Dry Bulk Insight. Market firm but volatile. Our view. contents Summary 01

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1 Dry Bulk Insight Monthly Analysis of the Dry Bulk ket issue 49 april 8 Radarwatch Farmers strike in Argentina hits Panamax and Handy rates in the Atlantic Australian miners and Chinese steelmakers still locked over iron ore contract prices Strong chartering activity marked the month and freight rates firmed Activity in the asset market revived ket firm but volatile ch started with a bright outlook as iron ore cargoes returned to the market at the end of ruary following the conclusion of the negotiations between Vale and Baosteel. The Baltic Dry Index (BDI) opened the month at 7,878 points (after closing at 7,613 points the previous month). In the first two weeks of trading the Index climbed steadily to 8,624 points fuelled by tight supply. But then the Index dipped steeply to 7,619 points as uncertainty returned with the Easter break. After the holidays, the market resurgence was propelled by the Capesize sector, with the Index finally closing the month at 8,81 points. TCE Earnings ($pd) * Capesize 118,12 128,4 121,74 138,485 Panamax 64,7 89,8 84,5 86,15 Handymax 34,45 35,68 41,6 4,285 Handy 17,175 18,64 19,33 13,58 Drewry Dry Bulk Earnings Index 1,4 1,2 1, * Average - Year to Date 7 Index ( 1 = 1) Average (of months shown) 8 Despite the high volatility, overall the dry bulk sector enjoyed a firm month. The Drewry Earnings Index increased by 7% m-o-m. Rates across all the major trading routes moved in a positive direction in ch, as compared to the previous month. Period chartering activity, although only restricted to short term charters, increased across the sectors and were concluded at firm rates. Supported by the freight market, activity on the asset market also received a boost. Newbuilding prices are still holding steady despite the slowdown in activity since the beginning of this year. But the secondhand prices moved up significantly this month as vessels as old as 3 years exchanged hands. This explains why no tonnage has made its way to the scrap yards yet, with S&P market still offering an option to these older vessels. On the demolition market, offered prices experienced a sudden spike this month as they crossed the US$6/ldt mark. Bangladeshi breakers tried to cover for the previous months of inactivity, but with local steel prices coming down, these high price levels are not expected to be retained for long. Our view With the end of the first quarter of 28, the tone of the dry bulk market seems to be set for the rest of the year. A highly volatile market marked with wide fluctuations is expected to categorise the dry bulk market. Beyond 29, many owners are finding solace in the much talked about inability of greenfield yards to deliver on time and thus averting a situation of overtonnage. But this is a faint hope for averting a tonnage crisis. ket Barometer MARKET POSITION Current contents Summary 1 Bulk Focus 2 Fleet Focus 3 Handy 7 Financials 8 Indices and FFAs 9 Previous Capesize 4 ket Summaries 1-11 WEAK MARKET DIRECTION STRONG Panamax 5 Handymax 6 Methodology Notes 12 Contacts 12 1

2 bulkfocus ket Indicators Low High Steel production Iron ore trade Coal trade Grain trade legend Position Rising Falling Static Seaborne Dry Bulk Trade (Mt) 28 (F) 1Q8 (F) 2Q8 (F) 3Q8 (F) 4Q8 (F) Iron Ore Steam Coal Coking Coal Grain Minor Bulks 1, Total Trade 3, (R) Revised Data (P) Provisional Data (F) Forecast Data Constrained commodity supply In Argentina, farmers went on indefinite strike, completely blocking exports of grains and soyameals from the country. The protest was started in response to the new sliding tax scale introduced by the Government on 11 ch, which would replace the existing fixed tax. This would make levies on soya exports significantly higher at current prices. Farmers strangled the flow of the farm products to the cities and the ports by establishing road blocks. Many exporters declared force majeure as the strike paralaysed the supply of agriproducts to major importers in Europe and China. Ships waiting to load at ports remained idle and freight rates in the Atlantic basin took a significant hit. Argentina is among the world s top four grain exporters and has been one of the main beneficiaries of the global surge in commodity prices due to its record harvest. The strike ended on 28 ch, as the farmers agreed to negotiate with the Government. Exports are expected to return to their normal levels shortly. On the iron ore negotiations front, a conclusion is yet to be reached between the Australian miners and the Chinese steelmakers. In early April the Chinese authorities released about two million tonnes of Australian iron ore stranded at its ports since last ruary. The cargo was being held as a result of the stalled price talks between the two parties. Meanwhile, there is news that the smaller Chinese steel mills are considering ending the dispute on their own in order to reach an agreement with Rio Tinto and BHP-Billiton. The lack of unity between Baosteel and the smaller units could play to the favor of the miners. april 8 Major Iron Ore Importers (' tonnes) Major Grain Exporters (' tonnes) 4, EU Japan China 14, USA Canada Argentina 35, 12, 3, 1, 25, 8, 2, 6, 15, 4, 1, 2, 5, 7 May 7 Aug May 7 Aug Major Coal Importers (' tonnes) Major Steel Producers (' tonnes) 2, EU Japan Sth Korea 45, US Japan China 4, 15, 35, 3, 1, 25, 2, 5, 15, 1, 7 May 7 Aug , 7 May 7 Aug

3 fleetfocus Total Dry Bulk Fleet: ch 28 Fleet Development (' dwt) april 8 Size Total (' dwt) No. Dwt Fleet Size 1-4 2,929 78,239, ,68 77,421, ,336 95,628, ,259, ,516, ,43,76 Total 6, ,19,366 Deliveries Jul 7 Sep 7 Deletions 7 Fleet (Right axis) legend Position Rising Falling Static Fleet Age Profile and Orderbook Delivery Schedule (M dwt) 9 Handysize Capesize Handymax Orderbook: M dwt Panamax Fleet: No. of Vessels (Right axis) Orderbook: No. of Vessels (Right axis) 1, <= Total Dry Bulk Fleet & Orderbook: ch 28 Orderbook Size Existing Fleet Total % of Fleet (' dwt) No. Dwt No. Dwt No. Dwt No. Dwt No. Dwt No. Dwt Dwt 1-4 2,929 78, , , , , , ,68 77, , , , , , ,336 95, , , , , , , , , , , , , , , , , , , , , , , , Total 6, , , , , ,322 2, , Major Dry Bulk Builders Size Total (' dwt) No. Dwt No. Dwt No. Dwt No. Dwt No. Dwt No. Dwt No. Dwt Japan 147 4, , , , , , ,886 China 318 9, , , , , ,712 1,344 11,28 S. Korea 136 4, , , , , ,166 Others 51 1, , ,1 29 5, ,63 Total 652 2, , , , , ,465 2, ,961 3

4 capesize11, + dwt ket Indicators Rates Demand Supply New orders Orderbook Scrapping Low High Capesize sector The Capesize sector, after closing ruary on a firm note, continued its ascent at the beginning of ch. The Baltic Capesize Index (BCI) opened the month at 11,423 points and peaked at 12,625 points. But thereafter, excessive tonnage coupled with limited activity before the Easter break, eroded the gains. As a result, the Index lost nearly 2,7 points from its peak value of the month. However the announcement by the Brazilian ports that they were to hold up cargoes made charterers run for cover. Thus the market witnessed a flurry of activity at month end and the Index finally closed at 11,993 points. april 8 SH sales NB prices SH values legend Position Rising Falling Static Newbuilding activity increased marginally this month and the focus on VLOCs returned. Zodiac placed an order for two 32,dwt bulkers at STX shipyard at US$125.m each, with expected delivery in 21. Hyundai Heavy Industries (HHI) secured an order for four 18,dwt vessels from German container company E.R. Schiffahrt at US$1.m each. Capesize Earnings Index 2,4 2,2 2, 1,8 1,6 1,4 1,2 1, Jun 7 Sep 7 Index 1 = 1 Average (period shown) 7 8 Capesize Rates ($pd) Avg Avg Tubarao-Rttdam ($/dwct) Tubarao-China ($/dwct) WAus-China ($/dwct) Pt Bolivar-ARA ($/dwct) Fronthaul Trip 148,215 16,46 156,46 153,59 171,85 Transpacific Trip 112,1 118,34 112, ,41 129,85 Time Charter (1yr) 12, ,33 125, 145, 16, Time Charter (3yr) 74, 9, 75, 95, 1, Capesize Fleet Development - m dwt Newbuild, Secondhand Scrap Values Jul 7 Deliveries Sep 7 Deletions 7 Fleet (Right axis) Avg Avg NB Price $M 17, dwt , dwt SH Price $M 17, dwt (5yr) , dwt (1yr) , dwt (1yr) SH 5yr % of NB 125.1% 134.8% 132.% 129.9% 142.6% Scrap Value $M Capesize Asset Monitor Actual Sales AGE (years) 24 Peak Base 25 Investment Returns 28 Newbuild Secondhand (5yr) Cost - $M Operating Costs - $pd 6,525 6,525 Required TC Rate - for 1% IRR $pd 42,3 51, Current Rate - T/C $pd 16, 16, Current Rate of Return (IRR) % 32.32% 39.72% Sensitivity (+/- $1, T/C rate).14%.29% 4

5 panamax6-11,dwt ket Indicators Rates Demand Supply New orders Orderbook Scrapping SH sales NB prices SH values Low High legend Position Rising Falling Static Panamax sector The Panamax market followed the footsteps of the Capesize and the Baltic Panamax Index peaked at 8,63 points (after opening at 7,613 points). But here activity did not pick up post the Easter holidays mainly due to the farmers strike in Argentina. That said, activity on the period market remained firm especially for short term charters. For 3-5 months charter, the 23 built Belisland (76,62 dwt) was chartered at US$82,pd by Swiss ine. One year charters moved up by nearly 9% over the month to reach US$76,pd. The volatility on the freight market did not seem to hamper activity on the asset market. On the newbuilding market, Chinese Jiangsu Eastern shipyard received an order for four 8,3 dwt bulkers from Croatian ship owner Atlantska Plovidba. The company has already taken delivery of two Panamax sister ships from the same shipyard. Meanwhile, low Navigation sold its 1997 built Fujian and the 1996 built Hainan, to an unknown Middle Eastern buyer at a discounted price of US$34.m each. april 8 Panamax Earnings Index Panamax Rates ($pd) 1,2 1, Index 1=1 Average (period shown) Avg Avg US Gulf-Japan ($/dwct) E.Aus-Japan ($/dwct) Richards Bay-Med ($/dwct) TA Trip 59,82 73,77 7,68 71,397 79,23 4 TP Trip 54,96 51,67 47,41 44,74 62,85 India/-/FE 54,625 71,67 68, 72, 75, 2 7 Jun 7 Sep Time Charter (1yr) 52,23 67,67 57, 7, 76, Time Charter (3yr) 38,65 49,33 43, 51, 54, Panamax Fleet Development - M dwt Newbuild, Secondhand Scrap Values 1. Deliveries Deletions Fleet (Right axis) Avg Avg Jul 7 Sep NB Price $M 75, dwt , dwt SH Price $M 75, dwt (5yr) , dwt (1yr) SH 5yr % of NB 133.7% 143.7% 146.2% 138.9% 145.9% Scrap Value $M Panamax Asset Monitor Actual Sales AGE (years) 24 Peak Base 25 Investment Returns 28 Newbuild Secondhand (5yr) Cost $M Operating Costs $pd 5,745 5,745 Required TC Rate - for 1% IRR $pd 25,85 31,4 Current Rate - T/C $pd 76, 76, Current Rate of Return (IRR) % 28.17% 31.66% Sensitivity (+/- $1, T/C rate).29%.46% 5

6 handymax4-6,dwt ket Indicators Rates Demand Supply New orders Orderbook Scrapping SH sales NB prices SH values Low High legend Position Rising Falling Static Handymax sector The Baltic Supramax Index (BSI) rose steadily until mid month it reached 5,394 points. Chartering levels remained strong prior to the Easter holidays. But the farmers strike in Argentina resulted in a complete halt to exports from the country and severely affected the sector. The Index closed the month at 4,827 points. Before the slowdown, fixtures on the India-China route were reporting in excess of US$1,pd. On the newbuilding market, Vietnamese shipyard Hyundai Vinashin bagged orders for six 58, dwt bulkers from two different owners, with delivery scheduled for 21 and 211. This yard had contracted an order for 1 bulkers of the same design late last year by a German shipowner. Activity on the secondhand market increased and two bulkers as old as 3 years (of 4,5 dwt and 53,5 dwt) exchanged hands this month. Greek buyers took the 25 built Nord Wave (53,5 dwt) for a very firm price of US$72.m. april 8 Handymax Earnings Index Jun 7 Sep 7 Index 1=1 Average (period shown) 7 8 Handymax Rates ($pd) Avg Avg Cont/-/FE 47,77 62,5 65,74 59,823 61,95 TP Trip 44,67 43,97 37,75 41,6 53,115 FE/-/Cont 44,715 4,66 35,165 38,173 48,655 US Gulf/Cont 68,63 77,2 9,25 68,951 72,635 Time Charter (1yr) 43,945 57,33 51, 57, 64, Time Charter (3yr) 33,67 38, 36, 38, 4, Handymax Fleet Development - m dwt Jul 7 Deliveries Sep 7 Deletions 7 8 Fleet (Right axis) Newbuild, Secondhand Scrap Values Avg Avg NB Price $M 55, dwt SH Price $M 45,dwt (5yr) ,dwt (5yr) SH 5yr % of NB 122.9% 13.2% 13.4% 126.1% 134.% Scrap Value $M Handymax Asset Monitor AGE (years) Actual Sales 24 Peak Base Investment Returns 28 Newbuild Secondhand (5yr) Cost - $M Operating Costs - $pd 5,255 5,255 Required TC Rate - for 1% IRR $pd 22,6 25,7 Current Rate - T/C $pd 64, 64, Current Rate of Return (IRR) % 27.56% 33.43% Sensitivity (+/- $1, T/C rate).33%.58% 6

7 handy1-4,dwt ket Indicators Low High Rates Demand Supply New orders Orderbook Scrapping SH sales NB prices SH values legend Position Rising Falling Static Handysize sector And the Handysize market followed in line with the Handymax sector. The Baltic Handysize Index (BHSI) opened ch at 2,355 points and peaked at 2,546 points. With the slowdown in activity and excessive tonnage availability, the Index dropped to close the month at 2,417 points. However one year period rates moved up by 9% over the month to reach $31,pd. On the newbuilding market, Jinse received an order for 1 Supramax vessels, of 32, dwt each, from Turkish ship owner Aktif Denizcilik. Aktif had earlier placed the order with Dhumi Heavy Industries shipyard in South Korea. However due to the global credit crunch crisis, the yard has closed down before constructing even a single ship. SPP received an order for five 34,8 dwt bulkers from DD Shipping at US$4.m, with delivery scheduled in 211/12. On the S&P market, Algoma Central bought three 38,dwt bulkers, over 2 years of age, from Viken Shipping in an enbloc deal of US$38.m. april 8 Top Ten Handysize Owners (No. of Vessels) Handy Rates ($pd) Avg Avg TA Trip 27,65 24,21 28,8 2,31 24, China Shipping CSL Group Clipper Group Enterprises Shipping China Shipping Container Lines COSCO Bulk Carrier COSCO Qingdao Far-Eastern Shipping Cido Shipping F. H. Bertling TP Trip 31,5 33,693 33,19 29,38 38,51 Time Charter (1yr) 23,2 28,5 26, 28,5 31, Time Charter (3yr) 21,92 24,833 23,5 25, 26, Handy Fleet Development - M dwt Jul 7 Deliveries Sep 7 Deletions 7 Fleet (Right axis) Newbuild, Secondhand Scrap Values Avg Avg NB Price $M 3,dwt SH Price $M 28, dwt (1yr) , dwt (15yr) SH 1yr % of NB 85.1% 85.% 86.7% 81.6% 86.8% Scrap Value $M Handy Asset Monitor Actual Sales 24 Peak Base AGE (years) Investment Returns 28 Newbuild Secondhand (1yr) Cost - $M Operating Costs - $pd 4,67 4,67 Required TC Rate - for 1% IRR $pd 18,75 16,5 Current Rate - T/C $pd 31, 31, Current Rate of Return (IRR) % 17.68% 28.2% Sensitivity (+/- $1, T/C rate).55% 1.16% 7

8 financials Dry Bulk Stocks - Snapshot april 8 Company Country Price* % Monthly 52 Week 52 Week P/E Last week ket Cap change High Low Ratio Avg Vol (M USD) Chowgule Steamships Limited India % ,565 3 Cosco Corporation Ltd Singapore % ,387,2 5,447 First Steamship Co. Ltd Taiwan % ,17, Inui Steamship Japan 1, % 3, ,279,9 365 Jinhui Shipping Transport Norway % , Precious Shipping Public Co Ltd Thailand % ,151, U-Ming inetransport Corporation Taiwan % ,613,225 2,561 Predominantly Dry Bulk Companies** Algoma Central Corporation Canada % China Shipping Haisheng 'A' China % ,5,875 1,11 D/S Norden Denmark % ,193 4,768 Daiichi Chuo Kisen Kaisha Japan % 1, ,661, 1,462 Eidsiva Rederi Norway % n/a n/a Hanjin Shipping Co. Ltd S.Korea 39,8. 7.7% 63,5. 29, ,429 3,29 Korea Line Corporation S.Korea 181, % 297,. 56, ,739 2,39 Ningbo ine 'A' China % n/a n/a Sincere Navigation Corporation Taiwan % ,193, * All prices in local currencies as on 28 th ch 28 ** Dry bulk tonnage more than 2/3 rd of owned tonnage Three most active companies - by the number of shares traded in the last week irrespective of the price and market cap Earnings for 1% IRR ** for Newbuild & Secondhand Vessels Capesize Earnings ($pd) Panamax Earnings ($pd) TC rate NB* SH-5yr* TC rate NB* SH-5yr* 2, 28 1, 28 15, 8, 1, 6, 4, 5, 2, 1Q7 2Q7 3Q7 4Q7 * Required rate for 1% IRR 1Q8 1Q7 2Q7 3Q7 4Q7 * Required rate for 1% IRR 1Q8 Handymax Earnings ($pd) Handy Earnings ($pd) TC rate NB* SH-5yr* TC rate NB* SH-1yr* 7, 6, 28 35, 3, 28 5, 25, 4, 2, 3, 15, 2, 1, 1, 5, 1Q7 2Q7 3Q7 4Q7 1Q8 1Q7 2Q7 3Q7 4Q7 1Q8 * Required rate for 1% IRR * Required rate for 1% IRR ** For IRR assumptions : refer to page 13 8

9 indices and ffas Baltic Indices: BDI Baltic Indices: BHSI april 8 12, 3,5 1, 3, 8, 6, 2,5 4, 2, 2, 7 Jun 7 Sept ,5 7 Jun 7 Sept Baltic Indices: BCI Baltic Ship Valuation Assessment 18, 16, Capesize Panamax Super Handymax 14, 12, 1, 8, 6, , 7 Jun 7 Sept Jun 7 Sep Baltic Indices: BPI 14, 12, 1, 8, 6, 4, BFA C4 Richards Bay/Rotterdam , 7 Jun 7 Sept Jun 7 Sep Jul Aug Sep 34 Baltic Indices: BSI 8, 7, 6, 5, 4, 3, BFA P2a Fronthaul Trip 1, 8, 6, 82, 8, 78, 76, 2, 7 Jun 7 Sept , 7 Jun 7 Sep Jul Aug Sep 74, Source: All indices - The Baltic Exchange 9

10 marketsummaries april 8 Fleet Supply * No ' Dwt No ' Dwt No ' Dwt No ' Dwt No ' Dwt Fleet Size - End period 1-4, 2,847 76,168 2,91 77,736 2,929 78,24 2,923 78,61 2,929 78,24 4-6, 1,496 71,396 1,584 76,118 1,68 77,421 1,65 77,261 1,68 77, , 1,284 91,647 1,325 94,775 1,336 95,628 1,334 95,461 1,336 95, , , , , , , , , , , , ,517 2, , , , , ,44 Total 6,464 37,785 6, ,26 6, ,19 6, ,474 6, ,19 Orderbook 1-4, 279 8, , , , ,38 4-6, 31 16, , , , , , 121 9, , , , , , , , , , , , 116 2, , , , ,48 2, , , , , ,465 Total 1,24 82,38 2, ,537 2, ,961 2, ,766 2, ,961 % Fleet 22.2% 55.2% 58.3% 57.6% 58.3% New orders 1-4, 133 3, , , ,13 4-6, 151 8, , , , ,36 6-8, 24 1, , , , 38 3, , , , 68 12, , , , ,367 2,+ 14 4, , , ,56 Total ,347 1, , , , ,625 Deliveries** 1-4, 49 1, , , 5 8, , , 9 1, , , 91 4, , , 62 4, , , ,+ 48 4,8 2 4,264 Total 39 25, , , Deletions 1-4, , , , , Total 44 1, Secondhand Sales 1-4, 196 5, , , , 166 7, , , , , , , 21 1, , , , , , ,396 Total , , , , ,269 * Year to date ** Provisional deliveries for 28 1

11 marketsummaries Drewry Prices april 8 Newbuilding Price (US$m) Scrap Value (US$m) Scrap Price ($/ldt) * * Size 25-3, dwt** , dwt** , dwt , dwt Secondhand Value (US$m, 5 year old) * Vessel Size 35-4, dwt n/a n/a , dwt , dwt , dwt * Vessel Size 25-3, dwt , dwt , dwt , dwt n/a ** Geared (25 tonne cranes) Secondhand Value (US$m, 1 year old) Freight Rates Capesize * Handymax * Freight Rate $/mt Trip Rate $pd Tubarao - Rotterdam Cont/-/Far East 21,55 47,77 62,5 59,823 61,95 Tubarao - China Transpacific Trip 23,895 44,67 43,97 41,6 53,115 W Aus - China FE/-/Cont 24,7 44,715 4,66 38,175 48,655 US Gulf/Cont n/a 68,63 77,2 68,95 72,635 Trip Rate $pd Fronthaul trip 58,9 148,215 16,46 153,6 171,85 TC Rate (1yr) TC Rate 5 Year Old $/day 45,645 12, ,33 145, 16, 5 Year Old $/day 21,8 43,945 57,33 57, 64, 1 Year Old $/day 36,34 84,4 114,5 115, 13, 1 Year Old $/day 2,235 38,4 49,83 5, 55, TC Rate (3yr) TC Rate (3yr) 5 Year Old $/day n/a 74, 9, 95, 1, 5 Year Old $/day n/a 33,665 38, 38, 4, Panamax * Handysize * Freight Rate $/mt Trip Rate $pd US Gulf - Japan Transatlantic Trip 14,32 27,65 24,21 2,31 24,24 Transpacific Trip 19,43 31,5 33,693 29,38 38,51 Trip Rate $pd Transatlantic Trip 23,96 61,48 73,77 71,395 79,23 Transpacific Trip 25,75 54,96 51,67 44,74 62,85 TC Rate TC Rate 5 Year Old $/day 22,475 52,23 67,67 7, 76, 1 Year Old $/day 12,56 23,2 28,5 28,5 31, 1 Year Old $/day 2,36 49, 65,33 67,5 73,5 TC Rate (3yr) TC Rate (3yr) 5 Year Old $/day n/a 38,65 49,33 51, 54, 5 Year Old $/day n/a 21,915 24,833 25, 26, * Year to date average 11

12 methodologynotes Asset Monitor april 8 The asset monitor index relates the ratio of a vessel's secondhand price and the newbuilding price and the residual value at the end of its useful trading life. The asset monitor plots two cases as comparison benchmarks. The value of assets at a freight market peak cycle (in this case 24) are calculated and plotted. Additionally as a base case a statistical depreciation of the asset over a project life of twenty five years has been calculated. Plotting representative market sales over this period provides the reader with asset value locations at a glance. The Drewry Dry Bulk Earnings Index The Drewry Dry Bulk Earnings Index takes eighteen different trade routes covering the four sectors of the dry bulk market. Each route is weighted within its market to produce a time charter earnings Index. For the sake of this publication uary 22 was designated the starting point at which all the indices = 1. Assumptions for Investment Return calculations Newbuilding - Delivery in 24 months, 25 year trading life. Secondhand - Prompt delivery five year-old, 2 year trading life. Residual value based on prevailing scrap rates 28 operating costs. 36 trading days. Sensitivity implies for a $1,pd change in TC Rate, the given change in IRR is produced. Sources All Baltic indices on page 9 sourced from The Baltic Exchange. contactdetails Drewry Shipping Consultants Ltd Telephone: +44 () Fax: +44 () Web Drewry Shipping Consultants Ltd Drewry House, Meridian Gate - South Quay 213 sh Wall, London E14 9FJ United Kingdom Dry Bulk Insight Editor: Susan Oatway, Senior Consultant Contact: Jaya Banik, Research Analyst banik@drewry.co.uk COPYRIGHT NOTICE This report is copyright and is for the sole use of the purchaser and is not to be copied or distributed outside to any third party organisation. Reproduction, scanning into an electronic retrieval system, or copying to a database is strictly prohibited without written permission of the publisher. Contravention will result in a requirement to pay damages to the publisher and owner of the copyright, Drewry Shipping Consultants Ltd. While the information is presented in good faith, the publisher cannot accept liability for any errors of fact or opinion contained in the report. 12