WEEKLY SHIPPING

MARKET REPORT WEEK 40

- 3RD October - to 7TH October 2011 -

Legal Disclamer

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

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

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

1

Russian seaports throughput rises 1.4 pct in Jan-Sept. Total cargo traffic at Russian ports in January-September, 2011 increased by1.4% year-on-year, to 399 million tons, the Association of Sea Commercial Ports said Monday. Dry cargo shipments rose 8.4 percent from last year’s figures to 171.8 million tons, including 59.4 million tons of exported coal (a 16.1 percent growth), containerized cargo - 29.3 million tons (+22.2%), ore cargo - 6.2 million tons (an increase of 1.5 times), unitized cargo -4.4 million tons (+1.6 times), refrigerated cargoes -3 4 million tons (+22.5%), nonferrous metals - 3.1 million tons (+2.7%), scrap -2.7 million tons (+34.9%), sugar - 2.1 million tons (+17.6%).The volume of ferrous metals declined by 14.5% to 18.4 million tons, handling of mineral fertilizers fell by 2.6% to 9.3 million tons, ferry cargoes - down 1.5% to 5.4 million tons and timber cargo - by 11% to 4.6 million tons. The nine-month volume of liquid bulk cargo totaled 227.2 million tons (-3.4%), including exported crude oil -146. 2 million tons (-6.7%), petroleum products - 79.8 million tons (+3.2%). In the reporting period, exports were down 0.4 percent from a year earlier, to 303.5 million tons, while imports grew by 24.9 percent, to 34.1 million tons, transit cargo volume rose 10.9% to 37.7 m tons, short sea traffic volume was down 14.6 percent to 23.6 million tons. Stevedores of the Arctic Basin ports handled in Jan-Sept, 31.9 million tons of cargo, 18.5% below last year’s numbers. Dry cargo totaled 16.6 million tons (+9.6%). Exports of liquid bulk cargo shrank by 36.2 percent to15.3 million tons, primarily in the ports of Murmansk (-44.4%) and Varandey (-44.4%). Cargo throughput of the port of Arkhangelsk rose by 20.4%. The Baltic Sea ports’ operators handled 138.4 million tons, up 5.3% year-over-year, including dry bulk - 53.1 million tons (+15%), liquid bulk cargo - 85.3 million tons (on a par with last year’s results). The stevedoring companies at the Big Port St. Petersburg handled 44.9 million tons (+5.4%), at the port of Ust-Luga – 15.7 million, up 1.9 times from a year earlier. Cargo traffic at the ports of Primorsk fell by 2.7%, at Vysotsk – by 9.4%, at Kaliningrad – by 1.2%, at Vyborg port - by 5.5%. In January-September, throughput of the Black Sea ports fell to 127 1 million tons (-0.7%). The volume of dry bulk rose to 44.8 million tons (+0.2%), liquid bulk cargo - fell 1.2% to 82.3 million tons. Handling of cargo at the port of Novorossiysk declined by 3% to 86.7 million tons, at the port of Kavkaz – by 19.5% to 6.2 million tons. Port of Azov reported a 8.9 percent volume drop year-on-year to 3.3 million tons, Yeysk port throughput was down 2.5% to 2.7 million tons. Transshipments at the port of Rostov increased by 20.1% to 7.1 million tons, at Taganrog port - by 23.1% to 2.6 million tons. Port of Temryuk demonstrated a 34.4 percent gain from last year’s figure to 1, 9 million tons. Port of Tuapse handled 14.1 million tons of cargo (+0.9%). The Caspian Basin’s ports handled 7.4 million tons of cargoes (-5.1%), including 3.8 million tons of dry cargo (- 15.9%), 3.6 million tons of liquid bulk cargo (+9.7%). Cargo traffic at the port of Makhachkala grew by 9.9% to 3.9 million tons. Freight volume handled at the port of Astrakhan decreased by 12.9% to 3.1 million tons. Seaports of the Pacific Basin handled 94.1 million tons (+8% .). The nine-month volume includes 53.5 million tons (+11.6%) of dry cargo and 40.6 million tons (+3.6%) of liquid bulk cargo. Vostochny Port’s cargo throughput (including Kozmino Oil Terminal’s statistics) rose by 11.3% to 29.3 million tons, Port of Vanino handled 14.4

million tons, up 11.2% over the same period of 2010, Vladivostok port’s throughput rose 3.7% to 8.8 million tons, freight traffic at De Kastri port totaled 6.2 million tons, a 25 percent gain. Exports/imports passing through the port of Posiet rose by 23% to 4.1 million tons. Throughput of the port of Prigorodnoye fell by 0.6% to 11.9 million tons, of the port of Nakhodka – by 7.5% to 11.1 million tons. (ASOP)

Korea National Oil to Boost Acquisitions as Industry Slump Cuts

Valuations

Korea National Oil Corp., South Korea’s most acquisitive company this year, plans to resume buying overseas assets after a six-month hiatus as a slump in the oil and gas industry makes valuations attractive. The state-owned energy developer needs to buy more assets to meet the government’s goal of achieving the capability of producing 300,000 barrels of oil a day by 2012, Senior Executive Vice President Kim Seong Hoon said in an interview. The company known as KNOC is 62,000 barrels short of that target. “The only way to achieve that goal next year is through acquisitions,” Kim, 56, said by telephone Oct. 7 from the company’s headquarters in Anyang, near Seoul. Goldman Sachs Group Inc. and Sanford C. Bernstein Co. have predicted a surge of oil and gas takeovers after the industry’s worst slump in three years. Crude in New York has declined 10 percent this year amid concern that Europe’s debt crisis and a U.S. economic slowdown will drag the world back into recession. KNOC has spent about $10 billion since 2009 to buy energy assets abroad. “Crude oil prices are falling, which is good,” Kim said. “Given the uncertainties arising from debt problems in Greece and other countries, we think we need to wait until financial markets stabilize.” Kim declined to identify assets and regions KNOC plans to target. South Korea imports all the oil and natural gas it needs. The KNOC official’s comments come after global energy shares fell 21 percent in the third quarter, the worst three months since 2008. Asian buyers may spend $150 billion by 2016 to secure energy resources for their faster-growing economies and targets could include Tullow Oil Plc (TLW), Canadian Oil Sands Ltd. and Kosmos Energy Ltd., according to Bernstein. KNOC announced four acquisitions this year, valued at $2.7 billion, the most by any company in South Korea, according to data compiled by Bloomberg. The last deal was in March, when it agreed to buy a stake in a Texas shale-oil block from Anadarko Petroleum Corp. for $1.55 billion. The South Korean company bought 95 percent of Altius Holdings Inc. for $515 million and assets from Petro-Canada in March, following the purchase of Canadian oil and gas assets from Dallas-based Hunt Oil Co. for C$525 million ($505 million). KNOC has focused on investing in producing fields rather than buying companies, after completing a hostile takeover of Scotland’s Dana Petroleum Plc (DNX) for 1.8 billion pounds ($2.8 billion) last year. It bought a 50 percent stake in Petro-Tech Peruana SA of Peru, now known as Savia Peru, for $450 million in February 2009 and purchased Canada’s Harvest Energy Trust worth $3.9 billion eight months later.(Bloomberg)

Shipping , Commodities & Financial News

2

In Brief: Despite the Chinese holidays during last week, market moved downwards for all sectors, as a result of tight tonnage supply and fresh cargoes emerging into the market. All in all, BDI gained 114 points, BCI gained 155 points, BPI gained 171 points, BSI gained 32 points, and BHSI gained 23 points. Capes: Week began slowly, but market increased as a result of tight tonnage supply in the Atlantic. In the Atlantic basin, market moved higher since there were some cargoes left since last week, and there was tight tonnage supply. At week’s closing Transatlantic round concluded at USD 36.000 per day, while on the Fronthaul trips, levels concluded at USD 52.000per day. Activity in the Pacific basin remained at good levels. Indian came into the market, along with South Africa that remains an active area, so Owners had some available options. Rates for Pacific round concluded at USD 22.750 per day basis N.China delivery, while on the Australia/China trade, about 10 vessels got covered at levels between USD 10.60 – 11.25pmt. Panamax: Market moved higher as new cargoes emerged the market, but tonnage supply was tight. In the Atlantic market still remained the driving force, especially the USG, as new cargoes were coming into the market and there was not enough tonnage supply to cover. At week’s closing, rates for Transatlantic round concluded at USD 16.000 per day. On the Front haul trade rates concluded at USD 27.000 per day. Activity in the Pacific was also good as many vessels were ballasting towards the Atlantic, while some fresh cargoes came into the market. At week’s closing, rates for Pacific round concluded around USD 9.000 – 10.500per day basis N.China delivery, or close to USD 11.500per day basis S.China – S.E.Asia delivery. Rates for trips Ex NOPAC concluded at levels around USD 14.000 – 14.500per day basis N.china/Japan range for BPI type vessel (M/V Fortune Clover 77.430/06’).

Supramax: Activity remained good in the Atlantic, but Pacific was quiet.

In the Atlantic basin, rates improved with USG region keeping the league. Rates ex USG for trip to East Mediterranean concluded at USD 26.000 – 27.000 per day, while for trips to F.East rates concluded at USD 35.000 per day. The Mediterranean/Bl.Sea market saw rates declining just a bit as there were not so many cargoes available, but only some grains to Egypt mostly. In the pacific region, we noticed rates sliding as an effect of the Chinese holidays and there were not many parcels available in the market. Most of the available cargoes were for direction India, with fixtures reported at levels around USD 14.000 – 16.000per day basis delivery S.China/S.E Asia range. Handysize: Market followed the same trend. In the Atlantic region we could see an increase on the available cargoes from East Mediterranean/Bl.Sea, from Continent/Baltic. Ex Continent, rates from trips to East Mediterranean were at levels close to USD 15.000 – 16.000 per day, and USD 6-8.000 per day for trip to USG, or ECSA. On the Med/Bl.Sea market we could find a lot of grains for intramed, and steels / cement to W.Africa at USD 13-14.000per day. In the Pacific basin, market remained quiet, and we could not see many coal/nickel ore cargels ex Indonesia.Vessels opening N.China/Korea/Japan range were more keen to load coal ex CIS, or steels to S.E.Asia.. .

Dry Bulk - Chartering

3

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

Index Week 40 Week 39 Change (%) BDI 2000 1899 5,32

BCI 3218 3136 2,61

BPI 1913 1726 10,83

BSI 1533 1499 2,27

BHSI 774 740 4,59

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

Type Size Week 40 Week 39 Change (%)

Capesize 160 / 175,000 16500 16250 1,54

Panamax 72 / 76,000 13250 13000 1,92

Supramax 52 / 57,000 13500 13250 1,89

Handysize 30 / 35,000 12000 11900 0,84

Average Spot Rates

Type Size Route Week 40 Week 39 Change %

Capesize 160 / 175,000

Far East – ATL 5250 6000 -12,50

Cont/Med – Far East 52000 46500 11,83

Pacific RV 22750 24500 -7,14

TransAtlantic RV 36000 31000 16,13

Panamax 72 / 76,000

Far East – ATL 4900 4700 4,26

ATL / Far East 25000 23900 4,60

Pacific RV 12000 11500 4,35

TransAtlantic RV 16400 14900 10,07

Supramax 52 / 57,000

Far East – ATL 8900 8700 2,30

ATL / Far East 23500 23000 2,17

Pacific RV 14000 13700 2,19

TransAtlantic RV 16500 16500 0,00

Handysize 30 / 35,000

Far East – ATL 6300 6000 5,00

ATL / Far East 17800 17400 2,30

Pacific RV 9700 9500 2,11

TransAtlantic RV 14000 13000 7,69

Dry Bulk - Chartering

4

ANNUAL

JUNE 2011 – SEPTEMBER 2011

Dry Bulk - Chartering

5

Dry Bulk - Chartering

Capesize Routes – Atlantic 2010 / 11

$0,00

$10.000,00

$20.000,00

$30.000,00

$40.000,00

$50.000,00

$60.000,00

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

C2 TUB/ ROT

C4RBAY /ROTC7 BOL/ ROT

C8 T/ARV

AVGALL TC

Capesize Routes – Pacific 2010 / 11

$0,00

$10.000,00

$20.000,00

$30.000,00

$40.000,00

$50.000,00

$60.000,00

$70.000,00

$80.000,00

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

C3 TUB /PRC

C5 WAUST /PRC

C9 CONT /FE

C10 FE R/V

Panamax Routes – Atlantic 2010 / 11

$0,00

$5.000,00

$10.000,00

$15.000,00

$20.000,00

$25.000,00

$30.000,00

$35.000,00

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

P1A T/A RV

P2ACONT/FE

6

Dry Bulk - Chartering

Panamax Routes – Pacific 2010 /11

$0,00

$5.000,00

$10.000,00

$15.000,00

$20.000,00

$25.000,00

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

P3A FE R/V

P4 FE/CON

AVG ALL TC

Supramax Routes – Atlantic 2010 /11

$0,00

$5.000,00

$10.000,00

$15.000,00

$20.000,00

$25.000,00

$30.000,00

$35.000,00

$40.000,00

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

S1A CON / FE

S1B BSEA / FE

S4A USG /CONT

S4B CONT /USG

S5 WAFR / FE

Supramax Routes – Pacific 2010 / 11

$0,00

$5.000,00

$10.000,00

$15.000,00

$20.000,00

$25.000,00

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

S2 FE R/V

S3 FE / CON

S6 FE / INDI

S7 ECI / CHI

AVG ALL TC

7

In Brief: Another week of financial turmoil as European leaders have yet to deal with the crisis which has propelled Greece to

the brink of default. Hopefully, we’ll soon see some action as EU officials have set a two-week deadline to agree how to resolve

the debt crisis. Such a deal will include a final decision on Greece’s bail-out and a new strategy to recapitalise Europe’s

banking sector.

VLCC: It seems that supply/demand ratio has improved notably in the Middle East Gulf, compared to October 2010, while the

vast majority of last week’s cargoes were fixed for eastern destinations. Still though, there is ample tonnage available to prevent

rates from posting any significant gains. On the other hand, VLCC owners took advantage of the boost in both Suezmax and

Aframax rates due to recent developments at the Turkish Straits. Consequently, rates for transatlantic movements soared,

shortening available tonnage in the area for the coming week.

Suezmax: As mentioned above, in fear of new regulations at Bosphorus that are expected to further burden traffic, charterers

rushed to fix sending rates in the Black Sea up by almost 20 worldscale points. Rates in West Africa were also affected and in

addition with the fact that demand didn’t show any signs of retreat, similarly they climbed almost 20 worldscale points.

Aframax: The Mediterranean was the “Star of the Week” as rates rallied on new regulations at the Turkish Straits. Aframaxes in

the North Sea also followed but not as spectacularly since the local market didn’t offer any actual reason to do so. On the

contrary, not much changed in the Middle East and Caribbean markets.

Products: Apart from the Caribbean market where activity picked up, last week was not that good for clean cargo movements.

Naphtha AG/Japan runs dropped to 120 worldscale points while rates for MRs in the North Sea lost considerable ground on the

back of a growing tonnage list. Rates fell slightly for Panamaxes in both the Caribbean and European markets but, overall, not

much changed in the fundamentals.

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

Index Week 40 Week 39 Change (%)

BCTI 709 725 -2,21

BDTI 777 697 11,48

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

Type Size Week 40 Week 39 Change (%)

VLCC 300.000 19750 20250 -2,47

Suezmax 150.000 16750 16500 1,52

Aframax 105.000 13750 14500 -5,17

Panamax 70.000 14500 14750 -1,69

MR 47.000 14000 14000 0,00

Tanker - Chartering

8

Crude Tanker Average Spot Rates

Type Size (Dwt) Route Week 40 WS

Week 39 WS

Change %

VLCC

280,000 AG – USG 32.5 32.5 0,00

260,000 W.AFR – USG 67.5 47.5 42,11

260,000 AG – East / Japan 42 41 2,44

Suezmax 135,000 B.Sea – Med 100 83 20,48

130,000 WAF – USAC 95 77 23,38

Aframax

80,000 Med – Med 160 89 79,78

80,000 N. Sea – UKC 109 97.5 11,79

80,000 AG – East 95 95 0,00

70,000 Caribs – USG 95 90 5,56

Product Tanker Average Spot Rates

Type Size (Dwt) Route Week 40 WS

Week 39 WS

Change %

Clean

75,000 AG – Japan 120 122.5 -2,04

55,000 AG – Japan 120 125 -4,00

38,000 Caribs – USAC 155 145 6,90

37,000 Cont – TA 147.5 179 -17,60

Dirty

55,000 Cont – TA 112.5 115 -2,17

50,000 Caribs – USAC 120 125 -4,00

Tanker - Chartering

9

VLCC Trading Routes 2010 / 11

0

10

20

30

40

50

60

70

80

90

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

AG - USG

WAFR - USG

AG EASTJAPAN

Suezmax Trading Routes 2010 / 11

0

20

40

60

80

100

120

140

160

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

B. SEA- MED

WAF -USAC

Aframax Trading Routes 2010 / 11

0

20

40

60

80

100

120

140

160

180

200

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

MED - MED

N.SEA - UKC

AG - EAST

CARIBS USG

Tanker - Chartering

Tanker - Chartering

10

Clean Trading Routes – 2010 / 11

0

50

100

150

200

250

300

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

AG - JAPAN(75,000)

AG - JAPAN(55,000)

CARIBS - USAC(38,000)

CONT - TA(37,000)

Dirty Trading Routes – 2010 / 11

0

50

100

150

200

250

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

CONT - TA(55,000)

CARIBS -USAC(50,000)

11

Slower pace due to Chinese Holidays

Limited activity has been monitored in the SNP in respect of the Chinese holidays. Nevertheless, some interesting

transactions have been concluded in attractive numbers. Despite being a buyers’ market as the values would suggest,

investors are mothballed to move due to negative projections which put a rebound in shipping after 2014. Especially the

tanker sector seems to be one suffering the most with many vessels operating below OPEX. Some shipowners suggest that

warm lay-up is fast approaching as a solution to minimize exposure. In the container however, vessels are sailing on

breakeven putting the market at a risk.

The immobility of the Chinese market had its impact on purchase enquiries, resulting in limited activity. In the bulk sector

however the situation remains unchanged with the Handies monopolizing the market. On the other hand MR tankers are

the most popular followed by LR1 and Aframaxes.

An interesting sale which is in line with the market is the Handymax BC M/V “Dry Beam” (46,619 DWT, 2005 built in

Oshima, JPN) which is reported sold for USD 22 Mill to Chinese based buyers. No sale of similar modern Handymax has

been reported recently, setting the price as a basis for future ones.

In the tanker market Greek buyers compete by setting new low prices in the VLCC market. After Embiricos, it was the turn

of Polembros to be reported as the buyers of M/T “Takase” (314,250 DWT 1999 built in Mitsui Chiba, JPN) for USD 28 Mill

translating into 20% above scrap value.

NEWBUILDNGS

In the newbuilding market, we have seen 18 vessels reported to have been contracted.

13 Bulk Carriers (Supramax - Capesize)

3 Tankers (LR1 and Aframax)

2 Containers (2.900 TEU)

DEMOLITION

The Bangladeshi market showed signs of improving. India showed mixed feelings with price expectations being different

than the ones offered. The market in Pakistan has showed signs of activity at higher prices. Chinese market was on a

standstill due to holidays.

Sale & Purchase

12

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

Bulk Carriers

Week 40 Week 39 Change %

Capesize 40 40 -

Panamax 27 27 -

Supramax 26 26 -

Handysize 21 21 -

Tankers

VLCC 80 80 -

Suezmax 54 54 -

Aframax 41 41 -

Panamax 34 34 -

MR 26 26 -

Weekly Purchase Enquiries

SHIPTRADE P/E WEEKLY INDEX

0

50

100

150

200

250

300

350

28/12

-3/120

11

4/1-10/1/2011

11/1-17/1/201

1

18/1-24/1/201

1

25-31/1/201

1

1-7/2/2010

8-14/2/2011

15-21/2/201

1

22-28/2/201

1

01-07/3/201

1

08-14/3/201

1

15-21/03/20

11

22-28/03/20

11

29/03

-4/4/201

1

5/4/-11/4/20

11

12-18/4/201

1

19-25/4/201

1

26/4-2/5/2011

3-9/5/2011

10-16/5/201

1

17-23/5/201

1

24-30/5/201

1

31/5-6/6/2011

7-13/6/2011

14-20/6/201

1

21-27/6/201

1

28/6-4/7/2011

5-11/7/2011

12-18/7/201

1

19-25/7/201

1

26/7-1/8/2011

2-8/8/2011

9-15/8/2011

16-21/8/201

1

22-29/8/201

1

30/8-05/9/201

1

06-12/9/201

1

13-19/9/201

1

20-26/9/201

1

27/9-3/10/201

1

4-10/10/201

1

Korea China Spore KCS

Greece Other Sum

Sale & Purchase

13

Reported Second-hand Sales

Bulk Carriers Name Dwt DoB Yard SS Engine Gear Price Buyer

Cape Wakaba 171.978 1996 Kawasaki, JPN 03/2013 B&W - 18.2 mill Swiss Marine

Atlantic Adventure 55.709 1999 Oshima, JPN 03/2016 B&W 4 X 30 T 28.8 mill Korean

Sanko Summit 50.655 1999 Namura, JPN 10/2013 MIT 4 X 30 T 16.4 mill Greek

Free Lady 50.246 2003 Mitsui, JPN 04/2013 B&W 4 X 30 T 21.9 mill Greek

Dry Beam 46.619 2005 Oshima, JPN 04/2016 B&W 4 X 30 T 22 mill Pacific Basin

Tankers Name Dwt DoB Yard SS Engine Hull Price Buyer

Takase 314.250 1999 Mitsui, JPN 01/2014 B&W DH 28 mill Polembros

Genmar Revenge 96.755 1994 Samsung, KR 05/2013 B&W DH 9.1 mill Undisclosed

Pafos 41.354 1993 Minami, JPN 07/2013 B&W DH Undisc Undisclosed

Sale & Purchase

14

Newbuilding Orders

No Type Dwt / Unit Yard Delivery Owner Price 2 BC 205.000 Yangfan 2013 SFI 60

5 BC 76.000 Yangfan 2012/2013 SITC -

1 BC 71.500 Chengxi 2013 Klaveness -

1 BC 64.000 Hantong 2013 Load Line -

2 BC 58.000 Nantong 2012 Jiangsu Ocean -

2 BC 57.000 Hantong 2012 Winland -

2 Tanker 75.000 Rongsheng 2013 Shanghai North Sea -

1 Tanker 105.000 New Times 2012 Pertamina -

2 Container 2.900 STX Dalian 2013 Arkas -

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

Newbuilding Resale Prices

Bulk Carriers

Capesize 50 51

Panamax 34 37

Supramax 30 34

Handysize 24 26

Tankers

VLCC 98 100

Suezmax 65 66

Aframax 47 48

Panamax 45 46

MR 34 36

Newbuilding Resale Prices

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

Newbuildings

$0,00

$20,00

$40,00

$60,00

$80,00

$100,00

$120,00

$140,00

$160,00

$180,00

Ap

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CAPESIZE

PANAMAX

SUPRAMAX

HANDYSIZE

$0,00

$50,00

$100,00

$150,00

$200,00

$250,00

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VLCC

SUEZMAX

AFRAMAX

LR 1

MR

15

Demolition Sales

Vessel Type Built Dwt Ldt Buyer Country Price Java Sea Tanker 1991 99.016 16.134 Bangladesh 545

Louka Tanker 1989 68.159 15.991 India 549

MSC Aurelie Container 1979 40.379 16.584 India 540

New Legend

Fortune BC 1980 23.601 5.722 India 515

Nostos Tanker 1989 91.717 13.592 Pakistan 540

Paros Warrior Tanker 1989 93.823 16.473 Pakistan 536

Demolition Prices ($ / Ldt)

Bangladesh China India Pakistan

Dry 495 430 495 490

Wet 525 450 525 520

Demolition Prices

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

Demolitions

0

100

200

300

400

500

600

700

800

April

08

Aug 0

8

Dec 0

8

April

09

Aug 0

9

Dec 0

9

Apr 1

0

Aug 1

0

Dec 1

0

April

11

$ /

Ld

t

Bangladesh

China

India

Pakistan

0

100

200

300

400

500

600

700

800

April

08

Aug 0

8

Dec 0

8

April

09

Aug 0

9

Dec 0

9

Apr 1

0

Aug 1

0

Dec 1

0

April

11

$ /

Ld

t

Bangladesh

China

India

Pakistan

16

Shipping Stocks

Commodities

Commodity Week 40 Week 39 Change (%) Brent Crude (BZ) 108 99,70 8,32

Natural Gas (NG) 3,54 3,62 -2,21

Gold (GC) 1665 1650 0,91

Copper (LME) 3,31 3,08 7,47

Wheat (W) 277 283 -2,12

Dry Bulk

Company Stock Exchange Week 40 Week 39 Change % Baltic Trading Ltd (BALT) NYSE 4,60 4,65 -1,08

Crude Carriers Corp (CRU) NYSE 9,62 14,74 -34,74

Diana Shipping Inc (DSX) NASDAQ 7,08 7,42 -4,58

Dryships Inc (DRYS) NASDAQ 2,24 2,34 -4,27

Euroseas Ltd (ESEA) NASDAQ 3,16 3,16 0,00

Excel Maritime Carriers (EXM) NYSE 2,03 2,08 -2,40

Eagle Bulk Shipping Inc (EGLE) NASDAQ 1,36 1,57 -13,38

Freeseas Inc (FREE) NASDAQ 0,76 0,92 -17,39

Genco Shipping (GNK) NYSE 6,90 7,81 -11,65

Navios Maritime (NM) NYSE 3,04 3,17 -4,10

Navios Maritime PTN (NMM) NYSE 13,85 13,30 4,14

Paragon Shipping Inc (PRGN) NASDAQ 0,85 0,79 7,59

Star Bulk Carriers Corp (SBLK) NASDAQ 1,23 1,29 -4,65

Seanergy Maritime Holdings Corp (SHIP) NASDAQ 2,79 3,19 -12,54

Safe Bulkers Inc (SB) NYSE 5,70 6,19 -7,92

Golden Ocean Oslo Bors (NOK) 4,23 3,73 13,40

Tankers Capital Product Partners LP (CPLP) NASDAQ 5,74 6,39 -10,17

General Maritime (GMR) NYSE 0,17 0,26 -34,62

Omega Navigation Enterprises (ONAV) NASDAQ 0,27 0,35 -22,86

TOP Ships Inc (TOPS) NASDAQ 1,05 1,44 -27,08

Tsakos Energy Navigation (TNP) NYSE 5,44 5,58 -2,51

Other Aegean Maritime Petrol (ANW) NYSE 3,84 4,51 -14,86

Danaos Corporation (DAC) NYSE 3,06 3,32 -7,83

StealthGas Inc (GASS) NASDAQ 3,85 3,92 -1,79

Rio Tinto (RTP) NYSE 48,61 45,00 8,02

Vale (VALE) NYSE 23,36 22,80 2,46

ADM Archer Daniels Midland (ADM) NYSE 25,45 24,81 2,58

BHP Billiton (BHP) NYSE 71,53 66,44 7,66

Financial Market Data

17

Currencies

Week 40 Week 39 Change (%) EUR / USD 1,33 1,33 0,00

USD / JPY 76,71 77,04 -0,43

USD / KRW 1170 1180 -0,85

USD / NOK 5,82 5,86 -0,68

Bunker Prices

IFO 380 IFO 180 MGO Piraeus 638 667 932

Fujairah 648 675 1055

Singapore 650 660 895

Rotterdam 622 642 915

Houston 632 664 947

Port Congestion*

Port No of Vessels

China Rizhao 32

Lianyungang 27

Qingdao 41

Zhanjiang 17

Yantai 13

India

Chennai 2

Haldia 4

New Mangalore 4

Kakinada 10

Krishnapatnam 6

Mormugao 5

Kandla 2

Mundra 3

Paradip 8

Vizag 24

South America

River Plate 255

Paranagua 70

Praia Mole 17

* 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 40 of year

2011.

Financial Market Data / Bunker Prices / Port Congestion