WEEKLY SHIPPING

MARKET REPORT WEEK 41

8th October – to 15th October 2013

Legal Disclamer

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

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

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

1

Dry Bulk and VLCC Markets Provide a Conundrum for Shipping Analysts

If you told the world’s container shipping companies that they would be able to increase the average rates they charged customers by 140% in just a year they would be understandably happy, just as their clients, faced with a rate 240% of what it stood at twelve months previously, would doubtless be less than enthusiastic. The increase however represents the performance last year of the Baltic Dry Index and, in the world of bulk freight rates, neither carrier nor customer seems particularly enamoured of the current situation. The figures are not some speculative analyst gazing into the future but the actual record of the Index’s performance, on the 10th October 2012 it was trading at 875 and this week at around 2140. Compare this however to the near 12,000 we saw in 2008 before the great descent into the 660’s just weeks later and you have some idea as to just how long rates have been in the doldrums and the potential uncertainty in that particular market. The problem for the shipowners, as we have pointed out so often, is the continued overcapacity, simply too much available tonnage for the freight available, and recent surveys from the usual analysts take a very different view of the situation as they speculate on a market which, when viewed over time, can be extremely volatile. Bloomberg recently compiled two articles showing differing views when one compared the dry bulk market to the carriage of crude oil. The data for these pieces came from an assortment of the most respected sources, some of whom indicate that the amount of oil tankers which have been scrapped has materially affected the rates payable, resulting in a four year high for the shipping companies. Unfortunately even scrapping at the intended rate is likely to leave rates below the break-even point, and those same analysts believe that will remain out of reach for the VLCC’s for at least another year, although the predictions for refined products are a little brighter. Scrapping ships can be often only a short term cashflow solution and no owner wants to see one of their fleet consigned to the heap just as rates begin to rise, but, after such a long depression, reality means many more are biting the bullet. The big money now is heading toward gas transport and LNG carriers are becoming the vehicle of choice for the bigger fleets which assemble a variety of types, from car carriers to ferries with the largest percentage of tonnage split between container ships and bulk carriers of both types and with some extending their specialist energy research and recovery vessels. The experts which Bloomberg consulted have a different view of the dry bulk market, going as far as to say that the scrappage of this type of vessel is drawing to a halt, prompted by rising iron ore prices. The recent Chinese slow-down in demand is viewed as a blip as the country’s production figures pick up and the thirst for steel recovers. Never forget however those five year BDI figures, the desire of the shipping groups not to get left behind and to profit from the ever rising prices created the biggest shipbuilding programme in a generation and when the market peaked, as it always does, profitable bulk carriers turned instantly into expensive liabilities for their owners. Now the problems of the last few years are making their way along the supply chain with an effect on shipyards as orders drop away and options are not taken up. Over the next couple of years the average age of the world’s bulk fleet is likely to increase, offset somewhat by the boost in LNG, but VLCC’s certainly are likely to decline in number with only around 6.5% of existing capacity on order with the yards as of today and an estimated 10-15% overcapacity with 588 ships currently in service. Once again we would point out that, despite all the analysts expertise, these markets are subject to a myriad of influences which, given the amount of investment required to become a serious player in the transport of such commodities, often make them more a gamble than an investment. Just ask Frontline boss John Fredriksen who has seen the industry leading company’s shares drop from 22 kroner last November to just 10 by May of this, with them now bumping along

at 14.8 whilst the ‘experts’ predict a further fall back before any recovery takes effect. (Handy Shipping Guide)

Why the crude tanker industry remains depressed due to low rates

The single most important indicator that affects tanker companies’ performance is shipping rates. One widely followed index that tracks the price of shipping crude oil (unrefined oil) across the ocean for representative routes is the Baltic Dirty Tanker Index. Compiled daily by the Baltic Exchange for rates settled in the spot market on a time charter equivalent basis, it’s widely considered a leading indicator due to its timeliness. It often has a significant impact on the share prices of tanker stocks.Rates are back down again following a short-term riseOn October 1, the Baltic Dirty Tanker Index stood at 586. Overall, the tanker index remains in a downtrend since late 2009, making new lows on every bounce and trough. But it has been trying to find support on the lower range as ship companies scrap vessels. It’s a slow bleed. The index was climbing higher in July, as demand rose in the United States and shipments to China increased. Fewer new ship deliveries and scrapping activity also helped. However, it was nonetheless a short-term bounce and rates fell in August.A shift from the downtrend appears to be loomingA shift in trend is something to look out for. The lower bound of the chart shown above represents the rates the industry is trying to support. As rates come down, companies will scrap ships, go bankrupt, cancel new deliveries, or delay deliveries. So, as time passes, the industry comprises a fleet portfolio that can do business at cheaper rates.The upper bound is the level that companies will try to take advantage of by receiving new ships. A breakout of the downtrend will mean there aren’t enough new ships to keep rates low anymore. If that happens, expect tanker stocks to rise in share prices—similar to what we’ve seen for dry bulk stocks. Could the worst be over? On a year-over-year basis, the index appears to be showing some positive development—rising from negative to positive territory in August. While it fell recently, it has stayed above figures seen before this summer. This reflects a smaller increase in excess supply growth on a year-to-year basis. If year-over-year change can hold up here, then the worst for the crude tankers may be over. This would be long-term positive for crude stocks such as Frontline Ltd. (FRO), Nordic American Tanker Ltd. (NAT), Teekay Tankers Ltd. (TNK), and Ship Finance International (SFL). While the Guggenheim Shipping ETF (SEA) is also affected by the crude tanker industry’s fundamentals, the ETF also invests in product tankers and other shipping companies that are performing better.( Market Realist)

Oil company: huge quantities of oil derivatives available, more oil tankers

dock at Aden and Houdieda

The Yemen Oil Company has reassured people that derivatives are available to meet the demand of the market during the Eid al-Adha holiday, and that no need to line up at fuel stations. In a statement, a copy of which was obtained by Saba, the company said it has provided the market with huge quantities of fuel that surpasses the quantities allocated to the capital at a 200 per cent of the demand level. Furthermore, several oil tankers carrying diesel and petrol has docked at the Buraiqa oil refinery in Aden. Meanwhile, more oil tankers are expected to arrive to the Houdieda port on Monday. Several committees were set up to monitor fuel stations and report any violations, the company said in its statement. (Saba)

Shipping , Commodities & Financial News

2

Only time will show

For yet another week, quite a lot of scepticism is spread around the market as to whether the capesize rates will stabilize at the recently seen high levels. This has created a reasonable uncertainty among buyers as to whether this is the right time to move, having seen the undoubtedly inflated numbers we have seen in asset values. This week’s salesboard is full in terms of quantity, with the vast majority of sales concerning modern units. We are reporting the 2004 built capesize “Cape Condor” at the price of $24 mill. to Zodiac, as well as the 97 built “Su-oh”, which fetched $16.5 mill. from Korean buyers. Scorpio have acquired two kamsarmax resales ex Imabari for $35.5 mill. each with delivery in 2015, while Greek interests are behind the resale of a kamsarmax ex Tsuneishi with delivery in 2014 for $31 mill. On the panamax front, 6 units changed hands this week, with 4 of them as part of an auction deal, as well as another total of 6 Chinese built Supramaxes. Of great interest was the much anticipated sale of the 1997 built “Juergen Schuelte” for $8.7 mill, with handy bulkers being absent this week. In the wet sector, we are reporting the en-bloc sale of 4 aframax tankers built 2007/8 for a total price of $100 mill. to Scorpio, with MRs represented, as usual, in the salesboard by 1 unit built in 2001 and another one built in 1996.

Shiptrade’s enquiry index has slowed down by 8% this week. In the dry sector, Interest for Handysize decreased by 23%,

Handymax Index decreased by about 40%. Interest for Supramax bulkers has decreased by 49%. The only increase is displaid

for buyers of Panamaxes and Capes which increased by 5% and 28% respectively. Tanker demand slowed down as well.

Interest for MR’s was downgraded by 55%. Aframaxes have followed the same direction with a 60% decrease, while the

relevant index for aframaxes and suezmaxes showed an increase of 60% and 40% respectively. Buyers for VLCC’s have also

been minimized by 65%.

NEWBUILDINGS

In the newbuilding market we have seen 40 vessels to have been contracted.

21 Bulk Carriers (Capesize, Kamsamax, Ultramax)

16 Tankers (MR)

3 Container (10.500 teu)

DEMOLITION

The good form of the Indian market remained for yet another week, with stunning levels seen this week and speculation in the foreground, as levels offered by the cash buyers do not seem to reflect the levels the local market can accommodate. In Bangladesh, activity is slowed down in view of the forthcoming Eid holidays, with it being obvious that the local market is not in a position to compete with the Indian one, however demand for containers and tankers gas free for hot works is still there. Pakistan is in an undoubtedly weak position, unable to secure tonnage and with fundamentals such as the local currency and steel prices being volatile, we will have to wait and see how the local buyers will re-emerge after the upcoming Eid holidays. Demand in China has slowed down a bit, following the return from the October holidays, however encouraging are the news that the demand for iron ore amidst an increase on Chinese building projects has pushed on charter rates (particularly in the cape sector), and has slowed the supply of candidates to the market.

Sale & Purchase

3

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

Bulk Carriers

Week 41 Week 40 Change %

Capesize 35 35 0,00

Panamax 22.5 22.5 0,00

Supramax 21.5 21.5 0,00

Handysize 18.5 18.5 0,00

Tankers

VLCC 52 52 0,00

Suezmax 42 42 0,00

Aframax 30 30 0,00

Panamax 27 27 0,00

MR 25 25 0,00

Weekly Purchase Enquiries

SHIPTRADE P/E WEEKLY INDEX

0

50

100

150

200

250

300

350

400

2-8

/5/2

01

29-1

5/5

/20

12

16-2

2/5

/2012

23-2

9/5

/2012

30/5

-5/6

/2012

6-1

2/6

/20

12

13-1

9/6

/2012

20-2

6/6

/2012

27/6

-3/7

/2012

4/7

-10/7

/2012

11/7

-17/7

/2012

18-2

4/7

/2012

25-3

1/7

/2012

1-7

/8/2

01

28-1

4/8

/20

12

15-2

1/8

/2012

22-2

8/8

/2012

29/8

-4/9

/2012

5-1

1/9

/20

12

12-1

9/9

/2012

19-2

5/9

/2012

26/9

-2/1

0/2

012

3-9

/10/2

012

10-1

6/1

0/1

217-2

3/1

0/1

224-3

0/1

0/1

2

31/1

0-6

/11/1

27-1

3/1

1/1

214-2

0/1

1/1

221-2

7/1

1/1

2

28/1

1-4

/12/1

25-1

1/1

2/1

212-1

8/1

2/1

2

19/1

2/1

2-8

/1/1

39-1

5/1

/13

16-2

2/1

/13

23-2

9/1

/13

30/1

-5/2

/13

6-1

2/2

/13

13-1

9/2

/13

20-2

6/2

/13

27/2

-5/3

/13

6-1

2/3

/13

13-1

9/3

/13

20-2

6/3

/13

27/3

-2/4

/13

3-9

/4/1

310-1

6/4

/13

17-2

3/4

/13

24-3

0/4

/13

1-7

/5/2

01

38-1

4/5

/20

13

15-2

1/5

/13

22-2

8/5

/13

29/5

-4/6

/13

5-1

1/6

/13

12-1

8/6

/13

19-2

5/6

/2013

26/6

-2/7

/2013

3-9

/7/2

01

310-1

6/7

/2013

17-2

3/7

/2013

24-3

0/7

/2013

31/7

-6/8

/13

7-1

3/8

/20

13

14-2

0/8

/2013

21-2

7/8

/2013

28/8

-03/9

/2013

04-1

0/9

/2013

11-1

7/9

/2013

18-2

4/9

/2013

25/9

-1/1

0/2

013

2-8

/10/2

013

Korea China Spore KCS

Greece Other SUM

Sale & Purchase

4

Reported Second-hand Sales

Bulk Carriers Name Dwt DoB Yard SS Engine Gear Price Buyer

Cape Condor 180.181 2004 Imabari, Jpn 01/2014 B&W - $24.000.000 Zodiac

SU-OH 171.081 1997 IHI, Jpn 03/2014 Sulzer - $16.500.000 Korean

Katagalan Elegance 84.000 2015 Imabari, Jpn - - - $35.500.000 Scorpio

Katagalan Dolphin 84.000 2015 Imabari, Jpn - - - $35.500.000

Tsuneishi Tadotsu 1480

82.100 2014 Tsuneishi, Jpn - B&W - $31.000.000 Greek

Sea of harmony 76.397 2001 Tsuneishi, Jpn 04/2016 B&W - $14.650.000 Greek

(via auction)

Red Seto 75.957 2002 Tsuneishi, Jpn 11/2017 B&W - $15.800.000 Greek

Sea of gracia 75.932 2003 Tsyneishi, Jpn 02/2018 B&W - $16.750.000 Greek

(via auction)

Sunny Pride 74.078 2000 Imabari, Jpn 08/2015 B&W - $12.900.000 Greek

(via auction)

Hsin Ho 71.965 1997 Hitachi, Jpn 05/2017 B&W - $18.500.000 (en bloc)

Undisclosed Jia Ho 71.678 1997 Hitachi, Jpn 11/2017 B&W -

Chang Hang Hui Hai 57.300 2010 Bohai, Chn 09/2015 B&W 4 X 30 T $14.800.000 Chinese

Chang Hang Bo Hai 57.158 2009 Bohai, Chn 12/2014 B&W 4 X 30 T $14.600.000 Chinese Chang Hang Jiang

Hai 57.124 2010 Bohai, Chn 07/2015 B&W 4 X 30 T $14.800.000

Oriental Trader 57.000 2012 Yangzhou, Chn 06/2017 Wartsila 4 X 36 T $40.000.000 (en bloc)

Undisclosed Guoyu 51 57.000 2011 Yangzhou, Chn 05/2016 Wartsila 4 X 30 T

Xiamen Sky 53.604 2005 Xiamen, Chn 01/2015 B&W 4 X 30 T $12.500.000 Undisclosed

Ocean Diamond 53.503 2007 Iwagi, Jpn 08/2017 B&W 4 X 30 T Xs $20.000.000 Undisclosed

Juergen Schulte 48.224 1997 Oshima, Jpn 07/2017 Mit. 4 X 25 T $8.700.000 Greek

Sveti Nikola I 44.314 1997 Uljanik, Cr 06/2017 B&W 4 X 30 T $15.500.000 (en bloc,

including 5 years BB back)

Undisclosed Oluja 41.712 1996 Brodosplit, Cr 11/2016 B&W 4 X 25 T

Tankers

Name Dwt DoB Yard SS Engine Hull Price Buyer

Pacific Apollo 115.577 2007 Sasebo, Jpn 03/2017 B&W DH

$100.000.000 (en bloc)

Zodiac Pacific Brave 115.577 2007 Sasebo, Jpn 05/2017 B&W DH

Pacific Condor 115.577 2007 Sasebo, Jpn 10/2017 B&W DH

Pacific Empire 115.577 2008 Sasebo, Jpn 04/2018 B&W DH

LR Regulus 70.312 2004 Daewoo, Kr 06/2014 B&W DH $21.000.000 Greek

Unique Sunshine 47.087 2001 Onomichi, Jpn 01/2016 B&W DH,

coated $12.000.000 Greek

Barcarolle 44.999 1996 Halla Eng., Kr 11/2016 B&W DH,

coated $9.500.000 Mexican

Containers

Name Teu DoB Yard SS Engine Gear Price Buyer

Lisa Schulte 3.534 2006 Shanghai

Shipyard, Chn 07/2016 B&W - $12.500.000 Greek

Nona 2.702 2006 Nordseewerke,

Ger 09/2016 B&W - $13.000.000 Greek

Mayu 2.006 1997 Gdynia Stocznia,

Pol 06/2017 Sulzer 3 X 45 T Undisclosed Germany

Sale & Purchase

5

Newbuilding Orders

No Type Dwt / Unit Yard Delivery Owner Price 2 BC 180.000 HHI 2015/16 Alpha Tanker & Freighters 56.5

6 BC 82.000 Yangzijiang 2015/16 Graig Shippping 27.6

2 BC 64.000 Taizhou Kouan 2015 Grecomar 26

3 BC 64.000 Chengxi 2016 Scorpio Bulkers

2 BC 61.000 NACKS 2016 Scorpio Bulkers

4 BC 61.000 Imabari 2015/16 Scorpio Bulkers

2 BC 60.000 Mitsui 2016 Scorpio Bulkers

4 Tanker 50.000 Samjin 2015 Laurin Maritime

12 Tanker 37.000 HMD 2015 Navig8 Chem. Tankers 34.8

3 Container 10.500 teu DSME 2015/16 Hamburg Sud 91.5

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

Newbuilding Resale Prices

Bulk Carriers

Capesize 48 42

Panamax 28 29

Supramax 25 26

Handysize 20 22

Tankers

VLCC 90 80

Suezmax 57 54

Aframax 46.5 37

Panamax 40 37.5

MR 34 36

Newbuilding Resale Prices

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

Newbuildings

6

Demolition Sales

Vessel Type Built Dwt Ldt Buyer Country Price Elounda Bay BC 1993 182.675 22.494 China 377 (old sale)

Lotus Container 1988 46.560 15.339 India 454

Chopin Mpp 1988 18.144 7.455 India 435

Chesapeake Belle

BC 1984 44.146 7.371 India 420

(including 100T IFO, 70T MGO)

ABM Pioneer BC 1981 27.036 6.862 India 415

Huzur 1 BC 1978 19.697 5.291 India 415 (en bloc)

Mevlana BC 1977 20.297 4.735

Demolition Prices ($ / Ldt)

Bangladesh China India Pakistan

Dry 390 350 400 390

Wet 420 360 430 420

Demolition Prices

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

Demolitions

7

In Brief: Market still improving… Capes: Cape market although rised on the beginning , slowed down towards the end of the week with the BCI reporting a decrease of 416 points. In the Atlantic basin, week began with a positive trend, cooling off thereafter with the Tubarao / Qingdao route fixing at about USD 26.50 pmt and the transantlantic round trips at around USD 33,000/33,500 declined by around USD 8,000. As for fronthauls ex Conti/Med were fixed at about USD 52,750/53,000 decreased by about USD 8,000. Same feeling in the pacific market which closed with downward trend after a positive beginning of the week. In this respect, the round trips closed at about USD 28,700 and Port Hedland / Qingdao route were fixed at around mid – high USD 12’s pmt. Panamax: Steady positive sentiment in both hemispheres. BPI index at the beginning of the week was at 1947 points to finally close up by 77 points at 2024 on Friday. Having China back from holidays, we faced quite movement in the Atlantic. However there were some fresh requirements and lack of spot tonnage pushed rates moving further up. Transatlantic round trips were seen fixing at around USD 17000-17500 levels about whilst there were some quick Baltic rounds and 2 laden legs requirements reported at USD 18000-19000 about basis delivery Continent and redelivery Skaw-Gibraltar range. Fronthauls ex US Gulf were reported fixing at USD 19000-19500 levels aps plus about 900-950k ballast bonus whilst there were some fixtures basis delivery Continent reportd at USD mid-high 20’s dop . In the Pacific basin more activity was seen and rates also climbed up further at almost every direction. Aussie rounds were reported fixing at USD 18000-19000 levels basis dop North-Mid China redelivery India. Nopac round trips were reported fixing at USD 18500-19000 levels basis dop S. Korea-Japan range. Indonesian round trips were seen closing at USD 16000levels dop S.China-Taiwan range and redelivery Singapore-Japan range. Finally short period fixtures were reported at USD 13000-14000 levels for 4/6,5/7 months and around USD 12000-12500 daily for 11/13 months. Supramax: Market remains strong and showing signs that the positive sentiment will stay on. In the Supramax market the positive sentiment stayed on this week too. In the Atlantic Basin the fronthaul rates stayed close to 20,000 per day basis delivery at loadports i.e. Black Sea or Continent or USG. The transatlantic round voyage rates also remained at more or less the same levels like last week. From West Africa we saw vessel reportedly fixed usd 16,500 dop for trip via ECSA to Singapore-Japan although the relevant index was showing only 8,000 per day for this route.. In the Pacific market the coal requirements paid mid 11 ‘s basis delivery South China , redelivery East Coast India and the Indo rounds closed at 8,000 basis delivery mid-North China , redelivery South China. The backhaul rates remained close to mid 6’s basis redely West Africa and sub 6 basis redelivery East Med. The short period rates closed at 11,000 basis delivery Far East and around 10,000 basis delivery PG – India range. Handysize: Positive sentiment in both basins BHI index at the beginning of the week was at 622 points and at the end of the week closed at 632 increasing by 10 points. In the Atlantic basin trips from USG to WAF has been fixed at USD 17.000-17.500 and to Continent at USD 15.000-16.000.We have seen fixtures from USEC to ECSA at USD about 15.000. Regarding short period basis delivery Atlantic redelivery Atlantic Tonnage fixed at USD high 11s.thousands. In the pacific the activity was slower than previous week due to several holidays. Trips from PG to China has been fixed at USD 9.000-.9500.Regarding 10/13 months basis delivery Pacific redelivery WWIDE we have seen fixtures at USD 8500-9000.

Dry Bulk - Chartering

Dry Bulk - Chartering

Dry Bulk - Chartering

Dry Bulk - Chartering

8

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

Index Week 41 Week 40 Change (%)

BDI 1985 2084 -4,75

BCI 3527 3943 -10,55

BPI 2024 1914 5,75

BSI 1182 1113 6,20

BHSI 632 609 3,78

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

Type Size Week 41 Week 40 Change (%)

Capesize 160 / 175,000 20000 22000 -9,09

Panamax 72 / 76,000 12750 12500 2,00

Supramax 52 / 57,000 10250 11150 -8,07

Handysize 30 / 35,000 9000 9000 0,00

Average Spot Rates

Type Size Route Week 41 Week 40 Change %

Capesize 160 / 175,000

Far East – ATL 14500 16500 -12,12

Cont/Med – Far East 52800 60700 -13,01

Far East RV 28700 32900 -12,77

TransAtlantic RV 33500 41200 -18,69

Panamax 72 / 76,000

Far East – ATL 3200 1750 82,86

ATL / Far East 23000 19500 17,95

Pacific RV 17500 15500 12,90

TransAtlantic RV 17000 15000 13,33

Supramax 52 / 57,000

Far East – ATL 6500 7000 -7,14

ATL / Far East 19750 19500 1,28

Pacific RV 11250 10250 9,76

TransAtlantic RV 12250 11500 6,52

Handysize 30 / 35,000

Far East – ATL 4400 4800 -8,33

ATL / Far East 15700 15425 1,78

Pacific RV 8300 8325 -0,30

TransAtlantic RV 9400 9100 3,30

Dry Bulk - Chartering

9

ANNUAL

JULY 2013 – OCTOBER 2013

Dry Bulk - Chartering

10

Dry Bulk - Chartering

Capesize Routes – Atlantic 2012 / 13

$0,00

$5.000,00

$10.000,00

$15.000,00

$20.000,00

$25.000,00

$30.000,00

$35.000,00

$40.000,00

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

C2 TUB/ ROT

C4RBAY /ROTC7 BOL/ ROT

C8 T/ARV

AVGALL TC

Capesize Routes – Pacific 2012 / 13

$0,00

$10.000,00

$20.000,00

$30.000,00

$40.000,00

$50.000,00

$60.000,00

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

C3 TUB /PRC

C5 WAUST /PRC

C9 CONT /FE

C10 FE R/V

Panamax Routes – Atlantic 2012 / 13

0

5000

10000

15000

20000

25000

30000

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

P1A T/A RV

P2ACONT/FE

11

Dry Bulk - Chartering

Panamax Routes – Pacific 2012 /13

$5.000,00

$0,00

$5.000,00

$10.000,00

$15.000,00

$20.000,00

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

P3A FE R/V

P4 FE/CON

AVG ALL TC

Supramax Routes – Atlantic 2012 /13

0

5000

10000

15000

20000

25000

30000

35000

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

S1A CON / FE

S1B BSEA / FE

S4A USG /CONT

S4B CONT /USG

S5 WAFR / FE

Supramax Routes – Pacific 2012 / 13

$0,00

$2.000,00

$4.000,00

$6.000,00

$8.000,00

$10.000,00

$12.000,00

$14.000,00

$16.000,00

$18.000,00

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

S2 FE R/V

S3 FE / CON

AVG ALL TC

12

VLCC: Rates on Middle East – Far East route has gained one more point last week and concluded at ws38, in the

Atlantic route, rates were increased by 2.5 points and concluded at ws40, also the AG-USG once again remained

stable at ws25.

Suezmax: WAFR-USAC route gained another 2.5 points last week and concluded at ws47.5. The B.SEA-MED also

gained 2.5 points and concluded at ws50.

Aframax: The NSEA-UKC route suffered a decline of 2.5 points and concluded at ws87.5. The AG-East route still

continues as per last at ws85. The MED-MED was as well stable at ws67.5.

Panamax: The CBS-USG route has gained 7.5 points and concluded at ws97.5.

Products: USG-Cont route was declined by 10 points at ws100. The CONT-TA route was stable and concluded at

ws70.

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

Index Week 41 Week 40 Change (%)

BCTI 517 544 -4,96

BDTI 587 601 -2,33

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

Type Size Week 41 Week 40 Change (%)

VLCC 300.000 17,750 17,750 0,00

Suezmax 150.000 15,750 15,750 0,00

Aframax 105.000 13,500 13,500 0,00

Panamax 70.000 14,000 14,000 0,00

MR 47.000 14,000 14,000 0,00

Tanker - Chartering

13

Crude Tanker Average Spot Rates

Type Size (Dwt) Route Week 41 WS

Week 40 WS

Change %

VLCC

280,000 AG – USG 25 25 0,00

260,000 W.AFR – USG 40 37,5 6,67

260,000 AG – East / Japan 38 37 2,70

Suezmax

135,000 B.Sea – Med 50 47,5 5,26

130,000 WAF – USAC 47,5 45 5,56

Aframax

80,000 Med – Med 67,5 67,5 0,00

80,000 N. Sea – UKC 87,5 90 -2,78

80,000 AG – East 85 85 0,00

70,000 Caribs – USG 97,5 90 8,33

Product Tanker Average Spot Rates

Type Size (Dwt) Route Week 41 WS

Week 40 WS

Change %

Clean

75,000 AG – Japan 98 97 1,03

55,000 AG – Japan 111 110 0,91

38,000 Caribs – USAC 125 135 -7,41

37,000 Cont – TA 70 70 0,00

Dirty

55,000 Cont – TA 100 110 -9,09

50,000 Caribs – USAC 100 107.5 -6,98

Tanker - Chartering

14

VLCC Trading Routes 2012 / 13

0,00

10,00

20,00

30,00

40,00

50,00

60,00

70,00

80,00

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

AG EAST JAPAN

AG - USG

WAFR - USG

Suezmax Trading Routes 2012 / 13

0,00

20,00

40,00

60,00

80,00

100,00

120,00

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

B. SEA - MED

WAF - USAC

Aframax Trading Routes 2012 / 13

0,00

20,00

40,00

60,00

80,00

100,00

120,00

140,00

160,00

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

MED - MED

N.SEA - UKC

AG - EAST

CARIBS USG

Tanker - Chartering

15

Clean Trading Routes – 2012 / 13

0,00

50,00

100,00

150,00

200,00

250,00

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

AG - JAPAN (75,000)

AG - JAPAN (55,000)

CARIBS - USAC (37,000)

CONT - TA (37,000)

Dirty Trading Routes – 2012 / 13

0

20

40

60

80

100

120

140

160

180

200

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

CONT - TA (50,000)

CARIBS - USAC(50,000)

Tanker - Chartering

16

Shipping Stocks

Commodities

Commodity Week 41 Week 40 Change (%) Brent Crude (BZ) 110,32 110,27 0,05

Natural Gas (NG) 3,80 3,71 2,43

Gold (GC) 1271 1329 -4,36

Copper 329,7 331,4 -0,51

Wheat (W) 318 318 0,00

Dry Bulk

Company Stock Exchange Week 41 Week 40 Change % Baltic Trading Ltd (BALT) NYSE 4,98 5,15 -3,30

Diana Shipping Inc (DSX) NASDAQ 11,74 12,33 -4,79

Dryships Inc (DRYS) NASDAQ 3,42 3,78 -9,52

Euroseas Ltd (ESEA) NASDAQ 1,30 1,44 -9,72

Excel Maritime Carriers (EXM) NYSE 0,29 0,30 -3,33

Eagle Bulk Shipping Inc (EGLE) NASDAQ 6,85 7,59 -9,75

Freeseas Inc (FREESE) NASDAQ 0,56 0,73 -23,29

Genco Shipping (GNK) NYSE 3,22 3,57 -9,80

Navios Maritime (NM) NYSE 7,07 7,58 -6,73

Navios Maritime PTN (NMM) NYSE 14,80 14,57 1,58

Paragon Shipping Inc (PRGN) NASDAQ 5,29 5,78 -8,48

Star Bulk Carriers Corp (SBLK) NASDAQ 8,16 8,66 -5,77

Seanergy Maritime Holdings Corp (SHIP) NASDAQ 1,52 1,68 -9,52

Safe Bulkers Inc (SB) NYSE 6,65 7,00 -5,00

Golden Ocean (GOGL) Oslo Bors (NOK) 8,94 9,00 -0,67

Tankers Capital Product Partners LP (CPLP) NASDAQ 9,00 8,90 1,12

TOP Ships Inc (TOPS) NASDAQ 1,61 1,81 -11,05

Tsakos Energy Navigation (TNP) NYSE 4,89 5,19 -5,78

Other

Aegean Maritime Petrol (ANW) NYSE 11,66 12,27 -4,97

Danaos Corporation (DAC) NYSE 3,85 3,99 -3,51

StealthGas Inc (GASS) NASDAQ 10,68 10,94 -2,38

Rio Tinto (RIO) NYSE 49,28 48,95 0,67

Vale (VALE) NYSE 15,51 15,61 -0,64

ADM Archer Daniels Midland (ADM) NYSE 36,59 36,70 -0,30

BHP Billiton (BHP) NYSE 67,15 66,51 0,96

Financial Market Data

17

Currencies

Week 41 Week 40 Change (%) EUR / USD 1,35 1,35 0,00

USD / JPY 98,58 97,47 1,14

USD / KRW 1071 1071 0,00

USD / NOK 6,00 5,97 0,50

Bunker Prices

IFO 380 IFO 180 MGO Piraeus 603 638 955

Fujairah 615 645 985

Singapore 610 620 930

Rotterdam 587 609 913

Hong Kong 605 650 992

Port Congestion*

Port No of Vessels

China Rizhao 22

Lianyungang 41

Qingdao 81

Zhanjiang 42

Yantai 32

India

Chennai 13

Haldia 15

New Mangalore 9

Kakinada 9

Krishnapatnam 11

Mormugao 11

Kandla 21

Mundra 12

Paradip 13

Vizag 43

South America

River Plate 218

Paranagua 73

Praia Mole 19

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

anchorage, working, loading or expected to arrive in various ports of China, India and South America during Week 41 of year

2013.

Financial Market Data / Bunker Prices / Port Congestion