Market Report

Former Reports:

Container update 28th February, 2006

Charter market activity did pick up after the Asian Lunar holidays, however not as much as many commentators expected. Mixed signals are evident on the market with some fixtures offering hope for a stabilization in rates, whereas other fixtures indicate a further weakening. Many of these differences were sector / size specifc as you will read below. A focal point of alarm for the more pessimistic commentators was the news that GWSC will cease to operate. A one off or the start of things to come? A negative factor no doubt, but some expressed optimism at the relative ease at which the suddenly available tonnage was absorbed, albeit at drastically lower rates for the prompter, lesser specification ships.

Above 2000 TEU ZIM, CMA and MSC were the most active Charterers by fixing a handful of ships each in the 2500/2700 TEU size. Charter rates for these ships are ranging between usd 21,000 and 23,000 for 2 years' periods. A further interesting deal was the Seaspan purchase of two 3500 TEU Newbuildings combined with a reported 12 years charter to COSCO at USD 19,000 only.

Activity in the 1300 to 1900 TEU sizes remained slow and rates seemingly came under a little more pressure, especially those open in the Far East during the Asian holiday periods. For example reported that the Hansa Stavanger fixed 3 months at USD 16,500 for Account Samudera. Geared vessels that were open in the Atlantic basin had it a bit easier - the Newbuildings Viona and Helle Ritscher for instance both joined the SAECS service for 18 months at rates of USD 19,850.

The 1000teu sizes was the most active sector especially for Geared tonnage and rates generally remained stable. The Steindeich for example was able to secure a good rate of USD 14,750 net for 12 months with COSCO. Further evidence was provided with the rate and slightly longer period of the Pac Aquila to OOCL at USD 13,750 for a period of 18 months.

FIXTURES

Gearless

Seaspan N/B 1 ex Zhejiang Shipyard Feb '07	COSCO
42,000 dwt 3534 teu (2353 at 14ts) 500 reefers / 24,5kn on 133,0ts 12 years ww trade	19,000

Seaspan N/B 2 ex Zhejiang Shipyard Feb '07	COSCO
42,000 dwt 3534 teu (2353 at 14ts) 500 reefers / 24,5kn on 133,0ts 12 years ww trade	19,000

Kobe '86	ext MSC
43,066 dwt 3074 teu (2210 at 14ts) 153 reefers / 22,0kn on 92,0ts ext 24 mos ww trade	19,000

Keelung '86	ext MSC
43,293 dwt 3032 teu (2450 at 14ts) 153 reefers / 22,0kn on 92,0ts ext 24 mos ww trade	19,000

EOS 1 '96	ZIM
35,031 dwt 2908 teu (2040 at 14ts) 285 reefers / 22,0kn on 90,0ts 5 yrs ww trade	21,350

Sils '03	COSCO
39,386 dwt 2826 teu (2020 at 14ts) 554 reefers / 24,0kn on 95,0ts 5 yrs ww trade	21,000

Irenes Rainbow '06	NYK
39,500 dwt 2826 teu (2020 at 14ts) 600 reefers / 24,0kn on 95,0ts 24 mos ww trade	23,250

Cape Mollini \'06	CMA CGM
37,800 dwt 2742 teu (2115 at 14ts) 400 reefers / 22,0kn on 88,0ts 12 mos ww trade	22,500

N/B Westertal '06	CMA CGM
39,300 dwt 2732 teu (2267 at 14ts) 500 reefers / 22,0kn on 85,5ts 24 mos ww trade	22,150 net

N/B Conti Emden '06	ZIM
37,900 dwt 2702 teu (2095 at 14ts) 500 reefers / 21,7kn on 88,0ts 2 yrs ww trade	22,000

N/B Nordwoge '06	Seacon
34,800 dwt 2600 teu (1860 at 14ts) 600 reefers / 22,0kn on 89,5ts abt 1,5 mos feast trade	18,000

N/B Nordwoge '06	MISC
34,800 dwt 2600 teu (1860 at 14ts) 600 reefers / 22,0kn on 89,5ts 24 mos ww trade	20,750

Merkur Star '95	CP Ships
41,380 dwt 2480 teu (2102 at 14ts) 150 reefers / 20,0kn on 72,0ts 1 cont / usg r/v abt 25-30 days	24,000 net

Merkur Star '95	MSC
41,380 dwt 2480 teu (2102 at 14ts) 150 reefers / 20,0kn on 72,0ts 24 mos ww trade	20,000

Trophy '90	US Lines
31,584 dwt 2228 teu (1896 at 14ts) 150 reefers / 18,75kn on 52,0ts 1 transpac r/v abt 35 days	15,000

Sea Bright '94	MSC
33,520 dwt 1965 teu (1600 at 14ts) 115 reefers / 19,5kn on 60,0ts 6 mos ww trade	15,000

Duburg '90	Dongnama
26,288 dwt 1743 teu (1315 at 14ts) 140 reefers / 18,7kn on 46,5ts 2-4 mos feast trade	16,000

N/B Adelina '06	TS Lines
20,600 dwt 1578 teu (1010 at 14ts) 130 reefers / 20,0kn on 55,0ts 7 mos feast trade	17,500

Arabian Express '97	Pu Hai
18,576 dwt 1439 teu (1140 at 14ts) 100 reefers /19,0kn on 36,0ts 12 mos feast trade	14,750

Magna Vision '89	Dongnama
23,724 dwt 1298 teu (1183 at 14ts) 70 reefers / 17,0kn on 34,0ts ext 12 mos feast trade	14,700

Ulrike F '05	TS Lines
13,760 dwt 1118 teu (700 at 14ts) 220 reefers /19,6kn on 37,0ts 9 mos feast trade	13,500

N/B Josco Luck '06	Hanjin
12,400 dwt 1043 teu (655 at 14ts) 180 reefers / 18,0kn on 33,0ts 6 mos feast trade	11,000

Geared

Vasco da Gama '05	MSC
39,300 dwt 2732 teu (2184 at 14ts) 500 reefers / 22,5kn on 85,0ts 24 mos ww trade	21,000

HS Discoverer '03	ZIM
35,600 dwt 2674 teu (2040 at 14ts) 400 reefers / 21,5kn on 85,0ts 24 mos ww trade	21,250

CSCL Barcelona '01	opt CSCL
36,019 dwt 2672 teu (2040 at 14ts) 400 reefers / 22,0kn on 83,0ts opt 24 mos ww trade	18,000

Buxcontact '02	ext Hamburg-Sued
33,807 dwt 2478 teu (1912 at 14ts) 410 reefers / 22,5kn on 81,0ts ext 1 mos transpac trade	22,500

JPO Aquarius '00	CMA CGM
33,918 dwt 2474 teu (1912 at 14ts) 400 reefers / 22,0kn on 74,0ts 24-27 mos ww trade	22,800

Juturna '01	opt CSCL
33,917 dwt 2452 teu (1886 at 14ts) 400 reefers / 21,8kn on 75,0ts opt 24 mos ww trade	17,500

Isidro '99	ext Hamburg-Sued
33,917 dwt 2442 teu (1884 at 14ts) 400 reefers / 21,8kn on 75,0ts ext 36 mos Feast/Saf./ECSA trade	20,200

N/B Viona '06	Safmarine
22,200 dwt 1875 teu (1285 at 14ts) 385 reefers / 21,0kn on 67,0ts abt 18 mos cont/safrica trade	19,850

N/B Helle Ritscher '06	DAL
22,200 dwt 1875 teu (1285 at 14ts) 385 reefers / 21,0kn on 67,0ts abt 18 mos cont/safrica trade	19,850

Santa Isabella '86	BTL
30,007 dwt 1742 teu (1527 at 14ts) 100 reefers / 19,5kn on 47,5ts 6 months feast trade - relet fm sitc	17,800

Wehr Blankenese '99	opt CSAV
23,190 dwt 1730 teu (1125 at 14ts) 200 reefers / 19,5kn on 54,5ts opt 12 mos cont/caribs trade	15,250

Sea Beta '05	Pan Logistics
23,579 dwt 1720 teu (1289 at 14ts) 300 reefers / 20,5kn on 60,0ts 36 opt 12 opt 12 mos aust. trade (bareboat)	15,000

Scio Star '87	opt BTL
23,465 dwt 1597 teu (1152 at 14ts) 80 reefers / 18,0kn on 45,0ts opt 12 mos feast trade	12,500

Hansa Stavanger '97	Samudera
20,526 dwt 1550 teu (1029 at 14ts) 198 reefers / 20,0kn on 49,0ts 3 mos feast trade	16,500

Birte Ritscher '95	ZIM
20,346 dwt 1452 teu (1011 at 14ts) 150 reefers / 19,0kn on 42,0ts 12 mos med trade	16,585

Rio Rubio '99	MSC
20,501 dwt 1300 teu (1000 at 14ts) 63 reefers / 17,0kn on 30,0ts 12 mos ww trade	11,500

Steindeich '96	COSCO
18,355 dwt 1203 teu (820 at 14ts) 150 reefers / 19,5kn on 45,0ts 12 mos ww trade	14,750 net of addcom

Lucien G.A. '02	TS Lines
17,254 dwt 1199 teu (912 at 14ts) 178 reefers / 19,0kn on 47,0ts 7 mos feast trade	13,500

Katrin S '95	CMA CGM
14,454 dwt 1104 teu(765 at 14ts) 150 reefers / 19,0kn on 38,0ts 12 mos ww trade	13,000

Pac Aquila '02	OOCL
16,794 dwt 1078 teu (858 at 14ts) 200 reefers / 19,5kn on 51,5ts 18 mos feast trade	13,750

Alianca Andes '97	ext Hamburg-Sued
12,380 dwt 1012 teu (636 at 14ts) 90 reefers / 17,0kn on 30,0ts ext 6 mos wcsa/ecsa trade	11,975

Cape Bonavista '92	ext CMA CGM
10,200 dwt 922 teu (590 at 14ts) 80 reefers / 17,0kn on 28,5ts ext 6 mos ioc trade	11,500

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