WEEKLY SHIPPING MARKET REPORT

WEEKLY SHIPPING MARKET REPORT WEEK 18-2 nd to 6 th April 2011 - Legal Disclamer The information contained herein has been obtained by various sources. Although every effort has been made to ensure that this information is accurate, complete and up to date, Shiptrade Services S.A. does not accept any responsibility whatsoever for any loss or damage occasioned or claimed, upon reliance on the information, opinions and analysis contained in this report. Researched and compiled by: Shiptrade Services SA, Market Research on behalf of the Sale & Purchase, Dry Cargo Chartering and Tanker Chartering Departments. For any questions please contact: market-research@shiptrade.gr Shiptrade Services SA Tel +30 210 4181814 snp@shiptrade.gr 1st Floor, 110/112 Notara Street Fax +30 210 4181142 chartering@shiptrade.gr 185 35 Piraeus, Greece www.shiptrade.gr tankerchartering@shiptrade.gr

Shipping, Commodities & Financial News Middle East Provided 90.9 % of Japan's Crude Imports in March Japan imported 117.25 million barrels of crude oil in March 2011 according to the Natural Resources and Energy Agency.Oil shipments from the Arab countries and Iran accounted for 90.9 percent of total imports, the agency at the Ministry of Economy, Trade and Industry said. Saudi Arabia remained Japan's biggest oil supplier, exporting 37.24 million barrels, or 32.8 percent of Japan's total imports. The United Arab Emirates was second with 28.18 million barrels, or 24 percent, followed by Iran, which supplied 13.21 million barrels, or 11.2 percent. Analysts expect Japan to increase its dependence on Middle East oil in the near future as oil companies are boosting output of heavy oil for thermal power generation, industry officials and analysts told local media. Demand for heavy oil is growing due to Tokyo Electric Power Co.'s efforts to expand thermal power generation to cope with power shortages caused by the shutdown of its tsunami-crippled Fukushima No. 1 nuclear plant in northeastern Japan. The case looks similar to what happened in 2007, when heavy oil consumption grew after the company's Kashiwazaki- Kariwa nuclear power plant in Niigata Prefecture, central Japan, was shut down as a result of a powerful earthquake. The total amount of heavy oil procured by Japanese power companies in fiscal 2007 that ended in March 2008 jumped 55 pct from the previous year to 11.89 million kiloliters, according to the Agency for Natural Resources and Energy. Source: PanOrient News China aluminum plate exports up on fears of rebate cut The aluminum plate exports from China are expected to remain robust in the Q2 as firms rush deals on fears that Beijing may cut or cancel export rebates that make the shipments attractive when paired with high LME prices. Industry sources said that exports of aluminum plates, sheets and strips made mainly from primary aluminum rose 73% rise in the Q1 of this year. Chinese plates are now offered at a discount of USD 40 per tonne to USD 60 per tonne to cash LME aluminum prices, free on board and at premiums of around USD 20 to buyers in Southeast Asia. Those prices are lower than a premium of around USD 100 per tonne over cash LME prices for spot good quality Western grade primary aluminum in Asia and about USD 113 for the benchmark quarterly premium in the April to June period set by Japanese buyers and Western producers. A trader at an aluminum smelter said that sellers are getting better prices from exports than for local sales. Export prices now are more than CNY 2,000 per tonne above the costs to plants which bought primary metal locally to make plates. Benchmark three month LME aluminum touched USD 2,803 per tonne its highest since August 2008. The price stood at USD 2,792 at 0449 GMT. But prices in the world's largest aluminum producer and consumer, China, lagged the LME because it produces more than it needs. Chinese prices for spot aluminum have hovered below CNY 17,000 per tonne after hitting this year's high of CNY 16,870 in late February. Source: Reuters Glencore goes in where others fear to tread HIGH in the Andes lies one of Bolivia's most prized assets. The Vinto tin smelter churns out 80 per cent of the country's exports of the metal, used in everything from fizzy drink cans to high-end electronics.the price of tin has tripled in the past three years, so when Vinto put several million tonnes up for sale a few months ago, it had plenty of interest. One outdid them all. Sinchi Wayra is one of Bolivia's biggest miners. It paid more than double what Vinto expected and trounced other bidders, including Japanese car giant Toyota. Mining companies wouldn't normally take part in such an auction. Did Sinchi know something its rival bidders didn't? In a word -- yes. Sinchi is not simply a miner, but part of Glencore, the world's biggest commodities trader, which last week announced plans to float in London at a blockbusting pound stg. 37 billion ($57bn) valuation. The bet on tin was the type of trade only Sinchi's parent would, or could, make. Glencore is one of the biggest miners in the Democratic Republic of Congo, the war-torn country that produces copper, cobalt, gold and tin. Its traders, based in the Swiss town of Baar, spotted early that sales of tin and other metals from Congo had started to slip. Source: The Sunday Times Atlas to raise Wodigna iron ore capacity Atlas Iron Ltd has signed an agreement to expand capacity at its Wodgina iron ore mine in Western Australia's Pilbara by 75 per cent to 7 million tonnes per annum (Mtpa). That will take the company's total capacity to 9Mtpa as Atlas aims to grow total production to 12Mtpa by December 2012. Atlas said it had entered into a six-year infrastructure agreement with Global Advanced Metals (GAM), which owns infrastructure at the Wodgina tantalum mine site, giving the iron ore miner access to a range of infrastructure including the crushing and screening plant. The miner would pay $35 million towards the building of alternate screening and crushing capacity on the site by the end of the first quarter of 2012 for GAM's exclusive use, Perth-based Atlas said in a statement on Monday. Source: AAP 1

Dry Bulk - Chartering Capesize: The capesize market experienced another slow week. Continuation of holidays in Europe kept the cape activity in the Atlantic region in low levels, and while monsoon season in the Indian ocean is coming closer, iron ore majors remained inactive. Both factors resulted in cargo availability being unable to exceed tonnage supply. Fronthaul trade slightly improved, concluding to Usd 19.60pmt while in the Pacific the W.Austr/Qingdao levels dropped a bit from Usd 7.90pmt to Usd7.60 pmt, forcing owners to look for alternative trades ex S.Africa / W.Canada in order to secure employment for their vessels. The time charter average improved just a little bit from 6.700usd/day close to 6.800usd/day, but still current levels are below OPEX for most of the operators. Panamax: In both basins panamaxes had a positive week, gradually improving. In the Atlantic, fronthaul trips was the driving force and rates improved with vessels reported being fixed around Usd 26.000 + 600.000bb, while for t/a owners were talking around Usd 14.000 Vs lower the week before. Despite the holidays in F.east, the Pacific trade remained in a positive mood. S.E. Asia positions covered the Indonesian coal, while vessels opening in N.China Japan range had a choice out of Nopac grains and Australia, with some fixtures being concluded at 13.000 Dop bassis N.china for Nopac r/v. Still, owner keep a low profile and remain skeptical as to how long this trend will last. Supramax: The Atlantic basin was quiet during the beginning of the week, while showed signs of improvement on mid-week. The scrap cargoes out of Continent were one solution, while some owners were struggling to find suitable cargoes for their vessels, leading them to start ballasting. Owners who considered F.East direction could see very high teens Dop Continent for trip via USG. For trips ex ECSA, handymaxes could conclude at high teens + 400k bb, while supramaxes could see low 20 s +400/450k bb, rates that previous week were not there. In the Pacific basin, market remained in the same levels, driven mostly from the Indonesia nickel ore and the coal ex Philippines. Vessels were fixed at mid teens for coal, while those willing to load nickel could see around 17.000, if not even more. For trips ex Nopac some fixtures concluded a Usd 12.500/day, while rumors say that a 55.000dwt vsl/05 built was on subs for 13.900. Iron ore ex India remains in the same levels with a slowing down trend, as monsoon period approaches. Handysize: Atlantic again remains firmer than the Pacific with sugars ex Ecsa to Conti/Med/Bl.Sea leading in front, and paying Usd 40/low 40 s pmt, with a Tce around 12.500Usd/day. In the Pacific region, modern vessels could get around Usd 11.500/day with the majority of cargoes destined to Bangladesh, and some smaller percentage going towards PG/WCI. 2

Baltic Indices Dry Market (*Friday s closing values) Index Week 18 Week 17 Change (%) BDI 1340 1269 5,59 BCI 1566 1564 0,13 BPI 1769 1450 22,00 BSI 1386 1390-0,29 BHSI 792 797-0,63 T/C Rates (1 yr - $/day) Type Size Week 18 Week 17 Change (%) Capesize 160 / 175,000 13500 13850-2,53 Panamax 72 / 76,000 13500 14750-8,47 Supramax 52 / 57,000 14250 15250-6,56 Handysize 30 / 35,000 12750 13000-1,92 Average Spot Rates Type Size Route Week 18 Week 17 Change % Capesize 160 / 175,000 Panamax 72 / 76,000 Supramax 52 / 57,000 Handysize 30 / 35,000 Far East ATL 700 700 0,00 Cont/Med Far East 18500 19700-6,09 Pacific RV 6600 7000-5,71 TransAtlantic RV 4800 4400 9,09 Far East ATL 6000 4300 39,53 ATL / Far East 24000 20800 15,38 Pacific RV 13500 9500 42,11 TransAtlantic RV 14000 11300 23,89 Far East ATL 9000 9200-2,17 ATL / Far East 21000 19800 6,06 Pacific RV 13000 13800-5,80 TransAtlantic RV 15000 13900 7,91 Far East ATL 9000 9300-3,23 ATL / Far East 16500 17000-2,94 Pacific RV 8500 8900-4,49 TransAtlantic RV 12500 13000-3,85 3

Dry Bulk - Chartering ANNUAL MARCH 2011 MAY 2011 4

Dry Dry Bulk - - Chartering Capesize Routes Atlantic 2010 / 11 $80.000,00 $70.000,00 $60.000,00 $50.000,00 $40.000,00 $30.000,00 $20.000,00 $10.000,00 $0,00 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 C2 TUB / ROT C4 RBAY / ROT C7 BOL / ROT C8 T/A RV AVG ALL TC Capesize Routes Pacific 2010 / 11 90000 80000 70000 60000 50000 40000 30000 20000 10000 C3 TUB / PRC C5 W AUST / PRC C9 CONT / FE C10 FE R/V 0 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 Panamax Routes Atlantic 2010 / 11 $60.000,00 $50.000,00 $40.000,00 $30.000,00 $20.000,00 $10.000,00 P1A T/A RV P2A CONT/FE $0,00 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 5

Panamax Routes Pacific 2010 /11 $40.000,00 $35.000,00 $30.000,00 $25.000,00 $20.000,00 P3A FE R/V P4 FE/CON AVG ALL TC $15.000,00 $10.000,00 $5.000,00 $0,00 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 Supramax Routes Atlantic 2010 /11 $70.000,00 S1A CON / FE $60.000,00 S1B BSEA / FE $50.000,00 $40.000,00 $30.000,00 S4A USG / CONT S4B CONT / USG $20.000,00 S5 WAFR / FE $10.000,00 $0,00 1 4 7 10 1316 19 2225 28 3134 37 4043 46 4952 Supramax Routes Pacific 2010 / 11 $35.000,00 $30.000,00 $25.000,00 $20.000,00 $15.000,00 $10.000,00 S2 FE R/V S3 FE / CON S6 FE / INDI S7 ECI / CHI AVG ALL TC $5.000,00 $0,00 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 6

Tanker - Chartering In Brief: As if market fundamentals hadn t been making it difficult enough for owners to cover their vessels operating expenses, the rising cost of bunkers over the past 5 months has come to complicate things further. Though it can be often used as a way to increase rates, this may not always be the case and owners will have to struggle to keep levels stable. Some good news, however, are coming from across the Atlantic. US gasoline stocks are 20 mill. bbls lower than last year and as result the TC2 market retains levels last seen before the crisis. VLCC: Rates in the Middle East Gulf remain pretty stable at last week s levels with any positive feelings about the end of May being dampened by the number of vessels available that are more than enough to cover the remaining cargoes. In West Africa, owners took advantage of the strong levels in Suezmaxes and profited a little from the resulting differential. Suezmax: Demand in West Africa improved with rates following but not spectacularly, mainly due to competition from VLCCs and declining bunker prices. On the contrary, demand in the Black Sea for Mediterranean destinations was tempered during the week and rates dropped 7.5 points. Aframax: A surplus in supply lead rates in the Caribbean to drop by 5 points to WS 110, while the declining cost of bunkers could push numbers even lower. Similarly, activity softened in the Middle East Gulf for Eastern destinations as well as rates in the North Sea for U.K. Continent. Finally, the situation in the Mediterranean doesn t look any better with an oversupply of vessels leaving no room for optimism. Products: Last week s holidays leaved a mark on shipping activity with rates at best holding steady. Such an example would be LR2 trading AG-Japan while on the contrary the TC5 market witnessed a considerable decline, which seems to be the case in the Panamaxes in the Caribbean as well. The European market for transatlantic options suffers also from a surplus in supply which is thought, however, to decrease slightly. Baltic Indices Wet Market (*Friday s closing values) Index Week 18 Week 17 Change (%) BCTI 866 892-2,91 BDTI 796 829-3,98 T/C Rates (1 yr - $/day) Type Size Week 18 Week 17 Chang (%) VLCC 300.000 28750 28500 0.88 Suezmax 150.000 21000 21000 - Aframax 105.000 16000 15750 1.59 Panamax 70.000 15000 15500-3,23 MR 47.000 13500 13750-1,82 7

Tanker - Chartering Crude Tanker Average Spot Rates Type Size (Dwt) Route Week 18 WS Week 17 WS Change % 280,000 AG USG 37 37 0,00 VLCC 260,000 W.AFR USG 57,5 55 4,55 260,000 AG East / Japan 49 48,5 1,03 Suezmax 135,000 B.Sea Med 92,5 100-7,50 130,000 WAF USAC 90 85 5,88 80,000 Med Med 87,5 95-7,89 Aframax 80,000 N. Sea UKC 105 110-4,55 80,000 AG East 120 130-7,69 70,000 Caribs USG 100 115-13,04 Product Tanker Average Spot Rates Type Size (Dwt) Route Week 18 WS Week 17 WS Change % 75,000 AG Japan 130 132,5-1,89 Clean 55,000 AG Japan 142,5 150-5,00 38,000 Caribs USAC 181 190-4,74 37,000 Cont TA 232 240-3,33 Dirty 55,000 Cont TA 132,5 130 1,92 50,000 Caribs USAC 145 155-6,45 8

Tanker - Chartering VLCC Trading Routes 2010 / 11 Suezmax Trading Routes 2010 / 11 Aframax Trading Routes 2010 / 11 9

Tanker - Chartering Clean Trading Routes 2010 / 11 Dirty Trading Routes 2010 / 11 10

Sale & Purchase Firmer S&P Market Following the Easter Holidays and with everyone returning back to their jobs, the BDI has been improved by 48 units, Capes lost 6 points, Panamaxes gained 211, Handies lost 3 and Supramaxes gained 11. In the Secondhand S&P market we can report quite some activity, with approximately twenty eight vessels reported to have changed hands and tonnage ranging from handysizes up to capes. Two deals which attracted attention are the sale of the capesize M/V CAPE AGAMEMNON (179.221 dwt, Built Sungdong KR 2010) which was reported sold for USD 98.5 mill to Greek Buyers. This transaction included a TC attached for 9 years to COSCO Bulk at usd 50.455 / day net for the first five years and 31.455 / day net for the remaining four. The second deal worth mentioning was the sale of the resale M/V Tsuneishi Fukuyama 1453 (82.600 dwt, Built Tsuneishi JPN 2011) which was reported sold to Greek buyers for USD 42.5 mill. Regarding purchase enquiries, although we have not witnessed any severe increase the interest remained for Handies, Handymaxes and Panamaxes in the dry sector, and in the wet sector MR s and Aframaxes kept the interest firm. NEWBUILDNGS The newbuldings market has showed a tremendous increase with sixty eight vessels reported to have been contracted, twenty five Bulk carriers with tonnage ranging from Handies up to large Capes, Four small Chemical tankers, Thirty eight Container vessels ranging from 1.000 up to 14.000 TEU s and six LNG Carriers of 160.000 cbm. DEMOLITION Despite previous expectations, the Bangladeshi market remained open as the court granted a two-month extension, providing buyers with the requested time to seek and import units into their yards. India continues to gather demo candidates for firm levels. Pakistani market is slowing down with regard to the number of vessels being negotiated but it is attracting large tonnage with three VLCC tankers rumored to be negotiated. The Chinese market was expecting the market of Bangladesh to have slowed down and buyers were getting ready to negotiate more vessels in order to beach new candidates, but with the fresh news they will have to firm their prices in order to become more competitive. 11

Sale & Purchase Indicative Market Values ( 5 yrs old / Mill $ ) Bulk Carriers Week 17 Week 16 Change % Capesize 46 46 - Panamax 31 31 - Supramax 27 27 - Handysize 21 21 - Tankers VLCC 82 82 - Suezmax 55 55 - Aframax 40 40 - Panamax 34 34 - MR 26 26 - Weekly Purchase Enquiries SHIPTRADE P/E WEEKLY INDEX KOREA SPORE OTHER CHINA GREECE SUM 350 300 250 200 150 100 50 0 28/9-4/10/2010 5-11/10/2010 12-18/10/2010 19-25/2010 26/10-1/11/2010 2-8/11/2010 9-15/11/2010 16-22/11/2010 23-29/11/2010 30-6/12/2010 7-13/12/2010 14-20/12/2010 21-27/12/2010 28/12-3/12011 4/1-10/1/2011 11/1-17/1/2011 18/1-24/1/2011 25-31/1/2011 1-7/2/2010 8-14/2/2011 15-21/2/2011 22-28/2/2011 01-07/3/2011 08-14/3/2011 15-21/03/2011 22-28/03/2011 29/03-4/4/2011 5/4/-11/4/2011 12-18/4/2011 19-25/4/2011 26/4-2/5/2011 3-9/5/2011 12

Sale & Purchase Reported Second-hand Sales Bulk Carriers Name Dwt DoB Yard SS Engine Gear Price Buyer Cape Agamemnon 179.221 2010 Sungdong, KR 7/2015 B&W - 98.5 (with T/C att for 9 Greek Years) Tsuneishi Fukuyama 1453 82.600 2011 Tsuneishi, JPN - B&W - 42.5 Greek Chios Joy 68.762 1989 Hyundai, KR 7/2014 B&W - 14 Chinese M.P. Panamax I 60.973 1981 Hitachi, JPN 3/2016 Sulzer - 7 Far East Imabari Resale 61.000 2011 Imabari, JPN - B&W 4 X 30 T 35 European Shanghai Venture 53.410 2007 Chengxi, CHN 4/2012 B&W 4 X 36 T 26 Spar Sea Wind 41.365 1985 Hayashikane, JPN 12/2014 B&W 4 X 25 t 7.5 Chinese Sea Mild 38.888 1985 IHI, JPN 4/2015 Sulzer 4 X25 T 5.5 Chinese Hot Star 36.941 1983 Sasebo, JPN 6/2012 Mitsubishi 4 X 25 T 5.5 Far East Orient Bulker 32.776 2005 Kanda, JPN 6/2015 Mitsubishi 4 X 30 T 23.5 European Zenith Explorer 28.343 2008 Imabari, JPN 8/2013 B&W 4 X 30 T 25.5 Undisc Venus 27.036 1981 Nipponkai, JPN 5/2011 B&W 4 X 25 T 3.7 Undisc Tankers Name Dwt DoB Yard SS Engine Hull Price Buyer Eagle Hope 73.965 2008 Onomichi, JPN 2013 B&W DH 38.6 Rederei Nord Cyrus 40.258 1995 Uljanik, CRO 1/2015 B&W DB 7 Und UCT Espen 8.674 2005 INP HI, KR 2015 B&W DH UCT Ellis 8.657 2005 INP HI, KR 2015 B&W DH UCT Engle 8.643 2005 INP HI, KR 2015 B&W DH UCT Everad 8.571 2004 Sasaki, JPN 2014 B&W DH Und Essberger UCT Elisabeth 8.563 2004 Sasaki, JPN 2014 B&W DH UCT Elwood 8.544 2005 Sasaki, JPN 2014 B&W DH Serefe 3.600 2008 Hangzhou, CHN 2012 Wartsila DH 9.2 Und LPG Name CBM DoB Yard SS Engine Hull Price Buyer Global Express 3.500 1996 Hinda Zosen, JPN 2016 Mitsubishi DB 6 Saehan Boral Gas 2.300 1991 Fulton Marine, UK 2011 Wartsila DB Pacific Gas 2.190 1991 Fulton Marine, UK 2011 Wartsila DB Undisc Petredec New Seaborn 2.259 1980 Shin Kochi, JPN 2015 Akasaka SH 1 Ukrainian Pernas Butane 2.214 1992 Shin Kurushima, JPN 2012 Hanshin SH 2.9 Undisc Containers Name TEU DoB Yard SS Engine Gear Price Buyer MSC Siena 4.546 2006 Stacznia Gdansk, POL 2016 B&W - 59 Greek Sinar Bandung 1.050 2005 Hakata Zosen, JPN 2005 B&W 2 X 40 T 15.2 Indonesian 13

April-08 August-08 April-09 August-09 April-10 August-10 April-11 April-08 August-08 April-09 August-09 April-10 August-10 December- December- December- December- December- December- April-11 Newbuildings Newbuilding Orders No Type Dwt / Unit Yard Delivery Owner Price 2 + 2 + 2 + 2 Bulker 205.000 Qingdao Yangfan 2012/2013 Hongxiang Shipping 50 2 Bulker 181.000 STX 2012 Zodiac Undisc 3 Bulker 76.000 STX 2013 Zodiac Undisc 2 + 2 Bulker 82.000 Daewoo Mangalia 2013 KC Maritime 35 2 Bulker 57.200 STZ Jinhae 2013 Swiss Asset Management 30 2 Bulker 47.500 Zhejiang Ouha 2013 Zhoushan Bishenglong Undisc 2 + 2 Bulker 36.000 Samjin 2013 Everlast Shipping 25 10 Container 14.000 STX 2014/2015 Seaspan International 140 4 + 4 Container 9.000 Daewoo Mangalia 2013/2014 Zodiac Undisc 4 Container 6.600 Hanjin Subic 2012 Zodiac Undisc 2 Container 3.600 Hanjin Subic 2013 Delphis 50 4 + 4 Container 1.700 Zhejiang Ouhua 2013 Rederei Nord Below 30 3 + 1 Container 1.700 SPP 2012/2013 East. Med. Maritime 30 2 Container 1.000 Daesun 2013 Sinotrans 19-20 4 Tanker 4.999 Taizhou Sanfu 2012 Norr Systems Pte Ltd Undisc 2 + 2 LNG 160.000 CBM Daewoo 2013 Awilco LNG 200 2 LNG 160.000 CBM Daewoo 2014/2015 Maran Gas Maritime 200 Newbuilding Prices (Mill $) Japanese/ S. Korean Yards Newbuilding Resale Prices Bulk Carriers Capesize 55 57 Panamax 36 41 Supramax 31 34 Handysize 26 27 Tankers VLCC 102 102 Suezmax 65 66 Aframax 55 55 Panamax 46 46 MR 36 36 Newbuilding Resale Prices Bulk Carriers (2008 Today) Tankers (2008 Today) $180,00 $160,00 $140,00 $120,00 $100,00 $80,00 $60,00 $40,00 $20,00 $0,00 CAPESIZE PANAMAX SUPRAMAX HANDYSIZE $250,00 $200,00 $150,00 $100,00 $50,00 $0,00 VLCC SUEZMAX AFRAMAX LR 1 MR 14

$ / Ldt $ / Ldt Demolitions Demolition Sales Vessel Type Built Dwt Ldt Buyer Country Price Singapore Ace M/V 1982 132.837 20.004-505 Incl 350 tons IFO Haina Golden M/V 1980 80.170 12.941 China 450 Minos M/V 1975 54.686 10.880 India 507 King Success Tween 1978 20.258 7.800 India 515 King Fortune Tween 1978 24.080 8.495 India 520 Mana Tween 1978 17.089 5.882 India 525 Jan Dlugosz Tween 1984 15.622 8.011 India 505 Miss Kikaki Tween 1976 15.416 5.167 India 510 Liberator T Tween 1983 13.105 5.415 India 495 as is Yangoon Kanivu Container 1988 19.710 8.570 India 515 Green Neptunic Reefer 1989 5.165 2.420 India 480 Champion Pacific M/T 1982 38.465 9.875 Bangladesh 514 Timat 1 M/T 1980 6.151 2.500 Bangladesh 503 Samarinda OBO 1981 75.714 17.106 Bangladesh 502 as is Korea with 750 tons IFO ROB 3 Maj OBO 1988 64.850 15.369 India 530 Gulf Safwa PROBO 1989 48.016 14.620 India 535 Demolition Prices ($ / Ldt) Bangladesh China India Pakistan Dry 500 445 510 490 Wet 525 465 540 510 Demolition Prices Bulk Carriers (2008 Today) Tankers (2008 Today) 800 800 700 600 Bangladesh 700 600 Bangladesh 500 400 300 China India 500 400 300 China India 200 100 Pakistan 200 100 Pakistan 0 0 April 08 Aug 08 Dec 08 April 09 Aug 09 Dec 09 Apr 10 Aug 10 Dec 10 April 11 April 08 Aug 08 Dec 08 April 09 Aug 09 Dec 09 Apr 10 Aug 10 Dec 10 April 11 15

Financial Market Data Shipping Stocks Dry Bulk Company Stock Exchange Week 18 Week 17 Change (%) Baltic Trading Ltd (BALT) NYSE 7,33 8,01-8,49 Crude Carriers Corp (CRU) NYSE 14,38 13 10,62 Diana Shipping Inc (DSX) NASDAQ 11,19 11,26-0,62 Dryships Inc (DRYS) NASDAQ 4,55 4,70-3,19 Euroseas Ltd (ESEA) NASDAQ 4,26 4,37-2,52 Excel Maritime Carriers (EXM) NYSE 4,08 4,01 1,75 Eagle Bulk Shipping Inc (EGLE) NASDAQ 3,14 3,43-8,45 Freeseas Inc (FREE) NASDAQ 2,63 2,59 1,54 Genco Shipping (GNK) NYSE 8,33 8,39-0,72 Navios Maritime (NM) NYSE 5,43 5,29 2,65 Navios Maritime PTN (NMM) NYSE 19,92 21,30-6,48 Paragon Shipping Inc (PRGN) NASDAQ 3,05 2,96 3,04 Star Bulk Carriers Corp (SBLK) NASDAQ 2,36 2,35 0,43 Seanergy Maritime Holdings Corp (SHIP) NASDAQ 0,47 0,54-12,96 Safe Bulkers Inc (SB) NYSE 7,9 8,15-3,07 Golden Ocean Oslo Bors (NOK) 6,52 6,435 1,32 Tankers Capital Product Partners LP (CPLP) NASDAQ 10,17 11,31-10,08 General Maritime (GMR) NYSE 2,04 2,14-4,67 Omega Navigation Enterprises (ONAV) NASDAQ 0,75 0,81-7,41 TOP Ships Inc (TOPS) NASDAQ 0,73 0,74-1,35 Tsakos Energy Navigation (TNP) NYSE 10,41 10,39 0,19 Other Aegean Maritime Petrol (ANW) NYSE 8,18 8,64-5,32 Danaos Corporation (DAC) NYSE 6,72 6,35 5,83 StealthGas Inc (GASS) NASDAQ 5,66 5,98-5,35 Rio Tinto (RTP) NYSE 67,90 73,21-7,25 Vale (VALE) NYSE 31,02 33,40-7,13 ADM Archer Daniels Midland (ADM) NYSE 33,97 37,02-8,24 BHP Billiton (BHP) NYSE 95,50 101,24-5,67 Commodities Commodity Week 18 Week 17 Change (%) Brent Crude (BZ) 114,57 125,89-8,99 Natural Gas (NG) 4,18 4,69-10,87 Gold (GC) 1512 1556-2,83 Coal (CAPP) 78,85 79,33-0,61 Wheat (W) 724 769,2-5,88 16

Financial Market Data / Bunker Prices / Port Congestion Currencies Week 18 Week 17 Change (%) EUR / USD 1,4308 1,4807-3,37 USD / JPY 80,62 81,045-0,52 USD / KRW 1085,1 1068,5 1,55 USD / NOK 5,532 5,226 5,86 Bunker Prices IFO 380 IFO 180 MGO Piraeus 640,00 670,00 - Fujairah 635,50 670,00 1027,50 Singapore 623,50 641,00 940,50 Rotterdam 590,00 612,00 902,50 Houston 631,00 674,50 - Port Congestion* Port No of Vessels China Rizhao 45 Lianyungang 36 Qingdao 49 Zhanjiang 4 Yantai 13 India Chennai 28 Haldia 6 New Mangalore 8 Kakinada 4 Krishnapatnam - Mormugao 34 Kandla 19 Mundra 14 Paradip 20 Vizag 12 South America River Plate 338 Paranagua 65 Praia Mole 14 * The information above exhibits the number of vessels, of various types and sizes, that are at berth, awaiting anchorage, at anchorage, working, loading or expected to arrive in various ports of China, India and South America during week 18 of year 2011. 17