WEEKLY SHIPPING

MARKET REPORT WEEK 17

- 23th April – to 30th April 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

Leading yards say newbuilding prices have bottomed-out

Prices of newbuilding vessels could well have bottomed out as shipowners are embarking on a new cycle of ordering racing against the trend of newbuilding prices slowly inching up. Asian yards such as China-based Yangzijiang Shipbuilding and South Korea's Samsung Heavy Industries (SHI) believe that the lowest point for newbuilding prices has now been passed. “Now is possibly one of the best chances for shipowners to order new ships. The bottom of newbuilding prices has been reached and prices have firmed by 3-5% since the last quarter of 2012,” said Ren Yuanlin, executive chairman of Yangzijiang. However, Ren pointed out that there would not be a major upswing in prices, at least over the course of this year, but the market should not expect prices to go any lower. In the dry bulk sector, for instance, with the Baltic Dry Index (BDI) at below 1,000 points does not encourage substantial increase in newbuilding prices by shipyards as owners are already not generating any profits, he explained. “Unless the BDI can hover around 1,500 points over a two- to three-month period, then I'd say newbuilding prices can simultaneously be raised to match improved market profitability,” he said. Commenting on the commercial ship newbuilding market Korean shipbuilder SHI is seeing increased enquiry as owners look to take advantage of what may well be the low point for newbuilding prices.(Seatrade Global)

German, UK banks slam U.S. plans to toughen capital rules

German and British banking lobby groups slammed plans by U.S. regulators to toughen rules on foreign banks, saying they risk fragmenting banking supervision and causing major disruption to U.S. bank operations.Germany's banking association, BdB, said the push by U.S. regulators to tighten oversight of foreign banks would put European banks at a competitive disadvantage internationally. The British Bankers' Association (BBA) said imposing localised capital and liquidity requirements on foreign banks "will cause significant disruption to many foreign banks creating onerous and complex operational issues." In December, Federal Reserve Board Governor Daniel Tarullo said foreign banks should be required to hold as much capital as their U.S. counterparts, regardless of how their overseas parent companies are funded - a move that could trigger competition among regulators requiring banks to hold different levels of capital. "If other countries followed the U.S. example, it would result in a dangerous fragmentation of financial markets. Different rules and standards would make markets more unstable and inefficient," BdB managing director Michael Kemmer said in a statement. "These new rules amount to a clear disadvantage when it comes to competing with U.S. banks on a global level." The United States has traditionally relied on foreign supervisors to regulate overseas banks and specify appropriate levels of capital, just as U.S. banks operating in the euro zone are judged on their worldwide capital.The Fed's measure could be particularly costly for Deutsche Bank, Germany's flagship lender, and to a lesser degree for Britain's Barclays Plc, because of their corporate structure.Foreign banks would have to meet minimum capital and leverage ratios greater than those required under new Basel III global rules, the BBA said in its response to the proposals. "The proposals may lead to the further fragmentation of banking supervision," said Thomas Liew, a policy advisor for the BBA. That could "encourage regulators in other jurisdictions to seek their own

proposals," he said.European Union Internal Market Commissioner Michel Barnier, the EU's top financial regulator, has said the U.S. plan could lead to retaliation from other regulators.As a governor on the Fed Board in Washington, Tarullo is a point person for financial regulation, but also votes at every policy-setting meeting of the U.S. central bank. (Reuters)

Banks' shipping portfolios still under pressure

Impaired loans and losses from banks' shipping portfolios are likely to remain high, Fitch Ratings says. The shipping crisis is likely to last longer than we originally expected, putting greater pressure on the asset quality of banks with large exposures to the sector.On Tuesday German bank NORD/LB announced it had almost trebled loan impairment charges for its ship portfolio in 2012. Other banks have also reported rises to their loss provisions for shipping exposures. The increases were more pronounced for German banks. The prolonged industry downturn has prompted the German regulator BaFin to place greater scrutiny on banks' shipping exposures.We believe the shipping crisis will last longer than originally expected, until at least end-2014. Sectors such as dry bulk, container and crude tanker have particularly suffered from supply overcapacity, meaning that the market imbalances are likely to take longer to ease. Market trends, such as an increased preference for larger and more fuel-efficient vessels, may also further depress demand for certain vessel types in these sectors. Our bank ratings already factor in these risks, so ratings impact is unlikely.The Nordic banks have been able to offset the weaker performance in their shipping loans with resilient Swedish and Norwegian portfolios. The Nordic banks are typically more conservative in financing structures, and focus on larger ship companies with multiple cash flows and a larger fleet of vessels available for collateral. Shipping does not represent a material proportion of the Nordic banks' loans. For example, Nordea's lending to the shipping industry was 3.3% of the group's total. DNB Bank's exposure was less than 10% at end-2012. The downside risk is limited and remains manageable for Nordic banks.In comparison the downside risks are greater for some German banks active in ship lending where a larger proportion of their loans is in shipping. The Kommanditgesellschaft (KG) or limited partnership structure was commonly used for ship financing in Germany before the start of the shipping crisis. Subsequently, German ship lenders have shunned this higher-risk structure as investor appetite changed and banks tightened criteria. But medium-term pressure still arises from "legacy" KG lending exposures. The prolonged shipping downturn continues to constrain the creditworthiness of some German banks active in ship lending, and developments in the shipping industry will remain a key rating driver. Opportunities for banks remain, particularly as some traditional market participants, such as Commerzbank, Lloyds and RBS, are looking to wind down or sell large parts of their shipping portfolios. The lower competition is benefitting lenders' margins, client relationships and collateral, and covenant requirements, partly offsetting the effect of higher loan impairment charges. Stronger-performing sectors such as liquefied natural gas transportation and offshore could offer banks opportunities to strengthen their market position ahead of a sector recovery. Nevertheless, Fitch expects the banks' appetite for providing lending to shipping companies to remain cautious in 2013. (Fitch Ratings)

Shipping , Commodities & Financial News

2

Active buyers

Once more the Sale and Purchase activity continued strong as per last. Buyers are quite active browsing the market to find

suitable candidates. In the dry sector we have noticed quite a few reported sales of resale kamsarmax vessels. The wet

sector was even more interesting than previous week; we have noticed many reported sales of modern LR1 tankers and

small modern chemical tankers.

Worth mentioning is the reported en bloc sale of four modern LR1 tankers, namely “Athens Star”, “London Star”, New York

Star” and “Hamburg Star” sold for USD 74 million to undisclosed buyers.

Shiptrades’ enquiry index had decreased last week. In the dry sector, there is still interest for handysize vessels built within

the 90ies up to modern. Handymaxes and supramaxes are also of firm interest especially those that were built late 90ies up

to modern. On the panamax size there is interest especially from the Far Eastern buyers for mid to late 90ies built vessels,

on the other hand more modern panamaxes are attracting the attention of Greek buyers. In the wet sector, modern

handysize tankers are attracting interest, as well with modern MR tankers. Incoming enquiries for modern Aframaxes and

LR2s have been reduced a little, but there is still firm interest for such tonnages.

NEWBUILDINGS

In the newbuilding market we have seen 5 vessels to have been contracted.

3 Tankers (Aframax, MR)

2 LPG

DEMOLITION

The demolition market is firming week by week. Summer is close and buyers in subcontinent are very active. Subcontinent

markets have once more improved, with the Indian market prices to be in the region of USD 430 per LT, the Pakistan

market prices are at USD 435/LT and the Bangladesh market even more firm than previous weeks with prices at USD 430

per LT. The Chinese market remained weaker again this week with prices being in the low side of USD 370 per LT.

Sale & Purchase

3

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

Bulk Carriers

Week 17 Week 16 Change %

Capesize 30 30 0.00

Panamax 20.5 20.5 0.00

Supramax 19 19 0.00

Handysize 15 15 0.00

Tankers

VLCC 54 54 0.00

Suezmax 40 40 0.00

Aframax 27 27 0.00

Panamax 25 25 0.00

MR 24 24 0.00

Weekly Purchase Enquiries

SHIPTRADE P/E WEEKLY INDEX

0

20

40

60

80

100

120

140

160

180

30/5

-5/6

/2012

6-1

2/6

/20

12

13-1

9/6

/2012

20-2

6/6

/2012

27/6

-3/7

/2012

4/7

-10/7

/2012

11/7

-17/7

/2012

18-2

4/7

/2012

25-3

1/7

/2012

1-7

/8/2

01

28-1

4/8

/20

12

15-2

1/8

/2012

22-2

8/8

/2012

29/8

-4/9

/2012

5-1

1/9

/20

12

12-1

9/9

/2012

19-2

5/9

/2012

26/9

-2/1

0/2

012

3-9

/10/2

012

10-1

6/1

0/1

217-2

3/1

0/1

224-3

0/1

0/1

231/1

0-6

/11/1

27-1

3/1

1/1

214-2

0/1

1/1

221-2

7/1

1/1

228/1

1-4

/12/1

25-1

1/1

2/1

212-1

8/1

2/1

219/1

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

3

KOREA CHINA SPORE

KCS GREECE OTHER

Sale & Purchase

4

Reported Second-hand Sales

Bulk Carriers Name Dwt DoB Yard SS Engine Gear Price Buyer

Cape Europe 149.425 1993 CSBC, Twn 08/2013 B&W - 8.300.000 Chinese

STX Dalian D2061 83.000 2013 STX Dalian, Chn - STX

MAN - 25.000.000 Greek

Wuhu Xinlian W1021 81.948 2012 Wuhu, Chn 09/2017 B&W - 24.500.000 Undisclosed

Yangzhou Dayang DY4013

63.500 2013 Yangzhou, Chn - B&W 4 x 35 T 25.000.000 Greek

Valente Ace 56.678 2008 IHI, Jpn 05/2013 Wartsila 4 x 30 T 20.500.000 Greek

Ideal Bulker 28.460 1994 Imabari, Jpn 05/2014 B&W 4 x 30 T 5.800.000 Undisclosed

Tankers Name Dwt DoB Yard SS Engine Hull Price Buyer

Morning Glory VII 73.980 1999 Onomichi, Jpn 02/2014 B&W DH High 8.000.000 Greek

Athens Star 73.869 2005 New Times, Chn 12/2015 B&W DH

74.000.000 En Bloc

Undisclosed London Star 73.869 2006 New Times, Chn 10/2016 B&W DH

New York Star 73.869 2006 New Times, Chn 12/216 B&W DH

Hamburg Star 73.869 2005 New Times, Chn 12/2015 B&W DH

Starling 73.723 2008 New Times, Chn 10/2013 B&W DH 25.000.000 Greek

Clipper Klara 11.283 2007 STX, Kr 07/2017 B&W DH 12.000.000 Undisclosed

Global Sea 7.519 2010 Taixing, Chn 06/2015 B&W DH 8.000.000 Undisclosed

Cappadocian 5.667 2006 Celiktene, Tr 01/2016 B&W DH 6.500.000 Undisclosed

Global Moon 4.394 2010 Yizhen, Chn 07/2015 B&W DH 21.000.000

En Bloc Undisclosed Global Star 4.393 2012 Yizheng, Chn 02/2017 B&W DH

Global Earth 4.387 2009 Yizheng, Chn 12/2014 B&W DH

Sale & Purchase

5

Newbuilding Orders

No Type Dwt / Unit Yard Delivery Owner Price 1 Tanker 106.000 HHI 2015 Densa 48

2 Tanker 50.000 HMD 2015 Dong A 32

2 LPG 12.000 cbm STX 2015 Unigas 32

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

Newbuilding Resale Prices

Bulk Carriers

Capesize 48 36

Panamax 33 27

Supramax 25 24

Handysize 20 19

Tankers

VLCC 88 81

Suezmax 56 55

Aframax 45 38

Panamax 40 36

MR 33 32

Newbuilding Resale Prices

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

Newbuildings

6

Demolition Sales

Vessel Type Built Dwt Ldt Buyer Country Price

Globe Unity BC 1991 147.067 25.094 Bangladesh 420 ( as is Qinghuangdao with 600

T bunkers)

Hanjin Colombo Container 1994 62.742 18.780 India 470 (370 T IFO, 220 T MDO)

MSC Natalia Container 1986 43.403 15.301 India 454

Zhushui 9 BC 1984 64.442 11.621 China 375

Pacific Pearl BC 1981 38.771 10.599 India 455

Xiang Rong Men GC 1988 18.235 8.308 India 437 (300 T bunkers ROB)

Austanger GC 1985 30.173 7.526 Pakistan 434

Koupi BC 1983 34.119 7.257 Bangladesh 440

HMS Laurence Container 1985 18.155 6.895 India 440

MSC Annick Container 1988 16.768 6.763 India 440

Demolition Prices ($ / Ldt)

Bangladesh China India Pakistan

Dry 430 370 430 435

Wet 440 390 450 450

Demolition Prices

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

Demolitions

7

In Brief: Another slow week in both basins Capes: Slow at the beginning, recovery towards the end of the week The week started in low volume catching up pace towards the end of the week with the BCI ending up at 1246 points increased by 12 points. The atlantic market was slow with the transantlantic round trips closing at around USD 4,000. Fronthaul ex emed reported at USD 24,000 whereas Tubarao/Qingdao route yielding TCE of about USD 17,500 remained slow without many fresh requirements. In the Pacific basin, Australian iron ore trade showed movement but remained more or less at the same levels as last week closing at around USD 7,000 . Pacific round trips ended up at about USD 6,000/6,250. Period levels same as last week at around USD 10,750 for one year. Panamax: Fresh coal requirements from USEC and AUSTRALIA have driven the market upwards In the beginning of this week we noted many fresh coal requirements for Med/Continent as well as Far East, loading mainly from USEC but fm N Continent as well. Consequently the Transatlantic rates were driven upwards as well as the fronthaul. The Transatlantic round rates closed at USD 10,500 and the fronthaul rates basis delivery Continent around USD 17,5/18,000 depending on position and vessel’s particular. In the Pacific Basin, although the cargoes fm SEASIA kept paying levels around USD 9/11,000 k basis dop South China, we noted an increased demand for ships ex North Pacific and Australia. Especially from EC Australia/NOPAC the demand for tonnage was considerably increased this week and the fixing levels basis delivery North China closed at USD 9,000. In the pacific we did not see many period fixtures. In the Atlantic the medium period TC hire rate closed at low- mid teens. Supramax: A rather slow week in both basins- slightly better in the Pacific. Supramax market remained rather steady as the BSI index closed at 900 down by 2 points than last week. Transatlantic rounds were seen closing at USD 17500 levels ex US Gulf basis redelivery Continent and very high teens basis redelivery Emed. Fronthaul activity was limited with some fixtures reported at USD 14000 levels. There was also some coastal activity in ECSA with fixing rates at USD 11000 basis delivery S. Brazil. In the Pacific basin, the market remained steady this week. NOPAC rounds were very limited this week with some fixtures hardly making USD 8000 levels. Indonesian round voyages to India were reported at USD 12000-12500 basis delivery Singapore. India as far as iron ore market is concerned, remained quite with fixtures ex India to China closed at USD 9000. Short period also remained quite with some fixtures at USD 9500 for large modern Supras basis delivery Feast. Handysize: No significant change For one more week we saw stability in the market with the Index closing at 545 points, 6 more than the previous Friday and the physical market remained more or less at same levels. In Atlantic the round trip was done close to USD 9,000 with vessels getting USD 14,000 per day to East Med direction. The latter and Black Sea was very weak position since there were very few firm cargoes paying very low even for PG/Far East direction. Continent was somehow marginally better and we saw a vessel hitting USD 12,000 for East Med. The Pacific market did not improve and the round voyage was done even lower at about USD 6,500 while the NOPAC at USD 6,250. Trips to ECI basis delivery Japan/S. Korea were done at USD 7,500 and backhaul trips were paying very low levels at about USD 5,000. Owners with vessels at ECI suffered for one more week and at WCI/PG levels could make sense only for those who could trade Iran. The area was the strongest in Pacific tough with some short trips with local redelivery fixed at around USD 9,500 per day. Not much on for short period with levels of USD 7/7,500 per day.

Dry Bulk - Chartering

Dry Bulk - Chartering

Dry Bulk - Chartering

Dry Bulk - Chartering

8

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

Index Week 17 Week 16 Change (%)

BDI 871 888 -1,91

BCI 1246 1234 0,97

BPI 1082 1196 -9,53

BSI 900 902 -0,22

BHSI 545 539 1,11

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

Type Size Week 17 Week 16 Change (%)

Capesize 160 / 175,000 10750 10750 0,00

Panamax 72 / 76,000 9500 10000 -5,00

Supramax 52 / 57,000 9500 9500 0,00

Handysize 30 / 35,000 7500 7750 -3,23

Average Spot Rates

Type Size Route Week 17 Week 16 Change %

Capesize 160 / 175,000

Far East – ATL -11600 -11750 -

Cont/Med – Far East 19500 19000 2,63

Far East RV 6250 5500 13,64

TransAtlantic RV 4250 4500 -5,56

Panamax 72 / 76,000

Far East – ATL 450 550 -18,18

ATL / Far East 16500 18000 -8,33

Pacific RV 9500 9750 -2,56

TransAtlantic RV 9500 10500 -9,52

Supramax 52 / 57,000

Far East – ATL 4500 4700 -4,26

ATL / Far East 14000 14500 -3,45

Pacific RV 8250 8250 0,00

TransAtlantic RV 11500 11500 0,00

Handysize 30 / 35,000

Far East – ATL 5000 5000 0,00

ATL / Far East 10000 9750 2,56

Pacific RV 6500 7000 -7,14

TransAtlantic RV 8750 8250 6,06

Dry Bulk - Chartering

9

ANNUAL

FEBRUARY 2013 – APRIL 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

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

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

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

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

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

S2 FE R/V

S3 FE / CON

S7 ECI / CHI

AVG ALL TC

12

VLCC: Rates on Middle East – Far East were stable as per last couple of weeks with an average of ws30.5

furthermore the Atlantic and the WAFR-FEAST route remained stable after a slight improvement at an average

of ws40.

Suezmax: Atlantic Suezmax fixtures WAFR-USAC have declined more last week by 5 points and concluded at

ws57.5. The B.SEA-MED has improved last week by 5 points at ws72.5.

Aframax: The AG-East has improved by 2.5 points to conclude ws80, while NSEA-UKC route declined further by

2.5 points to conclude ws82.5. The MED-MED route also declined by 5 points and concluded at ws75.

Panamax: The CBS-USG route has improved by 12.5 points and concluded at ws97.5.

Products: USG-Cont route declined by 5 points and concluded at ws 110. The CONT-TA route declined as well by

7.5 points to conclude at ws152.5.

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

Index Week 17 Week 16 Change (%)

BCTI 613 633 -3,16

BDTI 623 634 -1,74

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

Type Size Week 17 Week 16 Change (%)

VLCC 300.000 18,250 18,250 0,00

Suezmax 150.000 16,250 16,250 0,00

Aframax 105.000 13,750 13,750 0,00

Panamax 70.000 14,250 14,250 0,00

MR 47.000 14,000 14,000 0,00

Tanker - Chartering

13

Crude Tanker Average Spot Rates

Type Size (Dwt) Route Week 17 WS

Week 16 WS

Change %

VLCC

280,000 AG – USG 18 18 0,00

260,000 W.AFR – USG 40 40 0,00

260,000 AG – East / Japan 32 32 0,00

Suezmax

135,000 B.Sea – Med 72.5 67,5 7,41

130,000 WAF – USAC 57.5 62,5 -8,00

Aframax

80,000 Med – Med 75 80 -6,25

80,000 N. Sea – UKC 82.5 85 -2,94

80,000 AG – East 80 77,5 3,23

70,000 Caribs – USG 97.5 85 14,71

Product Tanker Average Spot Rates

Type Size (Dwt) Route Week 17 WS

Week 16 WS

Change %

Clean

75,000 AG – Japan 95 95 0,00

55,000 AG – Japan 114 114 0,00

38,000 Caribs – USAC 120 120 0,00

37,000 Cont – TA 152.5 160 -4,69

Dirty

55,000 Cont – TA 110 115 -4,35

50,000 Caribs – USAC 120 115 4,35

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 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

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

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

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

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

CONT - TA (50,000)

CARIBS - USAC(50,000)

Tanker - Chartering

16

Shipping Stocks

Commodities

Commodity Week 17 Week 16 Change (%) Brent Crude (BZ) 102,90 99,20 3,73

Natural Gas (NG) 4,15 4,28 -3,04

Gold (GC) 1467 1420 3,31

Copper 317,75 312,25 1,76

Wheat (W) 321,78 306,62 4,94

Dry Bulk

Company Stock Exchange Week 17 Week 16 Change % Baltic Trading Ltd (BALT) NYSE 3,37 3,24 4,01

Diana Shipping Inc (DSX) NASDAQ 9,12 9,34 -2,36

Dryships Inc (DRYS) NASDAQ 1,81 1,75 3,43

Euroseas Ltd (ESEA) NASDAQ 1,11 1,06 4,72

Excel Maritime Carriers (EXM) NYSE 0,43 0,43 0,00

Eagle Bulk Shipping Inc (EGLE) NASDAQ 3,24 3,00 8,00

Freeseas Inc (FREESE) NASDAQ 1,06 1,07 -0,93

Genco Shipping (GNK) NYSE 1,62 1,62 0,00

Navios Maritime (NM) NYSE 4,39 4,04 8,66

Navios Maritime PTN (NMM) NYSE 14,89 14,39 3,47

Paragon Shipping Inc (PRGN) NASDAQ 4,07 3,92 3,83

Star Bulk Carriers Corp (SBLK) NASDAQ 6,08 6,09 -0,16

Seanergy Maritime Holdings Corp (SHIP) NASDAQ 1,50 1,41 6,38

Safe Bulkers Inc (SB) NYSE 4,92 4,74 3,80

Golden Ocean (GOGL) Oslo Bors (NOK) 5,56 5,57 -0,18

Tankers Capital Product Partners LP (CPLP) NASDAQ 8,78 8,54 2,81

TOP Ships Inc (TOPS) NASDAQ 1,55 1,50 3,33

Tsakos Energy Navigation (TNP) NYSE 3,59 3,68 -2,45

Other

Aegean Maritime Petrol (ANW) NYSE 6,28 5,91 6,26

Danaos Corporation (DAC) NYSE 3,95 4,14 -4,59

StealthGas Inc (GASS) NASDAQ 10,07 11,28 -10,73

Rio Tinto (RIO) NYSE 45,54 44,68 1,92

Vale (VALE) NYSE 16,70 16,02 4,24

ADM Archer Daniels Midland (ADM) NYSE 33,47 32,18 4,01

BHP Billiton (BHP) NYSE 66,20 64,19 3,13

Financial Market Data

17

Currencies

Week 17 Week 16 Change (%) EUR / USD 1,30 1,30 0,00

USD / JPY 98,03 99,51 -1,49

USD / KRW 1111 1119 -0,71

USD / NOK 5,85 5,82 0,52

Bunker Prices

IFO 380 IFO 180 MGO Piraeus 610 638 880

Fujairah 622 665 1010

Singapore 612 617 845

Rotterdam 588 613 832

Houston 584 650 967

Port Congestion*

Port No of Vessels

China Rizhao 24

Lianyungang 32

Qingdao 87

Zhanjiang 24

Yantai 32

India

Chennai 20

Haldia 17

New Mangalore 11

Kakinada 13

Krishnapatnam 11

Mormugao 10

Kandla 21

Mundra 12

Paradip 14

Vizag 73

South America

River Plate 423

Paranagua 95

Praia Mole 9

* 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 17 of year

2013.

Financial Market Data / Bunker Prices / Port Congestion