Ship sale volume: Nov09 Total number of Ships sold this month: 96 128 last month Dry cargo Ships sold this month: 80 100 last month Wet cargo Ships sold this month: 16 28 last month Scrap volume: Ships scrapped this month: 55 104 last month Highest Scrap Price paid this month: $459 usd/ldt INDIA (stainless) Newbuilding Ships Prices (30/9/2009) (in mil USD) Dry Cargo CAPE 2/1/2009 PMX 2/1/2009 HMAX 2/1/2009 NEWBUILDING $68.3 $50.0 $41.0 $35.0 $33.0 $27.0 Tanker Ships VLCC 2/1/2009 SUZ 2/1/2009 AFR 2/1/2009 NEWBUILDING $97.0 $114.0 $68.0 $91.0 $49.0 $74.0 PAN 2/1/2009 PROD 2/1/2009 $41.0 $60.0 $33.0 $51.0 Average Dry cargo T/C Earnings (worldwide routes): Nov09 Oct09 Sep09 Capes >144,000 dwt: $55,769 $66,080 $40,072 $35,266 Large Bulkers 144,000 85,000 dwt: $30,800 $34,781 $19,136 $13,150 Panamax 82,000 59,000 dwt: $29,500 $30,026 $22,526 $19,372 Handymax 59,000 48,000 dwt: $26,308 $25,973 $21,562 $19,525 Handy 48,000 40,000 dwt: $26,800 $24,306 $18,514 $17,966 Bulkers 40,000 30,000 dwt: $20,292 $16,646 $14,250 $16,933 Small Bulkers 30,000 12,000 dwt: $16,379 $14,217 $14,236 $11,965 Scrap Prices for DECEMBER 2009 HIGH $337 AVERAGE $312 DEC 2009 AVERAGE $297 INDIA HIGH $459 AVERAGE $298 NOV 2009 AVERAGE $304 BANGLADESH HIGH $370 AVERAGE $322 OCT 2009 AVERAGE $282 PAKISTAN HIGH $340 AVERAGE $240 SEP 2009 AVERAGE $291 TURKEY HIGH $179 AVERAGE $179 AUG 2009 AVERAGE $250 275.64 % since BALTIC INDICES Baltic Dry Index Baltic Cape Index Baltic Panamax Index Baltic Supramax Index Baltic Handymax Index Baltic Clean Tanker Index Baltic Dirty Tanker Index COMMENTS: S&P MONTHLY REPORT DECEMBER 2009 Executive Summary GENERAL SCRAP PRICE AVERAGE change since LAST MONTH 30Nov09 31Oct09 30Sep09 30 3005 22.69% 3887 3103 2220 3887 37.20% 6189 5047 2846 3567 5.06% 3757 3150 2276 2224 7.95% 2416 1820 1966 1159 1.85% 1138 867 974 634 22.16% 519 444 519 814 19.88% 679 593 570 2009, is over and that was finally a good year for the Sale and purchase market. Despite the fears and worries of a collapsed market, activity was there, and in total 1305 units changed hands in both dry and wet sectors.more than 20 billion usd was used up for these deals.bulkers mainly were the hot pick of the year and mainly Japanese built units.greeks have acquired 215 units in both sectors while Chinese buyers 296 units. In terms of capital Greeks have outspent the Chinese with 4.3billion vs 4.2billion. In terms of tonnage Chinese have outweighed the Greeks with 19million tonnes vs 12million tonnes. What is worth mentioning is the total collapse of the Newbuilding industry. Bob the builder should apply for the dole!! Yards have faced the worst year in their history as new orders were practically nonexistent all through this year. We understand and have reports of few orders that were placed this year but the total number of 230 orders of 720 units is not just few it is simply veryveryvery low!!! Last year in 2008, we had 1157 orders of 3500 new units and in 2007 we had 1500 orders of 4800 new units! This was the year to be a scrapper!!! 1244 units were scrapped in 2009. This number represents a never seen before record figure. To understand its size, just by summing up the units scrapped in 2004+2005+2006+2007 & 2008 we end up with a total figure close to what just exited the market alone in 2009. If we see the totals per sector we can say that 600 dry cargo units were scrapped this past year, 206 containers, 103 car carriers, 42 reefers and 204 tankers of which 28 were gas carriers. 34.6million tones of carrying capacity were removed from the active fleet and 10.2million tones of steel was cut for recycling. For 2009, India got the Lion s share in terms of units taken with 473 units, China 2nd with 271 units, Bangladesh 3rd with 211 units and Turkey 4th with 105 units. Scrap activity was really strong this year and this was a great help for our industry. Ship values during 2009, remained severely lower from the over inflated and extravagantly high levels we had seen to reach a peak by the end of first half of 2008. 79 AKTI MIAOULI 185 35 PIRAEUS TEL:+30 210 4222660/5 FAX:+30 210 4222678/9 PAGE 1 of 16
DRY CARGO SHIPS SOLD DURING THIS MONTH NAME TYPE YEAR BUILT DWT GEAR PRICE ALBA RESALE BC 2010 ORIENTAL BAY BC 2010 STX SHIPBUILDING SASEBO SASEBO 180,000 $62.00m 179,764 $71.50m NAME FIVE STAR SHIPPING NATION NOTES 2009 IMO DECEMBER SELLERS ARE CIDO SHIPPING 9402299 AZUL GLORY BC 1998 DAEWOO HEAVY INDUSTRIES 178,000 $40.50m SELLERS ARE BERNHARD SCHULTE SHIPMANAGEMENT, GERMANY. C/F DELIVERY FEB/MARCH 2010 9157612 CAPE VICTORY BC 2003 NAMURA IMARI 177,313 $52.00m SELLERS ARE FUYO KAIUN CO LTD, JAPAN 9271389 ALAMEDA BC 2001 SAMHO HEAVY INDUSTRIES 170,726 $45.00m SELLERS ARE CARDIFF MARINE INC, GREECE. 9228174 CHS STAR BC 1991 HYUNDAI HEAVY INDUSTRIES 150,149 $17.50m SELLERS ARE COSCO (HK) SHIPPING, 8907905 SUNLIGHT OCEAN BC 2008 JAPAN 82,331 $41.00m SELLERS ARE DOUN KISEN KK JAPAN 9336878 FORTUNE OCEAN BC 2006 SASEBO H.I. 76,801 9304576 FORTUNE PRINCESS BC 2006 OSHIMA 76,635 9343326 $75.50m CLIENTS OF FARENCO SELLERS ARE CIDO SHIPPING HONG KONG, SALE ENBLOC FORTUNE PRINCESS, FORTUNE OCEAN FOR $75.5m TO CLIENTS OF FARENCO. (SALE TO DRYSHIPS GREECE AND PREVIOUS REP SALES TO GREEKS AS WELL AS AT SLIGHTLY HIGHER RATES, HAVE ALL FAILED AT SUBS) NORD SATURN BC 2005 JAPAN 76,620 $36.30m SELLERS ARE SEA JUSTICE S.A., GREECE. SELLERS HAD PURCHASED VESSEL IN NOV 2008 FOR $30m. 9330898 NAVIOS ORION BC 2005 IMABARI MARUGAME 76,602 $36.50m SELLERS ARE NISSEN KAIUN CO LTD, JAPAN. SOLD WITH SS/DD DUE 9302748 THERESA HEBEI BC 2004 TSUNEISHI 76,436 $35.25m EUROPEAN EUROPE SHE WAS SOLD IN MAY 09 FOR $31MIL AND NOW 7 MONTHS LATER SOLD FOR $35.25MIL NET SELLERS ARE SINGAPORE BASED 9284881 NAVDHENU TRUST BC 1983 BREMER VULKAN 75,590 D2 $6.75m MEDNAV ITALY SELLERS ARE ACCORD MANAGEMENT PVT LTD., INDIA. VESSEL WAS BUILT AS AN OBO 8111697 ERNST SALAMON BC 1999 IMABARI MARUGAME 74,002 $26.50m GREEK GREECE SELLERS ARE EMI SCHIFFAHRTS GMBH GERMANY. PREVIOUS SALE REPORTED LATE NOV FAILED. 9193850 JUNO ISLAND BC 1997 JAPAN 72,080 P&C DEAL LIONS GATE BRIDGE CONT 2001 HYUNDAI HEAVY INDUSTRIES 71,395 5610 TEU $21.00m SELLERS ARE IINO KAIUN KAISHA LTD JAPAN 9142978 SELLERS ARE K LINE JAPAN 9224518 PIERRE BC 1996 SANOYAS 70,316 $22.00m DELIVERY MARCH 2010 SELLERS ARE OCCEANFREIGHT INC GREECE 9109483 NOBLE JADE BC 1988 SANOYAS CORP 70,227 $11.50m CYPRUS MARITIME GREECE SELLERS ARE FLEET MANAGEMENT 8708232 SEJAHTERA BC 1994 IMABARI MARUGAME 69,073 $20.00m SELLERS ARE K LINE, SINGAPORE. SHE WAS REPORTED SOLD IN OCT 2009 AT $18.5 TO 9087740 HAINA WEALTH BC 1989 HYUNDAI HEAVY INDUSTRIES 68,772 $12.00m SOLD WITH SS/DD DUE SHE WAS SOLD IN MAR 09 FROM VOGEMANN FOR 9.5 MIL USD, AND SOLD TO OTHER FOR $12MIL ($2.5MIL PROFIT IN 8 MONTHS) SELLERS ARE HAIDE INTERNAITONAL HK 8800303 SANTOS SUCCESS BC 1984 JAPAN 66,894 $5.50m SELLERS ARE ETA DUBAI 8220175 HEBEI DIAMOND BC 1984 TAIPEI 66,786 $20.00m SELLERS ARE HEBEI OCEAN SHIPPING 8025800 VITATRADER BC 1983 SUMITOMO H I 66,764 $6.00m SELLERS ARE VITA MANAGEMENT S.A., GREECE 8103482 79 AKTI MIAOULI 185 35 PIRAEUS TEL:+30 210 4222660/5 FAX:+30 210 4222678/9 PAGE 2 of 16
GEM OF AQABA BC 1982 NKK 65,159 SOLD ENBLOC GEM OF AQABA 8018194 AND GEM OF HALDIA FOR $10.50m $10.5m FOR BOTH UNITS TO HASHIHAMA GEM OF HALDIA BC 1982 64,930 8005927 TADOSU GEM OF COCHIN BC 1982 TSUNEISHI 64,976 $5.00m SELLERS ARE MSI SHIP MANAGEMENT SINGAPORE. 8015192 SAGALAND BC 1982 HITACHI 64,931 $5.10m SELLERS ARE ASP SHIP MANAGEMENT UK. VESSEL HAD BEEN REPORTED SOLD TO HER PRESENT SELLERS FOR $30m BACK IN JUNE 2008. 8021804 SB KING BC 1982 JAPAN 61,659 P&C DEAL TCT MARITIME CO KOREA SELLERS ARE KC LINE CO LTD KOREA 8024260 SPP RESALE BC 2010 SPP 59,000 $31.80m GOLDENPORT GREECE FORESTAL ESPERANZA BC 1990 JAPAN 53,680 3X14.5T $9.70m ASIAN ASIA WOODCHIP CARRIER LICENSED FOR GRAINS SELLERS ARE SANTOKU SHIPPING JAPAN 9000326 ORIENTOR 2 BC 2002 NANTONG OCEAN 49,502 4X30T $24.70m SOLD WITH DD DUE 6/2010 9259848 PINDOS BC 1994 DANYARD 48,218 4X25T $17.90m SELLERS ARE HELIKON SHIPPING ENTERPRISES UK. 9100217 ZSQ STAR BC 1986 ISHIBRAS 45,470 3X25T P&C DEAL SELLERS ARE GOVERNMENT 8204834 SOLD ENBLOC SARONIKOS SARONIKOS BRIDGE CONT 1990 SAMSUNG HI 44,044 2700 TEU 8814512 BRIDGE ANDMSC SEINE FOR $11.40m $11.4m FOR BOTH UNITS. SELLERS ARE GRANDUNION MSC SEINE CONT 1990 SAMSUNG HI 43,939 2700 TEU 8814524 INC GREECE GINGKO BC 1984 HASHIHAMA TADOSU 43,366 4X25T $7.50m SINGAPORE SINGAPORE SELLERS ARE SHANGHAI VASTEAST INTERNATIONAL 8318623 GREGOS BC 1984 KOYO MIHARA 38,434 4X25T $7.90m GREEK GREECE SELLERS ARE TRANSBULK MANAGEMENT INC GREECE 8307210 ZRIN CONT 1993 CROATIA 35,100 4X40T, 2275 TEU $4.70m AS IS CAGLIARI SELLERS ARE JADROPLOV CROATIA 9005429 BOHINJ BC 1984 SPAIN 34,942 $4.45m 8112964 JIANMAO 18 BC 1984 AESA BILBAO 34,750 4X25T $5.30m EUROPEAN EUROPE SELLERS ARE COSCO HK SHIPPING. VESSEL WAS PURCHASED A YEAR AGO (DEC 2008) FROM EUROBULK AT $2.8m 8026684 DISCOVERER BC 1983 MITSUBISHI KOBE 34,110 4X25T $5.20m SELLERS ARE KRISTEN MARINE SA GREECE. SALE INCL A TC ATTACHED FOR 2 YEARS AT $10500/DAY 8209028 KRITIKA NAREE BC 1982 MITSUBISHI 34,072 4X25T $4.35m MALAYSIAN MALAYSIA SELLERS ARE PRECIOUS SHIPPING PUBLIC THAILAND 8029088 LODESTAR FOREST BC 2005 HAKODATE HAKODATE 31,923 4X30T $23.50m PACIFIC BASIN HK SELLERS ARE IMABARI SENAPAKU CO LTD., JAPAN. TC FREE DELIVERY END Q1 2010 9295153 CALYPSO I BC 1977 YUGOSLAVIA 30,880 $2.00m AL AHLIA MARINE CO LTD KUWAIT SOLD TO KUWAIT CEMENT TRADING INTERESTS AT AUCTION IN SINGAPORE 7413751 BASIC RELIANCE BC 2002 SHIKOKU SHIPYARD 29,887 4X30T $19.70m GREEK GREECE SELLERS ARE DOUN KISEN KK JAPAN 9254745 WRESTLER BC 2009 NANTONG NIKKA 29,000 4X30T $23.50m GREEK GREECE CLIPPER LAKE BC 2001 IMABARI IMABARI 28,492 4X30.5T $19.00m CLIPPER BULK (PORTLAND) LTD, USA 9253404 FGM ACHIEVER BC 1978 UK 28,492 1X25T, 4X15T $2.57m SELLERS ARE AL FAHEL SHIPPING SYRIA 7343231 HANJIN ISTANBUL BC 1997 HANJIN HI CO LTD 27,369 4X30T $15.80m TURKISH TURKEY SELLERS ARE HANJIN SHIPPING CO LTD KOREA. SALE REPORTED IN JUNE 2009 AT $15m TO FAILED. 9128116 MARITIME MASTER BC 1984 JAPAN 26,320 2X26T, 2X25T $3.83m SOLD ON SUBS WITH SS/DD DUE SELLERS ARE IMC SINGAPORE 8405220 HILDA BC 1984 KURUSHIMA 24,928 4X25T $4.20m SELLERS ARE ETERNITY SHIPPING AGENCIES 8323692 PACIFIC WINNER RORO 1987 ITALY 23,845 P&C DEAL ABOU MERHI LINES SAL LEBANON VEHICLE CARRIER SELLERS ARE CSAV CHILE 8511691 79 AKTI MIAOULI 185 35 PIRAEUS TEL:+30 210 4222660/5 FAX:+30 210 4222678/9 PAGE 3 of 16
MERLION ACE RORO 1984 JAPAN 17,090 $4.00m JORDAN BASED JORDAN VEHICLE CARRIER SELLERS ARE SSC CARRIERS PRIVATE SINGAPORE 8303989 SINAR BANGKA CONT 2000 HAKATA ZOSEN 14,000 1060 TEU P&C DEAL JAPANESE JAPAN 9220304 TOR NERINGA RORO 1975 ANKERLOKKEN VERFT FLO 10,320 12000 BHP, 182 CARS 380 TEU $3.60m ITALIAN ITALY SOLD FOR EURO 2.5m. SELLERS ARE BRAX SHIPHOLDING REDERI SWEDEN 7411387 TEOS MPP 1979 NAIKAI SETODA 10,082 D1X80T, D1X22T, 2X16T $1.60m SYRIAN SYRIA SELLERS ARE TROY SHIPPING TURKEY 7800306 ATTIKA BC 2001 CONSTANTA 7,511 $5.00m GERMAN GERMANY SELLERS ARE PETER DOHLE SCHIFFAHRTSKG, GERMANY 9218193 ALKA BC 1991 NERVION SA BILBAO 7,365 4X20T, 294 TEU $4.45m SAKHALIN SHIPPING CO RUSSIA SELLERS ARE LITHUANIAN SHIPPING CO 8711306 ICE KING MPP 1994 NERVION SA BILBAO 7,365 4X20T P&C DEAL SELLERS ARE ELMAR SHIPPING GREECE 8711320 SUPERFAST V PAX 2001 HDW AG KIEL 6,515 $120.00m FRENCH FRANCE SELLERS ARE SUPERFAST FERRIES GREECE. SOLD FOR ABT EURO 81.5m FOR DELIVERY FEB 2010 9198927 ST.ELIZABETH MPP 1983 NISHI 6,509 D4X15T P&C DEAL 8313104 ZEYA CONT 1995 KROEGERWERF T 4,868 366 TEU $1.62m RUSSIAN RUSSIA SELLERS ARE SAKHALIN SHIPPI NG RUSSIA 9118355 STX BREVIK NB OFFSHORE 2010 STX BREVIK 4,250 $31.30m JJ UGLAND NORWAY SAGA MOON RORO 1984 SCHLICHTING WERFT 4,011 134.8 LOA, 948 LM $2.63m MEXICAN MEXICO 8411267 MOONDANCE RORO 1978 PACIFIC OCEAN 1392 SUPPLY 2009 RICKMERS RICKMERS JIANGJIANG NANYANG 3,046 $0.75m 3,000 4000 BHP $16.00m STAR LINE MARITIME CO LTD TURKEY SELLERS ARE SEATRUCK FERRIES SHIPHOLDING UK 7800112 JAYA VOYAGER TUG 2009 TONGFANG JIANGXIN 3,000 $18.00m SUPREME VOYAGER PTE SINGAPORE 9527582 BLUE STAR OFFSHORE 2009 JINGJIANG NANYA 2,998 4400 BHP $16.00m SELLERS ARE P[ACIFIC OCEAN ENGINEERING SINGAPORE 9561239 SUMISE MARU NO. 21 BC 1984 SHINHAMA ANAN 2,955 P&C DEAL SELLERS ARE SUMISE KAIUN KK, JAPAN. CEMENT CARRIER 8317370 BLUE MONARCH PAX 1966 L'ATLANTIQUE 2,931 150,09 LOA, 548 PAX $2.40m 6604834 BLUE OCEAN OFFSHORE 2008 2,866 $15.00m 9539717 SIBARI RORO 1970 ITALCANTIERI STABIA 2,154 141.5 LOA, 430 LM P&C DEAL PASSENGER RORO SELLERS ARE RETE FERROVIARIA ITALIANA ITALY 6919758 FUTURE ONE AHTS 1979 CANADA 1,971 P&C DEAL VIETNAM UNION SALVAGE CORP VIETNAM SELLERS ARE VROON BV NETHERLANDS 7623899 THE IRIS PAX 1982 A WARSKIEGO SZCZECINSKA 1,762 P&C DEAL KRISTINA CRUISES FINLAND SELLERS ARE MANO MARITIME LTD, ISRAEL 7625811 AUTOTRANSPORTER RORO 1983 KAMBARA 1,566 8200577 AUTOLINE RORO 1983 KAMBARA 1,550 8200565 SYRIAN SYRIA SOLD EN BLOC AUTOTRANSPORTER AND AUTOLINE FOR PRICE. ALREADY HANDED TO NEW OWNERS. FUJIAN SOUTHEAST RK035 AHTS 2009 FUJIAN SOUTHEAST 1,349 $10.50m MERMAID MARITIME THAILAND 9552628 FUJIAN SOUTHEAST RK036 AHTS 2009 FUJIAN SOUTHEAST 1,349 P&C DEAL CAPE HATTERAS AHTS 1990 USA 1,200 P&C DEAL SELLERS ARE PYTHON ENGINEERING NOGERIA 8305547 WILLOW RIVER SUPPLY 1987 HALTER 1,194 $2.50m GAC MARINE UAE Note1: With Red color are indicated all Greek interest Buyers or Sellers SELLERS ARE EASTERN MARINE SERVICES LTD HONG KONG 8216461 79 AKTI MIAOULI 185 35 PIRAEUS TEL:+30 210 4222660/5 FAX:+30 210 4222678/9 PAGE 4 of 16
DRY CARGO 2ND HAND MARKET STATISTICS SELLERS STATS 2009 MONTHLY UNIT SALE ACTIVITY country units % 2009 UNITS OUTLAY$ DWT GREECE 176 17.20% JANUARY 59 $739.15m 2,375,492 Dec 2009 was lower in volume than the hottest months of 2009. Activity slowed down after Oct and Nov 2009 where JAPAN 168 16.42% FEBRUARY 72 $680.70m 2,602,913 we had more than 100 units per month sold. This month 102 9.97% MARCH 100 $969.73m 3,850,508 we had 80 units of 1 billion usd worth and 3.6million tonnes GERMANY 63 6.16% of carrying capacity traded. A total of 1024 units were sold APRIL 75 $913.02m 3,569,193 during 2009, and this is a very large number of units SINGAPORE 52 5.08% MAY 93 $1,349.70m 5,114,776 considering that the 13billion usd spent was mainly KOREA 47 4.59% investors equity as Banks finance was limited in quanitity JUNE 109 $1,656.33m 5,550,060 as well as the percentage new investors could borrow. UK 38 3.71% JULY 108 $1,123.31m 4,361,485 NORWAY 37 3.62% AUGUST 71 $1,017.58m 2,816,776 DENMARK 31 3.03% SEPTEMBER 52 $709.83m 1,622,423 THAILAND 25 2.44% SELLERS Greek Sellers have disposed 176 units (165 OCTOBER 104 $1,527.82m 3,907,517 last) in 2009, while Japanese Sellers have sold 168 units USA 24 2.35% NOVEMBER 100 $1,082.70m 3,821,706 (157 last). In 3rd place follow the Chinese sellers with 102 TURKEY 22 2.15% DECEMBER 80 $1,189.25m units (89 last), while German sellers have sold 63 units, 3,609,471 Singapore sellers 52 units, Korean sellers 47 units and UK RUSSIA 18 1.76% TOTAL 1023 $12,959.11m 43,202,320 sellers are in 7th place in the list with 38 units. UAE 17 1.66% INDIA 15 1.47% 2009 DRY CARGO STATISTICS NETHERLANDS 15 1.47% COUNTRY UNITS % OUTLAY ($) % DWT % ITALY 15 1.47% 272 26.59% $3,593 27.73% 14,994,587 34.71% BELGIUM 10 0.98% GREECE 172 16.81% $3,285 25.35% 9,051,279 20.95% ALL OTHER 126 12.32% TURKEY 49 4.79% $642 4.95% 1,470,194 3.40% UNDISCL 22 2.15% GERMANY 30 2.93% $487 3.76% 911,618 2.11% TOTAL 1023 100.00% SYRIA 28 2.74% $57 0.44% 517,392 1.20% China has not slowed down their intake of VIETNAM 23 2.25% $226 1.75% 672,390 1.56% secondhand ships, as the balance between Chinese buyers and Greeks became for once more is bigger. MONACO 20 1.96% $14 0.11% 485,841 1.12% Chinese have bought 27 more ships this month while ITALY 19 1.86% $272 2.10% 578,742 1.34% Greeks 7 units. Chinese have got so far a total of 272 units (245 last). Greeks follow "seriously challenged" but still INDONESIA 18 1.76% $106 0.82% 441,275 1.02% strong in 2nd place with 172 units (165 last), but the gap as JAPAN 17 1.66% $444 3.43% 1,611,513 3.73% mentioned has widened even more, while Turkish Buyers have come up strong finishing the year 3rd with 49 units RUSSIA 16 1.56% $136 1.05% 369,580 0.86% (43 last), with German buyers keeping 4th place with 30 SINGAPORE 16 1.56% $209 1.61% 576,533 1.33% units (29 last). KOREA 16 1.56% $203 1.57% 722,492 1.67% 2009 BULKER VSLS SOLD COUNTRY OF BUILT TAIWAN 13 1.27% $197 1.52% 827,829 1.92% COUNTRY UNITS % rank UNDISCL 147 14.37% $1,302 10.05% 4,371,201 10.12% JAPAN 483 73.0% 1 ALLOTHER 167 16.32% $1,980 15.28% 6,427,683 14.88% KOREA 65 9.8% 2 TOTAL 1023 100.00% $12,959 100.00% 43,202,320 100.00% 50 7.6% 3 POLAND 10 1.5% 5 UK 11 1.7% 4 Out of a total of 662 DRY BULK CARRIERS sold during 2009, it is interesting to see that 483 vessels (73% of total) are built in JAPAN based Shipyards. This is a very interesting trend that we noted over the past months and following it closely for this SPAIN 7 1.1% 6 current year we see that the percentage achieved is very stable and remains unchanged never dropping below the 70% mark. 65 units or 9.8% of all vessels traded in the secondhand market are built in Korea, with China to follow with 50 units SINGAPORE 1 0.2% 7 or 7.6% of the total. So it is clearly obvious as 3 out of 4 Bulkers sold are "BIG IN JAPAN" it goes without saying that if a ALL OTHER 35 5.3% ship wants to stand a good chance of finding quickly a new owner then she "better be built in JAPAN"!!! TOTAL 662 100.0% DRY CARGO UNITS SOLD BREAKDOWN PER MONTH 2009 2009 BC SD CONT MPP TWEEN REEFER PASS RORO OTHER TOTAL JANUARY 45 0 3 4 0 0 1 4 2 59 FEBRUARY 42 0 12 11 0 0 0 1 6 72 MARCH 71 0 5 12 2 3 2 2 3 100 APRIL 58 3 2 3 3 1 2 1 2 75 MAY 81 0 4 4 0 1 1 1 1 93 JUNE 67 0 22 11 0 0 1 4 4 109 JULY 54 1 17 19 4 5 0 6 2 108 AUGUST 43 1 7 10 1 0 0 7 2 71 SEPTEMBER 26 0 10 9 0 1 0 1 5 52 OCTOBER 72 1 11 9 0 5 0 3 3 104 NOVEMBER 53 0 13 20 1 9 2 1 1 100 DECEMBER 50 0 6 3 0 0 0 8 13 80 TOTAL 662 6 112 115 11 25 9 39 44 1,023 79 AKTI MIAOULI 185 35 PIRAEUS TEL:+30 210 4222660/5 FAX:+30 210 4222678/9 PAGE 5 of 16
units 110 100 90 80 70 60 50 40 30 2008 2009 Dry cargo units sold 2009 vs 2008 Dry cargo Capital expend. 2009 vs 2008 110 109 108 104 $4,150.00m $3,950 100 100 95 96 93 83 79 77 75 74 72 71 59 52 JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER 80 71 52 44 42 33 OCTOBER NOVEMBER DECEMBER $3,615 $3,650.00m $3,150.00m $2,675 $2,660 $2,650.00m $2,027 $2,172 $2,150.00m $1,350 $1,602 $1,339 $1,656 $1,340 $1,528 $1,650.00m $913 $739 $681 $1,123 $1,083 $1,150.00m $970 $1,018 $809 $1,189 $710 $650.00m $567 $351 $150.00m JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER 2008 2009 DECEMBER In the table on the top we see monthly number of dry cargo ships sold as of December 2009, compared to 2008's monthly activity. In the table on the top we see the MONTHLY dry cargo capital expenditure for December 2009 compared to 2008's monthly activity. NB BULKERS PRICE COMPARISON 2004 built (5Y) OLD BULKERS PRICE COMPARISON CHANGE CHANGE TYPE 28/12/07 11/07/08 24/12/09 FR0M 11/7/08 28/12/07 11/07/08 24/12/09 FR0M 1/9/08 NB CAPE $97.0 $96.7 $68.0 30% 5y CAPE $149.0 $150.5 $51.5 66% NB PMX $51.7 $57.0 $41.0 28% 5y PMX $88.5 $88.0 $33.0 63% NB HANDY $44.0 $49.0 $33.0 33% 5y HANDY $77.6 $73.6 $26.7 64% TYPE 1999 built (10Y) OLD BULKERS PRICE COMPARISON 1989 built (20Y) OLD BULKERS PRICE COMPARISON CHANGE CHANGE TYPE 28/12/07 11/07/08 24/12/09 FR0M 1/9/08 TYPE 28/12/07 11/07/08 01/04/89 FR0M 1/9/08 10y CAPE $111.0 $131.0 $42.1 68% 20y CAPE $79.0 $82.0 $17.8 78% 10y PMX $76.0 $76.0 $26.5 65% 20y PMX $49.9 $47.0 $11.3 76% 10y HANDY $61.5 $62.0 $21.0 66% 20y HANDY $42.7 $41.0 $9.9 76% Tables above compare prices from 28th Dec 2007 and 11th Jul 2008 with today $91 $76 $61 $46 $31 $16 $128 $108 $88 $68 $48 $28 $8 Jun00 Dec00 Jun00 Dec00 Jun01 Dec01 Jun02 DRY CARGO (2000 2009) NB vsl PRICES CAPE 170K PANAMAX 70K HANDY 50K Dec02 Jun03 Dec03 Jun04 Dec04 DRY CARGO (2000 2009) 10y OLD vsl PRICES CAPE 170K PANAMAX Jun01 Dec01 Jun02 Dec02 Jun03 Dec03 Jun04 Dec04 $145 $123 $100 $78 $55 $33 $10 $77 $65 $52 $40 $27 $15 $2 Jun00 Dec00 Jun00 Dec00 DRY CARGO (2000 2009) 5y OLD vsl PRICES CAPE 170K PANAMAX 70K HANDY 50K Jun01 Dec01 Jun02 Dec02 Jun03 Dec03 Jun04 Dec04 DRY CARGO (2000 2009) 20y OLD vsl PRICES CAPE 170K PANAMAX 70K HANDY 50K 79 AKTI MIAOULI 185 35 PIRAEUS TEL:+30 210 4222660/5 FAX:+30 210 4222678/9 Jun01 Dec01 Jun02 Dec02 Jun03 Dec03 Jun04 Dec04 PAGE 6 of 16
TANKER SHIPS SOLD DURING THIS MONTH NAME TYPE YEAR BUILT DWT PRICE PRICE NOTE NAME NATION DECEMBER NOTES 2009 IMO EFFIE MAERSK TANKER 2000 HYUNDAI HI 307,190 $65.00m SELLERS ARE A P MOLLER, DENMARK. SALE REPORTED IN SEPT 09 TO SOECHI LINES, SUB TO PERTAMINA TENDER AT $64m FAILED. 9200835 BRITISH PROGRESS TANKER 2000 SAMSUNG HI 306,397 P&C TERMS FRONTLINE NORWAY SELLERS ARE BP SHIPPING LTD ISLE OF MAN 9180152 HAMAL STAR TANKER 1994 KOREA 301,550 $20.00m KOREAN KOREA SOLD FOR CONVERSION SELLERS ARE VELA UAE 9060326 CONCORD TANKER 1988 KOREA 276,052 $16.00m SOLD FOR STORAGE SELLERS ARE DYNACOM TANKERS MANAGEMENT GREECE 8614417 VIKING CRUX TANKER 1991 KOREA 145,200 $7.97m PRATIBHA SHIPPING CO LTD INDIA SOLD AT AUCTION IN SINGAPORE PLUS BUNKERS ON SUBS (OUT OF CLASS AND SS DUE) 9000558 ROSI I TANKER 2009 JAPAN 107,500 $52.00m BRIGHTOIL SELLERS ARE POLYAR TANKERS AS, NORWAY 9398278 VANGUARD VIKING 1 TANKER 1991 DALIAN NEW SHIPBUILDING 99,320 $7.78m GREEK GREECE SELLERS ARE THOME SHIP MANAGEMENT SINGAPORE. SOLD AT AUCTION IN SINGAPORE PLUS SGD 207100 FOR BUNKERS ON BOARD. OUT OF CLASS AND IN NEED OF SOME STEEL REQ 8901626 CHEMTRANS LYRA TANKER 1993 SAMSUNG HEAVY INDUSTRIES 97,097 $12.00m FRED OLSEN PRODUCTION NORWAY SELLERS ARE DIVAG (DEUTSCHE INVESTITIONS UND VERMOGENS TREUHAND AKTIENGESELLSCHAFT) GERMANY. IN NOV 2009 SHE WAS REPORTED SOLD TO AT $12m AND IN JUNE 2009 AT $16.5m TO INDONESIAN 9006899 SCIROCCO TANKER 2009 CONSTANTINOS TANKER 2009 MAISTROS TANKER 2009 MELTEMI TANKER 2009 NEW TIMES SHIPBUILDING NEW TIMES SHIPBUILDING NEW TIMES SHIPBUILDING NEW TIMES SHIPBUILDING SOLD ENBLOC 73,382 MELTEMI, 9407835 SCIROCCO, MAISTROS AND CONSTANTINO SOLD ENBLOC MELTEMI, S BASIS BBHP SCIROCCO, MAISTROS AND 73,307 FOR 10 YEARS 9406910 CONSTANTINOS BASIS BBHP (15% FOR 10 YEARS (15% PAYMENT PDVSA/JOINT PAYMENT ON ON DEL, $11m BALOON $52.00m VENTURE WITH VENEZUELA DEL, $11m PAYMENT) @$27750/DAY FOR VITOL BALOON FIRST 3 YRS AND $16350/DAY FOR THE BALANCE 7 YRS. PAYMENT) 73,307 SELLERS ARE DTNACOM 9407847 @$27750/DAY TANKERS GREECE FOR FIRST 3 YRS AND $16350/DAY FOR THE 73,289 BALANCE 7 9407823 YRS GANVICTORY TANKER 2007 HYUNDAI HI 46,702 $26.50m USA USA SELLERS ARE DUNYA DENIZCILIK VE TICARET AS TURKEY 9315783 PACIFIC HORIZON TANKER 1999 SHIN KURUSHIMA 44,370 $6.00m SELLERS ARE BERNHARD SCHULTE SHIPMANAGEMENT GERMANY. 9183312 THAIOIL 1 TANKER 1989 SINGAPORE SLIPWAY 5,200 $1.25m SELLERS ARE THAI OIL CO LTD THAILAND 8900880 EISHIN MARU NO.17 TANKER 1999 IMABARI 4,998 $1.50m SELLERS ARE KOEI KAIUN CO LTD JAPAN 9209984 Note1: With Red color are indicated all Greek interest Buyers or Sellers 79 AKTI MIAOULI 185 35 PIRAEUS TEL:+30 210 4222660/5 FAX:+30 210 4222678/9 PAGE 7 of 16
A great decrease in number of sales in Dec 2009. We TANKER 2ND HAND MARKET STATISTICS reached the same lowest figure we had in June 09, that SELLERS STATS 2009 MONTHLY UNIT SALE ACTIVITY of 16 deals only. Capital spent is low at 424 millino COUNTRY UNITS % 2009 UNITS OUTLAY$ DWT usd. A Total of only 282 Tanker deals took place in 2009. and that is low compared to 423 deals of 2008, SINGAPORE 41 14.54% JANUARY 35 $1,375.35m 2,820,931 and abt 600 of 2007. The tanker market has seriously JAPAN 41 14.54% slowed down this year. FEBRUARY 17 $406.80m 1,038,858 GREECE 38 13.48% MARCH 20 $334.25m 669,943 NORWAY 20 7.09% APRIL 22 $267.90m 645,958 KOREA 13 4.61% MAY 44 $752.00m 2,915,942 13 4.61% JUNE 16 $306.15m 1,020,289 USA 12 4.26% JULY 22 $414.55m 1,775,156 ITALY 10 3.55% AUGUST 17 $535.85m 1,520,727 UK 10 3.55% SEPTEMBER 21 $796.70m 2,981,831 SELLERS The table on the RIGHT shows the TURKEY 9 3.19% OCTOBER 24 $281.65m 1,820,881 nationality of the Sellers. Japanese Sellers are sharing the 1st place of our sellers list, with Simngapore UAE 9 3.19% NOVEMBER 28 $657.10m 2,844,259 Sellers. Both ahave sold off, 41 units during 2009. In CYPRUS 7 2.48% DECEMBER 16 $424.00m 2,034,861 3rd place Greek sellers having sold 38 units (33 last). They are followed by Norwegian sellers who sold 20 MALAYSIA 6 2.13% TOTAL 282 $6,552.30m 22,089,636 units followed by Chinese sellers and Korean sellers GERMANY 4 1.42% with 13 units both. SWISS 3 1.06% 2009 TANKER buyer STATISTICS RUSSIA 3 1.06% COUNTRY UNITS OUTLAY ($) % DWT % BULGARIA 3 1.06% GREECE 43 $1,051 16.04% 2,625,084 11.88% SOUTH AFRICA 3 1.06% 24 $577 8.81% 3,881,474 17.57% ALL OTHER 26 9.22% USA 20 $778 11.87% 1,712,659 7.75% UNDISCL 11 3.90% NORWAY 18 $667 10.18% 1,563,724 7.08% TOTAL 282 100.00% SINGAPORE 17 $283 4.31% 543,898 2.46% VIETNAM 14 $173 2.64% 433,690 1.96% INDONESIA 12 $188 2.87% 885,484 4.01% LIBYA 8 $391 5.97% 711,620 3.22% TURKEY 7 $45 0.69% 84,064 0.38% JAPAN 7 $263 4.02% 906,392 4.10% KOREA 6 $52 0.79% 584,709 2.65% VENEZUELA 5 $214 3.27% 296,851 1.34% Greek buyers have kept the lead at least in the tankers...!! They BRAZIL 4 $79 1.20% 1,137,164 5.15% have acquired 43 unitsthis year, with Chinese buyers 2nd with 24 units while UNDISCL 39 $774 11.81% 2,986,672 13.52% USA buyers are 3rd with 20 units and Norwegian buyers 4th with 18 units. ALL OTHER 58 $1,017 15.52% 3,736,151 16.91% Singapore buyers in 5th place having acquired 17 units while 6th place is for Vietnam with 14 units. Indonesian buyers have moved up and snatched 7th TOTAL 282 $6,552 100.00% 22,089,636 100.00% place with 12 units. 2009 TANKER UNITS SOLD BREAKDOWN PER SIZE AND MONTH 2009 VLCC & ULCC SUEZMAX AFRAMAX 110K PANAMAX 70K PROD 45K < 40,000 OBO LPG & LNG TOTAL JANUARY 2 5 9 0 7 12 0 0 35 FEBRUARY 1 1 3 2 0 8 0 2 17 MARCH 0 0 4 0 3 13 0 0 20 APRIL 1 0 0 0 4 16 0 1 22 MAY 6 1 3 0 8 25 0 1 44 JUNE 2 1 1 0 2 8 0 2 16 JULY 1 7 2 1 1 8 0 2 22 AUGUST 2 3 3 0 1 8 0 0 17 SEPTEMBER 8 0 3 1 5 1 0 3 21 OCTOBER 3 3 0 1 5 9 0 3 24 NOVEMBER 4 2 5 0 9 6 0 2 28 DECEMBER 4 1 3 4 2 2 0 0 16 TOTAL 34 24 36 9 47 116 0 16 282 79 AKTI MIAOULI 185 35 PIRAEUS TEL:+30 210 4222660/5 FAX:+30 210 4222678/9 PAGE 8 of 16
NB TANKERS PRICE COMPARISON 5Y TANKERS PRICE COMPARISON CHANGE CHANGE 24/12/09 01/09/08 28/12/07 11/07/08 24/12/09 01/09/08 TYPE 28/12/07 11/07/08 TYPE VLCC $142.7 $156.5 $97.0 38% VLCC $130.5 $155.0 $77.0 50% SUEZMAX $87.5 $96.0 $68.0 29% SUEZMAX $96.0 $101.0 $59.0 42% AFRAMAX $69.7 $78.0 $49.0 37% AFRAMAX $69.2 $76.0 $39.0 49% PANAMAX $63.0 $65.0 $41.0 37% PANAMAX $57.0 $61.0 $33.0 46% MR PROD $52.0 $55.0 $33.0 40% MR PROD $53.9 $52.5 $23.5 55% 10Y TANKERS PRICE COMPARISON 20Y TANKERS PRICE COMPARISON CHANGE CHANGE 01/09/08 28/12/07 11/07/08 24/12/09 01/09/08 TYPE 28/12/07 11/07/08 24/12/09 TYPE VLCC $107.0 $128.0 $59.0 54% VLCC $39.5 $39.5 $16.3 59% SUEZMAX $76.5 $82.0 $41.5 49% SUEZMAX $34.6 $34.5 $12.6 63% AFRAMAX $56.0 $63.0 $26.0 59% AFRAMAX $25.5 $25.5 $8.8 65% PANAMAX $49.0 $50.5 $21.0 58% PANAMAX $19.0 $24.0 $6.2 74% MR PROD $42.5 $45.0 $18.5 59% MR PROD $17.0 $18.0 $4.5 75% Tables above compare prices from 28th Dec 2007 and 11th Jul 2008 with today NEWBUILDING TANKER PRICES 2000 2009 5 YEAR OLD TANKER PRICES 2000 2009 164 144 124 VLCC 300K SUEZ 150K AFRA 110K PANAMAX 70K PROD 45K 160 140 120 VLCC 300K SUEZ 150K AFRA 110K PANAMAX 70K PROD 45K 104 84 64 44 24 133 113 Jun00 Dec00 93 73 53 33 13 Jun00 Dec00 Jun01 Dec01 Jun02 Dec02 units 55 50 45 40 35 30 25 20 15 10 5 39 35 Jun03 Dec03 Jun04 Dec04 10 YEAR OLD TANKER PRICES 2000 2009 VLCC 300K SUEZ 150K AFRA 110K PANAMAX 70K PROD 45K Jun01 Dec01 Jun02 Dec02 Jun03 Dec03 Jun04 Dec04 17 49 48 20 TANKER units sold 2009 vs 2008 48 22 443 45 16 100 80 60 40 20 42 22 Jun00 Dec00 43 38 33 28 23 18 13 8 3 Jun00 Dec00 37 17 Jun01 Dec01 Jun02 Dec02 23 21 24 15 2009 2008 28 23 16 11 JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER Jun03 Dec03 Jun04 Dec04 20 YEAR OLD TANKER PRICES 2000 2009 VLCC 300K SUEZ 150K AFRA 110K PANAMAX 70K PROD 45K Jun01 Dec01 Jun02 Dec02 Jun03 Dec03 Jun04 Dec04 shipsale activity in volume (number of ships sold per month 20092008) 79 AKTI MIAOULI 185 35 PIRAEUS TEL:+30 210 4222660/5 FAX:+30 210 4222678/9 PAGE 9 of 16
NEWBUILDING ORDERS DECEMBER 2009 UNITS TYPE TONNAGE YARD YEAR PRICE BUYER S NAME NOTES 2 BC 95,000 DWT IMABARI 2010 2 BC 82,000 DWT SPP 2011 35.50 1 BC 82,000 DWT GUANGZHOU LONGXUE 2011 35.00 2 BC 81,000 DWT SPP SHIPBUILDING 2010 35.50 2 BC 76,000 DWT HUDONG 2011 8 BC 76,000 DWT JIANSU RONGSHENG 2011 1 BC 75,700 DWT JIANGNAN CHANGXING 2010 34.00 1 BC 58,000 DWT TSUNEISHI (ZHOUSHAN) 2011 32.00 5 BC 57,000 DWT JIANGSU NANTONG 2010 28.20 2 BC 57,000 DWT XIAMEN SB 2012 27.00 3 BC 56,300 DWT IHI MARINE UNITED (JAPAN) 2012 6 BC 37,300 DWT NANJING HUATAI HI 2011 25.00 2 BC 37,000 DWT STX CHINHAE 2011 27.00 2 BC 35,000 DWT NANTONG DAODA 2011 24.00 2 BC 35,000 DWT DAO DA SHIPYARD 2011 24.00 4 BC 35,000 DWT SAMHO 2011 27.50 4 BC 34,000 DWT SEKO HI 2011 25.00 2 LPG 23,000 DWT HYUNDAI MIPO 2011 3 LPG 8,800 DWT ITAJAI SHIPYARD 2012 7 MPP 28,000 DWT TAIZHOU KOUAN 2011 1 MPP 9,000 DWT ZHEJIANG AOLI 2010 DAEWOO SHIPBUILDING AND 2 OFFSHORE MARINE ENGINEERING 2011 300.00 1 PAX/CRUISE 13,500 DWT FINCANTIERI 2012 738.00 2 PROJECT 4,700 DWT STX BRAZIL OFFSHORE SA 2012 88.00 3 TANKER 159,000 DWT SAMSUNG HI 2011 62.00 2 TANKER 158,000 DWT DAEWOO HI 2011 62.00 10 TANKER 158,000 DWT DAEWOO 2011 64.00 2 TANKER 158,000 DWT SAMSUNG HI 2011 68.00 3 TANKER 45,000 DWT BRAZILIAN YARD 2012 2 TANKER 41,500 DWT 2011 1 TANKER 11,750 DWT YANGZHOU DAYANG 2012 2 TANKER 6,000 DWT HYUNDAI MIPO 2011 18.00 SAFE BULKERS SEA JUSTICE HONG KONG QINFA SHIPPING POLEMBROS SHIPPING NINGBO RONGSHENG SHIPPING SHANGHAI FUJIAN JJ UGLAND DALIAN INTERNATIONAL PIONEER SHIP MANAGEMENT UAE MARINE CAPITAL TAIWANESE HANZEVAST SHIPPING HANZEVAST SHIPPING CINER GROUP GERMAN LATVIAN SHIPPING ELCANO ETHIOPIAN SHIPPING CONTRACTOR RWE INNOGY CARNIVAL CORP SIEM CONSUB BRAZIL CENTROFIN MGT SONANGOL ALMI TANKERS STENA BULK AB GLOBAL TRANSOCEANICO ETHIOPIAN SHIPPING NATIONAL IRANIAN TANKER CO VROON BV JACCAR HOLDINGS LUXENBOURG TWO MORE ORDERED IN ADDITION TO ONE ALREADY ON ORDER. THE TOTAL PRICE FOR THE 3 UNITS $153m. THE TWO NEW UNITS AT LOW $40m. DELIVERY 1 IN 2010, 1 IN 2011 AND 1 IN 2012 DELIVERY END 2010/ EARLY 2011 FUTURE 56 DESIGN. ELEVEN NOW ORDERED FOR THIS OWNER 30% DOWN PAYMENT OPTION 6 MORE. REPLACEMENTS FOR 4 SIMILAR VSLS CANCELLED AT NOKBONG, BITUMEN CARRIER 6 TANKER 5,000 DWT DAJIAN SHIPBUILDING 2011 22.00 3 TANKER 4,500 DWT SAO MIGUEL SHIPYARD 2011 SAO MIGUEL NAVIGATION 2 TANKER 3,600 DWT SEKWANG HI 2011 17.25 OCEAN REX SHIPPING CO 2 TANKER 3,200 DWT 21C SHIPBUILDING CO (KOREA) 2010 SEACOAST SHIPPING (PHIL) Note1: With Red color are indicated all Greek interest Buyers or Sellers NEWBUILDING ORDERS BREAKDOWN by TYPE PER MONTH, for YEAR 2009 2009 ORDERS UNITS BC MPP CONT TANKER LNG/LPG ALL OTHER JANUARY 9 25 6 0 6 6 2 5 FEBRUARY 25 90 8 12 0 46 0 24 MARCH 28 63 14 6 1 31 0 11 APRIL 17 36 0 4 0 14 0 18 MAY 7 17 3 4 0 6 0 4 JUNE 10 50 37 1 0 6 0 6 JULY 18 79 52 2 10 12 0 3 AUGUST 29 93 33 0 12 38 2 8 SEPTEMBER 19 48 16 0 0 26 0 6 OCTOBER 18 67 27 15 2 8 0 15 NOVEMBER 21 53 39 0 2 11 0 1 DECEMBER 36 105 49 8 0 38 5 5 TOTAL 237 726 284 52 33 242 9 106 NEW BUILDING ORDER TYPES FOR 2009 ALL OTHER, 106, 15% LNG/LPG, 9, 1% BC, 284, 39% HEAVY LIFT PLUS 1 OPTION 3690 PAX PLUS OPTION 2 MORE PRODUCT OPTION EXERCISED 9500CBM. TWO NOW ORDERED LPG 5000 CUM OPTION 1 MORE. DEDICATED MOLTEN SULPHUR CARRIER TANKER, 242, 33% MPP, 52, 7% CONT, 33, 5% 79 AKTI MIAOULI 185 35 PIRAEUS TEL:+30 210 4222660/5 FAX:+30 210 4222678/9 PAGE 10 of 16
REPORTED DEMOLITION DEALS DECEMBER 2009 NAME TYPE YEAR BUILT DWT LDT PRICE BREAKER NOTES IMO AKER SMART 3 TANKER 1982 HITACHI ZOSEN 180,377 27,385 $270 BANGLADESH SELLERS ARE AKER FLOATING PRODUCTION ASA, NORWAY 8124747 VEMAOCEAN TANKER 1986 KOREA 107,175 16,340 BANGLADESH SELLERS ARE QUEENSWAY NAVIGATION GREECE 8325078 GIOVANNA TANKER 1991 JAPAN 96,117 14,222 $370 BANGLADESH SELELRS ARE TOMASOS BROTHERS INC GREECE 8907541 MOL ELBE CONT 1990 IHI KURE 59,045 19,267 $337 SELLERS ARE MITSUI OSK LINES LTD JAPAN 8912247 SVYATAYA MARIYA BC 1975 GERMANY 54,612 10,812 $318 INDIA SELLERS ARE FEDCOM SHIPPING UKRAINE 7361128 MERAKLIS BC 1975 RHEINSTAHL SELLERS ARE NAVEGADORA TRANSPACIFICA 53,836 10,880 $305 7361130 NORDSEE GREECE OCEAN GRACE TANKER 1985 ODENSE LINDO 50,600 10,100 $363 INDIA SELLERS ARE BLUE LINE SHIPMANAGEMENT CO, GREECE 8321395 KRITI PALM TANKER 1986 YUGOSLAVIA 47,763 10,709 $357 AS IS SELLERS ARE AVIN INTERNATIONAL SA GREECE AS IS SINGAPORE 8420268 ATTALYA TANKER 1986 HELSINKI EXPRESS CONT 1987 GDANSKA LENINA MITSUBISHI KOBE SELLERS ARE PROJECT SHIPPING INC, 46,825 11,432 $90 PAKISTAN GREECE. AS IS BASIS WEST AFRICA FIRE 7907790 DAMAGE 44,966 17,171 INDIA SELLERS ARE ANGLOEASTERN SHIPMANAGEMENT, HONG KONG, 8413239 OSLO EXPRESS CONT 1987 TAMANO 44,966 17,171 $328 INDIA 8413289 MSC SERENA CONT 1977 FLENDER SELLERS ARE MSC SHIPMANAGEMENT, HK, 40,849 16,750 $323 INDIA WERFT. 2602 TEU 7502904 MOL DISCOVERY CONT 1991 MIHARA 40,499 15,542 $337 SELLERS ARE MITSUI OSK LINES LTD JAPAN 9021253 SAMOS SKY BC 1981 BALTIYSKIY 38,250 9,276 $315 SELLERS ARE SAMOS ISLAND MARITIME CO, GREECE 7945417 ATLANTIC HURON MPP 1984 COLLINGWOOD 36,920 6,634 $310 SELLERS ARE CSL GROUP IN CANADA 8025680 ANOOSH BC 1979 JAPAN 35,839 8,065 INDIA SELLERS ARE IRISL IRAN 7632838 MSC ZANZIBAR BC 1985 HYUNDAI HI 33,860 8,485 $330 INDIA SELLERS ARE CONBULK SHIPPING SA, GREECE 8408856 UNIWERSYTET SLASKI BC 1979 A. WARSKIEGO 33,740 8,405 $310 BANGLADESH SELLERS ARE POLSKA ZEGLUGA MORSKA (POLSTEAM) POLAND 7637852 IRAN MODARES BC 1977 JAPAN 33,667 7,559 INDIA SELLERS ARE IRAN SHIPPING LINES 7618985 ACCORD TANKER 1980 ARTEMIS CONT 1987 MITSUI CHIBA ICHIHARA ULJANIK BRODOGRADIL 31,374 7,676 $338 BANGLADESH SELLERS ARE PT CAKRA BAHANA INDONESIA 7612199 29,693 11,020 $287 INDIA SELLERS ARE EUROBULK LTD, GREECE. AS IS PHILIPPINES. 2098 TEU 8505824 FLAG INVESTORS BC 1967 URAGA HI 27,616 8,453 $306 INDIA SELLERS ARE SEKUR HOLDINGS INC 6714017 SELLERS ARE ZODIAC MARITIME AGENCIES EURUS SINGAPORE CONT 1989 ITALY 26,674 11,421 $361 INDIA 8618396 SINGAPORE KAMINA CONT 1982 THOR COMMANDER BC 1984 L'ATLANTIQUE FRANCE HOWALDT SWERKE HAMBU 26,288 9,950 $320 INDIA SELLERS ARE MIDOCEAN (IOM) LTD, ISLE OF MAN 8002573 26,140 7,780 $261 SELLERS ARE THORESEN THAILAND 8306670 ZAVEN MPP 1979 DENMARK 23,720 7,750 INDIA SELLERS ARE IRISL IRAN 7602194 MONCHEGORSK RORO 1983 FINLAND 23,128 10,816 $316 SELLERS ARE BONMAR SA SWITZERLAND 8013039 MSC EAGLE CONT 1978 POLAND 23,047 13,530 $340 INDIA SELLERS ARE DANAOS SHIPPING GREECE 7711555 MSC FEDERICA CONT 1974 WARTSILA AB TURKU SELLERS ARE MSC SHIPMANAGEMENT 21,101 12,181 $330 INDIA SINGAPORE 7347512 ESRAA TANKER 1982 PORTUGAL 18,732 6,076 $340 PAKISTAN SELLERS ARE EMIRATES TRADING AGENCY UAE 8001103 SELLERS ARE BRIGHT SHIPPING, KOREA. BRIGHT DREAM MPP 1987 WARNOWERFT 17,850 8,920 INDIA $2,180,000 INDIA AS IS DURBAN INCL $392000 8715273 BUNKERS ON BOARD. GEMINI 1 TWEEN 1979 SHIN KURUSHIMA 17,806 5,405 $290 PAKISTAN 7825033 NILEDUTCH PROMINENCE RORO 1982 POLAND 17,773 10,200 $308 INDIA RORO WITH CONTAINER CAPACITY 8107282 NILEDUTCH PRODIGY RORO 1985 POLAND 17,773 10,200 $308 INDIA RORO WITH CONTAINER CAPACITY 8500666 MSC GABRIELLA TWEEN 1983 WARNOWERFT 17,330 7,100 $330 INDIA SELLERS ARE MSC SHIPMANAGEMENT HK, 8120820 GALAXY TANKER 1985 BRODOSPLIT 17,109 6,042 $360 INDIA SELLERS ARE RIGA TRANSPORT FLEET LATVIA 8207056 OCEAN SPIRIT CAR 1985 LILY GLORY BC 1974 HITACHI INNOSHIMA KASADO KUDAMATSU 16,770 10,999 $305 SELLERS ARE WORLD MARINE CO LTD, JAPAN. VEHICLES CARRIER 8321747 16,220 5,671 $280 SELLERS ARE GLORY CEMENT CARRIER CORP, 7377830 SELLERS ARE MSC SHIPMANAGEMENT MSC IMMACOLATA CONT 1979 WARNOWERFT 14,719 8,220 $327 INDIA 764367 HONG KONG,. 873 TEU 79 AKTI MIAOULI 185 35 PIRAEUS TEL:+30 210 4222660/5 FAX:+30 210 4222678/9 PAGE 11 of 16
YURIY SAVINOV MPP 1976 UNIVERSAL SPIRIT RORO 1985 GDANSKA LENINA KANASASHI ZOSEN T 14,134 5,468 $278 INDIA SELLERS ARE SAKHALIN SHIPPING RUSSIA. 7531979 13,025 13,770 $305 SELLERS ARE FUYOH SHIPPING CO, JAPAN. 4435 CARS 8400919 PREMIUM PAID DUE TO VSL'S ALUMINIUM CELTIC SEA REEFER 1970 DENMARK 11,902 6,117 $355 INDIA GRATINGS AND MINIMUM 200 TS BUNKERS 7000190 ON BOARD EQUINE RORO 1979 BLUE SEA MPP 1973 ORESUNDSVAR NE HASHIHAMA SHBLDG 8,100 6,751 $258 INDIA SELLERS ARE EUROSHIP SERVICES LTD, UK 7800760 7,417 2,318 $285 INDIA SELLERS ARE ALFA MARINA LTD, EGYPT 7371654 SIRI BHUM CONT 1981 JAPAN 6,994 3,292 INDIA SELLERS ARE REGIONAL CONTAINER LINES SINGAPORE 7925986 NOOR AL HASAN BC 1976 JAPAN 6,516 2,016 $305 INDIA SELLERS ARE MARITA SHIPPING AGENCY GREECE 7530327 SRI KANCHANA TANKER 1980 JAPAN 4,999 1,832 BANGLADESH SELLERS ARE THAVORN MARINE CO LTD THAILAND 7929906 OCEAN EXPRESS I MPP 1979 HONDA SAIKI 4,559 4,500 INDIA SELLERS ARE LIAONING PROVINCE DALIAN OCEAN FISHERY GROUP 7815698 RAMLAH SD 1968 SWEDEN 4,190 INDIA 6806511 ORION TANKER 1982 CHEMICAL. SELLERS ARE SOYSAY BUESUMER 3,926 1,600 $459 INDIA DENIZCILIK TURKEY. VSL HAS ABT 190 TS ST BREMEN STEEL 8105002 MAYA MPP 1982 MAN GHH SELLERS ARE UNITED MARINE 3,344 1,543 $270 INDIA GERMANY MANAGEMENT ESTONIA 8128858 OCEAN PROJECT II BC 1972 GERMANY 2,906 INDIA 7227188 ORION OTHER 1979 STERKODER SELLERS RAE CGGVERITAS FRANCE 2,564 2,925 INDIA MEK RESEARCH VESSEL 7807392 EYLUL SD 1967 ZTS 2,190 1,230 $179 TURKEY SELLERS ARE E&S LTD TURKEY 8874328 SRI CHUMPORN TANKER 1981 JAPAN 1,798 688 $320 BANGLADESH SELLERS ARE THAVORN MARINE CO LTD THAILAND 8115083 Note1: With Red color are indicated all Greek interest Sales DEMOLITION STATISTICS: 2009 UNITS DWT LDT BREAKER STATS 2009 January 112 3,982,038 1,026,714 BREAKER UNITS LDT TAKEN AV. SCRP PRICE February 129 3,300,306 1,016,869 273 2,679,878 $251 March 127 4,045,306 1,136,289 INDIA 473 3,852,612 $273 April 97 2,258,486 738,739 BANGLADESH 208 2,343,087 $299 May 104 3,085,685 968,167 TURKEY 104 243,993 $181 June 76 1,647,842 572,299 PAKISTAN 86 717,666 $271 July 92 2,124,680 766,300 OTHER/CASH/AS IS 96 382,689 August 128 3,556,281 1,157,227 TOTAL 1240 10,219,925 $255 September 135 3,296,111 896,669 October 81 2,127,580 565,458 November 104 3,208,300 895,529 December 55 1,609,333 479,665 TOTAL 1240 34,241,948 10,219,925 DETAILED BREAKER REGION STATISTICS FOR 2009 DRY WET BREAKER INDIA BANGLADESH TURKEY PAKISTAN OTHER/CASH/AS IS TOTAL UNITS LDT TAKEN av $ UNITS LDT UNITS LDT 273 2,679,878 250.6 261 2,589,616 12 90,262 473 3,852,612 273.5 418 3,326,149 55 526,463 208 2,343,087 299.4 123 1,211,417 85 1,131,670 104 243,993 181.3 94 225,396 10 18,597 86 717,666 271.4 69 540,902 17 176,764 96 382,689 28.3 63 222,310 17 79,315 1240 10,219,925 255.2 1028 8,115,790 196 2,023,071 79 AKTI MIAOULI 185 35 PIRAEUS TEL:+30 210 4222660/5 FAX:+30 210 4222678/9 PAGE 12 of 16
2009 DEMOLITION SELLERS STATISTICS COUNTRY UNITS % rank GREECE 203 16.4% 1 156 12.6% 2 JAPAN 96 7.7% 3 NORWAY 55 4.4% 4 UAE 54 4.4% 5 USA 50 4.0% 6 RUSSIA 50 4.0% 6 TURKEY 45 3.6% 8 SINGAPORE 43 3.5% 9 INDIA 40 3.2% 10 UK 39 3.1% 11 KOREA 32 2.6% 12 SYRIA 29 2.3% 13 UKRAINE 26 2.1% 14 SWITZERLAND 21 1.7% 15 GERMANY 18 1.5% 16 ITALY 17 1.4% 17 NETHERLANDS 17 1.4% 17 BULGARIA 15 1.2% 19 SPAIN 15 1.2% 19 ALL OTHER 217 17.5% UNDISCL 2 0.2% TOTAL 1240 100.0% PAKISTAN, 717,666, 7% TURKEY, 243,993, 2% LDT INTAKE PER SCRAP COUNTRY FOR 2009 OTHER/CASH/ AS IS, 382,689, 4% BANGLADESH, 2,343,087, 23% $800 $700 $600 $500 $400 $300 21 $200 11 0 $100 Apr05 Aug05 4,500,000 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000, 2,679,878, 26% INDIA, 3,852,612, 38% 0 Average Scrap Price & No of Ships Scrapped 20052009 16 18 17 2418 20 15 17171617 19 10 12 11 5 7 May05 Jul05 Sep05 Average Scrap Price Number of Ships Oct05 Feb06 Apr06 Aug06 DWT LDT NUMBER 2929 25 21 23 16 13 1716 17 13 10 Oct06 Feb07 Apr07 Nov05 Jan06 Mar06 May06 Jul06 Sep06 Nov06 Jan07 DEMO STATS 20052009 52 38 21 19 23 26 28 19 8 12 14 Aug07 Oct07 Feb08 Apr08 Aug08 Oct08 UNIT INTAKE PER SCRAP COUNTRY FOR 2009 OTHER/CASH/A S IS, 96, 8% PAKISTAN, 86, 7% TURKEY, 104, 8% BANGLADESH, 208, 17% 68 79 129 127 112 97 104 76 92 128 135 81 104 55 Feb09 Apr09 Aug09 Oct09 Mar07 May07 Jul07 Sep07 Nov07 Jan08 Mar08 May08 Jul08 Sep08 Nov08 Jan09 Mar09 May09 Jul09, 273, 22% Sep09 Nov09 INDIA, 473, 38% 155 135 115 95 75 55 35 15 5 140 120 100 80 60 40 20 0 source of data: N. COTZIAS SHIPPING CONSULTANTS (NCSC) STATS BULKERS / SD TANK/ OBO/GAS Demolition DATA for 2009 CONT/ TWEEN/MPP REEFER RORO PAX CRUISE, OTHER VEHICLES CARRIERS TRAWLER TUG OTHER TOTAL UNITS % LDT DWT USD PAID 414 198 387 42 67 103 29 1,240 SHIPS 33.4% 16.0% 31.2% 3.4% 5.4% 8.3% 2.3% 100.0% 2,925,923 2,041,970 3,525,397 252,575 440,385 988,374 45,301 10,219,925 12,759,811 9,839,639 9,215,205 411,971 503,772 1,341,703 169,847 34,241,948 $528,138,100 $446,198,561 $635,967,544 $43,473,613 $71,967,478 $82,822,597 $11,706,305 $1,820,274,198 79 AKTI MIAOULI 185 35 PIRAEUS TEL:+30 210 4222660/5 FAX:+30 210 4222678/9 PAGE 13 of 16
AVERAGE SCRAP PRICE U$/LDT 330 310 290 270 250 230 210 AVERAGE MONTHLY SCRAP PRICE 2009 $312 $286 $279 $268 $266 $251 $255 $243 $228 $226 $215 Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 AVERAGE SCRAP PRICE U$/LDT 330 310 290 270 250 230 210 AVERAGE MONTHLY SCRAP PRICE 2009 INDIA $340 $327 $324 $309 $291 $267 $262 $272 $259 $258 $249 $234 Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 AVERAGE SCRAP PRICE U$/LDT 330 310 290 270 250 230 210 AVERAGE MONTHLY SCRAP PRICE 2009 PAKISTAN $315 $313 $312 $293 $271 $282 $273 $265 $261 $266 $265 $248 Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 AVERAGE SCRAP PRICE U$/LDT 350 330 310 290 270 250 230 210 AVERAGE MONTHLY SCRAP PRICE 2009 BANGLADESH $342 $335 $322 $322 $311 $296 $300 $289 $274 $277 $269 $240 Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 AVERAGE SCRAP PRICE U$/LDT 240 220 200 180 160 140 120 AVERAGE MONTHLY SCRAP PRICE 2009 TURKEY $218 $202 $183 $186 $172 $174 $179 $177 $181 $184 $179 $155 Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 source of data: N. COTZIAS SHIPPING CONSULTANTS (NCSC) 79 AKTI MIAOULI 185 35 PIRAEUS TEL:+30 210 4222660/5 FAX:+30 210 4222678/9 PAGE 14 of 16
BALTIC DRY BULK MARKET INDICES until 30th NOVEMBER 2009 DATE BDI % frm 1/1/2009 BCI % frm 1/1/2009 BPI 1/1/2009 BSI 1/1/2009 BHI 1/1/2009 30/11/09 3,887 403% 6,189 355% 3,757 596% 2,416 488% 1,138 308% 01/12/09 3,836 396% 6,127 350% 3,635 573% 2,376 478% 1,143 310% 02/12/09 3,918 407% 6,352 367% 3,677 581% 2,364 475% 1,156 314% 03/12/09 4,062 425% 6,640 388% 3,830 609% 2,368 476% 1,170 319% 04/12/09 4,107 431% 6,655 389% 3,928 627% 2,382 480% 1,182 324% 07/12/09 4,036 422% 6,370 368% 3,981 637% 2,395 483% 1,197 329% 08/12/09 3,902 405% 5,948 337% 3,989 639% 2,414 487% 1,210 334% 09/12/09 3,791 390% 5,679 317% 3,900 622% 2,429 491% 1,222 338% 10/12/09 3,761 387% 5,387 296% 3,795 603% 2,432 492% 1,234 342% 11/12/09 3,579 363% 5,193 282% 3,673 580% 2,429 491% 1,240 344% 14/12/09 3,530 357% 5,132 277% 3,574 562% 2,420 489% 1,239 344% 15/12/09 3,518 355% 5,154 279% 3,505 549% 2,413 487% 1,233 342% 16/12/09 3,474 349% 5,123 276% 3,444 538% 2,366 476% 1,227 340% 17/12/09 3,376 337% 4,875 258% 3,436 536% 2,340 469% 1,213 335% 18/12/09 3,258 321% 4,566 235% 3,448 539% 2,322 465% 1,199 330% 21/12/09 3,154 308% 4,284 215% 3,460 541% 2,297 459% 1,193 328% 22/12/09 3,063 296% 4,041 197% 3,498 548% 2,264 451% 1,186 325% 23/12/09 3,023 291% 3,917 188% 3,544 556% 2,246 446% 1,173 320% 24/12/09 3,005 289% 3,887 186% 3,567 561% 2,224 441% 1,159 315% 10400 8400 6400 4400 2400 400 Sep05 10300 8300 6300 4300 2300 300 5400 4400 3400 2400 1400 400 5400 4400 3400 2400 1400 Sep05 Sep05 400 Sep05 18300 16300 14300 12300 10300 8300 6300 4300 2300 300 Feb05 May05 BALTIC DRY 2005 2009 Mar06 BALTIC PMAX 2005 2009 Mar06 CAPITAL LINK MARITIME INDEX 20059 CL Maritime Index (CLMI) Mar06 Sep06 CL Container Index (CLCI) Mar06 Sep06 Aug05 Nov05 Feb06 May06 Aug06 Nov06 Feb07 Sep06 Mar07 Sep07 Mar08 Sep08 Mar09 Sep09 All Baltic DRY indices 2005 2009 BDI BPI Sep06 Mar07 Sep07 Mar08 Sep08 Mar09 Sep09 Mar07 Sep07 Mar08 Sep08 Mar09 Sep09 CAPITAL LINK CONTAINER INDEX 20059 Mar07 Sep07 Mar08 Sep08 Mar09 Sep09 May07 Aug07 17900 15400 12900 10400 7900 5400 2900 400 7300 6300 5300 4300 3300 2300 1300 300 7400 6400 5400 4400 3400 2400 1400 Sep05 Apr06 Jul06 400 4400 3400 2400 1400 Sep05 400 Sep05 Nov07 Feb08 BALTIC CAPE 2005 2009 Mar06 BALTIC SUPMAX 2006 2009 Oct06 Jan07 CAPITAL LINK DRYBULK INDEX 20059 Mar06 CAPITAL LINK MLP INDEX 20059 CL MLP Index (CLMLP) Mar06 Sep06 79 AKTI MIAOULI 185 35 PIRAEUS TEL:+30 210 4222660/5 FAX:+30 210 4222678/9 BPI BCI BDI BSI May08 Aug08 Nov08 Feb09 May09 Aug09 Nov09 Sep06 Mar07 Sep07 Mar08 Sep08 Mar09 Sep09 Apr07 Jul07 Oct07 Jan08 Apr08 Jul08 Oct08 Jan09 Apr09 Jul09 Oct09 BCI BSI Jan10 CL Drybulk Index (CLDBI) Sep06 Mar07 Sep07 Mar08 Sep08 Mar09 Sep09 Mar07 Sep07 Mar08 Sep08 Mar09 Sep09 PAGE 15 of 16
DATE CLEAN % frm 2/1/08 DIRTY % frm 2/1/08 30/11/09 519 15.1% 679 20.0% 01/12/09 528 13.6% 671 21.0% 02/12/09 538 11.9% 687 19.1% 03/12/09 549 10.1% 704 17.1% 04/12/09 557 8.8% 720 15.2% 07/12/09 570 6.7% 722 15.0% 08/12/09 576 5.7% 720 15.2% 09/12/09 578 5.4% 724 14.7% 10/12/09 587 3.9% 730 14.0% 11/12/09 595 2.6% 741 12.7% 14/12/09 601 1.6% 752 11.4% 15/12/09 608 0.5% 765 9.9% 16/12/09 613 0.3% 782 7.9% 17/12/09 619 1.3% 798 6.0% 18/12/09 621 1.6% 803 5.4% 21/12/09 623 2.0% 804 5.3% 22/12/09 629 2.9% 810 4.6% 23/12/09 633 3.6% 815 4.0% 24/12/09 634 3.8% 814 4.1% 1900 1500 1100 700 300 Sep05 5400.00 4400.00 3400.00 2400.00 1400.00 400.00 BALTIC TANKER MARKET INDICES until 31st DECEMBER 2009 Mar06 Sep06 Mar07 Sep05 Mar06 ALL BALTIC WET Indices 20069 ALL CAPITAL LINK INDICES ARE USED WITH THE EXPRESS KIND PERMISSION OF CAPITAL LINK INC NEW YORK 146 136 126 116 106 96 86 76 66 56 46 36 26 16 146 136 126 116 106 96 86 76 66 56 46 36 26 16 BALTIC CLEAN TANKER INDEX 2005 2009 CAPITAL LINK TANKER INDEX 20059 Mar01 Jun01 Sep01 Mar01 Jun01 Sep01 Sep07 Mar08 Sep08 Mar09 Sep09 Sep06 Mar07 Sep07 Mar08 Sep08 Brent Oil Dec01 Mar02 Jun02 Sep02 Dec02 WTI Spot Price BCTI CL Tanker Index (CLTI) Mar09 Sep09 Mar03 Jun03 Sep03 Dec03 Mar04 Jun04 Sep04 Dec04 DISCLAIMER: INFORMATION & DATA CONTAINED IN THIS MONTHLY MARKET REPORT HAVE BEEN CAREFULLY OBTAINED FROM VARIOUS MARKET SOURCES. ALTHOUGH ALL IS BELIEVED TO BE CORRECT, N. COTZIAS SHIPPING GROUP MAKES NO GUARANTEE FOR ACCURACY, AND SHALL NOT BE LIABLE FOR ANY LOSS INCURRED IN ANY WAY WHATSOEVER BY ANY PERSON RELYING ON THE INFORMATION CONTAINED HEREIN. 2300 1800 1300 800 300 5400 4400 3400 2400 1400 Feb06 May06 400 May05 Aug05 2400 1900 1400 900 400 Sep05 3200.00 2800.00 2400.00 2000.00 1600.00 1200.00 800.00 400.00 Brent OIL (2001 2009) Aug06 Nov06 Feb07 May07 Aug07 CL Tanker Index (CLTI) CL LNG/LPG Index (CLLG) Nov05 Feb06 May06 WTI SPOT PRICE (2001 2009) Dec01 Mar02 Jun02 Sep02 Dec02 Mar03 Jun03 Sep03 Dec03 Mar04 Jun04 Sep04 Dec04 Mar05 Sep05 BALTIC DIRTY TANKER INDEX 2005 2009 Mar06 Sep06 Mar07 CL LNG/LPG Index (CLLG) Sep05 Mar06 Sep06 79 AKTI MIAOULI 185 35 PIRAEUS TEL:+30 210 4222660/5 FAX:+30 210 4222678/9 ALL CAPITAL LINK WET Indices 20069 BCTI BDTI Nov07 Feb08 May08 Aug08 Nov08 Feb09 May09 Aug09 Nov09 Aug06 Nov06 Feb07 May07 Aug07 Nov07 Feb08 May08 Aug08 Nov08 Feb09 CAPITAL LINK LNG/LPG INDEX 20059 BDTI Sep07 Mar08 Sep08 Mar09 Sep09 Mar05 Sep05 Mar06 Sep06 Mar07 Sep07 Mar08 Sep08 Mar09 Sep09 May09 Aug09 Nov09 Mar07 Sep07 Mar08 Sep08 Mar09 Sep09 Mar06 Sep06 Mar07 Sep07 Mar08 Sep08 Mar09 Sep09 PAGE 16 of 16