S&P MONTHLY REPORT MAY 2009

Ship sale volume: MAY 9 APR 9 Total number of Ships sold this month: 144 97 last month Dry cargo Ships sold this month: 98 75 last month Wet cargo Ships sold this month: 46 22 last month Scrap volume: Ships scrapped this month: S&P MONTHLY REPORT MAY 29 Executive Summary 89 7 last month Highest Scrap Price paid this month: $285/ldt BANGLADESH Newbuilding Ships Prices (1/5/29) Dry Cargo CAPE 4/7/28 PMX 4/7/28 HMAX 4/7/28 NEWBUILDING $62. $96.8 $38. $57.3 $31. $49.4 Tanker Ships VLCC 4/7/28 SUZ 4/7/28 AFR 4/7/28 NEWBUILDING $19.4 $157. $77. $96.5 $58.5 $78. PAN 4/7/28 PROD 4/7/28 $52.3 $65. $4. $55.5 Average Dry cargo T/C Earnings (worldwide routes): May9 Apr9 Mar9 Feb9 Capes >144, dwt: $39,66 $22,337 $26,146 $32,45 Large Bulkers 144, 85, dwt: $18,287 $12,892 $19,5 $18, Panamax 82, 59, dwt: $17,27 $13,752 $15,798 $11,532 Handymax 59, 48, dwt: $16,847 $15,82 $15,832 $12,329 Handy 48, 4, dwt: $14,77 $13,864 $15,629 $1,931 Bulkers 4, 3, dwt: $13,74 $13,575 $13,585 $1,225 Small Bulkers 3, 12, dwt: $11,773 $8,9 $11,23 $7,543 Scrap Prices for MAY 29 HIGH $245 AVERAGE $226 MAY 29 AVERAGE $233.5 INDIA HIGH $28 AVERAGE $233 APR 29 AVERAGE $258. BANGLADESH HIGH $285 AVERAGE $24 MAR 29 AVERAGE $279.2 PAKISTAN HIGH $282 AVERAGE $248 FEB 29 AVERAGE $255.8 TURKEY HIGH $182 AVERAGE $182 JAN 29 AVERAGE $262.7 $373.4 % since BALTIC INDICES Baltic Dry Index Baltic Panamax Index Baltic Supramax Index Baltic Cape Index Baltic Clean Tanker Index Baltic Dirty Tanker Index GENERAL SCRAP PRICE AVERAGE 29May9 LAST MONTH 3Apr9 31Mar9 27Feb9 3494 95.63% 1786 1615 1986 29 9.41% 1523 1374 1542 1831 28.31% 1427 1288 1529 6125 16.86% 2348 266 2963 481 19.35% 43 372 554 482 1.5% 477 54 61 N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 1 of 18

DRY CARGO SHIPS SOLD DURING THIS MONTH NAME TYPE YEAR BUILT DWT GEAR PRICE DALIAN CAPESIZE RESALE SWS CAPESIZE RESALE BC 21 DALIAN SHIPYARD 18, $7.m NAME CLIENTS OF COSCO NATION BC 21 SWS 177, $63.m GREEK NOTES MAY 29 IMO IN MAY 28 A SAME RESALE (28 BLT) WAS SOLD AT $153m!! A 58% DECREASE IN VALUE MINERAL LIBIN BC 26 SHANGHAI WAIGAOQIAO 173,8 $54.m DA TONG SHIPPING BOCIMAR. SOLD ON SUBJECTS REPORTS SAY THAT THERE IS WIDE LAYCAN AGREED 934726 MINERAL AZALEA BC 1999 KOYO MIHARA 171,199 $46.m TMT TAIWAN CMB SA BELGIUM 92991 STAR EUROPE BC 1986 HYUNDAI HI 17,698 $9.m FUJIAN OCEAN TAI SHAN BC 1999 HALLA SAMHO 169,147 $36.m VALE BRAZIL CHARTWORLD,. 8417649 SOLD BASIS DELIVERY MAY OAK MARITIME CANADA INC, CANADA 9174646 TRINITY BULK BC 199 SUMITOMO HI 151,226 $2.m REPORTED SOLD IN JAN 29 FOR $14.5MIL DEAL THEN FAILED OTHER 8911217 LATER REP SAYS $18MIL CSE WISDOM BC 1984 CSBS 15,431 $1.m STEEL EXPRESS CORP TAIWAN 8128731 PENELOPE BC 1997 KAWASAKI HEAVY INDUSTRY 15,393 $27.m VALE BRAZIL NEDA MARITIME AGENCY CO LTD WAS SOLD 91283 IN DEC 26 FOR $6MIL USD EURYDICE D. BC 1985 HYUNDAI HI 14,532 $8.5m WINNING MARMARAS NAVI\GATION 84844 TIEN SHAN BC 1994 HASHIHAMA ZOSEN 128,826 $19.m SINCERE NAVIGATION CORP 956533 SS/DD 2/9 SEA BREEZE BC 29 SUNGDONG 91,8 $41.m UNDISCLOSED Sungdong 138 SELLERS ARE BLENHEIM SHIPPING 9436654 UK LTD RESALE BC 29 ZHOUSAN 82,6 $36.m MBA MICHELE BOTTIGLIERI ARMATORE ITALY DELIVERY OCTOBER 29. KAMBARA KISEN CO LTD JAPAN ZHOUSHAN SS55 BC 29 ZHOUSHAN 82,5 $37.8m GREEK DELIVERY 11/29 949411 STAR OF KILAKARAI BC 29 JAPAN 81,2 $38.5m KOREAN KOREA DELIVERY 7/29 PIONEER 9375915 SHIP MANAGEMENT UAE YI HENG BC 1976 MITSUI 77,827 $6.75m UNDISCLOSED SHENG HUA SHIPPING GROUP LTD INCIDENTLY SHE WAS REPORTED 7513991 SOLD IN FEB 24 AT $6.75MIL (SAME PRICE AS NOW!) NORD JUPITER BC 26 OSHIMA ZOSEN 77,171 $33.m EUROPEAN EUROPE MITSUBISH ORE TRANSPORT JAPAN 9287194 OTHER REP SAYS $33.5MIL QUEEN LILY BC 24 JAPAN 76,629 $3.6m UNDISCLOSED DOUN KISEN KK JAPAN 931666 TRAFALGAR BC 21 ZOSEN 76,397 $28.m OCEAN FREIGHTERS BRITISH MARINE PLC UK SHE WAS ACQUIRED IN JUL 27 FOR $5MIL USD, AND SOLD IN MAY 26 FOR $32MIL USD. 9221334 MARITIME CHRISTINE BC 24 76,3 $3.8m UNDISCLOSED ORIENT LINE KK JAPAN 9284881 N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 2 of 18

AGIOS RAPHAEL BC 1982 VEROLME ESTALEIROS REUNIDOS DO BRASIL 75,485 $5.m UNDISCLOSED THIRD MILLENIUM SHIPPING LTD 7925522 LOCH LOMOND BC 22 SANOYAS 75, $27.m BASIC SPIRIT BC 1999 SUMITOMO 73,66 $22.5m ISLAND GLOBE BC 1995 SAMSUNG HI 73,119 $19.2m DA TONG SHIPPING YUEDIAN SHIPPING WAKOH KISEN KK JAPAN 92539 SS/DD 6/9 9187734 GLOBUS MARITIME. OLDER SALE SINCE BEGINNING APRIL 9 ACCORDING TO OUR 98637 SOURCES SHE WAS ACQUIRED BY GLOBUS IN JULY 27 FOR $37.9MIL USD LANSING BC 1996 SAMSUNG 73,4 $21.m UNDISCLOSED CARDIFF MARINE INC HER HISTORY AS FOLLOWS: AUG 24 $29MIL, SEP 25 $3.5MIL, APR 27 $42MIL, NOW $21MIL 911341 MELODIA BC 1997 IMABARI 72,272 $2.6m KAWASAKI KISEN KAISHA LTD JAPAN 9172545 HALO OLYMPUS BC 1997 HITACHI ZOSEN 72,37 $21.m FORMOSA PLASTICS DOJIMA MARINE CO LTD JAPAN 915936 SOLD ENBLOC TORM TORM MARTA BC 1997 69,638 MARTA AND TORM 914542 $42.5m LONGSHENG BALTIC @ $42.5m FOR SHIPPING BOTH UNITS. SELLERS ARE TORM LINES, TORM BALTIC BC 1997 69,614 DENMARK 914554 TRINITY BC 1993 HASHIHAMA 69,67 $17.1m SEA PIONEER SHIPPING CORP SHE WAS SOLD TO SEA PIONEER IN AUG 96678 25 FOR 27MIL USD. (LAST MONTH APR 9 SHE WAS REPORTED SOLD FOR $16m) FAR EASTERN EXPRESS BC 1992 IMABARI 69,31 $14.85m EMIC 95242 RUBIN ROSEBAY BC 1994 IMABARI 69,121 $18.5m SOLD BASIS SS/DD DUE TOYO SANGYO CO LTD JAPAN 9118824 GRAND GEORGE BC 1982 KOREA 64,584 $3.6m STAMFORD NAVIGATION INC 812256 DIGNITY T BC 1984 HITACHI 63,695 4X25T $7.m SOLD BASIS SS PASSED TSANGARIS BROS LTD 816745 SEA CHARM BC 1982 HYUNDAI HI 61,55 3X25T $3.5m UNDISCLOSED HELLENIC STAR SHIPPING 8117316 GEORGIA BC 1982 SHIPBUILDING 6,18 $3.75m EASTERN MEDITERRANEAN MARITIME. 8112433 IHI RESALE BC 29 IHI MARINE 55,9 $31.5m BYZANTINE DELIVERY AUGUST 29. MARDENIZ TURKEY IKAN MEXICO BC 26 OSHIMA 55,79 4X3T $28.5m FAR EASTERN FAR EAST PACIFIC CARRIERS LTD SINGAPORE 933883 VICTORIA II BC 29 TAIZHOU JIANTIAO 55,33 $26.m TOP SHIPS TANTO INTIM LINE, INDONESIA. SOLD ON SUBJECTS. TO BE DELIVERED EX YARD 7/29 OTHER REP SAYS $27MIL 9546198 KORIANA BC 21 KRS 52,224 4X25T $2.4m GREEK NEDA MARITIME (LYKIARDOPOULO) SHE WAS 9222625 ACQUIRED IN JAN 7 FROM GEDEN LINES FOR 39.5MIL USD N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 3 of 18

NORD WHALE BC 24 KAWASAKI SHIPBUILDING 5,354 4X3.5T $24.5m GREEK NORDEN DENMARK 9268978 DUBAI GUARDIAN BC 1997 OSHIMA SHIOBUILDING 47,271 4X3T $17.m VINALINES VIETNAM EMARAT MARITIME LLC, UAE. 9159414 MOORGATE BC 199 JAPAN 45,875 4X3.5T $11.4m INDONESIAN INDONESIA ZODIAC MARITIME AGENCIES LTD UK OTHER REPORT 99152 SAYS 11.1MIL FAREAST DARYA RANI BC 1996 HASHIHAMA TADOTSU 45,654 4X3T $17.m ANGLO EASTERN SHIPMANAGEMENT, HONG KONG,. 9139995 SAGACIOUS ID BC 1996 45,647 4X3T $16.9m UNDISCLOSED SHIPBUILDING BIDSTED & CO AS DENMARK 9117789 SEA LUCK BC 1995 SHIPBUILD 45,429 4X25T $15.5m RESOURCES EASTERN MEDITERRANEAN MARITIME 914598 KEN OCEAN BC 1994 KANASASHI 45,212 4X25T $15.2m NINGBO DATANG SHIPPING IKAROS SHIPPING & BROKERAGE LTD,. SS/DD 985584 RECENTLY PASSED MIRANDA ROSE BC 1984 43,296 4X25T $4.7m UNDISCLOSED BRITISH MARINE PLC UK 837973 YICK LUK BC 1982 JAPAN 42,925 5X15T $3.1m UNDISCLOSED COSCO 82943 CHRISTOS BC 1983 NIPPON 41,52 4X25T $4.7m FAR EASTERN FAR EAST ALLSEAS 8122816 OAK 2 BC 1997 BULGARIA 41,363 4X3T $12.75m UNDISCLOSED SOLD AT AUCTION. SHE WAS PURCHASED IN MAR 9128441 26 FOR $18MIL SPAR TOPAZ BC 1987 ISHIKAWAJIMA 38,455 4X25T $7.8m UNDISCLOSED AGIA THALASSINI I BC 1984 KURUSHIMA 36,85 5X25.5T $5.25m UNDISCLOSED SELLERS LAURITZEN BULKERS AS, DENMARK 84728 MARMARAS NAVIGATION 8221674 SPAR EMERALD BC 1987 NIPPON KOKAN 34,97 4X25T, 16 TEU $6.75m TURKISH TURKEY SPAR SHIPPING AS NORWAY 8512841 OMER KAPTANOGLU BC 1984 MITSUBISHI 34,67 4X25T $5.5m GREEK KAPTANOGLU SHIPMANAGEMENT TURKEY 839218 MARILIA BC 1982 AUSTIN & PICKERSGILL 34,6 4X25T $2.7m AKEA TRADING OCEANMARIS MANAGEMENT 811523 ABKHAZIA BC 1982 JAPAN 34,111 4X25T $2.8m UNDISCLOSED SOVFRACHT RUSSIA 813834 IVS SWIFT BC 23 SHIN KOCHI 32,662 4X3T $19.8m GREEK ISLAND VIEW SHIPPING SOUTH AFRICA 9278911 IVS KENSO BC 25 KANDA 32,642 4X3.5T $22.m GREEK SHE WAS REPORTED SOLD IN FEB 29 FOR $22.5MIL TO GREEK ISLAND VIEW SHIPPING SOUTH AFRICA. 933388 CENTAURUS BC 1983 NKK CORP SHIMIZU JAPAN 32,244 2X25T 2X15T $3.1m DUBAI UAE GRECOMAR SHIPPING AGENCY LTD HAD BEEN REPORTED ALSO IN APRIL 29 UNDISCLOSED AND PRICE 8118592 KONTULA BC 198 FINLAND 31,85 4X28T $4.m UNDISCLOSED ESL SHIPPING OY FINLAND 7822378 EASTWIND RUBICON BC 1991 EASTWIND RUHR BC 1992 EASTWIND RHINE BC 199 A WARSKIEGO SZCZECINSKA 29,999 GLESS SOLD ENBLOC EASTWIND 871533 RUBICON, EASTWING RUHR, EASTWIND RHINE SZCZECINSKA PRIAMOS FOR $24.6m FOR ALL 29,999 GLESS $24.6m STOCZNIA SHIPPING THREE UNITS. SELLERS 876478 ARE EASTWIND SHIPMANAGEMENT PTE, A WARSKIEGO SINGAPORE 29,999 GLESS SZCZECINSKA 871519 N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 4 of 18

MARITIME FRIENDSHIP BC 1984 IMABARI MARUGAME 29,135 4X25T $4.3m GREEK TRANSASIA POOL PTE LTD, SINGAPORE 8323123 BALTIC BULKER BC 1995 KANASASHI 28,574 4X3T, 1X2T $12.8m NEW CENTURY OVERSEAS MGMT INC PHILIPPINES 911385 JA SUNRISE BC 1996 28,542 4X3T $12.m FIRST MARINE SERVICE JAPAN 9146974 SEALINK BC 1983 28,234 4X25T $4.m UNDISCLOSED THENAMARIS SHIPS MANAGEMENT. SHE WAS 818429 REPORTED SOLD IN MAY 28 FOR 22MIL USD SANKO EAGLE BC 1997 NAIKAI SETODA 27,868 4X3T $14.5m GREEK SANKO STEAMSHIP CO LTD JAPAN 9168348 WORADA NAREE BC 1983 IMABARI 25,424 4X25T $3.5m PRECIOUS SHIPPING PUBLIC THAILAND 8223335 AVANTA BC 1982 IMABARI IMABARI 25,417 3X25T, D1X25T $2.1m GREEK ISTOS MARITIME INC, 8129917 PATCHARA NAREE BC 1984 IMABARI IMABARI 25,43 3X25T, D1X25T $3.9m SYRIAN SYRIA PRECIOUS SHIPPING PUBLIC, THAILAND 83368 KHLOUD F BC 1982 IMABARI 24,794 3X25T $2.9m UNDISCLOSED MUDALAL NAVIGATION CO SYRIA 8132 WORLD ACE BC 21 SHIN 23,693 4X3.5T $14.m UNDISCLOSED KURUSHIMA HISAMOTO KISEN CO LTD 9233911 BLUE LEO BC 1998 SHIN KURUSHIMA 23,62 4X3.5T $12.m UNDISCLOSED TOKO KAIUN KAISHA LTD JAPAN 9168752 BLUE ARIES BC 1998 KANASASHI 23,612 4X3.5T $12.m TOKO KAIUN KAISHA LTD JAPAN OTHER REP SAYS 9175913 $12.5MIL AFRICAN LION BC 1982 UWAJIMA ZOSENSHO 22,43 2X26T, D2X25T $2.2m ELMAR SHIPPING 822276 GRACIUS BC 1981 UWAJIMA 22,172 4X25T $1.9m UNDISCLOSED ZOSENSHO SELELRS ARE FRANGOULIS SHIP MANAGEMENT 8114364 SOLD ENBLOC LUCY OLDENDORFF BC 1992 JAPAN 22,16 4X3T $8.5m ELISABETH OLDENDORFF 932692 AND LUCY OLDENDORFF TO AT $17m FOR BOTH UNITS. ELISABETH BC 1992 JAPAN 22,154 4X3T $8.5m OLDENDORFF CARRIERS 93277 OLDENDORFF GMBH GERMANY ZEYNEP G MPP 1985 WARNOWERFT 17,85 D1X125T, D2X25T, 4X12.5T, 533 TEU $4.m UNDISCLOSED MARTI DENIZCILIK TURKEY 8314615 CLIO MPP 198 GDR 17,31 D1X25T, D4X35T, D4X1T $1.65m UNDISCLOSED OCEANMARIS MANAGEMENT 776847 JAVA BRIDGE CONT 1998 NAIKAI 16,544 164 TEU $7.m PAN CONTINENTAL KOREA YAMAMOTO KAIUN KK JAPAN 9181754 QUANTUM BC 198 USR 14,55 67 BHP $1.8m UNDISCLOSED PENDULUM SHIPPING INC ACCORDING TO REPORTS SHE WAS LAID UP 783119 MARINE MPP 1983 GDR 12,62 D5X4T P&C DEAL MIDDLE EASTERN MIDDLE EAST OCEANMARIS MANAGEMENT 831127 AMADORE BC 1987 SPAIN 11,91 GLESS $3.5m RUSSIAN RUSSIA ALSO REPORTED SOLD AS SEA AMETHYST (EX NAME) 852824 CAPTAIN STAMOS CONT 1983 DONGHAE 11,27 D5X3T P&C DEAL UNDISCLOSED FULLY CELLULAR CONTAINER VESSEL ANEMOS 8126824 SHIPPING SHE WAS ACQUIRED IN NOV 26 FOR $5.5 MIL N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 5 of 18

ARDMORE CONT 1999 HAKATA ZOSEN 1,5 4X4T, 852 TEU $4.m UNDISCLOSED TAIYO KAIUN KAISHA LTD JAPAN ALSO REPORTED SOLD 97722 AS MOL AMBITION (EX NAME) RESOLUTION CONT 1999 HAKATA ZOSEN 1,5 2X4T, 932 TEU $4.m UNDISCLOSED KOTOKU KAIUN CO LTD 92278 SUN FRONTIER MPP 1997 JAPAN 9,651 2X3T D2X3T $6.5m UNDISCLOSED NOMA SHIPPING CO LTD JAPAN 916559 THAI ROSE BC 1997 SHIN KURUSHIMA 8,668 2X3T, D2X25T $6.m JAPANESE JAPAN ALTAMAR INTERNATIONAL PHILIPPINES 915682 EVRIKLIA MPP 1978 NEPTUNE SCHIFFSWERFT 7,98 D4X22.5T $1.1m UNDISCLOSED OCEAN WAVE MARITIME 7721598 JI XIANG KOU RORO 198 KAWASAKI 7,374 146.55 LOA, 1374 LM $2.m SHANDONG MUPING SHPG CO LTD 7822172 AMSTERDAM MPP 1985 KOREA 6,726 2X2T D2X15T $1.5m UNDISCLOSED EMPROS LINES SHIPPING CO 831153 NOVA AUSTRALIA REEFER 1984 KITANIHON 5,438 D6X5T $4.m SEIN SHIPPING KOREA ADRIATIC REEFER 1984 KITANIHON 4,173 D6X5T $3.m SEIN SHIPPING KOREA SEATRADE GRONINGEN BV NETHERLANDS SEATRADE GRONINGEN BV NETHERLANDS 8415859 831929 BLACK PRINCE PASS 1966 LUEBECKER 3,43 143.45 LOA, 451 PAX $2.4m SERVICIOS ACUATICOS VENEZUELA FRED OLSEN & CO NORWAY 6613328 UNDISCLOSED TMM ISLA CORONADO TUG 1982 USA 1,2 39 BHP MEXICO 8216368 Note1: With Red color are indicated all Greek interest Buyers or Sellers DRY CARGO 2ND HAND MARKET STATISTICS SELLERS STATS 29 MONTHLY UNIT SALE ACTIVITY country units % 29 UNITS OUTLAY$ DWT 85 2.68% JANUARY 62 $812.15m 2,55,893 JAPAN 78 18.98% FEBRUARY 73 $682.5m 2,622,811 28 6.81% MARCH 13 $1,26.38m 3,923,727 SINGAPORE 25 6.8% APRIL 75 $913.2m 3,569,193 UK 21 5.11% MAY 98 $1,49.6m 5,323,6 KOREA 17 4.14% JUNE $.m DENMARK 16 3.89% JULY $.m NORWAY 16 3.89% AUGUST $.m GERMANY 14 3.41% SEPTEMBER $.m SELLERS Greek Sellers are back in number one TURKEY 13 3.16% OCTOBER $.m place after being challenged by Japanese Sellers. THAILAND 12 2.92% They have disposed 85 units so far in 29, while NOVEMBER $.m ITALY 8 1.95% Japanese Sellers have sold 78 units. 3rd place follows DECEMBER $.m Chinese with 28 units, with Singapore based selles PHILIPPINES 5 1.22% TOTAL 411 $4,843.64m 17,945,224 4th with 25 units. Uk Sellers are 5th with 21 units. INDIA 5 1.22% NETHERLANDS 5 1.22% 29 DRY CARGO STATISTICS UAE 4.97% COUNTRY UNITS % OUTLAY ($) % DWT % RUSSIA 4.97% 87 21.17% $1,38 21.37% 4,861,74 27.7% SWEDEN 4.97% 68 16.55% $93 19.14% 3,19,235 16.81% ALL OTHER 49 11.92% TURKEY 13 3.16% $13 2.68% 354,837 1.98% UNDISCL 2.49% JAPAN 13 3.16% $374 7.7% 1,439,613 8.1% TOTAL 411 1.% FAR EAST 12 2.92% $83 1.7% 496,389 2.76% China from last month, has taken the lead GERMANY 11 2.68% $136 2.8% 31,227 1.73% strongly and has bought a total of 87 units. If we add SYRIA 8 1.95% $24.5% 196,58 1.9% also the ships of Taiwan (8), and Hong Kong ( 2) and INDONESIA 8 1.95% $57 1.18% 242,453 1.35% some of the Far East undisclosed deals ( 12), we see that China has emerged as THE Buyer's nation of TAIWAN 8 1.95% $156 3.21% 641,645 3.57% secondhand tonnage. Greeks follow with 68 units, VIETNAM 8 1.95% $64 1.31% 26,174 1.15% while much lower are Japanese and Turkish buyers sharing 3rd place with 13 units each. BRAZIL 7 1.7% $176 3.62% 1,293,431 7.2% ITALY 7 1.7% $153 3.15% 214,25 1.19% KOREA 6 1.46% $123 2.52% 26,417 1.45% NORWAY 6 1.46% $13 2.68% 126,18.7% UNDISCL 17 26.3% $925 19.5% 3,269,396 18.2% ALLOTHER 42 1.22% $489 1.7% 1,156,39 6.44% TOTAL 411 1.% $4,858 1.% 17,962,255 1.% N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 6 of 18

Out of a total of 411 Dry cargo vessels sold during the first 5 months of 29, it is interesting to see that 28 vessels (7% of total) are built in JAPANese Shipyards. This is a very interesting trend that was definitely not occuring before Oct 28. It seems that post Oct Crisis, most cash buyers must have felt more secure going for mid 8's, and 9's secondhand Japanese built tonnage. Going deeper in the statistics of the new S/H Bulkers buying trend we see also that, 346 Bulkers (BC, MPP, TWEEN, SD) have been sold so far. Out of these bulkers an impressive 76% were Japanese Built units. So it is clearly obvious as 3 out of 4 Bulkers sold are "BIG IN JAPAN " it goes without saying that if a ship wants to stand a good chance of finding quickly a new owner she better be built in JAPAN!!! DRY CARGO UNITS SOLD BREAKDOWN PER MONTH 29 29 BC SD CONT MPP TWEEN REEFER PASS RORO OTHER TOTAL JANUARY 48 3 4 1 4 2 62 FEBRUARY 42 13 11 1 6 73 MARCH 73 1 3 13 2 2 2 7 13 APRIL 58 3 2 3 3 2 1 3 75 MAY 83 4 6 1 1 3 98 JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER TOTAL 34 4 25 37 5 6 9 21 411 units 28 29 28 29 Dry cargo units sold 29 vs 28 11 Dry cargo Capital expend. 29 vs 28 11 13 $4,15.m $3,95 $3,615 95 98 96 1 $3,65.m 9 83 $3,15.m 79 77 $2,675 $2,66 8 75 74 73 71 $2,65.m $2,27 $2,172 7 62 $2,15.m $1,41 6 52 $1,339 $1,34 $1,62 $1,65.m $913 $812 $682 5 44 42 $1,15.m $1,26 $89 $567 4 33 $65.m $351 3 $15.m JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER In the table on the top we see monthly number of dry cargo ships sold as of May 29, compared to 28 monthly activity. $91 $76 $61 $46 $31 $16 $128 $18 $88 $68 $48 $28 $8 NB BULKERS PRICE COMPARISON In the table on the top we see the MONTHLY dry cargo capital expenditure for May 29 compared to 28 monthly activity. 23 built (5Y) OLD BULKERS PRICE COMPARISON CHANGE CHANGE FRM 4/7/8 6/7/27 4/7/28 1/5/29 FRM 4/7/8 TYPE 6/7/27 4/7/28 1/5/29 TYPE NB CAPE $83. $96.6 $62. 36% 5y CAPE $12. $15.3 $5. 67% NB PMX $42. $56.5 $38. 33% 5y PMX $59. $86.5 $32. 63% NB HANDY $39. $48.5 $31. 36% 5y HANDY $54.5 $72.5 $26. 64% 1998 built (1Y) OLD BULKERS PRICE COMPARISON 1988 built (2Y) OLD BULKERS PRICE COMPARISON TYPE 6/7/27 4/7/28 1/5/29 CHANGE CHANGE FRM 4/7/8 6/7/27 4/7/28 1/5/29 FRM 4/7/8 1y CAPE $82.1 $131. $4.6 69% 2y CAPE $35. $83. $2.2 76% 1y PMX $5. $76. $23.2 69% 2y PMX $27. $48. $11. 77% 1y HANDY $42. $62. $19.4 69% 2y HANDY $23. $41. $9.5 77% Tables above compare prices from 6th July 27 and 4th Jul 28 with today Jan May Sep Jan May Sep DRY CARGO (2 29) NB vsl PRICES CAPE 17K PANAMAX 7K HANDY 5K Jan1 May1 Sep1 Jan2 May2 Sep2 Jan3 May3 Sep3 Jan4 May4 Sep4 Jan5 May5 Sep5 Jan6 May6 Sep6 Jan7 May7 Sep7 Jan8 May8 Sep8 Jan9 May9 DRY CARGO (2 29) 1y OLD vsl PRICES CAPE 17K PANAMAX 7K HANDY 5K Jan1 May1 Sep1 Jan2 May2 Sep2 Jan3 May3 Sep3 Jan4 May4 Sep4 Jan5 May5 Sep5 Jan6 May6 Sep6 Jan7 May7 Sep7 Jan8 May8 Sep8 Jan9 May9 $145 $123 $1 $78 $55 $33 $1 $77 $65 $52 $4 $27 $15 $2 Jan May Sep Jan May Sep TYPE JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER DRY CARGO (2 29) 5y OLD vsl PRICES CAPE 17K PANAMAX 7K HANDY 5K Jan1 May1 Sep1 Jan2 May2 Sep2 Jan3 May3 Sep3 Jan4 May4 Sep4 Jan5 May5 Sep5 Jan6 May6 Sep6 Jan7 May7 Sep7 Jan8 May8 Sep8 Jan9 May9 DRY CARGO (2 29) 2y OLD vsl PRICES CAPE 17K PANAMAX 7K HANDY 5K Jan1 May1 Sep1 Jan2 May2 Sep2 Jan3 May3 Sep3 Jan4 May4 Sep4 Jan5 May5 Sep5 Jan6 May6 N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 7 of 18 Sep6 Jan7 May7 Sep7 Jan8 May8 Sep8 Jan9 May9

TANKER SHIPS SOLD DURING THIS MONTH NAME TYPE YEAR BUILT DWT PRICE CAMDEN TANKER 1992 DAEWOO 298,36 $51.m PRICE NOTE DH SS/DD 5/21 NAME PDVSA NATION SOUTH AMERICA NOTES MAY OTHER REP SAYS $52 $53MIL REGION 29 IMO 977848 HYDRA STAR TANKER 1994 NKK ENBLOC 35,846 $22.5m ENBLOC HYDRA STAR & 93981 HYDRA STAR & CARINA STAR FOR $22MIL CARINA STAR EACH FOR CONVERSION $22.5MIL EACH VELA UNIT SOLD INTERNATIONAL UAE FOR OTHER REP SAYS $22MIL CONVERSION CARINA STAR TANKER 1994 NKK 35,668 $22.5m EACH TO FPSO 93979 ASTRO LIBRA TANKER 1992 DAEWOO SHIPBUILDING 284,41 $16.5m SH KRISTEN NAVIGATION. SS 2/212, 9986 DD 5/21 AGIOS NIKOLAOS III TANKER 1991 HITACHI ZOSEN 281,751 $15.m EASTERN MEDITERRANEAN MARITIME. SOLD FOR CONVERSION TO DRYDOCK. IN JULY 28 893246 SHE HAD BEEN REPORTED SOLD AT $42m EL JUNIOR TANKER 1995 HITACHI 266,72 $18.75m UNDISCLOSE D TSAKOS SHIPPING AND TRADING 91721 HEADWAY TANKER 1989 SEAGRACE TANKER 22 DAEWOO SHIPBUILDING 149,999 $6.5m SAMHO HEAVY INDUST 149,921 $57.m CRUDE UNDISCLOSE D NORDIC AMERICAN TANKERS (NATS) USA ALSO REPORTED SOLD FOR SCRAP 8613865 THENAMARIS SHIP 923892 MANAGEMENT,. ENBLOC PACIIFIC HARVEST TANKER 29 SUMITOMO SOLD ENBLOC 15,4 $51.m PACIIFIC 941328 PACIFIC GENESIS & HARVEST & PACIIFIC HARVEST, PACIFIC $5$51 EACH UNIT GENESIS, CIDO PRICE IS 5 SHIPPING HONG PACIFIC GENESIS TANKER 29 SUMITOMO 51MIL USD 14,9 $51.m KONG 941316 EACH MOLDA TANKER 1994 SANOYAS HISHINO 96,347 $16.75m DH EUROTANKE RS LUDWIG MOWINCKELS REDERI NORWAY OTHER REP $16.5MIL USD 939597 PACIFIC POLARIS TANKER 24 IWAGI 48, $29.m UNDISCLOSE D CIDO SHIPPING 927737 OCEAN COMMAND TANKER 29 HYUNDAI MIPO 46,6 $37.5m ENBLOC ENBLOC OCEAN OCEAN COMMAND & OCEAN 9389318 COMMAND & COMPASS FOR $37.5MIL OCEAN GNMTC LIBYA EACH UNIT SELLERS COMPASS ARE INTERORIENT OCEAN COMPASS TANKER 29 HYUNDAI MIPO 46,6 $37.5MIL EACH MARINE SERVICES $37.5m UNIT CYPRUS 9386861 SPIRIT EXPRESS TANKER 22 SHIN KURUSHIMA 45,861 $25.5m GREEK SHINTOKU KAIUN KK JAPAN 9247895 SITEAM ROVER TANKER 29 SITEAM RANGER TANKER 21 SITEAM MARINER TANKER 211 SOLD ENBLOC SITEAM BRODOTROGIR ROVER/RANGER/MARINE SHIPYARD 46,26 941129 R FOR ABT $124m FOR SOLD ENBLOC ALL THREE UNITS. (avg 3 X EITZEN $41m EACH UNIT). IMO II. CHEM RESALE EITZEN BRODOTROGIR LAURIN SHIPYARD 46,26 $124.m FOR ABT USA CHEMICAL. BASIS 934329 $124m FOR MARITIME DELIVERY 29/21/211. ALL THREE DEAL WAS DONE ON UNITS. IMO II NOVATION. AND IS SUBJ BRODOTROGIR APPROVAL BY THE YARD SHIPYARD 46,26 AND REFUND 941135 GUARANTORS. RANGOON TANKER 1989 KOYO MIHARA 41,57 $6.m COILED/COATE D/DH/IGS/COW /SBT INDONESIAN INDONESIA TANKER PACIFIC MANAGEMENT SINGAPORE. SOLD ON SUBS 886199 N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 8 of 18

VARDEN TANKER 1989 HANJIN HI 29,995 8618229 SOLD ENBLOC SOLD ENBLOC VARDEN, VARDEN, STOLZEN, SKARVEN, STOLZEN TANKER 199 HANJIN HI 29,995 STOLZEN, FAR KVARVEN FOR $16m FOR 8618877 $16.m SKARVEN, EASTERN FAR EAST ALL 4 UNITS. ON SKARVEN TANKER 199 HANJIN HI KVARVEN FOR 29,995 SUBJECTS. 8618231 $16m FOR ALL MSI SHIP MANAGEMENT, 4 UNITS SINGAPORE KVARVEN TANKER 1991 HANJIN HI 29,995 8618889 PUNICA TANKER 25 STX JINHAE 29,6 $25.m ENBLOC ENBLOC PEONIA & 931345 PEONIA & PUNICA FOR $25MIL USD PUNICA FOR GNMTC LIBYA EACH UNIT SELLERS $25MIL USD ARE ZACCHELLO GROUP PEONIA TANKER 25 STX JINHAE 28,987 $25.m EACH UNIT ITALY 9313436 SICHEM ARCTIC TANKER 1991 LINDENAU 23,4 AEGEAN MARINE PETROLEUM SELLERS RE EITZEN CHEMICAL, SINGAPORE 9182 BUMI NUSANTARA TANKER 1998 HANJIN HI 17,998 $14.7m SOLD ENBLOC SOLD ENBLOC TO 9164873 TO UNDISCLOSED UNDISCLOSED VIETNAMESE VIETNAM FOR $14.7m EACH UNIT. FOR HANJIN ANDHIKA $14.7m EACH TANKER 1998 HANJIN HI SHIPPING CO LTD, KOREA 17,998 $14.7m UNIT 9164885 ADINUGRAHA JO CALLUNA TANKER 1986 NTH 12,186 $2.m COATED/COILE D SUZANNE TANKER 1995 HAYASHIKANE DY 11,533 $9.1m VESTLAND MARINE UNDISCLOSE D POLAND ODFJELL JO NORWAY 8564 ASAHI MARINE CO LTD, JAPAN 911455 PRINCESS PACIFIC TANKER 1985 FUKUOKA 9,195 $2.5m MIDDLE EAST MIDDLE EAST PEGASUS SAMUDERA TANKER SINGAPORE 857133 SOUTHERN VIOLET TANKER 1992 ASAKAWA 9,61 $6.m ST STEEL/DH UNDISCLOSE D BETTY THERESA TANKER 1995 MALTA SB 8,491 $8.m DH/CHEMICAL UNDISCLOSE D SOUTHERN SHIPPING PTE LTD, SINGAPORE V SHIPS UK LTD, UK 936325 956571 ENBLOC JO PALM, JO MAPLE, FOR $2m EACH JO PALM TANKER 1991 JAPAN 8,236 ENBLOC JO UNIT 8914776 PALM, JP ODFJELL JO NORWAY. MAPLE TO TURKISH (DEAL REPORTED LAST $4.m TURKISH TURKEY MONTH THAT THESE FOR TWO PLUS 'JO CALLUNA' $4m FOR HAD BEEN SOLD ENBLOC JO MAPLE TANKER 1991 JAPAN 8,236 BOTH UNITS AT $7.5m ALL THREE HAS 8914764 FAILED) SICHEM MARBELLA TANKER 1991 HIGAKI 7,715 P&C TERMS UNDISCLOSE D SELLERS RE EITZEN CHEMICAL, SINGAPORE 931739 TOEI MARU GAS 25 KEGOYA 6,227 PRIVATE TERMS UNDISCLOSE D TOKO UNYU KK JAPAN. (LPG) 936551 ANGIMAR TANKER 21 SAHIN CELIK TUZLA 5,841 $6.m MEXICAN MEXICO SMTV, ITALY 9237814 SHOKEI MARU TANKER 1992 JAPAN 5,567 $2.m DB ASIAN ASIA BUNKERING COASTAL CERTS SHOWA 94522 YUSOSEN CO LTD JAPAN SUMIRE MARU TANKER 1993 JAPAN 5,53 $2.m SH GREEK COASTAL CERTS UYENO UNYU SHOKAI JAPAN 97884 HOSEI MARU TANKER 1993 JAPAN 5,423 $2.m SH ASIAN ASIA COASTAL CERTS TOKO KAIUN CO LTD JAPAN 978751 HIKARI MARU No. 12 TANKER 1993 JAPAN 5,398 $2.m DS ASIAN ASIA COASTAL CERTS KANSAI TECH JAPAN 966318 SHOWA MARU No. 5 TANKER 1993 KIRINOURA YAWATAHAMA 4,997 $2.m DH GREEK COASTAL CERTS GOVERNMENT 7615177 NEW HIDAKA TANKER 1995 KURINOURA AKASAKA 4,783 $4.3m KOREAN KOREA NAGATA SENPAKU JAPAN 987881 TUGRUL S TANKER 26 MEDYILMAZ 3,537 ENBLOC 9293478 TUGRUSL S & ENBLOC TUGRUSL S & ADRIATIC $25.2m SEPEN FOR NORWAY SEPEN FOR $22.5MIL $22.5MIL BOTH CHEMICAL KS BOTH UNITS SEPEN TANKER 24 YILDIRIM 3,5 UNITS 9311385 Note1: With Red color are indicated all Greek interest Buyers or Sellers N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 9 of 18

TANKER 2ND HAND MARKET STATISTICS MONTHLY UNIT SALE ACTIVITY COUNTRY UNITS % 29 UNITS OUTLAY$ DWT secondhand market. 46 tanker ships were sold this JAPAN 2 14.8% month. With Capital Outlay being more than average, JANUARY 36 $1,38.95m 2,829,769 at $76million USD and a substantial 3million DWT SINGAPORE 18 12.68% FEBRUARY 17 $46.8m 1,38,858 changing hands. 16 11.27% MARCH 21 $339.95m 698,835 NORWAY 14 9.86% APRIL 22 $267.9m 645,958 USA 11 7.75% MAY 46 $76.5m 3,78,127 9 6.34% JUNE $.m UK 6 4.23% JULY $.m TURKEY 6 4.23% AUGUST $.m UAE 5 3.52% SEPTEMBER $.m ITALY 5 3.52% OCTOBER $.m SELLERS The table on the RIGHT shows the nationality of the Sellers. Japanese Sellers have CYPRUS 5 3.52% NOVEMBER $.m taken the lead selling 2 units (12 last), Singapore KOREA 5 3.52% sellers are 2nd with 18 units (9 last). Greek Sellers DECEMBER $.m 3rd with 16 units (12 last), followed by Norwegian INDONESIA 3 2.11% TOTAL 142 $3,156.1m 8,291,547 sellers who sold 14 units (8 last. BULGARIA 3 2.11% 29 TANKER buyer STATISTICS We see that the number of ships sold during MAY 29 shows a serious "hotingup" of the tanker SELLERS STATS 29 RUSSIA 3 2.11% SOUTH AFRICA 2 1.41% COUNTRY UNITS OUTLAY ($) % DWT % MALAYSIA 2 1.41% 21 $315 9.98% 973,489 11.74% GIBRALTAR 1.7% USA 12 $53 16.78% 1,87,816 13.12% ALL OTHER 4 2.82% NORWAY 1 $415 13.16% 739,77 8.92% UNDISCL 4 2.82% 8 $199 6.29% 1,575,5 19.% TOTAL 142 1.% LIBYA 6 $251 7.95% 381,77 4.6% JAPAN 6 $248 7.87% 899,892 1.85% TURKEY 5 $38 1.19% 46,988.57% VIETNAM 4 $79 2.49% 1,689 1.21% SINGAPORE 4 $22 6.4% 184, 2.22% FAR EAST 4 $16.51% 119,98 1.45% ASIA 3 $6.19% 16,388.2% INDONESIA 3 $12.38% 55,383.67% Greek buyers are holding the lead, having acquired 21 GERMANY 3 $69 2.19% 45,81.55% units (15 LAST), with USA buyers 2nd with 12 units (8 last) and UNDISCL 28 $448 14.18% 1,215,177 14.66% Norwegian buyers 3rd with 1 units (8 last ). Chinese buyers have ALL OTHER 25 $33 1.45% 848,94 1.24% emerged as serious buyers in the tanker market too with a total of 8 ships (2 last) with Japanese and Libyan buyers in 5th place with TOTAL 142 $3,156 1.% 8,291,547 1.% 6 units each. 29 TANKER UNITS SOLD BREAKDOWN PER SIZE AND MONTH 29 VLCC & ULCC SUEZMAX AFRAMAX 11K PANAMAX 7K PROD 45K < 4, OBO LPG & LNG JANUARY 2 5 9 7 13 36 FEBRUARY 1 1 3 2 8 2 17 MARCH 4 3 14 21 APRIL 1 4 16 1 22 MAY 6 2 3 8 26 1 46 TOTAL JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER TOTAL 1 8 19 2 22 77 4 142 N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 1 of 18

NB TANKERS PRICE COMPARISON CHANGE CHANGE TYPE 6/7/27 4/7/28 1/5/29 FRM 4/7/8 TYPE 6/7/27 4/7/28 1/5/29 FRM 4/7/8 VLCC $13.3 $155.5 $19.4 3% VLCC $123. $149. $77.2 48% SUEZMAX $81. $95. $77. 19% SUEZMAX $89. $99. $6.1 39% AFRAMAX $66. $77.9 $58.5 25% AFRAMAX $67. $75. $44.9 4% PANAMAX $56. $65. $52.3 2% PANAMAX $55.5 $61. $38. 38% MR PROD $47. $54. $4. 26% MR PROD $49.5 $52.4 $3.5 42% 1Y TANKERS PRICE COMPARISON 5Y TANKERS PRICE COMPARISON 2Y TANKERS PRICE COMPARISON CHANGE CHANGE TYPE 6/7/27 4/7/28 1/5/29 FRM 4/7/8 TYPE 6/7/27 4/7/28 1/5/29 FRM 4/7/8 VLCC $11. $125. $6.5 52% VLCC $29.5 $39.2 $2. 49% SUEZMAX $72.1 $81.9 $43. 47% SUEZMAX $22. $34.2 $16.2 53% AFRAMAX $56.1 $61. $3. 51% AFRAMAX $15.5 $25.2 $12.4 51% PANAMAX $45.6 $5.5 $29.3 42% PANAMAX $13.6 $23. $8.6 63% MR PROD $41.5 $45. $24.5 46% MR PROD $12.5 $17.5 $6.8 61% Tables above compare prices from 6th July 27 and 4th Jul 28 with today 164 144 NEWBUILDING TANKER PRICES 2 29 VLCC 3K SUEZ 15K AFRA 11K PANAMAX 7K 16 14 5 YEAR OLD TANKER PRICES 2 29 VLCC 3K SUEZ 15K AFRA 11K PANAMAX 7K 124 PROD 45K 12 PROD 45K 14 84 64 44 24 133 113 93 Jan May Sep Jan1 May1 Sep1 Jan2 May2 Sep2 VLCC 3K SUEZ 15K AFRA 11K Jan3 May3 Sep3 Jan4 May4 Sep4 Jan5 May5 Sep5 Jan6 May6 Sep6 Jan7 May7 Sep7 Jan8 May8 Sep8 Jan9 May9 1 YEAR OLD TANKER PRICES 2 29 PANAMAX 7K PROD 45K 1 8 6 4 2 43 38 33 28 Jan May Sep Jan1 May1 Sep1 Jan2 May2 Sep2 VLCC 3K SUEZ 15K AFRA 11K Jan3 May3 Sep3 Jan4 May4 Sep4 Jan5 May5 Sep5 Jan6 May6 Sep6 Jan7 May7 Sep7 Jan8 May8 Sep8 Jan9 May9 2 YEAR OLD TANKER PRICES 2 29 PANAMAX 7K PROD 45K 73 53 33 13 Jan May Sep Jan1 May1 Sep1 Jan2 May2 Sep2 Jan3 May3 Sep3 Jan4 May4 Sep4 Jan5 May5 Sep5 Jan6 May6 Sep6 Jan7 May7 Sep7 Jan8 May8 Sep8 Jan9 May9 units TANKER units sold 29 vs 28 29 28 55 49 48 5 48 46 43 45 45 42 39 37 4 36 35 23 18 13 8 3 Jan May Sep Jan1 May1 Sep1 Jan2 May2 Sep2 Jan3 May3 Sep3 Jan4 May4 Sep4 Jan5 May5 Sep5 Jan6 May6 Sep6 Jan7 May7 Sep7 Jan8 May8 Sep8 Jan9 May9 3 25 2 15 1 17 21 22 23 15 23 11 5 JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER shipsale activity in volume (number of ships sold per month 2928) N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 11 of 18

NEWBUILDING ORDERS MAY 29 UNITS TYPE TONNAGE YARD YEAR PRICE 3 BC 82, DWT SANOYAS 21/211/2 12 3 TANKER 13,2 DWT KRASNOYE SORMOVO 21 $22.15 BUYER S NAME SEAARLAND SHIPPING MANAGEMENT KAZMORTRANSFLOT, KAZAKHSTAN NOTES OPTION EXERCISED 1 TANKER 6,4 DWT YANGZHOU HAICHUAN 21 $12. 2 TANKER MR2 SHIN KURUSHIMA 212 2 AHTS 4,5 DWT WUCHANG 211 HUANGZHOU 4 MPP 6,5 DWT DONGFENG 21 2 REEFER 18, DWT KITANIHON 213/214 $47.5 Note1: With Red color are indicated all Greek interest Buyers or Sellers PB TANKERS SRL UNKNOWN CNOOC ABIS SHIPPING CO BV SEATRADE GRONINGEN FOUR NOW ORDERED UT788CD DESIGN OPTION EXERCISED, 8 NOW ORDERED NEWBUILDING ORDERS BREAKDOWN by TYPE PER MONTH, for YEAR 29 29 ORDERS UNITS BC MPP CONT TANKER LNG/LPG ALL OTHER JANUARY 9 25 6 6 6 2 5 FEBRUARY 25 9 8 12 46 24 MARCH 28 63 14 6 1 31 11 APRIL 17 36 4 14 18 MAY 7 17 3 4 6 4 JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER TOTAL 86 231 31 26 7 13 2 62 BC MPP CONT TANKER LNG/LPG ALL OTHER NEW BUILDING ORDER TYPES FOR 29 ALL OTHER; 62; 27% BC; 31; 13% MPP; 26; 11% LNG/LPG; 2; 1% TANKER; 13; 45% CONT; 7; 3% THE rate of newbuilding cancellations for vessels that were to be delivered from Chinese shipyards increased rapidly over the last month, growing concerns about the overall longterm profitability of these Chinese shipyards. N. Cotzias Shipping Consultants (NCSC) has observed and filtered data from the China Association of the National Shipbuilding Industry (CNSI) that show that 28 newbuildings orders of a total 1.1m dwt were cancelled at the country s yards during April 29. This high number of reported cancellations in April represented a substantial and allarming jump comparing with data from the first three months of the year when according to CNSI, only 16 newbuildings vessels were cancelled. This trend will be monitored for other regions (Korea/Japan mainly), in order to get a clearer true picture of the actual inflow of vessels during the 1st half of 29. N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 12 of 18

REPORTED DEMOLITION DEALS MAY 29 NAME TYPE YEAR BUILT DWT LDT PRICE BREAKER NOTES IMO VERY LARGE ORE CARRIER (vloc) SELLERS ARE GENERAL ORE INTERNATIONAL CORP. EDWARD N BC 1979 YUGOSLAVIA 225,162 36,391 $242 PAKISTAN SOLD BASIS DELIVERY 74414 BANGLADESH/PAKISTAN RANGE IN OPTION HEADWAY TANKER 1989 TANKER PACIFIC DAEWOO SHIPBUILDING 149,999 2,797 $282 PAKISTAN MANAGEMENT SINGAPORE ALSO REPORTED SOLD FOR FURTHER TRADING 8613865 ANGELIC PROTECTOR BC 1977 JAPAN 77,961 14,812 $227 DIAMLEMOS SHIPPING 751432 YI HENG BC 1976 MITSUI CHIBA ICHIHARA 77,827 14,884 $23 GOVERNMENT 7513991 STAR HUANGPU BC 1985 SPAIN 76,29 16,684 $23 GLORY WEALTH SHIPPING 817529 MAJOR SOMNATH SHARMA PV TANKER 1984 HYUNDAI HEAVY AS IS VIA TENDER FOR DELY BEDI BANDAR INDS U 67,268 13,271 $215 INDIA BASIS INDIAN GOVT 822417 GREAT ZHEJIANG BC 1984 ROMANIA 65,44 17,79 $222 GOVERNMENT 81268 BAO YUE DA BC 1984 ROMANIA 64,824 17,79 $231 HTM SHIPPING CO LTD 8123913 PANAGIA KASTRELA BC 1982 HITACHI ZOSEN MARMARAS NAVIGATION INN 64,663 8,156 $23 BANGLADESH 813157 STANDARD BULK TRANSPORT STANDARD VIGOR BC 1981 DENMARK 64,12 12,25 $242 PAKISTAN SOLD TO CASH BASIS DELIVERY PAKISTAN REGION $243/LDT INCL 7928134 ABT 3 TONS ROB AT TIME OF DELIVERY VITAFOS BC 1981 HYUNDAI HEAVY VITA MANAGEMENT SA INDS U 61,973 11,246 PAKISTAN 815714 MOL THAMES CONT 199 JAPAN 59,89 18,688 $228 INDIA MITSUI OSK LINES LTD JAPAN 8913136 MOL INITIATIVE CONT 1988 JAPAN 59,516 18,957 $235 INDIA MITSUI OSK LINES LTD JAPAN 872915 MOL INGENUITY CONT 1992 JAPAN 58,986 19,365 $235 INDIA MITSUI OSK LINES LTD JAPAN 96631 BW SAGA GAS 1979 LPG TANKER BW SHIPPING WARTSILA AB TURKU 55,5 2,3 $28 INDIA GROUP LTD INCL SOME ST STEEL 7411571 PIPING AND 1TS OF BUNKERS ROB BEIJING VICTORY BC 1979 UDDEVALLAVAR VET SWEDEN 54,6 13,378 $245 PAKISTAN STANSHIPS 761725 ATHENIAN SEA BULKERS LTD TRUST THALASSA BC 1984 SWEDEN 54,5 12,515 $242 PAKISTAN 822522 FOUR ETOILES OBO 1984 SWEDEN 52,95 12,336 $23 PREMUDA SPA ITALY 822534 EVERGREEN MARINE CORP EVER GOLDEN CONT 1985 TAIWAN 43,41 14,114 $23 TAIWAN 83145 LPG BW SHIPPING GROUP LTD BW HEMINA GAS 1979 GERMANY 43,386 15,198 $252 INDIA 7415216 HAO XING BC 1977 JAPAN 43,112 9,37 $225 BANGLADESH GOVERNMENT 751714 GRIEG SHIPPING GROUP AS STAR DOVER BC 1977 MITSUI TAMANO 43,82 11,27 $225 NORWAY 757253 MSC SOCOTRA CONT 198 KAWASAKI GOLDENPORT HEAVY INDS 43, 11,834 INDIA SHIPMANAGEMENT 797477 MOL FORTUNE CONT 1986 SHIPBUILD 41,513 13,875 $252 INDIA MITSUI OSK LINES LTD JAPAN 857688 YM PROSPERITY CONT 1988 YM PROMINENCE CONT 1987 SHIPBUILDING KEE SHIPBUILDING KAOSHIUNG YANG MING MARINE 4,845 16,535 $219 TRANSPORT 85144 AS IS SRI LANKA FOR DELY INDIA SELLERS 4,845 16,824 $25 INDIA ARE YANG MING MARINE TRANSPORT 851438 N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 13 of 18

OOCL FAITH CONT 1987 MITSUBISHI ORIENT OVERSEAS KOBE 4,56 14,731 $245 INTERNATIONAL 84737 SMT SHIPMANAGEMENT & SWAN MPP 1977 JAPAN 38,776 1,3 $235 INDIA TRANS CYPRUS 739526 BIO BIO MPP 1979 JAPAN 38,542 7,9 $246 PAKISTAN NAVALMAR UK LTD UK 7631523 COSTAMARE SHIPPING CO SA MSC ANTWERP CONT 1976 FLENDER 37,852 16,37 $232 INDIA 7361348 INTERGLOBAL MARINE BOE WEST BC 1982 AESA BILBAO 34,681 7,867 $235 BANGLADESH AGENCIES 79285 MSC HIMALAYA CONT 1978 GOLDENPORT SHIPBUILD 33,621 11,989 INDIA SHIPMANAGEMENT 7722255 SOLD BASIS INDIA/PAKISTAN OPTION SILVERFJORD BC 1972 CROATIA 31,611 9,724 $242 PAKISTAN TAILWIND AS NORWAY 711548 TIANJIN TWEEN 1979 JAPAN 31,57 11,54 $235 INDIA NAVALMAR UK LTD UK 7729215 LAKE SUPERIOR BC 1982 UK 3,67 7,57 $23 INDIA CYPRUS MARITIME 825991 ANIKITOS TANKER 1986 HELLENIC CAPITAL SHIP MANAGEMENT SHYDS. 29,988 7,237 $282 PAKISTAN 8725 JING HONG HAI BC 1976 JAPAN 29,324 7,468 $24 COSCO 74214 PATSY N CONT 1984 IHI KURE 29,265 1,78 INDIA MARU SHIPPING CO INC USA 8221545 HERMES III CONT 1983 TAIWAN 28,916 11,542 $2 TECHNOMAR SHIPPING INC 814 PAN NOBLE BC 1977 OCEAN DUKE BC 1977 ENBLOC PAN NOBLE & OCEAN DUKE 27,37 6,55 $232 STX PAN OCEAN CO LTD SHIPBUILD KOREA 7718864 ENBLOC PAN NOBLE & OCEAN DUKE HYUNDAI SHIPBUILDIN 24,741 6,537 $232 STX PAN OCEAN CO LTD KOREA 759249 GAO LING BC 1975 KOYO MIHARA 26,85 8,112 $227 BANGLADESH COSCO 759926 ANTIGONI B BC 1977 NAMURA IMARI 26,732 6,844 $25 INDIA AB MARITIME INC 761578 GOLDEN MERCHANT I STX PAN OCEAN CO LTD CONT 1982 SPAIN 25,313 9,536 $238 KOREA 7911612 MSC STEFANIA CONT 1969 JAPAN 24,245 12,828 $23 INDIA MSC SWISS 6921969 MEDITERRANEAN SHIPPING CO MSC JESSICA CONT 198 UK 23,991 12,75 INDIA SWISS 782461 RIAMAR SHIPPING CO LTD PRINCESS CAROLA BC 1977 GERMANY 23,38 7,885 $23 SYRIA 734831 SUNVAZS BC 1977 JAPAN 23,215 4,679 $223 INDIA ZHONG SHAN SHIPPING 779485 SELELRS ARE OFER GROUP ISRAEL SOLD DURBAN STAR III MPP 1982 JAPAN 22,918 8, $251 PAKISTAN BASIS DELIVERY PAKISTAN WITH PRE BUDGET DELIVERY AND PRICE INCLUDING 5 84569 TNS BUNKERS ROB BALEARES CONT 1978 JAPAN 2,832 13,299 INDIA TARGET MARINE SA 7714349 SIMATECH SHIPPING AND SIMA TARA CONT 1981 FLENSBURGER 2,815 7,32 $235 INDIA FORWARDING LLC, UAE ALSO REPORTED 79256 SOLD FOR 235/LDT IN NOV 28 SIMA TINA CONT 1982 FLENSBURGER 2,758 7,88 $255 INDIA SIMATECH SHIPPING & FORWARDING UAE 82636 MSC MANILA CONT 1979 KOREA 18,789 9,919 INDIA CHIOS MARITIME 7811379 CAPETAN HARIS BC 1977 JAPAN 18,216 5,475 $225 INDIA CLEMKO SHIPMANAGEMENT SA 77623 RIO BLANCO RORO 1981 IMABARI PURE CAR CARRIER CSAV MARUGAME 18,142 13,137 $218 CHILE 8113994 DIAMOND RAY RORO 1979 HITACHI VEHICLES CARRIER STAMCO 17,714 12,14 $22 7821477 MUKAISHIMA SHIP MANAGEMENT CO LTD MAHARSHI VASISHTH GAS 1976 SWAN HUNTER AS IS SINGAPORE VARUN 17,65 8,128 INDIA 7343267 HEBBURN SHIPPING CO LTD INDIA N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 14 of 18

KEMERI TANKER 1985 3 MAJ 17,61 5,522 $285 BANGLADESH LATVIAN SHIPPING CO LATVIA ENBLOC KEMERI & ZANIS GRIVA 827288 ZANIS GRIVA TANKER 1985 3 MAJ 17,585 5,546 $285 BANGLADESH LATVIAN SHIPPING CO LATVIA ENBLOC KEMERI & ZANIS GRIVA 82729 GOLDEN STAR BC 1978 PHEATON MPP 1982 EVER STAR MPP 1983 MITSUI FUH FUNG NAVIGATION 17,567 5,587 $23 PAKISTAN 779629 FUJINAGATA AGENCY LTD WARNOWWERF 17,386 7,1 INDIA GOVERNMENT 8212958 T WARNEMU WARNOWWERF T WARNEMU 17,33 7,315 $22 BANGLADESH VALIANT SHIPPING SA 836632 GULNAK MPP 1979 JAPAN 17,179 4,38 INDIA GULNAK DENIZCILIK TURKEY 78118 LANGFORD TWEEN 1978 GERMANY 16,27 4,822 $235 INDIA 7529225 GOLDEN RAY II RORO 1985 SUMITOMO HI PURE CAR CARRIER STAMCO OPPAMA 16,178 13,121 $235 INDIA SHIP MANAGEMENT CO LTD 8321993 PACIFIC LEADER RORO 1983 OSHIMA PURE CAR CARRIER NIPPON SHIPBUILDING 16,138 8,112 $227 BANGLADESH YUSEN KAISHA JAPAN 8217544 SETSUYO KISEN CO LTD BREEZE MPP 1981 YUGOSLAVIA 15,919 4,944 $225 PAKISTAN JAPAN 7827691 SEGOVIA CARRIER REEFER 198 MALAGA CARRIER REEFER 1979 GOTAVERKEN ARENDAL SWEDEN GOTAVERKEN ORESUNDS SWEDEN 15,2 1,37 $225 INDIA DEL MONTE INTERNATIONAL USA 777877 15,1 1,799 $225 INDIA DEL MONTE INTERNATIONAL USA 77792 GRONX BC 1977 RUSSIA 14,982 5,615 $22 INDIA LEON TRADING UKRAINE 7646592 VEHICLES CARRIER CIDO MORNING PRINCE RORO 1979 JAPAN 13,91 12,483 $21 SHIPPING HK CO LTD 7822134 INTERNATIONAL ASSOCIATED FUSION 1 MPP 198 GDR 13,655 6,7 PAKISTAN CARGO EGYPT 83984 ASTRO COACH RORO 198 PURE CAR CARRIER AS IS DURBAN FOR SHIPBUILD 13,59 12,543 $2 INDIA DELY INDIA JAPANESE 89583 VEHICLES CARRIER FAIRFIELD SUNBELT DIXIE RORO 1978 JAPAN 12,73 1,577 $23 INDIA MAXWELL LTD USA 77177 CATHY SPIRIT MPP 198 GDR 12,652 6,15 $225 INDIA GOVERNMENT 83179 PAN CONTINENTAL SHIPPING PANCON EXPRESS CONT 1983 JAPAN 11,986 3,976 $22 CO KOREA 83179 MANDIRI ABADI MPP 1978 FUKUOKA FUKUOKA 11,124 5,283 $25 INDIA MERATUS LINE INDONESIA 761956 PURE CAR CARRIER ACACIA ACE RORO 1982 JAPAN 1,713 8,112 INDIA MASUMOTO SHIPPING CO LTD JAPAN 82277 PURE CAR CARRIER NIPPON BALTIC LEADER RORO 1982 JAPAN 1,449 8,112 $227 BANGLADESH YUSEN KAISHA JAPAN 822692 MALTESE FALCON RORO 1979 JAPAN 1,145 6,5 $262 INDIA GRIMALDI GROUP ITALY 775714 SNOWFROST REEFER 198 RAVENNA REEFER 1982 ASPIA BC 1974 PADOVA REEFER 1983 MATHIAS FISH CARRIER LASKARIDIS THESENWERF 9,66 7,137 $235 INDIA SHIPPING CO LTD 83143 SHIN LASKARIDIS SHIPPING CO LTD YAMAMOTO 8,824 4,891 $235 INDIA 824614 KOCHI SIETAS BLUE CIRCLE INDUSTRIES PLC SCHIFFSWERFT 9,56 2,94 $22 INDIA UK 7361611 SHIKOKU ENTERPRISES SHIPPING & 8,471 4,88 $235 INDIA 8217594 DOCKYARD TRADING KONVOY MARITIME LTD SILVER CASTLE CONT 1973 USSR 6,27 3,785 $238 INDIA TURKEY 73278 CERVANTES RORO 1984 BAZAN SAN FERNANDO SPAIN SOLD BASIS AS IS CANARY ISLES SELLERS 6,17 6,563 $15 INDIA ARE SUARDIAZ VAPORES SA SPAIN 78681 KRIOLA MPP 1975 GDR 5,657 3,412 $235 INDIA M SHIPPING LTD UKRAINE 756986 MERMAID II RORO 1972 WARTSILA AB 5,3 6,167 $182 TURKEY HLVB LATVIA 72142 TURKU EXIM INC USA. WAS ALSO TANI RORO 1975 FRANCE 4,45 4,118 $23 INDIA REPORTED SOLD LAST MONTH AT $245/INDIA 7359826 Note1: With Red color are indicated all Greek interest Orders N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 15 of 18

DEMOLITION STATISTICS: 29 UNITS DWT LDT BREAKER STATS 29 January 93 3,626,17 96,19 BREAKER UNITS LDT TAKEN AV. SCRP PRICE February 92 2,42,5 737,113 5 55,65 $223 March 95 3,587,3 924,963 INDIA 228 1,979,86 $259 April 7 1,883,93 577,974 BANGLADESH 95 1,37,784 $277 May 89 2,966,578 92,357 TURKEY 8 45,43 $23 June PAKISTAN 53 455,12 $21 July OTHER/CASH/AS IS 5 43,716 $135 August TOTAL 439 4,66,426 $216 September October November December TOTAL 439 14,483,578 4,66,426 STATS BULKERS / SD TANK/ OBO/LPG UNITS 179 49 153 11 47 439 SHIPS % 4.8% 11.2% 34.9% 2.5% 1.7% 1.% LDT 1,675,57 577,66 1,317,477 83,27 412,575 4,66,426 DWT 7,871,161 2,492,185 3,465,379 128,984 525,869 14,483,578 USD PAID $368,178,97 $15,997,957 $288,49,886 $15,41,83 $75,698,724 $898,326,494 AVERAGE AGE 3.9 Years 27.4 Years 29.7 Years 27.5 Years 29.8 Years 29.1 Years 29 DEMOLITION SELLERS STATISTICS COUNTRY UNITS % rank 82 18.7% 1 5 11.4% 2 INDIA 29 6.6% 3 JAPAN 23 5.2% 4 UAE 23 5.2% 4 KOREA 18 4.1% 6 SINGAPORE 16 3.6% 7 NORWAY 15 3.4% 8 USA 13 3.% 9 TURKEY 12 2.7% 1 ITALY 12 2.7% 1 NETHERLANDS 9 2.1% 12 RUSSIA 9 2.1% 12 BULGARIA 8 1.8% 15 UK 8 1.8% 15 SWITZERLAND 9 2.1% 12 UKRAINE 7 1.6% 17 SPAIN 7 1.6% 17 GERMANY 5 1.1% 19 ISRAEL 5 1.1% 19 ALL OTHER 76 17.3% UNDISCL 3.7% TOTAL 439 1.% Demolition DATA for 29 CONT/ TWEEN/ MPP REEFER $8. $7. $6. $5. $4. RORO PAX CRUISE TOTAL Average Scrap Price & No of Ships Scrapped 2529 Average Scrap Price Number of Ships 29 29 19 21 24 $3. 16 18 17 18 2 19 17 17 15 16 17 11 12 1 11 7 $2. 5 $1. 4,, 3,5, 3,, 2,5, 2,, 1,5, 1,, 5, Mar5 May5 Jul5 Sep5 Mar5 May5 DWT LDT NUMBER Nov5 Jan6 Mar6 May6 Jul6 Sep6 Nov6 Jan7 25 23 24 21 21 2 2 16 17 16 17 15 13 13 13 12 1 8 Mar7 May7 Jul7 Sep7 Nov7 Jan8 DEMO STATS 2529 Jul5 Sep5 Nov5 Jan6 Mar6 May6 Jul6 Sep6 Nov6 Jan7 Mar7 May7 Jul7 LDT INTAKE PER SCRAP COUNTRY FOR 29 PAKISTAN; 455,12; 11% TURKEY; 45,43; 1% OTHER/CASH/AS IS; 43,716; 1% ; 55,65; 12% 34 15 3 Sep7 Nov7 Jan8 Mar8 May8 Jul8 Sep8 57 59 93 92 95 Mar8 May8 Jul8 Sep8 Nov8 Jan9 Mar9 INDIA BANGLADESH TURKEY PAKISTAN 7 May9 89 Nov8 Jan9 Mar9 May9 OTHER/CASH/AS IS 115 95 75 55 35 15 5 15 85 65 45 25 5 15 BANGLADESH; 1,37,784; 26% INDIA; 1,979,86; 49% source of data: N. COTZIAS SHIPPING CONSULTANTS (NCSC) N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 16 of 18

BALTIC DRY BULK MARKET INDICES until 29th MAY 29 DATE BDI % frm 1/1/29 BCI % frm 1/1/29 BPI % frm 1/1/29 BSI % frm 1/1/29 BHI % frm 1/1/29 3/4/29 1,786 131.% 2,348 72.5% 1,523 182.% 1,427 247.2% 693 148.4% 1/5/29 1,86 133.6% 2,376 74.6% 1,556 188.1% 1,43 247.9% 694 148.7% 5/5/29 1,897 145.4% 2,528 85.7% 1,72 215.2% 1,43 247.9% 73 152.% 6/5/29 2,65 167.1% 2,868 11.7% 1,895 25.9% 1,448 252.3% 715 156.3% 7/5/29 2,194 183.8% 3,46 123.8% 2,84 285.9% 1,497 264.2% 734 163.1% 8/5/29 2,214 186.4% 2,963 117.7% 2,144 297.% 1,569 281.8% 747 167.7% 11/5/29 2,215 186.5% 2,913 114.% 2,147 297.6% 1,611 292.% 757 171.3% 12/5/29 2,253 191.5% 2,988 119.5% 2,158 299.6% 1,639 298.8% 772 176.7% 13/5/29 2,332 21.7% 3,129 129.9% 2,226 312.2% 1,675 37.5% 791 183.5% 14/5/29 2,432 214.6% 3,282 141.1% 2,362 337.4% 1,711 316.3% 82 187.5% 15/5/29 2,544 229.1% 3,481 155.8% 2,474 358.1% 1,754 326.8% 823 195.% 18/5/29 2,65 237.% 3,6 164.5% 2,516 365.9% 1,786 334.5% 834 198.9% 19/5/29 2,644 242.% 3,661 169.% 2,53 368.5% 1,834 346.2% 844 22.5% 2/5/29 2,665 244.8% 3,767 176.8% 2,462 355.9% 1,853 35.9% 856 26.8% 21/5/29 2,77 25.2% 3,991 193.2% 2,373 339.4% 1,854 351.1% 862 29.% 22/5/29 2,786 26.4% 4,343 219.1% 2,293 324.6% 1,837 347.% 869 211.5% 26/5/29 2,942 28.6% 4,797 252.5% 2,369 338.7% 1,83 345.3% 871 212.2% 27/5/29 3,164 39.3% 5,38 29.% 2,612 383.7% 1,825 344.% 868 211.1% 28/5/29 3,298 326.6% 5,62 311.6% 2,764 411.9% 1,832 345.7% 865 21.% 29/5/29 3,494 352.% 6,125 35.% 2,9 437.% 1,831 345.5% 864 29.7% 183 163 BPI BCI BDI BSI All Baltic DRY indices 25 29 143 123 13 83 63 43 23 3 Nov5 Feb6 May6 Aug6 Nov6 Feb7 May7 Aug7 Nov7 Feb8 May8 Aug8 Nov8 Feb9 May9 BALTIC DRY 25 29 BALTIC PMAX 25 29 14 13 84 83 64 63 44 43 24 23 4 BDI 3 BPI Jan5 May5 Sep5 Jan6 May6 Sep6 Jan7 May7 Sep7 Jan8 May8 Sep8 Jan9 May9 Jan5 May5 Sep5 Jan6 May6 Sep6 Jan7 May7 Sep7 Jan8 May8 Sep8 Jan9 May9 N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 17 of 18

179 BALTIC CAPE 25 29 BCI 63 BALTIC SUPMAX 26 29 BSI 154 53 129 14 43 79 33 54 23 29 13 4 Jan5 May5 Sep5 Jan6 May6 Sep6 Jan7 May7 Sep7 Jan8 May8 Sep8 Jan9 May9 3 Jan6 May6 Sep6 Jan7 May7 Sep7 Jan8 May8 Sep8 Jan9 May9 BALTIC TANKER MARKET INDICES until 29th MAY 29 DATE CLEAN % frm 2/1/8 DIRTY % frm 2/1/8 3/4/29 43 34.% 477 42.6% 1/5/29 424 3.6% 476 42.7% 5/5/29 431 29.5% 463 44.3% 6/5/29 44 28.% 466 43.9% 7/5/29 45 26.4% 475 42.8% 8/5/29 458 25.% 48 42.2% 11/5/29 469 23.2% 485 41.6% 12/5/29 474 22.4% 482 42.% 13/5/29 479 21.6% 479 42.4% 14/5/29 476 22.1% 473 43.1% 15/5/29 478 21.8% 473 43.1% 18/5/29 479 21.6% 474 43.% 19/5/29 483 2.9% 479 42.4% 2/5/29 483 2.9% 484 41.8% 21/5/29 484 2.8% 485 41.6% 22/5/29 485 2.6% 48 42.2% 26/5/29 487 2.3% 479 42.4% 27/5/29 484 2.8% 48 42.2% 28/5/29 482 21.1% 484 41.8% 29/5/29 481 21.3% 482 42.% 23 18 13 8 3 Jan6 May6 BCTI BDTI Sep6 Jan7 ALL WET Indices 269 May7 Sep7 Jan8 May8 Sep8 Jan9 May9 21 19 17 BALTIC CLEAN TANKER INDEX 24 29 BCTI 34 29 BALTIC DIRTY TANKER INDEX 24 29 BDTI 15 13 11 9 7 5 3 Jan4 May4 146 136 126 116 16 96 86 76 66 56 46 36 26 16 Sep4 Jan5 May5 Sep5 Brent Oil Jan6 May6 Sep6 Jan7 May7 Sep7 Jan8 May8 Sep8 Jan9 May9 24 19 14 9 4 Jan4 May4 Brent OIL (21 29) Sep4 Jan5 May5 Sep5 Jan6 May6 Sep6 Jan7 May7 Sep7 Jan8 May8 Sep8 Jan9 May9 May1 Aug1 Nov1 Feb2 May2 Aug2 Nov2 Feb3 May3 Aug3 Nov3 Feb4 May4 Aug4 Nov4 Feb5 May5 Aug5 Nov5 Feb6 May6 Aug6 Nov6 Feb7 May7 Aug7 Nov7 Feb8 May8 Aug8 Nov8 Feb9 May9 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. N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 18 of 18