WEEKLY SHIPPING

MARKET REPORT WEEK 51

- 19th December - to 23rd December 2011 -

Legal Disclamer

The information contained herein has been obtained by various sources. Although every effort has been made to ensure that this information is accurate, complete and up to date, Shiptrade Services S.A. does not accept any responsibility whatsoever for any loss or damage occasioned or claimed, upon reliance on the information, opinions and analysis contained in this report.

Researched and compiled by: Shiptrade Services SA, Market Research on behalf of the Sale & Purchase, Dry Cargo Chartering and Tanker Chartering Departments. For any questions please contact: market-research@shiptrade.gr

Shiptrade Services SA Tel +30 210 4181814 snp@shiptrade.gr 1st Floor, 110/112 Notara Street Fax +30 210 4181142 chartering@shiptrade.gr 185 35 Piraeus, Greece www.shiptrade.gr tankerchartering@shiptrade.gr

1

Morocco says soft wheat needs are well-covered

Morocco's grain import authority ONICL said it has a record level of year-end wheat stocks, enough to ensure a normal supply of the domestic market, even after skipping international purchases for several months. ONICL also said soft wheat stocks look set to close the year at 1.6 million tonnes, or enough to cover four months of milling needs. "This level of year-end stocks is an all-time record compared to all previous campaigns," ONICL said in a statement on Friday. ONICL said, "the domestic market has plenty of local and imported wheat." Local millers, traders and silos have collected almost half -- or 2.1 million tonnes -- the soft wheat that was produced in the 2011 farming campaign, it said. "The collection (of locally-produced soft wheat) is continuing at a normal pace," it added. Morocco produced this year 4.17 million tonnes of soft wheat and 1.85 million tonnes of durum wheat, respectively 30 and 16 percent above the previous campaign. However, the increases have little impact on the supply of the domestic market since the majority of planted areas are small properties owned by farmers who use the harvest for their own subsistence. About a quarter of 2010 harvest went to the market, according to official statistics. The state offers local farmers 2,900 dirhams per tonne for standard quality soft wheat. "Wheat supplies now can easily keep domestic prices in line with the target level (2,900 dirhams per tonne)," ONICL added. (Reuters)

Crude Oil Extends Longest Rally in 13 Months as Iran Threatens

Shipping

Oil increased for a sixth day, the longest stretch in 13 months, as Iranthreatened to block transportation through the Strait of Hormuz and confidence among U.S. consumers beat expectations in December. Crude advanced as much as 1.7 percent after Iran’s official Islamic Republic News Agency cited Vice President Mohammad Reza Rahimi as saying the country would bar shipments through the strait if sanctions are imposed on its oil exports. Futures also rose as the Conference Board’s index rose to the highest level since April, exceeding all forecasts in a Bloomberg survey. “The Iranian threats are getting increasing bold,” said Jason Schenker, president of Prestige Economics LLC, an Austin, Texas-based energy consultant. “The threat doesn’t have to be likely to have an impact on the market, because if it were to be carried out it would potentially be huge.” Crude oil for February delivery rose $1.58, or 1.6 percent, to $101.26 a barrel at 12:16 p.m. on the New York Mercantile Exchange. The contract reached $101.39, the highest level since Dec. 8. Futures have climbed 11 percent this year after increasing 15 percent in 2010.

Brent oil for February settlement increased $1.34, or 1.2 percent, to $109.30 a barrel on the London-based ICE Futures Europe exchange. The European contract’s premium to crude in New York was $8.28 a barrel at the close of trading Dec. 23, the smallest differential based on settlement prices since March 8. The consumer confidence measure increased to 64.5 from a revised 55.2 reading in November. It was forecast to advance to 58.9, according to the median forecast of 69 economists surveyed by Bloomberg. ‘Scary’ Headline “The consumer confidence numbers are very strong and gave the market a push,” said Stephen Schork, president of Schork Group Inc. in Villanova, Pennsylvania. “The Iran headline scares people but it’s very unlikely that they would ever take such an action.” Oil surged 2.4 percent in New York on Dec. 13 after Iran announced plans for military exercises in the Strait of Hormuz, a critical waterway for crude shipments, as the U.S. and its allies threatened to bolster sanctions because of the Persian Gulf country’s nuclear program. About 15.5 million barrels of oil a day, or a sixth of global consumption, flows through the waterway between Iran and Oman at the mouth of the Persian Gulf, according to the U.S. Department of Energy. The Iranian navy started a 10-day exercise east of the passage that involved the use of submarines, ground-to-sea missile systems and torpedoes, Press TV said Dec. 24. Iranian Production Iran pumped 3.56 million barrels a day of oil in November, according to Bloomberg News estimates, trailing only Saudi Arabia among members of the Organization of Petroleum Exporting Countries. The country is trying to reduce its dependence on fuel imports as international sanctions over its nuclear program block foreign companies from doing business there. “Iran needs petrodollars and petroleum product imports more than we need its oil,” Schork said. “Blocking the Strait of Hormuz would probably trigger a war with not just with our Seventh Fleet but with their Arab neighbors.” Large traders have pulled out of the oil market in recent weeks, cutting bets to a four-year low. Outstanding contracts among the biggest players in the futures market, including swaps dealers, hedge funds, producers and commercial users, fell by 4.9 percent to 2,207,528 contracts, the lowest level since May 2007, in the seven days ended Dec. 20, according to the Commodity Futures Trading Commission’s Commitments of Traders report on Dec. 23. In London, hedge funds and other money managers reduced bullish bets on Brent crude by 11,121 contracts in the week ended Dec. 20, according to data from ICE Futures Europe. Speculative bets that prices will rise, in futures and options combined, outnumbered short positions by 68,812 lots, the exchange said today in its weekly Commitment of Traders report. (Bloomberg)

Shipping , Commodities & Financial News

2

In Brief: Market moved downwards as Europeans were looking forward to the Christmas holidays. All in all, BDI lost 147 points, BCI lost 284 points, BPI lost 130 points, BSI lost 12 points, and BHSI lost 8 points. Capes: Market remained quiet, as Christmas holidays were getting closer. Rates in the Atlantic started to ease since there was not much of activity and Charterers were not eager for tonnage. At week’s end, rates for trips to F.East concluded at USD 50.000 per day, while rates for Transatlantic round concluded close to USD 26.500 per day. Fronthaul market ex ECSA was also quiet but some fixtures concluded around USD 29.75 - 30.25pmt basis Tubarao/ Qingdao. Pacific basin also seemed to be quiet with Iron ore majors covering some prompt vessels for end December dates, but not in a hurry for later on unless Owners were willing to discount. Some prompt positions with December cancelling reported fixed at levels around USD 14.00pmt, while for January dates fixtures reported around USD 11.50 pmt. On TCT basis, rates for Pacific round concluded at USD 27.000 per day basis N.China delivery. Panamax: Week began quietly as not many principals were willing to move and preferred to wait a bit. In the Atlantic basin rates softened, as some vessels were prompt in Continent interested for short period or Transatlantic round. At week’s end, rates for Transatlantic round concluded close to USD 14.500 per day, while on the Fronthaul, rates concluded at USD 25.000per day. Ex USG, some fixtures reported at USD 27.000per day + 700.000 ballast bonus basis APS for one trip to China. Pacific basin also began quietly but during midweek we could see some activity. Positions in S.China/S.E.Asia were reported fixed around USD 11.000per day, while N.China positions interested for NOPAC or Aussie round could get around USD 10-10.500 per day.

Supramax: Rates remained relatively steady across both basins.

In the Atlantic basin, USG region still is the best place to be as rates for trip to continent/East Mediterranean remained at USD mid 20’s per day, while for trips to F.East fixtures reported at USD mid 30’s per day. Ex Continent, there was not much activity as Europeans were preparing for holidays, but rates for trips to East Mediterranean/ Bl.Sea remained around USD 18.000 per day. On the Fronthaul trade, rates for trips ex Continent concluded at USD low/mid 20’s per day, while trips ex Bl.Sea via G.O.A concluded at USD mid 20’s per day even though there were not so many cargoes available. Pacific basin saw rates stabilising. Positions in S.China/S.E.Asia interested for Indonesian coal to China were fixed at rates around USD 6.500 - 7.000per day. On the other hand, for the N.China positions, there were not many cargoes for NOPAC round. Handysize: Rates seemed to be stabilizing. In the Atlantic region we could see the usual cargoes from East Mediterranean/Bl.Sea to W.Africa paying around USD 10-11.000 per day, while Owners who could consider Aden transit could get around USD 19.000 for trip to Middle East/F.East. In the Pacific basin, market remained at the same levels with many vessels prompt in N.China. There were some parcels of steels or cement/clinker to Bangladesh or S.E.Asia. Charterers who had available cargoes were rating at levels around USD 4.500 per day.

Dry Bulk - Chartering

3

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

Index Week 51 Week 50 Change (%) BDI 1738 1888 -7,94

BCI 3287 3572 -7,98

BPI 1645 1775 -7,32

BSI 1176 1193 -1,42

BHSI 577 588 -1,87

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

Type Size Week 51 Week 50 Change (%)

Capesize 160 / 175,000 17750 17500 1,43

Panamax 72 / 76,000 12000 12250 -2,04

Supramax 52 / 57,000 11500 11700 -1,71

Handysize 30 / 35,000 10000 10500 -4,76

Average Spot Rates

Type Size Route Week 51 Week 50 Change %

Capesize 160 / 175,000

Far East – ATL 6000 6800 -11,76

Cont/Med – Far East 50000 55000 -9,09

Pacific RV 27000 31500 -14,29

TransAtlantic RV 26500 32250 -17,83

Panamax 72 / 76,000

Far East – ATL 3000 3400 -11,76

ATL / Far East 25000 26000 -3,85

Pacific RV 10500 11700 -10,26

TransAtlantic RV 14500 15900 -8,81

Supramax 52 / 57,000

Far East – ATL 3000 3000 0,00

ATL / Far East 25000 25000 0,00

Pacific RV 6000 5600 7,14

TransAtlantic RV 13000 12500 4,00

Handysize 30 / 35,000

Far East – ATL 4000 4600 -13,04

ATL / Far East 18500 18000 2,78

Pacific RV 4500 4300 4,65

TransAtlantic RV 10000 13000 -23,08

Dry Bulk - Chartering

4

ANNUAL

OCTOBER 2011 – DECEMBER 2011

Dry Bulk - Chartering

5

Dry Bulk - Chartering

Capesize Routes – Atlantic 2010 / 11

$0,00

$5.000,00

$10.000,00

$15.000,00

$20.000,00

$25.000,00

$30.000,00

$35.000,00

$40.000,00

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52

C2 TUB/ ROT

C4RBAY /ROTC7 BOL/ ROT

C8 T/ARV

AVGALL TC

Capesize Routes – Pacific 2010 / 11

$0,00

$10.000,00

$20.000,00

$30.000,00

$40.000,00

$50.000,00

$60.000,00

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52

C3 TUB /PRC

C5 WAUST /PRC

C9 CONT /FE

C10 FE R/V

Panamax Routes – Atlantic 2010 / 11

$0,00

$5.000,00

$10.000,00

$15.000,00

$20.000,00

$25.000,00

$30.000,00

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52

P1A T/A RV

P2ACONT/FE

6

Dry Bulk - Chartering

Panamax Routes – Pacific 2010 /11

$0,00

$2.000,00

$4.000,00

$6.000,00

$8.000,00

$10.000,00

$12.000,00

$14.000,00

$16.000,00

$18.000,00

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52

P3A FE R/V

P4 FE/CON

AVG ALL TC

Supramax Routes – Atlantic 2010 /11

$0,00

$5.000,00

$10.000,00

$15.000,00

$20.000,00

$25.000,00

$30.000,00

$35.000,00

$40.000,00

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 58 61

S1A CON / FE

S1B BSEA / FE

S4A USG /CONT

S4B CONT /USG

S5 WAFR / FE

Supramax Routes – Pacific 2010 / 11

$0,00

$2.000,00

$4.000,00

$6.000,00

$8.000,00

$10.000,00

$12.000,00

$14.000,00

$16.000,00

$18.000,00

$20.000,00

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52

S2 FE R/V

S3 FE / CON

S6 FE / INDI

S7 ECI / CHI

AVG ALL TC

7

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

Index Week 51 Week 50 Change (%)

BCTI 908 831 9,27

BDTI 930 864 7,64

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

Type Size Week 51 Week 50 Change (%)

VLCC 300.000 16500 16500 0,00

Suezmax 150.000 16750 16750 0,00

Aframax 105.000 13000 13000 0,00

Panamax 70.000 13500 13500 0,00

MR 47.000 13750 13750 0,00

Tanker - Chartering

8

Crude Tanker Average Spot Rates

Type Size (Dwt) Route Week 51 WS

Week 50 WS

Change %

VLCC

280,000 AG – USG 36 36 0,00

260,000 W.AFR – USG 65 65 0,00

260,000 AG – East / Japan 57 56 1,79

Suezmax 135,000 B.Sea – Med 97.5 95 2,63

130,000 WAF – USAC 96 91 5,49

Aframax

80,000 Med – Med 127.5 127.5 0,00

80,000 N. Sea – UKC 130 125 4,00

80,000 AG – East 122.5 122.5 0,00

70,000 Caribs – USG 120 129 -6,98

Product Tanker Average Spot Rates

Type Size (Dwt) Route Week 51 WS

Week 50 WS

Change %

Clean

75,000 AG – Japan 107 103.5 3,38

55,000 AG – Japan 120 120 0,00

38,000 Caribs – USAC 220 170 29,41

37,000 Cont – TA 260 210 23,81

Dirty

55,000 Cont – TA 130 130 0,00

50,000 Caribs – USAC 137.5 137.5 0,00

Tanker - Chartering

9

VLCC Trading Routes 2010 / 11

0

10

20

30

40

50

60

70

80

90

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52

AG - USG

WAFR - USG

AG EASTJAPAN

Suezmax Trading Routes 2010 / 11

0

20

40

60

80

100

120

140

160

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52

B. SEA- MED

WAF -USAC

Aframax Trading Routes 2010 / 11

0

20

40

60

80

100

120

140

160

180

200

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52

MED - MED

N.SEA - UKC

AG - EAST

CARIBS USG

Tanker - Chartering

Tanker - Chartering

10

Clean Trading Routes – 2010 / 11

0

50

100

150

200

250

300

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52

AG - JAPAN(75,000)

AG - JAPAN(55,000)

CARIBS - USAC(38,000)

CONT - TA(37,000)

Dirty Trading Routes – 2010 / 11

0

50

100

150

200

250

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52

CONT - TA(55,000)

CARIBS -USAC(50,000)

11

Christmas Sales!

As the week led to Christmas celebration, shipping activity went to decline further. As a matter of fact a limited number of

deals were reported at significantly softer prices.

There was a significant decline in Shiptrade’s enquiry index which can be explained in view of the Christmas spirit. In the

dry sector Handies and Handymaxes have been in the spotlight whilst the tanker activity was at extremely low levels.

Enquiries for MR and Aframaxes consisted of the majority.

Hanjin is reported to have sold its Capesize vessel M/V “Frontier” (151,492 built in 1992 in Daewoo, KRS) to Greek buyers

for USD 7,5 Mill.

Handy M/V “Baltic Frontier” (27,293 DWT built in 1992 in Minami, JPN) is reported sold for USD 8 Mill to Greek buyers.

In the tanker sector activity was extremely low with the most significant being Dynacom’s M/T “Equator” (149,997 DWT

built in 2006 in Universal, JPN) sale for USD 44 Mill to undisclosed buyers.

On the other hand, Cido is reported to have sold its MR duo M/T “Pacific Polaris” / “Pacific Oasis” (47,999 DWT built in

2004 in Iwagi, JPN) enbloc for USD 23 Mill each including a TC at 13,500 p/d to undisclosed buyers.

NEWBUILDNGS

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

9 Bulk carriers (Handysize & Panamax)

1 Container – RORO (16.500 DWT)

3 Passenger (35.000 GT)

DEMOLITION

Bangladesh remains closed, however some cash buyers are getting ready to indicate levels, in view of the Court decision

for January. Indian and Pakistan markets follow the same trend as in the previous week. China continues the price increase

and the acquisition of further tonnage.

Sale & Purchase

12

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

Bulk Carriers

Week 51 Week 50 Change %

Capesize 40 40 -

Panamax 27 27 -

Supramax 26 26 -

Handysize 21 21 -

Tankers

VLCC 80 80 -

Suezmax 54 54 -

Aframax 41 41 -

Panamax 34 34 -

MR 26 26 -

Weekly Purchase Enquiries

SHIPTRADE P/E WEEKLY INDEX

0

50

100

150

200

250

300

350

28/12

-3/120

11

4/1-10/1/2011

11/1-17/1/201

1

18/1-24/1/201

1

25-31/1/201

1

1-7/2/2010

8-14/2/2011

15-21/2/201

1

22-28/2/201

1

01-07/3/201

1

08-14/3/201

1

15-21/03/20

11

22-28/03/20

11

29/03

-4/4/201

1

5/4/-11/4/20

11

12-18/4/201

1

19-25/4/201

1

26/4-2/5/2011

3-9/5/2011

10-16/5/201

1

17-23/5/201

1

24-30/5/201

1

31/5-6/6/2011

7-13/6/2011

14-20/6/201

1

21-27/6/201

1

28/6-4/7/2011

5-11/7/2011

12-18/7/201

1

19-25/7/201

1

26/7-1/8/2011

2-8/8/2011

9-15/8/2011

16-21/8/201

1

22-29/8/201

1

30/8-05/9/201

1

06-12/9/201

1

13-19/9/201

1

20-26/9/201

1

27/9-3/10/201

1

4-10/10/201

1

11-17/10/20

11

18-24/10/20

11

25-31/10/20

11

1-7/11/2011

8-14/11/201

1

15-21/11/20

11

22-28/11/20

11

29/11

-5/12/20

11

6-12/12/201

1

13-19/12/20

11

20-26/12/20

11

Korea China Spore KCS

Greece Other Sum

Sale & Purchase

13

Reported Second-hand Sales

Bulk Carriers Name Dwt DoB Yard SS Engine Gear Price Buyer

Frontier 151.492 1992 Daewoo, KR 10/2012 B&W - 7.5 mill Greek

SD Epos 68.634 1987 Sumitomo, JPN 07/2012 Sulzer - High USD 5 mill Undisclosed

Shin Tonami (Woodchips Carrier)

47.002 1991 Koyo, JPN 05/2014 MIT 3 X 14.5

T 7.5 mill Chinese

Ocean Of Luck 34.970 1987 NKK, JPN 08/2015 Sulzer 4 X 25 T 4.9 mill Middle Eastern

Atlantic Cozumel 27.650 1984 Hitachi, JPN 01/2014 Sulzer 4 X 25 T 2.6 mill

as Is Hong Kong Undisclosed

Baltic Frontier 27.293 1992 Minami, JPN 06/2012 MIT 4 X 30 T 8 mill Greek

Piran 18.242 1987 Uljanik, YUG 03/2012 B&W 4 X 25 T 4 mill Undisclosed

Tankers Name Dwt DoB Yard SS Engine Hull Price Buyer

Equator 144.000 2006 Universal, JPN 05/2016 Sulzer DH 44 mill Undisclosed

Pacific Oasis 47.999 2004 Iwagi, JPN 08/2014 B&W DH 23 mill

each en bloc with tc attached

till 8 & 10 / 2014 @ 13.5 k /

day

Undisclosed

Pacific Polaris 47.999 2004 Iwagi, JPN 10/2014 B&W DH

Sale & Purchase

14

Newbuilding Orders

No Type Dwt / Unit Yard Delivery Owner Price 1 BC 74.500 Japan 2014 Safe Bulkers -

2 BC (Woodchips carrier) 69.300 Chinese 2014 Nova Shipping -

6 BC 36.000 Weihai 2013-2014 Bocimar -

1 Container-RORO 16.500 Flensburger 2013 Canadian -

2 + 1 Passenger 35.000 GT STX France 2014-2015 Viking River Cruises -

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

Newbuilding Resale Prices

Bulk Carriers

Capesize 50 51

Panamax 34 37

Supramax 30 34

Handysize 24 26

Tankers

VLCC 98 100

Suezmax 65 66

Aframax 47 48

Panamax 45 46

MR 34 36

Newbuilding Resale Prices

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

Newbuildings

$0,00

$20,00

$40,00

$60,00

$80,00

$100,00

$120,00

$140,00

$160,00

$180,00

Ap

ril-

08

Au

gu

st-0

8

De

ce

mb

er-

Ap

ril-

09

Au

gu

st-0

9

De

ce

mb

er-

Ap

ril-

10

Au

gu

st-1

0

De

ce

mb

er-

Ap

ril-

11

CAPESIZE

PANAMAX

SUPRAMAX

HANDYSIZE

$0,00

$50,00

$100,00

$150,00

$200,00

$250,00

Ap

ril-

08

Au

gust

-08

Dec

emb

er-

Ap

ril-

09

Au

gust

-09

Dec

emb

er-

Ap

ril-

10

Au

gust

-10

Dec

emb

er-

Ap

ril-

11

VLCC

SUEZMAX

AFRAMAX

LR 1

MR

15

Demolition Sales

Vessel Type Built Dwt Ldt Buyer Country Price

BW Stadt Tanker 1994 306.951 41.079 Bangladesh 480

“as is” Lauban with 700 T IFO ROB

Myra BC 1979 14.154 4.357 India 465

Demolition Prices ($ / Ldt)

Bangladesh China India Pakistan

Dry - 425 450 455

Wet - 445 480 485

Demolition Prices

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

Demolitions

0

100

200

300

400

500

600

700

800

April

08

Aug 0

8

Dec 0

8

April

09

Aug 0

9

Dec 0

9

Apr 1

0

Aug 1

0

Dec 1

0

April

11

$ /

Ld

t

Bangladesh

China

India

Pakistan

0

100

200

300

400

500

600

700

800

April

08

Aug 0

8

Dec 0

8

April

09

Aug 0

9

Dec 0

9

Apr 1

0

Aug 1

0

Dec 1

0

April

11

$ /

Ld

t

Bangladesh

China

India

Pakistan

16

Shipping Stocks

Commodities

Commodity Week 51 Week 50 Change (%) Brent Crude (BZ) 108 107 0,93

Natural Gas (NG) 3,13 3,10 0,97

Gold (GC) 1598 1616 -1,11

Copper (LME) 3,44 3,30 4,24

Wheat (W) 266 260 2,31

Dry Bulk

Company Stock Exchange Week 51 Week 50 Change % Baltic Trading Ltd (BALT) NYSE 5,01 5,07 -1,18

Diana Shipping Inc (DSX) NASDAQ 7,71 7,99 -3,50

Dryships Inc (DRYS) NASDAQ 2,15 2,10 2,38

Euroseas Ltd (ESEA) NASDAQ 2,35 2,48 -5,24

Excel Maritime Carriers (EXM) NYSE 1,63 1,69 -3,55

Eagle Bulk Shipping Inc (EGLE) NASDAQ 0,98 1,07 -8,41

Freeseas Inc (FREE) NASDAQ 0,49 0,50 -2,00

Genco Shipping (GNK) NYSE 6,74 6,93 -2,74

Navios Maritime (NM) NYSE 3,67 3,55 3,38

Navios Maritime PTN (NMM) NYSE 14,80 14,35 3,14

Paragon Shipping Inc (PRGN) NASDAQ 0,62 0,66 -6,06

Star Bulk Carriers Corp (SBLK) NASDAQ 0,91 0,99 -8,08

Seanergy Maritime Holdings Corp (SHIP) NASDAQ 2,36 2,21 6,79

Safe Bulkers Inc (SB) NYSE 6,06 6,10 -0,66

Golden Ocean Oslo Bors (NOK) 3,91 4,01 -2,49

Tankers Capital Product Partners LP (CPLP) NASDAQ 6,28 5,90 6,44

Omega Navigation Enterprises (ONAV) NASDAQ 0,17 0,15 13,33

TOP Ships Inc (TOPS) NASDAQ 2,00 2,19 -8,68

Tsakos Energy Navigation (TNP) NYSE 5,04 5,19 -2,89

Other Aegean Maritime Petrol (ANW) NYSE 4,28 4,31 -0,70

Danaos Corporation (DAC) NYSE 3,62 3,37 7,42

StealthGas Inc (GASS) NASDAQ 3,98 3,84 3,65

Rio Tinto (RTP) NYSE 49,25 47,75 3,14

Vale (VALE) NYSE 22,13 21,09 4,93

ADM Archer Daniels Midland (ADM) NYSE 29,06 27,70 4,91

BHP Billiton (BHP) NYSE 71,15 69,78 1,96

Financial Market Data

17

Currencies

Week 51 Week 50 Change (%) EUR / USD 1,30 1,30 0,00

USD / JPY 78,05 77,77 0,36

USD / KRW 1149 1158 -0,78

USD / NOK 5,97 5,95 0,34

Bunker Prices

IFO 380 IFO 180 MGO Piraeus 623 654 931

Fujairah 680 707 1043

Singapore 675 687 926

Rotterdam 621 640 922

Houston 630 665 935

Port Congestion*

Port No of Vessels

China Rizhao 38

Lianyungang 43

Qingdao 62

Zhanjiang 19

Yantai 16

India

Chennai 13

Haldia 30

New Mangalore 14

Kakinada 12

Krishnapatnam 7

Mormugao 17

Kandla 5

Mundra 4

Paradip 6

Vizag 67

South America

River Plate 235

Paranagua 45

Praia Mole 16

* The information above exhibits the number of vessels, of various types and sizes, that are at berth, awaiting anchorage, at

anchorage, working, loading or expected to arrive in various ports of China, India and South America during week 51 of year

2011.

Financial Market Data / Bunker Prices / Port Congestion