WEEKLY MARKET REPORT September 20th, 2013 / Week 38

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1 WEEKLY MARKET REPORT September 20th, 2013 / Week 38 Another solid week with the BCI and BPI charging forward, increasing by over 16% and 11% respectively. The smaller segments also saw positive results with the BSI and BHSI adding just over 2.5% each. Overall the BDI increased over 16% and is flirting with the psychological 2000 point mark. Activity in the second hand market is strong with more and more Buyers looking to make acquisitions. In the dry sector, activity is now spread from the mid 1990's up to resale tonnage with most of the activity coming from the Greek Buyers. We report the sale of the panamax MARITIME ANITA (76,737 dwt / Blt 2004 Japan) for US$ mill to Ultrabulk. Turkish Buyers have purchased the 2 x 64,000 Dwt Yangfan resales for US$ mill whilst Greeks were behind the purchase of the 57,000 Dwt Hantong resale for US$ mill. We further report the sale of two more supramaxes, the NAMRUN (55,000 Dwt / blt 2007 Nacks) for US$ mill and the OCEAN MORNING (52,404 Dwt / Blt 2001 Japan) for US$ 13 mill. In the tanker sector we report yet another fleet purchase by a U.S. based Fund Buyers. We understand that the Greenwich based AMCI Poseidon Fund have purchased a fleet of five SPP MR tankers and one 2001 built supramax for US$ 173 mill enbloc. We also report the sale of two 22,000 cbm handysize sistership LPGs NAVIGATOR GUSTO and NAVIGATOR GRACE (16,687 Dwt / Blt 2011 and 2010 Korea) for US$ 56 and 54 mill respectively. Newbuilding activity remained strong this week. In the tanker sector Seabulk Tankers have ordered 2 x 50,000 Dwt MRs in Nassco USA for deliveries 2016/2017. We also report the order of 2 x 38,000 cbm LPGs by Byzantine Maritime at Hyundai Mipo for delivery 2014/2015 for US$ mill each. In the dry sector Hong Kong owners Ming Wah have ordered 6 +6 option 64,000 Dwt ultramaxes, equally divided in three Chinese yards (Tianjin Xingang, Guangzhou Huangpu and Chengxi Shipyard) for deliveries 2015/2016 at US$ mill each. In the container sector Technomar of Greece have ordered 3 x 9,000 TEU containers at HHIC for delivery 2015 at US$ 79 mill each. India came back into the demolition market buying three containers in the $400/ldt-427/ldt range. Pakistan took one aframax on private terms and one handysize at $400/ldt. China was much more active as Sellers saw this market showing more stability. One VLCC and one suezmax was sold at $380/LDT, an elderly LNG at $521/ldt, a container at $375/ldt and a couple of handysize bulkers between $ 363ldt-366/ldt. WeberSeas, Weekly Market Report Page 1 of 12

2 TANKERS STAVANGER BELL 105,309/10 - SUMITOMO - B&W 16,791 - COILED - SBT - IGS - COW - DH SS/D 03/2015 Sold for $31 mill to G reek buyers (Eastern Mediterranean Maritime). HONGBO 50,106/09 - SPP - B&W 13,542 - COATED - COILED - SBT - IGS - COW DH SS/DD 08/2014 MISS MARILENA 50,096/09 - SPP - B&W 12,889 - COATED - COILED - SBT - IGS - COW - DH SS/DD 08/2014 BRITTO 50,078/09 - SPP - B&W 12,889 - COATED - COILED - SBT - IGS - COW - DH SS/DD 05/2014 LICHTENSTEIN 50,070/09 - SPP - B&W 12,889 - COATED - SBT - IGS - DH - SS/DD 02/2014 UACC SHAMS 49,999/09 - SPP - B&W 12,889 - COATED - COILED - SBT - IGS - COW - DH SS/DD 03/2014 Sold en bloc with M/V EVIAN (51,201 dwt / 02blt), for $173 mill to U.S. based buyers (Amci Poseidon fund). EAGLE GULF 45,999/95 - HALLA - B&W 10,151 - COATED - COILED - SBT - IGS - COW - DH SS/DD 07/2015 Sold for $9 mill to Indian buyers. LPG NAVIGATOR GRACE 16,687/10 - HYUNDAI - B&W 11,285-22,601 CBM LPG NAVIGATOR GUSTO 16,687/11 - HYUNDAI - B&W 10,741-22,149 CBM Sold en bloc for $54 mill and 56 mill respectively to Middle Eastern buyers. NORTHERN LYNX 16,533/03 - ROMANIA - B&W 9,871 - COATED - COILED - SBT - IGS - DH SS/DD 07/2013 NORTHERN WOLVERINE 16,000/06 - ROMANIA - B&W 9,899 - COATED - COILED - SBT - IGS DH - SS 06/2016, DD 08/2014 Sold en bloc for $25 mill to U.K. based buyers (Borealis Maritime Ltd)). STAR DREAM 11,667/01 - FUKUOKA - B&W 5,281- ST.ST. COATING - COILED - SBT - DH SS 10/2016 DD 08/2014 Sold for $10 mill to undisclosed buyers. COSMIC 18 9,273/96 - HIGAKI B&W 5,281 - COATED - COILED DH - SS 10/2016, DD 12/2014 Sold for $4 mill to U.A.E. based buyers. LPG CHELTENHAM 4,318/90 - KANREI NARUTO - MIT 3,297 - SBT - DH - 3,144 CBM Sold for $11,3 mill to South Korean buyers (Sinam). WeberSeas, Weekly Market Report Page 2 of 12

3 BULKERS MARITIME ANITA 76,737/04 - SASEBO - B&W 12,549-7HH - SS/DD 11/2014 Sold for $16,8 mill to Danish buyers (Ultrabulk). YANGFAN ,000/13 - YANGFAN - B&W 16,642-5HH - C 4X30T YANGFAN ,000/14 - YANGFAN - B&W - 16,642-5HH - C4X30T Sold en bloc for 26.5 mill each to Turkish buyers (Kiran Holdings). JIANGSU HANTONG HT ,000/13 - HANTONG - B&W 12,889-5HH - C 4X35T Sold for $23.5 mill to Greek buyers. NAMRUN 55,000/07 - NANTONG - B&W 12,889-5HH - C 4X30T - SS 11/2017, DD 08/2015 Sold for $20.5 mill to Greek buyers. OCEAN MORNING 52,404/01 - TSUNEISHI - B&W 10,601-5HH - C 4X30T - SS 05/2016 DD 03/2014 Sold for $13 mill to undisclosed buyers. GOLDEN ELPIS 46,645/97 - MITSUI - B&W 11,100-5HH - C 4X30.5T - SS 11/ DD 03/2015 Sold for $8.5 mill to undisclosed buyers. OMIROS 42,183/87 - SASEBO - SUL 11,521-5HH - C 5X25T - SS 12/ DD 11/2014 Sold for $3.8 mill to undisclosed buyers. GOLDEN AZALEA 29,263/10 - NANTONG - B&W 7,804-5HH - C 4X30T - SS 06/2015, DD 06/2013 Sold for $14 mill to Greek buyers (Primal Shipmanagement Inc.). NEUMETAL VENTURE 27,786/98 - NAIKAI - B&W 8,900-5HH - C 4X30T - SS/DD 11/2013 Sold for $7.8 mill to Greek buyers. MPP/TWEENDECKERS CAPE DENISON 30,396/02 - DALIAN - B&W 21,154-5HO 9 HA - C 2X100T,2X50T - SS/DD 06/2017 Sold for $8.8 mill to German buyers. CONTAINERS MAERSK VALLETTA 22,300/02 - GERMANY - B&W 23,086-4HO 8HA - C 3X45T - 1,678 TEU MAERSK VIGO 22,200/02 - GERMANY - B&W 23,086-4HO 8HA - C 3X45T - 1,678 TEU MAERSK VENICE 22,308/02 - GERMANY - B&W 23,070-4HO 8HA - C 3X45T - 1,678 TEU MAERSK VANCOUVER 22,308/01 - GERMANY - B&W 23,086-4HO 8HA - C 3X45T - 1,678 TEU Sold en bloc for $50 mill to Danish buyers (Maersk Lines). Vessels were already on charter to the buyers. HANSA RIGA 21,480/94 - HANJIN - B&W 16,681-7HO 8 HA - C 2X40T, 1X10T - 1,641 TEU HANSA ROSTOCK 12,575/94 - POLAND - B&W 9,422-4HO 7HA - C 2X40T - 1,016 TEU Sold en bloc on private terms t undisclosed buyers. WeberSeas, Weekly Market Report Page 3 of 12

4 FRESH FOR SALE BULKERS JOLBOS 29,016/94 - TIANJIN - B&W 9,871-5HH - D 4X20T, 1X15T Vessel can be inspected in North China between 22nd - 26th and then in South China between 25th-29th September. OCALA 28,960/94 - TIANJIN - B&W 9,871-5HH - D 4X20T, 1X15T Vessel can be inspected in Jingtang between 22nd - 25th September and then in South Korea between 26th-28th September. TREMONIA 28,083/01 - LIAONING - SUL 9,251-5HH - C 4X40T - SS/DD 03/2016 Presently roads of Amazonas to load at Santarem for Buenaventura where can be inspected. TANKERS LPG RHEINGAS 5,650/92 - NETHERLANDS - MAK 4,155-4,155 CBM - COILED - SBT - IGS - DH Vessel is trading within US-Gulf region where inspection can be arranged. CARIBBEAN SPIRIT 46,383/04 - KURUSHIMA - MIT 13,872 - COATED - COILED - SBT - IGS -DH Vessel will be inspectable at San Francisco area around 25th-26th September. CONTAINER CHRISTIANE SCHULTE 33,871/01 - HYUNDAI - SUL 29,313-5HO 10HA - C 4X45T - 2,250 TEU Vessel is trading West coast South America and will be available for inspection in Balboa on 22nd September. WeberSeas, Weekly Market Report Page 4 of 12

5 DEMOLITION DEMOLITION STATISTICS TYPE OF SHIP THIS DATE 2013 THIS DATE TOTAL 2011 TOTAL ULCC/VLCC SUEZMAX AFRAMAX PANAMAX TANKER CAPE/COMBO (100,000 dwt +) PANAMAX/KAMSARMAX BULKER LOCATION TANKERS BULK CARRIERS CHINA INDIA BANGLADESH PAKISTAN DEMOLITION: INDIAN CONT HOPE CONT MSC ACCRA CONT SEABOXER (Including 220 tons bunkers ROB) 49,262/89-19,861 LDT - USD 408/LDT 33,857/85-9,600 LDT - USD 400/LDT 24,046/94-7,590 LDT - USD 427/LDT PAKISTAN M/T EAGLE AURIGA M/V H PIONEER 102,352/93-18,055 LDT - sold on private terms 30,900/82-6,807 LDT - USD 400/LDT CHINA M/T NEW VICTORY M/T NEW FORTUNER LNG NORMAN LADY (Including 300 tons of stainless steel). CONT YM ZENITH 291,613/93-38,634 LDT - USD 380/LDT 146,591/92-22,021 LDT - USD 380/LDT 50,922/73-23,380 LDT - USD 521/LDT 45,995/96-19,426 LDT - USD 375/LDT WeberSeas, Weekly Market Report Page 5 of 12

6 M/V KIND FOUNTAIN M/V ANIK (Including 270 tons ROB and spare anchor). 31,774/83-6,888 LDT - USD 366/LDT 23,245/87-8,834 LDT - USD 363/LDT TURKEY RORO ROSA DELMAS REEFER BALTIC NIGHT 27,577/85-14,222 LDT - USD 327/LDT 10,598/80-6,725 LDT - USD 320/LDT WeberSeas, Weekly Market Report Page 6 of 12

7 TYPE OF SHIP NEWBUILDING STATISTICS * TOTAL ORDERBOOK ULCC/VLCC SUEZMAX AFRAMAX PANAMAX MR ,000 DWT CAPESIZE/ MINI CAPE / VLOC ,000 DWT PANAMAX SUPRAMAX / HANDYMAX HANDYSIZE WeberSeas, Weekly Market Report Page 7 of 12

8 NEWBUILDING CONTRACTS No Size Type Yard Delivery 2 50,000 dwt Tanker NASSCO 2016/17 n/a 2 19,900 dwt Tanker 3 19,900 dwt Tanker 5 3,500 dwt Tanker Fukuoka & Shitanoe Shipyards Fukuoka Shipyard Chongqing Donggang Price (mill) Owners Comments Seabulk Tankers 2015/16 n/a Utkilen Stainless steel. + 3 options 2014 n/a Hansa Tankers Stainless steel 2015 n/a New Jinhang Shipping Stainless steel 2 82,000 dwt Bulker 2 64,000 dwt Bulker 2 64,000 dwt Bulker 2 64,000 dwt Bulker Jiangsu New Yiangzijiang Tianjin Xingang Guangzhou Huangpu Chengxi Shipyard 2015 n/a A. Torvald Klaveness 2016 $25.50 Ming Wah + 2 options 2016 $25.50 Ming Wah + 2 options 2015 $25.50 Ming Wah + 2 options 3 9,000 teu Container HHIC 2015 $79.00 Technomar 2 38,000 cbm LPG 1 7,500 cbm LPG 2 5,000 cbm LPG Hyundai Mipo Murakami Shipyard Murakami Shipyard 2014/15 $ $ /15 $18.00 Byzantine Maritime Tachibahnaya KK Tachibahnaya KK WeberSeas, Weekly Market Report Page 8 of 12

9 BALTIC DRY EXCHANGE RATES THIS WEEK LAST WEEK CHANGE CHANGE % Baltic Dry Index % Baltic Capesize % Baltic Panamax % Baltic Supramax % Baltic Handysize % Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul-11 B D I 20-Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep-13 B C I Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov-11 B P I 20-Jan Mar May Jul Sep Nov Jan Mar May Jul Sep-13 WeberSeas, Weekly Market Report Page 9 of 12

10 Baltic Clean Tanker Baltic Dirty Tanker BALTIC WET EXCHANGE RATES THIS WEEK LAST WEEK CHANGE CHANGE % % % Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov-11 BCTI 20-Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep-13 BDTI WeberSeas, Weekly Market Report Page 10 of 12

11 MAJOR CAPITAL MARKETS INDEX THIS WEEK* LAST WEEK* CHANGE CHANGE % 52 WEEKS HIGH 52 WEEKS LOW DOW JONES 15, , % 15, , NASDAQ 3, , % 3, , AIM % NIKKEI 14, , % 15, , PUBLIC COMPANIES NAME SYMBOL THIS WEEK* DRY-CARGO SECTOR LAST WEEK* CHANGE CHANGE % 52 WEEK HIGH 52 WEEK LOW DIANA DSX % DRYSHIPS DRYS % EAGLE BULK EGLE % GENCO GNK % GOLDENPORT HOLDINGS GPRT.L % NAVIOS HOLDINGS NM % NAME CAPITAL PRODUCT PARTNERS SYMBOL TANKER/ENERGY SECTOR THIS WEEK* LAST WEEK* CHANGE CHANGE % 52 WEEK HIGH 52 WEEK LOW CPLP % STEALTHGAS GASS % TEN TNP % NAME SYMBOL THIS WEEK* CONTAINER SECTOR LAST WEEK* CHANGE CHANGE % 52 WEEK HIGH 52 WEEK LOW DANAOS DAC % * Prices reflect Thursday s closing values. Prices in US$ except for Goldenport Holdings which is in GBP. WeberSeas, Weekly Market Report Page 11 of 12

12 RATES OF EXCHANGE THIS WEEK LAST WEEK CHANGE CHANGE % Euro / $ % Sterling / $ % $ / Yen % $ / Nok % $ / Won 1, , % Brent Crude % LIBOR (3-month) 0.25% 0.26% % ESTIMATED VALUES* TANKERS PROMPT RESALE 5 YEARS 10 YEARS 20 YEARS VLCC $77.0m $55.0m $35.0m $18.0m Suezmax $51.0m $40.0m $25.0m $10.0m Aframax $40.0m $28.0m $15.0m $8.0m Panamax $37.0m $25.0m $17.0m $9.0m Product $36.0m $21.5m $14.5m $5.0m BULK CARRIERS PROMPT RESALE 5 YEARS 10 YEARS 20 YEARS Capesize $44.0m $34.0m $24.0m $8.0m Panamax/Kamsarmax $29.0m $21.0m $15.0m $5.5m Supramax/Handymax $25.0m $21.0m $15.3m $6m * The above values are based and adjusted according only to recent reported sales and are subject to weekly changes. TANKER T/C RATES* 1 YR 3 YRS VLCC (300,000 dwt) /D 21,500/D SUEZMAX (150,000 dwt) 15,750/D /D AFRAMAX (110,00 dwt) 13,500/D /D PANAMAX (72,000 dwt) /D 15,500/D MR (45-50,000 dwt) /D 15,750/D * The above figures are representative rates for modern tankers only. BUNKER PRICES FUEL GRADES ROTTERDAM FUJAIRAH PIRAEUS SINGAPORE 380cst: $ $ $624,00 $ cst: $ $ $ $ MGO: $ $ $ $ The information contained in this report has been obtained from various market sources. WEBERSEAS (HELLAS) S.A. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. WSH will not be held responsible for any action or failure to take action upon reliance on information contained in this report WEBERSEAS (HELLAS) S.A. All Rights Reserved WeberSeas, Weekly Market Report Page 12 of 12

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