WEEKLY SHIPPING

MARKET REPORT WEEK 7

- 13th February – to 17th February 2012 -

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

Strikes continue at Australia's Port Kembla coal terminal

Australia's Port Kembla coal terminal faces more strike action this week, which is likely to slow coal and coke exports from the terminal, a union spokesman said on Monday. BHP Billiton-operated Port Kembla exports around 10 million tonnes of coal and coke each year, according to the Port Kembla Port Corporation, and processed about 5 percent of seaborne metallurgical coal used for steelmaking last year. After a week-long strike beginning Feb. 1, about 100 union members will have work stoppages ranging from two to four hours on Monday, Tuesday and Thursday besides full-day stoppages on Wednesday and possibly Friday, Bob Timbs, a union spokesman, said. The coal terminal is brought to a standstill every time union members strike, he said. The workers of the Construction Forestry Mining and Energy Union (CFMEU) are striking to protest against the Port Corporation's proposal to cut the number of employees covered by the union agreement. The union had also asked for a pay raise of 4.5 percent and the port had offered an increase of 4.3 percent, but Timbs said pay was not the focus of the strikes. The Port Kembla Coal Corporation was not immediately available to comment. The Port Kembla strikes coincide with a week-long strike at BHP Billiton-Mistubishi Alliance (BMA) mines, where 3,500 unionised workers have walked off the job in a bid to get greater job security and more pay. Analysts have estimated that a full week of 12-hour stoppages at the BMA mines would cut production by up to 1 million tonnes. (Reuters)

Oil Trades Near Nine-Month High on Iran Tension

Oil traded near the highest price in nine months after euro-area finance ministers agreed on a second bailout for Greece, improving prospects for fuel demand. Futures in New York advanced as much as 2.1 percent from Feb. 17. There was neither floor trading nor a closing price yesterday in the U.S. because of the Presidents’ Day holiday. Brent futures were little changed in London as Europe Union finance ministers awarded 130 billion euros ($173 billion) today in aid to Greece. “There is improved market sentiment because of the Greek debt deal,” said Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt. “It is good for risk appetite, so all risky assets are up today.” Oil futures for March delivery on the New York Mercantile Exchange, which expire today, advanced as much as $2.20 from the Feb. 17 closing price to $105.44, the highest intraday price since May 5. The contract was at $105.06 at 9:09 a.m. in London, while the more-actively traded April future gained $1.80 to $105.40. Today’s trades will be booked with

yesterday’s electronic transactions for settlement. Prices are 12 percent higher than a year ago. Brent oil for April settlement on the ICE Futures Europe exchange was at $120.15 a barrel, up 10 cents from yesterday. The European benchmark contract’s premium to New York-traded West Texas Intermediate was at $14.75, compared with this year’s widest spread of $19.02 on Feb. 6. Iran Risk The possibility of an Israeli strike against Iran is a bigger risk than a closure of the Strait of Hormuz, and may not yet be factored in the price, said Amrita Sen, a commodities analyst at Barclays Plc in London. “We’ve talked about Hormuz, which we don’t think will happen. That could take it to $150 or even higher,” Sen said in interview with Mark Barton on Bloomberg Television’s “On the Move” program. “An Israeli strike on Iranian production would be much worse.” United Nations investigators are starting two days of meetings in Iran, offering Tehran a chance to stem speculation that its nuclear program will spark a military conflict. Oil’s gain comes after Iran’s oil-ministry news website Shana reported Feb. 19 that the nation will cut supplies to the U.K. and France. Iran’s attempt to preempt a European Union import ban will have “no impact on Britain’s energy security or supplies,” U.K. Foreign Secretary William Hague said yesterday in London. The U.K. got 1 percent of its crude from Iran in the first half of 2011 and France got 4 percent, according to the U.S. Energy Administration. Restoring Libya “We imagine this was met by our friends in London with a general shrug,” Stephen Schork, president of the Schork Group in Villanova, Pennsylvania, said in a note today. He estimates that 22 percent of Iranian crude exports are purchased by China, while Japan buys 14 percent. “Until we see one of these buyers affected, Iran will remain mostly bark and little bite.” Libya, holder of the largest oil reserves in Africa, won’t be able to restore oil production to pre-war levels before the end of 2013 at the earliest, Shokri Ghanem, the former chairman of Libya’s National Oil Corp., said in an interview yesterday. Libyan Oil Minister Abdul-Rahman Ben Yezza said on Dec. 14 that the country’s crude output will return to its pre-conflict level in the third quarter of 2012. The country is restoring production disrupted by fighting last year that led to the ouster of then-leader Muammar Qaddafi. “I don’t think they can come back to pre-revolutionary levels, say, by the summer,” Ghanem said in an interview in Doha, Qatar. The country’s new government must first improve security at oil installations, free up sufficient funds for the oil sector and resolve labor disputes among oil workers, he said. Hedge-funds and other money managers raised bullish bets on Brent crude by 6,818 contracts, or 7.5 percent, in the week ended Feb. 14, data yesterday from the ICE Futures Europe exchange showed. (Bloomberg)

Shipping , Commodities & Financial News

2

In Brief: Market followed a steady pattern and increase in rates was halted with the BDI reaching 717, only 2 points higher than last week.

Capes: Another week with low rates and over supply of tonnage The market continued its flat pattern with the average of the four T/C Routes closing at USD 5,286 recording a marginal USD 59 increase. The T/A round was done at or below USD 5,000 levels with tonnage over supply to be the main factor for keeping rates down. Even the fronthaul trips did not make much sense and the number of vessels ballasting to ECSA was increased. The Tubarao/Qingdao was done at USD 19,50 levels. In the Pacific, market remained at rock bottom levels since we saw many new buildings entering the market plus the tonnage already drifting or anchored. In spite the Australian majors generated some cargoes owners were still far from covering their opex with many vessels ballasting to Atlantic since taking a back haul trip yielded negative results for owners. Owners showed some movement towards short period with rates averaging USD 12,500 for 6/8 months.

Panamax: Atlantic Market firming up but slowly. In the Atlantic Basin the week started with a positive sentiment as the USG and ECSA grains firmed up. All fresh requirements were fixed quickly and after Wednesday the rate levels started lowering again. In addition we should definitely mention that Continent started waking up with some fresh requirements out of Finland and Murmansk. Of course the rates didn’t increase much but some vessels were fixed on for Murmansk round voyage at usd 9000 time charter equivalent. In the Pacific, a few encouraging fixtures from ECSA led owners asking basis delivery Singapore usd 12000 for LME’s and the rates closed for LME’s at usd 11500 basis dely Singapore. The Pacific/Aussie rounds closed at usd 8500-9000 for LME vessels. The short period rates are still below 10,000 but more takers entered the market which is encouraging owners to wait for further improvement.

Supramax: PG – India firming up

In the Atlantic Basin, the rates fell slightly compared with the previous week. The USG seems weakening further as not much coal and petcoke came out during this week. A few fresh cargoes out of continent were not enough to make the sentiment positive. USG-Med rates didn’t break the 10.000 levels and the fronthaul trips out of Bsea closed at rates between 18-20000 usd. In the Pacific the NOPAC rounds were fixed at usd 6500 basis dely North China-Japan range i.e. about 1000 usd less than previous week. On the contrary the rates for Indo rounds were increased about 1000 usd compared with the week before whereas Aussie market was quiet. PG firming up and rates for Tess 53k dwt vessels closed at around 15000 for trips to China via PG excluding Iran and at 16 for trips out of Iran to china. PG-India rates closed at usd 14000 for Tess 53 type vessels. Handysize: Another flat week with low rates and slow movement in both basins In the Atlantic, over supply of tonnage and low cargo volume preserved the negative sentiment with the TA round ending up at USD 4,800, which was even lower than the previous week. ECSA did not produce significant volume of cargoes while we saw fixtures concluded at USD 1,000 for trips ex MED to USG. Most owners avoided the trips to Far East since rates there were extremely low and the return to Atlantic was paying zero hire up to USD 2.000 which made no sense to owners. Vessels open at PG and India continued to suffer with most movements and somehow better rates to be seen for trips with sulphur ex Iran to China. At East Coast of India there was a massacre with very few orders, many open vessels resulting to exceptionally low numbers. Not much happened on period tonnage due to very bad rates and the anticipation from owners that ‘things can’t get any worse’.

Dry Bulk - Chartering

3

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

Index Week 7 Week 6 Change (%) BDI 717 715 0,28

BCI 1461 1457 0,27

BPI 949 967 -1,86

BSI 641 645 -0,62

BHSI 379 366 3,55

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

Type Size Week 7 Week 6 Change (%)

Capesize 160 / 175,000 13500 13750 -1,82

Panamax 72 / 76,000 11250 11000 2,27

Supramax 52 / 57,000 10200 10250 -0,49

Handysize 30 / 35,000 9100 9000 1,11

Average Spot Rates

Type Size Route Week 7 Week 6 Change %

Capesize 160 / 175,000

Far East – ATL -7700 -7000 -

Cont/Med – Far East 19500 19000 2,63

Far East RV 4700 4500 4,44

TransAtlantic RV 4600 4700 -2,13

Panamax 72 / 76,000

Far East – ATL -150 -306 -50,98

ATL / Far East 16500 16500 0,00

Pacific RV 7600 7900 -3,80

TransAtlantic RV 6300 6700 -5,97

Supramax 52 / 57,000

Far East – ATL 2000 1700 17,65

ATL / Far East 11800 13100 -9,92

Pacific RV 7500 7000 7,14

TransAtlantic RV 6000 5500 9,09

Handysize 30 / 35,000

Far East – ATL 3700 3400 8,82

ATL / Far East 12500 10500 19,05

Pacific RV 4000 3400 17,65

TransAtlantic RV 4800 5000 -4,00

Dry Bulk - Chartering

4

ANNUAL

DECEMBER 2011 – FEBRUARY 2012

Dry Bulk - Chartering

5

Dry Bulk - Chartering

Capesize Routes – Atlantic 2011 / 12

$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

C2 TUB/ ROT

C4RBAY /ROTC7 BOL/ ROT

C8 T/ARV

AVGALL TC

Capesize Routes – Pacific 2011 / 12

$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

C3 TUB /PRC

C5 WAUST /PRC

C9 CONT /FE

C10 FE R/V

Panamax Routes – Atlantic 2011 / 12

0

5000

10000

15000

20000

25000

30000

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 2011 /12

-$5.000,00

$0,00

$5.000,00

$10.000,00

$15.000,00

$20.000,00

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 2011 /12

0

5000

10000

15000

20000

25000

30000

35000

40000

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 2011 / 12

$0,00

$2.000,00

$4.000,00

$6.000,00

$8.000,00

$10.000,00

$12.000,00

$14.000,00

$16.000,00

$18.000,00

$20.000,00

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

VLCC: There was a positive activity in the Middle East market for the VLCC with 16 new fixtures reported. Agias, the majority

was bound for the far east which comprised of 12 cargoes. The week commenced with rates at WS 49 before concluding at WS

55. Rates for cargoes bound for the Atlantic increased slightly from WS 33 to WS 34. Of the 16 fixtures only two headed to the

US Gulf. Positive was the activity in the Atlantic basin as well with rates rising from WS 52,5 to WS 57. In lights of the rising rates

in the Middle East less ex MEG unites proceeded to West Africa increasing pressure on tonnages positively.

Suezmax: Negative was the beginning of the week in the Suezmax Atlantic front were rates plummeted by 2,5 points.

Nevertheless by the end of the week however the market improved slightly ending at WS 80. On the other hand through the

BSEA – MED market was an increase in rates due to weather conditions which resulted to a 12,5 points increase at WS 90.

Aframax: An increase in activity and weather constraints resulted in a positive Caribbean Aframax market which concluded at

WS 145 for the CBS-USG route. Towards the end of week however in retrieval of charterer activity resulted in a loss of 5 points

to WS 140.

Products: Despite the Caribbean market being active for the Panamaxes rates mostly remained at the same levels as last week

at WS 140. MR CONT – TA route had an upward trend thoughout the week concluding at WS 175. This was a result of a positive

activity as well as higher bunker prices. On the other hand, there positive signs for Ex USG tonnages which saw an increase in

rates of about 30 points to WS 110. The CBS – USAC route however was not very active with rates in the region of WS 115.

.

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

Index Week 7 Week 6 Change (%)

BCTI 704 666 5,71

BDTI 814 795 2,39

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

Type Size Week 7 Week 6 Change (%)

VLCC 300.000 20000 19500 2,56

Suezmax 150.000 16500 16500 0,00

Aframax 105.000 13250 13250 0,00

Panamax 70.000 13500 13500 0,00

MR 47.000 14000 13800 1,45

Tanker - Chartering

Tanker - Chartering

8

Crude Tanker Average Spot Rates

Type Size (Dwt) Route Week 7 WS

Week 6 WS

Change %

VLCC

280,000 AG – USG 33 32 3,13

260,000 W.AFR – USG 60 60 0,00

260,000 AG – East / Japan 49 49 0,00

Suezmax 135,000 B.Sea – Med 80 75 6,67

130,000 WAF – USAC 77,5 77,5 0,00

Aframax

80,000 Med – Med 80 82,5 -3,03

80,000 N. Sea – UKC 87,5 95 -7,89

80,000 AG – East 85 88 -3,41

70,000 Caribs – USG 130 120 8,33

Product Tanker Average Spot Rates

Type Size (Dwt) Route Week 7 WS

Week 6 WS

Change %

Clean

75,000 AG – Japan 85 88 -3,41

55,000 AG – Japan 100 105 -4,76

38,000 Caribs – USAC 115 120 -4,17

37,000 Cont – TA 150 165 -9,09

Dirty

55,000 Cont – TA 125 120 4,17

50,000 Caribs – USAC 140 115 21,74

Tanker - Chartering

9

VLCC Trading Routes 2011 / 12

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 2011 / 12

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 2011 / 12

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

Tanker - Chartering

10

Clean Trading Routes – 2011 / 12

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 – 2011 / 12

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)

11

Prices hit new lows

There was some positive activity in the SNP market this week with the majority of sales in the Handysize sector. Prices have

hit new lows providing new opportunities for prospective buyers.

In Shiptrade’s enquiry index there was a significant increase in the volume. Nevertheless the momentum of Handysize and

Handymax continued this week as well for the dry sector. In the tanker MRs are still the hottest candidates with a number

of enquiries for modern and late 90s built vessels.

Geared panamax M/V “Sagarkiran” (73,350 DWT built in Hyundai HI, KRS 1995) was reported sold for USD 11 mill to Indian

buyers.

Japanese controlled Handysize M/V “Lupinus” (32.000 DWT, Built Saiki JPN 2005) is reported sold to Greek buyers for USD

16,9 Mill.

Singaporean buyers are reported to be the buyers of M/V “Baltic Frontier” (27,293 DWT built in 1992 in Minami, JPN) for

USD 5,7 Mill setting a new low price benchmark.

Market rumors suggest the highest offer received by the owners of M/V “Ken Ann Maru” (32.000 DWT Built Onomichi JPN

1997) was at levels slightly excess USD 9 mill. Also another Handysize M/V “Diamond Glory” (28.000 DWT Built Tsuneishi

JPn 1997) was being negotiated again at similar levels, she was reported sold back in January for USD 10.5 mill.

In the tanker sector the Aframax tanker M/V “Dalmacija” (96,168 DWT built in 1994 in Samsung HI, KRS) was reported sold

for USD 9,1 Mill to Indonesian buyers.

Also the Suezmax tanker “Monte Granada” (150.000 DWT Built Universal JPN 2004) was reportedly committed for mid USD

33 mill to Tanker Pacific.

NEWBUILDNGS

In the newbuilding market, we have seen 9 vessels reported to have been contracted.

9 Bulk Carriers (Handysizes and Capesizes)

DEMOLITION

Bangladesh is facing troubles with the deliveries of vessels because of the new regulations and paperwork. In India buyers

are careful because of the budget date on March 15th

and are not willing to conclude deals with delivery before this date as

they are waiting to see the new taxation plans. Pakistan has been offering slightly increasing levels because of the increase

in steel plate prices and slight currency improvement; however levels are lower than sellers expectations China has started

to balance on offering levels with cash buyers offering USD 5 – 10 above the 400 levels, breaking yards however are

looking for lower levels.

Sale & Purchase

12

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

Bulk Carriers

Week 6 Week 6 Change %

Capesize 37 37 -

Panamax 25.5 25.5 -

Supramax 25 25 -

Handysize 20 20 -

Tankers

VLCC 58 58 -

Suezmax 44 44 -

Aframax 34.5 34.5 -

Panamax 33.5 33.5 -

MR 25 25 -

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

20-26/9/201

1

27/9-3/10/201

1

4-10/10/201

1

11-17/10/20

11

18-24/10/20

11

25-31/10/20

11

1-7/11/2011

8-14/11/201

1

15-21/11/20

11

22-28/11/20

11

29/11

-5/12/20

11

6-12/12/201

1

13-19/12/20

11

20-26/12/20

11

27/12

/2011

-9/1/2012

10-16/1/201

2

17-23/1/201

2

24-30/1/201

2

31/1-6/2/2012

7-13/2/2012

Korea China Spore KCS

Greece Other Sum

Sale & Purchase

13

Reported Second-hand Sales

Bulk Carriers Name Dwt DoB Yard SS Engine Gear Price Buyer

Lupinus 31.700 2005 Saiki, JPN 03/2015 MIT 4 X 30 T 16.9 mill Greek

Baltic Frontier 27.293 1992 Minami, JPN 06/2012 MIT 4 X 30 T 5.7 mill Singapore based

Tankers Name Dwt DoB Yard SS Engine Hull Price Buyer

Monte Granada 150.581 2004 Universal, JPN 10/2014 Sulzer DH Mid 33 mill

(on subjects) Tanker Pacific

Dalmacija 96.168 1995 Samsung, KR 03/2016 B&W DH 9.1 Indonesian

Sale & Purchase

14

Newbuilding Orders

No Type Dwt / Unit Yard Delivery Owner Price 4 BC 186.000 SWS 2014 U-Ming 49.8 mill

3 BC 115.000 Jiangnan 2013 Oceanfreight 40 mill

2 BC 35.000 - 2013 Inok 23 mill

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

Newbuilding Resale Prices

Bulk Carriers

Capesize 50 48

Panamax 34 32

Supramax 30 31

Handysize 24 22

Tankers

VLCC 95 85

Suezmax 63 58

Aframax 48 45

Panamax 43 48

MR 34 35

Newbuilding Resale Prices

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

Newbuildings

15

Demolition Sales

Vessel Type Built Dwt Ldt Buyer Country Price Qatari Ibn Al

Fujaa Container 1983 35.615 12.861 India

502 “as is” Khor Fakkan

Ocean Queen BC 1987 187.864 23.138 China 430

“as is” South Korea

Demolition Prices ($ / Ldt)

Bangladesh China India Pakistan

Dry 460 410 470 465

Wet 490 430 500 495

Demolition Prices

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

Demolitions

16

Shipping Stocks

Commodities

Commodity Week 7 Week 6 Change (%) Brent Crude (BZ) 121 117 3,42

Natural Gas (NG) 2,64 2,54 3,94

Gold (GC) 1761 1724 2,15

Copper (LME) 3,73 3,86 -3,37

Wheat (W) 271 269 0,74

Dry Bulk

Company Stock Exchange Week 7 Week 6 Change % Baltic Trading Ltd (BALT) NYSE 4,48 4,18 7,18

Diana Shipping Inc (DSX) NASDAQ 9,71 8,91 8.98

Dryships Inc (DRYS) NASDAQ 3,71 3,00 23,67

Euroseas Ltd (ESEA) NASDAQ 2,98 2,92 2,05

Excel Maritime Carriers (EXM) NYSE 2,08 1,89 10,05

Eagle Bulk Shipping Inc (EGLE) NASDAQ 2,01 1,70 18,24

Freeseas Inc (FREE) NASDAQ 1,71 0,64 167,19

Genco Shipping (GNK) NYSE 8,78 8,78 0,00

Navios Maritime (NM) NYSE 4,19 4,02 4,23

Navios Maritime PTN (NMM) NYSE 16,31 15,91 2,51

Paragon Shipping Inc (PRGN) NASDAQ 0,92 0,80 15,00

Star Bulk Carriers Corp (SBLK) NASDAQ 0,97 1,12 -13,39

Seanergy Maritime Holdings Corp (SHIP) NASDAQ 3,38 2,84 19,01

Safe Bulkers Inc (SB) NYSE 7,65 7,23 5,81

Golden Ocean Oslo Bors (NOK) 5,58 5,75 -2,96

Tankers Capital Product Partners LP (CPLP) NASDAQ 7,74 7,12 8,71

Omega Navigation Enterprises (ONAV) NASDAQ 0,18 0,15 20,00

TOP Ships Inc (TOPS) NASDAQ 2,25 1,87 20,32

Tsakos Energy Navigation (TNP) NYSE 6,63 6,17 7,46

Other Aegean Maritime Petrol (ANW) NYSE 6,28 5,36 17,16

Danaos Corporation (DAC) NYSE 4,17 4,21 -0,95

StealthGas Inc (GASS) NASDAQ 4,64 4,35 6,67

Rio Tinto (RTP) NYSE 57,90 59,35 -2,44

Vale (VALE) NYSE 24,98 25,75 -2,99

ADM Archer Daniels Midland (ADM) NYSE 31,35 30,40 3,13

BHP Billiton (BHP) NYSE 76,11 77,10 -1,28

Financial Market Data

17

Currencies

Week 7 Week 6 Change (%) EUR / USD 1,31 1,32 -0,76

USD / JPY 78,83 77,67 1,49

USD / KRW 1123 1120 0,27

USD / NOK 5,70 5,75 -0,87

Bunker Prices

IFO 380 IFO 180 MGO Piraeus 707 740 1040

Fujairah 733 750 1045

Singapore 720 730 990

Rotterdam 690 713 1000

Houston 715 740 1035

Port Congestion*

Port No of Vessels

China Rizhao 18

Lianyungang 42

Qingdao 61

Zhanjiang 26

Yantai 25

India

Chennai 12

Haldia 23

New Mangalore 11

Kakinada 11

Krishnapatnam 12

Mormugao 22

Kandla 9

Mundra 8

Paradip 11

Vizag 11

South America

River Plate 283

Paranagua 36

Praia Mole 12

* 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 7 of year

2012.

Financial Market Data / Bunker Prices / Port Congestion