Shipping Newsletter Week42

8/6/2019 Shipping Newsletter Week42

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Monday, October 25, 2010 (Week 42)

IN THE NEWS Latest Company News

Weekly Commentary, by Barry Parker

WEEKLY PROFILES

Capital Link ShippingWeekly 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 Week

Interview with Mr. Akis Tsirigakis President& CEO of Star Bulk Carriers 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 Prole of the Week

Crude Carriers Corp.


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New York - 230 Park Avenue, Suite 1536, New York, NY, 10169 Tel.: +1 212 661 7566 Fax: +1 212 661 7526

London - 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.com

www.capitallinkforum.co

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

Investor Relations & Financial Advisory

indices, as well as on all shipping stocks. It also features an earnings and conference ca

calendar, industry reports from major industry participants and interviews with CEOs, analys

and other market participants.

www.CapitalLinkWebinars.comSector Forums & Webinars: Regularly, we organize panel discussions among CEOs, analyst

bankers and shipping industry participants on the developments in the various shipping secto

(containers, dry bulk, tankers) and on other topics of interest (such as Raising Equity

Shipping Today, Scrapping, etc).

Capital Link Investor Shipping ForumsIn New York, Athens and London bringing together investors, bankers, financial advisors, liste

companies CEOs, analysts, and shipping industry participants.

www.MaritimeIndices.comCapital Link Maritime Indices: Capital Link developed and maintains a series of stock mark

maritime indices which track the performance of U.S. listed shipping stocks (CL maritime Inde

CL Dry Bulk Index, CL Tanker Index, CL Container Index, CL LNG/LPG Index, CL Mixed Fle

Index, CL Shipping MLP Index Bloomberg page: CPLI. The Indices are also distribute

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 an

investment communities with updates on the shipping markets, the stock market and liste

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 prope

valuation through their positioning in the investment community. We assist them to determin

their objectives, establish the proper investor outreach strategies, generate a recurrin

information flow, identify the proper investor and analyst target groups and gather investor an

analyst feedback and related market intelligence information while keeping track of their pe

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 o

in-depth knowledge of the shipping industry and capital markets, Capital Link has made a strategic commitment to th

shipping industry becoming the largest provider of Investor Relations and Financial Communications services t

international shipping companies listed on the US and European Exchanges. Capital Link's headquarters are in New Yor

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

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 Globe

Capital Link Shipping


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Monday, October 25, 2010 (WCapital Link ShippingWeekly Markets Report

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Latest Company News

Monday, October 18, 2010

Teekay Tankers Announces China Joint Venture and

Offer to Acquire Two Tankers

Teekay Tankers Ltd. (NYSE:TNK) announced that it has enteredinto a 50/50 joint venture agreement with Wah Kwong Shipping ofHong Kong, to jointly invest in a Very Large Crude Carrier (VLCC)newbuilding scheduled to deliver from Shanghai Waigaoqiaoshipyard in April 2013. Upon its delivery from the shipyard, theVLCC will be time-chartered to a major Chinese shipping companyfor a period of ve years. The time-charter includes a xed oorrate, coupled with a prot-sharing component. The contract pricefor the VLCC is $98 million.

Teekay Offshore Partners Completes Acquisition ofFPSO and Newbuilding Shuttle Tanker

Teekay Offshore Partners (NYSE:TOO) announced that is hascompleted the acquisition of the Cidade de Rio das Ostras (Riodas Ostras) oating production storage and ofoading (FPSO)unit from Teekay Corporation (Teekay) (NYSE:TK - News) for apurchase price of approximately $158 million. The Partnershipalso announced that its 51 percent-owned subsidiary, TeekayOffshore Operating L.P. (OPCO), has acquired the newbuildingshuttle tanker, the Amundsen Spirit, from Teekay for approximately$128 million and has agreed to acquire two additional newbuildingshuttle tankers, the Nansen Spirit and the Peary Spirit, from Teekayfor a total purchase price of $260 million.

Teekay Announces Intention to Commence ShareRepurchases and Updates Status of Vessel Dropdowns

Teekay Corp. (NYSE:TK) announced that management intends toresume repurchasing shares under the Companys $200 millionshare repurchase authorization. Shares will be repurchased in theopen market at times and prices considered appropriate by theCompany. The timing of any purchases and the exact number ofshares to be purchased will be dependent on market conditions. Thecompany also announced that it has offered to sell to its publicly-traded subsidiary, Teekay Tankers Ltd., one 2004-built Aframaxtanker, the Esther Spirit, and one 2003-built Suezmax tanker, theIskmati Spirit, at their fair market value, subject to review by theTeekay Tankers Board of Directors and its Conicts Committee. Ifapproved, the transaction is expected to be completed in November2010.

Tuesday, October 19, 2010

Diana Shipping Announces Time Charter Contract andAcquisition of Its Executive Ofces

Diana Shipping Inc. (NYSE:DSX) announced that it has enteredinto a time charter contract with Cargill International S.A., Geneva,for its Post-Panamax dry bulk carrier, the m/v Alcmene, at a grosscharter rate of US$20,250 per day for a period of about twentythree (23) to about twenty ve (25) months. The charter is expectedto commence by the end of November 2010. The Companyalso announced that it has completed the transfer of benecialownership of two entities that together own the real property andofce building in Athens, Greece, in which the Companys principalexecutive ofces are located.

Teekay Announces Signing of New FPSO Contract withPetrobras

Teekay Corporation (NYSE:TK) announced that it has signed anew xed-rate contract with Petroleo Brasileiro SA (Petrobras) toprovide a oating production storage and ofoading (FPSO) unit fothe Tiro and Sidon elds located in the Santos Basin offshore BrazilThe vessel, which was partially converted prior to the Companysproject bid, is expected to be completed for an estimated totacost of approximately $370 million. The new FPSO is scheduledto deliver in the second quarter of 2012 when it will commenceoperations under a nine-year rm period time-charter contract toPetrobras, with six additional one-year extension options.

TOP Ships CEO Rings The NASDAQ Stock MarketOpening Bell

TOP Ships Inc. (Nasdaq:TOPS) visited the NASDAQ MarketSite on

Wednesday, October 20th, 2010 in New York Citys Times SquareIn honor of the occasion, Evangelos Pistiolis, Chief ExecutiveOfcer of TOP Ships Inc. (TOPS) rang the NASDAQ Opening Bell

Omega Navigation Reports Second Quarter 2010 Results

Omega Navigation Enterprises, Inc. (Nasdaq:ONAV) for thequarter ended June 30, 2010, reported total revenues of $19.0million and Net Income of $2.4 million, or $0.15 per basic shareexcluding losses on interest rate derivative instruments, incentivecompensation grants expense and a one time settlement fee fothe termination of a purchase agreement. Including these itemsthe Company reported Net Loss of $0.9 million or $0.05 per basicshare. Adjusted EBITDA for the second quarter of 2010 was $6.1million. Please see below for a reconciliation of Adjusted EBITDA toCash from Operating Activities.

Wednesday, October 20, 2010

Costamare Commences Initial Public Offering

Costamare Inc. announced that it had led a registration statemenwith the Securities and Exchange Commission for a proposedinitial public offering of its common stock, par value $.0001 peshare. The initial public offering price is anticipated to be between$15.00 and $17.00 per share. The offering is currently expected toinclude 13,300,000 shares of common stock (15,295,000 sharesof common stock if the underwriters exercise their over-allotmenoption in full). Costamares common stock has been approved folisting on the New York Stock Exchange under the symbol CMRE.

Thursday, October 21, 2010

FreeSeas Announces Charter Agreements on Eight ofIts Vessels

FreeSeas Inc. (Nasdaq:FREED) announced the followingnew charters for eight of its vessels, seven Handysize and oneHandymax. The charters for the seven Handysize vessels builbetween 1984 and 1998 ranged between 35 days and 65 days withdaily rates between $10,000 and $19,000. The M/V Free Lady, a2003-built, 50,246 dwt Handymax vessel, was chartered for a timecharter trip of approximately 50-60 days at a daily rate of $23,750.


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Latest Company NewsNavios Maritime Acquisition Corporation AnnouncesClosing of Offering of $400.0 Million

Navios Maritime Acquisition Corporation (NYSE:NNA) announcedthat the Company and Navios Acquisition Finance (US) Inc., itswholly owned nance subsidiary, completed the sale of $400.0million of 8 5/8% rst priority ship mortgage notes due 2017 (theNotes). The Notes were offered and sold in the United States onlyto qualied institutional buyers pursuant to Rule 144A under theSecurities Act of 1933, as amended, and in offshore transactionsto non-United States persons in reliance on Regulation S underthe Securities Act. The Notes are secured by rst priority shipmortgages on six very large crude carrier vessels aggregatingapproximately 1.8 million deadweight tons owned by certainsubsidiary guarantors. The Notes are guaranteed by each ofNavios Acquisitions direct and indirect subsidiaries.

Horizon Lines Declares Regular Quarterly Dividend

Horizon Lines, Inc. (NYSE:HRZ) announced that its Board ofDirectors has voted to declare a regular quarterly cash dividend of$0.05 per share, payable on December 15, 2010, to stockholders ofrecord on December 1, 2010. The dividend was approved duringthe regularly scheduled quarterly meeting of the Board of Directors,which was held today.

Friday, October 22, 2010

Globus Maritime Announces Intended Cancellation ofListing on AIM and Potential U.S. Listing

The Company announced that it intends to apply for thecancellation of the listing of its shares on the Alternative Investment

Market (AIM) on or around November 25, 2010. The Companywill proceed with such cancellation only in circumstances wherethe Companys shares have been, or will shortly be, listed onan appropriate U.S. stock exchange following the Companysredomiciliation into the Marshall Islands. Although no nal decision

has been made regarding a U.S. listing, the Company is sufcientlyprogressed in its preparations for such a listing to announce theearliest intended date for such cancellation. Benecial owners othe Companys shares (e.g., investors who own shares through

accounts held at brokers or banks) will be able to trade such shareson a U.S. stock exchange following a U.S. listing, provided that theycomply with U.S. securities laws and other applicable regulationsOne means by which a benecial owner of shares can ensure it isable to sell such shares on a U.S. stock exchange is by ensuringthat such shares are included in a resale registration statement onForm F-1 (the Registration Statement) that will be publicly led bythe Company with the U.S. Securities and Exchange Commission(the SEC).

Seaspan Transactions Eliminate Remaining EquityNeeds for Newbuild Program

Seaspan Corporation (NYSE:SSW) announced that it has signedtwo nancing transactions that position the Company to fully

nance its built-in eet growth and increase its nancial exibilityOn October 21, 2010, the Company entered into a twelve-year saleand leaseback nancing for up to $150 million for one of its 13100TEU container vessels ordered from Hyundai Heavy IndustriesCo., Ltd. Also on that date, a subsidiary of Seaspan Corporationamended its $400 million UK Tax Lease Facility with an afliateof Lloyds Banking Group. Under the terms of the amendedlease facility, the Companys guarantee of scheduled rental andtermination amounts, based on current tax and other assumptionsare limited to a signicantly reduced xed amount of the subsidiarysobligations.

Horizon Lines 3Q Prot Falls Slightly on Lower Volume

Horizon Lines, Inc. (NYSE:HRZ) said that its third-quarter pro

fell slightly on lower volumes in its Puerto Rico and Hawaii-Guammarkets. The company earned $7.7 million, or 25 cents per sharein the quarter that ended Sept. 19. That compared with $8.4 millionor 27 cents per share, a year earlier.

www.CapitalLinkShipping.comyour link to shipping and its listed companies


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Weekly Commentary

Contributed by

Barry Parker

Barry Parker is a nancial writer and analyst.His articles appear in a number of prominentmaritime periodicals including Fairplay, Seatrade,Lloyds Shipping Economist and Janes TransportFinance and Capital Link Shipping.

Over the past few months, Ive had the chance to write a seriesof weekly articles on offshore energy for a leading shippingpublication, consisting of part journalism, and part companyanalysis. The journalism part has exposed me to the bigger trends,while the analytical techniques, which have included discussions ofsuch minutae as Net Debt to EBITDA, and debt to overall capital,enabled me to retrace some fairly familiar territory on spreadsheets.

But throughout my time writing the series of articles, I was askingmyself about the differences between big oaters (where assetsmay cost as much as $700 million), and tankers, bulkers andcontainerships- which cost far less. Clearly, the size of the energyexploration and producing assets creates barriers to entry, andreduces the number of players. And, the aforementioned nancialratio has tipped closer to 3, or 10% debt/ cap, and even lower,as the larger equipment owners seek to preserve their investmentgrade credit ratings. Dealing with investment grade anything is aslightly raried situation for a maritime guy. Among the people that

I usually hang with, 4s and sometimes 5s were consideredpassable, along with 50% debt/ cap. From the earliest conversations,it was clear to me that credit ratings are closely guarded. One topbanker conded to me that solid drilling projects and good nancialmanagement meant that the availability of conventional banknance had not really been a constraint. Certainly such talk wassweet music to my maritime ears, which are used to high levels ofambient noise.

Discussions of credit ratings always bring about the subjectof dividends; even with these big drillers, some very familiarparadoxes emerge. To mollify bond investors, its difcult to makelarge payouts (or keep the Treasurer busy with stock buy-backs).Yet equity investors need some here-and-now inducements to keep

owning shares, at a time that noted wags look for a recovery in thecompany fortunes at least a year out in the future. One companywas committed to a small regular dividend (tied to the capitalbudgets), with quarterly special payouts (tied to market vagaries).A sensible idea.

There is always humor when nance and commodity/ equipmentmarkets intersect; I am not sure whether to laugh or cry at thisone- but the truth must be told. Writers are forever asked by editorsto source high resolution pictures of equipment. Predictably, onecompany wanted to trade pictures of the 10MB variety for anadvance look at what I was writing, which was simply recountingthe haircut they took on a bond offering. Investors sometimes havea funny habit of perceiving more risk than whomever had priced

the bond coupon. No pictures were forthcoming.

In terms of lessons learned, I already knew that media-facingpeople at large energy companies have difcult jobs. But the biggerquestion, beyond pictures, is why there is a far smaller critical massfor shipping company balance sheets? The picture-retentive chapstill got a $ 1 billion + bond offering done; thats very impressive.Or, to rephrase my question slightly- this whole exercise got methinking more about consolidation. What could drive it- raising thebar slightly, and creating fewer companies, but of more substantial

size, each owning more shipping assets (whose individual pricesare what they are)? In liner shipping, where another IPO is comingonline, there has been some traction for such a model. Maybethe wider application presents an impossible dream, the stuff ogame theorists rather than maritime CFOs. But, clearly, its food

for thought.


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WEEKLY PROFIL

Company Prole of the Week

Prole

Crude Carriers Corp. (NYSE: CRU), incorporated in the MarshallIslands, is an international transportation Company focused on thecrude tanker industry. Their eet consists of two newly built VLCCs(Very Large Crude Carriers) and three modern, high specicationSuezmax tankers with a total carrying capacity of approximately1,060,000 dwt and a weighted average age of approximately oneyear, compared to the industry average of 9 years.

The Companys dividend policy is to distribute to shareholders, ona quarterly basis, all of their net cash ow less operating reserves,as dened by the Board of Directors. As such, the Company

declared a cash dividend of $0.50 per share for the period of April1, 2010 to June 30, 2010.

Within the short period of time since its IPO in March 2010,Crude Carriers has been able to expand its initial three vesseleet by acquiring two additional modern, high specicationSuezmaxes, which were successfully employed immediately aftertheir acquisition. In May 2010, Crude Carriers also announcedthat it secured a no-cost no-risk option to acquire an additionalnewbuilding VLCC and further expand its eet.

Crude Carriers employs its vessels primarily in the spot markettransporting crude oil along global trade routes for oil majors andother well known international counterparties as the spot markethas historically provided highest returns. The Companys eet is

managed by Capital Ship Management Corp., which has signicantpresence in the global shipping markets and has successfullysatised the operational, safety, environmental and technical vettingcriteria of some of the worlds most selective major international oilcompanies, including BP p.l.c., Royal Dutch Shell plc, StatoilHydroASA, Chevron Corporation and Total S.A., and has qualied to dospot and period business with them.

Crude Carriers intends to operate with zero to minimal debt anduse debt nance only opportunistically, to acquire vessels. To thatend it has a $200m revolving credit facility in place with NordeaBank. It intends to renance any outstanding indebtedness withequity, as and when the management deems is to the benet of theshareholders.

Second Quarter Highlights:The Companys net income for the quarter was $5.7 million or $0.37per share. Gross voyage revenues amounted to $20.7 million,as increased demand for crude oil tankers resulted in high spotrates during the quarter. Specically, the average Time CharterEquivalent (TCE) earnings for the VLCC and for the Suezmaxvessels on operation during the quarter were $65,785 and $32,613per day respectively. These results were based on 267 total eetavailable days, due to the staggered delivery schedule of thevessels to the Company during the quarter. Had all ve vesselsthat comprised the Companys eet at the end of June 2010 beendelivered at the beginning of the quarter, total eet available dayswould have been 455.

Fleet Deployment:

Currently, [three] of the Companys ve tankers are employedunder a spot index-related time charter arrangement, whichprovides exposure to the tanker spot market, ensuring high eeutilization, while demonstrating the Companys ability to leverageits network of relationships with oil majors. This spot related timecharter agreement will allow the vessels during the period of thecontract to earn on a monthly basis, the average of one of the mainspot trading routes, [(for VLCCs, the Baltic Dirty Tanker Route 3(TD3) (Arabian Gulf-Japan), for Suezmaxes, the Baltic Dirty TankeRoute 5 (TD5) (West Africa - US East Coast)] as a minimum baserate. In addition, these charters are also subject to prot sharingarrangements, allowing the Company to receive 50% percent oany additional revenues when the vessels actual quarterly earningsare in excess of the index-linked minimum daily base rate over theperiod that the voyage took place.

CEO Message

Evangelos Marinakis, Chairman & ChieExecutive Ofcer of Crude Carriers, commentedI believe we have created a transparentcompelling investment vehicle where ouinvestors are able to gain an exposure to thecrude spot market at the low point of the tankecycle.

First, we have bought vessels at an attractive point in the cycle aprices substantially below historical averages. The minimal debstrategy gives us nancial exibility for growth and dividendstogether with our clear dividend policy of distributing all net cash

ow less operating reserves.

Finally, Crude Carriers benets from Capital Maritimes commerciaand technical relationships with the oil majors going forward. Weconcentrate our chartering strategy in the spot market, as webelieve in the long term fundamentals of the crude tanker marketas the emergence of China and India as key players in the crudeoil trade mean increased tonne mile and utilization in the mediumto long run.

We intend to continue to grow the company with well timedacquisitions and by creating value for our shareholders.

Crude Carriers Corp.www.crudecarrierscorp.com


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WEEKLY PROFIL

Interview of the WeekInterview with Mr. AkisTsirigakis President & CEOof Star Bulk Carriers Corp.

(Nasdaq:SBLK)

Interviewer: Mr. Nicolas Bornozis,President of Capital Link

Q: This question pertains to your eet prole and eetexpansion strategy. You currently have 13 ships: 11 in thewater and 2 coming in the 4th quarter of 2011. Tell us aboutyour philosophy in terms of eet expansion. What are yourplans and how do you nance it?

A: Our two newbuilding contracts were done at probably the lowestprices we have seen since 2004 as we resisted to place contractsat the height of the market. Our companys growth to date has

been achieved in an organic manner. Weve achieved signicantgrowth of111% in terms of number of ships since the inception ofthe company 3 years ago. This year, weve had 57% growth interms of dwt. All of our growth has been achieved through debtas we resisted diluting investors. In the future, we are willing to doso if accretive acquisitions come along but we will not dilute for noreason.

Q: In terms of eet deployment, Star Bulk has one of thehighest charter coverage ratios in the industry. What is thecharter cover for 2010/2011, and how do you expect to benetfrom the potential market upside?

A: Charter coverage offers revenue visibility. We have 98% contractcoverage for our operating days in 2010 and about 64% for theoperating days of 2011. That is one of the highest ratios in the

industry and it produces one of the highest per vessel revenue on adeadweight basis among its peer group. Our t ime charter equivalentrevenue on a per day per vessel basis is close to $28,500, whichbeats the market average.

Q: In regards to operation efciency, you have taken thetechnical management of your eet in-house this year, hasthat been benecial to the company?

A: The benets have been tangible because it has reducedoperating expenses quarter after quarter, and in the last 5 quarters,operating expenses have gone down from almost $8,000 per vesselper day to a little over $5,400 per vessel per day. That has beenachieved through bringing the vessels in-house for the technicalmanagement, and it is our differentiating factor amongst our peers.

Q: I wanted to point out that you operate larger vessels sothe gure that you mentioned in terms of operating expensescompares very favorably to the industry when you take intoconsideration your peers since a lot of them manage smallervessels so they have smaller expenses per vessel. Is thatcorrect?

A: That is true. The larger vessels the capsize vessels, contributea much larger percentage and have higher operating expensesthan the smaller ones. Quite a few of our competitors dont havecapsize vessels so on an average basis, we do compare favorably.

Q: In terms of nancial strength, you have a very strongbalance sheet, high liquidity, low debt, as well as very lowcapital expenditure commitments and debt repayment for thefuture. Can you tell us a little bit about the strength of your

balance sheet and also about the dividend you re-instatedYou currently have paid four dividends. Is that sustainable?

A: Its denitely sustainable and it is in fact a substantial dividendon an annualized basis, it represents a 7% yield. This dividendonly represents a very small percentage of our free cash ow soif you couple that with high revenue visibility produced from thetime charters, it denitely is sustainable and we can easily continuepaying it.

Q: What is your debt now compared to your total assets?

A: The debt to total assets is close to 21%. We have a total debright now of $201 million, which is low when compared to our peersWere one of the better positioned companies in the sector. Our

strong balance sheet is one of the reasons weve been able toleverage that balance sheet to grow organically.

Q: Where do you see the opportunities and risks in the drybulk sector?

A: Supply of new ships is a major risk. However, I would like to poinout that demand has been so robust to date that the supply of newships has been absorbed and indeed rates today are better thananticipated by the industry. The absorption of new tonnage hasbeen successful. The dry bulk industry is a cyclical one and wereon the low side of the cycle so its a good time to invest. We wilhopefully grow in a period of relatively lower asset values, which iswhat we are focused on.

Q: The demand to a large extent for the core commoditiescomes from China and other developing economies. Is Chinaa bubble?

A: The infrastructure development of China is not a bubble; it issomething that is centrally planned and its inevitable to happenThere are bubbles in other sectors but not in the infrastructuredevelopments that are presently taking place in China. In my viewthis is an irreversible process. We transport the steel and coal thatsnecessary for that development. Therefore, Im very positive on thefuture of our company and of our industry in general.


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WEEKLY PROFIL

Interview of the WeekQ: We have India also coming?

Yes and in fact, these materials have to be sourced from furtherand further away. Its not only the actual amount of material that isbeing transported they are being transported from further awaysuch as Brazil. We see that the tonne mile demand is increasing ata faster rate than the actual demand for the materials.

About StarBulk Carriers

Star Bulk is a global shipping company providing worldwideseaborne transportation solutions in the dry bulk sector. StarBulks vessels transport major bulks, which include iron ore, coaland grain and minor bulks such as bauxite, fertilizers and steelproducts. Star Bulk was incorporated in the Marshall Islands onDecember 13, 2006 and maintains executive ofces in Athens,Greece. Its common stock trades on the Nasdaq Global Marketunder the symbol SBLK. Currently, Star Bulk has an operatingeet of eleven dry bulk carriers with denitive agreements to buildtwo Capesize vessels. The total eet consists of thirteen dry bulkvessels, ve Capesize and eight Supramax, with a combined cargocarrying capacity of 1,287,686 deadweight tons. The average ageof our current operating eet is 10.2 years.


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SHIPPING MARKE

Dry Bulk Market - Weekly Highlights

Contributed by

N. Cotzias Shipping Consultants

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

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

Week 15-October-2010 until 22-October-2010INDEX THIS WEEK LAST WEEK % CHANGE POINT DIFF TREND

BDI 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

Another red week with only the Capes a marginal rise. Although thisweeks changes were minimal, high volatility is key in all marketsand the constant upswings followed by quick rapid downfalls, thatare recovered within the month, have caused a greater degreeof uncertainty. Deals are performed but the overal question ofmost shipping investors is that this short term volatility doesntreally pose investment opportunities based on proper timing.How can you time your investments when secondhand prices areconsidered to be on the high side remaining fairly stable and donthave the time to follow the ups and downs of the freight markets?What can still be considered a blessing is that dry bulk market dailyearnings are well above critical survival levels and only expensiveships acquired during the Feb 2007 - Jul 2008 period with a greaterdegree of leverage, can be considered as possible sufferers evenat todays rates.

The International Monetary Fund gave a report, that the globaleconomy remains fragile as advanced economies try to reviveprivate sector growth while cutting large government decits.Emerging economies need to promote domestic-driven growthas part of global economic rebalancing. Still the issue of highunemployment presents a major challenge and is holding backdemand. According Lloydslist, the IMF has trimmed its growthforecast in 2011 from 4.3% to 4.2% while still maintaining its forecastof 4.8% for 2010. What we see as a holdback is that advancedeconomies are still seriosuly lagging in growth, comapred to thedeveloping markets/economies and is projeted for 2010 to stand at2.7% and 2.2% for 2011 suggesting that it will seriosuly slowdown

in Q4 of 2010 and rst half of 2011. Always prospects are better forthe above mentioned emerging economies, but still if the rest of theworld does not shift a gear we will not be able to absorb the shipovercapacity that is looming our industry and will affect the supplydemand equilibrium.

IMF chief economist Olivier Blanchard stated that the nancialsector remains the achilles heel of the recovery. The IMF calledfor continued restructuring of weak banks, enhancing banks capitaladequacy and liquidity, regulatory reform and stronger supervisionof the nancial system. Rebalancing requires an increase in netexports in decit countries such as the US and a decrease innet exports in surplus countries, notably emerging Asia. It saidthat downside risks remain signicant. Although many emergingeconomies see high growth again, they continue to rely signicantly

on demand from advanced economies. Demand for imports fromadvanced economies will continue to be below pre-crisis trends. Acontinuing and signicant risk comes from friction about currencyexchange rates, with China continuing to resist pressure to revalueits currency against the dollar and euro at anything other than apace unacceptably slow to the increasingly impatient westernpoliticians. Meanwhile, continuing weakness of the dollar pushedit down against the yen below 82 last week. The IMF meeting lastweek failed to agree measures to head off an intensifying currencywar. The G20 summit in South Korea next month could be crucialin attempting to resolve these conicts and avoid the dangers ofcompetitive devaluations to boost exports.

BALTIC DRY INDEX 1/6/2010 - 22/10/2010

1500

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14-Jun

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BDI

BDI MONTHLY AVERAGE

The Baltic Dry Indexclosed on Friday the 22nd of October 2010 a2727points with a small weekly loss of-1.27%or-35points. (LasFriday the 15th of October 2010 closing value was 2762 points)Unlike last week the Cape size segment was not able to keep theBDI o a positive track, as the overall gain of the Cape were minimalThe two three size segments the BPI the BSI and BHI were alequally reduced.

CAPESIZE MARKET The Baltic Cape Index (BCI) closed

on Friday the 22nd of October 2010, at4373points posing a minoweek-on-week gain of0.64% or28 points over previous weeksclosing of Friday the 15th October which was at 4345 points.

Week Number of xtures

HighestFixture

LowestFixture

thisweek

16 $70,000 $21,000

lastweek

12 $70,000 $17,500

The Capesize T/C average rate calculated every week by NCotzias Shipping Consultants from all this weeks reported T/Cxtures went up by 0.98%, still clinging above the 40k mark a$41,300. Previous weeks T/C gure was just above the 35k markat $40,900. It is notable though that period demand this week

was improved and we report a greater number of cape xtures osixteen (16) units that were xed on T/C this week compared to therecord high number of 12 that we had observed last week.

The minimum vs maximum daily rate differential as analyzed fromour xtures database was overallreducedover last weeks from$21,000 being the lowest recorded xture being that of the M/VCAPE LOTUS, 170780 dwt, built 2000, dely Kimitsu 17/20 Oc, redely Continent, $21000, BHP Billiton, for a trip via Hay Poin3500$ improved from last week, up to $70,000 the highest payingxture of the M/V HANJIN RIZHAO, 179420 dwt, built 2010dely Rotterdam 5/10 Nov , redely China, $70000, Coscobulk, for atrip with options 0$ improved from last week.


10/33


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SHIPPING MARKE

Dry Bulk Market - Weekly HighlightsWeek Period Charter Time

Charterthis week $35,500 $45,000last week $36,300 $43,000

We have 9 period xtures mainly for durations of 4-6 months thatpay on average $33,000 per day while the only 10-13 month xturepays $30,000 per day.

As it is widely known, Capes transport more than 1/3 of the worldseaborne dry bulk trafc and any change in demand for iron/oreinstantly hits the chartering market for Capesizes that predominantlycarry it. Chinese iron/ore imports in the remaining months of 2010are expected to rise as steel mills embark on a period of restockingaccording to the Chairman of the China Chamber of Commerceof Metals, Minerals and Chemicals Mr. Xu Xu who added thatinventories were already running low. He stated that Chinesedomestic steel mills have curbed purchases because of previoushigh inventories and prices, and now they need to replenish as

stocks and prices fall, which will support iron ore imports for thefour quarter

The China Iron and Steel Association (CISA) said earlier this yearthat high imported iron ore prices would serve to encourage localminers to step up production. China produced a total of 93.55million tons of iron ore in September, up 9.4% year on year butdown 6.1 % compared with August, gures from the NationalBureau of Statistics showed on Thursday. Total domestic ore outputover the rst nine months rose 25.9 % to reach 780.24 million tons,but the iron content in China is generally far lower than overseas.Chinas iron ore imports in September stood at 52.6 million tons, up17.9% compared to the August gure, which was the lowest in 20months. For the rst nine months, the total stood at 457.6 milliontons, down 2.5% compared to the corresponding period of 2009.CISA chairman Shan Shanghua said earlier that total ore imports

in 2010 were likely to be lower than the record 627.8 million tonsshipped to China last year.

PANAMAX MARKET - The Baltic Panamax Index (BPI) closedon Friday the 22nd of October 2010 further below the 2,500 pointmark at 2219pointswhich represents a weeklylossof-1.55% or-35points compared to 2254 which was the closing value of lastFriday the 15th October 2010.


HighestFixture

LowestFixture

this week 60 $33,500 $8,500

last week 48 $30,000 $15,000

The Panamax market despite the near 6 week falling index,showed some clear new possible momentum this week as evidentby the increasing number of T/C xtures. This week we had ahigher number of60 T/C and period charters for Panamax vesselscompared to last weeks 48 xtures.

The Panamax T/C average rate as calculated by N. CotziasShipping Consultants went quite drastically down by -7.73%to $20,300 from $22,000 which was last weeks Panamax T/Caverage, however the daily rates as seen in our separate xturesreport for Panamaxes this week had improveddifferential levelsfrom low to high, compared to last week and ranged from $8,500with the xture of the M/V HAI FU STAR, 60470 dwt, built 1982,dely Quangzhou ppt , redely S.Korea, $8500, KCH, for a trip viaIndonesia -6500$ reduced from last week) up to $33,500 for thexture of the M/V CEMTEX WISDOM, 77598 dwt, built 2004,

dely Rotterdam 15/17 Oct , redely Far East via Aden, $33500Medmar, for a trip via Finland 3500$ improved from last week.

Week PeriodCharter

TimeCharter

this week $21,400 $19,000

last week $21,800 $20,800

8 period xtures recorded this week, with period average to beslightly down at $21,400 while the trip average pays $19,000 whichis again reduced from last week. 12 month period pays on average$20,750 per day while 4-6 months pay $22,500 per day. Howevewe still feel that there is an abnormal earnings differential betweenCapes and Panamax that needs to be narrowed down. Also duringthis current week we observed for once more the anomaly oPanamaxes making less than the smaller sized Supras! If thisdifferential continues, economies of scale could dictate that cargoparcels for Capes may well be split up into two Panamax loads.

SUPRAMAX MARKET - The Baltic Supramax Index (BSI)after a short upward reverse during week 39, this week continuedon the same way as last week and closed on Friday the 22nd oOctober 2010, at1791points giving us a weekly loss of -3.61%represented by-67 points based on the previous 1858 points wehad last Friday the 15th October 2010 closing.


HighestFixture

LowestFixture

this week 21 $31,000 $14,000

last week 29 $38,000 $14,500

The Supramax Time Charter average rate calculated by NCSC isthis week down at$20,800or by -1.89%based on $21,200 whichwas last weeks Supramax average. Demand for Supras period

T/Cs is showing reduced interest compared to last week with 21Supramaxes on T/C this week as opposed to 29 last week withdaily rates being slightly lower.

The differential of Highest Lowest weekly T/C gure foSupramaxes, as seen in the xtures we report for this week, weresomewhatreducedover last week and ranged from $14,000 withthe M/V OCEAN PRESIDENT, 50913 dwt, built 2001, delyKakinada 21/25 October , redely WC India, $14000, Chart NoRep, for a trip via Indonesia -500$ reduced from last week, up to$31,000 paid for the M/V NORD HARMONY, 56071 dwt, buil2007, dely aps US Gulf 22/23 Oct, redely Mediterranean, $31000STX Pan Ocean USA, for a trip via Black Sea -7000$ reducedfrom last week.

Week Period Charter TimeCharterthis week $19,100 $20,900

last week $20,250 $21,500

We had 4 period xtures this week with duration 2-4 & 3-5 monthspaying on average $19,100 (lower from last week) while tripcharters averaged $20,900 per day (lower from last). 3-5 monthsperiods average $19,350.

HANDYSIZE MARKET - The Baltic Handysize index (BHI)closed on Friday the 22 October 2010 much reduced at 950 pointsmoving away from the 1000 point mark. This week shows a steeplossof-4.43%or a loss of-44points over last Friday 15 Octobe2010 when BHI closed at 994 points. Although volatilities are fairly


11/33


Page 11

SHIPPING MARKE

Dry Bulk Market - Weekly Highlights

The full report can be accessed at CapitalLinkShipping.com

small in this size segment, the BHI was seen producing the largestweekly loss.

Week

Number ofxtures

Highest

Fixture

Lowest

Fixture

this week 5 $31,000 $14,000

last week 7 $26,850 $9,700

This weeks Handysize Time Charter that is calculated by NCSCwent down by a strong -11.58%this week to$16,800from $19,000,last weeks average. In this size sector we had a lower number of 5Handymax vessels reported on T/C this week, compared to 7 lastweek, with no period xtures reported.

Week Period Charter Time

Charter

this week $0 $16,800

last week $18,000 $19,000

The weekly T/C daily rates for Handy sized vessels showedreduced differential levels of high-low rates, compared to lasweeks from $14,000 for the (M/V GUODIAN 9,48218dwt, buil1994, dely WC India end October , redely China, $14000, Char

Not Rep, for a trip via WC India 4300$ improved from last weekupto $31,000 for the M/V ARMERIA, 48104 dwt, built 2003, delySW Pass ppt, redely Singapore-Japan, $31000, Chart Not Rep, foa trip via USGulf 4150$ improved from last week.

DISCLAIMER:All information & data contained in this report, has beencarefully obtained from a variety of sources, as reported freely in the market

All necessary care has been taken in the collection, validation, productionand editing of this report, however, N. Cotzias Shipping Group and/or anyof its subsidiary companies makes no guarantee for accuracy & shall nobe held liable for any loss incurred in any way whatsoever by any person,individual or company that relies on the information contained herein. Aldata, info, charts, views and news contained in this report are property oNCS Group, but can be freely reproduced by any third party in any media

press, TV, radio, internet provided that the source being NCS is clearlyidentifed, labelled and respected

www.dvbbank.com

The leading specialist in

international transport fnance

Frankfurt/Main Hamburg London Cardiff Rotterdam Bergen

Oslo Piraeus Zurich Singapore Tokyo New York Curaao


12/33


Page 12

SHIPPING MARKE

Tanker Market - Weekly Highlights

Contributed by

Charles R. Weber Company, Inc.

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

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

Newbuilding orders slowing

After the nancial crisis of 2008, the wave of tanker newbuilding effectivelyended as owners were suddenly grappling with the prospect of extreme

overcapacity. The trend continued through most of 2009 as tanker marketslagged behind the global economic stabilization and then recovery.However, a robust start to 2010 with a more sustained return to economicgrowth, oil demand growth and a stronger-than-expected recovery in tankerrates during 1H10 saw owners make a strong return to the newbuildingmarket.

Indeed, during the rst three quarters of 2010 some 30 million DWT worthof orders (including exercised prior options and new forward options) wereslated. This gure represents about 7% of the total tanker eet as at January1st (though the percentage of the trading eet would actually be muchhigher). Though many owners were quite keen to capitalize on what theysaw as an attractive investment reported VLCC newbuilding contracts, forinstance, averaged $102m per unit this year versus the observed averageof $151m during 2008 whilst others in the industry were warning of the

dangers of augmenting the already excessive eet growth to come.

Ironically, the largest monthly share of the 2010 orders was September well after the market had come off its mid-year peak though thiscould likely owe itself to the orders being reported upon singing, with thedeals likely having been agreed to earlier. Following an entire quarter offalling earnings with most tankers now trading at-or-below OPEX, it isunsurprising that both the number of new orders scheduled to-date thismonth and interest in new orders have slowed; in fact, what is surprising isthat this had not happened much earlier!

Below is a breakdown of 2010 tanker new building orders bysize, per month (including optional units).

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct


13/33


Page 13

SHIPPING MARKE

Tanker Market - Weekly Highlightsbut ballasters are already en route from the softer Eastern market, limitingpotential gains in the region. In fact, more than half of this weeks xtureswere concluded on Eastern ballasters. Looking to next week we expectfurther softening in the Suezmax market which in turn will put downwardpressure on the VLCCs. Earlier dates will yield premiums as charterers willhave to reach further ahead to secure ballasters, thus keeping rates steadyoverall.

SuezmaxSuezmaxes in the Atlantic market were competing this week with a longerlist of VLCCs after a number of the larger tankers set out en ballast towardsWest Africa. The result of the more cheaper VLCC alternative and generallyless activity was a softening of the Suezmax market. Having commencedthe week in the low ws90s on the benchmark TD5 around mid-week themarket had been retested in the mid/high ws80s and concluded the week inthe high ws70s. With the sufcient tonnage of both sizes to cover demand,we expect rates to remain soft at the start to the week ahead.

AframaxThe Caribbean Aframax market commenced the week at the ws92.5 level where it had traded for most of the month. However, after experiencing itsmost active week in over a month and a fair proportion of tonnage cleared,by weeks end the market risen to the high ws90s, with further premiumsbeing paid for date-sensitive cargoes. Should activity levels sustain, onecould expect the market to remain rm.

PanamaxThe Caribbean Panamax market softened this week to the ws115 levelwith limited activity and several prompt units seeking employment servingas the primary catalysts. Several units were xed privately and a numberof owners decided to ballast to the Continent, allowing prompt tonnage tothin enough to make those owners with units remaining to take a bullishattitude. Historically, November sees a pickup in inquiry and thus we couldwell see inquiry pick up next week as owners progress into their Novembercargoes allowing owners greater success in moving the market towardstheir favor.

The European market continued to trade for the 8th consecutive week atthe ws120 level. With tonnage in ample supply in the Mediterranean, thelikelihood is that rates will remain at at this prevailing level. Light inquiry forMRs off the UKC/M for trans-Atlantic voyages remains with rates trading at45 x ws135 levels.

The Ecuador market continues to trade at the ws180 level; with Novemberlaycans now being worked and a steady Caribbean market, we expectrates to hold at this level through next week.

Disclaimer:Whilst every care has been taken in the production of this study, no liability can beaccepted for any loss incurred in any way whatsoever by any person who may seekto rely on the information contained herein. All information is supplied in good faithand Charles R. Weber Company, Inc. accepts no responsibility for any and all errorsand omissions contained within this study.

FOR THE LATEST MARKET DATA AND NEWS AND A FULL COPY OF THIS

REPORT GO TO www.CRWebber.comorwww.CapitalLinkShipping.com

19

88

66

31

4

-7

-39

-2

-10

-3

-15

2010 2011 2012 2013 2014 2015

VLCC Projected Deliveries/Removals

10

63

40

29

2

-3

-11 -10-7

-10 -9

2010 2011 2012 2013 2014 2015

Suezmax Projected Orderbook/Removals

8

82

40

64

-13 -16

-7

-2 -2-52010 2011 2012 2013 2014 2015

Aframax Projected Orderbook/Removals

12

44

14

18

2

-4

-21

-8-10

-4 -42010 2011 2012 2013 2014 2015

Panamax Projected Orderbook/Removals

15

95

82

16

4

-6

-29

-17 -16

-7

-18

2010 2011 2012 2013 2014 2015

MR Projected Orderbook/Removals


14/33


Page 14

SHIPPING MARKE

Weekly Tanker Market Opinion

Contributed by

Poten & Partners, Inc.

805 Third AvenueNew York, NY 10022

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

Weather or Not

EIAs Winter Fuels Outlook

Last week the Energy Intelligence Agency (EIA) released its annualwinter fuels outlook, outlining what the Department of Energysanalysts expect winter will bring for one of the worlds largestenergy consumers. On October 18th, industry participants gatheredin midtown Manhattan to hear Dr. Richard Newell, the Administratorof the EIA, present the organizations forecasts at the New YorkEnergy Forum. Dr. Newell explained that while the United Statesdepends largely on natural gas to warm homes and businesses,low temperatures also drive demand for middle distillates, namelyheating oil, as temperatures drop and more fuel is burned to keepJack Frost at bay. The degree of this uptick in winter demand, orlack thereof, can play a role in determining how the years bookswill close for energy companies and those involved in various linksof the energy supply chain.

As shown in the chart below, the National Oceanic and AtmosphericAdministration (NOAA) has forecasted a warmer than averagewinter for the United States.

NOAA Heating Season Forecast 2010-2011

0

100

200

300

400

500

600

700

800

900

1,000

Oct Nov Dec Jan Feb MarU.S.Pop

ulationWeightedHeatingDegreeDays

2009-2010 2010-2011 (NOAA forecast)

Source: NOAA (September 2010)

NOAA formulates its outlook based upon predicted heating degreedays, a quantitative index which reects the demand for energynecessary to cool or heat homes and businesses. Heating degreedays are calculated by taking the sum of negative differencesbetween the mean daily temperature and comfortable roomtemperature, which the NOAA denes as 65 degrees Fahrenheit.This years forecast would indicate that fuel consumption isexpected to be off from 2009s levels. However, as Dr. Newellemphasized, aggregating US demand masks important regional

trends.

Heating fuel use varies signicantly by region. Breaking theNOAAs winter temperature forecast down by region, and puttingtemperature swings in the context of primary heating fuel consumed,shows a rosier demand picture for middle distillates over the courseof the winter.

United States Primary Heating Fuel Use by Region

: .

.

. .

.

.

.

.

.

.

.

The Northeastern states, which are home to several of the nations

most densely populated metropolitan areas, make up the primarymarket for heating oil in the United States. According to the EIA30% of households in the Northeastern United States use distillatefuels as their primary heating fuel, accounting for 80% of US heatingoil consumption. Although the next few months are expected to bewarmer than normal for states in the southern United States, chillytemperatures have been predicted for New England and the MiddleAtlantic. As a result, the EIA has predicted a 5% year-on-yearincrease in heating oil consumption in the Northeastern states.

Stuffed Stockings

Increased demand for distillates this winter could equate to strongetanker earnings. However, even in a case where temperatures dipbelow the levels predicted by NOAA, high inventory levels may

keep tanker owners from realizing incremental demand increasesAs shown in the chart below, current US distillate inventories arenearly 20% higher than the upper end of the normal range.


15/33


Page 15

SHIPPING MARKE

U.S. Distillate Inventory Levels, Historical and Forecast

0

20

40

60

80

100

120

140

160

180

200

Jan-08

Apr-08

Jul-0

8

Oct

-08

Jan-09

Apr-09

Jul-0

9

Oct

-09

Jan-10

Apr-10

Jul-1

0

Oct

-10

Jan-11

Apr-11

Jul-1

1

Oct

-11

Jan-12

Barrels(million)

Normal Range Historical Inventories Base Case Forecast

For ec as t - 1 0% Co lder For ec as t - 1 0% W ar mer

Source: EIA Short Term Energy Outlook (October 2010)

Historical Forecast

Weekly Tanker Market OpinionThe EIA expects that even in a scenario where winter temperaturesare 10% colder than anticipated, heating fuel inventories will likelystay high enough to prevent major supply disruptions. This islikely to dampen the need for imports, however stronger demand

for rened petroleum products can do no harm to the productanker market and may help nally lift earnings out of the summedoldrums. In addition to driving consumer demand for heating fuelsfrightful winter weather has the potential to delay ships in voyageand at port, tightening supply of available tanker tonnage andemboldening owners to seek higher rates. While many Americansthis winter may be wishing for a white Christmas, those with vestedinterest in the tanker market should be hoping for a cold one to helpendure the storm ahead.

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

www.CapitalLinkShipping.comyour link to shipping and its listed companies

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16/33


Page 16

SHIPPING MARKE

Weekly Freight Rate & Asset Trends

Contributed by

Intermodal

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

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

Baltic Indices / Dry Bulk Spot RatesWeek 42

22/10/2010Week 41

15/10/2010 %2010 2009 2008

Index $/day Index $/day Index Index Index

BDI 2,727 2,762 -1.3% 3,126 2,867 6,663

BCI 4,373 45,647 4,345 45,279 1% 4,433 1,624 9,577

BPI 2,219 17,869 2,254 18,143 -2% 4,073 790 6,342BSI 1,791 18,731 1,858 19,425 -4% 2,474 661 4,225

BHSI 950 - 994 14,533 -4% 1,401 529 2,257

FREIGHT RATES

ASSET VALUES


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Page 17

SHIPPING MARKE

Container Market - Weekly Highlights

Contributed by

Braemar Seascope

35 Cosway StreetLondon NW1 5BTUnited Kingdom

Phone: +44 (0) 20 7535 2650Website: www.braemarseascope.com

C h a r t e r i n g

Vessel (Teu/Hmg) Index + / -510/285 teu (GL) 15.5 k 4.33 0.00

700/440 teu (GL) 17.5 k 5.55 0.05

750/415 teu (G) 16 k 5.46 0.001000/650 teu (G) 17.5 k 6.90 0.05

1100/715 teu (G) 19 k 8.11 0.06

1350/925 teu (G) 20 k 6.10 0.00

1600/1150 teu (GL) 18 k 7.14 0.21

1700/1125 teu (G) 19.5 k 6.58 0.23

1740/1300 teu (G) 20.5 k 6.69 0.23

2000/1600 teu (G) 21 k 2.93 0.04

2500/1900 teu (G) 22 k 5.96 0.12

2800/2000 teu (GL) 22 k 6.64 0.093500/2500 teu (GL) 23 k 5.73 0.114250/2800 teu (GL) 24 k 4.32 0.11

Index Total 82.44 1.30

The fall in the BOXi that we reported last week has since gathered pace,

with softening also occurring in the feeder sizes as we move further into

the traditional low volume season. This comes as a major line announces plans to reduce Asia-Europe capacity by temporarily withdrawing a

service that accounts for around 10% of their capacity on this route.

The softening in the larger sizes continues, with a number of operators

struggling to relet tonnage that was snapped up on the rising market earlier

in the year and has now become surplus to requirements. Pressure has also

been put on the 1700teu size in the Far East as a result of overcapacity; two

B170 xtures highlight something of a geographical reversal of fortunes

from the recent norm, with a regional shortage of such tonnage, as well as

a break bulk option, helping one unit to achieve a respectable US$8,900

in the Mediterranean, while another reportedly managed just US$7,800 in

the Far East for container trade, both for 6 month periods.

The Caribbean, however, remains buoyant, with perhaps a greater than

normal premium for tonnage in this region, as illustrated by the extension

of a geared CV1100 for 6 months at US$7,850.

It appears that many operators believe further market falls will take place

between now and the Lunar New Year and are therefore holding out to

capitalise on potentially lower rates in the coming weeks. This waiting

puts additional negative pressure on the market and can lead to something

of a vicious cycle. It will be interesting to see when these players decide

that rates have dropped sufciently to justify taking on tonnage and

whether this will have a positive impact on rates between now and the

much anticipated spring xing season.

The Box Index (BO Xi)

30

50

70

90

110

130

150

170

Nov08

Feb09

May09

Aug09

Nov09

Feb10

May10

Aug10

Nov10

- 82.44

re p r e s e n t a t i v e F i x t u r e sName Dwt Teu Blt Spd Cons GR Charterer Dely Date Period Rate $

Wehr Koblenz 22,900 1,730 97 19 54.5 G Csav Med Dec 10 6 mos 8,900

Helene Rickmers 23,100 1,730 98 20 54.5 G Oel Singapore SE Asia Oct 10 6 mos 7,800

Vera D 22,400 1,680 4 21 68 G Ziss Med Nov 10 6 mos 8,750

San cristobal 20,150 1,510 95 20 51 G Sinokor SE Asia Nov 10 6-9 mos 9,300Cape Fawley 20,250 1,440 8 19.5 52 GL Stx NE Asia Nov 10 6 mos 8,750

Victoria Trader 18,480 1,296 8 19.6 45 GL Stx NE Asia Oct 10 6 mos 8,500

Frisia Inn 13,760 1,118 8 19.6 42 G Tropical EC NA Nov 10 6 mos 7,850

Fesco Askold 13,760 1,102 6 19.6 42 G Cma Cgm Med Nov 10 6 mos 7,100

Medaegean 12,000 1,000 9 18.8 37 GL Onto Shipping SE Asia Nov 10 4+4 mos 7,400

s a l

Every effort has been made to ensure the information contained within this report is accurate, but Braemar Seascope Containers can accept noresponsibility for any error, omission or consequence therefrom.

BRAEMAR SEASCOPE CONTAINERS - LONDON - SINGAPORE - SHANGHAI

S&P:- [email protected] CHARTERING:- [email protected]


18/33


Page 18

SHIPPING MARKE

S&P Secondhand, Newbuilding & Demolition Markets

Contributed by

Golden Destiny S.A.

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

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

Week Ending: 22nd October 2010

(Given in good faith but without guarantee)

VESSEL TYPE TTL SALES

No. of Vessels in DWT No. of Vessels Invested CapitalNo. of Vessels in DWT

Bulkcarriers 9 605.500 12 274.400.000 2 206.666 14Tankers * 6 1.319.800 5 66.850.000 3 160.867 8

Liners ** 0 0 1 9.000.000 2 37.346 3

Containers 8 1.020.000 2 17.000.000 1 18.437 3

Reefers 0 0 0 0 0 0

Passenger / Cruise 0 0 0 0 0 0

Ro - Ro***** 0 0 0 0 3 20.396 3

Car Carrier 2 30.000 0 0 0 0

Combined *** 0 0 0 0 0 0

Special Projects **** 0 0 0 0 0 0

TTL VSLS/Demo 25 2.975.300 20 367.250.000 11 443.712 31

TOTAL WEEKLY S&P ACTIVITYSECOND HAND DEMOLITIONNEWBUILDING

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 vessels**** incl. Ro-Ro Cargo, Ro-Ro Passenger

Week 42/10 ended with 31 sales reported in the secondhand and demolition market. The highest activity has been witnessed in thenewbuilding market with 25 orders reported in total. The Baltic Dry Index closed on Friday at 2,727 points, up by 7 point from yesterdayand down by 35 points from last week.

In the secondhand market, 20 vessels reported to have changed hands this week equalling a total amount of money invested around oUS$ 367,250,000, with only 1 transaction reported on private terms. In terms of reported number of transactions, the S&P activity has beenmarked with a 35% negative w-o-w change while is standing at same levels of previous years weekly S&P activity in terms on number otransactions. The bulkcarrier sector attracted most interest from the investors side, with an investment capital of $ 274,400,000, around74% 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 443,712, with the mosof activity being concentrated on India. In terms of reported number of transactions, the Demolition activity has been marked with 57%positive w-o-w change whereas the demolition activity mostly concentrated on smaller size vessels. In terms of scrap rates, the highesscrap rate has been achieved this week in the dry sector by India for two Ro-Ro / passenger vessels at $ 465/ldt. At a similar week in2009, just 3 tanker vessels were reported for scrap equalling a total deadweight of around 172,278 tons, two of them headed Bangladeshand one Pakistan, at a price around $320-330/ldt

The Greek presence has been noticed this week in the secondhand market with 5 transactions reported, three in the bulkcarrier sector,one in the tanker sector, however the company is US listed and one in the Gas tanker sector, equalling a total amount invested aroundUS$ 140,600,000, while in the newbuilding market just one order for four Post Panamax Containers was reported at private terms..

SUMMARY OF SALES


19/33


Page 19

SHIPPING MARKE

S&P Secondhand, Newbuilding & Demolition MarketsNEWBUILDING MARKETS

WEEKLY NEWBUILDING ACTIVITY

Vessel Type No.of Units Dwt Price ($) perUnit P&C(**) Invested Capital(*) Total Dwt Ordered

Bulk Carriers

1 206.000 0 1 0 206.000

1 57.000 0 1 0 57.000

1 57.000 0 1 0 57.000

1 48.000 33.000.000 0 33.000.000 48.000

5 47.500 0 5 0 237.500

Total Bulk Carriers 9 8 33.000.000 605.500

Tankers 4 320.000 106.700.000 0 426.800.000 1.280.000

2 19.900 0 2 0 39.800

Total Tankers 6 2 426.800.000 1.319.800Containers 4 160.000 140.000.000 0 560.000.000 640.000

4 95.000 0 4 0 380.000Total Containers 8 4 560.000.000 1.020.000

Car Carrier 2 15.000 0 2 0 30.000

TOTAL 25 16 1.019.800.000 2.975.300

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

In the newbuilding market, 25 vessels reported to have been ordered equalling a total deadweight of 2,975,300 tons, while at similar week in 200915 orders have been reported, 10 in the bulkcarrier and 5 in the Tanker sector. The total invested capital in the newbuilding business estimated tobe around of of US$ 1,019,800,000, while 16 transactions reported on private terms. In terms of reported number of transactions, the newbuildingbusiness has been marked with a 47% positive w-o-w change with Bulk carriers, Tankers and Containers being in the front line. This week theGreek presence was noticed in the Container sector, with an order for 4 8,500teu vessels, contracted at private terms, however the deal isrumoured to have some subjects attached.

NEWBUILDING TRANSACTIONS

DRY BULK CARRIERS206,000DWT Ordered by Classic Maritime (MONACO) AT Shanghai Waigaoqiao (PRC) price undisclosed dely 10/2013 (ClassicMaritime is an afliate of DryShips, Greece)57,000DWT Ordered by Qinhuangdao Wuxing Shpg Co. (PRC) at Cosco Guangdong (PRC) price undisclosed dely 201257,000DWT Ordered by Huayuan Star Shipping (PRC) at Cosco Guangdong (PRC) price undisclosed dely 9/201148,000DWT Ordered by China Shipping Haisheng (PRC) at China Shipping Ind. (PRC) price usd $ 33 mil dely 5/2013

47,500DWT 5 units Ordered by Undisclosed Chinese Owner(PRC) at Jiangsu Eastern (PRC) price undisclosed dely 2012

TANKERS320,000DWT 4 units ordered by Shipping Corporation of India (IND) at Jiangsu Rong Sheng (PRC) price usd $ 106.7 mil each dely2013 (Option for 2 more)19,900DWT 2 units ordered by Marubeni Corp. (JPN) AT Fukuoka (JPN) price undisclosed dely 2011 (IMO III)

CONTAINERS160,000DWT 4 units ordered by Zodiac Maritime (UK) at STX Shipbuilding (SKR) price usd $ 140 mil each dely 2013 (13,000teuOption 6 more. The contact price may be reduced if the options are declared)95,000DWT 4 units ordered by Cardiff Marine Inc (GR) at Hudong Zhonghua (PRC) price undisclosed dely 2013 (8500 teu. Subjects

still to be cleared)

CAR CARRIERS15,000DWT 2 units ordered by Wilh. Wilhelmsen (NOR) at Mitsubishi (JPN) price undisclosed dely 2012 (6500 cars)

Key: PRC: Peoples Republic of China, JPN: Japan, GR: Greece, SKR: South Korea, FR: France, HK: Hong Kong, NOR: Norway,

SPORE: Singapore INDO: Indonesia; Dely: Delivery


20/33


Page 20

SHIPPING MARKE

Freight Forwarding Agreements - FFAs

Contributed by

SSY

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

Phone: +44(0)2072651871 (Dry)+44(0)2079777501 (Wet)

Website: www.ssyonline.com

DRYBULKDATE SECTOR VESSEL ROUTE PERIOD FROM TO RATE

21-Oc t-10 Dry Capes ize C3 Tubarao/Beilun & Baoshan Q Q4 10 1-Oct -10 31-Dec-10 28.25

21-Oc t-10 Dry Capes ize C3 Tubarao/Beilun & Baoshan Y Cal 11 1-Jan-11 31-Dec-11 24.75

21-Oc t-10 Dry Capes ize C3 Tubarao/Beilun & Baoshan Y Cal 12 1-Jan-12 31-Dec-12 24

21-Oc t-10 Dry Capes ize C3 Tubarao/Beilun & Baoshan Y Cal 13 1-Jan-13 31-Dec-13 23.25

DATE SECTOR VESSEL ROUTE PERIOD FROM TO RATE

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

21-Oc t- 10 Dry Capes iz e C4 RB - Rott Y Cal 11 1-Jan- 11 31-Dec- 11 11.5

21-Oc t- 10 Dry Capes iz e C4 RB - Rott Y Cal 12 1-Jan- 12 31-Dec -12 11.4

21-Oc t- 10 Dry Capes iz e C4 RB - Rott Y Cal 13 1-Jan- 13 31-Dec -13 1 1.35


21-Oc t-10 Dry Capesize C5 W Aust ra lia/Beilun-Baoshan Q Q4 10 1-Oct -10 31-Dec -10 11.5

21-Oc t-10 Dry Capesize C5 W Aust ra lia/Beilun-Baoshan Y Cal 11 1-Jan-11 31-Dec -11 10.5

21-Oc t-10 Dry Capesize C5 W Aust ra lia/Beilun-Baoshan Y Cal 12 1-Jan-12 31-Dec -12 10

21-Oc t-10 Dry Capesize C5 W Aust ra lia/Beilun-Baoshan Y Cal 13 1-Jan-13 31-Dec -13 9.75


21-Oct-10 Dry Capesize C7 Bolivar/Rotterdam Q Q4 10 1-Oct-10 31-Dec-10 15.75

21-Oct-10 Dry Capesize C7 Bolivar/Rotterdam Y Cal 11 1-Jan-11 31-Dec-11 13.25

21-Oct-10 Dry Capesize C7 Bolivar/Rotterdam Y Cal 12 1-Jan-12 31-Dec-12 13.1

21-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

21-Oct-10 Dry Capesize Cape 4 TC Q Q4 10 1-Oct-10 31-Dec-10 37,650

21-Oct-10 Dry Capesize Cape 4 TC Y Cal 11 1-Jan-11 31-Dec-11 26,750

21-Oct-10 Dry Capesize Cape 4 TC Y Cal 12 1-Jan-12 31-Dec-12 24,750

21- Oct-10 Dr y Capes ize Cape 4 TC Y Cal 13 1- Jan-13 31- Dec -13 24,250


2 1- Oc t- 10 Dr y Han dy siz e BHSI A ve ra ge Q Q4 1 0 1- Oc t- 10 3 1- Dec -10 1 5, 00 0

2 1- Oc t- 10 Dr y Ha nd ys iz e BHSI A ve ra ge Y Cal 1 1 1- Ja n- 11 3 1- De c- 11 1 3, 10 0

21- Oct-10 Dry Handy size BHSI A verage Y Cal 12 1- Jan-12 31-Dec- 12 12,750

2 1- Oc t- 10 Dr y Ha nd ys iz e BHSI A ve ra ge Y Ca l 1 3 1- Jan -1 3 3 1- De c- 13 1 2, 00 0


21-Oct-10 Dry Supramax BSI Q Q4 10 1-Oct-10 31-Dec-10 19,750

21-Oct-10 Dry Supramax BSI Y Cal 11 1-Jan-11 31-Dec-11 18,500

21-Oct-10 Dry Supramax BSI Y Cal 12 1-Jan-12 31-Dec-12 16,250

21-Oct-10 Dry Supramax BSI Y Cal 13 1-Jan-13 31-Dec-13 15,750TANKERSDATE SECTOR VESSEL ROUTE PERIOD FROM TO RATE

21-Oc t-10 Wet Clean Tanker BITR Clean TC2 $/Tonne Q Q4 10 1-Oct -10 31-Dec -10 15.76

21-Oc t-10 Wet Clean Tanker BITR Clean TC2 $/Tonne Y Cal 11 1-Jan-11 31-Dec -11 18.43

21-Oc t-10 Wet Clean Tanker BITR Clean TC2 $/Tonne Y Cal 12 1-Jan-12 31-Dec -12 17.83


21-Oct-10 Wet Clean Tanker BITR Clean TC2_37 Cont/USAC Q Q4 10 1-Oct-10 31-Dec-10 149.67

21-Oct-10 Wet Clean Tanker BITR Clean TC2_37 Cont/USAC Y Cal 11 1-Jan-11 31-Dec-11 147

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


21-Oct-10 Wet Clean Tanker BITR Clean TC4 Sing/Japan Q Q4 10 1-Oct-10 31-Dec-10 133.33

21-Oc t-10 Wet Clean Tanker BITR Clean TC4 S ing/Japan Y Cal 11 1-Jan-11 31-Dec -11 128.5

21-Oc t-10 Wet Clean Tanker BITR Clean TC4 S ing/Japan Y Cal 12 1-Jan-12 31-Dec-12 125


2 1- Oc t- 10 W et Cle an Ta nke r BITR Cle an TC5 Q Q4 1 0 1 -Oc t- 10 31 -Dec -10 1 24

2 1- Oc t- 10 W et Cle an Ta nker BITR Cle an TC5 Y Ca l 1 1 1 -Ja n- 11 3 1- Dec -11 1 23

2 1- Oc t- 10 W et Cle an Ta nker BITR Cle an TC5 Y Ca l 12 1 - Ja n- 12 3 1- Dec -12 1 23


21- Oc t- 10 Wet Dir ty Tanke r BITR Dir ty TD3 $ /Tonne Q Q4 10 1 -Oc t- 10 31- Dec- 10 9 .8

21-Oc t -10 Wet Di rty Tanker BITR Dirty TD3 $/Tonne Y Cal 11 1-Jan-11 31-Dec-11 12.18

21-Oc t -10 Wet Di rty Tanker BITR Dirty TD3 $/Tonne Y Cal 12 1-Jan-12 31-Dec-12 12.52


21-Oc t-10 Wet Di rty Tanker BITR Dirty TD3 MEG/JAPAN Q Q4 10 1-Oc t-10 31-Dec-10 52.33

21-Oc t-10 Wet Di rty Tanker BITR Dirty TD3 MEG/JAPAN Y Cal 11 1-Jan-11 31-Dec-11 54.13

21-Oc t-10 Wet Di rty Tanker BITR Dirty TD3 MEG/JAPAN Y Cal 12 1-Jan-12 31-Dec-12 56


21-Oct-10 Wet Dirty Tanker BITR Dirty TD5 WAF/USAC Q Q4 10 1-Oct-10 31-Dec-10 81.67

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

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


21-Oct-10 Wet Dirty Tanker BITR Dirty TD7 NSEA/CONT. Q Q4 10 1-Oct-10 31-Dec-10 107.67

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

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


21/33


Page 21

MARKE

Weekly China Update

Contributed by

Commodore Research

442-D Lorimer Street #285Brooklyn, NY 11206 USA

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

Robust Chinese Thermal Coal Demand

An earlier than usual arrival of winter weather in northern Chinaand robust electricity demand across the nation will likely lead to a

continued surge in Chinese thermal coal demand. China imported15.3 million tons of coal in September (the vast majority wasthermal coal), an increase of 2.04mt (15%) from 13.26mt importedin August. Octobers import total will likely exceed Septembers15.3mt, and imports will likely set new records in November andDecember.

Chinas current monthly coal import record is 16.38mt importedin December 2009. Chinese coal imports normally peak in thesummer and winter. So far this year, Chinese coal imports haveaveraged 13.69mt per month, an increase of 3.14mt (30%) from2009s monthly import average of 10.55mt. Compared to 2008smonthly import average of 3.39mt, 2010 Chinese coal imports areup by an extremely impressive 10.3mt (304%).

Coal stockpiles at Qinhuangdao port (a major coal hub innortheastern China) have been declining sharply since the end ofSeptember. Qinhuangdao coal stockpiles - which are largely madeup of thermal coal used to generate electricity - currently total 7mt,1.1mt (14%) less than held at the ports four weeks ago. Robustdemand for electricity among residential and industrial users haveled to the de-stocking. We expect coal stockpiles at Qinhuangdaoto decline signicantly during the upcoming weeks.

Stockpiles had been falling steadily during the rst two weeks ofthe month but actually increased last week as Qinhuangdao wasperiodically closed due to heavy winds caused by Typhoon Megi.Coal was unable to be transported to power plants while the portwas closed. A larger than usual amount of vessels are now beingchartered by Chinese importers to haul thermal coal to China. Thisis likely to continue well into November but it will take time for the

coal imports to reach Chinese ports.

Vessels Chartered to Restock for Winter

15 vessels were reportedly chartered to export thermal coal to Chinalast week, an increase from 9 vessels chartered to export thermalcoal to China during the previous week. The 15 vessels charteredto export thermal coal to China last week were moderately higherthan the trailing four-week average. On average, 9 vessels werechartered to ship thermal coal to China during the weeks endingSeptember 24 to October 15 (more detailed vessel charteringis monitored and analyzed in reports sent to our subscribers).Chinese importers are likely to hire a large amount of vessels toimport thermal coal during the next few weeks, as buyers react to

the earlier than usual arrival of winter weather in northern Chinaand prepare for peak season demand.

Vessels Chartered To Ship Thermal Coal toChina

(Week Ending Sep 17 - Oct 22)

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


22/33


Page 22

STOCK MARKET - DATA BA

Currencies, Commodities & IndicesWeek ending Friday, October 22, 2010

Key CurrenCy rates

Rate ClosePrice Last

WeekChange %

January 4,2010

TodaysClose

YTD Change

3-Month LIBOR (USD) 0.29 0.29 -0.21% 13.38% N/A N/A

10-Yr US Treas. Yield 2.56 2.56 -0.08% -33.07% N/A N/A

USD/EUR $0.72 $0.72 0.27% 3.39% $0.84 $0.66

USD/GBP $0.64 $0.63 1.90% 2.54% $0.80 $0.59

USD/JPY $81.25 $81.22 0.04% -12.22% $94.99 $80.85

USD/CNY $6.66 $6.64 0.25% -2.47% $6.84 $6.64

PreCious Metals

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

Gold $1,319.75 $1,377.38 -4.18% 20.27% $1,387.35 $1,026.60

Silver $23.03 $24.50 -6.00% 36.35% $24.92 $14.93

Platinum $1,669.25 $1,701.25 -1.88% 14.12% $1,756.25 $1,300.50

Copper $381.05 $383.90 -0.74% 10.75% $388.00 $277.00

Palladium $592.35 $589.20 0.53% 40.22% $606.25 $326.50

Key agriCultural & ConsuMer CoMModities

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

Corn $560.00 $563.00 -0.53% 25.77% $588.00 $343.25Soybeans $1,211.50 $1,195.75 1.32% 18.77% $1,235.00 $897.25

Wheat $670.75 $704.50 -4.79% 8.58% $868.00 $472.75

Cocoa $2,846.00 $2,805.00 1.46% -12.70% $3,497.00 $2,595.00

Coffee $198.85 $186.40 6.68% 34.49% $203.50 $133.25

Cotton $119.71 $109.87 8.96% 56.48% $119.80 $68.55

Sugar #11 $28.22 $27.06 4.29% 32.24% $29.23 $14.56

Key iCe Futures

Commodities Current Price Price Last Week % Change

Gas Oil $713.00 $713.25 -0.04%

WTI Crude $81.99 $81.93 0.07%

Natural Gas $3.33 $3.54 -5.77%

Heating Oil $226.15 $223.08 1.38%

Gasoline RBOB $207.47 $210.38 -1.38%


23/33


Page 23


Currencies, Commodities & Indices

Major indiCes

Index Ticker Close Prev. Close Change %January 4,

2010YTD

Change

Dow Jones INDU 11,132.56 11,062.78 0.63% 10,583.96 11,132.56

Dow Jones Transp. TRAN 4,754.97 4,694.78 1.28% 4,130.82 4,754.97

NASDAQ CCMP 2,479.39 2,468.77 0.43% 2,308.42 2,479.39

NASDAQ Transp. CTRN 2,361.74 2,344.84 0.72% 1,978.87 2,361.74

S&P 500 SPX 1,183.08 1,176.19 0.59% 1,132.99 1,183.08

Russell 2000 Index RTY 703.43 703.16 0.04% 640.10 703.43

Amex Oil Index XOI 2,086.66 2,093.23 -0.31% 1,936.45 2,086.66

Brent Crude Oil COY 1,087.11 1,088.47 -0.12% 1,100.51 1,087.11

FTSE 100 Index UKX 83.06 84.53 -1.74% 78.24 83.06

CaPital linK MaritiMe indiCes

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

Capital Link Maritime Index CLMI 1,934.06 1,896.13 2.00% 1,949.32 -0.78%

Tanker Index CLTI 2,248.34 2,194.48 2.45% 2,329.33 -3.48%

Drybulk Index CLDBI 944.38 946.43 -0.22% 1,034.76 -8.73%

Container Index CLCI 2,031.00 2,018.70 0.61% 2,168.79 -6.35%

LNG/LPG Index CLLG 2,688.37 2,661.90 0.99% 2,088.39 28.73%Mixed Fleet Index CLMFI 1,784.62 1,753.73 1.76% 1,116.44 59.85%

MLP Index CLMLP 2,662.36 2,642.91 0.74% 2,203.54 20.82%

BaltiC indiCes

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

Baltic Dry Index BDIY 2,727 2,762 -1.27% 3,140 -13.15%

Baltic Capesize Index BCIY 4,373 4,345 0.64% 4,197 4.19%

Baltic Panamax Index BPIY 2,219 2,254 -1.55% 3,823 -41.96%

Baltic Supramax Index BSI 1,791 1,858 -3.61% 2,224 -19.47%

Baltic Handysize Index BHSI 950 994 -4.43% 1,151 -17.46%Baltic Dirty Tanker Index BDTI 734 727 0.96% 1,024 -28.32%

Baltic Clean Tanker Index BCTI 638 620 2.90% 817 -21.91%


24/33


Page 24


Shipping Equities

Dry Bulk Ticker FridayClose

Prev.WeekClose

%Change

YTD%Chg

52 WeekHigh

52 WeekLow

1 MonthAverageVolume

Baltic Trading Ltd BALT $11.11 $11.01 0.91% -20.64% $14.50 $9.90 $11.11Diana Shipping Inc DSX $13.43 $13.98 -3.93% -12.28% $18.24 $10.75 $13.43

DryShips Inc DRYS $4.24 $4.60 -7.83% -30.94% $7.38 $3.28 $4.24

Eagle Bulk Shipping Inc EGLE $5.15 $5.23 -1.53% -3.56% $6.75 $3.91 $5.15

Excel Maritime Carriers EXM $5.72 $5.72 0.00% -14.24% $8.40 $4.59 $5.72

FreeSeas Inc FREE $4.67 $4.79 -2.51% -35.59% $8.75 $4.50 $4.67

Genco Shipping GNK $16.27 $16.45 -1.09% -34.16% $29.20 $14.20 $16.27

Navios Maritime Hldgs NM $5.95 $5.95 0.00% -6.74% $7.55 $4.38 $5.95

Navios Maritime Ptns NMM $18.95 $18.48 2.54% 27.44% $20.17 $12.17 $18.95

Paragon Shipping Inc PRGN $3.76 $3.91 -3.84% -20.84% $5.49 $3.40 $3.76

Safe Bulkers Inc SB $8.40 $8.15 3.09% -6.15% $9.64 $6.50 $8.40

Seanergy Maritime Hldg SHIP $1.25 $1.23 1.63% -58.19% $4.35 $0.91 $1.25

Star Bulk Carriers Corp SBLK $2.87 $2.85 0.70% -0.35% $3.59 $2.22 $2.87

TBS International PLC TBSI $4.25 $4.95 -14.14% -42.88% $9.79 $4.22 $4.25

Tankers Ticker Current

Price

PriceLastWeek

%Change

YTD%Chg

52 WeekHigh

52WeekLow


Aegean Marine Petrol ANW $17.35 $17.42 -0.40% -39.19% $35.05 $14.30 $17.35

B+H Ocean Carriers Ltd BHO $4.53 $4.50 0.67% 73.56% $5.64 $1.67 $4.53

Capital Product Ptns CPLP $8.66 $8.75 -1.03% -7.08% $10.49 $5.31 $8.66

Crude Carriers Corp CRU $17.32 $17.53 -1.20% -8.84% $19.00 $15.00 $17.32

DHT Holdings Inc DHT $4.12 $4.08 0.98% 7.29% $4.89 $3.30 $4.12

Frontline Ltd/Bermuda FRO $26.19 $27.82 -5.86% -9.00% $38.85 $22.53 $26.19

General Maritime Corp GMR $3.95 $4.07 -2.95% -45.89% $8.82 $3.82 $3.95

Knightsbridge Tankers VLCCF $20.67 $20.23 2.17% 51.87% $22.18 $12.06 $20.67

Navios Maritime Acq. NNA $5.55 $5.59 -0.72% -43.66% $10.20 $5.04 $5.55

NewLead Holdings Ltd NEWL $4.20 $4.16 1.09% -61.96% $14.88 $4.16 $4.20

Nordic American Tanker NAT $26.76 $26.63 0.49% -12.61% $34.19 $26.34 $26.76

Omega Navigation Ent. ONAV $1.22 $1.20 1.67% -62.11% $4.04 $1.14 $1.22

Overseas Shipholding OSG $33.31 $33.68 -1.10% -26.42% $53.20 $31.39 $33.31

Scorpio Tankers Inc STNG $11.56 $11.75 -1.62% -11.08% $13.01 $10.04 $11.56

Ship Finance Intl SFL $20.19 $19.80 1.97% 42.99% $21.29 $11.00 $20.19Teekay Corp TK $31.33 $27.77 12.82% 30.43% $31.86 $19.19 $31.33

Teekay Offshore Ptns TOO $24.84 $24.77 0.28% 19.54% $25.50 $14.90 $24.84

Teekay Tankers Ltd TNK $12.35 $12.02 2.75% 42.12% $13.96 $7.85 $12.35

Torm A/S TRMD $7.56 $7.78 -2.79% -25.56% $14.20 $6.78 $7.56

Tsakos Energy Nav. TNP $12.71 $13.10 -2.98% -14.30% $18.34 $12.37 $12.71


25/33


Page 25


Containers Ticker Current

Price

PriceLastWeek

% ChangeYTD%Chg

52 WeekHigh

52 WeekLow


Alexander & Baldwin ALEX $34.64 $34.44 0.58% 0.32% $37.42 $26.47 $34.64

Danaos Corp DAC $4.70 $4.49 4.68% 2.62% $5.25 $3.50 $4.70

Global Ship Lease Inc GSL $3.69 $3.20 15.31% 154.48% $3.69 $1.03 $3.69

Horizon Lines Inc HRZ $4.67 $4.62 1.08% -19.34% $6.92 $3.65 $4.67

Seaspan Corp SSW $14.21 $13.46 5.57% 48.18% $14.27 $8.15 $14.21

LNG/LPG Ticker Current

Price

PriceLastWeek

% ChangeYTD%Chg

52 WeekHigh

52 WeekLow


Golar LNG Ltd GLNG $13.12 $13.22 -0.76% 7.10% $13.75 $9.26 $13.12

StealthGas Inc GASS $4.68 $4.55 2.86% -26.18% $7.06 $3.93 $4.68

Teekay LNG Partners TGP $34.00 $33.79 0.62% 24.41% $35.34 $19.75 $34.00

Mixed Fleet Ticker Current

Price

PriceLastWeek

% ChangeYTD%Chg

52 WeekHigh

52 WeekLow


Documents

Shipping Newsletter Week42