WEEKLY SHIPPING MARKET REPORT WEEK 39

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1 WEEKLY SHIPPING MARKET REPORT WEEK 39 Bulkers COSCO Shipping have committed their Capesize New Dalian 18/21 Dalian with DD 9/218, Greeks clients of Lavinia for USD 27 mill. Note the Tenshu Maru 179/21 Cebu with DD 11/22, was sold previous week at levels USD 29.5 mill. Mitsubishi have sold their Kamsarmax Sky Jade 81/21 Universal Maizuru undisclosed buyers at rumored levels USD 19 mill. Comparison with the one year older Hampn Bay 81/29 Universal that was sold almost a month ago at USD 17.9 mill. The Great Eastern sold their Kamsarmax Jag Arya 8/211 SPP Tongyeong with DD 3/219, Greeks for USD mill. Dryships have sold their Panamax Capila 75/21 Hudong Zhonghua with DD 3/219, Chinese buyers at undisclosed levels. Dalnave Navigation have committed their Panamax vessel Flipper 73/1999 Sumimo with DD 3/219, Middle eastern Buyers at levels region USD 6.3 mill Baltic Indices (Friday Closing Values) INDEX Week 39 Week 38 Change (%) BDI ,99 BCI ,7 BPI ,87 BSI ,62 BHSI ,94 Baltic Index MOL have committed their surpramax Eigen 5/1999 Mitsui with DD 9/219, Indonesian Buyers for rumored levels USD 7 mill. Note, the two year younger Lin Ji 5/21 Oshima with DD 2/219, was sold two months ago at USD 8.6 mill. Mitsubishi have sold their Handysize Ocean Wealth 38/212 Imabari with DD 12/219, Orient Shipping at USD 14.8 mill. From same owners the one year older Unicorn Ocean 38/211 Minami- Nippon was sold at similar levels same buyers. B.D.I B.C.I B.P.I. B.S.I. B.H.M.I. INDEX Week 39 Week 38 Change (%) BDTI ,77 BCTI ,87 Van Yu Trading have sold their Hany Van Imabari 28/28 Shimanami with DD 3/221, Greeks buyers for USD 8.5 mill. Note that previous week we saw the sale of Global Bay 29/29 Shikoku at low USD 8 mill Baltic Index Teekay have sold their suezmax African Spirit 151/23 HHI with DD 9/219 Greeks clients of Avin for USD 13 mill. BDTI BCTI US court have sold the following suezmaxes from Toisa feel Pericles G. C & United Oceans & United Paragon 157/218 COSCO Yangzhou and Aframaxes Nikos Kazantzakis & United Mariner & United Nomad 114/218 COSCO Yangzhou clients of Zodiac at a price region USD 28 mill. MOL have sold their MR2 tanker Pearl Express 46/24 Minaminippon, M. Easterns for USD 8.5 mill, subject vessel was uncoiled. Indicative Demolition Prices Country Tanker Prices Bulker Prices India Bangladesh Pakistan Turkey WEEKLY SHIPPING MARKET REPORT - pg. 1

2 WEEKLY DRY SHIPPING BULK COMMENTARY MARKET REPORT WEEK WEEK WEEK (17 (5 th th Apr Aug th th Apr Aug 218) 218) Capesize Freight rates on the West Australian / iron ore route ended Week 39 having rised in the mid-high usd 7. s pmt range. A number of Brazilian iron ore parcels in have been reported at around usd 21. s pmt levels. Transatlantic trips are rating in the low/mid usd 2, s pd range. No period activity report here. Kamsarmax/Panamax North Pacific round trips have been rating in the usd 13,/14, pd range. round trips via Australia in the usd 14,/15, pd range. Better numbers can be achieved on this route basis delivery at Southeast Asia, with a Kamsarmax having been reported at usd 17, pd basis delivery Vietnam via Indonesia. Indian direction in the high usd 14, s pd. Usd 17,5 pd for a US Gulf fronthaul plus a usd 75, ballast bonus. A Kamsarmax vessel fixed at usd 23, from Liverpool for a trip via St. Lawrence. Period employments have been rating in the usd 13,/14, pd range for Kamsarmaxes. Ultramax/Supramax The holiday season will affect this size with owners looking cover prompt positions. A supramax vessel was fixed for a trip from Indonesia Vietnam at usd 14, pd. South African trips Spore/ have been reported at usd 13,7 pd plus usd 37, ballast bonus. From Canakkale the east intention steels in the mid usd 23, s. An Umax vsl rumoured fixed for trip redelivery Far east at usd 16,plus low usd 6 s ballast bonus basis delivery north Brazil. Handymax / Handysize Limited activity was reported because of negative movement in the Asian area. Handysize was fixed for 2 laden legs from Indonesia Singapore- at usd 1,85 pd. A modern handy (211 blt) was fixed at usd 9,25 pd with alumina from Indonesia Persian Gulf via Australia. On the other hand, the Atlantic routes made positive moves. Vessel 32, dwt was fixed for short period from north Continent Atlantic in the mid usd 1, s Capesize Panamax Supramax Handymax WEEKLY SHIPPING MARKET REPORT - pg. 2

3 REPORTED SALES REPORTED SALES WEEK WEEK WEEK 34 (17 45 (3 23 th (2 Aug rd nd Nov 1 Jun 24 9 th th Aug th Nov 217) Jun 218) 217) Bulk Carriers Type Name Dwt YoB Yard SS M/E Gear Price Buyer Comments Capesize New Dalian 18, Dalian, 8/22 B&W - $ 27. Greek Kamsarmax Sky Jade 81, Universal, 4/22 B&W - $ 19. undisclosed Kamsarmax Jag Arya 8, Spp, Korea 9/221 B&W - $ 18.7 Greek Panamax Energy Midas 77, Mitsui Tamano, 9/218 B&W - $ 6.85 Far Easterns Panamax Capila 74, Hudong, 3/219 B&W - Undiscl osed Chinese Panamax Flipper Sumimo, 3/219 Sulzer - $ 6.3 M.Easterns Ultramax Sbi Hermes 61, I-S, 2/221 B&W 4 x 3,7 T $ 2.5 Undisclosed Supramax Eigen 5, Mitsui, 9/219 B&W 4 x 3 T $ 7.2 Indonesian Handysize Ocean Wealth 38, Imabari, 1/222 B&W 4 x 3,5 T $ 14.8 Dutch (Orient Shipping) Handysize Bright Ocean III 37, Saiki Jukogyo, 11/22 Mitsubi shi 4 x 3 T undiscl osed BBHP Handysize Ivs Shikra 29, Handysize Van Imabari 28, Shikoku, Shimanami, 8/223 B&W 4 x 3,5 T $ 8.6 Greek 5/223 B&W 4 x 3,5 T $ 8.5 Greek GC Nishi 6,94 2 Nishi, 1 x 3 T 2 x 25 T $ 2. undisclosed WEEKLY SHIPPING MARKET REPORT - pg. 3

4 REPORTED SALES Type Name Dwt YoB Yard SS M/E Price Buyer Comments Suezmax African Spirit 151, Hyundai Heavy, Korea 11/18 B&W $ 13. Greek Suezmax Pericles G.C. 157,1 218 Suezmax United Oceans 157,1 218 Suezmax Aframax United Paragon United Mariner 157, ,5 218 $ 28. UK based (Zodiac Maritime) Aframax United Nomad 113,5 218 Aframax Nikos Kazantzakis 113,5 218 MR Pearl Express 45, Minami Nippon, 1/219 B&W $ 8.5 M.Easterns Uncoiled CPP Berg 16,87 28 Taizhou, 1/223 B&W High $ 7. Indonesians CPP Jw Jewel 8, Sanuki, 3/222 B&W undisclosed Singaporean CPP Harmony 8,76 25 Usuki, 8/22 B&W undisclosed Singaporean WEEKLY SHIPPING MARKET REPORT - pg. 4

5 DEMOLITION WEEK 39 (21 th th Sep 28 th th Sep 218) Type Vessel Dwt YoB Ldt Price $ Country Comments Tanker New Discovery Pakistan Tanker Stena Spirit n/a India as is Khor Fakkan, Gas free Bulker Braztrans India Tanker S United n/a India Bulker Golden Sea n/a Bangladesh Tanker Maiden Alpha Bangladesh as is Belawan Container Armada Setia Bangladesh WEEKLY SHIPPING MARKET REPORT - pg. 5

6 NEWBUILDING Bulkers Units Type Dwt Yard Delivery Price (mill) Owner Comments 1 Kamsarmax 81, Sanoyas, 22 Low-mid $ 3. 1 Ultramax 64, Wuhu, 22 undisclosed 2 Ultramax 61,5 Dacks, 22 Low $ 3. ese (Shunzan Kaiun) Chinese (Shishi Dingxin) Taiwanese (Wisdom Marine Lines) Tier III Units Type Dwt Yard Delivery Price (mill) Owner Comments 2+2 Suezmax 158, Daehan, Korea - Low $ 6. 4 Aframax 115, Hanjin, Philippines $ MR 5, Hyundai Mipo, Korea 22 $ LPG 1,8 Maehata, 219 undisclosed Norwegian (Faerder ) Turkish (Advantage ) Greek (Empire navigation) ese (Nippon Gas Line KK) Tier III, T/C Chevron, closed type scrubber Scrubber fitted Options declared, Tier III, scrubber fitted, T/C Cargill Containers Units Type Teu Yard Delivery Price (mill) Owner Comments 8+4 Panamax 2,8 JMU, 22 Undisclosed 1 Feeder 1,14 Jiangdong, 22 Undisclosed Turkey (Pacific Ship Management) (Shanghai Changjiang) WEEKLY SHIPPING MARKET REPORT - pg. 6

7 INDICATIVE PRICES Bulk Carriers Size Prompt Resale 5 years 1 years 15 years Capesize Panamax-Kamsarmax Ultramax - Supramax Handysize Bulk Carriers ,5 28,5 24,5 36, , ,5 15, Prompt Resale 5 years 1 years 15 years Capesize Panamax Supramax Handysize Size Prompt Resale 5 years 1 years 15 years VLCC Suezmax Aframax MR , , ,5 9 Prompt Resale 5 years 1 years 15 years VLCC Suezmax Aframax MR WEEKLY SHIPPING MARKET REPORT - pg. 7

8 KEY INDICATORS Currency Week 39 Week 38 Change (%) EUR / USD % USD / JPY % USD / KRW 1,19.3 1, % NOK / USD % EUR / USD 1,25 1,2 1,15 1,1 1,5 Commodity Week 39 Week 38 Change (%) Brent Crude (BZ) % WTI Crude Oil (WTI) % Natural Gas (NG) % Gold (GC) 1,187. 1, % Copper % Wheat (w) % Brent Crude WTI Crude WEEKLY SHIPPING MARKET REPORT - pg. 8

9 SHIPPING INDICATIVE SHARE VALUE Sck Prices Shipping Companies Company Sck Exchange Week 39 Week 38 Change (%) Diana Shipping Ink (DSX) NASDAQ Dry ships Ink (DRYS) NASDAQ Euroseas Ltd (ESEA) NASDAQ Eagle Bulk Shipping Inc (EGLE) NASDAQ Navios Maritime (NM) NYSE Navios Maritime PTN (NMM) NYSE Star Bulk Carriers Corp (SBLK) NASDAQ Seanergy Maritime Holdings Corp (SHIP) NASDAQ Safe Bulkers Inc (SB) NYSE Golden Ocean (GOGL) NASDAQ Sck Prices - Wet Company Sck Exchange Week 39 Week 38 Change (%) Capital Product Partners LP (CPLP) NASDAQ TOP Ships Inc (TOPS) NASDAQ Tsakos Energy Navigation (TNP) NYSE Sck Prices - Other Company Sck Exchange Week 39 Week 38 Change (%) Aegean Maritime Petrol (ANW) NYSE Danaos Corporation (DAC) NYSE Stealth Gas Inc (GASS) NASDAQ Rio Tin (RIO) NYSE Vale (VALE) NYSE ADM Archer Daniels Midland (ADM) NYSE BHP Billin (BHP) NYSE WEEKLY SHIPPING MARKET REPORT - pg. 9

10 CONTACT DETAILS WEEK WEEK 39 2 (21 (6 th th Sep Jan th th Sep Jan 218) 217) ADVANCED SHIPPING & TRADING S.A. Vouliagmenis Avenue 168, 1 st Floor, Glyfada 16674, Greece Tel: snp@advanced-ship.gr chartering@advanced-ship.gr finance@advanced-ship.gr Fax: Sale & Purchase Department: Dry Cargo Chartering Department: Capt. Founglou Michalis Mob: Bonatsos Mavra Mob: Thermos Stavros Mob: Benes Kostas Mob: Harringn James Mob: Tiliakos Michalis Mob: Papoutsis George Mob: Pittas Iordanis Mob: Balpakakis Manolis Mob: Liadi Ioanna Mob: Chrousalas Thanasis Mob: Landrakis Stelios Mob: Bilias Tasos Mob: Kontaras Alkis Mob: Markoutsa Kanella Mob: Operations Department: Research Department: Katsouli Fotini Mob: Stergiou Kostas Mob: Chief Executive Consultant: Administration Department: Capt. Galonis Dimitrios Mob: Chronopoulou Fenia Mob: THINK BIG Legal Disclaimer The information contained herein has been obtained by various sources. Although every effort has been made ensure that this information is accurate, complete and up--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: research@advanced-ship.gr WEEKLY SHIPPING MARKET REPORT - pg. 1