ATHENIAN SHIPBROKERS S.A.

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1 Jul-5 Nov-5 Mar-6 Jul-6 Nov-6 Mar-7 Jul-7 Nov-7 Mar-8 Jul-8 Nov-8 Mar-9 Jul-9 Nov-9 Mar-1 Jul-1 Nov-1 Mar-11 Jul-11 Nov-11 Mar-12 Jul-12 Nov-12 Mar-13 Jul-13 Nov-13 Mar-14 Jul-14 Nov-14 Mar-15 Jul , Vas. Pavlou Str., GR , Voula, Athens, Greece Tel: Fax: Internet Mail: athenian(at)atheniansa(dot)gr M O N T H L Y R E P O R T Baltic Dry Index July 215 PRICES TANKERS ($ MIO) * Prices reflect Year s End 29* 21* 211* 212* 213* 214* Jul-15 VLCC 5Y VLCC 1Y SUEZMAX 5Y AFRAMAX 5Y AFRAMAX1Y PANAMAX5Y K 5Y D/H K 1Y D/H K 2Y PRICES BULKERS ($ MIO) * Prices reflect Year s End 29* 21* 211* 212* 213* 214* Jul-15 CAPESIZE 5Y CAPESIZE 1Y CAPESIZE 15Y CAPESIZE 2Y PANAMAX 5Y PANAMAX 1Y PANAMAX 15Y PANAMAX 2Y SUPRAMAX 5Y

2 Prices (USD Mio) Price (USD) Price (USD Mio) Price (USD) 2 S E C O N D H A N D S A L E S & C H A R T E R F I X T U R E T R E N D S 1. Monthly Tanker Market Trend 6 Monthly 1 Yr TC Rates VLCC 5Y VLCC 1Y SMAX 5Y AMAX 5Y VLCC 1 Yr T/C SMAX 1 Yr T/C AMAX 1 Yr T/C AMAX 1Y PMAX 5Y 45K 5Y D/H 45K 1Y D/H PMAX 1 Yr T/C MR 1 Yr T/C 7. Monthly Bulk Carrier Market Trend 5 Monthly 1 Yr TC Rates CAPE 5Y CAPE 1Y CAPE 15Y PMAX 5Y PMAX 1Y PMAX 15Y SUPRA 5Y HMAX 5Y HMAX 1Y HMAX 15Y CAPE 1 Yr T/C SUPRA 1 Yr T/C PMAX 1 Yr T/C HMAX 1 Yr T/C

3 3 S E C O N D H A N D T O N N A G E M A R K E T S&P Activity Dry (>5, Dwt) AVAILABLE FOR SALE REPORTED SOLD PREVIOUS MONTH A/BLE FOR SALE PREVIOUS MONTH SALES S&P Activity Tankers (>5, Dwt) AVAILABLE FOR SALE REPORTED SOLD PREVIOUS MONTH A/BLE FOR SALE PREVIOUS MONTH SALES THIS MONTH - PREVIOUS MONTH THIS MONTH - PREVIOUS MONTH *Excluding demolition sales Sale and Purchase Market Ship Type Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Total BULK TANK GAS CONT TWEEN REEF RORO FERRY CRUISE Total

4 4 Baltic Clean Tanker - Yearly WEEK NO 215 Baltic Clean Tanker - Monthly /7/215 8/7/215 15/7/215 22/7/215 29/7/ Baltic Dirty Tanker - Yearly WEEK NO Baltic Dirty Tanker - Monthly /7/215 8/7/215 15/7/215 22/7/215 29/7/215 TANKER SALES NAME DWT BLT PRICE $ BUYER NEW BRIGHT JAPAN DH 13.5 MIO DONG A TANKERS (STST) BRO ATLAND SPAIN DH 8.3 MIO WEST AFRICAN ASIA GLORY CHINA DH 14 MIO UNDISCLOSED SC STEALTH JAPAN DH 23 MIO UNDISCLOSED (STST) MEMOZINE SPAIN DH 3.4 MIO MID EASTERN PRINCESS NAOMI JAPAN DH 6.5 MIO MOL (Zinc) CAPE BILLE KOREA DH 15 MIO ENBLOC BSS CAPE BRUNY KOREA DH 15.5 MIO SEAWORLD (Price Each) CAMILLA MAERSK KOREA DH 1.2 MIO NIGERIAN (Zinc) IVER EXPORTER KOREA DH 9.6 MIO GREEK OVERSEAS LUXMAR KOREA DH 9.2 MIO UNDISCLOSED SIRIUS I SPAIN DH 7.5 MIO UNDISCLOSED (SS/DD D 1/16) KANDILOUSA KOREA DH 8.5 MIO MID EASTERN SERIFOS KOREA DH 8.5 MIO MID EASTERN HYUNDAI MIPO KOREA DH 37 MIO SCORPIO YMH V KOREA DH 37.5 MIO UNICORN YMH IV KOREA DH 37.5 MIO UNICORN BLS AMITY JAPAN DH MIO GREEK (DD D12/15) LION SPIRIT JAPAN DH 9.3 MIO MID EASTERN (DD D 8/15) NAVIG8 GRACE CHINA DH * ENBLOC BSS NAVIG8 GALLANTRY CHINA DH * ENBLOC BSS NAVIG8 GUARD CHINA DH * ENBLOC BSS NAVIG8 GUIDE CHINA DH * ENBLOC BSS NAVIG8 GOAL CHINA DH * ENBLOC BSS NAVIG8 GAUNTLET CHINA DH * ENBLOC BSS NAVIG8 GLADIATOR CHINA DH * ENBLOC BSS

5 5 NAVIG8 GRATITUDE CHINA DH 34 MIO CHINESE (Ttl Price. Incl Sellers credit. 1yrs BBB with purch option frm 4th yr) ACADIA CHINA DH 38 MIO UNDISCLOSED (coated) FLAGSHIP JUNIPER KOREA DH 58.5 MIO SCORPIO SUNGDONG KOREA DH 49.5 MIO ENBLOC BSS SUNGDONG KOREA DH 49.5 MIO ENBLOC BSS SUNGDONG KOREA DH 49.5 MIO ENBLOC BSS SUNGDONG KOREA DH 49.5 MIO OCEAN YIELD (Price Each) YASA POLARIS KOREA DH * ENBLOC BSS YASA ORION KOREA DH * ENBLOC BSS YASA SOUTHERN CROSS KOREA DH * ENBLOC BSS YASA SCORPION KOREA DH 242 MIO RIDGEBURY (TTl Price) CAPE BOWEN KOREA DH 32.8 MIO TUFTON CAPE BATA KOREA DH 32.8 MIO TUFTON BW ULAN KOREA DH 39 MIO UNDISCLOSED BW UTAH KOREA DH 38 MIO UNDISCLOSED SASA JAPAN DH 4.5 MIO RUSSIAN (For storage) HYUNDAI GUNSAN KOREA DH * ENBLOC BSS HYUNDAI GUNSAN KOREA DH * ENBLOC BSS HYUNDAI GUNSAN KOREA DH * ENBLOC BSS HYUNDAI GUNSAN KOREA DH 392 MIO GREEK (Ttl Price) RENE JAPAN DH 4 MIO UNDISCLOSED GAS SALES NAME DWT BLT CBM PRICE $ BUYER AUTEUIL JAPAN MIO UNDISCLOSED GAS HAGI JAPAN MIO GREEK BENNY PRINCESS JAPAN MIO CHINESE METHANE SHIRLEY ELISABETH KOREA MIO ENBLOC BSS METHANE ALISON VICTORIA KOREA MIO ENBLOC BSS METHANE HEATHER SALLY KOREA MIO GASLOG (Price Each)

6 $/Day $/Day 6 Spot Market - Tankers VLCC SUEZMAX AFRAMAX Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Period Market - Tankers 1 Year T/C VLCC SUEZMAX AFRAMAX Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15

7 7 Baltic Handysize /7/215 8/7/215 15/7/215 22/7/215 29/7/215 Baltic Supramax /7/215 8/7/215 15/7/215 22/7/215 29/7/215 Baltic Panamax /7/215 8/7/215 15/7/215 22/7/215 29/7/215 Baltic Capesize /7/215 8/7/215 15/7/215 22/7/215 29/7/215 BULKER SALES NAME DWT BLT GEAR PRICE $ BUYER ASIA GLORY JAPAN CR 2X3, DR 1X2 1.4 MIO UNDISCLOSED NORWAVE CHINA CR 2X4 2.6 MIO TANTO (Bank Sale) EVITA K JAPAN CR 3X3 2.5 MIO UNDISCLOSED (SS Due) SEA RACER JAPAN CR 3X3 3.1 MIO TURKISH (SS passed) UNIVERSAL AMSTERDAM CHINA CR 3X3 5.1 MIO ENBLOC BSS UNIVERSAL ANTWERP CHINA CR 3X3 5.1 MIO UNDISCLOSED (Price Each. Bank Sale) OCEAN HONEY KOREA CR 4X MIO CHINESE GLOBAL DAWN JAPAN CR 4X MIO GREEK ASIAN PROSPERITY CHINA CR 4X3 8.1 MIO GREEK (Via Auction) KWELA JAPAN CR 4X3 7 MIO GREEK (DD D 1/15) TUPI MAIDEN JAPAN CR 4X MIO UNDISCLOSED SYMI KOREA CR 4X MIO GREEK (DD D 1/15) PACIFIC MERCURY JAPAN CR 4X MIO CHINESE PACIFIC ACADIAN JAPAN CR 4X MIO UNDISCLOSED (SS/DD D 9/15) SPEEDWELL JAPAN CR 4X MIO GREEK MEDI OSAKA JAPAN CR 4X3 7.8 MIO GREEK (DD D 12/15) HANJIN ROSTOCK VIETNAM CR 4X3 13 MIO ENBLOC BSS HANJIN ALABANY VIETNAM CR 4X3 13 MIO GREEK (Price Each) ROYAL FLUSH CHINA CR 4X MIO GERMAN KT KONDOR CHINA CR 4X MIO GREEK YANGZHOU DAYANG DY CHINA CR 4X MIO US BASED

8 $/Day $/Day 8 NORTH PRINCESS JAPAN GLESS 4.1 MIO UNDISCLOSED SPARTIA JAPAN GLESS 6.5 MIO GREEK MAHITIS KOREA GLESS 8 MIO KOREAN TRELLIS CHINA GLESS 11 MIO GREEK ORION PRIDE KOREA GLESS 17.8 MIO GREEK BERGEN TRADER KOREA GLESS 19 MIO GREEK RAINBOW ACE CHINA GLESS 16.1 MIO GOLDEN OCEAN ASITA SUN KOREA GLESS 2.5 MIO GREEK UNITED CHALLENGER JAPAN GLESS 15.9 MIO TURKISH BILLION TRADER JAPAN GLESS 12.8 MIO GREEK (SS/DD D 9/215) WELSUCCESS CHINA GLESS 14.8 MIO EUROPEAN RAIJU JAPAN GLESS 9.6 MIO GREEK KOHJU JAPAN GLESS 9.7 MIO UNDISCLOSED Spot Market - Bulkers Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 CAPESIZE PANAMAX HANDYMAX Period Market - Bulkers 1 Year T/C Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 CAPE PMAX HANDYMAX

9 9 CONTAINER SALES NAME DWT BLT GEAR TEU PRICE $ BUYER PIONEER LAKE GERMANY CR 2X MIO GERMAN ORKUN KALKAVAN TURKEY GLESS 1155 * ENBLOC BSS KASIF KALKAVAN TURKEY GLESS MIO GERMAN (Ttl Price) BLUE MOON CHINA CR 2X * ENBLOC BSS YINGCHOW CHINA CR 2X * ENBLOC BSS MOUNT BOKOR CHINA CR 2X * ENBLOC BSS IBN HAZM ROMANIA GLESS MIO UNDISCLOSED (Ttl Price) DOLPHIN STRAIT CHINA CR 2X MIO GERMAN PAOLA CHINA CR 2X MIO UNDISCLOSED SSL GUJARAT JAPAN CR 3X MIO SWIRE THIRA KOREA CR 4X MIO UNDISCLOSED CAPE BIANCO KOREA CR 4X MIO ENBLOC BSS THEKLA SCHULTE KOREA CR 4X MIO ENBLOC BSS ANNA SCHULTE KOREA CR 4X MIO ENBLOC BSS SUSANNE SCHULTE KOREA CR 4X MIO MOLLER (Price Each) ITAL FORTUNA KOREA GLESS MIO UNDISCLOSED NEDLLOYD DRAKE GERMANY GLESS MIO GREEK SCT SANTIAGO KOREA GLESS MIO ENBLOC BSS SC MARA KOREA GLESS MIO GREEK (Price Each) MPP/TWEEN SALES NAME DWT BLT GEAR TEU PRICE $ BUYER MAXIME CHECH GLESS MIO ENBLOC BSS CELINE CHECH GLESS MIO WILSON (Price Each) RORO/PASS SALES NAME GT BLT LMTRS/CARS PAX PRICE $ BUYER MAIN HIGHWAY GERMANY / MIO ENBLOC BSS NECKAR HIGHWAY GERMANY / MIO NORWEGIAN (Price Each)

10 $m $m 1 N E W B U I L D I N G M A R K E T A N D R E P O R T E D C O N T R A C TS Tanker Prices VLCC Suezmax Aframax MR Bulker Prices Capesize Panamax Handymax Handysize Jul-13 Nov-13 Mar-14 Jul-14 Nov-14 Mar-15 Jul Jul-13 Nov-13 Mar-14 Jul-14 Nov-14 Mar-15 Jul Ship Type Total Capesize Panamax Supra/Hmax Handies Total Ship Type Total ULCC/VLCC Suezmax Aframax Panamax MR+Small Total Ship Type Total VLGC LGC MR Handy Small Total

11 m. dwt m. dwt No. of Vessels m. dwt 11 Newbuilding Sales Tankers >1, dwt Bulkers >1, dwt Containerships Jul-15 Delivery Schedule Bulkers >1, dwt. Tankers >1, dwt Jul Tanker Newbuildings on Order July 215 VLCC Aframax Products Suezmax Panamax Bulker Newbuildings on Order Capesize Panamax Handymax Handysize July 215 Newbuilding Historical Prices ($m) Tankers Jul , DWT , DWT , DWT , DWT Bulkers 18, DWT , DWT , DWT , DWT Before 21 sizes to read 28, - 14, - 95, - 4, respectively for tankers and 15, - 69, for Bulkers 2 Single Hull 3 3, DWT (note: above is for vessels built Japan / Korea, you should also consider US$ / Yen / Won relation for the years mentioned)

12 12 The Shipbuilding Market TYPE DWT BUILDER DELIVERY PRICE $ OWNER NOTES AHTS Sinopacific Zhejiang 217 ESNAAD AHTS Sinopacific Zhejiang 217 ESNAAD AHTS Sinopacific Zhejiang 217 ESNAAD AHTS Sinopacific Zhejiang 217 ESNAAD AHTS Sinopacific Zhejiang 217 ESNAAD AHTS Sinopacific Zhejiang 217 ESNAAD AHTS Sinopacific Zhejiang 217 ESNAAD AHTS Sinopacific Zhejiang 217 ESNAAD AHTS Sinopacific Zhejiang 217 ESNAAD BULK 816 Tsuneishi Zosen 218 Sea Pioneer Shpg. BULK 816 Tsuneishi Zosen 218 Sea Pioneer Shpg. CONT 15 Hyundai HI Mio Maersk Line CONT 15 Hyundai HI Mio Maersk Line CONT 15 Hyundai HI Mio Maersk Line CONT 15 Hyundai HI Mio Maersk Line CONT 15 Hyundai HI Mio Maersk Line CONT 15 Hyundai HI Mio Maersk Line CONT 15 Hyundai HI Mio Maersk Line CONT 15 Hyundai HI Mio Maersk Line CONT 15 Hyundai HI Mio Maersk Line CONT 15 Jiangsu New YZJ 217 Tufton Oceanic CONT 15 Jiangsu New YZJ 217 Tufton Oceanic CONT 15 Jiangsu New YZJ 217 Tufton Oceanic CONT 15 Hudong Zhonghua Mio CSCL CONT 15 Hudong Zhonghua Mio CSCL CONT 15 Hudong Zhonghua Mio CSCL CONT 15 Hudong Zhonghua Mio CSCL Option CONT 15 Hudong Zhonghua Mio CSCL Option CONT 15 Hudong Zhonghua Mio CSCL Option CONT 15 Hudong Zhonghua Mio CSCL CONT 15 Hudong Zhonghua Mio CSCL Container 15 Hudong Shipyard Mio CSCL Container 15 Hudong Shipyard Mio CSCL Container 21 CSBC (Keelung) 217 TS Line Container 21 CSBC (Keelung) 217 TS Line Container 21 CSBC (Keelung) 218 TS Line Container 21 CSBC (Keelung) 218 TS Line Container 16 JMU Kure Shipyard 218 Nippon Yusen Kaisha Container 16 JMU Kure Shipyard 218 Nippon Yusen Kaisha Cruise Meyer Turku 218 Tui Cruises Cruise Meyer Turku 219 Tui Cruises Diving Spt Arpoador ngenharia 217 Oceanica Offshore Diving Spt Arpoador ngenharia 217 Oceanica Offshore Hvy L/Crane Jurong S.Y. 218 Heerema Marine L.N.G. 85 Daewoo 218 Chandris (Hellas) Pass/Car F. Naikai Innoshima 217 JR Nishinihon Miyaj Products 72 Dalian Shipbuilding 217 COSCO Dalian Products 72 Dalian Shipbuilding 217 COSCO Dalian Products 72 Dalian Shipbuilding 217 COSCO Dalian Products 72 Dalian Shipbuilding 217 COSCO Dalian Products 72 Dalian Shipbuilding 217 COSCO Dalian Products 114 CSSC Offshore Marine Mio China Shpg. Tankers Products 114 CSSC Offshore Marine Mio China Shpg. Tankers Products 114 CSSC Offshore Marine Mio China Shpg. Tankers Products 114 CSSC Offshore Marine Mio China Shpg. Tankers Products 115 Beihai Shipyard 217 Cara Shipping Pte Products 115 Beihai Shipyard 217 Cara Shipping Pte Products 115 Beihai Shipyard 217 Cara Shipping Pte Products 115 Beihai Shipyard 217 Cara Shipping Pte Products 735 STX SB (Jinhae) Mio Pleiades Shpg. Agcy. Tanker 3 Hyundai Samho HI 218 Bahri

13 13 Tanker 3 Hyundai Samho HI 218 Bahri Tanker 3 Hyundai Samho HI 218 Bahri Tanker 3 Hyundai Samho HI 218 Bahri Tanker 3 Hyundai Samho HI 218 Bahri Tanker 38 Dalian COSCO KHI 217 COSCO Dalian Tanker 319 Dalian Shipbuilding Mio COSCO Dalian Tanker 319 Dalian Shipbuilding Mio COSCO Dalian Tanker 3 Hyundai HI 216 Neda Maritime Agency Tanker 16 Tsuneishi Zosen Mio Nissen Kaiun K.K. Tanker 16 Tsuneishi Zosen Mio Nissen Kaiun K.K. Tanker 16 Tsuneishi Zosen Mio Nissen Kaiun K.K. Tanker 16 Tsuneishi Zosen Mio Nissen Kaiun K.K. Tanker 16 Tsuneishi Zosen Mio Nissen Kaiun K.K. Tanker 16 Tsuneishi Zosen Mio Nissen Kaiun K.K. Tanker 112 Sumitomo (Yokosuka) Mio Lundqvist Rederierna

14 Million dwt USD/ton USD/ton 14 Demolition Historical Data D E M O L I T I O N M A R K E T Demolition Prices Gen Cargo Tanker India USD 295 /lt Ldt USD 315 /lt Ldt Bangladesh USD 285 /lt Ldt USD 35 /lt Ldt Pakistan USD 295 /lt Ldt USD 31 /lt Ldt China USD 13 /lt Ldt USD 145 /lt Ldt Price Tankers* JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC *India month's end prices Price Bulkers* JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC *India month's end prices Total Demolition (Dwt) * Bss reported sales

15 USD/ton 15 6 Historical Demolition Prices (India Year's End) TANKERS BULKERS Avg. Trend 1 HISTORICAL DEMOLITION PRICES (*Indian Year s End) CURR. TANK BULK India TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK MERRY OCEAN Incl 22T ROB BULK ORINOCO PEARL CONT ZIM PACIFIC GAS SYN MARKAB Incl 523T Nickel Bangladesh TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK OCEAN FAMOUS BULK BULK DISCOVERY BULK K PRIDE BULK ANANGEL PRIDE GAS VITAMIN GAS REEF BALTIC STREAM Incl 196T aluminum TANK VIVA China TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK GREAT BRIGHT BULK GREAT GLORY Pakistan TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK ABM NAVIGATOR BULK SOLIDARNOSC Option Sub-cont markets Turkey TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS N/A N/A N/A Other TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK ASTRAEUS As is Spore

16 USD/ton USD/ton 16 H I S T O R I C A L B U N K E R P R I C E S Bunkers Cost (38 cst) Rotterdam Fujeirah Houston Average Trend Bunkers Cost (MGO) Rotterdam Fujeirah Houston Average Trend HISTORICAL BUNKER PRICES Rotterdam Fujeirah Houston 38 cst MGO 38 cst MGO 38 cst MGO July

17 $/Barrel USD-EUR USD-JPY 17 M A R K E T I N D I C A T O R S Currencies USD-EUR USD-JPY Brent Oil GBP CAD EUR JPY CHF USD AUD GBP CAD EUR JPY CHF USD AUD * 31/7/215 values

18 18 S T O C K W A T C H NAME TICKER THIS MONTH* LAST MONTH CHANGE % 52w HIGH 52w LOW Capital Product Partners CPLP Diana Shipping Inc. DSX Dryships Inc. DRYS Dynagas LNG Partners LP DLNG Eagle Bulk Shipping Inc. EGLE Euroseas Ltd. ESEA Freeseas Inc. FREE Costamare Inc. CMRE Goldenport Holdings Inc. GPRT Navios Maritime Holdings NM GasLog Ltd. GLOG Paragon Shipping Inc. PRGN Safe Bulkers Inc. SB Star Bulk Carriers Corp. SBLK Stealthgas Inc. GASS TEN Inc. TNP TOP Ships Inc. TOPS Box Ships Inc. TEU Diana Containerships Inc. DCIX Danaos Corporation DAC Aegean Marine Petroleum ANW * 3/7/215 closing values Reverse Split ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Disclaimer: Information and data that appear in this report have been obtained from various sources which are believed to be correct and reliable. However, Athenian Shipbrokers S.A. does not guarantee their accuracy or completeness and therefore cannot be held liable for any loss incurred as a result of reliance in any way whatsoever on the information contained herein. Kind Regards,

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