2007928 BDI 86-21-68407562 luox@ccs.com.cn 1 2 FFA 3 4 CLARKON 08 4 BDI 5 BDI BDI 9259 9000 10000 07 BDI 06 BDI 100% 6000
(IISI)9 18 2007 8 67 1.08 5.3% 8 27 1521 2.2% 1141 3.6% 6126 9.5% 1018 0.1%8 6649 0.7% 1-8 5.492 2.3% Page 2
4 2 7 6 5%8 7 4% 7-8 6 12-14 % 5 6 2 7 JFE STEEL 70% 1-8 28% 6260 14.4% 9500 5.1% 5619 8 7 2006 7 2.1% 6199 2007 CVRD, 63.3 40% CVRD 7.48 2007 3.37 Carajás Ponta da Madeira Vitória a Minas 2.88, 0.68 CVRD 2.64 3 3.3 6600 2011 4.5 Rio Tinto 2003 50 2009 2.2 / 2006 1.66 32.5% 3.2 / BHP 5 3 Rio Tinto 5 3.2 Page 3
1-7 3096 1026 47.6%1-7 2886 505 21.2% 2006 10% Posco 5 2006 5 5060 1/3 5500 KSP 20-30 60 200 2006 2007 90 200411 200451 200551 2006915 2006111 200761 13 11 155 135 11 8 5 3%-6% 1% Page 4
1-7 143 1144 26 483 42 341 45 242 30 78 6 7 6501 379.1 738 125.69 1440 105.1 1543 73.94 2780 74.37 Built No. DWT No. DWT No. DWT No. DWT No. DWT 2007 1-6 26 4.83 42 3.41 45 2.42 30 0.78 143 11.44 2007 26 5.04 56 4.47 64 3.40 64 1.64 210 14.55 52 9.87 98 7.88 109 5.82 94 2.42 353 25.99 2007 1-6 1 0.08 1 0.05 8 0.18 10 0.31 2007 2 0.27 3 0.18 2 0.10 32 0.82 41 1.37 2 0.27 4 0.26 3 0.15 40 1.00 49 1.68 2007 50 9.60 94 7.62 106 5.67 54 1.42 304 24.31 7 7 6 174 1279 39 618 29 232 38 217 68 212 1-7 187 400 8000 57.5% 63.1% 2009 2010 7 600 3000 38.1% 43.9% Built No. DWT No. DWT No. DWT No. DWT No. DWT 2008 53 1034 96 756 135 730 91 276 375 2796 2009 91 1711 96 778 191 1058 162 486 540 4033 2010 166 3022 117 968 160 901 94 293 537 5184 2011 86 1598 42 342 42 238 24 80 194 2258 2012 13 269 11 83 7 41 6 19 37 412 409 7634 362 2927 535 2968 377 1154 1683 14683 Page 5
6 48 84 Dalrymple Bay 32 9% 220 2300 PWCS 3 650 2014 100 FFA BDI FFA FFA 1FFA 2FFA FFA FFA FFA FFA FFA FFA Page 6
FFA FFA FFA FFA VLOC Clarkson Marine-net, 30 30 CVRD 50 VLOC 70% 40%2010 VLCC 6 VLOC 4-5 26 VLCC 23 VLOC 2500-3000 VLCC VLOC 12 VLOC 27 VLCC 5 2 10 VLOC 25 43 VLCC VLOC 100 VLOC - 3-4 100 8-10 TMT 4 4 7 5 3 5 2.5 3 6 3 6 VLOC 10 VLCC 2.5 9. 9 VLCC VLOC VLCC 160-180 5 56,000 Namura RTM Wakamatha 2008 Page 7
13-20 (BHP) Page 8
FFA FFAForward Freight Agreements FFA FFA Clarkson 1991 FFA BFA Capesize (C3, C4, C5, C7, BCI T/C average)bfa Panamax (P2A, P3A, BPI T/C average)bfa Supramax (BSI T/C average) BFA Handysize (BHSI T/C average2007 ) FFA NOS LCH SGX FFA SGX AsiaClear FFA 5 NOS LCH FFA FFA 1 1000 FFA 7 NOS 5 94,500 FFA 85% 170 FFA 80 FFA 2003 FFA FFA FFA 90% 2006 FFA 2006 FFA 560 281,745 32,200 15 FFA 500 165 2003 200 10 FFA 1 KLAVENESS NORDEN OLDENDORFF CETRAGPA DEIULEMAR NAVIOS/OCEANBULK PCL/IMC KOREAN LINE/STX PAN OCEAN FFA 2 ADM 3 BHP BILLITON RIO TINTO RWE Page 9
KOCH CARBON4 7 1 FFA 7 9 BCIBPIBSI 3 FFA FFA DRYSHIPS OLDENDORFF STX PAN OCEAN FFA (NASL) FFA 3000 Source Link 3 30 4/6 FFA 5000-8000 Deiulemar D'Amato S PanoceanicPerseveranza Page 10
2005 Page 11