WEEKLY MARKET REPORT August 10th, 2007 / Week 32

WEEKLY MARKET REPORT August 10th, 2007 / Week 32 SUPPLY - shipyards are working 24 hours a day pumping out new ships and booking huge new orders at record high prices to capitalize on the amazing market we are witnessing. New shipyards are being created in India, Vietnam, China, Korea, and existing shipyards are expanding their facilities to create new berths. Demolition is at a standstill and even 1970's built bulk carriers are in hot demand. Should be interesting in 2010/2011! Yes, another BILLION dollar deal was reported this week, this time in the container vessel arena. A Greek buyer has ordered 9 x 12,400 TEU newbuildings at STX Shipbuilding Co. in Korea for $159 mill. each totalling $1.4 BILLION delivery within November 2011. Fleet expansion by the public dry bulk companies continues BIG TIME with Dryships leading the way this week spending about $836 mill. as they reportedly picked up 3 x Panamax bulkers for about $216 mill. (see below) and announced that they have paid about $620 mill. for 8 bulk carriers: 1 x Supramax 51,201 DWT/Built 2003, 1 x Panamax 74,204 DWT/Built 2002, 1 x Panamax 76,500 DWT/Built 2004, 3 newbuilding Cape bulkers 180,000 DWT/Delivery from S. Korea 2nd quarter 2009, 4th quarter 2009, 1st quarter of 2010, 2 x Kamsarmax newbuildings 82,000 DWT/Delivery from China 1st half of 2010. It is also rumored that US public company may have committed 6 modern Handymax and Handysize bulkers for $325 mill. levels but so far the report is unconfirmed. M/V "TOMAHAWK" - 57,982 DWT / 2007 BLT M/V "PREDATOR" - 55,407 DWT / 2005 BLT M/V "INNOVATOR" - 55,435 DWT / 2005 BLT M/V "STENTOR" - 28,445 DWT / 2007 BLT M/V "DANNY BOY" - 28,386 DWT / 2005 BLT M/V "CAPTAIN ADAMS" - 28,398 DWT / 2005 BLT * YGIAS 1-3 & 2 AKTI THEMISTOKLEOUS STR, PIRAEUS, GREECE 18536 * Page 1 of 9

TANKERS: NEW FRONTIER 285,933/92 - DAEWOO SB/HM - B&W 31,920 - COILED - SBT - IGS - COW - SH Sold for $46 mill. to undisclosed buyer. SHINYO CLIPPER 243,870/92 - HITACHI - B&W 24,570 - COILED - SBT - IGS - COW - DS Sold for $48 mill. to HOSCO. ANAND SEA 224,738/81 - TAIWAN - SUL 30,600 - IGS - COW - SH - 32,586 LDT Sold for $26.5 mill. to undisclosed buyer. DALISIA / DAVINIA / DANIA / DALMATIA / AHRENKIEL RESALE 73,400/07 - NEW CENTURY - MAN-B&W 15,350 - DH Sold for $70 mill. each to Greek buyer. MERLION PARK 41,354/93 - MINAMI NIPPON USUKI - B&W 12,750 - COATED - COILED - IGS - DH - IMO 2/3 Sold for $33 mill. to Greek buyer. SOUTHERN DRAGON 9,195/85 - FUKUOKA - MIT 4,409 - COATED - COILED - DB - IMO 2/3 Sold for $5.1 mill. to Far East buyer. BULKERS: CAPE BRAZIL 140,832/81 - HYUNDAI - B&W 18,417-9HH - 21,395 LDT Sold for $22.5 mill. to Far East buyer. HYUNDAI RESALE 179,000/09 Sold for $113 mill. to Greek buyer (Dryships). Sale includes a 5-year t/c at $45,000/day. BERGEN TRADER 75,933/00 - KANASASHI - B&W 12,700-7HH - 225.00M LOA EPSON TRADER 75,928/01 - KANASASHI - B&W 12,700-7HH - 225.00M LOA SEATTLE TRADER 75,681/00 - KANASASHI - B&W 15,015-7HH - 225.00M LOA Sold for $72 mill. each to Greek buyer (Dryships). SHINYO BRILLIANCE 75,707/04 - SANOYAS - B&W 12,200-7HH - 225.00M LOA Sold for $72 mill. to Greek buyer. FORMENTERA 70,002/96 - HUDONG - B&W 13,280-7HH - 225.00M LOA Sold for $63 mill. to Chinese buyer. YUN TONG HAI 68,788/90 - HHI - B&W 16,670-7HH - 225.00M LOA Sold for $33 mill. to Chinese buyer. Sale includes a t/c until 01/2008 at $18,000/day. 2 X BULYARD RESALES 55,800/10 Sold for $40.75 mill. to Greek buyer. DIMITRA 41,455/95 - VARNA - B&W 11,336-5HH - C 4X30T - GRABS Sold for $39 mill. to Greek buyer. * YGIAS 1-3 & 2 AKTI THEMISTOKLEOUS STR, PIRAEUS, GREECE 18536 * Page 2 of 9

FREEDOM WAVES 36,318/82 - IMABARI MARUGAME - SUL 11,850-5HH - C 4X25T - 8,832 LDT Sold for $15.8 mill. to Turkish buyer. OURANIA SMILE 35,371/84 - NIPPON KOKAN - SUL 11,850-5HH - C 5X15T - 268 TEU - 7,684 LDT Sold for excess $16 mill. to Far Eastern buyer. Sale includes balance of t/c at $15,000/day until around 04/2008. PANTOKRATOR 25,398/96 - IMABARI - MIT 7,200-4HH - C 4X30T PROTAGONIST 23,581/96 - SAIKI - MIT 7,200-4HH - C 4X30T Sold for $30 mill. each to undisclosed buyer. KOWULKA 23,258/84 - HYUNDAI - SUL 6,800-4HH - C 4X25T - GRABS - 5,875 LDT Sold for $14.5 mill. to Greek buyer. BBC BARRANQUILLA 22,051/95 - SAIKI JUKOGYO - MIT 7,200-4HH - C 4X30T - GRABS - 511 TEU Sold for $24.7 mill. to Middle Eastern buyer. TWEENDECKERS: TRANS CARGO 4 / TRANS CARGO 5 13,6001/80 - GERMANY - MAN 11,200-5HO/8HA - D 1X80T, 3X22T, 8X10T - 283 TEU Sold for $6.5 mill. en bloc to undisclosed buyer. CONTAINERS: MSC BENEDETTA / MSC DEBRA / MSC MARA / MSC OLGA 67,600/06 - HANJIN PUSAN - MAN/B&W 55,890-5,050 TEU Sold for $90 mill. each to US/Singapore based buyer (Fortress). DUBAI GOLD 21,894/82 - GERMANY - MAN 11,200-1,024 TEU - C 6X25T - 15.5 KN - CELLULAR - 9,275 LDT Sold for $4.5 mill. to undisclosed buyer. REEFERS: SEA PHOENIX 8,056/92 - SHIN KOCHI - MIT 9,600-4HH - D 8X5T - 394,291 CUFT MARINE PHOENIX 7,957/94 - SHIN KOCHI - MIT 9,600-4HH - D 8X5T - 393,444 CUFT Sold for $15 mill. en bloc to Norwegian buyer (Oceanlink). * YGIAS 1-3 & 2 AKTI THEMISTOKLEOUS STR, PIRAEUS, GREECE 18536 * Page 3 of 9

NEW SHIPS FOR SALE: TANKERS: ELSE MAERSK 308,491/00 - HHI - SUL 36,930 - SBT - IGS - COW - DH Vessel passing Cape of Good Hope 11th August, enroute Zhoushan for discharge orders where eta 3rd September. ISHWARI 145,200/91 - HHI - B&W 20,940 - COILED - SBT - IGS - COW - DH Eta Fujairah on about 30th August. BULKERS: CUMBRIA 69,043/94 - IMABARI MARUGAME - SUL 15,500-7HH - 225.00M LOA Inspectable US Gulf early September. GENCO COMMANDER 45,518/94 - TSUNEISHI - B&W 9,750-5HH - C 4X25T Vessel Eta Sriracha, Thailand 10th August; Etb 20th August for discharge. T STAR 42,842/85 - MITSUBISHI NAGASAKI - SUL 7,965-5HH - C 4X25T - 8,281 LDT Eta Santos on about 15th August - after loading sugar, trip to Casablanca. OCEAN UNITY 37,672/84 - KASADO KUDAMATSU - MIT 10,200-5HH - C 4X25T - 7,722 LDT Vessel is currently waiting to discharge at Bandirma,Turkey, expected to complete on 11th August. Then will sail to Derince, Turkey to complete discharge, etcs about 13th August. Thereafter fixed to load from Eleusis, Greece where eta 14th August. * YGIAS 1-3 & 2 AKTI THEMISTOKLEOUS STR, PIRAEUS, GREECE 18536 * Page 4 of 9

NEWBUILDINGS NEWBUILDING STATISTICS TYPE OF SHIP 2007 2008 2009 2010 2011 2012 2013 * TOTAL ORDERBOOK ULCC/VLCC 10 37 68 43 14 3 175 ( -1 ) SUEZMAX 11 20 57 42 9 139 ( +2 ) AFRAMAX 18 73 109 71 7 278 ( -1 ) PANAMAX 18 40 50 16 124 ( +2 ) MR 83 199 202 141 15 640 ( +1 ) 0-35,000 DWT 140 174 150 56 5 1 526 ( +12 ) CAPESIZE 19 51 94 176 90 13 443 ( +15 ) 80-100,000 DWT 16 38 54 72 30 6 216 ( -8 ) PANAMAX 28 63 42 46 12 4 195 ( +7 ) SUPRAMAX 57 135 200 156 50 10 608 ( +17 ) HANDYSIZE 52 94 159 94 31 3 3 436 ( +5 ) * Includes ALL vessels on order NEWBUILDING CONTRACTS No. Size Type Yard Delivery Price (mill) Owners Comm. 2 x 156,000 dwt Tank Nantong 2009/10 Geden 1 x 115,000 dwt Prod New Times 2011 $67.5 Ionia Management 2 x 109,000 dwt Tank Samsung 2011 $122.5 Teekay 2 x 47,000 dwt Prod Guangzhou 2010 $47 Valles Steamship 2 x 33,000 dwt Prod Minami 2012 Kawasaki Kisen IMO 2/3 2 x 25,000 dwt Chem Daesun 2010/11 $37.6 European Byr. 2 x 25,000 dwt Chem Kurinoura 2009 Dorval Kaiun 1 x 19,000 dwt Chem Usuki 2009 Dorval Kaiun 7 x 19,000 dwt Chem Fukuoka 2009/10 Dorval Kaiun 3 x 16,500 dwt Prod Jiangzhou 2010 Intrepid Shpg. 4 x 180,000 dwt Bulk Tsuneishi 2010 Kawasaki Kisen 4 x 180,000 dwt Bulk Tsuneishi 2010 NYK Line 4 x 180,000 dwt Bulk Tsuneishi 2010/11 Mitsui OSK 2 x 180,000 dwt Bulk Daehan 2010 Meandros 2 x 176,000 dwt Bulk Nantong 2010 $75 Geden Line 2 x 115,000 dwt Bulk Jiangnan 2012 $53 COSCO 1 x 93,100 dwt Bulk Jiangsu Yangzijiang 2011 $45 Liberty Nav. 4 x 57,000 dwt Bulk Qingshan 2010 FESCO 4 x 57,000 dwt Bulk Jiangdong 2009/10 I. Schiffahrts 3 x 54,000 dwt Bulk Wuzhou 2009 $40 Zhoushan Yihai Shpg. * YGIAS 1-3 & 2 AKTI THEMISTOKLEOUS STR, PIRAEUS, GREECE 18536 * Page 5 of 9

1 x 33,300 dwt Bulk Imabari 2010 Blumenthal 10 x 17,300 dwt Bulk Hudong 2009/10 Wagenborg 4 x 30,000 dwt MPP Jinling 2010/11 B. Rickmers 4 x 30,000 dwt MPP Jinling 2010/11 B. Rickmers 4 x 24,000 dwt MPP LPM Shipyard 2010/11 B. Rickmers 4 x 12,825 teu Cont Hanjin Subic Bay 2011 $162.5 NSC. Schiffahrts 4 x 1,790 teu Cont China SB 2010/11 Zim Integrated Shpg. * YGIAS 1-3 & 2 AKTI THEMISTOKLEOUS STR, PIRAEUS, GREECE 18536 * Page 6 of 9

KEY INDICATORS INDICES RATE OF EXCHANGE BALTIC EXCHANGE RATES THIS WEEK LAST WEEK CHANGE $ / Won: 930.1200 Baltic Dry Index 7011 7007 + 4 $ / Nok: 5.831000 Baltic Capesize 9406 9245 +161 $ / Euro: 0.731000 Baltic Panamax 6910 7164-254 $ / Stlg: 0.494700 Baltic Supramax 4768 4714 + 54 $ / Yen: 118.0750 Baltic Handysize 2430 2377 + 53 LIBOR (3-mos) / 5.36% Brent Crude $69.90 $75.57 - $5.67 BALTIC TANKER INDICES BALTIC DRY INDICES 3,500 3,000 2,500 2,000 BDTI INDEX BCTI INDEX 11,000 9,000 7,000 BDI BCI BPI BSI 1,500 1,000 500 5,000 3,000 0 1,000 02-Jan-04 02-Jun-04 02-Nov-04 02-Apr-05 02-Sep-05 02-Feb-06 02-Jul-06 02-Dec-06 02-May-07 01-Jun-04 01-Oct-04 01-Feb-05 01-Jun-05 01-Oct-05 01-Feb-06 01-Jun-06 01-Oct-06 01-Feb-07 01-Jun-07 ESTIMATED VALUES TANKERS NB PROMPT 12 MONTH 5 YEARS 10 YEARS 20 YEARS RESALE T/C VLCC 300,000 dwt $135.0m $152.0m $134.0m $106m (DH) $31.0m (SH) $57,000 PD Suezmax 150,000 dwt $85.0m $106.0m $95.0m $75.0m (DH) $23.0m $45,000 PD Aframax 105,000 dwt $69.0m $78.0m $68.0m $56.0m (DH) $15.0m (SH) $34,000 PD Panamax 70,000 dwt $58.0m $66.0m $57.0m $48.0m (DH) $12.0m $29,500 PD Product 47,000 dwt $48.0m $59.0m $52.0m $43.0m (DH) $12.0m $26,000 PD BULK CARRIERS Capesize 170,000 dwt $87.0m $128.0m $109.0m $83.0m $40.0m $98,000 PD Panamax 74,000 dwt $47.0m $75.0m $73.0m $52.0m $31.0m $55,000 PD Supramax 52,000 dwt $42.0m $65.0m $58.0m $44.0m $26.0m $45,000 PD BUNKER PRICES FUEL GRADES ROTTERDAM FUJAIRAH PIRAEUS SINGAPORE 380cst: $354.00 $384.00 $369.00 $381.50 180cst: $374.00 $394.00 $394.00 $391.00 MDO: $550.00 $692.50 N/A $612.50 * YGIAS 1-3 & 2 AKTI THEMISTOKLEOUS STR, PIRAEUS, GREECE 18536 * Page 7 of 9

DEMOLITION DEMOLITION STATISTICS TYPE OF SHIP THIS DATE 2007 THIS DATE 2006 2006 TOTAL 2005 TOTAL ULCC/VLCC 1 0 0 1 SUEZMAX 1 0 0 2 AFRAMAX 6 9 14 15 PANAMAX TANKER 3 0 7 15 CAPE/COMBO (100,000 dwt +) 0 3 3 2 PANAMAX BULKER *2 (*1 pmax+1 post pmax) 11 13 5 ESTIMATED DEMOLITION PRICES LOCATION TANKERS 6-10,000 LT TANKERS 15-20,000 LT BULK CARRIERS CHINA 295 300 260 SUB-CONTINENT 545 550 475 DEMOLITION: BANGLADESH: GAS AL MINAGISH (VLGC) GAS AL AHMADI (VLGC) M/T POLYXENI I M/T NAND KISHORE M/T LIBRA RIZHSKIY ZALIV (reefer) 47,723/79-20,327 LDT - USD 470/LDT - as is U.A.E. 46,723/79-20,327 LDT - USD 470/LDT - as is U.A.E. 29,974/84-6,965 LDT - USD 410/LDT - as is Jamaica 19,602/81-5,308 LDT - USD 550/LDT 5,873/79-3,040 LDT - USD 512/LDT 11,816/70-7,080 LDT - USD 512/LDT - final destination unknown * YGIAS 1-3 & 2 AKTI THEMISTOKLEOUS STR, PIRAEUS, GREECE 18536 * Page 8 of 9

WEBERCOMPASS CONTACTS SALE & PURCHASE MOBILE PHONE NUMBER Bobby Mitropoulos 6936-530005 Spyros Karamassis 6945-776757 Tom Protonotarios 6936-530006 John Stamatakis 6936-853258 Nicholas Sfinias 6944-343488 TANKER CHARTERING Basil Mavroleon 6932-644983 Christos Kalogeras 6944-514420 Dionysios Mitsotakis 6944-720337 ADMINISTRATION Yannis Mitropoulos 6936-530007 Ourania Savvaki 6934-257746 Very Truly Yours, WEBERCOMPASS (HELLAS) S.A. The information contained in this report has been obtained from various market sources. WEBERCOMPASS (HELLAS) S.A. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. WCH will not be held responsible for any action or failure to take action upon reliance on information contained in this report. 2007 WEBERCOMPASS (HELLAS) S.A. All Rights Reserved * YGIAS 1-3 & 2 AKTI THEMISTOKLEOUS STR, PIRAEUS, GREECE 18536 * Page 9 of 9