Monday, November 3, Week 45 The Week at a Glance

Monday, November 3, 214 - Week 45 The Week at a Glance Last week has been concluded with BDI reaching 1428 points, indicating a raise of 236 points since last week, driven mainly by the boom of the Capesize rates along with the positive sentiment on the Panamax sector. More specifically, Capesize TCA has noted a significant increase of approximately 16% since the 14 th of October reaching USD 25.725/Day on last Friday, while Panamax TCA is rising for a 3 rd consecutive week achieving USD 9.883/Day. Not much to report on the Dry S&P front, as we are expecting a couple of deals to finalize, while several ongoing negotiations are taking place. Rumours have it that the PAX PHOENIX (5k, 21, Jap) has been committed to Greeks for a price of USD 1.8 Mill, indicating a further reduction in the value of 1 years old Supramaxes. On the Panamax/Kamsarmax segment, which has shown firmer face charteringwise, we are awaiting for the conclusion level of the ETERNAL GRACE (76k, 26, Jap) while rumour has it that MEDI SENTOSA (83k, 28, Jap) has been committed to Greeks in the region of USD 2 Mill. Should the latter figure come true, this would be pointing to a more steady market bearing in mind the sale of BELMONTE (75k, 27, Jap) for USD 18.5 Mill which took place 1 month ago. Elsewhere on the MR tanker sector, despite the positive trend that prevails on the charter rates, NORD STAR (45k, 29, Jap) has been reported sold for USD 19 Mill, indicating a further softening on the 5 years old MR prices. On the other hand, it has been reported that AMIN (157k, 29, S.Korea) has achieved region USD 52.6 Mill and has been sold to a new-comer Hong Kong based buyer through auction. The price is considered to be firm, as the vessel had been laid up for 1 year, influenced by the lack of crude candidates for sale in the market. Greek Listed Companies Last Fridays Closing Weekly Difference Baltic Dry Indices* Last Fridays Closing Weekly Difference NYSE 1845 262.38 NASDAQ 463.74 147.2 Dry Ships 1.48 -.4 Baltic Dry Index 1428 236 Baltic Cape index 3552 113 Baltic Panamax Index 1233 112 Navios 5.89.34 Diana 8.45 -.21 Baltic Supramax Index Baltic HandySize Index 892-8 467-22 Top Ships 1.86.21 TEN 6.77.25 Stealth Gas 8.4.7 Capital Product Partners 9.23 -.19 Euroseas 1.5.3 Danaos 5.48.99 Costamare 2.57.72 Currencies* Last Fridays Closing Weekly Difference EURO/USD 1,2524 -,1 USD/JPY 112,335 4,17 USD/CNY 6,1159, *The above tables show last Friday's closing including the weekly balance. ISO Certified by Germanischer Lloyd Copyright by Allied Shipbroking Inc

Secondhand Sales Dry SIZE INDEX W-O-W CHANGE AVG T/C RATES W-O-W CHANGE TREND BDI 1428 236 CAPESIZE 3552 113 $ 25.725 8.34 STRONGER PANAMAX 1233 112 $ 9.883 912 STRONGER SUPRAMAX 892 8 $ 9.326 86 WEAKER HANDYSIZE 467 22 $ 6.839 314 WEAKER Bulk Carrier Vessel's Name Built Country TEU Gears Engine Price Sale's Comment EVER REGAL 23468 1998 PHILIPPINES - 4 X 3t CRANES MAN-B&W 5.8. USD SOLD TO CHINESE BUYER NESTOR 2747 1997 CHINA - 4 X 3t CRANES B&W 4.85. USD ELENI T 2782 1997 CHINA - 4 X 3t CRANES B&W 5.3. USD JINHAI J5 796 11/214 CHINA - - MAN-B&W 23.. USD JINHAI J49 796 11/214 CHINA - - MAN-B&W 23.. USD JINHAI J65 176 11/214 CHINA - - MAN-B&W 46.. USD E R BRAZIL 178978 21 SOUTH KOREA - - MAN-B&W 49.25. USD E R BEILUN 178979 21 SOUTH KOREA - - MAN-B&W 49.25. USD SOLD THROUGH AUCTION TO GREEK BUYER SOLD THROUGH AUCTION TO SINGAPORE BASED BUYER (GLORY SHIPMANAGEMENT) SOLD EN BLOC TO S.KOREAN BUYER BASIS BB FOR 5 YEARS - RGN USD 92.. EN BLOC SOLD EN BLOC TO CHINESE BUYER (SINOTRANS) INCLUDING TC BACK OLD SALE RGN USD 98.5. EN BLOC Container Vessel's Name Built Country TEU Gears Engine Price Sale's Comment SANUKI 17182 1997 JAPAN 1152 2 X 4t CRANES Mitsubishi 5.1. USD SOLD TO ASIAN BUYER STADT SCHWERIN 18425 1999 POLAND 1129 2 X 43t CRANES B&W 4.. USD SOLD TO GERMAN BUYER (SCHOELLER HOLDINGS) CAPE NEGRO 23752 1998 JAPAN 151 - B&W 5.5. USD SOLD EN BLOC TO CHINESE CAPE BUYER (WAN HAI LINE) 24116 1998 JAPAN 151 - B&W 5.5. USD NORVIEGA RGN USD 11.. EN BLOC E.R. 33694 1999 GERMANY 2474 3 X 45t CRANES B&W 6.4. USD SOLD EN BLOC TO GREEK STRALSUND BUYER E.R. 3379 1999 GERMANY 2474 3 X 45t CRANES B&W 6.4. USD RGN USD 12.8. EN BLOC COPENHAGEN GABRIEL SOLD TO U.K BASED BUYER 4274 27 CHINA 3534 - MAN-B&W 11.5. USD SCHULTE (BOREALIS) ZHEJIANG SOLD TO GERMAN BUYER 563 11/214 CHINA 4834 - MAN-B&W 41.. USD OUHUA 654 (HAMMONIA) SANTA 67222 25 SOUTH KOREA 547 - Sulzer 16.5. USD SOLD EN BLOC TO GREEK PRISCILLA BUYER (LOMAR) SCI NHAVA 67255 25 SOUTH KOREA 547 - Sulzer 16.5. USD RGN USD 33.. EN BLOC SHEVA HS HUMBOLDT 67679 24 SOUTH KOREA 4992 - B&W 14.5. USD SOLD EN BLOC TO GREEK HS BUYER (LOMAR) 67698 24 SOUTH KOREA 4992 - B&W 14.5. USD LIVINGSTONE RGN USD 29.. EN BLOC General cargo Vessel's Name Built Country TEU Gears Engine Price Sale's Comment KARTINI 112 23 JAPAN - Ro-ro/passenger 2 X 3,7t CRANES, 1 X 3t DERRICKS B&W 3.5. USD SOLD TO S.KOREAN BUYER Vessel's Name Built Country TEU Gears Engine Price Sale's Comment EUROFERRY BRINDISI 6124 1996 INDONESIA - - Sulzer 32.5. EURO SOLD TO UNDISCLOSED BUYER FINNHANSA 17 1994 POLAND 293 - Sulzer 3.. EURO SOLD TO ITALIAN BUYER (GRIMALDI) 2

Wet SIZE INDEX W-O-W CHANGE BDTI 89 93 BCTI 735 65 SIZE AVG SPOT EARNINGS W-O-W CHANGE AVG T/C RATES BSS 1 YR TREND VLCC $ 42.669 43% $ 31.5 STEADY SUEZMAX $ 3.44 12% $ 25.5 STRONGER AFRAMAX $ 31.176 32% $ 2. STEADY CLEAN MR $ 17.798 12% $ 14.75 STEADY Tanker Vessel's Name Built Country DB DS Engine Price Sale's Comment RHONE (IMO II/III, Coated) AEGEAN DAISY (Coated) ENERGIZER (Coated) CLIPPER LEANDER (IMO II/III, Coated) NORD STAR (Coated) LION SPIRIT (Coated) 4581 27 TURKEY Y Y MaK 7.5. USD SOLD TO U.S BASED BUYER 4935 1978 GERMANY Y N Deutz 1.5. USD SOLD TO MALTESE BUYER 8491 1995 MALTA Y Y Normo 4.. USD SOLD TO RUSSIA BUYER (PETROPAVLOVSK) 198 26 TURKEY Y Y MAN-B&W 7.5. USD SOLD TO UNDISCLOSED BUYER 45997 29 JAPAN Y Y MAN-B&W 19.. USD SOLD TO UNDISCLOSED BUYER 1523 1997 JAPAN Y Y B&W 13.. USD SOLD TO UNDISCLOSED BUYER AMIN 157985 29 SOUTH KOREA Y Y MAN-B&W 52.6. USD Gas tanker SOLD THROUGH AUCTION TO HONG KONG BASED BUYER (XIN YE) LAID UP FOR 1 YEAR Vessel's Name Built Country DB DS Engine Price Sale's Comment NORGAS NAPA 179 23 CHINA Y N MAN 27.. USD SOLD TO CANADEAN BUYER (TEEKAY) WITH BB FOR 5 YEARS 3

B a l t i c D r y I n d i c e s Year BDI Max BDI Avg BDI Min BCI Max BCI Avg BCI Min BPI Max BPI Avg BPI Min BSI Max BSI Avg BSI Min 29 4661 2612 772 8243 4142 1361 4453 2413 492 2487 1665 389 21 429 2749 17 5455 3469 164 4622 314 1845 3111 2143 1369 211 2173 1549 143 3725 2246 1281 2132 1742 1296 1612 1374 186 212 1738 919 647 3287 1569 182 1738 962 418 13 94 6 213 2337 1219 698 4329 2133 129 296 1194 651 1562 99 664 214 2277 116 723 478 1961 115 1825 949 419 1453 943 659 Baltic Dry Index 1. 8. 6. 4. 2. 1/5/85 1/11/85 1/5/86 1/11/86 1/5/87 1/11/87 1/5/88 1/11/88 1/5/89 1/11/89 1/5/9 1/11/9 1/5/91 1/11/91 1/5/92 1/11/92 1/5/93 1/11/93 1/5/94 1/11/94 1/5/95 1/11/95 1/5/96 1/11/96 1/5/97 1/11/97 1/5/98 1/11/98 1/5/99 1/11/99 1/5/ 1/11/ 1/5/1 1/11/1 1/5/2 1/11/2 1/5/3 1/11/3 1/5/4 1/11/4 1/5/5 1/11/5 1/5/6 1/11/6 1/5/7 1/11/7 1/5/8 1/11/8 1/5/9 1/11/9 1/5/1 1/11/1 1/5/11 1/11/11 1/5/12 1/11/12 1/5/13 1/11/13 1/5/14 1/11/14 1/5/15 Baltic CapeSize Index 18. 16. 14. 12. 1. 8. 6. 4. 2. 1\8\ 1\11\ 1\2\1 1\5\1 1\8\1 1\11\1 1\2\2 1\5\2 1\8\2 1\11\2 1\2\3 1\5\3 1\8\3 1\11\3 1\2\4 1\5\4 1\8\4 1\11\4 1\2\5 1\5\5 1\8\5 1\11\5 1\2\6 1\5\6 1\8\6 1\11\6 1\2\7 1\5\7 1\8\7 1\11\7 1\2\8 1\5\8 1\8\8 1\11\8 1\2\9 1\5\9 1\8\9 1\11\9 1\2\1 1\5\1 1\8\1 1\11\1 1\2\11 1\5\11 1\8\11 1\11\11 1\2\12 1\5\12 1\8\12 1\11\12 1\2\13 1\5\13 1\8\13 1\11\13 1\2\14 1\5\14 1\8\14 1\11\14 1\2\15 Baltic Panamax Index 1. 8. 6. 4. 2. 1\8\ 1\11\ 1\2\1 1\5\1 1\8\1 1\11\1 1\2\2 1\5\2 1\8\2 1\11\2 1\2\3 1\5\3 1\8\3 1\11\3 1\2\4 1\5\4 1\8\4 1\11\4 1\2\5 1\5\5 1\8\5 1\11\5 1\2\6 1\5\6 1\8\6 1\11\6 1\2\7 1\5\7 1\8\7 1\11\7 1\2\8 1\5\8 1\8\8 1\11\8 1\2\9 1\5\9 1\8\9 1\11\9 1\2\1 1\5\1 1\8\1 1\11\1 1\2\11 1\5\11 1\8\11 1\11\11 1\2\12 1\5\12 1\8\12 1\11\12 1\2\13 1\5\13 1\8\13 1\11\13 1\2\14 1\5\14 1\8\14 1\11\14 1\2\15 Baltic Supramax - HandySize Index 3.5 3. 2.5 7. 6. 5. 2. 4. 1.5 1. 5 3. 2. 1. 1\2\3 1\5\3 1\8\3 1\11\3 1\2\4 1\5\4 1\8\4 1\11\4 1\2\5 1\5\5 1\8\5 1\11\5 1\2\6 1\5\6 1\8\6 1\11\6 1\2\7 1\5\7 1\8\7 1\11\7 1\2\8 1\5\8 1\8\8 1\11\8 1\2\9 1\5\9 1\8\9 1\11\9 1\2\1 1\5\1 1\8\1 1\11\1 1\2\11 1\5\11 1\8\11 1\11\11 1\2\12 1\5\12 1\8\12 1\11\12 1\2\13 1\5\13 1\8\13 1\11\13 1\2\14 1\5\14 1\8\14 1\11\14 1\2\15 4

S e c o n d h a n d S a l e s S t a t i s t i c s Current Secondhand Activity per / Size/ Invested Capital During 214 Secondhand Activity per / Size/ Invested Capital...during 212 Size Invested Capital Invested Capital A. Dry 524 3.862.449 $5.543.315. A. Dry B. Tanker 391 19.626.296 $4.96.95. A. Dry Total 1. Minibulk (up to 9,999 2. Handy (1, - 39,999 3. Handymax (4, - 59,999 4. Panamax (6, - 79,999 5. Capesize (8,+ 8 475.684 $128.765. 131 3.552.69 $1.215.48. 1 5.17.16 $1.72.91. 17 8.75.574 $1.793.3. 58 9.579.428 $1.978.8. 476 26.852.861 $6.819.255. C. Container 139 3.262.157 $1.22.42. D. Reefer 7 55.822 $49.95. E. RoRo Cargo/ Ferry/ Passenger 39 337.645 $85.375. F. Miscellaneous 4 312.124 $4.. Grand Total 1.14 54.456.493 $11.72.1....during 213 Invested Capital A. Dry 658 36.83.9 $7.538.275.288 B. Tanker 498 31.521.976 $8.184.435. C. Container 18 5.33.45 $1.84.68. B. Tanker 1. Minitank (up to 9,999 2. Product (1, - 59,999 3. Panamax (6, - 79,999 4. Aframax (8, - 119,999 5. Suezmax (12, - 199,999 6. VLCC (2, - 299,999 7. ULCC (3,+ 82 521.57 $481.3. 21 7.493.641 $3.541.35. 26 1.94.196 $1.154.6. 55 5.951.372 $1.51.55. 3 4.654.156 $1.31.1. 15 4.46.618 $537.6. 54 16.84.275 $2.478.25. D. Reefer 2 13.217 $8.. E. RoRo Cargo/ Ferry/ Passenger 18 123.223 $99.3. F. Miscellaneous 27 78.99 $42.5.165 Grand Total 1.383 73.122.569 $18.73.19.453 Bulk Carriers Sales Per during 214 12 % CAPESIZE 22 % PANAMAX 21 % HANDYMAX 28 % HANDY 17 % MINIBULK B. Tanker total 472 41.771.765 $1.725.48. C. Container Total 15 5.619.126 $1.585.52. D. Reefer Total 1 1.581 $4.25. Tankers Sales Per during 214 E. RoRo Cargo/ Ferry/ Passenger Total 27 172.577 $42.57. 11 % ULCC 3 % VLCC 6 % SUEZMAX 12 % AFRAMAX 6 % PANAMAX 44 % PRODUCT 17 % MINITANK F. Miscellaneou s Total 43 188.82 $713.455. Grand Total 1.169 74.614.992 $2.25.53. 5

Invested Capital in Secondhand per month as of January 213 Year Month Invested Capital 213 213 Total 214 214 Total April-213 $1.445.125. May-213 $1.145.82. June-213 $983.14. July-213 $975.95. January-213 $1.227.89.165 February- 213 $1.59.98. March-213 $1.42.98. August-213 $1.454.765. September- 213 $2.32.55.288 October-213 $2.97.1. November- 213 $2.778.685. December- 213 $1.451.25. $18.73.19.453 April-214 $1.911.7. May-214 $2.669.58. June-214 $1.45.81. July-214 $1.744.45. January-214 $2.392.59. February- 214 $1.84.8. March-214 $3.1.55. August-214 $1.655.33. September- 214 $1.855.4. October-214 $1.37.5. November- 214 $466.9. $2.25.53. Dry - Buyers' Nationality 25 % OTHER % BELGIUM 4 % GERMANY % UNITED KINGDOM 4 % NORWAY 4 % KOREA SOUTH 8 % CHINA PEOPLE'S REPUBLIC OF 1 % SINGAPORE 4 % UNITED STATES OF AMERICA 21 % UNKNOWN 28 % GREECE Wet - Buyers' Nationality 27 % OTHER 5 % BELGIUM % GERMANY 3 % UNITED KINGDOM 4 % NORWAY 5 % KOREA SOUTH 2 % CHINA PEOPLE'S REPUBLIC OF 13 % SINGAPORE 11 % UNITED STATES OF AMERICA 13 % UNKNOWN 18 % GREECE Container - Buyers' Nationality 15 % OTHER % BELGIUM 9 % GERMANY 1 % UNITED KINGDOM 2 % NORWAY 5 % KOREA SOUTH 1 % CHINA PEOPLE'S REPUBLIC OF 7 % SINGAPORE 9 % UNITED STATES OF AMERICA 14 % UNKNOWN 18 % GREECE Invested Capital Graph - Invested Capital in Secondhand per month as of January 213 3... 2.8.. 2.6.. 2.4.. 2.2.. 2... 1.8.. 1.6.. 1.4.. 1.2.. 1... 8.. 6.. 4.. 2.. 1/213 Buyer's Country 2/213 3/213 4/213 5/213 6/213 7/213 8/213 9/213 Invested Capital Per Month 1/213 11/213 12/213 Months Total Capital 1/214 2/214 3/214 4/214 No Of Buyers Nationality during 214 - Top 1 ( vessels per sector) A. Dry B. Tanker C. Container 5/214 6/214 7/214 8/214 D. Reefer 9/214 1/214 11/214 21 2 19 18 17 16 15 14 13 12 11 1 9 8 7 6 5 4 3 2 1 Grand Total GREECE 134 84 27 245 UNKNOWN 12 61 21 1 185 UNITED STATES OF AMERICA 19 52 14 85 SINGAPORE 6 6 11 77 CHINA, PEOPLE'S REPUBLIC OF 39 11 15 65 KOREA, SOUTH 19 23 8 5 NORWAY 18 17 3 38 UNITED KINGDOM 1 15 15 31 GERMANY 17 13 3 BELGIUM 22 22 Other 121 127 23 271 Grand Total 476 472 15 1 1.99 Buyer's Country Buyers Nationality during 214 - Top 1 (Invested Capital per sector) A. Dry B. Tanker C. Container D. Reefer Grand Total GREECE 2.628.36. 3.2.5. 276.45. 6.15.31. UNKNOWN 896.885. 782.68. 216.5. 4.25. 1.9.315. UNITED STATES OF AMERICA 432.4. 1.283.5. 221.5. 1.937.4. SINGAPORE 136.45. 1.314.95. 91.27. 1.542.67. NORWAY 36.54. 777.5. 19.75. 1.157.79. KOREA, SOUTH 29.55. 382.1. 16.4. 779.5. CHINA, PEOPLE'S REPUBLIC OF 435.48. 242.1. 93.6. 771.18. ITALY 52.85. 158.1. 678.95. GERMANY 216.15. 271.1. 487.25. Other 1.48.44. 2.214.75. 225.45. 3.848.64. Grand Total 6.819.255. 1.725.48. 1.585.52. 4.25. 19.134.55. Vesels 6

New Building Container Orders Type Units TEU Shipyard Reported Price Owner / Manager Delivery Date CONTAINER 3 19.2 DAEWOO USD 155.. EUROPEAN 217 Tanker Orders Type Units Dwt Shipyard Reported Price Owner / Manager Delivery Date TANKER 2+2 74.5 SUNGDONG USD 47.. TSAKOS ENERGY NAVIGATION 216 TANKER 2+2 158. NEW TIMES USD 6.. TRANSPORT RECOVERY FUND 216 TANKER 1+1 16. SUNGDONG USD 64.. MEANDROS 217 Gas Orders Type Units Cap Shipyard Reported Price Owner / Manager Delivery Date CNG 1 4. HANTONG N/A PELAYARAN BAHTERA 216 LNG 2 174. DAEWOO USD 25.. FREDRIKSEN GROUP 217 LNG 2 173. DAEWOO USD 27.9. KOREA LINE 217/218 LNG 2 173. DAEWOO USD 27.9. HYUNDAI LNG SHIPPING 217/218 New Building Prices Tanker Newbuilding Prices BC Newbuilding Prices Korea China Korea China VLCC 32, USD 1.. USD 92.. SUEZMAX 157, USD 64.. USD 6.. AFRAMAX 113, USD 55.. USD 48.. «MR» TANKER 5, USD 37.5. USD 33.. CAPESIZE 18, USD 57.. USD 55.. KAMSARMAX 82, N/A* USD 31.. ULTRAMAX 62, N/A* USD 28.5. HANDYSIZE 35, N/A* USD 24.. * Note: Due to the Present New Building cost, Korean Shipyards are unwilling to quote. 7

Demolition Sales Type Vessel's Name Built Country LDT Price/ ldt Sale's Comment CONTAINER LADY 23574 1991 CHINESE TAIPEI 7274 - SOLD TO BANGLADESH ON PRIVATE TERMS BC TANAIS LEADER 27622 1984 JAPAN 5651 487 SOLD TO PAKISTAN GEN. CARGO MARIE 3523 1999 POLAND 999 55 SOLD TO INDIA BC ALCESTE 37593 1984 JAPAN 7651 472 SOLD TO PAKISTAN CONTAINER EVER REACH 466 1994 JAPAN 21794 468 SOLD TO BANGLADESH ON AS IS SINGAPORE BASIS INCLUDING BUNKERS Demolition Statistics For 214 Current Demolition Activity per / Size A. Dry 213 214 Size No Of No Of 1. Minibulk (up to 9,999 2. Handy (1, - 39,999 3. Handymax (4, - 59,999 4. Panamax (6, - 79,999 5. Capesize (8,+ 87 533.876 115 683.19 28 7.438.92 162 4.49.173 71 3.177.777 51 2.256.137 56 3.77.967 53 3.64.219 49 8.59.975 22 3.651.98 A. Dry Total 543 23.431.515 43 14.28.546 B. Tanker 1. Minitank (up to 9,999 2. Product (1, - 59,999 3. Panamax (6, - 79,999 4. Aframax (8, - 119,999 5. Suezmax (12, - 199,999 6. VLCC (2, - 299,999 7. ULCC (3,+ 25 119.992 41 188.42 54 1.749.84 52 1.577.437 9 634.84 6 398.882 27 2.643.94 25 2.341.94 12 1.762.116 6 887.41 17 4.727.514 9 2.59.856 8 2.476.181 4 1.22.436 B. Tanker Total 152 14.112.65 143 9.25.318 C. Container Total 172 5.88.791 134 4.97.893 D. Reefer Total 8 65.88 17 137.84 E. RoRo Cargo/ Ferry/ Passenger Total 73 831.196 59 479.796 F. Miscellaneous Total 46 548.654 46 145.188 Grand Total 994 44.798.29 82 29.155.825 Please Note that dry trading combination carriers are included in the dry sector and wet trading ones in the tanker sector. 8

Country Demolition Activity by Country 213 214 BANGLADESH 146 9.481.551 143 5.678.959 CHINA, PEOPLE'S REPUBLIC OF 162 7.165.368 146 6.493.388 INDIA 358 13.185.377 274 8.836.767 OTHERS 192 5.658.798 12 1.75.267 PAKISTAN 79 8.437.25 7 5.719.495 TURKEY 57 869.685 63 572.811 Grand Total 994 44.798.29 82 29.155.825 ' Average Age For Demolition 213 212 211 A. Dry 28,5 28,2 3,7 B. Tanker 25 24,6 27,1 C. Container 21,9 23,3 29,6 D. Reefer 3,4 26,5 26,3 E. RoRo Cargo/ Ferry/ Passenger 32,1 34,9 32 F. Miscellaneous 34,4 33,8 34 Demolition Activity By Demolition of BCs by percentage for 213 5.4. 5.2. Demolition Per Month 125 12 5.. 4.8. 4.6. 115 11 15 16 % Minibulk 52 % Handy 13 % Handymax 1 % Panamax 9 % Capesize 4.4. 1 dwt 4.2. 4.. 3.8. 3.6. 3.4. 3.2. 3.. 2.8. 2.6. 2.4. 95 9 85 8 75 7 65 6 55 no of vessels 2.2. 5 2.. 45 1.8. 1.6. 1.4. 1.2. 1.. 8. 6. 4. 2. 4 35 3 25 2 15 1 5 Demolition of Tankers by percentage for 213 1/213 2/213 3/213 4/213 5/213 6/213 7/213 8/213 9/213 1/213 11/213 12/213 1/214 2/214 3/214 4/214 Months Sum of 5/214 6/214 7/214 8/214 9/214 1/214 11/214 16 % Minitank 36 % Product 6 % Panamax 18 % Aframax 8 % Suezmax 11 % VLCC 5 % ULCC Year Dry Demolition activity since 23 of Dry Tankers of Tankers 23 218 5.723.892 232 18.395.563 549 25.172.6 24 79 1.518.916 173 8.551.39 338 1.471.421 25 38 1.155.58 1 4.259.393 182 5.539.311 26 116 2.813.88 111 3.52.432 32 6.957.521 27 46 623.85 127 4.65.141 229 5.143.327 28 123 5.314.132 121 5.635.243 36 12.935.653 29 43 12.37.38 159 9.166.421 885 28.559.43 21 259 7.421.884 28 14.782.162 788 25.89.621 211 561 25.14.389 166 1.97.19 918 37.48.6 212 698 35.372.141 166 13.228.759 1178 55.365.957 213 543 23.431.515 152 14.112.65 994 44.798.29 214 43 14.28.546 139 9.56.18 82 29.155.825 9

Contact Details AERAKIS GEORGE AOH: +3-21 6 35 259 MOBILE: +3 6946 4 57 37 DASKALAKIS GEORGE AOH: +3-21-62 29 124 MOBILE: +3-6932-24 8 7 DRAKOGIANNOPOULOS SAKIS AOH: +3 2299 63 237 MOBILE: +3-6944 - 88 58 8 KARADIMAS COSTAS AOH: +3-21 - 62 11 96 MOBILE: +3-6932 - 2 15 64 KOSTOYANNIS JOHN AOH: +3-21 - 81 31 194 MOBILE: +3-6932 - 43 39 99 MOISSOGLOU THEODOROS AOH: +3-21 - 96 19 87 MOBILE: +3-6932 - 45 52 41 PRACHALIAS ARGIRIS AOH: +3 21 48 28 354 MOBILE: +3 6947 62 82 62 STASSINAKIS JOHN AOH: +3 213 81 481 MOBILE: +3-6972 6 92 9 TSALPATOUROS COSTIS AOH: +3-21 - 96 19 278 MOBILE: +3-6932 - 2 15 63 BOLIS ILIAS AOH: +3-21 - 8 25 439 MOBILE: +3-6937 - 2 65 DRAKOGIANNOPOULOS STAVROS AOH: +3-21-6 11 438 MOBILE: +3-6932 - 2 15 65 HATZIGEORGIOU NASSOS AOH: +3-21 - 93 16 353 MOBILE: +3-6944 - 73 33 93 KLONIZAKIS JOHN AOH: +3-21 - 81 33 883 MOBILE: +3-6948 - 5 55 81 MANOLAS NIKOLAS AOH: +3-21 62 1 85 MOBILE: +3 694 63 22 56 PAPOUIS THASSOS AOH: +3-21 81 31 27 MOBILE: +3 6944 29 49 89 PROSSIOS TASSOS AOH: +3-21 89 46 692 MOBILE: +3 6942 6 78 32 TOBALOGLOU EVAGELOS AOH: +3-21 - 43 25 185 MOBILE: +3-6932 - 4 56 2 VARVAROS PLUTON AOH: +3-21 45 11 331 MOBILE: +3-6937 25 15 15 ALLIED SHIPBROKING INC. 48, Aigialeias Street, 4 th Floor, Maroussi 151 25, Greece Tel: +3 21 45 24 5 Fax: +3 21 45 25 17/ 19 E-mail: snp@allied-shipbroking.gr ALLIED CHARTERING S.A. 48, Aigialeias Street, 4 th Floor, Maroussi 151 25, Greece Tel : +3 21 42 88 1 Fax: +3 21 45 24 21 drycargo@allied-chartering.gr E-mails: tanker@allied-chartering.gr Visit us @ www.allied-shipbroking.gr 1

LEGAL DISCLAIMER ------------------------------------- This report has been produced on information collected from various sources and whilst every care has been taken in its preparation, it is presented for the sole and exclusive information of its recipients, in good faith and without any guarantee from our part. None of the information contained in this report has been independently verified by any member of ALLIED SHIPBROKING INC. Consequently no representation or warranty, express or implied, is made in respect of the accuracy of the information contained herein. Neither our company nor its directors or employees shall be in any way liable for any loss nor damage occurred to any party by the use of the information and/or the comments contained in this report. Furthermore, no responsibility is accepted in respect of any errors or inaccuracies which may be contained in this report. 11