WEEKLY SHIPPING

MARKET REPORT WEEK 16

- 18th to 21st 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: Vana Efkleidou, 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

BHP sees iron ore output surge as coking coal falls

BHP Billiton has reported record iron ore production in the first

nine months of its financial year, in contrast to metallurgical coal

volumes that have been weakened by continued wet weather in

eastern Australia. Between June 2010 and March 2011, the

mining giant produced 98.9m tonnes of iron ore, up from 93.8m

tonnes in the same period of the 2009/2010 year, at its West

Australian and Brazilian operations.By comparison, only 24.8m

tonnes of metallurgical coal, also known as coking coal that is

used in steel production, was mined in the nine months ending

March 31, down 7% on volumes in the same period of the

previous year.Its metallurgical coal mines had been “significantly

affected by persistent wet weather for a large part of the 2011

financial year that continues to delay recovery efforts,

particularly for the large open cut operations”, BHP said

today.“Force majeure remains in place for the majority of our

Bowen Basin products, with production, sales and unit costs likely

to be impacted, to some extent, for the remainder of the 2011

calendar year.” In contrast, the company’s energy coal

production, also known as steam coal and used for power

generation, topped 51.1m tonnes in the nine-month period, from

49.9m tonnes reported between July 2009 and March 2010. BHP

said these figures reflected “the successful ramp-up of the

MAC20 project and use of our recently-commissioned Newcastle

Coal Infrastructure Group port capacity”. Increasing iron ore

volumes will come as good news for capesizes operating in the

Pacific trading region that are suffering from a lack of cargoes

and too much available tonnage. However, the lack of coal

exports is likely to continue to hamper a recovery in the panamax

bulk carrier sector. (Lloyd’s List)

Tanker owners will eventually see the light at the end of the

tunnel

Although at the moment, most tanker trades are suffering from

tumbling demand, oversupply of vessels and ever so increasing

bunker costs, there are some silver linings which will provide

shelter to ship owners and help them weather the adverse

current market conditions. According to Gibson, the next few

years are expected to be quite difficult for most ship owners. But,

there are some positive trends as well, which can help provide

some optimism to the market. “The first and probably most

important positive development is the continuing growth in

global oil demand. According to the recent forecast from IEA, in

2011 the world economy will require 89.4 million barrels of oil

per day, up by 1.4 million b/d from 2010. This builds

on last year’s very strong growth and is a rapid turnaround from

2008, when oil demand fell by 1.1 million b/d. Such a rebound

reflects the growing optimism in the developing economies, with

Asian heavyweights like China and India being at the forefront.

Such a robust growth in demand will be a strong supporting

factor for the tanker industry until the market fundamentals are

balanced again. This balance could be achieved faster, due to a

changing attitude towards fleet investment among shipowners. If

the cautious approach to ordering continues throughout the

year, then freight rates for tankers might be under less pressure

after the anticipated harsh period of 2011-2013, when over 700

newbuildings of close to 100 million dwt are scheduled to hit the

water. Finally, the geo-political situation in the world seems to be

working in favour of tanker owners. The unrest in Libya aided

Suezmax and Aframax owners to maintain higher rates in late

February and the first half of March. The on-going situation in

Libya and the rebuilding in Japan may give a second wind to both

product and crude tanker markets, though due to different

reasons, and at different points of time. In addition, the closure

of refineries in Europe could boost clean products imports to the

region, with more long-haul shipments from the Middle East and

the US as well as helping intra-regional trade. (Hellenic Shipping

News Worldwide)

‘Weaker’ owners will suffer in two-tier lending market

Weaker shipowners are likely to face even tougher times ahead

in their negotiations with banks. In contrast, says Norden senior

vice-president Martin Badsted, banks have more “wriggle room”

to offer decent rates to their stronger clients. He says a two-tier

market is developing. Owners with significant leverage face

future interest-rate increases when they refinance, which in itself

remains difficult. The banks are in a stronger negotiating position

after winning “breathing room” from their various exposures to

areas such as industry and retail, as well as shipping. Badsted was

responding to a question on whether the credit squeeze is easing

and how it may affect Norden’s plans to grow its owned fleet.

This includes increasing its number of owned tankers from 15 to

more than 25 by the end of 2013. Badsted says overall there is an

oversupply of products tankers globally because of newbuilding

deliveries but in Norden’s smaller products-tanker segments —

handysize and medium range (MR) — “we think the orderbook

looks very moderate”. The market is expected to improve,

although “it is not something we think will aggressively explode

in the near future”. Badsted points to drivers being the continued

dislocation between where refined products are produced and

consumed, as well as the ability of refineries to produce

according to specification differences. (Tradewinds)

Moller cuts back green recycling

AP Moller-Maersk Group is bringing down the shutters on its

green recycling of ships for third-party owners. A Maersk Ship

Management memo sent to customers, business partners and

internally says the move is in line with the policy of focussing

instead on core shipping activities and improving

competitiveness. It comes as a surprise, given that the Rotterdam

and China-based Maersk Ship Recycling division is understood to

be profitable and has raised AP Moller-Maersk’s image in terms

of sustainable shipping. The group is against the beaching of

ships and has so far handled the recycling of close to 60 vessels,

mainly for third-party owners, by turning to China, where vessels

are scrapped alongside quaysides that allow the use of heavylift

gear. Sources speculate that the company may seek to use its

knowledge and contacts to launch a new company that might

also serve AP Moller-Maersk’s future scrapping needs. The

decision to withdraw from third-party contracts is a setback given

the planned introduction of mandatory rules under the (IMO)’s

Hong Kong Convention for the safe and environmentally sound

recycling of ships. A decision has still to be taken by AP Moller

whether to continue with its in-house China project or to

outsource this to service providers. It is understood that it will

honour existing contracts, both vessels already being worked on

and those still to be delivered. This is expected to take up to the

end of the year. Strict confidentiality agreements with owners

has in the past meant that the identity of vessels has rarely been

revealed. (Tradewinds)

Shipping , Commodities & Financial News

1

Capesize: Capesize bulkers experienced further losses this week since the Easter holidays slowed the market down. Charterers appeared to be

stepping back until the holiday’s end, leading to even lower levels of activity and hence softer rates than those recorded last week. The

Atlantic basin was worst off with owners forced to push their ideas down as tonnage supply kept increasing. The Pacific market saw some

activity by Iron Ore majors. However as we approached closer to the Easter holidays, the market quieted down, the sentiment dropped and

rates came off slightly. At the same time, while newbuilding deliveries continue, the market remains under significant pressure with tonnage

pilling up once again.

Panamax: In the Atlantic Basin the Panamax market did not manage to avoid the downward pressure as, despite some fresh cargoes entering

the market early in the week, these got quickly absorbed by the abundance of available vessels in the region. The Pacific Panamax also

marked a declining direction this week as the drop in cargo demand continues. In particular, China’s significant drops in coal imports these

past three months, since the last quarter of 2010, have hit rates in Asian routes.

Supramax: The Supramax market in the Atlantic, saw a rush of activity during the week leading up to Easter. Owners were keen to get their

vessels fixed, however with a relatively balanced supply to demand relation, rates managed to stay more or less stable. The Pacific started off

with downward sentiment but as the week progressed we saw a small turn in direction with activity picking up. Coal fixtures out of Indonesia

were certainly a major cause of the turn in activity. Rates however did not manage to gain any ground this week.

Handysize: The Handysize market saw an upward move this past week. Smaller sizes saw an increase in demand in both basins, although rates

increased marginally. It was reported that average rates have almost doubled for certain routes this week in comparison to rates for Capesize

vessels. In addition, the number of newbuliding deliveries for Handysize vessels is substantially smaller than this of larger sizes and

consequently the pressure brought upon by oversupply is far less here.

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

Index Week 16 Week 15 Change (%)

BDI 1254 1296 -3,24

BCI 1540 1564 -1,53

BPI 1377 1514 -9,05

BSI 1401 1414 -0,92

BHSI 802 796 0,75

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

Type Size Week 16 Week 15 Change (%)

Capesize 160 / 175,000 14500 15000 -3,33

Panamax 72 / 76,000 15000 15000 -

Supramax 52 / 57,000 15500 14500 6,90

Handysize 30 / 35,000 13000 13000 -

Average Spot Rates

Type Size Route Week 16 Week 15 Change %

Far East – ATL 850 1000 -15

Cont/Med – Far East 19000 19500 -2,56

Pacific RV 6700 7000 -4,29 Capesize 160 / 175,000

TransAtlantic RV 5000 5500 -9,09

Far East – ATL 4500 5000 -10

ATL / Far East 21500 22000 -2,27

Pacific RV 9800 10500 -6,67 Panamax 72 / 76,000

TransAtlantic RV 11000 12000 -8,33

Far East – ATL 9300 9500 -2,11

ATL / Far East 20800 21000 -0,95

Pacific RV 14400 14500 -0,69 Supramax 52 / 57,000

TransAtlantic RV 13400 13500 -0,74

Far East – ATL 9800 10000 -2

ATL / Far East 17200 17000 1,18

Pacific RV 9500 9300 2,15 Handysize 30 / 35,000

TransAtlantic RV 13500 13000 3,85

Dry Bulk - Chartering

2

ANNUAL

FEBRUARY 2011 – APRIL 2011

Dry Bulk - Chartering

3

Dry Bulk - Chartering

$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

$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 W

AUST /

PRC

C9 CONT /

FE

C10 FE R/V

$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

Capesize Routes – Atlantic 2010 / 11

Capesize Routes – Pacific 2010 / 11

Panamax Routes – Atlantic 2010 / 11

4

Dry Bulk - Chartering

$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

$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

$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

Panamax Routes – Pacific 2010 /11

Supramax Routes – Atlantic 2010 /11

Supramax Routes – Pacific 2010 / 11

5

VLCC: Rates for the VLCC market the Middle East Gulf managed to soften again this week, despite the hopes that charterers will

be eager to get prompt coverage for their cargoes. The market In West Africa showed some promise this week as we saw an

increase in enquiries. However the number of ballasters from the East kept rates on previous week’s levels as they created an

ample vessel supply.

Suezmax: Suezmax tankers in West Africa saw a tighter tonnage list along with a number of active charterers pushing demand up.

However rates did not manage to come up and instead maintained their previous stability. The beginning of the week in the Black

Sea proved quite busy with a number of fixtures being concluded. Rates managed to reflect this despite a slight slow down as we

approached the Easter holidays.

Aframax: The sentiment in the Mediterranean and the North Sea continued to be mixed. The week started of strong and

continued strong until mid week. However as the week drove to a close rates came off slightly. Nonetheless some gains were

maintained. In the Arabian Gulf we saw very little change this week as activity was limited while rates did not fluctuate since last

week.

Products: The products market in the Arabian Gulf is seeing some activity. In the beginning of the week rates started off lower,

mid week they reached their highest levels and by the end they softened slightly. The market appears slow in terms of activity in

the Continent however fixtures are being concluded slightly higher of what was recorded last week.

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

Index Week 16 Week 15 Change (%)

BCTI 887 836 6,10

BDTI 839 837 0,24

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

Type Size Week 16 Week 15 Chang (%)

VLCC 300.000 28500 28500 -

Suezmax 150.000 21000 21000 -

Aframax 105.000 16000 16000 -

Panamax 70.000 15500 15500 -

MR 47.000 13500 13500 -

Tanker - Chartering

6

Crude Tanker Average Spot Rates

Type Size (Dwt) Route Week 16

WS

Week 15

WS Change %

280,000 AG – USG 35 40 -12,5

260,000 W.AFR – USG 55 55 - VLCC

260,000 AG – East / Japan 50 53,5 -6,54

135,000 B.Sea – Med 102,5 80 28,13

Suezmax

130,000 WAF – USAC 80 80 -

80,000 Med – Med 95 85 11,76

80,000 N. Sea – UKC 100 80 25

80,000 AG – East 130 130 -

Aframax

70,000 Caribs – USG 125 125 -

Product Tanker Average Spot Rates

Type Size (Dwt) Route Week 16

WS

Week 15

WS Change %

75,000 AG – Japan 125 125 -

55,000 AG – Japan 140 135 3,7

37,000 Caribs – USAC 200 190 5,26

Clean

37,000 Cont – TA 220 190 15,79

50,000 Cont – TA 145 140 3,57

Dirty

50,000 Caribs – USAC 160 152,5 4,92

* Due to Easter holidays there was a limited availability of data.

Tanker - Chartering

7

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

AG -

USG

WAFR -

USG

AG

EAST

JAPAN

0

20

40

60

80

100

120

140

160

180

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

B. SEA

- MED

WAF -

USAC

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

MED - MED

N.SEA - UKC

AG - EAST

CARIBS USG

VLCC Trading Routes 2010 / 11

Suezmax Trading Routes 2010 / 11

Aframax Trading Routes 2010 / 11

Tanker - Chartering

8

0

50

100

150

200

250

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)

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

(50,000)

CARIBS - USAC

(50,000)

Clean Trading Routes – 2010 / 11

Dirty Trading Routes – 2010 / 11

Tanker - Chartering

9

Easter Holiday Spirit

During the previous week, as it was expected, we became witnesses of a very slow market because of the Easter holidays.

The Baltic Indices went even further down, more specifically the BDI was reduced by 30 units, the BCI by 12, the BPI by

113 and the BSI by 8, the only positive sign was the BHSI which showed an increase of 4 units.

The S&P activity has not been very exciting last week but the market is expecting news about the sale of the M/V

“PARADISE ISLAND “ (about 46,000 dwt built Oshima in 2001) for which offers where invited by the previous Wednesday

April 20th

and is expected to set a new price for modern handymaxes, as the last recorded sale of such a vessel was that

of M/V “GRAND GLORY” (about 48.000 dwt, built Sanoyas in 2001) which was reported sold for region USD 25 mill last

December. Furthermore the only reported sale from the previous week was that of the Aframax M/T “DIAMOND QUEEN”

(about 107.261 dwt built Koyo 1998) which was reported sold for USD 18.75 mill to Bakri Navigation of Saudi Arabia

The enquiries were showing a general decrease, which has been explained by a general reduction of about 50% in

numbers. Far eastern buyers, as always, are still the leaders although their volume wasdecreased significantly. Greeks

showed a vast depreciation of approximately 80%, followed by other buyers.

NEWBUILDINGS

12 orders were reported to have been contracted last week for Bulk Carriers ranging from Handysize up to Capesize.

DEMOLITION

In the demolition market there has been some activity from Bangladesh buyers who are trying to purchase many vessels

which they can beach until the next tide, together with the fact that Bangladeshi Environmental Lawyers Association

(BELA) preparing to go to the courts again. In India the story remains the same with some very competitive numbers

being paid; Pakistani buyers are taking a step back while they are satisfied with their recent acquisitions and would not

follow the aggressivity of the Indian buyers. Chinese have firmed their numbers waiting for their competitors to reach

their limits of their beaching capacity for the next tide while quite a few vessels are well positioned in order to be

acquired by Chinese buyers.

Sale & Purchase

10

SHIPTRADE P/E WEEKLY INDEX

0

50

100

150

200

250

300

350

28/9-4/10/2010

5-11/10/2010

12-18/10/2010

19-25/2010

26/10-1/11/2010

2-8/11/2010

9-15/11/2010

16-22/11/2010

23-29/11/2010

30-6/12/2010

7-13/12/2010

14-20/12/2010

21-27/12/2010

28/12-3/12011

4/1-10/1/2011

11/1-17/1/2011

18/1-24/1/2011

25-31/1/2011

1-7/2/2010

8-14/2/2011

15-21/2/2011

22-28/2/2011

01-07/3/2011

08-14/3/2011

15-21/03/2011

22-28/03/2011

29/03-4/4/2011

5/4/-11/4/2011

12-18/4/2011

19-25/4/2011

KOREA CHINA

SPORE GREECE

OTHER SUM

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

Bulk Carriers

Week 16 Week 15 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

Sale & Purchase

11

Reported Second-hand Sales

Tankers

Name Dwt DoB Yard SS Engine Hull Price Buyer

Diamond

Queen 107,261 1998 Koyo, JPN 6/2013 SUL DH 18,75

Bakri

Navigation

Sale & Purchase

12

$0,00

$20,00

$40,00

$60,00

$80,00

$100,00

$120,00

$140,00

$160,00

$180,00

Jan

uar

y-0

8

Ma

y-0

8

Sep

tem

ber

-

Jan

uar

y-0

9

Ma

y-0

9

Sep

tem

ber

-

Jan

uar

y-1

0

Ma

y-1

0

Sep

tem

ber

-

Jan

uar

y-1

1

CAPESIZE

PANAMAX

SUPRAMAX

HANDYSIZE

$0,00

$50,00

$100,00

$150,00

$200,00

$250,00

Jan

uar

y-0

8

Ma

y-0

8

Sep

tem

be

r-

Jan

uar

y-0

9

Ma

y-0

9

Sep

tem

be

r-

Jan

uar

y-1

0

Ma

y-1

0

Sep

tem

be

r-

Jan

uar

y-1

1

VLCC

SUEZMAX

AFRAMAX

LR 1

MR

Newbuilding Orders

No Type Dwt / Unit Yard Delivery Owner Price 2 Bulker 176,000 SWS 2012 Dryships 54,2

2 Bulker 47,500 Zhenghe UND Zhoushan Bishenglong Und

4 Bulker 36,000 Samjin 2013 UND UND

2 Bulker 35,000 SPP 2013 Roxana UND

2 Bulker 35,000 Cosco 2012 Sohtorik UND

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

Newbuilding Resale Prices

Bulk Carriers

Capesize 55 57

Panamax 36 41

Supramax 31 34,5

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

13

Demolition Prices - Dry Bulk

0

100

200

300

400

500

Nov 09

Dec 09

Jan 10

Feb 10

Mar 10

Apr 10

May 10

June 10

July 10

Aug 10

Sept 10

Oct 10

Nov 10

Dec 10

Jan 11

Feb 11

Mar 11

$ / Ldt

Bangladesh China India Pakistan

Demolition Prices - Tankers

0

100

200

300

400

500

600

Jan 10

Feb 10

Mar 10

Apr 10

May 10

June 10

July 10

Aug 10

Sep t 10

Oct 10

Nov 10

Dec 10

Jan 11

Feb 11

Mar 11

$ / Ldt

Bangladesh China India Pakistan

Demolition Sales

Vessel Type Built Dwt Ldt Buyer Country Price Nicolas M MV 1980 40,683 9,875 Bangladesh 517

Ducky Sapphire Ro/Ro 1977 15,532 6,377 Bangladesh 500

Setubal Castle MV 1978 29,121 8,218 India 498

Casper MT 1991 12,637 4,274 India 1220/ldt (incl 940 tons stainless)

Jack D MV 1986 98,358 23,848 Pakistan 510

Demolition Prices ($ / Ldt)

Bangladesh China India Pakistan

Dry 485 445 495 490

Wet 515 465 525 520

Demolitions

14

Shipping Stocks

Commodities

Commodity Week 16 Week 15 Change (%)

Brent Crude (BZ) 123,99 122,36 1,33

Natural Gas (NG) 4,412 4,204 4,95

Gold (GC) 1503,2 1485,3 1,21

Coal (CAPP) 78,47 75,57 3,84

Wheat (W) 799,4 744,2 7,42

Dry Bulk

Company Stock Exchange Week 16 Week 15 Change (%)

Baltic Trading Ltd (BALT) NYSE 8,10 8,16 -0,74

Crude Carriers Corp (CRU) NYSE 12,62 14,06 -10,24

Diana Shipping Inc (DSX) NASDAQ 11,18 11,25 -0,62

Dryships Inc (DRYS) NASDAQ 4,62 4,68 -1,28

Euroseas Ltd (ESEA) NASDAQ 4,26 4,29 -0,70

Excel Maritime Carriers (EXM) NYSE 3,90 4,19 -6,92

Eagle Bulk Shipping Inc (EGLE) NASDAQ 3,38 3,48 -2,87

Freeseas Inc (FREE) NASDAQ 2,60 2,54 2,36

Genco Shipping (GNK) NYSE 8,33 8,77 -5,02

Navios Maritime (NM) NYSE 5,16 5,23 -1,34

Navios Maritime PTN (NMM) NYSE 20,91 19,97 4,71

Paragon Shipping Inc (PRGN) NASDAQ 2,79 2,83 -1,41

Star Bulk Carriers Corp (SBLK) NASDAQ 2,31 2,31 -

Seanergy Maritime Holdings Corp (SHIP) NASDAQ 0,558 0,561 -0,53

Safe Bulkers Inc (SB) NYSE 8,16 8,12 0,49

Golden Ocean Oslo Bors (NOK) 6,450 6,475 -0,39

Tankers

Capital Product Partners LP (CPLP) NASDAQ 11,15 10,55 5,69

General Maritime (GMR) NYSE 2,12 2,16 -1,85

Omega Navigation Enterprises (ONAV) NASDAQ 0,785 0,718 9,33

TOP Ships Inc (TOPS) NASDAQ 0,709 0,641 10,61

Tsakos Energy Navigation (TNP) NYSE 10,31 10,49 -1,72

Other

Aegean Maritime Petrol (ANW) NYSE 8,82 8,99 -1,89

Danaos Corporation (DAC) NYSE 6,31 6,12 3,10

StealthGas Inc (GASS) NASDAQ 6,20 6 3,33

Rio Tinto (RTP) NYSE 72,83 68,58 6,20

Vale (VALE) NYSE 33,34 31,78 4,91

ADM Archer Daniels Midland (ADM) NYSE 35,65 34,46 3,45

BHP Billiton (BHP) NYSE 101,67 97,35 4,44

Financial Market Data

15

Currencies

Week 16 Week 15 Change (%)

EUR / USD 1,4561 1,443 0,91

USD / JPY 81,89 83,135 -1,50

USD / KRW 1081,15 1088,1 -0,64

USD / NOK 5,367 5,3723 -0,10

Bunker Prices

IFO 380 IFO 180 MGO

Piraeus 650 687 1030

Fujairah 680 705 1050

Singapore 670 681 1030

Rotterdam 648 672 1025

Houston 658 685 -

Port Congestion*

Port No of Vessels

China

Rizhao 103

Lianyungang 16

Zhanjiang 19

India

Chennai 16

Haldia 34

New Mangalore 11

Kakinada 21

Krishnapatnam 6

Mormugao 54

Kandla 33

Mundra 26

Paradip 32

Vizag 85

South America

River Plate 308

Paranagua 81

Praia Mole 20

Aratu 13

* 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 16 of year

2011.

Financial Market Data / Bunker Prices / Port Congestion