S&P MONTHLY REPORT NOVEMBER 2010

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1 Ship sale volume: Nov10 Oct10 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 Highest Scrap Price paid this month: $478/LDT INDIA Newbuilding Ships Prices 30/11/2010 (in mil USD) Dry Cargo CAPE 30/11/2009 PMX 30/11/2009 HMAX 30/11/2009 NEWBUILDING $72.0 $67.0 $44.0 $41.5 $36.0 $34.0 Tanker Ships VLCC 30/11/2009 SUZ 30/11/2009 AFR 30/11/2009 NEWBUILDING $108.0 $97.0 $71.2 $68.0 $58.0 $49.0 PAN 30/11/2009 PROD 30/11/2009 $45.5 $41.0 $36.5 $33.0 Average Dry cargo T/C Earnings (worldwide routes): Capes >131,000 dwt: Post Panamax 130,000 87,000 dwt: Kamsarmax 86,000 80,000 dwt: Panamax 79,000 60,000 dwt: Supramax 59,000 50,000 dwt: Handymax 49,000 40,000 dwt: Handies 39,000 30,000 dwt: Small Bulkers 29,000 12,000 dwt: Scrap Prices for NOVEMBER 2010 S&P MONTHLY REPORT NOVEMBER 2010 Executive Summary Nov10 Oct10 Sep10 Aug10 $33,047 $38,178 $35,929 $27,823 $21,969 $20,100 $24,800 $21,788 $21,128 $20,034 $26,103 $25,841 $19,445 $21,536 $24,781 $22,960 $17,769 $20,334 $22,325 $22,919 $17,920 $20,702 $19,995 $22,021 $13,538 $14,704 $16,833 $15,800 $12,665 $14,329 $16,063 $15,682 GENERAL SCRAP PRICE AVERAGE CHINA HIGH $410 AVERAGE $396 NOVEMBER 2010 AVERAGE $433 INDIA HIGH $478 AVERAGE $447 OCTOBER 2010 AVERAGE $402 BANGLADESH HIGH $470 AVERAGE $0 SEPTEMBER 2010 AVERAGE $457 PAKISTAN HIGH $477 AVERAGE $461 AUGUST 2010 AVERAGE $400 TURKEY HIGH $277 AVERAGE $277 JULY 2010 AVERAGE $ BALTIC INDICES 30Nov10 % change since LAST MONTH 29Oct10 30Sep10 31Aug10 Baltic Dry Index % Baltic Cape Index % Baltic Panamax Index % Baltic Supramax Index % Baltic Handymax Index % Baltic Clean Tanker Index % Baltic Dirty Tanker Index % COMMENTS: On the other hand continued deliveries of so many new ships that have been added to the active fleet, is a seriously alarming problem that we feel has not been faced with the amount of seriousness and adequate severity. Many new ships almost 2 ½ ships Bulk Carriers have been delivered each day for the whole year with 11 months completed, and that ends up bringing the active fleet over 70 mil tones tallying a massive total 617 mil tones of carrying capacity. There are still pending for the remainder of 2010 (27 days!!!!) 730 ships of 16.3 mil tones that in theory have to be delivered by end of Of course it goes without saying that most of these will not and can t be delivered later this year and will be transferred to the already strained orderbook waiting for 2011, where the expected dry cargo ships amount to 1851 ships of a total capacity of 129 mil tones. We are of the considered opinion that there was a significant increase in the world fleet during 2010 and many more analysts feel that this influx of tonnage has somewhat dampened the overall positive effects of China s growing demand. This dampening has kept the freight market to practically semimediocre or at the best case to well above sustainability daily levels, and had we had the same amount of tonnage instead of the +70mil dwt fleet we could have seen freight levels of 2030% above the actual levels. Cancellations and scrapping are the only effective measures we may use against the overcapacity issues, but unless these ships cancelled or scrapped are tripled in volume, the problem will occur and we will just feel that up to now we would have swept the dust under the carpet However we feel that the Large ships, namely the Capes and VLOC s are in for some hard times ahead. Not necessarily tomorrow, but surely in the year to come. We are one month away from clearing out 2010 and this year was overall a very good one, all other things considering!!! We feel that China has lead the way forward, has given us some positive demand for cargoes, has generated momentum and has been the steam engine that gave power to the dry bulk markets. Had it not been for China s constant and insatiable appetite for raw materials, and general imports together with providing the world with a massive wealth of exports, we would be facing a collapsed dry cargo freight m China and partly by the other developing and emerging countries. It is a factual figure that nearly 80% of all dry bulk cargo shipments are related to the Asian regions. China has already been instrumental for mor ethan 65% of all iron/ore world shipments and the estimate is that China imported more than 650mil tones of iron/ore in At the same time China's steel consumption and subsequent production is not at a "forte" when compared to other countries so that can leave us some room for future growth in the imported raw material volumes for the years to come. PAGE 1 of 19

2 DRY CARGO SHIPS SOLD DURING THIS MONTH NAME TYPE YEAR BUILT DWT GEAR PRICE HEBEI WISDOM BC 1986 HITACHI ZOSEN 182,212 $14.00m CARPE DIEM I BC 1985 KAWASAKI HI 181,756 $15.00m BLUE ANNAPURNA BC 2010 DAEHAN 180,000 $63.50m NAME EMPIRE NAVIGATION NATION NOVEMBER NOTES SELLERS ARE HEBEI OCEAN SHIPPING CHINA SELLERS ARE OCEANBULK MARITIME 2010 IMO GOLDEN QUEEN BC 2010 JUNHAIWAN 175,918 $84.90m SALAMON AG GERMANY SELLERS ARE GOLDEN OCEAN GROUP LTD. SALE INCLUDES A 5 YEAR T/C BACK AT $34200/DAY CASTILLO DE SAN JUAN BC 1990 VEROLME BRAZIL 173,329 $18.00m CHINESE CHINA DAEHAN HAENAM 1045 BC 2011 DAEHAN 170,500 $61.00m KOREAN KOREA SELLERS ARE EMPRESA NAVIERA ELCANO SA, SPAIN SELLERS ARE GOLDEN OCEAN GROUP LTD IRON BROTHERS BC 1991 SUMITOMO H I 151,511 P&C TERMS SELLERS ARE CENTRAL SHIPPING CO LTD, CHINA SONGA PEAK BC 1990 NIPPON 151,418 $20.00m SELLERS ARE SONGA SHIPMANAGEMENT, UK BENEDETTA D AMATO BC 2010 JIANGSU NEW YANGZIJIANG 92,500 $45.00m FAR EAST FAR EAST SELLERS ARE SHIPS SURVEYS & SERVICES SRL ITALY. T/C FOR 8386 MONTHS OTHER REPS SAY $46m KAMSAR GOLD BC 2006 TSUNEISHI CORP 82,981 $42.00m ITALIAN ITALY SELLERS ARE ROSY STAR OCEAN VESSEL MANAGEMENT PHILIPPINES. SHE HAD BEEN REPORTED SOLD LAST MONTH TO GREEK AT $41.5m TORM ISLAND BC 2010 TORM TRADER BC 2010 TSUNEISHI HOLDINGS TSUNEISHI HOLDINGS ENERGY TRADE BC 1998 MITSUI TAMANO 77,679 $25.00m SOLD ENBLOC TORM 82,194 ISLAND AND TORM TRADER FOR $90m FOR BOTH UNITS TO $90.00m 82,194 WITH DELIVERY SELLERS ARE TORM AS, DENMARK INDONESIAN INDONESIA SELLERS ARE OSAKA FLEET CO LTD, JAPAN. OTHER REPS SAY $24m. NON PANAMAX DIMENSIONS TORM KAREN BC 2011 TORM KATE BC 2011 TSUNEISHI SHIPBUILDING TSUNEISHI SHIPBUILDING SOLD ENBLOC TORM 82,191 $45.00m KAREN AND TORM KATE TO REWOOD OCEAN REWOOD OCEAN CHINA FOR $90m FOR CHINA SHIPPING BOTH UNITS. SELLERS ARE TORM AS 82,191 $45.00m DENMARK. DELIVERY JANUARY 2011 CONQUISTADOR BC 2000 SANOYAS 75,607 $30.50m SELLERS ARE CARDIFF MARINE INC, AUSTIN BC 1995 TRENTON BC 1995 FINCANTIERI R.TRIGOSO FINCANTIERI R.TRIGOSO SOLD ENBLOC AUSTIN 75,473 AND TRENTON TO $45.00m INDONESIAN INDONESIAN INDONESIA FOR $45m FOR BOTH UNITS. SELLERS ARE 75,265 CARDIFF MARINE INC GOLDEN SHADOW BC 1997 SUMITOMO H I 73,732 $26.70m NORSUL SA BRAZIL MARITIME WISDOM BC 1993 OSHIMA ZOSEN 73,657 4x30T $22.00m GREEK YUE DIAN 8 BC 1997 SASEBO SASEBO 72,424 $27.00m TRADA MARITIME INDONESIA MERCURY K BC 1997 SASEBO SASEBO 72,421 $27.00m TRADA MARITIME INDONESIA SELLERS ARE THOME SHIP MANAGEMENT SINGAPORE. VESSEL HAD BEEN REPORTED SOLD TO HER PRESENT SELLERS IN JULY 2006 AT $28.7m SELLERS ARE MSI SHIP MANAGEMENT PTE LTD SELLERS ARE GUANGDONG YUDEAN SHIPPING CHINA SELLERS ARE EXECUTIVE SHIP MANAGEMENT SINGAPORE BRIGHT ZHEJIANG BC 1983 GOVAN (B.S.) 67,281 $6.80m SELLERS ARE ZHEJIANG FUCHUEN SHIPPING, HK, CHINA PAGE 2 of 19

3 STEFANIA BC 1981 HITACHI ZOSEN 64,848 $6.20m CHINESE CHINA CHANE NAVIGATOR BC 2010 JIANGSU QINFENG 55,000 $30.00m CHINESE CHINA MEDI CORK BC 2004 IMABARI MARUGAME 53,552 4x30.5T $33.80m VOSCO VIETNAM NORD BRAVE BC 2007 IWAGI 53,529 4X30.5T $37.00m VOSCO VIETNAM SELLERS ARE PARADISE NAVIGATION S.A. SELLERS ARE SEA STAR SHIPS MANAGEMENT, CHINA SELLERS ARE D'AMICO SOCIETA DI NAVIGAZIONE SPA, ITALY. OTHER REPS SAY $33m SELLERS ARE ORIENT LINE KK JAPAN. OTHER REPS SAY $36.5m SYRENA BC 1997 GDANSKA LENINA 48,122 4X35T $22.00m BANGLADESH BANGLADESH SELLERS ARE SEVEN SEAS CARRIERS AS NORWAY. OTHER REPS SAY $21.5m. IN MAY 2010 SHE HAD BEEN REPORTED SOLD AT $18m TO CLIFTON BRIDGE CONT 1988 KAWASAKI HI 47, TEU $8.10m GOLDENPORT SHIPMANAGEMEN T LTD SELLERS ARE K LINE SHIP MANAGEMENT JAPAN. OTHERS REPORT AS COSTAMARE SAMMI SUPERSTARS BC 1983 HYUNDAI HEAVY INDS 47,208 4x25T $7.40m CHINESE CHINA SELLERS ARE STX PAN OCEAN CO LTD. DELIVERY AS IS KARACHI. OTHER REPS SAY $6.1m NEW ETERNITY BC 1994 HASHIHAMA TADOSU 45,741 4X25T $20.50m GREEK PRICE REPORTED EXCESS 20m SILKY OCEAN BC 1995 TSUNEISHI SHIPBUILDING 45,665 4X25T $21.60m GREEK SELLERS ARE SANTOKU SENPAKU CO LTD JAPAN COSCO KARACHI CONT 2005 NORDSEEWERKE 38, TEU $36.00m EUROSEAS SELLERS ARE HARTMANN SCHIFFAHRTS GMBH, GERMANY. DELIVERY FIRST QUARTER FEROI BC 1983 KURUSHIMA ONISHI 37,092 5X25.5T $6.30m SELLERS ARE FIRODI SHIPPING LTD, NB RESALE HN 6018 BC 2011 HYUNDAI MIPO 37,000 4X30T $29.00m GREEK SHANHAIGUAN 035 BC 2011 SHANHAIGUAN 35,000 $27.50m SOLD ENBLOC ALL 4 RAINBOW QUEST BC 2011 SHANHAIGUAN 35,000 $27.50m UNITS TO NAVIBULGAR NAVIBULGAR BULGARIA SELLERS ARE EASTWIND LAST TYCOON BC 2011 SHANHAIGUAN 35,000 $27.50m SHIPMANAGEMENT PTE, SINGAPORE NORTHERN DANCER BC 2010 SHANHAIGUAN 35,000 $29.50m VOYAGER BC 1985 KANDA KAWAJIRI 33,347 4X25T $8.50m GREEK ORIENT SAORI BC 1997 MINAMI NIPPON 30,835 4X30T $19.00m ARGUS BC 1984 IMABARI MARUGAME 29,099 4X25T $6.50m TURKISH TURKEY AGIOS MINAS BC 1981 HAKODATE DOCK 29,002 5X25T $4.10m CHINESE CHINA BRAZILIAN CONFIDENCE BC 1985 SUMITOMO 27,939 3x25T, 514 TEU $7.20m SELLERS ARE KRISTEN MARINE SA, SELLERS ARE P&F MARINE CO LTD, JAPAN. VESSEL HAD BEEN REPORTED SOLD IN SEPT 2009 AT $14m SELLERS ARE EOLOS SHIPMANAGEMENT SELLERS ARE HARBOR SHIPPING & TRADING SELLERS ARE HELLAS MARINE SERVICES LTD, JAG VIKRAM BC 1980 OSAKA OSAKA 27,463 $3.00m SELLERS ARE FIVE STARS SHIPPING CO INDIA IDEFIX BULKER BC 1996 HUDONG SHIPYARD 27,411 4X30T $15.50m SANTA CHRISTINA BC 1996 IMABARI IMABARI 25,378 4X30T $13.75m NISSAKI BC 1984 KURUSHIMA ONISHI 24,941 4X25T $6.25m CHINESE CHINA ROYAL CRYSTAL BC 1984 KURUSHIMA 24,872 4X25T $6.25m CHINESE CHINA SELLERS ARE BIDSTED AND CO AS, DENMARK SELLERS ARE NISSHO ODYSSEY SHIP MANAGEMENT SINGAPORE SELLERS ARE SAINT MICHAEL SHIPPING CO LTD, SELLERS ARE SHEHADAH MARITIME CO SYRIA GLOBAL DIAMOND BC 1997 KANASASHI 24,426 $13.50m TAIWANESE TAIWAN SELLERS ARE FIRST MARINE SERVICE CO LTD, JAPAN. POSSIBLY SOLD WITH A 4+1 YEARS T/C BACK AT $10000/DAY PAGE 3 of

4 ID HARMONY BC 1995 KANASASHI TOYO 23,712 4X30T $14.50m TURKISH TURKEY SELLERS ARE BIDSTED AND CO AS, DENMARK NORDSTAR CONT 1998 SZCZECINSKA STOCZNIA 23, TEU $14.00m SELLERS ARE OLDENDORFF GERMANY POSITANO CONT 1996 WADAN YARDS MTW GMBH 22,878 3X40T, 2790 TEU $39.90m HAMMONIA REEDEREI GERMANY SELLERS ARE REEDEREI F LAEISZ GMBH, GERMANY. SALE INCL A T/C FOR 2 YEARS. DELIVERY APRIL HARMONY CONT 1994 HANJIN 21, TEU $10.50m BOSPHORUS QUEEN BC 1986 USUKI SAIKI 21,167 4X30T $7.20m ORIENTAL BRIGHT CONT 1996 IMABARI IMABARI 16,500 2X35T, 1228 TEU $9.50m KOREAN KOREA SIAM 1 CONT 1996 IWAGI 15, TEU $8.00m FAR EAST FAR EAST CARAVELLE CONT 1996 VOLKSWERFT 14,630 2X45T, 1122 TEU $8.80m PETERSBURG RORO 1986 MATHIASTHESEN 10,788 P&C TERMS SUNROAD TSUWANO MPP 2005 XIN HAI YUAN CONT 1984 KURINOURA YAWATAHAMA KYOKUYO ZOSEN CHOFU 9,640 1X60T, 2X30T, D2X30T P&C TERMS 8, TEU $1.80m MALAYSIAN VSICO PROMOTE CONT 1999 MURAKAMI HIDE 8,516 2X36T, 566 TEU $7.80m SINOKOR KOREA LEHMANN FORESTER MPP 2008 FUJIAN NEW SHENGAI SHIPB MALAYSIA 8,500 2X35T, 462 TEU $3.99m CYPRUS CYPRUS YASEMIN MPP 1996 SASEBO SASEBO 6,830 2X35T, 1228 TEU $9.50m KOREAN KOREA SELLERS ARE KG PROJEX SCHIFFAHRTS GMBH, GERMANY SELLERS ARE KALAMIS SHIPPING INDUSTRY TURKEY. UNCONFIRMED DEAL SELLERS ARE ABOITIZ JEBSEN BULK TRANSPORT PHILIPPINES SELLERS ARE SANASIA MANAGEMENT INC, HK, CHINA SELLERS ARE REEDEREI GEBR WINTER GMBH, GERMANY. OTHER REPS SAY $8.6m SELLERS ARE REEDEREI F LAEISZ GMBH SELLERS ARE KK KYOWA SANSHO JAPAN SELLERS ARE ORIENT INTERNATIONAL LOGISTICS HOLDING CHINA SELLERS ARE VINASHIN OCEAN SHIPPING VIETNAM. SOLD AT AUCTION IN HAMBURG FOR EURO3m. OTHER REPS SAY SHE WAS SOLD FOR Euro 4.5m. SELLERS ARE UNITEAM MARINE SHIPPING GMBH, GERMANY SELLERS ARE ISTANBUL DENIZ TICARET LTD, TURKEY AMSTERDAM MPP 1985 INCHON ENGINEERING & S 6,726 D2x15T,D2x20T P&C TERMS GREEK SELLERS ARE GREEK EASTERN SHIPPING INC., CIC BELEM MPP 1992 ARTNE MPP 1992 KYOKUYO ZOSEN CHOFU KYOKUYO ZOSEN CHOFU SOLD ENBLOC CIC BELEM 6,273 2X25T AND ARTNE TO INDIAN INTERESTS FOR $6m FOR $6.00m INDIAN INDIA BOTH UNITS. SELLERS ARE CLIPPER PROJECT 6,262 2X25T SHIP MANAGEMENT DENMARK WILSON EXPRESS REEFER 1983 FOSEN 5,864 $3.60m NORWEGIAN NORWAY SELLERS ARE GREEN MANAGEMENT AS, NORWAY. INTERNAL DEAL SIROCCO MPP 1997 JIANGXI JIANGZHOU S 5,196 2x40T, 366 TEU $2.70m SELLERS ARE CONBULK SHIPPING SA, KANO II RORO 1978 FREDERIKSHAVN 4,400 $3.00m EURO 2.1MIL SELLERS ARE HAKVOORT TRANSPORT SHIPPING, NETHERLANDS NEPTUNE HELLAS RORO 1979 IMABARI MARUGAME 3,280 P&C TERMS JORDANIAN SELLERS ARE NEPTUNE SHIPPING AGENCIES SA, THOR FALCON MPP 1992 ESBJERG OILFIELD 2,784 2x50T P&C TERMS SELLERS ARE THOR REDERI A/S NORWAY NOORDHOEK SINGAPORE OTHER 1977 WAAL ZALTBOMMEL BV 2, BHP P&C TERMS SELLERS ARE NOORDHOEK SHIPPING BV NETHERLANDS KANO RORO 1972 SCHULTE & BRUNS 2,120 $3.00m EURO 2.1MIL SELLERS ARE VIVAL MARINE LTD, UKRAINE ADRIANE MPP 1970 BAYERISCHE 1,307 P&C TERMS ISLAND FLAG SHIPPING DUBAI SELLERS ARE BJERRUM & JENSEN DENMARK TEMASEK SEPINGGAN TUG 2002 PANUNITED SHIPYARD 1,300 $10.00m AHTS. SELLERS ARE CHUAN HUP AGENCIES PTE, SINGAPORE PAGE 4 of 19

5 ILHA AZUL RORO 1980 BARRERAS 1,188 P&C TERMS CAPE VERDE CAPE VERDE SELLERS ARE TRANSMACOR, PORTUGAL KATRINE KROG MPP 1969 FREDERIKSHAVN 1,170 D2X5T P&C TERMS CARIBBEAN BASED CARIBBEAN SELLERS ARE HELGE PEDERSEN DENMARK NORTIC MPP 1969 FREDERIKSHAVN 1,036 D1X5T P&C TERMS SELLERS ARE C J HELT & CO DENMARK MAGOSA RORO 1974 LORENZO TEU, 24 TRAILERS, 514 LM $0.70m CYPRUS CYPRUS OTHER REPS SAY $0.8m MENTOR TUG 1993 MCTAY BROMBOR 121 P&C TERMS GREEK Note1: With Red color are indicated all Greek interest Buyers or Sellers SELLERS ARE MARINE CARRIER AB, SWEDEN COUNTRY BUILT BC % JAPAN % CHINA % KOREA 68 12% BRAZIL 9 2% DENMARK 5 1% POLAND 5 1% SPAIN 3 1% ITALY 5 1% NORWAY 3 1% GERMANY 3 1% UK 3 1% UKRAINE 2 0% YUGOSLAVIA 2 0% ROMANIA 1 0% PHILIPPINES 1 0% SINGAPORE 1 0% CROATIA 1 0% INDIA 1 0% BULGARIA 2 0% RUSSIA 1 0% USSR 1 0% TOTAL % COUNTRY BUILT CONT % GERMANY 44 28% JAPAN 32 20% KOREA 28 18% CHINA 25 16% POLAND 13 8% PHILIPPINES 4 3% TURKEY 3 2% DENMARK 3 2% ROMANIA 3 2% NETHERLANDS 2 1% ARGENTINA 1 1% CROATIA 1 1% Grand Total % BC - SOLD IN 2010 (BY COUNTRY OF BUILD) BC JAPAN CHINA KOREA BRAZIL DENMARK POLAND SPAIN ITALY NORWAY 44 CONTAINER SHIPS - SOLD IN 2010 (BY COUNTRY OF BUILD) GERMANY JAPAN KOREA CHINA POLAND PHILIPPINES TURKEY DENMARK ROMANIA CONT PAGE 5 of 19

6 DRY CARGO 2ND HAND MARKET STATISTICS Although the market is surrounded by uncertainty and the ships prices are considered to be holding on strongly despite the SELLERS STATS 2010 MONTHLY UNIT SALE ACTIVITY falling freight markets, Sale and Purchase activity is rather country units % sstrong. 81 deals were performed this month and that is UNITS OUTLAY$ DWT deals less than Oct when we had a surge of activity. 1.4 bil usd % JANUARY 84 $1,297.44m 3,952,288 was used up to finance these 81 deals this month, while 3.8mil tones of deadweight changed hands. In total with 1 month to go GERMANY % FEBRUARY 82 $1,383.07m 3,896,685 to complete the year, we see a total of 911 ships being sold with CHINA % MARCH 161 $3,532.12m 7,367,241 17bil usd JAPAN % APRIL 71 $1,087.61m 3,404,042 spent with 40.7 mil tones of dwt being exchanged. For the equivalent 2009 period of 11 month period JanNov for 2009 SINGAPORE % MAY 72 $1,104.90m 3,048,860 showed 948 deals (37 more ships), 12bill usd (5 bil less), and FRANCE % 39.6mil tones (1 mil tones less although we report more ships JUNE 79 $1,957.37m 4,042,023 being sold). This shows on a comparative basis that less ships DENMARK % JULY 56 $1,248.85m 2,270,439 that cost more and are larger in average size have been traded in USA % the secondhand market during 2010 as compared to the buying AUGUST 61 $995.55m 2,096,807 trends of Focusing on bulkers sold in 2009 we had 668 TURKEY % SEPTEMBER 73 $1,181.40m 2,981,538 ships of 57900dwt average $17mil avg price per ship and 16.4 years av age. In 2010 we have 570 ships 60500dwt avg, $26mil ITALY % OCTOBER 91 $1,724.28m 3,992,317 av price and 12.6y av age. KOREA % NOVEMBER 81 $1,391.34m 3,816,394 NORWAY % SELLERS Greek sellers are still increasing their lead in the sale DECEMBER 0 $0.00m 0 stats table. Greeks are 1st with 161 units (145 last) while UK % TOTAL 911 $16,903.93m 40,868,634 German sellers are always 2nd with 106 units (99 last), Chinese sellers are firmly 3rd with 95 units (87 last) and Japanese sellers THAILAND % 4th with 91 units (83 last). VIETNAM % 2010 DRY CARGO STATISTICS CYPRUS % COUNTRY UNITS % OUTLAY ($) % DWT % PHILIPPINES % % $5, % 11,660, % INDIA % CHINA % $2, % 11,324, % ALL OTHER % TURKEY % $ % 694, % UNDISCL % USA % $1, % 693, % TOTAL % GERMANY % $ % 1,370, % NORWAY % $ % 1,209, % During Nov we saw the S&P market keeping up on the INDIA % $ % 1,200, % momentum of last month, with Greek buyers being the most active and they increased further the lead over their Chinese INDONESIA % $ % 860, % counterparts!!! As of today Greeks have acquired 12 more units this month and have a total of 221 units (209 last) and are as KOREA % $ % 835, % always topping the table. In Nov 2010, China acquired only 9 VIETNAM % $ % 416, % more units and have purchased 169 units in total (160 last) and are left 2nd for more than 6 months now, while Greek Buyers are SINGAPORE % $ % 718, % always growing on the lead. Turkish buyers are 3rd with 39 units RUSSIA % $ % 308, % (37 last) with USA and German based buyers sharing 4th with both having bought 33 units. In 5th place are the Norwegian SYRIA % $ % 226, % buyers with 29 units. Indian buyers have added 1.2million ISRAEL % $ % 425, % tonnes of Carrying capacity with their 22 purchases. UNDISCL % $1, % 5,086, % ALLOTHER % $2, % 4,262, % TOTAL % $16, % 40,868, % 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 PAGE 6 of 19

7 units visit our constantly updated website NOVEMBER Dry cargo units sold 2010 vs In the table on the top we see monthly number of dry cargo ships sold as of NOVEMBER 2010, compared to 2009's monthly activity. NB BULKERS PRICE COMPARISON NB CAPESIZE $51.0 $67.0 $65.0 3% NB PANAMAX $36.0 $41.5 $44.0 6% NB HANDYMAX $28.0 $34.0 $35.0 3% NB HANDYSIZE $24.0 $26.5 $29.0 9% 2005 built (5Y) OLD BULKERS PRICE COMPARISON 5y CAPESIZE $48.0 $50.0 $ % 5y PANAMAX $27.0 $32.5 $ % 5y HANDYMAX $25.0 $26.7 $ % 5y HANDYSIZE $19.0 $21.0 $ % 2000 built (10Y) OLD BULKERS PRICE COMPARISON 10y CAPESIZE $37.0 $42.1 $43.0 2% 10y PANAMAX $21.0 $26.1 $ % 10y HANDYMAX $17.0 $20.2 $ % 10y HANDYSIZE $15.0 $15.0 $ % 1995 built (15Y) OLD BULKERS PRICE COMPARISON 10y CAPESIZE $27.0 $27.0 $24.7 9% 10y PANAMAX $14.0 $23.0 $21.8 5% 10y HANDYMAX $12.0 $17.0 $ % 10y HANDYSIZE $9.0 $12.0 $ % 1990 built (20Y) OLD BULKERS PRICE COMPARISON y CAPESIZE $22.0 $19.0 $19.0 0% 20y PANAMAX $7.5 $11.3 $ % 20y HANDYMAX $6.4 $9.9 $ % 20y HANDYSIZE $5.4 $9.1 $9.8 8% 56 JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER Dry cargo - Capital expend vs $3,650m $3,150m $2,650m $3,532 $2,150m $1,105 $1,656 $1,724 $1,297 $1,383 $1,957 $1,528 $1,650m $1,350 $1,391 $1,088 $1,249 $1,018 $681 $970 $1,123 $1,083 $1,189 $1,150m $1,181 $913 $710 $739 $996 $650m $150m Tables above compare prices from NOVEMBER 2008, NOVEMBER 2009, with today JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER In the table on the top we see the MONTHLY dry cargo capital expenditure for NOVEMBER 2010 compared to 2009's monthly activity. $91 $76 $61 $46 $31 $16 May-00 $160 $145 $130 $115 $100 $85 $70 $55 $40 $25 $10 May-00 $125 $110 $95 $80 $65 $50 $35 $20 $5 May-00 $105 $95 $85 $75 $65 $55 $45 $35 $25 $15 $5 May-00 $90 $80 $70 $60 $50 $40 $30 $20 $10 $0 May-00 DRY CARGO ( ) NB VSL PRICES CAPE 170K HANDYMAX 45K HANDYSIZE 30K DRY CARGO ( ) 5Y OLD VSL PRICES CAPE 170K HANDYMAX 45K HANDYSIZE 30K DRY CARGO ( ) 10Y OLD VSL PRICES CAPE 170K HANDYMAX 45K HANDYSIZE 30K DRY CARGO ( ) 15Y OLD VSL PRICES CAPE 170K HANDYMAX 45K HANDYSIZE 30K DRY CARGO ( ) 20Y OLD VSL PRICES CAPE 170K HANDYMAX 45K HANDYSIZE 30K PAGE 7 of 19

8 TANKER SHIPS SOLD DURING THIS MONTH NAME TYPE YEAR BUILT DWT PRICE PRICE NOTE NOTES IMO NAME NATION MITSUBISHI GRAND CHINA SELLERS ARE TANKERS PACIFIC LAGOON TANKER ,839 $55.00m CHINA NAGASAKI SHIPPING (UK) AGENCIES LTD, UK SOLD ENBLOC FOR ABT ALPHARD STAR TANKER 1995 ODENSE LINDO 301,862 $27.00m $27m EACH UNIT SOLD ENBLOC FOR SELLERS ARE VELA ABT $27m EACH OGX PETROLEUM BRAZIL INTERNATIONAL UNIT SUHAIL STAR TANKER 1994 ODENSE LINDO 301,862 $27.00m MARINE UAE. SOLD FOR CONVERSION SELLERS ARE ALTOMARE TULIN TANKER 1992 MITSUI CHIBA 281,018 $16.50m WORLD CARRIERS SAMSUNG RESALE H1913 TANKER 2011 SAMSUNG 158,000 $70.00m ENBLOC SAMSUNG 1913, SAMSUNG 1914, SAMSUNG RESALE H1914 TANKER 2011 SAMSUNG SOLD ENBLOC FOR 158,000 $70.00m SAMSUNG 1928, $280m FOR ALL 4 APOLLO TANKERS USA SAMSUNG 1929 FOR UNITS TO APOLLO SAMSUNG RESALE H1928 TANKER 2011 SAMSUNG $280 MIL ALL 4 UNITS 158,000 $70.00m TANKERS USA SELLERS ARE TARGET MARINE SA SAMSUNG RESALE H1929 TANKER 2011 SAMSUNG 158,000 $70.00m PB EAGLE TANKER 1992 IMABARI MARUGAME 97,161 $18.50m WEST COAST MARINE SELLERS ARE BARBER SHIP MANAGEMENT, HONG KONG, CHINA. INCLUDES A T/C TILL JUNE 2011 AT $16800/DAY SOLD ENBLOC TO SUNGDONG RESALE 1 TANKER 2011 SUNGDONG 75,000 $41.40m SOLD ENBLOC TO NAVIOS FOR NAVIOS FOR $41.4m FOR $41.4m FOR EACH NAVIOS EACH UNIT DELIVERY 4Q UNIT DELIVERY 4Q SUNGDONG RESALE 2 TANKER 2011 SUNGDONG 75,000 $41.40m SAGAMORE TANKER 1991 NAMURA IMARI 68,536 $7.40m THETIS GLORY GAS 2008 IRIS GLORY GAS 2008 VENUS GLORY GAS 2008 DAEWOO SHIPBUILDING DAEWOO SHIPBUILDING DAEWOO SHIPBUILDING JOYAMA GAS 1986 MITSUBISHI HEAVY 49,999 $10.00m SELLERS ARE B& H EQUIMAR SINGAPORE PTE, SINGAPORE GAS 18,436 BHP. SOLD EN BLOC FOR $72m FOR ALL THREE UNITS. SELLERS ARE NORTHERN MARINE MANAGEMENT LTD, UK. AVANCE GAS NORWAY(STOLT NIELSEN LIMITED THAT ITS SUBSIDIARY STOLT NIELSEN GAS LTD HAS REACHED AN AGREEMENT WITH SUNGAS HOLDINGS LTD UNDER WHICH SUNGAS WILL BECOME A 50% , , SLS RESALE 496 TANKER 2010 SLS SHIPBUILDING 49,700 $38.00m EGYPTIAN EGYPT NOTO GLORIA GAS 1992 KAWASAKI HEAVY 49,412 $15.00m SUNWAY GAS 1991 MITSUBISHI NAGASAKI TRUST RUNNER TANKER 1992 HALLA INCHON 47,059 $8.00m MOUNT OLYMPUS TANKER 2003 SAIKI JUKOGYO 39,997 $24.50m MOUNT MCKINNEY TANKER 2004 SAIKI JUKOGYO 39,997 $25.00m BANGKOK BASED 48,980 $14.00m CBM PETREDEC LIMITED BERMUDA SOLD ENBLOC WITH MOUNT MCKINNEY. IMO III SOLD ENBLOC WITH MOUNT OLYMPUS. IMO III SHAREHOLDER IN GAS TANKER. SELLERS ARE SHINWA MARINE CORP, JAPAN ON SUBJECTS SELLERS ARE WORLD TANKERS MANAGEMENT SINGAPORE GAS TANKER. SELLERS ARE THE SANKO STEAMSHIP CO, JAPAN LPG. SELLERS ARE NISSHO SHIPPING CO LTD, JAPAN. SELLERS ARE TRUSTOIL TANKERS SELLERS ARE DONNELLY TANKER MANAGEMENT CYPRUS. SUBJECT TO INSPECTION SELLERS ARE DONNELLY TANKER MANAGEMENT CYPRUS. SUBJECT TO INSPECTION BOW FAVOUR TANKER 2001 KLEVEN FLORO 37, BOW CENTURY TANKER 2000 KVAERNER FLORO 37, STOLT GLORY TANKER 2005 SHIN KURUSHIMA 33,302 SOLD ENBLOC FOR STOLT STRENGTH TANKER 2005 SHIN KURUSHIMA 33,209 $255.00m SOLD ENBLOC FOR $255m FOR ALL 7 UNITS $255m FOR ALL 7 STOLT NIELSEN NORWAY TO STOLT. SELLERS ARE KURINOURA UNITS TO STOLT ODFJELL MANAGEMENT GOLDEN LEGEND TANKER ,432 YAWATAHAMA AS NORWAY KURINOURA GOLDEN IVY TANKER 2008 YAWATAHAMA 23, GOLDEN CHARLOTTE TANKER 2006 FUKUOKA 19, STOLT NANAMI TANKER 2003 KITANIHON 19,932 $22.50m MTMM SINGAPORE CHEM TAURUS TANKER 2000 SHIN KURUSHIMA 19,399 $15.00m CHEMTRANS CHRISTIAN SOLD ENBLOC THETIS GLORY, IRIS 54,707 GLORY AND VENUS CLIENTS OF $72.00m AVANCE GAS NORWAY GLORY FOR $72m FOR ALL THREE UNITS GAS 1990 BRAND 9,490 PARNA RAYA INDONESIA NOVEMBER SELLERS ARE STOLT TANKERS BV NETHERLANDS SELLERS ARE MARUTA INDUSTRIES CO LTD, JAPAN LPG. SELLERS ARE CHEMIKALIEN SEETRANSPORT GMBH, GERMANY PAGE 8 of

9 SOUTHERN ORCHIS TANKER 1999 ASAKAWA 8,336 $8.00m ST ST KOREAN KOREA GOLDEN EMERALD TANKER 2008 ZHENJIANG SOPO SHIPREPAIRS FORTH BRIDGE TANKER 1992 COCHRANE SELBY 5,800 $2.00m HERMIEN TANKER 2005 MARMARA YARIMCI 6,436 $6.00m GREEK 4,836 $7.30m GREEK SELLERS ARE SANSHO KAIUN CO LTD JAPAN SELLERS ARE FIRST SHIPPING CO LTD, KOREA. SOLD AT AUCTION SELLERS ARE ANGLO EASTERN SHIPMANAGEMENT, SINGAPORE. SELLERS ARE UNIVAN SHIP MANAGEMENT HK CHINA. ASPHALT TANKER. SOLD ENBLOC TRANS SUND TANKER 1991 AARHUS FLYDEDOK 4,794 TRANS VIK AND SOLD ENBLOC FOR $11m TRANS SUND FOR FOR BOTH UNITS. $11.00m GAZPROM RUSSIA ABT $11 m FOR SELLERS ARE SEATRANS TRANS VIK TANKER 1991 AARHUS FLYDEDOK 4,739 BOTH UNITS TO AS, NORWAY GAZPROM SAUDI ARABIAN SELLERS ARE SAN GIORGIO TANKER 1997 SOUTHERN OCEAN 4,660 $5.00m SAUDI ARABIA PETROLMAR SPA, ITALY LADY BARBARA GAS 1990 KYOKUYO ZOSEN 3,983 $3.50m LPG SELLERS ARE STAR MANAGEMENT ASSOCIATES, JAPAN LPG SELLERS ARE EBISU ORIENTAL SKY GAS 1995 SHITANOE 3,235 $5.20m DUCKYANG KOREA KISEN JAPAN KINNA GAS 1989 HANJIN 3,231 $3.20m LUCKY MARINE KOREA LPG SELLERS ARE STAR MANAGEMENT ASSOCIATES, JAPAN. VESSEL WAS REPORTED SOLD IN APRIL 2008 AT $7m Note1: With Red color are indicated all Greek interest Buyers or Sellers Another strong month in terms of Sale and Purchase activity both in TANKER 2ND HAND MARKET STATISTICS number of ships sold and also in terms of money spent. The tanker markets are recovering and overall both the producty and crude SELLERS STATS 2010 MONTHLY UNIT SALE ACTIVITY markets show a steady recovery outlook and that should not take COUNTRY UNITS % 2010 UNITS OUTLAY$ DWT anyone by surprise as the cold winter presently experienced in Northern Europe and Asia has resulted in the seasonal demand to % JANUARY 57 $1,096.58m 3,446,410 bring some smiles on the lips of shipowners JAPAN % FEBRUARY 33 $691.20m 2,470,891 operating ships transporting petroleum products. Will this be just a seasonal increase that will be shortlived or may we expect more SINGAPORE % MARCH 37 $608.05m 2,798,832 interest to develop in 2011? We believe that until alternative energy CHINA % APRIL 37 $1,085.30m 2,768,206 sources are developed further the dependency on crude oil will remain strong, and growing possible demand within their GDP growth KOREA % MAY 45 $1,729.10m 5,133,688 rates of China and India will result in a surge in demand for oil NORWAY % JUNE 17 $578.62m 1,607,662 products. The question is if OPEC can increase the production to meet the positive expectations. Comparing the sales of Tankers in 2010 we TURKEY % JULY 22 $831.15m 3,225,816 see that 358 tanekrs ships of a total of 31.7mil tones and 9.5bil value GERMANY % AUGUST 34 $735.65m 1,972,639 performed. h h It dis hfor dsure h that i the markets hihave fbeen assisted il dby the d $ banks that resumed with all restraints though to assist in ship finance. UAE % SEPTEMBER 26 $749.95m 2,203,927 UK % OCTOBER 44 $790.11m 4,195,478 ITALY % NOVEMBER 42 $1,064.40m 2,934,152 USA % DECEMBER 0 $0.00m 0 CYPRUS % TOTAL 394 $9,960.10m 32,757,701 SELLERS Table on the RIGHT shows the nationality of the Sellers. Greek Sellers sold 6 more units in NOV 2010 and are in number one CANADA % position selingoff 77 units (77 last). TAIWAN % Japanese sellers are well in 2nd 2010 TANKER buyer STATISTICS place with 55 units (44 last), while DENMARK % COUNTRY UNITS OUTLAY ($) % DWT % Singapore sellers are always 3rd MALAYSIA % 60 $2, % 8,319, % with 32 units (29 last) and Chinese sellers are 4th unchanged for 4th RUSSIA % NORWAY 31 $ % 2,004, % month with 25 ships, (all data is ALL OTHER % USA 28 $1, % 3,084, % ships sold during the period Jan Nov 2010) UNDISCL % CHINA 20 $ % 1,787, % TOTAL % INDONESIA 18 $ % 695, % UAE 12 $ % 524, % INDIA 12 $ % 1,676, % SINGAPORE 11 $ % 708, % KOREA 10 $ % 628, % FAR EAST 9 $ % 844, % BRAZIL 8 $ % 2,391, % Greek buyers are firmly leading the tanker buyers league. After a quiet DENMARK 7 $ % 289, % September Greeks have acquired 6 more tankers this month and tally a total of 60units (54 last) of 8.3million DWT carrying capacity, and have forked out a massive $2.9billion NIGERIA 6 $ % 147, % USD. Norwegian based buyers are now placed in 2nd place with 31 units (24 last), and UNDISCL 73 $1, % 5,014, % we have USA bueyrs moving 3rd this month totalling 28 units, with Chinese 4th with 20 units. Indonesian buyers are 5th with 18 units of low value and small total carrying ALL OTHER 89 $1, % 4,640, % capacity. TOTAL 394 $9, % 32,757, % PAGE 9 of 19

10 units visit our constantly updated website NOVEMBER 2010 TANKER UNITS SOLD BREAKDOWN PER SIZE AND MONTH VLCC & ULCC SUEZMAX AFRAMAX PANAMAX 110K 70K PROD 45K < 40,000 OBO LPG & LNG TOTAL JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER TOTAL Tanker units sold 2010 vs JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER Tankers - Capital expend vs $2,000m $1,800m $1,600m $1,400m $1,200m $1,000m $800m $600m $400m $200m $0m $1,375 $1, $1,097 $1,085 $1,064 $750 $759 $831 $691 $798 $790 $736 $608 $657 $579 $407 $320 $415 $435 $386 $229 $310 $282 JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER $0 In the table on the top we see monthly number of tanker ships sold as of NOVEMBER 2010, compared to 2009's monthly activity. In the table on the top we see the MONTHLY tanker capital expenditure for NOVEMBER 2010 compared to 2009's monthly activity. NB TANKERS PRICE COMPARISON VLCC $118.0 $97.0 $ % SUEZMAX $93.0 $68.0 $70.0 3% AFRAMAX $75.0 $49.0 $ % PANAMAX $60.0 $41.0 $ % MR PROD $52.0 $33.0 $ % $174 $124 $74 $24 VLCC 300K SUEZ 150K AFRA 110K PROD 45K NEWBUILDING TANKER PRICES built (5Y old) TANKERS PRICE COMPARISON VLCC $154.0 $77.0 $ % SUEZMAX $98.0 $60.0 $60.0 0% AFRAMAX $72.0 $39.0 $ % PANAMAX $56.0 $34.0 $35.0 3% MR PROD $50.0 $24.0 $ % $120 $70 $20 VLCC 300K SUEZ 150K AFRA 110K PROD 45K 5 YEAR OLD TANKER PRICES built (10Y old) TANKERS PRICE COMPARISON VLCC $115.0 $59.0 $62.0 5% SUEZMAX $75.5 $43.0 $43.0 0% AFRAMAX $56.0 $30.0 $ % PANAMAX $46.0 $24.0 $22.0 8% MR PROD $39.0 $19.3 $18.0 7% $150 $100 $50 $0 VLCC 300K SUEZ 150K AFRA 110K PROD 45K 10 YEAR OLD TANKER PRICES built (15Y old) TANKERS PRICE COMPARISON VLCC $60.0 $38.5 $39.0 1% SUEZMAX $43.0 $23.0 $24.0 4% AFRAMAX $32.0 $13.0 $ % PANAMAX $24.0 $12.0 $ % MR PROD $21.0 $9.0 $ % $120 $100 $80 $60 $40 $20 $0 VLCC 300K SUEZ 150K AFRA 110K PROD 45K 15 YEAR OLD TANKER PRICES built (20Y old) TANKERS PRICE COMPARISON VLCC $32.0 $17.0 $16.0 6% SUEZMAX $26.0 $12.8 $12.5 2% AFRAMAX $17.0 $9.1 $9.0 1% PANAMAX $14.0 $6.2 $7.0 13% MR PROD $11.0 $4.5 $4.5 0% Tables above compare prices from NOVEMBER 2008, NOVEMBER 2009, with today $50 $40 $30 $20 $10 $0 VLCC 300K SUEZ 150K AFRA 110K PROD 45K 20 YEAR OLD TANKER PRICES PAGE 10 of 19

11 NEWBUILDING ORDERS NOVEMBER 2010 UNITS TYPE TONNAGE YARD YEAR PRICE BUYER S NAME NOTES 2 BC 300,000 UNIVERSAL SHIPBUILDING BC 300,000 UNIVERSAL SHIPBUILDING BC 207,000 DAEHAN SHIPBUILDING 2012 $ BC 205,000 UNIVERSAL SHIPBUILDING BC 180,000 HYUNDAI 2012 $ BC 180,000 JINHAI HI 2012 SHANGHAI JIANGNAN 4 BC 180,000 CHANGXING 2012 $ BC 180,000 DALIAN SHIPBUILDING SHANGHAI JIANGNAN 4 BC 180,000 CHANGXING 2012 $ BC 107,600 MINAMI NIPPON BC 105,700 OSHIMA BC 95,000 IMABARI $ BC 82,000 SUNGDONG 2012 $ BC 82,000 QINGDAO BEIHAI $ BC 82,000 SUNGDONG 2012 $ BC 82,000 ZHEJIANG OUHUA 2011 $ BC 82,000 DAEWOO MANGALIA 2012 $ BC 81,700 WUCHANG 2012 $ BC 81,200 QINGDAO BEIHAI BC 81,200 WUCHANG BC 81,200 DALIAN SHIPBUILDING BC 76,000 ZHEJIANG ZENGHE $ BC 75,000 JIANGNAN SHIPYARD BC 75,000 HYUNDAI MIPO 2013 $ BC 75,000 HYUNDAI MIPO 2012 $ BC 70,000 OSHIMA BC 59,800 HYUNDAI VINASHIN BC 58,000 TSUNEISHI ZHOUSAN 2013 $ BC 57,300 STX DALIAN BC 57,000 COSCO DALIAN SHIPYARD $ BC 57,000 MINAMI NIPPON BC 57,000 TIANJIN XINGANG BC 55,800 HYUNDAI MIPO BC 37,200 ZHEJIANG OUHUA BC 37,000 ONOMICHI BC 37,000 ONOMICHI BC 35,000 ZHEJIANG YANGFAN 2012 $ BC 35,000 ZHEJIANG YANGFAN 2013 $ BC 35,000 QIDONG DAOLA BC 35,000 JIANGMEN NANYANG $ BC 29,100 YANGZHOU NAKANISHI BC 23,000 HAKATA 2011 MOL MITSUI OSK GOLDEN FLAME SHIPPING JAPANESE DENZA DENIZCILIK RELIANCE POWER CSDC HAIBAO SHIPPING CHINA SHIPPING TRAMP MITSUI OSK LINES KAWASAKI KISEN (JAPAN) NYK LINE AKMAR SHIPPING & TRADING FIRST STEAMSHIP TRANSOCEAN MONACO SAFE BULKERS DALNAVE NAV. GUANGXI BEIBU GULF BEIBU GULF SHIPPING BEIBU GULF SHIPPING HAIBAO SHIPPING DONGGUAN HAICHANG SHIPPING CHINA CHINA SHIPPING DEVELOPMENT SOVCOMFLOT NOVOSHIP NYK LINE HYUNDAI MERCHANT MARINE PACIFIC BASIN HELIKON SHPG ENT ASIAN BUYER MITSUI OSK LINES PACIFIC INTERNATIONAL LINES RAY SHIPPING FEDNAV LIMITED FAR EAST SHIPPING CO (JAPAN) ORIENT MARINE CO ESSBERGER COBELFRET HANZEVAST CAPITAL B.V. PACIFIC BASIN NAKANISHI KIKAI FUKUSEI SANGYO JPN ORE CARRIER OPTION 1 MORE. GEARLESS GEARLESS EXCESS $37m OPTION 1 MORE 1 OPTION 2 MORE GEARLESS PRICE. VESSEL ORDERED FOR DOMESTIC SERVICE PRICE VARIES AMONG $3739 MIL. ORDERED AGAINST LONG TERM COAL AGREEMENT. THESE ARE THE 1ST PANAMAX BULKERS TO BE CONSRUCTED AT HYUNDAI SHIPYARD SINCE OTHER REPS SAY PRICE CIRCA $37m EACH 5 MORE TO BE ORDERED IN 2011 PRICE OPTIONS EXERCISED. 4 NOW ON ORDER WOODCHIP CARRIER ORDER IS THE REPLACEMENT FOR 2 CANCELLED 6500 CEU CAR CARRIERS ORIGINALLY ORDERED AT HYUNDAI MIPO. RAY SHIPPING IS ONLY INVOLVED IN CAR TRADES AND HAS NO EXPERIENCE IN BULK TRANSPORT 6 NOW ORDERED PRICE PRICE. ORIENT MARINE CO IS A SUBSIDIARY OF MITSUI OSK OF JAPAN GEARED. OPTION 2 MORE PRICE. 4 NOW ORDERED OPTION 2 MORE 2 BC 11,000 JSC SHIPYARD LOTOSRUSSIA CONT 85,000 STX SHIPBUILDING $ CONT 56,500 HANJIN SUBIC BAY 2013 $ CONT 56,000 SUNGDONG 2012 $ CONT 55,000 SHANGHAI SHIPYARD $ CONT 50,000 HANJIN SUBIC BAY 2013 $50.0 WESTERN SHPG CO SHIPPING CORPORATION OF INDIA DELPHIS GOLDENPORT NILE DUTCH AFRICA LIVE DELPHIS NV BULGARIA PRICE. CONSTRUCTION IS A LEASE FINANCE SCHEME WITH THE PARTICIPATION OF JSC GOZNAK LEASE. FYI JSC SHIPYARD LOTOS IS 44% OWNED BY UNITED SHIPBUILDING CORPORATION AND 45,7% BY THE CASPIAN ENERGY GROUP PRICE VARIES $8083 MIL TEU 3800 TEU. OPTION 4 MORE 3600 TEU. ALTHOUGH IT IS WIDELY REPORTED TO BE GOLDENPORT THAT HAVE INKED THE ORDER THIS IS NOT 100% CONFIRMED TEU. GEARED. THE VESSELS WILL ENTER IN AFRICAASIA LINER SERVICES 3800 TEU. OPTION 4 MORE PAGE 11 of 19

12 4 CONT 17,000 YANGFAN GROUP 2011,2012,201 3 $ CONT 17,000 TAIZHOU KOUAN $ CONT 17,000 ZHEJIANG YANGFAN $ CONT 15,600 DAE SUN SB $ CONT 15,400 DAESUN 2011 $ GAS 51,100 MITSUBISHI GAS 12,000 SINOPACIFIC $ GAS 1,000 MIURA MPP 28,000 NANTONG COSCO KHI 2013 $ MPP 28,000 SHANGHAI SHIPYARD 2013 $ MPP 20,000 HUDONG ZHONGHUA OTHER 15,600 ULJANIK OTHER 5,000 GREATSHIP GLOBAL OFFSHORE OTHER 3,100 STX LANGSTEN (NOR) OTHER 3,100 STX VIETNAM OFFSHORE OTHER ABG SHIPYARD 2013 $ OTHER DAEWOO 2013 $ OTHER SAMSUNG 2013 $ OTHER DALIAN SHIPBUILDING OFFSHORE $ PAX 6,750 MITSUBISHI 2013 $ PAX 5,000 STX FINLAND 2013 $ PAX 2,500 HIGHSPEED S.B PAX MEYER WERFT GERMANY $850.0 SITC INTERNATIONAL NORSE MANAGEMENT SHANDONG INT TRANS SITC INTERNATIONAL SITC INTERNATIONAL ASTOMOS ENERGY CORP JACAR HOLDINGS LUXEMBURG HIYOSHI KISEN COSCO SHIPPING LTD COSCO SHIPPING LTD BELUGA SHIPPING JAN DE NUL COLOMBO DOCKYARD FARSTAD SHIPPING FARSTAD SHIPPING DRILLING & OFFSHORE CHEVRON CORPORATION SEADRILL SEADRILL SHIN NIHONKAI FERRY VIKING LINE SHUN SHINE NORWEGIAN CRUISE LINE 1100 TEU TEU 110 TEU 2x1040 TEU & 1x953 TEU GEARED ORDERED ENBLOC PRICE $57.3 MIL 1000 TEU. DELY DEC 2011 ENERGY CORP ESTABLISHED IN 2006 AS A SUBSIDIARY OF BY MITSUBISHI CORP., MITSUBISHI LIQUIFIED GAS CO., AND IDEMITSU GAS LPG 12,000 CBM COSCO BOOKED 8 MPPs AT NANTONG COSCO KHI AND SHANGHAI SHIPYARD. ORDER IS BROKEN IN 2 ORDERS OF 4 VSLS AT EACH YARD COSCO BOOKED 8 MPPs AT NANTONG COSCO KHI AND SHANGHAI SHIPYARD. ORDER IS BROKEN IN 2 ORDERS OF 4 VSLS AT EACH YARD MPP / FREIGHTERS AS MARK III VERSIONS OF ITS SUCCESSFUL P SERIES OFFERING HEAVY LIFT CAPACITY. TWO CRANES OF 1000 TONNES COUPLED TO PRODUCE A MAX LIFT OF 2000 TONNES. THE ORDER IS PART OF 10 SIMILAR NB'S ORDERED IN 2007 AND 2008 BY THE SAME OWNER P&C PRICE TRAILING SUCTION HOPPER DREDGER 3 OF THE VESSELS WILL BE OF STX PSV 08 CD DESIGN WITH 2 BEING BUILT AT STX IN VIETNAM AND THE OTHER AT LANGSTEN YARD OF STX IN NORWAY. THE 4TH VESSEL WILL BE A UT 754 WP DESIGNED BY ROLLS ROYCE TO BE BUILT AT STX LANGSTEN YARD IN NORWAY. 3 OF THE VESSELS WILL BE OF STX PSV 08 CD DESIGN WITH 2 BEING BUILT AT STX IN VIETNAM AND THE OTHER AT LANGSTEN YARD OF STX IN NORWAY. THE 4TH VESSEL WILL BE A UT 754 WP DESIGNED BY ROLLS ROYCE TO BE BUILT AT STX LANGSTEN YARD IN NORWAY. JACKUP DRILLING RIGS WITH AN OPERATING DEPTH 350 FT. DRILLING DEPTH 30,000 FT. SPECIALLY DESIGNED FOR GULF OF MEXICO AND NORTH SEA USE OIL PLATFORM. CUSTOM PURPOSE TO BE USED TO EXTRACT OIL & GAS OFF ANGOLA ULTRA DEEPWATER DRILLSHIPS. OPTION 2 MORE UNTIS CAPABLE OF AN OPERATING DEPTH UP TO 4000 M JACK UP DRILLING RIGS. OPTION FOR FURTHER 2 UNITS HAE BEEN ARRANGED AS A PART OF THE DEAL. THE RIGS ARE CAPABLE OF WORLDWIDE OPERATIONS IN AREAS INCLUDING NORTH 820 PAX, 80 CARS, 150 TRAILERS, LOA M, BEAM 26 M, SERVICE SPEED 31 KNOTS CRUISE FERRY WITH A 2800 PAX OF WHICH 870 PAX IN CABINS AND 1300 LM FOR TRUCKS AND A SEPARATE 500 LM FOR CARS. BUILDING WILL COMMENCE 3Q OF TURKU/STOCKHOLM ROUTE. LNG FUEL UNDER SERIOUS CONSIDERATION. CONSTRUCTION AT TURKU. PRELIMINARY CONTRA 143,500 GT. CONFIRMED ORDER 1 PAX ASSENS DENMARK PAX 2011 $ RORO 12,000 P&S WERFTEN 2012 $ RORO 6,000 MITSUBISHI TANKER 320,000 NEW TIMES SHIPBUILDING TANKER 317, $ TANKER 300,000 MITSUBISHI $ TANKER 165,000 HYUNDAI SAMHO 2012 $ TANKER 157, $ TANKER 112,100 HYUNDAI H.I $ TANKER 112, TANKER 73,000 OSHIMA TANKER 40,400 COSTANZA 2012 FURSUND FAERGERI A/S DENMARK PRICE. 147 PAX. DOUBLE ENDED FERRY FISKERSTRAND BLRT NORWAY FJORD 1 NORWAY 150 PAX 50 CARS DFDS A/S A LINE FERRY CO LTD DYNACOM TANKERS ENBLOC PRICE. 342 TEU, 3000 LM. THE VESSELS WILL BE FOR MILITARY USE BY DENMARK AND GERMANY IF AND WHEN REQUIRED JIANSU RONGSHENG SHIPPING CORP OF INDIA OPTION 2 MORE MITSUI OSK LINES NJ GOULANDRIS MALACCMAX DESIGN. THIS IS THE FIRST VLCC NB CONTRACT FOR MITSUBISHI SINCE THE COLLAPSE OF THE SHIPPING MARKETS IN 2008 JIANGSU RONGSHENG CENTRAL MARE INC OPTION 2. SUBJECTS NOT YET LIFTED. ARAB MARITIME PETROLEUM TRANSPORT COMPANY PRODUCT CARRIERS HYUNDAI AMPTC EGYPT COATED. PROD CARRIERS RIO TINTO SHIPPING HISTRIA SHIPMANAGEMENT PAGE 12 of 19

13 1 TANKER 40,400 COSTANZA TANKER 13, TANKER 12, TANKER 8, TANKER 4,450 REVAL SHIPBUILDING OU 2011 $10.8 Note1: With Red color are indicated all Greek interest Buyers or Sellers NEWBUILDING ORDERS BREAKDOWN by TYPE PER MONTH, for YEAR ORDERS UNITS BC MPP CONT TANKER LNG/LPG ALL OTHER TOTAL JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER TOTAL 549 1, ,391 DRY BULK ORDERS 2010 CAPESIZE 113 UNITS POST PANAMAX 38 UNIS KAMSARMAX 215 UNITS PANAMAX 62 UNITS SUPRAMAX 107 UNITS HANDYMAX 114 UNITS HANDIES 96 UNITS 745 TOTAL TANKER ORDERS 2010 VLCC 68 UNITS SUEZMAX 80 UNITS AFRAMAX 57 UNITS LR 22 UNITS MR 34 UNITS 261 TOTAL BULK CARRIERS NEWBUILDING ORDERS PER MONTH FOR CAPESIZE POST PANAMAX KAMSARMAX PANAMAX SUPRAMAX HANDYMAX HANDIES SMALL BULKER ALL TYPES JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER 0 TOTAL TANKER NEWBUILDING ORDERS PER MONTH FOR VLCC SUEZMAX AFRAMAX LR MR CHEMICAL ALL TYPES JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER 0 TOTAL NOVELLA OTTAVIO SHITANOE DAIICHI TANKER CO CHEMICAL MARMARA TERSANESI YILMAR SHIPPING & TRADING CHEMICAL MARMARA TERSANESI YILMAR SHIPPING & TRADING CHEMICAL LNG/LPG, 46, 3% TANKER, 327, 24% CONT, 129, 9% NEW BUILDING ORDERS PER SHIPTYPES IN 2010 ALL OTHER, 105, 8% MPP, 39, 3% BC, 745, 53% TURKMENIAN SEA & RIVER SHIPPING CO BULKERS BULKERS DRY BULK ORDERS TANKER ORDERS Jan-10 Mar-10 Apr-10 Jun-10 Jul-10 Sep-10 Oct-10 Jan-10 Mar-10 Apr-10 Jun-10 Jul-10 Sep-10 Oct PAGE 13 of 19

14 REPORTED DEMOLITION DEALS NOVEMBER 2010 NAME TYPE YEAR BUILT DWT LDT PRICE BREAKER NOTES IMO DAEWOO SOUTHWAY TANKER 1988 SHIPBUILDING 152,412 21, HS PIONEER BC 1982 NKK CORP TSU 145,229 23, CRUDE OIL TANKER SELLERS ARE GLOBAL $ BANGLADESH MARKETING SYSTEMS ROMANIA SELLERS ARE STX SHIP MANAGEMENT CO SOUTH $ CHINA KOREA RUBY PRINCESS TANKER 1975 GOTAVERKEN 140,905 20,000 CHINA FPSO OIL JIANMAO 1 BC 1981 HYUNDAI H.I 127,907 20, OCEAN POWER TANKER 1983 SCOTT LITHGOW PGLS 127,800 21, MAJ STAR III TANKER 1991 BRODOGRADILISTE 106,680 19, SWAT TANKER 1985 ASTANO 86,593 16, BASIL BC 1983 COSHIN SHIPYARD 76,440 14, SELLERS ARE COSCO WALLEM SHIP MANAGEMENT, $ CHINA CHINA $ BANGLADESH SELLERS ARE HIN LEONG TRADING SINGAPORE $ INDIA SELLERS ARE NKD MARTIIME BVI UK PRIYA BLUE INDUSTRIES PVT ARE BREAKERS $ PAKISTAN SELLERS ARE PAKISTAN NATIONAL SHIPPING PAKISTAN SELLERS ARE OVERSEAS MARINE ENR SHIRDI $ INDIA STEEL TRADERS ARE BREAKERS ENDEAVOUR RIVER TWEEN 1983 ITALCANTIERI MFL 75,105 18,517 BANGLADESH SELLERS ARE HOLYMAN PTY LTD, AUSTRALIA HYUNDAI HEAVY INDS LANCER TANKER 1984 U 67,164 13, HYUNDAI HEAVY INDS AVIL TANKER 1985 U 67,153 13, BERGE RACINE TANKER 1985 NORD ET MED LA CIOT 63,254 21, $ BANGLADESH CRUDE OIL TANKER 0 SELLERS ARE SHIPPING CORPORATION OF INDIA $ BANGLADESH CRUDE OIL TANKER 0 SELLERS ARE SHIPPING CORPORATION OF INDIA $ INDIA SELLERS ARE BW GAS AS, NORWAY KUN MING HU TANKER 1982 HITACHI ZOSEN NAG 60,585 CHINA CRUDE OIL TANKER SELLERS ARE COSCO CHINA AFFLATUS BC 1985 NIKI TANKER 1988 DAEWOO SELLERS ARE ISLAMIC REPUBLIC OF IRAN SHIPPING SHIPBUILDING 43,309 CHINA LINES, IRAN HYUNDAI HEAVY INDS AS IS FUJAIRAH. SELLERS ARE A.K. SHIPPING & U 39,989 8,300 $ 477 PAKISTAN TRADING INC., KOREA SHBLDG & ENG BOW PANTHER TANKER 1986 B 39,422 9, FEDON BC 1980 BALTIYSKIY 38,250 9, SELLERS ARE ODFJELL MANAGEMENT AS, NORWAY. $ INDIA INCLUDING 70 TONNES OF STAINLESS STEEL SELLERS ARE MACHRIMAR MANAGEMENT S.A., $ INDIA BAO YUAN MEN BC 1982 LEVINGSTON ORANGE 37,061 8,244 INDIA SELLERS ARE CHINA GOVERNMENT ASRAAREMOSTAFA BC 1977 NKK CORP SHIMIZU 35,271 7,960 BANGLADESH HITACHI ZOSEN STAR CARRIER BC 1983 INNOSH 35,218 9, PHUC HAI MOON BC 1979 MITSUI FUJINAGATA 34,227 7, MT PHOENIX TANKER 1977 WARTSILA TURKU 32,100 7, SEA PRINCE I TANKER 1981 CM SPIRIT TANKER 1970 HYUNDAI HEAVY INDS U 31,000 7, GULFPORT SHIPBUILDING 27,726 6, MAHA VIDYA BC 1977 OSHIMA SHIP 27,451 6, STAG BC 1978 KOYO MIHARA 27,348 7, SELLERS ARE ASP SHIP MANAGEMENT LTD, UNITED $ INDIA KINGDOM $ INDIA SELLERS ARE PHUC HAI CO LTD, VIETNAM SELLERS ARE OLIMPEX NIGERIA LTD, NIGERIA $ INDIA (MARIKA INVESTMENTS) $ PAKISTAN SELLERS ARE SHIP & SHORE SERVICES LTD, NIGERIA $ INDIA SELLERS ARE OLIMPEX NIGERIA LTD, NIGERIA (MARIKA INVESTMENTS) KUMAR STEEL ARE BREAKERS $ PAKISTAN SELLERS ARE FIVE STARS SHIPPING CO PVT LTD INDIA $ CHINA SELLERS ARE CLIO NAVIGATION CORP. SHE HAD BEEN REPORTED SOLD BACK IN MAY 2008 AT A LEVEL OF $11.5m CAPT. GIORGIOS BC 1980 GEORGI DIMITROV SHI 25,573 7,836 PAKISTAN SELLERS ARE BULGARE NAVIGATION BULGARIA USTICA TANKER 1986 NORD ET MED DUNKIRK 24,225 7,872 INDIA SELLERS ARE MAROC PHOSPHOR OCEAN, MAROCCO DA QING 244 TANKER 1977 DALIAN SHIPYARD CO 24,119 6, ROSBORG BC 1978 TSUNEISHI SHBLDG 22,986 8, JIANGMEN YINHU SHIP BREAKING SELLERS ARE $ CHINA CHINA SHIPPING GROUP $ CHINA SELLERS ARE DANNEBROG REDERI A/S DENMARK RAIN TANKER 1983 KOREA SHBLDG & ENG 22,651 6,333 BANGLADESH BOLAN TWEEN 1980 KAWASAKI HEAVY INDS 18,145 5, $ PAKISTAN SELLERS ARE PAKISTAN NATIONAL SHIPPING PAKISTAN PRODUCTS TANKER SELLERS ARE INTERSEA MANAGEMENT SWITZERLAND JUVITER TANKER 1980 NAIKAI SHIPBUILDING 17,987 TURKEY BUTET BC 1978 TSUNEISHI SHBLDG 17,475 5,055 $ 410 BANGLADESH SELLERS ARE A.T.L. SHIPPING LTD, CYPRUS AGS LTD PRODUCTS TANKER SELLERS ARE AZURE INTUITION TANKER 1979 OSAKA SHIPBUILDING 16,457 3,603 TURKEY TORRENT TANKER 1975 HASHIHAMA SHBLDG 15,767 3, SELLERS ARE NOBPAC SHIP MANAGEMENT, BANGLADESH. ALREADY BEACHED CHEMICAL/PRODUCTS TANKER SELLERS ARE NAVIMAR LUGANO SWITZERLAND SERVICES $ INDIA SELLERS ARE TARK ENTERPRISES LIBERIA JAIPUR BC 1981 CCN MAUA NITERO 15,015 INDIA SELLERS ARE FIVE STARS SHIPPING CO PVT LTD INDIA SELLERS ARE ALLUNITED MARITIME BUSINESS BANGLADESH EASTERN SEA BC 1983 NEPTUN SCHIFFSWERFT 12,665 6,002 BANGLADESH ASTRO VENUS RORO 1982 TSUNEISHI SHIPBUILDING 12,464 9, $ PAKISTAN SELLERS ARE MMS CO LTD, JAPAN. ASIS AQABA INCL 1000 TONS OF BUNKERS ROB AT NO EXTRA COST TO THE BUYER. OTHERS REP AT $455/T SELLERS ARE CHINA SHIPPING INTERNATIONAL SHIPMANAGEMENT CO LTD, CHINA (COSCO) DONG FANG GAO SU RORO 1984 MITSUBISHI KOBE 11,940 CHINA PAGE 14 of 19

15 STORM BAY REEFER 1983 SHIN YAMAMOTO KOCHI 11,720 6, $ INDIA SELLERS ARE SEATRADE GRONINGEN BV, NETHERLANDS. AS IS FUJAIRAH FOR RESALE INTO INDIA DORTEL GEMI SOKUM DEMIR VE CEL SELLERS ARE ISM SHIPMAN SYRIA SELLERS ARE AEGEAN CARGO MANAGEMENT SA, SELLERS ARE NYKCOS CAR CARRIER CO LTD PERLA ADIB BC 1976 SCHUERENSTEDT SCHIF 10,890 TURKEY AEGEAN SKY RORO 1974 FRAMNAES 9,641 5,998 INDIA FU HAN KOU RORO 1986 FREDERIKSHA 9,300 CHINA NURETTIN AMCA BC 1973 WATANABE ZOSEN KK 8,303 TURKEY SHIPPING TURKEY SELLERS ARE TIANJIN INTERNATIONAL MARINE TIAN CHANG BC 1978 SETOUCHI 7,943 3,567 $ 420 INDIA SHIPPING CO, CHINA SINGAPORE SLIPWAY & MIKUE BC 1980 EN 7,909 2,458 $ 440 INDIA SELLERS ARE GLOMAR SUPPLIES LTD, PANAMA DUCKY SYMPHONY RORO 1979 AESA SESTAO 6,906 5,669 $ 430 INDIA SELLERS ARE TMT CO LTD, CHINA CARIBBEAN CARRIER RORO 1983 MATHIASTHESEN 6,704 5,390 INDIA SOUTHERN ARROW BC 1984 GOLDEN LINE 8 BC 1982 IMAN TANKER 1986 TOPAZ SD 1969 DAEDONG SHIPBUILDING 6,549 2, DAEDONG SHIPBUILDING 6,485 2, RAUMAREPOLA OY RAUM 6,237 3, IMABARI SHIPBUILDING SOK DENIZCILIK TIC LTD STI SELLERS ARE KUTUP SELLERS ARE INTERNATIONAL SHIPPING PARTNERS INC, USA $ CHINA SELLERS ARE PAMELA CORP, KOREA SELLERS ARE DALIAN TRANSQUARELINE $ CHINA INTERNATIONAL SHIP MANAGEMENT CO LTD, CHINA $ INDIA SELLERS ARE RIGA TRANSPORT FLEET, LATVIA ,849 BANGLADESH SELLERS ARE NAVEE GROUP THAILAND CEMENT CARRIER SELLERS ARE CHINA CHANG XIN 102 BC 1978 HONDA SAIKI 5,372 CHINA GOVERNMENT SNAV SICILIA PAX 1974 WESER SEEBECKWERFT 5,341 INDIA PAX/RORO SELLERS ARE SNAV SPA ITALY SNAV CAMPANIA RORO 1974 WESER SEEBECKWERFT 5,280 11,505 $ 440 INDIA SELLERS ARE ALISCAFI SNAV SPA, ITALY SELLERS ARE NAVIGATOR TANKERS MANAGEMENT CUSTOM TANKER 1981 MIYOSHI 4,990 2,675 $ 462 PAKISTAN S.A., CORAL MOON RORO 1985 GALATI 4,100 5,450 $ 428 INDIA SELLERS ARE NOVA OSTRIA SHIPPING CO SA, SIMSEKLER GEMI SOKUM ALIAGA SELLERS ARE UNIFREIGHT RUSSIA ARINA MPP 1974 BODEWES GRUNO BV 4,017 TURKEY AFANASIY BOGATYREV SD 1973 OKA NAVASHINO 4,000 CHINA SELLERS ARE ARCTIC SHIPPING RUSSIA KASID KAREEM BC 1973 NISHI SHIPBUILDING 3,690 TURKEY HISAR GEMI SOKUM AS SELLERS ARE SYRIAN SHREE RAM GROUP BARGE CARRIER SELLERS ARE FINANZPARTNER GMBH GERMANY CONDOCK I OTHER 1979 NOBISKRUG WERFT G 3,603 2,406 INDIA ALEXANDER SKVORETS SD 1967 KRASNOYE SORMOVO 3,352 TURKEY SELLERS ARE STANDARD SHIPPING TURKEY FORWARD 1 SD 1971 ZTS 3,283 TURKEY GEMI YAN SANAYI VE TICARET AS NIJORD BC 1980 NOBISKRUG WERFT G 3,214 TURKEY KURSAN GEMI SOKUM LTD CARIBBEAN EXPRESS RORO 1976 NOBISKRUG WERFT G 3,180 INDIA RORO/PAX BETUL SD 1971 DENIZCILIK ISTINYE 2,756 TURKEY GEMI YAN SANAYI VE TICARET AS LIDER TRABZON SD 1979 PETERS H. 2,515 TURKEY IZMIR GERI DONUSUM LTD QUALITY SPIRIT TANKER 1968 NIEUWE NOORD IZMIR GERI DONUSUM LTD CHEMICAL PRODUCTS NEDERL 2,303 TURKEY TANKER AKADEMIK ALEKSANDR VINOGRADOV OTHER 1983 A WARSKIEGO STOCZNI 2,188 AS IS THINH CUONG 14 SD 1985 ANPHU 2,150 AS IS AS IS VIETNAM SELLERS ARE HAI PHONG SIGAS MASTER GAS 1985 PATTJE WATERHUIZEN 1,929 1,099 $ 277 TURKEY OGE GEMI SOKUM MAKINECILIK LTD LPG TANKER PANAGIA CHRISOSKALITISSA TANKER 1977 ITO 1,806 TURKEY EGE CELIK GEMI SOKUM AS PRODUCTS TANKER SEALARK SD 1979 COOK J.W. WIVENHOE 1, PAKISTAN SELLERS ARE BULGARIAN RUBY SD 1982 YORKSHIRE D.D. 1,230 INDIA SELLERS ARE AL HAMADIAN UAE MATHIASTHESEN IZUMRUDNYY TRAWLER 1974 WERF 1,212 CHINA SELLERS ARE RUSSIAN JET VIII TANKER 1986 TULCEA SANTIERUL NA 1,200 TURKEY K TERSANECILIK AS BUNKERING TANKER JET XII TANKER 1988 TULCEA SANTIERUL NA 1,200 TURKEY K TERSANECILIK AS BUNKERING TANKER MAROANTSETRA SD 1976 NORDSOVAERFTET A/S 700 INDIA SELLERS ARE FROM MADAGASCAR OSKAR TRAWLER 1964 BEER 410 AS IS STREZHEVOY TRAWLER 1976 VOLGOGRADSKIY 293 CHINA SELLERS ARE OSCAR RUSSIA ALEX IV TRAWLER 1970 MANCHE ATELIERS D 213 TURKEY GUARD VALIANT OTHER 1939 FRAMNAES AS IS FORNAES APS STANDBY SAFETY VESSEL ADALVIK TRAWLER 1959 Note1: With Red color are indicated all Greek interest Sales VOLKSWERFT RESEARCH SURVEY VESSEL SELLEERS ARE RUSSIAN ACADEMY OF SCIENCE VAN HEYGHEN RECYCLING SELLERS ARE FROM ICELAND SIMSEKLER GEMI SOKUM ALIAGA SELLERS ARE GREEK VAN HEYGHEN RECYCLING SELLERS ARE FROM STRALSUN AS IS ICELAND PAGE 15 of 19

16 DEMOLITION STATISTICS: 2010 UNITS DWT LDT BREAKER STATS 2010 January 115 3,955,206 1,005,289 BREAKER UNITS LDT TAKEN AV. SCRP PRICE February 104 2,616, ,515 CHINA 177 1,397,755 $377 March 131 4,638,388 1,059,123 INDIA 431 3,101,361 $387 April 144 2,633, ,013 BANGLADESH 102 1,236,564 $401 May 117 2,217, ,318 TURKEY ,058 $143 June 114 2,155, ,861 PAKISTAN ,730 $395 July 70 2,146, ,116 OTHER/CASH/AS IS ,168 August 96 2,629, ,117 TOTAL ,241,636 $341 September 90 1,560, ,275 October 76 1,754, ,617 November 84 2,184, ,392 December TOTAL ,492,438 7,241,636 DETAILED BREAKER REGION STATISTICS FOR 2010 BREAKER CHINA INDIA BANGLADESH TURKEY PAKISTAN OTHER/CASH/AS IS TOTAL DRY TOTAL DRY&WET UNITS LDT TAKEN av $ UNITS LDT UNITS LDT DWT 177 1,397, ,247, ,039 5,373, ,101, ,031, ,069,960 10,197, ,236, , ,974 6,437, , , , , , , ,861 3,884, , , , , ,241, ,141, ,922,256 27,733,928 WET 2010 DEMOLITION SELLERS STATISTICS COUNTRY UNITS % rank % 1 CHINA % 2 UAE % 3 SINGAPORE % 4 USA % 5 TURKEY % 6 NORWAY % 7 SYRIA % 8 JAPAN % 9 RUSSIA % 10 INDIA % 11 UKRAINE % 12 UK % 12 VIETNAM % 14 ITALY % 14 DENMARK % 16 LEBANON % 16 LATVIA % 18 GERMANY % 19 KOREA % 20 ALL OTHER % UNDISCL % TOTAL % INDIA, 3,101,361, 43% BANGLADE SH, 1,236,564, 17% CHINA, 1,397,755, 19% TURKEY, 246,058, 3% PAKISTAN, 835,730, 12% OTHER/CAS H/AS IS, 424,168, 6% LDT INTAKE PER SCRAP COUNTRY FOR 2010 $800 $700 $600 $500 $400 $ $ $100 Jan-05 Mar-05 5,000,000 4,500,000 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000, , Mar-05 Jul-05 5 Average Scrap Price & No of Ships Scrapped Jul-05 Sep Jan-06 Mar-06 Jul-06 DWT LDT NUMBER Average Scrap Price Number of Ships Sep-06 Jan-07 Mar Jul-07 Sep Jan-08 Mar-08 Jul DEMO STATS Sep-05 Jan-06 Mar-06 Jul-06 Sep-06 Jan-07 Mar-07 Jul-07 Sep-07 Jan-08 Mar-08 TURKEY, 187, 16% OTHER/CA SH/AS IS, 143, 13% PAKISTAN, 101, 9% BANGLAD ESH, 102, 9% Sep-08 Jan-09 Mar-09 Jul-09 Sep-09 Jul-08 Sep-08 Jan-09 Mar-09 Jul-09 Sep-09 CHINA, 177, 16% INDIA, 431, 37% Jan-10 Mar-10 Jul-10 Sep-10 Jan-10 Mar-10 Jul-10 Sep UNIT INTAKE PER SCRAP COUNTRY FOR 2010 source of data: N. COTZIAS SHIPPING CONSULTANTS (NCSC) PAGE 16 of 19

17 STATS UNITS % LDT DWT USD PAID AVERAGE AGE Demolition DATA for 2010 TANK/ CONT/ RORO PAX VEHICLES TRAWLER TUG BULKERS / SD OBO/GAS TWEEN/MPP REEFER CRUISE, OTHER CARRIERS OTHER TOTAL ,141 SHIPS 31.3% 28.8% 14.0% 3.9% 10.2% 3.8% 8.0% 100.0% 1,574,300 3,011,643 1,130, , , , ,365 7,241,636 7,278,892 15,601,982 2,982, , , , ,339 28,492,438 $390,446,458 $1,035,703,623 $280,966,853 $75,322,154 $163,328,939 $33,505,593 $48,318,155 $2,027,591, Years 27.9 Years 29.3 Years 29.2 Years 35.7 Years 27.3 Years 32.6 Years 30.6 Years AVERAGE SCRAP PRICE U$/LDT AVERAGE SCRAP PRICE U$/LDT AVERAGE SCRAP PRICE U$/LDT AVERAGE SCRAP PRICE U$/LDT AVERAGE SCRAP PRICE U$/LDT $228 $243 $215 $209 $226 $251 $255 $268 $279 $266 Jan09 Feb09 Mar09 Apr09 May09 Jun09 Jul09 Aug09 $267 $262 $272 $259 Jan09 Feb09 Mar09 Apr09 $234 $258 $249 May09 Jun09 Jul09 $271 $265 $261 $266 $248 $282 Jan09 Feb09 Mar09 Apr09 May09 Jun09 $274 $269 $218 $311 $277 $240 Jan09 Feb09 Mar09 Apr09 May09 AVERAGE MONTHLY SCRAP PRICE CHINA $286 $312 $319 $343 Sep09 Oct09 Nov09 Dec09 Jan10 Feb10 AVERAGE MONTHLY SCRAP PRICE INDIA $309 $327 $291 Aug09 Sep09 Oct09 Nov09 $375 $340 $324 $362 $344 $387 AVERAGE MONTHLY SCRAP PRICE PAKISTAN $315 $273 Jul09 Aug09 $313 $312 $293 $265 Sep09 Oct09 Nov09 Dec09 source of data: N. COTZIAS SHIPPING CONSULTANTS (NCSC) $411 $381 $382 $438 Mar10 Apr10 May10 Jun10 Jul10 $457 Dec09 Jan10 Feb10 Mar10 Apr10 $379 $353 $377 AVERAGE MONTHLY SCRAP PRICE BANGLADESH $296 $289 $300 Jun09 Jul09 Aug09 $342 $322 $322 $335 $362 Sep09 Oct09 Nov09 Dec09 Jan10 Feb10 $459 $410 $370 $426 $407 $405 $431 $370 $461 Aug10 Sep10 Oct10 Nov10 $485 May10 Jun10 Jul10 Aug10 Sep10 $427 Jan10 Feb10 Mar10 Apr10 May10 Jun10 $393 $392 AVERAGE MONTHLY SCRAP PRICE TURKEY $183 $186 $202 $172 $155 $174 $179 $177 $181 $184 $179 $187 $187 $193 Jan09 Feb09 Mar09 Apr09 May09 Jun09 Jul09 Aug09 Sep09 Oct09 Nov09 Dec09 Jan10 Feb10 Mar10 $445 $433 $418 $447 Oct10 Nov10 $407 $392 $394 $396 $362 $371 $400 $345 Jul10 Aug10 Sep10 Oct10 Nov10 $384 Mar10 Apr10 May10 Jun10 Jul10 Aug10 $242 $216 $205 $223 Apr10 May10 Jun10 Jul10 $245 $384 $384 $429 Sep10 Oct10 Nov10 $295 $301 $277 Aug10 Sep10 Oct10 Nov10 PAGE 17 of 19

18 BALTIC DRY BULK MARKET INDICES until 30th NOVEMBER 2010 DATE BDI % frm 1/1/2010 BCI % frm 1/1/2010 BPI % frm 1/1/2010 BSI % frm 1/1/2010 BHI % frm 1/1/ /10/10 2,678 15% 4,262 2% 2,410 37% 1,750 21% % 01/11/10 2,648 16% 4,231 1% 2,371 38% 1,730 22% % 02/11/10 2,600 17% 4,165 1% 2,313 39% 1,705 23% % 03/11/10 2,542 19% 4,060 3% 2,288 40% 1,680 24% % 04/11/10 2,510 20% 4,011 4% 2,287 40% 1,655 26% % 05/11/10 2,495 21% 3,994 5% 2,304 40% 1,628 27% % 08/11/10 2,482 21% 3,984 5% 2,322 39% 1,597 28% % 09/11/10 2,467 21% 3,938 6% 2,361 38% 1,580 29% % 10/11/10 2,454 22% 3,882 8% 2,437 36% 1,552 30% % 11/11/10 2,366 25% 3,695 12% 2,432 36% 1,532 31% % 12/11/10 2,313 26% 3,612 14% 2,365 38% 1,516 32% % 15/11/10 2,261 28% 3,530 16% 2,294 40% 1,495 33% % 16/11/10 2,219 29% 3,490 17% 2,216 42% 1,474 34% % 17/11/10 2,188 30% 3,492 17% 2,122 44% 1,457 34% % 18/11/10 2,164 31% 3,496 17% 2,063 46% 1,431 36% % 19/11/10 2,155 31% 3,526 16% 2,038 47% 1,389 38% % 22/11/10 2,179 31% 3,585 15% 2,061 46% 1,369 38% % 23/11/10 2,199 30% 3,593 14% 2,112 45% 1,370 38% % 24/11/10 2,213 30% 3,539 16% 2,194 43% 1,392 37% % 25/11/10 2,200 30% 3,381 19% 2,290 40% 1,443 35% % 26/11/10 2,170 31% 3,233 23% 2,330 39% 1,486 33% % 29/11/10 2,145 32% 3,095 26% 2,356 38% 1,512 32% % 30/11/10 2,099 33% 2,910 31% 2,377 38% 1,526 31% % BALTIC DRY BALTIC PMAX CL Maritime Index (CLMI) CAPITAL LINK MARITIME INDEX CL Container Index (CLCI) All Baltic DRY indices BDI BPI CAPITAL LINK CONTAINER INDEX BALTIC CAPE BALTIC SUPMAX BPI BCI BDI BSI BCI CAPITAL LINK DRYBULK INDEX CL MLP Index (CLMLP) CAPITAL LINK MLP INDEX BSI CL Drybulk Index (CLDBI) PAGE 18 of 19

19 DATE CLEAN % frm 2/1/10 DIRTY % frm 2/1/10 29/10/ % % 01/11/ % % 02/11/ % % 03/11/ % % 04/11/ % % 05/11/ % % 08/11/ % % 09/11/ % % 10/11/ % % 11/11/ % % 12/11/ % % 15/11/ % % 16/11/ % % 17/11/ % % 18/11/ % % 19/11/ % % 22/11/ % % 23/11/ % % 24/11/ % % 25/11/ % % 26/11/ % % 29/11/ % % 30/11/ % % CL Tanker Index (CLTI) BALTIC TANKER MARKET INDICES until 30th NOVEMBER 2010 BALTIC CLEAN TANKER INDEX CAPITAL LINK TANKER INDEX ALL BALTIC WET Indices ALL CAPITAL LINK INDICES ARE USED WITH THE EXPRESS KIND PERMISSION OF CAPITAL LINK INC NEW YORK Feb-02 Aug-02 Feb-02 Aug-02 Brent Oil Feb-03 Aug-03 Feb-04 Aug-04 WTI Spot Price Feb-03 Aug-03 Feb-04 Aug-04 Feb-05 BCTI DISCLAIMER: All information & data contained in this report, has been carefully obtained from a variety of sources, as reported freely in the market. All necessary care has been taken in the collection, validation, production and editing of this report, however, N. Cotzias Shipping Group and/or any of it's subsidiary companies makes no guarantee for accuracy & shall not be held liable for any loss incurred in any way whatsoever by any person, individual or company that relies on the information contained herein. All data, info, charts, views and news contained in this report are property of NCS Group, but can be freely reproduced by any third party in any media, press, tv, radio, internet provided that the source being NCS is clearly identified, labelled and respected Brent OIL ( ) Feb-05 Aug WTI SPOT PRICE ( ) CL LNG/LPG Index (CLLG) ALL CAPITAL LINK WET Indices BALTIC DIRTY TANKER INDEX CAPITAL LINK LNG/LPG INDEX Aug-05 BCTI BDTI CL Tanker Index (CLTI) CL LNG/LPG Index (CLLG) BDTI PAGE 19 of 19