ATHENIAN SHIPBROKERS S.A.

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1 May-5 Sep-5 Jan-6 May-6 Sep-6 Jan-7 May-7 Sep-7 Jan-8 May-8 Sep-8 Jan-9 May-9 Sep-9 Jan-1 May-1 Sep-1 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May , 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 May 215 PRICES TANKERS ($ MIO) * Prices reflect Year s End 29* 21* 211* 212* 213* 214* May-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* May-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 12. 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 - Second Hand units Ship Type Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Total BULK TANK GAS CONT TWEEN REEF RORO FERRY 1 1 CRUISE 1 1 Total

4 4 Baltic Clean Tanker - Yearly WEEK NO 215 Baltic Dirty Tanker - Yearly WEEK NO 215 Baltic Clean Tanker - Monthly Baltic Dirty Tanker - Monthly /5/215 8/5/215 15/5/215 22/5/215 29/5/215 1/5/215 8/5/215 15/5/215 22/5/215 29/5/215 TANKER SALES NAME DWT BLT PRICE $ BUYER AGATE V CHINA DH 5 MIO ENBLOC BSS DIAMOND CHINA DH 5 MIO UNDISCLOSED (Price each) AMETHYST V CHINA DH 6 MIO UNDISCLOSED SICHEM RUBY JAPAN DH 9.5 MIO UNDISCLOSED INA THERESA KOREA DH 12.5 MIO UNDISCLOSED (SS/DD D 8/215) NORDIC OSLO KOREA DH 8.5 MIO SOUTH KOREAN (SS/DD D 1/215) SICHEM HIROSHIMA KOREA DH 11.8 MIO WOO LIM MAERSK CATHERINE KOREA DH 8 MIO UNDISCLOSED (Zinc) MAERSK CAITLIN KOREA DH 8 MIO UNDISCLOSED (Zinc) IVER EXPERT KOREA DH 8.5 MIO SINOCHEM BERGANGER KOREA DH * ENBLOC BSS BRIMANGER KOREA DH 57 MIO MID EASTERN (Ttl Price. Zinc) MARLIN AMBER CHINA DH 35.5 MIO ENBLOC BSS MARLIN AMETRINE CHINA DH 35.5 MIO NORSTAR (Price Each. Incl TCB fr 3 yrs) ESHIPS FALCON KOREA DH 25 MIO UNDISCLOSED (SS freshly passed) ABRAM SCHULTE KOREA DH 22 MIO GREEK (Clean trader) EMERALD SUMMIT KOREA DH 37.5 MIO GREEK SN OLIVIA CHINA DH 35 MIO ENBLOC BSS SN CLAUDIA CHINA DH 35 MIO NORWEGIAN (Price Each) SUNGDONG KOREA DH 59.5 MIO ENBLOC BSS SUNGDONG KOREA DH 59.5 MIO ENBLOC BSS SUNGDONG KOREA DH 59.5 MIO SCORPIO (Price each) TEXAS STAR JAPAN DH 27.9 MIO SE ASIA (Long subs) PRIDE JAPAN DH 12 MIO UNDISCLOSED ARIADNI KOREA DH 55 MIO GREEK

5 $/Day $/Day 5 DALIAN GLORY JAPAN DH 86 MIO ENBLOC BSS BEIJING SUNRISE KOREA DH 79 MIO CHINESE (Price Each) UNIVERSAL CROWN KOREA DH 49.5 MIO ENBLOC BSS UNIVERSAL QUEEN KOREA DH 49.5 MIO SINOKOR (Price Each) BLUE GARNET KOREA DH 8 MIO ENBLOC BSS BLUE AQUAMARINE KOREA DH 8 MIO GREEK (Price Each) GAS SALES NAME DWT BLT CBM PRICE $ BUYER BERGE SUMMIT JAPAN MIO BW LPG (purchase option) TENAGA LIMA FRANCE MIO ENBLOC BSS TENAGA DUA FRANCE MIO CHINESE (Price Each) LNG ABUJA USA MIO GOLAR (For conversion) Spot Market - Tankers VLCC SUEZMAX AFRAMAX May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Period Market - Tankers 1 Year T/C VLCC SUEZMAX AFRAMAX May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15

6 6 Baltic Handysize /5/215 8/5/215 15/5/215 22/5/215 29/5/215 Baltic Supramax /5/215 8/5/215 15/5/215 22/5/215 29/5/215 Baltic Panamax /5/215 8/5/215 15/5/215 22/5/215 29/5/215 Baltic Capesize /5/215 8/5/215 15/5/215 22/5/215 29/5/215 BULKER SALES NAME DWT BLT GEAR PRICE $ BUYER SEA RACER JAPAN CR 3X3 3.5 MIO TURKISH (SS/DD 6/215) BIRCH JAPAN CR 4X3 4.3 MIO GREEK BIRCH CHINA CR 4X MIO CHINESE GOLDEN STAR JAPAN CR 4X MIO CHINESE (SS/DD D 7/215) GLORIOUS SUNRISE JAPAN CR 4X3 8.7 MIO VIETNAMESE (Bank Sale) PONTOKLYDON JAPAN CR 4X3 2.7 MIO CHINESE YOUNG SPIRIT JAPAN CR 4X3 9.5 MIO ITALIAN VERDANT ISLAND JAPAN CR 4X3 9 MIO UNDISCLOSED FANY JAPAN CR 4X3 4 MIO INDIAN KYRIAKOS KOREA CR 4X MIO GREEK AGIA JAPAN CR 4X MIO UNDISCLOSED COLCHESTER CASTLE CHINA CR 4X3 4.1 MIO SINGAPOREAN HUARMEY QUEEN JAPAN CR 4X3 9.5 MIO GREEK COPOSA JAPAN CR 4X3 7.3 MIO GREEK GYPSUM CENTENNIAL KOREA * ENBLOC BSS GYPSUM INTEGRITY BRAZIL 42 MIO ALGOMA (Ttl Price. Self-dischargers) CMB JIALING CHINA CR 4X MIO GREEK LAN HAI CHUANG YE CHINA CR 4X MIO CHINESE LAN HAI TUO ZHAN CHINA CR 4X MIO CHINESE HUDSON TRADER II CHINA CR 4X MIO GREEK GH PROSPERITY JAPAN GLESS 3.6 MIO CHINESE (DD D 9/215) ALPHA GLORY JAPAN GLESS 5.5 MIO UNDISCLOSED TIARA GLOBE CHINA CR 4X3 5.8 MIO CHINESE

7 $/Day $/Day 7 DOMINA CHINA GLESS 9.3 MIO UNDISCLOSED MEDI SINGAPORE JAPAN GLESS 12.8 MIO UNDISCLOSED DEWI LAKSMI CHINA GLESS 12.2 MIO GREEK ROSE ATLANTIC JAPAN GLESS 11 MIO GREEK (SS/DD D7/215) MILLION TRADER JAPAN GLESS 9.3 MIO UNDISCLOSED CECILIA JAPAN GLESS 7.8 MIO VISTA SHIPPING JIANG JUN SHAN JAPAN GLESS 18.2 MIO WINNING SHIPPING SBI HABANO KOREA GLESS 43.5 MIO UNDISCLOSED SBI BELICOSO CHINA GLESS 43 MIO GREEK BLUE EVEREST KOREA GLESS 27 MIO GREEK BLUE CHO OYU KOREA GLESS 29 MIO GREEK Spot Market - Bulkers May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May CAPESIZE PANAMAX HANDYMAX 3 25 Period Market - Bulkers 1 Year T/C CAPE PMAX HANDYMAX May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15

8 8 CONTAINER SALES NAME DWT BLT GEAR TEU PRICE $ BUYER JANA GERMANY GLESS MIO UNDISCLOSED AURIGA J GERMANY CR 2X * ENBLOC BSS ANTARES J GERMANY CR 2X MIO GERMAN (Ttl Price) CHRISTOPHER GERMANY GLESS MIO GERMAN JAN S GERMANY CR 3X MIO UK CORCOVADO GERMANY CR 3X MIO UNDISCLOSED CALEDONIAN EXPRESS GERMANY GLESS MIO TURKISH HONEST KOREA GLESS MIO UNDISCLOSED PASSAT SPRING POLAND CR 3X MIO BOREALIS SFL HUNTER KOREA GLESS 2824 * ENBLOC BSS CLYDE KOREA GLESS MIO ARKAS (Ttl Price) RHL FIDELITAS CHINA GLESS 51 * ENBLOC BSS RHL FELICITAS CHINA GLESS 51 * ENBLOC BSS RHL FIDUCIA CHINA GLESS MIO SYNERGY (Ttl Price) SANTA REGULA KOREA GLESS MIO ENBLOC BSS SANTA REGINA KOREA GLESS MIO DELPHIS (Ttl Price) GOLDEN GATE BRIDGE KOREA GLESS MIO TAIWANESE MPP/TWEEN SALES NAME DWT BLT GEAR TEU PRICE $ BUYER NILS B SLOVENIA CR 2X MIO UNDISCLOSED

9 $m $m 9 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 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 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 2 2 MR Handy Small Total

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

11 11 The Shipbuilding Market TYPE DWT BUILDER DELIVERY PRICE $ OWNER NOTES BULK 383 Tsuneishi Cebu 217 Unknown Japanese BULK 383 Tsuneishi Cebu 217 Unknown Japanese BULK 383 Tsuneishi Cebu 217 Unknown Japanese BULK 383 Tsuneishi Cebu 217 Unknown Japanese BULK 383 Tsuneishi Cebu 217 Unknown Japanese BULK 383 Tsuneishi Cebu 217 Unknown Japanese CONT Jiangsu New YZJ 217 Seaspan Corporation CONT Jiangsu New YZJ 217 Seaspan Corporation CONT 23 Daewoo Mio Maersk Line CONT 23 Daewoo Mio Maersk Line CONT 23 Daewoo Mio Maersk Line CONT 23 Daewoo Mio Maersk Line CONT 23 Daewoo Mio Maersk Line Option CONT 23 Daewoo Mio Maersk Line Option CONT 23 Daewoo Mio Maersk Line Option CONT 23 Daewoo Mio Maersk Line Option CONT 23 Daewoo Mio Maersk Line Option CONT 23 Daewoo Mio Maersk Line Option CONT 23 Daewoo Mio Maersk Line Option Cruise 12 Meyer Werft 219 Royal Caribbean Cruise 12 Meyer Werft 219 Royal Caribbean ERRV COSCO Guangdong 217 Sentinel (Aberdeen) Option ERRV COSCO Guangdong 217 Sentinel (Aberdeen) Gcargo 8 Western Marine Mio Jindal Steel Gcargo 8 Western Marine Mio Jindal Steel Gcargo 8 Western Marine Mio Jindal Steel Gcargo 8 Western Marine Mio Jindal Steel Gcargo 8 Western Marine Mio Jindal Steel Gcargo 8 Western Marine Mio Jindal Steel Gcargo 8 Western Marine Mio Jindal Steel Gcargo 8 Western Marine Mio Jindal Steel Gcargo 8 Western Marine Mio Jindal Steel Gcargo 8 Western Marine Mio Jindal Steel Icebreaker 51 Vyborg SY Mio Atomflot FSUE L.N.G. 9 Mitsubishi H.I. 218 Nippon Yusen Kaisha L.N.G. 9 Mitsubishi H.I. 218 Nippon Yusen Kaisha L.N.G. 84 Imabari SB Imabari 22 Trinity LNG Trans MPP 175 Honda Zosen K.K. 216 Mitsui O.S.K. Lines MPP 175 Honda Zosen K.K. 217 Mitsui O.S.K. Lines MPP 175 Honda Zosen K.K. 217 Mitsui O.S.K. Lines PCC 2 Uljanik Brod Mio Siem Shippimg Inc PCC 2 Uljanik Brod Mio Siem Shippimg Inc Products 75 Hyundai Vinashin Mio D'amico Soc. Di Nav. Products 75 Hyundai Vinashin Mio D'amico Soc. Di Nav. Products 724 Hyundai HI 216 Livanos Group Products 115 Samsung HI Mio Reederei Nord Products 115 Samsung HI Mio Reederei Nord Tanker 16 Hyundai Samho HI 217 Blumenthal, Johann Tanker 156 Daewoo 217 Maran tankers Mngt. Tanker 156 Daewoo 217 Maran tankers Mngt. Tanker 3 Hyundai HI Mio Alpha Tankers & Frt. Tanker 3 Hyundai HI Mio Alpha Tankers & Frt. Tanker 112 Sumitomo (Yokosuka) 218 Unknown Tanker 112 Sumitomo (Yokosuka) 218 Unknown TSH Dredger IHC Dredgers 216 DEC N.V. TSH Dredger IHC Dredgers 216 DEC N.V.

12 Million dwt USD/ton USD/ton 12 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 37 /lt Ldt USD 39 /lt Ldt Bangladesh USD 365 /lt Ldt USD 385 /lt Ldt Pakistan USD 365 /lt Ldt USD 39 /lt Ldt China USD 2 /lt Ldt USD 215 /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

13 USD/ton 13 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 OMOLON BULK BIRCH Incl abt 39T ROB BULK ASEAN PROSPER BULK ORIENTAL SAGA BULK MYOKEN TWEEN MEEM Via Auction in Mumbai Bangladesh TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK WESTERN ZENITH BULK STARFORD BULK SHENG BULK ETERNITY BULK MELCHIOR BULK SOLAR ORION BULK FENGLI Incl abt 8T ROB BULK BRAZIL BULK IRON KING Option Pakistan BULK ANANGEL PRIDE BULK CAPE LONDON BULK MARIGOLD BULK GOLDEN BELL CONT HUB GRANDIOSE RORO CHANG PENG TANK BEST TRADER TANK TUMA TWEEN SEATIGER TWEEN ZHENG YANG

14 14 China TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS N/A N/A N/A Pakistan TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK CHARLES MARTIN BULK LADY SADIKA BULK BERGEN MAX BULK ORE MUTUCA BULK IRON QUEEN BULK AQUAGEM BULK GLORY CLAIRE BULK CONSTANTIA Option Bangladesh BULK CHANNEL ALLIANCE As is Richards bay BULK CHANNEL NAVIGATOR As is Richards bay BULK BERGE PROSPERITY 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 LU XUN BULK KRATEROS Option India/Bangladesh BULK NEW HORIZON BULK IONIAN PROSPERITY As is Spore. Incl abt 16T ROB BULK CAPE MELBOURNE Option India/Pakistan TANK AMADEO As is Argentina

15 USD/ton USD/ton 15 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 May

16 $/Barrel USD-EUR USD-JPY 16 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 * 29/5/215 values

17 17 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 * 28/5/215 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,

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