Tuesday, October 29, Week 44 The Week at a Glance

Tuesday, October 29, 213 - Week 44 The Week at a Glance Dry Cargo market had a tough week, with BDI falling 12% on w-o-w basis, mainly driven by BCI who declined 17,8% w-o-w and BPI who declined 7,5% on w-o-w basis as well. However Sales and Purchase market is still active, especially for quality tonnage and New building orders. On the handies side, the most remarkable sale is the En Bloc deal from Oldendorff to USA based fund for Catherine Oldendorff (3135 dwt, 23 blt in Japan), Lilly Oldendorff (31646 dwt, 23 blt in Japan), Carl Oldendorff (31642 dwt, 22 blt in Japan), Lucas Oldendorff (31635 dwt,22 blt in Japan) and Albert Oldendorff (31647 dwt, 24 blt in Japan) for an En Bloc price of around USD 75, million. The sale is subject inspection for two of five units and for the rest of the other three, buyers have waived their right to inspect the vessels. Prices for mid-9 s built panamaxes, continue to be firm, with the sale of Oriental Pioneer (69,66 dwt, 1996 built at Japan) at USD 8,2 million to Hong Kong based buyers, when last week panamax Premnitz (72,873 dwt, 1994 built at S.Korea) was reported at USD 7,1 million. The most remarkable deal in the wet sector for this week and of this month in general we dare to say is the one of Hafnia Tankers of Denmark, who has completed a private placement of USD 235, million in order to fund acquisitions and fleet development. Initially the fleet will consist of 27 product tankers including a USD 125, million purchase from J.Lauritzen of Denmark for 1 MR product tankers and 8 MR newbuilding orders from Guangzhou Shipyard International in China to be delivered in 215 and 216. Greek Listed Companies Last Fridays Closing Weekly Difference NYSE 153,83 69,21 NASDAQ 3943,36 29,8 Dry Ships 2,87 -,55 Navios 7,27 -,51 Diana 11,86 -,74 Top Ships 1,52 -,11 TEN 5,26,1 Stealth Gas 11,85,34 Baltic Dry Indices* Last Fridays Closing Weekly Difference Baltic Dry Index 1671-23 Baltic Cape index 2681-583 Baltic Panamax Index 194-156 Baltic Supramax Index Baltic HandySize Index 1258 45 649 15 Currencies* Last Fridays Closing Weekly Difference EURO/USD 1,3832,1 USD/JPY 97,413 -,32 Capital Product Partners 9,29,14 USD/CNY 6,831 -,1 Euroseas 1,27 -,8 Danaos 3,85 -,33 *The above tables show last Friday's closing including the weekly balance. Costamare 17,87 -,7 ISO Certified by Germanischer Lloyd Copyright by Allied Shipbroking Inc

Secondhand Sales Dry SIZE INDEX W-O-W CHANGE AVG T/C RATES W-O-W CHANGE TREND BDI 1671 23 CAPESIZE 2681 583 21.363 755 WEAKER PANAMAX 194 156 15.219 1267 WEAKER SUPRAMAX 1258 45 13.15 472 STRONGER HANDYSIZE 649 15 9.182 192 STRONGER Bulk Carrier Vessel's Name DWT Built Country TEU Gears Engine Price Sale's Comment ROYAL PEARL S 26666 1986 JAPAN - 4 X 3t CRANES B&W 2.7. USD CATHRIN OLDENDORFF LUCAS OLDENDORFF CARL OLDENDORFF LILY OLDENDORFF ALBERT OLDENDORFF 3135 23 JAPAN - 4 X 3t CRANES Mitsubishi En Bloc 31635 22 JAPAN - 4 X 3t CRANES Mitsubishi # 31642 22 JAPAN - 4 X 3t CRANES Mitsubishi # 31646 23 JAPAN - 4 X 3t CRANES Mitsubishi # 31647 24 JAPAN - 4 X 3t CRANES Mitsubishi # SOLD TO UNDISCLOSED BUYERS (SS DUE 5/216 DD DUE 8/214) SOLD EN BLOC TO U.S.A BASED BUYERS - RGN USD 75.. EN BLOC (SALE IS SUBJECT TO INSPECTION OF THE TWO UNITS - FOR THE OTHER THREE, BUYERS HAVE WAIVED THEIR RIGHT TO INSPECT) KAMBOS 33225 28 JAPAN - 4 X 3t CRANES Mitsubishi 17.5. USD SOLD TO UNDISCLOSED BUYERS LITTLE MANATEE JIANGSU HANTONG RESALE HULL HT64-8 ORIENTAL PIONEER PRIDE OF INDORE GRAND CLIPPER ATLANTIC BRIDGE Container 38338 212 JAPAN - 4 X 3t CRANES MAN-B&W 23.5. USD SOLD TO GREEK BUYERS (DALEX) 635 3/214 CHINA - - B&W 26.5. USD SOLD TO UNDISCLOSED BUYERS 6966 1996 JAPAN - - B&W 8.2. USD SOLD TO HONG KONG BASED BUYERS 7523 1996 ITALY - - Sulzer 7.4. USD SOLD TO CHINESE BUYERS 168146 1996 S. KOREA - - B&W 15.5. USD SOLD TO EUROPEAN BUYERS 17716 25 JAPAN - - MAN-B&W 27.5. USD Vessel's Name DWT Built Country TEU Gears Engine Price Sale's Comment ESM AMANDA 12449 2 JAPAN 787 - B&W 4.5. USD ESM SILVANA 12449 2 JAPAN 787 - B&W 4.5. USD FRIDA SCHULTE 21152 2 S. KOREA 1645 2 X 45t CRANES, 1 X 4t CRANES SOLD TO SWITZERLAND BASED BUYERS (CARGILL INTERNATIONAL) (DELY 2/214) SOLD EN BLOC WITH "ESM SILVANA" TO CHINESE BUYERS (SITC) - RGN USD 9.. EN BLOC SOLD EN BLOC WITH "ESM AMANDA" TO CHINESE BUYERS (SITC) - RGN USD 9.. EN BLOC B&W 7.75. USD SOLD TO UNDISCLOSED BUYERS WESTERTAL 387 26 POLAND 2732 - MAN-B&W 17.. USD SOLD TO UNDISCLOSED BUYERS SANTA BIANCA 39356 27 S. KOREA 2824 - MAN-B&W 18.7. USD SOLD TO GREEK BUYERS General cargo Vessel's Name DWT Built Country TEU Gears Engine Price Sale's Comment CELTIC ENDEAVOUR 37 1985 GERMANY 153 - Deutz 75. USD SOLD TO UNDISCLOSED BUYERS DYCKBURG 51 22 NETHERLANDS 289 2 X 36t CRANES MaK - CAI LAN 4 6568 26 VIETNAM - 4 X 25t DERRICKS Hanshin - SOLD TO UNDISCLOSED BUYERS ON PRIVATE TERMS SOLD TO UNDISCLOSED BUYERS ON PRIVATE TERMS SAFINA V 966 1987 JAPAN 564 2 X 5t CRANES Hanshin - SOLD TO PAKISTAN BASED BUYERS DIAMOND WAY 9656 1988 JAPAN 564 2 X 5t CRANES Hanshin - SOLD TO UNDISCLOSED BUYERS ON PRIVATE TERMS

Wet SIZE INDEX W-O-W CHANGE BDTI 596 21 BCTI 49 17 SIZE AVG SPOT EARNINGS W-O-W CHANGE AVG T/C RATES BSS 1 YR TREND VLCC $ 2,54 14% 18. STEADY SUEZMAX $ 14,882 148% 15.75 STEADY AFRAMAX $ 11,976 33% 13.5 STEADY CLEAN MR $ 9,185 8% 14.75 STEADY Tanker Vessel's Name DWT Built Country DB DS Engine Price Sale's Comment C. P. 39 (Epoxy Coated, IMO ll/lll) KULDIGA (Epoxy Coated, IMO lll) WAWASAN CELESTE (Coated) FREJA ATLANTIC (Epoxy Phen, IMO lll) FREJA TAURUS (IMO ll) FREJA ANDROMEDA (IMO ll) FREJA PEGASUS (Coated, IMO ll) 7786 21 JAPAN Y Y B&W 6.. USD SOLD TO FAR EASTERN BUYERS 37237 23 S. KOREA Y Y MAN-B&W 14.. USD SOLD TO GREEK BUYERS 45726 26 JAPAN Y Y MAN-B&W 2.6. USD 45967 24 S. KOREA Y Y B&W - 5385 211 CHINA Y Y MAN-B&W - 5386 211 CHINA Y Y MAN-B&W - 5391 21 CHINA Y Y MAN-B&W - FREJA PHOENIX 5234 213 CHINA Y Y MAN-B&W - FREJA LIBRA (IMO lll) FREJA CRUX (IMO ll) FREJA LUPUS (IMO ll) FREJA NORDICA (Coated) 52385 213 CHINA Y Y MAN-B&W - 5255 212 CHINA Y Y MAN-B&W - 5255 212 CHINA Y Y MAN-B&W - 5352 21 JAPAN Y Y Mitsubishi - FREJA LEO 5235 213 CHINA Y Y MAN-B&W - HELLESPONT PROSPERITY (Coated) 73715 26 CHINA Y Y MAN-B&W 23.2. USD SOLD TO USA BASED BUYERS (ARDMORE SHIPPING) SOLD EN BLOC TO DANISH BUYERS (HAFNIA TANKERS) - RGN USD 125.. EN BLOC SOLD TO GREEK BUYERS (PRIME MARINE MANAGEMENT) OLIVER JACOB 157327 1999 S. KOREA Y Y B&W 16.5. USD SOLD TO GREEK BUYERS

B a l t i c D r y I n d i c e s 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 28 11793 6445 663 19687 9444 83 11425 6141 44 6743 49 421 29 4661 2612 772 8243 4142 1361 4453 2413 492 2487 1665 389 21 429 2749 17 5455 3469 164 4622 314 1845 3111 2143 1369 211 2173 1549 143 3725 2246 1281 2132 1742 1296 1612 1374 186 212 1738 919 647 3287 1569 182 1738 962 418 13 94 6 213 2146 179 698 4329 1913 129 26 181 651 1258 896 664 Baltic Dry Index 1. 8. 6. 4. 2. 1/4/85 1/1/85 1/4/86 1/1/86 1/4/87 1/1/87 1/4/88 1/1/88 1/4/89 1/1/89 1/4/9 1/1/9 1/4/91 1/1/91 1/4/92 1/1/92 1/4/93 1/1/93 1/4/94 1/1/94 1/4/95 1/1/95 1/4/96 1/1/96 1/4/97 1/1/97 1/4/98 1/1/98 1/4/99 1/1/99 1/4/ 1/1/ 1/4/1 1/1/1 1/4/2 1/1/2 1/4/3 1/1/3 1/4/4 1/1/4 1/4/5 1/1/5 1/4/6 1/1/6 1/4/7 1/1/7 1/4/8 1/1/8 1/4/9 1/1/9 1/4/1 1/1/1 1/4/11 1/1/11 1/4/12 1/1/12 1/4/13 1/1/13 1/4/14 Baltic CapeSize Index 18. 16. 14. 12. 1. 8. 6. 4. 2. 1\7\ 1\1\ 1\1\1 1\4\1 1\7\1 1\1\1 1\1\2 1\4\2 1\7\2 1\1\2 1\1\3 1\4\3 1\7\3 1\1\3 1\1\4 1\4\4 1\7\4 1\1\4 1\1\5 1\4\5 1\7\5 1\1\5 1\1\6 1\4\6 1\7\6 1\1\6 1\1\7 1\4\7 1\7\7 1\1\7 1\1\8 1\4\8 1\7\8 1\1\8 1\1\9 1\4\9 1\7\9 1\1\9 1\1\1 1\4\1 1\7\1 1\1\1 1\1\11 1\4\11 1\7\11 1\1\11 1\1\12 1\4\12 1\7\12 1\1\12 1\1\13 1\4\13 1\7\13 1\1\13 1\1\14 Baltic Panamax Index 1. 8. 6. 4. 2. 1\7\ 1\1\ 1\1\1 1\4\1 1\7\1 1\1\1 1\1\2 1\4\2 1\7\2 1\1\2 1\1\3 1\4\3 1\7\3 1\1\3 1\1\4 1\4\4 1\7\4 1\1\4 1\1\5 1\4\5 1\7\5 1\1\5 1\1\6 1\4\6 1\7\6 1\1\6 1\1\7 1\4\7 1\7\7 1\1\7 1\1\8 1\4\8 1\7\8 1\1\8 1\1\9 1\4\9 1\7\9 1\1\9 1\1\1 1\4\1 1\7\1 1\1\1 1\1\11 1\4\11 1\7\11 1\1\11 1\1\12 1\4\12 1\7\12 1\1\12 1\1\13 1\4\13 1\7\13 1\1\13 1\1\14 Baltic Supramax - HandySize Index 3.5 3. 2.5 2. 1.5 1. 5 7. 6. 5. 4. 3. 2. 1. 1\1\3 1\4\3 1\7\3 1\1\3 1\1\4 1\4\4 1\7\4 1\1\4 1\1\5 1\4\5 1\7\5 1\1\5 1\1\6 1\4\6 1\7\6 1\1\6 1\1\7 1\4\7 1\7\7 1\1\7 1\1\8 1\4\8 1\7\8 1\1\8 1\1\9 1\4\9 1\7\9 1\1\9 1\1\1 1\4\1 1\7\1 1\1\1 1\1\11 1\4\11 1\7\11 1\1\11 1\1\12 1\4\12 1\7\12 1\1\12 1\1\13 1\4\13 1\7\13 1\1\13 1\1\14

S e c o n d h a n d S a l e s S t a t i s t i c s Current Secondhand Activity per / Size/ Invested Capital During 213 Secondhand Activity per / Size/ Invested Capital...during 212 Size No of DWT Invested Capital No of DWT Invested Capital A. Dry 526 3.933.665 $5.567.815. A. Dry B. Tanker 392 19.97.747 $4.987.95. A. Dry Total 1. Minibulk (up to 9,999 2. Handy (1, - 39,999 3. Handymax (4, - 59,999 4. Panamax (6, - 79,999 5. Capesize (8,+ 83 52.239 $133.14.288 163 4.469.849 $1.48.1. 13 5.141.414 $1.27.85. 123 9.183.791 $1.986.25. 57 9.54.657 $1.328.6. 529 28.837.95 $5.73.85.288 C. Container 139 3.262.264 $1.22.42. D. Reefer 7 55.822 $49.95. E. RoRo Cargo/ Ferry/ Passenger 39 337.645 $85.375. F. Miscellaneous 3 14.11 $13.. Grand Total 1.16 54.511.244 $11.726.51. Bulk Carriers Sales Per during 213 11 % CAPESIZE 23 % PANAMAX 19 % HANDYMAX 31 % HANDY 16 % MINIBULK B. Tanker 1. Minitank (up to 9,999 2. Product (1, - 59,999 3. Panamax (6, - 79,999 4. Aframax (8, - 119,999 5. Suezmax (12, - 199,999 6. VLCC (2, - 299,999 7. ULCC (3,+ 15 558.362 $581.3. 22 7.281.862 $3.72.435. 27 1.952.147 $3.4. 42 4.425.165 $787.3. 22 3.465.219 $723.6. 19 5.57.955 $537.6. 1 3.132.919 $376.8. Tankers Sales Per during 213 2 % ULCC 4 % VLCC 5 % SUEZMAX 1 % AFRAMAX 6 % PANAMAX 47 % PRODUCT 25 % MINITANK B. Tanker total 427 26.386.629 $6.379.435. C. Container Total 151 4.62.565 $1.216.43. D. Reefer Total 2 13.217 $8.. E. RoRo Cargo/ Ferry/ Passenger Total 16 18.347 $99.3. F. Miscellaneou s Total 15 31.329 $78..165 Grand Total 1.14 59.44.37 $13.484.25.453

Invested Capital in Secondhand per month as of January 212 Year Month Invested Capital 212 212 Total 213 213 Total April-212 $1.62.35. May-212 $1.194.73. June-212 $92.775. July-212 $84.56. January-212 $863.66. February- 212 $573.675. March-212 $1.135.355. August-212 $1.54.675. September- 212 $926.235. October-212 $99.34. November- 212 $1.354.655. December- 212 $863.5. $11.726.51. April-213 $1.519.125. May-213 $1.145.82. June-213 $983.14. July-213 $971.55. January-213 $1.291.89.165 February- 213 $1.6.23. March-213 $1.43.78. August-213 $1.524.565. September- 213 $1.995.7.288 October-213 $1.561.45. $13.484.25.453 Dry - Buyers' Nationality 22 % OTHER 2 % KOREA SOUTH 2 % NORWAY 4 % HONG KONG CHINA 4 % TURKEY 3 % GERMANY 4 % SINGAPORE 3 % UNITED STATES OF AMERICA 14 % CHINA PEOPLE'S REPUBLIC OF 1 % UNKNOWN 33 % GREECE Wet - Buyers' Nationality 44 % OTHER 3 % KOREA SOUTH 2 % NORWAY 1 % HONG KONG CHINA 2 % TURKEY % GERMANY 4 % SINGAPORE 9 % UNITED STATES OF AMERICA 4 % CHINA PEOPLE'S REPUBLIC OF 8 % UNKNOWN 24 % GREECE Container - Buyers' Nationality 15 % OTHER 3 % KOREA SOUTH 5 % NORWAY 5 % HONG KONG CHINA 4 % TURKEY 17 % GERMANY 4 % SINGAPORE 1 % UNITED STATES OF AMERICA 4 % CHINA PEOPLE'S REPUBLIC OF 18 % UNKNOWN 25 % GREECE Invested Capital Graph - Invested Capital in Secondhand per month as of January 212 2... 1.9.. 1.8.. 1.7.. 1.6.. 1.5.. 1.4.. 1.3.. 1.2.. 1.1.. 1... 9.. 8.. 7.. 6.. 5.. 4.. 3.. 2.. 1.. 1/212 Buyer's Country 2/212 3/212 4/212 5/212 6/212 7/212 8/212 Invested Capital Per Month 9/212 1/212 11/212 12/212 Months Total Capital 1/213 2/213 3/213 No Of Buyers Nationality during 213 - Top 1 (No of vessels per sector) A. Dry B. Tanker C. Container 4/213 5/213 6/213 7/213 D. Reefer 8/213 9/213 1/213 16 15 14 13 12 11 1 9 8 7 6 5 4 3 2 1 Grand Total GREECE 172 11 37 31 UNKNOWN 55 35 27 117 CHINA, PEOPLE'S REPUBLIC OF 76 15 6 97 UNITED STATES OF AMERICA 14 38 2 54 SINGAPORE 19 18 6 43 GERMANY 15 1 26 42 TURKEY 21 7 6 34 HONG KONG, CHINA 2 4 7 31 NORWAY 9 9 7 25 KOREA, SOUTH 9 12 4 25 Other 119 187 23 2 331 Grand Total 529 427 151 2 1.19 Buyer's Country Buyers Nationality during 213 - Top 1 (Invested Capital per sector) A. Dry B. Tanker C. Container D. Reefer Grand Total GREECE 2.468.7. 1.81.75. 427.5. 4.75.825. UNITED STATES OF AMERICA 151.5. 1.16.6. 15.6. 1.183.7. CHINA, PEOPLE'S REPUBLIC OF 59.4. 435.7. 32.7. 977.8. UNKNOWN 331.15. 263.3. 25.67. 845.12. SINGAPORE 435.7. 22.4. 29.9. 668.. NORWAY 194.6. 19.9. 141.15. 526.65. HONG KONG, CHINA 232.6. 52.3. 16.7. 391.6. JAPAN 154.9. 17.. 8.9. 333.8. MONACO 22.. 297.2. 319.2. Other 98.5. 2.159.91. 99.1. 8.. 3.247.15. Grand Total 5.73.85.288 6.379.435. 1.216.43. 8.. 13.36.95.288 No of Vesels

New Building Bulk Carrier Orders Type Units Dwt Shipyard Reported Price Owner / Manager Delivery Date BC 4 37, HYUNDAI VINASHIN USD 22.. KMARIN 214/215 BC 3 43,5 QINGSHAN USD 23.. HBC - BC 4 64, ZHEJIANG YANGFAN - KIRAN HOLDING 215/216 BC 2 64, HANTONG USD 26.. HI INVESTMENTS 215 BC 2 64, HANTONG USD 26.. KMARIN 215 BC 2 18, DAEHAN USD 53.. KNIGHTSBRIDGE - BC 2 18, HHIC-PHIL USD 54.5. GOLDEN UNION 215 BC 2 18, NEW TIMES USD 5.. FRONTLINE 212 215/216 BC 4 18, SWS USD 54.. HERUN 216 Other Dry Orders Type Units Dwt / Units Shipyard Reported Price Owner / Manager Delivery Date - - - - - - - Tanker Orders Type Units Dwt Shipyard Reported Price Owner / Manager Delivery Date CHEM&OIL 4 39, HYUNDAI VINASHIN USD 31.2. D AMICO 215/216 TANKER 4+2 5, SUNGDONG USD 35.. MAERSK 215/216 PRODUCTS 4 112, GSI USD 47.9. NAVIG8 216 TANKER 2+2 115, SUNGDONG USD 51.5. MAERSK 215/216 Other Wet Orders Type Units Dwt / Units Shipyard Reported Price Owner / Manager Delivery Date - - - - - - - New Building Prices Tanker Newbuilding Prices BC Newbuilding Prices Korea China Korea China VLCC 32, USD 91.. USD 85.. SUEZMAX 157, USD 56.. USD 54.. AFRAMAX 113, USD 47.. USD 43.. "MR" TANKER 5, USD 34.5. USD 32.. CAPESIZE 18, N/A* USD 51.. KAMSARMAX 82, N/A* USD 3.. ULTRAMAX 62, N/A* USD 26.5. HANDYSIZE 35, N/A* USD 22.5. * Note: Due to the Present New Building cost, Korean Shipyards are unwilling to quote.

Demolition Sales Type Vessel's Name DWT Built Country LDT Price/ ldt Sale's Comment GAS TANKER HAPPY HARRIER 432 1988 JAPAN 2159 47 SOLD TO TURKEY (9% OF LDT IS NICKEL) RO-RO CARGO HELLENIC TRADER 4384 1975 JAPAN 6182 - SOLD TO INDIA ON PRIVATE TERMS GEN. CARGO AZRA 582 1984 TURKEY 4812 415 SOLD TO INDIA GEN. CARGO DELIGHT 6331 198 JAPAN 299 - SOLD TO BANGLADESH ON PRIVATE TERMS OFFSHORE LOCHNAGAR 67 1982 NORWAY - - SOLD TO UNDISCLOSED BREAKERS ON PRIVATE TERMS (OLD SALE) GEN. CARGO ICE MAIDEN I 15 1992 UKRAINE 175 - SOLD TO UNDISCLOSED BUYERS ON PRIVATE TERMS GEN. CARGO REI 12319 1983 JAPAN 3868 - SOLD TO UNDISCLOSED BREAKERS ON PRIVATE TERMS (OLD SALE) RO-RO CARGO HELLENIC MASTER 12334 1979 JAPAN 1196 - SOLD TO INDIA ON PRIVATE TERMS RO-RO CARGO VIBEKE 1348 1996 RUSSIA 1369 34 SOLD TO CHINA BC CAPTAIN WAEL 21654 1985 JAPAN 4694 - SOLD TO INDIA ON PRIVATE TERMS BC FATAHUR RAHMAN 22558 1982 JAPAN 5781 - SOLD TO INDIA ON PRIVATE TERMS GAS TANKER ANNABELLA 268 1975 FRANCE 13121 381 BC TRANS OCEAN 285 1987 ITALY - - BC TRANS PACIFIC 29369 1987 ITALY - - TANKER RODEIO 3651 199 BRAZIL 9261 291 TANKER ORION VOYAGER 156447 1994 BRAZIL 2414 - TANKER T. M. HARMONY 264992 1996 JAPAN 37833 436 SOLD TO PAKISTAN SOLD TO INDIA ON "AS IS" SPAIN BASIS (VESSEL HAS ST.STEEL AND NICKEL CONTENT) SOLD TO UNDISCLOSED BREAKERS ON PRIVATE TERMS (OLD SALE) SOLD TO UNDISCLOSED BREAKERS ON PRIVATE TERMS (OLD SALE) SOLD TO PAKISTAN ON "AS IS" RIO BASIS (USD 2,7 MILLION) SOLD TO UNDISCLOSED BREAKERS ON PRIVATE TERMS (OLD SALE)

Demolition Statistics For 213 Current Demolition Activity per / Size A. Dry 212 213 Size No Of DWT No Of DWT 1. Minibulk (up to 9,999 2. Handy (1, - 39,999 3. Handymax (4, - 59,999 4. Panamax (6, - 79,999 5. Capesize (8,+ 69 456.15 67 419.53 322 8.459.421 245 6.599.989 12 4.63.781 6 2.674.138 118 7.945.415 5 3.373.335 87 13.885.67 4 6.734.499 A. Dry Total 698 35.376.789 462 19.81.491 B. Tanker 1. Minitank (up to 9,999 2. Product (1, - 59,999 3. Panamax (6, - 79,999 4. Aframax (8, - 119,999 5. Suezmax (12, - 199,999 6. VLCC (2, - 299,999 7. ULCC (3,+ 26 152.37 21 95.77 61 1.995.45 42 1.35.217 7 473.38 8 565.937 39 3.714.797 21 2.72.973 22 3.239.167 9 1.347.458 12 3.29.269 17 4.727.514 3 918.638 5 1.564.191 B. Tanker Total 17 13.73.71 123 11.723.997 C. Container Total 159 4.734.954 139 4.65.96 D. Reefer Total 6 524.714 7 53.549 E. RoRo Cargo/ Ferry/ Passenger Total 6 447.861 58 685.927 F. Miscellaneous Total 37 1.332.143 31 252.635 Grand Total 1.184 56.119.532 82 37.122.695 Please Note that dry trading combination carriers are included in the dry sector and wet trading ones in the tanker sector.

Country Demolition Activity by Country No of 212 213 DWT No of DWT BANGLADESH 28 13.647.586 114 7.623.533 CHINA, PEOPLE'S REPUBLIC OF 12 7.36.65 152 6.899.487 INDIA 456 17.547.126 297 1.588.583 OTHERS 266 7.969.331 144 4.544.445 PAKISTAN 94 9.11.211 62 6.653.88 TURKEY 4 583.673 51 812.839 Grand Total 1.184 56.119.532 82 37.122.695 ' Average Age For Demolition 212 211 21 A. Dry 28,2 3,7 31,5 B. Tanker 24,6 27,1 26,4 C. Container 23,3 29,6 27 D. Reefer 26,5 26,3 29,3 E. RoRo Cargo/ Ferry/ Passenger 34,9 32 31,5 F. Miscellaneous 33,4 34 33,7 Demolition Activity By DWT 7.. Demolition Per Month 145 Demolition of BCs by percentage for 212 6.5. 6.. 14 135 13 125 1 % Minibulk 46 % Handy 15 % Handymax 17 % Panamax 12 % Capesize 12 5.5. 115 11 5.. 15 1 4.5. 95 9 dwt 4.. 3.5. 3.. 85 8 75 7 65 6 no of vessels 2.5. 55 5 2.. 45 4 1.5. 35 3 1.. 25 2 5. 15 1 5 Demolition of Tankers by percentage for 212 1/212 2/212 3/212 4/212 5/212 6/212 7/212 8/212 9/212 1/212 11/212 12/212 1/213 Months Sum of DWT 2/213 3/213 4/213 No of 5/213 6/213 7/213 8/213 9/213 1/213 15 % Minitank 36 % Product 4 % Panamax 23 % Aframax 13 % Suezmax 7 % VLCC 2 % ULCC Year No of Dry Demolition activity since 22 DWT of Dry No of Tankers DWT of Tankers No of DWT 22 269 8.667.582 19 18.13.186 545 28.545.6 23 219 5.732.642 232 18.395.563 55 25.181.35 24 79 1.518.916 173 8.551.39 338 1.471.421 25 38 1.155.58 1 4.259.393 182 5.539.311 26 116 2.813.88 111 3.52.432 32 6.957.521 27 46 623.85 127 4.65.141 229 5.143.327 28 123 5.314.132 121 5.635.243 36 12.935.653 29 44 12.42.36 159 9.166.421 886 28.654.428 21 259 7.419.4 28 14.782.162 788 25.86.777 211 561 25.14.389 166 1.97.19 918 37.48.6 212 698 35.376.789 17 13.73.71 1184 56.119.532 213 462 19.81.491 123 11.723.997 82 37.122.695

Contact Details AERAKIS GEORGE AOH: +3-21 6 35 259 MOBILE: +3 6946 4 57 37 DASKALAKIS GEORGE AOH: +3-21-62 29 124 MOBILE: +3-6932-24 8 7 DRAKOGIANNOPOULOS SAKIS AOH: +3 2299 63 237 MOBILE: +3-6944 - 88 58 8 KARADIMAS COSTAS AOH: +3-21 - 62 11 96 MOBILE: +3-6932 - 2 15 64 MOISSOGLOU THEODOROS AOH: +3-21 - 96 19 87 MOBILE: +3-6932 - 45 52 41 BOLIS ILIAS AOH: +3-21 - 8 25 439 MOBILE: +3-6937 - 2 65 DRAKOGIANNOPOULOS STAVROS AOH: +3-21-6 11 438 MOBILE: +3-6932 - 2 15 65 HATZIGEORGIOU NASSOS AOH: +3-21 - 93 16 353 MOBILE: +3-6944 - 73 33 93 KOSTOYANNIS JOHN AOH: +3-21 - 81 31 194 MOBILE: +3-6932 - 43 39 99 PAPOUIS THASSOS AOH: +3-21 62 31 392 MOBILE: +3 6944 29 49 89 PROSSIOS TASSOS AOH: +3-21 89 46 692 MOBILE: +3 6942 6 78 32 STASSINAKIS JOHN AOH: +3 211 4 16 51 MOBILE: +3 6972 6 92 9 TOBALOGLOU EVAGELOS AOH: +3-21 - 43 25 185 MOBILE: +3-6932 - 4 56 2 TSALPATOUROS COSTIS AOH: +3-21 - 96 19 278 MOBILE: +3-6932 - 2 15 63 VARVAROS PLUTON AOH: +3-21 45 11 331 MOBILE: +3-6937 25 15 15 ALLIED SHIPBROKING INC. 48, Aigialeias Street, 4 th Floor, Maroussi 151 25, Greece Tel: +3 21 45 24 5 Fax: +3 21 45 25 17/ 19 E-mail: snp@allied-shipbroking.gr ALLIED CHARTERING S.A. 48, Aigialeias Street, 4 th Floor, Maroussi 151 25, Greece Tel : +3 21 42 88 1 Fax: +3 21 45 24 21 drycargo@allied-chartering.gr E-mails: tanker@allied-chartering.gr Visit us @ www.allied-shipbroking.gr

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.