WEEKLY SHIPPING

MARKET REPORT WEEK 16

- 16th April – to 20th April 2012 -

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

Iran Grain Imports May Fall 5.8% in 2012-13 on Wheat, FAO Says

Iran’s grain imports are expected to decline 5.8 percent in the year through March 2013 after purchases in the beginning of this year boosted stockpiles, the United Nations’ Food and Agriculture Organization said. Grain imports in 2012-13 may slip to 7.3 million metric tons from 7.75 million tons in the previous year, the Rome-based FAO wrote in a report on its website dated April 19. Wheat imports may slump 32 percent, according to the UN agency. Iran has completed its 2012 barley harvest, and farmers will start to bring in the wheat crop in June, according to the FAO. Wheat production is forecast to decline on below-average rainfall from late November to mid January, it said. “Despite the anticipated lower production in 2012, wheat imports in the new marketing year are forecast at 1.7 million tons, some 32 percent below the previous year mainly due to higher carryover stocks from the current season due to large purchases in early months of 2012,” the FAO wrote. Total grain imports are expected to remain high on imports of corn and rice, according to the agency. Iran’s 2012 barley crop is estimated to be little changed at 3 million tons, while paddy rice production is estimated to be stable at 2.4 million tons, the report showed. The wheat harvest may slip 3.6 percent to 13.5 million tons. “Wheat is the dominant cereal in the country,” the FAO wrote. “Irrigated wheat covers only one-third of the total wheat area, thus the majority of wheat crops depends on the performance of the rains.” (Bloomberg)

Asian demand to drive Canada’s agri-commodity exports

Asian countries especially India, China and Japan are likely to provide huge opportunities for major agricultural producers like Canada to sell their agri-commodities. The growing food demand from the Asian nations is likely to boost imports of agricultural products from Canada and other countries. Presently, the production of agricultural products in India and other Asian nations are sufficient and only small amount of products are presently imported. But the scenario is likely to change in future as the population is rising at a faster rate in India and China raising the demand for food amid insufficient farm lands for domestic production. Canada is presently in talks with Vietnam, Japan, Malaysia among others. The country is also one of the world's largest suppliers of agricultural products, particularly of wheat and other grains and it is a major exporter of agricultural products, to the United States and Asia. (Commodity Online)

Mideast crude tanker rates edge up, bookings sought

Crude oil tanker earnings on the major Middle East route edged higher on Monday in light business with a growing vessel glut keeping a lid on rate moves higher.

The world's benchmark VLCC export route from the Middle East Gulf to Japan DFRT-ME-JAP reached W53.63 in the worldscale measure of freight rates or $16,390 a day when translated into average earnings, from W53.37 or $15,625 on Friday and W66.00 or $33,845 last Monday. "VLCCs are crashing down after the party over the past four weeks," said Arctic Securities analyst Erik Nikolai Stavseth. "Asian crude buyers are said to see a number of unsold cargoes in Asia which is likely to keep rates at bay."

A rush of fixings earlier this month from Saudi Arabia to the United States, together with buoyant Asian demand, had bolstered sentiment as buyers sought to ensure stable supplies given growing fears of disruptions due to the tensions with major oil producer Iran. Earlier this month earnings reached their highest in a year at more than $41,000 a day fuelled by the cargo rally. RS Platou Markets said rates nearly $50,000 day were not sustainable. "The extra oil produced in the last few months has been for stockpiling and not for consumption," it said. "The weak global economic growth and the lack of incentives to build higher commercial oil stocks will probably lead to lower OPEC output."

Average earnings per day are calculated after a vessel covers its voyage costs such as bunker fuel and port fees. VLCC operating costs, including financial costs, are estimated at around $10,000 a day. Average VLCC earnings have been volatile in recent months, falling below the $10,000 a day level a number of times. They have stayed above $10,000 a day since Feb. 15.

VLCC rates from the Gulf to the United States DFRT-ME-USG were at W38.61 from W38.71 on Friday and W42.39 last Monday. Tanker players said the outlook still remained challenging, with downside risks for the sector given worries about the global economy and the fact that more tankers, ordered when times were good, were still to hit the global fleet.

High bunker fuel costs were also eating into earnings. "Q2 normally represents the seasonal low in tanker demand as Asian refiners undergo maintenance,"RS Platou Markets said. "Last week's downturn may indicate that the unexpectedly strong rally in VLCC rates has come to an end as the strong drive to build oil inventories may be cresting as oil availability is improving." Cross-Mediterranean aframax tanker rates were at W101.95 or $13,086 a day on Monday, compared with W97.50 or $10,356 a day on Friday and W87.55 or $4,418 a day last Monday. Brokers said a pick up in cargo bookings late last week had help push rates higher.

"At present, there is still upward momentum, but with a few quiet days this could quickly disappear," Braemar Seascope said. Rates for suezmax tankers on the Black Sea to Med route reached W63.38 or $980 a day from W64.11 or $1,445 a day on Friday and W70.08 or $6,332 a day last Monday. (Reuters)

Shipping , Commodities & Financial News

2

In Brief: Market increased slightly except from the capes Capes: Stability with downfall trend for Capes this week. This trend was reflected on the BCI which remained almost at same levels closing the week at 1533, a reduction of 39 points while the average of the 4 TC routes went down by USD 349 closing at USD 6,598 levels. In the Atlantic basin, the oversupply of tonnage in the area did not affect dramatically the rates with the fronthaul closing at USD 25,000 levels, been slightly decreased by USD 500. The transatlantic round trip closed at USD 3,750 levels, a down fall of USD 325. Same pattern applied at Tubarao / Qingdao route which was fixed at USD 21.25 for early May. In the Pacific market, Australia iron ore trade kept covering some, but not enough, of the large volume of tonnage resulting in slightly decreased rates fixed at USD 7,90 pmt than USD 8,00 last week. The Far East round trips decreased at USD 6,000 a USD 750 reduction from last week. Period activity remained at same levels than last week at USD 13,000 for one year.

Panamax: Positive sentiment due to Atlantic grains The week started with a positive sentiment in Atlantic with more cargoes firming up especially grains ex ECSA to Far East where rates were raised by around USD 3,000 compared to last week ending up at USD 21,000. Also the transatlantic was increased significantly closing the week at USD 13,500 making owners reluctant to leave the Atlantic basin. On the Pacific, market showed some more positive sentiment with trips ex NOPAC fixed at USD 10,000 while the round was at USD 11,250. The positive of the market in Atlantic led owners to pursue backhaul trips with levels of USD 12,000. Periods were done at above USD 11,000 and in some cases even more.

Supramax: Week kept on the improved rates

As in the Panamax market the frontahul trips pushed the market levels upwards since both ECSA and West Africa were particularly active. The iron ore from Venezuela kept generating cargoes and rates were in the region of USD 16,000. The fact that market firmed up in other places apart from the usual loading ports at ECSA led to reduce the oversupply of tonnage and keep the market in good levels as owners had other options instead of ballasting there. Pacific market remained firm as the imminent ban of nickel ore ex Indonesia picked up rates in spite the increased number of vessels. The round trips were done at USD 10.500 while the backhaul trips remained at same levels as last week at USD 6,000. Periods were active with one year to be fixed at USD 11,250 and short period at USD 12,000 levels.

Handysize: Market at similar levels with previous week The week following the Easter festivities kept things at similar but slightly upward levels than the previous one. In the Atlantic movement was slow and trips via Med to ECSA were fixed at around USD 4/5.000 levels while ex upriver to Tunisia trips were done at USD 13,000 bss aps. Continent was very slow once again and vessels opened West Africa remained to be in trouble. Pacific slightly improved but still coal order ex SEASIA were weaker and in lower volumes than previous weeks. Nevertheless owners had more options than the vessels in Atlantic and especially the backhaul trips with bagged rice to West Africa kept the rates high while offering more options to owners. Periods remained at same levels or around USD 9,500 basis worldwide redelivery.

Dry Bulk - Chartering

3

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

Index Week 16 Week 15 Change (%) BDI 1067 972 9,77

BCI 1533 1572 -2,48

BPI 1487 1158 28,41

BSI 1020 936 8,97

BHSI 562 540 4,07

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

Type Size Week 16 Week 15 Change (%)

Capesize 160 / 175,000 13000 12000 8,33

Panamax 72 / 76,000 - 10500 -

Supramax 52 / 57,000 7800 11000 -29,09

Handysize 30 / 35,000 - 9500 -

Average Spot Rates

Type Size Route Week 16 Week 15 Change %

Capesize 160 / 175,000

Far East – ATL -800 -8500 -

Cont/Med – Far East 25000 25750 -2,91

Far East RV 6000 6750 -11,11

TransAtlantic RV 3750 4000 -6,25

Panamax 72 / 76,000

Far East – ATL 2000 200 900,00

ATL / Far East 20500 18250 12,33

Pacific RV 11250 8750 28,57

TransAtlantic RV 13500 8750 54,29

Supramax 52 / 57,000

Far East – ATL 6000 6000 -

ATL / Far East 15750 14750 6,78

Pacific RV 10500 9750 7,69

TransAtlantic RV 10750 10000 7,50

Handysize 30 / 35,000

Far East – ATL 8500 8000 6,25

ATL / Far East 12500 11750 6,38

Pacific RV 5000 4500 11,11

TransAtlantic RV 7000 5500 27,27

Dry Bulk - Chartering

4

ANNUAL

FEBRUARY 2012 – APRIL 2012

Dry Bulk - Chartering

5

Dry Bulk - Chartering

Capesize Routes – Atlantic 2011 / 12

$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 2011 / 12

$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 2011 / 12

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

6

Dry Bulk - Chartering

Panamax Routes – Pacific 2011 /12

-$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 2011 /12

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 2011 / 12

$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

$20.000,00

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

S6 FE / INDI

S7 ECI / CHI

AVG ALL TC

7

VLCC: Rates in the VLCC had a downward trend across all markets despite the increased activity in some regions.

To start with the Middle Eastern market, there weer some 21 new fixtures of which the majority was towards

east. The increased tonnage availability caused rates to decline siginificantly since last week at WS 52,5, down

for some 12,5 points. Also rates to the west declined, concluding at WS 38,5. As a result to the former, the

Atlantic basin experienced some challenges. Ex West African fixtures had a negative trend mainly due to

excessive ballast units coming for MEG. Eastbound rates shed 14 points to WS 55. Same, westbound rates

declined by 10 points to WS 60.

Suezmax: On the Suezmax front the oversupply of tonnages had a negative impact on the WAFR – USAC route

with rates concluding at WS 65. Same was the situation in B SEA market with rates decreasing to WS 62,5.

Aframax: The Caribbean Aframax market had acitivity was relatively the same as last week with rates going up

concluding at WS 97,5. Mid week rates reached higher levels, however they were not maintained by the end.

Products: Panamax rates in the CBS – USAC rates increased by 10 points this week reaching WS 130. Positive was

the acitivity for cargoes ex Cont were rates concluded at WS 127,5. The Products market was on a decline with

the CBS – USAC route concluding at WS 140. Also, rates for ex USG cargoes were challenged with the

benchmark route USG – Cont losing 17,5 points to WS 77,5. In the European market an increased volume of

available tonnages led rated to decline by 5 points concluding at WS 135.

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

Index Week 16 Week 15 Change (%)

BCTI 635 639 -0,63

BDTI 740 782 -5,37

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

Type Size Week 16 Week 15 Change (%)

VLCC 300.000 21,250 21,250 0,00

Suezmax 150.000 16,250 16,250 0,00

Aframax 105.000 13,750 13,750 0,00

Panamax 70.000 13,500 13,500 0,00

MR 47.000 14,000 14,000 0,00

Tanker - Chartering

8

Crude Tanker Average Spot Rates

Type Size (Dwt) Route Week 16 WS

Week 15 WS

Change %

VLCC

280,000 AG – USG 42,5 42,5 0,00

260,000 W.AFR – USG 69 70 1,43

260,000 AG – East / Japan 65 65 0,00

Suezmax 135,000 B.Sea – Med 69 69 0,00

130,000 WAF – USAC 70 70 0,00

Aframax

80,000 Med – Med 90 90 0,00

80,000 N. Sea – UKC 102,5 102,5 0,00

80,000 AG – East 95 92,5 2,70

70,000 Caribs – USG 95 120 -20,83

Product Tanker Average Spot Rates

Type Size (Dwt) Route Week 16 WS

Week 15 WS

Change %

Clean

75,000 AG – Japan 95 95 0,00

55,000 AG – Japan 114 114 0,00

38,000 Caribs – USAC 145 145 0,00

37,000 Cont – TA 140 140 0,00

Dirty

55,000 Cont – TA 125 125 0,00

50,000 Caribs – USAC 120 120 0,00

Tanker - Chartering

9

VLCC Trading Routes 2011 / 12

Suezmax Trading Routes 2011 / 12

Aframax Trading Routes 2011 / 12

Tanker - Chartering

10

Clean Trading Routes – 2011 / 12

Dirty Trading Routes – 2011 / 12

Tanker - Chartering

11

Buying Interest continues

Activity in the S&P market was positive this week with the majority of reported sales being the dry bulk sector. The majority

of the pie was between Handysize and Handymax vessels, which have been in the forefront of purchase enquiries in the

latest weeks.

In Shiptrade’s enquiry index there was increased interest for dry bulkers whilst enquiries for tankers were limited. To begin,

Handymaxes led the dry sector followed by Handies. In the tankers, the majority of enquiries were for MRs followed by a

limited demnad for Aframax vessels.

Greek buyer is reported to have bought M/V Kohfukusan” (172,566 DWT built in 1999 in NKK, JPN) and M/V “Orange

Trident” (78,932 DWT built in 2007 in Sanoyas, JPN) for USD 15,5 Mill and USD 24 Mill respectively. Both vessels are owned

by the same Japanese company.

Yet another Japanese owned vessel is reported sold to Greek buyers. Supramax M/V “Hiryu” (52,982 built in 2003 in

Oshima, JPN) is reported to have obtained a price of USD 17,7 Mill.

In the tanker sector there was another quiet week with the most significant reported sale being of Aframax M/V

“Dalmacija” (96,168 DWT built in 1994 in Samsung, KRS) for USD 9,75 Mill to undisclosed buyers.

NEWBUILDINGS

In the newbuilding market, we have seen 13 vessels reported to have been contracted.

8 Bulk Carrier (Handysize , Supramax)

5 Tankers (MR)

DEMOLITION

In Bangladesh the market continued to be firm. India has been weak with not many cash buyers easily found to conclude

deals. Pakistan had several beachings of vessels however there was not enough buying interest. China showed a

decreasing interest, with yards becoming full and steel prices decreasing, thus not helping the general.

Sale & Purchase

12

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

Bulk Carriers

Week 16 Week 15 Change %

Capesize 35 35 0,00

Panamax 23 23 0,00

Supramax 22 22 0,00

Handysize 18 18 0,00

Tankers

VLCC 58 58 0,00

Suezmax 43 43 0,00

Aframax 33 33 0,00

Panamax 28 28 0,00

MR 25 25 0,00

Weekly Purchase Enquiries

SHIPTRADE P/E WEEKLY INDEX

0

50

100

150

200

250

300

350

01-07/3/2011

08-14/3/2011

15-21/03/2011

22-28/03/2011

29/03-4/4/2011

5/4/-11/4/2011

12-18/4/2011

19-25/4/2011

26/4-2/5/2011

3-9/5/2011

10-16/5/2011

17-23/5/2011

24-30/5/2011

31/5-6/6/2011

7-13/6/2011

14-20/6/2011

21-27/6/2011

28/6-4/7/2011

5-11/7/2011

12-18/7/2011

19-25/7/2011

26/7-1/8/2011

2-8/8/2011

9-15/8/2011

16-21/8/2011

22-29/8/2011

30/8-05/9/2011

06-12/9/2011

13-19/9/2011

20-26/9/2011

27/9-3/10/2011

4-10/10/2011

11-17/10/2011

18-24/10/2011

25-31/10/2011

1-7/11/2011

8-14/11/2011

15-21/11/2011

22-28/11/2011

29/11-5/12/2011

6-12/12/2011

13-19/12/2011

20-26/12/2011

27/12/2011-9/1/2012

10-16/1/2012

17-23/1/2012

24-30/1/2012

31/1-6/2/2012

7-13/2/2012

14-20/02/2012

21-27/02/2012

28/2-5/03/2012

6-12/03/2012

13-19/03/2012

20-26/03/2012

27/3-2/4/2012

3-9/4/2012

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

Kohfukusan 172.566 1999 NKK, JPN 07/2014 B&W - 15 mill Greek Enbloc Orange Trident 78.932 2007 Sanoyas, JPN 06/2012 B&W - 24 mill

Royal Ocean 70.677 1995 IVI Ishibras, BRA 09/2015 Sulzer - 8.5 mill Undisclosed

Silver Mei 68.676 1989 Sasebo, JPN 01/2014 Sulzer - 6.3 mill Undisclosed

Hiryu 52.982 2003 Oshima, JPN 06/2013 B&W 4 X 30 T 17.7 mill Greek

Aegean Falcon 50.296 2000 Mitsui, JPN 07/2015 B&W 4 X 30 T 14.5 mill Greek

Ocean Spirit 55.614 2006 Nantong, CHN 04/2016 B&W 4 X 30 T 20 mill Undisclosed

Evian 51.210 2002 New Century, CHN 09/2012 B&W 4 X 30 T 12.5 mill Undisclosed

Furness Australia 52.489 2001 Tsuneishi, JPN 11/2016 B&W 4 X 30 T 15.3 mill Undisclosed

Spring Bulker 27.321 1995 Mitsubishi, JPN 04/2015 B&W 4 X 30 T 8 mill Greek

ID Pioneer 26.455 1991 Hakodate, JPN 03/2016 B&W 4 X 30 T 5.8 mill Chinese

Ikan Terbang 18.849 2005 Yamanishi, JPN 06/2015 B&W 3 X 30 T 10 mill European

Tankers Name Dwt DoB Yard SS Engine Hull Price Buyer

Dalmacija 96.168 1996 Samsung, KOR 05/2016 B&W DH 9.75 mill Undisclosed

Sale & Purchase

14

Newbuilding Orders

No Type Dwt / Unit Yard Delivery Owner Price 4 BC 51.000 Taizhou 2013/2014 Chinese -

1 BC 37.000 Hyundai Mipo 2013 NS Nikko Copper -

3 BC 35.000 Jianzou 2014 Zhong Ning -

3 Tanker 50.000 Guangzou 2014 Tanker IMC 34 mill

2 Tanker 30.000 Hyundai Mipo 2013/2014 Wisby Tankers -

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

Newbuilding Resale Prices

Bulk Carriers

Capesize 45 44

Panamax 31 30

Supramax 29 29

Handysize 23 22

Tankers

VLCC 93 85

Suezmax 60 58

Aframax 47 44

Panamax 40 39

MR 34 34

Newbuilding Resale Prices

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

Newbuildings

15

Demolition Sales

Vessel Type Built Dwt Ldt Buyer Country Price Hebei Ambition BC 1990 285.640 38.720 Bangladesh 480

Hammurabi Container 1983 35.616 13.121 India 498

“as is” Khor Fakkan with sufficient fuel for a voyage to WC India

X-Press Tower Container 1988 14.090 4.830 China 418

Demolition Prices ($ / Ldt)

Bangladesh China India Pakistan

Dry 465 410 450 455

Wet 490 425 475 480

Demolition Prices

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

Demolitions

16

Shipping Stocks

Commodities

Commodity Week 16 Week 15 Change (%) Brent Crude (BZ) 118,23 121,83 -2,95

Natural Gas (NG) 2,00 1,98 1,01

Gold (GC) 1643 1680,6 -2,24

Copper (LME) 3,68 3,70 -0,54

Wheat (W) 259,04 265,65 -2,49

Dry Bulk

Company Stock Exchange Week 16 Week 15 Change % Baltic Trading Ltd (BALT) NYSE 4,64 4,08 13,73

Diana Shipping Inc (DSX) NASDAQ 7,98 7,75 2,97

Dryships Inc (DRYS) NASDAQ 3,16 3,29 -3,95

Euroseas Ltd (ESEA) NASDAQ 1,89 1,94 -2,58

Excel Maritime Carriers (EXM) NYSE 1,75 1,67 4,79

Eagle Bulk Shipping Inc (EGLE) NASDAQ 1,78 1,69 5,33

Freeseas Inc (FREE) NASDAQ 1,39 1,53 -9,15

Genco Shipping (GNK) NYSE 5,51 5,36 2,80

Navios Maritime (NM) NYSE 3,84 3,81 0,79

Navios Maritime PTN (NMM) NYSE 15,53 15,53 0,00

Paragon Shipping Inc (PRGN) NASDAQ 0,73 0,86 -15,12

Star Bulk Carriers Corp (SBLK) NASDAQ 0,94 0,87 8,05

Seanergy Maritime Holdings Corp (SHIP) NASDAQ 3,81 3,96 -3,79

Safe Bulkers Inc (SB) NYSE 6,44 6,28 2,55

Golden Ocean Oslo Bors (NOK) 4,98 5,02 -0,80

Tankers Capital Product Partners LP (CPLP) NASDAQ 8,44 7,55 11,79

TOP Ships Inc (TOPS) NASDAQ 2,16 2,38 -9,24

Tsakos Energy Navigation (TNP) NYSE 6,38 8,07 -20,94

Other

Aegean Maritime Petrol (ANW) NYSE 7,45 7,85 -5,10

Danaos Corporation (DAC) NYSE 3,90 3,62 7,73

StealthGas Inc (GASS) NASDAQ 6,15 5,73 7,33

Rio Tinto (RTP) NYSE 56,90 54,88 3,68

Vale (VALE) NYSE 22,98 23,85 -3,65

ADM Archer Daniels Midland (ADM) NYSE 30,71 30,75 -0,13

BHP Billiton (BHP) NYSE 73,41 70,45 4,20

Financial Market Data

17

Currencies

Week 16 Week 15 Change (%) EUR / USD 1,31 1,31 0,00

USD / JPY 81,68 80,89 0,98

USD / KRW 1139 1135,15 0,34

USD / NOK 5,74 5,76 -0,35

Bunker Prices

IFO 380 IFO 180 MGO Piraeus 690 720 1010

Fujairah 720 740 1045

Singapore 712 720 980

Rotterdam 683 706 995

Houston 700 730 1030

Port Congestion*

Port No of Vessels

China Rizhao 25

Lianyungang 40

Qingdao 77

Zhanjiang 22

Yantai 23

India

Chennai 8

Haldia 13

New Mangalore 14

Kakinada 6

Krishnapatnam 7

Mormugao 24

Kandla 39

Mundra 11

Paradip 15

Vizag 37

South America

River Plate 359

Paranagua 40

Praia Mole 54

* 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 16 of year

2012.

Financial Market Data / Bunker Prices / Port Congestion