WEEKLY SHIPPING

MARKET REPORT WEEK 45

- 6th November – to 13th November 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

Shanghai maps out future port growth

City authorities have mapped out the future 30 years development of the world’s largest port, and with an eye on limited draft availability in the vicinity, the area of Hengshaqiantan has been earmarked for extensive dredging. The area, which is to the east of the city centre (see map), will house berths capable of handling VLOCs and VLCCs and even ULCCs up to 500,000 dwt. Hengshaqiantan is a series of tidal flats in the East China Sea just to the east of Baoshan. Authorities reckon the new port area could double the capacity of Shanghai port. Authorities report that many berths in Shanghai are already operating beyond their design capability. “While this looks a tough engineering ask, given its exposed position out to sea, you can never doubt Shanghai’s willpower to get infrastructure projects done,” one ports consultant told SinoShip News. It was seven years ago that Shanghai opened up its ambitious Yangshan deepwater port, situated some 32km southwest from the city centre, to relieve the pressure from the more cramped berths at Waigaoqiao. Now Hengshaqiantan will mark the future development of the city’s port ambitions. (Sino Ship News)

Russian iron ore exports down 6pct in January-September

According to the State Statistics Committee of Russia, in the January to September period of the current year Russia's exports of iron ore decreased by 6% compared to the same period of last year to 19.034 million tonne worth a total of USD 1.948 billion, down 17.9% YoY. In the January to September period, Russian exports of coal increased by 17.6% YoY to 94.05 million tonne, worth a total of USD 9.687 billion, up 21.1% YoY. In the given period, Russia exported 1.638 million tonne of coke and semi coke, up 23.6% YoY, worth a total of USD 409.7 million, up 4.1% YoY (Steel Orbis)

Japan’s domestic special steel orders down 13.9% in Q3

According to the data released by the Japan Iron and Steel Association,

steel product orders, including specialty steels, booked by domestic steel

consuming sectors in Japan in September this year amounted to 6.87

million metric tons, decreasing by 3.8 percent compared to August and

down eight percent year on year.

In the third quarter of the year, ordinary steel product orders booked by

domestic steel consuming sectors in Japan amounted to 17.2 million mt,

decreasing by 2.6 percent from the previous quarter and up 0.6 percent

year on year, while special steel product orders fell by 8.2 percent

compared to the second quarter of this year and were down by 13.9

percent from the third quarter of 2011, amounting to 4.3 million mt.

In the third quarter of this year, ordinary steel product orders in Japan

booked by the domestic construction sector increased by 3.3 percent

quarter on quarter to 2.75 million metric tons - up 13.5 percent year on

year, while steel product orders booked by the Japanese automotive

sector, including specialty steel, amounted to 3.2 million metric tons,

falling by 4.1 percent as compared to the previous quarter and down 13.5

percent year on year. Japan's shipbuilding industry booked 1 million

metric tons of ordinary steel products in the third quarter, declining by

7.3 percent quarter on quarter and down 20 percent as compared to the

same quarter of 2011. (Steel Orbis)

China's crude oil processing to increase in November

Refineries owned by China's two oil giants, PetroChina Co Ltd and Sinopec Corp, plan to process some 31 million metric tons of crude oil in November, according to ICIS C1 Energy, a Shanghai-based energy information consultancy. In November, PetroChina plans to process about 12 million tons with a daily output of 405,000 tons, a 1.98 percent increase compared with the previous month. Sinopec plans to process about 18.90 million tons of crude oil with a daily output of 631,000 tons this month, 5.7 percent up on the figure for October, the consultancy's report said. The reason for the refining increase is growing demand for oil in the fourth quarter and reduced maintenance of refineries. The two oil giants currently have a refining capacity of 456 million tons a year, accounting for 67 percent of the country's total capacity, the consultancy said. (China Daily)

Shipping , Commodities & Financial News

2

In Brief: Marginally decreased levels Capes: Negative trend in both hemispheres. Unfortunately that short period of steadiness didn’t last and rates were somewhat dicreassed. BCI index at the end of the week was down by 99 points to 2203. In the Atlantic region, this was a quite week with fronthaul trips ex Cont/Med keeping the downward trend and reported fixing at around USD 27000, decreased by some USD 1500. Tubarao/Qingdao route yielded TCE of about 21000. Transantlantic round voyages closed at USD 13000 levels. In the Pacific basin, iron ore trade ex Australia remained rather slow and round trips reported fixing at USD 16000 levels, down by 2000 than last week. As far as short period is concerned, there were some fixtures at USD 12000 daily for 12 months. Panamax: Negative trend continues. At the beginning of the week BPI index was at 757 closing down by 35 points at 722 on Friday. In the Atlantic region, this was also a quite week with very few fresh requirements outnumbered by spot tonnage. Transatlantic round voyages were seen fixing at USD 3500-4000 daily. Fronthaul trips ex US Gulf were fixed at around USD 14000 plus a ballast bonus of USD 400K whilst fronthaul trips ex Continent were fixed at around USD 13000 daily. In the Pacific basin the overall scene was rather steady with some coal requirements ex Indonesia being fixed. Pacific round voyages were mostly reported fixing at USD 7000 levels. There was some movement reported on the short period market, with some fixtures on 4/8 months basis at USD 7000-7500 levels daily. Supramax: Negative trend in Atlantic. Steady in Pacific Another bad week for the Supramax market as the BSI lost 20 points within a week,closing at 649 points after reaching week's low at 644 points. Owners prefer to trade within the Pacific basin avoiding Fronthauls, as the Atlantic has shown a shortage in demand which results to a certain balance between cargoes and available tonnage. Trips from ECSA to Med/Cont pay around USD 8,000 but the demand for such trips has declined over the past week. Fronthauls ex USG to FEast pay around USD 14,000 whereas USG to Skaw/Passero only USD 9,000. BSea to Feast trips were done at around USD 10,000. The Pacific market, has been the main area of interest for owners due to the fact that more firm cargoes were available. NOPAC rounds pay approximately USD 7,500 plus 300k GBB. The Indian Iron Ore market has been signficantly quiet with ECI to China paying around USD 3,000 and WCI to China approximately USD 4,000. The Indian Iron Ore market is still weakening throung the week with Supras being fixed for Indo/India orders with dely Singapore at levels around USD 9/10,000. RBCT has been unchanged with fixtures at USD 8000 + 200K ballast bonus on an aps bss.Regarding Ferts from Red Sea to India there has not been any substantial difference compared to week 44, with cargoes being fixed at levels around USD high teens. Short period rates for large Supras are hovering around USD 8,000 but with not much activity being seen for another week. Handysize: Stable week with low rates The transatlantic was done at around USD 6,500 levels as Brazil/Argentina remained short of cargoes with many open vessels there plus the tonnage opening at West Africa. Trips ex Continent were paying about USD 7/7,500 for EMED and bit less for the typical grains ex Rouen to Algeria. USG remained at similar levels with reported fixture at USD 6,750 daily to ARAG range. EMED/BSEA kept producing firm orders, though at relatively low rates with intra med trips paying USD 6,000 aps Canakkale to Adriatic. In Pacific the market resumed not to firm up and best fixtures were ex North China/Korea at USD 8,000 to SEASIA and USD 9,000 to ECI and. USD 6,500 to Continent. ECI was dead with vessels opening there seeing numbers around USD 3/4,000 daily to china and modern handy was fixed at USD 4,500 dop to PG. Trips ex PG/WCI remained at around USD 4,500 to China/Seasia. The period front was inactive.

Dry Bulk - Chartering

3

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

Index Week 45 Week 44 Change (%)

BDI 940 986 -4,67

BCI 2203 2304 -4,38

BPI 722 766 -5,74

BSI 649 669 -2,99

BHSI 407 422 -3,55

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

Type Size Week 45 Week 44 Change (%)

Capesize 160 / 175,000 12000 12000 0,00

Panamax 72 / 76,000 7000 7500 -6,67

Supramax 52 / 57,000 8500 9000 -5,56

Handysize 30 / 35,000 7000 7250 -3,45

Average Spot Rates

Type Size Route Week 45 Week 44 Change %

Capesize 160 / 175,000

Far East – ATL 1500 1500 0,00

Cont/Med – Far East 27250 28750 -5,22

Far East RV 16000 18000 -11,11

TransAtlantic RV 13500 13000 3,85

Panamax 72 / 76,000

Far East – ATL -900 -900 -

ATL / Far East 13250 14000 -5,36

Pacific RV 7250 7000 3,57

TransAtlantic RV 3500 4500 -22,22

Supramax 52 / 57,000

Far East – ATL 4520 4250 6,35

ATL / Far East 9500 10000 -5,00

Pacific RV 7000 7100 -1,41

TransAtlantic RV 6500 6750 -3,70

Handysize 30 / 35,000

Far East – ATL 4000 5000 -20,00

ATL / Far East 11500 12000 -4,17

Pacific RV 6000 5500 9,09

TransAtlantic RV 6500 6500 0,00

Dry Bulk - Chartering

4

ANNUAL

AUGUST 2012 – NOVEMBER 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

C2 TUB/ ROT

C4RBAY /ROTC7 BOL/ ROT

C8 T/ARV

AVGALL TC

Capesize Routes – Pacific 2011 / 12

$-

$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

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

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

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

S1A CON / FE

S1B BSEA / FE

S4A USG /CONT

S4B CONT /USG

S5 WAFR / FE

Supramax Routes – Pacific 2011 / 12

$-

$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

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

S2 FE R/V

S3 FE / CON

S7 ECI / CHI

AVG ALL TC

7

VLCC: An active and positive week for VLCC’s with rates from Middle East to the far east closing at ws40 and to

the USG reaching ws26.5. In the Atlantic basin the market was busy as well however WAFR-FEASt route ended

the week at ws39.5 while the WAFR-USG route remained at ws42.5

Suezmax: Suezmaxes where stable for one more week with WAFR-USAC route holding at ws62.5. Owners are

being patient while West African programs are going to enter the markets and expectations for a matching with

Present program strength are awaiting.

Aframax: Strong gain for the Caribbean Aframax market with the CBS-USG route gaining 35 point to ws142.5,

Panamax: The Caribbean picked up in the end of the week with the CBS-USAC route gaining 17.5 point,

concluding at ws120. Europe also sustained its activity with the market concluding at ws112.5 units, a 2.5 point

gain week on week..

Products: With MR’s correcting this past week, the CBS-USAC route lost about 30 points concluding at ws180,

USG-TA lost about 60 point to conclude at ws130. Europe was stronger, posting 7.5 points increase to conclude

at ws122.

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

Index Week 45 Week 44 Change (%)

BCTI 702 715 -1,82

BDTI 680 667 1,95

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

Type Size Week 45 Week 44 Change (%)

VLCC 300.000 19,500 19,500 0,00

Suezmax 150.000 16,250 16,250 0,00

Aframax 105.000 13,750 13,750 0,00

Panamax 70.000 13,250 13,000 1,92

MR 47.000 12,750 12,750 0,00

Tanker - Chartering

8

Crude Tanker Average Spot Rates

Type Size (Dwt) Route Week 45 WS

Week 44 WS

Change %

VLCC

280,000 AG – USG 26.5 22.75 16,48

260,000 W.AFR – USG 42.5 42.5 0,00

260,000 AG – East / Japan 40 35.5 12,68

Suezmax

135,000 B.Sea – Med 62.5 62.5 0,00

130,000 WAF – USAC 62.5 62.5 0,00

Aframax

80,000 Med – Med 75 87.5 -14,29

80,000 N. Sea – UKC 85 87.5 -2,86

80,000 AG – East 95 100 -5,00

70,000 Caribs – USG 142.5 105 35,71

Product Tanker Average Spot Rates

Type Size (Dwt) Route Week 45 WS

Week 44 WS

Change %

Clean

75,000 AG – Japan 113 109 3,67

55,000 AG – Japan 137 138 -0,72

38,000 Caribs – USAC 180 210 -14,29

37,000 Cont – TA 122.5 115 6,52

Dirty

55,000 Cont – TA 112.5 110 2,27

50,000 Caribs – USAC 120 102.5 17,07

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

Awaiting for some positive signs!

Following the results of the previous weeks analyses, we have seen some positive signs from all over Europe regarding

solutions to the financial problems. It seems like many are now willing to find solutions to the pre-existing problems,

solutions which will bring positive news for global development as a result of solving problems with global debts. The stock

markets reacted well with the Obama re-election and Global Leaders seem to have decided to move on with problem

solving. This however has not been translated immediately as a positive result in the global seaborne trade which still faces

problems.

We have read about the sale of a modern Panamax bulker for USD 17 million, namely “Santa Teresa” (77.000 dwt blt Japan

2006), this seems to be incorrect, as according to Lloyds’ database the vessel has been sold during the Summer for USD 21 –

22 million to Chinese buyers and has been delivered to the new owners during September and renamed “Glory

Amsterdam”.

The news are in the Supramax Sector with rumors suggesting that Supramax Bulker M/V “Folral Lake” (50.200 dwt built

Mitsui Japan, 2003) has been committed for region / excess USD 14 mill to undisclosed buyers. Setting a new lower price for

smaller Supras, following the recent sales of 2002 built ships at similar levels a few days ago.

Shiptrade’s enquiry Index did not follow last weeks trend, showing a decrease in demand of approximately 30%. In the dry

secter handymaxes here of severe interest together with panamaxes, starting from late nineties upto very modern. Buyers

for handies are still there showing interest for mid late nineties built tonnages, however interest for modern and more

sophisticated tonnages is quite firm as well. Panamaxes have continued showing firm interest while Buyers for Capesize

bulkers are there for everything from mid nineties tonnage upto resales. In the wet sector Interest was as usual most for

MR tankers, however we have seen an increase for modern Aframaxes and LR2

NEWBUILDINGS

In the newbuilding market, we have seen 6 vessels reported to have been contracted.

6 Tankers (Handy, Ultramax, Kamsarmax, Post Panamax)

DEMOLITION

News from the demo market have been pushy last week. With India sustaining figures in the very high 300’s and with some

saying that the 400 margin can still be surpassed. With Bangladesh still being idle; While Pakistan is still offering somehow

more competitive levels but for a selective few large vessels. China on the other hand is still not realy improving…

Sale & Purchase

12

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

Bulk Carriers

Week 45 Week 44 Change %

Capesize 34 34 0.00

Panamax 22 22 0.00

Supramax 19 19 0.00

Handysize 17 17 0.00

Tankers

VLCC 58 58 0.00

Suezmax 44 44 0.00

Aframax 27 27 0.00

Panamax 27 27 0.00

MR 23 23 0.00

Weekly Purchase Enquiries

SHIPTRADE P/E WEEKLY INDEX

0

50

100

150

200

250

300

350

27/1

2/2

011-9

/1/2

01

210-1

6/1

/2012

17-2

3/1

/2012

24-3

0/1

/2012

31/1

-6/2

/2012

7-1

3/2

/20

12

14-2

0/0

2/2

012

21-2

7/0

2/2

012

28/2

-5/0

3/2

012

6-1

2/0

3/2

012

13-1

9/0

3/2

012

20-2

6/0

3/2

012

27/3

-2/4

/2012

3-9

/4/2

01

210-1

6/4

/2012

17-2

3/4

/2012

24/4

-1/5

/2012

2-8

/5/2

01

29-1

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

28-1

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

217-2

3/1

0/1

224-3

0/1

0/1

231/1

0-6

/11/1

27-1

3/1

1/1

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

Spice 176.000 2012 Jinhai, CHN - B&W - 33.000.000 Chinese

Aquabella 161.010 1995 Hyundai, KOR 12/2014 B&W - 10.500.000 Greek

Luo Jia 79.393 2012 Jinhai, CHN 04/2017 B&W - 18.500.000 Undisclosed

Pacific Pioneer 69.279 1994 Hashihama, JPN 11/2013 B&W 4 X 25 T 7.300.000 Chinese

Nanos 50.296 2002 Mitsui Tamano,

JPN 07/2017 B&W 4 X 30 T 14.000.000 Indonesian

Cb Adventure 46.232 2002 Oshima, JPN 06/2017 B&W 4 X 30 T 13.300.000 Greek

Nord Dubai 33.240 2011 Hyundai, KOR 11/2016 B&W 4 X 30 T 19.500.000 Greek

Nord Antwerp 33.232 2011 Hyundai, KOR 10/2016 B&W 4 X 30 T 19.500.000 Greek

Nord Aarhus 33.221 2012 Hyundai, KOR 01/2017 B&W 4 X 30 T 21.000.000 Greek

Tankers Name Dwt DoB Yard SS Engine Hull Price Buyer

VLGC British Confidence

54.490 2006 Mitsubish, JPN 03/2016 B&W DH 55.000.000 Undisclosed

La Prudencia 298.000 1993 Odense Lindo,

DEN 01/2013 MIT DH 22.000.000 Greek

White Stars 115.500 2012 Samsung, KOR - B&W DH 42.000.000 Undisclosed

Pacific Harmony 69.999 1999 Namura, JPN 11/2014 SULZER DH 11.200.000 Undisclosed

Containers Name TEU DoB Yard SS Engine Gear Price Buyer

Apl Garnet 4.729 1995 Samsung, KOR 08/2015 B&W - 30.000.000 Greek

Clasen Rickmers 2.226 1998 China SB, CHN 08/2013 B&W 3 X 45 T 5.250.000 Greek

Sale & Purchase

14

Newbuilding Orders

No Type Dwt / Unit Yard Delivery Owner Price 1 BC 90.000 Onomichi 2015 Shih Wei Navigation 47.4 mill

3 BC 82.000 Tsuneishi 2014 United Ocean Shipping -

1 BC 60.000 Onomichi 2015 Shih Wei Navigation 29 mill

1 BC 34.000 Namura 2015 Shih Wei Navigation 24 mill

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

Newbuilding Resale Prices

Bulk Carriers

Capesize 45 42

Panamax 31 29

Supramax 29 27

Handysize 23 21

Tankers

VLCC 93 85

Suezmax 60 58

Aframax 47 42

Panamax 40 37

MR 34 31

Newbuilding Resale Prices

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

Newbuildings

15

Demolition Sales

Vessel Type Built Dwt Ldt Buyer Country Price Maha Deepa BC 1985 45.501 8.809 Pakistan 405

Demolition Prices ($ / Ldt)

Bangladesh China India Pakistan

Dry 390 360 395 400

Wet 420 380 420 420

Demolition Prices

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

Demolitions

16

Shipping Stocks

Commodities

Commodity Week 45 Week 44 Change (%) Brent Crude (BZ) 107,95 109,44 -1,36

Natural Gas (NG) 3,70 3,57 3,64

Gold (GC) 1729 1697 1,89

Copper 346,20 349,65 -0,99

Wheat (W) 366,42 361,55 1,35

Dry Bulk

Company Stock Exchange Week 45 Week 44 Change % Baltic Trading Ltd (BALT) NYSE 3,36 3,36 0,00

Diana Shipping Inc (DSX) NASDAQ 7,22 7,28 -0,82

Dryships Inc (DRYS) NASDAQ 2,20 2,29 -3,93

Euroseas Ltd (ESEA) NASDAQ 1,13 1,13 0,00

Excel Maritime Carriers (EXM) NYSE 0,46 0,43 6,98

Eagle Bulk Shipping Inc (EGLE) NASDAQ 2,81 2,91 -3,44

Freeseas Inc (FREESE) NASDAQ 0,20 0,21 -4,76

Genco Shipping (GNK) NYSE 2,90 2,85 1,75

Navios Maritime (NM) NYSE 3,81 4,00 -4,75

Navios Maritime PTN (NMM) NYSE 14,29 15,75 -9,27

Paragon Shipping Inc (PRGN) NASDAQ 2,87 3,80 -24,47

Star Bulk Carriers Corp (SBLK) NASDAQ 6,54 7,52 -13,03

Seanergy Maritime Holdings Corp (SHIP) NASDAQ 1,51 1,64 -7,93

Safe Bulkers Inc (SB) NYSE 4,81 5,61 -14,26

Golden Ocean (GOGL) Oslo Bors (NOK) 4,35 4,25 2,35

Tankers Capital Product Partners LP (CPLP) NASDAQ 7,40 8,12 -8,87

TOP Ships Inc (TOPS) NASDAQ 1,00 1,10 -9,09

Tsakos Energy Navigation (TNP) NYSE 4,23 4,31 -1,86

Other

Aegean Maritime Petrol (ANW) NYSE 4,95 5,58 -11,29

Danaos Corporation (DAC) NYSE 3,01 3,10 -2,90

StealthGas Inc (GASS) NASDAQ 7,08 6,93 2,16

Rio Tinto (RIO) NYSE 49,07 50,44 -2,72

Vale (VALE) NYSE 18,10 18,57 -2,53

ADM Archer Daniels Midland (ADM) NYSE 25,36 26,89 -5,69

BHP Billiton (BHP) NYSE 71,21 70,94 0,38

Financial Market Data

17

Currencies

Week 45 Week 44 Change (%) EUR / USD 1,27 1,28 -0,78

USD / JPY 79,49 80,45 -1,19

USD / KRW 1087 1091 -0,37

USD / NOK 5,74 5,73 0,17

Bunker Prices

IFO 380 IFO 180 MGO Piraeus 605 640 957

Fujairah 605 625 1020

Singapore 600 610 920

Rotterdam 585 610 913

Houston 610 680 995

Port Congestion*

Port No of Vessels

China Rizhao 20

Lianyungang 33

Qingdao 73

Zhanjiang 35

Yantai 30

India

Chennai 7

Haldia 10

New Mangalore 14

Kakinada 4

Krishnapatnam 26

Mormugao 9

Kandla 22

Mundra 13

Paradip 13

Vizag 56

South America

River Plate 254

Paranagua 18

Praia Mole 11

* 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 45 of year

2012.

Financial Market Data / Bunker Prices / Port Congestion