S&P MONTHLY REPORT JUNE 2009

Nico J. Cotzias' list of achievements and contributions to shipping were surely long and important, but the kind words of comfort that we have received from all our friends and associates around the world has been extraordinary. Deepheartedly, we thank you all and promise that his legacy will remain our inspiration for the years to follow. Thank you all Nico J. Cotzias OBE (19282009) S&P MONTHLY REPORT JUNE 2009 Executive Summary Ship sale volume: JUN 09 MAY 09 Total number of Ships sold this month: 130 143 last month Dry cargo Ships sold this month: 113 97 last month Wet cargo Ships sold this month: 17 46 last month Scrap volume: Ships scrapped this month: 50 88 last month John N. Cotzias CEO Highest Scrap Price paid this month: $323/ldt BANGLADESH Newbuilding Ships Prices (30/6/2009) (in mil USD) Dry Cargo CAPE 4/7/2008 PMX 4/7/2008 HMAX 4/7/2008 NEWBUILDING $62.0 $96.8 $38.0 $57.3 $31.0 $49.4 Tanker Ships VLCC 4/7/2008 SUZ 4/7/2008 AFR 4/7/2008 NEWBUILDING $109.4 $157.0 $77.0 $96.5 $58.5 $78.0 PAN 4/7/2008 PROD 4/7/2008 $51.0 $65.0 $40.0 $55.5 Average Dry cargo T/C Earnings (worldwide routes): Jun09 May09 Apr09 Mar09 Capes >144,000 dwt: $39,066 $22,337 $26,146 $32,045 Large Bulkers 144,000 85,000 dwt: $18,287 $12,892 $19,500 $18,000 Panamax 82,000 59,000 dwt: $17,270 $13,752 $15,798 $11,532 Handymax 59,000 48,000 dwt: $16,847 $15,082 $15,832 $12,329 Handy 48,000 40,000 dwt: $14,770 $13,864 $15,629 $10,931 Bulkers 40,000 30,000 dwt: $13,074 $13,575 $13,585 $10,225 Small Bulkers 30,000 12,000 dwt: $11,773 $8,900 $11,230 $7,543 Scrap Prices for JUNE2009 GENERAL SCRAP PRICE AVERAGE HIGH $265 AVERAGE $248 JUNE 2009 AVERAGE $258.6 INDIA HIGH $272 AVERAGE $257 MAY 2009 AVERAGE $233.4 BANGLADESH HIGH $323 AVERAGE $296 APR 2009 AVERAGE $258.8 PAKISTAN HIGH $296 AVERAGE $282 MAR 2009 AVERAGE $279.2 TURKEY HIGH $140 AVERAGE $140 FEB 2009 AVERAGE 262.6933 $255.8 BALTIC INDICES % since change since 30Jun09 LAST MONTH 29May09 30Apr09 31Mar09 Baltic Dry Index Baltic Panamax Index Baltic Supramax Index Baltic Cape Index Baltic Clean Tanker Index Baltic Dirty Tanker Index 3757 7.53% 3494 1786 1615 2904 0.14% 2900 1523 1374 1701 7.10% 1831 1427 1288 7241 18.22% 6125 2348 2066 465 3.33% 481 403 372 648 34.44% 482 477 540 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 NAME NATION RHINE ORE BC 1989 JAPAN 233,016 $25.00m VALE BRAZIL NOTES JUNE NIPPON YUSEN KAISHA JAPAN 2009 IMO 8802923 SUNGDONG 1061 BC 2010 SUNGDONG 1062 BC 2010 SUNGDONG 1074 BC 2011 SUNGDONG 1075 BC 2010 SUNGDONG SHIPBUILDING KOREA SUNGDONG SHIPBUILDING KOREA SUNGDONG SHIPBUILDING KOREA SUNGDONG SHIPBUILDING KOREA SOLD ENBLOC 180,000 $81.00m SUNGDONG 1062, 9451276 SUNGDONG 1061, SUNGDONG 1074, SUNGDONG 1075 FOR 180,000 $81.00m $384MIL USD, INCL 10 12YEAR T/C @ 9481233 NAVIOS $29,500/DAY. THERE IS A PROFIT SHARE OPTION 180,000 $81.00m 50/50 FOR RATE GREATER THAN 9481348 $38,000/DAY SELLERS ARE ALBA MARITIME SERVICES 180,000 $81.00m (INITIAL CONTRACT PRICE 9489302 $109MIL EACH UNIT) SHANGHAI JIANGNAN CHANGXING SB RESALE BC 2009 SHANGHAI JIANGNAN CHANGXING 177,000 $65.00m ANGELICOUSIS SEACREST SHIPPING (REMI MARITIME ). ARE NOT FIVE 9469924 STAR GLOBAL SHIPPING OF BUT ANGELICOUSSIS DELIVERY NOVEMBER 09 LOWLANDS SUNRISE BC 2003 JAPAN 176,298 $54.00m OCEAN FREIGHTERS COBELFRET NV BELGIUM 9254680 JIN TAI BC 2004 SHANGHAI 173,880 $55.10m GREEK JINHUI SHIPPING & TRANS LTD SHE WAS SOLD IN DEC 2007 FOR $155MIL USD AND NOW $55.1MIL (65% PRICE REDUCTION) 9272345 ACTUAL PRICE HISTORY: SOLD FEB 2005 @ $80MIL, JAN 2006 @ $60MIL, DEC 2007 @ $155MIL & JUN 2009 @ $55.1MIL COTSWOLD BC 1986 SBX 151,016 $14.00m ZODIAC MARITIME AGENCIES LTD 8503498 UK ZETLAND BC 1985 HYUNDAI 145,905 163959 CBM GR $12.00m ZODIAC MARITIME AGENCIES LTD 8412649 UK SEA BREEZE BC 2009 SUNDONG 91,800 $40.50m SISTER VSL RESOLD IN NOV 2007 FOR $74MIL USD 9436654 ARNE BLYSTAD NORWAY C S OLIVE BC 2010 JAPAN 82,600 97000 CBM GRAIN $37.00m ITALIAN ITALY TSUNEISHI FUKUYAMA 1427 RESALE SELLERS ARE MITSUI OSK LINES LTD JAPAN 9461075 JIN HE BC 2006 OSHIMA 77,250 $39.00m FIVE STAR SHIPPING INDIA JINHUI SHIPPING & TRANS LTD,. SS/DD 04/2011 9355484 FORTUNE OCEAN BC 2006 SASEBO SASEBO 76,801 $38.80m KOREAN KOREA CIDO SHIPPING HONG KONG, 9304576 BONITA BC 2001 IMABARI MARUGAME 76,623 $25.50m MODION MARITIME EIKO KISEN CO LTD, JAPAN. UNDERSTAND VESSEL IS 9231286 IN POOR CONDITION MAPLE VALLEY BC 2005 IMABARI MARUGAME 76,608 $30.00m EAST MED FEDNAV LTD, CANADA. SHE WAS REPORTED SOLD IN AUG 9342877 08 AT $63m TO DRYSHIPS AND IN APRIL 09 AT $40m TO KOREAN. BELISLAND BC 2003 IMABARI MARUGAME 76,602 P&C DEAL KOWA MARINE SERVICE CO LTD 9272917 JAPAN. SALE REPORTED IN JAN 09 AT $30m FAILED. BOOMERANG BC 2004 SUMITOMO 76,390 88361 CBM GRAIN $36.00m ADELFIA SHIPPING ORION BULKERS GMBH & CO KG GERMANY ORION HAD BOUGHT THE VESSEL IN 9291779 MAR 2007 FOR $50MIL (MYKALI) N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 2 of 18

TORM TINA BC 2001 TSUNEISHI 75,966 $30.00m TORM DENMARK OTHERS REPORT ARE GREEK 9207778 EFROSSINI BC 2003 TSUNEISHI JAPAN 75,932 $34.00m GREEK SAFETY MANAGEMENT OVERSEAS 9252412 VICTORIA BC 1984 VEROLME ESTALEIROS REUNIDOS DO BRASIL 75,524 $4.00m A.M. NOMICOS TRANSWORLD 7925558 OTHER REP SAYS $6.4MIL USD MADDALENA D'AMATO BC 2001 HUDONG 74,716 $25.00m OCEAN FREIGHTERS SOLD WITH TC ATTACHED AT $13,150/DAY UNTIL 4Q09. D'AMATO, ITALY 9225196 FAR EASTERN MARINA BC 1997 JIANGNAN SHIPYARD 73,596 $17.00m VOGEMANN GERMANY EASTERN MEDIA INTERNATIONAL CORP, TAIWAN. SS 9162590 11/2012, DD 05/2010. OLD SALE OTHER REP SAYS $19MIL USD SPRING PEACOCK BC 2004 IMABARI 72,497 $25.20m MITSUI OSK 9170262 LINES LTD JAPAN MARATHA MESSENGER BC 1995 JAPAN 71,252 $19.60m CHOWGULE STEAMSHIPS 9086980 LTD INDIA FOUR COAL BC 1999 TSUNEISHI 69,997 $27.50m EUROSEAS SOLD WITH TC ATTACHED TO COSCO AT $25200/DAY UNTIL JAN 2010. 9207730 PREMUDA ITALY OTHER REP SAYS $28MIL USD FAR EASTERN SILO BC 1990 IMABARI MARUGAME 69,338 $12.00m EASTERN MEDIA INTERNATIONAL CORP, TAIWAN. 9003108 JUPITER APPLAUSE BC 1997 IMABARI 69,123 $20.00m TOKAI SHIPPING CO LTD JAPAN 9161479 GIANNI D BC 1998 OKEAN 69,100 $20.00m INTRIGUE SHIPPING INC, NOMINEES OF NOVOSHIP RUSSIA GOLDENPORT HOLDINGS INC,. SELLERS HAVE MADE A PROFIT OF 9120322 $11.1m ON HER SALE. C/FREE DELIVERY MID AUG 2009 BARCELONA BRIGHT BC 1981 IHI AIOI 67,485 $5.00m PIONEER SHIP MANAGEMENT UAE 8010881 SVYATOY IOAN BC 1981 HYUNDAI 65,419 $5.50m EUROPEAN EUROPE FEDCOMINVEST MONACO 7922104 SAM MONACO SS DUE 6/2013, DD DUE 6/2011 AKRONEOS BC 1981 JAPAN 65,015 $3.90m HUA MING SHIPPING CO LTD SS/DD PASSED JULY 2008 ODYSEA CARRIERS SA 8009375 MITSA BC 1981 JAPAN 64,896 $4.00m ALLSEAS MARINE SA 7929255 NIKOS O BC 1982 TAIWAN 63,179 $3.75m UKRAINE UKRAINE PREVIOUS REPORT SOLD FOR $4MIL TO FAILED OMICRON SHIP MANAGEMENT 8020575 ANASSA BC 1983 HITACHI 63,170 4X25T $6.90m DALNAVE NAVIGATION 8106733 MOL MOSEL CONT 1995 KOYO MIHARA 61,489 4723 $9.65m TOYO SANGYO CO LTD JAPAN 9122605 TAIZHOU KOUAN TK102 TAIZHOU KOUAN TK103 BC 2009 TAIZHOU KOUAN 57,000 4X30T $28.00m SOLD ENBLOC FOR $56m 9453212 FOR BOTH UNITS. WILMAR SINGAPORE AHRENKIEL CF GERMANY BC 2010 TAIZHOU KOUAN 57,000 4X30T $28.00m 9453224 N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 3 of 18

GLEAMRAY RESALE NANTONG COSCO KHI BC 2010 NACKS 55,000 4X30T $33.00m COSCO NANJING (NOSCO) GLEAMRAY DELIVERY JAN 2010 JIN KANG BC 2003 TSUNEISHI CEBU 52,454 4X30T $26.80m SHIPPING ASSET MANAGEMENT JINHUI SHIPPING & TRANS LTD, SWITZERLAND. SS 04/2013 DD 04/2011 9254513 DARYA DHYAN BC 2001 MITSUI CHIBA ICHIHARA 50,149 4X30T $24.50m JME NAVIGATION CHELLARAM SHIPPING (HONG KONG) LTD,. 9230139 ORFEAS BC 1983 JAPAN 48,891 4X25T $6.45m PARAGON SHIPPING (ALLSEAS) WAIVED INSPECTION. 8103664 BAUHINIA BRIDGE CONT 1993 AKASHI BRIDGE CONT 19891993 KAWASAKI SOLD ENBLOC BAUHINIA HEAVY 47,500 3720 $7.50m BRIDGE AND AKASHI 9043653 INDUSTRY BRIDGE FOR $15m FOR CYPRUS BOTH UNITS. SELLERS MARITIME ARE K LINE SHIP HASHIHAMA MANAGEMENT (KLSM), ZOSEN 47,425 3720 $7.50m 9043782 JAPAN CHANG JIANG BRIDGE CONT 1992 HASHIHAMA SHIPBUILDING 47,425 3720 $6.00m CYPRUS MARITIME KAWASAKI KISEN JAPAN 9043770 NEW SEA STAR 6 BC 1985 HASHIHAMA 45,877 4X25T $7.25m FAR EASTERN FAR EAST SEA STAR SHIPS MANAGEMENT 8324397 LONDON BRIDGE BC 1994 TSUNEISHI 45,708 4X25T $16.00m ZHOUSAN BRITISH MARINE PLC UK COMMITTED 9082764 PATMOS II CONT 1992 GERMANY 45,696 2680 $4.80m SOLD ENBLOC PATMOS II 9008550 AND CIFIC FOR $9.6m FOR CYPRUS BOTH UNITS. SELLERS MARITIME ARE HAMBURGISCHE SEEHANDLUNG CIFIC CONT 1992 GERMANY 45,696 2680 $4.80m GERMANY 9008562 ZSQ STAR BC 1986 BRAZIL 45,470 3X25T P&C DEAL GOVERNMENT 8204834 MIRANDA ROSE BC 1984 TSUNEISHI 43,296 4X25T $5.00m ITC VIETNAM BRITISH MARINE PLC UK. FYI VESSEL WAS REPORTED 8307973 LAST MONTH AT $4.7m TO OSED GULF GLOBE BC 1994 HYUNDAI HI 43,246 4X25T $16.00m GREEK GLOBUS MARITIME. 9070773 JAG RANI BC 1984 MITSUI TAMANO 41,545 4X25T $4.10m TAIWANESE TAIWAN FIVE STARS SHIPPING CO 8307557 INDIA. SALE REPORTED IN DEC 08 AT $4.25m FAILED ENGIADINA CONT 2002 KOREA 39,418 2824 $17.00m SUISSE ATLANTIQUE SWISS. 9235581 SOLD FOR CONVERSION ORIENTAL KEY BC 1980 KASADO 38,323 5X25T $2.80m SINGAPOREAN SINGAPORE SHL MARITIME CO LTD KOREA 7916222 EPIPHANY BC 1985 HITACHI 37,722 4X25T $6.80m ANBROS MARITIME SA SHE WAS BOUGHT IN JAN 8308898 2006 FOR $9.75MIL USD CENK KAPTANOGLU BC 1983 KOREA 36,788 4X25T, 750 $4.00m INDONESIAN INDONESIA KAPTANOGLU SHIPMANAGEMENT TURKEY OTHER REP SAYS 8124955 GO PRIDE BC 1982 JAPAN 35,055 D5X25T $2.50m GLOBAL OCEANIC CARRIERS LTD SHE WAS ACQUIRED IN MAY 2005 8018015 FOR $10.2MIL IN A 3 VSL ENBLOC DEAL N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 4 of 18

EURUS OTTAWA CONT 1989 EURUS OSLO CONT 1989 SAFMARINE ASIA CONT 1985 EURUS SINGAPORE CONT 1989 EURUS LISBON CONT 1991 HDW AG KIEL GFR 34,380 2097 8716095 HDW AG KIEL GFR 34,380 2097 8716083 HDW AG KIEL GFR 31,290 1893 8413887 DRAFTEN EASTWIND FINCANTIERI SHIPPING/OFER STABIA 26,674 1555 MONACO GROUP USA 8618396 GROUP TSUNEISHI 2X32T, 950 15,646 SHIPBUILDING 8902400 EURUS PARIS CONT 1983 ISHIKAWAJIMA 9,649 580 8220046 EFESSOS BC 1982 USUKI 33,554 2X25T $3.50m GURITA LINTAS INDONESIA MARMARAS NAVIGATION 8117196 LTD ANGEL ACCORD BC 2003 KANDA 32,379 4X30.5T $22.00m KEYMAX GROUP JAPAN. SS 05/2013, DD 05/2011 9266152 DARIN NAREE BC 1984 HASHIHAMA 30,898 4X25T $4.20m GREEK PRECIOUS SHIPPING THAILAND SS/DD 06/2009 8313386 MOL OUEME CONT 1999 IMABARI 29,266 2X40T, D1X3.5T, 1697 $8.00m SEACHANGE USA MITSUI OSK LINES LTD JAPAN OTHER REP SAYS 11MIL 9187344 USD DARYA RAAG BC 1997 SNG 28,968 4X30T $14.00m GREEK CHELLARAM SHIPPING HONG KONG 9112351 ANTIKERI BC 1984 JAPAN 28,791 4X25T $5.30m OLOF BRODIN CHARTERING SWEDEN 8200503 OPAL NAREE BC 1982 JAPAN 28,780 5X25T $3.10m PRECIOUS SHIPPING, THAILAND. 8210388 NEW GUARDIAN BC 1995 NKK CORP 28,615 4X25T $13.50m HSIN CHIEN 9105463 MARINE SEA HONESTY BC 1997 KANDA 28,564 4X30T $12.00m SANTOKU SENPAKU CO LTD JAPAN 9142100 SS 10/2011, DD 10/2009 EASTWIND BC 1981 JAPAN 27,493 TRADEWIND BC 1981 JAPAN 27,472 4X25T, 224 4X25T, 224 ATLANTIC $2.90m BULK CARRIERS 8014796 SOLD ENBLOC TRADEWIND AND SYRIAN SYRIA EASTWIND TO SYRIAN FOR $2.9m EACH $2.90m UNIT OTHER REP SAYS $2.9MIL TO SINGAPORE 8014801 ATLANTIC ACACIA BC 1993 HAKODATE 26,472 4X30.4T $11.30m GREEK NIPPON YUSEN KAISHA JAPAN 9065572 HILAL II BC 1981 OSAKA 25,845 4X25T $2.00m HONG KONG SHUN XIN MARINE LTD BUYUK CAMLICA DENIZ TURKEY 7921801 OOCL ACCLAIM CONT 1997 JAPAN 24,328 1560 $6.00m TOKAI SHIPPING CO LTD JAPAN 9159854 AMMON ACE BC 1996 KANDA 24,157 3X30T $12.00m GREEK KAWASAKI KISEN KAISHA JAPAN OTHER REP SAYS VIETNAMESE 9143049 IST BC 1981 JAPAN 24,030 3X25T, D1X25T $1.90m JADROPLOV 8024923 INTERNATIONAL KROATIA CYNTHIA CONT 2008 WADAN SHIPYARD 23,870 1690 $21.00m BRIESE SCHIFFAHRTS GERMANY SOLD FOR 15MIL EURO VESSEL WAS ORIGINALLY CONTRACTED BY THE WINTER BROTHERS FOR 9348182 AROUND EURO32m. SOLD BY THE RECEIVERS OF GERMAN SHIPYARD WADAN. VIKING HAWK CONT 2009 23,690 1740 2X40T $22.00m CARSTEN REHDER GERMANY NORSE MANAGEMENT CO PTE LTD SINGAPORE 9436068 DUCK FORTUNE BC 1981 JAPAN 22,525 5X22T $1.50m SOLD ON AS IS TEMA GHANA BASIS SELLERS ARE AQUACHART SIA 7929334 LATVIA N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 5 of 18

OCEAN BIRD CONT 2008 CSBS 22,314 OCEAN SPICA CONT 2008 CSBS 22,314 OCEAN MERMAID CONT 2008 CSBS 22,314 OCEAN EMERALD CONT 2008 CSBS 22,314 2X40T 1713 2X40T 1713 2X40T 1803 2X40T 1713 $79.00m GERMAN GERMANY SOLD ENBLOC OCEAN BIRD, OCEAN EMERALD, OCEAN SPICA AND OCEAN MERMAID FOR $79m FOR ALL 4 UNITS TO GERMAN. CIDO SHIPPING HONG KONG, 9357547 9357523 9351218 SUERTE BC 1980 JAPAN 22,260 2X25T, D2X25T $1.82m FAR EASTERN FAR EAST MARITEAM 8021323 SERVICES MONTANIA CONT 1996 POLAND 22,148 1550 $6.90m IRANIAN IRAN KONIG & CIE GMBH & CO KG GERMANY 9117181 PAWITRA NAREE BC 1985 JAPAN 21,654 3X25T, D1X25T $4.10m PRECIOUS SHIPPING THAILAND 8503682 MANISAMUT NAREE BC 1983 WATANABE ZOSEN 21,341 3X25T,D1X2 5T $3.70m GREEK PRECIOUS SHIPPING, THAILAND. SS 8222020 10/2013, DD 11/2011 TALTY BC 1979 UK 16,728 3X8T P&C DEAL POLSKA ZEGLUGA MORSKA PP POLAND 7725673 TOUGH TRADER MPP 1980 UK 15,200 D1X26T, D3X22T, D2X5T, 110 P&C DEAL UAE UAE MARACHART SHIPPING 7614771 RIOMARE BC 1983 JULIANA SPAIN 11,702 D2X30T, D3X22T, 566 $1.50m BAYAZID SHIPPING CO SYRIA 8012243 ABOUDI V CONT 1985 GDR 9,327 2X35T, 754 $2.10m OSMAN SHIPPING LLC UAE 8405921 KIND FAITH SD 2009 9,300 2X40T $13.20m 9528407 HAN LORD MPP 1983 JAPAN 9,120 2X25T, D2X15T, 210 $1.30m SHANGHAI ZHENGDONG SHIPPING CO SHE WAS BOUGHT IN NOV 2006 FOR $3.2MIL USD 8301242 PLORI MPP 1983 BARRERAS 8,556 LADO MPP 1984 JULIANA SPAIN 8,522 D4X25T, 160 D4X25T, 160 $1.10m 8206284 COSMOS SYRIAN SYRIA MARINE MANAGEMENT SA $1.20m 8113140 LUBEY ALICE MPP 1983 GDR 8,060 2X35T, 582 $0.85m GREEK SHIPMATES INTERNATIONAL SA SHE WAS ACQUIRED IN FEB 2008 8203610 FOR $5MIL USD SOLD AT AUCTION WITH DELY OTHER REP SAYS GERMAN VENTO DI TRAMONTANA MPP 1983 RICKMERS 8,035 2X35T 582 S $1.10m BROINTERMED LINES LTD 8203622 UK WHITE SAGA MPP 1999 SEIBU 7,950 D2X30T, D1X25T $6.20m VIETNAMESE VIETNAM NARASAKI 9216341 SANGYO KK JAPAN JONA MPP 1979 VEB NEPTUN GDR 7,810 D4X22.5T 294 P&C DEAL EGYPTIAN EGYPT EGYPT TRADE MARITIME SERVICES EGYPT WAS 7932692 SOLD IN NOV 2007 FOR $3.65MIL BBC GDANSK MPP 2008 REMONTOWA 7,500 2X120T, 532 $18.18m SCHNAPPCHEN FONDS I GERMANY SOLD FOR 12.9 MIL EURO BRIESE SCHIFFAHRTS GMBH & CO GERMANY 9436965 ATOZ MPP 1990 JAPAN 6,926 D4X15T $3.60m SOUTH EASTERN SOUTH EAST BOGO LINE CO LTD KOREA 9009085 N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 6 of 18

STENA TRANSPORTER RORO 1978 HYUNDAI 5,455 151.01M LOA, 1860LM 220 P&C DEAL STRADA BLUE ITALY STENA AB SWEDEN 7528659 COOL STAR RORO 1990 JAPAN 5,228 $11.50m DALIAN JIFA VEHICLES CARRIER FUYOH SHIPPING JAPAN 8911267 ORANGE SKY RORO 1993 JAPAN 5,184 $8.00m DALIAN JIFA VEHICLES CARRIER PRINCE KAIUN JAPAN 9052898 JAKOB MPP 1977 POLAND 4,028 P&C DEAL HH BROTHERS MARITIME BULGARIA 7405663 BALTIC TERN CONT 1989 KOREA 3,754 357 224 REEF $1.20m CMA CGM HOLDING FRANCE 8714114 OCEAN SCOTSMAN PSV 1982 SINGAPORE SLIPWAY 2,910 $6.50m BARD GERMANY HOYLAND NORWAY 8016110 CIUDAD DE VALENCIA ROPAX 1984 SPAIN 2,500 $2.98m VEHICLES CARRIER ACCIONA TRANSMED SPAIN 7915802 VAN GOGH PASS 1975 FINLAND WARTSILA 2,452 156.26 LOA, 727 PAX $6.50m SOLD VIA AUCTION CLUB CRUISE ENTERTAINMENT 7359400 NETHERLANDS Note1: With Red color are indicated all Greek interest Buyers or Sellers DRY CARGO 2ND HAND MARKET STATISTICS SELLERS STATS 2009 MONTHLY UNIT SALE ACTIVITY country units % 2009 UNITS OUTLAY$ DWT 110 21.03% JANUARY 62 $812.15m 2,505,893 JAPAN 97 18.55% FEBRUARY 73 $682.50m 2,622,811 42 8.03% MARCH 103 $1,026.38m 3,923,727 SINGAPORE 26 4.97% APRIL 75 $913.02m 3,569,193 UK 25 4.78% MAY 97 $1,366.90m 5,231,800 GERMANY 22 4.21% JUNE 113 $1,679.33m 5,680,789 KOREA 19 3.63% JULY 0 $0.00m 0 NORWAY 18 3.44% AUGUST 0 $0.00m 0 DENMARK 17 3.25% SEPTEMBER 0 $0.00m 0 SELLERS Greek Sellers have disposed 110 units THAILAND 16 3.06% OCTOBER 0 $0.00m 0 (85 last) so far in 2009, while Japanese Sellers have TURKEY 15 2.87% sold 97 units (78 last). In 3rd place follow the NOVEMBER 0 $0.00m 0 ITALY 10 1.91% Chinese sellers with 42 units (28 last), while DECEMBER 0 $0.00m 0 Singapore based sellers are 4th with 26 units (25 USA 7 1.34% TOTAL 523 $6,480.27m 23,534,213 last). INDIA 7 1.34% UAE 6 1.15% 2009 DRY CARGO STATISTICS SWEDEN 6 1.15% COUNTRY UNITS % OUTLAY ($) % DWT % NETHERLANDS 6 1.15% 107 20.46% $1,251 19.26% 6,018,083 25.55% PHILIPPINES 5 0.96% 93 17.78% $1,717 26.44% 5,136,287 21.81% ALL OTHER 67 12.81% GERMANY 20 3.82% $300 4.62% 531,049 2.25% 2 0.38% FAR EAST 14 2.68% $92 1.41% 564,526 2.40% TOTAL 523 100.00% TURKEY 13 2.49% $130 2.00% 354,837 1.51% China during the past 3 months, has taken JAPAN 13 2.49% $374 5.76% 1,439,613 6.11% the lead strongly and has bought a total of 107 units. SYRIA 12 2.29% $32 0.50% 268,101 1.14% If we add also the ships of Taiwan ( 9), and Hong Kong INDONESIA 10 1.91% $65 1.00% 312,795 1.33% (2) and some of the Far East undisclosed deals ( 14), we see that China is clearly the undisputed buyer VIETNAM 10 1.91% $75 1.15% 257,420 1.09% leader of secondhand tonnage. Greeks follow much improved with 93 units, while German Buyers have come up strong with 20 units. TAIWAN 9 1.72% $159 2.45% 683,190 2.90% ITALY 9 1.72% $190 2.92% 302,305 1.28% BRAZIL 8 1.53% $201 3.09% 1,526,447 6.48% 2009 BULKER VSLS SOLD COUNTRY OF BUILT MONACO 7 1.34% $14 0.22% 179,384 0.76% COUNTRY UNITS % rank KOREA 7 1.34% $161 2.48% 337,218 1.43% JAPAN 291 78.4% 1 130 24.86% $1,080 16.63% 3,902,464 16.57% KOREA 31 8.4% 2 ALLOTHER 61 11.66% $814 12.54% 2,074,743 8.81% 16 4.3% 3 TOTAL 523 100.00% $6,494 100.00% 23,551,244 100.00% POLAND 8 2.2% 4 UK 6 1.6% 5 Out of a total of 371 DRY BULK vessels sold during the first 6 months of 2009, it is interesting to see that SPAIN 3 0.8% 6 291 vessels (78.4% of total) are built in JAPANese Shipyards. This is a very interesting trend that we SINGAPORE 1 0.3% 7 noted from last month and that scenario, was definitely not occuring before Oct 2008. It seems that post Oct Crisis, the buying criteria of most cash buyers changed and they must have felt more secure going for ALL OTHER 15 4.0% mid 80's, and 90's secondhand Japanese built tonnage. So it is clearly obvious as 3 out of 4 Bulkers sold TOTAL 371 100.0% are "BIG IN JAPAN " it goes without saying that if a ship wants to stand a good chance of finding quickly a new owner then she " better be built in JAPAN "!!! N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 7 of 18

DRY CARGO UNITS SOLD BREAKDOWN PER MONTH 2009 2009 BC SD CONT MPP TWEEN REEFER PASS RORO OTHER TOTAL JANUARY 48 0 3 4 0 0 1 4 2 62 FEBRUARY 42 0 13 11 0 0 0 1 6 73 MARCH 73 1 3 13 2 0 2 2 7 103 APRIL 58 3 2 3 3 0 2 1 3 75 MAY 82 0 4 6 0 0 1 1 3 97 JUNE 68 1 24 11 0 0 1 3 5 113 JULY 0 0 0 0 0 0 0 0 0 0 AUGUST 0 0 0 0 0 0 0 0 0 0 SEPTEMBER 0 0 0 0 0 0 0 0 0 0 OCTOBER 0 0 0 0 0 0 0 0 0 0 NOVEMBER 0 0 0 0 0 0 0 0 0 0 DECEMBER 0 0 0 0 0 0 0 0 0 0 TOTAL 371 5 49 48 5 0 7 12 26 523 units 110 100 90 80 70 60 50 40 30 Dry cargo units sold 2009 vs 2008 103 110 113 95 97 96 2008 2009 79 83 77 73 75 74 71 62 52 44 42 33 JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER $4,150.00m $3,650.00m $3,150.00m $2,650.00m $2,150.00m $1,650.00m $1,150.00m $650.00m $150.00m Dry cargo Capital expend. 2009 vs 2008 $3,950 $3,615 $2,675 $2,660 $2,027 $1,339 $812 $682 $1,026 JANUARY FEBRUARY MARCH APRIL $2,172 $1,367$1,679 $1,602 $913 $1,340 $809 $567 $351 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 June 2009, compared to 2008 monthly activity. $91 $76 $61 $46 $31 $16 $128 $108 $88 $68 $48 $28 NB BULKERS PRICE COMPARISON In the table on the top we see the MONTHLY dry cargo capital expenditure for June 2009 compared to 2008 monthly activity. 2003 built (5Y) OLD BULKERS PRICE COMPARISON CHANGE CHANGE FR0M 4/7/08 6/7/2007 4/7/2008 26/6/2009 FR0M 4/7/08 TYPE 6/7/2007 4/7/2008 26/6/2009 TYPE NB CAPE $83.0 $96.6 $65.0 33% 5y CAPE $102.0 $150.3 $50.0 67% NB PMX $42.0 $56.5 $40.5 28% 5y PMX $59.0 $86.5 $33.0 62% NB HANDY $39.0 $48.5 $32.0 34% 5y HANDY $54.5 $72.5 $27.0 63% $8 1998 built (10Y) OLD BULKERS PRICE COMPARISON 1988 built (20Y) OLD BULKERS PRICE COMPARISON CHANGE CHANGE TYPE 6/7/2007 4/7/2008 26/6/2009 FR0M 4/7/08 TYPE 6/7/2007 4/7/2008 26/6/2009 FR0M 4/7/08 10y CAPE $82.1 $131.0 $41.0 69% 20y CAPE $35.0 $83.0 $20.0 76% 10y PMX $50.0 $76.0 $25.2 67% 20y PMX $27.0 $48.0 $11.2 77% 10y HANDY $42.0 $62.0 $20.0 68% 20y HANDY $23.0 $41.0 $9.8 76% Tables above compare prices from 6th July 2007 and 4th Jul 2008 with today Feb00 Jun00 Oct00 Feb00 Jun00 Oct00 DRY CARGO (2000 2009) NB vsl PRICES CAPE 170K PANAMAX 70K HANDY 50K Feb01 Jun01 Oct01 Feb02 Jun02 Oct02 Feb03 Jun03 Oct03 Feb04 Jun04 Oct04 Feb05 Jun05 Oct05 Feb06 Jun06 Oct06 Feb07 Jun07 Oct07 Feb08 Jun08 Oct08 Feb09 Jun09 DRY CARGO (2000 2009) 10y OLD vsl PRICES CAPE 170K PANAMAX 70K HANDY 50K Feb01 Jun01 Oct01 Feb02 Jun02 Oct02 Feb03 Jun03 Oct03 Feb04 Jun04 Oct04 Feb05 Jun05 Oct05 Feb06 Jun06 Oct06 Feb07 Jun07 Oct07 Feb08 Jun08 Oct08 Feb09 Jun09 $145 $123 $100 $78 $55 $33 $10 $77 $65 $52 $40 $27 $15 $2 Feb00 Jun00 Oct00 Feb00 Jun00 Oct00 DRY CARGO (2000 2009) 5y OLD vsl PRICES CAPE 170K PANAMAX 70K HANDY 50K Feb01 Jun01 Oct01 Feb02 Jun02 Oct02 Feb03 Jun03 Oct03 DRY CARGO (2000 2009) 20y OLD vsl PRICES CAPE 170K PANAMAX 70K HANDY 50K Feb01 Jun01 Oct01 Feb02 Jun02 Oct02 Feb03 Jun03 Oct03 Feb04 Jun04 Oct04 Feb05 Jun05 Oct05 Feb06 Jun06 Oct06 Feb07 Jun07 Feb04 Jun04 Oct04 Feb05 Jun05 Oct05 Feb06 Jun06 Oct06 Feb07 Jun07 Oct07 Feb08 Jun08 Oct08 Feb09 Jun09 N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 8 of 18 Oct07 Feb08 Jun08 Oct08 Feb09 Jun09

TANKER SHIPS SOLD DURING THIS MONTH NAME TYPE YEAR BUILT DWT PRICE PRICE NOTE NAME NATION NOTES JUNE 2009 IMO SONGA CHELSEA TANKER 1995 DAEWOO 298,432 $54.00m IRANIAN IRAN ARNE BLYSTAD NORWAY SHE WAS ACQUIRED BY A.BLYSTAD/SONGA 9077850 SHIPPING FOR $100MIL IN JAN 2008 STARLIGHT VENTURE TANKER 2004 HYUNDAI 291,768 $80.00m UMING TAIWAN. WAH KWONG SHIPPING HOLDINGS JAPAN SOLD INCLUDING A TC FOR 3 YEARS AT $35000/DAY 9297539 ASHKINI SPIRIT TANKER 2003 KOREA 165,187 $57.00m TEEKAY TANKERS CANADA TEEKAY CORPORATION CNADA 9239484 CHEMTRANS LYRA TANKER 1993 KOREA 97,097 $16.50m INDONESIAN INDONESIA DIVAG (DEUTSCHE INVESTITIONS UND 9006899 VERMOGENS TREUHAND AKTIENGESELLSCHAFT) GERMANY ANGEL NO 6 TANKER 1988 SHIN KURUSHIMA 40,509 $5.00m WINSON OIL HONG KONG WINSON TANKER PTE LTD SINGAPORE 8806383 SITEAM ANABEL TANKER 1986 ULJANIK 40,158 $27.00m BRODOG SOLD EN 8301204 BLOC SITEAM ANABEL,SICHE SOLD EN BLOC SITEAM M ANNE, ANABEL, SICHEM SICHEM ANNE TANKER 1997 HIGAKI 9,202 $27.00m SICHEM PROVENCE, SICHEM 9168257 PROVENCE. ANNE, AND SICHEM SICHEM PRINCESS MARIE PRINCESS CHANTAL FOR $27m FOR MARIE ALL FOUR UNITS. SICHEM PROVENCE TANKER 1996 USUKI 8,758 $27.00m CHANTAL TO 9142320 SICHEM PRINCESS MARIECHANTAL EITZEN OSED FOR CHEMICAL, SINGAPORE. $27m FOR ALL UNITS TANKER 2003 NOKBONG 8,016 $27.00m 9268291 CHEMSTAR HERO TANKER 2002 FUKUOKA 19,836 $17.50m MTMM USA IINO KAIUN KAISHA LTD JAPAN 9264465 ADRIATIC WIND TANKER 1984 SPLIT 17,600 $3.40m OTHER REP SAYS SOLD FOR SCRAP SELLERS ARE TROUBLED/COLLAPSED EASTWIND GROUP USA 8207018 FRANCESCO D'ALESIO TANKER 1993 ITALY 11,328 $9.00m P&C ATLANTIC OIL MARITIME SA D'ALESIO ITALY 9030711 EMIRATES SWAN TANKER 2006 SASAKI 8,636 $12.85m IMO III VIETNAMESE VIETNAM SOLD SUB INSPECTION. SS/DD 022011 SELLERS ARE FLEET MANAGEMENT LTDHKG HONG KONG 9333125 GLOBAL MARS TANKER 2001 JAPAN 7,786 $11.50m MALAYSIAN MALAYSIA GLOBAL MARINE SERVICE CO LTD 9236925 JAPAN WOO YEON TANKER 1995 JAPAN 4,897 $3.00m KOREAN KOREA SELELRS ARE KEOJE MARINE CO LTD KOREA 9118757 OCEAN PRIMATE GAS 1993 YSSELWERFT 3,566 $6.20m 3200 CBM TRANSGAS VENEZUELA LPG ALLOCEAN LTD 9031985 GAS SOPHIE GAS 1995 KITANIHON 2,609 $6.60m 3516 CBM INDONESIAN Note1: With Red color are indicated all Greek interest Buyers or Sellers INDONESIA LPG STEALTH GAS 9125401 N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 9 of 18

SELLERS STATS 2009 TANKER 2ND HAND MARKET STATISTICS We see that the number of ships sold during June MONTHLY UNIT SALE ACTIVITY 2009 shows a serious "slowdown" of the tanker COUNTRY UNITS % 2009 UNITS OUTLAY$ DWT secondhand market. Only 17 tanker ships were sold JAPAN 23 14.47% this month. With Capital Outlay being very low with JANUARY 36 $1,380.95m 2,829,769 only $310million USD being spent and a mere SINGAPORE 23 14.47% FEBRUARY 17 $406.80m 1,038,858 1million DWT changing hands. 18 11.32% MARCH 21 $339.95m 698,835 NORWAY 15 9.43% APRIL 22 $267.90m 645,958 USA 12 7.55% MAY 46 $760.50m 3,078,127 10 6.29% JUNE 17 $309.55m 1,035,385 UK 6 3.77% JULY 0 $0.00m 0 TURKEY 6 3.77% AUGUST 0 $0.00m 0 UAE 5 3.14% SEPTEMBER 0 $0.00m 0 ITALY 6 3.77% OCTOBER 0 $0.00m 0 SELLERS The table on the RIGHT shows the nationality of the Sellers. Japanese Sellers are CYPRUS 5 3.14% NOVEMBER 0 $0.00m 0 sharing 1st place as sellers, selling 23 units (20 last) KOREA 6 3.77% together with Singapore sellers who have disposed 23 DECEMBER 0 $0.00m 0 units (18 last). Greek Sellers are 3rd with 18 units INDONESIA 3 1.89% TOTAL 159 $3,465.65m 9,326,932 (same 18 last), followed by Norwegian sellers who sold 15 units (14 last. BULGARIA 3 1.89% RUSSIA 3 1.89% 2009 TANKER buyer STATISTICS SOUTH AFRICA 2 1.26% COUNTRY UNITS OUTLAY ($) % DWT % MALAYSIA 2 1.26% 24 $426 12.29% 1,195,117 12.81% GIBRALTAR 1 0.63% USA 13 $547 15.78% 1,107,652 11.88% ALL OTHER 6 3.77% NORWAY 10 $415 11.98% 739,770 7.93% 4 2.52% 6 $97 2.78% 1,365,200 14.64% TOTAL 159 100.00% LIBYA 6 $251 7.24% 381,770 4.09% JAPAN 6 $248 7.17% 899,892 9.65% TURKEY 5 $38 1.08% 46,988 0.50% VIETNAM 5 $92 2.64% 109,325 1.17% SINGAPORE 4 $202 5.83% 184,000 1.97% FAR EAST 4 $16 0.46% 119,980 1.29% ASIA 3 $6 0.17% 16,388 0.18% INDONESIA 5 $35 1.02% 155,089 1.66% GERMANY 3 $69 1.99% 45,801 0.49% Greek buyers are holding the lead, having acquired 24 32 $475 13.70% 1,281,311 13.74% units (21 LAST), with USA buyers 2nd with 13 units (12 last) and Norwegian buyers 3rd with 10 units (unchanged ). Chinese buyers ALL OTHER 33 $550 15.86% 1,678,649 18.00% have acquired 6 ships (unchanged) and together with Japanese and TOTAL 159 $3,466 100.00% 9,326,932 100.00% Libyan buyers are sharing 4th place with 6 units each. 2009 TANKER UNITS SOLD BREAKDOWN PER SIZE AND MONTH 2009 VLCC & ULCC SUEZMAX AFRAMAX 110K PANAMAX 70K PROD 45K < 40,000 OBO LPG & LNG JANUARY 2 5 9 0 7 13 0 0 36 FEBRUARY 1 1 3 2 0 8 0 2 17 MARCH 0 0 4 0 3 14 0 0 21 APRIL 1 0 0 0 4 16 0 1 22 MAY 6 2 3 0 8 26 0 1 46 JUNE 2 1 1 0 2 9 0 2 17 TOTAL JULY 0 0 0 0 0 0 0 0 0 AUGUST 0 0 0 0 0 0 0 0 0 SEPTEMBER 0 0 0 0 0 0 0 0 0 OCTOBER 0 0 0 0 0 0 0 0 0 NOVEMBER 0 0 0 0 0 0 0 0 0 DECEMBER 0 0 0 0 0 0 0 0 0 TOTAL 12 9 20 2 24 86 0 6 159 N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 10 of 18

NB TANKERS PRICE COMPARISON CHANGE CHANGE FR0M 4/7/08 6/7/2007 4/7/2008 26/6/2009 FR0M 4/7/08 TYPE 6/7/2007 4/7/2008 26/6/2009 TYPE VLCC $130.3 $155.5 $109.0 30% VLCC $123.0 $149.0 $76.0 49% SUEZMAX $81.0 $95.0 $77.0 19% SUEZMAX $89.0 $99.0 $60.0 39% AFRAMAX $66.0 $77.9 $53.0 32% AFRAMAX $67.0 $75.0 $42.0 44% PANAMAX $56.0 $65.0 $47.0 28% PANAMAX $55.5 $61.0 $37.0 39% MR PROD $47.0 $54.0 $39.5 27% MR PROD $49.5 $52.4 $30.0 43% 10Y TANKERS PRICE COMPARISON 5Y TANKERS PRICE COMPARISON 20Y TANKERS PRICE COMPARISON CHANGE CHANGE TYPE 6/7/2007 4/7/2008 26/6/2009 FR0M 4/7/08 6/7/2007 4/7/2008 26/6/2009 FR0M 4/7/08 TYPE VLCC $101.0 $125.0 $59.0 53% VLCC $29.5 $39.2 $18.0 54% SUEZMAX $72.1 $81.9 $43.0 47% SUEZMAX $22.0 $34.2 $15.0 56% AFRAMAX $56.1 $61.0 $30.0 51% AFRAMAX $15.5 $25.2 $10.0 60% PANAMAX $45.6 $50.5 $28.0 45% PANAMAX $13.6 $23.0 $7.0 70% MR PROD $41.5 $45.0 $23.5 48% MR PROD $12.5 $17.5 $6.2 65% Tables above compare prices from 6th July 2007 and 4th Jul 2008 with today 164 144 124 NEWBUILDING TANKER PRICES 2000 2009 VLCC 300K SUEZ 150K AFRA 110K PANAMAX 70K PROD 45K 160 140 120 5 YEAR OLD TANKER PRICES 2000 2009 VLCC 300K SUEZ 150K AFRA 110K PANAMAX 70K PROD 45K 104 84 64 44 24 133 113 93 Jan00 May00 Sep00 Jan01 May01 Sep01 Jan02 May02 Sep02 VLCC 300K SUEZ 150K AFRA 110K Jan03 May03 Sep03 Jan04 May04 Sep04 Jan05 May05 Sep05 Jan06 May06 Sep06 Jan07 May07 Sep07 Jan08 May08 Sep08 Jan09 May09 10 YEAR OLD TANKER PRICES 2000 2009 PANAMAX 70K PROD 45K 100 80 60 40 20 43 38 33 28 Jan00 May00 Sep00 Jan01 May01 Sep01 Jan02 May02 Sep02 VLCC 300K SUEZ 150K AFRA 110K Jan03 May03 Sep03 Jan04 May04 Sep04 Jan05 May05 Sep05 Jan06 May06 Sep06 Jan07 May07 Sep07 Jan08 May08 Sep08 Jan09 May09 20 YEAR OLD TANKER PRICES 2000 2009 PANAMAX 70K PROD 45K 73 53 33 13 Jan00 May00 Sep00 Jan01 May01 Sep01 Jan02 May02 Sep02 Jan03 May03 Sep03 Jan04 May04 Sep04 Jan05 May05 Sep05 Jan06 May06 Sep06 Jan07 May07 Sep07 Jan08 May08 Sep08 Jan09 May09 units TANKER units sold 2009 vs 2008 2009 2008 55 49 48 50 48 46 43 45 45 42 39 37 40 36 35 23 18 13 8 3 Jan00 May00 Sep00 Jan01 May01 Sep01 Jan02 May02 Sep02 Jan03 May03 Sep03 Jan04 May04 Sep04 Jan05 May05 Sep05 Jan06 May06 Sep06 Jan07 May07 Sep07 Jan08 May08 Sep08 Jan09 May09 30 25 20 15 10 17 21 22 17 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 20092008) N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 11 of 18

NEWBUILDING ORDERS JUNE 2009 UNITS TYPE TONNAGE YARD YEAR PRICE BUYER S NAME NOTES 4 BC 92,500 DWT JINLING 2012/2013 $60.00 CENTRANS INTERNATIONQAL HK 18 BC 176,000 DWT JINHAIWAN GRAND JINHAIWAN ARE TRYING TO SELL 50% OF THEIR SHARES. 14 BC 92,000 DWT JINHAIWAN GRAND 1 BC 176,000 DWT SWS 2010 $63.00 1 MPP 7,500 DWT POLNOCNA 2009 $18.00 4 TANKER 50,400 DWT STX 2011 $42.00 GREEK OLTMAN STANDARD DEVELOPMENT (GREEK) PLUS OPTION 4 MORE 2 TANKER 105,400 DWT SUMITOMO 2010 CIDO SHIPPING HK OLDER BUSINESS 1 FRUIT JUICE 37,500 DWT BRODOSPLIT 2010 ATLANSHIP 1 AHTS 1,996 DWT HAVYARD LEIRVIK 2011 $157.00 4 TUG SONG CAM 2011 Note1: With Red color are indicated all Greek interest Buyers or Sellers HAVYARD LEIRVIK NORWAY LAMNALCO UAE 350 T BOLLARD PULL DAMEN ASD 3213 DESIGN 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 0 0 0 0 0 0 0 0 AUGUST 0 0 0 0 0 0 0 0 SEPTEMBER 0 0 0 0 0 0 0 0 OCTOBER 0 0 0 0 0 0 0 0 NOVEMBER 0 0 0 0 0 0 0 0 DECEMBER 0 0 0 0 0 0 0 0 TOTAL 96 281 68 27 7 109 2 68 BC MPP CONT TANKER LNG/LPG ALL OTHER NEW BUILDING ORDER TYPES FOR 2009 ALL OTHER; 68; 24% BC; 68; 24% LNG/LPG; 2; 1% TANKER; 109; 39% CONT; 7; 2% MPP; 27; 10% N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 12 of 18

REPORTED DEMOLITION DEALS JUNE 2009 NAME TYPE YEAR BUILT DWT LDT PRICE BREAKER NOTES IMO EASTWAY TANKER 1989 DAEWOO PRE BUDGET DELIVERY 152,740 20,797 $290 PAKISTAN 8703103 SHIPBUILDING TANKER PACIFIC MANAGEMENT SINGAPORE ARENDAL STAR LANSHAN AUGUSTA HUA GUAN TANKER 1986 JAPAN 106,722 15,309 $323 BANGLADESH POLYAR TANKERS AS 8419740 OBO 1984 AESA PUERTO GLORY WEALTH SHIPPING 76,324 16,951 $240 REAL 8023278 BC 1981 JAPAN 70,637 17,411 $262 INDIA OBO DND MANAGEMENT INC 8022509 BC 1977 JAPAN 53,521 11,073 $245 GUANGZHOU UNIOCEAN INTL SHIP 7621047 MSC MANU CONT 1978 BOELWERF MSC MEDITERRANEAN TEMSE 49,217 22,553 $262 INDIA SHIPPING CO SWISS 7505138 KASHMIR HUGO N LOVESTAR MOL COLUMBUS MARTINOLI CONSULTING SRL TANKER 1988 JAPAN 45,003 8,771 $240 INDIA ITALY SOLD AS IS FUJAIRAH DAMAGED BY 8800248 FIRE GAS 1980 BOELWERF LPG SELELRS ARE MARU SHIPPING CO INC 43,354 15,530 $270 INDIA 7723869 TEMSE USA BC 1988 JAPAN 41,051 8,222 $260 INDIA DND MANAGEMENT INC 7375600 CONT 1991 TSUNEISHI 40,331 15,204 $265 MITSUI OSK LINES LTD, (MOL) JAPAN 9012288 MOL LIBERTY HUA GUANG CONT 1986 BC 1982 MITSUI CHIBA MITSUI OSK LINES LTD, (MOL) ICHIHARA 38,512 15,420 $268 INDIA JAPAN 8600583 MITSUBISHI YOKOHAMA 37,404 11,195 $245 GOVERNMENT 8103248 ANL EXPLORER CONT 1985 JAPAN 34,194 12,487 $265 SELLERS CMA CGM HOLDING FRANCE 8506098 DONGHAI KASCO AKTOR SIMA YAZD YONG XING MEN TAIPAN BALEARES BC 1978 TANKER 1981 TANKER 1986 CONT 1982 BC 1979 TANKER 1981 CONT 1978 KANASASHI TIANJIN HEBEI SHIPPING CO ZOSEN 33,663 8,021 INDIA LTD, 7522655 SANOYASU MIZUSHIMA 31,745 9,091 $291 BANGLADESH DELFI S.A., 7913816 KANDA PRE BUDGET DELIVERY. KAWAJIRI 29,990 7,280 $296 PAKISTAN CAPITAL SHIP MANAGEMENT CORP., 8323367 HAKODATE SIMATECH SHIPPING & MURORAN 26,674 8,019 $260 INDIA FORWARDING UAE 1210 8100820 UWAJIMA SOLD ON PRIVATE & CONF DEAL SELLERS ZOSENSHO 22,526 5,437 INDIA ARE COSCO 7908938 UWAJIMA PIONEER SHIP MANAGEMENT ZOSENSHO 22,255 6,389 $290 BANGLADESH SERV UAE 8105911 MITSUBISHI KOBE 20,832 9,422 $251 INDIA TARGET MARINE SA 7714349 MSC KATHERINE ANN KANDALAKSHA MORNING LIGHT CONT 1985 POLAND 20,169 9,683 INDIA MSC SHIP MANAGEMENT HK LTD 1100 8300975 RORO 1984 FINLAND 19,943 10,816 $245 MIURMANSK SHIPPING CO RUSSIA 8119156 RORO 1978 JAPAN 19,931 9,121 $243 PURE CAR CARRIER CIDO SHIPPING HONG KONG 7727530 NAYAB II TWEEN 1981 WARSKIEGO PRIME INTERNATIONAL STOCZNI 19,035 8,858 $260 PAKISTAN INVESTORS PAKISTAN 7826893 APL TULIP MORNING QUEEN AQUILO DZINTARI SINAI CONT 1984 18,436 6,736 $269 INDIA NEPTUNE ORIENT LINES SINGAPORE 8207903 RORO 1978 JAPAN 18,426 12,905 $240 PURE CAR CARRIER CIDO SHIPPING HONG KONG 7801609 TWEEN 1979 JAPAN 18,186 7,060 $260 INDIA BOGAZZI & FIGLI SPA ITALY 7716220 TANKER 1984 3MAJ 17,585 6,200 $287 BANGLADESH LATVIAN SHIPPING CO 8207276 TWEEN 1977 MITSUBISHI RED SEA NAVIGATION CO YOKOHAMA 16,746 7,204 $261 INDIA EGYPT 7628148 N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 13 of 18

FAIR TRADER ADRIATIC WIND GLOBAL HIGHWAY JUPITER DIAMOND MINA SUN ACE LORETTA D I KAL SIGLOO NORSE TRANS PACIFIC 3 FAIRDEAL GROUP TANKER 1984 ITALY 16,685 6,103 $265 INDIA MANAGEMENT 8211318 EASTWIND GROUP USA ALSO TANKER 1984 CROATIA 16,354 6,071 $288 BANGLADESH REPORTED IN THE TANKER SALES SECTION AS IT IS UNCLEAR IF SHE IS SOLD FOR SCRAP 8207018 OR FURTHER TRADING PURE CAR CARRIER OLD SALE SELLERS RORO 1982 JAPAN 15,148 12,345 ARE KAWASAKI KISEN KAISHA LTD JAPAN 8117184 RORO 1978 MITSUBISHI VEHICLES CARRIER OLD SALE SELLERS NAGASAKI 14,687 12,320 ARE NIPPON YUSEN KAISHA JAPAN 7718462 BC 1981 UKRAINE 14,550 5,615 $247 INDIA MARTI DENIZCILIK TURKEY 7942829 PURE CAR CARRIER OLD SALE SELLERS RORO 1981 JAPAN 13,051 11,980 ARE MITSUI OSK LINES LTD JAPAN 8025484 NEPTUNE OCEANSTAR MANAGEMENT MPP 1979 SCHIFFSWERFT 12,685 6,053 $248 INDIA INC, 7824039 MPP 1982 NAMPO 12,633 6,105 INDIA KOREA IKAL SHIPPING, KOREA 8976891 GAS 1982 NORWAY 11,665 5,550 $272 INDIA LPG EITZEN GROUP NORWAY 8008474 PURE CAR CARRIER OLD SALE SELLERS RORO 1981 JAPAN 11,167 10,890 ARE TOYOFUJI SHIPPING CO LTD JAPAN 8025214 RITA DEL MAR RORO 1978 KURUSHIMA PURE CAR CARRIER OLD SALE SELLERS ONISHI 10,890 10,780 ARE HESNES SHIPPING NORWAY 7701304 OCEAN LADY I EURASIAN BRILLIANCE RORO 1973 SCHELDE NV 10,414 8,265 $252 INDIA RORO CARGO SHIP ALLTRANS SHIPPING AND TRADING UAE 7325215 RORO 1985 JAPAN 9,763 7,383 $244 INDIA PURE CAR CARRIER VROON BV NETHERLANDS 8400397 SANTA MARINA REEFER 1978 JAPAN 9,321 5,915 $235 INDIA SAMSKIP HF ICELAND 7800318 CONTA CONT 1984 BULGARIA 9,141 5,358 $265 INDIA DONBASS UKRAINE 8313532 GALA D TELO GRAND RORO CARGO SHIP WITH CONT FACILITIES CONT 1982 SPAIN 8,640 5,500 $140 TURKEY SOMAP UK 8012255 RORO 1983 A. ZHDANOV 5,500 6,000 $267 INDIA LATVIAN SHIPPING COMPANY 8226519 HYO MYUNG CONSTRUCTION REEFER 1986 IMAI 4,939 6,150 $250 INDIA KOREA 8603171 ALBA BRIGHT ANGEL SUN RISE RORO CARGO SHIP DONBASS RORO 1977 A. ZHDANOV 4,610 6,016 $250 INDIA UKRAINE 7645500 PURE CAR CARRIER BRIGHT RORO 1977 NIPPON KAI 4,514 5,989 $250 INDIA SHIPPING CO, KOREA 7632917 RORO/PAX DORIKO LTD RORO 1980 JAPAN 3,179 5,131 $240 KOREA 8000513 Note1: With Red color are indicated all Greek interest Orders DEMOLITION STATISTICS: 2009 UNITS DWT LDT BREAKER STATS 2009 January 93 3,626,017 906,019 BREAKER UNITS LDT TAKEN AV. SCRP PRICE February 92 2,420,050 737,113 63 655,977 $227 March 95 3,587,003 924,963 INDIA 254 2,196,498 $259 April 69 1,870,020 565,688 BANGLADESH 100 1,080,844 $278 May 88 2,945,746 907,058 TURKEY 9 50,543 $196 June 50 1,364,688 478,684 PAKISTAN 56 491,947 $205 July 0 0 0 OTHER/CASH/AS IS 5 43,716 $135 August 0 0 0 TOTAL 487 4,519,525 $217 September 0 0 0 October 0 0 0 November 0 0 0 December 0 0 0 TOTAL 487 15,813,524 4,519,525 DETAILED BREAKER REGION STATISTICS FOR 2009 DRY WET BREAKER UNITS LDT TAKEN av $ UNITS LDT UNITS LDT 63 655,977 227.3 59 614,704 4 41,273 INDIA 254 2,196,498 258.7 233 1,937,740 21 258,758 BANGLADESH 100 1,080,844 278.4 73 761,968 27 318,876 TURKEY 9 50,543 196.0 8 49,443 1 1,100 PAKISTAN 56 491,947 205.0 50 421,611 6 70,336 OTHER/CASH/AS IS 5 43,716 135.4 3 32,357 2 11,359 TOTAL 487 4,519,525 216.8 426 3,817,823 61 701,702 N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 14 of 18

2009 DEMOLITION SELLERS STATISTICS COUNTRY UNITS % rank 88 18.1% 1 57 11.7% 2 INDIA 29 6.0% 3 JAPAN 29 6.0% 3 UAE 26 5.3% 5 KOREA 22 4.5% 6 SINGAPORE 18 3.7% 7 NORWAY 18 3.7% 7 USA 15 3.1% 9 TURKEY 13 2.7% 11 ITALY 14 2.9% 10 NETHERLANDS 10 2.1% 12 RUSSIA 10 2.1% 12 BULGARIA 8 1.6% 17 UK 9 1.8% 15 SWITZERLAND 10 2.1% 12 UKRAINE 9 1.8% 15 SPAIN 7 1.4% 18 GERMANY 5 1.0% 19 ISRAEL 5 1.0% 19 ALL OTHER 82 16.8% 3 0.6% TOTAL 487 100.0% $900 $800 $700 $600 $500 $400 16 19 21 $300 11 $200 $100 Feb05 Apr05 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 0 0 Feb05 Apr05 Average Scrap Price & No of Ships Scrapped 20052009 Average Scrap Price Number of Ships 24 16 18 17 18 20 19 17 17 15 16 17 12 10 11 7 5 Jun05 Aug05 Oct05 Dec05 Feb06 DWT LDT NUMBER Apr06 Jun06 Aug06 Oct06 Dec06 29 29 25 23 24 21 21 20 20 16 17 16 17 15 13 13 13 12 10 8 Feb07 Apr07 Jun07 Aug07 Oct07 Dec07 Feb08 DEMO STATS 20052009 Jun05 Aug05 Oct05 Dec05 Feb06 Apr06 Jun06 Aug06 Oct06 Dec06 Feb07 Apr07 Jun07 Aug07 LDT INTAKE PER SCRAP COUNTRY FOR 2009 PAKISTAN; 491,947; 11% TURKEY; 50,543; 1% OTHER/CASH/AS IS; 43,716; 1% ; 655,977; 15% 34 15 Oct07 Dec07 Feb08 Apr08 Jun08 Aug08 30 57 59 93 92 95 69 Apr08 Jun08 Aug08 Oct08 Dec08 Feb09 Apr09 INDIA 88 Jun09 Oct08 Dec08 Feb09 Apr09 BANGLADESH TURKEY PAKISTAN 50 Jun09 OTHER/CASH/AS IS 115 95 75 55 35 15 5 105 85 65 45 25 5 15 BANGLADESH; 1,080,844; 24% INDIA; 2,196,498; 48% AVERAGE SCRAP PRICE U$/LDT 370 320 270 220 170 AVERAGE SCRAP PRICE per REGION FOR 2009 INDIA PAKISTAN TURKEY BANGLADESH 120 Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 source of data: N. COTZIAS SHIPPING CONSULTANTS (NCSC) Demolition DATA for 2009 STATS UNITS % LDT DWT USD PAID AVERAGE AGE BULKERS / SD TANK/ OBO/LPG CONT/ TWEEN/ MPP REEFER RORO PAX CRUISE TOTAL 186 61 167 13 60 487 SHIPS 38.2% 12.5% 34.3% 2.7% 12.3% 100.0% 1,742,481 701,702 1,449,840 95,272 530,230 4,519,525 8,144,513 3,062,607 3,789,978 143,244 673,182 15,813,524 $381,720,064 $185,648,188 $321,401,231 $18,329,355 $90,801,109 $997,899,947 30.8 Years 26.9 Years 29.4 Years 27.5 Years 29.7 Years 28.9 Years N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 15 of 18

BALTIC DRY BULK MARKET INDICES until 30th JUNE 2009 DATE BDI % frm 1/1/2009 BCI % frm 1/1/2009 BPI % frm 1/1/2009 BSI % frm 1/1/2009 BHI % frm 1/1/2009 29/5/2009 3,494 352.0% 6,125 350.0% 2,900 437.0% 1,831 345.5% 864 209.7% 1/6/2009 3,681 376.2% 6,549 381.2% 3,093 472.8% 1,835 346.5% 870 211.8% 2/6/2009 4,106 431.2% 7,724 467.5% 3,330 516.7% 1,843 348.4% 876 214.0% 3/6/2009 4,291 455.1% 8,147 498.6% 3,505 549.1% 1,862 353.0% 879 215.1% 4/6/2009 4,093 429.5% 7,561 455.5% 3,431 535.4% 1,856 351.6% 880 215.4% 5/6/2009 3,809 392.8% 6,812 400.5% 3,252 502.2% 1,832 345.7% 880 215.4% 8/6/2009 3,646 371.7% 6,523 379.3% 3,027 460.6% 1,804 338.9% 873 212.9% 9/6/2009 3,518 355.1% 6,382 368.9% 2,772 413.3% 1,781 333.3% 864 209.7% 10/6/2009 3,452 346.6% 6,354 366.9% 2,615 384.3% 1,758 327.7% 850 204.7% 11/6/2009 3,483 350.6% 6,465 375.0% 2,643 389.4% 1,738 322.9% 836 199.6% 12/6/2009 3,583 363.5% 6,715 393.4% 2,754 410.0% 1,722 319.0% 827 196.4% 15/6/2009 3,763 386.8% 7,227 431.0% 2,881 433.5% 1,702 314.1% 810 190.3% 16/6/2009 3,951 411.1% 7,648 461.9% 3,108 475.6% 1,699 313.4% 796 185.3% 17/6/2009 4,026 420.8% 7,825 474.9% 3,176 488.1% 1,714 317.0% 789 182.8% 18/6/2009 4,073 426.9% 7,980 486.3% 3,162 485.6% 1,735 322.1% 783 180.6% 19/6/2009 4,070 426.5% 7,996 487.5% 3,125 478.7% 1,749 325.5% 780 179.6% 22/6/2009 4,029 421.2% 7,909 481.1% 3,068 468.1% 1,758 327.7% 777 178.5% 23/6/2009 3,874 401.2% 7,441 446.7% 3,021 459.4% 1,757 327.5% 774 177.4% 24/6/2009 3,751 385.3% 7,115 422.8% 2,939 444.3% 1,754 326.8% 772 176.7% 25/6/2009 3,703 379.0% 7,034 416.8% 2,868 431.1% 1,750 325.8% 768 175.3% 26/6/2009 3,703 379.0% 7,106 422.1% 2,817 421.7% 1,734 321.9% 764 173.8% 29/6/2009 3,734 383.1% 7,216 430.2% 2,837 425.4% 1,715 317.3% 758 171.7% 30/6/2009 3,757 386.0% 7,241 432.0% 2,904 437.8% 1,701 313.9% 754 170.3% 18300 16300 14300 All Baltic DRY indices 2005 2009 BPI BCI BDI BSI 12300 10300 8300 6300 4300 2300 300 Sep05 Dec05 Mar06 Jun06 Sep06 Dec06 Mar07 Jun07 Sep07 Dec07 Mar08 Jun08 Sep08 Dec08 Mar09 Jun09 10400 8400 6400 4400 2400 400 Feb05 Apr05 Jun05 Aug05 Oct05 Dec05 Feb06 BALTIC DRY 2005 2009 BDI Apr06 Jun06 Aug06 Oct06 Dec06 Feb07 Apr07 Jun07 Aug07 Oct07 Dec07 Feb08 Apr08 Jun08 Aug08 Oct08 Dec08 Feb09 Apr09 Jun09 17900 15400 12900 10400 7900 5400 2900 400 BALTIC CAPE 2005 2009 Feb05 Apr05 Jun05 Aug05 Oct05 Dec05 Feb06 Apr06 Jun06 Aug06 Oct06 Dec06 Feb07 Apr07 Jun07 Aug07 Oct07 Dec07 Feb08 Apr08 Jun08 Aug08 Oct08 Dec08 Feb09 Apr09 Jun09 N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 16 of 18 BCI

BALTIC PMAX 2005 2009 BPI 7300 BALTIC SUPMAX 2006 2009 BSI 10300 6300 8300 5300 6300 4300 4300 2300 300 5400.00 4400.00 Feb05 Apr05 Jun05 Aug05 Oct05 Dec05 Feb06 Apr06 Jun06 Aug06 Oct06 CL Maritime Index (CLMI) CAPITAL LINK MARITIME INDEX 20059 Dec06 Feb07 Apr07 Jun07 Aug07 Oct07 Dec07 Feb08 Apr08 Jun08 Aug08 Oct08 Dec08 Feb09 Apr09 Jun09 3300 2300 1300 300 Feb06 Apr06 7400.00 6400.00 5400.00 Jun06 Aug06 Oct06 Dec06 Feb07 Apr07 Jun07 CL Drybulk Index (CLDBI) CAPITAL LINK DRYBULK INDEX 20059 Aug07 Oct07 Dec07 Feb08 Apr08 Jun08 Aug08 Oct08 Dec08 Feb09 Apr09 Jun09 3400.00 4400.00 2400.00 1400.00 400.00 4900.00 4400.00 3900.00 3400.00 2900.00 2400.00 1900.00 1400.00 900.00 400.00 Feb06 Apr06 Jun06 Aug06 Oct06 Dec06 Feb06 Apr06 Jun06 Aug06 Oct06 Dec06 Feb07 Apr07 Jun07 Aug07 Oct07 Dec07 Feb08 Apr08 Jun08 Aug08 Oct08 Dec08 Feb09 Apr09 Jun09 CAPITAL LINK CONTAINER INDEX 20059 Feb07 Apr07 Jun07 Aug07 Oct07 CL Container Index (CLCI) Dec07 Feb08 Apr08 Jun08 Aug08 Oct08 Dec08 Feb09 Apr09 Jun09 BALTIC TANKER MARKET INDICES until 30th JUNE 2009 DATE CLEAN % frm 2/1/08 DIRTY % frm 2/1/08 29/5/2009 481 21.3% 482 42.0% 1/6/2009 479 21.6% 482 42.0% 2/6/2009 475 22.3% 490 41.0% 3/6/2009 472 22.7% 496 40.3% 4/6/2009 469 23.2% 503 39.5% 5/6/2009 466 23.7% 507 39.0% 8/6/2009 462 24.4% 512 38.4% 9/6/2009 462 24.4% 520 37.4% 10/6/2009 458 25.0% 539 35.1% 11/6/2009 455 25.5% 563 32.3% 12/6/2009 454 25.7% 601 27.7% 15/6/2009 452 26.0% 634 23.7% 16/6/2009 451 26.2% 656 21.1% 17/6/2009 448 26.7% 669 19.5% 18/6/2009 448 26.7% 701 15.6% 19/6/2009 443 27.5% 719 13.5% 22/6/2009 441 27.8% 725 12.8% 23/6/2009 442 27.7% 731 12.0% 24/6/2009 450 26.4% 721 13.2% 25/6/2009 455 25.5% 705 15.2% 26/6/2009 466 23.7% 689 17.1% 29/6/2009 468 23.4% 673 19.0% 30/6/2009 465 23.9% 648 22.0% 3400.00 2400.00 1400.00 400.00 4400.00 3900.00 3400.00 2900.00 2400.00 1900.00 1400.00 900.00 400.00 2300 1800 1300 800 300 Feb05 Apr05 5800.00 4800.00 3800.00 2800.00 1800.00 800.00 200.00 Jun05 Aug05 Oct05 Dec05 Feb06 Apr06 Jun06 Aug06 Oct06 Feb06 Apr06 Jun06 Aug06 Oct06 Dec06 Feb07 Feb06 Apr06 Jun06 Aug06 Oct06 Dec06 Feb07 Apr07 Jun07 Aug07 Oct07 Dec07 Feb08 Apr08 Jun08 Aug08 Oct08 Dec08 Feb09 Apr09 Jun09 ALL BALTIC WET Indices 20059 ALL CAPITAL LINK WET Indices 20059 CL Tanker Index (CLTI) CL LNG/LPG Index (CLLG) CAPITAL LINK MLP INDEX 20059 CL MLP Index (CLMLP) Feb06 Apr06 Jun06 Aug06 Oct06 Dec06 Feb07 Apr07 Jun07 Aug07 Oct07 Dec07 Feb08 Apr08 Jun08 Aug08 Oct08 Dec08 Feb09 Apr09 Jun09 BCTI BDTI Dec06 Feb07 Apr07 Jun07 Aug07 Oct07 Dec07 Feb08 Apr08 Jun08 Aug08 Oct08 Dec08 Feb09 Apr09 Jun09 Apr07 Jun07 Aug07 Oct07 Dec07 Feb08 Apr08 Jun08 Aug08 Oct08 Dec08 Feb09 Apr09 Jun09 N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) PAGE 17 of 18

2100 BALTIC CLEAN TANKER INDEX 2005 2009 BCTI 2400 BALTIC DIRTY TANKER INDEX 2005 2009 BDTI 1900 1700 1500 1900 1300 1100 900 700 500 300 Feb05 Apr05 Jun05 5400.00 4400.00 3400.00 2400.00 1400.00 400.00 146 136 126 116 106 96 86 76 66 56 46 36 26 16 Aug05 Oct05 Dec05 Feb06 Apr06 Jun06 Aug06 Oct06 Feb06 Apr06 Jun06 Aug06 Oct06 Dec06 Dec06 Feb07 Apr07 Jun07 Aug07 Oct07 Dec07 Feb08 Apr08 Jun08 Aug08 Oct08 Dec08 Feb09 Apr09 Jun09 ALL CAPITAL LINK INDICES ARE USED WITH THE EXPRESS KIND PERMISSION OF CAPITAL LINK INC NEW YORK Brent Oil CAPITAL LINK TANKER INDEX 20059 Feb07 CL Tanker Index (CLTI) Apr07 Jun07 Aug07 Oct07 Dec07 Feb08 Apr08 Jun08 Aug08 Oct08 Dec08 Feb09 Apr09 Jun09 1400 900 400 3200.00 2800.00 2400.00 2000.00 1600.00 1200.00 Feb05 Apr05 Jun05 800.00 400.00 Brent OIL (2001 2009) Aug05 Oct05 Dec05 Feb06 Apr06 Jun06 Aug06 Oct06 CAPITAL LINK LNG/LPG INDEX 20059 Dec06 Feb07 Apr07 Jun07 Aug07 Oct07 Dec07 Feb08 Apr08 Jun08 Aug08 Oct08 Dec08 Feb09 Apr09 Jun09 CL LNG/LPG Index (CLLG) Feb06 Apr06 Jun06 Aug06 Oct06 Dec06 Feb07 Apr07 Jun07 Aug07 Oct07 Dec07 Feb08 Apr08 Jun08 Aug08 Oct08 Dec08 Feb09 Apr09 Jun09 Jun01 Sep01 Dec01 Mar02 Jun02 Sep02 Dec02 Mar03 Jun03 Sep03 Dec03 Mar04 Jun04 Sep04 Dec04 Mar05 Jun05 Sep05 Dec05 Mar06 Jun06 Sep06 Dec06 Mar07 Jun07 Sep07 Dec07 Mar08 Jun08 Sep08 Dec08 Mar09 Jun09 146 136 126 WTI Spot Price WTI SPOT PRICE (2001 2009) 116 106 96 86 76 66 56 46 36 26 16 Jun01 Sep01 Dec01 Mar02 Jun02 Sep02 Dec02 Mar03 Jun03 Sep03 Dec03 Mar04 Jun04 Sep04 Dec04 Mar05 Jun05 Sep05 Dec05 Mar06 Jun06 Sep06 Dec06 Mar07 Jun07 Sep07 Dec07 Mar08 Jun08 Sep08 Dec08 Mar09 Jun09 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