WEEKLY SHIPPING

MARKET REPORT WEEK 44

- 31ST October - to 4TH November 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

Iron ore market delves in ambiguity with rudderless steel

market in China

Regardless of relative quietude in iron ore market in the last week uncertainty prevailed. After the pause in declining finished prices there was consequent respite in the raw material market as well. On one hand it prompted supplier to immediately take adamant postures being inflexible on offers. However the market remained reticent sudden change in the absence of perceptible improvement in finished prices and mills buying. Traders showed proclivity toward booking stockpiles at cheaper levels as import seemed unattainable. With offers from Indian sources going around USD 130 per tonne, CNF for Fe63/63.5% there barely any scope for correction with supplier having hit the cost. However big 3 were more forthcoming with levels around USD 120 per tonne. Stock piles at Chinese ports still at nearly 100 million tonnes and the mills reluctant to commence buying dipped in uncertainty not many transactions are expected regardless of the prices. Moreover with winters on the anvil demand peter out diminishing any near chances of revival, albeit minor flicker is not ruled out for pre vacation buying To know exact levels, likely scenario, domestic iron ore spot prices at Bellary and Barbil and FOB East Coast spot prices subscribe to “Iron Ore Services” of www.steelprices-india.com by registering or sending a mail to admin@steelprices-india.com along with your full contact details. The accuracy and the speed of reporting changes is well appreciated by not only Indian miners, but by global iron ore majors as well as Chinese mills as many of them have subscribed to this service to maintain another but solid listening post as far as Indian spot market is concerned. (steelprices-india.com)

Repsol Advances Most in 13 Months After Argentine Unit

Makes Biggest Find

Repsol YPF SA (REP), Spain’s largest oil company, rose the most in more than a year after its Argentine YPF SA (YPF) unit made its biggest ever discovery at a shale oil field in Patagonia. YPF, in which Madrid-based Repsol owns a 57 percent stake, said yesterday well tests showed the Loma La Lata field holds about 927 million barrels. In May, it had said the find was about 150 million barrels. Repsol rose as much as 1.43 euros, or 6.9 percent, to 22.34 euros a share in Madrid, the biggest gain in 18 months. The shares closed at 22.23 euros at 5:37 p.m. local time. YPF, which trades on the Buenos Aires exchange, rose as much as

9.7 percent to 165.6 pesos, the steepest gain since December 2010. YPF’s American Despositary Receipts rose as much as 12.9 percent to $35.80 in New York. YPF, which produces more than 50 percent of Argentina’s crude, is boosting exploration to arrest a decline in output and last year had a 100 percent annual oil reserve-replacement ratio for the first time in 13 years. The Buenos Aires-based company, led by Chief Executive Officer Sebastian Eskenazi, made its largest oil find in Argentina after drilling a dry hole off the disputed Falkland Islands earlier this year. Double Reserves The field will roughly double YPF reserves and helps cement Argentina’s ranking as having the world’s third-largest probable reserves of shale oil, behind the U.S. and China, based on U.S. Energy Information Administration data. So-called unconventional shale formations are more costly to develop than traditional wells, requiring the extraction of oil or gas trapped in shale rocks. The “very positive” news for Repsol will need to be accompanied by increases in the prices Argentina sets for selling crude and refined products in its home markets, Fernando Lafuente, an analyst at N+1 in Madrid, said today in a note to investors. Lafuente has a “strong buy” rating. Repsol will continue to spend more on exploration, and it´s too early to estimate how much it may invest in production of the new fields, spokesman Kristian Rix said today. Repsol’s target price was increased on the news by Credit Suisse AG and Bankia Bolsa. Credit Suisse increased its price to 27.8 euros per share, from 26.5 euros, while Bankia increased the price to 29.9 euros per share, from 27 euros. Loma La Lata The new probable reserves in Patagonia are contained in an area of 428 square kilometers in Loma La Lata, more than 1,200 kilometers (746 miles) southwest of Buenos Aires. The discovery announced in May boosted Argentina’s total reserves by about 6 percent, PresidentCristina Fernandez de Kirchner had said. At present, YPF has total oil reserves of about 531 million barrels. The find announced yesterday is located at the Vaca Muerta formation at Loma La Lata. YPF controls about 12,000 square kilometers of the Vaca Muerta formation, which has a total surface of 30,000. Other companies that are seeking to produce shale oil and gas in Neuquen province include Apache Corp., Exxon Mobil Corp., Americas Petrogas Inc., Total SA and Madalena Ventures Inc. YPF in December 2010 announced the discovery of 4.5 trillion cubic feet of shale gas in Neuquen province.

Shipping , Commodities & Financial News

2

In Brief: Market continued its downward trend with Capes suffering the most. All in all, BDI lost 181 points, BCI lost 344 points, BPI lost 95 points, BSI lost 106 point, and BHSI lost 51 points. Capes: Week began same as last week ended, with lack of cargoes in the Pacific, forcing Owners to lower their levels or start ballasting towards the Atlantic, which affected the rates in that region too. Atlantic basin was active, with cargoes mostly ex Brazil. Rates for Transatlantic rounds concluded at USD 29.000 per day, while on the Fronthaul trade, rates for trips to F.East, levels concluded at USD 41.000per day. On the Tubarao/Qingdao trade rates were under pressure as an effect of the ballasters from the Pacific, and at week’s closing rates concluded at USD 24.00 pmt. In the Pacific basin, the iron ore majors came into the market again, but the cargo volume was not enough to cover all the available tonnage, even though there were some coal cargoes ex S.Africa or W. Canada, and soon Owners began competing in order to find business. At weeks end, rates for the Australia/China trade concluded at USD 9.75pmt, while on TCT basis, rates for Pacific round concluded at USD 18.000 per day basis N.China delivery. Panamax: Rates slightly dropped as the available tonnage started building up and could not see many new cargoes. In the Atlantic basin, the USG market remained the driving force, but seems like it started loosing steam. Rates for trips ex USG to F.East concluded at USD 26.000+600.000 GBB basis APS USG, while for trips to East Mediterranean fixtures reported at USG 15.750per day + 375.000GBB. Rates for Transatlantic round concluded at USD 17.000, and rates for Fronthaul trips concluded at USD 25.000per day. In the Pacific basin activity remained low without many coal cargoes ex Indonesia, and those Charterers who had firm requirements were waiting for rates to drop further. At week’s closing, rates for S.China/S.E.Asia positions interested for Indonesia round, concluded at USD 12.500 – 13.000per day. Positions at N.China/Japan range interested for trips ex NOPAC fixed at rates of USD 11-12.000per day.

Supramax: Market followed the same trend, with less cargoes and rates dropping.

In the Atlantic basin, we could notice a decrease in the number of cargoes, but some areas were more attractive. In the USG region rates for trip to Continent/East Mediterranean remained steady close to USD high 20’s per day, while for trips to F.East rates concluded at USD low 30’s per day. On the Mediterranean/Bl.Sea market we could see grains/fertilizers/steels going to USG or Continent, and Charterers wanting to pay around USD 7.000 per day. Cargoes ex Continent to USG or ECSA were willing to pay around USD 10.000per day, while rates for trips to East Mediterranean were around USD 10.000 per day. Pacific basin experienced a poor week with rates dropping for all directions, and still many Charterers preferred not to move. Some fixtures concluded to direction India but levels were fluctuating between USD 8.000 – 10.000 per day. On the other hand, for the N.China positions, a few cargoes ex NOPAC concluded at rates of USD 11.000 per day. Handysize: Rates kept sliding. In the Atlantic region we could see the usual cargoes from East Mediterranean/Bl.Sea to F.East at rates around USD low 20’s per day, while for trips to USG or ECSA rates were at USD 5-6.000 per day. Ex ECSA there were not many cargoes available, or not many cargoes firm and Owners thinking to ballast to other directions. In the Pacific basin, market remained quiet and tonnage building up with many vessels spot in N.China. There were some parcels of steels or cement/clinker at levels around USD 4-5.000 per day. .

Dry Bulk - Chartering

3

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

Index Week 44 Week 43 Change (%) BDI 1784 2018 -11,60

BCI 2788 3274 -14,84

BPI 1836 1939 -5,31

BSI 1425 1545 -7,77

BHSI 728 786 -7,38

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

Type Size Week 44 Week 43 Change (%)

Capesize 160 / 175,000 16000 18000 -11,11

Panamax 72 / 76,000 13000 13250 -1,89

Supramax 52 / 57,000 13250 13500 -1,85

Handysize 30 / 35,000 11500 12000 -4,17

Average Spot Rates

Type Size Route Week 44 Week 43 Change %

Capesize 160 / 175,000

Far East – ATL 4100 6000 -31,67

Cont/Med – Far East 41000 49000 -16,33

Pacific RV 18000 25000 -28,00

TransAtlantic RV 30000 34000 -11,76

Panamax 72 / 76,000

Far East – ATL 4500 5000 -10,00

ATL / Far East 25500 26000 -1,92

Pacific RV 12500 14000 -10,71

TransAtlantic RV 17000 17500 -2,86

Supramax 52 / 57,000

Far East – ATL 7000 9000 -22,22

ATL / Far East 22000 25000 -12,00

Pacific RV 10000 12500 -20,00

TransAtlantic RV 15000 15200 -1,32

Handysize 30 / 35,000

Far East – ATL 6500 7500 -13,33

ATL / Far East 20000 18600 7,53

Pacific RV 8000 9400 -14,89

TransAtlantic RV 14500 13000 11,54

Dry Bulk - Chartering

4

ANNUAL

SEPTEMBER 2011 – NOVEMBER 2011

Dry Bulk - Chartering

5

Dry Bulk - Chartering

Capesize Routes – Atlantic 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

$45.000,00

$50.000,00

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

C2 TUB/ ROT

C4RBAY /ROTC7 BOL/ ROT

C8 T/ARV

AVGALL 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

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

$5.000,00

$10.000,00

$15.000,00

$20.000,00

$25.000,00

$30.000,00

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

P1A T/A RV

P2ACONT/FE

6

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

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

$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

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

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

7

In Brief: Markets remained restless as European leaders have not yet managed to find a solution for the growing sovereign debt

crisis. Even though Greece reached an agreement on Sunday to form a coalition government meant to avert the collapse of the

latest bailout plan for the euro zone, there is an increased uncertainty regarding how Europe would pay for a rescue package in

order to stop the Greek financial contagion from spreading to Italy or Spain.

VLCC: Even though activity picked up in the Middle East Gulf, the tonnage list is still too long to allow for any significant gains. As

a result, rates to the West only inched upward whereas on eastbound routes they even lost one worldscale point. Similarly, in

West Africa rates lost a couple of worldscale points.

Suezmax: In the Atlantic basin Suezmaxes gained slightly as Charterers moved to fix on more forward dates while in the Black

Sea rates continued to correct lower.

Aframax: It was yet another tough week for Aframaxes. In the Mediterranean demand was not enough to trump oversupply,

while in the North Sea rates stopped their freefall, limiting last week’s losses. In both the Middle East Gulf and Caribbean

markets activity was slow.

Products: LR2s trading AG/Japan suffered from weak demand, pushing rates down further. On the other hand, things seemed to

improve for LR1s, particularly towards the end of the week. However, higher rates didn’t materialize, though many people bet

that this week Owners will finally have some good news. A quiet week for MRs as well since demand was well covered early in

the week in both the Caribbean and European markets. Though not much changed for European Panamaxes, in the Caribbean

market a rush of fresh enquiries helped rates surge by 25 worldscale points.

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

Index Week 44 Week 43 Change (%)

BCTI 711 731 -2,74

BDTI 766 781 -1,92

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

Type Size Week 44 Week 43 Change (%)

VLCC 300.000 19000 19000 0,00

Suezmax 150.000 17750 17750 0,00

Aframax 105.000 13250 13250 0,00

Panamax 70.000 14250 14250 0,00

MR 47.000 13500 13500 0,00

Tanker - Chartering

8

Crude Tanker Average Spot Rates

Type Size (Dwt) Route Week 44 WS

Week 43 WS

Change %

VLCC

280,000 AG – USG 33.5 33 1,52

260,000 W.AFR – USG 55 57.5 -4,35

260,000 AG – East / Japan 49 50 -2,00

Suezmax 135,000 B.Sea – Med 86 107.5 -20,00

130,000 WAF – USAC 77.5 76 1,97

Aframax

80,000 Med – Med 86 97.5 -11,79

80,000 N. Sea – UKC 99 106 -6,60

80,000 AG – East 105 107.5 -2,33

70,000 Caribs – USG 95 104 -8,65

Product Tanker Average Spot Rates

Type Size (Dwt) Route Week 44 WS

Week 43 WS

Change %

Clean

75,000 AG – Japan 106 110 -3,64

55,000 AG – Japan 110 111 -0,90

38,000 Caribs – USAC 175 176.5 -0,85

37,000 Cont – TA 160 177.5 -9,86

Dirty

55,000 Cont – TA 130 130 0,00

50,000 Caribs – USAC 150 125 20,00

Tanker - Chartering

9

VLCC Trading Routes 2010 / 11

0

10

20

30

40

50

60

70

80

90

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

AG - USG

WAFR - USG

AG EASTJAPAN

Suezmax Trading Routes 2010 / 11

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

Aframax Trading Routes 2010 / 11

0

20

40

60

80

100

120

140

160

180

200

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

Tanker - Chartering

Tanker - Chartering

10

Clean Trading Routes – 2010 / 11

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)

Dirty Trading Routes – 2010 / 11

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(55,000)

CARIBS -USAC(50,000)

11

Buyers Remain Patient….

During the past week the BDI index once again was not surprising with levels below the base of 2,000 points. In the S&P

weekly market, activity was low compared to previous with not many transactions reported. Many vessels built in the mid

80s’ are placed in the market at scrap related levels which may derive from the rapid fall of scrap prices.

In the enquiry Shiptrade index, dry sector’s buyers are still heavily looking for Handysize vessels as well modern

Supramaxes. It is very important to mention that there is a silent interest for Panamax and Capesize tonnages, while any

candidate that may appear in the market is instantly absorbed by buyers. As tankers are concerned the situation did not

change, with MRs’ still being in the spotlight. Despite buyers being interested for modern MRs, we have noticed a trend for

90s’ built vessels.

Empire Navigation is reported to be the buyers of the Chinese owners capsize vessel M/V “Houheng Sunrise” (176,298

DWT built in Univershal, JPN) for USD 34 Mill. This is the second cape acquisition for the company within the last month.

Another Greek buyer is reported to be behind the purchase of M/V “Formosabulk Energy” (170,089 DWT built in 2002 in

IHI, JPN) for USD 31 Mill.

VLCC M/T “Leander I” (308,491 DWT built in 1999 in Hyundai HI, KRS) is reported to have been sold to Monaco based

buyers SBM for USD 30 Mill. In the current market many Asian VLCC owners are looking to dispose their vessels whilst the

European buyers are among the buyers. The majority of vessels reported to have changed hands in the past weeks are

built between 1999 up to 2003.

Aframax tanker M/T “Salli” is reportred to have been sold to Dubai based buyers for region USD 13 Mill.

NEWBUILDNGS

In the newbuilding market, we have seen 33 vessels reported to have been contracted.

6 Bulk Carriers (Handymax - Kamsarmax)

19 Tankers (MR)

8 Containers (10.000 TEU’s)

DEMOLITION

Bangladesh remains closed. Indian market levels are stabilizing in the USD 470 – 480 region with End Buyers entering

renegotiations for lowering previously agreed prices, after certain facts like the exchange rate decrease of Indian Rupee vs

US Dollar and Steel Plate price. Pakistan is still cherry picking with no new transactions to report. The Chinese market

offering retains previous weeks offering levels of approximately USD 380 / LT.

Sale & Purchase

12

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

Bulk Carriers

Week 44 Week 43 Change %

Capesize 40 40 -

Panamax 27 27 -

Supramax 26 26 -

Handysize 21 21 -

Tankers

VLCC 80 80 -

Suezmax 54 54 -

Aframax 41 41 -

Panamax 34 34 -

MR 26 26 -

Weekly Purchase Enquiries

SHIPTRADE P/E WEEKLY INDEX

0

50

100

150

200

250

300

350

28/12

-3/120

11

4/1-10/1/2011

11/1-17/1/201

1

18/1-24/1/201

1

25-31/1/201

1

1-7/2/2010

8-14/2/2011

15-21/2/201

1

22-28/2/201

1

01-07/3/201

1

08-14/3/201

1

15-21/03/20

11

22-28/03/20

11

29/03

-4/4/201

1

5/4/-11/4/20

11

12-18/4/201

1

19-25/4/201

1

26/4-2/5/2011

3-9/5/2011

10-16/5/201

1

17-23/5/201

1

24-30/5/201

1

31/5-6/6/2011

7-13/6/2011

14-20/6/201

1

21-27/6/201

1

28/6-4/7/2011

5-11/7/2011

12-18/7/201

1

19-25/7/201

1

26/7-1/8/2011

2-8/8/2011

9-15/8/2011

16-21/8/201

1

22-29/8/201

1

30/8-05/9/201

1

06-12/9/201

1

13-19/9/201

1

20-26/9/201

1

27/9-3/10/201

1

4-10/10/201

1

11-17/10/20

11

18-24/10/20

11

25-31/10/20

11

1-7/11/2011

Korea China Spore KCS

Greece Other Sum

Sale & Purchase

13

Reported Second-hand Sales

Bulk Carriers Name Dwt DoB Yard SS Engine Gear Price Buyer

Houheng Sunrise 176.298 2003 Universal, JPN 02/2013 B&W - 33-34 mill Empire

Navigation

Formosabulk Energy 170.089 2002 IHI, JPN 03/2012 Sulzer - 30.5 mill

(Delivery with SS/DD Pased)

Alcyon Shipping

Front Rider (OBO) 169.718 1992 Hyundai, JPN 12/2011 B&W - 12.5 mill Chinese

Kamisu Maru 151.102 1994 Kurushima, JPN 08/2013 B&W - 15.4 mill Undisclosed

STX Jinhae S-2054 81.700 2011 STX Jinhae, KR - B&W - 32 mill Norsul

Penglai Jinlu–JL 0026 75.200 2011 Penglai Jinlu, CHN - B&W - 31 mill Undisclosed

Orana (Woodchip Carrier)

44.849 1991 Sanoyas, JPN 04/2016 Sulzer 3 X 14 T 9.7 mill Chinese

Seletar Hope 18.000 2000 Shikoku, JPN 06/2015 B&W 3 X 30 T 10 – 10.5 mill Greek

Tankers Name Dwt DoB Yard SS Engine Hull Price Buyer

Leander 308.491 1999 HHI, JPN 10/2014 Sulzer DH 33.5 mill SBM Offshore

(for Conversion)

Front Hunter 146.268 1996 Harland, UK 11/2015 B&W DH 13.2 mill VTN Shipping

Pacific Opal 46.850 1993 Halla, JPN 08/2013 B&W DH 7.25 mill Undisclosed

Sale & Purchase

14

Newbuilding Orders

No Type Dwt / Unit Yard Delivery Owner Price 2 BC 82.000 COSCO Zhoushan 2013 Asian 34 mill

1 BC 76.000 Zhejiang Yangfan 2013 Guangdong Lanhai 30.5 mill

3 BC 45.000 Bohai 2013 Tianjin Zhanghai 27.5 mill

4 + 3 Tanker 52.000 HMD 2013 Unisea 37

6 + 6 Tanker 51.000 SPP 2013 Pemex 34 mill

4 Container 10.000 Hudong 2013 CSCL -

4 Container 10.000 Dalian 2013 CSCL -

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

Newbuilding Resale Prices

Bulk Carriers

Capesize 50 51

Panamax 34 37

Supramax 30 34

Handysize 24 26

Tankers

VLCC 98 100

Suezmax 65 66

Aframax 47 48

Panamax 45 46

MR 34 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

ril-

08

Au

gu

st-0

8

De

ce

mb

er-

Ap

ril-

09

Au

gu

st-0

9

De

ce

mb

er-

Ap

ril-

10

Au

gu

st-1

0

De

ce

mb

er-

Ap

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11

CAPESIZE

PANAMAX

SUPRAMAX

HANDYSIZE

$0,00

$50,00

$100,00

$150,00

$200,00

$250,00

Ap

ril-

08

Au

gust

-08

Dec

emb

er-

Ap

ril-

09

Au

gust

-09

Dec

emb

er-

Ap

ril-

10

Au

gust

-10

Dec

emb

er-

Ap

ril-

11

VLCC

SUEZMAX

AFRAMAX

LR 1

MR

15

Demolition Sales

Vessel Type Built Dwt Ldt Buyer Country Price Kota Abadi Container 1984 21.888 7.617 India 470 (as is Singapore)

Red Sea Spirit Bulker 1977 17.556 4.978 India 463

Demolition Prices ($ / Ldt)

Bangladesh China India Pakistan

Dry - 380 470 480

Wet - 390 500 510

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

16

Shipping Stocks

Commodities

Commodity Week 44 Week 43 Change (%) Brent Crude (BZ) 115 107 7,48

Natural Gas (NG) 3,67 3,76 -2,39

Gold (GC) 1792 1708 4,92

Copper (LME) 3,52 3,58 -1,68

Wheat (W) 291 296 -1,69

Dry Bulk

Company Stock Exchange Week 44 Week 43 Change % Baltic Trading Ltd (BALT) NYSE 5,58 5,97 -6,53

Diana Shipping Inc (DSX) NASDAQ 8,30 8,41 -1,31

Dryships Inc (DRYS) NASDAQ 2,76 2,90 -4,83

Euroseas Ltd (ESEA) NASDAQ 3,13 3,27 -4,28

Excel Maritime Carriers (EXM) NYSE 2,46 2,96 -16,89

Eagle Bulk Shipping Inc (EGLE) NASDAQ 1,45 1,68 -13,69

Freeseas Inc (FREE) NASDAQ 0,75 0,85 -11,76

Genco Shipping (GNK) NYSE 8,62 9,18 -6,10

Navios Maritime (NM) NYSE 3,73 3,95 -5,57

Navios Maritime PTN (NMM) NYSE 15,61 16,95 -7,91

Paragon Shipping Inc (PRGN) NASDAQ 0,91 1,11 -18,02

Star Bulk Carriers Corp (SBLK) NASDAQ 1,36 1,43 -4,90

Seanergy Maritime Holdings Corp (SHIP) NASDAQ 3,24 3,18 1,89

Safe Bulkers Inc (SB) NYSE 6,73 7,01 -3,99

Golden Ocean Oslo Bors (NOK) 4,39 4,15 5,78

Tankers Capital Product Partners LP (CPLP) NASDAQ 6,54 7,08 -18,75

General Maritime (GMR) NYSE 0,18 0,27 -10,08

Omega Navigation Enterprises (ONAV) NASDAQ 0,21 0,20 -4,67

TOP Ships Inc (TOPS) NASDAQ 2,49 2,82 -7,41

Tsakos Energy Navigation (TNP) NYSE 5,94 6,04 -1,35

Other Aegean Maritime Petrol (ANW) NYSE 5,11 5,37 0,19

Danaos Corporation (DAC) NYSE 3,26 3,90 -5,32

StealthGas Inc (GASS) NASDAQ 4,10 4,20 5,83

Rio Tinto (RTP) NYSE 55,81 58,55 -5,35

Vale (VALE) NYSE 26,12 26,62 -7,25

ADM Archer Daniels Midland (ADM) NYSE 29,05 30,34 -7,13

BHP Billiton (BHP) NYSE 79,00 83,15 -8,24

Financial Market Data

17

Currencies

Week 44 Week 43 Change (%) EUR / USD 1,37 1,41 -2,84

USD / JPY 78,23 75,79 3,22

USD / KRW 1110 1102 0,73

USD / NOK 5,60 5,43 3,13

Bunker Prices

IFO 380 IFO 180 MGO Piraeus 667 709 995

Fujairah 708 730 1055

Singapore 705 715 970

Rotterdam 670 690 1002

Houston 675 708 1000

Port Congestion*

Port No of Vessels

China Rizhao 31

Lianyungang 33

Qingdao 40

Zhanjiang 12

Yantai 21

India

Chennai 7

Haldia 25

New Mangalore 13

Kakinada 37

Krishnapatnam 4

Mormugao 6

Kandla 54

Mundra 16

Paradip 6

Vizag 46

South America

River Plate 237

Paranagua 69

Praia Mole 18

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

anchorage, working, loading or expected to arrive in various ports of China, India and South America during week 44 of year

2011.

Financial Market Data / Bunker Prices / Port Congestion