WEEKLY SHIPPING

MARKET REPORT WEEK 20

- 14th May – to 18th May 2012 -

Legal Disclamer

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

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

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

1

India: Growth in Shipping Sector

As per the Working Group Report for 12th Plan for the Port Sector, Traffic to be handled by Major Ports is estimated at 943.06 million tonnes and at 815.20 million tonnes by Non-Major Ports as against present level of 560.15 million tonnes handled by Major Ports and about 370.00 million tonnes handled by Non-Major Ports. To meet the above projected demand, both major ports and non-major ports have conceptualized various capacity augmentation schemes with an estimated investment of Rs.180626.63 crores during 12th Plan. The estimated capacity by end of 12th Plan will be 2686.66 million tonnes. The Government has requested all Coastal States in the Country to explore the possibility of setting up of a new Major Port or new Ship Building yard or as a composite Port-cum-Ship building yard in their States and submit a comprehensive proposal. Proposals have been received from State Governments of Andhra Pradesh, Karnataka, Kerala and Gujarat. Technical Committees have been constituted to identify a suitable location for development of Major Ports proposed by State Governments of Andhra Prasdesh, Kerala and Karnataka. The Technical Committee has submitted its report in respect of Andhra Prasdesh. The above information was given by the Union Minister of Shipping, Shri G.K. Vasan in a written reply to a question in Lok Sabha . (Press Information Bureau)

SK Energy to stop Iran oil imports from July

South Korea's SK Energy , the country's largest oil refiner, will not import any crude from Iran after a European Union ban on insuring Iranian tankers comes into effect on July 1, two sources with direct knowledge of the matter said. SK Energy's import suspension would effectively mean the end of South Korea Iranian oil purchases. The only other refiner that buys Iranian oil, Hyundai Oil Bank, will halt imports from June, industry sources said last month. "SK Energy won't lift Iranian crude oil after lifting a 2 million barrel cargo in early June," one of the two sources told Reuters by phone. "SK Energy will not import Iranian oil for July arrival." A second source confirmed that imports would cease in July. SK Energy had contracts to import 130,000 barrels per day (bpd) from Iran under term deals for this year. Refiner Hyundai Oilbank, which imports 70,000 bpd from Iran, will stop purchases from June, industry sources said. Both sources declined to be identified because they were not authorised to speak to the media on a topic the Korean government considers politically sensitive. SK Energy, which is wholly owned by parent SK Innovations , declined to comment. (Reuters)

Rio Tinto may pause iron-ore expansion: report

Rio Tinto PLC has raised doubts over further major expansion of its iron ore operations in Australia, as rising costs and calls for higher returns to shareholders lead to a more cautious approach, the Australian reported. Rio Chief Executive Tom Albanese said in a May 15 presentation in Miami that the company will, given certain constraints, "probably pause for breath" once it reaches its target of 353 million metric tons a year production capacity, the newspaper reported. Albanese said at that point the company will seek further "debottlenecking."

The London-based company had planned to add a further 100 million tons to production when the current board-approved program was complete. (Market Watch)

China’s appetite for metals is changing: Barclays

China's appetite for both precious and base metals are changing, said Barclays Capital in a commodities briefing. Commodity investors, producers and consumers are concerned that the phase of most rapid demand growth for metals in China, which so far this century has been the main driving force in global demand, is nearing an end. For the current five-year plan (2011-15), China’s government is targeting both a reduction in average GDP growth and a change in its composition, moving towards a less investment-intensive, more consumption-orientated growth model. There are targets aimed explicitly at continuing to reduce the usage intensity of many commodities, especially energy, as well as reducing pollution and carbon emissions. Despite these potential negatives for metals demand. China is the world's biggest buyer of industrial metals, which are then manufactured for domestic use or exported to the rest of the world. (Commodity Online)

JSW Steel April Crude Steel Production Up By 35%

JSW Steel Ltd. reported April crude steel production of 7.15 lakh tons, up by 35 percent from the 5.30 lakh tons over the corresponding month a year-ago and grew by ten percent sequentially. During the month, Rolled products-flat production was 5.25 lakh tons, up by 34 percent from the 3.92 lakh tons, while Rolled products-long was 1.55 lakh tons, compared with 1.14 lakh tons last April, an increase of 35 percent. The company said the capacity utilization of Vijayanagar works remained at around 80 percent in April, due to inferior quality and inadequate availability of iron ore in E-auction. At the BSE, JSW Steel shares are currently trading at Rs.609.45, up 1.63 percent from the previous close. Click here to receive FREE breaking news email alerts for JSW Steel Ltd and others in your portfolio (RTT News)

Venezuelan 2011 production of iron and steel and aluminum falls

According to the Central Bank of Venezuela, the mining sector declined 3.2% compared to 2011. In a growing and expanding economic environment, Venezuela s mining activity fell 3.2% in the first quarter of the year, compared to the same period in 2011. Mr Jorge Giordani the Minister of Finance and Planning, reported a decline in the production of iron, steel and aluminum of the basic industries of the Venezuelan Guayana Corporation. Mr Nelson Merentes the president of the Central Bank of Venezuela specifically informed that the mining activity lowered 3.5%, although the statistical report showed a 3.2% contraction in the sector. This performance, which differs from the positive macroeconomic environment, occurred two years after a power crisis that forced Venezuela s heavy industry to shut down most of the steelmaker furnaces and operations in primary electrolytic cells at state-run aluminum smelter Venalum for about 6 months, due to their heavy energy consumption. Since then, production and sales at the basic industries have plummeted and significant losses have hit investments in the sector. (El Universal)

Shipping , Commodities & Financial News

2

In Brief: Quite stable week for all sizes Capes: Stability in a slightly increasing manner This was reflected on the BCI which was slightly improved by 19 closing at 1633 as well as on the average of the 4 TC routes closed at USD 890 , an USD 245 increase. Moreover, the Atlantic market rose a bit with the transantlantic round trip increased by USD 750 closing at USD 8,500. The fronthaul trade closed at USD 28,000, similar levels as last week’s mainly due to some fresh coal requirements which absorbed some of the many available ballasters at the area. The Tub/Qingdao route was fixed slightly above USD 20 pmt limit. In the Pacific basin, Australian iron ore trade showed some movement and pushed the rates up a notch but the whole area remained quite throughout the week. No movement for period which remained at same levels than last week. Panamax: Pacific ran out of coal. Atlantic steady. Many fresh open positions made the atlantic market soften during past week. Coal orders from USEC to EMED (70 k mts 10 pct moloo) were fixed at usd 17. The number is shocking compared with the 2 weeks before. The fronthaul fixtures were less than last week but the rates closed at usd 18,5 k basis aps USG for LME type. The average tc rate for t/a rounds close at usd 13000. Many prompt vessels opening within Skaw-Passero range and t/a rates are expected to drop further down. The Pacific market was extremely quiet last week as coal charterers didn’t have much prompt cargo and modern LME vessels got 7-8 000 to fix indo/china basis delivery South China. Austaralian market was also very quiet during last week. The NOPAC rounds closed at usd 8,000 basis delivery N China – Japan range and the short period rates closed at usd 9,000-9.500 for 3/5 or 4/6 mos.

Supramax: Indonesian market is dropping heavily whereas backhaul rates are still in decent levels.

The USG market is recovering in this size range with many fresh coal and scrap requirements in the market. The lack of tonnage in W Med and W Africa led the rates upwards The rates basis aps USG / ECSA closed well above 20,000 and we also learned that tonnage was fixed for trips via W Africa to Far East at USD 20000. The short period rates closed at USD mid teens levels depending on delivery , speed/cons figures etc. On the contrary the rates in the Pacific dropped heavily like in the Panamax market. The market turned pretty quickly to an aps market whereas the week before all supramax chartereres were rating vessels in china basis delivery dop for Aussie or NOPAC rounds. The Indonesian market also softened with Nickel ore round rates closing at USD 8000 basis delivery South China whereas Coal rounds closed at usd 6,500-7,000 depending on vessel’s particular, delivery etc. The backhaul rates closed at USD 6-7000 region depending on delivery and redelivery.

Handysize: Marginal improvement in the market In the Atlantic, the round voyage improved with rates ex ECSA to Med/Continent at USD 18,000 levels basis aps, a USD 1,000 increase than the week before. Coastal Latin America trips that will keep the vessels in the area were being fixed at USD 13,500 while USG was paying USD 17,500 for Continent/Med direction. Intra Med cargoes were done at USD 7,250 via Black Sea to Spain Med and orders ex Black Sea to USG and ECSA remained once again at very low levels. Trips from Continent to West Africa were fixed at USD 10,500. Pacific remained stable with a slight increase in numbers with the round voyage at around USD 8/8,500. Log cargoes via Australia to China and some short trips at North China/Korea range were on better levels around USD 9,000. The iron ore and coal cargoes ex Malaysia to China were paying USD 15/16 pmt leaving owners with low T/C equivalents. Backhaul trips were done at USD 8,550 levels, mainly with bagged rice ex SEASIA to West Africa. Periods were fixed at around USD 9,000 levels which was much improved compared to last week’s numbers.

Dry Bulk - Chartering

3

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

Index Week 20 Week 19 Change (%) BDI 1141 1138 0,26

BCI 1633 1614 1,18

BPI 1274 1322 -3,63

BSI 1108 1112 -0,36

BHSI 639 616 3,73

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

Type Size Week 20 Week 19 Change (%)

Capesize 160 / 175,000 12250 12250 0,00

Panamax 72 / 76,000 11250 11750 -4,26

Supramax 52 / 57,000 13000 12000 8,33

Handysize 30 / 35,000 9000 8250 9,09

Average Spot Rates

Type Size Route Week 20 Week 19 Change %

Capesize 160 / 175,000

Far East – ATL -8250 -8000 -

Cont/Med – Far East 28000 28000 0,00

Far East RV 7250 6750 7,41

TransAtlantic RV 8500 7750 9,68

Panamax 72 / 76,000

Far East – ATL 1500 1750 -14,29

ATL / Far East 18500 18000 2,78

Pacific RV 8250 9000 -8,33

TransAtlantic RV 12250 13000 -5,77

Supramax 52 / 57,000

Far East – ATL 5250 6000 -12,50

ATL / Far East 18500 18000 2,78

Pacific RV 8750 9750 -10,26

TransAtlantic RV 13750 13000 5,77

Handysize 30 / 35,000

Far East – ATL 8500 8250 3,03

ATL / Far East 14500 14000 3,57

Pacific RV 8500 8000 6,25

TransAtlantic RV 9500 9000 5,56

Dry Bulk - Chartering

4

ANNUAL

MARCH 2012 – MAY 2012

Dry Bulk - Chartering

5

Dry Bulk - Chartering

Capesize Routes – Atlantic 2011 / 12

$0,00

$5.000,00

$10.000,00

$15.000,00

$20.000,00

$25.000,00

$30.000,00

$35.000,00

$40.000,00

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

C2 TUB/ ROT

C4RBAY /ROTC7 BOL/ ROT

C8 T/ARV

AVGALL TC

Capesize Routes – Pacific 2011 / 12

$0,00

$10.000,00

$20.000,00

$30.000,00

$40.000,00

$50.000,00

$60.000,00

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

C3 TUB /PRC

C5 WAUST /PRC

C9 CONT /FE

C10 FE R/V

Panamax Routes – Atlantic 2011 / 12

0

5000

10000

15000

20000

25000

30000

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

P1A T/A RV

P2ACONT/FE

6

Dry Bulk - Chartering

Panamax Routes – Pacific 2011 /12

-$5.000,00

$0,00

$5.000,00

$10.000,00

$15.000,00

$20.000,00

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

P3A FE R/V

P4 FE/CON

AVG ALL TC

Supramax Routes – Atlantic 2011 /12

0

5000

10000

15000

20000

25000

30000

35000

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

S1A CON / FE

S1B BSEA / FE

S4A USG /CONT

S4B CONT /USG

S5 WAFR / FE

Supramax Routes – Pacific 2011 / 12

$0,00

$2.000,00

$4.000,00

$6.000,00

$8.000,00

$10.000,00

$12.000,00

$14.000,00

$16.000,00

$18.000,00

$20.000,00

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

S2 FE R/V

S3 FE / CON

S6 FE / INDI

S7 ECI / CHI

AVG ALL TC

7

VLCC: For another week eastbound fixtures held the majority for ex Middle East cargoes. Rates to East increased

slightly to WS 60 whereas eastbound activity remained at the same levels as last week at WS 40. As a result of

the increased Suezmax acitivty rates for VLCCs in the Atlantic Basin slightly rose. Eastbound fixtures held rates to

WS 62,5 which signifies a 2,5 w/o/w point increase. Similarly, on the benchmark WAFR – USAC route there was a

10 point increase to WS 67.5.

Suezmax: The Suezmax front was on the rise this week as an increase in inquiry pushed rates upwards. Taking

into consideration the positive VLCC market in Middle East rates on the benchmark WAFR – USAC rose to WS

97,5.

Aframax: The week for Aframaxes had a negative trend in comparison to last week’s improvement. On the route

CBS – USG route the market corrected at WS 120.

Panamax: In comparison to Aframaxes, Panamax rate move upward on the CBS – USAC route reaching WS 155.

It is noticeable that Aframax vessels were marketed for Panamax cargoes thus increasing position list.

Products: Fresh activity in the Caribbean product sector boosted rates up. On the USG - TA route rates

concluded at WS 80 whereas on CBS – USAC route rose to WS 130. Positive was the activity on the CONT – TA

route where by end week rates soared 10 points to WS 150.

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

Index Week 20 Week 19 Change (%)

BCTI 616 614 0,33

BDTI 765 760 0,66

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

Type Size Week 20 Week 19 Change (%)

VLCC 300.000 22,000 21,500 2,33

Suezmax 150.000 16,250 16,250 0,00

Aframax 105.000 13,750 13,750 0,00

Panamax 70.000 13,500 13,500 0,00

MR 47.000 14,000 14,000 0,00

Tanker - Chartering

8

Crude Tanker Average Spot Rates

Type Size (Dwt) Route Week 20 WS

Week 19 WS

Change %

VLCC

280,000 AG – USG 40 40 0,00

260,000 W.AFR – USG 62,5 57,5 8,70

260,000 AG – East / Japan 60 60 0,00

Suezmax 135,000 B.Sea – Med 90 77,5 16,13

130,000 WAF – USAC 90 67,5 33,33

Aframax

80,000 Med – Med 82.5 95 -13,16

80,000 N. Sea – UKC 95 95 0,00

80,000 AG – East 86 95 -9,47

70,000 Caribs – USG 120 107,5 11,63

Product Tanker Average Spot Rates

Type Size (Dwt) Route Week 20 WS

Week 19 WS

Change %

Clean

75,000 AG – Japan 86 95 -9,47

55,000 AG – Japan 113 125 -9,60

38,000 Caribs – USAC 130 120 8,33

37,000 Cont – TA 150 137,5 9,09

Dirty

55,000 Cont – TA 137,5 140 -1,79

50,000 Caribs – USAC 155 145 6,90

Tanker - Chartering

9

VLCC Trading Routes 2011 / 12

Suezmax Trading Routes 2011 / 12

Aframax Trading Routes 2011 / 12

Tanker - Chartering

10

Clean Trading Routes – 2011 / 12

Dirty Trading Routes – 2011 / 12

Tanker - Chartering

11

Firm interest for modern tonnages!

Despite the economic instability in Europe and political uncertainty in Greece and France S&P activity remained at satisfying

levels. Potential buyers are out there ready to cease any available opportunities i.e. in the modern Panamax sector where

demand is high.

In Shiptrade’s enquiry index the majority of potential dry sector buyers focused on Handies and Handymaxes. Nevertheless

there was an incremental interest for Panamaxes where there are limited market candidates as modern tonnages are

concerned. In the tanker sector, there were not any surprises with MR products still on the spotlight. Some enquiries

focused on Aframax tonnages, an attractive size for buyers so far.

Capesize M/V “Star Angel” (170,475 DWT built in 1995 in Mitsubishi, JPN) was reported sold for USD 12,5 Mill to Korean

buyers.

Japanese owned Supramax M/V “Treasure Island” (52,489 DWT built in 2005 in Tsuneishi Cebu, PHIL) is reported sold to

Greek buyers for region USD 20 Mill.

Singaporean based buyers are rumored to have bought VLCC M/T “Hero I” (308,571 DWT built in 1999 in Hyundai, HI KRS)

for USD 26 Mill. The vessel is expected to be used as storage.

Greek buyers are reported to have two modern Aframax tankers on en bloc basis. Namely M/T “Temasek River” (107,113

DWT built in 2005 in Koyo, JPN) & “Raffles River” (107,113 DWT built in 2005 in Koyo, JPN) are rumored to have fetched

USD 44 Mill en bloc.

NEWBUILDINGS

In the newbuilding market, we have seen 24 vessels reported to have been contracted.

10 Bulk Carriers (Panamax , Kamsarmax)

14 Tankers (MR, Aframax , VLCC)

DEMOLITION

In view of a steel plate price increase Bangladeshi buyers have dramatically softened their levels by USD 30 – 40 / LT this

week, a phenomenon which occurred also because of oversupplied yards. The Indian market showed no activity mostly

because of the anticipation of the monsoon season following last weeks’ still existing difficulties with the local currency

and steel prices. The Pakistani market has halted its activity mostly because of the anticipation of the budget

announcement, occurring 1st

June. Steel plate prices have also led China to reduce offering prices by USD 20 – 30 / LT.

Sale & Purchase

12

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

Bulk Carriers

Week 20 Week 19 Change %

Capesize 35 35 0,00

Panamax 23 23 0,00

Supramax 22 22 0,00

Handysize 18 18 0,00

Tankers

VLCC 58 58 0,00

Suezmax 43 43 0,00

Aframax 33 33 0,00

Panamax 28 28 0,00

MR 25 25 0,00

Weekly Purchase Enquiries

SHIPTRADE P/E WEEKLY INDEX

0

50

100

150

200

250

300

350

01-07/3/201

1

08-14/3/201

1

15-21/03/20

11

22-28/03/20

11

29/03

-4/4/201

1

5/4/-11/4/20

11

12-18/4/201

1

19-25/4/201

1

26/4-2/5/2011

3-9/5/2011

10-16/5/201

1

17-23/5/201

1

24-30/5/201

1

31/5-6/6/2011

7-13/6/2011

14-20/6/201

1

21-27/6/201

1

28/6-4/7/2011

5-11/7/2011

12-18/7/201

1

19-25/7/201

1

26/7-1/8/2011

2-8/8/2011

9-15/8/2011

16-21/8/201

1

22-29/8/201

1

30/8-05/9/201

1

06-12/9/201

1

13-19/9/201

1

20-26/9/201

1

27/9-3/10/201

1

4-10/10/201

1

11-17/10/20

11

18-24/10/20

11

25-31/10/20

11

1-7/11/2011

8-14/11/201

1

15-21/11/20

11

22-28/11/20

11

29/11

-5/12/20

11

6-12/12/201

1

13-19/12/20

11

20-26/12/20

11

27/12

/2011

-9/1/2012

10-16/1/201

2

17-23/1/201

2

24-30/1/201

2

31/1-6/2/2012

7-13/2/2012

14-20/02/20

12

21-27/02/20

12

28/2-5/03/201

2

6-12/03/201

2

13-19/03/20

12

20-26/03/20

12

27/3-2/4/2012

3-9/4/2012

10-16/4/201

2

17-23/4/201

2

24/4-1/5/2012

2-8/5/2012

9-15/5/2012

16-22/5/201

2

KOREA CHINA SPORE

KCS GREECE OTHER

SUM

Sale & Purchase

13

Reported Second-hand Sales

Bulk Carriers Name Dwt DoB Yard SS Engine Gear Price Buyer

Cape Orchid 172.569 2001 NKK, JPN 03/2016 B&W - 25 mill Japanese

Including 3 years BB

Star Angel 170.475 1995 Mitsubishi, JPN 02/2015 MIT - 12.5 mill Sinokor

Cosco Dalian Resale 79.500 2012 COSCO Dalian,

CHN - B&W - 24 mill Undisclosed

Eastern Queen 70.196 1994 Daewoo, KOR 07/2014 B&W - 9.5 mill Chinese

STX Jinhae 4007 57.300 2012 STX Jinhae, KOR - B&W 4 X 30 T 24.3 mill Each

En Bloc European STX Jinhae 4009 57.300 2012 STX Jinhae, KOR - B&W 4 X 30 T

STX Jinhae 4017 57.300 2012 STX Jinhae, KOR - B&W 4 X 30 T

Treasure Island 52.489 2005 Tsuneishi, Phil 11/2015 B&W 4 X 30 T 20 mill Greek

Nena A 42.975 1994 HHI, JPN 09/2014 B&W 4 X 25 T 9.5 mill Undisclosed

Tankers Name Dwt DoB Yard SS Engine Hull Price Buyer

Hero I 308.571 1999 HHI, JPN 10/2014 Sulzer DH 26 mill Far East

Raffles River 107.113 2004 Koyo, JPN 05/2012 Sulzer DH 20.75 mill Greek Enbloc Temasek River 107.113 2005 Koyo, JPN 03/2015 Sulzer DH 23.25 mill

Sidsel Knutsen 22.625 1993 AESA, SPA 08/2013 B&W DH 9 mill West Africa

Sale & Purchase

14

Newbuilding Orders

No Type Dwt / Unit Yard Delivery Owner Price 2 BC 82.000 Jinling 2013 / 2014 Soli -

6 BC 76.000 Jiangnan 2014 Shenhuazhonghai 28 mill

2 BC 74.900 Sasebo 2013 Wisdom -

2 Tanker 310.000 IHI 2015 JX Tanker 100 mill

2 + 2 Tanker 110.000 Longxue 2013 / 2014 Seatankers 44 mill

4 + 4 Tanker 50.000 SPP 2014 / 2015 J/V JP Morgan / Ceres 33.5 mill

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

Newbuilding Resale Prices

Bulk Carriers

Capesize 45 44

Panamax 31 30

Supramax 29 29

Handysize 23 22

Tankers

VLCC 93 85

Suezmax 60 58

Aframax 47 44

Panamax 40 39

MR 34 34

Newbuilding Resale Prices

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

Newbuildings

15

Demolition Sales

Vessel Type Built Dwt Ldt Buyer Country Price

Central Carrier BC 1983 81.852 14.880 Bangladesh 425

“as is” Singapore with bunkers for voyage

Demolition Prices ($ / Ldt)

Bangladesh China India Pakistan

Dry 445 390 440 445

Wet 465 415 465 465

Demolition Prices

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

Demolitions

16

Shipping Stocks

Commodities

Commodity Week 20 Week 19 Change (%) Brent Crude (BZ) 108,82 112,90 -3,61

Natural Gas (NG) 2,69 2,46 9,35

Gold (GC) 1584 1553 2,00

Copper (LME) 3,53 3,61 -2,22

Wheat (W) 284,76 244,16 16,63

Dry Bulk

Company Stock Exchange Week 20 Week 19 Change % Baltic Trading Ltd (BALT) NYSE 3,67 4,00 -8,25

Diana Shipping Inc (DSX) NASDAQ 7,20 7,60 -5,26

Dryships Inc (DRYS) NASDAQ 2,14 2,57 -16,73

Euroseas Ltd (ESEA) NASDAQ 1,27 1,45 -12,41

Excel Maritime Carriers (EXM) NYSE 1,10 1,42 -22,54

Eagle Bulk Shipping Inc (EGLE) NASDAQ 0,96 1,08 -11,11

Freeseas Inc (FREE) NASDAQ 0,68 0,82 -17,07

Genco Shipping (GNK) NYSE 3,04 3,94 -22,84

Navios Maritime (NM) NYSE 3,20 3,35 -4,48

Navios Maritime PTN (NMM) NYSE 11,59 14,13 -17,98

Paragon Shipping Inc (PRGN) NASDAQ 0,56 0,61 -8,20

Star Bulk Carriers Corp (SBLK) NASDAQ 0,74 0,86 -13,95

Seanergy Maritime Holdings Corp (SHIP) NASDAQ 2,75 3,18 -13,52

Safe Bulkers Inc (SB) NYSE 6,46 6,61 -2,27

Golden Ocean Oslo Bors (NOK) 4,39 4,88 -10,04

Tankers Capital Product Partners LP (CPLP) NASDAQ 7,31 7,89 -7,35

TOP Ships Inc (TOPS) NASDAQ 1,51 1,76 -14,20

Tsakos Energy Navigation (TNP) NYSE 4,82 5,69 -15,29

Other

Aegean Maritime Petrol (ANW) NYSE 5,13 5,56 -7,73

Danaos Corporation (DAC) NYSE 3,76 4,23 -11,11

StealthGas Inc (GASS) NASDAQ 5,81 6,02 -3,49

Rio Tinto (RTP) NYSE 44,00 50,10 -12,18

Vale (VALE) NYSE 18,10 19,99 -9,45

ADM Archer Daniels Midland (ADM) NYSE 31,82 32,85 -3,14

BHP Billiton (BHP) NYSE 62,49 68,82 -9,20

Financial Market Data

17

Currencies

Week 20 Week 19 Change (%) EUR / USD 1,27 1,29 -1,55

USD / JPY 79,47 79,94 -0,59

USD / KRW 1175 1149 2,26

USD / NOK 6,02 5,85 2,91

Bunker Prices

IFO 380 IFO 180 MGO Piraeus 632 662 925

Fujairah 668 688 1043

Singapore 650 662 910

Rotterdam 623 643 910

Houston 630 659 934

Port Congestion*

Port No of Vessels

China Rizhao 21

Lianyungang 42

Qingdao 96

Zhanjiang 28

Yantai 32

India

Chennai 5

Haldia 15

New Mangalore 16

Kakinada 7

Krishnapatnam 16

Mormugao 20

Kandla 32

Mundra 16

Paradip 18

Vizag 89

South America

River Plate 414

Paranagua 57

Praia Mole 16

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

anchorage, working, loading or expected to arrive in various ports of China, India and South America during week 20 of year

2012.

Financial Market Data / Bunker Prices / Port Congestion