WEEKLY SHIPPING

MARKET REPORT

WEEK 9

28th February – to 7th March

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

Why dry bulk shippers can benefit from China’s record new loans

Loans play an important role in helping an economy grow by stimulating consumption and investment and creating greater overall demand. In China, capital has primarily been supplied by bank loans. It’s crucial to note that almost all major banks in China are state-owned, which gives Beijing significant control over the economy by regulating new loans issuance. So watching for China’s monthly new loans will help investors better forecast future demand. Typically, there’s a surge in new loan issuance at the beginning of each year as financial institutions receive new quotas in order to earn more interest. So analyzing new loans data can be tricky—not only in the first few months of the year, but also at the end of a quarter because banks want to make their quarterly financial statements look better. However, the surge in this year is unusually high. For January, Chinese banks lent 1.32 trillion yuan worth of new loans, compared to 1.07 trillion yuan in January 2013. This figure beats a forecast of 1.1 trillion yuan, and it’s well above the 482.5 billion yuan recorded in December 2013. Monthly year-on-year growth in new loans has risen 23.36%, compared to 6.21% in December 2013.Even though China’s central bank has already called for mild growth in lending, January’s data was definitely higher than expected, which reflects the difficulty China’s central bank has in reining in loan growth. In February, the central bank issued bond repurchase agreements to drain excessive money from the market in order to cool down the lending boom. But as long as new loans don’t deteriorate significantly, they could spell a positive for China’s economy, the Guggenheim Shipping ETF (SEA) and dry bulk companies like Navios Maritime Partners LP (NMM), Navios Maritime Holdings Inc. (NM), Star Bulker Carriers Corp. (SBLK), and Knightsbridge Tanker Ltd. (VLCCF). Beijing policymakers are facing a dilemma right now. On the one hand, cheap loans are effective in boosting economic growth. On the other hand, the expansion of China’s informal banking system has resulted in an unprecedented level of debt obligations in this country. According to Morgan Stanley, China’s total private and public debt is now 215% of GDP, which poses a potential risk of an economic bubble to the world economy, owing to its large economic scale. Systemic reform should be on the way to reduce China’s dependence on cheap credit. We’re going to see some dramatic changes in China over the next few years, and these changes will be so profound that they can absolutely affect demand for major commodities and the dry bulk shipping industry. Market Realist will keep up with new economic trends in China.(Market Realist )

Iran's entry into oil market will have great impact -- expert

An Omani economic expert stressed here that Iran's re-entry into the oil market and the lifting of sanctions imposed on it would have a significant impact on the world oil market. Dr. Juma bin Saleh Al-Ghailani told Kuwait News Agency (KUNA) that Iran is a founding member in the Organization of Petroleum Exporting Countries (OPEC) and has a large oil reserve estimated at nearly 160 billion barrels, in addition to it (Iran) being one of the pillars of the (OPEC ) in the oil market. Al-Ghailani added that Iran always calls on OPEC member states to increase their oil prices to impact on the economies of the Western countries, pointing out that Iran has sharp internal economic problems as a result of the sanctions imposed by the Western countries, prompting Tehran to call for raise of the world oil prices. He said that in the long run, Iran's re-entry into the world oil market will have a limited impact due to two factors; first, because Saudi Arabia is always trying to maintain reasonable oil prices, whereas the second factor is that the OPEC system allows Riyadh to increase production to cover

needs of the international oil market and to curb global prices. He stressed future of the oil market remains mysterious because OPEC has been unable to play the role that it used to practice over the past five decades, noting that the United States and Canada, possibly within the next three years, will be a major player in the international oil market. (KUNA)

Traditional and modern ways of shipping finance

The shipping industry has faced its worst crisis during the last 25 years. The limited liquidity of the shipping market and the trend of banks to limit their exposure have made shipowners to find new methods of financing their investment projects. Traditional lenders such as Germany’s Commerzbank and HSH Nordbank and the UK’s Lloyds and RBS are either exiting the market or trying to reduce exposure. It is worth noting that during 2013 shipping companies have raised more than $8bn from stock exchanges of Oslo and New York. The truth is that equity funds remain a small player because traditional debt financing offers $250bn annually while during 2008 this figure was close to $500bn! In addition, institutional investors such as private equity and hedge funds have emerged and play a key role in the shipping industry. From 2010 to 2013 nearly $15,6bn private equity funds have been invested, while $5bn of shipping loans have changed hands during the latest year. Michael Dell, founder of Dell, has invested $33M in acquiring 9,8% share of Stealthgas capital as LPG shipping sector highlights strong demand and small orderbook. "We are extremely excited and proud that one of the United States' major billionaires is investing with us" said Harry Vafias, founder of Stealthgas. Other examples are Oaktree Capital Management which took a large stake in Floatel Maritime and York Capital Management which formed a joint venture with Greek Costamare Inc. to buy five containerships for more than $190M. Most analysts express their opinion that investors have targeted attractive sectors of the market, especially product tankerts, LPG and LNG. They also mention that the main difference between traditional shipowners and private equity funds is that while the first tend to hold their vessels for 25 years, the second aim to quick profit by listing companies or selling their vessels when ship valuations and charter rates recover. Finally, one major concern is that the problem of oversupply may be augmented because fleet growth for 2016 accelerates as the prices for newbuildings are low and the rates appear to have positive prospects. (written by John Nikolaou, )

Shipping , Commodities & Financial News

Unpredictable developments - silent optimism

The ongoing political crisis in Ukraine is what has drawn our attention recently, with analysts and market players still unable to predict what could be the effects on the market. In the meantime, recent improvement of Capesize rates in both basins, with the BCI ending the week very close to the 3,000 mark, had a slight positive impact on the overall sentiment in the dry segment, while in the wet segment, expectations (not great though) for VLCC and Suezmax rates have been created on the back of increased demand for such tonnage. On the S&P front, activity was there for yet another week, as we are reporting a few interesting transactions. In the dry segment, the “HB Angel”, a Kamsarmax resale ex China with delivery in April 2014 was sold for $27 mill. and the 2012 built Panamax “Seacon 9” changed hands for $22 mill. to Greek buyers, while the “Top Glory”, a 2005 Tsuneishi built Panamax is thought to have fetched $22.8 mill. from her new recipients, “Target Marine” of Greece. Of extreme interest was the sale of the 2012 IHI built Supramax “White Halo” to Greeks for slightly excess $30 mill., which has further strengthened the already established big price differential between Japan and China built units, whereas the 4 ho ha 1995 built handysize “Bavarian Trader” seems to have found her new owners, for $6.2-6.3 mill. In the wet segment, “Ridgebury Tankers” have further added to their fleet 3 modern Ice class Suezmax tankers from 2 different owners, namely the 2007 built “Prisco Mizar” and “Ice Traveller”, as well as the 2006 built “Ice Explorer”, while Indonesian buyers are thought to be the recipients of the 1999 built Aframax “Elise Schulte”, in a sector where prices for modern units are expected to improve due to the lack of sale candidates.

Shiptrade’s enquiry index was slightly increased by about 3% this week. In the dry segment, enquiries have been increased by about 12% comparing with last week’s. Handies gained about 13%, furthermore indices for Handymax/Supramax, Panamax were improved by about 7% and 9% respectively, and on the other hand the Capesize have been decreased by about 35%. The wet sector this week has lost about 14% comparing with last week, the interest for MRs unlikely with the general feeling on the wet sector, were increased by 45%, Panamaxes have shown a depreciation of about 33%, the relevant indices for Aframax, Suezmaxes were reduced by 77% and

VLCCs were as well reduced by 75%

NEWBUILDINGS

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

9 Bulk Carriers (Capesize, Ultramax, Handysize)

4 Tankers (MR)

DEMOLITION

With China remaining absent in terms of activity (with the exception of government vessels), everyone’s attention is towards the subcontinent, with the industry experiencing sales at very firm levels and competition being heavy, while at the same time, it looks like cash buyers show an intention to support or justify their previous high priced purchases by keeping prices at similar levels. Other than that, the available tonnage is not enough to satisfy existing demand (with the exception of panamax sized containers), with sentiment being positive, backed up by stability in currencies across all three markets, as well as by local steel plate prices remaining good. Bangladesh seems to have stepped aside a bit due to local buyers having imported a considerable amount of units since the beginning of the year, with the number of those deliveries pushing prices lower, while Pakistan is the market today for large tonnage, with local demand translated to good levels. Add to this Bangladesh’s unwillingness to compete, and there you have it: this period is ideal for Pakistan to acquire tonnage.

Sale & Purchase

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

Bulk Carriers

Week 9 Week 8 Change %

Capesize 41 41 0,00

Panamax 26 26 0,00

Supramax 25 25 0,00

Handysize 19 19 0,00

Tankers

VLCC 59 59 0,00

Suezmax 43 43 0,00

Aframax 33 33 0,00

Panamax 30 30 0,00

MR 27 27 0,00

Weekly Purchase Enquiries

SHIPTRADE P/E WEEKLY INDEX

-50

0

50

100

150

200

250

300

350

400

450

2-8

/5/2

01

2

9-1

5/5

/20

12

16-2

2/5

/2012

23-2

9/5

/2012

30/5

-5/6

/2012

6-1

2/6

/20

12

13-1

9/6

/2012

20-2

6/6

/2012

27/6

-3/7

/2012

4/7

-10/7

/2012

11/7

-17/7

/2012

18-2

4/7

/2012

25-3

1/7

/2012

1-7

/8/2

01

2

8-1

4/8

/20

12

15-2

1/8

/2012

22-2

8/8

/2012

29/8

-4/9

/2012

5-1

1/9

/20

12

12-1

9/9

/2012

19-2

5/9

/2012

26/9

-2/1

0/2

012

3-9

/10/2

012

10-1

6/1

0/1

2

17-2

3/1

0/1

2

24-3

0/1

0/1

2

31/1

0-6

/11/1

27-1

3/1

1/1

2

14-2

0/1

1/1

2

21-2

7/1

1/1

2

28/1

1-4

/12/1

25-1

1/1

2/1

2

12-1

8/1

2/1

2

19/1

2/1

2-8

/1/1

39-1

5/1

/13

16-2

2/1

/13

23-2

9/1

/13

30/1

-5/2

/13

6-1

2/2

/13

13-1

9/2

/13

20-2

6/2

/13

27/2

-5/3

/13

6-1

2/3

/13

13-1

9/3

/13

20-2

6/3

/13

27/3

-2/4

/13

3-9

/4/1

310-1

6/4

/13

17-2

3/4

/13

24-3

0/4

/13

1-7

/5/2

01

3

8-1

4/5

/20

13

15-2

1/5

/13

22-2

8/5

/13

29/5

-4/6

/13

5-1

1/6

/13

12-1

8/6

/13

19-2

5/6

/2013

26/6

-2/7

/2013

3-9

/7/2

01

3

10-1

6/7

/2013

17-2

3/7

/2013

24-3

0/7

/2013

31/7

-6/8

/13

7-1

3/8

/20

13

14-2

0/8

/2013

21-2

7/8

/2013

28/8

-03/9

/2013

04-1

0/9

/2013

11-1

7/9

/2013

18-2

4/9

/2013

25/9

-1/1

0/2

013

2-8

/10/2

013

9-1

5/1

0/2

013

16-2

2/1

0/2

013

23-2

9/1

0/2

013

30/1

0-5

/11/2

013

6-1

2/1

1/1

3

13-1

9/1

1/2

013

20-2

6/1

1/2

013

27/1

1-0

3/1

2/2

013

4-1

0/1

1/1

3

11-1

7/1

2/1

3

18-2

4/1

2/1

3

25-3

1/1

2/1

31-7

/1/1

48-1

7/1

/14

18-2

4/1

/14

25-3

1/0

1/2

014

1-7

/2/2

01

4

8-1

4/2

/20

14

15-2

1/0

2/2

014

22-2

8/0

2/2

014

01-0

7/0

3/2

014

Korea China Spore KCS

Greece Other SUM

Sale & Purchase

Reported Second-hand Sales

Bulk Carriers Name Dwt DoB Yard SS Engine Gear Price Buyer

HB Angel 81.728 2014 Wuchang

Qingdao, Chn - B&W - $27.000.000 Greek

Top Glory 76.508 2005 Tsuneishi, Jpn 05/2015 B&W - $22.800.000 Greek (Target

Marine)

Seacon 9 74.844 2012 Ningbo, Chn 06/2017 B&W - $22.000.000 Undisclosed

White Halo 55.830 2012 IHI, Jpn 04/2017 Wartsila 4 X 30 T $30.150.000 Greek

Bavarian Trader 23.483 1995 Mitsubishi, Jpn 03/2015 Mit 3 X 30 T $6.200.000 Greek

Tankers

Name Dwt DoB Yard SS Engine Hull Price Buyer

Prisco Mizar 166.468 2007 Hyundai, Kr 07/2017 B&W DH, Ice

1A $40.000.000 Ridgebury

Ice Traveller 146.356 2007 Universal, Jpn 01/2017 B&W DH, Ice

1A $44.200.000 Ridgebury

Ice Explorer 146.427 2006 Universal, Jpn 09/2016 B&W DH, Ice

1A $41.200.000 Ridgebury

Elise Schulte 106.122 1999 Namura, Jpn 06/2014 Sulzer DH $12.400.000 Indonesian

Flanders Harmony (lpg)

64.220 1992 Boelwerf, Bel. 12/2017 Sulzer - $36.200.000 Undisclosed

Shimanami Sunshine 47.999 2004 Koyo, Jpn 07/2014 B&W DH Undisclosed Undisclosed

Fulmar 39.521 1989 Onomichi, Jpn 07/2013 B&W DH,

epoxy coated

$4.500.000 West African

Containers

Name Teu DoB Yard SS Engine Gear Price Buyer

OOCL Shenzhen 8.063 2003 Samsung, Kr 04/2018 B&W - $53.000.000 (each en bloc)

American OOCL 8.063 2003 Samsung, Kr 03/2018 B&W -

Santa Victoria 5.762 2001 Samsung, Kr 09/2016 B&W - $14.000.000 (each en bloc)

European Santa Virginia 5.762 2002 Samsung, Kr 01/2017 B&W -

Sale & Purchase

Newbuilding Orders

No Type Dwt / Unit Yard Delivery Owner Price 1 BC 250.000 Beihai 2016 Sincere Navigation 64 2 BC 64.000 Avic Wehai 2016 Ceylon Shipping 26 2 BC 64.000 Jinling 2016 Swiss Marine 26 2 BC 64.000 Yangfan 2016 D’ Amico 26 2 BC 39.000 Yangfan 2016 D’ Amico 23 2 Tanker 50.000 Minaminippon 2017 AP Moller 2 Tanker 45.000 Minaminippon 2016 MOL

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

Newbuilding Resale Prices Bulk Carriers

Capesize 48 42 Panamax 28 29 Supramax 25 26 Handysize 20 22

Tankers VLCC 90 80 Suezmax 57 54 Aframax 46.5 37 Panamax 40 37.5 MR 34 36

Newbuildings

Demolition Sales

Vessel Type Built Dwt Ldt Buyer Country Price

Winning Price BC 1984 145.143 23.293 Bangladesh 439 (as is Singapore including 150T rob)

Naxos Warrior BC 1990 149.989 17.472 Pakistan 460 Eurocargo Africa RORO 1981 20.731 13.221 India 484

Achilleas BC 1985 35.458 8.700 Turkey

$2.700.000 (sold via auction at Cyprus, engine room

damaged from fire) Cabot RORO 1979 10.926 7.500 India 316 (as is Halifax)

Mistral BC 1984 28.503 7.231 India 470

Demolition Prices ($ / Ldt)

Bangladesh China India Pakistan

Dry 430 350 430 430

Wet 450 360 450 460

Demolitions

In Brief: Capesize: Healthy times on the horizon.

The general trend during the last period that rates for capes would increase further keeps becoming

reality, as the market made some nice increases during week 10. The picture of week 09 was present

also during week 10; cape requirements with more forward dates are negotiated at a premium, and

this is clearly a notable detail to keep in mind for the next few weeks. As far as numbers are

concerned, 180k tonnages are now fixed at 30k levels for 1 year period. As a final note, the picture

appears quite encouraging.

Panamax: Under pressure currently, healthy medium term expectations. Atlantic remains under pressure since last week. In short, transatlantic rounds are now fixed at 4-5k down from 5.5-7k of week 09, clearly below costs. Hire rates in the Pacific market on the other hand are certainly at healthier levels. Pacific rounds are rated at around 11k, but nevertheless a slight pressure is present in this market as well, as compared to the picture of week 09. Fronthaul is rating around 15/16k, also suffering a decrease from last week’s rates, mainly due to the limited number of fresh i.ore and grain requirements. The good news come from the period market, where rates for 11/13 months appear stable at around 14k.

Supramax: Positive sentiment

The sentiment is the market is now positive. The week began with the index at 1107 points up by

4 last weeks and continue to climp up slowly. As a result this weeks closing was at 1131 points.

In the Atlantic basin tonnages for the usual TA round were fixed at USD 11.000 – 12.000. For a

Pacific RV tonnages were fixed at USD 11.000 – 12.000. Regarding periods tonnages fixed around

USD 13.000 for 3 – 5 months

Handysize: : Same mood.

The handy size market started with the BHSI index remaining at similar levels as last weeks closing

down by 3 points at 666 points during the week the index slightly fall as a result the BHSI index in

the end of the week closed at 663 points. Operators continue to ask tonnages for short periods up

to 1 year but at the moment owners prefer single trips.In the Atlantic basin tonnages for a TA RV

were fixed at USD 10.000 – 11.000. In Pacific basin the market tonnages for Pacific RV were fixed

at USD 8.500 – 9.500. Regarding period market tonnages fixed around USD 9.000 – 10.000 for 4 – 6

months.

Dry Bulk - Chartering

Baltic Indices – Dry Market (*Friday’s closing values) Index Week 9 Week 8 Change (%)

BDI 1543 1258 22,66

BCI 2980 2084 42,99

BPI 1075 1099 -2,18

BSI 1131 1103 2,54

BHSI 663 669 -0,90

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

Type Size Week 9 Week 8 Change (%)

Capesize 160 / 175,000 24293 14296 69,93

Panamax 72 / 76,000 8651 8848 -2,23

Supramax 52 / 57,000 10704 11530 -7,16

Handysize 30 / 35,000 9654 9700 -0,47

Average Spot Rates Type Size Route Week 9 Week 8 Change %

Capesize 160 / 175,000

Far East – ATL 4318 -841 -

Cont/Med – Far East 43955 30760 42,90

Far East RV 23659 16832 40,56

TransAtlantic RV 20500 10435 96,45

Panamax 72 / 76,000

Far East – ATL 1667 1704 -2,17

ATL / Far East 15960 16123 -1,01

Pacific RV 11226 11559 -2,88

TransAtlantic RV 5750 6007 -4,28

Supramax 52 / 57,000

Far East – ATL 5700 5075 12,32

ATL / Far East 18000 18688 -3,68

Pacific RV 11900 10489 13,45

TransAtlantic RV 11800 19561 -39,68

Handysize 30 / 35,000

Far East – ATL 3350 3400 -1,47

ATL / Far East 14700 14900 -1,34

Pacific RV 9000 8500 5,88

TransAtlantic RV 10300 11000 -6,36

Dry Bulk - Chartering

VLCC: Rates on Middle East – Far East route were reduced by 2 points last week and concluded at ws52,

the Atlantic route reduced as well by 5 points and concluded at ws55, the AG-USG declined also by 3

points and concluded at ws33.

Suezmax: WAFR-USAC route was increased by 15 points and concluded at ws67.5. The B.SEA-MED also

improved this week by 7.5 points and concluded at ws65.

Aframax: The NSEA-UKC route was declined by 2.5 points and concluded at ws90. The AG-East route

also suffered a decline by 5 points concluded at ws100. The MED-MED was increased by 1.25 points and

concluded at ws85.

Panamax: The CBS-USG was declined by 10 points and concluded at ws100.

Products: USG-Cont lost 2.5 points and concluded at ws120. The CONT-TA route also reduced by 5

points and concluded at ws100.

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

Index Week 9 Week 8 Change (%)

BCTI 629 597 5,36

BDTI 726 761 -4,60

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

Type Size Week 9 Week 8 Change (%)

VLCC 300.000 25,000 24,500 2,04

Suezmax 150.000 20,000 20,000 0,00

Aframax 105.000 14,500 14,500 0,00

Panamax 70.000 14,250 14,250 0,00

MR 47.000 14,500 14,500 0,00

Tanker - Chartering

Crude Tanker Average Spot Rates

Type Size (Dwt) Route Week 9 WS

Week 8 WS

Change %

VLCC

280,000 AG – USG 33 36 -8,33

260,000 W.AFR – USG 55 60 -8,33

260,000 AG – East / Japan 52 54 -3,70

Suezmax

135,000 B.Sea – Med 65 57,5 13,04

130,000 WAF – USAC 67,5 52,5 28,57

Aframax

80,000 Med – Med 85 83,75 1,49

80,000 N. Sea – UKC 90 92,5 -2,70

80,000 AG – East 100 105 -4,76

70,000 Caribs – USG 100 110 -9,09

Product Tanker Average Spot Rates

Type Size (Dwt) Route Week 9 WS

Week 8 WS

Change %

Clean

75,000 AG – Japan 84 80 5,00

55,000 AG – Japan 108 106 1,89

38,000 Caribs – USAC 107,5 112,5 -4,44

37,000 Cont – TA 140 105 33,33

Dirty

55,000 Cont – TA 120 122,5 -2,04

50,000 Caribs – USAC 150 160 -6,25

Tanker - Chartering

Shipping Stocks

Dry Bulk

Company Stock Exchange Week 9 Week 8 Change % Baltic Trading Ltd (BALT) NYSE 7,49 6,40 17,03

Diana Shipping Inc (DSX) NASDAQ 13,47 12,69 6,15

Dryships Inc (DRYS) NASDAQ 3,98 3,66 8,74

Euroseas Ltd (ESEA) NASDAQ 1,37 1,35 1,48

Excel Maritime Carriers (EXM) NYSE 0,01 0,01 0,00

Eagle Bulk Shipping Inc (EGLE) NASDAQ 5,17 4,49 15,14

Freeseas Inc (FREESE) NASDAQ 2,07 1,72 20,35

Genco Shipping (GNK) NYSE 1,70 1,50 13,33

Navios Maritime (NM) NYSE 11,40 9,54 19,50

Navios Maritime PTN (NMM) NYSE 17,80 17,42 2,18

Paragon Shipping Inc (PRGN) NASDAQ 7,83 6,68 17,22

Star Bulk Carriers Corp (SBLK) NASDAQ 14,61 11,34 28,84

Seanergy Maritime Holdings Corp (SHIP) NASDAQ 1,83 1,69 8,28

Safe Bulkers Inc (SB) NYSE 11,26 10,41 8,17

Golden Ocean (GOGL) Oslo Bors (NOK) 13,48 13,03 3,45

Tankers Capital Product Partners LP (CPLP) NASDAQ 10,86 10,46 3,82

TOP Ships Inc (TOPS) NASDAQ 1,36 1,35 0,74

Tsakos Energy Navigation (TNP) NYSE 7,02 6,74 4,15

Other Aegean Maritime Petrol (ANW) NYSE 10,49 9,95 5,43

Danaos Corporation (DAC) NYSE 6,60 6,24 5,77

StealthGas Inc (GASS) NASDAQ 11,20 10,26 9,16

Rio Tinto (RIO) NYSE 53,43 57,68 -7,37

Vale (VALE) NYSE 13,23 14,33 -7,68

ADM Archer Daniels Midland (ADM) NYSE 41,37 39,89 3,71

BHP Billiton (BHP) NYSE 66,56 69,31 -3,97

Commodities

Commodity Week 9 Week 8 Change (%) Brent Crude (BZ) 108,88 108,66 0,20

Natural Gas (NG) 4,63 4,57 1,31

Gold (GC) 1338 1331 0,53

Copper 308,90 319,60 -3,35

Wheat (W) 308,73 291,10 6,06

Financial Market Data

Currencies

Week 9 Week 8 Change (%) EUR / USD 1,38 1,38 0,00

USD / JPY 103,38 102,02 1,33

USD / KRW 1060 1067 -0,66

USD / NOK 5,98 5,98 0,00

Bunker Prices

IFO 380 IFO 180 MGO Piraeus 595 625 925

Fujairah 603 638 982

Singapore 596 610 906

Rotterdam 577 606 878

Houston 587 657 1002

Port Congestion*

Port No of Vessels

China Rizhao 20

Lianyungang 23

Qingdao 37

Zhanjiang 43

Yantai 47

India Chennai 21

Haldia 35

New Mangalore 35

Kakinada 28

Krishnapatnam 25

Mormugao 23

Kandla 20

Mundra 16

Paradip 22

Vizag 19

South America River Plate 121

Paranagua 22

Praia Mole 24

* 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 9 of year 2014.

Financial Market Data / Bunker Prices / Port Congestion