Monday, September 6, Week 36 The Week at a Glance

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Bryce Hunt
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Only a few months after the huge environmental disaster that the BP oil spill has created, some firms and oil market players haven't learned their lesson.

1 Monday, September 6, 21 - Week 36 The Week at a Glance "Lesson learned? Guess not." Baltic Dry Indices* Last Fridays Closing Weekly Difference Baltic Dry Index Baltic Cape index Baltic Panamax Index Well, another oil rig in the Gulf of Mexico exploded. Only a few months after the huge environmental disaster that the BP oil spill has created, some firms and oil market players haven't learned their lesson. These people seem not to understand the difference between value and price and these people are the most dangerous species. Staying in oil, prices seem to have a downward trend towards below USD 74 per barrel as driving season in the USA is coming to an end. In growth news, economists claim that China's weight in the global growth accounts in more than 6,3%. They also predict that by 23 the BRIC countries will account for nearly 25% of world GDP! Greek Listed Companies Last Fridays Closing Weekly Difference Baltic Supramax Index Baltic HandySize Index VLCC 3, SUEZMAX 15, AFRAMAX 113, PANAMAX 72, PRODUCT 47, CAPESIZE 175, PANAMAX 7-76, HANDYMAX XS 5, Newbuilding Prices 5/21 6/21 7/21 8/21 $15 $15 $15 $11 $6 $6 $6 $7 $5 $5 $5 $55 $42 $42 $42 $45 $35 $35 $35 $35 $58 $58 $58 $6 $31 $31 $31 $34 $26 $26 $26 $28 NYSE 755,3 82,56 NASDAQ 2233,75 8,12 Brent Prices Dry Ships 4,42,33 Genmar 4,62 -,2 Excel (merged with Quintana) 5,39,15 Diana 12,43,43 Top Ships,66 -,1 TEN 13,6,7 Currencies* Last Fridays Closing Weekly Difference Stealth Gas 4,6 -,2 Capital Product Partners 8,24,6 Euroseas 3,84,5 EURO/USD 1,2899,1 USD/JPY 84,33 -,91 USD/CNY 6,815, Danaos 3,9 -,16 *The above tables show last Friday's closing including the weekly balance. ISO Certified by Germanischer Lloyd Copyright by Allied Shipbroking Inc

2 7, Filonos Street, 7th Floor, Piraeus , Greece Tel: , Fax: / 19, Secondhand Sales Dry SIZE INDEX W-O-W CHANGE AVG T/C RATES W-O-W CHANGE TREND BDI CAPESIZE FIRMER PANAMAX FIRMER SUPRAMAX WEAKER HANDYSIZE STEADY Bulk Carrier Vessel's Name Built Country TEU Gears Engine Price Sale's Comment SIR CHARLES PARSONS UNITED KINGDOM Gearless Mirrlees 3.5. USD SOLD TO TURKISH BUYERS POLYDEFKIS P JAPAN 3 X 25t CRANES Mitsubishi 4.. USD SOLD TO UNDISCLOSED BUYERS EMMANUELA CHINA, PEOPLE'S 4 X 3t CRANES B&W 18.. USD SOLD TO FAR EASTERN BUYERS PINE HURST JAPAN 4 X 3,5t CRANES Mitsubishi 2.. USD SOLD TO GREEK BUYERS STAR POLARIS KOREA, SOUTH 4 X 3t CRANES B&W 22.. USD SOLD TO GREEK BUYERS (IKARUS MARINE) BASIC ARROW JAPAN 4 X 3t CRANES Sulzer USD SOLD TO GREEK BUYERS CAPTAIN GEORGE II UKRAINE 4 X 25t CRANES B&W 17.. USD SOLD TO SAUDI ARABIAN BUYERS ELERANTA KOREA, SOUTH B&W USD SOLD TO UNDISCLOSED BUYERS ANASTASIA C JAPAN B&W 39.. USD Container Vessel's Name Built Country TEU Gears Engine Price Sale's Comment ITAL VERDE GERMANY, FEDERAL 16 2 X 4t CRANES MaK 2.. USD NORTHERN JOY POLAND 221 Sulzer - General cargo Vessel's Name Built Country TEU Gears Engine Price Sale's Comment STELLA MARIS BANGLADESH 136 MAN-B&W 3.5. USD PERSEUS JAPAN 2 X 3,5t CRANES, 1 X 3t DERRICKS SOLD TO PAKISTAN BASED BUYERS (PNSC) SOLD TO ITALIAN BUYERS ON "AS IS BASIS" SOLD TO UNDISCLOSED BUYERS ON PRIVATE TERMS SOLD TO GERMAN BUYERS AT AUCTION IN MIAMI B&W 7.2. USD SOLD TO VIETNAMESE BUYERS

3 7, Filonos Street, 7th Floor, Piraeus , Greece Tel: , Fax: / 19, Wet SIZE INDEX W-O-W CHANGE BDTI BCTI SIZE AVG SPOT EARNINGS W-O-W CHANGE AVG T/C RATES BSS 1 YR TREND VLCC $ 17,5. -5% 39. SOFTER SUEZMAX $ 12,. -23% 3. WEAKER AFRAMAX $ 11,. -12% 19. WEAKER CLEAN MR $ 7,5. -5% 13.5 SOFTER Tanker Vessel's Name Built Country DB DS Engine Price Sale's Comment NIZON (Coated, IMO II) KOREA, SOUTH Y Y B&W 3.. USD SOLD TO UNDISCLOSED BUYERS INCLUDING 2 YEARS BBB AT USD 1 PER DAY

4 7, Filonos Street, 7th Floor, Piraeus , Greece Tel: , Fax: / 19, Baltic Dry Indices Year BDI Max BDI Avg BDI Min BCI Max BCI Avg BCI Min BPI Max BPI Avg BPI Min BSI Max BSI Avg BSI Min Baltic Dry Index /3/85 1/9/85 1/3/86 1/9/86 1/3/87 1/9/87 1/3/88 1/9/88 1/3/89 1/9/89 1/3/9 1/9/9 1/3/91 1/9/91 1/3/92 1/9/92 1/3/93 1/9/93 1/3/94 1/9/94 1/3/95 1/9/95 1/3/96 1/9/96 1/3/97 1/9/97 1/3/98 1/9/98 1/3/99 1/9/99 1/3/ 1/9/ 1/3/1 1/9/1 1/3/2 1/9/2 1/3/3 1/9/3 1/3/4 1/9/4 1/3/5 1/9/5 1/3/6 1/9/6 1/3/7 1/9/7 1/3/8 1/9/8 1/3/9 1/9/9 1/3/1 1/9/1 1/3/11 Baltic CapeSize Index \6\ 1\8\ 1\1\ 1\12\ 1\2\1 1\4\1 1\6\1 1\8\1 1\1\1 1\12\1 1\2\2 1\4\2 1\6\2 1\8\2 1\1\2 1\12\2 1\2\3 1\4\3 1\6\3 1\8\3 1\1\3 1\12\3 1\2\4 1\4\4 1\6\4 1\8\4 1\1\4 1\12\4 1\2\5 1\4\5 1\6\5 1\8\5 1\1\5 1\12\5 1\2\6 1\4\6 1\6\6 1\8\6 1\1\6 1\12\6 1\2\7 1\4\7 1\6\7 1\8\7 1\1\7 1\12\7 1\2\8 1\4\8 1\6\8 1\8\8 1\1\8 1\12\8 1\2\9 1\4\9 1\6\9 1\8\9 1\1\9 1\12\9 1\2\1 1\4\1 1\6\1 1\8\1 1\1\1 1\12\1 Baltic Panamax Index \6\ 1\8\ 1\1\ 1\12\ 1\2\1 1\4\1 1\6\1 1\8\1 1\1\1 1\12\1 1\2\2 1\4\2 1\6\2 1\8\2 1\1\2 1\12\2 1\2\3 1\4\3 1\6\3 1\8\3 1\1\3 1\12\3 1\2\4 1\4\4 1\6\4 1\8\4 1\1\4 1\12\4 1\2\5 1\4\5 1\6\5 1\8\5 1\1\5 1\12\5 1\2\6 1\4\6 1\6\6 1\8\6 1\1\6 1\12\6 1\2\7 1\4\7 1\6\7 1\8\7 1\1\7 1\12\7 1\2\8 1\4\8 1\6\8 1\8\8 1\1\8 1\12\8 1\2\9 1\4\9 1\6\9 1\8\9 1\1\9 1\12\9 1\2\1 1\4\1 1\6\1 1\8\1 1\1\1 1\12\1 Baltic Supramax - HandySize Index \12\2 1\2\3 1\4\3 1\6\3 1\8\3 1\1\3 1\12\3 1\2\4 1\4\4 1\6\4 1\8\4 1\1\4 1\12\4 1\2\5 1\4\5 1\6\5 1\8\5 1\1\5 1\12\5 1\2\6 1\4\6 1\6\6 1\8\6 1\1\6 1\12\6 1\2\7 1\4\7 1\6\7 1\8\7 1\1\7 1\12\7 1\2\8 1\4\8 1\6\8 1\8\8 1\1\8 1\12\8 1\2\9 1\4\9 1\6\9 1\8\9 1\1\9 1\12\9 1\2\1 1\4\1 1\6\1 1\8\1 1\1\1 1\12\1

5 7, Filonos Street, 7th Floor, Piraeus , Greece Tel: , Fax: / 19, Secondhand Sales Statistics Current Secondhand Activity per / Size/ Invested Capital During 21 Secondhand Activity per / Size/ Invested Capital...during 29 A. Dry Size Invested Capital Invested Capital A. Dry $ B. Tanker $ A. Dry Total 1. Minibulk (up to 9, Handy (1, - 39, Handymax (4, - 59, Panamax (6, - 79, Capesize (8, $ $ $ $ $ $ C. Container $ D. Reefer $ E. RoRo Cargo/ Ferry/ Passenger $ F. Miscellaneous $ Grand Total $ Bulk Carriers Sales Per during 21 9 % CAPESIZE 17 % PANAMAX 2 % HANDYMAX 42 % HANDY 12 % MINIBULK B. Tanker 1. Minitank (up to 9, Product (1, - 59, Panamax (6, - 79, Aframax (8, - 119, Suezmax (12, - 199, VLCC (2, - 299, ULCC (3, $ $ $ $ $ $ $ Tankers Sales Per during 21 7 % ULCC 8 % VLCC 7 % SUEZMAX 11 % AFRAMAX 5 % PANAMAX 39 % PRODUCT 23 % MINITANK B. Tanker total $ C. Container Total $ D. Reefer Total $22.1. E. RoRo Cargo/ Ferry/ Passenger Total $ F. Miscellaneou s Total $ Grand Total $

6 7, Filonos Street, 7th Floor, Piraeus , Greece Tel: , Fax: / 19, Invested Capital in Secondhand per month as of January 29 Year Month Invested Capital Total Total April-29 $ May-29 $ June-29 $ July-29 $ January-29 $ February- 29 $ March-29 $ August-29 $ September- 29 $ October-29 $ November- 29 $ December- 29 $ $ April-21 $ May-21 $ June-21 $ July-21 $ January-21 $ February- 21 $ March-21 $ August-21 $ September- 21 $ $ Dry - Buyers' Nationality 2 % OTHER 1 % GERMANY 2 % KOREA SOUTH 1 % USA 3 % INDIA 2 % INDONESIA 1 % NORWAY 5 % TURKEY 21 % CHINA PEOPLE'S 2 % UNKNOWN 24 % GREECE Wet - Buyers' Nationality 35 % OTHER 2 % GERMANY 2 % KOREA SOUTH 5 % USA 4 % INDIA 6 % INDONESIA 7 % NORWAY 2 % TURKEY 5 % CHINA PEOPLE'S 14 % UNKNOWN 19 % GREECE Container - Buyers' Nationality 17 % OTHER 7 % GERMANY 3 % KOREA SOUTH 1 % USA % INDIA 3 % INDONESIA 4 % NORWAY 8 % TURKEY 21 % CHINA PEOPLE'S 12 % UNKNOWN 25 % GREECE Invested Capital Graph - Invested Capital in Secondhand per month as of January /29 2/29 3/29 4/29 5/29 6/29 7/29 8/29 Invested Capital Per Month 9/29 1/29 11/29 Months Total Capital 12/29 1/21 2/21 No Of Buyers Nationality during 21 - Top 1 ( vessels per sector) B. Tanker C. Container D. Reefer Buyer's Country A. Dry Grand Total GREECE UNKNOWN CHINA, PEOPLE'S TURKEY NORWAY INDONESIA INDIA USA KOREA, SOUTH GERMANY Other Grand Total Buyers Nationality during 21 - Top 1 (Invested Capital per sector) B. Tanker C. Container D. Reefer Buyer's Country A. Dry Grand Total GREECE UNKNOWN CHINA, PEOPLE'S NORWAY INDIA USA TURKEY INDONESIA GERMANY Other Grand Total /21 4/21 5/21 6/21 7/21 8/21 9/ Vesels

7 7, Filonos Street, 7th Floor, Piraeus , Greece Tel: , Fax: / 19, Demolition Sales Type Vessel's Name Built Country LDT Price/ ldt Sale's Comment RO-RO CARGO SEA RUNNER FRANCE - - SOLD TO INDIA ON PRIVATE TERMS RO-RO CARGO SEABOARD VOYAGER GERMANY, FEDERAL SOLD TO UNDISCLOSED BREAKERS ON PRIVATE TERMS RO-RO CARGO ATLANTIC BREEZE JAPAN - - SOLD TO UNDISCLOSED BREAKERS ON PRIVATE TERMS RO-RO CARGO NILEDUTCH KWANZA FRANCE - - SOLD TO INDIA ON PRIVATE TERMS BC LAUREL JAPAN SOLD TO UNDISCLOSED BREAKERS BC IRAN SARBAZ SPAIN SOLD TO INDIA TANKER SHOGUN JAPAN SOLD TO PAKISTAN TANKER EAGLE MILWAUKEE KOREA, SOUTH SOLD TO PAKISTAN TANKER IRON MONGER JAPAN SOLD TO INDIA Demolition Statistics For 21 Current Demolition Activity per / Size A. Dry Size No Of No Of 1. Minibulk (up to 9, Handy (1, - 39, Handymax (4, - 59, Panamax (6, - 79, Capesize (8, A. Dry Total B. Tanker 1. Minitank (up to 9, Product (1, - 59, Panamax (6, - 79, Aframax (8, - 119, Suezmax (12, - 199, VLCC (2, - 299, ULCC (3, B. Tanker Total C. Container Total D. Reefer Total E. RoRo Cargo/ Ferry/ Passenger Total F. Miscellaneous Total Grand Total Please Note that dry trading combination carriers are included in the dry sector and wet trading ones in the tanker sector.

8 7, Filonos Street, 7th Floor, Piraeus , Greece Tel: , Fax: / 19, Country Demolition Activity by Country BANGLADESH BELGIUM CHINA, PEOPLE'S FAR EAST INDIA INDIAN OCEAN INDONESIA ' Average Age For Demolition A. Dry 3,6 3,4 34,3 B. Tanker 26,4 28,9 29,4 C. Container 26,7 28,9 3,6 D. Reefer 28,9 3,3 33,1 E. RoRo Cargo/ Ferry/ Passenger 29,2 35,7 33,2 F. Miscellaneous 31,8 27,3 33 JAPAN KOREA, SOUTH MIDDLE EAST PAKISTAN SINGAPORE TURKEY U.A.E. (DUBAI) UNKNOWN Grand Total Demolition of BCs by percentage for % Minibulk 72 % Handy 5 % Handymax 9 % Panamax 2 % Capesize Demolition Activity By Demolition Per Month dwt no of vessels Demolition of Tankers by percentage for /29 2/29 3/29 4/29 5/29 6/29 7/29 8/29 9/29 1/29 11/29 Months 12/29 1/21 2/21 3/21 4/21 5/21 6/21 7/21 8/21 9/21 14 % Minitank 58 % Product 6 % Panamax 11 % Aframax 5 % Suezmax 6 % VLCC % ULCC Sum of V essels Year Dry Demolition activity since 2 of Dry Tankers of Tankers

9 7, Filonos Street, 7th Floor, Piraeus , Greece Tel: , Fax: / 19, Contact Details ILIAS BOLIS AOH: MOBILE: GEORGE DASKALAKIS AOH: MOBILE: STAVROS DRAKOGIANNOPOULOS AOH: MOBILE: SAKIS DRAKOGIANNOPOULOS AOH: MOBILE: NASSOS HATZIGEORGIOU AOH: MOBILE: COSTAS KARADIMAS AOH: MOBILE: JOHN KOSTOYANNIS AOH: MOBILE: THASSOS PAPOUIS AOH: MOBILE: THEODOROS MOISSOGLOU AOH: MOBILE: TASSOS PROSIOS AOH: MOBILE: JOHN STASSINAKIS AOH: MOBILE: EVAGELOS TOBALOGLOU AOH: MOBILE: COSTIS TSALPATOUROS AOH: MOBILE: PLUTON VARVAROS AOH: MOBILE: ALLIED SHIPBROKING INC. 7, Filonos Street, 7 th Floor, Piraeus , Greece Tel: Fax: / 19 snp@allied-shipbroking.gr ALLIED CHARTERING S.A. 7, Filonos Street, 5th Floor, Piraeus , Greece Tel : Fax: drycargo@allied-chartering.gr s: tanker@allied-chartering.gr Visit

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