Capital Link Shipping Weekly Markets Report

Monday, October 20, 2014 (Week 42)

Monday, October 20, 2014 (Week 42) UPCOMING EVENTS 

4th Annual Shipping & Offshore CSR Forum on November 4, 2014

IN THE NEWS    

Dry bulk stocks have been oversold, say analysts by Nigel Lowry – Lloyd’s List Latest Company News Weekly Commentary by Barry Parker Dividend Paying Shipping Stocks

CAPITAL MARKETS DATA   

Currencies, Commodities & Indices Shipping Equities – Weekly Review Weekly Trading Statistics – by KCG

SHIPPING MARKETS      

Weekly Market Report – by Cleartrade Exchange Stifel Shipping Markets Container Market – Weekly Highlights, by Braemar Seascope Weekly Tanker Market Opinion, by Poten & Partners Tanker Market - Weekly Highlights, by Charles R. Weber Company S&P Secondhand, Newbuilding & Demolition Markets, by Golden Destiny

TERMS OF USE & DISCLAIMER CONTENT CONTRIBUTORS

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Capital Link’s 4th Annual Shipping & Offshore CSR Forum will take place on Tuesday, November 4, 2014 at the One Moorgate Place in London. The Forum will explore how CSR can translate into tangible commercial, operational and financial competitive advantages. With greater industry sophistication, awareness, and expectations, CSR is an increasingly important issue that companies cannot afford to ignore. Our objective, then, is to create a platform that raises the visibility of CSR in the shipping and offshore industries on a permanent and long-term basis. We publicize the benefits of CSR not only to a wider audience of professionals in these industries, but also to the investment and financial communities. We aim to become a centralized informational source and communications platform on the topic of CSR, linking industry, government and non-governmental organizations, industry associations, the financial and investment community, and the public at large. The “2014 Capital Link Maritime CSR Award” will be presented to Mr. Efthimios E. Mitropoulos, IMO Secretary-General Emeritus and Chairman of "Maria Tsakos" Foundation, in recognition of his work in guiding the IMO through a period of challenges such as maritime security & safety and the resurgence in ocean piracy, as well as, his advocacy for pollution and greenhouse gas emissions and corporate responsibility. His work and dedication have raised awareness of Corporate Social Responsibility issues to a wider audience well beyond the industry itself and has inspired shipping company executives to follow his lead. PRESENTERS & PARTICIPATING COMPANIES •

ABN AMRO

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DP World

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OVAM, Belgium

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ECSA

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RightShip

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Elvictor Group

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Society of Int’l Gas Tanker &

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Global Shippers’ Forum

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GMS Inc

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Graig Shipping PLC

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Intercargo

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InterManager

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Swiss Re

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Int’l Chamber of Shipping

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Zodiac Maritime Ltd

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Capital Link Shipping Weekly Markets Report

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Monday, October 20, 2014 (Week 42)

IN THE NEWS

Dry bulk stocks have been oversold, say analysts Although rates remain 60% below historical norms, according to Deutsche Bank

Contributed by

Nigel Lowry – Lloyd’s List Nigel Lowry is the Greece Correspondent for Lloyd’s List.

DRY bulk stock prices do not reflect underlying fundamentals and have been oversold, according to stock analysts debating the sector, which has been hit hard against a backdrop of more general worries afflicting the capital markets. At the same time, contributors to a Capital Link webinar discussion this week admitted that the timing of an expected turnaround in the sector remains unclear, one saying that spot freight rates are still suffering at levels 60% lower than historical norms.

asset values today could ultimately be cheap, he also highlighted a risk of further reduction in ship values if it took much longer for the market to recover. Amit Mehrotra, lead shipping analyst for Deutsche Bank, also sees a gap between equity values in the sector and the fundamental prospects for bulkers.

Various reasons have been advanced for plummeting bulker share prices, including macro-economic concerns, disappointment that a recovery is taking longer than predicted to materialise, and nonsector-specific selling by major investors.

"I do not think the world is falling apart, but I think there is definitely some dislocation in the equity values of dry bulk shipping companies," he said.

"There has been a lot of news and scuttlebutt with respect to a number of hedge funds, in particular, that have really been underperforming and are facing some redemption issues and, as a consequence, are becoming forced sellers," said Ben Nolan, director of maritime research at Stifel Nicolaus, the brokerage and investment banking firm.

"These are very high operating leverage businesses, and if you get any small change in revenue it has a disproportional impact on the earnings." A Deutsche Bank scale of charter rates relative to history shows dry bulk rates sitting at less than 40% of the 20-year average.

Many such funds are already "pretty long" in shipping and in particular the dry bulk sector.

"We do not think rates are going down. We have pretty strong conviction that they are going up," said Mr Mehrotra.

"I think that has added to the sell-off that we have seen. People are selling because they are forced to sell rather than fundamentally having concerns over the market," Mr Nolan said.

"We just do not know when they are going to go up.

"But that downward momentum sort of feeds on itself to some extent."

He said that "many smart investors" share the positive conviction and that companies could "take advantage of this perceived dislocation" by buying back their own stock.

Overreaction "I think that would be catalyst for the entire space, not just in dry bulk but in shipping generally," he said.

According to Mr Nolan, the decline in bulker stock values represents an overreaction to various factors that should not be treated too gloomily.

Mr Mehrota sees a tightening of supply and demand in the dry bulk market but he said this was "slight" and the balance fragile.

"Rates have not been good but it probably is a bit of an overreaction and I think from a technical perspective really all of the dry bulk names are oversold," he said.

However he is bullish on the dry bulk sector. "I think a little bit more patience [among investors] is wanted, given the upside that the sector has shown during up cycles," he said.

"If you compare it to say, the tanker space or some of the other shipping categories like gas carriers, the dry bulk space certainly has been an underperformer, but that said it is also much more closely linked to Chinese economic growth. "Chinese economic growth has not been fantastic but nor has it been bad." Mr Nolan expects that dry bulk will "probably see a good bounce in the not-too-distant future". Although he thinks current charter rates are "not sustainable" and 2

Monday, October 20, 2014 (Week 42)

IN THE NEWS

Latest Company News Monday, October 13, 2014

Series B Preferred Shares of the Series C Preferred Shares and of the Series D Preferred Shares, respectively.

KNOT Offshore Partners LP Announces Third Quarter 2014 Earnings Results Conference Call KNOT Offshore Partners LP (KNOP) (“the Partnership) plans to release its financial results for the third quarter of 2014 before opening of the market on Friday November 7, 2014.

Scorpio Tankers Inc. Announces Third Quarter Earnings Guidance and Delivery of STI Mayfair Scorpio Tankers Inc. announced earnings guidance for the three months ended September 30, 2014 and delivery of an MR product tanker, STI Mayfair. Third quarter 2014 earnings guidance: The Company expects a third quarter 2014 loss per share to be within a range of $0.01 to $0.04 per share. This range does not include an estimate for the Company's share of profit or loss (equity in earnings) from Dorian LPG for the three months ended September 30, 2014.

Tuesday, October 14, 2014 Global Ship Lease Announces Third Quarter 2014 Earnings Release, Conference Call and Webcast Global Ship Lease, Inc., a containership charter owner, announced that it will hold a conference call to discuss the Company's results for the third quarter 2014 on Thursday, October 30, 2014 at 10:30 a.m. Eastern Time. The Company will issue financial results for the third quarter ended September 30, 2014 on Thursday, October 30, 2014 before the open of market trading.

Ocean Rig UDW Inc. Announces Filing Of Registration Statement for Ocean Rig Partners LP Ocean Rig UDW Inc., announced that its wholly-owned subsidiary, Ocean Rig Partners LP (the "MLP"), filed a Registration Statement on Form F-1 with the Securities and Exchange Commission (the "SEC") for the initial public offering of its common units representing limited partner interests.

Seaspan Declares Quarterly Dividends on Common and Preferred Shares Seaspan Corporation announced that the Company's Board of Directors has declared cash dividends on its common and preferred shares

A registration statement relating to the MLP's common units has been filed with the SEC but has not yet been declared effective. The common units may not be sold nor may offers to buy them be accepted prior to the time the registration statement is declared effective.

Tsakos Energy Navigation Limited Declares Dividend on Its 8.00% Series B and 8.875% Series C Cumulative Redeemable Perpetual Preferred Shares Tsakos Energy Navigation Limited, a leading crude, product, and LNG tanker operator, announced that its Board of Directors declared regular quarterly cash dividends of $0.50 per share for its 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares (the "Series B Preferred Shares") (NYSE: TNPPRB) and $0.5547 per share for its 8.875% Series C Cumulative Redeemable Perpetual Preferred Shares (the "Series C Preferred Shares") (NYSE: TNPPRC).

DryShips Announces Filing of Registration Statement for Ocean Rig Partners LP DryShips Inc., an international provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc. ("Ocean Rig"), of offshore deepwater drilling services, today announced that Ocean Rig's wholly-owned subsidiary, Ocean Rig Partners LP (the "MLP"), filed a Registration Statement on Form F-1 with the Securities and Exchange Commission (the "SEC") for the initial public offering of its common units representing limited partner interests.

Safe Bulkers, Inc. Declares Quarterly Dividend on Its 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares; 8.00% Series C Cumulative Redeemable Perpetual Preferred Shares; 8.00% Series D Cumulative Redeemable Perpetual Preferred Shares Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced that the Company's Board of Directors has declared: a cash dividend of $0.50 per share on its 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares (the "Series B Preferred Shares") (NYSE: SB.PR.B) for the period from July 30, 2014 to October 29, 2014; a cash dividend of $0.50 per share on its 8.00% Series C Cumulative Redeemable Perpetual Preferred Shares (the "Series C Preferred Shares") (NYSE: SB.PR.C) for the period from July 30, 2014 to October 29, 2014 and a cash dividend of $0.66667 per share on its 8.00% Series D Cumulative Redeemable Perpetual Preferred Shares (the "Series D Preferred Shares") (NYSE:SB.PR.D) for the period from June 30, 2014 to October 29, 2014. Each dividend will be paid on October 30, 2014 to all shareholders of record as of October 24, 2014 of the

Wednesday, October 15, 2014 KNOT Offshore Partners LP Announces Third Quarter 2014 Cash Distribution The Partnership announced that its Board of Directors has declared a quarterly cash distribution with respect to the quarter ended September 30, 2014, of $0.4900 per unit. This corresponds to $1.96 per outstanding unit on an annualized basis. This cash distribution will be paid on November 14, 2014 to all unitholders of record as of the close of business on November 4, 2014. Ardmore Shipping Announces Declaration of Dividend Ardmore Shipping Corporation (ASC) announced that its Board of Directors has declared a cash dividend of $0.10 per share for the quarter ended September 30, 2014. The cash dividend is payable on November 18, 2014 to all shareholders of record on October 31, 2014.

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Monday, October 20, 2014 (Week 42)

IN THE NEWS

Latest Company News Danaos Corporation Announces Date for the Release of Third Quarter 2014 Results, Conference Call and Webcast Danaos Corporation, a leading international owner of containerships, announced that it will release its results for the third quarter ended September 30, 2014, after the close of the market in New York on Wednesday, October 29, 2014. On Thursday, October 30, 2014 at 9:00 A.M. ET, the Company's management will host a conference call to discuss the results.

Friday, October 17, 2014 Star Bulk Announces Its Participation in a Non-Deal Investor Roadshow in U.S.A. Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes, announced that the Company's management will participate in a non-deal investor roadshow in the United States during the week commencing on Monday, October 20 2014. The roadshow will involve meetings with certain institutional investors, during which the Company's management will have the opportunity to discuss recent corporate evolutions and overall business outlook.

Thursday, October 16, 2014 GasLog Partners LP Announces Date for Third Quarter 2014 Results, Conference Call and Webcast GasLog Partners LP, a master limited partnership and international owner, operator and manager of liquefied natural gas (“LNG”) carriers, announced that it will release its financial results for the third quarter of 2014 before the market opens on Thursday, October 30, 2014. GasLog Partners LP will host a conference call to discuss its results for the third quarter 2014 at 8:30 a.m. ET (12:30 p.m. London Time) on Thursday, October 30, 2014. Andrew Orekar, Chief Executive Officer, and Simon Crowe, Chief Financial Officer, will review the partnership’s operational and financial performance for the period. Management's presentation will be followed by a Q&A session.

Monday, October 20, 2014 Nordic American Offshore Ltd. (NYSE:NAO) - Declaration of dividend Nordic American Offshore Ltd. announced that its Board of Directors has declared a dividend of $0.45 per common share for the 3rd quarter 2014. This is the same as for the 2nd quarter 2014. The payment of dividend is expected to take place on or about November 21, 2014 to shareholders of record as of November 7, 2014. The Company expects to release its 3Q2014 earnings report before NYSE opens October 30, 2014.

Tsakos Energy Navigation Comments on Market Conditions and Announces Date for Third Quarter 2014 Financial Results; Crude Price Drop and Dollar Strength Benefit TEN's Bottom Line Materially; Third Quarter Financial Results to Be Announced on November 21, 2014 Tsakos Energy Navigation Ltd., a leading crude, product and LNG tanker operator, stated its belief that the recent decline in TEN's stock is in direct contrast to the state of the physical tanker market, the future prospects and the financial strength of the Company. Management believes that the supply and demand balance, particularly for crude tankers, is in equilibrium and should provide a solid platform for continuing the healthy rates and asset prices currently in evidence.

Scorpio Bulkers Inc. Announces Commitment for a $411 Million Loan Facility and Status of Remaining Bank Financing Scorpio Bulkers, Inc. announced that it has received commitments from a group of financial institutions for a loan facility of up to $411.264 million (the "Facility"). The Facility was arranged by DNB Markets, Inc and contains commitments from financial institutions including DNB Capital, LLC, the Export-Import Bank of Korea ("KEXIM") and Korea Trade Insurance Corporation ("KSURE") as well as Korean and international pension funds and financial institutions. Ocean Rig UDW Inc. Announces Recent Developments Ocean Rig UDW Inc., an international contractor of offshore deepwater drilling services, announced the following: The Company has agreed to lend its parent company, DryShips Inc. ("Dryships"), up to $120m of immediate liquidity through a short-term unsecured loan. The proceeds will be used, if needed, to repay Dryship's 5% Convertible Notes maturing in Dec. 1, 2014. The Company has declared its third consecutive quarterly cash dividend with respect to the quarter ended September 30, 2014, of $0.19 per common share, to shareholders of record as of October 31, 2014, and payable on or about November 11, 2014. Ocean Rig has been awarded extensions of the drilling contracts for its two ultra deepwater drillships, the Ocean Rig Corcovado and the Ocean Rig Mykonos by Petróleo Brasileiro S.A. ("Petrobras") for drilling offshore Brazil. The contract extensions are subject to partner approvals. The term of each extension is for 1,095 days with a total combined revenue

Scorpio Bulkers Inc. Announces Underwriters Exercise Option to Purchase Additional Senior Notes Due 2019 Scorpio Bulkers Inc. announced that the underwriters in the Company's previously announced offering of senior unsecured notes due 2019 (the "Notes"), which closed on September 22, 2014, have exercised their option to purchase an additional $8,625,000 aggregate principal amount of the Notes (the "Additional Notes") at $25.00 per note. The Company plans to use all or substantially all of the net proceeds of this offering to fund installment payments due under its newbuilding program, and the remaining amount, if any, for general corporate purposes and working capital. Following the closing of the Additional Notes the Company will have $73,625,000 aggregate principal amount of the Notes outstanding.

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Monday, October 20, 2014 (Week 42)

IN THE NEWS

Latest Company News backlog of over $1.1 billion, excluding reimbursement by Petrobras for contract related equipment upgrades. The new contracts will commence in direct continuation from the end of the current agreements with Petrobras, in Q1 and Q2 of 2015.

Ocean Rig has declared its third consecutive quarterly cash dividend with respect to the quarter ended September 30, 2014, of $0.19 per common share, to shareholders of record as of October 31, 2014, and payable on or about November 11, 2014. Ocean Rig has been awarded extensions of the drilling contracts for its two ultra deepwater drillships the Ocean Rig Corcovado and the Ocean Rig Mykonos by Petróleo Brasileiro S.A. ("Petrobras") for drilling offshore Brazil. The contracts extensions are subject to partner approvals. The term of each extension is for 1,095 days with a total combined revenue backlog of over $1.1 billion, excluding reimbursement by Petrobras for contract related equipment upgrades. The new contracts will commence in direct continuation from the end of the current agreements with Petrobras, in Q1 and Q2 of 2015.

DryShips Announces Latest Developments DryShips Inc., an international provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc. ("Ocean Rig"), of offshore deepwater drilling services, announced the following: Ocean Rig has agreed to provide DryShips with $120m of immediate liquidity through a short-term unsecured loan. The proceeds will be used, if needed, to repay its 5% Convertible Notes maturing on Dec. 1, 2014.

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Monday, October 20, 2014 (Week 42)

IN THE NEWS

Ripples, waves and turbochargers Contributed by

Between the boom years prior to the financial crash in 2008, and the lingering days of the Great Recession (mixed in with Isis, Ebola, and taper tantrums), a funny thing happened. Prior to 2008, port finance got very sexy- a spate of deals done circa 2006- 2007 saw numerous “privatizations” where port operators sold their crown jewels to investment funds for vast sums (equating to off the chart multiples like 20x EBITDA), and leased them back. For insurance companies (like AIG, for example), seeking to lock in returns over decades-long tenors, it was never better, with ports being seen as long-term cash generators. The port investments booked by the big funds continued to chug along- much like the vessels- which, as we’ve seen, have grown in size. But, even as more 18,000 TEU vessels are delivered, the course of maritime infrastructure investments may be changing. Recent ripples from across the pond were wave-like at my perch in New York, upon noticing that Goldman Sachs, a 2006 investor in Associated British Ports, is cashing in ships…whoops, I meant cashing in its chips- seeking to sell its minority stake in Associated British Ports. This is what PE investors do, I suppose- they take profits and turn over investments after getting the seven year itch. My toes got wet from this transoceanic wave, however, because Goldman Sachs’ infrastructure fund had sold out its stake in SSA Marine, an operator of terminals in the Americas, earlier in the year.

Barry Parker Barry Parker is a financial writer and analyst. His articles appear in a number of prominent maritime periodicals including Lloyds List, Fairplay, Seatrade, and Maritime Executive and Capital Link Shipping.

been distancing themselves from physical commodity businesses as regulators cast their gaze (I could say “steely” gaze, but I think GS has had issues with aluminum). One theory on SSA, where the portfolio included coal export terminals, was that such regulatory scrutiny was responsible for GS’s exit from the investment. To me, there’s too much paranoia wrapped into that theory. More simply, it was time to move on and free up the portfolio for the next big infrastructure thing- which is not ports and terminals. So what to make of all this? And why bother writing about it? In my wilder flights of business structuring fantasies, I try to imagine a situation where vertical integration actually mattered, and brought advantages- much like the ports business which, for whatever reason, seems to be in dis-favor now for the PE crowd. On one side of the room, I see privately owned commercial shipping entities investing in LNG propelled vessels, or in vessels that are readily convertible to LNG propulsion- “LNG ready” in the language of the shipyards that build them. Crowley Maritime and Saltchuk Resources come to mind. On the other side of the house, I see Wespac, an entity owned by Oaktree / HighStar- where un-spent capital in the form of dry-powder is piled high, looking at an LNG fuelling and, later on, export project in Alaska’s Cook Inlet- near Anchorage. LNG powered containerships in the fleet of TOTE, a Saltchuk company, call in Alaska, which got me curious to see what else these guys were up to. Wespac’s LNG projects, which will support LNG marine bunkering, near the top of the maritime corporate social responsibility matrix, but where the shipowners need to see fuel sources prior to making an investment in gas fuelled engines. Most interesting was their involvement in Jacksonville, where TOTE will be entering the Puerto Rico trades (through charters to sister company SeaStar, one of a handful of masochists in the over-tonnaged Jones Act Puerto Rico trades) Jacksonville is also a hub for Crowley Maritime, a competitor of SeaStar, which has a stated intention to distribute LNG throughout the Caribbean- and is building LNG powered vessels for Caribbean trades. Wespac is gearing up for activity up in the Great Lakes, where there has been talk of LNG fuelled Lakers- again owned privately.

Turning back to New York, another good data point was the announcement that the crackerjack deal making team at HighStar Capital (a part of insurance behemoth AIG in the pre 2008 days) had now been de-accessioned over to Oaktree Capital. Oaktree, known to get its hands dirty, has been very active in shipping circles, as one of largest investors in the sector. HighStar was on my radar because of its ownership of another large terminal operator/ stevedore- Ports America, and through other investments on the tangents of shipping and freight. In early October, as the HighStar guys were still shifting their chairs, Oaktree named a new CEO, a gentleman who had recently departed AIG after nearly 20 years there. With the old team back together, I took all these developments to be a very bullish sign for infrastructure investing, with important potential ripples for shipping. To the point, I am now watching for subtle changes in tone and strategy where PE players have platforms in both shipping and infrastructure. Financial investors claim to be hands off- with ports, that’s likely true- investors don’t actually direct the stackers and gantries which move containers around the yards. With shipping, I think that the jury may still be out- with shipping investments often commodity-like, in fragmented sectors, there is ample room for high powered strategic thinking. Sorry for repeating, but “consolidation” is not a viable strategy for effecting meaningful changes in such sectors. These days, ports and trade growth are less appealing than sectors such as energy infrastructure, Panama Canal expansion notwithstanding. PE investors- who have avoided post-crisis financial regulation, cannot get enough of energy and related infrastructure projects. Regulated entities, like the white-gloved Goldman Sachs (which never seems to get its hands dirty), have

In parsing all of LNG fueling’s chickens and eggs, where you never know what comes first, Wespac characterizes the shipping customers on the Lakes as “Inherent complimentary (sic) high horsepower users”. Wow! Industrial shipping was never so turbocharged. Industrial business history is full of case studies where vertical integration provides an initial boost at the start-up phase. Since a possible supplier of fuels needing exactly such a boost is in the hands of an acquisitive investor (at least for things that float), maybe we will see some ripples in our pond.

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Monday, October 20, 2014 (Week 42)

CAPITAL MARKETS DATA

Select Dividend Paying Shipping Stocks Stock Prices as of October 17, 2014

Company Name Container Costamare Inc Diana Containerships Seaspan Corp Dry Bulk Baltic Trading Limited Knightsbridge Tankers Limited Navios Maritime Holdings Inc. Navios Maritime Partners LP* Safe Bulkers Inc.** Tankers Ardmore Shipping Corp. Capital Product Partners Lp DHT Holdings, Inc. KNOT Offshore Partners L.P. Navios Maritime Acquisition Corp Nordic American Tankers Limited Scorpio Tankers Inc Teekay Corporation Teekay Offshore Partners L.P. Teekay Tankers Ltd Tsakos Energy Navigation Ltd*** Mixed Fleet Ship Finance International Limited LNG/LPG Dynagas LNG Partners Gas Log Ltd Golar LNG Golar LNG Partners, L.P Teekay LNG Partners L.P. Maritime MLPs Capital Product Partners L.P. Dynagas LNG Partners Golar LNG Partners, L.P. Navios Maritime Partners L.P. Teekay LNG Partners L.P. Teekay Offshore Partners L.P. KNOT Offshore Partners L.P. Offshore Drilling Ocean Rig UDW

Ticker

Quarterly Dividend

Annualized Dividend

Last Closing Price (Oct. 17, 2014)

Annualized Dividend Yield

CMRE DCIX SSW

$0.28 $0.05 $0.345

$1.12 $0.20 $1.38

$18.83 $2.12 $18.79

5.95% 9.43% 7.34%

BALT VLCCF NM NMM SB

$0.01 $0.20 $0.06 $0.4425 $0.06

$0.04 $0.80 $0.24 $1.77 $0.24

$3.43 $6.96 $5.14 $16.92 $5.50

1.17% 11.49% 4.67% 10.46% 4.36%

ASC CPLP DHT KNOP NNA NAT STNG TK TOO TNK TNP

$0.10 $0.2325 $0.02 $0.4350 $0.05 $0.23 $0.09 $0.31625 $0.5384 $0.03 $0.05

$0.40 $0.93 $0.08 $1.74 $0.20 $0.92 $0.36 $1.265 $2.1536 $0.12 $0.20

$9.90 $8.97 $6.16 $24.90 $2.59 $7.81 $7.72 $57.52 $30.07 $3.68 $6.03

4.04% 10.37% 1.30% 6.99% 7.72% 11.78% 4.66% 2.20% 7.16% 3.26% 3.32%

SFL

$0.41

$1.64

$16.57

9.90%

DLNG GLOG GLNG GMLP TGP

$0.3650 $0.12 $0.45 $0.5225 $0.6918

$1.46 $0.48 $1.80 $2.09 $2.7672

$20.88 $21.45 $51.54 $33.04 $37.05

6.99% 2.24% 3.49% 6.33% 7.47%

CPLP DLNG GMLP NMM TGP TOO KNOP

$0.2325 0.3650 $0.5225 $0.4425 $0.6918 $0.5384 $0.4350

$0.93 $1.46 $2.09 $1.77 $2.7672 $2.1536 $1.74

$8.97 $20.88 $33.04 $16.92 $38.05 $30.07 $24.90

10.37% 6.99% 6.33% 10.46% 7.27% 7.16% 6.99%

ORIG

$0.19

$0.76

$13.44

5.65%

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Monday, October 20, 2014 (Week 42)

CAPITAL MARKETS DATA

Preferred Shipping Stocks Ticker Fixed Annual Dividend(4) Liquidation Preference Last Closing Price (10/17/14)

Box Ships Series C TEUPRC

CMREPRC

Diana Shipping Series B DSXPRB

Global Ship Lease Series B GSLB

International Shipholding Series A ISHPRA

International Shipholding Series B ISHPRB

Navios Series G NMPRG

7.625%

8.50%

8.875%

8.75%

9.50%

9.00%

8.75%

8.625%

$24.00

$25.00

$25.00

$25.00

$25.00

$100.00

$100.00

$25.00

$25.00

$20.48

$25.14

$25.25

$25.25

$21.79

$103.40

$101.75

$23.78

$22.86

Preferred Shipping Stocks Ticker Fixed Annual Dividend(4) Liquidation Preference Last Closing Price (10/17/14)

Safe Bulkers Series B SBPRB

Safe Bulkers Series C SBPRC

Safe Bulkers Series D SBPRD

Seaspan Series C

Seaspan Series D

Seaspan Series E

SSWPRC

SSWPRD

8.00%

8.00%

8.00%

9.50%

$25.00

$25.00

$25.00

$26.05

$23.95

$23.78

Costamare Series B

Costamare Series C

CMREPRB

9.00%

Navios Series H NMPRH

SSWPRE

Teekay Offshore Series A TOOPRA

Tsakos Energy Series B TNPPRB

Tsakos Energy Series C TNPPRC

7.95%

8.25%

7.25%

8.00%

8 7/8 %

$25.00

$25.00

$25.00

$25.00

$25.00

$25.00

$26.65

$25.39

$25.50

$25.10

$24.49

$25.55

(1) Annual dividend percentage based upon the liquidation preference of the preferred shares. .

Get your message across to 36,000 weekly recipients around the globe Join a select group of shipping & financial industry’s advertisers by promoting your brand with Capital Link’s Shipping Weekly Markets Report.

For additional advertising information and a media kit, please contact/email: Capital Link at +1 212 661-7566 or [email protected]

8

Monday, October 20, 2014 (Week 42)

CAPITAL MARKETS DATA

Indices Week ending, Friday, October 17, 2014 MAJOR INDICES

America

Symbol

10/17/2014

10/10/2014

% Change

YTD % Change

2-Jan-14

Dow Jones

INDU

16,380.41

16,544.10

-0.99%

-0.37%

16,441.35

Dow Jones Transp.

TRAN

8,147.84

7,893.26

3.23%

11.80%

7,287.87

NASDAQ

CCMP

4,258.44

4,276.24

-0.42%

2.78%

4,143.07

NASDAQ Transp.

CTRN

3,075.48

2,938.71

4.65%

4.68%

2,938.03

S&P 500

SPX

1,886.76

1,906.13

-1.02%

2.99%

1,831.98

Europe

Symbol

10/17/2014

10/10/2014

% Change

YTD % Change

2-Jan-14

Deutsche Borse Ag

DAX

8,850.27

8,788.81

0.70%

-5.85%

9,400.04

Euro Stoxx 50

SX5E

2,962.24

2,991.50

-0.98%

-3.19%

3,059.93

FTSE 100 Index

UKX

6,310.29

6,339.97

-0.47%

-6.50%

6,749.10

Asia/Pacific

Symbol

10/17/2014

10/10/2014

% Change

YTD % Change

2-Jan-14

ASX 200

AS51

5,271.70

5,188.30

1.61%

-1.79%

5,367.90

Hang Seng

HSI

23,023.21

23,088.54

-0.28%

-1.36%

23,340.05

Nikkei 225

NKY

14,532.51

15,478.93

-6.11%

-8.65%

15,908.88

CAPITAL LINK MARITIME INDICES

Index

Symbol

10/17/2014

10/10/2014

% Change

2-Jan-14

YTD % Change

Capital Link Maritime Index

CLMI

2,622.92

2,650.84

-1.05%

2,250.12

16.57%

Tanker Index

CLTI

1,529.55

1,493.76

2.40%

2,521.85

-39.35%

Drybulk Index

CLDBI

824.62

795.81

3.62%

1,020.38

-19.19%

Container Index

CLCI

1,568.28

1,647.59

-4.81%

1,814.70

-13.58%

LNG/LPG Index

CLLG

3,515.74

3,508.38

0.21%

3,212.34

9.44%

Mixed Fleet Index

CLMFI

3,329.98

3,518.78

-5.37%

1,437.01

131.73%

MLP Index

CLMLP

2,834.76

2,803.15

1.13%

3,062.97

-7.45%

9

Monday, October 20, 2014 (Week 42)

CAPITAL MARKETS DATA BALTIC INDICES

Index

Symbol

10/17/2014

10/10/2014

% Change

2-Jan-14

YTD % Change

Baltic Dry Index

BDIY

944

963

-1.97%

2,113

-55.32%

Baltic Capesize Index

BCIY

1,362

1,544

-11.79%

3,733

-63.51%

Baltic Panamax Index

BPIY

966

865

11.68%

1,780

-45.73%

Baltic Supramax Index

BSI

923

970

-4.85%

1,330

-30.60%

Baltic Handysize Index

BHSI

501

516

-2.91%

773

-35.19%

Baltic Dirty Tanker Index

BDTI

700

678

3.24%

1,021

-31.44%

Baltic Clean Tanker Index

BCTI

594

574

3.48%

612

-2.94%

TRANSPORTATION STOCKS

DRYBULK Baltic Trading Ltd Diana Shipping Inc DryShips Inc Eagle Bulk Shipping Inc* FreeSeas Inc Globus Maritime Ltd Knightsbridge Tankers Ltd Navios Maritime Holdings Inc Navios Maritime Partners LP Paragon Shipping Inc Safe Bulkers Inc Scorpio Bulkers Seanergy Maritime Star Bulk Carriers Corp *Performance

TICKER BALT DSX DRYS EGLE FREE GLBS VLCCF NM NMM PRGN SB SALT SHIP SBLK

10/17/2014 Friday $3.43 $8.29 $1.69 $16.00 $0.16 $3.00 $6.96 $5.14 $16.92 $3.05 $5.50 $4.85 $1.47 $9.86

10/13/2014 Monday $2.97 $8.04 $1.47 $0.76 $0.12 $3.00 $6.50 $4.52 $15.00 $2.99 $5.12 $4.49 $1.43 $8.54

Ticker ASC CPLP DHT FRO KNOP NNA NAT STNG TOO TNK TOPS TNP

10/17/2014 $9.90 $8.97 $6.16 $1.61 $24.90 $2.59 $7.95 $7.72 $30.07 $3.68 $1.66 $6.03

10/13/2014 $8.81 $7.72 $5.30 $1.35 $21.63 $2.47 $7.19 $7.02 $27.48 $3.38 $1.65 $5.05

Change % 7.86% 1.84% -9.14% 2047.65% 25.53% -3.22% -1.00% 4.47% 4.32% -0.97% 0.37% 1.68% 2.80% 8.83%

52 Week High $7.60 $13.64 $4.70 $16.50 $2.53 $4.44 $16.16 $11.49 $20.40 $8.09 $11.43 $10.58 $2.10 $15.52

52 Week Low $2.97 $8.04 $1.47 $0.68 $0.12 $2.57 $6.33 $4.52 $14.50 $2.82 $5.08 $4.46 $0.80 $7.83

Change % 12.12% 7.68% 11.39% 17.52% 10.62% 0.39% 9.35% 6.34% 1.90% 6.98% -2.92% 13.35%

52 wk high $15.56 $11.56 $8.41 $5.06 $29.89 $4.85 $12.36 $12.10 $37.03 $4.70 $13.93 $8.35

52 wk low $8.81 $7.70 $4.89 $1.19 $19.93 $2.47 $7.19 $6.74 $26.62 $2.61 $1.59 $4.56

1/2/2014 $6.44 $13.30 $4.31 $4.47 $2.31 $3.87 $8.98 $10.65 $18.62 $7.18 $10.20 $9.72 $1.99 $13.10

Three Month Avg. Volume 624,928 787,044 6,940,561 522,707 2,681,379 11,082 790,532 1,025,918 397,117 192,281 546,758 1,026,365 14,500 324,595

is as a result of a reverse stock split

TANKERS Ardmore Shipping Corp Capital Product Partners LP DHT Holdings Inc Frontline Ltd/Bermuda Knot Offshore Partners Navios Acquisition Nordic American Scorpio Tankers Inc Teekay Offshore Partners LP Teekay Tankers Ltd Top Ships Tsakos Energy Navigation Ltd

10

1/2/2014 $15.16 $10.36 $6.67 $3.59 $27.57 $4.37 $9.46 $11.78 $32.55 $3.85 $11.49 $5.95

3-Month Avg. Vol. 99,439 679,376 729,681 915,430 84,306 417,658 1,076,846 ,041,276 161,970 373,943 126,798 652,250

Monday, October 20, 2014 (Week 42)

CAPITAL MARKETS DATA CONTAINERS Box Ships Inc Costamare Inc Danaos Corp Diana Containerships Inc Global Ship Lease Inc Seaspan Corp

Ticker TEU CMRE DAC DCIX GSL SSW

10/17/2014 $1.25 $19.11 $4.56 $2.12 $3.31 $18.79

10/13/2014 $1.08 $17.96 $4.28 $1.93 $3.18 $18.03

Change % 5.93% -4.83% -0.87% 8.16% -0.90% -3.39%

52 wk high $3.95 $24.36 $7.63 $4.51 $6.34 $24.31

52 wk low $1.03 $16.29 $3.75 $1.93 $3.12 $17.70

1/2/2014 $3.28 $17.80 $5.08 $4.04 $5.83 $22.57

3-Month Avg. Vol. 164,533 181,879 10,591 181,474 59,047 198,516

LPG/LNG Dynagas LNG Partners GasLog Ltd Golar LNG Ltd Golar LNG Partners LP Navigator Gas StealthGas Inc Teekay LNG Partners LP

Ticker DLNG GLOG GLNG GMLP NVGS GASS TGP

10/17/2014 $20.88 $21.45 $51.54 $33.04 $23.26 $8.25 $38.05

10/13/2014 $18.54 $17.03 $46.17 $31.91 $21.45 $7.41 $36.12

Change % 6.97% 14.71% 0.10% -2.68% 2.60% 6.31% 0.82%

52 wk high $25.27 $31.89 $72.50 $39.00 $31.50 $12.88 $47.19

52 wk low $18.00 $14.88 $33.54 $28.21 $19.00 $7.10 $35.42

1/2/2014 $21.84 $16.84 $35.71 $30.04 $25.88 $10.16 $41.87

3-Month Avg. Vol. 53,024 1,238,781 1,911,783 144,122 305,929 154,162 267,988

Change % 6.07% 8.66% 0.03%

52 wk high $1.54 $19.82 $67.12

52 wk low $0.99 $15.18 $41.93

1/2/2014 $1.40 $16.22 $47.29

3-Month Avg. Vol. 49,739 519,745 710,958

52 wk high $11.56 $25.27 $39.00 $25.89 $29.89 $20.40 $37.03

52 wk low $7.70 $18.00 $28.21 $19.09 $19.93 $14.50 $26.62

1/2/2014 $10.36 $21.84 $30.04 NA $27.57 $18.62 $32.55

3-Month Avg. Vol. 679,376 53,024 144,122 NA 84,306 397,117 161,970

1/2/2014 $52.47 $53.59 $56.57 $6.52 $32.00 $19.08 $11.25 $34.35 $40.07 $48.91 $1.86

3-Month Avg. Vol. 893,408 1,828,339 4,170,183 4,558,061 6,273,565 339,684 445,760 2,714,970 6,801,669 8,745,744 1,777,490

MIXED FLEET Euroseas Ltd Ship Finance International Ltd Teekay Corp

Ticker ESEA SFL TK

10/17/2014 $1.05 $16.57 $57.52

10/13/2014 $1.00 $15.18 $53.70

MLPs Capital Product Partners Dynagas LNG Partners Golar LNG Partners LP Hoegh LNG Partners Knot Offshore Partners Navios Partners Teekay Offshore

Ticker CPLP DLNG GMLP HMLP KNOP NMM TOO

10/17/2014 $8.97 $20.88 $33.04 $19.09 $24.90 $16.92 $30.07

10/13/2014 $7.72 $18.54 $31.91 $19.20 $21.63 $15.00 $27.48

Change % 7.68% 6.97% -2.68% -6.97% 10.62% 4.32% 1.90%

OFFSHORE DRILL RIGS Atwood Oceanics Diamond Offshore Drilling Ensco International Hercules Offshore Noble Corp. Ocean Rig UDW Inc Pacific Drilling Rowan Companies Seadrill Ltd. Transocean Vantage Drilling Company

Ticker ATW DO ESV HERO NE ORIG PACD RDC SDRL RIG VTG

10/17/2014 $39.89 $37.03 $37.78 $1.67 $19.50 $13.44 $7.79 $22.46 $23.06 $28.78 $0.99

10/13/2014 $38.86 $36.33 $37.00 $1.74 $18.62 $12.94 $7.24 $22.24 $22.88 $28.92 $1.00

Change % 0.71% 4.58% 1.50% -6.18% 3.34% 2.99% 5.27% -1.66% 1.01% 0.17% -5.62%

11

52 wk high $58.04 $60.96 $62.05 $7.51 $35.30 $20.83 $12.12 $37.73 $46.95 $55.37 $1.98

52 wk low $38.33 $33.00 $36.99 $1.47 $18.57 $12.53 $7.11 $21.70 $22.80 $28.41 $0.98

Monday, October 20, 2014 (Week 42)

OSLO-Listed Shipping Comps (currency in NOK) Goldean Ocean Stolt-Nielsen Ltd. Frontline Ltd. Jinhui Shpg. & Trans Odfjell (Common A Share) Odfjell (Common B Share) Solvang ASA Eitzen Chemical ASA American Shipping Co. Wilson ASA Hoegh LNG Belships ASA I.M. Skaugen Western Bulk

Ticker GOGL SNI FRO JIN ODF ODFB SOLV ECHEM AMSC WILS HLNG BEL IMSK WBULK

OFFSHORE SUPPLY Gulfmark Offshore Hornback Offshore Nordic American Offshore Tidewater Seacor Holdings

Ticker GLF HOS NAO TDW CKH

10/17/2014 $7.15 $120.00 $11.15 $14.00 $24.80 $26.00 N/A $2.79 $34.70 N/A $84.00 $4.73 N/A $6.35

10/17/2014 $30.42 $27.62 $14.37 $35.92 $76.99

10/13/2014 $7.02 $117.00 $9.15 $13.30 $26.00 $24.00 N/A N/A $36.20 N/A $82.50 N/A N/A $5.95

Change % -0.49% 2.56% 24.03% 10.24% -5.34% -4.58% N/A -11.99% -7.47% N/A -1.75% -3.47% N/A 5.83%

52 wk high $15.40 $193.50 $31.80 $29.00 $46.80 $46.20 $26.00 $10.85 $52.32 $17.00 $105.00 $6.80 $12.75 $16.80

10/13/2014 $28.58 $25.48 $14.77 $35.90 $75.49

Change % 3.72% 3.25% -2.11% -3.73% 2.19%

52 wk high $53.53 $58.87 $20.40 $62.76 $98.45

12

52 wk low $6.39 $117.00 $7.74 $12.70 $23.30 $22.60 $18.60 $2.70 $30.50 $10.10 $45.80 $4.72 $6.26 $5.75 52 wk low $28.05 $25.48 $14.22 $35.28 $73.87

1/2/201 4 $13.23 $162.00 $22.20 $28.00 $40.50 $39.50 $20.50 $7.57 $37.71 N/A $47.90 $6.20 N/A $15.40

3-Month Avg. Vol. 3,976,983 36,808 518,824 66,468 8,624 6,680 1,685 16,754 82,790 100 100,637 7,527 2,478 106,702

1/2/2014 $45.61 $47.86 N/A $58.60 $89.77

3-Month Avg. Vol. 366,154 707,106 315,343 658,390 156,878

Monday, October 20, 2014 (Week 42)

CAPITAL MARKETS DATA

Shipping Equities: The Week in Review SHIPPING EQUITIES UNDERPERFORM THE BROADER MARKET DRY BULK THE BEST PERFORMER During last week, shipping equities underperformed the broader market, with the Capital Link Maritime Index (CLMI), a composite index of all US listed shipping stocks dropping 1.05%, compared to the S&P 500 decreasing 1.02%, Nasdaq dropping 0.42%, and Dow Jones Industrial Average (DJII) declining 0.99%. Dry Bulk stocks were the best performers during last week, with Capital Link Dry Bulk Index increasing 3.62%, followed by Capital Link Tanker Index increasing 2.40%. Mixed Fleet equities were the least performer in last week, with Capital Link Mixed Fleet Index declining 5.37%. During last week, dry bulk shipping stocks outperformed the physical market, with Baltic Dry Index (BDI) dropping 1.97%, compared to the Capital Link Dry Bulk Index gaining 3.62%. Year-to-date, the BDI has dropped 55.32%, while the Capital Link Dry Bulk Index decreased 19.19%. During last week , tanker shipping stocks underperformed the physical market, with Baltic Dirty Tanker Index (BDTI) increased 3.24% and Baltic Clean Tanker Index (BCTI) gained 3.48%, compared to Capital Link Tanker Index increased 2.40%. Year-to-date, the BDTI dropped 31.44% and the BCTI has decreased 2.94%, compared to Capital Link Tanker Index decreasing 39.35%. The Trading Statistics supplied by KCG Holdings, Inc. provide details of the trading performance of each shipping stock and analyze the market’s trading momentum and trends for the week and year-to-date. The objective of the Capital Link Maritime Indices is to enable investors, as well as all shipping market participants, to better track the performance of listed shipping stocks individually, by sector or as an industry. Performance can be compared to other individual shipping stocks, to their sector, to the broader market, as well as to the physical underlying shipping markets or other commodities. The Indices currently focus only on companies listed on US Exchanges providing a homogeneous universe. They are calculated daily and are based on the market capitalization weighting of the stocks in each index. In terms of historical data, the indices go back to January 1, 2005, thereby providing investors with significant historical performance. There are seven indices in total; the Capital Link Maritime Index comprised of all 43 listed shipping stocks, and six Sector Indices, the CL Dry Bulk Index, the CL Tanker Index, the CL Container Index, the CL LNG / LPG Index, the CL Mixed Fleet Index and the CL Maritime MLP Index. The Index values are updated daily after the market close and can be accessed at www.CapitalLinkShipping.com or at or www.MaritimeIndices.com. They can also be found through the Bloomberg page “CPLI” and Reuters.

13

Monday, October 20, 2014 (Week 42)

CAPITAL MARKETS DATA

MARITIME INDEX DAILY COMPARISON CHARTS (52 -WEEK ) 1.15 1.10 1.05 1.00 0.95 0.90 0.85 0.80 0.75 0.70 Capital Link Maritime Index

S&P 500

Russell 2000

2.10 1.90 1.70 1.50 1.30 1.10 0.90 0.70 0.50

Capital Link Tanker Index

Baltic Dirty Tanker Index

1.75 1.55 1.35 1.15 0.95 0.75 0.55 0.35

Baltic Dry Index

Capital Link Drybulk Index

*SOURCE: BLOOMBERG

14

Baltic Clean Tanker Index

Monday, October 20, 2014 (Week 42)

SHIPPING MARKETS

Custom Statistics Prepared Weekly for Capital Link Shipping BROAD MARKET Percent Change of Major Indexes for the Week Ending Friday, October 17, 2014 Name

Symbol

Close

Net Gain

Percent Gain

Russell 2000 Index Nasdaq Composite Index Russell 3000 Index Russell 1000 Index S&P 500 Index Nasdaq-100 Index

RUT COMPX RUA RUI SPX NDX

1082.31 4258.44 1120.38 1049 1886.76 3815.47

28.99 -17.80 -5.70 -8.09 -19.37 -55.39

2.75% -0.42% -0.51% -0.77% -1.02% -1.43%

SHIPPING INDUSTRY DATA (43 Companies) Moving Averages • 60.47% closed > 10D Moving Average. • 2.33% closed > 50D Moving Average. • 2.33% closed > 100D Moving Average. • 11.63% closed > 200D Moving Average. Top Upside Momentum (Issues with the greatest 100 day upside momentum*) Symbol

Close

Weekly % Change

50-Day % Change

EGLE MATX GMLP TK GLNG

16 26.08 33.04 57.52 51.54

2033.33% 5.84% -2.68% 0.65% 0.10%

1222.31% -2.07% -5.84% 6.62% -13.80%

Top Downside Momentum (Issues with the greatest 100 day downward momentum*)

*Momentum: Momentum: (100D % change) + 1.5*(50D % change) + 2.0*(10D % change) for each stock then sort group in descending order and report the top 10.

Symbol

Close

Weekly % Change

50-Day % Change

FREE DRYS SALT VLCCF BALT PRGN NM TOPS SB ASC

0.16 1.69 4.85 6.96 3.43 3.05 5.14 1.66 5.5 9.9

23.08% -9.14% 1.68% -1.00% 7.86% -0.97% 4.47% -2.92% 0.36% 12.12%

-66.67% -39.43% -37.42% -32.03% -32.35% -34.83% -33.33% -13.99% -19.47% -22.23%

*Momentum: (100D % change) + 1.5*(50D % change) + 2.0*(10D % change) for each stock then sort all names that have a negative value in ascending order and report the top 10.

Top Consecutive Higher Closes Symbol

Close

Up Streak

ASC SBLK GLOG DHT NM FRO STNG NMM SSW SALT

9.9 9.86 21.45 6.16 5.14 1.61 7.72 16.92 18.79 4.85

4 4 4 4 4 4 3 3 3 3

15

Monday, October 20, 2014 (Week 42)

SHIPPING MARKETS Top Largest Weekly Trading Gains

Top Largest Weekly Trading Losses

Symbol

Close One Week Ago

Today Close

Net Change

% Change

Symbol

Close One Week Ago

Today Close

Net Change

% Change

EGLE FREE FRO GLOG TNP ASC DHT KNOP NAT SBLK

0.75 0.13 1.37 18.7 5.32 8.83 5.53 22.51 7.27 9.06

16 0.16 1.61 21.45 6.03 9.9 6.16 24.9 7.95 9.86

15.25 0.03 0.24 2.75 0.71 1.07 0.63 2.39 0.68 0.80

2033.33% 23.08% 17.52% 14.71% 13.35% 12.12% 11.39% 10.62% 9.35% 8.83%

DRYS CMRE GLBS TOPS GMLP SSW VLCCF PRGN GSL DAC

1.86 20.08 3.1 1.71 33.95 19.08 7.03 3.08 3.34 4.6

1.69 19.11 3 1.66 33.04 18.79 6.96 3.05 3.31 4.56

-0.17 -0.97 -0.10 -0.05 -0.91 -0.29 -0.07 -0.03 -0.03 -0.04

-9.14% -4.83% -3.23% -2.92% -2.68% -1.52% -1.00% -0.97% -0.90% -0.87%

Top Largest Monthly Trading Gains (A month has been standardized to 20 trading days)

Top Largest Monthly Trading*Losses (A month has been standardized to 20 trading days)

Symbol

Close One Month Ago

Today Close

Net Change

% Change

Symbol

Close One Month Ago

Today Close

Net Change

% Change

EGLE FRO

0.95 1.39

16 1.61

15.05 0.22

1584.21% 15.83%

DRYS PRGN BALT SALT NM VLCCF GLNG NVGS SB GSL

3 5.04 5.21 7.21 7.43 10 72.5 31.49 7.39 4.4

1.69 3.05 3.43 4.85 5.14 6.96 51.54 23.26 5.5 3.31

-1.31 -1.99 -1.78 -2.36 -2.29 -3.04 -20.96 -8.23 -1.89 -1.09

-43.67% -39.48% -34.17% -32.73% -30.82% -30.40% -28.91% -26.14% -25.58% -24.77%

Stocks Nearest to 52-Week Highs

Stocks Nearest To 52-Week Lows

Symbol

52W High

% Away

Symbol

52W Low

% Away

EGLE MATX TK SFL KNOP GMLP DLNG TOO TGP NMM

17.00 29.36 67.56 19.49 29.42 39.35 25.10 36.15 45.85 20.50

-5.88% -11.16% -14.86% -14.97% -15.36% -16.04% -16.80% -16.82% -17.01% -17.46%

TOPS DSX ESEA NNA PRGN SB DCIX GSL SSW NAT

1.58 7.74 0.98 2.36 2.75 4.90 1.87 2.91 16.49 6.95

5.06% 7.11% 7.14% 9.75% 10.91% 12.24% 13.37% 13.75% 13.93% 14.39%

16

Monday, October 20, 2014 (Week 42)

SHIPPING MARKETS Top Stocks with Highest Weekly Volume Run Rate* > 1 Symbol

Close

Net % Change

Run Rate

SALT GASS TK SSW NMM FREE DRYS BALT CMRE GLNG

4.85 8.25 57.52 18.79 16.92 0.16 1.69 3.43 19.11 51.54

1.68% 6.31% 0.65% -1.52% 4.32% 23.08% -9.14% 7.86% -4.83% 0.10%

3.7633 3.7095 3.6156 3.0558 2.8442 2.8273 2.6608 2.5465 2.5245 2.4285

*The Volume Run Rate is calculated by divided the current week's volume by the average volume over the last 20 weeks. For example, a run rate of 2.0 means the stock traded twice its average volume. Top Year-To-Date Gainers

Top Year-To-Date Decliners

Symbol

YTD Gain %

Symbol

YTD Decline %

EGLE GLNG GLOG TK GMLP CMRE SFL TNP MATX

248.58% 46.13% 27.45% 22.64% 14.88% 8.83% 7.88% 1.86% 1.84%

FREE TOPS TEU DRYS PRGN FRO NM SALT BALT SB

-93.28% -86.83% -62.01% -61.59% -58.56% -56.95% -53.02% -51.74% -46.32% -46.03%

The following are the 43 members of this group: Symbol - Name: ASC – Ardmore Shipping Corp; BALT - Baltic Trading Ltd; CMRE - Costamare Inc; CPLP - Capital Product Partners LP; DAC - Danaos Corp; DCIX - Diana Containerships Inc.; DHT - DHT Maritime Inc; DLNG - Dynagas LNG Partners LP; DRYS - DryShips Inc; DSX - Diana Shipping Inc; EGLE - Eagle Bulk Shipping Inc; ESEA - Euroseas Ltd; FREE - FreeSeas Inc; FRO - Frontline Ltd; GASS StealthGas Inc; GLBS - Globus Maritime Limited; GLNG - Golar LNG Ltd; GLOG - GasLog Ltd.; GMLP - Golar LNG Partners LP; GSL - Global Ship Lease Inc; KNOP - KNOT Offshore Partners LP; MATX - Matson, Inc.; NAT - Nordic American Tanker Shipping; NM - Navios Maritime Holdings Inc; NMM - Navios Maritime Partners LP; NNA - Navios Maritime Acquisition Corp; NVGS - Navigator Holdings Ltd.; PRGN - Paragon Shipping Inc; SALT - Scorpio Bulkers; SB Safe Bulkers Inc; SBLK - Star Bulk Carriers Corp; SFL - Ship Finance International Ltd; SHIP - Seanergy Maritime Holdings Corp; SSW - Seaspan Corp; STNG - Scorpio Tankers Inc; TEU - Box Ships Inc.; TGP - Teekay LNG Partners LP; TK - Teekay Corp; TNK - Teekay Tankers Ltd; TNP - Tsakos Energy Navigation Ltd; TOO - Teekay Offshore Partners LP; TOPS - TOP Ships Inc; VLCCF - Knightsbridge Tankers Ltd; DISCLAIMER: This communication has been prepared by Knight Capital Americas LLC.s ("KCA"), trading, market making and/or sales personnel (collectively, "KCG Traders") to compile commentary received from either particular KCG Traders providing their personal perspectives on the markets, sectors and general news or third party sources. The information set forth above has been obtained from or based upon sources believed by the KCG Traders to be reliable, but each KCG Trader and KCG (as defined below) does not represent or warrant its accuracy or completeness and is not responsible for losses or damages arising out of errors or omissions, delays in the receipt of this information, or any actions taken in reliance thereon. Opinions, historical price(s) or value(s) are as of the date and, if applicable, time indicated. KCG does not accept any responsibility to update any opinions or other information contained in this communication. The information provided herein is not intended to provide a sufficient basis on which to make an investment decision. It is intended only to provide observations and views of individual KCG Traders, which may be different from, or inconsistent with, the observations and views of KCG and/or its affiliates, officers, directors and/or employees (including other KCG Traders). The communication is for your general information only and is not an offer or solicitation to buy or sell any security or product. KCG Traders may, from time to time express indications of interest to potentially buy or sell a particular security. These indications of interest are not firm orders or quotes, and may not be current. Accordingly, please contact your KCG representative if you have any interest or questions relating to these indications of interest or to any information provided herein. KCA most likely makes a market in the securities mentioned in this document. KCG and/or its affiliates, officers, directors and employees, including persons involved in the preparation or issuance of this material, may, from time to time, have long or short positions in, or buy or sell (on a principal basis or otherwise) the securities mentioned in this communication which may be inconsistent with the views expressed herein. Questions regarding the information presented herein or to request a copy of this document should be referred to your KCG Representative. This document is a product of KCG Holdings, Inc. ("KCG") and its affiliates and subsidiaries (collectively "KCG"). KCG Holdings, Inc. ("KCG") is comprised of trading and related entities under common control such as Knight Capital Americas, LLC, KCG Europe Limited (a U.K. registered broker-dealer) and KCG Hotspot FX LLC. © 2014 KCG Holdings, Inc. ("KCG") All rights reserved. Provided by Knight Capital Americas LLC, member of FINRA and SIPC.

17

Monday, October 20, 2014 (Week 42)

SHIPPING MARKETS

Weekly Market Report Week Ending October 17, 2014

FREIGHT Capesize 4TC Average Contract Oct Nov Dec Nov, Dec Q4 Q1 Q2 Cal Cal

14 14 14 14 14 15 15 15 16

BCI TC Average 9908 12542 13413 13039 12035 11219 12188 14138 14550

Panamax 4TC Average Contract Nov Dec Nov, Dec Q2 Cal Cal

14 14 14 15 15 16

Open 10500 10500 10500 10500 13000 10250 12000 14400 15000

Close 9600 9600 14600 9600 12250 11800 9600 14700 14950

BPI TC Average 8820 9050 8659 9494 8965 9321

Supramax 6TC Average Contract Nov, Dec 14 Q4 14 Cal 15

Chg -963 -1775 -1991 -1785 -1595 408 -2900 23 -92

Volume:

Chg 595 850 345 594 367 161

Volume: Open 8800 9000 8600 9400 7500 9500

Close 8900 7500 9300 9550 9100 9400

BSI TC Average 9800 10000 9633

Chg -133 -467 283

Chg -900 -900 4100 -900 -750 1550 -2400 300 -50

Chg 100 -1500 700 150 1600 -100

Volume: Open 10100 10000 9500

Close 9700 10000 9700

Chg -400 0 200

4,940 Low 9350 10900 12250 11800 11000 10250 12000 13450 14000 1,870

lots High 10600 13750 14800 14500 13000 11800 12750 14800 15000 lots

Low 8800 9000 8400 9400 8650 9150

345 Low 9700 10000 9500

High 8900 9100 9300 9550 9100 9500

lots High 10100 10000 9700

IRON ORE TSI Iron Ore 62% Fines Contract Nov Dec Jan Q4 Q1 Q2 Cal

14 14 15 14 15 15 15

TSIO 62 Average 81.29 81.69 82.97 80.75 81.49 80.39 79.77

Chg 1.85 2.26 na 2.47 2.58 3.38 1.25

Volume: Open 82.75 82.75 83.00 81.00 84.00 81.50 1.00

18

Close 81.25 80.20 82.90 80.50 80.75 79.00 1.00

Chg -1.50 -2.55 -0.10 -0.50 -3.25 -2.50 1.00

3,641,000 Low 79.75 79.75 82.90 80.50 78.75 77.75 77.75

mt High 83.75 83.50 83.00 81.00 84.00 81.50 81.75

Monday, October 20, 2014 (Week 42)

SHIPPING MARKETS

FERTILIZER Urea Nola Contract Nov Dec Jan DAP NOLA Contract Jan

14 14 15

Average 310.33 311.09 311.50

Urea G N Chg -0.47 0.84 -2.50

Open 311.00 311.00 1.00

Close 309.00 309.00 1.00

Volume: Chg -2.00 -2.00 1.00

71 Low 309.00 309.00 310.00

lots High 311.00 312.00 313.00

15

Chg na

Open 412.00

Close 412.00

Volume: Chg 0.00

9

Average 412.00

Low 412.00

lots High 412.00

Open 493.00 495.00 470.75

Close 465.00 462.00 461.50

Volume: Chg -28.00 -33.00 -9.25

21,600 Low 462.25 462.00 461.50

mt

475.94 478.74 467.32

S38 Chg -33.52 na na R35 Chg na -7.05 na

Open 438.75 473.50 450.50

Close 457.00 447.75 455.25

Volume: Chg 18.25 -25.75 4.75

84,800 Low 433.50 447.75 450.50

mt

Average 452.26 469.95 451.60

BUNKER FUEL Singapore 380cst Contract Nov 14 Dec 14 Jan 15 Rotterdam 3.5% Contract Nov Dec Feb

14 14 15

Average

Legend Average

Weighted average price of the contract period for the week

Change (1)

Difference between the current week Average and the previous week Average

Open

Opening price of the week

Close

Closing price of the week

Change (2)

Different between the weekly Open and Close Price

Low

Lowest price of the week

High

Highest price of the week

19

High 493.00 495.25 470.75

High 457.00 473.50 455.25

Monday, October 20, 2014 (Week 42)

SHIPPING MARKETS

First Watch: Stifel Shipping Weekly Contributed by

Stifel Nicolaus & CO, Inc. Stifel One Financial Plaza, 501 North Broadway St. Louis, MO 63102 Phone: (314) 342-2000 Website: www.stifel.com

Product tanker rates have improved to their highest level since the beginning of the year, with MR-size tankers leading the way, improving to $17,524 per day on a triangulated basis. While LR1 rates in Asia are at $22,354 per day and LR2 rates are $27,581 per day, their highest level since early-August. The rise in rates is attributable to seasonal demand along with opportunistic buyers taking advantage of lower oil prices. Currently, the Pacific market has seen the most strength, while the Atlantic market is improving and in a prime condition to gain further as U.S. Gulf Coast refineries come back online. Currently Gulf Coast refineries are operating at 88.9% rate, the lowest rate since late-June as several refineries are performing maintenance in order to switch over to the winter fuel grade. In 2013, PADD3 utilization was at 87.3% on October 11 and the triangulated rate from Europe-U.S. Atlantic Coast-Gulf Coast-Europe were at $13,007. Rates did not improve until Nov 8, four weeks later when they picked up to $22,758 and PADD3 utilization was at 89.5%. Rates remained above $19,000 a day through midJanuary 2014 as refinery utilization stayed over 90%. With rates already at a higher level than last year, we believe that as PADD3 utilization comes back online, rates could meaningfully surpass last years levels due to increased demand and a stronger Pacific market.

20

Monday, October 20, 2014 (Week 42)

SHIPPING MARKETS Global Shipping Fleet & Orderbook Statistics

Contributed by Stifel Nicolaus & Co, Inc.

21 21

Monday, October 20, 2014 (Week 42) Chartering

SHIPPING MARKETS

Container Market – Weekly Highlights Contributed by

Braemar ACM Shipbroking 35 Cosway Street London NW1 5BT United Kingdom Phone: +44 (0) 20 7535 2650 Website: www.braemaracm.com

Geared tonnage between 2,000-3,000TEU continues to struggle and rates are slowly but surely being eroded, however, on the positive side, the supply of prompt positions has decreased but as many are on flexible periods, the picture can change very quickly. Two 1,700TEU newbuildings also found homes this week and brings into focus the current disparity between geared and gearless designs. The preference for gearless feeders continues to be quite persuasive as barring a few exceptions many of the geared trades have relatively short times at sea and are therefore unable to maximise the potential bunker savings.

Although the BOXi remains unchanged this week, negative sentiment is beginning to establish a firm foothold in the market. While bunker prices are a short term boon for operators, many will have hedged considerably higher and the downward trajectory of freight rates means it would be very impressive indeed if the charter market did not begin to feel its weight. Fixture activity overall was reasonable but the vast majority are for extensions with limited 'new' business. The post-Panamax market remains uneven, given only sporadic activity, with short term business over the winter season coming at a significant discount. Panamax activity was thinner on the ground this week and there is seemingly a growing number of operators that believe the sector has become a touch overheated. Modern 3,500-2,800TEU tonnage continued largely unchanged.

22

Monday, October 20, 2014 (Week 42)

SHIPPING MARKETS

Weekly Tanker Market Opinion Condensates to the Rescue? Will growing U.S. condensate exports provide a boost to the Aframax tanker segment? In June of this year two American companies, Enterprise Product Partners and Pioneer Natural Resources, received permission to export slightly treated condensates from the United States. Since then American oil producers and shipowners alike have become excited about the potential of a significant new export trade out of the United States. Will this be the opportunity that tanker owners have been waiting for?

Contributed by

Poten & Partners, Inc. 805 Third Avenue New York, NY 10022 Phone: (212) 230 - 2000 Website: www.poten.com

Let’s take a step back. What are condensates exactly? Condensates are liquids that are separated from natural gas during production and stabilization processes. Condensates have been around for a long time and, like oil, are transported worldwide on tankers. About 40% of the world’s production (estimated to be around 6 million barrels/day) is exported as condensates and an additional 35% is mixed into crude streams. Major exporters of condensates are Qatar, Australia, Iran and Indonesia. IEA forecasts that global field condensate production will grow to 7.1 mb/d in 2019, mainly due to production growth in the US and Australia. Condensates are typically transported on Aframax vessels, but smaller vessels are also commonly used. A number of the US shale fields, especially Eagle Ford, produce significant amounts of field condensates. Eagle Ford field condensate production, currently stands at about 0.5 mb/d is expected to double by 2020. The situation for US condensates is somewhat complicated for two reasons: (1) In the United States condensates are considered a crude oil, and (2) Crude oil exports are banned in the United States. Canada is exempt from the US crude oil export ban. It is importing condensates from the US to use as diluent for heavy Canadian crude so it can be easily pumped through pipelines. The use of diluents is expected to grow as Canadian production increases and more crude oil pipelines become available. Processed oil products such as gasoline and diesel can be legally exported from the US, however and these exports have grown significantly in the last 5 years. The $64,000 question for condensates exports is: How much processing is required for condensates to be considered an oil product, rather than crude oil? Not surprisingly, opinions vary on this. Since Enterprise and Pioneer, no additional exports licenses have been granted as politicians have challenged the legality of these export permits and now all new permits are on hold. Players are awaiting clarification of the definition whether it’s a crude or a product, but a decision is not expected for at least 6 months. While increased exports of condensates from the US to Asia would be a boost for long haul tanker demand, it is unlikely that significant exports will materialize anytime soon.

23

Monday, October 20, 2014 (Week 42)

SHIPPING MARKETS

Tanker Market – Weekly Highlights ECA premiums to rise substantially during 2015 Last week, Worldscale released the bunker price which will be used to calculate 2015 flat rates and the fixed rate differentials for Baltic & North Sea and North American & Caribbean ECA steaming and in‐port bunkers.

Contributed by

Charles R. Weber Company, Inc. Greenwich Office Park One, Greenwich, CT 06831 Phone: (203) 629 - 2300 Website: www.crweber.com

IMO ECA regulations mandate that from 1 January, ships transiting and at anchor in ECA areas must burn bunkers with a maximum sulfur content of 0.1%. The present maximum sulfur content permitted within these areas is generally 1.0%. When the max 1.0% sulfur content regulation was phased in, availability issues prompted a wide price differential between more traditional 3.0% sulfur HSFO 380cst bunkers and 1.0% LSFO 380cst bunkers – which at times well exceeded $100/mt. The LSFO premium eventually declined to levels closer to HSFO as availability issues subsided. Presently, the spread between average HSFO and LSFO bunkers is $58/mt. With the progression to the 0.1% cap, vessels operating in ECA areas will now be required to move past fuel oil grades and source 0.1% MGO grades unless they have been fitted with scrubbers (which cost in excess of $5.0m to install), raising concerns over MGO availability and price spikes as the market reorients to declining fuel oil demand and greater gasoil demand. Worldscale fixed rate differentials function largely to offset the added costs associated with the burning of MGO by providing owners with compensation on a dollar‐per‐laden mile basis above gross freight. Routes not traded on a Worldscale basis will require owners and charterers to come to their own agreement on how to treat the added cost of ECA compliance. Whereas the HSFO bunker price to be used to calculate flat rates has dropped by 2.8% to $614.81/mt, the move to 0.1% bunkers has led to massive hikes in the ECA fixed rate differentials. In the Baltic and North Sea ECA area, the differential will rise by 828% to $48.35/mt while the figure for North America and Caribbean ECA area will rise by 413% to $65.31/mile. The corresponding added cost for charterers could add complications to arbitrage trades – with economies of scale implying a greater impact on trades involving smaller tankers than their larger counterparts. For MRs trading gasoline on a UKC‐ USAC voyage in today’s market, gross freight is $658,674 and the ECA differential is $17,483 for a total cost of $676,157, or ~$2.15/bbl. Adjusting for 2015 differentials raises the ECA premium to $97,998 and increases the total per barrel cost to ~$2.41 – a 12% increase – leaving traders with a thinner margin to work with.

24

Monday, October 20, 2014 (Week 42)

SHIPPING MARKETS

Tanker Market – Weekly Highlights

25

Monday, October 20, 2014 (Week 42)

SHIPPING MARKETS

Tanker Market – Weekly Highlights THE TANKER MARKETS VLCC VLCC chartering demand declined this week as demand in the Middle East market slowed as charterers paused between the completion of the October program and a concerted progression into November dates. Combined Middle East and West Africa fixtures totaled 23, off 45% from last week. Fundamentals concluded the week with a greater supply/demand imbalance than had prevailed a week ago as the appearance of previously hidden units offset a stronger conclusion of the October program. A total of 112 October Middle East cargoes materialized – a strong improvement from the 104 observed during September – against our earlier projection of ~110. Rates retained their positive bias through much of the week as owners remained largely bullish in expectation of a busy start to the November program next week. Given that just 5 November cargoes have materialized to‐date, charterers are expected to work both relatively short forward windows for early November cargoes as well as cargoes with the usual forward load windows of around 25 days during the upcoming week. The corresponding robustness is expected to allow owners to keep sentiment strong and potentially allow owners to command further modest gains. Rate progression thereafter will be heavily dictated by both the volume of early activity and assumptions on the further extent of the November program. As Saudi Arabia, Iraq, Kuwait et al battle for market share, regional supply could defy conventional wisdom whereby lower oil prices dictate lower production. A corresponding rise in the number of regional November cargoes would likely bode well for rates as the market progresses further into the traditionally stronger Q4. Even absent more substantive rate gains this week, TCEs have posted significant improvements on bunker prices alone. The benchmark AG‐JPN route rose by ~$3,477/day, or 13%, over the course of the week to ~$31,116/day; bunker price erosion is responsible for 60% of the gains. Middle East Rates to the Far East gained 2.9 points w/w to an average of ws45.2. Corresponding TCEs gained ~$5,871/day to an average of ~$30,959/day. Rates to the USG via the Cape were assessed at an average of ws22.4, representing a gain of 1.1 points. Triangulated Westbound trade earnings gained ~$7,340/day w/w to an average of ~$38,088/day. Atlantic Basin Rates across the Atlantic basin were stronger this week with the Caribbean market observing late gains after a positive week in the West Africa market. The WAFR‐FEAST route gained 5.4 points w/w to an average of ws50.4. Corresponding TCEs added ~$7,944/day to an average of ~$35,030/day. The Caribbean market commenced with relative strength as benchmark CBS‐SPORE route posted incremental gains into the high $5m range. Traditional program demand was augmented by trader‐originated fixtures, prompting a late demand surge against a reduction of ballast units vying for ex‐Caribbean cargoes and overall positive sentiment, allowing owners to command stronger rates. 26

Monday, October 20, 2014 (Week 42)

SHIPPING MARKETS

Tanker Market – Weekly Highlights Suezmax The West Africa Suezmax market experienced softer chartering activity this week as charterers were slow to progress into November dates, prompting regional rates to pare some of the gains observed since early October. A total of eight fixtures were reported, representing a 43% w/w decline. Rates on the WAFR‐USAC route concluded the week off 2.5 points at w77.5 and the WAFR‐UKC route lost 5 points to conclude at ws80. As activity is expected to improve during the upcoming week and Suezmax rates in alternative trading areas have been supported by recent further strength on the back of stronger Aframax markets, West Africa Suezmax rates should experience a limiting of further downside and potentially fresh gains from around mid‐week. Aframax Demand in the Caribbean Aframax market increased markedly this week, rising 122% w/w to around 20 fixtures. This prompted incrementally rate gains, particularly during the latter half of the week after Wednesday saw very high volume while charterers started working further forward laycans. The CBS‐USG route gained 15 points to the ws130 level (the loftiest since late July). Tightening Suezmax supply/demand positioning in the region has also factored into this week’s Aframax gains. Against tighter Aframax supply/demand positioning, the decreasing availability of more attractively‐priced Suezmax freights should help to keep positive pressure on Aframax rates during the upcoming week. Panamax The Caribbean Panamax market saw rates extend gains on the back of sustained robust demand and rising Aframax rates. The CBS‐USG route added 7.5 points to conclude at ws130. Further gains are likely to follow further Aframax strength during the upcoming week.

27

Monday, October 20, 2014 (Week 42)

SHIPPING MARKETS

Tanker Market – Weekly Highlights MR The USG MR market was modestly slower with total fixtures easing 16% w/w to 21. No fixtures were bound for points in Europe – the first such occurrence since late February while 13 fixtures were for discharge in Latin America and the Caribbean; the remaining 8 fixtures were bound for other areas. Natural two‐week forward USG positions expanded by 24% w/w to 46 units, though with triangulated earnings exceeding round‐trip UKC‐USAC returns, the majority of units freeing on the USAC are opting to ballast to the USG and thus augmenting the USG availability count by an additional 7 units. These factors saw fresh rate downside on regional rates materialize; the USG‐UKC route shed 15 points from last week’s closing assessment to conclude at ws80 while the USG‐POZOS route lost $55k to conclude at $250k lump sum. As charterers move towards end‐October rates, the extent of further downside should be limited by a corresponding improvement of fresh demand.

28

Monday, October 20, 2014 (Week 42)

SHIPPING MARKETS

S&P Secondhand, Newbuilding & Demolition Markets S&P MARKET TRENDS DURING OCTOBER:

Contributed by

↓ Secondhand – ↓Newbuilding – ↓Demolition

Golden Destiny S.A. 57 Akti Miaouli Street, Piraeus,185 36 Greece Phone: +30 210 4295000 Website: www.goldendestiny.gr

NEWBUILDING MARKET WEEKLY NEWBUILDING ACTIVITY Vessel Type Units Bulkcarriers 3 Tankers 4 Gas Tankers 5 General Cargo 0 Containers 7 Reefers 0 Passenger / Cruise 0 Ro - Ro 0 Car Carrier 0 Combined 0 Special Projects 12 TOTAL 31

 The estimated invested capital does not include deals reported at an undisclosed secondhand sale price.  P&C: deals reported as private and confidential with no disclosed details for the secondhand sale price.

in DWT 49,500 140,000 303,000 0 162,600 0 0 0 0 0 290,000 945,100

Invested Capital N/A N/A 722,180,000 0 27,750,000 0 0 0 0 0 600,000,000 1,349,930,000

P&C 3 4 0 0 6 0 0 0 0 0 8 21

%w-o-w -70% -43% 400% 133%

71% 11%

 The estimated invested capital does not include deals reported with undisclosed newbuilding price.  P&C: deals reported as private and confidential (not revealed contract price)

NEWBUILDING MARKET – ORDERS Vessel Type Bulk Carrier Tanker Tanker LPG LNG Container Container Special Project

Sub-type Chemical Chemical

Crewboat

Units Dwt Contractor Country 3 16,500 Franbo Lines TWN 2 35,000 Canal West SA N/A 2 35,000 ITOCHU Corp JPN 2 22,000 CBM Undisclosed N/A 3 174,000 CBM Undisclosed N/A 1 1,800 TEU Dong-A Tanker SKR 6 + 2 1,700 TEU Mandarin Shipping HK 2 Fujairah Nat. Shpg Agency UAE

Special Project AHTS

6

+4

5,000

Maersk Supply Service

DEN

Special Project Semi Submersible Heavy lift

4

+2

65,000

Greenland Petroleum Operation

SPORE

Builder Country Honda Zosen JPN Kitanihon Zosen JPN Kitanihon Zosen JPN Hyundai Mipo SKR Samsung HI SKR Daesun SKR Zhejiang Ouhua PRC Grandweld UAE Kleven Verft AS/ NOR Myklebust Verft AS CSBC

PRC

Dely 8/11-2015, 3-2016 8/11-2017 9/12-2017 3-2017 2/5/8-2018 6-2016 2016-2017 2/3-2015

USD mil/Unit N/A N/A N/A 51,100,000 206,660,000 27,750,000 N/A N/A

2016-2017

N/A

1/3/5/8-2017

150,000,000

Key: GR: Greece, PRC: China, NOR: Norway, JPN: Japan, DEN: Denmark, CAN: Canada, SWD: Sweden, GER: Germany, TRK: Turkey, NIG: Nigeria, SKR: South Korea, SPORE: Singapore, CYP: Cyprus, Dely: Delivery

29

Capital Link Shipping Weekly Markets Report

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