SHIPPING MARKET OUTLOOK Bulk Contracting Orderbook Shipbuilding Deliveries 560 m dwt 200 m dwt 520 Bulkers Forecast 480 ▣Tankers 175 ▣Combos Z2I9E 6E:S:80 102/60/9L lou suosxe'MM/dny 440 Orderbook 150 400 Others ▣Combos 360 125 ■Tankers Bulkers 20 100 2 year to date 75 50 80 0 00a0030000-L 点 Source:Clarkson Research Services Source:Clarkson Research Services Figure 1.3.1 Figure 1.3.2 Orderbook as of Fleet Newbuilding Price Index of fleet Index 100% 275 ■国■■■ 90% Containers 250 Bulkers ●Bulkers 80% Tankers 225 .Tankers 200 60% 175 150 100 Licensed to Shanghai Maritime University.Distribution is restricted:please remember to acknowledge the source.http://ww.clarksons.net 15/09/2014 08:45:39 36122 75 0% g 令g 50 每 66uc7 LO-uer Source:Clarkson Research Services Source: Clarkson Research Services Figure 1.3.3 Figure 1.3.4 Clarkson Research Services Spring 2014 13Clarkson Research Services Spring 2014 13 SHIPPING MARKET OUTLOOK Figure 1.3.3 Figure 1.3.4 Figure 1.3.1 Figure 1.3.2 0 40 80 120 160 200 240 280 320 360 400 440 480 520 560 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 m dwt Source: Clarkson Research Services Bulk Contracting & Orderbook Bulkers Tankers Combos Orderbook year to date 0 25 50 75 100 125 150 175 200 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014(f) m dwt Source: Clarkson Research Services Shipbuilding Deliveries Others Combos Tankers Bulkers Forecast 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 % of fleet Source: Clarkson Research Services Orderbook as % of Fleet Containers Bulkers Tankers 50 75 100 125 150 175 200 225 250 275 Jan-87 Jan-89 Jan-91 Jan-93 Jan-95 Jan-97 Jan-99 Jan-01 Jan-03 Jan-05 Jan-07 Jan-09 Jan-11 Jan-13 Index Source: Clarkson Research Services Newbuilding Price Index Bulkers Tankers Licensed to Shanghai Maritime University. Distribution is restricted; please remember to acknowledge the source. http://www.clarksons.net 15/09/2014 08:45:39 36122 Licensed to Shanghai Maritime University. Distribution is restricted; please remember to acknowledge the source. http://www.clarksons.net 15/09/2014 08:45:39 36122