WEEKLY MARKET REPORT June 29th, 2007 / Week 26

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1 TELEPHONE: ONE EXECUTIVE DRIVE TELEFAX: FORT LEE, NEW JERSEY WEEKLY MARKET REPORT June 29th, 2007 / Week 26 In the last two weeks dry cargo freight rates rose each day (with BCI leading the way by an impressive 36% rise) to keep the summer doldrums away and we wonder what the autumn rates will look like! In the second hand market the M/V "STAMOS" 63,865 dwt / 1985 blt has apparently achieved a price of USD 26.3 million being a new high for a Panamax of this age. The newbuilding market also continues to firm and prices rose again this week. Bulkers and large container vessels are leading the way, but orders are also being placed for product tankers and others. The biggest newbuilding news this week was the removal of the 17% tax rebate on exported steel structures by the Chinese government. This will raise the cost of steel blocks built in China for Japanese and Korean yards. Unconfirmed reports indicate that Neptune Orient Lines (NOL) may have ordered as many as 16 x 10,000 and 12,000 TEU newbuilding container vessels totalling some $2.2 bill. Our commentary repetitively states that there are a huge number of buyers for ships in all shapes, sizes and colors and this is evident by the ever growing volume of purchase enquiries received each day. TANKERS: DISCOVERY 164,533/03 - HHI - B&W 25,230 - COILED - IGS - DH UNICORN 152,250/02 - HHI - B&W 25,230 - COILED - IGS - DH Sold for $190 mill. en bloc to undisclosed buyer. RAINBOW QUEST 47,221/99 ONOMICHI B&W 11,639 IGS DH Sold for $49 mill. to Greek buyer. UQBA IBN NAFI 42,825/85 - DAEWOO - SUL 11,200 ZINC COATED - IMO 3-12,989 LDT - DB Sold for $12 mill. to Greek buyer. SAD SAMUDRA / PANCA SAMUDRA 37,087/93 - ISHIKAWAJIMA - SUL 10,000 - COILED - SBT - IGS - COW - SH Sold for $19 mill. each to Greek buyer. COMPASS MARITIME SERVICES, LLC * FORT LEE, NJ * USA Page 1

2 STEN TOR 13,864/99 - JIANGNAN - B&W 7,200 - COATED - DH ICE 1A - IMO 2 STEN EMBLA 13,780/99 - JIANGNAN - B&W 7,200 - COATED - DH ICE 1A - IMO 2 Sold for $24 mill. each to Greek buyer. Sale includes a 2-year BB back at $9,000/day. SAMHO CYGNUS 12,244/95 - ITALY - MAN 7,950 FULLY STAINLESS STEEL - DH - IMO 1/2/3 Sold for $22.7 mill. to Greek buyer (Emilia Tankers). ESHIPS PRELUDE / ESHIPS QUEST 8,509/03 - SASAKI KIONE - B&W 5,700 - COATED - COILED - SBT - IGS - COW - IMO 2/3 - DH Sold for $40 mill. en bloc to Norwegian buyer. Sale includes BB charter until LPG - ULLSWATER 7,678/96 - ASAKAWA - B&W 5,700-7,223 CBM LPG - GRASMERE 7,638/97 - ASAKAWA - B&W 6, CBM LPG - WINDERMERE 7,046/95 - ASAKAWA - B&W 5,700-7,223 CBM Sold for $42 mill. en bloc to Monaco based buyer. Sale includes t/c up to 3 years. BULKERS: NB BOHAI RESALE 174,000/3 rd Q 10 Sold for $92 mill. to undisclosed buyer. ORIENT FORTUNE 160,993/84 - MITSUBISHI NAGASAKI - SUL 15,240-9HH - 21,024 LDT Sold for $27 mill. to Chinese buyer. Sale includes a t/c until 10/2007 at $25,000/day. 4 X HUDONG RESALES 76,000/09 Sold for $50 mill. each to Greek buyer (Frangos). P. MOUZELIS 145,680/81 - BELGIUM - B&W 18,400-9HH - 21,725 LDT Sold for $20 mill. to Chinese buyer. NEW VENTURER I 127,907/81 - HHI - B&W 18,400-9HH - 20,500 LDT Sold for $20 mill. to Chinese buyer. STAMOS 63,865/85 - DENMARK - B&W 11,780-7HH M LOA - 12,926 LDT Sold for $26.3 mill. to Chinese buyer. NORD MARINER 53,000/06 - SHANGHAI CHENGXI - MAN/B&W 12,890-5HH - C 4X36T Sold for $52.5 mill. to Turkish buyer (Akmar). Sale includes a t/c until 09-10/2008 at $20,250/day. DANUTA 41,796/83 - MITSUBISHI MAN-V 10,550-5HH - C 4X25T - 7,985 LDT Sold for $14.5 mill. to undisclosed buyer. MAHA AVANTI 34,062/83 - MITSUBISHI - MIT 10,800-5HH - C 4X25T - GRABS - 7,313 LDT Sold for excess $13 mill. to undisclosed buyer. ALIA R 28,395/97 - HAKODATE - B&W 8,370-5HH - C 4X30.5T Sold for $33 mill. to undisclosed buyer. Sale includes t/c until 08-09/2007 at $20,200/day. COMPASS MARITIME SERVICES, LLC * FORT LEE, NJ * USA Page 2

3 ENFORCER 26,388/92 - HAKODATE - B&W 7,920-5HH - C 4X30.5T Sold for region $25-26 mill. to S. Korean buyer. HITEC 27,083/77 - KASADO KUDAMATSU - MIT 10,000-5HH - C 4X15T, D 1X15T - 6,680 LDT Sold for $7.1 mil to undisclosed buyer. YASMIN O 22,056/92 - SAIKI JUKOGYO - MIT 7,199-4HH - C 4X30T Sold for $22.5 mil to Greek buyer basis delivery in September DONNINGTON 12,140/75 - NETHERLANDS - WERKS 6,500-3HH - 3,047 LDT Sold for $3.5 mill. to undisclosed buyer. TWEENDECKERS: RABAN I 15,919/81 - YUGOSLAVIA - SUL 7,610 - D 8X10T TEU - 5,007 LDT Sold for $6.6 mill. to Norwegian buyer (Wilson). TAURUS 14,719/81 - GERMANY - MAN 9,300 - D 1X80T, 2X22T, 8X10T TEU - 6,256 LDT Sold for $4.3 mill. to undisclosed buyer. CONTAINERS: HONOR RIVER / BEAUTY RIVER 33,668/90 - HALLA INCHON - B&W 17,220-1,932 TEU KN - GEARLESS Sold for $19 mill. each to Greek buyer basis delivery 08-09/2007. NEW SHIPS FOR SALE: BULKERS: DIMITRA 41,499/95 - BULGARIA - B&W 11,330-5HH - C 4X30T - GRABS Inspections will be invited in Genoa end July CONTAINERS: LIBRA CORCOVADO 33,701/03 - GERMANY - SUL 29,300 - C 3X45T - 2,478 TEU -21 KN Eta Paranagua 29 th June. Vessel is on t/c until July COMPASS MARITIME SERVICES, LLC * FORT LEE, NJ * USA Page 3

4 NEWBUILDINGS NEWBUILDING STATISTICS TYPE OF SHIP * TOTAL ORDERBOOK ULCC/VLCC (-1) SUEZMAX (-5) AFRAMAX (+3) PANAMAX (-2) MR (+10) 0-35,000 DWT (-2) CAPESIZE (+6) ,000 DWT (+13) PANAMAX (+4) SUPRAMAX (+17) HANDYSIZE (-3) * Includes ALL vessels on order NEWBUILDING CONTRACTS No. Size Type Yard Delivery Price (mill) Owners Comm. 2 x 157,000 dwt Tank Samsung 2011 D Amico, Fratelli 1 x 114,700 dwt Tank Samsung 2011 $70 Int. Andromeda Shpg 4 x 50,000 dwt Prod Dubai Drydocks 2009 $43.75 Navig8 2 x 46,000 dwt Prod Jiangsu 2010 China Shpg. Tankers 5 x 37,000 dwt Prod Hyundai Mipo 2010/11 $44.2 Omega Navigation 2 x 16,000 cbm LPG Yangzhou Dayang 2010 $50 Naftomar Shpg & Tr. 2 x 180,000 dwt Bulk Daewoo 2010 $85 Anangel Shpg. Ent 2 x 180,000 dwt Bulk Dalian 2010 $74 Cosco 2 x 92,500 dwt Bulk Jiangsu New Yang Bottiglieri 2 x 92,500 dwt Bulk Jiangsu New Yang D Amato di Nav. 2 x 92,500 dwt Bulk Jiangsu New Yang GestoniArmatorialli Srl. 3 x 92,500 dwt Bulk Jiangsu New Yang Perseveranza 2 x 60,000 dwt Bulk Tsuneishi 2011 Eitzen, Camilo 2 x 60,000 dwt Bulk Oshima 2012 Eitzen, Camilo 2 x 60,000 dwt Bulk Imabari 2012 Eitzen, Camilo 2 x 58,000 dwt Bulk China 2010 Jiangsu Ocean Shpg. 10 x 57,000 dwt Bulk Hantong H.I. 2009/11 $40 Dohle/SCI 2 x 56,000 dwt Bulk Mitsui 2009 Ya-Sa Shpg. & Tr. 2 x 53,000 dwt Bulk Shanghai Chengxi 2009 $41 Wah Kwong 1 x 53,000 dwt Bulk Shanghai Chengxi 2008 Geden COMPASS MARITIME SERVICES, LLC * FORT LEE, NJ * USA Page 4

5 8 x 28,000 dwt MPP Shandong Huanghai 2010/12 $32.5 Iran Shipping Lines 2 x 18,680 dwt MPP Larsen & Toubro 2009/10 $47.5 Big Lift Shpg. 2 x 8,200 dwt MPP Barkmejer 2010 Wagenborg 5 x 8,000 dwt MPP China 2009/10 Lauterjung. M. 4 x 8,500 teu Cont Hyundai Hi 2010 $130 Rickmers 4 x 7,000 teu Cont Hyundai Hi 2010 $100 Rickmers 6 x 4,300 teu Cont Hyundai Samho 2009/10 $69 MPC 4 x 3,400 teu Cont Hanjin Hi 2010 $56 Delphis NV COMPASS MARITIME SERVICES, LLC * FORT LEE, NJ * USA Page 5

6 KEY INDICATORS INDICES RATE OF EXCHANGE BALTIC EXCHANGE RATES THIS WEEK LAST WEEK CHANGE $ / Won: Baltic Dry Index $ / Nok: Baltic Capesize $ / Euro: Baltic Panamax $ / Stlg: Baltic Supramax $ / Yen: Baltic Handysize LIBOR (3-mos) / 5.36% Brent Crude $69.77 $ $0.05 BALTIC TANKER INDICES BALTIC DRY INDICES 3,500 3,000 2,500 2,000 BDTI INDEX BCTI INDEX 11,000 9,000 7,000 BDI BCI BPI BSI 1,500 1,000 5, , , Jan Jun Nov Apr Sep Feb Jul Dec May Jun Oct Feb Jun Oct Feb Jun Oct Feb Jun-07 ESTIMATED VALUES TANKERS NB PROMPT 12 MONTH 5 YEARS 10 YEARS 20 YEARS RESALE T/C VLCC 300,000 dwt $133.0m $150.0m $127.0m $105m (DH) $30.0m (SH) $57,000 PD Suezmax 150,000 dwt $82.0m $100.0m $92.0m $75.0m (DH) $23.0m $44,000 PD Aframax 105,000 dwt $66.0m $77.0m $67.0m $56.0m (DH) $15.0m (SH) $33,000 PD Panamax 70,000 dwt $56.0m $64.0m $55.0m $46.0m (DH) $12.0m $29,000 PD Product 47,000 dwt $47.0m $55.0m $50.0m $42.0m (DH) $12.0m $25,000 PD BULK CARRIERS Capesize 170,000 dwt $82.0m $125.0m $102.0m $83.0m $35.0m $90,000 PD Panamax 74,000 dwt $43.0m $67.0m $58.0m $49.0m $28.0m $46,000 PD Supramax 52,000 dwt $41.0m $61.0m $55.0m $42.0m $23.0m $40,000 PD BUNKER PRICES FUEL GRADES ROTTERDAM FUJAIRAH PIRAEUS SINGAPORE 380cst: $ $ $ $ cst: $ $ $ $ MDO: $ $ N/A $ COMPASS MARITIME SERVICES, LLC * FORT LEE, NJ * USA Page 6

7 DEMOLITION DEMOLITION STATISTICS TYPE OF SHIP THIS DATE 2007 THIS DATE TOTAL 2005 TOTAL ULCC/VLCC SUEZMAX AFRAMAX PANAMAX TANKER CAPE/COMBO (100,000 dwt +) PANAMAX BULKER *2 (*1 pmax+1 post pmax) ESTIMATED DEMOLITION PRICES LOCATION TANKERS 6-10,000 LT TANKERS 15-20,000 LT BULK CARRIERS CHINA SUB-CONTINENT DEMOLITION: INDIA RORO/PAX CASINO EXPRESS RORO/PAX BENI ANSAR RORO/PAX VELMONT EXPRESS 1,410/66-5,407 LDT - USD 360/LDT (as is Finland) 2,039/75-5,975 LDT - USD 351/LDT (as is Spain) 5,273/82-5,073 LDT - USD 362/LDT (as is Greece) COMPASS MARITIME SERVICES, LLC * FORT LEE, NJ * USA Page 7

8 COMPASS CONTACTS SALE & PURCHASE MOBILE PHONE NUMBER AOH Terry Chance Bart Lawrence Tom Linter Tom O Toole Tom Roberts Sophus Schanche PROJECTS & FINANCE Basil Karatzas ADMINISTRATION Joseph Kaufmann Very Truly Yours, COMPASS MARITIME SERVICES, LLC The information contained in this report has been obtained from various market sources. COMPASS MARITIME SERVICES (CMS) believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. CMS will not be held responsible for any action or failure to take action upon reliance on information contained in this report COMPASS MARITIME SERVICES, LLC All Rights Reserved COMPASS MARITIME SERVICES, LLC * FORT LEE, NJ * USA Page 8