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Aug-4 Dec-4 Apr-5 Aug-5 Dec-5 Apr-6 Aug-6 Dec-6 Apr-7 Aug-7 Dec-7 Apr-8 Aug-8 Dec-8 Apr-9 Aug-9 Dec-9 Apr-1 Aug-1 Dec-1 Apr-11 Aug-11 Dec-11 Apr-12 Aug-12 Dec-12 Apr-13 Aug-13 Dec-13 Apr-14 Aug-14 12 1 8 6 4 2 17-19, Vas. Pavlou Str., GR 166 73, Voula, Athens, Greece Tel: 21 96597 - Fax: 21 89964 Internet Mail: athenian@atheniansa.gr M O N T H L Y R E P O R T Baltic Dry Index August 214 PRICES TANKERS ($ MIO) * Prices reflect Year s End 29* 21* 211* 212* 213* Aug-14 VLCC 5Y 78. 87.8 55.6 56. 55.8 74.1 VLCC 1Y 59.5 64.3 34.1 35. 35. 48.3 SUEZMAX 5Y 57. 62.8 45.6 4.2 39.5 49.2 AFRAMAX 5Y 4.5 44.5 34.7 28. 27.8 39.3 AFRAMAX1Y 23.5 3.7 19.3 16.3 16.3 24.2 PANAMAX5Y 35.5 39. 3.9 24.3 24.3 32.6 45K 5Y D/H 23.5 27.3 25.8 23. 23.3 25.8 45K 1Y D/H 16. 19.7 15.8 15.5 15.7 18.1 45K 2Y 4. 6.7 6. 6.2 6.2 6.4 PRICES BULKERS ($ MIO) * Prices reflect Year s End 29* 21* 211* 212* 213* Aug-14 CAPESIZE 5Y 54.5 57. 36.3 32. 43.9 47.2 CAPESIZE 1Y 45. 43. 26.8 2.5 31. 34.2 CAPESIZE 15Y 28. 26. 15.2 12.7 18.2 2.3 CAPESIZE 2Y 16.5 16.4 1.5 9.3 1.1 1. PANAMAX 5Y 35. 38.5 26.4 18. 25.6 24.2 PANAMAX 1Y 27.5 31.6 18.6 12.5 17.9 17.3 PANAMAX 15Y 22. 23.1 12.4 8.3 12. 11.4 PANAMAX 2Y 12. 13.8 8.1 5.4 7.5 6. SUPRAMAX 5Y 27.5 31.9 26.4 23.3 24.3 24.2 HANDYMAX1Y 22. 24.7 18. 13. 17.4 17.3 HANDYMAX15Y 17.5 2. 11.1 8.7 1.9 11.8 HANDYMAX2Y 11. 12. 7.9 6.3 6.4 7.6

Prices (USD Mio) Price (USD) Price (USD Mio) Price (USD) 2 S E C O N D H A N D S A L E S & C H A R T E R F I X T U R E T R E N D S 18. Monthly Tanker Market Trend 1 Monthly 1 Yr TC Rates 16. 9 14. 8 12. 7 1. 8. 6. 4. 6 5 4 3 2 2. 1. VLCC 5Y VLCC 1Y SMAX 5Y AMAX 5Y VLCC 1 Yr T/C SMAX 1 Yr T/C AMAX 1 Yr T/C AMAX 1Y PMAX 5Y 45K 5Y D/H 45K 1Y D/H PMAX 1 Yr T/C MR 1 Yr T/C 16. Monthly Bulk Carrier Market Trend 16 Monthly 1 Yr TC Rates 14. 14 12. 12 1. 1 8. 8 6. 6 4. 4 2. 2. CAPE 5Y CAPE 1Y CAPE 15Y PMAX 5Y PMAX 1Y PMAX 15Y SUPRA 5Y HMAX 5Y HMAX 1Y HMAX 15Y CAPE 1 Yr T/C SUPRA 1 Yr T/C PMAX 1 Yr T/C HMAX 1 Yr T/C

3 S E C O N D H A N D T O N N A G E M A R K E T S&P Activity Dry (<5, Dwt) AVAILABLE FOR SALE REPORTED SOLD PREVIOUS MONTH A/BLE FOR SALE PREVIOUS MONTH SALES S&P Activity Tankers (<5, Dwt) AVAILABLE FOR SALE REPORTED SOLD PREVIOUS MONTH A/BLE FOR SALE PREVIOUS MONTH SALES 4 3 3 2 1 34 327 19 3 THIS MONTH - PREVIOUS MONTH 2 1 19 199 9 35 THIS MONTH - PREVIOUS MONTH *Excluding demolition sales Sale and Purchase Market - Second Hand units Ship Type Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Total BULK 41 44 22 21 31 19 178 TANK 43 33 31 34 35 9 185 GAS 1 6 3 4 3 1 18 CONT 17 1 17 8 12 12 76 TWEEN 1 2 2 3 8 REEF RORO 2 2 FERRY CRUISE Total 13 93 75 71 81 44 467

4 Baltic Clean Tanker - Yearly 65 6 633 55 548 5 547 521 45 489 4 35 36 39 42 45 48 51 2 5 8 11 14 17 2 23 26 29 32 35 213 WEEK NO 214 Baltic Clean Tanker - Monthly 56 555 555 55 545 548 54 545 535 541 53 4/8/214 11/8/214 18/8/214 25/8/214 14 12 1 8 6 4 213 586 Baltic Dirty Tanker - Yearly 1287 928 739 36 39 42 45 48 51 2 5 8 11 14 17 2 23 26 29 32 35 WEEK NO 214 Baltic Dirty Tanker - Monthly 84 82 811 8 78 768 76 74 72 747 735 7 68 4/8/214 11/8/214 18/8/214 25/8/214 TANKER SALES NAME DWT BLT PRICE $ BUYER CHEM SEA 11642 1999 JAPAN DH 7.7 MIO UNDISCLOSED (St. St.) BRO JUNO 14359 1999 CHINA DH 7 MIO WILMAR (Epoxy) GREEN STARS 3638 21 KOREA DH 12.5 MIO INDONESIAN (Epoxy) SPP SACHEON S5126 53 214 KOREA DH 37.1 MIO SCORPIO DT PROVIDENCE 14255 28 CHINA DH 34 MIO ENBLOC BSS ENRICA LEXIE 14255 28 CHINA DH 34 MIO GREEK (Price Each) AMBELOS 15315 26 JAPAN DH 33 MIO PNSC (Via Tender) CAP ISABELLA 159 213 KOREA DH 65 MIO GREEK (Ice Classed) ULRIKEN 39996 1998 KOREA DH 26 MIO UNDISCLOSED GAS SALES NAME DWT BLT CBM PRICE $ BUYER NORGAS PETALUMA 9352 23 CHINA 8385 24 MIO SINGAPOREAN

$/Day $/Day 5 Spot Market - Tankers VLCC SUEZMAX AFRAMAX 7 6 5 4 3 2 1 2891 2595 16 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Period Market - Tankers 1 Year T/C VLCC SUEZMAX AFRAMAX 35 3 25 2 15 1 5 2895 2384 1815 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14

6 Baltic Handysize Baltic Supramax 44 1 42 95 427 4 9 952 38 85 387 877 36 8 2 74 2 34 356 75 32 7 4/8/214 11/8/214 18/8/214 25/8/214 4/8/214 11/8/214 18/8/214 25/8/214 9 85 8 75 7 65 6 55 5 69 Baltic Panamax 674 4 837 811 4/8/214 11/8/214 18/8/214 25/8/214 Baltic Capesize 3 2578 25 2151 2366 2 15 4 38 1178 1 4/8/214 11/8/214 18/8/214 25/8/214 BULKER SALES NAME DWT BLT GEAR PRICE $ BUYER LINGUE N 26973 199 JAPAN C 4X3 4 MIO UNDISCLOSED JIN DE 5 27 21 CHINA C 3X25 14 MIO UNDISCLOSED FORTUNE FRONTIER 29738 22 JAPAN C 4X3 1.5 MIO GREEK CIELO DI VANCOUVER 3742 22 CHINA C 4X3 12.5 MIO ENBLOC BSS CIELO DI MONFALCONE 3745 22 CHINA C 4X3 12.5 MIO SINGAPOREAN (Price Each) MARABOU 498 1989 YUGOSLAVIA C 3X25 4.8 MIO GREEK AMAN TRADER 4832 199 YUGOSLAVIA C 4X25 4.1 MIO CHINESE GOOD TRADE 53732 212 INDIA C 4X36 18.2 MIO GREEK BRIGHT MOON 5671 27 JAPAN C 4X3 2.7 MIO GREEK STAVROPOL 56831 212 QINGSHAN C 4X3 17.8 MIO GREEK IMABARI HULL 865 61 215 JAPAN C 4X3 31.4 MIO SCORPIO SEA URCHIN 74193 21 JAPAN GLESS 17.5 MIO RED IRIS 7573 23 JAPAN GLESS 15.75 MIO GREEK MISCHELE D'AMATO 7644 25 JAPAN GLESS 17.7 MIO GREEK LOWLANDS NELLO 7683 24 JAPAN GLESS 17.3 MIO GREEK LAN HAI JIN XIU 796 214 CHINA GLESS 22.5 MIO GREEK NAVIOS TITAN 82936 25 JAPAN GLESS 17.7 MIO GREEK SOMA MARU 9844 1995 JAPAN GLESS 7.25 MIO CHINESE BLUE CHO OYU 182 211 KOREA GLESS 51 MIO GREEK GREEK (Via Auction incl. finance/restructure scheme)

$/Day $/Day 7 MPP/TWEEN SALES NAME DWT BLT GEAR PRICE $ BUYER ST. OLGA 582 1996 LITHUANIA C 2X36 1.5 MIO RUSSIAN HUMBERBORG 653 26 NETHERLANDS GLESS 5 MIO ENBLOC BSS HUDSONBORG 61 26 NETHERLANDS GLESS 5 MIO NORWEGIAN (Price Each) 45 4 35 3 25 2 15 1 5 Spot Market - Bulkers Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 165 615 425 CAPESIZE PANAMAX HANDYMAX 35 3 Period Market - Bulkers 1 Year T/C CAPE PMAX HANDYMAX 25 2325 2 15 1 5 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 19 135

8 CONTAINER SALES NAME DWT BLT GEAR TEU PRICE $ BUYER JOHANNA 7131 1991 GERMANY GLESS 7 1.6 MIO GERMAN TAGA BAY 1376 27 CHINA C 2X45 1118 * ENBLOC BSS TABAGO BAY 13781 27 CHINA C 2X45 1118 * ENBLOC BSS SAN ALESSIO 28142 28 KOREA C 3X45 1819 * ENBLOC BSS SAN ADRIANO 28147 28 KOREA C 3X45 1819 * ENBLOC BSS SAN ANDES 28156 28 KOREA C 3X45 1819 * ENBLOC BSS SAN AURELIO 2817 28 KOREA C 3X45 1819 * ENBLOC BSS SAN AMERIGO 28186 28 KOREA C 3X45 1819 * ENBLOC BSS SAN ANTONIO 28196 28 KOREA C 3X45 1819 * ENBLOC BSS ANNABELLE SCHULTE 34622 22 KOREA C 3X45 262 8-85 MIO UNDISCLOSED (Bank sale) VEGA TURMALIN 1465 1999 CHINA C 2X45 1116 2.9 MIO UAE BASED THANLWIN STAR 246 1995 GERMANY GLESS 1452 4.2 MIO SINGAPOREAN SAFMARINE SANAGA 21436 27 JAPAN C 3X4 17 13.5 MIO JAPANESE AS SCOTIA 25414 2 CHINA C 3X45 1716 4.3 MIO GREEK VIRGINIA 66644 25 KOREA GLESS 518 15.9 MIO GREEK YM MARCH 6727 24 JAPAN GLESS 5576 22.2 MIO GREEK (Incl TC Back) YM GREAT 6727 24 JAPAN GLESS 5576 22.2 MIO GREEK (Incl TC Back)

$m $m 9 N E W B U I L D I N G M A R K E T A N D R E P O R T E D C O N T R A C TS Tanker Prices VLCC Suezmax Aframax MR Bulker Prices Capesize Panamax Handymax Handysize 12 7 1 8 6 4 98.2 65.8 53.3 37 6 5 4 3 2 55.7 3 27.7 23.6 2 Aug-12 Dec-12 Apr-13 Aug-13 Dec-13 Apr-14 Aug-14 1 Aug-12 Dec-12 Apr-13 Aug-13 Dec-13 Apr-14 Aug-14 Dry Bulk Orderbook Ship Type 214 (deliv) 214 215 216+ Total Capesize 67 59 137 212 475 Panamax 118 148 171 136 573 Supra/Hmax 157 185 376 316 134 Handies 139 121 239 151 65 Total 481 513 923 815 2732 Tanker Orderbook Ship Type 214 (deliv) 214 215 216+ Total ULCC/VLCC 13 16 16 59 14 Suezmax 16 14 1 26 66 Aframax 18 24 53 45 14 Panamax 3 9 4 23 39 MR+Small 72 89 174 17 55 Total 122 152 257 323 854 LPG Tank Orderbook Ship Type 214 (deliv) 214 215 216+ Total VLGC 7 4 38 46 95 LGC 4 4 MR 5 8 1 36 59 Handy 9 8 18 1 45 Small 16 12 1 38 Total 37 32 8 92 241

m. dwt m. dwt No. of Vessels m. dwt 1 Newbuilding Sales 1 9 8 7 6 5 4 3 2 1 169 26 7 395 885 214 Tankers >1, dwt Bulkers >1, dwt Containerships 28 47 212 213 Aug-14 9 Delivery Schedule Bulkers >1, dwt. Tankers >1, dwt 8 7 66.8 7.9 6 5 4 36.5 35.5 3 2 2 14.6 1 Aug-14 215 216+ 3 25 2 15 1 5 VLCC Aframax Products 27 2.1 13.1 7.3 2.5 August 214 Tanker Newbuildings on Order Suezmax Panamax Bulker Newbuildings on Order Capesize Panamax Handymax Handysize 8 73.5 7 6 48 5 4 36.3 3 16.7 2 1 August 214 Newbuilding Historical Prices ($m) Tankers Aug-14 213 212 211 21 29 28 27 25 2 1995 199 1985 31, DWT 1 98.2 93.8 93.2 98.9 14.8 97.5 15 145 12 76.5 85.3 87.4 2 38.2 17, DWT 1 65.8 59.6 57.1 6.3 66.3 61 9 9 71.5 52.5 54 66.1 2 28.2 11, DWT 1 53.3 52.2 48.5 52.2 56 49.5 74 72 58 41.5 43.3 53.2 2 18.1 47, DWT 1 37 34.6 33.8 35.2 36.1 35 46.5 52 43 29.5 33.2 3 32.1 3 13.3 Bulkers 18, DWT 1 55.7 53.6 45.7 48.4 57.2 55.5 87 96 58.5 4.5 42.3 6.2 29.3 73, DWT 1 3 27.8 25.6 28.7 34.3 34.5 45.5 54 36 22.5 27.9 3 13.4 45, DWT 27.7 26.5 23.7 26.7 31.1 29 41 47.5 31 2.5 24.1 25.3 12.4 29, DWT 23.6 22.2 2.5 22.2 26.3 24.5 31 34 25.5 15 19.2 21.3 9.7 1 Before 21 sizes to read 28, - 14, - 95, - 4, respectively for tankers and 15, - 69, for Bulkers 2 Single Hull 3 3, DWT (note: above is for vessels built Japan / Korea, you should also consider US$ / Yen / Won relation for the years mentioned)

11 The Shipbuilding Market TYPE DWT BUILDER DELIVERY PRICE $ OWNER NOTES PSV 25 Sinopacific Zhejiang 216 Shenzhen Huawei PSV 25 Sinopacific Zhejiang 216 Shenzhen Huawei Cruise 19 Fincantieri 217 Princess Cruises Inc. Eur 6 Mio TANK 319 Daewoo 216 Maran Tankers TANK 319 Daewoo 216 Maran Tankers TANK 319 Daewoo 216 Maran Tankers TANK 319 Daewoo 216 Maran Tankers CONT 6 Sainty SB (Yangzhou) 217 NSB Niederelbe CONT 6 Sainty SB (Yangzhou) 217 NSB Niederelbe CONT 6 Sainty SB (Yangzhou) 217 NSB Niederelbe CONT 6 Sainty SB (Yangzhou) 217 NSB Niederelbe TANK 16 Daewoo 216 Sonangol TANK 16 Daewoo 216 Sonangol AHTS 15 Sinopacific Zhejiang 215 Newcruz AHTS 15 Sinopacific Zhejiang 214 Newcruz Cruise 97 STX Finland (Turku) 216 Tui Cruises Cruise 97 STX Finland (Turku) 217 Tui Cruises TANK 15 Sumitomo (Yokosuka) 216 Lundqvist Rederierna PSV 17 Sinopacific Zhejiang 215 Naviera Petrolera PSV 45 Tersan Shipyard 216 Troms Offshore PSV 45 Tersan Shipyard 216 Troms Offshore PSV 45 Tersan Shipyard 216 Troms Offshore PSV 45 Tersan Shipyard 216 Troms Offshore Chem & Oil 13 Xinle SB 216 Elcano Chem & Oil 13 Xinle SB 216 Elcano TANK 159 Hyundai H.I. 217 Polembros Shipping TANK 159 Hyundai H.I. 217 Polembros Shipping Chem & Oil 491 STX Shipbuilding 216 Navig8 Chem Tankers Chem & Oil 491 STX Shipbuilding 216 Navig8 Chem Tankers Chem & Oil 491 STX Shipbuilding 216 Navig8 Chem Tankers Chem & Oil 491 STX Shipbuilding 216 Navig8 Chem Tankers MSV 8 COSCO Dalian 216 Maersk Supply MSV 8 COSCO Dalian 216 Maersk Supply MSV 8 COSCO Dalian 216 Maersk Supply MSV 8 COSCO Dalian 216 Maersk Supply BULK 64 COSCO Zhoushan 216 28 Mio KC Maritime Ltd. BULK 64 COSCO Zhoushan 217 28 Mio KC Maritime Ltd. Asph & Bitu 49 AVIC Dingheng SB 216 Suisse-Outremer Asph & Bitu 49 AVIC Dingheng SB 216 Suisse-Outremer LPG 2886 Hyundai Mipo 217 Eastern Pacific Shipping LPG 2886 Hyundai Mipo 217 Eastern Pacific Shipping BULK 423 Nantong Hongqiang HI 216 Navibulgar BULK 423 Nantong Hongqiang HI 216 Navibulgar BULK 423 Nantong Hongqiang HI 216 Navibulgar BULK 423 Nantong Hongqiang HI 216 Navibulgar CONT 125 Dae Sun S.B. 216 Nam Sung Shipping Co. CONT 125 Dae Sun S.B. 216 Nam Sung Shipping Co. CONT 125 Dae Sun S.B. 216 Nam Sung Shipping Co. CONT 125 Dae Sun S.B. 216 Nam Sung Shipping Co. LPG 54 Hyundai H.I. 216 77.6 Mio KSS Line Ltd. BULK 82 Tsuneishi Zosen 217 Santoku Senpaku BULK 82 Tsuneishi Zosen 217 Santoku Senpaku BULK 5 Zhoushan Wuzhou 215 Guangdong Sunrise CONT 2 Daewoo 217 BoCom Leasing CONT 2 Daewoo 217 BoCom Leasing

Million dwt USD/ton USD/ton 12 Demolition Historical Data D E M O L I T I O N M A R K E T Demolition Prices Gen Cargo Tanker India USD 45 /lt Ldt USD 48 /lt Ldt Bangladesh USD 445 /lt Ldt USD 475 /lt Ldt Pakistan USD 455 /lt Ldt USD 48 /lt Ldt China USD 29 /lt Ldt USD 3 /lt Ldt 58 53 48 43 38 33 28 23 18 58 53 48 43 38 33 28 23 18 6 5 4 3 2 1 445 445 445 46 Price Tankers* 211 212 485 465 47 48 213 214 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC *India month's end prices 415 43 43 44 Price Bulkers* 465 455 45 45 211 212 213 214 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC *India month's end prices 13.4 27 28.65 26.9 38 25.6 14.5 4.9 2.35 4.6 3.8 Total Demolition (Dwt) 15.9 16.7 18.9 15.5 18 15.6 3.5 28.428.5 25 27 22.4 1 5.5 6.5 5 12 31.58 28.9 25.7 5.3 41.8 22.1 * Bss reported sales

USD/ton 13 6 Historical Demolition Prices (India Year's End) 5 4 3 2 TANKERS BULKERS Avg. Trend 1 HISTORICAL DEMOLITION PRICES (*Indian Year s End) 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 CURR. TANK 186 182 172 115 136 174 135 174 262 362 32 45 57 287 338 485 482 435 48 BULK 166 153 152 112 143 17 135 181 267 381 332 392 472 268 328 437 456 41 45 India TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK MAGNUM 3146 1979 962 52 BULK OCEAN VOYAGER 7278 1994 574 51 BULK G. INEBOLU 18466 1983 5258 49 Delivery 1/214 CONT ZIM JAMAICA 4585 1997 169 51 CONT YM NORTH 45995 1995 19426 495 As is Colombo RORO SKODSBORG 147 1979 683 5 TANK RAGGA 4325 1983 9962 52 Bangladesh TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK SEA WORKER 395 197 1991 445 BULK SEA SUNNY 6265 1984 2136 43 BULK NIAMUN NASIR 6612 1985 251 4 BULK MERARUS SPIRIT 2 13173 1989 5422 473 BULK GUNKUL 1 22577 198 53 439 BULK BRAVE ROYAL 3467 1984 698 479 BULK MINXI 3792 1983 7627 47 BULK HONG WANG 2 37744 1985 7488 475 BULK SUPERTEC 44679 1991 9264 48 BULK WINTEC 45673 1988 941 482 Woodchip BULK SINO PEACE 69171 1984 145 479 BULK GH RESOURCES 12353 199 1535 467 RORO FESCO UELEN 323 199 3264 49 RORO ALEXA 584 1982 761 43 China As is HK-Xiamen Range incl 35T ROB TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK PACIFIC PARADISE 73645 1993 161 327 BULK TIAN YANG HAI 169999 1997 2666 3

14 Pakistan TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK ELMINDA 267 1985 6622 57 Incl 6T ROB BULK ADVENTURE 3813 1989 712 49 BULK KAGHAN 65716 1986 1472 483 BULK LEGIONY POLSKIE 7355 1991 13575 485 TANK EVERWIN 7894 1988 1857 499 Option India TANK LEADER 8389 1985 1491 517 Turkey TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK PARALOS 2264 1968 28 BULK WILSON TANA 7174 1977 2578 355 Other TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK HANJIN GLADSTONE 27391 199 25767 475 As is Spore. Full Spares CONT MAESTRA MEDITERRANEO 16985 1996 658 323 As is Brazil CONT MAESTRA PACIFICO 22343 1994 71 323 As is Brazil CONT MAESTRA CARIBE 22343 1994 768 323 As is Brazil CONT MAESTRA ATLANTICO 28977 1986 1996 323 As is Brazil CONT JAG PRACHI 2861 1991 986 492 As is Colombo incl 15T ROB

USD/ton USD/ton 15 H I S T O R I C A L B U N K E R P R I C E S 8 7 6 5 4 3 2 1 Bunkers Cost (38 cst) Rotterdam Fujeirah Houston Average Trend 12 1 8 6 4 2 Bunkers Cost (MGO) Rotterdam Fujeirah Houston Average Trend HISTORICAL BUNKER PRICES Rotterdam Fujeirah Houston 38 cst MGO 38 cst MGO 38 cst MGO 1992 83 161.9 81.5 28.2 78.4 165.2 1993 67 15.5 7 22.5 71.1 16.6 1994 86 133.2 8.9 182.6 8.8 148.8 1995 97 14.6 94.6 175.8 93.2 148 1996 17 175.1 14.4 27.5 15.8 186 1997 92 155.4 99.3 25.6 97.3 179.9 1998 66.5 112.2 69.2 152.2 67.2 136.9 1999 94 133 98.5 157.2 93.3 143.9 2 139 231.6 155.3 263.5 136 255.7 21 116 192.4 129.7 244.7 112.8 227.5 22 135 188.2 145.9 222.8 134 196 23 151 23.4 166.3 265.2 16.2 265.1 24 154 313.4 176.7 359.3 167.3 328.7 25 236 458.4 256.6 5.1 248.3 58.5 26 195 524.1 31.9 631.8 33 562.3 27 347 571.3 373.7 664.7 351.8 68.6 28 469 85.7 59.4 137.7 496.8 933.2 29 355 49.6 372.8 657 36.7 525 21 452 667.1 468.2 712.9 449.3 683 211 548 848.6 587.5 897.5 542.1 862.4 212 585 92 66 15 61 15 213 585 92 62 11 58 985 Aug-14 558 84 595 93 568 932

$/Barrel USD-EUR USD-JPY 16 M A R K E T I N D I C A T O R S 1.8 1.6 1.4 1.2 1..8.6.4 Currencies USD-EUR USD-JPY 13 12 11 1 9 8 7 6 16. 14. 12. 1. 8. 6. 4. 2.. Brent Oil GBP CAD EUR JPY CHF USD AUD GBP 1.5433.7915.577.657.597.5529 CAD 1.841 1 1.457.1622 1.1977 1.874 1.179 EUR 1.2636.6865 1.7291.8221.7464.6986 JPY 173.334 94.1737 137.182 1 112.77 12.385 95.8342 CHF 1.5372.8352 1.2166.8869 1.98.85 USD 1.693.9198 1.3399.9768 1.115 1.9361 AUD 1.89.9828 1.4316.1437 1.1769 1.685 1 * 28/8/214 values

17 S T O C K W A T C H NAME TICKER THIS MONTH* LAST MONTH CHANGE % 52w HIGH 52w LOW Capital Product Partners Diana Shipping Inc. Dryships Inc. Dynagas LNG Partners LP Eagle Bulk Shipping Inc. Euroseas Ltd. Freeseas Inc. Genco Shipping&Trading Costamare Inc. Goldenport Holdings Inc. Navios Maritime Holdings GasLog Ltd. Paragon Shipping Inc. Safe Bulkers Inc. Star Bulk Carriers Corp. Stealthgas Inc. TEN Inc. TOP Ships Inc. Box Ships Inc. Diana Containerships Inc. Danaos Corporation Aegean Marine Petroleum * 28/8/214 closing values CPLP DSX DRYS DLNG EGLE ESEA FREE GNKOQ CMRE GPRT NM GLOG PRGN SB SBLK GASS TNP TOPS TEU DCIX DAC ANW 1.96 11.21-2.2 11.63 8.12 1.6 9.77 8.5 13.93 8.83 3.25 2.92 11.3 5. 2.28 23.88 23.63 1.1 25.5 16.75 1.17 1.79-34.6 8.75 1.2 1.14 1.14 1.8 1.1.61.49 24.5 4.64.42.79.78 1.3 4.98.68 22.47 23.9-6 24.94 15.9 362.75 35. 3.6 51. 32. 9.48 8.2 15.6 12.12 6.6 25.9 26.4-5 32.44 13.41 5.2 5.6 2.8 9.4 4.52 8.58 7.39 16.1 11.48 6.21 13.9 1.86 28 15.88 7.72 9.73 1.72-9.2 13. 8.6 7.64 7.15 6.9 8.48 4.52 2.3 1.93 5.2 2.51 1.75 1.36 1.4-2.9 4.66 1.19 2.61 2.44 7 4.52 2.38 5.74 5.9-2.7 7.75 3.67 9.95 9.63 3.3 12.72 8.5 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Disclaimer: Information and data that appear in this report have been obtained from various sources which are believed to be correct and reliable. However, Athenian Shipbrokers S.A. does not guarantee their accuracy or completeness and therefore cannot be held liable for any loss incurred as a result of reliance in any way whatsoever on the information contained herein. Kind Regards,