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Weekly Dry Cargo Review

28th April 2017, Week 17

SLIDE OF THE WEEK B a lt ic D r y In d ic e s s o u rc e : B a lt ic E xc h a n g e

28-A p r 20-A p r C h an g e
Chinese Coal imports in Q1 rose 12mt to 54.6mt yoy. Most of the incremental growth came
from Indonesia (up 7.3mt) and Australia (up 4.5mt) though significantly imports from Russia B DI 1 ,1 0 9 1 ,2 4 3 -134
which were static at 4.2mt in Q1 2015 and 2016 grew by 2.3mt this year to 6.5mt. B CI 1 ,7 7 9 1 ,9 9 1 -212

B PI 1 ,1 8 7 1 ,5 5 3 -366
Russia is the undoubted beneficiary of a sharp reduction in imports from North Korea which
BSI 861 899 -38
fell from 5.5mt in Q1 2016 to 2.7mt this year with no imports at all in March on the back of
heightened tensions over North Koreas nuclear weapons ambitions. B HS I 559 572 -13

HRCI 491 500 -9


(Howe Robinson Research) B TI C le a n 613 660 -47

B TI D ir ty 785 819 -34

H R C I: H o w e R o b in s o n C o n t a in e rs h ip In d e x

B a lt ic T im e c h a r t e r A v e r a g e s
28-A p r 20-A p r C h an g e
China Seaborne Coal Imports B CI 1 3 ,2 8 5 1 4 ,6 6 0 - 1 ,3 7 5
Q117: 56.4mt (+12mt / +26% y-o-y)
B PI 9 ,5 4 1 1 2 ,4 4 8 - 2 ,9 0 7
Total Share Russia
BSI 9 ,6 7 5 1 0 ,0 9 0 -415
25 Q115 Q115 Q115 15%
44.6mt 56.4mt
B HS I 8 ,1 6 6 8 ,3 8 6 -220
45.3mt
C a p :Pm x R a tio 1 .3 9 1 .1 8 0 .2 1

Pm x :S u p R a tio 0 .9 9 1 .2 3 - 0 .2 5
20 12%
B u n k e r P r ic e s Sourc e: Bunk er Spot
Million Tonnes

28-A p r C h an g e
15 9%
R o tte r d a m 380 2 8 5 .5 - 1 1 .5

180 3 1 7 .0 - 1 4 .5
MG O 4 5 1 .0 - 1 5 .5
10 6%
S in g a p o r e 380 3 0 5 .5 - 1 2 .5

180 3 3 0 .0 - 9 .0
5 3%
MG O 4 7 5 .0 - 1 6 .5

C r u d e O il ( U S $ /B a r r e l) - IC E, F T

0 0% 28-A p r C h an g e
Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17
B re n t Cru d e 5 1 .4 4 - 0 .5 2
W TI Cr u d e 5 1 .4 4 - 1 .2 4

NEWS OF THE WEEK W o r ld M a r k e t s S o u rc e s : B lo o m b e rg , R e u t e rs

28-A p r 21-A p r C h an g e

E xc h a n g e R a t e s
Iron Ore - Pilbara operations produced 77.2 million tonnes (Rio Tinto share 63.6 million
U S D - JPY 1 1 1 .3 9 1 0 9 .1 1 2 .2 8
tonnes) in the first quarter of 2017, three per cent lower than the same quarter of 2016. Sales
of 76.7 million tonnes (Rio Tinto share 63.2 million tonnes) were in line with the same period EU R - U S D 1 .0 9 3 1 .0 6 9 0 .0 2 4

of last year. Production and sales were both impacted by significant weather disruptions, G B P- U S D 1 .2 9 5 1 .2 7 8 0 .0 1 7
which resulted in heavy flooding across several sites including the rail network, along with the US D-B RL 3 .1 8 5 3 .1 4 5 0 .0 4 0
suspension of ship loading on a number of occasions. All operations across the mine and
G B P- EU R 1 .1 8 6 1 .1 9 6 - 0 .0 0 9
infrastructure network have now recovered and are operating to plan. Approximately 20 per
cent of sales in the quarter were priced with reference to the prior quarters average index E c o n o m i c In d i c a t o r s

lagged by one month. The remainder was sold either on current quarter average, current Do w Jo n e s 2 0 ,9 8 1 2 0 ,5 7 9 403
month average or on the spot market. Approximately 62 per cent of sales in the quarter were FTS E 1 0 0 7 ,2 2 2 7 ,1 2 1 101
made on a cost and freight (CFR) basis, with the remainder sold free on board (FOB). (Rio Da x 1 2 ,4 4 9 1 2 ,0 2 6 423
Tinto)
Nikke i 1 9 ,1 9 7 1 8 ,6 2 1 576

Ha n g S e n g 2 4 ,6 1 5 2 4 ,0 4 2 573

Baltic Secondhand5yr Old Assessments B a lt ic S & P / D e m o lit io n A s s e s m e n t s Baltic Dry Index


Capesize Panamax
s o u rc e : B a lt ic Supramax
E xc h a n g e 24-A p r 18-A p r C h an g e 2015 2016 2017
1,500
40
5 yr O l d R a te s ( U S D m )

30 C a p e s iz e 3 2 .5 7 3 2 .4 4 0 .1 3
Million US$

1,000
Pa n a m a x 1 9 .7 0 1 9 .3 6 0 .3 4
Index Value

20
S upramax 1 7 .0 1 1 6 .6 9 0 .3 2
500
10 D e m o l i ti o n U S D /l td

D e l C h in a 2 6 3 .5 0 2 6 7 .4 0 - 3 .9 0
0
Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 0
De l S u b c o n t 3 7 5 .5 0 3 8 0 .4 0 - 4 .9 0
Jan Apr Jul Oct
Weekly Dry Cargo Review
28th April 2017, Week 17

Capesize Commentary B a lt ic C a p e s iz e In d ic e s

V o ya g e U S D /to n n e 28-A p r 20-A p r C h an g e

C 2 Tu b /R o tt 6 .3 7 6 .9 0 - 0 .5 3

C 3 Tu b /Q in g d a o 1 3 .8 3 1 3 .8 3 - 0 .0 0
The BCI ended the week at 1779 down 51 on the close the previous week whilst the Average C 4 R 'B a y /R o tt 6 .1 8 7 .0 1 - 0 .8 3
of the 5 TC routes ended the week at 13285 down 84 on the previous weeks close.
C 5 W A u s /Q in g d a o 6 .0 8 6 .0 8 - 0 .0 1

C 7 B o l/R o tt 7 .3 0 8 .1 1 - 0 .8 1
Volume on the benchmark C5 West Australia increased this week but the rates being fixed
remained relatively flat and a significant number of Owners ignored the Australian routes and C 1 5 R 'b a y /C h in a 9 .7 4 1 0 .2 0 - 0 .4 5
set their tonnage on a ballast towards hopefully more buoyant rates out of South Africa and T i m e c h a r te r U S D /d a y
the Atlantic in coming weeks. Cargo volume out of Brazil for end April and first half of May
C 8 TA R V 1 2 ,7 7 7 1 5 ,6 9 1 - 2 ,9 1 4
dates remained limited with spot ships facing subdued rates. There were a number of fixtures
out of East coast United States and East coast Canada to the Far East but the Trans-Atlantic C 9 Tr ip O u t 2 5 ,1 1 7 2 7 ,1 0 4 - 1 ,9 8 7

routes remained subdued. C 1 0 N O PA C 1 3 ,1 2 3 1 3 ,4 6 9 -346

C 1 4 C h in a /B r z R V 1 2 ,8 7 1 1 3 ,3 9 6 -525
Reported fixtures on the Brazil/China C3 route included a rate of $12.85 pmt reported for a C 1 6 Tr ip B a c k 3 ,6 1 7 5 ,0 6 3 - 1 ,4 4 6
170/10 cargo Scale/30,000 shinc for 1-10 May dates although this was considered to be be-
low market levels as the vessel had been released by the initial charterers for reasons of force B a lt ic F F A A s s e s s m e n t s

majeure. 28-A p r C h an g e

C a p e si z e
On the Pepel/Qingdao route a 170/10 20,000shinc/30,000shinc cargo loading 22-24 May was TC A v g Q217 1 4 ,4 1 5 1 ,0 9 8
reported fixed at a rate of $14.50 May basis 1.25% total commission. A 110-130,000/10 Seven
Q317 1 5 ,6 0 3 1 ,2 0 3
Islands opt Port Cartier/Kaohsiung cargo 60,000 shinc/38,000 shinc terms loading 13-22 May
was reported fixed at a rate of $19.90pmt. Ca l 2 0 1 8 1 4 ,8 1 5 842

Ca l 2 0 1 9 1 4 ,6 5 0 545
On the C5 West Australia /Qingdao route a vessel was reported to have been fixed for a 12 m t h ( i m p l ) 1 5 ,6 8 1 2 ,5 9 5
170/10 Scale/30,000 shinc cargo with an eta in West Australia 09-13 May at a rate of
C4 Ja n 1 8 6 .7 8 0 .0 2
$6.30pmt. A number of fixtures for similar cargoes loading second week May were reported
concluded at levels between $6.05 and $6.15 during the latter part of the week. Sailing drafts Ca l 2 0 1 8 6 .8 4 0 .0 5

available at key West Australian loading berths played a significant part in determining the Ca l 2 0 1 9 6 .9 3 0 .0 5
freight rates, Charterers were willing to pay and this remains a key factor to consider on this C7 Ja n 1 8 7 .8 7 - 0 .0 3
trade route. Ca l 2 0 1 8 8 .0 4 0 .0 4

Ca l 2 0 1 9 8 .1 3 0 .0 5
On the Saldanha Bay/Qingdao route a 160/10 Scale/30,000 shinc cargo with a 09-14 May
laycan was fixed at a reported rate of $10.05pmt. Q2 (17) Cal 18

15
An indicative time-charter fixture in the Pacific was a 179,492 dwt vessel built 2014 giving de-
livery Baoshan 28-30 April which was reported fixed for a trip via West Australia with redeliv-
13
ery Singapore-Japan range at a rate of $16,000 (with an option of East Australia loading at
$16,250 per day).
'000 $/day

11

The trans-Atlantic route saw a 178,076 dwt vessel built 2010 giving delivery Nouadhibou 14- 9
20 May reported fixed for a trip with redelivery Taranto at $10,500 per day + $215,000 gross
ballast bonus. 7

In the period market a 177,773 dwt 2010 built vessel giving retro-active delivery Chang Jiang 5
Kou 23 April was reported fixed for min 6 up to max 8 months at a rate of $14,450 per day. May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17

C o m m o d it y P r ic e s

28-A p r 21-A p r C h an g e

Ir o n O r e - C h i n a

Po r t S to c kp ile ( m t) 1 3 3 .3 3 1 3 1 .3 5 1 .9 8

D o m e st i c O r e P r i c e ( U S $ /T ) - U m e t a l

Ta n g s h a n (F e 6 6 % ) 8 5 .3 8 5 .3 0 .0 1
Vessels Waiting at Ports source: Howe Robinson/ISS/Gem Shipping
C h i n a Ir o n O r e P r i c e C F R ( U S $ /T ) - F IS
Vessels Waiting by Sectors Total Vessels Waiting
TS I(F e 6 2 % )T ia n jin 6 6 .4 6 3 .8 2 .7
28/04/17 28/04/17 28/04/17 28/04/17 21/04/17 Change
Pla tts (F e 6 2 % )Q d a o 6 6 .2 6 5 .1 1 .1
Others Panamax Capesize Total Total Total
Australian Coal (Load) 3 41 60 104 124 -20 S t e e l - C R U S t e e l P r i c e s In d e x

Australian Ore (Load) 0 4 11 15 27 -12 N o r th A m e r ic a 1 9 0 .1 1 9 0 .1 0 .0

Brazilian Ore (Load) 0 1 27 28 27 1 Eu r o p e 1 5 7 .0 1 5 7 .0 0 .0

Chinese Ore (Discharge) 11 10 21 42 41 1 A s ia 1 9 0 .8 1 9 0 .8 0 .0


Weekly Dry Cargo Review
28th April 2017, Week 17

Panamax Commentary
P a n a m a x In d ic e s

H o w e R o b i n s o n G r a i n V o y a g e ( U S $ /t) 6 0 ,0 0 0 /1 0 - W e e k 1 6

B id Offer

U S G / N .C h in a 4 0 .0 0 4 1 .0 0
Atlantic N o Pa c / N .C h in a 1 8 .2 5 1 9 .2 5

S a n to s / R iz h a o 2 8 .5 0 2 9 .5 0
We experienced another disappointing week in the Atlantic. Hopes for improvement on rates
were shattered as the North Atlantic TA suffered from an acute imbalance of Mineral Require- 28-A p r 20-A p r C h an g e
ment and tonnage. More spot/prompt ships opened in both the Cont and W.Med forced own- B a l ti c T i m e c h a r te r U S D /d a y
ers to gradually put down their numbers. At the beginning of the week, offers for Lme's P1 A T A R V 9 ,1 9 4 1 4 ,0 2 5 - 4 ,8 3 1
dropped below 10,000 p/d basis Gibraltar with charterers happy to sit back and continuously P2 A T r ip O u t 1 5 ,0 6 1 1 9 ,1 5 9 - 4 ,0 9 8
bid below last done rates. The Baltic Round suffered from the same fate with ships rapidly P3 A N O PA C 9 ,4 4 7 1 1 ,5 3 4 - 2 ,0 8 7
trading sub 10,000 p/d and a longer tonnage list forcing many Owners to reconsider their op- P4 T r ip B a c k 4 ,4 6 0 5 ,0 7 5 -615
tions. Fronthaul levels basis Continent also slipped as the bid on standard Lme's dropped from B a lt ic F F A A s s e s s m e n t s
$16,000 to $14,000 p/d and then below as rumours of a 74k dwt vessel fixing emerged at
28-A p r C h an g e
$13,500.
Panam ax
Down South, the week also started with a lack of momentum with most charterers looking for TC A v g Q217 9 ,0 1 8 - 1 ,5 9 4
tonnage giving 2nd Half May arrival. A longer list of ballasters prompted the keenest ships to Q317 9 ,0 2 3 -237
reduce their asking levels and charterers were happy to sit back and wait. Voyage levels came
Ca l 2 0 1 8 8 ,9 8 8 -175
off in the region of $1.00 - $1.50 p/mt before charterers started showing interest in fronthaul
tonnage. More activity was reported towards mid/end week with good spec Kamsarmaxes Ca l 2 0 1 9 9 ,0 1 0 -295

fixing APS Brazil in the region of $11,500 + $500,000. 12 m t h ( i m p l ) 9 ,0 8 7 -156

Q2 (17) Cal 18
13
Pacific & Period

After a very slow end to last week with Charterers leaving spot cargoes to fix, we saw some 11

high rates being concluded on eco Kamsarmaxes in the beginning of the week. It was inevita-

'000 $/day
ble though that tonnage lists were accumulating compared to fresh cargoes. Suddenly it was-
9
nt a given anymore that vessels in the south will ballast unless they saw huge premiums for
Pacific RVs. NoPac rates were reported as high as $13,000 on very eco and spot Kam-
sarmaxes in Korea in the beginning of the week, and now high $10,000s are being fixed for 7
end may laycans. Indo RVs have been fixed as low as high $7,000s but from CJK, equating to
low $9,000s for ships in South China for 25 days duration. The Post-Panamax market has
also dropped but does not seem as significant as on the Panamaxes due to a continuous de- 5
May-16 Aug-16 Nov-16 Feb-17
scent of the Cape market. We have seen very little on the period market as Charterers are
expecting a negative market again next week, hence the spread seems to be $500-1,000 be- C o m m o d it y P r ic e s
tween ideas.
28-A p r 21-A p r C h an g e

C o a l - M c C l o sk e y C o a l P r i c e
R ic h a r d s B a y 7 4 .6 7 6 .7 - 2 .1

N e w c a s tle 8 2 .7 8 2 .7 0 .0

A RA 7 4 .6 7 4 .6 - 0 .1

G r a i n ( $ /m e t r i c t o n n e ) C B T

Soy beans 3 5 1 .5 3 5 2 .4 - 0 .8

W heat 1 5 9 .1 1 5 5 .0 4 .1

HRP 1 Y r P e r io d ( US D/d a y )
28-A p r 21-A p r C h an g e

D e l F a r E a st

Ultr a m a x 1 0 ,7 5 0 1 0 ,8 0 0 -50

K a ms a rma x 1 1 ,0 0 0 1 1 ,5 0 0 -500

1 8 0 ' Ca p e 1 4 ,4 5 0 1 4 ,2 5 0 200

Vessels Waiting at Ports source: Howe Robinson Research / ISS / Shipping Services / Williams
Vessels Waiting by Sectors Total Vessels Waiting
28/04/17 28/04/17 28/04/17 21/04/17 Change
Handy/Supra Panamax Total Total Total
Brazilian Grain 8 25 33 38 -5
Paranagua 1 2 3 4 -1
Santos 2 11 13 14 -1
Tubarao 0 0 0 1 -1
Rio Grande 3 4 7 6 1
Argentinian Grain 21 18 39 15 24
Up River 17 12 29 12 17
Bahia Blanca 3 5 8 1 7
Weekly Dry Cargo Review
28th April 2017, Week 17

Supramax and Handysize Commentary B a lt ic S u p r a m a x In d ic e s

T i m e c h a r te r U S D /d a y 28-A p r 20-A p r C h an g e

Smax S 1 B M e d /FE 1 6 ,2 5 0 1 6 ,5 0 3 -253

Supramax S 1 C U S G /FE 2 0 ,5 5 6 2 1 ,2 1 7 -661

S 2 PA C R V 8 ,2 5 7 8 ,9 2 1 -664
In the East the market has continued to soften this week and it was noticeable how many Oper-
S 3 N C h in a /W a f r 4 ,6 9 0 5 ,0 4 0 -350
ators were reluctantly using their own tonnage against their own cargoes when ships were not
Handysize
on an ideal positions for the cargo, such were the struggles to see the numbers they needed to S 4 a U S G /S ka w 1 4 ,9 6 6 1 5 ,3 5 6 -390

fix out. As a result, there was very little period enquiry and rates softened by about $1,000- S 4 b S ka w /U S G 7 ,7 3 4 7 ,6 2 5 109
''Leasson
1,500 leaving vareywell
carefully,
described I shall
Supraszayytrading
ziss only vernts''.
around This week
$9-9,500 we lostatthe
and Ultras actor Gordon
$10-10,500. For S 5 W A f r /EC S A /FE 1 3 ,8 5 7 1 4 ,3 6 1 -504
Kaye who
shorter played
round Renewe
voyages theheard
cafe owner
last done in the
for greatest
NoPac RV everwasBBC comedy
$8,000 DOPexport
Korea'Allo 'Allo. The
for Supramax S 8 PR C /In d o /EC In d ia 8 ,6 6 9 9 ,1 0 0 -431
first
and sentence
low 9's bss above
Japan.was In said to himthe
the south every
numberepisode by thecoal
of prompt enigmatic
stems were and sultry
limited,Michelle
for thefrom
ma-
S 9 W a f r /EC S A /S ka w 1 0 ,1 8 9 1 0 ,6 8 9 -500
'La Resistance'.
jority of the OperatorsThe words who hadring vessels
true andinshould be made
position the one thing
sure you get every
to nominate themweek for ownfrombusi-
our
HandyFinally
ness. marketforreport - we have
backhaul, shipsawere validtrading
and powerful
around message
$3,500 to to USG impart!
and This week,
low 4's fewer peo-
to Med. S 1 0 PR C /In d o /EC In d ia 8 ,2 6 7 8 ,6 5 0 -383
ple will read it as we have had a seasonal cull of our recipients - if you get this report, and both-
er to read
There has this
been fara-general
you aresoftening
one of shipping's
tone across blessed people! this week. The USG this week has
the Atlantic B a lt ic H a n d y s iz e In d ic e s
been difficult to judge with rates TA and FH rates apparently heading in differing directions, for
T i m e c h a r te r U S D /d a y 28-A p r 20-A p r C h an g e
It's the
the FH middle of January,
rates have the northern
held relatively steady, hemisphere
as Ownersis needed
cold dark and dull and there
encouragement are no excit-
for heading east,
ing messages
whilst for the TA to rates
imparthaveother than that
indeed this isFor
softened. theFHworst this year
we heard will get!
rumours of aChinese
Tess 58k New dwtYear
fix- H S 1 S ka w /R io 7 ,2 7 5 7 ,1 7 7 98
holidays kickedtooff,
ing at $20,000 goand
east,most Asian
whilst Charterers
$12,500 are being done
was reportedly relaxed as the
to the Med. market is still in
The ECSA their
market H S 2 S ka w /B o s to n 7 ,1 8 8 7 ,0 9 6 92
favour.
has shownOwners
signsthere have to make
of weakness. Rates decisions
for ECSA/W.Afr on what to doslipped
cargos with their into spot ships. Some
the mid-low $16,000swill H S 3 R io /S ka w 1 2 ,1 3 3 1 2 ,7 6 1 -628
lower theirfor
and rates aiming a bit toseemed
fronthauls cover, someto slipmay ballast
across the to betterwith
board, paying
Ultrasareas. We heard
offering $14,000 a couple
+ $400k of
H S 4 U S G /S ka w 9 ,2 5 7 9 ,3 3 6 -79
big Handies,
and Supras at35-38k$13,500 Dwt, fixing NoPac
+ $350k. With a RV at $4,000
decent number basis Japan
of ships stilldelivery.
in ballastTripanddown
variousSE Asia
holi-
at around H S 5 S E A s ia /A u s /Ja p 7 ,5 5 0 7 ,8 4 3 -293
days next $4-5,000
week, there depends
is concernon spec
that and
ratesposition.
could slipRates haven't fallen further and are general-
further
ly maintaining compared to last week. For vessels which open after CNY, most Owners would H S 6 N O PA C R V 7 ,1 8 6 7 ,5 1 4 -328
choose to wait. In the Atlantic, the focus is on the North which is soft seasonally. ECSA is soft- B a lt ic FFA A s s e s s m e n t s
er, USG is stable, the Med remains OK. But January is the darkest hour in the Atlantic, so it
Handysize 28-A p r 20-A p r C h an g e
should be grim. The main news is that the Handysize deliveries and newbuildings are bal-
Su p ra m a x
anced, we are less
The Handysize marketthanis3starting
years from Jan 2020the
to resemble when emissions
ambiguity of theregs kicktrailers
latest in and,ofwith Gamesballast
of
water
Thrones. treatment also impacting on the fleet, we want to celebrate the year of the rooster with TC A v g Q 2 1 7 8 ,6 9 3 9 ,2 6 7 -574

optimism
Is the winter for an improving
coming and trend
we will in see
the market.
the rates collapse... or maybe hope still exists and the Q317 8 ,5 3 0 8 ,7 8 5 -255

market gets back into flames as Daenerys Targaryen is hoping to do in King's Landing with her Ca l 2 0 1 8 8 ,7 6 0 8 ,8 7 5 -115
This is Nighthawk, signing out.
dragons? Ca l 2 0 1 9 9 ,0 3 0 9 ,2 3 5 -205
For sure, the market for the Handys has calmed down over the course of this week and all 12 m t h ( im p l) 8 ,5 4 0 8 ,6 2 1 -81
routes are now dropping.
H a n d y si z e

Basis Mediterranean delivery short period is about $8,000 now with Atlantic redelivery, but it TC A v g Q 2 1 7 7 ,4 5 6 7 ,7 1 7 -261

would not be surprising if that number will get into the range of $7,000s over the course of next Q317 7 ,1 7 1 7 ,2 3 8 -67
week due to an expected slow start to the week due to Labour Day holiday at many places. Ca l 2 0 1 8 7 ,2 8 8 7 ,2 7 5 13
Furthermore, with the market dropping some Charterers seem to be holding back their cargoes
Ca l 2 0 1 9 7 ,4 8 1 7 ,5 1 9 -38
hoping for cheaper freight, additionally enhancing the current status of the market.
12 m t h ( im p l) 7 ,1 9 3 7 ,2 4 5 -52

Supramax Cal 18 Handysize Cal 18


10

8
'000 $/day

5
May-16 Aug-16 Nov-16 Feb-17

DRY CARGO CHARTERING


London +44 20 7488 3444 Singapore +65 6506 1910 Capesize: hrs.cape@howerobinson.com Projects hrs.proj@howerobinson.com
Hamburg +49 40 2263 0830 Hong Kong +852 3555 1000 Panamax: hrs.pmx@howerobinson.com Research hrs.research@howerobinson.com
Shanghai +86 21 2310 0188 Tokyo +813 3583 9768 Handy/max: hrs.hdy@howerobinson.com Operations hrs.opsldn@howerobinson.com
Dry Cargo S&P: snp@howerobinson.com hrs.opsfeast@howerobinson.com

Howe Robinson Partners 2017.

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