WEEKLY SHIPPING

MARKET REPORT WEEK 37

- 12TH September to 16th September 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

Brazilian Raw-Sugar Premium Falls 38%, Swiss Sugar Brokers

Says

The premium buyers are prepared to pay for sugar from top global producer Brazil fell 38 percent last week as supplies of the sweetener in the country improved, according to Swiss Sugar Brokers. Raw sugar for loading this month at Santos, the country’s largest port, was at a premium of 0.5 cent a pound to the October contract on ICE Futures U.S. in New York, the brokerage said in a report dated yesterday. The premium was 0.8 cent on Sept. 13, it said in a report that day. “Suddenly it seems there is more sugar coming out of Brazil,” Naim Beydoun, a broker at the Rolle, Switzerland-based company, said by phone today. “The crop remains bad, but more cane has been converted into sugar.” The sugar-cane crop in Center South, Brazil’s main producing region, will fall for the first time in a decade to 510.2 million metric tons, according to industry group Unica. Cane is used to make ethanol in the country as well as sugar. “Traders who were unwilling to unleash some of their longs until they have a clear view on the Center South final output are now hoping not to have missed the opportunities of last week’s premiums,” Beydoun said in the report. Premiums also slid on weak demand, he said. “Prices were too high,” Beydoun said by phone. “Demand got pushed forward.” Fewer Ships While sugar supply isn’t abundant, neither is demand, he said. As many as 32 vessels were waiting at Santos and the ports of Recife and Paranagua to load 905,648 tons of sugar on Sept. 14, down from 63 ships and 1.94 million tons a week earlier, according to data from Williams Servicos Maritimos Ltda. “If Brazil would catch up with a better final output, this sugar might be the start of the kick in surplus for next year,” he said in the report. Brazil’s season usually starts in April. Sugar supplies will outpace demand by 4.2 million tons in the season starting in October, the London-based International Sugar Organization estimates. Raw sugar for March delivery rose 0.11 cent, or 0.4 percent, to 26.42 cents a pound by 7 a.m. on ICE Futures U.S. in New York. Prices plunged 6.6 percent, the most since April, on Sept. 16. (Bloomberg)

Libyan Council Prepares for Government

Libya’s National Transitional Council prepared to form a government to replace Muammar Qaddafi’s leadership as fighters battled to oust loyalists from Bani Walid and his hometown of Sirte. Sirte may fall in “two or three days,” according to the former rebels’ military council in Misrata. At least 44 fighters have

been killed and 213 wounded in the area since Sept. 15, according to the council, which has been leading the assault. NTC-allied forces have struggled to overrun the mountain town of Bani Walid, 140 kilometers (90 miles) south of Tripoli, the capital. Loyalists have been shooting at residents of Bani Walid who attempt to revolt, Ahmed Bani, a military spokesman for the NTC, said yesterday at a news conference in the capital. Anti-Qaddafi units deployed around the town after talks for a peaceful surrender collapsed on Sept. 4. Members of the NTC are in talks to form a Cabinet, interim Prime Minister Mahmoud Jibril told reporters on Sept. 18. Since moving to Tripoli from its eastern base in Benghazi, where the uprising began in February, the council has been working to establish its authority over different factions that rebelled against Qaddafi, including the opposition council in Misrata, which was the main rebel stronghold in western Libya during the seven-month conflict. U.S. Embassy Reopens The U.S. will reopen its embassy in Tripoli this week, President Barack Obama said today after meeting with NTC Chairman Mustafa Abdel Jalil. “Our ambassador is on his way back to Tripoli, and this week, the American flag that was lowered before our embassy was attacked will be raised again, over a reopened American Embassy,” Obama said in New York at a meeting of nations that supported the North Atlantic Treaty Organization-backed campaign in Libya. “This is how the international community should work in the 21st century -- more nations bearing the responsibility and costs of meeting global challenges,” said Obama, who is in New York for a meeting of the UN General Assembly. “In fact, this is the very purpose of this United Nations.” The NTC has establishing diplomatic and commercial ties abroad, hosting the leaders of the U.K., France and Turkey in the past week in Tripoli. The African Union today became the latest body to recognize the council as the representative of the Libyan people, according to a statement on the website of the South African president’s office. Companies Return Several foreign companies including BP Plc and Total SA (FP) have said they are also preparing to return to Libya. Qatar National Bank Group said today in an e-mailed statement that it is reopening its representative office in the North African nation, six months after its closure due to the conflict. PT Medco Energi Internasional, an Indonesian energy company, also plans to resume operation of its Area 47 oil block next month, Director Lukman Mahfoedz said in Jakarta today. Three of the five oil refineries in Libya, holder of Africa’s largest crude reserves, have restarted operations, according to local officials. The Tobruk, Sarir and Zawiya facilities are producing a total of about 60,000 barrels a day. Libya’s five plants have a total production capacity of 378,000 barrels of crude a day, according to the International Energy Agency. (Bloomberg)

Shipping , Commodities & Financial News

2

In Brief: Market continued the upward movement but mid-week it declined, driven by the sharp drop of the Capesize. All in all, BDI lost 62 points, BCI lost 262 points, BPI gained 51 points, BSI gained 38 points, and BHSI lost 8 point. Capes: Week began in a positive tone, but on Friday rates declined steeply. Atlantic market began strongly, until Thursday when we noticed a downfall. Charterers appeared not being in rush, and Owners with prompt tonnage had to lower their ideas. At week’s closing fixtures reported at USD 23.000 per day Transatlantic round, while on the Front haul trade rates remained at the same levels, i.e. USD 45.000 per day. On the cargoes ex ECSA, rates were fluctuating between USD 27.80pmt - 29.75pmt basis Tubarao/Qingdao. In the Pacific region, activity remained at high levels with iron ore majors covering about 15-20 vessels, but rates slightly declined. At week’s closing, rates for pacific round voyage concluded at USD 24.000 per day, just USD 1.000per day since last week. On the Australia/China trade, levels were fluctuating between USD 10.50pmt – 11.80pmt. Panamax: Week began with mixed feelings, as rates in the Atlantic were increasing but Pacific slightly declined. In the Atlantic region things picked up as many new cargoes emerged into the market, combined with an increase of Front haul cargoes ex USG, which eventually pushed both rated for Transatlantic round and Front haul levels to increase. At week’s closing, rates for Transatlantic round concluded at USD 13.400 per day. On the Front haul trade rates declined for cargoes ex ECSA, but USG remains strong. Fixtures reported at USD 25.500 per day + 550.000 ballast bonus on a BPI type vessel for a trip to F.East. Market in the Pacific region remained more or less the same, or slightly declined. There was not much volume of cargo, and we could see more and more vessels opening up. At week’s closing, rates for Pacific round concluded around USD 13.800per day, while rates for trips Ex NOPAC slided around USD 13.500 per day basis N.china/Japan range (M/V POS Glory 76508/05’).

Supramax: Activity remained good and rates moved upwards across both basins.

In the Atlantic basin, rates improved with USG region keeping the league. Rates ex USG for trip to continent reported at USD high 20’s per day, while for trip East Mediterranean rates concluded at USD upper 20’s per day. There was an increase on the enquiries for trips to F.East, with fixtures reported ex USG at USD 32.500 per day (M/V K.Opal 55800/06’), and levels for trip ex Med/Bl.Sea to F.East via Aden close to USD 30.000per day. In the pacific region, activity remained at good levels. Many enquiries were coming out from NOPAC to direction China, or Indonesia to direction India. At week’s closing, some fixtures reported for trips via NOPAC at levels around USD 13.000 per day. For positions opening S.China/S.E.Asia willing to go to India, levels concluded around USD 17.000 per day. Handysize: Physical market followed the same trend. In the Atlantic region we noticed an increase at cargoes ex Continent to any direction, including Mediterranean, ECSA, and F.East. Rates for trips ex Continent to ECSA/USG were at USD 5.000per day, while rates for trip to East Mediterranean were at USD 15.000 per day. Those who could consider G.O.A transit, rates for trip ex Continent/Med/Bl.sea were close to USD 17.000per day with the usual cargoes being fertilizers and steels. ECSA lost its steam with not many enquiries on the market to cover the available tonnage. In the Pacific basin, Indonesia was a bit quiet but was replaced by parcels steels, pet coke and fertilizers to India/Bangladesh or S.E Asia. Rates for trip via Indonesia to China were at USD 12.000per day for positions open S.China/S.E.Asia. Vessels opening N.China/Korea/Japan range were more keen to load coal ex CIS, or steels to S.E.Asia direction.

Dry Bulk - Chartering

3

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

Index Week 37 Week 36 Change (%) BDI 1814 1838 -1,31

BCI 3008 3185 -5,56

BPI 1746 1685 3,62

BSI 1446 1401 3,21

BHSI 677 683 -0,88

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

Type Size Week 37 Week 36 Change (%)

Capesize 160 / 175,000 16500 17000 -2,94

Panamax 72 / 76,000 13500 13500 0,00

Supramax 52 / 57,000 13700 13750 -0,36

Handysize 30 / 35,000 12000 12200 -1,64

Average Spot Rates

Type Size Route Week 37 Week 36 Change %

Capesize 160 / 175,000

Far East – ATL 4500 6500 -30,77

Cont/Med – Far East 45000 45000 0,00

Pacific RV 24000 25000 -4,00

TransAtlantic RV 25000 26000 -3,85

Panamax 72 / 76,000

Far East – ATL 5300 5000 6,00

ATL / Far East 22400 22000 1,82

Pacific RV 13800 13800 0,00

TransAtlantic RV 13400 14000 -4,29

Supramax 52 / 57,000

Far East – ATL 8500 8200 3,66

ATL / Far East 20000 21000 -4,76

Pacific RV 13000 12700 2,36

TransAtlantic RV 15000 16000 -6,25

Handysize 30 / 35,000

Far East – ATL 5700 5800 -1,72

ATL / Far East 17200 17000 1,18

Pacific RV 9300 9200 1,09

TransAtlantic RV 11800 11000 7,27

Dry Bulk - Chartering

4

ANNUAL

JUNE 2011 – SEPTEMBER 2011

Dry Bulk - Chartering

5

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

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

C2 TUB/ ROT

C4RBAY /ROTC7 BOL/ ROT

C8 T/ARV

AVGALL 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

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

$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

P1A T/A RV

P2ACONT/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

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

$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

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: The struggle continues for Europe to contain its debt crisis with the rest of the world concerned more than ever about

the ripple effect. Last week the Eurogroup excluded the possibility of any tax cuts or extra spending to boost the European

economy even though it is expected to grow only slightly. US economic data was not any better as housing starts hit record low

in three months while today the IMF cut its forecast for global economic growth.

VLCC: Supply/demand ratio changed for the worse in the Middle East Gulf and the large number of available vessels expected to

spillover to October doesn’t leave room for much optimism. In West Africa demand was stronger than last week, leading to a

small upward tick in rates.

Suezmax: A good week for Suezmax owners as both the Black Sea and West African markets performed well. Particularly, in the

Black Sea rates soared as strong activity cleared a big part of the tonnage list, putting some upward pressure in the Atlantic as

well.

Aframax: Overall, the Aframax market had its good and bad moments during the week, but rates didn’t change dramatically. In

the Mediterranean things were a bit quiet, causing rates to lose a couple of worldscale points. Rates also slipped in the Middle

East Gulf. Although demand improved slightly, there were more than enough available units to push rates further down. The

long tonnage list prevented any rise in the Caribbean, while in the North Sea activity picked up and rates turned upward.

Products: There was a drop in demand for clean cargo movements AG/Japan. LR1s lost more than ten worldscale points while

LR2s slid a bit more in the low 120’s. The latter, however, are expected to pose more resistance as there are now fewer vessels

available. MRs in the North Sea gained a few worldscale points on the back of thinning tonnage, whereas in the Caribbean rates

dropped due to weak demand. For yet another week, not much has changed in the Panamax market where supply and demand

are expected to maintain current levels in the short term.

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

Index Week 37 Week 36 Change (%)

BCTI 646 659 -1,97

BDTI 681 672 1,34

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

Type Size Week 37 Week 36 Change (%)

VLCC 300.000 20250 20250 0,00

Suezmax 150.000 16500 16500 0,00

Aframax 105.000 14500 14500 0,00

Panamax 70.000 14750 14750 0,00

MR 47.000 14000 14000 0,00

Tanker - Chartering

8

Crude Tanker Average Spot Rates

Type Size (Dwt) Route Week 37 WS

Week 36 WS

Change %

VLCC

280,000 AG – USG 34 34 0,00

260,000 W.AFR – USG 47 46 2,17

260,000 AG – East / Japan 44 45.5 -3,30

Suezmax 135,000 B.Sea – Med 85 70 21,43

130,000 WAF – USAC 69 64 7,81

Aframax

80,000 Med – Med 85 88 -3,41

80,000 N. Sea – UKC 97.5 95 2,63

80,000 AG – East 97.5 100 -2,50

70,000 Caribs – USG 90 90 0,00

Product Tanker Average Spot Rates

Type Size (Dwt) Route Week 37 WS

Week 36 WS

Change %

Clean

75,000 AG – Japan 121 125 -3,20

55,000 AG – Japan 132.5 145 -8,62

38,000 Caribs – USAC 131 137 -4,38

37,000 Cont – TA 132.5 128 3,52

Dirty

55,000 Cont – TA 115 115 0,00

50,000 Caribs – USAC 125 127.5 -1,96

Tanker - Chartering

9

VLCC Trading Routes 2010 / 11

0

10

20

30

40

50

60

70

80

90

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

AG - USG

WAFR - USG

AG EASTJAPAN

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

B. SEA- MED

WAF -USAC

Aframax Trading Routes 2010 / 11

0

20

40

60

80

100

120

140

160

180

200

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

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

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

CONT - TA(55,000)

CARIBS -USAC(50,000)

Tanker - Chartering

11

Activity picking up…..

Highlights of the weeks are:

Capesize “Begonia” was reported sold for USD 36 million to Chinese buyers while another Sanko owned capesize resale has

been reported sold for USD 48.5 million to undisclosed buyers. The 2007 built Kamsarmax “Triton Osprey” has been

reported sold to Mykonos shipping of Greece for USD 28.5 million.

On the tanker sector three VLCC’s built early 90ies have been reported sold en bloc to Petrobras for USD 72.7 mill.

Purchase Interest for handies and handymaxes built mid 80ies has increased from the far east. European buyers continue

to look for modern and 90ies built tonnage of all sizes in the dry sector, while modern MR, LR1, Aframax tankers are of

continued interest in the wet sector.

NEWBUILDNGS

In the newbuldings market, we have seen 20 vessels reported to have been contracted.

10 Bulk Carriers (Handysize and Capesizes)

6 Tankers (19.800 dwt)

4 General Cargo (13.000 dwt and 26.000 dwt)

DEMOLITION

The Bangladeshi market remained inactive this week with cash buyers waiting for the extension of 12th October. Indian

market was offering firm prices and Pakistan acquired two high profile tonnages. Chinese remained stable for one more

week.

Sale & Purchase

12

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

Bulk Carriers

Week 37 Week 36 Change %

Capesize 40 40 -

Panamax 27 27 -

Supramax 26 26 -

Handysize 21 21 -

Tankers

VLCC 80 80 -

Suezmax 54 54 -

Aframax 41 41 -

Panamax 34 34 -

MR 26 26 -

Weekly Purchase Enquiries

SHIPTRADE P/E WEEKLY INDEX

0

50

100

150

200

250

300

350

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

31/5-6/6/2011

7-13/6/2011

14-20/6/201

1

21-27/6/201

1

28/6-4/7/2011

5-11/7/2011

12-18/7/201

1

19-25/7/201

1

26/7-1/8/2011

2-8/8/2011

9-15/8/2011

16-21/8/201

1

22-29/8/201

1

30/8-05/9/201

1

06-12/9/201

1

13-19/9/201

1

Series1 Series2 Series3 Series4

Series5 Series6 Series7

Sale & Purchase

13

Reported Second-hand Sales

Bulk Carriers Name Dwt DoB Yard SS Engine Gear Price Buyer

Begonia 180.265 2005 Imabari, JPN 01/2015 B&W - 36 mill Chinese

Sanko Partner 180.200 2011 , JPN - B&W - 48.5 mill Undisclosed

Triton Osprey 81.448 2007 Universal, JPN 11/2012 B&W - 28.5 mill Mykonos Shipping

Young Spring 53.023 2002 Oshima, JPN 07/2012 B&W 4 X 30 T 22.5 mill Indonesian

Poseidon V 41.373 1984 Nipponkai, JPN 01/2014 B&W 5 X 25 T 5.5 Indonesian

Shandong Huaihai P1001

37.000 2011 Shandong, CHN - MIT 4 X 30 T 23.6 mill Oldendorff

Aladdin Rainbow 32.260 1999 Setouchi, JPN 03/2014 MIT 4 X 30 T 16 mill Greek

Tankers Name Dwt DoB Yard SS Engine Hull Price Buyer

Titan Aries 302.493 1993 Daewoo, KR 09/2015 Sulzer DH 72.7 mill En Bloc

Petrobras Ticen Ocean 284.497 1991 Hyundai, KR 12/2014 B&W SH

Titan Orion 284.480 1992 Hyundai, KR 10/2014 B&W SH

High Century 48.676 2006 Iwagi, JPN 07/2016 B&W DH 28 mill Thailand

Tula 40.584 1997 3 Maj, CRO 01/2012 Sulzer DH 10.5 mill Each En bloc

Champion Timashevsk 40.557 1996 3 Maj, CRO 10/2011 Sulzer DH

Rmeil 6.174 2010 Rongcheng, CHN 03/2015 Himsen DH

6 mil Each Enbloc

UK Based

Brixham 5.500 2009 Rongcheng, CHN 07/2014 Himsen DH

Mumbai 5.500 2009 Rongcheng, CHN 11/2014 Himsen DH

Kiel 5.500 2010 Rongcheng, CHN 01/2015 Himsen DH

Harlington 5.500 2009 Rongcheng, CHN 09/2014 Himsen DH

Containers Name TEU DoB Yard SS Engine Gear Price Buyer

Torge S 2.483 2003 Naikai, JPN 8/2012 B&W 3 X 40 T 24 mill Greek

OOCL Britain 5.344 1996 Mitsubishi, JPN 03/2016 Sulzer - 32 million Each, En bloc

(Including 4 yrs TC Back @ USD 27,800 pd

Technomar OOCL Japan 5.344 1996 Mitsubishi, JPN 02/2016 Sulzer -

OOCL Netherlands 5.390 1996 Mitsubishi, JPN 10/2012 Sulzer -

OOCL Singapore 5.390 1996 Mitsubishi, JPN 08/2012 Sulzer -

MPP / Tweens Name Dwt DoB Yard SS Engine Gear Price Buyer

Hal Admiralty 8.160 1996 Mawei, CHN 12/2011 B&W 2 X 40 T 7 mill Indonesian

Sale & Purchase

14

Newbuilding Orders

No Type Dwt / Unit Yard Delivery Owner Price 2 + 4 BC 205.000 Qingdao 2013 Norwegian 60 mill

2 BC 190.000 HHI 2014 Fednav -

2 BC 35.000 Chengxi 2013 CSL -

6 Tanker 19.800 Kitanihon 2013/2014 Zodiac Rgn 35

mill (ST.ST.)

2 General Cargo 26.000 Hyundai Mipo 2014 National Shipping Co of

Saudi Arabia -

2 General Cargo 13.000 Shandong 2013 NS United Kaiun Kaisha -

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

Newbuilding Resale Prices

Bulk Carriers

Capesize 50 51

Panamax 34 37

Supramax 31 34

Handysize 24 26

Tankers

VLCC 98 100

Suezmax 65 66

Aframax 47 48

Panamax 45 46

MR 34 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 Estrecho De

Magallanes Tanker 1991 68.000 15.991 India

445 / LDT (as is Quintero Chile)

Salema S BC 1981 25.826 6.324 India 529/ LDT

Tarpon Clipper Tween 1979 23.220 8.139 India Undisclosed

V Australia BC 1984 166.058 27.124 India 515/ LDT

(as is Singapore)

Iron Monger Tanker 1990 98.624 16.125 Pakistan 546/ LDT

Skipjack Tanker 1988 83.962 14.898 Pakistan 542 / LDT

(as is Fujairah with 400 Tons IFO ROB)

Sunhill Tanker 1986 38.653 10.172 China 465/ LDT

Win Express BC 1977 27.606 6.049 China 445/ LDT

Demolition Prices ($ / Ldt)

Bangladesh China India Pakistan

Dry 510 455 515 485

Wet 535 465 540 515

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 37 Week 36 Change (%) Brent Crude (BZ) 110 112 -1,79

Natural Gas (NG) 3,83 3,93 -2,54

Gold (GC) 1792 1830 -2,08

Copper (LME) 3,81 3,92 -2,81

Wheat (W) 314 325 -3,38

Dry Bulk

Company Stock Exchange Week 37 Week 36 Change % Baltic Trading Ltd (BALT) NYSE 5,27 5,03 4,47

Crude Carriers Corp (CRU) NYSE 9,48 9,24 2,60

Diana Shipping Inc (DSX) NASDAQ 8,75 8,55 2,34

Dryships Inc (DRYS) NASDAQ 3,13 2,91 7,56

Euroseas Ltd (ESEA) NASDAQ 3,37 3,59 -6,13

Excel Maritime Carriers (EXM) NYSE 2,48 1,88 31,91

Eagle Bulk Shipping Inc (EGLE) NASDAQ 2,07 1,81 14,36

Freeseas Inc (FREE) NASDAQ 1,04 1,15 -9,57

Genco Shipping (GNK) NYSE 7,86 7,80 0,77

Navios Maritime (NM) NYSE 3,69 3,46 6,65

Navios Maritime PTN (NMM) NYSE 14,49 14,15 2,40

Paragon Shipping Inc (PRGN) NASDAQ 1,26 1,25 0,80

Star Bulk Carriers Corp (SBLK) NASDAQ 1,42 1,32 7,58

Seanergy Maritime Holdings Corp (SHIP) NASDAQ 4,35 4,21 3,33

Safe Bulkers Inc (SB) NYSE 6,74 6,74 0,00

Golden Ocean Oslo Bors (NOK) 4,45 4,29 3,73

Tankers Capital Product Partners LP (CPLP) NASDAQ 6,50 6,35 2,36

General Maritime (GMR) NYSE 0,32 0,35 -8,57

Omega Navigation Enterprises (ONAV) NASDAQ 0,29 0,28 3,57

TOP Ships Inc (TOPS) NASDAQ 1,53 1,70 -10,00

Tsakos Energy Navigation (TNP) NYSE 6,08 5,81 4,65

Other Aegean Maritime Petrol (ANW) NYSE 5,65 5,38 5,02

Danaos Corporation (DAC) NYSE 3,78 3,65 3,56

StealthGas Inc (GASS) NASDAQ 4,19 4,19 0,00

Rio Tinto (RTP) NYSE 57,60 59,40 -3,03

Vale (VALE) NYSE 27,14 26,68 1,72

ADM Archer Daniels Midland (ADM) NYSE 28,62 27,11 5,57

BHP Billiton (BHP) NYSE 78,86 77,17 2,19

Financial Market Data

17

Currencies

Week 37 Week 36 Change (%) EUR / USD 1,37 1,36 0,74

USD / JPY 76,77 77,55 -1,01

USD / KRW 1112 1077 3,25

USD / NOK 5,56 5,53 0,54

Bunker Prices

IFO 380 IFO 180 MGO Piraeus 638 668 949

Fujairah 655 680 1050

Singapore 645 655 918

Rotterdam 637 657 940

Houston 635 670 955

Port Congestion*

Port No of Vessels

China Rizhao 20

Lianyungang 30

Qingdao 36

Zhanjiang 16

Yantai 16

India

Chennai 6

Haldia 8

New Mangalore 4

Kakinada 5

Krishnapatnam 3

Mormugao 10

Kandla 3

Mundra 8

Paradip 6

Vizag 26

South America

River Plate 264

Paranagua 67

Praia Mole 16

* 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 37 of year

2011.

Financial Market Data / Bunker Prices / Port Congestion