Market Report

Former Reports:

Container update 18th January, 2006

The charter market was fairly inactive in recent weeks due to recent holiday period. In our last report in December 2005, we were able to report 26 fixtures in excess of 1000 TEU nominal, however, now we are now down to 16 fixtures. We don't expect the market to revive before mid/end february when the Chinese etc. returning from their New Years' holidays. The period following Chinese New Year will be crucial in determining the furture direction of the market.

In excess of 2000teu, the 2800 teu Cimbria provided the most interest. It was reported for 24 months at usd 22200 per day, which is some USD 400 more what she had fixed with CMA before the deal eventually failed. Although a number of geared vessels remain open for 1st half 2006, we are still of the opinion that geared ships will continue to be of more demand than their gearless counterparts.

In the medium segment between 1300 and 1900 TEU we have seen a couple of extensions. The Elbe Trader or the Hansa Commodore were reported fixed more or less in line with last done for a similar size.

Around 1000 TEU activity picked up in comparison to the other segments, however at the same time the t/c rates were seemingly most under pressure. This was primarily due to there being a number of prompt ships available - three similar sized newbuildings of 1100-1300teu were all available December 2005 dates. The most interesting fixtures were the Mito Strait which has been fixed by Delphis for a period of 5 yrs at USD 12,000 which is some USD 500 below last done for a sistervessel and the two Cape F Types that were fixed at around USD 13,500 for 12 respectively 20 months to MOSK and HMM.

FIXTURES

Gearless

Santa Cristina '01	opt PONL
45,500 dwt 3400 teu (2325 at 14ts) 800 reefers / 23,5kn on 113,0ts opt 12 mos feast trade	22,000

Cimbria '02	MOSK
39,358 dwt 2826 teu (2020 at 14ts) 554 reefers / 24,0kn on 95,0ts 26-28 mos ww trade	22,200

Bahamian Express '00	Hanjin
21,420 dwt 1679 teu (1230 at 14ts) 194 reefers / 21,0kn on 61,0ts 15 mos feast trade	15,750

Cape Flores '05	MOL
16,500 dwt 1200 teu (870 at 14ts) 150 reefers 19,0kn on 41,0ts 12 mos feast trade	13,500

Cape Fraser '05	HMM
16,500 dwt 1200 teu (870 at 14ts) 150 reefers / 19,0kn on 41,0ts 19-21 mos feast trade	13,500

Mito Strait '06	Delphi
13,950 dwt 1118 teu (700 at 14ts) 220 reefers /19,5kn on 36,0ts 5 yrs ww trade	12,000

Harmony '85	Samudera
13,538 dwt 1022 teu (700 at 14ts) 82 reefers / 17,0kn on 28,0ts 2 mos feast trade - relet	10,600

Dongtai Pearl '85	Farglory
13,346 dwt 1022 teu (700 at 14ts) 50 reefers / 16,5kn on 30,0ts 6 mos feast trade	9,250

Geared

Wotan '01	Maersk Sealand
33,795 dwt 2526 teu (1950 at 14ts) 320 reefers / 22,0kn on 74,0ts abt 70-80 days feast trade (relet fm evergreen)	23,000

Santa Alexandra '00	opt PONL
32,391 dwt 2500 teu (1700 at 14ts) 300 reefers / 22,0kn on 86,0ts opt 12 mos cont trade	18,600

Andalusia '01	opt SCL
30,705 dwt 2262 teu (1744 at 14ts) 435 reefers / 21,7kn on 85,5ts opt 12 mos wafrica trade	private

Hansa Commodore '97	ext Hanjin
21,480 dwt 1645 teu (1180 at 14ts) 120 reefers / 19,0kn on 49,0ts ext 12 mos usec/ecsa trade	19,200

Elbe Trader '94	ext DAL
22,525 dwt 1608 teu (1124 at 14ts) 200 reefers / 21,0kn on 60,0ts ext 12 mos Cont / Eafrica trade	19,750

Suederoog '06	Maersk Sealand
16,920 dwt 1304 teu (850 at 14ts) 250 reefers / 19,5kn on 45,0ts 6 opt 12 mos samerica trade	13,800 (opt rate: usd 15,500)

Genevieve '98	CMA CGM
9950 dwt 951 teu (585 at 14ts) 216 reefers / 18,0kn on 34,0ts 16-20 mos caribs trade	11,000

This report reflects information given in good faith to the best of our knowledge, but without guarantee.