Clarksons Platou Futures Limited

FFA Report 25 April 2017

Indices BDI BCI BPI BSI BSHI SCFI TSIO62

Index 1154 1767 1371 887 577 990.97 61.6
Day Change -16 -13 -58 -5 0 -21 +1

BCI Cape Bid Offer Mid Chng Route 7 Mid Route 4 Mid
2 Tub-Rotterdam 6.33 -0.030 Apr 17 15000 15150 15,075 0 Apr 17 7.95 8.35 8.15 7 7.40 7.2
3 Tub-China 13.39 +0.046 May 17 14000 14300 14,150 +350 May 17 7.6 8 7.8 6.7 7.10 6.9
4 Rbay-Rdam 6.48 -0.018 Jun 17 15400 15600 15,500 +625 Q2 17 7.7 8.1 7.9 6.8 7.20 7
5 WAus-China 6.16 +0.025 Q3 17 15850 16000 15,925 +475 Jun 17 7.8 8.2 8 6.8 7.20 7
7 Bolivar-Rdam 7.51 +0.019 Q4 17 17600 17700 17,650 +525 Jul 17 7.9 8.3 8.1 6.85 7.25 7.05
8 T/A Round 12,777 -64 Cal 18 14950 15050 15,000 +475 Aug 17 8 8.4 8.2 6.9 7.30 7.1
9 Trip F.East 23,496 -217 Cal 19 14650 14900 14,775 +300 Q3 17 8.00 8.40 8.2 6.90 7.30 7.1
10 No-Pac Round 12,704 -38 Cal 20 14650 14900 14,775 +200 Sep 17 8.10 8.50 8.3 6.95 7.35 7.15
14 China-Brazil 12,404 -54 Q4 17 8.30 8.70 8.5 7.40 7.80 7.6
16 Backhaul 3,767 -121 Q1 18 7.30 7.70 7.5 6.30 6.70 6.5
BCI 4TC Index 11,815 -81 MTD 14,445 YTD 10,930 MTD 8.31 7.32

BCI 5TC Index 12,879 -81 MTD 15,509 YTD 11,994

BPI Pmax Bid Offer Mid Chng 3a Mid 2a Mid
1a Transatlantic R/V 11,294 -881 Apr 17 11,800 12,000 11,900 -100 Apr 17 10,500 11,000 10,750 18,500 19,000 18,750
2a Trip East 17,205 -545 May 17 10,200 10,300 10,250 -200 May 17 9,500 10,000 9,750 17,250 17,750 17,500
3a Pacific R/V 10,684 -314 Jun 17 9,700 9,900 9,800 0 Q2 17 9,750 10,250 10,000 17,250 17,750 17,500
4 Trip Atlantic 4,855 -97 Q3 17 9,550 9,650 9,600 -100 Jun 17 9,000 9,500 9,250 16,000 16,500 16,250
Q4 17 10,250 10,450 10,350 -25
Cal 18 9,300 9,400 9,350 +75
Cal 19 9,250 9,400 9,325 -50
Ave. TC 11,010 -459 MTD 11,874 YTD 8,966 MTD 11,148 18,338

BSI 58 Supra Bid Offer Mid Chng Handy Bid Offer Mid Chng
1b Canakkale trip 16,478 -31 Apr 17 9,300 9,400 9,350 0 Apr 17 8,000 8,200 8,100 0
1c USG trip 21,414 -19 May 17 9,150 9,350 9,250 +250 May 17 7,500 7,800 7,650 -75
2 Transpacific R/V 8,671 -115 Jun 17 9,000 9,100 9,050 +175 Jun 17 7,400 7,600 7,500 0
3 Far East Cont 4,880 -40 Q3 17 8,900 9,000 8,950 -125 Q3 17 7,100 7,400 7,250 0
4a USG Cont 15,550 +56 Q4 17 9,150 9,250 9,200 -25 Q4 17 7,650 7,850 7,750 0
4b Cont USG 7,788 +66 Cal 18 8,800 8,950 8,875 -25 Cal 18 7,250 7,400 7,325 0
5 WAF v ECSA / FE 14,271 -86 Cal 19 9,150 9,300 9,225 0 Cal 19 7,450 7,750 7,600 0
8 Indonesia EC India 8,829 -96 Cal 20 9,350 9,500 9,425 0 Cal 20 7,600 7,800 7,700 0
9 W.Africa Skaw 10,557 -82
10 Indonesia Sth China 8,425 -58

Ave. 10TC 9,978 -51 MTD 9,920 YTD 8,398 MTD 8,175
Ave. 6TC 9,737 -29 MTD 9,367

Contacts Dry Freight Derivatives

Clarksons Platou Futures Limited London: Singapore:
Alex Gray
Commodity Quay Henry van Damme
St. Katharine Docks James Fulker
London Andrew Hill Tel +65 6654 8456
E1W 1BF Vassilis Karakoulakis
Nick Kemp
Robert Mackay
Tel +44 (0) 20 7334 3151 Vivek Naphray
Fax +44 (0) 87 0460 1511 Harry Rodney
csl@clarksons.com
Clarksons Platou Futures Limited
FFA Report 25 April 2017

BHSI Sprds Cape/Pmax Mid Chng Pmax/Smax Mid Chng Smax/Handy

1 Cont - S. America 7,415 +55 Apr 17 2,050 2,600 2,325 -50 2,400 2,700 2,550 -100
2 Cont - N. America 7,358 +41 May 17 850 1,150 1,000 -450
3 S. America - Cont 12,933 +5 Jun 17 600 900 750 -175
4 USG/NCSA - Cont 9,475 -4 Q3 17 3,250 3,800 3,525 -1,125 550 750 650 +25
5 SEASIA / AUS - SJ 7,782 -22 Q4 17 4,725 5,300 5,013 -500 1,000 1,300 1,150 0
6 S.Korea / NOPAC 7,425 -25 Cal 18 3,250 3,750 3,500 -625 350 600 475 +100
Cal 19 3,025 3,650 3,338 -625.0 -50 250 100 -50
Ave. Tc 8,449 +0

Iron Ore 62 Bid Ask Mid Chng

Apr 17 68 70 69.0 0.0
May 17 60 60 60.2 0.0
Q2 17 62 62 62.4 0.0

Jun 17 59 59 59.1 0.0

Jul 17 58 59 58.4 0.0
Q3 17 58 58 57.8 0.0
Q4 17 56 56 56.0 0.0
Q1 18 54 55 54.5 0.0
Cal 18 52 53 52.5 0.0
MTD 0

Contacts Dry Freight Derivatives

Clarksons Platou Futures Limited London: Singapore:
Commodity Quay Alex Gray Henry van Damme
St. Katharine Docks James Fulker
London Andrew Hill Tel +65 6654 8456
E1W 1BF Vassilis Karakoulakis
Nick Kemp
Robert Mackay
Tel +44 (0) 20 7334 3151 Vivek Naphray
Fax +44 (0) 87 0460 1511 Harry Rodney
Clarksons Platou Futures Limited
FFA Report 25 April 2017

News Comment
(Reuters) China's coal imports from Russia jumped to their highest in nearly three years in March, customs data showed on Tuesday, as the world's top buyer
turned to alternative suppliers following its ban on imports from North Korea in February.

Arrivals from Russia gained 19.5 percent to 2.3 million tons, the highest monthly total since June 2014, data from the General Administration of Customs
showed on Tuesday.

North Korea shipped zero coal last month, it said, in line with comments from customs earlier this month. A year ago, China imported 2.38 million tonnes of
coal from the country.

The data showed a big jump from February by other major importers, Australia, Mongolia and Indonesia, reflecting a shift in trade routes after China's
sudden decision to ban all coal imports from its reclusive neighbor.

That followed repeated missile tests by Pyongyang that drew international criticism.

Overall coal imports rose, amid strong demand from steel mills, where output climbed to a record last month, and rallying domestic coking coal prices.

The higher steel output has raised more concerns about metallurgical coal supply after China banned high-quality anthracite imports from North Korea that
are typically used for steel making.

Cape Comment

Another sharp move up on Capes where there was more an anticipation of an improving spot market than much heard in terms of fixtures.
The curve closed slightly better offered on the day with most of the market staying focused on spot physical & whether the gains are
sustainable. Highs for the day were May $14,400, Q3 $16,000 and Cal18 $15,000.

Panamax Comment
Pmax FFAs held pretty flat for the day with a slight uptick in the morning and slight drift during the afternoon. May traded between
10300-10500, June 9800-9900, Q3 9650-9800 and C18 at $9400. Another index drop of nearly $500 brings it to $11,010 (15% drop
from the high of just over $13k at the end of last week).

Supramax Comment

The Smx was a tale of two halves today as the front end opened well supported with the May trading early on at $9250.
However the later periods on the curve remained well offered throughout the day after the Q4 was traded at $9300 to close
on a quieter note.

Contacts Dry Freight Derivatives

Clarksons Platou Futures Limited London: Singapore:
Commodity Quay Alex Gray Henry van Damme
St. Katharine Docks James Fulker
London Andrew Hill Tel +65 6654 8456
E1W 1BF Vassilis Karakoulakis
Nick Kemp
Robert Mackay
Tel +44 (0) 20 7334 3151 Vivek Naphray
Fax +44 (0) 87 0460 1511 Harry Rodney
csl@clarksons.com
www.clarksons.com

Page 3 / 4
Clarksons Platou Futures Limited
FFA Report 25 April 2017

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Contacts Dry Freight Derivatives

Clarksons Platou Futures Limited London: Singapore:
Commodity Quay Alex Gray Henry van Damme
St. Katharine Docks James Fulker
London Andrew Hill Tel +65 6654 8456
E1W 1BF Vassilis Karakoulakis
Nick Kemp
Robert Mackay
Tel +44 (0) 20 7334 3151 Vivek Naphray
Fax +44 (0) 87 0460 1511 Harry Rodney
csl@clarksons.com
www.clarksons.com

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