WEEKLY SHIPPING MARKET REPORT WEEK 10

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1 WEEKLY SHIPPING MARKET REPORT WEEK 1 Market Overview Yesterday we had the celebration of International Women's Day 218, a ship is called a she because there is always a great deal of bustle around her, there is usually a gang of men about, it takes a lot of paint to keep her good-looking, it is not the initial expense that breaks you, it is the upkeep, she can be all decked out, it takes an experienced man to handle her correctly, and without a man at the helm, she is absolutely uncontrollable. Happy women's day to all the ladies out there. Bulkers Baltic Indices (Friday Closing Values) Dry Bulk Index Week 1 Week 9 Change (%) BDI ,5 BCI ,1 BPI ,67 BSI ,79 BHSI ,27 To start with we saw the post panamax for Malaysian bulk carriers Alam Penting 87/25 IHI reported as sold to undisclosed buyers at levels USD 13.7 mil. market rumors that the vessel was not in very good condition. Kamsarmax hulls Archon and Agenor 8/218 Jiangsu Eastern have been sold via online Chinese auction. The Archon was sold to clients of Zhejiang Hongxin Shipping to be completed at Nantong Xiangyu Shipyard for USD 13.1 mill. The Agenor was sold to clients of New Yangtze Navigation to be completed at Zhoushan Changhong Shipyard for USD 13.7 mill. Construction of both vessels is close to being completed, however they are lacking certification and have been idle at the yard since it was closed down in 216. The original orders were placed by Victoria Steamship. Sea Tankers have sold their kamsarmax Sea Ace 81/212 Guangzhou Longxue to clients of Kassian for USD 18.4 mill. Note, Kassian had previously committed the vessel at USD 17.2 mill in August 217. It is also worth noting that sellers originally purchased the vessel in July 215 for USD 15.5 mill. Moving on we have the Eletheria 76/21 Hyundai Hi to Chinese buyers at USD 9.4 mil. Note, that in December 217 we saw the sale of Poseidon 75/21 Hyundai Hi for USD 9.2 mil. to Chinese buyers. Tanker Index Week 1 Week 9 Change (%) BDTI ,66 BCTI ,15 In the Ultramax sector we saw the BW Durum 61/216 Dalian sold to Navigare for USD 25 mil. including 1yr TCB (USD12. p/d). back in December 217 we had the Equinox Melida 61/216 Dalian sold for USD 25.5 mil. Tankers Apollo, Norway have placed an order for 3 x VLCC tankers at DSME Korea at a price we believe to be region USD 85 mill each including scrubbers. FLEX have placed an order for 2 x 173,cbm LNG carriers at DSME Korea with delivery set for September 22 at region USD mill each. Cavodoro Shipping have sold their VLCC tanker Mistral 36/2 Hyundai Heavy Industries (SS 11/22, DD 1/218) at USD 2.5 mill for further trading. Note, the sister ship Meandros 39/2 Hyundai Heavy Industries (SS 5/22, DD 9/218) was sold in November last year for USD mill. Demolition Demolition market continues to be steady this week. Prices remained firm, with buyers paying in the region of mid to high usd 4s per ldt. Pakistan has not yet opened for tankers. We expect the opening of the Pakistan market to bring strong numbers and heavy competition on the subcontinent buyers, especially for the big wet tonnages that for now Bangladesh monopolizes the interest, remains to be seen. Indicative Demolition Prices Country Tanker Prices Bulker Prices India Bangladesh Pakistan Turkey WEEKLY SHIPPING MARKET REPORT - pg. 1

2 DRY DRY BULK BULK COMMENTARY COMMENTARY WEEK 1 (2 th Mar to th Mar 218) Capesize Week 1 has seen West Australian iron ore into rating in the low/mid usd 6. s pmt range. South African iron ore into at high usd 11. s levels. Brazilian iron ore at mid usd 15. s levels. Pacific round trips via Australia in the usd 14,/15, pd range. One year s period employments are rating in the usd 2,/21, pd range. Kamsarmax/Panamax North Pacific round trips have been rating in the usd 13,/14, pd range. Chinese rounds via Australia and Indonesia primarily in the usd 12,/13, pd range. A number of 75, mts Australian coal parcels destined for India have been reported in the mid/high usd 16. s pmt range. Transatlantic trips in the usd 13,/14, pd range. South American grain fronthauls continued rating in the usd 15,/16, pd range plus a usd 5/6,ish ballast bonus. Continent direction in the usd 17,/19, pd range. Similar levels on US Gulf fronthauls. A number of two laden legs employments within the Atlantic have been reported in the usd 15,/16, pd range. Short/long period employments have been rating primarily in the usd 14,/15, pd range Capesize Panamax Ultramax / Supramax Indonesian coal trips into, primarily, South have been rating in the usd 15,/16, pd range basis Singapore delivery. Usd 16, pd for a Persian Gulf limestone trip into India on an Ultramax. South African trips into West Coast India and the Persian Gulf continued in the usd 12,/13, pd range plus a usd 25/3, ballast bonus. Usd 22,6 pd for a US Gulf petcoke run into the Far East on a Supramax. Usd 11, pd for a Black Sea trip into Egypt basis delivery Canakkale on a Supramax. usd 17, pd for a Black Sea fronthaul basis delivery Canakkale. Usd 13, pd for a 3/6 months period employment on an Ultramax basis delivery in East Coast India Supramax Handymax / Handysize Usd 1, pd for a Japanese gypsum trip into the Philippines. Usd 13,25 pd for a Continental trip with grains into West Africa. Usd 12, pd for a West African fronthaul with logs. Usd 12,5 pd for a South American fronthaul basis delivery in West Africa. Usd 15, pd for a Colombian metcoke trip into the Black Sea. Usd 1,5 pd for 5/8 months on a Handysize basis Singapore delivery Handymax WEEKLY SHIPPING MARKET REPORT - pg. 2

3 REPORTED SALES REPORTED SALES WEEK 45 (3 23 rd nd Nov to 1 Jun to th th Nov 217) WEEK 1 (2 th Mar to 9 th Jun Mar 217) 218) Bulk Carriers Type Name Dwt YoB Yard SS M/E Gear Price Buyer Comments Capesize New Dalian 18, Dalian, 8/22 B&W - $ 24. Undisclosed Kamsarmax Alam Penting 87,52 25 IHI,Japan 7/22 Sulzer - $ 13.7 Greece (Kassian Maritime) Kamsarmax Agenor 82, 216 Jiangsu,Chin a - B&W - $ 13.7 Chinese (New Yangtze Navigation) Auction sale, unfinished hull Kamsarmax Archon 82, 218 Jiangsu, 9/221 B&W - $ 13.1 Chinese (Zhejiang Hongzin Shipping) Auction sale, Unfinished hull Kamsarmax Sea Ace 81, Guangzhou, 9/217 B&W - $ 18.4 Greek Panamax Cemtex Thrift 8,23 2 Kaohsiung, Taiwan 5/22 B&W 4 x 3 T $ 9. Chinese Panamax Eletheria 76,99 21 Hyundai Hi, Korea 8/221 B&W - $ 9.4 Chinese Ultramax Jiangsu Hongqiang HQ 19 64, 218 HQHI, x 3 T $ 23.3 Taiwanese (Eddie Steamship) Ultramax Bw Durum 61, Dalian Cosco, 9/221 B&W 4 x 3 T $ 25. Danish (Navigare Capital Partners) Supramax Maritime Unity 58, Tsuneishi Cebu, Phil 9/218 B&W 4 x 3 T $ 14. Thai (Thoresen Thai ) WEEKLY SHIPPING MARKET REPORT - pg. 3

4 REPORTED SALES Bulk Carriers Type Name Dwt YoB Yard SS M/E Gear Price Buyer Comments Supramax Em Amber 58,18 21 Supramax Em Coral 58,15 21 Yangzhou, Yangzhou, 7/22 B&W 4 x 36 T 9/22 B&W 4 x 36 T $ 24. Undisclosed Supramax Darya Vishnu 56,56 26 Mitsui Tamano, Japan 7/221 B&W 4 x 3 T $ 13. European Supramax Navios Herakles 52,61 21 Sanoyas, Japan 5/22 Suzler 5 x 3 T Low $ 8. Chinese Supramax Eugenia B 46, Sanoyas, Japan 5/218 Sulzer 4 x 3 T $ 5.75 M.Easterns Handysize Interlink Amenity 38,8 218 Huatai, - B&W 4 x 3 T $ 18.2 Handysize Interlink Sagacity 38, Taizhou Kouan, 8/22 B&W 4 x 3 T $ 14.5 Handysize Interlink Priority 38, Taizhou Kouan, 9/22 B&W 4 x 3 T $ 14.5 Norwegian (Ocean Yield) Incl 12 Yrs BB Handysize Interlink Dignity 38, Huatai, 8/22 B&W 4 x 3 T $ 15.7 Handysize Interlink Levity 37,3 212 Huatai, 1/219 Wartsil a 4 x 3 T $ 12.1 WEEKLY SHIPPING MARKET REPORT - pg. 4

5 REPORTED SALES Tankers Type Name Dwt YoB Yard SS M/E Price(mill) Buyer Comments Vlcc Mistral 36,278 2 Hyundai Hi, Korea 11/22 Sulzer $ 2.5 Undisclosed DD Due Mr Phoenix 5, Spp, Korea 11/221 Sulzer $ 15. Undisclosed Mr Pacific Rainbow 45, Shin Kurushima, Japan 11/22 Mitsubishi Low $ 16. Greek Mr Zhongji No 1 45, Bohai, 4/218 Wartsila $ 11. Greek CPP Bremen Trader 13, KY, Korea 4/221 B&W $ 7.9 Indonesian Containers Type Name Teu YoB Yard SS M/E Gear Price Buyer Comments Panamax Sagitta 3, Panamax Centaurus 3, Sub Panamax Feeder Valerie Schulte Hermann Hesse 2, Nordseewer ke, Germany Nordseewer ke, Germany Hyundai Mipo, Korea 1, Cssc Ome, 6/22 7/22 B&W B&W - - $ 12.3 $ 12.3 Oslo (MPC Container Ships) 6/22 B&W - $ 11.3 UK (Global Ship Lease) 8/219 B&W 2 x 45 T $ 9.5 (Seacon) Feeder Heung-A Asia 1, Imabari,Japan 5/218 B&W - $ 3.7 Chinese Incl 1 yr T/C at $ 7.5/day WEEKLY SHIPPING MARKET REPORT - pg. 5

6 DEMOLITION Type Vessel Dwt YoB Ldt Price $ Country Comments Tanker Hyundai Sun As Is Singapore Tanker Greek Warrior n/a n/a Container Fowairet n/a Tanker Pacific Sunrise Bangladesh Bulker Balkar Trust Pakistan Tanker Lanark n/a India Dely Khor Fakkan, gas free for man entry Incl about 1.3MT bunkers ROB + 3 MGO General Cargo ESI Anax Pakistan Indian Sub-Continent General Cargo Jindal Meenakshi n/a n/a Container Sinocor Incheon Bss Indian Sub-Continent dely AHTS Al Fateh n/a India Tanker Marina Star n/a India Tanker Feyza Nur n/a Turkey Offshore / Support Soha Folk n/a India Offshore / Support NSO Crusader n/a n/a Turkey Offshore / Support Empire State n/a n/a n/a WEEKLY SHIPPING MARKET REPORT - pg. 6

7 NEWBUILDING Bulkers Units Type Dwt Yard Delivery Price (mill) Owner Comments 5 Newcastlemax 28, Jiangsu, $ Kamsarmax 82, Jiangsu, 219 Undiscosed ( Development Bank) Greece (LMZ Shipping) Tier III Tier II Tankers Units Type Dwt Yard Delivery Price (mill) Owner Comments 2 Vlcc 3, DSME,Korea 22 Undisclosed 3 Vlcc 3, DSME,Korea 22 $ 86.5 Greece (Pantheon Tankers) Norway (Apollo) Tier III Scrubber Fitted 1 CPP 4,5 Hyundai Mipo,Korea 219 Undisclosed Korea (Petro Plus Logistics) 2 LNG 174, DSME,Korea 22 $ Greece (Pantheon Tankers) 1 LPG 6,5 Jinling, 22 $ 31. Nanjing Yangyang, 1 LPG 6,5 Jinling, 22 Undisclosed Shanghai Changshi) Type C Tanks, Domestic trade WEEKLY SHIPPING MARKET REPORT - pg. 7

8 INDICATIVE PRICES Bulk Carriers Size Prompt Resale 5 years 1 years 15 years Capesize Panamax-Kamsarmax Ultramax - Supramax Handysize Bulk Carriers ,5 23,5 17, , ,5 Prompt Resale 5 years 1 years 15 years Capesize Panamax Supramax Handysize Tankers Size Prompt Resale 5 years 1 years 15 years VLCC Suezmax Aframax MR Tankers , ,5 Prompt Resale 5 years 1 years 15 years VLCC Suezmax Aframax MR WEEKLY SHIPPING MARKET REPORT - pg. 8

9 KEY INDICATORS Currency Week 1 Week 9 Change (%) EUR / USD ,7 USD / JPY ,14 USD / KRW 1, ,75.26,51 NOK / USD ,79 EUR / USD 1,3 1,25 1,2 1,15 1,1 Commodity Week 1 Week 9 Change (%) Brent Crude (BZ) ,83 WTI Crude Oil (WTI) ,87 Natural Gas (NG) ,41 Gold (GC) 1, ,329.6,74 Copper ,22 Wheat (w) , Brent Crude WTI Crude WEEKLY SHIPPING MARKET REPORT - pg. 9

10 SHIPPING INDICATIVE SHARE VALUE Stock Prices Shipping Companies Company Stock Exchange Week 1 Week 9 Change (%) Diana Shipping Ink (DSX) NASDAQ ,54 Dry ships Ink (DRYS) NASDAQ ,89 Euroseas Ltd (ESEA) NASDAQ ,29 Eagle Bulk Shipping Inc (EGLE) NASDAQ ,4 Navios Maritime (NM) NYSE ,2 Navios Maritime PTN (NMM) NYSE ,4 Star Bulk Carriers Corp (SBLK) NASDAQ ,51 Seanergy Maritime Holdings Corp (SHIP) NASDAQ ,35 Safe Bulkers Inc (SB) NYSE ,59 Golden Ocean (GOGL) NASDAQ ,57 Stock Prices - Wet Company Stock Exchange Week 1 Week 9 Change (%) Capital Product Partners LP (CPLP) NASDAQ ,25 TOP Ships Inc (TOPS) NASDAQ ,67 Tsakos Energy Navigation (TNP) NYSE ,3 Stock Prices - Other Company Stock Exchange Week 1 Week 9 Change (%) Aegean Maritime Petrol (ANW) NYSE ,39 Danaos Corporation (DAC) NYSE ,41 Stealth Gas Inc (GASS) NASDAQ ,28 Rio Tinto (RIO) NYSE ,16 Vale (VALE) NYSE ,26 ADM Archer Daniels Midland (ADM) NYSE ,17 BHP Billiton (BHP) NYSE ,54 WEEKLY SHIPPING MARKET REPORT - pg. 1

11 CONTACT DETAILS WEEK WEEK 2 1 (6 (2 th th Jan Mar to to 13 9 th th Jan Mar 217) 218) ADVANCED SHIPPING & TRADING S.A. Vouliagmenis Avenue 168, 1 st Floor, Glyfada 16674, Greece Tel: Fax: Sale & Purchase Department: Dry Cargo Chartering Department: Capt. Fountoglou Michalis Mob: Bonatsos Mavra Mob: Thermos Stavros Mob: Benetos Kostas Mob: Harrington James Mob: Tiliakos Michalis Mob: Papoutsis George Mob: Pittas Iordanis Mob: Balpakakis Manolis Mob: Haldezos Tasos Mob: Chrousalas Thanasis Mob: Manessis Sophia Mob: Landrakis Stelios Mob: Bilias Tasos Mob: Tsintas Kostas Mob: Kontaratos Alkis Mob: Markoutsa Kanella Mob: Operations Department: Research Department: Katsouli Fotini Mob: Stergiou Kostas Mob: Chief Executive Consultant: Administration Department: Capt. Galonis Dimitrios Mob: Chronopoulou Fenia Mob: THINK BIG Legal Disclaimer The information contained herein has been obtained by various sources. Although every effort has been made to ensure that this information is accurate, complete and up-to-date, Advanced Shipping & Trading S.A. does not accept any responsibility whatsoever for any loss or damage occasioned or claimed, upon reliance on the information, opinions and analysis contained in this report. Research compiled by: Advanced Shipping & Trading S.A. Market Research on behalf of the Sale & Purchase, Dry Cargo Chartering and Tanker Chartering Departments. For any questions, please contact: WEEKLY SHIPPING MARKET REPORT - pg. 11

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