WEEKLY SHIPPING MARKET REPORT WEEK 1 1st January – to 7th January

Legal Disclamer The information contained herein has been obtained by various sources. Although every effort has been made to ensure that this information is accurate, complete and up to date, Shiptrade Services S.A. does not accept any responsibility whatsoever for any loss or damage occasioned or claimed, upon reliance on the information, opinions and analysis contained in this report. Researched and compiled by: Shiptrade Services SA, Market Research on behalf of the Sale & Purchase, Dry Cargo Chartering and Tanker Chartering Departments. For any questions please contact: [email protected] Shiptrade Services SA 1st Floor, 110/112 Notara Street 185 35 Piraeus, Greece

Tel +30 210 4181814 Fax +30 210 4181142 www.shiptrade.gr

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Shipping , Commodities & Financial News

Ships: Reshaping the underwater form Twenty years ago, it seemed that the underwater shape of any ships was a more or less settled science. Bulbous bows, (the benefits of which had been first identified by Italian naval architects in the 19th century), were widely fitted, with the most “extreme” bulbs fitted to the fastest ships. But hydrodynamics as a science has continued to develop and recent years have seen all manner of astonishing ship shapes entering service. The Ramform, the X-bow and the Axe bow, along with other dramatic ship shapes, all arrived amid claims of the superior sea-keeping qualities and operational economies they produced. The soaring price of fuel and tough economic times have produced another wave of hydrodynamic innovation, with naval architects looking hard at all aspects of the underwater shape and its relationship to the sea. The flow of water around the stern and the efficiency of propellers, the effect of trim on performance and the operation of rudders have all been studied afresh, while the fitting of Mewis ducts and various other appendages to beef up the bite of a propeller have been appearing in newbuilds. A regular scrub to freshen up the surface of a propeller, between dry-dockings has proved and demonstrable dividends. But what else can be done to make existing ships more economical? Obviously slowing them down is the most natural fuel-saving measure, but that brings its own problems, as a hullform that was designed for optimum efficiency at a speed of 25 knots is unlikely to work as well if the service speed is reduced by 5 or more knots. So it is interesting to note that Maersk has started to remove the bulbous bows from a number of its container ships now operating a slowed service speed regime. Maersk has worked out that these appendages can weigh up to 140 tons and while they were doing their job perfectly at the designed high service speed, they do the opposite to what they were intended with the ship slowed down, with resistance actually increased. As might be expected with a company that looks at these matters with an analytical eye, the strategy will not work for every ship, but if a business case can be made and the economics work, then a “nose job” will follow. If the surgery is done on the right ships, then the fuel savings from the reshaped bow can amount to some 2%. Not carrying around up to 140 tons will itself produce some savings. Ten ships have been so far scheduled for bulb removal and it will be interesting to see if any of the other major operators follow the Maersk example. Meanwhile, the science of hydrodynamics continues the search to optimise the underwater body and produce more fuel and energy savings. Computational fluid dynamics is a new weapon in the designer’s armoury, which it is hoped will produce further breakthroughs in the lowering of resistance and higher propulsive efficiency. We are given hints that exciting developments in the world of underwater coatings are soon to be revealed. Innovation flourishes when times are hard! (BIMCO) Tanker Companies Still Fighting an Uphill Battle

Despite a rebound in oil prices over the last few years, tanker stocks have been terrible performers on the stock market. Frontline, Nordic American Tankers, and Teekay Tankers are all down at least 47% in the last five years and Frontline has fallen into the abyss with an 85% drop.But this isn't just a matter of companies falling out of favor with the market. Tankers are in much less demand as U.S. oil production has increased and their financial performance only seems to be getting worse.Losing money hand over fist You can see below that Frontline, Nordic American Tankers, and Teekay have all seen losses for over two years and conditions don't look to be improving quickly.U.S. energy imports are down to 34% of consumption, off from 60.3% in 2005 and 40% just last year. That reduces the demand for tankers and the only way to replace it is hope that demand from India and China replaces the lost demand from the U.S. That's a stretch given the amount of oil available close to those countries.Pipelines replace tankers worldwide It may be surprising to find out that Russia is actually the world's largest oil producer and it's a direct neighbor to China, who is a major oil importer. Russia recently signed a deal that will send 200,000 barrels of oil per day to China's Sinopec Group. This is part of Russia's goal to export more than 1

million barrels of oil per day to China. There's also an abundance of natural gas coming over the boarder, boosted by the recent completion of the Myanmar-China pipeline. Then there's the fact that the Middle East is simply a shorter trip to China and India than the U.S. and you have lower demand for tanker services. An already oversupplied market is only going to get worse over the next few years.Foolish bottom line Frontline's John Fredricksen may have had it right in September when he suggested competitors should shut down capacity. The problem is that no one is going to take him up on the offer.Long term, I think the trends are simply working against the tanker business and financial results will continue to suffer. We may see a rebound in rates here and there but demand is slowly drying up and that's why this is an industry to avoid in 2014 (Motley Fool ) Neutral outlook for shipping sector in 2014 With the Baltic Dry Index perking up in December, 2014 is poised to be a better year for overall freight rates as demand and supply within the shipping sector will be more balanced. The dry bulk sector’s valuation has somewhat priced in optimism of a recovery, with tankers expected to catch up eventually, highlights RHB Research Institute Sdn BHd (RHB Research), although caution is advocated due to weaker macro prospects. “In December, the Baltic Dry Index rose to its highest level in 27 months on the back of higher imports of iron ore in November (increase 18 per cent year on year (y-o-y)) and coal from China,” outlined analyst Ahmad Maghfur Usman in his note yesterday. “This rising demand also boosted iron ore and coal prices. “Dry freight rates in the spot market have climbed 40 to 70 per cent in the past 30 days, with Handymax and Supramax seeing strong demand. “The spike in rates for the smaller sized vessels will benefit maybulk given its 55 per cent exposure in these vessels by deadweight tonnage (DWT).” The six per cent growth in supply of total tonnage of dry bulk vessels in 2013 is expected to marginally exceed the five per cent growth in tonnage demand.Thus, Ahmad Maghfur believed 2014 is poised to be a better year for overall freight rates as demand and supply will be more balanced. Meanwhile, crude tanker rates remain volatile, with no clear indications of recovering in the near term as overall demand for oil continues to remain weak amid an oversupply of crude tankers.The research team behind MIDF Amanah Investment Bank Bhd (MIDF Research) affirmed the challenging outlook for crude tanker shipping amid the overcapacity issue which is still prevalent. “The booming of US shale oil production had eased the long haul demand of crude oil from the Middle East, impacting VLCC rates,” it said. “In contrast, Aframax chartering rate was relatively steady due to ramp up in US domestic oil production and lightering activities. “The prospect of product tanker is more promising as the fleet growth was slower at estimated at 2.5 per cent y-o-y for 2013.” RHB Research’s Ahmad Maghfur added that chemical tankers in Europe are still hit by a surplus of tonnage despite some activities on the Transatlantic Westbound route. Wood Mackenzie expects China’s oil imports to surpass that of the US in 2017, and be the key driver of a recovery in tanker rates by 2015 given that the longer distance from the Atlantic to China will absorb the excess capacity due to higher vessel utilisation. “Tanker rates are expected to remain volatile in 2014 but we see average rates inching up by 15 per cent in 2014 and 25 per cent in 2015 as the stronger demand eases the over-supply.” Looking at the shipping of liquefied natural gas (lng), the rhb research analyst forewarned that the shale gas boom in the us has not only dimmed the outlook for crude tankers but also that for lng shipping. “We have seen lng buyers show hesitation in signing long term contracts out of fears that lng prices and shipping costs will get cheaper in the future. “Moreover, the slew of new LNG vessels coming into the market next year will exacerbate the situation and inevitably result in a glut.” Source: The Borneo Post

1

Great expectations? The recent (reasonable) slowdown of the S&P market due to the Christmas holiday period is expected to come to an end soon, as market players return in their offices, warming up (or not) for their next moves. What remains to be seen is whether the positive sentiment we have witnessed during the last couple of months will make its’ appearance again, with the odds possibly being for this possibility, thus creating expectations amongst market players for 2014. This week, we are only reporting 2 transactions in the dry segment, one being the purchase of the 2011 built Supramax “Maja” from Greek buyers for $19.2 mill. and the other one being the 2011 built Handysize “B Handy”, which fetched $20 mill. from Greek buyers. In the wet segment, the Aframax sector drew our attention this week, with a total of 3 units changing hands. The 1993 built shuttle tanker “Tordis Knutsen” was sold to Norwegian buyers for $8.2 mill., while 2 very modern Italian-owned units were sold for a total price of $56 mill. to undisclosed buyers.

Shiptrade’s enquiry index increased significantly compared to the situation two weeks ago, before the Christmas holidays. In the dry segment, interest for all sizes was there at levels well excess the ones of the pre-holiday period, except from the Panamax index, which remained unchanged. Handy enquiries increased by 30%, the ones for Handymaxes and Supramaxes more than doubled, while the enquiries for Capesize bulkers moved upwards by one fourth. In the tanker segment, the differential was bigger, as buying interest made its’ reappearance following a period of total absence, with MR enquiries increased by 85% compared to the ones seen before the holidays, with Aframaxes following the same direction (by about 70%). The relevant indices for Panamaxes, Suezmaxes and VLCCs have shown an impressive upward trend, however this would be attributed to the levels very close to zero that we’ve been facing during the past few weeks.

NEWBUILDINGS In the newbuilding market we have seen 17 vessels to have been contracted. 6 Bulk Carriers (VLOC, Capesize, Handysize) 1 Tanker (MR) 10 Containerships (10,000 TEU)

DEMOLITION The second highest year in history, following 2012, in terms of demolition activity has passed. India is back, despite the Christmas holidays, ready to compete and acquire tonnage, backed up by the well anticipated stability in the local currency, with expectations for prices being optimistic, mainly due to the fact that yards have remained empty during the last 2 months and the reasonable reaction would be trying to stock. In Bangladesh, everyone’s attention is on developments regarding the political crisis, with local elections creating uncertainty and trouble, with buying appetite even from speculators slowing down significantly. In Pakistan, the local market has not been competitive for yet another week, with uncertainty around the local currency being the biggest issue. In China, despite the recent complete absence, signs of recovery have made their appearance, however the lack of tonnage due to the holiday period has prevented those signs from forming an actual condition.

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2 9 - 8/5 16--15/5//201 2 23- 22/5 20 12 30/ 29/5/2 01 5/2 2 6 5/6 012 13--12/6// 2012 20- 19/6/20 12 27/ 26/6 2 01 4 6- 3 /2 012 2 11//7- 10//7/ 201 77 2 18-17/7//2012 2 2 0 4 25- /7/ 12 2 3 1 1/7/ 012 8 - 7/8 2 012 15--14/8//201 2 22 21/8 20 1 29/ - 28/8/2 012 8/2 2 5 4/9 012 12--11/9/ 2012 19- 19/9//20 12 26/ 25/ 2 0 9- 2 9/2 12 3- 9/10 /2012 10- /10/2 012 17- 16/1 0 12 2 23 0 /1 31/4- 30//10 /12 10 10 2 7 -6/1 1//12 12 14--13/11 20 /1 282/1- 27/11 /12 11 - /11 2 5- 14/1 2/12 19/ 12- 11/12//12 12 / 8/1 1 2 12 2 /1 9 - 8/1 2 16--15/1 /13 23 22/1/13 30/- 29/1/1 3 1/1 6 5/2 3 13--12/2// 13 20- 19/2 13 2 27/ 6/2/1 3 2/1 6 5/3 3 13--12/3// 13 1 9 20 /3 13 27/- 26/3/1 3 3- 2 /1 3 3 /4 13 10- - 9/4//1 17- 16/4/ 3 24- 23/4/1 3 1 30 1 3 8- 1- 7/5//24/1 3 4 1 15- /5/20 0 3 22 21/5 13 29/- 28/5/1 3 5- 4 /1 3 5- 1 /6/ 1 3 1912- 11/6/1 26/ - 25/68/6/13 6- 2 /2 0 3 /7/ 2 13 - 9/7 013 103 17-- 16/7//201 3 24- 23/7 2 013 30/ /2 0 31 7/2 13 7 /7- 6 013 14--13/8/ /8/ 13 20 20 2 1 28/ - 27/8/2 013 8- /8 1 04-03/9//2 013 3 11- 10/9/ 2013 18- 17/9/2 013 25/ 24/ 2 0 9- 1 9/2 13 2 /10 013 9 - 8/1 /2013 /20 16--15/10 3 2 22 0/2 1 13 30/3- 29//10 /20 10 - 10 / 013 5/1 201 13- 6- 121/2013 1 / /11 3 1 / /1 3 27/ 20- 29 2 1 11 - 6/11 03 / 1 /20 0 3 4- 112/20 13 11- 0/11 13 18- 17/1 /1 3 /1 25- 24/12 31/ 2 /13 1- 712 /13 /1/1 3 4

Sale & Purchase

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

Capesize Panamax Supramax Handysize

VLCC Suezmax Aframax Panamax MR Week 51 35 25.5 24 19

Tankers

52 42 30 27 25

SHIPTRADE P/E WEEKLY INDEX

Week 50 35 25.5 24 19 Change % 0,00 0,00 0,00 0,00

52 42 30 27 25 0,00 0,00 0,00 0,00 0,00

Weekly Purchase Enquiries Korea China Spore

Greece Other SUM KCS

400

350

300

250

200

150

100

50

0

-50

3

Sale & Purchase

Reported Second-hand Sales Bulk Carriers Name

Dwt

DoB

Yard

Maja

56.733

2011

B Handy

36.866

2011

Zhejiang Zengzhou, Chn HMD, Kr

Name

Dwt

DoB

Yard

SS

Engine

Gear

Price

Buyer

09/2016

B&W

4 X 30 T

$19.200.000

Greek (LMZ Shipping)

05/2016

B&W

4 X 30 T

$20.000.000

Greek

Engine

Hull

Price

Buyer

Tankers SS

Tordis Knutsen

123.848

1993

Aesa, Sp

-

B&W

DH

$8.200.000

Norwegian (Offshore Heavy Transport AS)

Valpiave

109.060

2010

Hudong, Chn

01/2015

B&W

DH

Valconca

109.060

2009

Hudong, Chn

07/2014

B&W

DH

$28.000.000 (each en bloc)

Undisclosed

Arctic Gas (LPG)

23.256

1993

Hyundai Heavy Ind. Kr

04/2015

B&W

-

$20.000.000

Undisclosed

Containers Name

Teu

DoB

Yard

SS

Engine

Gear

Price

Buyer

Mercur Star

2.604

1996

Flensburger, Ger

12/2015

B&W

-

$6.500.000

Chinese

4

Newbuildings

Newbuilding Orders No

Type

Dwt / Unit

Yard

Delivery

Owner

Price

2 2 2 10 1

BC BC BC Container Tanker

250.000 180.000 38.000 10.000 teu 39.000

Bohai Qingdao Dingheng DSME HMD

2016 2015 2016 2016 2015

Oak Undisclosed Diler Shipping Zodiac Top Ships

63 90 35

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

Capesize Panamax Supramax Handysize VLCC Suezmax Aframax Panamax MR

Newbuilding Bulk Carriers 48 28 25 20 Tankers 90 57 46.5 40 34

Resale Prices 42 29 26 22 80 54 37 37.5 36

Newbuilding Resale Prices Bulk Carriers (2008 – Today)

Tankers (2008 – Today)

5

Demolitions

Demolition Sales Vessel

Type

Built

Dwt

Ldt

Buyer Country

Price

Maersk Miami Nedlloyd America Sunny Sailor Carpio Yun Tong

Container

1994

55.238

23.800

India

450

Container

1992

50.620

20.447

India

450

BC BC BC

1990 1989 1982

149.498 69.703 61.537

18.464 10.019 11.843

Bangladesh Bangladesh China

442 442 350

Demolition Prices ($ / Ldt) Dry Wet

Bangladesh

China

India

Pakistan

430 450

350 360

420 450

430 460

Demolition Prices Bulk Carriers (2008 – Today)

Tankers (2008 – Today)

6

Dry Bulk - Chartering

In Brief: Holiday mood

Capesize: ITS MORE LIKE A “ROCKY BOTTOM”. BCI during the last week of the year recover the losses of the week 51 reaching 4078 units after an increase of 203 units or 5% but still lower than week 50 (-168 units or -3%). In the Atlantic Capers fixed at USD 30.114(Tubarao – Qingdao) and USD 12.841 for the W. Australia to Qingdao. Finally the Average of the T/C routes marked at USD 38.999, a gain of about 8% from the previous week.

Panamax: Negative sentiment still on. BPI index at the beginning of the week was at 1780 points and at the end of the week closed at 1750 points decreasing by 30 points. In the Atlantic basin tonnages for the usual TA round were fixed at USD about 17.500 – 18.000. In the Pacific market remain in the same negative mood, tonnages for Pacific RV were fixed at USD 11.000-12.000 and for back hauls at USD 2000.

Supramax: China in free fall. The week began with the index falling at 1330 points and closed at 1276 points. In the Atlantic basin tonnages for the usual TA round were fixed at USD 19.500 – 20.500. In the Pacific market remain in the same negative mood China is falling badly, tonnages for Pacific RV were fixed at USD 8.100 – 8.700 and for back hauls at USD 4.500 – 5.000.

Handysize: : Following the down going trend As expected the rates in the handy size market dropped following the trend during this week. In the Pacific Basin the rounds close at mid 8’s region and owners kept their ships spot instead of fixing very low period rates. No much backhaul activity either. In the Atlantic basin the rates are still decent but decreased considerably compared with last week. The transatlantic round rate closed at low-mid teens and the fronthaul rates closed at mid-high teens for the clean cargoes and at high teens for the dirty ones. No period activity in the Atlantic either in light of the holiday mood and the lower rates during last 3 months.

7

Dry Bulk - Chartering

Baltic Indices – Dry Market (*Friday’s closing values) Index BDI BCI BPI BSI BHSI

Week 1 2036 3531 1750 1276 763

Week 52 2330 4246 2096 1553 814

Change (%) -12,62 -16,84 -16,51 -17,84 -6,27

T/C Rates (1 yr - $/day) Type Capesize Panamax Supramax Handysize

Size 160 / 175,000 72 / 76,000 52 / 57,000 30 / 35,000

Week 1

Week 52

35886 14100 13000 10400

21150 14250 13000 10400

Change (%) 69,67 -1,05 0,00 0,00

Average Spot Rates

Type

Size

Capesize

160 / 175,000

Panamax

72 / 76,000

Supramax

52 / 57,000

Handysize

30 / 35,000

Route Far East – ATL Cont/Med – Far East Far East RV TransAtlantic RV Far East – ATL ATL / Far East Pacific RV TransAtlantic RV Far East – ATL ATL / Far East Pacific RV TransAtlantic RV Far East – ATL ATL / Far East Pacific RV TransAtlantic RV

Week 1 14500 56000 24000 15750 2000

25000 11600 17700 4850 22300 8400 20000 6750 18000 8400 13000

Week 52 17500 74900 40700 42000 3500 30000 14500 21000 8300 26000 11750 20000 8750 20750 11000 13750

Change % -17,14 -25,23 -41,03 -62,50 -42,86 -16,67 -20,00 -15,71 -41,57 -14,23 -28,51 0,00 -22,86 -13,25 -23,64 -5,45

8

Dry Bulk - Chartering

ANNUAL

SEPTEMBER 2013 – DECEMBER 2013

9

Dry Bulk - Chartering

Capesize Routes – Atlantic 2012 / 13

$40.000,00 C2 TUB / ROT

$35.000,00 $30.000,00

C4 RBAY / ROT C7 BOL / ROT

$25.000,00 $20.000,00 $15.000,00

C8 T/A RV

$10.000,00 $5.000,00

AVG ALL TC

$0,00 1

4

7

10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55

Capesize Routes – Pacific 2012 / 13 $60.000,00 C3 TUB / PRC

$50.000,00 $40.000,00

$20.000,00

C5 W AUST / PRC C9 CONT / FE

$10.000,00

C10 FE R/V

$30.000,00

$0,00 1

4

7

10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55

Panamax Routes – Atlantic 2012 / 13 30000 25000 20000

P1A T/A RV

15000 P2A CONT/FE

10000 5000 0 1

4

7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55

10

Dry Bulk - Chartering

Panamax Routes – Pacific 2012 /13

$20.000,00

$15.000,00 P3A FE R/V $10.000,00 P4 FE/CON $5.000,00 AVG ALL TC $0,00 1

4

7

10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55

$5.000,00

Supramax Routes – Atlantic 2012 /13 35000 30000

S1A CON / FE

25000

S1B BSEA / FE

20000 15000

S4A USG / CONT

10000

S4B CONT / USG S5 WAFR / FE

5000

55

52

49

46

43

40

37

34

31

28

25

22

19

16

13

10

7

4

1

0

Supramax Routes – Pacific 2012 / 13

$18.000,00 $16.000,00

S2 FE R/V

$14.000,00 $12.000,00 $10.000,00

S3 FE / CON

$8.000,00 $6.000,00 $4.000,00

AVG ALL TC

$2.000,00 $0,00 1

4

7

10 13

16 19

22 25

28

31 34

37 40

43 46

49 52

55

11

Tanker - Chartering

VLCC: -

Suezmax: -

Aframax: -

Panamax: -

Products: -

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

Week 1 932 628

BCTI BDTI

Week 52 823 632

Change (%) 13,24 -0,63

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

Size

Week 1

Week 52

Change (%)

VLCC

300.000

26,000

26,000

0,00

Suezmax

150.000

16,000

15,000

6,67

Aframax

105.000

16,000

16,000

0,00

Panamax

70.000

15,750

15,750

0,00

MR

47.000

14,500

14,500

0,00

12

Tanker - Chartering

Crude Tanker Average Spot Rates Type

VLCC

Size (Dwt)

Route

Week 1 WS

Week 52 WS

280,000

AG – USG

-

-

260,000

W.AFR – USG

-

-

260,000

AG – East / Japan

-

-

135,000

B.Sea – Med

-

-

130,000

WAF – USAC

-

-

80,000

Med – Med

-

-

80,000

N. Sea – UKC

-

-

80,000

AG – East

-

-

70,000

Caribs – USG

-

-

Change %

Suezmax

Aframax

Product Tanker Average Spot Rates Type

Clean

Size (Dwt)

Route

Week 1 WS

Week 52 WS

75,000

AG – Japan

-

-

55,000

AG – Japan

-

-

38,000

Caribs – USAC

-

-

37,000

Cont – TA

-

-

55,000

Cont – TA

-

-

50,000

Caribs – USAC

-

-

Change %

Dirty

13

Tanker - Chartering

VLCC Trading Routes 2012 / 13

80,00 70,00 60,00

AG EAST JAPAN

50,00

AG - USG

40,00 WAFR - USG 30,00 20,00 10,00 0,00 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65

Suezmax Trading Routes 2012 / 13 120,00

100,00

80,00 B. SEA - MED 60,00 WAF - USAC 40,00

20,00

0,00 1

3

5

7

9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65

Aframax Trading Routes 2012 / 13

160,00 140,00

120,00

MED - MED

100,00

N.SEA - UKC AG - EAST

80,00

CARIBS USG 60,00 40,00

20,00 0,00 1

3

5

7

9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65

14

Tanker - Chartering

Clean Trading Routes – 2012 / 13

250,00

200,00

AG - JAPAN (75,000) AG - JAPAN (55,000)

150,00

CARIBS - USAC (37,000) 100,00 CONT - TA (37,000)

50,00

0,00 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65

Dirty Trading Routes – 2012 / 13

200 180 160 CONT - TA (50,000) 140 120 100

CARIBS - USAC (50,000)

80 60 40 20 0 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65

15

Financial Market Data

Shipping Stocks

Company Baltic Trading Ltd (BALT) Diana Shipping Inc (DSX) Dryships Inc (DRYS) Euroseas Ltd (ESEA) Excel Maritime Carriers (EXM) Eagle Bulk Shipping Inc (EGLE) Freeseas Inc (FREESE) Genco Shipping (GNK) Navios Maritime (NM) Navios Maritime PTN (NMM) Paragon Shipping Inc (PRGN) Star Bulk Carriers Corp (SBLK) Seanergy Maritime Holdings Corp (SHIP) Safe Bulkers Inc (SB) Golden Ocean (GOGL)

Dry Bulk Stock Exchange

Week 1

Week 52

Change %

NYSE NASDAQ NASDAQ NASDAQ NYSE NASDAQ NASDAQ NYSE NYSE NYSE NASDAQ NASDAQ NASDAQ NYSE Oslo Bors (NOK)

6,39 13,31 4,26 1,39 0,22 4,34 2,25 2,42 10,43 18,63 7,35 12,89 1,89 10,17 11,10

5.64 12.27 3.66 1.23 0.12 3.23 1.33 1.93 9.42 17.81 6.37 10.45 1.44 8.93 11.10

13,30 8,48 16,39 13,01 83,33 34,37 69,17 25,39 10,72 4,60 15,38 23,35 31,25 13,89 0,00

8,84 1,78 5,94

9.24 1.62 5.44

-4,33 9,88 9,19

10,93 5,49 10,22 55,11 14,33 43,19 67,52

10.47 4.60 10.57 51.78 14.67 40.34 63.74

4,39 19,35 -3,31 6,43 -2,32 7,06 5,93

Tankers Capital Product Partners LP (CPLP) TOP Ships Inc (TOPS) Tsakos Energy Navigation (TNP)

NASDAQ NASDAQ NYSE

Aegean Maritime Petrol (ANW) Danaos Corporation (DAC) StealthGas Inc (GASS) Rio Tinto (RIO) Vale (VALE) ADM Archer Daniels Midland (ADM) BHP Billiton (BHP)

NYSE NYSE NASDAQ NYSE NYSE NYSE NYSE

Other

Commodities Commodity Brent Crude (BZ) Natural Gas (NG) Gold (GC) Copper Wheat (W)

Week 1

Week 52

Change (%)

107,07 4,37 1227 335 278,88

110.56 4.24 1231 332.80 289.35

-3,16 3,07 -0,32 0,66 -3,62

16

Financial Market Data / Bunker Prices / Port Congestion

Currencies EUR / USD USD / JPY USD / KRW USD / NOK

Week 1

Week 52

Change (%)

1,36 104,86 1055 6,16

1.37 103.1 1052 6.18

-0,73 1,71 0,29 -0,32

Bunker Prices Piraeus Fujairah Singapore Rotterdam Houston

IFO 380

IFO 180

MGO

599 610 600 567 585

630 635 615 590 660

935 985 905 880 970

Port Congestion* Port

No of Vessels China

Rizhao Lianyungang Qingdao Zhanjiang Yantai

22 19 33 44 28

India Chennai Haldia New Mangalore Kakinada Krishnapatnam Mormugao Kandla Mundra Paradip Vizag

31 42 27 29 13 25 12 23 11 24 South America

River Plate Paranagua Praia Mole

137 24 20

* The information above exhibits the number of vessels, of various types and sizes, that are at berth, awaiting anchorage, at anchorage, working, loading or expected to arrive in various ports of China, India and South America during Week 51 of year 2013.

17