S & P

Following the sale of the (non‐grab‐fitted) "KT VENTURE" (55,868 dwt 2007 blt Sanoyas) last week clients of K‐Line, Singapore invited offers for a pair of 2006 grab‐fitted Kawasaki supramax sister units M/V VANDA COLOSSUS and M/V ARANDA COLOSSUS (55,800 dwt 2006 blt Kawasaki), these have now been committed to Pacific Carriers (Singapore) enbloc for a price in the region of US$ 33m basis a charter free delivery February and March 2013.

The Japanese controlled handymax M/V GLOBAL GLORY (45,769 dwt 1998 blt Tsuneishi Zosen) has been committed for at US$ 7.9m with SS/DD due in April 2013 to far eastern interests. On handies, M/V CS SAVANNAH (28,685 dwt 2000 blt Imabari) has been sold at US$ 9m to British Bulkers, whilst M/V SCAN BULKER (27,308 dwt 1995 blt Mitsubishi) has been sold to Middle Eastern buyers at US$ 5.8m.

NEWBUILDING

With Lunar New Year Holidays now approaching, there are continued reports of new business being concluded across many of the major sectors.

In Dry; Frontline and STX Dalian have signed a contract for 4+4 x 181,000 DWT Capesize vessels for delivery every 3 months from July 2014. The total price reported for the four firm vessels is understood to be USD 187 Mill pricing each vessel at USD 46.75 Mill. Norwegian owner Jebsen meanwhile is reported to have placed an order for three firm 81,000 DWT Kamsarmax vessels at the newly formed Japan Marine United (JMU) with pricing just above USD 30 Mill. The deal is understood to include several options and be ordered on a 50/50 basis with JP Morgan. At the smaller end of the market, Nantong Hongqiang received an order for five 15,000 DWT units for delivery in 2014 to an yet unknown buyer.

Tanker newbuilding activity this week has been focussed on the coated sector with IMT placing an order for two firm and two option 7,000 DWT product carriers at Weihai Samjin, with the firm vessels due to be delivered in 2014. Scorpio have announced to the market they have further extended their investment in MRs and ordered two firm 50,000 DWT chemical/product tankers at Hyundai Mipo. Pricing for these units has been announced at USD 32.5 Mill per vessels and delivery in May & June 2014. The deal includes a further four options for 37,000 DWT vessels, again for delivery in 2014.

In Containers, Seaspan declared four further options for 10,000 TEU vessels at Jiangsu New

Yanzijiang, taking the total to 11 vessels in the series of orders. Pricing is in the region of USD 90 Mill with delivery planned for 2014. Reports also indicate that Pacific International Lines has taken up four further options for wide beam 3,900 TEU vessels, making a total order of eight at Dalian Shipbuidling. This deal is understood to have actually been concluded in 2012 with details only now coming to light. The vessels are reported to be priced at circa USD 41 Mill with delivery in 2014.

Finally and in addition to last week’s ordering activity in the gas carrier market, Wuhan Nanhua has received an order for one plus one 4,600 cbm LPG vessels for delivery in 2014 to an unknown Domestic buyer.