Monday, November 3, Week 45 The Week at a Glance

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1 Monday, November 3, Week 45 The Week at a Glance Last week has been concluded with BDI reaching 1428 points, indicating a raise of 236 points since last week, driven mainly by the boom of the Capesize rates along with the positive sentiment on the Panamax sector. More specifically, Capesize TCA has noted a significant increase of approximately 16% since the 14 th of October reaching USD /Day on last Friday, while Panamax TCA is rising for a 3 rd consecutive week achieving USD 9.883/Day. Not much to report on the Dry S&P front, as we are expecting a couple of deals to finalize, while several ongoing negotiations are taking place. Rumours have it that the PAX PHOENIX (5k, 21, Jap) has been committed to Greeks for a price of USD 1.8 Mill, indicating a further reduction in the value of 1 years old Supramaxes. On the Panamax/Kamsarmax segment, which has shown firmer face charteringwise, we are awaiting for the conclusion level of the ETERNAL GRACE (76k, 26, Jap) while rumour has it that MEDI SENTOSA (83k, 28, Jap) has been committed to Greeks in the region of USD 2 Mill. Should the latter figure come true, this would be pointing to a more steady market bearing in mind the sale of BELMONTE (75k, 27, Jap) for USD 18.5 Mill which took place 1 month ago. Elsewhere on the MR tanker sector, despite the positive trend that prevails on the charter rates, NORD STAR (45k, 29, Jap) has been reported sold for USD 19 Mill, indicating a further softening on the 5 years old MR prices. On the other hand, it has been reported that AMIN (157k, 29, S.Korea) has achieved region USD 52.6 Mill and has been sold to a new-comer Hong Kong based buyer through auction. The price is considered to be firm, as the vessel had been laid up for 1 year, influenced by the lack of crude candidates for sale in the market. Greek Listed Companies Last Fridays Closing Weekly Difference Baltic Dry Indices* Last Fridays Closing Weekly Difference NYSE NASDAQ Dry Ships Baltic Dry Index Baltic Cape index Baltic Panamax Index Navios Diana Baltic Supramax Index Baltic HandySize Index Top Ships TEN Stealth Gas Capital Product Partners Euroseas Danaos Costamare Currencies* Last Fridays Closing Weekly Difference EURO/USD 1,2524 -,1 USD/JPY 112,335 4,17 USD/CNY 6,1159, *The above tables show last Friday's closing including the weekly balance. 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 $ STRONGER PANAMAX $ STRONGER SUPRAMAX $ WEAKER HANDYSIZE $ WEAKER Bulk Carrier Vessel's Name Built Country TEU Gears Engine Price Sale's Comment EVER REGAL PHILIPPINES - 4 X 3t CRANES MAN-B&W 5.8. USD SOLD TO CHINESE BUYER NESTOR CHINA - 4 X 3t CRANES B&W USD ELENI T CHINA - 4 X 3t CRANES B&W 5.3. USD JINHAI J /214 CHINA - - MAN-B&W 23.. USD JINHAI J /214 CHINA - - MAN-B&W 23.. USD JINHAI J /214 CHINA - - MAN-B&W 46.. USD E R BRAZIL SOUTH KOREA - - MAN-B&W USD E R BEILUN SOUTH KOREA - - MAN-B&W USD SOLD THROUGH AUCTION TO GREEK BUYER SOLD THROUGH AUCTION TO SINGAPORE BASED BUYER (GLORY SHIPMANAGEMENT) SOLD EN BLOC TO S.KOREAN BUYER BASIS BB FOR 5 YEARS - RGN USD 92.. EN BLOC SOLD EN BLOC TO CHINESE BUYER (SINOTRANS) INCLUDING TC BACK OLD SALE RGN USD EN BLOC Container Vessel's Name Built Country TEU Gears Engine Price Sale's Comment SANUKI JAPAN X 4t CRANES Mitsubishi 5.1. USD SOLD TO ASIAN BUYER STADT SCHWERIN POLAND X 43t CRANES B&W 4.. USD SOLD TO GERMAN BUYER (SCHOELLER HOLDINGS) CAPE NEGRO JAPAN B&W 5.5. USD SOLD EN BLOC TO CHINESE CAPE BUYER (WAN HAI LINE) JAPAN B&W 5.5. USD NORVIEGA RGN USD 11.. EN BLOC E.R GERMANY X 45t CRANES B&W 6.4. USD SOLD EN BLOC TO GREEK STRALSUND BUYER E.R GERMANY X 45t CRANES B&W 6.4. USD RGN USD EN BLOC COPENHAGEN GABRIEL SOLD TO U.K BASED BUYER CHINA MAN-B&W USD SCHULTE (BOREALIS) ZHEJIANG SOLD TO GERMAN BUYER /214 CHINA MAN-B&W 41.. USD OUHUA 654 (HAMMONIA) SANTA SOUTH KOREA Sulzer USD SOLD EN BLOC TO GREEK PRISCILLA BUYER (LOMAR) SCI NHAVA SOUTH KOREA Sulzer USD RGN USD 33.. EN BLOC SHEVA HS HUMBOLDT SOUTH KOREA B&W USD SOLD EN BLOC TO GREEK HS BUYER (LOMAR) SOUTH KOREA B&W USD LIVINGSTONE RGN USD 29.. EN BLOC General cargo Vessel's Name Built Country TEU Gears Engine Price Sale's Comment KARTINI JAPAN - Ro-ro/passenger 2 X 3,7t CRANES, 1 X 3t DERRICKS B&W 3.5. USD SOLD TO S.KOREAN BUYER Vessel's Name Built Country TEU Gears Engine Price Sale's Comment EUROFERRY BRINDISI INDONESIA - - Sulzer EURO SOLD TO UNDISCLOSED BUYER FINNHANSA POLAND Sulzer 3.. EURO SOLD TO ITALIAN BUYER (GRIMALDI) 2

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 $ % $ 31.5 STEADY SUEZMAX $ % $ 25.5 STRONGER AFRAMAX $ % $ 2. STEADY CLEAN MR $ % $ STEADY Tanker Vessel's Name Built Country DB DS Engine Price Sale's Comment RHONE (IMO II/III, Coated) AEGEAN DAISY (Coated) ENERGIZER (Coated) CLIPPER LEANDER (IMO II/III, Coated) NORD STAR (Coated) LION SPIRIT (Coated) TURKEY Y Y MaK 7.5. USD SOLD TO U.S BASED BUYER GERMANY Y N Deutz 1.5. USD SOLD TO MALTESE BUYER MALTA Y Y Normo 4.. USD SOLD TO RUSSIA BUYER (PETROPAVLOVSK) TURKEY Y Y MAN-B&W 7.5. USD SOLD TO UNDISCLOSED BUYER JAPAN Y Y MAN-B&W 19.. USD SOLD TO UNDISCLOSED BUYER JAPAN Y Y B&W 13.. USD SOLD TO UNDISCLOSED BUYER AMIN SOUTH KOREA Y Y MAN-B&W USD Gas tanker SOLD THROUGH AUCTION TO HONG KONG BASED BUYER (XIN YE) LAID UP FOR 1 YEAR Vessel's Name Built Country DB DS Engine Price Sale's Comment NORGAS NAPA CHINA Y N MAN 27.. USD SOLD TO CANADEAN BUYER (TEEKAY) WITH BB FOR 5 YEARS 3

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 /5/85 1/11/85 1/5/86 1/11/86 1/5/87 1/11/87 1/5/88 1/11/88 1/5/89 1/11/89 1/5/9 1/11/9 1/5/91 1/11/91 1/5/92 1/11/92 1/5/93 1/11/93 1/5/94 1/11/94 1/5/95 1/11/95 1/5/96 1/11/96 1/5/97 1/11/97 1/5/98 1/11/98 1/5/99 1/11/99 1/5/ 1/11/ 1/5/1 1/11/1 1/5/2 1/11/2 1/5/3 1/11/3 1/5/4 1/11/4 1/5/5 1/11/5 1/5/6 1/11/6 1/5/7 1/11/7 1/5/8 1/11/8 1/5/9 1/11/9 1/5/1 1/11/1 1/5/11 1/11/11 1/5/12 1/11/12 1/5/13 1/11/13 1/5/14 1/11/14 1/5/15 Baltic CapeSize Index \8\ 1\11\ 1\2\1 1\5\1 1\8\1 1\11\1 1\2\2 1\5\2 1\8\2 1\11\2 1\2\3 1\5\3 1\8\3 1\11\3 1\2\4 1\5\4 1\8\4 1\11\4 1\2\5 1\5\5 1\8\5 1\11\5 1\2\6 1\5\6 1\8\6 1\11\6 1\2\7 1\5\7 1\8\7 1\11\7 1\2\8 1\5\8 1\8\8 1\11\8 1\2\9 1\5\9 1\8\9 1\11\9 1\2\1 1\5\1 1\8\1 1\11\1 1\2\11 1\5\11 1\8\11 1\11\11 1\2\12 1\5\12 1\8\12 1\11\12 1\2\13 1\5\13 1\8\13 1\11\13 1\2\14 1\5\14 1\8\14 1\11\14 1\2\15 Baltic Panamax Index \8\ 1\11\ 1\2\1 1\5\1 1\8\1 1\11\1 1\2\2 1\5\2 1\8\2 1\11\2 1\2\3 1\5\3 1\8\3 1\11\3 1\2\4 1\5\4 1\8\4 1\11\4 1\2\5 1\5\5 1\8\5 1\11\5 1\2\6 1\5\6 1\8\6 1\11\6 1\2\7 1\5\7 1\8\7 1\11\7 1\2\8 1\5\8 1\8\8 1\11\8 1\2\9 1\5\9 1\8\9 1\11\9 1\2\1 1\5\1 1\8\1 1\11\1 1\2\11 1\5\11 1\8\11 1\11\11 1\2\12 1\5\12 1\8\12 1\11\12 1\2\13 1\5\13 1\8\13 1\11\13 1\2\14 1\5\14 1\8\14 1\11\14 1\2\15 Baltic Supramax - HandySize Index \2\3 1\5\3 1\8\3 1\11\3 1\2\4 1\5\4 1\8\4 1\11\4 1\2\5 1\5\5 1\8\5 1\11\5 1\2\6 1\5\6 1\8\6 1\11\6 1\2\7 1\5\7 1\8\7 1\11\7 1\2\8 1\5\8 1\8\8 1\11\8 1\2\9 1\5\9 1\8\9 1\11\9 1\2\1 1\5\1 1\8\1 1\11\1 1\2\11 1\5\11 1\8\11 1\11\11 1\2\12 1\5\12 1\8\12 1\11\12 1\2\13 1\5\13 1\8\13 1\11\13 1\2\14 1\5\14 1\8\14 1\11\14 1\2\15 4

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 214 Secondhand Activity per / Size/ Invested Capital...during 212 Size Invested Capital 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 $4.. Grand Total $ during 213 Invested Capital A. Dry $ B. Tanker $ C. Container $ B. Tanker 1. Minitank (up to 9, Product (1, - 59, Panamax (6, - 79, Aframax (8, - 119, Suezmax (12, - 199, VLCC (2, - 299, ULCC (3, $ $ $ $ $ $ $ D. Reefer $8.. E. RoRo Cargo/ Ferry/ Passenger $99.3. F. Miscellaneous $ Grand Total $ Bulk Carriers Sales Per during % CAPESIZE 22 % PANAMAX 21 % HANDYMAX 28 % HANDY 17 % MINIBULK B. Tanker total $ C. Container Total $ D. Reefer Total $4.25. Tankers Sales Per during 214 E. RoRo Cargo/ Ferry/ Passenger Total $ % ULCC 3 % VLCC 6 % SUEZMAX 12 % AFRAMAX 6 % PANAMAX 44 % PRODUCT 17 % MINITANK F. Miscellaneou s Total $ Grand Total $

6 Invested Capital in Secondhand per month as of January 213 Year Month Invested Capital Total Total April-213 $ May-213 $ June-213 $ July-213 $ January-213 $ February- 213 $ March-213 $ August-213 $ September- 213 $ October-213 $ November- 213 $ December- 213 $ $ April-214 $ May-214 $ June-214 $ July-214 $ January-214 $ February- 214 $ March-214 $ August-214 $ September- 214 $ October-214 $ November- 214 $ $ Dry - Buyers' Nationality 25 % OTHER % BELGIUM 4 % GERMANY % UNITED KINGDOM 4 % NORWAY 4 % KOREA SOUTH 8 % CHINA PEOPLE'S REPUBLIC OF 1 % SINGAPORE 4 % UNITED STATES OF AMERICA 21 % UNKNOWN 28 % GREECE Wet - Buyers' Nationality 27 % OTHER 5 % BELGIUM % GERMANY 3 % UNITED KINGDOM 4 % NORWAY 5 % KOREA SOUTH 2 % CHINA PEOPLE'S REPUBLIC OF 13 % SINGAPORE 11 % UNITED STATES OF AMERICA 13 % UNKNOWN 18 % GREECE Container - Buyers' Nationality 15 % OTHER % BELGIUM 9 % GERMANY 1 % UNITED KINGDOM 2 % NORWAY 5 % KOREA SOUTH 1 % CHINA PEOPLE'S REPUBLIC OF 7 % SINGAPORE 9 % UNITED STATES OF AMERICA 14 % UNKNOWN 18 % GREECE Invested Capital Graph - Invested Capital in Secondhand per month as of January /213 Buyer's Country 2/213 3/213 4/213 5/213 6/213 7/213 8/213 9/213 Invested Capital Per Month 1/213 11/213 12/213 Months Total Capital 1/214 2/214 3/214 4/214 No Of Buyers Nationality during Top 1 ( vessels per sector) A. Dry B. Tanker C. Container 5/214 6/214 7/214 8/214 D. Reefer 9/214 1/214 11/ Grand Total GREECE UNKNOWN UNITED STATES OF AMERICA SINGAPORE CHINA, PEOPLE'S REPUBLIC OF KOREA, SOUTH NORWAY UNITED KINGDOM GERMANY BELGIUM 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 UNKNOWN UNITED STATES OF AMERICA SINGAPORE NORWAY KOREA, SOUTH CHINA, PEOPLE'S REPUBLIC OF ITALY GERMANY Other Grand Total Vesels 6

7 New Building Container Orders Type Units TEU Shipyard Reported Price Owner / Manager Delivery Date CONTAINER DAEWOO USD EUROPEAN 217 Tanker Orders Type Units Dwt Shipyard Reported Price Owner / Manager Delivery Date TANKER SUNGDONG USD 47.. TSAKOS ENERGY NAVIGATION 216 TANKER NEW TIMES USD 6.. TRANSPORT RECOVERY FUND 216 TANKER SUNGDONG USD 64.. MEANDROS 217 Gas Orders Type Units Cap Shipyard Reported Price Owner / Manager Delivery Date CNG 1 4. HANTONG N/A PELAYARAN BAHTERA 216 LNG DAEWOO USD 25.. FREDRIKSEN GROUP 217 LNG DAEWOO USD KOREA LINE 217/218 LNG DAEWOO USD HYUNDAI LNG SHIPPING 217/218 New Building Prices Tanker Newbuilding Prices BC Newbuilding Prices Korea China Korea China VLCC 32, USD 1.. USD 92.. SUEZMAX 157, USD 64.. USD 6.. AFRAMAX 113, USD 55.. USD 48.. «MR» TANKER 5, USD USD 33.. CAPESIZE 18, USD 57.. USD 55.. KAMSARMAX 82, N/A* USD 31.. ULTRAMAX 62, N/A* USD HANDYSIZE 35, N/A* USD 24.. * Note: Due to the Present New Building cost, Korean Shipyards are unwilling to quote. 7

8 Demolition Sales Type Vessel's Name Built Country LDT Price/ ldt Sale's Comment CONTAINER LADY CHINESE TAIPEI SOLD TO BANGLADESH ON PRIVATE TERMS BC TANAIS LEADER JAPAN SOLD TO PAKISTAN GEN. CARGO MARIE POLAND SOLD TO INDIA BC ALCESTE JAPAN SOLD TO PAKISTAN CONTAINER EVER REACH JAPAN SOLD TO BANGLADESH ON AS IS SINGAPORE BASIS INCLUDING BUNKERS Demolition Statistics For 214 Current Demolition Activity per / Size A. Dry Size No Of No Of 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. 8

9 Country Demolition Activity by Country BANGLADESH CHINA, PEOPLE'S REPUBLIC OF INDIA OTHERS PAKISTAN TURKEY Grand Total ' Average Age For Demolition A. Dry 28,5 28,2 3,7 B. Tanker 25 24,6 27,1 C. Container 21,9 23,3 29,6 D. Reefer 3,4 26,5 26,3 E. RoRo Cargo/ Ferry/ Passenger 32,1 34,9 32 F. Miscellaneous 34,4 33,8 34 Demolition Activity By Demolition of BCs by percentage for Demolition Per Month % Minibulk 52 % Handy 13 % Handymax 1 % Panamax 9 % Capesize dwt no of vessels Demolition of Tankers by percentage for 213 1/213 2/213 3/213 4/213 5/213 6/213 7/213 8/213 9/213 1/213 11/213 12/213 1/214 2/214 3/214 4/214 Months Sum of 5/214 6/214 7/214 8/214 9/214 1/214 11/ % Minitank 36 % Product 6 % Panamax 18 % Aframax 8 % Suezmax 11 % VLCC 5 % ULCC Year Dry Demolition activity since 23 of Dry Tankers of Tankers

10 Contact Details AERAKIS GEORGE AOH: MOBILE: DASKALAKIS GEORGE AOH: MOBILE: DRAKOGIANNOPOULOS SAKIS AOH: MOBILE: KARADIMAS COSTAS AOH: MOBILE: KOSTOYANNIS JOHN AOH: MOBILE: MOISSOGLOU THEODOROS AOH: MOBILE: PRACHALIAS ARGIRIS AOH: MOBILE: STASSINAKIS JOHN AOH: MOBILE: TSALPATOUROS COSTIS AOH: MOBILE: BOLIS ILIAS AOH: MOBILE: DRAKOGIANNOPOULOS STAVROS AOH: MOBILE: HATZIGEORGIOU NASSOS AOH: MOBILE: KLONIZAKIS JOHN AOH: MOBILE: MANOLAS NIKOLAS AOH: MOBILE: PAPOUIS THASSOS AOH: MOBILE: PROSSIOS TASSOS AOH: MOBILE: TOBALOGLOU EVAGELOS 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 1

11 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. 11