Tuesday, October 29, Week 44 The Week at a Glance

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1 Tuesday, October 29, Week 44 The Week at a Glance Dry Cargo market had a tough week, with BDI falling 12% on w-o-w basis, mainly driven by BCI who declined 17,8% w-o-w and BPI who declined 7,5% on w-o-w basis as well. However Sales and Purchase market is still active, especially for quality tonnage and New building orders. On the handies side, the most remarkable sale is the En Bloc deal from Oldendorff to USA based fund for Catherine Oldendorff (3135 dwt, 23 blt in Japan), Lilly Oldendorff (31646 dwt, 23 blt in Japan), Carl Oldendorff (31642 dwt, 22 blt in Japan), Lucas Oldendorff (31635 dwt,22 blt in Japan) and Albert Oldendorff (31647 dwt, 24 blt in Japan) for an En Bloc price of around USD 75, million. The sale is subject inspection for two of five units and for the rest of the other three, buyers have waived their right to inspect the vessels. Prices for mid-9 s built panamaxes, continue to be firm, with the sale of Oriental Pioneer (69,66 dwt, 1996 built at Japan) at USD 8,2 million to Hong Kong based buyers, when last week panamax Premnitz (72,873 dwt, 1994 built at S.Korea) was reported at USD 7,1 million. The most remarkable deal in the wet sector for this week and of this month in general we dare to say is the one of Hafnia Tankers of Denmark, who has completed a private placement of USD 235, million in order to fund acquisitions and fleet development. Initially the fleet will consist of 27 product tankers including a USD 125, million purchase from J.Lauritzen of Denmark for 1 MR product tankers and 8 MR newbuilding orders from Guangzhou Shipyard International in China to be delivered in 215 and 216. Greek Listed Companies Last Fridays Closing Weekly Difference NYSE 153,83 69,21 NASDAQ 3943,36 29,8 Dry Ships 2,87 -,55 Navios 7,27 -,51 Diana 11,86 -,74 Top Ships 1,52 -,11 TEN 5,26,1 Stealth Gas 11,85,34 Baltic Dry Indices* Last Fridays Closing Weekly Difference Baltic Dry Index Baltic Cape index Baltic Panamax Index Baltic Supramax Index Baltic HandySize Index Currencies* Last Fridays Closing Weekly Difference EURO/USD 1,3832,1 USD/JPY 97,413 -,32 Capital Product Partners 9,29,14 USD/CNY 6,831 -,1 Euroseas 1,27 -,8 Danaos 3,85 -,33 *The above tables show last Friday's closing including the weekly balance. Costamare 17,87 -,7 ISO Certified by Germanischer Lloyd Copyright by Allied Shipbroking Inc

2 Secondhand Sales Dry SIZE INDEX W-O-W CHANGE AVG T/C RATES W-O-W CHANGE TREND BDI CAPESIZE WEAKER PANAMAX WEAKER SUPRAMAX STRONGER HANDYSIZE STRONGER Bulk Carrier Vessel's Name DWT Built Country TEU Gears Engine Price Sale's Comment ROYAL PEARL S JAPAN - 4 X 3t CRANES B&W 2.7. USD CATHRIN OLDENDORFF LUCAS OLDENDORFF CARL OLDENDORFF LILY OLDENDORFF ALBERT OLDENDORFF JAPAN - 4 X 3t CRANES Mitsubishi En Bloc JAPAN - 4 X 3t CRANES Mitsubishi # JAPAN - 4 X 3t CRANES Mitsubishi # JAPAN - 4 X 3t CRANES Mitsubishi # JAPAN - 4 X 3t CRANES Mitsubishi # SOLD TO UNDISCLOSED BUYERS (SS DUE 5/216 DD DUE 8/214) SOLD EN BLOC TO U.S.A BASED BUYERS - RGN USD 75.. EN BLOC (SALE IS SUBJECT TO INSPECTION OF THE TWO UNITS - FOR THE OTHER THREE, BUYERS HAVE WAIVED THEIR RIGHT TO INSPECT) KAMBOS JAPAN - 4 X 3t CRANES Mitsubishi USD SOLD TO UNDISCLOSED BUYERS LITTLE MANATEE JIANGSU HANTONG RESALE HULL HT64-8 ORIENTAL PIONEER PRIDE OF INDORE GRAND CLIPPER ATLANTIC BRIDGE Container JAPAN - 4 X 3t CRANES MAN-B&W USD SOLD TO GREEK BUYERS (DALEX) 635 3/214 CHINA - - B&W USD SOLD TO UNDISCLOSED BUYERS JAPAN - - B&W 8.2. USD SOLD TO HONG KONG BASED BUYERS ITALY - - Sulzer 7.4. USD SOLD TO CHINESE BUYERS S. KOREA - - B&W USD SOLD TO EUROPEAN BUYERS JAPAN - - MAN-B&W USD Vessel's Name DWT Built Country TEU Gears Engine Price Sale's Comment ESM AMANDA JAPAN B&W 4.5. USD ESM SILVANA JAPAN B&W 4.5. USD FRIDA SCHULTE S. KOREA X 45t CRANES, 1 X 4t CRANES SOLD TO SWITZERLAND BASED BUYERS (CARGILL INTERNATIONAL) (DELY 2/214) SOLD EN BLOC WITH "ESM SILVANA" TO CHINESE BUYERS (SITC) - RGN USD 9.. EN BLOC SOLD EN BLOC WITH "ESM AMANDA" TO CHINESE BUYERS (SITC) - RGN USD 9.. EN BLOC B&W USD SOLD TO UNDISCLOSED BUYERS WESTERTAL POLAND MAN-B&W 17.. USD SOLD TO UNDISCLOSED BUYERS SANTA BIANCA S. KOREA MAN-B&W USD SOLD TO GREEK BUYERS General cargo Vessel's Name DWT Built Country TEU Gears Engine Price Sale's Comment CELTIC ENDEAVOUR GERMANY Deutz 75. USD SOLD TO UNDISCLOSED BUYERS DYCKBURG NETHERLANDS X 36t CRANES MaK - CAI LAN VIETNAM - 4 X 25t DERRICKS Hanshin - SOLD TO UNDISCLOSED BUYERS ON PRIVATE TERMS SOLD TO UNDISCLOSED BUYERS ON PRIVATE TERMS SAFINA V JAPAN X 5t CRANES Hanshin - SOLD TO PAKISTAN BASED BUYERS DIAMOND WAY JAPAN X 5t CRANES Hanshin - SOLD TO UNDISCLOSED BUYERS ON PRIVATE TERMS

3 Wet SIZE INDEX W-O-W CHANGE BDTI BCTI SIZE AVG SPOT EARNINGS W-O-W CHANGE AVG T/C RATES BSS 1 YR TREND VLCC $ 2,54 14% 18. STEADY SUEZMAX $ 14, % STEADY AFRAMAX $ 11,976 33% 13.5 STEADY CLEAN MR $ 9,185 8% STEADY Tanker Vessel's Name DWT Built Country DB DS Engine Price Sale's Comment C. P. 39 (Epoxy Coated, IMO ll/lll) KULDIGA (Epoxy Coated, IMO lll) WAWASAN CELESTE (Coated) FREJA ATLANTIC (Epoxy Phen, IMO lll) FREJA TAURUS (IMO ll) FREJA ANDROMEDA (IMO ll) FREJA PEGASUS (Coated, IMO ll) JAPAN Y Y B&W 6.. USD SOLD TO FAR EASTERN BUYERS S. KOREA Y Y MAN-B&W 14.. USD SOLD TO GREEK BUYERS JAPAN Y Y MAN-B&W 2.6. USD S. KOREA Y Y B&W CHINA Y Y MAN-B&W CHINA Y Y MAN-B&W CHINA Y Y MAN-B&W - FREJA PHOENIX CHINA Y Y MAN-B&W - FREJA LIBRA (IMO lll) FREJA CRUX (IMO ll) FREJA LUPUS (IMO ll) FREJA NORDICA (Coated) CHINA Y Y MAN-B&W CHINA Y Y MAN-B&W CHINA Y Y MAN-B&W JAPAN Y Y Mitsubishi - FREJA LEO CHINA Y Y MAN-B&W - HELLESPONT PROSPERITY (Coated) CHINA Y Y MAN-B&W USD SOLD TO USA BASED BUYERS (ARDMORE SHIPPING) SOLD EN BLOC TO DANISH BUYERS (HAFNIA TANKERS) - RGN USD EN BLOC SOLD TO GREEK BUYERS (PRIME MARINE MANAGEMENT) OLIVER JACOB S. KOREA Y Y B&W USD SOLD TO GREEK BUYERS

4 B a l t i c D r y I n d i c e s Year BDI Max BDI Avg BDI Min BCI Max BCI Avg BCI Min BPI Max BPI Avg BPI Min BSI Max BSI Avg BSI Min Baltic Dry Index /4/85 1/1/85 1/4/86 1/1/86 1/4/87 1/1/87 1/4/88 1/1/88 1/4/89 1/1/89 1/4/9 1/1/9 1/4/91 1/1/91 1/4/92 1/1/92 1/4/93 1/1/93 1/4/94 1/1/94 1/4/95 1/1/95 1/4/96 1/1/96 1/4/97 1/1/97 1/4/98 1/1/98 1/4/99 1/1/99 1/4/ 1/1/ 1/4/1 1/1/1 1/4/2 1/1/2 1/4/3 1/1/3 1/4/4 1/1/4 1/4/5 1/1/5 1/4/6 1/1/6 1/4/7 1/1/7 1/4/8 1/1/8 1/4/9 1/1/9 1/4/1 1/1/1 1/4/11 1/1/11 1/4/12 1/1/12 1/4/13 1/1/13 1/4/14 Baltic CapeSize Index \7\ 1\1\ 1\1\1 1\4\1 1\7\1 1\1\1 1\1\2 1\4\2 1\7\2 1\1\2 1\1\3 1\4\3 1\7\3 1\1\3 1\1\4 1\4\4 1\7\4 1\1\4 1\1\5 1\4\5 1\7\5 1\1\5 1\1\6 1\4\6 1\7\6 1\1\6 1\1\7 1\4\7 1\7\7 1\1\7 1\1\8 1\4\8 1\7\8 1\1\8 1\1\9 1\4\9 1\7\9 1\1\9 1\1\1 1\4\1 1\7\1 1\1\1 1\1\11 1\4\11 1\7\11 1\1\11 1\1\12 1\4\12 1\7\12 1\1\12 1\1\13 1\4\13 1\7\13 1\1\13 1\1\14 Baltic Panamax Index \7\ 1\1\ 1\1\1 1\4\1 1\7\1 1\1\1 1\1\2 1\4\2 1\7\2 1\1\2 1\1\3 1\4\3 1\7\3 1\1\3 1\1\4 1\4\4 1\7\4 1\1\4 1\1\5 1\4\5 1\7\5 1\1\5 1\1\6 1\4\6 1\7\6 1\1\6 1\1\7 1\4\7 1\7\7 1\1\7 1\1\8 1\4\8 1\7\8 1\1\8 1\1\9 1\4\9 1\7\9 1\1\9 1\1\1 1\4\1 1\7\1 1\1\1 1\1\11 1\4\11 1\7\11 1\1\11 1\1\12 1\4\12 1\7\12 1\1\12 1\1\13 1\4\13 1\7\13 1\1\13 1\1\14 Baltic Supramax - HandySize Index \1\3 1\4\3 1\7\3 1\1\3 1\1\4 1\4\4 1\7\4 1\1\4 1\1\5 1\4\5 1\7\5 1\1\5 1\1\6 1\4\6 1\7\6 1\1\6 1\1\7 1\4\7 1\7\7 1\1\7 1\1\8 1\4\8 1\7\8 1\1\8 1\1\9 1\4\9 1\7\9 1\1\9 1\1\1 1\4\1 1\7\1 1\1\1 1\1\11 1\4\11 1\7\11 1\1\11 1\1\12 1\4\12 1\7\12 1\1\12 1\1\13 1\4\13 1\7\13 1\1\13 1\1\14

5 S e c o n d h a n d S a l e s S t a t i s t i c s Current Secondhand Activity per / Size/ Invested Capital During 213 Secondhand Activity per / Size/ Invested Capital...during 212 Size No of DWT Invested Capital No of DWT Invested Capital A. Dry $ A. Dry B. Tanker $ A. Dry Total 1. Minibulk (up to 9, Handy (1, - 39, Handymax (4, - 59, Panamax (6, - 79, Capesize (8, $ $ $ $ $ $ C. Container $ D. Reefer $ E. RoRo Cargo/ Ferry/ Passenger $ F. Miscellaneous $13.. Grand Total $ Bulk Carriers Sales Per during % CAPESIZE 23 % PANAMAX 19 % HANDYMAX 31 % HANDY 16 % MINIBULK B. Tanker 1. Minitank (up to 9, Product (1, - 59, Panamax (6, - 79, Aframax (8, - 119, Suezmax (12, - 199, VLCC (2, - 299, ULCC (3, $ $ $ $ $ $ $ Tankers Sales Per during % ULCC 4 % VLCC 5 % SUEZMAX 1 % AFRAMAX 6 % PANAMAX 47 % PRODUCT 25 % MINITANK B. Tanker total $ C. Container Total $ D. Reefer Total $8.. E. RoRo Cargo/ Ferry/ Passenger Total $99.3. F. Miscellaneou s Total $ Grand Total $

6 Invested Capital in Secondhand per month as of January 212 Year Month Invested Capital Total Total April-212 $ May-212 $ June-212 $ July-212 $ January-212 $ February- 212 $ March-212 $ August-212 $ September- 212 $ October-212 $ November- 212 $ December- 212 $ $ April-213 $ May-213 $ June-213 $ July-213 $ January-213 $ February- 213 $ March-213 $ August-213 $ September- 213 $ October-213 $ $ Dry - Buyers' Nationality 22 % OTHER 2 % KOREA SOUTH 2 % NORWAY 4 % HONG KONG CHINA 4 % TURKEY 3 % GERMANY 4 % SINGAPORE 3 % UNITED STATES OF AMERICA 14 % CHINA PEOPLE'S REPUBLIC OF 1 % UNKNOWN 33 % GREECE Wet - Buyers' Nationality 44 % OTHER 3 % KOREA SOUTH 2 % NORWAY 1 % HONG KONG CHINA 2 % TURKEY % GERMANY 4 % SINGAPORE 9 % UNITED STATES OF AMERICA 4 % CHINA PEOPLE'S REPUBLIC OF 8 % UNKNOWN 24 % GREECE Container - Buyers' Nationality 15 % OTHER 3 % KOREA SOUTH 5 % NORWAY 5 % HONG KONG CHINA 4 % TURKEY 17 % GERMANY 4 % SINGAPORE 1 % UNITED STATES OF AMERICA 4 % CHINA PEOPLE'S REPUBLIC OF 18 % UNKNOWN 25 % GREECE Invested Capital Graph - Invested Capital in Secondhand per month as of January /212 Buyer's Country 2/212 3/212 4/212 5/212 6/212 7/212 8/212 Invested Capital Per Month 9/212 1/212 11/212 12/212 Months Total Capital 1/213 2/213 3/213 No Of Buyers Nationality during Top 1 (No of vessels per sector) A. Dry B. Tanker C. Container 4/213 5/213 6/213 7/213 D. Reefer 8/213 9/213 1/ Grand Total GREECE UNKNOWN CHINA, PEOPLE'S REPUBLIC OF UNITED STATES OF AMERICA SINGAPORE GERMANY TURKEY HONG KONG, CHINA NORWAY KOREA, SOUTH Other Grand Total Buyer's Country Buyers Nationality during Top 1 (Invested Capital per sector) A. Dry B. Tanker C. Container D. Reefer Grand Total GREECE UNITED STATES OF AMERICA CHINA, PEOPLE'S REPUBLIC OF UNKNOWN SINGAPORE NORWAY HONG KONG, CHINA JAPAN MONACO Other Grand Total No of Vesels

7 New Building Bulk Carrier Orders Type Units Dwt Shipyard Reported Price Owner / Manager Delivery Date BC 4 37, HYUNDAI VINASHIN USD 22.. KMARIN 214/215 BC 3 43,5 QINGSHAN USD 23.. HBC - BC 4 64, ZHEJIANG YANGFAN - KIRAN HOLDING 215/216 BC 2 64, HANTONG USD 26.. HI INVESTMENTS 215 BC 2 64, HANTONG USD 26.. KMARIN 215 BC 2 18, DAEHAN USD 53.. KNIGHTSBRIDGE - BC 2 18, HHIC-PHIL USD GOLDEN UNION 215 BC 2 18, NEW TIMES USD 5.. FRONTLINE /216 BC 4 18, SWS USD 54.. HERUN 216 Other Dry Orders Type Units Dwt / Units Shipyard Reported Price Owner / Manager Delivery Date Tanker Orders Type Units Dwt Shipyard Reported Price Owner / Manager Delivery Date CHEM&OIL 4 39, HYUNDAI VINASHIN USD D AMICO 215/216 TANKER 4+2 5, SUNGDONG USD 35.. MAERSK 215/216 PRODUCTS 4 112, GSI USD NAVIG8 216 TANKER , SUNGDONG USD MAERSK 215/216 Other Wet Orders Type Units Dwt / Units Shipyard Reported Price Owner / Manager Delivery Date New Building Prices Tanker Newbuilding Prices BC Newbuilding Prices Korea China Korea China VLCC 32, USD 91.. USD 85.. SUEZMAX 157, USD 56.. USD 54.. AFRAMAX 113, USD 47.. USD 43.. "MR" TANKER 5, USD USD 32.. CAPESIZE 18, N/A* USD 51.. KAMSARMAX 82, N/A* USD 3.. ULTRAMAX 62, N/A* USD HANDYSIZE 35, N/A* USD * Note: Due to the Present New Building cost, Korean Shipyards are unwilling to quote.

8 Demolition Sales Type Vessel's Name DWT Built Country LDT Price/ ldt Sale's Comment GAS TANKER HAPPY HARRIER JAPAN SOLD TO TURKEY (9% OF LDT IS NICKEL) RO-RO CARGO HELLENIC TRADER JAPAN SOLD TO INDIA ON PRIVATE TERMS GEN. CARGO AZRA TURKEY SOLD TO INDIA GEN. CARGO DELIGHT JAPAN SOLD TO BANGLADESH ON PRIVATE TERMS OFFSHORE LOCHNAGAR NORWAY - - SOLD TO UNDISCLOSED BREAKERS ON PRIVATE TERMS (OLD SALE) GEN. CARGO ICE MAIDEN I UKRAINE SOLD TO UNDISCLOSED BUYERS ON PRIVATE TERMS GEN. CARGO REI JAPAN SOLD TO UNDISCLOSED BREAKERS ON PRIVATE TERMS (OLD SALE) RO-RO CARGO HELLENIC MASTER JAPAN SOLD TO INDIA ON PRIVATE TERMS RO-RO CARGO VIBEKE RUSSIA SOLD TO CHINA BC CAPTAIN WAEL JAPAN SOLD TO INDIA ON PRIVATE TERMS BC FATAHUR RAHMAN JAPAN SOLD TO INDIA ON PRIVATE TERMS GAS TANKER ANNABELLA FRANCE BC TRANS OCEAN ITALY - - BC TRANS PACIFIC ITALY - - TANKER RODEIO BRAZIL TANKER ORION VOYAGER BRAZIL TANKER T. M. HARMONY JAPAN SOLD TO PAKISTAN SOLD TO INDIA ON "AS IS" SPAIN BASIS (VESSEL HAS ST.STEEL AND NICKEL CONTENT) SOLD TO UNDISCLOSED BREAKERS ON PRIVATE TERMS (OLD SALE) SOLD TO UNDISCLOSED BREAKERS ON PRIVATE TERMS (OLD SALE) SOLD TO PAKISTAN ON "AS IS" RIO BASIS (USD 2,7 MILLION) SOLD TO UNDISCLOSED BREAKERS ON PRIVATE TERMS (OLD SALE)

9 Demolition Statistics For 213 Current Demolition Activity per / Size A. Dry Size No Of DWT No Of DWT 1. Minibulk (up to 9, Handy (1, - 39, Handymax (4, - 59, Panamax (6, - 79, Capesize (8, A. Dry Total B. Tanker 1. Minitank (up to 9, Product (1, - 59, Panamax (6, - 79, Aframax (8, - 119, Suezmax (12, - 199, VLCC (2, - 299, ULCC (3, B. Tanker Total C. Container Total D. Reefer Total E. RoRo Cargo/ Ferry/ Passenger Total F. Miscellaneous Total Grand Total Please Note that dry trading combination carriers are included in the dry sector and wet trading ones in the tanker sector.

10 Country Demolition Activity by Country No of DWT No of DWT BANGLADESH CHINA, PEOPLE'S REPUBLIC OF INDIA OTHERS PAKISTAN TURKEY Grand Total ' Average Age For Demolition A. Dry 28,2 3,7 31,5 B. Tanker 24,6 27,1 26,4 C. Container 23,3 29,6 27 D. Reefer 26,5 26,3 29,3 E. RoRo Cargo/ Ferry/ Passenger 34, ,5 F. Miscellaneous 33, ,7 Demolition Activity By DWT 7.. Demolition Per Month 145 Demolition of BCs by percentage for % Minibulk 46 % Handy 15 % Handymax 17 % Panamax 12 % Capesize dwt no of vessels Demolition of Tankers by percentage for 212 1/212 2/212 3/212 4/212 5/212 6/212 7/212 8/212 9/212 1/212 11/212 12/212 1/213 Months Sum of DWT 2/213 3/213 4/213 No of 5/213 6/213 7/213 8/213 9/213 1/ % Minitank 36 % Product 4 % Panamax 23 % Aframax 13 % Suezmax 7 % VLCC 2 % ULCC Year No of Dry Demolition activity since 22 DWT of Dry No of Tankers DWT of Tankers No of DWT

11 Contact Details AERAKIS GEORGE AOH: MOBILE: DASKALAKIS GEORGE AOH: MOBILE: DRAKOGIANNOPOULOS SAKIS AOH: MOBILE: KARADIMAS COSTAS AOH: MOBILE: MOISSOGLOU THEODOROS AOH: MOBILE: BOLIS ILIAS AOH: MOBILE: DRAKOGIANNOPOULOS STAVROS AOH: MOBILE: HATZIGEORGIOU NASSOS AOH: MOBILE: KOSTOYANNIS JOHN AOH: MOBILE: PAPOUIS THASSOS AOH: MOBILE: PROSSIOS TASSOS AOH: MOBILE: STASSINAKIS JOHN AOH: MOBILE: TOBALOGLOU EVAGELOS AOH: MOBILE: TSALPATOUROS COSTIS AOH: MOBILE: VARVAROS PLUTON AOH: MOBILE: ALLIED SHIPBROKING INC. 48, Aigialeias Street, 4 th Floor, Maroussi , Greece Tel: Fax: / 19 snp@allied-shipbroking.gr ALLIED CHARTERING S.A. 48, Aigialeias Street, 4 th Floor, Maroussi , Greece Tel : Fax: drycargo@allied-chartering.gr s: tanker@allied-chartering.gr Visit

12 LEGAL DISCLAIMER This report has been produced on information collected from various sources and whilst every care has been taken in its preparation, it is presented for the sole and exclusive information of its recipients, in good faith and without any guarantee from our part. None of the information contained in this report has been independently verified by any member of ALLIED SHIPBROKING INC. Consequently no representation or warranty, express or implied, is made in respect of the accuracy of the information contained herein. Neither our company nor its directors or employees shall be in any way liable for any loss nor damage occurred to any party by the use of the information and/or the comments contained in this report. Furthermore, no responsibility is accepted in respect of any errors or inaccuracies which may be contained in this report.