WEEKLY SHIPPING MARKET REPORT WEEK 25

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1 WEEKLY SHIPPING MARKET REPORT WEEK 25 WEEK 25 (17 th Jun to 24 th Jun 2016) Market Overview During this week BDI closed at 609 and returned back to levels of 2 weeks before, having an increase of 22 points comparing to last Friday s closing. Bulkers In the sales sector, we saw 13 BC vessels changing ownership this week.most notable, is the sale of the Capesize M/V Cape Althea Dwt / Blt 2011 Hyundai Heavy Korea at $ 24.4 mil. to Indian buyers,hearing clients of Great Eastern. Reminding you latest sales of the Besiktas Capes back in end of May at xs$ 23 mil with SS/DD due, we can understand that the current sale is in line with previous transaction. This week, the 2 Zosco Capes have seen offers but not close to sellers aiming ideas. The Kamsarmax Key Boundary was another widely discussed vessel, inspected by 10 interested parties and finally sold at $ 13.6 mil to Greek buyers. In total 4 Supramax vessels sold this week, Greek buyers made the move for a 2010 built in Philippines Molly Manx. Tankers The situation on Brent rates remains for another week the same, without any improvement. Two weeks ago levels were above $ 50 per barrel, but until today s closing, rates stayed at rgn $48 per barrel. From today s $ it can be seen a very small increase at region $0.38 per barrel in contrast to previous week s closing. In the Wet Secondhand Market, during this week,we can see 8 Tankers that have been sold. Clients of Pantheon Tankers purchased the Korean VLCC Shoshone Spirit at $62 mil. Meanwhile, clients of Tufon Oceanic moved for the 2003 Korean Suezmax Cape Baxley at $25.5 mil. Furthermore the completion of sales includes 4 MR Tankers, having as buyers Taiwanese,Middle Eastern and undisclosed buyers and another two small Tankers. Demolition This week s beaching total includes 4 Bulkers,1 Container and 2 others. Total week s number of 7 vessels being scrapped, a number that shows a decrease more than 50% from previous week s total at 16 vessels. Although, prices for Subcontinent are still in low levels, as from the beginning of the month, in the region of $ per Ldt. Meanwhile, Turkey s market follows the reduced prices of $ per Ldt. 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 Sales Bulk Carriers Name Dwt YoB Yard SS Engine Gear Price (mill.) Buyer Cape Althea 179, Hyundai Heavy, Korea 06/2021 B&W - Rgn $ 24.4 Indian (Great Eastern) Key Boundary 83, Sanoyas, 06/2020 B&W - $ 13.6 Greeks Samjin , Molly Manx 57, Dsme Weihai, China Tsuneishi Heavy, Philippines - B&W 4 x 30 T $ 13.0 German (Oldendorff) 05/2019 B&W 4 x 30 T $ 10.7 Greeks Ikan Sudip 56, Mitsui, 12/2020 B&W 4 x 30 T $ 9.5 Undisclosed Atlas 53, New Century, China 10/2017 B&W 4 x 40 T $ 3.4 Undisclosed Quinn J 34, Spp, Korea 10/2016 B&W 4 x 35 T $ 9.6 Western Stavanger 32, Jiangsu, China 08/2020 B&W 4 x 30,5 T $ 6.0 Greek (Empire Navigation) Norwegian (Blystad AS) Golden Star 28, Imabari, 03/2021 B&W 4 x 30,5 T $ 4.1 Vietnamese Bright Life 28, I-S, 01/2021 B&W 4 x 30,5 T $ 7.5 Oriental Sapphire Oriental Vega Marine Diamond 16, , Shin Kochi, Shin Kochi, 10, Higaki, 08/2020 B&W 07/2018 Mitsubishi 2 x 30 T $ /2017 Mitsubishi 2 x 30 T $ x 36 T 1 x 30 T Undisclosed Greek (British Bulkers) Russian Vietnamese Advanced Shipping & Trading S.A Research 24/06/2016 2

3 Tankers Name Dwt YoB Yard SS Engine Price (mill.) Buyer Shoshone Spirit 314, Cape Baxley Alam Bistari 47, Dl Sunflower 47, Bls Liwa 47, Bls Rwais 47, Fiona 8, Daewoo, Korea Hyundai, Korea Onomichi, Onomichi, Hyundai Mipo, Korea Hyundai Mipo, Korea Miyoshi, Lian Run 6 2, Nanjing, China - 06/2016 B&W $ /2018 B&W $ 25.5 Greek (Pantheon Tankers UK (Tufton Oceanic) 10/2020 B&W $ 12.0 Middle Eastern 06/2018 B&W $ 8.5 Taiwanese 07/2018 B&W $ /2018 B&W $ 22.0 Undisclosed 10/2017 B&W $ 5.2 S.Korean Chinese Std $2.1 Chinese Containers Name Teu YoB Yard SS Engine Gear Price (mill.) Buyer Aegean Express 1, China Kee, Taiwan 10/2017 B&W - $ 3.3 Chinese Arabian Express 1, China Kee, Taiwan 12/2017 B&W - $ 3.3 Advanced Shipping & Trading S.A Research 24/06/2016 3

4 Indicative Values - Bulk Carriers Size Prompt Resale 5 years 10 years 15 years Capesize Panamax - Kamsarmax Supramax - Ultramax Handysize Indicative Values - Tankers Size Prompt Resale 5 years 10 years 15 years VLCC Suezmax Aframax Panamax MR Advanced Shipping & Trading S.A Research 24/06/2016 4

5 Advanced Shipping & Trading S.A Research 24/06/ Demolition & Newbuilding Demolition Sales Vessel Type Built Ldt Dwt Price ($) Country Comments APJ Akhil BC , Pakistan Apolo Offshore (P&C) Mexico Federal St. Laurent BC , (P&C) China GAC Pearl Offshore (P&C) (P&C) Primus Container , (P&C) (P&C) Tropical Star BC , Bangladesh You Ya BC , (P&C) China Indicative Demolition Prices Country Tanker Prices Bulker Prices India Bangladesh Pakistan China Turkey

6 Advanced Shipping & Trading S.A Research 24/06/ Demolition & Newbuilding Tankers No Type Dwt Yard Delivery Owner Price (mill.) Comments 1 Aframax 105,000 Sumitomo, 2018 Finnish (Lundqvist Rederiena) $ 52.0 Container No Type Teu Yard Delivery Owner Price (mill.) Comments Sub Panama x Sub Panama x 2,400 2,400 Xiamen, China Xiamen, China $ 20.0 Chinese (Quanzhou) $ 20.0

7 Advanced Shipping & Trading S.A Research 24/06/ Dry Bulk Chartering At the end of Week 25, West Australian iron ore Capesize parcels into China are being reported at low usd 4.00 s pmt. Brazilian iron ore parcels into China are now paying low usd 9.00 s pmt. South African parcels into China are being reported at high usd 6.00 s pmt / low usd 7.00 s pmt. Australian coal parcels into China are worth high usd 4.00 s pmt. Pretty much same freight levels for Colombian coal parcels into the Continent. South African coal parcels into India are being negotiated at mid/high usd 5.00 s pmt. Transatlantic trips are worth very high usd 4,000 s and Transpacific trips in the high usd 6,000 s range. Usd 8,800 for a round trip into China via Brazil or South Africa. Period employment is being reported in the very high usd 9,000 s. South American Kamsarmax / Panamax grain trips into the Far East remain in the low usd 7,000 s plus a usd 210/220,000 ballast bonus basis APS delivery. Alternative options remain delivery basis EC.India at low/mid usd 5,000 s and basis Singapore at low usd 4,000 s. South American grain trips towards the Continent are being reported in the very high usd 6,000 s. Local Continental grain trips are worth mid usd 6,000 s. Usd 13,000 for a Black Sea grains trip towards India. US Gulf grain trips into Egypt are being reported at mid usd 8,000 s basis US Gulf delivery. Usd 9,200 plus a usd 210,000 ballast bonus for a fronthaul grains trip via US Gulf into the Far East.US Gulf petcoke trips across the Atlantic are worth high usd 11,000 s. Usd 13,000 + a usd ballast bonus for a US Gulf petcoke trip into India. North Pacific round trips are currently rating in the high usd 4,000 s / low usd 5,000 s range. Pacific round trips in the usd 4/5,000 s range. Usd 4,000 for a Chinese fertilizers trip into India. Majority of short/long period employments is being reported in the very low usd 6,000 s. Chinese Supramax steel trips towards Southeast Asia are being reported in the mid/high 6,000 s range. Limestone and gypsum trips out of the Persian Gulf and into India are rating in the usd 6,000 s range. Low/mid usd 5,000 s for inter-persian Gulf trips with aggregates. Low usd 4,000 s for iron ore trips out of West Coast India towards China. Nickel ore trips are being reported in the mid usd 7,000 s. Indonesia/China coal trips are worth high usd 5,000 s basis Singapore or Southeast Asia delivery. North Pacific round trips are rating in the high usd 5,000 s range. Usd 11,500 plus a usd 120,000 ballast bonus for South American trips into Southeast Asia. Increased petcoke activity out of US Gulf with India direction paying usd 11,000 plus a usd 300,000 ballast bonus and South America direction at usd 9,000. For an Ultramax, India destination is paying high usd 16,000 s levels. Usd 14,500 for a sugar trip out of Brazil into West Africa. Supramax period employments are being reported in the high usd 5,000 s / low usd 6,000 s range. Ultramax in the low usd 8,000 s. Chinese Handymax steel trips into Southeast Asia are worth in the usd 5/6,000 s range. Southeast Asian local trips are rating in the low usd 4,000 s. US Gulf petcoke is also present in the Handysize segment at low usd 10,000 s for trips towards the Mediterranean. Black Sea trips towards the US Gulf are currently paying in the mid/high usd 2,000 s for the first 50ish days with the balance being rated at low/mid usd 5,000 s. Red Sea fertilizer trips into India are worth high usd 3,000 s. South American trips into the Continent are rating at usd 7,000 s levels. No period activity to report here.

8 Baltic Indices (Friday Closing Values) Index Week 25 Week 24 Change (%) BDI BCI BPI BSI BHSI Advanced Shipping & Trading S.A Research 24/06/2016 8

9 Key Indicators & Stock Markets Currency Week 25 Week 24 Change (%) EUR / USD USD / JPY USD / KRW 1, , USD / NOK Commodity Week 25 Week 24 Change (%) Brent Crude (BZ) Natural Gas (NG) Gold (GC) Copper Wheat (W) Euro/Usd Apr 22-Apr 28-Apr 06-May 13-May 20-May 27-May 03-Jun 10-Jun 17-Jun 24-Jun Weekly Brent Crude Price /04/ /04/ /04/ /05/ /05/ /05/ /05/ /06/ /06/ /06/ /06/2016 Advanced Shipping & Trading S.A Research 24/06/2016 9

10 Advanced Shipping & Trading S.A Research 24/06/ Bunker Prices Port IFO 380 IFO 180 MGO Piraeus Fujairah Singapore Rotterdam Houston Shipping Stock Prices Dry Bulk Company Stock Exchange Week 25 Week 24 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 25 Week 24 Change % Capital Product Partners LP (CPLP) NASDAQ TOP Ships Inc (TOPS) NASDAQ Tsakos Energy Navigation (TNP) NYSE

11 Advanced Shipping & Trading S.A Research 24/06/ Shipping Stock Prices Other Company Stock Exchange Week 25 Week 24 Change (%) Aegean Maritime Petrol (ANW) NYSE Danaos Corporation (DAC) 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: