WEEKLY SHIPPING

MARKET REPORT WEEK 32

- 30th July – to 6th August 2013

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

Arctic trade route opens

Cosco Shipping Co's new shortcut route to Europe and North America via the Arctic Northeast Passage is expected to change China's industrial layout in its coastal provinces and reshape the prospects for the global shipping sector, said industry experts.Cosco Shipping, a listed company within China's shipping giant Cosco Group, made its maiden journey on the route with a multipurpose vessel on Thursday. It plans to serve the company's needs in developing the new route and searching for market growth points. The company conducts general and specialized cargo shipping services for Cosco Group.The ship left Dalian port in Northeast China's Liaoning province and is scheduled to take 33 days to reach Europe. It is the first time a Chinese merchant ship has traveled to Europe via the Arctic Northeast Passage. The total deadweight tonnage of the multipurpose vessel is 19,461 tons. The ship is expected to arrive in the Bering Strait on Aug 25.There are three main shipping passages across the Arctic region — the North East Passage, the North West Passage and the Central Route. As the ice melts, the North East Passage opens from the end of July for four months or more, while the Central Route opens from the end of August for one month or more.With a distance of 2,936 nautical miles (5,437 kilometers), the Northeast Passage is known as the most economical route in this region. Ships from China will sail west across the Bering Strait, through a number of waters including the East Siberian Sea and Vilkitsky Strait before having the option to dock at various European ports."Once the new passage is opened, it will change the market pattern of the global shipping industry because it will shorten the maritime distance significantly among the Chinese, European and North American markets," said Qi Shaobin, a professor at Dalian Maritime University.Qi said because China remains the world's largest exporter, many of its major ports such as Dandong, Yingkou, Qinhuangdao and Tianjin will benefit from the new routes, especially those in the northeast of the country. Currently, 90 percent of China's trade is carried out by sea. China's trade will grow to $7.6 trillion by 2020, the Polar Research Institute of China forecasts. Han Yichao, an industrial analyst with Changjiang Securities Co, said if 10 percent of China's trade was shipped through the Arctic routes by then, that could be worth $683 billion. Cosco Shipping said that the opening of the Northeast Passage has significant commercial potential, in particular under current global economic conditions.The new passage could cut shipping times between Asian and European ports by about one-third. More importantly, the new route will offer favorable opportunities to all Cosco Group's shipping business during the currently sluggish period because it will cut operating costs, fuel consumption and carbon emissions, the company said. Because of the imbalance between demand and supply in shipping market, Cosco Group has experienced large net losses over the past two years. (China Daily)

Baltic Dry Index Drops Below 1,000

Yesterday, Aug 12, 2013, the Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell as capesize and panamax rates dropped. * The overall index, which gauges the cost of shipping commodities such as iron ore, cement, grain, coal and fertilisers, fell 5 points, or 0.5 percent, to 996 points, its lowest since June 19. * The capesize index dropped 8 points, or 0.44 percent, to 1,805 points. * Average daily earnings for capesizes, which typically transport 150,000 tonne cargoes such as iron ore and coal, dropped $70 to $10,550. * The Baltic’s panamax index fell 8 points, or 0.84 percent, to 940 points. * Average daily earnings for panamaxes, which usually carry coal or grain cargoes between 60,000 and 70,000 tonnes, were down $60 to $7,481. (Reuters)

China set to become largest net oil importer

China's net oil imports are very likely to exceed those of the US by October this year on a monthly basis and by 2014 on an annual basis, making China the largest net oil importer in the world, the US Energy Information Administration (EIA) said in a forecast released on Friday. The switch comes as the US continues to boost domestic energy supply while China's energy demand remains robust. The EIA said that net liquid fuel

imports in the US are expected to drop to 6.23 million barrels per day in October and that of China to top 6.45 million barrels per day. But Zhou Dadi, vice-chairperson of the China Energy Research Society, believes that though the net oil imports of the two countries are very close at present, it is not certain that China will top the US in oil imports in October.Energy demand in the US may not show the expected drop in October as heating demand may climb with winter comes, Zhou noted. China's demand of imported oil has been consistently on the rise, with crude oil imports rising 1.4 percent to 164 million tons in the first seven months and gasoline imports increasing 6.6 percent to 24.85 million tons, data from the General Administration of Customs (GAC) showed Thursday.During the same period, 1.04 million tons of crude oil and 16.73 million tons of gasoline products were exported, said the GAC, which means that China had nearly 6 million barrels of net liquid fuel imports per day in the first seven months of the year.China now imports around 60 percent of its oil consumption, but the US reliance on foreign oil is declining - less than 50 percent at present according to media reports, as its domestic production of shale oil, tight oil and other alternative energy such as shale gas is increasing."It is only a matter of time for China to surpass the US in net oil imports. The most important thing is to find solutions because as the largest oil importer China will be very vulnerable to oil price changes," said Lin Boqiang, director of the China Center for Energy Economics Research at Xiamen University.The US has played an important role in stabilizing global oil prices and also maintaining order in major oil producing countries. However, the US will be less motivated to do so with less reliance on imported oil, experts said.Lin noted that at present China is still not capable of playing such a major role and the only thing it can do now is to save energy as well as diversify oil sources to guarantee energy security. Around 60 percent of China's oil imports are from Middle East oil producers at present, and Lin said that Russia would be a good option as an oil source for China, as both the domestic situation in Russia and transportation of Russian oil carry lower risks.Domestic energy production would not help much in reducing China's reliance on oil imports, as our efforts to boost natural gas supply and explore other substitutes such as shale gas have not yielded any major breakthroughs, Lin noted.( Global Times)

Nigerian businesses urge parliament to pass key oil reform bill

Nigerian businesses on Monday called on the country's parliament to urgently pass a landmark energy bill, saying the legislation holds the key to solving corruption and other forms of fiscal problems in Africa's biggest oil producer.The Petroleum Industry Bill (PIB), designed to radically overhaul Nigeria's oil and gas industry, from fiscal terms to restructuring state oil firm NNPC, has been stuck in parliament for more than five years because of disputes between the government and foreign oil firms. "Enacting a competitive, inward looking Petroleum Sector Act, the PIB by the Federal Government of Nigeria is germane to curbing corruption and other forms of fiscal leakages in the oil and gas industry," the Lagos Chamber of Commerce and Industry, an umbrella group for Nigerian businesses, said in a statement."While we note that the passage and implementation of the PIB will not entirely eliminate the problem, it would expand investment, curbing corruption and other forms of fiscal leakages, further stabilizing the economy."The chamber expressed concerns over the dwindling fortunes of Nigeria's oil sector due to "structural gaps in its regulatory, fiscal and business practices which have supported high [levels of] inefficiencies."The chamber, one of Nigeria's most influential economic pressure groups, has membership drawn from all sectors of the economy, including foreign oil companies operating in Nigeria, such as Shell and ExxonMobil.Lawmakers held a public debate on the PIB in July, which threw up sharp disagreements among legislators in two key areas, namely a special fund for communities hosting oil fields and facilities, and extra powers granted to the oil minister. Oil executives have said the continued delay in the passage of the bill has brought uncertainty to businesses and has held up billions of dollars of investments in exploration and production. Meanwhile, UK-based country risk monitor Business Monitor International has projected that the PIB could be passed by the first quarter 2014."Adoption of the Petroleum Industry Bill, which we expect around Q4 13-Q1 14, would be a strong signal for investors that Nigeria's hydrocarbon sector is ready to move forward," BMI said in its latest report on the Nigerian oil industry. (Platts)

Shipping , Commodities & Financial News

2

Traditional slowdown in the foreground, at last…

S&P activity seems to be finally slowing down as we would expect, being in the middle of August and with the vast majority

of shipowners enjoying their summer vacations. In the dry sector, we are reporting the well anticipated sale of 2 supramax

bulkers built 2003 and 2004, namely the “Spring Progress” and the “Darya Shakti” respectively. Other than that, of great

interest pricewise is the reported sale of the 1994 built handymax “Azuma Phoenix”, which was sold for excess $6 mill. to

South Korean buyers, as well as the one of the 1994 built small handysize “Oriente Prime” for the higher price than we

would expect of $4.4 mill. On the other hand, the reported number of $7.8 mill. that Turkish buyers have paid for the 1998

built 29k dwt handy “Southern Fighter” could be described as a “bargain price”. In the panamax sector, what is worth

mentioning is the 1998 built “C.S. Queen” fetching the extremely firm price of $9.5 mill. On the wet front, we are reporting

the en bloc sale to U.S. based buyers of 2X2007 built MR tankers, as well as the one of the stainless steel “Bow Plata” for

$20 mill. to European buyers.

Shiptrades’ enquiry index has stabilized at low levels, after last week’s heavy decrease of about 25%. In the dry sector,

enquiries for handysize vessels are virtually unchanged, while those for Handymaxes and Supramaxes have increased for

abt 27%. Panamax enquiries have more than doubled compared to last week, while those for capesize bulkers are still at

single-digit levels. Buying interest for tankers seems to have increased this week in total by about one fifth. MRs are still

attracting interest, with relevant enquiries at similar levels to the ones of last week, however interest for aframaxes faced a

serious slowdown, bring a considerable reduction in the enquiry index of about 50%. Index for panamaxes is very close to

reaching zero levels, while interest for suezmaxes remained unchanged. The VLCC enquiry index doubled this week,

however still remains at very low levels, reflecting the very poor freight market.

NEWBUILDINGS

In the newbuilding market we have seen 7 vessels to have been contracted.

5 Bulk Carriers (VLOC, Ultramax)

2 Tankers (MR)

DEMOLITION

For yet another week negativity remains in the demolition market, with prices still struggling in the sub-continent and

fundamentals extremely volatile. The Rupee in both India and Pakistan depreciated to record lows against the U.S. Dollar

this week, despite governmental efforts to intervene. Steel prices also suffered reversals in all Indian sub-continent

locations, with the Eid holiday period constituting what could be described as a helping hand to the overall difficult

situation. However, healthy price levels offered in both China and Turkey add further options to owners willing to consider

selling for demolition and at the same time increase the market share of demolition yards in those areas, as far as

purchased tonnage is concerned.

Sale & Purchase

3

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

Bulk Carriers

Week 32 Week 31 Change %

Capesize 30 30 0.00

Panamax 20.5 20.5 0.00

Supramax 19 19 0.00

Handysize 15 15 0.00

Tankers

VLCC 52 52 0.00

Suezmax 39 39 0.00

Aframax 27 27 0.00

Panamax 25 25 0.00

MR 23 23 0.00

Weekly Purchase Enquiries

SHIPTRADE P/E WEEKLY INDEX

0

50

100

150

200

250

300

350

400

2-8

/5/2

01

29-1

5/5

/20

12

16-2

2/5

/2012

23-2

9/5

/2012

30/5

-5/6

/2012

6-1

2/6

/20

12

13-1

9/6

/2012

20-2

6/6

/2012

27/6

-3/7

/2012

4/7

-10/7

/2012

11/7

-17/7

/2012

18-2

4/7

/2012

25-3

1/7

/2012

1-7

/8/2

01

28-1

4/8

/20

12

15-2

1/8

/2012

22-2

8/8

/2012

29/8

-4/9

/2012

5-1

1/9

/20

12

12-1

9/9

/2012

19-2

5/9

/2012

26/9

-2/1

0/2

012

3-9

/10/2

012

10-1

6/1

0/1

217-2

3/1

0/1

224-3

0/1

0/1

231/1

0-6

/11/1

27-1

3/1

1/1

214-2

0/1

1/1

221-2

7/1

1/1

228/1

1-4

/12/1

25-1

1/1

2/1

212-1

8/1

2/1

2

19/1

2/1

2-8

/1/1

39-1

5/1

/13

16-2

2/1

/13

23-2

9/1

/13

30/1

-5/2

/13

6-1

2/2

/13

13-1

9/2

/13

20-2

6/2

/13

27/2

-5/3

/13

6-1

2/3

/13

13-1

9/3

/13

20-2

6/3

/13

27/3

-2/4

/13

3-9

/4/1

310-1

6/4

/13

17-2

3/4

/13

24-3

0/4

/13

1-7

/5/2

01

38-1

4/5

/20

13

15-2

1/5

/13

22-2

8/5

/13

29/5

-4/6

/13

5-1

1/6

/13

12-1

8/6

/13

19-2

5/6

/2013

26/6

-2/7

/2013

3-9

/7/2

01

310-1

6/7

/2013

17-2

3/7

/2013

24-3

0/7

/2013

31/7

-6/8

/13

7-1

3/8

/20

13

Korea China Spore KCS

Greece Other SUM

Sale & Purchase

4

Reported Second-hand Sales

Bulk Carriers Name Dwt DoB Yard SS Engine Gear Price Buyer

Danann Island 75.637 2006 Sanoyas, Jpn 05/2016 B&W - $18.500.000 Greek

C. S. Queen 72.465 1998 Sasebo, Jpn 06/2018 B&W - $9.500.000 Undisclosed

Darya Shakti 56.060 2004 Mitsui, Jpn 09/2014 B&W 4 X 30 T $18.000.000 Undisclosed

Spring Progress 50.344 2003 Kawasaki, Jpn 01/2018 B&W 4 X 30 T $15.000.000 Undisclosed

Azuma Phoenix 43.596 1994 Tsuneishi, Jpn 04/2014 B&W 4 X 30 T $6.200.000 S. Korean

Southern Fighter 29.478 1998 Shin Kurushima,

Jpn 09/2013 Mit. 4 X 30 T $7.800.000 Turkish

Oriente Prime 21.955 1994 Saiki, Jpn 07/2014 Mit. 4 X 30 T $4.400.000 Chinese

Tankers

Name Dwt DoB Yard SS Engine Hull Price Buyer

Challenge Paradise 45.980 2007 Shin Kurushima,

Jpn - Mit. DH

$20.000.000 (each en bloc)

US based

Challenge Pioneer 45.975 2007 Shin Kurushima,

Jpn - B&W DH

Bow Plata 19.807 2006 Kitanihon - Mit. DH $20.000.000 European based

Sale & Purchase

5

Newbuilding Orders

No Type Dwt / Unit Yard Delivery Owner Price 2 BC 250.000 Chinese 2015/16 Hong Kong based 59

3 BC 64.000 GSI 2015 Shenzhen Haihong 26

2 Tanker 51.000 SPP 2015 Ardmore Shipping 34

(option declared)

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

Newbuilding Resale Prices

Bulk Carriers

Capesize 48 39

Panamax 32 29

Supramax 25 24

Handysize 20 19

Tankers

VLCC 88 78

Suezmax 56 53

Aframax 45 37

Panamax 40 36

MR 33 32

Newbuilding Resale Prices

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

Newbuildings

6

Demolition Sales

Vessel Type Built Dwt Ldt Buyer Country Price Seagull VLCC 1996 301.653 41.320 India 428

Heng Yu BC 1992 123.665 26.376 China 325 (as is Zhousan under tow)

Vasos BC 1990 152.065 18.900 Bangladesh 407

Getwin BC 1982 65.862 11.278 Bangladesh 412

Kiran Atlantic BC 1985 38.237 8.737 Bangladesh 395

Win Grace GC 1984 16.757 5.712 Bangladesh 403

Yuan Da GC 1984 22.323 5.671 India 385

H. Hasan Turan Container 1983 14.180 4.908 India 402

Demolition Prices ($ / Ldt)

Bangladesh China India Pakistan

Dry 390 300 390 390

Wet 410 310 410 420

Demolition Prices

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

Demolitions

7

In Brief: Slight increase for Capes, stability for other sizes Capes: Cape market slowed down this week Downward trend for Capes this week with the BCI closing at 1813 notably declined by 137 points. Atlantic basin was slow with the round trips fixing at around USD 5,500/5,750 decreased significantly than last week whereas fronthaul ex Cont/Med were fixed at around USD 23,000/23,250 declined by around USD 1,250 compared to last week levels. Tubarao/Qingdao route yielded tce of about very high teens. Same negative sentiment at pacific basin with lack of cargoes and the Aussie round trips voyage closing at around USD 12,500 reported a decline of about USD 2,500. Dampier/Qingdao route were fixed at around USD 8.40 pmt. Period levels at around USD 11,000 for one year. Panamax: Rates decreased due to Ramadan, summer holiday period. The week began with a negative sentiment especially due to the Ramadan period which affected a lot the coal movement to Turkey from USA also the exports from Indonesia where the population are also Muslims. Consequently In the Atlantic Basin rates were driven down compared with previous week. Kmax vsls fixed for Cont/Baltic to Med rates around 10 thousand basis dop delivery. From USG rates to E Med reached low-mid teens levels bss delivery Aps USEC and sub 14 aps USG. Fronthaul rates from Continent closed at mid teems levels and from USG shade sub 20 k aps USG/USEC. The only booming market in the Atlantic was the B Sea market. Per rumours 91 built panamax got 8 k dop west coast India for trip via B Sea to China with app b cargo. In the Pacific Basin, the Indonesian market was quiet for reasons mentioned above and the activity in Far Eeast was limited to some Ferts ex N China to India which were fixed around 10 dollars bss discharge East Coast India and at 13 basis discharge West Coast India. Australian market attracted some balasters and some of them got decent tc rates especially the flexible ones. Trips via Aussie to PG /Yemen were fixed between 9-10 k bss delivery Vietnam/S China range. The Pac roundvoyage rates closed at USD 6,000 basis N China/Japan/Korea delivery. Supramax: No significant change overall BSI index at the beginning of the week was at 908 and at the end of the week closed at 911, increasing by 3 points. Trips from USG to E.Med have been fixed at USD around 17,500. Trips from USG to ECSA were fixed at about USD 15000. Regarding TransAtlantic we have seen fixtures at about USD 11,600 In the Pacific, backhaul voyage was done at around USD 4.000 for the first 65 days plus 8100 for the balance and the NOPAC at about USD 8,450. Trips fro AUS to PG have been fixed at USD around 8500 plus 150k USD bb. Short periods were fixed at around USD 9,250 per day basis Far East delivery and redelivery worldwide. Handysize: Black Sea firmed up Negative sentiment throughout the week with the BHSI ending the week at 521, 8 points less and the average of the 4 T/C routes decreasing by 134 points at USD 7617. In Atlantic, Black Sea/E.Med firmed up with fresh orders that drove the numbers upwards. Trips to PG/India were paying low/mid teens and also there was much demand for cement to W.Africa. The transatlantic round trip was done at levels of around USD 8,500 and ECSA remained with over supply of tonnage relatively to the few cargoes. Trips ex USG to Continent/Med were fixed at USD 13/14,000. Trips to USG and ECSA were stabilized at USD 5,250 basis Skaw/Passero delivery. The Pacific round voyage was done at about USD 6,5/7,000 levels while the NOPAC and Aussie round trips at USD 6,5/6,750. India was very poor in rates with owners getting USD 6/6,500 for China direction and also the backhaul trips could not make much sense. Nothing fancy on the period side remaining at levels around at USD 8,000 for 3/5 or 4/6 months.

Dry Bulk - Chartering

Dry Bulk - Chartering

Dry Bulk - Chartering

Dry Bulk - Chartering

8

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

Index Week 32 Week 31 Change (%)

BDI 1001 1065 -6,01

BCI 1813 1950 -7,03

BPI 948 1021 -7,15

BSI 911 908 0,33

BHSI 521 529 -1,51

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

Type Size Week 32 Week 31 Change (%)

Capesize 160 / 175,000 11000 12500 -12,00

Panamax 72 / 76,000 7900 8250 -4,24

Supramax 52 / 57,000 9200 9250 -0,54

Handysize 30 / 35,000 8000 8250 -3,03

Average Spot Rates

Type Size Route Week 32 Week 31 Change %

Capesize 160 / 175,000

Far East – ATL 450 750 -40,00

Cont/Med – Far East 23150 24500 -5,51

Far East RV 12600 14100 -10,64

TransAtlantic RV 6000 9300 -35,48

Panamax 72 / 76,000

Far East – ATL -200 -150 -

ATL / Far East 15000 15500 -3,23

Pacific RV 6000 7250 -17,24

TransAtlantic RV 9000 10500 -14,29

Supramax 52 / 57,000

Far East – ATL 4150 4250 -2,35

ATL / Far East 18600 18800 -1,06

Pacific RV 8200 8250 -0,61

TransAtlantic RV 11600 11850 -2,11

Handysize 30 / 35,000

Far East – ATL 4000 3750 6,67

ATL / Far East 12500 12500 0,00

Pacific RV 7000 6500 7,69

TransAtlantic RV 8500 8750 -2,86

Dry Bulk - Chartering

9

ANNUAL

JUNE 2013 – AUGUST 2013

Dry Bulk - Chartering

10

Dry Bulk - Chartering

Capesize Routes – Atlantic 2012 / 13

$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 55

C2 TUB/ ROT

C4RBAY /ROTC7 BOL/ ROT

C8 T/ARV

AVGALL TC

Capesize Routes – Pacific 2012 / 13

$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 55

C3 TUB /PRC

C5 WAUST /PRC

C9 CONT /FE

C10 FE R/V

Panamax Routes – Atlantic 2012 / 13

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 55

P1A T/A RV

P2ACONT/FE

11

Dry Bulk - Chartering

Panamax Routes – Pacific 2012 /13

$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 55

P3A FE R/V

P4 FE/CON

AVG ALL TC

Supramax Routes – Atlantic 2012 /13

0

5000

10000

15000

20000

25000

30000

35000

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

S1A CON / FE

S1B BSEA / FE

S4A USG /CONT

S4B CONT /USG

S5 WAFR / FE

Supramax Routes – Pacific 2012 / 13

$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

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

S2 FE R/V

S3 FE / CON

AVG ALL TC

12

VLCC: Rates on Middle East – Far East reduced once more last week and concluded at ws33, in the Atlantic route

rates also decreased and concluded at ws40, and the AG-USG route remained stable at ws23.

Suezmax: WAFR-USAC route gained 2.5 points and concluded at ws67.5. The B.SEA-MED also was increased by

another 2.5 points and concluded at ws62.5.

Aframax: The NSEA-UKC route remained stable ws80. The AG-East was reduced by 7.5 points and concluded at

ws85, the NSEA-UKC route remained as last at ws80. Also the MED-MED was at same levels of ws82.5.

Panamax: The CBS-USG route gained again this week 25 points and concluded at ws105.

Products: USG-Cont route remained stable at ws110. The CONT-TA route declined by 40 points and concluded at

ws120.

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

Index Week 32 Week 31 Change (%)

BCTI 576 618 -6,80

BDTI 632 618 2,27

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

Type Size Week 32 Week 31 Change (%)

VLCC 300.000 18.000 18.250 -1,37

Suezmax 150.000 15.750 15.750 0,00

Aframax 105.000 13.500 13.500 0,00

Panamax 70.000 14.000 14.000 0,00

MR 47.000 14.000 14.000 0,00

Tanker - Chartering

13

Crude Tanker Average Spot Rates

Type Size (Dwt) Route Week 32 WS

Week 31 WS

Change %

VLCC

280,000 AG – USG 23 23 0,00

260,000 W.AFR – USG 40 37.5 6,67

260,000 AG – East / Japan 33 34 -2,94

Suezmax

135,000 B.Sea – Med 62.5 60 4,17

130,000 WAF – USAC 67.5 65 3,85

Aframax

80,000 Med – Med 82.5 82.5 0,00

80,000 N. Sea – UKC 80 80 0,00

80,000 AG – East 85 92.5 -8,11

70,000 Caribs – USG 105 85 23,53

Product Tanker Average Spot Rates

Type Size (Dwt) Route Week 32 WS

Week 31 WS

Change %

Clean

75,000 AG – Japan 69.75 68 2,57

55,000 AG – Japan 87.5 82.2 6,45

38,000 Caribs – USAC 137.5 145 -5,17

37,000 Cont – TA 120 160 -25,00

Dirty

55,000 Cont – TA 110 110 0,00

50,000 Caribs – USAC 112.5 125 -10,00

Tanker - Chartering

14

VLCC Trading Routes 2012 / 13

0,00

10,00

20,00

30,00

40,00

50,00

60,00

70,00

80,00

1 3 5 7 9 1113 15 17 1921 23 25 2729 31 33 35 3739 41 43 4547 49 51 5355 57 59 6163 65

AG EAST JAPAN

AG - USG

WAFR - USG

Suezmax Trading Routes 2012 / 13

0,00

20,00

40,00

60,00

80,00

100,00

120,00

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65

B. SEA - MED

WAF - USAC

Aframax Trading Routes 2012 / 13

0,00

20,00

40,00

60,00

80,00

100,00

120,00

140,00

160,00

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65

MED - MED

N.SEA - UKC

AG - EAST

CARIBS USG

Tanker - Chartering

15

Clean Trading Routes – 2012 / 13

0,00

50,00

100,00

150,00

200,00

250,00

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65

AG - JAPAN (75,000)

AG - JAPAN (55,000)

CARIBS - USAC (37,000)

CONT - TA (37,000)

Dirty Trading Routes – 2012 / 13

0

20

40

60

80

100

120

140

160

180

200

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65

CONT - TA (50,000)

CARIBS - USAC(50,000)

Tanker - Chartering

16

Shipping Stocks

Commodities

Commodity Week 32 Week 31 Change (%) Brent Crude (BZ) 109,34 108,01 1,23

Natural Gas (NG) 3,32 3,32 0,00

Gold (GC) 1327 1283 3,43

Copper 330,40 318,10 3,87

Wheat (W) 305,06 307,45 -0,78

Dry Bulk

Company Stock Exchange Week 32 Week 31 Change % Baltic Trading Ltd (BALT) NYSE 3,92 3,80 3,16

Diana Shipping Inc (DSX) NASDAQ 10,59 9,97 6,22

Dryships Inc (DRYS) NASDAQ 2,04 2,03 0,49

Euroseas Ltd (ESEA) NASDAQ 1,03 1,05 -1,90

Excel Maritime Carriers (EXM) NYSE 0,05 0,05 0,00

Eagle Bulk Shipping Inc (EGLE) NASDAQ 3,46 4,07 -14,99

Freeseas Inc (FREESE) NASDAQ 0,18 0,22 -18,18

Genco Shipping (GNK) NYSE 1,83 2,22 -17,57

Navios Maritime (NM) NYSE 5,74 5,63 1,95

Navios Maritime PTN (NMM) NYSE 14,73 15,13 -2,64

Paragon Shipping Inc (PRGN) NASDAQ 4,05 4,05 0,00

Star Bulk Carriers Corp (SBLK) NASDAQ 6,21 6,27 -0,96

Seanergy Maritime Holdings Corp (SHIP) NASDAQ 1,48 1,49 -0,67

Safe Bulkers Inc (SB) NYSE 5,00 4,85 3,09

Golden Ocean (GOGL) Oslo Bors (NOK) 7,05 6,58 7,14

Tankers Capital Product Partners LP (CPLP) NASDAQ 9,00 9,60 -6,25

TOP Ships Inc (TOPS) NASDAQ 2,07 2,04 1,47

Tsakos Energy Navigation (TNP) NYSE 4,96 5,09 -2,55

Other

Aegean Maritime Petrol (ANW) NYSE 9,58 9,69 -1,14

Danaos Corporation (DAC) NYSE 4,75 4,81 -1,25

StealthGas Inc (GASS) NASDAQ 9,93 10,15 -2,17

Rio Tinto (RIO) NYSE 49,81 46,20 7,81

Vale (VALE) NYSE 15,51 13,75 12,80

ADM Archer Daniels Midland (ADM) NYSE 38,38 37,57 2,16

BHP Billiton (BHP) NYSE 67,68 63,48 6,62

Financial Market Data

17

Currencies

Week 32 Week 31 Change (%) EUR / USD 1,33 1,32 0,76

USD / JPY 96,22 98,96 -2,77

USD / KRW 1111 1124 -1,16

USD / NOK 5,85 5,93 -1,35

Bunker Prices

IFO 380 IFO 180 MGO Piraeus 618 650 932

Fujairah 600 653 995

Singapore 598 610 920

Rotterdam 595 622 900

Houston 590 650 995

Port Congestion*

Port No of Vessels

China Rizhao 19

Lianyungang 42

Qingdao 133

Zhanjiang 30

Yantai 66

India

Chennai 18

Haldia 19

New Mangalore 13

Kakinada 16

Krishnapatnam 16

Mormugao 18

Kandla 23

Mundra 19

Paradip 16

Vizag 57

South America

River Plate 369

Paranagua 92

Praia Mole 18

* 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 32 of year

2013.

Financial Market Data / Bunker Prices / Port Congestion