WEEKLY SHIPPING

MARKET REPORT WEEK 34

- 20th August – to 27th August 2013

Legal Disclamer

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

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

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

1

Eco-ships: the marine industry’s newest sustainability feature

In the maritime industry, we’ve seen a trend towards building ECO-ships (highly energy efficient vessels that are better for the environment). And that’s no surprise, considering that the potential cost savings are massive for shipyard businesses. Thanks to the design optimisation process, ECO-ships have greater hull lines, propulsion systems, sleeker designs, and next gen engines. They’re just…better across the board. So who is championing this new technology? Scorpio Tankers. Tanker company, Scorpio, is getting on-board with ECO-ships. Without these greener, more efficient models, they don’t believe they can reach their full earning potential. Scorpio has often described their move towards ECO-ships as their ‘trump card’ for the coming years. However, Scorpio seems to be doing pretty well for itself, all things considered (there’s a recession going on; haven’t you heard?). During the first quarter, Scorpio walked away with a profit of $6.61 million. But Scorpio is looking to boost that profit margin considerably. Then again, what company wouldn’t be? With 38 vessels on order, Scorpio is gearing up to make huge returns on their investment. They say that, far from being optimistic projections, they have already seen how well ECO-ships work in the water. How Do ECO-ships Match Up To Their Standard Counterparts? Already owning five ECO-ships in total, Scorpio designed an experiment to monitor how profitable these vessels were to their company. And true to form, these five boats out-earned eleven standard tankers by more than $3,900 a day – that’s a turn out for the books. The survey was analysed by an independent agency that took into account fuel consumption, weather, and fuel quality. So we don’t just have to take Scorpio’s word for it! The statistics have been reviewed by an unbiased party. ECO-ships and the Future as fuel prices increase with their scarcity, it seems like a wise business decision to invest in efficiency measures; especially considering that tankers are one of the biggest fuel guzzlers in the world. 16 of the largest tankers on the high seas can produce as much pollution as all of the world’s cars put together. With some environmental groups estimating that fossil fuel reserves will run out as early as 2050 – 2060, tanker companies find themselves at a dilemma. What can they do to stay financially efficient at a time where fossil fuel prices are escalating considerably? Scorpio has made the logical choice here to opt for a more energy efficient mode of transport that saves money and contributes towards a greener world. Naysayers, This statement comes after Precious Shipping boss, Khalid Hashim, lambasted the effective uses of ECO-ships. He believed the buzz around ECO-ships was all down to desperate hype. He said that there is no such thing as an environmentally-friendly tanker and it was all a marketing ploy. Khalid Hashim expressed concern that choosing to buy into ECO-ships would prevent the recovery the dry bulk market really needs. (Ecopreneurist)

Chinese shipbuilding industry suffering from overcapacity as orders shrink

Mr Chen Bin an official from the National Development and Reform Commission the country's top economic planner said that shipbuilding industry faces a severe situation after the financial crisis in 2008, due to the dwindling global shipping market, declining prices and overcapacity, and the industry needs to urgently conduct restructuring and technology upgrade. Mr Chen said that China's shipbuilding industry depends too much on external demand, as 80 percent of the ships are made for exports. Figures from the NDRC show that currently there are about 1,600 shipbuilding firms and the annual industrial output is nearly CNY 800 billion (USD130.56 billion). However, the new orders have been shrinking since the fourth quarter of 2008.Mr Chen said that the industry is facing a serious overcapacity amid global competition.On July 31, the State Council, the cabinet, rolled out a plan intended to control new capacity and weed out outdated capacity. The plan is part of a series of government measures to curb capacity growth in industries that are suffering from a supply glut. (Global Times)

Steady Economic Signals to Keep Taper Clock Ticking

The final week of August brings a mix of economic reports offering a look at the past, present and future--altogether expected to build a case for the Federal Reserve to reduce stimulus in September.

An announcement next month to rein in bond purchases is already widely expected among economists and investors, but the Fed's data-dependent policy means there are still three weeks of datapoints that can tip the scale on how aggressively the central bank might withdraw support. On Thursday, a second read on growth in the second quarter is seen better than originally reported. The median forecast from economists surveyed by Dow Jones Newswires calls for annualized growth of 2.2%, from 1.7% on first read. The improvement comes mainly on the back of a much narrower-than-expected trade gap. That positive momentum has led to some encouraging July and August economic signals, including improvements in the labor market. Weekly jobless claims are seen edging down to 331,000, holding near their lowest levels since 2007. Still, the U.S. is far from breakaway growth. Pending home sales, due Wednesday, are seen declining 1.0% in July amid a rise in mortgage rates. The new-home sales report on Friday showed a surprising fall in July, causing some concern about the housing market's resilience as borrowing costs rose this summer. Even so, none of the pullback seen in some of the coming releases is expected to derail the anticipated tapering timeline. Sentiment gauges are expected to suggest that future economic activity can hold up. Consumer confidence for August, out Tuesday, is seen slipping only slightly to 79.1 from 80.3 in July. Friday's Reuters/University of Michigan final-August consumer sentiment report is seen rising to 80.5, from a preliminary read of 80.0. (Dow Jones)

China: Economy headed for soft landing

China's economy remains imbued with opportunity and hope, an economist said over the weekend, downplaying the risk of hard landing for the world's second largest economy. The Chinese economy, which has maintained a high growth rate of about 10 percent for nearly 30 years thanks to its demographic dividend as well as the reform and opening-up policy, is set to achieve a soft landing in years to come, Lu Ting, chief China economist with Bank of America Merrill Lynch, told a forum in Hong Kong on Saturday. The economic growth hinges on the country's rising levels of education and acceleration of urbanization, Lu told the forum, predicting that the GDP growth will gradually slow to 6 percent by 2020 but would remain high compared to the world's average. The sheer size of the economy adds more clout to its growth, he said. Lu's remarks are encouraging for the new leadership which has recently emphasized the need to press forward reforms in a way that creates a sustainable growth model without causing near-term wild swings. With a slew of pro-growth fine-tuning policies from the central government that include a tax break for small- and micro-size enterprises, the economy is gaining steam after hitting a three-year low of 7.6 percent in the first half, according to data from the National Bureau of Statistics. The HSBC flash Purchasing Managers' Index (PMI) reading for August released Thursday jumped to 50.1 percent from the previous month's final reading of 47.7, offering the latest sign that the economy is stabilizing. In a note sent to the Global Times on Thursday, Lu said "the improved sentiment will surely support the official PMI" due on September 1. Lu Zhengwei, chief economist at Industrial Bank Co in Shanghai, also expressed optimism on an improvement in the August economic indicators at large. The economy will grow at a slightly accelerated pace in August, Lu said in a research report sent to the Global Times on Sunday, which also points to a reduced risk of turbulence faced by the economy in the remainder of the year due to problems such as overcapacity. The latest uptick seen in the economy was mainly due to a rebound in external demand, which may serve to prop up the market sentiment of especially smaller exporters, the main participants of the HSBC PMI survey, for a while, as the year-end holidays in overseas markets would give a seasonal boost to export orders, Zhang Lei, a Beijing-based macroeconomic analyst with Minsheng Securities, told the Global Times. Expressing his scepticism on the sustainability of such a seasonal boost, however, Zhang noted that domestic demand has yet to do its part to drive the economic growth. But he said "the Chinese economy has been weaning off the investment-led growth path, and a slowing economy during the process of restructuring should be of little concern." Both external and domestic uncertainties will be well addressed in pushing forward with the economic reform, Zhang stressed, and "China's economy won't go through a radical, shock therapy." (Globes)

Shipping , Commodities & Financial News

2

Sudden buying spree for capes

“Back to reality” could have been the title for this week’s commentary, after the vast majority of owners returning to their

offices and normal business activity, however we have chosen to highlight the increased S&P activity and the number of

transactions in the capesize sector, where we are reporting a total of 5 transactions, only one of which is built in the mid

90’s. Other than that, what is worth mentioning in the supramax sector is a Crown 63 resale that went to Greeks for $26.5

mill. In the smaller sizes, an 89 built handymax was sold for $4 mill., while a vintage 86 built handy changed hands for a

reported price of $2.2 mill. In the wet sector, we are reporting 2 additional VLCCs built 2011 that fetched an en bloc price

of $110 mill. from Greek interests. Greeks are the buyers of the newly built aframax “White Stars” for $43 mill., while a

2007 built LR1 fetched a price of $24 mill. In the smaller sizes, Singapore based buyers purchased an early 2000 built MR,

with a modern stainless steel tanker fetching $26 mill.

Shiptrade’s enquiry index is increased this week by almost 20%. In the dry sector, enquiries for handysize have increased by

about 35%, with those for Handymaxes and Supramaxes have shown an impressive upward trend of about 70%. Finally,

interest for Panamaxes and Capesizes has followed the same direction, up by one fifth compared to last week. Buying

interest for tankers seems to have gained an additional 35% on a week-to-week basis. MRs are still attracting interest, with

the relevant index remaining stable, with the situation being the same in the Panamax sector. Enquiries for aframaxes have

faced a considerable decrease of 30% this week, at single-digit levels. Suezmax enquiries have more than doubled, still

remaining at very low levels though, while VLCCs have no considerable change to show, with interest coming only from

cash rich buyers ready to undertake the risks and losses involved in this segment, in the hope of the market fundamentals

changing dramatically in the future.

NEWBUILDINGS

In the newbuilding market we have seen 6 vessels to have been contracted.

2 Bulk Carriers (Kamsarmax)

4 Tankers (25k dwt Imo II)

DEMOLITION

Overall negativity remains in the demolition market, with the Indian rupee still struggling, thus creating a sense of

uncertainty or even panic, among all interested parties. The question is whether, or when, and how this situation will affect

second hand values as well. In India, buyers have halted any movements, with fear that the rupee will break the 70 mark

against the USD coming into the foreground. Local steel plate prices remain in a state of fluctuation, adding to the general

uncertainty and renegotiations are to be expected. Misery struck Bangladesh as well, with the monsoon period and local

strikes leading to no sales this week. Historical lows in Pakistan as well, with the local currency depreciated by 2% to USD

compared to last week, however we understand that the situation is slightly better than in India and Bangladesh. Actually,

a Ukrainian controlled VLOC fetching levels excess 400 caught us by surprise. On the other hand, China was on the verge of

presenting offers equivalent to their sub-continent competitors, with levels for bigger vessels (panamaxes and capes) in

excess of 350.

Sale & Purchase

3

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

Bulk Carriers

Week 34 Week 33 Change %

Capesize 30 30 0.00

Panamax 20.5 20.5 0.00

Supramax 19 19 0.00

Handysize 15 15 0.00

Tankers

VLCC 52 52 0.00

Suezmax 39 39 0.00

Aframax 27 27 0.00

Panamax 25 25 0.00

MR 23 23 0.00

Weekly Purchase Enquiries

SHIPTRADE P/E WEEKLY INDEX

0

50

100

150

200

250

300

350

400

2-8

/5/2

01

29-1

5/5

/20

12

16-2

2/5

/2012

23-2

9/5

/2012

30/5

-5/6

/2012

6-1

2/6

/20

12

13-1

9/6

/2012

20-2

6/6

/2012

27/6

-3/7

/2012

4/7

-10/7

/2012

11/7

-17/7

/2012

18-2

4/7

/2012

25-3

1/7

/2012

1-7

/8/2

01

28-1

4/8

/20

12

15-2

1/8

/2012

22-2

8/8

/2012

29/8

-4/9

/2012

5-1

1/9

/20

12

12-1

9/9

/2012

19-2

5/9

/2012

26/9

-2/1

0/2

012

3-9

/10/2

012

10-1

6/1

0/1

217-2

3/1

0/1

224-3

0/1

0/1

231/1

0-6

/11/1

27-1

3/1

1/1

214-2

0/1

1/1

221-2

7/1

1/1

228/1

1-4

/12/1

25-1

1/1

2/1

212-1

8/1

2/1

2

19/1

2/1

2-8

/1/1

39-1

5/1

/13

16-2

2/1

/13

23-2

9/1

/13

30/1

-5/2

/13

6-1

2/2

/13

13-1

9/2

/13

20-2

6/2

/13

27/2

-5/3

/13

6-1

2/3

/13

13-1

9/3

/13

20-2

6/3

/13

27/3

-2/4

/13

3-9

/4/1

310-1

6/4

/13

17-2

3/4

/13

24-3

0/4

/13

1-7

/5/2

01

38-1

4/5

/20

13

15-2

1/5

/13

22-2

8/5

/13

29/5

-4/6

/13

5-1

1/6

/13

12-1

8/6

/13

19-2

5/6

/2013

26/6

-2/7

/2013

3-9

/7/2

01

310-1

6/7

/2013

17-2

3/7

/2013

24-3

0/7

/2013

31/7

-6/8

/13

7-1

3/8

/20

13

Korea China Spore KCS

Greece Other SUM

Sale & Purchase

4

Reported Second-hand Sales

Bulk Carriers Name Dwt DoB Yard SS Engine Gear Price Buyer

Pacific Confidence 180.181 2004 Imabari, Jpn - B&W - $25.000.000 Greek

Lilac 179.643 2009 Daewoo, Kr - B&W - $35.450.000 Norwegian

Bulk Canada 179.515 2012 Hanjin, Kr - B&W - $41.200.000 Singaporean

Shining Star 177.662 2004 Mitsui, Jpn 06/2014 B&W - $25.000.000 Greek

CSK Enterprise 168.405 1997 Halla Eng., Kr 01/2017 B&W - $11.400.000 Greek

Yangzhou Dayang DY4023

63.500 2013 Yangzhou D., Chn - B&W 4 X 35 T $26.500.000 Greek

Yin Peng 43.665 1989 Tsuneishi, Jpn - B&W 4 X 30 T $4.000.000 Qatari

Pan Leader 26.695 1986 Hakodate, Jpn 09/2016 B&W 4 X 30 T $2.200.000 Korean

Tankers

Name Dwt DoB Yard SS Engine Hull Price Buyer

Cosglad Lake 297.388 2011 Dalian, Chn 04/2016 B&W DH $110.000.000 (en bloc)

Greek Cosgold Lake 297.163 2011 Dalian, Chn 03/2016 B&W DH

White Stars 115.618 2013 Samsung, Kr - B&W DH $43.000.000 Greek

Four Bay 94.225 1995 Fincantieri, It 07/2015 Sulzer DH $7.900.000 Undisclosed

Hellespont Providence

73.784 2007 New Century, Chn 12/2017 B&W DH $24.000.000 Greek

Santa Ana 39.768 2002 Damen Galati,

Rom 05/2017 B&W DH $5.100.000 Singaporean

Clipper Makishio 19.999 2009 Fukuoka 02/2014 B&W DH $26.000.000 Chinese

Containers

Name Teu DoB Yard SS Engine Gear Price Buyer

AS Scandia 1.716 2000 Hudong, Chn 06/2015 B&W 3 X 45 T $6.500.000 (each en bloc)

Undisclosed AS Saxonia 1.716 1999 Hudong, Chn 11/2014 B&W 3 X 45 T

Cala Puma 1.577 2006 Imabari, Jpn 09/2016 B&W 3 X 45 T $12.400.000 Undisclosed

Yong Da 810 1999 Peene Werft, Ger 10/2013 Sulzer 2 X 40 T $2.600.000 (each en bloc)

Venezuelan Yong Cai 810 1998 Peene Werft, Ger 10/2013 Sulzer 2 X 40 T

Sale & Purchase

5

Newbuilding Orders

No Type Dwt / Unit Yard Delivery Owner Price 2 BC 82.000 Jiangsu Yangzijiang 2016 Marine Management 26.5

4 Tanker 25.000 Fukuoka 2014/15 Ardmore Shipping 29.5

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

Newbuilding Resale Prices

Bulk Carriers

Capesize 48 39

Panamax 32 29

Supramax 25 24

Handysize 20 19

Tankers

VLCC 88 78

Suezmax 56 53

Aframax 45 37

Panamax 40 36

MR 33 32

Newbuilding Resale Prices

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

Newbuildings

6

Demolition Sales

Vessel Type Built Dwt Ldt Buyer Country Price Maxi Brazil BC 1985 259.587 31.984 Pakistan 408

MSC Antwerp Container 1994 59.567 19.114 India 414

Richelieu BC 1980 28.595 7.304 Turkey 320

Kawa Mas Container 1985 12.622 4.800 China 330

Demolition Prices ($ / Ldt)

Bangladesh China India Pakistan

Dry 380 330 380 380

Wet 405 340 405 405

Demolition Prices

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

Demolitions

7

In Brief: Continuing increase for capes, stability for the rest. Capes: Cape market kept rising Cape market continued its upward trend with significant improvement with the BCI closing at 2312 increased by 200 points. In the atlantic market, the fronthaul ex Cont/Med were fixed at about USD 31,500/31,750 improved by USD 5,000 compared to last week’s levels whereas for Tubarao/Qingdao route fixture reported at USD 22.75 pmt. Transantlantic round trips were fixed at around USD 13,000 bit improved than last week. Same positive sentiment at pacific basin with the round trips closing at around USD 21,000 reporting improvement as well, whereas Waus / Qingdao were fixed at around USD 9.30 pmt. Panamax: Steady movement in both basins. BPI index at the beginning of the week was at 917 points to finally close down by 14 points at 903 on Friday. Steady sentiment was seen in the Atlantic region last week. Though there were still some fresh requirements and grain season for US Gulf and Black Sea is approaching, still there was a lot of spot-prompt tonnage in the Atlantic keeping rates at almost same levels. Transantlantic round trips were reported fixing at USD 6500-8500 levels about whilst there were some quick Baltic rounds reported at USD 8500-9000 about basis redelivery Skaw-Passero range. Additionally we saw some fixtures bassis 2/3 ll redelivery Atlantic reported at USD 9000-9500 daily. Fronthauls ex US Gulf were reported fixing 14500-15500 aps plus 465-550k ballast bonus. In the Pacific basin there was some activity at Aussie rounds with some fixtures reported at USD 9000 dop S. China. Nopac also seemed fairly active with some fixtures at USD mid-low 7’s basis dop S. Korea-Japan range. Indonesian Coal Market remained active with a few fixtures reported at USD 7500-9000 dop S.China redelivery full China. As far as Short period market is concerned we saw some fixtures for nice eco Kmx reported at USD 9000-9500 levels for 6/9 months and around USD 8500 daily for 11/13 months. Supramax: Negative sentiment in the Atlantic. BPI index at the beginning of the week was at 917 points to finally close up by 10 points at 927 on Friday. This was a rather slow week in the Atlantic and rates were seen slightly decreased due to lack of fresh requirements. Trips via US Gulf to Med-Continent were reported fixing at USD 14000-15000 levels. Few Fronthaul trips ex ECSA were reported fixing at about USD 16000-17000 levels. Pacific basin can be described as stable with marginal increase. Coal via Indonesia to China basis delivery Singapore were fixed at around mid 9’s whereas nickel ore market as usually pays a premium to the owners. Therefore Indonesia to China basis delivery Singapore with nickel ore were fixed at around mid 10’s. Indonesia EC India route have been reported at USD 9,000 + approx 90k ballast bonus. Short period levels at around USD 9,000/9,500. Handysize: Black Sea remains strong Both the index and the physical market remained stable. In the Atlantic the round voyage was done at USD 8,5/8,750 as the ECSA market remained low and the USG/NCSA improved a bit. For another week Black Sea kept the flag up in Atlantic putting out many firm orders and absorbing the tonnage from most of the Mediterranean while trips ex Cont/Baltic to Med were done at USD 12/13,000. Pacific was stable with the round voyage closing at USD 6,5/6,750 levels and Aussie and NOPAC rounds at USD 6,750. Also, trips ex China to PG and India done at around USD 7,000 while the opposite route close to USD 6,000 daily. Better numbers for short period in Atlantic at around high 8’s/9k basis Atlantic redelivery.

Dry Bulk - Chartering

Dry Bulk - Chartering

Dry Bulk - Chartering

Dry Bulk - Chartering

8

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

Index Week 34 Week 33 Change (%)

BDI 1165 1102 5,72

BCI 2312 2112 9,47

BPI 903 923 -2,17

BSI 927 916 1,20

BHSI 528 517 2,13

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

Type Size Week 34 Week 33 Change (%)

Capesize 160 / 175,000 17600 17200 2,33

Panamax 72 / 76,000 8750 8750 0,00

Supramax 52 / 57,000 9150 9100 0,55

Handysize 30 / 35,000 8500 8000 6,25

Average Spot Rates

Type Size Route Week 34 Week 33 Change %

Capesize 160 / 175,000

Far East – ATL 3936 2473 59,16

Cont/Med – Far East 31600 26500 19,25

Far East RV 17500 15700 11,46

TransAtlantic RV 13000 12600 3,17

Panamax 72 / 76,000

Far East – ATL -200 -250 -

ATL / Far East 14750 14500 1,72

Pacific RV 7000 6500 7,69

TransAtlantic RV 8000 8750 -8,57

Supramax 52 / 57,000

Far East – ATL 4100 4150 -1,20

ATL / Far East 18600 18500 0,54

Pacific RV 8350 8250 1,21

TransAtlantic RV 11500 11350 1,32

Handysize 30 / 35,000

Far East – ATL 4250 4000 6,25

ATL / Far East 14750 14500 1,72

Pacific RV 6750 6750 0,00

TransAtlantic RV 8750 8750 0,00

Dry Bulk - Chartering

9

ANNUAL

JUNE 2013 – AUGUST 2013

Dry Bulk - Chartering

10

Dry Bulk - Chartering

Capesize Routes – Atlantic 2012 / 13

$0,00

$5.000,00

$10.000,00

$15.000,00

$20.000,00

$25.000,00

$30.000,00

$35.000,00

$40.000,00

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

C2 TUB/ ROT

C4RBAY /ROTC7 BOL/ ROT

C8 T/ARV

AVGALL TC

Capesize Routes – Pacific 2012 / 13

$0,00

$10.000,00

$20.000,00

$30.000,00

$40.000,00

$50.000,00

$60.000,00

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

C3 TUB /PRC

C5 WAUST /PRC

C9 CONT /FE

C10 FE R/V

Panamax Routes – Atlantic 2012 / 13

0

5000

10000

15000

20000

25000

30000

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

P1A T/A RV

P2ACONT/FE

11

Dry Bulk - Chartering

Panamax Routes – Pacific 2012 /13

$5.000,00

$0,00

$5.000,00

$10.000,00

$15.000,00

$20.000,00

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

P3A FE R/V

P4 FE/CON

AVG ALL TC

Supramax Routes – Atlantic 2012 /13

0

5000

10000

15000

20000

25000

30000

35000

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

S1A CON / FE

S1B BSEA / FE

S4A USG /CONT

S4B CONT /USG

S5 WAFR / FE

Supramax Routes – Pacific 2012 / 13

$0,00

$2.000,00

$4.000,00

$6.000,00

$8.000,00

$10.000,00

$12.000,00

$14.000,00

$16.000,00

$18.000,00

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

S2 FE R/V

S3 FE / CON

AVG ALL TC

12

VLCC: Rates on Middle East – Far East were slightly reduced last week by 1 point and concluded at ws33, in the

Atlantic route, rates were stable at ws40, and the AG-USG route just lost 1 point and concluded at ws21.

Suezmax: WAFR-USAC route was reduced by 10 points and concluded at ws52.5. The B.SEA-MED also was

reduced by 2.5 points and concluded at ws60.

Aframax: The NSEA-UKC route has gained 32.5 points and concluded at ws125. The AG-East route was stable at

ws85. Also the MED-MED was reduced by 3 points and finally concluded at ws82.5.

Panamax: The CBS-USG route remained once more at ws110.

Products: USG-Cont route remained stable at ws110. The CONT-TA route gained 5 points last week and

concluded at ws105.

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

Index Week 34 Week 33 Change (%)

BCTI 591 576 2,60

BDTI 658 632 4,11

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

Type Size Week 34 Week 33 Change (%)

VLCC 300.000 18.250 18.250 0,00

Suezmax 150.000 15.750 15.750 0,00

Aframax 105.000 13.500 13.500 0,00

Panamax 70.000 14.000 14.000 0,00

MR 47.000 14.000 14.000 0,00

Tanker - Chartering

13

Crude Tanker Average Spot Rates

Type Size (Dwt) Route Week 34 WS

Week 33 WS

Change %

VLCC

280,000 AG – USG 21 22 -4,55

260,000 W.AFR – USG 40 40 0,00

260,000 AG – East / Japan 32 33 -3,03

Suezmax

135,000 B.Sea – Med 60 62.5 -4,00

130,000 WAF – USAC 52.5 62.5 -16,00

Aframax

80,000 Med – Med 82.5 85.5 -3,51

80,000 N. Sea – UKC 125 92.5 35,14

80,000 AG – East 85 85 0,00

70,000 Caribs – USG 110 110 0,00

Product Tanker Average Spot Rates

Type Size (Dwt) Route Week 34 WS

Week 33 WS

Change %

Clean

75,000 AG – Japan 95 70 35,71

55,000 AG – Japan 120 92 30,43

38,000 Caribs – USAC 120 120 0,00

37,000 Cont – TA 105 100 5,00

Dirty

55,000 Cont – TA 110 110 0,00

50,000 Caribs – USAC 112.5 110 2,27

Tanker - Chartering

14

VLCC Trading Routes 2012 / 13

0,00

10,00

20,00

30,00

40,00

50,00

60,00

70,00

80,00

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

AG EAST JAPAN

AG - USG

WAFR - USG

Suezmax Trading Routes 2012 / 13

0,00

20,00

40,00

60,00

80,00

100,00

120,00

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

B. SEA - MED

WAF - USAC

Aframax Trading Routes 2012 / 13

0,00

20,00

40,00

60,00

80,00

100,00

120,00

140,00

160,00

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

MED - MED

N.SEA - UKC

AG - EAST

CARIBS USG

Tanker - Chartering

15

Clean Trading Routes – 2012 / 13

0,00

50,00

100,00

150,00

200,00

250,00

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

AG - JAPAN (75,000)

AG - JAPAN (55,000)

CARIBS - USAC (37,000)

CONT - TA (37,000)

Dirty Trading Routes – 2012 / 13

0

20

40

60

80

100

120

140

160

180

200

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

CONT - TA (50,000)

CARIBS - USAC(50,000)

Tanker - Chartering

16

Shipping Stocks

Commodities

Commodity Week 34 Week 33 Change (%) Brent Crude (BZ) 114,16 107,12 6,57

Natural Gas (NG) 3,51 3,48 0,86

Gold (GC) 1,418 1366 99,90

Copper 333,8 334,25 -0,13

Wheat (W) 308,00 304,32 1,21

Dry Bulk

Company Stock Exchange Week 34 Week 33 Change % Baltic Trading Ltd (BALT) NYSE 4,79 4,33 10,62

Diana Shipping Inc (DSX) NASDAQ 11,2 10,82 3,51

Dryships Inc (DRYS) NASDAQ 2,51 2,04 23,04

Euroseas Ltd (ESEA) NASDAQ 1,30 1,15 13,04

Excel Maritime Carriers (EXM) NYSE 0,02 0,05 -60,00

Eagle Bulk Shipping Inc (EGLE) NASDAQ 4,07 3,56 14,33

Freeseas Inc (FREESE) NASDAQ 0,18 0,19 -5,26

Genco Shipping (GNK) NYSE 3,10 2,01 54,26

Navios Maritime (NM) NYSE 6,41 6,11 4,91

Navios Maritime PTN (NMM) NYSE 14,23 14,08 1,07

Paragon Shipping Inc (PRGN) NASDAQ 6,73 5,78 16,44

Star Bulk Carriers Corp (SBLK) NASDAQ 7,83 6,71 16,69

Seanergy Maritime Holdings Corp (SHIP) NASDAQ 1,50 1,47 2,04

Safe Bulkers Inc (SB) NYSE 6,68 5,62 18,86

Golden Ocean (GOGL) Oslo Bors (NOK) 7,78 7,42 4,85

Tankers Capital Product Partners LP (CPLP) NASDAQ 9,10 9,03 0,78

TOP Ships Inc (TOPS) NASDAQ 2,10 2,34 -10,26

Tsakos Energy Navigation (TNP) NYSE 4,86 4,84 0,41

Other

Aegean Maritime Petrol (ANW) NYSE 9,08 9,88 -8,10

Danaos Corporation (DAC) NYSE 4,56 4,55 0,22

StealthGas Inc (GASS) NASDAQ 8,81 9,69 -9,08

Rio Tinto (RIO) NYSE 46,43 48,37 -4,01

Vale (VALE) NYSE 14,88 15,37 -3,19

ADM Archer Daniels Midland (ADM) NYSE 34,78 37,25 -6,63

BHP Billiton (BHP) NYSE 63,36 67,54 -6,19

Financial Market Data

17

Currencies

Week 34 Week 33 Change (%) EUR / USD 1,33 1,33 0,00

USD / JPY 98,71 97,51 1,23

USD / KRW 1114 1113 0,09

USD / NOK 6,01 5,91 1,69

Bunker Prices

IFO 380 IFO 180 MGO Piraeus 620 655 963

Fujairah 598 650 975

Singapore 598 608 915

Rotterdam 597 617 920

Hong Kong 619 624 937

Port Congestion*

Port No of Vessels

China Rizhao 19

Lianyungang 27

Qingdao 76

Zhanjiang 31

Yantai 35

India

Chennai 19

Haldia 16

New Mangalore 4

Kakinada 11

Krishnapatnam 13

Mormugao 14

Kandla 17

Mundra 15

Paradip 16

Vizag 44

South America

River Plate 346

Paranagua 94

Praia Mole 12

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

anchorage, working, loading or expected to arrive in various ports of China, India and South America during Week 34 of year

2013.

Financial Market Data / Bunker Prices / Port Congestion