WEEKLY MARKET REPORT November 12th, 2010 / Week 45

WEEKLY MARKET REPORT November 12th, 2010 / Week 45 Another week in the red with the capesize market dragging the BDI to the 2,300 point mark. The BDI lost over 7% whilst the capesize was down almost 10%. The panamax segment was the only sector that managed to end the week positively gaining 2.65% but early gains between Monday and Wednesday were eroded by the end of the week. Despite the market's negativeness, activity remains relatively high with a good number of purchase enquiries for bulkers of all sizes and ages. There are a large number of Far Eastern buyers looking for mid 80's built handymax bulkers however, these buyers are tracking the market downwards and they are not willing to pay the asking prices. Therefore, there is a large number of these ships in the market and they are not getting sold and thus the prices are coming under pressure. On the more modern tonnage (mid/late 90's onwards) prices seem to be holding for the time being. Notable sales reported are the sale of the MEDI CORK (53,5 Dwt / blt 2004 Japan) sold to Vietnamese buyers for US$ 33.8 million and a capesize re-sale (180,000 dwt / delivery December 2010 Daehan Korea) sold to Greeks for US$ 63.5 million. Activity in the tanker market is very limited as the freight market is very negative and there are few buyers willing to move. Prices are under pressure and only the serious sellers are able to find buyers. A prime example is the sale of the product tankers MOUNT OLYMPUS and MOUNT MCKINNEY (both about 40,000 dwt and built 2003/2004 respectively in Japan) at US$ 24.5 and 25.0 million each. These are favorable prices for the buyers. We are also reporting a large en bloc deal of US$ 174 million which Stolt Nielsen paid for 4 large stainless steel chemical tankers (two of which Stolt had on charter with purchase options which they exercised. There is little activity in the demolition market however, the sale of two capesize bulkers (blt 1981 and 1989) in China is perhaps a sign of things to come for the elderly capesize bulkers which are struggling to find good employment and have surveys coming up. At least the prices were in excess of US$ 400 per ldt providing a good incentive for the owners to sell. Bangladesh is still inactive and thus Pakistan remains the preferred option for the tankers which are seeing numbers in the high 460's level. WeberSeas, Weekly Market Report Page 1 of 11

TANKERS LPG NOTO GLORIA 49,412/92 - KAWASAKI - B&W 12,401 - IGS - 75,203 CBM Sold on private terms to undisclosed buyers. MOUNT OLYMPUS 40,011/03 - SAIKI - MIT 10,850 - COILED - COATED - IGS - SBT - COW - DH SS 11/2013, DD 10/2011 MOUNT MCKINNEY 39,997/04 - SAIKI - MIT 10,850 - COILED - COATED - IGS - SBT - COW - DH SS 01/2014, DD 02/2012 Sold en bloc on subs for $24.5 & 25 mill. respectively to undisclosed buyers. BOW FAVOUR 37,467/01 - NORWAY - B&W 14,160 - COILED - ST. ST. COATING - IGS - SBT - COW DH - SS/DD 09/2011 BOW CENTURY 37,438/00 - NORWAY - B&W 14,160 - COILED - ST. ST. COATING - IGS - SBT COW - DH - SS 01/2015, DD 01/2013 STOLT GLORY 33,302/05 - KURUSHIMA - B&W 10,850 - COILED - ST. ST. COATING - IGS - SBT COW - DH - SS 06/2015, DD 06/2013 STOLT STRENGTH 33,209/05 - KURUSHIMA - B&W 10,850 - COILED - ST. ST. COATING - IGS SBT - COW - DH - SS 11/2015, DD 09/2013 Sold en bloc for $174 mill. to Dutch based buyers (Stolt Nielsen). The buyers currently have Stolt Glory and Stolt Strength on t/c, and for the acquisition they exercised purchase options which they were entitled to. GOLDEN KAORI 9,224/98 - HIGAKI - MIT 4,900 - COILED - COATED - IGS - DH - SS 09/2013 DD 02/2011 Sold for $5.5 mill. to undisclosed buyers. FORTH BRIDGE 5,500/92 - U.K. - MAK 2,998 - COILED - COATED - IGS - DH - SS 10/2012 DD 10/2010 Sold for $2 mill. to undisclosed buyers basis DD due. TRANS SUND 4,794/91 - DENMARK - MAK 4,492 - COILED - ST. ST COATING - IGS - DH SS/DD 07/2011 TRANS VIK 4,739/91 - DENMARK - MAK 4,492 - COILED - ST. ST COATING - IGS - DH SS/DD 06/2011 Sold en bloc for $11 mill. each to Russian buyers (Gazprom). BULKERS DAEHAN RESALE 180,000/Dec-10 - DAEHAN - B&W 25,370-9HH Sold for $63.5 mill. to Greek buyers. BENEDETTA D AMATO 95,500/10 - JIANGSU NEW YANGZIJIAN - B&W 18,436-7HH Sold on subs for $46 mill. to undisclosed buyers. Sale includes t/c attached for about 74 months at $21,400/day. GOLDEN SHADOW 73,732/97 - SUMITOMO - SUL 11,400-7HH - SS 12/2012, DD 12/2010 Sold for $26.7 mill. to undisclosed buyers. MARITIME WISDOM 73,657/93 - OSHIMA - SUL 12,300-7HH - C 4X30T - SS 03/2013, DD 04/2011 Sold for $22 mill. to Chinese buyers. WeberSeas, Weekly Market Report Page 2 of 11

STEFANIA 64,848/81 - HITACHI - SUL 14,401-7HH - SS 08/2013, DD 08/2011 Sold for $6.2 mill. to Chinese buyers. ZHENGHE RESALE 57,000/Q2-11 - ZHENGHE - B&W 12,889-5HH - C 4X30T ZHENGHE RESALE 57,000/Q3-11 - ZHENGHE - B&W 12,889-5HH - C 4X30T Sold en bloc for $61 mill. to Norwegian buyers (Ship Finance International). MEDI CORK 53,5/04 - IMABARI - B&W 12,889-5HH - C 4X30.5T - SS 11/2013, DD 11/2011 Sold for $33.8 mill. to Vietnamese buyers (Vietnam Ocean Shipping Company). SYRENA 47,139/97 - POLAND - SUL 11,789-5HH - C 4X35T - SS/DD 09/2012 Sold for $21.5 mill. to Bangladeshi buyers, with DD passed in September 2010. THOR LOTUS 35,348/85 - KOREA SHIPB. - SUL 8,160-5HH - C 4X25T - SS 12/2012, DD 11/2010 Sold for $7.3 mill. to undisclosed buyers basis DD due. (old sale) BRAZILIAN CONFIDENCE 27,939/85 - SUMITOMO - SUL 7,501-7HO 6HA - C 3X25T - SS 04/2015 DD 02/2013 Sold for $7.2 mill. to undisclosed buyers. BOSPHORUS QUEEN 27,167/86 - USUKI - MIT 7,171-5HH - C 4X30T Sold for $7.2 mill. to undisclosed buyers. ROYAL CRYSTAL 24,872/84 - KURUSHIMA - MIT 7,699-5HH - C 4X25T - SS 07/2014, DD 02/2012 Sold for $6.25 mill. to undisclosed buyers. SIROCCO 5,196/97 - JIANGXI - MAK 5,384-1HH - C 2X40T - SS 01/2013, DD 02/2011 Sold for $2.7 mill. to undisclosed buyers. CONTAINERS CLIFTON BRIDGE 47,539/88 - KAWASAKI - B&W 41,602-7HO 17HA - 3,720 TEU Sold for $8.1 mill. to undisclosed buyers. SIAM 1 15,381/96 - IWAGI - B&W 11,641-4HO 7HA - 1,008 TEU Sold for $8 mill. to Far Eastern buyers. CARAVELLE 14,643/96 - GERMANY - SUL 14,847-4HO 7HA - C 2X45T - 1,122 TEU Sold for $8.8 mill. to undisclosed buyers. WeberSeas, Weekly Market Report Page 3 of 11

FRESH FOR SALE TANKERS ANTARES VOYAGER 309,996/98 - SAMSUNG - B&W 34,6 - IGS - SBT - COW - DH Vessel will be inspectable at/off Singapore around 7th December. BULKERS SEAPACE 57,000/10 - TAIZHOU SANFU - B&W 12,889-5HH - C 4X36T Vessel inspectable in Singapore until 13th November. WeberSeas, Weekly Market Report Page 4 of 11

DEMOLITION DEMOLITION STATISTICS TYPE OF SHIP THIS DATE 2010 THIS DATE 2009 2009 TOTAL 2008 TOTAL ULCC/VLCC 13 9 10 6 SUEZMAX 8 4 5 1 AFRAMAX 11 9 12 7 PANAMAX TANKER 10 7 8 9 CAPE/COMBO (100,000 dwt +) 14 5 5 8 PANAMAX/KAMSARMAX BULKER 3 21 21 19 LOCATION TANKERS BULK CARRIERS CHINA 420 400 INDIA 465 430 BANGLADESH N/A N/A PAKISTAN 465 420 DEMOLITION: INDIA M/V STAR CARRIER (cement carrier) M/V PHUC HAI MOON Ro-Ro DUCKY SYMPHONY Ro-RO CARIBBAN CARRIER Ro-Pax SNAV CAMPANIA Ro-Pax SNAV SICILIA 35,218/83-9,710 LDT - USD 455/LDT 34,227/79-7,732 LDT - sold on private terms 6,906/79-5,669 LDT - USD 430/LDT 6,704/83-5,390 LDT - sold on private terms 5,341/74-11,510 LDT - sold on private terms 5,280/74-11,510 LDT - sold on private terms PAKISTAN M/T SWAT M/T SEA PRINCE I 86,593/85-15,463 LDT - USD 463/LDT 31,000/81-7,761 LDT - USD 470/LDT CHINA M/V FIVE STARS GLORY M/V JIANMAO 1 146,387/89-18,803 LDT - USD 415/LDT 127,907/81-20,051 LDT - USD 405/LDT WeberSeas, Weekly Market Report Page 5 of 11

TYPE OF SHIP * Includes ALL vessels on order NEWBUILDING STATISTICS 2010 2011 2012 2013 2014 * TOTAL ORDERBOOK ULCC/VLCC 18 70 50 34 9 181 SUEZMAX 19 54 55 19 2 149 AFRAMAX 17 71 48 16 2 154 PANAMAX 9 38 13 17 3 80 MR 47 114 64 22 247 10-35,000 DWT 68 135 43 13 259 CAPESIZE/ MINI CAPE / VLOC 80-100,000 DWT 64 325 174 5 620 42 259 218 46 13 578 PANAMAX 31 111 65 18 225 SUPRAMAX / HANDYMAX 135 408 237 56 836 HANDYSIZE 120 327 161 58 11 677 18 NEWBUILDING CONTRACTS No Size Type Yard Delivery Price (mill) Owners Comments 3 95,000 dwt Bulker Imabari 2014/15 n/a N.Y.K. 2 35,000 dwt Bulker Zhejiang Yangfan 2013 $26 Cobelfret 1 54,000 dwt LPG Mitsubishi H.I. 2012 n/a Astomos Energy Corp. 80,000 cbm 2 20,000 dwt MPP Hudong Zhonghua 2012/13 n/a Beluga Shipping MPP / heavylift +2 options 4 3,800 teu Container Hanjin Subic Bay 2013 n/a Delphis +4 options WeberSeas, Weekly Market Report Page 6 of 11

BALTIC DRY EXCHANGE RATES THIS WEEK LAST WEEK CHANGE CHANGE % Baltic Dry Index 2313 2495-182 -7,29% Baltic Capesize 3612 3994-382 -9,56% Baltic Panamax 2365 2304 61 2,65% Baltic Supramax 1516 1628-112 -6,88% Baltic Handysize 833 856-23 -2,69% 14000 12000 10000 8000 6000 4000 2000 0 25000 20000 15000 10000 5000 4-Jan-05 4-Apr-05 4-Jul-05 0 14000 12000 10000 8000 6000 4000 2000 0 04-Jan-05 4-Jan-05 4-Apr-05 4-Jul-05 4-Oct-05 04-Apr-05 04-Jul-05 04-Oct-05 4-Oct-05 4-Jan-06 4-Apr-06 4-Jul-06 4-Oct-06 4-Jan-07 4-Apr-07 4-Jul-07 4-Oct-07 4-Jan-08 4-Apr-08 4-Jul-08 4-Oct-08 4-Jan-09 4-Apr-09 4-Jul-09 4-Oct-09 4-Jan-10 4-Apr-10 4-Jul-10 4-Oct-10 WeberSeas, Weekly Market Report Page 7 of 11 BDI 4-Jan-06 4-Apr-06 4-Jul-06 4-Oct-06 4-Jan-07 4-Apr-07 4-Jul-07 4-Oct-07 4-Jan-08 BCI 4-Apr-08 4-Jul-08 4-Oct-08 4-Jan-09 4-Apr-09 4-Jul-09 04-Jan-06 04-Apr-06 04-Jul-06 04-Oct-06 04-Jan-07 04-Apr-07 04-Jul-07 04-Oct-07 04-Jan-08 04-Apr-08 04-Jul-08 04-Oct-08 04-Jan-09 04-Apr-09 04-Jul-09 04-Oct-09 04-Jan-10 BPI 4-Oct-09 4-Jan-10 4-Apr-10 4-Jul-10 4-Oct-10 04-Apr-10 04-Jul-10 04-Oct-10

BALTIC WET EXCHANGE RATES THIS WEEK LAST WEEK CHANGE CHANGE % Baltic Clean Tanker 619 600 19 3,17% Baltic Dirty Tanker 803 776 27 3,48% 2.500 2.000 1.500 1.000 500 0 2.500 2.000 1.500 1.000 4-Jan-05 8-Mar-05 13-May-05 500 0 10-Jan-05 14-Mar-05 19-May-05 18-Jul-05 20-Sep-05 22-Nov-05 1-Feb-06 5-Apr-06 13-Jun-06 15-Aug-06 18-Oct-06 20-Dec-06 1-Mar-07 3-May-07 5-Jul-07 7-Sep-07 9-Nov-07 21/01/2008 22-Jul-05 26-Sep-05 28-Nov-05 7-Feb-06 11-Apr-06 19-Jun-06 21-Aug-06 24-Oct-06 3-Jan-07 7-Mar-07 9-May-07 11-Jul-07 13-Sep-07 15-Nov-07 25/01/2008 27-Mar-08 2-Jun-08 BCTI BDTI 2-Apr-08 6-Jun-08 15-Aug-08 20-Oct-08 6-Jan-09 11-Aug-08 14-Oct-08 23-Dec-08 4-Mar-09 11-May-09 14-Jul-09 16-Sep-09 18-Nov-09 29-Jan-10 6-Apr-10 10-Jun-10 12-Aug-10 15-Oct-10 10-Mar-09 15-May-09 20-Jul-09 22-Sep-09 24-Nov-09 4-Feb-10 12-Apr-10 16-Jun-10 18-Aug-10 21-Oct-10 WeberSeas, Weekly Market Report Page 8 of 11

MAJOR CAPITAL MARKETS INDEX THIS WEEK* LAST WEEK* CHANGE CHANGE % WEEKS HIGH WEEKS LOW DOW JONES 11.357,04 11.215,13 141,91 1,27% 11.505,80 9.596,04 NASDAQ 2.555, 2.577,34-21,82-0,85% 2.579,62 2.061,14 AIM 848,90 831,70 17,20 2,07% 848,90 639,40 NIKKEI 9.861,46 9.358,78 502,68 5,37% 11.408,20 8.796,45 NAME SYMBOL PUBLIC COMPANIES DRY-CARGO SECTOR THIS WEEK* LAST WEEK* CHANGE CHANGE % WEEK HIGH WEEK LOW DIANA DSX 13,98 13,36 0,62 4,64% 18,24 10,75 DRYSHIPS DRYS 5,63 4,37 1,26 28,83% 7,30 3,28 EAGLE BULK EGLE 5,71 5,33 0,38 7,13% 6,75 3,91 EXCEL MARITIME EXM 6,51 5,98 0,53 8,86% 8,40 4,59 GENCO GNK 17,24 16,41 0,83 5,06% 29,20 14,20 NAVIOS HOLDINGS NM 6,16 6,09 0,07 1,15% 7,55 4,38 TBS INTERNATIONAL TBSI 4,48 4,25 0,23 5,41% 8,97 3,51 NAME SYMBOL TANKER/ENERGY SECTOR THIS WEEK* LAST WEEK* CHANGE CHANGE % WEEK HIGH WEEK LOW CAPITAL PRODUCT PARTNERS CPLP 8,64 8,62 0,02 0,23% 10,06 5,31 GENERAL MARITIME GMR 4,24 4,40-0,16-3,64% 8,82 3,58 OMEGA NAVIGATION ONAV 1,36 1,30 0,06 4,62% 4,04 1,14 STEALTHGAS GASS 4,99 4,85 0,14 2,89% 7,06 3,93 TEN TNP 10,31 10,10 0,21 2,08% 18,34 9,88 CONTAINER SECTOR NAME SYMBOL THIS LAST CHANGE CHANGE WEEK WEEK WEEK* WEEK* % HIGH LOW DANAOS DAC 4,19 4,58-0,39-8,% 5,25 3,50 * Prices reflect Thursday s closing values. Prices in US$ WeberSeas, Weekly Market Report Page 9 of 11

RATES OF EXCHANGE THIS WEEK LAST WEEK CHANGE CHANGE % Euro / $ 1,3708 1,4104-0,0396-2,81% Sterling / $ 1,6064 1,6234-0,017-1,05% $ / Yen 82,155 81,385 0,770 0,95% $ / Nok 5,9324 5,7853 0,1471 2,54% $ / Won 1.112,45 1.106,80 5,65 0,51% Brent Crude 86,13 86,42-0,29-0,34% LIBOR (3-month) 0,29% 0,29% 0 0,00% ESTIMATED VALUES* TANKERS PROMPT RESALE 5 YEARS 10 YEARS 20 YEARS VLCC $110.0m $86.0m $62.0m (DH) $16.0m Suezmax $70.0m $60.0m $43.0m (DH) $12.5m Aframax $60.0m $48.5m $37.0m (DH) $9.0m Panamax $45.0m $35.0m $20.0m (DH) $7.0m Product $40.0m $29.0m $18.0m (DH) $4.5m BULK CARRIERS PROMPT RESALE 5 YEARS 10 YEARS 20 YEARS Capesize $65.0m $57.0m $46.0m $20.0m Panamax/Kamsarmax $45.0m $40.0m $33.0m $17.5m Supramax/Handymax $36.0m $32.0m $26.0m $13.5m * 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 5 YRS VLCC (300,000 dwt) 29,000/D 35,000/D 37,000/D SUEZMAX (150,000 dwt) 26,000/D 27,000/D 28,000/D AFRAMAX (110,00 dwt) 18,750/D 20,000/D 21,000/D PANAMAX (72,000 dwt) 16,000/D 17,000/D 17,750/D MR (45-50,000 dwt) 13,000/D 14,000/D 14,500/D * The above figures are representative rates for modern tankers only. BUNKER PRICES FUEL GRADES ROTTERDAM FUJAIRAH PIRAEUS SINGAPORE 380cst: $485.00 $499.50 $500.50 $493.50 180cst: $500.00 $515.00 $5.50 $511.50 MGO: $747.50 $745.00 $773.00 $740.00 WeberSeas, Weekly Market Report Page 10 of 11

WEBERSEAS CONTACTS SALE & PURCHASE MOBILE PHONE NUMBER Bobby Mitropoulos 6936-530005 Tom Protonotarios 6936-530006 Nicholas Sfinias 6944-343488 Spyros Karamassis 6945-776757 TANKER CHARTERING Basil Mavroleon 6932-644983 Lefteris Mystriotis 6946-762010 Dionysios Mitsotakis 6936-800320 George Karalis 6948-753725 TANKER OPERATIONS Kimon Polikratis 6932-300590 ADMINISTRATION Yannis Mitropoulos 6936-530007 Urania Savvaki 6934-257746 Very Truly Yours, W E B E R S E A S (H E L L A S) S.A. 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. 2010 WEBERSEAS (HELLAS) S.A. All Rights Reserved WeberSeas, Weekly Market Report Page 11 of 11