ALEXANDROS SPONDYLIDIS

EASTERN MEDITERRANEAN MARITIME LTD.

ΜΙΑ ΝΑΥΛΩΣΗ - ΠΑΡΑΜΕΤΡΟΙ

ΤΥΠΟΙ ΠΛΟΙΩΝ

Η ΑΓΟΡΑ

ΣΥΓΚΕΝΤΡΩΣΗ ΠΛΗΡΟΦΟΡΙΑΣ

ΑΝΑΛΥΣΗ/ΥΠΟΛΟΓΙΣΜΟΙ

Η ΑΠΟΦΑΣΗ

ΤΥΠΟΙ ΠΛΟΙΩΝ ΥΠΟ ΔΙΑΧΕΙΡΙΣΗ - EASTMED VLCC – 6 Πλοια υπο διαχειριση TYPICAL DIMENSIONS

DWT - 308,829 MT

LOA / Beam / Drafτ 333.28 M / 58.00 M / 22.525 M

TYPICAL TRADES:

270kt AG / EAST

280kt AG / WEST

260kt WAFR/EAST-INDIA

270kt CARIBS/EAST

AFRAMAX - 6 Πλοια υπο διαχειριση

TYPICAL DIMENSIONS

DWT 105,528 MT

LOA / Beam / Draft 239.00 M / 42.00 M / 14.878 M

TYPICAL TRADES (MED/CONT):

80 kt BLACK SEA / MED

80 kt CEYHAN/MED

100kt BALTIC/CONT

PRODUCT TANKERS (MR-MEDIUM RANGE, HANDIES) – 11 Πλοια υπο διαχειριση (7 MRS, 4 HANDIES)

MR – MEDIUM RANGE TANKERS

DWT 45000-55000mts

NEW ECO TYPES – TYPICAL DIMENSIONS

DWT 51,875 MT

LOA / Beam / Draft 183 M / 32.23 M / 13.30 M

TYPICAL TRADES

37kt CONT/TA-WAFR

38KT USG/TA-WAFR

HANDY TANKERS

DWT 35000-40000mts

TYPICAL DIMENSIONS - 37,432 MT

LOA / Beam / Draft 175.97 M / 31.04 M / 17 M

TYPICAL TRADES - CLEAN

30kt BSEA / MED

30kt CROSS / MED

30kt BALTIC/CONT

30 kt CROSS CONT

TANKER FLEET UPDATE (SOURCE BRS)

> 19 yrs

15-19 yrs 10-14 yrs 5-9 yrs <5 yrs TOTAL

VLCC 12 56 163 161 231 623

SUEZMAX 17 56 106 117 191 487

AFRAMAX 45 101 201 312 239 898

PANAMAX 32 8 78 223 109 450

MR PRODUCT

77 108 200 514 430 1329

HANDY PRODUCT

82 40 128 191 72 513

TOTAL 265 369 876 1518 1272 4300

TANKER ORDERBOOK (SOURCE BRS)

2014 2014 2015 2016 2017+ TOTAL ON ORDER

VLCC 6 26 21 42 6 95

SUEZMAX 2 20 17 7 0 44

AFRAMAX 1 37 46 31 5 119

PANAMAX 2 8 7 12 0 27

MR PRODUCT

27 85 136 89 9 319

HANDY PRODUCT

3 20 45 8 5 78

TOTAL 41 196 272 189 25 682

BIG FLEET EXPANSION LAST 5-10 YEARS

60- 65% OF MAJOR TANKER SIZES ARE UPTO 10 YEARS OLD!

ORDERBOOK EXPANDING FROM 4-7 PCT EVERY YEAR

OIL/OIL PRODUCT DEMAND EXPANDING FROM 0.5 PCT/2 PCT PER YEAR

= > DIFFICULT MARKET FOR THE OWNERS!!!

Η ΑΓΟΡΑ ΟΙ ΠΑΙΧΤΕΣ

OWNERS – BROKERS – CHARTERERS

CHARTERERS

ΦΟΡΤΙΑ

- CRUDE OIL – VLCC,SUEZMAX,AFRAMAX

- PRODUCTS DIRTY AND CLEAN

- DIRTY CRUDE OIL, FUEL OIL,VACUUM GASOIL ETC.

- CLEAN GASOIL,ULSD-ULTRA LOW SULPHUR DIESEL, GASOLINE, NAPTHA,JET A1

OWNERS

- EVERY DAY POSITION LIST = MARKETING OF VESSELS

- CONTINUOUSLY CHECKING THE MARKET VIA

- BROKER REPORTS

– BALTIC INDEX

– EMAILS

– FRIENDLY OWNERS

– VESSEL LISTS

– YAHOO MESSENGER THE MAIN TOOL!!!

TELEPHONE – TELEPHONE – TELEPHONE !!!!!!

POSITION LIST

ALEX SPONDYLIDIS

DIRECT: +30 210-9699 712 or 713 - MOBILE: +30 6944 801 801

YAHOO: ALEXANDROSSPONDYLIDIS

CPP PRODUCTS - MR

=================

"HAPPY LADY" - (13) - 51.875 MT - P R O M P T OFF ROTTERDAM

ETA BALTIC 26 APRIL

CPP/IMO3/LAST 3: UMS / GAS OIL / UMS

"ATHINA M" - (13) - 51.875 MT – POINT TUPPER 5 MAY

CPP/IMO3 /LAST CARGO: NAPTHA

CPP PRODUCTS - HANDY

====================

"LUCKY LADY" - (05) - 37.432 MT – ALGIERS 25 APRIL

CPP/IMO3/LAST 3: UMS / NAPTHA / UMS + GAS OIL

BROKER - REPORTS CLEAN FIXTURES ************** ===== 22/04 ===== SEA HELIOS 30 GO 28-29/4 TUAPSE/MED WS 115 CLEARLAKE AMALIENBORG (F) 30 UMS 25-27/4 BOURGAS/MED WS 120 LITASCO MARVEA 30 ULSD 24-28/4 SARROCH/MED-ITALY WS 125-135 ENI VALLE DI GRANADA 30 ULSD 24/4 SICILY/MED-ITALY WS 125-135 ENI VALLE DI SIVIGLIA 30 JET 27-29/4 SKIKDA/MED WS 120 CSS SA ===== 23/04 ===== HISTRIA IVORY (S) 30 NAP 27-28/4 CARTAGENA/MED WS 120 REPSOL BYZANTION 30 CPP 28-29/4 NOVOROSSIYSK/MED WS 117,5 VITOL AMALIENBORG (S) 30 GO 28/4 BLACK SEA/MED-SUEZ WS 120-USD 810K ST SHIPPING ATLANTIC TITAN (S) 37 UMS 28/4 HUELVA/TA WS 105 CSS SA CAPE BENAT (F) 30 CPP 25-26/4 NOVOROSSIYSK/MIDIA RNR KMG

ALWAYS FOLLOW VESSEL LISTS 15/42.000 DWT RANGE - CLN MED POSLIST

-------------------------------------

23/04/2014 SHIPS POSITIONS

ALKIVIADIS |06| 37|MT|Barcelona | PPT | |CURZON

TORM TEVERE |05| 37|MT|Benghazi | PPT | |TORM

VULCANO M |04| 21|ES|Sarroch | PPT | |AUGUSTADUE

IVER PROGRESS |07| 37|MS|Port Said | PPT |FXD |SCORPIO

ANWAAR AL NASER |05| 29| |Benghazi | PPT | |HEIDMAR

NORDIC PIA |06| 38|LR|Malta | PPT |

ANWAR LIBYA |04| 35|GB|Malta | PPT | |GNMTC

CAPE BENAT |98| 34|LR|Constantza | PPT | |UPT

MALBEC |08| 38|MS|Barcelona | PPT | |ROXANA

VALLE DI CORDOBA |05| 40|IT|Tarragona | PPT | |MONTANARI

HISTRIA IVORY |06| 41|MT|Las Palmas | PPT |SUBS |HISTRIA

ROBERT MAERSK |03| 35|DK|Leghorn | PPT |

VALLE DI NERVION |04| 40|IT|Civitavecchia|24/04|FXD |MONTANARI

LUCKY LADY |05| 37|MT|Algiers |24/04| |EASTMED

OLIPHANT |04| 37|GB|Malta |24/04| |VITOL

STAR N |09| 38|IO|Alex |24/04| |NAVIG8

LUCKY SAILOR |09| 38|MT|Emed |24/04| |EASTMED

BYZANTION |07| 40|GR|Greece |24/04|FXD |TSAKOS

MOUNT MCKINNEY |04| 40|CY|Poti |24/04| |BILINGHAM

VALLE DI ARAGONA |01| 40|IT|Suez |24/04| |MONTANARI

CALAJUNCO M |07| 22|IT|Naples, Italy|25/04| |AUGUSTADUE

IBLEA |03| 35|IT|Aliaga |25/04| |EIGER

MOUNT OLYMPUS |03| 40|CY|Barcelona |25/04|SUBS |BILINGHAM

MAERSK ELIZABETH |01| 37|FR|Gib |26/04|EX Nouadhibou

VALTELLINA |08| 37|IT|Barcelona |26/04| |MONTANARI

JENNY I |03| 40|IT|Mersin |27/04| |ANCORA MOUNT EVEREST |10| 38|LR|Greece |27/04| |UPT BOSPOROS |07| 40|GR|Wmed |27/04| |TSAKOS FUTURA |06| 40|IT|Gibraltar |27/04| |VITOL HISTRIA AMBRA |13| 40|LR|La Skhirra |27/04| |DUBHE MONTENERO |06| 40|IT|Agioi Theodor|27/04| |DALMARE ZEFIREA |12| 40|IT|Samsun |27/04| |EIGER DUKE 1 |02| 40|PA|Port Said |28/04| |ORL CIELO DI SALERNO |02| 35|LR|Algeria |28/04| |D'AMICO NORD SWAN |09| 38|DK|Aliaga |28/04| |NORIENT RIZOPON |99| 35|DK|Zawia |28/04| |AEGEAN JINAN |03| 37|QU|Tenerife; San|28/04| |SCORPIO BENTLEY ONE |04| 40|PA|Varna |29/04| |ORL NORD FARER |05| 40|SG|Alex |29/04| |BP BLOOM |07| 38|LR|Gaeta |29/04| |ICON MARINER A |05| 40|MT|Mersin |29/04| |ORL MAERSK RHODE ISLAND |02| 35|US|Taranto |29/04| MELORIA |06| 40|IT|Venice, Italy|29/04| |DALMARE SEA RIDER |00| 36|MS|Lavera |30/04| |SEA WORLD M| NORIENT SOLAR |08| 40|MT|Bizerte |01/05| |EIGER ARION |06| 39|LR|Greece |01/05| |TSAKOS PORT RUSSEL |02| 38|MS|Gib |02/05|EX Lome |OCEAN 5 ANDROMEDA |07| 39|GR|Marmara |02/05| |TSAKOS GEA |05| 40|MT|Wmed |02/05| |IONIA DATTILO M |06| 22|IT|Gib |02/05| |AUGUSTADUE CONTI EQUATOR |08| 38|LR|if Malta |02/05| |UPT SHOGUN |02| 36|IT|Venice, Italy|03/05| |EIGER DUKHAN |03| 40|QU|Gib |03/05|EX New York |NAVIG8 MOUNT ROBSON |04| 40|MS|Gib |03/05| |UPT TORM GYDA |08| 36|MS|Lavera |03/05| |TORM AMPHITRITE |06| 39|LR|Marmara |03/05| |TSAKOS AEGEAS |07| 37|GR|Greece |03/05| |TSAKOS ALGA |12| 38| |Gib |05/05|EX Tema |TRAFIGURA LISCA BIANCA M |05| 37|IT|Fiumicino |06/05| |EIGER NORDIC RUTH |06| 36|LR|Gib |07/05|EX Tramandai CHEM HELEN |07| 38| |Gib |07/05|EX Aratu |NAVIG8 MAERSK KATALIN |12| 40|SG|Gib |07/05|EX Lome LOBELIA |01| 37|LU|Gib |08/05|EX Holyrood |NAVIG8 HISTRIA CROWN |12| 40|LR|Algeciras |09/05| |DUBHE MAERSK BEAUFORT |06| 29|GB|Gib |14/05|EX Chesapeake |M.STANLEY CAPE BIRD |03| 40|MS|Gib |19/05|EX Wafr |UPT ELBTANK GERMANY |08| 35|BS|Gib |19/05|EX Cbs MAERSK ERIN |04| 37|IO|Gib |20/05|EX Montreal

ΑΝΑΛΥΣΗ/ΥΠΟΛΟΓΙΣΜΟΙ – WORLDSCALE BASIS OF CALCULATION All rate calculations, which are made in USD, are per tonne for a full cargo for the standard vessel based upon a round voyage from loading port or ports to discharging port or ports and return to first loading port using the under-mentioned factors. (a) Standard Vessel Total Capacity 75,000 tonnes Average service speed 14.5 knots Bunker Consumption Steaming 55 tonnes per day Purposes other than steaming 100 tonnes per round voyage In port 5 tonnes for each port involved in the voyage Grade of fueloil 380 cst (b) Port Time 4 days for a voyage from one loading port to one discharging port; an additional 12 hours being allowed for each extra port involved on a voyage (c) Fixed Hire Element USD 12,000 per day

WORLDSCALE ROUND VOYAGE: MEDITERRANEAN HANDY CLEAN MARKET

A => B => A

I.E. AGIOI THEODOROI – NOVORROSSISK – AGIOI THEODOROI

OUR GOAL:

B => A >>>>>>> FROM A => B

An Example:

- a/c Vitol 30000mts gasoil novo/agioi (ws130) – 72 hrs shinc – 2.5 pct ttl comms

- a/c Repsol 30000mts naptha cartagena/lavera(ws120)-72 hrs shinc – 2.5 pct comms

THE VESSEL SDWT : 37432 MT SDRAFT : 10.516 M LOA : 175.97 M BEAM : 31.04 M FLAG : MALTA BUILT : JUN 27, 2005 CLASS : LLOYDS REGISTER CUBIC 98 PCT : 42671.6 M3 SLOP 98 PCT : 2024.8 M3 SEGREGATIONS : 7 PUMPS : 12 X 500 CU. METRES/HOUR (SUBMERGED CENTRIFUGAL) 2 X 200 CU. METRES/HOUR (SUBMERGED CENTRIFUGAL) 1 X 100 CU. METRES/HOUR (CENTRIFUGAL) 2 X 70 CU. METRES/HOUR (SUBMERGED CENTRIFUGAL) TPC/TPI : 49.6 MT / 124 LT BCM : 87.965 M KTM : 48.42 M IGS : YES COW : YES SBT/CBT : SBT GRT : 25124 NRT : 9118 CRANES : 1 X 10 MT COATED : 300 MICRON PHENOLIC EPOXY , WHOLE TANK HULL : DOUBLE HULL

30000mts @ ws 130 novorossisk/agioi theodoroi

M/T lucky lady SPEED ECON 12 FULL 12

VOYAGE FROM NOVOROSSISK TO AGIOI THEODOROI

CARGO OF UMS LOAD/DISCH RATE 72 HRS

FROM TO Miles AT SEA IN PORT

ALGIERS NOVO 1865 6,5 2,0

NOVO AGIOI THEODOROI 848 2,9 2,0

0,0

0,0 2,0

Canal/Bunkering call Weather delays 0,1

Off hire/idle

9,5 6,0

Total duration 15,5

30000 Mts Usd 7,7000 per ton 231000 WS $ per day

60 -7280

70 -5829

80 -4378

Gross Income 231000 90 -2927

Less Commission 2,50% 5775 100 -1476

Less Freight tax 0 110 -24

Total Deduction 5775 120 1427

Net Income 225225 130 2878

140 4329

Port charges load 50000 150 5780

160 7232

Port charges discharge 35000 170 8683

180 10134

Bunkering port 190 11585

Canal dues TURKISH STRAITS 10000 200 13036

Extra insurance 210 14487

Loading/delivery costs 220 15939

Miscellaneous 230 17390

Total 95000 240 18841

Bunkers Days tns Total tns US$ p ton US$(total) 250 20292

IFO 260 21743

Ballast (Eco) 0 0 270 23195

Ballast (Full) 6,5 21 136,5 590 80535 280 24646

Ladden 3 22 66 590 38940 290 26097

In port only 25 590 14750 300 27548

Cleaning 0 310 28999

Total 134225 320 30450

330 31902

MDO 340 33353

At sea 3 7 21 900 18900 350 34804

Port 0 0 360 36255

Total 18900 370 37706

390 40609

Total Expenses 248125

Variation 145,1179 Profit/Loss -22900

T/C equivallent -1476

NOVORROSISK/AGIOI THEODOROI FLAT RATE AS PER WS = 7.70 PMT

VOYAGE INCOME FOR 15.5 DAYS DURATION:

30000mts * 7.70pmt * 130 ws (130pct of flat i.e *1.3)=

Usd300300 – 2.50pct brokers commission = usd292792,5

VOYAGE EXPENSES:

Port Costs: usd50k novo, usd35k agioi, usd 10k turkish straits

Bunkers: usd153125

TOTAL VOYAGE EXPENSES : USD248125

= DAILY TIMECHARTER EQUIVALENT = USD2881 PER DAY

30000mts @ ws 120 cartagena/lavera

EASTERN MEDITERRANEAN MARITIME INC

VOYAGE ESTIMATE

M/T LUCKY LADY SPEED ECON 12 FULL 12

VOYAGE FROM CARTAGENA TO LAVERA

CARGO OF NAPTHA LOAD/DISCH RATE 72 HRS

FROM TO Miles AT SEA IN PORT

ALGIERS CARTAGENA 213 0,7 2,0

CARTAGENA LAVERA 460 1,6 2,0

0,0

Canal/Bunkering call Weather delays

Off hire/idle

2,3 4,0

Total duration 6,3

30000 Mts Usd 6,4900 per ton 194700 WS $ per day

60 -7828

70 -4832

80 -1837

Gross Income 194700 90 1159

Less Commission 2,50% 4867,5 100 4155

Less Freight tax 0 110 7151

Total Deduction 4868 120 10146

Net Income 189833 130 13142

140 16138

Port charges load 50000 150 19133

160 22129

Port charges discharge 50000 170 25125

180 28121

Bunkering port 190 31116

Canal dues COFR 200 34112

Extra insurance 210 37108

Loading/delivery costs 220 40103

Miscellaneous 230 43099

Total 100000 240 46095

Bunkers Days tns Total tns US$ p ton US$(total) 250 49091

IFO 260 52086

Ballast (Eco) 0 0 270 55082

Ballast (Full) 21 0 590 0 280 58078

Ladden 2,3 22 50,6 590 29854 290 61073

In port only 25 590 14750 300 64069

Cleaning 0 310 67065

Total 44604 320 70061

330 73056

MDO 340 76052

At sea 3 7 21 900 18900 350 79048

Port 0 0 360 82043

Total 18900 370 85039

390 91031

Total Expenses 163504

Variation 299,5713 Profit/Loss 26329

T/C equivallent 4155

CARTAGENA/LAVERA FLAT RATE AS PER WS = 6,49 PMT

VOYAGE INCOME FOR 6,3 DAYS DURATION:

30000mts * 6,49pmt * 120 ws (120pct of flat i.e *1.2)=

Usd233640 – 2.50pct brokers commission = usd227799

VOYAGE EXPENSES:

Port Costs: usd50k cartagena, usd50k lavera, usd 10k

Bunkers: usd63504

TOTAL VOYAGE EXPENSES : usd163504

= DAILY TIMECHARTER EQUIVALENT = USD10205 PER DAY

Η ΑΠΟΦΑΣΗ THE WORLDSCALE TRICK

- THE HIGHEST WORLDSCALE RATE IS NOT NECESSARILY THE BEST EMPLOYMENT FOR OUR SHIP

- A GOOD BROKER ALWAYS SEEKS TO ‘BEAT’ THE ROUND VOYAGE RATE

= ALWAYS LESS BALLAST MORE LADEN = HIGHER RESULT FOR THE VESSEL.

DECISION IS EASY = usd10205 pd even for less days better than usd 2881 pd !!!

ws 120 VS ws 130 !!

THANK YOU