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RECENT SHIP SALES This report, compiled by Shipping Intelligence, Inc., a New York maritime consulting firm, tracks sale prices of secondhand bulk carriers and tankers. Dale Vessel Type DWT Year Sale Name Built Price (millions) 1/9/95 Bosporus Bulker 17,000 75 $2.8 1/9/95 Astir Bulker 22,669 74 $2.75 12/19/94 Sunny Napier Bulker 23,442 78 $4.5 1/9/95 Hyundai No. 14 Bulker 25,025 82 $8 1/9/95 Hyundai No. 15 Bulker 25,073 82 $7.8 1/9/95 Hyundai No. 11 Bulker 25,232 80 $7 1/9/95 Hyundai No. 12 Bulker 25,502 80 $6.1 1/9/95 Pacific Gracia Bulker 26,025 78 $4.5 12/19/94 Sinem Uzundemir Bulker 26,350 81 $8.7 1/9/95 Stamar Bulker 27,047 77 $5.5 1/9/95 Fen Bulker 27,048 72 $2 1/9/95 Charalambos B Bulker 27,071 72 $2.9 1/9/95 Afros Bulker 32,472 70 $2 1/9/95 Manila Sunrise Bulker 33,024 85 $12.8 1/9/95 Marine Glory Bulker 35,000 82 $10.75 1/9/95 Pacific Serenity Bulker 36,170 82 $11.8 1/9/95 Hyundai 16 Bulker 37,227 82 $11.75 1/9/95 Constantinople Bulker 38,407 77 $7.5 1/9/95 Rubin U Bulker 40,800 86 $17.1 1/9/95 Intrepid Bulker 41,000 84 $14.55 1/9/95 Cassia Bulker 42,294 85 $17.1 1/9/95 Star Barbara Bulker 43,556 89 $21 1/9/95 Copilco Bulker 43,665 89 $20.8 12/19/94 Sea Luck Bulker 53,351 75 $4.5 12/19/94 Samari Bulker 58,412 81 $10.5 12/19/94 Fairwind Venture Bulker 60,192 81 $9.95 12/19/94 Gordon Setter Bulker 89,127 82 $10.2 12/19/94 Finesse L Tanker 39,334 75 $7.5 12/19/94 Nissos Paros Tanker 87,076 75 $3.7 1/9/95 Shoko Maru Tanker 87,366 76 $5.2 Pacific Basin Bulk Shipping Limited Buys Four Ships Pacific Basin Bulk Shipping Lim- ited has acquired four secondhand handysize dry bulk carriers. This brings the total number of such ships acquired since its initial pub- lic offering in late September 1994 to 14, including the six ships which the company agreed to acquire in the early part of 1994. The com- pany now has 23 handysize dry bulk carriers with total tonnage of 583,106 dwt. The four vessels, pur- chased at a cost of $40 million, were built between 1983 and 1986. All four vessels are due to be delivered this month. The company is also negotiating for the sale of a number of the older ships in the fleet. Execu- tive Chairman Chris Buttery com- mented: "We believe that we now have the largest modern fleet of handysize vessels operating in the Asia/Pacific region. Assembling a fleet of handysize ships of the right design, quality and age within the time frame we had set ourselves places us in a very strong position to provide our charterers with the ves- sels they require to benefit from this strengthening freight market. The delivery of the bulk carriers which we are having built in China will consolidate our position as one of the leading handysize operators in this region. Charter rates in our sector have continued to improve over re- cent months and this will be re- flected in our results for the six months to 31st December 1994." For futher information, contact: Shipping Intelligence, Inc., 25 West 43rd St., New York, N.Y. 10036, tel: (212)997-0966. 17 Million DWT Scrapped In 1994 According to the International Association of Independent Tanker Owners (Intertanko), the tanker fleet has been reduced by approximately six million dwt, or two percent, in 1994, due to the overall scrapping of about 17 million dwt. The bulk of the reduction concentrates on tankers above 100,000 dwt. Pakistan led all nations in scrapping in 1994, disposing of 4.8 million dwt, of which only one was below 200,000 dwt. The average age for all tankers scrapped was 23 years, compared to an average age of the whole existing tanker fleet of 13 years, a gradual decline since the first part of 1992 when it was 13.4 years. Scrapping 1994 (1993 figures in brackets) Country No. of tankers '000 dwt Average age No. of VLCCs Pakistan India Bangladesh China Other countries 21 56 13 13 15 (14) (41) (18) (43) iSL 4,764 (1,616) 4,326 (1,879) 4,289(1,557) 1,841 (6,531) 1,745(947) TOTAL 132 (131)16,966(12,531) * Some pending destination 23 (24) 25 (26) 22 (23) 22 (20) 21 (27) 24 (23) 18(4) 8 (1) 9 (3) 4(18) 3 (1) 42 (27) Manly Bulkhead Doors Built to take it. • Aluminum or steel construction • Quick acting single lever handle for emergency escape • Dogs to suit clear opening perimeter • Frames for weld-in or bolt-on, 4" or 8" radius corners • Custom sizes • Built to ABS or CSI standards • 12" portlight with deadlight cover, insulation, and interior/exterior locking available on request MODEL D-062 Ml' Give us a call! 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