Baltic Dry Index. December 2017 PRICES TANKERS ($ MIO)

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Karin Bradley
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1 , Vas. Pavlou Str., GR , Voula, Athens, Greece Tel: Fax: Internet Mail: athenian(at)atheniansa(dot)gr MONTHLY REPORT Baltic Dry Index December Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 PRICES TANKERS ($ MIO) * Prices reflect Year s End 211* 212* 213* 214* 215* 216* Dec-17 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 211* 212* 213* 214* 215* 216* Dec-17 CAPESIZE 5Y CAPESIZE 1Y CAPESIZE 15Y CAPESIZE 2Y KAMSARMAX 5Y PANAMAX 1Y PANAMAX 15Y PANAMAX 2Y SUPRAMAX 5Y SUPRAMAX 1Y HANDYMAX15Y HANDYMAX2Y

2 2 Prior k dwt SECOND HAND SALES & CHARTER FIXTURE TRENDS 9. Monthly Tanker Market Trend 7 Monthly 1 Yr TC Rates Price (USD Mio) Price (USD) 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 47K 5Y D/H 45K 1Y D/H PMAX 1 Yr T/C MR 1 Yr T/C 6. Monthly Bulk Carrier Market Trend 35 Monthly 1 Yr TC Rates 5. 3 Prices (USD Mio) Price (USD) CAPE 5Y CAPE 1Y CAPE 15Y KMAX 5Y PMAX 1Y PMAX 15Y SUPRA 5Y SUPRA 1Y HMAX 15Y CAPE 1 Yr T/C SUPRA 1 Yr T/C PMAX 1 Yr T/C HMAX 1 Yr T/C

3 SECOND HAND TONNAGE MARKET 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

3 3 SECOND HAND TONNAGE MARKET 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 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Total BULK TANK GAS CONT TWEEN/MPP REEF RORO FERRY CRUISE Total

4 4 Baltic Clean Tanker - Yearly WEEK NO Baltic Dirty Tanker - Yearly WEEK NO 217 Baltic Clean Tanker -Monthly /12/217 8/12/217 15/12/217 22/12/217 Baltic Dirty Tanker -Monthly /12/217 8/12/217 15/12/217 22/12/217 TANKER SALES NAME DWT BLT PRICE $ BUYER COPENHAGEN TURKEY DH 3.2 MIO UNDISCLOSED (Epoxy) SHICHEM ANELINE SPAIN DH 5 MIO RUSSIAN (Epoxy, IMO II) NORDPORT KOREA DH 8.3 MIO UNDISCLOSED EK-SKY CHINA DH 7 MIO UNDISCLOSED TERRY GERMANY DH 8.3 MIO UNDISCLOSED CHEMSTAR SEVEN JAPAN DH 12 MIO S.KOREAN (STST, DD passed) FAIRCHEM YUKA JAPAN DH 18.5 MIO ACE TANKERS (STST) HIGH PRESENCE JAPAN DH 14.1 MIO UNDISCLOSED (Incl 6 years TCB) PRETTY SCENE KOREA DH 12 MIO CHINESE (Auction, class suspended) CENITO CHINA DH * ENBLOC BSS POSILIPO CHINA DH 37 MIO UNDISCLOSED (Ttl price) BM BREEZE JAPAN DH * ENBLOC BSS BM BONANZA JAPAN DH 39 MIO FAR EASTERN (Ttl price) NISSOS SERIFOS KOREA DH 3 MIO NAVIGARE (5 yrs BB) FLANDRE KOREA DH 45 MIO UNDISCLOSED (Long subs,fpso conversion project) ARION KOREA DH 22.5 MIO UNDISCLOSED MEANDROS KOREA DH 19.5 MIO GREEK GENER8 STRENGTH CHINA DH * ENBLOC BSS GENER8 SUPREME CHINA DH * ENBLOC BSS GENER8 CHIOTIS CHINA DH * ENBLOC BSS GENER8 MILTIADES CHINA DH * ENBLOC BSS GENER8 SUCCESS CHINA DH * ENBLOC BSS GENER8 ANDRIOTIS CHINA DH 434 MIO INTERNATIONAL SEAWAYS (Ttl price)

5 5 GAS SALES NAME DWT BLT CBM PRICE $ BUYER ODYN GAS JAPAN MIO SIAM GAS ECHIGO MARU JAPAN MIO SINOKOR (Laid up for 2 years) Spot Market - Tankers VLCC SUEZMAX AFRAMAX $/Day Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec Period Market -Tankers 1 Year T/C VLCC SUEZMAX AFRAMAX $/Day Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17

6 Baltic Handysize Baltic Supramax /12/217 8/12/217 15/12/217 22/12/ /12/217 8/12/217 15/12/217 22/12/217 Baltic Panamax Baltic Capesize /12/217 8/12/217 15/12/217 22/12/ /12/217 8/12/217 15/12/217 22/12/217 BULKER SALES NAME DWT BLT GEAR PRICE $ BUYER SUNROAD MITOYA JAPAN CR 4X3 8.5 MIO EUROPEAN PATRIA JAPAN CR 4X MIO UNDISCLOSED LAKE DEER JAPAN CR 4X MIO UNDISCLOSED MORNING ORCHID JAPAN CR 4X MIO GREEK CLIPPER IYO JAPAN CR 4X MIO GREEK JUDI MERAY JAPAN CR 4X3 3.9 MIO CHINESE LAZEEZ JAPAN CR 4X3 5.8 MIO LEBANESE CLIPPER PANORAMA CHINA CR 4X MIO ENBLOC BSS CLIPPER SELO CHINA CR 4X MIO PACIFIC BASIN (Price each) GLOBAL HORIZON JAPAN CR 4X MIO UNDISCLOSED CIELO DI VENEZIA JAPAN CR 4X MIO UNDISCLOSED LONG CHEER CHINA CR 4 X3 * ENBLOC BSS LONG LUCKY CHINA CR 4X3 2 MIO CYPRIOT (Ttl price) JIANGMEN NANYANG CHINA CR 4X3 2 MIO ENBLOC BSS JIANGMEN NANYANG CHINA CR 4X3 2 MIO LOUIS DREYFUS (Price each) THEOXENIA JAPAN CR 4X MIO UNDISCLOSED (Via auction) CY THUNDER JAPAN CR 4X MIO UNDISCLOSED RESOUNDER JAPAN CR 4X MIO CHINESE AYSENAZ S JAPAN CR 4X MIO CHINESE TRUMPET CHINA CR 4X MIO UNDISCLOSED TOMINI DIGNITY VIETNAM CR 4X MIO FAR EASTERN ORIENT ORCHID JAPAN CR 4X3, MIO DRYLOG ORIENT JASMINE JAPAN CR 4X MIO DRYLOG

7 7 U LUCKY CHINA CR 4X MIO GREEK KING FREIGHT PHILIPPINES CR 4X MIO GREEK CANARY K JAPAN CR 4X MIO GREEK ALBION CHINA CR 4X MIO UNDISCLOSED ESSENCE OF SEATREK CHINA CR 4X MIO EAGLE BULK SHIPPING SILVER ONE KOREA GLESS 7.9 MIO CHINESE ZAGORA JAPAN GLESS 8.8 MIO CHINESE SEAWING I CHINA GLESS 9.5 MIO CHINESE AEOLIAN BREEZE JAPAN GLESS 9.5 MIO CHINESE EVANTHIA KOREA GLESS 8.5 MIO UNDISCLOSED AFOVOS KOREA GLESS 9 MIO CHINESE FRIEDRICH OLDENDORFF CHINA GLESS 1.7 MIO CHINESE ALPHA HARMONY KOREA GLESS 9.6 MIO CHINESE POSEIDON KOREA GLESS 9.2 MIO UNDISCLOSED VARVARA KOREA GLESS 8.8 MIO CHINESE VOGE ENTERPRISE CHINA GLESS 14.9 MIO UNDISCLOSED UBC ORISTANO CHINA GLESS 2 MIO ENBLOC BSS UBC OLIMBUS CHINA GLESS 18 MIO ENBLOC BSS UBC ODESSA CHINA GLESS 2 MIO ENBLOC BSS UBC OTTAWA CHINA GLESS 2 MIO OLDENDORF (Price each) OCEAN CELEBRITY JAPAN GLESS 12.4 MIO UNDISCLOSED CPO EUROPE KOREA GLESS 23.6 MIO GERMAN CPO ASIA ROMANIA GLESS 25.5 MIO UNDISCLOSED (Bank Sale) CPO AMERICA ROMANIA GLESS 24.5 MIO UNDISCLOSED ( Incl T/C til 5/18) MAIRAKI KOREA GLESS 27.5 MIO GREEK CHANCY JAPAN GLESS 43 MIO JP MORGAN

8 8 $/Day Spot Market - Bulkers 24 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec CAPESIZE PANAMAX HANDYMAX $/Day Period Market -Bulkers 1 Year T/C Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 CAPESIZE PANAMAX HANDYMAX CONTAINER SALES NAME DWT BLT GEAR TEU PRICE $ BUYER ANNIKA KOREA GLESS MIO GERMAN ANTIGONI KOREA GLESS MIO MPC CONTAINER SHIPS KRETA TURKEY CR 2 X MIO LUBECA UAFL ZANZIBAR POLAND CR 3X MIO UNDISCLOSED RYUJIN NAKIRA JAPAN CR 3X MIO NORWEGIAN PASSAT SUMMER POLAND GLESS MIO WAN HAI LINES VILANO GERMANY CR 3X MIO MPC CONTAINER SHIPS CAP BLANCHE GERMANY CR 3X MIO MPC CONTAINER SHIPS CAP PASADO GERMANY CR 3X MIO MPC CONTAINER SHIPS PENELOPE POLAND CR 3X MIO GERMAN NILEDUTCH HIPPO CHINA CR 3X45, CR 1X MIO UNDISCLOSED ALS FORTUNA KOREA GLESS MIO CHINESE BONAIRE PHILIPPINES GLESS MIO SM LINES

9 9 NEW BUILDING MARKET AND REPORTED CONTRACTS $m 1 Tanker Prices VLCC Suezmax Aframax MR Dec-15 Apr-16 Aug-16 Dec-16 Apr-17 Aug-17 Dec-17 $m Bulker Prices Capesize Panamax Supramax Handysize 1 Dec-15 Apr-16 Aug-16 Dec-16 Apr-17 Aug-17 Dec 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

10 1 Newbuilding Sales No. of Vessels Tankers >1, dwt Bulkers >1, dwt Containerships Dec Delivery Schedule m. dwt Bulkers >1, dwt. Tankers >1, dwt Dec m. dwt VLCC Aframax Products December 217 Tanker Newbuildings on Order Suezmax Panamax Bulker Newbuildings on Order Capesize Panamax m. dwt Handymax Handysize December 217 Tankers Newbuilding Historical Prices ($m) Dec , DWT , DWT , DWT , DWT Bulkers 18, DWT , DWT , DWT , DWT Before 21 sizes to read 28, - 14, - 95, - 4, respectively for tankers and 15, - 69, for Bulkers 2 Single Hull 3 3, DWT Prior 217 to read 73 76k dwt, 45k dwt & 3k dwt (note: above is for vessels built Japan / Korea, you should also consider US$ / Yen / Won relation for the years mentioned)

11 11 The Shipbuilding Market TYPE DWT BUILDER DELIVERY PRICE $ OWNER NOTES Bulk 28 Jiangsu New YZJ 219 CDB Leasing Bulk 28 Jiangsu New YZJ 219 CDB Leasing Bulk 28 Jiangsu New YZJ 219 CDB Leasing Bulk 28 Jiangsu New YZJ 22 CDB Leasing Bulk 28 Jiangsu New YZJ 22 CDB Leasing Bulk 28 Jiangsu New YZJ 22 CDB Leasing Option Bulk 28 Jiangsu New YZJ 22 CDB Leasing Option Bulk 28 Jiangsu New YZJ 22 CDB Leasing Option Bulk 28 Jiangsu New YZJ 221 CDB Leasing Option Bulk 28 Jiangsu New YZJ 221 CDB Leasing Option Bulk 25 Fujian Southeast SB 219 Fujian Anda Shpg Bulk 25 Fujian Southeast SB 219 Fujian Anda Shpg Bulk 65 Sasebo HI 22 Ugland Marine Bulk 65 New Times SB 22 FrontMarine Bulk 65 New Times SB 22 FrontMarine Bulk 65 New Times SB 22 FrontMarine Bulk 65 New Times SB 22 FrontMarine Bulk 65 New Times SB 221 FrontMarine Bulk 65 New Times SB 221 FrontMarine Bulk 65 New Times SB 221 FrontMarine Bulk 65 New Times SB 221 FrontMarine Bulk 65 New Times SB 221 FrontMarine Option Bulk 65 New Times SB 221 FrontMarine Option Bulk 65 New Times SB 221 FrontMarine Option Bulk 65 New Times SB 221 FrontMarine Option Bulk 28 New Times SB Mio 22 Bulkers Bulk 28 New Times SB Mio 22 Bulkers Bulk 28 Shanghai Waigaoqiao 22 Foremost Maritime Bulk 28 Shanghai Waigaoqiao 22 Foremost Maritime Chem & Oil 52 GSI Nansha 219 Formosa Plastics Co Chem & Oil 52 GSI Nansha 22 Formosa Plastics Co Chem & Oil 52 GSI Nansha 22 Formosa Plastics Co Chem & Oil 24 Fujian Mawei SB 219 Heng Tong Fuels Chem & Oil 24 Fujian Mawei SB 219 Heng Tong Fuels Chem & Oil 14 Wuchang SB Group 219 Marnavi Chem & Oil 14 Wuchang SB Group 22 Marnavi Container 2 Huangpu Wenchong 219 Cosmoship Management Container 2 Huangpu Wenchong 219 Cosmoship Management Container 2 Huangpu Wenchong 219 Cosmoship Management Container 2 Huangpu Wenchong 219 Cosmoship Management Container 25 Jiangsu New YZJ 219 CMA-CGM Container 25 Jiangsu New YZJ 22 CMA-CGM Container 25 Jiangsu New YZJ 22 CMA-CGM Container 37 Jiangsu New YZJ 219 SITC Container 37 Jiangsu New YZJ 219 SITC Container 37 Jiangsu New YZJ 219 SITC Option Container 37 Jiangsu New YZJ 219 SITC Option Container 25 Jiangsu New YZJ 219 CMA CGM Container 25 Jiangsu New YZJ 22 CMA CGM Container 25 Jiangsu New YZJ 22 CMA CGM Cruise Fincantieri Monfalcone 221 Eur.m 9 MSC Cruises Cruise Fincantieri Monfalcone 223 Eur.m 9 MSC Cruises Cruise VARD Soeviknes 221 Viking Ocean Cruises Cruise 364 Fincantieri Ancona 222 Viking Ocean Cruises Cruise 364 Fincantieri Ancona 223 Viking Ocean Cruises L.P.G. 5 Unknown 22 Exmar L.P.G. 5 Unknown 22 Exmar L.P.G. 54 Kawasaki HI Sakaide 219 Phoenix Tankers LNG 946 Daewoo (DSME) 22 Maran Gas Maritime LNG/Regas 95 Daewoo (DSME) 22 Maran Gas Maritime

12 12 Open Hatch 62 COSCO Dalian SY 219 COSCO Shpg Spec Pass/Car F. Tianjin Xingang HI 219 COSCO Qingdao Products 199 GSI Nansha 22 COSCO Shpg Energy Products 199 GSI Nansha 221 COSCO Shpg Energy Shuttle Samsung HI 22 Teekay Shuttle Shuttle Samsung HI 22 Teekay Shuttle Tanker 319 Dalian Shipbuilding 22 COSCO Shpg Energy Tanker 319 Dalian Shipbuilding 22 COSCO Shpg Energy Tanker 319 Dalian Shipbuilding 22 COSCO Shpg Energy Tanker 319 Dalian Shipbuilding 221 COSCO Shpg Energy Tanker 158 Dalian Shipbuilding 22 COSCO Shpg Energy Tanker 158 Dalian Shipbuilding 22 COSCO Shpg Energy Tanker 319 Hyundai HI (Ulsan) 219 Olympic Shpg & Mngt Tanker 318 Daewoo (DSME) 22 Aeolos Management Tanker 649 GSI Nansha 22 COSCO Shpg Energy Tanker 649 GSI Nansha 22 COSCO Shpg Energy Tanker 114 GSI Nansha 219 COSCO Shpg Energy Tanker 114 GSI Nansha 22 COSCO Shpg Energy TSH Dredger Huangpu Wenchong 22 RMB m Changjiang Waterway Bureau

13 13 DEMOLITION MARKET Demolition Prices Gen Cargo Tanker India USD 425 /lt Ldt USD 44 /lt Ldt Bangladesh USD 415 /lt Ldt USD 43 /lt Ldt Pakistan USD 415 /lt Ldt USD 43 /lt Ldt China USD 21 /lt Ldt USD 23 /lt Ldt Demolition Historical Data USD/ton USD/ton Price Tankers* JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC *India month's end prices JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC *India month's end prices Price Bulkers*

14 14 Million dwt Total Demolition (Dwt) * Bss reported sales Historical Demolition Prices (India Year's End) USD/ton 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 KRAKOW BULK ORE FABRICA (Basis green recycling-hkc SOC) TANK NEW NAXOS (Basis"as is" Khor Fakkan) Bangladesh TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK OCEAN DREAM BULK ZARAH SOFIA TANK FALCON STAR China TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS N/A N/A N/A Pakistan TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS N/A N/A N/A

15 15 Turkey TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS N/A N/A N/A Other TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS COMBO KARADENIZ POWERSHIP EROL BEY (Indian Sub-Cont delivery) CONT MSC FORTUNATE (Indian Sub-Cont) TANK NIREAS (As is Bandar Abbas) TANK CASSENDRA (As is Bandar Abbas) TANK ADMIRAL L (Indian Sub-Cont) TANK NEW VISION (Basis"as is" Fujairah) TANK PLATA GLORY (Indian Sub-Cont)

16 USD/ton HISTORICAL BUNKER PRICES Bunkers Cost (38 cst) Rotterdam Fujeirah Houston Average Trend 12 1 USD/ton Bunkers Cost (MGO) Rotterdam Fujeirah Houston Average Trend HISTORICAL BUNKER PRICES Rotterdam Fujeirah Houston 38 cst MGO 38 cst MGO 38 cst MGO Dec

17 17 MARKET INDICATORS USD-EUR Currencies USD-EUR USD-JPY USD-JPY $/Barrel Brent Oil GBP CAD EUR JPY CHF USD AUD GBP CAD EUR JPY CHF USD AUD * 28/12/217 values

18 18 STOCK WATCH 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 Costamare Inc. CMRE Navios Maritime Holdings NM GasLog Ltd. GLOG Safe Bulkers Inc. SB Star Bulk Carriers Corp. SBLK Stealthgas Inc. GASS TEN Inc. TNP TOP Ships Inc. TOPS Box Ships Inc. TEUFF Diana Containerships Inc. DCIX Danaos Corporation DAC Aegean Marine Petroleum ANW * 28/12/217 closing values ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 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,

ATHENIAN SHIPBROKERS S.A.

ATHENIAN SHIPBROKERS S.A. Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17