WEEKLY MARKET REPORT December 16th, 2011 / Week 50

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1 LY MARKET REPORT December 16th, 211 / Week 5 The market saw a correction this week on weaker demand for the capesize sector. After a positive end on Monday both the BDI and BCI fell for the remainder of the week with the BDI and BCI ending 1.7% and 3.4% lower respectively. Whilst the supras and the handies also lost ground the panamax was the only market segment that ended up positively with the BPI showing an increase of nearly 3.6%. Despite the drop in the BCI this week, returns on the capesizes can be considered healthy. We note earlier in the week that a 1993 blt capesise was fixed for 4-6 months at a rate of US$ 21,75 per day. These are amazing levels considering the huge amount of deliveries and orderbook in this market segment. Earlier on this month up to 23 capesizes were delivered (more than one fresh delivery every two days) and we expect the total amount of capesize deliveries for 211 to be up to 245 vessels. It will be very interesting to note what will happen next year with projections showing an expected delivery of another 22 capesizes. Staying with the supply side of the market, the world fleet has grown nearly 13% so far this year with over 1, vessels having been delivered equal to about 86 million deadweight and offset by about 21 million deadweight of ships demolished. Activity in the secondhand market has definitely thinned out. There are fewer enquiries and with financing almost absent prospective buyers are finding it extremely difficult to enter into fresh acquisitions. Nevertheless, some interesting deals have taken place this week. In the dry sector two supramaxes have been sold signaling fresh low prices. The OPAL HALO (58,786 dwt / blt 28 Tsuneishi Japan) has been sold for US$ 27.4 million to Swiss based buyers (understand backed by Bangladeshi investors). The SANKO KING (56,678 dwt / blt 28 IHI Japan) was sold for 26.5 million to Greeks. Greek buyers have also purchased the capesize DAPHNE (169,159 dwt / blt 2 Korea) for US$ 25 million. On the tanker market Greek buyers have purchased an aframax resale from Sumitomo at US$ 43.5 million. The vessel will give delivery in February 212 and is 14,28 dwt. Remind you that sistership aframax tanker resales from Sumitomo were done in the summer of 29 at US$ 5 million and in February 211 at US$ 48.5 million. The demolition market has been active this week and we note that most of the bulkers sold this week are in the handysize segment. India is once again the most active market with firm prices. Containers have been done well over 5 whereas the bulkers are in the high 4's and one was also done just over 5 although this may be due WeberSeas, Weekly Market Report Page 1 of 9

2 to her bunker ROB onboard on delivery. Similar levels are being paid by Pakistan. China increased its volume this week but prices there are hovering around the high 3's/4 mark. TANKERS SUMITOMO ,28/Feb-12 - SUMITOMO - B&W 18,436 - COILED - SBT - IGS - COW - DH Sold for $43.5 mill. to Greek buyers (Samos Steamship). SANKO NATURE 19,999/11 - FUKUOKA - B&W 8,362 - ST.ST. COATING - COILED - SBT - IGS - DH SS 1/216, DD 1/214 Sold for $28 mill. to Norwegian buyers (Hansa Tankers). BULKERS DAPHNE 169,159/ - SAMHO - B&W 22,921-9HH - SS 1/215, DD 1/212 Sold for $25 mill. to Greek buyers (SwissMarine). B INDONESIA 7,424/9 - HYUNDAI - B&W 1,67-7HH - C 4X25T - SS 5/215, DD 8/213 Sold for $7.85 mill. to Chinese buyers. STAR FLOWER 69,6/87 - NAMURA - SUL 11,93-7HH - SS/DD 5/213 Sold for $6.5 mill. to Chinese buyers. OPAL HALO 58,786/8 - TSUNEISHI - B&W 8,198-5HH - C 4X3T - SS/DD 6/213 Sold for $27.4 mill. to Swiss based buyers (Swiss Bulk). SANKO KING 56,678/8 - IHI - SUL 12,87-5HH - C 4X3T - SS/DD 1/213 Sold for $26.5 mill. to Greek buyers. STAR SEA BULKER 42,717/97 - IHI - SUL 11,11-5HH - C 4X3T - SS/DD 4/212 Sold for $11.2 mill. to Greek buyers (DND Shipmanagement). CONTAINERS WEC FRANS HALS 7,2/99 - GERMANY - B&W 7,26-4 HO 2 HA - 7 TEU Sold at an auction for $3.9 mill. to German buyers. FRESH FOR SALE TANKERS ZYGI 44,484/92 - DALIAN - B&W 9,599 - COATED - COILED - SBT - IGS - COW - DH Vessel will inspectable in Singapore, where ETA 18th December. BUNGA MELATI DUA 32,168/97 - HYUNDAI - B&W 9,593 - COATED - COILED - SBT - IGS - DH Vessel will be inspectable in Huelva, Spain, where ETA 16th December. BUNGA MELATI SATU 32,127/97 - HYUNDAI - B&W 9,596 - COATED - COILED - SBT - IGS - DH WeberSeas, Weekly Market Report Page 2 of 9

3 LPG HAYDOCK 4,313/1 - KITANIHON - MIT 4,62 - SBT - IGS - DB - 4,1 CBM Vessel will be inspectable in Oita, Japan, where ETA 18th December. BULKERS EASTERN QUEEN 7,196/94 - DAEWOO - B&W 11,64-7HH Vessel will be inspectable in Egypt, where ETA 2th or 21st December. SEA FLOURISH 38,888/85 - IHI - SUL 8, - 5HH - C 4X25T SEA BRILLIANCE 38,39/84 - KAWASAKI - B&W 8, - 5HH - C 4X25T SEA RAINBOW 38,39/84 - KAWASAKI - B&W 8, - 5HH - C 4X25T Vessel will be inspectable in Singapore, where ETA 23rd December. SEA SWIFT 37,26/84 - KOYO MIHARA - SUL 8,5-7HH - C 4X25T Vessel will be inspectable in South Korea, where ETA 23rd December. KOPALNIA BORYNIA 11,898/89 - POLAND - B&W 6,377-5HH - C 4X16T, C 1X12.5 Vessel is currently inspectable in Georgetown, Guyana. CONTAINERS MSC PROJECT 2,275/94 - POLAND - SUL 16,56-4HO 8HA - C 3X45T - 1,354 TEU Vessel is regularly inspectable in U.S. Gulf - S. America region, where she is trading. SANNE 14,7/96 - GERMANY - SUL 14,847-4HO 7HA - C 2X45T - 1,122 TEU HELENE 11,788/5 - YANGFAN - SUL 14,847-4HO 7HA - C 2X45T TEU Vessel currently inspectable in Panama. WeberSeas, Weekly Market Report Page 3 of 9

4 DEMOLITION DEMOLITION STATISTICS TYPE OF SHIP THIS DATE 211 THIS DATE TOTAL 29 TOTAL ULCC/VLCC SUEZMAX AFRAMAX PANAMAX TANKER CAPE/COMBO (1, dwt +) PANAMAX/KAMSARMAX BULKER LOCATION TANKERS BULK CARRIERS CHINA INDIA BANGLADESH n/a n/a PAKISTAN DEMOLITION: INDIA CONT MSC MAHIMA CONT GRAND VISION M/V S. VENUS M/V ZIEMIA SUWALSKA M/V KALITIHI SEA 53,726/85-16,322 LDT - USD 517/LDT 44,13/91-12,929 LDT - USD 52/LDT 36,241/84-8,912 LDT - USD /LDT 26,76/84-6,622 LDT - USD 473/LDT 25,68/86-7,94 LDT - USD 475/LDT PAKISTAN M/T LAKSMIATI M/V GEORGE LYRAS 81,275/75-18,828 LDT - USD 445/LDT - as is Indonesia 35,73/84-8,261 LDT - USD 475/LDT CHINA M/V DA TONG M/V KAI HONG M/V SILVANA 35,158/78-7,878 LDT - USD 4/LDT 35,55/82-7,725 LDT - USD 45/LDT 33,41/81-8,23 LDT - USD 395/LDT WeberSeas, Weekly Market Report Page 4 of 9

5 M/V WANG JAE SAN 9,95/74-3,646 LDT - USD 355/LDT TYPE OF SHIP NEWBUILDING STATISTICS * TOTAL ORDERBOOK ULCC/VLCC SUEZMAX AFRAMAX PANAMAX MR , DWT CAPESIZE/ MINI CAPE / VLOC 8-1, DWT PANAMAX SUPRAMAX / HANDYMAX HANDYSIZE * Includes ALL vessels on order NEWBUILDING CONTRACTS No Size Type Yard Delivery Price (mill) Owners Comments 3 17,5 dwt MPP Daesun S&E 213/14 $24.5 SCMTI 1 157, dwt Tanker 1 82, cbm VLGC Rongsheng HI Kawasaki HI 213/14 $63 Global Union + 1 options 213 $78.5 Kumiai Navigation 3 1,85 teu Container Hyundai Mipo 1H 213 $3 Namsung Shipping WeberSeas, Weekly Market Report Page 5 of 9

6 BALTIC DRY EX RATES THIS LAST % Baltic Dry Index % Baltic Capesize % Baltic Panamax % Baltic Supramax % Baltic Handysize % Jan-5 4-Apr-5 4-Jul Jan-5 4-Apr-5 4-Jul-5 18-Jan-5 18-Apr-5 18-Jul-5 4-Oct-5 4-Jan-6 4-Apr-6 4-Jul-6 4-Oct-6 4-Jan-7 4-Apr-7 4-Jul-7 4-Oct-7 4-Jan-8 4-Apr-8 4-Jul-8 4-Oct-8 4-Oct-5 4-Jan-6 4-Apr-6 4-Jul-6 4-Oct-6 4-Jan-7 4-Apr-7 4-Jul-7 4-Oct-7 4-Jan-8 4-Apr-8 4-Jul-8 18-Oct-5 18-Jan-6 18-Apr-6 18-Jul-6 18-Oct-6 18-Jan-7 18-Apr-7 18-Jul-7 18-Oct-7 18-Jan-8 18-Apr-8 18-Jul-8 4-Jan-9 4-Apr-9 4-Jul-9 4-Oct-9 4-Jan-1 4-Apr-1 4-Jul-1 4-Oct-1 4-Jan-11 4-Apr-11 4-Jul-11 4-Oct-11 WeberSeas, Weekly Market Report Page 6 of 9 BCI BDI 4-Oct-8 4-Jan-9 4-Apr-9 4-Jul-9 18-Oct-8 18-Jan-9 BPI 4-Oct-9 4-Jan-1 4-Apr-1 4-Jul-1 4-Oct-1 4-Jan-11 4-Apr-11 4-Jul-11 4-Oct Apr-9 18-Jul-9 18-Oct-9 18-Jan-1 18-Apr-1 18-Jul-1 18-Oct-1 18-Jan Apr Jul Oct-11

7 BALTIC WET EX RATES THIS LAST % Baltic Clean Tanker % Baltic Dirty Tanker % 2,5 2, 1,5 1, 5 11-Jan-5 15-Mar-5 2-May-5 2,5 2, 1,5 1, 5 11-Jan-5 15-Mar-5 2-May-5 25-Jul-5 27-Sep-5 29-Nov-5 8-Feb-6 12-Apr-6 2-Jun-6 22-Aug-6 25-Oct-6 4-Jan-7 8-Mar-7 1-May-7 12-Jul-7 14-Sep-7 16-Nov-7 28/1/28 3-Apr-8 9-Jun-8 18-Aug-8 25-Jul-5 27-Sep-5 29-Nov-5 8-Feb-6 12-Apr-6 2-Jun-6 22-Aug-6 25-Oct-6 4-Jan-7 8-Mar-7 1-May-7 12-Jul-7 14-Sep-7 16-Nov-7 28/1/28 3-Apr-8 9-Jun-8 18-Aug-8 21-Oct-8 7-Jan-9 11-Mar-9 BCTI 21-Oct-8 7-Jan-9 11-Mar-9 BDTI 18-May-9 21-Jul-9 23-Sep-9 25-Nov-9 5-Feb-1 13-Apr-1 17-Jun-1 19-Aug-1 22-Oct-1 24-Dec-1 7-Mar-11 9-May Jul Sep Nov May-9 21-Jul-9 23-Sep-9 25-Nov-9 5-Feb-1 13-Apr-1 17-Jun-1 19-Aug-1 22-Oct-1 24-Dec-1 7-Mar-11 9-May Jul Sep Nov-11 WeberSeas, Weekly Market Report Page 7 of 9

8 MAJOR CAPITAL MARKETS INDEX THIS LAST % S HIGH S LOW DOW JONES 11, , % 12, ,362.3 NASDAQ 2, , % 2, , AIM % NIKKEI 8, , % 1, , PUBLIC COMPANIES DRY-CARGO SECTOR NAME SYMBOL THIS LAST % HIGH LOW DIANA DSX % DRYSHIPS DRYS % EAGLE BULK EGLE % EXCEL MARITIME EXM % GENCO GNK % GOLDENPORT HOLDINGS GPRT.L % NAVIOS HOLDINGS NM % TANKER/ENERGY SECTOR NAME SYMBOL THIS LAST % HIGH LOW CAPITAL PRODUCT PARTNERS CPLP % STEALTHGAS GASS % TEN TNP % NAME SYMBOL CONTAINER SECTOR THIS LAST % HIGH LOW DANAOS DAC % * Prices reflect Thursday s closing values. Prices in US$ except for Goldenport Holdings which is in GBP. WeberSeas, Weekly Market Report Page 8 of 9

9 RATES OF EX THIS LAST % Euro / $ % Sterling / $ % $ / Yen % $ / Nok % $ / Won 1, , % Brent Crude % LIBOR (3-month).55%.54% % ESTIMATED VALUES* TANKERS PROMPT RESALE 5 YEARS 1 YEARS 2 YEARS VLCC $95.m $55.m $3.m (DH) $2.m Suezmax $6.m $46.m $28.m (DH) $12.5m Aframax $45.m $34.m $21.m (DH) $8.5m Panamax $4.m $3.m $17.m (DH) $7.m Product $36.m $27.m $17.m (DH) $5.m BULK CARRIERS PROMPT RESALE 5 YEARS 1 YEARS 2 YEARS Capesize $47.m $34.m $27.m $1.m Panamax/Kamsarmax $35.m $26.5m $19.5m $1.m Supramax/Handymax $29.m $24.m $17.m $9.m * The above values are based and adjusted according only to recent reported sales and are subject to weekly changes. TANKER T/C RATES* 1 YR 3 YRS 5 YRS VLCC (3, dwt) 16,5/D 24,75/D 3,/D SUEZMAX (15, dwt) 16,75/D 21,75/D 22,25/D AFRAMAX (11, dwt) 13,/D 17,/D 18,5/D PANAMAX (72, dwt) 13,5/D 14,75/D 16,5/D MR (45-5, dwt) 13,75/D 14,75/D 16,5/D * The above figures are representative rates for modern tankers only. BUNKER PRICES FUEL GRADES ROTTERDAM FUJAIRAH PIRAEUS SINGAPORE 38cst: $595. $658. $64.5 $ cst: $617. $678. $635.5 $645. MGO: $896. $135. $914.5 $95. The information contained in this report has been obtained from various market sources. WEBERSEAS (HELLAS) S.A. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. WSH will not be held responsible for any action or failure to take action upon reliance on information contained in this report. 211 WEBERSEAS (HELLAS) S.A. All Rights Reserved WeberSeas, Weekly Market Report Page 9 of 9