WEEKLY MARKET REPORT August 31st, 2012 / Week 35

LY MARKET REPORT August 31st, 2012 / Week 35 The news of the week is the deal involving the sale of Vales' 10 VLOCs which we had sold to them back in 2009-2010 as VLCCs from Vela and were subsequently converted to ore carriers. Vale's announcement stated that they signed an agreement to sell the 10 vessels for US$ 600 million enbloc to Polaris Shipping (Korea) and all of the will be chartered back to Vale under long-term charter contracts. The market this week was volatile and struggling to find a floor. All eyes are on the capesizes where on Tuesday there was a marked increase of 58 points and overall this week the BCI ended over 4% higher. On the other hand panamaxes were under constant pressure throughout the week with the BPI ending over 11% lower. The BSI remained practically unchanged and the smaller handy sector lost over 3%. In general, S&P activity is limited with fewer enquiries which is understandable under the present market conditions. Many buyers are taking a wait and see attitude but at the same time there are not that many quality ships available for sale. Nevertheless, we are reporting some interesting sales. The prompt resale capesize BULK LOYALTY (176,000 dwt / delivery 2012) has been committed for US$ 37 million to Greeks whilst the older cape DONG-A ARES (151,439 dwt / blt 1994 CSBC) has been sold to Koreans for US$ 8 million. In the handymax/supramax sector we are reporting the prompt resale supra ROSANNA D (58,000 dwt / delivery 2012) for US$ 22 million whilst the late 90's built handymax OCEAN BRIDGE (45,766 dwt / blt 1998 Japan) has been sold to Greeks for US$ 9 million. Lastly,in the smaller sector the IVS KESTREL (32,537 dwt / blt 2002 Japan) has been sold to Far Eastern buyers for US$ 11 million net whilst the SANKO VEGA (31,570 dwt / delivery 2012 Japan) has been sold by the yard to Taiwanese buyers for US$ 22 million after Sanko (who has ordered the vessel originally) was unable to take delivery. In the tanker sector activity centered on smaller chemical/product carriers. Surprisingly this week, we are reporting a good number of bulkcarrier orders, two Ultramaxes in China for US$ 25.5 million each, as well as 4 handysize bulkers in Namura Japan for US$ 21 million. It is nice to see healthy demolition activity this week, with solid price levels and a good number of Vessels mainly in the sub-continent. India has taken the lion's share this week with Bangladesh closely following. China, Pakistan and Turkey were also present but with limited activity. TANKERS LPG MUSASHI GLORIA 49,255/93 - KAWASAKI - B&W 12,401 - SBT - IGS - 75,358 CBM Sold for $25 mill. to undisclosed buyers. WeberSeas, Weekly Market Report Page 1 of 10

PENNSYLVANIA 45,760/Oct-12 - U.S.A. - B&W 11,665 - COATED - COILED - SBT - IGS - DH FLORIDA 45,760/Mar-13 - U.S.A. - B&W 14,439 - COATED - COILED - SBT - IGS - DH Sold enbloc for $45 mill. each to American buyers. BOW VIKING 33,644/81 - NORWAY - B&W 13,100 - COATED - COILED - SBT - DH - SS 06/2016 DD 07/2014 Sold for $4.0 mill. to undisclosed buyers. PUSPAWATI 19,999/08 - KURUSHIMA - B&W 8,362 - ST. ST. COATING - COILED - SBT - IGS - DH SS/DD 01/2013 Sold for $23 mill. to German buyers. BOW EUROPE 19,728/05 - FUKUOKA - B&W 8,362 - ST. ST. COATING - COILED - SBT - IGS - DH SS 08/2015, DD 08/2013 Sold on private terms to Israeli buyers. ORIENTAL CHEMI 8,416/90 - ASAKAWA - MIT 4,201 - COATED - COILED - SBT - DH - SS 08/2015 DD 08/2013 Sold for 3.1 mill. to Middle Eastern buyers. SAMPURNA ABIDIN 6,360/07 -ZHEJIANG DONGPENG - CHINESE TYPE 2,640 - COATED - COILED SBT - DH - SS 07/2016, DD 09/2014 Sold for 3.05 mill. to South American buyers. LPG GASCHEM TANA 9,436/92 - GERMANY - B&W 7,342 - SBT - IGS - 8,239 CBM Sold for 3.05 mill. to South American buyers. LPG ALBANE 8,191/02 - KANDA - B&W 6,949 - SBT - IGS - 8,551 CBM Sold on private terms to Norwegian buyers. Sale including 5 years bareboat back. BULKERS ORE GORO 305,846/94 - NKK - SUL 27,505-7 HH - SS 10/2010, DD 07/2013 ORE CAUE 305,668/94 - NKK - SUL 27,505-7 HH - SS 09/2010, DD 07/2013 ORE CORUMBA 301,389/95 - HYUNDAI - B&W 31,919-7 HH - SS 12/2011, DD 12/2014 ORE ITAGUAI 298,806/94 - HYUNDAI - B&W 31,919-7 HH - SS 10/2011, DD 09/2014 ORE PAQUETA 298,624/94 - HYUNDAI - B&W 31,919-7 HH - SS 12/2011, DD 11/2014 ORE SANTOS 298,445/94 - HYUNDAI - B&W 31,919-7 HH - SS 12/2011, DD 11/2014 ORE PARATI 298,338/94 - HYUNDAI - B&W 31,919-7 HH - SS 09/2011, DD 09/2014 ORE FAZENDAO 291,435/94 - MITSUBISHI - MIT 28,010-7 HH - SS 01/2011, DD 01/2014 ORE SALOBO 291,435/93 - MITSUBISHI - MIT 28,000-7 HH - SS 04/2011, DD 04/2014 ORE URUCUM 291,435/93- MITSUBISHI - MIT 28,000-7 HH - SS 05/2011, DD 05/2014 Sold enbloc for $600 mill. to Korean buyers. (Polaris Shipping Co. Ltd). Sale includes long term T/C back contracts. BULK LOYALTY 176,000/12 - JINHAI - B&W 22,923-9 HH Sold for $37 mill.to Greek buyers. DONG-A ARES 151,439/94 - CSBC - B&W 15,363-9HH - SS 08/2014, DD 09/2012 Sold for $ 8 mill. to South Korean buyers. (Samsun Logix). WeberSeas, Weekly Market Report Page 2 of 10

HELLENIC SEA 65,434/91 - JIANGNAN - B&W 12,850-7HH - SS 11/2015, DD 11/2013 Sold for $5.3 mill. to Greek buyers. ROSANNA D 58,000/Oct-12 -YANGZHOU DAYANG - B&W 12,889-5HH - C 4X35T Sold for $22 mill. to undisclosed buyers. ROTTERDAM TRADER 51,356/98 - HYUNDAI - B&W 15,601-6HH - C 3X15T - SS/DD 01/2013 Sold on private terms to Hong Kong based buyers. (Woodchip carrier) OCEAN BRIDGE 45,766/98 - TSUNEISHI - B&W 9,751-5HH - C 4X25T - SS/DD 01/2013 Sold for $9 mill.to Greek buyers. IVS KESTREL 32,537/02 - KANDA - MIT 9,001-5HH - C 4X30T - SS/DD 09/2012 Sold for $11 mill.to Singapore buyers (Pacific Basin). SANKO VEGA 31,570/Oct-12 - HAKODATE - MIT 10,156-5HH - C 4X30T Sold for $22 mill. to Taiwanese buyers (Shin Wei). CONTAINERS HANSA BERLIN 12,582/99 - POLAND - B&W 9,422-4HO 7HA - C 2X40T - 1,016 TEU Sold for $3 mill. to Malaysian buyers. FRESH FOR SALE TANKERS "KRONBORG" 40,208/07 - SLS - B&W 11,640 - COATED - COILED -SBT - IGS - COW - DH Vessel may be inspectable in Europe within the next 12 days. BULKERS "TORM SALTHOLM" 83,685/08 - SANOYAS - B&W 14,602-7HH Vessel will be inspectable in Yokkaichi, Japan on 12th and 13th September. "JIANGSU EASTERN JEHIC10-803" 82,000/12 - JIANGSU - B&W 18,179-7HH Vessel is currently inspectable in Jiangsu Eastern Shipyard, China. "CROWN STAR" 76,662/02 - IMABARI - B&W 14,031-7HH Vessel will be inspectable in China between 4th and 8th September. "GOOD DAY" 53,000/12 - INDIA - WARTSILA 13,215-5HH - C 4X36T Vessel is regularly inspectable within the Indian coast where she is trading. CONTAINERS "NORTHERN HARMONY" 20,2/94 - DAEWOO - B&W 15,601-6HH - C 2X40T - 1,709 TEU Vessel will be inspectable in Singapore on 3rd and 4th September. WeberSeas, Weekly Market Report Page 3 of 10

DEMOLITION DEMOLITION STATISTICS TYPE OF SHIP THIS DATE 2012 THIS DATE 2011 2011 TOTAL 2010 TOTAL ULCC/VLCC 8 6 14 14 SUEZMAX 13 2 4 10 AFRAMAX 21 11 24 14 PANAMAX TANKER 1 2 5 10 CAPE/COMBO (100,000 dwt +) 44 60 15 PANAMAX/KAMSARMAX BULKER 58 37 54 6 LOCATION TANKERS BULK CARRIERS CHINA 340-355 325-335 INDIA 440-455 425-445 BANGLADESH 445-460 420-440 PAKISTAN 430-440 415-435 DEMOLITION: INDIA M/V SUBIC STAR CONT NORTHERN DIGNITY CONT NORTHERN VITALITY M/V ORIGINATOR M/V DOVER CONT TIGER SKY CONT VESTFOLD M/V VICTORIA M/V AIUD 64,964/84-11,889 LDT - USD 450/LDT 45,217/95-14,435 LDT - USD 455/LDT 40,080/97-11,106 LDT - USD 375/LDT 38,594/85-7,750 LDT - USD 435/LDT 38,097/81-9,106 LDT - USD 438/LDT 22,246/94-7,135 LDT - USD 435/LDT 19,984/92-8,016 LDT - USD 440/LDT 16,653/79-5,150 LDT - USD 428/LDT 14,7/88-6,7 LDT - on private terms BANGLADESH M/V GLORYSUN M/V UNITED 71,229/82-14,135 LDT - USD 415/LDT,245/93-13,755 LDT - USD 440/LDT WeberSeas, Weekly Market Report Page 4 of 10

M/V JOANNA A M/V OCEANLINE 1 36,537/85-8,020 LDT - USD 424/LDT 27,386/78-7,512 LDT - USD 415/LDT PAKISTAN M/T NAROVA 143,895/92-10,931 LDT - USD 435/LDT CHINA M/V HONG Q1 204 M/V RU YI 19,131/81-6,157 LDT - USD 290/LDT 17,556/81-7,480 LDT - USD 290/LDT TURKEY LPG OPTIMUS CONT SAINT ANDREAS 7,734/85-3,500 LDT - USD 355/LDT 4,694/83-2,866 LDT - USD 346/LDT WeberSeas, Weekly Market Report Page 5 of 10

TYPE OF SHIP NEWBUILDING STATISTICS 2012 2013 2014 2015 2016 * TOTAL ORDERBOOK ULCC/VLCC 31 40 11 3 1 86 SUEZMAX 26 35 10 5 4 80 AFRAMAX 17 32 21 7 2 79 PANAMAX 13 33 31 10 87 MR 84 54 13 4 207 10-35,000 DWT 49 43 15 107 CAPESIZE/ MINI CAPE / VLOC 80-100,000 DWT 96 109 29 6 240 151 149 57 16 2 375 PANAMAX 80 102 16 198 SUPRAMAX / HANDYMAX 191 202 56 7 2 458 HANDYSIZE 142 208 51 27 3 431 * Includes ALL vessels on order NEWBUILDING CONTRACTS No Size Type Yard Delivery Price (mill) Owners Comments 2 63,000 dwt Bulker Sinopacific 2013 $25.5 Italian Sub financing 4 34,000 dwt Bulker Namura 2014/15 $21 Wisdom Marine WeberSeas, Weekly Market Report Page 6 of 10

BALTIC DRY EX RATES THIS LAST % Baltic Dry Index 703 717-14 -1.95% Baltic Capesize 1172 1124 48 4.27% Baltic Panamax 735 828-93 -11.23% Baltic Supramax 857 853 4 0.47% Baltic Handysize 459 474-15 -3.16% 14000 12000 10000 8000 6000 4000 2000 0 25000 20000 15000 10000 5000 7-Jan-05 7-Apr-05 7-Jul-05 0 14000 12000 10000 21-Jan-05 21-Apr-05 21-Jul-05 8000 6000 4000 2000 0 04-Feb-05 04-May-05 04-Aug-05 7-Oct-05 7-Jan-06 7-Apr-06 7-Jul-06 7-Oct-06 7-Jan-07 7-Apr-07 7-Jul-07 7-Oct-07 7-Jan-08 7-Apr-08 7-Jul-08 7-Oct-08 7-Jan-09 21-Oct-05 21-Jan-06 21-Apr-06 21-Jul-06 21-Oct-06 21-Jan-07 21-Apr-07 21-Jul-07 21-Oct-07 21-Jan-08 21-Apr-08 21-Jul-08 21-Oct-08 04-Nov-05 04-Feb-06 04-May-06 04-Aug-06 04-Nov-06 04-Feb-07 04-May-07 04-Aug-07 04-Nov-07 04-Feb-08 04-May-08 04-Aug-08 04-Nov-08 7-Apr-09 7-Jul-09 7-Oct-09 7-Jan-10 7-Apr-10 7-Jul-10 7-Oct-10 7-Jan-11 7-Apr-11 7-Jul-11 7-Oct-11 7-Jan-12 7-Apr-12 7-Jul-12 WeberSeas, Weekly Market Report Page 7 of 10 BDI 21-Jan-09 21-Apr-09 BCI 04-Feb-09 04-May-09 BPI 21-Jul-09 21-Oct-09 21-Jan-10 21-Apr-10 21-Jul-10 21-Oct-10 21-Jan-11 21-Apr-11 21-Jul-11 21-Oct-11 21-Jan-12 21-Apr-12 21-Jul-12 04-Aug-09 04-Nov-09 04-Feb-10 04-May-10 04-Aug-10 04-Nov-10 04-Feb-11 04-May-11 04-Aug-11 04-Nov-11 04-Feb-12 04-May-12 04-Aug-12

BALTIC WET EX RATES THIS LAST % Baltic Clean Tanker 581 579 2 0.35% Baltic Dirty Tanker 627 618 9 1.46% 2,500 2,000 1,500 1,000 500 0 14-Jan-05 18-Mar-05 25-May-05 2,500 2,000 1,500 1,000 500 0 14-Jan-05 18-Mar-05 25-May-05 28-Jul-05 30-Sep-05 2-Dec-05 13-Feb-06 19-Apr-06 23-Jun-06 25-Aug-06 30-Oct-06 9-Jan-07 13-Mar-07 15-May-07 17-Jul-07 19-Sep-07 21-Nov-07 31/01/2008 8-Apr-08 12-Jun-08 21-Aug-08 24-Oct-08 12-Jan-09 28-Jul-05 30-Sep-05 2-Dec-05 13-Feb-06 19-Apr-06 23-Jun-06 25-Aug-06 30-Oct-06 9-Jan-07 13-Mar-07 15-May-07 17-Jul-07 19-Sep-07 21-Nov-07 31/01/2008 8-Apr-08 12-Jun-08 21-Aug-08 24-Oct-08 12-Jan-09 16-Mar-09 21-May-09 24-Jul-09 BCTI 16-Mar-09 21-May-09 24-Jul-09 BDTI 28-Sep-09 30-Nov-09 10-Feb-10 16-Apr-10 22-Jun-10 24-Aug-10 27-Oct-10 06-Jan-11 10-Mar-11 12-May-11 15-Jul-11 19-Sep-11 21-Nov-11 31-Jan-12 3-Apr-12 12-Jun-12 28-Sep-09 30-Nov-09 10-Feb-10 16-Apr-10 22-Jun-10 24-Aug-10 27-Oct-10 06-Jan-11 10-Mar-11 12-May-11 15-Jul-11 19-Sep-11 21-Nov-11 31-Jan-12 3-Apr-12 12-Jun-12 WeberSeas, Weekly Market Report Page 8 of 10

MAJOR CAPITAL MARKETS INDEX THIS * LAST * % S HIGH S LOW DOW JONES 13,020.96 13,057.46-36.50-0.28% 13,338.70 10,404.50 NASDAQ 2,753.74 2,762.02-8.28-0.30% 2,802.91 2,042.90 AIM 672.70 683.10-10.40-1.% 829.10 657.80 NIKKEI 8,983.78 9,178.12-194.34-2.12% 10,255.20 8,135.79 PUBLIC COMPANIES NAME SYMBOL DRY-CARGO SECTOR THIS * LAST * % HIGH LOW DIANA DSX 6.50 6.93-0.43-6.20% 10.19 5.89 DRYSHIPS DRYS 2.20 2.30-0.10-4.35% 3.84 1.75 EAGLE BULK EGLE 2.89 3.01-0.12-3.99% 9.80 2.51 EXCEL MARITIME EXM 0.50 0. -0.02-3.85% 3.30 0.40 GENCO GNK 2.93 3.15-0.22-6.98% 10.14 2.09 GOLDENPORT HOLDINGS GPRT.L 53.00 56.00-3.00-5.36% 91.00 55.00 NAVIOS HOLDINGS NM 3.46 3.60-0.14-3.89% 4.49 2.88 NAME SYMBOL TANKER/ENERGY SECTOR THIS * LAST * % HIGH LOW CAPITAL PRODUCT PARTNERS CPLP 7.83 7.70 0.13 1.69% 8.80 5.26 STEALTHGAS GASS 6.14 6.15-0.01-0.16% 6.72 3.5 TEN TNP 5.39 5.42-0.03-0.55% 9.14 4.71 NAME SYMBOL CONTAINER SECTOR THIS * LAST * % HIGH LOW DANAOS DAC 3.55 3.98-0.43-10.80% 4.88 2.43 * Prices reflect Thursday s closing values. Prices in US$ except for Goldenport Holdings which is in GBP. WeberSeas, Weekly Market Report Page 9 of 10

RATES OF EX THIS LAST % Euro / $ 1.2627 1.2551 0.0076 0.61% Sterling / $ 1.5890 1.5814 0.0076 0.48% $ / Yen 78.245 78.615-0.370-0.47% $ / Nok 5.7744 5.8168-0.04-0.73% $ / Won 1,133.86 1,135.11-1.25-0.11% Brent Crude 113.26 115.01-1.75-1.% LIBOR (3-month) 0.42% 0.43% -0.01-2.33% ESTIMATED VALUES* TANKERS PROMPT RESALE 5 YEARS 10 YEARS 20 YEARS VLCC $91.0m $58.0m $30.0m $20.0m Suezmax $57.0m $45.0m $25.0m $10.5m Aframax $40.0m $29.0m $18.5m $8.0m Panamax $37.0m $27.5m $17.0m $7.0m Product $32.0m $21.5m $15.0m $4.5m BULK CARRIERS PROMPT RESALE 5 YEARS 10 YEARS 20 YEARS Capesize $40.0m $31.0m $22.0m $8.0m Panamax/Kamsarmax $29.0m $23.0m $15.5m $7.5m Supramax/Handymax $25.0m $20.0m $16.00m $6.5m * 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 VLCC (300,000 dwt) 19,750/D 23,750/D SUEZMAX (150,000 dwt) 16,750/D 19,500/D AFRAMAX (110,00 dwt) 13,500/D 16,000/D PANAMAX (72,000 dwt) 12,750/D 14,250/D MR (45-50,000 dwt) 13,500/D 14,500/D * The above figures are representative rates for modern tankers only. BUNKER PRICES FUEL GRADES ROTTERDAM FUJAIRAH PIRAEUS SINGAPORE 380cst: $650.50 $685.00 $665.50 $672.50 180cst: $675.00 $708,00 $757.00 $684.00 MGO: $985.00 $1025.00 $1006.50 $985.00 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. 2012 WEBERSEAS (HELLAS) S.A. All Rights Reserved WeberSeas, Weekly Market Report Page 10 of 10