Example Report DSI 12 20231

Dec 2023 Shipping Insight
[ISSN 2634-0984]
Shipping Insight
Published: 06 Dec 2023
Contents
From the Editor’s desk��1 Editor
Pratiksha Negi
dmr@drewry.co.uk
Dry Bulk��4
Editing
Seema Asim Raina
Crude Tanker��19 Vibhuti Jaitly
Product Tanker��30 Research

Diksha Goel – MPV
Tanvi Sharma – Dry Bulk
Chemical Tanker��39 Rajesh Verma – Crude Tankers
Anshika Prajapati – Product Tankers
Carolyne Rosangliani – Chemical
LPG��48 Pratiksha Negi – LNG
Riya Pathania – LPG
Subrata K Behera – Container
LNG��57 Aditi Niranjan - Container shipping equities
Tushar Chaddha - Dry Bulk equities
Rajiv Sarkar – Data
Container��64
Production
Multipurpose��71
Vikas Sharma
Yashpal Singh Rawat
Dinesh Kumar Karmakar
Terminology��80
Kevin Gomm
List of tables and figures��88
Drewry Maritime Research

35-41 Folgate Street,
London E1 6BX
Tel +44 (0) 20 7538 0191 Fax
+44 (0) 20 7987 9396
enquiries@drewry.co.uk
www.drewry.co.uk
© Copyright 2023 | Drewry Shipping Consultants Limited. Unauthorised redistribution of this content is prohibited.
Licenced Content may only be shared across the Licenced Site in accordance with Drewry’s Standard Site Licence terms.
From the Editor’s desk
Downfall in containers turn players towards gas
shipping
CPLP unveiled a deal worth $3.1 billion for 11 LNGCs, marking a
significant switch towards LNG shipping from Container shipping. CPLP
envisages becoming a new pure-play gas carrier company, under the name
‘Capital New Energy Carriers LP’.
CPLP pivoting to LNG

Capital Product Partners (CPLP) concluded a transformative second-
hand transaction by acquiring 11 newbuild LNGCs from Capital
Maritime for $3.1 billion. The plunge for Capital Product Partners
into gas has been in the works with the company appointing Atsonuri
Kozuki, ex-Inpex executive and LNG specialist, to its Board of
Directors. Moreover, the company is moving away from its earlier pro-
diversification strategy, which has not worked out, forcing it to change
course from a diversified company to a pure LNGC player.
With the latest acquisition, the company will have a modern fleet of 18
LNGCs of 3.2 years on average (from the current 7.0 years) and these
vessels will constitute the largest share of CPLP’s fleet by the end of 2027.
The carriers are currently under construction at South Korean shipyards
– SHI and HHI – and are scheduled for delivery through 2027.
LNGCs included in the transaction

Vessel name Size (cbm)& Technology Build date Charterer Charter duration (years)
Amore Mio I 174k, MEGA Oct-23 QatarEnergy 2.8
Axios II 174k, MEGA Jan-24 BGT 10.0
Assos 174k, MEGA May-24 Tokyo Gas 10.0
Apostolos 174k, MEGA Jun-24 JERA 13.5
Aktoras 174k, MEGA Jul-24 BGT 10.0
Archimidis 174k, MEGA Jan-26 - -
Agamemnon 174k, MEGA Mar-26 - -
Alcaios I 174k, MEGA Sep-26 - -
Antaios I 174k, MEGA Nov-26 - -
Athlos 174k, MEGA Feb-27 - -
Archon 174k, MEGA Mar-27 - -
Note: Amore Mio I was delivered in October 2023
Source: Drewry Maritime Research, Clarksons Research
As of October 2023, the company owns 8 LNGCs and 15 container

ships (including 12 neo-Panamaxes and 3 Panamaxes). The agreement
reflects CPLP’s revolutionary entry into the LNG sector and the
transformational shift from Container shipping. The company intends
to sell its modern fleet of container vessels that are either under contract
and expected to come off charter by 2026 or some charters that could be
extended up to 2032.
The new entity – Capital New Energy Carriers LP – will have a fleet
of 18 LNGCs post the restructuring deal and has a high probability of
expanding further as the group focuses on the gas business. Apart from
LNG, CPLP has also shown interest in shipping ammonia and LCO2.
Besides CPLP, other companies such as HMM have also submitted bids
for LNGCs at Hyundai LNG Shipping in June 2023. HMM is reportedly
reducing its reliance on box shipping and contemplating diversifying its fleet.
1
Dec 2023 Shipping Insight From the Editor’s desk
Transaction value carriers at record high

In the current restructure deal, the average value for a MEGA vessel is
calculated at around $280 million, $15 million higher than the current
newbuild prices. This highlights that shipowners expect the LNG
sector to outperform other sectors in the coming years.
The compact shipyard capacity is keeping the newbuild prices at record
highs with second-hand values also trending upwards. The newbuild
price for a modern MEGA LNGC is $265 million while second-hand
values for a 5-year-old DFDE carrier have risen by 12% in the last one
year. The scarcity of shipbuilding slots, especially till 2027, is compelling
shipping companies to opt for second-hand transactions of newbuilds.
Additionally, the new emission regulations (such as CII, emphasising
the need for fleet renewal) and tightening LNG supply-demand
fundamentals over the next five years will likely provide an edge to the
burgeoning players such as CPLP to capture significant market share,
reaping the benefits of the ongoing restructuring of strategies.
Even now, LNGCs are beating containerships in the Drewry TC Rate
Index as the latter are trending downwards due to normalisation and
high-capacity build-up. Container charter market is down but still
above pre-covid level; however, due to high deliveries expected this
year, market is set to go further down.
Drewry TC rate Index showcasing better LNGC performance amid the normalisation for Containerships
1,200
TC Index (Jan. 2015=100)
900
600
300
0
July-20
September-20
July-21
September-21
July-22
September-22
July-23
September-23
January-20
March-20
November-20
January-21
March-21
November-21
January-22
March-22
November-22
January-23
March-23
May-20
May-21
May-22
May-23
Panamax (4.25k Teu)

DFDE short-term
Source: Drewry Maritime Research
The thought is also echoed through the orders placed for the respective
sectors. While new ordering in both sectors has been slow this year,
container orders have been plunging for three consecutive years but
LNGC orders surged over 2021 and 2022, before easing in 2023. LNGC
new orders slowed down in 2023 due to the tight shipyard capacity, but
they are expected to increase once slots become available.
LNG market is heating up

Drewry heralds its optimistic outlook for global LNG trade and projects
it to grow at a CAGR of 8.4% during 2023-28 owing to the continued
and growing relevance of LNG globally, improving supply, long-lasting
demand, advancing geoeconomics and changing weather conditions.
2
Dec 2023 Shipping Insight From the Editor’s desk
Vessel orders – LNG vs Containerships (% growth)

1500%
1245%
Vessel Orders (growth %)
1200%
900%
600%
415%
300%
66% 140%
50%
-19% -49% -75% -59%
0%
-19% -54% -36% LNG
-300%
2018 2019 2020 2021 2022 2023* Container
Note: *As on end-October 2023

We project 275 mtpa of liquefaction capacity will be added between 2023

and 2028, assuming that 20% of the planned capacity will not go through
or could face significant delays. Meanwhile, the boost in liquefaction
projects will bring investments in the shipping sector.
The LNG fleet growth is restrained despite the orderbook-to-fleet ratio
past 50% as there are virtually no shipbuilding slots available till 2027. The
increase in new build prices has also acted as a deterrence for some players.
The EEXI and CII regulations are impacting the older steam turbine
LNGCs and are slowly phasing them out of active trade. These vessels
will also attract higher penalties under carbon trading mechanisms such
as the EU ETS due to their higher emissions and low efficiency. Drewry
expects the vessels to be gradually phased out but will create replacement
demand in a tight vessel supply scenario.
Furthermore, the growing restrictions at the Panama Canal are enforcing
re-routing of LNG shipments via the Suez Canal and Cape of Good Hope,
increasing the tonne-mile demand. The increasing number of vessels
rerouting through the Suez would also increase congestion and waiting delays
at the Suez, making shipping more expensive. Drewry forecasts a squeeze in
vessel-supply demand from 2026, which will benefit the shipowners.
More to follow?
Apart from the existing shipowners, we expect the LNG sector to also
lure first-time investors into shipping, with demand for the commodity
projected to rise strongly. Energy security concerns, energy transition
efforts and the fast-evolving global scenario due to geopolitical tensions,
and uncertainty with key maritime transit points such as the Panama
Canal provide an attractive environment for earning high profits.
Few players looking towards hydrogen as a future zero-carbon fuel are
also inclined to invest in the gas sector to gain experience. Meanwhile,
investments have started to pour in for decarbonisation efforts in the
form of LCO2 shipping. Therefore, we expect the LNG sector to add
new players – in the form of shipowners, terminals, LNG suppliers and
shipbuilders, expanding the sector’s potential.
3
Dry Bulk
Fleet Orderbook Deliveries Demolitions
998.5 mdwt 82.3 mdwt 1.2 mdwt 0.4 mdwt
$
Firm Firm Weak Firm
BDI Drewry earnings Drewry NB Drewry SH

1,693 index price index value index
143.0 $ 124.7 $ 132.0
Weak
Weak Firm Firm
D rewry expects freight rates across most dry bulk segments to

remain upbeat in December due to high grain trade on Brazil-
China and surging coal trade in the Pacific.
China’s thermal coal
demand will trend
upwards with the
country’s domestic
The Chinese government has halted about 35 million tonnes of
production affected in
premium hard coking coal and semi-soft coal mining capacity following
2023-24 winter
a slew of accidents in Shanxi, the country’s key coal-producing region.
We believe operations at certain thermal coal mines may also be
suspended.
While the country has been expanding coal production, which has risen
by 3.1% between January and October to 3.8 billion tonnes, there have
been a few accidents despite the government’s efforts to enforce safety
measures at these mines.
China’s thermal coal demand has been trending upwards to meet the
domestic power consumption which is expected to touch record levels
this winter. In order to stock up ahead of the winter, the government has
also been increasing imports of thermal coal.
Meanwhile, Brazil’s grain exports have been at record highs, and
this trend is likely to continue with exports from Ukraine remaining
subdued. According to Brazil’s food supply agency, Conab, the
projected soybean production for 2023-24 is at a new record of 162.4
million tonnes, a rise of 5.1%, and its corn exports are also anticipated
to be high. China’s grain imports from Brazil rose from 2 million
tonnes in 2022 to 11 million tonnes in January-October 2023, a surge
of 14%.
While Panamax vessels have been catering to the phenomenal rise in
Brazil’s exports to China, the employability of Supramax vessels has also
risen on this trade route. With Australia’s grain exports increasing on
Supramax and Handysize vessels in 2023, the share of these vessels in the
country’s exports has risen, supporting their demand.
Meanwhile, we expect vessel utilisation to improve in 2024 as growth in
vessel demand will likely exceed growth in vessel supply.
4
Dec 2023 Shipping Insight Dry Bulk
Dry Bulk
Monthly port calls in Brazil
3,500
3,000
number of vessels
2,500
2,000
2021
2022
1,500
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023
Source: Drewry AIS
Vessels at anchorage in Indonesia
700
600
No. of vessels
500
400
2021
2022
300
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023
Source: Drewry AIS
5
Dry Bulk Market Data
Grain and soybean FOB prices ($/tonne)

Nov 22 YTD 22 Jul 23 Aug 23 Sep 23 Oct 23 Nov 23 YTD 23
Wheat, Australia 379 395 301 301 303 300 287 314
Maize, US 337 330 241 218 235 227 217 287
Soybean, Brazil 614 627 527 525 514 481 505 522
Soybean, US 610 631 588 548 529 499 524 576
Source: Drewry Maritime Research, International Grain Council
Global crude steel production (kt)

Oct 22 YTD 22 Jun 23 Jul 23 Aug 23 Sep 23 Oct 23 YTD 23
EU 11,809 121,065 11,078 10,764 9,510 11,078 11,078 111,405
US 6,700 69,700 6,800 6,900 7,000 6,700 6,800 66,900
Japan 7,300 76,300 7,300 7,400 7,100 7,000 7,500 72,700
South Korea 5,100 55,700 5,500 5,700 5,600 5,500 5,500 55,800
China 79,800 857,200 91,100 90,800 86,400 82,100 79,100 867,500
India 10,500 103,200 11,200 11,500 11,900 11,600 12,100 112,500
Others 27,579 263,819 27,426 27,037 26,631 26,830 29,437 273,801
Total 148,788 1,546,984 160,404 160,101 154,141 150,808 151,515 1,560,606
Source: Drewry Maritime Research, World Steel Association, The Japan Iron and Steel Federation
Iron ore trade (kt)

Sep 22 YTD 22 May 23 Jun 23 Jul 23 Aug 23 Sep 23 YTD 23
Imports
EU 7,447 75,704 8,259 5,861 5,615 6,401 5,006 59,125
Japan 8,744 76,562 9,535 8,168 8,218 8,060 8,064 74,608
South Korea 6,067 52,396 6,841 4,229 6,421 6,542 5,788 51,744
China 98,339 798,353 102,412 95,518 99,278 107,646 105,563 876,791
Taiwan 2,175 17,301 1,765 1,212 1,625 1,785 1,675 14,339
Exports
Australia 75,872 653,938 79,187 85,381 77,320 80,598 80,917 696,147
Brazil 36,122 255,737 35,095 34,245 31,917 37,394 35,627 274,326
Canada 6,006 39,618 5,415 4,251 4,220 5,633 6,386 41,187
South Africa 4,990 46,143 6,070 4,466 4,756 5,567 3,811 43,986
India 72 13,791 3,509 2,755 2,940 2,903 2,945 30,737
6
China’s iron ore imports by origin (kt)

Australia 63,707 545,268 66,491 72,289 65,170 67,547 68,966 593,164
Brazil 28,773 191,602 21,995 25,665 21,389 27,391 25,474 184,490
India 71 9,709 3,222 2,504 2,873 2,815 2,629 28,914
South Africa 2,653 24,756 3,525 2,495 1,903 3,011 2,580 24,375
Others 8,122 61,486 7,174 8,075 7,944 6,882 5,914 66,573
Total 98,339 798,353 102,412 95,518 99,278 107,646 105,563 876,791
Coking coal trade (kt)

Imports
EU 4,516 36,321 3,326 3,455 3,263 3,876 2,317 29,709
India 4,665 45,228 5,734 5,626 4,719 4,579 4,776 42,134
China 919 14,064 1,632 1,007 900 4,190 4,934 18,164
Japan 4,121 37,066 4,809 4,936 4,327 4,360 2,785 36,937
South Korea 1,832 24,050 1,857 2,601 2,140 2,081 2,853 21,074
Taiwan 829 8,629 847 1,040 795 672 811 7,417
Exports
Australia 13,605 118,653 14,268 14,734 11,879 12,371 11,162 111,814
US 3,639 30,072 3,949 3,262 3,326 4,269 3,687 32,894
Canada 2,177 21,071 2,836 2,854 1,776 2,468 2,669 22,316
Russia 3,134 18,860 3,421 3,169 3,039 3,004 3,186 31,869
Non-coking coal trade (kt)

Imports
EU 8,310 61,317 4,169 3,768 2,954 2,992 3,872 40,733
India 10,797 124,912 14,241 9,729 10,508 14,095 18,047 121,002
China 21,811 127,794 25,380 22,401 23,796 29,107 23,972 211,243
Japan 9,679 97,252 7,746 9,586 8,919 9,281 9,520 81,677
South Korea 4,212 59,116 4,094 5,342 5,842 6,706 6,444 48,004
Taiwan 3,830 38,151 3,683 3,718 4,707 4,049 3,927 33,611
Vietnam 1,504 16,467 3,636 5,284 3,107 2,872 2,503 25,987
Thailand 1,560 16,084 1,405 1,086 1,795 1,559 1,472 13,193
Malaysia 2,626 25,206 3,241 2,593 3,546 3,640 3,040 26,313
Phillipines 2,616 23,469 3,168 3,656 3,401 2,574 2,734 26,713
Exports
Australia 13,452 135,029 15,885 18,493 18,661 15,278 16,451 144,956
Indonesia 45,516 340,921 43,187 38,947 42,872 41,092 40,497 374,557
Russia 11,691 106,172 13,830 12,370 12,600 12,000 11,700 106,710
South Africa 6,719 53,569 6,330 5,965 5,400 6,341 5,706 54,448
US 2,445 25,165 3,500 3,539 2,734 3,412 3,937 30,654
7
Grain trade (kt)

Imports
Africa 6,598 24,559 2,833 3,529 3,654 4,275 4,437 15,895
Asia 7,577 37,508 11,719 12,267 9,775 11,498 10,064 43,604
Europe 6,016 23,364 5,379 4,202 4,888 5,071 3,121 17,282
Middle East 1,246 8,603 3,303 2,571 2,096 2,191 1,075 7,933
South America 2,732 8,508 1,718 2,073 1,858 2,062 1,857 7,849
Exports
US 4,413 54,708 6,185 3,562 2,977 2,834 3,724 36,155
EU 5,074 40,279 5,406 3,306 4,805 3,224 4,391 40,883
Ukraine 3,314 24,921 2,988 3,231 393 598 152 23,101
Russia 2,400 16,865 3,890 3,262 4,352 5,222 3,345 35,624
Australia 2,973 29,579 4,367 3,491 3,443 2,866 2,516 33,484
Canada 2,111 12,875 2,506 2,206 2,024 1,532 2,218 21,452
Argentina 2,788 40,887 1,842 2,612 3,246 3,868 3,118 22,697
Brazil 6,445 27,143 458 1,035 4,232 9,364 8,756 36,123
Soybean trade (kt)

Imports
China 4,277 61,238 11,006 9,463 6,860 6,545 6,584 76,262
EU 824 11,483 1,451 1,373 1,192 1,185 580 10,977
Exports
Argentina 1,117 2,212 111 25 26 13 5 219
Brazil 4,062 70,564 15,332 13,744 9,580 8,363 6,262 86,445
US 1,772 25,596 770 601 1,076 1,423 2,125 23,835
Bauxite trade (kt)

Imports
China 8,536 95,011 13,623 12,007 13,563 11,428 10,396 108,641
EU 1,072 8,752 338 506 371 564 665 4,756
Exports
Australia 3,031 27,182 3,426 3,667 3,775 3,680 3,418 28,275
Guinea 5,067 64,126 10,255 9,145 9,887 8,202 7,771 83,049
Brazil 364 3,171 470 643 429 473 363 3,985
Indonesia 990 14,677 230 210 187 106 101 3,045
8
Fleet (mdwt)
End 22 Sep 23 Oct 23 Nov 23
No. dwt No. dwt No. dwt No. dwt
Handysize
Small Handy 1,344 22.9 1,412 24.0 1,422 24.1 1,427 24.2
Mid-size Handy 1,560 48.2 1,564 48.3 1,568 48.5 1,568 48.5
Large Handy 1,036 38.9 1,058 39.7 1,060 39.8 1,062 39.9
Cement Carrier 87 1.4 84 1.3 84 1.3 84 1.3
Supramax
Handymax 724 33.2 731 33.5 732 33.5 732 33.5
Traditional Supramax 2,106 117.0 2,129 118.2 2,131 118.4 2,132 118.4
Ultramax 1,198 75.0 1,272 79.7 1,282 80.4 1,287 80.7
Panamax
Traditional Panamax 1,165 86.4 1,156 85.7 1,156 85.6 1,155 85.6
Post Panamax 580 52.5 605 54.7 608 54.9 612 55.3
Kamsarmax 1,368 111.7 1,432 117.0 1,440 117.7 1,445 118.1
Capesize/VLOC
Mini Capesize 155 17.4 160 17.9 160 17.9 160 17.9
Standard Capesize 1,091 194.4 1,109 197.8 1,111 198.2 1,111 198.2
Large Capesize 435 91.2 457 95.8 461 96.6 461 96.6
VLOC 259 80.4 259 80.4 259 80.4 259 80.4
Dry bulk 13,108 970.6 13,428 994.1 13,474 997.3 13,495 998.5
Inactivity (mdwt)
Handysize
Small Handy 123 2.1 135 2.4 122 2.2 129 2.2
Mid-size Handy 181 5.5 163 5.0 139 4.2 154 4.7
Large Handy 88 3.3 63 2.4 52 1.9 65 2.4
Cement Carrier 10 0.2 4 0.1 2 0.1 5 0.1
Supramax
Handymax 63 2.9 65 3.0 58 2.6 67 3.1
Traditional Supramax 212 11.7 153 8.5 127 7.0 155 8.6
Ultramax 95 6.0 67 4.2 82 5.1 85 5.3
Panamax
Traditional Panamax 101 7.5 107 7.9 93 6.9 95 7.0
Post Panamax 58 5.3 57 5.2 45 4.1 54 4.9
Kamsarmax 136 11.1 136 11.1 150 12.3 139 11.4
Capesize/VLOC
Mini Capesize 12 1.3 7 0.8 6 0.7 10 1.1
Standard Capesize 41 7.2 38 6.7 48 8.5 42 7.4
Large Capesize 19 4.1 17 3.5 11 2.3 13 2.7
VLOC 10 3.3 13 4.2 9 3.0 12 4.1
Dry bulk 1,149 71.6 1,025 64.8 944 60.9 1,025 65.2
9
Age profile (% dwt)*

<5yrs 5-10yrs 10-15yrs 15-20yrs 20-25yrs 25+yrs
Handysize
Small Handy 19.3% 4.6% 35.0% 19.9% 6.2% 15.1%
Mid-size Handy 3.7% 10.8% 51.9% 14.3% 9.4% 9.8%
Large Handy 18.9% 40.7% 32.7% 3.6% 2.3% 1.8%
Cement Carrier 7.6% 10.8% 18.0% 17.9% 7.1% 38.6%
Supramax
Handymax 17.7% 12.4% 22.1% 7.1% 16.2% 24.5%
Traditional Supramax 2.9% 8.3% 59.4% 20.2% 8.4% 0.9%
Ultramax 37.9% 52.2% 9.9% 0.0% 0.0% 0.0%
Panamax
Traditional Panamax 6.5% 8.8% 25.1% 26.7% 22.5% 10.3%
Post Panamax 22.9% 14.3% 48.7% 9.4% 3.3% 1.3%
Kamsarmax 31.6% 26.7% 36.0% 5.7% 0.0% 0.0%
Capesize/VLOC
Mini Capesize 16.6% 12.9% 65.2% 2.9% 1.8% 0.7%
Standard Capesize 9.4% 17.6% 52.3% 16.0% 4.6% 0.1%
Large Capesize 40.1% 27.2% 22.1% 10.2% 0.4% 0.0%
VLOC 30.0% 25.3% 39.7% 4.3% 0.3% 0.3%
Dry bulk 19.4% 21.0% 39.3% 12.0% 5.4% 2.9%
*As on end-November 2023
Scheduled deliveries (kdwt)*

2023 2024 2025 2026 Total % of
No. dwt No. dwt No. dwt No. dwt No. dwt fleet
Handysize
Small Handy 11 182 29 506 4 51 0 0 44 739 3.1%
Mid-size Handy 2 66 8 264 5 163 0 0 15 493 1.0%
Large Handy 4 146 42 1,620 25 959 8 306 79 3,031 7.6%
Cement Carrier 0 0 0 0 1 23 0 0 1 23 1.8%
Supramax
Handymax 5 207 79 3,219 75 3,043 20 815 179 7,283 21.8%
Traditional Supramax 2 111 15 830 6 358 5 300 28 1,598 1.3%
Ultramax 11 701 146 9,311 102 6,512 47 2,993 306 19,517 24.2%
Panamax
Traditional Panamax 3 217 26 1,861 24 1,740 2 145 55 3,963 4.6%
Post Panamax 3 250 6 512 10 872 5 435 24 2,069 3.7%
Kamsarmax 7 581 110 9,058 82 6,800 86 7,178 285 23,616 20.0%
Capesize/VLOC
Mini Capesize 0 0 0 0 0 0 0 0 0 0 0.0%
Standard Capesize 1 190 11 2,001 10 1,853 2 360 24 4,404 2.2%
Large Capesize 0 0 27 5,655 25 5,253 19 3,992 71 14,900 15.4%
VLOC 0 0 0 0 0 0 2 650 2 650 0.8%
Dry bulk 49 2,651 499 34,838 369 27,628 196 17,172 1,113 82,287 8.2%
10
Orderbook by builder country (kdwt)*

China Japan South Korea Philippines Others Total
No. dwt No. dwt No. dwt No. dwt No. dwt No. dwt
Handysize
Small Handy 32 553 9 141 1 17 0 0 2 29 44 739
Mid-size Handy 7 222 8 271 0 0 0 0 0 0 15 493
Large Handy 15 553 64 2,479 0 0 0 0 0 0 79 3,031
Cement Carrier 0 0 1 23 0 0 0 0 0 0 1 23
Supramax
Handymax 85 3,486 92 3,713 0 0 0 0 2 85 179 7,283
Traditional Supramax 19 1,086 7 400 0 0 2 112 0 0 28 1,598
Ultramax 210 13,388 64 4,078 0 0 26 1,668 6 382 306 19,517
Panamax
Traditional Panamax 45 3,264 10 699 0 0 0 0 0 0 55 3,963
Post Panamax 20 1,697 4 372 0 0 0 0 0 0 24 2,069
Kamsarmax 209 17,257 40 3,293 0 0 36 3,066 0 0 285 23,616
Capesize/VLOC
Mini Capesize 0 0 0 0 0 0 0 0 0 0 0 0
Standard Capesize 7 1,280 17 3,124 0 0 0 0 0 0 24 4,404
Large Capesize 55 11,538 16 3,362 0 0 0 0 0 0 71 14,900
VLOC 2 650 0 0 0 0 0 0 0 0 2 650
Dry bulk 706 54,974 332 21,954 1 17 64 4,847 10 496 1,113 82,287
Orderbook as % of fleet
Nov 22 Dec 22 Jan 23 Feb 23 Mar 23 Apr 23 May 23 Jun 23 Jul 23 Aug 23 Sep 23 Oct 23 Nov 23
Orderbook (mdwt) 68 71 70 69 68 68 70 74 76 78 81 80 82
Orderbook as %
7.0% 7.4% 7.2% 7.1% 6.9% 6.9% 7.2% 7.4% 7.7% 7.9% 8.1% 8.0% 8.2%
of fleet
11
New orders (kdwt)

YTD 22 Sep 23 Oct 23 Nov 23 YTD 23
No. dwt No. dwt No. dwt No. dwt No. dwt
Handysize
Small Handy 12 205 0 0 0 0 0 0 6 77
Mid-size Handy 4 128 0 0 0 0 0 0 0 0
Large Handy 9 336 0 0 0 0 0 0 19 733
Cement Carrier 0 0 0 0 0 0 0 0 0 0
Supramax
Handymax 56 2,263 1 42 1 42 0 0 49 1,984
Traditional Supramax 6 327 0 0 0 0 0 0 0 0
Ultramax 78 5,010 1 66 0 0 2 128 96 6,108
Panamax
Traditional Panamax 22 1,574 0 0 0 0 0 0 7 509
Post Panamax 7 615 0 0 0 0 0 0 11 947
Kamsarmax 26 2,135 6 493 2 162 2 164 136 11,313
Capesize/VLOC
Mini Capesize 0 0 0 0 0 0 0 0 0 0
Standard Capesize 7 1,272 0 0 0 0 0 0 5 904
Large Capesize 23 4,827 3 630 0 0 0 0 17 3,573
VLOC 1 23 2 650 0 0 0 0 2 650
Dry bulk 251 18,715 13 1,881 3 205 4 292 348 26,799
Deliveries (kdwt)
Handysize
Small Handy 68 1,105 1 12 0 0 1 20 48 787
Mid-size Handy 12 367 0 0 2 66 0 0 12 385
Large Handy 25 959 2 80 1 40 1 37 28 1,072
Cement Carrier 0 0 0 0 0 0 0 0 0 0
Supramax
Handymax 45 1,962 3 123 2 81 3 121 36 1,503
Traditional Supramax 12 661 0 0 0 0 0 0 23 1,267
Ultramax 78 4,904 3 190 7 449 3 193 78 4,982
Panamax
Traditional Panamax 13 929 2 133 1 68 2 144 24 1,633
Post Panamax 42 3,610 1 87 1 87 3 260 31 2,657
Kamsarmax 60 4,933 6 493 8 659 5 411 77 6,335
Capesize/VLOC
Mini Capesize 2 222 1 120 0 0 0 0 4 481
Standard Capesize 19 3,458 1 182 2 365 0 0 24 4,420
Large Capesize 23 4,828 0 0 3 629 0 0 25 5,235
VLOC 5 1,625 0 0 0 0 0 0 0 0
Dry bulk 404 29,564 20 1,421 27 2,443 18 1,185 410 30,757
12
Demolitions (kdwt)
Handysize
Small Handy 2 41 0 0 0 0 0 0 8 127
Mid-size Handy 5 136 1 28 0 0 0 0 13 373
Large Handy 0 0 0 0 0 0 0 0 4 155
Cement Carrier 1 18 0 0 0 0 0 0 0 0
Supramax
Handymax 3 134 2 91 2 91 2 89 34 1,502
Traditional Supramax 0 0 0 0 0 0 0 0 0 0
Ultramax 0 0 0 0 0 0 0 0 0 0
Panamax
Traditional Panamax 5 360 2 147 0 0 4 288 18 1,299
Post Panamax 1 96 0 0 0 0 0 0 1 97
Kamsarmax 1 82 0 0 0 0 0 0 0 0
Capesize/VLOC
Mini Capesize 0 0 0 0 0 0 0 0 0 0
Standard Capesize 14 2,376 1 149 0 0 0 0 5 855
Large Capesize 0 0 0 0 0 0 0 0 0 0
VLOC 0 0 0 0 0 0 0 0 0 0
Dry bulk 32 3,243 6 415 2 91 6 376 83 4,409
Second-hand transactions (kdwt)

Handysize
Small Handy 12 232 0 0 1 18 0 0 7 115
Mid-size Handy 90 2,808 3 91 10 317 15 473 59 1,866
Large Handy 68 2,566 11 413 3 111 5 188 43 1,607
Cement Carrier 1 20 0 0 0 0 0 0 0 0
Supramax
Handymax 21 902 0 0 1 46 1 47 6 270
Traditional Supramax 134 7,446 10 558 13 723 17 945 97 5,424
Ultramax 45 2,791 7 441 6 372 5 313 50 3,131
Panamax
Traditional Panamax 57 4,272 2 150 10 761 10 758 43 3,276
Post Panamax 20 1,856 1 96 0 0 1 80 5 470
Kamsarmax 63 5,183 3 246 8 656 4 330 40 3,265
Capesize/VLOC
Mini Capesize 9 1,019 0 0 0 0 0 0 2 211
Standard Capesize 37 6,600 2 355 13 2,329 11 1,957 71 12,626
Large Capesize 10 2,056 2 416 0 0 0 0 15 3,123
VLOC 2 501 0 0 0 0 0 0 0 0
Dry bulk 569 38,251 41 2,767 65 5,333 69 5,091 438 35,385
13
Second-hand values ($ million)

Age Engine type CY 22 Jul 23 Aug 23 Sep 23 Oct 23 Nov 23 YTD 23
Handysize
5yr Eco 25.0 23.0 23.0 23.0 24.0 25.0 24.0
28 kdwt 10yr Non-eco 15.0 14.0 14.0 14.0 14.0 14.0 14.0
15yr Non-eco 12.0 10.0 9.0 9.0 9.0 10.0 10.0
Resale Eco 32.0 33.0 33.0 33.0 34.0 35.0 33.0
5yr Eco 28.0 26.0 26.0 26.0 27.0 28.0 27.0

35 kdwt
10yr Non-eco 18.0 16.0 16.0 16.0 16.0 16.0 17.0
15yr Non-eco 13.0 13.0 12.0 12.0 12.0 13.0 13.0
Supramax
Resale Eco 35.0 33.0 32.0 32.0 33.0 34.0 34.0
5yr Eco 30.0 28.0 27.0 27.0 28.0 29.0 29.0

58 kdwt
10yr Non-eco 22.0 19.0 18.0 20.0 20.0 20.0 20.0
15yr Non-eco 16.0 14.0 13.0 13.0 14.0 14.0 15.0
Resale Eco 40.0 38.0 37.0 37.0 38.0 39.0 39.0

62 kdwt
5yr Eco 32.0 31.0 29.0 30.0 31.0 31.0 31.0
Panamax
Resale Eco 38.0 37.0 36.0 36.0 37.0 38.0 37.0
5yr Eco 30.0 31.0 31.0 32.0 32.0 33.0 31.0

74 kdwt
10yr Non-eco 25.0 22.0 22.0 22.0 23.0 23.0 23.0
15yr Non-eco 17.0 16.0 15.0 16.0 17.0 17.0 16.0
Resale Eco 42.0 40.0 40.0 40.0 40.0 42.0 41.0
82 kdwt 5yr Eco 35.0 34.0 34.0 34.0 34.0 35.0 34.0
10yr Non-eco 26.0 22.0 22.0 22.0 23.0 23.0 23.0
Capesize/VLOC
Resale Eco 59.0 61.0 60.0 61.0 64.0 68.0 62.0
5yr Eco 46.0 45.0 45.0 45.0 46.0 48.0 47.0

180 kdwt
10yr Non-eco 31.0 29.0 29.0 29.0 30.0 30.0 30.0
15yr Non-eco 21.0 21.0 22.0 22.0 23.0 22.0 21.0
220 kdwt 5yr Eco 54.0 52.0 52.0 52.0 53.0 55.0 54.0
Drewry SH value
128.6 125.0 123.2 124.5 127.6 132.0 127.8
index (Jan 15=100)
14
Newbuilding prices ($ million)

kdwt CY 22 Jul 23 Aug 23 Sep 23 Oct 23 Nov 23 YTD 23
Handysize 35k 33.0 33.0 33.0 33.0 33.0 33.0 33.0
Supramax 58k 33.0 33.0 33.0 33.0 33.0 33.0 33.0
Panamax 74k 36.0 37.0 38.0 38.0 38.0 38.0 37.0
Post Panamax 95k 39.0 40.0 40.0 40.0 40.0 40.0 40.0
Capesize 180k 64.0 63.0 63.0 64.0 64.0 65.0 63.0
VLOC 220k 68.0 68.0 69.0 69.0 69.0 69.0 68.0
Drewry NB price index (Jan 15= 100) 123.3 123.5 124.1 124.3 124.5 124.7 123.2
Demolition values ($ million)

CY 22 Jul 23 Aug 23 Sep 23 Oct 23 Nov 23 YTD 23
Handysize
Small Handy 2.50 2.25 2.25 2.25 2.25 2.25 2.25
Mid-size Handy 3.00 2.50 2.50 2.50 2.50 2.50 2.50
Large Handy 4.50 4.25 4.00 4.00 4.00 4.00 4.25
Cement Carrier 5.00 4.75 4.50 4.50 4.75 4.75 4.75
Supramax
Handymax 4.50 4.25 4.00 4.00 4.00 4.00 4.25
Traditional Supramax 6.00 5.50 5.00 5.00 5.00 5.00 5.50
Ultramax 7.00 6.50 6.00 6.00 6.00 6.00 6.50
Panamax
Traditional Panamax 6.50 6.00 5.50 5.50 6.00 6.00 6.00
Post Panamax 9.00 8.00 8.00 8.00 8.00 8.00 8.50
Kamsarmax 7.50 7.00 6.50 6.50 6.50 6.50 7.00
Capesize/VLOC
Mini Capesize 12.00 11.00 10.00 10.00 10.00 10.00 11.00
Standard Capesize 14.00 13.00 12.00 12.00 13.00 13.00 13.00
Large Capesize 16.00 15.00 14.00 14.00 14.00 14.00 15.00
VLOC 24.00 21.00 21.00 21.00 21.00 21.00 21.00
Average demolition age (years)*

2018 2019 2020 2021 2022 2023
Handysize 32.3 32.7 31.3 32.0 31.9 29.0
Supramax 31.7 27.8 26.3 27.7 27.8 29.6
Panamax 22.5 30.5 27.7 28.5 28.9 27.9
Capesize/VLOC 23.1 23.7 23.8 25.0 23.8 22.5
15
1-year TC rates ($/day)

dwt Engine type Nov 22 YTD 22 Jul 23 Aug 23 Sep 23 Oct 23 Nov 23 YTD 23
28k Non-eco 11,400 17,900 8,600 9,200 10,100 10,000 9,900 10,500
Handysize
35k Non-eco 12,400 18,700 9,600 10,100 11,000 11,200 10,600 11,700
58k Non-eco 14,300 20,900 11,400 11,900 12,700 13,000 12,900 13,800
Supramax
62k Eco 14,700 22,000 12,600 13,400 14,100 14,400 13,700 14,800
74k Non-eco 16,000 21,800 12,500 13,800 14,700 14,500 14,700 15,100
Panamax
82k Eco 18,200 23,700 13,400 14,500 15,200 15,200 15,200 16,600
180k Non-eco 18,100 23,600 15,700 15,300 15,600 15,600 15,300 17,900
Capesize 180k Eco 19,400 24,700 16,800 16,400 16,700 16,700 16,400 19,200
220k Non-eco 21,600 28,400 18,700 18,200 18,500 18,500 18,100 21,100
3-year TC rates (5-year old, $/day)

dwt Engine type Nov 22 YTD 22 Jul 23 Aug 23 Sep 23 Oct 23 Nov 23 YTD 23
Handysize 35k Non-eco 10,100 13,300 9,600 10,100 11,000 10,900 10,900 10,600
Supramax 58k Non-eco 11,800 15,200 12,100 12,300 12,500 12,300 12,400 12,600
Panamax 74k Non-eco 13,000 15,700 11,500 12,200 12,700 12,600 12,700 13,100
Capesize 180k Non-eco 13,600 18,900 14,900 15,000 15,500 15,200 15,700 15,600
Drewry’s earnings indices (Jan 15=100)

Handysize 228.0 293.5 112.0 111.0 173.0 190.0 205.0 153.7
Supramax 100.0 174.8 48.0 35.0 115.0 110.0 96.0 73.5
Panamax 76.0 229.2 5.0 56.0 84.0 185.0 76.0 70.7
Capesize 96.0 141.2 168.0 142.0 119.0 303.0 210.0 169.4
Dry bulk 116.0 192.6 86.0 81.0 120.0 190.0 143.0 113.5
Baltic indices
Baltic Handysize Index 785 1,220 411 446 622 679 623 558
Baltic Supramax Index 1,215 2,078 740 805 1,194 1,245 1,173 990
Baltic Panamax Index 1,607 2,354 994 1,357 1,610 1,608 1,701 1,380
Baltic Capesize Index 1,399 1,953 1,591 1,561 1,701 3,044 2,536 1,765
Baltic Dry Index 1,299 1,969 1,040 1,150 1,393 1,854 1,693 1,284
Source: Drewry Maritime Research, Baltic Exchange
16
Voyage rates ($/tonne)

Cargo Nov 22 YTD 22 Jul 23 Aug 23 Sep 23 Oct 23 Nov 23 YTD 23
Handysize
Argentina-Morocco Grains 46.00 54.95 30.00 31.00 37.00 38.00 34.00 33.73
EU-Morocco Grains 21.00 26.00 15.00 15.00 19.00 20.00 23.00 17.91
Supramax
S.Africa-WC India Coal 19.00 27.84 14.00 13.00 21.00 20.00 18.00 16.45
Australia-Indonesia Grains 16.00 29.89 14.00 16.00 19.00 18.00 17.00 16.27
EU-Egypt Grains 24.00 30.05 17.00 16.00 21.00 22.00 26.00 18.82
USG-Egypt Grains 33.00 41.21 24.00 24.00 30.00 31.00 36.00 26.82
Panamax
Indonesia-WC India Coal 10.00 15.68 8.00 9.00 11.00 11.00 11.00 9.91
S.Africa-WC India Coal 17.00 25.21 14.00 15.00 19.00 29.00 17.00 17.27
Australia-China Coal 15.00 20.16 10.00 13.00 13.00 14.00 13.00 12.64
USG-ARA Grains 28.00 36.21 22.00 28.00 29.00 30.00 32.00 25.55
USG-Japan Grains 50.00 63.63 43.00 51.00 54.00 51.00 51.00 47.82
Brazil-China Grains 48.00 62.53 40.00 48.00 52.00 49.00 49.00 44.82
Capesize
Brazil-ARA Iron Ore 11.00 12.89 8.00 8.00 8.00 13.00 11.00 9.45
Brazil-China Iron Ore 19.00 25.42 20.00 21.00 20.00 25.00 22.00 20.64
Western Australia-China Iron Ore 8.00 10.21 8.00 8.00 8.00 10.00 9.00 8.18
S.Africa-China Iron Ore 14.00 18.63 14.00 15.00 14.00 19.00 16.00 15.00
Colombia-ARA Coal 12.00 13.26 10.00 11.00 10.00 16.00 15.00 11.27
Australia-China Coal 10.00 11.79 10.00 10.00 10.00 12.00 11.00 10.00
TCE ($/day)
Cargo Nov 22 YTD 22 Jul 23 Aug 23 Sep 23 Oct 23 Nov 23 YTD 23
Handysize
Argentina-Morocco Grains 7,400 9,500 1,900 1,400 3,200 4,200 3,300 2,900
EU-Morocco Grains 11,800 16,100 6,400 6,100 10,300 11,100 14,700 9,300
Supramax
S.Africa-WC India Coal 7,500 14,600 2,800 1,100 9,800 9,100 6,000 5,300
Australia-Indonesia Grains 12,300 31,100 10,500 12,600 16,700 15,900 13,900 13,400
EU-Egypt Grains 15,300 20,600 8,100 6,000 12,300 13,100 18,400 10,000
USG-Egypt Grains 8,100 11,300 2,800 1,400 5,900 6,500 10,800 4,400
Panamax
Indonesia-WC India Coal -3,700 2,400 -5,000 -4,100 -1,600 -900 -1,900 -2,400
S.Africa-WC India Coal 8,100 18,100 4,600 5,900 12,300 31,200 7,500 10,100
Australia-China Coal 5,100 9,600 -1,200 2,800 1,000 2,900 1,500 2,100
USG-ARA Grains 10,000 16,700 5,100 11,300 12,100 13,300 16,300 8,900
USG-Japan Grains 1,600 3,700 1,100 3,400 4,500 2,800 2,600 2,400
Brazil-China Grains 7,200 11,400 5,800 9,000 10,700 8,600 8,600 7,600
Capesize
Brazil-ARA Iron Ore 6,500 8,000 1,900 300 -1,600 13,700 8,900 4,700
Brazil-China Iron Ore 800 3,100 6,200 5,500 3,000 10,300 5,700 5,700
Western Australia-China Iron Ore 6,900 8,100 8,800 7,300 7,900 15,200 11,800 9,000
S.Africa-China Iron Ore 500 2,500 5,400 4,400 2,400 11,000 5,700 5,000
Colombia-ARA Coal 7,700 6,200 3,800 6,800 1,200 19,400 16,900 7,500
Australia-China Coal 6,100 6,400 8,500 7,700 7,100 14,900 11,800 8,700
17
Trip rates ($/day)

Handysize
Cont-ECSA 14,100 15,800 4,600 5,300 10,800 12,800 10,200 8,100
Cont-US 16,200 17,700 7,000 8,000 13,400 14,900 12,700 10,300
ECSA-Cont 25,700 30,700 11,200 11,500 15,700 16,200 15,500 14,200
USG-Cont 15,700 20,900 7,100 7,600 11,500 14,100 12,700 10,800
SE Asia-Australia-Far East 11,000 24,200 7,600 8,500 10,300 10,600 8,600 9,600
Pacific rv 10,600 23,100 7,300 7,900 9,200 9,800 8,200 9,000
Supramax
USG-Far East 24,800 29,300 14,000 14,500 22,400 25,300 30,100 19,600
Far East-Australia rv 23,300 23,900 7,000 7,700 10,000 10,200 8,400 8,700
USG-Cont 8,400 25,400 10,600 10,800 17,200 17,600 24,900 14,700
Cont-US 10,400 17,100 7,000 7,300 14,900 15,600 14,300 10,800
Cont-Far East 21,000 23,900 11,500 11,900 21,000 22,800 22,800 16,000
Far East-West Africa 17,100 24,500 6,900 7,300 8,000 9,300 7,600 8,500
Panamax
Cont-Transatlantic rv 13,300 20,700 7,500 13,100 14,800 16,200 19,100 11,900
Cont-Far East 21,900 30,600 17,100 22,000 24,600 23,800 24,800 21,200
Far East Pacific rv 14,400 20,700 6,000 8,000 12,000 11,500 11,700 9,700
Far East-Cont 12,000 15,900 2,800 4,400 6,700 5,400 5,300 5,500
Capesize
Cont-Transatlantic rv 15,600 19,200 9,600 14,900 12,800 33,500 30,800 16,300
Cont-Far East 26,500 37,100 28,700 30,500 33,000 46,000 40,500 32,000
Far East Transpacific rv 9,600 15,400 13,600 11,500 14,900 22,100 19,400 13,700
China-Brazil rv 7,900 14,200 12,900 11,900 12,700 19,500 14,300 13,000
Total chartering volume (kdwt)

Voyage 15,021 156,188 13,646 16,239 13,958 12,874 12,505 139,608
Trip 14,078 156,101 21,266 21,571 23,429 17,682 16,638 194,129
Period 964 15,063 908 2,819 3,744 1,129 1,324 18,591
18
Crude Tanker
$
Firm Weak Weak Weak
BDTI Drewry earnings Drewry NB Drewry SH value

1,343 index price index index
104.0 $ 131.5 $ 132.9
Firm
Firm Firm Firm
C rude tanker rates are expected to subside in December after surging in

November. Rates strengthened due to seasonal high demand as refiners
expanded their refinery throughput. However, we expect rates to stabilise as
Crude tanker rates
to remain stable in
December
refiners have already built-up oil inventories ahead of end year demand.
On 30 November, OPEC+ agreed to curtail oil production by nearly 2.2
mbpd in 1Q24, including an existing 1.0 mbpd cut by Saudi Arabia and
0.3 mbpd cut by Russia. This move aims to curtail inventory build-up and
will minimally impact the crude tanker market due to the seasonal dip in
demand, the tepid response to oil prices and high production outside the
bloc. However, VLCCs are expected to be under pressure in 1Q24 as the
largest reduction in shipments will be seen on the Middle East, which
is a major loading region for VLCCs. However, the outlook for these
vessels is stable in the short run as China grants an additional 3 million
tonnes of fuel oil import quota to non-state firms. This could prevent
rates from falling drastically on the TD3 route (Middle East to China).
Meanwhile, India’s crude oil imports from Russia remained firm in November.
Moreover, imports from Iraq also surged, making it the second-largest
supplier after Russia. High oil demand amid the festival season and the end of
the refinery maintenance season has boosted imports and strengthened rates.
India has also resumed imports from Venezuela after three years as the US
sanctions eased, which will lead to additional tonne-miles.
On the supply side, two Suezmax were ordered from Hyundai Samho HI,
South Korea, to be delivered in 1H26. Scrapping activity remained weak, with
zero demolitions reported in November. The Drewry Newbuilding Price Index
increased by 0.3 points to 131.5 in November, while the Drewry Secondhand
Price Index improved by 1.4 points, reaching an all-time high of 132.9.
Drewry earning index (Base: Jan 2015)

300
Seasonal high
demand leads to an
uptick in the earnings
200
VLCC earning
100 index
Suezmax earning
index
0 Aframax earning
Nov 22 Jan 23 Mar 23 May 23 Jul 23 Sep 23 Nov 23 index
Source: Drewry Maritime Research, (Base: Jan 2015)
19
Dec 2023 Shipping Insight Crude Tanker
Crude Tanker Market Data
Oil prices ($/bbl)

Jul 23 Aug 23 Sep 23 Oct 23 Nov 23
Brent (1st month) 80.5 85.9 93.8 90.6 83.5
Brent (2nd month) 80.1 85.2 92.7 88.8 83.1
WTI (1st month) 76.4 81.4 89.6 85.6 78.1
Dubai (1st month) 80.8 86.4 93.8 89.3 83.9
Tapis (1st month) 84.8 92.4 89.6 86.4 80.1
Opec Basket (month average) 81.1 81.5 94.6 91.9 84.9
Global oil supply & demand (mbpd)

North America 28.9 27.9 29.9 30.2 30.1 30.3 30.4 29.6
C & S America 6.6 6.4 7.6 7.6 7.4 7.3 7.1 7.0
Europe 4.0 3.9 3.9 3.9 3.8 4.1 4.2 4.0
Eurasia 14.1 13.8 13.5 13.4 13.5 13.6 13.7 13.7
Middle East 3.3 3.3 3.2 3.2 3.2 3.2 3.2 3.2
Asia and Oceania 9.0 9.1 9.1 9.1 9.1 9.3 9.3 9.2
Africa 1.4 1.4 1.4 1.4 1.5 1.5 1.4 1.4
Non-OPEC 67.3 65.7 68.8 68.8 68.6 69.2 69.2 68.1
OPEC crude 28.7 28.7 28.3 27.5 27.2 27.8 27.8 27.5
OPEC other liquids 5.5 5.5 5.3 5.4 5.4 5.3 5.3 5.4
OPEC 34.3 34.1 32.8 32.6 33.2 33.1 32.9 33.4
Oil Supply 101.5 99.8 101.6 101.4 101.7 102.3 102.1 101.5
Oil Demand 100.1 99.3 101.4 101.9 101.6 100.6 101.9 100.9
Stock change -1.7 -0.9 -0.2 0.5 -0.1 -1.8 -0.2 -0.7
Source: Drewry Maritime Research, EIA
Crude oil imports (kbpd)

US 6,300 6,300 6,500 6,500 6,300 6,900 6,800 6,500
China 9,800 9,900 12,100 12,700 10,300 12,500 11,200 11,400
India 4,000 4,600 4,800 4,700 4,600 4,500 4,500 4,700
Japan 3,000 2,800 2,100 2,400 2,600 2,500 2,600 2,600
Korea 2,700 2,800 2,700 2,600 2,600 2,400 2,800 2,700
Source: Drewry Maritime Research, JODI
Crude oil exports (kbpd)

Saudi Arabia 7,700 7,300 6,300 6,800 6,000 5,600 5,800 6,700
Russia - - - - - - - -
Canada 3,600 3,300 3,300 3,300 3,400 3,400 3,400 3,300
Iraq 3,800 3,700 3,300 3,300 3,400 3,400 3,400 3,500
Kuwait 2,000 1,900 1,500 1,500 1,500 - 1,400 1,600
Nigeria 900 1,100 1,200 1,300 1,100 1,100 1,300 1,200
Brazil 1,700 1,300 - - - - - -
Note: No data reported by Russia and Brazil
Source: Drewry Maritime Research, JODI
20
Crude tanker fleet (mdwt)*

Handy 51 1.0 52 1.0 52 1.0 52 1.0
Panamax 65 4.5 65 4.5 65 4.5 65 4.5
Aframax 653 71.7 668 73.4 666 73.2 667 73.3
Suezmax 585 91.8 594 93.4 593 93.3 594 93.4
VLCC 886 273.1 906 279.1 907 279.4 909 280.0
Total 2,240 442.2 2,285 451.6 2,283 451.5 2,287 452.4
* Refer Terminology for ship definitions
Crude tanker inactive fleet (mdwt)*

Handy 14 0.3 15 0.3 13 0.3 12 0.3
Panamax 9 0.6 7 0.5 6 0.4 4 0.3
Aframax 56 6.0 64 6.9 51 5.5 57 6.1
Suezmax 44 6.9 42 6.6 52 8.2 50 7.8
VLCC 104 32.0 120 37.0 113 34.7 96 29.5
Total 227 45.8 248 51.3 235 49.1 219 44.1
Crude trading fleet (mdwt)*

Handy 87 2.6 83 2.3 76 2.1 73 1.9
Panamax 92 6.5 96 6.8 93 6.5 92 6.5
Aframax 757 83.2 788 86.7 789 86.8 794 87.4
Suezmax 589 92.5 598 94.1 595 93.6 596 93.8
VLCC 886 273.1 906 279.1 907 279.4 909 280.0
Total 2,411 457.9 2,471 469.0 2,460 468.5 2,464 469.6
21
Age profile (% dwt)

Handy Panamax Aframax Suezmax VLCC Total
<5yrs 4.7% 8.5% 14.4% 17.4% 22.3% 19.8%

5-10yrs 15.7% 5.9% 14.3% 19.9% 19.9% 18.8%
10-15yrs 5.9% 6.7% 24.1% 31.9% 28.3% 28.1%
15-20yrs 15.9% 58.6% 29.7% 17.2% 15.9% 18.8%
20-25yrs 5.2% 18.9% 15.6% 11.6% 12.3% 12.8%
25+yrs 52.4% 1.4% 1.9% 1.9% 1.3% 1.6%
Orderbook delivery schedule (kdwt)*

2023 2024 2025 2026+ Total Orderbook to
No. dwt No. dwt No. Dwt No. Dwt No. dwt fleet ratio
Handy 0 0 0 0 0 0 0 0 0 0 0.0%
Panamax 0 0 0 0 0 0 0 0 0 0 0.0%
Aframax 1 113 11 1,257 4 460 2 230 18 2,059 2.8%
Suezmax 0 0 6 943 24 3,781 26 4,071 56 8,795 9.4%
VLCC 0 0 3 911 3 921 16 5,005 22 6,837 2.4%
Total 1 113 20 3,111 31 5,162 44 9,306 96 17,692 3.9%
* Uncoated tankers

Handy Panamax Aframax Suezmax VLCC Total
China 0 0 575 3,900 5,326 9,801
Korea 0 0 230 3,469 300 3,999
Japan 0 0 690 1,426 1,212 3,328
Others 0 0 564 0 0 564
Average demolition age (years)

2019 2020 2021 2022 2023*
Handy 28 36 36 36 -
Panamax 19 30 20 19 -
Aframax 23 24 21 22 25
Suezmax 25 - 23 23 25
VLCC 21 21 23 22 -
22
New orders (kdwt)

Handy 0 0 0 0 0 0 0 0 0 0
Panamax 0 0 0 0 0 0 0 0 0 0
Aframax 6 690 0 0 0 0 0 0 3 345
Suezmax 3 472 2 314 2 316 2 316 48 7,538
VLCC 3 920 5 1,518 1 319 0 0 17 5,308
Total 12 2,082 7 1,832 3 635 2 316 68 13,191
Deliveries (kdwt)
Handy 0 0 0 0 0 0 0 0 2 49
Panamax 0 0 0 0 0 0 0 0 0 0
Aframax 17 1,914 2 229 1 115 0 0 16 1,833
Suezmax 33 5,223 1 158 1 157 0 0 7 1,101
VLCC 41 12,443 0 0 1 299 1 299 22 6,687
Total 91 19,580 3 387 3 571 1 299 47 9,670
Demolitions (kdwt)
Handy 1 11 0 0 0 0 0 0 0 0
Panamax 3 209 0 0 0 0 0 0 0 0
Aframax 9 959 0 0 2 212 0 0 2 212
Suezmax 8 1,247 0 0 1 160 0 0 1 160
VLCC 4 1,179 0 0 0 0 0 0 0 0
Total 25 3,604 0 0 3 372 0 0 3 372
23

Handy 1 24 0 0 0 0 0 0 2 75
Panamax 4 293 0 0 0 0 0 0 0 0
Aframax 70 7,756 4 438 2 231 6 678 24 2,667
Suezmax 43 6,730 1 159 2 352 2 317 15 2,387
VLCC 55 17,032 2 616 24 7,186 7 2,195 47 14,335
Total 173 31,834 7 1,213 28 7,769 15 3,189 88 19,463

Panamax 50.0 58.0 58.0 58.0 58.0 58.5 57.0
Aframax 61.0 67.5 68.0 68.0 68.5 69.0 66.5
Suezmax 79.0 85.0 85.0 85.0 85.0 85.0 83.5
VLCC 117.5 126.0 126.0 127.5 128.0 128.0 124.0
Second-hand prices ($ million)

kdwt CY 22 Jul 23 Aug 23 Sep 23 Oct 23 Nov 23 YTD 23
Resale 115 65.0 78.5 78.5 78.5 82.0 83.0 78.0
5yr 115 50.5 63.5 63.5 62.5 69.5 70.5 64.0
10yr 105 35.0 52.0 51.0 51.0 54.5 55.0 51.5
15yr 105 23.0 34.0 34.0 33.0 34.0 35.0 34.0
Resale 157 74.5 89.0 89.0 90.0 93.0 95.0 88.5
5yr 157 55.0 72.5 72.0 73.0 76.0 78.0 71.5
10yr 150 39.0 58.0 58.0 58.0 60.0 61.0 56.5
15yr 150 24.5 37.0 37.0 37.0 37.0 38.5 35.5
Resale 320 106.5 125.0 125.0 125.0 125.0 125.0 125.0
5yr 300 80.0 99.5 99.0 98.0 98.0 98.0 99.0
10yr 300 56.5 74.0 74.0 74.0 74.0 74.0 75.0
15yr 300 40.5 57.5 57.5 56.0 56.0 56.0 58.0
Demolition prices ($/ldt)

South Asia 600 550 530 530 530 530 550
Turkey 320 330 320 310 310 320 320
24
TC rates ($/day)
1-year (Non-eco vessels)
75 kdwt 36,800 23,000 28,200 27,500 27,500 29,400 30,800 32,100
110 kdwt 33,500 22,900 40,700 38,900 38,500 36,800 41,700 41,600
150 kdwt 40,000 24,400 40,000 39,600 38,700 39,000 43,500 40,400
300 kdwt 44,000 23,900 38,100 40,600 43,500 38,900 45,700 40,200
1-year (Eco vessels)
75 kdwt 40,300 26,200 33,100 30,600 30,000 33,100 33,700 36,200
110 kdwt 38,000 27,000 47,000 42,900 41,750 41,600 45,400 46,900
150 kdwt 45,500 29,200 45,400 43,700 41,500 43,000 47,200 45,700
300 kdwt 53,000 30,100 44,400 47,100 49,000 46,900 51,200 47,700
3-year (Non-eco vessels)
75 kdwt 20,000 18,900 21,800 22,000 22,000 22,000 23,200 22,200
110 kdwt 25,000 20,800 32,500 29,500 29,500 29,500 30,400 30,600
150 kdwt 27,500 21,700 31,000 31,600 33,500 33,500 33,400 31,800
300 kdwt 32,400 22,400 34,800 36,800 36,400 35,400 40,000 35,300
TCE ($/day)
Aframax
USG-ARA (TD25) 79,500 31,000 34,400 19,000 10,300 46,300 57,700 43,200
EC Mexico-USG (TD26) 150,700 48,500 35,500 14,000 800 59,500 77,700 55,700
Med-Med (TD19) 108,500 39,500 25,100 11,100 9,100 51,100 68,200 48,200
NW Europe-NW Europe (TD7) 99,100 36,500 30,300 2,200 -3,500 42,000 69,200 42,300
Caribs-USES (TD9) 128,800 40,200 31,400 13,200 3,800 49,300 70,100 48,200
AG-East (TD8) 57,700 22,200 40,100 24,100 14,600 37,200 46,000 45,500
Suezmax
West Africa-NW Europe (TD20) 28,400 21,900 28,900 14,300 15,100 40,900 45,300 40,600
West Africa-Caribs/USES (TD5) 24,800 19,300 39,300 11,600 14,700 37,400 45,800 41,800
BK/Med (TD6) 127,400 63,700 39,600 17,200 14,600 47,500 80,700 65,300
VLCC
AG-Japan 76,100 14,600 27,800 23,700 12,400 29,700 53,700 37,600
AG-China (TD3C) 76,700 12,900 31,000 18,100 11,100 26,700 48,100 35,400
AG-Korea 82,400 13,400 30,500 20,200 12,800 25,100 49,500 35,900
AG-Singapore 81,300 15,900 35,400 22,600 15,500 31,600 53,000 40,200
AG-North West Europe 11,400 -21,500 6,300 -5,200 -13,200 -1,300 12,400 10,500
AG-US Gulf (TD1) 26,600 -18,000 3,700 -8,300 -14,800 -6,600 3,300 5,400
West Africa-China (TD15) 67,600 9,900 32,600 26,800 18,900 31,400 49,200 38,300
USG-China (TD22) 75,400 13,000 31,700 30,800 24,000 36,600 45,100 37,100
25
Spot rates (WS)

Aframax
USG-ARA (TD25) 338 201 152 118 98 186 218 174
EC Mexico-USG (TD26) 504 243 153 115 89 205 248 197
Med-Med (TD19) 324 183 122 146 97 174 204 165
NW Europe-NW Europe (TD7) 255 166 131 166 94 148 180 144
Caribs-USES (TD9) 472 229 146 122 89 193 237 186
AG-East (TD8) 267 184 166 131 114 168 189 182
EC Mexico-USES 565 250 152 116 88 100 260 202
Med-NW Europe 310 186 125 99 91 144 142 162
Indonesia-Far East 239 172 124 118 129 143 158 157
Suezmax
West Africa-NW Europe (TD20) 112 110 87 69 71 108 113 105
West Africa-Caribs/USES (TD5) 101 101 98 62 68 100 109 103
BK/Med (TD6) 251 169 98 75 72 110 147 130
Med-NW Europe 277 160 102 70 72 82 82 118
NW Europe-Caribs/USES 150 100 175 108 101 48 52 157
NW Europe-NW Europe 224 201 100 78 80 95 100 106
AG-East 199 122 117 98 89 111 134 123
VLCC
AG-Japan 105 59 48 47 40 52 70 56
AG-China (TD3C) 112 61 53 46 42 54 69 58
AG-Korea 113 59 50 45 41 50 68 56
AG-Singapore 114 62 54 47 43 55 70 59
AG-North West Europe 52 31 35 30 25 33 41 39
AG-US Gulf (TD1) 66 34 34 28 24 30 37 36
West Africa-China (TD15) 112 63 53 52 47 56 70 59
USG-China (TD22)* 14 7 8 8 8 9 10 9
Source: Drewry Maritime Research *million $/lumpsum
Time charter activity (kdwt)

Handy 89 612 52 25 - 116 - 573
Panamax 74 722 - - - - - 467
Aframax 1,012 5,119 675 567 232 980 115 5,902
Suezmax 473 9,501 2,507 1,865 474 1,279 1,107 15,585
VLCC 938 14,714 - 300 1,902 300 - 8,069
26
Spot charter activity (million tonnes)

Aframax
AG/RS-Caribs/USES 0.1 2.0 0.5 0.2 0.2 0.2 0.1 1.9
AG/RS-Far East 0.3 5.8 0.0 0.4 0.2 0.2 0.0 2.1
AG/RS-SE Asia 0.0 1.3 0.3 0.3 0.2 0.1 0.1 1.6
AG/RS-Others 0.9 17.4 1.3 1.4 1.5 0.7 0.6 11.3
Caribs-USES 0.1 2.5 0.0 0.2 0.0 0.1 0.0 1.0
EC Mexico-USES 1.5 12.9 1.1 1.4 0.6 0.6 0.8 10.8
Med-Med 3.1 37.1 3.6 3.8 4.6 3.3 1.9 36.8
WA-Europe 0.0 0.3 0.0 0.0 0.1 0.0 0.0 0.3
NW Europe-NW Europe 1.6 22.2 1.1 1.8 0.7 1.3 0.9 14.7
Others 11.3 119.4 8.5 9.0 9.5 8.9 6.4 97.0
Total 18.9 220.7 16.3 18.5 17.4 15.3 10.8 177.5
Suezmax
AG/RS-Europe 2.1 22.8 3.3 2.9 1.5 1.1 1.7 21.3
AG/RS-Far East 0.3 4.2 0.4 0.4 0.8 0.9 0.7 7.6
AG/RS-SE Asia 0.3 3.6 0.5 0.8 0.3 0.0 0.0 2.6
Caribs/USES 0.0 2.1 0.0 0.0 0.0 0.3 0.1 1.2
Med-Med 0.7 8.4 1.2 0.5 1.2 0.9 0.5 9.5
W Africa-Caribs/USES 0.1 2.2 0.1 0.0 0.0 0.0 0.3 1.8
W Africa-NW Europe 3.7 30.8 2.5 3.3 5.2 4.6 1.4 35.2
NW Europe-Caribs/USES 0.6 5.2 0.8 1.0 0.8 0.4 0.0 2.9
Others 13.8 160.2 12.6 12.7 12.3 9.8 9.4 131.7
Total 21.4 239.5 21.4 21.6 22.1 18.0 14.1 213.9
VLCC
AG/RS-Europe 0.3 7.9 0.0 0.3 0.0 0.3 0.3 2.0
AG/RS-Caribs/USES 0.0 0.6 0.0 0.0 0.0 0.0 0.0 0.0
AG/RS-Far East 8.1 69.9 4.6 7.8 4.1 4.3 4.6 51.3
AG/RS-SE Asia 19.2 176.3 15.9 13.8 18.1 14.9 14.3 162.0
AG/RS-Others 4.8 48.7 2.7 3.5 2.7 1.3 3.5 31.4
W Africa-Europe 1.0 7.9 1.3 0.0 0.8 1.0 1.1 9.1
W Africa-Others 5.2 50.4 3.9 4.7 6.3 3.4 4.2 44.8
Others 11.5 114.3 12.0 14.1 11.5 11.5 11.0 118.3
Total 50.1 476.0 40.3 44.2 43.3 36.7 38.8 418.8
27
Spot rates (TCE basis)*

Actual Forecast
Vessel size Route Unit Sep 23 Oct 23 Nov 23 Dec 23 Jan 24 Feb 24
WS 134 182 238 226 180 163

Panamax 50k Caribs - USES
$pd 15,200 31,500 51,100 47,300 32,300 26,800
WS 89 193 237 225 180 155

Aframax 70k Caribs-USES
$pd 3,800 49,300 70,100 64,900 45,400 34,500
WS 71 108 113 109 99 88

Suezmax 130k W. Africa - NW Europe
$pd 15,100 40,900 45,300 43,000 36,200 28,700
WS 68 100 109 102 100 90

Suezmax 130k W. Africa - Caribs/USES
$pd 14,700 37,400 45,800 40,800 39,400 32,400
WS 40 52 70 67 55 51
VLCC 280k AG - Japan
$pd 12,400 29,700 53,700 49,800 33,100 27,500
*Rates based on WS2023

Actual Forecast
Vessel type Engine Type Sep 23 Oct 23 Nov 23 Dec 23 Jan 24 Feb 24
Panamax (60 kdwt) Non-eco 27,500 29,400 30,800 30,500 29,000 28,000
Aframax (110 kdwt) Non-eco 38,500 36,800 41,700 41,300 39,700 38,800
Suezmax (150 kdwt) Non-eco 38,700 39,000 43,500 43,100 41,300 40,200
VLCC (300 kdwt) Non-eco 43,500 38,900 45,700 45,100 42,600 41,400
28
Drewry AIS - Crude Tanker
Suezmax DWT miles
340
Shifting trade
patterns since 2022
310 amid a tight oil
market has increased
Billion DWT miles
the Suezmax dwt

280 miles in 2023.
250
220
2022
190 2023
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Source: Drewry AIS
VLCC laden vs. ballast speed
11.50 The laden speed of

VLCCs has been
lower than the ballast
11.20 speed for most parts
of 2023. While it has
reached higher than
10.90 ballast speed in
November, it is still
Knots
lower than the speed

10.60 in November 2022.
10.30
Ballast
10.00 Laden
Nov 22 Jan 23 Mar 23 May 23 Jul 23 Sep 23 Nov 23
Source: Drewry AIS
29
Product Tanker
$
Firm Firm Firm Stable
BCTI Drewry earnings Drewry NB Drewry SH

813 index price index value index
Firm 94.0 $ 122.1 $ 142.8
Weak Firm Firm
D rewry expects product tanker rates to increase in December as high fuel

demand will increase refinery margins in winter, supporting the trade.
The Drewry Earning Index dropped slightly by 8 points to 93.8 in November.
Product tanker
rates to rise amid
heightened winter
demand
MR rates from the US Gulf to Latin America’s Pacific Coast, encompassing
countries such as Chile and Peru, hit a historic high. This spike was
attributed to prolonged congestion at the Panama Canal, which could
tighten the availability of MRs on the Transatlantic routes, in turn,
supporting rates. Heightened gasoline demand in the US ahead of the
festive season will drive up rates on the Atlantic fronthaul route (Europe to
USG).
Europe’s appetite for Indian diesel has grown, with imports potentially
reaching 305,000 bpd—the highest since 2017, while supply from the US
and Saudi Arabia declined. This surge is further fuelled by Germany’s
impending CO2 tax hike in January, prompting market participants to
stock up before prices soar.
In a shift of dynamics, demand for jet fuel is growing from Asia to Europe
and the US due to reduced Middle East imports caused by refinery
outages. With end year festivities and New Year’s holidays driving robust
jet fuel demand, LR rates are expected to remain firm.
On the supply side, Greek shipowner Aegean Shipping Management
ordered two LR2s ice-class tankers, indicating confidence in future market
dynamics. Interestingly, the lack of reported demolitions in the past two
months underscores a year-long trend of weak scrapping. Higher earnings,
fuelled by increased tonne-miles, have deterred demolitions and boosted
asset prices, with no signs of cooling down.
Drewry earning index (Base: Jan 2015)

280
Product tanker earnings
declined in November
210
140
70
0
Product tanker
Apr 23
Mar 23
May 23
Jul 23
Dec 22
Jan 23
Feb 23
Aug 23
Sep 23
Oct 23
Nov 22
Jun 23
Nov 23
earning index
30
Dec 2023 Shipping Insight Product Tanker
Product Tanker Market Data
Oil demand by region (mbpd)

Asia and Oceania 36.6 35.9 36.6 36.2 36.9 36.1 37.7 37.2
Europe 14.2 14.3 14.7 14.6 15.0 14.8 14.4 14.3
North America 24.5 24.3 24.4 25.2 23.9 24.4 24.7 24.3
C & S America 6.5 6.4 6.6 6.7 6.7 6.6 6.5 6.6
Africa 4.5 4.4 4.4 4.5 4.5 4.6 4.7 4.5
Eurasia 4.7 4.5 4.7 4.9 4.8 4.7 4.7 4.6
Middle East 8.9 9.2 9.9 10.0 9.8 9.4 9.2 9.4
Total World 99.8 99.0 101.4 101.9 101.6 100.6 101.9 100.9
OECD 46.0 45.6 46.0 46.8 45.8 46.2 46.4 45.7
Non-OECD 53.9 53.4 55.5 55.1 55.8 54.4 55.4 55.1
Source: Drewry Maritime Research, EIA
Global refinery intake by region (mbpd)

North America 28.9 27.9 29.9 30.2 30.1 30.3 30.4 29.6
C & S America 6.6 6.4 7.6 7.6 7.4 7.3 7.1 7.0
Europe 4.0 3.9 3.9 3.9 3.8 4.1 4.2 4.0
Eurasia 14.1 13.8 13.5 13.4 13.5 13.6 13.7 13.7
Middle East 3.3 3.3 3.2 3.2 3.2 3.2 3.2 3.2
Asia and Oceania 9.0 9.1 9.1 9.1 9.1 9.3 9.3 9.2
Africa 1.4 1.4 1.4 1.4 1.5 1.5 1.4 1.4
Non-OPEC 67.3 65.7 68.8 68.8 68.6 69.2 69.2 68.1
OPEC crude 28.7 28.7 28.3 27.5 27.2 27.8 27.8 27.5
OPEC other liquids 5.5 5.5 5.3 5.4 5.4 5.3 5.3 5.4
OPEC 34.3 34.1 32.8 32.6 33.2 33.1 32.9 33.4
Oil Supply 101.5 99.8 101.6 101.4 101.7 102.3 102.1 101.5
Oil Demand 100.1 99.3 101.4 101.9 101.6 100.6 101.9 100.9
Stock change -1.7 -0.9 -0.2 0.5 -0.1 -1.8 -0.2 -0.7
Source: Drewry Maritime Research, IEA
Product capable fleet (mdwt)*

General Purpose 1,016 15.4 1,029 15.7 1,033 15.7 1,035 15.7
Handysize 694 26.2 696 26.3 694 26.2 696 26.3
MR 1,703 83.5 1,725 84.6 1,727 84.7 1,729 84.8
LR1 375 27.7 376 27.7 376 27.7 376 27.7
LR2 436 49.0 453 50.9 454 51.0 457 51.3
Total 4,224 201.7 4,279 205.1 4,284 205.3 4,293 205.8
*Refer terminology for ship definitions
IMO-class coated fleet (mdwt)*

General Purpose 738 11.5 748 11.6 749 11.7 749 11.7
Handysize 523 19.9 526 20.1 525 20.0 526 20.0
MR 1,347 66.5 1,376 68.0 1,379 68.1 1,381 68.2
LR1 42 3.1 42 3.1 42 3.1 42 3.1
LR2 3 0.3 3 0.3 3 0.3 3 0.3
Total 2,653 101.3 2,695 103.1 2,698 103.2 2,701 103.3
*IMO-Class coated vessels
31
Non-IMO coated fleet (mdwt)*

General Purpose 278 4.0 281 4.0 284 4.0 286 4.1
Handysize 171 6.3 170 6.2 169 6.2 170 6.2
MR 356 17.0 349 16.6 348 16.6 348 16.6
LR1 333 24.5 334 24.6 334 24.6 334 24.6
LR2 433 48.7 450 50.6 451 50.7 454 51.0
Total 1,571 100.4 1,584 102.0 1,586 102.1 1,592 102.5
Product trading fleet (mdwt)*

General Purpose 613 9.4 579 8.8 584 8.8 579 8.7
Handysize 525 19.8 567 21.5 560 21.2 555 21.0
MR 1,300 63.8 1,488 73.1 1,485 72.9 1,468 72.1
LR1 343 25.3 343 25.3 346 25.5 348 25.7
LR2 327 36.8 328 36.9 328 37.0 327 36.8
Total 3,108 155.1 3,305 165.6 3,303 165.5 3,277 164.4
Age profile (% dwt)*

General Purpose Handysize MR LR1 LR2 Total
<5yrs 20.2% 0.5% 4.2% 2.2% 22.4% 13.2%
5-10yrs 11.7% 1.0% 0.6% 13.9% 28.0% 17.9%
10-15yrs 18.1% 14.4% 35.1% 30.8% 24.4% 26.8%
15-20yrs 13.4% 34.1% 38.0% 47.1% 18.3% 29.1%
20-25yrs 13.3% 34.9% 16.6% 6.0% 5.3% 9.4%
25+yrs 23.3% 15.1% 5.6% 0.0% 1.5% 3.5%
*Non-IMO class fleet, Refer terminology for ship definitions

2023 2024 2025 2026+ Total Orderbook to
No. dwt No. dwt No. dwt No. Dwt No. dwt fleet ratio
Non-IMO Class orderbook
General Purpose 0 0 2 28 0 0 2 36 4 64 1.6%
Handysize 0 0 0 0 0 0 0 0 0 0 0.0%
MR 0 0 4 203 0 0 4 200 8 403 2.4%
LR1 0 0 0 0 6 450 16 1200 22 1650 6.7%
LR2 0 0 19 2,142 51 5,789 42 4,742 112 12,673 24.8%
IMO Class coated orderbook
General Purpose 4 81 8 135 32 562 12 207 56 985 8.4%
Handysize 1 41 2 82 4 156 2 82 9 361 1.8%
MR 1 50 44 2,199 65 3,251 43 2,156 153 7,655 11.2%
LR1 0 0 0 0 0 0 0 0 0 0 0.0%
LR2 0 0 0 0 0 0 0 0 0 0 0.0%
Total 6 172 79 4,788 158 10,209 121 8,622 364 23,791 11.6%
*Product capable fleet OB as of end November 2023, Refer terminology for ship definitions
32

General Purpose Handysize MR LR1 LR2 Total
China 64 0 250 1,350 9,262 10,925
South Korea 0 0 0 300 1,837 2,137
Japan 0 0 0 0 80 80
Others 0 0 153 0 1,495 1,648
Total 64 0 403 1,650 12,673 14,790
*Non-IMO class OB as of end November 2023, Refer terminology for ship definitions
Average demolition age (years)*

2019 2020 2021 2022 2023#
General Purpose 35 35 28 - -
Handysize 27 26 23 22 24
MR 26 26 23 24 30
LR1 - - 21 21 -
LR2 - 22 21 22 -
*Non-IMO class fleet, Refer terminology for ship definitions # As of end June 2023
New orders (kdwt)*

General Purpose 1 14 0 0 0 0 0 0 1 14
Handysize 0 0 0 0 0 0 0 0 0 0
MR 13 650 4 200 0 0 0 0 4 200
LR1 0 0 4 300 4 300 0 0 22 1,650
LR2 15 1,725 8 913 2 230 2 228 79 8,920
Total 29 2,389 16 1,413 6 530 2 228 106 10,784
*Non-IMO class, Refer terminology for ship definitions
Deliveries (kdwt)*
General Purpose 9 138 0 0 0 0 0 0 2 41
Handysize 0 0 0 0 0 0 0 0 0 0
MR 3 149 0 0 0 0 0 0 4 199
LR1 0 0 0 0 0 0 0 0 0 0
LR2 19 2,120 1 115 1 110 2 228 21 2,353
Total 31 2,407 1 115 1 110 2 228 27 2,593
33
Demolitions (kdwt)*
General Purpose 0 0 0 0 0 0 0 0 1 15
Handysize 4 137 1 33 0 0 0 0 2 71
MR 4 187 0 0 0 0 0 0 3 138
LR1 2 149 0 0 0 0 0 0 0 0
LR2 10 1,238 0 0 0 0 0 0 0 0
Total 20 1,711 1 33 0 0 0 0 6 224
Second-hand transactions (kdwt)*

General Purpose 2 31 0 0 1 11 0 0 1 11
Handysize 6 242 1 35 0 0 2 70 4 142
MR 31 1,491 0 0 2 98 1 46 13 621
LR1 40 2,939 1 75 3 226 3 224 22 1,638
LR2 29 3,275 0 0 0 0 11 1,289 19 2,185
Total 108 7,978 2 110 6 335 17 1,628 59 4,597

Handysize 36.5 38.0 38.0 38.0 38.0 38.0 37.5
MR 42.5 46.5 47.0 47.0 47.0 47.0 46.0
LR1 55.0 59.0 59.0 60.0 60.0 60.5 59.0
LR2 64.0 67.0 67.5 67.5 68.0 68.5 66.5
34

Vessel type CY 22 Jul 23 Aug 23 Sep 23 Oct 23 Nov 23 YTD 23
Resale Handysize 37.0 39.0 39.0 39.0 39.5 40.0 39.0
5yr Handysize 30.0 36.0 36.0 36.0 36.5 37.0 36.0
10yr Handysize 19.5 26.0 26.0 26.5 28.5 29.0 26.5
15yr Handysize 11.0 13.0 13.0 13.0 14.0 14.0 13.0
Resale MR 43.0 50.0 50.0 50.0 50.5 51.5 49.5
5yr MR 34.5 40.5 40.0 40.0 43.0 43.5 41.5
10yr MR 24.5 32.5 31.0 31.5 33.0 33.0 32.5
15yr MR 16.0 22.5 23.0 23.5 24.0 24.0 23.0
Resale LR1 52.5 60.0 60.0 60.0 61.0 63.0 59.5
5yr LR1 40.0 49.0 49.0 49.0 50.0 51.0 48.5
10yr LR1 26.5 39.0 39.0 39.0 39.0 41.0 38.5
15yr LR1 16.0 25.0 25.0 25.0 25.5 25.5 24.5
Resale LR2 66.5 79.5 79.5 79.5 80.0 81.5 78.5
5yr LR2 52.5 64.0 63.5 63.5 64.5 65.0 63.5
10yr LR2 36.0 52.0 52.0 52.0 52.5 53.5 51.5
15yr LR2 24.0 34.5 34.0 34.0 34.5 34.5 34.5
Demolition prices ($/ldt)

South Asia 600 550 530 530 530 530 550
Turkey 310 330 320 310 310 320 320
One-year TC rates ($/day)

dwt Vessel type Nov 22 YTD 22 Jul 23 Aug 23 Sep 23 Oct 23 Nov 23 YTD 23
Handysize 37k dwt Non-eco 22,000 16,500 22,500 22,500 23,700 25,900 26,000 24,900
37k dwt Eco 23,000 17,500 23,500 23,500 24,700 26,900 27,000 25,900
MR 47-48k dwt Non-eco 27,500 19,500 25,000 25,300 25,600 26,000 26,000 26,900
50k dwt Eco 32,500 22,900 27,300 27,600 27,700 28,500 28,600 30,000
LR1 75k dwt Non-eco 37,800 23,600 29,200 28,500 28,500 30,400 31,800 33,100
75k dwt Eco 41,300 26,800 30,500 29,800 31,000 34,100 34,700 37,200
LR2 105k dwt Non-eco 32,000 24,900 40,500 38,300 38,200 38,600 39,200 42,600
105k dwt Eco 36,500 29,000 46,800 38,300 41,400 43,400 42,900 47,800
35
Spot rates (WS)

Handysize
TC6 (Cross-Med) 342 288 173 192 246 193 255 215
TC9* (Baltic-UKC) 522 386 - - - - - -
MR
TC14 (US Gulf - NWE) 220 203 133 147 118 117 184 129
TC7 (Singapore - Australia) 375 334 196 208 253 234 167 225
TC12 (WC India - Japan) 255 268 146 173 195 190 158 190
TC2 (North West Europe - Caribs/USES) 338 260 148 187 185 162 194 184
LR1
TC5 (AG - Japan) 243 226 122 154 156 167 138 165
TC16 (NW E - W Africa) 254 198 119 132 163 162 185 157
LR2
TC1 (AG - Japan) 219 194 106 136 136 157 133 146
Source: Drewry Maritime Research *TC9 route has been discontinued
TCE ($/day)
MR
Handysize - TC9* (Baltic - UK Continent) 67,000 41,700 - - - - - -
MR - TC14 (US Gulf - NWE) 20,100 14,100 12,100 13,400 6,400 6,800 22,500 10,600
MR - TC7 (Singapore - Australia) 41,700 31,500 21,300 22,400 30,400 27,200 13,800 26,000
MR - TC12 (WC India - Japan) 22,000 20,500 9,700 13,000 16,100 15,300 9,600 16,200
LR
LR 1 - AG-Japan (TC5) 32,400 24,600 14,200 21,100 21,200 23,700 17,600 24,700
LR2 - AG-Japan (TC1) 38,800 25,800 14,900 23,900 23,300 30,300 23,900 28,600
Source: Drewry Maritime Research *TC9 route has been discontinued
Spot charter activity (million tonnes)

Med-Med 2.9 30.8 2.5 2.4 2.1 1.9 2.3 26.5
Singapore-FE/SEA 1.2 11.3 1.3 1.2 0.9 1.3 0.8 13.2
AG-Europe 2.3 17.6 1.9 2.2 1.2 1.1 1.1 18.9
Others 32.6 345.1 26.6 29.7 28.8 23.9 20.4 288.1
Total spot chartering volume 39.0 404.9 32.2 35.4 33.1 28.2 24.7 346.7
36
Time charter activity (kdwt)

General Purpose 0 0 0 0 0 0 0 0 0 0
Handysize 8 314 0 0 3 118 0 0 8 322
MR 109 5,936 4 203 7 353 9 450 80 3,982
LR1 26 2,602 0 0 0 0 0 0 14 1,039
LR2 41 5,845 7 773 5 568 2 224 35 4,120
Total 184 14,696 11 975 15 1,040 11 674 137 9,464
Spot rates (TCE basis)*

Actual Forecast
Parcel size Route Unit Sep 23 Oct 23 Nov 23 Dec 23 Jan 24 Feb 24
NWE- Caribs/USES WS 184 162 194 225 220 210

MR 37k
(TC2_37) $pd 18,900 14,600 22,900 28,100 26,600 24,500
WS 118 117 184 206 195 182

MR 38k USES-NWE (TC14)
$pd 6,400 6,700 22,500 26,200 23,600 20,700
*Rates based on WS2023

Actual Forecast
Vessel type Engine Type Aug 23 Sep 23 Oct 23 Nov 23 Dec 23 Jan 24
Product (47-48k dwt) Non-Eco 25,300 25,600 26,000 27,000 27,900 27,600
37
Drewry AIS - Product Tanker
Product tanker DWT miles
275 Global product DWT

miles has risen above
the 2022 levels for
most part of the year
225 due to a shift to longer
Billion DWT miles
routes and firm

product demand.
175
125 2021
2022
75 2023
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Source: Drewry AIS
In port total laden days
16 45 MR vessels spend
more number of days
in the ports on
14 41 average. The total
number of days for
Number of days
MR and LR2 have

13 37 been on a rise in 2023
owing to adverse
changes in the
11 33 weather this year.
LR1
10 29
LR2
8 25 MR (right axis)
Nov 2022 Feb 2023 May 2023 Aug 2023 Nov 2023
Source: Drewry AIS
38
Chemical Tanker
Fleet Orderbook Deliveries Removals
129.2 mdwt 11.4 mdwt 98.6 kdwt 25.9 kdwt
$
Firm Firm Weak Weak
Freight index NB price index SH value index TC rate index

146.0 111.1 130.5 142.8
$ $
Firm Stable Stable Weak
D rewry expects freight rates to remain high in December as port

congestions at the Panama Canal and strong refinery margins in
the CPP market will squeeze tonnage supply. In November, the long-haul
Freight rates will
continue to strengthen
in December as
index improved by 2.2%, while the short-haul index rose by 2.3%. The tonnage supply
Vegoil Index also strengthened by 2.8%. contracts
Rising refinery margins will keep tonnage supply tight in winter as
increasing demand for ‘swing tonnage’ will push up chemical freight
rates. Europe’s methanol prices strengthened in November due to supply
disruptions from plant outages, impacting rates between the US Gulf
and Northwest Europe. Demand for chemicals in Europe is expected
to remain subdued due to low economic growth in Germany. However,
demand for biofuels and other blending fuels will remain firm due to the
implementation of European environmental norms.
Port congestion at the Panama Canal worsened in November, disrupting
Transatlantic trade and shipments to Asia. Despite firm demand for
methanol and UAN in Latin America from the US Gulf, port congestion
raised rates on various routes from the US Gulf and Latin America.
Tonnage supply may be disrupted in 1Q24 due to prolonged waiting time
at the port and extended voyage durations on alternative routes.
China’s demand for paraxylene and MEG could grow at a slower pace
until 1Q24 due to low seasonal demand and high domestic inventories,
affecting intra-Asia trade and imports from the Middle East.
China recorded a two-year peak in palm oil inventories in November. Following
the conclusion of India’s festive season and substantial stocking during
the mid-year, palm oil demand is anticipated to be weak until 1Q24. Despite
robust demand throughout 2023 for other vegetable oils, such as soybean
and sunflower oil, their imports are also likely to contract in December.
Drewry chemical and vegoil freight index (Jan 15=100)

235
205
175
Chemical
long-haul index
145
Chemical
115 short-haul index
Vegoil freight
85
index
39
Dec 2023 Shipping Insight Chemical
Chemical Market Data
Fleet (kdwt)
Size (dwt) No. dwt No. dwt No. dwt No. dwt
Total chemical fleet (as per specification)#
1-10k 1,483 8,102 1,479 8,116 1,476 8,116 1,476 8,121
10-15k 566 7,122 570 7,182 571 7,194 571 7,194
15-17k 180 2,946 181 2,962 181 2,962 181 2,962
17-22k 446 8,702 450 8,780 452 8,821 453 8,842
22-27k 166 4,133 174 4,335 175 4,361 175 4,362
27-35k 144 4,604 146 4,669 147 4,704 148 4,735
35-45k 535 20,774 536 20,822 534 20,740 534 20,742
45k+ 1,404 70,498 1,428 71,720 1,431 71,861 1,438 72,208
Total 4,924 126,883 4,964 128,585 4,967 128,759 4,976 129,166
Pure chemicals*
1-10k 617 3,143 623 3,181 617 3,157 621 3,177
10-15k 174 2,175 177 2,217 178 2,230 178 2,230
15-17k 45 728 42 678 42 678 42 678
17-22k 297 5,923 298 5,944 299 5,965 300 5,986
22-27k 110 2,743 116 2,892 117 2,918 117 2,919
27-35k 91 2,916 91 2,922 91 2,922 91 2,922
35-45k 113 4,350 113 4,348 112 4,303 112 4,303
45k+ 100 4,915 101 4,962 102 5,008 102 5,008
Total 1,547 26,892 1,561 27,146 1,558 27,182 1,563 27,224
Products/Chemicals**
1-10k 866 4,960 856 4,935 859 4,959 855 4,944
10-15k 392 4,948 393 4,964 393 4,964 393 4,964
15-17k 135 2,218 139 2,283 139 2,284 139 2,284
17-22k 149 2,779 152 2,837 153 2,856 153 2,856
22-27k 56 1,391 58 1,443 58 1,443 58 1,443
27-35k 53 1,688 55 1,746 56 1,781 57 1,812
35-45k 422 16,424 423 16,474 422 16,437 422 16,439
45k+ 1,304 65,583 1,327 66,757 1,329 66,853 1,336 67,200
Total 3,377 99,990 3,403 101,440 3,409 101,577 3,413 101,943
Fleet trading chemicals
1-10k 1,205 6,417 1,250 6,716 1,248 6,723 1,251 6,744
10-15k 429 5,383 450 5,657 451 5,670 454 5,706
15-17k 91 1,479 92 1,498 92 1,498 95 1,548
17-22k 365 7,191 377 7,425 379 7,466 381 7,506
22-27k 138 3,445 156 3,894 157 3,920 157 3,920
27-35k 113 3,584 115 3,649 116 3,685 115 3,639
35-45k 199 7,719 157 6,056 163 6,306 171 6,631
45k+ 398 19,600 236 11,568 250 12,235 265 12,971
Total 2,938 54,818 2,833 46,463 2,856 47,502 2,889 48,666
# IMO class tankers *IMO class tankers with stainless steel/zinc-coated tanks **IMO class tankers with other coatings
40

2023 2024 2025 2026+ Total
Size (dwt) No. dwt No. dwt No. dwt No. dwt No. dwt % of fleet
Stainless
1-10k 4 26 32 186 10 62 2 13 48 287 9.9%
10-15k 1 13 10 128 9 111 1 13 21 264 12.0%
15-17k 0 0 0 0 2 32 0 0 2 32 4.7%
17-22k 1 22 7 139 8 159 3 59 19 379 6.3%
22-27k 1 26 11 288 9 234 2 50 23 599 21.2%
27-35k 1 33 4 132 1 33 0 0 6 198 7.6%
35-45k 0 0 0 0 2 75 9 348 11 423 14.9%
45k+ 0 0 0 0 0 0 0 0 0 0 0.0%
Coated
1-10k 10 54 14 80 13 96 2 12 39 243 4.7%
10-15k 1 14 2 25 4 47 0 0 7 86 1.7%
15-17k 0 0 0 0 2 30 4 60 6 90 3.9%
17-22k 2 44 6 110 24 440 8 147 40 740 25.9%
22-27k 1 24 0 0 2 45 0 0 3 69 4.5%
27-35k 0 0 0 0 0 0 0 0 0 0 0.0%
35-45k 1 41 2 82 4 156 2 82 9 361 2.0%
45k+ 1 50 44 2,199 65 3,251 43 2,156 153 7,655 10.7%
Total 24 346 132 3,369 155 4,772 76 2,940 387 11,427 8.8%
*IMO-class fleet OB as of end November 2023 Source: Drewry Maritime Research, Clarksons Research

China Japan Korea Others Total
Size (dwt) No. dwt No. dwt No. dwt No. dwt No. dwt
Stainless
1-10k 39 232 3 17 0 0 6 39 48 287
10-15k 9 109 12 155 0 0 0 0 21 264
15-17k 0 0 0 0 0 0 2 32 2 32
17-22k 0 0 19 379 0 0 0 0 19 379
22-27k 10 263 13 336 0 0 0 0 23 599
27-35k 0 0 0 0 6 198 0 0 6 198
35-45k 6 228 5 195 0 0 0 0 11 423
45k+ 0 0 0 0 0 0 0 0 0 0
Coated
1-10k 20 120 6 33 3 14 10 77 39 243
10-15k 4 47 0 0 0 0 3 39 7 86
15-17k 6 90 0 0 0 0 0 0 6 90
17-22k 38 697 0 0 0 0 2 44 40 740
22-27k 2 45 0 0 0 0 1 24 3 69
27-35k 0 0 0 0 0 0 0 0 0 0
35-45k 4 164 0 0 2 74 3 123 9 361
45k+ 80 3,997 8 412 44 2,197 21 1,050 153 7,655
Total 218 5,991 66 1,526 55 2,483 48 1,427 387 11,427
41
New orders (kdwt)

Stainless
1-10k 22 120 0 0 0 0 0 0 14 91
10-15k 5 65 0 0 0 0 3 36 13 162
15-17k 0 0 0 0 0 0 0 0 2 32
17-22k 0 0 0 0 2 40 0 0 2 40
22-27k 2 53 4 103 0 0 0 0 8 206
27-35k 0 0 0 0 0 0 0 0 0 0
35-45k 0 0 2 80 0 0 6 228 11 423
45k+ 0 0 0 0 0 0 0 0 0 0
Coated
1-10k 3 20 0 0 4 29 0 0 23 146
10-15k 1 12 0 0 0 0 0 0 2 21
15-17k 0 0 2 30 0 0 0 0 4 60
17-22k 8 144 2 36 4 74 0 0 28 515
22-27k 0 0 0 0 0 0 0 0 2 45
27-35k 0 0 0 0 0 0 0 0 0 0
35-45k 0 0 0 0 0 0 4 164 6 238
45k+ 17 854 5 250 2 100 2 100 86 4,307
Total 58 1,267 15 499 12 243 15 528 201 6,287
Deliveries (kdwt)
Stainless
1-10k 28 145 2 8 3 18 1 7 15 90
10-15k 4 53 1 15 1 13 0 0 4 54
15-17k 1 16 0 0 0 0 0 0 1 16
17-22k 10 197 1 22 1 20 0 0 3 62
22-27k 6 156 0 0 1 27 0 0 7 176
27-35k 2 67 0 0 0 0 0 0 1 33
35-45k 2 71 0 0 0 0 0 0 0 0
45k+ 0 0 0 0 0 0 0 0 0 0
Coated
1-10k 20 110 1 3 0 0 2 11 11 64
10-15k 4 55 0 0 0 0 0 0 0 0
15-17k 1 15 0 0 0 0 0 0 0 0
17-22k 2 40 0 0 1 20 0 0 4 77
22-27k 1 23 0 0 0 0 0 0 2 52
27-35k 5 174 0 0 0 0 1 31 2 62
35-45k 3 120 0 0 0 0 0 0 0 0
45k+ 61 3,099 3 149 1 49 1 50 34 1,698
Total 150 4,341 8 197 8 146 5 99 84 2,385
42
Removals (kdwt)
Stainless
1-10k 15 74 0 0 2 6 0 0 3 7
10-15k 4 48 0 0 0 0 0 0 1 11
15-17k 1 16 0 0 0 0 0 0 0 0
17-22k 1 19 0 0 0 0 0 0 0 0
22-27k 1 22 0 0 0 0 0 0 0 0
27-35k 0 0 0 0 0 0 0 0 0 0
35-45k 0 0 0 0 0 0 0 0 0 0
45k+ 0 0 0 0 0 0 0 0 0 0
Coated
1-10k 31 157 8 37 9 37 6 26 28 106
10-15k 6 75 0 0 0 0 0 0 1 12
15-17k 1 17 0 0 0 0 0 0 1 16
17-22k 2 35 0 0 0 0 0 0 0 0
22-27k 1 26 0 0 0 0 0 0 0 0
27-35k 5 165 0 0 0 0 0 0 1 33
35-45k 10 390 0 0 0 0 0 0 1 40
45k+ 11 518 1 45 0 0 0 0 3 136
Total 89 1,562 9 83 11 44 6 26 39 362
Removals include demolitions, CoFs non-renewal vessels and convert to other ships

Stainless
1-10k 7 59 0 0 0 0 0 0 0 0
10-15k 3 41 0 0 0 0 0 0 3 35
15-17k 0 0 0 0 0 0 0 0 2 30
17-22k 15 304 1 20 3 60 3 61 21 424
22-27k 13 328 0 0 0 0 1 26 1 26
27-35k 4 129 0 0 1 34 0 0 1 34
35-45k 0 0 0 0 0 0 0 0 0 0
45k+ 0 0 0 0 0 0 0 0 0 0
Coated
1-10k 19 143 0 0 0 0 0 0 2 18
10-15k 15 191 0 0 1 13 4 56 6 82
15-17k 7 115 1 17 0 0 2 34 5 83
17-22k 6 114 0 0 0 0 1 17 3 55
22-27k 4 102 0 0 0 0 0 0 0 0
27-35k 6 192 0 0 1 31 1 35 3 100
35-45k 54 2,088 4 152 3 116 5 190 25 984
45k+ 97 4,816 2 102 17 844 7 348 61 3,128
Total 250 8,623 8 290 26 1,098 24 766 133 5,000
43
Age profile*
<5yrs 5-10yrs 10-15yrs 15-20yrs 20-25yrs 25yrs+
Size (dwt) Average

No. dwt No. dwt No. dwt No. dwt No. dwt No. dwt
age
Stainless
1-10k 118 556 84 407 91 438 110 565 93 559 74 389 14.4
10-15k 34 426 29 363 39 500 33 436 29 353 12 128 13.6
15-17k 10 161 13 209 0 0 1 17 15 243 3 48 13.4
17-22k 41 814 68 1,356 67 1,349 87 1,741 31 614 6 113 12.7
22-27k 33 834 30 740 20 514 16 403 14 332 0 0 10.2
27-35k 6 203 23 705 20 677 23 758 8 250 0 0 12.7
35-45k 18 661 33 1,254 3 106 4 151 11 416 7 260 10.9
45k+ 4 196 1 54 1 54 6 297 0 0 0 0 12.3
Coated
1-10k 87 517 98 514 314 1,944 284 1,587 78 412 45 231 14.3
10-15k 24 317 26 338 124 1,580 197 2,449 19 251 5 55 14.7
15-17k 7 112 7 116 69 1,141 43 707 10 159 3 49 14.4
17-22k 20 375 12 224 66 1,208 43 813 12 236 0 0 13.2
22-27k 16 395 11 275 13 329 14 347 7 169 1 23 11.7
27-35k 19 646 7 210 12 346 18 557 9 289 3 95 12.5
35-45k 15 584 71 2,734 84 3,310 186 7,202 87 3,490 15 574 16.0
45k+ 341 17,364 406 20,348 338 17,114 288 14,263 43 2,050 10 469 10.2
Total 793 24,161 919 29,845 1,261 30,609 1,353 32,294 466 9,822 184 2,435 12.9
TCE earnings ($/day)

Size (dwt) Nov 22 YTD 22 Jul 23 Aug 23 Sep 23 Oct 23 Nov 23 YTD 23
9k coated 31,200 19,500 18,300 20,600 18,600 17,900 17,800 19,700
19k stainless 32,300 22,600 22,000 21,500 21,600 24,500 25,200 28,500
37k stainless 49,900 32,600 29,200 27,200 29,300 31,600 33,600 35,300
47k coated 42,400 27,500 27,800 27,000 28,200 29,700 30,200 31,900
44
Representative spot rates ($/tonne)

Cargo
Load Discharge size
Easy chem
US Gulf Brazil 10 kt 112 80 79 76 78 82 87 90
NW Europe 10 kt 91 73 66 66 69 74 75 79
NE Asia 10 kt 100 81 77 77 82 87 91 84
NW Europe US Gulf 10 kt 54 45 42 43 42 45 45 52
NE Asia 10 kt 85 84 86 84 81 80 80 85
Middle East NW Europe 10 kt 165 127 131 127 129 125 127 137
NE Asia 10 kt 89 74 72 71 72 69 70 73
Singapore WC India 5 kt 99 80 69 70 72 68 70 74
Thailand 3 kt 51 40 35 38 36 35 35 37
Mid China 3 kt 73 67 59 57 57 57 59 61
South Korea US Gulf 5 kt 182 134 144 145 144 143 146 155
NW Europe 5 kt 236 180 161 162 162 162 160 181
Mid China 3 kt 45 43 29 31 32 33 34 35
Singapore 3 kt 62 56 50 52 52 53 54 53
Vegoil
EC S America NW Europe 30-40 kt 62 50 69 69 69 69 69 70
India 30-40 kt 99 68 77 73 63 63 70 79
China 30-40 kt 87 73 75 76 85 81 88 80
Straits US Gulf 35-45 kt 155 124 98 98 104 108 108 115
NW Europe 35-45 kt 114 91 81 85 86 86 80 91
WC India 10-12 kt 88 64 55 52 53 52 48 50
Mid China 8-12 kt 70 57 40 40 40 40 43 44
Black Sea ARA 12 kt 125 84 110 110 110 110 110 115
WC India 18 kt 185 108 120 65 65 68 70 124
45
TC rates - IMO 2 stainless steel (10 year old vessel, $/day)

Size (dwt) Nov 22 YTD 22 Jul 23 Aug 23 Sep 23 Oct 23 Nov 23 YTD 23
Stainless
9k 13,700 11,000 13,600 13,400 13,400 13,400 13,400 14,100
12k 15,200 12,400 14,600 14,400 14,400 14,400 14,400 15,300
16k 16,800 13,600 16,800 16,700 16,700 16,700 16,700 17,700
19k 18,500 15,000 20,900 20,700 20,700 20,700 20,700 21,700
25k 22,500 17,400 27,900 28,200 28,200 27,300 27,300 28,300
33k 25,500 20,100 28,700 28,900 28,900 28,500 28,500 29,200
37k 27,500 21,800 29,200 29,500 29,500 29,500 29,500 29,800
Coated
9k 11,100 9,500 11,100 11,100 11,100 11,100 11,100 11,200
12k 14,000 11,200 14,200 14,200 14,200 14,200 14,200 14,300
16k 14,800 12,200 16,200 16,200 16,200 16,200 16,200 16,300
19k 15,700 12,800 16,700 16,700 16,700 16,700 16,700 16,900
25k 16,000 13,400 16,100 16,100 16,100 16,100 16,100 16,400
37k 20,800 16,300 21,600 21,600 21,600 21,600 21,600 22,000
45k 25,500 20,300 27,800 27,800 27,800 27,800 27,800 28,600
Estimated representative time charter rates are based on a 12-month period with prompt delivery in $ per day or sailed in time charter equivalent on
today’s market, assuming that the vessel is operated by an owner/operator with contractual requirements representing at least 50% of its business.
All figures have been rounded off to the nearest 100
Newbuilding prices - IMO 2 stainless steel ($ million)

Size (dwt) CY 22 Jul 23 Aug 23 Sep 23 Oct 23 Nov 23 YTD 23
Stainless
9k 24.0 24.5 24.5 24.5 24.5 24.5 24.5
12k 29.0 29.5 29.5 29.5 29.5 29.5 29.5
16k 34.0 34.5 34.5 34.5 34.5 34.5 34.5
19k 39.5 40.5 40.5 40.5 40.5 40.5 40.5
25k 47.5 48.5 48.5 48.5 48.5 48.5 48.5
33k 54.5 56.0 56.0 56.0 56.0 56.0 56.0
37k 64.5 66.0 66.0 66.0 66.0 66.0 66.0
Coated
9k 18.0 18.5 18.5 18.5 18.5 18.5 18.5
12k 22.5 23.5 23.5 23.5 23.5 23.5 23.5
16k 26.0 26.5 26.5 26.5 26.5 26.5 26.5
19k 28.5 29.5 29.5 29.5 29.5 29.5 29.5
25k 30.5 31.5 31.5 31.5 31.5 31.5 31.5
37k 40.5 41.5 41.5 41.5 41.5 41.5 41.5
45k 43.0 44.0 44.0 44.0 44.0 44.0 44.0
Values are averages of the highs and lows during the time period across the size range
46
Second-hand values - IMO 2 stainless steel (10-year old, $ million)

Size (dwt) CY 22 Jul 23 Aug 23 Sep 23 Oct 23 Nov 23 YTD 23
Stainless
9k 12.5 16.0 16.0 16.0 16.0 16.0 16.0
12k 14.0 18.5 18.5 18.5 18.5 18.5 18.5
16k 18.0 22.5 22.5 22.5 22.5 22.5 22.5
19k 20.0 25.5 25.5 25.5 25.5 25.5 25.5
25k 25.0 30.5 30.5 30.5 30.5 30.5 30.5
33k 31.5 37.0 37.0 37.0 37.0 37.0 37.0
37k 40.5 48.0 48.0 48.0 48.0 48.0 48.0
Coated
9k 8.5 9.5 9.5 9.5 9.5 9.5 9.5
12k 9.5 11.0 11.0 11.0 11.0 11.0 11.0
16k 12.0 13.5 13.5 13.5 13.5 13.5 13.5
19k 13.5 15.0 15.0 15.0 15.0 15.0 15.0
25k 15.5 17.5 17.5 17.5 17.5 17.5 17.5
37k 19.5 24.0 24.0 24.0 24.0 24.0 24.0
45k 25.0 31.0 31.0 31.0 31.0 31.0 31.0
47
LPG
Fleet Orderbook AG-Japan spot VLGC Earnings
46.1 mcbm 11.6 mcbm $149.0 per tonne $146,000pd
Firm Firm Firm Firm
D rewry expects LPG shipping rates to remain robust in December

with the Panama Canal restrictions and vessel rerouting squeezing
supply. VLGC transits through the canal plummeted in November with
LPG shipping rates
strengthen on Panama
Canal restrictions, but
vessels using the Suez Canal instead, amid the start of the heating season. weakening US-Asia
arbitrage and negative
The majority of fixtures concluded in November notify Suez transits,
PDH margins cause
effectively increasing the US-Asia voyage time by 10 days and creating
concern
a surge in spot rates. VLGC spot rates on the benchmark US-Japan and
AG-Japan routes surged by 17% and 24% respectively.
Fixing activity out of the US Gulf was stable in early November with a
favourable arbitrage but the restrictions weighed on the shipping cost
of the vessels transiting through the Panama Canal, following which the
arbitrage narrowed, leading to a slowdown in fixtures thereafter.
The Panama Canal restrictions will keep the LPG shipping market tight
depending on the US-Asia price arbitrage and demand from the Asian
petchem sector. China’s LPG demand remains subdued with negative
PDH margins starting to affect operations and stalling new plants. An
increase in LPG prices expected due to OPEC+ production cuts and longer
voyages from the US will further dent the margins. Despite the extension
of the OPEC+ oil production cuts, Saudi CP propane and butane prices
remained unchanged for December at $610 per tonne and $620 per
tonne, respectively, due to tepid LPG demand. High inventory and record
production kept the Mt. Belvieu propane prices stable at $358.19 per tonne.
Ten vessels were ordered in November – Fortitude Shipping and Benelux
Overseas ordered two MRGCs and MGCs respectively, Purus Marine
ordered two VLECs at $170.7 million each and Naftomar Shipping &
Trading ordered four VLGCs worth $124.5 million each. In the second-
hand market, Pearl Petrochemical sold three of its under-construction
VLGCs to CSSC Leasing for $180.39 million while BW Epic Kosan sold
its large coaster- Tessa Kosan (aged 24)- to Uni Fleet for an undisclosed
price. Meanwhile, the small coaster Gas Dollart (aged 33) was sold for
scrapping by Uni Fleet to an Indian yard for $1.7 million.
Panama Canal restrictions turn VLGCs to Suez

40
30
Number of vessels
20
10
0 Panama Canal
Week 11
Week 13
Week 15
Week 17
Week 19
Week 21
Week 23
Week 25
Week 27
Week 29
Week 31
Week 33
Week 35
Week 37
Week 39
Week 41
Week 43
Week 45
Week 47
Week 1
Week 3
Week 5
Week 7
Week 9
Suez Canal
COGH
Week
Source: Drewry AIS
48
Dec 2023 Shipping Insight LPG
LPG Market Data
Prices ($/tonne)
Propane Price type Nov 22 YTD 22 Jul 23 Aug 23 Sep 23 Oct 23 Nov 23 YTD 23
Saudi CP FOB 610.00 745.00 400.00 470.00 550.00 600.00 610.00 571.82
NWE cif CIF (ex-ARA) 579.00 682.35 481.00 516.00 556.00 573.00 549.55 532.21
Mont Belvieu FOB 443.68 595.97 334.79 355.48 386.11 357.30 358.19 373.81
Algeria FOB 572.00 694.70 400.00 470.00 530.00 560.00 560.00 529.55
Butane
Saudi CP FOB 610.00 741.82 375.00 460.00 560.00 615.00 620.00 573.18
NWE cif CIF (ex-ARA) 588.75 723.39 448.25 557.25 546.75 515.50 520.49 518.06
Mont Belvieu FOB 449.81 577.26 229.48 291.15 361.74 349.83 352.10 357.31
Algeria FOB 590.00 727.91 335.00 465.00 550.00 570.00 535.00 524.55
Ethane
US Gulf FOB 298.70 363.41 238.84 198.42 221.26 201.08 200.90 189.40
LPG trade (Kt)

Imports
China 2,159 21,835 3,236 3,186 2,857 3,183 2,613 27,216
India 1,509 14,649 1,225 1,319 1,561 1,444 1,704 14,896
Japan 681 8,711 710 861 754 603 582 8,338
South Korea 732 7,165 546 601 765 720 638 6,663
US 426 3,846 271 282 313 386 - 3,142
Exports
US 4,389 41,025 4,690 4,779 4,762 5,047 - 42,352
Iran 802 6,789 955 1,032 804 973 1,046 9,106
Australia 52 1,045 234 193 292 196 - 1,991
Fleet (kcbm)
Size No. Kcbm No. Kcbm No. Kcbm No. Kcbm
1-5k 540 1,373 536 1,363 536 1,363 535 1,359
5-10k 294 1,932 305 1,997 305 1,997 307 2,007
10-15k 60 700 60 703 60 703 60 703
15-30k 124 2,589 126 2,633 126 2,633 126 2,633
30-50k 114 4,231 128 4,789 130 4,869 130 4,869
50-70k 21 1,257 21 1,257 21 1,257 21 1,257
70k + 361 30,043 390 32,647 394 33,007 397 33,277
Total 1,514 42,125 1,566 45,390 1,572 45,829 1,576 46,105
49
LPG Market Data
Age profile (% kcbm)

1-5k 5-10k 10-15k 15-30k 30-50k 50-70k 70k + Total
<5yrs 8.5% 14.7% 9.6% 12.5% 25.7% 0.0% 33.7% 26.6%
5-10yrs 11.4% 14.0% 53.8% 28.5% 35.8% 23.9% 31.2% 31.8%
10-15yrs 20.7% 24.9% 18.0% 25.2% 13.9% 14.4% 9.8% 15.1%
15-20yrs 14.5% 18.3% 7.4% 11.5% 14.2% 47.5% 12.0% 11.4%
20-25yrs 11.1% 16.4% 8.1% 8.9% 3.7% 14.2% 6.0% 6.7%
25+yrs 33.8% 11.8% 3.2% 13.4% 6.7% 0.0% 7.3% 8.4%
Orderbook delivery schedule (kcbm)

2023 2024 2025 2026 2027 Total % of
Size No. kcbm No. kcbm No. kcbm No. kcbm No. kcbm No. kcbm fleet
1-5k 0 0 3 9 1 4 0 0 0 0 4 12 0.9%
5-10k 2 10 13 76 7 40 0 0 0 0 22 126 6.3%
10-15k 0 0 0 0 1 11 1 11 0 0 2 22 3.1%
15-30k 1 22 2 46 1 15 4 92 0 0 8 175 6.6%
30-50k 2 80 9 361 8 332 13 553 4 168 36 1,494 30.7%
50-70k 0 0 0 0 0 0 0 0 0 0 0 0 0.0%
70k + 6 541 24 2,188 19 1,732 30 2,774 26 2,498 105 9,733 29.2%
Total 11 653 51 2,680 37 2,133 48 3,430 30 2,666 177 11,562 25.1%
Orderbook by builder country (kcbm)

South Korea China Japan Others Total
No. kcbm No. kcbm No. kcbm No. kcbm No. kcbm
1-5k 0 0 2 7 2 5 0 0 4 12
5-10k 0 0 9 53 10 58 3 15 22 126
10-15k 0 0 0 0 2 22 0 0 2 22
15-30k 5 112 2 48 1 15 0 0 8 175
30-50k 18 770 18 724 0 0 0 0 36 1,494
50-70k 0 0 0 0 0 0 0 0 0 0
70k + 49 4,397 44 4,295 12 1,041 0 0 105 9,733
Total 72 5,279 75 5,128 27 1,141 3 15 177 11,562
50
LPG Market Data
Asset market activity (kcbm)

Size No. kcbm No kcbm No kcbm No kcbm No. kcbm
New orders
1-5k 0 0 0 0 0 0 0 0 0 0
5-10k 13 73 0 0 0 0 0 0 4 25
10-15k 0 0 2 22 0 0 0 0 2 22
15-30k 1 22 0 0 0 0 2 48 5 107
30-50k 5 202 4 160 2 80 2 96 22 927
50-70k 0 0 0 0 0 0 0 0 0 0
70k + 24 2,232 10 938 3 300 6 568 58 5,435
Total 43 2,529 16 1,120 5 380 10 712 91 6,516
Deliveries
1-5k 7 15 0 0 0 0 0 0 4 12
5-10k 13 76 0 0 2 10 0 0 13 75
10-15k 1 15 0 0 0 0 0 0 1 15
15-30k 4 90 0 0 0 0 0 0 2 44
30-50k 8 316 2 80 2 80 0 0 16 638
50-70k 0 0 0 0 0 0 0 0 0 0
70k + 23 2,091 4 346 5 456 0 0 37 3,309
Total 56 2,603 6 426 9 546 0 0 73 4,092
Demolitions
1-5k 10 27 0 0 0 0 0 0 8 20
5-10k 0 0 0 0 0 0 0 0 0 0
10-15k 0 0 1 12 0 0 0 0 1 12
15-30k 1 21 0 0 0 0 0 0 0 0
30-50k 0 0 0 0 0 0 0 0 0 0
50-70k 0 0 0 0 0 0 0 0 0 0
70k + 0 0 0 0 0 0 0 0 1 76
Total 11 47 1 12 0 0 0 0 10 107
Second-hand transactions
1-5k 9 32 0 0 0 0 0 0 10 40
5-10k 14 88 0 0 0 0 1 6 14 94
10-15k 1 13 0 0 0 0 0 0 0 0
15-30k 12 239 0 0 0 0 0 0 3 66
30-50k 10 362 0 0 0 0 0 0 5 185
50-70k 0 0 0 0 0 0 0 0 0 0
70k + 24 1,955 4 348 0 0 3 279 15 1,266
Total 70 2,688 4 348 0 0 4 285 47 1,650

51
LPG Market Data

Small coasters
3.2 kcbm Sr 17.5 17.5 17.5 17.5 17.5 17.5 17.5
5 kcbm Sr 26.5 27.5 27.5 27.5 27.5 27.5 27.5
7.5 kcbm Sr* 37.0 39.5 39.5 39.5 39.5 39.5 39.0
MGC/LGC
20 kcbm Sr 39.5 44.0 44.0 44.0 44.0 44.0 44.0
35 kcbm Fr 58.5 69.5 69.5 69.5 69.5 69.5 67.5
59 kcbm Fr 79.0 84.0 84.0 84.0 84.0 84.0 83.0
VLGC
70 kcbm+ 89.5 106.5 107.5 107.5 107.5 112.0 104.5
*Ethylene carrier

Small coasters
5yr 13.0 14.0 14.0 14.0 14.0 14.0 14.0
3.2 kcbm Sr
10yr 9.5 11.0 11.0 11.0 11.0 11.0 11.0
5yr 17.0 18.0 18.0 18.0 18.0 18.0 18.0
5 kcbm Sr
10yr 13.0 13.0 13.0 13.0 13.0 13.0 13.0
5yr 21.5 21.0 21.0 21.0 21.0 21.0 21.0
7.5 kcbm Sr*
10yr 15.5 17.5 17.5 17.5 17.5 17.5 17.0
MGC/LGC
5yr 39.5 45.0 45.0 45.0 45.0 45.0 43.0
20 kcbm Sr
10yr 30.0 35.0 35.0 35.0 35.0 35.0 33.0
5yr 48.5 50.0 50.0 50.0 50.0 50.0 50.0
35 kcbm Fr
10yr 36.5 40.0 40.0 40.0 40.0 40.0 39.5
5yr 53.5 52.0 52.0 52.0 52.0 52.0 52.0
59 kcbm Fr
10yr 39.0 39.0 39.0 39.0 39.0 39.0 39.0
VLGC
5yr 71.0 78.0 78.0 78.0 78.0 78.0 76.0
70 kcbm+
10yr 55.0 66.0 66.0 66.0 66.0 66.0 65.0
*Ethylene carrier
52
LPG Market Data

Size range (cbm) 2019 2020 2021 2022 2023
1-5k 43.1 30.0 29.8 30.9 33.2
5-10k - 31.5 28.3 - -
10-15k 36.3 - 25.2 - 51.4
15-30k 36.3 - 32.1 24.8 -
30-50k - - 30.8 - -
50-70k - - - - -
70k + - - - - 42.9
*as on end-November 2023
Spot rates ($/tonne)

Route Commodity/parcel size Nov 22 YTD 22 Jul 23 Aug 23 Sep 23 Oct 23 Nov 23 YTD 23
AG-Japan LPG 40-45 Kt 134.34 75.08 108.43 98.62 159.40 116.55 148.99 107.70
US-Japan LPG 40-45 Kt 194.83 120.36 173.88 168.68 229.00 203.95 238.35 168.64
US- Europe LPG 40-45 Kt 107.77 66.52 100.99 98.33 126.86 112.57 133.24 96.35
NWE-EE/NA LPG 1-2 Kt 106.00 122.21 129.00 110.00 107.30 107.25 112.00 131.49
NWE-NWE LPG 1-2 Kt 47.65 61.92 51.80 43.00 41.30 41.25 46.00 58.11
EC UK- Morocco LPG 3-4 Kt 78.65 88.80 93.00 88.00 88.00 78.25 76.50 100.80
USG-NWE Ethylene 4-5 Kt 190.00 215.00 293.35 285.00 290.00 290.00 290.00 273.49
NWE-USG Butadiene 3-4 Kt 205.00 221.82 262.50 259.88 262.00 262.94 263.07 252.76
TC rates (5yr old, $pcm)

Small coasters
3-3.5 kcbm Pr, East 236,500 233,000 230,000 230,000 230,000 232,000 232,000 230,500
3-3.5 kcbm Pr, West 251,500 249,000 271,000 271,000 271,000 271,000 272,000 266,500
3-3.5 kcbm Sr 283,000 284,500 303,500 303,500 303,500 303,500 303,500 300,000
6-8 kcbm Sr* 477,500 472,000 500,000 500,000 500,000 500,000 500,000 495,500
MGC/LGC
20 kcbm Sr 728,000 689,000 787,000 783,000 783,000 805,500 812,000 779,500
22-25 kcbm Fr 706,000 645,000 749,500 750,000 760,000 784,000 790,500 748,000
28-40 kcbm Fr 740,500 717,000 794,000 796,500 820,500 857,000 928,000 811,000
52 kcbm Fr 908,000 836,500 987,500 989,000 994,000 1,006,500 1,055,000 973,500
59 kcbm Fr 996,000 908,500 1,156,500 1,159,000 1,185,000 1,197,000 1,275,000 1,103,500
VLGC
75 kcbm Fr 1,055,000 989,500 1,455,000 1,478,500 1,658,500 1,885,000 2,161,000 1,425,000
82 kcbm Fr 1,315,000 1,081,000 1,612,500 1,635,000 1,884,000 2,219,000 2,575,000 1,594,500
*LPG/ethylene carrier
53
LPG Market Data
TCE ($pcm)
Route Type Nov 22 YTD 22 Jul 23 Aug 23 Sep 23 Oct 23 Nov 23 YTD 23
AG-Japan LPG 44 Kt 3,688,000 1,495,000 2,881,000 2,487,000 4,553,000 3,058,000 4,179,000 2,795,000
US-Japan LPG 44 Kt 3,452,000 1,465,000 3,079,000 2,869,000 4,291,000 3,700,000 4,572,000 2,898,000
NWE-EE/NA LPG 4 Kt 660,000 729,000 885,000 791,000 784,000 659,000 651,000 976,000
NWE-NWE LPG 1.8 Kt 480,000 669,000 556,000 416,000 388,000 389,000 465,000 645,000
USG-NWE Ethylene 5 Kt 575,000 632,000 1,134,000 1,059,000 1,069,000 1,079,000 1,101,000 1,018,000
NWE-USG Butadiene 4 Kt 453,000 454,000 730,000 686,000 679,000 693,000 716,000 673,000
LPG Spot rates ($/tonne)

Actual Forecast
Vessel type Route Jul 23 Aug 23 Sep 23 Oct 23 Nov 23 Dec 23 Jan 24 Feb 24
VLGC - 44 Kt AG-Japan 108.43 98.62 159.40 116.55 148.99 151.45 153.20 138.10
6 kcbm Sr - 3 Kt EC UK-Morocco 93.00 88.00 88.00 78.25 76.50 73.44 72.60 75.73
3 kcbm Sr - 1.8 Kt North Sea-ARA 51.80 43.00 41.30 41.25 46.00 44.90 44.81 45.16
LPG TC rates - 5 year old vessel ($pcm)

Actual Forecast
Vessel type Vessel age Jul 23 Aug 23 Sep 23 Oct 23 Nov 23 Dec 23 Jan 24 Feb 24
VLGC (78 kcbm) 5 Years 1,534,000 1,557,000 1,771,500 2,052,000 2,368,000 2,455,000 2,490,000 2,175,000
LGC (59 kcbm) 5 Years 1,156,500 1,159,000 1,185,000 1,197,000 1,275,000 1,292,000 1,302,000 1,315,000
MGC (28-40 kcbm) 5 Years 794,000 796,500 820,500 857,000 928,000 950,000 964,000 972,000
20 kcbm Sr 5 Years 787,000 783,000 783,000 805,500 812,000 825,500 839,500 850,000
7.5 kcbm Pr 5 Years 412,000 416,500 421,000 421,000 421,000 422,000 423,000 423,500
3.5 kcbm Sr 5 Years 303,500 303,500 303,500 303,500 303,500 305,500 306,500 306,500
3.5 kcbm Pr 5 Years 250,500 250,500 250,500 251,500 252,000 253,500 254,000 254,500
Sr = semi refrigerated; Pr = pressurised
54
Drewry AIS - LPG
VLGC average ballast speed

15
Speed (knots)
14
13
Underway Ballast
Avg Speed -East
12
Underway Ballast
Aug-23
Sep-23
Dec-22
Feb-23
Nov-22
Jun-23
Nov-23
Apr-23
Mar-23
May-23
Jul-23
Jan-23
Oct-23
Avg Speed-West
Source: Drewry AIS
VLGC average laden speed
15
14
Speed (knots)
13
12
Underway Laden
Avg Speed-East
11
Aug-23
Sep-23
Dec-22
Feb-23
Nov-22
Jun-23
Nov-23
Apr-23
Mar-23
May-23
Jul-23
Jan-23
Oct-23
Underway Laden
Avg Speed-West
Source: Drewry AIS
VLGC Laden %
60%
55%
Laden %
50%
45%
3 year average
40% 2022
Week 13
Week 17
Week 21
Week 25
Week 29
Week 33
Week 37
Week 41
Week 45
Week 49
Week 1
Week 5
Week 9
2023
Source: Drewry AIS
55
LPG shipping equities
L PG stocks under our coverage surged in 2023 YTD (as of 4 December

2023) due to high freight rates, increased second-hand prices and
strong financial results thus far this year. Stock prices of StealthGas, BW
Favourable market
conditions leading to a
surge in LPG stocks
LPG and Navigator Holdings jumped by 147.4%, 127.5% and 23.3%,
respectively. LPG shipping rates have been robust in 2023 YTD, bolstered
by growing US LPG exports to Asia, increased Panama Canal waiting
time, widening arbitrage and ongoing geopolitical tensions.
BW LPG reported robust 3Q23 results, with shipping revenues up 49%
YoY to $30.9 million and net profit up 163.6% YoY to $122.3 million.
TCE rates increased 65.2% YoY to $63,100pd. The revenue of Navigator
Holdings grew by 29% YoY to $137.8 million and adjusted EBITDA
jumped by 74.2% YoY to $72.2 million. TCE rates increased by 19.3%
YoY to USD 26,278pd. Navigator Holdings is working with its JV partner
to increase the capacity of its ethylene export terminal from 1.0 million
tonnes per year to 1.6 million tonnes per year. The expansion is expected
to be completed by 4Q24. Meanwhile, StealthGas’ revenue was almost
flat YoY at $34.1 million in 3Q23 and adjusted EBITDA increased
by 16.4% YoY to $18.9 million, benefiting from higher charter rates.
The company’s average number of vessels decreased by 18.8% to 27.6
vessels, with the company reducing exposure to smaller-size vessels and
planning to enter the bigger-size vessel segment.
Stock price performance

600
500
400
300
200
100
BWLPG
0
Apr 19
Apr 20
Apr 21
Apr 22
Apr 23
Dec 18
Oct 19
Oct 20
Oct 21
Oct 22
Feb 19
Aug 19
Dec 19
Feb 20
Aug 20
Dec 20
Feb 21
Aug 21
Dec 21
Feb 22
Aug 22
Dec 22
Oct 23
Feb 23
Aug 23
Dec 23
Jun 19
Jun 20
Jun 21
Jun 22
Jun 23
NVGS
GASS
Note: All stock prices have been indexed to 100 as of 5 December 2018. Priced as of 4 December 2023.
Source: Yahoo Finance, Drewry Maritime Financial Research
BW LPG vs VLGC asset values

500
400
300
200
100
0
May 14
May 15
May 16
Jan 14
May 17
May 18
Sep 14
Jan 15
May 19
Sep 15
Jan 16
Sep 16
Jan 17
May 20
May 21
Sep 17
Jan 18
May 22
Sep 18
Jan 19
May 23
Sep 19
Jan 20
Sep 20
Jan 21
Sep 21
Jan 22
Sep 22
Jan 23
Sep 23
VLGC Asset values

BW LPG
Note: VLGC asset prices and BW LPG stock price has been indexed to 100 as of 1 January 2014.
Source: Yahoo Finance, DMR, Drewry Maritime Financial Research
56
LNG
Fleet Orderbook TFDE spot Short term rates
115.6 mcbm 59.5 mcbm $156,000pd $94,500pd
Firm Firm Firm Weak
D rewry expects LNG shipping rates to inch up in December with

increasing heating demand, the Panama Canal restrictions and
geopolitical concerns. However, unlike previous winter markets, high
Shipping rates to pick
up but not show the
usual winter market
inventory, reduced floating cargoes and occasional relet availability will characteristics
keep rates in check.
TFDE spot rates revived in November, averaging $156,000pd, up
9% MoM due to improving Asian demand and a heatwave in South
America. Meanwhile, high inventory, moderate temperatures and vessel
reprogramming due to the Panama Canal have led to relets emerging
sporadically, impacting the build-up of winter rates. Consequently,
short-term rates fell 13% MoM, creating a bearish outlook.
Asian spot ($17.0 per MMBtu) maintained its premium over TTF ($14.6
per MMBtu) in November, eased by stable supply, high European storage
and slow demand pick-up. Some LNGCs were diverted to Brazil from
Europe owing to the latter’s high inventory and the former experiencing
heat waves, accentuating LNG demand for power generation. LNG
flows to Europe remain steady despite inventories at 94% full as of end
November. The fall in temperature improved LNG demand, which will
increase further with expected harsh weather conditions prevailing in
December, especially in major importing countries. Differing indicators of
China’s LNG demand – rising LNG trucking prices and tank top situations
at LNG terminals – keep analysts on the edge. Recovering nuclear power
generation and price sensitivity are also denting LNG demand in other
Asian countries despite stable supply. The Panama impact is expected to
be minimal for Asia unless the temperatures drop quickly. According to
Drewry AIS, around two LNGCs are transiting the Panama Canal weekly.
Global supply is expected to improve in December as maintenance
ends at the Qatargas plant, Australia restarts Prelude FLNG, and Egypt
resumes LNG exports. In November, Evalend Shipping ordered an
LNGC duo at HHI worth $265 million per carrier. LNG Geneva was
delivered to CSSC Shipping, while Capital Product Partners signed a
deal with Capital Maritime, acquiring 11 LNGCs worth $3.1 billion.
LNG shipping rates rising with coming of winter demand

400,000
300,000
$/day
200,000
East of Suez
100,000
West of Suez
0
Short-term
Nov 20 May 21 Nov 21 May 22 Nov 22 May 23 Nov 23
57
Dec 2023 Shipping Insight LNG
LNG Market Data
Natural Gas price ($/MMBtu)

YTD 22 Jul 23 Aug 23 Sep 23 Oct 23 Nov 23 YTD 23
UK NBP 32.33 9.52 11.70 10.97 11.00 15.22 13.07
Dutch TTF 40.49 9.35 11.12 11.49 13.88 14.75 12.88
Asian spot LNG 35.87 11.53 11.78 13.75 15.32 17.24 14.45
Henry Hub 6.58 2.63 2.66 2.80 3.18 3.25 2.74
LNG imports (kt)

Country Oct 22 YTD 22 Jun 23 Jul 23 Aug 23 Sep 23 Oct 23 YTD 23
China 4,032 50,705 5,958 5,859 6,298 5,687 5,169 56,691
Japan 5,087 60,747 4,530 5,090 5,673 5,526 5,413 54,325
India 1,492 17,433 1,796 1,750 2,060 1,950 1,730 17,919
South Korea 4,131 38,898 2,943 2,621 3,458 3,407 3,431 36,135
Taiwan 1,913 17,363 1,505 1,891 1,800 1,722 1,652 16,951
Belgium 422 6,409 886 719 424 537 - 6,170
Greece 382 1,550 163 14 207 87 - 1,470
Italy 759 7,709 959 1,062 955 839 - 8,664
Spain 1,623 17,096 1,209 1,274 1,447 1,426 - 13,593
UK 1,423 15,421 393 109 348 229 - 12,480
Total 21,264 233,329 20,342 20,388 22,671 21,412 17,396 224,398
LNG prices ($/MMBtu)

Japan (Landed cost- spot
31.81 18.15 11.62 12.29 11.79 11.50 12.01 14.02
and long term)
South Korea 25.85 19.95 13.32 11.16 11.81 11.85 12.36 15.20
China 25.40 17.15 10.69 10.46 10.77 11.05 11.33 12.32
Taiwan 28.04 19.05 10.11 10.17 10.56 11.36 11.25 12.52
Fleet (kcbm)**
Size No. kcbm No. kcbm No. kcbm No. kcbm
0-50k 71 992 77 1,095 78 1,104 78 1,104
50-100k 9 694 9 674 9 674 9 674
100-150k 205 28,691 203 28,435 204 28,573 205 28,699
150-200k 405 68,465 422 71,457 423 71,631 429 72,660
200-250k 34 7,238 34 7,238 35 7,438 35 7,438
250k+ 16 4,270 18 4,994 18 4,994 18 4,994
Total 740 110,350 763 113,891 767 114,412 774 115,567
Note: Fleet includes LNGC, FSRU, FSU, FLNG and LNGBV **Does not include vessels under conversion
58
LNG Market Data
Supply overview (kcbm)*

0-50k 50-100k 100-150k 150-200k 200-250k 250k+ Total
No. kcbm No. kcbm No. kcbm No. kcbm No. kcbm No. kcbm No. kcbm
LNGBV 24 200 0 0 0 0 0 0 0 0 0 0 24 200
SLNGC 48 769 0 0 0 0 0 0 0 0 0 0 48 769
LNGC 0 0 9 674 181 25,503 395 66,960 34 7,208 14 3,727 633 104,071
FSRU 5 119 0 0 14 1,889 31 5,173 0 0 1 263 51 7,444
FSU 0 0 0 0 8 1,054 1 173 0 0 2 723 11 1,951
FLNG 1 16 0 0 2 253 2 354 1 230 1 280 7 1,133
Global LNG fleet 78 1,104 9 674 205 28,699 429 72,660 35 7,438 18 4,994 774 115,567
Scheduled deliveries (kcbm)*

2023 2024 2025 2026 2027 2028+ Total % of
Size No. kcbm No. kcbm No. kcbm No. kcbm No. kcbm No. kcbm No. kcbm fleet
0-50k 3 41 5 45 1 8 0 0 0 0 0 0 9 93 8.5%
50-100k 1 80 0 0 1 79 0 0 0 0 0 0 2 159 23.5%
100-150k 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%
150-200k 3 519 81 14,100 79 13,782 77 13,396 49 8,554 33 5,743 322 56,094 77.2%
200-250k 1 200 2 400 6 1,200 5 1,000 2 400 0 0 16 3,200 43.0%
250k+ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%
Total 8 840 88 14,545 87 15,069 82 14,396 51 8,954 33 5,743 349 59,546 51.5%
Orderbook by builder country*

South Korea China Russia Others Total
Size No. kcbm No. kcbm No. kcbm No. kcbm No. kcbm
0-50k 1 30 6 57 0 0 2 6 9 93
50-100k 0 0 2 159 0 0 0 0 2 159
100-150k 0 0 0 0 0 0 0 0 0 0
150-200k 247 43,010 72 12,590 2 345 1 150 322 56,094
200-250k 16 3,200 0 0 0 0 0 0 16 3,200
250k+ 0 0 0 0 0 0 0 0 0 0
Total 264 46,240 80 12,806 2 345 3 156 349 59,546
LNG vessels under conversion ( by type)*

0-50k 50-100k 100-150k 150-200k 200-250k 250k+ Total
Size No. kcbm No. kcbm No. kcbm No. kcbm No. kcbm No. kcbm No. kcbm
LNGBV 0 0 0 0 0 0 0 0 0 0 0 0 0 0
FSRU 0 0 0 0 1 125 1 160 0 0 0 0 2 285
FSU 0 0 0 0 0 0 0 0 0 0 0 0 0 0
FLNG 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total 0 0 0 0 1 125 1 160 0 0 0 0 2 285
59
LNG Market Data
Asset market activity (kcbm)

Size No. kcbm No. kcbm No. kcbm No. kcbm No. kcbm
New orders
0-50k 5 40 0 0 0 0 0 0 0 0
50-100k 1 79 0 0 0 0 0 0 0 0
100-150k 0 0 0 0 0 0 0 0 0 0
150-200k 159 27,686 0 0 20 3,492 2 348 60 10,437
200-250k 8 1,600 0 0 0 0 0 0 5 1,000
250k+ 0 0 0 0 0 0 0 0 0 0
Total 173 29,405 0 0 20 3,492 2 348 65 11,437
Deliveries
0-50k 6 85 0 0 1 8 0 0 7 86
50-100k 2 160 1 80 0 0 0 0 2 160
100-150k 0 0 0 0 0 0 1 126 1 126
150-200k 21 3,660 2 348 5 876 2 327 26 4,515
200-250k 2 400 1 200 0 0 0 0 1 200
250k+ 0 0 0 0 0 0 0 0 2 723
Total 31 4,305 4 628 6 884 3 453 39 5,810
Demolitions
0-50k 0 0 0 0 0 0 0 0 0 0
50-100k 0 0 0 0 0 0 0 0 2 180
100-150k 1 127 0 0 0 0 0 0 4 508
150-200k 0 0 0 0 0 0 0 0 0 0
200-250k 0 0 0 0 0 0 0 0 0 0
250k+ 0 0 0 0 0 0 0 0 0 0
Total 1 127 0 0 0 0 0 0 6 688
Second-hand transactions
0-50k 2 32 0 0 0 0 0 0 2 24
50-100k 1 74 0 0 0 0 0 0 0 0
100-150k 14 1,925 0 0 1 137 0 0 5 695
150-200k 19 2,859 0 0 0 0 0 0 7 1,145
200-250k 3 600 0 0 0 0 0 0 0 0
250k+ 0 0 0 0 0 0 0 0 0 0
Total 39 5,490 0 0 1 137 0 0 14 1,864
Note: Deliveries - Gimi and Alexandroupolis are in service after conversion; Second-hand transcation - Capital Product Partners to purchase 11
LNGCs for $3.1 billion from Capital Maritime Corp.
60
LNG Market Data
Age profile (% kcbm)*

0-50k 50-100k 100-150k 150-200k 200-250k 250k+ Total
0-5 Yrs 39.4% 47.5% 0.0% 44.4% 11.2% 20.1% 30.2%
5-10 Yrs 39.5% 0.0% 0.5% 38.9% 0.0% 5.3% 25.2%
10-15 Yrs 9.4% 0.0% 7.7% 13.1% 31.4% 63.9% 15.0%
15-20 Yrs 2.3% 33.2% 50.3% 3.7% 57.4% 10.7% 19.2%
20-25 Yrs 2.3% 0.0% 21.1% 0.0% 0.0% 0.0% 5.3%
25+ Yrs 7.1% 19.3% 20.4% 0.0% 0.0% 0.0% 5.3%
Asset values ($ million)

170 kcbm, TFDE (NB) 205.5 220.0 223.0 223.0 223.0 223.0 220.0
180 kcbm, MEGA (NB) 239.5 261.5 265.0 265.0 265.0 265.0 261.5
170 kcbm, X-DF (NB) 236.0 259.5 262.5 262.5 262.5 262.5 259.0
150 kcbm, DFDE (5yr old) 163.5 200.0 200.0 200.0 200.0 200.0 198.0
LNG carrier rates:

TFDE, 170kcbm ($/day)
Spot rates (East) 359,500 116,500 73,000 103,500 184,000 138,500 149,000 94,500
Spot rate (West) 369,000 122,500 78,000 113,500 189,500 148,500 163,000 94,500
Short-term rates 239,500 133,000 139,000 145,500 148,500 108,500 94,500 110,000
Long-term rates 122,000 97,500 105,000 99,000 91,000 82,000 80,000 103,500
MEGI/XDF, 180kcbm ($/day)
Spot rates (East) 462,500 158,000 91,500 125,500 222,500 177,000 175,500 120,500
Spot rate (West) 478,000 165,500 98,500 140,500 258,000 181,000 195,500 123,500
Short-term rates 357,500 177,500 170,500 183,000 180,000 138,000 125,000 144,500
Long-term rates 185,000 126,000 139,500 129,500 116,000 106,000 100,000 140,500
Transportation costs (160-170 kcbm, $/MMBtu)

Distance (Miles/round trip) Capital cost Operating cost Voyage cost Total cost
2,000 0.08 0.03 0.20 0.31
4,000 0.13 0.05 0.34 0.52
6,000 0.20 0.08 0.54 0.82
8,000 0.25 0.10 0.68 1.03
10,000 0.28 0.11 0.76 1.15
12,000 0.33 0.13 0.90 1.36
20,000 0.54 0.21 1.48 2.23
25,000 0.68 0.26 1.85 2.78
Note: Operating cost does not include survey cost
61
Drewry AIS - LNG
LNGC monthly loadings
600
Global LNG exports rose by 2% MoM on higher exports from the US, Australia and Malaysia
500
South America
400 Europe
LNGC loaded
300 Caribbean
Africa
200
Middle East
100
North America
0
Asia Pacific
Jan 23 Feb 23 Mar 23 Apr 23 May 23 Jun 23 Jul 23 Aug 23 Sep 23 Oct 23 Nov 23
Source: Drewry AIS
LNGC vessel status
600
550
No. of vessels
500
450 In port
At anchor
400 Underway
Source: Drewry AIS
62
LNG shipping equities
T he Drewry LNG Shipping Equity Index declined 8.7% YTD (as of 4

December 2023), underperforming the S&P 500, which surged 15.5%
during the same period. LNG shipping stocks were affected due to the fall
Weak 3Q23 results
and low freight rates
drag LNG shipping
in short-term and long-term LNG shipping charter rates. Subdued demand stocks
from Asia and Europe and stable supply have curbed LNG shipping rates.
Share prices of Flex LNG, Nakilat and Golar LNG declined by 11.9%, 8.8%,
and 5.3%, respectively, YTD. In November, stock prices of Nakilat, Flex
LNG and Golar LNG declined by 8.1%, 5.5% and 4.0%, respectively.
In 2Q23, Nakilat’s total revenues grew 5.8% YoY to $319.7 million (QAR
1,183.9 million), and net income rose 2.4% YoY to $112.1 million (QAR
415.1 million). While the results benefited from higher joint venture income,
increased operating costs and financial expenses dragged the company’s
net income. Flex LNG revenues increased 3.6% YoY to $94.6 million, but
net income contracted 3.2% YoY to $45.1 million. Higher interest expenses
weighed on the company’s net income. Flex LNG slightly increased its
dividend in 3Q23 ($0.875 per share in 3Q23 compared to $0.75 per share
in 2Q23 and $0.75 per share in 3Q22), which is positive. Meanwhile, Golar
LNG’s adjusted EBITDA decreased by 12.3% YoY to $74.6 million due to
lower liquefaction services revenues and higher vessel operating expenses.
Drewry LNG shipping equity index vs. S&P 500
220
190
160
Drewry LNG
Shipping Equity
Index
130
S&P 500 index
Sep-21
Sep-22
Sep-23
Nov-21
Nov-22
Nov-23
Mar-21
Mar-22
Mar-23
May-21
May-22
May-23
Jan-21
Jul-21
Jan-22
Jul-22
Jan-23
Jul-23
Source: Drewry Maritime Financial Research

Note: Drewry LNG shipping equity index includes Golar LNG, Flex LNG and Nakilat, indexed as of 1 January 2019. Priced as of 4 December 2023
LNG shipping companies’ adjusted EBITDA

250
200
150
$mn
100
50
3Q22
0
Golar LNG Nakilat Flex LNG 3Q23
Source: Company data, Drewry Maritime Financial Research
63
Container
27.6 mteu 7.2 mteu 113,715 teu 11,091 teu
$
Firm Weak Weak Weak
C arrier earnings season has just about wrapped up. With most of
the results now in, it is clear that 3Q23 marked another period of
declining fortunes. Broadly, financial results were slightly better than
Carriers made profits
in 3Q23, but margins
continue to shrink
our expectations, but there was significant variance between reporting
companies.
Based on a sample of carriers that have so far reported earnings before
interest and taxes (EBIT) - comprising Cosco /OOCL, Eimskip,
Evergreen, Hapag-Lloyd, HMM, Maersk, ONE, Wan Hai, Yang Ming
and Zim – the average operating margin in 3Q23 was 4.5%, down from
14.4% in 2Q23 and 51% in 3Q22.
Among the carriers that reported their results till date, the ones
with the highest EBIT were Matson (17.7%), Cosco/OOCL (15.8%)
and Evergreen (12%) while the worst-performing carriers were Zim
(-16.7%), Yang Ming (-3.8%), Wan Hai (-0.5%) and Maersk (-0.3%).
Zim’s margin was based on an adjusted EBIT loss of $213 million, not
accounting for a $2.1 billion impairment loss reported for the period.
The accompanying soundbites from carriers were understandably
downbeat with most conceding that they face an uphill task to turn
things around. Maersk has indicated that to reduce costs it is planning to
downsize its workforce in the container unit by 3,500, if 4Q23 results are
not improved.
The weekly World Container Index (WCI) also continues to slide and,
by the end of November, the composite index fell by about 40% YoY to
$1,382.
World Container Index over last one year
2,600
$ per 40 ft container
2,200
1,800
World Container Index

1,400
1,000
64
Dec 2023 Shipping Insight Container
Container Market Data
Fleet development
Deliveries
101 89 80 80 203 129 188 301 217 186 228 217 114
(kteu)
Demolitions
1.3 12.8 14.3 10.0 6.5 21.3 11.6 9.7 0.8 20.5 15.9 14.2 11.1
(kteu)
Fleet
25.6 25.8 25.8 25.9 26.1 26.2 26.4 26.6 26.9 27.0 27.2 27.4 27.6
(mteu)
Orderbook by builder country (% teu)

Ship segment China South Korea Japan Others
Small feeder 77% 17% 5% 1%
Large feeder 59% 37% 3% 1%
Classic Panamax & wide-beam 62% 0% 29% 9%
Small neo-Panamax 60% 35% 6% 0%
Large neo-Panamax 82% 0% 18% 0%
Large post-Panamax 0% 0% 0% 0%
VLCV - maxi neo-Panamax 43% 47% 11% 0%
VLCV - neo post-Panamax 37% 63% 0% 0%
ULCV 68% 18% 14% 0%
Total 54% 35% 10% 0%
Age profile, Nov 2023

Ship segment <5 Yrs 5-10 Yrs 10-15 Yrs 15-20 Yrs 20-25 Yrs 25+ Yrs Total
Small feeder 599 299 419 770 325 366 2,778
Large feeder 500 268 197 633 344 163 2,105
Classic Panamax & wide-beam 238 293 1,354 1,447 460 148 3,940
Small neo-Panamax 186 1,369 2,100 2,432 930 128 7,146
Large neo-Panamax 544 870 451 138 0 0 2,004
Large post-Panamax 0 0 22 100 0 0 122
VLCV - maxi neo-Panamax 1,697 753 875 0 0 0 3,325
VLCV - neo post-Panamax 214 1,013 953 143 0 0 2,322
ULCV 2,048 1,719 73 0 0 0 3,840
Total 6,028 6,583 6,444 5,662 2,059 805 27,581
65
Idle fleet (kteu)

Idle capacity 997 1,070 1,000 1,067 1,368 1,235 930 892 747 951 851 1,084 1,152
Idle capacity
3.9% 4.2% 3.9% 4.1% 5.2% 4.7% 3.5% 3.4% 2.8% 3.5% 3.1% 4.0% 4.2%
as % of fleet
Source: Drewry AIS

<500 500-1,000 1,000-1,500 1,500-2,000 2,000+
2021 28 29 24 27 0
2022 22 29 28 26 21
2023 43 25 27 27 30
Fleet (kteu)
Ship segment No. Teu No. Teu No. Teu No. Teu
Small feeder 2,501 2,662 2,590 2,760 2,597 2,771 2,604 2,778
Large feeder 785 1,989 823 2,090 821 2,086 828 2,105
Classic Panamax & wide-beam 913 3,840 934 3,919 935 3,923 940 3,940
Small neo-Panamax 916 6,976 928 7,059 931 7,079 941 7,146
Large neo-Panamax 181 1,992 182 2,004 182 2,004 182 2,004
Large post-Panamax 11 122 11 122 11 122 11 122
VLCV - maxi neo-Panamax 198 2,792 227 3,219 231 3,277 234 3,325
VLCV - neo post-Panamax 150 2,184 158 2,307 158 2,307 159 2,322
ULCV 153 3,194 174 3,701 180 3,840 180 3,840
Total 5,808 25,751 6,027 27,181 6,046 27,409 6,079 27,581
Idle fleet 243 1,070 204 851 257 1,084 259 1,152
Delivery schedule (kteu)

2023 2024 2025 2026 2027+ Total % of
Ship segment No. Teu No. Teu No. Teu No. Teu No. Teu No. Teu fleet
Small feeder 31 42 133 181 34 45 18 23 0 0 216 291 10.5%
Large feeder 4 10 62 160 10 25 3 7 0 0 79 201 9.6%
Classic Panamax & wide-beam 0 0 42 145 16 55 2 7 2 7 62 214 5.4%
Small neo-Panamax 6 36 102 701 41 322 17 139 8 73 174 1,272 17.8%
Large neo-Panamax 0 0 8 85 13 149 10 110 6 62 37 406 20.3%
Large post-Panamax 0 0 0 0 0 0 0 0 0 0 0 0 0.0%
VLCV - maxi neo-Panamax 7 102 78 1,147 70 1,049 39 584 12 192 206 3,074 92.5%
VLCV - neo post-Panamax 1 17 22 344 11 172 0 0 0 0 34 532 22.9%
ULCV 1 24 18 429 7 164 8 192 16 384 50 1,193 31.1%
Total 50 231 465 3,192 202 1,981 97 1,062 44 718 858 7,184 26.0%
66
New orders (kteu)

Ship segment No. Teu No. Teu No. Teu No. Teu No. Teu
Small feeder 70 96 2 4 2 3 0 0 43 51
Large feeder 34 93 2 5 0 0 0 0 4 11
Classic Panamax & wide-beam 11 40 0 0 0 0 0 0 0 0
Small neo-Panamax 79 603 8 74 0 0 0 0 31 265
Large neo-Panamax 2 24 0 0 0 0 0 0 10 103
VLCV - maxi neo-Panamax 67 1,014 0 0 0 0 0 0 57 845
VLCV - neo post-Panamax 0 0 0 0 0 0 0 0 0 0
ULCV 21 500 0 0 0 0 0 0 10 240
Total 284 2,369 12 83 2 3 0 0 155 1,514
Deliveries (kteu)
Small feeder 68 109 16 24 13 15 5 6 116 163
Large feeder 27 64 3 8 7 18 6 17 55 144
VLCV - maxi neo-Panamax 0 0 4 60 4 58 1 16 28 418
ULCV 6 144 3 72 3 72 0 0 26 627
Total 126 537 36 228 35 217 23 114 297 1,814
Demolitions (kteu)
Small feeder 4 3 8 9 5 7 5 7 53 68
Large feeder 0 0 1 2 3 7 2 4 12 28
ULCV 0 0 0 0 0 0 0 0 0 0
Total 4 3 10 16 8 14 7 11 74 136
67
Second-hand transactions (kteu)

Small feeder 54 74 6 7 8 10 3 3 63 84
Large feeder 24 63 1 2 3 8 3 8 25 65
ULCV 0 0 0 0 0 0 0 0 0 0
Total 113 330 7 9 15 37 7 15 123 362

Size Type Nov 22 YTD 22 Sep 23 Oct 23 Nov 23 YTD 23
700 teu Gearless 9,500 19,600 8,200 8,000 7,700 9,200
1,110 teu Geared 12,500 30,100 10,500 10,300 9,500 12,000
1,700 teu Geared 13,500 44,700 12,000 11,000 10,000 13,600
2,500 teu Geared 19,000 57,300 14,800 14,000 12,000 16,200
3,500 teu Gearless 23,000 81,300 18,000 17,500 15,700 20,100
4,250 teu Gearless 24,500 85,900 21,000 19,000 17,000 22,200
4,500-5,500 teu
Gearless 37,000 99,100 28,000 25,000 23,000 30,000
wide-beam
8,500 teu Gearless 73,000 131,800 45,000 38,000 34,000 44,900

Size Type CY 22 Sep 23 Oct 23 Nov 23 YTD 23
1,500 teu Geared 28.5 30.0 30.0 30.0 29.5
2,000 teu Gearless 30.5 31.5 31.5 31.5 31.0
2,500 teu Gearless 40.5 41.0 41.0 41.0 40.5
3,500 teu Gearless 51.0 52.0 52.0 52.0 52.0
5,500 teu Gearless 74.0 75.0 75.0 75.0 75.0
6,500 teu Gearless 84.5 91.0 91.0 91.0 88.5
8,000 teu Gearless 91.5 95.0 95.0 95.0 94.0
10,000 teu Gearless 130.5 132.0 133.0 133.0 130.0
12,000 teu Gearless 142.0 147.0 147.5 147.5 144.0
14,000 teu Gearless 157.5 156.0 157.0 157.0 153.5
Drewry newbuilding price index
132.0 134.0 134.7 134.7 132.1
(Jan 15= 100)
68

Size Type CY 22 Sep 23 Oct 23 Nov 23 YTD 23
5-year old
650 teu Geared 10.5 7.0 6.0 6.0 7.0
1,000 teu Geared 24.5 17.0 16.0 16.0 16.0
1,700 teu Geared 37.5 23.0 22.0 21.0 23.0
2,700 teu Gearless 48.5 25.5 25.0 25.0 26.0
3,500 teu Gearless 57.5 33.0 32.0 31.0 33.5
4,000 teu Gearless 63.0 34.0 34.0 34.0 35.0
7,200 teu Gearless 97.5 63.0 62.0 62.0 64.0
10-year old
650 teu Geared 9.5 5.5 5.0 5.0 5.5
1,000 teu Geared 21.5 10.5 10.0 10.0 10.5
1,700 teu Geared 30.0 16.5 16.0 15.0 16.0
2,700 teu Gearless 45.0 19.5 19.0 18.0 20.0
3,500 teu Gearless 53.0 22.0 21.0 20.0 22.5
4,000 teu Gearless 56.5 26.0 25.0 24.0 26.5
7,200 teu Gearless 92.5 42.0 40.0 40.0 43.5
Drewry second-hand value index (Jan 15=100) 400.9 192.3 185.1 176.2 191.5
Global container handling at ports (mteu)

May Jun Jul Aug Sep Oct
2022 61 61 61 59 54 42
2023 61 60 60 59 56 44
YoY* 0.1% -0.7% -0.5% 0.7% 3.7% 3.1%
Throughput at major container ports (mteu)

Port Oct 23 Jul 23 Aug 23 Sep 23 Oct 23
Shanghai 4.2 4.2 4.2 4.1 4.0
Singapore 3.1 3.4 3.3 3.2 3.2
Shenzhen 2.2 2.8 2.8 2.6 2.3
Ningbo 2.6 3.2 3.2 3.2 2.9
Antwerp-Bruges 1.1 1.1 1.0 1.0 1.1
LA/LB, USA 1.3 1.3 1.5 1.6 1.5
JNPT 0.5 0.5 0.6 0.5 0.5
69
Throughput on major east-west routes (kteu)

Sep 22 YTD 22 Jun 23 Jul 23 Aug 23 Sep 23 YTD 23
Route E/b W/b E/b W/b E/b W/b E/b W/b E/b W/b E/b W/b E/b W/b
Asia-North Europe 385 711 3,432 7,802 358 918 377 922 344 873 344 868 3,222 7,674
Transatlantic 157 303 1,427 2,577 145 258 132 301 148 246 146 256 1,378 2,273
Transpacific 1,653 451 17,974 4,578 1,829 474 1,925 511 2,156 500 2,052 491 16,103 4,571
Throughput on major north-south routes (kteu)

Sep 22 YTD 22 Jun 23 Jul 23 Aug 23 Sep 23 YTD 23
Route N/b S/b N/b S/b N/b S/b N/b S/b N/b S/b N/b S/b N/b S/b
Asia-ECSA 80 172 696 1,213 75 157 88 160 91 188 82 185 698 1,383
Europe-ECSA 47 53 384 452 39 39 40 46 43 46 43 41 360 398
Asia-West Africa 33 121 394 1,084 55 162 45 160 41 154 37 152 446 1,327
70
Multipurpose
Fleet Orderbook TC rate (7.5-10 kdwt) Scrap price
30.4 mdwt 2.5 mdwt $6,149 $/pd 505.0 $/ldt
Firm $
Firm Weak Weak
D rewry expects MPV charter rates to continue improving amid a

supply crunch because of drought-like conditions in Panama and
less competition from dry bulk vessels. Following the MoM increase of
Moderate recovery
in charter rates amid
tight vessel supply
0.7% in November, Drewry’s Freight Rate Index is expected to improve
by another 0.4% in December.
The water level in the Panama Canal has dropped due to the drought
caused by the El Nino. As a result, the number of booking slots has
reduced which is likely to decline further in 1Q24. For now, the Panama
Canal Authorities are allowing vessels of major customers to transit
through the canal which includes only a handful of MPV owners/
operators. Most of the other vessels have to opt for alternative routes
which are through the Suez Canal, Cape of Good Hope or Cape Horn.
Getting slots in the Panama Canal is extremely challenging; for example,
United Heavy Lift, a major operator of MPVs, expects its vessels to
transit the canal only after 1Q24. Any rerouting of vessels will lengthen
the voyage days and squeeze vessel supply.
Meanwhile, MPVs will face lower competition from dry bulk vessels
because of improving charter rates for the latter. As strong demand for
coal in Asia and Europe and robust demand for soybean and corn in
China have been driving the demand for dry vessels, they are unlikely
to compete much with MPVs for break bulk cargo. Moreover, transit
restrictions in the Panama Canal will also affect the dry bulk vessels as
like MPVs, dry bulk vessels will also have to opt for alternative routes.
Nonetheless, container vessels will continue to give stiff competition to
MPVs due to excess capacity. As most container vessels are part of liner
shipping and follow fixed schedules, it should be easier for them to get
priority over MPVs for transiting through Panama Canal and therefore
recovery in MPV charter rates will be limited.
Multipurpose Freight Rate Index*
11,800
10,600
$/day
9,400
8,200
7,000
Dec 21 Feb 22 Apr 22 Jun 22 Aug 22 Oct 22 Dec 22 Feb 23 Apr 23 Jun 23 Aug 23 Oct 23 Dec 23
*Based on timecharter rates received from brokers, weighted** across three*** segments
**weighting basis relative fleet size in dwt ***Vessel sizes used: 5-7.5 kdwt, 10-15 kdwt, 15-20 kdwt
71
Dec 2023 Shipping Insight Multipurpose
MPV Market Data
Global rig count

1,950
1,900
1,850
1,800
1,750
Source: GWEC, Drewry Maritime Research
Major exporters of wood chips, pellets and fuel (’000 tonnes)

2018 2019 2020 2021 2022
Vietnam 13,431 15,202 15,510 18,066 21,156
United States 8,431 8,569 8,625 9,617 11,992
Australia 7,543 11,628 8,430 9,519 10,889
Chile 5,985 5,358 4,723 3,771 2,824
South Africa 2,396 1,913 1,474 2,251 2,585
Canada 2,721 2,595 2,824 3,274 3,544
Major importers of wood chips, pellets and fuel (’000 tonnes)

2018 2019 2020 2021 2022
Japan 19,739 18,375 14,583 15,195 16,967
China 18,102 17,674 15,638 15,424 16,561
United Kingdom 6,968 7,719 8,040 7,811 7,349
South Korea 4,584 4,110 4,072 4,357 5,262
Italy 2,636 2,562 2,246 2,449 1,897
Denmark 1,945 2,395 2,495 3,037 2,614
72
MPV Market Data
Fleet by size (kdwt)

Size (dwt) No. dwt No. dwt No. dwt No. dwt
2-5k 1,030 3,926 1,033 3,936 1,033 3,937 1,033 3,937
5-10k 1,283 9,030 1,286 9,049 1,284 9,031 1,291 9,088
10-15k 455 5,601 461 5,671 463 5,696 463 5,696
15-20k 174 3,077 176 3,111 176 3,111 176 3,111
20-35k 267 7,231 263 7,146 263 7,146 264 7,167
35k+ 31 1,418 31 1,417 31 1,417 31 1,417
Total 3,240 30,284 3,250 30,331 3,250 30,339 3,258 30,417
Fleet by type (kdwt)*

Premium project
MPV MPV (no geared) Heavylift Project carrier Total
carrier
Size (dwt) No. dwt No. dwt No. dwt No. dwt No. dwt No. dwt
2-5k 151 593 818 3,088 9 32 50 203 5 21 1,033 3,937
5-10k 376 2,705 671 4,434 20 174 145 1,123 79 651 1,291 9,088
10-15k 69 847 83 1,010 2 25 164 1,983 145 1,831 463 5,696
15-20k 16 277 33 575 2 36 68 1,196 57 1,027 176 3,111
20-35k 54 1,437 27 719 0 0 108 2,843 75 2,168 264 7,167
35k+ 4 212 0 0 0 0 16 701 11 504 31 1,417
Total 670 6,071 1,632 9,827 33 268 551 8,048 372 6,203 3,258 30,417
Major shipowners Shipowner by country

Owner company Owner country No. kdwt Country No. kdwt % of total
COSCO Shipping China 54 1,538 China 383 6,401 21.0%

Chinese-Polish Shipping China 31 1,091 Germany 557 5,574 18.3%
Wagenborg Shipping Netherlands 98 998 Netherlands 388 3,539 11.6%
Briese Schiffahrts Germany 98 967 Russia 283 2,280 7.5%
Spliethoff Netherlands 50 872 Turkey 298 2,060 6.8%
AAL Germany 23 651 Indonesia 133 871 2.9%
Quanzhou Ansheng China 45 375 Norway 155 848 2.8%
Others 2,859 23,924 Others 1,061 8,844 29.1%
Total 3,258 30,417 Total 3,258 30,417 100.0%
Source: Drewry Maritime Research, Clarksons Research Source: Drewry Maritime Research, Clarksons Research
73
MPV Market Data
Age profile*
Age group 2-5 kdwt 5-10 kdwt 10-15 kdwt 15-20 kdwt 20-35 kdwt 35+ kdwt Total
< 5yrs 2.4% 7.7% 9.3% 4.8% 0.3% 34.7% 6.5%
5-10yrs 1.6% 2.9% 8.9% 10.5% 16.5% 39.8% 9.6%
10-15yrs 8.9% 23.2% 35.3% 46.4% 56.2% 25.5% 33.9%
15-20yrs 18.3% 24.9% 33.8% 17.6% 7.2% 0.0% 19.6%
20-25yrs 15.9% 15.1% 4.0% 10.3% 14.0% 0.0% 11.7%
25+yrs 52.9% 26.3% 8.6% 10.3% 5.7% 0.0% 18.7%

2023 2024 2025 2026 Total
Size (dwt) No. dwt No. dwt No. dwt No. dwt No. dwt % of fleet
2-5k 2 8 18 71 13 50 4 15 37 143 3.6%
5-10k 4 31 30 197 15 112 3 22 52 362 4.0%
10-15k 4 49 16 207 10 130 2 25 32 410 7.2%
15-20k 0 0 0 0 0 0 0 0 0 0 0.0%
20-35k 0 0 3 96 3 96 6 201 12 393 5.5%
35k+ 1 62 5 310 13 714 3 138 22 1,224 86.4%
Total 11 149 72 880 54 1,102 18 401 155 2,533 8.3%

2-5k 5-10k 10-15k 15-20k 20-35k 35k+ Total
No. dwt No. dwt No. dwt No. dwt No. dwt No. dwt No. dwt
China 6 23 19 129 28 357 0 0 12 393 22 1,224 87 2,126
Russia 1 4 13 100 0 0 0 0 0 0 0 0 14 104
Netherlands 20 77 10 51 0 0 0 0 0 0 0 0 30 128
Others 10 39 10 82 4 53 0 0 0 0 0 0 24 174
Total 37 143 52 362 32 410 0 0 12 393 22 1,224 155 2,533
74
MPV Market Data

2020 2021 2022 2023*
Multipurpose (no geared and geared)
2-5k 33.5 (26,42) 32.3 (21,45) 37.8 (38,38) 37.42 (28,52)
5-10k 31.5 (19, 40) 32.5 (22,39) 32.3 (27,44) 27.08 (26,28)
10-15k 32.5 (24,42) 13.6 (13,14) n/a n/a
15-20k 31.8 (32,32) n/a 25.9 (26, 26) n/a
20-35k 21.3 (17,34) n/a n/a 24.14(24,24)
35k+ n/a n/a n/a n/a
Overall 28.7 (17,42) 31.0 (13,45) 32.1 (26,44) 31.92 (24,52)
Project carrier and Heavylift
2-5k n/a n/a n/a 35.25 (35,35)
5-10k 23.7 (20,28) n/a n/a 28.21 (25,32)
10-15k n/a n/a n/a n/a
15-20k n/a n/a n/a n/a
20-35k 17.4 (17,18) n/a n/a n/a
35k+ n/a n/a n/a n/a
Overall 19.2 (17,28) n/a n/a 31.73 (25,35)
Figures in parentheses show the minimum and maximum demolition ages
New orders (kdwt)

Multipurpose (no geared & geared)
2-5k 15 59 1 4 2 8 0 0 23 88
5-10k 10 51 1 5 0 0 0 0 21 155
10-15k 0 0 0 0 0 0 0 0 2 28
15-20k 0 0 0 0 0 0 0 0 0 0
20-35k 0 0 0 0 0 0 0 0 0 0
35k+ 0 0 0 0 0 0 0 0 0 0
Total 25 110 2 9 2 8 0 0 46 271
Project carrier & Heavylift
2-5k 0 0 0 0 0 0 0 0 0 0
5-10k 0 0 0 0 0 0 0 0 0 0
10-15k 8 111 0 0 0 0 0 0 6 75
15-20k 0 0 0 0 0 0 0 0 0 0
20-35k 2 64 0 0 0 0 0 0 0 0
35k+ 12 1,488 0 0 0 0 2 124 8 436
Total 22 1,663 0 0 0 0 2 124 14 511
75
MPV Market Data
Deliveries (kdwt)
2-5k 0 0 1 4 1 4 0 0 11 43
5-10k 14 101 1 8 0 0 1 8 6 43
10-15k 1 15 1 12 0 0 0 0 1 12
15-20k 0 0 0 0 0 0 0 0 0 0
20-35k 4 104 0 0 0 0 0 0 0 0
35k+ 0 0 0 0 0 0 0 0 0 0
Total 19 219 3 24 1 4 1 8 18 99
2-5k 0 0 0 0 0 0 0 0 0 0
5-10k 1 9 0 0 0 0 0 0 0 0
10-15k 6 77 0 0 1 13 0 0 6 76
15-20k 0 0 0 0 0 0 0 0 0 0
20-35k 0 0 0 0 0 0 0 0 0 0
35k+ 7 431 0 0 0 0 0 0 0 0
Total 14 518 0 0 1 13 0 0 6 76
Demolitions (kdwt)
2-5k 1 5 1 4 0 0 0 0 6 25
5-10k 3 21 1 9 0 0 0 0 3 25
10-15k 0 0 0 0 0 0 0 0 0 0
15-20k 1 16 0 0 0 0 0 0 0 0
20-35k 0 0 0 0 0 0 0 0 3 67
35k+ 0 0 0 0 0 0 0 0 0 0
Total 5 42 2 13 0 0 0 0 12 117
2-5k 0 0 0 0 0 0 0 0 1 5
5-10k 0 0 0 0 0 0 0 0 2 17
10-15k 0 0 0 0 0 0 0 0 0 0
15-20k 0 0 0 0 0 0 0 0 0 0
20-35k 0 0 0 0 0 0 0 0 0 0
35k+ 0 0 0 0 0 0 0 0 0 0
Total 0 0 0 0 0 0 0 0 3 22
76
MPV Market Data

2-5k 0 0 0 0 1 4 0 0 1 4
5-10k 4 30 1 8 0 0 0 0 6 43
10-15k 0 0 0 0 0 0 0 0 1 10
15-20k 0 0 0 0 0 0 0 0 0 0
20-35k 3 102 0 0 0 0 0 0 0 0
35k+ 0 0 0 0 0 0 0 0 0 0
Total 7 132 1 8 1 4 0 0 8 57
2-5k 0 0 0 0 0 0 0 0 0 0
5-10k 1 10 0 0 0 0 0 0 0 0
10-15k 2 24 0 0 0 0 0 0 1 13
15-20k 0 0 0 0 0 0 0 0 0 0
20-35k 3 92 0 0 0 0 0 0 0 0
35k+ 0 0 0 0 0 0 0 0 0 0
Total 6 125 0 0 0 0 0 0 1 13

Size (dwt) Teu SWL (tonnes) Type 2019 2020 2021 2022 2023
Multipurpose
4.5k 200 70 6.5 6.2 7.7 9.1 13.0
(geared)
8k 350 160 Project carrier 10.1 9.6 12.2 14.8 19.6
12.5k 700 225 Project carrier 15.1 14.3 18.8 23.2 29.0
900 120 Project carrier 19.1 18.3 22.5 26.6 36.0
17.5k Premium Project
900 800 25.2 23.9 31.4 38.8 52.0
carrier
22.5k 1,100 120 Project carrier 20.6 19.8 23.7 27.7 38.0
1,350 150 Project carrier 21.2 20.4 24.4 28.5 37.0
30k Premium Project
1,750 650 27.7 26.3 34.5 42.6 57.0
carrier
77
MPV Market Data

Size (dwt) Teu Type Age 2019 2020 2021 2022 2023
250 MPV/HL 10 yrs 8.2 8.5 9.0 12.5 13.6

4k
250 MPV 25 yrs 1.4 1.4 1.7 2.0 2.8
500 MPV/HL 10 yrs 6.0 7.0 7.4 12.5 20.1

7.5k
500 MPV 25 yrs 2.7 2.6 3.3 3.9 3.9
600 MPV/HL 10 yrs 8.9 8.6 11.1 13.2 17.4

12k
600 MPV 25 yrs 3.0 2.9 3.8 4.5 6.2
600 MPV/HL 10 yrs 12.0 9.6 17.0 18.6 25.5

17.5k
600 MPV 25 yrs 4.0 3.9 5.0 5.9 7.6
22.5k 850 MPV/HL 25 yrs 5.2 5.0 4.4 9.1 14.2
Demolition prices ($ million)

Scrap price ($/ldt) 600.7 530.0 565.0 550.0 520.0 505.0 544.5
Scrap value ($ million)
Size (dwt) Ldt
2-5k 1,500 0.9 0.8 0.8 0.8 0.8 0.8 0.8
5-10k 3,600 2.2 1.9 2.0 2.0 1.9 1.8 2.0
10-15k 6,200 3.7 3.3 3.5 3.4 3.2 3.1 3.4
15-20k 7,300 4.4 3.9 4.1 4.0 3.8 3.7 4.0
20-35k 9,000 5.4 4.8 5.1 5.0 4.7 4.5 4.9
35k+ 12,500 7.5 6.6 7.1 6.9 6.5 6.3 6.8
Average 1-year TC rates ($/day)

dwt Nov 22 YTD 2022 Jul 23 Aug 23 Sep 23 Oct 23 Nov 23 YTD 2023
5-7.5k 6,843 7,400 5,610 5,500 5,510 5,523 5,560 5,900
7.5-10k 7,139 7,750 6,196 6,089 6,100 6,113 6,149 6,450
10-15k 13,007 14,050 11,890 11,750 11,790 11,848 11,940 12,100
15-20k 13,729 14,750 11,920 11,900 11,935 11,981 12,060 12,300
20k+ 13,780 14,800 12,610 12,600 12,610 12,638 12,697 12,900
78
Drewry Maritime Financial Research stock coverage list
Container Shipping Tanker Shipping (Crude + Product)
• AP Moeller-Maersk • Euronav
• Hyundai Merchant Marine • DHT
• Evergreen Marine • Nordic American Tankers
• Wan Hai Lines • Teekay Tankers
• Yang Ming Marine • Tsakos Energy Navigation
• Hapag-Lloyd • Ardmore Shipping
• Frontline
Dry Bulk Shipping

Ports/Terminals
• Scorpio Bulkers
• Navios Maritime Holdings • DP World
• Diana Shipping • China Merchants
• Pacific Basin • HPH Trust
• DS Norden • ICTSI
• Star Bulk Carriers • Cosco Pacific
• Golden Ocean • Global Ports Invest
• Hamburger Hafen
• Santos Brasil
Gas Shipping (LNG + LPG)
• Dalian Port
• Golar LNG • Tianjin Port Dev
• GasLog • Westports
• Teekay LNG Partners
• Nakilat
• BW LPG
• Navigator Holdings
• Stealth Gas
79
Terminology
Terminology
NB Newbuilding
SH Second-hand
End-20XX Figures are for Dec 20XX only
CY 20XX Calendar Year 20XX. The data is for the given calendar year from January to December.
Year to date data for the given year. It is subject to data availibilty for the latest year. For example if
YTD 20XX the latest data is available until November of the latest year, YTD 20XX will have data for January-
November 20XX.
MoM Change in the data in the latest month from the immediately preceding month
YoY Change in the data in the latest month from the same month of the previous year
It reflects the change in the follwing data depending upon the case:
*Change from the end of the previous year to the latest month of the current year for which the data
is available. For example change from End 2017 to December 2018. This applies only to fleet and
orderbook tables.
YTD
*Change in year to date data for the current year from the year to date data for the previous year. For
example YTD 2017 to YTD 2018
*Change in year to date date for current year from data for the previous calendar year. For example,
change from CY 2017 to YTD 2018.
TCE Time charter equivalent
TC rate Time charter rates
FFA Forward Freight Agreement
WS World Scale rate
SWL Safe working load or crane capacity
Note: Classification of dry bulk fleet has been changed. Refer to Terminology section for the new definition.
Dry Bulk
Vessel definition
Segment dwt Other criterion
Handysize
Small Handy 10,000 - 24,999
Mid-size Handy 25,000 - 34,999
Large Handy 35,000 - 39,999
Cement Carrier Cement capable
Supramax
Handymax 40,000 - 49,999
Traditional Supramax 50,000 - 59,999
Ultramax 60,000 - 69,999 LOA < 208m, gear
Panamax
60,000 - 69,999 LOA < 208, no gear
Traditional Panamax 60,000 - 69,999 LOA >= 208m
70,000 - 78,999
Post Panamax 79,000 - 99,999 Beam >= 33m
Kamsarmax 79,000 - 99,999 Beam < 33m
Capesize/VLOC
Mini Capesize 100,000 - 129,999
Standard Capesize 130,000 - 199,999
Large Capesize 200,000+ Ore & coal capable
VLOC 200,000+ Ore capable only
Vessel size: Newbuilding prices

Handysize 35,000 dwt
Supramax 58,000 dwt
Panamax 74,000 dwt
Post Panamax 95,000 dwt
Capesize 180,000 dwt
VLOC 220,000 dwt
80
Terminology
Dry Bulk
Region definition for grain imports

Western Sahara, Guinea-Bissau, Mayotte, Comoros, Chad, Eritrea, Equatorial
Guinea, Madagascar, Central African Republic, Swaziland, Sierra Leone, Zambia,
Lesotho, Niger, Togo, Botswana, Somalia, Zimbabwe, Djibouti, Libya, Guinea, Liberia,
Africa Benin, Ethiopia, Angola, Namibia, Congo, Malawi, Gabon, Burkina Faso, Burundi,
Mozambique, Gambia, Mauritania, Cape Verde, Ghana, Rwanda, Mali, Cote d Ivoire,
Cameroon, Sudan, South Africa, Mauritius, Uganda, Senegal, Tunisia, Kenya, Nigeria,
Morocco, Egypt, Algeria
Vietnam, Malaysia, South Korea, Bangladesh, Thailand, Indonesia, Japan, Taiwan, India,
the Philippines, Myanmar, Sri Lanka, Pakistan, Brunei Darussalam, Nepal, Singapore,
Asia Armenia, Azerbaijan, Kazakhstan, Afghanistan, Cambodia, Hong Kong, Georgia,
North Korea, Bhutan, Uzbekistan, Mongolia, Tajikistan, Kyrgyzstan, China, Maldives,
Turkmenistan
United Kingdom, the Netherlands, Spain, Poland, Turkey, Austria, Italy, Switzerland,
France, Greece, Denmark, Belgium, Germany, Romania, Czech Republic, Croatia,
Europe Hungary, Portugal, Albania, Montenegro, Sweden, Luxembourg, Bulgaria, Finland,
Serbia, Estonia, Iceland, Slovakia, Malta, Lithuania, Norway, Ireland, Latvia, Belarus,
Slovenia, Ukraine, Yugoslavia
Saudi Arabia, Yemen, Jordan, United Arab Emirates, Oman, Kuwait, Iraq, Israel, Qatar,
Middle East
Lebanon, Bahrain, Iran, Cyprus, Syria, Turkey Republic of N. Cyprus
Brazil, Chile, Peru, Colombia, Ecuador, Venezuela, Uruguay, Paraguay, Guyana,
South America
Suriname, Argentina, Bolivia, French Guiana
Route definition: Voyage

Route Vessel size
Capesize/ VLOC
Brazil-ARA 180,000 dwt
Brazil-China 180,000 dwt
Western Australia-China 180,000 dwt
S.Africa-China 180,000 dwt
Colombia-ARA 170,000 dwt
Australia-China 170,000 dwt
Panamax/ Post Panamax
Indonesia-WC India 75,000 dwt
S.Africa-WC India 75,000 dwt
Australia-China 75,000 dwt
USG-ARA 70,000 dwt
USG-Japan 70,000 dwt
Brazil-China 70,000 dwt
Supramax
S.Africa-WC India 55,000 dwt
Australia-Indonesia 55,000 dwt
EU-Egypt 55,000 dwt
USG-Egypt 55,000 dwt
Handysize
Argentina-Morocco 30,000 dwt
EU-Morocco 30,000 dwt
81
Terminology
Dry Bulk
Route definition: Trip

Route Vessel size
Capesize/ VLOC
Cont-Transatlantic rv 180,000 dwt
Cont-Far East 180,000 dwt
Far East Transpacific rv 180,000 dwt
China-Brazil rv 180,000 dwt
Panamax/ Post Panamax
Cont-Transatlantic rv 82,000 dwt
Far East Pacific rv 82,000 dwt
Far East-Cont 82,000 dwt
Supramax
USG-Far East 58,000 dwt
Far East-Australia rv 58,000 dwt
USG-Cont 58,000 dwt
Cont-US 58,000 dwt
Handysize
Cont-ECSA 38,000 dwt
Cont-US 38,000 dwt
ECSA-Cont 38,000 dwt
USG-Cont 38,000 dwt
SE Asia-Australia-Far East 38,000 dwt
Asset Prices
Newbuilding price Assessed price for vessels built at Japanese yards
Second-hand values Assessed values for vessels built at Japanese yards
Demolition values Values based on price at South Asian yards
Crude Tanker
All tankers without IMO certificate of fitness to carry non-oil substances listed under the
IBC Code and without any coating in their tanks are crude tankers. The fleet excludes
Crude Tanker Fleet
tankers with size below 10,000 dwt. These tankers can carry only crude and dirty
petroleum products (DPP) such as fuel oil.
The crude trading fleet includes crude tankers trading in crude and DPP and Non-IMO
Crude Trading Fleet coated tankers trading in crude and DPP. The fleet includes tankers with size below
10,000 dwt.
Vessel definition
Handy 10-60,000 dwt
Panamax 60-80,000 dwt
Aframax 80-120,000 dwt
Suezmax 120-200,000 dwt
VLCC 200,000+ dwt
82
Terminology
Crude Tanker
Route definition
Route Parcel size (tonnes)
VLCC
AG - Japan (TD3) 260,000
AG - China (TD3C) 260,000
AG - Singapore 260,000
AG - North West Europe 280,000
AG - US Gulf (TD1) 280,000
West Africa - China (TD15) 260,000
Suezmax
West Africa - NW Europe (TD20) 130,000
West Africa - Caribs/USES (TD5) 130,000
BK/Med (TD6) 135,000
Aframax
Baltic - UK Cont. (TD17) 100,000
Med-Med (TD19) 80,000
NW Europe - NW Europe (TD7) 80,000
Caribs - USES (TD9) 70,000
AG - East (TD8) 80,000
SEA to EC Australia (TD14) 80,000
Asset Prices
Newbuilding price Assessed price for vessels built at South Korean yards
Second-hand values Assessed values for vessels built at South Korean yards
Demolition values Values based on price at South Asian yards
Product Tanker
The product capable fleet includes IMO coated tankers trading in CPP and non-
Product Capable Fleet
IMO coated tankers. The fleet excludes tankers with size below 10,000 dwt.
As oil products are corrosive, they require coated tanks for transportation, but an
IMO certificate of fitness is not essential to carry oil products. All coated tankers
without IMO Certificate of Fitness to carry non-oil substances listed under the IBC
Non-IMO coated tankers
Code are non-IMO coated tankers. The fleet excludes tankers with size below
10,000 dwt. These tankers can carry oil products and crude, but cannot carry
chemicals since they are without IMO-certificate of fitness.
The product trading fleet includes non-IMO coated tankers and IMO coated
Product Trading Fleet tankers trading CPP. IT excludes all non-IMO coated tankers trading crude and
DPP. The fleet excludes tankers with size below 10,000 dwt.
Vessel size definition

General Purpose 10-27,000 dwt
Handysize 27-45,000 dwt
MR 45-60,000 dwt
LR1 60-80,000 dwt
LR2 80,000+ dwt
83
Terminology
Product Tanker
Route definition
MR
MR1 - Baltic-UK Continent (TC9) 30,000
MR2 - TC10 (South Korea to North
37,000
Pacific)
MR2 - TC14 (US Gulf - NWE) 38,000
MR2 - TC7 (Singapore - Australia) 35,000
MR2 - TC12 (WC India - Japan) 35,000
LR
LR2 - AG-Japan (TC1) 75,000
LR 1 - AG-Japan (TC5) 55,000
LPG
Vessel definition
Small and medium coasters 1-12,000cbm
MGC 12-50,000 cbm
LGC 50-70,000 cbm
VLGC 70,000 cbm +
Trip rates
AG-Japan LPG 40-45,000t
NWE-EE/NA LPG 3-4,000t
NWE-NWE LPG 1-2,000t
USG-NWE Ethylene 4-5,000t
NWE-USG Butadiene 3-4,000t
LNG
Vessel definition
A LNG bunkering vessels is specialised type of vessels to tranfer LNG from ports to
LNG Bunkering vessels
LNG fuelled ships
FLNG Floating Liquefaction (LNG)
FSRU Floating Regasification and Storage unit
Trip rates ($/day)

TFDE ships 160,000 cbm (capacity)
MPV
Vessel definition
Multipurpose (no geared) An MPV with teu and grain capacity, but no cranes.
An MPV with teu and grain capacity and cranes with a maximum combinable lift of less
Multipurpose (geared)
than 100t SWL.
Project carrier An MPV with cranes with a maximum combinable lift of over 100t SWL, built after 1989.
Heavylift vessel An MPV with cranes with a maximum combinable lift of over 100t SWL, built before 1989.
Premium Project carrier An MPV with cranes with a maximum combinable lift of over 250t SWL, built after 1989.
84
Terminology
Container
Vessel definition
Small feeder 100-2,000 teu
Large feeder 2,000-3,000 teu
Classic Panamax & wide-beam 3,000-5,300 teu
Small neo-Panamax 5,300-10,000 teu
Large neo-Panamax 10,000-12,500 teu
VLCV - maxi neo-Panamax 12,500-14,500 (=<52m beam) teu
VLCV - neo post-Panamax 13,000-18,000 (>52m beam) teu
ULCV 18,000+ teu
Chemical Tanker
Any tanker with a current International Maritime Organisation (IMO) Certificate of Fitness
(CoF) to carry non-oil substances listed under the International Bulk Chemical (IBC)
Code is in theory capable of carrying chemicals. The Chemical Tanker Fleet includes
Chemical Tanker Fleet
all tankers with IMO certificate of fitness to carry non-oil substances listed under the
IBC. The tankers can carry chemicals and vegetable oils (Chemicals) or clean petroleum
products (CPP).
The chemical trading fleet includes chemical tankers trading chemicals. It excludes
Chemical Trading Fleet
chemical tankers trading CPP.
Vessel definition
Stainless steel stainless
Coated coated
Ship size details for assets value

Size Size range Tanks Segs Others
9,000 dwt stainless steel 8-9,500dwt 16-18 tanks 16-18 segs IMO2
12,000 dwt stainless steel 12-13,000 dwt 16-18 tanks 16-18 segs IMO2
9,000 dwt coated 8-9,500dwt 12-14 tanks 12-14 segs IMO2

12,000 dwt coated 12-13,000 dwt 12-14 tanks 12-14 segs IMO2
85
Terminology
Chemical Tanker
Drewry standard chemical ships - TCE calculations
Ship Size - Dwt
Operating
5-6,000 8-9,000 14-16,000 18-20,000 35-37,000 45-50,000 (1)
Characteristics
IMO Status IMO2 IMO2/3 IMO2/3 IMO 2 IMO 2 IMO 2/3
Tank Type Stainless Coated Coated Stainless Stainless Coated
Cargo Max - Tonnes 5,500 8,500 14,000 19,000 33,000 44,000
Operating Speed - Knots 10.0 10.0 13.5 14.0 14.0 14.0
HVF/IFO Consumption -
9.0 10.0 12.0 16.5 35.0 25.0
Sailing - T/Day
HVF/IFO Consumption -
0.0 0.0 0.0 0.0 0.0 0.0
in Port - T/Day
MDO Consumption -
0.1 0.1 0.2 0.2 0.5 0.5
Sailing - T/Day
MDO Consumption - in
2.0 2.0 2.0 2.5 3.0 3.5
Port - T/Day
(1) Eco design
Drewry Route Ship Size (Dwt) From To

Rotterdam Antwerp
NW Europe - NW Antwerp Teesport
5-6,000 Stainless
Europe Teesport Antwerp
Antwerp Rotterdam
Singapore Malacca
Inter SE Asia 8-9,000 Coated Malacca Port Klang
Port Klang Singapore
Al Jubail Shanghai
Mid East - NE Asia - SE
Shanghai Port Klang
Asia -WC India - Mid 14-16,000 Coated
Port Klang Mumbai
East
Mumbai Al Jubail
Rotterdam Antwerp
Antwerp Liverpool
Liverpool New York
NW Europe - US
New York Savannah
Gulf - NW Europe 18-20,000 Stainless
Savannah New Orleans
(Transatlantic)
New Orleans Houston
Houston Antwerp
Antwerp Rotterdam
Houston Texas City
Texas City Freeport
Freeport New Orleans
New Orleans Panama
Panama Yokohama
Yokohama Kobe
Kobe Ulsan
US Gulf - NE Asia
Ulsan Shanghai
- SE Asia - US Gulf 35-37,000 Stainless
Shanghai Ningbo
(Transpacific)
Ningbo Singapore
Singapore Port Klang
Port Klang Panama
Panama New York
New York Savannah
Savannah New Orleans
New Orleans Houston
Houston Texas City
Texas City Feeport
US Gulf - NE Asia - SE Freeport Ulsan
Asia - NW Europe - US 45-50,000 Coated Ulsan Shanghai
Gulf Shanghai Port Klang
Port Klang Rotterdam
Rotterdam Houston
86
Terminology
Drewry Maritime Financial Research
Dry Bulk
Index definition
Drewry dry bulk shipping index comprises of Scorpio Bulkers, Navios Maritime, Diana
Drewry Dry Bulk Shipping Equity
shipping, Pacific Basin, DS Norden, Star Bulk Carriers and Golden Ocean
Crude Tanker
Index definition
Drewry crude tanker index comprises of market cap of Euronav, Frontline, DHT
Drewry Crude Tanker Equity
Holdings, Teekay Tankers, Nordic American Tankers and Tsakos Energy Navigation
Product Tanker
Index definition
Drewry product tanker index includes share prices of Admore shipping, Scorpio
Drewry Product Tanker Equity
Tankers, Hafnia, Torm and D’Amico
LPG
Index definition
Drewry LPG Shipping Equity Drewry LPG shipping index comprises of BW LPG, Navigator Holdings and Stealth Gas
LNG
Index definition
Drewry LNG shipping index includes share prices of Gaslog LNG, Golar LNG,
Drewry LNG Shipping Equity
Teekay LNG partners and Nakilat
Container
Index definition
Drewry Liner Index comprises AP Moller Maersk, Hapag-Lloyd, Evergreen Marine, Wan
Drewry Liner Shipping Equity Hai Lines, Yang Ming Marine, Cosco shipping Holdings – A share, OOIL, Samudera
Shipping Line, Regional Container Line, SITC International,Matson Inc and HMM
87
Shipping Insight List of tables and figures
Tables
GRAIN AND SOYBEAN FOB PRICES ($/TONNE)........................................................................................................................ 6
GLOBAL CRUDE STEEL PRODUCTION (KT).............................................................................................................................. 6
IRON ORE TRADE (KT)................................................................................................................................................................ 6
CHINA’S IRON ORE IMPORTS BY ORIGIN (KT).......................................................................................................................... 7
COKING COAL TRADE (KT)......................................................................................................................................................... 7
NON-COKING COAL TRADE (KT)................................................................................................................................................ 7
GRAIN TRADE (KT)....................................................................................................................................................................... 8
SOYBEAN TRADE (KT)................................................................................................................................................................. 8
BAUXITE TRADE (KT)................................................................................................................................................................... 8
FLEET (MDWT)............................................................................................................................................................................. 9
INACTIVITY (MDWT)..................................................................................................................................................................... 9
AGE PROFILE (% DWT)............................................................................................................................................................. 10
SCHEDULED DELIVERIES (KDWT)............................................................................................................................................ 10
ORDERBOOK BY BUILDER COUNTRY (KDWT)....................................................................................................................... 11
ORDERBOOK AS % OF FLEET................................................................................................................................................. 11
NEW ORDERS (KDWT).............................................................................................................................................................. 12
DELIVERIES (KDWT).................................................................................................................................................................. 12
DEMOLITIONS (KDWT).............................................................................................................................................................. 13
SECOND-HAND TRANSACTIONS (KDWT)............................................................................................................................... 13
SECOND-HAND VALUES ($ MILLION)...................................................................................................................................... 14
NEWBUILDING PRICES ($ MILLION)......................................................................................................................................... 15
DEMOLITION VALUES ($ MILLION)........................................................................................................................................... 15
AVERAGE DEMOLITION AGE (YEARS)...................................................................................................................................... 15
1-YEAR TC RATES ($/DAY)........................................................................................................................................................ 16
3-YEAR TC RATES (5-YEAR OLD, $/DAY)................................................................................................................................. 16
DREWRY’S EARNINGS INDICES (JAN 15=100)........................................................................................................................ 16
BALTIC INDICES��16
VOYAGE RATES ($/TONNE)��17
TCE ($/DAY)��17
TRIP RATES ($/DAY)��18
TOTAL CHARTERING VOLUME (KDWT).................................................................................................................................... 18
OIL PRICES ($/BBL)................................................................................................................................................................... 20
GLOBAL OIL SUPPLY & DEMAND (MBPD)............................................................................................................................... 20
CRUDE OIL IMPORTS (KBPD)................................................................................................................................................... 20
CRUDE OIL EXPORTS (KBPD)................................................................................................................................................... 20
CRUDE TANKER FLEET (MDWT)*.............................................................................................................................................. 21
CRUDE TANKER INACTIVE FLEET (MDWT)*............................................................................................................................. 21
CRUDE TRADING FLEET (MDWT)*............................................................................................................................................ 21
AGE PROFILE (% DWT)............................................................................................................................................................. 22
ORDERBOOK DELIVERY SCHEDULE (KDWT)*......................................................................................................................... 22
ORDERBOOK BY BUILDER COUNTRY (KDWT)*...................................................................................................................... 22
NEW ORDERS (KDWT).............................................................................................................................................................. 23
DELIVERIES (KDWT).................................................................................................................................................................. 23
SECOND-HAND PRICES ($ MILLION)....................................................................................................................................... 24
DEMOLITION PRICES ($/LDT)................................................................................................................................................... 24
TC RATES ($/DAY)...................................................................................................................................................................... 25
TCE ($/DAY)................................................................................................................................................................................ 25
SPOT RATES (WS)..................................................................................................................................................................... 26
TIME CHARTER ACTIVITY (KDWT)............................................................................................................................................ 26
SPOT CHARTER ACTIVITY (MILLION TONNES)....................................................................................................................... 27
SPOT RATES (TCE BASIS)*........................................................................................................................................................ 28
1-YEAR TC RATES ($/DAY)........................................................................................................................................................ 28
OIL DEMAND BY REGION (MBPD)............................................................................................................................................ 31
GLOBAL REFINERY INTAKE BY REGION (MBPD).................................................................................................................... 31
PRODUCT CAPABLE FLEET (MDWT)*...................................................................................................................................... 31
IMO-CLASS COATED FLEET (MDWT)*...................................................................................................................................... 31
NON-IMO COATED FLEET (MDWT)*.......................................................................................................................................... 32
PRODUCT TRADING FLEET (MDWT)*....................................................................................................................................... 32
88
Tables
AGE PROFILE (% DWT)*............................................................................................................................................................ 32
NEW ORDERS (KDWT).............................................................................................................................................................. 33
DELIVERIES (KDWT).................................................................................................................................................................. 33
DEMOLITION PRICES ($/LDT)................................................................................................................................................... 35
1-YEAR TC RATES ($/DAY)........................................................................................................................................................ 35
SPOT RATES (WS)..................................................................................................................................................................... 36
TCE ($/DAY)................................................................................................................................................................................ 36
SPOT CHARTER ACTIVITY (MILLION TONNES)....................................................................................................................... 36
TIME CHARTER ACTIVITY (KDWT)............................................................................................................................................ 37
SPOT RATES (TCE BASIS)*........................................................................................................................................................ 37
1-YEAR TC RATES ($/DAY)........................................................................................................................................................ 37
FLEET (KDWT)............................................................................................................................................................................ 40
ORDERBOOK DELIVERY SCHEDULE (KDWT).......................................................................................................................... 41
ORDERBOOK BY BUILDER COUNTRY (KDWT)....................................................................................................................... 41
NEW ORDERS (KDWT).............................................................................................................................................................. 42
DELIVERIES (KDWT).................................................................................................................................................................. 42
REMOVALS (KDWT)................................................................................................................................................................... 43
AGE PROFILE ............................................................................................................................................................................ 44
TCE EARNINGS ($/DAY)............................................................................................................................................................ 44
REPRESENTATIVE SPOT RATES ($/TONNE)............................................................................................................................. 45
TC RATES - IMO 2 STAINLESS STEEL (10 YEAR OLD VESSEL, $/DAY).................................................................................. 46
NEWBUILDING PRICES - IMO 2 STAINLESS STEEL ($ MILLION)............................................................................................ 46
SECOND-HAND VALUES - IMO 2 STAINLESS STEEL (10-YEAR OLD, $ MILLION)................................................................. 47
PRICES ($/TONNE).................................................................................................................................................................... 49
LPG TRADE (KT)......................................................................................................................................................................... 49
FLEET (KCBM)............................................................................................................................................................................ 49
AGE PROFILE (% CBM)............................................................................................................................................................. 50
ORDERBOOK DELIVERY SCHEDULE (KCBM).......................................................................................................................... 50
ORDERBOOK BY BUILDER COUNTRY (KCBM)....................................................................................................................... 50
ASSET MARKET ACTIVITY (KCBM)........................................................................................................................................... 51
SPOT RATES ($/TONNE)............................................................................................................................................................ 53
TC RATES (5YR OLD, $/PCM).................................................................................................................................................... 53
TCE ($ PCM)............................................................................................................................................................................... 54
LPG SPOT RATES ($/TONNE).................................................................................................................................................... 54
LPG TC RATES - 5 YEAR OLD VESSEL ($/PCM)...................................................................................................................... 54
NATURAL GAS PRICE ($/MMBTU)............................................................................................................................................ 58
LNG IMPORTS (KT).................................................................................................................................................................... 58
LNG PRICES ($/MMBTU)........................................................................................................................................................... 58
FLEET (KCBM)............................................................................................................................................................................ 58
SUPPLY OVERVIEW (KCBM)..................................................................................................................................................... 59
SCHEDULED DELIVERIES (KCBM)*.......................................................................................................................................... 59
ORDERBOOK BY BUILDER COUNTRY (NUMBER OF VESSELS)............................................................................................ 59
LNG VESSELS UNDER CONVERSION (BY TYPE).................................................................................................................... 59
ASSET MARKET ACTIVITY (KCBM)........................................................................................................................................... 60
AGE PROFILE (% CBM)............................................................................................................................................................. 61
ASSET VALUES ($ MILLION)...................................................................................................................................................... 61
RATES: TFDE, 160KCBM ($/DAY).............................................................................................................................................. 61
TRANSPORTATION COSTS (160-170 KCBM, $/MMBTU)......................................................................................................... 61
FLEET DEVELOPMENT.............................................................................................................................................................. 65
ORDERBOOK BY BUILDER COUNTRY (% TEU)...................................................................................................................... 65
AGE PROFILE, SEP 2022........................................................................................................................................................... 65
89
Tables
IDLE FLEET (KTEU).................................................................................................................................................................... 66
FLEET (KTEU)............................................................................................................................................................................. 66
DELIVERY SCHEDULE (KTEU)................................................................................................................................................... 66
NEW ORDERS (KTEU)................................................................................................................................................................ 67
DELIVERIES (KTEU)................................................................................................................................................................... 67
DEMOLITIONS (KTEU)............................................................................................................................................................... 67
SECOND-HAND TRANSACTIONS (KTEU)................................................................................................................................. 68
1-YEAR TC RATES ($/DAY)........................................................................................................................................................ 68
GLOBAL CONTAINER HANDLING AT PORTS (MTEU).............................................................................................................. 69
THROUGHPUT AT MAJOR CONTAINER PORTS (MTEU)......................................................................................................... 69
THROUGHPUT ON MAJOR EAST-WEST ROUTES (KTEU)....................................................................................................... 70
THROUGHPUT ON MAJOR NORTH-SOUTH ROUTES (KTEU)................................................................................................ 70
MAJOR EXPORTERS OF WOOD CHIPS, PELLETS AND FUEL (’000 TONNES)...................................................................... 72
MAJOR IMPORTERS OF WOOD CHIPS, PELLETS AND FUEL (’000 TONNES)....................................................................... 72
FLEET BY SIZE (KDWT)............................................................................................................................................................. 73
FLEET BY TYPE (KDWT)*........................................................................................................................................................... 73
MAJOR SHIPOWNERS.............................................................................................................................................................. 73
SHIPOWNER BY COUNTRY...................................................................................................................................................... 73
AGE PROFILE*........................................................................................................................................................................... 74
NEW ORDERS (KDWT).............................................................................................................................................................. 75
DELIVERIES (KDWT).................................................................................................................................................................. 76
DEMOLITION PRICES ($ MILLION)............................................................................................................................................ 78
AVERAGE 1-YEAR TC RATES ($/DAY)....................................................................................................................................... 78
Figures
DREWRY TC RATE INDEX SHOWCASING BETTER LNGC PERFORMANCE AMID THE NORMALISATION FOR CONTAINERSHIPS.2
VESSEL ORDERS – LNG VS CONTAINERSHIPS (% GROWTH)�� 3
MONTHLY PORT CALLS IN BRAZIL............................................................................................................................................ 5
VESSELS AT ANCHORAGE IN INDONESIA................................................................................................................................. 5
DREWRY EARNING INDEX (BASE: JAN 2015).......................................................................................................................... 19
SUEZMAX DWT MILES.............................................................................................................................................................. 29
VLCC LADEN VS. BALLAST SPEED.......................................................................................................................................... 29
DREWRY EARNING INDEX (BASE: JAN 2015).......................................................................................................................... 30
PRODUCT TANKER DWT MILES............................................................................................................................................... 38
IN PORT TOTAL LADEN DAYS................................................................................................................................................... 38
DREWRY CHEMICAL AND VEGOIL FREIGHT INDEX (JAN 15=100)........................................................................................ 39
PANAMA CANAL RESTRICTIONS TURN VLGCS TO SUEZ..................................................................................................... 48
VLGC AVERAGE BALLAST SPEED............................................................................................................................................ 55
VLGC AVERAGE LADEN SPEED............................................................................................................................................... 55
VLGC LADEN %......................................................................................................................................................................... 55
LNG SHIPPING RATES RISING WITH COMING OF WINTER DEMAND................................................................................... 57
LNGC MONTHLY LOADINGS.................................................................................................................................................... 62
LNGC VESSEL STATUS............................................................................................................................................................. 62
WORLD CONTAINER INDEX OVER LAST ONE YEAR............................................................................................................... 64
MULTIPURPOSE FREIGHT RATE INDEX*.................................................................................................................................. 71
GLOBAL RIG COUNT................................................................................................................................................................. 72
90
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Dec 2023 Shipping Insight

Product Tanker���������������������������������������������������������30 Research

List of tables and figures������������������������������������������88

Drewry Maritime Research

CPLP pivoting to LNG

LNGCs included in the transaction

As of October 2023, the company owns 8 LNGCs and 15 container

Transaction value carriers at record high

Panamax (4.25k Teu)

Source: Drewry Maritime Research

LNG market is heating up

Vessel orders – LNG vs Containerships (% growth)

Note: *As on end-October 2023

We project 275 mtpa of liquefaction capacity will be added between 2023

BDI Drewry earnings Drewry NB Drewry SH

D rewry expects freight rates across most dry bulk segments to

Monthly port calls in Brazil

Source: Drewry AIS

Vessels at anchorage in Indonesia

Source: Drewry AIS

Dry Bulk Market Data

Grain and soybean FOB prices ($/tonne)

Maize, US 337 330 241 218 235 227 217 287

Soybean, US 610 631 588 548 529 499 524 576

Source: Drewry Maritime Research, International Grain Council

Global crude steel production (kt)

EU 11,809 121,065 11,078 10,764 9,510 11,078 11,078 111,405

US 6,700 69,700 6,800 6,900 7,000 6,700 6,800 66,900

Japan 7,300 76,300 7,300 7,400 7,100 7,000 7,500 72,700

China 79,800 857,200 91,100 90,800 86,400 82,100 79,100 867,500

India 10,500 103,200 11,200 11,500 11,900 11,600 12,100 112,500

Others 27,579 263,819 27,426 27,037 26,631 26,830 29,437 273,801

Total 148,788 1,546,984 160,404 160,101 154,141 150,808 151,515 1,560,606

Iron ore trade (kt)

EU 7,447 75,704 8,259 5,861 5,615 6,401 5,006 59,125

Japan 8,744 76,562 9,535 8,168 8,218 8,060 8,064 74,608

China 98,339 798,353 102,412 95,518 99,278 107,646 105,563 876,791

Taiwan 2,175 17,301 1,765 1,212 1,625 1,785 1,675 14,339

Australia 75,872 653,938 79,187 85,381 77,320 80,598 80,917 696,147

Brazil 36,122 255,737 35,095 34,245 31,917 37,394 35,627 274,326

Canada 6,006 39,618 5,415 4,251 4,220 5,633 6,386 41,187

India 72 13,791 3,509 2,755 2,940 2,903 2,945 30,737

Source: Drewry Maritime Research

Dry Bulk Market Data

China’s iron ore imports by origin (kt)

Coking coal trade (kt)

Non-coking coal trade (kt)

Dry Bulk Market Data

Grain trade (kt)

Soybean trade (kt)

Bauxite trade (kt)

Dry Bulk Market Data

Dry Bulk Market Data

Age profile (% dwt)*

Scheduled deliveries (kdwt)*

Source: Drewry Maritime Research, Clarksons Research

Dry Bulk Market Data

Orderbook by builder country (kdwt)*

Small Handy 32 553 9 141 1 17 0 0 2 29 44 739

Mid-size Handy 7 222 8 271 0 0 0 0 0 0 15 493

Product Tanker��30 Research

List of tables and figures��88