Capital Link Shipping Weekly Markets Reportfiles.irwebpage.com/newsletters/shipping/2012/... ·...

Monday, April 23, 2012 (Week 17)

IN THE NEWS→ Latest Company News→ Select Dividend Paying Shipping Stocks

CAPITAL MARKETS DATA→ Currencies, Commodities & Indices→ Shipping Equities - Weekly Review→ Weekly Trading Statistics, by Knight Capital→ Shipping Bonds by Knight Capital

SHIPPING MARKETS→ Dry Bulk Market - Weekly Highlights, by Intermodal Shipbrokers → The Week In Review, by Golden Destiny→ Weekly Tanker Market Opinion, by Poten & Partners→ Weekly Freight Rate & Asset Trends, by Intermodal Shipbrokers→ Tanker Market - Weekly Highlights, by Charles R. Weber Company → Container Market - Weekly Highlights, by Braemar Seascope→ S&P Secondhand, Newbuilding & Demolition Markets, by Golden Destiny

TERMS OF USE & DISCLAIMER

CONTENT CONTRIBUTORS

Capital Link Shipping Weekly Markets Report

New York - 230 Park Avenue, Suite 1536, New York, NY, 10169 Tel.: +1 212 661 7566 Fax: +1 212 661 7526London - Longcroft House,2-8 Victoria Avenue, London, EC2M 4NS, U.K Tel. +44(0) 203 206 1320 Fax. +44(0) 203 206 1321Athens - 40, Agiou Konstantinou Str, Suite A 5, 151-24 Athens, Greece Tel. +30 210 6109 800 Fax +30 210 6109 801

Capital Link - New York - London - Athenswww.capitallink.comwww.capitallinkforum.com

www.CapitalLinkShipping.comA web based resource that provides information on the major shipping and stock market

Investor Relations & Financial Advisory

indices, as well as on all shipping stocks. It also features an earnings and conference call calendar, industry reports from major industry participants and interviews with CEOs, analysts and other market participants.

www.CapitalLinkWebinars.comSector Forums & Webinars: Regularly, we organize panel discussions among CEOs, analysts, bankers and shipping industry participants on the developments in the various shipping sectors (containers, dry bulk, tankers) and on other topics of interest (such as Raising Equity in Shipping Today, Scrapping, etc).

Capital Link Investor Shipping ForumsIn New York, Athens and London bringing together investors, bankers, financial advisors, listed companies CEOs, analysts, and shipping industry participants.

www.MaritimeIndices.comCapital Link Maritime Indices: Capital Link developed and maintains a series of stock market maritime indices which track the performance of U.S. listed shipping stocks (CL maritime Index, CL Dry Bulk Index, CL Tanker Index, CL Container Index, CL LNG/LPG Index, CL Mixed Fleet Index, CL Shipping MLP Index – Bloomberg page: CPLI. The Indices are also distributed through the Reuters Newswires and are available on Factset.

Capital Link Shipping Weekly Markets ReportWeekly distribution to an extensive audience in the US & European shipping, financial and investment communities with updates on the shipping markets, the stock market and listed company news.

Operating more like a boutique investment bank rather than a traditional Investor Relations firm, our objective is to assist our clients enhance long term shareholder value and achieve proper valuation through their positioning in the investment community. We assist them to determine their objectives, establish the proper investor outreach strategies, generate a recurring information flow, identify the proper investor and analyst target groups and gather investor and analyst feedback and related market intelligence information while keeping track of their peer group. Also, to enhance their profile in the financial and trade media.

Capital Link is a New York-based Advisory, Investor Relations and Financial Communications firm. Capitalizing on our in-depth knowledge of the shipping industry and capital markets, Capital Link has made a strategic commitment to the shipping industry becoming the largest provider of Investor Relations and Financial Communications services to international shipping companies listed on the US and European Exchanges. Capital Link's headquarters are in New York with a presence in London and Athens.

In our effort to enhance the information flow to the investment community and contribute to improving investor knowledge of shipping, Capital Link has undertaken a series of initiatives beyond the traditional scope of its investor relations activity, such as:

...Linking Shipping and Investors Across the GlobeCapital Link Shipping

Monday, April 16, 2012 (Week 16)Capital Link Shipping Weekly Markets Report

IN THE NEWS

Latest Company NewsMonday, April 16, 2012

Teekay Tankers Ltd. Announces Acquisition of 13 Vessels From Teekay Corporation

Teekay Tankers Ltd. (NYSE: TNK) announced that it has reached an agreement to acquire from Teekay Corporation (NYSE: TK - News) (“Teekay”), a fleet of 13 double-hull conventional oil and product tankers and related time-charter contracts, debt facilities and other assets and rights, for an aggregate purchase price of approximately $455 million. As part of the transaction, Teekay Tankers and Teekay will enter into a non-competition agreement, which will provide Teekay Tankers with a right of first refusal to participate in any new conventional crude oil tanker and product tanker developed by Teekay for a period of three years from the closing date of this transaction.

Teekay Corporation Announces Sale of 13 Vessels to Teekay Tankers

Teekay Corporation (NYSE: TK) announced that it has reached an agreement to sell to its publicly-traded subsidiary, Teekay Tankers Ltd. (NYSE: TNK - News) (Teekay Tankers), 13 of the Company’s 17 directly-owned conventional tankers and related time-charter contracts, debt facilities and other assets and rights, for an aggregate purchase price of approximately $455 million. As part of the transaction, Teekay and Teekay Tankers will enter into a non-competition agreement, which will provide Teekay Tankers with a right of first refusal to participate in any future conventional crude oil tanker and product tanker opportunities developed by Teekay for a period of three years from the closing date of this transaction.

Tuesday, April 17, 2012

Teekay LNG Contemplates Norwegian Bond Issuance

Teekay LNG Partners L.P. (NYSE: TGP) announced that it intends to issue 500-700 million NOK in new senior unsecured bonds in the Norwegian bond market that mature in May 2017 which, at current conversion rates, have an aggregate principal amount equivalent to approximately USD 85-120 million. The proceeds of the bonds are expected to be used for general partnership purposes. Teekay LNG expects to apply for listing of the bond on the Oslo Stock Exchange. A portion of the bonds may be offered in the United States to qualified institutional investors (or QIBs) as defined in Rule 144A of the U.S. Securities Act of 1933 (the Securities Act) concurrently with bonds offered outside of the United States pursuant to Regulation S of the Securities Act. Pareto Securities has been appointed as Lead Manager, and Swedbank First Securities has been appointed Co-Manager of the contemplated bond issuance.

Tsakos Energy Navigation Limited Declares Quarterly Dividend

The Board of Directors of Tsakos Energy Navigation Limited (“TEN” or the “Company”) (NYSE: TNP - News) has declared a quarterly dividend of $0.15 per share of common stock outstanding. The record date is May 21, the payment date is May 25 and the shares will trade ex-dividend on May 17. As of today, the Company has secured charter agreements and renewals with expected minimum revenues in excess of $1 billion over the life of these charters. The Company has 33 out of its 51 vessels under term employment (including the two DP2 shuttle tankers that TEN expects to take delivery in Q1 2013 and Q2 2013 which are fixed on 15-year time charters). In accordance with our dividend policy, payments of dividends are subject to prudent financial policy and the discretion

of the Board of Directors after due consideration of available cash, anticipated cash needs, loan agreement restrictions, and future prospects for earnings and cash flow as well as other relevant factors.

Tsakos Energy Navigation Limited Announces Public Offering of Common Shares

Tsakos Energy Navigation Limited (NYSE: TNP) announced that it plans to offer 10,000,000 of its common shares in a public offering. Entities affiliated with the Tsakos Foundation, which is the Company’s largest shareholder, have indicated their intention to purchase approximately 10% of the common shares sold in the offering. In connection with the offering, the Company intends to grant the underwriters a 30-day option to purchase up to 1,500,000 additional common shares. The Company plans to use the net proceeds of the offering to fund growth initiatives, including LNG, working capital and other general corporate purposes. Credit Suisse is acting as book-running manager, Morgan Stanley is acting as senior co-manager, and Clarkson Capital Markets and Dahlman Rose & Co. are acting as co-managers of the offering, which will be made under an effective shelf registration statement.

Seaspan Declares Dividend on its 9.5% Series C Preferred Shares

Seaspan Corporation (NYSE: SSW) announced today that the Company’s Board of Directors has declared a quarterly dividend of $0.59375 per share on its 9.5% Series C preferred shares for the period from January 30, 2012 to April 29, 2012. The dividend will be paid on April 30, 2012 to all 9.5% Series C preferred shareholders of record as of April 27, 2012.

Wednesday, April 18, 2012

Safe Bulkers Announces Annual Meeting of Stockholders

Safe Bulkers, Inc. (NYSE: SB) announced that its Board of Directors has called an annual meeting of the stockholders to be held in Athens, Greece on June 6, 2012. Stockholders of record at the close of business on May 7, 2012 will be entitled to receive notice of, and to vote at, the annual meeting, or any adjournments or postponements thereof. Formal notice of the meeting and the Company’s proxy statement will be sent to stockholders of the Company in due course.

Seaspan Accepts Delivery of Seventh 13100 TEU Containership

Seaspan Corporation (NYSE: SSW) announced that it accepted delivery of a 13100 TEU containership, the COSCO Hope. The new containership, which was constructed by Hyundai Heavy Industries Co., Ltd., is Seaspan’s third delivery in 2012 and expands the Company’s operating fleet to 68 vessels. The COSCO Hope is on charter to COSCO Container Lines Co., Ltd. (“COSCON”) under a twelve-year, fixed-rate time charter. The ship is the seventh of eight 13100 TEU sister ships and the 17th of a total of 18 vessels to be chartered by Seaspan to COSCON.

Thursday, April 19, 2012

Tsakos Energy Navigation Limited Announces Pricing of Its Public Offering of Common Shares

Tsakos Energy Navigation Limited (NYSE: TNP) announced that its offering of 10,000,000 common shares was priced at $6.50


IN THE NEWS

Latest Company News

The leading specialist in international transport finance

www.dvbbank.com

Frankfurt/Main · Hamburg · London · Cardiff · Rotterdam · BergenOslo · Piraeus · Zurich · Singapore · Tokyo · New York · Curaçao

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per share, representing a 3.4% discount from the closing price on April 18, 2012. Entities affiliated with the Tsakos Holdings Foundation, which is the Company’s largest shareholder, have agreed to purchase two million of the common shares being sold in the offering. The gross proceeds from the offering are expected to be approximately $65,000,000. The Company has also granted the underwriters a 30-day option to purchase up to 1,500,000 additional common shares. The Company plans to use the net proceeds of the offering to fund growth initiatives, including LNG, working capital and other general corporate purposes.

Costamare Inc. Declares Quarterly Dividend of $0.27 per Share

Costamare Inc. (NYSE: CMRE) declared a cash dividend on its common stock of $0.27 per common share, payable on May 9, 2012 to stockholders of record at the close of trading of the Company’s common stock on the New York Stock Exchange on April 30, 2012. The Company has 67,800,000 shares of common stock outstanding as of today.

Friday, April 20, 2012

STEALTHGAS INC. Announces New Charter Arrangements for Ten Vessels

STEALTHGAS INC. (Nasdaq:GASS) announced an update on its chartering arrangements. With the above charter arrangements the Company will secure future revenues of approximately $13.5 million for 2012 and $58 million thereafter. And the average time charter equivalent rate for the LPG carrier charters above is approximately $10,800 per day. Contracted coverage for the fleet is elevated to 80% for 2012 and 55% for 2013.


IN THE NEWS

Select Dividend Paying Shipping Stocks

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36,000 weekly recipients around the globeJoin a select group of shipping & financial industry’s advertisers by promoting your brand with

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For additional advertising information and a media kit, please contact/email:

Nicolas Bornozis at +1 212 661-7566, [email protected]

Company Name Ticker Quarterly Dividend

Annualized Dividend

Last Closing Price (APR. 13, 2012)

Annualized Dividend Yield

Containers Costamare Inc CMRE $0.27 * $1.08 $14.15 7.63% Dry Bulk Globus Maritime Limited GLBS $0.16 $0.64 $4.70 13.62% Navios Maritime Holdings Inc NM $0.06 $0.24 $3.84 6.25% Navios Maritime Partners NMM $0.44 $1.76 $15.53 11.33% Safe Bulkers Inc SB $0.15 $0.60 $6.44 9.32% Star Bulk Carriers Corp SBLK $0.015 $0.06 $0.94 6.38% Tankers Capital Product Partners Lp CPLP $0.2325 $0.93 $8.44 11.02% Navios Maritime Acquisition Corp NNA $0.05 $0.20 $3.10 6.45% Tsakos Energy Navigation Ltd TNP $0.15 $0.60 $6.38 9.40% Mixed Fleet Euroseas Ltd ESEA $0.05 $0.20 $1.89 10.58%

London Listed Companies (Great British Pence) Ticker

2011 Total Dividend

Last Closing Price (APR. 13, 2012)

Annualized Dividend Yield

Goldenport Holdings GPRT 6.00 86.75 6.92%

*Board approved an eight percent (8%) dividend increase, beginning with the third quarter 2011 dividend, raising the quarterly dividend from $0.25 to $0.27 per common share.


CAPITAL MARKETS DATA

Currencies, Commodities & IndicesWeek ending Friday, April 20, 2012

KEY CURRENCY RATES

Rate Current Price Price Last Week % Change YTD %Chg 52 Week High 52 Wk Low 3-Month LIBOR (USD) 0.4657 0.4662 -0.11% -20.06% 0.5393 0.2844 10-Yr US Treasury Yield 1.9629 1.9823 -0.98% 0.80% 3.3190 2.3833 USD/EUR 0.7562 0.7646 -1.10% -1.31% 0.7920 0.6694 USD/GBP 0.6203 0.6309 -1.68% -2.91% 0.6563 0.5972 USD/JPY 81.7400 81.0600 0.84% 6.63% 84.1900 75.3800 USD/CNY 6.3030 6.2989 0.07% 0.10% 6.5395 6.2870

PRECIOUS METALS

Current Price Price Last Week % Change YTD %Chg 52 Week High 52 Wk Low Copper 370.65 363.45 1.98% 5.04% 452.6 308 Gold 1,644.20 1,674.18 -1.79% 2.68% 1,921.15 1,462.45 Palladium 676.9 647.2 4.59% 2.02% 773.6 583.25 Platinum 1,581.00 1,602.00 -1.31% 11.03% 1,916.75 1,344.25 Silver 31.8 32.34 -1.66% 8.20% 49.79 26.07

KEY AGRICULTURAL & CONSUMER COMMODITIES

Current Price Price Last Week % Change YTD %Chg 52 Week High 52 Wk Low Cocoa 2,269.00 2,200.00 3.14% 7.28% 3,369.00 2,027.00 Coffee 178.95 180.2 -0.69% -21.24% 306.3 173.9 Corn 603 620.75 -2.86% -8.43% 795 591 Cotton 91.01 89.73 1.43% -5.00% 117 84.01 Soybeans 1,449.50 1,440.75 0.61% 18.09% 1,470.75 1,125.50

Sugar #11 21.55 22.81 -5.52% -12.08% 27.03 21 Wheat 623 630.25 -1.15% -5.18% 957.5 609.25

KEY FUTURES

Commodities Current Price Price Last Week % Change YTD %Chg 52 Week High 52 Wk Low Gas Oil Futures 998.25 1,006.50 -0.82% 5.44% 1,046.25 809.25 Gasoline RBOB Future 314.27 334.61 -6.08% 14.34% 342.78 247.07 Heating Oil Future 313.76 317.46 -1.17% 3.27% 331.27 258

Natural Gas Future 1.93 1.98 -2.73% -35.62% 4.98 1.9

WTI Crude Future 103.88 103.32 0.54% 0.89% 113.99 76.88



Currencies, Commodities & IndicesMAJOR INDICES

Index Symbol Close Last Week % Change YTD % Change 4-Jan-12

Dow Jones INDU 13,029.26 12,849.59 1.40% 5.10% 12,720.48

Dow Jones Transp. TRAN 5,234.25 5,197.04 0.72% 3.33% 5,280.75

NASDAQ CCMP 3,000.45 3,011.33 -0.36% 13.28% 2,786.70

NASDAQ Transp. CTRN 2,368.20 2,390.12 -0.92% 8.23% 2,297.32

S&P 500 SPX 1,378.53 1,370.26 0.60% 7.95% 1,315.38

Russell 2000 Index RTY 804.05 796.29 0.97% 6.88% 784.62

Amex Oil Index XOI 1,202.79 1,201.15 0.14% -4.60% 1,273.79

FTSE 100 Index UKX 5,772.15 5,651.79 2.13% 1.27% 5,728.55

CAPITAL LINK MARITIME INDICES

Index Symbol 20-April-12 13-April-12 % Change 4-Jan-12 YTD % Change

Capital Link Maritime Index CLMI 2,182.59 2,150.22 1.51% 2,185.20 -0.12% Tanker Index CLTI 2,213.55 2,212.61 0.04% 1,888.57 17.21% Drybulk Index CLDBI 653.07 642.96 1.57% 661.81 -1.32% Container Index CLCI 1,206.06 1,182.42 2.00% 1,112.58 8.40% LNG/LPG Index CLLG 3,732.38 3,682.10 1.37% 3,810.14 -2.04% Mixed Fleet Index CLMFI 1,199.11 1,211.19 -1.00% 1,030.58 16.35% MLP Index CLMLP 3,103.92 3,086.77 0.56% 2,755.12 12.66%

BALTIC INDICES

Index Symbol 20-April-12 13-April-12 % Change 4-Jan-12 YTD % Change Baltic Dry Index BDIY 1,067 972 9.77% 1,624 -34.30% Baltic Capesize Index BCIY 1,533 1,572 -2.48% 2,955 -48.12% Baltic Panamax Index BPIY 1,487 1,158 28.41% 1,619 -8.15%

Baltic Supramax Index BSI 1,020 936 8.97% 1,158 -11.92% Baltic Handysize Index BHSI 562 540 88.89% 570 78.95%

Baltic Dirty Tanker Index BDTI 740 782 -5.37% 783 -5.49% Baltic Clean Tanker Index BCTI 635 639 -0.63% 762 -16.67%



Shipping Equities: The Week in Review

MARITIME INDEX DAILY COMPARISON CHARTS (52 WEEK)*

CAPITAL LINK TANKER INDEX DAILY COMPARISON CHARTS

CAPITAL LINK DRY BULK INDEX DAILY COMPARISON CHARTS

*SOURCE: BLOOMBERG

0.700.750.800.850.900.951.001.051.101.15

Capital Link Maritime Index S&P 500 Russell 2000

0.350.500.650.800.951.101.251.401.55

Capital Link Drybulk Index Baltic Dry Index

0.500.700.901.101.301.501.701.90

Capital Link Tanker Index Baltic Clean Tanker Index Baltic Dirty Tanker Index

SHIPPING EQUITIES OUTPERFORM THE BROADER MARKET

CONTAINER THE BEST PERFORMER

During last week, shipping equities outperformed the broader market, with the Capital Link Maritime Index (CLMI), a composite index of all US listed shipping stocks soaring 1.51%, compared to the S&P 500 inching up 0.60%, and the Dow Jones Industrial Average (DJII) increasing 1.40%.

Container equities performed the best during last week, with the Index up 2.00%, followed by Dry Bulk Index increasing 1.57%. Mixed Fleet equities were the worst again last week, with Capital Link Mixed Fleet Index losing 1.00%. The biggest winners in Shipping Equities last week were NewLead Holdings, Ltd (NEWL), Baltic Trading Limited (BALT) and Star Bulk Carriers (SBLK), up 18.70%, 13.73% and 8.05%, respectively.

Dry Bulk shipping stocks underperformed the physical market last week, with the Capital Link Dry Bulk Index climbing up 1.57%, compared to the Baltic Dry Index (BDI) gaining 9.77%. Year-to-date, the BDI is now losing 34.30% compared to the Capital Link Dry Bulk Index down 1.32%.

Tanker stocks outperformed the physical market, with Capital Link Tanker Index gaining 0.04% last week, compared to Baltic Dirty Tanker Index (BDTI) losing 5.37% and Baltic Clean Tanker Index (BCTI) down 0.63%. Crude and product tanker rates both fell during last week. Year-to-date, the BDTI lost 5.49% and the BCTI sliding 16.67%, while Capital Link Tanker Index stays positive with a gain of 17.21%.

The Trading Statistics supplied by Knight Capital provide details of the trading performance of each shipping stock and analyze the market’s trading momentum and trends for the week and year-to-date.

The objective of the Capital Link Maritime Indices is to enable investors, as well as all shipping market participants, to better track the performance of listed shipping stocks individually, by sector or as an industry. Performance can be compared to other individual shipping stocks, to their sector, to the broader market, as well as to the physical underlying shipping markets or other commodities. The Indices currently focus only on companies listed on US Exchanges providing a homogeneous universe. They are calculated daily and are based on the market capitalization weighting of the stocks in each index. In terms of historical data, the indices go back to January 1, 2005, thereby providing investors with significant historical performance.

There are seven indices in total; the Capital Link Maritime Index comprised of all 44 listed shipping stocks, and six Sector Indices, the CL Dry Bulk Index, the CL Tanker Index, the CL Container Index, the CL LNG / LPG Index, the CL Mixed Fleet Index and the CL Maritime MLP Index.

The Index values are updated daily after the market close and can be accessed at www.CapitalLinkShipping.com or at or www.MaritimeIndices.com. They can also be found through the Bloomberg page “CPLI” and Reuters.

http://www.CapitalLinkShipping.com

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Weekly Trading Statistics

Custom Statistics Prepared Weekly for Capital Link Shipping

BROAD MARKET Percent Change of Major Indexes for the Week Ending Friday, April 20, 2012 Name Symbol Close Net Gain Percent Gain Dow Jones Industrial Average Index INDU 13029.11 179.52 1.40% Russell 2000 Index RUT 803.86 7.57 0.95% Dow Jones Transportation Index TRAN 5234.53 37.49 0.72% Russell 3000 Index RUA 816.08 5.35 0.66% Russell 1000 Index RUI 762.78 4.81 0.63% S&P 500 Index SPX 1378.51 8.25 0.60% Nasdaq Composite Index COMPX 3000.45 -10.88 -0.36% Nasdaq-100 Index NDX 2676.04 -22.95 -0.85% Nasdasq Transportation Index TRANX 2368.2 -21.92 -0.92% Phlx Semiconductor Sector Index SOX 405.15 -11.28 -2.71%

Index Data: INDU (Dow Jones Industrial Average Index. The INDU closed today at 13,029.11 for a weekly gain of 179.52 pts (+1.3971%). The high of the week was 13,168.33 while the low was 12,840.51 (close = 57.53% of high/low range). The INDU closed 2.27% from its 52 week high (13,331.77) and 25.74% from its 52 week low (10,362.26).

INDU Important Moving Averages

50 Day: 13,011.74 100 Day: 12,672.10 200 Day: 12,147.38

SHIPPING INDUSTRY DATA (50 Companies) Moving Averages

48.84% closed > 10D Moving Average. 30.23% closed > 50D Moving Average. 65.12% closed > 100D Moving Average. 60.47% closed > 200D Moving Average. Top Upside Momentum (Issues with the greatest

100 day upside momentum*) Top Downside Momentum (Issues with the greatest

100 day downward momentum*)

Symbol Close Weekly % Change

50-Day % Change

NEWL 3.11 18.70% 385.94% FREE 1.39 -9.15% 95.77% SHIP 3.81 -3.79% 47.10% ANW 7.45 -5.10% 38.22% GSL 3.3 -3.23% 40.43% GASS 6.15 7.33% 42.36% FRO 6.08 -8.98% 19.92% EGLE 1.78 5.33% 20.27% TNK 5.41 -2.35% 39.07% TK 35.19 0.74% 32.69%

*Momentum: (100D % change) + 1.5*(50D % change) + 2.0*(10D % change) for each stock then sort group in descending order and report the top 10.

Symbol Close Weekly % Change

50-Day % Change

TRMD 0.42 -8.70% -51.16% ESEA 1.89 -2.58% -32.98% VLCCF 11.84 -7.57% -18.46% GNK 5.49 2.43% -30.68% DHT 0.8 -1.23% -29.82% OSG 10.19 1.80% -16.54% SBLK 0.94 8.05% -16.81% GLNG 37.5 2.46% -9.59% PRGN 0.73 1.39% -3.95% DAC 3.77 -1.57% -17.86%

*Momentum: (100D % change) + 1.5*(50D % change) + 2.0*(10D % change) for each stock - sort names that have a negative value in ascending order - report the top 10.



Weekly Trading StatisticsTop Largest Weekly Trading Gains Top Largest Weekly Trading Losses

Symbol Close One Week Ago

Friday Close

Net Change

% Change

NEWL 2.62 3.11 0.49 18.70% BALT 4.08 4.64 0.56 13.73% SBLK 0.87 0.94 0.07 8.05% GASS 5.73 6.15 0.42 7.33% ALEX 48.12 50.93 2.81 5.84% EXM 1.66 1.75 0.09 5.42% EGLE 1.69 1.78 0.09 5.33% SSW 16.44 16.97 0.53 3.22% DSX 7.76 7.98 0.22 2.84% SB 6.28 6.44 0.16 2.55%

Symbol Close One Week Ago

Friday Close

Net Change % Change

TNP 8.07 6.37 -1.70 -21.07% TOPS 2.38 2.16 -0.22 -9.24% FREE 1.53 1.39 -0.14 -9.15% FRO 6.68 6.08 -0.60 -8.98% TRMD 0.46 0.42 -0.04 -8.70% VLCCF 12.81 11.84 -0.97 -7.57% ANW 7.85 7.45 -0.40 -5.10% DRYS 3.29 3.16 -0.13 -3.95% SHIP 3.96 3.81 -0.15 -3.79% GSL 3.41 3.3 -0.11 -3.23%

Top Largest Monthly Trading Gains (A month has been standardized to 20 trading days)

Top Largest Monthly Trading*Losses (A month has been standardized to 20 trading days)

Symbol Prior Close

Friday Close

Net Change % Change

NEWL 1.95 3.11 1.16 59.49% FREE 1.09 1.39 0.30 27.52% BALT 3.89 4.64 0.75 19.28% CPLP 7.74 8.44 0.70 9.04% ALEX 46.77 50.93 4.16 8.89% TNK 5 5.41 0.41 8.20% TK 32.56 35.19 2.63 8.08% ANW 6.91 7.45 0.54 7.81% EGLE 1.68 1.78 0.10 5.95% DAC 3.56 3.77 0.21 5.90%

Symbol Prior Close

Friday Close Net Change %

Change TRMD 0.62 0.42 -0.20 -32.26% DHT 1.01 0.8 -0.21 -20.79% ESEA 2.32 1.89 -0.43 -18.53% VLCCF 14.5 11.84 -2.66 -18.34% TNP 7.74 6.37 -1.37 -17.70% GNK 6.26 5.49 -0.77 -12.30% PRGN 0.82 0.73 -0.09 -10.98% FRO 6.8 6.08 -0.72 -10.59% GLBS 5.24 4.7 -0.54 -10.31% EXM 1.93 1.75 -0.18 -9.33%

Stocks Nearest to 52-Week Highs Stocks Nearest To 52-Week Lows Symbol 52W High % Away TK 36.28 -2.99% ALEX 52.54 -3.06% TGP 40.44 -3.14% TOO 30.14 -4.28% GASS 6.45 -4.65% GMLP 39.05 -7.32% SSW 19.98 -15.07% SB 7.68 -16.11% CPLP 10.17 -16.99% CMRE 17.15 -17.51%

Symbol 52W Low % Away VLCCF 11.80 0.34% ESEA 1.86 1.61% SBLK 0.85 10.56% DSX 6.59 21.09% DHT 0.64 25.00% SB 5.06 27.18% NAT 11.11 27.46% EXM 1.37 27.74% NNA 2.42 28.08% OSG 7.86 29.64%

Top Stocks with Highest Weekly Volume Run Rate* > 1

Symbol Close Net % Change Run Rate TNP 6.37 -21.07% 7.1176 NEWL 3.11 18.70% 5.7688 TRMD 0.42 -8.70% 1.6638 TGP 39.17 1.35% 1.6346 ESEA 1.89 -2.58% 1.6265 GASS 6.15 7.33% 1.4905 CMRE 14.15 2.17% 1.4321 ALEX 50.93 5.84% 1.2973 ANW 7.45 -5.10% 1.2340 FREE 1.39 -9.15% 1.1763

*The Volume Run Rate is calculated by dividing the current week's volume by the average volume over the last 20 weeks. For example, a run rate of 2.0 means the stock traded twice its average volume.



Get your message across to

36,000 weekly recipients around the globeJoin a select group of shipping & financial industry’s advertisers by promoting your brand with

Capital Link’s Shipping Weekly Markets Report.

For additional advertising information and a media kit, please contact/email:

Nicolas Bornozis at +1 212 661-7566, [email protected]

Weekly Trading StatisticsTop Year-To-Date Gainers Top Year-To-Date Decliners

Symbol YTD Gain % NEWL 576.09% FREE 223.26% EGLE 89.36% ANW 83.05% GSL 82.32% SHIP 76.39% GASS 59.33% DRYS 58.00% TNK 57.73% SFL 48.36%

Symbol YTD Decline % TRMD -35.38% GNK -18.79% ESEA -18.18% GLNG -14.95% VLCCF -10.51% OSG -6.77%

The following are the 43 members of this group: Symbol – Name: ALEX - Alexander & Baldwin Inc; ANW - Aegean Marine Petroleum Network Inc; BALT - Baltic Trading Ltd; CPLP - Capital Product Partners LP; CMRE- Costamere, Inc.; DAC - Danaos Corp; DCIX – Diana Containerships; DHT - DHT Maritime Inc; DRYS - DryShips Inc; DSX - Diana Shipping Inc; EGLE - Eagle Bulk Shipping Inc; ESEA - Euroseas Ltd; EXM - Excel Maritime Carriers Ltd; FREE – FreeSeas; FRO - Frontline Ltd; GASS - StealthGas Inc; GLBS – Globus Maritime Limited ; GLNG - Golar LNG Ltd; GMLP – Golar LNG Partners; GNK - Genco Shipping & Trading Ltd; GSL - Global Ship Lease Inc; NAT - Nordic American Tanker Shipping; NEWL - NewLead Holdings Ltd; NM - Navios Maritime Holdings Inc; NMM - Navios Maritime Partners LP; NNA - Navios Maritime Acquisition Corp; OSG - Overseas Shipholding Group Inc; PRGN - Paragon Shipping Inc; SB - Safe Bulkers Inc; SBLK - Star Bulk Carriers Corp; SFL - Ship Finance International Ltd; SHIP - Seanergy Maritime Holdings Corp; SSW - Seaspan Corp; STNG - Scorpio Tankers Inc; TGP - Teekay LNG Partners LP; TK - Teekay Corp; TNK - Teekay Tankers Ltd; TNP - Tsakos Energy Navigation Ltd; TOO - Teekay Offshore Partners LP; TOPS - TOP Ships Inc; TRMD - D/S Torm A/S; VLCCF - Knightsbridge Tankers Ltd DISCLAIMER This communication has been prepared by Knight Equity Markets, L.P. The information set forth above has been compiled from third party sources believed by Knight to be reliable, but Knight does not represent or warrant its accuracy, completeness or timeliness of the information and Knight, and its affiliates, are not responsible for losses or damages arising out of errors or omissions, delays in the receipt of this information, or any actions taken in reliance thereon. The information provided herein is not intended to provide a sufficient or partial basis on which to make an investment decision. The communication is for your general information only and is not an offer or solicitation to buy or sell any security or product. Knight and its affiliates most likely make a market in the securities mentioned in this document. Historical price(s) or value(s) are as of the date and, if applicable, time indicated. Knight does not accept any responsibility to update any information contained in this communication. Knight and/or its affiliates, officers, directors and employees, including persons involved in the preparation or issuance of this material, may, from time to time, have long or short positions in, or buy or sell (on a principal basis or otherwise) the securities mentioned in this communication which may be inconsistent with the views expressed herein. Questions regarding the information presented herein or a request for a copy of this document should be referred to your Knight representative. Copyright 2011 Knight Equity Markets, L.P. Member NASD/SIPC. All rights reserved.



Shipping Bonds Contributed by

The current year to date high yield deal volume is $112.116 billion in 228 deals, compared to last year’s $115.285 billion in 268 deals. Of the 228 deals year to date, 175 of them were by U.S. Issuers and 211 of them were dollar denominated. The month to date high yield deal volume is $14.846 billion in 31 deals, compared to last year’s $20.972 billion in 50 deals for the same period. The default rate by number of issuers is 0.77% for April, versus 0.61% in March. The shadow default rate is 1.7%. On the high yield calendar there are $2.725 billion deals being marketed. There was one new BWIC this week for $25.2 million. Year to date, total BWIC volume is $1.1 billion, versus $1.2 billion for the time period last year. Data from EPFR Global reported an inflow to HY funds of $589 million for the week ended April 18th.

Teekay LNG Partners issued NOK 700 of bonds due in 2017. Proceeds are for general partnership purposes.



Shipping Bonds

© September 2010 Knight Capital Group, Inc. All rights reserved.Knight Equity Markets, L.P. and Knight Capital Markets LLC are o�-exchange liquidity providers and members of FINRA and SIPC. To learn about Knight Capital Group, Inc. (NYSE Euronext: KCG) go to knight.com.

Knight Corporate Access is an unbiased service for issuers to

connect with institutional investors. Through a combination of

strategic investor introductions, thought leadership initiatives

and market insight, Knight can help strengthen and diversify a

company’s investor base.

Knight is the leading source of o�-exchange liquidity in U.S.

equities and has a greater share volume than any U.S. exchange.

For additional information,please contact:

Sandy Reddin

phone 212-455-9255email [email protected]


SHIPPING MARKETS

Dry Bulk Market - Weekly HighlightsContributed by

IntermodalIntermodal Shipbrokers Co.17th km Ethniki Odos Athens-Lamia & 3 Agrambelis Street,145 64 N. Kifisia,Athens - Greece

Phone: +30 210 6293300Website: www.intermodal.gr

Returning from all the Easter Holidays, the dry bulk market has made a notable recovery finally breaking the psychological barrier of 1,000 index points this week. With the exception of the Capesize segment, all other size groups started to witness a significant recovery in freight levels as activity started to pick up once more. The Capesize sector seems to be still suffering from a general lack of activity from the main iron ore traders, leaving as such significant tonnage lists all around. In the Panamax sector there was a significant rise seen in freight levels as the low availability of promptly open vessels left owners with the main bargaining power to push charterers further. Similarly Supras and Handies benefited from increased activity, although the Handies seem to be still lagging behind with relatively low rates.

Baltic Indices / Dry Bulk Spot Rates

Week 16 20/04/12 Week 15 13/04/12

±% PointDiff

2012 2011

Avg Index Avg IndexIndex $/day Index $/day

BDI 1,067 972 9.8% 95 885 1,549

BCI 1,533 $6,598 1,572 $6,992 -2.5% -39 1,574 2,237

BPI 1,487 $11,882 1,158 $9,264 28.4% 329 1,027 1,749

BSI 1,020 $10,667 936 $9,790 9.0% 84 854 1,377

BHSI 562 $8,482 540 $8,201 4.1% 22 479 718

Entering into the harvest season, grain trade from ECSA and USGulf has showen increased activity feeding the smaller size segments with a significant volume of fresh inquiries. This increased activity as usual, should keep the market fairly active over the next months while at the same time grain trade is expected to be much firmer this year. At the same time things are still looking fairly pessimistic for the iron ore trade, where stockpiles in China are still recorded to be and excessively high levels while there are forecasts of a lsowing down in steel production over the next couple of months. This has also had a slightly negative effect in the Cocking Coal trade were we have seen a slight slowdown in reported activity these past weeks.

020406080100120140160

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Baltic Dry

p The Baltic Dry Index closed on Friday the 20th of April at 1,067 points with a weekly gain of 95 points or 9.8% over previous week’s closing. (Last Friday’s the 13th of April closing value was recorded at 972 points).

0

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Capesize

CAPESIZE MARKET - q The Baltic Cape Index closed on Friday the 20th of April at 1,533 points with a weekly loss of -39 points. For this week we monitor a -2.5% change on a week-on-week comparison, as Last Friday’s the 13th of April closing value was 1,572 points). It is worth noting that the annual average of 2011 for the Cape Index is currently calculated at 1,574 points, while the average for the year 2010 was 2,237 points.

Week No. of Fixtures Highest Fixture

Lowest Fixture

this week 5 $27,500 $3,750last week 3 $14,000 $10,000

Week Period Charter Trip Charterthis week $11,500 $20,500last week $12,000 $13,000


SHIPPING MARKETS

Dry Bulk Market - Weekly HighlightsFor Week 16 we have recorded a total of 5 timecharter fixtures in the Capesize sector, 1 for period charter averaging $11,500 per day, while 4 trip charters were reported this week with a daily average of $20,500 per day.

This week’s fixture that received the lowest daily hire was the M/V ‘’BULK AUSTRALIA’’, 170578 dwt, built 2002, dely Ashkelon 18/20 Apr , redely Skaw-Cape Passero, $3750, Swiss Marine, for a transatlantic round, <fixed 12/04> 50$ improved from last week, and the fixture with the highest daily hire was the M/V ‘’GENCO TITUS’’, 177729 dwt, built 2009, dely aps Yuzhnny ppt , redely Singapore-Japan, $27500, CMN, for a trip, 200000 bb 2000$ improved from last week.

The BCI is showing a -2.5% decrease on a weekly comparison, a 9.2% rise on a 1 month basis, a -1.4% decrease on a 3 month basis, a -57.3% decrease on a 6 month basis and a -0.8% decrease on a 12 month basis.

0102030405060708090100

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Panamax

PANAMAX MARKET - p The Baltic Panamax Index closed on Friday the 20th of April with a gain at 1,487 points having gained 329 points on a weekly comparison. It is worth noting that last Friday’s the 13th of April saw the Panamax index close at 1,158 points. The week-on-week change for the Panamax index is calculated to be 28.4%, while the yearly average for the Baltic Panamax Index for this running year is calculated at 1,027 points while the average for 2010 was 1,749 points.

Week No. of Fixtures

Highest Fixture

Lowest Fixture



For Week 16 we have recorded a total of 59 timecharter fixtures in the Panamax sector, 6 for period charter averaging $11,950 per day, while 53 trip charters were reported this week with a daily average of $13,542 per day.

The daily earnings differential for the Panamaxes, that we calculate from all this week’s reported fixtures, i.e. the difference between the

lowest and highest reported fixture for this week was improved, and this week’s fixture that received the lowest daily hire was the M/V ‘’AENAOS’’, 72413 dwt, built 1998, dely Xiamen 13/15 Apr , redely China, $7800, NCS, for a trip via Indonesia 1300$ improved from last week, and the fixture with the highest daily hire was the M/V ‘’TAI PROSPERITY’’, 77747 dwt, built 2001, dely Constanza 3/5 May , redely India, $31000, Oldendorff, for a trip 11100$ improved from last week.

The BPI is showing a 28.4% rise on a weekly comparison, a 46.5% rise on a 1 month basis, a 45.8% rise on a 3 month basis, a -28.6% decrease on a 6 month basis and a 9.0% rise on a 12 month basis.

05101520253035404550

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Supramax

SUPRAMAX & HANDYMAX MARKET - p The Baltic Supramax Index closed on Friday the 20th of April at 1,020 points up with a weekly gain of 84 points or 9.0% . The Baltic Supramax index on a weekly comparison is with an upward trend as last Friday’s the 13th of April closing value was 936 points. The annual average of the BSI is recorded at 854 points while the average for 2010 was 1,377 points.

Week No. of Fixtures

Highest Fixture

Lowest Fixture



For Week 16 we have recorded a total of 29 timecharter fixtures in the Supramax & Handymax sector, 6 for period charter averaging $12,042 per day, while 23 trip charters were reported this week with a daily average of $14,337 per day.

The minimum vs maximum daily rate differential as analyzed from our fixtures database was overall reduced and from the reported fixtures we see that this week’s fixture that received the lowest daily hire was the M/V ‘’GREAT ETERNITY’’, 46194 dwt, built 1998, dely dop Kwangyang spot , redely Chittagong, $8750, Chart Not Rep, for a trip -250$ reduced from last week, and the fixture with the highest daily hire was the M/V ‘’ACHILLEAS S’’, 58018 dwt, built 2010, dely passing Singapore spot , redely S China intention coal,


SHIPPING MARKETS

Dry Bulk Market - Weekly Highlights$19000, Chart Not Rep, for a trip via Indonesia -2500$ reduced from last week.

The BSI is showing a 9.0% rise on a weekly comparison, a 1.3% rise on a 1 month basis, a 26.4% rise on a 3 month basis, a -36.0% decrease on a 6 month basis and a -26.7% decrease on a 12 month basis.

024681012141618

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Handysize

HANDYSIZE MARKET - p The Baltic Handysize Index closed on Friday the 20th of April with an upward trend at 562 points with a weekly gain of 22 points and a percentage change of 4.1%. It is noted that last Friday’s the 13th of April closing value was 540 points and the average for 2011 is calculated at 479 points while the average for 2010 was 718 points.

Week No. of Fixtures Highest Fixture

Lowest Fixture


Week Period Charter Trip Charterthis week $0 $13,500last week $8,200 $12,233

For Week 16 we have recorded a total of 1 timecharter fixtures in the Handysize sector, 0 for period charter averaging $0 per day, while 8 trip charters were reported this week with a daily average of $13,500 per day.

The minimum vs maximum daily rate differential as analyzed from our fixtures database was overall reduced and this week’s fixture that received the lowest daily hire was the M/V ‘’NIKI T’’, 27827 dwt, built 1997, dely USGulf spot , redely E Med intention pet coke, $13500, Italian a/c, for a trip 5000$ improved from last week and the fixture with the highest daily hire was the M/V ‘’NIKI T’’, 27827 dwt, built 1997, dely USGulf spot , redely E Med intention pet coke, $13500, Italian a/c, for a trip 1500$ improved from last week.

The BHI is showing a 4.1% change on a weekly comparison, a 6.0% rise on a 1 month basis, a 15.9% rise on a 3 month basis, a -31.6% decrease on a 6 month basis and a -30.0% decrease on a 12 month basis.

All Baltic Dry Indices, 1 day, 1week , 1 month, 3 months, 6 months and 12 months % changes based on last Friday’s closing figures.

INDEX 1 DAY 1 WEEK 1 MONTH 3 MONTHS 6 MONTHS 1 YEAR

BDI 3.8% 9.8% 19.1% 23.8% -50.9% -14.6%

BCI -0.1% -2.5% 9.2% -1.4% -57.3% -0.8%

BPI 9.8% 28.4% 46.5% 45.8% -28.6% 9.0%

BSI 2.8% 9.0% 1.3% 26.4% -36.0% -26.7%

BHI 1.1% 4.1% 6.0% 15.9% -31.6% -30.0%


SHIPPING MARKETS

The Week In ReviewContributed by

Golden Destiny S.A. Golden Destiny S.A.57 Akti Miaouli, Piraeus, 18536,Greece

Phone: +30 210 4295000Website: www.goldendestiny.gr

ECONOMIC ENVIRONMENT

The prospects of global economy remain fragile with some signs of a slow improvement, while the International Monetary Fund urges eurozone to step up efforts to recapitalize its banks via the European Financial Stability Facility or the European Stability Mechanism for strengthening the region’s firewall. According to the IMF’s latest forecast, global growth is expected to remain weak with high unemployment ratio in many advanced economies and signs of gradual recovery in United States. The IMF expects the global economy to grow 3.5% this year from close to 4% in 2011, with the eurozone economy shrinking to 0.3%, from 0.5% predicted in January, while it raised its projection for the United States to 2.1% this year and 2.4% next year from 1.7% in 2011. In Japan, the country will see a recovery of 2% from its destructive earthquake and tsunami.

The fund also stressed the necessity of more capital in the euro zone; otherwise a drastic contraction of European bank balance sheets during the next 18 months could jeopardize financial stability and economic growth in Europe and beyond. In its Global Financial Stability Report, the fund warned that European banks set to shrink their balance sheets by $2,6 trillion during the next 18 months, which will lead to a 7% contraction of their asset by the end of next year, unless officials improved their policy response The fund said that policies such as a consideration of more easing by the European Central Bank and further structural reforms, as well as progress on bank restructuring and resolution, would prompt a smaller, 6% contraction in banks’ balance sheets and a boost in the euro area growth by 0.6%.

Japan, the world’s third largest economy, became the largest donor outside of Europe, by providing $60 billion to the International Monetary Fund for bolstering the fund’s resources against any deepening of Europe’s debt crisis. Finance Minister Jun Azumi unveiled the commitment in speaking to reporters in Tokyo before semi annual meetings of the IMF and World Bank in Washington on April 20-22. He also mentioned that the stance of Japan is in the same direction with China and hopes that Japan’s pledge will accelerate the commitments of others.

In the eurozone, inflation ended higher than predicted in March by climbing to 2.7%, up from the initial forecast of 2.6%, according to Eurostat, the EU’s statistics office. Worries surround the euro prosperity with experts suggesting that Spain bailout is only a matter of time, but there is not certain yet how much money will be needed and when. Prime Minister Mariano Rajoy has repeatedly said Spain doesn’t need or want an international bailout, and the European Union, which along with the IMF has already rescued Greece, Ireland and Portugal, also dismisses such talk. Jean-Claude Juncker, who chairs the Eurogroup of euro zone finance ministers, said Spain was taking the necessary steps to get its economy back on track, despite a recession and unemployment at 24%. “I don’t think Spain will need any kind of external support,” Mr. Juncker said. “I would like to invite financial markets to behave in a rational way. Spain is on track.” However, economists believe that

Spanish banks will have to turn to the eurozone’s rescue fund, the European Financial Stability Facility for covering losses caused by a property market crash.

In emerging counties, BRIC, the sentiment is not so comforting for the global economy as the powered economies, with a key role on the worldwide growth, face serious challenges from a slow economic activity and high inflation ratios.

In China, consumer inflation increased to 3.6% in March from 3.2% in the previous month, but it is well below January’s 4.5% rise and weaker than the 3.9% average rise in January and February, according to government figures. The rise in Chinese inflation creates a serious concern to officials for the central bank loosening its monetary policy. Furthermore, China’s economy grew 8.1% in the first quarter from a year earlier, which is the slowest pace in nearly three years, with the World Bank suggesting in its latest forecast that China’s economic growth may slide to a 13-year low in 2012 as a sluggish world recovery damps export demand and decelerates domestic demand and investment. Beijing has been quietly injecting cash into the economy by encouraging banks to lend more and easing restraints on credit flows. A recent surge in new loans of Rmb1trillion in March ($160 billion), 42% more than issued in February and 49% more than issued in March 2011, is a clear evidence of China trying to achieve a moderate growth stance. A positive sign for the Chinese economy is its trade balance moving to a trade surplus of $5,4billion for the March with an 8.9% increase in exports and 5.3% rise in imports, while in February China recorded a $31,5 billion trade deficit.

In Brazil, the central bank has cut its benchmark interest rate by 75 basis points to 9%, which is the lowest level in two years, in an attempt to revive sluggish growth and restore the confidence in one of the fastest growing emerging economies. In India, the central bank announced its first interest cut in three years by an unexpectedly 50 basis points to 8% from 8.5%, in an aggressive effort to stimulate growth and boost investment. The IMF forecasts that the Indian economy would grow at about 7 percent in 2012 and 2013, down from the 8.4 percent levels of the last two years. Indian inflation rose to 6.89% in March and although has eased from more than 9% recorded in 2011, it remains the fastest in the group of the largest emerging economies, Brazil, Russia and China.


SHIPPING MARKETS

The Week In ReviewSHIPPING MARKET

The slow of Chinese economic activity to 8.1% for the first quarter of the year empowers the worries for a solid freight market in relation with forecasts for a slow in global trade. According to the World Trade Organization, Europe’s sovereign debt crisis and the aftershocks of events such as Japan earthquake and Arab spring are expected to slow the growth in global exports to just 3.7% in 2012 after a slowdown to 5% in 2011. “More than three years have passed since the trade collapse of 2008-09, but the world economy and trade remain fragile,” WTO chief Pascal Lamy said. “The further slowing of trade expected in 2012 shows that the downside risks remain high. We are not yet out of the woods.” Developing economies are expected to lead the growth in goods traded this year with a forecast 5.6 percent increase in exports, compared to 2 percent for industrialized nations. In 2013, the growth rate is expected to recover slightly again to 5.6 percent, the organization forecast.

Although the signs of a slow Chinese economic growth, there are expectations for stabilization in China’s growth in the second quarter and acceleration from mid-year as China’s liquidity cycle continues to improve, boosted by further selective policy easing. Thus, this implies that commodity demand will remain relative firm through the remainder of 2012 with stronger steel demand and hence further imports of iron ore and coking coal that would provide a solid ground on the dry bulk shipping envrironment.

In the dry market, the BDI has finally broke the psychological barrier of 1,000 points mark with capesize and panamax vessels finding a firmer support, while earnings in the supramax and handysize segment remain relative stable. The panamax market continues to gain from the South American grain season and fixture activity from coal demand ahead of the peak summer season. The low levels of Qinhuangdao coal stockpiles, around 5,5 million tons, due to ongoing maintenance in China’s coal Daqin Railway supports a surge in thermal coal fixture volume that boosts earnings for panamax vessels. Chinese coal imports show robust signs that provide a relief for panamax vessels. According to recently data released, China imported 21,4 million tons of coal in March, 4% more than imported in February and 137% more than imported in March 2011.

In the steel market, Chinese iron ore imports have shown a 6% increase for the first three months of the year from the first quarter of 2011. China imported approximately 187.2mt of iron ore, 10.1 more than imported during the first three months of 2011, which implies that China keeps their buying momentum despite the hefty iron ore port stockpiles, in the region of 97,6 million tons. In order to compensate for the decline in Indian iron ore exports and reduce its reliance on Australia and Brazil continues to import a growing amount of iron ore from minor exporters. One more positive sign for the recent upturn in capesize earnings is that Chinese mills have resumed their production by producing a large amount of steel. According to the National Bureau of Statistics, Chinese steel mills produced a record 61.58 million tons of crude steel in March, 5.7mt

(10%) more than produced in February and 2.18mt (4%) more than produced in March 2011. The momentum continues in April with daily crude steel output hitting a record 2.03 million tonnes in the first 10 days of this month, as per data from the China Iron Ore & Steel Association.

Iron ore prices remain high by rising even above $150 a tonne for the first time in six months before few days and now trading again close to $149 a tonne, based on data from the Steel Index with steel mills digesting their high inventories at ports. The fourth largest iron ore producers globally, Vale, Rio Tinto, BHP Billiton and Fortescue, have all signed with the Chinese Beijing International Mining Exchange, iron ore trading platform, in a bid by Beijing to gain more pricing control in a sector long dominated by foreign suppliers and also reduce speculation and manipulation in the spot market. Australia’s Fortescue Metals said that it expected iron ore prices to remain in the range of $140.50-$149.50/tonne over the next year or two, as demand from China, the top consumer of the steelmaking raw material, stays strong.

BHP Billiton, Vale and Rio Tinto reported sharp drops in output for the first three months of the year from bad weather that affected negative capesize owners’ prosperity for a slowdown in iron ore exports to Asia and supported high iron ore prices. Global miners remain confident that Chinese demand for iron ore will stay strong amid the country’s slow economic expansion. Rio Tinto said that is looking to lift output this year to 250 million tonnes from nearly 245 million tonnes in 2011, despite first quarter fall in iron ore production. Furthermore, Vale said that it continues to be positive in its outlook for growth in China’s demand for iron ore after a 6% increase in the Asian nation’s consumption during the first quarter of the year.

Even the positive developments seen in China’s steel market and predictions for an ongoing iron ore appetite, the dry bulk market is still pressed from heavy ship supply that outpaces commodity demand with capesize average time charter earnings hovering at levels almost 80% lower than mid-December, in the region of $6,600/day from $32,000/day, with supramax and panamax earnings being in the excess of $10,000/day, when in March 2011 where at levels of excess $16,000/day.

The index closed today at 1067 points, up by 9.7% from last week’s closing and down by 16% from a similar week closing in 2011 when it was 1,271 points. The highest rate increase has been in the panamax segment, BCI down 2.4% w-o-w, BPI up 28.4% w-o-w, BSI up 8.9% w-o-w, BHSI up 4.0% w-o-w.

Capesize average time charter earnings are down by 5.6% w-o-w, panamax up 28.2% w-o-w, supramax up by 8.9% w-o-w and handysize up by 3.4%. Capesizes are currently earning $6,598/day, $1,884/day less than handysizes, showing a decline of $394/day from a week ago, while panamaxes are earning $11,882/day, an increase of $2,618/day. At similar week in 2011, capesizes were earning $6,493/day, while panamaxes were earning $11,666/day. Supramaxes are trading at $10,667/day, up by $877/day from last week’s closing, 61% higher than capesize and 10% lower than


SHIPPING MARKETS

panamax earnings. At similar week in 2011, supramaxes were getting $14,695/day, up by 38% from the current levels and 126% higher levels than capesizes. Handysize vessels are trading at $ 8,482/day; an increase by $281/day from last week, when at similar week in 2011 handysize units were earning $11,933/day.

In the wet market, a slow start of the May cargo program have impaired VLCC rates in the Arabian Gulf by falling to $35,600/day as activity in the Middle East has moderated from previous high weekly levels. The improved spot market sentiment, during March, have lifted the one year time charter rates in the crude market, with VLCC floating at levels of region $23,000/day from $20,000/day, but they still very low from last year, when they were around $30,000/day.

Brent crude oil prices have fallen bellow $120/barrel during the last week with Saudi Arabia, the biggest oil producer and exporter amongst the OPEC nations, working to bring the price levels down. The country’s oil minister Ali al-Naimi quoted in Bloomberg that the oil market remains balanced and there is no lack of supply. As such, the prevailing high prices do not seem to reflect the real physical market. Saudi Arabia has been aggressively pumping crude oil into the markets. The country is currently producing 10 million barrels per day- one of the highest production rates over the past three decades. International Energy Agency shares the same view that oil market is better supplied for the first time since 2009 as sluggish demand and OPEC output at its highest in more than three years eased inventory depletion. Global oil inventories may have increased by more than 1 million barrels in the first quarter, the Paris-based IEA said in its monthly Oil Market Report yesterday. The agency kept its world demand estimate for 2012 little changed at 89.9 million barrels a day. “The oil market is well-supplied,” OPEC’s Vienna-based secretariat said. “High prices cannot be justified by the current market fundamentals. Instead it is more the impact of geopolitical factors and a perceived shortage of oil, rather than evidence of any actual or impending shortfall, that is keeping prices high.”

In the gas market, Japan’s LNG imports remain supportive for the current newbuilding investments seen in the sector by Greek and Foreign players. Japan purchased 83,18 million metric tons of LNG from overseas in the fiscal year ended March, up 18% from the previous 12 months, as per data from a preliminary report by the finance ministry.

In the container market, the Shanghai Container Freight Index kept its rise for an eight consecutive week by closing on April 13th at 1416, up by 3% from last week with a 13% and 10% week-on-week increase in Transpacific routes, the Shanghai-USWC and Shanghai-USEC, while the sentiment remained relative flat in the benchmark Shanghai-Europe route by falling to $1744/TEU, 1% down from $1770/TEU. The general rate increases have lifted the Shanghai Container Freight Index by 49% from mid-February with a rise of 145% in Shanghai-Europe rates and 139% in Shanghai-Mediterranean.

The current upward momentum could not dismiss the issue of additional capacity due for delivery this year and rates may probably start falling again by the fourth quarter, unless carriers lay up more of their ships, according to a panel of analysts speaking at Containerization International’s 14th Annual Global Liner Conference in London. Furthermore, container market analyst Alphaliner said that several carriers still struggle with high levels of indebtness Ocean carriers could face a short-term funding call of up to $20 billion in 2012 as they are not generating sufficient cash to cover interest payments and meet capital requirements.

Under the current gloomy outlook of the segment, Evergreen, the world’s sixth-largest container line, is close in sealing an order for 10 14,000 TEU boxship units with a South Korean shipyard, Hyundai Heavy Industries for $115mil a piece, which will give to the Taiwanese ling a competitive advantage against its rivals that have already ordered similar units. The vessels are said to be chartered in long term from Korea Infrastructure Investments Asset Management, a subsidiary of Korea Development Bank and managed by Hyundai Merchant Marine. In addition, Seaspan announced that it accepted delivery of a 13100 TEU containership, the COSCO Hope. The new containership, which was constructed by Hyundai Heavy Industries Co., Ltd., is Seaspan’s third delivery in 2012 and expands the Company’s operating fleet to 68 vessels.

In the shipbuilding industry, South Korean shipbuilding industries contracted a total of 1.93m cgt, accounted for 50.7% of global new order in the first quarter 2012 by ranking in the first place, according to the Ministry of Knowledge Economy and the Korea Shipbuilders’ Association on April 19. During the same period, overall 3.8m cgt were contracted in the world - 1.05m cgt in China, 0.3m cgt in Europe and 0.15m cgt in Japan. Meanwhile, global new orders were cut by 58.9% y-o-y due to fleet oversupply, and slowdown in global economic recovery. Korea’s orderbook had been 54.15m cgt in the end of 2009, 44.96m cgt in 2010 and 38.78m cgt in 2011. Korean yards raked in massive orders for offshore plant, such as drillship, FPSO, LNG FSRU, etc. and gas carriers.

In China, Jiangsu Rongsheng denies rumours suggesting that Brazil’s Vale keeps postponing deliveries of three Valemax series. Brazilian giant is said to put off deliveries in order to reduce subsequent expenses under the struggling freight market, while Valemaxes’ entries into Chinese ports are being still not allowed.

In the shipping finance, the slump in the global shipping market saw ship finance loans diminished to a five-year low in the first quarter of this year to just under $5.9bn, a drop of around 60% year-on-year, according to data released by Dealogic. In addition, syndicated loans plunged to new lows in the first quarter with 33 deals totalling $5,888 billion. This represents a 56% year over year value decline versus $13,507 billion delivered from 52 syndicated loans in 1q of 2011 and a 68% decline from 70 loans in 4q 2011 totalling $18,503 billion. The syndicated loan activity reported during the first quarter of the year is said to be the lowest in Dealogic’s records, even worse than the record lows of 2q 2009 ($6,874 billion) and 2q 2010 ($6,024 billion).

The Week In Review


SHIPPING MARKETS

Weekly Tanker Market OpinionContributed by

Poten & Partners, Inc.805 Third AvenueNew York, NY 10022

Phone: (212) 230-2000Website: www.poten.com

Removing Bottlenecks

The main culprit behind the recent uncharacteristically deep discount of West Texas Intermediate’s (WTI) price compared to Brent is the rapid rise of domestic and Canadian oil flows into Cushing, Oklahoma. Faced with costly and constricted transportation routes out of the Cushing terminal, crude oil producers rely on price discounts to make these typically light, low sulfur oils attractive. Helping to ease the cost of moving inland crude oil to US Gulf Coast markets is the flow reversal of the Seaway pipeline that is scheduled for completion this coming May. Initial flows through the line are targeted at 150 kBD, with higher rates planned for the coming years. With pipeline transportation costs of around $4/barrel to move oil from Cushing to the Gulf Coast, the discount needed to entice refiners to this oil seems poised to shrink. Tanker owners, especially those who regularly bring light, low sulfur crude oil from West Africa to the US Gulf Coast, should be wondering if the initial flows from the Seaway line as well as the increases planned could impact their business.

Imports of light, low sulfur West African crude oils have seen their share of Gulf Coast import volumes slip, as local refiners have gravitated towards heavier, higher sulfur Arabian Gulf oils over the last few years. The drift by refiners towards these heavy grades, as shown in the chart below, has been spurred by their need to adjust yields as more and more light shale oils are processed.

Portion of Regional Crude Oil Exports to the US Gulf Coast

0%

5%

10%

15%

20%

25%

30%

35%

Jan-10Mar-10

May-10

Jul-10Sep-10

Nov-10

Jan-11Mar-11

May-11

Jul-11Sep-11

Nov-11

Perc

ent

of U

S G

ulf

Coas

t Cr

ude

Oil

Impo

rts

AG WAF Baltic MedSource: EIA/Poten

The following chart reveals that current Gulf Coast refinery operations are geared towards squeezing more distillate and less gasoline from the crude oil they process.

US Gulf Coast Gasoline and Distillate Yield

20%

25%

30%

35%

40%

45%

50%

Jan-10Feb-10

Mar-10

Apr-10

May-10

Jun-10

Jul-10Aug-10

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Feb-11Mar-11

Apr-11

May-11

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Jul-11Aug-11

Sep-11Oct-11

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Dec-11

Vol

ume

Perc

ent

Refinery Gasoline Yield Refinery Distillate Yield Source: EIA/Poten

Compared to WTI-like oil from Cushing, West African ones typically contain more distillate, and less gasoline-making naphtha. Hence, the product yield characteristics of West Africa’s oil better fit the current product output targets of most of the area’s refiners. Possibly to offset the decline in their percentage of crude oil imports over the past few years, Gulf Coast refiners appear to have leveraged more coker feed into distillates.

Inaugural Seaway pipeline 150 kBD flows may be filled by just diverting oil presently traveling on more costly transportation modes. So at first the pipeline may not add much new oil supply. With West African oils presently better suited to satisfy Gulf Coast refinery product slates, their flows – at least in the short term – should continue into the area. In fact, an uptick in reported spot Suezmax fixtures from West Africa to the US Gulf Coast during the first three months of this year indicates the yield pattern of these oils is still desired by refiners.

Longer term, work to add another 300 kBD to the line’s capacity early next year, combined with plans to eventually raise its rates to 850 kBD by mid-2014, could potentially crimp seaborne crude oil imports, as these flows represent new supply. How well Gulf Coast refiners – built to accommodate heavier, higher sulfur oils – deal with the coming surge of ill-fitting oil from Cushing remains to be seen, however. Yet despite any perceived miss-match in the product yields of this oil compared to refined product output needed, expanded flows from Cushing to Gulf Coast refineries seems inevitable.

Poten Tanker Market Opinions are published by the Commodity Consulting & Analytics department at Poten & Partners. For feedback on this opinion or to receive this via email every week please send an mail to [email protected]. For information on the services and research products offered by our Marine Projects & Consulting department or to contact our tanker brokers please visit our website at www.poten.com.


SHIPPING MARKETS

Weekly Freight Rate & Asset TrendsContributed by

IntermodalIntermodal Shipbrokers Co.17th km Ethniki Odos Athens-Lamia & 3 Agrambelis Street,145 64 N. Kifisia,Athens - Greece

Phone: +30 210 6293300Website: www.intermodal.gr

WEEK16 - 2012

www.intermodal.gr Intermodal Shipbrokers - Capital Link - Dry Bulk Market Report “Week 16” – 23 Apr 2012 6

Tanker Spot Rates

Vessel Routes Week 16 Week 15

±% 2012 2011

WS points $/day WS

points $/day $/day $/day

VLC

C 265k AG-JAPAN 50 22,663 65 47,152 -23% 33,686 18,217

280k AG-USG 38 9,024 43 17,246 -12% 6,055 2,504

260k WAF-USG 58 35,491 65 47,016 -12% 43,819 25,714

Suez

max

130k MED-MED 68 14,537 75 20,534 -10% 29,785 25,125

130k WAF-USAC 65 8,216 68 9,691 -4% 18,351 13,373

130k AG-CHINA 80 20,728 80 20,456 0% 22,937 14,815

Afr

amax

80k AG-EAST 98 11,813 98 11,446 0% 13,683 12,726

80k MED-MED 95 16,263 85 10,397 12% 14,881 13,577

80k UKC-UKC 95 19,486 100 23,166 -5% 19,521 18,604

70k CARIBS-USG 95 6,385 95 6,262 0% 13,858 8,240

Cle

an

75k AG-JAPAN 95 7,289 98 7,999 -3% 3,588 10,467

55k AG-JAPAN 125 11,431 118 8,423 6% 3,697 7,768

37K UKC-USAC 138 8,512 145 9,919 -5% 11,892 11,022

30K MED-MED 133 12,322 138 13,496 -4% 17,891 18,458

Dirt

y

55K UKC-USG 128 15,931 125 14,768 2% 13,841 11,266

55K MED-USG 128 14,256 125 12,965 2% 11,534 9,676

50k CARIBS-USAC 125 11,590 125 11,386 0% 13,052 10,700

Tanker Time Charter Rates $/day

Week 16

Week 15 ±% Diff 2012 2011

VLCC 300k 1yr TC 23,500 23,500 0.0% 0 20,875 25,197

300k 3yr TC 29,000 29,000 0.0% 0 26,653 31,681

Suezmax 150k 1yr TC 17,500 17,500 0.0% 0 16,563 19,837

150k 3yr TC 22,500 22,500 0.0% 0 20,263 23,830

Aframax 105k 1yr TC 14,250 14,250 0.0% 0 13,984 15,707

105k 3yr TC 16,750 16,500 1.5% 250 16,216 18,335

Panamax 70k 1yr TC 13,000 13,000 0.0% 0 13,156 14,995

70k 3yr TC 14,500 14,500 0.0% 0 14,403 16,263

MR 45k 1yr TC 14,750 14,750 0.0% 0 14,438 13,918

45k 3yr TC 15,250 15,250 0.0% 0 14,888 14,738

Handysize 36k 1yr TC 13,000 13,000 0.0% 0 12,516 12,471

36k 3yr TC 13,750 13,500 1.9% 250 13,216 13,412

WEEK16 - 2012


Dry Bulker Time Charter Rates $/day

Week 16

Week 15 ±% Diff 2012 2011

Cap

esiz

e 170K 6mnt TC 14,250 16,000 -11% -1,750 14,348 18,474

170K 1yr TC 15,500 16,500 -6% -1,000 16,263 17,138

170K 3yr TC 16,000 16,250 -2% -250 17,028 17,599

Pana

max

70K 6mnt TC 14,500 14,000 4% 500 12,739 17,238

70K 1yr TC 11,875 11,375 4% 500 11,255 14,863

70K 3yr TC 12,250 12,250 0% 0 11,981 14,500

Supr

amax

52K 6mnt TC 12,750 12,250 4% 500 11,466 15,587

52K 1yr TC 11,875 11,750 1% 125 11,145 14,308

52K 3yr TC 12,500 12,500 0% 0 12,169 14,046

Han

dym

ax

45k 6mnt TC 11,000 11,000 0% 0 9,622 13,416

45k 1yr TC 10,250 10,250 0% 0 9,309 12,450

45k 3yr TC 10,500 10,500 0% 0 10,216 12,403

Han

dysi

ze

30K 6mnt TC 9,250 9,125 1% 125 8,208 11,712

30K 1yr TC 9,365 9,365 0% 0 8,527 11,787

30K 3yr TC 10,000 10,000 0% 0 10,169 12,044

WEEK16 - 2012


Secondhand Indicative Market Values ($ Million) - Tankers Vessel 5yrs old Apr-12 Mar-12 ±% 2012 2011 2010

VLCC 300KT DH 64.3 63.0 2.1% 64.1 77.6 87.2

Suezmax 150KT DH 44.8 44.5 0.7% 46.3 54.4 62.6

Aframax 105KT DH 30.0 32.0 -6.3% 33.7 39.1 44.7

Panamax 70KT DH 26.0 27.6 -5.8% 29.0 35.2 38.8

MR 45KT DH 25.4 25.4 0.0% 25.8 28.4 26.5

Secondhand Indicative Market Values ($ Million) - Bulk Carriers Vessel 5yrs old Apr-12 Mar-12 ±% 2012 2011 2010

Capesize 170k 35.0 36.0 -2.8% 36.8 43.5 57.4

Panamax 73K 23.0 24.4 -5.7% 25.5 31.3 39.0

Supramax 52k 21.5 21.7 -0.9% 22.8 25.6 30.2

Handysize 29K 18.0 19.2 -6.3% 20.7 23.5 26.2

New Building Indicative Market Prices (million$) Vessel

Week 16

Week 15 ±% 2012 2011 2010

Bul

kers

Capesize 170k 46.0 46.0 0.0% 46 53 58 Panamax 75k 27.0 27.0 0.0% 27 33 35 Supramax 57k 25.5 25.5 0.0% 25 30 31 Handysize 30k 21.8 21.8 0.0% 22 25 27

Tank

ers

VLCC 300k 96.0 96.0 0.0% 96 102 104 Suezmax 150k 58.0 58.0 0.0% 58 64 66 Aframax 110k 50.0 50.0 0.0% 50 54 55 LR1 70k 42.0 42.0 0.0% 42 45 46 MR 47k 33.0 33.0 0.0% 33 36 36

Gas

LPG M3 80k 71.0 71.0 0.0% 70 73 72 LPG M3 52k 62.0 62.0 0.0% 61 64 65 LPG M3 23k 44.0 44.5 -1.1% 45 46 46


SHIPPING MARKETS

Tanker Market - Weekly HighlightsContributed by

Charles R. Weber Company, Inc.Charles R. Weber Company, Inc.Greenwich Office Park One,Greenwich CT 06831

Phone: 203 629-2300Website: www.crweber.com

What’s a VLCC worth?

The recent lack of VLCC S&P transactions has rendered normal VLCC indicative valuations somewhat difficult to make. These valuations – generically based on specific asset classes and age – tend to include prompt newbuilding resales, 5-year old units and 10-year old units. The useful function thereof is to simply to gain an approximate average value range; the specifics of individual units will be affected by other factors like condition, dry dock and special survey positioning, capabilities, etc.

In recent months, however, limited activity has led to wide volatility and difficulty in determining indicative valuations within a number of vessel classes. The onset of the financial crisis and recessed shipping markets in late 2008 led to limited activity and, ultimately, when substantive activity resumed in early 2010 values retested significantly lower – by an average of some 52% from peak levels in the VLCC space.

During 1H10, VLCC earnings rallied as a return to world economic growth prompted traders to rebuild crude inventories whilst a strongly contangoed oil futures market took some 10% of the VLCC fleet off the spot market to service floating storage contracts. The improved earnings and lower asset values brought buyers (largely public owners) back to the market, which led to modest improvement of VLCC values. However, by 2011, the return of sub-OPEX earnings saw a fresh correction of asset values and over the course of the year the indicative assessed value of a 5-year old VLCC declined by some 35%. Limited transactions to test these assessments have rendered such assessments difficult. Indeed, within the 4-6 year old range, the last transaction was concluded during January 2011 at $93.1m. Utilizing the Baltic Exchange’s 5-year old assessment as an independent source, we observe that the present assessment is $58.5m – some 37% below the last done level. The below chart plots the course of the Baltic Exchange’s 5-Year VLCC S&P assessment (BSPA-VLCC) against observed transactions.

$50.0

$60.0

$70.0

$80.0

$90.0

$100.0

$110.0

$120.0

Jan-09 Jan-10 Jan-11 Jan-12$m

5-Year VLCC assessment vs. observed transactions

BSPA-VLCC Observed Transactions (+/- 1 year)

Data: Baltic Exchange, C R Weber

One basis for the recent decline in 5-Year BSPA-VLCC assessments is the rapid decline in 10-year values. In the 10-year category, auction sales have been more prevalent—the incidences of which intrinsically weigh on values. However, trading prospects in the 10-year category are also relatively poor given the increasing preference by charterers for newer tonnage, yielding fewer years of onward trading. Accordingly, buyers materializing for such units can command a stronger discount relative to 5-year and prompt resale units than was the case during the mid-2000s.

Simultaneously, the decline in 10-year VLCC values may be skewing 5-year VLCC values. In the latter, there exists a greater proportion of quality units which boast bunker consumption rates quite close to those on much newer units. In the absence of substantial construction innovation and significant bunker consumption improvements, 5-year units could thus offer buyers in strong cash positions attractive opportunities. Acquiring a 5-year old unit at even a $35m discount to a prompt newbuilding resale offers the ability to post stronger returns as VLCC rates progress into the recovery stage.

For their part, would-be sellers of 5-year VLCCs are reluctant to part with their vessels at the present assessment (as evidenced by the lack of activity). Moreover, the improved spot market earnings observed YTD have raised optimism by owners that the ton-mile demand gains generated by a decreasing reliance by eastern crude importers on Iranian crude could remain and help to bridge the market a more sustained, fundamentals-driven recovery from mid/late 2013. We view it as unlikely that owners of 5-year old VLCCs will proceed with transactions in the absence of an improvement in values – particularly given the slightly improved condition many owners are in presently following stronger YTD earnings. Accordingly, values are likely to retest higher once a fresh transaction in this space is concluded.

In coming to this position, we have also considered the effective floor observed in prompt newbuilding resales. Whereas 5-year old VLCC assessments declined into the $70m range during 2009 and after the 2010 rally now stand significantly lower, prompt resales stand at just under the $100m mark, slightly above their 2009 trough. To this end, we have applied prevailing differentials between the 5-year BSPA-VLCC assessment to approximate prompt newbuilding resale assessments and plotted these against observed transactions in the chart below.

$90.0

$100.0

$110.0

$120.0

$130.0

$140.0

Jan-09 Jan-10 Jan-11 Jan-12$m

5-Year VLCC assessment vs. observed transactions

Implied Prompt Resale Assessment Observed Transactions (+/- 1 year)

Given the discount of newbuilding VLCC orders relative to steel costs, further declines in prompt resales appear unlikely. Accordingly, as the market improves, the gap between 5-year and prompt newbuilding resale assessments is likely to narrow.


SHIPPING MARKETS

$80

$90

$100

$110

$120

$130

$140

$150

$160

$170

100

120

140

160

180

200

220

240

260

280

300

April

199

4 = 10

0

CRUspi

VLCC Newbuilding Price

NB Price $mCRUspi

Data: CRU Group, C R Weber, WeberSeas

THE TANKER MARKETS

VLCC

The Middle East VLCC market was more active this week but failed to realize a more concerted progression into the May program relative to what had been expected. Combined with a greater list of available units the market took a more negative track with rates posting incremental losses. This also prompted negative pressure in the Atlantic basin where ex-West Africa rates were dragged down by the greater number of units vying for cargoes there. Average earnings across the VLCC sector now stand at ~$30,700/day – about $12,300/day below last week’s average. Going forward, higher levels of VLCC availability will likely continue to weigh on rates through to May, though deterioration to 2011’s earnings levels continues to appear unlikely. In the Atlantic basin, this week saw a continuation of the recent lull activity, a situation which poses considerable near-term downside risk to the market and may limit the strength of the early summer rally, which historically occurs during late-May and early-June. On the positive side, the widening scope of sanctions against Iran’s petroleum industry should continue to prompt far east economies to further decrease their imports of Iranian crude – particularly when the market progresses into the July program as this is when sanctions come into full force. If this draws sufficient tonnage from the Middle East to the Atlantic, it could offset the higher number of units then coming free by drawing sufficient tonnage to the Atlantic basin.

There were 21 fresh fixtures reported in the Middle East market this week. Rates to the far east averaged ws59.6 – a nearly 9 points decline from last week’s average. Corresponding TCEs averaged ~$34,100/day – a w/w decline of ~$3,900/day. The route is presently trading at ws52.5 with a TCE return of ~$23,600/day. Rates on the AG-USG route dropped 3.5 points from last week’s average to an average assessment of ws40 this week. TCEs on the route declined ~$5,400/day, w/w, to an average of ~$9,200/day. Triangulated westbound trade earnings eased ~$7,300/day, w/w, to an average of $40,700/day.

With the April program largely complete at a total of 135 cargoes and some 24 May cargoes now covered, we note some 10 excess units for April dates and a total of 35 units projected to be available through the first decade of May. Against this, some 24 cargoes are likely uncovered through the same period of time. Although the 11 surplus units are considerably lower than that observed during much of 2H11, they are likely sufficient to see rates continue to

Spot Rates WS TCE WS TCEVLCC WEEK 15 WEEK 16AG>USG 280 kMT 42.5 $13,000 38.5 $7,600AG>SPORE 260 kMT 65.0 $39,600 52.5 $22,500AG>JPN 260 kMT 65.0 $42,900 52.5 $24,400WAFR>USG 260 kMT 70.0 $44,400 60.0 $31,300WAFR>CHINA 260 kMT 69.0 $43,400 55.0 $24,300SUEZMAXWAFR>USAC 130 kMT 70.0 $14,100 65.0 $11,100B.SEA>MED 135 kMT 69.0 $10,100 62.5 $4,400CBS>USG 135 kMT 80.0 $18,500 70.0 $11,700AFRAMAXN.SEA>UKC 80 kMT 102.5 $9,900 95.0 $17,100CBS>USG 70 kMT 95.0 $5,400 97.5 $7,400TRK>MED 80 kMT 90.0 $10,800 92.5 $12,600PANAMAXCBS>USAC 50 kMT 120.0 $9,900 130.0 $13,800CONT>TA 55 kMT 125.0 $13,300 127.5 $15,300CPPCONT>TA 37 kMT 140.0 $8,400 135.0 $7,700

CBS>USAC 38 kMT 145.0 $10,700 140.0 $10,000USG>TA 38 kMT 95.0 77.5

SPOR>JPN 30 kMT 125.0 $2,200 128.0 $3,000AG>JPN 75 kMT 95.0 $11,500 95.0 $12,000AG>JPN 55 kMT 114.0 $9,500 122.0 $12,500

Time Charter Rates

$/day (theoretical)1 Year 3 Years

VLCC $21,250 $26,000 Suezmax $16,250 $19,250 Aframax $13,750 $16,250 Panamax $13,500 $14,750 MR $14,000 $14,750

Tanker Market - Weekly Highlights


SHIPPING MARKETS

correct during the week ahead – albeit at a more moderate pace than has been observed this week.

The Atlantic basin was quiet this week with just 3 fresh fixtures reported, including 2 from West Africa and one from the US Gulf. Eastbound rates from West Africa faced stronger downward pressure due to the limited inquiry and further ballast units from the softer Middle East market. The WAFR-FEAST route retested at ws55, some 13.5 points below the last done rate over week ago. Slightly greater availability in the USG/CBS range saw a slight easing of rates from there to the far east with one fixture recorded at $4.9m (lumpsum). Further downward pressure in the region is likely to be limited during the week ahead as availability now appears better balanced.

Suezmax

The Atlantic Suezmax continued its gradual decline this week as availability continues to gain against demand. Rates on the benchmark WAFR-USAC route eased 5 points to conclude at ws65. Given the recent deterioration of BSEA-MED rates, where earnings stand at a discount of ~$6,700/day relative to trans-Atlantic returns, further units are likely to vie for ex-WAFR cargoes during the week ahead, applying further negative pressure on rates.

Aframax

The Caribbean Aframax market was largely flat with the benchmark CBS-USG rate trading at the ws95 level through the first half of the week. A mid-week spate of fresh activity boosted assessments towards the ws100 level as owners became more resistant to last done. However, at the close of the week the reality of sufficient availabilities relative to demand saw the market close at ws97.5. Rates should commence the week ahead in the ws95-ws97.5 range.

Tanker Market - Weekly HighlightsPanamax

A pickup in fresh activity in the Caribbean Panamax market saw rates gain. The benchmark CBS-USAC route rose 10 points to conclude at ws130. Sustained activity during the week ahead should see further resistance by owners to last done and the market could rise towards the mid-ws130s.

CPP

The Caribbean MR market remained under negative pressure this week with the benchmark CBS-USAC route losing 5 points to conclude at ws140. Rapidly rising regional tonnage is likely to further declines during the week ahead with rates falling to the low/mid ws130s. Ex-USG rates have been under significant pressure as lower area refinery utilization rates have decreased exports whilst available tonnage rises. The benchmark USG-Cont route declined 17.5 points to conclude at ws77.5. With an estimated 12 units expected to be spot at the start of the week, rates are likely to remain under negative pressure. Owner resistance, however, has risen with some owners indicating a disinterest in trading at present levels, a situation which could limit the extent of further losses.

In the European market, a reopened and widening trans-Atlantic arbitrage opportunity for gasoline this week saw a pickup in inquiry for Cont-USAC voyages this week. Despite this, a lengthening list of available units saw negative pressure on rates remain and the market concluded at ws135 – 5 points below last week’s close. A pickup in rates will be largely dependent on greater ex-USG activity as the number of available units there will likely incentivize owners to ballast units coming free off the USAC towards Europe given limited triangulation prospects.

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SHIPPING MARKETS

Contributed by

Braemar Seascope35 Cosway StreetLondon NW1 5BTUnited Kingdom

Phone: +44 (0) 20 7535 2650Website: www.braemarseascope.com

Container Market - Weekly Highlights

Braemar Seascope Containers - London - Singapore - Shanghai S&P email: [email protected] Chartering email: [email protected] London: Phil Woodington, Graham Booth, Ben Jeans, Ranulf Swallow, Peyton Broer and Bill Price

Singapore: James Buck, Roy Edkins, Ming Xiang Ling and Tanja Friese Shanghai: Axel Huang Research: Jonathan Roach

www.braemarseascope.com Every effort as been made to ensure the information contained within this report is accurate, Braemar Seascope cannot accept responsibility for error, omission or consequence therefrom

Braemar Seascope Containers The Monday Morning Container Briefing 16th April 2012

The market continues its sideways trajectory, with just a couple of sizes on our BOXi showing gains. That said, the post panamax sector continues to warm up with a signifi-cant amount of enquiry and some improved levels under discussion in arguably the only segment where we are close to being back to a bal-anced market. Away from this there appears to be a slight premium developing again for geared tonnage in the mid sizes in the Far East with the 2500teu geared types now earning more than the larger 2800teu gearless type, although this whole sector continues to struggle with the glut of spot tonnage remaining. Otherwise the 1100-1700teu size re-mains on a par with recent weeks while the Mawei 700teu type has seen a few positive fixtures with t/c rates above last done, although the two apparently strongest fixtures, at high US$4k levels, were off forward positions for a Pacific trade with potentially long waiting times hence the high t/c rates necessary as compensation.

A notable change can be seen in the dynamics of the charter market caused by a shift in the attitude of charterers with vessels on the recently popular, bear market flexi periods. Whereas previously, while rates were falling, charterers would renegotiate at the earliest chance after the mini-mum period had expired; now with rates hovering around last done or rising slightly, this tends not to be the case so there is currently a large amount of tonnage potentially available at, for example, 30 days notice but without the abundance of true positions that were flooding the mar-ket a couple of months ago. This has benefitted owners in that any posi-tioning / downtime costs originally spent on securing this flexible period business have now been spread out over a longer period, thus improving the effective return for owners compared to what many might have budgeted for.

Chartering

Representative Fixtures

20

40

60

80

100

120The BOX Index (BOXi)

55.83

Name Dwt Teu 14T Blt Spd Cons GR Charterer Dely Date Period US$/dayNorthern Practise 50,270 4,600 2,850 09 24 140 GL CSCL NE Asia May-12 30 days 10,000Rudolf Schepers 50,500 4,250 2,804 09 24.2 133 GL Maersk NE Asia Apr-12 6 mos 9,000Thorscape 34,900 2,908 2,030 97 22 90 GL Evergreen NE Asia Apr-12 12 mos 7,000Vitality 34,246 2,622 1,852 02 22.1 88 G CMA CGM Med Apr-12 4-5 mos 7,250Julius S 33,600 2,474 1,950 04 22 67 G ICL UK Cont May-12 4-5 mos 7,250Hermann Hesse 23,579 1,740 1,295 07 20 60 G Maersk Med Apr-12 4-7 mos 6,600Wehr Schulau 22,900 1,728 1,120 99 19.6 54.5 G CSAV Med May-12 3-6 mos 6,250Corona J 16,800 1,209 918 02 19 51 G Maersk USG Apr-12 6 mos 6,400Bernhard Sibum 11,500 957 604 06 18.5 37 G Italia Marittima Med Apr-12 4-6 mos 5,100

Vessel (Teu/Hmg) Index +/-510/285 teu (GL) 15.5 k 3.61 ► 0.00700/440 teu (GL) 17.5 k 4.30 ▲ 0.20750/415 teu (G) 16 k 4.50 ► 0.001,000/650 teu (G) 17.5 k 5.00 ► 0.001,100/715 teu (G) 19 k 6.11 ► 0.001,350/925 teu (G) 20 k 4.29 ► 0.001,600/1,150 teu (GL) 18 k 5.19 ► 0.001,700/1,125 teu (G) 19.5 k 4.80 ► 0.001,740/1,300 teu (G) 20.5 k 4.99 ► 0.002,000/1,600 teu (G) 21 k 1.94 ► 0.002,500/1,900 teu (G) 22 k 3.53 ▲ 0.122,800/2,000 teu (GL) 22 k 3.15 ► 0.003,500/2,500 teu (GL) 23 k 2.55 ► 0.004,250/2,800 teu (GL) 24 k 1.88 ► 0.00Index Total 55.83 ▲ 0.32







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SHIPPING MARKETS

Contributed by

Golden Destiny S.A. Golden Destiny S.A.57 Akti Miaouli, Piraeus, 18536,Greece

Phone: +30 210 4295000Website: www.goldendestiny.gr

S&P Secondhand, Newbuilding & Demolition MarketsGDSA WEEKLY SECONDHAND / DEMOLITION / NEW BUILDING MARKET ANALYSIS

Key: (*) Incl. Crude Oil, Clean & Dirty Products, Chemical, Asphalt & Veg. Oil,(**) incl. LPG, LNG, (***) incl. Multi-purpose and Tweendeckers, (*****) incl. Bulk-Ore, Ore-Oil and Bulk-Oil carriers, (*****) incl. Ro-Ro Cargo, Ro-Ro Passenger, (******) incl. Oil & Drilling Rigs, Tugs, Livestock, Trawlers, Cable/Exploration/Navy/Support Vessels,

Investors haven’t lost their momentum before and after Eastern Holidays with bulk carriers being a preferable choice for purchase in the secondhand market and also very popular vessel type for disposal amid the depressed dry bulk freight rates. A high business has been recorded during the last two weeks with secondhand buying appetite surpassing the newbuilding momentum in the dry and wet freight markets, while demolition keeps its pace of high record from the first three months of the year.Overall, 71 transactions reported worldwide in the secondhand and demolition market for the weeks ending April 13th and 20th, with the highest activity being reported in the secondhand market driven by firm dry bulk carrier purchases and a high scrapping momentum. The newbuilding business has found a support from an unexpectedly relative firm contracting activity in the dry bulk segment and a strong placement of orders for liquefied natural gas carrier vessels. Offshore and LNG newbuilding trends remain always on the centre of investors’ interest boosting the position of South Korean Shipbuilders in the first rankings, also for 2012 against their Chinese rivals that are facing serious delays in vessel deliveries and a slack of new ordering business.

SECONDHAND MARKETBuying interest is still not impaired by the uncertainty in the freight markets, global trade and tight ship financing conditions as the current lows in asset prices justify vessel purchases with bulk carriers being always in the frontline. There is a positive market position in the dry bulk carrier segment supportive by China’s economic activity that gives always a relief in the oversupplied distressed freight markets with a firmer commodity demand and healthier vessel returns. In the wet market, the buying interest remains intense in the MR and smaller chemical tanker segments, as the status of the crude freight market does not offer a sense of comfort to investors in proceeding with high

value purchases, while in the container the S&P activity is still in the doldrums despite the recent firm upturn seen from mid-March and the low asset prices. The fragile consumer confidence in US and European economies adds worries for the stability of this euphoria given the additional capacity due for delivery this year in relation with container trade growth.

Overall, 44 vessels reported to have changed hands during the weeks ending April 13th and 20th, at a total invested capital in the region of US$ 763,83 mil with bulk carriers grasping 61% of the total S&P activity and tankers to follow with a 16% share. A strong purchasing activity has been reported in the capesize segment with also firm business in the other vessel sizes from panamaxes to handysizes. In the wet market, small tankers below 10,000dwt attracted investors’ interest with only one purchase in the MR segment for a vessel of 50,350dwt built 2012. In the container segment, notable sale has been an enbloc purchase by Greek buyers for two post panamax units of 7,943 TEU built 2006-2007 South Korea at a total price of $96mil, with rumours that the sale may also includes a time charter agreement. In terms of invested capital, the bulk segment attracted about 67% of the total invested capital with liners to follow by holding 16% share.

NEWBUILDING MARKETKey:/ * The total invested capital does not include deals reported with undisclosed contract price ** Deals reported as private and confidential (not revealed contract price)

In the newbuilding market, there has been a strong activity in the bulk carrier segment that increased the total number of units ordered to 37 at a total deadweight of 1,858,500 tons, posting a 61% increase from the activity being reported at week ending April 6th. Notable order has been in the bulk carrier segment, the 5 kamsarmax units ordered

Vessel Type Units in DWT Invested Capital P&C %w-o-w Bulkcarriers 16 891.000 308.500.000 6 220%

Tankers 8 222.800 30.000.000 4 167%Gas Tankers 6 332.800 800.000.000 2 50%

Liners 0 0 0 0 n/aContainers 0 0 0 0 n/a

Reefers 0 0 0 0 n/aPassenger / Cruise 2 0 0 2 n/a

Ro - Ro 0 0 0 0 -100%Car Carrier 0 0 0 0 n/aCombined 0 0 0 0 n/a

Special Projects 5 3.900 720.000.000 5 -17%TOTAL 37 1.450.500 1.858.500.000 19 61%

WEEKLY NEWBUILDING ACTIVITY


SHIPPING MARKETS

S&P Secondhand, Newbuilding & Demolition Marketsin Japanese yard, Oshima, by Bahri Dry Bulk of Saudi Arabia, while in the tanker segment we have seen a LR1 order placed by Greek player, Sun Enterprises, which is the first order being reported for such vessel size since October of last year.

In terms of invested capital, the total amount of money invested is estimated at region $1,858 billion with 51% of the total number of orders being reported at an undisclosed contract price. In terms of invested capital, the LNG segment appears the most overweight by holding 43% of this week’s total amount of money invested with Golar LNG of Norway placing an order for four 160,000 cu.m units at a price of $200 mil each.

DEMOLITION MARKETIn the demolition market, Bangladesh seems to regain its power steadily with more business sealing in Chittagong due to a renewed confidence on the back of a greater clarity in addressing the new delivery procedures and documentation coupled with the emergence of several more financially stable buyers. Scrap prices in the Indian subcontinent region remain relative flat at $460-$470/ldt for dry / general cargo and close to $500/ldt for wet, while in China price levels are still below $450/ldt. The scrapping appetite continues strong in April with high business before and after Eastern Holidays with bulk carriers being always on the frontline.

During the last two weeks, ending April 13th and 20th , 27 vessels reported to have been headed to the scrap yards of total deadweight 1,639,470 tons, with bulk carriers holding 52% share of the total number of vessels reported to have headed in the scrap yards. The first quarter of the year ended with a record of bulk carriers’ disposals, while the current freight market status encourages more intense vessel removals despite the recent upturn seen during April as the BDI was pushed to more than 1,000 points mark during the last days. The overtonnage issue is so crucial for the rest of the year and the next that implies record high demolition activity and record low newbuilding appetite. India remains in the top rankings in terms of the total number of demolition transactions with Bangladesh recently being stepped in more aggressive.

In terms of scrap price, the highest scrap rate has been reported in the reefer segment by India for a vessel of 7,673 dwt with 5,996 ldt built 1985 M/V “AKADEMIK VAILOV” at $510/ldt, including some 37tons of aluminium on board. India remains in the first position by winning 10 of the 27 total demolition transactions, while Bangladesh and China follows with 10 and 7 transactions respectively.

GREEK PRESENCEIn the secondhand market, Greek owners have shown a firm amount of money invested in the secondhand market with the purchase of 5 dry bulk carrier units and 4 containers at a total cost in the region of $218,7 mil, 2 deals reported at an undisclosed contract price. In the newbuilding market, their position remains subdued with a presence by Sun Enterprises under Livanos Group for an order of two LR 2 73,000dwt tanker units to be built by Hyundai at its Gunsan Shipyard for delivery in the fourth quarter of 2013 and the first quarter of 2014.

NEWBUILDING MARKET – ORDERS

BULK CARRIERS –82,000 DWT 5 units ordered by Bahri Dry Bulk of Saudi Arabia (UAE) at Oshima (JPN) Price undisclosed. Dely 2013-2014. 51,000 DWT 4 units ordered by Undisclosed Chinese (PRC) at Taizhou Sanfu Shipyard (PRC) Price estimated to be usd $ 25 mil each. Dely 12/2013-1/2014-2/2014-3/2014. 45,000 DWT 3 units ordered by Undisclosed Chinese (PRC) at Tsuneishi Zhousan Shipyard (PRC) Price estimated to be usd $ 27 mil each. Dely 3/2014-6/2014-9/2014 (tess45box design. Chinese local trade). 37,000 DWT 1 unit ordered by NS Nikko Copper (SKR) at Hyundai Mipo (SKR) Price undisclosed. Dely 9/2013. 35,000 DWT 3 units ordered by Zhong Ning Shipping (PRC) at Jiangsu Haishili (PRC) Price undisclosed. Dely 12/2013-3/2014-6/2014 (Jiangsu Haishili Shipbuilding is former Nantong Qiya Ship Engineering and purchased by Ma Tianchen for $42.5mil. Nantong Qiya went bankrupt in 2010. Option three more)

TANKERS – 73,000 DWT LR products 2 units ordered by Sun Enterprises (GR) at HHI and construction will take place in HHI’S Gunsan shipbuilding facility Price undisclosed. Dely 4q/2013-1q/2014. 30,000 DWT chemical / product 2 units ordered by Wisby Tankers (SWD) at Hyundai Mipo Dockyard (SKR) Price undisclosed. Dely 4q/2013-1q/2014. 4,200 DWT bunkering 4 units ordered by Raffles Shipmanagement Services (SPORE) at Shanghai Waigaoqiao Shipyard (PRC) Price usd $ 7.5 mil each. Dely 9/2013-12/2013-3/2014-6/2014 (Raffles is a subsidiary of Wilmar Holdings. Option two more)

GAS TANKERS –82,200 DWT LNG 4 units ordered by Golar LNG (NOR) at Samsung (SKR) Price usd $ 200 mil each. Dely 10/2013-4/2014-9/2014-4/2015 (160,000cum. Option to add ice strengthening, winterization features and regasification kit. Eleven now ordered at Samsung, two of which are FSRU’s). ABT 2,000 DWT LPG 2 units ordered by Jaegers Group (GER) at Groningen (NTH) Price undisclosed. Dely within 2013.

PASSENGER / CRUISE – 45,000 GT Luxury Cruise ships 2 units ordered by Viking Ocean Cruises (GER) at Fincantieri (ITL) Price undisclosed. Dely 4q/2014-4q/2015 (Option for 1 more. Passenger capacity 988 in 499 cabins)

SPECIAL PROJECTS – Drillship 1 unit ordered by ENSCO (USA) at Samsung H.I. (SKR) Price usd $645 mil. Dely 3Q/2014 (DP3. OPTION FOR 2 MORE). Self-erecting tender drilling rig by Seadrill (NOR) at Cosco Nantong Shipard (PRC) Price usd $ 75 mil. Dely 4q/2013 (the rig can has a drilling depth capacity of 20,000ft. Last option for Seadril exercised). 3,900 DWT Anchor Handling 1 unit ordered by Iceman AS (NOR) at STX OSV Norway (NOR) Price undisclosed. Dely 2q/2013 (hull construction by STX OSV in Romania). Offshore subsea construction vessel 2 units ordered by Siem Offshore (NOR) at STX OSV Singapore (SPORE) Price undisclosed. Dely 3q/2013-4q/2014 (the vessels will be based on the OSCV-11 standard design, will be fitted with 250t capacity crane and have an LOA of 121m and beam 22m. They will be completed by STX OSV’s Brattvaag facility in Norway with hull construction being undertaken by STX OSV Tulcea in Romania)

Key: TWN: Taiwan, JPN: Japan, ISR: Israel, SKR: South Korea, PRC: China, DEN: Denmark, GR: Greece, SWD: Sweden, SPORE: Singapore, Dely: Delivery


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