WEEKLY SHIPPING

MARKET REPORT WEEK 2

- 8th January – to 14th January 2013 -

Legal Disclamer

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

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

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

1

China likely to spearhead revival of coking coal market in 2013

New Year heralds some path breaking development in the coking coal market. Opening with scoop of China annulling 40% export tax on met coke export market was abuzz with its fallout. Traditionally China has been a major exporter of met coke owing to value addition stipulations. Met coke is used as a charge in blast furnace by steel mills without coke oven. Met coke exports plunged to about 1 million metric tonne this year amid the curbs, from an annual average of 15 million tonne between 2000 and 2007. However with abolishment of 40% taxes under WTO regulations will certainly rekindle demand for coking coal as feed material. Even though China produces coking coal it is of inferior quality and mills are dependent on import from Australia and Mongolia of late. Under the changed tax regime it is expected that an additional demand of 20 million tonnes will be generated by China. Even though Mongolian miners will have logistical advantage they are unlikely to meet full demand and sourcing from Australia and US is inevitable. Approaching monsoon and the peril of flooding in Pacific region mines will catalyse the flare. Moreover the Japanese government announcing USD 265 billion stimulus package for the economy would lead to enhanced steel production and ensuing coking coal consumption giving leverage to the price. Holistically coking coal market is all set fireworks in Q2 and Q3. (Strategic Research Institute)

US primary aluminum production gains 4.2% in 2012 to 2.07 million mt:

association

US primary aluminum production totaled 2,070,316 mt in 2012, up 4.2% over the 2011 total of 1,986,447 mt, according to statistics from the Aluminum Association released late January 11. For the month of December 2012, the annual rate of production totaled 2,019,128 mt, down 3.5% from the December 2011 annual rate of 2,092,474 mt. The annual rate of production declined from the November 2012 total of 2,023,638 mt. Actual production for the month of December 2012 totaled 171,019 mt. Meanwhile, the Aluminum Association of Canada reported that primary aluminum production in Canada declined 6.8% year on year in 2012 to a total of 2,780,740 mt. During December, production was at an annual rate of 2,987,693 mt, rising 1% over the November annual rate of 2,957,853 mt. Compared with a year ago, production was off 1% from the December 2011 annual rate of 3,017,679 mt. Actual production in Canada in December totaled 253,056 mt. (Platts)

Shipping ETF Sails Higher as Baltic Dry Index Rebounds

The Baltic Dry Index gained notoriety before and infamy during the global financial crisis. Few investors realize the Baltic Dry Index has existed, in some form, for nearly 200 years. After the index garnered almost everyday mentions in the mainstream financial press during the crisis, it is fair to say at least few investors know it is a gauge of the costs of shipping various raw materials around the world. The index measures daily charter rates for pricing on Handysize, Supramax, Panamax, and Capesize dry bulk carriers that haul an array of commodities such as coal and iron ore. Said another way, the Baltic Dry Index itself is not a tradeable security, but it can be a good gauge of risk appetite. And since the Baltic Dry Index (BDI) cannot be traded, investors can turn to the Guggenheim Shipping ETF as a way of expressing their views on the global shipping sector. The Guggenheim Shipping ETF, does not track the BDI. Rather, the ETF's underlying index is the Dow Jones Global Shipping Index. Still, the fund is home to 26 shipping, many of which are impacted by the daily charter rates that are derived from the BDI. Last year, SEA and its constituents dealt with a global a supply glut, among other issuers. Predictably, that weighed on the ETF and sent the BDI from around 1,165 in July to 750 in December.

The new year has brought better performances for both BDI and SEA. Year-to-date, the index has gained 8.73 percent, according to Bloomberg data. Indicating that SEA and the BDI are not perfectly correlated, the ETF is up "just" 3.72 percent to start the year, but SEA's rally started before 2013 was rung in. SEA has trending higher for several months and is up 12.5 percent in the past 90 days. Buoyed in part by rising iron ore prices, a direct result of China's improving economy, rates for Capesize vessels are approaching $5,000 per day. Those are the vessels that ship coal, iron ore and related fare. There is speculation that Chinese iron ore supplies have dwindled to multi-year lows, which should be good news for SEA. However, there is a cautionary tale to acknowledge with this ETF. SEA is not entirely correlated to dry bulk demand. In fact, the ETF is more of an energy play as some of its constituents such as Frontline and Nordic American Tanker are oil tankers or shippers of liquefied natural gas. SEA's exposure to shippers of energy commodities could mean one of two scenarios could play out. Either the ETF is acting as a forward-looking indicator and has started to price in robust global oil demand this year and the fund will surge further. Or the fund has risen in anticipation of higher oil demand and if that demand does not materialize, the ETF is likely to falter yet again. Something else to consider before setting sail with SEA. The types of vessels operated by the ETF's constituents use what is known as bunker fuel. Knowing exactly what bunker fuel is not necessary, but knowing the price has noticeably risen over the past seven months is. Bottom line: Undoubtedly, SEA and its constituents are in better shape today than they were in 2009. They are probably better off than they were for the bulk of 2012 and the ETF has the potential to continue its bullish ways if global commodities demand supports a move to the upside. That said, small positions are perhaps the best way to participate in this ETF over the near-term. (Benzinga)

Oman: Oil ministry to award 7 blocks in 2013

The Ministry of Oil and Gas is in the process of evaluating and inviting exploration bids for as many as seven onshore and offshore blocks this year. Speaking to Muscat Daily, Dr Saleh al Anboori, director general of petroleum investments at the Ministry of Oil and Gas, said that the submission date for bids will close in April 2013. “We are evaluating and receiving bids for seven blocks. We have four onshore blocks and three offshore oil blocks to be awarded this year,” Dr Anboori added. (Muscat Daily)

Iran to raise oil and gas refining capacity

Iran is ready to inaugurate an oil refining facility in the west of the country, which is projected to add 125,000 barrels to the country’s oil refining capacity and 60 million cubic feet to its gas refining capacity per day. The Cheshmeh Khosh facility will be the largest one in the west of the country, he said, adding that about €6.2 million plus 361 billion rials (some $30 million) has been invested in the project, the Mehr News Agency quoted Iranian Central Oilfields Company Managing Director Mehdi Fakour as saying. Fakour said in October 2012 that the company has allocated one billion dollars for developing oil and gas fields during the past year. Four Iranian oilfields are in the final stages of development and will start production by the end of the current Iranian calendar year (March 20, 2013), he said. The Shana News Agency quoted him as saying that Cheshmeh Khosh field’s output will be doubled to 180,000 barrels per day. Sarvestan and Saa’databad fields will also start 15,000 barrels per day production by September, he noted. The National Iranian Oil Company’s managing director Ahmad Qalebani has said that the country’s daily oil and gas outputs should amount to five million barrels and 1.47 billion cubic meters by 2015. (Tehran Times)

Shipping , Commodities & Financial News

2

S&P continues strong!

The Sales & Purchase activity continued in the same spirit as previously. Many large ships have been committed both in the

dry and wet sectors with sales ranging from VLOC’s – Handies and from Suezmaxes to MR’s

Although the general belief continues that the market will slow down for January and February, this is not the case yet

either in the Newbuildings, Second hand or demo markets. Many buyers are of the opinion that there is still some

correction remaining regarding vessels prices, however the present levels are at their low’s compared to the past 18-24

months and this makes ships much more attractive to traditional shipowners.

Shiptrade’s enquiry Index has slowed down even further. Interest is still firm from vessels built late 90ies upto early 2000’s

mostly for Handies and Handymaxes with Panamax Bulkers being also of serious interest. Enquiries for Modern Handies,

Supramaxes and Panamaxes are dominating this age range. In the wet sector we have seen some interest for 90ies built MR

tankers mostly, while for more modern tonnages MR’s and Aframaxes are of serious demand.

NEWBUILDINGS

In the newbuilding market, we have seen 27 vessels reported to have been contracted.

11 Bulk Carriers (Ultramax and Capesize)

16 Tankers (MR and Suezmaxes)

DEMOLITION

The Subcontinent continues to improve with Bangladesh and Indian buyers being very firm on their offering levels.

Following the previous low’s which occurred for various reasons previously explained. India and Bangladesh are competing

quite strong with the levels improving steadily, leaving only a few thinking that in this market perhaps demo is the better

solution for vintage tonnages. Pakistan is as usual looking large tonnages however without any activity for one more week.

China is slightly improving it levels, however Chinese will be buying tonnages until the Chinese New Year festivities as they

need to fill their yards, improvement on prices though remains an issue, with an eye to their Subcontinent competition.

Sale & Purchase

3

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

Bulk Carriers

Week 2 Week 1 Change %

Capesize 27 27 0.00

Panamax 19 19 0.00

Supramax 19 19 0.00

Handysize 15 15 0.00

Tankers

VLCC 56 56 0.00

Suezmax 40 40 0.00

Aframax 24 24 0.00

Panamax 25 27 -7.41

MR 23 23 0.00

Weekly Purchase Enquiries

SHIPTRADE P/E WEEKLY INDEX

0

50

100

150

200

250

300

350

400

27/1

2/2

011-9

/1/2

01

210-1

6/1

/2012

17-2

3/1

/2012

24-3

0/1

/2012

31/1

-6/2

/2012

7-1

3/2

/20

12

14-2

0/0

2/2

012

21-2

7/0

2/2

012

28/2

-5/0

3/2

012

6-1

2/0

3/2

012

13-1

9/0

3/2

012

20-2

6/0

3/2

012

27/3

-2/4

/2012

3-9

/4/2

01

210-1

6/4

/2012

17-2

3/4

/2012

24/4

-1/5

/2012

2-8

/5/2

01

29-1

5/5

/20

12

16-2

2/5

/2012

23-2

9/5

/2012

30/5

-5/6

/2012

6-1

2/6

/20

12

13-1

9/6

/2012

20-2

6/6

/2012

27/6

-3/7

/2012

4/7

-10/7

/2012

11/7

-17/7

/2012

18-2

4/7

/2012

25-3

1/7

/2012

1-7

/8/2

01

28-1

4/8

/20

12

15-2

1/8

/2012

22-2

8/8

/2012

29/8

-4/9

/2012

5-1

1/9

/20

12

12-1

9/9

/2012

19-2

5/9

/2012

26/9

-2/1

0/2

012

3-9

/10/2

012

10-1

6/1

0/1

217-2

3/1

0/1

224-3

0/1

0/1

231/1

0-6

/11/1

27-1

3/1

1/1

214-2

0/1

1/1

221-2

7/1

1/1

228/1

1-4

/12/1

25-1

1/1

2/1

212-1

8/1

2/1

2

19/1

2/1

2-8

/1/1

39-1

5/1

/13

KOREA CHINA SPORE

KCS GREECE OTHER

SUM

Sale & Purchase

4

Reported Second-hand Sales

Bulk Carriers Name Dwt DoB Yard SS Engine Gear Price Buyer

Hyundai Samho S550 263.000 2013 Hyundai Samho,

KOR - Wartsila - 33.500.000

Berge Bulk

Hyundai Samho S551 263.000 2013 Hyundai Samho,

KOR - Wartsila - 33.500.000

Hyundai Ulsan 2410 263.000 2013 Hyundai Ulsan,

KOR - Wartsila - 33.500.000

Hyundai Ulsan 2411 263.000 2013 Hyundai Ulsan,

KOR - Wartsila - 33.500.000

Crystal Star 178.640 1998 Daewoo, KOR 04/2017 B&W - 11.800.000 Undisclosed

Xiamen XS1482A 82.000 2013 Xiamen, CHN - B&W - 22.500.000 Norwegian

Xiamen XS1482B 82.000 2013 Xiamen, CHN - B&W - 22.500.000

Christine Star 56.854 2011 COSCO, CHN 01/2016 B&W 4 X 36 T 17.000.000 Greek

Harmony Star 56.811 2011 COSCO, CHN 01/2016 B&W 4 X 36 T 17.000.000

Yoma 6 46.641 1995 Mitsui, JPN 12/2014 B&W 4 X 25 T 7.000.000 Greek

CS Victory 32.340 2003 Kanda, JPN 12/2017 MIT 4 X 30 T 10.100.000 Russian

Global Prestige 24.140 1998 Saiki, JPN 02/2013 MIT 4 X 30 T 5.500.000 Undisclosed

Tankers Name Dwt DoB Yard SS Engine Hull Price Buyer

Esperona 158.000 2013 Samsung, KOR - B&W DH 101.000.000 En Bloc

Undisclosed Blanca 158.000 2013 Samsung, KOR - B&W DH

Valbruna 113.424 2000 Samsung, KOR 12/2013 B&W DH Undisclosed Undisclosed

Vallombrosa 113.424 2000 Samsung, KOR 07/2015 B&W DH

Forward Pioneer 107.081 2005 Koya, JPN 01/2015 B&W DH Low 20 million Middle Eastern

Katja 97.230 1995 Sumitom, JPN 07/2015 Sulzer DH 8.000.000 Middle East

Meriom Iris 50.352 2008 Guangzhou, CHN 09/2013 B&W DH 21.000.000

Trafigura Meriom Topaz 50.319 2009 Guangzhou, CHN 03/2014 B&W DH 22.000.000

Meriom Glory 50.304 2008 Guangzhou, CHN 12/2013 B&W DH 21.000.000

Sale & Purchase

5

Newbuilding Orders

No Type Dwt / Unit Yard Delivery Owner Price 1 BC 180.000 SWS 2014 Thenamaris -

4 BC 180.000 SWS 2014 / 2015 Frontline 45 mill

4 BC 180.000 STX Dalian 2014 / 2015 Fromtline 43 mill

2 BC 61.000 NACKS 2014 Jiangsu Ocean 25 mill

3 + 2 Tanker 160.000 STX Jinhae 2015 - BP

Shipping

10 Tanker 160.000 STX Jinhae 2015 60 BP

Shipping

1 Tanker 50.000 STX Dalian 2015 - G E

Shipping

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

Newbuilding Resale Prices

Bulk Carriers

Capesize 45 36

Panamax 31 26

Supramax 29 25

Handysize 23 20

Tankers

VLCC 88 82

Suezmax 56 55

Aframax 45 38

Panamax 40 36

MR 32 31

Newbuilding Resale Prices

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

Newbuildings

6

Demolition Sales

Vessel Type Built Dwt Ldt Buyer Country Price Courier Container 1995 20.140 6.791 India 452

Harbel Cutlass GC 1980 11.733 5.326 India 432

Liberty Spirit BC 1986 64.152 11.132 India 435

Larch 1 BC 1998 51.356 11.385 China 390

Demolition Prices ($ / Ldt)

Bangladesh China India Pakistan

Dry 430 395 425 425

Wet 440 405 445 445

Demolition Prices

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

Demolitions

7

In Brief: Some positive movement for all sizes but the handies Capes: Positive week for capes Positive week for capes with the rates increasing until the middle of the week and slowing down thereafter. In this regard, BCI closed at 1367 points increased by 82 points. The atlantic market has shown a relatively positive week with the Tubarao/Qingdao route yielding TCE of about USD 17,250 improved by 500 USD and the transantlantic round trips closing at around USD 6,750/USD 7,000 increased by USD 1,250 compared to last week’s levels. As for the fronthaul trade, fixture has been concluded ex EMed via Bsea to China at USD 26,000. Despite the cyclone which hit West Australia and affected negatively iron ore trade, Pacific market slightly picked up with the round trips ending up at around USD 6,750 improved by USD 750. Period levels at around USD 10,250 for one year. Panamax: Slow but steady movement in the Atlantic-Positive in the Pacific basin. BPI index at the beginning of the week was at 670 points to finally close down by 102 points at 772 on Friday. Although Atlantic market at the beginning of the week was kept at low levels followed by the Holiday spirit from last week, however there was a hint of optimism towards the end, especially for prompt orders. Transatlantic round voyages were mostly fixed at USD 6000-6500 levels. There were some fronthaul fixtures ex USG at USD around 13500 plus a ballast bonus of 350k whilst fronthaul trips ex ECSA were mostly seen covered at USD 14000 with a ballast bonus of USD about 400K. In the Pacific region market was fairly more active although rates did not move upwards so rapidly. Nopac round trips were reported fixing at USD 5000-6000 on aps basis with a ballast bonus of USD 300k whilst Aussie and Indonesian rounds were reported at USD 4500 also on aps basis. As far as short period market is concerned, there were some fixtures reported at USD about 6000-7000 daily basis 12/24 months.

Supramax: Atlantic Strong – Pacific Stable

Finally some optimism in the Atlantic Basin as fresh cargoes emerged this week giving positive trend on the USG and ECSA area. Even though there is lack of prompt tonnage especially in the USG, charterers with firm requirements in their hands will cover them quickly supporting the positive trend. As from ECSA, trips to FEast are paying around USD 12-13k + 2-300k BB depending on size. Transatlantic trips were more neutral on prompt dates. Rates seen are around Mid - High teens depending on the redelivery. Trips from the Emed to USG are expected to pay around USD 2,500 whereas direction Continent the rates hover around USD 5,000 depending on the redelivery. Scrap cargoes to EMed fluctuate at levels close to USD 8,000, whereas trips FEast are getting fixed at low teens. The Pacific Market finally reacted but only to settle back again after the middle of the week. Indo round voyage rates above USD 10,000 delivery Singapore to China, whereas for trips delivery ECI via Indo to India pay around USD 8,000 depending on the redelivery. NOPAC rounds are not very active but some requirements were seen and ratewise around USD 7,000 + 350/400k BB should be expected. Some interest from charterers has been observed for short period and rates are around USD 8,000 – 9,000 depending on size and delivery point. Handysize: Negative sentiment remained Atlantic continued to produce low levels with the Transatlantic round being done at USD 6,000 per day. Some indicative fixtures ex ECSA were done at USD 15,000 for WCSA and USD 12,000 for coastal trip while numbers for Morocco direction were around USD 13,000 per day, in all cases basis aps Recalada/Santos range. Vessels opening East Med/Black Sea had to face the absence of firm orders and terrible numbers like USD 5/6,000 to South Africa, USD 2/3,000 to USG/ECSA, around USD 4/6,000 for intramed trips and always basis aps Canakkale. USG to Continent was done at USD 9,000 and around USD 12,000 for West Africa. Nothing new in the Pacific market since Aussie and NOPAC rounds were done at around USD 6/6,500. Trips to ECI were done at around USD 6,5/7,000 while PG/WCI showed some movement with numbers at USD 6/7,000 levels for China direction.

Dry Bulk - Chartering

8

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

Index Week 2 Week 1 Change (%)

BDI 760 706 7,65

BCI 1367 1285 6,38

BPI 772 670 15,22

BSI 745 639 16,59

BHSI 448 446 0,45

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

Type Size Week 2 Week 1 Change (%)

Capesize 160 / 175,000 10250 8000 28,13

Panamax 72 / 76,000 6500 6000 8,33

Supramax 52 / 57,000 9000 8750 2,86

Handysize 30 / 35,000 6500 6750 -3,70

Average Spot Rates

Type Size Route Week 2 Week 1 Change %

Capesize 160 / 175,000

Far East – ATL 8750 -9500 -

Cont/Med – Far East 20250 19000 6,58

Far East RV 6750 6000 12,50

TransAtlantic RV 6750 5500 22,73

Panamax 72 / 76,000

Far East – ATL -1350 -1600 -

ATL / Far East 13500 13500 0,00

Pacific RV 5500 5000 10,00

TransAtlantic RV 6500 6000 8,33

Supramax 52 / 57,000

Far East – ATL 4900 4900 0,00

ATL / Far East 10900 10750 1,40

Pacific RV 7000 7000 0,00

TransAtlantic RV 6900 7800 -11,54

Handysize 30 / 35,000

Far East – ATL 6000 6250 -4,00

ATL / Far East 9000 9000 0,00

Pacific RV 6000 5500 -1,35

TransAtlantic RV 6000 6000 0,19

Dry Bulk - Chartering

9

ANNUAL

OCTOBER 2012 – JANUARY 2013

Dry Bulk - Chartering

10

Dry Bulk - Chartering

Capesize Routes – Atlantic 2011 / 12

$0,00

$5.000,00

$10.000,00

$15.000,00

$20.000,00

$25.000,00

$30.000,00

$35.000,00

$40.000,00

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

C2 TUB/ ROT

C4RBAY /ROTC7 BOL/ ROT

C8 T/ARV

AVGALL TC

Capesize Routes – Pacific 2011 / 12

$0,00

$10.000,00

$20.000,00

$30.000,00

$40.000,00

$50.000,00

$60.000,00

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

C3 TUB /PRC

C5 WAUST /PRC

C9 CONT /FE

C10 FE R/V

Panamax Routes – Atlantic 2011 / 12

0

5000

10000

15000

20000

25000

30000

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

P1A T/A RV

P2ACONT/FE

11

Dry Bulk - Chartering

Panamax Routes – Pacific 2011 /12

$5.000,00

$0,00

$5.000,00

$10.000,00

$15.000,00

$20.000,00

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

P3A FE R/V

P4 FE/CON

AVG ALL TC

Supramax Routes – Atlantic 2011 /12

0

5000

10000

15000

20000

25000

30000

35000

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

S1A CON / FE

S1B BSEA / FE

S4A USG /CONT

S4B CONT /USG

S5 WAFR / FE

Supramax Routes – Pacific 2011 / 12

$-

$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

S2 FE R/V

S3 FE / CON

S7 ECI / CHI

AVG ALL TC

12

VLCC: The VLCC Maket showed some softening as during the previous week vessels fixed from Middle East to

China where fixe at ws mid 40 from the high ws40’s we had seen previously. For Westbound voyages to the USG

the levels softened as well with fixtures being in the md ws20’s. The Atlantic held steady at ws46.5

Suezmax: The Atlantic was on negative mood losing 1.5 points ws for WAFR-USAC

Aframax: The Caribbean market held steady as per last week, closing at ws85. TC’s in Europe are paying as much

as twice over the CBS-USG and Med routes where generally steady.

Panamax: The USG Gulf was steady at ws105 while the CONT-USG lost 7.5 points, concluding ws102.5

Products: Caribbean MR’s showed an , expected, boost improving the USG-TA by 27 points.5 points concluding

at ws110, CBS-USAC route also showed strong gains by 10 points ws, concluding ws140. The European market

lost 10 25 points to conclude at ws150.

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

Index Week 2 Week 1 Change (%)

BCTI 715 763 -6,29

BDTI 641 774 -17,18

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

Type Size Week 2 Week 1 Change (%)

VLCC 300.000 20.250 -

Suezmax 150.000 16.250 -

Aframax 105.000 13.500 -

Panamax 70.000 13.250 -

MR 47.000 12.750 -

Tanker - Chartering

13

Crude Tanker Average Spot Rates

Type Size (Dwt) Route Week 2 WS

Week 1 WS

Change %

VLCC

280,000 AG – USG 24.5 24.6 -0,41

260,000 W.AFR – USG 43.5 43 1,16

260,000 AG – East / Japan 42 43 -2,33

Suezmax

135,000 B.Sea – Med 67.5 71.5 -5,59

130,000 WAF – USAC 62.5 64 -2,34

Aframax

80,000 Med – Med 80 82.5 -3,03

80,000 N. Sea – UKC 85 90 -5,56

80,000 AG – East 85 82.5 3,03

70,000 Caribs – USG 85 85 0,00

Product Tanker Average Spot Rates

Type Size (Dwt) Route Week 2 WS

Week 1 WS

Change %

Clean

75,000 AG – Japan 88 94 -6,38

55,000 AG – Japan 115 124 -7,26

38,000 Caribs – USAC 130 140 -7,14

37,000 Cont – TA 150 175 -14,29

Dirty

55,000 Cont – TA 102.5 110 -6,82

50,000 Caribs – USAC 105 105 0,00

Tanker - Chartering

14

VLCC Trading Routes 2011 / 12

Suezmax Trading Routes 2011 / 12

Aframax Trading Routes 2011 / 12

Tanker - Chartering

15

Clean Trading Routes – 2011 / 12

Dirty Trading Routes – 2011 / 12

Tanker - Chartering

16

Shipping Stocks

Commodities

Commodity Week 2 Week 1 Change (%) Brent Crude (BZ) 111,43 111,54 -0,10

Natural Gas (NG) 3,39 3,22 5,28

Gold (GC) 1682 1653 1,75

Copper 362,60 366,45 -1,05

Wheat (W) 333,81 326,83 2,14

Dry Bulk

Company Stock Exchange Week 2 Week 1 Change % Baltic Trading Ltd (BALT) NYSE 3,38 3,27 3,36

Diana Shipping Inc (DSX) NASDAQ 8,47 8,37 1,19

Dryships Inc (DRYS) NASDAQ 2,12 2,17 -2,30

Euroseas Ltd (ESEA) NASDAQ 1,05 1,00 5,00

Excel Maritime Carriers (EXM) NYSE 0,73 0,61 19,67

Eagle Bulk Shipping Inc (EGLE) NASDAQ 2,26 2,26 0,00

Freeseas Inc (FREESE) NASDAQ 0,34 0,10 240,00

Genco Shipping (GNK) NYSE 3,88 4,13 -6,05

Navios Maritime (NM) NYSE 3,72 3,75 -0,80

Navios Maritime PTN (NMM) NYSE 14,10 13,95 1,08

Paragon Shipping Inc (PRGN) NASDAQ 3,93 3,00 31,00

Star Bulk Carriers Corp (SBLK) NASDAQ 7,39 6,94 6,48

Seanergy Maritime Holdings Corp (SHIP) NASDAQ 1,49 1,63 -8,59

Safe Bulkers Inc (SB) NYSE 4,12 3,90 5,64

Golden Ocean (GOGL) Oslo Bors (NOK) 5,02 4,83 3,93

Tankers Capital Product Partners LP (CPLP) NASDAQ 7,69 7,18 7,10

TOP Ships Inc (TOPS) NASDAQ 1,30 1,05 23,81

Tsakos Energy Navigation (TNP) NYSE 4,11 4,07 0,98

Other

Aegean Maritime Petrol (ANW) NYSE 6,31 6,05 4,30

Danaos Corporation (DAC) NYSE 3,44 2,98 15,44

StealthGas Inc (GASS) NASDAQ 9,05 8,27 9,43

Rio Tinto (RIO) NYSE 55,65 58,28 -4,51

Vale (VALE) NYSE 20,32 21,07 -3,56

ADM Archer Daniels Midland (ADM) NYSE 28,34 29,22 -3,01

BHP Billiton (BHP) NYSE 76,66 79,40 -3,45

Financial Market Data

17

Currencies

Week 2 Week 1 Change (%) EUR / USD 1,33 1,30 2,31

USD / JPY 89,18 88,16 1,16

USD / KRW 1056 1062 -0,56

USD / NOK 5,53 5,60 -1,25

Bunker Prices

IFO 380 IFO 180 MGO Piraeus 635 670 985

Fujairah 623 642 1000

Singapore 630 640 940

Rotterdam 614 638 945

Houston 623 695 995

Port Congestion*

Port No of Vessels

China Rizhao 21

Lianyungang 29

Qingdao 77

Zhanjiang 31

Yantai 32

India

Chennai 13

Haldia 9

New Mangalore 7

Kakinada 7

Krishnapatnam 27

Mormugao 10

Kandla 8

Mundra 27

Paradip 10

Vizag 60

South America

River Plate 206

Paranagua 42

Praia Mole 10

* 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 2 of year

2013.

Financial Market Data / Bunker Prices / Port Congestion