WEEKLY SHIPPING

MARKET REPORT WEEK 13

- 26th March – to 30th March 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

Brazil Feb Iron Ore Exports Fell To 16.61 Million Tons –

Sinferbase

Brazilian mining companies exported 16.61 million metric tons of iron ore and pellets in February, down from 21.89 million tons in the same month of 2011, the country's iron ore producers' association Sinferbase said Monday. The steel making raw material was exported by Vale SA (VALE, VALE5.BR), Samarco, which is a pelletizing joint venture between Vale and BHP Billiton plc (BHP), and MMX Mineracao e Metalicos SA (MMXM3.BR), Sinferbase said in a statement. Sales by the three companies to the domestic market dipped to 2.36 million tons in the month, from 2.42 million tons a year earlier, Sinferbase said. Vale and MMX said in recent conference calls that their output and transport of ore was affected by heavier than usual rains in Minas Gerais state in January. The rains led Vale to declare a force majeure on some contracts for 13 days in January, leading to a backlog in some shipments. (Dow Jones)

Ukraine’s Monthly Grain Exports Fell 4% in March, ProAgro Says

Ukrainian grain exports declined 4 percent month-on-month in March, agricultural researcher ProAgro said, citing preliminary port data. Shipments fell to 1.83 million metric tons in March from 1.91 million in February, the Kiev-based researcher, said in an e-mailed statement today, without providing a reason for the decline. Corn exports fell to 1.2 million tons from 1.4 million tons, according to the statement. The crop went to South Korea, Egypt, Spain, Iran and other countries. Wheat exports declined to 385,300 tons from 447,930 tons, ProAgro said. It was shipped to Egypt, Spain, Israel and other countries. Barley exports rose to 199,870 tons from 14,420 tons, the researcher said. Most of it was exported to Saudi Arabia. (Bloomberg)

Oil Declines After U.S. Factory Orders Gained Less Than

Expected

Oil fell for the first time in three days as U.S. factory orders climbed less than expected in February. Crude dropped as much as 1 percent after the Commerce Department reported factory bookings rose 1.3 percent. The median of 60 economists’ projections in a Bloomberg News survey called for a 1.5 percent advance. Oil pared losses earlier as gasoline rallied and U.S. stocks rebounded from today’s lows. “The factory orders are negative and there is nothing to get very excited about,” said Tom Bentz, a director with BNP Paribas Prime Brokerage Inc. in New York. “We are still range- bound.”

Oil for May delivery slipped 51 cents, or 0.5 percent, to $104.72 a barrel at 11:59 a.m. on theNew York Mercantile Exchange. Oil climbed 2.1 percent yesterday after U.S. manufacturing in March expanded at a faster pace than estimated. Oil is 6 percent higher this year. Brent crude for May settlement slid 9 cents to $125.34 a barrel on the London-based ICE Futures Europe exchange. The European benchmark contract’s premium to New York-traded West Texas Intermediate was at $20.62, widening from $20.20 yesterday, the biggest spread since October. The gain in February orders followed a revised 1.1 percent decline in January, figures from the Commerce Department showed. Slower growth in Europe and China indicate that sales overseas remain a risk. Rising Supply Futures also dropped after a Bloomberg News survey showed stockpiles probably gained 0.7 percent last week to 355.9 million. That would be the highest level since August. “An increase in inventories would be bearish,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. “After the big run-up yesterday people are selling off a little bit.” The Energy Department will release its inventory report at 10:30 a.m. tomorrow in Washington. Crude inventories grew by 7.1 million barrels to 353.4 million in the week ended March 23, the largest increase since July 2010, the Energy Department said March 28. Supplies have gained in five of the past six reports. “There’s no immediate shortage of supplies,” said Andrey Kryuchenkov, an analyst at VTB Capital in London, who predicts U.S. oil will struggle to rally beyond $107 a barrel. “Today there’s small-scale profit-taking after last night’s rally. The upside is also limited on demand concerns.” Fuel Demand U.S. fuel demand dropped 0.1 percent to 18.2 million barrels a day in the four weeks ended March 23, according to the Energy Department. It was down 5.3 percent from the same period a year earlier. The American Petroleum Institute will release separate inventory data today. The API collects stockpile information on a voluntary basis from operators of refineries, bulk terminals and pipelines. The government requires that reports be filed with the Energy Department for its weekly survey. Oil pared losses earlier as gasoline futures rallied as much as 1.4 percent and stocks climbed. “The market is very responsive to the equity market,” said Rich Ilczyszyn, chief market strategist and founder of Iitrader.com in Chicago. “With higher prices of gasoline, oil is going to be a follower.” Gasoline rose as prices in Europe increased to a record, weakening the incentive to export cargoes of the motor fuel to the U.S. The Eurobob grade of gasoline traded at $1,202 to $1,210 a metric ton for immediate loading in Amsterdam-Rotterdam-Antwerp, according to a survey of brokers and traders monitoring the Argus Bulletin Board. It’s the highest price for Eurobob, which was introduced in 2010, according to data compiled by Bloomberg. (Bloomberg)

Shipping , Commodities & Financial News

2

In Brief: Sentiment remained stable with Capes/Panamaxes rising and Supras/Handys declining marginally. Capes: Finally an increase in rates for the Capes Modest increase in rates for Capes this week with the BCI improving by 43 points closing at 1369. The weekly average of 4 TC routes also went upwards by USD 642 closing at USD 5,188. In the Atlantic basin although some fresh requirements came into the market, oversupply of tonnage halted rates from sufficient improvement. As a result the week closed with the fronthaul been done at USD 22,500 levels and NCSA/FEAST coal at USD 26 for second half April dates. Similar was the sentiment for the T/A round which closed at USD 3,250 recording an increase of USD 300. The Pacific market has pulled the rates up and the main reason of this improvement was the Australia iron ore trade which continued to cover some of the many available vessels at the area. Period activity went upwards by USD 500 closing at USD 10,500. Panamax: ECSA keeps booming followed by USG The Atlantic market was considerably improved during this week. The USG seems booming as much coal coming out lately and the demand from Turkey for coal has driven T/A rates upwards. The rates for this kind of trips stabilized around 10500 aps plus around 400,000 balast bonus. ECSA grains charterers still entering the market with fresh requirements to PG-Japan range and the rates for Sing-Japan are now above 17 000 daily plus ballast bonus of 650-700,000 USD. In the Pacific Basin Far East / Aussie rounds closed at USD 7,5 K basis delivery South-Mid China. Sulphur charterers entered the market with requirements from North Pacific and the Nopac rounds closed at USD 8,000 region. The short period rates closed tic below 10,000 whereas one year period rates closed at usd 10,5 k for LME vessels.

Supramax: Coal requirements reduced, whereas much of demand for Nickel ore traders.

In the Atlantic Basin the fronthaul rates stabilized at USD mid-high teens from Med. For clean cargoes the rates were within 15-16 k depending on delivery/size etc whereas vessels able to carry dirties such as HBI got more than 17 k for trips out. From Continent the fronthaul rates are much lower. We heard that a tess 57 type got 13 k for grains biz via French Bay to Sing-Japan rge. In the Pacific Basin we noted much fewer coal requirements out of Indonesia and consequently the rates dropped 1-1,5 k since last week. On the contrary the Nickel Ore charterers pay more than 15 k basis delivery North China for round trips which is a considerable premium for ows who are reluctant to carry this commodity. Besides Many coal/nickel ore charterers entered the market looking for short period vessels with ows asking 12.5 k for tess 53 type against charterers high 11 k. Handysize: Market remained stable with Pacific leading the rates In spite the fact that the Transatlantic round increased a bit, the Atlantic basin continued to underperform with few cargoes paying up. ECSA is not producing large volume as in respective weeks during past years and owners facing low rates and not strong incentive to reposition there. Same applies for the USG as well, while Mediterranean and Black Sea have risen up on rates only marginally. Continent remains also low and the whole Atlantic market sentiment is negative. On the contrary, Pacific kept on offering rates that make sense to owners with the round paying USD 10,250 levels. SEASIA range was particularly strong as coal and nickel ore to China and bagged rice ex Thailand to West Africa were thriving for one more week. Persian Gulf and West Coast India demonstrated movement on volume but charterers had problems to firm their cargoes.

Dry Bulk - Chartering

3

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

Index Week 13 Week 12 Change (%) BDI 934 908 2,86

BCI 1412 1369 3,14

BPI 1051 1036 1,45

BSI 1030 1035 -0,48

BHSI 565 551 2,54

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

Type Size Week 13 Week 12 Change (%)

Capesize 160 / 175,000 10500 10000 5,00

Panamax 72 / 76,000 10000 10500 -4,76

Supramax 52 / 57,000 12000 11000 9,09

Handysize 30 / 35,000 9250 9750 -5,13

Average Spot Rates

Type Size Route Week 13 Week 12 Change %

Capesize 160 / 175,000

Far East – ATL -10200 -10000 -

Cont/Med – Far East 22500 20500 9,76

Far East RV 5250 5000 5,00

TransAtlantic RV 3250 3000 8,33

Panamax 72 / 76,000

Far East – ATL 750 800 -6,25

ATL / Far East 17250 17000 1,47

Pacific RV 7750 8250 -6,06

TransAtlantic RV 7750 7250 6,90

Supramax 52 / 57,000

Far East – ATL 6800 7000 -2,86

ATL / Far East 14500 14000 3,57

Pacific RV 11250 11750 -4,26

TransAtlantic RV 11500 10500 9,52

Handysize 30 / 35,000

Far East – ATL 5000 5000 0,00

ATL / Far East 13500 14000 -3,57

Pacific RV 10250 10000 2,50

TransAtlantic RV 9000 8750 2,86

Dry Bulk - Chartering

4

ANNUAL

JANUARY 2012 – MARCH 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: The MEG VLCC market had a strong activity this week with 41 fixtures reported Rates escalated to WS 70 for AG-FEAST

route. The impact on ex-WAFR rates was positive as well as there was increased competion on ballasting units towards the

Atlantic. The Atlantic market as the CBS – FEAST route is concerned activity was steady whilst less units prompted to ballast to

West Africa due to the increased activity in the Middle East. As a result, there was an increase in rates for eastbound fixtures

Suezmax: On the Suezmax front, despite a decent activity which was in line with last week rates had a downward trend

concluded at WS 75 on the WAFR – USAC route. A driver for this decline has been the oversupply of tonnages which piled up in

the region.

Aframax: The Caribbean Aframax declined further this week, a continuation of its negative trend. On the benchmark CBS – USG

route rates concluded as WS, some 5 points down from last week. In consideration of the better rates of offered in the

European, it is likely to see some ballasting units towards this area.

Products: The Panamax sector suffered yet another loss despite the steady rates in the beginning of the week. As Aframax

tonnages became more attractive Panamax rates concluded at WS 135 on the benchmark CBS – USAC route. On the other hand

the MR sector had a volatile week despite some positive activity. To begin with the Caribbean market rates went upwards to

conclude at WS 165. Nevertheless, towards the end of the week some failures on fixtures resulted in a retreat of rates. Ex-USG

rates declined despite the increased activity. On the benchmark USG – TA route rates concluded at WS 115 as the region was

oversupplied by available vessels. Finally, the European market was not positive this week with rates declining by 2,5 points to

WS 137,5.

.

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

Index Week 13 Week 12 Change (%)

BCTI 642 650 - 1.23

BDTI 818 809 1.11

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

Type Size Week 13 Week 12 Change (%)

VLCC 300.000 20250 20250 0,00

Suezmax 150.000 16000 16000 0,00

Aframax 105.000 13250 13250 0,00

Panamax 70.000 13500 13500 0,00

MR 47.000 14000 14000 0,00

Tanker - Chartering

Tanker - Chartering

8

Crude Tanker Average Spot Rates

Type Size (Dwt) Route Week 13 WS

Week 12 WS

Change %

VLCC

280,000 AG – USG 36 37,5 -4,00

260,000 W.AFR – USG 65 70 -7,14

260,000 AG – East / Japan 60 65 -7,69

Suezmax 135,000 B.Sea – Med 97,5 100 -2,50

130,000 WAF – USAC 85 100 -15,00

Aframax

80,000 Med – Med 102,5 125 -18,00

80,000 N. Sea – UKC 90 100 -10,00

80,000 AG – East 84 84 0,00

70,000 Caribs – USG 105 120 -12,50

Product Tanker Average Spot Rates

Type Size (Dwt) Route Week 13 WS

Week 12 WS

Change %

Clean

75,000 AG – Japan 84 84 0,00

55,000 AG – Japan 100 100 0,00

38,000 Caribs – USAC 155 160 -3,13

37,000 Cont – TA 140 157,5 -11,11

Dirty

55,000 Cont – TA 120 120 0,00

50,000 Caribs – USAC 145 150 -3,33

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

Activity continues firm!

Notwithstanding the present economic indicators and lack of finance, activity in the SNP market was firm for another week.

Dry bulkers held the majority of reported sales with Greek buyers being in the spotlight.

In Shiptrade’s enquiry index there was a surge in volume across all sectors. In the dry Handymaxes led the way followed by

an increase in Panamax enquiry. As tankers are concerned, MR continued to dominate interest. Aframax tanker enquiries

made an impact as well; with a noticeable rise in volume.

M/V “Amalia” (75,100 DWT built in 2000 in Hitachi, JPN) is reported sold for the firm price USD 16,2 Mill to Greek buyers.

The vessel was originally contracted by present owners for USD 23 Mill. Previous reported sales where M/V “Washington

Trader” (74,247 DWT built in 2000 in Sasebo, JPN) / “Goldbeam Trader” (74,247 DWT built in 2001 in Sasebo, JPN) which

were sold for USD 15,5 Mill each on an enbloc deal.

Japanese owned Handymax M/V “Salvia” (48,265 DWT built in 2000 in Oshima, JPN) is reported sold for the fair price of

USD 14 Mill to Greek buyers.

LR1 tanker M/V “Torm Ugland” (73,708 DWT built in 2007 in New Century, CHN) is reported sold for USD 22,4 Mill to South

East Asian buyers.

M/V “Marcela Lady” (46,683 DWT built in 2004 in 3 Maj, CRO) is reported committed for USD 21,5 Mill to Chilean buyers.

The sale is in line with what Chileans as well paid for M/T “Ebony” (46,938 DWT built in 2004 in 3 Maj, CRO) two weeks ago.

NEWBUILDNGS

In the newbuilding market, we have seen 9 vessels reported to have been contracted.

2 Bulk Carrier (Supramax)

1 Tanker (MR)

6 Containers (2.200 TEU)

DEMOLITION

Buyers in Bangladesh started to show some interest. India had a quiet week because of the ending of their financial year,

although some more Reefers seem to have been fixed. Pakistan continued to absorb large tanker tonnages. China shows

signs of firming with buyers bidding on larger tonnages.

Sale & Purchase

12

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

Bulk Carriers

Week 13 Week 12 Change %

Capesize 35 35 0,00

Panamax 24 24 0,00

Supramax 23 23 0,00

Handysize 19 19 0,00

Tankers

VLCC 58 58 0,00

Suezmax 44 44 0,00

Aframax 33 33 0,00

Panamax 31 31 0,00

MR 25 25 0,00

Weekly Purchase Enquiries

SHIPTRADE P/E WEEKLY INDEX

0

50

100

150

200

250

300

350

01-07/3/2011

08-14/3/2011

15-21/03/2011

22-28/03/2011

29/03-4/4/2011

5/4/-11/4/2011

12-18/4/2011

19-25/4/2011

26/4-2/5/2011

3-9/5/2011

10-16/5/2011

17-23/5/2011

24-30/5/2011

31/5-6/6/2011

7-13/6/2011

14-20/6/2011

21-27/6/2011

28/6-4/7/2011

5-11/7/2011

12-18/7/2011

19-25/7/2011

26/7-1/8/2011

2-8/8/2011

9-15/8/2011

16-21/8/2011

22-29/8/2011

30/8-05/9/2011

06-12/9/2011

13-19/9/2011

20-26/9/2011

27/9-3/10/2011

4-10/10/2011

11-17/10/2011

18-24/10/2011

25-31/10/2011

1-7/11/2011

8-14/11/2011

15-21/11/2011

22-28/11/2011

29/11-5/12/2011

6-12/12/2011

13-19/12/2011

20-26/12/2011

27/12/2011-9/1/2012

10-16/1/2012

17-23/1/2012

24-30/1/2012

31/1-6/2/2012

7-13/2/2012

14-20/02/2012

21-27/02/2012

28/2-5/03/2012

6-12/03/2012

13-19/03/2012

20-26/03/2012

27/3-2/4/2012

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

Vogesailor 164.188 1996 AEASA, SPN 11/2016 B&W - 11.6 mill Undisclosed

Amalia 75.100 2000 Hitachi, JPN 01/2015 B&W - 16.2 mill Greek

Energy Prometheus 74.083 1998 Imabari, JPN 03/2013 B&W - 12 mill Undisclosed

Salvia 48.265 2000 Oshima, JPN 01/2015 B&W 4 X 25 T Region 14 mill Greek

Feyza 47.882 1984 Namura, JPN 05/2013 Sulzer 3 X 25 T 3.8 mill Middle Eastern

Ocean Belle 32.130 1999 Saiki, JPN 10/2014 Mit 4 X 30 T 10 mill Undisclosed

Diamond Glory 28.515 1997 Tsuneishi, JPN 08/2014 B&W 4 X 30 T 8.6 mill Syrian

Tankers Name Dwt DoB Yard SS Engine Hull Price Buyer

Torm Ugland 73.708 2007 New Century 03/2012 B&W DH 22.4 mill Tanker Pacific

Marcela Lady 46.683 2004 3 Maj, CRO 06/2014 Sulzer DH 21.8 mill Chilean

Friendship T 40.395 1991 Brodomosor, SER 07/2015 B&W DB 4 mill Undisclosed At auction

SC Chelsia 26.707 2000 Fincantieri, ITA 10/2015 Wartsila DH 12.25 mill Tunisian

At auction

Eleousa Trikoukiotisa 4.509 2000 Celiktanker, TRK 04/2015 Wartsila DH 3.4 mill Undisclosed At auction

Sale & Purchase

14

Newbuilding Orders

No Type Dwt / Unit Yard Delivery Owner Price 2 BC 58.000 Samjin 2014 Asia Pacific -

1 Tanker 52.000 HDM 2013 Scorpio 36 mill

6 Container 2.200 Guangzhou 2014 Lomar -

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

Al Mirqab Container 1983 35.615 12.861 India 488

(“as is” Khor Fakkan with sufficient fuel for voyage to WC India)

Eiger Reefer 1991 6.809 4.179 India 440

Nagoya Bay Reefer 1983 12.181 6.140 India 445

Northern Bell Tanker 1990 83.651 16.283 India 488

(“as is” Colombo with 200 T bunkers ROB)

Overseas

Rebecca Tanker 1994 94.853 17.045 India

485 (“as is” Singapore with 350 T ROB)

Seacrest Tanker 1991 154.970 20.179 Pakistan 475

(“as is” Singapore with 400 T bunkers ROB)

Seawave Tanker 1991 154.970 20.179 Pakistan 475

(“as is” Fujairah with 150 T bunkers ROB)

Demolition Prices ($ / Ldt)

Bangladesh China India Pakistan

Dry 455 420 455 450

Wet 485 435 485 480

Demolition Prices

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

Demolitions

16

Shipping Stocks

Commodities

Commodity Week 13 Week 12 Change (%) Brent Crude (BZ) 125 125 0,00

Natural Gas (NG) 2,19 2,18 0,46

Gold (GC) 1670 1685 -0,89

Copper (LME) 3,84 3,84 0,00

Wheat (W) 282 286 -1,40

Dry Bulk

Company Stock Exchange Week 13 Week 12 Change % Baltic Trading Ltd (BALT) NYSE 4,15 3,98 4,27

Diana Shipping Inc (DSX) NASDAQ 8,95 8,68 3,11

Dryships Inc (DRYS) NASDAQ 3,48 3,38 2,96

Euroseas Ltd (ESEA) NASDAQ 2,28 2,34 -2,56

Excel Maritime Carriers (EXM) NYSE 2,00 1,91 4,71

Eagle Bulk Shipping Inc (EGLE) NASDAQ 1,94 1,80 7,78

Freeseas Inc (FREE) NASDAQ 1,05 1,08 -2,78

Genco Shipping (GNK) NYSE 6,36 6,46 -1,55

Navios Maritime (NM) NYSE 4,20 4,22 -0,47

Navios Maritime PTN (NMM) NYSE 16,67 16,61 0,36

Paragon Shipping Inc (PRGN) NASDAQ 0,82 0,84 -2,38

Star Bulk Carriers Corp (SBLK) NASDAQ 0,90 0,94 -4,26

Seanergy Maritime Holdings Corp (SHIP) NASDAQ 3,32 3,55 -6,48

Safe Bulkers Inc (SB) NYSE 6,68 6,62 0,91

Golden Ocean Oslo Bors (NOK) 5,30 5,18 2,32

Tankers Capital Product Partners LP (CPLP) NASDAQ 8,11 8,01 1,25

Omega Navigation Enterprises (ONAV) NASDAQ 0,38 0,37 2,70

TOP Ships Inc (TOPS) NASDAQ 2,33 2,17 7,37

Tsakos Energy Navigation (TNP) NYSE 8,68 7,78 11,57

Other Aegean Maritime Petrol (ANW) NYSE 6,91 6,81 1,47

Danaos Corporation (DAC) NYSE 3,94 3,56 10,67

StealthGas Inc (GASS) NASDAQ 5,90 6,14 -3,91

Rio Tinto (RTP) NYSE 55,35 52,60 5,23

Vale (VALE) NYSE 23,33 22,85 2,10

ADM Archer Daniels Midland (ADM) NYSE 31,66 31,86 -0,63

BHP Billiton (BHP) NYSE 72,40 71,58 1,15

Financial Market Data

17

Currencies

Week 13 Week 12 Change (%) EUR / USD 1,33 1,32 0,76

USD / JPY 82,41 82,55 -0,17

USD / KRW 1133 1133 0,00

USD / NOK 5,73 5,77 -0,69

Bunker Prices

IFO 380 IFO 180 MGO Piraeus 720 752 1045

Fujairah 745 760 1060

Singapore 735 745 1020

Rotterdam 710 735 1024

Houston 725 760 1045

Port Congestion*

Port No of Vessels

China Rizhao 15

Lianyungang 36

Qingdao 85

Zhanjiang 33

Yantai 19

India

Chennai 5

Haldia 11

New Mangalore 29

Kakinada 5

Krishnapatnam 9

Mormugao 18

Kandla 29

Mundra 12

Paradip 14

Vizag 50

South America

River Plate 324

Paranagua 39

Praia Mole 18

* 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 13 of year

2012.

Financial Market Data / Bunker Prices / Port Congestion