WEEKLY SHIPPING

MARKET REPORT WEEK 33

- 15th July to 19TH August 2011 -

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

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Iron Ore-China steel futures rise for 2nd day, ore firm Shanghai rebar futures rose for a second session on Tuesday, supported by expectations a brisk construction sector will continue to prop up demand and output in top market China. Iron ore prices were benefitting from the resilience in China's steel prices, with spot rates staying firm although some mills are exercising caution in replenishing inventories, waiting for price dips before buying. The most-traded rebar contract on the Shanghai Futures Exchange gained 0.3 percent to 4,828 yuan a tonne by the midday break. Global crude steel output rose 11.5 percent from the previous year to 127.477 million tonnes in July as China's production remained strong, data from the World Steel Association showed on Monday. While total world output was down slightly from 127.746 million tonnes in June, the figure was still near the record 129.865 million tonnes produced in May. China's crude steel output hit 59.3 million tonnes in July versus a record 60.245 million tonnes in May. "China steel production has surprised people on the upside this year," Macquarie analyst Colin Hamilton told Reuters Insider. "The strength is in the construction sector... In China 55 percent of steel goes into infrastructure and construction, it is still at that stage of urbanisation and industrialisation. There is still plenty of growth to come." While global steel output this month may steady at current levels due to holidays in Europe and the Middle East and with China's output stabilising, production elsewhere may drop, said Steel Market Intelligence analyst Michelle Applebaum. "We suspect that production in North America and Asia will be down overall, as weak pricing and summer holidays have hastened summer maintenance outages and slower production overall," Applebaum said in a note. CAUTIOUS BUYING The strength in steel prices is boosting demand for iron ore, the key ingredient in making steel, although some mills are buying cautiously. "Prices are still quite high so unless it's necessary for mills to replenish their inventories, they would choose to wait and see," said a shipping manager for an iron ore trading firm in Shanghai. Data showing China's factory sector is likely to slow slightly for a second consecutive month in August as sluggish overseas demand sapped new orders is one cause for caution. HSBC's China Flash PMI, designed to preview China's factory output before official data is released, edged up to 49.8 in August, from July's final reading of 49.3. But that still left the index a touch below the 50-point mark that demarcates expansion from contraction in activity. HSBC publishes its final China PMI index for August on Sept 1. Offers for Indian 63.5/63-grade ore rose a dollar to $186-$188 a tonne, including freight, on Tuesday, although quotes for Australian material were steady, with Newman fines at $181-$183, according to Chinese consultancy Umetal. The ongoing monsoon season as well as congested ports have disrupted shipments out of India, the world's No. 3 iron ore supplier after Australia and Brazil.

"In one week, you can only see four to five cargoes from India when normally it's around 8-10 shipments," said the shipping manager. "But we are expecting some low-grade iron ore from India tomorrow, for 58 percent Fe and below." Iron ore with 62-percent iron content rose 50 cents to $177.80 a tonne on Monday, matching a level reached on Aug. 9, according to The Steel Index. Metal Bulletin's 62-percent reference price eased 11 cents to $177.33 and a similar gauge by Platts IODBZ00-PLT was steady at $179.50. (Reuters) Heidmar targets ETA Emirates Trading Agency’s (ETA’s ) shipping empire is under fire in the US following the collapse of a commodity swap contract with Heidmar. The Connecticut-based pool operator is looking to claw back over $7.7m by way of a “Rule B” attachment order that names the Dubai-based tanker and bulker owner and three of its foreign affiliates as defendants. (click HERE to read the complaint in full) According to court documents, ETA has failed to settle monthly payments tied to a bunker swap contract penned in 2008, which the company used as a hedge against risk associated with fluctuations in the marine fuel oil market. “If the floating commodity reference price was above the fixed price for the month, Heidmar owed an amount to ETA based on the price difference and the quantity; if the floating commodity reference was below the fixed price, ETA owed an amount to Heidmar based on the price difference and the quantity,” the lawsuit explains. Heidmar claims the owner breached a “Special Payment Schedule Agreement” it forged on 1 February 2009 whereby ETA promised to pay a minimum of $500,000 per month until the contracts were satisfied. The operator is looking to freeze cash and other assets controlled by ETA and Dolphin Maritime of Cyprus in addition to Panamanian affiliates Queen Marine and Emperor Marine, entities which made payments to Heidmar on behalf of the parent at various times during the swap contracts. While ETA-linked debts, freight and hire credits have landed in the crosshairs, funds held by the Registry of the Court at a New Haven, Connecticut branch of Bank of America and by Hedimar subsidiary Sigma Tankers, appear to be the plaintiff’s primary targets. As TradeWinds has reported, there was a time when ETA was considered the rising star of the Middle Eastern shipping universe but the company was hit hard by the financial crisis in late 2008. Since then, it has been mired in a string of lawsuits from other shipowners over defaults on charter hire and cancelled contracts. The actions have unravelled ETA’s complex corporate hierarchy and the reorganisation of its global empire, which helped the company shield its assets from creditors when financial difficulties began to unfold in 2009 and 2010, Heidmar claims. Headquartered in Dubai, ETA controls a fleet of 34 bulkers, tankers and products carriers, according to data from Clarksons. (Tradewinds)

Shipping , Commodities & Financial News

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In Brief: Indices continued the upward movement as a result of the sharp increase on the capesize market, and the other sizes followed the same way. At week’s closing, BDI gained 156 points, BCI gained 413 points, BPI gained 68 points, BSI gained 71 points, and BHSI gained 7 points. Capes: A positive week across both basins with rates continuously rising. In the Atlantic we noticed that many new enquiries have entered the market for both Transatlantic and Fronthaul. In the Transatlantic trade, rates improved from USD 10.000 per day of last week, close to USD 14.000 per day for BCI type vessels. On the Brazil/China route, rates began from USD 19.50 pmt at the beginning of the week, and climbed up to USD 22.00 pmt towards week’s closing. In the Pacific region, the iron ore majors were also active and covered about 15 vessels for the Australia/China trade. Rates improved from USD 8.25pmt up to USD 8.75 pmt basis. Panamax: Activity increased across both basins and rates followed the same trend. In the Atlantic many cargoes emerged the market which seemed to be in good balance with the available tonnage. Rates for Transatlantic round started from USD 14.000 per day and continued rising closer to USD 15.000per day. On the Fronthaul trade, rates moved upwards close to USD 22.000 basis Continent/Mediterranean sea delivery, while some vessels opening USG were indicating levels around USD 25.000 + 500.000 ballast bonus. ECSA was not as active as it used to be, since the grain season comes to an end. In the Pacific activity improved too, mostly driven by the Indonesian coal exports for end August dates. Rates for Pacific improved close to 10-11.000per day, while some Charterers were willing to pay up to USD 12.000 basis S. China delivery for a trip to India. Rates for NOPAC improved significantly with vessels reported fixed at levels close to USD 11.000 per day basis delivery N.China/Japan range. (M/V Achilles 76878/04’).

Supramax: Activity remained in good levels.

In the Atlantic region, market was tight especially for prompt tonnage. USG market remains strong with rates for East Med., direction at USD mid twenties, while for F.East direction fixtures reported at USD 30.000 per day. On the ECSA, rates for trips back to Continent/Mediterranean were at USD 14-15.000 basis West Africa delivery, or the equivalent ballast bonus on APS basis In the pacific, Indonesia remained the driving force with coal and nickel ore to China. Rates for Pacific round improved closed to USD 12.000 per day, and in some cases fixtures reported at higher levels close to USD 14.000 basis N.China delivery for trip via Indonesia with Nickel ore back to China. Handysize: Market followed the same trend. In the Atlantic basin we see the usual cargoes ex Mediterranean to ECSA, and many grain parcels ex Black Sea. Many of the cargoes are destined for N.Africa, while there were also many going towards East, for those who could consider the G.O.A transit. On the ECSA market grain parcels were not plenty and same happened also with the sugar parcels. In the Pacific basin, Indonesia lead the way with many stems of coal to China and India. Ex N.China, there is still plenty of clinker to destination Bangladesh, and some fresh inquiries of steel parcels to S.E.Asia.

Dry Bulk - Chartering

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

Index Week 33 Week 32 Change (%) BDI 1462 1287 13,60

BCI 2220 1851 19,94

BPI 1609 1520 5,86

BSI 1296 1255 3,27

BHSI 648 642 0,93

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

Type Size Week 33 Week 32 Change (%)

Capesize 160 / 175,000 13000 12000 8.33

Panamax 72 / 76,000 12000 12000 0.00

Supramax 52 / 57,000 13000 12500 4.00

Handysize 30 / 35,000 11200 11000 1.82

Average Spot Rates

Type Size Route Week 33 Week 32 Change %

Capesize 160 / 175,000

Far East – ATL 200 150 33.33

Cont/Med – Far East 30000 24000 25.00

Pacific RV 12100 9000 34.44

TransAtlantic RV 14000 10300 35.92

Panamax 72 / 76,000

Far East – ATL 4600 4000 15.00

ATL / Far East 22000 21300 3.29

Pacific RV 10400 9200 13.04

TransAtlantic RV 14700 14100 4.26

Supramax 52 / 57,000

Far East – ATL 7800 7400 5.41

ATL / Far East 20000 19700 1.52

Pacific RV 12000 10400 15.38

TransAtlantic RV 16000 15250 4.92

Handysize 30 / 35,000

Far East – ATL 5700 5500 3.64

ATL / Far East 15300 15000 2.00

Pacific RV 8200 8000 2.50

TransAtlantic RV 9300 9000 3.33

Dry Bulk - Chartering

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ANNUAL

JUNE 2011 – AUGUST 2011

Dry Bulk - Chartering

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Dry Bulk - Chartering

Capesize Routes – Atlantic 2010 / 11

Capesize Routes – Pacific 2010 / 11

Panamax Routes – Atlantic 2010 / 11

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Dry Bulk - Chartering

Panamax Routes – Pacific 2010 /11

Supramax Routes – Atlantic 2010 /11

Supramax Routes – Pacific 2010 / 11

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In Brief: The European Debt still concerns the Markets and especially the EU which is trying to find solutions to deal with the

present situation. Despite the global economic problems, commodities saw an increase in prices but this was not mirrored at the

freight rates of the tanker market, with many Shipowners and analysts discussing the prospects of continuance of the current

market levels and if so, for how long. Furthermore the price of Crude oil finished the week with no differentiation whatsoever.

VLCC: Owners in the n the Middle East where looking for the end of August and the beginning of the September cargoes to

witness an increase in demand, which unfortunately this has not happened yet. West Africa cargoes have found Eastern interest

and the rates were pushed slightly for trips to East coast India. Atlantic cargoes have not been easy to find and therefore rates

remained steady. Cargoes from the Caribs to West coast India increased slightly and towards Singapore remained relatively steady

due to competition.

Suezmax: Cargoes to the east where steady, although Western cargoes did not do so well. West Africa cargoes finished the week

with by WS 65 to US gulf and 70 for Europe and Black sea / Europe cargoes to the US Gulf finished the week at WS 57.5

Aframax: The sentiment was not positive for Cargoes to the East and hopes are that business will be better by next week. Med

cargoes move in low levels while in the Caribbean the week started positively, although in the weeks end Owners where seeing

WS 115.

Products: LR1’s in the Middle East enjoy upward trends due to the lack of tonnage positioned there, furthermore they seem to be

saving the day in the region also for LR2 rates, but this situation is frustrating. LR2’s had a disappointing week regarding Naphtha

cargoes with supply not being very promising for September for the time being. MR’s remain firm despite some signs of

weakening levels to the Far East. Med tonnages have not shown any signs of change although cross med cargoes are improving.

Continent cargo inquiries have shown positive signs.

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

Index Week 33 Week 32 Change (%)

BCTI 695 678 2,51

BDTI 689 698 -1,29

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

Type Size Week 33 Week 32 Change (%)

VLCC 300.000 22250 26000 -14.42

Suezmax 150.000 17500 19500 -10.26

Aframax 105.000 15250 15500 -1.61

Panamax 70.000 15000 15500 -3.23

MR 47.000 14000 14250 -1.75

Tanker - Chartering

Tanker - Chartering

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Crude Tanker Average Spot Rates

Type Size (Dwt) Route Week 33 WS

Week 32 WS

Change %

VLCC

280,000 AG – USG 35 35 0.00

260,000 W.AFR – USG 47.5 47.5 0.00

260,000 AG – East / Japan 47.5 45.5 4.40

Suezmax 135,000 B.Sea – Med 72.5 65 11.54

130,000 WAF – USAC 67.5 70 -3.57

Aframax

80,000 Med – Med 90 99 -9.09

80,000 N. Sea – UKC 97.5 112.5 -13.33

80,000 AG – East 115 121 -4.96

70,000 Caribs – USG 105 89 17.98

Product Tanker Average Spot Rates

Type Size (Dwt) Route Week 33 WS

Week 32 WS

Change %

Clean

75,000 AG – Japan 125 125 0.00

55,000 AG – Japan 145 135 7.41

38,000 Caribs – USAC 170 144 18.06

37,000 Cont – TA 150 152.5 -1.64

Dirty

55,000 Cont – TA 110 117.5 -6.38

50,000 Caribs – USAC 112.5 115 -2.17

Tanker - Chartering

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VLCC Trading Routes 2010 / 11

Suezmax Trading Routes 2010 / 11

Aframax Trading Routes 2010 / 11

Tanker - Chartering

Tanker - Chartering

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Clean Trading Routes – 2010 / 11

Dirty Trading Routes – 2010 / 11

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Mixed feelings…..

The overall sentiment remained the same with a small number of reported transactions. The Tanker sector has shown

signs of significant price reduction, with the price of USD 36 million paid more than a week ago for a 2000 built VLCC being

on the low side, compared to the last done VLCC which was sold for USD 51 mill a few months ago. Furthermore, the Dry

sector shows small signs of activity and one can presume that Buyers are taking their positions for their next purchases, as

prices levels have also been reducing during the last few months.

Highlights of the week are:

It seems that SK shipping is the buyer of M/V “Conches” (about 180.000 dwt built Sungdong Korea 2011) for USD 58 mill

with a TC attached at USD 26.000 / day.

Market information regarding the sale of a “Samho” owned resale Capesize built 2011 Imabari with Delivery Q4 2011 to

“Cyprus Maritime” for USD mid 40ies is contradicting. While the general feeling is that the vessel has been committed,

others report that this is not the case. Whichever is true, this provides new prices for buyers of capesize resales with

prompt delivery, bringing their prices from USD 56 mill paid in March to the mid 40’s today.

Movement on the panamax sector has been notable this week. The M/V “Samho Nicole” (about 77.000 dwt built Namura

JPN 2007) seems to have found a buyer for region USD 26 million, much less than the original asking price of excess USD 30

mill earlier this summer. Furthermore, the M/V “Coral Sea”( about 74.000, Tsuneishi JPN built 1997) seems to have found a

buyer for USD 15.8 mill.

Enquiries from the Far-East have been increasing, as buyers show an increasing interest for Handymax and Panamax

Bulkers built mid / late 80ies, nevertheless interest for modern vessels is still there. Furthermore, Buyers from the same

geographical region are showing an increasing interest for LR1 and Aframax tankers built late 90ies as well as modern ones.

European buyers are more interested for modern vessels, with further interest remaining for 90ies tonnage mostly in the

Dry sector, as European tanker owners seem to be more interested in modern tankers.

NEWBUILDNGS

In the newbuldings market, we have seen 17 vessels reported to have been contracted.

15 Bulk carriers (Supramax, Kamsarmax, Capesize)

2 LNG (155.000 CBM)

DEMOLITION

This week continued the weakening trend and indicative prices softened further. Bangladeshi and Indian buyers were not

very eager to discuss for new tonnages. Pakistani buyers were not eager to discuss and offer on previous levels and

followed the weakening trend. The Chinese market remained stable with some buyers discussing vessels for deliveries in

South China.

Sale & Purchase

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

Bulk Carriers

Week 33 Week 32 Change %

Capesize 40 43 -6.98

Panamax 27 30 --10.00

Supramax 26 26 0.00

Handysize 21 21 0.00

Tankers

VLCC 80 82 -2.44

Suezmax 54 55 -1.82

Aframax 41 40 2.50

Panamax 34 34 0.00

MR 26 26 0.00

Weekly Purchase Enquiries

Sale & Purchase

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Reported Second-hand Sales

Bulk Carriers Name Dwt DoB Yard SS Engine Gear Price Buyer

Conches 180.000 2011 Sungdong, KR - B&W -

58 mill (2.5 years TC

attached @ USD 26.000 / day)

SK Shipping

Imabari Resale 180.000 2011 Imabari, JPN - B&W - 43-45 mill Cyprus

Maritime

Samho Nicole 77.000 2007 Namura, JPN 03/2012 B&W - 26 mill Undisclosed

Coral Sea 73.900 1997 Tsuneishi, JPN 10/2012 B&W - 15.8 mill Undisclosed

Queen Flower 30.848 1997 Minami, JPN 03/2012 Mit 4 X 30 T Undisclosed Far Eastern

Federal Patroller 17.400 2000 Jingjiang, CHN 01/2015 B&W 2 X 40 T 19.5 mill Waterman

Tankers Name Dwt DoB Yard SS Engine Hull Price Buyer

Stavanger Eagle 45.898 2004 Kurushima, JPN 10/2014 Mit DH 23 mill Undisclosed

Pacific Luna 19.988 2010 Shintang, JPN 04/2015 B&W DH Undisclosed Undisclosed

Katernina M 12.937 1989 Inchon, JPN 01/2015 Wartsila DH 6.8 Undisclosed

LPG Name CBM DoB Yard SS Engine Hull Price Buyer

Dynamic Energy 82.000 2002 Kawasaki, JPN 09/2012 B&W DH 50 mill Each En bloc

Norwegian Dynamic Vision 82.000 2001 Kawasaki, JPN 09/2011 B&W DH

Eole 7.000 2000 Murakami, JPN 10/2015 B&W DH

15 mill (2 years TC

attached @ 355.000 / Month

Greek

Sale & Purchase

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Newbuilding Orders

No Type Dwt / Unit Yard Delivery Owner Price 2 + 2 BC 206.000 Waigaoqiao 2013 Polembros 53

2 + 4 BC 82.000 Waigaoqiao 2013 Chartworld 29.5

3 + 1 BC 58.000 Hyundai Mipo 2013 Aruna Denizcilik -

1 BC 64.000 Chengxi 2012 Goldwin Shipping -

2 LNG 155.000 HHI 2014 Dynagas 200

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

Newbuilding Resale Prices

Bulk Carriers

Capesize 50 51

Panamax 34 37

Supramax 31 34

Handysize 24 26

Tankers

VLCC 98 100

Suezmax 65 66

Aframax 47 48

Panamax 45 46

MR 34 36

Newbuilding Resale Prices

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

Newbuildings

$0,00

$20,00

$40,00

$60,00

$80,00

$100,00

$120,00

$140,00

$160,00

$180,00

Ap

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Au

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8

De

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Ap

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09

Au

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Au

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CAPESIZE

PANAMAX

SUPRAMAX

HANDYSIZE

$0,00

$50,00

$100,00

$150,00

$200,00

$250,00

April-08

August-08

Decem

ber-

April-09

August-09

Decem

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April-10

August-10

Decem

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April-11

VLCC

SUEZMAX

AFRAMAX

LR 1

MR

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Demolition Sales

Vessel Type Built Dwt Ldt Buyer Country Price Coast Range Tanker 1981 40.631 10.532 India 455 (as is Bahamas)

Sea trinity BC 1987 89.618 17.195 China 450

Demolition Prices ($ / Ldt)

Bangladesh China India Pakistan

Dry 500 450 495 485

Wet 525 465 520 510

Demolition Prices

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

Demolitions

0

100

200

300

400

500

600

700

800

April

08

Aug 0

8

Dec 0

8

April

09

Aug 0

9

Dec 0

9

Apr 1

0

Aug 1

0

Dec 1

0

April

11

$ /

Ld

t

Bangladesh

China

India

Pakistan

0

100

200

300

400

500

600

700

800

April

08

Aug 0

8

Dec 0

8

April

09

Aug 0

9

Dec 0

9

Apr 1

0

Aug 1

0

Dec 1

0

April

11

$ /

Ld

t

Bangladesh

China

India

Pakistan

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Shipping Stocks

Commodities

Commodity Week 33 Week 32 Change (%) Brent Crude (BZ) 109 109 0,00

Natural Gas (NG) 3,96 3,95 0,25

Gold (GC) 1886 1783 5,78

Copper (LME) 3,99 4,00 -0,25

Wheat (W) 331 323 2,48

Dry Bulk

Company Stock Exchange Week 33 Week 32 Change % Baltic Trading Ltd (BALT) NYSE 4,09 4,52 -9,51

Crude Carriers Corp (CRU) NYSE 8,12 6,60 23,03

Diana Shipping Inc (DSX) NASDAQ 8,04 8,06 -0,25

Dryships Inc (DRYS) NASDAQ 2,74 2,72 0,74

Euroseas Ltd (ESEA) NASDAQ 3,68 3,81 -3,41

Excel Maritime Carriers (EXM) NYSE 1,67 1,85 -9,73

Eagle Bulk Shipping Inc (EGLE) NASDAQ 1,80 1,86 -3,23

Freeseas Inc (FREE) NASDAQ 1,02 1,24 -17,74

Genco Shipping (GNK) NYSE 6,03 5,16 16,86

Navios Maritime (NM) NYSE 3,12 3,40 -8,24

Navios Maritime PTN (NMM) NYSE 14,50 15,44 -6,09

Paragon Shipping Inc (PRGN) NASDAQ 1,35 1,48 -8,78

Star Bulk Carriers Corp (SBLK) NASDAQ 1,43 1,51 -5,30

Seanergy Maritime Holdings Corp (SHIP) NASDAQ 3,15 3,86 -18,39

Safe Bulkers Inc (SB) NYSE 6,89 7,08 -2,68

Golden Ocean Oslo Bors (NOK) 4,15 3,95 5,06

Tankers Capital Product Partners LP (CPLP) NASDAQ 6,30 5,94 6,06

General Maritime (GMR) NYSE 0,51 0,53 -3,77

Omega Navigation Enterprises (ONAV) NASDAQ 0,27 0,33 -18,18

TOP Ships Inc (TOPS) NASDAQ 2,01 2,51 -19,92

Tsakos Energy Navigation (TNP) NYSE 6,35 6,99 -9,16

Other Aegean Maritime Petrol (ANW) NYSE 4,46 4,89 -8,79

Danaos Corporation (DAC) NYSE 3,73 3,93 -5,09

StealthGas Inc (GASS) NASDAQ 4,08 4,22 -3,32

Rio Tinto (RTP) NYSE 55,90 57,60 -2,95

Vale (VALE) NYSE 25,63 26,55 -3,47

ADM Archer Daniels Midland (ADM) NYSE 27,52 27,12 1,47

BHP Billiton (BHP) NYSE 77,61 80,70 -3,83

Financial Market Data

17

Currencies

Week 33 Week 32 Change (%) EUR / USD 1,43 1,4248 0,36

USD / JPY 76,52 76,67 -0,20

USD / KRW 1087 1078 0,83

USD / NOK 5,46 5,52 -1,09

Bunker Prices

IFO 380 IFO 180 MGO Piraeus 619 650 936

Fujairah 660 685 1065

Singapore 645 655 910

Rotterdam 620 640 930

Houston 618 650 940

Port Congestion*

Port No of Vessels

China Rizhao 27

Lianyungang 36

Qingdao 32

Zhanjiang 14

Yantai 14

India

Chennai 5

Haldia 20

New Mangalore 10

Kakinada 9

Krishnapatnam 6

Mormugao 5

Kandla 10

Mundra 8

Paradip 11

Vizag 28

South America

River Plate 322

Paranagua 87

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 33 of year

2011.

Financial Market Data / Bunker Prices / Port Congestion