WEEKLY SHIPPING

MARKET REPORT WEEK 20

- 16TH to 20th April 2011 -

Legal Disclamer

The information contained herein has been obtained by various sources. Although every effort has been made to ensure that this information is accurate, complete and up to date, Shiptrade Services S.A. does not accept any responsibility whatsoever for any loss or damage occasioned or claimed, upon reliance on the information, opinions and analysis contained in this report.

Researched and compiled by: Shiptrade Services SA, Market Research on behalf of the Sale & Purchase, Dry Cargo Chartering and Tanker Chartering Departments. For any questions please contact: market-research@shiptrade.gr

Shiptrade Services SA Tel +30 210 4181814 snp@shiptrade.gr 1st Floor, 110/112 Notara Street Fax +30 210 4181142 chartering@shiptrade.gr 185 35 Piraeus, Greece www.shiptrade.gr tankerchartering@shiptrade.gr

1

ConocoPhillips Outlines Proposal for Gas Exploration Off Australian Coast

ConocoPhillips and partner Karoon Gas Australia Ltd. (KAR) aim to start drilling in the Browse Basin off the coast of northwest Australia in the second or third quarter to evaluate the potential of a natural gas discovery. Conoco seeks government approval to drill as many as eight wells and expects the exploration campaign to last about two years, the third-largest U.S. oil company said in a proposal submitted to the Australian Environment Department today. The partners previously expected to begin drilling in March, according to documents lodged with the environment department last year. The 2009 Montara oil spill in the Timor Sea and last year’s BP Plc disaster in the U.S. Gulf of Mexico have prompted calls for tougher controls of the oil and gas industry. In response to the two incidents, ConocoPhillips (COP) has “undertaken a comprehensive review of its drilling and well- control practices and procedures, as well as its global oil spill contingency plans, to ensure any lessons learned are well understood and incorporated,” the documents show. The Australian government expects to decide by June 15 whether the latest drilling proposal requires further evaluation, the environment department said today. If the government decides that the new plan doesn’t require further review, the campaign can begin, the department said. Conoco withdrew the prior proposal after the government provided feedback on ways of minimizing the environmental impact, according to the department. Possible Delays Karoon fell 4.4 percent to A$6.09 at the 4:10 p.m. close in Sydney, while the benchmark S&P/ASX 200 Index rose 0.7 percent. Conoco and Karoon plan to drill in an area about 7 kilometers (4.4 miles) east of the Seringapatam Reef and 12 kilometers northeast of Scott Reef, the documents lodged with the government today show. The drilling is unlikely to “have significant impacts” on the reefs, the companies said. In the original proposal, Conoco planned to drill in an area about 2.9 kilometers from the Seringapatam Reef, the documents show. The companies asked the federal government earlier this year to reconsider a decision to subject the drilling plan to a more detailed review that would likely lead to delays, Mount Martha, Victoria-based Karoon said on Jan. 21. Karoon may spend A$450 million ($477 million) drilling exploration wells in Australia and South America in the next two years, Executive Chairman Robert Hosking said in April.

Chemoil back in the black

Chemoil Energy, the Singapore-listed bunker supplier, has made a strong start to 2011 with a return to profit. Chemoil returned to profit in the first quarter of 2011. The company, 51% owned by commodities giant Glencore, reported a net profit of $23.2m versus the loss of $13.5m seen a year ago. Revenues for the three months ended 31 March 2011 were just under $2.6bn, a 48% increase on the corresponding period last year. Chemoil saw sales volume reach 4.6mt during the quarter, a year-on-year increase of 25% on the 3.7mt seen at the start of 2010. The volume expansion was generated in part by the acquisition of OceanConnect Marine in 2011, coupled with increased ex-wharf and cargo sales in Europe and Asia.

The average sales value per metric ton realised during the first quarter of 2011 was up by 19% at $552 per metric ton against $465 in 2010. Barging and pipeline costs fell by 14% mainly due to reduced retail volumes in the Americas, while chartering costs were down 28% due to reduced third party chartering. “The positive operating results achieved in the fourth quarter of last year not only continued into 2011, but also accelerated in the first quarter of the year,” Chemoil said. “The company’s performance is strongly influenced by improving market conditions coupled with restructuring initiatives which have allowed us to record the best quarterly profits in the company’s history since IPO in 2006,” said Chemoil chief financial officer Mats Berglund. On the industry outlook this year, Chemoil said that “margins as well as the demand for marine fuel have improved.” But it warned that future trends may be affected by geopolitical factors as well as effects of natural calamities and remains uncertain.

NSA insider sees upside Today’s challenging markets are not all bad news for Norwegian shipping companies, Sturla Henriksen says. Henriksen, director general of the Norwegian Shipowners’ Association (NSA), believes strong companies that ride out the crisis will come out the other end in a better position. “These are difficult times for everybody, but this is also a time for opportunities,” he told TradeWinds WebTV. Henriksen was speaking at the opening of the Nor Shipping exhibition in Oslo, where youth will take centre stage this week. He says the emerging generation’s ability “to cope with the great challenges of our time”, including climate change, will determine their legacy.

Stena confirms LNG move Swedish shipowner Stena Bulk has confirmed that it is the buyer of three LNG carriers from Nobu Su’s TMT. It is paying $700m for the 145,000-cbm Stena Blue Sky (built 2006) and two 174,000-cbm newbuildings. All three ships are ice-classed. The newbuildings are not fixed whilst the Stena Blue Sky has another 22 months left of a charter to Gazprom of Russia. TradeWinds reported on the deal last week, but could not obtain comments. This is Stena Bulk's first move into LNG. Managing director Ulf Ryder has great faith in the investment and believes the newbuildings will earn “in excess of $100,000 per day.” “We believe this to be a very good investment. LNG accounts for a significant part of the growth in the global energy supply and there is currently a shortage of LNG tankers,” he said. Capacity utilisation of the 320 large LNG tankers in operation is nearly 90%. In addition, the demand for transportation of LNG is expected to rise about 8% per year over the next decade. “In addition to the shipyards’ full order books, there is a need for 60-70 new LNG tankers to satisfy the rising demand up until 2014,” Ryder said. “Having the liquidity and operational know-how to be able to purchase these three vessels so quickly gives our LNG investment an excellent starting point.” Stena said it expects the two newly built vessels to be delivered from Daewoo Shipbuilding & Marine Engineering in June 2011. They will then be fitted out with supplementary equipment after which they will be ready to load their first cargo of LNG at the end of July.

Shipping , Commodities & Financial News

1

In Brief: Last week we experienced a fluctuating market, leaving a positive feeling at the weeks’ closing. The week began with a downward trend, but recovered during Thursday and Friday, with the BDI gaining 58 points. On the other indices, BCI gained 158 points, BPI lost 9 points, BSI gained 20 points and BHSI lost only 2 points.

Capesize: After several weeks of declining, we saw BCI increasing again with a strong push during Thursday and Friday. Many Owners though, keep a low profile, considering how long this rise will last. In the Atlantic region we saw higher fixtures, with vessels reported fixed at USD 8.500 per day for Transatlantic round, while levels for the same route were at USD 4.500 per day just the week before. In the same spirit, fronthaul trade levels increased, with the Tubarao – Qingdao route concluding at USD 19.50 pmt, USD 0.50 pmt higher than previous week’s closing. In the Pacific, things did not follow the same trend. We witnessed around 9 vessels fixed to load from Australia, but rates decreased at USD 7.15 - 7.30 pmt, less USD 0.15 pmt since closing of previous week. Panamax: The week began quietly, with rates decreasing softly, but approaching towards midweek we saw activity raising. In the Atlantic, Charterers were bidding around USD 13.500 - 14.000 per day for Transatlantic round, but eventually rates moved closer to USD 15.000 per day. Fronthaul trips though, still kept leading. Vessels opening in Continent or Mediterranean were fixed at USD low 20’s, while levels for vessels opening in ECSA were around USD 25.000 + 550 / 600.000 ballast bonus. In the Pacific, there were many vessels available, so Owners had to lower their ideas in order to cover their tonnage. Many vessels opening in S.E.Asia were fixed for coal ex Australia/Indonesia/Philippines with destination India at levels around USD 13.000 per day. N. China positions were fixed at USD 11.000 per day for trips ex NOPAC during the first days, while towards the end, Owners could get even more than USD 13.000 per day. Supramax: In general, market remained in the same levels like the week before. A small change in the Atlantic was the lack of scrap cargoes from continent to Mediterranean, which were soon replaced from scrap and petcoke ex U.S.A origin. On fronthaul trade, vessels opening in Continent/Mediterranean could get USD low 20’s per day. Vessels opening in W. Africa concluded at around USD low 20’s per day for trips via ECSA to F. East, while positions in ECSA itself could see around USD 20.000 + 350 / 400.000 ballast bonus. In the Pacific, rates began moving downwards. Many Owners tried to fix their vessels on short period talking around USD 15 - 16.000 per day, but Charterers were aiming around USD 13 - 14.000 per day. Indonesian nickel ore is still very active, with Charterers trying to pull levels down, and Owners resisting in all their efforts. A trip to India is not a preferable destination any more, since the monsoon season has already started. Handysize: Handies had a very steady week with almost no change on the rates. In the Atlantic, we noticed a decrease on the cargo volume ex ECSA due to heavy port congestion. Some grain majors preferred not to enter in the market with new stems, until prospects become clearer. Also many parcels from/to USG have been postponed as an effect of the Mississippi flooding. Vessels in Continent/Baltic had an option out of local coal trade, fertilizers to ECSA, and grains to Mediterranean. In the Pacific there was a steady flow of steel parcels ex N. China, and coal ex CIS. Vessels in S.E. Asia could find easily coal and ores.

Dry Bulk - Chartering

2

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

Index Week 20 Week 19 Change (%) BDI 1349 1306 3,29

BCI 1633 1494 9,30

BPI 1666 1720 -3,14

BSI 1413 1392 1,51

BHSI 786 788 -0,25

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

Type Size Week 20 Week 19 Change (%)

Capesize 160 / 175,000 11.500 11.500 -

Panamax 72 / 76,000 13.500 13.500 -

Supramax 52 / 57,000 14.500 14.500 -

Handysize 30 / 35,000 12.750 12.750 -

Average Spot Rates

Type Size Route Week 20 Week 19 Change %

Capesize 160 / 175,000

Far East – ATL 650 680 -4,41

Cont/Med – Far East 18000 15.625 15,20

Pacific RV 6500 8.000 -18,75

TransAtlantic RV 8500 4.500 88,89

Panamax 72 / 76,000

Far East – ATL 5600 6.800 -17,65

ATL / Far East 23000 23.750 -3,16

Pacific RV 12000 13.000 -7,69

TransAtlantic RV 14500 14.500 0,00

Supramax 52 / 57,000

Far East – ATL 9000 9.100 -1,10

ATL / Far East 22000 23.500 -6,38

Pacific RV 12800 13.350 -4,12

TransAtlantic RV 15100 16.500 -8,48

Handysize 30 / 35,000

Far East – ATL 9100 9.000 1,11

ATL / Far East 17000 17.000 0,00

Pacific RV 10500 10.000 5,00

TransAtlantic RV 12300 12.400 -0,81

Dry Bulk - Chartering

3

ANNUAL

MARCH 2011 – MAY 2011

Dry Bulk - Chartering

4

Dry Bulk - Chartering

Dry Bulk - Chartering

Capesize Routes – Atlantic 2010 / 11

$0,00

$10.000,00

$20.000,00

$30.000,00

$40.000,00

$50.000,00

$60.000,00

$70.000,00

$80.000,00

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

C2 TUB /ROT

C4 RBAY /ROT

C7 BOL /ROT

C8 T/A RV

AVG ALL TC

Capesize Routes – Pacific 2010 / 11

$0,00

$10.000,00

$20.000,00

$30.000,00

$40.000,00

$50.000,00

$60.000,00

$70.000,00

$80.000,00

$90.000,00

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

C3 TUB /PRC

C5 WAUST /PRC

C9 CONT /FE

C10 FE R/V

Panamax Routes – Atlantic 2010 / 11

$0,00

$10.000,00

$20.000,00

$30.000,00

$40.000,00

$50.000,00

$60.000,00

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

P1A T/A RV

P2A CONT/FE

5

Dry Bulk - Chartering

Panamax Routes – Pacific 2010 /11

$0,00

$5.000,00

$10.000,00

$15.000,00

$20.000,00

$25.000,00

$30.000,00

$35.000,00

$40.000,00

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

P3A FE R/V

P4 FE/CON

AVG ALL TC

Supramax Routes – Atlantic 2010 /11

$0,00

$10.000,00

$20.000,00

$30.000,00

$40.000,00

$50.000,00

$60.000,00

$70.000,00

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

S1A CON / FE

S1B BSEA / FE

S4A USG / CONT

S4B CONT / USG

S5 WAFR / FE

Supramax Routes – Pacific 2010 / 11

$0,00

$5.000,00

$10.000,00

$15.000,00

$20.000,00

$25.000,00

$30.000,00

$35.000,00

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

S2 FE R/V

S3 FE / CON

S6 FE / INDI

S7 ECI / CHI

AVG ALL TC

6

In Brief: Oil prices continued to decline while the International Energy Agency asked oil producers to increase production over concerns that high oil prices will hinder economic recovery around the world. In addition, IEA announced that demand for diesel may increase in China for this year as electricity production will need to rely more on fuel and less on coal or water, due to rising costs for the first and low levels for the latter that incommode hydropower.

VLCC: In the Middle East Gulf, demand remained strong but not as much as needed in order to push rates up, which were

ultimately kept at same levels. In West Africa owners could not longer take advantage of any freight differential from Suezmaxes

and as a result a small decline was observed for Western rounds.

Suezmax: Competition from VLCC owners worked against Suezmax owners in West Africa and rates for Atlantic runs dropped

slightly, while the picture hasn’t changed in the Black Sea since the previous week for Mediterranean runs and rates still hover

around low WS 80s.

Aframax: Last week in the Mediterranean, Aframaxes started pretty strongly but as days passed enquiries got fewer and fewer.

As a result, although rates increased spectacularly in the beginning, eventually they dropped back at around same levels as last

week. To make matters worse, new tonnage is expected as May is coming to an end. Things didn’t change much in the North Sea

while the holiday in Singapore didn’t help trades in the Middle East and rates kept their low levels. On the contrary, in the

Caribbean activity picked up after the Morganza Spillway opened to redirect flood, though there are still quite many units in the

area that will possibly not allow rates to increase dramatically.

Products: Last week was bad news for both LR1 and LR2 trading AG-Japan whereas things were even worse in the Caribbean

where demand remained weak for upcoast movements for both Panamaxes and MRs as well. The “shining light of hope” that

was the TC2 market a couple of weeks ago, was extinguished abruptly as more and more vessels were attracted by earnings not

seen since before the crisis. Panamaxes for Transatlantic options witnessed a drop in rates as well while more tonnage is

expected to be added in the area.

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

Index Week 20 Week 19 Change (%)

BCTI 781 839 -6,91

BDTI 783 779 0,51

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

Type Size Week 20 Week 19 Change (%)

VLCC 300.000 27500 28750 -4.35

Suezmax 150.000 21000 21000 -

Aframax 105.000 16000 16000 -

Panamax 70.000 15250 15000 1.67

MR 47.000 14000 13500 3.7

Tanker - Chartering

7

Crude Tanker Average Spot Rates

Type Size (Dwt) Route Week 20 WS

Week 19 WS

Change %

VLCC

280,000 AG – USG 36,5 37 -1,35

260,000 W.AFR – USG 56 60 -6,67

260,000 AG – East / Japan 48,5 49 -1,02

Suezmax 135,000 B.Sea – Med 82,5 80 3,13

130,000 WAF – USAC 82,5 85 -2,94

Aframax

80,000 Med – Med 85 85 0,00

80,000 N. Sea – UKC 110 107,5 2,33

80,000 AG – East 112,5 115 -2,17

70,000 Caribs – USG 104 102,5 1,46

Product Tanker Average Spot Rates

Type Size (Dwt) Route Week 20 WS

Week 19 WS

Change %

Clean

75,000 AG – Japan 121 125 -3,20

55,000 AG – Japan 140 143 -2,10

37,000 Caribs – USAC 165 177,5 -7,04

37,000 Cont – TA 170 212,5 -20,00

Dirty

50,000 Cont – TA 137,5 140 -1,79

50,000 Caribs – USAC 120 142,5 -15,79

Tanker - Chartering

8

0

20

40

60

80

100

120

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

AG -USG

WAFR -USG

AGEASTJAPAN

0

20

40

60

80

100

120

140

160

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

B. SEA- MED

WAF -USAC

0

50

100

150

200

250

300

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

MED - MED

N.SEA - UKC

AG - EAST

CARIBS USG

VLCC Trading Routes 2010 / 11

Suezmax Trading Routes 2010 / 11

Aframax Trading Routes 2010 / 11

Tanker - Chartering

9

0

50

100

150

200

250

300

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

AG - JAPAN (75,000)

AG - JAPAN (55,000)

CARIBS - USAC(38,000)

CONT - TA (37,000)

0

50

100

150

200

250

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

CONT - TA(50,000)

CARIBS - USAC(50,000)

Clean Trading Routes – 2010 / 11

Dirty Trading Routes – 2010 / 11

Tanker - Chartering

10

BUYERS… STILL THERE

Last week has closed with continuing number of sales being reported.

Highlights of the week are the sale of Panamax “Michele Bottiglieri” (abt 75.413 dwt Built Hitachi JPN 2001) at USD 26 mill

to undisclosed buyers with 3 years TC back to Sellers at USD 16.000 / day and Panamax “La Jolla” (abt 72.126 dwt Built

Hitachi JPN 1997) at USD 21 mill to Chinese buyers with a TC attached to COSCO at USD 14.750 / day until August-

November 2011.

A number of vessels of various sizes and types are on the market seeking buyers at “decent” prices.

NYK is still inviting buyers for their Capesize “Suzaku” Blt 1994 JPN. We understand that no more than 3 buyers have

requested permission to inspect the Vessel at Kashima and NYK is seeking offers at region USD 14.5 – 15 mill. Another 8

Capsizes built 90’s are on the market for the right “optimistic” buyer.

Owners of “Ansac Asia” (abt 33.945 Built Kanda JPN 1998) have become keen sellers and would be interested to see if the

vessel will be sold after invited parties complete the inspection of the vessel in Korea on about end May – early June.

Bulkers Built in the region of ’85 are still of interest for both Greek and Chinese Buyers.

Ship Finance market in European area is still on Holidays…

Purchase enquiries remained at the same volume with buyers still looking for all types, sizes and ages in the dry sector. In

the wet sector buyers are still looking for MR’s, Aframaxes and LR1 tankers.

NEWBUILDNGS

In the newbuldings market we have seen 41 vessels reported to have been contracted.

6 Bulk carriers (Kamsarmaxes and Handymaxes).

12 Tankers (MR’s and Suezmaxes).

22 Containers (1.700 upto 8.000 TEU’s) and

1 VLGC of 84.000 cbm.

DEMOLITION

Bangladeshi cash buyers continue to commit vessels for delivery at Bangladesh, while the Indian market shows signs of

price softening with buyers waiting for prices to show further correction. Pakistan was not active this week, having

acquired many candidates during the previous ones. The Chinese market prices continue to soften.

Sale & Purchase

11

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

Bulk Carriers

Week 20 Week 19 Change %

Capesize 46 46 -

Panamax 31 31 -

Supramax 27 27 -

Handysize 21 21 -

Tankers

VLCC 82 82 -

Suezmax 55 55 -

Aframax 40 40 -

Panamax 34 34 -

MR 26 26 -

Weekly Purchase Enquiries

Sale & Purchase

SHIPTRADE P/E WEEKLY INDEX

0

50

100

150

200

250

300

350

28/9-4

/10/201

0

5-11

/10/201

0

12-1

8/10

/201

0

19-2

5/20

10

26/10-1/1

1/20

10

2-8/11

/2010

9-15

/11/201

0

16-2

2/11

/201

0

23-2

9/11

/201

0

30-6

/12/201

0

7-13

/12/201

0

14-2

0/12

/201

0

21-2

7/12

/201

0

28/12-3/1

2011

4/1-

10/1/2

011

11/1-1

7/1/201

1

18/1-2

4/1/201

1

25-3

1/1/201

1

1-7/2/20

10

8-14

/2/2011

15-2

1/2/201

1

22-2

8/2/201

1

01-0

7/3/201

1

08-1

4/3/201

1

15-2

1/03

/201

1

22-2

8/03

/201

1

29/03-4/4

/201

1

5/4/-1

1/4/201

1

12-1

8/4/201

1

19-2

5/4/201

1

26/4-2

/5/2

011

3-9/5/20

11

10-1

6/5/201

1

KOREA CHINA

SPORE GREECE

OTHER SUM

12

Reported Second-hand Sales

Bulk Carriers Name Dwt DoB Yard SS Engine Gear Price Buyer

Michele Bottiglieri 75.413 2001 Hitachi, JPN 3/2016 B&W - 26 (with 3 years TC back @ abt

USD 16.000/Day) Undisc

La Jolla 72.126 1997 Hitachi, JPN 4/2014 B&W -

21 (with TC attached to

COSCO @ USD 14.750/Day)

Chinese

Trident Protector 66.916 1984 Mitsubishi, JPN 12/2013 Sulzer - 7.2 Greek

Sunny Carrier 63.695 1984 Hitachi, JPN 2/2014 B&W 4 X 25 T 7.5 Middle East

Heron 52.827 2001 Onomichi, JPN 3/2016 B&W 4 X 30 T 23.76 Turkish

Lepta Galaxy 52.378 2002 Tsuneishi, JPN 6/2012 B&W 4 X 30 T 21.75 Undisc

Hamburg 42.968 1990 Hashihama, JPN 7/2014 Mitsubishi 3 X 14.5 T 13 Turkish

VOC Progress 40.908 1989 3 Maj, Yugoslavia 12/2014 Sulzer 3 X 25 T 10 Greek

Team Spirit 37.593 1984 IHI, JPN 3/2014 Sulzer 5 X 25 T 6.4 Greek

Miltiadis Junior II 34.682 2003 Xingang, CHN 3/2013 Sulzer 4 X 30 T 24.5 Newlead

Taizhou Maple Leaf Resale

32.000 2011 Taizhou, CHN - B&W 4 X 30 T

23.5 Each En bloc Danish Taizhou Maple Leaf Resale

32.000 2012 Taizhou, CHN - B&W 4 X 30 T

Merida 31.217 1984 NKK, JPN 4/ 2011 Sulzer 4 X 25 T 4.5 Undisc

Vanessa A 27.586 1986 Mitsui, JPN 5/2011 B&W 4 X 25 T 7.2 Bangladesh

Tankers Name Dwt DoB Yard SS Engine Hull Price Buyer

Sungdong Resale 158.000 2012 Sungdong, CHN - B&W DH 66 Meandros

Glory Crystal 106.000 2000 Namura 9/2015 Sulzer DH 22.5 Kassian

Sale & Purchase

13

Newbuilding Orders

No Type Dwt / Unit Yard Delivery Owner Price 2 Bulker 81.500 Jinhai H.I., CHN 2012 / 2013 Wilmar Holdings -

4 Bulker 47.500 CIC (Jiansu), CHN 2012 / 2013 Taihang Shipping -

10 Container 8.000 CSBC, CHN 2013 / 2014 Evergreen -

10 Container 5.600 Hyundai Samho, KR - German -

2 Container 1.700 Guangzhou Wenchong,

CHN 2013 Soon Fong Shipping 29

1 + 1 Tanker 129.000 Hyundai H.I., KR 2013 Knutzen NYK Offshore

Tankers -

6 Tankers 52.000 Hyundai Mipo, KR 2012 / 2013 Scorpio Tankers 36.5-37.5

2 + 2 Tanker 51.000 STX 2012 Thenamaris 36

1 VLGC 84.000 Hyundai H.I,KR - Pertamina 73-75

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

Newbuilding Resale Prices

Bulk Carriers

Capesize 55 57

Panamax 36 41

Supramax 31 34

Handysize 26 27

Tankers

VLCC 102 102

Suezmax 65 66

Aframax 55 55

Panamax 46 46

MR 36 36

Newbuilding Resale Prices

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

Newbuildings

$0,00

$20,00

$40,00

$60,00

$80,00

$100,00

$120,00

$140,00

$160,00

$180,00

Ap

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08

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8

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9

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De

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CAPESIZE

PANAMAX

SUPRAMAX

HANDYSIZE

$0,00

$50,00

$100,00

$150,00

$200,00

$250,00

Ap

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08

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gust

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Dec

emb

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Ap

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09

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gust

-09

Dec

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10

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gust

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Dec

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VLCC

SUEZMAX

AFRAMAX

LR 1

MR

14

Demolition Sales

Vessel Type Built Dwt Ldt Buyer Country Price Hariette Bulker 1978 25.952 6.102 Bangladesh 530

Nicetec Tween 1985 17.420 7.100 Bangladesh 518

Eternal Sea Bulker 1984 150.561 24.099 India 555 (with 1.800 T IFO upon

delivery)

Jia Fu Star Bulker 1985 170.603 23.425 India 545 (with 1.600 T IFO upon

delivery)

Levantes Bulker 1977 27.540 5.814 China 463

Sealink Majesty Bulker 1982 177.754 24.184 China 455

Demolition Prices ($ / Ldt)

Bangladesh China India Pakistan

Dry 500 445 500 490

Wet 525 465 525 510

Demolition Prices

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

Demolitions

0

100

200

300

400

500

600

700

800

April

08

Aug 0

8

Dec 0

8

April

09

Aug 0

9

Dec 0

9

Apr 1

0

Aug 1

0

Dec 1

0

April

11

$ /

Ld

t

Bangladesh

China

India

Pakistan

0

100

200

300

400

500

600

700

800

April

08

Aug 0

8

Dec 0

8

April

09

Aug 0

9

Dec 0

9

Apr 1

0

Aug 1

0

Dec 1

0

April

11

$ /

Ld

t

Bangladesh

China

India

Pakistan

15

Shipping Stocks

Commodities

Commodity Week 20 Week 19 Change (%) Brent Crude (BZ) 112,39 113,76 -1,20

Natural Gas (NG) 4,23 4,25 -0,47

Gold (GC) 1508 1493 1,00

Wheat (W) 368 336 1,00

Dry Bulk

Company Stock Exchange Week 20 Week 19 Change (%) Baltic Trading Ltd (BALT) NYSE 6,52 6,74 -3,26

Crude Carriers Corp (CRU) NYSE 14,38 14,47 -0,62

Diana Shipping Inc (DSX) NASDAQ 11,40 11,31 0,80

Dryships Inc (DRYS) NASDAQ 3,82 4,40 -13,18

Euroseas Ltd (ESEA) NASDAQ 4,60 4,51 2,00

Excel Maritime Carriers (EXM) NYSE 3,13 3,85 -18,70

Eagle Bulk Shipping Inc (EGLE) NASDAQ 2,61 3,11 -16,08

Freeseas Inc (FREE) NASDAQ 2,47 2,57 -3,89

Genco Shipping (GNK) NYSE 7,20 7,83 -8,05

Navios Maritime (NM) NYSE 5,10 5,41 -5,73

Navios Maritime PTN (NMM) NYSE 19,23 19,98 -3,75

Paragon Shipping Inc (PRGN) NASDAQ 2,89 3,06 -5,56

Star Bulk Carriers Corp (SBLK) NASDAQ 2,20 2,35 -6,38

Seanergy Maritime Holdings Corp (SHIP) NASDAQ 0,42 0,49 -14,29

Safe Bulkers Inc (SB) NYSE 7,76 8,28 -6,28

Golden Ocean Oslo Bors (NOK) 6,10 6,22 -1,93

Tankers Capital Product Partners LP (CPLP) NASDAQ 9,74 9.98 -2,40

General Maritime (GMR) NYSE 1,86 2,07 -10,14

Omega Navigation Enterprises (ONAV) NASDAQ 0,81 0,81 0,00

TOP Ships Inc (TOPS) NASDAQ 0,60 0,65 -7,69

Tsakos Energy Navigation (TNP) NYSE 10,47 10,40 0,67

Other Aegean Maritime Petrol (ANW) NYSE 8,85 8,71 1,61

Danaos Corporation (DAC) NYSE 6,72 7,20 -6,67

StealthGas Inc (GASS) NASDAQ 5,54 5,60 -1,07

Rio Tinto (RTP) NYSE 66,30 66,00 0,45

Vale (VALE) NYSE 30,41 29,69 2,43

ADM Archer Daniels Midland (ADM) NYSE 31,26 32,20 -2,92

BHP Billiton (BHP) NYSE 93,18 92,63 0,59

Financial Market Data

16

Currencies

Week 20 Week 19 Change (%) EUR / USD 1,4128 1,4126 0,01

USD / JPY 81,76 80,78 1,21

USD / KRW 1083 1086 -0,28

USD / NOK 5,55 5,56 -0,18

Bunker Prices

IFO 380 IFO 180 MGO Piraeus 621 651 926

Fujairah 638 668 1038

Singapore 624 635 927

Rotterdam 605 629 922

Houston 610 650 -

Port Congestion*

Port No of Vessels

China Rizhao 30

Lianyungang 39

Qingdao 41

Zhanjiang 13

Yantai 6

India

Chennai 15

Haldia 7

New Mangalore 3

Kakinada 4

Krishnapatnam 2

Mormugao 5

Kandla 9

Mundra 9

Paradip 30

Vizag 24

South America

River Plate 318

Paranagua 71

Praia Mole 20

* The information above exhibits the number of vessels, of various types and sizes, that are at berth, awaiting anchorage, at

anchorage, working, loading or expected to arrive in various ports of China, India and South America during week 20 of year

2011.

Financial Market Data / Bunker Prices / Port Congestion