WEEKLY SHIPPING MARKET REPORT WEEK 19

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1 WEEKLY SHIPPING MARKET REPORT WEEK 19 WEEK 19 (6 th May to 13 th May 216) Market Overview During previous weeks of May, an unstable situation can be clearly seen in the Dry Market of BDI,which after the huge improvement on April, a gradual and prolonged decrease can be seen with ups and downs. We saw in the last week s closing of BDI at 631 points but this was not the lowest point,as rates of 579 of Wednesday and Thursday have shown the difficulty to get stabilized. This week closing stopped at 6 points a decrease of 31 points as from last week. In the sale sector during this week the SnP activity was not quiet with a total sales of 31 bulk / tanker and container vessels, 1 more than previous week. Bulker Once again clients of Karadeniz from Turkey, proceededin a purchase of another vessel in order to convert her to power plant, the vessel was the OBOSKS Tyne - Dwt / 1996 HHI for $ 7 mil.interesting sale was that of the Chinese KamsarmaxGrand Ocean - Dwt / Blt 212, which in the beginning seems to failed but undisclosed buyers, maybe Greeks, finally spent for her $ 12.4 mil. Also, this week M/V United Treasure acquired a lot of interest with already 4buyers will inspect the vessel. For the UltramaxesAby Paola - Dwt / Blt 215, after numerous rumours regarding her new owners during this week, finally we understand that the Hong Kong based Chellaram proceed to this purchase for $ 19.4 mil.a long discussion took place for the SupramaxMaemi Pioneer - Dwt / Blt 27 which falsely rumoured as sold for rgn $ mil, with sellers not to react in such levels and withdrawher from the market. M/V Christoph S might be next Supramax to be widely discussed as 6 buyers inspected her and received offers. Although D amico aiming levels for Medi Nagasaki Dwt / Blt 23 high $ 4 mil,clients of Kouros Maritime purchased the vessel in the region of $ 4.6 mil. In the meantime 2 more vessels of this type passed to another hands.m/v E. R. Barcelona is also a discussed candidate after several buyers inspected her during her stay at Singapore. Despite many rumours during mid April that the HandymaxLoyal Union - Dwt / Blt27 was sold, she was still available for sale and finally concluded at $ 6.3 mil. Another 3 Handymax vessels and same Handysize reported this week, along with the Auction Sales of Lithuanian Shipping Company s small Handies. Tanker Brent rates have shown an improvement from last week s $ on today s $ 48.8 per barrel with the diferrence to be at region $ 3 per barrel.in the Wet Secondhand Market, further to previous last strong week (especially for Suezmax Tankers), week 19 was quiet in terms of SnP with the sale of Front Vanguard and modern Paramount Aframaxes to be the most indicative of all. Advanced Shipping & Trading S.A 1 st Floor, 168 Vouliagmenis Avenue Glyfada, Greece Contact Details: Tel: snp@advanced-ship.gr chartering@advanced-ship.gr finance@advanced-ship.gr

2 Second Hand Sale Bulk Carriers Name Dwt YoB Yard SS Engine Gear Price (mill.) Buyer OBO Sks Tyne Grand Ocean 19, , Hyundau Heavy Guangzhou, China 5/216 B&W - $ 7. Turkish (Karadeniz) For conversion power plant 5/217 B&W $ 12.4 Undisclosed Nordweser 75, Samho, 3/221 B&W $ 4.4 Greek Csl Atlas 67, Verolme, Brasil 9/218 Sulzer - Undisclose d Aby Paola 6, Marine 9/22 B&W 4 x 3 T $ 19.4 Ocean Angel Medi Nagasaki 58, ,98 23 Neer 5, Aurora Amethyst Tsuneishi, Philippines Oshima, Zhejiang, China 12/22 B&W 4 x 3 T $ 8.2 3/218 B&W 4 x 3 T $ , Ihi, 1/219 Sulzer 4 x 3 T Loyal Union 48, Voc Rose 47, Hakodate, Oshima, Venezuela Based Hong Kong Based (Chellaram) Monaco Based Greek (Kouros Maritime) - Mak 4 x 4 T $ 3.6 Undisclosed 3/22 Mitsubishi 4 x 3 T $ 2.75 $ 6.3 Bangladeshi Undisclosed 4/218 Sulzer 4 x 3 T $ 2.4 Chinese Holy Light 42, Ihi, 4/217 Sulzer 4 x 3 T Low/mid $ 2. Chinese Diligence 28, Imabari 9/218 B&W 4 x 3 T Rgn $ 2. Chinese Voruta 17, Pal Indonesia 12/218 B&W 3 x 25 T Romuva 17, Pal Indonesia 5/218 B&W 3 x 25 T $ 2.6 Auction $ 2.5 Auction Undisclosed Advanced Shipping & Trading S.A Research 13/5/216 2

3 Tankers Name Dwt YoB Yard SS Engine Price (mill.) Buyer Front Vanguard 3, Arabiyah 121, Paramount Hatteras Paramount Hamilton Paramount Helsinki Paramount Halifax Paramount Hanover 114, , , , ,14 21 Paramount Hydra 113, Marlin Amethyst 49, Hitachi, Samsung, Guangzhou, China 3/218 B&W $24.3 3/219 B&W $ 8.5 1/22 B&W 4/216 B&W 7/22 B&W 11/22 B&W 5/216 B&W 4/216 B&W $ /22 B&W $35.5 Chinese (Cssc) Kuwait (Kotc) Singaporean (Aet) U.S.A Based (M Sea Capital) Incl 5 yr TC Back at $ 16,75 Plus 5/5 Profit split above $18..There are also 3 one year optional periods and Trafigura retains Signal Maya 46, Naikai, 1/22 B&W $ 15.5 Undisclosed Stavanger Eagle 45, Shin Kurushima, 1/217 Mitsubishi $ 15.5 Undisclosed And fixed to Oetker for 5 years tc Freja Maersk 31, Hanjin, 8/216 B&W $ 11.5 Undisclosed Sichem Contester 19, Fukuoka, 1/217 B&W $ 2.3 Golden Crest 12, Samho, 2/218 B&W Golden Dominace 12, Samho, 3/218 B&W Uk Based (Tufton Oceanic) StSt, Incl 2+1 Yrs T/C to Ultranaviera at 16,/Day $ 25.7 n Advanced Shipping & Trading S.A Research 13/5/216 3

4 Containers Name Teu YoB Yard SS Engine Gear Stadt Aachen Alice 3, ,43 25 Hanjin, Dae sun, Price (mill.) Buyer 9/217 B&W - $ 7.1 Chinese 1/22 B&W - $ 8. Far Eastern (Sitc) Indicative Values - Bulk Carriers Size Prompt Resale 5 years 1 years 15 years Capesize Panamax - Kamsarmax Supramax - Ultramax Handysize Indicative Values - Tankers Size Prompt Resale 5 years 1 years 15 years VLCC Suezmax Aframax Panamax MR Advanced Shipping & Trading S.A Research 13/5/216 4

5 Advanced Shipping & Trading S.A Research 13/5/216 5 Demolition & Newbuilding Demolition Sales Vessel Type Built Ldt Dwt Price ($) Country Comments DS Dominion Container 21 27, As Is Busan Onga BC 21 26, China Conti Melbourne Container 2 24, As Is Singapore Shin Ondo BC , China Mudran Container , As Is Singapore C. Harmony BC , Bangladesh Badri Prasad BC , Pakistan Taurus Container , India As Is Port Said Alpha Flame BC , Pakistan Tolmi BC , Pakistan Option India Hua Tai BC , Bangladesh Luena Tanker 199 9, (P&C) (P&C) Romanos BC , (P&C) Bangladesh Arwad Tower BC , Bangladesh Indicative Demolition Prices Country Tanker Prices Bulker Prices India Bangladesh Pakistan 3 29 China Turkey

6 Tankers No Type Dwt Yard Delivery Owner Vlcc 6 to 8 Panama x Handy 4+6 Handy 2 LPG 1 LPG 4 LPG 32, 72, 11, 11, 83, 84, 22, Jinhai, China 218 Dsic, China Zhejiang, China Mitsubishi hi, Hhi, 217 Hyundai Mipo, 217 Norwegia n (Fredrikse n) Price (mill.) $ 78. Comments Uk Fund $ 4. Lr1 Singapore an (Ocean Tankers) ese (Nissen Kaiun) Hong Kong (Unique Shipping) Greeks (Stealth Gas) $ 18. $ 18. Undisclos ed $ 77. $ 35. Tier ii Containers No Type Teu Yard Delivery Owner 2 Handy 1,1 Kyokuyo, Weihai, China ese (Kotoku Kaiun) Price (mill.) Undisclos ed Comments Advanced Shipping & Trading S.A Research 13/5/216 6

7 Advanced Shipping & Trading S.A Research 13/5/216 7 Dry Bulk Chartering Evidence that shipping has seen much better times than the ones we are currently experiencing has recently been discovered in Sweden, where archaeologists have been unearthing Bronze Age (that is 3,6 years old stuff) tools and weapons. The artifacts are made of copper which analysis shows to have originated from Cyprus, and are decorated with Mycenaean Greek symbols. Studies suggest that eastern Mediterranean copper was precious enough to be traded for Nordic amber, a commodity cherished as gold in Mycenaean Greece and in the prehistoric Middle East. Back to our times, Week 19 and modern industry participants (which don t seem to share the same sentiments as those of their ancestors), Swiss-based trader Glencore has announced that it has become the top shareholder of troubled Australian junior miner Atlas Iron. West Australian Capesize iron ore parcels into China are now being fixed in the mid usd 3. s pmt range. Brazilian iron ore is worth mid/high usd 7. s pmt. South African iron ore is currently standing at mid usd 5. s pmt. Australian coal into China and India is worth low usd 5. s pmt and low usd 6. s pmt respectively. Transpacific round trips are currently being fixed at mid/high usd4, s. Atlantic fronthauls in the usd 11/13, s range. No period employment fixtures reported here. Whilst being highly criticized for its lack of commitment to cutting CO2 emissions, has been steadily encouraging a major expansion in its coal-fired generating capacity. At the same time, ese buyers are being reported to be gradually shunning Australian for Colombian thermal coal, with a significant amount of Colombian parcels having been scheduled for delivery this summer. Reports from Brazil s leading grain producing state of Mato Grosso suggest that farmers there have been given an ultimatum by the government to wrap up their soybean harvest by May 2 th, 216.Kamsarmax/Panamaxrates out of South America and into the Far East are generally being reported in the low/mid 7, s plus a ballast bonus in the mid/high 2, s range. Alternatively, Gibraltar and India delivery remain an option at low usd 8, s and high usd 4, s respectively. A US Gulf reposition fixture for a Gibraltar-delivered Kamsarmax via Morocco with fertilizers at usd 3,. Usd 8, for a trip with South American steels into the US Gulf on board a Kamsarmax. Interpacific trips in the high usd 4, s/mid usd 5, s range. North Pacific round trips are generally worth low/mid usd 5, s.a number of short period employment fixtures were reported this week at low usd 5, s for Pacific delivery and usd 6, for Atlantic delivery. Within ternal production volumes on the rise and speculative trading fading away, Chinese steel prices are currently on the drop. Still, Australia and the United States have agreed to work together to bring the global glut of cheap Chinese steel to a halt. A Mediterranean reposition fixture for an Ultramax out of Far East with steels has been reported at usd 3, for the first 65 days and usd 6,5 for the balance. For the same route, a Supramax received usd 3, for the first 65 days and usd 5,5 for the balance. Inter-pacific trips are being reported in the usd 4/5, s range. Spanish cement and clinker trips into West Africa are worth around usd 8,. A Turkish cement parcel into the US Gulf on board a Supramax has been reported at usd 4,8 for the first 4 days and usd 8, for the balance. South American grain runs into the Mediterranean are generally rating at mid usd 7, s. No period employment fixtures reported here.

8 Another quiet week for thehandymax/handysize segment in general. Operators are offering a trip with fertilizers to a 33, dwt Vessel via Red Sea at usd 4, APS for India destination and usd 3, for Southeast Asia destination. Owners rate is currently standing at usd 5, APS. Continental scrap and timber parcels into Eastern Mediterranean are worth mid/high usd 8, s. Inter-Mediterranean trips are being discussed in the usd 5, s range.no period employment fixtures reported here. Baltic Indices (Friday Closing Values) Index Week 19 Week 18 Change (%) BDI BCI BPI BSI BHSI Advanced Shipping & Trading S.A Research 13/5/216 8

9 Key Indicators & Stock Markets Currency Week 19 Week 18 Change (%) EUR / USD USD / JPY USD / KRW 1, , USD / NOK Commodity Week 19 Week 18 Change (%) Brent Crude (BZ) Natural Gas (NG) Gold (GC) Copper Wheat (W) Euro/Usd Mar 11-Mar 18-Mar 24-Mar 1-Apr 8-Apr 15-Apr 22-Apr 28-Apr 6-May 13-May Weekly Brent Crude Price /3/216 11/3/216 18/3/216 25/3/216 1/4/216 8/4/216 15/4/216 22/4/216 29/4/216 6/5/216 13/5/216 Advanced Shipping & Trading S.A Research 13/5/216 9

10 Advanced Shipping & Trading S.A Research 13/5/216 1 Bunker Prices Port IFO 38 IFO 18 MGO Piraeus Fujairah Singapore Rotterdam Houston Shipping Stock Prices Dry Bulk Company Stock Exchange Week 19 Week 18 Change (%) Diana Shipping Inc (DSX) NASDAQ DryshipsInc (DRYS) NASDAQ Euroseas Ltd (ESEA) NASDAQ Eagle Bulk Shipping Inc (EGLE) NASDAQ Navios Maritime (NM) NYSE Navios Maritime PTN (NMM) Paragon Shipping Inc (PRGN) Star Bulk Carriers Corp (SBLK) Seanergy Maritime Holdings Corp (SHIP) NYSE NASDAQ NASDAQ NASDAQ Safe Bulkers Inc (SB) NYSE Golden Ocean (GOGL) NASDAQ Shipping Stock Prices Wet Company Stock Exchange Week 19 Week 18 Change % Capital Product Partners LP (CPLP) NASDAQ TOP Ships Inc (TOPS) NASDAQ Tsakos Energy Navigation (TNP) NYSE

11 Advanced Shipping & Trading S.A Research 13/5/ Shipping Stock Prices Other Company Stock Exchange Week 19 Week 18 Change (%) Aegean Maritime Petrol (ANW) Danaos Corporation (DAC) NYSE NYSE StealthGasInc (GASS) NASDAQ Rio Tinto (RIO) NYSE Vale (VALE) NYSE ADM Archer Daniels Midland (ADM) NYSE BHP Billiton (BHP) NYSE Legal Disclaimer 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, Advanced Shipping & Trading 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. Research compiled by:advanced Shipping & Trading S.A. Market Research on behalf of the Sale & Purchase, Dry Cargo Chartering and Tanker Chartering Departments. For any questions, please contact:

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