WEEKLY MARKET REPORT November 2nd, 2007 / Week 44

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1 WEEKLY MARKET REPORT November 2nd, 2007 / Week 44 The BDI soared over 11,000 on Monday but volatility in the paper market (FFA) on Tuesday (possibly related to the Chinese iron ore negotiations) created some interesting movements. The physical market (BCI) for capes fell about 4% but the paper market for calendar year 2008 dropped 13% for the capes and 12% for Panamaxes. By late afternoon some of the dry cargo equities closed down almost 20%. The physical markets dropped slightly until end week but each day the declines were progressively smaller. The general consensus, however, seems to be that the fundamentals are unchanged. The equities rebounded by the end of the week (although still below the highs on Tuesday morning), and all of this activity apparently HAD NO EFFECT ON VESSEL PRICES. We used to be amazed by the BILLION dollar "en bloc" ship acquisitions but now we are seeing an increase in the number of $100 MILLION "individual" bulk carrier sale prices. This week another large number of high capital bulkers were sold including the first Panamax bulker sold for over $100 mill. - the M/V "NICOLE" (77,096 DWT / Delivered from Namura, Japan 3/2007) - (which was reported at various prices last week but has now finally been sold to S. Korean buyers for region $ mill.) and the cape bulker M/V "SUMIHOU" (171,071 DWT / Built IHI Japan 1996) obtained $106 mill. from Chinese buyers. On the tanker front buyers are still hesitant to step up and there are few sales to report as freight rates remain flat. More shipping IPO's are in the pipeline and we expect to see more Chinese companies coming to the public markets (Sinotrans Shipping and North China Shipping will soon be listing in Hong Kong). TANKERS: TRIBUANA 147,500/89 - HYUNDAI - B&W 18,300 - COILED - SBT - IGS - COW - SH - 21,389 LDT Sold for $34 mill. to Taiwanese buyer (TMT) for conversion. SPP RESALE 50,000/08 - SPP - SUL 12,943 - COATED - COILED - IMO 2/3 - DH Sold for $58 mill. to undisclosed buyer. * YGIAS 1-3 & 2 AKTI THEMISTOKLEOUS STR, PIRAEUS, GREECE * Page 1 of 8

2 BULKERS: SUMIHOU 171,071/96 - IHI - SUL 24,420-9HH Sold for $106 mill. to Chinese buyer (Rizhou Steel). MARINE HUNTER 164,891/84 - BELGIUM - B&W 18,350-10HH - 23,900 LDT Sold for $45 mill. to Greek buyer. Sale includes t/c for months at $30,000/day. NORDSTAR 150,661/83 - DAEWOO - SUL 21,600-9HH - 24,877 LDT Sold for $38 mill. to undisclosed buyer. Sale includes t/c for months at $27,500/day. LOCH MAREE 75,798/04 - SANOYAS - B&W 12,200-7HH M LOA Sold for $85 mill. to Greek buyer. RED NACRE 73,739/99 - SUMITOMO - SUL 12,070-7HH M LOA Sold for $75 mill. to undisclosed buyer. Delivery in April/July GOLDEN JOY 70,044/94 - JIANGNAN - B&W 16,674-7HH - 225M LOA Sold for $62.5 mill. to undisclosed buyer. SOYANG 66,764/84 - SUMITOMO - SUL 10,150-7HH M LOA - 10,354 LDT Sold for $36 mill. to Korean buyer. THEOFANO M 64,976/82 - TSUNEISHI - B&W 15,200-7HH M LOA - 12,192 LDT Sold for $31 mill. to Far Eastern buyer. LAKE MAINE 53,531/01 - IMABARI - B&W 12,889-5HH - C 4X30T Sold for $71.5 mill. to Greek buyer. Delivery in March/April ESER KAPTANOGLOU 37,227/82 - HYUNDAI - B&W 10,900-5HH - C 4X25T - 8,476 LDT Sold for $24.5 mill. to undisclosed buyer. YPERMACHOS / DIASOZOUSA 28,100/84 - HITACHI - SUL 11,519-5HH - C 5X25T Sold for $26 mill. each to U.S. buyer (TBS). Delivery in March PINTAIL 28,035/83 - JIANGNAN - B&W 10,700-5HH - C 4X25T - 7,008 LDT Sold for $15.4 mill. to undisclosed buyer (old sale). SCOTER 27,995/83 - JIANGNAN - B&W 10,700-5HH - C 4X25T - 7,008 LDT Sold for $17 mill. to undisclosed buyer (old sale). HANJIN HOUSTON 27,209/95 - HANJIN ULSAN - MAN/B&W 9,050-5HH - C 4X25T Sold for $40 mill. to Korean buyer. FLEET TRADER I 21,355/82 - WATANABE - SUL 8,040-4HH - C 3X25T, D 1X25T - 5,211 LDT Sold for $13 mill. to undisclosed buyer (old sale). PARTNER 8,924/98 - SHIN KURUSHIMA - B&W 5,280-2HH - C 2X30.5T, D 1X30T Sold for $13.75 mill. to undisclosed buyer. * YGIAS 1-3 & 2 AKTI THEMISTOKLEOUS STR, PIRAEUS, GREECE * Page 2 of 8

3 AIMI 6,912/84 - MURAKAMI - MITSUBISHI 3,315-2HH - C 2X25.5T, D 2X15T - 2,285 LDT Sold for $4.1 mill. to Greek buyer NEW SHIPS FOR SALE: TANKERS: WESTWAY 151,803/88 - DAEWOO - B&W 16,170 - COILED - SBT - IGS - COW - DS Vessel can be inspected in Mina Al Saqr between 5-6th November. Thereafter heads to China/Japan range. BULKERS: GO PATORO 150,108/91 - HYUNDAI - B&W 17,450-9HH GO PUBLIC 71,761/93 - HITACHI - B&W 9,330-7HH GO TRADER 45,693/96 - TSUNEISHI ZOSEN - B&W 9,750-5HH - C 4X30T GO FRIENDSHIP 44,874/94 - HALLA INCHON - B&W 10,210-5HH - C 4X25T GO STAR 43,656/94 - TSUNEISHI ZOSEN - B&W 9,680-5HH - C 4X25T GO Patoro: on t/c at $ 27,000/day (average) until June GO Public: on t/c at $ 21,000/day until November GO Trader: on t/c at $ 19,250/day until March GO Friendship: on t/c at $ 26,850/day until September GO Star: on t/c at $ 27,000/day until minimum September BULK CEDAR / BULK FERN 73,322/98 - HALLA SAMHO - B&W 11,189-7HH Bulk Cedar: ETA Mundra, India 11th November to discharge. Bulk Fern: due Brindisi, Italy 15th November to discharge. ROSETTA 29,099/84 - IMABARI - SUL 8,500-4HH - C 4X25T Vessel is trading in Korea/Japan/China range. FU ZHOU 24,733/84 - IMABARI - SUL 9,374-4HH - C 4X25T Vessel en route to Lianyungang to discharge, ETA 18th November. Thereafter will proceed to China to pass D/D. * YGIAS 1-3 & 2 AKTI THEMISTOKLEOUS STR, PIRAEUS, GREECE * Page 3 of 8

4 NEWBUILDINGS NEWBUILDING STATISTICS TYPE OF SHIP * TOTAL ORDERBOOK ULCC/VLCC ( 0 ) SUEZMAX ( +3 ) AFRAMAX ( +2 ) PANAMAX ( +4 ) MR ( -1 ) 0-35,000 DWT ( 0 ) CAPESIZE ( + 6 ) ,000 DWT ( +13 ) PANAMAX ( +8 ) SUPRAMAX ( +5 ) HANDYSIZE ( +10 ) * Includes ALL vessels on order NEWBUILDING CONTRACTS No. Size Type Yard Delivery Price (mill) Owners Comm. 1 x 157,000 dwt Tank Samsung 2010 $83 Yasa Shipping 2 x 110,000 dwt Tank Hudong 2009/10 Orion Bulkers 4 x 75,000 dwt Prod Dalian 2010/11 Jacob Tankschiffahrt 1 x 173,000 cbm LNG Daewoo 2010 Knutsen OAS Shipping 4 x 230,000 dwt Vloc Guangzhou Longxue 2011 $90 China Shipping Group 3 x 180,000 dwt Bulk Dalian 2010 $102 Transfield ER 3 Opt 1 x 177,000 dwt Bulk China 2010 Wah Kwong Shipping 2 x 176,000 dwt Bulk Zhoushan 2010 $97 Jorg Kopping 5 x 175,000 dwt Bulk Valiv 2009/12 Finance & Credit Group 2 x 92,500 dwt Bulk Jiangsu 2011 $60 G. Bottiglieri 2 x 92,500 dwt Bulk China 2009 $65 Kramer 1 x 83,000 dwt Bulk Sanoyas 2012 Yasa Shipping 2 x 82,000 dwt Bulk S. Korea 2010 Kaptanoglu 2 x 81,700 dwt Bulk STX 2010 Trojan Maritime 2 x 80,700 dwt Bulk STX 2011 $60 Great Eastern Shipping 8 x 80,000 dwt Bulk Zhoushan 2009/11 $51.25 Golden Ocean 2 x 37,000 dwt Bulk Saiki 2011/12 $35 Formosa Plastics 3 x 30,700 dwt Bulk Tsuji 2011 $30 Yasa Shipping * YGIAS 1-3 & 2 AKTI THEMISTOKLEOUS STR, PIRAEUS, GREECE * Page 4 of 8

5 8 x 8,500 teu Cont S. Korea 2011 United Arab Shipping 8 x 4,900 teu Cont Hyundai 2011 NYK 1 Opt 6 x 2,800 teu Cont Aker 2009/10 Reederei F. Laeisz * YGIAS 1-3 & 2 AKTI THEMISTOKLEOUS STR, PIRAEUS, GREECE * Page 5 of 8

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) / 4.88% Brent Crude $94.72 $ BALTIC TANKER INDICES BALTIC DRY INDICES 3,500 3,000 2,500 BDTI INDEX BCTI INDEX 18,000 16,000 14,000 12,000 BDI BCI BPI BSI 2,000 1,500 10,000 8,000 6,000 1,000 4, Jan Jul Jan Jul Jan Jul Jan Jul-07 2, Jun Oct Feb Jun Oct Feb Jun Oct Feb Jun Oct-07 ESTIMATED VALUES TANKERS NB PROMPT 12 MONTH 5 YEARS 10 YEARS 20 YEARS RESALE T/C VLCC 300,000 dwt $143.0m $150.0m $130.0m $105m (DH) $40.0m (SH) $50,000 PD Suezmax 150,000 dwt $88.0m $105.0m $96.0m $75.0m (DH) $35.0m $42,000 PD Aframax 105,000 dwt $70.0m $78.0m $67.0m $55.0m (DH) $27.0m (SH) $32,000 PD Panamax 70,000 dwt $64.0m $66.0m $56.0m $48.0m (DH) $19.0m $29,000 PD Product 47,000 dwt $52. 0m $58.0m $53.0m $43.0m (DH) $17.0m $25,000 PD BULK CARRIERS Capesize ,000 dwt $96.0m $160.0m $133.0m $110.0m $76.0m $153,000 PD Panamax 74 76,000 dwt $52.0m $104.0m $87.0m $75.0m $45.0m $82,000 PD Supramax 52 59,000 dwt $44.0m $86.0m $77.0m $60.0m $37.0m $68,000 PD BUNKER PRICES FUEL GRADES ROTTERDAM FUJAIRAH PIRAEUS SINGAPORE 380cst: $ $ $ $ cst: $ $ $ $ MGO: $ $ $ $ * YGIAS 1-3 & 2 AKTI THEMISTOKLEOUS STR, PIRAEUS, GREECE * Page 6 of 8

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: No sales to report this week. * YGIAS 1-3 & 2 AKTI THEMISTOKLEOUS STR, PIRAEUS, GREECE * Page 7 of 8

8 WEBERCOMPASS CONTACTS SALE & PURCHASE MOBILE PHONE NUMBER Bobby Mitropoulos Tom Protonotarios Nicholas Sfinias John Stamatakis Spyros Karamassis TANKER CHARTERING Basil Mavroleon Christos Kalogeras Lefteris Mystriotis Dionysios Mitsotakis ADMINISTRATION Yannis Mitropoulos Ourania Savvaki Very Truly Yours, WEBERCOMPASS (HELLAS) S.A. The information contained in this report has been obtained from various market sources. WEBERCOMPASS (HELLAS) S.A. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. WCH will not be held responsible for any action or failure to take action upon reliance on information contained in this report WEBERCOMPASS (HELLAS) S.A. All Rights Reserved * YGIAS 1-3 & 2 AKTI THEMISTOKLEOUS STR, PIRAEUS, GREECE * Page 8 of 8