WEEKLY SHIPPING

MARKET REPORT WEEK 36

- 3rd September – to 10th September 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

Weekly product tanker capacity growth rises, crude tanker falls

Capacity, in a commoditized industry like shipping, is an important metric that directly impacts companies' top line or revenue performance. When capacity grows faster than demand, competition will rise among individual shipping firms as they try to use idle ships and cover fixed costs. This will lower day rates, which will negatively affect bottom-line earnings, free cash flows, and share prices for tanker companies. Companies are scrapping crude tankers amid a depressing market Between August 23 and 30, tanker capacity measured in deadweight tonnage (the weight a ship can safely carry across the ocean), fell by another 0.04% for crude tankers. Product tankers, on the other hand, rose 0.05% % using the last eight weeks to smooth out the data. The recent decline in growth rates appears to reflect lower shipping rates. When shipping rates are at depressing levels and shipping companies can't profit by running the new or existing ships, companies will delay receiving new ships or scrap ships to reduce capacity and support rates. This could act as a short-term support for shipping rates. But this is another indicator that points to the depressed crude tanker market, given that ship orders had slumped over the same period. Annual capacity growth falling While annual capacity growth still remains above 3.5% for crude tankers and even higher for product tankers, it has come down since April, which is a positive sign. Analysts consider year-over-year growth because it adjusts for possible seasonality and short-term noise, and demand figures are often quoted on a year-over-year basis for the same reasons. So this makes comparing supply and demand balance easier Interpretation of higher growth The decline in weekly capacity is a positive sign that incumbent firms are resorting to scrapping and slippage to alleviate issues with excess capacity and support shipping rates for crude tankers. If shipping rates rise further from here, however, as they often do because of seasonal increases in demand for heating oil for the winter, capacity growth will likely rise. For product tankers, the weakness we've seen over the past few weeks appears to be due to a short-term pause in deliveries. This will likely pick up throughout the remainder of this year, as several companies such as Navios Maritime Acquisition Corp. (NNA) and Scorpio Tankers Ltd. (STNG) have been placing large number of orders since last year. Depending on whether demand is expected to meet supply, current capacity growth could be negative or positive for tanker firms such as Frontline Ltd. (FRO), Nordic American Tanker Ltd. (NAT), Navios Maritime Acquisition Corp. (NNA), and Scorpio Tankers Ltd. (STNG). (Market Realist)

The dynamics of the global oil trade and demand for crude tankers

There are two key driving forces of oil shipment demand today, which has been a trend for the past five years: a decrease in oil shipments to the United States and growth in China. In 2010, the largest importers of oil in the world were the United States, China, Japan, and India. The United States imported 9.2 million barrels a day (21% of the total), while China, the second largest importer, imported 4.7 million (11% of the total), according to data from the U.S. Energy Information Administration (EIA). The United States leaves while China picks up The United States has historically been the largest importer of oil. But since horizontal drilling and hydraulic fracturing technologies have made it possible for energy companies to extract oil from areas where oil extraction was initially considered impossible and uneconomical, domestic production started to take off after successful trials, beginning the United States' journey to becoming an energy-independent country. As OPEC (the Organization of Petroleum Exporting Countries—which are primarily situated in Africa and the Middle East) and oil shipment companies continued to lose business from the West, they found a savior in the East: China. Driven by rapid growth, spurred by government stimulus in 2009 and a population that strives to work and earn more to have higher living standards,

demand for oil has grown rapidly in double digits. Imports, as a result, grew ~10% from 2008 to 2012. China's growth isn't enough While China stepped up its oil import, it wasn't enough to fill falling U.S. imports. With the exception of 2010, when the United States imported more oil as its economy recovered, the remaining three years have consistently led to lower imports than China can soak up. The EIA estimates that the country will become the largest producer of crude oil within the next few years, knocking countries such as Russia and Saudi Arabia off the top chart. China's golden age of investment-led economic growth is now history, and as the country opens up to more consumption, how may oil consumption be affected? With tanker stocks falling more than 80% from 2008, and China now a larger player in the world's oil shipment market, will the downtrend reverse or continue? The following indicators will help us understand the demand prospects of companies such as Frontline Ltd. (FRO), Teekay Tankers Ltd. (TNK), Nordic American Tanker Ltd. (NAT), and, to an extent, Tsakos Energy Navigation Ltd. (TNP) and the Guggenheim Shipping ETF (SEA) over the next few months.( Market Realist)

Rising dollar creates fuel cost worries for shipping companies

The falling rupee may bring more export business for the shipping lines, with Indian goods getting a competitive edge in the international market. Shipping companies which are already reeling under subdued freight rates and oversupply of vessels are worried over rising fuel costs as the dollar becomes more expensive. Shipping Corporation of India, for the first time has decided in its board meeting to go for partial bunker hedging. “We will start with a small percentage and then increase the amount we will hedge gradually,” said Sunil Thapar, director- bunker and tanker division, Shipping Corporation of India. While most companies feel that they are hedged against the currency crisis since the sector deals in dollars only. However, because the outgo is also in dollars, the rupee depreciation has not meant huge benefits. The currency depreciation has created woes for coastal shipping, since most of the revenue is incurred in rupees, while the costs are in dollars. “The returns in coastal shipping are suffering. The overall coast of logistics is going up since the port charges are in dollars,” said Anil Devli, president, Indian National Shipowners Association. For coastal shipping, there is an added challenge as far as bunker goes. The increase in price of high speed diesel has made it less competitive to the road transportation which has subsidized diesel. “This has also discouraged new entrants from venturing into coastal shipping. It is not a flourishing business,” a senior port sector analyst said. Last week, rupee plunged to a low of 66 per dollar mark. The rupee has lost more than 16% against the dollar so far in 2013 - making it the worst performer by far among Asian emerging market currencies, according to Reuters.(BusinessStandard)

Suez Canal Project to Attract Foreign Investments

Chairman of the Suez Canal Authority Mohab Memish said that the project of “Suez Canal Axis” will be developed in a way that allows accelerating the growth rate in the region as well as attracting Arab and foreign investments to take part in the implementation of the project. He said that the name of Suez Canal project will be changed to the “Two Poles” referring to Ain Sokhna Port, where the first phase of the project kicks off, and Port Said harbor, where the project ends. Memish added that the next period will witness a major role for the Suez Canal Authority after drafting the required legislations on this score, noting that a legislative amendment is underway to give the Authority a full supervision over the project. (Suez Canal Authority)

Shipping , Commodities & Financial News

2

Greek interests still after big and modern tonnage

This week, buying interest and the majority of reported sales are for modern units, especially for the bigger sizes. One 2010

built capesize bulker changed hands this week, with further details on this deal expected to come to light shortly. Other than

that, 2 modern Kamsarmaxes, namely the 2005 built “Ocean Lord” and the 2010 Built “Stefania Lembo” went to Greek

buyers for excess $18 mill and $22.7 mill. respectively, with the second one sold at an auction. Moreover, Greek interests are

behind the sale of the 2004 built Panamax “Belgrano”, which fetched a price of $16.5 mill., while the older “C. Journey” was

reported sold to Chinese buyers for $7.4 mill. What is worth mentioning this week, is the firm price that two 1996 built 4

ho/ha handies fetched this week (both were sold for high $5 mill.), catching the market by surprise, despite last week’s

extremely interesting sale of the “ID Harbour”. In the wet sector, two modern Aframaxes were sold to Greek and Singapore

based buyers, with Greek interests snapping up both the 2006 built MR Tanker “Twinkle Express” for $20 mill., as well as the

1990 built MR Tanker “Champion Pioneer” for $5.4 mill.

Shiptrade’s enquiry index has once again shown a considerable increase, this time of about 25%. In the dry sector, enquiries

for handysize bulkers continued their upward trend, gaining another 30% this week, with those for Handymaxes and

Supramaxes following the same direction. The relevant index for Panamaxes gained almost one third this week, while

interest for capesize bulkers increased by about 22%. Tankers seem to attract additional interest, up by about 22% in total on

a week-to-week basis. MR Tankers’ relevant index is further strengthened compared to last week by about 30%, while in the

Panamax sector, interest continues to be virtually absent. Enquiries for aframaxes have continued their townward trend for

yet another week, still at single-digit levels, while we have nothing to comment on the interest for Suezmaxes and VLCCS,

which remains at very low levels.

NEWBUILDINGS

In the newbuilding market we have seen 16 vessels to have been contracted.

8 Bulk Carriers (Ultramax)

8 Tankers (VLCC, MR)

DEMOLITION

The situation in the sub-continent remains to be far from encouraging, despite the appointment of a new Reserve Bank of

India governor, with the purpose of stabilizing the currency, with the Indian Rupee slightly recovering at levels of 66 to the

USD as the week ended. However, with levels for bulkers in India around 360/ldt, it is quite difficult for owners of vintage

units to consider selling. In Bangladesh, no deals were reported this week, reflecting the continuously troubling period the

local market is going through, with tonnage bought by cash buyers either remaining unsold or renegotiated. The Pakistani

market followed the same path, with the Pakistani Rupee continuing to be a source of concern, however, due to the fact that

local steel prices have not faced the volatility of India and Bangladesh, as well as the one of demand still being there, some

expect this market to be increasingly involved in buying units, both in the short as well as the long term. Activity and focus

shifted to the East for yet another week and China in particular, which is nowadays the best paying recycling market, with

Chinese buyers securing tonnage at impressive levels, comparable with, if not in some cases ahead of those offered in the

sub-continent.

Sale & Purchase

3

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

Bulk Carriers

Week 36 Week 35 Change %

Capesize 30 30 0.00

Panamax 21.5 21.5 0.00

Supramax 20 20 0.00

Handysize 18 18 0.00

Tankers

VLCC 52 52 0.00

Suezmax 39 39 0.00

Aframax 27 27 0.00

Panamax 25 25 0.00

MR 23 23 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

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

STX Noble 180.716 2010 STX, Kr 04/2015 B&W - Undisclosed Undisclosed

Ocean Lord 82.977 2005 Tsuneishi, Jpn 07/2015 B&W - $18.000.000 Undisclosed

Stefania Lembo 82.117 2010 Tsuneishi, Jpn 03/2015 B&W - $22.700.000 (at auction)

Greek (Diana)

Belgrano 76.759 2004 Sasebo, Jpn 02/2014 B&W - $16.500.000 Greek

C. Journey 73.095 1995 Samsung, Kr 04/2015 B&W - $7.400.000 Chinese

Los Vilos 46.541 2000 Oshima, Jpn 04/2015 Sulzer 4 X 30 T $12.600.000 Greek

Global Nextage 24.830 1996 Shin Kurushima,

Jpn 07/2016 Mit. 4 X 30 T $5.700.000 Chinese

Oriente Noble 23.522 1996 Saiki, Jpn 01/2016 B&W 4 X 30 T $5.800.000 Undisclosed

Tankers

Name Dwt DoB Yard SS Engine Hull Price Buyer

Forward Fortune 115.567 2005 Sasebo, Jpn 11/2015 B&W DH $20.500.000 Singaporean

Stavanger Bay 105.744 2004 Sumitomo, Jpn 09/2014 Sulzer DH $20.000.000 Greek

Twinkle Express 45.750 2006 Minami-Nippon,

Jpn 03/2016 B&W

DH, Epoxy

$20.000.000 Greek

Champion Pioneer 40.538 1990 Uljanic, Yug. 07/2015 B&W DH $5.400.000 Greek

Saag Sirius 7.058 2009 Zhejiang, Chn 05/2014 Guangz

hou DH $8.000.000 Undisclosed

Containers

Name Teu DoB Yard SS Engine Gear Price Buyer

NO SALES TO REPORT

Sale & Purchase

5

Newbuilding Orders

No Type Dwt / Unit Yard Delivery Owner Price 2 Tanker 319.000 HHI 2016 Metrostar 90

2 BC 64.000 Jiangsu 2015 Peter Doehle 25.5

4 BC 64.000 Jiangsu 2015 Oceanbulk

2 BC 63.000 Dayang 2015 Target Marine 26

4 Tanker 50.000 Sungdong 2015 Horizon Tankers 34

2 Tanker 50.000 Samsung Ningbo 2015 Capital Product Tankers 32

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

Newbuilding Resale Prices

Bulk Carriers

Capesize 48 39

Panamax 32 29

Supramax 25 24

Handysize 20 19

Tankers

VLCC 88 78

Suezmax 56 53

Aframax 45 37

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 Huikanghai BC 1994 149.680 22.531 China 375

Taunton BC 1986 186.324 24.005 China 380 (including 500 T bunkers)

Tern Arrow BC 1986 41.077 13.176 India 355

Nirmal Priti BC 1985 43.590 8.090 Pakistan 380

Lindsay Clark BC 1985 29.515 6.726 China 365

Demolition Prices ($ / Ldt)

Bangladesh China India Pakistan

Dry 360 365 360 380

Wet 380 380 380 390

Demolition Prices

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

Demolitions

7

In Brief: Continuing increase for capes, stability for the rest. Capes: Cape market increased significantly Significant increase for Capes with the BCI closing at 2799 points increased by 556 points. The atlantic market firmed up with the transantlantic round trips fixing at around USD 18,500 notably improved by USD 9,750. Same trend for the fronthaul ex Conti/Med closing at around 38,250 increased by USD 8,250. Tubarao / Qingdao route were fixed at around USD 25.3 pmt. Same positive sentiment on the pacific basin with the Aussie round trips fixing at around 22,000 increased notably compared to last week levels. Waus / Qingdao route were fixed at about10.20 pmt. Period levels at about high teens for one year. Panamax: Positive sentiment in both basins. BPI index at the beginning of the week was at 912 points to finally close up by 108 points at 1020 on Friday. Steady sentiment was seen this week in the Atlantic region and rates were kept at almost same and a tick higher levels. Transantlantic round trips were reported fixing at USD 8000 about. There were also some 2ll requirements via Baltic at USD 9500-10250 levels about basis redelivery Skaw-Passero range. Fronthauls ex US Gulf were reported fixing 15000-15500 aps plus 500-550k ballast bonus whilst those ex ECSA were seen closing at USD 13250 levels plus 350k ballast bonus. There were also rumors for an LME fixing at USD 23000 basis delivery Passero for a trip via Black Sea to PG with grains. In the Pacific basin Aussie rounds remained fairly active with some fixtures reported at USD 8000-9500 dop Mid-South China for trips via N. Australia redelivery China. Nopac also remained fairly active with some fixtures at USD 8000-8500 levels basis delivery dop N. China-Japan range and redelivery Singapore-Japan range. Additionally there were some trips via CJK- N. China range to India with fertilizers reported fixing at USD 7500-8500 dop. Indonesian round trips were reported closing at USD 8000 about basis dop S. China – Hong Kong range redelivery China and abt USD 9000-10000 basis dop Singapore. Finally nice LME’s were reported fixing at USD 9000-9500 levels for 4/6 months or up to 11/13 months. Supramax: Positive sentiment BSI index at the beginning of the week was at 939 and at the end of the week closed at 959,increasing by 20 points. Trips from USEC to Continent have been fixed at USD around 15.800 and from USG to ECSA at USD about 11.500.Faronthaul bss delivery Continent fixed at around USD 17.000.Regarding short period bss delivery BSEA and redel Atlantic we have seen fixtures at USD 13.000-13.500. In the Pacific nickel ore cargoes and bauxite cargoes kept the area active.Trips delivery N.China via INDO to India were fixed at USD 7.500-8.500.Short periods were fixed at USD 9.500-10.000. Handysize: Both basins remained relatively stable with the BHSI closing at 537 points slightly increased by 3 points. In the Atlantic basin, bsea remained strong producing fresh requirements. Short period bss delivery ECSA redelivery Atlantic were fixed at USD 9.000-9500. In Pacific ferts ex N.China to ECI were fixed at USD around 8250. We have seen 1 year period bss delivery Singapore at mid-high 8s

Dry Bulk - Chartering

Dry Bulk - Chartering

Dry Bulk - Chartering

Dry Bulk - Chartering

Dry Bulk - Chartering

8

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

Index Week 36 Week 35 Change (%)

BDI 1352 1132 19,43

BCI 2799 2243 24,79

BPI 1020 907 12,46

BSI 959 939 2,13

BHSI 537 531 1,13

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

Type Size Week 36 Week 35 Change (%)

Capesize 160 / 175,000 19000 17000 11,76

Panamax 72 / 76,000 9250 9000 2,78

Supramax 52 / 57,000 9400 9200 2,17

Handysize 30 / 35,000 8650 8500 1,76

Average Spot Rates

Type Size Route Week 36 Week 35 Change %

Capesize 160 / 175,000

Far East – ATL 7000 4250 64,71

Cont/Med – Far East 38250 30100 27,08

Far East RV 23350 17650 32,29

TransAtlantic RV 18500 8750 111,43

Panamax 72 / 76,000

Far East – ATL -150 -100 -

ATL / Far East 14750 15000 -1,67

Pacific RV 7800 7500 4,00

TransAtlantic RV 7750 7500 3,33

Supramax 52 / 57,000

Far East – ATL 4100 4000 2,50

ATL / Far East 18450 18300 0,82

Pacific RV 8650 8500 1,76

TransAtlantic RV 11550 11400 1,32

Handysize 30 / 35,000

Far East – ATL 4350 4250 2,35

ATL / Far East 14800 14800 0,00

Pacific RV 6900 6800 1,47

TransAtlantic RV 8600 8600 0,00

9

ANNUAL

JULY 2013 – SEPTEMBER 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 have gained 3 points last week point and concluded at ws34, in the

Atlantic route, rates have suffered a decline and concluded at ws37.5, and the AG-USG route gained 2 points

and concluded at ws22.5.

Suezmax: WAFR-USAC route remained once more stable at ws52.5. The B.SEA-MED was reduced by 2.5 points

and concluded at ws52.5.

Aframax: The NSEA-UKC route was reduced by 17.5 points and concluded at ws82.5. The AG-East route was also

reduced and concluded at ws82.5. Also the MED-MED was reduced by 7.5 points and finally concluded at ws72.5.

Panamax: The CBS-USG route was reduced by 10 points and concluded at ws105.

Products: USG-Cont route remained stable at ws110. The CONT-TA route this week lost 2.5 points and

concluded at ws97.5.

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

Index Week 36 Week 35 Change (%)

BCTI 580 605 -4,13

BDTI 593 630 -5,87

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

Type Size Week 36 Week 35 Change (%)

VLCC 300.000 17,750 18,250 -2,74

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 36 WS

Week 35 WS

Change %

VLCC

280,000 AG – USG 22,5 20,5 9,76

260,000 W.AFR – USG 37,5 40 -6,25

260,000 AG – East / Japan 34 31 9,68

Suezmax

135,000 B.Sea – Med 52,5 55 -4,55

130,000 WAF – USAC 52,5 52,5 0,00

Aframax

80,000 Med – Med 72,5 80 -9,38

80,000 N. Sea – UKC 82,5 100 -17,50

80,000 AG – East 82,5 85 -2,94

70,000 Caribs – USG 105 115 -8,70

Product Tanker Average Spot Rates

Type Size (Dwt) Route Week 36 WS

Week 35 WS

Change %

Clean

75,000 AG – Japan 105 107,5 -2,33

55,000 AG – Japan 118 120 -1,67

38,000 Caribs – USAC 125 127,5 -1,96

37,000 Cont – TA 97,5 110 -11,36

Dirty

55,000 Cont – TA 110 110 0,00

50,000 Caribs – USAC 110 115 -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 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 36 Week 35 Change (%) Brent Crude (BZ) 111,63 115,13 -3,04

Natural Gas (NG) 3,59 3,66 -1,91

Gold (GC) 1365 1394 -2,08

Copper 328,6 328,8 -0,06

Wheat (W) 305,52 305,24 0,09

Dry Bulk

Company Stock Exchange Week 36 Week 35 Change % Baltic Trading Ltd (BALT) NYSE 5,21 4,44 17,34

Diana Shipping Inc (DSX) NASDAQ 12,83 10,86 18,14

Dryships Inc (DRYS) NASDAQ 2,88 2,33 23,61

Euroseas Ltd (ESEA) NASDAQ 1,43 1,21 18,18

Excel Maritime Carriers (EXM) NYSE 0,06 0,07 -14,29

Eagle Bulk Shipping Inc (EGLE) NASDAQ 5,07 3,57 42,02

Freeseas Inc (FREESE) NASDAQ 0,19 0,18 5,56

Genco Shipping (GNK) NYSE 3,94 2,83 39,22

Navios Maritime (NM) NYSE 7,91 6,08 30,10

Navios Maritime PTN (NMM) NYSE 14,29 14,11 1,28

Paragon Shipping Inc (PRGN) NASDAQ 8,50 7,18 18,38

Star Bulk Carriers Corp (SBLK) NASDAQ 10,16 8,17 24,36

Seanergy Maritime Holdings Corp (SHIP) NASDAQ 1,68 1,44 16,67

Safe Bulkers Inc (SB) NYSE 7,33 6,45 13,64

Golden Ocean (GOGL) Oslo Bors (NOK) 8,87 8,10 9,51

Tankers Capital Product Partners LP (CPLP) NASDAQ 8,98 8,86 1,35

TOP Ships Inc (TOPS) NASDAQ 1,90 2,15 -11,63

Tsakos Energy Navigation (TNP) NYSE 4,92 4,62 6,49

Other

Aegean Maritime Petrol (ANW) NYSE 9,90 9,15 8,20

Danaos Corporation (DAC) NYSE 4,54 4,41 2,95

StealthGas Inc (GASS) NASDAQ 8,99 8,88 1,24

Rio Tinto (RIO) NYSE 48,11 45,11 6,65

Vale (VALE) NYSE 15,62 14,41 8,40

ADM Archer Daniels Midland (ADM) NYSE 35,79 35,21 1,65

BHP Billiton (BHP) NYSE 64,93 63,28 2,61

Financial Market Data

17

Currencies

Week 36 Week 35 Change (%) EUR / USD 1,31 1,32 -0,76

USD / JPY 99,11 99,56 -0,45

USD / KRW 1092 1098 -0,55

USD / NOK 6,08 6,06 0,33

Bunker Prices

IFO 380 IFO 180 MGO Piraeus 622 659 984

Fujairah 598 645 983

Singapore 591 605 925

Rotterdam 591 615 935

Hong Kong 620 675 1015

Port Congestion*

Port No of Vessels

China Rizhao 22

Lianyungang 44

Qingdao 75

Zhanjiang 22

Yantai 31

India

Chennai 12

Haldia 12

New Mangalore 7

Kakinada 11

Krishnapatnam 11

Mormugao 16

Kandla 17

Mundra 16

Paradip 16

Vizag 48

South America

River Plate 240

Paranagua 88

Praia Mole 16

* 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 36 of year

2013.

Financial Market Data / Bunker Prices / Port Congestion