Monday, September 3, Week 36 The Week at a Glance

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Monday, September 3, 212 - Week 36 The Week at a Glance Surprise!

Last week Egypt bought 12, mt of Russian wheat, putting pressure on prices and export demand. Spot iron ore in Asia fell to $ 9.

1 Monday, September 3, Week 36 The Week at a Glance Surprise!! Despite rumors that Russia, due to this year s prolonged drought, were out of the export market, they are in fact competing head to head with the U.S., the biggest exporter of wheat. Last week Egypt bought 12, mt of Russian wheat, putting pressure on prices and export demand. Spot iron ore in Asia fell to $ 9.3 per tonne last week, the lowest since November 29, making market sentiment even more pessimistic, given the evidence of slowing demand in China. On the other hand, some analysts interpret this as a sign of a turning point in the near future. Oil prices seem to move against expectations, either way. On March 18 prices peaked at $ pb. By June 26 prices had fallen fast to $ pb and contrary to expectations and Opec s decision to leave production ceiling at 3 mill bpd, prices started rising. Last Thursday they reached $ pb. Any reasons why? Greek Listed Companies Last Fridays Closing Weekly Difference Baltic Dry Indices* Last Fridays Closing Weekly Difference Baltic Dry Index Baltic Cape index Baltic Panamax Index Baltic Supramax Index Baltic HandySize Index Newbuilding Prices 5/212 6/212 7/212 8/212 VLCC 3, $97 $92 $92 $92 SUEZMAX 15, AFRAMAX 113, PANAMAX 72, PRODUCT 47, CAPESIZE 175, KAMSARMAX 81, SUPRAMAX 5, HANDYSIZE XS 28, $59 $58 $58 $58 $49 $48 $48 $48 $43 $41 $41 $41 $34 $33 $33 $33 $47 $47 $47 $47 $31 $31 $31 $31 $27 $27 $27 $27 $22 $22 $22 $22 NYSE 814,93-32,93 NASDAQ 366,96-2,83 Brent Prices Dry Ships 2,19 -,12 Navios 3,59,4 Excel,465 -,5 Diana 6,61 -,16 Top Ships 1,24 -,1 TEN 5,38 -,34 Currencies* Last Fridays Closing Weekly Difference Stealth Gas 6,23, EURO/USD 1,2581,1 Capital Product Partners 7,7 -,1 USD/JPY 78,39 -,28 Euroseas 1,9 -,7 USD/CNY 6,3497 -,1 Danaos 3,65 -,44 Costamare 13,17,45 *The above tables show last Friday's closing including the weekly balance.

2 Secondhand Sales Dry SIZE INDEX W-O-W CHANGE AVG T/C RATES W-O-W CHANGE TREND BDI CAPESIZE STRONGER PANAMAX WEAKER SUPRAMAX STRONGER HANDYSIZE WEAKER Bulk Carrier Vessel's Name Built Country TEU Gears Engine Price Sale's Comment IVS KESTREL JAPAN 4 X 3,5t CRANES Mitsubishi 11.. USD ROTTERDAM TRADER KOREA, SOUTH 3 X 15t CRANES B&W 9.. USD DONG-A ARES CHINESE TAIPEI - MAN-B&W 8.. USD General cargo SOLD TO HONG KONG BASED BUYERS (PACIFIC BASIN) SOLD TO HONG KONG BASED BUYERS SOLD TO KOREAN BUYERS (SAMSUN LOGIX) Vessel's Name Built Country TEU Gears Engine Price Sale's Comment FREDENSBORG CHINA, PEOPLE'S X 15t CRANES MaK 25.. USD SOLD TO THAILAND BASED BUYERS (JUTHA MARITIME) 2

3 Wet SIZE INDEX W-O-W CHANGE BDTI BCTI SIZE AVG SPOT EARNINGS W-O-W CHANGE AVG T/C RATES BSS 1 YR TREND VLCC $ 2,513. 1% 22. FIRM SUEZMAX $ 6,532. 9% 18.5 FIRM AFRAMAX $ 11,897. 7% 13. WEAKER CLEAN MR $ 2, % FIRM Tanker Vessel's Name Built Country DB DS Engine Price Sale's Comment FOSTRAUM (St. Steel, IMO II) DITTE THERESA (Coated, IMO II) RUTH THERESA (Coated, IMO II) ORIENTAL CHEMI (St. Steel, IMO II/III) BOW EUROPE (St. Steel, IMO I/II/III) NORWAY Y Y Normo 4.5. USD CHINA, PEOPLE'S CHINA, PEOPLE'S Y Y MaK 7.5. USD Y Y MaK 7.5. USD SOLD TO LATVIA BASED BUYERS (VEXOIL BUNKERING) SOLD EN BLOC TO U.K. BASED BUYERS (BOREALIS) - USD 15.. EN BLOC JAPAN Y Y Mitsubishi 3.1. USD SOLD TO MIDDLE EASTERN BUYERS JAPAN Y Y MAN-B&W 18.. USD SOLD TO U.K. BASED BUYERS (ZODIAC) TAJIMARE JAPAN Y Y Sulzer 25.. USD SOLD TO GREEK BUYERS Gas tanker Vessel's Name Built Country DB DS Engine Price Sale's Comment GASCHEM TANA GERMANY Y N MAN 1.. USD SOLD TO MIDDLE EASTERN BUYERS MUSASHI GLORIA JAPAN Y N B&W - SOLD TO CARIBBEAN BASED BUYERS (PETREDEC) ON PRIVATE TERMS 3

4 Baltic Dry Indices Year BDI Max BDI Avg BDI Min BCI Max BCI Avg BCI Min BPI Max BPI Avg BPI Min BSI Max BSI Avg BSI Min Baltic Dry Index /3/85 1/9/85 1/3/86 1/9/86 1/3/87 1/9/87 1/3/88 1/9/88 1/3/89 1/9/89 1/3/9 1/9/9 1/3/91 1/9/91 1/3/92 1/9/92 1/3/93 1/9/93 1/3/94 1/9/94 1/3/95 1/9/95 1/3/96 1/9/96 1/3/97 1/9/97 1/3/98 1/9/98 1/3/99 1/9/99 1/3/ 1/9/ 1/3/1 1/9/1 1/3/2 1/9/2 1/3/3 1/9/3 1/3/4 1/9/4 1/3/5 1/9/5 1/3/6 1/9/6 1/3/7 1/9/7 1/3/8 1/9/8 1/3/9 1/9/9 1/3/1 1/9/1 1/3/11 1/9/11 1/3/12 1/9/12 1/3/13 Baltic CapeSize Index \6\ 1\9\ 1\12\ 1\3\1 1\6\1 1\9\1 1\12\1 1\3\2 1\6\2 1\9\2 1\12\2 1\3\3 1\6\3 1\9\3 1\12\3 1\3\4 1\6\4 1\9\4 1\12\4 1\3\5 1\6\5 1\9\5 1\12\5 1\3\6 1\6\6 1\9\6 1\12\6 1\3\7 1\6\7 1\9\7 1\12\7 1\3\8 1\6\8 1\9\8 1\12\8 1\3\9 1\6\9 1\9\9 1\12\9 1\3\1 1\6\1 1\9\1 1\12\1 1\3\11 1\6\11 1\9\11 1\12\11 1\3\12 1\6\12 1\9\12 1\12\12 Baltic Panamax Index \6\ 1\9\ 1\12\ 1\3\1 1\6\1 1\9\1 1\12\1 1\3\2 1\6\2 1\9\2 1\12\2 1\3\3 1\6\3 1\9\3 1\12\3 1\3\4 1\6\4 1\9\4 1\12\4 1\3\5 1\6\5 1\9\5 1\12\5 1\3\6 1\6\6 1\9\6 1\12\6 1\3\7 1\6\7 1\9\7 1\12\7 1\3\8 1\6\8 1\9\8 1\12\8 1\3\9 1\6\9 1\9\9 1\12\9 1\3\1 1\6\1 1\9\1 1\12\1 1\3\11 1\6\11 1\9\11 1\12\11 1\3\12 1\6\12 1\9\12 1\12\12 Baltic Supramax - HandySize Index \12\2 1\2\3 1\4\3 1\6\3 1\8\3 1\1\3 1\12\3 1\2\4 1\4\4 1\6\4 1\8\4 1\1\4 1\12\4 1\2\5 1\4\5 1\6\5 1\8\5 1\1\5 1\12\5 1\2\6 1\4\6 1\6\6 1\8\6 1\1\6 1\12\6 1\2\7 1\4\7 1\6\7 1\8\7 1\1\7 1\12\7 1\2\8 1\4\8 1\6\8 1\8\8 1\1\8 1\12\8 1\2\9 1\4\9 1\6\9 1\8\9 1\1\9 1\12\9 1\2\1 1\4\1 1\6\1 1\8\1 1\1\1 1\12\1 1\2\11 1\4\11 1\6\11 1\8\11 1\1\11 1\12\11 1\2\12 1\4\12 1\6\12 1\8\12 1\1\12 1\12\12 4

5 Secondhand Sales Statistics Current Secondhand Activity per / Size/ Invested Capital During 212 Secondhand Activity per / Size/ Invested Capital...during 21 A. Dry Size Invested Capital Invested Capital A. Dry $ B. Tanker $ A. Dry Total 1. Minibulk (up to 9, Handy (1, - 39, Handymax (4, - 59, Panamax (6, - 79, Capesize (8, $ $ $ $ $ $ C. Container $ D. Reefer $25.5. E. RoRo Cargo/ Ferry/ Passenger $ F. Miscellaneous $ Grand Total $ during 211 Invested Capital A. Dry $ B. Tanker $ C. Container $ B. Tanker 1. Minitank (up to 9, Product (1, - 59, Panamax (6, - 79, Aframax (8, - 119, Suezmax (12, - 199, VLCC (2, - 299, ULCC (3, $ $ $ $ $ $ $ D. Reefer $ E. RoRo Cargo/ Ferry/ Passenger $ F. Miscellaneous $ Grand Total $ Bulk Carriers Sales Per during % CAPESIZE 18 % PANAMAX 21 % HANDYMAX 31 % HANDY 2 % MINIBULK B. Tanker total $ C. Container Total $ D. Reefer Total $39.8. Tankers Sales Per during 212 E. RoRo Cargo/ Ferry/ Passenger Total $ % ULCC 1 % VLCC 2 % SUEZMAX 12 % AFRAMAX 2 % PANAMAX 43 % PRODUCT 37 % MINITANK F. Miscellaneou s Total Grand Total $

6 Invested Capital in Secondhand per month as of January 211 Year Month Invested Capital Total Total April-211 $ May-211 $ June-211 $ July-211 $ January-211 $ February- 211 $ March-211 $ August-211 $ September- 211 $ October-211 $ November- 211 $ December- 211 $ $ January-212 $ February- 212 $ March-212 $ April-212 $ May-212 $ June-212 $ July-212 $ August-212 $ $ Dry - Buyers' Nationality 29 % OTHER 5 % SYRIA 2 % GERMANY 5 % TURKEY 3 % KOREA SOUTH 1 % UNITED KINGDOM 2 % SINGAPORE 3 % INDONESIA 14 % CHINA PEOPLE'S 16 % UNKNOWN 18 % GREECE Wet - Buyers' Nationality Invested Capital Graph - Invested Capital in Secondhand per month as of January /211 Buyer's Country 2/211 3/211 4/211 5/211 6/211 7/211 Invested Capital Per Month 8/211 9/211 1/211 11/211 Months Total Capital 12/211 1/212 2/212 No Of Buyers Nationality during Top 1 ( vessels per sector) A. Dry B. Tanker C. Container 3/212 4/212 5/212 D. Reefer 6/212 7/212 8/ Grand Total GREECE UNKNOWN CHINA, PEOPLE'S INDONESIA SINGAPORE UNITED KINGDOM KOREA, SOUTH TURKEY GERMANY SYRIA Other Grand Total Vesels 44 % OTHER % SYRIA % GERMANY 2 % TURKEY 3 % KOREA SOUTH 8 % UNITED KINGDOM 6 % SINGAPORE 4 % INDONESIA 1 % CHINA PEOPLE'S 16 % UNKNOWN 16 % GREECE Container - Buyers' Nationality 16 % OTHER 1 % SYRIA 8 % GERMANY 1 % TURKEY 3 % KOREA SOUTH % UNITED KINGDOM 5 % SINGAPORE 7 % INDONESIA 1 % CHINA PEOPLE'S 23 % UNKNOWN 26 % GREECE Buyers Nationality during Top 1 (Invested Capital per sector) B. Tanker C. Container D. Reefer Buyer's Country A. Dry Grand Total GREECE UNKNOWN CHINA, PEOPLE'S NORWAY USA SINGAPORE UNITED KINGDOM KOREA, SOUTH JAPAN Other Grand Total

7 New Building Orders Bulk Carriers Type Units Dwt Shipyard Reported Price Owner / Manager Delivery Date BC 4 34, NAMURA SHIPBUILDING USD 21.. WISDOM MARINE 214/215 BC 6 43,5 QINGSHAN - TMS SHIP MANAGEMENT 215/215 BC 2 51, TAIZHOU SANFU - GUANGDONG LANHAI 214 BC 4 82, JIANGSU NEW YANGZIJIANG USD 26.. EVERBRIGHT 213/214 BC 2 82, JINHAI HEAVY INDUSTRIES USD 26.. NISSHIN SHIPPING 214 Other Dry Type Units Dwt/Capacity Shipyard Reported Price Owner / Manager Delivery Date CONTAINER 1 13,/1,6 DAESUN - KOREA MARINE TRANS 213 Other Wet Type Units Dwt/Capacity Shipyard Reported Price Owner / Manager Delivery Date LNG 5 75,/14, NANTONG MINGDE - CAMBRIDGE ENERGY GROUP 215/217 7

8 Demolition Sales Type Vessel's Name Built Country LDT Price/ ldt Sale's Comment CONTAINER CS CHRISTINE GERMANY SOLD TO BANGLADESH BC GLORY SUN JAPAN SOLD TO BANGLADESH BC ATHANASIOS G. CALLITSIS CHINA, PEOPLE'S SOLD TO BANGLADESH BC WHITE ARROW KOREA, SOUTH SOLD TO INDIA CONTAINER MERKUR SKY GERMANY SOLD TO BANGLADESH ON "AS IS SINGAPORE" BASIS BC SUBIC STAR KOREA, SOUTH SOLD TO BANGLADESH (PREVIOUS SALE FAILED) TANKER NISYROS JAPAN SOLD TO PAKISTAN WITH FULL SPARES BC PSU THIRD CHINESE TAIPEI SOLD TO BANGLADESH BC DONG-A RHEA CHINESE TAIPEI SOLD TO BANGLADESH WITH 25 TNS BUNKERS ROB BC CAPE MADRAS KOREA, SOUTH SOLD TO BANGLADESH Demolition Statistics For 212 Current Demolition Activity per / Size A. Dry Size No Of No Of 1. Minibulk (up to 9, Handy (1, - 39, Handymax (4, - 59, Panamax (6, - 79, Capesize (8, A. Dry Total B. Tanker 1. Minitank (up to 9, Product (1, - 59, Panamax (6, - 79, Aframax (8, - 119, Suezmax (12, - 199, VLCC (2, - 299, ULCC (3, B. Tanker Total C. Container Total D. Reefer Total E. RoRo Cargo/ Ferry/ Passenger Total F. Miscellaneous Total Grand Total Please Note that dry trading combination carriers are included in the dry sector and wet trading ones in the tanker sector. 8

9 Country Demolition Activity by Country BANGLADESH CHINA, PEOPLE'S EUROPE INDIA PAKISTAN SAUDI ARABIA TURKEY U.A.E. (DUBAI) UKRAINE UNKNOWN USA Grand Total Demolition Activity By ' Average Age For Demolition A. Dry 3,7 31,5 3,6 B. Tanker 27 26,4 26,5 C. Container 29, ,7 D. Reefer 26,3 29,3 28,9 E. RoRo Cargo/ Ferry/ Passenger 32 31,5 29,3 F. Miscellaneous 34 33,7 32 Demolition of BCs by percentage for % Minibulk 52 % Handy 9 % Handymax 12 % Panamax 13 % Capesize Demolition Per Month dwt no of vessels Demolition of Tankers by percentage for % Minitank 41 % Product 4 % Panamax 17 % Aframax 4 % Suezmax 7 % VLCC 1 % ULCC /211 2/211 3/211 4/211 5/211 6/211 7/211 8/211 9/211 1/211 11/211 12/211 1/212 2/212 3/212 4/212 5/212 6/212 7/212 8/212 Months Sum of V essels Year Dry Demolition activity since 21 of Dry Tankers of Tankers

10 Contact Details GEORGE AERAKIS AOH: MOBILE: ILIAS BOLIS AOH: MOBILE: GEORGE DASKALAKIS AOH: MOBILE: STAVROS DRAKOGIANNOPOULOS AOH: MOBILE: SAKIS DRAKOGIANNOPOULOS AOH: MOBILE: NASSOS HATZIGEORGIOU AOH: MOBILE: GEORGE KANELLOPOULOS AOH: MOBILE: JOHN KOSTOYANNIS AOH: MOBILE: COSTAS KARADIMAS AOH: MOBILE: THEODOROS MOISSOGLOU AOH: MOBILE: THASSOS PAPOUIS AOH: MOBILE: TASSOS PROSSIOS AOH: MOBILE: JOHN STASSINAKIS AOH: MOBILE: EVAGELOS TOBALOGLOU AOH: MOBILE: COSTIS TSALPATOUROS AOH: MOBILE: PLUTON VARVAROS AOH: MOBILE: ALLIED SHIPBROKING INC. 48, Aigialeias Street, 4 th Floor, Maroussi , Greece Tel: Fax: / 19 snp@allied-shipbroking.gr ALLIED CHARTERING S.A. 48, Aigialeias Street, 4 th Floor, Maroussi , Greece Tel : Fax: drycargo@allied-chartering.gr s: tanker@allied-chartering.gr Visit 1

11 LEGAL DISCLAIMER This report has been produced on information collected from various sources and whilst every care has been taken in its preparation, it is presented for the sole and exclusive information of its recipients, in good faith and without any guarantee from our part. None of the information contained in this report has been independently verified by any member of ALLIED SHIPBROKING INC. Consequently no representation or warranty, express or implied, is made in respect of the accuracy of the information contained herein. Neither our company nor its directors or employees shall be in any way liable for any loss nor damage occurred to any party by the use of the information and/or the comments contained in this report. Furthermore, no responsibility is accepted in respect of any errors or inaccuracies which may be contained in this report. 11

Monday, July 25, Week 30 The Week at a Glance

Monday, July 25, Week 30 The Week at a Glance Baltic Dry Indices* Last Fridays Closing Weekly Difference Monday, July 25, 211 - Week 3 The Week at a Glance Butterfly effect..." Officials of the Euro-zone have come into agreement to assist Greece with