MARKET REPORT WEEK 01 BASED ON SALES AND PURCHASES OF VESSELS WEEK ENDED FRIDAY 8 th JANUARY 2010

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1 MARKET REPORT WEEK 01 BASED ON SALES AND PURCHASES OF VESSELS WEEK ENDED FRIDAY 8 th JANUARY 2010 Happy New Year and welcome to our first commentary of This year is going to be important for the Tanker sector since 2010 is officially the final year for single hull phase out, though there are circumstances where a non double hull vessel can trade until 2015 or until she is 25 years old - whichever is the sooner. Since there is still excess 50 mio dwt of single hull tonnage trading, the Chinese and Indian Sub Continent demolition yards can expect to conclude plenty of tanker scrapping business in the next 12 months and that alone would be a very good thing except there is already a substantial 65 mio dwt of tanker newbuilding tonnage scheduled to deliver within 2010 alone... Provided global BULK shipping demand remains similar in 2010 to that of 2009 (which will depend greatly upon the China factor) the single most influential factor in 2010 (and through to 2013) will be the volume of physical bulker newbuilding deliveries and / or negotiated 'slippage' (delays) of deliveries into following years. Of the outstanding newbuilding order book 2010 is scheduled to see the highest numbers of deliveries in every sector both wet and dry. The scheduled newbuilding deliveries for 2010 are approximately as follows but it will be interesting to revisit these figures in 12 months time to see how many actually deliver and how many are again delayed: The numbers in '( )' below are the approximate total numbers of newbuildings of that sector scheduled to deliver between now and the end of Capes = 348 (730), Post Panamax = 100 (205), Panamax = 205 (495), Supramax = 415 (790), Handysize = 298 (593) Of the second hand sales concluded in the past 2 weeks Chinese buyers again feature strongly.

2 PROTARAS /1989 TROPIC BRILLIANCE ROMEA CHAMPION FR8 REGINAMAR / / /2004 FREJA BREEZE /1996 GAN VICTORY /2007 GAN VALOUR /2007 ROSE /2004 CHARALABOS A /1985 ORIENTAL BOUQUET /2002 HYUNDAI HEAVY ULSAN, HYUNDAI HEAVY ULSAN, HYUNDAI HEAVY ULSAN, DAEWOO SHIP/MARINE, ONOMICHI, HYUNDAI MIPO, HYUNDAI MIPO, MINAMI NIPPON USUKI, ONOMICHI, ASAKAWA, TANKERS HULL DH P+C SOUTHERNPEC DH 16.50M UNDISCLOSED DH 16.50M UNDISCLOSED DH 35.50M UNDISCLOSED DH 12.00M UNDISCLOSED DH 26.50M UNDISCLOSED DH 26.50M UNDISCLOSED DH 24.00M CHINESE DS P+C UNDISCLOSED DH 15.00M PETRANS BUDI I /1992 MALAYSIA SH P+C INDONESIAN BUDI PERMAI /1990 MALAYSIA SH P+C INDONESIAN AZUMA MARU NO 8 SHOYU MARU NO 8 ALIOS POSEIDON / / /2005 SHIN KURUSHIMA IMABARI, YAMANAKA, MIURA SAIKI, DB 1.80M INDONESIAN DB 1.90M INDONESIAN DH 7.00M GREEK ROMEA CHAMPION EACH TROPIC BRILLIANCE EACH INCL 3YRS USD PD BUDI PERMAI BUDI I PRINCESS NADIA /1987 HYUNDAI HEAVY ULSAN, COMBO GEAR / PUMPS 3X2800 P+C UNDISCLOSED LPG CBM - NO SALES REPORTED THIS WEEK -

3 2500 BALTIC TANKER INDICES Week BDTI 09 BCTI 09 BDTI 10 BCTI 10

4 BULKERS GEAR CAPESIZE / VLOC PEACE BLOSSOM /1987 THERESA HEBEI /2004 PASCHALIS /1984 RENA /1981 SPP RESALE FURNESS TIMIKA /2001 STELLAR IRIS /1990 TOROS PEARL /1983 SHINYO PROGRESS /2009 IVS LAVENDER /2004 SELENDANG MAYANG /1997 SELENDANG KASA /1997 NOSCO PEACE /1983 DS MIRAGE /1997 FABRIC /1983 ASTANO, SPAIN PANAMAX / POST-PANAMAX TSUNEISHI CORP TADOTSU, MITSUI TAMANO, ISHIKAWAJIMA AIOI, IMABARI MARUGAME, JIANGSU ZHENJIANG, SHIKOKU DOCK, HUDONG SHIPBUILDING, HUDONG SHIPBUILDING, KURUSHIMA ONISHI, GUANGZHOU, KURINOURA YAWATAHAMA, M UNDISCLOSED GLESS 35.10M HANDYMAX / SUPRAMAX SPP, SHIN KURUSHIMA ONISHI, HASHIHAMA TADOTSU, HANDIES SMALL HANDIES GREEK (DIANA SHIPPING) GLESS 7.85M CHINESE GLESS P+C CHINESE CR4X30T 31.80M GREEK CR4X30.5T 25.00M CHINESE CR3X14.5T 8.40M UNDISCLOSED CHIP CARRIER CR2X22T P+C UNDISCLOSED CR4X30T 24.5M SWISS CR4X30T 22.00M SINGAPOREAN CR4X30T 13.00M GREEK CR4X30T 13.00M GREEK CR4X25T 4.20M UNDISCLOSED CR4X25T 13.00M UNDISCLOSED DR4X12T P+C UNDISCLOSED SELENDANG KASA. SELENDANG MAYANG

5 BALTIC DRY INDICES BDI 10 BCI 10 BPI 10 BHI 10 BDI 09 BCI 09 BPI 09 BHI 09 Week

6 REPORTED FIXTURES RATE AUSTRALIA , $/D CHARTERERS GREAT PACIFIC NAVIGATION DURATION 11/13 MONTHS SA FORTIUS , $/D KAMSAR GOLD , $/D ANASTASIA C , $/D NAVIOS ASTERIKS , $/D NIREFS , $/D SONOMA , $/D TRITON BULKER , $/D POSEIDON SW , $/D OLYMPIAS , $/D TOPFLIGHT , $/D GRAND SHIPPING CNR AQUAVITA PIONEER NAVIGATION LOUIS DREYFUS DEIULEMAR MEADWAY CHINESE CHRTRS EASTERN OCEAN STX PAN OCEAN 5/7 MONTHS 5/7 MONTHS 11/13 MONTHS 5/7 MONTHS 23/25 MONTHS 11/13 MONTHS 5/7 MONTHS 6/8 MONTHS 11/13 MONTHS 4/6 MONTHS BALTIC DRY INDICES BDI BCI BPI BSI PREVIOUS WEEK CURRENT WEEK /

7 ELISABETH BOLTEN TWEEN / MPP / GENERAL CARGO /2001 ASIAN ROBIN /1994 JIANGSU YANGZIJIANG, HIGAKI, GEAR CR3X40T 11.00M EUROPEAN CR2X25T DR1X25T 5.00M UNDISCLOSED MOL BRIGHT /1998 FESCO ALTAY /2007 FESCO ALEUT /2006 YURIY OSTROVSKIY KAPITAN BYANKIN KAPITAN KONEV / / /1995 ID TUXPAN /1994 CONTAINER GEAR TEU IMABARI, JINLING, JINLING, SZCZECINSKA SA, POLAND SZCZECINSKA SA, POLAND SZCZECINSKA SA, POLAND ORSKOV CHRISTENSENS DENMARK CR2X30T M CHINESE CR2X45T M GERMAN CR2X45T M GERMAN GLESS M SITC GLESS M SITC GLESS M SITC CR2X40T M UNDISCLOSED REEF REEF. CAP/TY GEAR - NO SALES REPORTED THIS WEEK - SALAMIS GLORY /1962 PCC/ RORO / PASS ULJANIK, YUGOSLAVIA CARS/ LM PAX P+C UNDISCLOSED

8 TYPE DEMOLITION LDT USD/LT SOLD TO HARITA BAUXITE BULK / GEORGIOS 1 BULK / INDIA MAFRA BULK / P+C UNDISCLOSED PELANDER BULK / INDIA SHINYO JUBILEE TANK / BANGLADESH WESTWAY TANK / BANGLADESH INCL TNS BUNKERS AFRICA TANK / BANGLADESH AL HAMRIYAH STAR TANK / BANGLADESH AS IS DUBAI DROMEAS TANK / BANGLADESH TRANSPORT TANK / BANGLADESH MERLIN TRADER TANK / INDIA WIND STAR TANK / BANGLADESH MSC GERMANY CONT / INDIA EURUS SINGAPORE CONT / INDIA TARTINI CONT / P+C UNDISCLOSED GLOBAL PRECISION RORO / INDIA INCL SOLID STAINLESS STEEL GARIBALDI RORO / INDIA AS IS ITALY POKOJ TWEEN / INDIA BORIS BABOCHKIN TWEEN / INDIA ELENA TWEEN / INDIA

9 TYPE DELY NEWBUILDINGS TANK SUNGDONG P+C BETONIX LTD 1 UNIT BULK SUNGDONG P+C POLEMBROS 2 UNITS BULK SUNGDONG P+C THE HU CARGOCEAN 1 UNIT BULK JIANGSU HANTONG 60.00M COECLERICI GROUP 2 UNITS MARKET RATES BRENT USD GBP USD K WON USD YEN USD EURO PREVIOUS WEEK CURRENT WEEK + /