S&P MONTHLY REPORT MAY 2009

Transcription

1 Ship sale volume: MAY 9 APR 9 Total number of Ships sold this month: last month Dry cargo Ships sold this month: last month Wet cargo Ships sold this month: last month Scrap volume: Ships scrapped this month: S&P MONTHLY REPORT MAY 29 Executive Summary 89 7 last month Highest Scrap Price paid this month: $285/ldt BANGLADESH Newbuilding Ships Prices (1/5/29) Dry Cargo CAPE 4/7/28 PMX 4/7/28 HMAX 4/7/28 NEWBUILDING $62. $96.8 $38. $57.3 $31. $49.4 Tanker Ships VLCC 4/7/28 SUZ 4/7/28 AFR 4/7/28 NEWBUILDING $19.4 $157. $77. $96.5 $58.5 $78. PAN 4/7/28 PROD 4/7/28 $52.3 $65. $4. $55.5 Average Dry cargo T/C Earnings (worldwide routes): May9 Apr9 Mar9 Feb9 Capes >144, dwt: $39,66 $22,337 $26,146 $32,45 Large Bulkers 144, 85, dwt: $18,287 $12,892 $19,5 $18, Panamax 82, 59, dwt: $17,27 $13,752 $15,798 $11,532 Handymax 59, 48, dwt: $16,847 $15,82 $15,832 $12,329 Handy 48, 4, dwt: $14,77 $13,864 $15,629 $1,931 Bulkers 4, 3, dwt: $13,74 $13,575 $13,585 $1,225 Small Bulkers 3, 12, dwt: $11,773 $8,9 $11,23 $7,543 Scrap Prices for MAY 29 HIGH $245 AVERAGE $226 MAY 29 AVERAGE $233.5 INDIA HIGH $28 AVERAGE $233 APR 29 AVERAGE $258. BANGLADESH HIGH $285 AVERAGE $24 MAR 29 AVERAGE $279.2 PAKISTAN HIGH $282 AVERAGE $248 FEB 29 AVERAGE $255.8 TURKEY HIGH $182 AVERAGE $182 JAN 29 AVERAGE $262.7 $373.4 % since BALTIC INDICES Baltic Dry Index Baltic Panamax Index Baltic Supramax Index Baltic Cape Index Baltic Clean Tanker Index Baltic Dirty Tanker Index GENERAL SCRAP PRICE AVERAGE 29May9 LAST MONTH 3Apr9 31Mar9 27Feb % % % % % % N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 1 of 18

2 DRY CARGO SHIPS SOLD DURING THIS MONTH NAME TYPE YEAR BUILT DWT GEAR PRICE DALIAN CAPESIZE RESALE SWS CAPESIZE RESALE BC 21 DALIAN SHIPYARD 18, $7.m NAME CLIENTS OF COSCO NATION BC 21 SWS 177, $63.m GREEK NOTES MAY 29 IMO IN MAY 28 A SAME RESALE (28 BLT) WAS SOLD AT $153m!! A 58% DECREASE IN VALUE MINERAL LIBIN BC 26 SHANGHAI WAIGAOQIAO 173,8 $54.m DA TONG SHIPPING BOCIMAR. SOLD ON SUBJECTS REPORTS SAY THAT THERE IS WIDE LAYCAN AGREED MINERAL AZALEA BC 1999 KOYO MIHARA 171,199 $46.m TMT TAIWAN CMB SA BELGIUM STAR EUROPE BC 1986 HYUNDAI HI 17,698 $9.m FUJIAN OCEAN TAI SHAN BC 1999 HALLA SAMHO 169,147 $36.m VALE BRAZIL CHARTWORLD, SOLD BASIS DELIVERY MAY OAK MARITIME CANADA INC, CANADA TRINITY BULK BC 199 SUMITOMO HI 151,226 $2.m REPORTED SOLD IN JAN 29 FOR $14.5MIL DEAL THEN FAILED OTHER LATER REP SAYS $18MIL CSE WISDOM BC 1984 CSBS 15,431 $1.m STEEL EXPRESS CORP TAIWAN PENELOPE BC 1997 KAWASAKI HEAVY INDUSTRY 15,393 $27.m VALE BRAZIL NEDA MARITIME AGENCY CO LTD WAS SOLD IN DEC 26 FOR $6MIL USD EURYDICE D. BC 1985 HYUNDAI HI 14,532 $8.5m WINNING MARMARAS NAVI\GATION TIEN SHAN BC 1994 HASHIHAMA ZOSEN 128,826 $19.m SINCERE NAVIGATION CORP SS/DD 2/9 SEA BREEZE BC 29 SUNGDONG 91,8 $41.m UNDISCLOSED Sungdong 138 SELLERS ARE BLENHEIM SHIPPING UK LTD RESALE BC 29 ZHOUSAN 82,6 $36.m MBA MICHELE BOTTIGLIERI ARMATORE ITALY DELIVERY OCTOBER 29. KAMBARA KISEN CO LTD JAPAN ZHOUSHAN SS55 BC 29 ZHOUSHAN 82,5 $37.8m GREEK DELIVERY 11/ STAR OF KILAKARAI BC 29 JAPAN 81,2 $38.5m KOREAN KOREA DELIVERY 7/29 PIONEER SHIP MANAGEMENT UAE YI HENG BC 1976 MITSUI 77,827 $6.75m UNDISCLOSED SHENG HUA SHIPPING GROUP LTD INCIDENTLY SHE WAS REPORTED SOLD IN FEB 24 AT $6.75MIL (SAME PRICE AS NOW!) NORD JUPITER BC 26 OSHIMA ZOSEN 77,171 $33.m EUROPEAN EUROPE MITSUBISH ORE TRANSPORT JAPAN OTHER REP SAYS $33.5MIL QUEEN LILY BC 24 JAPAN 76,629 $3.6m UNDISCLOSED DOUN KISEN KK JAPAN TRAFALGAR BC 21 ZOSEN 76,397 $28.m OCEAN FREIGHTERS BRITISH MARINE PLC UK SHE WAS ACQUIRED IN JUL 27 FOR $5MIL USD, AND SOLD IN MAY 26 FOR $32MIL USD MARITIME CHRISTINE BC 24 76,3 $3.8m UNDISCLOSED ORIENT LINE KK JAPAN N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 2 of 18

3 AGIOS RAPHAEL BC 1982 VEROLME ESTALEIROS REUNIDOS DO BRASIL 75,485 $5.m UNDISCLOSED THIRD MILLENIUM SHIPPING LTD LOCH LOMOND BC 22 SANOYAS 75, $27.m BASIC SPIRIT BC 1999 SUMITOMO 73,66 $22.5m ISLAND GLOBE BC 1995 SAMSUNG HI 73,119 $19.2m DA TONG SHIPPING YUEDIAN SHIPPING WAKOH KISEN KK JAPAN SS/DD 6/ GLOBUS MARITIME. OLDER SALE SINCE BEGINNING APRIL 9 ACCORDING TO OUR SOURCES SHE WAS ACQUIRED BY GLOBUS IN JULY 27 FOR $37.9MIL USD LANSING BC 1996 SAMSUNG 73,4 $21.m UNDISCLOSED CARDIFF MARINE INC HER HISTORY AS FOLLOWS: AUG 24 $29MIL, SEP 25 $3.5MIL, APR 27 $42MIL, NOW $21MIL MELODIA BC 1997 IMABARI 72,272 $2.6m KAWASAKI KISEN KAISHA LTD JAPAN HALO OLYMPUS BC 1997 HITACHI ZOSEN 72,37 $21.m FORMOSA PLASTICS DOJIMA MARINE CO LTD JAPAN SOLD ENBLOC TORM TORM MARTA BC ,638 MARTA AND TORM $42.5m LONGSHENG $42.5m FOR SHIPPING BOTH UNITS. SELLERS ARE TORM LINES, TORM BALTIC BC ,614 DENMARK TRINITY BC 1993 HASHIHAMA 69,67 $17.1m SEA PIONEER SHIPPING CORP SHE WAS SOLD TO SEA PIONEER IN AUG FOR 27MIL USD. (LAST MONTH APR 9 SHE WAS REPORTED SOLD FOR $16m) FAR EASTERN EXPRESS BC 1992 IMABARI 69,31 $14.85m EMIC RUBIN ROSEBAY BC 1994 IMABARI 69,121 $18.5m SOLD BASIS SS/DD DUE TOYO SANGYO CO LTD JAPAN GRAND GEORGE BC 1982 KOREA 64,584 $3.6m STAMFORD NAVIGATION INC DIGNITY T BC 1984 HITACHI 63,695 4X25T $7.m SOLD BASIS SS PASSED TSANGARIS BROS LTD SEA CHARM BC 1982 HYUNDAI HI 61,55 3X25T $3.5m UNDISCLOSED HELLENIC STAR SHIPPING GEORGIA BC 1982 SHIPBUILDING 6,18 $3.75m EASTERN MEDITERRANEAN MARITIME IHI RESALE BC 29 IHI MARINE 55,9 $31.5m BYZANTINE DELIVERY AUGUST 29. MARDENIZ TURKEY IKAN MEXICO BC 26 OSHIMA 55,79 4X3T $28.5m FAR EASTERN FAR EAST PACIFIC CARRIERS LTD SINGAPORE VICTORIA II BC 29 TAIZHOU JIANTIAO 55,33 $26.m TOP SHIPS TANTO INTIM LINE, INDONESIA. SOLD ON SUBJECTS. TO BE DELIVERED EX YARD 7/29 OTHER REP SAYS $27MIL KORIANA BC 21 KRS 52,224 4X25T $2.4m GREEK NEDA MARITIME (LYKIARDOPOULO) SHE WAS ACQUIRED IN JAN 7 FROM GEDEN LINES FOR 39.5MIL USD N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 3 of 18

4 NORD WHALE BC 24 KAWASAKI SHIPBUILDING 5,354 4X3.5T $24.5m GREEK NORDEN DENMARK DUBAI GUARDIAN BC 1997 OSHIMA SHIOBUILDING 47,271 4X3T $17.m VINALINES VIETNAM EMARAT MARITIME LLC, UAE MOORGATE BC 199 JAPAN 45,875 4X3.5T $11.4m INDONESIAN INDONESIA ZODIAC MARITIME AGENCIES LTD UK OTHER REPORT SAYS 11.1MIL FAREAST DARYA RANI BC 1996 HASHIHAMA TADOTSU 45,654 4X3T $17.m ANGLO EASTERN SHIPMANAGEMENT, HONG KONG, SAGACIOUS ID BC ,647 4X3T $16.9m UNDISCLOSED SHIPBUILDING BIDSTED & CO AS DENMARK SEA LUCK BC 1995 SHIPBUILD 45,429 4X25T $15.5m RESOURCES EASTERN MEDITERRANEAN MARITIME KEN OCEAN BC 1994 KANASASHI 45,212 4X25T $15.2m NINGBO DATANG SHIPPING IKAROS SHIPPING & BROKERAGE LTD,. SS/DD RECENTLY PASSED MIRANDA ROSE BC ,296 4X25T $4.7m UNDISCLOSED BRITISH MARINE PLC UK YICK LUK BC 1982 JAPAN 42,925 5X15T $3.1m UNDISCLOSED COSCO CHRISTOS BC 1983 NIPPON 41,52 4X25T $4.7m FAR EASTERN FAR EAST ALLSEAS OAK 2 BC 1997 BULGARIA 41,363 4X3T $12.75m UNDISCLOSED SOLD AT AUCTION. SHE WAS PURCHASED IN MAR FOR $18MIL SPAR TOPAZ BC 1987 ISHIKAWAJIMA 38,455 4X25T $7.8m UNDISCLOSED AGIA THALASSINI I BC 1984 KURUSHIMA 36,85 5X25.5T $5.25m UNDISCLOSED SELLERS LAURITZEN BULKERS AS, DENMARK MARMARAS NAVIGATION SPAR EMERALD BC 1987 NIPPON KOKAN 34,97 4X25T, 16 TEU $6.75m TURKISH TURKEY SPAR SHIPPING AS NORWAY OMER KAPTANOGLU BC 1984 MITSUBISHI 34,67 4X25T $5.5m GREEK KAPTANOGLU SHIPMANAGEMENT TURKEY MARILIA BC 1982 AUSTIN & PICKERSGILL 34,6 4X25T $2.7m AKEA TRADING OCEANMARIS MANAGEMENT ABKHAZIA BC 1982 JAPAN 34,111 4X25T $2.8m UNDISCLOSED SOVFRACHT RUSSIA IVS SWIFT BC 23 SHIN KOCHI 32,662 4X3T $19.8m GREEK ISLAND VIEW SHIPPING SOUTH AFRICA IVS KENSO BC 25 KANDA 32,642 4X3.5T $22.m GREEK SHE WAS REPORTED SOLD IN FEB 29 FOR $22.5MIL TO GREEK ISLAND VIEW SHIPPING SOUTH AFRICA CENTAURUS BC 1983 NKK CORP SHIMIZU JAPAN 32,244 2X25T 2X15T $3.1m DUBAI UAE GRECOMAR SHIPPING AGENCY LTD HAD BEEN REPORTED ALSO IN APRIL 29 UNDISCLOSED AND PRICE KONTULA BC 198 FINLAND 31,85 4X28T $4.m UNDISCLOSED ESL SHIPPING OY FINLAND EASTWIND RUBICON BC 1991 EASTWIND RUHR BC 1992 EASTWIND RHINE BC 199 A WARSKIEGO SZCZECINSKA 29,999 GLESS SOLD ENBLOC EASTWIND RUBICON, EASTWING RUHR, EASTWIND RHINE SZCZECINSKA PRIAMOS FOR $24.6m FOR ALL 29,999 GLESS $24.6m STOCZNIA SHIPPING THREE UNITS. SELLERS ARE EASTWIND SHIPMANAGEMENT PTE, A WARSKIEGO SINGAPORE 29,999 GLESS SZCZECINSKA N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 4 of 18

5 MARITIME FRIENDSHIP BC 1984 IMABARI MARUGAME 29,135 4X25T $4.3m GREEK TRANSASIA POOL PTE LTD, SINGAPORE BALTIC BULKER BC 1995 KANASASHI 28,574 4X3T, 1X2T $12.8m NEW CENTURY OVERSEAS MGMT INC PHILIPPINES JA SUNRISE BC ,542 4X3T $12.m FIRST MARINE SERVICE JAPAN SEALINK BC ,234 4X25T $4.m UNDISCLOSED THENAMARIS SHIPS MANAGEMENT. SHE WAS REPORTED SOLD IN MAY 28 FOR 22MIL USD SANKO EAGLE BC 1997 NAIKAI SETODA 27,868 4X3T $14.5m GREEK SANKO STEAMSHIP CO LTD JAPAN WORADA NAREE BC 1983 IMABARI 25,424 4X25T $3.5m PRECIOUS SHIPPING PUBLIC THAILAND AVANTA BC 1982 IMABARI IMABARI 25,417 3X25T, D1X25T $2.1m GREEK ISTOS MARITIME INC, PATCHARA NAREE BC 1984 IMABARI IMABARI 25,43 3X25T, D1X25T $3.9m SYRIAN SYRIA PRECIOUS SHIPPING PUBLIC, THAILAND KHLOUD F BC 1982 IMABARI 24,794 3X25T $2.9m UNDISCLOSED MUDALAL NAVIGATION CO SYRIA 8132 WORLD ACE BC 21 SHIN 23,693 4X3.5T $14.m UNDISCLOSED KURUSHIMA HISAMOTO KISEN CO LTD BLUE LEO BC 1998 SHIN KURUSHIMA 23,62 4X3.5T $12.m UNDISCLOSED TOKO KAIUN KAISHA LTD JAPAN BLUE ARIES BC 1998 KANASASHI 23,612 4X3.5T $12.m TOKO KAIUN KAISHA LTD JAPAN OTHER REP SAYS $12.5MIL AFRICAN LION BC 1982 UWAJIMA ZOSENSHO 22,43 2X26T, D2X25T $2.2m ELMAR SHIPPING GRACIUS BC 1981 UWAJIMA 22,172 4X25T $1.9m UNDISCLOSED ZOSENSHO SELELRS ARE FRANGOULIS SHIP MANAGEMENT SOLD ENBLOC LUCY OLDENDORFF BC 1992 JAPAN 22,16 4X3T $8.5m ELISABETH OLDENDORFF AND LUCY OLDENDORFF TO AT $17m FOR BOTH UNITS. ELISABETH BC 1992 JAPAN 22,154 4X3T $8.5m OLDENDORFF CARRIERS OLDENDORFF GMBH GERMANY ZEYNEP G MPP 1985 WARNOWERFT 17,85 D1X125T, D2X25T, 4X12.5T, 533 TEU $4.m UNDISCLOSED MARTI DENIZCILIK TURKEY CLIO MPP 198 GDR 17,31 D1X25T, D4X35T, D4X1T $1.65m UNDISCLOSED OCEANMARIS MANAGEMENT JAVA BRIDGE CONT 1998 NAIKAI 16, TEU $7.m PAN CONTINENTAL KOREA YAMAMOTO KAIUN KK JAPAN QUANTUM BC 198 USR 14,55 67 BHP $1.8m UNDISCLOSED PENDULUM SHIPPING INC ACCORDING TO REPORTS SHE WAS LAID UP MARINE MPP 1983 GDR 12,62 D5X4T P&C DEAL MIDDLE EASTERN MIDDLE EAST OCEANMARIS MANAGEMENT AMADORE BC 1987 SPAIN 11,91 GLESS $3.5m RUSSIAN RUSSIA ALSO REPORTED SOLD AS SEA AMETHYST (EX NAME) CAPTAIN STAMOS CONT 1983 DONGHAE 11,27 D5X3T P&C DEAL UNDISCLOSED FULLY CELLULAR CONTAINER VESSEL ANEMOS SHIPPING SHE WAS ACQUIRED IN NOV 26 FOR $5.5 MIL N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 5 of 18

6 ARDMORE CONT 1999 HAKATA ZOSEN 1,5 4X4T, 852 TEU $4.m UNDISCLOSED TAIYO KAIUN KAISHA LTD JAPAN ALSO REPORTED SOLD AS MOL AMBITION (EX NAME) RESOLUTION CONT 1999 HAKATA ZOSEN 1,5 2X4T, 932 TEU $4.m UNDISCLOSED KOTOKU KAIUN CO LTD SUN FRONTIER MPP 1997 JAPAN 9,651 2X3T D2X3T $6.5m UNDISCLOSED NOMA SHIPPING CO LTD JAPAN THAI ROSE BC 1997 SHIN KURUSHIMA 8,668 2X3T, D2X25T $6.m JAPANESE JAPAN ALTAMAR INTERNATIONAL PHILIPPINES EVRIKLIA MPP 1978 NEPTUNE SCHIFFSWERFT 7,98 D4X22.5T $1.1m UNDISCLOSED OCEAN WAVE MARITIME JI XIANG KOU RORO 198 KAWASAKI 7, LOA, 1374 LM $2.m SHANDONG MUPING SHPG CO LTD AMSTERDAM MPP 1985 KOREA 6,726 2X2T D2X15T $1.5m UNDISCLOSED EMPROS LINES SHIPPING CO NOVA AUSTRALIA REEFER 1984 KITANIHON 5,438 D6X5T $4.m SEIN SHIPPING KOREA ADRIATIC REEFER 1984 KITANIHON 4,173 D6X5T $3.m SEIN SHIPPING KOREA SEATRADE GRONINGEN BV NETHERLANDS SEATRADE GRONINGEN BV NETHERLANDS BLACK PRINCE PASS 1966 LUEBECKER 3, LOA, 451 PAX $2.4m SERVICIOS ACUATICOS VENEZUELA FRED OLSEN & CO NORWAY UNDISCLOSED TMM ISLA CORONADO TUG 1982 USA 1,2 39 BHP MEXICO Note1: With Red color are indicated all Greek interest Buyers or Sellers DRY CARGO 2ND HAND MARKET STATISTICS SELLERS STATS 29 MONTHLY UNIT SALE ACTIVITY country units % 29 UNITS OUTLAY$ DWT % JANUARY 62 $812.15m 2,55,893 JAPAN % FEBRUARY 73 $682.5m 2,622, % MARCH 13 $1,26.38m 3,923,727 SINGAPORE % APRIL 75 $913.2m 3,569,193 UK % MAY 98 $1,49.6m 5,323,6 KOREA % JUNE $.m DENMARK % JULY $.m NORWAY % AUGUST $.m GERMANY % SEPTEMBER $.m SELLERS Greek Sellers are back in number one TURKEY % OCTOBER $.m place after being challenged by Japanese Sellers. THAILAND % They have disposed 85 units so far in 29, while NOVEMBER $.m ITALY % Japanese Sellers have sold 78 units. 3rd place follows DECEMBER $.m Chinese with 28 units, with Singapore based selles PHILIPPINES % TOTAL 411 $4,843.64m 17,945,224 4th with 25 units. Uk Sellers are 5th with 21 units. INDIA % NETHERLANDS % 29 DRY CARGO STATISTICS UAE 4.97% COUNTRY UNITS % OUTLAY ($) % DWT % RUSSIA 4.97% % $1, % 4,861, % SWEDEN 4.97% % $ % 3,19, % ALL OTHER % TURKEY % $ % 354, % UNDISCL 2.49% JAPAN % $ % 1,439, % TOTAL % FAR EAST % $83 1.7% 496, % China from last month, has taken the lead GERMANY % $ % 31, % strongly and has bought a total of 87 units. If we add SYRIA % $24.5% 196,58 1.9% also the ships of Taiwan (8), and Hong Kong ( 2) and INDONESIA % $ % 242, % some of the Far East undisclosed deals ( 12), we see that China has emerged as THE Buyer's nation of TAIWAN % $ % 641, % secondhand tonnage. Greeks follow with 68 units, VIETNAM % $ % 26, % while much lower are Japanese and Turkish buyers sharing 3rd place with 13 units each. BRAZIL 7 1.7% $ % 1,293, % ITALY 7 1.7% $ % 214, % KOREA % $ % 26, % NORWAY % $ % 126,18.7% UNDISCL % $ % 3,269, % ALLOTHER % $ % 1,156, % TOTAL % $4,858 1.% 17,962,255 1.% N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 6 of 18

7 Out of a total of 411 Dry cargo vessels sold during the first 5 months of 29, it is interesting to see that 28 vessels (7% of total) are built in JAPANese Shipyards. This is a very interesting trend that was definitely not occuring before Oct 28. It seems that post Oct Crisis, most cash buyers must have felt more secure going for mid 8's, and 9's secondhand Japanese built tonnage. Going deeper in the statistics of the new S/H Bulkers buying trend we see also that, 346 Bulkers (BC, MPP, TWEEN, SD) have been sold so far. Out of these bulkers an impressive 76% were Japanese Built units. So it is clearly obvious as 3 out of 4 Bulkers sold are "BIG IN JAPAN " it goes without saying that if a ship wants to stand a good chance of finding quickly a new owner she better be built in JAPAN!!! DRY CARGO UNITS SOLD BREAKDOWN PER MONTH BC SD CONT MPP TWEEN REEFER PASS RORO OTHER TOTAL JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER TOTAL units Dry cargo units sold 29 vs Dry cargo Capital expend. 29 vs $4,15.m $3,95 $3, $3,65.m 9 83 $3,15.m $2,675 $2, $2,65.m $2,27 $2, $2,15.m $1, $1,339 $1,34 $1,62 $1,65.m $913 $812 $ $1,15.m $1,26 $89 $ $65.m $351 3 $15.m JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER In the table on the top we see monthly number of dry cargo ships sold as of May 29, compared to 28 monthly activity. $91 $76 $61 $46 $31 $16 $128 $18 $88 $68 $48 $28 $8 NB BULKERS PRICE COMPARISON In the table on the top we see the MONTHLY dry cargo capital expenditure for May 29 compared to 28 monthly activity. 23 built (5Y) OLD BULKERS PRICE COMPARISON CHANGE CHANGE FRM 4/7/8 6/7/27 4/7/28 1/5/29 FRM 4/7/8 TYPE 6/7/27 4/7/28 1/5/29 TYPE NB CAPE $83. $96.6 $62. 36% 5y CAPE $12. $15.3 $5. 67% NB PMX $42. $56.5 $38. 33% 5y PMX $59. $86.5 $32. 63% NB HANDY $39. $48.5 $31. 36% 5y HANDY $54.5 $72.5 $26. 64% 1998 built (1Y) OLD BULKERS PRICE COMPARISON 1988 built (2Y) OLD BULKERS PRICE COMPARISON TYPE 6/7/27 4/7/28 1/5/29 CHANGE CHANGE FRM 4/7/8 6/7/27 4/7/28 1/5/29 FRM 4/7/8 1y CAPE $82.1 $131. $4.6 69% 2y CAPE $35. $83. $2.2 76% 1y PMX $5. $76. $ % 2y PMX $27. $48. $11. 77% 1y HANDY $42. $62. $ % 2y HANDY $23. $41. $9.5 77% Tables above compare prices from 6th July 27 and 4th Jul 28 with today Jan May Sep Jan May Sep DRY CARGO (2 29) NB vsl PRICES CAPE 17K PANAMAX 7K HANDY 5K Jan1 May1 Sep1 Jan2 May2 Sep2 Jan3 May3 Sep3 Jan4 May4 Sep4 Jan5 May5 Sep5 Jan6 May6 Sep6 Jan7 May7 Sep7 Jan8 May8 Sep8 Jan9 May9 DRY CARGO (2 29) 1y OLD vsl PRICES CAPE 17K PANAMAX 7K HANDY 5K Jan1 May1 Sep1 Jan2 May2 Sep2 Jan3 May3 Sep3 Jan4 May4 Sep4 Jan5 May5 Sep5 Jan6 May6 Sep6 Jan7 May7 Sep7 Jan8 May8 Sep8 Jan9 May9 $145 $123 $1 $78 $55 $33 $1 $77 $65 $52 $4 $27 $15 $2 Jan May Sep Jan May Sep TYPE JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER DRY CARGO (2 29) 5y OLD vsl PRICES CAPE 17K PANAMAX 7K HANDY 5K Jan1 May1 Sep1 Jan2 May2 Sep2 Jan3 May3 Sep3 Jan4 May4 Sep4 Jan5 May5 Sep5 Jan6 May6 Sep6 Jan7 May7 Sep7 Jan8 May8 Sep8 Jan9 May9 DRY CARGO (2 29) 2y OLD vsl PRICES CAPE 17K PANAMAX 7K HANDY 5K Jan1 May1 Sep1 Jan2 May2 Sep2 Jan3 May3 Sep3 Jan4 May4 Sep4 Jan5 May5 Sep5 Jan6 May6 N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 7 of 18 Sep6 Jan7 May7 Sep7 Jan8 May8 Sep8 Jan9 May9

8 TANKER SHIPS SOLD DURING THIS MONTH NAME TYPE YEAR BUILT DWT PRICE CAMDEN TANKER 1992 DAEWOO 298,36 $51.m PRICE NOTE DH SS/DD 5/21 NAME PDVSA NATION SOUTH AMERICA NOTES MAY OTHER REP SAYS $52 $53MIL REGION 29 IMO HYDRA STAR TANKER 1994 NKK ENBLOC 35,846 $22.5m ENBLOC HYDRA STAR & HYDRA STAR & CARINA STAR FOR $22MIL CARINA STAR EACH FOR CONVERSION $22.5MIL EACH VELA UNIT SOLD INTERNATIONAL UAE FOR OTHER REP SAYS $22MIL CONVERSION CARINA STAR TANKER 1994 NKK 35,668 $22.5m EACH TO FPSO ASTRO LIBRA TANKER 1992 DAEWOO SHIPBUILDING 284,41 $16.5m SH KRISTEN NAVIGATION. SS 2/212, 9986 DD 5/21 AGIOS NIKOLAOS III TANKER 1991 HITACHI ZOSEN 281,751 $15.m EASTERN MEDITERRANEAN MARITIME. SOLD FOR CONVERSION TO DRYDOCK. IN JULY SHE HAD BEEN REPORTED SOLD AT $42m EL JUNIOR TANKER 1995 HITACHI 266,72 $18.75m UNDISCLOSE D TSAKOS SHIPPING AND TRADING HEADWAY TANKER 1989 SEAGRACE TANKER 22 DAEWOO SHIPBUILDING 149,999 $6.5m SAMHO HEAVY INDUST 149,921 $57.m CRUDE UNDISCLOSE D NORDIC AMERICAN TANKERS (NATS) USA ALSO REPORTED SOLD FOR SCRAP THENAMARIS SHIP MANAGEMENT,. ENBLOC PACIIFIC HARVEST TANKER 29 SUMITOMO SOLD ENBLOC 15,4 $51.m PACIIFIC PACIFIC GENESIS & HARVEST & PACIIFIC HARVEST, PACIFIC $5$51 EACH UNIT GENESIS, CIDO PRICE IS 5 SHIPPING HONG PACIFIC GENESIS TANKER 29 SUMITOMO 51MIL USD 14,9 $51.m KONG EACH MOLDA TANKER 1994 SANOYAS HISHINO 96,347 $16.75m DH EUROTANKE RS LUDWIG MOWINCKELS REDERI NORWAY OTHER REP $16.5MIL USD PACIFIC POLARIS TANKER 24 IWAGI 48, $29.m UNDISCLOSE D CIDO SHIPPING OCEAN COMMAND TANKER 29 HYUNDAI MIPO 46,6 $37.5m ENBLOC ENBLOC OCEAN OCEAN COMMAND & OCEAN COMMAND & COMPASS FOR $37.5MIL OCEAN GNMTC LIBYA EACH UNIT SELLERS COMPASS ARE INTERORIENT OCEAN COMPASS TANKER 29 HYUNDAI MIPO 46,6 $37.5MIL EACH MARINE SERVICES $37.5m UNIT CYPRUS SPIRIT EXPRESS TANKER 22 SHIN KURUSHIMA 45,861 $25.5m GREEK SHINTOKU KAIUN KK JAPAN SITEAM ROVER TANKER 29 SITEAM RANGER TANKER 21 SITEAM MARINER TANKER 211 SOLD ENBLOC SITEAM BRODOTROGIR ROVER/RANGER/MARINE SHIPYARD 46, R FOR ABT $124m FOR SOLD ENBLOC ALL THREE UNITS. (avg 3 X EITZEN $41m EACH UNIT). IMO II. CHEM RESALE EITZEN BRODOTROGIR LAURIN SHIPYARD 46,26 $124.m FOR ABT USA CHEMICAL. BASIS $124m FOR MARITIME DELIVERY 29/21/211. ALL THREE DEAL WAS DONE ON UNITS. IMO II NOVATION. AND IS SUBJ BRODOTROGIR APPROVAL BY THE YARD SHIPYARD 46,26 AND REFUND GUARANTORS. RANGOON TANKER 1989 KOYO MIHARA 41,57 $6.m COILED/COATE D/DH/IGS/COW /SBT INDONESIAN INDONESIA TANKER PACIFIC MANAGEMENT SINGAPORE. SOLD ON SUBS N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 8 of 18

9 VARDEN TANKER 1989 HANJIN HI 29, SOLD ENBLOC SOLD ENBLOC VARDEN, VARDEN, STOLZEN, SKARVEN, STOLZEN TANKER 199 HANJIN HI 29,995 STOLZEN, FAR KVARVEN FOR $16m FOR $16.m SKARVEN, EASTERN FAR EAST ALL 4 UNITS. ON SKARVEN TANKER 199 HANJIN HI KVARVEN FOR 29,995 SUBJECTS $16m FOR ALL MSI SHIP MANAGEMENT, 4 UNITS SINGAPORE KVARVEN TANKER 1991 HANJIN HI 29, PUNICA TANKER 25 STX JINHAE 29,6 $25.m ENBLOC ENBLOC PEONIA & PEONIA & PUNICA FOR $25MIL USD PUNICA FOR GNMTC LIBYA EACH UNIT SELLERS $25MIL USD ARE ZACCHELLO GROUP PEONIA TANKER 25 STX JINHAE 28,987 $25.m EACH UNIT ITALY SICHEM ARCTIC TANKER 1991 LINDENAU 23,4 AEGEAN MARINE PETROLEUM SELLERS RE EITZEN CHEMICAL, SINGAPORE 9182 BUMI NUSANTARA TANKER 1998 HANJIN HI 17,998 $14.7m SOLD ENBLOC SOLD ENBLOC TO TO UNDISCLOSED UNDISCLOSED VIETNAMESE VIETNAM FOR $14.7m EACH UNIT. FOR HANJIN ANDHIKA $14.7m EACH TANKER 1998 HANJIN HI SHIPPING CO LTD, KOREA 17,998 $14.7m UNIT ADINUGRAHA JO CALLUNA TANKER 1986 NTH 12,186 $2.m COATED/COILE D SUZANNE TANKER 1995 HAYASHIKANE DY 11,533 $9.1m VESTLAND MARINE UNDISCLOSE D POLAND ODFJELL JO NORWAY 8564 ASAHI MARINE CO LTD, JAPAN PRINCESS PACIFIC TANKER 1985 FUKUOKA 9,195 $2.5m MIDDLE EAST MIDDLE EAST PEGASUS SAMUDERA TANKER SINGAPORE SOUTHERN VIOLET TANKER 1992 ASAKAWA 9,61 $6.m ST STEEL/DH UNDISCLOSE D BETTY THERESA TANKER 1995 MALTA SB 8,491 $8.m DH/CHEMICAL UNDISCLOSE D SOUTHERN SHIPPING PTE LTD, SINGAPORE V SHIPS UK LTD, UK ENBLOC JO PALM, JO MAPLE, FOR $2m EACH JO PALM TANKER 1991 JAPAN 8,236 ENBLOC JO UNIT PALM, JP ODFJELL JO NORWAY. MAPLE TO TURKISH (DEAL REPORTED LAST $4.m TURKISH TURKEY MONTH THAT THESE FOR TWO PLUS 'JO CALLUNA' $4m FOR HAD BEEN SOLD ENBLOC JO MAPLE TANKER 1991 JAPAN 8,236 BOTH UNITS AT $7.5m ALL THREE HAS FAILED) SICHEM MARBELLA TANKER 1991 HIGAKI 7,715 P&C TERMS UNDISCLOSE D SELLERS RE EITZEN CHEMICAL, SINGAPORE TOEI MARU GAS 25 KEGOYA 6,227 PRIVATE TERMS UNDISCLOSE D TOKO UNYU KK JAPAN. (LPG) ANGIMAR TANKER 21 SAHIN CELIK TUZLA 5,841 $6.m MEXICAN MEXICO SMTV, ITALY SHOKEI MARU TANKER 1992 JAPAN 5,567 $2.m DB ASIAN ASIA BUNKERING COASTAL CERTS SHOWA YUSOSEN CO LTD JAPAN SUMIRE MARU TANKER 1993 JAPAN 5,53 $2.m SH GREEK COASTAL CERTS UYENO UNYU SHOKAI JAPAN HOSEI MARU TANKER 1993 JAPAN 5,423 $2.m SH ASIAN ASIA COASTAL CERTS TOKO KAIUN CO LTD JAPAN HIKARI MARU No. 12 TANKER 1993 JAPAN 5,398 $2.m DS ASIAN ASIA COASTAL CERTS KANSAI TECH JAPAN SHOWA MARU No. 5 TANKER 1993 KIRINOURA YAWATAHAMA 4,997 $2.m DH GREEK COASTAL CERTS GOVERNMENT NEW HIDAKA TANKER 1995 KURINOURA AKASAKA 4,783 $4.3m KOREAN KOREA NAGATA SENPAKU JAPAN TUGRUL S TANKER 26 MEDYILMAZ 3,537 ENBLOC TUGRUSL S & ENBLOC TUGRUSL S & ADRIATIC $25.2m SEPEN FOR NORWAY SEPEN FOR $22.5MIL $22.5MIL BOTH CHEMICAL KS BOTH UNITS SEPEN TANKER 24 YILDIRIM 3,5 UNITS Note1: With Red color are indicated all Greek interest Buyers or Sellers N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 9 of 18

10 TANKER 2ND HAND MARKET STATISTICS MONTHLY UNIT SALE ACTIVITY COUNTRY UNITS % 29 UNITS OUTLAY$ DWT secondhand market. 46 tanker ships were sold this JAPAN % month. With Capital Outlay being more than average, JANUARY 36 $1,38.95m 2,829,769 at $76million USD and a substantial 3million DWT SINGAPORE % FEBRUARY 17 $46.8m 1,38,858 changing hands % MARCH 21 $339.95m 698,835 NORWAY % APRIL 22 $267.9m 645,958 USA % MAY 46 $76.5m 3,78, % JUNE $.m UK % JULY $.m TURKEY % AUGUST $.m UAE % SEPTEMBER $.m ITALY % OCTOBER $.m SELLERS The table on the RIGHT shows the nationality of the Sellers. Japanese Sellers have CYPRUS % NOVEMBER $.m taken the lead selling 2 units (12 last), Singapore KOREA % sellers are 2nd with 18 units (9 last). Greek Sellers DECEMBER $.m 3rd with 16 units (12 last), followed by Norwegian INDONESIA % TOTAL 142 $3,156.1m 8,291,547 sellers who sold 14 units (8 last. BULGARIA % 29 TANKER buyer STATISTICS We see that the number of ships sold during MAY 29 shows a serious "hotingup" of the tanker SELLERS STATS 29 RUSSIA % SOUTH AFRICA % COUNTRY UNITS OUTLAY ($) % DWT % MALAYSIA % 21 $ % 973, % GIBRALTAR 1.7% USA 12 $ % 1,87, % ALL OTHER % NORWAY 1 $ % 739, % UNDISCL % 8 $ % 1,575,5 19.% TOTAL % LIBYA 6 $ % 381,77 4.6% JAPAN 6 $ % 899, % TURKEY 5 $ % 46,988.57% VIETNAM 4 $ % 1, % SINGAPORE 4 $22 6.4% 184, 2.22% FAR EAST 4 $16.51% 119, % ASIA 3 $6.19% 16,388.2% INDONESIA 3 $12.38% 55,383.67% Greek buyers are holding the lead, having acquired 21 GERMANY 3 $ % 45,81.55% units (15 LAST), with USA buyers 2nd with 12 units (8 last) and UNDISCL 28 $ % 1,215, % Norwegian buyers 3rd with 1 units (8 last ). Chinese buyers have ALL OTHER 25 $ % 848, % emerged as serious buyers in the tanker market too with a total of 8 ships (2 last) with Japanese and Libyan buyers in 5th place with TOTAL 142 $3,156 1.% 8,291,547 1.% 6 units each. 29 TANKER UNITS SOLD BREAKDOWN PER SIZE AND MONTH 29 VLCC & ULCC SUEZMAX AFRAMAX 11K PANAMAX 7K PROD 45K < 4, OBO LPG & LNG JANUARY FEBRUARY MARCH APRIL MAY TOTAL JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER TOTAL N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 1 of 18

11 NB TANKERS PRICE COMPARISON CHANGE CHANGE TYPE 6/7/27 4/7/28 1/5/29 FRM 4/7/8 TYPE 6/7/27 4/7/28 1/5/29 FRM 4/7/8 VLCC $13.3 $155.5 $19.4 3% VLCC $123. $149. $ % SUEZMAX $81. $95. $77. 19% SUEZMAX $89. $99. $6.1 39% AFRAMAX $66. $77.9 $ % AFRAMAX $67. $75. $44.9 4% PANAMAX $56. $65. $52.3 2% PANAMAX $55.5 $61. $38. 38% MR PROD $47. $54. $4. 26% MR PROD $49.5 $52.4 $3.5 42% 1Y TANKERS PRICE COMPARISON 5Y TANKERS PRICE COMPARISON 2Y TANKERS PRICE COMPARISON CHANGE CHANGE TYPE 6/7/27 4/7/28 1/5/29 FRM 4/7/8 TYPE 6/7/27 4/7/28 1/5/29 FRM 4/7/8 VLCC $11. $125. $6.5 52% VLCC $29.5 $39.2 $2. 49% SUEZMAX $72.1 $81.9 $43. 47% SUEZMAX $22. $34.2 $ % AFRAMAX $56.1 $61. $3. 51% AFRAMAX $15.5 $25.2 $ % PANAMAX $45.6 $5.5 $ % PANAMAX $13.6 $23. $8.6 63% MR PROD $41.5 $45. $ % MR PROD $12.5 $17.5 $6.8 61% Tables above compare prices from 6th July 27 and 4th Jul 28 with today NEWBUILDING TANKER PRICES 2 29 VLCC 3K SUEZ 15K AFRA 11K PANAMAX 7K YEAR OLD TANKER PRICES 2 29 VLCC 3K SUEZ 15K AFRA 11K PANAMAX 7K 124 PROD 45K 12 PROD 45K Jan May Sep Jan1 May1 Sep1 Jan2 May2 Sep2 VLCC 3K SUEZ 15K AFRA 11K Jan3 May3 Sep3 Jan4 May4 Sep4 Jan5 May5 Sep5 Jan6 May6 Sep6 Jan7 May7 Sep7 Jan8 May8 Sep8 Jan9 May9 1 YEAR OLD TANKER PRICES 2 29 PANAMAX 7K PROD 45K Jan May Sep Jan1 May1 Sep1 Jan2 May2 Sep2 VLCC 3K SUEZ 15K AFRA 11K Jan3 May3 Sep3 Jan4 May4 Sep4 Jan5 May5 Sep5 Jan6 May6 Sep6 Jan7 May7 Sep7 Jan8 May8 Sep8 Jan9 May9 2 YEAR OLD TANKER PRICES 2 29 PANAMAX 7K PROD 45K Jan May Sep Jan1 May1 Sep1 Jan2 May2 Sep2 Jan3 May3 Sep3 Jan4 May4 Sep4 Jan5 May5 Sep5 Jan6 May6 Sep6 Jan7 May7 Sep7 Jan8 May8 Sep8 Jan9 May9 units TANKER units sold 29 vs Jan May Sep Jan1 May1 Sep1 Jan2 May2 Sep2 Jan3 May3 Sep3 Jan4 May4 Sep4 Jan5 May5 Sep5 Jan6 May6 Sep6 Jan7 May7 Sep7 Jan8 May8 Sep8 Jan9 May JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER shipsale activity in volume (number of ships sold per month 2928) N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 11 of 18

12 NEWBUILDING ORDERS MAY 29 UNITS TYPE TONNAGE YARD YEAR PRICE 3 BC 82, DWT SANOYAS 21/211/ TANKER 13,2 DWT KRASNOYE SORMOVO 21 $22.15 BUYER S NAME SEAARLAND SHIPPING MANAGEMENT KAZMORTRANSFLOT, KAZAKHSTAN NOTES OPTION EXERCISED 1 TANKER 6,4 DWT YANGZHOU HAICHUAN 21 $12. 2 TANKER MR2 SHIN KURUSHIMA AHTS 4,5 DWT WUCHANG 211 HUANGZHOU 4 MPP 6,5 DWT DONGFENG 21 2 REEFER 18, DWT KITANIHON 213/214 $47.5 Note1: With Red color are indicated all Greek interest Buyers or Sellers PB TANKERS SRL UNKNOWN CNOOC ABIS SHIPPING CO BV SEATRADE GRONINGEN FOUR NOW ORDERED UT788CD DESIGN OPTION EXERCISED, 8 NOW ORDERED NEWBUILDING ORDERS BREAKDOWN by TYPE PER MONTH, for YEAR ORDERS UNITS BC MPP CONT TANKER LNG/LPG ALL OTHER JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER TOTAL BC MPP CONT TANKER LNG/LPG ALL OTHER NEW BUILDING ORDER TYPES FOR 29 ALL OTHER; 62; 27% BC; 31; 13% MPP; 26; 11% LNG/LPG; 2; 1% TANKER; 13; 45% CONT; 7; 3% THE rate of newbuilding cancellations for vessels that were to be delivered from Chinese shipyards increased rapidly over the last month, growing concerns about the overall longterm profitability of these Chinese shipyards. N. Cotzias Shipping Consultants (NCSC) has observed and filtered data from the China Association of the National Shipbuilding Industry (CNSI) that show that 28 newbuildings orders of a total 1.1m dwt were cancelled at the country s yards during April 29. This high number of reported cancellations in April represented a substantial and allarming jump comparing with data from the first three months of the year when according to CNSI, only 16 newbuildings vessels were cancelled. This trend will be monitored for other regions (Korea/Japan mainly), in order to get a clearer true picture of the actual inflow of vessels during the 1st half of 29. N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 12 of 18

13 REPORTED DEMOLITION DEALS MAY 29 NAME TYPE YEAR BUILT DWT LDT PRICE BREAKER NOTES IMO VERY LARGE ORE CARRIER (vloc) SELLERS ARE GENERAL ORE INTERNATIONAL CORP. EDWARD N BC 1979 YUGOSLAVIA 225,162 36,391 $242 PAKISTAN SOLD BASIS DELIVERY BANGLADESH/PAKISTAN RANGE IN OPTION HEADWAY TANKER 1989 TANKER PACIFIC DAEWOO SHIPBUILDING 149,999 2,797 $282 PAKISTAN MANAGEMENT SINGAPORE ALSO REPORTED SOLD FOR FURTHER TRADING ANGELIC PROTECTOR BC 1977 JAPAN 77,961 14,812 $227 DIAMLEMOS SHIPPING YI HENG BC 1976 MITSUI CHIBA ICHIHARA 77,827 14,884 $23 GOVERNMENT STAR HUANGPU BC 1985 SPAIN 76,29 16,684 $23 GLORY WEALTH SHIPPING MAJOR SOMNATH SHARMA PV TANKER 1984 HYUNDAI HEAVY AS IS VIA TENDER FOR DELY BEDI BANDAR INDS U 67,268 13,271 $215 INDIA BASIS INDIAN GOVT GREAT ZHEJIANG BC 1984 ROMANIA 65,44 17,79 $222 GOVERNMENT BAO YUE DA BC 1984 ROMANIA 64,824 17,79 $231 HTM SHIPPING CO LTD PANAGIA KASTRELA BC 1982 HITACHI ZOSEN MARMARAS NAVIGATION INN 64,663 8,156 $23 BANGLADESH STANDARD BULK TRANSPORT STANDARD VIGOR BC 1981 DENMARK 64,12 12,25 $242 PAKISTAN SOLD TO CASH BASIS DELIVERY PAKISTAN REGION $243/LDT INCL ABT 3 TONS ROB AT TIME OF DELIVERY VITAFOS BC 1981 HYUNDAI HEAVY VITA MANAGEMENT SA INDS U 61,973 11,246 PAKISTAN MOL THAMES CONT 199 JAPAN 59,89 18,688 $228 INDIA MITSUI OSK LINES LTD JAPAN MOL INITIATIVE CONT 1988 JAPAN 59,516 18,957 $235 INDIA MITSUI OSK LINES LTD JAPAN MOL INGENUITY CONT 1992 JAPAN 58,986 19,365 $235 INDIA MITSUI OSK LINES LTD JAPAN BW SAGA GAS 1979 LPG TANKER BW SHIPPING WARTSILA AB TURKU 55,5 2,3 $28 INDIA GROUP LTD INCL SOME ST STEEL PIPING AND 1TS OF BUNKERS ROB BEIJING VICTORY BC 1979 UDDEVALLAVAR VET SWEDEN 54,6 13,378 $245 PAKISTAN STANSHIPS ATHENIAN SEA BULKERS LTD TRUST THALASSA BC 1984 SWEDEN 54,5 12,515 $242 PAKISTAN FOUR ETOILES OBO 1984 SWEDEN 52,95 12,336 $23 PREMUDA SPA ITALY EVERGREEN MARINE CORP EVER GOLDEN CONT 1985 TAIWAN 43,41 14,114 $23 TAIWAN LPG BW SHIPPING GROUP LTD BW HEMINA GAS 1979 GERMANY 43,386 15,198 $252 INDIA HAO XING BC 1977 JAPAN 43,112 9,37 $225 BANGLADESH GOVERNMENT GRIEG SHIPPING GROUP AS STAR DOVER BC 1977 MITSUI TAMANO 43,82 11,27 $225 NORWAY MSC SOCOTRA CONT 198 KAWASAKI GOLDENPORT HEAVY INDS 43, 11,834 INDIA SHIPMANAGEMENT MOL FORTUNE CONT 1986 SHIPBUILD 41,513 13,875 $252 INDIA MITSUI OSK LINES LTD JAPAN YM PROSPERITY CONT 1988 YM PROMINENCE CONT 1987 SHIPBUILDING KEE SHIPBUILDING KAOSHIUNG YANG MING MARINE 4,845 16,535 $219 TRANSPORT AS IS SRI LANKA FOR DELY INDIA SELLERS 4,845 16,824 $25 INDIA ARE YANG MING MARINE TRANSPORT N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 13 of 18

14 OOCL FAITH CONT 1987 MITSUBISHI ORIENT OVERSEAS KOBE 4,56 14,731 $245 INTERNATIONAL SMT SHIPMANAGEMENT & SWAN MPP 1977 JAPAN 38,776 1,3 $235 INDIA TRANS CYPRUS BIO BIO MPP 1979 JAPAN 38,542 7,9 $246 PAKISTAN NAVALMAR UK LTD UK COSTAMARE SHIPPING CO SA MSC ANTWERP CONT 1976 FLENDER 37,852 16,37 $232 INDIA INTERGLOBAL MARINE BOE WEST BC 1982 AESA BILBAO 34,681 7,867 $235 BANGLADESH AGENCIES MSC HIMALAYA CONT 1978 GOLDENPORT SHIPBUILD 33,621 11,989 INDIA SHIPMANAGEMENT SOLD BASIS INDIA/PAKISTAN OPTION SILVERFJORD BC 1972 CROATIA 31,611 9,724 $242 PAKISTAN TAILWIND AS NORWAY TIANJIN TWEEN 1979 JAPAN 31,57 11,54 $235 INDIA NAVALMAR UK LTD UK LAKE SUPERIOR BC 1982 UK 3,67 7,57 $23 INDIA CYPRUS MARITIME ANIKITOS TANKER 1986 HELLENIC CAPITAL SHIP MANAGEMENT SHYDS. 29,988 7,237 $282 PAKISTAN 8725 JING HONG HAI BC 1976 JAPAN 29,324 7,468 $24 COSCO PATSY N CONT 1984 IHI KURE 29,265 1,78 INDIA MARU SHIPPING CO INC USA HERMES III CONT 1983 TAIWAN 28,916 11,542 $2 TECHNOMAR SHIPPING INC 814 PAN NOBLE BC 1977 OCEAN DUKE BC 1977 ENBLOC PAN NOBLE & OCEAN DUKE 27,37 6,55 $232 STX PAN OCEAN CO LTD SHIPBUILD KOREA ENBLOC PAN NOBLE & OCEAN DUKE HYUNDAI SHIPBUILDIN 24,741 6,537 $232 STX PAN OCEAN CO LTD KOREA GAO LING BC 1975 KOYO MIHARA 26,85 8,112 $227 BANGLADESH COSCO ANTIGONI B BC 1977 NAMURA IMARI 26,732 6,844 $25 INDIA AB MARITIME INC GOLDEN MERCHANT I STX PAN OCEAN CO LTD CONT 1982 SPAIN 25,313 9,536 $238 KOREA MSC STEFANIA CONT 1969 JAPAN 24,245 12,828 $23 INDIA MSC SWISS MEDITERRANEAN SHIPPING CO MSC JESSICA CONT 198 UK 23,991 12,75 INDIA SWISS RIAMAR SHIPPING CO LTD PRINCESS CAROLA BC 1977 GERMANY 23,38 7,885 $23 SYRIA SUNVAZS BC 1977 JAPAN 23,215 4,679 $223 INDIA ZHONG SHAN SHIPPING SELELRS ARE OFER GROUP ISRAEL SOLD DURBAN STAR III MPP 1982 JAPAN 22,918 8, $251 PAKISTAN BASIS DELIVERY PAKISTAN WITH PRE BUDGET DELIVERY AND PRICE INCLUDING TNS BUNKERS ROB BALEARES CONT 1978 JAPAN 2,832 13,299 INDIA TARGET MARINE SA SIMATECH SHIPPING AND SIMA TARA CONT 1981 FLENSBURGER 2,815 7,32 $235 INDIA FORWARDING LLC, UAE ALSO REPORTED SOLD FOR 235/LDT IN NOV 28 SIMA TINA CONT 1982 FLENSBURGER 2,758 7,88 $255 INDIA SIMATECH SHIPPING & FORWARDING UAE MSC MANILA CONT 1979 KOREA 18,789 9,919 INDIA CHIOS MARITIME CAPETAN HARIS BC 1977 JAPAN 18,216 5,475 $225 INDIA CLEMKO SHIPMANAGEMENT SA RIO BLANCO RORO 1981 IMABARI PURE CAR CARRIER CSAV MARUGAME 18,142 13,137 $218 CHILE DIAMOND RAY RORO 1979 HITACHI VEHICLES CARRIER STAMCO 17,714 12,14 $ MUKAISHIMA SHIP MANAGEMENT CO LTD MAHARSHI VASISHTH GAS 1976 SWAN HUNTER AS IS SINGAPORE VARUN 17,65 8,128 INDIA HEBBURN SHIPPING CO LTD INDIA N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 14 of 18

15 KEMERI TANKER MAJ 17,61 5,522 $285 BANGLADESH LATVIAN SHIPPING CO LATVIA ENBLOC KEMERI & ZANIS GRIVA ZANIS GRIVA TANKER MAJ 17,585 5,546 $285 BANGLADESH LATVIAN SHIPPING CO LATVIA ENBLOC KEMERI & ZANIS GRIVA GOLDEN STAR BC 1978 PHEATON MPP 1982 EVER STAR MPP 1983 MITSUI FUH FUNG NAVIGATION 17,567 5,587 $23 PAKISTAN FUJINAGATA AGENCY LTD WARNOWWERF 17,386 7,1 INDIA GOVERNMENT T WARNEMU WARNOWWERF T WARNEMU 17,33 7,315 $22 BANGLADESH VALIANT SHIPPING SA GULNAK MPP 1979 JAPAN 17,179 4,38 INDIA GULNAK DENIZCILIK TURKEY LANGFORD TWEEN 1978 GERMANY 16,27 4,822 $235 INDIA GOLDEN RAY II RORO 1985 SUMITOMO HI PURE CAR CARRIER STAMCO OPPAMA 16,178 13,121 $235 INDIA SHIP MANAGEMENT CO LTD PACIFIC LEADER RORO 1983 OSHIMA PURE CAR CARRIER NIPPON SHIPBUILDING 16,138 8,112 $227 BANGLADESH YUSEN KAISHA JAPAN SETSUYO KISEN CO LTD BREEZE MPP 1981 YUGOSLAVIA 15,919 4,944 $225 PAKISTAN JAPAN SEGOVIA CARRIER REEFER 198 MALAGA CARRIER REEFER 1979 GOTAVERKEN ARENDAL SWEDEN GOTAVERKEN ORESUNDS SWEDEN 15,2 1,37 $225 INDIA DEL MONTE INTERNATIONAL USA ,1 1,799 $225 INDIA DEL MONTE INTERNATIONAL USA GRONX BC 1977 RUSSIA 14,982 5,615 $22 INDIA LEON TRADING UKRAINE VEHICLES CARRIER CIDO MORNING PRINCE RORO 1979 JAPAN 13,91 12,483 $21 SHIPPING HK CO LTD INTERNATIONAL ASSOCIATED FUSION 1 MPP 198 GDR 13,655 6,7 PAKISTAN CARGO EGYPT ASTRO COACH RORO 198 PURE CAR CARRIER AS IS DURBAN FOR SHIPBUILD 13,59 12,543 $2 INDIA DELY INDIA JAPANESE VEHICLES CARRIER FAIRFIELD SUNBELT DIXIE RORO 1978 JAPAN 12,73 1,577 $23 INDIA MAXWELL LTD USA CATHY SPIRIT MPP 198 GDR 12,652 6,15 $225 INDIA GOVERNMENT PAN CONTINENTAL SHIPPING PANCON EXPRESS CONT 1983 JAPAN 11,986 3,976 $22 CO KOREA MANDIRI ABADI MPP 1978 FUKUOKA FUKUOKA 11,124 5,283 $25 INDIA MERATUS LINE INDONESIA PURE CAR CARRIER ACACIA ACE RORO 1982 JAPAN 1,713 8,112 INDIA MASUMOTO SHIPPING CO LTD JAPAN PURE CAR CARRIER NIPPON BALTIC LEADER RORO 1982 JAPAN 1,449 8,112 $227 BANGLADESH YUSEN KAISHA JAPAN MALTESE FALCON RORO 1979 JAPAN 1,145 6,5 $262 INDIA GRIMALDI GROUP ITALY SNOWFROST REEFER 198 RAVENNA REEFER 1982 ASPIA BC 1974 PADOVA REEFER 1983 MATHIAS FISH CARRIER LASKARIDIS THESENWERF 9,66 7,137 $235 INDIA SHIPPING CO LTD SHIN LASKARIDIS SHIPPING CO LTD YAMAMOTO 8,824 4,891 $235 INDIA KOCHI SIETAS BLUE CIRCLE INDUSTRIES PLC SCHIFFSWERFT 9,56 2,94 $22 INDIA UK SHIKOKU ENTERPRISES SHIPPING & 8,471 4,88 $235 INDIA DOCKYARD TRADING KONVOY MARITIME LTD SILVER CASTLE CONT 1973 USSR 6,27 3,785 $238 INDIA TURKEY CERVANTES RORO 1984 BAZAN SAN FERNANDO SPAIN SOLD BASIS AS IS CANARY ISLES SELLERS 6,17 6,563 $15 INDIA ARE SUARDIAZ VAPORES SA SPAIN KRIOLA MPP 1975 GDR 5,657 3,412 $235 INDIA M SHIPPING LTD UKRAINE MERMAID II RORO 1972 WARTSILA AB 5,3 6,167 $182 TURKEY HLVB LATVIA TURKU EXIM INC USA. WAS ALSO TANI RORO 1975 FRANCE 4,45 4,118 $23 INDIA REPORTED SOLD LAST MONTH AT $245/INDIA Note1: With Red color are indicated all Greek interest Orders N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 15 of 18

16 DEMOLITION STATISTICS: 29 UNITS DWT LDT BREAKER STATS 29 January 93 3,626,17 96,19 BREAKER UNITS LDT TAKEN AV. SCRP PRICE February 92 2,42,5 737, ,65 $223 March 95 3,587,3 924,963 INDIA 228 1,979,86 $259 April 7 1,883,93 577,974 BANGLADESH 95 1,37,784 $277 May 89 2,966,578 92,357 TURKEY 8 45,43 $23 June PAKISTAN ,12 $21 July OTHER/CASH/AS IS 5 43,716 $135 August TOTAL 439 4,66,426 $216 September October November December TOTAL ,483,578 4,66,426 STATS BULKERS / SD TANK/ OBO/LPG UNITS SHIPS % 4.8% 11.2% 34.9% 2.5% 1.7% 1.% LDT 1,675,57 577,66 1,317,477 83,27 412,575 4,66,426 DWT 7,871,161 2,492,185 3,465, , ,869 14,483,578 USD PAID $368,178,97 $15,997,957 $288,49,886 $15,41,83 $75,698,724 $898,326,494 AVERAGE AGE 3.9 Years 27.4 Years 29.7 Years 27.5 Years 29.8 Years 29.1 Years 29 DEMOLITION SELLERS STATISTICS COUNTRY UNITS % rank % % 2 INDIA % 3 JAPAN % 4 UAE % 4 KOREA % 6 SINGAPORE % 7 NORWAY % 8 USA 13 3.% 9 TURKEY % 1 ITALY % 1 NETHERLANDS 9 2.1% 12 RUSSIA 9 2.1% 12 BULGARIA 8 1.8% 15 UK 8 1.8% 15 SWITZERLAND 9 2.1% 12 UKRAINE 7 1.6% 17 SPAIN 7 1.6% 17 GERMANY 5 1.1% 19 ISRAEL 5 1.1% 19 ALL OTHER % UNDISCL 3.7% TOTAL % Demolition DATA for 29 CONT/ TWEEN/ MPP REEFER $8. $7. $6. $5. $4. RORO PAX CRUISE TOTAL Average Scrap Price & No of Ships Scrapped 2529 Average Scrap Price Number of Ships $ $2. 5 $1. 4,, 3,5, 3,, 2,5, 2,, 1,5, 1,, 5, Mar5 May5 Jul5 Sep5 Mar5 May5 DWT LDT NUMBER Nov5 Jan6 Mar6 May6 Jul6 Sep6 Nov6 Jan Mar7 May7 Jul7 Sep7 Nov7 Jan8 DEMO STATS 2529 Jul5 Sep5 Nov5 Jan6 Mar6 May6 Jul6 Sep6 Nov6 Jan7 Mar7 May7 Jul7 LDT INTAKE PER SCRAP COUNTRY FOR 29 PAKISTAN; 455,12; 11% TURKEY; 45,43; 1% OTHER/CASH/AS IS; 43,716; 1% ; 55,65; 12% Sep7 Nov7 Jan8 Mar8 May8 Jul8 Sep Mar8 May8 Jul8 Sep8 Nov8 Jan9 Mar9 INDIA BANGLADESH TURKEY PAKISTAN 7 May9 89 Nov8 Jan9 Mar9 May9 OTHER/CASH/AS IS BANGLADESH; 1,37,784; 26% INDIA; 1,979,86; 49% source of data: N. COTZIAS SHIPPING CONSULTANTS (NCSC) N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 16 of 18

17 BALTIC DRY BULK MARKET INDICES until 29th MAY 29 DATE BDI % frm 1/1/29 BCI % frm 1/1/29 BPI % frm 1/1/29 BSI % frm 1/1/29 BHI % frm 1/1/29 3/4/29 1, % 2, % 1, % 1, % % 1/5/29 1, % 2, % 1, % 1, % % 5/5/29 1, % 2, % 1, % 1, % % 6/5/29 2, % 2, % 1, % 1, % % 7/5/29 2, % 3, % 2, % 1, % % 8/5/29 2, % 2, % 2, % 1, % % 11/5/29 2, % 2, % 2, % 1, % % 12/5/29 2, % 2, % 2, % 1, % % 13/5/29 2, % 3, % 2, % 1, % % 14/5/29 2, % 3, % 2, % 1, % % 15/5/29 2, % 3, % 2, % 1, % % 18/5/29 2, % 3, % 2, % 1, % % 19/5/29 2, % 3, % 2, % 1, % % 2/5/29 2, % 3, % 2, % 1, % % 21/5/29 2, % 3, % 2, % 1, % % 22/5/29 2, % 4, % 2, % 1, % % 26/5/29 2, % 4, % 2, % 1, % % 27/5/29 3, % 5,38 29.% 2, % 1, % % 28/5/29 3, % 5, % 2, % 1, % % 29/5/29 3, % 6, % 2,9 437.% 1, % % BPI BCI BDI BSI All Baltic DRY indices Nov5 Feb6 May6 Aug6 Nov6 Feb7 May7 Aug7 Nov7 Feb8 May8 Aug8 Nov8 Feb9 May9 BALTIC DRY BALTIC PMAX BDI 3 BPI Jan5 May5 Sep5 Jan6 May6 Sep6 Jan7 May7 Sep7 Jan8 May8 Sep8 Jan9 May9 Jan5 May5 Sep5 Jan6 May6 Sep6 Jan7 May7 Sep7 Jan8 May8 Sep8 Jan9 May9 N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 17 of 18

18 179 BALTIC CAPE BCI 63 BALTIC SUPMAX BSI Jan5 May5 Sep5 Jan6 May6 Sep6 Jan7 May7 Sep7 Jan8 May8 Sep8 Jan9 May9 3 Jan6 May6 Sep6 Jan7 May7 Sep7 Jan8 May8 Sep8 Jan9 May9 BALTIC TANKER MARKET INDICES until 29th MAY 29 DATE CLEAN % frm 2/1/8 DIRTY % frm 2/1/8 3/4/ % % 1/5/ % % 5/5/ % % 6/5/ % % 7/5/ % % 8/5/ % % 11/5/ % % 12/5/ % % 13/5/ % % 14/5/ % % 15/5/ % % 18/5/ % % 19/5/ % % 2/5/ % % 21/5/ % % 22/5/ % % 26/5/ % % 27/5/ % % 28/5/ % % 29/5/ % % Jan6 May6 BCTI BDTI Sep6 Jan7 ALL WET Indices 269 May7 Sep7 Jan8 May8 Sep8 Jan9 May BALTIC CLEAN TANKER INDEX BCTI BALTIC DIRTY TANKER INDEX BDTI Jan4 May Sep4 Jan5 May5 Sep5 Brent Oil Jan6 May6 Sep6 Jan7 May7 Sep7 Jan8 May8 Sep8 Jan9 May Jan4 May4 Brent OIL (21 29) Sep4 Jan5 May5 Sep5 Jan6 May6 Sep6 Jan7 May7 Sep7 Jan8 May8 Sep8 Jan9 May9 May1 Aug1 Nov1 Feb2 May2 Aug2 Nov2 Feb3 May3 Aug3 Nov3 Feb4 May4 Aug4 Nov4 Feb5 May5 Aug5 Nov5 Feb6 May6 Aug6 Nov6 Feb7 May7 Aug7 Nov7 Feb8 May8 Aug8 Nov8 Feb9 May9 DISCLAIMER: INFORMATION & DATA CONTAINED IN THIS MONTHLY MARKET REPORT HAVE BEEN CAREFULLY OBTAINED FROM VARIOUS MARKET SOURCES. ALTHOUGH ALL IS BELIEVED TO BE CORRECT, N. COTZIAS SHIPPING GROUP MAKES NO GUARANTEE FOR ACCURACY, AND SHALL NOT BE LIABLE FOR ANY LOSS INCURRED IN ANY WAY WHATSOEVER BY ANY PERSON RELYING ON THE INFORMATION CONTAINED HEREIN. N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 18 of 18