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Monday, February 10, 2014 (Week 6)

IN THE NEWS→ Latest Company News→ Ocean Rig UDW Inc. Announces Entry Into Amendment and Restatement of $1.9 Billion Term Loan Facility → Tsakos Energy Navigation Extends Time Charter for Handysize Product Tanker→ Weekly Commentary by Barry Parker→ Dividend Paying Shipping Stocks

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

SHIPPING MARKETS→ Weekly Market Report - by Cleartrade Exchange → Stifel Shipping Markets→ Dry Bulk Market - Week Highlights, by Intermodal Shipbrokers→ Weekly Tanker Market Opinion, by Poten & Partners→ Dry Bulk Market - Week Highlights, by Intermodal Shipbrokers→ Container Market - Weekly Highlights, by Braemar Seascope→ Tanker Market - Weekly Highlights, by Charles R. Weber Company

TERMS OF USE & DISCLAIMER

CONTENT CONTRIBUTORS

Capital Link Shipping Weekly Markets Report

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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.

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Monday, February 10, 2013 (Week 6)Capital Link Shipping Weekly Markets Report

IN THE NEWS

Latest Company NewsMonday, February 3, 2014

Scorpio Bulkers Inc. Announces Time Charter-In Agreements for Five Dry Bulk VesselsScorpio Bulkers Inc. announced that that it has agreed to time charter-in five dry bulk vessels. The terms of the time charter-in contracts are summarized as follows: A 2009 built Panamax for five to seven months at Company’s option at $15,900 per day. The vessel was delivered on January 23, 2014; A 2010 built Post-Panamax for eight to ten months at Company’s option at $13,250 per day. The vessel is expected to be delivered by the end of February 2014; A 2012 built Kamsarmax for twelve to fourteen months at Company’s option at $15,000 per day. The vessel is expected to be delivered by the end of February 2014; A 2012 built Kamsarmax for ten to twelve months at Company’s option at $14,500 per day. The vessel is expected to be delivered by the end of February 2014; A 2014 built Panamax for twelve to thirteen months at Company’s option at $16,000 per day. The vessel is expected to be delivered by the end of March 2014.

STEALTHGAS INC. Announces New Vessel Acquisitions, Financing Arrangements, New Employment for Its Vessels, Addition of Executives and Other Company NewsSTEALTHGAS INC. announced as part of its fleet expansion program the acquisition of two newbuilding LPG vessels. Both vessels will be constructed in Japan. The first vessel is a 5,000cbm LPG carrier scheduled to be delivered in the fourth quarter of 2014; while the second vessel is a 3,500cbm LPG carrier scheduled to be delivered in the first quarter of 2015. This brings the total number of LPG carriers the Company expects to take delivery of from March 2014 to August 2015 to 17 for a total cost of approximately $345 million and the total value of its assets including the 17 vessels to approximately $1 billion.

Goldenport Announces Final Results for the Year Ended 31 December 2013Goldenport Holdings Inc. announces the results for the year ended 31 December 2013. It reported revenue of $ 62,945 and EBITDA of $20,980. Net loss was $12,177, compared to the net loss of $65,339 in 2012. Net debt to book capitalization was 48% as at 31 December 2013, compared to 49% as of 31 December 2012. On 12 April 2013, the Company took delivery of M/V Thasos, a 1998 built container of 2,452 TEU, which was acquired for US$ 5,971, including bunkers and lubricants remaining on board at the delivery of the vessel.

Tuesday, February 4, 2014

DHT Holdings, Inc. Announces the Mandatory Exchange of its Series B Participating Preferred Stock into Shares of Its Common StockDHT Holdings, Inc. announced that, pursuant to the Certificate of Designation of the Series B Participating Preferred Stock of DHT dated November 27, 2013, each share of Series B Participating Preferred Stock of DHT, par value $0.01 per share, automatically and without any action on the part of the respective holders thereof, was exchanged (the “Mandatory Exchange”) for one hundred (100) shares of DHT’s common stock, par value $0.01 per share (“Common Stock”), on February 4, 2014. As a result of

the Mandatory Exchange, the number of shares of Common Stock outstanding is 38,798,874, all of which are trading on the New York Stock Exchange under the symbol “DHT”.

Wednesday, February 5, 2014

DHT Holdings, Inc. announces closing of $227,250,000 offering of common stockDHT Holdings, Inc. announced the closing of its previously announced registered direct offering of 30,300,000 shares of its common stock at a price of $7.50 per share. DHT received net proceeds of approximately $217.0 million after the payment of placement agent fees. DHT intends to use the net proceeds to fund the expansion of its fleet, its pending vessel acquisitions and shipbuilding contracts and for other general corporate purposes. RS Platou Markets, Inc. and DNB Markets, Inc. acted as joint lead managers and placement agents, and RS Platou Markets AS acted as placement agent.

Tsakos Energy Navigation Ltd. Announces Closing of Offering, Including Full Exercise of Underwriters’ Option to Purchase Additional SharesTsakos Energy Navigation Ltd. announced the closing of its successful public offering of 12,995,000 common shares, including 1,695,000 common shares issued upon the exercise in full by the underwriters of their option to purchase additional shares. The public offering price was $6.65 per share. The gross proceeds of the offering were $86.4 million. The Company plans to use the net proceeds of the offering to finance the growth and modernization of its fleet, and for general corporate purposes. Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC acted as joint book-running managers of the offering. Global Hunter Securities, LLC, Brock Securities LLC, DVB Capital Markets LLC and Clarkson Capital Markets LLC acted as co-managers for the offering. The offering was made under an effective shelf registration statement.

Thursday, February 6, 2014

Navios Maritime Acquisition Corporation Announces Employment for Three VLCCsNavios Maritime Acquisition Corporation announced that the Nave Galactic, a 2009-built VLCC of 297,168 dwt, delivered on February 4, 2014 has been chartered out to a high quality counterparty for one year at a rate based on the adjusted BITR TD3 index plus a premium. The Nave Quasar, a 2010-built VLCC of 297,376 dwt has been chartered out to a high quality counterparty for one year at a base rate of $20,475 (net) per day plus 50% profit sharing in excess of $24,375 (net) per day. The charterer has been granted an option for an additional year at a base rate of $25,350 (net) per day plus 50% profit sharing in excess of $29,250 (net) per day. The Nave Buena Suerte, a 2011-built VLCC of 297,491 dwt, has been chartered out to a high quality counter party for minimum one year at a rate based on charterer’s VLCC pool earnings. Navios Acquisition has contracted 83.9% and 44.2% of its available days on a charter-out basis for 2014 and 2015, respectively. The average charter-out period of Navios Acquisition’s fleet is 2.0 years.


IN THE NEWS

Seaspan Announces Pricing of $125 Million Public Offering of 8.25% Series E Cumulative Redeemable Perpetual Preferred SharesSeaspan Corporation announced that it has priced its previously announced $125 million public offering of shares of its 8.25% Series E Cumulative Redeemable Perpetual Preferred Stock (the “Series E Preferred Shares”) at $25 per share. Seaspan has granted the underwriters of the offering a 30-day option to purchase up to an additional $18.75 million of Series E Preferred Shares on the same terms and conditions. The offering is expected to close on February 13, 2014.

Seaspan Declares Dividend of $0.3125 Per Common Share for Fourth Quarter 2013Seaspan Corporation announced that the Company’s Board of Directors has declared a quarterly dividend of $0.3125 per common share for the three months ended December 31, 2013. The dividend will be paid on February 26, 2014 to all shareholders of record as of February 18, 2014.

Friday, February 7, 2014

Diana Containerships Inc. Announces the Sale of a Panamax Container Vessel, the m/v APL SardonyxDiana Containerships Inc. announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to sell to an unaffiliated third party the 1995-built vessel “APL Sardonyx” (to be renamed “Sardonyx”) for demolition, with delivery due to the buyers by the end of February, 2014, for a sale price of approximately US$10.0 million before commissions. Upon completion of the aforementioned sale, Diana Containerships Inc.’s fleet will consist of 8 container vessels (2 Post-Panamax and 6 Panamax).

VLCCF Reports Fourth Quarter 2013 and Full Year ResultsKnightsbridge reports net income of $3.0 million and earnings per share of $0.10 for the fourth quarter of 2013. Excluding the results from discontinued operations, the Company reports net income of $3.5 million and earnings per share of $0.123 for the fourth quarter. It also reports EBITDA from continuing operations of $7.0 million and EBITDA from continuing operations per share of $0.24 for the fourth quarter of 2013. Net loss was $3.9 million and a loss per share of $0.15 for the year ended December 31, 2013. Excluding the results from discontinued operations, the Company reports net income of $3.5 million and earnings per share of $0.14 for the year ended December 31, 2013. The Company announces a cash distribution of $0.175 per share for the fourth quarter of 2013.

Monday, February 10, 2014

Nordic American Offshore Ltd. (NAO) announces that it has agreed to buy two more platform supply vessels (PSVs) from an Ulstein company, increasing its fleet to eight vessels of the same type.Nordic American Offshore Ltd., which is sponsored by Nordic American Tankers Limited (NAT) and is managed by a subsidiary of NAT, currently has six platform supply vessels operating in the demanding North Sea market. PSVs are highly sophisticated

vessels, representing the latest in design and technology, and they play an integral role in the logistical chain in offshore exploration and production of oil and gas. The two newbuildings will be delivered in January 2015 and cost about $44 million each. Nordic American Tankers owns 26% of the share capital in NAO at a cost of $65 million. NAO will be operated essentially along the same strategic lines as NAT. This includes an active dividend policy and the prudent use of its resources to ensure a top-quality fleet at all times. The plan is for NAO to be listed on NYSE later this spring. NAO is now listed on the so-called OTC (over the counter) in Oslo, Norway. The stock price of NAO has gone up about 10% since it came onto the OTC at the end of November 2013.

Nordic American Tankers Reports 4Q2013 Report Nordic American Tankers announced its fourth quarter 2013 financial results. Earnings per share in 4Q2013 was -$0.31, compared with -$0.29 in 3Q2013 and -$0.61 in 4Q2012. The operating cash flow was $1.9m for 4Q2013, compared with $2.5m for 3Q2013 and -$1.1m in 4Q2012. The undrawn part of the credit facility and net working capital stood at $292m at the end of fourth quarter. Cash dividend was $0.12 per share. The record date for the cash dividend will be February 20, 2014 and the payment will take place on or about March 3, 2014.

Tsakos Energy Navigation Announces Time Charter Extension for Handysize TankerTsakos Energy Navigation Ltd. announced the time charter renewal of a 2004 built, double hull Handysize product tanker with a major national end-user for a period of twelve months. The new charter commenced in February 2014 and is expected to generate gross revenues of approximately $6.0 million during the corresponding period. Currently, TEN’s secured contract coverage is 60% and 38% for the available vessel days of 2014 and 2015, with expected minimum revenues of approximately $190 million and $150 million, respectively. Overall, TEN’s minimum contracted charter revenues is approximately $880 million with an average employment of 2.7 years per vessel. The Company has currently 20 vessels on fixed time charters, eight vessels on charters with profit sharing arrangements and 20 vessels trading in COAs and spot related charters.

Goldenport Holdings Inc. Appoints Alexis Stephanou as Chief Financial Officer and Proceeds with Sale of Treasury StockGoldenport Holdings Inc. announces that it has appointed Alexis Stephanou as Chief Financial Officer with immediate effect. At the same time, the Company announces the sale of its treasury stock position which amounts to 427,887 shares to Alexis Stephanou, in a move intended to align the interests of the new CFO with the Company. The agreed sale price of 43.25p per share is equal to the closing share price on Monday 3 February 2014. Alexis Stephanou joined Goldenport in August 2013 as Chief Investment Officer and Head of Investor Relations. He was previously Managing Director in the investment banking department of UBS AG and has a proven track record in deal origination, structuring and execution across a wide swath of industries with a particular focus on financial institutions and shipping.

Latest Company News


IN THE NEWS

Ocean Rig UDW Inc announced that it along with its wholly-owned subsidiaries, Drillships Financing Holding Inc. (“DFHI”), and Drillships Projects Inc., entered into an Amendment and Restatement Agreement to the Credit Agreement dated as of July 12, 2013, as amended, among Ocean Rig, DFHI, Drillships Projects, the lenders from time to time party thereto and Deutsche Bank AG New York Branch, as administrative and collateral agent which originally comprised of tranche B-1 term loans in an aggregate

Ocean Rig UDW Inc. Announces Entry Into Amendment and Restatement of $1.9 Billion Term Loan Facility

principal amount equal to $1.075 billion (“Tranche B-1 Term Loans”) and tranche B-2 term loans in an aggregate principal amount equal to $825.0 million (“Tranche B-2 Term Loans”). Pursuant to the Amendment and Restatement Agreement, the existing Tranche B-2 Terms Loans have been refinanced with additional new Tranche B-1 Term Loans the result of which is that DFHI currently has approximately $1.9 Billion of Tranche B-1 Term Loans outstanding.

All Tranche B-1 Term Loans remain guaranteed by Ocean Rig and by certain existing and future subsidiaries of DFHI and are secured by certain assets and by a pledge of the stock of DFHI and each subsidiary guarantor.

George Economou, Chairman and Chief Executive Officer of Ocean Rig commented:“We are pleased with the successful closing of this important transaction which extends Ocean Rig’s debt maturities. We effectively refinanced the short-term tranche of the Term Loan B Facility with a fungible add-on to the long-term tranche. Post transaction, the entire $1.9 billion facility will mature not earlier than the third quarter of 2020.”

Ocean Rig is an international offshore drilling contractor providing oilfield services for offshore oil and gas exploration, development and production drilling, and specializing in the ultra-deepwater and harsh-environment segment of the offshore drilling industry. The company owns and operates 11 offshore ultra deepwater drilling units, comprising of 2 ultra deepwater semisubmersible drilling rigs and 9 ultra deepwater drillships, 1 of which is scheduled to be delivered to the Company during 2014 and 2 of which are scheduled to be delivered during 2015. Ocean Rig’s common stock is listed on the NASDAQ Global Select Market where it trades under the symbol “ORIG”.

Visit the Company’s website at www.ocean-rig.com.


IN THE NEWS

Tsakos Energy Navigation Extends Time Charter for Handysize Product TankerNew York listed Tsakos Energy Navigation renewed the time charter for the 2004 built, double hull Handysize product tanker with a major national end-user for a period of twelve months.

The new charter commenced this month and is expected to generate gross revenues of approximately $6.0 million during the corresponding period.

“This charter renewal demonstrates our company’s strength on forming strategic partnerships on several fronts particularly with major oil companies. Furthermore, due to our fleet’s versatility and employment flexibility, we can count on stable cash flows while retaining the ability to take advantage of the current market recovery,” said Mr. Nikolas P. Tsakos, President and CEO of TEN. “This charter renewal is significantly higher than its previous rate and with all signs pointing to strengthening tanker rates. In addition with this extension we will continue to serve the same major energy company which has been using the vessel since 2004. This is a testament to the caliber of our company and the high quality of our vessels,” Mr. Tsakos concluded.

Currently, TEN’s secured contract coverage is 60% and 38% for the available vessel days of 2014 and 2015, with expected minimum revenues of approximately $190 million and $150 million, respectively. Overall, TEN’s minimum contracted charter revenues is approximately $880 million with an average employment of 2.7 years per vessel. The Company has currently 20 vessels on fixed time charters, eight vessels on charters with profit sharing arrangements and 20 vessels trading in COAs and spot related charters.

To date, TEN’s fleet, including the LNG carrier Maria Energy and five Aframax crude oil tankers under construction, consists of 54 double-hull vessels, a mix of product tankers, crude tankers and LNG carriers, totaling 5.5 million dwt. Of these, 28 are product carriers ranging from DP2 shuttle suezmaxes to handysize, 24 are crude tankers ranging from VLCCs to Aframaxes, and two are LNG carriers. The Company also held an option for construction of an LNG carrier that was initially exercisable by January 31, 2014 and intends to engage in discussions with the shipyard to extend the option to the end of February 2014. 21 vessels have ice class designation.

Visit the Company’s website at www.tenn.gr


IN THE NEWS

Last week was snowy, but a busy one around the New York shipping scene. The action centered mainly on the annual shipping described by Norwegians as the “Nack attack”, or, for Greeks, the “Hack attack” . More formally- the event is officially the Hellenic American (HACC) and Norwegian American (NACC) Chambers of Commerce yearly shipping Conference. The conference itself then begot private dinners, and receptions, including a great one held at the New York Yacht Club- hosted by the international law firm Watson Farley Williams. There was much talk of deals, innovative structures, and (borrowing a theme from the conference) whether “Private Equity” (PE) would have an ongoing role in ship finance once everybody gets above break-evens again. More on that in a minute.

The NACC/ HACC conference had a number of important take-aways. Robert Bugbee (the soon to be crowned “Commodore” of the Connecticut Maritime Association), a participant in the drybulk panel, commenting on cyclical turning points said: “There’s volatility at the bottom of markets.” This applies to both drybulk and to tankers- where Bugbee’s successes (so far- there are more cycles to go) have been. What we’ve witnessed in Q4 of 2013 into early 2014 is nothing short of amazing. The weekly markets reports contained in Capital Link’s shipping weekly have shown it all- with Capesize drybulk rates mounting an impressive run up to $40,000/day for the composite TC amalgam. In tankers, the VLCCS soared, the Suezmaxes soared even higher, and the Aframaxes have soared even higher, above $100,000/day (in the Caribbean! and the real icing in Primorsk, where it actually gets COLD, is still a month into the future!!!). Aframaxes aside, these runs upward are all instructive- they’ve backed down quickly, after each one’s respective causation (a disturbance to the natural order of things) has run its course. But each little spike makes everyone in the markets a little more jumpy, yes “jumpy”, as in “…next time, they’ll be quicker to spike up.” Look at the graphs.

A related take-away from the NACC/ HACC event, which impacts strategies for both investors and shipowners, is that shipping cycles might be getting shorter. I have no scientific evidence or rigorous analytics to support this, and it flies in the face of the work of one of my mentors- investor Michael Hampton (who now manages money in Hong Kong). Michael was a commodity banker who made his reputation based on tracking long-term cycles in shipping- like 250 years. But, during the week, conversations turned in the direction of three year cycles, or- to appease guys like Michael, bigger and investment-capable (long or short) blips along the way. To this way of thinking, PE will have numerous opportunities for entries and for exits (which could IPOs or synergy inducing sales to strategic buyers), avoiding situations where the current crop of investors all get caught in a crush on the way out.

One final thing related to these ideas- in Capital Link’s excellent drybulk webinar at end January, which featured Euroseas, Oceanbulk Marine and Western Bulk, is the topic of “capacity utilization”. When asked about its importance, by moderator Michael Webber (from Wells Fargo Securities) one panelist- Aritistidis Pittas from Euroseas, begged off. Mr. Pittas cited the many different (and sometimes contradictory) ways that the measure is calculated;

Who can jump higher?- Or, there’s volatility at market bottoms

lamentably, I agree, it means too many things to whomever calculates or quotes it. The simple way is to look at vessel supply in deadweight and then compare that to estimates of how much deadweight is required by the demand side to keep cargoes moving. For example- if 4 billion tonnes of stuff are moving around and each ship does 8 voyages a year, then you need 500 million deadweight. The more nuanced way is one that I’ve attempted in my analytics- though the jury is still out on my latest round of fortune telling. Vessel deliverability, and this is gets into slow steaming, is also considered; what if each vessel only does 7.5 voyages/ year, for example? One could argue, as panelists Hamish Norton (Oceanbulk) and Jens Ismar (Western Bulk) did, that slow steaming has made a permanent dent in true deliverability. On that I agree- but where it gets tricky is the timeframe. On the call, Mr. Norton referred to a bump up in utilization “above 90%” during the recent Capesize surge; the implication is that demand shot upwards, temporarily, and supply did not respond, ie ships were still moving at 11 knots, about 2 or 3 knots slower than their design speeds. So, yes, utilization probably did get to that sweet spot around 90%, or maybe higher, but purely short term utilization does not make a bull market. A mystery at this point, worth some good analytics, is just exactly how much effective supply has been taken away. The answers could explain parts of the volatility we’ve seen lately.

However, back to the market psychology, and the jitteriness of charters- and the volatility as markets are trying to turn upward….real market rallies always start with a series of spikes- some possibly worthy of PE investors jumping aboard. Watch the spikes, and keep looking at those graphs, as our Commodore to be surely does.

Contributed by

Barry ParkerBarry 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.


IN THE NEWS

Dividend Paying Shipping Stocks

September 13, 2013 – Week 38

Stock Prices as of February 7, 2014

Company Name Ticker Quarterly Dividend

Annualized Dividend

Last Closing Price (Feb. 7, 2014)

Annualized Dividend Yield (%)

Container Box Ships Inc TEU $0.12 $0.48 $2.79 17.20%

Costamare Inc CMRE $0.27 $1.08 $19.81 5.45%

Diana Containerships DCIX $0.15 $0.60 $3.99 15.04%

Matson Inc MATX $0.16 $0.64 $24.48 2.61%

Seaspan Corp SSW $0.3125 $1.25 $22.72 5.50%

Dry Bulk Baltic Trading Limited BALT $0.01 $0.04 $6.09 0.66%

Navios Maritime Holdings Inc. NM $0.06 $0.24 $9.91 2.42%

Navios Maritime Partners L.P.(1) NMM $0.4425 $1.77 $17.88 9.90%

Safe Bulkers Inc.(2) SB $0.06 $0.24 $10.15 2.36%

Tankers Ardmore Shipping Corp. ASC $0.10 $0.40 $14.17 2.82%

Capital Product Partners L.P. CPLP $0.2325 $0.93 $10.01 9.29%

DHT Holdings, Inc. DHT $0.02 $0.08 $7.70 1.04% KNOT Offshore Partners L.P. KNOP $0.4350 $1.74 $26.53 6.56%

Navios Maritime Acquisition Corp NNA $0.05 $0.20 $4.13 4.84%

Nordic American Tankers Limited NAT $0.12 $0.48 $10.24 4.69%

Scorpio Tankers Inc STNG $0.07 $0.28 $9.51 2.94%

Teekay Corporation TK $0.31625 $1.265 $53.75 2.35%

Teekay Offshore Partners L.P. TOO $0.5384 $2.1536 $31.90 6.75%

Teekay Tankers Ltd TNK $0.03 $0.12 $3.57 3.36%

Tsakos Energy Navigation Ltd (3) TNP $0.05 $0.20 $6.65 3.01%

Mixed Fleet Knightsbridge Tankers Limited VLCCF $0.175 $0.70 $10.07 6.95%

Ship Finance International Limited SFL $0.39 $1.56 $16.83 9.27%

LNG/LPG Dynagas LNG Partners L.P. DLNG $0.1746 $1.46 $21.42 6.82%

Gas Log Ltd GLOG $0.12 $0.48 $20.88 2.30%

Glolar LNG GLNG $0.450 $1.80 $35.54 5.06%

Glolar LNG Partners, L.P GMLP $0.5225 $2.09 $30.10 6.94%

Teekay LNG Partners L.P. TGP $0.6918 $2.7672 $41.41 6.68%

Maritime MLPs Capital Product Partners L.P. CPLP $0.2325 $0.93 $10.01 9.29% Dynagas LNG Partners L.P. DLNG $0.1746 $1.46 $21.42 6.82% Golar LNG Partners, L.P. GMLP $0.5225 $2.09 $30.10 6.94% Navios Maritime Partners L.P. NMM $0.4425 $1.77 $17.88 9.90% Teekay LNG Partners L.P. TGP $0.6918 $2.7672 $41.41 6.68% Teekay Offshore Partners L.P. TOO $0.5384 $2.1536 $31.90 6.75% KNOT Offshore Partners L.P. KNOP $0.4350 $1.74 $26.80 6.49%


CAPITAL MARKETS DATA

Dividend Paying Shipping Stocks

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September 13, 2013 – Week 38

(1) Board approved a 0.57% dividend increase, beginning with the second quarter 2012 dividend, raising the quarterly dividend from $0.44 to $0.4425 per unit. (2) SB completed an offering of 800,000 shares of its 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares at a price of $25.00 per share. On June 19, 2013, the Series B Preferred Shares commenced trading on the New York Stock Exchange, under the symbol “SBPRB”. On January 13, 2014, SB declared a cash dividend of $$0.50 per share on the Series B Preferred Shares for the period from October 30, 2013 to January 29, 2014. The dividend will be paid on January 30, 2014, to all Series B preferred shareholders of record as of January 24, 2014. (3) On May 13, 2013, TEN’s 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares commenced trading on the New York Stock Exchange at $25.00 per share, under the symbol “TNPPRB.” On September 30, 2013, TEN successfully closed its $50 million offering of 8 7/8% Series C Cumulative Redeemable Perpetual Preferred Shares in a public offering under its effective shelf registration statement at $25.00 per share. On January 14, 2014, the Board of Directors declared regular quarterly cash dividends of $0.50 per share for the Series B Preferred Shares and $0.73958 per share for the Series C Preferred Shares. (4) Annual dividend percentage based upon the liquidation preference of the preferred shares.

Preferred Shipping Stocks

Safe Bulkers Series B

Tsakos Energy

Series B

Tsakos Energy

Series C Costamare

Series B Costamare

Series C

Box Ships Series

C

Navios Series

G Seaspan Series C

Seaspan Series D

International Shipholding

Series A

Teekay Offshore Series A

Ticker SBPRB TNPPRB TNPPRB CMREPRB CMREPRC TEUPRC NMPRG SSWPRC SSWPRD ISHPRA TOOPRA

Fixed Annual

Dividend(4)

8.00% 8.00% 8 7/8 % 7.625% 8.50% 9.00% 8.75% 9.50% 7.95% 9.50% 7.25%

Liquidation Preference $25.00 $25.00 $25.00 $25.00 $25.00 $24.00 $25.00 $27.15 $25.00 $100.00 $25.00

Last Closing Price

(2/7/14)

$25.52 $21.95 $23.75 $22.81 $24.73 $23.51 $24.04 $26.25 $24.79 $105.57 $24.63



Currencies, Commodities & Indices

January 3, 2014 – Week 1

Currencies, Commodities & Indices Week ending Friday, February 7, 2014

KEY CURRENCY RATES

Rate Current Price Price Last Week % Change YTD %Chg 52 Week High 52 Wk Low

3-Month LIBOR (USD) $0.2339 $0.2366 -1.16% -3.71% $0.2931 $0.2339

10-Yr US Treasury Yield $2.6829 $2.6440 1.47% -10.24% $3.0516 $1.6120

USD/CNY $6.0645 $6.0646 0.00% 0.22% $6.2498 $6.0377

USD/EUR $0.7335 $0.7415 -1.08% 0.29% $0.7844 $0.7203

USD/GBP $0.6093 $0.6083 0.16% 0.25% $0.6749 $0.6000

USD/JPY $102.1200 $102.3900 -0.26% -3.10% $105.4700 $90.8600

PRECIOUS METALS

Current Price Price Last Week % Change YTD %Chg 52 Week High 52 Wk Low Copper $323.60 $319.70 1.22% -4.30% $381.10 $305.00

Gold $1,260.15 $1,245.54 1.17% 3.16% $1,669.73 $1,180.50 Palladium $708.80 $703.20 0.80% -2.94% $766.95 $636.85 Platinum $1,385.13 $1,383.50 0.12% -0.48% $1,733.25 $1,294.60

Silver $19.84 $19.26 3.01% -0.91% $31.53 $18.23

KEY AGRICULTURAL & CONSUMER COMMODITIES

Current Price Price Last Week % Change YTD %Chg 52 Week High 52 Wk Low Cocoa $2,940.00 $2,922.00 0.62% 11.53% $2,958.00 $2,098.00 Coffee $135.70 $125.20 8.39% 21.81% $159.65 $104.15 Corn $444.25 $434.00 2.36% 5.65% $582.75 $406.25

Cotton $87.47 $85.83 1.91% 4.08% $90.61 $76.65 Soybeans $1,331.50 $1,282.75 3.80% 4.84% $1,377.75 $1,174.00 Sugar #11 $15.73 $15.55 1.16% -3.44% $20.16 $14.70

Wheat $577.50 $555.75 3.91% -3.27% $793.00 $550.00

KEY FUTURES

Commodities Current Price Price Last Week % Change YTD %Chg 52 Week High 52 Wk Low Gas Oil Futures $916.00 $911.75 0.47% -0.76% $954.50 $840.00 Gasoline RBOB Future

$274.89 $263.14 4.47% 2.00% $287.36 $244.68 Heating Oil Future

$305.03 $299.71 1.78% 2.13% $315.00 $278.98 Natural Gas Future

$4.78 $4.94 -3.40% 10.51% $5.74 $3.13 WTI Crude Future $99.88 $97.49 2.45% 4.65% $104.52 $84.88



Currencies, Commodities & Indices


MAJOR INDICES

Index Symbol 7-February-14 31-January-14 % Change YTD % Change 2-Jan-14

Dow Jones INDU 15,794.08 15,698.85 0.61% -3.94% 16,441.35

Dow Jones Transp. TRAN 7,242.33 7,289.18 -0.64% -0.62% 7,287.87

NASDAQ CCMP 4,125.86 4,103.88 0.54% -0.42% 4,143.07

NASDAQ Transp. CTRN 2,966.78 2,986.99 -0.68% 0.98% 2,938.03

S&P 500 SPX 1,797.02 1,782.59 0.81% -1.91% 1,831.98

Russell 2000 Index RTY 1,116.55 1,130.88 -1.27% -2.97%

1,156.09

FTSE 100 Index UKX 6,571.68 6,510.44 0.94% -2.18%

6,730.70

CAPITAL LINK MARITIME INDICES

Index Symbol 7-February-14 31-January-14 % Change 2-Jan-14 YTD % Change

Capital Link Maritime Index CLMI 2,330.77 2,334.32 -0.15% 2,250.12 3.58%

Tanker Index CLTI 2,716.18 2,770.71 -1.97% 2,521.85 7.71%

Drybulk Index CLDBI 1,005.09 994.47 1.07% 1,020.38 -1.50%

Container Index CLCI 1,819.41 1,781.75 2.11% 1,814.70 0.26%

LNG/LPG Index CLLG 3,159.68 3,120.04 1.27% 3,212.34 -1.64%

Mixed Fleet Index CLMFI 1,510.01 1,523.09 -0.86% 1,437.01 5.08%

MLP Index CLMLP 3,025.87 2,989.50 1.22% 3,062.97 -1.21%

BALTIC INDICES

Index Symbol 7-February-14 31-January-14 % Change 2-Jan-14 YTD % Change

Baltic Dry Index BDIY 1,091 1,110 -1.71% 2,113 -48.37%

Baltic Capesize Index BCIY 1,588 1,524 4.20% 3,733 -57.46%

Baltic Panamax Index BPIY 1,304 1,337 -2.47% 1,780 -26.74%

Baltic Supramax Index BSI 929 996 -6.73% 1,330 -30.15%

Baltic Handysize Index BHSI 674 684 -1.46% 773 -12.81%

Baltic Dirty Tanker Index BDTI 853 1,005 -15.12% 1,021 -16.45%

Baltic Clean Tanker Index BCTI 606 606 0.00% 612 -0.98%




Shipping Equities: The Week in Review

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For additional advertising information and a media kit, please contact/email:

Capital Link at +1 212 661-7566, [email protected]


Shipping Equities: The Week in Review SHIPPING EQUITIES UNDERPERFORM THE BROADER MARKET CONTAINER THE BEST PERFORMER During last week, shipping equities underperformed the broader market, with the Capital Link Maritime Index (CLMI), a composite index of all US listed shipping stocks retreating 0.15%, compared to the Dow Jones Industrial Average (DJII) gaining 0.61%, and the S&P 500 rising 0.81%. Container stocks were the best performers during last week, with Capital Link Container Index gaining 2.11%, followed by Capital Link LNG/LPG Index up 1.27%. Tankers equities were the least performer in last week, with Capital Link Tanker Index declining 1.97%. The top three weekly gainers last week were DryShips (DRYS), Knightbridge Tankers (VLCCF), and Paragon Shipping (PRGN), up 7.06%, 6.90%, and 5.30%, respectively. During last week, Dry Bulk shipping stocks outperformed the physical market, with Baltic Dry Index (BDI) tumbling 1.71%, compared to the Capital Link Dry Bulk Index increasing 1.07%. Year-to-date, the BDI has dropped 48.37%, while the Capital Link Dry Bulk Index went down 1.50%. Tanker shipping stocks outperformed the physical market during last week, with Baltic Dirty Tanker Index (BDTI) decreasing 15.12%, and Baltic Clean Tanker Index (BCTI) remaining unchanged, compared to Capital Link Tanker Index slipping 1.97%. Year-to-date, the BDTI dropped 16.45% and the BCTI declined 0.98%, while Capital Link Tanker Index increased 7.71%. 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 42 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.



Shipping Equities: The Week in Review


MARITIME INDEX DAILY COMPARISON CHARTS (52 -WEEK )

*SOURCE: BLOOMBERG

0.700.750.800.850.900.951.001.051.101.15

Capital Link Maritime Index S&P 500 Russell 2000

0.50

0.70

0.90

1.10

1.30

1.50

1.70

1.90

Capital Link Tanker Index Baltic Clean Tanker Index Baltic Dirty Tanker Index

0.350.500.650.800.951.101.251.401.55

Capital Link Drybulk Index Baltic Dry Index


SHIPPING MARKETS

February 11, 2013 – Week 7

Custom Statistics Prepared Weekly for Capital Link Shipping

BROAD MARKET Percent Change of Major Indexes for the Week Ending Friday, July 12, 2013 Name Symbol Close Net Gain Percent Gain Nasdaq-100 Index NDX 3079.07 115.85 3.91% Nasdaq Composite Index COMPX 3600.08 120.70 3.47% Russell 2000 Index RUT 1036.46 31.07 3.09% Russell 3000 Index RUA 1001.58 29.05 2.99% Russell 1000 Index RUI 932.33 26.97 2.98% S&P 500 Index SPX 1680.19 48.30 2.96% Nasdaq Transportation Index TRANX 2692.34 43.58 1.65%

SHIPPING INDUSTRY DATA (42 Companies) Moving Averages 71.43% closed > 10D Moving Average. 54.76% closed > 50D Moving Average. 59.52% closed > 100D Moving Average. 61.90% 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

TRMD 2.29 5.05% 90.83% NM 5.49 -1.26% 25.92% TOPS 1.55 9.15% 4.03% TNK 2.96 10.86% 24.37% NNA 3.68 6.05% 17.95% STNG 10.18 7.16% 19.62% EGLE 3.41 4.60% 1.19% TNP 4.67 10.66% 31.55% TOO 34.87 1.90% 13.58% CMRE 18.28 4.64% 14.68%

*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.


50-Day % Change

FREE 0.38 -11.63% -63.46% NEWL 0.17 -22.73% -50.00% TEU 3.63 0.83% -18.06% SHIP 1.4 -4.76% -3.45% GLBS 2.02 0.00% -24.34% DCIX 4.49 4.66% -14.80% GNK 1.73 2.98% 6.79% SBLK 5.5 1.10% -12.00% SFL 15.35 3.37% -1.79% ESEA 1.03 0.00% -3.74%

*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.

Top Consecutive Higher Closes Top Consecutive Lower Closes

Symbol Close Up Streak STNG 10.18 7 CMRE 18.28 6 GLNG 35.87 6 NAT 8.32 6 SSW 21.47 6 KNOP 23.58 5 TOO 34.87 3 GMLP 34.23 3 SFL 15.35 2 SHIP 1.4 2

Symbol Close Down Streak DAC 4.38 -2 ESEA 1.03 -2 FREE 0.38 -2

Percent Change of Major Indexes For The Week Ending February 07, 2014

Name Symbol Close Net Gain Percent GainNasdaq-100 Index NDX 3561.91 39.99 1.14%S&P 500 Index SPX 1797.02 14.43 0.81%Russell 1000 Index RUI 1003.97 7.49 0.75%Russell 3000 Index RUA 1078.58 6.30 0.59%Nasdaq Composite Index COMPX 4125.86 21.98 0.54%Nasdasq Transportation Index TRANX 2966.78 -20.21 -0.68%

Russell 2000 Index RUT 1116.49 -14.39 -1.27%

Group Data: Capital Link Custom (45 Members)

Within the group (members listed on the last page), 20 issues traded higher on the week, 25 traded lower and 0 where unchanged. The average weekly gain per name was -1.45%. The group traded 0.85 times average weekly volume. Price volatility was lower than usual, declining by 19.30 percent.

The percent of the members that closed above each major moving average:· 57.78% closed > 10D Moving Average.

· 66.67% closed > 50D Moving Average.




Symbol Close Weekly % Change 50-Day % ChangeDHT 7.7 -5.98% 44.47%SB 10.15 3.68% 33.03%FRO 3.95 -4.36% 65.27%NM 9.91 4.54% 26.56%GLOG 20.88 -0.38% 31.82%PRGN 7.15 5.30% 44.15%BALT 6.09 5.18% 29.03%DAC 6.49 -5.81% 43.58%VLCCF 10.07 6.90% 36.08%SBLK 11.9 0.42% 47.10%*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 % ChangeNEWL 0.8 -26.61% -53.22%GNK 1.87 -11.37% -14.61%TEU 2.79 -3.12% -8.52%STNG 9.51 -4.90% -15.92%NVGS 22.8 0.09% 14.00%EGLE 3.7 -3.65% 5.11%MATX 24.48 2.30% -1.33%GMLP 30.1 0.60% -2.65%GASS 10.03 4.48% -17.18%GLNG 35.54 0.08% -2.76%*Momentum: (100D % change) + 1.5*(50D % change) + 2.0*(10D % change) for each stock then sort all names that have a negative value in ascending order and report the top 10.


SHIPPING MARKETS

Top Consecutive Higher Closes

Symbol Close Up StreakBALT 6.09 4SB 10.15 4NVGS 22.8 4NM 9.91 4MATX 24.48 4GSL 5.62 4GLOG 20.88 4VLCCF 10.07 4CMRE 19.81 4DSX 12.63 4

Top Consecutive Lower Closes

Symbol Close Up StreakTOPS 1.65 -2SHIP 1.32 -3

Top Largest Weekly Trading Gains

Symbol Close One Week Ago Today Close Net Change % ChangeDRYS 3.4 3.64 0.24 7.06%VLCCF 9.42 10.07 0.65 6.90%PRGN 6.79 7.15 0.36 5.30%BALT 5.79 6.09 0.30 5.18%TNK 3.4 3.57 0.17 5.00%GSL 5.36 5.62 0.26 4.85%NM 9.48 9.91 0.43 4.54%GASS 9.6 10.03 0.43 4.48%SB 9.79 10.15 0.36 3.68%DSX 12.21 12.63 0.42 3.44%

Top Largest Monthly* Trading Gains

Symbol Close One Month Ago Today Close Net Change % ChangeGLOG 16.42 20.88 4.46 27.16%TK 47.83 53.75 5.92 12.38%CMRE 17.85 19.81 1.96 10.98%DHT 7.19 7.7 0.51 7.09%NAT 9.58 10.24 0.66 6.89%SFL 16.01 16.83 0.82 5.12%SSW 21.78 22.72 0.94 4.32%VLCCF 9.83 10.07 0.24 2.44%NM 9.69 9.91 0.22 2.27%KNOP 25.96 26.53 0.57 2.20%*A month has been standardized to 20 trading days.

The Largest Weekly Trading Losses

Symbol Close One Week Ago Today Close Net Change % ChangeNEWL 1.09 0.8 -0.29 -26.61%GLBS 3.5 3.09 -0.41 -11.71%GNK 2.11 1.87 -0.24 -11.37%SHIP 1.48 1.32 -0.16 -10.81%FREE 1.81 1.69 -0.12 -6.63%NAT 10.94 10.24 -0.70 -6.40%DHT 8.19 7.7 -0.49 -5.98%DAC 6.89 6.49 -0.40 -5.81%STNG 10 9.51 -0.49 -4.90%TOPS 1.73 1.65 -0.08 -4.62%








50-Day % Change




50-Day % Change







SHIPPING MARKETS

The Largest Monthly Trading Losses

Symbol Close One Month Ago Today Close Net Change % ChangeNEWL 1.5 0.8 -0.70 -46.67%GNK 2.58 1.87 -0.71 -27.52%SHIP 1.75 1.32 -0.43 -24.57%FRO 4.91 3.95 -0.96 -19.55%STNG 11.63 9.51 -2.12 -18.23%GLBS 3.7 3.09 -0.61 -16.49%TEU 3.14 2.79 -0.35 -11.15%NVGS 25.51 22.8 -2.71 -10.62%SBLK 13.09 11.9 -1.19 -9.09%NNA 4.46 4.13 -0.33 -7.40%*A month has been standardized to 20 trading days.

Top Stocks Wtih Highest Weekly Volume Run Rate* > 1:

Symbol Close Net % Change Run RateGLBS 3.09 -11.71% 3.0024NEWL 0.8 -26.61% 2.3804GLOG 20.88 -0.38% 2.2597DHT 7.7 -5.98% 2.1816TNP 6.65 -2.21% 2.1407STNG 9.51 -4.90% 2.0978MATX 24.48 2.30% 1.9210TOPS 1.65 -4.62% 1.7751VLCCF 10.07 6.90% 1.3677SB 10.15 3.68% 1.2637*The Volume Run Rate is calculated by divided 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.

Stocks Nearest to 52-week Highs

Symbol 52W High % AwayCMRE 20.11 -1.49%TK 54.86 -2.02%VLCCF 10.50 -4.10%CPLP 10.54 -5.07%SFL 17.73 -5.08%TGP 43.93 -5.74%NMM 19.22 -6.99%TOO 34.39 -7.24%GLOG 22.65 -7.81%KNOP 28.90 -8.21%

Stocks Nearest To 52-Week Lows

Symbol 52W Low % AwayTEU 2.73 2.20%NEWL 0.75 6.67%SALT 9.04 7.63%GMLP 27.05 11.27%MATX 21.26 15.16%DCIX 3.41 17.02%NVGS 19.48 17.04%TGP 35.35 17.15%GLNG 29.77 19.38%SFL 13.46 25.03%

Top Year-To-Date Gainers

Symbol YTD Gain %DAC 32.45%GLOG 22.18%DHT 12.90%TK 12.64%TNP 10.65%CMRE 9.99%VLCCF 9.58%FRO 5.61%NAT 5.57%SFL 2.75%

Top Year-To-Date Decliners

Symbol YTD Decline %NEWL -54.80%SHIP -34.33%FREE -28.99%GNK -25.20%DRYS -22.55%GLBS -21.97%EGLE -19.39%STNG -19.34%NVGS -15.37%TEU -15.20%GLNG (35.54 +1.11%) is the only stock in the group that crossed and closed ABOVE its 200 day moving average.








50-Day % Change




50-Day % Change







SHIPPING MARKETS

The following are the 45 members of this group:

Symbol NameASC N/ABALT Baltic Trading LtdCMRE Costamare IncCPLP Capital Product Partners LPDAC Danaos CorpDCIX Diana Containerships Inc.DHT DHT Maritime IncDLNG N/ADRYS DryShips IncDSX Diana Shipping IncEGLE Eagle Bulk Shipping IncESEA Euroseas LtdFREE FreeSeas IncFRO Frontline LtdGASS StealthGas IncGLBS Globus Maritime LimitedGLNG Golar LNG LtdGLOG GasLog Ltd.GMLP Golar LNG Partners LPGNK Genco Shipping & Trading LtdGSL Global Ship Lease IncKNOP KNOT Offshore Partners LPMATX Matson, Inc.NAT Nordic American Tanker ShippingNEWL NewLead Holdings LtdNM Navios Maritime Holdings IncNMM Navios Maritime Partners LPNNA Navios Maritime Acquisition CorpNVGS N/APRGN Paragon Shipping IncSALT N/ASB Safe Bulkers IncSBLK Star Bulk Carriers CorpSFL Ship Finance International LtdSHIP Seanergy Maritime Holdings CorpSSW Seaspan CorpSTNG Scorpio Tankers IncTEU Box Ships Inc.TGP Teekay LNG Partners LPTK Teekay CorpTNK Teekay Tankers LtdTNP Tsakos Energy Navigation LtdTOO Teekay Offshore Partners LPTOPS TOP Ships IncVLCCF Knightsbridge Tankers Ltd

Notes

These symbols were ignored in some analysis (i.e. 200 day moving average) due to the lack of historical data: ASC, DLNG, and SALT. 0

DISCLAIMER

This communication has been prepared by Knight Capital Americas LLC.s (“KCA”), trading, market making and/or sales personnel (collectively, “KCG Traders”) to compile commentary received from either particular KCG Traders providing their personal perspectives on the markets, sectors and general news or third party sources. The information set forth above has been obtained from or based upon sources believed by the KCG Traders to be reliable, but each KCG Trader and KCG (as defined below) does not represent or warrant its accuracy or completeness and is 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. Opinions, historical price(s) or value(s) are as of the date and, if applicable, time indicated. KCG does not accept any responsibility to update any opinions or other information contained in this communication. The information provided herein is not intended to provide a sufficient basis on which to make an investment decision. It is intended only to provide observations and views of individual KCG Traders, which may be different from, or inconsistent with, the observations and views of KCG and/or its affiliates, officers, directors and/or employees (including other KCG Traders). The communication is for your general information only and is not an offer or solicitation to buy or sell any security or product. KCG Traders may, from time to time express indications of interest to potentially buy or sell a particular security. These indications of interest are not firm orders or quotes, and may not be current. Accordingly, please contact your KCG representative if you have any interest or questions relating to these indications of interest or to any information provided herein. KCA most likely makes a market in the securities mentioned in this document. KCG 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 to request a copy of this document should be referred to your KCG Representative.

This document is a product of KCG Holdings, Inc. (“KCG”) and its affiliates and subsidiaries (collectively “KCG”). KCG Holdings, Inc. (“KCG”) is comprised of trading and related entities under common control such as Knight Capital Americas, LLC, KCG Europe Limited (a U.K. registered broker-dealer) and KCG Hotspot FX LLC.

© 2013 KCG Holdings, Inc. («KCG») All rights reserved. Provided by Knight Capital Americas LLC, member of FINRA and SIPC. For additional information about KCG Holdings, Inc. (NYSE: Euronext: KCG) please visit www.kcg.com.








50-Day % Change




50-Day % Change







SHIPPING MARKETS

Weekly Market Report

FREIGHT Capesize 4TC Average BCI TC Volume: 4,425 lots

Contract Average Chg Open Close Chg Low High

Feb 14 10358 45 10100 10600 500 10000 10800

Mar 14 14191 481 13400 14100 700 13400 14500

Q2 14 16392 472 16000 16250 250 15750 16800

Q3 14 22424 51 22100 22850 750 21750 23050

Q4 14 28459 -91 28350 29000 650 28150 29000

Cal 15 20740 603 20350 21200 850 20350 21200

Cal 16 19133 458 19000 19200 200 19000 19200

Panamax 4TC Average BPI TC Volume: 1,895 lots Contract Average Chg Open Close Chg Low High

Feb 14 10903 -478 11100 10900 -200 10750 11200

Mar 14 13699 -411 13800 13550 -250 13500 13950

Q2 14 14267 -372 14425 14200 -225 14000 14600

Q3 14 12847 75 12450 12750 300 12450 13000

Q4 14 14768 185 14500 14750 250 14500 14950

Cal 15 13517 342 13500 13566 66 13500 13566

Handysize 6TC Average BHSI TC Volume: 105 -

IRON ORE

TSI Iron Ore 62% Fines TSIO 62 Volume: 1,315,000 mt Contract Average Chg Open Close Chg Low High

Feb 14 121.83 -0.65 122.00 120.50 -1.50 120.50 122.25

Mar 14 119.20 -1.12 119.50 118.50 -1.00 118.50 119.50

Q2 14 117.01 -1.07 117.00 116.75 -0.25 116.75 117.50

Q3 14 114.37 -0.73 114.50 114.25 -0.25 114.25 115.00

Q4 14 112.75 -0.75 1.00 1.00 1.00 112.75 112.75

Week Ending February 7, 2014

Contributed by


SHIPPING MARKETS

Weekly Market ReportFERTILIZER

Urea Nola Urea G N Volume: 42 lots


Feb 13 407.00 19.00 407.00 407.00 0.00 407.00 407.00

Mar 14 403.90 18.94 1.00 1.00 1.00 398.00 415.00

Apr 14 394.67 16.33 287.00 285.00 -2.00 378.00 403.00

UAN Nola UAN Volume: 50 -

Contract Chg Open Close Chg - -

Feb 14 353.00 0.00 290.00 290.00 0.00 290.00 353.00

Mar 14 339.00 53.00 0.00 0.00 0.00 0.00 340.00

Urea Yuzhnyy Volume: 30 lots


Feb 14 353.00 0.00 353.00 353.00 0.00 353.00 353.00

Mar 14 233.00 0.00 234.00 232.00 -2.00 232.00 234.00

DAP NOLA Volume: 24 lots


Feb 14 440.00 3.33 440.00 440.00 0.00 440.00 440.00

Mar 14 434.56 0.00 440.00 433.00 -7.00 430.00 440.00

DAP Tampa Volume: 20 lots


Feb 14 462.00 na 462.00 462.00 0.00 345.00 347.00

Mar 14 339.00 0.00 340.00 338.00 -2.00 338.00 340.00

BUNKER FUEL

Singapore 380cst S38 44,725 mt


Feb 14 598.88 -5.38 599.00 600.50 1.50 598.00 600.50

Mar 14 593.07 -3.25 596.00 599.50 3.50 590.75 599.50

Apr 14 589.29 -10.71 588.25 594.00 5.75 588.25 594.00

Rotterdam 3.5% R35 17,990 mt


Feb 14 564.00 -10.21 564.00 564.00 0.00 564.00 564.00

Mar 14 569.38 -3.87 564.75 571.00 6.25 564.75 571.00


SHIPPING MARKETS

First Watch: Stifel Shipping WeeklyThis week the United States approved two licenses to export crude oil to the United Kingdom for a maximum value of $1.8 billion and another two licenses to Italy for a maximum of $3.12 billion. This marks a departure from the long-standing ban on the exportation of US crude production, while the export of refined products is not prohibited. The Department of Commerce usually only approves licenses for the export of crude oil to Canada, which in November 2013 saw the highest volume of crude export since 1999 at 200,000 barrels a day. While the licenses are certainly a small step toward growing exports of crude oil, we believe the impact is relatively minor. At $100 per barrel, the collective licenses would translate into approximately 135,000 barrels per day for a year whereas the U.S. is expected to increase crude production by 1.01 million barrels per day in 2014 according to IEA data. We believe small allotments of exports should temporarily ease regional oversupply of crude while still keeping domestic oil prices lower than international prices. However, we do not expect a large scale license to export crude as such a license is likely to prove political dynamite. Consequently, we expect the majority of incremental crude production within the United States to either be directed to domestic consumption or exported as refined products on product tankers. Thus we expect product tanker demand to continue to grow and rates to improve as demand for vessels results in tighter utilization. In fact, despite the crude license, Atlantic MR product tanker rates rose 4% last week to over $16,500 for triangulated voyages.

Contributed by

Stifel Nicolaus & CO, Inc.StifelOne Financial Plaza,501 North BroadwaySt. Louis, MO 63102

Phone: (314) 342-2000Website: www.stifel.com


SHIPPING MARKETS

The Dry Bulk market has noted another weekly decline, although this time round the loss noted was of fairly small scale, which means that we should be closer to an upward correction, while at the same time the 1,000 points level is usually a resistance point for the BDI. Rates for Capes reversed course this past week, noting small increases as activity in the Pacific basin improved somewhat, but despite all other size segments noting declines, the big bulkers are still behind it terms of their average rate, which currently stands below $9,000/day. The Atlantic Panamax remains quiet on the back of oversupply of tonnage continuing to weigh on the number of fresh enquiries coming through, while despite some ray of hope presenting itself in the Pacific, things have also yet to improve in the region. Rates for Supras and Handies have also remained under pressure due to the Chinese New Year, which is still drawing ballasters away towards the Atlantic in search of business there, but unfortunately the current market in the region is not providing any consolation for the smaller size segments either.

Baltic Indices / Dry Bulk Spot Rates

Week 6

07/02/2014Week 5

31/01/2014 PointDiff

$/day±%

2014 2013

Avg Index Avg IndexIndex $/day Index $/day

BDI 1,091 1,110 -19 1,401 1,205

BCI 1,588 $8,657 1,524 $8,263 64 4.8% 2,055 2,106

BPI 1,304 $10,417 1,337 $10,663 -33 -2.3% 1,506 1,186

BSI 929 $9,717 996 $10,410 -67 -6.7% 1,118 983

BHSI 674 $9,684 684 $9,804 -10 -1.2% 715 562

Trouble is still brewing for several dry bulk commodities as ever more signs are pointing towards a reduced demand for raw resources this year. In the iron ore and coking coal sectors we have seen a lot of bearish outlooks showing their face, as many believe that the world’s largest importer of both these commodities, namely China, is going to face a slower pace of demand due to the credit squeeze on property investment and construction. At the same time Europe is also set for a poor first quarter of 2014 as most steel producers were faced with yet another quarterly loss in the final three months of 2013. Amidst all this we have also seen several Australian iron ore producers cut back on costs in an effort to stay competitive. The only positive side, is that as consequence of the political restrictions being faced by several producers closer to China such as those in India and Indonesia, further away sourced commodities are still China’s main source for covering its growth in demand and this is likely to help sustain the demand levels for dry bulk ships high for the moment despite any slowdown that maybe faced for the resources themselves.

020406080100120140160

0200400600800

1,0001,2001,4001,600

no. Fixtures

Inde

x

Baltic Dry

qThe Baltic Dry Index closed on Friday the 7th of February at 1,091 points with a weekly loss of -19 points or -1.7% over previous week’s closing. (Last Friday’s the 31st of January closing value was recorded at 1,110 points).

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Capesize

CAPESIZE MARKET - p The Baltic Cape Index closed on Friday the 7th of February at 1,588 points with a weekly gain of 64 points. For this week we monitor a 4.2% change on a week-on-week comparison, as Last Friday’s the 31st of January closing value was 1,524 points). It is worth noting that the annual average of 2011 for the Cape Index is currently calculated at 2,055 points, while the average for the year 2010 was 2,106 points.

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


SHIPPING MARKETS

Week No. of Fixtures

Highest Fixture

Lowest Fixture

this week 4 $23,000 $9,000

last week 11 $34,000 $8,000

Week Period Charter Trip Charterthis week $16,000 $9,750last week $23,050 $19,313

For Week 6 we have recorded a total of 4 timecharter fixtures in the Capesize sector, 2 for period charter averaging $16,000 per day, while 2 trip charters were reported this week with a daily average of $9,750 per day.

This week’s fixture that received the lowest daily hire was the M/V ‘’BULK SINGAPORE’’, 177173 dwt, built 2005, dely Luojing 9/10 Feb, redely , $9000, KLine, for a 3/6 months trading, worldwide average of BCI timecharter + 8%, CTM relet 1000$ improved from last week, and the fixture with the highest daily hire was the M/V ‘’DS CHARME’’, 176000 dwt, built 2011, dely China 28 Feb/3 Mar , redely worldwide, $23000, Bocimar, for a 12/14 months trading -11000$ reduced from last week.

The BCI is showing a 4.2% gain on a weekly comparison, a -43.6% fall on a 1 month basis, a -29.3% fall on a 3 month basis, a -18.6% fall on a 6 month basis and a 12.8% gain on a 12 month basis.

01020304050607080

500750

1,0001,2501,5001,7502,0002,2502,500

no. Fixtures

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Panamax

PANAMAX MARKET - q The Baltic Panamax Index closed on Friday the 7th of February at 1,304 points having lost -33 points on a weekly comparison. It is worth noting that last Friday’s the 31st of January saw the Panamax index close at 1,337 points. The week-on-week change for the Panamax index is calculated to be -2.5%, while the yearly average for the Baltic Panamax Index for this running year is calculated at 1,506 points while the average for 2010 was 1,186 points.


Highest Fixture

Lowest Fixture

this week 29 $23,500 $7,250

last week 29 $20,000 $7,500


For Week 6 we have recorded a total of 29 timecharter fixtures in the Panamax sector, 6 for period charter averaging $15,167 per day, while 23 trip charters were reported this week with a daily average of $11,754 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 ‘’SONOMA’’, 74786 dwt, built 2001, dely Xingang ppt , redely Japan, $7250, Norden, for a trip via Australia -250$ reduced from last week, and the fixture with the highest daily hire was the M/V ‘’HERCULES’’, 75016 dwt, built 2013, dely Aughinish 9/14 Feb , redely China, $23500, Chart Not Rep, for a trip via Murmansk 3500$ improved from last week.

The BPI is showing a -2.5% fall on a weekly comparison, a -22.0% fall on a 1 month basis, a -21.8% fall on a 3 month basis, a 27.7% gain on a 6 month basis and a 54.3% gain on a 12 month basis.

0510152025303540

0250500750

1,0001,2501,5001,7502,000

no Fixtures

Inde

x

Supramax

SUPRAMAX & HANDYMAX MARKET - q The Baltic Supramax Index closed on Friday the 7th of February at 929 points down with a weekly loss of -67 point or -6.7%. The Baltic Supramax index on a weekly comparison is with a downward trend as last Friday’s the 31st of January closing value was 996 points. The annual average of the BSI is recorded at 1,118 points while the average for 2010 was 983 points.

Dry Bulk Market - Weekly Highlights


SHIPPING MARKETS


Highest Fixture

Lowest Fixture

this week 9 $24,000 $4,000last week 14 $32,000 $4,650


For Week 6 we have recorded a total of 9 timecharter fixtures in the Supramax & Handymax sector, 1 for period charter averaging $10,000 per day, while 8 trip charters were reported this week with a daily average of $14,275 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 ‘’MATUMBA’’, 53591 dwt, built 2005, dely aps Indonesia prompt , redely Thailand, $4000, Chart Not Rep, for a trip, 40000 bb -650$ reduced from last week, and the fixture with the highest daily hire was the M/V ‘’NEW CALEDONIA MARU’’, 58086 dwt, built 2013, dely USGulf prompt , redely WMediterranean approx, $24000, Ultrabulk, for a trip -8000$ reduced from last week.

The BSI is showing a -6.7% fall on a weekly comparison, a -22.0% fall on a 1 month basis, a -26.8% fall on a 3 month basis, a 2.3% gain on a 6 month basis and a 36.8% gain on a 12 month basis.

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Handysize

HANDYSIZE MARKET - q The Baltic Handysize Index closed on Friday the 7th of February with a downward trend at 674 points with a weekly loss of -10 points and a percentage change of -1.5%. It is noted that last Friday’s the 31st of January closing value was 684 points and the average for 2011 is calculated at 715 points while the average for 2010 was 562 points.


Highest Fixture

Lowest Fixture

this week 10 $17,000 $6,250last week 5 $16,750 $6,000

Week Period Charter Trip Charterthis week $9,750 $12,781last week $0 $11,150

For Week 6 we have recorded a total of 10 timecharter fixtures in the Handysize sector, 2 for period charter averaging $9,750 per day, while 8 trip charters were reported this week with a daily average of $12,781 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 ‘’SHIMANAMI STAR’’, 28447 dwt, built 2006, dely Kaohsiung prompt, redely West Africa, $6250, Chart Not Rep, for a trip via Far East int steels 6250 daily first 60 days 10000 daily balance 250$ improved from last week and the fixture with the highest daily hire was the M/V ‘’ST GEORGE’’, 32688 dwt, built 2009, dely Nueva Palmira prompt, redely Mediterranean, $17000, Chart Not Rep, for a trip via River Plate 250$ improved from last week.

Dry Bulk Market - Weekly Highlights


SHIPPING MARKETS

Weekly Tanker Market OpinionContributed by

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

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

No Longer Just A Pipe DreamDespite a recently released environmental impact study with a more favorable than expected outcome for would-be shippers, it remains unclear whether the controversial Keystone XL Pipeline expansion will receive final approval from the US State Department. It was logically concluded that regardless of pipeline approval, Canadian tar sand oil will continue to be produced and ultimately move to the US Gulf through means of transportation. While much ado continues to surround the Keystone XL Pipeline in particular, great strides to alleviate crude oil supply congestion at Cushing, OK are starting to take shape. In fact, the southern parts of the Keystone system, the Gulf Coast Pipeline, commenced operation last week in this effort.

Rail infrastructure, barges and ships have been called upon to serve current transportation requirements. Sometimes costly and subject to availability, these means of tranportation manifest in the discount of inland crude oil grades relative to their coastal counterparts. The chart below shows the price spread between West Texas Intermediate (ex-Cushing) and Louisiana Light Sweet (LLS).

Email: [email protected] NEW YORK LONDON PERTH ATHENS HOUSTON SINGAPORE GUANGZHOU

No Longer Just A Pipe Dream

Despite a recently released environmental impact study with a more favorable than expected outcome for would-be shippers, it remains unclear whether the controversial Keystone XL Pipeline expansion will receive final approval from the US State Department. It was logically concluded that regardless of pipeline approval, Canadian tar sand oil will continue to be produced and ultimately move to the US Gulf through means of transportation. While much ado continues to surround the Keystone XL Pipeline in particular, great strides to alleviate crude oil supply congestion at Cushing, OK are starting to take shape. In fact, the southern parts of the Keystone system, the Gulf Coast Pipeline, commenced operation last week in this effort.

Rail infrastructure, barges and ships have been called upon to serve current transportation requirements. Sometimes costly and subject to availability, these means of tranportation manifest in the discount of inland crude oil grades relative to their coastal counterparts. The chart below shows the price spread between West Texas Intermediate (ex-Cushing) and Louisiana Light Sweet (LLS).

A narrowing of the price spread is reflective of general improvements in transportation resulting in higher than usual supplies of light sweet crude oil in

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Price Spread between WTI and LLS

LLS - WTI

February 7, 2014

Source: Poten/Bloomberg

A narrowing of the price spread is reflective of general improvements in transportation resulting in higher than usual supplies of light sweet crude oil in the US Gulf. The reversal of the Seaway Pipeline, between Cushing and Freeport, TX, in mid-2012 introduced 400,000 barrels per day of capacity and will, reportedly, be met with an additional twin pipeline that will double throughput volumes this year. Overtime, this price differential could structurally weaken further as additional pipeline capacity becomes available to transport crude oil from the Midwest to the US Gulf.

While the expansion of the regional pipeline network would seem to be an apparent risk to marine transportation requirements, this has so far not been the case. The chart below shows the total reported volumes of crude oil moving by water from the mid-continent to the US Gulf. Since mid 2013, waterborne volumes have exceeded 100,000 barrels per day, creating an uptick in demand for inland barges.

NEW YORK LONDON PERTH ATHENS HOUSTON SINGAPORE GUANGZHOUEmail: [email protected]

the US Gulf. The reversal of the Seaway Pipeline, between Cushing and Freeport, TX, in mid-2012 introduced 400,000 barrels per day of capacity and will, reportedly, be met with an additional twin pipeline that will double throughput volumes this year. Overtime, this price differential could structurally weaken further as additional pipeline capacity becomes available to transport crude oil from the Midwest to the US Gulf.

While the expansion of the regional pipeline network would seem to be an apparent risk to marine transportation requirements, this has so far not been the case. The chart below shows the total reported volumes of crude oil moving by water from the mid-continent to the US Gulf. Since mid 2013, waterborne volumes have exceeded 100,000 barrels per day, creating an uptick in demand for inland barges.

Since domestically-produced crude oil cannot be exported abroad, a portion of volumes that ultimately end up in Corpus Christi, Freeport or elsewhere in Texas, must be allocated to other refineries in the US Gulf. Today, crude oil is loaded on Jones Act medium-range (MR) product tankers and sent to the Louisiana Offshore Oil Platform (LOOP) to feed the refining system in St. James and New Orleans. Although the Houma - Houston, or Ho-Ho, Pipeline reversal brings 250,000 barrels per day of shale crude from Texas to Louisiana, its effects continue to be offset by further incremental oil supplies in Texas looking for a home.

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kbd Tanker & Barge Movements - PADD 2 to PADD 3

Poten Weekly Tanker Opinions are published by the Commodity Consulting & Analytics department at Poten & Partners. For feedback on this opinion, to receive this via email every week, or for information on our services and research products, please send an email to [email protected]. Please

visit our website at www.poten.com to contact our tanker brokers.

Source: Poten/EIA

Since domestically-produced crude oil cannot be exported abroad, a portion of volumes that ultimately end up in Corpus Christi, Freeport or elsewhere in Texas, must be allocated to other refineries in the US Gulf. Today, crude oil is loaded on Jones Act medium-range (MR) product tankers and sent to the Louisiana Offshore Oil Platform (LOOP) to feed the refining system in St. James and New Orleans. Although the Houma - Houston, or Ho-Ho, Pipeline reversal brings 250,000 barrels per day of shale crude from Texas to Louisiana, its effects continue to be offset by further incremental oil supplies in Texas looking for a home.

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


SHIPPING MARKETS

Dry Bulk Market – Weekly Highlights

www.intermodal.gr Intermodal Shipbrokers - Capital Link – Weekly Dry Bulker Report 6

Tanker Spot Rates

Vessel Routes Week 6 Week 5

$/day ±%

2014 2013 WS

points $/day WS points $/day $/day $/day

VLC

C 265k AG-JAPAN 48 25,596 43 17,796 43.8% 44,189 21,133

280k AG-USG 30 16,125 30 15,010 7.4% 29,946 7,132

260k WAF-USG 65 46,298 55 32,944 40.5% 60,917 26,890

Suez

max

130k MED-MED 72.5 21,591 92.5 37,332 -42.2% 61,198 17,714

130k WAF-USAC 62.5 13,955 80 26,236 -46.8% 40,782 13,756

130k AG-CHINA 65 18,471 95 44,678 -58.7% 61,198 17,714

Afr

amax

80k AG-EAST 105 18,388 110 19,967 -7.9% 20,593 11,945

80k MED-MED 80 11,155 115 24,264 -54.0% 52,446 13,622

80k UKC-UKC 100 13,504 165 62,526 -78.4% 90,982 18,604

70k CARIBS-USG 120 21,706 160 36,674 -40.8% 57,932 16,381

Cle

an

75k AG-JAPAN 77.5 8,414 77.5 8,068 4.3% 7,097 12,011

55k AG-JAPAN 100 10,113 90 7,010 44.3% 7,309 12,117

37K UKC-USAC 140 13,313 140 13,210 0.8% 13,079 11,048

30K MED-MED 152.5 20,865 160 23,269 -10.3% 23,898 17,645

Dirt

y

55K UKC-USG 162.5 35,847 167.5 37,600 -4.7% 37,328 14,941

55K MED-USG 162.5 35,490 182.5 42,925 -17.3% 36,757 12,642

50k CARIBS-USAC 180 39,930 260 70,749 -43.6% 53,823 15,083

Tanker Time Charter Rates

$/day Week 6 Week 5 ±% Diff 2014 2013

VLCC 300k 1yr TC 25,750 26,250 -1.9% -500 26,667 20,087

300k 3yr TC 26,250 26,250 0.0% 0 25,700 23,594

Suezmax 150k 1yr TC 21,250 21,750 -2.3% -500 21,333 16,264

150k 3yr TC 21,250 21,250 0.0% 0 20,617 18,296

Aframax 110k 1yr TC 16,250 17,250 -5.8% -1000 16,083 13,534

110k 3yr TC 17,250 17,250 0.0% 0 16,783 15,248

Panamax 75k 1yr TC 15,500 15,500 0.0% 0 15,417 15,221

75k 3yr TC 16,250 16,250 0.0% 0 16,200 15,729

MR 52k 1yr TC 15,250 15,500 -1.6% -250 15,417 14,591

52k 3yr TC 16,250 16,250 0.0% 0 16,117 15,263

Handysize 36k 1yr TC 14,750 14,750 0.0% 0 14,667 13,298

36k 3yr TC 15,500 15,500 0.0% 0 15,367 13,907



Dry Bulker Time Charter Rates

$/day Week

6 Week

5 ±% Diff 2014 2013

Cap

esiz

e 170K 6mnt TC 20,000 21,250 -5.9% -1,250 22,158 17,625

170K 1yr TC 24,500 23,750 3.2% 750 22,908 15,959

170K 3yr TC 23,250 22,250 4.5% 1,000 22,867 16,599

Pana

max

76K 6mnt TC 16,875 16,750 0.7% 125 17,242 12,224

76K 1yr TC 15,375 14,750 4.2% 625 14,763 10,300

76K 3yr TC 14,625 14,250 2.6% 375 13,950 10,317

Supr

amax

55K 6mnt TC 13,750 13,750 0.0% 0 14,075 11,565

55K 1yr TC 12,750 12,500 2.0% 250 12,617 10,234

55K 3yr TC 12,500 12,500 0.0% 0 12,283 10,482

Han

dym

ax

45k 6mnt TC 11,750 11,750 0.0% 0 11,992 9,771

45k 1yr TC 11,750 10,750 9.3% 1,000 10,825 8,852

45k 3yr TC 10,750 10,750 0.0% 0 10,617 9,237

Han

dysi

ze

30K 6mnt TC 10,250 10,000 2.5% 250 10,158 8,244

30K 1yr TC 10,000 9,750 2.6% 250 9,675 8,309

30K 3yr TC 10,000 10,000 0.0% 0 9,867 8,926



Secondhand Indicative Market Values ($ Million) - Tankers

Vessel 5yrs old Feb-14 Jan-14 ±% 2014 2013 2012

VLCC 300KT DH 68.0 66.6 2.1% 66.8 56.2 62.9

Suezmax 150KT DH 47.0 45.2 4.0% 45.5 40.1 44.9

Aframax 110KT DH 35.0 34.0 2.9% 34.2 29.2 31.2

Panamax 75KT DH 32.0 32.0 0.0% 32.0 28.0 26.7

MR 52KT DH 30.0 30.4 -1.3% 30.3 24.7 24.6

Secondhand Indicative Market Values ($ Million) - Bulk Carriers

Vessel 5yrs old Feb-14 Jan-14 ±% 2014 2013 2012

Capesize 180k 46.0 45.0 2.2% 45.2 35.8 34.6

Panamax 76K 27.0 26.5 1.9% 26.6 21.3 22.7

Supramax 56k 27.0 25.6 5.5% 25.8 21.5 23.0

Handysize 30K 21.0 20.6 1.9% 20.7 18.2 18.2

New Building Indicative Market Prices (million$)

Vessel Week 6 Week 5 ±% 2014 2013 2012

Bul

kers

Capesize 180k 55.0 55.0 0.0% 54.1 49 47 Panamax 77k 29.0 29.0 0.0% 27.9 27 27 Supramax 58k 27.2 27.2 0.0% 26 25 26 Handysize 35k 23.2 23.2 0.0% 22 22 22

Tank

ers

VLCC 300k 96.0 96.0 0.0% 94.7 91 96 Suezmax 160k 64.0 63.5 0.8% 62 57 59 Aframax 115k 54.0 54.0 0.0% 53 49 51 LR1 75k 45.0 45.0 0.0% 43.7 42 43 MR 52k 37.0 37.0 0.0% 35.7 34 35

Gas

LNG 150K 185.0 185.0 0.0% 184.5 186 186 LGC LPG 80k 76.0 76.0 0.0% 74.9 71 72 MGC LPG 52k 65.0 65.0 0.0% 64.5 63 63 SGC LPG 23k 43.0 43.0 0.0% 42.5 42 44

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


SHIPPING MARKETS

Contributed by

Braemar Seascope35 Cosway StreetLondon NW1 5BTUnited Kingdom

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

Container Market - Weekly Highlights

Braemar Seascope Containers - London - Singapore - Shanghai S&P email: [email protected] Chartering email: [email protected]

London Office: Graham Booth, Ben Jeans, Ranulf Swallow, Lily Gao, Peyton Broer and Reka Choy Singapore Office: James Buck, Roy Edkins, Ming Xiang Ling, Bill Price and Tanja Friese

Research: Jonathan Roach www.braemarseascope.com

Braemar Seascope The Monday Morning Container Briefing 10th February 2014

Chartering

As one might expect, activity levels in the market this week have been rather muted, resulting in a sideways drift for the BOXi once again, bar a slight softening in the largest two sectors. That said, the week hasn't been without incident, with news that one disponent Asian owner had a sublet deal failed by charterers for several 8,500TEU units enbloc for 12 months at a reported US$14,500 pd, with escalated options attached. Only 6-9 months ago, such units were regularly trading at mid US$30s and whilst demand and rates have hit the buffers since 4Q13, the disponent owners in question were simply looking to offset as much of their head charter rate, rather than sit spot without contribution to their bottom line. Meanwhile, competing tramp owners of similar spot tonnage in North Asia have made the decision to stick to their guns and not breach their minimum barrier of US$30,000, something which is hard to see happening soon with such competition from willing owners and further waves of ULCC tonnage exiting the yards this year.

The panamax sector continues to be the area of most concern, as further units approach their redelivery windows, with the threat of bigger, more efficient units looming large - hence why the outlook for this sector appears uncertain. Whilst an influx of ULCC tonnage will naturally require a greater level of panamax feedering together with a potentially greater demand for such units from emerging markets such as West Africa, the flip side suggests that despite these opportunities, the dimensions and in particular the length of these designs dictate that many ports will remain inaccessible, thus stifling potential and much needed further chartering opportunities. In the feeder sector, some owners of 1700TEU units open in the next couple of months are already looking to hold out for rates to breach the US$8,000 mark for 6 month periods, with the anticipation of increased demand for a sector that has steadily contracted over the last 12 months. While such a step might not seem like much of an improvement, it would at least be another step in the right direction for a sector where demand is actually outstripping supply.

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120The BOX Index (BOXi) 55.82

Name Dwt Teu 14T Blt Spd Cons GR Charterer Dely Date Period US$/day

OOCL Britain 67,958 5,344 4,185 1996 24.0 160.0 GL Yang Ming NE Asia Feb 10-12 mos 11,000

JPO Virgo 50,043 4,254 2,804 2009 24.3 150.0 GL NYK NE Asia Feb 3-6 mos 7,500

X-Press Karakoram 37,934 2,741 2,116 2008 22.0 88.0 GL KMTC SE Asia Feb 3-4 mos 7,300

Konrad Schulte 23,579 1,740 1,330 2005 20.5 60.0 G Maersk Med Mar 5-9 mos 7,450

RHL Agilitas 23,579 1,732 1,275 2007 21.0 64.0 G Evergreen USG Feb 6-7 mos 7,750

M aersk Vancouver 22,308 1,678 1,295 2001 21.0 67.2 G Maersk Cont Feb 3 years 10,200

Hansa Calypso 21,480 1,645 1,196 1998 18.0 40.0 G Far Shipping SE Asia Apr 12 mos 9,000

M edfrisia 21,121 1,500 1,118 2009 19.5 45.0 GL MCC SE Asia Feb 2-3 mos 7,350

Vega Kappa 13,760 1,102 700 2007 19.6 42.0 G RCL SE Asia Feb 2-5 mos 5,400

Vessel (TEU/HOM) Index +/-

700/440TEU (GL) 17.5 k 3.44 ► 0.00

1,043/660TEU (GL) 18 K Eco 4.80 ► 0.00

1,100/715TEU (G) 19 k 7.93 ► 0.00

1,700/1,125TEU (G) 19.5 k 8.98 ► 0.00

1,740/1,300TEU (G) 20.5 k 8.98 ► 0.00

1,714/1,250TEU (G) 19k Bkk Max 5.60 ► 0.00

2,500/1,900TEU (G) 22 k 4.24 ► 0.00

2,800/2,000TEU (GL) 22 k 3.63 ► 0.00

3,500/2,500TEU (GL) 23 k 1.70 ► 0.00

4,250/2,800TEU (GL) 24 k 2.47 ► 0.00

5,500/4,200TEU (GL) 25 k 1.92 ▼ 0.17

8,500/6,600 (GL) 25 k 2.13 ▼ 0.25

Index Total 55.82 ▼ 0.42





Chartering



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700/440TEU (GL) 17.5 k 3.44 ► 0.00

1,043/660TEU (GL) 18 K Eco 4.80 ► 0.00

1,100/715TEU (G) 19 k 7.93 ► 0.00

1,700/1,125TEU (G) 19.5 k 8.98 ► 0.00

1,740/1,300TEU (G) 20.5 k 8.98 ► 0.00

1,714/1,250TEU (G) 19k Bkk Max 5.60 ► 0.00

2,500/1,900TEU (G) 22 k 4.24 ► 0.00

2,800/2,000TEU (GL) 22 k 3.63 ► 0.00

3,500/2,500TEU (GL) 23 k 1.70 ► 0.00

4,250/2,800TEU (GL) 24 k 2.47 ► 0.00

5,500/4,200TEU (GL) 25 k 1.92 ▼ 0.17

8,500/6,600 (GL) 25 k 2.13 ▼ 0.25






Chartering



20

40

60

80

100













700/440TEU (GL) 17.5 k 3.44 ► 0.00

1,043/660TEU (GL) 18 K Eco 4.80 ► 0.00

1,100/715TEU (G) 19 k 7.93 ► 0.00

1,700/1,125TEU (G) 19.5 k 8.98 ► 0.00

1,740/1,300TEU (G) 20.5 k 8.98 ► 0.00

1,714/1,250TEU (G) 19k Bkk Max 5.60 ► 0.00

2,500/1,900TEU (G) 22 k 4.24 ► 0.00

2,800/2,000TEU (GL) 22 k 3.63 ► 0.00

3,500/2,500TEU (GL) 23 k 1.70 ► 0.00

4,250/2,800TEU (GL) 24 k 2.47 ► 0.00

5,500/4,200TEU (GL) 25 k 1.92 ▼ 0.17

8,500/6,600 (GL) 25 k 2.13 ▼ 0.25



SHIPPING MARKETS

Container Market - Weekly Highlights





Chartering



20

40

60

80

100













700/440TEU (GL) 17.5 k 3.44 ► 0.00

1,043/660TEU (GL) 18 K Eco 4.80 ► 0.00

1,100/715TEU (G) 19 k 7.93 ► 0.00

1,700/1,125TEU (G) 19.5 k 8.98 ► 0.00

1,740/1,300TEU (G) 20.5 k 8.98 ► 0.00

1,714/1,250TEU (G) 19k Bkk Max 5.60 ► 0.00

2,500/1,900TEU (G) 22 k 4.24 ► 0.00

2,800/2,000TEU (GL) 22 k 3.63 ► 0.00

3,500/2,500TEU (GL) 23 k 1.70 ► 0.00

4,250/2,800TEU (GL) 24 k 2.47 ► 0.00

5,500/4,200TEU (GL) 25 k 1.92 ▼ 0.17

8,500/6,600 (GL) 25 k 2.13 ▼ 0.25


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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

Recent growth in US West Coast Product Exports contributes MR ton-miles; further growth likely during 2014

Amid rising levels of domestic tight oil and Canadian tar sands and in the absence of new pipeline infrastructure to transport the advantaged crudes to the refining and export facilities, rising volumes have found their way to refineries on the US West Coast. This stoked a rebound of product exports from the region following years of contraction between the mid-1990s and late-2000s – and EIA data shows record exports of 465,000 b/d during July 2013.

Overall, PADD 5 (Wet Coast) product exports are on course to show strong y/y gains during 2013. EIA data for the first 11 months show that exports rose by 9% on 2012 to an average of 344,600 b/d.

Spot market fixtures generated by rising export volumes proved positive of MR demand. During 2013, fixtures from the region rose by 59%, y/w, with those from refineries in the Pacific Northwest (PNW) leading the way with a y/y growth rate of 62%.

The trend shows little sign of abating, and during January 2014, fixtures from PNW and the Los Angeles-San Francisco range blazing past the previous record set during June 2013 of 15 to a new high of 24.

Though the volumes are quite small in comparison to the USG area (it is not uncommon for more ex-USG fixtures to materialize in a single week than ex-USWC fixtures do in a whole month), given the long-haul nature of ex-USWC fixtures the impact on ton-miles remains a positive development for MR demand. Around 10% of fixtures from the region are bound for points in the Far East while 45% are bound for points in South America. The disconnected nature of the region from the more active Atlantic market also helps to constrain world-wide supply and we suggest that this helps to support overall earnings vis-à-vis the inherent inefficiency thereof.

Spot Market WS/LSTCE

$/dayWS/LS

TCE

$/dayVLCC (12 Kts L/11.5 Kts B) 30-Jan 7-Feb

AG>USG 280k (TD1) 29.0 $3,587 30.0 $5,359AG>USG/CBS>SPORE/AG -- $37,398 -- $36,867

AG>SPORE 270k (TD2) 40.0 $16,818 48.5 $29,133

AG>JPN 265k (TD3) 40.0 $16,211 48.5 $28,857WAFR>USG 260k (TD4) 65.0 $47,172 60.0 $41,182

WAFR>CHINA 260k (TD15) 57.5 $38,484 50.0 $28,895

CBS>SPORE/AG 270k $5.40m $51,093 $5.15m $47,324

SUEZMAX (12 Kts L/11.5 Kts B)WAFR>USAC 130k (TD5) 82.5 $26,637 67.5 $17,085

BSEA>MED 135k (TD6) 100.0 $41,142 67.5 $13,316

CBS>USG 130k 100.0 $38,922 75.0 $20,466AFRAMAX (12.5 Kts L/B)N.SEA>UKC 80k (TD7) 175.0 $88,382 100.0 $23,956

AG>SPORE 70k (TD8) 115.0 $24,592 112.5 $24,030

BALT>UKC 100k (TD17) 160.0 $83,873 77.5 $18,055

CBS>USG 70k (TD9) 152.5 $36,027 120.0 $21,515

MED>MED 80k (TD19) 110.0 $27,171 82.5 $10,940

PANAMAX (12.5 Kts L/B)CBS>USAC 50k 225.0 $37,794 175.0 $23,379CONT>USG 55k (TD12) 185.0 $31,593 162.5 $24,32

ECU>USWC 50k 182.5 $23,899 185.0 $23,891


SHIPPING MARKETS

CPP (13.5 Kts L/B)CONT>USAC 37k (TC2) 145.0 $14,050 135.0 $11,628

USG>CONT 38k (TC14) 75.0 $8 82.5 $1,847

USG>CONT/CONT>USAC/USG -- $14,041 -- $14,585

USG>P.COLORADOS 38k $428k $8,363 $480k $12,064

CBS>USAC 38k (TC3) 100.0 $5,488 107.5 $7,339

AG>JPN 35k 98.0 $2,582 99.0 $3,161SPORE>JPN 30k (TC4) 101.0 $1,653 101.0 $1,988

AG>JPN 75k (TC1) 77.5 $8,449 76.5 $8,543AG>JPN 55k (TC5) 90.0 $2,665 96.0 $5,250

Time Charter Market

$/day (theoretical)1 Year 3 Years

VLCC $24,000 $23,500

Suezmax $21,500 $18,500

Aframax $14,500 $15,500

Panamax $14,250 $15,500

MR $14,500 $16,000

THE TANKER MARKETS

VLCC

A surprise rise in fixture activity materialized in the Middle East VLCC market this week, prompting a rebounding of rates by mid-week which pared some of last week’s losses. The weekly fixture tally there gained 79% to a total of 43 – a five-month high – led by a greater number of fixtures bound for points in the Far East. This brought the number of February Middle East cargoes to 120, a level well ahead of our last estimate and an earlier consensus, and, together with stronger activity in the West Africa market drawing on Middle East positions, reduced the number of excess Middle East positions. We now estimate that some 20 units will carryover from February to March dates vs. a week-ago estimate of 26. The present estimate continues, however, to represent the most excess positions since August; accordingly, the basis of this week’s rate gains can be largely attributed to the pace of fresh activity and resulting impact on sentiment, rather than supply/demand fundamentals (which remain weak).

The longer than anticipated February program (now at or near its conclusion) represents a positive development for owners, particularly as the recent robustness improved sentiment ahead of a progression into the March program. Thus, while the weak

Tanker Market - Weekly Highlightsprevailing fundamentals may imply a retreating of rates, sustained activity in the market could help to keep rates elevated during the upcoming week as charterers progress more concertedly into the March program. Additionally, given that the February program is generally shorter due to the fewer number of February loading days, it may be surmised that the March program will be longer, which should help to limit rate downside.

Middle East

Rates to the Far East gained 5.5 points over the course of the week to a closing level of ws48. This direction averaged ws44.7, representing a loss of 5.9 points from last week’s average. Corresponding TCEs shed ~$8,381/day, w/w, to an average of ~$23,822/day while the present assessment yields ~$28,414/day. Rates to the USG via the Cape averaged ws29.6, off 3.2 points, w/w; the route is presently assessed at ws30. Triangulated Westbound trade earnings lost ~$5,960/day, w/w, and averaged ~$35,781/day. This trading pattern concluded the week at ~$36,303/day.

Atlantic Basin

The Atlantic basin was more active this week on the back of a robust West Africa market, where a total of 8 fixtures materialized. Rates in the West Africa market pared earlier losses, in-line with the Middle East market. The WAFR-FEAST route corrected strongly at the start of the week on the back of last week’s rate losses in the Middle East, while a late paring of those losses followed the stronger Middle East market. The route averaged ws49.4, representing a w/w loss of 12.1 points, and concludes at an assessed level of ws50. TCEs on the route dropped ~$15,413/day to an average of ~$28,091/day and concluded at ~$28,896/day.

Activity in the Caribbean market was muted with just one fixture materializing. The CBS-SPORE benchmark route commenced at $5.35m LS and assessed lower at this week’s start at the $5.0m level on the back of souring sentiment in the overall VLCC market before posting late gains to a final assessment of $5.15m.

Suezmax

The West Africa Suezmax market was modestly more active this week with fixtures rising by one to a total of 12. However, as overall availability continued to expand and sentiment continued to sour, rates remained under negative pressure throughout the week. The WAFR-USAC route ultimately shed 15 points to conclude at ws67.5. Further rate downside is likely during the upcoming week failing a strong rise in regional demand.

Aframax

Overall activity levels in the Caribbean Aframax market were unchanged this week with fixtures totaling 15 for the second consecutive week (7% above 2013’s weekly average). As the market continues to normalize from the start of the year’s stronger demand and supply issues, rates continued to correct. The CBS-USG route shed 32.5 points to conclude at ws120. Further rate erosion is likely to materialize during the upcoming week.

Panamax

The Caribbean Panamax market remained under negative pressure as position lists loosened while demand was largely unchanged. The CBS-USG route dropped 50 points to conclude at ws175. Further losses are likely during the upcoming week though likely


SHIPPING MARKETS

at a moderating pace, as was observed during the latter half of this week.

CPP

Chartering activity in the USG MR market declined 8%, w/w, to a total of 23 fixtures. Trans-Atlantic trades remained unattractive, prompting a further cooling of demand on the USG-UKC route while voyages to points in Latin America were up 71% on last week. The 4-week moving average of total regional fixtures stands at 26 – on par with the 2013 weekly average. The steady but subdued activity, together with softening rates in the UKC market – which interestingly did little to displace Europe as the ballast destination of choice for vessels finishing on the USAC and ECC – did not prove to be enough to support rates on the USG-UKC route. Rates bottomed at mid-week but have since followed with a modest rebound of 7.5 points to close out the week at ws82.5.

Triangulated USG-UKC/UKC-USAC/USG trade continues to offer better TCE returns than the trade to Latin America (~$14,585/day vs. ~$12,064/day). The softening of rates for voyages commencing in UKC and growing optimism surrounding a rebound of USG rates incentivizes owners to prefer shorter regional voyages and hasten their return to the USG market. Rates on the USG-UKC route are likely to post further gains during the upcoming week and counter the presently waning interest in the route. However the overall near-term upside for rates in the USG market will be limited by the recent expansion in the number of fixtures to Latin America as the units will reappear on position list at an equally rapid and sufficient pace so as to prevent a tightening of supply. Robust and sustained gains will remain elusive until there is an increase in voyages to Europe and or the Far East.

The UKC market remained active this week. Sustained demand for voyages to the US was supported by distillate cargoes to replenishing US PADD 1 heating oil inventories. Rates, however, were being undermined by a wave of fresh tonnage appearing on position lists as owners continue to prefer return ballasts from the USAC and ECC, rather than the conventional, in recent years, ballast to the USG. The CONT-USAC route shed 10 points over the course of the week to ws135 and appears likely to correct further at the start of the upcoming week.

REPORTED TANKER SALES

“BW Nysa” 299,543/00 – Daewoo – DH

-Sold for $32.0m to Japanese buyers (Modec) for conversion.

“Neptune Glory” 299,127/98 – Daewoo – DH

-Sold for $23.15m to undisclosed buyers.

“Overseas Kilimanjaro” 296,999/11 – Dalian – DH

“Overseas McKinley” 296,971/11 – Dalian – DH

“Overseas Everest” 296,901/10 – Jiangnan Changxing – DH

“Overseas Yellowstone” 112,990/09 – New Times – DH

“Overseas Yosemite” 112,905/09 – New Times – DH

-To be sold en bloc to Belgian buyers (GSO/Euronav JV), subject to affirmation of $255.0m stalking horse bid.

SPP Goseong Hull S1177 – 50,100/15 – SPP Goseong – DH









-Sold en bloc for $385.0m to US buyers (Diamond S. Shipping).

“Crystal Topaz” 11,340/06 –INP Heavy Ind. – DH

“Crystal Diamond” 11,340/06 –INP Heavy Ind. – DH

“Crystal Amaranto” 9,887/99 –INP Heavy Ind. – DH

“Crystal Skye” 9,554/98 –INP Heavy Ind. – DH

-Sold en bloc on private terms to undisclosed UK buyers.

“Metlai 3” 31,983/99 – Hyundai Ulsan – DH

“Metlai 4” 31,967/99 – Hyundai Ulsan – DH

-Sold en bloc on private terms to Singaporean buyers (Wilmar International).

“Ayse-S” 5,850/08 – Tuzla – DH

“Deniz-S” 5,850/08 – Tuzla – DH

-Sold en bloc for $6.8m to Danish buyers (Nordic Tankers A/S).

China

“New Vitality” 284,569/93 – 40,059 LDT – DH

-Sold on private terms (unit converted to DH 08/2009).

Tanker Market - Weekly Highlights


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