capital link shipping weekly markets...

Monday, August 22, 2011 (Week 33)

IN THE NEWS→ Latest Company News→ 3rd Annual Global Derivatives Forum→ Weekly Commentary by Barry Parker→ Interview with Box Ships→ Select Dividend Paying Shipping Stocks→ Weekly China Update

CAPITAL MARKETS DATA→ Currencies, Commodities & Indices→ Shipping Equities - Weekly Review→ Weekly Trading Statistics, by Knight Capital→ Shipping Bonds - Weekly Review, by Knight Capital

SHIPPING MARKETS→ The Week In Review, by Golden Destiny→ Dry Bulk Market - Weekly Highlights, by Intermodal Shipbrokers → Tanker Market - Weekly Highlights, by Charles R. Weber Company → Weekly Tanker Market Opinion, by Poten & Partners→ Weekly Freight Rate & Asset Trends, by Intermodal Shipbrokers→ Container Market - Weekly Highlights, by Braemar Seascope→ S&P Secondhand, Newbuilding & Demolition Markets, by Golden Destiny→ Forward Freight Agreements - FFAs, by SSY Futures

EVENTS→ Conference Call Calendar

TERMS OF USE & DISCLAIMER

CONTENT CONTRIBUTORS

Capital Link Shipping Weekly Markets Report

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www.CapitalLinkShipping.comA web based resource that provides information on the major shipping and stock market

Investor Relations & Financial Advisory

indices, as well as on all shipping stocks. It also features an earnings and conference call calendar, industry reports from major industry participants and interviews with CEOs, analysts and other market participants.

www.CapitalLinkWebinars.comSector Forums & Webinars: Regularly, we organize panel discussions among CEOs, analysts, bankers and shipping industry participants on the developments in the various shipping sectors (containers, dry bulk, tankers) and on other topics of interest (such as Raising Equity in Shipping Today, Scrapping, etc).

Capital Link Investor Shipping ForumsIn New York, Athens and London bringing together investors, bankers, financial advisors, listed companies CEOs, analysts, and shipping industry participants.

www.MaritimeIndices.comCapital Link Maritime Indices: Capital Link developed and maintains a series of stock market maritime indices which track the performance of U.S. listed shipping stocks (CL maritime Index, CL Dry Bulk Index, CL Tanker Index, CL Container Index, CL LNG/LPG Index, CL Mixed Fleet Index, CL Shipping MLP Index – Bloomberg page: CPLI. The Indices are also distributed through the Reuters Newswires and are available on Factset.

Capital Link Shipping Weekly Markets ReportWeekly distribution to an extensive audience in the US & European shipping, financial and investment communities with updates on the shipping markets, the stock market and listed company news.

Operating more like a boutique investment bank rather than a traditional Investor Relations firm, our objective is to assist our clients enhance long term shareholder value and achieve proper valuation through their positioning in the investment community. We assist them to determine their objectives, establish the proper investor outreach strategies, generate a recurring information flow, identify the proper investor and analyst target groups and gather investor and analyst feedback and related market intelligence information while keeping track of their peer group. Also, to enhance their profile in the financial and trade media.

Capital Link is a New York-based Advisory, Investor Relations and Financial Communications firm. Capitalizing on our in-depth knowledge of the shipping industry and capital markets, Capital Link has made a strategic commitment to the shipping industry becoming the largest provider of Investor Relations and Financial Communications services to international shipping companies listed on the US and European Exchanges. Capital Link's headquarters are in New York with a presence in London and Athens.

In our effort to enhance the information flow to the investment community and contribute to improving investor knowledge of shipping, Capital Link has undertaken a series of initiatives beyond the traditional scope of its investor relations activity, such as:

...Linking Shipping and Investors Across the GlobeCapital Link Shipping

Monday, August 22, 2011 (Week 33)Capital Link Shipping Weekly Markets Report

IN THE NEWS

Latest Company NewsMonday, August 15, 2011

Global Ship Lease Reports Results for Q2 2011Global Ship Lease, Inc. (NYSE:GSL) announced its unaudited results for the three and six months ended June 30, 2011. It reported revenue of $38.8 million for the second quarter 2011, down slightly from $39.6 million for the second quarter 2010 due mainly to 27 days offhire in second quarter 2011 for planned drydockings. Revenue for the six months ended June 30, 2011 was $77.9 million compared to $78.8 million for the six months ended June 30, 2010 due to planned drydockings in 2011.

Nautilus Marine Acquisition Corporation’s Common Stock and Warrants to Commence Trading Separately on August 29, 2011Nautilus Marine Acquisition Corporation (NASDAQ: NMARU) announced that Maxim Group LLC, the representative of the underwriters of its initial public offering of units, which was consummated on July 20, 2011, has notified the Company that it will not be exercising its over-allotment option and that commencing on Monday, August 29, 2011, the units issued in the initial public offering will automatically separate into the common stock and warrants underlying the units. Upon commencement of trading on that date, the common stock and warrants will trade separately on the Nasdaq Capital Market under the symbols “NMAR” and “NMARW,” respectively. The units, which are currently listed on the Nasdaq Capital Market under the symbol “NMARU,” will no longer be listed on the Nasdaq Capital Market following the separation.

Tuesday, August 16, 2011

NewLead Holdings Ltd. Announces Agreement for Sale of Two Vessels and Provides Update on Restructuring EffortNewLead Holdings Ltd. (NASDAQ:NEWL) announced that on August 12, 2011, First Business Bank (“FBB”) and NewLead entered into a sale agreement for two vessels, the Newlead Prosperity and the Newlead Spartounta. Pursuant to the terms of the sale agreement, the Company will cooperate with FBB to proceed with the immediate sale of Newlead Spartounta no later than September 13, 2011 and the sale of Newlead Prosperity by auction or judicial sale. In return of the aforementioned agreement, FBB has agreed to cancel the corporate guarantees by NewLead of its debt and share pledges in respect to these two loans until the completion of these sales, at which time the guarantees and share pledges shall be unconditionally and irrevocably released and cancelled.

Horizon Lines Promotes Alherd Kazura to New Position of VP International ServicesHorizon Lines, Inc. (NYSE:HRZ) announced that Alherd Kazura has been appointed to the new position of Vice President of International Services. Mr. Kazura will report to Brian Taylor, Executive Vice President, Chief Operating Officer and Chief Commercial Officer of Horizon Lines, Inc. Mr. Kazura was previously Vice President International Planning and Development at Horizon, where among other responsibilities he led the transition team that established the carrier’s Five Star Express (FSX) trans-Pacific service in December 2010.

Scorpio Tankers Inc. Announces Q2 & H1 2011 Financial ResultsScorpio Tankers Inc. (NYSE: STNG) reported its results for the three and six months ended June 30, 2011. The Company recorded a net loss of $2.7 million or $0.10 basic and diluted loss per share for the three months ended June 30, 2011 compared to net income of $0.4 million or $0.02 basic and diluted earnings per share for the three months ended June 30, 2010. It recorded a net loss of $4.2 million or

$0.16 basic and diluted loss per share for the six months ended June 30, 2011 compared to net income of $1.6 million or $0.13 basic and diluted earnings per share for the six months ended June 30, 2010.

Wednesday, August 17, 2011

Navios Maritime Acquisition Corporation Reports Financial Results for Q2 & H1 2011 Navios Maritime Acquisition Corporation (NYSE: NNA) reported its financial results for the second quarter and six months ended June 30, 2011. Revenue for the three month period ended June 30, 2011 was $26.0 million at a time charter equivalent (“TCE”) rate of $29,322. Net loss for the three month period ended June 30, 2011 amounted to $3.2 million compared to a $2.3 million loss for the three month period ended June 30, 2010. Revenue for the six month period ended June 30, 2011 was $51.1 million at a TCE rate of $29,045. Net loss for the six month period ended June 30, 2011 amounted to $3.6 million compared to a $2.6 million loss for the six month period ended June 30, 2010.

Thursday, August 18, 2011

TORM Report Q2 2011 ResultTORM recognized a loss before tax as expected of USD 69 million in the first half of 2011. EBITDA for the second quarter of 2011 was USD 30 million, compared to USD 24 million in the second quarter of 2010. Gains from vessel sales in the second quarter of 2011 were USD 7 million compared to no gains for the same period in 2010. The result before tax was a loss of USD 24 million, which is in line with the second quarter of 2010. For the first half of 2011, a loss before tax of USD 69 million was recognized, compared to a loss of USD 22 million in the first half of 2010.

d’Amico Executes Buy-Back ProgramIn accordance with the authorization issued by the Shareholders’ meeting of March 29th, 2011 and following the Board of Directors resolution of July 5th, 2011, d’Amico International Shipping S.A. - as provided by the Consob Resolution n. 16839 of March 19th, 2009 and of article 4.4, therein recalled, of the Commission Regulation (CE) n. 2273/2003 of December 22nd, 2003 - hereby discloses that during the period between August 11th and August 17th, 2011, repurchased, on the regulated market managed by Borsa Italiana S.p.A., nr. 28,171 own shares, representing the 0.01879% of the outstanding share capital of the Company, at the average price of Euro 0.708, for a total consideration of Euro 19,935. As at August 17th, 2011, d’Amico International Shipping S.A. holds nr. 4,686,011 own shares, representing the 3.12505% of the outstanding share capital.

Monday, August 22, 2011

Navios Maritime Holdings Inc. Reports Q2 & H1 2011 Financial ResultsNavios Maritime Holdings Inc. (NYSE: NM) reported financial results for the second quarter and six months ended June 30, 2011. Net income increased by 9.1% to $50.9 million in the second quarter of 2011 from $46.6 million for the same period in 2010. EBITDA increased by 13.9% to $103.7 million in the second quarter of 2011 from $91.0 million for the same period in 2010. Revenue from the logistics business was $99.1 million for the six months ended June 30, 2011 as compared to $87.8 million for the same period of 2010. EBITDA of Navios Holdings for the six months ended June 30, 2011 decreased by $54.4 million to $114.7 million as compared to $169.1 million for the same period of 2010.

rd Annual Global 3 Derivatives Forum

As the global derivatives market undergoes further economic and regulatory changes, the ability to effectively manage risks is becoming paramount, whether you are a risk manager, investor, trader, broker, or analyst. The program will feature a distinguished list of speakers, providing a unique and insightful global perspective on FFA’s, commodities, energy, and freight derivatives. We will also identify, analyze, and evaluate the investment and financing opportunities in these global derivatives.

JOIN US FOR THE

Thursday, September 8, 2011 New York City

Commodities • Energy • Freight

Target AudienceCommodity & Shipping Risk Managers • Financial Analysts • Risk Advisors • Commodity Traders • Hedge Fund Managers • Shipping Fund Investors • Commercial Bankers • Ship Owners & CEOs • Ship Operators & Managers • Charterers • Shipbrokers • Maritime Lawyers • Financial Media

Forum Topics• FFAs and Legal Challenges: FFA’s (cleared/uncleared) Under the Legal Microscope - ISDA Round Up & Regulatory World • Energy Derivatives: Crude Oil/Oil Products Derivatives • Coal Derivatives • Commodity Derivatives: Iron, Ore, Steel & Fertilizers• Dry Bulk Freight Derivatives Roundtable• Tanker Derivatives: The Role of Participants, Volumes, Liquidity, and Volatility• Tanker Derivatives Roundtable• Analyst Roundtable: The Global Economy & the State of the Commodities and Shipping Markets

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IN THE NEWS

Weekly CommentaryContributed by

Barry Parker Barry Parker is a financial writer and analyst. His articles appear in a number of prominent maritime periodicals including Lloyds List, Fairplay, Seatrade, and Maritime Executive and Capital Link Shipping.

Big ideas rising to the top

At times of gyrating markets, sometimes it’s better to step backward and look for bigger ideas. The frenzy of the past few weeks, where 400 point moves in the DJIA have become the new normal, has been gut-wrenching to say the least. Words like “vertigo” and “gravity” have taken on new meanings. In one contemplative moment, I took some time to read an article by Neal Gabler, a Senior Fellow in think tank at the University of Southern California (USC), with expertise in the intersection of media and social issues. In his piece, “The Effusive Big Idea”, appearing in the New York Times, he lambasts online social networks, arguing that big important ideas are drowned out by the sheer overload of lower level electronic chattering and tweeting. I don’t agree; big ideas will rise to the top, even with a zillion tweets a day.

Though Mr. Gabler’s focus is on the great ideas for society, there are many analogies in the maritime world. Here, the sheer volume of information- much of it conveyed over emails, through websites and, increasingly, through short blasts through media such as Twitter and Linked-In. Into the void comes sensible “filters”- including the Capital Link weekly; analyst reports and, to some extent, well-researched articles in the trade press, are in this category.

Here are a few specifics. In these articles, I have emphasized the importance of dividends and payouts increasingly, perhaps in direct proportion to all the doom and gloom. In cyclical markets, there is always a trade-off between “now” and “the future”; the worse that things get, the more that the “the future” is discounted- with a higher rate being applied to all manner of present value calcualations. Dividends, or payouts, are almost always tied to stability of revenues coming in, management of the cost side (include debt servicing or fixed obligations). Recently, I mentioned the tanker owner Capital Product Partners (“CPLP”) in this category; in the container sector, Box Ships (“TEU”) , Costamare , and Euroseas (“ESEA”) are all paying dividends. On the bulk side, Navios Maritime Partners (“NMM”), Paragon (“PRGN” and Safebulkers (“SB”) come to mind.

Another guide to how particular companies manage their businesses concerns the strategies for optimizing utilization. Referring more to the tanker side, there’s been an increasing importance on pooling type arrangements- where a group of owners can create a larger commercial entity which gains more business for all concerned. A pivotal acknowledgement of the value of pooling came several weeks ago when General Maritime Corporation (“GMR”) threw its seven VLCCs into the Seawolf Pool, managed by the big Kahuna of pool managers- Heidmar Inc. GMR, with no shortage of commercial smarts around its hallways, recognized the wisdom of pooling. John Tavlarios, a top executive at GMR, said that the pool “…complements our flexible fleet deployment strategy by enhancing our ability to maximize earnings while maintaining a level of stability in our results.” Many familiar names, including Teekay (“TK”), Torm (“TRMD”) and D’Amico ( “DIS:IT” ), plus many others, are involved in pools.

And then, there’s the subject of hubs and spokes; this is why I love the owners of containerships in the roughly 2,000 to 4,500 TEU sizes. Though the Panama Canal made the front page of the New York Times (a day or two before media maven Gabler made it to the Op-Ed section), worthy article subjects, sadly without media placement power of the Panama Canal, reveal an important sub-plot. Consider the New York Times failing to report that CMA-CGM, a top international carrier, is investing $100 million to develop a hub in Kingston, Jamaica- capable of handling 10-12,000 TEU ships coming from Asia. Trade into U.S. ports will then continue in vessel sizes that can deliver frequent caches of containers- ships of less than 5,000 TEU. Other carriers will be looking at other islands in the Caribbean for mustering their cargo, all to the benefit of owners of the present generation of line-haul vessels operating as “feeders”. More colloquially, 4,500 TEU will be the new 2,250 TEU.

Unlike Neal Gabler, maritime investors are not looking for the next big thing- like a Keynes or Einstein. So, amidst all the information about market prospects and company developments, common sense ideas will rise to the top ( I will skip all the “cream rising” metaphors, but readers feel free to fill in the blanks). Dividends, pools, and hub / spoke logistics configurations for the container trades are not necessarily new. For voracious info-junkies, working through all the news (real and imagined), these are nevertheless all important items.


IN THE NEWS

Formed by Paragon Shipping, a publicly traded dry bulk company under the symbol PRGN, Box Ships priced its initial public offering on April 14, 2011 at $12 per share and trades under the symbol TEU on the New York Stock Exchange. With the net proceeds of its IPO, Box Ships acquired an initial fleet of six containerships and since purchased a Panamax containership that expanded its fleet to seven vessels with a total carrying capacity of 33,237 twenty-foot equivalent units or TEU’s and a weighted average age of 3.6 years. Box Ships’ strategy is to purchase mid-size containerships and employ them on short to medium term charters that are accretive to its distributable cash flow. TEU intends to distribute substantially all of its operating cash flow less any amounts required to pay cash expenses and capital expenditures, service its debt, and maintain reserves for drydockings, surveys and other purposes their board of directors may from time to time determine, As such, these dividends are expected to be paid to shareholders on a quarterly basis in February, May, August and November of each year. On August 8th, 2011 the company declared a dividend of $0.15 per share payable on August 24th to shareholders of record on August 15th, 2011. For the third quarter of 2011, the company expects to be in a position to pay a dividend of $0.30 per share.

The following table provides Box Ships current fleet, as of August 22, 2011.

Vessel Year Built TEU Charterer Daily Gross

Charter Rate Charter Expiration

Box Voyager 2010 3,426 CSAV Valparaiso $20,000 August 2012

Box Trader 2010 3,426 CSAV Valparaiso $20,000 August 2012

CMA CGM Kingfish 2007 5,095 CMA CGM $23,000 April 2014

CMA CGM Marlin 2007 5,095 CMA CGM $23,000 May 2014

MSC Siena 2006 4,546 Maersk $28,000 January 2014

Maule 2010 6,589 CSAV Valparaiso $38,000 May 2016

MSC Emma 2004 5,060 MSC $28,500 August 2014Total 33,237

Q) Can you provide us with a brief company overview of Box Ships?

A) Box Ships is a simple and clean structure with good cash flow visibility. We are positioned in the midsize vessel segment of the market (which we believe has strong industry fundamentals) with a fleet of seven modern vessels and an average age of 3.6 years, compared to 10.6 years for the entire containership industry that were acquired at historically attractive values in a rising containerships market. We also have a dividend policy that provides a compelling yield that is supported by our fixed charter coverage. Also it is important to mention that our sponsor investment equals one-third of the value of the company and this demonstrates beyond a doubt our faith in this company and ensures complete alignment between the interests of management and our shareholders.

Q) Can you highlight for our readers what Box Ships has delivered to shareholders since the IPO in April?

A) First, our initial fleet of six containerships were all delivered ahead of schedule and it allowed us to pay a higher first quarterly dividend than initially expected. Based on our prospectus, we estimated that our initial fleet was to be available to earn revenue for 165 calendar days during the second quarter, but because of the earlier than expected deliveries of our vessels, we actually earned revenue in 296 calendar days, an increase of almost 80% over our initial projections.

We promised to expand our initial fleet with additional acquisitions that will be accretive to both our earnings and dividend per share, and this was accomplished with the acquisition of the MSC Emma a 5,060 TEU containership which was also delivered to us ahead of schedule on August 3rd.

We promised efficient operations and we delivered a 100% utilization rate. We estimated our vessel operating expenses would be $5,320 per day, and we averaged $5,294 per day in the second quarter, despite the initial start-up costs associated with the commencement of

Interview with Box Ships


IN THE NEWS

our operations.

We said we would maintain charter visibility and today we have an average charter life of three years at attractive rates for our vessels with a diversified portfolio of charterers.

We promised to maintain a strong balance sheet, and we stand at 53% net debt with total capitalization after taking delivery of our seventh vessel.

We promised to pay a high quarterly dividend to our shareholders and we have declared a dividend for the second quarter of $0.15c per share payable on or about August 24, 2011 to shareholders of record as of the close of business on August 15, 2011. We expect to be in the position to pay a dividend of $0.30 cents per share in the third quarter 2011.

In short, we are pleased to announce that we have met or exceeded all the goals we set forth in our first quarter as a public company.

Q) Why focus on the mid sized containership segment and are you looking to further grow the fleet?

A) We decided to invest in the mid sized segment as these vessels are the most versatile for the containership industry, and provide great flexibility as they can be employed in most trading routes. Going forward, we intend to continue to expand our fleet further by making selective acquisitions of modern containerships that increase our cash flow and position the company to take advantage of the attractive fundamentals in the containership sector. We also believe that our young fleet will meet our first class charterer’s requirements for many years to come.

Q) What is Box Ships chartering strategy?

A) We intend to employ our vessels on short- to medium-term time charters of one to five years with staggered maturities, providing us with the benefit of stable cash flows, which assures the sustainability of our dividend while preserving the flexibility to capitalize on potentially rising rates when the current time charters expire. Based on the latest redelivery dates, we secured under such contracts 100%, 93% and 71% of our fleet capacity in 2011, 2012 and 2013, respectively. All four of our charterers are well known container liner companies who have been in business for many decades.

Q) Can you provide us with some color on Box Ships Balance Sheet?

A) At the end of the second quarter 2011, our cash position stood at $10.8 million, with $160 million in debt, which was subsequently increased to $219 million, due to new facilities relating to the CMA CGM Kingfish, CMA CGM Marlin and the MSC Emma. With the proceeds from these facilities, we purchased the MSC Emma for $55 million and repaid $15 million of the loan from Paragon Shipping which now stands at $15 million. That leaves us with total debt of $219 million, cash of $16 million and net debt of $203 million, representing a moderate 53% net debt to total capitalization. During the next 1.5 years we shall pay down $25.8 million of our debt, and I just wanted to remind you that our dividends are paid from our estimated cash flow after debt repayments.



IN THE NEWS

Q) Lets move on to discuss the container industry. Can you talk about the fundamentals of the containership market including supply and demand?

A) Timing of shipping is of paramount importance as we know, and I believe we picked the right time to invest in the containership sector. Currently, second-hand asset values remain around the historical average, while we recently saw a correction in the time charter rates, due to the seasonality of the industry, which is currently below the historical averages. The conclusion from this is that we bought our assets at or below historical averages at a time when according to analysts, charter rates have noticeable upside potential on the basis of present fundamentals. We expect to see charter rates rebound and move above historical averages going forward.

Based on a recent Maersk Broker Research, we expect demand for TEU transports to remain strong through 2016, with vessel demand in excess of 10% per year for the next five years. The major routes between Asia and the US, and Asia and Europe are expected to remain robust, growing at an average annual growth rate of approximately 11%, and the fastest growth coming from the backhaul routes and the intra-Asia routes. Based on current research, we expect the growth in emerging markets to be the primary driver of containership demand going forward, as the growth of the middle class in China, India, Indonesia and Vietnam and other emerging Asian economies will continue to drive demand for higher end goods from western countries.

In regards to the supply situation, the estimated fleet growth is heavily skewed towards the larger size segments. Almost 70% of the order book is for vessels above 8,000 TEU. Actually this is one of the reasons we choose to focus on the Panamax and Post-Panamax sizes. Apart from the extended flexibility in where these vessels sizes can trade, the current order book poses a relatively lower threat compared to the larger sizes. In addition the supply bulge is already behind us. As early as 2008, the order book was 60% of the then existing fleet, and it reached a low of about 27% earlier this year. However we all know there has been pick up in new-build orders in the containership sector, but to put this in perspective, the order book remains at around 30% of the current fleet on the water, which is still historically a low level.

Despite the recent wave of ordering by liner companies, you can see that demand is still expected to outweigh supply for the next several years. This is due to the sharp decline in orders during 2009 and 2010 when liner companies were concerned about survival, not growth, and the independent owners which were typically German KG houses, were not in a position to invest in newbuilding projects. This is why even though there have been new orders, the order book remains at reasonable levels. Based on this current supply and demand dynamic, we expect to see charter ratesto firm over the next several quarters. It appears that we will have supply shortages going forward, especially in the midsized vessels where we invest.

Q) Charter rates in the container sector have weakened recently. Can provide your thoughts on the freight market?

A) There are a couple of reasons for the current weakness. First, freight rates for the containers themselves have come down as the liner companies are fighting for market share in several markets. Also, another important event that took place in the first half of the year was that 65% of all the new tonnage that was going to be delivered in 2011 was actually delivered, and this means the deliveries in the second half of the year will slow. Also I think it transpired that freight rates rose too quickly last year and now the market is going through a correction phase in favor of container shippers and against the liner companies. The fundamentals of the sector are in favor of demand over supply, and in our opinion it will only be a matter of time, maybe a quarter or two before we see charter rates strengthening. We don’t see it likely that charter rates will weaken any further. It is important to note that at Box Ships, we are not exposed to this short term weakness in the market as we have 100% charter coverage in 2011 and 93% coverage in 2012. The first ships in our fleet that will come open for re-chartering are the Box Voyager and Box Trader in a year from now, and we expect that by then we will have the opportunity to re-charter these ships at higher rates than we have now.



IN THE NEWS

Select Dividend Paying Shipping Stocks

Company Name Ticker Quarterly Dividend Annualized Dividend Last Closing Price (Aug-19, 2011)

Annualized Dividend Yield

ContainersCostamare Inc CMRE $0.25 * $1.08* $14.60 7.40%Box Ships Inc TEU $0.15 $0.60 $7.73 7.76%

Dry BulkGlobus Maritime Ltd GLBS $0.16 $0.64 $5.85 10.94%Navios Maritime Holdings Inc NM $0.06 $0.24 $3.12 7.69%Navios Maritime Partners NMM $0.44* $1.76 $14.50 12.14%Safe Bulkers Inc SB $0.15 $0.60 $7.04 8.52%Star Bulk Carriers Corp SBLK $0.05 $0.20 $1.49 13.42%

TankersTsakos Energy Navigation Ltd TNP $0.15 $0.60 $6.34 9.46%Capital Product Partners Lp CPLP $0.233 $0.93 $6.30 14.76%Navios Maritime Acquisition Corp NNA $0.05 $0.20 $3.10 6.45%

Mixed FleetEuroseas Ltd ESEA $0.07 $0.28 $3.68 7.61%

London Listed Companies (GBp) Ticker 2010 Total Dividend Last Closing Price (Aug-19, 2011)

Annualized Dividend Yield

Hellenic Carriers Ltd HCL £7.60 £54.00 14.07%Goldenport Holdings GPRT £5.40 £74.00 7.30%

*Board approved an eight percent (8%) dividend increase, beginning with the third quarter 2011 dividend, raising the quarterly dividend from $0.25 to $0.27 per common share.*Dividend increased 2.3% over the prior quarter’s $0.43 per unit.


IN THE NEWS

Weekly China UpdateMajor Economic Indicators:

China started building approximately 7.22 million affordable homes during the period from January to July this year, according to the information released by China’s Ministry of Housing and Urban-Rural Development. The Chinese government plans to build 10 million affordable homes this year, and it also decided to reduce the number of affordable homes to be built next year to 8 million from the 10 million of this year, which shows that the development of the government’s affordable housing program might be slower than previously expected. Some local Chinese media reported several projects with low quality under the affordable housing program, which raised public concerns over the project quality of the program, according to an earlier report from Reuters.

The State Council promulgated “The Notice about Issuing the Plan for Adjustment & Revitalization of Logistics Industry”, which formulated and improved related supporting policies and measures and will promote the sound development of logistics industry. Spurred by the good news, stocks of logistics sector show outstanding performances last week.

Ministry of House and Urban/Rural Construction released 12th 5 year development plan for the construction industry, the plan requires an annual average increase of 15% of add value and support large companies to raise their core competitiveness. The plan also requires a 10% unit energy consumption decrease while C60 cement usage reach to 10% of total usage, HRB 400 usage reaches to 45% of total usage.

Steel:

Steel industry in China earned a combined profit of RMB 155 billion in the first half of this year, 22% more than in the same period of last year, according to statistics released by the National Development and Reform Commission. The profit of the ferrous metal mining and dressing industry surged 61.7% year on year to RMB 44.3 billion, and that of the ferrous metal smelting and pressing sector rose 6.9% year on year to RMB 80.5 billion. The commission said that China’s crude steel output increased 15.5% year on year to 59.3 million metric tons in July, and the growth rate was 13.3 percentage points higher than that in the same month of 2010.

In the first seven months, China saw its output of crude steel rise 10.3% year on year to 410.36 million metric tons. The growth rate was 7.9 percentage points lower than that in the same period of last year. The country’s output of steel products rose 13% year on year to 514.01 million metric tons in the first seven months, slowing from a 24.1% increase in the corresponding period of last year. During the period from January to July, China exported 28.77 million metric tons of steel products, up 2.3% year on year, and imported 9.27 million metric tons of steel products, down 5.7% year on year. Output of coke in China increase 12.8% year on year to 247.56 million metric tons during the period, but the growth rate was 4.8 percentage points lower than that in the corresponding period of last year. The country’s coke exports surged 32.5% year on year to 2.63 million metric tons during the period. In the month of July, China’s steel prices experienced slight drops, with the average steel price index sliding 1.1 points to 134.1. The prices of 20-mm steel sheets and 1-mm cold-rolled coils were RMB 4,905 per metric ton and RMB 5,466 per metric ton in July, down 1.5% and 1% month on month, but up 17.1% and 7.4% year on year, respectively.

Coal:

In July, total Chinese coal imports surged to a new record monthly high of 17.53mnt (the previous high of 17.34mnt came in December 2010), up 27.7% MoM and 34.0% YoY (see chart). After a sharp dip in February and March this year, Chinese imports have been steadily recovering with a particularly sharp acceleration in the past three months. This reflects a combination of increased buying after sharp destocking in 1Q11, together with increased pressure on thermal coal-fired power in 1H11 due to the drought in the southern provinces and strong demand due to the very hot summer weather in southern China. Indeed, both June and July registered consecutive new electricity production records, with the last week in July 8.2% higher than peak output in 2010, and that was before the normal record month of August.

As a result, thermal coal demand has exceeded expectations, and despite another year of record domestic coal production. The pressure on imports has clearly increased sharply in the last three months. Thermal coal imports in July reached a new record high of 9.85mnt, up 48.2% MoM and 22.9% YoY. With exports remaining minimal, net imports totaled 9.41mnt, more than 1mnt higher than the previous record month. However, with domestic prices having eased back over the past six weeks, recent Chinese buying has been more price sensitive as the arbitrage window has closed for Australian coal, although it remains open for lower quality Indonesia product, which is now more widely available after a period of dry weather boosted production.

China Shipping Indices:

Shanghai Containerized Freight Index closed at 1064.10 for the week ended August 19, gaining 2.99% week-on-week. China Coastal Bulk Freight Index also gained 1.00% to 1329.76 for the same period.

Articles compiled by Capital Link, Inc with information provided by Jeff Yuan, Senior Manager at Guotai Junan Securities Co., Ltd. China.


CAPITAL MARKETS DATA

Currencies, Commodities & Indices

KEY CURRENCY RATES

Rate Current Price Price Last Week % Change YTD %Chg 52 Week High 52 Wk Low 3-Month LIBOR 0.3030 0.2917 3.87% 0.07% 0.53925 0.28438 10-Yr US Treas. Yield 2.0667 2.2690 -8.92% -38.05% 3.3190 2.3833 USD/EUR 0.6948 0.6987 -0.56% -7.21% $0.79 $0.67 USD/GBP 0.6066 0.6128 -1.01% -6.08% $0.65 $0.60 USD/JPY 76.4800 76.7900 -0.40% -6.42% $85.94 $76.25 USD/CNY 6.3960 6.3904 0.09% -3.11% $6.82 $6.38

PRECIOUS METALS

Current Price Price Last Week % Change YTD %Chg 52 Week High 52 Wk Low Gold 1,871.57 1,734.25 7.92% 32.35% $1,894.80 $1,210.30 Silver 41.87 39.21 6.78% 36.43% $49.79 $17.73 Platinum 1,874.00 1,793.50 4.49% 5.91% $1,899.25 $1,489.00 Copper 399.10 403.45 -1.08% -10.01% $460.60 $322.20 Palladium 746.55 756.50 -1.32% -6.28% $860.15 $646.15

KEY AGRICULTURAL & CONSUMER COMMODITIES

Current Price Price Last Week % Change YTD %Chg 52 Week High 52 Wk Low Corn 725.25 719.25 0.83% 16.88% $734.25 $426.25 Soybeans 1,368.50 1,344.00 1.82% -0.76% $1,411.25 $985.25 Wheat 761.25 741.50 2.66% -5.49% $986.75 $639.00 Cocoa 3,004.00 2,919.00 2.91% -1.02% $3,600.00 $2,695.00 Coffee 269.85 248.10 8.77% 12.20% $313.75 $161.95

Cotton 106.22 101.88 4.26% -25.30% $144.66 $76.50 Sugar #11 30.96 28.04 10.41% -3.61% $31.68 $16.40

KEY FUTURES

Commodities Current Price Price Last Week % Change YTD %Chg 52 Week High 52 Wk Low Gas Oil 923.00 918.00 0.54% 16.50% $1,060.75 $694.50 WTI Crude 82.60 85.60 -3.50% -9.85% $115.60 $75.71 Natural Gas 3.94 4.03 -2.28% -14.95% $4.98 $3.21 Heating Oil 292.02 291.42 0.21% 14.12% $336.65 $211.08 Gasoline RBOB 286.30 282.71 1.27% 17.77% $327.72 $214.90

Week ending Friday, August 19, 2011



Currencies, Commodities & IndicesMAJOR INDICES

Index Symbol Close Last Week % Change YTD % Change 3-Jan-11

Dow Jones INDU 10,817.65 11,269.02 -4.01% -7.31% 11,444.61

Dow Jones Transp. TRAN 4,221.60 4,622.58 -8.67% -18.42% 4,693.59

NASDAQ CCMP 2,341.84 2,507.98 -6.62% -12.99% 2,532.41

NASDAQ Transp. CTRN 1,968.87 2,131.44 -7.63% -24.29% 2,151.96

S&P 500 SPX 1,123.53 1,178.81 -4.69% -11.66% 1,199.38

Russell 2000 Index RTY 651.70 697.50 -6.57% -18.39% 714.63

Amex Oil Index XOI 1,078.32 1,129.01 -4.49% -12.03% 1,148.91

FTSE 100 Index UKX 5,040.76 5,349.47 -5.77% -16.18% 5,246.99

CAPITAL LINK MARITIME INDICES

Index Symbol 19-August-11 12-August-11 % Change 3-Jan-11 YTD % Change

Capital Link Maritime Index CLMI 1,662.13 1,749.00 -4.97% 2,031.89 -18.20% Tanker Index CLTI 1,620.85 1,634.21 -0.82% 2,355.67 -31.19% Drybulk Index CLDBI 640.09 659.31 -2.91% 894.91 -28.47% Container Index CLCI 1,013.47 1,058.09 -4.22% 2,182.51 -53.56% LNG/LPG Index CLLG 2,950.49 3,130.43 -5.75% 3,004.87 -1.81% Mixed Fleet Index CLMFI 1,308.73 1,360.90 -3.83% 1,943.64 -32.67% MLP Index CLMLP 2,584.37 2,634.03 -1.89% 2,963.32 -12.79%

BALTIC INDICES

Index Symbol 19-August-11 12-August-11 % Change 4-Jan-11 YTD % Change Baltic Dry Index BDIY 1,462 1,287 13.60% 1,693 -13.64% Baltic Capesize Index BCIY 2,220 1,851 19.94% 2,285 -2.84% Baltic Panamax Index BPIY 1,609 1,520 5.86% 1,798 -10.51%

Baltic Supramax Index BSI 1,338 1,255 6.61% 1,421 -5.84% Baltic Handysize Index BHSI 648 642 0.93% 807 -19.70% Baltic Dirty Tanker Index BDTI 689 698 -1.29% 842 -18.17%

Baltic Clean Tanker Index BCTI 695 678 2.51% 635 9.45%



Shipping Equities: The Week in Review

London Listed Companies (GBp) Ticker Friday

Close Price Last

Week %

Change YTD

%Chg 52 Week

High 52 Week

Low 1 Month Average

Volume Hellenic Carriers Ltd HCL 54.00 52.00 3.85% -30.32% 81.50 52.00 5,999.70 Goldenport Holdings GPRT 74.00 78.00 -5.13% -36.48% 132.00 72.50 27,401.50

Milan Listed Company (Euro) Ticker Friday Close

Price Last Week

% Change

YTD %Chg

52 Week High

52 Week Low

1 Month Average Volume d’Amico International Shipping DIS 0.69 0.71 -2.82% -30.30% 1.15 0.68 N/A

Blank Check Companies Ticker Friday

Close Price Last

Week %

Change YTD

%Chg 52 Week

High 52 Week

Low 1 Month Average

Nautilus Marine (Units) NMARU 9.92 9.92 0.00% 0.00% 10.00 9.90 N/A

MARITIME INDEX DAILY COMPARISON CHARTS (3 MONTHS)*

*SOURCE: BLOOMBERG

CAPITAL LINK TANKER INDEX DAILY COMPARISON CHARTS (3 MONTHS)*

*SOURCE: BLOOMBERG

CAPITAL LINK DRY BULK INDEX DAILY COMPARISON CHARTS (3 MONTHS)*

*SOURCE: BLOOMBERG

0.700.750.800.850.900.951.001.051.101.15

1/14/11 2/14/11 3/14/11 4/14/11 5/14/11 6/14/11 7/14/11 8/14/11

CapitalLinkMaritimeIndex

S&P 500

Russell2000

0.500.700.901.101.301.501.701.90

1/14/11 2/14/11 3/14/11 4/14/11 5/14/11 6/14/11 7/14/11 8/14/11

CapitalLinkTankerIndexBalticCleanTankerIndexBalticDirtyTankerIndex

0.350.500.650.800.951.101.251.40

1/14/11 2/14/11 3/14/11 4/14/11 5/14/11 6/14/11 7/14/11 8/14/11

Capital LinkDrybulkIndex

Baltic DryIndex

SHIPPING EQUITIES UNDERPERFORMED THE BROADER MARKET

TANKER STOCKS THE BEST PERFORMERS

During last week, shipping equities underperformed the broader market. The Capital Link Maritime Index (CLMI), a composite index of all US listed shipping stocks lost 4.97% compared to the S&P 500 decreasing 4.69%, and the Dow Jones Industrial Average (DJII) slipping 4.01%. Year-to-date, the CLMI has lost 18.20% versus the losses of 7.31% for the DJII and 11.66% for the S&P 500.

Tanker stocks performed the best during last week, with the Capital Link Tanker Index sliding 0.82%, compared to the losses of 1.89% for the Capital Link MLP Index, 2.91% for the Capital Link Dry Bulk Index, 3.83% for the Capital Link Mixed Fleet Index, 4.22% for Capital Link Container Index and 5.75% for Capital Link LNG/LPG Index. Year-to-date, the best performing sector has been LNG/LPG stocks, with the Capital Link LNG/LPG Index losing 1.81%, followed by Capital Link MLP Index decreasing 12.79% and Capital Link Dry Bulk Index sliding 28.47%. The top three largest weekly trading gainers are Crude Carriers Corp (CRU), Genco Shipping (GNK), and OceanFreight Inc. (OCNF), with stock prices increasing 23.03%, 16.86% and 13.79%, respectively.

During last week, dry bulk stocks underperformed the physical shipping market, as the Baltic Dry Index (BDI) gained 13.60% compared to a loss of 2.91% for the Capital Link Dry Bulk Index. Year-to-date, the BDI has lost 13.64% compared to a loss of 28.47% for the Capital Link Dry Bulk Index. The 14% surge of BDI during the last week was due to the Capesize rates increasing above $15k from $10k on firming activity in both basins. Higher domestic iron ore prices in China encourage seaborne imports.

Tanker stocks underperformed the physical tanker shipping market during last week, with the Baltic Dirty Tanker Index (BDTI) decreasing by 1.29% and the Baltic Clean Tanker Index (BCTI) gaining 2.51% compared to a loss of 0.82% for the Capital Link Tanker Index. Year-to-date, the BDTI has lost 18.17% and the BCTI has gained 9.45%, while the Capital Link Tanker Index has lost 31.19%. Brent Crude Oil lost 1.54% for the week, but gained 16.42% year-to-date. The VLCC market ended last week on a slow pace and the Charterers remain in control of the market.

The Trading Statistics supplied by Knight Capital provide details of the trading performance of each shipping stock and analyze the market’s trading momentum and trends for the week and year-to-date.

The objective of the Capital Link Maritime Indices is to enable investors, as well as all shipping market participants, to better track the performance of listed shipping stocks individually, by sector or as an industry. Performance can be compared to other individual shipping stocks, to their sector, to the broader market, as well as to the physical underlying shipping markets or other commodities. The Indices currently focus only on companies listed on US Exchanges providing a homogeneous universe. They are calculated daily and are based on the market capitalization weighting of the stocks in each index. In terms of historical data, the indices go back to January 1, 2005, thereby providing investors with significant historical performance.

There are seven indices in total; the Capital Link Maritime Index comprised of all 50 listed shipping stocks, and six Sector Indices, the CL Dry Bulk Index, the CL Tanker Index, the CL Container Index, the CL LNG / LPG Index, the CL Mixed Fleet Index and the CL Maritime MLP Index.

The Index values are updated daily after the market close and can be accessed at www.CapitalLinkShipping.com or at or www.MaritimeIndices.com. They can also be found through the Bloomberg page “CPLI” and Reuters.

http://www.CapitalLinkShipping.com

http://www.MaritimeIndices.com



Shipping EquitiesDry Bulk Ticker Friday

Close Prev. Week

Close %

Change YTD

%Chg 52 Week

High 52 Week

Low 1 Month Average

Volume Baltic Trading Ltd BALT $4.09 $4.52 -9.51% -60.82% $12.69 $3.64 229,954 Diana Shipping Inc DSX $8.04 $8.06 -0.25% -31.16% $13.71 $7.52 921,827 DryShips Inc DRYS $2.74 $2.72 0.74% -47.21% $6.44 $2.19 11,490,519 Eagle Bulk Shipping Inc EGLE $1.80 $1.86 -3.23% -63.93% $5.75 $1.62 1,058,377 Excel Maritime Carriers EXM $1.67 $1.85 -9.73% -70.80% $6.63 $1.66 543,985 FreeSeas Inc FREE $1.07 $1.24 -13.71% -71.47% $5.35 $1.07 32,865 Genco Shipping GNK $6.03 $5.16 16.86% -58.50% $18.08 $4.15 1,075,932 Globus Maritime GLBS $5.85 $5.54 5.60% -39.88% $13.59 $5.01 12,679 Navios Maritime Hldgs NM $3.12 $3.40 -8.24% -42.54% $6.29 $2.88 779,769 Navios Maritime Ptns NMM $14.50 $15.44 -6.09% -26.58% $21.56 $11.06 621,792 OceanFreight Inc OCNF $14.11 $12.40 13.79% -24.14% $23.00 $5.22 59,764 Paragon Shipping Inc PRGN $1.35 $1.48 -8.78% -60.76% $4.04 $1.20 296,598 Safe Bulkers Inc SB $7.04 $7.08 -0.56% -20.72% $9.78 $6.20 180,809 Seanergy Maritime Hldg SHIP $3.15 $3.86 -18.39% -78.12% $20.25 $2.71 8,000 Star Bulk Carriers Corp SBLK $1.49 $1.51 -1.32% -45.02% $3.23 $1.00 1,019,701 TBS International PLC TBSI $0.87 $1.07 -18.69% -70.10% $6.07 $0.83 112,042

Tankers Ticker Friday Close

Price Last Week

% Change

YTD %Chg

52 Week High

52 Week Low

1 Month Average Volume

Aegean Marine Petrol ANW $4.47 $4.89 -8.59% -57.14% $18.61 $3.89 789,973 Capital Product Ptns CPLP $6.30 $5.94 6.06% -34.44% $11.39 $4.85 318,924 Crude Carriers Corp CRU $8.12 $6.60 23.03% -51.78% $18.40 $5.93 177,278 DHT Holdings Inc DHT $2.81 $3.06 -8.17% -41.70% $5.19 $2.80 532,264 Frontline Ltd FRO $6.88 $7.73 -11.00% -73.51% $29.47 $6.79 2,235,608 General Maritime Corp GMR $0.51 $0.53 -3.77% -84.91% $5.22 $0.34 2,095,728 Navios Maritime Acq. NNA $3.10 $3.22 -3.73% -23.46% $5.97 $3.04 87,534 Nordic American Tanker NAT $16.70 $18.17 -8.09% -36.48% $28.10 $16.02 503,215 Omega Navigation Ent. ONAVQ.PK $0.27 $0.21 28.57% -79.85% $1.54 $0.13 332,794 Overseas Shipholding OSG $15.35 $17.82 -13.86% -57.19% $38.32 $15.21 867,185 Scorpio Tankers Inc STNG $5.93 $6.01 -1.33% -42.65% $12.18 $5.74 151,043 Teekay Corp TOO $26.30 $25.47 3.26% -5.43% $31.50 $19.54 202,549 Teekay Offshore Ptns TK $22.92 $23.01 -0.39% -30.90% $37.93 $21.37 448,566 Teekay Tankers Ltd TNK $6.26 $6.96 -10.06% -50.36% $13.30 $6.06 548,360 Torm A/S TRMD $2.15 $2.97 -27.61% -70.01% $8.00 $2.10 15,523 Tsakos Energy Nav. TNP $6.35 $6.99 -9.16% -36.94% $13.87 $6.28 175,563

Containers Ticker Friday Close

Price Last Week

% Change

YTD %Chg

52 Week High

52 Week Low


Box Ships Inc TEU $7.73 $9.19 -15.89% -3.27% $12.00 $7.29 135,556 Costamare Inc CMRE $14.54 $14.51 0.21% 1.04% $18.48 $10.55 71,580 Danaos Corp DAC $3.73 $3.93 -5.09% -4.60% $7.87 $2.65 59,995 Diana Containerships DCIX $5.08 $5.12 -0.78% -66.69% $15.50 $4.61 164,704 Global Ship Lease Inc GSL $3.00 $3.20 -6.27% -40.60% $7.75 $2.38 121,924 Horizon Lines Inc HRZ $0.79 $0.90 -12.25% -82.29% $5.95 $0.61 521,154 Seaspan Corp SSW $12.22 $13.44 -9.08% -6.29% $21.33 $10.66 451,854

LNG/LPG Ticker Friday Close

Price Last Week

% Change

YTD %Chg

52 Week High

52 Week Low


Golar LNG Ltd GLNG $29.50 $32.35 -8.81% 93.18% $39.90 $9.47 695,899 Golar LNG Partners LP GMLP $25.53 $25.95 -1.62% 2.74% $29.74 $22.41 95,834 StealthGas Inc GASS $4.08 $4.22 -3.32% -49.88% $8.80 $3.40 120,431 Teekay LNG Partners TGP $32.48 $33.68 -3.56% -14.68% $41.50 $28.81 188,045

Mixed Fleet Ticker Friday Close

Price Last Week

% Change

YTD %Chg

52 Week High

52 Week Low


B+H Ocean Carriers Ltd BHO $4.49 $4.95 -9.29% 5.40% $7.56 $2.65 3,264 Euroseas Ltd ESEA $3.68 $3.81 -3.41% -3.92% $5.28 $3.38 42,384 Knightsbridge Tankers VLCCF $17.35 $18.23 -4.83% -23.53% $25.80 $16.09 163,321 NewLead Holdings Ltd NEWL $0.78 $0.97 -19.59% -68.80% $6.28 $0.72 7,522 Ship Finance Intl SFL $12.71 $13.12 -3.12% -41.83% $23.07 $11.44 524,302 TOP Ships Inc TOPS $2.01 $2.52 -20.23% -81.21% $11.60 $1.62 6,606



Shipping Equities

Track all U.S. & European listed Shipping companies and access: earnings & conference call calendar, media interviews, press releases, news, blogs, stock prices/charts & presentations

Visit CapitalLinkShipping.com

Capital LinkShipping

London Listed Companies (GBp) Ticker Friday

Close Price Last

Week %

Change YTD

%Chg 52 Week

High 52 Week

Low 1 Month Average

Volume Hellenic Carriers Ltd HCL 54.00 52.00 3.85% -30.32% 81.50 52.00 5,999.70 Goldenport Holdings GPRT 74.00 78.00 -5.13% -36.48% 132.00 72.50 27,401.50

Milan Listed Company (Euro) Ticker Friday Close

Price Last Week

% Change

YTD %Chg

52 Week High

52 Week Low

1 Month Average Volume d’Amico International Shipping DIS 0.69 0.71 -2.82% -30.30% 1.15 0.68 N/A

Blank Check Companies Ticker Friday

Close Price Last

Week %

Change YTD

%Chg 52 Week

High 52 Week

Low 1 Month Average

Nautilus Marine (Units) NMARU 9.92 9.92 0.00% 0.00% 10.00 9.90 N/A

MARITIME INDEX DAILY COMPARISON CHARTS (3 MONTHS)*

*SOURCE: BLOOMBERG

CAPITAL LINK TANKER INDEX DAILY COMPARISON CHARTS (3 MONTHS)*

*SOURCE: BLOOMBERG

CAPITAL LINK DRY BULK INDEX DAILY COMPARISON CHARTS (3 MONTHS)*

*SOURCE: BLOOMBERG

0.700.750.800.850.900.951.001.051.101.15

1/14/11 2/14/11 3/14/11 4/14/11 5/14/11 6/14/11 7/14/11 8/14/11

CapitalLinkMaritimeIndex

S&P 500

Russell2000

0.500.700.901.101.301.501.701.90

1/14/11 2/14/11 3/14/11 4/14/11 5/14/11 6/14/11 7/14/11 8/14/11

CapitalLinkTankerIndexBalticCleanTankerIndexBalticDirtyTankerIndex

0.350.500.650.800.951.101.251.40

1/14/11 2/14/11 3/14/11 4/14/11 5/14/11 6/14/11 7/14/11 8/14/11

Capital LinkDrybulkIndex

Baltic DryIndex

Dry Bulk Ticker Friday Close

Prev. Week Close

% Change

YTD %Chg

52 Week High

52 Week Low


Baltic Trading Ltd BALT $4.09 $4.52 -9.51% -60.82% $12.69 $3.64 229,954 Diana Shipping Inc DSX $8.04 $8.06 -0.25% -31.16% $13.71 $7.52 921,827 DryShips Inc DRYS $2.74 $2.72 0.74% -47.21% $6.44 $2.19 11,490,519 Eagle Bulk Shipping Inc EGLE $1.80 $1.86 -3.23% -63.93% $5.75 $1.62 1,058,377 Excel Maritime Carriers EXM $1.67 $1.85 -9.73% -70.80% $6.63 $1.66 543,985 FreeSeas Inc FREE $1.07 $1.24 -13.71% -71.47% $5.35 $1.07 32,865 Genco Shipping GNK $6.03 $5.16 16.86% -58.50% $18.08 $4.15 1,075,932 Globus Maritime GLBS $5.85 $5.54 5.60% -39.88% $13.59 $5.01 12,679 Navios Maritime Hldgs NM $3.12 $3.40 -8.24% -42.54% $6.29 $2.88 779,769 Navios Maritime Ptns NMM $14.50 $15.44 -6.09% -26.58% $21.56 $11.06 621,792 OceanFreight Inc OCNF $14.11 $12.40 13.79% -24.14% $23.00 $5.22 59,764 Paragon Shipping Inc PRGN $1.35 $1.48 -8.78% -60.76% $4.04 $1.20 296,598 Safe Bulkers Inc SB $7.04 $7.08 -0.56% -20.72% $9.78 $6.20 180,809 Seanergy Maritime Hldg SHIP $3.15 $3.86 -18.39% -78.12% $20.25 $2.71 8,000 Star Bulk Carriers Corp SBLK $1.49 $1.51 -1.32% -45.02% $3.23 $1.00 1,019,701 TBS International PLC TBSI $0.87 $1.07 -18.69% -70.10% $6.07 $0.83 112,042

Tankers Ticker Friday Close

Price Last Week

% Change

YTD %Chg

52 Week High

52 Week Low


Aegean Marine Petrol ANW $4.47 $4.89 -8.59% -57.14% $18.61 $3.89 789,973 Capital Product Ptns CPLP $6.30 $5.94 6.06% -34.44% $11.39 $4.85 318,924 Crude Carriers Corp CRU $8.12 $6.60 23.03% -51.78% $18.40 $5.93 177,278 DHT Holdings Inc DHT $2.81 $3.06 -8.17% -41.70% $5.19 $2.80 532,264 Frontline Ltd FRO $6.88 $7.73 -11.00% -73.51% $29.47 $6.79 2,235,608 General Maritime Corp GMR $0.51 $0.53 -3.77% -84.91% $5.22 $0.34 2,095,728 Navios Maritime Acq. NNA $3.10 $3.22 -3.73% -23.46% $5.97 $3.04 87,534 Nordic American Tanker NAT $16.70 $18.17 -8.09% -36.48% $28.10 $16.02 503,215 Omega Navigation Ent. ONAVQ.PK $0.27 $0.21 28.57% -79.85% $1.54 $0.13 332,794 Overseas Shipholding OSG $15.35 $17.82 -13.86% -57.19% $38.32 $15.21 867,185 Scorpio Tankers Inc STNG $5.93 $6.01 -1.33% -42.65% $12.18 $5.74 151,043 Teekay Corp TOO $26.30 $25.47 3.26% -5.43% $31.50 $19.54 202,549 Teekay Offshore Ptns TK $22.92 $23.01 -0.39% -30.90% $37.93 $21.37 448,566 Teekay Tankers Ltd TNK $6.26 $6.96 -10.06% -50.36% $13.30 $6.06 548,360 Torm A/S TRMD $2.15 $2.97 -27.61% -70.01% $8.00 $2.10 15,523 Tsakos Energy Nav. TNP $6.35 $6.99 -9.16% -36.94% $13.87 $6.28 175,563

Containers Ticker Friday Close

Price Last Week

% Change

YTD %Chg

52 Week High

52 Week Low


Box Ships Inc TEU $7.73 $9.19 -15.89% -3.27% $12.00 $7.29 135,556 Costamare Inc CMRE $14.54 $14.51 0.21% 1.04% $18.48 $10.55 71,580 Danaos Corp DAC $3.73 $3.93 -5.09% -4.60% $7.87 $2.65 59,995 Diana Containerships DCIX $5.08 $5.12 -0.78% -66.69% $15.50 $4.61 164,704 Global Ship Lease Inc GSL $3.00 $3.20 -6.27% -40.60% $7.75 $2.38 121,924 Horizon Lines Inc HRZ $0.79 $0.90 -12.25% -82.29% $5.95 $0.61 521,154 Seaspan Corp SSW $12.22 $13.44 -9.08% -6.29% $21.33 $10.66 451,854

LNG/LPG Ticker Friday Close

Price Last Week

% Change

YTD %Chg

52 Week High

52 Week Low


Golar LNG Ltd GLNG $29.50 $32.35 -8.81% 93.18% $39.90 $9.47 695,899 Golar LNG Partners LP GMLP $25.53 $25.95 -1.62% 2.74% $29.74 $22.41 95,834 StealthGas Inc GASS $4.08 $4.22 -3.32% -49.88% $8.80 $3.40 120,431 Teekay LNG Partners TGP $32.48 $33.68 -3.56% -14.68% $41.50 $28.81 188,045

Mixed Fleet Ticker Friday Close

Price Last Week

% Change

YTD %Chg

52 Week High

52 Week Low


B+H Ocean Carriers Ltd BHO $4.49 $4.95 -9.29% 5.40% $7.56 $2.65 3,264 Euroseas Ltd ESEA $3.68 $3.81 -3.41% -3.92% $5.28 $3.38 42,384 Knightsbridge Tankers VLCCF $17.35 $18.23 -4.83% -23.53% $25.80 $16.09 163,321 NewLead Holdings Ltd NEWL $0.78 $0.97 -19.59% -68.80% $6.28 $0.72 7,522 Ship Finance Intl SFL $12.71 $13.12 -3.12% -41.83% $23.07 $11.44 524,302 TOP Ships Inc TOPS $2.01 $2.52 -20.23% -81.21% $11.60 $1.62 6,606



Weekly Trading Statistics

Custom Statistics Prepared Weekly for Capital Link Shipping

BROAD MARKET Percent Change of Major Indexes for the Week Ending Friday, August 19, 2011 Name Symbol Close Net Gain Percent Gain Dow Jones Industrial Average Index INDU 10817.65 -451.37 -4.01% S&P 500 Index SPX 1123.53 -55.28 -4.69% Russell 1000 Index RUI 620.52 -32.43 -4.97% Russell 3000 Index RUA 663.69 -35.60 -5.09% Russell 2000 Index RUT 651.86 -45.64 -6.54% Nasdaq-100 Index NDX 2038.22 -143.83 -6.59% Nasdaq Composite Index COMPX 2341.84 -166.14 -6.62% Nasdasq Transportation Index TRANX 1968.87 -162.57 -7.63% Dow Jones Transportation Index TRAN 4221.6 -400.98 -8.67% Amex Networking Index NWX 216.43 -25.29 -10.46%

Index Data: INDU (Dow Jones Industrial Average Index. The INDU closed today at 10,817.65 for a weekly loss of -451.37 pts (-4.0054%). The high of the week was 11,550.37 while the low was 10,801.41 (close = 2.17% of high/low range). The INDU closed 16.33% from its 52 week high (12,928.45) and 9.10% from its 52 week low (9,915.73).

INDU Important Moving Averages

50 Day: 12,027.53 100 Day: 12,239.48 200 Day: 11,993.40

SHIPPING INDUSTRY DATA (50 Companies) Moving Averages

24.49% closed > 10D Moving Average. 4.08% closed > 50D Moving Average. 4.08% closed > 100D Moving Average. 6.12% closed > 200D Moving Average

Top Upside Momentum (Issues with the greatest 100 day upside momentum*)

Top Downside Momentum (Issues with the greatest 100 day downward momentum*)

Symbol Close Weekly % Change

50-Day % Change

OCNF 14.11 13.79% 101.57% BHO 4.49 -9.29% 13.10% GLNG 29.5 -8.81% -5.14% GLBS 5.85 5.60% -35.36%

*Momentum: (100D % change) + 1.5*(50D % change) + 2.0*(10D % change) for each stock then sort group in descending order and report the top 10.

Symbol Close Weekly % Change

50-Day % Change

GMR 0.51 -3.77% -66.88% NEWL 0.78 -19.59% -61.58% TRMD 2.15 -27.61% -55.49% FRO 6.88 -11.00% -57.27% TOPS 2.01 -20.24% -63.45% FREE 1.07 -13.71% -51.36% EXM 1.67 -9.73% -45.78% SHIP 3.15 -18.39% -43.24% OSG 15.35 -13.86% -38.30% STNG 5.93 -1.33% -39.43%

*Momentum: (100D % change) + 1.5*(50D % change) + 2.0*(10D % change) for each stock - sort names that have a negative value in ascending order - report the top 10.



Weekly Trading Statistics

Top Largest Weekly Trading Gains Top Largest Weekly Trading Losses

Symbol Close One Week Ago

Friday Close

Net Change

% Change

CRU 6.6 8.12 1.52 23.03% GNK 5.16 6.03 0.87 16.86% OCNF 12.4 14.11 1.71 13.79% CPLP 5.94 6.3 0.36 6.06% GLBS 5.54 5.85 0.31 5.60% TOO 25.47 26.3 0.83 3.26% DRYS 2.72 2.74 0.02 0.74% CMRE 14.51 14.54 0.03 0.21%

Symbol Close One Week Ago

Friday Close

Net Change

% Change

TRMD 2.97 2.15 -0.82 -27.61% TOPS 2.52 2.01 -0.51 -20.24% NEWL 0.97 0.78 -0.19 -19.59% TBSI 1.07 0.87 -0.20 -18.69% SHIP 3.86 3.15 -0.71 -18.39% TEU 9.19 7.73 -1.46 -15.89% OSG 17.82 15.35 -2.47 -13.86% FREE 1.24 1.07 -0.17 -13.71% HRZ 0.9 0.79 -0.11 -12.22% FRO 7.73 6.88 -0.85 -11.00%

Stocks Nearest to 52-Week Highs Stocks Nearest To 52-Week Lows Symbol 52W High % Away TOO 30.45 -13.63% GMLP 29.74 -14.16% CMRE 17.95 -18.99% TGP 40.10 -19.01% GLNG 39.90 -26.07% SB 9.59 -26.62% ESEA 5.20 -29.23% NMM 20.53 -29.36% VLCCF 25.25 -31.28% ALEX 54.78 -31.80%

Symbol 52W Low % Away TNP 6.28 1.11% FRO 6.79 1.33% NNA 3.04 1.97% STNG 5.74 3.31% TBSI 0.83 4.82% NAT 15.76 5.98% TNK 5.87 6.64% DSX 7.52 6.91% TK 21.37 7.25% VLCCF 16.09 7.83%

Top Stocks with Highest Weekly Volume Run Rate* > 1

Symbol Close Net % Change Run Rate TRMD 2.15 -27.61% 3.7776 TOPS 2.01 -20.24% 3.2260 CRU 8.12 23.03% 2.3353 OCNF 14.11 13.79% 2.1400 NEWL 0.78 -19.59% 1.7535 ESEA 3.68 -3.41% 1.5840 TK 22.92 -0.39% 1.4120 DSX 8.04 -0.25% 1.2281 SHIP 3.15 -18.39% 1.2280 CPLP 6.3 6.06% 1.1926

*The Volume Run Rate is calculated by dividing the current week's volume by the average volume over the last 20 weeks. For example, a run rate of 2.0 means the stock traded twice its average volume.

Top Year-To-Date Gainers Top Year-To-Date Decliners Symbol YTD Gain % GLNG 101.23% BHO 5.65% CMRE 5.29% ESEA 2.79% GMLP 2.74% SSW 1.83%

Symbol YTD Decline % GMR -84.31% HRZ -81.92% TOPS -81.56% SHIP -77.17% FRO -72.62% FREE -71.39% EXM -70.34% TBSI -70.00% TRMD -69.24% DCIX -66.47%



Weekly Trading Statistics The following are the 50 members of this group: Symbol – Name: ALEX - Alexander & Baldwin Inc; ANW - Aegean Marine Petroleum Network Inc; BALT - Baltic Trading Ltd; BHO - B+H Ocean Carriers Ltd; CPLP - Capital Product Partners LP; CRU - Crude Carriers Corp; CMRE- Costamere, Inc.; DAC - Danaos Corp; DCIX – Diana Containerships; DHT - DHT Maritime Inc; DRYS - DryShips Inc; DSX - Diana Shipping Inc; EGLE - Eagle Bulk Shipping Inc; ESEA - Euroseas Ltd; EXM - Excel Maritime Carriers Ltd; FREE – FreeSeas; FRO - Frontline Ltd; GASS - StealthGas Inc; GLBS – Globus Maritime Limited ; GLNG - Golar LNG Ltd; GMLP – Golar LNG Partners; GMR - General Maritime Corp; GNK - Genco Shipping & Trading Ltd; GSL - Global Ship Lease Inc; HRZ - Horizon Lines Inc; NAT - Nordic American Tanker Shipping; NEWL - NewLead Holdings Ltd; NM - Navios Maritime Holdings Inc; NMM - Navios Maritime Partners LP; NNA - Navios Maritime Acquisition Corp; OCNF - OceanFreight Inc; ONAV - Omega Navigation Enterprises Inc; OSG - Overseas Shipholding Group Inc; PRGN - Paragon Shipping Inc; SB - Safe Bulkers Inc; SBLK - Star Bulk Carriers Corp; SFL - Ship Finance International Ltd; SHIP - Seanergy Maritime Holdings Corp; SSW - Seaspan Corp; STNG - Scorpio Tankers Inc; TBSI - TBS International Ltd; TEU – Box Ships Inc; TGP - Teekay LNG Partners LP; TK - Teekay Corp; TNK - Teekay Tankers Ltd; TNP - Tsakos Energy Navigation Ltd; TOO - Teekay Offshore Partners LP; TOPS - TOP Ships Inc; TRMD - D/S Torm A/S; VLCCF - Knightsbridge Tankers Ltd Notes These symbols were ignored in some analysis (i.e. 200 day moving average) due to the lack of historical data: BALT, CMRE, CRU, GLBS and STNG. 0 DISCLAIMER This communication has been prepared by Knight Equity Markets, L.P. The information set forth above has been compiled from third party sources believed by Knight to be reliable, but Knight does not represent or warrant its accuracy, completeness or timeliness of the information and Knight, and its affiliates, are not responsible for losses or damages arising out of errors or omissions, delays in the receipt of this information, or any actions taken in reliance thereon. The information provided herein is not intended to provide a sufficient or partial basis on which to make an investment decision. The communication is for your general information only and is not an offer or solicitation to buy or sell any security or product. Knight and its affiliates most likely make a market in the securities mentioned in this document. Historical price(s) or value(s) are as of the date and, if applicable, time indicated. Knight does not accept any responsibility to update any information contained in this communication. Knight and/or its affiliates, officers, directors and employees, including persons involved in the preparation or issuance of this material, may, from time to time, have long or short positions in, or buy or sell (on a principal basis or otherwise) the securities mentioned in this communication which may be inconsistent with the views expressed herein. Questions regarding the information presented herein or a request for a copy of this document should be referred to your Knight representative. Copyright 2011 Knight Equity Markets, L.P. Member NASD/SIPC. All rights reserved.



Shipping Bonds Contributed by

Month to date high yield deal volume is $1.262 billion in 6 deals. The year to date high yield deal volume is $211.041 billion in 470 deals. As for the secondary, the S&P/LSTA Leveraged Loan 100 lost 44 basis points, to close at 88.69. The current default rate by number of issuers is 1.05% for August, versus 1.21% for July. There were no new BWICs this week. Year to date, total BWIC volume is $1.8 billion, versus $1.5 billion in the same period last year.



Shipping Bonds

© September 2010 Knight Capital Group, Inc. All rights reserved.Knight Equity Markets, L.P. and Knight Capital Markets LLC are o�-exchange liquidity providers and members of FINRA and SIPC. To learn about Knight Capital Group, Inc. (NYSE Euronext: KCG) go to knight.com.

Knight Corporate Access is an unbiased service for issuers to

connect with institutional investors. Through a combination of

strategic investor introductions, thought leadership initiatives

and market insight, Knight can help strengthen and diversify a

company’s investor base.

Knight is the leading source of o�-exchange liquidity in U.S.

equities and has a greater share volume than any U.S. exchange.

For additional information,please contact:

Sandy Reddin

phone 212-455-9255email [email protected]


SHIPPING MARKETS

Dry Bulk Market - Weekly HighlightsContributed by

IntermodalIntermodal Shipbrokers Co.17th km Ethniki Odos Athens-Lamia & 3 Agrambelis Street,145 64 N. Kifisia,Athens - Greece

Phone: +30 210 6293300Website: www.intermodal.gr

A very positive week for the dry bulkers which showed a considerable recovery from their previous week’s levels as all the main size segments witnessed a notable rise in freight rates. The Capes were the champions this week, noting an almost 20% rise in just one week despite activity levels remaining fairly similar to what was seen a week prior. The lack of open vessels in both basins coupled with the continued firm demand from the market helped owners finally give a significant push and escape the lackluster levels that were seen in early August. Panamaxes followed in suit as sentiment in the market started to improve significantly as did the number of fresh enquiries emerging. Supras and Handies also saw a strong improvement in market conditions with Supras marking a strong increase in rates from a week ago, while Handies saw a significant improvement in activity leaving promise for a very firm market in the coming days.

Baltic Indices / Dry Bulk Spot Rates

Week 33 19/08/2011 Week 32 12/08/2011

±% PointDiff

2011 2010

Avg Index Avg IndexIndex $/day Index $/day

BDI 1,462 1,287 13.6% 175 1,364 2,758

BCI 2,220 $15,136 1,851 $10,642 19.9% 369 1,701 3,480

BPI 1,609 $12,871 1,520 $12,149 5.9% 89 1,729 3,115

BSI 1,338 $13,989 1,255 $13,119 6.6% 83 1,359 2,148

BHSI 648 - 642 $9,455 0.9% 6 732 1,124

There is still a significant number of vessels entering the water, however it has now slowdown from the levels seen in the first quarter allowing for some “breathing space” which seemed to be just what the market needed as it only took a slight improvement in demand to help things get back on the recovery path. The Net fleet growth will continue to be high for the remainder of the year and optimism for the global economy and trade is not exactly on a positive path, however there seems to still be significant demand out there and as long as we continue to see trade grow things will head towards the better.

With all the turmoil in the US and Europe these past weeks commodities have taken a considerable hit, with prices for several main commodities dropping considerable in the past two weeks. As such, many traders are fairly worried and are avoiding holding to large stockpiles in hope of benefiting from the lower prices. Demand however for commodities like coal and grain have remained firm. Coal continues to feed off the increased demand for coal-fired power plants around the world, while several areas which have seen notably bad harvest this year have helped pick up demand for grains transported by sea. On the other hand, iron ore has seen a sluggish growth this year compared to past years, but as promise arises for softer prices, we may possibly see a strong boost in demand emerge over the last couple of months of the year.

020406080100120140160180

5001,0001,5002,0002,5003,0003,5004,0004,500

no. Fixtures

Inde

x

Baltic Dry

p The Baltic Dry Index closed on Friday the 19th of August at 1,462 points with a weekly gain of 175 points or 13.6% over previous week’s closing. (Last Friday’s the 12th of August closing value was recorded at 1,287 points).


SHIPPING MARKETS

Dry Bulk Market - Weekly Highlights

0

5

10

15

20

25

30

35

1,000

2,000

3,000

4,000

5,000

6,000

no. Fixtures

Inde

x

Capesize

CAPESIZE MARKET - p The Baltic Cape Index closed on Friday the 19th of August at 2,220 points with a weekly gain of 369 points. For this week we monitor a 19.9% change on a week-on-week comparison, as Last Friday’s the 12th of August closing value was 1,851 points). It is worth noting that the annual average of 2011 for the Cape Index is currently calculated at 1,701 points, while the average for the year 2010 was 3,480 points.

Week No. of Fixtures

Highest Fixture

Lowest Fixture

this week 10 $26,000 $11,000last week 11 $27,500 $7,000

Week Period Charter Trip Charterthis week $14,000 $15,444last week $11,000 $11,325

For Week 33 we have recorded a total of 10 timecharter fixtures in the Capesize sector, 1 for period charter averaging $14,000 per day, while 9 trip charters were reported this week with a daily average of $15,444 per day.

This week’s fixture that received the lowest daily hire was the M/V ‘’CAPE SPENCER’’, 169092 dwt, built 2010, dely aps Singapore 20-22 Aug, redely China, $11000, Winning, for a trip via Indonesia, J.Aron relet 4000$ improved from last week, and the fixture with the highest daily hire was the M/V ‘’FMG MATILDA’’, 178062 dwt, built 2008, dely Rotterdam 18/20 Aug , redely Singapore-Japan, $26000, Classic Maritime, for a trip via options -1500$ reduced from last week.

The BCI is showing a 19.9% gain on a weekly comparison, a 19.0% gain on a 1 month basis, a 35.9% gain on a 3 month basis, a 50.5% gain on a 6 month basis and a -34.0% fall on a 12 month basis.

0102030405060708090100

1,000

2,000

3,000

4,000

5,000

no. Fixtures

Inde

x

Panamax

PANAMAX MARKET - p The Baltic Panamax Index closed on Friday the 19th of August with a gain at 1,609 points having gained 89 points on a weekly comparison. It is worth noting that last Friday’s the 12th of August saw the Panamax index close at 1,520 points. The week-on-week change for the Panamax index is calculated to be 5.9%, while the yearly average for the Baltic Panamax Index for this running year is calculated at 1,729 points while the average for 2010 was 3,115 points.


Highest Fixture

Lowest Fixture



For Week 33 we have recorded a total of 46 timecharter fixtures in the Panamax sector, 5 for period charter averaging $11,990 per day, while 41 trip charters were reported this week with a daily average of $14,430 per day.

The daily earnings differential for the Panamaxes, that we calculate from all this week’s reported fixtures, i.e. the difference between the lowest and highest reported fixture for this week was improved, and this week’s fixture that received the lowest daily hire was the M/V ‘’KIND SEAS’’, 72493 dwt, built 1999, dely Dangjin spot , redely Singapore-Japan, $1050, Chart Not Rep, for a trip via EC Australia -6950$ reduced from last week, and the fixture with the highest daily hire was the M/V ‘’KING COAL’’, 72873 dwt, built 1997, dely Port Said 15/20 Aug , redely Singapore-Japan, $27000, ABT, for a trip via Black Sea 4100$ improved from last week.

The BPI is showing a 5.9% gain on a weekly comparison, a 4.8% gain on a 1 month basis, a -3.4% fall on a 3 month basis, a -0.7% fall on a 6 month basis and a -46.9% fall on a 12 month basis.


SHIPPING MARKETS

Dry Bulk Market - Weekly Highlights

0

10

20

30

40

50

60

500

1,000

1,500

2,000

2,500

3,000

3,500

no Fixtures

Inde

x

Supramax

SUPRAMAX & HANDYMAX MARKET - p The Baltic Supramax Index closed on Friday the 19th of August at 1,338 points up with a weekly gain of 83 points or 6.6% . The Baltic Supramax index on a weekly comparison is with an upward trend as last Friday’s the 12th of August closing value was 1,255 points. The annual average of the BSI is recorded at 1,359 points while the average for 2010 was 2,148 points.

Week No. of Fixtures Highest Fixture

Lowest Fixture



For Week 33 we have recorded a total of 25 timecharter fixtures in the Supramax & Handymax sector, 8 for period charter averaging $13,850 per day, while 17 trip charters were reported this week with a daily average of $17,947 per day.

The minimum vs maximum daily rate differential as analyzed from our fixtures database was overall reduced and from the reported fixtures we see that this week’s fixture that received the lowest daily hire was the M/V ‘’AMAZING GRACE’’, 47243 dwt, built 1998, dely dop Brisbane spot , redely N China-Japan, $8000, Pacbasin, for a trip, 175000 bb 3800$ improved from last week, and the fixture with the highest daily hire was the M/V ‘’OCEAN PEARL’’, 55557 dwt, built 2004, dely USGulf end August , redely Singapore-Japan, $30500, Oldendorff, for a trip 2500$ improved from last week.

The BSI is showing a 6.6% gain on a weekly comparison, a 5.5% gain on a 1 month basis, a -5.3% fall on a 3 month basis, a 18.2% gain on a 6 month basis and a -34.2% fall on a 12 month basis.

02468101214161820

500

750

1,000

1,250

1,500

1,750

no. Fixtures

Inde

x

Handysize

HANDYSIZE MARKET - p The Baltic Handysize Index closed on Friday the 19th of August with an upward trend at 648 points with a weekly gain of 6 points and a percentage change of 0.9%. It is noted that last Friday’s the 12th of August closing value was 642 points and the average for 2011 is calculated at 732 points while the average for 2010 was 1,124 points.


Highest Fixture

Lowest Fixture


Week Period Charter Trip Charterthis week $0 $10,803last week $0 $11,250

For Week 33 we have recorded a total of 9 timecharter fixtures in the Handysize sector, 0 for period charter averaging $0 per day, while 8 trip charters were reported this week with a daily average of $10,803 per day.

The minimum vs maximum daily rate differential as analyzed from our fixtures database was overall reduced and this week’s fixture that received the lowest daily hire was the M/V ‘’GOLDEN STAR’’, 26444 dwt, built 1995, dely Tasmania end Aug, redely China, $8500, Chart Not Rep, for a trip via Australia, 180000 bb 500$ improved from last week and the fixture with the highest daily hire was the M/V ‘’WESTGATE’’, 28202 dwt, built 2011, dely aps Aruba 21/22 Aug, redely Morocco, $15000, Copenship, for a trip -750$ reduced from last week.

The BHI is showing a 0.9% change on a weekly comparison, a -6.8% fall on a 1 month basis, a -17.6% fall on a 3 month basis, a -0.2% fall on a 6 month basis and a -38.6% fall on a 12 month basis.


SHIPPING MARKETS

The Week In ReviewContributed by

Golden Destiny S.A. Golden Destiny S.A.57 Akti Miaouli, Piraeus, 18536,Greece

Phone: +30 210 4295000Website: www.goldendestiny.gr

ECONOMIC ENVIRONMENT Following the Standard & Poor’s U.S. economy downgrade, the week opened with a positive announcement from the credit rating agency Fitch stating that the U.S. still deserves a triple A credit rating with a stable outlook, indicating the different positions that leading agencies hold on the U.S. creditworthiness. Standard & Poor’s U.S. rating last week shocked the worldwide commodity and financial markets, while Moody’s rating agency kept the top notch rating cutting its outlook to negative. It seems that the agencies hold different views on the recent debt ceiling deal and the potentials of the U.S. political system to produce more savings. In terms of debt projections, Fitch is still conservative estimating that the federal debt held by the public will rise to 82% of the GDP in 2015, a little below the relatively pessimistic forecasts from the International Monetary Fund and well above the assumptions of the President Barack Obama’s budget.

In the eurozone, eyes have turned to Germany and France after figures showing a sharp fall in German economic growth for the second quarter and France delivering no expansion against expectations for a 0.2% rise. Francois Baroin, finance minister, stated that he is confident that France will meet its target of a 2% growth this year despite a disappointing performance in the second quarter. Meanwhile, rumors that French sovereign debt is going to loose its triple A rating have been denied by all three rating agencies and the government. The underperformance of Europe’s largest economies sparks intensive fears about eurozone’s prosperity and the worldwide recovery, since Germany and France account for almost half of the eurozone’s economic output. Nicholas Sarkozy, French president, and Angela Merkel, German chancellor have been under a series of talks and plans to strengthen the euro as a common currency by discussing closer coordination on economic policy in the eurozone.

Surprisingly, Italy emerged as a best-performer among the eurozone’s largest economies, showing a 0.3 per cent rise of GDP in the second quarter, whereas Spain reported a 0.2 per cent rise coming almost in line with its performance of the previous two quarters. Furthermore, it has been revealed that the European Central Bank has spent a record EUR22 billion purchasing government debt last week, reactivating its controversial bond-buying plans to halt the spread of eurozone debt crisis in Spain and Italy.

In U.K. the outlook for the economy darkens as new data reveal a much weaker than expected labor market and the Bank of England’s monetary policy committee has signaled increasing concerns for a potential recovery. The unemployment rate rose to 7.9% in the three months to June, up from 7.7% in the three months to May. Economists suggest that the weak employment figures imply slower GDP growth for Britain’s economy as it has been barely grown during the last nine months and it also justifies that this economy is not far off recession.

In Japan, the economy shrank much less than expected in the second quarter despite the constant yen appreciation, with the country’s GDP falling by 0.3% against a median forecast for a 0.7% contraction and 0.9% decline during January-March period. However, worries that the Europe’s sovereign debt could escalate into another worldwide crisis could slash Japan’s export demand, leading to further yen selling intervention and more monetary easing to secure economic recovery. Finance minister Kaoru Yosano has urged the Bank of Japan to keep helping the recovery with ample liquidity injections into the market and loose monetary

policy position.

In China, industrial output grew at a slower pace in July while inflation has risen unexpectedly to 6.5%, its highest mark since June 2008, according to data released from China’s National Bureau of Statistics. China has admitted that inflation will exceed its annual target of 4% this year, but with debt crises in the United States and the eurozone, the People’s Bank of China is widely expected to hold interest rates steady. It is worth highlighting that China’s trade surplus surged in July to $31,5 billion, the biggest seen in more than two years, despite concerns of a slowdown in the global economy.

SHIPPING MARKET

Japanese shipping companies have started to suffer from the strong yen as news indicate that the Tokyo based owner “Eagle Holdings” has been a victim of the Japanese yen appreciation filing for a court protection last week. However, Eagle Holding is not the only medium sized Japanese shipping company that struggles to survive from yen appreciation as local financial press suggests that there has been a surge in requests for debt restructuring and five shipowners have recently succeeded negotiating loans with their lenders. Additionally, the three Japan’s big shipping firms, Mitsui OSK Lines, NYK and K Line have all reported significant first quarter losses that reflect the damage of the yen appreciation on Japan’s shipping environment.

In the dry market, the BDI has shown a positive growth this week with capesize earnings posting a 42% week-on-week rise as Chinese iron ore fixture activity is still hot due to ongoing concerns over Indian production. A firm amount of vessels is also chartered to haul thermal coal in China supported by low Qinhuangdao coal stockpiles and earlier Danqin coal railway maintenance, according to Commodore Research. Electricity production in China remains also high leading to stronger thermal coal fixtures. Capesize congestion is on increase outside major Australian coal and iron ore ports providing further support to capesize and panamax earnings.

The BDI closed today at 1,462 points, up by 13.6% from last week’s closing and down by 47 % from a similar week closing in 2010 when it was 2,756 points. Capesizes are currently earning 15,136/day, an increase of $4,494/day from a week ago, while panamaxes are earning $12,871/day, an increase of $722/day. At similar week in 2010, capesize were earning more than $34,000/day, while panamaxes were earning more than $24,000/day. Supramaxes are now getting discounted levels from capesizes by earning $13,989/day, up by $870/day from last week’s closing, but are still 8% higher than panamax earnings. At similar week in 2010, supramaxes were getting more than $21,000/day, hovering at discounted levels from capesize and panamax earnings. Handysizes are trading at


SHIPPING MARKETS

The Week In Review$9,552/day, when at similar week in 2010 were earning more than $15,000/day.

In the wet market, confidence in the crude industry has dipped to an all time low with shipowners considering pulling their vessels from the market as rental rates have been dropped to dangerously low levels with some average earnings being even into negative territory. According to the chief executive officer of Oslo listed Frontline the market cannot get worse and nobody seems willing to say no to cheap freight rates and try to push the market up. Additionally, the chief executive officer of BW Maritime has said in Bloomberg that owners are contending with the biggest glut of new tankers in 29 years as the fleet expands twice as fast as demand. At the same time, the price of ship fuel, representing the biggest expense, has jumped 39% in Singapore driving earnings from the vessels to the lowest level since 2002. The company is thinking to place some of its largest tankers in “cold lay-up” and it is not unlikely that others will follow in the next months if rates continue to be distressed. Current earnings do not seem to cover the operating expenses, which means that owners are paying more to operate their vessels on a daily basis than they are getting in revenues.

In the gas market, South Korea has announced long term agreements worth $84 billion with energy giants Royal Dutch Shell and Total to buy gas from LNG projects in Australia. State-run Korea Gas Corp will import a combined of 6,54 million tones per annum of LNG from 2013 to 2035 under the new deals that are going to be signed next month and considered to be the nation’s largest ever long-term gas supply agreements. South Korea, the world’s second largest buyer of LNG after Japan, has sealed the deals to replace supply from Indonesia, Malaysia and Brunei under agreements that are due to expire between 2013 and 2015.

In the container market, the Shanghai Container Freight Index and Shanghai Europe freight rates have moved higher for a third consecutive week with US bound rates also gaining some ground. However, an oversupply of vessels continues to push rates to lower earnings, while some major operators have already posted negative financial results for the first half. Singapore container line NOL has posted a net deficit of $67 mil in the six months compared with a narrow profit of $1 mil in the same period of 2010. The second quarter loss was $57mil down from a profit of $100mil last year.

The chief executive officer of the group Ron Widdows said that conditions are challenging throughout the shipping industry and under this environment they are working closely to bring down costs while keeping their assets utilized. Furthermore, South Korean group Hanjin Shipping has posted operating losses of $150mil from box shipping during the second quarter due to high fuel prices and delayed freight recovery in Asia-Europe and trans-Pacific routes. Hanjin noted that it would seek to improve profitability through the suspension of loss making routes, reorganizing port calls and restructuring deployed vessels.

Even the current uncertain market fundamentals, Maersk Line is said to boost its fleet through a major conversion program in China by increasing the size of the so called S Class fleet of 16 8,600 TEU vessels to 10,000 TEU. The conversion job is reportedly being handled by Qingdao Beihai Shipbuilding Heavy Industry and is expected to be completed in the third quarter of 2012. In addition, Seaspan Corporation accepted last week the delivery of a 13,100 TEU containership constructed by Hyundai Heavy Industries, which is the ninth delivery in 2011 for the company and expands its operating fleet to 64 vessels.

In the shipbuilding industry, China’s Dongfang Shipbuilding is said to be planning to list on London’s Alternative Investment Market later this month with the admission of 190m shares at no par value and with a market capitalization of about GBP 32,3m ($52,5m), according to Dow Jones Newswires.

In the shipping finance, China’s shipbuilder Rongsheng Heavy Industries has secured a $220m syndicated loan with the Export-Import Bank of China and Credit Agricole. The cash injection follows a $1,7bn financing deal with China CITIC Bank in June. The yard is using the cash to develop its Jiangsu facility into a world class shipbuilding and offshore engineering base. Additionally, Norway’s biggest bank DNB NOR is in talks of lending between $3,5 billion and $4 billion in the second half of the year to finance orders for LNG vessels. DNB NOR’s head of shipping, Herald Serck-Hansen has told in Reuters that they are working on 5-6 LNG financing projects with various different, mostly European, owners and if the deals are agreed, LNG financing will account for up to a quarter of the bank’s new shipping business generated in the second half.


SHIPPING MARKETS

Tanker Market - Weekly HighlightsContributed by

Charles R. Weber Company, Inc.Charles R. Weber Company, Inc.Greenwich Office Park One,Greenwich CT 06831

Phone: 203 629-2300Website: www.crweber.com

Optimism dwindling?The Weber Tanker Index, a market capitalization weighted index of US-listed tanker companies, reached lows this month not seen since April 2009 after declining some 41% since the end of 2Q11. As illustrated below, this is clearly out of step even with the recent losses posted on the Dow Jones Industrial average – and represents a marked departure from the confidence investors had shown in the tanker sector during 2010.

6,000

7,000

8,000

9,000

10,000

11,000

12,000

13,000

14,000

900

1,100

1,300

1,500

1,700

1,900

2,100

J-09

M-0

9

M-0

9

J-09

S-09

N-09 J-1

0

M-1

0

M-1

0

J-10

S-10

N-10 J-1

1

M-1

1

M-1

1

J-11

Weber Tanker Index

Dow Jones Industrial Average

However, there are reasons to believe that the negativity which has seen such a sharp correction in tanker shares recently is excessively centered on the sour state of affairs facing the VLCC class.

Indeed, with VLCCs appearing to many investors as the most transparent class, it is understandable that it is viewed as an indicator of the wider tanker sector. Despite the normally strong correlation to oil supply/demand dynamics, strong demand – even following the lull in oil demand being reported by the chief oil information agencies for Q2 – remain overshadowed by fleet growth levels well out of step. The correlating lull in earnings, and now also the prospect of a sharp decline in asset values (the VLCC “Tenzan” recently sold at 35% below that observed on a comparable unit a year ago), has put off many investors from the whole sector accordingly.

Historically, tanker cycles have dictated a need for owners to adapt to periods of strong earnings followed by periods of losses. Excluding finance costs, tanker earnings remain positive across most tanker classes (and even VLCCs can presently elk out small voyage earnings through triangulated trading and slow steaming), indicating that the present earnings recession the market is facing could actually have been much worse.

Moreover, the outlook for the short and medium haul-oriented crude and product carrying classes continues to indicate a shorter period to recovery. MR earnings, for instance are up by 23% thus far this year, thanks to an increase in triangulated earnings prospects here with the opening of product export opportunities from the US, among other factors.

Spot Rates Trade Cargo WS TCEVLCC $/dayTD1 AG>USG 280,000 MT 35.0 -$4,000TD2 AG>SPORE 260,000 MT 47.5 $8,000TD3 AG>JPN 260,000 MT 47.5 $8,800TD4 WAFR>USG 260,000 MT 47.5 $6,100TD15 WAFR>CHINA 260,000 MT 43.5 $600SUEZMAXTD5 WAFR>USAC 130,000 MT 67.5 $6,300TD6 B.SEA>MED 135,000 MT 72.5 $7,100AFRAMAXTD7 N.SEA>UKC 80,000 MT 97.5 $14,900TD8 AG>SPORE 80,000 MT 115.0 $14,900TD9 CBS>USG 70,000 MT 105.0 $5,800TD11 NAFR>MED 80,000 MT 90.0 $7,100PANAMAXTD10 CBS>USAC 50,000 MT 112.5 $4,600TD12 CONT>TA 55,000 MT 110.0 $8,500CPPTC2 MR CONT>TA 37,000 MT 150.0 $5,100TC3 MR CBS>USAC 38,000 MT 170.0 $10,400TC4 MR SPOR>JPN 30,000 MT 155.0 $1,600TC1 LR2 AG>JPN 75,000 MT 125.0 $18,700TC5 LR1 AG>JPN 55,000 MT 145.0 $15,700

Time Charter Rates

$/day (theoretical)1 Year 3 Years 5 Years

VLCC $22,250 $31,250 $34,500 Suezmax $17,500 $21,500 $25,750 Aframax $15,250 $18,250 $19,750 Panamax $15,000 $16,500 $17,500 MR $14,000 $14,750 $16,500


SHIPPING MARKETS

Tanker Market - Weekly HighlightsTHE TANKER MARKETS

VLCC

Overall activity in the VLCC market remained on par that observed last week. Despite rising bunker prices, through most of the week the market remained soft with rates on many routes posting small declines but by late week owners’ resistance due to the impact to earnings, gains were ultimately achieved on many routes. In the Middle East, questions abound as to the extent of the August program – and as we near its conclusion the tally remains some off by some 12 cargoes from the July program. A fresh decline on financial markets having ignited greater fears on oil demand growth saw prices decline significantly on Thursday (the WTI benchmark lost $5.84/bbl), which could be followed by a drop in bunker prices and halt further gains.

A total of 25 Middle East fixtures were reported this week, including 21 for discharge in the East, 3 in the West and one with discharge at the charterer’s option. China led the Eastbound discharge profile, accounting for 7 (less than half posted a week earlier) whilst Japan accounted for 5 (well above their average and likely owing to recent data suggesting a stronger than expected recovery there). Eastbound rates posted a marginal decline of about 0.1 points, w/w, to average ws45.9. TCEs in the direction declined $300/day, w/w, to an average of $6,200/day. Greater downward pressure was observed on the Westbound route, with rates to the USG off by 1.25 points, w/w, and averaging ws35.25. TCEs on the route were down $400/day from last week at an average of -$3,800/day. Triangulated Westbound trade earnings lost $800/day, w/w, to an average of $15,100/day.

To-date, some 110 August and 16 September cargoes have been covered. This leaves very few remaining August cargoes, whilst some 23 units are projected to be available through the end of the month. Despite the supply/demand imbalance, with charterers likely to accelerate into the September program during the week ahead the market is expected to be more active. Owners will be keen to use any uptick in activity to their advantage to maintain late-week gains (AG West is presently trading around ws47.5); these were largely on the basis of rising bunker prices, however, and a major correction thereof could dictate a fresh decline in rates, accordingly.

The Atlantic basin was more active this week with 7 fresh fixtures reported. Of these, 5 emanated from West. Having touched a fresh YTD low of ws42, West Africa-Far East rates were off by 0.25 points from last week at an average of ws43. On the back of higher bunker prices, did bounce from the fresh low and the market is presently trading at ws43.5. With Suezmax rates holding in the high ws60s, VLCC co-load interest remains low. Little change is expected during the week ahead, notwithstanding any significant change in bunker prices.

Suezmax

Steady activity throughout the week in the Atlantic Suezmax market, led by West Africa-States fixtures, saw rates hold in the high ws60s on the TD5 benchmark route. At present levels, VLCCs continue to see limited interest as co-load alternative units, which has contributed to the steadier rates on the Suezmaxes. Whilst owners are posing greater resistance now to the status quo, the late week decline in bunker prices could cap any prospective gains during the week ahead.

Aframax

Rates in the Caribbean Aframax market were largely flat through most of the week at ws117.5 on the TD9 benchmark. The position list, however, had expanded simultaneously and with this knowledge charterers made a concerted push for lower rates towards the end of the week, leading to a steep correction on Friday to ws105. During the week ahead, rates could be heavily dictated by bunker prices, posting smaller movements in direct correlation. Otherwise, owners are likely to be highly resistant to further losses, given an expectation for activity to pick-up towards the end of the month.

Panamax

Rates in the Caribbean Panamax market were soft with a lull in activity leading to a 5 points drop to ws112.5 on the TD10D benchmark route. Further losses were capped by the departure in recent weeks of units en ballast to the European market.

The relative strength of the European Panamax market was eroded this week as activity was slightly off whilst ballasting units from the Caribbean weighed further on rates. Having commenced at ws117.5 on the TD12 benchmark and trading largely flat throughout much of the week, the end of the week saw a 7.5 point correction. With voyage earnings remaining ~$4,000/day greater than those in the Caribbean market, rates could remain soft during the week ahead as the two markets close the present earnings gap.

CPP

The Caribbean MR market presided over a busy week, with a tightening position list leading to strong gains. The TC3 benchmark gained 12.5 points to close at ws170 whilst the backhaul trans-Atlantic route gained 15 points to close at ws115. Petrobras was a major driver, releasing requirements this week for a handful of USG and USAC area stems on longer-haul voyages to South America. Combined with excessive delays at various ports, the MR list has become very date-sensitive. Although much of the activity in Europe was centered on voyages to West Africa, which implies fewer units coming to the Caribbean market, owners with units coming free off Canada have opted to ballast towards the Caribbean to capture stronger earnings. Accordingly, the expectation is that rates will hold on to this week’s gains – quite likely through to the end of the month.

The European market was active, with several fixtures concluded to West Africa. This prompted a 10-point gain on the TC2 benchmark to ws150. With fewer units ballasting from the Americas and the tonnage list remaining thin here, the expectation is that further gains could be observed during the week ahead.


SHIPPING MARKETS

Weekly Tanker Market OpinionContributed by

Poten & Partners, Inc.805 Third AvenueNew York, NY 10022

Phone: (212) 230-2000Website: www.poten.com

Well, Look at the TimeAny guest at a cocktail party knows that it is rude to double dip, but this etiquette lesson must have been lost on the economy. The pervasive financial turmoil has been an unwelcome gate crasher in world markets for stocks and commodities, and is likely to put a damper on any near-term recovery of petroleum demand in the OECD economies. As freight rates are very strongly correlated with global petroleum demand, continued weakness from the world’s largest energy consumers is reasonable cause for alarm. In times like these, it may be helpful to look to the past for indication of how long we must endure this market’s insufferable company.

According to the US National Bureau of Economic Research, the American economy has undergone six full economic cycles since 1970. Over the past four decades, recessions have generally been preceded by major geopolitical events that cause an uncontrolled rise in consumer prices, with a corresponding erosion of consumption, as seen in the chart below.

Global Oil Demand vs. Crude Oil Price 1970-2010

-3,000

-2,000

-1,000

0

1,000

2,000

3,000

4,000

5,000

1970

1973

1976

1979

1982

1985

1988

1991

1994

1997

2000

2003

2006

2009

Chan

ge y

-o-y

(kbd

)

-$75-$55-$35

-$15$5$25$45$65

$85$105$125

Infl

atio

n A

djus

ted

Oil

Pric

e (2

010

$USD

)

Crude Oil Price US China India Other

Source: National Bureau of Economic Research (2011); BP Statistical Review of World Energy (2011); Poten

High oil prices pack a particular punch to the American economy. This was true in the 1970’s, when Arab-Israeli conflict led to OPEC’s embargo of crude oil supplies to the United States and a four-fold increase in the price of oil, as well as the 1980’s following the Iranian Revolution. In the past, as conflict subsides, prices fall and American consumption resumes growth. American petroleum demand reached a peak in 2005 at 20.8 mbd, decreasing slightly to just under 20.7 mbd prior to the financial crisis of 2008. However, several factors are making it increasingly unlikely that US petroleum consumption is going to recover to those levels anytime in the near future. As we discussed in OPEC Pickle, the multi-faceted turmoil characterizing the Arab Spring and increased consumption from developing Asian economies has led to a tighter global oil supply demand balance, and is likely to sustain high oil prices over the near term. This, along with the recent downgrade of American debt and a very shaky Euro zone are not positive signs for recovery of petroleum demand in these mature economies.

Hindsight is Always 20-20

Despite the weakened economic conditions and stagnant growth in the developed economies, the US Energy Intelligence Administration (EIA) still expects that global crude oil demand will increase modestly over the near term. According to the organization’s latest Short Term Energy Outlook, released earlier this month, global demand is anticipated to rise just over 1.6 mbd over the next two years to reach 89.8 mbd by 2012. However, this outlook for total global demand is over 3.6 mbd lower than was projected prior to the beginning of the

2008 recession, and includes the caveat that the EIA’s projections do not yet fully reflect the impact of recent financial and economic developments. Additionally, global growth will have to rely even more strongly on consumption increases in Chinese demand, as seen in the chart below.

Comparative Oil Demand Outlooks - 2006 vs. 2011

0102030405060708090

100

US China Total World US China Total World

2011 2012

Oil

Dem

and

(mbd

)

2006

2011 20

06

2011 20

06

2011

2006

2011 20

06

2011

2006

2011

Source: EIA (August 2011), Poten

One may wonder how tanker rates can remain in the doldrums even as net global petroleum consumption continues to rise, but one must look at tanker demand in the context of tanker supply. Tanker market cycles mirror those of the global economy, and oscillation between boom and bust has been characteristic of the industry over the past fifty years. As global crude oil demand increases, so does demand for petroleum transportation. As markets tighten, rates increase. And as shipowners’ incomes rise, so does their incentive to invest in tanker newbuildings.

There is a saying in shipping that if one tanker is needed, ten owners will build it, and these ten ships may deliver into the market just as demand begins to contract. In the 1970’s, the VLCC fleet grew from just under 200 vessels at the end of 1973 to 450 vessels at the end of 1977, even after 100 vessels were cancelled. The staggering increase in capacity was more than the market could bear, and those who have been in the business long enough remember the early 1980’s as a particularly painful time. Since the end of 2008, the VLCC fleet has grown by over 80 ships, and average earnings on the Arabian Gulf to Far East trade over the course of this year have remained over 68% lower than the ten year historical average. But as bad as it may seem, 2011 is no 1981. While it seems that the next few years are still likely to sting, the past has also shown that unforeseen events can quickly change a market when you least expect it.

Poten Tanker Market Opinions are published by the Marine Projects & Consulting department at Poten & Partners. For feedback on this opinion or to receive this via email every week please send an email to [email protected]. For information on the services and research products offered by our Marine Projects & Consulting department or to contact our tanker brokers please visit our website at www.poten.com.


SHIPPING MARKETS

Weekly Freight Rate & Asset TrendsContributed by

IntermodalIntermodal Shipbrokers Co.17th km Ethniki Odos Athens-Lamia & 3 Agrambelis Street,145 64 N. Kifisia,Athens - Greece

Phone: +30 210 6293300Website: www.intermodal.gr

FREIGHT RATES

ASSET VALUES

WEEK33 - 2011

www.intermodal.gr Intermodal Shipbrokers - Capital Link - Dry Bulk Market Report “Week 33” – 22 AUG 2011 6

Tanker Spot Rates

Vessel Routes Week 33 Week 32

±% 2011 2010

WS points $/day WS

points $/day $/day $/day

VLC

C 265k AG-JAPAN 47 8,659 46 7,481 2% 20,414 41,620

280k AG-USG 34 -2,960 35 -85 -3% 4,186 20,959

260k WAF-USG 48 13,306 48 14,831 0% 26,609 45,311

Suez

max

130k MED-MED 70 10,226 70 12,489 0% 24,035 36,316

130k WAF-USAC 68 5,485 68 6,938 0% 13,124 26,222

130k AG-CHINA 75 10,691 80 14,970 -6% 16,192 26,910

Afr

amax

80k AG-EAST 113 12,888 115 14,559 -2% 14,090 15,716

80k MED-MED 90 8,420 83 6,767 9% 11,802 19,835

80k UKC-UKC 98 12,776 100 15,124 -3% 17,428 24,225

70k CARIBS-USG 105 6,909 123 13,969 -14% 9,177 17,047

Cle

an

75k AG-JAPAN 125 14,211 125 14,282 0% 11,438 14,544

55k AG-JAPAN 145 12,386 135 9,520 7% 8,195 10,784

37K UKC-USAC 153 7,593 148 7,278 3% 11,702 10,531

30K MED-MED 138 10,521 138 11,214 0% 18,737 19,933

Dirt

y

55K UKC-USG 110 5,527 115 7,888 -4% 12,292 16,419

55K MED-USG 110 4,089 115 6,945 -4% 10,625 14,358

50k CARIBS-USAC 115 4,988 118 6,457 -2% 11,753 14,117

Tanker Time Charter Rates $/day

Week 33

Week 32 ±% Diff 2011 2010

VLCC 300k 1yr TC 22,000 23,000 -4.3% -1000 28,083 38,288

300k 3yr TC 31,000 31,500 -1.6% -500 33,700 38,671

Suezmax 150k 1yr TC 17,500 17,500 0.0% 0 21,083 28,712

150k 3yr TC 22,500 24,000 -6.3% -1500 25,268 27,642

Aframax 105k 1yr TC 15,750 15,750 0.0% 0 16,356 19,014

105k 3yr TC 18,250 18,500 -1.4% -250 18,889 20,282

Panamax 70k 1yr TC 15,250 15,500 -1.6% -250 15,523 16,865

70k 3yr TC 17,000 17,000 0.0% 0 16,859 17,700

MR 45k 1yr TC 14,250 14,500 -1.7% -250 13,939 13,423

45k 3yr TC 15,250 15,250 0.0% 0 14,844 14,388

Handysize 36k 1yr TC 13,000 13,000 0.0% 0 12,568 11,808

36k 3yr TC 14,000 14,000 0.0% 0 13,473 12,008

WEEK33 - 2011


Dry Bulker Time Charter Rates $/day

Week 33

Week 32 ±% Diff 2011 2010

Cap

esiz

e 170K 6mnt TC 17,500 13,000 35% 4,500 14,753 36,483

170K 1yr TC 15,750 13,375 18% 2,375 15,546 33,167

170K 3yr TC 16,250 15,500 5% 750 17,692 29,153

Pana

max

70K 6mnt TC 14,875 14,000 6% 875 17,454 28,879

70K 1yr TC 13,375 12,750 5% 625 15,642 24,759

70K 3yr TC 13,875 13,625 2% 250 15,086 19,735

Supr

amax

52K 6mnt TC 15,500 15,250 2% 250 15,931 24,569

52K 1yr TC 14,000 13,750 2% 250 14,749 21,047

52K 3yr TC 13,750 13,500 2% 250 14,382 17,502

Han

dym

ax

45k 6mnt TC 13,250 12,750 4% 500 13,829 21,372

45k 1yr TC 12,250 12,000 2% 250 12,995 18,530

45k 3yr TC 12,250 12,000 2% 250 12,793 15,568

Han

dysi

ze

30K 6mnt TC 11,500 11,000 5% 500 12,302 16,908

30K 1yr TC 11,500 11,250 2% 250 12,238 15,862

30K 3yr TC 12,000 12,000 0% 0 12,287 14,143

WEEK33 - 2011


Secondhand Indicative Market Values ($ Million) - Tankers Vessel 5yrs old Aug-11 Jul-11 ±% 2011 2010 2009

VLCC 300KT DH 80.0 82.2 -2.7% 84.3 87.2 84.3

Suezmax 150KT DH 53.0 56.2 -5.7% 58.0 62.6 59.2

Aframax 105KT DH 38.0 39.2 -3.1% 40.5 44.7 43.2

Panamax 70KT DH 35.7 36.0 -0.9% 36.2 38.8 37.5

MR 45KT DH 29.3 29.3 0.0% 28.6 26.5 29.2

Secondhand Indicative Market Values ($ Million) - Bulk Carriers Vessel 5yrs old Aug-11 Jul-11 ±% 2011 2010 2009

Capesize 170k 39.7 40.8 -2.8% 46.1 57.4 49.0

Panamax 73K 29.7 32.2 -7.9% 33.6 39.0 30.3

Supramax 52k 23.8 24.3 -1.9% 26.4 30.2 26.1

Handysize 29K 22.7 23.0 -1.4% 24.0 26.2 21.1

New Building Indicative Market Prices (million$) Vessel

Week 33

Week 32 ±% 2011 2010 2009

Bul

kers

Capesize 170k 51.0 51.5 -1.0% 53 58 67 Panamax 75k 30.8 32.0 -3.8% 33 35 36 Supramax 57k 29.5 29.5 0.0% 30 31 34 Handysize 30k 23.8 23.8 0.0% 24 25 27

Tank

ers

VLCC 300k 101.0 101.5 -0.5% 100 103 121 Suezmax 150k 63.5 63.5 0.0% 63 66 70 Aframax 110k 53.5 53.5 0.0% 53 55 59 LR1 70k 43.5 43.5 0.0% 43 46 52 MR 47k 35.0 35.0 0.0% 35 36 40

Gas

LPG M3 80k 72.5 72.5 0.0% 71 72 81 LPG M3 52k 62.5 62.5 0.0% 62 65 73 LPG M3 23k 46.0 46.0 0.0% 45 46 49


SHIPPING MARKETS

Contributed by

Braemar Seascope35 Cosway StreetLondon NW1 5BTUnited Kingdom

Phone: +44 (0) 20 7535 2650Website: www.braemarseascope.com

Container Market - Weekly HighlightsC h a r t e r i n g

Vessel (Teu/Hmg) Index + / -510/285 Teu (gl) 15.5 k 4.67 ▼ 0.05700/440 Teu (gl) 17.5 k 5.35 ▼ 0.05

750/415 Teu (g) 16 k 5.68 ▼ 0.111000/650 Teu (g) 17.5 k 7.20 ▼ 0.201100/715 Teu (g) 19 k 8.94 ▼ 0.061350/925 Teu (g) 20 k 6.43 ▼ 0.10

1600/1150 Teu (gl) 18 k 8.39 ▼ 0.041700/1125 Teu (g) 19.5 k 7.56 ▼ 0.231740/1300 Teu (g) 20.5 k 7.87 ▼ 0.262000/1600 Teu (g) 21 k 3.21 ► 0.002500/1900 Teu (g) 22 k 6.18 ▼ 0.02

2800/2000 Teu (gl) 22 k 5.96 ► 0.003500/2500 Teu (gl) 23 k 4.45 ► 0.004250/2800 Teu (gl) 24 k 3.54 ▼ 0.11

Index ToTal 85.44 ▼ 1.23

The week’s fixture activity was largely dominated by charter extensions as competition for the little potential business around continues to bite on the back of increasing numbers of idle vessels.

Despite a respectable amount of fixtures and signs of resilience halting the decline to a certain extent, most noticeably in the 2800teu sector, the lack of new business continues to loom large. The market is showing signs of a fight, but with the pending peak season now predicted to be one of the weakest on record, tough times remain ahead.

Not to forget the problem of excess capacity which will ultimately force owners to consider laying up tonnage and re- balance the supply side. On the charterers’ side, contrasting results reported by the major lines over the last weeks makes this no easy task, as finding the right balance between fighting for market share as well as a healthy bottom line continues.

The small feeder sector continues to struggle with very little spot business available and showing many vessels having now been

inactive for 30+ days. The 1700teu sector, one of the more buoyant through this summer, is also starting to show signs of buckling under the pressure as a B170 design is reported to have slipped under the US$10,000 mark. Overall inquiry in this size for the coming months, however, is said to look encouraging. Once again, the 2800teu sector has seen the majority of concluded fixtures. Where many would have predicted the fall under the US$13,000 mark, this particular sector seems to hold firm in low-mid 13’s range on the back of a relatively strong interest, including new business.

The lack of activity in the panamax sector continues to raise concerns with not just relet, but also head owned spot tonnage now open. Given this particular sector has now been illiquid for a number of weeks, the next fixture will most certainly be considerably below last done potentially causing a negative concertina effect on the sizes below.

It is worth noting that the peak season, albeit arguably a weaker version this year, has allowed the market to breathe, but the fact is that the market continues in decline, albeit with a fair number of fixtures concluded. However, new business opportunities remain few and far between for the moment.

7

B R A E M A R S E A S C O P E C O N T A I N E R S

T H E M O N D A Y M O R N I N G C O N T A I N E R B R I E F I N G

M O N D A Y 2 2 N D A U G U S T 2 0 1 1

Every effort has been made to ensure the information contained within this report is accurate, but Braemar Seascope Containers can accept no responsibility for any error, omission or consequence therefrom.

BRAEMAR SEASCOPE CONTAINERS - LONDON – SINGAPORE – SHANGHAI

S & P : - c o n t a i n e r s @ b r a e m a r s e a s c o p e . c o m C H A R T E R I N G : - t e u @ b r a e m a r s e a s c o p e . c o m

LONDON - CHARTERING: PHIL WOODINGTON, GRAHAM BOOTH, RICHARD WETZKI, BEN JEANS, RANULF SWALLOW S&P: PEYTON BROER, SEBASTIAN DAVENPORT-THOMAS, JEREMY DAVIES, BILL PRICE

SINGAPORE - JAMES BUCK, ROY EDKINS SHANGHAI - AXEL HUANG RESEARCH - JONATHAN ROACH

WWW.BRAEMARSEASCOPE.COM

C H A R T E R I N G

VESSEL (TEU/HMG) INDEX + / - 510/285 TEU (GL) 15.5 K 4.67 ▼ 0.05 700/440 TEU (GL) 17.5 K 5.35 ▼ 0.05

750/415 TEU (G) 16 K 5.68 ▼ 0.11 1000/650 TEU (G) 17.5 K 7.20 ▼ 0.20 1100/715 TEU (G) 19 K 8.94 ▼ 0.06 1350/925 TEU (G) 20 K 6.43 ▼ 0.10

1600/1150 TEU (GL) 18 K 8.39 ▼ 0.04 1700/1125 TEU (G) 19.5 K 7.56 ▼ 0.23 1740/1300 TEU (G) 20.5 K 7.87 ▼ 0.26 2000/1600 TEU (G) 21 K 3.21 ► 0.00 2500/1900 TEU (G) 22 K 6.18 ▼ 0.02

2800/2000 TEU (GL) 22 K 5.96 ► 0.00 3500/2500 TEU (GL) 23 K 4.45 ► 0.00 4250/2800 TEU (GL) 24 K 3.54 ▼ 0.11

INDEX TOTAL 85.44 ▼ 1.23 The week's fixture activity was largely dominated by charter extensions as competition for the little potential business around continues to bite on the back of increasing numbers of idle vessels. Despite a respectable amount of fixtures and signs of resilience halting the decline to a certain extent, most noticeably in the 2800teu sector, the lack of new business continues to loom large. The market is showing signs of a fight, but with the pending peak season now predicted to be one of the weakest on record, tough times remain ahead. Not to forget the problem of excess capacity which will ultimately force owners to consider laying up tonnage and re- balance the supply side. On the charterers’ side, contrasting results reported by the major lines over the last weeks makes this no easy task, as finding the right balance between fighting for market share as well as a healthy bottom line continues. The small feeder sector continues to struggle with very little spot business available and showing many vessels having now been inactive for 30+ days. The 1700teu

sector, one of the more buoyant through this summer, is also starting to show signs of buckling under the pressure as a B170 design is reported to have slipped under the US$10,000 mark. Overall inquiry in this size for the coming months, however, is said to look encouraging. Once again, the 2800teu sector has seen the majority of concluded fixtures. Where many would have predicted the fall under the US$13,000 mark, this particular sector seems to hold firm in low-mid 13's range on the back of a relatively strong interest, including new business. The lack of activity in the panamax sector continues to raise concerns with not just relet, but also head owned spot tonnage now open. Given this particular sector has now been illiquid for a number of weeks, the next fixture will most certainly be considerably below last done potentially causing a negative concertina effect on the sizes below. It is worth noting that the peak season, albeit arguably a weaker version this year, has allowed the market to breathe, but the fact is that the market continues in decline, albeit with a fair number of fixtures concluded. However, new business opportunities remain few and far between for the moment.

The Box Index (BOXi)

30507090

110130150170

Oct

09

Jan

10

Apr

10

Jul 1

0

Oct

10

Jan

11

Apr

11

Jul 1

1

Oct

11

▼ 85.44

R e p R e s e n T a T I V e F I x T u R e s

name dwT Teu BlT spd Cons gR CHaRTeReR dely daTe peRIod RaTe $Cape moReTon 37,800 2,742 05 22 88 GL Hapag lloyd NE Asia Aug 11 6 mos 13,400

mIneRVa 37,900 2,702 05 22 88 GL uasC UK Cont Sep 11 6-8 mos 13,450RR euRopa 33,900 2,452 02 21 79 G log-In ESA Sep 11 18 mos 14,250

Hansa CasTella 21,480 1,645 98 19 49 G ITs Med Aug 11 3 mos 10,000BuxmasTeR 23,465 1,597 86 17 37.5 G gsl SE Asia Oct 11 5-6 mos 10,500

masoVIa 22,800 1,550 95 21 61 GL Ts lInes SE Asia Sep 11 3 mos 9,750san ClemenTe 20,350 1,512 94 20 51 G ooCl SE Asia Aug 11 2-3 mos 10,000

Ranjan 17,350 1,355 08 20 52 G eVeRgReen USG Sep 11 6 mos 9,150magellan planeT 7,970 735 02 18 32 GL sInokoR NE Asia Sep 11 3 mos 5,050


SHIPPING MARKETS

Contributed by

Golden Destiny S.A. Golden Destiny S.A.57 Akti Miaouli, Piraeus, 18536,Greece

Phone: +30 210 4295000Website: www.goldendestiny.gr

Week Ending: 19th August 2011(Given in good faith but without guarantee)

S&P Secondhand, Newbuilding & Demolition Markets

SUMMARY OF SALES

TOTALUnits Invested Capital Units in DWT Units

Bulkcarriers 2 73.800.000 3 140.116 5Tankers * 1 4.300.000 0 0 1

Gas Tankers ** 1 15.500.000 0 0 1Liners *** 1 19.500.000 3 29.160 4

Containers 2 181.000.000 1 25.088 3Reefers 0 0 0 0 0

Passenger / Cruise 0 0 0 0 0Ro - Ro***** 0 0 0 0 0Car Carrier 0 0 0 0 0

Combined ***** 0 0 0 0 0Special Projects ****** 0 0 0 0 0

TTL VSLS/Demo 7 294.100.000 7 194.364 14

TOTAL WEEKLY S&P ACTIVITYVESSELTYPE SECOND HAND DEMOLITION

Vessel Type Units in DWT Invested Capital P&C %w-o-w Bulkcarriers 3 618.000 N/A 3 0%

Tankers 5 477.000 N/A 5 -17%Gas Tankers 2 164.000 400.000.000 0 0%

Liners 0 0 0 0 N/AContainers 1 84.000 69.000.000 0 -93%

Reefers 0 0 0 0 N/APassenger / Cruise 0 0 0 0 N/A

Ro - Ro 0 0 0 0 N/ACar Carrier 0 0 0 0 N/ACombined 0 0 0 0 N/A

Special Projects 1 N/A 380.000.000 0 N/ATOTAL 12 1.343.000 849.000.000 8 -59%

WEEKLY NEWBUILDING ACTIVITY

Key: (*) Incl. Crude Oil, Clean & Dirty Products, Chemical, Asphalt & Veg. Oil, (**) incl. LPG, LNG, (***) incl. Multi-purpose and Tweendeckers, (*****) incl. Bulk-Ore, Ore-Oil and Bulk-Oil carriers, (*****) incl. Ro-Ro Cargo, Ro-Ro Passenger, (******) incl. Oil & Drilling Rigs, Tugs, Livestock, Trawlers, Cable/Exploration/Navy/Support Vessels,

Key:/ * The total invested capital does not include deals reported with undisclosed contract price ** Deals reported as private and confidential (not revealed contract price)


SHIPPING MARKETS

S&P Secondhand, Newbuilding & Demolition MarketsSECONDHAND TONNAGE SOLD FOR FURTHER TRADING GDSA

S&P INDEX

This week has been very silent in terms of S&P transactions

DRY BULK CARRIERS US$/Dwt

CONCHES 180,000 DWT BLT 11 KRS 9 HO HA MAN-B&W 25,370 BHP SOLD FOR ABT US $58 MIL TO SOUTH KOREAN BYRS INCL. 3YRS T/C AT $26,000/D TO SWISS MARINE 322.22

CORAL SEA 73,939 DWT BLT 97 JPN 7 HO HA B&W 12,100 BHP SOLD FOR ABT US $15,8 MIL TO UNDISCLOSED BYRS 213.69

Note: Rumoured to be under negotiations a capesize resale of 180,200dwt built 2011 Imabari for about mid $40 mil TANKERS US$/Dwt

SUN CHALLENGER 6,575 DWT BLT 98 JPN DB 16 TNKS CTD CLD OIL CAP. 7,165 CBM MITSUBISHI 4,200 BHP SOLD FOR ABT US $4,3 MIL TO KOREAN BYRS 653.99

GAS TANKERS US$/DwtEOLE 6,634 DWT BLT 00 JPN DB COILED GAS CAP. 7,099 CBM B&W 6,160 BHP SOLD FOR ABT US $15,5 MIL TO GREEK BYRS INCL. 2YRS TIME CHARTER BACK TO THE SELLER AT A RATE OF $335,000-$360,000 PER MONTH 2336.45

LINERS US$/DwtFEDERAL PATROLLER 17,451 DWT BLT 00 CHR 3 HO HA CR 2 x 40 T 984 TEU B&W 9,470 BHP SOLD FOR ABT US $19,5 MIL TO USA BYRS 1117.41

CONTAINERS US$/DwtER REGULUS 13,000 TEU BLT 12 SKR HYUNDAI H.I. SOLD FOR ABT US $156 MIL TO NORWEGIAN BYRS N/A INCL. 15YRS T/C TO MSC

SITC MODERATION 10,600 DWT BLT 09 CHR 4 HO HA 917 TEU MAK 10,875 BHP SOLD FOR ABT US $25 MIL TO UNDISCLOSED BYRS AT AUCTION 2358.49

NEWBUILDING MARKET - ORDERS

DRY BULK CARRIERS206,000 DWT 3 units ordered by Polembros Shipping (GR) at Shanghai Waigaoqiao Shipyard (PRC) Price undisclosed. Dely 2013

TANKERS154,600 DWT (DP2 Shuttle Tankers) 2 units ordered by Teekay Offshore (CAN) at Samsung H.I. (SKR) Price undisclosed. Dely 4/2013, 11/2013 (Contracts initially announced in June, but recently confirmed to service a long term contract with BG Group of the UK)

154,600 DWT (DP2 Shuttle Tankers) 1 unit ordered by Chevron Shipping (U.S.) at Samsung H.I. (SKR) Price undisclosed. Dely 4/2013

6,600 DWT (Products Carrier) 2 units ordered by Moscow River Company (RUS) at Lotos Shipyard (RUS) Price undisclosed. Dely 2012 (RST 25 river/sea design. Value 540 Roubles, approximately 13,5 mil Euros)

GAS TANKERSABT 82,000 DWT - 155,000 CU.M LNG 2 units ordered by Dynagas (GR) at Hyundai H.I. (SKR) Price usd $200 mil. Dely 2014 (Extension of an original pair order placed in May exercising an option for a third unit and adding also a fourth firm unit)

CONTAINERS84,000 DWT 2 units ordered by Undisclosed European owner at Jiangsu Rongsheng (PRC) Price usd $ 69 mil each. Dely 2013 (6,600 TEU, option two more units)

SPECIAL PROJECTS

Drilling Rig 1 unit ordered by Transocean Offshore (U.S.) at Keppel Fels (SPORE) Price usd $ 380 mil. Dely 2013 (KFELS Super B platform design. Option exercised. Three now ordered)


SHIPPING MARKETS

S&P Secondhand, Newbuilding & Demolition MarketsDEMOLITION MARKET

VESSEL TYPE DEMOLITION ACTIVITY

No. of Vessels in DWT No. of Vessels in DWTWeekly change in No. of vessels

Bulkcarriers 3 140.116 4 205.584 -25%Tankers * 0 0 5 429.979 -100%

Liners 3 29.160 1 18.332 200%Containers 1 25.088 1 18.643 N/A

Reefers 0 0 0 0 N/APassenger / Cruise 0 0 0 0 N/A

Ro - Ro***** 0 0 0 0 #DIV/0!Car Carrier 0 0 0 0 N/A

Combined *** 0 0 0 0 N/ASpecial Projects **** 0 0 0 0 N/A

TOTAL 7 194.364 11 672.538 -36%

WEEKLY DEMOLITION ACTIVITY PER VESSEL TYPEWEEK 32-2011WEEK 33-2011

DEMO COUNTRY DEMOLITION ACTIVITY

No. of Vessels in DWT No. of Vessels in DWTWeekly change in No. of vessels

Bangladesh 1 89.618 1 30.396 N/AIndia 4 76.261 6 292.480 -33%

Pakistan 0 0 1 143.170 -100%China 2 28.485 0 0 #DIV/0!Turkey 0 0 0 0 N/AVarious 0 0 0 0 N/A

Unknown 0 0 3 206.492 -100%TOTAL 7 194.364 11 672.538 -36%

WEEK 33-2011 WEEK 32-2011WEEKLY DEMOLITION ACTIVITY PER DEMO COUNTRY

DEMOLITION $/LDT & DEMO COUNTRY

BC “SEA TRINITY” 89,618 DWT BLT 87 JPN LDT 17,195 465 BANGLADESH ASIS CHINA INCL. 300TNS BUNKERS ROB

BC “NORTON” 27,213 DWT BLT 83 JPN LDT 6,430 ON PRIVATE TERMS INDIA CONTAINER “SINO NORTH” 25,088 DWT BLT 85 GFR LDT 8,113 ON PRIVATE TERMS INDIA

BC “DMITRIY POZHARSKIY” 23,285 DWT BLT 78 GDR LDT 8,360 455 CHINA

LINER “ATLANTIC PROJECT” 17,850 DWT BLT 88 GDR LDT 8,920 ON PRIVATE TERMS INDIA

LINER “NIMEH-1” 6,110 DWT BLT 78 NTH ON PRIVATE TERMS N/A INDIA

LINER “UNION GLORY 1” 5,200 DWT BLT 85 CHR LDT 2,261 460 CHINA


SHIPPING MARKETS

S&P Secondhand, Newbuilding & Demolition MarketsSHIPPING & FINANCIAL NEWS

previous FRIDAY MON TUES WED THUR actual change % weekly actual change % change Week 33week 12/8/2011 15/8/2011 16/8/2011 17/8/2011 18/8/2011 of the week change since 4/1/2011since 4/1/2011 2010

BDI 1.277 1.287 1.306 1.344 1.371 1.414 137 10,73% -279 -16,48% 2.644Handy 645 642 641 643 644 646 1 0,16% -161 -19,95% 1.056

BHSI TC AVERAGE 9.499 9.455 9.438 9.472 9.494 9.522 23 0,24% -2.283 -19,34% 15.508Supramax 1.246 1.255 1.267 1.282 1.296 1.318 72 5,78% -103 -7,25% 2.034

BSI TC AVERAGE 13.024 13.119 13.252 13.410 13.555 13.781 757 5,81% -1.079 -7,26% 21.272Panamax 1.501 1.520 1.541 1.568 1.585 1.597 96 6,40% -201 -11,18% 3.031

BPI TCAVERAGE 11.994 12.149 12.321 12.537 12.674 12.773 779 6,49% -1.539 -10,75% 24.365Capesize 1.836 1.851 1.870 1.951 2.015 2.124 288 15,69% -161 -7,05% 3.363

BCI TC AVERAGE 10.483 10.642 11.024 11.951 12.607 13.768 3.285 31,34% -4.929 -26,36% 32.066

BCTI 674 678 680 685 690 691 17 2,52% 56 8,82% 690BDTI 701 698 695 693 691 692 -9 -1,28% -351 -33,65% 776

previous FRIDAY MON TUES WED THURweek 12/8/2011 15/8/2011 16/8/2011 17/8/2011 18/8/2011

1.745,53 1.745,53 1.794,63 1.756,94 1.773,90 1.684,39 -61,14 -3,50%647,31 647,31 684,56 671,28 699,64 654,06 6,75 1,04%

1.650,86 1.650,86 1.679,61 1.668,27 1.690,06 1.623,93 -26,93 -1,63%1.039,42 1.039,42 1.108,24 1.085,10 1.085,51 1.040,48 1,06 0,10%

3.163,79 3.163,79 3.214,67 3.159,70 3.168,88 3.015,07 -148,72-4,70%

76,83 76,67 76,83 76,79 76,59 76,57 -0,26 -0,34%1,6242 1,6276 1,6390 1,6449 1,6542 1,6516 0,03 1,69%45,41 45,39 45,34 45,38 45,41 45,74 0,33 0,73%

1,4241 1,4248 1,4444 1,4407 1,4423 1,4330 0,01 0,62%

1.782,30 1.765,90 1.745,99 1.765,00 1.785,00 1.788,15 1823,85 102,33%108,02 108,03 109,91 109,47 110,60 106,99 -1,03 -0,95%

INR/$ $/Euro

Indian Ruppea

CLLLG (Capital link LNG/LPG index)

Japanese YenPound Sterling

$ / US BblGOLD

IPE BRENT

COMMODITIES EXCHANGE RATES$ / troy oz

Euro

Y/$ $/GBP

CLDBICLTI

CURRENCY EXCHANGE

CLCI

for the week

STOCK EXCHANGE

% change

CAPITAL LINK M.I.

SHIPPING NEWS

DRY INDICES

WET INDICES

FINANCIAL NEWS


SHIPPING MARKETS

Forward Freight Agreements - FFAsDRYBULKDATE SECTOR VESSEL ROUTE PERIOD FROM TO RATE

18-Aug-11 Dry Capesize Cape 4 TC Q Q4 11 1-Oct-11 31-Dec-11 12850

18-Aug-11 Dry Capesize Cape 4 TC Y Cal 12 1-Jan-12 31-Dec-12 12550



18-Aug-11 Dry Handysize BHSI Average q Aug+Sep 11 1-Aug-11 30-Sep-11 9700

18-Aug-11 Dry Handysize BHSI Average Y Cal 12 1-Jan-12 31-Dec-12 9400



18-Aug-11 Dry Panamax Avg 4 TC Panamax q Aug+Sep 11 1-Aug-11 30-Sep-11 12600

18-Aug-11 Dry Panamax Avg 4 TC Panamax Y Cal 12 1-Jan-12 31-Dec-12 11350



18-Aug-11 Dry Panamax P2A Skaw-Gib / Far East M 11-Aug 1-Aug-11 31-Aug-11 21500

18-Aug-11 Dry Panamax P2A Skaw-Gib / Far East M 11-Sep 1-Sep-11 30-Sep-11 21750

18-Aug-11 Dry Panamax P2A Skaw-Gib / Far East Q Q4 11 1-Oct-11 31-Dec-11 21250

18-Aug-11 Dry Panamax P3A Japan-SK / NoPac RV M 11-Aug 1-Aug-11 31-Aug-11 10000

18-Aug-11 Dry Panamax P3A Japan-SK / NoPac RV M 11-Sep 1-Sep-11 30-Sep-11 10500

18-Aug-11 Dry Panamax P3A Japan-SK / NoPac RV Q Q4 11 1-Oct-11 31-Dec-11 10500

TANKERDATE SECTOR VESSEL ROUTE PERIOD FROM TO RATE

18-Aug-11 Wet Clean Tanker BITR Clean TC2_37 Cont/USAC M 11-Aug 1-Aug-11 31-Aug-11 149.5

18-Aug-11 Wet Clean Tanker BITR Clean TC2_37 Cont/USAC Y Cal 12 1-Jan-12 31-Dec-12 149.36

18-Aug-11 Wet Clean Tanker BITR Clean TC2_37 Cont/USAC Y Cal 13 1-Jan-13 31-Dec-13 145

18-Aug-11 Wet Clean Tanker BITR Clean TC4 Sing/Japan M 11-Aug 1-Aug-11 31-Aug-11 158.5

18-Aug-11 Wet Clean Tanker BITR Clean TC4 Sing/Japan Y Cal 12 1-Jan-12 31-Dec-12 135.58


18-Aug-11 Wet Clean Tanker BITR Clean TC5 M 11-Aug 1-Aug-11 31-Aug-11 136

18-Aug-11 Wet Clean Tanker BITR Clean TC5 Y Cal 12 1-Jan-12 31-Dec-12 121.35


18-Aug-11 Wet Dirty Tanker BITR Dirty TD3 MEG/JAPAN M 11-Aug 1-Aug-11 31-Aug-11 46.25

18-Aug-11 Wet Dirty Tanker BITR Dirty TD3 MEG/JAPAN Y Cal 12 1-Jan-12 31-Dec-12 47.56

18-Aug-11 Wet Dirty Tanker BITR Dirty TD3 MEG/JAPAN Y Cal 13 1-Jan-13 31-Dec-13 50

18-Aug-11 Wet Dirty Tanker BITR Dirty TD5 WAF/USAC M 11-Aug 1-Aug-11 31-Aug-11 68

18-Aug-11 Wet Dirty Tanker BITR Dirty TD5 WAF/USAC Y Cal 12 1-Jan-12 31-Dec-12 65.12



SHIPPING MARKETS

Forward Freight Agreements - FFAs

Contributed by

SSYSSY Futures LtdLloyds Chambers, 1, Portsoken Street, London, El 8PHPhone: +44(0)2072651871 (Dry) +44(0)2079777501 (Wet)Website: www.ssyonline.com

18-Aug-11 Wet Dirty Tanker BITR Dirty TD7 NSEA/CONT. M 11-Aug 1-Aug-11 31-Aug-11 97.5

18-Aug-11 Wet Dirty Tanker BITR Dirty TD7 NSEA/CONT. Y Cal 13 1-Jan-13 31-Dec-13 103

18-Aug-11 Wet Dirty Tanker BITR Dirty TD8 Kuwait/Sing Y Cal 09 1-Jan-09 31-Dec-09 139

DRYBULKDATE SECTOR VESSEL ROUTE PERIOD FROM TO RATE

18-Aug-11 Dry Capesize Cape 4 TC Q Q4 11 1-Oct-11 31-Dec-11 12850




18-Aug-11 Dry Handysize BHSI Average q Aug+Sep 11 1-Aug-11 30-Sep-11 9700




18-Aug-11 Dry Panamax Avg 4 TC Panamax q Aug+Sep 11 1-Aug-11 30-Sep-11 12600




18-Aug-11 Dry Panamax P2A Skaw-Gib / Far East M 11-Aug 1-Aug-11 31-Aug-11 21500

18-Aug-11 Dry Panamax P2A Skaw-Gib / Far East M 11-Sep 1-Sep-11 30-Sep-11 21750

18-Aug-11 Dry Panamax P2A Skaw-Gib / Far East Q Q4 11 1-Oct-11 31-Dec-11 21250

18-Aug-11 Dry Panamax P3A Japan-SK / NoPac RV M 11-Aug 1-Aug-11 31-Aug-11 10000

18-Aug-11 Dry Panamax P3A Japan-SK / NoPac RV M 11-Sep 1-Sep-11 30-Sep-11 10500

18-Aug-11 Dry Panamax P3A Japan-SK / NoPac RV Q Q4 11 1-Oct-11 31-Dec-11 10500

TANKERDATE SECTOR VESSEL ROUTE PERIOD FROM TO RATE

18-Aug-11 Wet Clean Tanker BITR Clean TC2_37 Cont/USAC M 11-Aug 1-Aug-11 31-Aug-11 149.5

18-Aug-11 Wet Clean Tanker BITR Clean TC2_37 Cont/USAC Y Cal 12 1-Jan-12 31-Dec-12 149.36

18-Aug-11 Wet Clean Tanker BITR Clean TC2_37 Cont/USAC Y Cal 13 1-Jan-13 31-Dec-13 145

18-Aug-11 Wet Clean Tanker BITR Clean TC4 Sing/Japan M 11-Aug 1-Aug-11 31-Aug-11 158.5



18-Aug-11 Wet Clean Tanker BITR Clean TC5 M 11-Aug 1-Aug-11 31-Aug-11 136



18-Aug-11 Wet Dirty Tanker BITR Dirty TD3 MEG/JAPAN M 11-Aug 1-Aug-11 31-Aug-11 46.25

18-Aug-11 Wet Dirty Tanker BITR Dirty TD3 MEG/JAPAN Y Cal 12 1-Jan-12 31-Dec-12 47.56

18-Aug-11 Wet Dirty Tanker BITR Dirty TD3 MEG/JAPAN Y Cal 13 1-Jan-13 31-Dec-13 50

18-Aug-11 Wet Dirty Tanker BITR Dirty TD5 WAF/USAC M 11-Aug 1-Aug-11 31-Aug-11 68




EVENTS

Conference Call CalendarExchange Ticker Sector Results Conference Call

Company Date Time Date Time (EDT)

Navios Maritime Holdings Inc NYSE NM Dry Bulk Mon, August

22, 2011 BMO Mon, August 22, 2011 08:30 AM

Frontline NYSE FRO Tanker Fri., August 26, 2011 BMO Fri., August 26,

2011 09:00 AM


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