Capital Link Shipping Weekly Markets Reportfiles.irwebpage.com/newsletters/shipping/2010/shipping...→ Company Profile of the Week Capital Product Partners L.P. New York - 230 Park

Monday, November 1, 2010 (Week 43)

IN THE NEWS→ Latest Company News→ Weekly Commentary, by Barry Parker

WEEKLY PROFILES

Capital Link Shipping Weekly Markets Report

SHIPPING MARKETS→ Dry Bulk Market - Weekly Highlights, by N. Cotzias Shipping Consultants→ Tanker Market - Weekly Highlights, by Charles R. Weber Company→ Weekly Tanker Market Opinion, by Poten & Partners→ Weekly Freight Rate & Asset Trends, by Intermodal Shipbrokers→ Container Market - Weekly Highlights, by Braemar Seascope

→ Interview of the WeekDale Ploughman, Chairman & CEO of Seanergy Maritime Holdings Corp.

→ S&P Secondhand, Newbuilding & Demolition Markets, by Golden Destiny→ Freight Forwarding Agreements - FFAs, by SSY Futures

MARKETS→ Weekly China Update, by Commodore Research

CAPITAL MARKETS DATA→ Currencies, Commodities & Indices→ Shipping Equities - Weekly Review→ Weekly Trading Statistics, by Knight Capital→ Shipping Bonds - Weekly Review, by Knight Capital

EVENTS→ Earnings & Conference Call Calendar→ Recent Events

TERMS OF USE & DISCLAIMER

CONTENT CONTRIBUTORS

→ Company Profile of the Week Capital Product Partners L.P.

New York - 230 Park Avenue, Suite 1536, New York, NY, 10169 Tel.: +1 212 661 7566 Fax: +1 212 661 7526London - Longcroft House,2-8 Victoria Avenue, London, EC2M 4NS, U.K Tel. +44(0) 203 206 1320 Fax. +44(0) 203 206 1321Athens - 40, Agiou Konstantinou Str, Suite A 5, 151-24 Athens, Greece Tel. +30 210 6109 800 Fax +30 210 6109 801

Capital Link - New York - London - Athenswww.capitallink.comwww.capitallinkforum.com

www.CapitalLinkShipping.comA web based resource that provides information on the major shipping and stock market

Investor Relations & Financial Advisory

indices, as well as on all shipping stocks. It also features an earnings and conference call calendar, industry reports from major industry participants and interviews with CEOs, analysts and other market participants.

www.CapitalLinkWebinars.comSector Forums & Webinars: Regularly, we organize panel discussions among CEOs, analysts, bankers and shipping industry participants on the developments in the various shipping sectors (containers, dry bulk, tankers) and on other topics of interest (such as Raising Equity in Shipping Today, Scrapping, etc).

Capital Link Investor Shipping ForumsIn New York, Athens and London bringing together investors, bankers, financial advisors, listed companies CEOs, analysts, and shipping industry participants.

www.MaritimeIndices.comCapital Link Maritime Indices: Capital Link developed and maintains a series of stock market maritime indices which track the performance of U.S. listed shipping stocks (CL maritime Index, CL Dry Bulk Index, CL Tanker Index, CL Container Index, CL LNG/LPG Index, CL Mixed Fleet Index, CL Shipping MLP Index – Bloomberg page: CPLI. The Indices are also distributed through the Reuters Newswires and are available on Factset.

Capital Link Shipping Weekly Markets ReportWeekly distribution to an extensive audience in the US & European shipping, financial and investment communities with updates on the shipping markets, the stock market and listed company news.

Operating more like a boutique investment bank rather than a traditional Investor Relations firm, our objective is to assist our clients enhance long term shareholder value and achieve proper valuation through their positioning in the investment community. We assist them to determine their objectives, establish the proper investor outreach strategies, generate a recurring information flow, identify the proper investor and analyst target groups and gather investor and analyst feedback and related market intelligence information while keeping track of their peer group. Also, to enhance their profile in the financial and trade media.

Capital Link is a New York-based Advisory, Investor Relations and Financial Communications firm. Capitalizing on our in-depth knowledge of the shipping industry and capital markets, Capital Link has made a strategic commitment to the shipping industry becoming the largest provider of Investor Relations and Financial Communications services to international shipping companies listed on the US and European Exchanges. Capital Link's headquarters are in New York with a presence in London and Athens.

In our effort to enhance the information flow to the investment community and contribute to improving investor knowledge of shipping, Capital Link has undertaken a series of initiatives beyond the traditional scope of its investor relations activity, such as:

...Linking Shipping and Investors Across the GlobeCapital Link Shipping

Monday, November 1, 2010 (Week 43)Capital Link Shipping Weekly Markets Report

Page 3

IN THE NEWS

Latest Company NewsMonday, October 25, 2010

Capital Product Partners Announces Cash Distribution

Capital Product Partners L.P. (NASDAQ:CPLP) announced that its board of directors declared a cash distribution of $0.2325 per unit for the third quarter ended September 30, 2010. The Q3 cash distribution is in line with management’s revised annual distribution guidance of $0.93 per unit announced in July 2010 and will be paid on November 16, 2010 to unit holders of record on November 5, 2010.

Teekay LNG Partners Declares Distribution

Teekay GP LLC, the General Partner of Teekay LNG Partners L.P. (NYSE:TGP) declared a cash distribution of $0.60 per unit for the quarter ended September 30, 2010. The cash distribution is payable on November 12, 2010 to all unit holders of record on November 5, 2010.

Teekay Offshore Partners Declares Distribution

Teekay Offshore GP LLC, the General Partner of Teekay Offshore Partners L.P. (NYSE:TOO) declared a cash distribution of $0.475 per unit for the quarter ended September 30, 2010. The cash distribution is payable on November 12, 2010 to all unit holders of record on November 5, 2010.

Seanergy Maritime Holdings Completes Acquisition of Remaining Interest in Bulk Energy Transport (Holdings) Limited

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) announced that it completed the previously announced acquisition of the remaining 50% ownership interest in Bulk Energy Transport (Holdings) Limited (“BET”). The Company had acquired a 50% controlling interest in BET in August 2009. As a result of this acquisition, Seanergy now owns 100% of BET, and has increased the size of its wholly owned fleet from fifteen to 20 vessels.

Horizon Lines to Take Delivery of 12,500 New Containers

Horizon Lines, Inc. (NYSE:HRZ) announced it will add approximately 12,500 new containers to its international and domestic shipping network to support existing customers and the carrier’s new Asia liner service launching in December.

Seaspan Accepts Delivery of Two New Vessels

Seaspan Corporation (NYSE:SSW) announced the delivery of its 54th and 55th vessels, the COSCO Thailand and the Brotonne Bridge. The 8500 TEU COSCO Thailand, which was constructed by Hyundai Heavy Industries Co., Ltd., was delivered on October 15, 2010. The COSCO Thailand is on charter to COSCO Container Lines Co., Ltd. of China under a twelve-year, fixed-rate time charter. It is the sixth of eight 8500 TEU sister ships and the eighth of a total of eighteen vessels to be chartered by Seaspan to COSCON.

Tuesday, October 26, 2010

Tsakos Energy Navigation Signs Cooperation Agreement With China Classification Society

Tsakos Energy Navigation Ltd. (NYSE:TNP) announced the signing of a cooperation agreement with China Classification Society

(CCS) to jointly develop shipping and energy related projects in China. CCS was established in 1956, is one of the ten full members of the International Association of Classification Societies (IACS) and the only specialized organization of China to provide classification services. By the end of 2009, CCS classed fleet was 2,282 ships totaling 34.45 million gross tonnage.

Navios Maritime Partners Announces Cash Distribution

Navios Maritime Partners L.P. (NYSE:NMM) announced that its Board of Directors declared a cash distribution of $0.42 per unit for the quarter ended September 30, 2010. This distribution represents an annual distribution of $1.68 per unit. The cash distribution will be payable on November 12, 2010 to unit holders of record as of November 10, 2010.

Stealthgas Announces New Charter Arrangements for Ten Vessels and the Appointment of Mr. John Kostoyannis to the Board of Directors

Stealthgas INC. (Nasdaq:GASS) announced the following new time and bareboat charter arrangements for ten of its vessels, the Gas Nemesis, the Gas Marathon, the Gas Shuriken, the Gas Defiance, the Gas Shanghai, Gas Zael, the Gas Spirit, the Gas Astrid, Gas Sikousis, the Gas Exelero, ranging from six months to five years. The average time charter equivalent rate for the above ten charters is $241,185 per calendar month or $8,016 per day. The Company also announced that as of October 1, 2010, Mr. John Kostoyannis Managing Director of Allied Shipbroking Inc has joined the Company’s Board of Directors as a Non -- Executive Director. Following his appointment the Company is now in compliance with NASDAQ listing rules 5605(b)(1) and 5605 (c)(2) in regard to the majority independent director and audit committee composition requirements.

Tsakos Energy Navigation Announces Offering of 7,623,328 Common Shares

Tsakos Energy Navigation Ltd. (NYSE:TNP) announced that it is offering 7,623,328 common shares, including 896,861 common shares to be purchased by entities affiliated with the Tsakos family. TEN expects to grant the underwriter a 30-day option to purchase an additional 1,008,968 common shares to cover overallotments, if any. TEN will use the net proceeds from the public offering for the expansion of its fleet and for general corporate purposes.

DHT Holdings Reports Third Quarter 2010 Results and Declares Quarterly Dividend

DHT Holdings, Inc. (NYSE:DHT) reported revenues for the period from July 1 to September 30, 2010 of $23.3 million, compared to revenues of $22.7 million for the prior-year period. Of the $23.3 million of revenues for the quarter, $16.7 million relates to the seven vessels on time charter and $6.6 million relates to the two vessels on bareboat charter. For the quarter there was no profit sharing under the Company’s profit-sharing arrangements. The Company also declared a cash dividend of $0.10 per share for the quarter payable on November 22, 2010 for shareholders of record as of November 11, 2010.

Wednesday, October 27, 2010

Seaspan Reports Financial Results for the Three and Nine Months Ended September 30, 2010

Seaspan Corporation (NYSE:SSW) announced financial results for the three and nine months ended September 30, 2010. The


Page 4

IN THE NEWS

Latest Company Newscompany reported net revenue of $111.4 million and 3Q:10 operating EPS of $0.30. The quarterly dividend, which was declared earlier, was $0.125/share.

Navios Maritime Partners Reports Financial Results for Third Quarter and Nine Months Ended September 30, 2010

Navios Maritime Partners L.P. (NYSE:NMM) reported a 80.9% Increase in Quarterly Operating Surplus to $23.7 Million; a 72.6% Increase in Quarterly EBITDA to $29.0 Million; a 50.9% Increase in Quarterly Net Income to $16.3 Million and a Distribution of $0.42 per Unit for the Three Month Period Ended September 30, 2010;

Tsakos Energy Navigation Announces Pricing of Offering of 7,623,328 Common Shares

Tsakos Energy Navigation Ltd. (NYSE:TNP ) announced the pricing of its offering of 7,623,328 common shares, including 896,861 common shares to be purchased by entities affiliated with the Tsakos family, at an initial reoffer price of $11.30 per share.

General Maritime Announces Third Quarter and Nine Months 2010 Financial Results

General Maritime Corp. (NYSE:GMR) recorded a net loss of $26.0 million or $0.30 basic and $0.30 diluted loss per share for the three months ended September 30, 2010 compared to net income of $14.8 million or $0.27 basic and $0.27 diluted earnings per share for the three months ended September 30, 2009. The decrease in net income was primarily the result of a 31.9% decrease in TCE to $19,109 per day for the three months ended September 30, 2010 compared to $28,077 per day for the prior year period, as well as a $13.6 million increase in net interest expense to $21.4 million for the three months ended September 30, 2010 compared to $7.7 million for the prior year period.

Hercules Offshore Announces Third Quarter 2010 Results

Hercules Offshore, Inc. (Nasdaq:HERO) reported a loss from continuing operations of $15.1 million, or $0.13 per diluted share, on revenues of $168.5 million for the third quarter 2010, compared with a loss from continuing operations of $37.2 million, or $0.38 per diluted share, on revenues of $159.3 million for the third quarter 2009, excluding the effects of non-recurring items.

Thursday, October 28, 2010

Alexander & Baldwin’s Fourth Quarter 2010 Dividend Authorized

The Board of Directors of Alexander & Baldwin, Inc. (NYSE:ALEX) announced a fourth quarter 2010 dividend of 31.5 cents per share. The dividend is payable on December 2, 2010 to shareholders of record as of the close of business on November 11, 2010.

Friday, October 29, 2010

Capital Product Partners Announces Third Quarter 2010 Financial Results

Capital Product Partners L.P. (NASDAQ:CPLP) reported that net income for the quarter ended September 30, 2010 was $3.6 million, or $0.10 per limited partnership unit, which is $0.06 lower than the $0.16 per unit from the previous quarter ended June 30, 2010, and $0.18 lower than the $0.28 per unit from the third quarter of 2009. Operating surplus for the quarter ended September 30, 2010 was $9.5 million, which is $0.7 million lower than the $10.2 million from the second quarter of 2010 and $1.2 million lower than the $10.7 million from the third quarter of 2009. Operating surplus is a non-GAAP financial measure used by certain investors to measure the financial performance of the Partnership and other master limited partnerships. Revenues for the third quarter of 2010 were $30.3 million, compared to $33.6 million in the third quarter of 2009. The Partnership’s revenues reflect the lower charter rates at which it re-chartered a number of its vessels whose original charters expired during the previous three quarters.


Page 5

IN THE NEWS

Weekly CommentaryContributed by

Barry Parker Barry Parker is a financial writer and analyst. His articles appear in a number of prominent maritime periodicals including Fairplay, Seatrade, Lloyds Shipping Economist and Janes Transport Finance and Capital Link Shipping.

Pessimism brings Mediocrity The title of this article is a quote from Carlos Slim, who was the featured guest at The George Washington University (GWU) Global Forum, held late last week. Frank Sesno (a one time CNN journalist and now the top honcho at GWU’s School of Media) was interviewing Mr. Slim, the Mexican investor who made his fortune from telephone privatization in the 1990’s. Mr. Slim, who this year moved ahead of Bill Gates in the billionaire league tables, stressed that “government needs to get out of the way,” as a necessary condition for businesses to prosper. In response to a question calling for reflection on his philosophy, the plain-speaking Mr. Slim said “Pessimism brings mediocrity.”

The observation resonated, because earlier in the week, I had attended a luncheon hosted by the Connecticut Maritime Association featuring shipowner George Economou. The Dryships CEO, while not prone to philosophizing, offered similar sentiments between the lines of his presentation, where he offered his views on a spectrum of shipping markets that either Dryships or his family company is involved in. In discussing the drybulk market, Economou offered the double entendre’d analogy of car race where the vehicles have all hit a wall (or maybe hit each other), but, after the dust settles, the drivers are still alive. Whether it’s car drivers, or the engine of economic demand, the executive pointed to likely growth in Chinese demand for raw materials, with India also likely to play an important (albeit less than China) role in boosting demand.

Both Economou and Carlos Slim have that ability to see a glass that’s “half full”, rather than “half empty.” Economou must have mentioned “the demise of Lehman Brothers” four times during his half hour presentation. But, rather than dwelling on the ensuing financial crash, with shipping overtones (Dryships had already put much of its fleet out on period charters by September 2008)- Economou talked about the inability of supply to grow. This is of particular importance in the realm of ultradeepwater drillships, where he said that there had been not been a new order in two years. Carlos Slim, when asked about the demise of print newspapers, pointed to the front running digital presence of the New York Times- which Mr. Slim has invested in (through a loan, tied to warrants on buying shares).

Before I forget, the GWU conference had a few shipping related take-aways, from an excellent panel of Asian executives assembled by the Business School. Water shortages, which loom large in Asia, will disrupt trade patterns in grain; we’ve already seen evidence of that during this very hot year. There was also some discussion about difficulties in India- with a bad internal infrastructure (ergo high growth rates need to go through some contortions to get to shipping demand). And, China came up as well- with a comment that their development efforts are increasingly looking inward, away from the coast. Since Chinese coastal shipping (cited sometimes in drybulk presentations) has always been inscrutable to me, sitting in New York, I will leave the implications of that observation, if true, to the counters of coal cargoes.

For shipping people, what’s the message from Mssrs. Slim and Economou? There are various theories on the psychology of investments that describe players basically getting worn down by the market, and folding just before it picks up. For holders of securities with long payouts, or visibility over many years (with dividends and distributions along the way), there is less concern with such psychological underpinnings. But for those investors looking at players with short term strategies (including early 2010 IPOs in both dry and tankers), such concerns are crucial in timing

entries and exits. For proof of this, look only at the tanker markets of that last week in October. Suddenly, Asian charterers took 39 vessels out of the AG- winnowing “the list” down to a very normal 80 ships; the TCE’s are up to $25,000/day (where many owners can make money), there are dozens more possible cargoes, and suddenly- there might not be enough ships.

The tanker market is probably over-tonnaged, at a more macro level (that’s from objective economists, not from pessimists). But a pessimist (and I guess, a mediocre investor) would have walked away from the table and would missed the opportunity to ride this spike.


Page 6

WEEKLY PROFILES

Company Profile of the Week

Profile

Capital Product Partners L.P. (NASDAQ: CPLP), is an international shipping company and leader in the seaborne transportation of refined oil products and chemicals. 19 of the 21 of the Partnership’s modern, state-of-the-art tanker vessels are chartered under medium-to long-term time and bareboat charters. Capital Product Partners is well-positioned to benefit from the long-term growth dynamics of the product tanker industry worldwide. Its fleet is compliant with current and pending regulatory requirements applicable to tanker vessels. A publicly traded Master Limited Partnership, CPLP was formed in early 2007 with a strategy to maintain and extend its leadership position in the product tanker segment of the shipping industry.

Visible and Stable Cash Flows with Upside Potential

The Company’s vessels are chartered under medium-to long-term, fixed-rate time and bareboat charters with strong counterparties, such as BP Shipping, Petrobras, Petroleos Mexicanos (the Mexican national oil company), Overseas Shipholding Group, and CPLP’s sponsor, Capital Maritime & Trading Corp. The Company’s charters have an average remaining term of 4.0 years as of 10/29/2010. Most of the time charters contain 50/50 profit split provisions between owners and charterers in excess of the base hire rate, providing upside revenue potential, when rates are above base rates.

Positive Longer-Term Industry Fundamentals for Product Tankers

The long term product tanker demand fundamentals are favored by the roll out of new refineries in the Middle East, India and other Asia while the demand in the Western world for refined fuels continues to grow. In addition, environmental concerns and regulations restrict the expansion of existing refineries and the investment in new ones in most European and North American countries. That results to the demand of product tankers growing faster than the end product demand as the transportation of cargoes has to move over a much longer distance

Oil product demand remains healthy; the IEA revised global oil demand for 2010 and 2011 up by 0.3 mb/d on average, on the back of new data showing much stronger-than-expected 3Q readings, notably in the OECD. Yearly growth is now estimated at +2.1 mb/d in 2010 and +1.2 mb/d in 2011.

In addition, the long term product tanker supply picture has been steadily improving, as the product tanker orderbook for the next three years stands currently below 20% of the existing fleet on the back of steady cancellations and newbuilding orders slippage over the last 2 years. This is among the smallest orderbooks in the shipping industry. The latest data regarding newbuilding deliveries, using conservative estimates, shows continued slippage close to 30%.

Product tanker market expectations in the medium to long run continue to be positive, and are well supported by the recent activity in the period market, as charters have continued to take vessels on longer period at rates substantially higher compared to the lows reached during the 4th quarter of 2009 and the first quarter of this year. Asset prices have improved by about 10-15% over the last 6-9 months also reflecting key players’ long term expectations for a sustained improvement in the product tanker market.

Upward Revision of Unit Distributions

On July 30, 2010, management of CPLP revised upwards the Partnership’s annual distribution guidance by 3 cents to $0.93 (from $0.90), paid equally over 4 quarters, as set out in January 2010. The Partnership believes that this distribution is sustainable over the medium to longer term even if the charter rate environment remains at its current depressed levels. The new annual distribution level will provide the Partnership with a number of advantages, including: a greater financial flexibility and liquidity, assistance in pursuing its long-term business strategy of accretive acquisitions, and the ability to take advantage of growth opportunities. After the conclusion of two accretive acquisitions within 3 months of the initial distribution revision, the Partnership opted to again revise its annual guidance.

Based on the new guidance the partnership on October, 25 it announced a quarterly distribution for the 3Q of $0.2325 payable on November 16th to unitholders on record on November 5th.

CEO Message

Ioannis Lazaridis, Chief Executive Officer and Chief Financial Officer of the Partnership, commented, “We continue to closely monitor key industry factors, in order to assess a further market recovery in 2010 and 2011. These factors include changes in oil product demand, oil refinery utilization rates, the implementation of the single-hull tanker phase out, the availability of shipping finance, as well as further delays and cancellations that could reduce the number of new tanker vessel deliveries.

We intend to continue to evaluate potential acquisitions of additional vessels in a prudent manner that our accretive to our unit holders and to long-term distribution growth. We aim to revisit our annual distribution guidance as the charter market further recovers, and we grow our fleet.”

Capital Product Partners L.P. www.capitalpplp.com


Page 7

WEEKLY PROFILES

Interview of the WeekInterview with Mr. Dale Ploughman – Chairman & Chief Executive Officer of Seanergy Maritime Holdings (Nasdaq:SHIP)

Interviewer: Capital Link Shipping

Q: Seanergy announced recently that it has completed the previously announced acquisition of the remaining 50% ownership interest in Bulk Energy Transport Limited and as a result Seanergy has increased the size of its wholly owned fleet from fifteen to 20 vessels. BET follows the successful completion of the remaining ownership interest in Maritime Capital Shipping Limited, announced in September 2010.

Can you tell us what the acquisitions of BET and MCS mean for Seanergy in terms of corporate structure, revenues, and the balance sheet? What is the benefit and impact of these acquisitions on SHIP?

A: The successful transactions of the remaining ownership interest in both Maritime Capital Shipping Limited and Bulk Energy Transport, has transformed Seanergy significantly by increasing the size of our wholly owned fleet. The benefit of the transactions simplifies our balance sheet and ownership structure, expands our revenue and profit generation capacity and is accretive to earnings per share. The acquisitions of BET and MCS will also allow the street to better understand Seanergy’s value with a 100% controlled fleet.

What we have done since Seanergy’s inception in 2008 as a publicly traded company, is triple our fleet from six to 20 vessels, quadrupled our deadweight tonnage, enhanced our fleet’s operational versatility without sacrificing the strength of our balance sheet and achieved a charter portfolio that generates sizeable and stable cash flows with significant upside potential.

Q: You agreed to acquire the minority stakes of both BET and MCS at $1.05, which was a premium to the share trading price when you announced the deal in August? Can you comment how this was accretive to Seanergy?

A: These acquisitions were extremely accretive to Seanergy. By issuing new shares at a premium, we avoided dilution and the significant cost usually associated with capital raising and indicates the sellers confidence in the future prospects of Seanergy. In terms of our bottom line, 2010 EPS increases by 31% with the acquisitions of BET and MCS and the EPS for 2011 increases by about 400%. Projected EBITDA post acquisition is $78.8 million in 2011.

Q: Moving past the acquisitions of BET and MCS, what can we expect from SHIP in terms of further growth? Do you have the ability to grow further?

A: We came to the market saying we were a growth company and I think we’ve actually achieved this so far and we are going to continue to work on further fleet expansion. I must admit, we may not be able to grow at the pace that we have been able to in the past two years but we believe our healthy balance sheet allows us to take advantage of market opportunities as they become

available. However, we are not going to acquire vessels just for the sake of growing our fleet. We have a plan and that is that every acquisition has to be accretive – both in terms of revenue and in terms of EPS. I tend to defer to the business model rather than the individual acquisition model because I believe this approach will benefit Seanergy more in the future.

Q: Seanergy has managed twice to buy entire fleets in both BET and MCS. Is this your strategy going forward?

A: We will look to see how we can further enhance shareholder value, in the matter of fleet expansion my preference is to absorb fleets rather than individual ships. But having said this we will not over look any innovative and accretive single ship acquisitions.

Q: In terms of the drybulk sector itself, the orderbook and over supply have been two of the most popular items in the last few years that investors and analysts have been focusing on. Can you discuss with us your outlook on the orderbook and on the current supply, and what you expect going forward? I know you have very strong opinions on this subject so could you share them with us?

A: The orderbook is still very much unknown in terms of what’s going to be delivered and what’s not going to be delivered. We can all come up with our own thoughts on what the discount is to the amount of new buildings that are being penciled in. The latest batch of ordering of new buildings that we’ve seen from the owners has also compounded a very uncertain position. Yes, there is a big discount on the price of a new building but that price is not a good price if for instance you cannot get a return out of the market because you’ve flooded the market with ships and freight rates are volatile and at levels which cannot sustain the so called cheap price. I would have thought it’d be a lot more sensible to sit back and take out the re-sales and eventually get some stability in the market and then start ordering new buildings. The yards will still be looking to give good competitive deals so I don’t consider that taking this line of thinking to be an unacceptable risk.

Q: So you’re in favor of taking out the existing supply rather than ordering newbuilds?

A: Definitely. I certainly wouldn’t go out and order newbuildings because I don’t think it’s a wise decision. There are plenty of opportunities out there. With some of the newbuildings, the quality is suspect because some yards don’t have a reputation for quality and others that were greenfield, we don’t know anything about. However, if you’ve got a good technical team and inspectors that


Page 8

WEEKLY PROFILES

Interview of the Weekare on the ball you can find quality vessels currently operating and or good resales.

Q: Can you tell us what you have seen of the orderbook, in terms of deliveries so far in 2010? There are still delays, cancellations, financing problems. Does that translate into a slower pace of delivery?

A: There has been a slower pace in delivery. We have seen lately quite an influx of capesize vessels coming in to the market because they were built by the more substantial yards. These yards have been able to finance the building of the ships or maintain their delivery schedule thereby closing a loop hole that owners could use to cancel the ships.. Of the smaller vessels, like the Handysize, there have been less of these type of vessels coming into the market because they were ordered at smaller yards and were having a harder time with financing. That’s going to make the smaller sector a little more attractive unless owners go out and start thinking there’s a hole in the orderbook perhaps we should fill that hole. I strongly believe that we shouldn’t try to fill that hole but wait and then do a systematic ordering and try to have some sort of control. I know this is a very naive thought but it’s a thought that I have to put out there because we’ve got a good demand curve going forward, which is very robust and even if China does cut back on its growth, we’re still looking at a very strong demand curve because you’ve got India and Brazil coming into the frame. As the years roll on, you’ll have Africa coming into the picture as well. We shouldn’t be worrying about demand, we should be looking at how we can actually get a handle on the supply side it the owners that are killing the Golden Goose we have been handed a fantastic opportunity here and we are destroying it by not giving the supply side some serious thought.

Q: In conclusion, I wanted to ask you about Seanergy. Its stock is at quite a discount to NAV compared to its peers. I know you are unhappy about SHIPS’s share price. Can you share some insight into that?

A: I am very unhappy about where our stock is trading but unfortunately all I can do is produce a company that’s very sound; a company that’s producing profits and one that is looking after the shareholder’s best interest. I can’t control the street. The street will decide where they want to trade Seanergy and it’s disappointing that the street hasn’t seen what a gem Seanergy is. Seanergy is a company that has a bright future and a company that will grow to a substantial size. The stock’s trading at approx 50% discount today to its NAV, which I think is unreasonable. No one has been able to tell me why the stock’s trading at the price it is, although we have seen some promising signs very recently and now that we have gotten the minority line removed from the balance sheet, I am hopeful that we will start to see better pricing of our stock.

Q: Ultimately if you have a sound business, it will reflect in the stock price. So far, Seanergy was not as well known. You took a number of initiatives to streamline your corporate structure, to grow the company, to do the accretive acquisitions, and I think analyst coverage should be picking up. You have one analyst covering the company today and you expect to get a couple more. Hopefully all the quality that you’re building in terms of the company will find itself gradually into the investor world and let’s see how they will react.

A: It is difficult getting analysts on board. They were a bit reluctant at first because we were a small company. Now that we’ve started to grow and cleaned up our balance sheet by getting rid of the minority line, hopefully we’ll get more analysts coming on board.

Q: What should investors keep in mind about Seanergy?

A: Investors should look at Seanergy and note that we actually did what we said we were going to do. We’ve grown the company as fast as we can, in an accretive manner. It’s a company that’s well founded and one that will continue to grow and it will grow in a systematic way. Eventually, it’s going to be one of the major publicly traded drybulk companies.

About Seanergy Maritime Holdings:

Seanergy Maritime Holdings Corp., the successor to Seanergy Maritime Corp., is a Marshall Islands corporation with its executive offices in Athens, Greece. The Company is engaged in the transportation of dry bulk cargoes through the ownership and operation of dry bulk carriers. The Company’s initial fleet comprised two Panamax, two Supramax, one Handymax and one Handysize dry bulk carriers that Seanergy purchased and took delivery of in the third and fourth quarters of 2008 from companies associated with members of the Restis family. In August 2009, the Company acquired a controlling interest in Bulk Energy Transport (Holdings) Limited, which owns four Capesize and one Panamax dry bulk carriers. In May 2010, the Company acquired a controlling interest in Maritime Capital Shipping Limited (“MCS”), which owns nine Handysize dry bulk carriers. In September and October 2010 the Company acquired the remaining minority stakes in MCS and BET respectively and now owns 100% of MCS and BET. The Company’s current controlled fleet includes 20 drybulk carriers (four Capesize, three Panamax, two Supramax and one Handymax and 10 Handysize vessels) with a total carrying capacity of approximately 1,292,544 dwt and an average fleet age of 12.8 years. The Company’s common stock and warrants trade on the NASDAQ Global Market under the symbols “SHIP” and “SHIP.W”, respectively.


Page 9

SHIPPING MARKETS

Dry Bulk Market - Weekly HighlightsContributed by

N. Cotzias Shipping ConsultantsN. Cotzias Shipping Group7-9 Akti Miaouli, 185 35 Piraeus - Hellas

Phone: +30 210 4222660Website: www.cotzias.gr

Week Ending 29-October-2010INDEX THIS WEEK LAST WEEK % CHANGE POINT DIFFBDI 2727 2762 -1.27% -35 qBCI 4373 4345 0.64% 28 pBPI 2219 2254 -1.55% -35 qBSI 1791 1858 -3.61% -67 qBHI 950 994 -4.43% -44 q

In contrast to last week, it was the Panamaxes that gave us a little green tint in what proved to be another red coloured downward moving dry bulk market. We had identified that the rates between Capes and Panamaxes were too far appart and that was an “anomaly” that if it were prolonged could create a split cargoes trend. Cargoes destined to load on a Cape could well be split to two Panamaxes as the average combined rate of two 80k panamaxes would make a grand total of $38,000 whereas the Cape would average above $40k at about $41-$43k per day! Volatility still persists, and is a normal part of the daily and weekly behavioural pattern at least of the major sized indices. Panamax demand aws much improved over last week, and this extra demand was pushed higher by the better expectations that the paper market of FFA’s gave. Period fixtures were improved and we will also see a period fixture in the Cape size segment that sets a new standard and possibly the lowest expected figure the market can sustain? Overall the cape market is in for a correction and possibly a greater convergence between the Panamx daily earingns and Capes will occur during We should mention here that the fact that the Chinese buyers prefer larger ships possibly with focus that these ships can server their own cargoes. The Greeks on the other hand buy dry cargo vessels with an average age of only 8 years, an average size of 60,000 tonnes at an average price of $35.6 US dollars. The Chinese buy older bigger and cheaper, with average age being 16.7 years, the average size 81,000 tonnes and average price paid $20 mil US dollars. Also it an observed trend that Greeks have been buying more Handymax and Handysize units during the past months. We should note here that Handymax and the smaller Handysize ships apart from having the smallest Newbuilding Orderbook, may perhaps represent the size sector that may be exposed to less threat from China as Chinese concentrate on the larger units. The added advantage of these acquisitions is that it can present the best solution for the next years, as countries like India and Indonesia which have not yet developed satisfactory port infrastructure suitable for accommodating Capes will need a great deal of raw materials, cement, iron, coal, iron ore to achieve the development of basic infrastructure facilities that will enable their further growth (“It takes a crane to build a crane…”!!!)

BALTIC DRY INDEX 1/6/2010 - 29/10/2010

1500

2000

2500

3000

3500

4000

4500

10-J

un20

-Jun

30-J

un10

-Jul

20-J

ul30

-Jul

9-Au

g19

-Aug

29-A

ug8-

Sep

18-S

ep28

-Sep

8-Oc

t18

-Oct

28-O

ct

BDI

BDI MONTHLY AVERAGE

qThe Baltic Dry Index closed on Friday the 29th of October 2010 at 2678 points with a weekly loss of -1.80% or -49 points. (Last Friday the 22nd of October 2010 closing value was 2727 points). The overall increase of the Panamax size segment was not able to keep the BDI on a positive track, as the overall gain of the Panamaxes were not followed by any other size that all performed negatively. The BHI was the segment with the greatest weekly loss.

CAPESIZE MARKET - qThe Baltic Cape Index (BCI) after 4 weeks of successful gains, closed on Friday the 29th of October 2010, at 4262 points posing a week-on-week loss of -2.54% or -111 points over previous week’s

closing of Friday the 22nd October which was at 4373 points.

Week No of fixtures Highest Lowest this week 18 $69,000 $22,250last week 15 $67,750 $31,000

Week Period Charter Time Charterthis week $35,500 $45,000last week $36,300 $43,000

This week we had eighteen 18 period and timecharter fixtures reported compared to 15 we had last week. 7 period charters and 11 for timecharter, and the average for period charter is $35,500 down from last week and the average for Timecharter is $45,000 improved from last week. Period charters of 10-13 months pay on average $31,100 day, while 4-6 months pay $38,600 per day. We saw the charter of the “Samjohn Solidarity” chartered by Cosco Tianjin for 5 years at a rather nice rate of $27,750 per day. We believe that the Chinese who more or less control the Cape market, by fixing a cape for 5 years at this rate, can give us a sneak preview of what can be considered to be the lowest level that a Cape Newbuilding can live and survive with… It could well be the Capesize level of sustainability.

The Capesize T/C average rate calculated every week by NSCS from all this week’s reported T/C fixtures went down by -3.87%, now being just a fraction below the 40k mark at $39,700. Previous week’s T/C figure was just above the 40k mark at $41,300. The minimum vs maximum daily rate differential as analyzed from our fixtures database was overall improved over last week’s from $22,250 being the lowest recorded fixture being that of the M/V ‘’MEREDITH VICTORY’’, 179362 dwt, built 2009, dely Shenzhou 1/5 Nov , redely Continent, $22250, BHP BILLITON, for a trip via Hay Point - It is the vessel “Caecilie Bulker” -8750$ reduced from last week, up to $69,000 the highest paying fixture of the M/V ‘’NAVIOS FANTASTIKS’’, 180365 dwt, built 2005, dely Hamburg 10/15 Nov , redely Far East, $69000, CLASSIC MARITIME, for a option via Brazil $65,000 - trip via Narvik 1250$ improved from last week.

On the Cape Secondhand Sales front, The “Cape Ocean” 170k/98 blt belonging to Fuyo Kaiun co Ltd is rumoured to be sold to Greek interests for $25mil including a 4 year T/C to Rio Tinto. The “Sag Bulk Germany” 175k/2010 blt was sold for 84.9mil to German buyers, while the “KWK Genesis” 168k/96 blt sold to undisclosed interests for $28mil.

PANAMAX MARKET - p The Baltic Panamax Index (BPI) closed on Friday the 29th of October 2010 further below the 2,500 point mark at 2410 points which represents a strong weekly gain of 8.61% or 191 points compared to 2219 which was the closing value of last Friday the 22nd of October 2010.

The Panamax market has clearly gained dynamics, there is improved demand for Panamax ships, and the “paper” FFA market has also aided and assisted the positive sentiment underpinning his size segment. The


Page 10

SHIPPING MARKETS

Dry Bulk Market - Weekly Highlightsdemand increase is also evident by the positive number of T/C fixtures that we had this week too, 61 timecharter and period charters for Panamax vessels compared to last week’s 60 fixtures. 13 period fixtures with an average of $22,500 per day, with 48 timecharter fixtures averaging $20,900 (both figures improved from last week).12 month period pay about $22,500 whereas 4-6 months pay $23,300 per day.

Week No of fixtures Highest Lowestthis week 61 $32,000 $8,000last week 60 $33,500 $8,500


The Panamax T/C average rate calculated by NCSC improved and has gone up by 5.42% to $21,400 from $20,300 which was last week’s Panamax T/C average, however the daily rates as seen in our separate fixtures report for Panamaxes this week had reduced differential levels from low to high, compared to last week and ranged from $8,000 with the fixture of the M/V ‘’SPEED POWER’’, 64911 dwt, built 1979, dely Kalimantan 1/5 Nov , redely S.Korea, $8000, S. KOREAN CHARTERER, for a $100,000 bb - trip via Indonesia -500$ reduced from last week) up to $32,000 for the fixture of the M/V ‘’SAMJOHN AMITY’’, 74744 dwt, built 1998, dely Immingham 1/5 Nov , redely Japan, $32000, MOSK, for a trip via St.Lawrence -1500$ reduced from last week.

Possible enbloc deal of the “Fortune Daisy” 75k/2011 blt and the “Fortune Cosmos” 75k/2010blt that are rumoured to be sold by Cido Shipping to Chinese buyers at a price of about $90mil for both units. If this sale is firmly concluded it is said that the whole deal was actually performed and secured in only one week. The “Kamsar Gold” 82k/2006blt was sold to Greeks for $41.5mil while the one year older and non-Kamsar “Ruby Stream” was sold to Greeks again for $39mil. These two sales are just a quick example of the Greek thirst for these kind of ships. Chinese also have been active and the slightly older “Medi Rotterdam” 75k/2002blt was sold to Hong Kong based buyers for $32.5mil. We understand that Dely of this is for June 2011.

SUPRAMAX MARKET - q The Baltic Supramax Index (BSI), this week continued its downward trend as last week and closed on Friday the 29th of October 2010, at 1750 points giving us a weekly loss of -2.29% represented by -41 points based on the previous 1791 points we had last Friday the 22nd October 2010 closing.



The Supramax Time Charter average rate calculated by NCSC is this week down at $20,700 or by -0.48% based on $20,800 which was last week’s Supramax average. Demand for Supra’s period charters is showing a slight reduced interest compared to last week with twenty (20) Supramaxes that were on T/C this week as opposed to 22 of last week with daily rates being on a slight decline. 2 period fixtures and 28 timecharter with period paying $21,100 per day and timecharter average to be $20,000 per day. 3-5 month periods pay $20,000 per day.

The differential of Highest – Lowest weekly T/C figure for Supramaxes, as seen in the fixtures we report for this week, were somewhat improved

over last week and ranged from $9,500 with the M/V ‘’GEORGIANA’’, 53383 dwt, built 2008, dely North Spain early November, redely USGulf intention steels, $9500, CLIPPER, for a 1st 40 days $16,000 balalnce - trip -4500$ reduced from last week, up to $36,000 that were paid for the M/V ‘’MARYLISA V’’, 52174 dwt, built 2003, dely USGulf early November , redely Singapore-Japan intention Pet Coke, $36000, STX PAN OCEAN USA, for a trip 5000$ improved from last week. Last minute rumours have the “Desert Hawk” 59k/1999blt sold by Synergy Maritime of India to undisclosed buyers at an unknown price.

HANDYSIZE MARKET - q The Baltic Handysize index (BHI) closed on Friday the 29th of October 2010 much reduced at 897 points, moving away from the 1000 point mark. This week shows a steep loss of -5.58% or a point loss of -53 points over last week’s closing of Friday the 22nd of October 2010 when the BHI had closed at 950 points. Although volatilities are fairly small in this size segment, the BHI this week is seen producing the largest weekly loss of the past 203 months. This week’s Handysize Time Charter that is calculated by NCSC went down by a mere -1.79% to $16,500 from $16,800 which was last week’s average. In this size sector we had a similarly lower number of five (5) Handymax vessels that were reported on T/C this week, compared with 5 that were reported last week, with no period fixtures reported for once more. Average timecharter rate is $16,500 per day.


Week Period Charter Time Charterthis week $0 $16,500last week $0 $16,800

The weekly T/C daily rates for Handy sized vessels ranging on reduced differential levels of high-low rates, compared to last week’s from $13,000 for the (M/V ‘’MIHALIS F’’, 42263 dwt, built 1990, dely Dunkirk 1/5 Nov, redely Brazil approx, $13000, XO SHIPPING, for a trip via Murmansk -1000$ reduced from last week up to $27,500 for the M/V ‘’CB PARADISE’’, 46232 dwt, built 2003, dely USGulf end October , redely Med, $27500, U-SEA BULK, for a trip -3500$ reduced from last week.

The Sales of the “Sovi R” 45k/98blt for $23.5mil to Greeks and the “C.S. Fortune” 47k/2002blt that went for $29mil, both ships were sold at the set market prices, while smaller units attracted more focus this week like the the “Ruby Star” 34k/2010 blt that went for $33mil to Koreans, and the 16k/2003blt “Prinseborg” that was sold to Greeks for $16mil were the only post 2k built handies that were sold. In the older age selection, the “General Grot-Rowecki” 38k/85blt went to UAE based buyers for $3.6mil, while the “Pamakaristos” 37k/86blt for $10.5mil , the “Ionian Wind” 38k/84blt for $8.7mil, the “Goldmar” 38k/84blt for $7.75mil and the “Polyhronis” 37k/80blt for $5.8mil.

DISCLAIMER: All information & data contained in this report, has been carefully obtained from a variety of sources, as reported freely in the market. All necessary care has been taken in the collection, validation, production and editing of this report, however, N. Cotzias Shipping Group and/or any of it’s subsidiary companies makes no guarantee for accuracy & shall not be held liable for any loss incurred in any way whatsoever by any person, individual or company that relies on the information contained herein. All data, info, charts, views and news contained in this report are property of NCS Group, but can be freely reproduced by any third party in any media, press, TV, radio, internet provided that the source being NCS is clearly identified, labelled and respected.

A full copy of this report can be accessed at CapitalLinkShipping.com


Page 11

SHIPPING MARKETS

Tanker Market - Weekly HighlightsContributed by

Charles R. Weber Company, Inc.Charles R. Weber Company, Inc.Greenwich Office Park One,Greenwich CT 06831

Phone: 203 629-2300Website: www.crweber.com

“Trick or Treat?”

By John M. Kulukundis

The end of October is upon us and with it is brings Halloween, pumpkins are carved, costumes selected and gangs of ghoulishly clad children are preparing to descend upon unsuspecting neighborhood homes with the chorused cry of “trick or treat?” Scary children demanding confectionary and sweet “treats” in return for not perpetrating ghoulish “tricks” on the homeowners’ property.

So will this week’s firming in the VLCC market prove to be a “trick” or “treat” for firm freight starved owners?

Over the last few months international shipping pundits and analysts have pushed every possible reason for market firming. From a much heralded storage boom that hasn’t arrived to a now very late seasonal fourth quarter spike. Slippage, scrapping, IMO deletions, national restrictions on single hulls, tougher regulations, all have been heralded and not much has moved rates.

Eventually, struggling to push the massive freight rate rock up a hill by way of positive thought and market reports alone proved too much for them. In the face of a continuing negative market and owners preferring to park up than conclude loss making business, the industry analysts gave up and conceded that the power of positive thinking alone was not going to reverse market fundamentals and save the fourth quarter.

And then a funny thing happened, the French acted, or to be more precise, commenced an action which involved general inaction. In doing so the French working man, keen to retire at sixty rather than sixty-two, set in motion a chain of events which contributed at least partially to an improved tanker market.

The French action removed ships from the market by rendering them inactive off Fos and Lavera. Enterprising owners starved of business in the East elected to ballast to West Africa to load double Suezmax cargoes, lightening the Middle East list. As the vessel of available tonnage slowly shrunk, charterers, who had been in no hurry to fix their business based on an ever growing tonnage list and declining world scale rates decided they had better act.

And they did, fixing thirty-nine ships from the Middle East this week, rousing recalcitrant rates and dragging TCEs out of the negative and onto positive ground. So is this the famed fourth quarter spike, better late than never and a treat for owners, or a short term trick that will see a surfeit of tonnage sour rates after this momentary spike?

Based on monthly cargo averages out of the Middle East there could be around fifty to fifty five cargoes still to fix within November dates and an ever shrinking list of suitable ships to do it with. So short term “trick” or a more enduring “treat”, the short term looks like we’ll see firming rates for the big ships, whether that will persist to the end of the year? The international shipping pundits and analysts will be all over that story next week, so I’ll leave that to them. For now I have to get my Napoleon Bonaparte costume sorted out for Halloween.

“With audacity one can undertake anything, but not do everything.”

-Napoleon Bonaparte

“Vive La France”

THE TANKER MARKETS

VLCCOwners hoping for signs of a 4th quarter rally can take some encouragement from the fact that a tighter November tonnage list and a pick-up in activity has brought about a moderate firming in rates this week. It is worth noting that some of the firming market can be attributed to the French strike actions. Following the 32 days of port closure, some 14 Suezmaxes remain at anchor, with the resulting sporadic supply constraints off West Africa prompting several VLCCs to ballast from the MEG given the attractive freight differentials to owners. In turn, the ballasting VLCCs have left the MEG somewhat tighter and with enquiry there on the rise, the market has firmed. With at least two weeks being the likely amount of time required to clear through the backlog of tonnage off France and the Atlantic Suezmax now firming, the likelihood is for the

FOR THE LATEST MARKET DATA AND NEWS GO TO:

WWW.CRWEBER.COM

A FULL COPY OF THIS REPORT CAN BE ALSO ACCESSED AT WWW.CAPITALLINKSHIPPING.COM


Page 12

SHIPPING MARKETS

Tanker Market - Weekly HighlightsVLCC sector to remain off its recent lows for the foreseeable future. On a TCE basis, as at week’s end the MEG-East market is returning about $26,250/day, representing a rise of nearly 515%% for the week.

There were 48 fixtures reported this week; 39 emanated from the Middle East and 9 in the Atlantic basin. The former was dominated by Eastbound business with 34 fixtures bound in that direction. Following several weeks of slow activity to China, a strong return to the market was observed this week with 15 such fixtures, representing the largest share of this week’s Eastern destinations. Rates in both directions have firmed with the Eastbound rate rising from the low ws40s to the 65 level and the Westbound rate rising from ws30 to ws40 levels. Further, though the rate gains would not normally be sufficient to entice charterers to single-hull units, two such fixtures were concluded this week, with one destined for India at the ws45 level, representing a discount of about 5-points from the market on the day of that fixture.

With the October program effectively concluded at a total of 99 MEG cargoes – somewhat shy of the 2010 monthly average of 104 – and some 51 concluded for November, one could reasonably expect a further 50-55 cargoes yet uncovered through the end of November. This would make the position list a bit tighter than it has been for some weeks now and, accordingly, rates are expected to remain firm through the week ahead.

It was a busy week again in the Atlantic basin, with 9 fixtures reported. Eastbound business led the way, accounting for all but one lone fixture to the USG. India was again the most active discharge destination, comprising 63% of the total. Although the Suezmax market had lost steam in the earlier part of the week – falling toward the mid-ws60s – by week’s end a fresh round of inquiry and fewer competing VLCC units saw rates bounce back into mid-ws70s for USAC discharge. With the renewed firming of the Suezmax market, the VLCCs remain attractively priced alternatives for charterers, which should keep the larger tankers in play, notwithstanding stronger gains in the MEG.

SuezmaxConsistent with the recent trend of the market having a very rapid cycle, the Atlantic Suezmax market commenced the week in the mid-ws80s before falling towards the low/mid ws60s at midweek and finally concluding the week firmer again in the mid-ws70s. With 14 Suezmax units, or about 3% of the world fleet, tied up due to the French strike actions, fresh bouts of inquiry for West Africa cargoes were initially met by a tight position list before ballasting VLCC units captured a share of the action, thus cooling the Suezmax class – particularly the case during the first half of the week, before the larger tanker class saw new signs of recovery in the Middle East.

Interestingly, whereas the West Africa-East market has seen the greatest high rates of demand growth over the past two years (and last year was among the only markets to experience any demand growth), the growth levels on this route had been cooling since mid-Summer. This week, however, the route has seen the greatest week-on-week demand growth and perhaps this is signaling that China is again increasing the rate at which it sources is crude from West African producers.

With the MEG market having firmed and the position list there now much tighter than has been the case since at least mid-Q3, the likelihood is that the VLCCs will pose less of a threat to the Suezmaxes in the Atlantic market and, accordingly, rates are likely to remain firm as charterers progress into their November programs.

AframaxThe Caribbean Aframax market commenced the week in the mid/high ws100s. As the market progressed to mid-week, rates continued to firm on the back a fresh flurry of inquiry which saw prompt cargoes met with limited tonnage (for one such cargo ws117.5 was paid). Though inquiry had subsided later in the week, the market has held in the low/mid ws110s as the supply/demand ratio has become more balanced. Looking ahead, there should be enough tonnage to cover the present interest; however, with owners keen to keep the market at present levels and the position list shorter now than has been the case for over a month, we believe rates are likely to hold around the ws110 level at the start of the week ahead.

PanamaxThe Caribbean Panamax market saw a punchy start to the week. On Monday the market commenced at the ws115 before one market cargo was met with owners indicating numbers well above last-done and with two further cargoes subsequently entering the market, owners had the upper hand and rates jumped by 15-20 points, accordingly. By mid-week the market was retested and ws120 was achievable, causing the market to again lose some of the earlier momentum. However, at week’s end a replacement fixture commanded a 10-point premium, bringing the market up by 5 points for normal laycans.

The Trans-Atlantic market continued to remain flat at the ws120 level from the Continent for the 8th consecutive week—yielding about $6,000/day on a TCE basis. Inquiry emanating from the Mediterranean was steady and rates for Trans-Atlantic voyages held between ws115-120. With the strikes in France now subsiding, expect tonnage to slowly trickle back into the market and thus keep rates steady at present levels.

The Ecuador market saw light enquiry and, when combined with the volatile Caribbean market, rates eased down to the ws170 level.

CPPWith the French strike action having prevailed through to nearly the end of the week, European exports of motor gasoline trailed downward and only limited activity was seen on the TC2 market. Rates to the US Atlantic Coast from the Continent remained flat at the ws127.5 level, earning the few owners who did fix about $2,000/day on a TCE basis.

In the Americas, there was steady backhaul activity with several ultra-low sulfur diesel cargoes emanating from the US Gulf bound for Europe and other destinations. Rates on the route accordingly took a firming tone, rising to over ws100 and slightly higher being placed on subjects before eventually settling back to the ws95 level as the dwindling French strike actions saw the backhaul arbitrage close. The TC3 market also experienced upward pressure with rates reaching ws147.5. However, few seem to think that those ships on subjects at higher levels will be confirmed. With the reduced pressure on tonnage from backhaul cargoes, the likelihood is that the TC3 market will indeed retreat back to the ws135 level next week.

Disclaimer

Whilst every care has been taken in the production of this study, no liability can be accepted for any loss incurred in any way whatsoever by any person who may seek to rely on the information contained herein. All information is supplied in good faith and Charles R. Weber Company, Inc. accepts no responsibility for any and all errors and omissions contained within this study.


Page 13

SHIPPING MARKETS

Weekly Tanker Market OpinionContributed by

Poten & Partners, Inc.805 Third AvenueNew York, NY 10022

Phone: (212) 230-2000Website: www.poten.com

Cramming for Midterms Temperatures may be cooling, but the heat is on in the political arena as we quickly approach the time for US midterm elections. While those following the election have likely heard many promises to create new jobs and much about candidates’ respective dirty laundry, discussion of future energy policy has been largely absent from this year’s political debate. In the 2008 race, consumers felt the pinch of record high gasoline and fuel prices, confounding energy and environmental issues with taxpayers’ concern for their bottom line. The absence of these topics in this year’s race is surprising given the apparent anger of many Americans over the Deepwater Horizon incident. However over the course of a few months, it is the economy that has once again come to the forefront of the American public’s concerns. Although few candidates have explicitly offered their respective positions on the subject, existing misperceptions of the energy industry perpetuated by Washington and the media alike are likely to yield far-reaching implications for the health of the American economy.

It’s the Economy, Stupid

The chart below shows that the state of the economy is overwhelmingly the key issue for American voters this election season.

Issue of Most Importance to Voters in 2010 Congressional Elections

None

No Opinion

Other

Illegal Immigration

Situation in Afghanistan

Size and Power of Federal Government

Healthcare

Economic Conditions

0% 10% 20% 30% 40% 50%

Percentage of Registered Voters

Source: Gallup Poll (October 21-24, 2010)

With unemployment hovering around 10 percent and housing foreclosures once again making sweeping headlines, the American public is turning to elected officials to create new jobs and take the measures necessary to jumpstart economic growth.

Not in My Backyard

As shown in the chart below, the US energy production in 2009 was equal to 77% percent of its own requirement.

2009 Domestic US Energy Use by Source vs. Imports, in Billion Btu

9%

8%

23%

60%

Fossil Fuels

Nuclear Electric Power

Renewable Energy

Fossil Fuel Imports

Source: EIA Primary Energy Overview 2009 (August 2010)

According to a 2009 study by PricewaterhouseCoopers, the United States oil and natural gas industry supports more than 9 million domestic jobs and, with a value-added contribution to the economy of more than $1 trillion US dollars, accounted for 7.5% of the U.S. gross domestic product in 2007. Placing punitive taxes on domestic energy production and creating legislative red tape prevents the expansion of our domestic energy industry. In absence of a major shift in consumption habits, such moves will likely result in the US outsourcing its energy industry and the jobs necessary to support it. In September of 2009, as elected officials appeared poised to pass the Waxman-Markey bill through houses of Congress, president of the American Petroleum Institute Jack Gerard urged Congress to remember the “devastating” effect on that proposed energy and climate reform legislation would have on the American economy:

“At a time of economic recession, the oil and natural gas industry is actually responsible for creating more jobs and generating more revenue to the economy. Irresponsible proposals to pile new taxes on the industry threaten these jobs and the nation’s ability to produce more of its own energy. We should not put any jobs at risk, but especially not when millions of Americans are unemployed and economic recovery remains uncertain.”

The straightest path to recovery will be allowing businesses to reduce costs by covering the tax burden, and a pro-business Washington will best serve the American public in the long run. A healthy petroleum industry in the United States is likely to create jobs, in addition to providing much needed state revenue. For now, it seems as if the urge of regulators to nickel and dime the petroleum industry has taken a backseat to campaigning. Let’s hope that it does not regain momentum, lest we lose the “green” that matters most right now.

Poten Tanker Market Opinions are published by the Marine Projects & Consulting department at Poten & Partners. For feedback on this opinion or to receive this via email every week please send an email to [email protected]. For information on the services and research products offered by our Marine Projects & Consulting department or to contact our tanker brokers please visit our website at www.poten.com.


Page 14

SHIPPING MARKETS

Weekly Freight Rate & Asset TrendsContributed by

IntermodalIntermodal Shipbrokers Co.17th km Ethniki Odos Athens-Lamia & 3 Agrambelis Street,145 64 N. Kifisia,Athens - Greece

Phone: +30 210 6293300Website: www.intermodal.gr

FREIGHT RATES

Tanker Spot Rates

Vessel Routes Week 43 Week 42

±% 2q2010 2q2009

WS points $/day WS

points $/day $/day $/day

VLC

C 265k AG-JAPAN 60 27,255 44 9,253 36% 60,232 22,675

280k AG-USG 40 10,141 33 1,120 23% 33,052 13,380

260k WAF-USG 55 23,785 53 20,752 5% 63,087 34,478

Suez

max

130k MED-MED 85 19,713 98 30,446 -13% 44,032 27,311

130k WAF-USAC 73 11,390 78 13,915 -6% 34,458 22,381

130k AG-CHINA 78 14,431 75 13,034 3% 36,167 21,759

Afr

amax

80k AG-EAST 100 9,918 100 9,895 0% 18,188 11,209

80k MED-MED 98 10,526 115 18,961 -15% 25,216 17,194

80k UKC-UKC 98 12,210 105 16,913 -7% 28,030 12,814

70k CARIBS-USG 115 11,251 95 5,068 21% 18,700 10,544

Cle

an

75k AG-JAPAN 85 2,023 93 4,877 -8% 12,879 8,363

55k AG-JAPAN 108 3,940 105 3,742 2% 10,531 6,582

37K UKC-USAC 128 4,399 138 5,910 -7% 9,806 8,931

30K MED-MED 140 10,965 150 14,058 -7% 16,773 6,844

Dirt

y

55K UKC-USG 118 9,321 120 9,921 -2% 18,019 13,507

55K MED-USG 118 6,695 120 8,165 -2% 15,894 12,181

50k CARIBS-USAC 120 7,880 115 6,568 4% 15,788 11,016

Tanker Time Charter Rates $/day Week

43 Week

42 ±% 2010 2009 2008

VLCC 300k 1yr TC 28,500 30,500 -6.6% 40,588 39,850 73,750

300k 3yr TC 37,000 38,000 -2.6% 39,188 37,700 58,800

Suezmax 150k 1yr TC 26,500 27,500 -3.6% 29,388 30,850 47,350

150k 3yr TC 27,500 28,500 -3.5% 27,713 29,300 41,100

Aframax 105k 1yr TC 18,500 18,500 0.0% 19,194 20,350 35,950

105k 3yr TC 20,500 21,500 -4.7% 20,256 20,900 30,700

Panamax 70k 1yr TC 16,500 16,500 0.0% 17,119 19,650 29,450

70k 3yr TC 18,250 18,250 0.0% 17,619 20,200 26,700

MR 45k 1yr TC 13,500 13,500 0.0% 13,475 15,450 23,650

45k 3yr TC 15,250 15,250 0.0% 14,219 16,100 22,500

Handysize 36k 1yr TC 12,500 12,500 0.0% 11,675 13,950 22,150

36k 3yr TC 13,500 13,500 0.0% 11,650 14,200 20,600

Baltic Indices / Dry Bulk Spot Rates

Week 43

29/10/2010 Week 42

22/10/2010 ±% 2010 2009 2008

Index $/day Index $/day Index Index Index

BDI 2,678 2,727 -1.8% 3,126 2,867 6,663

BCI 4,262 43,563 4,373 45,657 -3% 4,433 1,624 9,577

BPI 2,410 19,414 2,219 17,869 9% 4,073 790 6,342

BSI 1,750 18,301 1,791 18,731 -2% 2,474 661 4,225

BHSI 897 13,111 950 13,875 -6% 1,401 529 2,257

Dry Bulk Time Charter Rates $/day Week

43 Week

42 ±% 2010 2009 2008

Cap

esiz

e 170K 6mnt TC 40,000 40,000 0% 37,481 39,900 117,000

170K 1yr TC 34,000 34,000 0% 34,200 33,500 111,700

170K 3yr TC 28,500 28,500 0% 29,800 27,900 82,400

Pana

max

70K 6mnt TC 24,500 24,750 -1% 30,822 21,800 57,600

70K 1yr TC 23,250 23,000 1% 26,031 18,300 55,800

70K 3yr TC 19,625 20,375 -4% 20,178 15,700 44,600

Supr

amax

52K 6mnt TC 21,750 22,500 -3% 26,258 17,500 47,100

52K 1yr TC 20,750 21,000 -1% 22,028 14,900 45,700

52K 3yr TC 18,000 18,250 -1% 17,813 13,700 38,000

Han

dym

ax

45k 6mnt TC 19,250 19,500 -1% 22,809 15,000 41,700

45k 1yr TC 18,000 18,000 0% 19,353 13,000 38,800

45k 3yr TC 16,000 16,000 0% 15,825 12,300 28,400

Han

dysi

ze

30K 6mnt TC 15,750 16,500 -5% 17,750 11,600 30,500

30K 1yr TC 16,000 16,250 -2% 16,383 10,900 29,700

30K 3yr TC 14,500 14,500 0% 14,394 10,800 22,000

ASSET VALUES

Secondhand Indicative Market Values ($ Million) - Tankers Vessel 5yrs old Oct-10 Sep-10 ±% 2010 2009 2008

VLCC 300KT DH 92.8 90.8 2.3% 86.9 84.3 147.8

Suezmax 150KT DH 64.8 65.0 -0.3% 62.9 59.2 97.6

Aframax 105KT DH 47.0 47.0 0.0% 44.7 43.2 72.9

Panamax 70KT DH 40.0 40.0 0.0% 38.9 37.5 59.0

MR 45KT DH 27.3 27.3 0.0% 26.5 29.2 50.4

Secondhand Indicative Market Values ($ Million) - Bulk Carriers Vessel 5yrs old Oct-10 Sep-10 ±% 2010 2009 2008

Capesize 170k 55.6 55.3 0.6% 58.3 49.0 134.3

Panamax 73K 40.3 40.5 -0.5% 38.9 30.3 78.3

Supramax 52k 31.2 30.5 2.3% 30.1 26.1 67.7

Handysize 29K 26.0 26.0 0.0% 26.2 21.1 45.7

New Building Indicative Market Prices (million$) Vessel Week

43 Week

42 ±% 2010 2009 2008

Bul

kers

Capesize 170k 57.5 57.5 0.0% 57 67 96 Panamax 75k 34.0 34.0 0.0% 34 36 54 Supramax 57k 31.0 31.0 0.0% 30 34 48 Handysize 30k 25.3 25.3 0.0% 24 27 37

Tank

ers

VLCC 300k 106.0 106.5 -0.5% 100 121 155 Suezmax 150k 67.5 67.5 0.0% 64 70 96 Aframax 110k 57.5 57.5 0.0% 53 59 78 LR1 70k 45.5 45.5 0.0% 45 52 66 MR 47k 36.3 36.3 0.0% 34 40 52

Gas

LPG M3 80k 72.0 72.5 -0.7% 70 81 94 LPG M3 52k 62.5 62.5 0.0% 63 73 85 LPG M3 23k 44.5 44.5 0.0% 44 49 55

Baltic Indices / Dry Bulk Spot Rates

Week 43

29/10/2010 Week 42

22/10/2010 ±% 2010 2009 2008

Index $/day Index $/day Index Index Index

BDI 2,678 2,727 -1.8% 3,126 2,867 6,663

BCI 4,262 43,563 4,373 45,657 -3% 4,433 1,624 9,577

BPI 2,410 19,414 2,219 17,869 9% 4,073 790 6,342

BSI 1,750 18,301 1,791 18,731 -2% 2,474 661 4,225

BHSI 897 13,111 950 13,875 -6% 1,401 529 2,257

Dry Bulk Time Charter Rates $/day Week

43 Week

42 ±% 2010 2009 2008

Cap

esiz

e 170K 6mnt TC 40,000 40,000 0% 37,481 39,900 117,000

170K 1yr TC 34,000 34,000 0% 34,200 33,500 111,700

170K 3yr TC 28,500 28,500 0% 29,800 27,900 82,400

Pana

max

70K 6mnt TC 24,500 24,750 -1% 30,822 21,800 57,600

70K 1yr TC 23,250 23,000 1% 26,031 18,300 55,800

70K 3yr TC 19,625 20,375 -4% 20,178 15,700 44,600

Supr

amax

52K 6mnt TC 21,750 22,500 -3% 26,258 17,500 47,100

52K 1yr TC 20,750 21,000 -1% 22,028 14,900 45,700

52K 3yr TC 18,000 18,250 -1% 17,813 13,700 38,000

Han

dym

ax

45k 6mnt TC 19,250 19,500 -1% 22,809 15,000 41,700

45k 1yr TC 18,000 18,000 0% 19,353 13,000 38,800

45k 3yr TC 16,000 16,000 0% 15,825 12,300 28,400

Han

dysi

ze

30K 6mnt TC 15,750 16,500 -5% 17,750 11,600 30,500

30K 1yr TC 16,000 16,250 -2% 16,383 10,900 29,700

30K 3yr TC 14,500 14,500 0% 14,394 10,800 22,000


Page 16

SHIPPING MARKETS

S&P Secondhand, Newbuilding & Demolition MarketsContributed by

Golden Destiny S.A. Golden Destiny S.A.57 Akti Miaouli, Piraeus, 18536,Greece

Phone: +30 210 4295000Website: www.goldendestiny.gr

Week Ending: 29th October 2010

(Given in good faith but without guarantee)

SUMMARY OF SALES

VESSEL TYPE TTL SALESNo. of Vessels in DWT No. of Vessels Invested Capital No. of Vessels in DWT

Bulkcarriers 17 1.144.000 9 290.200.000 2 56.240 11Tankers * 2 240.000 7 55.500.000 5 212.653 12Liners ** 2 48.600 1 15.500.000 2 37.272 3

Containers 0 0 2 105.000.000 1 36.433 3Reefers 0 0 0 0 1 5.179 1

Passenger / Cruise 4 140.000 0 0 0 0 0Ro - Ro***** 0 0 2 2.800.000 0 0 2Car Carrier 0 0 0 0 0 0 0

Combined *** 0 0 0 0 0 0 0Special Projects **** 1 4.000 0 0 0 0 0TTL VSLS/Demo 26 1.576.600 21 469.000.000 11 347.777 32

TOTAL WEEKLY S&P ACTIVITYSECOND HAND DEMOLITIONNEWBUILDING

Week 43/10 ended with 32 sales reported in the secondhand and demolition market. The highest activity has been witnessed in the newbuilding market with 26 orders reported in total. The Baltic Dry Index closed on Friday at 2,678 points, down 42 points from last week’s closing while the S&P momentum is holding firm with modern bulk carriers being on the spotlight.

In the secondhand market, 21 vessels reported to have changed hands this week equalling a total amount of money invested around of US$ 469,000,000, with 4 transactions reported on private terms. In terms of reported number of transactions, the S&P activity has been marked with a 5% positive w-o-w change while has been marked with a positive change of 10.5% comparable with previous year’s weekly S&P activity in terms of reported number of transactions. The bulkcarrier sector attracted most interest from the investors’ side, with an investment capital of $ 290,200,000, around 62% share of the total invested capital in the S&P secondhand market.

In the demolition market, 11 vessels reported to have been headed to the scrap yards of total deadweight just 347,777, with the most of activity being concentrated on India. In terms of reported number of transactions, the Demolition activity is on the low edge with no signs of positive movement since last week’s activity while tankers appear to be the most popular scrap candidates. In terms of scrap rates, the highest scrap rate has been achieved this week in the wet sector by India for an aframax tanker of 82,424dwt built 1986 for $480/ldt. At a similar week in 2009, 26 vessels were reported for scrap equalling a total deadweight of around 839,643 tons, with Bangladesh being on the lead by offering $340/ldt for wet cargo and India with Pakistan to follow.

The Greek presence for one week more is strong in the secondhand market with 4 transactions reported in the bulk carrier sector equalling a total amount invested around US$ 74,800,000, while in the newbuilding market just one order for two Supramax vessels of 57,000 dwt by Enterprises Shipping & Trading for delivery within 2012 at $US 36,000,000 each.

Key: * incl. Crude Oil, Clean & Dirty Products, LPG, LNG, Chemical, Asphalt and Veg-Oil ** incl. Multi-Purpose and Tweendeckers *** incl. Bulk-Ore, Ore-Oil and Bulk-Oil Carriers **** incl. Oil & Drilling Rigs, Tugs, Livestock, Trawlers, Cable/Exploration/Navy/Support vsls ***** incl. Ro-Ro Cargo , Ro-Ro Passenger


Page 17

SHIPPING MARKETS

S&P Secondhand, Newbuilding & Demolition MarketsNEWBUILDING MARKETS

WEEKLY NEWBUILDING ACTIVITYVessel Type No.of Units Dwt

Price ($) per Unit P&C Invested Capital Total Dwt Ordered

Bulk Carriers 1 180.000 59.000.000 0 59.000.000 180.0004 82.000 37.000.000 0 148.000.000 328.000

2 80.000 N/A 2 N/A 160.000 2 73.000 N/A 2 N/A 146.000 2 57.000 36.000.000 0 72.000.000 114.000 6 36.000 27.000.000 0 162.000.000 216.000Total Bulk Carriers 17 4 441.000.000 1.144.000Tankers 2 120.000 N/A 2 N/A 240.000Liners 2 24.300 29.900.000 0 59.800.000 48.600Passenger/Cruise 4 35.000 145.910.000 0 583.640.000 140.000Special Projects 1 4.000 17.500.000 0 17.500.000 4.000TOTAL 26 6 1.101.940.000 1.576.600

In the newbuilding market, 26 vessels reported to have been ordered equalling a total deadweight of 1,576,600 tons, while at similar week in 2009 24 orders were reported, 17 in the bulkcarrier and 7 in the tanker sector. In terms of reported number of transactions, the newbuilding activity has posted a 53% positive annual change. The total invested capital in the newbuilding business estimated to be around of US$ 1,101,940,000, while 6 transactions reported on private terms. The bulk carrier sector attracted investors’ appetite with activity in all sizes from handysize to capesize vessels, while the activity holds at the same levels of previous week with Greek owners seem to have postponed their newbuilding plans as their position linger towards more to the secondhand market.

NEWBUILDING TRANSACTIONSDRY BULK CARRIERS

TANKERS120,000 DWT 2 units ordered by Sovcomflot (RUS) at Zvezda DSME (RUS) Price undisclosed. Dely 2012 (Option for up to 10 more)

LINERS24,300 DWT 2 units ordered by Pacific Shipping Trust (SPORE) at Dalian (PRC) Price USD $ 29,9 mil each. Dely 03/2012, 06/2012 (Pacific Shipping Trust is closely associated with Pacific International Lines. Six now ordered)

PASSENGER / CRUISE35,000 DWT (RO-PAX) 4 units ordered by Torghatten Trafikk (NOR) at Remontowa Gdansk (POL) Price USD $ 145,91 mil each. Dely 2013 (390 PAX. 120 CARS. LNG powered)

SPECIAL PROJECTS4,000 DWT (Anchor Handling) 1 unit ordered by Marnavi (ITL) at ABG Shipyard (IND) Price USD $ 17,5 mil. Dely 2012

180,000 DWT 1 unit ordered by Shanghai Baosteel Shipping (PRC) at Qingdao Beihai (PRC) Price believed to be about USD $59 mil. Dely 2012 (Option one more)82,000 DWT 4 units ordered by Akmar Shipping & Trading (Trk) at Sungdong (SKR) Price believed to be about USD $37 mil. Dely 1H 2012 80,000 DWT 2 units ordered by Undisclosed Contractor at Jinhai H.I. (PRC) Price undisclosed. Dely 2012 (12 year charter to U-Sea Bulk Shipping, Denmark with purchase option)73,000 DWT 2 units ordered by Rio Tinto Shipping (AUS) at Oshima (JPN) Price undisclosed. Dely 2012, 2013 (Specialized new double-hulled ships which will have the ability to load caustic soda cargoes in three of their seven cargo holds. They will be based on a design for a series of six vessels delivered by Oshima in Japan to Norwegian Shipowner Klaveness between 2001 and 2007)57,000 DWT 2 units ordered by Enterprises Shipping & Trading (GR) at Jinling (PRC) Price USD $36 mil each. Dely 2012 36,000 DWT 6 units ordered by Daichi Chuo Kisen (JPN) at Hyundai Mipo (SKR) Price USD $27 mil each. Dely 6/2011, 3/2012, 6/2012, 9/2012, 3/2013 (Option three more)

Key: * The total invested capital does not include deals reported with undisclosed contract price ** Deals reported as private and confidential (not revealed contract price)

A full copy of this report can be accessed at www.CapitalLinkShipping.com


Page 18

SHIPPING MARKETS

Global Shipping Markets: Dry Bulk •Tanker • Container

Panel Discussions

in the context of

12th Annual Capital Link Greek Forum Thursday, December 2, 2010, 8:00am - 5:00pm

**Followed by Networking Cocktail Reception** at

Metropolitan Club

One East 60th Street, New York, NY 10022

Tanker Sector Panel:• Mr. Svein Moxnes Harfjeld, President, Chief Executive

Officer, DHT Tankers (NYSE: DHT)

• Mr. Jeffrey D. Pribor, Chief Financial Officer, General Maritime Corp. (NYSE: GMR)

• Mr. Nicolas Tsakos, Chief Executive Officer, Tsakos Energy Navigation (NYSE: TNP)

• Mr. Peter Evensen, Executive Vice President, Chief Strategy Officer, Teekay Corporation (NYSE:TK) (TBC)

Dry Bulk Sector Panel:• Mr. Dale Ploughman, Chief Executive Officer, Seanergy

Maritime Holdings Corp. (NASDAQ: SHIP)

• Mr. Akis Tsirigakis, President, Chief Executive Officer, Director, Star Bulk Carriers Corp. (NASDAQ: SBLK)

• Mr. Ted C. Petrone, President, Navios Corporation (Navios Maritime Holdings, NYSE: NM)

Container Sector Panel:

• Dr. John Coustas, President, Chief Executive Officer, Danaos Corporation (NYSE: DAC)

Plus more esteemed speakers expected to attendFor more information and to register, please visit www.capitallinkforum.com or call +1 (212) 661 – 7566.


Page 19

SHIPPING MARKETS

Freight Forwarding Agreements - FFAsContributed by

SSYSSY Futures LtdLloyds Chambers, 1, Portsoken Street, London, El 8PH

Phone: +44(0)2072651871 (Dry) +44(0)2079777501 (Wet)Website: www.ssyonline.com

DRYBULK

DATE SECTOR VESSEL ROUTE PERIOD FROM TO RATE

28-Oct-10 Dry Capesize C3 Tubarao/Beilun & Baoshan Q Q4 10 1-Oct-10 31-Dec-10 28.25

28-Oct-10 Dry Capesize C3 Tubarao/Beilun & Baoshan Y Cal 11 1-Jan-11 31-Dec-11 24.25

28-Oct-10 Dry Capesize C3 Tubarao/Beilun & Baoshan Y Cal 12 1-Jan-12 31-Dec-12 24

28-Oct-10 Dry Capesize C3 Tubarao/Beilun & Baoshan Y Cal 13 1-Jan-13 31-Dec-13 23.5


28-Oct-10 Dry Capesize C4 RB - Rott Q Q4 10 1-Oct-10 31-Dec-10 12.5

28-Oct-10 Dry Capesize C4 RB - Rott Y Cal 11 1-Jan-11 31-Dec-11 11.4




28-Oct-10 Dry Capesize C5 W Australia/Beilun-Baoshan Q Q4 10 1-Oct-10 31-Dec-10 11.25

28-Oct-10 Dry Capesize C5 W Australia/Beilun-Baoshan Y Cal 11 1-Jan-11 31-Dec-11 10.5

28-Oct-10 Dry Capesize C5 W Australia/Beilun-Baoshan Y Cal 12 1-Jan-12 31-Dec-12 10

28-Oct-10 Dry Capesize C5 W Australia/Beilun-Baoshan Y Cal 13 1-Jan-13 31-Dec-13 9.75


28-Oct-10 Dry Capesize C7 Bolivar/Rotterdam Q Q4 10 1-Oct-10 31-Dec-10 15.5

28-Oct-10 Dry Capesize C7 Bolivar/Rotterdam Y Cal 11 1-Jan-11 31-Dec-11 13.3

28-Oct-10 Dry Capesize C7 Bolivar/Rotterdam Y Cal 12 1-Jan-12 31-Dec-12 13

28-Oct-10 Dry Capesize C7 Bolivar/Rotterdam Y Cal 13 1-Jan-13 31-Dec-13 13

DATE SECTOR VESSEL ROUTE AVERAGE PERIOD FROM TO RATE

28-Oct-10 Dry Capesize Cape 4 TC Q Q4 10 1-Oct-10 31-Dec-10 37,100

28-Oct-10 Dry Capesize Cape 4 TC Y Cal 11 1-Jan-11 31-Dec-11 26,250




28-Oct-10 Dry Handysize BHSI Average Q Q4 10 1-Oct-10 31-Dec-10 14,250

28-Oct-10 Dry Handysize BHSI Average Y Cal 11 1-Jan-11 31-Dec-11 12,750




28-Oct-10 Dry Panamax Avg 4 TC Panamax Q Q4 10 1-Oct-10 31-Dec-10 20,500

28-Oct-10 Dry Panamax Avg 4 TC Panamax Y Cal 11 1-Jan-11 31-Dec-11 20,500




28-Oct-10 Dry Supramax BSI Q Q4 10 1-Oct-10 31-Dec-10 19,250

28-Oct-10 Dry Supramax BSI Y Cal 11 1-Jan-11 31-Dec-11 17,750



TANKERS


28-Oct-10 Wet Clean Tanker BITR Clean TC2 $/Tonne Q Q4 10 1-Oct-10 31-Dec-10 143.94

28-Oct-10 Wet Clean Tanker BITR Clean TC2 $/Tonne Y Cal 11 1-Jan-11 31-Dec-11 18.42

28-Oct-10 Wet Clean Tanker BITR Clean TC2 $/Tonne Y Cal 12 1-Jan-12 31-Dec-12 17.83


28-Oct-10 Wet Clean Tanker BITR Clean TC2_37 Cont/USAC Q Q4 10 1-Oct-10 31-Dec-10 141.92

28-Oct-10 Wet Clean Tanker BITR Clean TC2_37 Cont/USAC Y Cal 11 1-Jan-11 31-Dec-11 146.88

28-Oct-10 Wet Clean Tanker BITR Clean TC2_37 Cont/USAC Y Cal 12 1-Jan-12 31-Dec-12 143


28-Oct-10 Wet Clean Tanker BITR Clean TC4 Sing/Japan Q Q4 10 1-Oct-10 31-Dec-10 132.66

28-Oct-10 Wet Clean Tanker BITR Clean TC4 Sing/Japan Y Cal 11 1-Jan-11 31-Dec-11 125.75

28-Oct-10 Wet Clean Tanker BITR Clean TC4 Sing/Japan Y Cal 12 1-Jan-12 31-Dec-12 125


28-Oct-10 Wet Clean Tanker BITR Clean TC5 Q Q4 10 1-Oct-10 31-Dec-10 123.83

28-Oct-10 Wet Clean Tanker BITR Clean TC5 Y Cal 11 1-Jan-11 31-Dec-11 122.75

28-Oct-10 Wet Clean Tanker BITR Clean TC5 Y Cal 12 1-Jan-12 31-Dec-12 123


28-Oct-10 Wet Dirty Tanker BITR Dirty TD3 $/Tonne Q Q4 10 1-Oct-10 31-Dec-10 11.39

28-Oct-10 Wet Dirty Tanker BITR Dirty TD3 $/Tonne Y Cal 11 1-Jan-11 31-Dec-11 12.71

28-Oct-10 Wet Dirty Tanker BITR Dirty TD3 $/Tonne Y Cal 12 1-Jan-12 31-Dec-12 12.74


28-Oct-10 Wet Dirty Tanker BITR Dirty TD3 MEG/JAPAN Q Q4 10 1-Oct-10 31-Dec-10 60.83

28-Oct-10 Wet Dirty Tanker BITR Dirty TD3 MEG/JAPAN Y Cal 11 1-Jan-11 31-Dec-11 56.5

28-Oct-10 Wet Dirty Tanker BITR Dirty TD3 MEG/JAPAN Y Cal 12 1-Jan-12 31-Dec-12 57


28-Oct-10 Wet Dirty Tanker BITR Dirty TD5 WAF/USAC Q Q4 10 1-Oct-10 31-Dec-10 83

28-Oct-10 Wet Dirty Tanker BITR Dirty TD5 WAF/USAC Y Cal 11 1-Jan-11 31-Dec-11 77.5

28-Oct-10 Wet Dirty Tanker BITR Dirty TD5 WAF/USAC Y Cal 12 1-Jan-12 31-Dec-12 83


28-Oct-10 Wet Dirty Tanker BITR Dirty TD7 NSEA/CONT. Q Q4 10 1-Oct-10 31-Dec-10 108.17

28-Oct-10 Wet Dirty Tanker BITR Dirty TD7 NSEA/CONT. Y Cal 11 1-Jan-11 31-Dec-11 103.46

28-Oct-10 Wet Dirty Tanker BITR Dirty TD7 NSEA/CONT. Y Cal 12 1-Jan-12 31-Dec-12 106


Page 20

MARKETS

Weekly China UpdateContributed by

Commodore Research442-D Lorimer Street #285Brooklyn, NY 11206 USA

Phone: +1 917 647 8949Website: www.commodore-research.comEmal: [email protected]

Robust Thermal Coal Demand Continues

According to China’s National Energy Administration, Chinese electricity production totaled approximately 350 billion kilowatt hours in September, a decrease of 40 billion kilowatt hours (-10%) from a record of 390 billion kwh produced in August. On a daily basis, electricity production averaged about 11.67 billion kwh - down sharply from August’s average of 12.59 billion kwh.

Daily Power Generation (Sep ’09 - Sep ’10)

Unit: Billion kilowatt hours

Electricity production declined due to the electricity restrictions on energy-intensive industries which began last month. Chinese steel production declined dramatically in September due to the restrictions - but more electricity is now being allocated to steel mills and other energy-intensive industries. Going forward, we expect that thermal coal imports will continue to surge, along with industrial production. We expect that Chinese electricity production will rebound in the upcoming months.

Datong coal (high quality Chinese coal) with a calorific value of 6000 kcal/kg has increased sharply to about 840 yuan/ton ($126/ton), 60 yuan (8%) more than a week ago. Chinese thermal coal demand remains very strong and the recent surge in prices has come as a result of robust demand coinciding with ports previously being closed due to Typhoon Megi. Thermal coal shortages are being reported in various provinces (the shortages are discussed in great detail in our Weekly China Report which is sent to our subscribers).

Coal Carrying Vessels in Great Demand

15 vessels were reportedly chartered to ship thermal coal to China last week, the same amount as during the previous week and moderately higher than the trailing four-week average. On average, 10 vessels were chartered to ship thermal coal to China during the weeks ending October 1 to October 22 (detailed vessel chartering is monitored and analyzed in reports sent to our subscribers). Chinese importers are likely to continue to charter a large amount of vessels to import thermal coal during the next few weeks, as buyers prepare for peak season winter demand.

Vessels Chartered To Import Thermal Coal

(Week Ending Sep 24 - Oct 29)

Commodore Research & Consultancy publishes weekly and monthly reports analyzing dry bulk seaborne trade, dry bulk commodities, and the Chinese economy. To receive our full reports, please send an email to [email protected]. For information on the services and weekly and monthly reports we offer, please visit www.commodore-research.com.


Page 21

STOCK MARKET - DATA BANK

Currencies, Commodities & IndicesKey CurrenCy rates

Rate Close Price Last Week Change % January 4,

2010Today’s Close YTD Change

3-Month LIBOR (USD) 0.29 0.29 -0.87% 12.40% N/A N/A 10-Yr US Treas. Yield 2.60 2.55 1.99% -31.84% N/A N/A USD/EUR $0.72 $0.72 0.24% 3.53% $0.84 $0.66USD/GBP $0.62 $0.64 -2.13% 0.42% $0.80 $0.59USD/JPY $80.79 $81.25 -0.57% -12.72% $94.99 $80.42USD/CNY $6.67 $6.66 0.18% -2.29% $6.84 $6.64

PreCious Metals

Current Price Price Last Week % Change YTD %Chg 52 Week High 52 Wk Low

Gold $1,341.65 $1,319.75 1.66% 22.27% $1,387.35 $1,026.60Silver $24.01 $23.03 4.26% 42.16% $24.92 $14.93Platinum $1,693.50 $1,669.25 1.45% 15.78% $1,756.25 $1,300.50Copper $374.75 $379.70 -1.30% 8.92% $390.00 $277.00Palladium $647.25 $591.10 9.50% 53.21% $648.40 $326.50

Key agriCultural & ConsuMer CoMModities

Current Price Price Last Week % Change YTD %Chg 52 Week High 52 Wk Low

Corn $582.00 $560.00 3.93% 30.71% $588.00 $343.25Soybeans $1,236.00 $1,211.50 2.02% 21.18% $1,248.75 $897.25Wheat $717.25 $670.75 6.93% 16.11% $868.00 $472.75Cocoa $2,797.00 $2,846.00 -1.72% -14.20% $3,497.00 $2,595.00Coffee $203.45 $198.85 2.31% 37.61% $204.60 $133.25Cotton $125.26 $119.71 4.64% 63.74% $130.50 $68.55Sugar #11 $29.12 $28.22 3.19% 36.46% $29.80 $14.56

Key iCe Futures

Commodities Current Price Price Last Week % ChangeGas Oil $702.50 $702.75 -0.04%WTI Crude $81.40 $81.69 -0.36%Natural Gas $4.06 $3.33 21.73%Heating Oil $223.79 $226.91 -1.37%Gasoline RBOB $210.45 $206.38 1.97%


Page 22


Currencies, Commodities & IndicesMajor indiCes

Index Ticker Close Prev. Close Change % January 4, 2010

YTD Change

Dow Jones INDU 11,118.49 11,132.56 -0.13% 10,583.96 11,118.49

Dow Jones Transp. TRAN 4,754.29 4,754.97 -0.01% 4,130.82 4,754.29

NASDAQ CCMP 2,507.41 2,479.39 1.13% 2,308.42 2,507.41

NASDAQ Transp. CTRN 2,354.03 2,361.74 -0.33% 1,978.87 2,354.03

S&P 500 SPX 1,183.26 1,183.08 0.02% 1,132.99 1,183.26

Russell 2000 Index RTY 703.35 703.43 -0.01% 640.10 703.35

Delta Global Shipping DGAGSI 2,069.13 2,085.83 -0.80% 1,936.45 2,069.13

Amex Oil Index XOI 1,079.56 2,086.66 -48.26% 1,100.51 1,079.56

Brent Crude Oil COY 83.58 1,087.11 -92.31% 78.24 83.58

FTSE 100 Index UKX 5,675.16 83.06 6732.60% 5,500.34 5,675.16

CaPital linK MaritiMe indiCes

Index Symbol Close Prev. Close % Change 4-Jan-10 YTD- Change

Capital Link Maritime Index CLMI 1,957.64 1,934.06 1.22% 1,949.32 0.43%Tanker Index CLTI 2,309.61 2,248.34 2.73% 2,329.33 -0.85%Drybulk Index CLDBI 950.55 944.38 0.65% 1,034.76 -8.14%Container Index CLCI 1,967.93 2,031.00 -3.11% 2,168.79 -9.26%LNG/LPG Index CLLG 2,712.93 2,688.37 0.91% 2,088.39 29.91%Mixed Fleet Index CLMFI 1,773.50 1,784.62 -0.62% 1,116.44 58.85%MLP Index CLMLP 2,717.32 2,662.36 2.06% 2,203.54 23.32%

BaltiC indiCes

Index Symbol Close Prev. Close % Change 4-Jan-10 YTD- ChangeBaltic Dry Index BDIY 2,678 2,727 -1.80% 3,140 -14.71%

Baltic Capesize Index BCIY 4,262 4,373 -2.54% 4,197 1.55%

Baltic Panamax Index BPIY 2,410 2,219 8.61% 3,823 -36.96%

Baltic Supramax Index BSI 1,750 1,791 -2.29% 2,224 -21.31%

Baltic Handysize Index BHSI 897 950 -5.58% 1,151 -22.07%

Baltic Dirty Tanker Index BDTI 758 734 3.27% 1,024 -25.98%

Baltic Clean Tanker Index BCTI 627 638 -1.72% 817 -23.26%


Page 23


Shipping EquitiesDry Bulk Ticker Friday

ClosePrev. Week

Close%

Change YTD %Chg52

Week High

52 Week Low

1 Month Average Volume

Baltic Trading Ltd BALT $11.30 $11.11 1.71% -19.29% $14.50 $9.90 168,043Diana Shipping Inc DSX $13.65 $13.43 1.64% -10.84% $18.24 $10.75 759,519DryShips Inc DRYS $4.12 $4.24 -2.95% -32.98% $7.30 $3.28 11,782,092Eagle Bulk Shipping Inc EGLE $5.13 $5.15 -0.39% -3.93% $6.75 $3.91 1,390,907Excel Maritime Carriers EXM $5.82 $5.73 1.57% -12.74% $8.40 $4.59 570,488FreeSeas Inc FREE $4.65 $4.67 -0.64% -36.00% $8.75 $4.50 20,402Genco Shipping GNK $16.55 $16.27 1.72% -33.02% $29.20 $14.20 1,089,316Navios Maritime Hldgs NM $5.99 $5.94 0.84% -6.11% $7.55 $4.38 373,192Navios Maritime Ptns NMM $18.88 $18.96 -0.42% 26.97% $20.17 $12.17 481,078Paragon Shipping Inc PRGN $3.73 $3.76 -0.80% -21.47% $5.49 $3.40 264,116Safe Bulkers Inc SB $8.45 $8.40 0.60% -5.59% $9.64 $6.50 91,302Seanergy Maritime Hldg SHIP $1.23 $1.25 -1.60% -58.86% $4.35 $0.91 213,733Star Bulk Carriers Corp SBLK $2.92 $2.87 1.74% 1.39% $3.59 $2.22 87,165TBS International PLC TBSI $4.14 $4.25 -2.59% -44.35% $8.97 $3.51 79,608

Tankers Ticker Current Price

Price Last Week % Change YTD

%Chg52 Week

High52

Week Low


Aegean Marine Petrol ANW $16.01 $17.38 -7.88% -43.88% $35.05 $14.30 352,881B+H Ocean Carriers Ltd BHO $4.50 $4.50 0.00% 72.41% $5.64 $1.67 393Capital Product Ptns CPLP $8.85 $8.66 2.19% -5.04% $10.06 $5.31 220,156Crude Carriers Corp CRU $17.62 $17.32 1.73% -7.26% $19.00 $15.00 107,752DHT Holdings Inc DHT $4.30 $4.13 4.12% 11.98% $4.89 $3.30 190,287Frontline Ltd/Bermuda FRO $28.75 $26.19 9.77% -0.10% $38.85 $22.53 1,055,698General Maritime Corp GMR $3.84 $3.95 -2.78% -47.40% $8.82 $3.58 2,237,513Knightsbridge Tankers VLCCF $21.67 $20.67 4.84% 59.22% $22.18 $12.06 484,272Navios Maritime Acq. NNA $5.45 $5.55 -1.80% -44.67% $10.20 $5.04 20,237NewLead Holdings Ltd NEWL $3.96 $4.20 -5.72% -64.13% $14.88 $3.87 1,255Nordic American Tanker NAT $26.03 $26.78 -2.80% -14.99% $34.19 $25.27 506,644Omega Navigation Ent. ONAV $1.21 $1.22 -0.82% -62.42% $4.04 $1.14 47,847Overseas Shipholding OSG $33.43 $33.31 0.36% -26.15% $53.20 $31.39 653,184Scorpio Tankers Inc STNG $11.68 $11.56 1.04% -10.15% $13.01 $10.04 57,248Ship Finance Intl SFL $20.11 $20.19 -0.40% 42.42% $21.29 $11.00 305,453Teekay Corp TK $31.80 $31.33 1.50% 32.39% $32.11 $19.19 484,015Teekay Offshore Ptns TOO $26.52 $24.84 6.76% 27.62% $26.59 $14.90 215,070Teekay Tankers Ltd TNK $11.88 $12.36 -3.88% 36.71% $13.96 $7.85 921,446Torm A/S TRMD $7.44 $7.56 -1.59% -26.75% $14.20 $6.78 8,342Tsakos Energy Nav. TNP $10.34 $12.71 -18.65% -30.28% $18.34 $10.27 282,410


Page 24


Shipping EquitiesContainers Ticker Current Price

Price Last Week

% Change YTD %Chg

52 Week High

52 Week Low


Alexander & Baldwin ALEX $34.43 $34.64 -0.61% -0.29% $37.42 $26.47 175,495Danaos Corp DAC $4.53 $4.70 -3.62% -1.09% $5.25 $3.50 57,163Global Ship Lease Inc GSL $4.60 $3.69 24.66% 217.24% $4.60 $1.03 152,991Horizon Lines Inc HRZ $4.31 $4.66 -7.51% -25.56% $6.54 $3.65 197,249Seaspan Corp SSW $13.47 $14.21 -5.21% 40.46% $15.05 $8.15 310,992

LNG/LPG Ticker Current Price

Price Last Week

% Change

YTD %Chg

52 Week High

52 Week Low


Golar LNG Ltd GLNG $13.26 $13.12 1.07% 8.25% $13.75 $9.26 125,670StealthGas Inc GASS $4.79 $4.68 2.35% -24.45% $7.06 $3.93 21,563Teekay LNG Partners TGP $34.34 $34.00 1.00% 25.65% $35.34 $19.75 94,357

Mixed Fleet Ticker Current Price

Price Last Week

% Change

YTD %Chg

52 Week High

52 Week Low


Euroseas Ltd ESEA $4.02 $3.97 1.26% -1.71% $5.02 $3.02 47,272OceanFreight Inc OCNF $0.99 $1.03 -3.88% -64.93% $3.75 $0.73 418,583TOP Ships Inc TOPS $0.68 $0.70 -2.17% -30.55% $1.30 $0.62 24,194

London Listed Companies* Ticker Current

PricePrice Last

Week%

Change YTD %Chg 52 Week High

52 Week Low


Globus Maritime Ltd GLBS 627.50 635.00 -1.18% 66.01% 645.00 246.00 708.97Hellenic Carriers Ltd HCL 78.00 78.00 0.00% -4.29% 86.00 58.50 12,925.70Goldenport Holdings

Inc GPRT 123.00 123.50 -0.40% 14.33% 139.78 95.85 11,672.60* Prices in GBP

MaritiMe index daily CoMParison Charts (3 Months)*

v

*sourCe: BlooMBerg


Page 25


Shipping Equities

ABOUT THE CAPITAL LINK MARITIME INDICES They are market cap weighted indices composed of all U.S. listed shipping stocks. The main index covers the whole shipping industry with all U.S. listed shipping stocks, and there are sector indices for dry bulk, tankers, containers, LNG/LPG, mixed fleet and shipping MPLs. Investors can use these indices to better track the performance of individual listed shipping stocks, as well as of the shipping industry and specific sectors against the broader stock market, freight indices or other individual stocks. The indices are calculated daily after market close. The historic data go back to January 1, 2005. The Indices, their methodology and composition can be accessed freely at www.CapitalLinkShipping.com or www.MaritimeIndices,com and they are also availbale on Bloomberg (page CPLI), Reuters and Factset.

CaPital linK tanKer index daily CoMParison Charts (3 Months)*

*sourCe: BlooMBerg

CaPital linK dry BulK index daily CoMParison Charts (3 Months)*

*sourCe: BlooMBerg


Page 26


Weekly Trading Statistics

Custom Statistics Prepared Weekly for Capital Link Shipping

BROAD MARKET Percent Change of Major Indexes For The Week Ending Friday, October 29, 2010 Name Symbol Close Net Gain Percent Gain Phlx Semiconductor Sector Index SOX 372.64 15.70 4.40% Nasdaq Composite Index COMPX 2507.41 28.02 1.13% Nasdaq-100 Index NDX 2124.45 20.24 0.96% Russell 1000 Index RUI 653.58 0.99 0.15% Russell 3000 Index RUA 700.37 0.95 0.14% S&P 500 Index SPX 1183.26 0.18 0.02% Dow Jones Transportation Index TRAN 4754.29 -0.68 -0.01% Russell 2000 Index RUT 703.33 -0.10 -0.01% Dow Jones Industrial Average Index INDU 11118.49 -14.07 -0.13% Nasdasq Transportation Index TRANX 2354.03 -7.71 -0.33%

Index Data: INDU (Dow Jones Industrial Average Index: The INDU closed today at 11,118.49 for a weekly loss of -14.07 pts (-0.1264%). The high of the week was 11,266.3 while the low was 10,986.68 (close = 47.14% of high/low range). The INDU closed 1.68% from its 52 week high (11,308.95) and 15.87% from its 52 week low (9,596.04).

INDU Important Moving Averages

50 Day: 10,702.91 100 Day: 10,502.59 200 Day: 10,527.25

SHIPPING INDUSTRY DATA (45 Companies) Within the group (members listed on the last page), 21 issues traded higher on the week, 23 traded lower and 1 where unchanged. The average weekly gain per name was -0.15%. The group traded 0.98 times average weekly volume. Price volatility was higher than usual, increasing by 21.82 percent. Moving Averages The percent of the members that closed above each major moving average: 51.11% closed > 10D Moving Average 62.22% closed > 50D Moving Average 62.22% closed > 100D Moving Average 51.11% closed > 200D Moving Average

Top Upside Momentum (Issues with the greatest 100 day upside momentum*)

Top Downside Momentum (Issues with the greatest 100 day downward momentum*)

Symbol Close Weekly Change 50-Day % Change GSL 4.6 24.66% 74.90% TK 31.8 1.50% 22.31% TOO 26.52 6.76% 20.82% VLCCF 21.73 5.13% 17.71% GLNG 13.26 1.07% 27.01% SSW 13.47 -5.21% 23.69% SB 8.45 0.60% 12.22% BHO 4.5 -0.66% 5.63% NMM 18.88 -0.42% 8.51% DAC 4.53 -3.62% 11.30%

*Momentum: (100D % change) + 1.5*(50D % change) + 2.0*(10D % change) for each stock - sort names that have negative value in ascending order - report top 10.

Symbol Close Weekly % Change 50-Day %Change NEWL 3.96 -5.71% -44.62% TBSI 4.14 -2.59% -29.83% GMR 3.84 -2.78% -25.15% TNP 10.34 -18.65% -20.40% TOPS 0.68 -2.86% -8.11% ONAV 1.21 -0.82% -9.70% NNA 5.45 -1.80% -9.17% ANW 16 -7.94% 2.96% OCNF 0.99 -3.88% -3.88% DRYS 4.11 -3.07% -6.80%

*Momentum: (100D % change) + 1.5*(50D % change) + 2.0*(10D % change) for each stock - sort names that have a negative value in ascending order - report the top 10.


Page 27



Top Consecutive Higher Closes Top Consecutive Lower Closes Symbol Close Up Streak TOO 26.52 6 FRO 28.75 5 DHT 4.3 4 BALT 11.3 3 TGP 34.34 2 SFL 20.11 2 OSG 33.43 2 NAT 26.03 2 GSL 4.6 2 GLNG 13.26 2

Symbol Close Up Streak TRMD 7.44 -2 TBSI 4.14 -2 SB 8.45 -2 PRGN 3.73 -2 EXM 5.82 -2 HRZ 4.31 -3 TNP 10.34 -3 DRYS 4.11 -4 TNK 11.88 -5 ANW 16 -5

Each of these stocks made a new 52 week HIGH on Friday, October 29, 2010today: GSL (4.6 +6.73%); TOO (26.52 +2.59%); TK (31.8 -0.09%)

Each of these stocks made a new 52 week LOW to on Friday, October 29, 2010: NEWL (3.96 -5.71%); TNP (10.34 -0.19%); GMR (3.84 +6.08%)

Top Largest Weekly Trading Gains Top Largest Weekly Trading Losses

Symbol Close One Week Ago

Friday Close

Net Change

% Change

GSL 3.69 4.6 0.91 24.66% FRO 26.19 28.75 2.56 9.77% TOO 24.84 26.52 1.68 6.76% VLCCF 20.67 21.73 1.06 5.13% DHT 4.13 4.3 0.17 4.12% GASS 4.68 4.79 0.11 2.35% CPLP 8.66 8.85 0.19 2.19% SBLK 2.87 2.92 0.05 1.74% CRU 17.32 17.62 0.30 1.73% GNK 16.27 16.55 0.28 1.72%

Symbol Close One Week Ago

Friday Close

Net Change

% Change

TNP 12.71 10.34 -2.37 -18.65% ANW 17.38 16 -1.38 -7.94% HRZ 4.66 4.31 -0.35 -7.51% NEWL 4.2 3.96 -0.24 -5.71% SSW 14.21 13.47 -0.74 -5.21% OCNF 1.03 0.99 -0.04 -3.88% TNK 12.36 11.88 -0.48 -3.88% DAC 4.7 4.53 -0.17 -3.62% DRYS 4.24 4.11 -0.13 -3.07% TOPS 0.7 0.68 -0.02 -2.86%

Top Largest Monthly* Trading Gains Top Largest Monthly* Trading*Losses

Symbol Close One Month Ago

Friday Close

Net Change

% Change

GSL 2.65 4.6 1.95 73.58% TK 26.27 31.8 5.53 21.05% VLCCF 18.81 21.73 2.92 15.52% SHIP 1.09 1.23 0.14 12.84% TOO 23.59 26.52 2.93 12.42% GASS 4.35 4.79 0.44 10.11% SSW 12.5 13.47 0.97 7.76% DSX 12.68 13.65 0.97 7.65% TGP 32.12 34.34 2.22 6.91% OCNF 0.93 0.99 0.06 6.45%

Symbol Close One Month Ago

Friday Close

Net Change

% Change

TBSI 5.35 4.14 -1.21 -22.62% TNP 13.14 10.34 -2.80 -21.31% GMR 4.76 3.84 -0.92 -19.33% DRYS 4.78 4.11 -0.67 -14.02% NEWL 4.6 3.96 -0.64 -13.91% PRGN 3.96 3.73 -0.23 -5.81% ANW 16.77 16 -0.77 -4.59% NAT 26.79 26.03 -0.76 -2.84% EGLE 5.23 5.13 -0.10 -1.91% CRU 17.9 17.62 -0.28 -1.56%

Stocks Nearest to 52-Week Highs Stocks Nearest To 52-Week Lows Symbol 52W High % Away NMM 19.24 -1.87% VLCCF 22.18 -2.03% SFL 20.56 -2.19% TGP 35.25 -2.58% GLNG 13.75 -3.56% CRU 18.49 -4.69% CPLP 9.29 -4.74% ALEX 36.74 -6.28% SB 9.11 -7.21% DHT 4.65 -7.53%

Symbol 52W Low % Away NAT 25.27 3.01% ONAV 1.14 6.14% OSG 31.39 6.50% NNA 5.04 8.13% TOPS 0.62 9.68% TRMD 6.78 9.73% PRGN 3.36 10.96% ANW 14.29 11.96% BALT 9.75 15.87% STNG 10.04 16.33%


Page 28



Top Stocks With Highest Weekly Volume Run Rate* > 1

Symbol Close Net % Change Run Rate TNP 10.34 -18.65% 7.4916 GSL 4.6 24.66% 3.1871 TBSI 4.14 -2.59% 2.6599 SSW 13.47 -5.21% 2.3583 NEWL 3.96 -5.71% 2.1540 VLCCF 21.73 5.13% 2.0025 CPLP 8.85 2.19% 1.7018 SHIP 1.23 -1.60% 1.4975 NAT 26.03 -2.80% 1.4063 TNK 11.88 -3.88% 1.4017

*The Volume Run Rate is calculated by dividing the current week's volume by the average volume over the last 20 weeks. For example, a run rate of 2.0 means the stock traded twice its average volume.

Top Year-To-Date Gainers Top Year-To-Date Decliners Symbol YTD Gain % GSL 219.44% VLCCF 75.67% BHO 68.54% SFL 55.53% TNK 51.15% SSW 50.33% TK 43.83% TOO 41.97% TGP 37.58% NMM 37.51%

Symbol YTD Decline % OCNF -64.52% NEWL -63.33% ONAV -61.22% SHIP -58.02% NNA -44.56% TBSI -43.67% GMR -42.43% ANW -41.69% TOPS -32.67% DRYS -29.38%

DSX (13.65 +2.02%) is the only stock in the group that crossed and closed ABOVE its 200 day moving average. The following are the 45 members of this group: Symbol – Name: ALEX - Alexander & Baldwin Inc; ANW - Aegean Marine Petroleum Network Inc; BALT - Baltic Trading Ltd; BHO - B+H Ocean Carriers Ltd; CPLP - Capital Product Partners LP; CRU - Crude Carriers Corp; DAC - Danaos Corp; DHT - DHT Maritime Inc; DRYS - DryShips Inc; DSX - Diana Shipping Inc; EGLE - Eagle Bulk Shipping Inc; ESEA - Euroseas Ltd; EXM - Excel Maritime Carriers Ltd; FREED – FreeSeas; FRO - Frontline Ltd; GASS - StealthGas Inc; GLNG - Golar LNG Ltd; GMR - General Maritime Corp; GNK - Genco Shipping & Trading Ltd; GSL - Global Ship Lease Inc; HRZ - Horizon Lines Inc; NAT - Nordic American Tanker Shipping; NEWL - NewLead Holdings Ltd; NM - Navios Maritime Holdings Inc; NMM - Navios Maritime Partners LP; NNA - Navios Maritime Acquisition Corp; OCNF - OceanFreight Inc; ONAV - Omega Navigation Enterprises Inc; OSG - Overseas Shipholding Group Inc; PRGN - Paragon Shipping Inc; SB - Safe Bulkers Inc; SBLK - Star Bulk Carriers Corp; SFL - Ship Finance International Ltd; SHIP - Seanergy Maritime Holdings Corp; SSW - Seaspan Corp; STNG - Scorpio Tankers Inc; TBSI - TBS International Ltd; TGP - Teekay LNG Partners LP; TK - Teekay Corp; TNK - Teekay Tankers Ltd; TNP - Tsakos Energy Navigation Ltd; TOO - Teekay Offshore Partners LP; TOPS - TOP Ships Inc; TRMD - D/S Torm A/S; VLCCF - Knightsbridge Tankers Ltd Notes These symbols were ignored in some analysis (i.e. 200 day moving average) due to the lack of historical data: BALT, CRU, FREE and STNG. 0 DISCLAIMER This communication has been prepared by Knight Equity Markets, L.P. The information set forth above has been compiled from third party sources believed by Knight to be reliable, but Knight does not represent or warrant its accuracy, completeness or timeliness of the information and Knight, and its affiliates, are not responsible for losses or damages arising out of errors or omissions, delays in the receipt of this information, or any actions taken in reliance thereon. The information provided herein is not intended to provide a sufficient or partial basis on which to make an investment decision. The communication is for your general information only and is not an offer or solicitation to buy or sell any security or product. Knight and its affiliates most likely make a market in the securities mentioned in this document. Historical price(s) or value(s) are as of the date and, if applicable, time indicated. Knight does not accept any responsibility to update any

information contained in this communication. Knight and/or its affiliates, officers, directors and employees, including persons involved in the preparation or issuance of this material, may, from time to time, have long or short positions in, or buy or sell (on a principal basis or otherwise) the securities mentioned in this communication which may be inconsistent with the views expressed herein. Questions regarding the information presented herein or a request for a copy of this document should be referred to your Knight representative. Copyright 2010 Knight Equity Markets, L.P. Member NASD/SIPC. All rights reserved.


Page 29


Shipping Bonds Contributed by

Shipping Relative Value Analysis 1

AmountIssuer Coupon Issue Maturity Out Bid YTW STW

ShippingAmerican Commercial (ACLI) 12.500% Sr Sec Nts 07/15/17 $200 B2 / B+ 109.50 9.91% 731 bps

American Petroleum Tankers (AMPETR) 10.250% Sr Sec Nts 05/01/15 $285 B1 / B+ 104.00 8.89% 774 bps

Berlian Laju Tanker (BLTAIJ) 7.500% Sr Un Nts 05/15/14 $400 NR/ CCC 77.50 16.09% 1559 bps

CMA CGM (CMACG) 5.500% Sr Un Nts 05/16/12 € 293 NR/ NR 92.25 11.12% 1050 bps7.250% Sr Un Nts 02/01/13 $150 NR/ NR 92.00 11.38% 1103 bps

General Maritime (GMR) 12.000% Sr Un Nts 11/15/17 $300 Caa1 / CCC+ 104.00 10.94% 834 bps

Golden State Petro (GOLDEN) 8.040% Sr Sec Nts 02/01/19 $107 Baa3 / BBB 104.98 7.23% 428 bps

Great Lakes Dredge & Dock (GREATL) 7.750% Sr Sub Nts 12/15/13 $175 B3 / B- 101.75 3.65% 353 bps

DryShips (DRYS) 5.000% Conv Nts 12/01/14 $700 NR/ NR 94.18 6.64% 573 bps

Excel Maritime (EXM) 1.875% Conv Nts 10/15/27 $150 NR/ NR 75.50 9.38% 851 bps

Horizon Lines (HRZ) 4.250% Conv Nts 08/15/12 $330 Caa3 / CCC+ 91.75 9.37% 902 bps

Marquette Transportation (MARTRA) 10.875% Sr Sec Nts 01/15/17 $250 B3 / B- 102.50 10.23% 763 bps

Navios Maritime Acquisition (NNA) 8.625% Sr Sec Nts 11/01/17 $400 B2/ B 100.75 8.44% 583 bps

Navios Maritime (NAVIOS) 8.875% Sr Sec Nts 11/01/17 $400 Ba3 / BB- 106.00 7.42% 481 bps9.500% Sr Un Nts 12/15/14 $300 B3 / B+ 103.50 7.67% 652 bps

Norwegian Cruise Line (STRC) 11.750% Sr Sec Nts 11/15/16 $450 B3 / B+ 114.00 8.19% 704 bps

Overseas Shipholding (OSG) 8.750% Sr Un Nts 12/01/13 $74 Ba3 / BB- 108.00 5.87% 537 bps8.125% Sr Un Nts 03/30/18 $300 Ba3 / BB- 103.50 7.50% 490 bps7.500% Sr Un Nts 02/15/24 $146 Ba3 / BB- 88.00 9.07% 647 bps

Royal Caribbean (RCL) 8.750% Sr Un Nts 02/02/11 $500 Ba3 / BB- 101.75 1.61% 144 bps7.000% Sr Un Nts 06/15/13 $550 Ba3 / BB- 104.50 5.14% 464 bps6.875% Sr Un Nts 12/01/13 $350 Ba3 / BB- 104.50 5.27% 477 bps

11.875% Sr Un Nts 07/15/15 $300 Ba3 / BB- 122.00 6.38% 523 bps7.250% Sr Un Nts 06/15/16 $350 Ba3 / BB- 104.50 6.28% 514 bps7.250% Sr Un Nts 03/15/18 $150 Ba3 / BB- 104.00 6.55% 395 bps7.500% Sr Un Nts 10/15/27 $300 Ba3 / BB- 96.00 7.93% 395 bps5.625% Sr Un Nts 01/27/14 € 1,000 Ba3 / BB- 100.50 5.44% 444 bps

Ship Finance (SHIPFI) 8.500% Sr Un Nts 12/15/13 $449 B1 / B+ 101.88 4.35% 385 bps

Stena AB (STENA) 7.000% Sr Un Nts 12/01/16 $129 Ba2 / BB+ 97.00 7.62% 645 bps6.125% Sr Un Nts 02/01/17 € 300 Ba2 / BB+ 97.00 6.72% 497 bps5.875% Sr Un Nts 02/01/19 € 102 Ba2 / BB+ 93.00 7.00% 488 bps7.875% Sr Un Nts 03/15/20 € 200 Ba2 / BB+ 102.00 7.57% 533 bps

Teekay Corp (TK) 8.500% Sr Un Nts 01/15/20 $450 B1 / BB 111.00 6.86% 426 bps

Trailer Bridge (TRBR) 9.250% Sr Sec Nts 11/15/11 $83 B3 / B- 99.25 10.02% 967 bps

Ultrapetrol (ULTR) 9.000% Sr Sec Nts 11/24/14 $180 B2 / B- 101.50 8.19% 704 bps

United Maritime (UNMTGR) 11.750% Sr Sec Nts 06/15/15 $200 B3 / B 102.50 10.77% 963 bps

Windsor Petroleum (WINPET) 7.840% Sr Sec Nts 01/15/21 $200 Baa2 / BB+ NA NA NA

Supply VesselsGulfmark Offshore (GMRK) 7.750% Sr Un Nts 07/15/14 $160 B1 / BB- 102.25 6.23% 508 bps

Hornbeck Offshore Services (HOS) 6.125% Sr Un Nts 12/01/14 $300 Ba3 / B+ 99.00 6.41% 526 bps8.000% Sr Un Nts 09/01/17 $250 Ba3 / B+ 101.50 7.62% 502 bps

Seacor Holdings (CKH) 5.875% Sr Un Nts 10/01/12 $179 Ba1 / BBB- 105.08 3.11% 276 bps7.375% Sr Un Nts 10/01/19 $250 Ba1 / BBB- 107.15 6.31% 371 bps

1 Leverage ratios calculated through respective priority levels (e.g. Sr, Sr Subs)2 Adjusted EBITDA

Source: Knight, Company Fillings, Bloomberg

As of 10/22/10IssueRating


Page 30

EVENTS

Earnings & Conference Call CalendarExchange Ticker Sector Results Conference Call

Date Time Date Time (EDT)

Overseas Shipholding Group NYSE OSG Tankers Tues, Nov 2, 2010 BMO Tues, Nov 2,

2010 11:00 AM

Excel Maritime NYSE EXM Drybulk Tues, Nov 2, 2010 AMC Wed, Nov 3,

2010 10:00 AM

Alexander & Baldwin Inc. NYSE ALEX Containers Wed, Nov 3, 2010 AMC Wed, Nov 3,

2010 5:00 PM

Genco Shipping NYSE GNK Drybulk Wed, Nov 3, 2010 AMC Thurs, Nov 4,

2010 8:30 AM

Baltic Trading Ltd. NYSE BALT Drybulk Wed, Nov 3, 2010 AMC Thurs, Nov 4,

2010 10:00 AM

Teekay Corp. NYSE TK Tankers Thurs, Nov 4, 2010 AMC Fri, Nov 5,

2010 11:00 AM

Teekay Tankers NYSE TNK Tankers Thurs, Nov 4, 2010 AMC Fri, Nov 5,

2010 12:00 PM

Safe Bulkers NYSE SB Drybulk Mon, Nov 8, 2010 AMC Tues, Nov 9,

2010 9:00 AM

Global Ship Lease NYSE GSL Containers Wed, Nov 10, 2010 BMO Wed, Nov 10,

2010 10:30 AM

Aegean Marine Petroleum NYSE ANW Tankers Wed, Nov 10, 2010 AMC Thurs, Nov

11, 2010 8:30 AM

Diana Shipping NYSE DSX Drybulk Mon, Nov 15, 2010 BMO Mon, Nov 15,

2010 9:00 AM

StealthGas Nasdaq GASS LPG/LNG Tues, Nov 16, 2010 BMO Tues, Nov

16, 2010 11:00 AM

Tsakos Energy Navigation NYSE TNP Tankers Tues, Nov 23, 2010 BMO Tues, Nov

16, 2010 10:00 AM

BMO – Before Market Open AMC – After Market Close

Access a fully updated calendar at www.CapitalLinkShipping.com


Page 31

Terms of Use & Disclaimer

Content Contributors

This Newsletter is published by Capital Link Media, a division of Capital Link, a New York based Investor Relations and Financial Communications Firm with strategic focus in shipping. Capital Link may work for several shipping companies listed in this Newsletter. This Newsletter may include facts, views, opinions and recommendations of individuals and organizations deemed to be of interest. Neither Capital Link and its affiliates nor the information providers or companies presented guarantee the accuracy, completeness or timeliness of, or otherwise endorse these views, opinions or recommendations, nor do they give investment, financial, legal, accounting, tax advice or any advice of any kind whatsoever, or advocate the purchase or sale of any security or investment. Any user of this Newsletter cannot and should not rely in any way partially or totally upon the information provided herein as the basis for any investment, financial, legal, tax or accounting decision. Any errors or omissions in the write up, translation,

Capital Link Shipping Weekly Markets ReportPublished by Capital Link Media, a division of Capital Link, Inc.

230 Park Avenue - Suite 1536New York, N.Y. 10169 - USA

Phone +1-212-661-7566Fax +1-212-661-7526

E-mail: shipping @capitallink.comwww.capitallink.com - www.CapitalLinkShipping.com

presentation, transposition or transmission of this information shall not and cannot be made the basis for any claim whatsoever against any officer or employee of Capital Link and its affiliates or any of its content providers. The user of this Newsletter agrees not to imitate, copy, or alter the template and method of presentation and its contents, reproduce, retransmit, disseminate, sell, distribute, publish, broadcast, circulate or commercially exploit the information in any manner without the express consent of Capital Link and its affiliates and content providers; nor to use the information in any illegal manner or for any unlawful purpose. The Newsletter, or parts of it, is not intended for dissemination of information or utilization in jurisdictions where it is inappropriate to access and use the information herein. When in such jurisdictions, it is the responsibility of the users to satisfy themselves that it is permissible for them to access and receive this information and comply with the local regulations.

Documents

Capital Link Shipping Weekly Markets Reportfiles.irwebpage.com/newsletters/shipping/2010/shipping...→ Company Profile of the Week Capital Product Partners L.P. New York - 230 Park