MARKET REPORT WEEK 36 BASED ON SALES AND PURCHASES OF VESSELS WEEK ENDED FRIDAY 10 th SEPTEMBER 2010.

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1 MARKET REPORT WEEK 36 BASED ON SALES AND PURCHASES OF VESSELS WEEK ENDED FRIDAY 10 th SEPTEMBER Whilst the BDI only rose 4% w-o-w it was nevertheless the 8th straight week of improvement and this freight 'positivity' is pushing along all aspects of the dry S+P market too, whereby we are seeing an uplift in the volume of fresh second hand sales concluded with the agreed prices back at strong levels (already in line with May 2010 levels again). The levels of S+P enquiry and inspections also increasing quite markedly and lastly (but by no means least) we also observe a fresh surge of newbuilding orders too. Much of the bullishness in the dry freight market is in the panamax sector caused by the Russia Grain export ban and the consequential rise in lifting s from S. America and Canada. The handysize sector is also improved by more cargoes out of the Great Lakes. Interestingly we are also noting a higher level of period fixing on the dry side and since such 'period' business is always largely driven by the charterers, this would suggest further positive times ahead. The tanker market remains depressed on the freight side, but with opportunist buying interest probably still outstripping the number of quality units available resulting in deals that get done being at seemingly unjustifiably good levels. Demolition is a basic repeat of the past few weeks with Bangladesh still closed seemingly with no immediate prospects to reopen, whilst India and Pakistan remain willing to pay firm levels in the $400's for what is now becoming a diminishing number of vessels being offered. This is because the firm freight market is again causing owners to maximise their vessels trading life.

2 SOTRA SPIRIT 95,420 08/1995 NORTHERN DAWN 47,994 10/2003 ST. GEORG 47,141 12/2002 PORT UNION 46,256 01/2003 FORMOSA THIRTEEN FORMOSA FOURTEEN FORMOSA FIFTEEN 45,706 03/ ,694 05/ ,663 06/2005 PORT ARTHUR 41,490 01/1992 RAFFLES PARK 41,315 12/1992 LAS PALMAS 6,876 03/2008 SUNRISE PEONY 6,536 02/2002 OUSHIN MARU 1,974 06/1995 MIHARU MARU 1,961 10/2007 HYUNDAI ULSAN, S.KOREA KOYO, ONOMICHI, STX, S.KOREA SHIN KURUSHIMA, SHIN KURUSHIMA, SHIN KURUSHIMA, IMABARI, MINAMI, JIANGMEN, CHINA SHITANOE, IMAMURA, KURINOURA, TANKERS HULL DH 17.20M GREEK (EMBIRICOS) DH 25.00M UNDISCLOSED DH 21.75M IRISH (ARDMOR) DH 22.00M UNDISCLOSED DH 26.50M MIDDLE EASTERN EACH DH 26.50M MIDDLE EASTERN DH 26.50M MIDDLE EASTERN DH 6.00M CHINESE DH 8.50M MIDDLE EASTERN DH 3.45M UNDISCLOSED DH 8.50M S. KOREAN NON COMPLIANT WITH MARPOL ANNEX 13G AUCTION / AS IS LAID UP IN DENMARK DH P+C UNDISCLOSED COASTAL DH P+C UNDISCLOSED COASTAL COMBO GEAR / PUMPS - NO SALES REPORTED THIS WEEK - LPG CBM - NO SALES REPORTED THIS WEEK -

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

4 CAECILIE BULKER 179,362 08/2009 BULKERS HYUNDAI ULSAN, S.KOREA GEAR CAPESIZE / VLOC M S.KOREAN (SINOKOR) OCEAN BARON 74,193 09/2002 GOOD FRIEND 61,806 02/1982 FAIR SKY 48,369 03/2000 MARITIME DIAMOND 47,574 01/1995 ETERNAL ATHENA 46,710 06/2003 ALAM SELAMAT 39,110 07/1992 SMART 36,205 09/1982 PANAMAX / POST-PANAMAX NAMURA, KOYO, HANDYMAX / SUPRAMAX SANOYAS, OSHIMA, OSHIMA, ISHIKAWAJIMA, IMABARI, GLESS 35.50M UNDISCLOSED CR4x25T 6.50M CHINESE CR4x25T 26.50M UNDISCLOSED CR4x30T 22.30M UNDISCLOSED CR4x30T 31.50M GREEK CR4x25T 15.90M UNDISCLOSED CR4x25T 5.50M CHINESE MILTIADIS JUNIOR II 34,682 03/2003 THOR PILOT 33,700 05/1986 BEATRIZ 22,145 06/1993 TIANJIN, CHINA WARSKIEGO, POLAND SAIKI, HANDIES CR4x30T 26.00M UNDISCLOSED CR4x25T 5.60M UNDISCLOSED CR4x30T 11.00M UNDISCLOSED SMALL BULKERS - NO SALES REPORTED THIS WEEK -

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

6 REPORTED FIXTURES RATE GIANT ACE , $/D CHARTERERS CLASSIC MARITIME DURATION 3/4 MONTHS ER BUENOS AIRES , $/D YASA PIONEER , $/D FORTUNE RAINBOW , $/D OCEANIS , $/D VOGE PROSPERITY , $/D FEARLESS I , $/D NASCO JADE , $/D JIN HENG , $/D JIN QUAN , $/D CMB MISTRAL , $/D ZINI , $/D CLASSIC MARITIME SWISS MARINE CNR GIUSEPPE BOTTIGLIERI PACIFIC BULK AWB SINOCHART PHAETON TRIUMPH CARRIERS CNR CHARBON ET FUELS 4/6 MONTHS 5/7 MONTHS 3 S 2 S 11/13 MONTHS 12/14 MONTHS 5 S 5/7 MONTHS 12 MONTHS 3/5 MONTHS 11/13 MONTHS BALTIC DRY INDICES BDI BCI BPI BSI BHSI PREVIOUS WEEK CURRENT WEEK /

7 ARAFURA ENDEAVOUR TWEEN / MPP / GENERAL CARGO 4,111 10/1992 NORDSOVAERFTET DENMARK GEAR CR2x50T P+C UNDISCLOSED MAERSK VOLOS HANSA MAGDEBURG 23,508 11/ ,454 04/2003 CONTAINER GEAR TEU GUANGZHOU, CHINA GUANGZHOU, CHINA CR2x40T 1740 P+C GERMAN EN BLOC CR2x40T 1740 P+C GERMAN REEF REEF. CAP/TY GEAR - NO SALES REPORTED THIS WEEK - SANSTAR DREAM 5,690 01/1995 PCC/ RORO / PASS ONOMICHI, CARS/ LM PAX P+C S. KOREAN

8 TYPE DEMOLITION LDT USD/LT SOLD TO GOVIND PRASAD BULK 129,237 06/ CHINA - IRAN SARBAZ BULK 34,859 07/ INDIA - MARLINA XV TANK 29,990 06/ PAKISTAN - ESTERE TANK 28,610 05/ INDIA - LADY MARIALAURA TANK 11,628 05/ AS IS ITALY INCL 1238 ST ST BICE A TANK 10,782 11/ AS IS ITALY INCL 1059 ST ST TRAKYA RORO 31,292 08/ TURKEY - CROWLEY AMBASSADOR RORO 9,140 09/ INDIA - TYPE DELY NEWBUILDINGS BULK 180, DALIAN 58.00M PACIFIC INTERNATIONAL LINES 2 UNITS BULK 180, JIANGSU EASTERN 54.00M SAMSUN LOGIX 1+1 OPTION BULK 76, HUDONG ZHONGHUA P+C SEA STARS SHIPS MNGMT 2+2 OPTION BULK 45, BOHAI P+C CSG PHOENIX 4 UNITS MARKET RATES BRENT GBP USD USD K WON USD YEN EURO USD PREVIOUS WEEK , CURRENT WEEK + / ,