orderbook 07-july-2012-1348741002

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Volume 19, No.7 Rank Country No. m. cgt 1 China P.R. 2,091 37.1 2 South Korea 931 30.9 3 Japan 842 16.6 4 Brazil 137 2.5 5 Philippines 76 2.1 6 India 157 1.4 7 Germany 31 1.1 8 Taiwan 36 1.1 9 Vietnam 86 1.0 10 Norway 85 0.7 11 Italy 15 0.7 12 Turkey 72 0.7 13 United States 73 0.6 14 Netherlands 91 0.5 15 Russia 58 0.4 16 Romania 18 0.4 Other 343 2.8 GLOBAL TOTAL 5,142 100.5 Rank Country No. m. cgt 1 Samsung H.I. 141 6.8 2 Daewoo 121 5.9 3 Hyundai H.I. 102 4.5 4 STX Shipbuild. 121 3.5 5 Jiangsu Rongsheng 98 2.9 6 Hyundai Mipo 155 2.8 7 Hyundai Samho 64 2.8 8 Oshima S.B. Co. 114 2.1 9 Dalian Shipbuilding 48 1.6 10 STX Dalian 67 1.4 11 Shanghai Waigaoqiao 40 1.4 12 Jiangsu New YZJ 44 1.3 13 Hudong Zhonghua 38 1.3 14 Tsuneishi Zosen 62 1.2 15 Sungdong S.B. 48 1.2 Other 3879 59.5 GLOBAL TOTAL 5,142 100.5 Orderbook by Shipyard ShipYard Orderbook Monitor July-2012 Major European Shipyards Major Far Eastern Shipyards Orderbook by Builder Country Fifty years after the publication of our first hard copy register, Clarkson Research has made its fleet database available on-line. Clarkson Research's World Fleet Register covers over 90,000 vessels in service, on order, under conversion or recently removed from the global fleet. World Fleet Register A powerful, web-based vessel database system … a comprehensive view of the world fleet www.clarksons.net/wfr 16 8 17 12 4 14 21 23 5 18 3 11 10 1 2 20 7 6 9 13 15 19 22 24 25 26 SELECTED SHIPYARDS 1. Daewoo Mangalia, Rom. 2. Santierul Naval, Romania 3. Meyer Werft, Germany 4. Brod. Uljanik, Croatia 5. STX Europe, France 6. Brod. Trogir, Croatia 7. STX Finnyards, Finland 8. Schps. Bodewes, Neths. 9. Celiktekne, Turkey 10. Volgograd S.Y., Russia 11. IHC Dredgers, Neths. 12. Peters Kampen, Neths. 13. Marmara Tersaneri, Tur. 14. Ferus Smit, Neths. 15. Brod. 3 Maj, Croatia 16. Sedef Gemi End., Turkey 17. Brodosplit, Croatia 18. Rousse Shipyard, Bulg. 19. Flensburger S.B, Ger. 20. Besiktas Shipyard, Tur. 21. P+S Werften, Germany 22. Damen Syards, Neths. 23. UM Deniz Shipyard, Tur. 24. Bulyard, Varna, Bulgaria 25. Anadolu Shipyard, Tur. 26. Nevsky S.B., Russia 2 1 1 2 4 3 7 5 6 8 4 1 6 5 2 3 7 4 7 1 12 6 5 8 3 13 11 2 10 9 SELECTED SHIPYARDS Japan: 1. Mitsubishi HI, Nagasaki 2. Tsuneishi Zosen, Numakuma 3. I.H.I., Kure 4. Oshima SB, Oshima 5. Kawasaki HI, Sakaide 6. Universal SB, Ariake 7. Universal SB, Tsu 8. Imabari SB, Marugame 9. Mitsui SB, Chiba 10. Shin Kurushima,Onishi 11. Koyo Dock KK, Mihara 12. Namura Zosensho, Imari 13. Sanoyas, Mizushima South Korea: 1. Hyundai HI, Ulsan Hyundai Mipo, Ulsan 2. Samsung SB, Koje 3. Daewoo SB, Okpo 4. Hyundai, Samho 5. STX SB, Chinhae 6. Hanjin HI, Busan 7. Sungdong SB, Tongyeong SPP Shipbuilding, Tongyeong SELECTED SHIPYARDS China: 1. Hudong Zhonghua, Shanghai Waigaoqiao SY, Shanghai Shanghai SY, Shanghai Shanghai Jiangnan, Shai Jiangnan Changxing, Shai 2. DSIC, Dalian STX Dalian, Dalian 3. New Times SB, Jingjiang Jiangsu Eastern, Jingjiang Jiangsu New JZY, Jingjiang 4. Nantong COSCO, Nantong Jiangsu Rongsheng, Nantong 5. Jinhai Heavy Ind., Zhoushan Tsuneishi Zhoushan, Zshan 6. Guang.Longxue, Guangzhou 7. Beihai SY, Qingdao 8. Bohai SB, Huludao Taiwan: 1. CSBC, Kaohsiung 2. CSBC, Keelung Licensed to Mr. Pasapong Areerak of . Distribution is restricted; please remember to acknowledge the source. http://www.clarksons.net/wfr 14/09/2012 05:58:57 3961 Licensed to Mr. Pasapong Areerak of . Distribution is restricted; please remember to acknowledge the source. http://www.clarksons.net/wfr 14/09/2012 05:58:57 3961

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Volume 19, No.7

Rank Country No. m. cgt

1 China P.R. 2,091 37.1

2 South Korea 931 30.9

3 Japan 842 16.6

4 Brazil 137 2.5

5 Philippines 76 2.1

6 India 157 1.4

7 Germany 31 1.1

8 Taiwan 36 1.1

9 Vietnam 86 1.0

10 Norway 85 0.7

11 Italy 15 0.7

12 Turkey 72 0.7

13 United States 73 0.6

14 Netherlands 91 0.5

15 Russia 58 0.4

16 Romania 18 0.4

Other 343 2.8

GLOBAL TOTAL 5,142 100.5

Rank Country No. m. cgt

1 Samsung H.I. 141 6.8

2 Daewoo 121 5.9

3 Hyundai H.I. 102 4.5

4 STX Shipbuild. 121 3.5

5 Jiangsu Rongsheng 98 2.9

6 Hyundai Mipo 155 2.8

7 Hyundai Samho 64 2.8

8 Oshima S.B. Co. 114 2.1

9 Dalian Shipbuilding 48 1.6

10 STX Dalian 67 1.4

11 Shanghai Waigaoqiao 40 1.4

12 Jiangsu New YZJ 44 1.3

13 Hudong Zhonghua 38 1.3

14 Tsuneishi Zosen 62 1.2

15 Sungdong S.B. 48 1.2

Other 3879 59.5

GLOBAL TOTAL 5,142 100.5

Orderbook by Shipyard

ShipYard OrderbookMonitor

July-2012

Major European Shipyards

Major Far Eastern Shipyards

Orderbook by Builder Country

Fifty years after the publication of our first hard copy register, Clarkson Research has made its fleet database

available on-line.

Clarkson Research's World Fleet Register covers over 90,000 vessels in service, on order, under conversion or recently removed from the global fleet.

World Fleet RegisterA powerful, web-based vessel database system

… a comprehensive view of the world fleet

www.clarksons.net/wfr

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SELECTED SHIPYARDS 1. Daewoo Mangalia, Rom. 2. Santierul Naval, Romania 3. Meyer Werft, Germany 4. Brod. Uljanik, Croatia 5. STX Europe, France 6. Brod. Trogir, Croatia 7. STX Finnyards, Finland 8. Schps. Bodewes, Neths. 9. Celiktekne, Turkey 10. Volgograd S.Y., Russia 11. IHC Dredgers, Neths. 12. Peters Kampen, Neths. 13. Marmara Tersaneri, Tur.

14. Ferus Smit, Neths. 15. Brod. 3 Maj, Croatia 16. Sedef Gemi End., Turkey 17. Brodosplit, Croatia 18. Rousse Shipyard, Bulg. 19. Flensburger S.B, Ger. 20. Besiktas Shipyard, Tur. 21. P+S Werften, Germany 22. Damen S�yards, Neths. 23. UM Deniz Shipyard, Tur. 24. Bulyard, Varna, Bulgaria 25. Anadolu Shipyard, Tur. 26. Nevsky S.B., Russia

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SELECTED SHIPYARDS Japan: 1. Mitsubishi HI, Nagasaki 2. Tsuneishi Zosen, Numakuma 3. I.H.I., Kure 4. Oshima SB, Oshima 5. Kawasaki HI, Sakaide 6. Universal SB, Ariake 7. Universal SB, Tsu 8. Imabari SB, Marugame 9. Mitsui SB, Chiba 10. Shin Kurushima,Onishi 11. Koyo Dock KK, Mihara 12. Namura Zosensho, Imari 13. Sanoyas, Mizushima South Korea:

1. Hyundai HI, Ulsan Hyundai Mipo, Ulsan

2. Samsung SB, Koje 3. Daewoo SB, Okpo 4. Hyundai, Samho 5. STX SB, Chinhae 6. Hanjin HI, Busan 7. Sungdong SB, Tongyeong

SPP Shipbuilding, Tongyeong

SELECTED SHIPYARDS China:

1. Hudong Zhonghua, ShanghaiWaigaoqiao SY, Shanghai Shanghai SY, Shanghai Shanghai Jiangnan, S�hai Jiangnan Changxing, S�hai

2. DSIC, Dalian STX Dalian, Dalian 3. New Times SB, Jingjiang

Jiangsu Eastern, Jingjiang Jiangsu New JZY, Jingjiang

4. Nantong COSCO, Nantong Jiangsu Rongsheng, Nantong

5. Jinhai Heavy Ind., ZhoushanTsuneishi Zhoushan, Z�shan

6. Guang.Longxue, Guangzhou7. Beihai SY, Qingdao 8. Bohai SB, Huludao

Taiwan: 1. CSBC, Kaohsiung 2. CSBC, Keelung

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Shipyard - IndexArgentina 5

ARS

Australia 5

Austal Pty. Ltd.Incat Tasmania

Bangladesh 5

Ananda ShipyardHighspeed S.B.Western Marine

Brazil 5

Alianca ShipyardArpoadorAtlantico SulDetroit BrasilEisa ShipyardEst. Rio GrandeEstaleiro NavshipETP BrazilItajai ShipyardJurong AracruzMaua JurongOSX AcuPromarRio NaveSao Miguel ShipyardSingmarine BrasilSTX NiteroilUnknown Yard /BrazilWilsons Sons

Bulgaria 6

BulyardRousse Shipyard

Canada 6

Davie Ind.Irving S.B.Marystown S.Y.

Chile 6

ASENAVAsmar Chile

China P.R. 6

Afai SouthernASL GuangdongAVIC Dingheng SBAVIC Weihai SYBeihai ShipyardBohai Shipbld.CCCC Bomesc MarineChangqingsha SYChengxi Shipyd.China Dongfang SBChongqing ChuandongChongqing DongfengCIC (Jiangsu)CMHICOSCO DalianCOSCO GuangdongCOSCO NantongCOSCO ZhoushanCPLECDalian COSCO KHIDalian Lushun S.B.Dalian ShipbuildingDamen YichangDayang S.B.DSME ShandongFujian BaimaFujian DongmingFujian Funing S.B.Fujian GuanhaiFujian Huadong SYFujian MaweiFujian RuiliFujian SoutheastGezhouba S.B.Guangxin S.B.Guangzhou HangtongGuangzhou HuangpuGuangzhou LongxueGuangzhou S.Y. Int.Guangzhou WenchongHangzhou DongfengHantong ShipyardHuatai Hvy. Ind.Hubei JiangyanHudong ZhonghuaHuigang S/yardHuludao Bohai S.B.

Jiangdong ShipyardJiangmen NanyangJiangnan ChangxingJiangnan SY GroupJiangsu ChangboJiangsu EasternJiangsu GanghuaJiangsu HaishiliJiangsu HongmingJiangsu New YZJJiangsu RongshengJiangsu YangzijiangJiangsu ZhenjiangJiangxi HuadongJiangzhou S/YJinbin S.B.Jingjiang NanyangJinglu ShipyardJinhai Heavy Ind.Jinling ShipyardJiujiang XiangshengKaihang S.B. Ind. CoKouan S.B.Lianyungang HelitongLiaoning HongguanLiaoning MarineLinhai ChengzhouLujiashi ZhoushanMLC TongbaoNanjing ChenglangNanjing DongzeNanjing East StarNanjing ShenghuaNanjing TianshunNanjing WujiazuiNantong Cosco KHINantong JinghuaNantong MingdeNantong Nikka S.B.Nantong TongshunNantong YahuaNew Century S/YNew Hantong ShipyardNew Times S.B.Ningbo DongfangNingbo LantianNingbo Zhenhe SBPanyu Lingshan S.Y.PaxOcean ZhuhaiPenglai BohaiQidong DajiangQidong DaodaQidong Haowei SBQidong JishengQingdao HeshunQingdao HyundaiQingdao YangfanQingshan ShipyardRizhao KingdaRongcheng ShenfeiRuian JiangnanRushan ShipbuildingSainty SB (Yangzhou)Samsung NingboShandong BaibutingShandong HuahaiShandong HuanghaiShandong RongchengShanghai JiangnanShanghai S.Y.Shanghai WaigaoqiaoShanhaiguan S/YSouth China Shipyd.STX DalianTaizhou CaticTaizhou HongdaTaizhou Maple LeafTaizhou SanfuTaizhou WuzhouTianjin XingangTitan Quanzhou SYTsuji H.I.Tsuneishi ZhoushanUniverse S.B.Unknown YardWeihai DonghaiWeihai SamjinWeihai XinghaiWuchang S.B.Wuchang ShuangliuWuhan Nanhua HJWuhu ShipyardXiamen S.B.Xinhe Shipyard

Xinle S.B.Xintian ShipyardXixiakou S/yardYangzhou GuoyuYangzhou KejinYangzhou LongchuanYangzhou NakanishiYangzhou OceanusYantai CIMC RafflesYichang ShipyardYizheng Yangzi S.B.Yuexin S.B.Yuhuan County SBZhejiang ChanghongZhejiang Chen YeZhejiang Cheng LuZhejiang DonghongZhejiang FangyuanZhejiang HaichengZhejiang HongguanZhejiang HongxinZhejiang JingangZhejiang JiuzhouZhejiang Judger S.B.Zhejiang OuhuaZhejiang PeninsulaZhejiang S.B.Zhejiang Tai TongZhejiang YangfanZhejiang Zhenghe SBZhejiang ZhenxingZhenhua JiangyinZhenjiang SopoZhong Chuan H.I.Zhongou S.B.Zhongshan JinhuiZhoushan WisonZhoushan WuzhouZijinshan Shipyard

Croatia 21

Brod. 3 MajBrod. TrogirBrod. UljanikBrodosplitKraljevica

Denmark 21

Hvide Sande Skibs

Egypt 21

Alexandria S.Y.

Estonia 21

BLRT Tallinn

Finland 21

ArctechSTX Finnyards

France 22

STX FranceSTX France (Lorient)

Germany 22

Ferus SmitFlensburger S.BJ. J. SietasMeyer WerftNeptun WerftP+S WerftenP+S Werften GmbH

Hong Kong 22

Cheoy Lee S.Y.

India 22

ABG ShipyardBharati GoaBharati S.Y.Chowgule S.B.Cochin S.Y.Hindustan S.Y.Larsen & ToubroPipavav Shipyd.Ramsar ShipyardTebma Shipyards Ltd

Indonesia 23

Batamec S.Y.DDW NanindahJaya Asiatic Shipyd.MP ShipyardP.T. DumasPT Dok SurabayaPT Loh & Loh

PT PalSentek Batam

Iran 23

ISOICOSadra Shipyard

Italy 23

Cant. TrapaniFincantieriRodriquezRosetti MarinoVisentiniVittoria

Japan 24

Asakawa S.B.Fukuoka S.B.Hakodate DockHigaki ZosenHonda Zosen K.KI.H.I.Imabari S.B.I-S ShipyardIwagi ZosenKanasashi H.I.Kanda S.B. Co.Kawasaki H.I.Kawasaki S.B.Kegoya DockKeihin ShipyardKitanihon ZosenKoyo Dock K.K.Kurinoura DockKyokuyo S.Y.Minami NipponMitsubishi H.I.Mitsui SBMiura ZosenshoMurakami HideNaikai S.B.Namura ShipbuildingOnomichi DockydOshima S.B. Co.Saiki Hvy. Ind.SanoyasSasaki ZosenSasebo H.I.Shikoku Dock.Shimanami S.B.Shin Kasado DockShin Kochi H.I.Shin KurushimaShitanoe ZosenSumitomo H.I.Toyohashi S.B.Tsuneishi ZosenUniversal S.B.Unkn. JapaneseUsuki ZosenshoYamanishi Zosen

Lithuania 29

SC Western ShipyardWestern Baltija S.B.

Malaysia 29

Coastal ContractsGrade One MarineMSET S.B. Corp.Muhibbah MarineNam Cheong DockNGV TechSealink ShipyardSelat MelakaShin Yang ShipyardTuong Aik (Sarawak)Vitawani

Netherlands 30

BarkmeijerDamen ShipyardsDe Hoop LobithFerus SmitGroningen ShipyardIHC Beaver DredgersIHC DredgersIHC MerwedeIHDA Shipbuild.Keppel VerolmeKooiman ScheepswerfMaas ShipyardMaaskantNiestern SanderPeters Kampen

Scheeps. de HaasSchps. BodewesShipkitsShipyd. BijlsmaVosta LMG

Nigeria 31

West Atlantic SY

Norway 31

Bergen BMVBergen Group FosenFiskerstrandFitjar M.V.Fjellstrand A/SHavyard LeirvikHellesoy VerftIversen M.V.Kleven VerftMyklebust VerftSimek A/SSTX AukraSTX BrattvaagSTX BrevikSTX LangstenSTX OSVSTX SoeviknesUlstein Verft

Philippines 31

Austal Phils Ltd.HHIC-Phil. Inc.Keppel Cebu ShipyardTsuneishi Cebu

Poland 32

Partner StoczniaRemontowaStocznia Gdansk

Portugal 32

ENVC

Qatar 32

Ras Laffan

Romania 32

Daewoo-MangaliaDamen GalatiSantierul NavalSTX Braila

Russia 32

Amursky S.B.AstrakhanBaltic Shipyd.Krasnoy SormovoLotos ShipyardNevsky S.B.Okskaya ShipyardSevmash SMPThird Internat.Unknown YardVolgograd S.Y.Zelenodolsk

Singapore 33

ASL ShipyardDrydocks World Sing.Jaya S.B. & EngKeppel FELSOakwell ShipbuildingPacific RichfieldPenguin ShipyardSam AluminiumSembawang ShipyardST MarineStrategic Marine (S)

Slovakia 33

SLKB Komarno

South Korea 33

21c S.B. Co.Dae Sun S.B.Daehan S.B.DaewooHyundai H.I.Hyundai MipoHyundai SamhoNokbong S.B.Orient ShipyardSamho TongyoungSamsung H.I.Seko Hvy. Ind.Sekwang H.I.

Sekwang ShipbuildingShinan H.I.ShinaSB Yard Co.SPP ShipbuildingSTX Shipbuild.Sungdong S.B.

Spain 39

Armon (Vigo)Ast. De MuruetaAst. de SevillaAst. GondanAst. ZamakonaBalenciaga S.A.CNN - La NavalConst. FreireMarin S.A.MetalshipsVulcano S.A.

Sri Lanka 39

Colombo Dockyd.

Taiwan 39

Ching Fu S.B.CSBCJong Shyn S.B.

Thailand 40

Italthai MarineUnithai S.Y. & Eng.

Turkey 40

Admarin ShipyardAkdeniz GemiAnadolu ShipyardAykin Deniz.Besiktas ShipyardCelik TekneCicek ShipyardDearsan Shipyd.Denta ShipyardDesan DenizDuzgit YalovaEregli ShipyardGisan ShipyardIcdas ShipyardIstanbul ShipyardKaradeniz Shipyd.Kocatepe S/YMadenci ShipyardMarmara TersanesiSedef Gemi End.Selah ShipyardSelay ShipyardSoyaslanTuzla GemiUM Deniz ShipyardUstaoglu ShipyardYardimci Deniz

U.A.E. 41

AdyardDubai ShipbuildingGrandweldNico

Ukraine 41

Kherson ShipyardZaliv Shipyard

United Kingdom 41

Cammell LairdJ. R. Hepworth

United States 41

Aker PhiladelphiaBAE AlabamaBay S.B. CorpBender S.B.Breaux Bros.Candies ShipbuildersDakota Creek Ind.Eastern S.B.Eastern S.Y.Gulf CraftGulf IslandNorth AmericanThoma-Sea S.B.Todd SY CorpTrinity MarineVT Halter

Unknown 42

Unknown Yard

World Shipyard Monitor Database Page 3 1st July 2012

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Shipyard - IndexVietnam 42

76 ShipyardBach Dang S/YBen Kien S/YCa Mau S.B.Dung Quat ShipyardHa Long Shipyd.Hyundai VinashinLISEMCONam Trieu S.B.Pha Rung S/yardSaigon S.B.Saigon ShipyardSong ThuSTX Vung TauThanh Long S.B.Triyards Sofel

World Shipyard Monitor Database Page 4 1st July 2012

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Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

Argentina

Type Hull No. Dwt. *Other Units Owner Delivery

ArgentinaARS EnsenadaProducts 79 47,000 PDV Marina S.A. Jul 2012Products 80 47,000 PDV Marina S.A. Sep 2012Products 47,000 PDV Marina S.A. Nov 2012Products 47,000 PDV Marina S.A. Jan 2013

On Order:- 4 Vessel(s); 188,000 DWT.

AustraliaAustal Pty. Ltd. HendersonMSV 271 GT Unknown May 2012MSV 271 GT Unknown May 2012MSV 271 GT Unknown May 2012

On Order:- 3 Vessel(s); DWT.

Incat Tasmania HobartFast PCCat 067 1,450 10,841 GT Unknown 2012Fast PCCat 069 5,000 GT Los Cipreses S.A. Oct 2012

On Order:- 2 Vessel(s); 1,450 DWT.

BangladeshAnanda Shipyard SonargaonMPP 7,100 Hermann Lohmann Jan 2012MPP 226/34 6,100 Tom Worden Schiffs Jan 2012MPP 226/38 6,100 Tom Worden Schiffs Mar 2012MPP 7,100 Hermann Lohmann May 2012MPP 6,100 Komrowski Befracht. May 2012MPP 6,100 Komrowski Befracht. Jul 2012MPP 7,100 Hermann Lohmann Sep 2012MPP 7,100 Hermann Lohmann Jan 2013

On Order:- 8 Vessel(s); 52,800 DWT.

Highspeed S.B. ChittagongGCargo 2,500 Shun Shing 2012GCargo 2,500 Shun Shing 2012GCargo 2,500 Shun Shing 2012MPP 4,500 Hollander Scholtens Jul 2012MPP 4,500 Hollander Scholtens Sep 2012MPP 4,500 Hollander Scholtens Nov 2012MPP 4,500 Hollander Scholtens Jan 2013MPP 4,500 Hollander Scholtens Mar 2013MPP 4,500 Hollander Scholtens May 2013MPP 4,500 Hollander Scholtens Jul 2013MPP 4,500 Hollander Scholtens Sep 2013

On Order:- 11 Vessel(s); 43,500 DWT.

Western Marine ChittagongMPP 55 4,100 Stella Shipping P/S 2012MPP 56 4,100 Stella Shipping P/S 2012MPP 57 4,100 Stella Shipping P/S 2012Pass/Car F. 1,000 GT Hundested-Rørvig Feb 2012MPP 928/09 5,200 Grona Shipping Jun 2012MPP 928/11 5,200 Grona Shipping Jul 2012MPP 5,200 MK Shipping BV Sep 2012MPP 928/10 5,200 Grona Shipping Sep 2012MPP 5,200 MK Shipping BV Nov 2012Edible Oil 1,350 Nurjahan Group 2013Edible Oil 1,350 Nurjahan Group 2013Edible Oil 1,350 Nurjahan Group 2013Edible Oil 1,350 Nurjahan Group 2013GCargo 1,800 Nurjahan Group 2013GCargo 1,800 Nurjahan Group 2013GCargo 1,800 Nurjahan Group 2013GCargo 1,800 Nurjahan Group 2013MPP 5,200 MK Shipping BV Jan 2013MPP 928/12 5,200 Grona Shipping Jan 2013MPP 5,200 MK Shipping BV Mar 2013GCargo 1,800 Nurjahan Group 2014GCargo 1,800 Nurjahan Group 2014

On Order:- 22 Vessel(s); 70,100 DWT.

BrazilAlianca Shipyard NiteroiPSV AL-016 4,750 3,000 GT Brasileira Offshore Aug 2012PSV AL-017 4,750 3,000 GT Brasileira Offshore Dec 2012PSV AL-18 4,700 3,000 GT Brasileira Offshore Feb 2013PSV AL-19 4,700 3,000 GT Brasileira Offshore Jul 2013PSV 4,500 3,485 GT Sao Miguel Nav. Sep 2013PSV 4,500 3,485 GT Sao Miguel Nav. Sep 2013PSV 4,500 3,485 GT Sao Miguel Nav. Sep 2013PSV 4,500 3,485 GT Sao Miguel Nav. Sep 2013

On Order:- 8 Vessel(s); 36,900 DWT.

ArpoadorCrew/Fast Sup 1,000 606 GT BSCO Sep 2012

On Order:- 1 Vessel(s); 1,000 DWT.

Atlantico Sul SuapeTanker EAS-C-002 157,055 Transpetro Jul 2012Tanker EAS-C-003 157,055 Transpetro Aug 2012Tanker EAS-C-004 157,055 Transpetro Oct 2012Shuttle 150,000 Transpetro 2013Shuttle 150,000 Transpetro 2013Shuttle 150,000 Transpetro 2013Shuttle 107,000 Transpetro 2013Shuttle 107,000 Transpetro 2013Tanker EAS-C-005 157,055 Transpetro Jan 2013Tanker EAS-C-006 157,055 Transpetro Apr 2013Tanker EAS-C-007 157,055 Transpetro Jul 2013Tanker EAS-C-011 107,000 Transpetro Aug 2013Tanker EAS-C-008 157,055 Transpetro Oct 2013Tanker EAS-C-012 107,000 Transpetro Oct 2013Tanker EAS-C-013 107,000 Transpetro Dec 2013Shuttle 107,000 Transpetro 2014Shuttle 107,000 Transpetro 2014Tanker EAS-C-009 157,055 Transpetro Jan 2014Tanker EAS-C-014 107,000 Transpetro Feb 2014Tanker EAS-C-010 157,055 Transpetro Apr 2014Tanker EAS-C-015 107,000 Transpetro Apr 2014Drillship Sete Brasil Jan 2015Drillship Sete Brasil Jul 2015Drillship Sete Brasil Jan 2016Drillship Sete Brasil Jul 2016Drillship Sete Brasil Jan 2017Drillship Sete Brasil Jul 2017Drillship Sete Brasil Jan 2018

On Order:- 28 Vessel(s); 2,826,495 DWT.

Detroit Brasil BrasilPSV 4,500 4,400 GT Starnav Brasil Oct 2012PSV 4,500 4,400 GT Starnav Brasil Jan 2013PSV 4,500 4,400 GT Starnav Brasil Apr 2013PSV 4,500 4,400 GT Starnav Brasil Oct 2013

On Order:- 4 Vessel(s); 18,000 DWT.

Eisa Shipyard Rio De JaneiroProducts 496 70,000 PDV Marina S.A. 2012Products 497 70,000 PDV Marina S.A. 2012Products 498 70,000 PDV Marina S.A. 2012Container 506 37,800 2,700 TEU Log-In Logistica 2012Container 507 37,800 2,700 TEU Log-In Logistica 2012Products 494 47,000 PDV Marina S.A. Jul 2012Bulk 509 80,000 Log-In Logistica Jul 2012Tanker 511 75,000 Transpetro Aug 2012PSV 4,000 3,097 GT Astromaritima Nav. Sep 2012PSV 520 4,000 3,097 GT Astromaritima Nav. Sep 2012Bulk 510 80,000 Log-In Logistica Oct 2012Tanker 512 75,000 Transpetro Nov 2012Products 495 47,000 PDV Marina S.A. Nov 2012Products 499 70,000 PDV Marina S.A. 2013Container 508 37,800 2,700 TEU Log-In Logistica 2013Products 500 70,000 PDV Marina S.A. Jan 2013Tanker 513 75,000 Transpetro May 2013Products 501 70,000 PDV Marina S.A. May 2013Tanker 514 75,000 Transpetro Sep 2013PSV 4,500 3,485 GT Brasil Supply Sep 2013PSV 4,500 3,485 GT Brasil Supply Sep 2013PSV 4,500 3,485 GT Brasil Supply Sep 2013PSV 4,500 3,485 GT Brasil Supply Nov 2013Products 502 70,000 PDV Marina S.A. 2014Products 503 70,000 PDV Marina S.A. 2014PSV 5,000 3,872 GT Swire Pacific Feb 2014PSV 5,000 3,872 GT Swire Pacific Apr 2014PSV 5,000 3,872 GT Swire Pacific Jun 2014PSV 5,000 3,872 GT Swire Pacific Aug 2014

On Order:- 29 Vessel(s); 1,273,400 DWT.

Est. Rio Grande Rio GrandeFPSO 100,000 Petrobras 2015FPSO 100,000 Petrobras 2015FPSO 100,000 Petrobras 2016FPSO 100,000 Petrobras 2016FPSO 100,000 Petrobras 2016FPSO 100,000 Petrobras 2017FPSO 100,000 Petrobras 2017FPSO 100,000 Petrobras 2017

On Order:- 8 Vessel(s); 800,000 DWT.

Estaleiro Navship NavegantesPSV 2,000 1,548 GT ECO Jun 2012PSV 2,000 1,548 GT ECO Aug 2012PSV 2,000 1,548 GT ECO Oct 2012PSV 2,000 1,548 GT ECO Dec 2012

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 5 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

Brazil

Type Hull No. Dwt. *Other Units Owner Delivery

On Order:- 4 Vessel(s); 8,000 DWT.

ETP Brazil Rio De JaneiroPSV 22 1,300 1,006 GT Siem Consub S.A. Jun 2012PSV 23 1,300 1,006 GT Siem Consub S.A. Jun 2012

On Order:- 2 Vessel(s); 2,600 DWT.

Itajai Shipyard ItajaiL.P.G. 8,800 7,200 cbm Elcano (Brazil) 2012L.P.G. 8,800 7,200 cbm Elcano (Brazil) 2012L.P.G. 8,800 7,200 cbm Elcano (Brazil) 2012

On Order:- 3 Vessel(s); 26,400 DWT.

Jurong AracruzDrillship Sete Brasil Apr 2015

On Order:- 1 Vessel(s); DWT.

Maua Jurong Rio De JaneiroProducts M-203 48,300 Transpetro Aug 2012Products M-204 48,300 Transpetro Dec 2012

On Order:- 2 Vessel(s); 96,600 DWT.

OSX AcuProducts 45,000 Kingfish Do Brasil 2014Products 45,000 Kingfish Do Brasil 2014Products 45,000 Kingfish Do Brasil 2014Cable Lay 10,422 GT Sapura Crest Pet. Jan 2014Products 45,000 Kingfish Do Brasil 2015Products 45,000 Kingfish Do Brasil 2015Products 45,000 Kingfish Do Brasil 2015Products 45,000 Kingfish Do Brasil 2016Products 45,000 Kingfish Do Brasil 2016Products 45,000 Kingfish Do Brasil 2016Products 45,000 Kingfish Do Brasil 2017Products 45,000 Kingfish Do Brasil 2017

On Order:- 12 Vessel(s); 495,000 DWT.

Promar FortalezaL.P.G. 4,500 4,000 cbm Transpetro Jul 2013L.P.G. 8,500 7,000 cbm Transpetro Aug 2013L.P.G. 13,500 12,000 cbm Transpetro Sep 2013L.P.G. 4,500 4,000 cbm Transpetro Oct 2013L.P.G. 13,500 12,000 cbm Transpetro Dec 2013L.P.G. 8,500 7,000 cbm Transpetro Dec 2013L.P.G. 8,500 7,000 cbm Transpetro Apr 2014L.P.G. 8,500 7,000 cbm Transpetro Aug 2014

On Order:- 8 Vessel(s); 70,000 DWT.

Rio Nave Rio De JaneiroProducts 30,000 Transpetro Sep 2012Products 30,000 Transpetro Dec 2012Products 30,000 Transpetro Mar 2013Products 30,000 Transpetro Jun 2013Products 30,000 Transpetro Sep 2013

On Order:- 5 Vessel(s); 150,000 DWT.

Sao Miguel Shipyard GradimBunkering 4,500 Sao Miguel Nav. 2012Bunkering 4,500 Sao Miguel Nav. 2012Bunkering 4,500 Sao Miguel Nav. 2012PSV 001/10 2,000 1,200 GT Sky Mar Jun 2013PSV 003/10 2,000 1,624 GT Sao Miguel Nav. Oct 2013PSV 002/10 2,000 1,000 GT Sky Mar Dec 2013PSV 004/10 2,000 1,624 GT Sao Miguel Nav. Feb 2014

On Order:- 7 Vessel(s); 21,500 DWT.

Singmarine BrasilPSV 4,500 3,485 GT Guanabara Nav Oct 2013

On Order:- 1 Vessel(s); 4,500 DWT.

STX Niteroil NiteroiAHTS 27 4,700 7,099 GT DOF Management Jun 2012PSV Pro-29 4,700 3,700 GT Siem Consub S.A. Jun 2012PSV PRO-28 4,700 3,700 GT Deep Sea Brazil Jul 2012AHTS 30 4,500 6,000 GT NorSkan Offshore Nov 2012AHTS 31 4,500 6,000 GT NorSkan Offshore May 2013AHTS 33 4,500 6,000 GT NorSkan Offshore May 2013PSV Pro-32 4,500 6,000 GT NorSkan Offshore Dec 2013

On Order:- 7 Vessel(s); 32,100 DWT.

Unknown Yard /Brazil UnknownProducts 45,000 Global Transoceanico 2012Products 45,000 Global Transoceanico 2012Products 45,000 Global Transoceanico 2012

On Order:- 3 Vessel(s); 135,000 DWT.

Wilsons Sons GuarujaPSV 130 4,100 2,600 GT Magallanes de Nav. Jun 2012PSV 3,000 2,323 GT Galaxia Maritima Jun 2013PSV 3,000 2,323 GT Galaxia Maritima Jun 2013ROV/Sub Spt 4,400 GT Fugro Brasil Feb 2014

On Order:- 4 Vessel(s); 10,100 DWT.

BulgariaBulyard VarnaBulk 106 55,800 Navibulgar Jul 2012Bulk 102 55,800 Industrial Holding Aug 2012Bulk 107 55,800 Navibulgar Oct 2012Bulk 108 55,800 Navibulgar Jan 2013

On Order:- 4 Vessel(s); 223,200 DWT.

Rousse Shipyard RousseMPP/Hvy. Lift 902 7,620 Fehn Bereederungs 2012MPP 823 8,000 Wijnne & Barends Jan 2012MPP 825 8,000 Wijnne & Barends May 2012MPP 880 4,850 Nimmrich & Prahm May 2012

On Order:- 4 Vessel(s); 28,470 DWT.

CanadaDavie Ind. LevisMSV 718 10,000 13,600 GT Cecon ASA Jun 2012MSV 717 10,000 13,600 GT Cecon ASA Jul 2012MSV 719 10,000 14,161 GT Cecon ASA Dec 2013

On Order:- 3 Vessel(s); 30,000 DWT.

Irving S.B. HalifaxCruise 6092 700 4,985 GT Pearl Seas Cruises 2012

On Order:- 1 Vessel(s); 700 DWT.

Marystown S.Y. MarystownPSV 4,000 3,147 GT Maersk Supply Jun 2012PSV 4,000 3,147 GT Maersk Supply Jun 2012

On Order:- 2 Vessel(s); 8,000 DWT.

ChileASENAV ValdiviaAHTS 3,500 2,985 GT Maersk Supply Feb 2014AHTS 3,500 2,985 GT Maersk Supply Feb 2015

On Order:- 2 Vessel(s); 7,000 DWT.

Asmar Chile TalcahuanoOceanograph. AGS 61 1,245 3,068 GT Chilean Navy Apr 2013

On Order:- 1 Vessel(s); 1,245 DWT.

China P.R.Afai Southern PanyuPass 75 250 GT Unknown Feb 2013

On Order:- 1 Vessel(s); 75 DWT.

ASL Guangdong GuangdongAHTS 1,475 1,500 GT Newcruz Oct 2012AHTS 1,475 1,500 GT Newcruz Nov 2012AHTS 1,475 1,500 GT Newcruz Dec 2012AHTS 1,475 1,500 GT Newcruz Jan 2013AHTS 1,475 1,500 GT Newcruz Mar 2013AHTS 1,475 1,500 GT Newcruz Apr 2013AHTS 1,475 1,500 GT Newcruz Jun 2013AHTS 1,475 1,500 GT Newcruz Aug 2013AHTS 1,475 1,500 GT Newcruz Oct 2013

On Order:- 9 Vessel(s); 13,275 DWT.

AVIC Dingheng SB YangzhouCh&O* GHCY 7500-07 7,500 SOCATRA May 2012Ethy/LPG 6,000 6,500 cbm Anthony Veder Jun 2012Ethy/LPG 6,000 6,500 cbm Anthony Veder Jul 2012Ethy/LPG 6,000 6,500 cbm Anthony Veder Sep 2012Bunkering 0011 4,200 Global Energy Asia 2013Bunkering 0012 4,200 Global Energy Asia 2013LNG/Eth/LPG 6,000 6,500 cbm Anthony Veder Jan 2013

On Order:- 7 Vessel(s); 39,900 DWT.

AVIC Weihai SY WeihaiMPP 28,400 Quanzhou Ansheng 2012MPP 28,400 Quanzhou Ansheng 2012Bulk SN335 92,500 Transmed Shipping Jul 2012MPP SN352 28,400 Jiangyin Hailan Shpg Jul 2012Bulk SN343 92,500 Transmed Shipping Aug 2012MPP 28,400 Jiangyin Hailan Shpg Aug 2012MPP SN353 28,400 Jiangyin Hailan Shpg Sep 2012Bulk SN344 92,500 Transmed Shipping Oct 2012MPP 28,400 Jiangyin Hailan Shpg Oct 2012MPP SN354 28,400 Jiangyin Hailan Shpg Nov 2012Bulk SN345 92,500 Transmed Shipping Dec 2012MPP 28,400 Quanzhou Ansheng 2013MPP 28,400 Quanzhou Ansheng 2013Bulk SN346 92,500 Transmed Shipping Feb 2013

On Order:- 14 Vessel(s); 718,100 DWT.

Beihai Shipyard QingdaoBulk BC180-19 180,000 China Merchants Jul 2012Bulk BC8.2-9 82,000 HOSCO Jul 2012Bulk 81,700 Guangxi Beibu Jul 2012Bulk BC180-46 180,000 Shandong Shipping Sep 2012

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 6 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

China P.R.

Type Hull No. Dwt. *Other Units Owner Delivery

Bulk BC180-68 180,000 Bao-Island Sep 2012Bulk 82,000 First S.S. Sep 2012Bulk BC8.2-10 82,000 HOSCO Sep 2012Bulk 81,700 Guangxi Beibu Oct 2012Bulk BC8.2-11 82,000 HOSCO Nov 2012Bulk BC180-69 180,000 Bao-Island Dec 2012Bulk 82,000 First S.S. Feb 2013Bulk BC8.2-12 82,000 HOSCO Feb 2013Bulk BC180-47 180,000 Shandong Shipping Jun 2013Bulk 82,000 Formosa Plastics Co. Sep 2013Bulk BC180-48 180,000 Shandong Shipping Oct 2013Bulk 82,000 Formosa Plastics Co. Dec 2013

On Order:- 16 Vessel(s); 1,899,400 DWT.

Bohai Shipbld. HuludaoTanker 518-3 320,000 PetroChina Jul 2012Bulk 46,000 Shenhua Zhonghai Jul 2012Bulk 45,000 CSC Phoenix Jul 2012Bulk 45,000 Tianjin Zhonghai Jul 2012Ore BH416-4 388,133 Berge Bulk AS Aug 2012Bulk 410G2-2 203,000 Transmed Shipping Sep 2012Bulk 46,000 Shenhua Zhonghai Sep 2012Bulk 45,000 CSC Phoenix Sep 2012Tanker 518-4 320,000 PetroChina Oct 2012Bulk 45,000 Tianjin Zhonghai Oct 2012Bulk 46,000 Shenhua Zhonghai Nov 2012Bulk 45,000 CSC Phoenix Nov 2012Bulk 410G2-3 203,000 Transmed Shipping Dec 2012Tanker 518-7 320,000 Novoship (UK) Ltd. Jan 2013Bulk 46,000 Shenhua Zhonghai Jan 2013Bulk 45,000 CSC Phoenix Jan 2013Bulk 45,000 Tianjin Zhonghai Jan 2013Bulk 410G2-4 203,000 Transmed Shipping Feb 2013Bulk 418-13 58,057 CSC Phoenix Mar 2013Bulk 46,000 Shenhua Zhonghai Mar 2013Bulk 45,000 CSC Phoenix Mar 2013Bulk 410G2-5 203,000 Transmed Shipping Apr 2013Bulk 45,000 Tianjin Zhonghai Apr 2013Tanker 518-8 320,000 Novoship (UK) Ltd. May 2013Bulk 46,000 Shenhua Zhonghai May 2013Bulk 45,000 CSC Phoenix May 2013Bulk 45,000 Tianjin Zhonghai May 2013Bulk 418-14 58,057 CSC Phoenix Jun 2013Bulk 45,000 CSC Phoenix Jul 2013Bulk 45,000 Tianjin Zhonghai Jul 2013Bulk 45,000 Tianjin Zhonghai Sep 2013Bulk 45,000 Tianjin Zhonghai Nov 2013Tanker 516-3 158,400 Ciner Denizcilik Feb 2014Tanker 516-4 158,400 Ciner Denizcilik Mar 2015

On Order:- 34 Vessel(s); 3,864,047 DWT.

CCCC Bomesc Marine TianjinTSH Dredger 14,500 CCCC TDC Jul 2012AHT S25 600 820 GT Oceanus Marine Offsh Oct 2013

On Order:- 2 Vessel(s); 15,100 DWT.

Changqingsha SY NantongBulk CQS-1003 35,000 Parakou Shpg. Dec 2012Bulk CQS-1005 35,000 Parakou Shpg. 2013Bulk CQS-1006 35,000 Parakou Shpg. 2013Bulk CQS-1004 35,000 Parakou Shpg. Jan 2013

On Order:- 4 Vessel(s); 140,000 DWT.

Chengxi Shipyd. JiangyinBulk 9303 75,000 CSL Group Inc. Jul 2012Bulk CX4271 53,106 Jiahe Shipping Jul 2012Bulk 46,000 Shenhua Zhonghai Jul 2012Bulk CX0323 35,000 Wah Kwong Shpg. Jul 2012Bulk 35,500 CSL Group Inc. Aug 2012Bulk 9304 75,000 CSL Group Inc. Oct 2012Bulk 0417 48,909 Shanghai Time Shpg. Nov 2012Bulk 46,000 Shenhua Zhonghai Nov 2012Bulk 35,500 CSL Group Inc. Nov 2012Bulk CX0419 49,000 Ningbo Fonwa Shpg 2013Bulk CX0420 49,000 Ningbo Fonwa Shpg 2013Bulk 9701 75,000 CSL Group Inc. Jan 2013Bulk 0418 48,909 Shanghai Time Shpg. Feb 2013Bulk 46,000 Shenhua Zhonghai Feb 2013Bulk 35,500 CSL Group Inc. Feb 2013Bulk CX0601 64,000 Goldwin Shipping Mar 2013Bulk 9702 75,000 CSL Group Inc. Apr 2013Bulk 9704 76,000 Torvald Klaveness May 2013Bulk 46,000 Shenhua Zhonghai May 2013Bulk 35,500 CSL Group Inc. May 2013Bulk 9703 75,000 CSL Group Inc. Jul 2013Bulk 9705 75,000 CSL Group Inc. Oct 2013Bulk 75,000 CSL Group Inc. Dec 2013

OH* 39,000 China Navigation Co. Dec 2013Bulk 75,000 CSL Group Inc. 2014Bulk 75,000 CSL Group Inc. 2014OH* 39,000 China Navigation Co. Mar 2014OH* 39,000 China Navigation Co. May 2014OH* 39,000 China Navigation Co. May 2014

On Order:- 29 Vessel(s); 1,580,924 DWT.

China Dongfang SB WenzhouMPP DF80-12 7,950 Flinter Shipping 2012Ch&O* 9,000 East Ocean Shpg. Jun 2012Ch&O* 9,000 East Ocean Shpg. Aug 2012

On Order:- 3 Vessel(s); 25,950 DWT.

Chongqing Chuandong ChongqingCh&O* HT0123 9,000 Odfjell ASA May 2012Ch&O* HT0124 9,000 Odfjell ASA May 2012Ch&O* HT0118 7,200 CSIC-IMC Shipping May 2012Ch&O* HT0125 9,000 Odfjell ASA Jul 2012Ch&O* 7,800 Shanghai Jinhai Shpg Sep 2012Ch&O* 7,800 Shanghai Jinhai Shpg Dec 2012

On Order:- 6 Vessel(s); 49,800 DWT.

Chongqing Dongfeng DongfengProducts 7,000 Unknown Singapore 2012Pass/Car F. 6,500 GT Unknown 2012Pass/Car F. 6,500 GT Unknown 2012

On Order:- 3 Vessel(s); 7,000 DWT.

CIC (Jiangsu) JiangduBulk 56,639 Guangdong Lanhai 2012Bulk 56,639 Guangdong Lanhai 2012Bulk 56,639 Guangdong Lanhai 2012Bulk 48,000 China Shpg. Tramp Jul 2012Bulk 47,500 Taihang Shipping Jul 2012Bulk 47,500 Shanghai Youhao Jul 2012Bulk CIS47500/B-03 47,500 Ningbo Marine Corp. Jul 2012Bulk CIS46000-03 44,424 Shenhua Zhonghai Jul 2012Bulk 48,000 China Shpg. Tramp Aug 2012Bulk 48,000 China Shpg. Tramp Sep 2012Bulk 48,000 China Shpg. Tramp Oct 2012Bulk 47,500 Shanghai Youhao Oct 2012Bulk 48,000 China Shpg. Tramp Nov 2012Bulk 48,000 China Shpg. Tramp Dec 2012Bulk 44,424 Shenhua Zhonghai Dec 2012Bulk 56,639 Guangdong Lanhai 2013Bulk 56,639 Guangdong Lanhai 2013Bulk 56,639 Guangdong Lanhai 2013Bulk 56,639 Guangdong Lanhai 2013Bulk 48,000 Guangdong Lanhai 2013Bulk 48,000 Guangdong Lanhai 2013Bulk 48,000 Guangdong Lanhai 2013Bulk 48,000 Guangdong Lanhai 2013Bulk 47,500 Taihang Shipping 2013Bulk 47,500 Taihang Shipping 2013Bulk 48,000 China Shpg. Tramp Jan 2013Bulk 48,000 China Shpg. Tramp Feb 2013Bulk 44,424 Shenhua Zhonghai Feb 2013Bulk 48,000 China Shpg. Tramp Mar 2013Bulk 48,000 China Shpg. Tramp Apr 2013Bulk 48,000 China Shpg. (Hainan) May 2013Bulk 48,000 China Shpg. Tramp May 2013Bulk 48,000 China Shpg. Tramp Jun 2013Tanker 110,000 China Shpg. Tankers Sep 2013Bulk 47,500 China Shpg. Tramp Sep 2013

On Order:- 35 Vessel(s); 1,788,245 DWT.

CMHI ShenzhenBunkering 3,000 Chuang Xin Grp Ltd Aug 2012Bunkering 3,000 Chuang Xin Grp Ltd Aug 2012Bunkering 3,000 Chuang Xin Grp Ltd Oct 2012TSH Dredger 15,590 CCCC TDC Dec 2012

On Order:- 4 Vessel(s); 24,590 DWT.

COSCO Dalian DalianBulk N252 92,500 Vroon Jul 2012Bulk N333 82,000 Gleamray Maritime Jul 2012Bulk N334 82,000 Gleamray Maritime Jul 2012Bulk N268 79,500 Noble Group Ltd. Jul 2012Bulk N206 79,023 Golden Union Jul 2012Bulk N253 92,500 Vroon Sep 2012Bulk N376 82,000 Union Marine Ent. Sep 2012Bulk N207 79,500 Golden Union Sep 2012Bulk 57,076 Unknown Sep 2012Drillship MPF01 120,000 Dalian Deepwater Oct 2012Bulk N377 82,000 Union Marine Ent. Nov 2012Bulk N254 92,500 Noble Group Ltd. Dec 2012Bulk N208 79,500 Golden Union Dec 2012

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 7 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

China P.R.

Type Hull No. Dwt. *Other Units Owner Delivery

Bulk 82,000 Tangshan Huaxing Jan 2013Bulk 57,076 Unknown Mar 2013Bulk N209 79,500 Golden Union Apr 2013Bulk N210 79,500 Golden Union Jul 2013

On Order:- 17 Vessel(s); 1,398,175 DWT.

COSCO Guangdong GuangzhouBulk N341 57,000 Er Denizcilik Jul 2012Bulk N365 57,000 Harbor Shpg. & Trdg. Jul 2012Bulk N345 57,000 Dynacom Tankers Mngt Aug 2012Bulk N352 35,000 Sohtorik Denizcilik Aug 2012Bulk N342 57,000 Er Denizcilik Sep 2012Bulk N346 57,000 Dynacom Tankers Mngt Sep 2012Bulk N353 35,000 Sohtorik Denizcilik Dec 2012Bulk N361 57,000 Unknown Jan 2013Bulk N366 35,000 Harbor Shpg. & Trdg. Jan 2013Livestock N392 5,448 Vroon Feb 2013Bulk N470 35,000 Er Denizcilik Mar 2013Bulk N362 57,000 Unknown Apr 2013Livestock N393 5,448 Vroon May 2013Livestock N394 5,448 Vroon Aug 2013PSV 4,000 3,097 GT Tidewater Marine Oct 2013Livestock N395 5,448 Vroon Nov 2013PSV 4,000 3,097 GT Tidewater Marine Dec 2013PSV 4,000 3,097 GT Tidewater Marine Feb 2014PSV 4,000 3,097 GT Tidewater Marine Apr 2014

On Order:- 19 Vessel(s); 576,792 DWT.

COSCO Nantong JiangsuCable Lay 9,762 GT Sapura Crest Pet. Oct 2012Cable Lay 9,762 GT Sapura Crest Pet. Oct 2012Pipe Layer 448 20,547 GT Unknown Oct 2013Pipe Layer 449 20,547 GT Unknown Jan 2014

On Order:- 4 Vessel(s); DWT.

COSCO Zhoushan ZhoushanBulk N201 56,943 U-Ming Marine Tran. Jul 2012Bulk 57,000 Unknown Greek Owner Aug 2012Bulk N195 57,000 Leros Management Aug 2012Bulk N383 57,000 Oceanstar Shipmngt Aug 2012Bulk N202 56,943 U-Ming Marine Tran. Aug 2012Bulk N196 57,000 Leros Management Sep 2012Bulk 57,000 Unknown Greek Owner Oct 2012Bulk N384 57,000 Oceanstar Shipmngt Nov 2012Bulk 57,000 Unknown Greek Owner Dec 2012Bulk 57,000 Leros Management 2013Bulk 57,000 Leros Management 2013Bulk 57,000 Unknown Greek Owner Feb 2013Bulk N385 57,000 Oceanstar Shipmngt Feb 2013Bulk N413 82,000 Daelim Corporation Apr 2013Bulk N386 57,000 Oceanstar Shipmngt May 2013Bulk N414 82,000 Daelim Corporation Jun 2013Bulk 64,000 Lomar Shpg Mar 2014Bulk 64,000 Lomar Shpg Jun 2014

On Order:- 18 Vessel(s); 1,089,886 DWT.

CPLEC LiaoheTanker 3,600 China Marine Bunker Jun 2012MSV 6,986 GT Blue Sea Jan 2013MSV 6,986 GT Blue Sea Jan 2013MSV 6,986 GT Blue Sea Jan 2013PSV 4,790 4,580 GT Blue Sea Jun 2013PSV 4,790 4,580 GT Blue Sea Jun 2013PSV 4,790 4,580 GT Blue Sea Jun 2013PSV 4,790 4,580 GT Blue Sea Jun 2013PSV 4,790 4,580 GT Blue Sea Jun 2013PSV 4,790 4,580 GT Blue Sea Jun 2013

On Order:- 10 Vessel(s); 32,340 DWT.

Dalian COSCO KHI China P.r.Ore NE107 298,000 Zodiac Maritime Agy. Jul 2012Ore DE005 300,000 Xing Long Maritime Sep 2012Bulk 205,000 Nippon Yusen Kaisha 2013Ore DE006 300,000 Xing Long Maritime Jan 2013Ore NE108 298,000 Zodiac Maritime Agy. Jan 2013Bulk DE009 205,000 Kumiai Senpaku K.K. Mar 2013Bulk DE010 205,000 Kumiai Senpaku K.K. Jun 2013Bulk NE109 205,000 Nippon Yusen Kaisha Jun 2013Bulk DE012 58,000 Marubeni Corp. Jun 2013Bulk DE011 205,000 Kumiai Senpaku K.K. Sep 2013Bulk NE110 205,000 Nippon Yusen Kaisha Oct 2013Bulk DE013 58,000 Marubeni Corp. Dec 2013Bulk DE002 205,000 COSCO Group Feb 2014Bulk DE004 205,000 COSCO Group May 2014

On Order:- 14 Vessel(s); 2,952,000 DWT.

Dalian Lushun S.B. DalianGCargo 12,000 Heilongjiang Marine Jun 2012

On Order:- 1 Vessel(s); 12,000 DWT.

Dalian Shipbuilding DalianTanker PC760-28 76,000 Shenzhen Sanding 2012Tanker PC760-23 76,000 Shenzhen Sanding Jun 2012MPP MC240-5 24,000 Pacific Int. Lines Jun 2012Tanker T3000-46 320,000 Unknown Jul 2012Ore OC3000-3 315,146 China Shpg. Tramp Jul 2012Bulk BC1800-42 180,330 Pacific Int. Lines Jul 2012Bulk BC810-1 81,200 Far East Leasing Jul 2012Bulk BC810-2 81,200 Far East Leasing Jul 2012Container C6600-4 84,700 6,606 TEU Pacific Int. Lines Jul 2012Tanker T3000-47 320,000 Unknown Aug 2012Products PC1100-38 110,000 China Shpg. Tankers Aug 2012Ore OC3000-4 315,146 China Shpg. Tramp Aug 2012Bulk BC810-3 81,200 Far East Leasing Aug 2012MPP MC 240-5 24,000 Pacific Shipping Aug 2012Container C6600-2 84,700 6,606 TEU Pacific Int. Lines Sep 2012Container C6600-3 84,700 6,606 TEU Pacific Int. Lines Sep 2012MPP MC240-6 24,000 Pacific Int. Lines Sep 2012Tanker PC1100-39 110,000 China Shpg. Tankers Oct 2012Bulk 81,200 Haibao Shipping Oct 2012Bulk BC810-4 81,200 Far East Leasing Oct 2012Bulk BC810-5 81,200 South Ocean Shpg. Oct 2012Tanker T3000-48 320,000 Unknown Nov 2012Bulk 180,000 Haibao Shipping Nov 2012MPP MC 240-6 24,000 Pacific Shipping Nov 2012Tanker 320,000 SK Shipping Co. Ltd. Dec 2012Tanker PC1100-40 110,000 China Shpg. Tankers Dec 2012Bulk BC810-6 81,200 South Ocean Shpg. Dec 2012Container 120,000 10,000 TEU China Shpg. Cont. 2013Container 120,000 10,000 TEU China Shpg. Cont. 2013Container 120,000 10,000 TEU China Shpg. Cont. 2013Container 120,000 10,000 TEU China Shpg. Cont. 2013Tanker T3000-49 320,000 Unknown Jan 2013Bulk 81,200 Haibao Shipping Jan 2013Container C6600-5 84,700 6,606 TEU Pacific Int. Lines Jan 2013Bulk 180,000 Haibao Shipping Feb 2013Tanker 320,000 SK Shipping Co. Ltd. Mar 2013Container C6600-6 84,700 6,606 TEU Pacific Int. Lines Mar 2013Tanker T3000-50 320,000 Unknown Apr 2013Ore OC3000-10 315,146 China Shpg. Tramp Apr 2013Container CS4300-1 52,000 4,300 TEU Pacific Int. Lines Apr 2013Tanker 320,000 China Shpg. Tankers Jun 2013Tanker T3000-51 320,000 Unknown Jun 2013Container CS4300-2 52,000 4,300 TEU Pacific Int. Lines Jun 2013Tanker 320,000 China Shpg. Tankers Sep 2013Container CS4300-3 52,000 4,300 TEU Pacific Int. Lines Sep 2013Container CS4300-4 52,000 4,300 TEU Pacific Int. Lines Dec 2013Ch&O* CP750-1 75,000 Tankers Inc Jan 2014Ch&O* CP750-2 75,000 Tankers Inc Mar 2014

On Order:- 48 Vessel(s); 7,174,868 DWT.

Damen Yichang YichangMPP 567502 13,500 Unknown Apr 2012MPP 567503 13,500 Unknown Jun 2012MPP 567504 13,500 Unknown Aug 2012MPP 567505 13,500 Unknown Dutch Mar 2013MPP 567506 13,500 Unknown Jun 2013MPP 567507 13,500 Unknown Aug 2013MPP 567508 13,500 Unknown Nov 2013

On Order:- 7 Vessel(s); 94,500 DWT.

Dayang S.B. YangzhouL.P.G. 9,500 12,000 cbm Nat. Iranian Tanker 2012PSV 1,509 1,517 GT Bourbon Offshore Jun 2012Bulk 63,000 Ocean Agencies Ltd. Jul 2012Bulk DY142 58,000 Unknown Jul 2012Bulk DY145 57,981 Unknown Jul 2012PSV 1,509 1,517 GT Bourbon Offshore Jul 2012Bulk DY4019 63,500 Ciner Denizcilik Aug 2012PSV 1,509 1,517 GT Bourbon Offshore Aug 2012PSV 1,509 1,517 GT Bourbon Offshore Aug 2012Bulk DY4005 63,301 Setaf-Saget Sep 2012Bulk DY4006 63,301 Setaf-Saget Sep 2012Bulk 63,000 Ocean Agencies Ltd. Sep 2012Bulk DY146 57,981 Unknown Sep 2012Bulk DY147 58,000 Densan Deniz Oct 2012Bulk DY4024 63,500 Ciner Denizcilik Nov 2012Bulk DY4007 63,301 Setaf-Saget Nov 2012Bulk DY4008 63,301 Setaf-Saget Nov 2012Bulk 63,000 Ocean Agencies Ltd. Nov 2012Bulk DY148 58,000 Densan Deniz Nov 2012Bulk DY4025 63,500 Ciner Denizcilik Jan 2013Bulk DY4026 63,500 Ciner Denizcilik Jan 2013Bulk 63,000 Ocean Agencies Ltd. Jan 2013

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 8 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

China P.R.

Type Hull No. Dwt. *Other Units Owner Delivery

PSV 1,700 1,316 GT Bourbon Offshore Jan 2015Utility 1,000 806 GT Bourbon Offshore Jan 2015Utility 1,000 806 GT Bourbon Offshore Jan 2015Utility 1,000 806 GT Bourbon Offshore Jan 2015Utility 1,000 806 GT Bourbon Offshore Jan 2015Utility 1,000 806 GT Bourbon Offshore Jan 2015Utility 1,000 806 GT Bourbon Offshore Jan 2015Utility 1,000 806 GT Bourbon Offshore Jan 2015Utility 1,000 806 GT Bourbon Offshore Jan 2015Utility 1,000 806 GT Bourbon Offshore Jan 2015Utility 1,000 806 GT Bourbon Offshore Jan 2015Utility 1,000 806 GT Bourbon Offshore Jan 2015Utility 1,000 806 GT Bourbon Offshore Jan 2015Utility 1,000 806 GT Bourbon Offshore Jan 2015Utility 1,000 806 GT Bourbon Offshore Jan 2015Utility 1,000 806 GT Bourbon Offshore Jan 2015Utility 1,000 806 GT Bourbon Offshore Jan 2015Utility 1,000 806 GT Bourbon Offshore Jan 2015Utility 1,000 806 GT Bourbon Offshore Jan 2015Utility 1,000 806 GT Bourbon Offshore Jan 2015Utility 1,000 806 GT Bourbon Offshore Jan 2015

On Order:- 43 Vessel(s); 1,086,402 DWT.

DSME Shandong ShandongBulk Y001 58,000 Rethymnis & Kuluk. Jul 2012Bulk Y002 58,000 Rethymnis & Kuluk. Aug 2012

On Order:- 2 Vessel(s); 116,000 DWT.

Fujian Baima BaishiCh&O* SL 701 13,618 Unknown 2012Ch&O* SL 703 13,618 Unknown 2012Ch&O* SL 705 13,618 Unknown 2012Ch&O* SL 706 13,618 Unknown 2012Bulk SL710 57,000 Unknown 2012Ch&O* SL 708 13,618 Unknown Jun 2012Bulk SL713 45,000 CSC Phoenix Jul 2012Bulk 27,000 Unknown Jul 2012Ch&O* SL 709 13,618 Unknown Aug 2012Ch&O* SL 707 13,618 Unknown Oct 2012

On Order:- 10 Vessel(s); 224,326 DWT.

Fujian Dongming FujianCh&O* CT101 3,475 Avin International Jul 2012Ch&O* CT102 3,475 Avin International Jul 2012

On Order:- 2 Vessel(s); 6,950 DWT.

Fujian Funing S.B. FujianAHTS SK 71 1,400 1,500 GT Nam Cheong Jun 2012AHTS SK 72 1,400 1,500 GT Nam Cheong Aug 2012AHTS SK 73 1,400 1,500 GT Nam Cheong Nov 2012

On Order:- 3 Vessel(s); 4,200 DWT.

Fujian Guanhai LianjiangBulk 23,000 Fujian Guanhai 2012Bulk 23,000 Fujian Guanhai 2012Bulk GH406C 23,000 Baosteel Group 2012Bulk GH406D 23,000 Baosteel Group 2012Bulk GH402D 82,500 Dragon Treasure Shpg Jul 2012Bulk GH405B 47,500 Fujian Guanhai Jul 2012Bulk GH402E 82,500 Dragon Treasure Shpg Aug 2012Bulk GH405C 47,500 Fujian Guanhai Sep 2012Bulk GH405D 47,500 Fujian Guanhai Dec 2012

On Order:- 9 Vessel(s); 399,500 DWT.

Fujian Huadong SY LuoyuanBulk HC101 53,000 Fujian Huarong Jul 2012Container HC102 13,770 1,204 TEU Unknown Sep 2012

On Order:- 2 Vessel(s); 66,770 DWT.

Fujian Mawei FuzhouContainer 431-6 12,356 889 TEU Gebruder Winter Jun 2012PSV 1,350 1,387 GT Stanford Marine Jun 2012PSV 3,500 2,710 GT Shanghai China-Trust Jul 2012PSV 619-16 5,145 3,671 GT Seacor Marine Aug 2012PSV 619-5 5,000 3,671 GT Tidewater Marine Aug 2012PSV 619-7 5,000 3,500 GT Tidewater Marine Aug 2012Container 431-10 10,500 877 TEU Navigia Group Sep 2012PSV 619-6 3,800 2,369 GT Tidewater Marine Sep 2012PSV 3,500 2,710 GT Shanghai China-Trust Oct 2012PSV 619-8 3,800 2,943 GT Tidewater Marine Dec 2012PSV 3,500 2,710 GT Shanghai China-Trust Jan 2013PSV 3,500 2,710 GT Shanghai China-Trust Apr 2013PSV 5,154 3,991 GT Unknown Jun 2013PSV 5,154 3,991 GT Unknown Jun 2013PSV 3,500 2,710 GT Shanghai China-Trust Jul 2013PSV 3,500 2,710 GT Shanghai China-Trust Oct 2013PSV 3,500 2,710 GT Shanghai China-Trust Jan 2014PSV 3,500 2,710 GT Shanghai China-Trust Apr 2014PSV 3,500 2,710 GT Shanghai China-Trust Jul 2014

PSV 3,500 2,710 GT Shanghai China-Trust Oct 2014PSV 3,500 2,710 GT Shanghai China-Trust Jan 2015PSV 3,500 2,710 GT Shanghai China-Trust Apr 2015

On Order:- 22 Vessel(s); 99,259 DWT.

Fujian Ruili RuiliGCargo 9,200 Heng Li Marine 2012

On Order:- 1 Vessel(s); 9,200 DWT.

Fujian Southeast FuzhouAHTS 206 2,940 2,688 GT Nam Cheong Jun 2012AHTS 207 2,940 2,688 GT Nam Cheong Jun 2012AHTS 208 2,940 2,688 GT Nam Cheong Jun 2012MSV DN59M-92 971 1,769 GT Vroon Offshore Serv. Jun 2012AHTS DN59M-109 1,385 1,678 GT Coastal Contracts Jun 2012AHTS SK 66 1,340 1,678 GT Nam Cheong Jun 2012AHTS DN59M-110 1,385 1,678 GT Coastal Contracts Jul 2012AHTS DN59M-111 1,385 1,678 GT Coastal Contracts Aug 2012AHTS SK 75 1,400 1,500 GT Nam Cheong Aug 2012AHTS 97 1,400 1,678 GT Vroon Offshore Serv. Sep 2012AHTS 98 1,400 1,678 GT Vroon Offshore Serv. Sep 2012AHTS 99 1,400 1,678 GT Vroon Offshore Serv. Sep 2012AHTS SK 67 1,340 1,678 GT Sentinel Marine Sep 2012PSV SK701 3,350 2,900 GT Nam Cheong Oct 2012AHTS DN59M-112 1,385 1,678 GT Coastal Contracts Oct 2012AHTS SK 68 1,400 1,500 GT Nam Cheong Oct 2012AHTS SK205 2,500 2,532 GT Nam Cheong Nov 2012AHTS SK 69 1,500 GT Sentinel Marine Dec 2012AHTS DN59M-100 1,385 1,678 GT Coastal Contracts Feb 2013AHTS DN59M-113 1,385 1,678 GT Coastal Contracts May 2014

On Order:- 20 Vessel(s); 33,631 DWT.

Gezhouba S.B. YichangAsp.& Bit. GMSC-088 6,163 Unknown 2012

On Order:- 1 Vessel(s); 6,163 DWT.

Guangxin S.B. GuangzhouAHT 750 1,030 GT Unknown Jun 2012PSV 1,200 GT Zamil Offshore Jul 2012PSV 1,200 GT Zamil Offshore Sep 2012AHTS 1,400 1,500 GT Yudhi Dec 2013AHTS 1,400 1,500 GT Yudhi Dec 2013PSV 50,000 GT Consolidated Project Jan 2014AHTS 1,400 1,194 GT Consolidated Project Jan 2014AHTS 1,400 1,194 GT Consolidated Project Jan 2014AHTS 1,400 1,194 GT Consolidated Project Jan 2014

On Order:- 9 Vessel(s); 7,750 DWT.

Guangzhou Hangtong GuangdongPSV HT092201 3,000 2,990 GT Zhejiang Helicetude Jun 2012AHTS HT102103 2,000 1,705 GT Jaya Offshore Pte Jun 2012L.P.G. HT102211 5,000 5,000 cbm Fangchenggang South. Aug 2012AHTS 082X07 2,544 2,759 GT Flexi-fit Aug 2012AHTS 082X09 2,500 2,759 GT GMG Guangdong Aug 2012AHTS HT082X10 2,100 2,759 GT GMG Guangdong Aug 2012AHTS HT102105 2,500 2,132 GT Jaya Offshore Pte Aug 2012AHTS 082X08 1,500 GT Flexi-fit Aug 2012AHTS HT102106 1,350 1,470 GT Unknown Aug 2012AHTS HT102107 1,350 1,470 GT Unknown Sep 2012L.P.G. HT102212 5,000 5,000 cbm Fangchenggang South. Oct 2012Products HT112207 4,999 Unknown Singapore Nov 2012Products HT112208 4,999 Unknown Singapore Jan 2013

On Order:- 13 Vessel(s); 37,342 DWT.

Guangzhou Huangpu GuangzhouAHTS 2269 1,800 1,535 GT China Oilfield Serv. Jun 2012MPP/Hvy. Lift 2319 27,000 COSCO Shipping Co. Jul 2012MSV 9,650 14,988 GT COOEC Aug 2012MPP/Hvy. Lift 27,000 COSCO Shipping Co. Sep 2012Bulk 3000 57,000 China Shpg. (Hainan) Oct 2012Bulk 3001 57,000 China Shpg. (Hainan) Nov 2012Bulk 3002 57,000 China Shpg. (Hainan) Dec 2012Bulk 3003 57,000 China Shpg. (Hainan) Dec 2012Bulk 76,000 COSCO Hunan 2013Bulk 76,000 COSCO Hunan 2013Bulk 76,000 COSCO Hunan 2013Bulk 76,000 COSCO Hunan 2013Bulk 65,000 COSCO Shenzhen 2013Bulk 65,000 COSCO Shenzhen 2013Bulk 65,000 COSCO Shenzhen 2013Bulk 65,000 COSCO Shenzhen 2013PSV 4,059 3,351 GT Basic Offshore Aug 2013PSV 4,059 3,351 GT Basic Offshore Oct 2013PSV 4,059 3,351 GT Basic Offshore Dec 2013PSV 4,059 3,351 GT Basic Offshore Feb 2014PSV 4,059 3,351 GT Basic Offshore Apr 2014PSV 4,059 3,351 GT Basic Offshore Jun 2014PSV 4,059 3,351 GT Basic Offshore Aug 2014

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 9 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

China P.R.

Type Hull No. Dwt. *Other Units Owner Delivery

PSV 4,059 3,351 GT Basic Offshore Oct 2014On Order:- 24 Vessel(s); 889,922 DWT.

Guangzhou Longxue Longxue IslandBulk L0026 82,000 Hong Kong Qinfa Shpg Jul 2012Bulk L0038 82,000 U-Ming Marine Tran. Jul 2012Bulk L0040 82,000 Zhonghai Puyuan Shpg Jul 2012Bulk L0042 82,000 Fortune Ocean Shpg. Jul 2012Bulk L0028 81,622 Fortune Ocean Shpg. Jul 2012Bulk L0025 82,000 Kassian Maritime Aug 2012Tanker L0030 320,000 CSC Nanjing Tanker Sep 2012Bulk L0039 82,000 U-Ming Marine Tran. Sep 2012Bulk L0043 82,000 Fortune Ocean Shpg. Sep 2012Bulk L0029 81,622 Fortune Ocean Shpg. Sep 2012Bulk L0027 82,000 Hong Kong Qinfa Shpg Oct 2012Bulk L0041 82,000 Zhonghai Puyuan Shpg Dec 2012Tanker 115,000 Shanghai North Sea 2013Tanker L0034 115,000 Shanghai North Sea 2013Tanker L0031 320,000 CSC Nanjing Tanker Aug 2013Products 115,000 Frontline 2012 Nov 2013Bulk 82,000 Unknown 2014Bulk 82,000 Unknown 2014Bulk 82,000 Unknown 2014Bulk 82,000 Unknown 2014Products 115,000 Frontline 2012 Feb 2014Products 115,000 Frontline 2012 May 2014Products 115,000 Frontline 2012 Aug 2014

On Order:- 23 Vessel(s); 2,559,244 DWT.

Guangzhou S.Y. Int. GuangzhouProducts 08130009 49,999 Valles Steamship 2012Asp.& Bit. 10,000 Unknown 2012Asp.& Bit. 10,000 Unknown 2012Products 6,000 China Shpg. Tankers 2012Products 48,000 China Shpg. Tankers Jul 2012Ch&O* 08131013 52,300 Tomasos Brothers Jul 2012Ch&O* 06130031 39,708 A.P. Moller Jul 2012Products 48,000 China Shpg. Tankers Aug 2012Ch&O* 06310060 50,326 J. Lauritzen Aug 2012Products 11130009 39,000 Gotland Rederi AB Sep 2012Products 48,000 China Shpg. Tankers Nov 2012Products 48,000 China Shpg. Tankers Dec 2012Products 48,000 China Shpg. Tankers Dec 2012Products 48,000 Hua Hai Pet. Trans. 2013Products 37,500 Tomasos Brothers 2013Bulk 50,000 COSCO Shenzhen 2013Bulk 50,000 COSCO Shenzhen 2013Bulk 50,000 COSCO Shenzhen 2013Bulk 50,000 COSCO Shenzhen 2013Products 48,000 China Shpg. Tankers Jan 2013Products 48,000 China Shpg. Tankers Jan 2013Ch&O* 50,326 J. Lauritzen Jan 2013Ch&O* 06310062 50,326 J. Lauritzen Jan 2013Products 1130010 39,000 Gotland Rederi AB Feb 2013Products 37,500 Tomasos Brothers Jun 2013Products 37,500 Tomasos Brothers 2014Products 37,500 Tomasos Brothers 2014Ch&O* 06130023 50,500 Sea Pioneer Shpg. Jan 2014Products 50,000 Tankers Inc Feb 2014Products 50,000 Tankers Inc Apr 2014Products 50,000 Tankers Inc Jun 2014Products 50,000 Concordia Maritime Oct 2014Products 50,000 Concordia Maritime Feb 2015

On Order:- 33 Vessel(s); 1,431,485 DWT.

Guangzhou Wenchong HuangpuBulk 31,905 Ship Finance Inter. 2012Container 401 23,400 1,740 TEU Shreyas Shpg. Ltd. May 2012Bulk 375 31,905 Unknown Jul 2012Container 393 35,000 2,790 TEU YSG Shipmanagement Jul 2012Container 406 39,947 2,758 TEU Schoeller Holdings Jul 2012Container 407 23,400 1,740 TEU Leonhardt & Blumberg Jul 2012TSH Dredger 11313 12,750 SDC Waterway Const. Jul 2012TSH Dredger 10,330 CCCC GDC Jul 2012Container 394 35,000 2,790 TEU YSG Shipmanagement Sep 2012Bulk 388 31,905 Ship Finance Inter. Oct 2012Container 408 23,400 1,740 TEU Leonhardt & Blumberg Oct 2012Container 434 22,000 1,705 TEU Gebruder Winter Nov 2012Container 395 35,000 2,790 TEU Ownership Dec 2012CS/BW Dredg GWS417 Lianyungang Port Dec 2012Container 418 23,000 1,700 TEU Eastern Med. Mar. 2013Container 419 23,000 1,700 TEU Eastern Med. Mar. 2013Container 432 23,000 1,700 TEU Eastern Med. Mar. 2013Container 433 23,000 1,700 TEU Eastern Med. Mar. 2013Container 23,400 1,740 TEU Norse Mngt. U.K. Jan 2013Container 420 23,400 1,740 TEU STX Pan Ocean Jan 2013

Container 396 35,000 2,790 TEU Ownership Mar 2013Container 435 22,000 1,705 TEU Gebruder Winter Mar 2013Container 23,400 1,740 TEU Hadley Shpg. Co. Apr 2013Container 421 23,400 1,740 TEU STX Pan Ocean Apr 2013Container 397 35,000 2,790 TEU Gebruder Winter Jun 2013Container 398 35,000 2,790 TEU YSG Shipmanagement Aug 2013Container 23,400 1,705 TEU Soon Fong Shipping Aug 2013Container 436 22,000 1,705 TEU Gebruder Winter Sep 2013Container 23,400 1,705 TEU Soon Fong Shipping Nov 2013Container 402 23,400 1,740 TEU Shreyas Shpg. Ltd. Dec 2013Container 437 22,000 1,705 TEU Gebruder Winter Dec 2013Container 27,000 2,190 TEU Lomar Shpg 2014Container 27,000 2,190 TEU Lomar Shpg 2014Bulk 28,000 Seaboard Marine Jan 2014Bulk 28,000 Seaboard Marine May 2014Bulk 28,000 Seaboard Marine Sep 2014Bulk 28,000 Seaboard Marine Jan 2015

On Order:- 37 Vessel(s); 948,742 DWT.

Hangzhou Dongfeng HangzhouProducts 673 3,800 Unknown Apr 2012Products 674 3,800 Unknown Dec 2012

On Order:- 2 Vessel(s); 7,600 DWT.

Hantong Shipyard NantongBulk HT64-006 64,000 Unknown Chinese 2012Bulk HT089 57,000 Da Sin Shpg. Pte. 2012Bulk HT102 57,000 Da Sin Shpg. Pte. 2012Bulk HT103 57,000 Winland Shpg. & Ent. 2012Bulk HT104 57,000 Unknown Chinese 2012Bulk HT105 57,000 Winland Shpg. & Ent. 2012Bulk HT109 56,568 HI Investments Jul 2012Bulk HT093 57,000 Delphin Shipping Aug 2012Bulk HT097 57,000 Delphin Shipping Aug 2012Bulk HT100 57,000 Chun An Shpg. Aug 2012Bulk HT083 56,693 Da Sin Shpg. Pte. Aug 2012Bulk HT060 57,000 Conti Reederei Sep 2012Bulk HT094 57,000 Delphin Shipping Sep 2012Bulk HT098 57,000 Delphin Shipping Sep 2012Bulk HT111 56,568 HI Investments Sep 2012Bulk HT64-005 64,000 Rich Forth Oct 2012Bulk HT095 57,000 Delphin Shipping Oct 2012Bulk HT101 57,000 Da Sin Shpg. Pte. Oct 2012Bulk HT096 57,000 Delphin Shipping Nov 2012Bulk HT099 57,000 Delphin Shipping Nov 2012Bulk HT061 57,000 Conti Reederei Dec 2012Bulk 57,000 Unknown Korean 2013Bulk HT106 57,000 Delphin Shipping Jan 2013Bulk HT112 56,568 HI Investments Jan 2013Bulk HT107 57,000 Delphin Shipping Feb 2013Bulk HT64-115 64,000 Load Line Mar 2013Bulk HT113 56,568 HI Investments Mar 2013Bulk HT114 56,568 HI Investments Jun 2013Hvy Dk Cargo 50,000 39,352 GT Da Sin Shpg. Pte. Jun 2013Bulk HT115 56,568 HI Investments Sep 2013Hvy Dk Cargo 50,000 39,352 GT Da Sin Shpg. Pte. Oct 2013Bulk 57,000 Unknown Korean 2014Bulk 57,000 Unknown Korean 2014Bulk 57,000 Unknown Korean 2014

On Order:- 34 Vessel(s); 1,942,101 DWT.

Huatai Hvy. Ind. NantongBulk 0011 57,000 Unknown 2012Bulk 0009 57,000 Unknown Jul 2012Bulk 37,152 Unknown Jul 2012Bulk 0006 37,152 Marine Capital Ltd. Jul 2012Bulk 0015 57,000 Unknown Aug 2012Bulk 0007 37,152 Marine Capital Ltd. Sep 2012Bulk 0010 57,000 Unknown Oct 2012Bulk 0012 57,000 Unknown 2013Bulk 0008 37,152 Marine Capital Ltd. Jan 2013Bulk 0016 57,000 Unknown Jul 2013

On Order:- 10 Vessel(s); 490,608 DWT.

Hubei Jiangyan China P.r.Products CT115 6,250 Avin International Apr 2012Products CT116 6,250 Avin International Jul 2012

On Order:- 2 Vessel(s); 12,500 DWT.

Hudong Zhonghua ShanghaiBulk H1567A 87,340 Teo Shipping Corp. Jul 2012Bulk H1590A 87,000 Iolcos Hellenic Jul 2012Bulk H1639A 76,032 Ningbo Longsheng Sh. Jul 2012Bulk H1643A 76,000 Henghou Industries Jul 2012Bulk H1644A 76,000 Henghou Industries Aug 2012MPP H1581A 17,355 Wagenborg Shpg. B.V. Aug 2012Bulk H1604A 87,000 Iolcos Hellenic Sep 2012

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 10 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

China P.R.

Type Hull No. Dwt. *Other Units Owner Delivery

Bulk H1645A 76,000 Xiamen ITG Sep 2012Bulk H1647A 76,000 Iolcos Hellenic Sep 2012L.N.G. H1621A 73,000 147,100 cbm China LNG Shpg. Oct 2012Bulk H1646A 76,000 Xiamen ITG Nov 2012MPP H1595A 17,355 Wagenborg Shpg. B.V. Nov 2012Bulk H1648A 76,000 Iolcos Hellenic Dec 2012Bulk H1662A 87,000 Foremost Maritime 2013Bulk 76,032 Ningbo Longsheng Sh. 2013Bulk 76,032 Ningbo Longsheng Sh. 2013Bulk 76,032 Ningbo Longsheng Sh. 2013MPP H1596A 17,355 Wagenborg Shpg. B.V. Feb 2013Bulk H1661A 87,000 Foremost Maritime Mar 2013MPP H1597A 17,355 Wagenborg Shpg. B.V. May 2013Container H1564 101,588 8,888 TEU OOCL Jul 2013MPP H1598A 17,355 Wagenborg Shpg. B.V. Aug 2013Bulk 87,000 Pacsari Pte Ltd. Oct 2013Container H1701A 120,000 10,000 TEU China Shpg. Cont. Oct 2013Container H1565 101,588 8,888 TEU OOCL Oct 2013MPP H0401 17,300 Wagenborg Shpg. B.V. Nov 2013Bulk 87,000 Pacsari Pte Ltd. Dec 2013Container H1702A 120,000 10,000 TEU China Shpg. Cont. Dec 2013Container 106,000 8,888 TEU OOCL Jan 2014Container 106,000 8,888 TEU OOCL Jan 2014Container H1584 101,588 8,888 TEU OOCL Jan 2014Container H1703A 120,000 10,000 TEU China Shpg. Cont. Feb 2014Container H1704A 120,000 10,000 TEU China Shpg. Cont. Apr 2014Container H1585 101,588 8,888 TEU OOCL Apr 2014L.N.G. 1670 85,000 170,000 cbm Mitsui O.S.K. Lines 2015L.N.G. 1671 85,000 170,000 cbm Mitsui O.S.K. Lines 2015L.N.G. 1672 85,000 170,000 cbm Mitsui O.S.K. Lines 2015L.N.G. 1673 85,000 170,000 cbm Mitsui O.S.K. Lines 2016

On Order:- 38 Vessel(s); 2,984,895 DWT.

Huigang S/yard QidongBulk BC340-01 35,000 Unknown 2012

On Order:- 1 Vessel(s); 35,000 DWT.

Huludao Bohai S.B. Hu Lu DaoBulk BHSC2008407-2 34,800 China Minmetals Jul 2012

On Order:- 1 Vessel(s); 34,800 DWT.

Jiangdong Shipyard WuhuContainer JD1000-10 13,000 1,036 TEU Brise Bereederungs 2012MPP/Hvy. Lift 12,744 Hansa Heavy Lift 2012MPP/Hvy. Lift 12,744 Hansa Heavy Lift 2012Container JD1000-12 13,000 1,036 TEU Buss Capital Jun 2012Bulk 35,000 Graig Ship Mngt. Jul 2012Bulk JD57000-7 57,000 Centrans Ocean Oct 2012Container JD1000-11 13,000 1,036 TEU Buss Capital Oct 2012Bulk JD57000-8 57,000 Centrans Ocean Dec 2012

On Order:- 8 Vessel(s); 213,488 DWT.

Jiangmen Nanyang JiangmenBulk 608 32,500 Lauritzen Bulkers May 2012Bulk 610 32,500 Lauritzen Bulkers Jun 2012Bulk 126 32,500 Sino Asia Shpg. Jul 2012Bulk 130 37,000 Pacific Basin Shpg. Aug 2012Bulk 131 37,000 Pacific Basin Shpg. Oct 2012Bulk 611 32,500 Island View Shpg. Oct 2012Bulk 132 37,000 Pacific Basin Shpg. Dec 2012Bulk 117 32,500 Lauritzen Bulkers Jan 2013Bulk 612 32,500 Island View Shpg. Jan 2013Bulk 613 37,000 Pacific Basin Shpg. Mar 2013Bulk 118 32,500 Lauritzen Bulkers Mar 2013Bulk 614 37,000 Pacific Basin Shpg. Jun 2013Bulk 133 37,000 Pacific Basin Shpg. Jul 2013

On Order:- 13 Vessel(s); 449,500 DWT.

Jiangnan Changxing Changxing IslandContainer H1052A 66,903 4,738 TEU China Shpg. Cont. Jul 2012Container H1053A 66,903 4,738 TEU China Shpg. Cont. Aug 2012Bulk H1042A 115,581 Shanghai Citic Shpg. Sep 2012Bulk H1003A 115,184 COSCO Bulk Carrier Sep 2012Container H1054A 66,903 4,738 TEU China Shpg. Cont. Sep 2012Container H1025A 57,500 4,620 TEU Hamburger Lloyd Sep 2012Container H1055A 66,903 4,738 TEU China Shpg. Cont. Oct 2012Bulk H1044A 115,581 Shanghai Citic Shpg. Nov 2012Bulk H1005A 115,184 COSCO Bulk Carrier Nov 2012Container H1026A 57,500 4,620 TEU Hamburger Lloyd Nov 2012Bulk H1006A 115,184 Ching Tung (H.K.) Dec 2012Container H1056A 66,903 4,738 TEU China Shpg. Cont. Dec 2012Bulk H1045A 115,581 Shanghai Citic Shpg. Jan 2013Container H1057A 66,903 4,738 TEU China Shpg. Cont. Jan 2013Bulk H1007A 115,184 Ching Tung (H.K.) Feb 2013Bulk H1046A 115,581 Shanghai Citic Shpg. Mar 2013Bulk H1008A 115,184 Ching Tung (H.K.) Apr 2013Container 111,000 8,948 TEU Schulte Group Jun 2013

Container 111,000 8,948 TEU Schulte Group Aug 2013Container 111,000 8,948 TEU Schulte Group Oct 2013Container H1068A 105,000 8,948 TEU Costamare Shipping Nov 2013Container H1069A 105,000 8,948 TEU Costamare Shipping Dec 2013L.P.G. 52,000 84,000 cbm Frontline 2012 2014L.P.G. 52,000 84,000 cbm Frontline 2012 2014Container H1070A 105,000 8,948 TEU Costamare Shipping Jan 2014Container 25,000 1,100 TEU Shanghai Jinjiang Feb 2014Container 25,000 1,100 TEU Shanghai Jinjiang Apr 2014Bulk 81,600 Sincere Navigation Jun 2014Container 25,000 1,100 TEU Shanghai Jinjiang Jun 2014Container 25,000 1,100 TEU Shanghai Jinjiang Aug 2014Bulk 81,600 Sincere Navigation Sep 2014

On Order:- 31 Vessel(s); 2,569,862 DWT.

Jiangnan SY Group ChangxingBulk H2483 76,000 Shanghai Time Shpg. Jul 2012Bulk 76,000 Da Tang Shipping Aug 2012Bulk H2475 76,000 China Shpg. Tramp Aug 2012Bulk H2484 76,000 Shanghai Time Shpg. Sep 2012Bulk H2458 76,000 Alpha Sigma Shpg. Nov 2012Bulk H2459 76,000 Alpha Sigma Shpg. Nov 2012Bulk H2487 76,000 Shanghai Time Shpg. Nov 2012Bulk 76,000 China Shpg. Tramp Dec 2012Bulk 76,000 Da Tang Shipping Dec 2012Bulk 76,000 Shanghai Time Shpg. Jan 2013Bulk 76,000 Tianjin Zhonghai Jan 2013Ethy/LPG H2504 6,500 6,500 cbm CSC Nanjing Tanker Mar 2013Bulk 76,000 Diana Shipping Inc. Oct 2013Bulk 76,000 Shenhua Zhonghai Oct 2013Bulk 76,000 Diana Shipping Inc. Dec 2013Bulk 76,000 Shenhua Zhonghai Dec 2013Bulk 76,000 Shenhua Zhonghai Feb 2014Ethy/LPG 22,500 22,000 cbm Navigator Gas Apr 2014Bulk 76,000 Shenhua Zhonghai Apr 2014Ethy/LPG 22,500 22,000 cbm Navigator Gas Jun 2014Bulk 76,000 Shenhua Zhonghai Jun 2014Bulk 76,000 Shenhua Zhonghai Aug 2014

On Order:- 22 Vessel(s); 1,495,500 DWT.

Jiangsu Changbo JiangsuMPP 07-012 7,700 Briese Schiffahrts Jan 2012MPP 07-020 9,739 Marship Bereederungs Jun 2012MPP 06-049 12,500 Spliethoff Jul 2012

On Order:- 3 Vessel(s); 29,939 DWT.

Jiangsu Eastern JingjiangBulk 82,000 Unknown 2012Bulk 47,500 Minsheng Financial 2012Bulk 47,500 Minsheng Financial 2012Bulk 47,500 Minsheng Financial 2012Bulk 47,500 Minsheng Financial 2012Bulk 47,500 Minsheng Financial 2012Bulk 23,000 Baosteel Group 2012Bulk 23,000 Baosteel Group Apr 2012Bulk 10C-030 95,000 Blue Planet Shpg. Jul 2012Bulk 10C-050 95,000 Pitiousa Shipping Jul 2012Bulk 10-203 82,000 Daelim Corporation Jul 2012Bulk 08C-004 80,300 Atlantska Plovidba Jul 2012Bulk 10-060 80,000 Shpg. Corp. of India Jul 2012Bulk 10C-001 79,800 Atlantska Plovidba Jul 2012Bulk 47,500 Nanjing Twin Rivers Jul 2012Bulk 23,000 Baosteel Group Jul 2012Bulk 10-202 82,000 Sammok Shipping Co. Aug 2012Bulk 10C-020 82,000 Wilmar Holdings Aug 2012Bulk 180,000 Samsun Logix Hellas Sep 2012Bulk 10-204 82,000 Daelim Corporation Sep 2012Bulk 10-061 80,000 Shpg. Corp. of India Sep 2012Bulk 10C-002 79,800 Atlantska Plovidba Sep 2012Bulk 47,500 Nanjing Twin Rivers Sep 2012Bulk 10C-021 82,000 Wilmar Holdings Oct 2012Bulk 08C-005 80,300 Atlantska Plovidba Nov 2012Bulk 10-062 80,000 Shpg. Corp. of India Nov 2012Bulk 10C-031 95,000 Halcoussis Z. & G. Dec 2012Bulk 47,500 Minsheng Financial 2013Bulk 47,500 Minsheng Financial 2013Bulk 47,500 Minsheng Financial 2013Bulk 47,500 Minsheng Financial 2013Bulk 10C-032 95,000 Third Millenium Shpg Jan 2013Bulk 10C-022 82,000 Wilmar Holdings Jan 2013Bulk 10-063 80,000 Shpg. Corp. of India Jan 2013

On Order:- 34 Vessel(s); 2,365,700 DWT.

Jiangsu Ganghua TaixingCh&O* GHCY 7500-06 7,500 SOCATRA 2012Ch&O* GHCY 7500-08 7,500 SOCATRA 2012Ch&O* GHCY 1003 7,518 Unifleet B.V. Mar 2012

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 11 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

China P.R.

Type Hull No. Dwt. *Other Units Owner Delivery

Ch&O* GHCY 7500-05 7,500 SOCATRA Jun 2012Ch&O* GHCY 1004 7,518 Unifleet B.V. Jul 2012

On Order:- 5 Vessel(s); 37,536 DWT.

Jiangsu Haishili China P.r.Bulk 1-35000BC-01 35,000 Zhong Ning Shpg Co Jul 2013

On Order:- 1 Vessel(s); 35,000 DWT.

Jiangsu Hongming YanchengBulk HM-0018 47,000 Unknown 2012Bulk HM0025 31,000 Hua Sheng Shipping 2012GCargo HM-0004 8,000 Unknown Apr 2012GCargo HM-0005 8,000 Unknown Apr 2012

On Order:- 4 Vessel(s); 94,000 DWT.

Jiangsu New YZJ JingjiangBulk 849 92,500 Conti Reederei Jul 2012Bulk YZJ2010-966 82,000 Rewood Ocean Shpg. Jul 2012Bulk YZL2010-936 47,500 Fujian Shipping Co. Jul 2012Container 2007-871 49,963 4,250 TEU COSCON Jul 2012Bulk YZJ2010-967 82,000 Rewood Ocean Shpg. Oct 2012Bulk YZL2010-937 47,500 Fujian Shipping Co. Oct 2012Bulk YZJ2011-979 82,000 East Sunrise Group Dec 2012Container 57,800 4,800 TEU Hansa Treuhand 2013Container 57,800 4,800 TEU Hansa Treuhand 2013Container 2007-842 57,800 4,800 TEU Hansa Treuhand 2013Container 2007-843 57,800 4,800 TEU Hansa Treuhand 2013Bulk YZJ2010-968 82,000 Rewood Ocean Shpg. Jan 2013Bulk YZJ2011-980 82,000 East Sunrise Group Jan 2013Bulk YZL2010-938 47,500 Fujian Shipping Co. Jan 2013Container YZJ777C 57,500 4,771 TEU Hammonia Reederei Jan 2013Container YZJ778C 57,500 4,771 TEU Hammonia Reederei Jan 2013Container 2007-872 49,963 4,250 TEU COSCON Jan 2013Container YZJ912 57,500 4,771 TEU Peter Dohle Schiff. Feb 2013Container 2007-874 49,963 4,250 TEU COSCON Mar 2013Bulk YZJ2010-969 82,000 Rewood Ocean Shpg. Apr 2013Container YZJ913 57,500 4,771 TEU Peter Dohle Schiff. Apr 2013Container 2007-873 49,963 4,250 TEU COSCON Apr 2013Container 2007-875 49,963 4,250 TEU COSCON May 2013Container YZJ2011-983 120,000 10,000 TEU Seaspan Corp. Jun 2013Container 2007-877 49,963 4,250 TEU COSCON Jun 2013Bulk YZJ2010-970 82,000 Rewood Ocean Shpg. Jul 2013Container YZJ2011-984 120,000 10,000 TEU Seaspan Corp. Aug 2013Container 2007-876 49,963 4,250 TEU COSCON Sep 2013Bulk YZJ2010-972 82,000 Rewood Ocean Shpg. Oct 2013Container YZJ2011-985 120,000 10,000 TEU Seaspan Corp. Oct 2013Container 2007-878 49,963 4,250 TEU COSCON Oct 2013Container 2007-881 49,963 4,250 TEU COSCON Oct 2013Container 2007-880 49,963 4,250 TEU COSCON Nov 2013Container 2007-882 49,963 4,250 TEU COSCON Nov 2013Container 2007-883 49,963 4,250 TEU COSCON Nov 2013Container YZJ2011-986 120,000 10,000 TEU Seaspan Corp. Dec 2013Container 2007-879 49,963 4,250 TEU COSCON Dec 2013Container 2007-884 49,963 4,250 TEU COSCON Dec 2013Container 2007-885 49,963 4,250 TEU COSCON Dec 2013Container YZJ2011-993 120,000 10,000 TEU Seaspan Corp. Feb 2014Container YZJ2011-994 120,000 10,000 TEU Seaspan Corp. Apr 2014Container 120,000 10,000 TEU Seaspan Corp. Jun 2014Container 120,000 10,000 TEU Seaspan Corp. Aug 2014Container 120,000 10,000 TEU Seaspan Corp. Oct 2014

On Order:- 44 Vessel(s); 3,181,645 DWT.

Jiangsu Rongsheng NantongBulk 1138 76,000 Minsheng Financial 2012Bulk 1139 76,000 Minsheng Financial 2012Bulk 1140 76,000 Minsheng Financial 2012Bulk 1141 76,000 Minsheng Financial 2012Bulk 1142 76,000 Minsheng Financial 2012Tanker H1149 157,000 Cardiff Marine Inc. Jul 2012Tanker H1150 157,000 Cardiff Marine Inc. Jul 2012Tanker H1081 156,644 Geden Line Jul 2012Ore 1125 400,000 Oman Shipping Co. Jul 2012Ore 1126 400,000 Oman Shipping Co. Jul 2012Ore H1108 400,000 Vale Jul 2012Bulk 1173 76,000 Centrans Ocean Jul 2012Bulk 1174 76,000 Centrans Ocean Jul 2012Bulk H1136 75,971 Minsheng Financial Jul 2012Bulk H1137 75,971 Minsheng Financial Jul 2012Container H1101 84,660 6,588 TEU Hansa Treuhand Jul 2012Container H1102 84,660 6,588 TEU Hansa Treuhand Jul 2012Tanker H1151 157,000 Cardiff Marine Inc. Aug 2012Bulk 1175 76,000 Centrans Ocean Aug 2012Ore H1109 400,000 Vale Sep 2012Bulk 1176 76,000 Centrans Ocean Sep 2012Tanker H1163 157,000 Cardiff Marine Inc. Oct 2012Ore 1127 400,000 Oman Shipping Co. Nov 2012Ore 1128 400,000 Oman Shipping Co. Nov 2012

Bulk 76,000 Transview Shipping Nov 2012Bulk 1177 76,000 Centrans Ocean Nov 2012Container H1103 84,660 6,588 TEU Hansa Treuhand Nov 2012Ore H1110 400,000 Vale Dec 2012Container H1104 84,660 6,588 TEU Hansa Treuhand Dec 2012Tanker H1031 156,644 Unknown 2013Shuttle 75,000 Shanghai North Sea 2013Shuttle 75,000 Shanghai North Sea 2013Bulk 205,000 Enterprises Shpg. 2013Bulk 205,000 Enterprises Shpg. 2013Bulk 205,000 Enterprises Shpg. 2013Bulk 205,000 Enterprises Shpg. 2013Bulk 76,000 Golden Union 2013Bulk 76,000 Golden Union 2013Bulk 1143 76,000 Minsheng Financial 2013Bulk 1145 76,000 Minsheng Financial 2013Bulk 1146 76,000 Minsheng Financial 2013Bulk 1147 76,000 Minsheng Financial 2013Bulk 1148 76,000 Minsheng Financial 2013Bulk 1178 76,000 Centrans Ocean 2013Bulk 1179 76,000 Centrans Ocean 2013Bulk 1180 76,000 Centrans Ocean 2013Bulk 1181 76,000 Centrans Ocean 2013Bulk H1176 76,000 Unknown 2013Container 1251 85,000 7,019 TEU Dynacom Tankers Mngt 2013Container 1252 85,000 7,019 TEU Dynacom Tankers Mngt 2013Container 85,000 6,600 TEU Goldenport Holdgs. 2013Container 85,000 6,600 TEU Goldenport Holdgs. 2013Tanker 157,000 Aktif Denizcilik Jan 2013Tanker H1164 157,000 Cardiff Marine Inc. Jan 2013Bulk 1154 76,000 Safe Bulkers Inc. Jan 2013Tanker 1167 320,000 Cardiff Marine Inc. Feb 2013Tanker 157,000 Frontline Ltd. Feb 2013Bulk 76,000 Transview Shipping Feb 2013Tanker 1152 157,000 Thenamaris (Mgmt.) Mar 2013Ore H1111 400,000 Vale Mar 2013Tanker 157,000 Aktif Denizcilik Apr 2013Tanker 157,000 Global Union Shpg Apr 2013Tanker 1168 320,000 Cardiff Marine Inc. May 2013Tanker 157,000 Frontline Ltd. May 2013Tanker 157,000 Global Union Shpg May 2013Tanker 1153 157,000 Thenamaris (Mgmt.) May 2013Bulk 76,000 Transview Shipping May 2013Tanker 157,000 Global Union Shpg Jun 2013Ore H1112 400,000 Vale Jun 2013Tanker 157,000 Aktif Denizcilik Jul 2013Tanker 157,000 Global Union Shpg Jul 2013Bulk 1197 76,000 Golden Union Jul 2013Tanker 157,000 Global Union Shpg Aug 2013Bulk 76,000 Transview Shipping Aug 2013Tanker 157,000 Global Union Shpg Sep 2013Ore H1113 400,000 Vale Sep 2013Container 1255 85,000 6,600 TEU Ofer Bros (Ships) Sep 2013Tanker 1195 320,000 Shpg. Corp. of India Oct 2013Tanker 157,000 Aktif Denizcilik Oct 2013Tanker 157,000 Global Union Shpg Oct 2013Tanker 157,000 Global Union Shpg Nov 2013Bulk 76,000 Transview Shipping Nov 2013Bulk 1198 76,000 Golden Union Nov 2013Tanker 1196 320,000 Shpg. Corp. of India Dec 2013Tanker 157,000 Global Union Shpg Dec 2013Ore H1114 400,000 Vale Dec 2013Container 1256 85,000 6,600 TEU Ofer Bros (Ships) Dec 2013Bulk 205,000 Enterprises Shpg. 2014Bulk 205,000 Enterprises Shpg. 2014Bulk 76,000 Centrans Ocean 2014Bulk 75,900 Dryships Inc. 2014Bulk 75,900 Dryships Inc. 2014Bulk 75,900 Dryships Inc. 2014Bulk 75,900 Dryships Inc. 2014Tanker 157,000 Global Union Shpg Jan 2014Bulk 76,000 Transview Shipping Feb 2014Ore H1115 400,000 Vale Mar 2014Ore H1116 400,000 Vale Jun 2014

On Order:- 98 Vessel(s); 15,520,470 DWT.

Jiangsu Yangzijiang JiangyinBulk 34,000 Jiangsu S.S. 2012Bulk 34,000 Jiangsu S.S. 2012Bulk YZJ2010-962 47,500 Jiangsu S.S. Jul 2012Bulk 2007-786 34,000 Ship Finance Inter. Jul 2012Bulk YZJ2010-944 33,600 Unknown Jul 2012Container 2007-818 38,788 2,546 TEU MPC Steamship Jul 2012MPP YZJ2010-940 8,557 Carisbrooke Shipping Jul 2012

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 12 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

China P.R.

Type Hull No. Dwt. *Other Units Owner Delivery

Bulk YZJ2010-963 47,500 Jiangsu S.S. Aug 2012Bulk YZJ2010-945 33,600 Unknown Aug 2012GCargo YJZ2011-997 10,150 Carisbrooke Shipping Aug 2012GCargo YZJ2011-998 10,150 Carisbrooke Shipping Aug 2012Bulk YJZ2010-949 47,500 Jiangsu Huayuan Sep 2012Container 33,800 2,546 TEU Torvald Klaveness Sep 2012GCargo YZJ2011-999 10,150 Carisbrooke Shipping Oct 2012GCargo YZJ2011-1000 10,150 Carisbrooke Shipping Nov 2012Container 33,800 2,546 TEU Torvald Klaveness Dec 2012Chip 70,000 Nova Shpg & Logist. Jan 2013Container 2007-820 38,788 2,546 TEU MPC Steamship Jan 2013Container 33,800 2,546 TEU Torvald Klaveness Mar 2013Chip 70,000 Nova Shpg & Logist. Apr 2013Container 33,800 2,546 TEU Torvald Klaveness Jun 2013Chip 70,000 Nova Shpg & Logist. Jul 2013Bulk YZJ2010-950 47,500 Jiangsu S.S. Jul 2013Bulk YZJ2010-951 47,500 Jiangsu S.S. Sep 2013Chip 70,000 Nova Shpg & Logist. Oct 2013Chip 70,000 Nova Shpg & Logist. Dec 2013Chip 70,000 Nova Shpg & Logist. Mar 2014Bulk 63,800 Jiangsu S.S. May 2014Container 16,000 1,100 TEU Lomar Shpg May 2014Bulk 63,800 Jiangsu S.S. Jul 2014Container 16,000 1,100 TEU Lomar Shpg Jul 2014Bulk 63,800 Jiangsu S.S. Sep 2014Bulk 63,800 Jiangsu S.S. Dec 2014Bulk 95,000 Fujian Shipping Co. 2015Bulk 95,000 Fujian Shipping Co. 2015Bulk 82,000 Unknown Chinese 2015Bulk 82,000 Unknown Chinese 2015Bulk 82,000 Unknown Chinese 2015Bulk 82,000 Unknown Chinese 2015

On Order:- 39 Vessel(s); 1,893,833 DWT.

Jiangsu Zhenjiang ZhenjiangAHTS SSS178A 5,000 4,264 GT Sealink Internat. Dec 2012AHTS SSS179A 5,000 4,264 GT Sealink Internat. Dec 2012

On Order:- 2 Vessel(s); 10,000 DWT.

Jiangxi Huadong JiujiangCh&O* 9,500 Unknown 2012Ch&O* 5,000 Unknown Oct 2012

On Order:- 2 Vessel(s); 14,500 DWT.

Jiangzhou S/Y RuichangCh&O* 1033 16,669 Unknown 2012Ch&O* 1034 16,669 Unknown 2012MPP/Hvy. Lift JZ1030 14,360 W. Bockstiegel 2012MPP/Hvy. Lift JZ1031 14,360 W. Bockstiegel 2012MPP/Hvy. Lift JZ1036 14,360 W. Bockstiegel 2012MPP/Hvy. Lift JZ1037 14,360 W. Bockstiegel 2012MPP/Hvy. Lift JZ1039 14,360 W. Bockstiegel 2012MPP/Hvy. Lift JZ1047 14,360 W. Bockstiegel 2012MPP/Hvy. Lift JZ1029 14,360 W. Bockstiegel Apr 2012Ch&O* 1035 16,669 Unknown Jun 2012Ch&O* 1022 16,500 Unknown Jul 2012MPP/Hvy. Lift 14,360 W. Bockstiegel 2013MPP/Hvy. Lift 14,360 W. Bockstiegel 2013MPP/Hvy. Lift JZ1032 14,360 W. Bockstiegel 2013MPP/Hvy. Lift JZ1038 14,360 W. Bockstiegel 2013MPP/Hvy. Lift JZ1048 14,360 W. Bockstiegel 2013

On Order:- 16 Vessel(s); 238,827 DWT.

Jinbin S.B. ShandongGCargo JB-14 3,500 W&R Shipping BV 2012GCargo JB-15 3,500 W&R Shipping BV 2012GCargo JB-16 3,500 W&R Shipping BV 2012GCargo JB-17 3,500 W&R Shipping BV 2012

On Order:- 4 Vessel(s); 14,000 DWT.

Jingjiang Nanyang JingjiangStandby/Resc. 340 564 GT Halul Offshore Jun 2012AHT 1352 540 GT Pacific Ocean Jun 2012AHTS 1474 1,500 1,279 GT Global Marine Serv. Aug 2012Supply 1475 2,500 1,724 GT Miclyn Express Offsh Sep 2012

On Order:- 4 Vessel(s); 4,340 DWT.

Jinglu Shipyard PenglaiBulk JL0027 75,200 Unknown Sep 2012Bulk JL0028 75,200 Unknown Sep 2012Bulk JL0029 75,200 Unknown Dec 2012Bulk JL0030 75,200 Unknown Dec 2012

On Order:- 4 Vessel(s); 300,800 DWT.

Jinhai Heavy Ind. ZhoushanTanker J0027 320,000 Frontline 2012 Jul 2012Bulk J0021 176,000 Golden Ocean Jul 2012Bulk J0065 176,000 Grand China Logist. Jul 2012Bulk J0068 176,000 Grand China Logist. Jul 2012

Bulk J0056 175,580 Grand China Logist. Jul 2012Bulk J0127 81,000 Ofer (Ships Holdgs.) Jul 2012Bulk 80,000 PL Shipping Co. Jul 2012Bulk 79,600 Golden Ocean Jul 2012Bulk J0047 79,600 Golden Ocean Jul 2012Bulk J0048 79,600 Golden Ocean Jul 2012Bulk J0095 79,600 Grand China Logist. Jul 2012Bulk J0075 79,467 Unknown Jul 2012Bulk J0077 79,467 Grand China Logist. Jul 2012Bulk J0080 79,467 Grand China Logist. Jul 2012Bulk T002 79,393 Zhoushan Luoda Shpg Jul 2012Tanker J0025 320,000 Frontline 2012 Aug 2012Bulk 79,600 Golden Ocean Aug 2012Bulk J0096 79,600 Grand China Logist. Aug 2012Bulk J0128 81,000 Ofer (Ships Holdgs.) Sep 2012Tanker J0026 320,000 Frontline 2012 Oct 2012Tanker J0028 320,000 Frontline 2012 Oct 2012Bulk J0040 176,000 Geden Line Oct 2012Bulk 79,600 Grand China Logist. Oct 2012Bulk 74,500 Golden Ocean Oct 2012Bulk J0131 176,000 Safe Bulkers Inc. Nov 2012Bulk J0129 81,000 Ofer (Ships Holdgs.) Nov 2012Bulk 74,500 Golden Ocean Nov 2012Bulk J0130 81,000 Ofer (Ships Holdgs.) Dec 2012Bulk 79,600 Grand China Logist. Dec 2012Tanker 320,000 Gulf Navigation 2013Bulk 79,467 Grand China Logist. 2013Bulk J0079 79,467 Grand China Logist. 2013Bulk J0082 79,467 Grand China Logist. 2013Tanker 320,000 Frontline 2012 Jan 2013Bulk J0062 176,000 Grand China Logist. Jan 2013Bulk 74,500 Golden Ocean Jan 2013Bulk J0135 81,500 Wilmar Holdings Feb 2013Bulk 79,600 Grand China Logist. Feb 2013Bulk 74,500 Golden Ocean Feb 2013Bulk 79,600 Grand China Logist. May 2013Bulk 79,600 Grand China Logist. May 2013Bulk 79,600 Grand China Logist. Sep 2013Bulk 79,600 Grand China Logist. Sep 2013Tanker 320,000 Gulf Navigation 2014Bulk 64,000 Laskaridis Shpg 2014Bulk 64,000 Laskaridis Shpg 2014Bulk J0162 64,000 Kyma Shp Mngt 2014

On Order:- 47 Vessel(s); 6,038,075 DWT.

Jinling Shipyard NanjingBulk 47,500 Wenzhou Shipping 2012Bulk 47,500 Wenzhou Shipping 2012PCC 5,593 CSC Shenzhen Jan 2012Hvy Dk Cargo 8100902 70,000 55,093 GT Centrans Ocean Jun 2012Bulk JLZ08-0410 92,500 Centrans Ocean Jul 2012Bulk 9100416 57,000 Densay Shpg & T'dg Jul 2012PCC 5,593 CSC Shenzhen Jul 2012Bulk JLZ8100424 82,000 Chios Navigation Aug 2012Bulk 9100417 57,000 Soon Fong Shipping Aug 2012Bulk JLZ9110402 57,000 Shandong Shipping Aug 2012Ro-Ro 07-0442 10,500 Finnlines Plc Aug 2012Hvy Dk Cargo 8100901 70,000 55,093 GT Centrans Ocean Sep 2012Bulk 92,500 Centrans Ocean Oct 2012Bulk 9100418 57,000 Soon Fong Shipping Oct 2012Ro-Ro 07-0443 10,500 Finnlines Plc Oct 2012Bulk 92,500 Centrans Ocean Dec 2012Bulk 56,750 Gourdomichalis Mar. Dec 2012Products 41,500 Ethiopian Shpg. 2013Products 41,500 Ethiopian Shpg. 2013Bulk 35,000 Ariston Navigation 2013Bulk 35,000 Ariston Navigation 2013Bulk 82,000 Da Tong Shipping S.A Mar 2013Bulk 82,000 Da Tong Shipping S.A Jun 2013Bulk 82,000 Densay Shpg & T'dg Nov 2013Bulk 64,000 Swiss Marine Inc. 2014Bulk 64,000 Swiss Marine Inc. 2014Bulk 37,000 Clipper Group 2014Bulk 37,000 Clipper Group 2014Bulk 35,000 Ariston Navigation 2014Bulk 35,000 Ariston Navigation 2014Bulk 35,000 Ariston Navigation 2014Bulk 35,000 Ariston Navigation 2014Container 55,000 4,800 TEU Dietrich Tamke K.G. Jan 2014

On Order:- 33 Vessel(s); 1,707,436 DWT.

Jiujiang Xiangsheng JiujiangCh&O* XS16500-01 16,500 Unknown 2012Ch&O* XS16500-02 16,500 Unknown 2012Ch&O* XS16500-03 16,500 Unknown 2012

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 13 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

China P.R.

Type Hull No. Dwt. *Other Units Owner Delivery

Ch&O* XS16500-04 16,500 Unknown 2012Ch&O* XS16500-05 16,500 Unknown 2012Ch&O* XS16500-06 16,500 Unknown 2012

On Order:- 6 Vessel(s); 99,000 DWT.

Kaihang S.B. Ind. Co China P.r.Bulk 73,000 Zhenghe Shpg. Group Sep 2012

On Order:- 1 Vessel(s); 73,000 DWT.

Kouan S.B. TaizhouContainer TK0601 13,100 1,100 TEU Norse Mngt. U.K. Jul 2012MPP TK0510 27,000 Pacific Int. Lines Jul 2012MPP/Hvy. Lift TK0505 27,000 COSCO Shipping Co. Aug 2012MPP TK0508 27,000 Pacific Carriers Aug 2012Container TK0602 13,100 1,100 TEU Norse Mngt. U.K. Sep 2012MPP 27,000 Pacific Int. Lines Oct 2012MPP/Hvy. Lift 27,000 COSCO Shipping Co. Oct 2012Container TK0603 13,100 1,100 TEU Norse Mngt. U.K. Nov 2012MPP 27,000 Pacific Int. Lines Dec 2012Bulk TK0801 64,000 Norr Systems Mar 2013Bulk TK0802 64,000 Norr Systems May 2013Bulk 51,000 Guangdong Lanhai Jun 2013Bulk 51,000 Guangdong Lanhai Jun 2013Bulk 51,000 Guangdong Lanhai Jul 2013Bulk 51,000 Guangdong Lanhai Jul 2013Bulk 51,000 Guangdong Lanhai Aug 2013Bulk 51,000 Guangdong Lanhai Aug 2013Bulk 51,000 Guangdong Lanhai Sep 2013Bulk 51,000 Guangdong Lanhai Oct 2013Bulk 51,000 Guangdong Lanhai Nov 2013Bulk 51,000 Guangdong Lanhai Dec 2013

On Order:- 21 Vessel(s); 839,300 DWT.

Lianyungang Helitong LianyungangBulk 28,000 Unknown 2012

On Order:- 1 Vessel(s); 28,000 DWT.

Liaoning Hongguan PanjinCh&O* 0706 16,500 Ocean Tankers Pte 2012

On Order:- 1 Vessel(s); 16,500 DWT.

Liaoning Marine YingkouMPP 2007-1203 8,000 Briese Schiffahrts 2012MPP 2007-1204 8,000 Briese Schiffahrts 2012

On Order:- 2 Vessel(s); 16,000 DWT.

Linhai Chengzhou LinhaiProducts 4,800 Panoil Tankers Jun 2012Products 4,800 Panoil Tankers Jul 2012

On Order:- 2 Vessel(s); 9,600 DWT.

Lujiashi Zhoushan ZhoushanPCC 2087 11,760 F. Laeisz Oct 2012PCC 2088 11,760 F. Laeisz Dec 2012

On Order:- 2 Vessel(s); 23,520 DWT.

MLC Tongbao NantongAHTS MLC5285 800 1,100 GT Simgood Jun 2012AHTS MLC5286 800 1,100 GT Simgood Jun 2012AHTS MLC5288 800 1,100 GT Simgood Jun 2012AHTS 7201 2,200 2,880 GT Alam Maritim Jul 2012AHTS 7202 2,200 2,880 GT Alam Maritim Sep 2012

On Order:- 5 Vessel(s); 6,800 DWT.

Nanjing Chenglang NanjingBulk 30,000 Unknown Chinese Jan 2012

On Order:- 1 Vessel(s); 30,000 DWT.

Nanjing Dongze NanjingBulk DZ10H-05 35,031 OSL Shipping Jul 2012Bulk DZ10H-01 35,000 Goldenport Holdgs. Jul 2012Bulk DZ10H-02 35,000 Karlog Shpg. Co. Ltd Jul 2012Bulk DZ10H-06 35,031 OSL Shipping Dec 2012

On Order:- 4 Vessel(s); 140,062 DWT.

Nanjing East Star NanjingAsp.& Bit. ESS100202 3,500 Stolt-Nielsen Trans. Mar 2012Asp.& Bit. ESS100203 3,500 Stolt-Nielsen Trans. Jun 2012AHT T5005 1,385 1,450 GT Avance Marine Jun 2012Standby/Resc. 500 526 GT Vroon Offshore Jun 2012AHTS 08ESS-T5010 1,300 1,075 GT Nanjing East Star Aug 2012Asp.& Bit. ESS100205 3,500 Stolt-Nielsen Trans. Sep 2012Standby/Resc. 500 526 GT Vroon Offshore Sep 2012Asp.& Bit. ESS100206 3,500 Stolt-Nielsen Trans. Dec 2012Standby/Resc. 500 526 GT Vroon Offshore Mar 2013Standby/Resc. 500 526 GT Vroon Offshore Jun 2013Standby/Resc. 500 526 GT Vroon Offshore Sep 2013Standby/Resc. 500 526 GT Vroon Offshore Dec 2013

On Order:- 12 Vessel(s); 19,685 DWT.

Nanjing Shenghua NanjingBulk 413 82,500 Unknown Jul 2012Bulk 414 79,600 Unknown Oct 2012

On Order:- 2 Vessel(s); 162,100 DWT.

Nanjing Tianshun NanjingCh&O* 0607 7,439 Stellar Shpmgmt. Jan 2012

On Order:- 1 Vessel(s); 7,439 DWT.

Nanjing Wujiazui NanjingContainer WJZ034 14,220 1,085 TEU Carsten Rehder Jun 2012Bulk YC012 79,659 Guangdong Lanhai Jul 2012Bulk YC013 79,659 Guangdong Lanhai Sep 2012Bulk YC015 79,659 Guangdong Lanhai Nov 2012Bulk YC017 79,659 Guangdong Lanhai 2013Bulk YC018 79,659 Guangdong Lanhai 2013Bulk YC019 79,659 Guangdong Lanhai 2013Bulk YC016 79,659 Guangdong Lanhai Jan 2013Bulk 51,000 Nanjing Hengrui Spg 2014

On Order:- 9 Vessel(s); 622,833 DWT.

Nantong Cosco KHI NantongBulk 104 205,000 Nippon Yusen Kaisha Jul 2012Bulk 127 58,000 Fairweather S.S. Co. Jul 2012Bulk 139 58,670 Jiangsu Ocean Shpg. Aug 2012Bulk 086 58,000 Kumiai Senpaku K.K. Aug 2012Bulk 131 58,000 Winning Alliance Sep 2012Pipe Layer 2,900 GT Sea Trucks Group Sep 2012Bulk 132 58,000 Winning Alliance Oct 2012Bulk 137 58,000 Kumiai Senpaku K.K. Oct 2012Bulk 120 58,670 Jiangsu Ocean Shpg. Nov 2012Bulk 140 58,670 Jiangsu Ocean Shpg. Nov 2012Bulk 121 58,670 Jiangsu Ocean Shpg. Dec 2012Bulk 138 58,000 Kumiai Senpaku K.K. Dec 2012Bulk 141 58,000 Mitsubishi Corp. Jan 2013Bulk 105 205,000 Kumiai Senpaku K.K. Feb 2013Bulk 142 58,000 Mitsubishi Corp. Mar 2013Container 111 142,500 13,500 TEU COSCON Apr 2013MPP/Hvy. Lift 133 28,000 COSCO Shipping Co. Jun 2013Container 112 142,500 13,500 TEU COSCON Jul 2013MPP/Hvy. Lift 134 28,000 COSCO Shipping Co. Jul 2013Container 113 142,500 13,500 TEU COSCON Sep 2013MPP/Hvy. Lift 135 28,000 COSCO Shipping Co. Sep 2013MPP/Hvy. Lift 136 28,000 COSCO Shipping Co. Oct 2013Container 114 142,500 13,500 TEU COSCON Dec 2013Container 115 142,500 13,500 TEU COSCON Feb 2014Container 116 142,500 13,500 TEU COSCON May 2014Container 117 142,500 13,500 TEU COSCON Jun 2014Container 118 142,500 13,500 TEU COSCON Sep 2014

On Order:- 27 Vessel(s); 2,360,680 DWT.

Nantong Jinghua NantongBulk BC350-7 35,000 Nordic Hamburg Aug 2012

On Order:- 1 Vessel(s); 35,000 DWT.

Nantong Mingde NantongBulk 30,000 Unknown 2012Bulk 30,000 Unknown 2012Ch&O* MD047-8000-09 8,025 Tank. Herning A/S Jan 2012Ch&O*MD095-25000-05 25,000 Schulte Group Mar 2012Ch&O* MD048-8000-10 8,025 Tank. Herning A/S Apr 2012PCC MD087-33000-07 11,000 Gram P.D. Jul 2012Ch&O*MD096-25000-06 25,000 Schulte Group Aug 2012Bulk MD08431800BC02 31,800 Everlast Shipping SA Aug 2012PCC MD088-33000-08 11,000 Gram P.D. Aug 2012Ch&O* MD159 30,000 Jo Tankers A/S Oct 2012Ch&O*MD101-25000-07 25,000 Schulte Group Oct 2012Bulk 180,000 Cabot Shipping Oct 2012Bulk 180,000 Cabot Shipping Oct 2012Ch&O*MD102-25000-08 25,000 Schulte Group Dec 2012Bulk 30,000 Unknown 2013Bulk 30,000 Unknown 2013Bulk 30,000 Unknown 2013Ch&O* MD160 30,000 Jo Tankers A/S Jan 2013Chip MD145 70,000 Nova Shpg & Logist. Jan 2013Bulk MD149 39,400 Algoma Central Corp. Feb 2013Bulk MD150 39,400 Algoma Central Corp. Feb 2013Chip MD146 70,000 Nova Shpg & Logist. Apr 2013Bulk MD151 39,400 Algoma Central Corp. Apr 2013Bulk MD152 39,400 Algoma Central Corp. Apr 2013Bulk MD153-SUL-01 29,800 Algoma Central Corp. Apr 2013Chip MD147 70,000 Nova Shpg & Logist. Jul 2013Bulk MD154-SUL-02 29,800 Algoma Central Corp. Aug 2013Chip MD148 70,000 Nova Shpg & Logist. Oct 2013Bulk MD155-SUL-03 29,800 Algoma Central Corp. Nov 2013Bulk 30,000 Unknown 2014Chip 70,000 Nova Shpg & Logist. Jan 2014Bulk MD156-SUL-04 29,800 Algoma Central Corp. Jan 2014Bulk MD157-SUL-05 29,800 Algoma Central Corp. Mar 2014Chip 70,000 Nova Shpg & Logist. Apr 2014

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 14 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

China P.R.

Type Hull No. Dwt. *Other Units Owner Delivery

Bulk MD158-SUL-06 29,800 Algoma Central Corp. Apr 2014On Order:- 35 Vessel(s); 1,526,250 DWT.

Nantong Nikka S.B. NantongBulk 013 29,037 Dalian Jifa Feb 2012

On Order:- 1 Vessel(s); 29,037 DWT.

Nantong Tongshun NantongMisc. Cargo TS101108 12,000 DK S & Co. Ltd 2012

On Order:- 1 Vessel(s); 12,000 DWT.

Nantong Yahua JiangsuBulk 014 30,000 Unknown May 2012

On Order:- 1 Vessel(s); 30,000 DWT.

New Century S/Y JingjiangBulk 0103008 30,116 Cosmoship Management Apr 2012Bulk 0111507 115,000 Interorient Nav. Co. Jul 2012Bulk 0111508 115,000 Interorient Nav. Co. Jul 2012Bulk 0111505 115,000 Interorient Nav. Co. Aug 2012Bulk 0108214 82,000 Zhejiang Hongxin Aug 2012Bulk 0111506 115,000 Interorient Nav. Co. Sep 2012Bulk 0108216 82,000 Dynacom Tankers Mngt Sep 2012Bulk 0108215 82,000 Zhejiang Hongxin Oct 2012Bulk 0108205 81,500 Vergos Marine Mngt. Oct 2012Bulk 0108206 81,500 Vergos Marine Mngt. Oct 2012Bulk 0108212 82,000 Da Tong Shipping S.A Nov 2012Bulk 82,000 Da Tong Shipping S.A 2013Bulk 82,000 Da Tong Shipping S.A 2013Bulk 0108213 82,000 Da Tong Shipping S.A Jan 2013Bulk 0108207 81,500 Vergos Marine Mngt. Jan 2013Bulk 0108217 82,000 Dynacom Tankers Mngt Apr 2013Bulk 0110301 103,000 New Century (Cyprus) Jul 2013Bulk 0110302 103,000 New Century (Cyprus) Oct 2013Bulk 0110303 103,000 New Century (Cyprus) Dec 2013Bulk 0110304 103,000 New Century (Cyprus) Jan 2014Bulk 0110305 103,000 New Century (Cyprus) Apr 2014Bulk 0110306 103,000 New Century (Cyprus) Jun 2014Bulk 0110307 103,000 New Century (Cyprus) Sep 2014Bulk 0110308 103,000 New Century (Cyprus) Nov 2014Bulk 0110309 103,000 New Century (Cyprus) Mar 2015Bulk 0110310 103,000 New Century (Cyprus) May 2015

On Order:- 26 Vessel(s); 2,420,616 DWT.

New Hantong Shipyard YangzhongBulk HT82-001 82,000 Jimei Shipping Co Jul 2012Bulk HT82-002 82,000 Jimei Shipping Co Oct 2012Bulk HT82-003 82,000 Jimei Shipping Co Jan 2013Bulk HT82-004 82,000 Jimei Shipping Co Apr 2013

On Order:- 4 Vessel(s); 328,000 DWT.

New Times S.B. JingjiangTanker 0316314 149,998 Dynacom Tankers Mngt Jul 2012Bulk 0117630 175,125 Deiulemar Shipping Jul 2012Bulk 0111520 114,536 Hanjin Shpg Co. Jul 2012Bulk 0108203 81,170 STX Pan Ocean Aug 2012Bulk 0108204 81,170 STX Pan Ocean Aug 2012Tanker 0332001 320,000 Dynacom Tankers Mngt Sep 2012Bulk 0108208 82,000 ArcelorMittal Shpg. Sep 2012Bulk 0108209 82,000 ArcelorMittal Shpg. Oct 2012Tanker 0332002 320,000 Dynacom Tankers Mngt Nov 2012Bulk 0108210 82,000 ArcelorMittal Shpg. Nov 2012Tanker 0316315 149,998 Dynacom Tankers Mngt Dec 2012Tanker 0332003 320,000 Dynacom Tankers Mngt Jan 2013Products 0310501 85,000 Pertamina Tongkang Jan 2013Ch&O* 0307369 74,500 Jo Tankers A/S Jan 2013Bulk 0108211 82,000 ArcelorMittal Shpg. Jan 2013Tanker 0332004 320,000 Dynacom Tankers Mngt Mar 2013Tanker 0316316 149,998 Dynacom Tankers Mngt Apr 2013Ch&O* 0307370 74,500 Jo Tankers A/S Apr 2013Tanker 0316317 149,998 Dynacom Tankers Mngt May 2013Bulk 0117634 176,000 Sino Noble Holdings Aug 2013Bulk 0117635 176,000 Sino Noble Holdings Sep 2013

On Order:- 21 Vessel(s); 3,245,993 DWT.

Ningbo Dongfang NingboBunkering 6,500 Huayun Shipping Oct 2013Bunkering 4,500 Zhanjiang Fuda Spg Oct 2013Bunkering 6,500 Huayun Shipping Dec 2013Bunkering 4,500 Zhanjiang Fuda Spg Dec 2013

On Order:- 4 Vessel(s); 22,000 DWT.

Ningbo Lantian NingboBulk HF2001 75,000 Zhoushan Zengzhou Jul 2012Bulk HB2008 57,000 Zhoushan Zengzhou Jul 2012

On Order:- 2 Vessel(s); 132,000 DWT.

Ningbo Zhenhe SB NingboAHTS 2,500 2,990 GT Zhejiang Tianji Jun 2012

On Order:- 1 Vessel(s); 2,500 DWT.

Panyu Lingshan S.Y. PanyuAHTS LS206 1,500 1,260 GT Swissco Marine Pte Jun 2012AHTS LS220 1,000 1,120 GT Swissco Marine Pte Jun 2012AHTS 205 1,115 1,123 GT Subsea Petroleum Aug 2012AHTS LS221 1,500 1,260 GT Swissco Marine Pte Sep 2012

On Order:- 4 Vessel(s); 5,115 DWT.

PaxOcean Zhuhai ZhuhaiAHTS 2,278 2,588 GT POSH Semco Jun 2012AHTS 2,278 2,588 GT POSH Semco Jun 2012Lift Boat 4,076 GT Unknown Jul 2012PSV PX1012 3,200 2,000 GT POSH Semco Nov 2012

On Order:- 4 Vessel(s); 7,756 DWT.

Penglai Bohai ShandongMPP PBZ04-42A 9,300 Navigia Group 2012Ch&O* PBZ06-67 11,000 Panoceanic Bulk C. Apr 2012MPP PBZ07-91 9,600 Sea Shipping Holdg. Jun 2012MPP PBZ07-92 9,600 Sea Shipping Holdg. Sep 2012

On Order:- 4 Vessel(s); 39,500 DWT.

Qidong Dajiang QidongL.P.G. DJ1002 4,900 5,000 cbm Evergas AS Jun 2012L.P.G. DJ1003 4,900 5,000 cbm Evergas AS Aug 2012L.P.G. DJ1004 4,900 5,000 cbm Evergas AS Sep 2012L.P.G. DJ1005 4,900 5,000 cbm Evergas AS Nov 2012L.P.G. DJ1006 4,900 5,000 cbm Evergas AS Dec 2012Ethy/LPG 10,500 12,000 cbm Evergas AS Jan 2013Ethy/LPG 10,500 12,000 cbm Evergas AS Apr 2013Ethy/LPG 10,500 12,000 cbm Evergas AS May 2013Ethy/LPG 10,500 12,000 cbm Evergas AS Jul 2013Ethy/LPG 10,500 12,000 cbm Evergas AS Aug 2013Ethy/LPG 10,500 12,000 cbm Evergas AS Oct 2013Ethy/LPG 15,000 17,000 cbm Evergas AS Jan 2014Ethy/LPG 10,500 12,000 cbm Evergas AS Jan 2014Ethy/LPG 15,000 17,000 cbm Evergas AS Apr 2014Ethy/LPG 10,500 12,000 cbm Evergas AS Apr 2014Ethy/LPG 15,000 17,000 cbm Evergas AS Jul 2014Ethy/LPG 15,000 17,000 cbm Evergas AS Oct 2014

On Order:- 17 Vessel(s); 168,500 DWT.

Qidong Daoda NantongBulk DD007 34,734 Hanzevast Shipping Jul 2012MPP DD012 5,700 Manfred Lauterjung Jul 2012MPP DD013 5,700 Manfred Lauterjung Aug 2012MPP DD014 5,700 Manfred Lauterjung Aug 2012Bulk DD024 34,734 Hanzevast Shipping Oct 2012MPP DD015 5,700 Manfred Lauterjung Oct 2012Hvy Dk Cargo 50,000 39,352 GT Fairstar Hvy. Trans. Oct 2012Bulk DD034 205,000 Polembros Shpg. Nov 2012MPP DD016 5,700 Manfred Lauterjung Nov 2012Bulk 34,734 Hanzevast Shipping 2013Bulk DD035 205,000 Polembros Shpg. Feb 2013Bulk DD036 205,000 Polembros Shpg. May 2013Bulk DD037 205,000 Polembros Shpg. Aug 2013

On Order:- 13 Vessel(s); 1,002,702 DWT.

Qidong Haowei SB QidongBulk 42,000 Fuzhou Minfuda Shg. 2012Bulk 42,000 Unknown Chinese 2012Bulk 42,000 Fuzhou Minfuda Shg. 2012Bulk 42,000 Fuzhou Minfuda Shg. 2012Bulk 42,000 Fuzhou Minfuda Shg. Jul 2012Bulk 42,000 Unknown Chinese 2013Bulk 42,000 Unknown Chinese 2013

On Order:- 7 Vessel(s); 294,000 DWT.

Qidong Jisheng QidongBulk 37,000 Unknown Jul 2012

On Order:- 1 Vessel(s); 37,000 DWT.

Qingdao Heshun QingdaoMPP 6,600 Weihai Port Grp Jun 2012

On Order:- 1 Vessel(s); 6,600 DWT.

Qingdao Hyundai QingdaoGCargo 307 5,000 Volga Shipping Co. May 2012GCargo 308 5,000 Volga Shipping Co. Jul 2012GCargo 309 5,000 Volga Shipping Co. Aug 2012GCargo 310 5,000 Volga Shipping Co. Sep 2012

On Order:- 4 Vessel(s); 20,000 DWT.

Qingdao Yangfan Jimo CityBulk 205,000 Unknown 2013Bulk 205,000 Unknown 2013Bulk QY2005 205,000 Hong Xiang Shpg. Jul 2013Bulk QY2006 205,000 Hong Xiang Shpg. Oct 2013Bulk QY2007 205,000 Hong Xiang Shpg. Dec 2013Bulk QY2008 205,000 Hong Xiang Shpg. Mar 2014

On Order:- 6 Vessel(s); 1,230,000 DWT.

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 15 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

China P.R.

Type Hull No. Dwt. *Other Units Owner Delivery

Qingshan Shipyard WuhanMPP/Hvy. Lift 20060325 19,350 Heino Winter Jun 2012Bulk 20100302 56,628 Centrans Ocean Jul 2012Bulk 2010301 56,628 Centrans Ocean Jul 2012Bulk 20100303 56,628 Centrans Ocean Aug 2012Bulk 20100304 56,628 Centrans Ocean Aug 2012Container 25,000 1,800 TEU Sinotrans Shpg. Ltd. Oct 2012Container 25,000 1,800 TEU Sinotrans Shpg. Ltd. Nov 2012Container 13,700 1,100 TEU Sinotrans Shpg. Ltd. Nov 2012Container 13,700 1,100 TEU Sinotrans Shpg. Ltd. Dec 2012Bulk QS36000-1 36,000 OSL Shipping May 2013Bulk 35,000 Pola Shipping Jul 2013Bulk 36,000 Wilmar Holdings Aug 2013Bulk QS36000-2 36,000 OSL Shipping Aug 2013Bulk 35,000 Pola Shipping Sep 2013Bulk 36,000 Wilmar Holdings Oct 2013

On Order:- 15 Vessel(s); 537,262 DWT.

Rizhao Kingda RizhaoProducts 4,100 Brightoil Petroleum May 2013Products 4,100 Brightoil Petroleum Aug 2013Products 4,100 Brightoil Petroleum Sep 2013Products 4,100 Brightoil Petroleum Sep 2013Products 4,100 Brightoil Petroleum Oct 2013Products 4,100 Brightoil Petroleum Oct 2013Products 4,100 Brightoil Petroleum Nov 2013Products 4,100 Brightoil Petroleum Nov 2013Products 4,100 Brightoil Petroleum Dec 2013Products 4,100 Brightoil Petroleum Dec 2013Products 4,100 Brightoil Petroleum Jan 2014Products 4,100 Brightoil Petroleum Jan 2014Products 4,100 Brightoil Petroleum Feb 2014Products 4,100 Brightoil Petroleum Mar 2014Products 4,100 Brightoil Petroleum May 2014

On Order:- 15 Vessel(s); 61,500 DWT.

Rongcheng Shenfei RongchengContainer SF305 46,019 3,405 TEU Hansa Shipping GmbH. Jul 2012Container 43,000 3,500 TEU Shpg. Corp. of India 2013Container 10,000 875 TEU Eimskip 2013Container 10,000 875 TEU Eimskip 2013

On Order:- 4 Vessel(s); 109,019 DWT.

Ruian Jiangnan JiangnanProducts 3,200 Marinter Nav. S.A. Jan 2012Products HF104 3,200 Marinter Nav. S.A. May 2012Products HF105 3,200 Marinter Nav. S.A. Jul 2012Products HF106 3,200 Marinter Nav. S.A. Sep 2012

On Order:- 4 Vessel(s); 12,800 DWT.

Rushan Shipbuilding RushanCh&O* 510 15,900 Sino Far East Mar 2012Ch&O* 516 6,500 Sino Far East Mar 2012Ch&O* 517 6,500 Sino Far East Jun 2012Ch&O* 511 21,000 Sino Far East Jul 2012

On Order:- 4 Vessel(s); 49,900 DWT.

Sainty SB (Yangzhou) YangzhouBulk 82,000 Unknown Hong Kong Jul 2012Bulk SAM 10015B 81,707 Wilmar Holdings Jul 2012Bulk 82,000 Unknown Hong Kong Oct 2012Bulk 82,000 Unknown Hong Kong Jan 2013Bulk 64,000 Shun Gao Shipping Oct 2013Bulk 64,000 Shun Gao Shipping Dec 2013Bulk 64,000 Shun Gao Shipping Feb 2014Bulk 64,000 Shun Gao Shipping Apr 2014Bulk 64,000 Shun Gao Shipping Jun 2014Bulk 64,000 Shun Gao Shipping Aug 2014

On Order:- 10 Vessel(s); 711,707 DWT.

Samsung Ningbo China P.r.Hvy Dk Cargo 17,000 13,379 GT S&P Marine Co., Ltd. Jul 2013

On Order:- 1 Vessel(s); 17,000 DWT.

Shandong Baibuting ShandongMPP BBTZ812 10,200 Unknown Italian Feb 2012MPP BBTSB802 8,000 Briese Schiffahrts Mar 2012MPP BBTSB803 8,000 Briese Schiffahrts May 2012GCargo BBT002 4,534 Wilson Shp Mngt May 2012GCargo BBT003 4,534 Wilson Shp Mngt Jun 2012MPP BBTSB804 8,000 Briese Schiffahrts Aug 2012GCargo BBT004 4,534 Wilson Shp Mngt Aug 2012GCargo BBT005 4,534 Wilson Shp Mngt Oct 2012GCargo BBT006 4,534 Wilson Shp Mngt Dec 2012GCargo BBT007 4,534 Wilson Shp Mngt Feb 2013GCargo BBT008 4,534 Wilson Shp Mngt Apr 2013

On Order:- 11 Vessel(s); 65,938 DWT.

Shandong Huahai RizhaoBulk HH0804 37,000 Unknown 2012AHTS 1,350 1,393 GT Stanford Marine Jun 2012Bulk HH0801 37,000 Highrich Logistics Jul 2012Bulk HH0802 37,000 Highrich Logistics Jul 2012Bulk HH0803 37,000 Highrich Logistics Jul 2012

On Order:- 5 Vessel(s); 149,350 DWT.

Shandong Huanghai RongchengMPP/Hvy. Lift 31,000 Schoeller Holdings 2012MPP HCY-85 28,000 IRISL 2012MPP HCY-88 28,000 IRISL 2012MPP HCY-90 28,000 IRISL 2012MPP HCY-91 28,000 IRISL 2012MPP/Hvy. Lift HCY-81 28,451 COSCO Shipping Co. Jun 2012MPP HCY-87 28,000 IRISL Jun 2012MPP/Hvy. Lift 31,000 Schoeller Holdings Jul 2012MPP HCY-141 29,000 PDA Logistics Jul 2012Pass/Car F. K-11 8,000 36,000 GT Shandong Bohai Ferry Jul 2012MPP HCY-142 29,000 PDA Logistics Aug 2012MPP/Hvy. Lift HCY-137 28,000 Ethiopian Shpg. Aug 2012Pass/Car F. K-12 8,000 36,000 GT Shandong Bohai Ferry Oct 2012MPP/Hvy. Lift 28,000 Ethiopian Shpg. Nov 2012MPP/Hvy. Lift 31,000 Schoeller Holdings 2013MPP/Hvy. Lift 31,000 Schoeller Holdings 2013MPP/Hvy. Lift 31,000 Schoeller Holdings 2013GCargo 13,000 NS United K.K. 2013GCargo 13,000 NS United K.K. 2013MPP/Hvy. Lift 28,000 Ethiopian Shpg. Feb 2013MPP/Hvy. Lift 28,000 Ethiopian Shpg. May 2013MPP/Hvy. Lift 28,000 Ethiopian Shpg. Aug 2013MPP/Hvy. Lift 28,000 Ethiopian Shpg. Nov 2013MPP/Hvy. Lift 31,000 Schoeller Holdings 2014MPP/Hvy. Lift 28,000 Ethiopian Shpg. Feb 2014

On Order:- 25 Vessel(s); 650,451 DWT.

Shandong Rongcheng RongchengMPP 26 6,500 Intership Nav. Co. Jul 2012MPP 27 6,500 Intership Nav. Co. Sep 2012

On Order:- 2 Vessel(s); 13,000 DWT.

Shanghai Jiangnan ChangxingBulk 1227 206,000 OceanFreight Inc. Jul 2012Tanker H1252 319,000 Ocean Tankers Pte Aug 2012Bulk 1228 206,000 OceanFreight Inc. Sep 2012Bulk H1241 176,000 Dryships Inc. Sep 2012Bulk 1229 206,000 OceanFreight Inc. Nov 2012Bulk H1061A 180,000 China Shpg. Tramp Nov 2012Bulk H1062A 180,000 China Shpg. Tramp Nov 2012Tanker H1253 319,000 Ocean Tankers Pte Dec 2012Bulk H1063A 180,000 China Shpg. Tramp Dec 2012Bulk H1064A 180,000 China Shpg. Tramp Dec 2012Bulk H1242 176,000 Dryships Inc. Dec 2012Bulk 206,000 Teh-Hu Cargocean 2013Bulk 1239 206,000 OceanFreight Inc. Jan 2013Bulk 1240 206,000 OceanFreight Inc. Mar 2013

On Order:- 14 Vessel(s); 2,946,000 DWT.

Shanghai S.Y. ShanghaiBulk 114,500 Lomar Shpg. & Mngt. Jul 2012Bulk 1163 114,078 Anangel Shpg. Ent. Jul 2012Bulk 1164 114,078 Anangel Shpg. Ent. Jul 2012Bulk 45,000 Huayuan Star Shpg. Jul 2012Bulk 1196 35,000 Crnogorska Plovidba Jul 2012Bulk 1186 34,938 Nordstrand Maritime Jul 2012Container 1182 57,500 4,620 TEU Hamburger Lloyd Jul 2012Container 47,000 3,765 TEU Hamburg-Sud. Jul 2012Container 1159 45,000 3,646 TEU Leonhardt & Blumberg Jul 2012Container 1160 45,000 3,646 TEU Leonhardt & Blumberg Jul 2012Container 1145 47,027 3,600 TEU Thomas Schulte Jul 2012Bulk 1187 34,938 Nordstrand Maritime Aug 2012Bulk 1199 114,078 Anangel Shpg. Ent. Sep 2012Container 1161 45,000 3,646 TEU Leonhardt & Blumberg Sep 2012Bulk 1188 34,938 Nordstrand Maritime Oct 2012Container 47,000 3,765 TEU Hamburg-Sud. Oct 2012Container 1146 47,027 3,600 TEU Thomas Schulte Oct 2012Container 1162 45,000 3,646 TEU Leonhardt & Blumberg Nov 2012Bulk 1189 34,938 Nordstrand Maritime Dec 2012Container S1214 55,000 4,800 TEU Ship Finance Inter. 2013Container S1215 55,000 4,800 TEU Ship Finance Inter. 2013Container S1222 55,000 4,800 TEU Ship Finance Inter. 2013Container S1223 55,000 4,800 TEU Ship Finance Inter. 2013MPP/Hvy. Lift 28,000 COSCO Shipping Co. 2013MPP/Hvy. Lift 28,000 COSCO Shipping Co. 2013MPP/Hvy. Lift 28,000 COSCO Shipping Co. 2013MPP/Hvy. Lift 28,000 COSCO Shipping Co. 2013

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 16 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

China P.R.

Type Hull No. Dwt. *Other Units Owner Delivery

Bulk 1200 114,078 Anangel Shpg. Ent. Jan 2013Container 47,000 3,765 TEU Hamburg-Sud. Jan 2013Bulk 1190 34,938 Nordstrand Maritime Feb 2013Container S1209 40,450 3,510 TEU Nile Dutch Africa Mar 2013Seis. Survey 6,533 GT Shanghai Offs Pet Mar 2013Bulk 1191 34,938 Nordstrand Maritime Apr 2013Container 47,000 3,765 TEU Hamburg-Sud. Apr 2013Bulk 1192 34,938 Nordstrand Maritime Jun 2013Container S1210 40,450 3,510 TEU Nile Dutch Africa Jun 2013Container 47,000 3,765 TEU Hamburg-Sud. Jul 2013Container S1211 40,450 3,510 TEU Nile Dutch Africa Sep 2013Container 47,000 3,765 TEU Hamburg-Sud. Oct 2013Container 47,000 3,765 TEU F. A. Vinnen & Co. Dec 2013Container S1212 40,450 3,510 TEU Nile Dutch Africa Dec 2013Container 47,000 3,765 TEU F. A. Vinnen & Co. Mar 2014Drillship Opus Offshore Mar 2014Drillship Opus Offshore Sep 2014

On Order:- 44 Vessel(s); 2,096,732 DWT.

Shanghai Waigaoqiao ShanghaiTanker 1220 320,000 Unknown Jul 2012Tanker 1221 320,000 Unknown Jul 2012Tanker 1203 318,663 Ocean Tankers Pte Jul 2012Bulk 1246 206,000 U-Ming Marine Tran. Jul 2012Bulk 1205 180,000 Rizhao Steel Jul 2012Bulk 1173 206,000 Chinese Mar. Trans. Aug 2012Bulk 1237 176,000 Alpha Tankers & Frt. Sep 2012Tanker 1222 320,000 Unknown Oct 2012Tanker 1204 318,663 Ocean Tankers Pte Oct 2012Bulk 1247 206,000 U-Ming Marine Tran. Oct 2012Bulk 1217 176,217 K-Line Oct 2012Bulk 206,000 Classic Maritime 2013Bulk 206,000 Classic Maritime 2013Bulk 1219 206,000 Chinese Mar. Trans. 2013Bulk 1248 206,000 U-Ming Marine Tran. 2013Bulk 1249 206,000 U-Ming Marine Tran. 2013Bulk 82,000 Rizhao Steel 2013Bulk 82,000 Rizhao Steel 2013Tanker 1223 320,000 Unknown Jan 2013Bulk 1243 205,000 Anangel Shpg. Ent. Feb 2013Tanker 1224 320,000 Unknown Apr 2013Tanker 318,000 Wah Kwong Shpg. May 2013Bulk 1244 205,000 Anangel Shpg. Ent. May 2013Bulk 206,000 Polembros Shpg. Jun 2013Tanker 1225 320,000 Unknown Jul 2013Tanker 318,000 Wah Kwong Shpg. Jul 2013Bunkering 4,200 Wilmar Holdings Jul 2013Tanker 1230 320,000 Maran Tankers Mngt. Aug 2013Bunkering 4,200 Wilmar Holdings Aug 2013Bulk 206,000 Polembros Shpg. Sep 2013Bulk 1245 205,000 Anangel Shpg. Ent. Oct 2013Tanker 1231 320,000 Maran Tankers Mngt. Dec 2013Bulk 206,000 Polembros Shpg. Dec 2013Tanker 319,000 Thenamaris (Mgmt.) Jan 2014Bulk 206,000 Polembros Shpg. Mar 2014Bulk 186,300 U-Ming Marine Tran. Mar 2014Tanker 1236 320,000 Maran Tankers Mngt. Apr 2014Bulk 186,300 U-Ming Marine Tran. Jun 2014Bulk 186,300 U-Ming Marine Tran. Sep 2014Bulk 186,300 U-Ming Marine Tran. Dec 2014

On Order:- 40 Vessel(s); 9,009,143 DWT.

Shanhaiguan S/Y QinghuangdaoBulk 76,000 Greathorse Shipping Jul 2012Bulk BC240-01 24,600 Aquarius Ltd. Aug 2012Bulk HBC93-06 93,721 HOSCO Sep 2012Bulk 76,000 Greathorse Shipping Sep 2012Bulk BC240-02 24,600 Aquarius Ltd. Nov 2012Bulk 76,000 Greathorse Shipping Dec 2012Bulk 76,000 Greathorse Shipping Feb 2013Bulk BC240-03 24,600 Aquarius Ltd. Feb 2013Bulk BC240-04 24,600 Aquarius Ltd. Apr 2013Bulk 76,000 Shenhua Zhonghai 2014Bulk 76,000 Shenhua Zhonghai 2014

On Order:- 11 Vessel(s); 648,121 DWT.

South China Shipyd. JiangmenUtility GMG08101 1,293 1,528 GT Oil & Ind. Services Jun 2012AHTS 203 1,560 GT South China Marine Jul 2012AHTS 202 1,560 GT South China Marine Aug 2012AHTS 204 1,560 GT South China Marine Aug 2012AHT 499 GT South China Marine Aug 2012

On Order:- 5 Vessel(s); 1,293 DWT.

STX Dalian DalianPCC 1003 21,500 STX Pan Ocean Apr 2012Heavy Lift 2101 24,000 STX Pan Ocean May 2012

PCC 1004 21,500 STX Pan Ocean Jun 2012Bulk 2048 98,000 Essar Shipping Jul 2012Bulk 1069 92,000 Niki Shpg. Co. Inc. Jul 2012Bulk 2052 83,000 STX Pan Ocean Jul 2012Bulk 2053 83,000 STX Pan Ocean Jul 2012Bulk 1085 81,000 Shpg. Corp. of India Jul 2012Bulk 1086 81,000 Shpg. Corp. of India Jul 2012Bulk 1087 81,000 Shpg. Corp. of India Jul 2012Bulk 1067 99,000 Niki Shpg. Co. Inc. Aug 2012Bulk 1088 81,000 Shpg. Corp. of India Aug 2012Bulk 1068 99,000 Niki Shpg. Co. Inc. Oct 2012Bulk 2103 57,300 Helikon Shpg. Ent. Oct 2012Livestock 1093 23,500 Siba Ships Oct 2012Bulk 2054 83,000 STX Pan Ocean Nov 2012Bulk 2055 83,000 STX Pan Ocean Jan 2013Bulk 2216 58,000 Ince Denizcilik Jan 2013Bulk 2104 57,300 Helikon Shpg. Ent. Jan 2013Bulk 2061 83,000 STX Pan Ocean Feb 2013Bulk 2217 58,000 Ince Denizcilik Mar 2013Bulk 2105 57,300 Helikon Shpg. Ent. Apr 2013Container 2131 80,000 6,500 TEU Shpg. Corp. of India Apr 2013Container 2135 30,000 2,000 TEU Sea Consortium Apr 2013Bulk 2062 83,000 STX Pan Ocean Jun 2013OH* 2115 56,480 STX Pan Ocean Jun 2013Container 2132 80,000 6,500 TEU Shpg. Corp. of India Jun 2013Drillship F1004 30,000 Noble Corporation Jun 2013Bulk 2109 57,300 Helikon Shpg. Ent. Jul 2013Container 2136 30,000 2,000 TEU Sea Consortium Jul 2013OH* 2116 56,480 STX Pan Ocean Aug 2013Container 2133 80,000 6,500 TEU Shpg. Corp. of India Aug 2013OH* 2117 56,480 STX Pan Ocean Sep 2013OH* 2118 56,480 STX Pan Ocean Dec 2013OH* 2119 56,480 STX Pan Ocean Dec 2013Products 50,000 Frontline 2012 2014Products 50,000 Frontline 2012 2014Products 50,000 Frontline 2012 2014Products 50,000 Frontline 2012 2014Hvy Dk Cargo 31,000 24,398 GT STX Pan Ocean 2014Products 2220 49,850 Central Shipping Jan 2014Products 2221 49,850 Central Shipping Mar 2014OH* 2120 56,480 STX Pan Ocean Mar 2014OH* 2121 56,480 STX Pan Ocean Mar 2014Hvy L/Crane 11,420 11,071 GT Scaldis Mar 2014Livestock 1094 23,500 Siba Ships May 2014Bulk 2110 57,300 Helikon Shpg. Ent. Jun 2014OH* 2122 56,480 STX Pan Ocean Jun 2014Bulk 2027 57,700 Beks Shipmngt. Jul 2014Container 60,000 5,000 TEU Zodiac Maritime Agy. Jul 2014Bulk 2029 57,700 Beks Shipmngt. Aug 2014Products 2181 49,840 Tanker Pacific Mngt. Sep 2014OH* 2123 56,480 STX Pan Ocean Sep 2014Container 60,000 5,000 TEU Zodiac Maritime Agy. Sep 2014Bulk 1059 57,700 Beks Shipmngt. Nov 2014Container 60,000 5,000 TEU Zodiac Maritime Agy. Nov 2014OH* 2124 56,480 STX Pan Ocean Dec 2014Products 2182 49,840 Tanker Pacific Mngt. Jan 2015Container 60,000 5,000 TEU Zodiac Maritime Agy. Jan 2015Products 2183 49,840 Tanker Pacific Mngt. Mar 2015Container 60,000 5,000 TEU Zodiac Maritime Agy. Mar 2015Products 2184 49,840 Tanker Pacific Mngt. May 2015Container 60,000 5,000 TEU Zodiac Maritime Agy. May 2015Container 60,000 5,000 TEU Zodiac Maritime Agy. Jul 2015Container 60,000 5,000 TEU Zodiac Maritime Agy. Sep 2015Container 60,000 5,000 TEU Zodiac Maritime Agy. Nov 2015Container 60,000 5,000 TEU Zodiac Maritime Agy. Jan 2016

On Order:- 67 Vessel(s); 3,935,880 DWT.

Taizhou Catic TaizhouBulk TC0102 82,000 Rudolf A. Oetker Aug 2012Bulk TC0103 82,000 Unknown Hong Kong Sep 2012Bulk TK0701 76,000 Harren & Partner Sep 2012Bulk TK0702 76,000 Harren & Partner Dec 2012Bulk TC0104 82,000 Unknown Hong Kong 2013Bulk 76,000 Harren & Partner 2013Bulk 76,000 Harren & Partner 2013Bulk 76,000 Harren & Partner 2013Bulk 76,000 Harren & Partner 2013Container TC0203 50,000 3,820 TEU Carsten Rehder Jan 2013Container TC0204 50,000 3,820 TEU Carsten Rehder Mar 2013

On Order:- 11 Vessel(s); 802,000 DWT.

Taizhou Hongda TaizhouProducts 10,000 Rayspeed Shipping 2012Tanker 4,900 Zhejiang Gaoyu 2012Tanker 4,900 Zhejiang Gaoyu 2012

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 17 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

China P.R.

Type Hull No. Dwt. *Other Units Owner Delivery

Tanker 4,900 Zhejiang Gaoyu 2012Tanker 4,900 Rayspeed Shipping 2012

On Order:- 5 Vessel(s); 29,600 DWT.

Taizhou Maple Leaf TaizhouBulk MLBC35000-51 35,000 Unknown Aug 2012

On Order:- 1 Vessel(s); 35,000 DWT.

Taizhou Sanfu TaizhouBulk 51,000 Guangdong Lanhai 2012Bulk 51,000 Guangdong Lanhai 2012Ch&O* SF050212 16,483 Unicorn Shipping Jun 2012Tanker SF110201 4,999 Norr Systems Jul 2012Bulk SF060110 57,000 Unknown Jul 2012MPP/Hvy. Lift SF100102 12,580 Builders Account Jul 2012Tanker SF110202 4,999 Norr Systems Aug 2012Bulk SF060139 92,988 MSPL Limited Sep 2012Bulk SF110101 57,000 German Ocean Invest Sep 2012Bulk 100116 51,000 Fuzhou Haitong Sep 2012Bulk 46,000 Unknown Sep 2012MPP 18,000 Enzian Shipping AG Sep 2012Tanker SF110203 4,999 Norr Systems Oct 2012Bulk 100115 51,000 Fuzhou Haitong Oct 2012Bulk SF080107 16,900 Polish Steamship Co. Oct 2012Bulk SF110102 57,000 German Ocean Invest Nov 2012Tanker SF110204 4,999 Norr Systems Dec 2012Bulk SF060140 92,988 MSPL Limited Dec 2012Bulk 51,000 Fuzhou Haitong Dec 2012Bulk 46,000 Unknown Dec 2012Bulk SF080108 16,900 Polish Steamship Co. Dec 2012MPP 18,000 Enzian Shipping AG Dec 2012Bulk 51,000 Guangdong Lanhai 2013Bulk 51,000 Guangdong Lanhai 2013Bulk 51,000 Guangdong Lanhai 2013Bulk 51,000 Guangdong Lanhai 2013Bulk 51,000 Guangdong Lanhai 2013Bulk 51,000 Guangdong Lanhai 2013Bulk 46,000 Unknown Mar 2013Bulk 46,000 Unknown Jun 2013Bulk 51,000 Unknown Chinese Dec 2013Bulk 51,000 Unknown Chinese Jan 2014Bulk 51,000 Unknown Chinese Feb 2014Bulk 51,000 Unknown Chinese Mar 2014

On Order:- 34 Vessel(s); 1,424,835 DWT.

Taizhou Wuzhou TaizhouL.P.G. 3,500 3,500 cbm Pertamina Direktorat Nov 2013

On Order:- 1 Vessel(s); 3,500 DWT.

Tianjin Xingang TianjinMPP 355-15 17,300 Briese Schiffahrts 2012MPP 355-16 17,300 Briese Schiffahrts 2012Bulk 76,000 Tianjin Guo Dian Jul 2012MPP/Hvy. Lift 357-6 9,600 Briese Schiffahrts Jul 2012Bulk 76,000 Tianjin Guo Dian Aug 2012MPP/Hvy. Lift 357-8 9,600 Briese Schiffahrts Aug 2012Bulk 37,930 Polish Steamship Co. Sep 2012MPP/Hvy. Lift 357-7 9,600 Briese Schiffahrts Sep 2012Bulk 57,000 Pacific Shipping Oct 2012Bulk 76,000 Tianjin Guo Dian Dec 2012Bulk 57,000 Pacific Shipping Dec 2012Bulk 57,000 Pacific Shipping Dec 2012Bulk 37,930 Polish Steamship Co. Dec 2012Bulk 180,000 Louis Dreyfus 2013Bulk 180,000 Louis Dreyfus 2013Bulk 41,000 Louis Dreyfus 2013Bulk 41,000 Louis Dreyfus 2013Bulk 76,000 Tianjin Guo Dian Jan 2013Bulk 76,000 Tianjin Guo Dian Mar 2013Bulk 57,000 Pacific Shipping Apr 2013Bulk 57,000 Pacific Shipping Apr 2013Bulk NB008-1 40,000 MT Maritime Mngt. May 2013Bulk NB008-2 40,000 MT Maritime Mngt. Aug 2013Bulk NB008-3 40,000 MT Maritime Mngt. Oct 2013Bulk NB008-4 40,000 MT Maritime Mngt. Dec 2013

On Order:- 25 Vessel(s); 1,406,260 DWT.

Titan Quanzhou SY JingfengProducts H0017 7,000 Titan Ocean Jul 2012Products H0018 7,000 Titan Ocean Jul 2012Products H0019 7,000 Titan Ocean Mar 2013Products H0020 7,000 Titan Ocean Mar 2013

On Order:- 4 Vessel(s); 28,000 DWT.

Tsuji H.I. JiangsuBulk S-22 30,150 Glory Asia Jul 2012Bulk S-23 30,150 Glory Asia Jul 2012Bulk S-24 30,150 Glory Asia Jul 2012

Bulk 37,000 Campbell Shipping Jun 2013Bulk 37,000 Campbell Shipping Sep 2013Ro-Ro 5,000 Nor Lines AS Oct 2013Ro-Ro 5,000 Nor Lines AS Jan 2014

On Order:- 7 Vessel(s); 174,450 DWT.

Tsuneishi Zhoushan ZhoushanBulk 58,000 Tata NYK 2012Bulk SS-118 97,988 Wisdom Marine Lines Jul 2012Bulk SS-049 82,172 Orion Bulkers Jul 2012Bulk SS-094 58,400 Kambara Kisen Jul 2012Bulk SS-095 58,400 Kambara Kisen Jul 2012Bulk SS-119 97,988 Glocal Japan Inc. Aug 2012Bulk SS-050 82,172 Orion Bulkers Aug 2012Bulk SS-097 58,000 Ugland Marine Sep 2012Bulk SS-120 97,988 Glocal Japan Inc. Oct 2012Bulk SS-078 58,400 Kambara Kisen Oct 2012Bulk SS-065 82,800 Efnav Co. Ltd. Nov 2012Bulk SS-098 58,400 Kambara Kisen Dec 2012Bulk 81,000 Mykonos Shpg. Co. 2013Bulk 81,000 Mykonos Shpg. Co. 2013Bulk SS-048 58,500 Orion Bulkers 2013Bulk 58,000 Tata NYK 2013Bulk SS-111 98,000 Kambara Kisen Jan 2013Bulk SS-066 82,800 Efnav Co. Ltd. Jan 2013Bulk SS-106 82,177 Kambara Kisen Feb 2013Bulk SS-125 58,400 Pacific Basin Shpg. Feb 2013Bulk SS-112 82,000 Kambara Kisen Mar 2013Container SS-130 16,000 1,000 TEU Kambara Kisen Mar 2013Bulk SS-126 58,400 Pacific Basin Shpg. Apr 2013Bulk SS-113 58,470 Kambara Kisen May 2013Bulk SS-110 58,470 Kambara Kisen Jun 2013Container SS-131 16,000 1,000 TEU Kambara Kisen Jun 2013Bulk SS-121 97,988 Glocal Japan Inc. Jul 2013Bulk SS-129 82,000 Kambara Kisen Jul 2013Bulk SS-127 58,400 Pacific Basin Shpg. Jul 2013Bulk SS-122 97,988 Glocal Japan Inc. Sep 2013Bulk SS-132 82,000 Unknown Japanese Sep 2013Bulk SS-123 97,988 Glocal Japan Inc. Oct 2013Bulk SS-128 58,400 Pacific Basin Shpg. Nov 2013Bulk SS-124 97,988 Glocal Japan Inc. Dec 2013Bulk SS-133 82,000 Unknown Japanese Dec 2013Bulk 82,000 Unknown Japanese 2014Bulk 45,000 Wisdom Marine Lines 2014Bulk 45,000 Wisdom Marine Lines 2014

On Order:- 38 Vessel(s); 2,706,677 DWT.

Universe S.B. YizhengBulk 57,000 Unknown 2012Bulk 58,000 Unknown 2013Bulk 58,000 Unknown 2013Bulk 57,000 Unknown 2013Bulk 57,000 Unknown 2013

On Order:- 5 Vessel(s); 287,000 DWT.

Unknown Yard UnknownBulk 92,000 Pallonji & Co. Jul 2012Supply 1,200 1,500 GT Zakher Marine Oil Aug 2012Pass/Car F. 3,000 13,000 GT Hainan Strait 2013AHTS 2,000 1,705 GT Zakher Marine Oil Dec 2013AHTS 2,000 1,705 GT Zakher Marine Oil Mar 2014Pass/Car F. 7,200 GT Hainan Strait 2015

On Order:- 6 Vessel(s); 100,200 DWT.

Weihai Donghai WeihaiGCargo DHZ-11-01 8,500 Asia Pacfc. Shghai. Jun 2012

On Order:- 1 Vessel(s); 8,500 DWT.

Weihai Samjin WeihaiBulk 1033 33,500 TPC Korea 2012Bulk 1043 34,000 Hanjin Shpg Co. Jul 2012Bulk 1008 33,500 Interorient Nav. Co. Jul 2012Bulk 1037 33,500 Eurotankers Inc. Jul 2012Bulk 1044 34,000 Hanjin Shpg Co. Aug 2012Bulk 1040 33,500 Lamda Maritime S.A. Sep 2012Bulk 1050 58,000 Unknown Korean Dec 2012Bulk 36,000 Unknown 2013Bulk 36,000 Unknown 2013Bulk 1052 36,000 Bocimar N.V. 2013Bulk 1053 36,000 Bocimar N.V. 2013Bulk 1054 36,000 Bocimar N.V. 2013Bulk 1055 36,000 Bocimar N.V. 2013Container 55,000 4,700 TEU Horst Zeppenfeld 2013Container 55,000 4,700 TEU Horst Zeppenfeld 2013Bulk 1051 58,000 Unknown Korean Feb 2013Bulk 36,000 Egon Oldendorff Oct 2013Bulk 36,000 Egon Oldendorff Dec 2013

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 18 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

China P.R.

Type Hull No. Dwt. *Other Units Owner Delivery

Bulk 1056 36,000 Bocimar N.V. 2014Bulk 1057 36,000 Bocimar N.V. 2014Bulk 58,000 Asia-Pacific 20 2015Bulk 58,000 Asia-Pacific 20 2015

On Order:- 22 Vessel(s); 904,000 DWT.

Weihai Xinghai WeihaiAHT 1,000 GT Lanpan Jun 2012AHT 1,000 GT Lanpan Sep 2012AHT 1,000 GT Lanpan Dec 2012AHT 1,000 GT Lanpan Mar 2013

On Order:- 4 Vessel(s); DWT.

Wuchang S.B. WuhanAHTS A201L 4,700 6,000 GT China Oilfield Serv. Jun 2012AHTS 171 4,000 5,600 GT Sealion Shipping Jun 2012Bulk A243M 82,000 HOSCO Jul 2012Bulk A251M 81,700 Guangxi Beibu Jul 2012Bulk A252M 81,700 Guangxi Beibu Jul 2012Research 4,680 4,697 GT ChinOc Jul 2012MSV 7,000 7,660 GT Shanghai Salvage Co Aug 2012AHTS 172 4,000 5,600 GT Sealion Shipping Aug 2012CS/BW Dredg CHEC Changjiang Wuha Aug 2012Bulk A244M 82,000 HOSCO Sep 2012Bulk A267M 81,700 Guangxi Beibu Sep 2012Bulk 45,000 Shanghai Time Shpg. Sep 2012Bulk 45,000 Shanghai Time Shpg. Sep 2012AHTS 173 4,000 5,600 GT Sealion Shipping Sep 2012Bulk 45,000 Shanghai Time Shpg. Nov 2012Bulk A268M 81,700 Guangxi Beibu Dec 2012Bulk 45,000 Shanghai Time Shpg. Feb 2013

On Order:- 17 Vessel(s); 699,180 DWT.

Wuchang Shuangliu ShuangliuPSV 4,800 3,717 GT Shanghai Salvage Co Feb 2013

On Order:- 1 Vessel(s); 4,800 DWT.

Wuhan Nanhua HJ WuhanCh&O* 5,500 Unknown Apr 2012Ch&O* NHJB503 5,500 Unknown Apr 2012L.P.G. NHJB509-02 4,400 5,000 cbm Fangchenggang S'pg Jun 2012Asp.& Bit. JB47002BC 4,700 Nynas Bitumen Jul 2012L.P.G. 4,400 5,000 cbm Fangchenggang S'pg Aug 2012

On Order:- 5 Vessel(s); 24,500 DWT.

Wuhu Shipyard WuhuMPP W0823 18,000 Unknown May 2012Bulk W1011 82,500 Fujian Ocean Shpg Jul 2012Bulk W1012 82,500 Fujian Ocean Shpg Jul 2012Bulk W1021 82,000 F. H. Bertling Jul 2012MPP/Hvy. Lift W0811 24,000 Rickmers Reederei Jul 2012MPP/Hvy. Lift W0812 24,000 Rickmers Reederei Aug 2012Bulk W1013 82,500 Fujian Ocean Shpg Sep 2012Bulk W1022 82,000 F. H. Bertling Sep 2012MPP/Hvy. Lift W0814 24,000 Rickmers Reederei Sep 2012Bulk W1014 82,500 Fujian Ocean Shpg Nov 2012Bulk W1023 82,000 F. H. Bertling Nov 2012MPP/Hvy. Lift W0813 24,000 Rickmers Reederei Nov 2012Bulk W1015 82,500 Fujian Ocean Shpg Feb 2013Bulk W1024 82,000 F. H. Bertling Mar 2013Bulk W1016 82,500 Fujian Ocean Shpg May 2013Bulk W1017 82,500 Fujian Ocean Shpg Aug 2013Bulk W1018 82,500 Fujian Ocean Shpg Sep 2013Bulk W1019 82,500 Fujian Ocean Shpg Nov 2013Bulk W1020 82,500 Fujian Ocean Shpg Dec 2013

On Order:- 19 Vessel(s); 1,267,000 DWT.

Xiamen S.B. XiamenBulk XSI409G 57,000 Xiamen Hongxin Jul 2012Bulk XSI409I 57,000 Xiamen C&D Jul 2012Bulk XSI433A 57,000 San Feng Shipping Aug 2012Bulk XSI409H 57,000 Xiamen Hongxin Oct 2012Bulk XSI433B 57,000 San Feng Shipping Nov 2012Bulk XSI482A 82,000 South Farocean Mar 2013Bulk XSI482B 82,000 South Farocean Jun 2013Bulk XSI483A 82,000 Guo Yun Ocean Jun 2013Bulk XSI482C 82,000 South Farocean Sep 2013Bulk XSI483B 82,000 Guo Yun Ocean Sep 2013Bulk XSI483C 82,000 Guo Yun Ocean Dec 2013Bulk XSI483D 82,000 Guo Yun Ocean Mar 2014Cruise 100,000 GT Xiamen Int. Cruise Oct 2018

On Order:- 13 Vessel(s); 859,000 DWT.

Xinhe Shipyard TianjinOther Dredger SB814 6,310 Jan De Nul N.V. Sep 2012

On Order:- 1 Vessel(s); 6,310 DWT.

Xinle S.B. NingboCh&O* XL-118 16,500 Xinle Hong Kong Jun 2012Ch&O* 19,800 Ace Tankers 2013

Ch&O* 19,800 Ace Tankers 2014Ch&O* 19,800 Ace Tankers 2014Ch&O* 19,800 Ace Tankers 2014

On Order:- 5 Vessel(s); 95,700 DWT.

Xintian Shipyard WenzhouBulk 52,000 Wenzhou Huashun Jul 2012

On Order:- 1 Vessel(s); 52,000 DWT.

Xixiakou S/yard RongchengMPP 06-039 12,500 Unknown 2012Ch&O* 06-043 6,450 Seatrend Shipping Jun 2012MPP 06-052 5,700 Unknown Jun 2012MPP 06-053 5,700 Unknown Jul 2012MPP 06-054 5,700 Unknown Sep 2012

On Order:- 5 Vessel(s); 36,050 DWT.

Yangzhou Guoyu JiangsuBulk GY19 76,500 Unknown Jul 2012Bulk GY803 57,000 Guoyu Group Jul 2012Bulk GY806 57,000 Guoyu Group Jul 2012Bulk GY808 57,000 Precious Shpg. Ltd. Jul 2012Bulk GY809 57,000 Precious Shpg. Ltd. Jul 2012Bulk GY807 57,000 Precious Shpg. Ltd. Aug 2012Bulk GY810 57,000 Precious Shpg. Ltd. Aug 2012Bulk GY201 35,000 Nordic Hamburg Jan 2013Bulk GY202 35,000 Nordic Hamburg Jan 2013Bulk 37,500 Nordic Hamburg 2014Bulk 37,500 Nordic Hamburg 2014

On Order:- 11 Vessel(s); 563,500 DWT.

Yangzhou Kejin YangzhouTanker KJ-09092 28,000 Unknown Chinese 2012Bunkering KJ-08097 5,600 United Maritime Pte. 2012Bunkering KJ-11115 3,800 Unknown Singapore 2012Bunkering KJ-11116 3,800 Unknown Singapore 2012Tanker KJ-09090 28,000 Taizhou Petrochaina Jun 2012Tanker KJ-09091 28,000 Taizhou Petrochaina Jun 2012Tanker KJ-09087 28,000 Taizhou Petrochaina Aug 2012Bunkering KJ-08096 5,600 United Maritime Pte. Sep 2012

On Order:- 8 Vessel(s); 130,800 DWT.

Yangzhou Longchuan JiangsuBulk 17,000 Weilun Shipping 2012

On Order:- 1 Vessel(s); 17,000 DWT.

Yangzhou Nakanishi YangzhouBulk YN-011 29,200 Nakanishi Marine Jul 2012

On Order:- 1 Vessel(s); 29,200 DWT.

Yangzhou Oceanus YizhengMPP 05-021 6,600 Unknown 2012

On Order:- 1 Vessel(s); 6,600 DWT.

Yantai CIMC Raffles YantaiHvy Dk Cargo 50,000 39,352 GT United Faith Group Sep 2013Hvy Dk Cargo 50,000 39,352 GT United Faith Group Dec 2013

On Order:- 2 Vessel(s); 100,000 DWT.

Yichang Shipyard YichangMPP 12,300 Sinotrans Shpg. Ltd. Sep 2012MPP 12,300 Sinotrans Shpg. Ltd. Dec 2012

On Order:- 2 Vessel(s); 24,600 DWT.

Yizheng Yangzi S.B. YizhengCh&O* 2008-3600-II 5,130 Heuvelman Shpg. May 2012Ch&O* 2008-3600-III 5,130 Heuvelman Shpg. May 2012Ch&O* 2008-3600-IV 5,130 Heuvelman Shpg. Oct 2012

On Order:- 3 Vessel(s); 15,390 DWT.

Yuexin S.B. PanyuAHTS PY1007 2,764 2,750 GT POSH Semco Jun 2012AHTS PY1008 3,000 2,750 GT POSH Semco Jul 2012AHTS PY1006 2,278 2,588 GT POSH Semco Jul 2012AHTS 3138 3,200 GT Shanghai Offs Pet Aug 2012AHTS YX3157 3,000 2,558 GT Marten Singapore Aug 2012AHTS 3137 2,350 2,500 GT Tidewater Marine Aug 2012AHTS 3155 1,500 1,500 GT Pareto AS Aug 2012AHTS YX3158 3,000 2,558 GT Marten Singapore Sep 2012AHTS YX3159 3,000 2,558 GT Marten Singapore Dec 2012AHTS YX3160 3,000 2,558 GT Marten Singapore Mar 2013PSV 3188 3,600 3,200 GT Unknown Jun 2013AHTS 2,000 1,705 GT Marten Singapore Jun 2013AHTS 2,000 1,705 GT Marten Singapore Aug 2013AHTS 2,000 1,705 GT Marten Singapore Oct 2013Maintenance YX3161 2,000 1,981 GT Tidewater Marine Dec 2013AHTS 2,000 1,705 GT Marten Singapore Dec 2013AHTS 2,000 1,705 GT Marten Singapore Feb 2014AHTS 2,000 1,705 GT Marten Singapore Apr 2014AHTS 2,000 1,705 GT Marten Singapore Jun 2014AHTS 2,000 1,705 GT Marten Singapore Aug 2014AHTS 2,000 1,705 GT Marten Singapore Oct 2014

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 19 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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.clarksons.net/wfr 14/09/2012 05:58:57 3961

Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

China P.R.

Type Hull No. Dwt. *Other Units Owner Delivery

AHTS 2,000 1,705 GT Marten Singapore Dec 2014On Order:- 22 Vessel(s); 49,492 DWT.

Yuhuan County SB YuhuanContainer 12,000 734 TEU Unknown Chinese 2012

On Order:- 1 Vessel(s); 12,000 DWT.

Zhejiang Changhong ZhejiangBulk 28,000 CSC Phoenix May 2012Bulk 28,000 CSC Phoenix Aug 2012

On Order:- 2 Vessel(s); 56,000 DWT.

Zhejiang Chen Ye ZhoushanProducts 29,756 Pertamina Direktorat Apr 2012Products 29,756 Pertamina Direktorat Jun 2012Bulk CYC0708 35,000 Unknown Jul 2012

On Order:- 3 Vessel(s); 94,512 DWT.

Zhejiang Cheng Lu ZhejiangGCargo CL1585 13,600 Unknown Hong Kong 2012

On Order:- 1 Vessel(s); 13,600 DWT.

Zhejiang Donghong NingboBulk 09 16,800 Erico Shipping 2012Bulk DH52000-2 52,000 Ningbo Yongzheng S. Jul 2012Bulk DH20800-1 17,400 Ningbo Donghong Jul 2012Bulk C4088-4 13,000 HongKong Rundong Jul 2012Bulk C4088-5 13,000 HongKong Rundong Jul 2012

On Order:- 5 Vessel(s); 112,200 DWT.

Zhejiang Fangyuan LinhaiTSH Dredger FY 201007 10,400 Zhejiang Dredging Aug 2012

On Order:- 1 Vessel(s); 10,400 DWT.

Zhejiang Haicheng ZhejiangBulk HC-008 35,000 Unknown Jul 2012

On Order:- 1 Vessel(s); 35,000 DWT.

Zhejiang Hongguan LinhaiMPP 1001 25,800 Pacific Carriers Jul 2012MPP 1002 25,800 Pacific Carriers Jul 2012

On Order:- 2 Vessel(s); 51,600 DWT.

Zhejiang Hongxin TaizhouBulk 32,500 Unknown Jun 2012

On Order:- 1 Vessel(s); 32,500 DWT.

Zhejiang Jingang WenlingBulk ZJG028 33,500 Unknown 2012Bulk ZJG030 33,500 Norbulk Shpg. UK Ltd Jul 2012Bulk ZJG031 33,500 Norbulk Shpg. UK Ltd Aug 2012Bulk ZJG032 33,500 Norbulk Shpg. UK Ltd Sep 2012Ch&O* 015 17,091 Norstar Group Dec 2012

On Order:- 5 Vessel(s); 151,091 DWT.

Zhejiang Jiuzhou ZhejiangBulk 47,000 Unknown 2012Bulk JZ-001 35,000 Zhejiang Wenling CSE Jul 2012

On Order:- 2 Vessel(s); 82,000 DWT.

Zhejiang Judger S.B. ZhejiangBulk ZJ82K-1001 82,000 Parakou Shpg. Sep 2012Bulk ZJ82K-1002 82,000 Parakou Shpg. Nov 2012

On Order:- 2 Vessel(s); 164,000 DWT.

Zhejiang Ouhua ZhejiangBulk 633 37,168 Fednav Ltd 2012Bulk 618 82,000 Nord, Reederei, Ltd. Jul 2012Bulk 620 82,000 Iason Hellenic Jul 2012Bulk 631 82,000 Safe Bulkers Inc. Jul 2012Bulk 634 37,200 Atlantis Mngt. Inc. Jul 2012Bulk 632 37,168 Fednav Ltd Jul 2012Bulk 617 82,000 Safe Bulkers Inc. Aug 2012Bulk 621 82,000 Nord, Reederei, Ltd. Aug 2012Bulk 606 37,200 Evalend Shpg. Sep 2012Bulk 611 37,200 Nord, Reederei, Ltd. Oct 2012Bulk 613 37,200 Nord, Reederei, Ltd. Oct 2012Bulk 607 37,200 Evalend Shpg. Nov 2012Bulk 612 37,200 Paragon Shpg. Nov 2012Bulk 623 81,600 Navitas Cia. Mar. Dec 2012Bulk 614 37,200 Nord, Reederei, Ltd. Dec 2012Container 23,800 1,730 TEU Nord, Reederei, Ltd. 2013Container 23,800 1,730 TEU Nord, Reederei, Ltd. 2013Container 23,800 1,730 TEU Nord, Reederei, Ltd. 2013Container 23,800 1,730 TEU Nord, Reederei, Ltd. 2013Bulk 629 82,000 Hellenic Carriers Jan 2013Bulk 608 37,200 Evalend Shpg. Jan 2013Bulk 615 37,200 Nord, Reederei, Ltd. Feb 2013MPP 31,000 China Navigation Co. Feb 2013Bulk 630 82,000 Hellenic Carriers Mar 2013Bulk 609 37,200 Evalend Shpg. Mar 2013MPP 31,000 China Navigation Co. Mar 2013MPP 31,000 China Navigation Co. Apr 2013

Bulk 610 37,200 Evalend Shpg. May 2013MPP 31,000 China Navigation Co. May 2013Bulk 625 37,200 Paragon Shpg. Jun 2013Container 55,000 4,800 TEU Thenamaris (Mgmt.) Jun 2013MPP 31,000 China Navigation Co. Jun 2013MPP 31,000 China Navigation Co. Jul 2013Bulk 636 37,200 Unknown Aug 2013MPP 31,000 China Navigation Co. Aug 2013Container 55,000 4,800 TEU Thenamaris (Mgmt.) Sep 2013MPP 31,000 China Navigation Co. Sep 2013Container 656 56,300 4,800 TEU Paragon Shpg. Oct 2013Container 657 56,300 4,800 TEU Paragon Shpg. Dec 2013Container 18,000 1,700 TEU Avin International 2014Container 18,000 1,700 TEU Avin International 2014Container 55,000 4,800 TEU Evalend Shpg. Jan 2014Container 55,000 4,800 TEU Evalend Shpg. Mar 2014

On Order:- 43 Vessel(s); 1,925,336 DWT.

Zhejiang Peninsula ZhoushanHvy Dk Cargo 38,000 29,908 GT Zhejiang Share-Ever May 2012

On Order:- 1 Vessel(s); 38,000 DWT.

Zhejiang S.B. NingboAHTS ZJ3002 1,800 2,200 GT Bourbon Offshore Jun 2012AHTS ZJ3003 1,800 2,200 GT Bourbon Offshore Jun 2012AHTS ZJ3004 1,800 2,200 GT Bourbon Offshore Jun 2012AHTS ZJ3005 1,800 2,200 GT Bourbon Offshore Jun 2012AHTS ZJ3006 1,800 2,200 GT Bourbon Offshore Jun 2012AHTS ZJ3007 1,800 2,200 GT Bourbon Offshore Jun 2012PSV ZJ3022 1,700 1,740 GT Bourbon Offshore Jun 2012PSV ZJ3024 1,700 1,740 GT Bourbon Offshore Jun 2012PSV ZJ3021 1,700 1,316 GT Bourbon Offshore Jun 2012PSV ZJ3026 1,700 1,316 GT Bourbon Offshore Jun 2012Bulk ZJB10-194 58,000 Unknown Jul 2012PSV DH1003 4,450 3,950 GT Bourbon Offs. Norway Jul 2012AHTS ZJ3008 1,800 2,200 GT Bourbon Offshore Jul 2012AHTS ZJ3009 1,800 2,200 GT Bourbon Offshore Jul 2012AHTS ZJ3010 1,800 2,200 GT Bourbon Offshore Jul 2012PSV ZJ3023 1,700 1,316 GT Bourbon Offshore Jul 2012PSV ZJ3025 1,700 1,316 GT Bourbon Offshore Jul 2012PSV ZJ3027 1,700 1,316 GT Bourbon Offshore Jul 2012Bulk ZJB10-195 58,000 Unknown Aug 2012PSV DH1004 4,400 3,910 GT Bourbon Offshore Aug 2012AHTS ZJ3011 1,800 2,200 GT Bourbon Offshore Aug 2012AHTS ZJ3012 1,800 2,200 GT Bourbon Offshore Aug 2012PSV ZJ3028 1,700 1,316 GT Bourbon Offshore Aug 2012AHTS ZJ3013 1,800 2,200 GT Bourbon Offshore Sep 2012AHTS ZJ3014 1,800 2,200 GT Bourbon Offshore Sep 2012PSV ZJ3029 1,700 1,316 GT Bourbon Offshore Sep 2012Bulk ZJB10-196 58,000 Unknown Oct 2012AHTS ZJ3015 1,800 2,200 GT Bourbon Offshore Oct 2012AHTS ZJ3016 1,800 2,200 GT Bourbon Offshore Oct 2012PSV ZJ3030 1,700 1,316 GT Bourbon Offshore Oct 2012Bulk ZJB10-197 58,000 Unknown Nov 2012PSV 3,500 2,710 GT Deep Sea Supply Nov 2012AHTS ZJ3017 1,800 2,200 GT Bourbon Offshore Nov 2012AHTS ZJ3018 1,800 2,200 GT Bourbon Offshore Nov 2012MSV 4,858 5,316 GT Bourbon Offshore Dec 2012PSV 3,500 2,710 GT Deep Sea Supply Dec 2012AHTS ZJ3019 1,800 2,200 GT Bourbon Offshore Dec 2012AHTS ZJ3020 1,800 2,200 GT Bourbon Offshore Dec 2012PSV ZJ3034 1,700 1,316 GT Bourbon Offshore Feb 2013PSV ZJ3035 1,700 1,316 GT Bourbon Offshore Feb 2013PSV 1,214 GT Bourbon Offshore Feb 2013PSV 3,700 2,865 GT Bourbon Offshore Apr 2013PSV ZJ3032 1,700 1,316 GT Bourbon Offshore Apr 2013PSV ZJ3033 1,700 1,316 GT Bourbon Offshore Apr 2013PSV 3,500 2,710 GT Deep Sea Supply Jun 2013PSV 3,700 2,865 GT Bourbon Offshore Jul 2013PSV 3,700 2,865 GT Bourbon Offshore Oct 2013PSV 3,700 2,865 GT Bourbon Offshore Jan 2014MSV 4,858 6,000 GT Bourbon Offshore Apr 2014MSV 4,858 6,000 GT Bourbon Offshore Apr 2014MSV 4,858 6,000 GT Bourbon Offshore Apr 2014MSV 4,858 6,000 GT Bourbon Offshore Apr 2014MSV 4,858 6,000 GT Bourbon Offshore Apr 2014MSV 4,858 6,000 GT Bourbon Offshore Apr 2014MSV 4,858 6,000 GT Bourbon Offshore Apr 2014MSV 4,858 6,000 GT Bourbon Offshore Apr 2014MSV 4,858 6,000 GT Bourbon Offshore Apr 2014MSV 4,858 6,000 GT Bourbon Offshore Apr 2014PSV 3,700 2,865 GT Bourbon Offshore Apr 2014PSV 3,700 2,865 GT Bourbon Offshore Jul 2014PSV 3,700 2,865 GT Bourbon Offshore Oct 2014PSV 3,700 2,865 GT Bourbon Offshore Jan 2015

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 20 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

China P.R.

Type Hull No. Dwt. *Other Units Owner Delivery

PSV 3,700 2,865 GT Bourbon Offshore Apr 2015PSV 3,700 2,865 GT Bourbon Offshore Jul 2015PSV 3,700 2,865 GT Bourbon Offshore Oct 2015PSV 3,700 2,865 GT Bourbon Offshore Jan 2016

On Order:- 66 Vessel(s); 407,188 DWT.

Zhejiang Tai Tong ZhejiangBulk 47,500 Zhejiang Wugang 2013Bulk 47,500 Zhejiang Wugang 2013

On Order:- 2 Vessel(s); 95,000 DWT.

Zhejiang Yangfan ZhoushanBulk 2171 32,844 Canadian Forest Nav. Jun 2012Bulk 2172 32,844 Canadian Forest Nav. Jun 2012Bulk 82,000 Unknown Hong Kong Jul 2012Container 2218 11,850 1,100 TEU SITC Jul 2012Container 2219 11,850 1,100 TEU SITC Jul 2012Bulk 82,000 Unknown Hong Kong Sep 2012Bulk 2217 56,800 Jiangsu Fareast Shpg Sep 2012Bulk 2173 32,844 Canadian Forest Nav. Sep 2012Container 2220 11,850 1,100 TEU SITC Sep 2012Bulk 2186 76,600 SITC Oct 2012Bulk 2181 35,000 John T. Essberger Oct 2012Bulk 2182 35,000 John T. Essberger Nov 2012Container 2221 11,850 1,100 TEU SITC Nov 2012Bulk 2200 82,000 Unknown Hong Kong Dec 2012Bulk 2183 35,000 John T. Essberger Dec 2012Bulk 2174 32,844 Canadian Forest Nav. Dec 2012Container 2222 11,850 1,100 TEU SITC Dec 2012Container 11,850 1,100 TEU NOSC 2013Container 11,850 1,100 TEU NOSC 2013Container 2223 11,850 1,100 TEU SITC 2013Container 2224 11,850 1,100 TEU SITC 2013Container 2225 11,850 1,100 TEU SITC 2013Bulk 76,600 SITC Feb 2013Bulk 35,000 Cobelfret N.V. Mar 2013Container 2265 11,850 1,100 TEU NOSC Mar 2013Container 2266 11,850 1,100 TEU NOSC Apr 2013Bulk 35,000 Cobelfret N.V. May 2013Bulk 76,600 SITC Jun 2013Bulk 2242 76,000 Guangdong Lanyue Jul 2013Bulk 64,000 Ulusoy Denizyollari Jul 2013Bulk 76,000 Guangdong Lanyue Aug 2013Bulk 76,000 Guangdong Lanyue Sep 2013Bulk 64,000 Ulusoy Denizyollari Sep 2013Bulk 76,600 SITC Oct 2013Bulk 76,000 Guangdong Lanyue Oct 2013Bulk 76,000 Guangdong Lanyue Nov 2013Bulk 64,000 Ulusoy Denizyollari Nov 2013Bulk 76,000 Guangdong Lanyue Dec 2013Bulk H2275 36,100 CSL Group Inc. Dec 2013Bulk H2276 36,100 CSL Group Inc. Dec 2013Bulk 76,000 Guangdong Lanyue Jan 2014Bulk 64,000 Ulusoy Denizyollari Jan 2014Bulk 76,000 Guangdong Lanyue Feb 2014Bulk 76,000 Guangdong Lanyue Mar 2014Bulk 76,000 Guangdong Lanyue Apr 2014Bulk H2283 39,500 d'Amico Ireland Jun 2014Bulk H2284 39,500 d'Amico Ireland Sep 2014Bulk H2285 39,500 d'Amico Ireland Dec 2014Bulk H2286 39,500 d'Amico Ireland Feb 2015Bulk H2287 39,500 d'Amico Ireland Apr 2015Bulk H2288 39,500 d'Amico Ireland Jun 2015

On Order:- 51 Vessel(s); 2,382,976 DWT.

Zhejiang Zhenghe SB ZhejiangBulk 47,500 Zhoushan Bishenglong 2012Bulk ZH3003 37,300 TB Marine Hamburg 2012Bulk ZH3004 37,300 TB Marine Hamburg 2012Bulk ZH1049 57,000 Unknown Jul 2012Bulk ZH3002 37,300 TB Marine Hamburg Jul 2012Bulk ZH570055 57,000 Huarong Fin Leasing Aug 2012Bulk 47,500 Zhoushan Bishenglong 2013

On Order:- 7 Vessel(s); 320,900 DWT.

Zhejiang Zhenxing WenlingProducts 7,000 China Shpg. Tankers 2012

On Order:- 1 Vessel(s); 7,000 DWT.

Zhenhua Jiangyin JiangyinTSH Dredger 12,750 CCCC SDC Oct 2012Hvy L/Crane 2,000 1,938 GT NPCC Jun 2013

On Order:- 2 Vessel(s); 14,750 DWT.

Zhenjiang Sopo ZhenjiangCh&O* 6,436 Livanos N.G. Feb 2012Ch&O* SP0701 8,000 OW Bunker Apr 2012Ch&O* SP0702 8,000 OW Bunker Apr 2012

On Order:- 3 Vessel(s); 22,436 DWT.

Zhong Chuan H.I. ZhoushanBulk ZC3002 34,845 F. H. Bertling Jul 2012Bulk ZC3007 34,845 MST - Mineralien Jul 2012Bulk ZC3009 34,845 F. H. Bertling Jul 2012Bulk ZC3008 34,845 MST - Mineralien Aug 2012Bulk ZC3010 34,845 F. H. Bertling Oct 2012

On Order:- 5 Vessel(s); 174,225 DWT.

Zhongou S.B. WenzhouMPP/Hvy. Lift Z0001 25,000 SE Shipping Lines Sep 2012MPP/Hvy. Lift Z0002 25,000 SE Shipping Lines Oct 2012MPP/Hvy. Lift Z0003 25,000 SE Shipping Lines May 2013MPP/Hvy. Lift Z0004 25,000 SE Shipping Lines Jul 2013

On Order:- 4 Vessel(s); 100,000 DWT.

Zhongshan Jinhui Zhongshan CityAHTS JH7008 2,370 2,310 GT Aries AP Aug 2012

On Order:- 1 Vessel(s); 2,370 DWT.

Zhoushan Wison ZhoushanFPSO/LNG 150,000 Exmar Offshore Dec 2014

On Order:- 1 Vessel(s); 150,000 DWT.

Zhoushan Wuzhou ZhejiangBulk WZ0708 57,500 Zhehai Shipping Jul 2012Bulk WZ0709 35,000 Zhejiang Shpg Group Oct 2012

On Order:- 2 Vessel(s); 92,500 DWT.

Zijinshan Shipyard JiangsuContainer 5,000 303 TEU Sinotrans Changjiang Jul 2012

On Order:- 1 Vessel(s); 5,000 DWT.

CroatiaBrod. 3 Maj RijekaAsp.& Bit. 716 15,000 Wisby Tankers AB Jun 2012Ch&O* 713 51,800 Uljanik Plovidba Jul 2012Asp.& Bit. 717 15,000 Wisby Tankers AB Sep 2012Asp.& Bit. 718 15,000 Wisby Tankers AB Dec 2012Asp.& Bit. 719 15,000 Wisby Tankers AB Mar 2013

On Order:- 5 Vessel(s); 111,800 DWT.

Brod. Trogir TrogirCh&O* 324 46,200 Anglo-Atlantic S.S. Oct 2012

On Order:- 1 Vessel(s); 46,200 DWT.

Brod. Uljanik PulaBulk 490 51,500 Uljanik Plovidba Jul 2012TSH Dredger 496 26,000 Jan De Nul N.V. Jul 2012TSH Dredger 497 22,500 Jan De Nul N.V. Dec 2012Bulk 491 51,500 Uljanik Plovidba Jun 2013

On Order:- 4 Vessel(s); 151,500 DWT.

Brodosplit SplitBulk 470 51,900 Jadroplov Jul 2012Heavy Lift 14,000 Kahn Scheepvaart Sep 2013Heavy Lift 14,000 Kahn Scheepvaart Mar 2014

On Order:- 3 Vessel(s); 79,900 DWT.

Kraljevica KraljevicaPass/Cargo 555 1,000 5,000 GT Le Groupe Desgagnes Apr 2012Asp.& Bit. 548 9,015 Tarbit Shpg. AB May 2012

On Order:- 2 Vessel(s); 10,015 DWT.

DenmarkHvide Sande Skibs Hvide SandePass/Car F. 1,000 GT Ventrafiken AB Aug 2012

On Order:- 1 Vessel(s); DWT.

EgyptAlexandria S.Y. AlexandriaRo-Ro N29 11,350 Egyptian Govt. 2012

On Order:- 1 Vessel(s); 11,350 DWT.

EstoniaBLRT Tallinn TallinnPass/Car F. 900 5,000 GT Saaremaa Shipping 2015

On Order:- 1 Vessel(s); 900 DWT.

FinlandArctech HelsinkiPSV 506 3,950 7,497 GT Sovcomflot JSC Apr 2013PSV 507 3,950 7,497 GT Sovcomflot JSC Apr 2013O. Salv. Tug 5,000 Mintrans Russia Dec 2013

On Order:- 3 Vessel(s); 12,900 DWT.

STX Finnyards RaumaPass/Car F. 1380 355 1,000 GT Finferries Nov 2012Well Stimul. 31,000 21,021 GT Eide Marine Services Mar 2013Well Stimul. 31,000 21,021 GT Eide Marine Services Jun 2013Pass/Car F. 1376 57,000 GT Viking Line Abp Jan 2013Cruise 97,000 GT Tui Cruises May 2014

On Order:- 5 Vessel(s); 62,355 DWT.

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 21 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

France

Type Hull No. Dwt. *Other Units Owner Delivery

FranceSTX France St. NazaireCruise X32 10,000 139,400 GT MSC Cruises Dec 2012Cruise H33 4,000 40,000 GT Hapag-Lloyd Cruises Mar 2013

On Order:- 2 Vessel(s); 14,000 DWT.

STX France (Lorient) LorientTSH Dredger 4,325 STFMO Jul 2012

On Order:- 1 Vessel(s); 4,325 DWT.

GermanyFerus Smit LeerMPP 23,000 Wagenborg Shpg. B.V. 2013MPP 23,000 Wagenborg Shpg. B.V. 2014

On Order:- 2 Vessel(s); 46,000 DWT.

Flensburger S.B FlensburgRo-Ro 753 13,250 Ulusoy Denizyollari Oct 2012Ro-Ro 754 13,250 Ulusoy Denizyollari Jan 2013Ro-Ro 755 13,250 Ulusoy Denizyollari Apr 2013Ro-Ro/Cnt 757 19,500 Oceanex (1997) Inc. Sep 2013Heavy Lift 758 8,000 Rolldock B.V. Nov 2013Seis. Survey 1,000 GT WesternGeco Jan 2014Seis. Survey 1,000 GT WesternGeco Jan 2014Heavy Lift 759 8,000 Rolldock B.V. Mar 2014Pass/Car F. 4,000 7,000 GT Caledonian Maritime Jun 2014

On Order:- 9 Vessel(s); 79,250 DWT.

J. J. Sietas HamburgPass/Car F. 1297 750 4,400 GT Danske Faergen Aug 2012TSH Dredger 9,899 Josef Möbius B-A Aug 2012

On Order:- 2 Vessel(s); 10,649 DWT.

Meyer Werft PapenburgCruise 691 9,500 122,000 GT Celebrity Cruises Oct 2012L.N.G. 665 12,200 15,600 cbm Anthony Veder Dec 2012Cruise 695 7,000 71,300 GT Aida Cruises Ltd. May 2013Cruise 11,000 144,017 GT Norw. Cruise Line Jul 2013Cruise 692 11,000 144,017 GT Norw. Cruise Line May 2014Cruise 697 10,500 158,350 GT Royal Caribbean Sep 2014Cruise 698 10,500 158,350 GT Royal Caribbean May 2015

On Order:- 7 Vessel(s); 71,700 DWT.

Neptun Werft RostockResearch 3,500 GT RF Forschungs Jan 2015

On Order:- 1 Vessel(s); DWT.

P+S Werften WolgastPipe Layer 20,547 GT Oceanografia Nov 2012

On Order:- 1 Vessel(s); DWT.

P+S Werften GmbH StralsundGCargo 600 Royal Arctic Line 2012GCargo 600 Royal Arctic Line 2012Container 2100 8,400 606 TEU Royal Arctic Line Jun 2012Ro-Ro 500 12,000 DFDS A/S Jul 2012Pass/Car F. 502 4,200 24,000 GT Scandlines Denmark Jul 2012MPP 2101 2,500 Royal Arctic Line Sep 2012Pass/Car F. 503 4,200 24,000 GT Scandlines Denmark Sep 2012Ro-Ro 501 12,000 DFDS A/S Oct 2012MPP 2102 2,500 Royal Arctic Line Dec 2012

On Order:- 9 Vessel(s); 47,000 DWT.

Hong KongCheoy Lee S.Y. Hong KongSupply 5043 500 GT Swissco Marine Pte Jun 2012Supply 5025 1,400 1,330 GT Swissco Marine Pte Aug 2012AHTS 4959 1,393 1,260 GT Cheoy Lee S.Y. Sep 2012Supply 5044 500 GT Swissco Marine Pte Sep 2012AHT 5053 750 1,100 GT Teras Offshore Oct 2012AHT 5054 750 1,100 GT Teras Offshore Nov 2012AHT 5055 750 1,100 GT Teras Offshore Dec 2012AHT 5041 1,000 1,050 GT Teras Offshore Mar 2013AHT 5042 1,000 1,050 GT Teras Offshore May 2013

On Order:- 9 Vessel(s); 7,043 DWT.

IndiaABG Shipyard SuratBulk 288 54,000 PFS Shipping (S) 2012Bulk 289 54,000 PFS Shipping (S) 2012Bulk 290 54,000 PFS Shipping (S) 2012Bulk 313 54,000 Global Bulk Carriers 2012Bulk 298 35,000 Reederei H. Vogemann 2012Bulk 299 35,000 Reederei H. Vogemann 2012Bulk 300 35,000 Reederei H. Vogemann 2012Bulk 301 35,000 Reederei H. Vogemann 2012Bulk 302 35,000 Reederei H. Vogemann 2012Bulk 329 33,857 Global Bulk Carriers 2012Bulk 330 33,857 Global Bulk Carriers 2012Bulk 333 33,857 Global Bulk Carriers 2012

Cement 378 20,000 Assoc. Bulk Carrs. 2012Cement 379 20,000 Assoc. Bulk Carrs. 2012Bulk 383 10,000 ABG Cement 2012Bulk 384 10,000 ABG Cement 2012AHTS 354 2,500 2,300 GT Marnavi S.P.A. Jun 2012AHTS 355 2,500 2,132 GT Marnavi S.P.A. Jun 2012AHTS 1,575 1,940 GT Varada Marine Jun 2012AHTS 1,575 1,940 GT Varada Marine Jun 2012AHTS 1,575 1,940 GT Varada Marine Jun 2012AHTS ABG 326 1,575 1,940 GT Varada Marine Jun 2012Bulk 315 54,000 Global Bulk Carriers Jul 2012Bulk 316 54,000 Precious Shpg. Ltd. Jul 2012Bulk 335 33,857 Precious Shpg. Ltd. Jul 2012AHT 328 1,575 1,940 GT Varada Marine Jul 2012Seis. Survey 238 1,350 1,500 GT Ship Finance Inter. Jul 2012Bulk 347 54,000 Precious Shpg. Ltd. Aug 2012Bulk 336 33,857 Precious Shpg. Ltd. Aug 2012AHTS 1,575 1,940 GT Varada Marine Aug 2012AHTS 327 1,500 1,940 GT Varada Marine Aug 2012Bulk 291 54,000 Essar Shipping Sep 2012Bulk 292 54,000 Essar Shipping Oct 2012Bulk 337 33,857 Precious Shpg. Ltd. Oct 2012Research 4,148 GT NIO - Goa Oct 2012MSV 369 4,000 4,100 GT Sealion Shipping Oct 2012Bulk 293 54,000 Essar Shipping Nov 2012Bulk 294 54,000 Essar Shipping Dec 2012Bulk 338 33,857 Precious Shpg. Ltd. Dec 2012MSV 367 4,000 4,100 GT Sealion Shipping Dec 2012Bulk 303 35,000 Reederei H. Vogemann 2013Bulk 304 35,000 Reederei H. Vogemann 2013Bulk 306 35,000 Reederei H. Vogemann 2013Bulk 307 35,000 Reederei H. Vogemann 2013Cement 380 20,000 Assoc. Bulk Carrs. 2013Bulk 385 10,000 ABG Cement 2013Bulk 387 10,000 ABG Cement 2013Bulk 388 10,000 ABG Cement 2013Bulk 389 10,000 ABG Cement 2013Bulk 295 54,000 Essar Shipping Jan 2013Diving Spt 283 2,100 2,600 GT PFS Shipping Jan 2013Bulk 348 54,000 Precious Shpg. Ltd. Feb 2013AHTS 3,000 2,558 GT Varada Marine Feb 2013AHTS 276 3,000 2,558 GT Varada Marine Feb 2013PSV 361 3,300 2,000 GT Varada Marine Feb 2013Bulk 297 54,000 Essar Shipping Mar 2013Bulk 339 33,857 Precious Shpg. Ltd. Mar 2013Diving Spt 317 2,100 2,600 GT PFS Shipping Mar 2013Bulk 349 54,000 Precious Shpg. Ltd. May 2013AHTS 277 3,000 2,558 GT Varada Marine May 2013PSV 362 3,300 2,000 GT Varada Marine May 2013Bulk 340 33,857 Precious Shpg. Ltd. Jun 2013AHTS 279 3,000 2,700 GT Varada Marine Aug 2013AHTS 280 3,000 2,558 GT Varada Marine Aug 2013PSV 3,300 2,000 GT Varada Marine Aug 2013PSV 363 3,300 2,000 GT Varada Marine Aug 2013Bulk 342 33,857 Precious Shpg. Ltd. Sep 2013AHT 1,600 1,900 GT Shpg. Corp. of India Oct 2013PSV 3,300 2,000 GT Varada Marine Nov 2013AHT 1,600 1,900 GT Shpg. Corp. of India Dec 2013Bulk 320 35,000 Reederei H. Vogemann 2014Bulk 321 35,000 Reederei H. Vogemann 2014Bulk 322 35,000 Reederei H. Vogemann 2014Bulk 390 10,000 ABG Cement 2014Bulk 391 10,000 ABG Cement 2014Bulk 392 10,000 ABG Cement 2014Bulk 393 10,000 ABG Cement 2014PSV 3,300 2,000 GT Varada Marine Feb 2014AHT 1,600 1,900 GT Shpg. Corp. of India Feb 2014AHT 1,600 1,900 GT Shpg. Corp. of India Apr 2014AHT 1,600 1,900 GT Shpg. Corp. of India Jun 2014AHT 1,600 1,900 GT Shpg. Corp. of India Aug 2014Bulk 394 10,000 ABG Cement 2015Bulk 396 10,000 ABG Cement 2015

On Order:- 84 Vessel(s); 1,822,470 DWT.

Bharati GoaMSV 4,000 4,377 GT Great Offshore Ltd Jun 2013MSV 4,000 4,377 GT Great Offshore Ltd Jun 2013MSV 4,000 4,377 GT Great Offshore Ltd Jun 2013

On Order:- 3 Vessel(s); 12,000 DWT.

Bharati S.Y. MumbaiBulk 368 20,000 Clipper Group 2012Bulk 369 20,000 Clipper Group 2012Bulk 370 20,000 Clipper Group 2012Ro-Ro/Lo-Lo 357 5,600 Sea-Cargo AS 2012

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 22 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

India

Type Hull No. Dwt. *Other Units Owner Delivery

Ro-Ro/Lo-Lo 358 5,600 Sea-Cargo AS 2012MPP 332 6,500 Grona Shipping Mar 2012MPP 331 6,500 Grona Shipping May 2012MPP 333 6,500 Grona Shipping May 2012Ro-Ro/Lo-Lo 325 5,000 Sea-Cargo AS May 2012AHTS 339 3,500 5,040 GT Five Stars Shpg. Jun 2012PSV 386 4,200 2,900 GT UP Offshore Jun 2012PSV 387 4,200 2,900 GT UP Offshore Jun 2012AHTS 383 2,500 2,620 GT Norwegian Shpg. Ltd. Jun 2012AHTS 356 2,100 2,310 GT Bourbon Offshore Jun 2012PSV 376 3,200 2,200 GT Great Offshore Ltd Jun 2012AHTS 399 2,500 2,132 GT Norwegian Shpg. Ltd. Jun 2012AHTS 396 2,000 2,039 GT Shpg. Corp. of India Jun 2012AHTS 384 2,300 1,961 GT Norwegian Shpg. Ltd. Jun 2012MPP 334 6,500 Grona Shipping Jul 2012PSV 382 4,200 2,900 GT UP Offshore Jul 2012AHTS 354 2,100 2,310 GT Bourbon Offshore Aug 2012AHTS 398 2,300 1,961 GT Norwegian Shpg. Ltd. Aug 2012Bulk 371 20,000 Clipper Group 2013Bulk 372 20,000 Clipper Group 2013Bulk 373 20,000 Clipper Group 2013

On Order:- 25 Vessel(s); 197,300 DWT.

Chowgule S.B. GoaMPP 202 4,450 Chowgule S.S. Ltd. 2012MPP 203 4,450 Chowgule S.S. Ltd. 2012MPP 198 4,450 JR Shipping B.V. Jun 2012MPP 199 4,450 JR Shipping B.V. Oct 2012

On Order:- 4 Vessel(s); 17,800 DWT.

Cochin S.Y. CochinPSV BY-85 3,060 2,369 GT Shpg. Corp. of India Jun 2012AHTS BY-79 1,970 2,048 GT Shpg. Corp. of India Jun 2012AHTS BY-80 1,970 2,048 GT Shpg. Corp. of India Jun 2012PSV BY-86 3,060 2,369 GT Shpg. Corp. of India Jul 2012AHTS 3,940 3,360 GT Shpg. Corp. of India Sep 2012PSV BY-91 3,250 2,100 GT Unknown Feb 2013PSV BY-92 3,250 2,100 GT Unknown Feb 2013

On Order:- 7 Vessel(s); 20,500 DWT.

Hindustan S.Y. VisakhapatnamBulk 11139 53,000 Good Earth Maritime Jul 2012Bulk 11140 53,000 Good Earth Maritime Sep 2012Bulk 11141 53,000 Good Earth Maritime Dec 2012

On Order:- 3 Vessel(s); 159,000 DWT.

Larsen & Toubro HaziraHeavy Lift 81003 8,250 Rolldock B.V. Apr 2012Heavy Lift 81007 18,680 BigLift Shipping May 2012Heavy Lift 81004 8,250 Rolldock B.V. Aug 2012Heavy Lift 81005 8,250 Rolldock B.V. Jun 2013PSV 2,000 1,548 GT Halul Offshore Jan 2014PSV 2,000 1,548 GT Halul Offshore Jan 2014AHTS 1,500 1,279 GT Halul Offshore Jan 2014AHTS 1,500 1,279 GT Halul Offshore Jan 2014Heavy Lift 81008 18,680 BigLift Shipping 2015

On Order:- 9 Vessel(s); 69,110 DWT.

Pipavav Shipyd. PipavavSupply H025 2,500 1,724 GT ONGC Jun 2012Supply H028 2,500 1,724 GT ONGC Jun 2012Supply H034 2,500 1,724 GT ONGC Jun 2012Bulk 011 74,500 Unknown Jul 2012Bulk P0009 74,500 Golden Ocean Jul 2012Bulk P0010 74,500 Unknown Jul 2012Supply H029 2,500 1,724 GT ONGC Jul 2012Supply H024 2,500 1,900 GT ONGC Aug 2012Supply H026 2,500 1,900 GT ONGC Aug 2012Supply H023 2,500 1,724 GT ONGC Aug 2012Supply H030 2,500 1,724 GT ONGC Aug 2012Supply H027 2,500 1,900 GT ONGC Sep 2012Supply H031 2,500 1,724 GT ONGC Sep 2012Bulk 012 74,500 Unknown Oct 2012Supply H032 2,500 1,724 GT ONGC Oct 2012Supply H033 2,500 1,724 GT ONGC Nov 2012

On Order:- 16 Vessel(s); 328,000 DWT.

Ramsar Shipyard BhavnagarProducts 310 1,500 Unknown Indian Jan 2012

On Order:- 1 Vessel(s); 1,500 DWT.

Tebma Shipyards Ltd ChennaiMSV 119 3,100 3,411 GT NKrah Jun 2012MSV 3,200 3,501 GT Nordic Maritime Nov 2012Geo. Survey 155 2,500 1,515 GT Fugro Jan 2013Seis. Survey 127 2,200 1,333 GT Nordic Maritime Jan 2013Geo. Survey 156 2,500 1,515 GT Fugro Oct 2013

On Order:- 5 Vessel(s); 13,500 DWT.

IndonesiaBatamec S.Y. BatamWell Stimul. 7,200 8,200 GT Norshore Jun 2012AHTS 7048 4,500 7,900 GT Otto Industrial Jun 2012AHTS 7049 4,500 7,900 GT Otto Industrial Jun 2012

On Order:- 3 Vessel(s); 16,200 DWT.

DDW Nanindah BatamAHTS T210 2,200 3,300 GT Seaspec Marine Serv. Jun 2012AHTS T202 2,400 2,100 GT Elegant Shipping Jun 2012PSV NT 219 3,200 2,478 GT Tidewater Marine Jul 2012PSV 220 3,200 2,478 GT Tidewater Marine Oct 2012PSV NT 218 3,200 2,478 GT Tidewater Marine Jul 2013PSV 221 3,200 2,478 GT Tidewater Marine Dec 2013

On Order:- 6 Vessel(s); 17,400 DWT.

Jaya Asiatic Shipyd. BatamAHTS 8K4B 2,515 2,744 GT Jaya Offshore Pte Jul 2012PSV 8KPSV90 4,500 4,330 GT Jaya Offshore Pte May 2013PSV 8KPSV91 4,500 4,330 GT Jaya Offshore Pte Jun 2013ROV/Sub Spt H910 2,500 3,220 GT Jaya Offshore Pte Jan 2014ROV/Sub Spt H911 3,000 3,864 GT Jaya Offshore Pte Apr 2014

On Order:- 5 Vessel(s); 17,015 DWT.

MP Shipyard BatamAHTS 3,500 2,985 GT Marco Polo Shipping Sep 2012

On Order:- 1 Vessel(s); 3,500 DWT.

P.T. Dumas SurabayaProducts 109 3,500 Pertamina Direktorat Jun 2012

On Order:- 1 Vessel(s); 3,500 DWT.

PT Dok Surabaya SurabayaCh&O* 08602 6,500 Pertamina Direktorat Apr 2012Products 10604 6,500 Pertamina Direktorat Apr 2012

On Order:- 2 Vessel(s); 13,000 DWT.

PT Loh & Loh BatamAHTS 1,250 1,066 GT Miclyn Express Offsh Jul 2012AHTS 2,800 2,388 GT Miclyn Express Offsh Nov 2012AHTS 2,800 2,388 GT Miclyn Express Offsh Dec 2012PSV 2,200 1,703 GT Miclyn Express Offsh Aug 2013PSV 2,200 1,703 GT Miclyn Express Offsh Oct 2013

On Order:- 5 Vessel(s); 11,250 DWT.

PT Pal SurabayaCh&O* 260 6,200 Mediterranea di Nav. 2012Ch&O* 0242 24,000 G. D'Alesio S.A.S. Jun 2012Ch&O* 259 6,200 Mediterranea di Nav. Jun 2012Products 17,800 Pertamina Direktorat Sep 2012Products 17,800 Pertamina Direktorat Dec 2012

On Order:- 5 Vessel(s); 72,000 DWT.

Sentek Batam BatamAHT 07N20 465 GT Bessin Pacific May 2012

On Order:- 1 Vessel(s); DWT.

IranISOICO Bandar AbbasContainer 104 30,238 2,188 TEU HDS Lines 2012

On Order:- 1 Vessel(s); 30,238 DWT.

Sadra Shipyard Bandar AbbasTanker 113,000 PDVSA Sep 2012Tanker 113,000 PDVSA Dec 2012Tanker 113,000 PDVSA Mar 2013Tanker 113,000 PDVSA May 2013

On Order:- 4 Vessel(s); 452,000 DWT.

ItalyCant. Trapani TrapaniCh&O* 492T 18,000 Augusta Due S.r.l. Jun 2012

On Order:- 1 Vessel(s); 18,000 DWT.

Fincantieri AnconaCruise 1,400 10,944 GT Cie. du Ponant Jun 2013Cruise 132,500 GT Costa Crociere Oct 2014Cruise 6223 139,000 GT Princess Cruises Inc Jun 2013Cruise 6224 139,000 GT Princess Cruises Inc Apr 2014Cruise 6231 141,000 GT P&O Cruises Ltd. Mar 2015

On Order:- 5 Vessel(s); 1,400 DWT.

Rodriquez MessinaPass/Car F. 329 1,000 4,000 GT Unknown 2012

On Order:- 1 Vessel(s); 1,000 DWT.

Rosetti Marino RavennaAHTS 107 2,800 3,500 GT Augusta Offshore Jul 2012PSV 108 3,300 2,300 GT Fratelli D'Amato Mar 2013PSV 109 3,300 2,300 GT Fratelli D'Amato Jun 2013PSV 110 3,000 2,200 GT Gulf Offshore NS Oct 2013PSV 111 3,000 2,200 GT Gulf Offshore NS Mar 2014AHTS 4,200 3,582 GT Augusta Offshore Jun 2014

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 23 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

Italy

Type Hull No. Dwt. *Other Units Owner Delivery

On Order:- 6 Vessel(s); 19,600 DWT.

Visentini DonadaPass/Car F. 225 7,500 26,500 GT Levantina Trasporti Jul 2012

On Order:- 1 Vessel(s); 7,500 DWT.

Vittoria AdriaTSH Dredger 840 Unknown Jan 2012

On Order:- 1 Vessel(s); DWT.

JapanAsakawa S.B. ImabariL.P.G. 8,680 11,023 cbm Komaya Shipping Co. Aug 2012L.P.G. 576 8,680 11,023 cbm Komaya Shipping Co. Nov 2012L.P.G. 8,680 11,023 cbm Komaya Shipping Co. Feb 2013L.P.G. 8,680 11,023 cbm Komaya Shipping Co. May 2013L.P.G. 8,680 11,023 cbm Komaya Shipping Co. Nov 2013

On Order:- 5 Vessel(s); 43,400 DWT.

Fukuoka S.B. FukuokaProducts 1296 5,450 MSK Co. Ltd. May 2012Products 1297 5,450 Unknown Japanese Jun 2012Ch&O* 2050 19,900 MISC Jun 2012GCargo 2055 20,000 K-Line Nov 2012Ch&O* 2035 25,000 Berlian Laju Tanker Dec 2012Ch&O* 2036 25,000 Berlian Laju Tanker Dec 2012Ch&O* 2056 19,900 Unknown Mar 2013Bulk 2053 33,680 NS United K.K. Aug 2013

On Order:- 8 Vessel(s); 154,380 DWT.

Hakodate Dock HakodateBulk 32,000 Unknown Japanese Mar 2012Bulk 32,000 Unknown Japanese Jun 2012Bulk 847 31,900 Shih Wei Navigation Jul 2012Bulk 32,000 Unknown Japanese Sep 2012Bulk 849 31,900 Daiichi Chuo Oct 2012Bulk 853 31,570 Sanko S.S. Oct 2012Bulk 855 31,948 Chowgule S.S. Ltd. Nov 2012Bulk 859 32,000 NYK Global Bulk. Jan 2013Bulk 856 32,000 Daiichi Chuo Mar 2013Bulk 857 32,000 NYK Global Bulk. Mar 2013Bulk 858 31,570 Sanko S.S. May 2013Bulk 860 31,948 Chowgule S.S. Ltd. Aug 2013Bulk 854 31,719 Lauritzen Bulkers Oct 2013Bulk 861 31,885 Blumenthal, Johann Nov 2013Bulk 862 32,000 Daiichi Chuo Jan 2014Bulk 864 32,000 NYK Global Bulk. Jan 2014Bulk 866 32,000 NYK Global Bulk. Jan 2014Bulk 840 31,950 Blumenthal, Johann Mar 2014Bulk 863 32,000 Daiichi Chuo May 2014Bulk 865 32,000 Daiichi Chuo Aug 2014Bulk 870 31,948 Chowgule S.S. Ltd. Oct 2014Bulk 867 32,000 Daiichi Chuo Jan 2015

On Order:- 22 Vessel(s); 702,338 DWT.

Higaki Zosen ImabariGCargo 671 14,260 Unknown Jul 2012GCargo 670 12,000 Unknown Aug 2012GCargo 666 12,000 Unknown Oct 2012GCargo 672 14,260 Unknown Jul 2013

On Order:- 4 Vessel(s); 52,520 DWT.

Honda Zosen K.K SaikiGCargo 1076 12,000 Unknown Jun 2012GCargo 1077 16,600 Unknown Dec 2012GCargo 16,600 Unknown Mar 2013

On Order:- 3 Vessel(s); 45,200 DWT.

I.H.I. ChitaBulk 3331 56,000 Pacific Carriers Jul 2012Bulk 3330 56,000 Unknown Aug 2012Container 3288 99,000 8,600 TEU K-Line Jul 2012Container 3289 99,000 8,600 TEU K-Line Oct 2012Tanker 3335 120,000 JX Tanker Co., Ltd. Dec 2012Container 3290 99,214 8,614 TEU K-Line Dec 2012Bulk 180,000 Unknown 2013Bulk 3306 180,000 SK Shipping Co. Ltd. Feb 2013Bulk 3333 56,000 Unknown Feb 2013Tanker 3332 120,000 JX Tanker Co., Ltd. Mar 2013Bulk 3307 180,000 Unknown Apr 2013Bulk 3339 55,800 Unknown Apr 2013Bulk 3336 97,000 Daiichi Chuo Jun 2013Bulk 3308 180,000 Unknown Jul 2013Bulk 3337 97,000 Daiichi Chuo Nov 2013Bulk 3338 97,000 Daiichi Chuo Jan 2014Tanker 3347 310,000 JX Tanker Co., Ltd. Apr 2014Tanker 3348 310,000 JX Shpg. Co., Ltd. Jul 2014Bulk 55,747 Unknown Jul 2012Bulk 56,300 DST Shipping Inc. Dec 2012

Bulk 55,747 Unknown Jan 2013On Order:- 21 Vessel(s); 2,559,808 DWT.

Imabari S.B. ImabariBulk 38,225 Unknown 2012Bulk 38,225 Unknown 2012Bulk 38,225 Unknown 2012Bulk 38,225 Unknown 2012Bulk 729 28,383 Unknown Jun 2012Bulk 770 28,383 Unknown Jun 2012Bulk 716 61,470 U-Sea Bulk Shipping Jul 2012Bulk 745 61,000 Taiwan Navigation Jul 2012Bulk 818 38,225 Unknown Sep 2012Bulk 786 28,383 Pacific Basin Shpg. Sep 2012Bulk 775 38,225 Wisdom Marine Lines Oct 2012Bulk 808 61,000 Ikaros Shpg & Broker Dec 2012Bulk 796 51,000 Unknown Dec 2012Bulk 804 38,225 Unknown Dec 2012Bulk 746 28,383 Unknown Dec 2012Bulk 768 28,383 Unknown Dec 2012Bulk 747 28,050 ID Shipping Dec 2012Bulk 776 38,225 Pacific Carriers Feb 2013Bulk 778 38,225 Pacific Carriers Mar 2013Bulk 771 28,383 Unknown Mar 2013Bulk 777 28,383 Pacific Carriers Mar 2013Bulk 780 38,225 Unknown May 2013Bulk 819 37,300 Unknown Jun 2013Bulk 28,450 Unknown Jun 2013Bulk 755 27,000 Unknown Jun 2013Bulk 787 28,383 Pacific Carriers Jul 2013Bulk 781 38,225 Wisdom Marine Lines Aug 2013Bulk 835 61,000 Unknown Sep 2013Bulk 803 37,000 Unknown Sep 2013Bulk 788 28,383 Unknown Sep 2013Bulk 810 61,000 Taiwan Navigation Oct 2013Bulk 832 61,000 Unknown Nov 2013Bulk 806 37,000 Unknown Mar 2014Bulk 829 37,800 Wisdom Marine Lines Jul 2014Bulk 823 37,000 Unknown Jul 2014Bulk 95,712 Mitsui O.S.K. Lines 2012Bulk 1581 95,671 Unknown Jul 2012Bulk 1596 95,671 Unknown Jul 2012Bulk 1563 95,712 Unknown Aug 2012Bulk 1578 95,712 Mitsui O.S.K. Lines Aug 2012Bulk 1584 95,712 Unknown Sep 2012Bulk 1585 95,671 Nippon Yusen Kaisha Sep 2012Bulk 1586 95,712 Unknown Oct 2012Bulk 1587 95,712 Unknown Oct 2012Bulk 1588 95,712 Unknown Nov 2012Bulk 1589 95,712 Unknown Dec 2012Bulk 1629 95,712 Unknown Dec 2012PCC 1534 19,000 Unknown Dec 2012PCC 1602 19,000 Unknown Dec 2012Bulk 61,000 Daiichi Chuo 2013Bulk 61,000 Daiichi Chuo 2013PCC 1536 19,000 Unknown Jan 2013Bulk 95,712 Unknown Feb 2013Bulk 1590 95,712 Unknown Feb 2013PCC 1540 19,000 Unknown Mar 2013Bulk 95,712 Unknown Apr 2013Bulk 1592 95,000 Unknown Apr 2013Bulk 1597 95,000 Unknown May 2013Bulk 95,712 Unknown Jun 2013Bulk 1630 95,000 Unknown Jun 2013Bulk 95,712 Unknown Aug 2013PCC 1605 19,000 Unknown Sep 2013Bulk 95,000 Nippon Yusen Kaisha 2014Bulk 95,000 Nippon Yusen Kaisha 2014PCC 19,000 Zodiac Maritime Agy. 2014PCC 19,000 Zodiac Maritime Agy. 2014Bulk 1639 95,000 Pacific Carriers Jan 2014Bulk 75,000 Safe Bulkers Inc. Mar 2014Bulk 75,000 Safe Bulkers Inc. May 2014Bulk 80,000 Unknown Sep 2014Bulk 80,000 Unknown Dec 2014Bulk 95,000 Nippon Yusen Kaisha 2015Bulk 8114 180,000 Unknown Jul 2012Bulk 8138 180,000 K-Line Jul 2012Bulk 8118 180,000 Unknown Nov 2012Bulk 8122 180,000 Unknown Nov 2012Bulk 8121 180,000 Unknown Dec 2012Bulk 8128 180,000 Unknown Dec 2012Bulk 180,200 Daiichi Chuo 2013Bulk 8123 207,000 Unknown Jan 2013

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 24 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

Japan

Type Hull No. Dwt. *Other Units Owner Delivery

Bulk 8127 180,000 Unknown Feb 2013Bulk 8129 180,000 Unknown Mar 2013Bulk 8125 207,000 Pacific Carriers May 2013Bulk 8130 180,000 Unknown Aug 2013Ore 335,000 Mitsui O.S.K. Lines 2014Ore 320,000 Mitsui O.S.K. Lines 2014Ore 320,000 Mitsui O.S.K. Lines 2014Bulk 8131 180,200 Unknown 2014Bulk 8132 180,200 Unknown 2014Bulk 8133 180,200 Unknown 2014Ore 335,000 Mitsui O.S.K. Lines Jan 2014Bulk 206,000 K-Line Mar 2014Ore 335,000 NS United K.K. Apr 2014

On Order:- 93 Vessel(s); 8,825,773 DWT.

I-S Shipyard TadotsuBulk 080 28,000 Unknown Jun 2012Bulk 081 28,000 Unknown Jun 2012Bulk 054 28,050 Unknown Jul 2012Bulk 050 28,050 Unknown Oct 2012Bulk 045 28,000 Unknown Oct 2012Bulk 046 28,050 Wisdom Marine Lines Nov 2012Bulk 052 28,050 Unknown Nov 2012Bulk 064 28,050 Unknown Dec 2012Bulk 047 28,050 Wisdom Marine Lines Jan 2013Bulk 055 28,050 Unknown Jan 2013Bulk 061 28,000 Unknown Mar 2013Bulk 051 28,050 Unknown Jun 2013Bulk 065 28,050 Unknown Jun 2013Bulk 066 28,050 Unknown Jun 2013Bulk 056 28,050 Wisdom Marine Lines Jul 2013

On Order:- 15 Vessel(s); 420,550 DWT.

Iwagi Zosen IwagiBulk 301 61,438 Unknown Jul 2012Bulk 305 61,438 Unknown Sep 2012Bulk 318 61,358 Unknown Oct 2012Bulk 304 61,000 Unknown Nov 2012Bulk 350 61,000 Unknown Dec 2012Bulk 306 61,000 Unknown Jan 2013Bulk 308 61,000 Unknown Mar 2013Bulk 321 61,000 Unknown Apr 2013Bulk 332 61,439 Unknown Jun 2013Bulk 323 61,358 Unknown Jun 2013Bulk 322 61,000 Unknown Jun 2013Bulk 337 61,000 Empros Lines Shpg. Jul 2013

On Order:- 12 Vessel(s); 734,031 DWT.

Kanasashi H.I. ShikokuGCargo 8126 12,100 Unknown 2012OH* 1072 24,000 Sider Navi S.p.A. Jun 2012

On Order:- 2 Vessel(s); 36,100 DWT.

Kanda S.B. Co. KawajiriOH* 529 33,000 Unknown Jun 2012OH* 531 33,000 Unknown Japanese Sep 2012OH* 532 33,000 Unknown Japanese Oct 2012OH* 533 33,000 Unknown Japanese Nov 2012OH* 534 33,000 Unknown Japanese Feb 2013OH* 535 33,000 Unknown Mar 2013OH* 538 33,000 Unknown Sep 2013OH* 536 33,000 Unknown Mar 2014Pass/Car F. 1,500 5,300 GT Sado Kisen Mar 2014

On Order:- 9 Vessel(s); 265,500 DWT.

Kawasaki H.I. SakaideBulk 1676 181,000 Mizuho Sangyo Co. Jul 2012Bulk 1680 181,000 Daiichi Chuo Jul 2012L.P.G. 1679 52,000 80,000 cbm Sanko S.S. Oct 2012Bulk 1691 58,000 Unknown Oct 2012Bulk 1707 58,000 Unknown Oct 2012Bulk 1692 58,000 Unknown Nov 2012Bulk 180,000 Unknown Dec 2012Bulk 1693 58,000 Unknown Dec 2012Bulk 1695 58,000 Unknown Dec 2012Bulk 1708 58,000 Unknown Dec 2012Bulk 1694 58,000 Unknown Feb 2013Bulk 1696 58,000 Unknown Apr 2013Bulk 1700 58,000 Unknown Apr 2013Bulk 1697 58,000 Unknown Jun 2013Bulk 1699 58,000 Unknown Jul 2013Bulk 1681 180,000 K-Line Sep 2013L.N.G. 1665 85,000 177,000 cbm Nippon Yusen Kaisha Oct 2013L.P.G. 50,000 82,000 cbm Kumiai Nav. Pte. Ltd Jan 2014

On Order:- 18 Vessel(s); 1,547,000 DWT.

Kawasaki S.B. KobeBulk 1705 57,990 I.M.S. Maritime Jul 2012

Bulk 1650 58,912 Mitsui & Co. Ltd. Sep 2012Bulk 1651 58,912 Marubeni Corp. Nov 2012Bulk 1704 57,990 Unknown Jan 2013Bulk 1701 57,990 Unknown Feb 2013Bulk 1703 57,990 Unknown Apr 2013

On Order:- 6 Vessel(s); 349,784 DWT.

Kegoya Dock KureGCargo 1136 13,000 Unknown Jun 2012GCargo 1139 13,400 Wisdom Marine Lines Sep 2012GCargo 1142 13,400 Wisdom Marine Lines Jan 2013

On Order:- 3 Vessel(s); 39,800 DWT.

Keihin Shipyard YokohamaAHTS 0062 3,200 3,260 GT Sanko S.S. Aug 2012AHTS 0061 2,835 3,240 GT Go Offshore Aug 2012AHT 0074 2,000 GT TeraSea Mar 2013AHT 0075 2,000 GT TeraSea Jun 2013AHT 2,700 2,000 GT TeraSea Sep 2013AHT 2,700 2,000 GT TeraSea Dec 2013PSV 5,000 3,872 GT Swire Pacific Mar 2014PSV 5,000 3,872 GT Swire Pacific Jun 2014PSV 5,000 3,872 GT Swire Pacific Sep 2014PSV 3,700 2,865 GT Swire Pacific Sep 2014PSV 3,700 2,865 GT Swire Pacific Nov 2014PSV 5,000 3,872 GT Swire Pacific Dec 2014PSV 3,700 2,865 GT Swire Pacific Jan 2015PSV 3,700 2,865 GT Swire Pacific Mar 2015PSV 3,700 2,865 GT Swire Pacific May 2015PSV 3,700 2,865 GT Swire Pacific Jul 2015

On Order:- 16 Vessel(s); 53,635 DWT.

Kitanihon Zosen HachinoheCh&O* 25,000 Unknown Japanese Feb 2012Ch&O* 530 25,000 Bryggen Shipping Jun 2012Ch&O* 538 19,800 Zodiac Maritime Agy. Jun 2012Ch&O* 25,000 Bryggen Shipping Aug 2012Ch&O* 527 25,000 Nisshin Kisen Aug 2012Bulk 552 28,200 Wisdom Marine Lines Aug 2012Ch&O* 556 19,800 Zodiac Maritime Agy. Sep 2012Bulk 558 28,000 Unison Marine Sep 2012Ch&O* 560 19,800 Zodiac Maritime Agy. Nov 2012Bulk 561 28,000 Unison Marine Nov 2012Ch&O* 532 33,641 K-Line Feb 2013Ch&O* 531 19,800 Zodiac Maritime Agy. Mar 2013Ch&O* 535 33,641 K-Line May 2013Ch&O* 533 19,800 Zodiac Maritime Agy. Jun 2013Ch&O* 537 19,800 Zodiac Maritime Agy. Aug 2013Ch&O* 536 19,800 Zodiac Maritime Agy. Nov 2013Ch&O* 562 19,800 Zodiac Maritime Agy. Feb 2014Ch&O* 565 19,800 Zodiac Maritime Agy. May 2014Ch&O* 573 19,800 Zodiac Maritime Agy. Aug 2014

On Order:- 19 Vessel(s); 449,482 DWT.

Koyo Dock K.K. MiharaBulk 2318 180,200 Unknown Jul 2012Bulk 2358 180,200 Unknown Jul 2012Bulk 2360 180,000 Unknown Jul 2012Container 2386 72,912 6,350 TEU Nissen Kaiun K.K. Jul 2012Container 2387 72,912 6,350 TEU Shoei Kisen K.K. Jul 2012Bulk 2338 180,200 K-Line Bulk Shpg. Sep 2012Bulk 2500 95,000 Pacific Carriers Oct 2012Bulk 2501 95,000 Unknown Oct 2012Bulk 2327 180,200 Mitsui O.S.K. Lines Nov 2012Bulk 2502 95,000 Unknown Nov 2012Bulk 2326 180,000 Unknown Dec 2012Bulk 2333 180,000 Unknown Dec 2012Bulk 2367 180,000 Unknown Dec 2012Bulk 2505 95,000 Unknown Dec 2012Bulk 2330 180,200 Mitsui O.S.K. Lines Feb 2013Bulk 2506 95,000 Pacific Carriers Mar 2013Bulk 2328 180,000 Mitsui O.S.K. Lines Apr 2013Bulk 2335 180,000 Pacific Carriers Apr 2013Bulk 2503 95,000 Unknown Apr 2013Container 2310 72,900 6,350 TEU Unknown Jul 2013Bulk 2380 180,200 Unknown 2014

On Order:- 21 Vessel(s); 2,949,924 DWT.

Kurinoura Dock YawatahamaAsp.& Bit. 425 2,300 Itochu Corp. Aug 2012Bulk 409 24,000 Unknown Aug 2012Products 426 1,900 Uyeno Transtech Sep 2012Bulk 422 31,000 Unknown Oct 2012

On Order:- 4 Vessel(s); 59,200 DWT.

Kyokuyo S.Y. ShimonosekiRo-Ro S503 6,600 Cobelfret N.V. Jun 2012MPP S505 12,000 SITC Sep 2012

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 25 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

Japan

Type Hull No. Dwt. *Other Units Owner Delivery

MPP S506 12,000 SITC Dec 2012Container S499 12,500 900 TEU Kotoku Kaiun Jan 2013

On Order:- 4 Vessel(s); 43,100 DWT.

Minami Nippon UsukiCh&O* 33,000 K-Line 2012Bulk 733 38,000 Masumoto Shpg Co Jul 2012PCC 728 18,900 Mitsui O.S.K. Lines Jul 2012Products 721 74,998 Mitsui O.S.K. Lines Sep 2012PCC 729 18,900 Mitsui O.S.K. Lines Nov 2012Products 723 74,998 Mitsui O.S.K. Lines Mar 2013Chip 731 57,000 Mitsui O.S.K. Lines Mar 2013PCC 730 18,900 Mitsui O.S.K. Lines Mar 2013Chip 732 57,000 Mitsui O.S.K. Lines Jul 2013

On Order:- 9 Vessel(s); 391,696 DWT.

Mitsubishi H.I. KobePCC 1296 19,000 Mitsui O.S.K. Lines Jun 2012Pass/Car F. 2277 6,000 17,000 GT Shin Nihonkai Ferry Jun 2012L.P.G. 2283 51,100 83,000 cbm Idemitsu Tanker Co. Aug 2012Tanker 2281 303,000 Mitsui O.S.K. Lines Sep 2012PCC 2284 22,100 Wilh Wilhelmsen Sep 2012Tanker 2282 303,000 Mitsui O.S.K. Lines Jan 2013L.P.G. 2286 51,100 83,000 cbm Iino Kaiun Kaisha Jan 2013PCC 2285 22,100 Wilh Wilhelmsen Jan 2013Container 2293 90,000 8,560 TEU Mitsui O.S.K. Lines May 2013L.P.G. 2288 51,000 83,000 cbm JX Shpg. Co., Ltd. Jun 2013Container 2294 90,000 8,560 TEU Mitsui O.S.K. Lines Sep 2013L.N.G. 2289 71,290 145,400 cbm Nippon Yusen Kaisha May 2014L.N.G. 2295 75,000 153,000 cbm Osaka Gas Co. Ltd. Sep 2014L.N.G. 75,000 153,000 cbm Mitsui O.S.K. Lines Nov 2014Cruise 2300 12,000 125,000 GT Aida Cruises Ltd. Mar 2015L.N.G. 2296 75,000 153,000 cbm Osaka Gas Co. Ltd. Apr 2015Cruise 2301 12,000 125,000 GT Aida Cruises Ltd. Mar 2016Bulk 1163 37,300 Shoei Kisen K.K. Sep 2012RoPax 1160 10,000 A Line Ferry Co. Sep 2012Bulk 1164 37,300 Shoei Kisen K.K. Jan 2013Seis. Survey 2292 1,000 GT PGS Feb 2013Ro-Ro 1165 6,000 Nippon Express Mar 2013RoPax 1167 51 Hagi Kaiun Mar 2013Seis. Survey 2291 1,000 GT PGS Apr 2013Pass 2,500 5,700 GT Tokai Kisen Jun 2014

On Order:- 25 Vessel(s); 1,421,841 DWT.

Mitsui SB ChibaBulk 1819 110,500 Mitsui Warehouse Co. Jul 2012Bulk 1797 56,000 Unknown Jul 2012Bulk 1833 56,000 Orient Line Co. Ltd. Aug 2012Bulk 1834 56,000 COSCO Bulk Carrier Sep 2012Bulk 1825 178,000 Unknown Nov 2012Bulk 1847 56,000 Unknown Japanese Dec 2012Bulk 1856 56,000 Nissen Kaiun K.K. Mar 2013Bulk 1831 56,000 Unknown Apr 2013Bulk 1832 56,000 Unknown Apr 2013OH* 1838 73,000 Gearbulk Ltd. Jun 2013Bulk 1849 56,000 Unknown Jun 2013Bulk 1851 56,000 Unknown Jun 2013Bulk 1845 56,000 Sanzo Enterprise Co. Oct 2013Bulk 1852 56,000 Unknown Oct 2013Bulk 1855 56,000 Unknown Nov 2013OH* 1839 73,000 Gearbulk Ltd. Dec 2013Bulk 1853 56,000 Unknown Japanese Mar 2014Bulk 1870 56,000 Unknown Mar 2014Tanker 1714 300,000 Nippon Yusen Kaisha Apr 2014Bulk 1861 56,000 Unknown May 2014Bulk 1854 56,000 Unknown Japanese Jun 2014Bulk 1794 56,000 Mitsui Warehouse Co. Jul 2012Bulk 1830 56,000 Mitsui Warehouse Co. Aug 2012OH* 1836 73,000 Unknown Sep 2012Bulk 1781 56,000 Unknown Oct 2012Bulk 1835 56,000 Unknown Oct 2012OH* 1837 73,000 Unknown Jan 2013Bulk 1840 56,000 Pacific Carriers Jan 2013Bulk 1841 56,000 Unknown Jan 2013Bulk 1829 56,000 Unknown Feb 2013Bulk 1842 56,000 Unknown Apr 2013Bulk 1846 56,000 Unknown Jun 2013Bulk 1843 56,000 Unknown Jul 2013Bulk 1844 56,000 Unknown Aug 2013Bulk 1858 66,000 Unknown Japanese Dec 2013Bulk 1848 56,000 Unknown Dec 2013Bulk 1828 56,000 Mitsui Warehouse Co. 2014Bulk 1857 56,000 Nissen Kaiun K.K. 2014Bulk 66,000 Niovis Shipping Co. Jan 2014Bulk 1859 66,000 Unknown Japanese Jan 2014

On Order:- 40 Vessel(s); 2,758,500 DWT.

Miura Zosensho SaikiGCargo 1378 1,700 Meiji Shipping Co. May 2012Products 1361 5,600 Naniwa Tanker Co.Ltd Jun 2012Asp.& Bit. 1381 2,200 Showa Rekisei Ind Jul 2012Bulk 1380 15,000 K-Line Dec 2012Ro-Ro 1382 2,750 Kyodogumi Kaiun Feb 2013

On Order:- 5 Vessel(s); 27,250 DWT.

Murakami Hide HakataL.P.G. 588 1,200 1,400 cbm Naikai Kisen KK Aug 2012Products 592 3,400 Kirishima Kaiun Sep 2012Bulk 584 16,805 Wisdom Marine Lines Feb 2013Bulk 590 25,000 Wisdom Marine Lines May 2013Bulk 591 25,000 Wisdom Marine Lines Aug 2013

On Order:- 5 Vessel(s); 71,405 DWT.

Naikai S.B. InnoshimaOH* 748 38,238 Lauritzen Bulkers Jul 2012OH* 753 38,238 JX Shpg. Co., Ltd. Jul 2012Bulk 752 38,000 Jinhui Shpg. & Trans Jul 2012Bulk 756 37,800 Unknown Panamanian Sep 2012Ro-Ro 759 6,900 K-Line Jan 2013Bulk 761 38,000 Unknown Mar 2013Container 735 33,100 2,450 TEU Santoku Senpaku Apr 2012Pass/Car F. 757 670 1,600 GT Kyushu Shosen Sep 2012Bulk 755 27,200 JX Shpg. Co., Ltd. Oct 2012Pass/Car F. 758 800 1,985 GT Unknown Japanese Apr 2013

On Order:- 10 Vessel(s); 258,946 DWT.

Namura Shipbuilding ImariOre 329 225,000 Mitsui O.S.K. Lines Jul 2012Bulk 319 177,000 Nippon Yusen Kaisha Sep 2012Bulk 343 177,000 Unknown Sep 2012Bulk 346 92,000 Unknown Sep 2012Ore 341 250,877 Nippon Yusen Kaisha Nov 2012Bulk 364 92,125 Rio Tinto Marine Nov 2012Ore 358 250,000 Rio Tinto Marine Jan 2013Bulk 365 92,125 Rio Tinto Marine Jan 2013Ore 351 250,000 Korea Line Apr 2013Ore 352 250,000 Mitsui O.S.K. Lines May 2013Ore 359 250,000 Rio Tinto Marine Jun 2013Bulk 347 92,000 Unknown Jun 2013Ore 342 250,000 NS United K.K. Jul 2013Ore 349 250,000 Mitsui O.S.K. Lines Nov 2013Ore 353 250,000 Mitsui O.S.K. Lines Nov 2013Ore 344 250,877 Nippon Yusen Kaisha Dec 2013Ore 362 250,847 K-Line Jan 2014Ore 356 225,000 Daiichi Chuo Jan 2014Ore 350 250,000 NS United K.K. Mar 2014Ore 360 250,000 Rio Tinto Marine May 2014Ore 345 250,877 Nippon Yusen Kaisha Jun 2014Ore 354 250,000 Mitsui O.S.K. Lines Aug 2014Bulk 348 92,000 Unknown Sep 2014Ore 016 250,000 Unknown Nov 2014Ore 018 250,000 Unknown Dec 2014Ore 363 250,877 Nippon Yusen Kaisha Jan 2015Bulk 024 177,000 Unknown Feb 2015Bulk 025 177,000 Unknown Mar 2015Ore 355 250,000 Unknown Apr 2015Ore 357 250,000 Unknown May 2015

On Order:- 30 Vessel(s); 6,372,605 DWT.

Onomichi Dockyd OnomichiCh&O* 570 50,000 Nakata Maritime Jul 2012Ch&O* 573 50,000 Socomar S.R.L. Aug 2012Ch&O* 574 50,000 Socomar S.R.L. Sep 2012Products 575 50,000 Orix Maritime Corp. Oct 2012Bulk 590 37,000 Norden D/S A/S Oct 2012Products 576 50,000 Orix Maritime Corp. Dec 2012Products 577 50,000 Orix Maritime Corp. Apr 2013Products 578 50,000 Orix Maritime Corp. May 2013Ch&O* 569 50,000 Unique Shpg. (H.K.) May 2013Bulk 592 37,000 Unknown May 2013Bulk 591 37,000 Norden D/S A/S Jun 2013Bulk 667 37,000 Samos Steamship Aug 2013Bulk 678 37,000 Unknown Japanese Sep 2013Bulk 579 37,000 Samos Steamship Dec 2013Bulk 81,950 Mitsubishi Corp. 2014Bulk 81,950 Mitsubishi Corp. 2014Bulk 661 37,000 Unknown Jun 2014Bulk 593 37,000 Nippon Yusen Kaisha Jul 2014Bulk 594 37,000 Nippon Yusen Kaisha Jul 2014Products 596 79,000 Unknown Japanese Aug 2014Products 571 50,000 Meiji Shipping Co. Aug 2014Bulk 595 37,000 Nippon Yusen Kaisha Sep 2014

On Order:- 22 Vessel(s); 1,062,900 DWT.

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 26 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

Japan

Type Hull No. Dwt. *Other Units Owner Delivery

Oshima S.B. Co. OshimaBulk 52,000 NYK Global Bulk. 2012Bulk 51,300 Tamai S.S. Co. Ltd. 2012OH* 10629 61,400 Sumitomo Corp Jul 2012Bulk 10544 60,500 Emarat Maritime LLC Jul 2012Bulk 10668 60,000 U-Sea Bulk Shipping Jul 2012Bulk 10585 54,500 NS United K.K. Jul 2012OH* 10624 51,300 Nippon Yusen Kaisha Jul 2012Bulk 10578 60,700 Norden D/S A/S Aug 2012Bulk 10576 61,684 U-Sea Bulk Shipping Sep 2012Bulk 10669 60,000 U-Sea Bulk Shipping Sep 2012Bulk 10700 120,000 Nippon Yusen Kaisha Oct 2012OH* 10630 61,860 Gearbulk Ltd. Oct 2012Bulk 10577 60,400 Jinhui Shpg. & Trans Oct 2012Bulk 10593 120,950 Emarat Maritime LLC Nov 2012Bulk 10640 120,000 Nippon Yusen Kaisha Dec 2012Bulk 10684 84,500 Mitsui O.S.K. Lines Dec 2012Bulk 10687 81,000 Unknown Dec 2012Bulk 10692 76,900 Mitsubishi Ore Tpt. Dec 2012Bulk 10690 73,000 Rio Tinto Marine Dec 2012Bulk 10579 60,500 Emarat Maritime LLC Dec 2012Chip 10626 60,100 K-Line Dec 2012Chip 10634 60,100 Nippon Yusen Kaisha Dec 2012OH* 10631 52,000 Saga Forest Carrs. Dec 2012OH* 10625 51,300 Nippon Yusen Kaisha Dec 2012Bulk 77,000 Unknown 2013Bulk 77,000 Unknown 2013Bulk 77,000 Unknown 2013Bulk 77,000 Unknown 2013Bulk 77,000 Unknown 2013OH* 75,000 Gearbulk Ltd. 2013Bulk 56,000 Unknown 2013Bulk 56,000 Unknown 2013Bulk 56,000 Unknown 2013Bulk 56,000 Unknown 2013Bulk 56,000 Hsin Chien Marine 2013Bulk 56,000 Tata NYK 2013Bulk 10718 56,000 Hsin Chien Marine 2013Bulk 51,300 Tamai S.S. Co. Ltd. 2013Bulk 10580 35,300 Fednav Ltd Jan 2013Bulk 10594 88,800 Mitsui O.S.K. Lines Feb 2013Bulk 10716 75,600 Mitsubishi Ore Tpt. Feb 2013Bulk 10599 105,700 Doun Kisen K.K. Mar 2013OH* 10666 61,684 Gearbulk Ltd. Mar 2013OH* 10632 52,000 Saga Forest Carrs. Mar 2013Bulk 10691 73,000 Rio Tinto Marine Apr 2013OH* 10647 50,100 Mitsui O.S.K. Lines Apr 2013OH* 10663 61,860 Gearbulk Ltd. May 2013Bulk 10658 61,664 Nippon Yusen Kaisha May 2013Bulk 10717 55,850 Pacific Basin Shpg. May 2013Bulk 10638 119,500 Emarat Maritime LLC Jun 2013Bulk 10644 88,500 K-Line Jun 2013Bulk 10636 81,000 Kumiai Senpaku K.K. Jun 2013Chip 10661 60,100 Nippon Yusen Kaisha Jun 2013Bulk 10643 60,000 U-Sea Bulk Shipping Jun 2013OH* 10641 49,900 Sanko S.S. Jun 2013Bulk 82,000 Bahri Dry Bulk Jul 2013Bulk 10705 56,000 Unknown Jul 2013OH* 10637 90,100 NS United K.K. Aug 2013Bulk 10702 90,000 Unknown Sep 2013Bulk 10703 90,000 Unknown Sep 2013Bulk 82,000 Bahri Dry Bulk Sep 2013OH* 10664 61,860 Gearbulk Ltd. Sep 2013Bulk 10660 60,500 Wisdom Marine Lines Sep 2013OH* 10697 56,000 Saga Forest Carrs. Sep 2013Bulk 10659 51,500 Nippon Yusen Kaisha Sep 2013Bulk 10724 81,000 Nisshin Kaiun K.K. Oct 2013Chip 10645 60,100 K-Line Nov 2013OH* 10642 49,900 Sanko S.S. Nov 2013Bulk 10639 119,500 Emarat Maritime LLC Dec 2013Bulk 10657 105,700 Daiichi Chuo Dec 2013Bulk 10685 84,500 Mitsui O.S.K. Lines Dec 2013Bulk 82,000 Bahri Dry Bulk Dec 2013Bulk 10725 81,000 Nisshin Kaiun K.K. Dec 2013Bulk 10693 76,900 Mitsubishi Ore Tpt. Dec 2013OH* 10665 61,684 Gearbulk Ltd. Dec 2013Chip 10662 60,100 Nippon Yusen Kaisha Dec 2013Bulk 10708 56,000 Unknown Dec 2013Bulk 10646 55,200 K-Line Dec 2013OH* 75,000 Gearbulk Ltd. 2014OH* 75,000 Gearbulk Ltd. 2014Bulk 56,000 Unknown 2014Bulk 56,000 Unknown 2014

Bulk 56,000 Unknown 2014Bulk 51,300 Tamai S.S. Co. Ltd. 2014Bulk 10689 105,700 K-Line Jan 2014Bulk 82,000 Bahri Dry Bulk Feb 2014Bulk 10706 105,700 K-Line Mar 2014Bulk 10719 95,000 ADM Shipping Mar 2014OH* 10699 75,000 Gearbulk Ltd. Mar 2014Bulk 10698 56,000 Unknown Mar 2014Bulk 82,000 Bahri Dry Bulk May 2014Bulk 10712 70,500 Nippon Yusen Kaisha May 2014Bulk 10713 51,500 Nippon Yusen Kaisha May 2014Bulk 10701 105,700 Unknown Jun 2014Bulk 10711 77,000 Kyoei Tanker Co. Jun 2014Bulk 10682 60,400 Wisdom Marine Lines Jun 2014Bulk 10695 55,500 Fednav Ltd Jun 2014Bulk 10696 55,500 Fednav Ltd Jun 2014Bulk 10704 55,000 United Ocean Jun 2014OH* 10707 55,000 Nippon Yusen Kaisha Jun 2014Bulk 10735 90,000 Unknown Jul 2014Bulk 10720 95,000 ADM Shipping Sep 2014Bulk 10683 60,400 Wisdom Marine Lines Oct 2014Bulk 55,500 Fednav Ltd Oct 2014Bulk 10721 95,000 ADM Shipping Dec 2014Bulk 10686 84,500 Mitsui O.S.K. Lines Dec 2014Bulk 10694 76,900 Unknown Dec 2014Bulk 55,500 Fednav Ltd Dec 2014Bulk 10565 82,000 Orion Bulkers 2015Bulk 10726 56,000 Unknown Jan 2015Bulk 10727 56,000 Unknown Mar 2015Bulk 10736 90,000 Unknown Apr 2015Bulk 10728 56,000 Unknown May 2015Bulk 10566 82,000 Orion Bulkers 2016

On Order:- 114 Vessel(s); 8,024,996 DWT.

Saiki Hvy. Ind. SaikiBulk 1218 37,000 Sumitomo Corp Jul 2012OH* 572 33,644 Inui S.S. Co. Ltd. Jul 2012OH* 1220 37,168 Shih Wei Navigation Sep 2012Bulk 1230 37,000 Shih Wei Navigation Sep 2012Bulk 1231 37,000 Shih Wei Navigation Oct 2012OH* 1222 37,000 Marubeni Corp. Dec 2012OH* 1223 37,000 Unknown Jan 2013Bulk 582 37,000 Mitsui O.S.K. Lines Jan 2013OH* 37,168 Shih Wei Navigation Feb 2013OH* 1225 37,221 Chowgule S.S. Ltd. Mar 2013Bulk 1233 37,000 Marubeni Corp. Mar 2013OH* 37,168 Shih Wei Navigation May 2013Bulk 1226 33,000 Daiichi Chuo May 2013Bulk 1227 37,000 Sumitomo Corp Jun 2013Bulk 583 37,000 Orient Marine Co. Jun 2013Bulk 584 37,000 Orient Marine Co. Jun 2013OH* 568 33,644 Inui S.S. Co. Ltd. Jun 2013OH* 37,000 Unknown Jul 2013Bulk 1228 37,000 Sumitomo Corp Jul 2013Bulk 585 37,000 Orient Marine Co. Jul 2013Bulk 679 37,000 Sumitomo Corp Jul 2013Bulk 586 37,000 Orient Marine Co. Aug 2013Bulk 587 37,000 Orient Marine Co. Sep 2013Bulk 674 37,000 Unknown Panamanian Oct 2013OH* 1217 33,000 Daiichi Chuo Oct 2013OH* 1221 37,168 Shih Wei Navigation Nov 2013Bulk 677 37,000 Samos Steamship Jan 2014

On Order:- 27 Vessel(s); 985,181 DWT.

Sanoyas MizushimaBulk 1310 116,000 Nissen Kaiun K.K. Jul 2012Bulk 1304 83,000 Yasa Shpg. Industry Jul 2012Bulk 1309 116,000 Ta-Tong Marine Co. Aug 2012Bulk 116,000 Mitsui O.S.K. Lines Dec 2012Bulk 1312 116,000 Orient Line Co. Ltd. Dec 2012Bulk 1307 83,000 Seaarland Shpg.Mgmnt Dec 2012Bulk 1308 83,000 Emirates Trading Dec 2012Chip 1311 64,500 Mitsui O.S.K. Lines Dec 2012Bulk 1328 83,000 Unknown Jan 2013Bulk 1313 116,000 Doun Kisen K.K. Feb 2013Bulk 1315 116,000 d'Amico Ireland Mar 2013Bulk 1330 104,200 Unknown May 2013Bulk 1322 83,000 Unknown Jun 2013Chip 1317 64,000 Mitsui O.S.K. Lines Jun 2013Bulk 1325 104,200 Unknown Jul 2013Bulk 116,000 D'Amico Soc. di Nav. Aug 2013Bulk 104,200 Mitsui O.S.K. Lines Sep 2013Bulk 1331 104,200 Unknown Sep 2013Bulk 116,000 D'Amico Soc. di Nav. Oct 2013Bulk 1316 116,000 d'Amico Ireland Oct 2013

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 27 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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.clarksons.net/wfr 14/09/2012 05:58:57 3961

Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

Japan

Type Hull No. Dwt. *Other Units Owner Delivery

Bulk 104,200 Mitsui O.S.K. Lines Dec 2013Chip 1318 64,500 Mitsui O.S.K. Lines Dec 2013Bulk 83,000 Unknown 2014Chip 1320 64,500 Unknown Mar 2014Bulk 1323 83,000 Unknown Jun 2014Chip 1324 64,500 Unknown Jun 2014Bulk 1326 104,200 Unknown Sep 2014

On Order:- 27 Vessel(s); 2,572,200 DWT.

Sasaki Zosen KinoeTanker 5,550 Showa Yusosen May 2012

On Order:- 1 Vessel(s); 5,550 DWT.

Sasebo H.I. SaseboBulk 776 179,959 SK Shipping Co. Ltd. Jul 2012Bulk 806 74,900 Jinyu Shipping Jul 2012Bulk 808 74,900 Doun Kisen K.K. Jul 2012Bulk 777 180,000 SK Shipping Co. Ltd. Aug 2012Bulk 807 74,900 Iino Kaiun Kaisha Oct 2012Bulk 180,000 SK Shipping Co. Ltd. Nov 2012Bulk 180,000 SK Shipping Co. Ltd. Feb 2013Bulk 810 74,900 Wisdom Marine Lines Feb 2013Bulk 809 74,900 Unknown Mar 2013Bulk 75,000 Unknown Jul 2013Bulk 75,000 Unknown Jul 2013Bulk 811 74,900 Wisdom Marine Lines Aug 2013Bulk 75,000 Unknown Sep 2013

On Order:- 13 Vessel(s); 1,394,359 DWT.

Shikoku Dock. TakamatsuBulk 1072 34,000 Hakuyo Kisen YK Jul 2012Bulk 1080 35,000 Nissen Kaiun K.K. Oct 2012Bulk 1073 34,000 Eiko Kisen Oct 2012Bulk 1081 35,000 Hsin Chien Marine Nov 2012Bulk 36,000 Unknown Feb 2013Bulk 35,000 Unknown Apr 2013Bulk 1085 35,000 Hsin Chien Marine Aug 2013Bulk 1088 29,000 Shih Wei Navigation Sep 2013Bulk 36,000 Unknown Oct 2013Bulk 36,000 Unknown Dec 2013Bulk 36,000 Unknown Mar 2014Bulk 36,000 Unknown Jun 2014

On Order:- 12 Vessel(s); 417,000 DWT.

Shimanami S.B. HakataBulk 28,500 Unknown Mar 2012Bulk 572 38,055 Unknown Jul 2012Bulk 573 38,055 Unknown Jul 2012Bulk 576 38,055 Unknown Aug 2012Bulk 574 38,055 Unknown Mar 2013Bulk 588 38,055 Unknown Jun 2013Bulk 589 38,055 Unknown Sep 2013Bulk 598 38,055 Unknown Sep 2013Bulk 601 37,000 Unknown 2014

On Order:- 9 Vessel(s); 331,885 DWT.

Shin Kasado Dock KudamatsuBulk 031 61,470 U-Sea Bulk Shipping Jul 2012Bulk 032 61,000 Unknown Jul 2012Bulk 037 61,464 Unknown Oct 2012Bulk 041 61,464 Unknown Dec 2012Bulk 033 61,000 Unknown Dec 2012Bulk 043 61,470 U-Sea Bulk Shipping 2013Bulk 61,000 DBHH 2013Bulk 61,000 DBHH 2013Bulk 038 61,464 Unknown Feb 2013Bulk 61,000 Unknown Apr 2013Bulk 067 61,464 Unknown May 2013Bulk 052 61,000 Wisdom Marine Lines Nov 2013Bulk 045 61,470 U-Sea Bulk Shipping 2014

On Order:- 13 Vessel(s); 796,266 DWT.

Shin Kochi H.I. Kochi CityBulk 7260 33,100 Unknown Mar 2012Bulk 7268 16,000 Unknown Jul 2012Bulk 7265 33,100 Unknown Sep 2012Bulk 7267 33,100 Unknown Sep 2012GCargo 7270 12,000 Unknown Nov 2012Bulk 7266 33,100 Unknown Dec 2012GCargo 7271 12,000 Unknown Feb 2013Bulk 7275 33,100 Unknown May 2013Bulk 7276 33,100 Unknown Aug 2013

On Order:- 9 Vessel(s); 238,600 DWT.

Shin Kurushima AkitsuCh&O* 5720 25,000 Unknown Mar 2012Ch&O* 5721 25,000 Iino Kaiun Kaisha Jun 2012Products 5748 5,600 Unknown Japanese Jul 2012Bulk 5760 25,200 Unknown Japanese Feb 2013

Bulk 5761 25,200 Unknown Japanese May 2013GCargo 5735 7,550 Dowa Line Co.Ltd. Jun 2012GCargo 5736 7,550 Dowa Line Co.Ltd. Jul 2012Asp.& Bit. 5698 7,000 Unknown Japanese Aug 2012Products 5750 5,600 Unknown Japanese Aug 2012GCargo 5737 7,550 Dowa Line Co.Ltd. Aug 2012GCargo 5738 7,550 Dowa Line Co.Ltd. Sep 2012GCargo 5722 11,000 Daiichi Chuo Nov 2012GCargo 5753 6,300 Unknown Japanese Nov 2012GCargo 5723 11,000 Daiichi Chuo Feb 2013GCargo 12,000 Daiichi Chuo May 2013PCC 5633 20,800 Nippon Yusen Kaisha Jun 2012Ch&O* 5683 33,600 Eagle Maritime Co. Jul 2012Products 5665 46,000 Mitsui Warehouse Co. Sep 2012Products 5655 45,800 Unknown Sep 2012PCC 5528 14,349 Nippon Yusen Kaisha Sep 2012Bulk 5668 58,000 Mitsui Warehouse Co. Oct 2012OH* 5697 33,100 Unknown Japanese Oct 2012Bulk 5730 33,100 Daiichi Chuo Oct 2012Bulk 5651 58,000 Mitsui Warehouse Co. Nov 2012Bulk 5685 58,000 Doun Kisen K.K. Dec 2012PCC 5662 16,400 Nippon Yusen Kaisha Dec 2012PCC 5678 7,200 Unknown Japanese Dec 2012Bulk 5731 33,100 Daiichi Chuo Jan 2013Ch&O* 5696 25,700 Tokyo Marine Co. Ltd Mar 2013Bulk 5755 33,000 Unknown Mar 2013PCC 5646 17,100 Mitsui O.S.K. Lines Mar 2013Bulk 5762 33,000 Unknown Apr 2013Bulk 5775 33,100 Unknown May 2013Bulk 5765 33,100 Unknown Jun 2013Bulk 5776 33,100 Unknown Jun 2013Bulk 5763 33,000 Unknown Aug 2013Chip 5770 50,000 Hachiuma Steamship Oct 2013Bulk 5756 33,100 Unknown Dec 2013Bulk 5766 33,100 Unknown Feb 2014

On Order:- 39 Vessel(s); 1,003,849 DWT.

Shitanoe Zosen UsukiL.P.G. 1312 3,500 3,500 cbm AST Inc. 2012L.P.G. 7052 3,500 3,500 cbm Unknown Jun 2012L.P.G. 1308 3,500 3,500 cbm Tabuchi Kaiun Kaisha Aug 2012L.P.G. 1310 3,500 3,500 cbm Tabuchi Kaiun Kaisha Sep 2012Ch&O* 1302 12,500 Sansho Kaiun Co.Ltd. Oct 2012L.P.G. 1311 3,500 3,500 cbm Tabuchi Kaiun Kaisha Oct 2012Ch&O* 1303 12,500 Sansho Kaiun Co.Ltd. Dec 2012

On Order:- 7 Vessel(s); 42,500 DWT.

Sumitomo H.I. OppamaTanker 1372 104,280 Mitsui Warehouse Co. Jul 2012Tanker 1375 156,000 Samos Steamship Sep 2012Tanker 1376 104,200 Nord, Reederei, Ltd. Sep 2012Tanker 1366 104,200 Nord, Reederei, Ltd. Oct 2012Tanker 1377 104,200 Nord, Reederei, Ltd. Jan 2013

On Order:- 5 Vessel(s); 572,880 DWT.

Toyohashi S.B. ToyohashiPCC 3652 17,550 Hakuyo Kisen YK Jul 2012Bulk 3655 78,000 Nippon Yusen Kaisha Oct 2012Bulk 3656 78,000 Nippon Yusen Kaisha Nov 2012Bulk 3657 78,000 KN Maritime Nov 2012Bulk 3658 78,000 Marubeni Corp. Dec 2012Bulk 3661 78,000 KN Maritime Feb 2013Bulk 3663 78,000 Unknown Japanese Mar 2013Bulk 3662 78,000 KN Maritime Jun 2013Bulk 3666 78,000 Unknown Japanese Jul 2013Bulk 3667 78,000 Unknown Japanese Sep 2013Bulk 3660 78,000 Unknown Nov 2013

On Order:- 11 Vessel(s); 797,550 DWT.

Tsuneishi Zosen NumakumaTanker 107,000 Unknown Jul 2012Bulk 82,800 Hanjin Shpg Co. Jul 2012Bulk 82,800 Hanjin Shpg Co. Jul 2012Bulk 1467 82,800 Hsin Chien Marine Jul 2012Bulk 1466 82,100 Mitsui O.S.K. Lines Jul 2012Bulk 1471 82,100 Unknown Jul 2012Bulk 1462 82,000 ID Shipping Jul 2012Bulk 1478 82,600 Mitsui Warehouse Co. Aug 2012Bulk 1527 82,000 United Ocean Aug 2012Tanker 107,000 Unknown Sep 2012Bulk 82,800 Hanjin Shpg Co. Sep 2012Bulk 1472 82,800 Mitsui O.S.K. Lines Sep 2012Bulk 1484 82,800 Mitsui O.S.K. Lines Oct 2012Bulk 1463 82,000 ID Shipping Oct 2012Bulk 1488 82,800 Marubeni Corp. Nov 2012Bulk 1485 82,600 Mitsui & Co. Ltd. Nov 2012Tanker 107,000 Unknown Dec 2012

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 28 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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.clarksons.net/wfr 14/09/2012 05:58:57 3961

Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

Japan

Type Hull No. Dwt. *Other Units Owner Delivery

Bulk 82,800 Hanjin Shpg Co. Dec 2012Bulk 1473 82,800 Nippon Yusen Kaisha Dec 2012Bulk 1487 82,800 Sumitomo Corp Dec 2012Bulk 1468 82,000 ID Shipping Dec 2012Bulk 58,000 Daiichi Chuo 2013Bulk 1469 82,000 ID Shipping Jan 2013Bulk 1479 82,800 Mardeniz Shpg. Mngt. Feb 2013Bulk 1480 82,800 Mardeniz Shpg. Mngt. Feb 2013Bulk 1489 82,800 Marubeni Corp. Feb 2013Bulk 1495 82,100 Unknown Feb 2013Bulk 1486 82,600 Mitsui & Co. Ltd. Mar 2013Bulk 1503 82,100 Daiichi Chuo Mar 2013Bulk 1500 82,800 K-Line Apr 2013Bulk 1502 82,800 Marubeni Corp. Apr 2013Bulk 1496 82,100 Unknown Apr 2013Bulk 1497 82,100 Mitsui O.S.K. Lines May 2013Bulk 1494 82,800 Mardeniz Shpg. Mngt. Jun 2013Bulk 1498 82,100 Unknown Jun 2013Bulk 1504 82,100 Daiichi Chuo Jun 2013Bulk 1501 82,800 K-Line Jul 2013Bulk 1510 82,100 Unknown Jul 2013Bulk 1505 82,800 Nippon Yusen Kaisha Aug 2013Bulk 1508 82,100 Mitsui & Co. Ltd. Aug 2013Bulk 1528 82,000 United Ocean Aug 2013Bulk 1499 82,100 Unknown Sep 2013Bulk 1523 82,100 Kambara Kisen Sep 2013Bulk 1533 82,000 United Ocean Sep 2013Bulk 1529 82,000 United Ocean Oct 2013Bulk 1516 82,200 Mitsui Warehouse Co. Nov 2013Bulk 1506 82,800 Nippon Yusen Kaisha Dec 2013Bulk 1509 82,100 Mitsui & Co. Ltd. Dec 2013Bulk 1511 82,100 Unknown Dec 2013Bulk 1512 82,100 Kambara Kisen Dec 2013Bulk 1513 82,100 Kambara Kisen Jan 2014Bulk 1507 82,800 Nippon Yusen Kaisha Feb 2014Bulk 1514 82,800 K-Line Mar 2014Bulk 1517 82,200 Mitsui Warehouse Co. Mar 2014Bulk 1518 82,200 Mitsui Warehouse Co. May 2014Bulk 1519 82,200 Mitsui Warehouse Co. May 2014Bulk 1530 82,000 United Ocean May 2014Bulk 1515 82,800 K-Line Jun 2014Bulk 1522 82,800 Nippon Yusen Kaisha Jun 2014Bulk 1531 82,000 United Ocean Jul 2014Bulk 1534 82,000 United Ocean Aug 2014Bulk 1535 82,000 United Ocean Sep 2014

On Order:- 62 Vessel(s); 5,157,600 DWT.

Universal S.B. AriakeTanker 131 298,078 Formosa Plastics Co. Jul 2012Ore 148 297,500 Neu Seeschiffahrt Jul 2012Ore 163 300,000 Berge Bulk AS Aug 2012Ore 149 300,000 Neu Seeschiffahrt Sep 2012Ore 157 300,000 Unknown Dec 2012Tanker 159 298,078 Formosa Plastics Co. Feb 2013Tanker 168 298,300 Unknown Apr 2013Ore 174 300,000 Mitsui O.S.K. Lines May 2013Tanker 169 298,300 Unknown Jun 2013Bulk 189 205,000 Unknown Aug 2013Bulk 187 205,000 Unknown Oct 2013Tanker 298,078 Formosa Plastics Co. Dec 2013Bulk 180,000 China Steel Corp Dec 2013Tanker 318,000 Kyoei Tanker Co. Feb 2014Bulk 209,000 Mitsui O.S.K. Lines Nov 2014Bulk 146 80,591 Nippon Yusen Kaisha Jun 2012PSV 10007 4,850 3,700 GT Sanko S.S. Aug 2012Bulk 155 80,655 Unknown Dec 2012Bulk 176 80,500 Unknown Dec 2012PSV 10008 4,850 3,700 GT Sanko S.S. Dec 2012Bulk 177 80,500 Mitsubishi Corp. May 2013Bulk 156 80,655 Unknown Jun 2013Bulk 178 80,500 Mitsubishi Corp. Dec 2013Bulk 147 205,000 Korea Line Jul 2012Bulk 172 205,000 Unknown Jul 2012Bulk 152 180,000 Unknown Sep 2012Bulk 170 205,000 Daiichi Chuo Nov 2012Bulk 150 205,000 Formosa Plastics Co. Dec 2012Bulk 171 205,000 Unknown Feb 2013Bulk 175 205,000 Mitsubishi Corp. Apr 2013Bulk 186 209,000 Mitsubishi Corp. Jun 2013Bulk 151 205,000 Formosa Plastics Co. Jun 2013Bulk 158 205,000 Daiichi Chuo Jul 2013Bulk 180 84,000 Unknown Jul 2013Ore 153 205,000 Daiichi Chuo Aug 2013Bulk 181 84,000 Unknown Aug 2013

Bulk 209,000 Nippon Yusen Kaisha Sep 2013Bulk 182 84,000 Unknown Sep 2013Bulk 209,000 K-Line Oct 2013Bulk 161 207,000 Unknown Oct 2013Bulk 209,000 Nippon Yusen Kaisha 2014Bulk 209,000 K-Line 2014Bulk 154 180,000 Mitsubishi Corp. Feb 2014Bulk 162 207,000 Unknown Mar 2014Bulk 192 80,000 Unknown Apr 2014Bulk 190 80,000 Unknown May 2014Bulk 183 84,000 Unknown Aug 2014Bulk 193 80,000 Tokei Kaiun Co. Feb 2015Bulk 191 80,000 Nissen Kaiun K.K. Apr 2015

On Order:- 49 Vessel(s); 8,918,435 DWT.

Unkn. Japanese UnknownBulk 180,000 Mitsui O.S.K. Lines Jun 2013Bulk 180,000 Mitsui O.S.K. Lines Dec 2013Bulk 74,500 Safe Bulkers Inc. May 2014

On Order:- 3 Vessel(s); 434,500 DWT.

Usuki Zosensho UsukiCh&O* 1731 19,900 Sanko S.S. Jun 2012RoPax 1735 500 Unknown Japanese Jun 2012Ch&O* 1734 7,000 Howa Kaiun Co. Ltd. Oct 2012Bulk 1736 16,000 Shih Wei Navigation Nov 2012Bulk 1737 16,000 Shih Wei Navigation Jan 2013Ch&O* 1729 19,900 Dorval Kaiun K.K. Mar 2014

On Order:- 6 Vessel(s); 79,300 DWT.

Yamanishi Zosen IshinomakiOH* 1081 24,000 Cido Shipping Mar 2012Bulk 1067 24,000 Cido Shipping Aug 2012OH* 1069 24,000 Sider Navi S.p.A. Oct 2012OH* 1070 24,000 Sider Navi S.p.A. Dec 2012

On Order:- 4 Vessel(s); 96,000 DWT.

LithuaniaSC Western Shipyard KlaipedaGCargo 45 4,600 BLRT-UMM Shipping Feb 2012GCargo 46 4,600 BLRT-UMM Shipping Apr 2012GCargo 47 4,600 BLRT-UMM Shipping Jul 2012GCargo 48 4,600 BLRT-UMM Shipping Oct 2012GCargo 49 4,600 BLRT-UMM Shipping Jan 2013GCargo 50 4,600 BLRT-UMM Shipping Apr 2013GCargo 51 4,600 BLRT-UMM Shipping Jul 2013GCargo 52 4,600 BLRT-UMM Shipping Oct 2013

On Order:- 8 Vessel(s); 36,800 DWT.

Western Baltija S.B. LithuaniaTSH Dredger 50 Rohde Nielsen Aug 2012

On Order:- 1 Vessel(s); DWT.

MalaysiaCoastal Contracts SandakanAHTS 2,100 2,700 GT Swiber Holdings Jun 2012Utility 1,000 GT Coastal Offshore Jun 2012AHTS 2,100 2,700 GT Swiber Holdings Sep 2012AHTS 1,400 1,500 GT Tidewater Marine Sep 2012

On Order:- 4 Vessel(s); 5,600 DWT.

Grade One Marine LumutAHTS G010 1,650 1,706 GT Grade One owner Jun 2012

On Order:- 1 Vessel(s); 1,650 DWT.

MSET S.B. Corp. MalaysiaCrew Boat 420 GT Aims-Global Aug 2012Crew Boat 420 GT Aims-Global Oct 2012Crew Boat 420 GT Aims-Global Dec 2012Crew Boat 420 GT Aims-Global Feb 2013

On Order:- 4 Vessel(s); DWT.

Muhibbah Marine Port KlangPSV 3,000 2,323 GT Tanjung Offshore Jan 2013PSV 3,000 2,323 GT Tanjung Offshore May 2013

On Order:- 2 Vessel(s); 6,000 DWT.

Nam Cheong Dock MiriAHTS SK 45 1,700 1,706 GT Nam Cheong Jun 2012MSV 3,600 3,939 GT Bumi Armada Nav. Jul 2012PSV 705 3,200 2,000 GT Nam Cheong Aug 2012PSV 702 3,200 2,000 GT Nam Cheong Sep 2012PSV 800 4,000 3,097 GT Bumi Armada Nav. Oct 2012AHTS SK 205 3,000 3,200 GT Nam Cheong Nov 2012PSV 706 3,200 2,000 GT Nam Cheong Nov 2012AHTS SK 70 1,400 1,500 GT Nam Cheong Jan 2013PSV 707 3,200 2,000 GT Nam Cheong Feb 2013PSV 703 3,200 2,000 GT Nam Cheong Mar 2013PSV 708 3,200 2,000 GT Nam Cheong May 2013PSV 709 3,200 2,000 GT Nam Cheong Jul 2013

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 29 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

Malaysia

Type Hull No. Dwt. *Other Units Owner Delivery

PSV 704 3,200 2,000 GT Nam Cheong Sep 2013MSV 4,500 4,924 GT Bumi Armada Nav. Jun 2014MSV 4,500 4,924 GT Bumi Armada Nav. Jun 2014MSV 4,500 4,924 GT Bumi Armada Nav. Jun 2014MSV 4,500 4,924 GT Bumi Armada Nav. Jun 2014

On Order:- 17 Vessel(s); 57,300 DWT.

NGV Tech SitiawanPSV 3,500 2,710 GT SLOK Nigeria Ltd Jun 2012PSV 3,500 2,710 GT SLOK Nigeria Ltd Jun 2012PSV 3,500 2,710 GT SLOK Nigeria Ltd Jun 2012

On Order:- 3 Vessel(s); 10,500 DWT.

Sealink Shipyard MiriAHTS 194 499 GT Sealink Internat. Jun 2012PSV 170A 3,500 2,710 GT Sealink Internat. Dec 2012PSV 193A 3,500 2,710 GT Sealink Internat. Mar 2013

On Order:- 3 Vessel(s); 7,000 DWT.

Selat MelakaTSH Dredger 50,000 Inai Kiara Jan 2012TSH Dredger Inai Kiara Jan 2012

On Order:- 2 Vessel(s); 50,000 DWT.

Shin Yang Shipyard UnknownAHT 700 701 GT Shin Yang Shipping Jun 2012AHT 700 701 GT Shin Yang Shipping Jul 2012Seis. Support 1,000 1,000 GT Ocean Mainport Jun 2013Seis. Support 1,000 1,000 GT Ocean Mainport Jun 2013Seis. Support 1,000 1,000 GT Ocean Mainport Jun 2013PSV 3,400 GT Belait Shipping Dec 2013PSV 3,400 GT Belait Shipping Dec 2013

On Order:- 7 Vessel(s); 4,400 DWT.

Tuong Aik (Sarawak) MalaysiaAHTS 2,000 1,705 GT Zakher Marine Oil Dec 2013

On Order:- 1 Vessel(s); 2,000 DWT.

VitawaniMaintenance 2,000 1,981 GT Builders Account Nov 2012

On Order:- 1 Vessel(s); 2,000 DWT.

NetherlandsBarkmeijer StroobosMPP 322 8,330 Danser van Gent Sep 2012

On Order:- 1 Vessel(s); 8,330 DWT.

Damen Shipyards BergumMPP 9413 3,850 Unknown 2012MPP 9415 3,850 Unknown 2012MPP 9410 3,850 Unknown May 2012MPP 9438 7,200 Unknown Jun 2012MPP 9408 3,850 Unknown Jun 2012GCargo 9380 2,500 Union Transport Plc Jun 2012MPP 9414 3,850 Unknown Jul 2012MPP 9416 3,850 Unknown Jul 2012GCargo 9431 2,500 Unknown Oct 2012MPP 9439 7,200 Unknown Nov 2012MPP 9444 7,200 Unknown Nov 2012GCargo 9432 2,500 Unknown Apr 2013MPP 9445 7,200 Unknown Jun 2013Fast PassCat 500 GT A Fai Ships Aug 2012Ro-Ro 2,100 Unknown Swedish 2013

On Order:- 15 Vessel(s); 61,500 DWT.

De Hoop Lobith LobithPSV 5,400 3,300 GT Oceanografia Jun 2012

On Order:- 1 Vessel(s); 5,400 DWT.

Ferus Smit WesterbroekMPP 7,700 Arklow Shipping Ltd. 2013MPP 7,700 Arklow Shipping Ltd. 2013MPP 7,700 Arklow Shipping Ltd. 2013MPP 7,700 Arklow Shipping Ltd. 2014MPP 7,700 Arklow Shipping Ltd. 2014MPP 7,700 Arklow Shipping Ltd. 2014

On Order:- 6 Vessel(s); 46,200 DWT.

Groningen Shipyard GroningenGCargo 131 3,000 Unknown May 2012GCargo 3,000 Unknown Jul 2012GCargo 132 3,000 Unknown Jul 2012L.P.G. 2,200 2,700 cbm Chemgas B.V. Apr 2013L.P.G. 2,200 2,700 cbm Chemgas B.V. Oct 2013

On Order:- 5 Vessel(s); 13,400 DWT.

IHC Beaver Dredgers SliedrechtCS/BW Dredg Marina & Ports Jul 2012B/D/G Dredger ACP Dec 2012

On Order:- 2 Vessel(s); DWT.

IHC Dredgers KinderdijkB/D/G Dredger CO 1270 Toyota Tsusho Corp Jan 2012

TSH Dredger CO1269 Toyota Tsusho Corp Jan 2012TSH Dredger 1265 8,650 DCI Sep 2012TSH Dredger 1260 17,535 Yangtze Estuary Oct 2012TSH Dredger DCI Oct 2012CS/BW Dredg 1262 2,320 Van Oord Jun 2013TSH Dredger DCI Mar 2014

On Order:- 7 Vessel(s); 28,505 DWT.

IHC Merwede KinderdijkCS/BW Dredg Mundra Port & Sez Jul 2012CS/BW Dredg Zhejiang Dredging May 2013Cable Lay 9,762 GT Sapura Crest Pet. Jan 2014Cable Lay 9,762 GT Sapura Crest Pet. Jan 2014Cable Lay 11,271 GT Subsea 7. Mar 2014

On Order:- 5 Vessel(s); DWT.

IHDA Shipbuild. KrimpenContainer 801 9,500 809 TEU IHDA Shipbuild. 2012Container 802 9,500 809 TEU IHDA Shipbuild. 2012

On Order:- 2 Vessel(s); 19,000 DWT.

Keppel Verolme Rotterdam-botlekLift Boat 2,362 GT Wetfeet Offshore Jan 2013

On Order:- 1 Vessel(s); DWT.

Kooiman Scheepswerf UnknownAHT 191 800 GT Koerts Jul 2012

On Order:- 1 Vessel(s); DWT.

Maas Shipyard WaterhuizenGCargo 12 4,200 Schurink, H 2012

On Order:- 1 Vessel(s); 4,200 DWT.

MaaskantSeis. Support 499 GT Rederij Groen Apr 2013Seis. Support 499 GT Rederij Groen Apr 2013

On Order:- 2 Vessel(s); DWT.

Niestern Sander DelfzijlAHTS 844 867 1,445 GT Wagenborg Kazakhstan Jul 2012AHTS 845 867 1,445 GT Wagenborg Kazakhstan Aug 2012

On Order:- 2 Vessel(s); 1,734 DWT.

Peters Kampen KampenMPP 821 6,550 Unknown 2012MPP 822 6,550 Unknown 2012MPP 823 6,550 Unknown 2012MPP 1019 3,750 Unknown Jan 2012MPP 1020 3,750 Unknown May 2012MPP 1105 5,200 Unknown Jun 2012MPP 905 10,000 Canada Feeder Lines Sep 2012MPP 1106 5,200 Unknown Sep 2012MPP 1021 3,750 Unknown Sep 2012MPP 906 10,000 Canada Feeder Lines Dec 2012MPP 1107 5,200 Unknown Dec 2012MPP 1212 3,636 Unknown Dec 2012MPP 1213 3,636 Unknown Dec 2012MPP 1214 3,636 Unknown Dec 2012MPP 824 6,550 Unknown 2013MPP 825 6,550 Unknown 2013MPP 907 10,000 Canada Feeder Lines Sep 2013MPP 826 6,550 Unknown 2014

On Order:- 18 Vessel(s); 107,058 DWT.

Scheeps. de Haas MaassluisSurvey 194 240 GT Geo Plus Jul 2012

On Order:- 1 Vessel(s); DWT.

Schps. Bodewes HoogezandMPP 762 8,250 Erwin Strahlmann 2012MPP 665 5,455 Hartmann Schiff. 2012MPP 684 3,481 Nielsen & Bresling 2012MPP 685 3,481 Flinter Shipping 2012MPP 776 8,200 Erwin Strahlmann Jan 2012MPP 721 5,490 Hermann Buss Jan 2012MPP 722 5,490 Hermann Buss Mar 2012MPP 777 8,200 Erwin Strahlmann May 2012GCargo 4,000 AtoB@C Shipping May 2012MPP 778 8,200 Erwin Strahlmann Aug 2012GCargo 4,000 AtoB@C Shipping Sep 2012MPP 779 8,200 Erwin Strahlmann Dec 2012MPP 763 8,250 Erwin Strahlmann 2013

On Order:- 13 Vessel(s); 80,697 DWT.

ShipkitsTSH Dredger 320 Westminster Dredging Jan 2013

On Order:- 1 Vessel(s); DWT.

Shipyd. Bijlsma Warten/lemmerMPP 3,150 Wagenborg Shpg. B.V. 2012MPP 762 3,150 Wagenborg Shpg. B.V. 2012MPP 764 3,150 Wagenborg Shpg. B.V. 2012

On Order:- 3 Vessel(s); 9,450 DWT.

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 30 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

Netherlands

Type Hull No. Dwt. *Other Units Owner Delivery

Vosta LMG NetherlandsCS/BW Dredg BN1134 JMI Jan 2012CS/BW Dredg BN1135 JMI Jan 2012CS/BW Dredg JMI Jul 2012CS/BW Dredg JMI Jul 2012

On Order:- 4 Vessel(s); DWT.

NigeriaWest Atlantic SY OnneAHTS 27 1,450 2,000 GT Bourbon Offshore Jun 2012AHTS 28 1,500 1,279 GT Bourbon Offshore Jun 2012

On Order:- 2 Vessel(s); 2,950 DWT.

NorwayBergen BMV 10102Standby/Resc. 2,150 2,350 GT Sartor Offshore Sep 2012AHTS 4,197 4,820 GT Sartor Offshore Dec 2012Cable Lay 3,800 11,000 GT North Sea Shpg. AS Jun 2014

On Order:- 3 Vessel(s); 10,147 DWT.

Bergen Group Fosen RissaMSV 89 8,000 9,500 GT Volstad Maritime Jun 2012Pass/Car F. 87 4,000 20,000 GT Fjord Line AS Jul 2012AHTS 83 4,500 4,750 GT Boa Offshore Aug 2012AHTS 84 4,500 4,750 GT Boa Offshore Oct 2012Pass/Car F. 88 4,000 20,000 GT Fjord Line AS Feb 2013AHTS 85 4,500 4,750 GT Boa Offshore Apr 2013MSV 90 8,000 9,500 GT Volstad Maritime Oct 2013AHTS 86 4,250 4,750 GT Boa Offshore Oct 2013

On Order:- 8 Vessel(s); 41,750 DWT.

Fiskerstrand AalesundPass/Car F. 2,000 GT Boreal Transport Sep 2013Pass/Car F. 2,000 GT Boreal Transport Oct 2013Pass/Car F. 2,000 GT Boreal Transport Nov 2013

On Order:- 3 Vessel(s); DWT.

Fitjar M.V. FitjarPSV 33 4,800 3,700 GT DOF Management Jul 2012PSV 34 4,800 3,700 GT DOF Management Aug 2012

On Order:- 2 Vessel(s); 9,600 DWT.

Fjellstrand A/S OmastrandPSV 1687 4,900 3,795 GT Norside Dec 2012

On Order:- 1 Vessel(s); 4,900 DWT.

Havyard Leirvik LeirvikAHTS 6,000 5,117 GT Smart Shipinvest Jun 2012PSV 109 4,200 3,252 GT Supply Service, P/F Jul 2012PSV 110 4,200 3,300 GT Vestoff Oct 2012PSV 107 4,700 3,640 GT Havila Shipping Dec 2012PSV 4,090 3,500 GT Garware Offshore Apr 2013PSV 4,090 3,500 GT Garware Offshore Jun 2013PSV 4,000 3,097 GT Garware Offshore Jun 2013PSV 112 4,000 3,097 GT Garware Offshore Jul 2013MSV 7,674 GT E Forland Aug 2013

On Order:- 9 Vessel(s); 35,280 DWT.

Hellesoy Verft LofallstrandPSV 149 5,549 4,366 GT Vestoff Jul 2012PSV 150 5,000 3,872 GT Vestoff Dec 2012

On Order:- 2 Vessel(s); 10,549 DWT.

Iversen M.V. FlekkefjordMSV 3,700 4,000 GT Mokster Shipping May 2014

On Order:- 1 Vessel(s); 3,700 DWT.

Kleven Verft UlsteinvikAHTS 338 4,250 7,473 GT Siem Offshore Jun 2012PSV 347 3,500 2,710 GT Eidesvik Offshore Oct 2012MSV 350 4,800 4,800 GT Olympic Shipping Nov 2012PSV 354 6,500 5,034 GT Rem Maritime AS Dec 2012MSV 6,500 7,700 GT Olympic Shipping Apr 2013MSV 7,534 GT Rem Maritime AS Jun 2013PSV 4,700 3,640 GT Ugland Supplier Jan 2014MSV 13,500 14,773 GT Eidesvik Offshore Jun 2014

On Order:- 8 Vessel(s); 43,750 DWT.

Myklebust Verft GurskenPSV 353 5,000 4,260 GT Ugland Supplier Jun 2012Seis. Survey 355 3,250 1,969 GT Sanco Holding Jul 2013Seis. Survey 3,250 1,969 GT Sanco Holding Apr 2014

On Order:- 3 Vessel(s); 11,500 DWT.

Simek A/S FlekkefjordPSV 126 3,280 2,200 GT Laduch Jul 2012PSV 125 3,150 2,250 GT Sartor Offshore May 2013PSV 129 3,000 2,323 GT Gulf Offshore NS Aug 2013PSV 5,100 3,949 GT Gulf Offshore NS Dec 2013

On Order:- 4 Vessel(s); 14,530 DWT.

STX Aukra AukraMSV 780 7,882 GT DOF Management Jul 2012PSV 775 4,700 3,640 GT DOF Management Jul 2012MSV 771 7,882 GT DOF Management Jan 2013MSV 776 8,441 GT DOF Subsea May 2013PSV 5,700 4,414 GT Troms Offshore Dec 2013

On Order:- 5 Vessel(s); 10,400 DWT.

STX Brattvaag BrattvaagOcean. Tug Unknown Jun 2012Ocean. Tug Unknown Jun 2012PSV 783 4,000 3,097 GT NorSea Jul 2012MSV 778 7,882 GT DOF Management Aug 2012Ocean. Tug Unknown Sep 2012AHTS 5,000 8,053 GT Pareto AS Jul 2013MSV 8,000 GT Siem Offshore Jul 2013MSV 8,000 GT Siem Offshore Oct 2013MSV 811 10,932 GT NOR Offshore Apr 2014

On Order:- 9 Vessel(s); 9,000 DWT.

STX Brevik BrevikPSV 766 4,750 3,678 GT Island Offshore Mngt Sep 2012PSV 784 4,800 3,717 GT Island Offshore Mngt Mar 2013PSV 756 3,800 2,943 GT Troms Offshore Apr 2013PSV 3,800 2,943 GT Island Offshore Mngt Sep 2013PSV 3,800 2,943 GT Island Offshore Mngt Dec 2013MSV 6,697 GT Island Offshore Mngt Feb 2014

On Order:- 6 Vessel(s); 20,950 DWT.

STX Langsten TomrefjordPSV 749 4,000 4,500 GT Farstad Shipping Jun 2012PSV 767 3,500 GT Farstad Shipping Oct 2012AHTS 786 4,000 3,411 GT Farstad Shipping Apr 2013PSV 5,300 4,500 GT Farstad Shipping Jun 2013AHTS 787 4,000 3,411 GT Farstad Shipping Jun 2013PSV 769 2,500 GT Farstad Shipping Jun 2013AHTS 4,000 3,411 GT Farstad Shipping Apr 2014AHTS 4,000 3,411 GT Farstad Shipping Apr 2014PSV 5,600 4,337 GT Farstad Shipping Jun 2014

On Order:- 9 Vessel(s); 30,900 DWT.

STX OSV AlesundResearch 5,000 GT NDLO Oct 2014

On Order:- 1 Vessel(s); DWT.

STX Soeviknes AlesundPSV 761 4,700 3,700 GT STX Pan Singapore Oct 2012PSV 762 4,700 3,700 GT STX Pan Singapore Mar 2013PSV 763 4,700 3,700 GT STX Pan Singapore Sep 2013

On Order:- 3 Vessel(s); 14,100 DWT.

Ulstein Verft UlsteinvikPSV 294 4,200 3,252 GT Ulstein MSN Aug 2012MSV 7,395 GT Eidesvik Offshore Nov 2012PSV 4,230 3,644 GT Ulstein MSN Jan 2013PSV 4,230 3,644 GT Ulstein MSN Jun 2013PSV 4,230 3,644 GT Ulstein MSN Aug 2013PSV 4,230 3,644 GT Ulstein MSN Oct 2013MSV 9,069 GT Rieber Shipping Mar 2014Hvy L/Crane 8,838 GT NorWind Dec 2014

On Order:- 8 Vessel(s); 21,120 DWT.

PhilippinesAustal Phils Ltd. PhilippinesFast PCCat 201 480 5,000 GT Aremiti Pacific Oct 2013

On Order:- 1 Vessel(s); 480 DWT.

HHIC-Phil. Inc. Subic BayBulk 038 175,000 Emarat Maritime LLC 2012Bulk 039 175,000 Emarat Maritime LLC 2012Tanker 060 159,500 Tanker Pacific Mngt. Jul 2012Bulk PN-051 205,000 Bocimar N.V. Jul 2012Bulk PN-065 204,950 Rio Tinto Marine Jul 2012Bulk 040 180,000 Yasa Shpg. Industry Jul 2012Bulk 041 180,000 Yasa Shpg. Industry Jul 2012Bulk PN-073 180,000 Adani Enterprises Jul 2012Tanker 075 159,500 Tanker Pacific Mngt. Aug 2012Bulk PN-066 205,000 Rio Tinto Marine Aug 2012Bulk 042 180,000 Yasa Shpg. Industry Aug 2012Bulk 043 180,000 Yasa Shpg. Industry Aug 2012Bulk PN-067 205,000 Rio Tinto Marine Sep 2012Tanker 076 159,500 Tanker Pacific Mngt. Oct 2012Bulk PN-068 205,000 Rio Tinto Marine Oct 2012Bulk PN-074 180,000 Adani Enterprises Oct 2012Bulk PN-069 205,000 Rio Tinto Marine Jan 2013Bulk PN-070 205,000 Rio Tinto Marine Jan 2013Container PN-077 51,500 3,832 TEU Delphis N.V. Feb 2013Bulk PN-071 205,000 Rio Tinto Marine Mar 2013Bulk PN-072 205,000 Rio Tinto Marine Mar 2013

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 31 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

Philippines

Type Hull No. Dwt. *Other Units Owner Delivery

Container PN-078 51,500 3,832 TEU Delphis N.V. Mar 2013Container PN-080 51,500 3,832 TEU Delphis N.V. May 2013Container PN-081 51,500 3,832 TEU Delphis N.V. May 2013Container PN-082 78,700 6,612 TEU Zodiac Maritime Agy. Jun 2013Container PN-083 78,700 6,612 TEU Zodiac Maritime Agy. Jun 2013Container PN-084 78,700 6,612 TEU Zodiac Maritime Agy. Aug 2013Container PN-085 78,700 6,612 TEU Zodiac Maritime Agy. Aug 2013Tanker 045 300,000 Emarat Maritime LLC 2014Tanker 046 300,000 Emarat Maritime LLC 2014Container 65,000 5,100 TEU Schulte Group Jun 2014Container 65,000 5,100 TEU Schulte Group Aug 2014Container 65,000 5,100 TEU Schulte Group Oct 2014Container 65,000 5,100 TEU Schulte Group Dec 2014Container 65,000 5,100 TEU Schulte Group Feb 2015

On Order:- 35 Vessel(s); 5,199,250 DWT.

Keppel Cebu Shipyard CebuPipe Layer 32,602 100,180 GT Saipem S.P.A Jan 2013

On Order:- 1 Vessel(s); 32,602 DWT.

Tsuneishi Cebu CebuBulk SC-158 180,643 Nissen Kaiun K.K. Jul 2012Bulk SC-141 58,110 Mardeniz Shpg. Mngt. Jul 2012Bulk SC-142 58,000 Mardeniz Shpg. Mngt. Jul 2012Bulk SC-145 58,000 Bocimar N.V. Jul 2012Bulk SC-170 58,000 Unknown Jul 2012Bulk SC-162 180,694 Mitsui O.S.K. Lines Aug 2012Bulk SC-167 180,646 K-Line Aug 2012Bulk SC-152 58,000 Misuga Kaiun Co. Ltd Aug 2012Bulk SC-165 180,745 NS United K.K. Sep 2012Bulk SC-169 58,000 NYK Global Bulk. Oct 2012Bulk SC-143 58,000 Mardeniz Shpg. Mngt. Nov 2012Bulk SC-163 180,694 Mitsui O.S.K. Lines Dec 2012Bulk SC-153 58,000 Unknown Japanese Dec 2012Bulk SC-171 58,000 Unknown Dec 2012Bulk SC-159 180,643 Nissen Kaiun K.K. Jan 2013Bulk SC-195 58,500 Unknown Feb 2013Bulk SC-178 58,000 Jinhui Shpg. & Trans Feb 2013Bulk SC-180 180,000 Mitsui O.S.K. Lines Mar 2013Bulk SC-172 58,000 Unknown Mar 2013Bulk SC-176 58,000 Kumiai Senpaku K.K. Apr 2013Bulk SC-196 58,500 Unknown May 2013Bulk SC-174 58,000 Kumiai Senpaku K.K. May 2013Bulk SC-183 180,000 Nippon Yusen Kaisha Jun 2013Bulk SC-173 58,000 Misuga Kaiun Co. Ltd Jun 2013Bulk SC-175 58,000 Kumiai Senpaku K.K. Jul 2013Bulk SC-179 58,000 Daiichi Chuo Aug 2013Bulk SC-197 82,300 Unknown Oct 2013Bulk 58,000 Unknown Japanese Oct 2013Bulk SC-181 180,000 Mitsui O.S.K. Lines Dec 2013Bulk SC-182 180,000 Mitsui O.S.K. Lines Dec 2013Bulk SC-184 180,000 Nippon Yusen Kaisha Dec 2013Bulk SC-203 82,300 Unknown Mar 2014Bulk SC-198 82,300 Unknown Apr 2014Bulk SC-204 82,300 Unknown May 2014Bulk SC-199 82,300 Unknown Jun 2014Bulk SC-205 82,300 Unknown Aug 2014Bulk SC-208 82,300 Unknown Sep 2014Bulk SC-209 82,300 Unknown Oct 2014Bulk SC-206 58,000 Unknown Dec 2014

On Order:- 39 Vessel(s); 3,803,575 DWT.

PolandPartner Stocznia SzczecinMPP 105 6,000 Unknown Dutch Jun 2012MPP 3,500 Hartman Seatrade Jul 2012MPP 6,000 ABIS Shpg. Co. B.V. Sep 2012MPP 006 3,500 Hartman Seatrade Oct 2012MPP 6,000 ABIS Shpg. Co. B.V. Dec 2012MPP 007 3,500 Hartman Seatrade Mar 2013

On Order:- 6 Vessel(s); 28,500 DWT.

Remontowa GdanskMPP/Hvy. Lift B603/5 7,751 Gdansk Sea Lines 2012PSV 5,200 4,027 GT Emas Offshore Constr Aug 2012PSV B851/1 4,500 3,485 GT ECO Oct 2012PSV B851/2 4,500 3,485 GT ECO Oct 2012PSV 5,200 4,027 GT Emas Offshore Constr Dec 2012Pass/Car F. 4,200 GT Torghatten Trafikk. 2013Pass/Car F. 4,200 GT Torghatten Trafikk. 2013Pass/Car F. 4,200 GT Torghatten Trafikk. 2013Pass/Car F. 4,200 GT Torghatten Trafikk. 2013PSV B851/3 4,500 3,485 GT ECO May 2013PSV 4,000 3,097 GT Gulf Offshore NS Jun 2013PSV B851/4 4,500 3,485 GT ECO Aug 2013PSV 4,000 3,097 GT Gulf Offshore NS Sep 2013

PSV 3,500 2,710 GT Gulf Offshore NS Sep 2013Pass/Car F. 5,500 GT DSD Shipping A/S Sep 2013Pass/Car F. 5,500 GT DSD Shipping A/S Dec 2013

On Order:- 16 Vessel(s); 47,651 DWT.

Stocznia Gdansk GdanskEthy/LPG 127 9,500 9,000 cbm Unknown 2012

On Order:- 1 Vessel(s); 9,500 DWT.

PortugalENVC Viana CasteloPass/Car F. 258 800 6,820 GT Unknown 2012Pass/Car Cat 259 270 1,540 GT Unknown Jan 2012

On Order:- 2 Vessel(s); 1,070 DWT.

QatarRas LaffanFSO 551015 Qatar Petroleum Oct 2012

On Order:- 1 Vessel(s); DWT.

RomaniaDaewoo-Mangalia MangaliaBulk 1056 81,940 Dalnave Nav. Jul 2012Bulk 1057 81,930 KC Maritime Ltd. Aug 2012Bulk 1058 81,930 KC Maritime Ltd. Dec 2012Container 4091 113,000 8,600 TEU Zodiac Maritime Agy. Jun 2013Container 4092 113,000 8,600 TEU Zodiac Maritime Agy. Sep 2013Container 4093 113,000 8,600 TEU Zodiac Maritime Agy. Dec 2013Container 4094 113,000 8,600 TEU Zodiac Maritime Agy. Mar 2014

On Order:- 7 Vessel(s); 697,800 DWT.

Damen Galati GalatzTSH Dredger 1224 Delta-Pilot Jan 2012TSH Dredger Mariupol Sep 2012PSV 3,300 2,555 GT WWS Jun 2013PSV 3,300 2,555 GT WWS Aug 2013PSV 3,300 2,555 GT WWS Oct 2013PSV 3,300 2,555 GT WWS Oct 2013PSV 3,300 2,555 GT WWS Dec 2013PSV 3,300 2,555 GT WWS Dec 2013

On Order:- 8 Vessel(s); 19,800 DWT.

Santierul Naval ConstantzaCh&O* 40,390 Histria Shipmngt. Aug 2012Ch&O* 587 40,390 Histria Shipmngt. Jan 2013

On Order:- 2 Vessel(s); 80,780 DWT.

STX Braila BrailaTSH Dredger 12,525 Reimerswaal BV Aug 2012

On Order:- 1 Vessel(s); 12,525 DWT.

RussiaAmursky S.B. KomsomolskCh&O* 111 19,800 Hanseatic Lloyd May 2012Ch&O* 112 19,800 Hanseatic Lloyd Jun 2012

On Order:- 2 Vessel(s); 39,600 DWT.

Astrakhan AstrakhanPSV 3,500 2,710 GT Dragon Oil Aug 2012

On Order:- 1 Vessel(s); 3,500 DWT.

Baltic Shipyd. St. PetersburgPSV 5,400 4,182 GT Gazprom Mar 2013PSV 5,400 4,182 GT Gazprom Mar 2013

On Order:- 2 Vessel(s); 10,800 DWT.

Krasnoy Sormovo GorkiyProducts 19619/7 13,030 Safinat An-Najaat 2012Products 7,000 Sommet Finance Jan 2012Products 7,000 Sommet Finance May 2012Products 03 6,980 VF Tanker Aug 2012Products 04 6,980 VF Tanker Oct 2012Products 05 6,980 VF Tanker Dec 2012Products 06 6,980 VF Tanker Feb 2013Products 07 6,980 VF Tanker Apr 2013Products 08 6,980 VF Tanker Aug 2013Products 09 6,980 VF Tanker Oct 2013Products 10 6,980 VF Tanker Dec 2013Products 7,100 Turkmen Maritime 2015

On Order:- 12 Vessel(s); 89,970 DWT.

Lotos Shipyard NarimanovProducts 6,600 Western Shipping Co. 2013Products 6,600 Western Shipping Co. 2013

On Order:- 2 Vessel(s); 13,200 DWT.

Nevsky S.B. SchlusselburgO. Salv. Tug 1,215 Novorossiysk Port Jun 2012O. Salv. Tug 702 1,215 Novorossiysk Port Jun 2012GCargo 401 7,000 North-Western Shpg. Aug 2012GCargo 402 7,000 North-Western Shpg. Nov 2012GCargo 403 7,000 North-Western Shpg. Feb 2013

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 32 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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.clarksons.net/wfr 14/09/2012 05:58:57 3961

Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

Russia

Type Hull No. Dwt. *Other Units Owner Delivery

GCargo 404 7,000 North-Western Shpg. May 2013GCargo 405 7,000 North-Western Shpg. Aug 2013GCargo 406 7,000 North-Western Shpg. Nov 2013GCargo 407 7,000 North-Western Shpg. Feb 2014GCargo 408 7,000 North-Western Shpg. May 2014

On Order:- 10 Vessel(s); 58,430 DWT.

Okskaya Shipyard NavashinoProducts 2701 6,980 VF Tanker Aug 2012Products 2702 6,980 VF Tanker Nov 2012Products 6,980 VF Tanker 2013Products 6,980 VF Tanker 2013Products 6,980 VF Tanker 2013Products 2705 6,980 VF Tanker 2013Products 2706 6,980 VF Tanker 2013Products 2703 6,980 VF Tanker Jan 2013Products 2704 6,980 VF Tanker Apr 2013Products 6,980 VF Tanker 2014Products 6,980 VF Tanker 2014Products 2707 6,980 VF Tanker 2014Products 2708 6,980 VF Tanker 2014Products 2709 6,980 VF Tanker 2014Products 2710 6,980 VF Tanker 2014

On Order:- 15 Vessel(s); 104,700 DWT.

Sevmash SMP SeverodvinskCh&O* 98087 45,000 Unknown 2012Utility 516001 200 GT Unknown Jun 2012Ch&O* 98088 45,000 Unknown Jul 2012

On Order:- 3 Vessel(s); 90,000 DWT.

Third Internat. AstrakhanCh&O* 200-1-36 3,400 maXXL Shipping 2012Ch&O* 200-1-35 3,400 John T. Essberger Jan 2012

On Order:- 2 Vessel(s); 6,800 DWT.

Unknown Yard RussiaSeis. Survey 100 GT Sovcomflot JSC Jan 2015Seis. Survey 100 GT Sovcomflot JSC Apr 2015Seis. Survey 100 GT Sovcomflot JSC Jul 2015Seis. Survey 100 GT Sovcomflot JSC Oct 2015

On Order:- 4 Vessel(s); DWT.

Volgograd S.Y. VolgogradMPP 229 6,970 Palmali Shipping 2012Products 371 6,100 Palmali Shipping Jan 2012Products 372 6,100 Palmali Shipping Apr 2012Ch&O* 352 4,500 Builders Account Jun 2012

On Order:- 4 Vessel(s); 23,670 DWT.

Zelenodolsk ZelenodolskTanker 262 12,365 Unknown 2012

On Order:- 1 Vessel(s); 12,365 DWT.

SingaporeASL Shipyard SingaporeAHTS 925 1,500 2,200 GT ASL Marine Jul 2012AHTS 924 1,500 2,200 GT ASL Marine Aug 2012Standby/Resc. 300 499 GT Newcruz Oct 2012Standby/Resc. 300 499 GT Newcruz Dec 2012PSV 3,500 2,710 GT noasa Jun 2013PSV 3,500 2,710 GT noasa Aug 2013

On Order:- 6 Vessel(s); 10,600 DWT.

Drydocks World Sing. SingaporeAHTS 192 3,500 2,200 GT Swire Pacific Jun 2012AHTS 194 4,300 1,678 GT Swire Pacific Jun 2012MSV 5,860 GT Hallin Marine Jul 2012AHTS 193 4,300 1,678 GT Swire Pacific Sep 2012MSV T203 6,488 GT Seaspec Marine Serv. Jan 2013AHTS T210 3,500 2,985 GT Labroy Marine Pte. Feb 2013AHTS 195 3,500 1,678 GT Swire Pacific Jun 2013Hvy L/Crane 44,192 GT Unknown Singapore Jul 2013

On Order:- 8 Vessel(s); 19,100 DWT.

Jaya S.B. & Eng SingaporeAHTS 12K2 3,500 2,985 GT Jaya Offshore Pte Jun 2012AHTS 12K3 3,500 2,985 GT Jaya Offshore Pte Jun 2012AHTS 16K0 4,500 5,100 GT Jaya Offshore Pte Aug 2012

On Order:- 3 Vessel(s); 11,500 DWT.

Keppel FELS SingaporeAHTS 351 1,500 1,279 GT Seaways Intl Jun 2012MSV 6,986 GT SBM Offshore Aug 2013

On Order:- 2 Vessel(s); 1,500 DWT.

Oakwell ShipbuildingGeo. Survey 4060 530 1,929 GT Fugro Jul 2012Geo. Survey 5030 531 2,000 GT Fugro Oct 2012

On Order:- 2 Vessel(s); 1,061 DWT.

Pacific Richfield SingaporeAHTS 767 2,200 3,600 GT Seroja Marine Jun 2012AHTS 702 2,200 3,017 GT Seroja Marine Jun 2012AHTS 703 1,800 1,535 GT Seroja Marine Jul 2012AHTS 766 2,200 GT Seroja Marine Aug 2012

On Order:- 4 Vessel(s); 6,200 DWT.

Penguin Shipyard SingaporeCrew Boat 114 236 GT Miclyn Express Offsh Jul 2012Crew Boat 114 236 GT Miclyn Express Offsh Jul 2012

On Order:- 2 Vessel(s); 228 DWT.

Sam Aluminium SingaporeCrew/Fast Sup H98 420 785 GT Fast Offshore Jun 2012

On Order:- 1 Vessel(s); 420 DWT.

Sembawang Shipyard SingaporeOceanograph. 4,853 GT CMAR Apr 2013FSO ExxonMobil 2014

On Order:- 2 Vessel(s); DWT.

ST Marine JurongAHTS 4,000 3,411 GT Swire Pacific Jun 2013AHTS 4,000 3,411 GT Swire Pacific Dec 2013AHTS 4,000 3,411 GT Swire Pacific Mar 2014AHTS 4,000 3,411 GT Swire Pacific Jun 2014AHTS 4,000 3,411 GT Swire Pacific Jun 2014AHTS 4,000 3,411 GT Swire Pacific Sep 2014

On Order:- 6 Vessel(s); 24,000 DWT.

Strategic Marine (S) SingaporeCrew/Fast Sup 345 129 240 GT JCB Oil Jun 2012Crew Boat 95 180 GT Syarikat Borcos Shpg Jul 2012Crew Boat 95 180 GT Syarikat Borcos Shpg Jul 2012

On Order:- 3 Vessel(s); 319 DWT.

SlovakiaSLKB Komarno KomarnoMPP 2115 3,630 Siegfried Bojen 2012MPP 2118 3,630 Siegfried Bojen 2012MPP 2122 3,630 Siegfried Bojen May 2012MPP 2123 3,630 Siegfried Bojen Jul 2012MPP 2124 3,630 Siegfried Bojen Sep 2012MPP 2125 3,630 Siegfried Bojen Nov 2012

On Order:- 6 Vessel(s); 21,780 DWT.

South Korea21c S.B. Co. TongyoungCh&O* 277 13,019 Rigel Schiffahrts May 2012Bulk 1017 33,811 Kirgan Holding Jul 2012

On Order:- 2 Vessel(s); 46,830 DWT.

Dae Sun S.B. PusanProducts 495 50,000 Navios Acquisition Jul 2012Bulk 556 34,000 Load Line Jul 2012Container 502 12,782 1,049 TEU Cosmoship Management Jul 2012Bulk 506 34,000 Unico Logistics Aug 2012Container 546 12,500 1,040 TEU SITC Aug 2012Products 496 50,000 Navios Acquisition Sep 2012Products 497 50,000 Navios Acquisition Oct 2012Container 521 12,400 958 TEU Regional Cont. Lines Oct 2012Container 547 12,500 1,040 TEU SITC Nov 2012Products 498 50,000 Navios Acquisition Dec 2012Bulk 507 34,000 Primebulk Dec 2012Container 522 12,400 958 TEU Regional Cont. Lines Dec 2012Bulk 554 35,000 Grecomar S.A. 2013Bulk 548 34,500 Arklow Shipping Ltd. 2013Bulk 549 34,500 Arklow Shipping Ltd. 2013Bulk 523 34,000 Perosea Shipping 2013Bulk 524 34,000 Perosea Shipping 2013Bulk 525 34,000 Perosea Shipping 2013Container 550 12,500 1,040 TEU Sinotrans Shpg. Ltd. 2013Container 551 12,500 1,040 TEU Sinotrans Shpg. Ltd. 2013Products 508 50,000 Navios Acquisition Jan 2013Products 509 50,000 Navios Acquisition Feb 2013Products 510 50,000 Navios Acquisition Mar 2013Container 512 14,000 1,050 TEU Shippingbank Co. Apr 2013MPP 17,500 ISCMT Oct 2013MPP 17,500 ISCMT Dec 2013Bulk 544 34,000 Ionic Holdings Inc 2014GCargo 540 14,000 Arklow Shipping Ltd. 2014MPP 17,500 ISCMT Mar 2014

On Order:- 29 Vessel(s); 860,082 DWT.

Daehan S.B. HaenamBulk HN1055 179,905 Hanjin Shpg Co. Jul 2012

On Order:- 1 Vessel(s); 179,905 DWT.

Daewoo OkpoTanker 5325 320,000 Neda Maritime Agency Jul 2012

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 33 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

South Korea

Type Hull No. Dwt. *Other Units Owner Delivery

Bulk 1196 179,700 Anangel Shpg. Ent. Jul 2012Bulk 1209 82,000 Liberty Maritime Jul 2012Container 4225 93,907 8,500 TEU Maersk Line Jul 2012Container 4235 93,404 7,090 TEU Hamburg-Sud. Jul 2012Ro-Ro/Cnt 4467 45,200 Ignazio Messina Jul 2012Container 4161 165,000 16,000 TEU CMA-CGM Aug 2012Container 4226 93,907 8,500 TEU Maersk Line Aug 2012Tanker 5385 120,600 Sovcomflot JSC Sep 2012Ore 1213 402,303 Vale Sep 2012Bulk 1216 82,000 Liberty Maritime Sep 2012Container 4193 120,000 10,000 TEU APL Limited Sep 2012Container 4227 93,907 8,500 TEU Maersk Line Sep 2012Tanker 5357 158,000 Almi Tankers S.A. Oct 2012OH* 55,000 Saga Shipholding Oct 2012Container 4162 165,000 16,000 TEU CMA-CGM Oct 2012Container 4238 120,000 10,700 TEU APL Limited Oct 2012Container 4228 93,907 8,500 TEU Maersk Line Oct 2012Hvy L/Crane 44,192 GT Heerema Marine Oct 2012Pipe Layer 50,000 40,000 GT Heerema Marine Oct 2012Bulk 1217 82,000 Liberty Maritime Nov 2012Container 4194 120,000 10,000 TEU APL Limited Nov 2012Container 4229 93,907 8,500 TEU Maersk Line Nov 2012Tanker 5358 158,000 Almi Tankers S.A. Dec 2012Tanker 5352 157,500 Sonangol Dec 2012Container 4163 165,000 16,000 TEU CMA-CGM Dec 2012Container 4239 120,000 10,700 TEU APL Limited Dec 2012L.N.G. 2289 86,000 160,000 cbm Awilco AS 2013Container 4240 115,000 9,200 TEU Neptune Orient Lines 2013Container 4241 115,000 9,200 TEU Neptune Orient Lines 2013Container 4242 115,000 9,200 TEU Neptune Orient Lines 2013Container 4243 115,000 9,200 TEU Neptune Orient Lines 2013Container 4244 115,000 9,200 TEU Neptune Orient Lines 2013Container 4260 115,000 9,200 TEU Neptune Orient Lines 2013Container 4261 115,000 9,200 TEU Neptune Orient Lines 2013Tanker 5380 320,000 AET Tanker Jan 2013Products 5386 118,105 Sovcomflot JSC Jan 2013OH* 55,000 Saga Shipholding Jan 2013Pipe Layer 84,000 91,862 GT Allseas Marine Cont Jan 2013Drillship Odebrecht SA Jan 2013Tanker 5359 158,000 Almi Tankers S.A. Feb 2013Tanker 5353 157,500 Sonangol Mar 2013Tanker 5381 320,000 AET Tanker Apr 2013Tanker 5360 158,000 Almi Tankers S.A. Apr 2013OH* 55,000 Saga Shipholding Apr 2013Container 4250 165,000 18,000 TEU Maersk Line Apr 2013Products 5387 118,105 Sovcomflot JSC May 2013FPSO Total E&P Angola May 2013Drillship 80,000 Vantage Drilling May 2013Tanker 5361 158,000 Almi Tankers S.A. Jun 2013Ch&O* 75,000 Odfjell ASA Jun 2013Container 4251 165,000 18,000 TEU Maersk Line Jun 2013Tanker 5382 320,000 AET Tanker Jul 2013Tanker 5365 317,000 Almi Tankers S.A. Jul 2013L.N.G. 2288 85,000 159,800 cbm Maran Gas Maritime Jul 2013Ore 1214 402,303 Vale Jul 2013OH* 55,000 Saga Shipholding Jul 2013Drillship 58,000 TMT Co. Ltd. Jul 2013Container 4252 165,000 18,000 TEU Maersk Line Aug 2013Drillship 76,500 Odebrecht SA Aug 2013Tanker 5366 317,000 Almi Tankers S.A. Sep 2013Tanker 5362 158,000 Almi Tankers S.A. Sep 2013PSV 3,000 2,323 GT Swire Pacific Sep 2013Drillship Atwood Oceanics Pac. Sep 2013Tanker 5383 320,000 AET Tanker Oct 2013L.N.G. 2295 86,000 159,800 cbm Maran Gas Maritime Oct 2013OH* 55,000 Saga Shipholding Oct 2013Container 4253 165,000 18,000 TEU Maersk Line Oct 2013Tanker 5389 317,000 Kuwait Oil Tanker Nov 2013Tanker 5363 158,000 Almi Tankers S.A. Nov 2013Ch&O* 75,000 Nat. Chem. Carriers Dec 2013Container 4254 165,000 18,000 TEU Maersk Line Dec 2013L.N.G. 85,000 170,000 cbm Stena Bulk AB 2014L.N.G. 85,000 170,000 cbm Stena Bulk AB 2014L.N.G. 2290 86,000 160,000 cbm Awilco AS 2014L.N.G. 2297 85,000 159,800 cbm Cardiff Marine Inc. 2014L.N.G. 2298 85,000 159,800 cbm Cardiff Marine Inc. 2014Container 4272 145,000 13,100 TEU Hyundai M.M. 2014Container 4273 145,000 13,100 TEU Hyundai M.M. 2014Container 4274 145,000 13,100 TEU Hyundai M.M. 2014Container 4275 145,000 13,100 TEU Hyundai M.M. 2014Container 4276 145,000 13,100 TEU Hyundai M.M. 2014Container 4245 115,000 9,200 TEU Neptune Orient Lines 2014Container 4246 115,000 9,200 TEU Neptune Orient Lines 2014Container 4247 115,000 9,200 TEU Neptune Orient Lines 2014

Container 4248 115,000 9,200 TEU Neptune Orient Lines 2014Container 4249 115,000 9,200 TEU Neptune Orient Lines 2014FSRU/LNG Excelerate Energy 2014Tanker 5390 317,000 Kuwait Oil Tanker Feb 2014L.N.G. 2296 86,000 159,800 cbm Maran Gas Maritime Feb 2014Container 4255 165,000 18,000 TEU Maersk Line Feb 2014Products 110,000 Kuwait Oil Tanker Mar 2014Drillship Transocean Mar 2014Container 4256 165,000 18,000 TEU Maersk Line Apr 2014Tanker 5391 317,000 Kuwait Oil Tanker May 2014L.N.G. 2291 85,000 159,800 cbm Maran Gas Maritime Jun 2014Container 4257 165,000 18,000 TEU Maersk Line Jun 2014Drillship Atwood Oceanics Pac. Jun 2014Drillship Transocean Jun 2014L.N.G. 2407 89,000 160,000 cbm Almi Gas S.A. Jul 2014Tanker 5392 317,000 Kuwait Oil Tanker Aug 2014Container 4258 165,000 18,000 TEU Maersk Line Aug 2014Cable Lay 11,935 GT Odebrecht SA Aug 2014Cable Lay 8,222 GT Odebrecht SA Aug 2014L.N.G. 2408 89,000 160,000 cbm Almi Gas S.A. Sep 2014Container 4259 165,000 18,000 TEU Maersk Line Oct 2014Container 4262 165,000 18,000 TEU Maersk Line Dec 2014FSRU/LNG 300,000 Petronas Carigali Jan 2015Container 4263 165,000 18,000 TEU Maersk Line Feb 2015Container 4264 165,000 18,000 TEU Maersk Line Apr 2015L.N.G. 2292 85,000 159,800 cbm Maran Gas Maritime Jun 2015Container 4265 165,000 18,000 TEU Maersk Line Jun 2015L.N.G. 2405 86,000 159,800 cbm Maran Gas Maritime Jul 2015Container 4266 165,000 18,000 TEU Maersk Line Aug 2015L.N.G. 2406 86,000 159,800 cbm Maran Gas Maritime Sep 2015Container 4267 165,000 18,000 TEU Maersk Line Oct 2015Container 4268 165,000 18,000 TEU Maersk Line Dec 2015Container 4269 165,000 18,000 TEU Maersk Line Feb 2016Container 4270 165,000 18,000 TEU Maersk Line Apr 2016FPSO 300,000 Inpex Browse Apr 2016Container 4271 165,000 18,000 TEU Maersk Line Jun 2016

On Order:- 121 Vessel(s); 16,273,755 DWT.

Hyundai H.I. GunsanTanker 2586 319,000 Brightoil Petroleum Sep 2012Tanker 2587 319,000 Brightoil Petroleum Nov 2012Container 2536 62,335 5,023 TEU Container Carrier Nov 2012Tanker 2588 319,000 Brightoil Petroleum Dec 2012Container 2537 62,335 5,023 TEU Container Carrier Jan 2013Tanker 2589 319,000 Brightoil Petroleum Feb 2013Container 2538 62,335 5,023 TEU Container Carrier Mar 2013Tanker 2568 319,000 SK Shipping Co. Ltd. Apr 2013Tanker 2569 319,000 SK Shipping Co. Ltd. May 2013Container 2539 62,335 5,023 TEU Container Carrier May 2013Container 2540 62,335 5,023 TEU Container Carrier May 2013Tanker 2570 319,000 SK Shipping Co. Ltd. Jul 2013Products 73,000 Livanos Group Nov 2013Products 73,000 Livanos Group Feb 2014Container 61,614 4,496 TEU Maersk Line 2012Container 2357 61,614 4,496 TEU Maersk Line 2012Container 2358 61,614 4,496 TEU Maersk Line 2012Container S518 61,614 4,496 TEU Maersk Line 2012PCC 2263 28,837 Wilh Wilhelmsen Jun 2012Tanker 2441 158,000 Diamond S Shpg. Jul 2012Products 2473 112,000 Consolidated Marine Jul 2012Products 2491 112,000 A.M.P.T.C. Jul 2012Ore 2410 263,000 TMT Co. Ltd. Jul 2012Ore 2411 263,000 TMT Co. Ltd. Jul 2012Container 2241 140,500 13,200 TEU Hapag-Lloyd Cont. Jul 2012Container 2349 61,614 4,496 TEU Maersk Line Jul 2012Tanker 2458 319,000 SK Shipping Co. Ltd. Aug 2012Products 2439 105,000 Diamond S Shpg. Aug 2012Container 2233 140,500 13,100 TEU Hanjin Shpg Co. Aug 2012Container 2167 141,184 13,092 TEU E.R. Schiffahrt Aug 2012Container 2350 61,614 4,496 TEU Maersk Line Aug 2012PCC 2534 16,000 NOCC Aug 2012Tanker 2468 158,000 Diamond S Shpg. Sep 2012Bulk 2464 82,000 Dynacom Tankers Mngt Sep 2012Bulk 2465 82,000 Dynacom Tankers Mngt Sep 2012Container 2242 140,500 13,200 TEU Hapag-Lloyd Cont. Sep 2012Tanker 2459 319,000 SK Shipping Co. Ltd. Oct 2012Tanker 2456 318,000 Dynacom Tankers Mngt Oct 2012Tanker 2520 318,000 Dynacom Tankers Mngt Oct 2012Tanker 2250 316,373 Oman Shipping Co. Oct 2012Container 2234 140,500 13,100 TEU Hanjin Shpg Co. Oct 2012Tanker 2469 158,000 Diamond S Shpg. Nov 2012Container 2243 140,500 13,200 TEU Hapag-Lloyd Cont. Nov 2012Hvy Dk Cargo 100,000 78,705 GT Dockwise N.V. Nov 2012Shuttle 2518 157,000 Knutsen NYK Dec 2012

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 34 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

South Korea

Type Hull No. Dwt. *Other Units Owner Delivery

Products 2493 105,000 Mitsubishi Corp. Dec 2012Bulk 2380 180,000 Korea Line Dec 2012Container 2235 140,500 13,100 TEU Hanjin Shpg Co. Dec 2012Tanker 2478 317,000 Athenian Tankers Jan 2013L.P.G. 2489 52,000 82,000 cbm Petredec S.A.M. Jan 2013Container 2244 140,500 13,200 TEU Hapag-Lloyd Cont. Jan 2013Container 2236 140,500 13,100 TEU Hanjin Shpg Co. Feb 2013Products 2492 112,000 A.M.P.T.C. Mar 2013L.P.G. 2490 52,000 82,000 cbm Petredec S.A.M. Mar 2013L.P.G. 2496 55,000 82,000 cbm SK Shipping Co. Ltd. Mar 2013Container 2245 140,500 13,200 TEU Hapag-Lloyd Cont. Mar 2013Container 2238 140,500 13,100 TEU Hanjin Shpg Co. Mar 2013Drillship 2505 Noble Corporation Mar 2013Container 2237 140,500 13,100 TEU Hanjin Shpg Co. Apr 2013L.P.G. 2501 52,000 82,000 cbm Petredec S.A.M. May 2013Container 2246 140,500 13,200 TEU Hapag-Lloyd Cont. May 2013Container 2521 115,000 9,700 TEU Hamburg-Sud. May 2013L.P.G. 2515 55,000 82,000 cbm SK Shipping Co. Ltd. Jun 2013Container 2522 115,000 9,700 TEU Hamburg-Sud. Jun 2013CFPU 4,000 Eni Norge Jun 2013Drillship 2503 44,500 Diamond Offshore Jun 2013Shuttle 2531 123,000 Knutsen NYK Jul 2013L.P.G. 2516 52,000 84,000 cbm Skibs. Solvang Jul 2013Container 2497 140,500 13,200 TEU Hapag-Lloyd Cont. Jul 2013Container 2523 115,000 9,700 TEU Hamburg-Sud. Jul 2013Tanker 2479 317,000 Athenian Tankers Aug 2013Drillship 2546 Dolphin Drilling Ltd Aug 2013Shuttle 2532 123,000 Knutsen NYK Sep 2013Products 2598 106,000 Densa Shipping Sep 2013L.N.G. 2556 79,000 155,000 cbm Dynagas Ltd. Sep 2013Container 2498 140,500 13,200 TEU Hapag-Lloyd Cont. Sep 2013Container 2524 115,000 9,700 TEU Hamburg-Sud. Sep 2013PCC 16,000 Eukor Car Carriers Sep 2013Drillship 2506 Noble Corporation Sep 2013Shuttle 112,000 Knutsen NYK Oct 2013L.N.G. 2557 79,000 155,000 cbm Dynagas Ltd. Oct 2013L.P.G. 2576 58,000 84,000 cbm Pertamina Direktorat Oct 2013L.P.G. 2581 55,000 82,000 cbm SK Shipping Co. Ltd. Oct 2013Container 2499 140,500 13,200 TEU Hapag-Lloyd Cont. Nov 2013L.N.G. 2580 79,000 155,000 cbm Dynagas Ltd. Dec 2013L.P.G. 2517 52,000 84,000 cbm Skibs. Solvang Dec 2013PCC 16,000 Eukor Car Carriers Dec 2013Drillship 2504 44,500 Diamond Offshore Dec 2013Drillship 2559 44,500 Rowan Companies Dec 2013Container 2500 140,500 13,200 TEU Hapag-Lloyd Cont. Jan 2014Container 2525 115,000 9,700 TEU Hamburg-Sud. Jan 2014Container 2526 115,000 9,700 TEU Hamburg-Sud. Jan 2014L.P.G. 58,000 82,000 cbm Pertamina Direktorat Feb 2014Container 2527 115,000 9,700 TEU Enesel S.A. Feb 2014FSRU/LNG 2549 Hoegh LNG Feb 2014Drillship 2507 Noble Corporation Mar 2014L.N.G. 2558 85,000 162,000 cbm Dynagas Ltd. Apr 2014Container 2528 115,000 9,700 TEU Enesel S.A. Apr 2014FSRU/LNG 2548 Hoegh LNG Apr 2014Container 2529 115,000 9,700 TEU Enesel S.A. May 2014Container 2530 115,000 9,700 TEU Enesel S.A. Jun 2014Drillship 2512 44,500 Diamond Offshore Jun 2014Drillship 2560 44,500 Rowan Companies Jun 2014FSRU/LNG 2550 Hoegh LNG Jun 2014L.N.G. 2584 85,000 162,000 cbm Oman Shipping Co. Aug 2014L.N.G. 2565 85,000 162,000 cbm Dynagas Ltd. Sep 2014Drillship 2508 Noble Corporation Sep 2014L.N.G. 84,000 154,800 cbm Brunei Gas Carriers Oct 2014Drillship 44,500 Diamond Offshore Oct 2014Drillship 2563 44,500 Rowan Companies Oct 2014L.N.G. 2571 85,000 162,000 cbm BW Gas Nov 2014L.N.G. 2566 85,000 162,000 cbm Dynagas Ltd. Jan 2015L.N.G. 85,000 162,000 cbm Tsakos Energy Nav. Mar 2015L.N.G. 2572 85,000 162,000 cbm BW Gas Mar 2015L.N.G. 2567 85,000 162,000 cbm Dynagas Ltd. May 2015FPSO 155,000 BP May 2016

On Order:- 116 Vessel(s); 13,524,253 DWT.

Hyundai Mipo UlsanBulk 56,000 Ray Shipping 2012Bulk 56,000 Ray Shipping 2012Bulk 6012 56,000 IRISL 2012Bulk 6014 56,000 IRISL 2012Bulk 6016 56,000 IRISL 2012Bulk 37,000 Korea Ship Finance 2012Bulk 37,000 Korea Ship Finance 2012Bulk 6009 36,781 Norden D/S A/S 2012Bulk 6010 36,781 Norden D/S A/S 2012Bulk 6013 36,075 IRISL 2012

Bulk 6015 36,075 IRISL 2012Bulk 6017 36,075 IRISL 2012Bulk 6075 33,232 Norden D/S A/S Mar 2012Ro-Ro/Cnt 23,000 Unknown Mar 2012Ro-Ro 8054 8,500 Grimaldi Group Apr 2012Ro-Ro/Cnt 23,000 Unknown Jun 2012Ro-Ro 8055 8,500 Grimaldi Group Jun 2012Products 2299 74,606 Omega Navigation Jul 2012Products 2332 52,000 Scorpio Tankers Jul 2012Ch&O* 2176 51,556 Dunya Denizcilik Jul 2012Asp.& Bit. 2323 6,255 Iver Ships B.V. Jul 2012Bulk 82,000 Seoul Marine Finance Jul 2012Bulk 6047 59,888 Cido Shipping Jul 2012Bulk 6053 59,888 Cido Shipping Jul 2012Bulk 6026 59,000 Unknown Jul 2012Bulk 6108 37,230 Western Petroleum Jul 2012Bulk 6095 37,000 D'Amico Soc. di Nav. Jul 2012Bulk 6131 37,000 Daiichi Chuo Jul 2012Bulk 2286 36,892 Interorient Nav. Co. Jul 2012Bulk 6074 36,839 TMT Co. Ltd. Jul 2012PCC 8042 20,700 Ray Shipping Jul 2012Products 2333 52,000 Scorpio Tankers Aug 2012Products 2334 52,000 Scorpio Tankers Aug 2012Products 2335 52,000 Scorpio Tankers Aug 2012Bulk 6054 59,888 Cido Shipping Aug 2012Bulk 6143 56,000 Aruna Shipping Aug 2012OH* 48,000 Grieg Shipping A/S Aug 2012Bulk 6132 37,000 Daiichi Chuo Aug 2012PCC 8043 20,700 Ray Shipping Aug 2012Products 2336 52,000 Scorpio Tankers Sep 2012Bulk 6064 81,827 Clemko Shipmngt. Sep 2012Bulk 6027 59,000 Unknown Sep 2012Bulk 6096 37,000 D'Amico Soc. di Nav. Sep 2012Bulk 6137 37,000 Daiichi Chuo Sep 2012Bulk 2287 36,892 Interorient Nav. Co. Sep 2012PCC 8044 20,700 Ray Shipping Sep 2012Ch&O* 2345 52,000 Consolidated Marine Oct 2012Ch&O* 37,690 SOCATRA Oct 2012Bulk 82,000 Seoul Marine Finance Oct 2012Bulk 6070 81,480 Plutofylax Shipping Oct 2012Bulk 6048 59,888 Cido Shipping Nov 2012Bulk 6144 56,000 Aruna Shipping Nov 2012OH* 48,000 Grieg Shipping A/S Nov 2012Bulk 6109 37,000 Western Petroleum Nov 2012Bulk 6138 37,000 Daiichi Chuo Nov 2012Bulk 6139 37,000 Daiichi Chuo Dec 2012Ro-Ro/Cnt 8085 26,000 Nat.Shpg.Of S.Arabia Dec 2012PCC 8045 20,700 Ray Shipping Dec 2012Products 52,000 Chios Navigation 2013Tanker 52,000 Unisea Shipping Ltd. 2013Products 52,000 Samos Steamship 2013Tanker 52,000 Unisea Shipping Ltd. 2013Tanker 52,000 Unisea Shipping Ltd. 2013Products 52,000 Chios Navigation 2013Tanker 52,000 Unisea Shipping Ltd. 2013Asp.& Bit. 19,000 Gearbulk Ltd. 2013Asp.& Bit. 19,000 Gearbulk Ltd. 2013L.P.G. 26,500 35,000 cbm KSS Line Ltd. 2013Bulk 56,000 Ray Shipping 2013Bulk 56,000 Ray Shipping 2013Bulk 35,000 Unknown 2013Bulk 35,000 Unknown 2013Bulk 35,000 Unknown 2013Bulk 35,000 Unknown 2013Container 39,000 2,800 TEU KMTC 2013Container 4062 39,000 2,800 TEU KMTC 2013Ro-Ro/Cnt 26,000 Nat.Shpg.Of S.Arabia 2013Ro-Ro 12,600 Maritime Nantaise 2013Ro-Ro 12,600 Maritime Nantaise 2013Products 52,000 Ditas-Denizcilik Jan 2013Ch&O* 2346 52,000 Consolidated Marine Jan 2013Products 2361 52,000 Scorpio Tankers Jan 2013Ch&O* 37,690 SOCATRA Jan 2013Ch&O* 2177 51,551 Dunya Denizcilik Jan 2013Bulk 6110 37,000 Western Petroleum Jan 2013Ch&O* 2225 37,500 IRISL Feb 2013OH* 48,000 Grieg Shipping A/S Feb 2013Container 28,000 1,850 TEU Nam Sung Shpg. Co. Feb 2013Ch&O* 46,200 Mitsui O.S.K. Lines Mar 2013Bulk 6116 74,120 Novoship (UK) Ltd. Mar 2013Bulk 6145 56,000 Aruna Shipping Mar 2013Bulk 6111 37,000 Western Petroleum Mar 2013Container 4054 39,000 2,800 TEU Pacific Int. Lines Mar 2013Ro-Ro/Cnt 8086 26,000 Nat.Shpg.Of S.Arabia Mar 2013

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 35 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

South Korea

Type Hull No. Dwt. *Other Units Owner Delivery

Products 2362 52,000 Scorpio Tankers Apr 2013Container 28,000 1,850 TEU Nam Sung Shpg. Co. Apr 2013Products 52,000 Scorpio Tankers May 2013Bulk 6117 74,120 Novoship (UK) Ltd. May 2013OH* 48,000 Grieg Shipping A/S May 2013Bulk 37,000 GSD Marin May 2013Bulk 37,000 GSD Marin May 2013Bulk 6112 37,000 Western Petroleum May 2013Container 4055 39,000 2,800 TEU Pacific Int. Lines May 2013Ch&O* 46,200 Mitsui O.S.K. Lines Jun 2013Bulk 6118 74,120 Novoship (UK) Ltd. Jun 2013Bulk 6021 36,900 Cosmoship Management Jun 2013Container 28,000 1,850 TEU Nam Sung Shpg. Co. Jun 2013Ro-Ro/Cnt 8087 26,000 Nat.Shpg.Of S.Arabia Jun 2013Container 4056 39,000 2,800 TEU Pacific Int. Lines Jul 2013PCC 20,700 Ray Shipping Jul 2013Ch&O* 2226 37,500 IRISL Aug 2013Bulk 6119 74,120 Novoship (UK) Ltd. Aug 2013OH* 48,000 Grieg Shipping A/S Aug 2013Ch&O* 46,200 Mitsui O.S.K. Lines Sep 2013Ch&O* 2227 37,500 IRISL Sep 2013Misc. Bulk 37,700 LS Nikko Copper Sep 2013Container 4057 39,000 2,800 TEU Pacific Int. Lines Sep 2013Ro-Ro/Cnt 8088 26,000 Nat.Shpg.Of S.Arabia Sep 2013Ch&O* 2228 37,500 IRISL Oct 2013Products 30,000 Wisby Tankers AB Oct 2013L.P.G. 26,000 35,000 cbm Geogas Maritime SAS Oct 2013L.P.G. 23,000 20,600 cbm Sovcomflot JSC Oct 2013Products 46,500 Kuwait Oil Tanker Nov 2013Ch&O* 2229 37,500 IRISL Nov 2013OH* 48,000 Grieg Shipping A/S Nov 2013PSV 4,250 4,000 GT BP Shipping Nov 2013Ch&O* 2230 37,500 IRISL Dec 2013Products 30,000 Wisby Tankers AB Dec 2013L.P.G. 26,000 35,000 cbm Geogas Maritime SAS Dec 2013L.P.G. 23,000 20,600 cbm Sovcomflot JSC Dec 2013Ro-Ro/Cnt 26,000 Nat.Shpg.Of S.Arabia 2014Ch&O* 2231 37,500 IRISL Jan 2014L.P.G. 39,000 38,000 cbm Exmar N.V. Jan 2014PSV 4,250 4,000 GT BP Shipping Jan 2014Products 46,500 Kuwait Oil Tanker Feb 2014Ch&O* 2232 37,500 IRISL Feb 2014OH* 48,000 Grieg Shipping A/S Feb 2014Ch&O* 2233 37,500 IRISL Mar 2014L.P.G. 39,000 38,000 cbm Exmar N.V. Apr 2014Ro-Ro/Cnt 8056 29,000 Delmas Lines Apr 2014PSV 4,250 4,000 GT BP Shipping Apr 2014Products 46,500 Kuwait Oil Tanker May 2014Ch&O* 2234 37,500 IRISL May 2014OH* 48,000 Grieg Shipping A/S May 2014Ro-Ro/Cnt 8057 29,000 Delmas Lines May 2014PSV 4,250 4,000 GT BP Shipping May 2014Ro-Ro/Cnt 8058 29,000 Delmas Lines Jun 2014L.P.G. 39,000 38,000 cbm Exmar N.V. Jul 2014Ro-Ro/Cnt 8059 29,000 Delmas Lines Jul 2014Products 46,500 Kuwait Oil Tanker Aug 2014OH* 48,000 Grieg Shipping A/S Aug 2014Ro-Ro/Cnt 8060 29,000 Delmas Lines Aug 2014L.P.G. 39,000 38,000 cbm Exmar N.V. Oct 2014Ro-Ro/Cnt 8061 29,000 Delmas Lines Oct 2014OH* 48,000 Grieg Shipping A/S Nov 2014

On Order:- 155 Vessel(s); 6,283,959 DWT.

Hyundai Samho SamhoTanker S432 159,000 Irano-Hind Shpg. Co. Jul 2012Bulk S569 180,000 Hyundai M.M. Jul 2012Bulk S543 84,062 TMT Co. Ltd. Jul 2012Bulk S545 84,062 TMT Co. Ltd. Jul 2012Bulk S552 82,000 Alpha Tankers & Frt. Jul 2012Container S593 112,500 8,762 TEU Schulte Group Jul 2012Container S439 51,440 4,498 TEU Dioryx Maritime Corp Jul 2012Tanker S557 318,130 Samco Shipholding Aug 2012Ore S550 263,000 TMT Co. Ltd. Aug 2012Bulk S566 82,000 Kyla Shipping Co. Aug 2012Container S460 145,000 12,565 TEU Danaos Shpg. Aug 2012Container S514 70,590 5,595 TEU Peter Dohle Schiff. Aug 2012Ore 250,000 SK Shipping Co. Ltd. Sep 2012Bulk S553 82,000 Alpha Tankers & Frt. Sep 2012Bulk S567 82,000 Kyla Shipping Co. Sep 2012Ore S551 263,000 TMT Co. Ltd. Oct 2012Container S592 112,000 8,800 TEU Ofer Bros (Ships) Oct 2012Container S589 62,260 4,700 TEU Oltmann, D. Oct 2012Bulk S554 82,000 Alpha Tankers & Frt. Nov 2012Container S590 62,260 4,700 TEU Oltmann, D. Nov 2012

Container S596 112,000 8,800 TEU Ofer Bros (Ships) Dec 2012Container 150,000 14,000 TEU Neptune Orient Lines 2013Container 150,000 14,000 TEU Neptune Orient Lines 2013Container 150,000 14,000 TEU Neptune Orient Lines 2013Container 150,000 14,000 TEU Neptune Orient Lines 2013Container 150,000 14,000 TEU Neptune Orient Lines 2013Container 85,000 6,700 TEU Technomar Shpg. Inc. 2013Container 85,000 6,700 TEU Technomar Shpg. Inc. 2013Container 85,000 6,700 TEU Technomar Shpg. Inc. 2013Container 85,000 6,700 TEU Technomar Shpg. Inc. 2013Container S605 85,000 6,700 TEU Aeolos Management 2013Container S606 85,000 6,700 TEU Aeolos Management 2013Container S608 85,000 6,700 TEU Aeolos Management 2013Container S581 61,740 4,532 TEU HI Investments 2013Container S582 61,740 4,532 TEU HI Investments 2013Container S583 61,740 4,532 TEU HI Investments 2013Bulk S555 82,000 Alpha Tankers & Frt. Jan 2013Container S584 62,000 4,500 TEU HI Investments Jan 2013Container S585 62,000 4,500 TEU HI Investments Jan 2013Container S586 62,000 4,500 TEU HI Investments Feb 2013Container S591 62,260 4,700 TEU Oltmann, D. Apr 2013PCC 21,000 Glovis Group Apr 2013Container S587 62,000 4,500 TEU HI Investments May 2013Container S594 112,500 8,762 TEU Schulte Group Jun 2013PCC 21,000 Glovis Group Jun 2013Container S595 112,500 8,762 TEU Schulte Group Aug 2013Container S616 62,000 4,896 TEU Thenamaris (Mgmt.) Aug 2013Container S597 112,000 8,800 TEU Ofer Bros (Ships) Sep 2013Container S617 62,000 4,896 TEU Thenamaris (Mgmt.) Oct 2013L.N.G. 86,000 164,000 cbm Maran Gas Maritime Dec 2013Container 150,000 14,000 TEU Neptune Orient Lines 2014Container 150,000 14,000 TEU Neptune Orient Lines 2014Container 150,000 14,000 TEU Neptune Orient Lines 2014Container 150,000 14,000 TEU Neptune Orient Lines 2014Container 150,000 14,000 TEU Neptune Orient Lines 2014L.N.G. 86,000 164,000 cbm Maran Gas Maritime Apr 2014L.N.G. 85,000 162,000 cbm Golar LNG Apr 2014L.N.G. 85,000 162,000 cbm Golar LNG Aug 2014L.N.G. 86,000 164,000 cbm Maran Gas Maritime Dec 2014Container S355 116,440 10,070 TEU Zim Integrated Shpg. 2015Container S393 116,440 10,070 TEU Zim Integrated Shpg. 2015Container S394 116,440 10,070 TEU Zim Integrated Shpg. 2015Container S395 116,440 10,070 TEU Zim Integrated Shpg. 2015L.N.G. 86,000 164,000 cbm Maran Gas Maritime Apr 2015

On Order:- 64 Vessel(s); 6,894,544 DWT.

Nokbong S.B. TongyoungAsp.& Bit. 423 8,500 Tipco Maritime Co. 2012Ch&O* 446 8,000 Unknown 2012

On Order:- 2 Vessel(s); 16,500 DWT.

Orient Shipyard BusanBulk 1003 33,300 Unknown Jul 2012Bulk 1015 179,700 Heungkuk 2012

On Order:- 2 Vessel(s); 213,000 DWT.

Samho Tongyoung TongyoungBulk 1227 32,474 Samho Tongyoung Mar 2012Bulk 1228 32,474 Samho Tongyoung Mar 2012Bulk 1229 32,474 Samho Tongyoung Apr 2012Bulk 1236 35,200 Unknown Jul 2012

On Order:- 4 Vessel(s); 132,622 DWT.

Samsung H.I. GeojeTanker 1785 158,489 Fratelli D'Amico Jul 2012Tanker 1925 158,000 Stena Bulk AB Jul 2012Tanker 1954 158,000 Diamond S Shpg. Jul 2012Tanker 1963 158,000 AET Tanker Jul 2012Tanker 115,738 Dryships Inc. Jul 2012Tanker 1885 115,738 Dryships Inc. Jul 2012Tanker 1934 115,500 Kyklades Maritime Jul 2012Tanker 1835 115,000 Yasa Shpg. Industry Jul 2012Products 1768 114,700 Int. Andromeda Shpg. Jul 2012Products 1891 114,700 Int. Andromeda Shpg. Jul 2012Container 1976 94,600 8,073 TEU CSAV Jul 2012Cable Lay 7,643 GT Baggermaat. Boskalis Jul 2012Drillship Delba Perforadora Jul 2012Tanker 1964 158,000 AET Tanker Aug 2012Tanker 1935 115,500 Kyklades Maritime Aug 2012Products 1892 114,700 Int. Andromeda Shpg. Aug 2012Shuttle 1961 105,000 AET Tanker Aug 2012Shuttle 1966 105,000 Viken Shipping Aug 2012Drillship Delba Perforadora Sep 2012Tanker 1926 158,000 Stena Bulk AB Oct 2012Tanker 1965 158,000 AET Tanker Oct 2012Products 1848 114,700 Gulf Energy Maritime Oct 2012Shuttle 1967 105,000 Viken Shipping Oct 2012

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 36 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

South Korea

Type Hull No. Dwt. *Other Units Owner Delivery

Container 1980 99,500 8,000 TEU Evergreen Mar. Corp. Oct 2012Tanker 1955 158,000 Diamond S Shpg. Nov 2012Container 1981 99,500 8,000 TEU Evergreen Mar. Corp. Nov 2012Container 1972 55,000 4,700 TEU Hanjin Shpg Co. Nov 2012Tanker 1936 158,000 Stena Bulk AB Dec 2012Tanker 1836 115,000 Yasa Shpg. Industry Dec 2012Shuttle 1968 105,000 Viken Shipping Dec 2012Container 1982 99,500 8,000 TEU Evergreen Mar. Corp. Dec 2012Shuttle 155,000 Teekay Offshore 2013Shuttle 155,000 Teekay Offshore 2013Shuttle 155,000 Teekay Offshore 2013Shuttle 155,000 Teekay Offshore 2013Shuttle 154,000 Chevron 2013L.N.G. 2021 84,000 160,000 cbm Golar LNG 2013L.N.G. 2022 84,000 160,000 cbm Golar LNG 2013L.N.G. 2047 84,000 160,000 cbm Golar LNG 2013L.N.G. 2048 84,000 160,000 cbm Golar LNG 2013Container 140,000 13,000 TEU OOCL 2013Container 140,000 13,000 TEU OOCL 2013Container 140,000 13,000 TEU OOCL 2013Container 140,000 13,000 TEU OOCL 2013Container 140,000 13,000 TEU OOCL 2013Container 140,000 13,000 TEU OOCL 2013Container 99,500 8,000 TEU Evergreen Mar. Corp. 2013Container 99,500 8,000 TEU Evergreen Mar. Corp. 2013Container 99,500 8,000 TEU Evergreen Mar. Corp. 2013Container 99,500 8,000 TEU Evergreen Mar. Corp. 2013Container 99,500 8,000 TEU Evergreen Mar. Corp. 2013Container 1974 55,000 4,700 TEU Hanjin Shpg Co. 2013Tanker 1904 158,000 Euronav (UK) Agen. Jan 2013Tanker 1977 158,000 Premuda S.P.A.N. Jan 2013Products 1849 114,700 Gulf Energy Maritime Jan 2013Container 1983 99,500 8,000 TEU Evergreen Mar. Corp. Jan 2013Container 1973 55,000 4,700 TEU Hanjin Shpg Co. Jan 2013Shuttle 1969 105,000 Viken Shipping Feb 2013L.N.G. 1920 85,000 160,000 cbm Chevron Global Tech. Mar 2013Container 1984 99,500 8,000 TEU Evergreen Mar. Corp. Mar 2013Drillship Seadrill Mar 2013Shuttle 1970 105,000 Viken Shipping Apr 2013Drillship 2014 58,830 Pacific Drilling Apr 2013Drillship Seadrill Apr 2013Container 1985 99,500 8,000 TEU Evergreen Mar. Corp. May 2013Tanker 1890 158,551 Dryships Inc. Jun 2013Tanker 1948 158,551 Dryships Inc. Jun 2013L.N.G. 1921 85,000 160,000 cbm Chevron Global Tech. Jun 2013Container 1829 142,388 12,552 TEU Peter Dohle Schiff. Jun 2013Container 1986 99,500 8,000 TEU Evergreen Mar. Corp. Jun 2013Drillship 96,000 Oceania Shipholding Jul 2013Drillship ENSCO Offshore Jul 2013Drillship Ocean Rig Jul 2013Drillship Seadrill Aug 2013L.N.G. 1941 85,000 160,000 cbm Chevron Global Tech. Sep 2013L.N.G. 2045 84,000 160,000 cbm Thenamaris (Mgmt.) Sep 2013Container 1988 99,500 8,000 TEU Evergreen Mar. Corp. Sep 2013Drillship 2015 58,830 Pacific Drilling Sep 2013Tanker 1949 158,551 Dryships Inc. Oct 2013Tanker 1950 158,551 Dryships Inc. Oct 2013Tanker 1978 158,000 Premuda S.P.A.N. Oct 2013L.N.G. 1946 82,000 155,000 cbm GasLog Ltd. Oct 2013Container 1830 142,388 12,552 TEU Peter Dohle Schiff. Oct 2013Container 1987 99,500 8,000 TEU Evergreen Mar. Corp. Oct 2013Drillship 90,000 Maersk Drilling Oct 2013Drillship Ocean Rig Oct 2013Drillship 90,000 Maersk Drilling Nov 2013Drillship Ocean Rig Nov 2013L.N.G. 1942 85,000 160,000 cbm Chevron Global Tech. Dec 2013Container 1831 142,388 12,552 TEU Peter Dohle Schiff. Dec 2013Container 1989 99,500 8,000 TEU Evergreen Mar. Corp. Dec 2013L.N.G. 2023 84,000 160,000 cbm Golar LNG 2014L.N.G. 2024 84,000 160,000 cbm Golar LNG 2014L.N.G. 2026 84,000 160,000 cbm Golar LNG 2014L.N.G. 2027 84,000 160,000 cbm Golar LNG 2014Container 140,000 13,000 TEU OOCL 2014Container 140,000 13,000 TEU OOCL 2014Container 140,000 13,000 TEU OOCL 2014Container 140,000 13,000 TEU OOCL 2014Container 1815 142,500 12,552 TEU Reederei C.-P. Offen 2014Container 1816 142,500 12,552 TEU Reederei C.-P. Offen 2014Container 1817 142,500 12,552 TEU Reederei C.-P. Offen 2014Container 99,500 8,000 TEU Evergreen Mar. Corp. 2014Container 99,500 8,000 TEU Evergreen Mar. Corp. 2014Container 99,500 8,000 TEU Evergreen Mar. Corp. 2014Container 99,500 8,000 TEU Evergreen Mar. Corp. 2014Container 99,500 8,000 TEU Evergreen Mar. Corp. 2014

FSRU/LNG Unknown 2014L.N.G. 2046 84,000 160,000 cbm Thenamaris (Mgmt.) Jan 2014L.N.G. 1947 82,000 155,000 cbm GasLog Ltd. Jan 2014FPSO 200,000 Teekay Petrojarl Jan 2014L.N.G. 2049 84,000 160,000 cbm Thenamaris (Mgmt.) Feb 2014Container 1832 142,388 12,552 TEU Peter Dohle Schiff. Feb 2014L.N.G. 82,000 155,000 cbm GasLog Ltd. Apr 2014Drillship Seadrill Apr 2014Drillship Seadrill Apr 2014Drillship 90,000 Maersk Drilling May 2014Drillship 2057 58,830 Pacific Drilling May 2014Shuttle 160,000 Chevron Jun 2014L.N.G. 84,000 160,000 cbm Golar LNG Jun 2014L.N.G. 82,000 155,000 cbm GasLog Ltd. Jul 2014Drillship Seadrill Jul 2014Drillship ENSCO Offshore Jul 2014Shuttle 160,000 Chevron Aug 2014Drillship 90,000 Maersk Drilling Aug 2014L.N.G. 82,000 155,000 cbm GasLog Ltd. Oct 2014Drillship ENSCO Offshore Oct 2014Container 1840 143,000 12,600 TEU Zim Integrated Shpg. 2015Container 1841 143,000 12,600 TEU Zim Integrated Shpg. 2015Container 1842 143,000 12,600 TEU Zim Integrated Shpg. 2015Container 1843 143,000 12,600 TEU Zim Integrated Shpg. 2015Container 1844 143,000 12,600 TEU Zim Integrated Shpg. 2015Container 1845 143,000 12,600 TEU Zim Integrated Shpg. 2015Container 1846 143,000 12,600 TEU Zim Integrated Shpg. 2015Container 1847 143,000 12,600 TEU Zim Integrated Shpg. 2015Container 1863 143,000 12,600 TEU Zim Integrated Shpg. 2015L.N.G. 82,000 155,000 cbm GasLog Ltd. Jan 2015L.N.G. 84,000 160,000 cbm Golar LNG Mar 2015L.N.G. 82,000 155,000 cbm GasLog Ltd. Apr 2015L.N.G. 82,000 155,000 cbm GasLog Ltd. Jul 2015FPSO/LNG 1903 220,000 Shell 2016

On Order:- 141 Vessel(s); 14,594,811 DWT.

Seko Hvy. Ind. JanghangBulk 1005 34,000 Carsten Rehder 2012

On Order:- 1 Vessel(s); 34,000 DWT.

Sekwang H.I. UlsanAHTS 1191 3,600 4,600 GT Swire Pacific Jun 2012AHTS 1192 3,600 4,600 GT Swire Pacific Jul 2012AHTS 1190 3,600 4,600 GT Swire Pacific Jan 2013

On Order:- 3 Vessel(s); 10,800 DWT.

Sekwang Shipbuilding MokpoMPP/Hvy. Lift 130 19,000 Schoeller Holdings Sep 2012

On Order:- 1 Vessel(s); 19,000 DWT.

Shinan H.I. MokpoPSV H1011 3,500 2,710 GT Unknown May 2013

On Order:- 1 Vessel(s); 3,500 DWT.

ShinaSB Yard Co. TongyoungCh&O* 538 45,565 Nat. Chem. Carriers Jul 2012Ch&O* 539 45,565 Nat. Chem. Carriers Jul 2012Ch&O* 540 45,565 Nat. Chem. Carriers Jul 2012Ch&O* 541 45,565 Nat. Chem. Carriers Aug 2012Ch&O* 544 45,000 UACC Aug 2012Ch&O* 545 45,000 UACC Sep 2012Ch&O* 546 45,000 UACC Sep 2012Ch&O* 547 45,000 UACC Oct 2012Ch&O* 548 45,000 UACC Nov 2012Ch&O* 549 45,000 UACC Jan 2013

On Order:- 10 Vessel(s); 452,260 DWT.

SPP Shipbuilding GoseongBulk H4049 35,000 IRISL 2012Bulk H4051 35,000 IRISL 2012Bulk H4053 35,000 IRISL 2012Bulk H4054 35,000 IRISL 2012Bulk H4055 35,000 IRISL 2012Bulk H4057 35,000 IRISL 2012Bulk H4059 35,000 IRISL 2012Bulk H4069 35,000 Ciner Denizcilik 2012Bulk H8004 35,000 DD Shipping Ltd. 2012Bulk H8005 35,000 IRISL 2012Bulk H8006 35,000 IRISL 2012Bulk H8007 35,000 IRISL 2012Bulk H8008 35,000 DD Shipping Ltd. 2012Bulk H8009 35,000 DD Shipping Ltd. 2012Bulk H8002 35,000 DD Shipping Ltd. Jul 2012Bulk H8003 35,000 DD Shipping Ltd. Jul 2012Ch&O* H4091 50,100 Oceangold Tankers Oct 2012Bulk H4070 35,000 Ciner Denizcilik 2013Bulk H4072 35,000 Ciner Denizcilik 2013Bulk H4073 35,000 Ciner Denizcilik 2013

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 37 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

South Korea

Type Hull No. Dwt. *Other Units Owner Delivery

Products H4081 51,800 Unknown Mar 2013Bulk H4033 35,000 GrandUnion Inc. Apr 2013Bulk H4041 35,000 Ch. F. Ahrenkiel Apr 2013Products H4082 51,800 Unknown May 2013Bulk H4042 35,000 Ch. F. Ahrenkiel May 2013Products H4083 51,800 Unknown Jun 2013Bulk H4037 35,000 GrandUnion Inc. Jun 2013Products H4084 51,800 Unknown Jul 2013Products H4095 51,800 Unknown Greek Owner Jul 2013Products H4085 51,800 Unknown Aug 2013Bulk H4036 35,000 GrandUnion Inc. Aug 2013Products H4086 51,800 Unknown Sep 2013Products H4087 51,800 Unknown Oct 2013Products H4088 51,800 Unknown Nov 2013Products H4089 51,800 Unknown Dec 2013Bulk H4071 35,000 Hanjin Shpg Co. Dec 2013Products H4090 51,800 Unknown Jan 2014Products 51,000 Maruta Industries Jan 2014Products 52,000 Unknown U.S. Owner Mar 2014Products 51,000 Maruta Industries Mar 2014Products H4094 52,000 Navios Acquisition Apr 2014Products 52,000 Unknown U.S. Owner Jun 2014Products H4096 52,000 Navios Acquisition Jul 2014Products H4097 52,000 Navios Acquisition Oct 2014Container H4076 23,000 1,700 TEU Eastern Med. Mar. 2012Container H4077 23,000 1,700 TEU Eastern Med. Mar. 2012Ch&O* S5054 50,000 Tankerska Plovidba Jul 2012Bulk S5109 81,525 Yasa Shpg. Industry Jul 2012Bulk S5094 81,516 Active Shipping Jul 2012Bulk S5083 58,451 Nereus Shipping Jul 2012Products S5045 112,793 Dunya Denizcilik Aug 2012Ch&O* S5060 50,100 Daelim H&L Co. Ltd. Aug 2012Ch&O* S5065 50,000 Tankerska Plovidba Aug 2012Bulk S5095 81,516 Active Shipping Aug 2012Bulk S5084 58,451 Nereus Shipping Aug 2012Bulk S5096 81,516 Active Shipping Sep 2012Bulk S5510 76,500 Euroceanica (UK) Sep 2012Products S5112 50,000 Unknown Oct 2012Ch&O* S5079 50,100 World Tankers Mngt. Nov 2012Ch&O* S-5100 50,000 Ardmore Shipping Dec 2012Products S5113 50,000 Unknown Dec 2012Products 52,000 Eastern Med. Mar. 2013Products 52,000 Eastern Med. Mar. 2013Products 50,000 Unknown 2013Products 50,000 Unknown 2013Container 23,000 1,700 TEU Eastern Med. Mar. 2013Container H4078 23,000 1,700 TEU Eastern Med. Mar. 2013Tanker S5102 113,000 Overseas Shipholding Jan 2013Ch&O* S5064 50,100 Daelim H&L Co. Ltd. Jan 2013Products S5114 50,000 Unknown Jan 2013Bulk S5111 76,500 Euroceanica (UK) Feb 2013Ch&O* S-5101 50,000 Ardmore Shipping Mar 2013Ch&O* S5042 50,122 Benetech S.A. Apr 2013Products S5115 50,000 Unknown Apr 2013Products S5116 50,000 Unknown May 2013Ch&O* S-5118 50,000 Ardmore Shipping Jun 2013Tanker S5103 113,000 Overseas Shipholding Jul 2013Products S5117 50,000 Unknown Jul 2013Ch&O* S-5119 50,000 Ardmore Shipping Sep 2013Container 45,000 3,600 TEU Metrostar Management 2015Container 45,000 3,600 TEU Metrostar Management 2015Container 45,000 3,600 TEU Metrostar Management 2015Container 45,000 3,600 TEU Metrostar Management 2015Bulk 81,525 Unknown Turkish 2012Bulk H1072 81,547 Beks Shipmngt. Jul 2012Bulk H1064 80,400 General Mar. Enterp. Jul 2012Bulk H1057 80,390 Seatask Corp. Jul 2012Bulk S5098 59,000 Unknown Jul 2012Bulk 59,000 Hanjin Shpg Co. Sep 2012Ch&O* H1038 74,060 Roxana Shipping S.A. Oct 2012Bulk H1065 82,170 Anglo-Swiss Dec 2012Bulk H1060 81,525 Geden Line Dec 2012Bulk 76,500 Four Handy Ltd. 2013Bulk H1061 81,525 Geden Line Feb 2013Bulk H1070 82,000 Adelfia Shpg. Ent. Mar 2013Bulk H1062 81,525 Geden Line Apr 2013Bulk 76,500 Four Handy Ltd. 2014

On Order:- 97 Vessel(s); 5,145,757 DWT.

STX Shipbuild. JinhaeTanker 1459 320,000 A.P. Moller Jul 2012Ore 1703 400,000 STX Pan Ocean Jul 2012Ore 1704 400,000 STX Pan Ocean Jul 2012Bulk 1340 181,000 Anangel Shpg. Ent. Jul 2012

Bulk 1422 81,000 Emirates Trading Jul 2012Bulk 1439 81,000 Emirates Trading Jul 2012Container 3022 139,419 13,000 TEU Mediterranean Shpg. Jul 2012Ore 1705 400,000 STX Pan Ocean Aug 2012Ore 1706 400,000 STX Pan Ocean Aug 2012Bulk 1437 81,000 Dilek Transporting Aug 2012Ore 1707 400,000 STX Pan Ocean Sep 2012Ore 1708 400,000 STX Pan Ocean Sep 2012Bulk 4007 57,275 Q-Shipping B.V. Sep 2012Bulk 1506 57,200 SAM S.A. Sep 2012OH* 1539 56,480 STX Pan Ocean Sep 2012Container 3023 139,419 13,000 TEU Niki Shpg. Co. Inc. Sep 2012Products 1531 50,800 Thenamaris (Mgmt.) Oct 2012Bulk 1345 181,000 Anangel Shpg. Ent. Oct 2012Bulk 1513 83,000 Densa Shipping Oct 2012Bulk 4009 57,700 Trojan Maritime Inc Oct 2012Products 1508 74,500 Jo Tankers A/S Nov 2012Products 1519 74,500 Tanker Pacific Mngt. Nov 2012Products 1532 50,800 Thenamaris (Mgmt.) Nov 2012Ch&O* 1401 50,400 Sekwang Shipping Co. Nov 2012Bulk 2056 57,700 Pitiousa Shipping Nov 2012Bulk 4017 57,700 Trojan Maritime Inc Nov 2012Container 3024 139,419 13,000 TEU Niki Shpg. Co. Inc. Nov 2012Ch&O* 1403 50,400 Sekwang Shipping Co. Dec 2012Bulk 3026 181,000 Golden Union Dec 2012Bulk 2058 57,700 Pitiousa Shipping Dec 2012Bulk 1382 57,300 Atlantska Plovidba Dec 2012Bulk 1507 57,200 SAM S.A. Dec 2012OH* 1540 56,480 STX Pan Ocean Dec 2012Bulk 82,000 Efnav Co. Ltd. 2013Bulk 82,000 Efnav Co. Ltd. 2013Products 1509 74,500 Jo Tankers A/S Jan 2013Products 1533 50,800 Thenamaris (Mgmt.) Jan 2013Products 1535 49,600 Norden D/S A/S Jan 2013Products 1536 49,600 Norden D/S A/S Jan 2013Shuttle 1571 155,000 European Navigation Feb 2013Products 1520 74,500 Tanker Pacific Mngt. Feb 2013Bulk 3025 181,000 STX Pan Ocean Feb 2013Bulk 1510 57,200 SAM S.A. Feb 2013Products 1534 50,800 Thenamaris (Mgmt.) Mar 2013Products 1537 49,600 Norden D/S A/S Mar 2013OH* 1541 56,480 STX Pan Ocean Mar 2013OH* 1548 56,480 STX Pan Ocean Mar 2013Tanker 1347 320,000 STX Pan Ocean Apr 2013Ch&O* 1463 50,400 Gestioni Armatoriali Apr 2013Products 50,000 Pleiades Shpg. Agcy. Apr 2013Products 1573 49,600 Alterna Capital Apr 2013OH* 1542 56,480 STX Pan Ocean Apr 2013Shuttle 1572 155,000 European Navigation May 2013Products 1521 74,500 Tanker Pacific Mngt. May 2013Products 49,600 Alterna Capital May 2013Products 1574 49,600 Alterna Capital May 2013Tanker 1362 320,000 STX Pan Ocean Jun 2013Products 50,000 Pleiades Shpg. Agcy. Jun 2013Products 49,600 Alterna Capital Jun 2013Products 1538 49,600 Norden D/S A/S Jun 2013Bulk 1553 83,000 Efnav Co. Ltd. Jun 2013Bulk 1511 57,200 SAM S.A. Jun 2013Tanker 1350 320,000 Fratelli D'Amato Jul 2013Products 1595 50,000 Frontline 2012 Jul 2013Products 49,600 Alterna Capital Jul 2013Bulk 1554 83,000 Efnav Co. Ltd. Jul 2013Bulk 2211 35,000 Dongbu Insurance Jul 2013Products 1522 74,500 Tanker Pacific Mngt. Aug 2013Products 1596 50,000 Frontline 2012 Aug 2013Products 49,600 Alterna Capital Aug 2013Bulk 1449 181,000 Zodiac Maritime Agy. Aug 2013Bulk 1621 83,000 Mitsubishi Corp. Aug 2013Bulk 1567 76,000 Zodiac Maritime Agy. Aug 2013Bulk 2212 35,000 Dongbu Insurance Aug 2013Products 1597 50,000 Frontline 2012 Sep 2013Products 1598 50,000 Frontline 2012 Sep 2013Bulk 1622 83,000 Mitsubishi Corp. Sep 2013Bulk 1568 76,000 Zodiac Maritime Agy. Sep 2013Bulk 2213 35,000 Dongbu Insurance Sep 2013Ch&O* 1266 51,000 Primorsk Shpg. Corp. Oct 2013Products 1599 50,000 Frontline 2012 Oct 2013Bulk 1461 181,000 Zodiac Maritime Agy. Oct 2013Bulk 1623 83,000 Mitsubishi Corp. Oct 2013Bulk 1569 76,000 Zodiac Maritime Agy. Oct 2013OH* 1543 56,480 STX Pan Ocean Oct 2013Bulk 2214 35,000 Dongbu Insurance Oct 2013Products 1600 50,000 Frontline 2012 Nov 2013Bulk 1624 83,000 Mitsubishi Corp. Nov 2013

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 38 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

South Korea

Type Hull No. Dwt. *Other Units Owner Delivery

OH* 1544 56,480 STX Pan Ocean Nov 2013L.N.G. 1910 94,700 170,200 cbm Sovcomflot JSC Dec 2013OH* 1545 56,480 STX Pan Ocean Dec 2013Tanker 1481 320,000 Fratelli D'Amato Jan 2014Bulk 4028 81,000 Siba Ships Feb 2014OH* 1546 56,480 STX Pan Ocean Feb 2014OH* 1547 56,480 STX Pan Ocean Feb 2014Shuttle 1591 155,000 European Navigation Mar 2014Bulk 1428 81,000 Lamda Maritime S.A. Mar 2014Bulk 1430 81,000 Lamda Maritime S.A. Mar 2014L.P.G. 23,000 22,000 cbm Soc. Nav. Ultragas Apr 2014L.N.G. 1911 94,700 170,200 cbm Sovcomflot JSC May 2014L.P.G. 23,000 22,000 cbm Soc. Nav. Ultragas Jun 2014Bulk 1288 57,700 Shipping Land Co. Jul 2014Container 1527 155,000 16,000 TEU Zodiac Maritime Agy. Jul 2014Tanker 1346 320,000 Liquimar Tankers Aug 2014Bulk 1307 57,700 TPC Korea Aug 2014Tanker 1349 320,000 Liquimar Tankers Oct 2014L.N.G. 1912 94,700 170,200 cbm Sovcomflot JSC Oct 2014Bulk 1420 81,000 Dilek Transporting Oct 2014Bulk 1429 80,650 Siba Ships Oct 2014Container 1528 155,000 16,000 TEU Zodiac Maritime Agy. Oct 2014Tanker 1415 320,000 Liquimar Tankers Nov 2014Bulk 1435 80,650 Siba Ships Dec 2014L.N.G. 1913 94,700 170,200 cbm Sovcomflot JSC Jan 2015L.N.G. 5003 85,000 159,700 cbm Alpha Tankers & Frt. Feb 2015L.N.G. 5004 85,000 159,700 cbm Alpha Tankers & Frt. Mar 2015Container 1529 155,000 16,000 TEU Zodiac Maritime Agy. Mar 2015Ch&O* 2039 51,000 Primorsk Shpg. Corp. Apr 2015Tanker 1406 320,000 Fratelli D'Amato Jun 2015Container 1530 155,000 16,000 TEU Zodiac Maritime Agy. Jun 2015Container 1551 155,000 16,000 TEU Zodiac Maritime Agy. Sep 2015Container 1552 155,000 16,000 TEU Zodiac Maritime Agy. Dec 2015L.P.G. 5046 9,787 9,102 cbm Benelux Overseas Jun 2012Ethy/LPG 5058 6,000 6,800 cbm Sloman Neptun Schiff Jun 2012Ethy/LPG 5059 6,000 6,800 cbm Othello Shpg. Co. Sep 2012Ethy/LPG 5048 9,787 9,102 cbm Benelux Overseas Jan 2013Ethy/LPG 5061 6,000 6,800 cbm Schulte Group Jan 2013Ethy/LPG 5062 6,000 6,800 cbm Sloman Neptun Schiff Feb 2013Ethy/LPG 5063 6,000 6,800 cbm Othello Shpg. Co. Apr 2013Ethy/LPG 5064 6,000 6,800 cbm Schulte Group Jun 2013L.P.G. 5065 5,500 5,000 cbm StealthGas Inc. Jan 2014L.P.G. 5066 5,500 5,000 cbm StealthGas Inc. Mar 2014L.P.G. 7,000 6,500 cbm StealthGas Inc. May 2014L.P.G. 7,000 6,500 cbm StealthGas Inc. Jul 2014

On Order:- 133 Vessel(s); 13,749,706 DWT.

Sungdong S.B. TongyoungBulk S1178 82,000 Aegean Bulk Co. Inc. Jun 2012Tanker S2032 158,000 Tsakos Shpg. & Trad. Jul 2012Bulk S1111 180,000 Cido Shipping Jul 2012Bulk S1124 82,000 Unknown Greek Owner Jul 2012Bulk S1161 82,000 Global Marine Finan. Jul 2012Bulk S1183 82,000 Unknown Israeli Jul 2012Bulk S1153 81,600 Cape Shipping Jul 2012Products S3059 74,960 Navios Acquisition Aug 2012Bulk S1184 82,000 Unknown Korean Aug 2012Bulk S1186 82,000 Nisshin Shpg.Co.Ltd. Aug 2012Bulk S1154 81,600 Cape Shipping Aug 2012Bulk S1112 180,000 Cido Shipping Sep 2012Products S3060 74,960 Navios Acquisition Oct 2012Products S3061 74,960 Navios Acquisition Oct 2012Bulk S1187 82,000 Nisshin Shpg.Co.Ltd. Dec 2012Container S4010 83,300 8,800 TEU Costamare Shipping Dec 2012Container S4011 83,300 8,800 TEU Costamare Shipping Dec 2012FSO S5005 55,500 PTSC Dec 2012Tanker S2033 158,000 Tsakos Shpg. & Trad. Jan 2013Shuttle S7001 156,500 Tsakos Energy Nav. Jan 2013Products S3062 74,960 Navios Acquisition Jan 2013Container 4012 83,300 8,800 TEU Mediterranean Shpg. Feb 2013Container S4020 83,300 8,800 TEU Costamare Shipping Mar 2013Container S4021 83,300 8,800 TEU Costamare Shipping Mar 2013Container 4008 58,500 4,700 TEU Tsakos Shpg. & Trad. Mar 2013Shuttle S7002 156,500 Tsakos Energy Nav. Apr 2013Container 4028 50,100 3,600 TEU Zodiac Maritime Agy. Apr 2013Container 4013 83,300 8,800 TEU Mediterranean Shpg. May 2013Container S4022 83,300 8,800 TEU Costamare Shipping May 2013Container 4009 58,500 4,700 TEU Tsakos Shpg. & Trad. May 2013Container 4029 50,100 3,600 TEU Zodiac Maritime Agy. May 2013Products S3063 52,000 Unknown Jun 2013Container S4023 83,300 8,800 TEU Costamare Shipping Jun 2013Container S4024 83,300 8,800 TEU Costamare Shipping Jul 2013Container 4030 50,100 3,600 TEU Zodiac Maritime Agy. Jul 2013Container 4031 50,100 3,600 TEU Zodiac Maritime Agy. Jul 2013

Container 4014 83,300 8,800 TEU Mediterranean Shpg. Aug 2013Container 4015 83,300 8,800 TEU Mediterranean Shpg. Nov 2013Livestock 9,000 Pembangunan Buka Mar 2014Livestock 9,000 Pembangunan Buka May 2014Livestock 9,000 Pembangunan Buka Jul 2014Livestock 9,000 Pembangunan Buka Sep 2014Livestock 9,000 Pembangunan Buka Nov 2014Livestock 14,500 Pembangunan Buka Jan 2015Livestock 14,500 Pembangunan Buka Mar 2015Livestock 14,500 Pembangunan Buka May 2015Livestock 14,500 Pembangunan Buka Jul 2015Livestock 14,500 Pembangunan Buka Sep 2015

On Order:- 48 Vessel(s); 3,484,740 DWT.

SpainArmon (Vigo) VigoAHT 2,500 2,506 GT Heerema Marine Sep 2013AHT 2,500 2,506 GT Heerema Marine Sep 2013

On Order:- 2 Vessel(s); 5,000 DWT.

Ast. De Murueta Murueta-vizcayaTSH Dredger 293 GIE Dragages - Ports Oct 2012TSH Dredger 294 GIE Dragages - Ports Oct 2012TSH Dredger Dragages Transports May 2013

On Order:- 3 Vessel(s); DWT.

Ast. de Sevilla SevillePSV 008 4,750 3,910 GT EDT Offshore Jun 2012PSV 009 4,731 3,941 GT EDT Offshore Jul 2012

On Order:- 2 Vessel(s); 9,481 DWT.

Ast. Gondan AsturiasPSV c444 4,000 3,097 GT Ostensjo Rederi AS Jun 2012Oceanograph. 430 341 1,502 GT Kenya Navy Jul 2012PSV 4,500 4,840 GT Mokster Shipping Jun 2014

On Order:- 3 Vessel(s); 8,841 DWT.

Ast. Zamakona BilbaoAHT 5,000 6,500 GT Esvagt Jul 2012

On Order:- 1 Vessel(s); 5,000 DWT.

Balenciaga S.A. ZumayaStandby/Resc. 444 690 1,330 GT North Star Shipping Jun 2012Standby/Resc. 445 450 1,330 GT North Star Shipping Sep 2012PSV 446 2,550 1,974 GT North Star Shipping Jun 2013PSV 2,550 1,974 GT North Star Shipping Dec 2013

On Order:- 4 Vessel(s); 6,240 DWT.

CNN - La Naval SestaoDump/Fallpipe 8628 36,000 Jan De Nul N.V. Jan 2013

On Order:- 1 Vessel(s); 36,000 DWT.

Const. Freire VigoOceanograph. 5,941 GT NOC Jun 2013

On Order:- 1 Vessel(s); DWT.

Marin S.A. MarinCruise 158 4,228 GT Sea Cloud Cruises 2012Standby/Resc. 160 2,148 4,261 GT Esvagt Jul 2012

On Order:- 2 Vessel(s); 2,148 DWT.

Metalships VigoCable Lay 290 10,000 8,400 GT Oceanteam Power Aug 2012Cable Lay 291 10,000 8,400 GT Oceanteam Power Sep 2012Cable Lay 10,472 GT Technip Offshore UK Jan 2013

On Order:- 3 Vessel(s); 20,000 DWT.

Vulcano S.A. VigoMSV 511 6,791 14,546 GT Polycrest Jun 2012

On Order:- 1 Vessel(s); 6,791 DWT.

Sri LankaColombo Dockyd. ColomboPSV 222 3,000 3,200 GT Greatship India Jun 2012PSV 223 3,500 2,710 GT Greatship India Jun 2012Pass/Cargo 1,200 2,000 GT Indian Govt. 2013Pass/Cargo 1,200 2,000 GT Indian Govt. 2013PSV 3,600 3,200 GT Adhart Shipping Jan 2013PSV 3,600 3,200 GT Adhart Shipping Jan 2013PSV H1056 3,600 3,200 GT Adhart Shipping Jan 2013PSV H1057 3,600 3,200 GT Adhart Shipping Jan 2013PSV 221 3,500 2,710 GT Greatship India May 2013

On Order:- 9 Vessel(s); 26,800 DWT.

TaiwanChing Fu S.B. KaohsiungTSH Dredger 89 Hwa Chi Jan 2012

On Order:- 1 Vessel(s); DWT.

CSBC KaohsiungContainer 958 97,000 8,240 TEU Yang Ming Aug 2012Container 959 97,000 8,240 TEU Yang Ming Oct 2012Container 960 97,000 8,240 TEU Yang Ming Dec 2012

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 39 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

Taiwan

Type Hull No. Dwt. *Other Units Owner Delivery

Container 95,000 8,000 TEU Evergreen Mar. Corp. 2013Container 95,000 8,000 TEU Evergreen Mar. Corp. 2013Container 95,000 8,000 TEU Evergreen Mar. Corp. 2013Container 95,000 8,000 TEU Evergreen Mar. Corp. 2013Container 53,000 4,500 TEU Yang Ming Jan 2013Container 961 97,000 8,240 TEU Yang Ming Mar 2013Container 53,000 4,500 TEU Yang Ming Mar 2013Container 53,000 4,500 TEU Yang Ming Jun 2013Container 53,000 4,500 TEU Yang Ming Aug 2013Container 53,000 4,500 TEU Yang Ming Oct 2013Container 53,000 4,500 TEU Yang Ming Dec 2013Container 95,000 8,000 TEU Evergreen Mar. Corp. 2014Container 95,000 8,000 TEU Evergreen Mar. Corp. 2014Container 95,000 8,000 TEU Evergreen Mar. Corp. 2014Container 95,000 8,000 TEU Evergreen Mar. Corp. 2014Container 53,000 4,500 TEU Yang Ming Jan 2014Container 95,000 8,000 TEU Evergreen Mar. Corp. 2015Container 95,000 8,000 TEU Evergreen Mar. Corp. 2015Container 996 11,500 1,000 TEU Wan Hai Lines Jun 2012Container 951 56,600 4,532 TEU Wan Hai Lines Jul 2012Container 997 11,500 1,000 TEU Wan Hai Lines Jul 2012Container 952 56,600 4,532 TEU Wan Hai Lines Sep 2012Container 998 11,500 1,000 TEU Wan Hai Lines Sep 2012Container 999 11,500 1,000 TEU Wan Hai Lines Oct 2012Container 953 56,600 4,532 TEU Wan Hai Lines Nov 2012Container 962 56,600 4,532 TEU Wan Hai Lines Jan 2013Container 963 56,600 4,532 TEU Wan Hai Lines Mar 2013Container 22,500 1,800 TEU Ofer (Ships Holdgs.) Mar 2013Container 22,500 1,800 TEU Ofer (Ships Holdgs.) Jun 2013Bulk 35,000 China Steel Corp Oct 2013Bulk 35,000 China Steel Corp Dec 2013

On Order:- 34 Vessel(s); 2,153,000 DWT.

Jong Shyn S.B. KaohsiungCh&O* 190 6,500 Chinese Petroleum Jun 2012

On Order:- 1 Vessel(s); 6,500 DWT.

ThailandItalthai Marine BangkokPSV 161 3,000 2,323 GT Opielok Reederei Aug 2012

On Order:- 1 Vessel(s); 3,000 DWT.

Unithai S.Y. & Eng. SrirachaCS/BW Dredg Mineral Deposit Sep 2012

On Order:- 1 Vessel(s); DWT.

TurkeyAdmarin Shipyard KocaeliCh&O* 19 25,000 Galata Denizcilik Feb 2012

On Order:- 1 Vessel(s); 25,000 DWT.

Akdeniz Gemi CeyhanMPP 01 9,500 Akdeniz Gemi 2012

On Order:- 1 Vessel(s); 9,500 DWT.

Anadolu Shipyard TuzlaCh&O* 221 6,000 Anadolu Kim. Tanker. 2012

On Order:- 1 Vessel(s); 6,000 DWT.

Aykin Deniz. TuzlaCh&O* 17 12,000 MRC Shipping Jan 2012Ch&O* 18 12,000 MRC Shipping Aug 2012

On Order:- 2 Vessel(s); 24,000 DWT.

Besiktas Shipyard AltinovaCh&O* 17 7,114 Palmali Shipping Aug 2012Ch&O* 18 7,114 Palmali Shipping Jan 2013Ch&O* 19 7,114 Palmali Shipping Apr 2013Ethy/LPG 11 8,000 9,000 cbm Gas and Heat S.p.A. May 2013L.P.G. 08 3,600 3,300 cbm Gas and Heat S.p.A. Aug 2013

On Order:- 5 Vessel(s); 32,942 DWT.

Celik Tekne TuzlaCh&O* 75 9,000 FORS Denizcilik Jan 2012Ch&O* 87 5,600 KGS Denizcilik Jan 2012Ch&O* 76 9,000 FORS Denizcilik Mar 2012Ch&O* 88 5,600 KGS Denizcilik Mar 2012Ch&O* 77 9,000 FORS Denizcilik May 2012Ch&O* 78 9,000 FORS Denizcilik Jul 2012Ch&O* 79 9,000 FORS Denizcilik Sep 2012Ch&O* 80 9,000 FORS Denizcilik Nov 2012Ch&O* 81 9,000 FORS Denizcilik Jan 2013Ch&O* 82 9,000 FORS Denizcilik Mar 2013Ch&O* 83 9,000 FORS Denizcilik May 2013Ch&O* 84 9,000 FORS Denizcilik Jul 2013Ch&O* 85 9,000 FORS Denizcilik Sep 2013Ch&O* 86 9,000 FORS Denizcilik Nov 2013

On Order:- 14 Vessel(s); 119,200 DWT.

Cicek Shipyard TuzlaBulk 49 24,968 Deniz Endustrisi Mar 2012

On Order:- 1 Vessel(s); 24,968 DWT.

Dearsan Shipyd. TuzlaCh&O* 2052 11,259 Yardimci Shpg. Group 2012

On Order:- 1 Vessel(s); 11,259 DWT.

Denta Shipyard AltinovaCh&O* 001 6,400 Den-Ta Denizcilik 2012

On Order:- 1 Vessel(s); 6,400 DWT.

Desan Deniz TuzlaCh&O* 26 6,480 Kaptanoglu Shpg. Grp Jul 2012

On Order:- 1 Vessel(s); 6,480 DWT.

Duzgit Yalova AltinovaCh&O* 05 15,995 Duzgit Shipholding Jun 2012Ch&O* 06 8,280 Duzgit Shipholding Jul 2012

On Order:- 2 Vessel(s); 24,275 DWT.

Eregli Shipyard EregliCh&O* 10 25,000 Med Marine 2012Ch&O* 09 8,280 Med Marine Jan 2012Ch&O* 30 8,280 Med Marine Jan 2012Ch&O* 20 8,280 Med Marine Mar 2012Ch&O* 26 5,300 John T. Essberger May 2012

On Order:- 5 Vessel(s); 55,140 DWT.

Gisan Shipyard TuzlaGCargo 53 7,000 Unknown Turkish Aug 2012

On Order:- 1 Vessel(s); 7,000 DWT.

Icdas Shipyard IstanbulCh&O* 15 6,400 Icdas Celik Enerji 2012Ch&O* 16 6,400 Icdas Celik Enerji 2012Ch&O* 17 6,400 Icdas Celik Enerji 2012Ch&O* 18 6,400 Icdas Celik Enerji 2012

On Order:- 4 Vessel(s); 25,600 DWT.

Istanbul Shipyard TuzlaSeis. Survey 5,619 GT Govt of Turkey Jan 2014

On Order:- 1 Vessel(s); DWT.

Karadeniz Shipyd. KaradenizGCargo 28 7,500 Unknown Jan 2012

On Order:- 1 Vessel(s); 7,500 DWT.

Kocatepe S/Y TuzlaGCargo 3 2,950 Amasus Shipping Jun 2012

On Order:- 1 Vessel(s); 2,950 DWT.

Madenci Shipyard KaradenizMPP 36 9,700 Unknown 2012MPP 37 9,700 Unknown 2012

On Order:- 2 Vessel(s); 19,400 DWT.

Marmara Tersanesi YarimcaCh&O* 080 12,500 Yildirim Group May 2012Ch&O* 081 12,500 Yildirim Group Oct 2012GCargo 11,000 Yilmar Shipping Mar 2013Ch&O* 8,500 Yilmar Shipping May 2013GCargo 11,000 Yilmar Shipping May 2013Ch&O* 12,700 Yilmar Shipping Jun 2013Ch&O* 8,500 Yilmar Shipping Oct 2013

On Order:- 7 Vessel(s); 76,700 DWT.

Sedef Gemi End. TuzlaContainer 157 26,811 1,878 TEU Kasif Kalkavan Group 2012Asp.& Bit. 176 7,000 Elcano Mar 2013

On Order:- 2 Vessel(s); 33,811 DWT.

Selah Shipyard TuzlaAHTS H65 1,900 1,620 GT Marnavi S.P.A. Sep 2012PSV H66 4,000 3,100 GT Marnavi S.P.A. Jun 2013

On Order:- 2 Vessel(s); 5,900 DWT.

Selay Shipyard TuzlaCh&O* 118 6,250 Selay Deniz. Sanayi 2012Ch&O* 119 6,250 Selay Deniz. Sanayi 2012Ch&O* 128 3,000 Selay Deniz. Sanayi 2012Ch&O* 129 3,000 Selay Deniz. Sanayi 2012Ch&O* 130 3,000 Selay Deniz. Sanayi 2012Ch&O* 131 3,000 Selay Deniz. Sanayi 2012GCargo 142 11,000 Safi Shipping Jun 2012

On Order:- 7 Vessel(s); 35,500 DWT.

Soyaslan Istanbul, TurkeyOceanograph. 2,136 GT TUBITAK Dec 2012

On Order:- 1 Vessel(s); DWT.

Tuzla Gemi TuzlaCh&O* 42 6,824 Unknown Jan 2012

On Order:- 1 Vessel(s); 6,824 DWT.

UM Deniz Shipyard GolcukCh&O* 036 38,000 Unknown 2012

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 40 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

Turkey

Type Hull No. Dwt. *Other Units Owner Delivery

Container 034 10,600 917 TEU Volum Denizcilik 2012Container 035 10,600 917 TEU Volum Denizcilik 2012

On Order:- 3 Vessel(s); 59,200 DWT.

Ustaoglu Shipyard EregliCh&O* 090 4,900 Tanmarin Denizcilik Jan 2012

On Order:- 1 Vessel(s); 4,900 DWT.

Yardimci Deniz TuzlaCh&O* 68 13,500 Yardimci Shpg. Group 2012Ch&O* 77 4,999 Yardimci Shpg. Group Jan 2012Container 55 12,500 1,000 TEU Yardimci Shpg. Group Apr 2012

On Order:- 3 Vessel(s); 30,999 DWT.

U.A.E.Adyard Abu DhabiAHTS H121 2,100 1,680 GT Topaz Marine Jun 2012AHTS H122 2,100 1,680 GT Topaz Marine Jun 2012AHTS 011 500 GT Serco Denholm Jun 2012AHTS 10 500 GT Serco Denholm Jun 2012

On Order:- 4 Vessel(s); 4,200 DWT.

Dubai Shipbuilding DubaiSupply 431 1,800 1,700 GT Govt. of UAE Jun 2012AHTS 451 1,600 1,272 GT Mubarak Marine LLC Jun 2012Supply 430 1,800 1,700 GT Govt. of UAE Jul 2012AHTS 457 1,800 3,000 GT Marco Polo Shipping Aug 2012

On Order:- 4 Vessel(s); 7,000 DWT.

Grandweld DubaiCrew/Fast Sup H071 370 355 GT Grandweld Jun 2012Crew/Fast Sup H072 370 355 GT Grandweld Jun 2012O. Salv. Tug Sogeport-GICEP Jun 2012O. Salv. Tug Sogeport-GICEP Jun 2012O. Salv. Tug Sogeport-GICEP Jun 2012Crew/Fast Sup 048/07 370 335 GT Bourbon Offshore Jul 2012AHTS 389 1,650 1,407 GT Halul Offshore Dec 2012AHTS 390 1,650 1,407 GT Halul Offshore Dec 2012Seis. Support 600 495 GT Bourbon Offshore Dec 2012Seis. Support 600 495 GT Bourbon Offshore Dec 2012Seis. Support 600 495 GT Bourbon Offshore Dec 2012Seis. Support 600 495 GT Bourbon Offshore Dec 2012Seis. Support 600 495 GT Bourbon Offshore Dec 2012Seis. Support 600 495 GT Bourbon Offshore Dec 2012AHTS H096/11 1,500 1,279 GT Qatar Shipping Feb 2013AHTS H097/11 1,500 1,279 GT Qatar Shipping Mar 2013

On Order:- 16 Vessel(s); 11,010 DWT.

NicoFast PassCat 750 GT Govt. of Sharjah Jan 2013

On Order:- 1 Vessel(s); DWT.

UkraineKherson Shipyard KhersonProducts 8005 6,980 Unknown Russian 2012

On Order:- 1 Vessel(s); 6,980 DWT.

Zaliv Shipyard KerchPSV 3,500 3,000 GT Argali Holdings Dec 2012

On Order:- 1 Vessel(s); 3,500 DWT.

United KingdomCammell Laird BirkenheadPass/Car F. 1387 250 500 GT Western Ferries Aug 2013Pass/Car F. 1388 250 500 GT Western Ferries Aug 2013

On Order:- 2 Vessel(s); 500 DWT.

J. R. Hepworth HullBunkering 166 1,305 Rix Shipping Ltd. Jun 2012

On Order:- 1 Vessel(s); 1,305 DWT.

United StatesAker Philadelphia PhiladelphiaProducts 017 46,000 Builders Account Dec 2012Products 018 46,000 Builders Account Mar 2013Tanker 115,000 SeaRiver Maritime 2014Tanker 115,000 SeaRiver Maritime 2014

On Order:- 4 Vessel(s); 322,000 DWT.

BAE Alabama AlabamaCh&O* 103 49,000 MidOcean Tanker Co. Jul 2012TSH Dredger Weeks Marine Jan 2014

On Order:- 2 Vessel(s); 49,000 DWT.

Bay S.B. Corp Sturgeon BayPSV 6,100 2,000 GT Tidewater Marine Dec 2012PSV 774 6,100 2,000 GT Tidewater Marine Jul 2013

On Order:- 2 Vessel(s); 12,200 DWT.

Bender S.B. MobilePSV 8188 2,800 1,930 GT GulfMark Offshore Jun 2012PSV 8184 2,800 1,930 GT GulfMark Offshore Jul 2012PSV 8192 2,800 1,930 GT GulfMark Offshore Jul 2012

On Order:- 3 Vessel(s); 8,400 DWT.

Breaux Bros. LoreauvilleCrew Boat 1317 200 566 GT ECO Jul 2012Crew Boat 1318 200 566 GT ECO Oct 2012Crew Boat 1319 200 566 GT ECO Feb 2013

On Order:- 3 Vessel(s); 600 DWT.

Candies Shipbuilders HoumaPSV 151 5,400 3,380 GT Otto Candies Jun 2012

On Order:- 1 Vessel(s); 5,400 DWT.

Dakota Creek Ind. AnacortesOceanograph. AGOR 27 1,500 GT ONR Dec 2014Oceanograph. AGOR 28 1,500 GT ONR Jan 2015

On Order:- 2 Vessel(s); DWT.

Eastern S.B. Panama CityPSV 4,500 3,485 GT Boldini Mar 2013PSV 5,644 4,371 GT Hornbeck Offshore Jun 2013PSV 163 5,487 3,912 GT Harvey Gulf Intl Jun 2013PSV 4,500 3,485 GT Boldini Jun 2013PSV 5,644 4,371 GT Hornbeck Offshore Sep 2013PSV 4,500 3,485 GT Boldini Sep 2013Supply 5,650 3,896 GT Harvey Gulf Intl Nov 2013PSV 5,644 4,371 GT Hornbeck Offshore Dec 2013PSV 4,500 3,485 GT Boldini Dec 2013PSV 5,644 4,371 GT Hornbeck Offshore Mar 2014PSV 4,500 3,485 GT Boldini Mar 2014Supply 5,650 3,896 GT Harvey Gulf Intl Apr 2014PSV 5,644 4,371 GT Hornbeck Offshore Jun 2014PSV 5,644 4,371 GT Hornbeck Offshore Sep 2014Supply 5,650 3,896 GT Harvey Gulf Intl Sep 2014PSV 5,644 4,371 GT Hornbeck Offshore Oct 2014PSV 5,644 4,371 GT Hornbeck Offshore Dec 2014

On Order:- 17 Vessel(s); 90,089 DWT.

Eastern S.Y. Panama CityMSV 6,558 GT Harvey Gulf Intl Mar 2013

On Order:- 1 Vessel(s); DWT.

Gulf Craft LouisianaSupply 1,500 1,004 GT Gulf Offsh. Logistic Aug 2012Supply 1,500 1,004 GT Gulf Offsh. Logistic Oct 2012Supply 1,500 1,004 GT Gulf Offsh. Logistic Dec 2012Crew/Fast Sup 500 GT Seacor Marine Jan 2014Crew/Fast Sup 500 GT Seacor Marine Feb 2014

On Order:- 5 Vessel(s); 4,500 DWT.

Gulf IslandLift Boat 2,958 GT CS Liftboats Dec 2012

On Order:- 1 Vessel(s); DWT.

North American LaroseAHTS 246 5,193 5,922 GT ECO Jun 2012PSV 5,300 4,104 GT ECO Jun 2012PSV 5,300 4,104 GT ECO Jun 2012PSV 266 4,830 3,045 GT ECO Jun 2012PSV 268 4,830 3,045 GT ECO Jun 2012AHTS 126 5,254 3,606 GT Bram OTM Jul 2012PSV 265 4,830 3,045 GT ECO Jul 2012Well Stimul. 272 1,500 1,017 GT ECO Jul 2012PSV 267 4,500 2,998 GT ECO Aug 2012

On Order:- 9 Vessel(s); 41,537 DWT.

Thoma-Sea S.B. LockportPSV 3,500 2,710 GT Gulf Offsh. Logistic Jun 2012PSV 3,500 2,710 GT Gulf Offsh. Logistic Aug 2012PSV 3,500 2,710 GT Gulf Offsh. Logistic Oct 2012PSV 3,500 2,710 GT Gulf Offsh. Logistic Dec 2012

On Order:- 4 Vessel(s); 14,000 DWT.

Todd SY Corp SeattlePass/Car F. 1,400 4,623 GT Washington State 2013Pass/Car F. 5,000 GT Washington State 2014Pass/Car F. 1,400 4,623 GT Washington State 2014Pass/Car F. 5,000 GT Washington State 2015Pass/Car F. 1,400 4,623 GT Washington State 2015

On Order:- 5 Vessel(s); 4,200 DWT.

Trinity Marine GulfportPSV 5,520 4,275 GT Harvey Gulf Intl Apr 2013PSV 5,520 4,275 GT Harvey Gulf Intl Apr 2013PSV 5,520 4,275 GT Harvey Gulf Intl Apr 2014PSV 5,520 4,275 GT Harvey Gulf Intl Apr 2014

On Order:- 4 Vessel(s); 22,080 DWT.

VT Halter PascagoulaRo-Ro/Cnt 12,500 Pasha Hawaii 2013PSV 6,200 4,801 GT Hornbeck Offshore Jun 2013Oceanograph. 5,000 GT Military Sealift Jul 2013PSV 6,200 4,801 GT Hornbeck Offshore Aug 2013PSV 6,200 4,801 GT Hornbeck Offshore Oct 2013

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 41 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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Orderbook by ShipyardType Hull No. Dwt. *Other Units Owner Delivery

United States

Type Hull No. Dwt. *Other Units Owner Delivery

PSV 6,200 4,801 GT Hornbeck Offshore Dec 2013PSV 6,200 4,801 GT Hornbeck Offshore Feb 2014PSV 6,200 4,801 GT Hornbeck Offshore Apr 2014PSV 6,200 4,801 GT Hornbeck Offshore Jun 2014PSV 6,200 4,801 GT Hornbeck Offshore Oct 2014

On Order:- 10 Vessel(s); 62,100 DWT.

UnknownUnknown Yard UnknownPipe Layer 20,547 GT PDVSA Jun 2012Standby/Resc. 1,100 1,300 GT Mermaid Marine Group Jun 2012Utility 231 GT AMS Tugs & Barges Jul 2012Utility 231 GT AMS Tugs & Barges Aug 2012CS/BW Dredg 1,200 Chernomortekhflot Aug 2012Bulk 180,000 Hsin Chien Marine 2013MSV 5,441 GT Sea Trucks Group Jan 2013Pipe Layer 4,000 GT Sea Trucks Group Jan 2013Hydrographic 1,300 GT Fugro Jan 2013Pass/Car F. 2,000 GT Unknown Oct 2013Research 10,363 GT ESF 2014Accom. Unit 25,000 GT Edda Accommodation Jan 2015Accom. Unit 25,000 GT Edda Accommodation Mar 2015

On Order:- 13 Vessel(s); 182,300 DWT.

Vietnam76 Shipyard Ho Chi MinhGCargo H181-01 6,800 Vinashin Maritime 2012GCargo H181-02 6,800 Vinashin Maritime 2012

On Order:- 2 Vessel(s); 13,600 DWT.

Bach Dang S/Y HaiphongAsp.& Bit.7000BTC-BD01 7,000 Mediterranea di Nav. 2012Container B170-V22 23,063 1,730 TEU Vinashin Ocean 2012Asp.& Bit.7000BTC-BD02 7,000 Mediterranea di Nav. Jan 2012Cement NSCC-BD02 15,000 Nghison Cement May 2012Products BD-VNSL-01 49,000 Unknown Jul 2012Products BD-VNSL-02 49,000 Unknown Sep 2012

On Order:- 6 Vessel(s); 150,063 DWT.

Ben Kien S/Y HaiphongCement 16,800 K. G. Jebsen 2012Cement 16,800 K. G. Jebsen 2012Cement 16,800 K. G. Jebsen 2012MPP 9200-RSBK-04 9,200 Unknown 2012MPP 9200-RSBK-03 9,200 Unknown Apr 2012Cement 16,800 K. G. Jebsen 2013Cement 16,800 K. G. Jebsen 2013

On Order:- 7 Vessel(s); 102,400 DWT.

Ca Mau S.B. Nam CanGCargo H176 12,500 Can Tho Shpg. Jan 2012

On Order:- 1 Vessel(s); 12,500 DWT.

Dung Quat Shipyard Quan NgaiBulk H172-02 54,000 Vinaship 2012Bulk H172-03 54,000 Vinaship 2012Bulk H172-04 54,000 Vinaship 2012Tanker PVT831 105,000 PV TRANS Sep 2012Tanker PVT832 105,000 PV TRANS Jan 2013Tanker PVT833 105,000 PV TRANS Jun 2013

On Order:- 6 Vessel(s); 477,000 DWT.

Ha Long Shipyd. HaiphongBulk H172 53,538 Vinashin Ocean 2012Bulk HR53-HL12 53,538 Aug. Bolten 2012Bulk HR53-HL14 53,538 Unknown 2012Container B170-V21 23,063 1,730 TEU Vinashin Ocean 2012PCC CR4900-HL03 13,000 Ray Shipping May 2012Bulk HR53-HL15 53,471 Thoresen Thai Agen. Aug 2012PCC CR4900-HL04 13,000 Ray Shipping Aug 2012Bulk HR53-HL16 53,538 Thoresen Thai Agen. May 2013

On Order:- 8 Vessel(s); 316,686 DWT.

Hyundai Vinashin Nha TrangBulk S055 82,000 HI Investments Jul 2012Bulk S048 56,000 Geden Line Jul 2012Bulk S051 56,000 Geden Line Jul 2012Bulk S052 56,000 Geden Line Jul 2012Bulk S-010 55,783 Unknown Jul 2012Bulk S062 37,000 Norden D/S A/S Jul 2012Bulk S056 82,000 HI Investments Aug 2012Bulk S060 59,963 Hyundai M.M. Aug 2012Bulk S053 56,000 Geden Line Aug 2012Bulk S063 37,000 Norden D/S A/S Sep 2012Bulk S-025 55,783 E.R. Schiffahrt Oct 2012Bulk S061 82,000 Saint Michael Shpg. Nov 2012Bulk S049 56,000 Geden Line Nov 2012Bulk S073 37,000 Densa Shipping 2013Bulk S074 37,000 Densa Shipping 2013

Bulk S-026 55,783 E.R. Schiffahrt Jan 2013Bulk S071 37,000 Densa Shipping Mar 2013Bulk S050 56,000 Geden Line Apr 2013Bulk S072 37,000 Densa Shipping Jun 2013Bulk S075 37,000 Densa Shipping 2014Bulk S076 37,000 Densa Shipping 2014

On Order:- 21 Vessel(s); 1,105,312 DWT.

LISEMCO HaiphongMPP 008 3,500 Briese Schiffahrts Mar 2012

On Order:- 1 Vessel(s); 3,500 DWT.

Nam Trieu S.B. HaiphongCh&O* T210 13,500 Vinashin Ocean 2012Bulk 53-NTA04 53,000 Ofer (Ships Holdgs.) 2012Container NT28 9,500 707 TEU Vinalines 2012Container NT29 9,500 707 TEU Vinalines 2012Container NT30 9,500 707 TEU Vinalines 2012

On Order:- 5 Vessel(s); 95,000 DWT.

Pha Rung S/yard HaiphongCh&O* 6,561 Fortune Marine Co. 2012Bulk 34-PR04 34,000 Four Handy Ltd. Jul 2012

On Order:- 2 Vessel(s); 40,561 DWT.

Saigon S.B. Tan Thuan DongGCargo 006 5,190 Yugreftransflot 2012

On Order:- 1 Vessel(s); 5,190 DWT.

Saigon ShipyardLift Boat 5,097 GT Teras Offshore 2012Lift Boat 5,097 GT Teras Offshore Jul 2012AHTS H1009 3,960 2,968 GT Ezion Holdings Jul 2012AHTS H1001 5,600 5,986 GT Ezion Holdings Aug 2012Lift Boat 3,165 5,097 GT Teras Offshore Aug 2012Lift Boat 5,097 GT Teras Offshore Aug 2012AHTS H1010 3,960 2,968 GT Ezion Holdings Dec 2012

On Order:- 7 Vessel(s); 16,685 DWT.

Song Thu Da NangO. Salv. Tug 575 Vietnam Police Aug 2012Products 1,035 DSM Maritime 2013Products 1,035 DSM Maritime 2013Products 1,035 DSM Maritime 2013Products 1,035 DSM Maritime 2013

On Order:- 5 Vessel(s); 4,715 DWT.

STX Vung Tau Vung TauPSV 750 5,300 4,500 GT Farstad Shipping Sep 2012PSV 751 5,300 4,500 GT Farstad Shipping Feb 2013PSV 770 5,300 4,500 GT Farstad Shipping May 2013PSV 5,600 4,337 GT Farstad Shipping Sep 2014

On Order:- 4 Vessel(s); 21,500 DWT.

Thanh Long S.B. HaiphongGCargo 9418 2,550 Damen Shipyards 2012GCargo 9419 2,550 Briese Schiffahrts 2012GCargo 9420 2,550 Damen Shipyards May 2012GCargo 9421 2,550 Briese Schiffahrts Jul 2012GCargo 9426 2,550 Damen Shipyards Sep 2012GCargo 9427 2,550 Briese Schiffahrts Nov 2012GCargo 9429 2,550 Briese Schiffahrts Jan 2013GCargo 9430 2,550 Damen Shipyards Mar 2013GCargo 2,550 Damen Shipyards May 2013

On Order:- 9 Vessel(s); 22,950 DWT.

Triyards SofelCable Lay 1002 13,742 GT Ezra Holdings Dec 2012

On Order:- 1 Vessel(s); DWT.

World Shipyard Monitor Database * -Ch&O = Chem & Oil, OH = Open Hatch Page 42 1st July 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

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Notes on the World Shipyard Monitor

� Vessel Types Not Included in the World Shipyard Monitor: Military Vessels, Yachts and leisure craft, Fishing Vessels, Non-Seagoing Vessels, Rigs and Platforms, Non-propelled vessels, Vessels under 1,000 GT.

� DWT: Deadweight tonnage is the difference between the light displacement tonnage of a ship and the loaded displacement tonnage and is used as a measure of cargo carrying capacity, particularly for bulk vessels.

� GT: Gross Tonnage is a measure of the entire usable internal volume of a vessel, with 100 cubic feet of enclosed space equalling one gross ton. The IMO convention �International Convention on Tonnage Measurement of Ships, 1969� governs measurements of GT on all ships built after July 1982, and is a function of the moulded volume of all enclosed spaces of the ship. Where the GT of a vessel is unknown its value is estimated based on other measurements.

� CGT: �Compensated Gross Tonnage is a unit of measurement intended to provide a common yardstick to reflect the relative output of merchant shipbuilding activity.� By multiplying figures in gross tonnes with CGT coefficients, which reflect the work content of each type and size of ship, it is possible to convert the ever changing product mix into CGT figures, which reflect with some accuracy worldwide shipbuilding activity. The CGT �Factors� were initially developed by Association of West European Shipbuilders (AWES � now CESA, the Community of European Shipbuilding Associations) and the Shipbuilders� Association of Japan (SAJ) in the late 1960s and adopted by the OECD in the 1970s. As of 1st January 2007 a new set of CGT �Factors� was agreed upon, which are used in the World Shipyard Monitor for all CGT calculations.

� Investment Figures: For all vessels contracted since 1st January 1996 we have a contract price which is used for constructing time series statistics. The contract values are a mixture of reported prices, estimations by CRSL fleet analysts and calculated contract prices based on past reported prices, adjusted for the size of the vessel and the date of the contract.

� Newbuilding Prices: Prices for new ships are collated in conjunction with H. Clarkson & Co. sale and purchase brokers who fill in pro-formas prepared by Clarkson Research showing the previous week's levels. Prices are collected for various sizes and ages of vessels for the main vessel types and relate to market contracts where these have taken place and to brokers best estimates when no contract has occurred. Latest prices assume a �European spec.� and 20/20/20/20/20% payments, based on �first class competitive yards� quotations. Price data is latest available at time of press. All historical data refers to standard vessels published at the time. The deadweight sizes quoted refer to the latest spec. in that sector, and new vessel sizes are introduced from time to time. Tanker and Capesize prices are for double-hull vessels.

� Demolition Forecasts: The demolition forecasts presented on pages 8 and 9 are made at the start of each year. The methodology for forecasting demolition is based on examining the fleet age profile. By comparing the age profile of the fleet in one year against another we can see the change (loss) in each year. This is converted into a %, and is then applied into the next year. Regulations such as those banning single hull tankers are also taken into consideration when calculating the forecasts. The demolition forecast may be adjusted throughout the course of the year in response to what is happening in the market.

� Lower Size Limits: The World Shipyard Monitor compiles data on the global merchant orderbook, and does not include information on the vessel types shown above. As a guide the lower size limit for ships included in the data is 1,000 GT, though ships smaller than this are included where practicable.

� The newbuilding orderbook in this report is drawn from the Clarkson Fleet and Newbuilding Database, which is closed on the first working day of each month.

� The sources used to update the database are the ship owners, the newbuilding and demolition brokers of H. Clarkson & Co., shipyards, classification societies and the shipping press. Our policy is not to include new contracts until they have been confirmed by the newbuilding broker or the shipyard. Contracts that are confirmed after the press date of World Shipyard Monitor are included in the next month's new contracts. The database includes options, but they are only included in the orderbook once they have been firmly taken up. Losses are checked against published insurance lists.

� To validate the orderbook, shipyards are contacted quarterly to confirm their orderbook and the type, deadweight, delivery date and owner of new orders.

� The following definitions are used: Order: public announcement of a firm contract. Delivery: handover of vessel to owner. Orderbook: vessels between the above stages. Loss: total loss or constructive total loss. Miscellaneous: includes deliveries, demolitions and losses from previous years reported in the current year, removals and conversions from one ship type to another. Owner: the Primary Reference Company, i.e. the company with the main commercial responsibility for the ship. It may be part of a larger group or an individual entity.

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