WEEKLY SHIPPING

MARKET REPORT WEEK 21

- 23rd to 27th April 2011 -

Legal Disclamer

The information contained herein has been obtained by various sources. Although every effort has been made to ensure that this information is accurate, complete and up to date, Shiptrade Services S.A. does not accept any responsibility whatsoever for any loss or damage occasioned or claimed, upon reliance on the information, opinions and analysis contained in this report.

Researched and compiled by: Shiptrade Services SA, Market Research on behalf of the Sale & Purchase, Dry Cargo Chartering and Tanker Chartering Departments. For any questions please contact: market-research@shiptrade.gr

Shiptrade Services SA Tel +30 210 4181814 snp@shiptrade.gr 1st Floor, 110/112 Notara Street Fax +30 210 4181142 chartering@shiptrade.gr 185 35 Piraeus, Greece www.shiptrade.gr tankerchartering@shiptrade.gr

1

Russian grain ban lifted Russia, the world’s second largest wheat exporter, is set to lift its ban on exporting grains effective 1 July 2011. However, it warned that fresh export restrictions “might be necessary” later this year to curb food inflation. “From July first this year we will lift the ban on grain exports,” Vladimir Putin, the Russian prime minister said on Saturday. Last year Russia introduced a ban on overseas sales of cereals such as wheat, barley and corn after a drought devastated its crop. Earlier this month the US Department of Agriculture (USDA) predicted that Russian exports would return to global markets. The USDA estimated that wheat exports from Russia, Kazakhstan and Ukraine in 2011 would more than double to 26t. Russian wheat exports are expected to rise from 4mt to 10mt, the USDA said. Ukraine’s would increase from 3.5mt to 8.5mt. Earlier this year there were fears that the Russian ban could be extended until October and possibly even into 2012. The ban pushed up wheat prices and forced importers in the Middle East and North Africa to seek emergency supplies in Europe and the US. (Tradewinds)

Guangzhou JFE Steel starts operating new cold rolling mill

Guangzhou JFE Steel Sheet Co Ltd, a JV between JFE Steel Corporation and Guangzhou Iron and Steel Enterprises Holdings Ltd, has begun operating a new cold rolling mill as part of an integrated production system encompassing cold rolling to hot dip galvanizing, which the company is constructing to meet the increasing demand for high end steel in China. The completion of the cold rolling mill was celebrated with a ceremony in Guangzhou, joined by Mr Eiji Hayashida president of JFE Steel and Mr Zhang Ruosheng chairman of Guangzhou Iron and Steel. The cold rolling mill will enter commercial production in July after test operation. The continuous annealing line is slated to start operating in June and commercial production will begin in August, after which shipments of cold rolled steel sheet mainly for automobiles and electrical appliances will move into full gear. In addition to the cold rolling mill of 1.8 million tonnes per year, GJSS will add a continuous annealing line of 1 million tonnes per year and a second continuous galvanizing line CGL of 400,000 tonnes per year under a major expansion. When the No. 2 CGL is completed by around the end of the year, GJSS’s two CGLs will have a combined annual processing capacity of 800,000 tonnes. Going forward, GJSS, JFE Steel and Guangzhou Iron and Steel will cooperate in providing stable supplies of cold rolled steel sheet and hot-dip galvanized steel sheet to customers in China, particularly firms in the fast-growing automobile and electrical appliance industries. (Steelguru)

Chinese export levels remain quiet as demand slumps

With demand slumping in South East Asia buyers from Japan and Korea are showing reluctance to book even cheap Chinese material as stocks are already running high. Indian importers got offers from Chinese mills at USD 730 per tonne to USD 740 per tonne CFR for 3mm and above boron added SS400 commercial grade HRC which remained unchanged from previous week but so did the buyers interest. There was utter lack of interest in Chinese and Black Sea offers in India as the previously imported material to the tune of above 100,000 tonnes remains un liquidated. At the same time slump in auto industry in SE Asia after the Japanese Tsunami has led to reduced demand for CRC as well. With European and Middle Eastern bedraggled for long and struggling to come to terms with the changed scenario coated products prices declined. Today’s challenging markets are not all bad news for Norwegian shipping companies, Sturla Henriksen says. Henriksen, director general of the Norwegian Shipowners’ Association (NSA), believes strong companies that ride out the crisis will come out the other end in a better position. “These are difficult times for everybody, but this is also a time for opportunities,” he told TradeWinds WebTV. Henriksen was speaking at the opening of the Nor Shipping exhibition in Oslo, where youth will take centre stage this week. He says the emerging generation’s ability “to cope with the great challenges of our time”, including climate change, will determine

their legacy. (steelprices-china)

Alwaleed Says Saudi Arabia Seeks $70 to $80 Oil to Preserve

Sales to West Prince Alwaleed bin Talal said an oil price of $70 to $80 a barrel is in the best interests of Saudi Arabia because it diminishes the urgency in the U.S. and Europe to develop alternative energy sources. “We don’t want the West to go and find alternatives,” Alwaleed, a nephew of Saudi King Abdullah, said in an interview on CNN’s “Fareed Zakaria GPS,” scheduled for broadcast today. “The higher the price of oil goes, the more they have incentives to go and find alternatives.” The rebellion in Libya, political turmoil in Bahrain and speculative buying are responsible for driving oil prices to more than $100 a barrel, Alwaleed said. Crude for July delivery rose 36 cents to settle at $100.59 a barrel on the New York Mercantile Exchange May 27. Prices have increased 35 percent in the past year. Alwaleed, who owns Citigroup Inc. (C) shares and ranks 26th on Forbes magazine’s list of the world’s richest billionaires with a net worth of $19.6 billion, said he continues to invest in the U.S. and that the nation is “down, for sure, but it is not out.” Standard & Poor’s lowered its U.S. credit-rating outlook on April 18 to negative, citing the widening budget deficit. Saudi Arabia needs to enact laws that allow for greater public participation in government, Alwaleed said. U.S. President Barack Obama’s administration is seeking to encourage pro-democracy movements inspired by those that ousted longtime leaders in Tunisia and Egypt as part of the so-called Arab Spring to create broader, regional changes. (Bloomberg)

Shipping , Commodities & Financial News

2

In Brief: Market continued its upward trend, with Capes and Panamaxes leading the way. Since the beginning of the week the BDI gained 105 points, BCI gained 170 points, BPI gained 154 points, BSI gained 35 points, while BHSI lost just 7 points.

Capesize: Rates continued their improving trend, especially in the Atlantic region. Activity increased and fixtures concluded at USD 12.000 per day for transatlantic rounds, while just 1 week ago the same route was paying USD 8.500 per day. Brazil – China trade followed the trend, with vessels fixed at USD 19.45 pmt in the beginning of the week, while at the end, levels climbed higher at USD 19.85 pmt. We also saw the activity increasing in the pacific, with 15 vessels reported fixed for the Australia – China trade. Rates reached the lowest at USD 7.25 pmt during mid-week, and eventually increased at USD 7.60pmt at weeks’ closing. Panamax: Rates remained on positive on both basins. Charterers seemed reluctant to move in the beginning of the week, but soon became more confident. In the Atlantic, lack of tonnage availability pushed rates a bit higher, as USG cargoes were eager for tonnage. Owners could achieve rates around USD 16.500 per day for transatlantic rounds, while for trips to Far East Owners could get around USD 23.000per day. Rates ex ECSA softened just a bit from the previously reported USD 26.000 per day + USD 600.000 Ballast Bonus to USD 25.500 per day + USD 575.000 Ballast Bonus for trip towards East last week. Activity in the Pacific remained in good levels as well. Many vessels were fixed for coal ex Indonesia/Australia or C.I.S, back to Japan/China and India. Taking into consideration the monsoon season, Owners who sailed for direction India got premium rates, around USD 14.000per day. Rates for trip ex NOPAC increased a bit further, and Owners could see around USD 14.500 per day for positions in N. China/ Japan. Supramax: No significant changes occurred in the Atlantic. Cargoes ex USG to Continent/Mediterranean keep on paying good premiums, and volume of grains/sugar parcels ex ECSA remained stable. Positions in Continent/ Mediterranean could get low USD 20’s ex Continent/Mediterranean for a trip to the East. On the ECSA/Far East trade, vessels opening in West Africa could get low USD 20’s, while vessels in ECSA were about USD 20.000 per day + USD 350.000 Ballast Bonus. The Pacific market softened a little bit. Owners were talking USD 15-16.000 per day for trips, but at the end, fixtures were concluded

around USD 13-14.000 per day. Coal and nickel ore ex S.E. Asia remain a usual trade for the area. Handysize: Even though indices may have dropped a bit, the physical market did not see any significant changes. In the Atlantic, we had a steady flow of grains ex Continent to med, and also parcels grains/sugar ex ECSA got into the market again. Owners tried to get as more as possible, but Charterers were not willing to move any higher, so rates remained in the same levels. In some rare cases, some Owners achieved to get 1-2 dollars above the market levels for sugar ex ECSA to Mediterranean. In the Pacific, we did not see so many steel parcels compared to last week, but there were cargoes available with clinker and coal being the most usual, loading from Indonesia/Philippines or alternatively from C.I.S.

Dry Bulk - Chartering

3

Baltic Indices – Dry Market (*Friday’s closing values)

Index Week 21 Week 20 Change (%) BDI 1264 1349 -6,30

BCI 1821 1633 11,51

BPI 1865 1666 11,94

BSI 1451 1413 2,69

BHSI 778 786 -1,02

T/C Rates (1 yr - $/day)

Type Size Week 21 Week 20 Change (%)

Capesize 160 / 175,000 11000 11500 -4,35

Panamax 72 / 76,000 14000 13500 3,70

Supramax 52 / 57,000 14500 14500 -

Handysize 30 / 35,000 12000 12750 -5,88

Average Spot Rates

Type Size Route Week 21 Week 20 Change %

Capesize 160 / 175,000

Far East – ATL 800 650 23,08

Cont/Med – Far East 21.000 18000 16,67

Pacific RV 7000 6500 7,69

TransAtlantic RV 12000 8500 41,18

Panamax 72 / 76,000

Far East – ATL 6400 5600 14,29

ATL / Far East 23600 23000 2,61

Pacific RV 14000 12000 16,67

TransAtlantic RV 16500 14500 13,79

Supramax 52 / 57,000

Far East – ATL 9400 9000 4,44

ATL / Far East 21000 22000 -4,55

Pacific RV 13000 12800 1,56

TransAtlantic RV 17000 15100 12,58

Handysize 30 / 35,000

Far East – ATL 9000 9100 -1,10

ATL / Far East 16700 17000 -1,76

Pacific RV 10300 10500 -1,90

TransAtlantic RV 12000 12300 -2,44

Dry Bulk - Chartering

4

ANNUAL

MARCH 2011 – MAY 2011

Dry Bulk - Chartering

5

Dry Bulk - Chartering

Dry Bulk - Chartering

Capesize Routes – Atlantic 2010 / 11

$0,00

$10.000,00

$20.000,00

$30.000,00

$40.000,00

$50.000,00

$60.000,00

$70.000,00

$80.000,00

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52

C2 TUB /ROT

C4 RBAY /ROT

C7 BOL /ROT

C8 T/A RV

AVG ALL TC

Capesize Routes – Pacific 2010 / 11

$0,00

$10.000,00

$20.000,00

$30.000,00

$40.000,00

$50.000,00

$60.000,00

$70.000,00

$80.000,00

$90.000,00

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52

C3 TUB /PRC

C5 WAUST /PRC

C9 CONT /FE

C10 FE R/V

Panamax Routes – Atlantic 2010 / 11

$0,00

$10.000,00

$20.000,00

$30.000,00

$40.000,00

$50.000,00

$60.000,00

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52

P1A T/A RV

P2A CONT/FE

6

Dry Bulk - Chartering

Panamax Routes – Pacific 2010 /11

$0,00

$5.000,00

$10.000,00

$15.000,00

$20.000,00

$25.000,00

$30.000,00

$35.000,00

$40.000,00

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52

P3A FE R/V

P4 FE/CON

AVG ALL TC

Supramax Routes – Atlantic 2010 /11

$0,00

$10.000,00

$20.000,00

$30.000,00

$40.000,00

$50.000,00

$60.000,00

$70.000,00

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52

S1A CON / FE

S1B BSEA / FE

S4A USG / CONT

S4B CONT / USG

S5 WAFR / FE

Supramax Routes – Pacific 2010 / 11

$0,00

$5.000,00

$10.000,00

$15.000,00

$20.000,00

$25.000,00

$30.000,00

$35.000,00

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52

S2 FE R/V

S3 FE / CON

S6 FE / INDI

S7 ECI / CHI

AVG ALL TC

7

In Brief: Statements from the leaders of G-8 from Deauville about the recovery of the global economy led oil prices to rise. However, that was not the only reason. The dollar dropped against the euro to lowest level in one week causing investors to turn to commodities for shelter while power shortages at Texas led gasoline prices in US to climb just as the driving season begins. Furthermore, turmoil in Middle East shows no signs of abating as new clashes took place in Yemen and Syria during last week whereas the IEA advised that it may tap supplies due to Libya unrest. Now, everyone’s attention is on the coming OPEC meeting on the 8th of June where production quotas are expected to increase, according to JPMorgan, over rising concern.

VLCC: Things seem better now in the Middle East Gulf as demand picked up and the ratio of cargoes/units improved. Though not

impressively, fixtures reported over the last month are quite more than previously while vessels available for the coming week

are as not as many as the previous one. However, rates didn’t reflect that since apart from some gains for Eastbound trades,

market remained at last week’s levels, particularly in the Atlantic where the differential narrowed due to a weakening Suezmax

market

Suezmax: In West Africa the excess tonnage allowed charterers to take advantage of their favorable position and push rates

considerably down, reaching even as low as WS 70’s. Things are not better in the Black Sea where owners are still waiting for

demand to improve. As a result, rates slipped even further to levels below WS 80’s.

Aframax: Although fresh enquiries appeared for Mediterranean Aframaxes, tonnage is still building up, keeping rates at low to

mid WS 100’s levels. In the North Sea momentum was lost while on the contrary rates held their ground in the Middle East Gulf

for Eastern destinations. The Caribbean market started strongly but efforts from owners were undermined by the oversupply of

units and rates gradually fell back to mid WS 100’s.

Products: Still no sign of improvement in the Middle East for Japan runs where rates kept last week’s levels at best and with an

oversupply of tonnage in the area for the week to come things don’t seem to get better any time soon. Clean runs USAC that had

witnessed a rather impressive drop over the previous week, haven’t yet recovered. TC2 managed to bounce back at WS 147.5

just before the week had ended while activity in TC3 is still slow. However, the beginning of the driving season leaves some room

for optimism. As far as Panamaxes are concerned, didn’t have much to show this week and rates remained at previous levels.

Baltic Indices – Wet Market (*Thursday’s closing values)

Index Week 21 Week 20 Change (%)

BCTI 724 781 -7,30

BDTI 772 783 -1,40

T/C Rates (1 yr - $/day)

Type Size Week 21 Week 20 Change (%)

VLCC 300.000 27000 27500 -1.82

Suezmax 150.000 21000 21000 -

Aframax 105.000 16250 16000 1.56

Panamax 70.000 15500 15250 1.64

MR 47.000 14000 14000 -

Tanker - Chartering

8

Crude Tanker Average Spot Rates

Type Size (Dwt) Route Week 21 WS

Week 20 WS

Change %

VLCC

280,000 AG – USG 36 36.5 -1.37

260,000 W.AFR – USG 55 56 -1.79

260,000 AG – East / Japan 52 48.5 7.22

Suezmax 135,000 B.Sea – Med 79 82.5 -4.24

130,000 WAF – USAC 75 82.5 -9.9

Aframax

80,000 Med – Med 105 85 23.53

80,000 N. Sea – UKC 105 110 -4.55

80,000 AG – East 112.5 112.5 -

70,000 Caribs – USG 105.5 104 1.44

Product Tanker Average Spot Rates

Type Size (Dwt) Route Week 21 WS

Week 20 WS

Change %

Clean

75,000 AG – Japan 120 121 -0.83

55,000 AG – Japan 140 140 -

37,000 Caribs – USAC 145 165 -12.12

37,000 Cont – TA 147.5 170 -13.24

Dirty

50,000 Cont – TA 135 137,5 -1.82

50,000 Caribs – USAC 120.5 120 0.42

Tanker - Chartering

9

VLCC Trading Routes 2010 / 11

0

20

40

60

80

100

120

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55

AG -USG

WAFR -USG

AGEASTJAPAN

Suezmax Trading Routes 2010 / 11

0

20

40

60

80

100

120

140

160

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55

B. SEA- MED

WAF -USAC

Aframax Trading Routes 2010 / 11

0

50

100

150

200

250

300

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55

MED - MED

N.SEA - UKC

AG - EAST

CARIBS USG

Tanker - Chartering

10

Clean Trading Routes – 2010 / 11

0

50

100

150

200

250

300

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55

AG - JAPAN (75,000)

AG - JAPAN (55,000)

CARIBS - USAC(38,000)

CONT - TA (37,000)

Dirty Trading Routes – 2010 / 11

0

50

100

150

200

250

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55

CONT - TA(55,000)

CARIBS - USAC(50,000)

Tanker - Chartering

11

OPPORTUNITIES… FOR THE KEEN BUYERS

Highlights of the week are the sale of 2 X Supramax Resales “Hyundai Mipo 6099” and “Hyundai Mipo 6100” (abt 56.000

dwt Built 2011) sold for USD 33 mill each enbloc to Greek Buyers and the Capesize “Poinsetia” (abt 174.660 dwt Built

Namura JPN 2010) at USD 50-51 mill to Greek buyers .

Lately we have seen that there is a very strong interest for 90’s built as well as modern Container vessels. A large number

of such vessels is being contracted every week and a fair share is being reported sold in the secondhand market with many

Listed companies currently investing in this type.

“Korea Lines” Capesize “Poinsetia” blt 2010 Namura JPN, which was circulated as a sales candidate via auction, has been

reported sold to Greek Buyers for USD 50-51 mill. Compared with a prompt resale, which is evaluated to cost around USD

mid 50’s, this one was sold at a good price.

Following the Sale of their 2001 Japanese built Supramax “Heron”, “Eagle Bulk” is now inviting interested parties for their

smaller Supramax “Merlin” Blt JPN 2001 to inspect her upon discharging Nantong at 6th

June. We understand that Sellers

are inviting offers at USD low - mid 22 mill levels.

Japanese owners “World Marine Co.” are inviting buyers’ offers for their “Chiloe” (46k Dwt Blt 01 JPN) at June 1st

at levels

similar to her sister “Paradise Island” which was sold for USD 21.6 mill.

Both Greek and Chinese buyers still have Interest for Handy – Handymax Bulkers built in the region of ’85.

Nothing has changed regarding purchase interest with purchase enquiries remaining at the same levels with buyers still

looking for all types, sizes and ages in the dry sector as well as in the wet. Lately we have seen inquiries from buyers –

investors who are searching in the market for Vessels with TC attached.

NEWBUILDNGS

In the newbuldings market, we have seen 58 vessels reported to have been contracted.

25 Bulk carriers (Handymaxes upto Capes).

33 Containers (4.700 upto 13.000 TEU’s)

DEMOLITION

The demo sales have slowed down this week with cash buyers being satisfied with tonnages bought during the previous

ones. Bangladeshi buyers have reached their limits regarding yards’ capacity for vessels beaching and the Indian market is

reaching a breaking point with almost 45 vessels arriving at Alang. Pakistani buyers remained idle after their recent

purchases of large tonnages. Chinese buyers are watching what is happening in the subcontinent are getting ready to

import more tonnage for a right price.

Sale & Purchase

12

Indicative Market Values – ( 5 yrs old / Mill $ )

Bulk Carriers

Week 21 Week 20 Change %

Capesize 46 46 -

Panamax 31 31 -

Supramax 27 27 -

Handysize 21 21 -

Tankers

VLCC 82 82 -

Suezmax 55 55 -

Aframax 40 40 -

Panamax 34 34 -

MR 26 26 -

Weekly Purchase Enquiries

SHIPTRADE P/E WEEKLY INDEX

0

50

100

150

200

250

300

350

28/9-4/10/201

0

5-11/10/201

0

12-18/10/20

10

19-25/201

0

26/10

-1/11/20

10

2-8/11/2010

9-15/11/201

0

16-22/11/20

10

23-29/11/20

10

30-6/12/201

0

7-13/12/201

0

14-20/12/20

10

21-27/12/20

10

28/12

-3/120

11

4/1-10/1/2011

11/1-17/1/201

1

18/1-24/1/201

1

25-31/1/201

1

1-7/2/2010

8-14/2/2011

15-21/2/201

1

22-28/2/201

1

01-07/3/201

1

08-14/3/201

1

15-21/03/20

11

22-28/03/20

11

29/03

-4/4/201

1

5/4/-11/4/20

11

12-18/4/201

1

19-25/4/201

1

26/4-2/5/2011

3-9/5/2011

10-16/5/201

1

17-23/5/201

1

24-30/5/201

1

KOREA CHINA

SPORE GREECE

OTHER SUM

Sale & Purchase

13

Reported Second-hand Sales

Bulk Carriers Name Dwt DoB Yard SS Engine Gear Price Buyer

Poinsetia 174.667 2010 Namura, JPN 9/2015 B&W - 50-51 Greek

Suzaku 148.535 1994 Samsung, KR 4/2014 B&W - 15-16 Chinese

Darya Brahma 56.056 2006 Mitsui, JPN 5/2011 B&W 4 X 30 T 29.75 Quintana

Hyundai Mipo 6099 56.000 2011 Hyundai Mipo, KR - B&W 4 X 30 T 33 Each

En Bloc Greek Hyundai Mipo 6100 56.000 2011 Hyundai Mipo, KR - B&W 4 X 30 T

Sanko Glory 52.980 2005 Oshima, JPN 4/2015 B&W 4 X 30 T 27-27.5 Undisclosed

Bulk Trader 40.688 1984 Sanoyas, JPN 11/2013 Sulzer 4 X 25 T 6 Undisclosed

Coral 26.977 1980 Naikai, JPN 6/2011 B&W 4 X 25 T 3.6 Spore

Tankers Name Dwt DoB Yard SS Engine Hull Price Buyer

Laura 113.041 2009 New Times, CHN 3/2013 B&W DH 44.5 Undisclosed

Valerie 19.819 2002 Quingshan, CHN 12/2012 B&W DH 14 Undisclosed

Samho Leader 17.589 2010 Samho, KR 6/2015 B&W DH Und Ardmore

Samho Valencia 17.567 2010 Samho, KR 7/2015 B&W DH

Sun Investor 6.575 1997 Murakami, JPN 5/2012 Mitsubishi DH 6.3 Phillipino

Gas Name Dwt DoB Yard SS Engine Hull Price Buyer

Clearsky 96.100 2011 Daewoo, KR - Wartsila DH

665 Stena Crystalsky 96.100 2011 Daewoo, KR - Wartsila DH

Bluesky 84.363 2006 Daewoo, KR 8/2011 Kawasaki DH

Trinity Arrow 79.556 2008 Koyo, JPN 3/2013 Kawasaki DH Und Japanese

Diamond Star 3.444 1991 Poli Pelestrina, ITA 6/2015 Wartsila Und Undisclosed

Container Name TEU DoB Yard SS Engine Gear Price Buyer

Taicang Dragon 2.564 2008 Xiamen, CHN 8/2013 Wartsila 3 X 45 T 32 USA

Miltiadis Junior III 1.698 2009 Nordic, GER 4/2015 B&W - 24.5 Greek

Jade Trader 1.122 1995 Volkswerft, GER 12/2015 Sulzer 2 X 40 T Excess

10 South

American

Sale & Purchase

14

Newbuilding Orders

No Type Dwt / Unit Yard Delivery Owner Price 3 Bulker 82.000 Tsuneishi 2013/2014 United Ocean -

1 + 1 Bulker 81.500 Jinhai 2012 Wilmar -

2 Bulker 76.000 Rongsheng 2012 Golden Union -

10 Bulker 76.000 Rongsheng 2012/2013 China Ship Fund 31.5 – 32

1 Bulker 53.000 Ha Long 2013 Thoresen Thai Agencies -

7 Bulker 38.000 Nantong 2012/2013 Algoma -

10 Container 13.000 HHI 2013/2014 NOL 130

2 Container 10.000 DSME 2013/2014 NOL 115

4 + 4 Container 9.000 Daewoo Mangalia 2013 Ofer Global Holding Group 100

6 + 4 Container 4.700 Sungdong - German 60

3 Container 4.700 Samsung Heavy 2012 / 2013 Hanjin 60

Newbuilding Prices (Mill $) – Japanese/ S. Korean Yards

Newbuilding Resale Prices

Bulk Carriers

Capesize 55 56

Panamax 36 41

Supramax 31 34

Handysize 26 27

Tankers

VLCC 102 102

Suezmax 65 66

Aframax 55 55

Panamax 46 46

MR 36 36

Newbuilding Resale Prices

Bulk Carriers (2008 – Today) Tankers (2008 – Today)

Newbuildings

$0,00

$20,00

$40,00

$60,00

$80,00

$100,00

$120,00

$140,00

$160,00

$180,00

Ap

ril-

08

Au

gu

st-0

8

De

ce

mb

er-

Ap

ril-

09

Au

gu

st-0

9

De

ce

mb

er-

Ap

ril-

10

Au

gu

st-1

0

De

ce

mb

er-

Ap

ril-

11

CAPESIZE

PANAMAX

SUPRAMAX

HANDYSIZE

$0,00

$50,00

$100,00

$150,00

$200,00

$250,00

Ap

ril-

08

Au

gust

-08

Dec

emb

er-

Ap

ril-

09

Au

gust

-09

Dec

emb

er-

Ap

ril-

10

Au

gust

-10

Dec

emb

er-

Ap

ril-

11

VLCC

SUEZMAX

AFRAMAX

LR 1

MR

15

Demolition Sales

Vessel Type Built Dwt Ldt Buyer Country Price Sealink Majesty Bulker 1982 177.754 24.184 China 450

Zheng Feng Bulker 1986 107.572 17.820 China 455

Skogaland Bulker 1977 16.740 7.093 India 465 (as is Kakinada)

Demolition Prices ($ / Ldt)

Bangladesh China India Pakistan

Dry 500 445 495 490

Wet 525 465 525 510

Demolition Prices

Bulk Carriers (2008 – Today) Tankers (2008 – Today)

Demolitions

0

100

200

300

400

500

600

700

800

April

08

Aug 0

8

Dec 0

8

April

09

Aug 0

9

Dec 0

9

Apr 1

0

Aug 1

0

Dec 1

0

April

11

$ /

Ld

t

Bangladesh

China

India

Pakistan

0

100

200

300

400

500

600

700

800

April

08

Aug 0

8

Dec 0

8

April

09

Aug 0

9

Dec 0

9

Apr 1

0

Aug 1

0

Dec 1

0

April

11

$ /

Ld

t

Bangladesh

China

India

Pakistan

16

Shipping Stocks

Commodities

Commodity Week 21 Week 20 Change (%) Brent Crude (BZ) 115,03 112,39 2,35

Natural Gas (NG) 4,51 4,23 6,62

Gold (GC) 1537 1508 1,92

Copper (LME) 4.15 4.12 0.77

Wheat (W) 372 368 1,09

Dry Bulk

Company Stock Exchange Week 21 Week 20 Change (%) Baltic Trading Ltd (BALT) NYSE 6,38 6,52 -2,15

Crude Carriers Corp (CRU) NYSE 13,29 14,38 -7,58

Diana Shipping Inc (DSX) NASDAQ 11,53 11,40 1,14

Dryships Inc (DRYS) NASDAQ 3,73 3,82 -2,36

Euroseas Ltd (ESEA) NASDAQ 4,73 4,60 2,83

Excel Maritime Carriers (EXM) NYSE 3,17 3,13 1,28

Eagle Bulk Shipping Inc (EGLE) NASDAQ 2,69 2,61 3,07

Freeseas Inc (FREE) NASDAQ 2,33 2,47 -5,67

Genco Shipping (GNK) NYSE 7,35 7,20 2,08

Navios Maritime (NM) NYSE 5,24 5,10 2,75

Navios Maritime PTN (NMM) NYSE 18,81 19,23 -2,18

Paragon Shipping Inc (PRGN) NASDAQ 2,61 2,89 -9,69

Star Bulk Carriers Corp (SBLK) NASDAQ 2,01 2,20 -8,64

Seanergy Maritime Holdings Corp (SHIP) NASDAQ 0,42 0,42 0,00

Safe Bulkers Inc (SB) NYSE 7,36 7,76 -5,15

Golden Ocean Oslo Bors (NOK) 5,65 6,10 -7,38

Tankers Capital Product Partners LP (CPLP) NASDAQ 9,17 9,74 -5,85

General Maritime (GMR) NYSE 1,56 1,86 -16,13

Omega Navigation Enterprises (ONAV) NASDAQ 0,76 0,81 -6,17

TOP Ships Inc (TOPS) NASDAQ 0,61 0,60 1,67

Tsakos Energy Navigation (TNP) NYSE 10,14 10,47 -3,15

Other Aegean Maritime Petrol (ANW) NYSE 8,18 8,85 -7,57

Danaos Corporation (DAC) NYSE 6,65 6,72 -1,04

StealthGas Inc (GASS) NASDAQ 5,13 5,54 -7,40

Rio Tinto (RTP) NYSE 70,00 66,30 5,58

Vale (VALE) NYSE 31,88 30,41 4,83

ADM Archer Daniels Midland (ADM) NYSE 32,21 31,26 3,04

BHP Billiton (BHP) NYSE 94,21 93,18 1,11

Financial Market Data

17

Currencies

Week 21 Week 20 Change (%) EUR / USD 1,4296 1,4128 1,19

USD / JPY 80,78 81,76 -1,20

USD / KRW 1082,2 1083 -0,07

USD / NOK 5,21 5,55 -6,13

Bunker Prices

IFO 380 IFO 180 MGO Piraeus 635 666 953

Fujairah 652 679 1030

Singapore 636 645 935

Rotterdam 622 645 943

Houston 635 677 -

Port Congestion*

Port No of Vessels

China Rizhao 25

Lianyungang 23

Qingdao 27

Zhanjiang 6

Yantai 4

India

Chennai 8

Haldia 21

New Mangalore 18

Kakinada 30

Krishnapatnam 14

Mormugao 28

Kandla 34

Mundra 19

Paradip 40

Vizag 21

South America

River Plate 313

Paranagua 73

Praia Mole 29

* The information above exhibits the number of vessels, of various types and sizes, that are at berth, awaiting anchorage, at

anchorage, working, loading or expected to arrive in various ports of China, India and South America during week 21 of year

2011.

Financial Market Data / Bunker Prices / Port Congestion