2022
$/day 24 mos UOG HARRIET G 2009 73,338 dwt
Vessel Routes WS WS $30,000/day Clearlake
$/day $/day ±% $/day $/day
24 mos GULF BAYNUNAH 2008 46,522 dwt
points points
$30,500/day ST Shipping
265k MEG-SPORE 70 49,254 61 39,459 24.8% 39,466 20,330
VLCC

260k WAF-CHINA 71 48,779 63 40,356 20.9% 38,773 19,980

TD3 TD6 TD9 DIRTY - WS RATES
130k MED-MED 105 46,661 110 51,149 -8.8% 62,964 51,634 500
Suezmax

130k WAF-UKC 106 40,098 103 38,585 3.9% 25,082 11,031 400

140k BSEA-MED 107 36,647 109 38,208 -4.1% 62,964 51,634

WS points
300

80k MEG-EAST 195 44,746 198 45,289 -1.2% 44,757 27,224 200
Aframax

80k MED-MED 153 39,518 108 16,913 133.7% 49,909 46,679 100
70k CARIBS-USG 175 38,581 173 37,749 2.2% 46,364 43,030
0
75k MEG-JAPAN 156 33,065 145 29,242 13.1% 32,625 35,326
55k MEG-JAPAN 178 26,223 172 24,815 5.7% 27,593 32,504
Clean

37K UKC-USAC 192 21,573 232 29,392 -26.6% 21,183 22,919

TC1 TC2 TC5 TC6 CLEAN - WS RATES
30K MED-MED 321 58,197 318 57,498 1.2% 32,775 45,941 500
55K UKC-USG 195 30,996 200 32,639 -5.0% 27,274 19,982
400
Dirty

55K MED-USG 195 30,948 200 32,347 -4.3% 27,060 21,231

WS points
300
50k CARIBS-USG 263 45,802 283 51,266 -10.7% 46,194 40,364
200

100
TC Rates 0

$/day 08/03/24 01/03/24 ±% Diff 2023 2022

300k 1yr TC 52,000 52,000 0.0% 0 48,601 34,683
VLCC
300k 3yr TC 47,000 47,000 0.0% 0 42,291 33,719
150k 1yr TC 46,000 45,000 2.2% 1000 46,154 26,933
Suezmax
150k 3yr TC 39,000 39,000 0.0% 0 35,469 23,758 Indicative Market Values ($ Million) - Tankers
110k 1yr TC 47,250 47,250 0.0% 0 47,226 26,135
Aframax Mar-24 Feb-24
110k 3yr TC 39,500 39,500 0.0% 0 37,455 22,878 Vessel 5yrs old ±% 2023 2022 2021
75k 1yr TC 40,000 40,000 0.0% 0 37,769 25,163 avg avg
Panamax VLCC 300KT DH 112.0 108.5 3.2% 99.5 80.2 69.7
75k 3yr TC 31,000 31,000 0.0% 0 29,748 20,806
52k 1yr TC 31,500 32,000 -1.6% -500 30,452 21,313 Suezmax 150KT DH 82.0 82.0 0.0% 71.5 55.1 46.7
MR
52k 3yr TC 27,000 27,000 0.0% 0 25,152 16,426 Aframax 110KT DH 71.0 71.0 0.0% 64.4 50.5 38.7
36k 1yr TC 28,000 28,000 0.0% 0 25,760 18,601 LR1 75KT DH 52.0 52.0 0.0% 49.2 38.6 31.2
Handy
36k 3yr TC 18,000 18,000 0.0% 0 18,200 14,585 MR 52KT DH 44.5 44.5 0.0% 41.4 34.8 27.6

Chartering
Last week, the crude oil market was characterized by cautious sentiment. with rates softening as cargo flow slowed. The WAF market saw a similar
Brent crude futures settled at $82.08/bbl on Friday, 1.8% lower w-o-w, pattern, with initial gains due to activity in the MEG giving way to softer
while WTI futures closed at $78.01/bbl, registering a weekly decline of rates as the week progressed. In contrast, the USG saw mixed perfor-
2.5%. The market was influenced by tight supply, resulting from OPEC's mance, with some early gains eroded by fluctuations in cargo availability.
production reductions and the impact of sanctions on Russian exports. Suezmax T/C earnings averaged $37,722/day, marking a modest decline
However, this was contrasted by soft demand prospects from China and of 0.06% w-o-w to settle at $38,373/day on Friday. Despite signs of sof-
anticipation for the U.S. driving season to commence. Despite a slight tening over the week, Charterers' needs in the Atlantic are expected to
monthly increase in OPEC+ production in February and reduced U.S. drilling keep the Suezmax market buoyant, with rates being pushed upwards due
activity, extended output cuts by OPEC+ aimed to bolster the market. Yet, to limited vessel availability.
the anticipation of interest rate cuts in the U.S. and EU introduced poten- Aframax T/C earnings averaged $37,731/day, marking a weekly increase
tial for demand stimulation, amidst mixed economic indicators keeping the of $4,843/day or 13.7% w-o-w, and closed off the week at the $40,032/
market sentiment cautious. day mark. In the USG, the strong demand fundamentals for Suezmax could
In the crude freight market, the preceding week was characterized by a potentially undermine Aframax rates despite the expectation of increased
mix of volatility and firming rates across different segments. The VLCC Aframax activity towards the end of the week. In the Med, after an initial
market showed a balanced supply/demand picture. VLCC T/C earnings surge in rates due to a tight list and high demand, the market plateaued
averaged $46,510/day, marking a weekly increase of $6,184/day or despite the short-term optimism. The NSea remained flat, with owners
15.38% w-o-w, ultimately concluding the week at a rate of $46,386/day. looking to ballast away for better opportunities, indicating a subdued mar-
In the MEG region, the week started strongly with rates for Eastbound ket sentiment.
cargoes jumping due to a surge in cargo and a tight tonnage list, but ended

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 Dry Bulk Market

Baltic Indices Indicative Period Charters

08/03/24 01/03/24 Point $/day 2023 2022 7/9 mos Zhong Hai Chang Yun 6 2011 56,639 dwt
dely Cebu 17 Mar redel worldwide $16,000/day Xe Hai Explorer Shpng
Index $/day Index $/day Diff ±% Index Index

BDI 2,345 2,203 142 1,395 1,931

Baltic Indices
BCI 4,245 $35,201 3,977 $32,985 268 6.7% 2,007 1,955 BCI BPI BSI BHSI BDI
7,000
6,000
BPI 1,861 $16,750 1,723 $15,509 138 8.0% 1,442 2,298
5,000
4,000

Index
BSI 1,318 $14,493 1,267 $13,940 51 4.0% 1,031 2,006
3,000
2,000
BHSI 762 $13,714 722 $13,005 40 5.5% 586 1,181
1,000
0

Average T/C Rates

60000 Average of the 5 T / C AVR 5TC BPI AVR 10TC BSI AVR 7TC BHSI
55000
50000
45000
TC Rates $/day
40000
35000
30000
25000
$/day 08/03/24 01/03/24 ±% Diff 2023 2022
20000
15000
180K 1yr TC 34,000 32,000 6.3% 2,000 17,957 21,394 10000
Capesize

5000
0
180K 3yr TC 25,500 25,000 2.0% 500 16,697 18,894

76K 1yr TC 17,500 17,000 2.9% 500 13,563 20,207

Panamax

76K 3yr TC 13,000 13,000 0.0% 0 11,827 14,885

Indicative Market Values ($ Million) - Bulk Carriers
Supramax

58K 1yr TC 16,500 16,500 0.0% 0 13,457 20,053

Vessel 5 yrs old Mar-24 avg Feb-24 avg ±% 2023 2022 2021
58K 3yr TC 12,500 12,500 0.0% 0 11,981 15,005 Capesize Eco 180k 61.0 57.6 5.9% 48.8 48.3 43.1
32K 1yr TC 13,000 13,250 -1.9% -250 10,644 17,827 Kamsarmax 82K 36.0 34.5 4.3% 32.0 34.1 29.8
Handysize

Ultramax 63k 33.5 32.1 4.3% 29.5 31.5 26.4

32K 3yr TC 9,500 9,500 0.0% 0 9,510 12,322
Handysize 37K 27.0 27.0 0.0% 25.1 27.2 21.4

Chartering
The dry bulk market has demonstrated continued strength on a week-
over-week basis, with the Capesize segment leading the advance, con- Cape 5TC averaged $ 33,746/day, up +14.92% w-o-w. The transatlantic
cluding the week surpassing the $35,000/day threshold. Enhanced activ- earnings decreased by $ 643/day while transpacific ones rose by $3,825/
ity was notably observed in the Pacific basin, driven by robust Australian day, bringing transpacific earnings premium over transatlantic to $
shipments towards China, which elevated the transpacific route rates by 10,793/day.
an additional $3.825/day week-over-week. The Atlantic region experi-
enced an uptick in available tonnage in Northern Europe, yet with rates Panamax 5TC averaged $ 16,383/day, up +11.13% w-o-w. The transat-
maintaining within a favourable range. On the Panamax sector, the mar- lantic earnings increased by $ 665/day while transpacific earnings rose
ket remained vibrant, bolstered by grain front-haul shipments from the by $657/day. As a result, the transpacific earnings premium to the trans-
East Coast South America, enhancing market sentiment in the Atlantic. atlantic widened to $5,773/day.
Concurrently, strong demand from Indonesia and Australia further sup-
ported rate levels in this region. Regarding smaller vessel sizes, a dichot- Supramax 10TC averaged $ 14,355/day up +5.57% w-o-w, while the
omy was evident, with the Atlantic displaying lesser demand in contrast Handysize 7TC averaged $ 13,584/day, up +10.24% w-o-w .
to a more optimistic outlook in the Pacific basin. Overall, market rates
have maintained a position significantly above those observed during the
corresponding period in 2023, with the Capesize segment at the forefront
of this upward trajectory.

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 Secondhand Sales

Tankers

Size Name Dwt Built Yard M/E SS due Hull Price Buyers Comments

VLCC C. VISION 314,000 2004 SAMSUNG, S. Korea B&W Jun-24 DH $ 33.5m undisclosed scrubber fitted

SUEZ KARVOUNIS 156,229 2013 SUMITOMO, Japan MAN-B&W Mar-28 DH $ 67.8m Turkish BWTS & scrubber fitted

Bulk Carriers

Size Name Dwt Built Yard M/E SS due Gear Price Buyers Comments

CAPE EPIC 180,149 2010 DAEHAN, S. Korea MAN-B&W Dec-25 $ 32.5m Chinese BWTS fitted

POST PMAX PANAYIOTA K 92,018 2010 SUNGDONG, S. Korea MAN-B&W Apr-25 $ 20.5m unidsclosed BWTS & scrubber fitted

KMAX SANKO HAWKING 82,514 2021 TSUNEISHI, Japan MAN-B&W Nov-28 $ 41.5m unidsclosed BWTS & scrubber fitted, Eco

PMAX PARASKEVI 2 74,979 2011 SASEBO, Japan MAN-B&W Apr-26 $ 20.3m unidsclosed BWTS fitted

HUDONG-ZHONGHUA,
PMAX VITAHORIZON 74,483 2007 MAN-B&W Mar-25 $ 12.3m unidsclosed BWTS fitted
China
4 X 30t
SUPRA AULAC VANGUARD 55,848 2012 IHI, Japan Wartsila Jun-25 $ 18.9m unidsclosed BWTS fitted
CRANES
4 X 30t
SUPRA GANT MUSE 56,024 2004 MITSUI TAMANO, Japan MAN-B&W Dec-24 $ 11.3m Vietnamese BWTS fitted
CRANES
TSUNEISHI CEBU, 4 X 30t
SUPRA PACIFIC TAMARITA 52,292 2001 B&W Aug-26 $ 8.2m Chinese BWTS fitted
Philippines CRANES
JIANGMEN NANYANG, 4 X 30t
HANDY WESTERN LONDON 39,260 2015 MAN-B&W Jan-25 rgn $ 18.5m European BWTS fitted, Eco
China CRANES
JIANGMEN NANYANG, 4 X 30t
HANDY WESTERN PANAMA 39,000 2015 MAN-B&W Jan-25 rgn $ 18.3m European BWTS fitted, Eco
China CRANES
4 X 30,5t
HANDY RIN TREASURE 28,338 2009 IMABARI, Japan MAN-B&W Mar-27 low-mid $9.0m unidsclosed BWTS fitted
CRANES
3 X 36t
HANDY UBC TAMPICO 37,821 2004 SAIKI, Japan Mitsubishi Dec-24 sub $9.0m Chinese BWTS fitted, OHBS
CRANES

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4
 Newbuilding Market

The previous week saw an increase in tanker newbuilding orders, as the same yard last year. On the smaller sizes, Latsco ordered 4 scrub-
earnings continue to rise and expectations for the sector are positive. ber-equipped LR2s from Hyundai Vietnam for $70m each for delivery
Interestingly, all the orders came from Greeks. Specifically, Cardiff Ma- in 2027. Finally, Chemnav ordered a 50k dwt tanker from K Shipbuild-
rine exercised options for 2 scrubber-equipped Suezmaxes from Jiang- ing. The vessel will be methanol & LNG ready and will be equipped with
su New Hantong for $83m each. Similarly, Polembros Shipping ordered a scrubber. Elsewhere, there was an order for 2 Kamsarmaxes from
a scrubber fitted Suezmax from New Times for delivery in 2025. The Lepta Shipping and two medium gas carriers, two from Belgian Exmar
vessel will be LNG capable and follows a similar order for 2 vessels at and one from Greek Benelux.

Indicative Newbuilding Prices ($ Million)

YTD 5-year Average
Vessel 8-Mar-24 1-Mar-24 ±%
High Low High Low 2023 2022 2021
Newcastlemax 205k 70.5 70.5 0.0% 70.5 70.0 70.5 49.5 66 66 59
Capesize 180k 67.5 67.5 0.0% 67.5 67.5 67.5 48.5 63 63 56
Bulkers

Kamsarmax 82k 36.5 36.0 1.4% 36.5 35.5 37.5 27.5 35 36 33

Ultramax 63k 33.5 33.5 0.0% 33.5 33.0 35.5 25.5 33 34 30
Handysize 38k 30.0 30.0 0.0% 30.0 30.0 31.0 23.5 30 30 27
VLCC 300k 128.5 128.0 0.4% 128.5 128.0 128.5 84.5 124 118 98
Tankers

Suezmax 160k 86.0 85.5 0.6% 86.0 85.0 86.0 55.0 82 79 66

Aframax 115k 73.5 73.5 0.0% 73.5 73.0 73.5 46.0 69 62 53
MR 50k 49.0 48.5 1.0% 49.0 48.0 49.0 34.0 46 43 38
LNG 174k cbm 265.0 265.0 0.0% 265.0 265.0 265.0 180.0 259 232 195
Gas

MGC LPG 55k cbm 92.0 92.0 0.0% 92.0 91.5 92.0 62.0 85 74 67
SGC LPG 25k cbm 58.5 58.5 0.0% 58.5 58.0 58.5 40.0 56 51 45

Newbuilding Orders

Units Type Size Yard Delivery Buyer Price Comments

Jiangsu New Hantong,
2 Tanker 157,000 dwt 2026 Greek (Cardiff Marine) $ 83.0m scrubber fitted, options exercised
China

1 Tanker 157,000 dwt New Times, China 2025 Greek (Polembros Shipping) undisclosed LNG Ready, Scrubber-fitted

Hyundai Vietnam,
4 Tanker 115,000 dwt 2027 Greek (Latsco) $ 70.0m Scrubber Fitted
Vietnam
K Shipbuilding, South menthanol & LNG ready,
1 Tanker 50,000 dwt 2025 Greek (Chemnav) undisclosed
Korea scrubber fitted
IMO Tier III, EEDI Phase III,
2 Bulker 82,500 dwt Yangzijiang, China 2026 Japanese (Lepta Shipping) undisclosed
Scrubber Fitted

4+2+2 MPP 15,000 dwt CMHI Jinling, China 2025-2026 German (Dship Carriers) undisclosed

2 LPG 45,000 cbm Hyundai Mipo, S. Korea 2026 Belgian (Exmar) $ 80.5m option for ammonia dual fuel

1 LPG 48,000 dwt CSSC Huangpu, China 2027 Greek (Benelux Overseas) $ 65.0m option exercised

1+2 CSOV 85 metres Vard Holdings, Norway 2026 Danish (Navigare Capital Partners) undisclosed

www.intermodal.gr
5
 Demolition Market

The demolition industry is facing a severe shortage of vessels suitable maintain competitive pricing. However, the market faces the immedi-
for recycling, especially larger tonnage. This shortage is the result of a ate challenge of upgrading facilities to meet Hong Kong Convention
confluence of geopolitical tensions, robust freight rates and strong (HKC) requirements within the next 16 months. Bangladesh has
chartering activity across various segments, which has prompted ship emerged as the frontrunner, leading on pricing and aggressively acquir-
owners to keep their vessels in the water. India's recycling hub, Alang, ing available tonnage. The resilience of the market is underpinned by a
lacked tonnage as local buyers were reluctant to offer competitive pric- stable Bangladeshi Taka, stable steel plate prices and the recent easing
es. This reluctance can be attributed to the uncertainty surrounding the of Letter of Credit restrictions. Despite the limited supply of larger ves-
upcoming elections and the influx of cheaper steel imports from China, sels, Bangladeshi recyclers have been successful in securing smaller
despite strict anti-dumping measures in place. As a result, India has units, taking advantage of their geographical proximity to the Far East
lost potential tonnage to rival destinations unless the ships require recycling routes. The Turkish market, however, has been in a down-
HKC-compliant recycling. Pakistan, on the other hand, has remained ward spiral, plagued by soaring inflation and a weakening lira. Local
relatively stable. Although the supply of new tonnage remains con- steel plate prices have fallen, adding to the challenges faced by Aliaga's
strained, the easing of restrictions on the opening of Letters of Credit recyclers. Uncertainty over shipowners' willingness to enter into con-
has provided some relief. Domestic factors, including a firm Pakistani tracts at the expected lower price levels in Turkey has cast doubt over
Rupee and stable steel plate prices, have enabled Gadani recyclers to the market's prospects.

Indicative Demolition Prices ($/ldt) Currencies

YTD Markets 8-Mar-24 1-Mar-24 ±% YTD High
Markets 08/03/24 01/03/24 ±% 2023 2022 2021
High Low USD/BDT 109.50 109.50 0.0% 109.75
Bangladesh 515 515 0.0% 520 490 550 601 542 USD/INR 82.74 82.84 -0.1% 83.36
India 490 490 0.0% 500 490 540 593 519
Tanker

USD/PKR 278.92 279.10 -0.1% 282.38

Pakistan 520 520 0.0% 520 520 525 596 536
USD/TRY 31.84 31.31 1.7% 31.84
Turkey 350 350 0.0% 350 340 325 314 207
Bangladesh 505 505 0.0% 510 475 535 590 532
Dry Bulk

India 480 480 0.0% 490 480 522 583 508

Pakistan 510 510 0.0% 510 510 515 587 526
Turkey 340 340 0.0% 340 330 315 304 276

Demolition Sales ($ /ldt)

Name Size Ldt Built Yard Type $/ldt Breakers Comments
HYUNDAI HEAVY INDS - U,
SUVARNA SWARAJYA 32,902 8,542 1998 TANKER $ 540.0m BANGLADESH ‘as is’ Colombo
S. Korea

YAMTAI 28,460 6,003 1994 IMABARI, Japan BC $ 480.0m BANGLADESH ‘as is’ Singapore

FAR EAST CHEER 7,747 3,652 2007 ZHEJIANG, China CONTAINER $ 530.0m BANGLADESH

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6
 Commodities & Ship Finance

Market Data Bunker Prices

8-Mar-24 7-Mar-24 6-Mar-24 5-Mar-24 4-Mar-24 W-O-W Change %

8-Mar-24 1-Mar-24 Change %
Rotterdam 759.0 777.0 -2.3%
10year US Bond 4.088 4.092 4.104 4.137 4.219 -2.2%

MGO
Houston 463.0 462.0 0.2%
S&P 500 5,123.69 5,157.36 5,104.76 5,078.65 5,130.95 -0.3%
Nasdaq 18,018.45 18,297.99 18,017.58 17,897.87 18,226.48 -1.6% Singapore 780.0 781.0 -0.1%
Stock Exchange Data

Dow Jones 38,776.80 38,784.30 38,721.15 38,906.98 38,968.77 -0.5% Rotterdam 466.0 459.0 1.5%

380cst
FTSE 100 7,659.74 7,692.46 7,679.31 7,646.16 7,640.33 -0.3%
Houston 463.0 462.0 0.2%
FTSE All-Share UK 4,194.47 4,208.82 4,199.15 4,177.42 4,174.28 -0.1%
CAC40 8,028.01 8,016.22 7,954.74 7,932.82 7,956.41 1.2%
Singapore 469.0 448.0 4.7%
Xetra Dax 17,814.51 17,842.85 17,716.71 17,698.40 17,716.17 0.4% Rotterdam 570.0 580.0 -1.7%

VLSFO
Nikkei 39,688.94 39,598.71 40,090.78 40,097.63 40,109.23 -0.6% Houston 627.0 635.0 -1.3%
Hang Seng 16,353.39 16,229.78 37,703.32 16,162.64 37,963.97 -1.4%
Singapore 633.0 668.0 -5.2%
DJ US Maritime 288.70 291.62 291.62 289.65 293.26 0.2%
€/$ 1.09 1.09 1.09 1.09 1.09 0.9% Brent 82.1 83.6 -1.8%

OIL
£/$ 1.29 1.28 1.27 1.27 1.27 1.6% WTI 78.0 80.0 -2.5%
$/¥ 147.07 148.03 149.37 150.04 150.51 -2.0%
Currencies

$ / NoK 10.42 10.40 10.49 10.56 10.57 -0.8%

Yuan / $ 7.19 7.19 7.20 7.20 7.20 -0.1%
Won / $ 1,316.00 1,323.09 1,329.03 1,335.40 1,330.89 -1.1%
$ INDEX 102.71 102.82 103.37 103.80 103.83 -1.1%

Maritime Stock Data Basic Commodities Weekly Summary

Stock w-o-w Basic Commodtities Summary
Company Curr 08-Mar-24 01-Mar-24
Exchange Change % Oil WTI $ Oil Brent $ Gold $
CAPITAL PRODUCT PARTNERS LP NASDAQ USD 17.45 17.29 0.9% 90 2250
COSTAMARE INC NYSE USD 11.39 11.49 -0.9% 85 2150

DANAOS CORPORATION NYSE USD 70.60 72.46 -2.6% Oil

80 2050
gold
75 1950
DIANA SHIPPING NYSE USD 3.02 3.10 -2.6%
70 1850
EAGLE BULK SHIPPING NASDAQ USD 64.46 62.98 2.3% 65 1750
EUROSEAS LTD. NASDAQ USD 37.56 39.62 -5.2%
GLOBUS MARITIME LIMITED NASDAQ USD 2.25 2.24 0.4%
SAFE BULKERS INC NYSE USD 4.96 4.71 5.3%
SEANERGY MARITIME HOLDINGS NASDAQ USD 8.44 8.33 1.3%
STAR BULK CARRIERS CORP NASDAQ USD 24.89 24.32 2.3%
STEALTHGAS INC NASDAQ USD 6.16 6.15 0.2%
TSAKOS ENERGY NAVIGATION NYSE USD 23.78 23.99 -0.9%

Macro-economic headlines

• In the euro area, the HCOB euro area composite PMI stood at • In the US, the S&P Global Composite PMI was 52.5 in Febru-
49.2 in February, up from 47.9 in the previous month. Simi- ary, up slightly from 52 in January. The services PMI fell
larly, in Germany, the HCOB Services PMI rose to 48.3 in Feb- slightly to 52.3 from 52.5 in the previous month. There was
ruary from 47.7 in January. Staying in Germany, industrial also employment data, with ADP Nonfarm Employment
production rose by 1% in January . Change for February at 140K, while JOLTs Job Openings for
January was at 8.863M.

• In China, the CPI rose by 1% in February compared with the • In Japan, the Tokyo Core CPI was up 2.5% y/y, while the Ser-
previous month, and by 0.7% on an annual basis. Most re- vices PMI for February was at 52.9, slightly lower than the
cently, the PPI fell by 2.7% in February. previous month's 53.1. Household spending fell by 6.3% on a
yearly basis in January.

www.intermodal.gr
7
Intermodal
ATHENS SHANGHAI Written by Intermodal
Shipbrokers Co
17th km Ethniki Odos Athens-Lamia D5, 16F, Jiangsu Mansion Research Department
est. 1984
& 3 Agrampelis Street, 145 65 526 Laoshan Road, Pu Dong Area [email protected]
N. Kifisia Athens, Greece Shanghai 200122 China
Tel: +30 210 6293300 Tel: (86-21) 6875 0818 Yiannis Parganas
www.intermodal.gr Fax: +30 210 6293333 Fax: (86-21) 6875 1618 [email protected]
Chara Georgousi
[email protected]
Fotis Kanatas
[email protected]