WEEKLY MARKET REPORT May 13th, 2011 / Week 19

WEEKLY MARKET REPORT May 13th, 2011 / Week 19 The market made a reversal this week and is once again in the red with the BCI and BPI losing 4.6% and 2.77% respectively, pulling the BDI down just over 2,5% to end the week just above 1300 points. The smaller segments remained practically unchanged but both ended the week on a negative tone so it remains to be seen what they will do next week. It is evident that the balance is bearing towards the supply side of the equation and demand is simply not able to absorb the influx of all those newbuildings. In general, spot rates in the dry cargo market has been dropping throughout the first quarter of 2011. The BDI has lost almost 400 points since the beginning of the year a drop of over 20%. Also as a comparison, the average for the BDI in the first quarter of 2011 was about 55% below the respective average for the first quarter of 2010. This decrease is largely attributed to the capesize market but the pressure is rapidly being felt across the other sectors as well. Despite the negative market trend, activity in the second hand sale & purchase has definitely picked up. There are strong enquiries across all ages and sizes as buyers are trying to commit tonnage. There are plenty of dry bulkers circulated for sale and a steady stream of ships coming out of Japan. There is less tonnage available in the tanker segment and the various buyers available are helping to maintain prices at decent levels. In the drybulk sector, Greek buyers have picked up the panamax CORONA (73,593 dwt / blt 2007 Jiangnan China) for US$ 29.99 million whilst undisclosed buyers have purchased another chinese built panamax, the F.D. CRIS DE ANGELIS (74,408 dwt / blt 2007 Hudong China) for a price understood to be US$ 31 million. It seems that Greek buyers have also purchased the supramax DARYA BRAHMA (56,056 dwt / blt 2006 Japan) for US$ 29.75 million. On the tanker sector, besides the VLCC deal in which Daewoo purchased the 50% share of Korea Line's 2 x 321,234 dwt VLCCs built 2010 Daewoo, we are reporting the sale of the MR tanker MARE DI RAVENNA (51,371 dwt / blt 2006 Korea) which has been committed on subjects to Greek buyers for US$ 30.50 million. Newbuilding activity remains quiet although we understand that a few owners are actively pursuing MR tanker orders with deliveries end 2012 / early 2013. We are also reporting another big container order amounting to excess US$ 540 mill. WeberSeas, Weekly Market Report Page 1 of 12

Demolition prices remain high with India leading the way by way of volume and prices. Bulkers are easily getting US$ 530 and there is upwards pressure there. Pakistan seems to be concentrating on tankers whilst Bangladesh is lagging behind. TANKERS BLUE TOPAZ 321,234/10 - DAEWOO - B&W 39,782 - COILED - SBT - IGS - COW - DH SS 11/2015, DD 11/2013 BLUE PEARL 321,050/10 - DAEWOO - B&W 39,782 - COILED - SBT - IGS - COW - DH SS 07/2015, DD 07/2013 Vessels were jointly owned on a 50/50 basis by Korea Line and Daewoo and the latter purchased Korea Line s 50% share at a price of $50 mill. each, which values the vessels at $100 mill. each. LNG KHANNUR 73,074/77 - NORWAY - GENERAL ELECTRIC 39,999 - DH - 125,003 CBM Sold for $16.2 mill. to Singapore based buyers for conversion to Floating Storage and Regasification Unit. OCEAN VENTURE 64,267/86 - HITACHI - B&W 10,149 - SBT - IGS - DS - SS/DD 04/2011 Sold on private terms to Indonesian buyers (Trada International). MARE DI RAVENNA 51,371/06 - SHINA - B&W 15,049 - COATED - COILED - SBT - IGS - DH SS/DD 06/2011 Sold for $30.5 mill. to Greek buyers (Falcon Navigation). CYRUS 40,258/95 - CROATIA - B&W 11,829 - COATED - COILED - SBT - IGS - DB - SS 01/2015 DD 04/2013 Sold for $7 mill. to Norwegian buyers. STOLT PEAK 39,656/91 - CROATIA - B&W 13,052 - COATED - COILED - SBT - IGS - DH SS/DD 07/2011 Sold for $6.4 mill. to Singaporean buyers (Raffles Shipping). LPG GLOBAL EXPRESS NO. 2 4,252/96 - HONDA - MIT 4,200 - SBT - DB - 3,441 CBM Sold for $6 mill. to Korean buyers (Sae Han Shipping). LPG GRACE CORAL 3,706/94 - KURINOURA - HANSHIN 3,600-2,957 CBM - SS 06/2014, DD 06/2012 Sold for $4 mill. to Korean buyers (SJ Tanker). MMM ASHTON 3,442/04 - SAMHO - B&W 2,998 - COATED - SBT - DH - SS 10/2014, DD 10/2012 Sold for $6.3 mill. to Philippino buyers (SJ Tanker). WeberSeas, Weekly Market Report Page 2 of 12

BULKERS F. D. CRIS DE ANGELIS 74,408/07 - HUDONG - B&W 12,223-7HH - SS/DD 03/2012 Sold on subs for $31 mill. to undisclosed buyers. CORONA 73,593/07 - JIANGNAN - B&W 13,868-7HH - SS/DD 01/2012 Sold for $29.99 mill. to Greek buyers (Diana Shipping). DARYA BRAHMA 56,056/06 - MITSUI - B&W 12,889-5HH - C 4X30.5T - SS/DD 05/2011 Sold for $29.75 mill. to Greek buyers. SEA WIND I 41,635/85 - HAYASHIKANE - B&W 10,050-5HH - SS 12/2014, DD 12/2012 Sold for $7.6 mill. to Syrian buyers. LADY 41,090/85 - OSHIMA - SUL 8,670-5HH - C 4X25T - SS 04/2015, DD 05/2013 Sold for $7.55 mill. to undisclosed buyers. SEA MILD 38,888/85 - IHI - SUL 8,000-5HH - C 4X25.4T - SS 04/2015, DD 04/2013 Sold for $5.5 mill. to Chinese buyers. HOT STAR 36,941/83 - SASEBO - MIT 8,381-5HH - C 4X25T - SS/DD 07/2012 Sold for $5.7 mill. to Chinese buyers. DORA 30,900/82 - U.K. - SUL 12,001-6HH - C 2X25T, 3X15T - SS 09/2015, DD 09/2013 Sold for $3.85 mill. to undisclosed buyers. SPAR GARNET 30,686/85 - SASEBO - MIT 8,160-7HH - C 4X25T - SS 11/2013, DD 11/2011 Sold for $7 mill. to Chinese buyers. VENUS 27,036/81 - NIPPONKAI - B&W 10,500-5HH - C 4X25T - SS/DD 05/2011 Sold for $3.85 mill. to Syrian buyers. ORIENTAL PRINCESS 14,187/99 - SHIN KOCHI - MIT 6,000-4HH - C 3X25.4T - SS 05/2014 DD 04/2012 Sold for $8 mill. to Indian buyers. SUSANGO 13,537/85 - IMAI - B&W 4,095-2HH - D 4X15T - SS 07/2011, DD 08/2013 Sold for $3.3 mill. to undisclosed buyers. CONTAINERS MAULE 80,200/10 - CSBC - WAR 77,769-8HO - 6,589 TEU Sold for $79.3 mill. to Greek buyers. Sale includes t/c attached for 5 years at $38,000 per day. MSC SIENA 58,261/06 - POLAND - B&W 62,079-8HO 16HA - 4,542 TEU Sold for $59.6 mill. to Greek buyers. Sale includes t/c attached for 31 months at $28,000 per day. ESTEBROKER 33,843/99 - GERMANY - B&W 26,934-5HO 10HA - C 3X45T - 2,526 TEU Sold on subs for $24.5 mill. to undisclosed buyers. WeberSeas, Weekly Market Report Page 3 of 12

WESTERDEICH 22,343/94 - GERMANY - SUL 18,110-4HO 8HA - C 3X40T - 1,600 TEU Sold for $12.3 mill. to Brazilian buyers. PACIFIC HAWK 13,760/08 - JINLING - B&W 13,229-5HO - C 2X45T - 1,118 TEU Sold for $20.5 mill. to German buyers. Sale includes high leverage finance attached. MPP/TWEENDECKERS THOR NAVIGATOR 20,705/87 - GERMANY - B&W 10,330-5HO 9HA - C 5X25T - SS 08/2015 DD 09/2013 THOR NEREUS 20,586/88 - GERMANY - SUL 10,333-4HO 9HA - C 1X35T, 3X25T - SS 01/2016 DD 01/2014 THOR NECTAR 20,433/89 - GERMANY - SUL 10,007-4HO 9HA - C 1X35T, 3X25T - SS 04/2015 DD 11/2012 THOR NEXUS 20,377/89 - GERMANY - SUL 10,809-4HO 9HA - C 1X35T, 3X25T - SS 02/2014 DD 07/2011 THOR NAUTICA 18,235/88 - GERMANY - SUL 9,517-4HO 7HA - C 1X40T, 2X25T - SS 04/2016 DD 02/2014 Sold en bloc for $5.6 mill. each to Chinese buyers. FUTAMI 20,482/86 - MITSUBISHI - SUL 7,051-4HO 7HA - C 4X25T - SS/DD 07/2011 Sold on private terms to Asian buyers. ANNA GABRIELE 5,967/00 - ROMANIA - 2 x B&W 7,492 Sold for $2.2 mill. to Turkish buyers. SEA EXPLORER 4,766/97 - PORTUGAL - MAK 4,790-2HH - C 2X40T - SS/DD 06/2012 Sold for $5 mill. to Dubai based buyers. RO-RO/PASSENGER CERVINE 4,734/85 - ROMANIA - 2 x MAK 7,200-1,215 LM - 94 TRAILERS Sold for $2 mill. to Jordan buyers. FRESH FOR SALE TANKERS VERMILION EXPRESS 84,999/99 - NAMURA - SUL 16,701 - COATED - SBT - IGS - COW - DH Vessel inspectable in Singapore on 1st June. EMERALD STARS 37,270/05 - HYUNDAI - B&W 12,889 - COATED - COILED - SBT - IGS - COW - DH Vessel inspectable in Eregli, Turkey from 13th May. BULK CARRIERS ASTRALE 75,933/00 - KANASASHI - B&W 12,701-7HH Vessel en route U.S. Gulf for orders. WeberSeas, Weekly Market Report Page 4 of 12

DUBAI ENERGY 55,389/04 - OSHIMA - B&W 12,870-5HH - C 4X30T Vessel inspectable in Singapore on 19th May. PFS NARAYANA 47,442/83 - NKK - SUL 12,601-5HH - C 4X30T Vessel inspectable in China around the end of May. CALYPSO N 33,009/83 - MINAMI - B&W 10,500-5HH - C 4X25T Vessel inspectable in Port Elizabeth, South Africa until 16th May. DEMOLITION DEMOLITION STATISTICS TYPE OF SHIP THIS DATE 2011 THIS DATE 2010 2010 TOTAL 2009 TOTAL ULCC/VLCC 5 11 14 10 SUEZMAX 0 4 10 5 AFRAMAX 5 5 14 12 PANAMAX TANKER 0 4 10 8 CAPE/COMBO (100,000 dwt +) 26 4 15 5 PANAMAX/KAMSARMAX BULKER 18 2 6 21 LOCATION TANKERS BULK CARRIERS CHINA 465 445 INDIA 535 515 BANGLADESH 530 510 PAKISTAN 530 510 DEMOLITION: INDIA M/V 3 MAJ M/V GULF SAFWA M/V KING SUCCESS (tween) 64,850/88-15,369 LDT - USD 530/LDT 48,016/89-14,620 LDT - USD 535/LDT 20,258/78-7,800 LDT - USD 520/LDT BANGLADESH M/V SILVER CARRIER (including 750 tonnes of bunkers ROB) en bloc with: M/V SAMARINDA CARRIER (including 750 tonnes of bunkers ROB) M/V KINGSWAY II 132,837/82-20,004 LDT - USD 502/LDT - as is Korea 75,714/81-17,106 LDT - USD 502/LDT - as is Korea 105,496/81-16,265 LDT - USD 510/LDT WeberSeas, Weekly Market Report Page 5 of 12

CHINA M/V HAINA GOLDEN 80,170/80-12,941 LDT - USD 450/LDT PAKISTAN M/T D ELEPHANT M/T TITAN SCORPIO 276,272/91-38,909 LDT - USD 520/LDT 265,551/86-36,572 LDT - USD 518/LDT WeberSeas, Weekly Market Report Page 6 of 12

TYPE OF SHIP NEWBUILDING STATISTICS 2011 2012 2013 2014 * TOTAL ORDERBOOK ULCC/VLCC 83 57 34 12 186 SUEZMAX 61 59 28 2 150 AFRAMAX 78 49 21 3 151 PANAMAX 39 15 24 7 85 MR 115 76 34 5 230 10-35,000 DWT 189 77 14 280 CAPESIZE/ MINI CAPE / VLOC 80-100,000 DWT 343 218 65 15 641 253 293 85 25 656 PANAMAX 110 86 36 232 SUPRAMAX / HANDYMAX 462 313 94 869 HANDYSIZE 395 260 87 14 756 * Includes ALL vessels on order NEWBUILDING CONTRACTS No Size Type Yard Delivery Price (mill) Owners Comments 2 115,000 dwt Tanker Guangzhou Longxue 2013 $50 Shanghai North Sea Shipping 4 13,100 teu Container Samsung 2013/14 $136 Orient Overseas International WeberSeas, Weekly Market Report Page 7 of 12

BALTIC DRY EXCHANGE RATES THIS WEEK LAST WEEK CHANGE CHANGE % Baltic Dry Index 1306 1340-34 -2.54% Baltic Capesize 1494 1566-72 -4.60% Baltic Panamax 1720 1769-49 -2.77% Baltic Supramax 1392 1386 6 0.43% Baltic Handysize 788 792-4 -0.51% 14000 12000 10000 8000 6000 4000 2000 0 4-Jan-05 4-Apr-05 25000 20000 15000 10000 5000 0 4-Jan-05 4-Apr-05 14000 12000 10000 8000 6000 4000 2000 0 18-Jan-05 18-Apr-05 4-Jul-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-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 4-Jan-11 4-Apr-11 WeberSeas, Weekly Market Report Page 8 of 12 BCI 18-Jul-05 18-Oct-05 18-Jan-06 18-Apr-06 18-Jul-06 18-Oct-06 18-Jan-07 18-Apr-07 18-Jul-07 18-Oct-07 18-Jan-08 18-Apr-08 BPI BDI 4-Jul-08 4-Oct-08 4-Jan-09 4-Apr-09 18-Jul-08 18-Oct-08 18-Jan-09 18-Apr-09 4-Jul-09 4-Oct-09 4-Jan-10 4-Apr-10 4-Jul-10 4-Oct-10 4-Jan-11 4-Apr-11 18-Jul-09 18-Oct-09 18-Jan-10 18-Apr-10 18-Jul-10 18-Oct-10 18-Jan-11 18-Apr-11

BALTIC WET EXCHANGE RATES THIS WEEK LAST WEEK CHANGE CHANGE % Baltic Clean Tanker 839 866-27 -3.12% Baltic Dirty Tanker 779 796-17 -2.14% 2,500 2,000 1,500 1,000 500 0 4-Jan-05 8-Mar-05 13-May-05 2,500 2,000 1,500 1,000 500 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 27-Mar-08 2-Jun-08 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 2-Apr-08 6-Jun-08 11-Aug-08 14-Oct-08 BCT I 15-Aug-08 20-Oct-08 BDT I 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 17-Dec-10 28-Feb-11 2-May-11 6-Jan-09 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 23-Dec-10 4-Mar-11 6-May-11 WeberSeas, Weekly Market Report Page 9 of 12

MAJOR CAPITAL MARKETS INDEX THIS WEEK* LAST WEEK* CHANGE CHANGE % 52 WEEKS HIGH 52 WEEKS LOW DOW JONES 12,630.03 12,723.58-93.55-0.74% 12,928.50 9,596.04 NASDAQ 2,863.04 2,814.72 48.32 1.72% 2,887.75 2,061.14 AIM 884.90 893.80-8.90-1.00% 968.30 648.50 NIKKEI 9,716.65 10,004.20-287.55-2.87% 10,891.60 8,605.15 NAME SYMBOL PUBLIC COMPANIES DRY-CARGO SECTOR THIS WEEK* LAST WEEK* CHANGE CHANGE % 52 WEEK HIGH 52 WEEK LOW DIANA DSX 11.25 11.12 0.13 1.17% 14.77 10.75 DRYSHIPS DRYS 4.68 4.56 0.12 2.63% 6.44 3.28 EAGLE BULK EGLE 3.07 3.09-0.02-0.65% 5.75 3.02 EXCEL MARITIME EXM 3.90 3.93-0.03-0.76% 6.63 3.85 GENCO GNK 8.00 7.92 0.08 1.01% 22.38 7.60 GOLDENPORT HOLDINGS GPRT.L 112.88 108.00 4.88 4.52% 140.00 102.50 NAVIOS HOLDINGS NM 5.39 5.37 0.02 0.37% 6.80 4.38 NAME SYMBOL TANKER/ENERGY SECTOR THIS WEEK* LAST WEEK* CHANGE CHANGE % 52 WEEK HIGH 52 WEEK LOW CAPITAL PRODUCT PARTNERS CPLP 9.92 9.97-0.05-0.50% 11.39 6.75 GENERAL MARITIME GMR 2.09 2.07 0.02 0.97% 8.04 1.75 OMEGA NAVIGATION ONAV 0.84 0.74 0.10 13.51% 2.82 0.68 STEALTHGAS GASS 5.52 5.77-0.25-4.33% 8.80 3.93 TEN TNP 10.37 10.33 0.04 0.39% 15.83 8.96 CONTAINER SECTOR NAME SYMBOL 52 52 THIS LAST CHANGE CHANGE WEEK WEEK WEEK* WEEK* % HIGH LOW DANAOS DAC 7.20 6.74 0.46 6.82% 7.87 3.50 * Prices reflect Thursday s closing values. Prices in US$ except for Goldenport Holdings which is in GBP. WeberSeas, Weekly Market Report Page 10 of 12

RATES OF EXCHANGE THIS WEEK LAST WEEK CHANGE CHANGE % Euro / $ 1.4288 1.4503-0.0215-1.48% Sterling / $ 1.6253 1.6422-0.0169-1.03% $ / Yen 80.630 80.305 0.325 0.40% $ / Nok 5.4794 5.4831-0.0037-0.07% $ / Won 1,086.85 1,084.85 2.00 0.18% Brent Crude 113.65 108.80 4.85 4.46% LIBOR (3-month) 0.26% 0.27% -0.01-3.70% ESTIMATED VALUES* TANKERS PROMPT RESALE 5 YEARS 10 YEARS 20 YEARS VLCC $105.0m $80.0m $63.0m (DH) $20.0m Suezmax $65.0m $55.0m $40.0m (DH) $12.5m Aframax $49.0m $41.0m $32.0m (DH) $9.0m Panamax $45.0m $33.0m $20.0m (DH) $7.0m Product $39.0m $27.0m $17.0m (DH) $4.5m BULK CARRIERS PROMPT RESALE 5 YEARS 10 YEARS 20 YEARS Capesize $56.0m $45.0m $31.0m $18.0m Panamax/Kamsarmax $40.0m $33.0m $25.0m $14.0m Supramax/Handymax $33.0m $30.0m $22.0m $12.0m * 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) 28,750/D 33,000/D 36,000/D SUEZMAX (150,000 dwt) 21,000/D 25,000/D 27,000/D AFRAMAX (110,00 dwt) 16,000/D 18,500/D 20,000/D PANAMAX (72,000 dwt) 15,000/D 16,750/D 17,500/D MR (45-50,000 dwt) 13,500/D 14,500/D 15,000/D * The above figures are representative rates for modern tankers only. BUNKER PRICES FUEL GRADES ROTTERDAM FUJAIRAH PIRAEUS SINGAPORE 380cst: $623.00 $649.00 $632.00 $637.00 180cst: $648.00 $692.50 $662.00 $650.00 MGO: $935.00 $1043.50 $925.50 $931.50 WeberSeas, Weekly Market Report Page 11 of 12

WEBERSEAS CONTACTS SALE & PURCHASE MOBILE PHONE NUMBER Bobby Mitropoulos 6936-530005 Tom Protonotarios 6936-530006 Nicholas Sfinias 6944-343488 Spyros Karamassis 6945-776757 George Tzavellas 6973-780780 TANKER CHARTERING Basil Mavroleon 6932-644983 Dionysios Mitsotakis 6936-800320 George Karalis 6948-753725 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. 2011 WEBERSEAS (HELLAS) S.A. All Rights Reserved WeberSeas, Weekly Market Report Page 12 of 12