S&P MONTHLY REPORT NOVEMBER 2010

Ship sale volume: Nov10 Oct10 Total number of Ships sold this month: 123 135 last month Dry cargo Ships sold this month: 81 91 last month Wet cargo Ships sold this month: 42 44 last month Scrap volume: Ships scrapped this month: 84 76 last month Highest Scrap Price paid this month: $478/LDT INDIA Newbuilding Ships Prices 30/11/2010 (in mil USD) Dry Cargo CAPE 30/11/2009 PMX 30/11/2009 HMAX 30/11/2009 NEWBUILDING $72.0 $67.0 $44.0 $41.5 $36.0 $34.0 Tanker Ships VLCC 30/11/2009 SUZ 30/11/2009 AFR 30/11/2009 NEWBUILDING $108.0 $97.0 $71.2 $68.0 $58.0 $49.0 PAN 30/11/2009 PROD 30/11/2009 $45.5 $41.0 $36.5 $33.0 Average Dry cargo T/C Earnings (worldwide routes): Capes >131,000 dwt: Post Panamax 130,000 87,000 dwt: Kamsarmax 86,000 80,000 dwt: Panamax 79,000 60,000 dwt: Supramax 59,000 50,000 dwt: Handymax 49,000 40,000 dwt: Handies 39,000 30,000 dwt: Small Bulkers 29,000 12,000 dwt: Scrap Prices for NOVEMBER 2010 S&P MONTHLY REPORT NOVEMBER 2010 Executive Summary Nov10 Oct10 Sep10 Aug10 $33,047 $38,178 $35,929 $27,823 $21,969 $20,100 $24,800 $21,788 $21,128 $20,034 $26,103 $25,841 $19,445 $21,536 $24,781 $22,960 $17,769 $20,334 $22,325 $22,919 $17,920 $20,702 $19,995 $22,021 $13,538 $14,704 $16,833 $15,800 $12,665 $14,329 $16,063 $15,682 GENERAL SCRAP PRICE AVERAGE CHINA HIGH $410 AVERAGE $396 NOVEMBER 2010 AVERAGE $433 INDIA HIGH $478 AVERAGE $447 OCTOBER 2010 AVERAGE $402 BANGLADESH HIGH $470 AVERAGE $0 SEPTEMBER 2010 AVERAGE $457 PAKISTAN HIGH $477 AVERAGE $461 AUGUST 2010 AVERAGE $400 TURKEY HIGH $277 AVERAGE $277 JULY 2010 AVERAGE $393 373.05 BALTIC INDICES 30Nov10 % change since LAST MONTH 29Oct10 30Sep10 31Aug10 Baltic Dry Index 2099 21.62% 2678 2446 2713 Baltic Cape Index 2910 31.72% 4262 3370 3516 Baltic Panamax Index 2377 1.37% 2410 2462 2950 Baltic Supramax Index 1526 12.80% 1750 1847 2066 Baltic Handymax Index 796 11.26% 897 1039 1077 Baltic Clean Tanker Index 740 18.02% 627 624 679 Baltic Dirty Tanker Index 882 16.36% 758 686 715 COMMENTS: On the other hand continued deliveries of so many new ships that have been added to the active fleet, is a seriously alarming problem that we feel has not been faced with the amount of seriousness and adequate severity. Many new ships almost 2 ½ ships Bulk Carriers have been delivered each day for the whole year with 11 months completed, and that ends up bringing the active fleet over 70 mil tones tallying a massive total 617 mil tones of carrying capacity. There are still pending for the remainder of 2010 (27 days!!!!) 730 ships of 16.3 mil tones that in theory have to be delivered by end of 2010. Of course it goes without saying that most of these will not and can t be delivered later this year and will be transferred to the already strained orderbook waiting for 2011, where the expected dry cargo ships amount to 1851 ships of a total capacity of 129 mil tones. We are of the considered opinion that there was a significant increase in the world fleet during 2010 and many more analysts feel that this influx of tonnage has somewhat dampened the overall positive effects of China s growing demand. This dampening has kept the freight market to practically semimediocre or at the best case to well above sustainability daily levels, and had we had the same amount of tonnage instead of the +70mil dwt fleet we could have seen freight levels of 2030% above the actual levels. Cancellations and scrapping are the only effective measures we may use against the overcapacity issues, but unless these ships cancelled or scrapped are tripled in volume, the problem will occur and we will just feel that up to now we would have swept the dust under the carpet However we feel that the Large ships, namely the Capes and VLOC s are in for some hard times ahead. Not necessarily tomorrow, but surely in the year to come. We are one month away from clearing out 2010 and this year was overall a very good one, all other things considering!!! We feel that China has lead the way forward, has given us some positive demand for cargoes, has generated momentum and has been the steam engine that gave power to the dry bulk markets. Had it not been for China s constant and insatiable appetite for raw materials, and general imports together with providing the world with a massive wealth of exports, we would be facing a collapsed dry cargo freight m China and partly by the other developing and emerging countries. It is a factual figure that nearly 80% of all dry bulk cargo shipments are related to the Asian regions. China has already been instrumental for mor ethan 65% of all iron/ore world shipments and the estimate is that China imported more than 650mil tones of iron/ore in 2010. At the same time China's steel consumption and subsequent production is not at a "forte" when compared to other countries so that can leave us some room for future growth in the imported raw material volumes for the years to come. PAGE 1 of 19

DRY CARGO SHIPS SOLD DURING THIS MONTH NAME TYPE YEAR BUILT DWT GEAR PRICE HEBEI WISDOM BC 1986 HITACHI ZOSEN 182,212 $14.00m CARPE DIEM I BC 1985 KAWASAKI HI 181,756 $15.00m BLUE ANNAPURNA BC 2010 DAEHAN 180,000 $63.50m NAME EMPIRE NAVIGATION NATION NOVEMBER NOTES SELLERS ARE HEBEI OCEAN SHIPPING CHINA SELLERS ARE OCEANBULK MARITIME 2010 IMO 8413435 8408375 9488865 GOLDEN QUEEN BC 2010 JUNHAIWAN 175,918 $84.90m SALAMON AG GERMANY SELLERS ARE GOLDEN OCEAN GROUP LTD. SALE INCLUDES A 5 YEAR T/C BACK AT $34200/DAY 9497359 CASTILLO DE SAN JUAN BC 1990 VEROLME BRAZIL 173,329 $18.00m CHINESE CHINA DAEHAN HAENAM 1045 BC 2011 DAEHAN 170,500 $61.00m KOREAN KOREA SELLERS ARE EMPRESA NAVIERA ELCANO SA, SPAIN SELLERS ARE GOLDEN OCEAN GROUP LTD 8510922 9589384 IRON BROTHERS BC 1991 SUMITOMO H I 151,511 P&C TERMS SELLERS ARE CENTRAL SHIPPING CO LTD, CHINA 9004736 SONGA PEAK BC 1990 NIPPON 151,418 $20.00m SELLERS ARE SONGA SHIPMANAGEMENT, UK 8903284 BENEDETTA D AMATO BC 2010 JIANGSU NEW YANGZIJIANG 92,500 $45.00m FAR EAST FAR EAST SELLERS ARE SHIPS SURVEYS & SERVICES SRL ITALY. T/C FOR 8386 MONTHS ATTACHED @21,400/DAY. OTHER REPS SAY $46m 9426049 KAMSAR GOLD BC 2006 TSUNEISHI CORP 82,981 $42.00m ITALIAN ITALY SELLERS ARE ROSY STAR OCEAN VESSEL MANAGEMENT PHILIPPINES. SHE HAD BEEN REPORTED SOLD LAST MONTH TO GREEK AT $41.5m 9310630 TORM ISLAND BC 2010 TORM TRADER BC 2010 TSUNEISHI HOLDINGS TSUNEISHI HOLDINGS ENERGY TRADE BC 1998 MITSUI TAMANO 77,679 $25.00m SOLD ENBLOC TORM 82,194 ISLAND AND TORM TRADER FOR $90m FOR 9461130 BOTH UNITS TO $90.00m 82,194 WITH DELIVERY 2011. SELLERS ARE TORM AS, 9461142 DENMARK INDONESIAN INDONESIA SELLERS ARE OSAKA FLEET CO LTD, JAPAN. OTHER REPS SAY $24m. NON PANAMAX DIMENSIONS 9153109 TORM KAREN BC 2011 TORM KATE BC 2011 TSUNEISHI SHIPBUILDING TSUNEISHI SHIPBUILDING SOLD ENBLOC TORM 82,191 $45.00m KAREN AND TORM KATE 9510333 TO REWOOD OCEAN REWOOD OCEAN CHINA FOR $90m FOR CHINA SHIPPING BOTH UNITS. SELLERS ARE TORM AS 82,191 $45.00m DENMARK. DELIVERY 9510345 JANUARY 2011 CONQUISTADOR BC 2000 SANOYAS 75,607 $30.50m SELLERS ARE CARDIFF MARINE INC, 9206073 AUSTIN BC 1995 TRENTON BC 1995 FINCANTIERI R.TRIGOSO FINCANTIERI R.TRIGOSO SOLD ENBLOC AUSTIN 75,473 AND TRENTON TO 9083536 $45.00m INDONESIAN INDONESIAN INDONESIA FOR $45m FOR BOTH UNITS. SELLERS ARE 75,265 CARDIFF MARINE INC 9083524 GOLDEN SHADOW BC 1997 SUMITOMO H I 73,732 $26.70m NORSUL SA BRAZIL MARITIME WISDOM BC 1993 OSHIMA ZOSEN 73,657 4x30T $22.00m GREEK YUE DIAN 8 BC 1997 SASEBO SASEBO 72,424 $27.00m TRADA MARITIME INDONESIA MERCURY K BC 1997 SASEBO SASEBO 72,421 $27.00m TRADA MARITIME INDONESIA SELLERS ARE THOME SHIP MANAGEMENT SINGAPORE. VESSEL HAD BEEN REPORTED SOLD TO HER PRESENT SELLERS IN JULY 2006 AT $28.7m SELLERS ARE MSI SHIP MANAGEMENT PTE LTD SELLERS ARE GUANGDONG YUDEAN SHIPPING CHINA SELLERS ARE EXECUTIVE SHIP MANAGEMENT SINGAPORE 9164615 9036791 9154098 9159517 BRIGHT ZHEJIANG BC 1983 GOVAN (B.S.) 67,281 $6.80m SELLERS ARE ZHEJIANG FUCHUEN SHIPPING, HK, CHINA 8111582 PAGE 2 of 19

STEFANIA BC 1981 HITACHI ZOSEN 64,848 $6.20m CHINESE CHINA CHANE NAVIGATOR BC 2010 JIANGSU QINFENG 55,000 $30.00m CHINESE CHINA MEDI CORK BC 2004 IMABARI MARUGAME 53,552 4x30.5T $33.80m VOSCO VIETNAM NORD BRAVE BC 2007 IWAGI 53,529 4X30.5T $37.00m VOSCO VIETNAM SELLERS ARE PARADISE NAVIGATION S.A. SELLERS ARE SEA STAR SHIPS MANAGEMENT, CHINA SELLERS ARE D'AMICO SOCIETA DI NAVIGAZIONE SPA, ITALY. OTHER REPS SAY $33m SELLERS ARE ORIENT LINE KK JAPAN. OTHER REPS SAY $36.5m 7929243 9579729 9290983 9405459 SYRENA BC 1997 GDANSKA LENINA 48,122 4X35T $22.00m BANGLADESH BANGLADESH SELLERS ARE SEVEN SEAS CARRIERS AS NORWAY. OTHER REPS SAY $21.5m. IN MAY 2010 SHE HAD BEEN REPORTED SOLD AT $18m TO 9102485 CLIFTON BRIDGE CONT 1988 KAWASAKI HI 47,539 3720 TEU $8.10m GOLDENPORT SHIPMANAGEMEN T LTD SELLERS ARE K LINE SHIP MANAGEMENT JAPAN. OTHERS REPORT AS COSTAMARE 8808226 SAMMI SUPERSTARS BC 1983 HYUNDAI HEAVY INDS 47,208 4x25T $7.40m CHINESE CHINA SELLERS ARE STX PAN OCEAN CO LTD. DELIVERY AS IS KARACHI. OTHER REPS SAY $6.1m 8112055 NEW ETERNITY BC 1994 HASHIHAMA TADOSU 45,741 4X25T $20.50m GREEK PRICE REPORTED EXCESS 20m 9087647 SILKY OCEAN BC 1995 TSUNEISHI SHIPBUILDING 45,665 4X25T $21.60m GREEK SELLERS ARE SANTOKU SENPAKU CO LTD JAPAN 9118446 COSCO KARACHI CONT 2005 NORDSEEWERKE 38,104 2702 TEU $36.00m EUROSEAS SELLERS ARE HARTMANN SCHIFFAHRTS GMBH, GERMANY. DELIVERY FIRST QUARTER 2011 9305013 FEROI BC 1983 KURUSHIMA ONISHI 37,092 5X25.5T $6.30m SELLERS ARE FIRODI SHIPPING LTD, 8220101 NB RESALE HN 6018 BC 2011 HYUNDAI MIPO 37,000 4X30T $29.00m GREEK 9530943 SHANHAIGUAN 035 BC 2011 SHANHAIGUAN 35,000 $27.50m 9498315 SOLD ENBLOC ALL 4 RAINBOW QUEST BC 2011 SHANHAIGUAN 35,000 $27.50m UNITS TO NAVIBULGAR. 9498298 NAVIBULGAR BULGARIA SELLERS ARE EASTWIND LAST TYCOON BC 2011 SHANHAIGUAN 35,000 $27.50m SHIPMANAGEMENT PTE, SINGAPORE. 9498303 NORTHERN DANCER BC 2010 SHANHAIGUAN 35,000 $29.50m 9498286 VOYAGER BC 1985 KANDA KAWAJIRI 33,347 4X25T $8.50m GREEK ORIENT SAORI BC 1997 MINAMI NIPPON 30,835 4X30T $19.00m ARGUS BC 1984 IMABARI MARUGAME 29,099 4X25T $6.50m TURKISH TURKEY AGIOS MINAS BC 1981 HAKODATE DOCK 29,002 5X25T $4.10m CHINESE CHINA BRAZILIAN CONFIDENCE BC 1985 SUMITOMO 27,939 3x25T, 514 TEU $7.20m SELLERS ARE KRISTEN MARINE SA, SELLERS ARE P&F MARINE CO LTD, JAPAN. VESSEL HAD BEEN REPORTED SOLD IN SEPT 2009 AT $14m SELLERS ARE EOLOS SHIPMANAGEMENT SELLERS ARE HARBOR SHIPPING & TRADING SELLERS ARE HELLAS MARINE SERVICES LTD, 8421341 9152246 8323135 8004155 8313221 JAG VIKRAM BC 1980 OSAKA OSAKA 27,463 $3.00m SELLERS ARE FIVE STARS SHIPPING CO INDIA. 7714741 IDEFIX BULKER BC 1996 HUDONG SHIPYARD 27,411 4X30T $15.50m SANTA CHRISTINA BC 1996 IMABARI IMABARI 25,378 4X30T $13.75m NISSAKI BC 1984 KURUSHIMA ONISHI 24,941 4X25T $6.25m CHINESE CHINA ROYAL CRYSTAL BC 1984 KURUSHIMA 24,872 4X25T $6.25m CHINESE CHINA SELLERS ARE BIDSTED AND CO AS, DENMARK SELLERS ARE NISSHO ODYSSEY SHIP MANAGEMENT SINGAPORE SELLERS ARE SAINT MICHAEL SHIPPING CO LTD, SELLERS ARE SHEHADAH MARITIME CO SYRIA 9116149 9136541 8323707 8323719 GLOBAL DIAMOND BC 1997 KANASASHI 24,426 $13.50m TAIWANESE TAIWAN SELLERS ARE FIRST MARINE SERVICE CO LTD, JAPAN. POSSIBLY SOLD WITH A 4+1 YEARS T/C BACK AT $10000/DAY PAGE 3 of 19 9145774

ID HARMONY BC 1995 KANASASHI TOYO 23,712 4X30T $14.50m TURKISH TURKEY SELLERS ARE BIDSTED AND CO AS, DENMARK 9113874 NORDSTAR CONT 1998 SZCZECINSKA STOCZNIA 23,040 1728 TEU $14.00m SELLERS ARE OLDENDORFF GERMANY 9149873 POSITANO CONT 1996 WADAN YARDS MTW GMBH 22,878 3X40T, 2790 TEU $39.90m HAMMONIA REEDEREI GERMANY SELLERS ARE REEDEREI F LAEISZ GMBH, GERMANY. SALE INCL A T/C FOR 2 YEARS. DELIVERY APRIL 2011 9481532 HARMONY CONT 1994 HANJIN 21,480 1645 TEU $10.50m BOSPHORUS QUEEN BC 1986 USUKI SAIKI 21,167 4X30T $7.20m ORIENTAL BRIGHT CONT 1996 IMABARI IMABARI 16,500 2X35T, 1228 TEU $9.50m KOREAN KOREA SIAM 1 CONT 1996 IWAGI 15,381 927 TEU $8.00m FAR EAST FAR EAST CARAVELLE CONT 1996 VOLKSWERFT 14,630 2X45T, 1122 TEU $8.80m PETERSBURG RORO 1986 MATHIASTHESEN 10,788 P&C TERMS SUNROAD TSUWANO MPP 2005 XIN HAI YUAN CONT 1984 KURINOURA YAWATAHAMA KYOKUYO ZOSEN CHOFU 9,640 1X60T, 2X30T, D2X30T P&C TERMS 8,616 450 TEU $1.80m MALAYSIAN VSICO PROMOTE CONT 1999 MURAKAMI HIDE 8,516 2X36T, 566 TEU $7.80m SINOKOR KOREA LEHMANN FORESTER MPP 2008 FUJIAN NEW SHENGAI SHIPB MALAYSIA 8,500 2X35T, 462 TEU $3.99m CYPRUS CYPRUS YASEMIN MPP 1996 SASEBO SASEBO 6,830 2X35T, 1228 TEU $9.50m KOREAN KOREA SELLERS ARE KG PROJEX SCHIFFAHRTS GMBH, GERMANY SELLERS ARE KALAMIS SHIPPING INDUSTRY TURKEY. UNCONFIRMED DEAL SELLERS ARE ABOITIZ JEBSEN BULK TRANSPORT PHILIPPINES SELLERS ARE SANASIA MANAGEMENT INC, HK, CHINA SELLERS ARE REEDEREI GEBR WINTER GMBH, GERMANY. OTHER REPS SAY $8.6m SELLERS ARE REEDEREI F LAEISZ GMBH SELLERS ARE KK KYOWA SANSHO JAPAN SELLERS ARE ORIENT INTERNATIONAL LOGISTICS HOLDING CHINA SELLERS ARE VINASHIN OCEAN SHIPPING VIETNAM. SOLD AT AUCTION IN HAMBURG FOR EURO3m. OTHER REPS SAY SHE WAS SOLD FOR Euro 4.5m. SELLERS ARE UNITEAM MARINE SHIPPING GMBH, GERMANY SELLERS ARE ISTANBUL DENIZ TICARET LTD, TURKEY 9060273 8517384 9146663 9140061 9127007 8311883 9366586 8400969 9209908 9452323 9136838 AMSTERDAM MPP 1985 INCHON ENGINEERING & S 6,726 D2x15T,D2x20T P&C TERMS GREEK SELLERS ARE GREEK EASTERN SHIPPING INC., 8311053 CIC BELEM MPP 1992 ARTNE MPP 1992 KYOKUYO ZOSEN CHOFU KYOKUYO ZOSEN CHOFU SOLD ENBLOC CIC BELEM 6,273 2X25T AND ARTNE TO INDIAN 9008067 INTERESTS FOR $6m FOR $6.00m INDIAN INDIA BOTH UNITS. SELLERS ARE CLIPPER PROJECT 6,262 2X25T SHIP MANAGEMENT DENMARK 9008055 WILSON EXPRESS REEFER 1983 FOSEN 5,864 $3.60m NORWEGIAN NORWAY SELLERS ARE GREEN MANAGEMENT AS, NORWAY. INTERNAL DEAL 8119572 SIROCCO MPP 1997 JIANGXI JIANGZHOU S 5,196 2x40T, 366 TEU $2.70m SELLERS ARE CONBULK SHIPPING SA, 9126716 KANO II RORO 1978 FREDERIKSHAVN 4,400 $3.00m EURO 2.1MIL SELLERS ARE HAKVOORT TRANSPORT SHIPPING, NETHERLANDS 7637319 NEPTUNE HELLAS RORO 1979 IMABARI MARUGAME 3,280 P&C TERMS JORDANIAN SELLERS ARE NEPTUNE SHIPPING AGENCIES SA, 7903029 THOR FALCON MPP 1992 ESBJERG OILFIELD 2,784 2x50T P&C TERMS SELLERS ARE THOR REDERI A/S NORWAY 9032977 NOORDHOEK SINGAPORE OTHER 1977 WAAL ZALTBOMMEL BV 2,270 6082 BHP P&C TERMS SELLERS ARE NOORDHOEK SHIPPING BV NETHERLANDS 7606308 KANO RORO 1972 SCHULTE & BRUNS 2,120 $3.00m EURO 2.1MIL SELLERS ARE VIVAL MARINE LTD, UKRAINE 7236139 ADRIANE MPP 1970 BAYERISCHE 1,307 P&C TERMS ISLAND FLAG SHIPPING DUBAI SELLERS ARE BJERRUM & JENSEN DENMARK 7001364 TEMASEK SEPINGGAN TUG 2002 PANUNITED SHIPYARD 1,300 $10.00m AHTS. SELLERS ARE CHUAN HUP AGENCIES PTE, SINGAPORE 9246255 PAGE 4 of 19

ILHA AZUL RORO 1980 BARRERAS 1,188 P&C TERMS CAPE VERDE CAPE VERDE SELLERS ARE TRANSMACOR, PORTUGAL 7825980 KATRINE KROG MPP 1969 FREDERIKSHAVN 1,170 D2X5T P&C TERMS CARIBBEAN BASED CARIBBEAN SELLERS ARE HELGE PEDERSEN DENMARK 6922779 NORTIC MPP 1969 FREDERIKSHAVN 1,036 D1X5T P&C TERMS SELLERS ARE C J HELT & CO DENMARK 6924404 MAGOSA RORO 1974 LORENZO 872 48 TEU, 24 TRAILERS, 514 LM $0.70m CYPRUS CYPRUS OTHER REPS SAY $0.8m 7363918 MENTOR TUG 1993 MCTAY BROMBOR 121 P&C TERMS GREEK Note1: With Red color are indicated all Greek interest Buyers or Sellers SELLERS ARE MARINE CARRIER AB, SWEDEN 9061722 COUNTRY BUILT BC % JAPAN 323 57% CHINA 130 23% KOREA 68 12% BRAZIL 9 2% DENMARK 5 1% POLAND 5 1% SPAIN 3 1% ITALY 5 1% NORWAY 3 1% GERMANY 3 1% UK 3 1% UKRAINE 2 0% YUGOSLAVIA 2 0% ROMANIA 1 0% PHILIPPINES 1 0% SINGAPORE 1 0% CROATIA 1 0% INDIA 1 0% BULGARIA 2 0% RUSSIA 1 0% USSR 1 0% TOTAL 570 100% COUNTRY BUILT CONT % GERMANY 44 28% JAPAN 32 20% KOREA 28 18% CHINA 25 16% POLAND 13 8% PHILIPPINES 4 3% TURKEY 3 2% DENMARK 3 2% ROMANIA 3 2% NETHERLANDS 2 1% ARGENTINA 1 1% CROATIA 1 1% Grand Total 159 100% 350 300 250 200 150 100 50 0 50 45 40 35 30 25 20 15 10 5 0 323 BC - SOLD IN 2010 (BY COUNTRY OF BUILD) BC 130 68 9 5 5 3 5 3 JAPAN CHINA KOREA BRAZIL DENMARK POLAND SPAIN ITALY NORWAY 44 CONTAINER SHIPS - SOLD IN 2010 (BY COUNTRY OF BUILD) 32 28 25 13 4 3 3 3 GERMANY JAPAN KOREA CHINA POLAND PHILIPPINES TURKEY DENMARK ROMANIA CONT PAGE 5 of 19

DRY CARGO 2ND HAND MARKET STATISTICS Although the market is surrounded by uncertainty and the ships prices are considered to be holding on strongly despite the SELLERS STATS 2010 MONTHLY UNIT SALE ACTIVITY falling freight markets, Sale and Purchase activity is rather country units % sstrong. 81 deals were performed this month and that is 10 2010 UNITS OUTLAY$ DWT deals less than Oct when we had a surge of activity. 1.4 bil usd 161 17.67% JANUARY 84 $1,297.44m 3,952,288 was used up to finance these 81 deals this month, while 3.8mil tones of deadweight changed hands. In total with 1 month to go GERMANY 106 11.64% FEBRUARY 82 $1,383.07m 3,896,685 to complete the year, we see a total of 911 ships being sold with CHINA 95 10.43% MARCH 161 $3,532.12m 7,367,241 17bil usd JAPAN 91 9.99% APRIL 71 $1,087.61m 3,404,042 spent with 40.7 mil tones of dwt being exchanged. For the equivalent 2009 period of 11 month period JanNov for 2009 SINGAPORE 46 5.05% MAY 72 $1,104.90m 3,048,860 showed 948 deals (37 more ships), 12bill usd (5 bil less), and FRANCE 40 4.39% 39.6mil tones (1 mil tones less although we report more ships JUNE 79 $1,957.37m 4,042,023 being sold). This shows on a comparative basis that less ships DENMARK 34 3.73% JULY 56 $1,248.85m 2,270,439 that cost more and are larger in average size have been traded in USA 27 2.96% the secondhand market during 2010 as compared to the buying AUGUST 61 $995.55m 2,096,807 trends of 2009. Focusing on bulkers sold in 2009 we had 668 TURKEY 27 2.96% SEPTEMBER 73 $1,181.40m 2,981,538 ships of 57900dwt average $17mil avg price per ship and 16.4 years av age. In 2010 we have 570 ships 60500dwt avg, $26mil ITALY 26 2.85% OCTOBER 91 $1,724.28m 3,992,317 av price and 12.6y av age. KOREA 26 2.85% NOVEMBER 81 $1,391.34m 3,816,394 NORWAY 24 2.63% SELLERS Greek sellers are still increasing their lead in the sale DECEMBER 0 $0.00m 0 stats table. Greeks are 1st with 161 units (145 last) while UK 23 2.52% TOTAL 911 $16,903.93m 40,868,634 German sellers are always 2nd with 106 units (99 last), Chinese sellers are firmly 3rd with 95 units (87 last) and Japanese sellers THAILAND 14 1.54% 4th with 91 units (83 last). VIETNAM 12 1.32% 2010 DRY CARGO STATISTICS CYPRUS 11 1.21% COUNTRY UNITS % OUTLAY ($) % DWT % PHILIPPINES 11 1.21% 221 24.26% $5,415 32.03% 11,660,994 28.53% INDIA 9 0.99% CHINA 169 18.55% $2,608 15.43% 11,324,499 27.71% ALL OTHER 109 11.96% TURKEY 39 4.28% $267 1.58% 694,388 1.70% UNDISCL 19 2.09% USA 33 3.62% $1,513 8.95% 693,522 1.70% TOTAL 911 100.00% GERMANY 33 3.62% $630 3.73% 1,370,434 3.35% NORWAY 29 3.18% $757 4.48% 1,209,404 2.96% During Nov we saw the S&P market keeping up on the INDIA 22 2.41% $490 2.90% 1,200,358 2.94% momentum of last month, with Greek buyers being the most active and they increased further the lead over their Chinese INDONESIA 21 2.31% $290 1.71% 860,691 2.11% counterparts!!! As of today Greeks have acquired 12 more units this month and have a total of 221 units (209 last) and are as KOREA 20 2.20% $404 2.39% 835,527 2.04% always topping the table. In Nov 2010, China acquired only 9 VIETNAM 16 1.76% $283 1.67% 416,037 1.02% more units and have purchased 169 units in total (160 last) and are left 2nd for more than 6 months now, while Greek Buyers are SINGAPORE 14 1.54% $247 1.46% 718,392 1.76% always growing on the lead. Turkish buyers are 3rd with 39 units RUSSIA 13 1.43% $164 0.97% 308,722 0.76% (37 last) with USA and German based buyers sharing 4th with both having bought 33 units. In 5th place are the Norwegian SYRIA 12 1.32% $38 0.23% 226,214 0.55% buyers with 29 units. Indian buyers have added 1.2million ISRAEL 9 0.99% $123 0.73% 425,533 1.04% tonnes of Carrying capacity with their 22 purchases. UNDISCL 136 14.93% $1,767 10.45% 5,086,753 12.45% ALLOTHER 124 13.61% $2,032 12.02% 4,262,699 10.43% TOTAL 911 100.00% $16,904 100.00% 40,868,634 100.00% DRY CARGO UNITS SOLD BREAKDOWN PER MONTH 2010 2010 BC SD CONT MPP TWEEN REEFER PASS RORO OTHER TOTAL JANUARY 59 0 15 3 0 0 0 5 2 84 FEBRUARY 59 0 3 9 0 0 0 4 7 82 MARCH 89 0 35 14 0 0 0 4 19 161 APRIL 47 0 12 6 1 0 0 5 0 71 MAY 43 0 19 8 0 0 0 1 1 72 JUNE 60 0 15 3 0 0 0 1 0 79 JULY 28 0 14 6 0 0 0 4 4 56 AUGUST 35 0 7 5 0 0 0 3 11 61 SEPTEMBER 42 0 16 8 0 0 0 3 4 73 OCTOBER 58 0 13 11 0 0 0 2 7 91 NOVEMBER 50 0 10 11 0 0 0 6 4 81 DECEMBER 0 0 0 0 0 0 0 0 0 0 TOTAL 570 0 159 84 1 0 0 38 59 911 PAGE 6 of 19

170 150 130 110 units 90 70 50 30 www.cotzias.gr visit our constantly updated website NOVEMBER 2010 59 84 82 72 Dry cargo units sold 2010 vs 2009 161 100 93 7571 72 109 108 79 71 61 In the table on the top we see monthly number of dry cargo ships sold as of NOVEMBER 2010, compared to 2009's monthly activity. NB BULKERS PRICE COMPARISON NB CAPESIZE $51.0 $67.0 $65.0 3% NB PANAMAX $36.0 $41.5 $44.0 6% NB HANDYMAX $28.0 $34.0 $35.0 3% NB HANDYSIZE $24.0 $26.5 $29.0 9% 2005 built (5Y) OLD BULKERS PRICE COMPARISON 5y CAPESIZE $48.0 $50.0 $56.0 12% 5y PANAMAX $27.0 $32.5 $39.0 20% 5y HANDYMAX $25.0 $26.7 $30.0 12% 5y HANDYSIZE $19.0 $21.0 $25.5 21% 2000 built (10Y) OLD BULKERS PRICE COMPARISON 10y CAPESIZE $37.0 $42.1 $43.0 2% 10y PANAMAX $21.0 $26.1 $32.0 23% 10y HANDYMAX $17.0 $20.2 $25.0 24% 10y HANDYSIZE $15.0 $15.0 $19.0 27% 1995 built (15Y) OLD BULKERS PRICE COMPARISON 10y CAPESIZE $27.0 $27.0 $24.7 9% 10y PANAMAX $14.0 $23.0 $21.8 5% 10y HANDYMAX $12.0 $17.0 $19.0 12% 10y HANDYSIZE $9.0 $12.0 $14.8 23% 1990 built (20Y) OLD BULKERS PRICE COMPARISON 104 100 91 81 73 52 20y CAPESIZE $22.0 $19.0 $19.0 0% 20y PANAMAX $7.5 $11.3 $17.0 50% 20y HANDYMAX $6.4 $9.9 $13.0 31% 20y HANDYSIZE $5.4 $9.1 $9.8 8% 56 JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER 2009 2010 Dry cargo - Capital expend. 2010 vs 2009 80 $3,650m $3,150m $2,650m $3,532 $2,150m $1,105 $1,656 $1,724 $1,297 $1,383 $1,957 $1,528 $1,650m $1,350 $1,391 $1,088 $1,249 $1,018 $681 $970 $1,123 $1,083 $1,189 $1,150m $1,181 $913 $710 $739 $996 $650m $150m Tables above compare prices from NOVEMBER 2008, NOVEMBER 2009, with today 2009 2010 JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER In the table on the top we see the MONTHLY dry cargo capital expenditure for NOVEMBER 2010 compared to 2009's monthly activity. $91 $76 $61 $46 $31 $16 May-00 $160 $145 $130 $115 $100 $85 $70 $55 $40 $25 $10 May-00 $125 $110 $95 $80 $65 $50 $35 $20 $5 May-00 $105 $95 $85 $75 $65 $55 $45 $35 $25 $15 $5 May-00 $90 $80 $70 $60 $50 $40 $30 $20 $10 $0 May-00 DRY CARGO (2000-2010) NB VSL PRICES CAPE 170K HANDYMAX 45K HANDYSIZE 30K DRY CARGO (2000-2010) 5Y OLD VSL PRICES CAPE 170K HANDYMAX 45K HANDYSIZE 30K DRY CARGO (2000-2010) 10Y OLD VSL PRICES CAPE 170K HANDYMAX 45K HANDYSIZE 30K DRY CARGO (2000-2010) 15Y OLD VSL PRICES CAPE 170K HANDYMAX 45K HANDYSIZE 30K DRY CARGO (2000-2010) 20Y OLD VSL PRICES CAPE 170K HANDYMAX 45K HANDYSIZE 30K PAGE 7 of 19

TANKER SHIPS SOLD DURING THIS MONTH NAME TYPE YEAR BUILT DWT PRICE PRICE NOTE NOTES IMO NAME NATION MITSUBISHI GRAND CHINA SELLERS ARE TANKERS PACIFIC LAGOON TANKER 1999 305,839 $55.00m CHINA 9166754 NAGASAKI SHIPPING (UK) AGENCIES LTD, UK SOLD ENBLOC FOR ABT ALPHARD STAR TANKER 1995 ODENSE LINDO 301,862 $27.00m $27m EACH UNIT. 9050589 SOLD ENBLOC FOR SELLERS ARE VELA ABT $27m EACH OGX PETROLEUM BRAZIL INTERNATIONAL UNIT SUHAIL STAR TANKER 1994 ODENSE LINDO 301,862 $27.00m MARINE UAE. SOLD FOR 9050565 CONVERSION SELLERS ARE ALTOMARE TULIN TANKER 1992 MITSUI CHIBA 281,018 $16.50m WORLD CARRIERS 9007520 SAMSUNG RESALE H1913 TANKER 2011 SAMSUNG 158,000 $70.00m 9586722 ENBLOC SAMSUNG 1913, SAMSUNG 1914, SAMSUNG RESALE H1914 TANKER 2011 SAMSUNG SOLD ENBLOC FOR 158,000 $70.00m SAMSUNG 1928, 9586734 $280m FOR ALL 4 APOLLO TANKERS USA SAMSUNG 1929 FOR UNITS TO APOLLO SAMSUNG RESALE H1928 TANKER 2011 SAMSUNG $280 MIL ALL 4 UNITS 158,000 $70.00m TANKERS USA 9589748 SELLERS ARE TARGET MARINE SA SAMSUNG RESALE H1929 TANKER 2011 SAMSUNG 158,000 $70.00m 9589750 PB EAGLE TANKER 1992 IMABARI MARUGAME 97,161 $18.50m WEST COAST MARINE SELLERS ARE BARBER SHIP MANAGEMENT, HONG KONG, CHINA. INCLUDES A T/C TILL JUNE 2011 AT $16800/DAY SOLD ENBLOC TO SUNGDONG RESALE 1 TANKER 2011 SUNGDONG 75,000 $41.40m SOLD ENBLOC TO NAVIOS FOR NAVIOS FOR $41.4m FOR $41.4m FOR EACH NAVIOS EACH UNIT DELIVERY 4Q UNIT DELIVERY 4Q SUNGDONG RESALE 2 TANKER 2011 SUNGDONG 75,000 $41.40m 2011 2011 SAGAMORE TANKER 1991 NAMURA IMARI 68,536 $7.40m THETIS GLORY GAS 2008 IRIS GLORY GAS 2008 VENUS GLORY GAS 2008 DAEWOO SHIPBUILDING DAEWOO SHIPBUILDING DAEWOO SHIPBUILDING JOYAMA GAS 1986 MITSUBISHI HEAVY 49,999 $10.00m SELLERS ARE B& H EQUIMAR SINGAPORE PTE, SINGAPORE GAS 18,436 BHP. SOLD EN BLOC FOR $72m FOR ALL THREE UNITS. SELLERS ARE NORTHERN MARINE MANAGEMENT LTD, UK. AVANCE GAS NORWAY(STOLT NIELSEN LIMITED THAT ITS SUBSIDIARY STOLT NIELSEN GAS LTD HAS REACHED AN AGREEMENT WITH SUNGAS HOLDINGS LTD UNDER WHICH SUNGAS WILL BECOME A 50% 2010 9034925 9002192 54,789 9364394 54,474 9393682 SLS RESALE 496 TANKER 2010 SLS SHIPBUILDING 49,700 $38.00m EGYPTIAN EGYPT NOTO GLORIA GAS 1992 KAWASAKI HEAVY 49,412 $15.00m SUNWAY GAS 1991 MITSUBISHI NAGASAKI TRUST RUNNER TANKER 1992 HALLA INCHON 47,059 $8.00m MOUNT OLYMPUS TANKER 2003 SAIKI JUKOGYO 39,997 $24.50m MOUNT MCKINNEY TANKER 2004 SAIKI JUKOGYO 39,997 $25.00m BANGKOK BASED 48,980 $14.00m 78746 CBM PETREDEC LIMITED BERMUDA SOLD ENBLOC WITH MOUNT MCKINNEY. IMO III SOLD ENBLOC WITH MOUNT OLYMPUS. IMO III SHAREHOLDER IN GAS TANKER. SELLERS ARE SHINWA MARINE CORP, JAPAN ON SUBJECTS SELLERS ARE WORLD TANKERS MANAGEMENT SINGAPORE GAS TANKER. SELLERS ARE THE SANKO STEAMSHIP CO, JAPAN LPG. SELLERS ARE NISSHO SHIPPING CO LTD, JAPAN. SELLERS ARE TRUSTOIL TANKERS SELLERS ARE DONNELLY TANKER MANAGEMENT CYPRUS. SUBJECT TO INSPECTION SELLERS ARE DONNELLY TANKER MANAGEMENT CYPRUS. SUBJECT TO INSPECTION BOW FAVOUR TANKER 2001 KLEVEN FLORO 37,467 9214305 BOW CENTURY TANKER 2000 KVAERNER FLORO 37,438 9168647 STOLT GLORY TANKER 2005 SHIN KURUSHIMA 33,302 SOLD ENBLOC FOR 9311012 STOLT STRENGTH TANKER 2005 SHIN KURUSHIMA 33,209 $255.00m SOLD ENBLOC FOR $255m FOR ALL 7 UNITS $255m FOR ALL 7 STOLT NIELSEN NORWAY TO STOLT. SELLERS ARE 9311024 KURINOURA UNITS TO STOLT ODFJELL MANAGEMENT GOLDEN LEGEND TANKER 2009 23,432 YAWATAHAMA AS NORWAY 9511167 KURINOURA GOLDEN IVY TANKER 2008 YAWATAHAMA 23,324 9459539 GOLDEN CHARLOTTE TANKER 2006 FUKUOKA 19,717 9345908 STOLT NANAMI TANKER 2003 KITANIHON 19,932 $22.50m MTMM SINGAPORE CHEM TAURUS TANKER 2000 SHIN KURUSHIMA 19,399 $15.00m CHEMTRANS CHRISTIAN SOLD ENBLOC THETIS GLORY, IRIS 54,707 GLORY AND VENUS CLIENTS OF $72.00m AVANCE GAS NORWAY 9364382 GLORY FOR $72m FOR ALL THREE UNITS GAS 1990 BRAND 9,490 PARNA RAYA INDONESIA NOVEMBER SELLERS ARE STOLT TANKERS BV NETHERLANDS SELLERS ARE MARUTA INDUSTRIES CO LTD, JAPAN LPG. SELLERS ARE CHEMIKALIEN SEETRANSPORT GMBH, GERMANY PAGE 8 of 19 8406054 9399612 9006679 8910720 8913631 9260081 9263174 9279111 9204805 8902747

SOUTHERN ORCHIS TANKER 1999 ASAKAWA 8,336 $8.00m ST ST KOREAN KOREA GOLDEN EMERALD TANKER 2008 ZHENJIANG SOPO SHIPREPAIRS FORTH BRIDGE TANKER 1992 COCHRANE SELBY 5,800 $2.00m HERMIEN TANKER 2005 MARMARA YARIMCI 6,436 $6.00m GREEK 4,836 $7.30m GREEK SELLERS ARE SANSHO 9194804 KAIUN CO LTD JAPAN SELLERS ARE FIRST SHIPPING CO LTD, 9405772 KOREA. SOLD AT AUCTION SELLERS ARE ANGLO EASTERN 9041136 SHIPMANAGEMENT, SINGAPORE. SELLERS ARE UNIVAN SHIP MANAGEMENT HK 9291573 CHINA. ASPHALT TANKER. SOLD ENBLOC TRANS SUND TANKER 1991 AARHUS FLYDEDOK 4,794 TRANS VIK AND SOLD ENBLOC FOR $11m 89155348 TRANS SUND FOR FOR BOTH UNITS. $11.00m GAZPROM RUSSIA ABT $11 m FOR SELLERS ARE SEATRANS TRANS VIK TANKER 1991 AARHUS FLYDEDOK 4,739 BOTH UNITS TO AS, NORWAY 8915550 GAZPROM SAUDI ARABIAN SELLERS ARE SAN GIORGIO TANKER 1997 SOUTHERN OCEAN 4,660 $5.00m SAUDI ARABIA PETROLMAR SPA, ITALY 9144184 LADY BARBARA GAS 1990 KYOKUYO ZOSEN 3,983 $3.50m LPG SELLERS ARE STAR MANAGEMENT ASSOCIATES, JAPAN 8908246 LPG SELLERS ARE EBISU ORIENTAL SKY GAS 1995 SHITANOE 3,235 $5.20m DUCKYANG KOREA KISEN JAPAN 9128881 KINNA GAS 1989 HANJIN 3,231 $3.20m LUCKY MARINE KOREA LPG SELLERS ARE STAR MANAGEMENT ASSOCIATES, JAPAN. VESSEL WAS REPORTED SOLD IN APRIL 2008 AT $7m 8717934 Note1: With Red color are indicated all Greek interest Buyers or Sellers Another strong month in terms of Sale and Purchase activity both in TANKER 2ND HAND MARKET STATISTICS number of ships sold and also in terms of money spent. The tanker markets are recovering and overall both the producty and crude SELLERS STATS 2010 MONTHLY UNIT SALE ACTIVITY markets show a steady recovery outlook and that should not take COUNTRY UNITS % 2010 UNITS OUTLAY$ DWT anyone by surprise as the cold winter presently experienced in Northern Europe and Asia has resulted in the seasonal demand to 77 19.54% JANUARY 57 $1,096.58m 3,446,410 bring some smiles on the lips of shipowners JAPAN 55 13.96% FEBRUARY 33 $691.20m 2,470,891 operating ships transporting petroleum products. Will this be just a seasonal increase that will be shortlived or may we expect more SINGAPORE 32 8.12% MARCH 37 $608.05m 2,798,832 interest to develop in 2011? We believe that until alternative energy CHINA 25 6.35% APRIL 37 $1,085.30m 2,768,206 sources are developed further the dependency on crude oil will remain strong, and growing possible demand within their GDP growth KOREA 21 5.33% MAY 45 $1,729.10m 5,133,688 rates of China and India will result in a surge in demand for oil NORWAY 19 4.82% JUNE 17 $578.62m 1,607,662 products. The question is if OPEC can increase the production to meet the positive expectations. Comparing the sales of Tankers in 2010 we TURKEY 18 4.57% JULY 22 $831.15m 3,225,816 see that 358 tanekrs ships of a total of 31.7mil tones and 9.5bil value GERMANY 17 4.31% AUGUST 34 $735.65m 1,972,639 performed. h h It dis hfor dsure h that i the markets hihave fbeen assisted il dby the d $ banks that resumed with all restraints though to assist in ship finance. UAE 17 4.31% SEPTEMBER 26 $749.95m 2,203,927 UK 14 3.55% OCTOBER 44 $790.11m 4,195,478 ITALY 14 3.55% NOVEMBER 42 $1,064.40m 2,934,152 USA 13 3.30% DECEMBER 0 $0.00m 0 CYPRUS 12 3.05% TOTAL 394 $9,960.10m 32,757,701 SELLERS Table on the RIGHT shows the nationality of the Sellers. Greek Sellers sold 6 more units in NOV 2010 and are in number one CANADA 8 2.03% position selingoff 77 units (77 last). TAIWAN 5 1.27% Japanese sellers are well in 2nd 2010 TANKER buyer STATISTICS place with 55 units (44 last), while DENMARK 5 1.27% COUNTRY UNITS OUTLAY ($) % DWT % Singapore sellers are always 3rd MALAYSIA 5 1.27% 60 $2,883 28.94% 8,319,759 25.40% with 32 units (29 last) and Chinese sellers are 4th unchanged for 4th RUSSIA 3 0.76% NORWAY 31 $951 9.55% 2,004,652 6.12% month with 25 ships, (all data is ALL OTHER 30 7.61% USA 28 $1,507 15.13% 3,084,132 9.41% ships sold during the period Jan Nov 2010) UNDISCL 4 1.02% CHINA 20 $386 3.88% 1,787,689 5.46% TOTAL 394 100.00% INDONESIA 18 $184 1.85% 695,712 2.12% UAE 12 $357 3.58% 524,564 1.60% INDIA 12 $252 2.53% 1,676,928 5.12% SINGAPORE 11 $152 1.53% 708,856 2.16% KOREA 10 $84 0.84% 628,025 1.92% FAR EAST 9 $71 0.71% 844,140 2.58% BRAZIL 8 $187 1.87% 2,391,026 7.30% Greek buyers are firmly leading the tanker buyers league. After a quiet DENMARK 7 $184 1.85% 289,092 0.88% September Greeks have acquired 6 more tankers this month and tally a total of 60units (54 last) of 8.3million DWT carrying capacity, and have forked out a massive $2.9billion NIGERIA 6 $23 0.23% 147,921 0.45% USD. Norwegian based buyers are now placed in 2nd place with 31 units (24 last), and UNDISCL 73 $1,125 11.29% 5,014,273 15.31% we have USA bueyrs moving 3rd this month totalling 28 units, with Chinese 4th with 20 units. Indonesian buyers are 5th with 18 units of low value and small total carrying ALL OTHER 89 $1,616 16.22% 4,640,932 14.17% capacity. TOTAL 394 $9,960 100.00% 32,757,701 100.00% PAGE 9 of 19

units 60 50 40 30 20 10 0 www.cotzias.gr visit our constantly updated website NOVEMBER 2010 TANKER UNITS SOLD BREAKDOWN PER SIZE AND MONTH 2010 2010 VLCC & ULCC SUEZMAX AFRAMAX PANAMAX 110K 70K PROD 45K < 40,000 OBO LPG & LNG TOTAL JANUARY 3 6 4 2 14 20 1 7 57 FEBRUARY 3 0 7 5 8 10 0 0 33 MARCH 5 1 5 0 2 21 0 3 37 APRIL 4 2 4 4 8 10 0 5 37 MAY 9 8 4 2 8 13 0 1 45 JUNE 2 4 2 1 1 4 0 3 17 JULY 9 0 3 0 3 6 0 1 22 AUGUST 2 0 4 4 8 14 0 2 34 SEPTEMBER 2 1 7 3 9 4 0 0 26 OCTOBER 9 1 6 1 10 14 0 3 44 NOVEMBER 4 4 1 3 2 18 0 10 42 DECEMBER 0 0 0 0 0 0 0 0 0 TOTAL 52 27 47 25 73 134 1 35 394 35 57 16 33 19 37 Tanker units sold 2010 vs 2009 18 45 45 37 22 22 17 17 16 34 26 24 21 JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER 44 2009 2010 Tankers - Capital expend. 2010 vs 2009 27 42 16 0 $2,000m $1,800m $1,600m $1,400m $1,200m $1,000m $800m $600m $400m $200m $0m $1,375 $1,729 2009 2010 $1,097 $1,085 $1,064 $750 $759 $831 $691 $798 $790 $736 $608 $657 $579 $407 $320 $415 $435 $386 $229 $310 $282 JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER $0 In the table on the top we see monthly number of tanker ships sold as of NOVEMBER 2010, compared to 2009's monthly activity. In the table on the top we see the MONTHLY tanker capital expenditure for NOVEMBER 2010 compared to 2009's monthly activity. NB TANKERS PRICE COMPARISON VLCC $118.0 $97.0 $110.0 13% SUEZMAX $93.0 $68.0 $70.0 3% AFRAMAX $75.0 $49.0 $59.0 20% PANAMAX $60.0 $41.0 $45.0 10% MR PROD $52.0 $33.0 $38.0 15% $174 $124 $74 $24 VLCC 300K SUEZ 150K AFRA 110K PROD 45K NEWBUILDING TANKER PRICES 2000-2010 2005 built (5Y old) TANKERS PRICE COMPARISON VLCC $154.0 $77.0 $86.0 12% SUEZMAX $98.0 $60.0 $60.0 0% AFRAMAX $72.0 $39.0 $47.4 22% PANAMAX $56.0 $34.0 $35.0 3% MR PROD $50.0 $24.0 $29.0 21% $120 $70 $20 VLCC 300K SUEZ 150K AFRA 110K PROD 45K 5 YEAR OLD TANKER PRICES 2000-2010 2000 built (10Y old) TANKERS PRICE COMPARISON VLCC $115.0 $59.0 $62.0 5% SUEZMAX $75.5 $43.0 $43.0 0% AFRAMAX $56.0 $30.0 $34.0 13% PANAMAX $46.0 $24.0 $22.0 8% MR PROD $39.0 $19.3 $18.0 7% $150 $100 $50 $0 VLCC 300K SUEZ 150K AFRA 110K PROD 45K 10 YEAR OLD TANKER PRICES 2000-2010 1995 built (15Y old) TANKERS PRICE COMPARISON VLCC $60.0 $38.5 $39.0 1% SUEZMAX $43.0 $23.0 $24.0 4% AFRAMAX $32.0 $13.0 $16.3 25% PANAMAX $24.0 $12.0 $15.9 33% MR PROD $21.0 $9.0 $12.9 43% $120 $100 $80 $60 $40 $20 $0 VLCC 300K SUEZ 150K AFRA 110K PROD 45K 15 YEAR OLD TANKER PRICES 2000-2010 1990 built (20Y old) TANKERS PRICE COMPARISON VLCC $32.0 $17.0 $16.0 6% SUEZMAX $26.0 $12.8 $12.5 2% AFRAMAX $17.0 $9.1 $9.0 1% PANAMAX $14.0 $6.2 $7.0 13% MR PROD $11.0 $4.5 $4.5 0% Tables above compare prices from NOVEMBER 2008, NOVEMBER 2009, with today $50 $40 $30 $20 $10 $0 VLCC 300K SUEZ 150K AFRA 110K PROD 45K 20 YEAR OLD TANKER PRICES 2000-2010 PAGE 10 of 19

NEWBUILDING ORDERS NOVEMBER 2010 UNITS TYPE TONNAGE YARD YEAR PRICE BUYER S NAME NOTES 2 BC 300,000 UNIVERSAL SHIPBUILDING 201213 2 BC 300,000 UNIVERSAL SHIPBUILDING 201213 2 BC 207,000 DAEHAN SHIPBUILDING 2012 $63.5 1 BC 205,000 UNIVERSAL SHIPBUILDING 2012 1 BC 180,000 HYUNDAI 2012 $60.0 5 BC 180,000 JINHAI HI 2012 SHANGHAI JIANGNAN 4 BC 180,000 CHANGXING 2012 $54.0 2 BC 180,000 DALIAN SHIPBUILDING 201213 SHANGHAI JIANGNAN 4 BC 180,000 CHANGXING 2012 $53.1 2 BC 107,600 MINAMI NIPPON 2013 2 BC 105,700 OSHIMA 2014 3 BC 95,000 IMABARI 201415 $40.0 2 BC 82,000 SUNGDONG 2012 $37.0 1 BC 82,000 QINGDAO BEIHAI 201213 $34.5 1 BC 82,000 SUNGDONG 2012 $36.0 1 BC 82,000 ZHEJIANG OUHUA 2011 $34.0 2 BC 82,000 DAEWOO MANGALIA 2012 $37.0 2 BC 81,700 WUCHANG 2012 $34.0 2 BC 81,200 QINGDAO BEIHAI 2012 2 BC 81,200 WUCHANG 2012 1 BC 81,200 DALIAN SHIPBUILDING 2012 1 BC 76,000 ZHEJIANG ZENGHE $29.5 1 BC 75,000 JIANGNAN SHIPYARD 2012 2 BC 75,000 HYUNDAI MIPO 2013 $38.0 4 BC 75,000 HYUNDAI MIPO 2012 $37.0 5 BC 70,000 OSHIMA 201213 2 BC 59,800 HYUNDAI VINASHIN 2012 4 BC 58,000 TSUNEISHI ZHOUSAN 2013 $32.8 2 BC 57,300 STX DALIAN 2013 3 BC 57,000 COSCO DALIAN SHIPYARD 201213 $29.0 2 BC 57,000 MINAMI NIPPON 2013 5 BC 57,000 TIANJIN XINGANG 201213 4 BC 55,800 HYUNDAI MIPO 201213 2 BC 37,200 ZHEJIANG OUHUA 2013 1 BC 37,000 ONOMICHI 2013 6 BC 37,000 ONOMICHI 2013 2 BC 35,000 ZHEJIANG YANGFAN 2012 $26.0 2 BC 35,000 ZHEJIANG YANGFAN 2013 $26.0 2 BC 35,000 QIDONG DAOLA 2011 6 BC 35,000 JIANGMEN NANYANG 201213 $25.5 1 BC 29,100 YANGZHOU NAKANISHI 2012 1 BC 23,000 HAKATA 2011 MOL MITSUI OSK GOLDEN FLAME SHIPPING JAPANESE DENZA DENIZCILIK RELIANCE POWER CSDC HAIBAO SHIPPING CHINA SHIPPING TRAMP MITSUI OSK LINES KAWASAKI KISEN (JAPAN) NYK LINE AKMAR SHIPPING & TRADING FIRST STEAMSHIP TRANSOCEAN MONACO SAFE BULKERS DALNAVE NAV. GUANGXI BEIBU GULF BEIBU GULF SHIPPING BEIBU GULF SHIPPING HAIBAO SHIPPING DONGGUAN HAICHANG SHIPPING CHINA CHINA SHIPPING DEVELOPMENT SOVCOMFLOT NOVOSHIP NYK LINE HYUNDAI MERCHANT MARINE PACIFIC BASIN HELIKON SHPG ENT ASIAN BUYER MITSUI OSK LINES PACIFIC INTERNATIONAL LINES RAY SHIPPING FEDNAV LIMITED FAR EAST SHIPPING CO (JAPAN) ORIENT MARINE CO ESSBERGER COBELFRET HANZEVAST CAPITAL B.V. PACIFIC BASIN NAKANISHI KIKAI FUKUSEI SANGYO JPN ORE CARRIER OPTION 1 MORE. GEARLESS GEARLESS EXCESS $37m OPTION 1 MORE 1 OPTION 2 MORE GEARLESS PRICE. VESSEL ORDERED FOR DOMESTIC SERVICE PRICE VARIES AMONG $3739 MIL. ORDERED AGAINST LONG TERM COAL AGREEMENT. THESE ARE THE 1ST PANAMAX BULKERS TO BE CONSRUCTED AT HYUNDAI SHIPYARD SINCE 2002. OTHER REPS SAY PRICE CIRCA $37m EACH 5 MORE TO BE ORDERED IN 2011 PRICE OPTIONS EXERCISED. 4 NOW ON ORDER WOODCHIP CARRIER ORDER IS THE REPLACEMENT FOR 2 CANCELLED 6500 CEU CAR CARRIERS ORIGINALLY ORDERED AT HYUNDAI MIPO. RAY SHIPPING IS ONLY INVOLVED IN CAR TRADES AND HAS NO EXPERIENCE IN BULK TRANSPORT 6 NOW ORDERED PRICE PRICE. ORIENT MARINE CO IS A SUBSIDIARY OF MITSUI OSK OF JAPAN GEARED. OPTION 2 MORE PRICE. 4 NOW ORDERED OPTION 2 MORE 2 BC 11,000 JSC SHIPYARD LOTOSRUSSIA 2012 3 CONT 85,000 STX SHIPBUILDING 201213 $81.5 4 CONT 56,500 HANJIN SUBIC BAY 2013 $50.0 2 CONT 56,000 SUNGDONG 2012 $52.0 4 CONT 55,000 SHANGHAI SHIPYARD 201213 $51.0 4 CONT 50,000 HANJIN SUBIC BAY 2013 $50.0 WESTERN SHPG CO SHIPPING CORPORATION OF INDIA DELPHIS GOLDENPORT NILE DUTCH AFRICA LIVE DELPHIS NV BULGARIA PRICE. CONSTRUCTION IS A LEASE FINANCE SCHEME WITH THE PARTICIPATION OF JSC GOZNAK LEASE. FYI JSC SHIPYARD LOTOS IS 44% OWNED BY UNITED SHIPBUILDING CORPORATION AND 45,7% BY THE CASPIAN ENERGY GROUP PRICE VARIES $8083 MIL. 6500 TEU 3800 TEU. OPTION 4 MORE 3600 TEU. ALTHOUGH IT IS WIDELY REPORTED TO BE GOLDENPORT THAT HAVE INKED THE ORDER THIS IS NOT 100% CONFIRMED. 3500 TEU. GEARED. THE VESSELS WILL ENTER IN AFRICAASIA LINER SERVICES 3800 TEU. OPTION 4 MORE PAGE 11 of 19

4 CONT 17,000 YANGFAN GROUP 2011,2012,201 3 $18.1 5 CONT 17,000 TAIZHOU KOUAN 201213 $19.0 4 CONT 17,000 ZHEJIANG YANGFAN 201213 $18.1 2 CONT 15,600 DAE SUN SB 201112 $57.3 1 CONT 15,400 DAESUN 2011 $19.1 1 GAS 51,100 MITSUBISHI 2012 6 GAS 12,000 SINOPACIFIC 201213 $40.0 1 GAS 1,000 MIURA 2011 4 MPP 28,000 NANTONG COSCO KHI 2013 $40.0 4 MPP 28,000 SHANGHAI SHIPYARD 2013 $40.0 2 MPP 20,000 HUDONG ZHONGHUA 201213 1 OTHER 15,600 ULJANIK 2012 2 OTHER 5,000 GREATSHIP GLOBAL OFFSHORE 201213 2 OTHER 3,100 STX LANGSTEN (NOR) 2012 2 OTHER 3,100 STX VIETNAM OFFSHORE 2012 2 OTHER ABG SHIPYARD 2013 $220.0 1 OTHER DAEWOO 2013 $510.0 2 OTHER SAMSUNG 2013 $600.0 2 OTHER DALIAN SHIPBUILDING OFFSHORE 201213 $380.0 2 PAX 6,750 MITSUBISHI 2013 $600.0 1 PAX 5,000 STX FINLAND 2013 $312.0 3 PAX 2,500 HIGHSPEED S.B. 2012 2 PAX MEYER WERFT GERMANY 201314 $850.0 SITC INTERNATIONAL NORSE MANAGEMENT SHANDONG INT TRANS SITC INTERNATIONAL SITC INTERNATIONAL ASTOMOS ENERGY CORP JACAR HOLDINGS LUXEMBURG HIYOSHI KISEN COSCO SHIPPING LTD COSCO SHIPPING LTD BELUGA SHIPPING JAN DE NUL COLOMBO DOCKYARD FARSTAD SHIPPING FARSTAD SHIPPING DRILLING & OFFSHORE CHEVRON CORPORATION SEADRILL SEADRILL SHIN NIHONKAI FERRY VIKING LINE SHUN SHINE NORWEGIAN CRUISE LINE 1100 TEU. 4+2+2 1100 TEU 110 TEU 2x1040 TEU & 1x953 TEU GEARED ORDERED ENBLOC PRICE $57.3 MIL 1000 TEU. DELY DEC 2011 ENERGY CORP ESTABLISHED IN 2006 AS A SUBSIDIARY OF BY MITSUBISHI CORP., MITSUBISHI LIQUIFIED GAS CO., AND IDEMITSU GAS LPG 12,000 CBM COSCO BOOKED 8 MPPs AT NANTONG COSCO KHI AND SHANGHAI SHIPYARD. ORDER IS BROKEN IN 2 ORDERS OF 4 VSLS AT EACH YARD COSCO BOOKED 8 MPPs AT NANTONG COSCO KHI AND SHANGHAI SHIPYARD. ORDER IS BROKEN IN 2 ORDERS OF 4 VSLS AT EACH YARD MPP / FREIGHTERS AS MARK III VERSIONS OF ITS SUCCESSFUL P SERIES OFFERING HEAVY LIFT CAPACITY. TWO CRANES OF 1000 TONNES COUPLED TO PRODUCE A MAX LIFT OF 2000 TONNES. THE ORDER IS PART OF 10 SIMILAR NB'S ORDERED IN 2007 AND 2008 BY THE SAME OWNER P&C PRICE TRAILING SUCTION HOPPER DREDGER 3 OF THE VESSELS WILL BE OF STX PSV 08 CD DESIGN WITH 2 BEING BUILT AT STX IN VIETNAM AND THE OTHER AT LANGSTEN YARD OF STX IN NORWAY. THE 4TH VESSEL WILL BE A UT 754 WP DESIGNED BY ROLLS ROYCE TO BE BUILT AT STX LANGSTEN YARD IN NORWAY. 3 OF THE VESSELS WILL BE OF STX PSV 08 CD DESIGN WITH 2 BEING BUILT AT STX IN VIETNAM AND THE OTHER AT LANGSTEN YARD OF STX IN NORWAY. THE 4TH VESSEL WILL BE A UT 754 WP DESIGNED BY ROLLS ROYCE TO BE BUILT AT STX LANGSTEN YARD IN NORWAY. JACKUP DRILLING RIGS WITH AN OPERATING DEPTH 350 FT. DRILLING DEPTH 30,000 FT. SPECIALLY DESIGNED FOR GULF OF MEXICO AND NORTH SEA USE OIL PLATFORM. CUSTOM PURPOSE TO BE USED TO EXTRACT OIL & GAS OFF ANGOLA ULTRA DEEPWATER DRILLSHIPS. OPTION 2 MORE UNTIS CAPABLE OF AN OPERATING DEPTH UP TO 4000 M JACK UP DRILLING RIGS. OPTION FOR FURTHER 2 UNITS HAE BEEN ARRANGED AS A PART OF THE DEAL. THE RIGS ARE CAPABLE OF WORLDWIDE OPERATIONS IN AREAS INCLUDING NORTH 820 PAX, 80 CARS, 150 TRAILERS, LOA 224.8 M, BEAM 26 M, SERVICE SPEED 31 KNOTS CRUISE FERRY WITH A 2800 PAX OF WHICH 870 PAX IN CABINS AND 1300 LM FOR TRUCKS AND A SEPARATE 500 LM FOR CARS. BUILDING WILL COMMENCE 3Q OF 2011. TURKU/STOCKHOLM ROUTE. LNG FUEL UNDER SERIOUS CONSIDERATION. CONSTRUCTION AT TURKU. PRELIMINARY CONTRA 143,500 GT. CONFIRMED ORDER 1 PAX ASSENS DENMARK 2011 1 PAX 2011 $17.0 2 RORO 12,000 P&S WERFTEN 2012 $172.0 1 RORO 6,000 MITSUBISHI 2013 4 TANKER 320,000 NEW TIMES SHIPBUILDING 201213 2 TANKER 317,000 2013 $110.0 2 TANKER 300,000 MITSUBISHI 201213 $105.0 2 TANKER 165,000 HYUNDAI SAMHO 2012 $69.0 2 TANKER 157,000 201314 $62.0 2 TANKER 112,100 HYUNDAI H.I. 201213 $64.0 2 TANKER 112,100 201213 2 TANKER 73,000 OSHIMA 201213 2 TANKER 40,400 COSTANZA 2012 FURSUND FAERGERI A/S DENMARK PRICE. 147 PAX. DOUBLE ENDED FERRY FISKERSTRAND BLRT NORWAY FJORD 1 NORWAY 150 PAX 50 CARS DFDS A/S A LINE FERRY CO LTD DYNACOM TANKERS ENBLOC PRICE. 342 TEU, 3000 LM. THE VESSELS WILL BE FOR MILITARY USE BY DENMARK AND GERMANY IF AND WHEN REQUIRED JIANSU RONGSHENG SHIPPING CORP OF INDIA OPTION 2 MORE MITSUI OSK LINES NJ GOULANDRIS MALACCMAX DESIGN. THIS IS THE FIRST VLCC NB CONTRACT FOR MITSUBISHI SINCE THE COLLAPSE OF THE SHIPPING MARKETS IN 2008 JIANGSU RONGSHENG CENTRAL MARE INC OPTION 2. SUBJECTS NOT YET LIFTED. ARAB MARITIME PETROLEUM TRANSPORT COMPANY PRODUCT CARRIERS HYUNDAI AMPTC EGYPT COATED. PROD CARRIERS RIO TINTO SHIPPING HISTRIA SHIPMANAGEMENT PAGE 12 of 19

1 TANKER 40,400 COSTANZA 2012 1 TANKER 13,800 2011 1 TANKER 12,700 2013 2 TANKER 8,500 2013 1 TANKER 4,450 REVAL SHIPBUILDING OU 2011 $10.8 Note1: With Red color are indicated all Greek interest Buyers or Sellers NEWBUILDING ORDERS BREAKDOWN by TYPE PER MONTH, for YEAR 2010 2010 ORDERS UNITS BC MPP CONT TANKER LNG/LPG ALL OTHER TOTAL JANUARY 35 68 42 0 0 12 6 8 68 FEBRUARY 39 75 35 0 0 18 4 18 75 MARCH 44 121 71 0 5 29 3 13 121 APRIL 18 49 32 0 0 16 1 0 49 MAY 34 88 63 0 0 20 2 3 88 JUNE 42 122 75 10 1 32 0 4 122 JULY 57 156 70 9 15 48 8 6 156 AUGUST 57 147 93 3 8 32 8 3 147 SEPTEMBER 60 138 68 3 22 38 0 7 138 OCTOBER 73 217 92 4 43 56 6 16 217 NOVEMBER 90 210 104 10 35 26 8 27 210 DECEMBER 0 0 0 0 0 0 0 0 0 TOTAL 549 1,391 745 39 129 327 46 105 1,391 DRY BULK ORDERS 2010 CAPESIZE 113 UNITS POST PANAMAX 38 UNIS KAMSARMAX 215 UNITS PANAMAX 62 UNITS SUPRAMAX 107 UNITS HANDYMAX 114 UNITS HANDIES 96 UNITS 745 TOTAL TANKER ORDERS 2010 VLCC 68 UNITS SUEZMAX 80 UNITS AFRAMAX 57 UNITS LR 22 UNITS MR 34 UNITS 261 TOTAL BULK CARRIERS NEWBUILDING ORDERS PER MONTH FOR 2010 2010 CAPESIZE POST PANAMAX KAMSARMAX PANAMAX SUPRAMAX HANDYMAX HANDIES SMALL BULKER ALL TYPES JANUARY 8 1 10 3 7 13 42 FEBRUARY 6 9 4 7 9 35 MARCH 12 24 9 25 1 71 APRIL 5 9 4 4 8 2 32 MAY 9 1 27 14 3 4 5 63 JUNE 14 24 2 16 6 13 75 JULY 6 4 23 7 12 18 70 AUGUST 11 9 29 3 6 18 15 2 93 SEPTEMBER 6 27 10 9 8 8 68 OCTOBER 13 7 24 2 16 22 8 92 NOVEMBER 23 7 14 13 22 23 2 104 DECEMBER 0 TOTAL 113 38 215 62 107 66 139 5 745 TANKER NEWBUILDING ORDERS PER MONTH FOR 2010 2010 VLCC SUEZMAX AFRAMAX LR MR CHEMICAL ALL TYPES JANUARY 3 5 1 3 12 FEBRUARY 4 5 9 18 MARCH 6 8 4 11 29 APRIL 5 3 4 4 16 MAY 6 6 2 5 1 20 JUNE 2 24 6 32 JULY 13 15 3 5 5 7 48 AUGUST 7 14 5 3 3 32 SEPTEMBER 6 4 5 8 2 13 38 OCTOBER 8 2 29 17 56 NOVEMBER 8 4 4 2 3 5 26 DECEMBER 0 TOTAL 68 80 57 22 34 66 327 NOVELLA OTTAVIO SHITANOE DAIICHI TANKER CO CHEMICAL MARMARA TERSANESI YILMAR SHIPPING & TRADING CHEMICAL MARMARA TERSANESI YILMAR SHIPPING & TRADING CHEMICAL LNG/LPG, 46, 3% TANKER, 327, 24% CONT, 129, 9% NEW BUILDING ORDERS PER SHIPTYPES IN 2010 ALL OTHER, 105, 8% MPP, 39, 3% BC, 745, 53% TURKMENIAN SEA & RIVER SHIPPING CO 120 100 80 60 40 20 0 60 50 40 30 20 10 0 BULKERS 42 35 12 BULKERS 18 71 29 32 DRY BULK ORDERS 2010 63 16 20 75 70 93 TANKER ORDERS 2010 68 92 104 Jan-10 Mar-10 Apr-10 Jun-10 Jul-10 Sep-10 Oct-10 Jan-10 Mar-10 Apr-10 Jun-10 Jul-10 Sep-10 Oct-10 32 48 32 38 56 26 PAGE 13 of 19

REPORTED DEMOLITION DEALS NOVEMBER 2010 NAME TYPE YEAR BUILT DWT LDT PRICE BREAKER NOTES IMO DAEWOO SOUTHWAY TANKER 1988 SHIPBUILDING 152,412 21,189 465 HS PIONEER BC 1982 NKK CORP TSU 145,229 23,620 410 CRUDE OIL TANKER SELLERS ARE GLOBAL $ BANGLADESH MARKETING SYSTEMS ROMANIA 8613841 SELLERS ARE STX SHIP MANAGEMENT CO SOUTH $ CHINA KOREA 8022004 RUBY PRINCESS TANKER 1975 GOTAVERKEN 140,905 20,000 CHINA FPSO OIL 7389015 JIANMAO 1 BC 1981 HYUNDAI H.I 127,907 20,109 405 OCEAN POWER TANKER 1983 SCOTT LITHGOW PGLS 127,800 21,415 470 3 MAJ STAR III TANKER 1991 BRODOGRADILISTE 106,680 19,952 450 SWAT TANKER 1985 ASTANO 86,593 16,020 468 BASIL BC 1983 COSHIN SHIPYARD 76,440 14,158 435 SELLERS ARE COSCO WALLEM SHIP MANAGEMENT, $ CHINA CHINA 7917862 $ BANGLADESH SELLERS ARE HIN LEONG TRADING SINGAPORE 7925728 $ INDIA SELLERS ARE NKD MARTIIME BVI UK PRIYA BLUE INDUSTRIES PVT ARE BREAKERS 8805688 $ PAKISTAN SELLERS ARE PAKISTAN NATIONAL SHIPPING PAKISTAN 7917408 SELLERS ARE OVERSEAS MARINE ENR SHIRDI $ INDIA STEEL TRADERS ARE BREAKERS 7532650 ENDEAVOUR RIVER TWEEN 1983 ITALCANTIERI MFL 75,105 18,517 BANGLADESH SELLERS ARE HOLYMAN PTY LTD, AUSTRALIA 8019007 HYUNDAI HEAVY INDS LANCER TANKER 1984 U 67,164 13,326 400 HYUNDAI HEAVY INDS AVIL TANKER 1985 U 67,153 13,300 400 BERGE RACINE TANKER 1985 NORD ET MED LA CIOT 63,254 21,978 455 $ BANGLADESH CRUDE OIL TANKER 0 SELLERS ARE SHIPPING CORPORATION OF INDIA 8224119 $ BANGLADESH CRUDE OIL TANKER 0 SELLERS ARE SHIPPING CORPORATION OF INDIA 8316625 $ INDIA SELLERS ARE BW GAS AS, NORWAY 8116582 KUN MING HU TANKER 1982 HITACHI ZOSEN NAG 60,585 CHINA CRUDE OIL TANKER SELLERS ARE COSCO CHINA 8013558 AFFLATUS BC 1985 NIKI TANKER 1988 DAEWOO SELLERS ARE ISLAMIC REPUBLIC OF IRAN SHIPPING SHIPBUILDING 43,309 CHINA LINES, IRAN 8309660 HYUNDAI HEAVY INDS AS IS FUJAIRAH. SELLERS ARE A.K. SHIPPING & U 39,989 8,300 $ 477 PAKISTAN TRADING INC., 8607842 KOREA SHBLDG & ENG BOW PANTHER TANKER 1986 B 39,422 9,689 478 FEDON BC 1980 BALTIYSKIY 38,250 9,425 460 SELLERS ARE ODFJELL MANAGEMENT AS, NORWAY. $ INDIA INCLUDING 70 TONNES OF STAINLESS STEEL 8316728 SELLERS ARE MACHRIMAR MANAGEMENT S.A., $ INDIA 7942336 BAO YUAN MEN BC 1982 LEVINGSTON ORANGE 37,061 8,244 INDIA SELLERS ARE CHINA GOVERNMENT 7821178 ASRAAREMOSTAFA BC 1977 NKK CORP SHIMIZU 35,271 7,960 BANGLADESH 7600768 HITACHI ZOSEN STAR CARRIER BC 1983 INNOSH 35,218 9,710 455 PHUC HAI MOON BC 1979 MITSUI FUJINAGATA 34,227 7,732 435 MT PHOENIX TANKER 1977 WARTSILA TURKU 32,100 7,430 468 SEA PRINCE I TANKER 1981 CM SPIRIT TANKER 1970 HYUNDAI HEAVY INDS U 31,000 7,637 470 GULFPORT SHIPBUILDING 27,726 6,402 468 MAHA VIDYA BC 1977 OSHIMA SHIP 27,451 6,542 455 STAG BC 1978 KOYO MIHARA 27,348 7,430 403 SELLERS ARE ASP SHIP MANAGEMENT LTD, UNITED $ INDIA 8125569 KINGDOM $ INDIA SELLERS ARE PHUC HAI CO LTD, VIETNAM 7527198 SELLERS ARE OLIMPEX NIGERIA LTD, NIGERIA $ INDIA 7359503 (MARIKA INVESTMENTS) $ PAKISTAN SELLERS ARE SHIP & SHORE SERVICES LTD, NIGERIA 7910979 $ INDIA SELLERS ARE OLIMPEX NIGERIA LTD, NIGERIA (MARIKA INVESTMENTS) KUMAR STEEL ARE 7046168 BREAKERS $ PAKISTAN SELLERS ARE FIVE STARS SHIPPING CO PVT LTD INDIA 7617577 $ CHINA SELLERS ARE CLIO NAVIGATION CORP. SHE HAD BEEN REPORTED SOLD BACK IN MAY 2008 AT A 7641425 LEVEL OF $11.5m CAPT. GIORGIOS BC 1980 GEORGI DIMITROV SHI 25,573 7,836 PAKISTAN SELLERS ARE BULGARE NAVIGATION BULGARIA 7919834 USTICA TANKER 1986 NORD ET MED DUNKIRK 24,225 7,872 INDIA SELLERS ARE MAROC PHOSPHOR OCEAN, MAROCCO 8406303 DA QING 244 TANKER 1977 DALIAN SHIPYARD CO 24,119 6,080 380 ROSBORG BC 1978 TSUNEISHI SHBLDG 22,986 8,170 405 JIANGMEN YINHU SHIP BREAKING SELLERS ARE $ CHINA CHINA SHIPPING GROUP 8425347 $ CHINA SELLERS ARE DANNEBROG REDERI A/S DENMARK 7813183 RAIN TANKER 1983 KOREA SHBLDG & ENG 22,651 6,333 BANGLADESH 8101056 BOLAN TWEEN 1980 KAWASAKI HEAVY INDS 18,145 5,635 448 $ PAKISTAN SELLERS ARE PAKISTAN NATIONAL SHIPPING PAKISTAN 7822108 PRODUCTS TANKER SELLERS ARE INTERSEA MANAGEMENT SWITZERLAND JUVITER TANKER 1980 NAIKAI SHIPBUILDING 17,987 TURKEY 7908457 BUTET BC 1978 TSUNEISHI SHBLDG 17,475 5,055 $ 410 BANGLADESH SELLERS ARE A.T.L. SHIPPING LTD, CYPRUS 7710173 AGS LTD PRODUCTS TANKER SELLERS ARE AZURE INTUITION TANKER 1979 OSAKA SHIPBUILDING 16,457 3,603 TURKEY 7825801 TORRENT TANKER 1975 HASHIHAMA SHBLDG 15,767 3,809 468 SELLERS ARE NOBPAC SHIP MANAGEMENT, BANGLADESH. ALREADY BEACHED CHEMICAL/PRODUCTS TANKER SELLERS ARE NAVIMAR LUGANO SWITZERLAND SERVICES $ INDIA SELLERS ARE TARK ENTERPRISES LIBERIA 7412771 JAIPUR BC 1981 CCN MAUA NITERO 15,015 INDIA SELLERS ARE FIVE STARS SHIPPING CO PVT LTD INDIA 7433256 SELLERS ARE ALLUNITED MARITIME BUSINESS BANGLADESH EASTERN SEA BC 1983 NEPTUN SCHIFFSWERFT 12,665 6,002 BANGLADESH 8311039 ASTRO VENUS RORO 1982 TSUNEISHI SHIPBUILDING 12,464 9,508 450 $ PAKISTAN SELLERS ARE MMS CO LTD, JAPAN. ASIS AQABA INCL 1000 TONS OF BUNKERS ROB AT NO EXTRA COST TO 8208414 THE BUYER. OTHERS REP AT $455/T SELLERS ARE CHINA SHIPPING INTERNATIONAL SHIPMANAGEMENT CO LTD, CHINA (COSCO) DONG FANG GAO SU RORO 1984 MITSUBISHI KOBE 11,940 CHINA 8401274 PAGE 14 of 19

STORM BAY REEFER 1983 SHIN YAMAMOTO KOCHI 11,720 6,384 420 $ INDIA SELLERS ARE SEATRADE GRONINGEN BV, NETHERLANDS. AS IS FUJAIRAH FOR RESALE INTO 8307911 INDIA DORTEL GEMI SOKUM DEMIR VE CEL SELLERS ARE ISM SHIPMAN SYRIA SELLERS ARE AEGEAN CARGO MANAGEMENT SA, SELLERS ARE NYKCOS CAR CARRIER CO LTD PERLA ADIB BC 1976 SCHUERENSTEDT SCHIF 10,890 TURKEY 7434937 AEGEAN SKY RORO 1974 FRAMNAES 9,641 5,998 INDIA 7369039 FU HAN KOU RORO 1986 FREDERIKSHA 9,300 CHINA 8322753 NURETTIN AMCA BC 1973 WATANABE ZOSEN KK 8,303 TURKEY SHIPPING TURKEY 7334577 SELLERS ARE TIANJIN INTERNATIONAL MARINE TIAN CHANG BC 1978 SETOUCHI 7,943 3,567 $ 420 INDIA SHIPPING CO, CHINA 7706330 SINGAPORE SLIPWAY & MIKUE BC 1980 EN 7,909 2,458 $ 440 INDIA SELLERS ARE GLOMAR SUPPLIES LTD, PANAMA 7702592 DUCKY SYMPHONY RORO 1979 AESA SESTAO 6,906 5,669 $ 430 INDIA SELLERS ARE TMT CO LTD, CHINA 7713280 CARIBBEAN CARRIER RORO 1983 MATHIASTHESEN 6,704 5,390 INDIA 8306565 SOUTHERN ARROW BC 1984 GOLDEN LINE 8 BC 1982 IMAN TANKER 1986 TOPAZ SD 1969 DAEDONG SHIPBUILDING 6,549 2,014 385 DAEDONG SHIPBUILDING 6,485 2,044 385 RAUMAREPOLA OY RAUM 6,237 3,163 448 IMABARI SHIPBUILDING SOK DENIZCILIK TIC LTD STI SELLERS ARE KUTUP SELLERS ARE INTERNATIONAL SHIPPING PARTNERS INC, USA $ CHINA SELLERS ARE PAMELA CORP, KOREA 8404393 SELLERS ARE DALIAN TRANSQUARELINE $ CHINA INTERNATIONAL SHIP MANAGEMENT CO LTD, CHINA 8105430 $ INDIA SELLERS ARE RIGA TRANSPORT FLEET, LATVIA 8406638 5,849 BANGLADESH SELLERS ARE NAVEE GROUP THAILAND 7010250 CEMENT CARRIER SELLERS ARE CHINA CHANG XIN 102 BC 1978 HONDA SAIKI 5,372 CHINA 7709291 GOVERNMENT SNAV SICILIA PAX 1974 WESER SEEBECKWERFT 5,341 INDIA PAX/RORO SELLERS ARE SNAV SPA ITALY 7333822 SNAV CAMPANIA RORO 1974 WESER SEEBECKWERFT 5,280 11,505 $ 440 INDIA SELLERS ARE ALISCAFI SNAV SPA, ITALY 7360710 SELLERS ARE NAVIGATOR TANKERS MANAGEMENT CUSTOM TANKER 1981 MIYOSHI 4,990 2,675 $ 462 PAKISTAN S.A., 8001866 CORAL MOON RORO 1985 GALATI 4,100 5,450 $ 428 INDIA SELLERS ARE NOVA OSTRIA SHIPPING CO SA, 8503876 SIMSEKLER GEMI SOKUM ALIAGA SELLERS ARE UNIFREIGHT RUSSIA ARINA MPP 1974 BODEWES GRUNO BV 4,017 TURKEY 7367964 AFANASIY BOGATYREV SD 1973 OKA NAVASHINO 4,000 CHINA SELLERS ARE ARCTIC SHIPPING RUSSIA 7337701 KASID KAREEM BC 1973 NISHI SHIPBUILDING 3,690 TURKEY HISAR GEMI SOKUM AS SELLERS ARE SYRIAN 7313004 SHREE RAM GROUP BARGE CARRIER SELLERS ARE FINANZPARTNER GMBH GERMANY CONDOCK I OTHER 1979 NOBISKRUG WERFT G 3,603 2,406 INDIA 7812749 ALEXANDER SKVORETS SD 1967 KRASNOYE SORMOVO 3,352 TURKEY SELLERS ARE STANDARD SHIPPING TURKEY 6919100 FORWARD 1 SD 1971 ZTS 3,283 TURKEY GEMI YAN SANAYI VE TICARET AS 8858221 NIJORD BC 1980 NOBISKRUG WERFT G 3,214 TURKEY KURSAN GEMI SOKUM LTD 8007157 CARIBBEAN EXPRESS RORO 1976 NOBISKRUG WERFT G 3,180 INDIA RORO/PAX 7400778 BETUL SD 1971 DENIZCILIK ISTINYE 2,756 TURKEY GEMI YAN SANAYI VE TICARET AS 7015846 LIDER TRABZON SD 1979 PETERS H. 2,515 TURKEY IZMIR GERI DONUSUM LTD 7907350 QUALITY SPIRIT TANKER 1968 NIEUWE NOORD IZMIR GERI DONUSUM LTD CHEMICAL PRODUCTS NEDERL 2,303 TURKEY TANKER 6901658 AKADEMIK ALEKSANDR VINOGRADOV OTHER 1983 A WARSKIEGO STOCZNI 2,188 AS IS 7826312 THINH CUONG 14 SD 1985 ANPHU 2,150 AS IS AS IS VIETNAM SELLERS ARE HAI PHONG 8837423 SIGAS MASTER GAS 1985 PATTJE WATERHUIZEN 1,929 1,099 $ 277 TURKEY OGE GEMI SOKUM MAKINECILIK LTD LPG TANKER 8325327 PANAGIA CHRISOSKALITISSA TANKER 1977 ITO 1,806 TURKEY EGE CELIK GEMI SOKUM AS PRODUCTS TANKER 7639496 SEALARK SD 1979 COOK J.W. WIVENHOE 1,559 582 PAKISTAN SELLERS ARE BULGARIAN 7711402 RUBY SD 1982 YORKSHIRE D.D. 1,230 INDIA SELLERS ARE AL HAMADIAN UAE 8127646 MATHIASTHESEN IZUMRUDNYY TRAWLER 1974 WERF 1,212 CHINA SELLERS ARE RUSSIAN 7348425 JET VIII TANKER 1986 TULCEA SANTIERUL NA 1,200 TURKEY K TERSANECILIK AS BUNKERING TANKER 8861474 JET XII TANKER 1988 TULCEA SANTIERUL NA 1,200 TURKEY K TERSANECILIK AS BUNKERING TANKER 8861656 MAROANTSETRA SD 1976 NORDSOVAERFTET A/S 700 INDIA SELLERS ARE FROM MADAGASCAR 7507069 OSKAR TRAWLER 1964 BEER 410 AS IS 6416768 STREZHEVOY TRAWLER 1976 VOLGOGRADSKIY 293 CHINA SELLERS ARE OSCAR RUSSIA 7640861 ALEX IV TRAWLER 1970 MANCHE ATELIERS D 213 TURKEY 7039115 GUARD VALIANT OTHER 1939 FRAMNAES AS IS FORNAES APS STANDBY SAFETY VESSEL 5041968 ADALVIK TRAWLER 1959 Note1: With Red color are indicated all Greek interest Sales VOLKSWERFT RESEARCH SURVEY VESSEL SELLEERS ARE RUSSIAN ACADEMY OF SCIENCE VAN HEYGHEN RECYCLING SELLERS ARE FROM ICELAND SIMSEKLER GEMI SOKUM ALIAGA SELLERS ARE GREEK VAN HEYGHEN RECYCLING SELLERS ARE FROM STRALSUN AS IS ICELAND 5276733 PAGE 15 of 19

DEMOLITION STATISTICS: 2010 UNITS DWT LDT BREAKER STATS 2010 January 115 3,955,206 1,005,289 BREAKER UNITS LDT TAKEN AV. SCRP PRICE February 104 2,616,428 735,515 CHINA 177 1,397,755 $377 March 131 4,638,388 1,059,123 INDIA 431 3,101,361 $387 April 144 2,633,552 756,013 BANGLADESH 102 1,236,564 $401 May 117 2,217,041 577,318 TURKEY 187 246,058 $143 June 114 2,155,488 680,861 PAKISTAN 101 835,730 $395 July 70 2,146,301 535,116 OTHER/CASH/AS IS 143 424,168 August 96 2,629,984 632,117 TOTAL 1141 7,241,636 $341 September 90 1,560,615 401,275 October 76 1,754,845 408,617 November 84 2,184,590 450,392 December 0 0 0 TOTAL 1141 28,492,438 7,241,636 DETAILED BREAKER REGION STATISTICS FOR 2010 BREAKER CHINA INDIA BANGLADESH TURKEY PAKISTAN OTHER/CASH/AS IS TOTAL DRY TOTAL DRY&WET UNITS LDT TAKEN av $ UNITS LDT UNITS LDT DWT 177 1,397,755 376.9 128 1,247,716 16 150,039 5,373,914 431 3,101,361 387.5 283 2,031,401 132 1,069,960 10,197,932 102 1,236,564 401.0 38 308,590 63 927,974 6,437,777 187 246,058 143.5 82 202,766 14 43,292 955,957 101 835,730 395.3 41 215,869 57 619,861 3,884,512 143 424,168 23.5 26 135,373 12 111,130 883,836 1141 7,241,636 340.8 598 4,141,715 294 2,922,256 27,733,928 WET 2010 DEMOLITION SELLERS STATISTICS COUNTRY UNITS % rank 146 12.8% 1 CHINA 84 7.4% 2 UAE 67 5.9% 3 SINGAPORE 50 4.4% 4 USA 47 4.1% 5 TURKEY 43 3.8% 6 NORWAY 42 3.7% 7 SYRIA 41 3.6% 8 JAPAN 39 3.4% 9 RUSSIA 31 2.7% 10 INDIA 29 2.5% 11 UKRAINE 21 1.8% 12 UK 21 1.8% 12 VIETNAM 19 1.7% 14 ITALY 19 1.7% 14 DENMARK 18 1.6% 16 LEBANON 18 1.6% 16 LATVIA 17 1.5% 18 GERMANY 16 1.4% 19 KOREA 14 1.2% 20 ALL OTHER 349 30.6% UNDISCL 10 0.9% TOTAL 1141 100.0% INDIA, 3,101,361, 43% BANGLADE SH, 1,236,564, 17% CHINA, 1,397,755, 19% TURKEY, 246,058, 3% PAKISTAN, 835,730, 12% OTHER/CAS H/AS IS, 424,168, 6% LDT INTAKE PER SCRAP COUNTRY FOR 2010 $800 $700 $600 $500 $400 $300 21 $200 13 1619 11 0 $100 Jan-05 Mar-05 5,000,000 4,500,000 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 0 16 18 10 Mar-05 Jul-05 5 Average Scrap Price & No of Ships Scrapped 2005-2010 12 Jul-05 Sep-05 7 17 29 29 24 20 17 17 19 21 18 17 16 15 11 Jan-06 Mar-06 Jul-06 DWT LDT NUMBER Average Scrap Price Number of Ships Sep-06 Jan-07 Mar-07 25 23 17 17 13 16 16 13 10 8 Jul-07 Sep-07 21 22 19 19 24 12 14 Jan-08 Mar-08 Jul-08 50 DEMO STATS 2005-2010 Sep-05 Jan-06 Mar-06 Jul-06 Sep-06 Jan-07 Mar-07 Jul-07 Sep-07 Jan-08 Mar-08 TURKEY, 187, 16% 27 73 112 39 OTHER/CA SH/AS IS, 143, 13% PAKISTAN, 101, 9% BANGLAD ESH, 102, 9% 129 79 95 125 101 75 125 91 134 63 94 Sep-08 Jan-09 Mar-09 Jul-09 Sep-09 Jul-08 Sep-08 Jan-09 Mar-09 Jul-09 Sep-09 CHINA, 177, 16% 115 62 INDIA, 431, 37% 131 104 144 117 Jan-10 Mar-10 Jul-10 Sep-10 Jan-10 Mar-10 Jul-10 Sep-10 114 96 70 90 84 76 155 135 115 95 75 55 35 15-5 145 125 105 85 65 45 25 5-15 UNIT INTAKE PER SCRAP COUNTRY FOR 2010 source of data: N. COTZIAS SHIPPING CONSULTANTS (NCSC) PAGE 16 of 19

STATS UNITS % LDT DWT USD PAID AVERAGE AGE Demolition DATA for 2010 TANK/ CONT/ RORO PAX VEHICLES TRAWLER TUG BULKERS / SD OBO/GAS TWEEN/MPP REEFER CRUISE, OTHER CARRIERS OTHER TOTAL 357 329 160 45 116 43 91 1,141 SHIPS 31.3% 28.8% 14.0% 3.9% 10.2% 3.8% 8.0% 100.0% 1,574,300 3,011,643 1,130,370 234,314 666,656 438,988 185,365 7,241,636 7,278,892 15,601,982 2,982,609 375,068 917,107 554,441 782,339 28,492,438 $390,446,458 $1,035,703,623 $280,966,853 $75,322,154 $163,328,939 $33,505,593 $48,318,155 $2,027,591,775 32.1 Years 27.9 Years 29.3 Years 29.2 Years 35.7 Years 27.3 Years 32.6 Years 30.6 Years AVERAGE SCRAP PRICE U$/LDT AVERAGE SCRAP PRICE U$/LDT AVERAGE SCRAP PRICE U$/LDT AVERAGE SCRAP PRICE U$/LDT AVERAGE SCRAP PRICE U$/LDT 505 455 405 355 305 255 205 470 420 370 320 270 220 470 420 370 320 270 220 420 370 320 270 220 340 290 240 190 140 $228 $243 $215 $209 $226 $251 $255 $268 $279 $266 Jan09 Feb09 Mar09 Apr09 May09 Jun09 Jul09 Aug09 $267 $262 $272 $259 Jan09 Feb09 Mar09 Apr09 $234 $258 $249 May09 Jun09 Jul09 $271 $265 $261 $266 $248 $282 Jan09 Feb09 Mar09 Apr09 May09 Jun09 $274 $269 $218 $311 $277 $240 Jan09 Feb09 Mar09 Apr09 May09 AVERAGE MONTHLY SCRAP PRICE 2009 2010 CHINA $286 $312 $319 $343 Sep09 Oct09 Nov09 Dec09 Jan10 Feb10 AVERAGE MONTHLY SCRAP PRICE 2009 2010 INDIA $309 $327 $291 Aug09 Sep09 Oct09 Nov09 $375 $340 $324 $362 $344 $387 AVERAGE MONTHLY SCRAP PRICE 2009 2010 PAKISTAN $315 $273 Jul09 Aug09 $313 $312 $293 $265 Sep09 Oct09 Nov09 Dec09 source of data: N. COTZIAS SHIPPING CONSULTANTS (NCSC) $411 $381 $382 $438 Mar10 Apr10 May10 Jun10 Jul10 $457 Dec09 Jan10 Feb10 Mar10 Apr10 $379 $353 $377 AVERAGE MONTHLY SCRAP PRICE 2009 2010 BANGLADESH $296 $289 $300 Jun09 Jul09 Aug09 $342 $322 $322 $335 $362 Sep09 Oct09 Nov09 Dec09 Jan10 Feb10 $459 $410 $370 $426 $407 $405 $431 $370 $461 Aug10 Sep10 Oct10 Nov10 $485 May10 Jun10 Jul10 Aug10 Sep10 $427 Jan10 Feb10 Mar10 Apr10 May10 Jun10 $393 $392 AVERAGE MONTHLY SCRAP PRICE 2009 2010 TURKEY $183 $186 $202 $172 $155 $174 $179 $177 $181 $184 $179 $187 $187 $193 Jan09 Feb09 Mar09 Apr09 May09 Jun09 Jul09 Aug09 Sep09 Oct09 Nov09 Dec09 Jan10 Feb10 Mar10 $445 $433 $418 $447 Oct10 Nov10 $407 $392 $394 $396 $362 $371 $400 $345 Jul10 Aug10 Sep10 Oct10 Nov10 $384 Mar10 Apr10 May10 Jun10 Jul10 Aug10 $242 $216 $205 $223 Apr10 May10 Jun10 Jul10 $245 $384 $384 $429 Sep10 Oct10 Nov10 $295 $301 $277 Aug10 Sep10 Oct10 Nov10 PAGE 17 of 19

BALTIC DRY BULK MARKET INDICES until 30th NOVEMBER 2010 DATE BDI % frm 1/1/2010 BCI % frm 1/1/2010 BPI % frm 1/1/2010 BSI % frm 1/1/2010 BHI % frm 1/1/2010 29/10/10 2,678 15% 4,262 2% 2,410 37% 1,750 21% 897 22% 01/11/10 2,648 16% 4,231 1% 2,371 38% 1,730 22% 887 23% 02/11/10 2,600 17% 4,165 1% 2,313 39% 1,705 23% 879 24% 03/11/10 2,542 19% 4,060 3% 2,288 40% 1,680 24% 870 24% 04/11/10 2,510 20% 4,011 4% 2,287 40% 1,655 26% 862 25% 05/11/10 2,495 21% 3,994 5% 2,304 40% 1,628 27% 856 26% 08/11/10 2,482 21% 3,984 5% 2,322 39% 1,597 28% 851 26% 09/11/10 2,467 21% 3,938 6% 2,361 38% 1,580 29% 844 27% 10/11/10 2,454 22% 3,882 8% 2,437 36% 1,552 30% 841 27% 11/11/10 2,366 25% 3,695 12% 2,432 36% 1,532 31% 835 27% 12/11/10 2,313 26% 3,612 14% 2,365 38% 1,516 32% 833 28% 15/11/10 2,261 28% 3,530 16% 2,294 40% 1,495 33% 828 28% 16/11/10 2,219 29% 3,490 17% 2,216 42% 1,474 34% 816 29% 17/11/10 2,188 30% 3,492 17% 2,122 44% 1,457 34% 804 30% 18/11/10 2,164 31% 3,496 17% 2,063 46% 1,431 36% 795 31% 19/11/10 2,155 31% 3,526 16% 2,038 47% 1,389 38% 788 32% 22/11/10 2,179 31% 3,585 15% 2,061 46% 1,369 38% 780 32% 23/11/10 2,199 30% 3,593 14% 2,112 45% 1,370 38% 779 32% 24/11/10 2,213 30% 3,539 16% 2,194 43% 1,392 37% 781 32% 25/11/10 2,200 30% 3,381 19% 2,290 40% 1,443 35% 785 32% 26/11/10 2,170 31% 3,233 23% 2,330 39% 1,486 33% 788 32% 29/11/10 2,145 32% 3,095 26% 2,356 38% 1,512 32% 792 31% 30/11/10 2,099 33% 2,910 31% 2,377 38% 1,526 31% 796 31% 10400 8400 6400 4400 2400 400 10300 8300 6300 4300 2300 300 5400 4400 3400 2400 1400 400 5400 4400 3400 2400 1400 400 18300 16300 14300 12300 10300 8300 6300 4300 2300 300 BALTIC DRY 2005-2010 BALTIC PMAX 2005-2010 CL Maritime Index (CLMI) CAPITAL LINK MARITIME INDEX 2005-2010 CL Container Index (CLCI) All Baltic DRY indices 2005-2010 BDI BPI CAPITAL LINK CONTAINER INDEX 2005-2010 17900 15400 12900 10400 7900 5400 2900 400 7300 6300 5300 4300 3300 2300 1300 300 7400 6400 5400 4400 3400 2400 1400 400 4400 3400 2400 1400 400 BALTIC CAPE 2005-2010 BALTIC SUPMAX 2006-2010 BPI BCI BDI BSI BCI CAPITAL LINK DRYBULK INDEX 2005-2010 CL MLP Index (CLMLP) CAPITAL LINK MLP INDEX 2005-2010 BSI CL Drybulk Index (CLDBI) PAGE 18 of 19

DATE CLEAN % frm 2/1/10 DIRTY % frm 2/1/10 29/10/10 444 23% 593 26% 01/11/10 442 24% 588 25% 02/11/10 439 25% 580 24% 03/11/10 438 26% 583 24% 04/11/10 436 26% 588 25% 05/11/10 435 27% 584 24% 08/11/10 437 27% 582 24% 09/11/10 437 27% 593 24% 10/11/10 449 27% 614 24% 11/11/10 454 25% 645 24% 12/11/10 457 24% 655 22% 15/11/10 460 21% 656 19% 16/11/10 470 21% 645 19% 17/11/10 480 19% 643 17% 18/11/10 488 16% 659 15% 19/11/10 497 14% 673 14% 22/11/10 501 12% 682 15% 23/11/10 504 12% 701 17% 24/11/10 507 12% 699 18% 25/11/10 508 11% 695 18% 26/11/10 517 11% 683 18% 29/11/10 519 11% 679 18% 30/11/10 528 9% 671 14% 1900 1500 1100 700 300 5400.00 4400.00 3400.00 2400.00 1400.00 400.00 CL Tanker Index (CLTI) BALTIC TANKER MARKET INDICES until 30th NOVEMBER 2010 BALTIC CLEAN TANKER INDEX 2005-2010 CAPITAL LINK TANKER INDEX 2005-2010 ALL BALTIC WET Indices 2005-2010 ALL CAPITAL LINK INDICES ARE USED WITH THE EXPRESS KIND PERMISSION OF CAPITAL LINK INC NEW YORK 146 136 126 116 106 96 86 76 66 56 46 36 26 16 146 136 126 116 106 96 86 76 66 56 46 36 26 16 Feb-02 Aug-02 Feb-02 Aug-02 Brent Oil Feb-03 Aug-03 Feb-04 Aug-04 WTI Spot Price Feb-03 Aug-03 Feb-04 Aug-04 Feb-05 BCTI DISCLAIMER: All information & data contained in this report, has been carefully obtained from a variety of sources, as reported freely in the market. All necessary care has been taken in the collection, validation, production and editing of this report, however, N. Cotzias Shipping Group and/or any of it's subsidiary companies makes no guarantee for accuracy & shall not be held liable for any loss incurred in any way whatsoever by any person, individual or company that relies on the information contained herein. All data, info, charts, views and news contained in this report are property of NCS Group, but can be freely reproduced by any third party in any media, press, tv, radio, internet provided that the source being NCS is clearly identified, labelled and respected. 2300 1800 1300 800 300 2400 1900 1400 900 400 Brent OIL (2001-2010) Feb-05 Aug-05 5400 4400 3400 2400 1400 400 3200.00 2800.00 2400.00 2000.00 1600.00 1200.00 800.00 400.00 WTI SPOT PRICE (2001-2010) CL LNG/LPG Index (CLLG) ALL CAPITAL LINK WET Indices 2005-2010 BALTIC DIRTY TANKER INDEX 2005-2010 CAPITAL LINK LNG/LPG INDEX 2005-2010 Aug-05 BCTI BDTI CL Tanker Index (CLTI) CL LNG/LPG Index (CLLG) BDTI PAGE 19 of 19