WEEKLY SHIPPING

MARKET REPORT WEEK 1

1st January – to 7th January

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

Ships: Reshaping the underwater form

Twenty years ago, it seemed that the underwater shape of any ships was a more or less settled science. Bulbous bows, (the benefits of which had been first identified by Italian naval architects in the 19th century), were widely fitted, with the most “extreme” bulbs fitted to the fastest ships. But hydrodynamics as a science has continued to develop and recent years have seen all manner of astonishing ship shapes entering service. The Ramform, the X-bow and the Axe bow, along with other dramatic ship shapes, all arrived amid claims of the superior sea-keeping qualities and operational economies they produced. The soaring price of fuel and tough economic times have produced another wave of hydrodynamic innovation, with naval architects looking hard at all aspects of the underwater shape and its relationship to the sea. The flow of water around the stern and the efficiency of propellers, the effect of trim on performance and the operation of rudders have all been studied afresh, while the fitting of Mewis ducts and various other appendages to beef up the bite of a propeller have been appearing in newbuilds. A regular scrub to freshen up the surface of a propeller, between dry-dockings has proved and demonstrable dividends. But what else can be done to make existing ships more economical? Obviously slowing them down is the most natural fuel-saving measure, but that brings its own problems, as a hullform that was designed for optimum efficiency at a speed of 25 knots is unlikely to work as well if the service speed is reduced by 5 or more knots. So it is interesting to note that Maersk has started to remove the bulbous bows from a number of its container ships now operating a slowed service speed regime. Maersk has worked out that these appendages can weigh up to 140 tons and while they were doing their job perfectly at the designed high service speed, they do the opposite to what they were intended with the ship slowed down, with resistance actually increased. As might be expected with a company that looks at these matters with an analytical eye, the strategy will not work for every ship, but if a business case can be made and the economics work, then a “nose job” will follow. If the surgery is done on the right ships, then the fuel savings from the reshaped bow can amount to some 2%. Not carrying around up to 140 tons will itself produce some savings. Ten ships have been so far scheduled for bulb removal and it will be interesting to see if any of the other major operators follow the Maersk example. Meanwhile, the science of hydrodynamics continues the search to optimise the underwater body and produce more fuel and energy savings. Computational fluid dynamics is a new weapon in the designer’s armoury, which it is hoped will produce further breakthroughs in the lowering of resistance and higher propulsive efficiency. We are given hints that exciting developments in the world of underwater coatings are soon to be revealed. Innovation flourishes when times are hard! (BIMCO)

Tanker Companies Still Fighting an Uphill Battle

Despite a rebound in oil prices over the last few years, tanker stocks have been terrible performers on the stock market. Frontline, Nordic American Tankers, and Teekay Tankers are all down at least 47% in the last five years and Frontline has fallen into the abyss with an 85% drop.But this isn't just a matter of companies falling out of favor with the market. Tankers are in much less demand as U.S. oil production has increased and their financial performance only seems to be getting worse.Losing money hand over fist You can see below that Frontline, Nordic American Tankers, and Teekay have all seen losses for over two years and conditions don't look to be improving quickly.U.S. energy imports are down to 34% of consumption, off from 60.3% in 2005 and 40% just last year. That reduces the demand for tankers and the only way to replace it is hope that demand from India and China replaces the lost demand from the U.S. That's a stretch given the amount of oil available close to those countries.Pipelines replace tankers worldwide It may be surprising to find out that Russia is actually the world's largest oil producer and it's a direct neighbor to China, who is a major oil importer. Russia recently signed a deal that will send 200,000 barrels of oil per day to China's Sinopec Group. This is part of Russia's goal to export more than 1

million barrels of oil per day to China. There's also an abundance of natural gas coming over the boarder, boosted by the recent completion of the Myanmar-China pipeline. Then there's the fact that the Middle East is simply a shorter trip to China and India than the U.S. and you have lower demand for tanker services. An already oversupplied market is only going to get worse over the next few years.Foolish bottom line Frontline's John Fredricksen may have had it right in September when he suggested competitors should shut down capacity. The problem is that no one is going to take him up on the offer.Long term, I think the trends are simply working against the tanker business and financial results will continue to suffer. We may see a rebound in rates here and there but demand is slowly drying up and that's why this is an industry to avoid in 2014

(Motley Fool )

Neutral outlook for shipping sector in 2014

With the Baltic Dry Index perking up in December, 2014 is poised to be a better year for overall freight rates as demand and supply within the shipping sector will be more balanced. The dry bulk sector’s valuation has somewhat priced in optimism of a recovery, with tankers expected to catch up eventually, highlights RHB Research Institute Sdn BHd (RHB Research), although caution is advocated due to weaker macro prospects. “In December, the Baltic Dry Index rose to its highest level in 27 months on the back of higher imports of iron ore in November (increase 18 per cent year on year (y-o-y)) and coal from China,” outlined analyst Ahmad Maghfur Usman in his note yesterday. “This rising demand also boosted iron ore and coal prices. “Dry freight rates in the spot market have climbed 40 to 70 per cent in the past 30 days, with Handymax and Supramax seeing strong demand. “The spike in rates for the smaller sized vessels will benefit maybulk given its 55 per cent exposure in these vessels by deadweight tonnage (DWT).” The six per cent growth in supply of total tonnage of dry bulk vessels in 2013 is expected to marginally exceed the five per cent growth in tonnage demand.Thus, Ahmad Maghfur believed 2014 is poised to be a better year for overall freight rates as demand and supply will be more balanced. Meanwhile, crude tanker rates remain volatile, with no clear indications of recovering in the near term as overall demand for oil continues to remain weak amid an oversupply of crude tankers.The research team behind MIDF Amanah Investment Bank Bhd (MIDF Research) affirmed the challenging outlook for crude tanker shipping amid the overcapacity issue which is still prevalent. “The booming of US shale oil production had eased the long haul demand of crude oil from the Middle East, impacting VLCC rates,” it said. “In contrast, Aframax chartering rate was relatively steady due to ramp up in US domestic oil production and lightering activities. “The prospect of product tanker is more promising as the fleet growth was slower at estimated at 2.5 per cent y-o-y for 2013.” RHB Research’s Ahmad Maghfur added that chemical tankers in Europe are still hit by a surplus of tonnage despite some activities on the Transatlantic Westbound route. Wood Mackenzie expects China’s oil imports to surpass that of the US in 2017, and be the key driver of a recovery in tanker rates by 2015 given that the longer distance from the Atlantic to China will absorb the excess capacity due to higher vessel utilisation. “Tanker rates are expected to remain volatile in 2014 but we see average rates inching up by 15 per cent in 2014 and 25 per cent in 2015 as the stronger demand eases the over-supply.” Looking at the shipping of liquefied natural gas (lng), the rhb research analyst forewarned that the shale gas boom in the us has not only dimmed the outlook for crude tankers but also that for lng shipping. “We have seen lng buyers show hesitation in signing long term contracts out of fears that lng prices and shipping costs will get cheaper in the future. “Moreover, the slew of new LNG vessels coming into the market next year will exacerbate the situation and inevitably result in a glut.” Source: The Borneo Post

Shipping , Commodities & Financial News

2

Great expectations?

The recent (reasonable) slowdown of the S&P market due to the Christmas holiday period is expected to come

to an end soon, as market players return in their offices, warming up (or not) for their next moves. What remains

to be seen is whether the positive sentiment we have witnessed during the last couple of months will make its’

appearance again, with the odds possibly being for this possibility, thus creating expectations amongst market

players for 2014. This week, we are only reporting 2 transactions in the dry segment, one being the purchase of

the 2011 built Supramax “Maja” from Greek buyers for $19.2 mill. and the other one being the 2011 built

Handysize “B Handy”, which fetched $20 mill. from Greek buyers. In the wet segment, the Aframax sector drew

our attention this week, with a total of 3 units changing hands. The 1993 built shuttle tanker “Tordis Knutsen”

was sold to Norwegian buyers for $8.2 mill., while 2 very modern Italian-owned units were sold for a total price

of $56 mill. to undisclosed buyers.

Shiptrade’s enquiry index increased significantly compared to the situation two weeks ago, before the Christmas

holidays. In the dry segment, interest for all sizes was there at levels well excess the ones of the pre-holiday

period, except from the Panamax index, which remained unchanged. Handy enquiries increased by 30%, the

ones for Handymaxes and Supramaxes more than doubled, while the enquiries for Capesize bulkers moved

upwards by one fourth. In the tanker segment, the differential was bigger, as buying interest made its’

reappearance following a period of total absence, with MR enquiries increased by 85% compared to the ones

seen before the holidays, with Aframaxes following the same direction (by about 70%). The relevant indices for

Panamaxes, Suezmaxes and VLCCs have shown an impressive upward trend, however this would be attributed to

the levels very close to zero that we’ve been facing during the past few weeks.

NEWBUILDINGS

In the newbuilding market we have seen 17 vessels to have been contracted.

6 Bulk Carriers (VLOC, Capesize, Handysize)

1 Tanker (MR)

10 Containerships (10,000 TEU)

DEMOLITION

The second highest year in history, following 2012, in terms of demolition activity has passed. India is back,

despite the Christmas holidays, ready to compete and acquire tonnage, backed up by the well anticipated

stability in the local currency, with expectations for prices being optimistic, mainly due to the fact that yards

have remained empty during the last 2 months and the reasonable reaction would be trying to stock. In

Bangladesh, everyone’s attention is on developments regarding the political crisis, with local elections creating

uncertainty and trouble, with buying appetite even from speculators slowing down significantly. In Pakistan, the

local market has not been competitive for yet another week, with uncertainty around the local currency being

the biggest issue. In China, despite the recent complete absence, signs of recovery have made their appearance,

however the lack of tonnage due to the holiday period has prevented those signs from forming an actual

condition.

3

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

Bulk Carriers

Week 51 Week 50 Change %

Capesize 35 35 0,00

Panamax 25.5 25.5 0,00

Supramax 24 24 0,00

Handysize 19 19 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

-50

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

3

10-1

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

9-1

5/1

0/2

013

16-2

2/1

0/2

013

23-2

9/1

0/2

013

30/1

0-5

/11/2

013

6-1

2/1

1/1

3

13-1

9/1

1/2

013

20-2

6/1

1/2

013

27/1

1-0

3/1

2/2

013

4-1

0/1

1/1

311-1

7/1

2/1

318-2

4/1

2/1

325-3

1/1

2/1

31-7

/1/1

4

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

Maja 56.733 2011 Zhejiang

Zengzhou, Chn 09/2016 B&W 4 X 30 T $19.200.000

Greek (LMZ Shipping)

B Handy 36.866 2011 HMD, Kr 05/2016 B&W 4 X 30 T $20.000.000 Greek

Tankers

Name Dwt DoB Yard SS Engine Hull Price Buyer

Tordis Knutsen 123.848 1993 Aesa, Sp - B&W DH $8.200.000 Norwegian

(Offshore Heavy Transport AS)

Valpiave 109.060 2010 Hudong, Chn 01/2015 B&W DH $28.000.000 (each en bloc)

Undisclosed Valconca 109.060 2009 Hudong, Chn 07/2014 B&W DH

Arctic Gas (LPG) 23.256 1993 Hyundai Heavy

Ind. Kr 04/2015 B&W - $20.000.000 Undisclosed

Containers

Name Teu DoB Yard SS Engine Gear Price Buyer

Mercur Star 2.604 1996 Flensburger, Ger 12/2015 B&W - $6.500.000 Chinese

Sale & Purchase

5

Newbuilding Orders

No Type Dwt / Unit Yard Delivery Owner Price 2 BC 250.000 Bohai 2016 Oak 63

2 BC 180.000 Qingdao 2015 Undisclosed -

2 BC 38.000 Dingheng 2016 Diler Shipping -

10 Container 10.000 teu DSME 2016 Zodiac 90

1 Tanker 39.000 HMD 2015 Top Ships 35

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 Maersk Miami Container 1994 55.238 23.800 India 450

Nedlloyd America

Container 1992 50.620 20.447 India 450

Sunny Sailor BC 1990 149.498 18.464 Bangladesh 442

Carpio BC 1989 69.703 10.019 Bangladesh 442

Yun Tong BC 1982 61.537 11.843 China 350

Demolition Prices ($ / Ldt)

Bangladesh China India Pakistan

Dry 430 350 420 430

Wet 450 360 450 460

Demolition Prices

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

Demolitions

7

In Brief: Holiday mood Capesize: ITS MORE LIKE A “ROCKY BOTTOM”. BCI during the last week of the year recover the losses of the week 51 reaching 4078 units after an increase of 203 units or 5% but still lower than week 50 (-168 units or -3%). In the Atlantic Capers fixed at USD 30.114(Tubarao – Qingdao) and USD 12.841 for the W. Australia to Qingdao. Finally the Average of the T/C routes marked at USD 38.999, a gain of about 8% from the previous week. Panamax: Negative sentiment still on. BPI index at the beginning of the week was at 1780 points and at the end of the week closed at 1750 points decreasing by 30 points. In the Atlantic basin tonnages for the usual TA round were fixed at USD about 17.500 – 18.000. In the Pacific market remain in the same negative mood, tonnages for Pacific RV were fixed at USD 11.000-12.000 and for back hauls at USD 2000. Supramax: China in free fall. The week began with the index falling at 1330 points and closed at 1276 points. In the Atlantic basin tonnages for the usual TA round were fixed at USD 19.500 – 20.500. In the Pacific market remain in the same negative mood China is falling badly, tonnages for Pacific RV were fixed at USD 8.100 – 8.700 and for back hauls at USD 4.500 – 5.000.

Handysize: : Following the down going trend

As expected the rates in the handy size market dropped following the trend during this week. In the Pacific Basin the rounds close at mid 8’s region and owners kept their ships spot instead of fixing very low period rates. No much backhaul activity either. In the Atlantic basin the rates are still decent but decreased considerably compared with last week. The transatlantic round rate closed at low-mid teens and the fronthaul rates closed at mid-high teens for the clean cargoes and at high teens for the dirty ones. No period activity in the Atlantic either in light of the holiday mood and the lower rates during last 3 months.

Dry Bulk - Chartering

Dry Bulk - Chartering

Dry Bulk - Chartering

Dry Bulk - Chartering

8

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

Index Week 1 Week 52 Change (%)

BDI 2036 2330 -12,62

BCI 3531 4246 -16,84

BPI 1750 2096 -16,51

BSI 1276 1553 -17,84

BHSI 763 814 -6,27

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

Type Size Week 1 Week 52 Change (%)

Capesize 160 / 175,000 35886 21150 69,67

Panamax 72 / 76,000 14100 14250 -1,05

Supramax 52 / 57,000 13000 13000 0,00

Handysize 30 / 35,000 10400 10400 0,00

Average Spot Rates

Type Size Route Week 1 Week 52 Change %

Capesize 160 / 175,000

Far East – ATL 14500 17500 -17,14

Cont/Med – Far East 56000 74900 -25,23

Far East RV 24000 40700 -41,03

TransAtlantic RV 15750 42000 -62,50

Panamax 72 / 76,000

Far East – ATL 2000 3500 -42,86

ATL / Far East 25000 30000 -16,67

Pacific RV 11600 14500 -20,00

TransAtlantic RV 17700 21000 -15,71

Supramax 52 / 57,000

Far East – ATL 4850 8300 -41,57

ATL / Far East 22300 26000 -14,23

Pacific RV 8400 11750 -28,51

TransAtlantic RV 20000 20000 0,00

Handysize 30 / 35,000

Far East – ATL 6750 8750 -22,86

ATL / Far East 18000 20750 -13,25

Pacific RV 8400 11000 -23,64

TransAtlantic RV 13000 13750 -5,45

Dry Bulk - Chartering

9

ANNUAL

SEPTEMBER 2013 – DECEMBER 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: -

Suezmax: -

Aframax: -

Panamax: -

Products: -

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

Index Week 1 Week 52 Change (%)

BCTI 932 823 13,24

BDTI 628 632 -0,63

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

Type Size Week 1 Week 52 Change (%)

VLCC 300.000 26,000 26,000 0,00

Suezmax 150.000 16,000 15,000 6,67

Aframax 105.000 16,000 16,000 0,00

Panamax 70.000 15,750 15,750 0,00

MR 47.000 14,500 14,500 0,00

Tanker - Chartering

13

Crude Tanker Average Spot Rates

Type Size (Dwt) Route Week 1 WS

Week 52 WS

Change %

VLCC

280,000 AG – USG - -

260,000 W.AFR – USG - -

260,000 AG – East / Japan - -

Suezmax

135,000 B.Sea – Med - -

130,000 WAF – USAC - -

Aframax

80,000 Med – Med - -

80,000 N. Sea – UKC - -

80,000 AG – East - -

70,000 Caribs – USG - -

Product Tanker Average Spot Rates

Type Size (Dwt) Route Week 1 WS

Week 52 WS

Change %

Clean

75,000 AG – Japan - -

55,000 AG – Japan - -

38,000 Caribs – USAC - -

37,000 Cont – TA - -

Dirty

55,000 Cont – TA - -

50,000 Caribs – USAC - -

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 1 Week 52 Change (%) Brent Crude (BZ) 107,07 110.56 -3,16

Natural Gas (NG) 4,37 4.24 3,07

Gold (GC) 1227 1231 -0,32

Copper 335 332.80 0,66

Wheat (W) 278,88 289.35 -3,62

Dry Bulk

Company Stock Exchange Week 1 Week 52 Change % Baltic Trading Ltd (BALT) NYSE 6,39 5.64 13,30

Diana Shipping Inc (DSX) NASDAQ 13,31 12.27 8,48

Dryships Inc (DRYS) NASDAQ 4,26 3.66 16,39

Euroseas Ltd (ESEA) NASDAQ 1,39 1.23 13,01

Excel Maritime Carriers (EXM) NYSE 0,22 0.12 83,33

Eagle Bulk Shipping Inc (EGLE) NASDAQ 4,34 3.23 34,37

Freeseas Inc (FREESE) NASDAQ 2,25 1.33 69,17

Genco Shipping (GNK) NYSE 2,42 1.93 25,39

Navios Maritime (NM) NYSE 10,43 9.42 10,72

Navios Maritime PTN (NMM) NYSE 18,63 17.81 4,60

Paragon Shipping Inc (PRGN) NASDAQ 7,35 6.37 15,38

Star Bulk Carriers Corp (SBLK) NASDAQ 12,89 10.45 23,35

Seanergy Maritime Holdings Corp (SHIP) NASDAQ 1,89 1.44 31,25

Safe Bulkers Inc (SB) NYSE 10,17 8.93 13,89

Golden Ocean (GOGL) Oslo Bors (NOK) 11,10 11.10 0,00

Tankers Capital Product Partners LP (CPLP) NASDAQ 8,84 9.24 -4,33

TOP Ships Inc (TOPS) NASDAQ 1,78 1.62 9,88

Tsakos Energy Navigation (TNP) NYSE 5,94 5.44 9,19

Other

Aegean Maritime Petrol (ANW) NYSE 10,93 10.47 4,39

Danaos Corporation (DAC) NYSE 5,49 4.60 19,35

StealthGas Inc (GASS) NASDAQ 10,22 10.57 -3,31

Rio Tinto (RIO) NYSE 55,11 51.78 6,43

Vale (VALE) NYSE 14,33 14.67 -2,32

ADM Archer Daniels Midland (ADM) NYSE 43,19 40.34 7,06

BHP Billiton (BHP) NYSE 67,52 63.74 5,93

Financial Market Data

17

Currencies

Week 1 Week 52 Change (%) EUR / USD 1,36 1.37 -0,73

USD / JPY 104,86 103.1 1,71

USD / KRW 1055 1052 0,29

USD / NOK 6,16 6.18 -0,32

Bunker Prices

IFO 380 IFO 180 MGO Piraeus 599 630 935

Fujairah 610 635 985

Singapore 600 615 905

Rotterdam 567 590 880

Houston 585 660 970

Port Congestion*

Port No of Vessels

China Rizhao 22

Lianyungang 19

Qingdao 33

Zhanjiang 44

Yantai 28

India

Chennai 31

Haldia 42

New Mangalore 27

Kakinada 29

Krishnapatnam 13

Mormugao 25

Kandla 12

Mundra 23

Paradip 11

Vizag 24

South America

River Plate 137

Paranagua 24

Praia Mole 20

* 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 51 of year

2013.

Financial Market Data / Bunker Prices / Port Congestion