Capital Link Shipping Weekly Markets Report

Wednesday, January 4, 2017 (Week 1)

Wednesday, January 4, 2017 (Week 1) IN THE NEWS  

Latest Company News Earnings Recap

CAPITAL MARKETS DATA   

Currencies, Commodities & Indices Shipping Equities – Weekly Review Dividend Paying Shipping Stocks

SHIPPING MARKETS   

Global Shipping Company Bond Profiles Stifel Shipping Markets Dry/Wet & TC Rates – Alibra Shipping

TERMS OF USE & DISCLAIMER CONTENT CONTRIBUTORS

REGISTER

1 1

ORGANIZED BY

CAPITAL LINK, INC. New York • London • Athens • Oslo 230 Park Ave. Suite 1536 New York, NY 10169 | NY: +1 (212) 661-7566 [email protected]

ABOUT THE FORUM The Capital Link Cyprus Shipping Forum, will take place in Limassol on Thursday , February 9, 2017, at the Columbia Plaza, Under the Auspices of the Ministry of Transport, Communications and Works. The event aims to highlight the significant role of Cyprus as a maritime, energy and logistics hub and as an investment and business destination. The Forum will feature major international speakers and delegates and local leaders in an exchange of ideas on critical industry topics. It will discuss the developments and trends in the major shipping, financial and capital markets as well as issues pertaining to geopolitical and regulatory developments, technical and commercial fleet management. The Forum will highlight the competitive positioning and advantages of Cyprus as an industry hub.

PANEL TOPICS TO BE COVERED •

Cyprus as a Maritime, Logistics &

LEAD SPONSORS

•

Energy Hub •

Global Shipping Markets – Current

Road & How It Will Affect Shipping •

Developments & Outlook •

A Review of the Global Commodity,

“One Belt – One Road” – The New Silk

Geopolitical and Regulatory Developments Affecting Shipping

•

Access to Capital as a Competitive

Energy & Shipping Markets – Sector

Advantage – Bank Finance, Capital

Review, Analysis & Outlook

Markets, Private Equity & Alternative

•

Optimizing Technical Fleet Management

Financing

•

Good People Pay Off – Crewing

•

Strategies and Staff Development •

Managing Risks – Foreign Corruption Optimizing Insurance & Reinsurance – Trends & Developments

•

SPONSORS

Restructuring as a Business & Investment Opportunity

•

Practices Act •

GLOBAL GOLD SPONSORS

Expertise and Infrastructure in Cyprus – Cyprus as an Operational Hub

•

Is There Light at the End of the Tunnel? – The Shipowner Perspective

SUPPORTING SPONSORS

China, the Global Economy & Shipping

SPEAKERS DINNER SPONSOR

MEDIA PARTNERS

SUPPORTING ORGANIZATIONS

Seating is limited. To register and/or for more information, click on the above button or visit our website

Capital Link Shipping

...Linking Shipping and Investors Across the Globe

Capital Link is a New York-based Advisory, Investor Relations and Financial Communications firm. Capitalizing on our in-depth knowledge of the shipping industry and capital markets, Capital Link has made a strategic commitment to the shipping industry becoming the largest provider of Investor Relations and Financial Communications services to international shipping companies listed on the US and European Exchanges. Capital Link's headquarters are in New York with a presence in London and Athens.

Investor Relations & Financial Advisory

Operating more like a boutique investment bank rather than a traditional Investor Relations firm, our objective is to assist our clients enhance long term shareholder value and achieve proper valuation through their positioning in the investment community. We assist them to determine their objectives, establish the proper investor outreach strategies, generate a recurring information flow, identify the proper investor and analyst target groups and gather investor and analyst feedback and related market intelligence information while keeping track of their peer group. Also, to enhance their profile in the financial and trade media.

In our effort to enhance the information flow to the investment community and contribute to improving investor knowledge of shipping, Capital Link has undertaken a series of initiatives beyond the traditional scope of its investor relations activity, such as:

www.CapitalLinkShipping.com

A web based resource that provides information on the major shipping and stock market indices, as well as on all shipping stocks. It also features an earnings and conference call calendar, industry reports from major industry participants and interviews with CEOs, analysts and other market participants.

Capital Link Shipping Weekly Markets Report

Weekly distribution to an extensive audience in the US & European shipping, financial and investment communities with updates on the shipping markets, the stock market and listed company news.

www.CapitalLinkWebinars.com

Sector Forums & Webinars: Regularly, we organize panel discussions among CEOs, analysts, bankers and shipping industry participants on the developments in the various shipping sectors (containers, dry bulk, tankers) and on other topics of interest (such as Raising Equity in Shipping Today, Scrapping, etc).

Capital Link Investor Shipping Forums

In New York, Athens and London bringing together investors, bankers, financial advisors, listed companies CEOs, analysts, and shipping industry participants.

www.MaritimeIndices.com

Capital Link Maritime Indices: Capital Link developed and maintains a series of stock market maritime indices which track the performance of U.S. listed shipping stocks (CL maritime Index, CL Dry Bulk Index, CL Tanker Index, CL Container Index, CL LNG/LPG Index, CL Mixed Fleet Index, CL Shipping MLP Index – Bloomberg page: CPLI. The Indices are also distributed through the Reuters Newswires and are available on Factset. Capital Link - New York - London - Athens - Oslo

New York - 230 Park Avenue, Suite 1536, New York, NY, 10169 Tel.: +1 212 661 7566 Fax: +1 212 661 7526 London - Longcroft House,2-8 Victoria Avenue, London, EC2M 4NS, U.K Tel. +44(0) 203 206 1320 Fax. +44(0) 203 206 1321 Athens - 40, Agiou Konstantinou Str, Suite A 5, 151-24 Athens, Greece Tel. +30 210 6109 800 Fax +30 210 6109 801 Oslo - Raadhusgaten 25 P.O. Box 1904 Vika N-0116 Oslo, Norway

www.capitallink.com www.capitallinkforum.com

Wednesday, January 4, 2017 (Week 1)

IN THE NEWS

Latest Company News Tuesday, December 27, 2016

Limited ("NHIL"), the results to date of NHIL's previously announced cash tender offers (each, a "Tender Offer" and, collectively, the "Tender Offers") for the outstanding notes of NHIL set forth in the table below (collectively, the "Notes"). http://phx.corporate-ir.net/phoenix.zhtml?c=98046&p=irolnewsArticle&ID=2232985

Golar LNG Partners L.P. - Notice of Charter End Date Golar LNG Partners LP (NASDAQ: GMLP) (the "Partnership") announced that, as provisioned under the terms of the contract, they have received a notice of early termination of the Golar Spirit charter from charterers Petrobras. The Charter end date will now be June 21, 2017. The original end date of the charter was August 2018. In accordance with the terms of the Charter, Charterers will pay to the Partnership a compensation fee as a result of the early termination representing approximately 62% of the EBITDA1 remaining under the contract from June 21, 2017 to the original contract end date. http://www.golarlngpartners.com/index.php?name=seksjon/Stock_Ex change_Releases/Press_Releases.html&pressrelease=2067891.ht ml

Thursday, December 29, 2016 SDRL - Announces three year contract extension for jack-up AOD III Seadrill Limited ("SDRL") has received a three year contract extension from Saudi Aramco for the jack-up AOD III expiring in December 2019. The extension is in direct continuation of the current contract and will add approximately $112.5 million in contract backlog. http://www.seadrill.com/investor-relations/news/prstory.aspx?ResultPageURL=http://cws.huginonline.com/S/135817/P R/201612/2068024.xml

Euroseas Ltd. Announces Delivery of Feeder Containership and Sale of Drybulk Vessel Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced that it took delivery of the M/V RT Dagr, a 1,645 teu feeder containership built in 1998. As previously announced, the vessel was purchased by issuing 900,000 shares of the Company's common stock. http://www.euroseas.gr/press_releases.html?irp=pr2&relid=584962

Tuesday, January 3, 2016 DryShips Announces Closing Of $200.0 Million New Sifnos Revolving Facility DryShips Inc. (NASDAQ:DRYS), an international owner of drybulk carriers and offshore support vessels, announced that, it has signed definitive documentation with Sifnos Shareholders Inc. (“Sifnos”), an entity controlled by our Founder and Chairman Mr. Economou, for the previously announced refinancing of the majority of its outstanding debt under the new senior secured revolving facility (“New Revolver”). http://dryships.irwebpage.com/press/dryspr010317.pdf

Wednesday, December 28, 2016 Noble Corporation plc Announces Early Results Of Cash Tender Offers For Senior Notes By Wholly-Owned Subsidiary Noble Corporation plc (NYSE: NE) announced, on behalf of its indirect, wholly-owned subsidiary, Noble Holding International

2

Wednesday, January 4, 2017 (Week 1)

CAPITAL MARKETS DATA

Dividend Paying Shipping Stocks Stock Prices as of December 30, 2016

Company Name Container Costamare Inc Seaspan Corp Tankers DHT Holdings, Inc. Frontline Navios Maritime Acquisition Corp Nordic American Tankers Limited Scorpio Tankers Inc Tsakos Energy Navigation Ltd Teekay Tankers Mixed Fleet Ship Finance International Limited Teekay Corporation LNG/LPG GasLog Ltd Golar LNG Maritime MLPs Capital Product Partners L.P. Dynagas LNG Partners GasLog Partners LP Golar LNG Partners, L.P. Hoegh LNG Partners KNOT Offshore Partners L.P. Navios Maritime Midstream Partners Teekay LNG Partners L.P. Teekay Offshore Partners L.P. Offshore Drilling Ensco plc Seadrill Partners Container Costamare Inc Seaspan Corp

Ticker

Quarterly Dividend

Annualized Dividend

Last Closing Price (December 30, 2016)

Annualized Dividend Yield

CMRE SSW

$0.10 $0.375

$0.40 $1.50

5.60 9.14

7.14% 16.41%

DHT FRO NNA NAT STNG TNP TNK

$0.02 $0.10 $0.05 $0.26 $0.125 $0.05 $0.03

$0.08 $0.40 $0.20 $1.04 $0.50 $0.20 $0.12

4.14 7.11 1.70 8.40 4.53 4.69 2.26

1.93% 5.63% 11.76% 12.38% 11.04% 4.26% 5.31%

SFL TK

$0.45 $0.055

$1.80 $0.22

14.85 8.03

12.12% 2.74%

GLOG GLNG

$0.14 $0.05

$0.56 $0.20

16.10 22.94

3.48% 0.87%

CPLP DLNG GLOP GMLP HMLP KNOP NAP TGP TOO

$0.0750 $0.4225 $0.4780 $0.5775 $0.4125 $0.52 $0.4225 $0.14 0.11

$0.300 $1.69 $1.912 $2.31 $1.65 $2.08 $1.69 $0.56 0.44

$3.18 $15.98 $20.55 $24.04 $19.00 $23.60 $10.78 14.45 5.06

9.43% 10.58% 9.30% 9.61% 8.68% 8.81% 15.68% 3.88% 8.70%

ESV SDLP

$0.01 $0.10

$0.04 $0.40

9.72 4.20

0.41% 9.52%

CMRE SSW

$0.10 $0.375

$0.40 $1.50

5.60 9.14

7.14% 16.41%

*Semi-annual dividend

3

Wednesday, January 4, 2017 (Week 1)

CAPITAL MARKETS DATA

Preferred Shipping Stocks Stock Prices as of December 30, 2016

Type

Annual Coupon

Offer Price

Current Price 12/302016

Current Yield (annualized)

% change last week

52-week range*

50

perpetual

7.625%

$25.00

$20.30

9.39%

2.68%

$11.96$23.00

CMRE PRC

100

perpetual

8.50%

$25.00

$21.67

9.81%

4.03%

$12.49$22.68

CMRE PRD

100

perpetual

8.75%

$25.00

$22.20

9.85%

2.92%

Diana Shipping Series B

DSXPRB

65

perpetual

8.875%

$25.00

$16.41

13.52%

2.56%

Dynagas LNG Partners Series A

DLNGPR A

75

perpetual

9.000%

$25.00

$25.28

8.90%

-0.07%

GLOGA

111

perpetual

8.75%

$25.00

$25.12

8.13%

-3.01%

GSLB

35

perpetual

8.75%

$25.00

$20.39

10.73%

-2.81%

$8.00$20.98

Safe Bulkers Series B

SBPRB

40

perpetual step up

8.00%

$25.00

$24.15

8.28%

2.77%

$17.84$24.49

Safe Bulkers Series C

SBPRC

58

perpetual

8.00%

$25.00

$13.86

14.43%

5.30%

$6.84$16.00

Safe Bulkers Series D

SBPRD

80

perpetual

8.00%

$25.00

$13.52

14.79%

3.21%

Seaspan Series D

SSWPRD

128

perpetual

7.95%

$25.00

$20.35

9.77%

2.21%

Seaspan Series E

SSWPRE

135

perpetual

8.25%

$25.00

$20.49

10.07%

0.99%

Seaspan Series G

SSWPRG

100

perpetual

8.25%

$25.00

$19.94

5.03%

1.84%

Seaspan Series H

SSWPRH

225

perpetual

7.875%

$25.00

$19.47

N/A

3.67%

Teekay Offshore Series A

TOOPRA

150

perpetual

7.25%

$25.00

$18.60

9.74%

-3.48%

Teekay Offshore Series B

TOOPRB

125

perpetual

8.50%

$25.00

$20.04

10.60%

-0.10%

Tsakos Energy Series B

TNPPRB

50

perpetual step up

8.00%

$25.00

$25.27**

7.91%

0.64%

Tsakos Energy Series C

TNPPRC

50

perpetual

8.875%

$25.00

$25.37

8.75%

-0.24%

$20.19$26.12

Tsakos Energy Series D

TNPPRD

85

perpetual

8.75%

$25.00

$24.42

8.96%

0.08%

$16.25$25.00

Ticker

Amount Issued ($m)

Costamare Series B

CMRE PRB

Costamare Series C Costamare Series D

Company

GasLog Series A Global Ship Lease Series B

(1) Annual dividend percentage based upon the liquidation preference of the preferred shares. * Prices reflected are since inception date: Seaspan Series G – 6/10/2016 Seaspan Series H – 8/5/2016 ** As of 12/8/2016

4

$12.70$23.29 $9.50$18.52 $14.80$25.72 $13.75$26.61

$6.29$16.47 $19.19$26.48 $19.92$26.38 $19.66$26.09* $18.84$25.24* $9.07$21.42 $10.50$22.92 $21.50$25.83

Wednesday, January 4, 2017 (Week 1)

CAPITAL MARKETS DATA

Indices Week ending December 30, 2016 MAJOR INDICES

America

Symbol

12/30//2016

12/23//2016

% Change

YTD % Change

4-Jan-16

Dow Jones

INDU

19,762.60

19,933.81

-0.86

15.24

17,148.94

Dow Jones Transp.

TRAN

9,043.90

9,190.64

-1.60

23.00

7,352.59

NASDAQ

CCMP

5,383.12

5,462.69

-1.46

9.79

4,903.09

NASDAQ Transp.

CTRN

4,063.35

4,142.40

-1.91

24.46

3,264.70

S&P 500

SPX

2,238.83

2,263.79

-1.10

11.24

2,012.66

Europe

Symbol

12/30//2016

12/23//2016

% Change

YTD % Change

4-Jan-16

Deutsche Borse Ag

DAX

11,481.06

11,449.93

0.27

11.65

10,283.44

Euro Stoxx 50

SX5E

3,290.52

3,273.97

0.51

3.97

3,164.76

FTSE 100 Index

UKX

7,142.83

7,068.17

1.06

17.22

6,093.43

Asia/Pacific

Symbol

12/30//2016

12/23//2016

% Change

YTD % Change

4-Jan-16

ASX 200

AS51

5,665.80

5,627.90

0.67

7.50

5,270.48

Hang Seng

HSI

22,000.56

21,574.76

1.97

3.16

21,327.12

Nikkei 225

NKY

19,114.37

19,427.67

-1.61

3.60

18,450.98

CAPITAL LINK MARITIME INDICES

Index

Symbol

12/30//2016

12/23//2016

% Change

YTD % Change

4-Jan-16

Capital Link Maritime Index

CLMI

1,182.24

1,164.97

1.48

15.12

1,026.98

Tanker Index

CLTI

731.19

724.49

0.92

-13.86

848.82

Drybulk Index

CLDBI

417.38

418.10

-0.17

29.05

323.43

Container Index

CLCI

672.90

652.75

3.09

-39.95

1,120.50

LNG/LPG Index

CLLG

1,842.60

1,812.79

1.64

39.05

1,325.11

Mixed Fleet Index

CLMFI

1,258.48

1,246.59

0.95

7.95

1,165.83

MLP Index

CLMLP

1,665.88

1,594.98

4.45

47.39

1,130.22

*The Capital Link Maritime Indices were updated recently to adjust for industry changes. Dorian LPG Ltd (NYSE:LPG) became a member of Capital Link LNG/LPG Index, GasLog Partners L.P. (NYSE:GLOP) became a member of Capital Link LNG/LPG Index and Capital Link MLP Index, Navios Maritime Midstream Partners (NYSE:NAP) became a member of Capital Link MLP Index, Euronav NV (NYSE: EURN) became a member of Capital Link Tanker Index, and Gener8 Maritime (NYSE: GNRT) became a member of Capital Link Tanker Index. Additionally, Capital Link Dry Bulk Index reflects the stock name change of Baltic Trading Ltd (NYSE: BALT) to Genco Shipping & Trading Limited (NYSE: GNK).

5

Wednesday, January 4, 2017 (Week 1)

CAPITAL MARKETS DATA TRANSPORTATION STOCKS

DRYBULK Genco Shipping & Trading Ltd Diana Shipping Inc DryShips Inc Eagle Bulk Shipping Inc FreeSeas Inc Globus Maritime Ltd Golden Ocean Group Navios Maritime Holdings Inc Navios Maritime Partners LP Paragon Shipping Inc Safe Bulkers Inc Scorpio Bulkers Seanergy Maritime Star Bulk Carriers Corp

TANKERS Ardmore Shipping Corp Capital Product Partners LP DHT Holdings Inc Euronav NV Frontline Ltd/Bermuda Gener8 Maritime Inc KNOT Offshore Partners Navios Acquisition Navios Midstream Partners Nordic American Overseas Shipholding Pyxis Tankers Scorpio Tankers Inc Teekay Offshore Partners LP Teekay Tankers Ltd Top Ships Tsakos Energy Navigation Ltd

Ticker

12/30/2016

12/23/2016

Change

52 week high

52 week low

1/4/2016

Three Month

GNK DSX DRYS EGLE FREEF GLBS GOGL NM NMM PRGNF SB SALT SHIP SBLK

$7.38 $3.02 $3.69 $5.85 $0.00 $4.08 $4.71 $1.41 $1.41 $0.10 $1.15 $5.05 $1.15 $5.11

$6.99 $3.33 $4.25 $5.98 $0.00 $4.99 $4.54 $1.54 $1.56 $0.13 $1.21 $5.05 $1.20 $5.13

5.58% -9.31% -13.18% -2.17% -33.33% -18.24% 3.74% -8.44% -9.62% -26.00% -4.96% 0.00% -4.17% -0.39%

$15.30 $4.47 $240.60 $65.00 $178.50 $14.23 $5.05 $1.79 $3.07 $6.24 $1.90 $8.34 $7.20 $5.72

$3.77 $2.02 $3.55 $4.12 $0.00 $0.24 $2.71 $0.64 $0.80 $0.10 $0.30 $1.84 $1.15 $1.80

$14.90 $4.35 $3.98 $3.25 $178.50 $0.15 $5.05 $1.65 $3.07 $5.52 $0.75 $8.34 $3.27 $3.08

269,420 761,457 7,148,634 711,378 46,226,040 637,219 148,623 1,381,274 871,989 258,066 357,272 772,068 1,441,971 353,902

52 wk high $12.33 $5.25 $7.83 $13.44 $14.65 $9.08 $24.05 $2.83 $14.04 $16.00 $5.78 $4.04 $7.62 $6.92 $6.72 $6.61 $7.66

52 wk low $5.50 $2.51 $3.38 $6.70 $6.85 $3.56 $10.30 $1.20 $6.77 $7.66 $2.73 $0.65 $3.69 $2.61 $1.98 $1.49 $4.01

Ticker

12/30/2016

12/23/2016

Change %

ASC CPLP DHT EURN FRO GNRT KNOP NNA NAP NAT OSG PXS STNG TOO TNK TOPS TNP

$7.40 $3.18 $4.14 $7.95 $7.11 $4.48 $23.60 $1.70 $10.78 $8.40 $3.83 $2.60 $4.53 $5.06 $2.26 $2.25 $4.69

$7.20 $3.27 $4.15 $8.00 $7.13 $4.34 $23.05 $1.70 $10.90 $8.58 $3.91 $2.49 $4.64 $5.05 $2.38 $2.43 $4.75

2.78% -2.75% -0.24% -0.63% -0.28% 3.23% 2.39% 0.00% -1.10% -2.10% -2.05% 4.42% -2.37% 0.20% -5.04% -7.41% -1.26%

6

1/4/2016 $12.33 $5.25 $7.83 N/A $14.65 $9.08 $14.17 $2.83 $11.32 $15.14 $16.20 $1.25 $7.62 $6.32 $6.72 $3.10 $7.66

3-Month Avg. Vol. 326,642 776,515 2,273,797 859,054 1,039,522 530,520 71,386 681,442 83,376 1,973,388 609,524 11,334 2,895,991 697,684 1,674,058 761,723 501,624

Wednesday, January 4, 2017 (Week 1)

CAPITAL MARKETS DATA

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

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

MIXED FLEET Euroseas Ltd Ship Finance International Teekay Corp

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

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

Ticker

12/30/2016

12/23/2016

Change %

TEUFF CMRE DAC DCIX GSL SSW

$0.01 $5.60 $2.65 $2.78 $1.50 $9.14

$0.01 $5.67 $2.65 $3.08 $1.58 $8.79

2.65% -1.23% 0.00% -9.74% -5.06% 3.98%

Ticker

12/30/2016

12/23/2016

Change %

DLNG LPG GLOG GLOP GLNG GMLP HMLP NVGS GASS TGP

$15.98 $8.21 $16.10 $20.55 $22.94 $24.04 $19.00 $9.30 $3.38 $14.45

$15.29 $8.68 $16.55 $19.55 $23.10 $22.86 $18.50 $9.35 $3.72 $14.50

4.51% -5.41% -2.72% 5.12% -0.69% 5.16% 2.70% -0.53% -9.14% -0.34%

Ticker

12/30/2016

12/23/2016

Change %

ESEA SFL TK

$1.69 $14.85 $8.03

$2.00 $14.70 $8.16

-15.50% 1.02% -1.59%

Ticker

12/30/2016

12/23/2016

Change %

CPLP DLNG GLOP GMLP HMLP KNOP NAP NMM TOO TGP

$3.18 $15.98 $20.55 $24.04 $19.00 $23.60 $10.78 $1.41 $5.06 $14.45

$3.27 $15.29 $19.55 $22.86 $18.50 $23.05 $10.90 $1.56 $5.05 $14.50

-2.75% 4.51% 5.12% 5.16% 2.70% 2.39% -1.10% -9.62% 0.20% -0.34%

Ticker

12/30/2016

12/23/2016

Change %

ATW DO ESV NE ORIG PACD RDC SDRL RIG VTGDF

$13.13 $17.70 $9.72 $5.92 $1.74 $4.06 $18.89 $3.41 $14.74 $0.02

$13.28 $18.45 $9.93 $6.16 $1.61 $4.28 $19.37 $3.39 $14.73 $0.03

-1.13% -4.07% -2.11% -3.90% 8.07% -5.14% -2.48% 0.59% 0.07% -38.00%

7

52 wk high $0.19 $10.70 $5.92 $12.86 $2.60 $19.59

52 wk low $0.01 $5.57 $2.30 $2.06 $1.07 $8.67

52 wk high $16.40 $12.21 $17.05 $22.00 $25.65 $24.04 $19.23 $17.57 $5.05 $16.10

52 wk low $6.86 $5.09 $5.78 $10.00 $10.04 $9.52 $12.55 $6.55 $2.49 $8.77

52 wk high $4.85 $16.23 $11.43

52 wk low $1.19 $10.31 $4.92

52 wk high $5.25 $16.40 $22.00 $24.04 $19.23 $24.05 $14.04 $3.07 $6.92 $16.10

52 wk low $2.51 $6.86 $10.00 $9.52 $12.55 $10.30 $6.77 $0.80 $2.61 $8.77

52 wk high $13.98 $26.11 $15.89 $13.56 $3.07 $9.00 $20.90 $6.06 $15.54 $0.03

52 wk low $5.32 $14.80 $6.64 $4.64 $0.70 $2.90 $11.23 $1.63 $8.20 $0.00

1/4/2016 $0.16 $9.62 $5.92 $6.36 $2.60 $15.48

1/4/2016 $9.74 $11.37 $8.77 $14.25 $17.07 $13.14 $18.18 $13.66 $3.43 $13.78

1/4/2016 $2.57 $16.23 $10.18

1/4/2016 $5.25 $9.74 $14.25 $13.14 $18.18 $14.17 $11.32 $3.07 $6.32 $13.78

1/4/2016 $10.59 $21.85 $15.89 $10.82 $1.69 $9.00 $17.09 $3.47 $12.55 $0.00

3-Month Avg. Vol. 3,151,544 703,795 91,244 1,555,411 821,607 689,951 3-Month Avg. Vol. 144,115 222,363 444,111 119,382 1,434,003 231,557 63,083 339,258 41,128 398,920 3-Month Avg. Vol. 1,515,645 978,676 1,414,948 3-Month Avg. Vol. 776,515 144,115 119,382 231,557 63,083 71,386 83,376 871,989 697,684 398,920 3-Month Avg. Vol. 4,039,546 3,319,644 9,420,483 11,921,041 3,491,835 309,437 3,395,061 11,598,321 14,514,750 499,251

Wednesday, January 4, 2017 (Week 1)

OSLO-Listed Shipping Comps (currency in NOK) Golden Ocean Stolt-Nielsen Ltd. Frontline Ltd. Jinhui Shpg. & Trans Odfjell (Common A Share) American Shipping Co. Hoegh LNG

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

Ticker

12/30/2016

12/23/2016

Change %

GOGL SNI FRO JIN ODF AMSC HLNG

$41.30 $106.00 $62.00 $8.88 $29.30 $24.30 $96.50

$39.50 $106.00 $61.80 $7.31 $28.30 $24.00 $96.25

4.56% 0.00% 0.32% 21.48% 3.53% 1.25% 0.26%

Ticker

12/30/2016

12/23/2016

Change %

GLF HOS NAO TDW CKH

$1.75 $7.22 $2.75 $3.41 $71.28

$1.80 $7.31 $2.80 $3.54 $71.59

-2.78% -1.23% -1.79% -3.67% -0.43%

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52 wk high $44.01 $118.00 $129.45 $8.97 $33.40 $26.35 $98.25

52 wk high $7.38 $12.28 $5.69 $11.09 $72.97

52 wk low $21.30 $79.50 $56.15 $4.60 $22.10 $19.02 $78.75

52 wk low $1.10 $3.32 $2.60 $1.49 $42.35

1/4/2016 $44.01 $105.00 $129.45 $7.30 $28.20 $24.58 $95.25

1/4/2016 $4.60 $10.12 $5.26 $7.33 $52.71

3-Month Avg. Vol. 910,422 43,320 571,954 935,930 19,230 90,493 47,323

3-Month Avg. Vol. 521,827 1,261,880 114,023 2,192,405 130,303

Wednesday, January 4, 2017 (Week 1)

CAPITAL MARKETS DATA

Shipping Equities: The Week in Review SHIPPING EQUITIES OUTPERFORMED THE BROADER MARKET During last week, shipping equities outperformed the broader market, with the Capital Link Maritime Index (CLMI), a composite index of all US listed shipping stocks, up 1.48%, compared to the S&P 500 decreasing 1.10%, Nasdaq down 1.46%, and Dow Jones Industrial Average (DJII) diminishing 1.60%. MLP stocks were the best performers during last week, with Capital Link MLP Index up 4.45%, followed by Capital Link container Index growing 3.09%. Dry bulk equities were the least performer during last week, with Capital Link Dry Bulk Index down 0.17%. 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 2, 2005, thereby providing investors with historical performance. There are seven indices in total; the Capital Link Maritime Index comprised of all 45 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 or at or www.MaritimeIndices.com. They can also be found through the Bloomberg page “CPLI” and Reuters.

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] 9

Wednesday, January 4, 2017 (Week 1)

CAPITAL MARKETS DATA

MARITIME INDEX DAILY COMPARISON CHARTS (52 -WEEK )

*SOURCE: BLOOMBERG

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Wednesday, January 4, 2017 (Week 1)

SHIPPING MARKETS Global Shipping Company Bond Data

Contributed by Stifel Nicolaus & Co, Inc.

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Wednesday, January 4, 2017 (Week 1)

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

While this was a tough week for crude tankers with VLCC's down 7%, all things considered rates are still good at $59,049 and averaging nearly $38,000 for the quarter. However, the recent strength has come ahead of a planned 1.8 million bpd OPEC and non-OPEC production cut and undoubtedly there has been an element of members pushing out as much volume as possible before quota reductions. The real question remains, will it actually happen? On the surface, a full cut would result in about a 6% contraction in ton mile adjusted crude tanker demand (with little to no impact on product tankers). There are areas which should counteract a cut, such as Libya which just reopened a pipeline and should open the Sharara and El Feel fields and increase production by 270k b/d. Still, we do expect at least some negative impact. However, in some ways, the better the participation the sooner production should rise. If oil inventories drop and prices rise above $60/barrel, the more incentive there will be to cheat. Thus we expect, while having a negative impact on the crude tanker market, after factoring in seasonality, it may not be quite as dire as many seem to fear.

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Wednesday, January 4, 2017 (Week 1)

SHIPPING MARKETS Global Shipping Fleet & Orderbook Statistics

Contributed by Stifel Nicolaus & Co, Inc.

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Wednesday, January 4, 2017 (Week 1)

SHIPPING MARKETS

Dry/Wet & TC Rates Contributed by

Alibra Shipping Limited 35 Thurloe Street South Kensington London, SW7 2LQ Phone: +44 020 7581 7766 Website: www.alibrashipping.com

DRY TIME CHARTER ESTIMATES* (pdpr)

TANKER TIME CHARTER ESTIMATES* (pdpr) - Non-Eco tonnage

Dry comment: After the strong activity in base metals recently, a more cautious positioning seems justified for the next few weeks. What is more, the analysts expecting weak demand until China’s week-long Lunar New Year holiday. At the moment, Capes fixed for short TC (+/- 6 months) expected to earn around $7,000/pdpr, while for 1 year TC rates are estimated to be around $9,250/pdpr. Pana/Kamsarmax short period TC rates in Atlantic also fell quite a lot w-ow, to $8,750, while same tonnage can achieve around $8,000/pdpr for 1 year contracts.

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Tanker Comment: After bringing off the biggest oil-market deal in a decade, OPEC now is trying to increase oil prices without igniting shale. The analysts predicting that Brent will average $58 a barrel next year. WTI will be $1.50 cheaper than Brent in 2017, while it settled at $53.90 in New York yesterday. VLCC activity in MEG has been low this week, with all rates across the board, down. However, there’s a feeling that exWAF will become more attractive, as rates in the AG reached the zenith for now. In the same area, LRs were much more active this week strengthening the rates for the routes to Japan. Rates for LR1s fixed for 1 year period TC, estimated to be around $14,000/pdpr.