www.cotzias.gr – visit our constantly updated website

JANUARY 2010

S&P MONTHLY REPORT JANUARY 2010 Executive Summary Ship sale volume: Total number of Ships sold this month: Dry cargo Ships sold this month: Wet cargo Ships sold this month: Scrap volume:

Jan-10 151 92 59

  

Dec-09 96 80 16

87



62

Ships scrapped this month:

Newbuilding Ships Prices (31/1/2010) (in mil USD) 2/1/2009 Dry Cargo CAPE

$69.0

$50.0

Tanker Ships

VLCC

2/1/2009

NEWBUILDING

$97.0

$114.0

PAN

2/1/2009

$41.0

$60.0

last month last month

last month

$610 /ldt India (Stainless)

Highest Scrap Price paid this month:

NEWBUILDING

last month

PMX

  

2/1/2009

$41.0

$35.0

SUZ

2/1/2009

$68.0

$91.0

PROD

2/1/2009

$33.0

$51.0

HMAX

 

2/1/2009

$33.0

$27.0

AFR

2/1/2009

$49.0

$74.0

 



Average Dry cargo T/C Earnings (worldwide routes): Capes >144,000 dwt: Small Capes 144,000 – 85,000 dwt: Panamax 82,000 – 59,000 dwt: Supramax 59,000 – 48,000 dwt: Handymax 48,000 – 40,000 dwt: Handies 40,000 – 30,000 dwt: Small Bulkers 30,000 – 12,000 dwt:

Jan-10 $38,877 $29,813 $29,976 $28,200 $24,633 $16,366 $16,339

      

Scrap Prices for JANUARY 2010

Dec-09 $55,769 $30,800 $29,500 $26,308 $26,800 $20,292 $16,379

      

Nov-09 $66,080 $34,781 $30,026 $25,973 $24,306 $16,646 $14,217

HIGH $340

AVERAGE $312

JAN 2010 AVERAGE $352

INDIA

HIGH $610

AVERAGE $357

DEC 2009 AVERAGE $269

BANGLADESH

HIGH $415

AVERAGE $362

NOV 2009 AVERAGE $252

PAKISTAN

HIGH $575

AVERAGE $379

OCT 2009 AVERAGE $263

TURKEY

HIGH $180

AVERAGE $180

SEP 2009 AVERAGE $291

29-Jan-10

Baltic Dirty Tanker Index

    

% since

BALTIC INDICES

Baltic Clean Tanker Index

Oct-09 $40,072 $19,136 $22,526 $21,562 $18,514 $14,250 $14,236

GENERAL SCRAP PRICE AVERAGE

CHINA

Baltic Dry Index Baltic Cape Index Baltic Panamax Index Baltic Supramax Index Baltic Handymax Index

      

2848 3494 3420 2271 1163 885 1077

      

change since LAST MONTH

30-Dec-09

-5.22% -10.11% -4.12% 2.11% 0.35% 39.59% 32.31%

3005 3887 3567 2224 1159 634 814

31-Oct-09

30-Nov-09

      

3887 6189 3757 2416 1138 519 679

      

3103 5047 3150 1820 867 444 593

COMMENTS: Uncertainty is certain!!! Fluctuations of the index around the 2.5k-3.5k mark will be the game for the next few months. It is important to note that many period charters were reported this month. From the year start until Friday 5th Feb 2010 we have reported 28 T/C’s for a 12 month period, 11 for 24 month periods, 3 for 36 months and just 2 days ago a 5 year T/C of a supramax by COSCO at $16,250 per day. The intention of charterers to “lock” themselves in longer termed periods may well show an upward trend in the freight rates or at least may well show that they don’t expect them to drop significantly any further. This basic assumption on its own may well be worth some degree of security that if it is the charterers that have a good “foresight” to name it better they mostly define the rules of the trade… feel that 2, 3 and 5 years of charters is a wise move then we can at least gain some hope and become more optimistic about the not so distant future of the dry bulk market. However the sentiment emminent in all is that of a great level of business insecurity. Talking about uncertainty one of the major issues we see that still blocks the business cycle which is ready to turn up. Debt has to be covered most likely by raising taxes. Governments have no real alternatives. However what is the level of tax, what is the new tax regime going to be? Fair, unfair, tight, extra tight? These still unanswered questions pose a great deal of frustration to business entrepreneurs who fearing the worst in the tax policies may be reluctant to expand, to hire new people and to shift gear and start gaining some momentum. Governments have to act quickly and get policies that will be firm. The last thing the markets and industries need is instability and extra insecurity. However despite the sharp fall in freight rates on a month to month basis, secondhand sales on the dry cargo sector this month were for once more strong. Eight (8) Capes moved this week, panamaxes were also hot with nineteen (19) units sold, while Supras (6) and some (6) handies were reported sold this month. It could be a case that sale activity was hotter as buyers wanted to avoid the forthcoming celebrations of the Chinese New Year that conclude ion 14th Feb 2010. We definitely anticipate that the momentum in the secondhand market will slow down at least for the remaining of period of Feb 2010.

N. COTZIAS SHIPPING CO. LTD. 7-9 AKTI MIAOULI - 185 35 PIRAEUS

TEL:+30 210 4222660/5 FAX:+30 210 4222678/9

PAGE 1 of 17 [email protected], [email protected]

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JANUARY 2010

DRY CARGO SHIPS SOLD DURING THIS MONTH

JANUARY 2010 PRICE

BUYERS NAME

BUYERS NATION

NOTES

IMO

CHINA

SELLERS ARE BERNHARD SCHULTE SHIPMANAGEMENT, GERMANY. C/F DELIVERY FEB/MARCH 2010.

9157612

CHINESE BUYERS

CHINA

SELLERS ARE STAR BULK MANAGEMENT GREECE

8800406

$53.00m

GREEK BUYERS

GREECE

SELLERS ARE CAPE SHIPPING S.A. GREECE

9282431

169,631

$48.50m

CHINESE BUYERS

CHINA

SELLERS ARE COBELFRET BULK CARRIERS, BELGIUM.DELIVERY MARCH 2010

9227003

KEELUNG

149,533

$18.90m

CHINESE BUYERS

CHINA

SELLERS ARE U-MING MARINE TRANSPORT, CHINESE TAIPEI

9010735

1987

ASTANO

148,982

$11.60m

UNDISCLOSED BUYERS

-

SELLERS ARE COSCO WALLEM SHIP MANAGEMENT CHINA.

8224652

BC

1981

HYUNDAI

128,150

$7.85m

COURAGE MARITIME

CHINA

SELLERS ARE DALEX SHIPPING GREECE

7930656

CMA CGM KESSEL

CONT

2009

HANJIN HI CO LTD

83,400

$45.00m

DRYSHIPS

GREECE

SELLERS ARE CMA CGM HOLDING FRANCE

9409182

MARVELLOUS

BC

2002

SANOYAS HISHINO

75,746

$32.00m

CHINESE BUYERS

CHINA

SELLERS ARE TOYO KAIUN KK JAPAN

9254707

2000

IMABARI MARUGAME

74,078

$27.50m KOREAN BUYERS

KOREA

SOLD ENBLOC GERTRUDE SALAMON, WILLI SALAMON FOR 27.5m EACH UNIT. SELLERS ARE VOGEMANN REEDEREI, GERMANY

NAME

TYPE

YEAR

BUILT

DWT

SASEBO RESALE

BC

2010

SASEBO

180,000

$72.50m

CHINESE BUYERS

CHINA

AZUL GLORY

BC

1998

DAEWOO HEAVY INDUSTRIES

178,633

$39.80m

CHINESE BUYERS

STAR BETA

BC

1993

GDYNIA

174,691

$22.50m

CAPE PIONEER

BC

2005

HYUNDAI SAMHO

170,012

LOWLANDS BRILLIANCE

BC

2002

SAMHO HEAVY INDUSTRIES

CAPE AFRICA

BC

1991

PEACE BLOSSOM

BC

CONSTANTINOUPOLIS

GERTRUD SALAMON

BC

GEAR

6500 TEU

9209520

WILLI SALAMON

BC

2000

IMABARI MARUGAME

74,005

$27.50m

SPRING FORTUNE

BC

1999

TSUNEISHI

74,063

$27.00m

CHINESE BUYERS

CHINA

ERNST SALAMON

BC

1999

IMABARI MARUGAME

74,002

$27.00m

CHINESE BUYERS

CHINA

SELLERS ARE EMI SCHIFFAHRTS GMBH GERMANY. PREVIOUS SALE REPORTED LATE NOV AND MID DEC FAILED.

9193850

AEOLIAN SPIRIT

BC

1999

SUMITOMO

73,739

$28.00m

UNDISCLOSED BUYERS

-

SELLERS ARE SWISS MARINE INC, GREECE

9180798

DARYA RADHE

BC

1999

SUMITOMO H I

73,705

$27.00m

ADM

USA

SELLERS ARE ANGLOEASTERN SHIPMANAGEMENT, HONG KONG, CHINA.

9180803

WAIMEA

BC

1997

SAMSUNG HI

73,049

$25.00m

UNDISCLOSED BUYERS

-

SELLERS ARE CARRAS HELLAS SA GREECE - SHE WAS ACQUIRED IN JUL 06 FOR 28MIL IN AN ENBLOC DEAL THEN

9128221

CEMTEX ORIENT

BC

1990

HITACHI ZOSEN

71,488

4X25T

$15.00m

CHINESE BUYERS

CHINA

U-MING MARINE TRANSPORT CHINESE TAIPEI

8910380

SOUTH FORTUNE

BC

1995

IMABARI

69,071

-

$21.00m

INDONESIAN BUYERS

INDONESIA

SELLERS ARE LEO SHIP MANAGEMENT, PHILIPPINES

9082726

$11.50m

CHINESE BUYERS

CHINA

SELLERS ARE ZODIAC MARITIME AGENCIES, UK

8418978

GREECE

SOLD ENBLOC TO EMBIRICOS FOR $40m FOR BOTH UNITS. SELLERS ARE ANGLOEASTERN SHIPMANAGEMENT, HONG KONG, CHINA.

9209491 9184847

SILVERGATE

BC

1987

KOYO MIHARA

68,158

LONG BEACH BRIDGE

CONT

2002

KOYO MIHARA

67,164

5576 TEU

$20.00m

SHANGHAI BRIDGE

CONT

2002

KOYO MIHARA

67,164

D1X9.5T,

$20.00m

SEA LINK

BC

1981

HYUNDAI

65,020

$5.70m

CHINESE BUYERS

CHINA

SELLERS ARE JOHN J. RIGOS GREECE

7930670

OCEAN KOREA

BC

1984

DAEWOO

64,575

$6.95m

CHINESE BUYERS

CHINA

SELLERS ARE STX PAN OCEAN CO LTD, KOREA

8113516

SILVER YANG

BC

1982

DENMARK

64,059

$6.75m

CHINESE BUYERS

CHINA

SELLERS ARE CHINA SHIPPING INTERNATIONAL, CHINA

8108585

RENA

BC

1981

IHI

63,578

$5.60m

CHINESE BUYERS

CHINA

SELLERS ARE YTROJAN MARITIME INC GREECE

8000379

M. FARUK

BC

1984

KASADO KUDAMATSU

63,494

$7.75m

UNDISCLOSED BUYERS

-

SELLERS ARE DENAK TURKEY

8028890

EMBIRICOS

N. COTZIAS SHIPPING CO. LTD. 7-9 AKTI MIAOULI - 185 35 PIRAEUS

3X25T, 1X35T

TEL:+30 210 4222660/5 FAX:+30 210 4222678/9

9261449

9261451

PAGE 2 of 17 [email protected], [email protected]

www.cotzias.gr – visit our constantly updated website DAYANG RESALE 1

BC

2010

JANUARY 2010 DAYANG

58,000

4X30T

$32.50m SPAR SHIPPING

NORWAY

SOLD EN BLOC @$32.5 EACH UNIT.SELLERS ARE SETAFSAGET FRANCE

DAYANG RESALE 2

BC

2010

DAYANG

58,000

4X30T

$32.50m

SACHEM

BC

1988

NAMURA IMARI

55,781

4X30T

$10.50m

UNDISCLOSED BUYERS

-

SELLERS ARE B + H EQUIMAR SINGAPORE. CONVERTED TANKER

8705761

VICTORIA III

BC

2009

TAIZHOU SANFU

55,293

$28.00m

MEDCARE SHIPPING

GREECE

TAIZHOU RESALE- DELIVERY JUNE 2010

8892069

TIARA OCEAN

BC

2004

TSUNEISHI CEBU

52,532

4X30T

$25.50m

HONG KONG BASED BUYERS

CHINA

SELLERS ARE SANDIGAN SHIP SERVICES PHILIPPINES

9278868

FURNESS TIMIKA

BC

2001

SHIN KURUSHIMA

52,508

4X30.5T

$25.20m

CHINESE BUYERS

CHINA

SELLERS ARE HOKOKU MARINE CO LTD JAPAN. IN NOV 2009 SHE HAD BEEN REPORTED SOLD AT $23.5m TO TURKISH BUYERS

9249908

ZAMRUD

BC

1986

HYUNDAI HEAVY INDUSTRIES

49,976

4X25T

$8.40m

CHINESE BUYERS

CHINA

SELLERS ARE PT PERUSAHAAN PELAYARAN EQUINOX INDONESIA

8412132

AOLUCKY

BC

1998

OSHIMA

47,280

4X30T

$20.40m

GREEK BUYERS

GREECE

SELLERS ARE COSCO SHIP MANAGEMENT CHINA

9162992

SELENDANG INTAN

BC

1997

JIANGNAN SHIPYARD

47,214

4X30T

$18.00m UNDISCLOSED BUYERS

-

SOLD ENBLOC TO UNDISCLOSED BUYERS FOR $18m EACH UNIT. SELLERS ARE MSI SHIP MANAGEMENT MALAYSIA

9142928

SELENDANG NILAM

BC

1997

JIANGNAN SHIPYARD

47,214

4X30T

$18.00m

ISLAND OASIS

BC

1999

MITSUI TAMANO

46,681

4X30T

$21.70m

GREEK BUYERS

GREECE

SELLERS ARE TOSHIN KISEN CO, JAPAN

9202118

STELLAR DREAM

BC

1991

SANOYAS CORP

44,831

3X14.7T

$10.20m

CHINESE BUYERS

CHINA

SELLERS ARE UNITED OCEAN SHIP MANAGEMENT PTE, SINGAPORE

9000431

STELLAR IRIS

BC

1990

HASHIHAMA TADOSU

40,000

3X14T

$8.40m

CHINESE BUYERS

CHINA

SELLERS ARE UNITED OCEAN SHIP MANAGEMENT PTE, SINGAPORE

8908777

MOON SEA

BC

1984

KAWASAKI HEAVY INDUSTRY

38,313

4X25T, 140 TEU

$7.30m

UNDISCLOSED BUYERS

-

SELLERS ARE SKAARUP MANAGEMENT, HONG KONG CHINA

8307143 8307909

9142930

GOLDEN

BC

1984

SASEBO SASEBO

37,726

4X25T

$7.80m

UNDISCLOSED BUYERS

-

SELLERS ARE UNITED INTERNATIONAL MANAGEMENT GREECE

TOROS PEARL

MPP

1983

MITSUBISHI

36,249

2X22T

P&C DEAL

UNDISCLOSED BUYERS

-

SELLERS ARE PACMAR SHIPPING SINGAPORE

8303692

ATHLOS

BC

1983

AESA SEVILLA

34,947

4X16T

$4.60m

PULSAR NAVIGATION CORP

GREECE

SELLERS ARE GOLD SHIP INC, CYPRUS

8112952

SHINYO PROGRESS

BC

2010

JIANGSU EASTERN SHIPYARD

32,500

4X30T

$24.50m

NORD RIO

BC

2007

HAKODATE

31,883

4X30T

$25.50m

SAM SELLERS ASRE UNIVAN SHIP SWITZERLAND MANAGEMENT CHINA CONSOLIDATED

9559676

-

SELLERS ARE CIDO SHIPPING HK, CHINA

9317793

-

SELLERS ARE UNITED OCEAN SHIP MANAGEMENT PTE, SINGAPORE

9302906

CHINA

SELLERS ARE FIRST MARINE SERVICE CO, LTD, JAPAN

9257981 9286944

UNDISCLOSED BUYERS

OCEAN TWINS

BC

2005

SAIKI JUKOGYO

31,699

4X30T

$23.50m

UNDISCLOSED BUYERS

PRIMROSE

BC

2002

SHIKOKU DOCKYARDS

29,738

4X30T

$20.50m

CHINESE BUYERS PRECIOUS SHIPPING

THAILAND

SELLERS ARE ANGLOEASTERN SHIPMANAGEMENT, HONG KONG, CHINA.

CLIENTS OF CURZON

GREECE

SOLD EN BLOC TO GREEK BUYERS IN EXCESS $13m EACH UNIT. SELLERS ARE MSI SHIP MANAGEMENT SINGAPORE.

IVS LAVENDER

BC

2004

SHIKOKU

29,600

4X30T

$22.00m

SELENDANG MAYANG

BC

1997

HUDONGZHONGHUA

29,302

4X30T

$13.30m

SELENDANG KASA

BC

1997

HUDONGZHONGHUA

28,591

4X30T

$13.30m

VIRGINIA

BC

1985

KANASASHI

26,523

4X25T

$4.60m

UNDISCLOSED BUYERS

-

MIRA R

BC

1995

IMABARI IMABARI

26,435

4X30T

$14.50m

UNDISCLOSED BUYERS

-

-

-

NOSCO PEACE

BC

1983

JAPAN

26,384

4X25T

$4.20m

UNDISCLOSED BUYERS

DS MIRAGE

BC

1997

GUANGZHOU WENCHON

26,096

4X25T

$13.00m

UNDISCLOSED BUYERS

24,801

4X30.5T

$12.50m

CHINESE BUYERS

24,529

D1X4T, D1X3T, 1675 TEU

$7.75m

SELLERS ARE TODA KISEN KK, JAPAN

9167461

SINGAPORE

SELLERS ARE TRANSMAN SHIPMANAGEMENT GREECE

9104512

TURKEY

SELLERS ARE GREAT CIRCLE SHIPPING, THAILAND

8412510

CONT

1998

KANASASHI

24,370

2x40t, 1x30t

$6.60m

SINGAPORE BASED BUYERS

23,846

1X30T, 3X25T

$4.20m

TURKISH BUYERS

BC

1985

MINAMI-NIPPON USUKI

N. COTZIAS SHIPPING CO. LTD. 7-9 AKTI MIAOULI - 185 35 PIRAEUS

TEL:+30 210 4222660/5 FAX:+30 210 4222678/9

9138616

-

ACX MAGNOLIA

NAYANA NAREE

8312617

CLIENTS OF TS LINES

1997

1995

9074705

9146716

BC

BC

8316376

CHINA

GLOBAL DREAM

SUNMAN

SELLERS ARE LORI SHIPPING TURKEY SELLERS ARE NORTHERN SHIPPING JOINT STOCK, VIETNAM. (INTERESTINGLY THIS VESSEL WAS REPORTED SELLERS ARE DOCKENDALE SHIPPING BAHAMAS

9129378

SELLERS ARE FIRST MARINE SHIPPING CO JAPAN

KANASASHI TOYOHASHI

SHIN KURUSHIMA

SELLERS ARE ETERNITY SHIPPING AGENCIES CHINA

9129366

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JANUARY 2010

NATCHA NAREE

BC

1984

UWAJIMA ZOSENSHO

23,593

4X25T

$4.70m

HONG KONG BASED BUYERS

CHINA

SELLERS ARE GREAT CIRCLE SHIPPING, THAILAND. DELIVERY MID FEBRUARY 2010

8408014

BEAUTY JUNO

BC

1996

SHIKOKU DOCKYARDS

18,769

3X30T

$10.50m

VIETNAMESE BUYERS

VIETNAM

SELLERS ARE P&F MARINE CO LTD, JAPAN

9123130

MOL BRIGHT

CONT

1998

IMABARI IMABARI

18,185

1032 TEU

$6.80m

CHINESE BUYERS

CHINA

SELLERS ARE SHIKISHIMA KISEN KK JAPAN

9162423

MALAYSIA

SELLERS ARE COLUMBIA SINGAPORE

9041174

TUNISIA

SELLERS ARE MAERSK SHIP MANAGEMENT NETHERLANDS

9207998

COTUNAV

TUNISIA

SELLERS ARE MAERSK SHIP MANAGEMENT NETHERLANDS

9208007

GERMAN BUYERS

GERMANY

SOLD ENBLOC FESCO ALEUT AND FESCO ALTAY TO GERMAN BUYERS AT $27m FOR BOTH UNITS. SELLERS ARE

CAPE ARAGO

CONT

1992

MTW

15,566

2X40T, 1066 TEU

$3.00m

MALAYSIAN BUYERS

MAERSK VLAARDINGEN

RORO

2000

FLENSBURGER

14,200

180 TRLS, 709 TEU

$45.00m

COTUNAV

$45.00m

$13.75m

MAERSK VOYAGER

RORO

2000

FLENSBURGER

14,200

180 TRLS, 709 TEU

FESCO ALTAY

CONT

2007

JINLING

13,799

2X45T, 1080 TEU

9324978

FESCO ALEUT

CONT

2006

JINLING

13,760

2 X45T, 1080 TEU

$13.25m

ELISABETH BOLTEN

MPP

2001

JIANGSU EASTERN SHIPYARD

13,022

3X40T, 568 TEU

$11.00m

YURIY OSTROVSKIY

CONT

1994

POLAND

12,708

1012 TEU

$3.25m

KAPITAN BYANKIN

CONT

1994

SZCZECINSKA STOCZNIA

12,400

1012 TEU

$3.25m

12,380

1012 TEU

$4.00m

11,450

2X35T, 555 TEU

$2.80m

VIETNAMESE BUYERS

VIETNAM

-

SELLERS ARE PACIFIC SHIP MANAGEMENT CO LTD, JAPAN

9115028

HAKATASITC HAKATA

CONT

1995

SZCZECINSKA STOCZNIA

VAN PHUC

CONT

1996

ARGENTINA

EUROPEAN BUYERS

SITC

EUROPE

SELLERS ARE AUG. BOLTEN WM MILLER'S NACHFOLGER GMBH, GERMANY

CHINA

SOLD ENBLOC KAPITAN KONEV, KAPITAN BYANKIN AND YURIY OSTROVSKIY TO CHINESE BUYERS SITC FOR $10.5m ALL THREE UNITS. SELLERS ARE

9324954

9232204

9101792 9088902 9104990 9131008

ASIAN ROBIN

BC

1994

HIGAKI

9,038

2X25T, D1X25T

$5.00m

UNDISCLOSED BUYERS

CHRISTIAN RUSS

CONT

1994

GALATI

8,787

2X35T, 585 TEU

$4.25m

CARAVEL

GREECE

SELLERS ARE ERNST RUSS GMBH, GERMANY

9037264

FABRIC

BC

1983

KURINOURA YAWATAHAMA

7,861

D4X12T

P&C DEAL

UNDISCLOSED BUYERS

-

SELLERS ARE WAIBERT STEAMSHIP CO, HK, CHINA

8213689

7,850

2X40T, 703 TEU

$2.25m

UNDISCLOSED BUYERS

-

SELLERS ARE BIDSTED & CO AS, DENMARK

9065297

P&C DEAL

TURKISH BUYERS

TURKEY

SELLERS ARE HERMANN BUSS KG, GERMANY

9087544

DUBAI

SELLERS ARE NORBULK ENTERPRISE SHIP MGMT S ITALY

7931985

ID TUXPAN FRISIAN TRADER

CONT CONT

1994 1994

ORSKOV CHRISTENSENS DENMARK PETERS PETERS

7,014

547 TEU

AYLMER

RORO

1981

SWEDEN

6,704

65 TEU

$3.00m

DUBAI BASED BUYERS

ALTARA CARRIER

REEF

1982

SHIKOKU

6,404

D8X5T

$1.50m

UNDISCLOSED BUYERS

-

OTHER REPORT HER AT $1.2m SELLERS ARE NORBULK SHIPPING UK

8130837

NEMTAS 3

BC

1992

KYOKUYO ZOSEN CHOFU

6,266

2X25T

$4.30m

TURKISH BUYERS

TURKEY

SELLERS ARE NEMTAS NEMRUT LIMAN, TURKEY

9008079

BOREALIS

MPP

2010

NANTONG YAHUA

5,000

1X500T, 2X40T

UNDISCLOSED BUYERS

-

SELLERS ARE NORDIC HEAVY LIFT ASA, NORWAY

9452787 8818764

NORRLAND

RORO

1990

SIETAS GERMANY

4,415

107.75 LM

$13.00m

BUSS CAPITAL

GERMANY

SELLERS ARE BRISE BEREEDERUNGS GMBH GERMANY

MADERO

MPP

1982

TERAOKA

4,270

D2X25T. D2X15T

P&C DEAL

UNDISCLOSED BUYERS

-

SELLERS ARE VANINO MANAGERS CO LTD, RUSSIA

8029600

BALTIMAR NOTOS

MPP

1988

ZHONGHUA SY

3,168

2X50T

P&C DEAL

UNDISCLOSED BUYERS

-

SELLERS ARE BALTIMAR A/S LTD, DENMARK

8607658

BALTIMAR BOREAS

MPP

1989

ZHONGHUA SY

2,742

2X50T

P&C DEAL

UNDISCLOSED BUYERS

-

SELLERS ARE BALTIMAR A/S LTD, DENMARK

8807349

BALTIMAR VENUS

MPP

1990

ZHONGHUA SY

2,700

2X50T

P&C DEAL

UNDISCLOSED BUYERS

-

SELLERS ARE BALTIMAR A/S LTD, DENMARK

8807375

BALTIMAR SATURN

MPP

1991

DONGHAI

2,700

2X50T

P&C DEAL

UNDISCLOSED BUYERS

-

SELLERS ARE BALTIMAR A/S LTD, DENMARK

8812954

ROYAL STAR

PASS

1956

ITALY

1,433

P&C DEAL

ALBA PETROLEUM

KENYA

NEW HIYAMA

RORO

1991

NAIKAI SETODA

649

FJORDDRONNINGEN II

BC

1995

BAATSERVICE HOLDING

34

VAGSFJORD

BC

1999

OMA

20

FJORDPRINSESSEN

BC

1999

OMA

20

76.61 LM

5309906

ANENDYK

GREECE

SELLERS ARE HEART LAND FERRY KK

UNDISCLOSED BUYERS

-

SELLERS ARE HURTIGRUTEN ASA, NORWAY

9116462

$1.27m

UNDISCLOSED BUYERS

-

SELLERS ARE HURTIGRUTEN ASA, NORWAY

9196723

$1.62m

UNDISCLOSED BUYERS

-

SELLERS ARE HURTIGRUTEN ASA, NORWAY

9196735

$3.00m

9018787

Note1: With Red color are indicated all Greek interest Buyers or Sellers

N. COTZIAS SHIPPING CO. LTD. 7-9 AKTI MIAOULI - 185 35 PIRAEUS

TEL:+30 210 4222660/5 FAX:+30 210 4222678/9

PAGE 4 of 17 [email protected], [email protected]

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JANUARY 2010

DRY CARGO 2ND HAND MARKET STATISTICS

SELLERS STATS 2010

MONTHLY UNIT SALE ACTIVITY 2010

UNITS

OUTLAY$

DWT 4,139,139 2010 Started and some positive signs are here. Could that

country

units

%

CHINA

12

13.04%

JANUARY

92

$1,355.34m

JAPAN

11

11.96%

FEBRUARY

0

$0.00m

0 But lets enjoy it while we can. Activity gained pace and

GERMANY

9

9.78%

MARCH

0

$0.00m

0 this month we had 92 units of 1.35 billion usd worth and

GREECE

9

9.78%

SINGAPORE

7

7.61%

RUSSIA

6

6.52%

DENMARK

5

5.43%

NORWAY

4

4.35%

just be the sunshine before the rain/storm?? Could be!!!

4.2million tonnes of carrying capacity traded. These are positive figures and is worth mentioning that 62 of these vessels were bulkers. 15 container vessels were traded all built 94 onwards, and that could initiate that they will slowly become "part of shipping again" as many consider Cont/Ships to be priced very low,

APRIL

0

$0.00m

0

MAY

0

$0.00m

0

JUNE

0

$0.00m

0

JULY

0

$0.00m

0

AUGUST

0

$0.00m

0

FRANCE

3

3.26%

SEPTEMBER

0

$0.00m

0

TURKEY

3

3.26%

OCTOBER

0

$0.00m

2

2.17%

NOVEMBER

0

$0.00m

2

2.17%

DECEMBER

0

$0.00m

2

2.17%

TOTAL

92

$1,355.34m

2

2.17%

NETHERLANDS

2

2.17%

SELLERS - Chinese are not only buying but are also PHILIPPNES currently topping the list of the Sellers too with 12 units THAILAND 0 sold!! Japanese sellers are 2nd with 11 units with Greeks and Germans sharing 3rd place with 9 units. Singapore 4th CHINESE TAIPEI 0 with 7 units while Russian sellers 8th with 6 units sold this month. 4,139,139 CYPRUS

0

2010 DRY CARGO STATISTICS - BUYERS

UK

2

2.17%

UNITS

%

OUTLAY ($)

%

DWT

%

VIETNAM

2

2.17%

CHINA

27

29.35%

$480

35.43%

1,974,979

47.71%

MALAYSIA

2

2.17%

GREECE

12

13.04%

$247

18.19%

639,270

15.44%

ALL OTHER

6

6.52%

NORWAY

2

2.17%

$65

4.80%

116,000

2.80%

UNDISCL

1

1.09%

TOTAL

92

100.00%

COUNTRY

TURKEY

3

3.26%

$9

0.63%

37,126

0.90%

GERMANY

3

3.26%

$40

2.95%

31,974

0.77%

TUNISIA

2

2.17%

$90

6.64%

28,400

0.69%

VIETNAM

2

2.17%

$13

0.98%

30,219

0.73%

KOREA

2

2.17%

$55

4.06%

148,083

3.58%

BUYERS - China has not slowed down their intake of secondhand ships, and started the year more agressively than what they had finished off 2009. Chinese buyers have got 27 units with Greeks 2nd with 12 units, German and Turkish bueyrs share 3rd place with 3 units each. It will be a hot year, and we feel that it will once again be dominated by Chinese and fellow Greek buyers. Chinese have spent a tremendous amount of money 480 mil USD, and have incresed their carrying capacity by nearly 2million tones of DWT! And this is only Jan 2010!

KENYA

1

1.09%

$0

0.00%

1,433

0.03%

EUROPE

1

1.09%

$11

0.81%

13,022

0.31%

SINGAPORE

1

1.09%

$7

0.49%

24,370

0.59%

SWITZERLAND

1

1.09%

$25

1.81%

32,500

0.79%

USA

1

1.09%

$27

1.99%

73,705

1.78%

THAILAND

1

1.09%

$22

1.62%

29,600

0.72%

COUNTRY

UNITS

%

rank

UNDISCL

30

32.61%

$239

17.61%

867,117

20.95%

JAPAN

61.3%

1

ALLOTHER

3

3.26%

$49

3.62%

120,941

2.92%

CHINA

16.1%

2

TOTAL

92

100.00%

$1,355

100.00%

4,139,139

100.00%

KOREA

DENMARK

38 10 7 3 2 1 1

ALL OTHER

0

0.0%

62

100.0%

2010 BULKER VSLS SOLD - COUNTRY OF BUILT

NORWAY SPAIN POLAND Country of built seems to be important and 2010 started the same way as 2009 concluded our stats. 2 out of 3 ships being sold are built in Japan. No more words are needed to describe the trust people show in Japanese hulls. Chinese built bulkers come 2nd and Korean built bulkers 3rd.

TOTAL

DRY CARGO UNITS SOLD - BREAKDOWN PER MONTH 2010 SD CONT MPP TWEEN REEFER PASS

11.3%

3

4.8%

4

3.2%

5

1.6%

6

1.6%

6

2010

BC

RORO

OTHER

TOTAL

JANUARY

62

0

15

8

0

1

1

5

0

FEBRUARY

0

0

0

0

0

0

0

0

0

MARCH

0

0

0

0

0

0

0

0

0

APRIL

0

0

0

0

0

0

0

0

0

MAY

0

0

0

0

0

0

0

0

0

JUNE

0

0

0

0

0

0

0

0

0

JULY

0

0

0

0

0

0

0

0

0

AUGUST

0

0

0

0

0

0

0

0

0

SEPTEMBER

0

0

0

0

0

0

0

0

0

OCTOBER

0

0

0

0

0

0

0

0

0

NOVEMBER

0

0

0

0

0

0

0

0

0

92 0 0 0 0 0 0 0 0 0 0 0 92

DECEMBER TOTAL

0

0

0

0

0

0

0

0

0

62

0

15

8

0

1

1

5

0

N. COTZIAS SHIPPING CO. LTD. 7-9 AKTI MIAOULI - 185 35 PIRAEUS

TEL:+30 210 4222660/5 FAX:+30 210 4222678/9

PAGE 5 of 17 [email protected], [email protected]

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JANUARY 2010

Dry cargo units sold 2010 vs 2009

units

109

110

108

104

100

100

92

2009

2010

Dry cargo - Capital expend. 2010 vs 2009 $1,656

75

72

$1,350

71 $1,150m

70

$1,528

$1,650m $1,355

80

80

$970

59

60

2009

100

93

90

2008

$2,150m

52

$739

50

$681

$1,189 $1,083

$1,123 $1,018 $913

$710

$650m

40 30

$150m H RC MA

Y RY AR UA NU BR JA FE

RIL AP

Y MA

NE JU

LY JU

Y RY AR UA NU BR JA FE

R R ST ER ER BE BE GU MB MB TO EM AU VE CE PT OC DE NO SE

In the table on the top we see monthly number of dry cargo ships sold as of January 2010, compared to 2009's monthly activity.

H RC MA

RIL AP

Y MA

NE JU

LY JU

R R ST ER ER BE BE GU MB MB TO EM AU VE CE PT OC DE NO SE

In the table on the top we see the MONTHLY dry cargo capital expenditure for January 2010 compared to 2009's monthly activity.

NB BULKERS PRICE COMPARISON

2004 built (5Y) OLD BULKERS PRICE COMPARISON CHANGE

CHANGE

TYPE

11/07/2008

06/02/2009

29/01/2010

FR0M 6/2/09

TYPE

11/07/2008

06/02/2009

NB CAPE

$96.7

$52.0

$69.0

33%

5y CAPE

$150.5

$45.0

$53.0

18%

NB PMX

$57.0

$32.0

$41.0

28%

5y PMX

$88.0

$27.0

$33.3

23%

NB HANDY

$49.0

$28.0

$33.0

18%

5y HANDY

$73.6

$23.0

$26.8

17%

1999 built (10Y) OLD BULKERS PRICE COMPARISON

29/01/2010

FR0M 6/2/09

1989 built (20Y) OLD BULKERS PRICE COMPARISON CHANGE

CHANGE

FR0M 6/2/09

TYPE

11/07/2008

06/02/2009

01/04/1989

$42.1

32%

20y CAPE

$82.0

$17.0

$17.0

0%

$27.5

45%

20y PMX

$47.0

$7.8

$11.3

45%

48%

20y HANDY

$41.0

$6.3

$10.0

59%

TYPE

11/07/2008

06/02/2009

10y CAPE

$131.0

$32.0

10y PMX

$76.0

$19.0

10y HANDY

$62.0

$14.5

$21.5

29/01/2010

FR0M 6/2/09

Tables above compare prices from 11th Jul 2008 and 6th Feb 2009 with today

DRY CARGO (2000 - 2010) 5y OLD vsl PRICES

DRY CARGO (2000 - 2010) NB vsl PRICES $91

$145

CAPE 170K PANAMAX 70K HANDY 50K

$123

CAPE 170K PANAMAX 70K HANDY 50K

$76 $100 $61 $78 $46

$55

$16

$10 Ja n

Ja n

-0 Ju 0 l-0 Ja 0 n0 Ju 1 l-0 Ja 1 n0 Ju 2 l-0 Ja 2 n0 Ju 3 l-0 Ja 3 n0 Ju 4 l-0 Ja 4 n0 Ju 5 l-0 Ja 5 n0 Ju 6 l-0 Ja 6 n0 Ju 7 l-0 Ja 7 n0 Ju 8 l-0 Ja 8 n0 Ju 9 l-0 Ja 9 n10

$33

-0 Ju 0 l-0 Ja 0 n0 Ju 1 l-0 Ja 1 n0 Ju 2 l-0 Ja 2 n0 Ju 3 l-0 Ja 3 n0 Ju 4 l-0 Ja 4 n0 Ju 5 l-0 Ja 5 n0 Ju 6 l-0 Ja 6 n0 Ju 7 l-0 Ja 7 n0 Ju 8 l-0 Ja 8 n0 Ju 9 l-0 Ja 9 n10

$31

DRY CARGO (2000 - 2010) 10y OLD vsl PRICES $128

DRY CARGO (2000 - 2010) 20y OLD vsl PRICES $77

CAPE 170K

$108

$65

PANAMAX

$68

$40

$48

$27

$28

$15

$8

$2 Ja n

Ja n

N. COTZIAS SHIPPING CO. LTD. 7-9 AKTI MIAOULI - 185 35 PIRAEUS

-0 Ju 0 l-0 Ja 0 n0 Ju 1 l-0 Ja 1 n0 Ju 2 l-0 Ja 2 n0 Ju 3 l-0 Ja 3 n0 Ju 4 l-0 Ja 4 n0 Ju 5 l-0 Ja 5 n0 Ju 6 l-0 Ja 6 n0 Ju 7 l-0 Ja 7 n0 Ju 8 l-0 Ja 8 n0 Ju 9 l-0 Ja 9 n10

$52

-0 Ju 0 l-0 Ja 0 n0 Ju 1 l-0 Ja 1 n0 Ju 2 l-0 Ja 2 n0 Ju 3 l-0 Ja 3 n0 Ju 4 l-0 Ja 4 n0 Ju 5 l-0 Ja 5 n0 Ju 6 l-0 Ja 6 n0 Ju 7 l-0 Ja 7 n0 Ju 8 l-0 Ja 8 n0 Ju 9 l-0 Ja 9 n10

$88

CAPE 170K PANAMAX 70K HANDY 50K

TEL:+30 210 4222660/5 FAX:+30 210 4222678/9

PAGE 6 of 17 [email protected], [email protected]

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JANUARY 2010

TANKER SHIPS SOLD DURING THIS MONTH

JANUARY

NAME

TYPE

YEAR

BUILT

DWT

PRICE

PACIFIC AGATE

TANKER

2010

UNIVERSAL

297,456

$96.00m

PACIFIC ONYX

TANKER

2010

UNIVERSAL

297,456

PROTARAS

TANKER

1989

KOREA

269,999

ROMEA CHAMPION

TANKER

1992

HYUNDAI HI

154,970

$96.00m

$16.50m

TANKER

1992

HYUNDAI

154,970

PRINCESS NADIA

OBO

1987

HYUNDAI

152,329

AFRICAN RUBY

TANKER

1994

NAMURA IMARI

150,173

$15.00m

TANGO

TANKER

2008

UNIVERSAL

150,096

$68.00m

SOUTH SEA NAVIGATOR

TANKER TANKER TANKER

2008 2005 2006

UNIVERSAL

UNIVERSAL UNIVERSAL

150,096 150,001 149,996

BRILLANTE VIRTUOSO

TANKER

1992

SAMSUNG

149,601

MARATHON

TANKER

2003

IMABARI MARUGAME

107,181

PARTHENON

TANKER

2003

IMABARI SAIJO

107,181

GUARDIAN SPIRIT

TANKER

1992

SAMSUNG

96,920

MAGNITUDE

TANKER

1992

NAMURA

96,136

BUYERS NAME

CLIENTS OF SOLD ENBLOC CAPITAL AT $96m EACH SHIPMANAGEME UNIT NT

$16.50m

2010

BUYERS NATION

NOTES

IMO

SOLD ENBLOC TO CAPITAL SHIPMGT AT $95m EACH UNIT. SELLERS ARE CIDO SHIPPING HK, CHINA. EX UNIVERSAL ARIAKE 096

9377418

GREECE

9398072

SINGAPORE

FOR CONVERSION. SELLERS ARE WORLD TANKERS MANAGEMENT SINGAPORE

SOLD ENBLOC ROMEA CHAMPION AND TROPIC BRILLIANCE UNDISCLOSED TO BUYERS UNDISCLOSED BUYERS FOR ABT $16-17m EACH UNIT

-

SOLD ENBLOC ROMEA CHAMPION AND TROPIC BRILLIANCE TO UNDISCLOSED BUYERS FOR ABT $16-17m EACH UNIT. SELLERS ARE UNICOM MANAGEMENT CYPRUS. FOR CONVERSION

UNDISCLOSED BUYERS

-

SELLERS ARE RAVENSCROFT SHIP MGMT INC USA

8409800

CENTROFIN

GREECE

SELLERS ARE MOL TANKSHIP MANAGEMENT UK

9050278

CLIENTS OF P.J.GOULANDRIS

USA

SOLD EN BLOC AT $134m FOR BOTH UNITS TO USA BASED BUYERS. SELLERS ARE HARTMANN SCHIFFAHRTS GMBH & CO, GERMANY

-

SELLERS ARE DYNACOM TANKERS GREECE

9286657

TURKEY

SELLERS ARE DYNACOM TANKERS MANAGEMENT GREECE

9296377 9014822

SOUTHERNPEC

TROPIC BRILLIANCE

WALTZ

PRICE NOTE

P&C TERMS

SOLD EN BLOC AT $68m EACH UNIT

$68.00m UNDISCLOSED BUYERS

$61.00m $63.00m

PALMALI

$12.50m

DH

UNDISCLOSED BUYERS

-

SELLERS ARE CENTRAL MARE INC, GREECE

$80.00m

SOLD ENBLOC TO CLIENTS OF PNSC FOR $80m FOR BOTH UNITS

PNSC

PAKISTAN

SOLD ENBLOC TO CLIENTS OF PNSC FOR $80m FOR BOTH UNITS. SELLERS ARE TSAKOS SHIPPING AND TRADING GREECE

CHINESE BUYERS CHINESE BUYERS

$11.00m $6.50m

8716344

9000584

9000596

9337016

9337004

9257814

9277541

CHINA

SELLERS ARE TEEKAY SHIPPING USA.

9006916

CHINA

SELLERS ARE CYCLOPS SHIPS GREECE

8907553

GREECE

SELLERS ARE THOME SHIPMANAGEMENT SINGAPORE

8820951

DIFKO CHASER

TANKER

1990

B&W SKIBS

84,040

$6.50m

AEGEAN SHIPPING MGT

FR8 REGINAMAR

TANKER

2004

DAEWOO SHIPBUILDING

69,250

$35.50m

UNDISCLOSED BUYERS

-

SELLERS ARE THOME SHIPMANAGEMENT SINGAPORE. INCLUDING A T/C FOR 3 YEARS AT $16K/DAY

9275751

BW CAPTAIN

TANKER

1991

NIPPON KOKAM

56,900

$41.00m

PERTAMINA

INDONESIA

SELLERS ARE BW FLEET MANAGEMENT NORWAY

8910902

9002491

BW CHALLENGER

TANKER

1992

NIPPON KOKAM

56,900

$35.00m

PCL TANKERS PTE LTD

SINGAPORE

VLGC FOR STORAGE CONTRACT/ 78500 CBM. SELLERS ARE BW GAS AS, NORWAY

BW CLIPPER

GAS

1992

NIPPON KOKAM

56,864

$35.00m

PCL TANKERS PTE LTD

SINGAPORE

GAS 78543 CBM - VLGC FOR STORAGE CONTRACT. SELLERS ARE BW FLEET MANAGEMENT NORWAY

8917807

8910897

COMMANDER N

GAS

1991

NIPPON KOKAM

56,864

$35.00m

BLT

INDONESIA

GAS 78543 CBM - VLGC FOR STORAGE CONTRACT. SUBJECT TO A PERTAMINA TENDER. SELLERS ARE ANGLO-EASTERN SHIPMANAGEMENT SINGAPORE

GAN-SURE

TANKER

2006

STX SHIPBUILDING

51,182

$26.50m

GREEK BUYERS

GREECE

SELLERS ARE DUNYA DENIZCILIK VE TICARARET

9315056

ZEFIROS

TANKER

2010

STX JINHAE

51,000

$32.50m

SCI

INDIA

SELLERS ARE IONIA SHIPMANAGEMENT GREECE STX JINHAE 1299

9421403

GAN-SABRE

TANKER

2008

STX

51,000

DENMARK

SOLD ENBLOC GAN-SABRE GAN-SPIRIT AND GAN-SHIELD FOR $79m FOR ALL 3 UNITS. SELLERS ARE DUNYA DENIZCILIK VE TIKARET AS, TURKEY

GAN-SHIELD

TANKER

2007

STX

51,000

GAN-SPIRIT

TANKER

2007

STX

51,000

N. COTZIAS SHIPPING CO. LTD. 7-9 AKTI MIAOULI - 185 35 PIRAEUS

$79.00m

EPOXY IMO II/III. SOLD ENBLOC GANSABRE, GANSHIELD AND GAN-SPIRIT FOR $79m FOR ALL 3 UNITS.

TEL:+30 210 4222660/5 FAX:+30 210 4222678/9

9321940 CLIENTS OF NORDEN

9315068

9321938

PAGE 7 of 17 [email protected], [email protected]

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JANUARY 2010

FREJA BREEZE

TANKER

1996

ONOMICHI

47,172

GAN-VICTORY

TANKER

2007

HYUNDAI HI

46,702

GREAT EASTERN

$12.00m

$53.00m

SOLD ENBLOC GAN-VALOUR AND GANVICTORY TO THENAMARIS FOR $53m BOTH UNITS

THENAMARIS

INDIA

SELLERS ARE WILHELMSEN A NORWAY

GREECE

SOLD ENBLOC GAN-VALOUR AND GAN-VICTORY FOR $53m BOTH UNITS INCL 7 YEARS BB BACK TO SELLERS, SELLERS ARE DUNYA DENIZCILIK VE TICARARET, TURKEY. SOLD ON SUBS

9127708

9315783

GAN-VALOUR

TANKER

2007

HYUNDAI HI

46,702

GAN-VENTURE

TANKER

2006

HYUNDAI MIPO

46,616

$26.50m

PYXIS MARITIME

GREECE

SELLERS ARE DUNYA DENIZCILIK VE TICARARET

9314909

FAIRWAY EXPRESS

TANKER

2004

MINAMI NIPPON

45,737

$23.85m

VIETNAMESE BUYERS

VIETNAM

SELLERS ARE THOME SHIPMANAGEMENT SINGAPORE

9313761

TAIWAN

SELLERS ARE TANKER PACIFIC MANAGEMENT SINGAPORE

9040455

9073749

KYOTO

BUNGA KERAYONG

TANKER

TANKER

1992 1994

IMABARI MARUGAME HYUNDAI

41,461 18,130

TAIWANESE BUYERS

$6.20m

9315771

$5.00m

INDONESIAN BUYERS

INDONESIA

SELLERS ARE AET SHIPMANAGEMENT PTE MALAYSIA

VENEZUELA

SELLERS ARE EASTEWIND UK

8517047

AZOV WIND

TANKER

1988

BRODOSPLIT

17,127

$1.58m

COMPANIA MARITIMA

GANSKY

TANKER

2009

CELIK TEKNE

17,006

$20.00m

EKTANK

SWEDEN

SELLERS ARE DUNYA DENIZCILIK VE TICARARET

9356622

GAN-SEA

TANKER

2009

TUZLA GEMI

16,979

$20.00m

NORWEGIAN BUYERS

NORWAY

SELLERS ARE DUNYA DENIZCILIK VE TICARARET

9403839

SINGAPORE

SELLERS ARE DONGKUK MARINE KOREA

9262869

-

SELLERS ARE JO TANKERS AS, NORWAY

8900294

NORWAY

SOLD ENBLOC AT AUCTION FROM THE BANKRUPT YARD FOR AN UNDISCLOSED PRICE TO NORWEGIAN BUYERS.

ORIENTAL BOUQUET JO ASPEN POLI 244

TANKER TANKER TANKER

2002

ASAKAWA

1991

SEC

2009

POLI PELLESTRINA

14,298 12,637

TANKER

2009

POLI PELLESTRINA

9,500

RYSTRAUM

TANKER

2009

POLI PELLESTRINA

9,500

GASCHEM BEN FLOR

GAS

1985

JANSEN

9,129

NORTH CASTLE

TANKER

2009

GISAN GEMI

7,770

BUDI I

TANKER

1992

MALAYSIA SHIPYARD

7,047

BUDI PERMAI

TANKER

1990

MALAYSIA SHIPYARD

6,490

RUDDERMAN

TANKER

1994

MALAYSIA SHIPYARD

6,418

TANKER

1991

KURUSHIMA

PETRANS

$3.90m

UNDISCLOSED BUYERS SOLD ENBLOC AT AUCTION FROM THE BANKRUPT YARD FOR AN UNDISCLOSED PRICE TO NORWEGIAN BUYERS

9,500

GOLFSTRAUM

AZUMA MARU No.8

$15.00m

5,378

$17.00m

TANKER

1992

YAMANAKA

4,999

$1.90m

TANKER

1999

SHIN KURUSHIMA

4,998

$1.50m

9390991

9391000

GREECE

LPG - SELLERS ARE BERNHARD SCHULTE SHIPMANAGEMENT GERMANY

8409630

UNDISCLOSED BUYERS

-

SELLERS ARE GISAN GEMI INSA SANAYI TURKEY

9431032

SOLD ENBLOC FOR AN UNDISCLOSED UNDISCLOSED PRICE TO BUYERS INDONESIAN BUYERS

-

SOLD ENBLOC FOR AN UNDISCLOSED PRICE TO INDONESIAN BUYERS. SELLERS ARE MARITIME CONSORTIUM MANAGEMENT MALAYSIA

UNDISCLOSED BUYERS

-

DH ICE 1A

DH

INDONESIAN BUYERS INDONESIAN BUYERS UNDISCLOSED BUYERS

$1.80m

SHOYU MARU NO.8

NORWEGIAN BUYERS

BENELUX

$4.25m

EISHIN MARU NO. 17

9391012

9004138

8912699

SELLERS ARE JAMES FISHER SHIPPING SERVICES UK

9050670

INDONESIA

SELLERS ARE AZUMA KISEN KK JAPAN

9020558

INDONESIA

SELLERS ARE MIYAZAKI KAIUN CO LTD

9056545

-

SELLERS ARE KOEI KAIUN KK, JAPAN

9209984 9301677

ALIOS POSEIDON

TANKER

2005

MIURA SAIKI

3,842

$7.00m

GREEK BUYERS

GREECE

SELLERS ARE KYLA SHIPPING CO, GREECE

GREEN CHEMIST

TANKER

1995

ILHEUNG SHIPBUILDING

3,235

$2.00m

KOREAN BUYERS

KOREA

SELLERS ARE KSS LINE KOREA.

9131682 9157557

GAS NATALIE

TANKER

1997

SHITANOE

3,176

$6.80m

UNDISCLOSED BUYERS

-

SELLERS ARE STEALTH MARITIME CORP, GREECE. 3214 CBM, LPG

GAS FORTUNE

GAS

1995

WATANABE HAKATA

3,009

$5.60m

UNDISCLOSED BUYERS

-

SELLERS ARE STEALTH MARITIME CORP, GREECE. THEY HAD PURCHASED HER AT $9.5m IN FEB 2006

9137595

YU TIAN 9

GAS

1998

WATANABE ZOSEN

2,998

$7.50m

CHINESE BUYERS

CHINA

LPG - (EX GAS ETERNITY) SELLERS ARE ZHUHAI WANG TONG SHIPPING, CHINA

9196450

DEAUVILLE

GAS

1995

KITANIHON

2,601

P&C TERMS

INDONESIAN BUYERS

INDONESIA

SOLD TO INDONESIAN BUYERS INCL A LONG TERM CHARTER TO PERTAMINA

9113939

VASSILIOS VI

TANKER

1980

YAMANISHI

2,384

P&C TERMS

-

SELLERS ARE VASSILIKI II SHIPPING GREECE

7930498

CHINA

SELLERS ARE JUNG YOUNG SAM, KOREA

8613360

MALAYSIA

LPG - SELLERS ARE BERNHARD SCHULTE SHIPMANAGEMENT GERMANY

8850918

SAE WON

TANKER

1986

KOCHI

2,101

GAS PIONEER

GAS

1992

ALBLAS

1,400

$1.20m

UNDISCLOSED BUYERS CHINESE BUYERS MALAYSIAN BUYERS

Note1: With Red color are indicated all Greek interest Buyers or Sellers

N. COTZIAS SHIPPING CO. LTD. 7-9 AKTI MIAOULI - 185 35 PIRAEUS

TEL:+30 210 4222660/5 FAX:+30 210 4222678/9

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JANUARY 2010

TANKER 2ND HAND MARKET STATISTICS MONTHLY UNIT SALE ACTIVITY

2010 JANUARY

UNITS

OUTLAY$

DWT

59

$1,232.58m

3,746,603

FEBRUARY

0

$0.00m

0

MARCH

0

$0.00m

0

Tanker sale and purchase is hot this month. We have SELLERS STATS seen 59 units of 1.3billion USD worth, and 3.7million tonnes of carrying capacity traded this month. Jan 2010 COUNTRY UNITS has seen a very good number of ships sold with some GREECE 11 very modern units dominating the sales records. Prices of tanker units are considered to be low, and on a Y2Y TURKEY 10 comparison we see that they are reduced by 40%-45% NORWAY 8 and in 20year old vessels by 60% from same time in 2009 SINGAPORE 6

2010 % 18.64% 16.95% 13.56% 10.17%

APRIL

0

$0.00m

0

GERMANY

4

6.78%

MAY

0

$0.00m

0

UK

3

5.08%

JUNE

0

$0.00m

0

MALAYSIA

3

5.08%

JULY

0

$0.00m

0

KOREA

3

5.08%

AUGUST

0

$0.00m

0

JAPAN

3

5.08%

SEPTEMBER

0

$0.00m

0

CHINA

3

5.08%

OCTOBER

0

$0.00m

0

NOVEMBER

0

$0.00m

0

DECEMBER

0

$0.00m

0

TOTAL

59

$1,232.58m

3,746,603

SELLERS - The table on the RIGHT shows the nationality of the Sellers. Greek Sellers are in number 1 place having disposed 11 units while Turkish sellers are 2nd with 10 units. Norwegian sellers have sold 8 units while Singapore sellers are responsible for 6 sales.

USA

2

3.39%

CYPRUS

2

3.39%

MONACO

1

1.69%

0

0

0.00%

0

0

0.00%

0

0

0.00%

0

0

0.00%

2010 TANKER buyer STATISTICS COUNTRY

UNITS

OUTLAY ($)

%

DWT

%

GREECE

10

$380

30.79%

1,033,298

27.58%

0

0

0.00%

INDONESIA

6

$85

6.87%

144,872

3.87%

ALL OTHER

0

0.00%

SINGAPORE

4

$85

6.90%

398,061

10.62%

UNDISCL

0

0.00%

59

100.00%

CHINA

4

$25

2.03%

198,155

5.29%

NORWAY

4

$20

1.62%

45,479

1.21%

DENMARK

3

$79

6.41%

153,000

4.08%

INDIA

2

$45

3.61%

98,172

2.62%

PAKISTAN

2

$80

6.49%

214,362

5.72%

USA

2

$136

11.03%

300,192

8.01%

KOREA

1

$2

0.16%

3,235

0.09%

VIETNAM

1

$24

1.93%

45,737

1.22%

VENEZUELA

1

$2

0.13%

17,127

0.46%

MALAYSIA

1

$1

0.10%

1,400

0.04%

UNDISCL

15

$181

14.69%

885,050

23.62%

ALL OTHER

3

$89

7.24%

208,463

5.56%

TOTAL

59

$1,233

100.00%

3,746,603

100.00%

TOTAL

BUYERS - Greek buyers have started very well the year. Our fellow Greeks in Jan 2010 have acquired 10 units while Indonesian buyers are 2nd with 6 units and Singapore and Chinese buyers have got 4 untis each, There are many undisclosed deals so far (15).

TANKER UNITS SOLD - BREAKDOWN PER SIZE AND MONTH 2010 2010

VLCC & ULCC

SUEZMAX

AFRAMAX 110K

JANUARY

3

8

4

2

FEBRUARY

0

0

0

MARCH

0

0

0

PANAMAX 70K PROD 45K

< 40,000

OBO

LPG & LNG

TOTAL

13

21

1

7

59

0

0

0

0

0

0

0

0

0

0

0

0

APRIL

0

0

0

0

0

0

0

0

0

MAY

0

0

0

0

0

0

0

0

0

JUNE

0

0

0

0

0

0

0

0

0

JULY

0

0

0

0

0

0

0

0

0

AUGUST

0

0

0

0

0

0

0

0

0

SEPTEMBER

0

0

0

0

0

0

0

0

0

OCTOBER

0

0

0

0

0

0

0

0

0

NOVEMBER

0

0

0

0

0

0

0

0

0

DECEMBER TOTAL

0

0

0

0

0

0

0

0

0

3

8

4

2

13

21

1

7

59

N. COTZIAS SHIPPING CO. LTD. 7-9 AKTI MIAOULI - 185 35 PIRAEUS

TEL:+30 210 4222660/5 FAX:+30 210 4222678/9

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JANUARY 2010

NB TANKERS PRICE COMPARISON

5Y TANKERS PRICE COMPARISON CHANGE

TYPE

11/07/2008

06/02/2009

29/01/2010

FR0M 6/2/09

VLCC

$156.5 $96.0 $78.0 $65.0 $55.0

$116.0 $82.0 $68.0 $57.0 $45.0

$97.0 $68.0 $49.0 $41.0 $33.0

-16% -17% -28% -28% -27%

SUEZMAX AFRAMAX PANAMAX MR PROD

CHANGE

TYPE

11/07/2008

06/02/2009

29/01/2010

FR0M 6/2/09

VLCC

$155.0 $101.0 $76.0 $61.0 $52.5

$99.0 $70.0 $53.0 $45.0 $38.0

$77.0 $58.0 $39.0 $33.0 $22.5

-22% -17% -26% -27% -41%

SUEZMAX AFRAMAX PANAMAX MR PROD

10Y TANKERS PRICE COMPARISON

20Y TANKERS PRICE COMPARISON

TYPE

11/07/2008

06/02/2009

29/01/2010

CHANGE FR0M 6/2/09

VLCC

$128.0 $82.0 $63.0 $50.5 $45.0

$83.0 $63.0 $43.0 $38.0 $33.0

$59.0 $41.0 $24.0 $18.0 $15.0

-29% -35% -44% -53% -55%

SUEZMAX AFRAMAX PANAMAX MR PROD

TYPE

11/07/2008

06/02/2009

29/01/2010

CHANGE FR0M 6/2/09

VLCC

$39.5 $34.5 $25.5 $24.0 $18.0

$29.0 $22.0 $17.0 $14.0 $12.0

$16.2 $12.2 $8.1 $6.1 $4.5

-44% -45% -52% -56% -63%

SUEZMAX AFRAMAX PANAMAX MR PROD

Tables above compare prices from 11th Jul 2008 and 6th Feb 2009 with today NEWBUILDING TANKER PRICES 2000 - 2010 164 144

5 YEAR OLD TANKER PRICES 2000 - 2010 160

VLCC 300K SUEZ 150K AFRA 110K PANAMAX 70K PROD 45K

VLCC 300K SUEZ 150K AFRA 110K

140

PANAMAX 70K

104

100

84

80

64

60

44

40

24

20 Ja n

Ja n

PROD 45K

-0 Ju 0 l-0 Ja 0 n0 Ju 1 l-0 Ja 1 n0 Ju 2 l-0 Ja 2 n0 Ju 3 l-0 Ja 3 n0 Ju 4 l-0 Ja 4 n0 Ju 5 l-0 Ja 5 n0 Ju 6 l-0 Ja 6 n0 Ju 7 l-0 Ja 7 n0 Ju 8 l-0 Ja 8 n0 Ju 9 l-0 Ja 9 n10

120

-0 Ju 0 l-0 Ja 0 n0 Ju 1 l-0 Ja 1 n0 Ju 2 l-0 Ja 2 n0 Ju 3 l-0 Ja 3 n0 Ju 4 l-0 Ja 4 n0 Ju 5 l-0 Ja 5 n0 Ju 6 l-0 Ja 6 n0 Ju 7 l-0 Ja 7 n0 Ju 8 l-0 Ja 8 n0 Ju 9 l-0 Ja 9 n10

124

10 YEAR OLD TANKER PRICES 2000 - 2010 133

VLCC 300K SUEZ 150K AFRA 110K

113

PANAMAX 70K PROD 45K

20 YEAR OLD TANKER PRICES 2000 - 2010 VLCC 300K

43

SUEZ 150K AFRA 110K PANAMAX 70K

38

PROD 45K

33 93 28 73

23 18

53

13 33

8

Ja n

Ja n

-0 Ju 0 l-0 Ja 0 n0 Ju 1 l-0 Ja 1 n0 Ju 2 l-0 Ja 2 n0 Ju 3 l-0 Ja 3 n0 Ju 4 l-0 Ja 4 n0 Ju 5 l-0 Ja 5 n0 Ju 6 l-0 Ja 6 n0 Ju 7 l-0 Ja 7 n0 Ju 8 l-0 Ja 8 n0 Ju 9 l-0 Ja 9 n10

3

-0 Ju 0 l-0 Ja 0 n0 Ju 1 l-0 Ja 1 n0 Ju 2 l-0 Ja 2 n0 Ju 3 l-0 Ja 3 n0 Ju 4 l-0 Ja 4 n0 Ju 5 l-0 Ja 5 n0 Ju 6 l-0 Ja 6 n0 Ju 7 l-0 Ja 7 n0 Ju 8 l-0 Ja 8 n0 Ju 9 l-0 Ja 9 n10

13

TANKER units sold 2010 vs 2009

units 65

2010

2009

59 49

55

48 45

48 43 45

39

42

37

35

23

25

23 15

15

11

5 Y RY AR UA NU BR JA FE

H RC MA

RIL AP

Y MA

NE JU

LY JU

R R ST ER ER BE BE GU MB MB TO EM AU VE CE PT OC DE NO SE

shipsale activity in volume (number of ships sold per month 2010-2009)

N. COTZIAS SHIPPING CO. LTD. 7-9 AKTI MIAOULI - 185 35 PIRAEUS

TEL:+30 210 4222660/5 FAX:+30 210 4222678/9

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JANUARY 2010

NEWBUILDING ORDERS

JANUARY 2010

UNITS

TYPE

TONNAGE

1

BC

180,000 DWT

SUNGDONG

2

BC

180,000 DWT

SUNGDONG

2

BC

180,000 DWT

SUNGDONG

1

BC

180,000 DWT

SUNGDONG

1

BC

180,000 DWT

HANJIN SUBIC BAY

1

BC

179,900 DWT

SASEBO

1

BC

115,000 DWT

NANTONG

2

BC

82,000 DWT

SPP SHIPBUILDING

1

BC

82,000 DWT

SPP SHIPBUILDING

1

BC

82,000 DWT

SPP SHIPBUILDING

2

BC

81,000 DWT

SPP

2

BC

81,000 DWT

SPP

1

BC

81,000 DWT

STX SHIPBUILDING

1

BC

81,000 DWT

STX

2

BC

76,000 DWT

HUDONG ZHONGHUA

1

BC

62,000 DWT

DAE SUN SB

1

BC

58,000 DWT

DAYANG

2

BC

57,300 DWT

STX-JINHAE

2

BC

57,000 DWT

XIAMEN SB

2

BC

55,000 DWT

JIANGSU HANTONG (CHINA)

2

BC

37,000 DWT

STX

4

BC

35,200 DWT

SAMHO TONGYOUNG

6

BC

32,000 DWT

SAMHO TONGYOUNG

1

BC

29,228 DWT

NANTONG NIKKA

4

GAS

177,000 DWT

DSME

2

LPG

3,500 DWT

4

700 DWT

4

OFFSHORE PLATFORM SUPPLY

5,000 DWT

3

TANKER

SUEZMAX

SAMSUNG

2

TANKER

SUEZMAX

SAMSUNG

1

TANKER

320,000 DWT

DSME

YARD

YEAR 2011

PRICE

BUYER’S NAME

NOTES

54.80

NAVIOS

REPEAT ORDER

2011 2011 2011 2011 2010 2011 2012 2012 2012 2011 2011 2012 2012 2012

54.80 54.70 55.70 57.00 71.50

POLEMBROS SHIPPING

OTHER REP SAYS 50 MIL EACH UNIT

KCH SHIPPING TE H HU

OPTION 1 MORE

HSIN CHIEN MARINE

OPTION 1

FUJIAN FIVE STAR

EX CIDO ORDER

SINOKORMERCHANT

36.00 36.00 36.00 35.50 35.50 36.00 35.00

2012 2010

TARGET MARINE MODION MARITIME GOLDENPORT POLEMBROS SHIPPING SEA JUSTICE E.NOMIKOS

OPTION 1

UNDISCLOSED BUYERS

OPTION 1

CHAOZHOU YATAI SHIPPING

BRIGHT NAVIGATION

2011 2012 2011 2011 2011 2011

REPLACEMENT OF THREE CANCELLED 37K BCS HULLS 526,527, 530. VESSEL IS GEARED

33.00

GREEK BUYERS

RESALE CROWN 58

31.00 27.00 60.00

DENSA

OPTION 2 MORE - OTHER REP $32,5 MIL PRICE

FUJIAN P C COECLERICI GROUP

SELF UNLOADING VESSELS

TAIWANESE BUYERS CINER DENIZCILIK

27.50 23.50

DENSA DENIZCILIK SANAYI

OPTION FOR 2 MORE VSLS

GREEK BUYERS

RESALE

2016

500.00

GAZPROM

LNG $2BILLION TOTAL. ICE CLASS

TAIZHOU WUZHOU

2011

11.00

CHINA MERCHANTS

3700 CBM

CHEOY LEE

2010

THOMA-SEA BUILDERS USA

2012 2011 2011 2012

2

TANKER

320,000 DWT

IHI MARINE UNITED (JAPAN)

2011

1

TANKER

75,000 DWT

SUNGDONG

2011

2

TANKER

47,000 DWT

JINLING

2012

1

TANKER

44,000 DWT

SLS

2010

PACIFIC CARRIERS GULF OFFSHORE LOGISTICS USA

DP2 CAT ENGINES 13000 CFT OF DRY BULK CARGO

CENTROFIN MGT STENA BULK AB ANGELICOUSSIS REPLACEMENT FOR TWO CANCELLED 9300 TEU CONTAINERSHIPS ORIGINALLY CONTRACTED AS HULL 3281/3282 IN DEC 2007

NYK LINE JAPAN

48.00

BETONIX LTD

SHIPPING CORP OF INDIA

41.50

HIGH SPECS/RENEGOTIATION- PPT DELIVERY

STOLT

Note1: With Red color are indicated all Greek interest Buyers or Sellers

NEWBUILDING ORDERS BREAKDOWN by TYPE PER MONTH, for YEAR 2010 2010

ORDERS 35

UNITS 68

BC 42

MPP 0

CONT 0

TANKER 12

LNG/LPG 6

ALL OTHER 8

FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER

0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0

TOTAL

35

68

42

0

0

12

6

8

JANUARY

NEW BUILDING ORDER TYPES FOR 2010 ALL OTHER, 8, 12%

LNG/LPG, 6, 9%

CONT, 0, 0% BC, 42, 61% TANKER, 12, 18% MPP, 0, 0%

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JANUARY 2010

REPORTED DEMOLITION DEALS NAME

TYPE

YEAR

MONT

TANKER

PACIFIC JEWEL SHINYO JUBILEE

TANKER TANKER

JANUARY 2010 BUILT

DWT

LDT

PRICE

BREAKER

NOTES

IMO

1976

SUMITOMO

564,650

85,598

$355

INDIA

FSO - SELLERS ARE FIRST OLSEN PTE LTD

7381154

1975

NKK CORP TSU

PAKISTAN

FSO - SELLERS ARE TANKER PACIFIC MANAGEMENT SINGAPORE

7374682

BANGLADESH

CRUDE OIL TANKER - INCL ABT 3200 TNS OF BUNKERS ROB

8705979 8615796 8000460

1988

JAPAN DAEWOO SHIPBUILDING KAWASAKI HEAVY INDS KOMUNI PARYSKI

258,068 250,192

38,519 32,188

$330 $415

151,803

21,807

$385

BANGLADESH

SELLERS ARE TANKER PACIFIC MANAGEMENT SINGAPORE

134,806

19,200

$205

INDIA

SOLD FOR $3.9m TTL - SELLERS ARE KYLA SHIPPING GREECE

99,344

19,000

$402

BANGLADESH

JAPAN

95,007

16,351

$395

BANGLADESH

1985

HYUNDAI

94,706

15,737

$365

BANGLADESH

SELLERS ARE MERCATOR LINES INDIA

8319926

89,636

14,182

-

PAKISTAN

SELLERS ARE EUROTANKERS GREECE

8318996

86,976

4,814

$300

CHINA

SELLERS ARE DFDS A/S DENMARK

7707736 6914277

WESTWAY

TANKER

1988

KYLA

BC

1982

AFRICA

TANKER

1986

ROCKY

TANKER

1985

DEVSI

TANKER

ALDAN

TANKER

1985

KAWASAKI HEAVY INDS

TOR ANGLIA

RORO

1977

GERMANY

SELLERS ARE TSAKOS SHIPPING & TRADING SA GREECE. BASIS AS IS SINGAPORE. SALE INCLUDES SUFFICIENT BUNKERS FOR VOYAGE TO BANGLADESH - SELLERS ARE AVIN INTERNATIONAL GREECE

7826207 8413423

OCEAN PRODUCER

TANKER

1969

MITSUI TAMANO

79,313

15,476

-

INDIA

FPSO - SELLERS ARE OCEANEERING INTERNATIONAL USA

WINNER 4

BC

1977

JAPAN

72,746

13,726

$327

INDIA

SELLERS ARE CHINESE

7628382

AL HAMRIYAH STAR

TANKER

1984

ZALIV

67,980

16,500

$390

AS IS

SELLERS ARE EMIRATES SHIPPING CO LTD, UAE. VESSEL WAS REPORTED SOLD IN SEPTEMBER 2008 AT$14m

8330293

1984

HYUNDAI HEAVY INDS

67,227

13,133

$289

BANGLADESH

SELLERS ARE SCI INDIA

8224169

1986

DALIAN SHIPYARD

60,489

12,058

$386

BANGLADESH

SELLERS ARE IONIA MANAGEMENT GREECE

8407670

INDIA

GAS TANKER - SELLERS ARE NAFTOMAR SHIPPING AND TRADING GREECE

7640196

MAJOR DHAN SINGH THAPA PVC DROMEAS

TANKER TANKER

Z ATLANTIC

GAS

1980

ITALY

55,728

22,556

-

ST. LUKE

BC

1984

OKEAN SSZ

52,450

13,580

$345

INDIA

HARITA BAUXITE

BC

1983

IHI KURE

48,891

9,735

$317

CHINA

SELLERS ARE CENTURY SHIPPING AND TRADING SINGAPORE

8103664

GOTHENBURG EXPRESS

CONT

1987

MITSUI TAMANO

44,969

16,847

$320

INDIA

SELLERS ARE HPAG-LLOYD AG GERMANY

8415952

44,772

9,197

$386

INDIA

PRODUCTS TANKER - SELLERS ARE MANTINIA SHIPPING GREECE

8613982

43,481

15,499

$348

INDIA

LPG. SELLERS ARE ANGLO-EASTERN SHIPMANAGEMENT SINGAPORE.

7723857 8104163

NIREUS

TANKER

1988

DAEWOO SHIPBUILDING

HARRIETTE N

GAS

1980

BOELWERF TEMSE

CHIN YUN

TANKER

8330463

1984

CHINESE TAIPEI

41,203

9,735

$344

BANGLADESH

SOLD TO BANGLADESH ON AN AS IS KAOHSIUNG BASIS

40,849

16,750

$355

INDIA

SELLERS ARE CIEL MARITIME GREECE

7502928

MSC GERMANY

CONT

1978

FLENDER WERFT

TRANSPORT

TANKER

1983

3 MAJ BRODOGRADILIS

39,738

9,700

$420

INDIA

SELLERS ARE DELFI S.A. GREECE. INCL 200 TONS OF STAINLESS STEEL.

7923574

PETROS

TANKER

1984

3 MAJ BRODOGRADILIS

39,724

10,457

$435

INDIA

CHEMICAL TANKER - SELLERS ARE DELFI SA GREECE

8001270 8106070

LOVELL SEA

TANKER

1983

MITSUI CHIBA ICHIHARA

39,701

9,123

-

BANGLADESH

PRODUCTS TANKER - SELLERS ARE ARCHIPELAGO SHIPS MANAGEMENT GREECE

MERLIN TRADER

TANKER

1982

SUMITOMO

38,481

9,901

$366

INDIA

SELLERS ARE GENOA MARITIME SA GREECE

8005783

MERLIN EXPLORER

TANKER

1982

KOREA

38,234

9,962

$370

INDIA

CHEMICAL TANKER - SELLERS ARE GENOA MARITIME SA GREECE

8028151

CAPE MAY

CONT

1986

HITACHI ZOSEN INN

38,217

15,000

-

CHINA

SELLERS ARE NIPPON YUSEN KAISHA JAPAN

8518209

INDIA

CHEMICAL TANKER - SELLERS ARE ODFJELL ASA NORWAY

8010520

INDIA

CHEMICAL TANKER - SELLERS ARE ODJFELL ASA NORWAY

8106927

-

CHINA

SELLERS ARE PACC SHIP MANAGERS PTE LTD SINGAPORE

7612929

$399

INDIA

SELLERS ARE GENOA MARITIME SA GREECE

8005795 7379266

BOW MAASSLOT BOW MAASSTROOM

TANKER TANKER

1982 1983

IKAN PROGRESO

BC

1977

MERLIN CHAMPION

TANKER

NETHERLANDS NETHERLANDS

38,039 38,039

10,843 10,843

$417 $417

IHI - YOKOHAMA

37,681

1983

SUMITOMO

37,658 33,423

7,639

$348

BANGLADESH

SELLERS ARE NOBPAC SHIP MANAGEMENT BANGLADESH

CHINA

SELLERS ARE SINOKOR MERCHANT MARINE CO LTD KOREA

8011237 7515315

9,827

ALI MURTAZA

BC

1975

KANASASHI ZOSEN

SINOKOR SHANGHAI

CONT

1982

JAPAN

32,953

12,574

$340

POKOJ

MPP

1977

JAPAN

27,987

9,349

$374

INDIA

SELLERS ARE CHINESE

MONTE CASINO

TANKER

1986

DENMARK

27,350

7,459

$406

INDIA

CHEMICAL

8406341

1982

ATLANTIQUE CHS

26,287

9,906

$356

INDIA

SELLERS ARE DELMAS FRANCE.

8002585

1983

CCN MAUA BRAZIL

25,590

7,929

$370

INDIA

SELLERS ARE DD SHIPPING LTD S.A. RUSSIA

7433036 8008577

DELMAS KISSAMA DD MASTER

CONT BC

PAVAYACU

TANKER

1985

SIMA CALLAO

25,243

6,844

$257

INDIA

SELLERS ARE PETROLERA TRANSOCEANICA, PERU. SOLD AS IS VALLAO PERU

ADDARRAQ

TANKER

1982

DUNKERQUE

23,953

8,250

$575

INDIA

SOLD FOR $9.5m EN BLOC

7925716

AL FARABI

TANKER

1982

DUNKERQUE

23,953

8,250

$575

PAKISTAN

SOLD FOR $9.5m EN BLOC

8000123

N. COTZIAS SHIPPING CO. LTD. 7-9 AKTI MIAOULI - 185 35 PIRAEUS

TEL:+30 210 4222660/5 FAX:+30 210 4222678/9

PAGE 12 of 17 [email protected], [email protected]

www.cotzias.gr – visit our constantly updated website EPOS FORMOSA CONTAINER NO.1

MPP TWEEN

1979 1982

JANUARY 2010 HITACHI ZOSEN MATHIASTHESEN-WERF MITSUBISHI KOBE MINAMI-NIPPON USUKI

SELLERS ARE GOOD FAITH SHIPPING GREECE

22,378

7,693

$360

INDIA

7722138

21,895

9,141

$380

INDIA

20,832

9,416

$393

INDIA

SELLERS ARE TARGET MARINE SA GREECE

7714337

CHEMICAL TANKER - SELLERS ARE LAURIN MRITIME AMERICA INC USA

8412962

8115631

MSC PIONEER

CONT

1978

MOUNTAIN BLOSSOM

TANKER

1986

19,995

6,402

-

CHINA

GOLDEN TRADE

CONT

1988

HYUNDAI

19,806

8,340

$340

CHINA

GEORGIOS 1

BC

1977

KOCHI JYUKO

18,781

4,428

$340

INDIA

YAAD-E-MOSTAFA

TWEEN

1977

MITSUBISHI HIROSHIM

18,632

7,022

$314

BANGLADESH

DANOOSH

MPP

1978

LENINA STO

17,928

7,760

$250

INDIA

WIND

TANKER

1985

BRODOSPLIT

17,585

6,173

-

BANGLADESH

NOOR-E-MADINA

TWEEN

1977

HAYASHIKANE

17,160

6,442

$350

INDIA

SURREY

GAS

1982

DENMARK

17,000

8,215

-

BANGLADESH

LPG - SELLERS ARE ZODIAC MARITIME AGENCIES LTD UK

7928201

INDIA

SELLERS ARE SM SHIP MANAGEMENT THAILAND

7632541

INDIA

SELLERS ARE LATVIAN SHIPPING COMPANY LATVIA

8207305 8227264

KULNATEE OJARS VACIETIS

BC TANKER

1977

KOCHI JYUKO

16,615 16,341

4,129 5,610

$342 $412

SELLERS ARE SINOKOR MERCHANT MARINE, KOREA SELLERS ARE ALTOUN SHIPPING CO LTD, SYRIA SELLERS ARE AK SHIP MANAGEMENT BANGLADESH SELLERS ARE ISLAMIC REPUBLIC OF IRAN. SOLD AS IS MALAYSIA PRODUCTS TANKER

8608119 7632565 7531228 7428811 8207044 7639719

1985

CROATIA

15,871

6,931

$380

INDIA

SELLERS ARE COMMERCIAL FLEET OF DONBASS LTD., UKRAINE

15,588

9,220

$360

INDIA

AS IS SINGAPORE - SELLERS ARE HOLY HOUSE SHIPPING AB SWEDEN

7203223 7621982

BORIS BABOCHKIN

MPP

1984

KHERSONSKIY SSZ

SNOW LAND

REEFER

1972

FRANCE

ELENA

BC

1977

IHI TOKYO

15,097

4,046

$335

INDIA

SELLERS ARE PANSEAS CO LLC UAE. (TTL $1.35m) ON JULY 2008 SHE HAD BEEN REPORTED SOLD AT $3.4m

JAKARTA STAR II

CONT

1983

SCHICHAU

14,920

6,413

$403

INDIA

SELLERS ARE ZIM ISRAEL

8100662

1982

NAKSKOV SKIBSVA

13,845

4,600

$410

INDIA

SELLERS ARE EMIRATES SHIPPING CO LTD.

8000094

13,295

8,714

$285

CHINA

SELLERS ARE HOEGH FLEET SERVICES NORWAY

8401860

13,019

12,104

$340

BANGLADESH

VEHICLES CARRIER - SELLERS ARE STAMCO SHIP MANAGEMENT CO LTD GREECE

8417986 8407539

WIND STAR

TANKER

KIWI AUCKLAND

RORO

1985

TSUNEISHI SHIPBUILD

SAPPHIRE RAY

CAR

1985

HYUNDAI HEAVY INDS

RIO GALLEGOS I

TANKER

1985

TAIHEI AKITSU

12,784

3,579

$242

INDIA

PRODUCT TANKER - AS IS URUGUAY SELELRS ARE ULTRAGAS NAVIERAS LTDA CHILE

MARS T

TANKER

1986

JAPAN

9,431

2,749

$362

INDIA

CHEMICAL TANKER - SELLERS ARE TRANSAL DENIZCILIK VE TICARET TURKEY

8511110

INDIA

SELLERS ARE PHOENICIA MARITIME CO SYRIA

7735044

INDIA

CHEMICAL TANEKR - INCL ABT 312 TNS OF ST STEEL

8023773 7725178

MARWAN H MOSTRAUM

MPP TANKER

1977

ROMANIA

8,750 8,661

3,600 3,430

$610

1981

SWEDEN

8,191

6,185

$285

CHINA

SELLERS ARE PB MARITIME SERVICES LTD CHINA

7,809

3,221

$332

INDIA

SELLERS ARE AL SAIL SHIPPING LLC, UAE

7122508

INDIA

SELLERS ARE GULF LINER SHIPPING AGENCIES UAE

7822146 7717456

KIWI BREEZE

RORO

1978

IMABARI IMABARI

AL AQEELA II

MPP

1972

HOLLMING OY

1979

KAWASAKI HEAVY INDS

7,330

3,614

$330

INDIA

SELLERS ARE INTERNATIONAL ASSOCIATED CARGO EGYPT

7,214

3,716

$350

INDIA

SELLERS ARE ALFAMARINE SHIPPING CO LTD SYRIA

7224966 8105416

GLOBAL PRECISION

RORO

7,374

5,677

$285

TRANS CARGO III

MPP

1978

A WARSKIEGO STOCZNI

MARIBEL

MPP

1972

FINLAND

DIANA DV

MPP

1982

KOREA

6,410

2,039

$320

CHINA

SELLERS ARE TRANZIT SEVER VOSTOK RUSSIA - OLD SALE

MASHTA AZZAR

MPP

1969

GERMANY

6,010

2,432

-

INDIA

SELLERS ARE JOMARINE SYRIA

6905458

INDIA

SELLERS ARE ALFAMARINE SHIPPING CO LTD SYRIA

6913522

INDIA

SELLERS ARE FGM SHIP MANAGEMENT CO LTD UK

7928756

INDIA

SELLERS ARE GOODRICH MARITIME PVT LTD INDIA

8421561 8020848

RAZAN LADY MARAH JS DIAMOND

MPP BC MPP

1969

GERMANY

1980

SIETAS KG

1985

SANYO ONOMICHI

6,010 5,050 5,011

2,432 2,341 1,509

$350 $320 -

GARIBALDI

CAR

1982

ITALY

4,311

5,392

$180

INDIA

RAIL VEHICLES CARRIER - SOLD ON AS IS ITALY BASIS - SELLERS ARE RETE FERROVIARIA ITALY

LEADER

RORO

1991

JAPAN

3,695

8,439

$340

INDIA

SELLERS ARE MANO MARITIME LTD ISRAEL

9004413

CHINA

SELLERS ARE HAS MANAGEMENT CO LTD, KOREA

8404111 6604834

ASIAN CYGNUS

CONT

1983

USUKI USUKI

3,273

2,060

$310

1966

CHANTIERS DE L' ATLANTIQUE

2,931

7,032

$270

INDIA

SOLD FOR $1.9m TTL. AS IS PIRAEUS SELLERS ARE MONARCH CLASSIC CRUISES GREECE

RORO

1974

NOBISKRUG WERFT

2,819

7,927

$330

INDIA

SELLERS ARE EL SALAM SHIPPING EGYPT

7350088

LADY MAGA

BC

1970

ZAALANDSE

2,520

1,254

$320

INDIA

SELLERS ARE ISM GROUP SYRIA

7030573

NESA R

TANKER

1970

HONG KONG & WHAMPOA

2,449

1,079

$231

PAKISTAN

SELLERS ARE CYRUS SHIPPING SERVICES

6929868

MAYA S

TWEEN

1978

2,400

1,362

$340

INDIA

SELLERS ARE ISM GROUP SYRIA

7618430

-

INDIA

SELLERS ARE GREEN OCEAN SHIP MANAGEMENT INDIA.

7368281

$350

INDIA

SELLERS ARE THE BIG DITCH SHIPPING, UK

7343372

TURKEY

SELLERS ARE SOYSAY DENIZCILIK NAKILYAT TURKEY

7509354

BLUE MONARCH OUZOUD

PAX

DOLPHIN VI

TUG

1974

CALEMAX ENTERPRISE

BC

1974

HALKI

TANKER

1977

DROBETATURNU GIESSEN-DE NOORD KRIMP YORKSHIRE DD KALMAR FARTYGSREPA R

1,111

1,480

711 3,400

1,309

$180

Note1: With Red color are indicated all Greek interest Sales

N. COTZIAS SHIPPING CO. LTD. 7-9 AKTI MIAOULI - 185 35 PIRAEUS

TEL:+30 210 4222660/5 FAX:+30 210 4222678/9

PAGE 13 of 17 [email protected], [email protected]

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JANUARY 2010

DEMOLITION STATISTICS: 2010

UNITS

DWT

LDT

January February March April May June July August September October November December

87

3,659,775

852,701

BREAKER

BREAKER – STATS ‘2010 UNITS

LDT TAKEN

AV. SCRP PRICE

0

0

0

CHINA

11

75,863

0

0

0

INDIA

56

506,714

0

0

0

BANGLADESH

14

190,285

0

0

0

TURKEY

1

1,309

0

0

0

PAKISTAN

4

62,030

$312 $357 $362 $180 $379

0

0

0

OTHER/CASH/AS IS

1

16,500

0

0

0

TOTAL

87

852,701

0

0

0

0

0

0

0

0

0

0

0

0

TOTAL

87

3,659,775

852,701

DETAILED BREAKER REGION - STATISTICS FOR 2010 BREAKER UNITS LDT TAKEN av $

DRY

$318

WET

UNITS

LDT

UNITS

LDT

CHINA

11

75,863

312.1

10

69,461

1

6,402

INDIA

56

506,714

356.6

36

244,334

20

262,380

BANGLADESH

14

190,285

362.1

3

26,765

11

163,520

TURKEY

1

1,309

180.0

0

0

1

1,309

PAKISTAN

4

62,030

378.7

0

0

4

62,030

OTHER/CASH/AS IS

1

16,500

390.0

0

0

1

16,500

TOTAL

87

852,701

317.9

49

340,560

38

512,141

2010 DEMOLITION SELLERS STATISTICS % UNITS rank COUNTRY

UAE CHINA INDIA NORWAY BANGLADESH UK KOREA MOROCCO RUSSIA TURKEY EGYPT USA ISRAEL TAIWAN ITALY IRAN THAILAND ALL OTHER UNDISCL TOTAL

1 2 2 4 5 6 6 8 8 8 11 11 11 11 11 11 17 17 17 17

135 134 129 125

115

125

$600

112 101 95

$500

79 $400

95 94

91

87

75

75

68 63

62

55

52

$300

35 38 2929

$200

24 16 18 11

$100

17 15

12

10 5

18 20 17 17 16 17

19

21 16

11

7

25

23 13

17 16

13

21

17 10

8

12

19

23

26

28

15

19

14

-5

0

ay -0 Ju 5 l Se -05 p No -05 vJa 05 nM 06 ar M -06 ay -0 Ju 6 lSe 06 p No -06 vJa 06 nM 07 ar M -07 ay -0 Ju 7 l Se -07 p No -07 vJa 07 nM 08 ar M -08 ay -0 Ju 8 l Se -08 pNo 08 vJa 08 nM 09 ar M -09 ay -0 Ju 9 lSe 09 p No -09 vJa 09 n10

SYRIA

20.7% 8.0% 8.0% 6.9% 5.7% 4.6% 4.6% 3.4% 3.4% 3.4% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 1.1% 1.1% 1.1% 1.1% 10.3% 2.3% 100.0%

Average Scrap Price Number of Ships

$700

M

18 7 7 6 5 4 4 3 3 3 2 2 2 2 2 2 1 1 1 1 9 2 87

GREECE SINGAPORE

155

Average Scrap Price & No of Ships Scrapped 2005-2010

$800

4,500,000 4,000,000

140

DEMO STATS 2005-2010

DWT LDT NUMBER

120

3,500,000 100 3,000,000 2,500,000

80

2,000,000

60

1,500,000 40 1,000,000 20

500,000

0

M

ay J u 05 l Se -05 p No -05 v J a -0 5 nM 06 ar M -06 ay J u 06 l Se -06 p No -06 v J a -0 6 n M -07 ar M -07 ay J u 07 l Se -07 p No -07 v J a -0 7 nM 08 ar M -08 ay J u 08 l Se -08 pNo 08 v J a -0 8 nM 09 ar M -09 ay J u 09 l Se -09 pNo 09 v J a -0 9 n10

0

LDT INTAKE PER SCRAP COUNTRY FOR 2010

PAKISTAN, 62,030, 7%

TURKEY, 1,309, 0%

BANGLADESH, 190,285, 22%

OTHER/CASH/ AS IS, 16,500, 2%

CHINA, 75,863 9%

INDIA, 506,714, 60%

UNIT INTAKE PER SCRAP COUNTRY FOR 2010

PAKISTAN, 4, 5%

TURKEY, 1, 1% BANGLADESH, 14, 16%

OTHER/CASH/A S IS, 1, 1%

CHINA, 11, 13%

INDIA, 56, 64%

source of data: N. COTZIAS SHIPPING CONSULTANTS (NCSC)

N. COTZIAS SHIPPING CO. LTD. 7-9 AKTI MIAOULI - 185 35 PIRAEUS

TEL:+30 210 4222660/5 FAX:+30 210 4222678/9

PAGE 14 of 17 [email protected], [email protected]

www.cotzias.gr – visit our constantly updated website

JANUARY 2010

AVERAGE SCRAP PRICE U$/LDT

Demolition DATA for 2010 STATS

BULKERS / SD

TANK/ OBO/GAS

UNITS

13

38

25

REEFER

RORO PAX CRUISE, OTHER

VEHICLES CARRIERS

TRAWLER TUG OTHER

TOTAL

1

7

2

1

87 SHIPS

%

14.9%

43.7%

28.7%

1.1%

8.0%

2.3%

1.1%

100.0%

LDT

88,007

512,141

175,569

9,220

48,788

17,496

1,480

852,701 3,659,775

DWT

464,361

2,595,203

440,901

15,588

125,281

17,330

1,111

USD PAID

$27,211,047

$163,441,707

$53,200,439

$3,319,200

$14,692,170

$5,085,920

$0

AVERAGE AGE

32.6 Years

27.4 Years

28.6 Years

325

29.1 Years 35.1 Years 27.4 Years 31.7 Years

$312

285 $268

265 245 225

AVERAGE SCRAP PRICE U$/LDT

$251

$243 $228

$215

Jan‐09 360 340 320 300 280 260 240 220

$266,950,483

30.3 Years

AVERAGE MONTHLY SCRAP PRICE 2010 ‐ CHINA

305

205

Mar‐09

$279

$255

$266

$226 $209 May‐09

Jul‐09

Sep‐09

Nov‐09

Jan‐10 $357

$340

$327

$324

$309 $291 $267

$262

$272

$259

$258

$249

$234 Mar‐09

May‐09

Jul‐09

Sep‐09

Nov‐09

Jan‐10

AVERAGE MONTHLY SCRAP PRICE 2010 ‐ PAKISTAN

$379

370 320 270

$312

$286

AVERAGE MONTHLY SCRAP PRICE 2010 ‐ INDIA

Jan‐09 AVERAGE SCRAP PRICE U$/LDT

CONT/ TWEEN/MPP

$315 $271

$265

$261

$266

$313

$312 $293

$282

$273

$265

$248

220

AVERAGE SCRAP PRICE U$/LDT

Jan‐09

360 340 320 300 280 260 240 220

Mar‐09

Sep‐09

Nov‐09

Jan‐10

$362

$342 $322

$311 $274

$296 $277

$269

$289

$322

$335

$300

$240 Mar‐09

May‐09

240 220

Jul‐09

AVERAGE MONTHLY SCRAP PRICE 2010 ‐ BANGLADESH

Jan‐09 AVERAGE SCRAP PRICE U$/LDT

May‐09

Jul‐09

Sep‐09

Nov‐09

Jan‐10

AVERAGE MONTHLY SCRAP PRICE 2010 ‐ TURKEY

$218 $202

200 $183

180

$186 $174

$172

160

$179

$177

$181

$184

$179

$180

$155

140 Jan‐09

Mar‐09

May‐09

Jul‐09

Sep‐09

Nov‐09

Jan‐10

source of data: N. COTZIAS SHIPPING CONSULTANTS (NCSC)

N. COTZIAS SHIPPING CO. LTD. 7-9 AKTI MIAOULI - 185 35 PIRAEUS

TEL:+30 210 4222660/5 FAX:+30 210 4222678/9

PAGE 15 of 17 [email protected], [email protected]

www.cotzias.gr – visit our constantly updated website

JANUARY 2010

BALTIC DRY BULK MARKET INDICES until 29TH JANUARY 2010 DATE 04/01/2010 05/01/2010 06/01/2010 07/01/2010 08/01/2010 11/01/2010 12/01/2010 13/01/2010 14/01/2010 15/01/2010 18/01/2010 19/01/2010 20/01/2010 21/01/2010 22/01/2010 25/01/2010 26/01/2010 27/01/2010 28/01/2010 29/01/2010

BDI

% frm 1/1/2010

3,140 3,270 3,259 3,149 3,140 3,148 3,160 3,175 3,235 3,299 3,295 3,208 3,158 3,170 3,204 3,223 3,205 3,118 2,963 2,848

0% 4% 4% 0% 0% 0% 1% 1% 3% 5% 5% 2% 1% 1% 2% 3% 2% -1% -6% -9%

BCI

4,197 4,431 4,253 3,824 3,733 3,718 3,759 3,865 4,142 4,375 4,411 4,174 4,059 4,095 4,161 4,204 4,193 4,019 3,706 3,494

0% 6% 1% -9% -11% -11% -10% -8% -1% 4% 5% -1% -3% -2% -1% 0% 0% -4% -12% -17%

BPI

1/1/2010

BSI

3,823 4,003 4,122 4,188 4,218 4,224 4,156 4,001 3,847 3,745 3,678 3,622 3,589 3,607 3,661 3,708 3,695 3,630 3,523 3,420

0% 5% 8% 10% 10% 10% 9% 5% 1% -2% -4% -5% -6% -6% -4% -3% -3% -5% -8% -11%

2,224 2,256 2,319 2,375 2,418 2,452 2,507 2,542 2,545 2,535 2,527 2,510 2,488 2,462 2,449 2,429 2,395 2,356 2,313 2,271

All Baltic DRY indices 2005 - 2010

18300 16300 14300 12300 10300 8300 6300 4300 2300 300 b Fe

% frm 1/1/2010

BALTIC DRY 2005 - 2010

BDI

8400 6400 4400 2400 400 5 05 v-05 -06 -06 g-06 v-06 -07 -07 g-07 v-07 -08 -08 g-08 v-08 -09 -09 g-09 v-09 -10 y b y-0 gy b b y y b b Ma Au No Fe Ma Au No Fe Ma Au No Fe Ma Au No Fe Ma Au No Fe

BALTIC PMAX 2005 - 2010

BPI

10300 8300 6300 4300 2300 300 5 05 v-05 -06 -06 g-06 v-06 -07 -07 g-07 v-07 -08 -08 g-08 v-08 -09 -09 g-09 v-09 -10 y y b b y b y y-0 gb b Ma Au No Fe Ma Au No Fe Ma Au No Fe Ma Au No Fe Ma Au No Fe

CAPITAL LINK MARITIME INDEX 2005-2010

BALTIC CAPE 2005 - 2010

17900 15400 12900 10400 7900 5400 2900 400

BHI

1/1/2010

1,151 1,155 1,161 1,169 1,177 1,182 1,185 1,188 1,190 1,200 1,205 1,210 1,215 1,212 1,210 1,208 1,203 1,192 1,177 1,163

0% 0% 1% 2% 2% 3% 3% 3% 3% 4% 5% 5% 6% 5% 5% 5% 5% 4% 2% 1%

BPI BCI BDI BSI

BCI

5 05 v-05 -06 -06 g-06 v-06 -07 -07 g-07 v-07 -08 -08 g-08 v-08 -09 -09 g-09 v-09 -10 b y-0 gb y y b b b y y Ma Au No Fe Ma Au No Fe Ma Au No Fe Ma Au No Fe Ma Au No Fe

7300 6300 5300 4300 3300 2300 1300 300

BALTIC SUPMAX 2006 - 2010

BSI

5 05 v-05 -06 -06 g-06 v-06 -07 y-07 g-07 v-07 b-08 y-08 g-08 v-08 b-09 y-09 g-09 v-09 -10 b y b y-0 gb Ma Au No Fe Ma Au No Fe Ma Au No Fe Ma Au No Fe Ma Au No Fe

7400

5400

CAPITAL LINK DRYBULK INDEX 2005-2010 CL Drybulk Index (CLDBI)

6400 4400

5400

3400

4400 3400

2400

2400

CL Maritime Index (CLMI)

1400

400

400

8 9 8 8 7 8 9 6 7 0 7 5 6 7 6 6 5 9 5 9 y- 0 ug- 0 ov-0 Feb-0 ay- 0 ug- 0 ov-0 Feb-0 ay- 0 ug- 0 ov-0 Feb-0 ay- 0 ug- 0 ov-0 Feb-0 ay- 0 ug- 0 ov-0 Feb-1 N N N N N M M A M A M A Ma A A

5400

0% 1% 4% 7% 9% 10% 13% 14% 14% 14% 14% 13% 12% 11% 10% 9% 8% 6% 4% 2%

5 9 9 9 5 0 6 6 6 7 7 7 8 8 8 09 06 07 08 -05 y-05 g-0 v-0 eb-0 ay-0 ug- ov-0 eb-0 ay-0 ug- ov-0 eb-0 ay-0 ug- ov-0 eb-0 ay-0 ug- ov-0 eb-1 F F F F F A N Au No A N A N A N M Ma M M M

10400

1400

1/1/2010

CAPITAL LINK CONTAINER INDEX 2005-2010

4400

8 7 9 7 8 8 8 9 6 9 6 7 5 0 7 5 5 9 6 6 y- 0 ug- 0 ov-0 Feb-0 ay- 0 ug- 0 ov-0 Feb-0 ay- 0 ug- 0 ov-0 Feb-0 ay- 0 ug- 0 ov-0 Feb-0 ay- 0 ug- 0 ov-0 Feb-1 N N N N N M M A M A Ma A A M A

4400

CAPITAL LINK MLP INDEX 2005-2010

3400

3400 2400 2400 1400

1400

CL Container Index (CLCI)

400

400

8 9 6 7 8 7 8 7 5 9 6 7 6 8 6 0 5 9 5 9 y- 0 ug- 0 ov-0 Feb-0 ay- 0 ug- 0 ov-0 Feb-0 ay- 0 ug- 0 ov-0 Feb-0 ay- 0 ug- 0 ov-0 Feb-0 ay- 0 ug- 0 ov-0 Feb-1 N N N N N M M M A A M A Ma A A

N. COTZIAS SHIPPING CO. LTD. 7-9 AKTI MIAOULI - 185 35 PIRAEUS

CL MLP Index (CLMLP)

5 6 5 6 7 6 6 7 7 7 5 9 8 8 9 9 8 8 0 9 y- 0 ug- 0 ov-0 Feb-0 ay- 0 ug- 0 ov-0 Feb-0 ay- 0 ug- 0 ov-0 Feb-0 ay- 0 ug- 0 ov-0 Feb-0 ay- 0 ug- 0 ov-0 Feb-1 N N N N N M A M A Ma A A M A M

TEL:+30 210 4222660/5 FAX:+30 210 4222678/9

PAGE 16 of 17 [email protected], [email protected]

www.cotzias.gr – visit our constantly updated website

DATE 04/01/2010 05/01/2010 06/01/2010 07/01/2010 08/01/2010 11/01/2010 12/01/2010 13/01/2010 14/01/2010 15/01/2010 18/01/2010 19/01/2010 20/01/2010 21/01/2010 22/01/2010 25/01/2010 26/01/2010 27/01/2010 28/01/2010 29/01/2010

JANUARY 2010

BALTIC TANKER MARKET INDICES until 29TH JANUARY 2010 CLEAN % frm 2/1/10 DIRTY % frm 2/1/10 817 611 590 576 571 563 533 548 544 538 538 542 543 556 561 564 572 576 584 592

0.0% 0.7% 2.7% 8.2% 9.7% 10.4% 9.5% 9.1% 8.7% 8.6% 9.5% 9.4% 9.1% 9.5% 9.9% 10.2% 10.3% 10.2% 9.1% 8.3%

849 831 781 740 728 709 704 692 700 709 726 737 745 732 726 711 704 675 642 623

0.0% 0.1% 1.0% 2.1% 4.8% 7.4% 9.6% 13.7% 16.9% 18.8% 18.0% 18.0% 16.8% 17.0% 13.8% 11.6% 8.5% 8.0% 7.5% 5.2%

BALTIC CLEAN TANKER INDEX 2005 - 2010

BCTI

1900

ALL BALTIC WET Indices 2006-2010 BCTI BDTI

2300 1800 1300 800 300

6 6 6 8 8 8 7 7 9 9 7 9 -06 -09 -07 -08 -10 v-0 v-0 v-0 v-0 g- 0 g- 0 y- 0 g- 0 y- 0 y- 0 g- 0 y- 0 Feb Feb Feb Feb Feb No No No No Au Ma Au Ma Ma Ma Au Au

ALL CAPITAL LINK WET Indices 2006-2010

5400 4400 3400 2400 CL Tanker Index (CLTI) CL LNG/LPG Index (CLLG)

1400 400 6 6 g- 0 y- 0 Ma Au

2400

6 v-0 No

7 7 -07 g- 0 y- 0 Feb Ma Au

7 v-0 No

8 8 -08 g- 0 y- 0 Feb Ma Au

8 v-0 No

9 9 -09 g- 0 y- 0 Feb Ma Au

9 v-0 No

-10 Feb

BALTIC DIRTY TANKER INDEX 2005 - 2010

BDTI

1900 1500 1400

1100 700

900

300

400

5 05 v-05 -06 -06 g-06 v-06 -07 -07 g-07 v-07 -08 -08 g-08 v-08 -09 -09 g-09 v-09 -10 y b y b y-0 gb b y b y Ma Au No Fe Ma Au No Fe Ma Au No Fe Ma Au No Fe Ma Au No Fe

5 05 v-05 -06 -06 g-06 v-06 -07 y-07 g-07 v-07 -08 y-08 g-08 v-08 b-09 y-09 g-09 v-09 -10 b b y b b y-0 gMa Au No Fe Ma Au No Fe Ma Au No Fe Ma Au No Fe Ma Au No Fe

3200.00

CAPITAL LINK TANKER INDEX 2005-2010

CAPITAL LINK LNG/LPG INDEX 2005-2010

5400.00 2800.00 4400.00

2400.00

3400.00

2000.00 1600.00

2400.00 1200.00 1400.00

CL Tanker Index (CLTI)

400.00

800.00

CL LNG/LPG Index (CLLG)

400.00

5 9 5 9 5 9 0 6 6 7 7 6 7 6 7 8 8 8 8 9 y- 0 ug- 0 ov-0 Feb-0 ay- 0 ug- 0 ov-0 Feb-0 ay- 0 ug- 0 ov-0 Feb-0 ay- 0 ug- 0 ov-0 Feb-0 ay- 0 ug- 0 ov-0 Feb-1 N N N N N Ma A A A M M A M A M

5 9 9 5 0 6 6 6 6 7 7 7 7 8 8 8 8 9 9 g- 0 ov-0 Feb-0 ay- 0 ug- 0 ov-0 Feb-0 ay- 0 ug- 0 ov-0 Feb-0 ay- 0 ug- 0 ov-0 Feb-0 ay- 0 ug- 0 ov-0 Feb-1 N N N N N Au M A M A M A M A

ALL CAPITAL LINK INDICES ARE USED WITH THE EXPRESS KIND PERMISSION OF CAPITAL LINK INC - NEW YORK Brent OIL (2001 - 2010) Brent Oil

Ja nA 01 pr -0 Ju 1 l-0 O 1 ct Ja 01 nA 02 pr -0 Ju 2 lO 02 ct Ja 02 nA 03 pr -0 Ju 3 lO 03 ct Ja 03 nA 04 pr -0 Ju 4 lO 04 ct Ja 04 nA 05 pr -0 Ju 5 lO 05 ct Ja 05 nA 06 pr -0 Ju 6 lO 06 ct Ja 06 nA 07 pr -0 Ju 7 lO 07 ct Ja 07 nA 08 pr -0 Ju 8 lO 08 ct Ja 08 nA 09 pr -0 Ju 9 lO 09 ct Ja 09 n10

146 136 126 116 106 96 86 76 66 56 46 36 26 16

WTI SPOT PRICE (2001 - 2010) WTI Spot Price

Ja nA 01 pr -0 Ju 1 l-0 O 1 ct Ja 01 nA 02 pr -0 Ju 2 lO 02 ct Ja 02 nA 03 pr -0 Ju 3 lO 03 ct Ja 03 nA 04 pr -0 Ju 4 lO 04 ct Ja 04 nA 05 pr -0 Ju 5 lO 05 ct Ja 05 nA 06 pr -0 Ju 6 lO 06 ct Ja 06 nA 07 pr -0 Ju 7 lO 07 ct Ja 07 nA 08 pr -0 Ju 8 lO 08 ct Ja 08 nA 09 pr -0 Ju 9 lO 09 ct Ja 09 n10

146 136 126 116 106 96 86 76 66 56 46 36 26 16

DISCLAIMER: INFORMATION & DATA CONTAINED IN THIS MONTHLY MARKET REPORT HAVE BEEN CAREFULLY OBTAINED FROM VARIOUS MARKET SOURCES. ALTHOUGH ALL IS BELIEVED TO BE CORRECT, N. COTZIAS SHIPPING GROUP MAKES NO GUARANTEE FOR ACCURACY, AND SHALL NOT BE LIABLE FOR ANY LOSS INCURRED IN ANY WAY WHATSOEVER BY ANY PERSON RELYING ON THE INFORMATION CONTAINED HEREIN.

N. COTZIAS SHIPPING CO. LTD. 7-9 AKTI MIAOULI - 185 35 PIRAEUS

TEL:+30 210 4222660/5 FAX:+30 210 4222678/9

PAGE 17 of 17 [email protected], [email protected]