S&P MONTHLY REPORT JUNE 2009

Transcription

1 Nico J. Cotzias' list of achievements and contributions to shipping were surely long and important, but the kind words of comfort that we have received from all our friends and associates around the world has been extraordinary. Deepheartedly, we thank you all and promise that his legacy will remain our inspiration for the years to follow. Thank you all Nico J. Cotzias OBE ( ) S&P MONTHLY REPORT JUNE 2009 Executive Summary Ship sale volume: JUN 09 MAY 09 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: last month John N. Cotzias CEO Highest Scrap Price paid this month: $323/ldt BANGLADESH Newbuilding Ships Prices (30/6/2009) (in mil USD) Dry Cargo CAPE 4/7/2008 PMX 4/7/2008 HMAX 4/7/2008 NEWBUILDING $62.0 $96.8 $38.0 $57.3 $31.0 $49.4 Tanker Ships VLCC 4/7/2008 SUZ 4/7/2008 AFR 4/7/2008 NEWBUILDING $109.4 $157.0 $77.0 $96.5 $58.5 $78.0 PAN 4/7/2008 PROD 4/7/2008 $51.0 $65.0 $40.0 $55.5 Average Dry cargo T/C Earnings (worldwide routes): Jun09 May09 Apr09 Mar09 Capes >144,000 dwt: $39,066 $22,337 $26,146 $32,045 Large Bulkers 144,000 85,000 dwt: $18,287 $12,892 $19,500 $18,000 Panamax 82,000 59,000 dwt: $17,270 $13,752 $15,798 $11,532 Handymax 59,000 48,000 dwt: $16,847 $15,082 $15,832 $12,329 Handy 48,000 40,000 dwt: $14,770 $13,864 $15,629 $10,931 Bulkers 40,000 30,000 dwt: $13,074 $13,575 $13,585 $10,225 Small Bulkers 30,000 12,000 dwt: $11,773 $8,900 $11,230 $7,543 Scrap Prices for JUNE2009 GENERAL SCRAP PRICE AVERAGE HIGH $265 AVERAGE $248 JUNE 2009 AVERAGE $258.6 INDIA HIGH $272 AVERAGE $257 MAY 2009 AVERAGE $233.4 BANGLADESH HIGH $323 AVERAGE $296 APR 2009 AVERAGE $258.8 PAKISTAN HIGH $296 AVERAGE $282 MAR 2009 AVERAGE $279.2 TURKEY HIGH $140 AVERAGE $140 FEB 2009 AVERAGE $255.8 BALTIC INDICES % since change since 30Jun09 LAST MONTH 29May09 30Apr09 31Mar09 Baltic Dry Index Baltic Panamax Index Baltic Supramax Index Baltic Cape Index Baltic Clean Tanker Index Baltic Dirty Tanker Index % % % % % % 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 NAME NATION RHINE ORE BC 1989 JAPAN 233,016 $25.00m VALE BRAZIL NOTES JUNE NIPPON YUSEN KAISHA JAPAN 2009 IMO SUNGDONG 1061 BC 2010 SUNGDONG 1062 BC 2010 SUNGDONG 1074 BC 2011 SUNGDONG 1075 BC 2010 SUNGDONG SHIPBUILDING KOREA SUNGDONG SHIPBUILDING KOREA SUNGDONG SHIPBUILDING KOREA SUNGDONG SHIPBUILDING KOREA SOLD ENBLOC 180,000 $81.00m SUNGDONG 1062, SUNGDONG 1061, SUNGDONG 1074, SUNGDONG 1075 FOR 180,000 $81.00m $384MIL USD, INCL 10 12YEAR NAVIOS $29,500/DAY. THERE IS A PROFIT SHARE OPTION 180,000 $81.00m 50/50 FOR RATE GREATER THAN $38,000/DAY SELLERS ARE ALBA MARITIME SERVICES 180,000 $81.00m (INITIAL CONTRACT PRICE $109MIL EACH UNIT) SHANGHAI JIANGNAN CHANGXING SB RESALE BC 2009 SHANGHAI JIANGNAN CHANGXING 177,000 $65.00m ANGELICOUSIS SEACREST SHIPPING (REMI MARITIME ). ARE NOT FIVE STAR GLOBAL SHIPPING OF BUT ANGELICOUSSIS DELIVERY NOVEMBER 09 LOWLANDS SUNRISE BC 2003 JAPAN 176,298 $54.00m OCEAN FREIGHTERS COBELFRET NV BELGIUM JIN TAI BC 2004 SHANGHAI 173,880 $55.10m GREEK JINHUI SHIPPING & TRANS LTD SHE WAS SOLD IN DEC 2007 FOR $155MIL USD AND NOW $55.1MIL (65% PRICE REDUCTION) ACTUAL PRICE HISTORY: SOLD FEB $80MIL, JAN $60MIL, DEC $155MIL & JUN $55.1MIL COTSWOLD BC 1986 SBX 151,016 $14.00m ZODIAC MARITIME AGENCIES LTD UK ZETLAND BC 1985 HYUNDAI 145, CBM GR $12.00m ZODIAC MARITIME AGENCIES LTD UK SEA BREEZE BC 2009 SUNDONG 91,800 $40.50m SISTER VSL RESOLD IN NOV 2007 FOR $74MIL USD ARNE BLYSTAD NORWAY C S OLIVE BC 2010 JAPAN 82, CBM GRAIN $37.00m ITALIAN ITALY TSUNEISHI FUKUYAMA 1427 RESALE SELLERS ARE MITSUI OSK LINES LTD JAPAN JIN HE BC 2006 OSHIMA 77,250 $39.00m FIVE STAR SHIPPING INDIA JINHUI SHIPPING & TRANS LTD,. SS/DD 04/ FORTUNE OCEAN BC 2006 SASEBO SASEBO 76,801 $38.80m KOREAN KOREA CIDO SHIPPING HONG KONG, BONITA BC 2001 IMABARI MARUGAME 76,623 $25.50m MODION MARITIME EIKO KISEN CO LTD, JAPAN. UNDERSTAND VESSEL IS IN POOR CONDITION MAPLE VALLEY BC 2005 IMABARI MARUGAME 76,608 $30.00m EAST MED FEDNAV LTD, CANADA. SHE WAS REPORTED SOLD IN AUG AT $63m TO DRYSHIPS AND IN APRIL 09 AT $40m TO KOREAN. BELISLAND BC 2003 IMABARI MARUGAME 76,602 P&C DEAL KOWA MARINE SERVICE CO LTD JAPAN. SALE REPORTED IN JAN 09 AT $30m FAILED. BOOMERANG BC 2004 SUMITOMO 76, CBM GRAIN $36.00m ADELFIA SHIPPING ORION BULKERS GMBH & CO KG GERMANY ORION HAD BOUGHT THE VESSEL IN MAR 2007 FOR $50MIL (MYKALI) N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 2 of 18

3 TORM TINA BC 2001 TSUNEISHI 75,966 $30.00m TORM DENMARK OTHERS REPORT ARE GREEK EFROSSINI BC 2003 TSUNEISHI JAPAN 75,932 $34.00m GREEK SAFETY MANAGEMENT OVERSEAS VICTORIA BC 1984 VEROLME ESTALEIROS REUNIDOS DO BRASIL 75,524 $4.00m A.M. NOMICOS TRANSWORLD OTHER REP SAYS $6.4MIL USD MADDALENA D'AMATO BC 2001 HUDONG 74,716 $25.00m OCEAN FREIGHTERS SOLD WITH TC ATTACHED AT $13,150/DAY UNTIL 4Q09. D'AMATO, ITALY FAR EASTERN MARINA BC 1997 JIANGNAN SHIPYARD 73,596 $17.00m VOGEMANN GERMANY EASTERN MEDIA INTERNATIONAL CORP, TAIWAN. SS /2012, DD 05/2010. OLD SALE OTHER REP SAYS $19MIL USD SPRING PEACOCK BC 2004 IMABARI 72,497 $25.20m MITSUI OSK LINES LTD JAPAN MARATHA MESSENGER BC 1995 JAPAN 71,252 $19.60m CHOWGULE STEAMSHIPS LTD INDIA FOUR COAL BC 1999 TSUNEISHI 69,997 $27.50m EUROSEAS SOLD WITH TC ATTACHED TO COSCO AT $25200/DAY UNTIL JAN PREMUDA ITALY OTHER REP SAYS $28MIL USD FAR EASTERN SILO BC 1990 IMABARI MARUGAME 69,338 $12.00m EASTERN MEDIA INTERNATIONAL CORP, TAIWAN JUPITER APPLAUSE BC 1997 IMABARI 69,123 $20.00m TOKAI SHIPPING CO LTD JAPAN GIANNI D BC 1998 OKEAN 69,100 $20.00m INTRIGUE SHIPPING INC, NOMINEES OF NOVOSHIP RUSSIA GOLDENPORT HOLDINGS INC,. SELLERS HAVE MADE A PROFIT OF $11.1m ON HER SALE. C/FREE DELIVERY MID AUG 2009 BARCELONA BRIGHT BC 1981 IHI AIOI 67,485 $5.00m PIONEER SHIP MANAGEMENT UAE SVYATOY IOAN BC 1981 HYUNDAI 65,419 $5.50m EUROPEAN EUROPE FEDCOMINVEST MONACO SAM MONACO SS DUE 6/2013, DD DUE 6/2011 AKRONEOS BC 1981 JAPAN 65,015 $3.90m HUA MING SHIPPING CO LTD SS/DD PASSED JULY 2008 ODYSEA CARRIERS SA MITSA BC 1981 JAPAN 64,896 $4.00m ALLSEAS MARINE SA NIKOS O BC 1982 TAIWAN 63,179 $3.75m UKRAINE UKRAINE PREVIOUS REPORT SOLD FOR $4MIL TO FAILED OMICRON SHIP MANAGEMENT ANASSA BC 1983 HITACHI 63,170 4X25T $6.90m DALNAVE NAVIGATION MOL MOSEL CONT 1995 KOYO MIHARA 61, $9.65m TOYO SANGYO CO LTD JAPAN TAIZHOU KOUAN TK102 TAIZHOU KOUAN TK103 BC 2009 TAIZHOU KOUAN 57,000 4X30T $28.00m SOLD ENBLOC FOR $56m FOR BOTH UNITS. WILMAR SINGAPORE AHRENKIEL CF GERMANY BC 2010 TAIZHOU KOUAN 57,000 4X30T $28.00m N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 3 of 18

4 GLEAMRAY RESALE NANTONG COSCO KHI BC 2010 NACKS 55,000 4X30T $33.00m COSCO NANJING (NOSCO) GLEAMRAY DELIVERY JAN 2010 JIN KANG BC 2003 TSUNEISHI CEBU 52,454 4X30T $26.80m SHIPPING ASSET MANAGEMENT JINHUI SHIPPING & TRANS LTD, SWITZERLAND. SS 04/2013 DD 04/ DARYA DHYAN BC 2001 MITSUI CHIBA ICHIHARA 50,149 4X30T $24.50m JME NAVIGATION CHELLARAM SHIPPING (HONG KONG) LTD, ORFEAS BC 1983 JAPAN 48,891 4X25T $6.45m PARAGON SHIPPING (ALLSEAS) WAIVED INSPECTION BAUHINIA BRIDGE CONT 1993 AKASHI BRIDGE CONT KAWASAKI SOLD ENBLOC BAUHINIA HEAVY 47, $7.50m BRIDGE AND AKASHI INDUSTRY BRIDGE FOR $15m FOR CYPRUS BOTH UNITS. SELLERS MARITIME ARE K LINE SHIP HASHIHAMA MANAGEMENT (KLSM), ZOSEN 47, $7.50m JAPAN CHANG JIANG BRIDGE CONT 1992 HASHIHAMA SHIPBUILDING 47, $6.00m CYPRUS MARITIME KAWASAKI KISEN JAPAN NEW SEA STAR 6 BC 1985 HASHIHAMA 45,877 4X25T $7.25m FAR EASTERN FAR EAST SEA STAR SHIPS MANAGEMENT LONDON BRIDGE BC 1994 TSUNEISHI 45,708 4X25T $16.00m ZHOUSAN BRITISH MARINE PLC UK COMMITTED PATMOS II CONT 1992 GERMANY 45, $4.80m SOLD ENBLOC PATMOS II AND CIFIC FOR $9.6m FOR CYPRUS BOTH UNITS. SELLERS MARITIME ARE HAMBURGISCHE SEEHANDLUNG CIFIC CONT 1992 GERMANY 45, $4.80m GERMANY ZSQ STAR BC 1986 BRAZIL 45,470 3X25T P&C DEAL GOVERNMENT MIRANDA ROSE BC 1984 TSUNEISHI 43,296 4X25T $5.00m ITC VIETNAM BRITISH MARINE PLC UK. FYI VESSEL WAS REPORTED LAST MONTH AT $4.7m TO OSED GULF GLOBE BC 1994 HYUNDAI HI 43,246 4X25T $16.00m GREEK GLOBUS MARITIME JAG RANI BC 1984 MITSUI TAMANO 41,545 4X25T $4.10m TAIWANESE TAIWAN FIVE STARS SHIPPING CO INDIA. SALE REPORTED IN DEC 08 AT $4.25m FAILED ENGIADINA CONT 2002 KOREA 39, $17.00m SUISSE ATLANTIQUE SWISS SOLD FOR CONVERSION ORIENTAL KEY BC 1980 KASADO 38,323 5X25T $2.80m SINGAPOREAN SINGAPORE SHL MARITIME CO LTD KOREA EPIPHANY BC 1985 HITACHI 37,722 4X25T $6.80m ANBROS MARITIME SA SHE WAS BOUGHT IN JAN FOR $9.75MIL USD CENK KAPTANOGLU BC 1983 KOREA 36,788 4X25T, 750 $4.00m INDONESIAN INDONESIA KAPTANOGLU SHIPMANAGEMENT TURKEY OTHER REP SAYS GO PRIDE BC 1982 JAPAN 35,055 D5X25T $2.50m GLOBAL OCEANIC CARRIERS LTD SHE WAS ACQUIRED IN MAY FOR $10.2MIL IN A 3 VSL ENBLOC DEAL N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 4 of 18

5 EURUS OTTAWA CONT 1989 EURUS OSLO CONT 1989 SAFMARINE ASIA CONT 1985 EURUS SINGAPORE CONT 1989 EURUS LISBON CONT 1991 HDW AG KIEL GFR 34, HDW AG KIEL GFR 34, HDW AG KIEL GFR 31, DRAFTEN EASTWIND FINCANTIERI SHIPPING/OFER STABIA 26, MONACO GROUP USA GROUP TSUNEISHI 2X32T, ,646 SHIPBUILDING EURUS PARIS CONT 1983 ISHIKAWAJIMA 9, EFESSOS BC 1982 USUKI 33,554 2X25T $3.50m GURITA LINTAS INDONESIA MARMARAS NAVIGATION LTD ANGEL ACCORD BC 2003 KANDA 32,379 4X30.5T $22.00m KEYMAX GROUP JAPAN. SS 05/2013, DD 05/ DARIN NAREE BC 1984 HASHIHAMA 30,898 4X25T $4.20m GREEK PRECIOUS SHIPPING THAILAND SS/DD 06/ MOL OUEME CONT 1999 IMABARI 29,266 2X40T, D1X3.5T, 1697 $8.00m SEACHANGE USA MITSUI OSK LINES LTD JAPAN OTHER REP SAYS 11MIL USD DARYA RAAG BC 1997 SNG 28,968 4X30T $14.00m GREEK CHELLARAM SHIPPING HONG KONG ANTIKERI BC 1984 JAPAN 28,791 4X25T $5.30m OLOF BRODIN CHARTERING SWEDEN OPAL NAREE BC 1982 JAPAN 28,780 5X25T $3.10m PRECIOUS SHIPPING, THAILAND NEW GUARDIAN BC 1995 NKK CORP 28,615 4X25T $13.50m HSIN CHIEN MARINE SEA HONESTY BC 1997 KANDA 28,564 4X30T $12.00m SANTOKU SENPAKU CO LTD JAPAN SS 10/2011, DD 10/2009 EASTWIND BC 1981 JAPAN 27,493 TRADEWIND BC 1981 JAPAN 27,472 4X25T, 224 4X25T, 224 ATLANTIC $2.90m BULK CARRIERS SOLD ENBLOC TRADEWIND AND SYRIAN SYRIA EASTWIND TO SYRIAN FOR $2.9m EACH $2.90m UNIT OTHER REP SAYS $2.9MIL TO SINGAPORE ATLANTIC ACACIA BC 1993 HAKODATE 26,472 4X30.4T $11.30m GREEK NIPPON YUSEN KAISHA JAPAN HILAL II BC 1981 OSAKA 25,845 4X25T $2.00m HONG KONG SHUN XIN MARINE LTD BUYUK CAMLICA DENIZ TURKEY OOCL ACCLAIM CONT 1997 JAPAN 24, $6.00m TOKAI SHIPPING CO LTD JAPAN AMMON ACE BC 1996 KANDA 24,157 3X30T $12.00m GREEK KAWASAKI KISEN KAISHA JAPAN OTHER REP SAYS VIETNAMESE IST BC 1981 JAPAN 24,030 3X25T, D1X25T $1.90m JADROPLOV INTERNATIONAL KROATIA CYNTHIA CONT 2008 WADAN SHIPYARD 23, $21.00m BRIESE SCHIFFAHRTS GERMANY SOLD FOR 15MIL EURO VESSEL WAS ORIGINALLY CONTRACTED BY THE WINTER BROTHERS FOR AROUND EURO32m. SOLD BY THE RECEIVERS OF GERMAN SHIPYARD WADAN. VIKING HAWK CONT , X40T $22.00m CARSTEN REHDER GERMANY NORSE MANAGEMENT CO PTE LTD SINGAPORE DUCK FORTUNE BC 1981 JAPAN 22,525 5X22T $1.50m SOLD ON AS IS TEMA GHANA BASIS SELLERS ARE AQUACHART SIA LATVIA N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 5 of 18

6 OCEAN BIRD CONT 2008 CSBS 22,314 OCEAN SPICA CONT 2008 CSBS 22,314 OCEAN MERMAID CONT 2008 CSBS 22,314 OCEAN EMERALD CONT 2008 CSBS 22,314 2X40T X40T X40T X40T 1713 $79.00m GERMAN GERMANY SOLD ENBLOC OCEAN BIRD, OCEAN EMERALD, OCEAN SPICA AND OCEAN MERMAID FOR $79m FOR ALL 4 UNITS TO GERMAN. CIDO SHIPPING HONG KONG, SUERTE BC 1980 JAPAN 22,260 2X25T, D2X25T $1.82m FAR EASTERN FAR EAST MARITEAM SERVICES MONTANIA CONT 1996 POLAND 22, $6.90m IRANIAN IRAN KONIG & CIE GMBH & CO KG GERMANY PAWITRA NAREE BC 1985 JAPAN 21,654 3X25T, D1X25T $4.10m PRECIOUS SHIPPING THAILAND MANISAMUT NAREE BC 1983 WATANABE ZOSEN 21,341 3X25T,D1X2 5T $3.70m GREEK PRECIOUS SHIPPING, THAILAND. SS /2013, DD 11/2011 TALTY BC 1979 UK 16,728 3X8T P&C DEAL POLSKA ZEGLUGA MORSKA PP POLAND TOUGH TRADER MPP 1980 UK 15,200 D1X26T, D3X22T, D2X5T, 110 P&C DEAL UAE UAE MARACHART SHIPPING RIOMARE BC 1983 JULIANA SPAIN 11,702 D2X30T, D3X22T, 566 $1.50m BAYAZID SHIPPING CO SYRIA ABOUDI V CONT 1985 GDR 9,327 2X35T, 754 $2.10m OSMAN SHIPPING LLC UAE KIND FAITH SD ,300 2X40T $13.20m HAN LORD MPP 1983 JAPAN 9,120 2X25T, D2X15T, 210 $1.30m SHANGHAI ZHENGDONG SHIPPING CO SHE WAS BOUGHT IN NOV 2006 FOR $3.2MIL USD PLORI MPP 1983 BARRERAS 8,556 LADO MPP 1984 JULIANA SPAIN 8,522 D4X25T, 160 D4X25T, 160 $1.10m COSMOS SYRIAN SYRIA MARINE MANAGEMENT SA $1.20m LUBEY ALICE MPP 1983 GDR 8,060 2X35T, 582 $0.85m GREEK SHIPMATES INTERNATIONAL SA SHE WAS ACQUIRED IN FEB FOR $5MIL USD SOLD AT AUCTION WITH DELY OTHER REP SAYS GERMAN VENTO DI TRAMONTANA MPP 1983 RICKMERS 8,035 2X35T 582 S $1.10m BROINTERMED LINES LTD UK WHITE SAGA MPP 1999 SEIBU 7,950 D2X30T, D1X25T $6.20m VIETNAMESE VIETNAM NARASAKI SANGYO KK JAPAN JONA MPP 1979 VEB NEPTUN GDR 7,810 D4X22.5T 294 P&C DEAL EGYPTIAN EGYPT EGYPT TRADE MARITIME SERVICES EGYPT WAS SOLD IN NOV 2007 FOR $3.65MIL BBC GDANSK MPP 2008 REMONTOWA 7,500 2X120T, 532 $18.18m SCHNAPPCHEN FONDS I GERMANY SOLD FOR 12.9 MIL EURO BRIESE SCHIFFAHRTS GMBH & CO GERMANY ATOZ MPP 1990 JAPAN 6,926 D4X15T $3.60m SOUTH EASTERN SOUTH EAST BOGO LINE CO LTD KOREA N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 6 of 18

7 STENA TRANSPORTER RORO 1978 HYUNDAI 5, M LOA, 1860LM 220 P&C DEAL STRADA BLUE ITALY STENA AB SWEDEN COOL STAR RORO 1990 JAPAN 5,228 $11.50m DALIAN JIFA VEHICLES CARRIER FUYOH SHIPPING JAPAN ORANGE SKY RORO 1993 JAPAN 5,184 $8.00m DALIAN JIFA VEHICLES CARRIER PRINCE KAIUN JAPAN JAKOB MPP 1977 POLAND 4,028 P&C DEAL HH BROTHERS MARITIME BULGARIA BALTIC TERN CONT 1989 KOREA 3, REEF $1.20m CMA CGM HOLDING FRANCE OCEAN SCOTSMAN PSV 1982 SINGAPORE SLIPWAY 2,910 $6.50m BARD GERMANY HOYLAND NORWAY CIUDAD DE VALENCIA ROPAX 1984 SPAIN 2,500 $2.98m VEHICLES CARRIER ACCIONA TRANSMED SPAIN VAN GOGH PASS 1975 FINLAND WARTSILA 2, LOA, 727 PAX $6.50m SOLD VIA AUCTION CLUB CRUISE ENTERTAINMENT NETHERLANDS Note1: With Red color are indicated all Greek interest Buyers or Sellers DRY CARGO 2ND HAND MARKET STATISTICS SELLERS STATS 2009 MONTHLY UNIT SALE ACTIVITY country units % 2009 UNITS OUTLAY$ DWT % JANUARY 62 $812.15m 2,505,893 JAPAN % FEBRUARY 73 $682.50m 2,622, % MARCH 103 $1,026.38m 3,923,727 SINGAPORE % APRIL 75 $913.02m 3,569,193 UK % MAY 97 $1,366.90m 5,231,800 GERMANY % JUNE 113 $1,679.33m 5,680,789 KOREA % JULY 0 $0.00m 0 NORWAY % AUGUST 0 $0.00m 0 DENMARK % SEPTEMBER 0 $0.00m 0 SELLERS Greek Sellers have disposed 110 units THAILAND % OCTOBER 0 $0.00m 0 (85 last) so far in 2009, while Japanese Sellers have TURKEY % sold 97 units (78 last). In 3rd place follow the NOVEMBER 0 $0.00m 0 ITALY % Chinese sellers with 42 units (28 last), while DECEMBER 0 $0.00m 0 Singapore based sellers are 4th with 26 units (25 USA % TOTAL 523 $6,480.27m 23,534,213 last). INDIA % UAE % 2009 DRY CARGO STATISTICS SWEDEN % COUNTRY UNITS % OUTLAY ($) % DWT % NETHERLANDS % % $1, % 6,018, % PHILIPPINES % % $1, % 5,136, % ALL OTHER % GERMANY % $ % 531, % % FAR EAST % $ % 564, % TOTAL % TURKEY % $ % 354, % China during the past 3 months, has taken JAPAN % $ % 1,439, % the lead strongly and has bought a total of 107 units. SYRIA % $ % 268, % If we add also the ships of Taiwan ( 9), and Hong Kong INDONESIA % $ % 312, % (2) and some of the Far East undisclosed deals ( 14), we see that China is clearly the undisputed buyer VIETNAM % $ % 257, % leader of secondhand tonnage. Greeks follow much improved with 93 units, while German Buyers have come up strong with 20 units. TAIWAN % $ % 683, % ITALY % $ % 302, % BRAZIL % $ % 1,526, % 2009 BULKER VSLS SOLD COUNTRY OF BUILT MONACO % $ % 179, % COUNTRY UNITS % rank KOREA % $ % 337, % JAPAN % % $1, % 3,902, % KOREA % 2 ALLOTHER % $ % 2,074, % % 3 TOTAL % $6, % 23,551, % POLAND 8 2.2% 4 UK 6 1.6% 5 Out of a total of 371 DRY BULK vessels sold during the first 6 months of 2009, it is interesting to see that SPAIN 3 0.8% vessels (78.4% of total) are built in JAPANese Shipyards. This is a very interesting trend that we SINGAPORE 1 0.3% 7 noted from last month and that scenario, was definitely not occuring before Oct It seems that post Oct Crisis, the buying criteria of most cash buyers changed and they must have felt more secure going for ALL OTHER % mid 80's, and 90's secondhand Japanese built tonnage. So it is clearly obvious as 3 out of 4 Bulkers sold TOTAL % are "BIG IN JAPAN " it goes without saying that if a ship wants to stand a good chance of finding quickly a new owner then she " better be built in JAPAN "!!! N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 7 of 18

8 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 2009 vs JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER $4,150.00m $3,650.00m $3,150.00m $2,650.00m $2,150.00m $1,650.00m $1,150.00m $650.00m $150.00m Dry cargo Capital expend vs 2008 $3,950 $3,615 $2,675 $2,660 $2,027 $1,339 $812 $682 $1,026 JANUARY FEBRUARY MARCH APRIL $2,172 $1,367$1,679 $1,602 $913 $1,340 $809 $567 $351 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 June 2009, compared to 2008 monthly activity. $91 $76 $61 $46 $31 $16 $128 $108 $88 $68 $48 $28 NB BULKERS PRICE COMPARISON In the table on the top we see the MONTHLY dry cargo capital expenditure for June 2009 compared to 2008 monthly activity built (5Y) OLD BULKERS PRICE COMPARISON CHANGE CHANGE FR0M 4/7/08 6/7/2007 4/7/ /6/2009 FR0M 4/7/08 TYPE 6/7/2007 4/7/ /6/2009 TYPE NB CAPE $83.0 $96.6 $ % 5y CAPE $102.0 $150.3 $ % NB PMX $42.0 $56.5 $ % 5y PMX $59.0 $86.5 $ % NB HANDY $39.0 $48.5 $ % 5y HANDY $54.5 $72.5 $ % $ built (10Y) OLD BULKERS PRICE COMPARISON 1988 built (20Y) OLD BULKERS PRICE COMPARISON CHANGE CHANGE TYPE 6/7/2007 4/7/ /6/2009 FR0M 4/7/08 TYPE 6/7/2007 4/7/ /6/2009 FR0M 4/7/08 10y CAPE $82.1 $131.0 $ % 20y CAPE $35.0 $83.0 $ % 10y PMX $50.0 $76.0 $ % 20y PMX $27.0 $48.0 $ % 10y HANDY $42.0 $62.0 $ % 20y HANDY $23.0 $41.0 $9.8 76% Tables above compare prices from 6th July 2007 and 4th Jul 2008 with today Feb00 Jun00 Oct00 Feb00 Jun00 Oct00 DRY CARGO ( ) NB vsl PRICES CAPE 170K PANAMAX 70K HANDY 50K Feb01 Jun01 Oct01 Feb02 Jun02 Oct02 Feb03 Jun03 Oct03 Feb04 Jun04 Oct04 Feb05 Jun05 Oct05 Feb06 Jun06 Oct06 Feb07 Jun07 Oct07 Feb08 Jun08 Oct08 Feb09 Jun09 DRY CARGO ( ) 10y OLD vsl PRICES CAPE 170K PANAMAX 70K HANDY 50K Feb01 Jun01 Oct01 Feb02 Jun02 Oct02 Feb03 Jun03 Oct03 Feb04 Jun04 Oct04 Feb05 Jun05 Oct05 Feb06 Jun06 Oct06 Feb07 Jun07 Oct07 Feb08 Jun08 Oct08 Feb09 Jun09 $145 $123 $100 $78 $55 $33 $10 $77 $65 $52 $40 $27 $15 $2 Feb00 Jun00 Oct00 Feb00 Jun00 Oct00 DRY CARGO ( ) 5y OLD vsl PRICES CAPE 170K PANAMAX 70K HANDY 50K Feb01 Jun01 Oct01 Feb02 Jun02 Oct02 Feb03 Jun03 Oct03 DRY CARGO ( ) 20y OLD vsl PRICES CAPE 170K PANAMAX 70K HANDY 50K Feb01 Jun01 Oct01 Feb02 Jun02 Oct02 Feb03 Jun03 Oct03 Feb04 Jun04 Oct04 Feb05 Jun05 Oct05 Feb06 Jun06 Oct06 Feb07 Jun07 Feb04 Jun04 Oct04 Feb05 Jun05 Oct05 Feb06 Jun06 Oct06 Feb07 Jun07 Oct07 Feb08 Jun08 Oct08 Feb09 Jun09 N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 8 of 18 Oct07 Feb08 Jun08 Oct08 Feb09 Jun09

9 TANKER SHIPS SOLD DURING THIS MONTH NAME TYPE YEAR BUILT DWT PRICE PRICE NOTE NAME NATION NOTES JUNE 2009 IMO SONGA CHELSEA TANKER 1995 DAEWOO 298,432 $54.00m IRANIAN IRAN ARNE BLYSTAD NORWAY SHE WAS ACQUIRED BY A.BLYSTAD/SONGA SHIPPING FOR $100MIL IN JAN 2008 STARLIGHT VENTURE TANKER 2004 HYUNDAI 291,768 $80.00m UMING TAIWAN. WAH KWONG SHIPPING HOLDINGS JAPAN SOLD INCLUDING A TC FOR 3 YEARS AT $35000/DAY ASHKINI SPIRIT TANKER 2003 KOREA 165,187 $57.00m TEEKAY TANKERS CANADA TEEKAY CORPORATION CNADA CHEMTRANS LYRA TANKER 1993 KOREA 97,097 $16.50m INDONESIAN INDONESIA DIVAG (DEUTSCHE INVESTITIONS UND VERMOGENS TREUHAND AKTIENGESELLSCHAFT) GERMANY ANGEL NO 6 TANKER 1988 SHIN KURUSHIMA 40,509 $5.00m WINSON OIL HONG KONG WINSON TANKER PTE LTD SINGAPORE SITEAM ANABEL TANKER 1986 ULJANIK 40,158 $27.00m BRODOG SOLD EN BLOC SITEAM ANABEL,SICHE SOLD EN BLOC SITEAM M ANNE, ANABEL, SICHEM SICHEM ANNE TANKER 1997 HIGAKI 9,202 $27.00m SICHEM PROVENCE, SICHEM PROVENCE. ANNE, AND SICHEM SICHEM PRINCESS MARIE PRINCESS CHANTAL FOR $27m FOR MARIE ALL FOUR UNITS. SICHEM PROVENCE TANKER 1996 USUKI 8,758 $27.00m CHANTAL TO SICHEM PRINCESS MARIECHANTAL EITZEN OSED FOR CHEMICAL, SINGAPORE. $27m FOR ALL UNITS TANKER 2003 NOKBONG 8,016 $27.00m CHEMSTAR HERO TANKER 2002 FUKUOKA 19,836 $17.50m MTMM USA IINO KAIUN KAISHA LTD JAPAN ADRIATIC WIND TANKER 1984 SPLIT 17,600 $3.40m OTHER REP SAYS SOLD FOR SCRAP SELLERS ARE TROUBLED/COLLAPSED EASTWIND GROUP USA FRANCESCO D'ALESIO TANKER 1993 ITALY 11,328 $9.00m P&C ATLANTIC OIL MARITIME SA D'ALESIO ITALY EMIRATES SWAN TANKER 2006 SASAKI 8,636 $12.85m IMO III VIETNAMESE VIETNAM SOLD SUB INSPECTION. SS/DD SELLERS ARE FLEET MANAGEMENT LTDHKG HONG KONG GLOBAL MARS TANKER 2001 JAPAN 7,786 $11.50m MALAYSIAN MALAYSIA GLOBAL MARINE SERVICE CO LTD JAPAN WOO YEON TANKER 1995 JAPAN 4,897 $3.00m KOREAN KOREA SELELRS ARE KEOJE MARINE CO LTD KOREA OCEAN PRIMATE GAS 1993 YSSELWERFT 3,566 $6.20m 3200 CBM TRANSGAS VENEZUELA LPG ALLOCEAN LTD GAS SOPHIE GAS 1995 KITANIHON 2,609 $6.60m 3516 CBM INDONESIAN Note1: With Red color are indicated all Greek interest Buyers or Sellers INDONESIA LPG STEALTH GAS N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 9 of 18

10 SELLERS STATS 2009 TANKER 2ND HAND MARKET STATISTICS We see that the number of ships sold during June MONTHLY UNIT SALE ACTIVITY 2009 shows a serious "slowdown" of the tanker COUNTRY UNITS % 2009 UNITS OUTLAY$ DWT secondhand market. Only 17 tanker ships were sold JAPAN % this month. With Capital Outlay being very low with JANUARY 36 $1,380.95m 2,829,769 only $310million USD being spent and a mere SINGAPORE % FEBRUARY 17 $406.80m 1,038,858 1million DWT changing hands % MARCH 21 $339.95m 698,835 NORWAY % APRIL 22 $267.90m 645,958 USA % MAY 46 $760.50m 3,078, % JUNE 17 $309.55m 1,035,385 UK % JULY 0 $0.00m 0 TURKEY % AUGUST 0 $0.00m 0 UAE % SEPTEMBER 0 $0.00m 0 ITALY % OCTOBER 0 $0.00m 0 SELLERS The table on the RIGHT shows the nationality of the Sellers. Japanese Sellers are CYPRUS % NOVEMBER 0 $0.00m 0 sharing 1st place as sellers, selling 23 units (20 last) KOREA % together with Singapore sellers who have disposed 23 DECEMBER 0 $0.00m 0 units (18 last). Greek Sellers are 3rd with 18 units INDONESIA % TOTAL 159 $3,465.65m 9,326,932 (same 18 last), followed by Norwegian sellers who sold 15 units (14 last. BULGARIA % RUSSIA % 2009 TANKER buyer STATISTICS SOUTH AFRICA % COUNTRY UNITS OUTLAY ($) % DWT % MALAYSIA % 24 $ % 1,195, % GIBRALTAR % USA 13 $ % 1,107, % ALL OTHER % NORWAY 10 $ % 739, % % 6 $ % 1,365, % TOTAL % LIBYA 6 $ % 381, % JAPAN 6 $ % 899, % TURKEY 5 $ % 46, % VIETNAM 5 $ % 109, % SINGAPORE 4 $ % 184, % FAR EAST 4 $ % 119, % ASIA 3 $6 0.17% 16, % INDONESIA 5 $ % 155, % GERMANY 3 $ % 45, % Greek buyers are holding the lead, having acquired $ % 1,281, % units (21 LAST), with USA buyers 2nd with 13 units (12 last) and Norwegian buyers 3rd with 10 units (unchanged ). Chinese buyers ALL OTHER 33 $ % 1,678, % have acquired 6 ships (unchanged) and together with Japanese and TOTAL 159 $3, % 9,326, % Libyan buyers are sharing 4th place with 6 units each TANKER UNITS SOLD BREAKDOWN PER SIZE AND MONTH 2009 VLCC & ULCC SUEZMAX AFRAMAX 110K PANAMAX 70K PROD 45K < 40,000 OBO LPG & LNG JANUARY FEBRUARY MARCH APRIL MAY JUNE TOTAL JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER TOTAL N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 10 of 18

11 NB TANKERS PRICE COMPARISON CHANGE CHANGE FR0M 4/7/08 6/7/2007 4/7/ /6/2009 FR0M 4/7/08 TYPE 6/7/2007 4/7/ /6/2009 TYPE VLCC $130.3 $155.5 $ % VLCC $123.0 $149.0 $ % SUEZMAX $81.0 $95.0 $ % SUEZMAX $89.0 $99.0 $ % AFRAMAX $66.0 $77.9 $ % AFRAMAX $67.0 $75.0 $ % PANAMAX $56.0 $65.0 $ % PANAMAX $55.5 $61.0 $ % MR PROD $47.0 $54.0 $ % MR PROD $49.5 $52.4 $ % 10Y TANKERS PRICE COMPARISON 5Y TANKERS PRICE COMPARISON 20Y TANKERS PRICE COMPARISON CHANGE CHANGE TYPE 6/7/2007 4/7/ /6/2009 FR0M 4/7/08 6/7/2007 4/7/ /6/2009 FR0M 4/7/08 TYPE VLCC $101.0 $125.0 $ % VLCC $29.5 $39.2 $ % SUEZMAX $72.1 $81.9 $ % SUEZMAX $22.0 $34.2 $ % AFRAMAX $56.1 $61.0 $ % AFRAMAX $15.5 $25.2 $ % PANAMAX $45.6 $50.5 $ % PANAMAX $13.6 $23.0 $7.0 70% MR PROD $41.5 $45.0 $ % MR PROD $12.5 $17.5 $6.2 65% Tables above compare prices from 6th July 2007 and 4th Jul 2008 with today NEWBUILDING TANKER PRICES VLCC 300K SUEZ 150K AFRA 110K PANAMAX 70K PROD 45K YEAR OLD TANKER PRICES VLCC 300K SUEZ 150K AFRA 110K PANAMAX 70K PROD 45K Jan00 May00 Sep00 Jan01 May01 Sep01 Jan02 May02 Sep02 VLCC 300K SUEZ 150K AFRA 110K Jan03 May03 Sep03 Jan04 May04 Sep04 Jan05 May05 Sep05 Jan06 May06 Sep06 Jan07 May07 Sep07 Jan08 May08 Sep08 Jan09 May09 10 YEAR OLD TANKER PRICES PANAMAX 70K PROD 45K Jan00 May00 Sep00 Jan01 May01 Sep01 Jan02 May02 Sep02 VLCC 300K SUEZ 150K AFRA 110K Jan03 May03 Sep03 Jan04 May04 Sep04 Jan05 May05 Sep05 Jan06 May06 Sep06 Jan07 May07 Sep07 Jan08 May08 Sep08 Jan09 May09 20 YEAR OLD TANKER PRICES PANAMAX 70K PROD 45K Jan00 May00 Sep00 Jan01 May01 Sep01 Jan02 May02 Sep02 Jan03 May03 Sep03 Jan04 May04 Sep04 Jan05 May05 Sep05 Jan06 May06 Sep06 Jan07 May07 Sep07 Jan08 May08 Sep08 Jan09 May09 units TANKER units sold 2009 vs Jan00 May00 Sep00 Jan01 May01 Sep01 Jan02 May02 Sep02 Jan03 May03 Sep03 Jan04 May04 Sep04 Jan05 May05 Sep05 Jan06 May06 Sep06 Jan07 May07 Sep07 Jan08 May08 Sep08 Jan09 May JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER shipsale activity in volume (number of ships sold per month ) N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 11 of 18

12 NEWBUILDING ORDERS JUNE 2009 UNITS TYPE TONNAGE YARD YEAR PRICE BUYER S NAME NOTES 4 BC 92,500 DWT JINLING 2012/2013 $60.00 CENTRANS INTERNATIONQAL HK 18 BC 176,000 DWT JINHAIWAN GRAND JINHAIWAN ARE TRYING TO SELL 50% OF THEIR SHARES. 14 BC 92,000 DWT JINHAIWAN GRAND 1 BC 176,000 DWT SWS 2010 $ MPP 7,500 DWT POLNOCNA 2009 $ TANKER 50,400 DWT STX 2011 $42.00 GREEK OLTMAN STANDARD DEVELOPMENT (GREEK) PLUS OPTION 4 MORE 2 TANKER 105,400 DWT SUMITOMO 2010 CIDO SHIPPING HK OLDER BUSINESS 1 FRUIT JUICE 37,500 DWT BRODOSPLIT 2010 ATLANSHIP 1 AHTS 1,996 DWT HAVYARD LEIRVIK 2011 $ TUG SONG CAM 2011 Note1: With Red color are indicated all Greek interest Buyers or Sellers HAVYARD LEIRVIK NORWAY LAMNALCO UAE 350 T BOLLARD PULL DAMEN ASD 3213 DESIGN 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 2009 ALL OTHER; 68; 24% BC; 68; 24% LNG/LPG; 2; 1% TANKER; 109; 39% CONT; 7; 2% MPP; 27; 10% N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 12 of 18

13 REPORTED DEMOLITION DEALS JUNE 2009 NAME TYPE YEAR BUILT DWT LDT PRICE BREAKER NOTES IMO EASTWAY TANKER 1989 DAEWOO PRE BUDGET DELIVERY 152,740 20,797 $290 PAKISTAN SHIPBUILDING TANKER PACIFIC MANAGEMENT SINGAPORE ARENDAL STAR LANSHAN AUGUSTA HUA GUAN TANKER 1986 JAPAN 106,722 15,309 $323 BANGLADESH POLYAR TANKERS AS OBO 1984 AESA PUERTO GLORY WEALTH SHIPPING 76,324 16,951 $240 REAL BC 1981 JAPAN 70,637 17,411 $262 INDIA OBO DND MANAGEMENT INC BC 1977 JAPAN 53,521 11,073 $245 GUANGZHOU UNIOCEAN INTL SHIP MSC MANU CONT 1978 BOELWERF MSC MEDITERRANEAN TEMSE 49,217 22,553 $262 INDIA SHIPPING CO SWISS KASHMIR HUGO N LOVESTAR MOL COLUMBUS MARTINOLI CONSULTING SRL TANKER 1988 JAPAN 45,003 8,771 $240 INDIA ITALY SOLD AS IS FUJAIRAH DAMAGED BY FIRE GAS 1980 BOELWERF LPG SELELRS ARE MARU SHIPPING CO INC 43,354 15,530 $270 INDIA TEMSE USA BC 1988 JAPAN 41,051 8,222 $260 INDIA DND MANAGEMENT INC CONT 1991 TSUNEISHI 40,331 15,204 $265 MITSUI OSK LINES LTD, (MOL) JAPAN MOL LIBERTY HUA GUANG CONT 1986 BC 1982 MITSUI CHIBA MITSUI OSK LINES LTD, (MOL) ICHIHARA 38,512 15,420 $268 INDIA JAPAN MITSUBISHI YOKOHAMA 37,404 11,195 $245 GOVERNMENT ANL EXPLORER CONT 1985 JAPAN 34,194 12,487 $265 SELLERS CMA CGM HOLDING FRANCE DONGHAI KASCO AKTOR SIMA YAZD YONG XING MEN TAIPAN BALEARES BC 1978 TANKER 1981 TANKER 1986 CONT 1982 BC 1979 TANKER 1981 CONT 1978 KANASASHI TIANJIN HEBEI SHIPPING CO ZOSEN 33,663 8,021 INDIA LTD, SANOYASU MIZUSHIMA 31,745 9,091 $291 BANGLADESH DELFI S.A., KANDA PRE BUDGET DELIVERY. KAWAJIRI 29,990 7,280 $296 PAKISTAN CAPITAL SHIP MANAGEMENT CORP., HAKODATE SIMATECH SHIPPING & MURORAN 26,674 8,019 $260 INDIA FORWARDING UAE UWAJIMA SOLD ON PRIVATE & CONF DEAL SELLERS ZOSENSHO 22,526 5,437 INDIA ARE COSCO UWAJIMA PIONEER SHIP MANAGEMENT ZOSENSHO 22,255 6,389 $290 BANGLADESH SERV UAE MITSUBISHI KOBE 20,832 9,422 $251 INDIA TARGET MARINE SA MSC KATHERINE ANN KANDALAKSHA MORNING LIGHT CONT 1985 POLAND 20,169 9,683 INDIA MSC SHIP MANAGEMENT HK LTD RORO 1984 FINLAND 19,943 10,816 $245 MIURMANSK SHIPPING CO RUSSIA RORO 1978 JAPAN 19,931 9,121 $243 PURE CAR CARRIER CIDO SHIPPING HONG KONG NAYAB II TWEEN 1981 WARSKIEGO PRIME INTERNATIONAL STOCZNI 19,035 8,858 $260 PAKISTAN INVESTORS PAKISTAN APL TULIP MORNING QUEEN AQUILO DZINTARI SINAI CONT ,436 6,736 $269 INDIA NEPTUNE ORIENT LINES SINGAPORE RORO 1978 JAPAN 18,426 12,905 $240 PURE CAR CARRIER CIDO SHIPPING HONG KONG TWEEN 1979 JAPAN 18,186 7,060 $260 INDIA BOGAZZI & FIGLI SPA ITALY TANKER MAJ 17,585 6,200 $287 BANGLADESH LATVIAN SHIPPING CO TWEEN 1977 MITSUBISHI RED SEA NAVIGATION CO YOKOHAMA 16,746 7,204 $261 INDIA EGYPT N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 13 of 18

14 FAIR TRADER ADRIATIC WIND GLOBAL HIGHWAY JUPITER DIAMOND MINA SUN ACE LORETTA D I KAL SIGLOO NORSE TRANS PACIFIC 3 FAIRDEAL GROUP TANKER 1984 ITALY 16,685 6,103 $265 INDIA MANAGEMENT EASTWIND GROUP USA ALSO TANKER 1984 CROATIA 16,354 6,071 $288 BANGLADESH REPORTED IN THE TANKER SALES SECTION AS IT IS UNCLEAR IF SHE IS SOLD FOR SCRAP OR FURTHER TRADING PURE CAR CARRIER OLD SALE SELLERS RORO 1982 JAPAN 15,148 12,345 ARE KAWASAKI KISEN KAISHA LTD JAPAN RORO 1978 MITSUBISHI VEHICLES CARRIER OLD SALE SELLERS NAGASAKI 14,687 12,320 ARE NIPPON YUSEN KAISHA JAPAN BC 1981 UKRAINE 14,550 5,615 $247 INDIA MARTI DENIZCILIK TURKEY PURE CAR CARRIER OLD SALE SELLERS RORO 1981 JAPAN 13,051 11,980 ARE MITSUI OSK LINES LTD JAPAN NEPTUNE OCEANSTAR MANAGEMENT MPP 1979 SCHIFFSWERFT 12,685 6,053 $248 INDIA INC, MPP 1982 NAMPO 12,633 6,105 INDIA KOREA IKAL SHIPPING, KOREA GAS 1982 NORWAY 11,665 5,550 $272 INDIA LPG EITZEN GROUP NORWAY PURE CAR CARRIER OLD SALE SELLERS RORO 1981 JAPAN 11,167 10,890 ARE TOYOFUJI SHIPPING CO LTD JAPAN RITA DEL MAR RORO 1978 KURUSHIMA PURE CAR CARRIER OLD SALE SELLERS ONISHI 10,890 10,780 ARE HESNES SHIPPING NORWAY OCEAN LADY I EURASIAN BRILLIANCE RORO 1973 SCHELDE NV 10,414 8,265 $252 INDIA RORO CARGO SHIP ALLTRANS SHIPPING AND TRADING UAE RORO 1985 JAPAN 9,763 7,383 $244 INDIA PURE CAR CARRIER VROON BV NETHERLANDS SANTA MARINA REEFER 1978 JAPAN 9,321 5,915 $235 INDIA SAMSKIP HF ICELAND CONTA CONT 1984 BULGARIA 9,141 5,358 $265 INDIA DONBASS UKRAINE GALA D TELO GRAND RORO CARGO SHIP WITH CONT FACILITIES CONT 1982 SPAIN 8,640 5,500 $140 TURKEY SOMAP UK RORO 1983 A. ZHDANOV 5,500 6,000 $267 INDIA LATVIAN SHIPPING COMPANY HYO MYUNG CONSTRUCTION REEFER 1986 IMAI 4,939 6,150 $250 INDIA KOREA ALBA BRIGHT ANGEL SUN RISE RORO CARGO SHIP DONBASS RORO 1977 A. ZHDANOV 4,610 6,016 $250 INDIA UKRAINE PURE CAR CARRIER BRIGHT RORO 1977 NIPPON KAI 4,514 5,989 $250 INDIA SHIPPING CO, KOREA RORO/PAX DORIKO LTD RORO 1980 JAPAN 3,179 5,131 $240 KOREA Note1: With Red color are indicated all Greek interest Orders DEMOLITION STATISTICS: 2009 UNITS DWT LDT BREAKER STATS 2009 January 93 3,626, ,019 BREAKER UNITS LDT TAKEN AV. SCRP PRICE February 92 2,420, , ,977 $227 March 95 3,587, ,963 INDIA 254 2,196,498 $259 April 69 1,870, ,688 BANGLADESH 100 1,080,844 $278 May 88 2,945, ,058 TURKEY 9 50,543 $196 June 50 1,364, ,684 PAKISTAN ,947 $205 July OTHER/CASH/AS IS 5 43,716 $135 August TOTAL 487 4,519,525 $217 September October November December TOTAL ,813,524 4,519,525 DETAILED BREAKER REGION STATISTICS FOR 2009 DRY WET BREAKER UNITS LDT TAKEN av $ UNITS LDT UNITS LDT , , ,273 INDIA 254 2,196, ,937, ,758 BANGLADESH 100 1,080, , ,876 TURKEY 9 50, , ,100 PAKISTAN , , ,336 OTHER/CASH/AS IS 5 43, , ,359 TOTAL 487 4,519, ,817, ,702 N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 14 of 18

15 2009 DEMOLITION SELLERS STATISTICS COUNTRY UNITS % rank % % 2 INDIA % 3 JAPAN % 3 UAE % 5 KOREA % 6 SINGAPORE % 7 NORWAY % 7 USA % 9 TURKEY % 11 ITALY % 10 NETHERLANDS % 12 RUSSIA % 12 BULGARIA 8 1.6% 17 UK 9 1.8% 15 SWITZERLAND % 12 UKRAINE 9 1.8% 15 SPAIN 7 1.4% 18 GERMANY 5 1.0% 19 ISRAEL 5 1.0% 19 ALL OTHER % 3 0.6% TOTAL % $900 $800 $700 $600 $500 $ $ $200 $100 Feb05 Apr05 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000, , Feb05 Apr05 Average Scrap Price & No of Ships Scrapped Average Scrap Price Number of Ships Jun05 Aug05 Oct05 Dec05 Feb06 DWT LDT NUMBER Apr06 Jun06 Aug06 Oct06 Dec Feb07 Apr07 Jun07 Aug07 Oct07 Dec07 Feb08 DEMO STATS Jun05 Aug05 Oct05 Dec05 Feb06 Apr06 Jun06 Aug06 Oct06 Dec06 Feb07 Apr07 Jun07 Aug07 LDT INTAKE PER SCRAP COUNTRY FOR 2009 PAKISTAN; 491,947; 11% TURKEY; 50,543; 1% OTHER/CASH/AS IS; 43,716; 1% ; 655,977; 15% Oct07 Dec07 Feb08 Apr08 Jun08 Aug Apr08 Jun08 Aug08 Oct08 Dec08 Feb09 Apr09 INDIA 88 Jun09 Oct08 Dec08 Feb09 Apr09 BANGLADESH TURKEY PAKISTAN 50 Jun09 OTHER/CASH/AS IS BANGLADESH; 1,080,844; 24% INDIA; 2,196,498; 48% AVERAGE SCRAP PRICE U$/LDT AVERAGE SCRAP PRICE per REGION FOR 2009 INDIA PAKISTAN TURKEY BANGLADESH 120 Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 source of data: N. COTZIAS SHIPPING CONSULTANTS (NCSC) Demolition DATA for 2009 STATS UNITS % LDT DWT USD PAID AVERAGE AGE BULKERS / SD TANK/ OBO/LPG CONT/ TWEEN/ MPP REEFER RORO PAX CRUISE TOTAL SHIPS 38.2% 12.5% 34.3% 2.7% 12.3% 100.0% 1,742, ,702 1,449,840 95, ,230 4,519,525 8,144,513 3,062,607 3,789, , ,182 15,813,524 $381,720,064 $185,648,188 $321,401,231 $18,329,355 $90,801,109 $997,899, Years 26.9 Years 29.4 Years 27.5 Years 29.7 Years 28.9 Years N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 15 of 18

16 BALTIC DRY BULK MARKET INDICES until 30th JUNE 2009 DATE BDI % frm 1/1/2009 BCI % frm 1/1/2009 BPI % frm 1/1/2009 BSI % frm 1/1/2009 BHI % frm 1/1/ /5/2009 3, % 6, % 2, % 1, % % 1/6/2009 3, % 6, % 3, % 1, % % 2/6/2009 4, % 7, % 3, % 1, % % 3/6/2009 4, % 8, % 3, % 1, % % 4/6/2009 4, % 7, % 3, % 1, % % 5/6/2009 3, % 6, % 3, % 1, % % 8/6/2009 3, % 6, % 3, % 1, % % 9/6/2009 3, % 6, % 2, % 1, % % 10/6/2009 3, % 6, % 2, % 1, % % 11/6/2009 3, % 6, % 2, % 1, % % 12/6/2009 3, % 6, % 2, % 1, % % 15/6/2009 3, % 7, % 2, % 1, % % 16/6/2009 3, % 7, % 3, % 1, % % 17/6/2009 4, % 7, % 3, % 1, % % 18/6/2009 4, % 7, % 3, % 1, % % 19/6/2009 4, % 7, % 3, % 1, % % 22/6/2009 4, % 7, % 3, % 1, % % 23/6/2009 3, % 7, % 3, % 1, % % 24/6/2009 3, % 7, % 2, % 1, % % 25/6/2009 3, % 7, % 2, % 1, % % 26/6/2009 3, % 7, % 2, % 1, % % 29/6/2009 3, % 7, % 2, % 1, % % 30/6/2009 3, % 7, % 2, % 1, % % All Baltic DRY indices BPI BCI BDI BSI Sep05 Dec05 Mar06 Jun06 Sep06 Dec06 Mar07 Jun07 Sep07 Dec07 Mar08 Jun08 Sep08 Dec08 Mar09 Jun Feb05 Apr05 Jun05 Aug05 Oct05 Dec05 Feb06 BALTIC DRY BDI Apr06 Jun06 Aug06 Oct06 Dec06 Feb07 Apr07 Jun07 Aug07 Oct07 Dec07 Feb08 Apr08 Jun08 Aug08 Oct08 Dec08 Feb09 Apr09 Jun BALTIC CAPE Feb05 Apr05 Jun05 Aug05 Oct05 Dec05 Feb06 Apr06 Jun06 Aug06 Oct06 Dec06 Feb07 Apr07 Jun07 Aug07 Oct07 Dec07 Feb08 Apr08 Jun08 Aug08 Oct08 Dec08 Feb09 Apr09 Jun09 N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 16 of 18 BCI

17 BALTIC PMAX BPI 7300 BALTIC SUPMAX BSI Feb05 Apr05 Jun05 Aug05 Oct05 Dec05 Feb06 Apr06 Jun06 Aug06 Oct06 CL Maritime Index (CLMI) CAPITAL LINK MARITIME INDEX Dec06 Feb07 Apr07 Jun07 Aug07 Oct07 Dec07 Feb08 Apr08 Jun08 Aug08 Oct08 Dec08 Feb09 Apr09 Jun Feb06 Apr Jun06 Aug06 Oct06 Dec06 Feb07 Apr07 Jun07 CL Drybulk Index (CLDBI) CAPITAL LINK DRYBULK INDEX Aug07 Oct07 Dec07 Feb08 Apr08 Jun08 Aug08 Oct08 Dec08 Feb09 Apr09 Jun Feb06 Apr06 Jun06 Aug06 Oct06 Dec06 Feb06 Apr06 Jun06 Aug06 Oct06 Dec06 Feb07 Apr07 Jun07 Aug07 Oct07 Dec07 Feb08 Apr08 Jun08 Aug08 Oct08 Dec08 Feb09 Apr09 Jun09 CAPITAL LINK CONTAINER INDEX Feb07 Apr07 Jun07 Aug07 Oct07 CL Container Index (CLCI) Dec07 Feb08 Apr08 Jun08 Aug08 Oct08 Dec08 Feb09 Apr09 Jun09 BALTIC TANKER MARKET INDICES until 30th JUNE 2009 DATE CLEAN % frm 2/1/08 DIRTY % frm 2/1/08 29/5/ % % 1/6/ % % 2/6/ % % 3/6/ % % 4/6/ % % 5/6/ % % 8/6/ % % 9/6/ % % 10/6/ % % 11/6/ % % 12/6/ % % 15/6/ % % 16/6/ % % 17/6/ % % 18/6/ % % 19/6/ % % 22/6/ % % 23/6/ % % 24/6/ % % 25/6/ % % 26/6/ % % 29/6/ % % 30/6/ % % Feb05 Apr Jun05 Aug05 Oct05 Dec05 Feb06 Apr06 Jun06 Aug06 Oct06 Feb06 Apr06 Jun06 Aug06 Oct06 Dec06 Feb07 Feb06 Apr06 Jun06 Aug06 Oct06 Dec06 Feb07 Apr07 Jun07 Aug07 Oct07 Dec07 Feb08 Apr08 Jun08 Aug08 Oct08 Dec08 Feb09 Apr09 Jun09 ALL BALTIC WET Indices ALL CAPITAL LINK WET Indices CL Tanker Index (CLTI) CL LNG/LPG Index (CLLG) CAPITAL LINK MLP INDEX CL MLP Index (CLMLP) Feb06 Apr06 Jun06 Aug06 Oct06 Dec06 Feb07 Apr07 Jun07 Aug07 Oct07 Dec07 Feb08 Apr08 Jun08 Aug08 Oct08 Dec08 Feb09 Apr09 Jun09 BCTI BDTI Dec06 Feb07 Apr07 Jun07 Aug07 Oct07 Dec07 Feb08 Apr08 Jun08 Aug08 Oct08 Dec08 Feb09 Apr09 Jun09 Apr07 Jun07 Aug07 Oct07 Dec07 Feb08 Apr08 Jun08 Aug08 Oct08 Dec08 Feb09 Apr09 Jun09 N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 17 of 18

18 2100 BALTIC CLEAN TANKER INDEX BCTI 2400 BALTIC DIRTY TANKER INDEX BDTI Feb05 Apr05 Jun Aug05 Oct05 Dec05 Feb06 Apr06 Jun06 Aug06 Oct06 Feb06 Apr06 Jun06 Aug06 Oct06 Dec06 Dec06 Feb07 Apr07 Jun07 Aug07 Oct07 Dec07 Feb08 Apr08 Jun08 Aug08 Oct08 Dec08 Feb09 Apr09 Jun09 ALL CAPITAL LINK INDICES ARE USED WITH THE EXPRESS KIND PERMISSION OF CAPITAL LINK INC NEW YORK Brent Oil CAPITAL LINK TANKER INDEX Feb07 CL Tanker Index (CLTI) Apr07 Jun07 Aug07 Oct07 Dec07 Feb08 Apr08 Jun08 Aug08 Oct08 Dec08 Feb09 Apr09 Jun Feb05 Apr05 Jun Brent OIL ( ) Aug05 Oct05 Dec05 Feb06 Apr06 Jun06 Aug06 Oct06 CAPITAL LINK LNG/LPG INDEX Dec06 Feb07 Apr07 Jun07 Aug07 Oct07 Dec07 Feb08 Apr08 Jun08 Aug08 Oct08 Dec08 Feb09 Apr09 Jun09 CL LNG/LPG Index (CLLG) Feb06 Apr06 Jun06 Aug06 Oct06 Dec06 Feb07 Apr07 Jun07 Aug07 Oct07 Dec07 Feb08 Apr08 Jun08 Aug08 Oct08 Dec08 Feb09 Apr09 Jun09 Jun01 Sep01 Dec01 Mar02 Jun02 Sep02 Dec02 Mar03 Jun03 Sep03 Dec03 Mar04 Jun04 Sep04 Dec04 Mar05 Jun05 Sep05 Dec05 Mar06 Jun06 Sep06 Dec06 Mar07 Jun07 Sep07 Dec07 Mar08 Jun08 Sep08 Dec08 Mar09 Jun WTI Spot Price WTI SPOT PRICE ( ) Jun01 Sep01 Dec01 Mar02 Jun02 Sep02 Dec02 Mar03 Jun03 Sep03 Dec03 Mar04 Jun04 Sep04 Dec04 Mar05 Jun05 Sep05 Dec05 Mar06 Jun06 Sep06 Dec06 Mar07 Jun07 Sep07 Dec07 Mar08 Jun08 Sep08 Dec08 Mar09 Jun09 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