NILIMAR Ships Sale & Purchase MARKET REPORT WEEK 38 BASED ON SALES AND PURCHASES OF VESSELS WEEK ENDED FRIDAY 23 rd SEPTEMBER 2011.

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1 MARKET REPORT WEEK 38 BASED ON SALES AND PURCHASES OF VESSELS WEEK ENDED FRIDAY 23 rd SEPTEMBER Further good volumes of Capesize fixing lifted the BCI another 6% w-o-w now making the average rate for a cape about $27,000 daily. The BSI and BHSI also improved but by just 2.2% and 1.5% respectively, whilst the BPI on the other hand lost region 6% w-o-w. Overall the BDI increased 10.87%. In the S+P sector the recent increases in Cape rates seem to be having a positive effect in as much as deals are getting done albeit at still falling prices. Generally it appears that so far during 2011 values of capes have fallen in the range 10% for resales up to about 19% for 15 year old units. Until recently we would have said that panamax values had fallen by about the same margins or less during 2011, however if last weeks sale (on sellers subjects for 20 days) of the 2011 Hudong built, dwt ''Maddalena D'Amato'' is confirmed at about $18 million), that would show a huge 40% value reduction against the sale of a sister vessel in only May of this year at about $31 million... We are reporting a number of large (region teu) second hand Container ship sales last week to Greek owners who must be thinking the timing and prices of same are now good business. Lastly, it was another busy week in the demolition sector with India and Bangladesh both reportedly taking plenty more tonnage (wet and dry) and rates remaining very strong mainly in the $ range. China is also still active in the $ range. 1

2 QASEH 7,000 03/2008 ZHEJIANG, TANKERS HULL DH 4.50M UNDISCLOSED COMBO GEAR / PUMPS - NO SALES REPORTED THIS WEEK - GAS CBM - NO SALES REPORTED THIS WEEK - BALTIC TANKER INDICES Week BDTI 10 BCTI 10 BDTI 11 BCTI 11 2

3 BULKERS GEAR CAPESIZE / VLOC SANKO PARTNER 180,200 09/2011 HARMONIOUS 174,234 01/2007 IMABARI, SHANGHAI, M GREEK M DANISH (LAURITZEN BULKERS) PANAMAX / POST-PANAMAX MADDALENA D AMATO TRIDENT ENDEAVOUR 74,716 02/ ,788 03/1990 HUDONG, HYUNDAI, GLESS 18.00M UNDISCLOSED SUB TO BANK APPROVAL GLESS 10.60M EU BASED UNDER NEGOS HANDYMAX / SUPRAMAX WIKING 57,000 09/2011 FREEDOM LILLY 56,056 03/2005 SEA HOPE 48,512 08/1998 HANTONG, MITSUI, SASNOYAS, CR4x30T 27.75M CHINESE CR4x30T 25.00M GREEK CR4x25T 16.00M CHINESE (TIANJIN GUARDIAN) HANDIES AFRICAN ALTAIR 37,300 06/2011 TRITON 34,000 07/2011 NEW ALLIANCE 27,904 07/1996 SHANDONG, 21ST CENTURY, HAKODATE, CR4x30T 23.60M EU BASED CR4x30T 26.00M GREEK CR4x30.5T 13.00M TURKISH SMALL BULKERS - NO SALES REPORTED THIS WEEK - 3

4 BALTIC DRY INDICES BDI 11 BCI 11 BPI 11 BSI 11 BHSI 11 BDI 10 BCI 10 BPI 10 BSI 10 BHSI 10 Week 4

5 INDICATIVE REPORTED FIXTURES RATE CHARTERERS DURATION LOS ANGELES , $/D EDF 46/50 MONTHS PHILADELPHIA , $/D EDF 44/50 MONTHS GOLDEN ZHEJIANG , $/D SWISS MARINE RED JASMINE , $/D WBC 22/24 MONTHS AVAX , $/D CARGILL ECOSTAR G O , $/D GMI ROSCO OLIVE , $/D EDF AS VARESIA , $/D CROSSBRIDGE 110 DAYS YUAN NING SEA ,580 16,800$/D SOLYM CARRIERS BALTIC DRY INDICES BDI BCI BPI BSI BHSI PREVIOUS WEEK CURRENT WEEK + /

6 TONGFANG JIANGXIN JX625 TONGFANG JIANGXIN JX625 TWEEN / MPP / GENERAL CARGO 19,000 07/ ,000 07/2011 JIUJIANG, JIUJIANG, GEAR CR2x40T 27.80M DANISH EN BLOC CR2x40T 27.80M DANISH MSC MESSINIA MSC ULSAN 85,824 06/ ,785 12/2002 CONTAINER GEAR TEU HYUNDAI, SAMHO, M GREEK M GREEK INCL BB BACK TO MSC FOR 10 YRS INCL TC FOR 5 YRS TO MSC OOCL BRITAIN OOCL OOCL SINGAPORE OOCL NETHERLA NDS P+O NEDLLOYD COLERIDGE 67,958 03/ ,752 02/ ,473 08/ ,473 12/ ,340 09/1994 YI FA 6,832 08/1994 LILLY MITCHELL JOHN MITCHELL 5,401 09/1993 5,273 05/1997 MITSUBISHI, MITSUBISHI, MITSUBISHI, MITSUBISHI, MTW, GERMANY DAESUN, PETERS, GERMANY ELBEWERFT, GERMANY M M M M GREEK (TECHNOMAR) GREEK (TECHNOMAR) GREEK (TECHNOMAR) GREEK (TECHNOMAR) CR3x40T M BRAZILIAN GLESS M CHINESE EN BLOC / INCL 4 YRS TC BACK INCL 4 YRS TC BACK INCL 4 YRS TC BACK INCL 4 YRS TC BACK GLESS M TURKISH VIA AUCTION GLESS M TURKICH VIA AUCTION MONTERREY 9,952 04/1991 MATHIAS, GERMANY REEF REEF. CAP/TY 470,607 GEAR DR2x10T DR7x5T 4.10M CHINESE CLARA DEL MAR 7,341 10/2007 PCC/ RORO / PASS MAWEI, CARS/ LM PAX COMMENT M SPANISH VIA AUCTION 6

7 TYPE DEMOLITION LDT USD/LT SOLD TO ALSTER N COMBO 305, , BANGLADESH - BW ARA TANK 290, , BANGLADESH AS IS MALAYSIA TAKAMA TANK 266, , BANGLADESH AS IS MALAYSIA TINOS TANK 260, , BANGLADESH - TITAN CHIOS TANK 239, , PAKISTAN - COASTAL VENUS KOREA SUNNYHILL TANK 95, , BANGLADESH AS IS SINGAPORE INCL 300 T IFO TANK 30, , EVER BRIGHT BULK 148, , INDIA - GOLDEN HUAXI HISTRIA DIAMOND BULK 145, , BANGLADESH - BULK 84, , INDIA - ZHEN HUA 5 BULK 53, , OLD SALE ALAKNANDA BULK 47, , INDIA - MENTOR BULK 34, , PAKISTAN - GLORY I BULK 30, , BANGLADESH UNDER TOW ATRA 1 BULK 8, , INDIA - ATLANTIC LEADER TWEEN 19, , INDIA - NORD GAIN TWEEN 12, , INDIA AS IS HALDIA TYPE DELY NEWBUILDINGS BULK 97, /14 IHI P+C DAIICHI CHUO KISEAN KAISHA 3 UNITS / NEW E FUTURE DESIGN BULK 58, /13 NANTONG COSCO P+C JOSCO 2 UNITS BULK 58, NANTONG COSCO P+C KUMIAI SENPAKU 2 UNITS BULK 58, NANTONG COSCO P+C MITSUBISHI CORP 2 UNITS BULK 35, CHENGXI P+C CSL GROUP LNG 155,000 CBM 2 UNITS / SELF UNLOADER 2014/15 HYUNDAI HI 200M BW MARITIME 2+2 OPTION 7

8 MARKET RATES BRENT GBP USD USD K WON USD YEN EURO USD PREVIOUS WEEK , CURRENT WEEK + / ,