WEEKLY SHIPPING MARKET REPORT WEEK 6

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1 WEEKLY SHIPPING MARKET REPORT WEEK 6 WEEK 6 (6 th February to 12 th February 2016) Market Overview Bulkers For one more week Dry Bulk market follow the negative trend of the last months. Situation has been affected as well from Chinese New Year holidays which put the market in slower rhythms. Nevertheless there are still some buyers willing to acquire younger tonnages at lower price levels, taking advantage of the finance pressured sellers. M/V Spring Zephyr (181k dwt, 2010 Blt, Imabari) sold at $21,5 mill to Messrs Carval Investors price which remain in line with last week's sale of one year younger capesize M/V Obelix (181k dwt, 2011 Blt Imabari) at $22,5 mill to Messrs Alpha Bulkers. Owners of M/V Bulk Singapore (177k dwt, 2005 Blt Namura) decided to withdraw her from the market and focus on the sale of their 2006 Blt Capesize Bulker M/V Shin Sho (177k dwt, 2006 Blt Mitsui). It is remarkable to emphasize on the sale of M/V Falcon Trader II (54,9k dwt, 2009 Blt Oshima) which was committed at $7,8 mill while 2 years older M/V Federal Baffin (55k, 2007 Blt Oshima) sold 1 week before at similar levels. Tankers On the Tanker sector s&p activity was quite with few sales being reported. Lr1's M/T Lorelei & M/T La Boheme (73k dwt, 2007 blt Stx S. Korea) committed to Greek buyers at a price of $28 mill creating a new benchmark in the sector. Understand that M/T Ocean Mare (160k, 2006 blt Namura) invited offers on Monday. According to rumors she is still negotiated at a price in the region of high $20's. While M/T Bm Bonanza (105k Dwt / 2007 Blt Sumitomo) and M/T Isis ( 116k dwt, 2007 Blt Universal) are still for sale, it will be interesting to see the new benchmark for 9-10 years old Aframaxes. Furthermore one more Aframax was placed for sale M/T Dubai Attraction - (115k dwt / Blt 2011 Hanjin S. Korea) adding one more in the growing list of Aframaxes for sale. Demolition In the demolition sector a significant number of 90's built vessels are offered for demo while cash buyers have reduced levels at region $220 - $240 per ldt. Understand that about 25 Capesize Bulkers and 50 Panamaxes have been demolished since the begging of the year. 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 Spring Zephyr 181, Imabari, 08/2020 B&W - $ 21.5 U.S.A (Carval Investors) Mairaki 181, Stx, Korea - B&W - Undisclosed Greeks Kohyosan 172, Nkk, 06/2016 B&W - $ 5.0 Epson Trader 82, Medi Kobe 75, Falcon Trader II 54, Delia 41, Apollon 30, Tsuneishi, Kanasashi, Oshima, Varna, Bulgaria Nakai Zosen, Turkish (Karadeniz Holdings) 05/2017 B&W - $ 7.5 Far Eastern 05/2016 B&W - $ 2.7 Undisclosed 01/2019 B&W 4 x 30 T $ 7.8 Undisclosed 01/2018 B&W 4 x 30 T Undisclosed Undisclosed 07/2016 B&W 4 x 25 T $ 2.0 Middle East Tankers Name Dwt YoB Yard SS Engine Price (mill.) Buyer Lorelei 73, Stx, Korea 04/2017 B&W $ 27.8 La Boheme 73, Stx, Korea 03/2017 B&W $ 27.8 Greeks Kronborg 40, Sls, Korea 07/2017 B&W Undisclosed Undisclosed LPG Cambridge 26, HHI, Korea 02/2016 B&W $ 41.5 Indian Containers Name Dwt YoB Yard SS Engine Price (mill.) Buyer Vega Saturn 1, Taizhou, China 10/2018 B&W Undisclosed Undisclosed Advanced Shipping & Trading S.A Research 12/02/2016 2

3 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 12/02/2016 3

4 Advanced Shipping & Trading S.A Research 12/02/ Demolition & Newbuilding Demolition Sales Vessel Type Built Ldt Dwt Price ($) Country Comments Wugang Asia BC , India Netherlands Container , India Anemone BC , India YM Kaohsiung Container , India Option Bangladesh Weserwolf Container , As Is China King Grace GC , India Samjohn Spirit BC , Pakistan Aodabao BC , India Option Pakistan Eurasia GC , India Indicative Demolition Prices Country Tanker Prices Bulker Prices India Bangladesh Pakistan China Turkey Newbuilding Orders - Tankers No Type Dwt Yard Delivery Owner 1 Mr 50,000 Hyundai Mipo, Korea Price (mill.) 2017 Australian $ 47.5 Comments Bitumen/Products Tankers 2 Tanks Bitumen 10 Tanks For Oil Products

5 Dry Bulk Chartering Friday has arrived, Golden Week festivities are closing to an end and shipping professionals around the world are slowly but surely preparing themselves for the upcoming weekend. Week 6 signed off with positive signs(or maybe not?),as for the first time since December 24 th, 2015, the Baltic Dry Index scaled by 1 point to 291 points. Panamax ECSA/Feast grains activity looks certain to blame for this (as February marks the beginning of the harvest season for the South American exporting countries) and the related fixtures are here to prove it, their majority being concluded in the mid/upper usd 6,000 s plus usd150/175,000 ballast bonuses. Unfortunately, the same cannot be said for the rest of the market where the downward trend continues, an ongoing result of China s trepid demand for imported raw materials and the oversupply of tonnage. Capesize iron ore activity is back on the books after the festivities, yet the 4 mining majors (Vale, Rio Tinto, BHP Billiton and Fortescue Metals Group) continue to call the shots, paying usd 2.85 pmt fioex West Australia s Pilbara region ports and usd 5.60 pmt fioex Brazil s Tubarao port to North China s port of Qingdao, all for end February dates. Two index-linked period fixtures also surfaced today. Pacific Panamax fixtures are being reported in the low usd 3,000 s to mid usd 2,000 s range (always subject to delivery point and destination), whereas Supramax activity continues to revolve around Indonesian coal, with APS rates ranging fromusd1,500 to usd3,000 daily into South East Asian countries, China and India. Atlantic activity saw a number of fronthaul Ultramax fixtures being concluded in the usd mid 6,000 s range ex US Gulf and usd 7,000 plus a usd 70,000 ballast bonus ex ECSA, both with Far East redelivery. Mild activity on the Handysize segment, with fixtures ex Black Sea being reported in the low usd 1,000 s and usd 2,000 for Continent and Spanish Mediterranean destinations respectively Baltic Indices (Friday Closing Values) Index Week 6 Week 5 Change (%) BDI ,02 BCI ,13 BPI ,83 BSI ,25 BHSI ,67 Advanced Shipping & Trading S.A Research 12/02/2016 5

6 Advanced Shipping & Trading S.A Research 12/02/2016 6

7 Key Indicators & Stock Markets Currency Week 6 Week 5 Change (%) EUR / USD ,40 USD / JPY ,13 USD / KRW 1, , ,17 USD / NOK ,42 Commodity Week 6 Week 5 Change (%) Brent Crude (BZ) ,52 Natural Gas (NG) ,44 Gold (GC) 1, , ,88 Wheat (W) ,60 Euro/Usd /07/ /07/ /08/ /08/ /09/ /09/ /10/ /10/ /11/ /11/ /11/ /12/ /12/ /01/ /01/ Feb Weekly Brent Crude Price /07/ /07/ /08/ /08/ /09/ /09/ /10/ /10/ /10/ /11/ /11/ /12/ /12/ /01/ /01/ /02/2016 Advanced Shipping & Trading S.A Research 12/02/2016 7

8 Advanced Shipping & Trading S.A Research 12/02/ Bunker Prices Port IFO 380 IFO 180 MGO Piraeus Fujairah Singapore Rotterdam Houston Shipping Stock Prices Dry Bulk Company Stock Exchange Week 6 Week 5 Change (%) Diana Shipping Inc (DSX) NASDAQ ,71 DryshipsInc (DRYS) NASDAQ ,47 Euroseas Ltd (ESEA) NASDAQ ,50 Eagle Bulk Shipping Inc (EGLE) NASDAQ ,50 Freeseas Inc (FREESE) NASDAQ ,72 Navios Maritime (NM) NYSE ,95 Navios Maritime PTN (NMM) Paragon Shipping Inc (PRGN) Star Bulk Carriers Corp (SBLK) Seanergy Maritime Holdings Corp (SHIP) NYSE ,58 NASDAQ ,58 NASDAQ ,98 NASDAQ ,83 Safe Bulkers Inc (SB) NYSE ,90 Golden Ocean (GOGL) NASDAQ ,58

9 Advanced Shipping & Trading S.A Research 12/02/ Shipping Stock Prices Wet Company Stock Exchange Week 6 Week 5 Change % Capital Product Partners LP (CPLP) NASDAQ ,74 TOP Ships Inc (TOPS) NASDAQ ,73 Tsakos Energy Navigation (TNP) NYSE ,90 Shipping Stock Prices Other Company Stock Exchange Week 6 Week 5 Change (%) Aegean Maritime Petrol (ANW) NYSE ,76 Danaos Corporation (DAC) NYSE ,64 StealthGasInc (GASS) NASDAQ ,07 Rio Tinto (RIO) NYSE ,79 Vale (VALE) NYSE ,52 ADM Archer Daniels Midland (ADM) NYSE ,65 BHP Billiton (BHP) NYSE ,43 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: research@advanced-ship.gr

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