(at)atheniansa(dot)gr Baltic Dry Index. Oct-15. Aug-15. Jun-15. Dec-15. Feb-15. Apr-15 PRICES TANKERS ($ MIO)

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1 , 19, Vas. Pavlou Str., GR , Voula, Athens, Greece Tel: Fax: Internet Mail: athenian(at)atheniansa(dot) (at)atheniansa(dot)gr MONTHLY REPORT Baltic Dry Index April 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 Feb-18 Apr-18 PRICES TANKERS ($ MIO) * Prices reflect Year s End 212* 213* 214* 215* 216* 217* Apr-18 VLCC 5Y VLCC 1Y SUEZMAX 5Y AFRAMAX 5Y AFRAMAX1Y PANAMAX5Y K 5Y D/H K 1Y D/H K 2Y Prior k dwt PRICES BULKERS ($ MIO) * Prices reflect Year s End 212* 213* 214* 215* 216* 217* Apr-18 CAPESIZE 5Y CAPESIZE 1Y CAPESIZE 15Y CAPESIZE 2Y KAMSARMAX 5Y PANAMAX 1Y PANAMAX 15Y PANAMAX 2Y SUPRAMAX 5Y SUPRAMAX 1Y HANDYMAX15Y HANDYMAX2Y

2 2 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 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 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 Total BULK TANK GAS CONT TWEEN/MPP REEF RORO FERRY CRUISE Total

4 4 Baltic Clean Tanker - Yearly WEEK NO 218 Baltic Dirty Tanker - Yearly WEEK NO 218 Baltic Clean Tanker -Monthly /4/218 1/4/218 17/4/218 24/4/218 Baltic Dirty Tanker -Monthly /4/218 1/4/218 17/4/218 24/4/218 TANKER SALES NAME DWT BLT PRICE $ BUYER KAITO MARU JAPAN DH 5.4 MIO FAR EASTERN SAN PIETRO CHINA DH 8.5 MIO INDIAN (Marineline) ANGLEVIKEN KOREA DH 7.1 MIO UNDISCLOSED (Phenolic Epoxy) CHEMTRANS ELBE KOREA DH 1.25 MIO GULF PETROLEUM (Epoxy) SINAR EMAS CHINA DH 6.9 MIO UNDISCLOSED ROSITA KOREA DH 9.8 MIO UNDISCLOSED (Epoxy) CAPE BIRD KOREA DH 8.3 MIO UNDISCLOSED (Epoxy) ZHONGJI NO CHINA DH 1.5 MIO CHINESE (Epoxy) STAR EXPRESS JAPAN DH 11.1 MIO UNDISCLOSED (Epoxy) STI VILLE KOREA DH 26.5 MIO ENBLOC BSS STI FONTVIEILLE KOREA DH 26.5 MIO PCL (Price each. Epoxy) MARIANNE KIRK KOREA DH MIO ENBLOC BSS ANJA KIRK KOREA DH MIO NORDEN (Price each) BM BREEZE JAPAN DH 18 MIO PETROVIETNAM ZIRKU KOREA DH 1.1 MIO CHINESE UNITED JOURNEY KOREA DH 26.1 MIO INDIAN HS ALCINA KOREA DH 1.4 MIO UNDISCLOSED VEGA TRADER JAPAN DH 21 MIO GREEK SEA EQUATORIAL KOREA DH 18.5 MIO DA HUI SHIPPING SPYROS KOREA DH 34.6 MIO GREEK

5 5 GAS SALES NAME DWT BLT CBM PRICE $ BUYER GAS ENCHANTED JAPAN MIO INDONESIAN Spot Market - Tankers VLCC SUEZMAX AFRAMAX $/Day Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Period Market -Tankers 1 Year T/C VLCC SUEZMAX AFRAMAX 3 $/Day Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18

6 6 66 Baltic Handysize 18 Baltic Supramax /4/218 12/4/218 21/4/218 3/4/ /4/218 12/4/218 21/4/218 3/4/218 Baltic Panamax /4/218 12/4/218 21/4/218 3/4/218 Baltic Capesize /4/218 12/4/218 21/4/218 3/4/218 BULKER SALES NAME DWT BLT GEAR PRICE $ BUYER WILSON RYE NORWAY GLESS.64 MIO UNDISCLOSED ZEUS I CHINA CR 4X3 6.4 MIO GREEK ZENITH EXPLORER JAPAN CR 4X MIO UNDISCLOSED SOUTH WIND CHINA CR 4X3 8.8 MIO ENBLOC BSS NORTH WIND CHINA CR 4X3 8.8 MIO ITALIAN (Price each) ELLIOT BAY JAPAN CR 4X MIO TAYLOR MARITIME NEW IZUMO JAPAN CR 4X MIO TAYLOR MARITIME PPS AMBITION JAPAN CR 4X MIO UNDISCLOSED NORDIC RIGA CHINA CR 4X MIO ENBLOC BSS NORDIC STOCKHOLM CHINA CR 4X3 9.2 MIO ENBLOC BSS NORDIC VISBY CHINA CR 4X MIO NORWEGIAN (Price each) WESTERN BALTIC CHINA CR 4X MIO UNDISCLOSED AT KOREA CR 4X MIO UNDISCLOSED AEGIS FORTUNE KOREA CR 4X MIO UNDISCLOSED TOP TRADER JAPAN CR 4X3 8.6 MIO UNDISCLOSED SANTA MARGHERITA CHINA CR 4X MIO UNDISCLOSED THRUSH CHINA CR 4X MIO UNDISCLOSED WHITE DIAMOND VIETNAM CR 4X MIO ENBLOC BSS BLUE DIAMOND VIETNAM CR 4X MIO CHINESE (Price each) E TRANSPORTER CHINA CR 4X3 * ENBLOC BSS E TRADER CHINA CR 4X3 * ENBLOC BSS E TRACER CHINA CR 4X3 * ENBLOC BSS E TRAVELLER CHINA CR 4X3 5 MIO FAR EASTERN (Ttl price) AZURIT CHINA CR 4X MIO CHINESE REQUIEM CHINA CR 4X MIO GREEK

7 7 TEN YOSHI MARU CHINA CR 4X MIO THORESEN SBI TANGO JAPAN CR 4X MIO JAPANESE SAINTY YANGZHOU SAM 1421B CHINA CR 4X MIO ENBLOC BSS SAINTY YANGZHOU SAM 1422B CHINA CR 4X MIO CHINESE (Price each) ANNABELL CHINA GLESS 14.3 MIO GREEK MAGANARI JAPAN GLESS 1 MIO UNDISCLOSED MADELEINE JAPAN GLESS 14.3 MIO UNDISCLOSED ETERNAL GRACE JAPAN GLESS 13.6 MIO UNDISCLOSED DOUBLE PROSPERITY JAPAN GLESS 12.5 MIO UNDISCLOSED DR BRAVO JAPAN GLESS 12.6 MIO GREEK ORIENTAL WISE CHINA GLESS 18 MIO UNDISCLOSED BIG BANG CHINA GLESS 21.5 MIO GREEK OCEAN COMMANDER CHINA GLESS 21.5 MIO CTM SHOURONG HARMONY CHINA GLESS 25 MIO UNDISCLOSED $/Day Spot Market - Bulkers Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 CAPESIZE PANAMAX HANDYMAX $/Day Period Market -Bulkers 1 Year T/C Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 CAPESIZE PANAMAX HANDYMAX

8 8 CONTAINER SALES NAME DWT BLT GEAR TEU PRICE $ BUYER VICTORIA STRAIT CHINA CR 2X MIO CMA-CGM SANDY RICKMERS KOREA GLESS MIO CONBULK SHIPPING SENTOSA KOREA GLESS MIO GARTCLIFF SHIPPING MERKUR TIDE GERMANY CR 3X MIO ORIENT EXPRESS LINES VITIM POLAND CR 3X MIO UNDISCLOSED MELBOURNE STRAIT CHINA CR 2X MIO GERMAN HERMES POLAND CR 3X MIO BOREALIS MARITIME ULYSSES POLAND CR 3X MIO NORWAY/GERMANY BASED ITAL MATTINA KOREA GLESS MIO AWILCO HS BAFFIN CHINA GLESS 4771 * ENBLOC BSS HS SHACKLETON CHINA GLESS 4771 * ENBLOC BSS MERKUR PLANET KOREA GLESS 4622 * ENBLOC BSS MERKOUR HARBOUR KOREA GLESS 4622 * ENBLOC BSS UASC ZAMZAM KOREA GLESS 934 * ENBLOC BSS MAERSK EUREKA KOREA GLESS 1392 * ENBLOC BSS MAERSK EDIRNE KOREA GLESS MIO RORO/PASS SALES MAERSK (Ttl price. Bank deal) NAME GT BLT LMTRS/CARS PAX PRICE BUYER GRAND SPRING JAPAN 17/ MIO GREEK

9 9 NEW BUILDING MARKET AND REPORTED CONTRACTS $m 1 Tanker Prices VLCC Suezmax Aframax MR Apr-16 Aug-16 Dec-16 Apr-17 Aug-17 Dec-17 Apr-18 $m Bulker Prices Capesize Panamax Supramax Handysize Apr-16 Aug-16 Dec-16 Apr-17 Aug-17 Dec-17 Apr-18 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 Tankers Bulkers Containerships Delivery Schedule Bulkers Tankers No. of Vessels m. dwt Apr-18 Apr Tanker Newbuildings on Order VLCC Aframax Products Suezmax Panamax Bulker Newbuildings on Order Capesize Panamax Handymax Handysize m. dwt m. dwt April 218 April 218 Tankers Newbuilding Historical Prices ($m) Apr , DWT , DWT , DWT , DWT Bulkers 18, DWT , DWT , DWT , DWT Before 21 sizes to read 28, - 14, - 95, - 4, respectively for tankers and 15, - 69, for Bulkers 2 Single Hull 3 3, DWT Prior 217 to read 73 76k dwt, 45k dwt & 3k dwt (note: above is for vessels built Japan / Korea, you should also consider US$ / Yen / Won relation for the years mentioned)

11 11 The Shipbuilding Market TYPE DWT BUILDER DELIVERY PRICE $ OWNER NOTES Accom.Unit Cemre Shipyard 22 Louis-Dreyfus Armat Bulk 31 JMU Tsu Shipyard 22 Fednav Bulk 82 Jiangsu New YZJ 219 Hadley Shipping Bulk 64 Jiangsu Hantong HI 219 Nisshin Shpg.Co.Ltd Bulk 64 Jiangsu Hantong HI 22 Nisshin Shpg.Co.Ltd Bulk 64 Jiangsu Hantong HI 22 Nisshin Shpg.Co.Ltd Bulk 64 Jiangsu Hantong HI 22 Nisshin Shpg.Co.Ltd Option Bulk 64 Jiangsu Hantong HI 22 Nisshin Shpg.Co.Ltd Option Bunkering 799 Keppel Singmarine 219 Sinanju Tankers Pte. Bunkering 799 Keppel Singmarine 22 Sinanju Tankers Pte. Option Chem & Oil GSI Nansha mio TORM A/S Chem & Oil GSI Nansha mio TORM A/S Chem & Oil GSI Nansha mio TORM A/S Chem & Oil 48 Hyundai Mipo mio Kuwait Oil Tanker Chem & Oil 48 Hyundai Mipo mio Kuwait Oil Tanker Chem & Oil 48 Hyundai Mipo mio Kuwait Oil Tanker Chem & Oil 48 Hyundai Mipo mio Kuwait Oil Tanker Gcargo 8 Jiangsu Dajin HI mio Aston Enterprise Gcargo 8 Jiangsu Dajin HI mio Aston Enterprise L.N.G. 86 Daewoo (DSME) mio Alpha Gas L.N.G. 86 Daewoo (DSME) mio Alpha Gas Pass/Car F. 325 Pella Sietas GmbH 22 Norden-Frisia Pass/Car F. Taizhou Kouan SB 219 Guangdong Shuangtai Pass/Car F. Taizhou Kouan SB 219 Guangdong Shuangtai Pass/Car F. Kegoya Dock 219 Chelsea Logistics Pass/Car F. Kegoya Dock 22 Chelsea Logistics Pass/Car F. Kegoya Dock 22 Chelsea Logistics Option Tanker 115 Samsung HI 219 Unisea Shipping Ltd. Tanker 115 Samsung HI 219 Unisea Shipping Ltd. Tanker 115 Samsung HI 22 Unisea Shipping Ltd. Option Tanker 115 Samsung HI 22 Unisea Shipping Ltd. Option Tanker 3 Daewoo (DSME) mio Korea Line Tanker 3 Daewoo (DSME) mio Korea Line

12 12 Demolition Historical Data DEMOLITION MARKET Demolition Prices Gen Cargo Tanker India USD 43 /lt Ldt USD 45 /lt Ldt Bangladesh USD 42 /lt Ldt USD 435 /lt Ldt Pakistan USD 435 /lt Ldt USD 445 /lt Ldt China USD 23 /lt Ldt USD 255 /lt Ldt USD/ton USD/ton Million dwt 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 13 6 Historical Demolition Prices (India Year's End) 5 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 GAS ISIS GAS REEF BALTIC PILGRIM REEF BALTIC MOON TANK MAHIKA TANK ECOMASTER As is Piraeus Bangladesh TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK MIKHAIL LUKONIN BULK THAMEE HLA CONT KULSAMUT GAS INITIATOR REEF MING HANG REEF SAN DIEGO TANK VARA TANK CHIMBORAZO TANK YVES JACOB TANK SUCCESS PIONEER XXXV TANK CE-BREEZE TANK DISTYA AKULA TANK DELTA MILLENNIUM As is Colombo 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

14 14 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 PONTICA Indian Sub-Cont BULK DENNY Z As is Ghana CONT MTT KINABALU RORO WHITE NILE Asia Port Sudan TANK BRIZO As is Singapore. Gas free TANK ALEXIA Indian Sub-Cont TANK PACIFIC TRADER Sub-Continent TANK S TINOS As is Fujairah

15 USD/ton HISTORICAL BUNKER PRICES Bunkers Cost (38 cst) Rotterdam Fujeirah Houston Average Trend 12 1 USD/ton Bunkers Cost (MGO) Apr-18 Rotterdam Fujeirah Houston Average Trend HISTORICAL BUNKER PRICES Rotterdam Fujeirah Houston 38 cst MGO 38 cst MGO 38 cst MGO Apr

16 16 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 * 3/4/218 values

17 17 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 * 3/4/218 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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