S&P MONTHLY REPORT AUGUST 2010

S&P MONTHLY REPORT AUGUST 2010 Executive Summary Ship sale volume: Jul10 Total number of Ships sold this month: 93 78 last month Dry cargo Ships sold this month: 59 56 last month Wet cargo Ships sold this month: 34 22 last month Scrap volume: Ships scrapped this month: 75 60 last month Highest Scrap Price paid this month: $590 ldt/india 125ts Stainless Steel Newbuilding Ships Prices 27/08/2010 (in mil USD) Dry Cargo CAPE 30/8/2009 PMX 30/8/2009 HMAX 30/8/2009 NEWBUILDING $72.0 $62.0 $44.0 $39.0 $36.0 $32.0 Tanker Ships VLCC 30/8/2009 SUZ 30/8/2009 AFR 30/8/2009 NEWBUILDING $108.0 $110.0 $71.2 $71.5 $58.0 $50.5 PAN 30/8/2009 PROD 30/8/2009 $45.5 $45.2 $36.5 $38.0 Average Dry cargo T/C Earnings (worldwide routes): Jul10 Jun10 May10 Capes >131,000 dwt: $28,253 $16,750 $35,022 $44,871 Post Panamax 130,000 87,000 dwt: $21,854 $16,630 $24,455 $35,117 Kamsarmax 86,000 80,000 dwt: $25,770 $20,621 $28,452 $35,773 Panamax 79,000 60,000 dwt: $22,919 $19,638 $26,033 $34,091 Supramax 59,000 50,000 dwt: $22,756 $20,064 $25,432 $32,556 Handymax 49,000 40,000 dwt: $21,990 $16,729 $22,592 $34,654 Handies 39,000 30,000 dwt: $15,800 $16,000 $17,000 $22,854 Small Bulkers 29,000 12,000 dwt: $15,682 $13,641 $16,550 $20,655 Scrap Prices for AUGUST 2010 GENERAL SCRAP PRICE AVERAGE HIGH $405 AVERAGE $380 AUGUST 2010 AVERAGE $400 INDIA HIGH $590 AVERAGE $404 JULY 2010 AVERAGE $393 BANGLADESH HIGH $398 AVERAGE $398 JUNE 2010 AVERAGE $373 PAKISTAN HIGH $470 AVERAGE $442 MAY 2010 AVERAGE $399 TURKEY HIGH $198 AVERAGE $198 APR 2010 AVERAGE $440344.90 BALTIC INDICES 31 % change since LAST MONTH 30Jul10 30Jun10 31May10 Baltic Dry Index Baltic Cape Index Baltic Panamax Index Baltic Supramax Index Baltic Handymax Index Baltic Clean Tanker Index Baltic Dirty Tanker Index 2713 37.93% 1967 2406 4078 3516 82.93% 1922 2711 5217 2950 12.08% 2632 2748 4247 2066 17.39% 1760 2066 2982 1077 6.63% 1010 1155 1477 679 14.70% 796 785 680 715 10.18% 796 855 962 COMMENTS: There was fear for some and hope for others that the declining freight market, would have pushed secondhand prices down too. The overall expectation was that prices would be pressed to deflate, amybe not to the same extent as the percentage loss of the daily earnings but at least we were contemplating to see some better priced ships in the Aug/Sep "End of Summer/Fall Sales"...! Instead we saw the freight markets collecting its pieces, rising up, and recovering a great part of their losses at a phenomenal pace, and aided by the Chinese who were "back in business" again, resolved back to the levels of Feb April 2010. What was very interesting to note during this rebound is that when a market with such volatility and of such a high volume can be so easily controlled and manipulated by the Chinese demand, there is also the great fear that China having this "remote controll" in their hands so they can switch it off, turn it back on and change pace and gears with the touch of a button, then we talk about a total market concentration and a totaly unfair game play for the rest of the players... who will simply have to just follow... China has imposed their game rules in the iron/ore pricing agreement, and the country s size and import appetite on its own have such great weight that they can and have brought the per tone prices to the desired levels. Russian grain exports embargo/ban went into action as from the 15th August until 31st Dec 2010, and the Russian exports will be limited to 60 65 mil tones for 2010 as opposed to 97 mil tones for 2009. This is a serious quantity reduction that will be needed to be shipped from alternative locations and this will definitely act positively on shipping freights as the per ton mile cost will increase. Adding to this, the underlying global market fundamentals still pose a great degree of uncertainty although the overall world trade and growth picture looks much better than 2 months ago. Elaborating more on this, comparing 2010 2Q estimate GDP growth of the developing economies really show some encouraging signs. It is a known fact that shipping heavily depends on the wellbeing of the developing world in order to get more steam into our seaborne trade. The Philippines for the first semester of 2010, have the positive estimate for 2Q 2010, of 5.4% growth, Indonesia 6.2%, India 8.4%, Malaysia 8.9%, Vietnam 6.4%, Thailand 10.5%, Taiwan 11%, Korea 7.5% and China 10.3% while Japan only 4%. These Asian country growth figures are very encouraging and adding Russia 5.2% and Brazil 9% we see that the comparison with the low estimates of 2.4% for the, and 2.2% for Germany and the mere 1% of the Eurozone is not encouraging to make as expect any more help from the developed world, but one could say that we may feel happy enough that at least these figures are positive so let s not be greedy!! Thank you developing economies...!!! PAGE 1 of 18

DRY CARGO SHIPS SOLD DURING THIS MONTH NAME TYPE YEAR BUILT DWT GEAR PRICE NAME NATION AUGUST NOTES 2010 IMO HEBEI TIGER BC 1985 SUMITOMO H I 179,836 $13.00m WINNING SHIPPING SELLERS ARE HEBEI OCEAN SHIPPING. 8406078 SOLD WITH SS/DD DUE PRINCESS KATHERINE OBO 1986 BOELWERFT TEMSE 164,100 $10.50m CHINESE SELLERS ARE RAVENSCROFT SHIP MANAGEMENT,. DRY TRADING OBO. SOLD AT 8407668 DEMO LEVELS FOR FURTHER TRADING. SANKO SPARK BC 1996 DAEWOO 150,961 $25.00m SWISS MARINE GREECE SELLERS ARE SANKO STEAMSHIP CO LTD 9074511 JAPAN SS DUE FEB 2011 BULK LEHER BC 1992 CSPC 149,532 $19.60m CHINESE SELLERS ARE ANGLO EASTERN SHIPMANAGEMENT, HONG KONG,. 9035785 GOOD SEASON BC 1985 COCHIN SHIPYARD INDIA 74,905 $10.50m PACIFIC FIRST SHIPPING INDIA OLD SALE OTHER REPORT SAYS $12MIL & $11.5MIL SELLERS ARE 7702255 ARCHEAN GROUP INDIA SS/DD PASSED ROSALIA D'AMATO BC 2001 HUDONG 74,500 $30.00m NORWEGIAN NORWAY SELLERS ARE SHIPS SURVEYS AND SERVICES 9225201 SRL, ITALY. SEAFLOWER BC 1995 KOYO MIHARA 69,128 3X4T $24.00m ATHENIAN SHIP MANAGEMENT GREECE SELLERS ARE PRIMEROSE SHIPPING, GREECE. OTHER REPS SAY SOLD AT $22m 9105231 YUN TONG HAI BC 1990 HYUNDAI HI 68,788 $19.10m NINGBO SHIPPING (ZHOUSHAN) SELLERS ARE COSCO SHANGHAI SHIP MANAGEMENT 8801022 REPORTED SOLD IN AUG 2007 FOR $33MIL YIALIA BC 1980 HYUNDAI HI 61,203 XIAMEN SHIPBUILDING SUPRA 1 XIAMEN SHIPBUILDING SUPRA 2 BC 2010 BC 2010 P&C TERMS CHINESE SELLERS ARE KARLOG SHIPPING CO, GREECE 7902556 XIAMEN 57,000 4X30T SHIPBUILDING GERMAN $66.00m GERMANY XIAMEN 57,000 4X30T SHIPBUILDING QU SHAN HAI BC 2010 COSCO ZHON 56,965 4X30T $36.00m UNDISCLOSED SELLERS ARE COSCO 9454668 BAO SUCCESS BC 2011 BAO WEALTH BC 2009 JIANGSU HANTONG 56,836 $33.50m SOLD ENBLOC BAO 9482029 WEALTH AND SISTER VSL EUROPEAN EUROPE FOR $33.5m EACH UNIT TO EUROPEAN JIANGSU HANTONG 56,836 $33.50m SELLERS ARE CHINESE 9525821 NEW ORION BC 2003 HYUNDAI MIPO 52,191 4X30T $29.20m INDIAN INDIA SELLERS ARE STX PAN OCEAN CO LTD, KOREA OTHER REPORTS 9250141 CLAIMED MIDDLE EAST SAME PRICE AT $28.5MIL KITE BC 1997 STX 47,195 4X30T $23.00m UNDISCLOSED SELLERS ARE EAGLE BULK SHIPPING INC 9122291 TAMARUGAL BC 2000 KANASASHI 46,200 4X30T $24.30m KRITSAS GREECE SELLERS ARE ORIENT MARINE JAPAN. SALE REPORTED (@$25.1m) WEEK 28 FAILED AND NOW SOLD TO OTHER GREEKS AT $24.3m 9214862 TASSOS N BC 1986 SHIPBUILDING CORPORATION 41,343 4X25T $12.00m UNDISCLOSED SELLERS ARE TRANSWORLD A.M. NOMIKOS GREECE LATEST RUMOURS AND REPORTS SAY VESSEL'S SALE FAILED 8412778 NIEBLA BC 1984 IHI KURE 38,830 4X25T $9.50m KUWAITI KUWAIT SELLERS ARE ERSHIP SAU SPAIN 8323226 PAGE 2 of 18

GOLDEN 9 BC 1982 MITSUBISHI 38,101 3X30T $5.00m UNDISCLOSED SELLERS ARE PANCON SHIPPING & MARINE SINGAPORE SHE WAS ACQUIRED IN APRIL 2009 FOR $3.8MIL VESSEL WAS 8004997 CONVERTED TO BC FROM TANKER IN 2008, UTILISING CENTRE TANKS AS CARGO HOLDS. CORDOBA BC 2010 USHUAIA BC 2009 JIANGSU EASTERN 37,852 4X30T $30.50m SOLD ENBLOC CORDOBA 9404431 AND USHUAIA FOR $61m NAVIBULGAR BULGARIA FOR BOTH UNITS TO NAVIBULGAR BULGARIA. SELLERS ARE KRISTEN JIANGSU EASTERN 35,500 4X30T $30.50m MARINE SA GREECE 9404429 AO LI 2 BC 2010 ZHEJIANG AOLI SHIPBUILDING 35,000 4X30T $26.50m GREEK GREECE ZHEJIANG AOLI AI0605 HULL RESALE 9567506 HAMBURGO CONT 1996 FLENSBURGER 32,483 2X40T, 2000 TEU $14.75m GREEK GREECE SELLERS ARE RICKMERS REEDEREI GMBH GERMANY OTHER REP SAYS $15MIL CHINESE 9122538 ROYAL FOREST BC 1998 MITSUBISHI 31,770 4X30T $20.00m GREEK GREECE SELLERS ARE MITSUBISH CORPORATION, JAPAN 9178551 JOLLY PLATINO CONT 1990 HYUNDAI HEAVY INDS 31,584 2026 TEU $7.80m CHINESE SELLERS ARE IGNAZIO MESSINA & C SPA ITALY 8901872 SOLD ENBLOC FEDERAL FEDERAL YANGTZE BC 2010 SHANHAIGUAN 30,688 3X30T $27.00m YANGTZE AND EASTWIND 9564140 YATES FOR $27m EACH UNIT TO NAVIBULGAR NAVIBULGAR BULGARIA BULGARIA. SELLERS ARE FEDNAV CANADA EX EASTWIND VESSELS SOLD IN MAR 2010 TO EASTWIND YATES BC 2010 SHANHAIGUAN 29,800 3X30T $27.00m FEDNAV FOR $27MIL 9564138 EACH EMMANUELA BC 1997 HUDONG 29,321 C4X30T $18.50m UNDISCLOSED SELLERS ARE CAPITAL SHIP MANAGEMENT CORP GREECE ALSO 9129378 REPORTED SOLD IN JUNE 2010 FOR $18MIL ELISA BC 2005 STX SHIPBUILDING JIN 28,987 $21.00m ARDMORE IRELAND SELLERS ARE ZACHELLO GROUP 9313448 AFRICAN CHALLENGER BC 1984 NAIKAI SETODA 28,215 4X25T $6.50m GREEK GREECE SELLERS ARE WELL SHIPMANAGEMENT & MARITIME SHE WAS ACQUIRED IN APR 2009 FOR $3.6MIL 8319392 ISLAND OF LUCK BC 1985 HAKODATE HAKODATE 26,541 4X30T $7.00m CHINESE SELLERS ARE VICTORIA OCEANWAY LTD, GREECE (PRIAMOS) SHE WAS 8508577 ACQUIRED IN MAR 2009 FOR $4.5MIL THOR TRAVELLER BC 1985 AKER MTW 24,232 4X25T $3.40m NOBPAC SHIPPING PTE SELLERS ARE THORESEN SINGAPORE & CO BANGKOK THAILAND 8503060 WILLIAM BC 1995 VINASHIN5 BC 1983 NAIKAI ZOSEN CORP 23,829 4X30T $14.00m UNDISCLOSED SHIN YAMAMOTO ZOSENSHO 21,340 C3X25T D1X25T $2.25m TURKISH TURKEY RIO NEGRO MPP 1999 GERMANY 20,567 2X60T, 1300 TEU $12.30m DELPHIS NV BELGIUM SELLERS ARE AUGUST BOLTEN GERMANY 9117375 SELLERS ARE VINASHIN OCEAN SHIPPING 8301644 VIETNAM. SHE HAD BEEN REPORTED SOLD IN AUG OTHERS REPORT HER SOLD AT $13.2m 9161194 MINING STAR BC 2002 HAKATA ZOSEN 18,721 3X35T $14.25m VIETNAMESE VIETNAM SELLERS ARE TSURUMI KISEN CO LTD, JAPAN 9250945 MOL SILVER FERN CONT 1996 IWAGI ZOSEN CO LTD 17,249 1001 TEU $8.50m UNDISCLOSED SELLERS ARE SHOEI KISEN KAISHA LTD JAPAN 9136591 OS SUNSHINE BC 2007 ZHEJIANG LINHAI HAIFENG 15,968 2X25T, 1X30T $5.80m UNDISCLOSED SELLERS ARE JOEN SHIPPING CO LTD, KOREA 9396567 PAGE 3 of 18

GRANDE LAGOS CAR 2004 CROATIA 14,650 5379 CARS 3600 LM $39.00m NOCC NORWAY VEHICLES CARRIER SELLERS ARE GRIMALDI ITALY INCL BALANCE F CHARTER 1314 MOS 9279812 ITAL VERDE CONT 1984 NOBISKRUG WERFT GERMANY 14,265 1033 TEU $2.00m UNDISCLOSED SELLERS ARE EVERGREEN MARINE CORP TAIWAN SOLD AS 8321644 IS TARANTO ACCURATE BC 1999 HONDA SAIKI 12,974 2X30T $11.80m SOLD ENBLOC 9177791 ESSAR ACCURATE AND ACTIVE SHIPPING INDIA FOR $23.6m FOR BOTH PORTS UNITS TO ESSAR INDIA ACTIVE BC 1998 HONDA SAIKI 12,500 2X30T $11.80m GERMAN SELLERS 9177765 BENEVOLENCE MPP 1984 NEPTUN SCHIFFSWERFT 12,720 D5X40T, 428 TEU UNDISCLOSED SELLERS ARE JUTHA MARITIMEPUBLIC THAILAND 8310877 RUNNER RORO 1990 SCHICHAU SEEBECK 10,140 1974 LM $6.50m RUSSIAN RUSSIA SELLERS ARE FINNLINES PLC, FINLAND 8807416 FAST ARROW RORO 1979 KAWASAKI HI 10,065 1,699 LM, 125 CARS, 136 TRLS, 544 TEUS P&C TERMS DEMLINE LEBANON SELLERS RAE LEVANT SHIPPING &TECHNICAL SERVICES, FRANCE 7705726 DARTMOOR CONT 1998 CELIKTEKNE TUZLA 9,950 3X40T, 951 TEU $8.40m D'AMICO ITALY SELLERS ARE ANDREW WEIR SHIPPING UK 9143879 PERSEUS MPP 1998 SHIN KURUSHIMA 8,934 C2X30.5T, D1X30T $7.20m VIETNAMESE VIETNAM SELLERS ARE KIFUNE KAIUN KK JAPAN 9181998 INDUSTRIAL CRESCENT MPP 2002 BARRERAS 8,097 2X200T, 522 TEU US BASED SELLERS ARE JUNGERHANS MARITIME SERVICES GMBH, GERMANY 9258193 CHANG YU RORO 1990 USUKI SHIPYARD 5,228 $3.00m CHINESE GOVERNMENT VEHICLES CARRIER SELLERS ARE FUYO KAIUN CO LTD, JAPAN 8911267 REPORTED SOLD IN JUNE 2009 FOR $11.5MIL IBUKI MPP 1991 SANYO ONOMICHI 5,132 D 2X25T 1X20T $1.60m SPARKLE SHIPPING CO LTD SELLERS ARE JAPANESE 9017123 SYOTA MARU REEFER 1994 KYOKUYO ZOSEN CHOFU 5,103 6X5T $8.00m CHINESE SELLERS ARE COMMERCIAL SA, GREECE 9087908 GREATSHIP REKHA OTHER 2010 SRI LANKA 3,500 2X3589 BHP $23.00m ENBLOC GREATSHIP 9491551 REKHA (W.M. MAKASSAR) & GREATSHIP DHRITI FOR WINTERMAR PT INDONESIA $23MIL AND $28MIL EACH PLATFORM SUPPLY VESSEL SELLERS ARE GREATSHIP DHRITI OTHER 2008 GREAT EASTERN AKER TULCEA SC 3,240 2X2726 BHP $28.00m SHIPPING CO LTD INDIA 9392834 DMT EMERALD OTHER 2006 BENDER SHIPBUILDING 3,277 9924 BHP $55.30m SURF SUBSEA INC OFFSHORE PLATFORM SUPPLY VSL SELLERS 9400693 ARE DEEP MARINE 3 LLC DMT DIAMOND TUG 2000 BENDER SHIPBUILDING 3,041 3900 BHP $10.00m US BASED OFFSHORE PLATFORM SUPPLY VSL SELLERS ARE DEEP MARINE 3 LLC 9225495 SHE WAS REPORTED LAID UP DMT SAPPHIRE TUG 2002 BENDER SHIPBUILDING 3,028 7396 BHP $16.50m OCEANEERING INTRNATIONAL OFFSHORE PLATFORM SUPPLY VSL SELLERS ARE DEEP MARINE 3 LLC 9264518 DMT TOPAZ TUG 1998 BENDER SHIPBUILDING 2,389 2 X 1950 BHP $6.20m EZRA HOLDINGS LTD SINGAPORE OFFSHORE PLATFORM SUPPLY VSL SELLERS 9201645 ARE DEEP MARINE 3 LLC SEACOR CANYON OTHER 2007 NANINDAH MUTIA 1,661 7178 BHP P&C TERMS VIETNAMESE VIETNAM OFFSHORE/TUG. SELLERS ARE SEABULK 9359856 INTERNATIONAL INC, KRISTINA REGINA PAX 1960 OSKARSHAMNS VARV 870 245 PAX, 119 CABINS Note1: With Red color are indicated all Greek interest Buyers or Sellers UNDISCLOSED SELLERS ARE KRISTINA CRUISES OY, FINLAND 5048485 PAGE 4 of 18

DRY CARGO 2ND HAND MARKET STATISTICS August 2010 is yet another soft month in terms of Sale and purchase activity. Freight markets recovered and gained more SELLERS STATS 2010 than 50% fo their heavy losses. However during this shortlived MONTHLY UNIT SALE ACTIVITY minicollapse the ships prices did not really follow the country units % 2010 UNITS OUTLAY$ DWT downward pressure and sustained their previous levels. This GREECE 114 17.17% way, potential buyers never got the bargain they expected and JANUARY 84 $1,297.44m 3,952,288 patiently had held back for, while Sellers say thank you that GERMANY 84 12.65% FEBRUARY 82 $1,383.07m 3,896,685 their present prices hold firm and ship values did not roll down hill. However fewer deals than normal, of a record low capital 76 11.45% MARCH 161 $3,532.12m 7,367,241 expenditure ($946mil usd) were performed in Aug 2010, JAPAN 65 9.79% APRIL 71 $1,087.61m 3,404,042 as the level of uncertainty is still evident in the Dry bulk markets. On the other hand if China can so easily manipulate FRANCE 33 4.97% MAY 72 $1,104.90m 3,048,860 the markets and dictate their freight levels for their iron/ore and coal intakes, one may wonder if the dry bulk market levels are SINGAPORE 27 4.07% JUNE 79 $1,957.37m 4,042,023 fictitius or really represent world economy. When 40% of the KOREA 20 3.01% dry bulk trades are mainly Chinese Capes imports and 10% of JULY 56 $1,248.85m 2,270,439 the dry bulk market is IntraChina shipping trades then we talk ITALY 20 3.01% AUGUST 59 $946.55m 2,032,025 of a near 50% manipulation of the dry bulk sector by China... and that is alarming...! TURKEY 20 3.01% SEPTEMBER 0 $0.00m 0 NORWAY 19 2.86% OCTOBER 0 $0.00m 0 19 2.86% NOVEMBER 0 $0.00m 0 SELLERS Greek sellers are well increasing their lead in the DENMARK 15 2.26% DECEMBER 0 $0.00m 0 sale stats table. Greeks are 1st with 114 units (104 last) while German sellers are 2nd with 84 units (80 last), Chinese sellers UK 12 1.81% TOTAL 664 $12,557.91m 30,013,603 3rd with 76 units (68 last) and Japanese sellers 4th with 65 units (59 last). French sellers mainly due to Bourbon's selling CYPRUS 11 1.66% spree of 2 month's ago, have kept 5th place with 33 units. THAILAND 10 1.51% 2010 DRY CARGO STATISTICS RUSSIA 9 1.36% COUNTRY UNITS % OUTLAY ($) % DWT % VIETNAM 8 1.20% GREECE 164 24.70% $4,214 33.55% 8,781,892 29.26% PHILIPPINES 7 1.05% 142 21.39% $2,111 16.81% 9,540,771 31.79% ALL OTHER 79 11.90% TURKEY 32 4.82% $224 1.78% 559,762 1.87% UNDISCL 16 2.41% NORWAY 26 3.92% $699 5.57% 1,147,440 3.82% TOTAL 664 100.00% 28 4.22% $1,411 11.23% 634,659 2.11% GERMANY 22 3.31% $302 2.40% 824,432 2.75% INDIA 15 2.26% $348 2.77% 848,275 2.83% INDONESIA 14 2.11% $150 1.20% 411,046 1.37% RUSSIA 13 1.96% $164 1.30% 308,722 1.03% VIETNAM 13 1.96% $147 1.17% 305,784 1.02% SYRIA 12 1.81% $38 0.31% 226,214 0.75% KOREA 11 1.66% $181 1.44% 370,152 1.23% SINGAPORE 9 1.36% $207 1.65% 633,131 2.11% ISRAEL 7 1.05% $116 0.92% 417,312 1.39% UNDISCL 75 11.30% $1,063 8.46% 2,576,850 8.59% ALLOTHER 81 12.20% $1,299 10.35% 2,844,473 9.48% TOTAL 664 100.00% $12,558 100.00% 30,013,603 100.00% Greek buyers overtaken the Chinese and are expanding on the lead!!! Today with 2/3's of 2010 way past us, Greece has acquired 13 more units this month and have a total of 164 units (151 last) and are topping the table. In Aug 2010, China acquired 12 more for a combined yearly total of 142 units (130 last) and are left 2nd for more than 3 months now. Turkish buyers are 3rd with 32 units (27 last) while buyers are 4th with 28 units, with Norwegian buyers 5th with 26 units (22 last). It is interesting to note that Greeks have spent $4.2bil usd which is exactly double money than the Chinese spending of $2.1bil. Greeks are lagging slightly behind the Chinese in terms of carrying capacity having acquired 8.8 vs 9.5mil tonnes. 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 5 5 0 0 0 3 11 59 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 420 0 118 54 1 0 0 27 44 664 PAGE 5 of 18

units 2009 2010 Dry cargo units sold 2010 vs 2009 Dry cargo Capital expend. 2010 vs 2009 170 161 $3,650m $3,532 150 $3,150m 130 $2,650m 109 108 100 104 110 100 $2,150m $1,105 84 93 $1,297 $1,383 $1,957 $1,656 $1,528 90 82 80 $1,650m 72 75 $1,350 71 79 71 72 $1,088 $1,249 $1,018 70 59 59 $970 $1,123 $1,083 $1,189 $1,150m 52 $681 $913 $710 56 $739 $947 50 $650m 30 $150m JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER 2009 2010 DECEMBER In the table on the top we see monthly number of dry cargo ships sold as of AUGUST 2010, compared to 2009's monthly activity. In the table on the top we see the MONTHLY dry cargo capital expenditure for AUGUST 2010 compared to 2009's monthly activity. NB BULKERS PRICE COMPARISON NB CAPESIZE $96.8 $62.0 $69.5 12% NB PANAMAX $57.5 $39.0 $43.5 12% NB HANDYMAX $49.5 $32.0 $34.0 6% NB HANDYSIZE $40.2 $27.0 $30.0 11% $91 $76 $61 $46 $31 $16 Jul00 Jan01 Jul01 DRY CARGO (2000 2010) NB VSL PRICES CAPE 170K HANDYMAX 45K HANDYSIZE 30K Jan02 Jul02 Jan03 Jul03 Jan04 Jul04 Jan05 Jul05 Jan06 Jul06 Jan07 Jul07 Jan08 Jul08 Jan09 Jul09 Jan10 Jul10 2005 built (5Y) OLD BULKERS PRICE COMPARISON 5y CAPESIZE $150.5 $50.5 $57.0 13% 5y PANAMAX $89.4 $34.0 $38.0 12% 5y HANDYMAX $74.4 $27.5 $29.7 8% 5y HANDYSIZE $54.4 $22.1 $26.0 18% $160 $145 $130 $115 $100 $85 $70 $55 $40 $25 $10 Jul00 Jan01 Jul01 DRY CARGO (2000 2010) 5Y OLD VSL PRICES CAPE 170K HANDYMAX 45K HANDYSIZE 30K Jan02 Jul02 Jan03 Jul03 Jan04 Jul04 Jan05 Jul05 Jan06 Jul06 Jan07 Jul07 Jan08 Jul08 Jan09 Jul09 Jan10 Jul10 2000 built (10Y) OLD BULKERS PRICE COMPARISON 10y CAPESIZE $129.0 $42.0 $42.5 1% 10y PANAMAX $75.5 $26.0 $31.0 19% 10y HANDYMAX $60.2 $20.2 $23.8 18% 10y HANDYSIZE $40.0 $16.1 $19.0 18% $125 $110 $95 $80 $65 $50 $35 $20 $5 Jul00 Jan01 Jul01 DRY CARGO (2000 2010) 10Y OLD VSL PRICES CAPE 170K HANDYMAX 45K HANDYSIZE 30K Jan02 Jul02 Jan03 Jul03 Jan04 Jul04 Jan05 Jul05 Jan06 Jul06 Jan07 Jul07 Jan08 Jul08 Jan09 Jul09 Jan10 Jul10 1995 built (15Y) OLD BULKERS PRICE COMPARISON 10y CAPESIZE $96.0 $26.0 $26.0 0% 10y PANAMAX $53.0 $22.0 $22.0 0% 10y HANDYMAX $45.0 $18.0 $19.0 6% 10y HANDYSIZE $35.0 $11.0 $15.0 36% $105 $95 $85 $75 $65 $55 $45 $35 $25 $15 $5 Jul00 Jan01 Jul01 DRY CARGO (2000 2010) 15Y OLD VSL PRICES CAPE 170K HANDYMAX 45K HANDYSIZE 30K Jan02 Jul02 Jan03 Jul03 Jan04 Jul04 Jan05 Jul05 Jan06 Jul06 Jan07 Jul07 Jan08 Jul08 Jan09 Jul09 Jan10 Jul10 1990 built (20Y) OLD BULKERS PRICE COMPARISON 20y CAPESIZE $77.5 $19.3 $18.0 7% 20y PANAMAX $47.0 $11.1 $16.0 44% 20y HANDYMAX $40.0 $9.7 $12.0 24% 20y HANDYSIZE $30.0 $8.7 $10.0 15% $90 $80 $70 $60 $50 $40 $30 $20 $10 $0 Jul00 Jan01 Jul01 DRY CARGO (2000 2010) 20Y OLD VSL PRICES CAPE 170K HANDYMAX 45K HANDYSIZE 30K Jan02 Jul02 Jan03 Jul03 Jan04 Jul04 Jan05 Jul05 Jan06 Jul06 Jan07 Jul07 Jan08 Jul08 Jan09 Jul09 Jan10 Jul10 Tables above compare prices from AUGUST 2008, AUGUST 2009, with today PAGE 6 of 18

TANKER SHIPS SOLD DURING THIS MONTH NAME TYPE YEAR BUILT DWT PRICE PRICE NOTE NAME NATION AUGUST NOTES 2010 IMO DUBAI TITAN TANKER 1993 DAEWOO SHIPBUILDING 299,994 $33.00m PFS SHIPPING THE SHIPOWNING ARM OF ABG SHIPYARD INDIA SELLERS ARE EMARAT MARITIME LLC, UAE. 9039626 OTHERS REPORTED HER SOLD AT $36m TI CREATION TANKER 1998 DAEWOO 298,324 $57.00m COILED DH EMBIRICOS GREECE SELLERS ARE EURONAV SHIP MANAGEMENT FRANCE SHE WAS REPORTED SOLD IN MAR 9160190 2008 FOR $124MIL DEAL THEN FAILED DUBAI PARADISE TANKER 2009 HANJIN HI 114,000 $57.50m SOLD ENBLOC DUBAI SOLD ENBLOC PARADISE, DUBAI 9402471 DUBAI PRINCESS FOR $57.5m PARADISE, EACH UNIT TO BRIGHTOIL DUBAI PETROLEUM. SELLERS BRIGHTOIL PRINCESS ARE EMARAT MARITIME PETROLEUM FOR $57.5m LLC, UAE ALSO EACH UNIT TO REPORTED SOLD INA 4 BRIGHTOIL VSL ENBLOC DEAL TO DUBAI PRINCESS TANKER 2009 HANJIN HI 114,000 $57.50m PETROLEUM EMPIRE NAVIGATION GREECE IN FEB 2010. 9402469 ONOZO TANKER 1999 JAPAN 100,020 $8.50m CHINESE SOLD FOR CONVERSION SELLERS ARE DYNACOM 8818910 TANKERS MANAGEMENT LTD GREECE SOTRA SPIRIT TANKER 1995 HYUNDAI HEAVY INDS 95,420 KASSOS MARITIME GREECE 9077343 CHANTAL TANKER 2009 SUNGDONG 74,471 $54.50m SOLD ENBLOC 9382982 CHANTAL WORLD SOLD ENBLOC CHANTAL HARMONY WORLD HARMONY TANKER 2009 SUNGDONG 74,329 $54.00m WORLD HARMONY SELINI 9382970 SELINI AND TSAKOS AND SALAMINA FOR SALAMINA FOR ENERGY GREECE $218m FOR ALL 4 UNITS $218m FOR NAVIGATION SELINI TANKER 2009 SUNGDONG 74,296 $54.00m TO TSAKOS ENERGY ALL 4 UNITS 9382956 GREECE TO TSAKOS ENERGY SALAMINA TANKER 2009 SUNGDONG 74,251 $54.00m GREECE 9382968 STEALTH ARGENTINA TANKER 2009 GUANGZHOU 50,326 $40.00m KIRK KAPITAL A/S DENMARK OLD SALE 9476812 SPP RESALE TANKER 2010 SPP SACHEON 50,000 $39.00m US BASED DELIVERY EX YARD AUG 2010 INSURGENTES TANKER 2006 HYUNDAI MIPO 47,872 $43.50m UNDISCLOSED SALE INCLUDES T/C ATTACHED UNTIL FEB 2014 AT $19.900 DAY SHE WAS SOLD TO THE MEXICAN SELLERS IN APR 2009 BY CAPITAL SHIPMANAGEMENT INC 9327449 FORMOSA TWELVE TANKER 2004 SHIN KURUSHIMA 45,840 $25.25m GREEK GREECE SOLD ON SUBS ON BOTH SIDES SELLERS ARE FORMOSA PLASTICS TIWAN 9271951 AEGEAN GLORY TANKER 1992 JAPAN 45,691 $8.00m UNDISCLOSED SELLERS ARE ARCADIA SHIPMANAGEMENT GREECE OTHER REP SAYS $7.6MIL 9015345 AMOY TANKER 1992 IMABARI MARUGAME 41,490 $4.00m INDONESIAN INDONESIA SELLERS ARE TANKER PACIFIC MANAGEMENT SINGAPORE 9040443 HIGH LAND TANKER 1992 JAPAN 41,450 $4.00m INDONESIAN INDONESIA SELLERS ARE MAGNUS CARRIERS GREECE 9018426 PAGE 7 of 18

MOUNT FUJI TANKER 2003 SAIKI HI 40,055 $24.00m UNDISCLOSED SOLD ON SUBJECTS SELLERS ARE DONNELLY 9260079 TANKER MANAGEMENT CYPRUS CAPETAN COSTIS TANKER 1989 JAPAN 39,542 $4.50m SILVERCREST NAVIGATION NIGERIA OTHER REPORTS ERRONEOUSLY SAY GREEK 8806888 SELLERS ARE TOMASOS BROTHERS INC GREECE PALMERSTON TANKER 1990 INCHON ENGINEERING 37,700 $3.90m UNDISCLOSED SOLD FOR CONVERSION BASIS SS/DD DUE SELLERS ARE TEEKAY 8814639 DAI HUNG TANKER 1988 DAI LONG TANKER 1988 SHIN SOLD ENBLOC 29,997 $3.00m SOLD ENBLOC TO 8704353 KURUSHIMA DAI HUNG AND INDONESIAN DAI LONG TO INDONESIAN FOR $3m EACH UNIT. INDONESIAN INDONESIA SELLERS ARE VIETNAM FOR OCEAN SHIPPING KANASASHI $3m EACH 29,996 $3.00m VIETNAM 8801527 ZOSEN UNIT ELISA TANKER 2005 STX SHIPBUILDING 28,987 $21.00m IMO II/III ARDMORE IRISH SELLERS ARE MOTIA COMPAGNIA DE 9313448 NAVIGAZONE SPA, ITALY. CHEMSTAR VENUS TANKER 1999 SHIN KURUSHIMA 19,455 $13.50m SINOCHEM FULLY STAINLESS STEEL SELLERS ARE IINO KAIUN 9185841 KAISHA JAPAN CHEMSTAR ACE TANKER 1997 ONISHI 19,000 $7.50m GLORY SHIP MANAGEMENT SELLERS ARE IINO MARINE SERVICE CO JAPAN 9145308 BRYGGEN TANKER 2003 AKER TULCEA 16,533 $16.00m 9043093 ENBLOC BRYGGEN AND ATLANTICA NORWAY VAAGEN FOR 16MIL AND SHIPPING AS 19MIL EACH VAAGEN TANKER 2006 AKER TULCEA 16,000 $19.00m 9043081 CURZOLA TANKER 1993 ULJANIK BRODOG 14,070 $6.50m IMO II/IMO III/ DH NIGERIAN NIGERIA SELLERS ARE OTTAVIO NOVELLA SPA, ITALY 9033907 SUNRISE LILAC TANKER 2004 SHIN KURUSHIMA 8,629 UNDISCLOSED SELLERS ARE TAIHEIYO KAIUN CO LTD JAPAN 9284714 SANTA CLARA GAS 1989 KURINOURA YAWATAHAMA 7,850 $2.00m TRANSGAS PERU OTHER REPORT SAYS $2.5MIL SELLERS ARE HARTMANN SCHIFFAHRTS GMBH & CO GERMANY 8417261 GLOBAL SATURN TANKER 2001 HIGAKI 7,786 $7.50m DH SINGAPORE SINGAPORE SELLERS ARE GLOBAL MARINE SERVICE CO LTD 9236913 JAPAN SUNRISE SUZURAN II TANKER 2002 SHITANOE 6,536 $7.50m THAI THAILAND SELLERS ARE KK KYOWA SANSHO JAPAN 9269398 AGIA THEODORA TANKER 1993 BRAILA SANTIERUL NAVAL 4,586 $1.00m UNDISCLOSED ASPHALT / BITUMEN TANKER SELLERS ARE 8607634 CONTINENTAL SHIPPING AND TRADING GREECE COTSWOLD GAS 1989 KURINOURA YAWATAHAMA 4,143 $2.00m FAR EASTERN FAR EAST LPG SELLERS ARE DORIAN HELLAS SA GREECE 8817992 Note1: With Red color are indicated all Greek interest Buyers or Sellers PAGE 8 of 18

TANKER 2ND HAND MARKET STATISTICS After two months of rather low Tanker sale and purchase activity, August picked up some good pace, SELLERS STATS 2010 MONTHLY UNIT SALE ACTIVITY and some interesting tanker deals worth mentioning COUNTRY UNITS % were recorded. 34 deals this month nearly as many 2010 UNITS OUTLAY$ DWT performed in Jun/Jul 2010, with a low capital GREECE 53 18.79% JANUARY 57 $1,096.58m 3,446,410 expenditure as most deals involved tankers smaller JAPAN 32 11.35% FEBRUARY 33 $691.20m 2,470,891 than 35k, with a low price tag. Despite the frenzy of last two months this month a somewhat lesser focus has 23 8.16% MARCH 37 $608.05m 2,798,832 been put on Newbuilding tanker orders but still VLCC's SINGAPORE 22 7.80% APRIL 37 $1,085.30m 2,768,206 and Suezmaxes were on target. We do not observe any serious overcapacity threat by the existing Tanker TURKEY 18 6.38% MAY 45 $1,729.10m 5,133,688 orderbook but it is worth noting that 209 tanker units of GERMANY 15 5.32% JUNE 17 $578.62m 1,607,662 a total of 12mil tonnes have been ordered during Jan KOREA 14 4.96% Aug 2010 period and that is not and should not be JULY 22 $831.15m 3,225,816 negligible. UAE 13 4.61% AUGUST 34 $735.65m 1,972,639 NORWAY 12 4.26% SEPTEMBER 0 $0.00m 0 ITALY 11 3.90% OCTOBER 0 $0.00m 0 9 3.19% NOVEMBER 0 $0.00m 0 CANADA 8 2.84% DECEMBER 0 $0.00m 0 UK 8 2.84% TOTAL 282 $7,355.64m 23,424,144 SELLERS Table on the RIGHT shows the nationality of the Sellers. Greek Sellers sold 10 more units in Aug 2010 and are CYPRUS 7 2.48% in number one position selingoff 53 units (43 last). MALAYSIA 5 1.77% Japanese sellers are well 2nd 2010 TANKER buyer STATISTICS with 32 units (27 last), while DENMARK 4 1.42% COUNTRY UNITS OUTLAY ($) % DWT % Chinese sellers are 3rd LATVIA 3 1.06% GREECE 47 $2,596 35.30% 7,282,949 31.09% unchanged with 23 ships, with SPAIN 3 1.06% Singapore based sellers 4th NORWAY 16 $522 7.09% 1,484,866 6.34% unchanged too with 22 units ALL OTHER 18 6.38% sold during the period Jan INDONESIA 16 $180 2.44% 676,949 2.89% Aug 2010. UNDISCL 4 1.42% 15 $801 10.89% 1,560,195 6.66% TOTAL 282 100.00% 15 $264 3.59% 1,307,427 5.58% UAE 9 $278 3.78% 387,807 1.66% INDIA 9 $143 1.95% 749,193 3.20% SINGAPORE 8 $113 1.54% 629,086 2.69% DENMARK 7 $184 2.50% 289,092 1.23% BRAZIL 6 $133 1.80% 1,787,302 7.63% THAILAND 6 $60 0.82% 762,088 3.25% Greek buyers are always leading the tanker buyers league. They NIGERIA 6 $23 0.31% 147,921 0.63% have acquired 7 more tankers this month and have tallied a total of 47units (40 last) of 7.3million DWT carrying capacity, and have forked out a massive FAR EAST 5 $19 0.25% 34,155 0.15% $2.6billion USD. Norwegian buyers are sharing 2nd place with 16 units, together with Indonesian buyers that have got 4 more units this month. UNDISCL 51 $752 10.22% 3,228,154 13.78% buyers added only one more unit this month, and have 15 units with the American buyers having spent a substantial amount $800mil, sharign the 5th ALL OTHER 66 $1,290 17.53% 3,096,960 13.22% spot with Chinese buyers who have acquired 15 units too but have spent only TOTAL 282 $7,356 100.00% 23,424,144 100.00% $264mil usd. 2010 TANKER UNITS SOLD BREAKDOWN PER SIZE AND MONTH 2010 VLCC & ULCC SUEZMAX AFRAMAX 110K PANAMAX 70K PROD 45K < 40,000 OBO LPG & LNG TOTAL JANUARY 3 6 4 2 15 21 1 5 57 FEBRUARY 3 0 7 5 8 10 0 0 33 MARCH 5 3 5 0 2 21 0 1 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 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 37 23 33 18 53 99 1 18 282 PAGE 9 of 18

units 2009 2010 Tanker units sold 2010 vs 2009 Tankers Capital expend. 2010 vs 2009 60 57 $2,000m $1,800m $1,729 50 45 45 $1,600m $1,375 40 37 37 $1,400m 35 34 33 $1,200m 27 $1,097 $1,085 30 $1,000m 22 24 19 22 21 $759 $831 $798 $800m $691 16 18 20 17 $736 17 16 16 $608 $579 10 0 0 0 0 0 JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER 2009 2010 $657 $600m $407 $320 $415 $435 $400m $229 $310 $282 $386 $200m $0m $0 $0 $0 $0 JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER In the table on the top we see monthly number of tanker ships sold as of AUGUST 2010, compared to 2009's monthly activity. In the table on the top we see the MONTHLY tanker capital expenditure for AUGUST 2010 compared to 2009's monthly activity. NB TANKERS PRICE COMPARISON VLCC $157.5 $110.0 $112.0 2% SUEZMAX $96.6 $71.5 $72.9 2% AFRAMAX $78.0 $50.5 $58.6 16% PANAMAX $65.0 $45.2 $48.0 6% MR PROD $55.6 $38.0 $37.5 1% 2005 built (5Y old) TANKERS PRICE COMPARISON VLCC $156.0 $77.0 $89.0 16% SUEZMAX $106.5 $60.8 $61.8 2% AFRAMAX $77.0 $40.3 $47.0 17% PANAMAX $60.5 $37.5 $39.0 4% MR PROD $53.0 $28.2 $28.0 1% 2000 built (10Y old) TANKERS PRICE COMPARISON VLCC $132.0 $59.0 $63.0 7% SUEZMAX $80.0 $43.0 $44.6 4% AFRAMAX $64.0 $30.0 $34.0 13% PANAMAX $49.0 $27.2 $25.0 8% MR PROD $43.0 $22.7 $19.0 16% 1995 built (15Y old) TANKERS PRICE COMPARISON VLCC $106.0 $43.0 $40.0 7% SUEZMAX $62.7 $27.8 $25.0 10% AFRAMAX $40.4 $16.5 $18.0 9% PANAMAX $32.0 $16.0 $16.0 0% MR PROD $29.0 $11.8 $13.0 10% 1990 built (20Y old) TANKERS PRICE COMPARISON VLCC $39.0 $17.1 $16.0 6% SUEZMAX $34.0 $14.6 $12.5 14% AFRAMAX $25.7 $9.4 $9.0 4% PANAMAX $20.0 $7.6 $7.0 8% MR PROD $15.5 $6.1 $4.6 25% $164 $144 $124 $104 $84 $64 $44 $24 $160 $140 $120 $100 $80 $60 $40 $20 $160 $140 $120 $100 $80 $60 $40 $20 $0 $120 $100 $80 $60 $40 $20 $0 $50 $45 $40 $35 $30 $25 $20 $15 $10 $5 $0 NEWBUILDING TANKER PRICES 2000 2010 VLCC 300K SUEZ 150K AFRA 110K PROD 45K Jul00 Jan01 Jul01 Jan02 Jul02 Jan03 Jul03 Jan04 Jul04 5 YEAR OLD TANKER PRICES 2000 2010 VLCC 300K SUEZ 150K AFRA 110K PROD 45K Jul00 Jan01 Jul01 Jan02 Jul02 Jan03 Jul03 10 YEAR OLD TANKER PRICES 2000 2010 VLCC 300K SUEZ 150K AFRA 110K PROD 45K Jul00 Jan01 Jul01 Jan02 Jul02 Jan03 Jul03 15 YEAR OLD TANKER PRICES 2000 2010 VLCC 300K SUEZ 150K AFRA 110K PROD 45K Jul00 Jan01 Jul01 Jan02 Jul02 Jan03 Jul03 Jan05 Jul05 Jan06 Jul06 Jan07 Jul07 Jan08 Jul08 Jan09 Jul09 Jan10 Jul10 Jan04 Jul04 Jan05 Jul05 Jan06 Jul06 Jan07 Jul07 Jan08 Jul08 Jan09 Jul09 Jan10 Jul10 20 YEAR OLD TANKER PRICES 2000 2010 VLCC 300K SUEZ 150K AFRA 110K PROD 45K Jan04 Jul04 Jan05 Jul05 Jan06 Jul06 Jan07 Jul07 Jan08 Jul08 Jan09 Jul09 Jan10 Jul10 Jan04 Jul04 Jan05 Jul05 Jan06 Jul06 Jan07 Jul07 Jan08 Jul08 Jan09 Jul09 Jan10 Jul10 Jul00 Jan01 Jul01 Jan02 Jul02 Jan03 Jul03 Jan04 Jul04 Jan05 Jul05 Jan06 Jul06 Jan07 Jul07 Jan08 Jul08 Jan09 Jul09 Jan10 Jul10 Tables above compare prices from 2008, AUGUST 2009, with today PAGE 10 of 18

NEWBUILDING ORDERS AUGUST 2010 UNITS TYPE TONNAGE YARD YEAR PRICE BUYER S NAME NOTES 4 BC 205,000 QIDONG DAOLA 2012 13 $ 56.5 POLEMBROS SHIPPING 1 BC 180,000 JIANGSU EASTERN 2011 $ 55.0 BLUE PLANET SHIPPING 2 BC 180,000 HHI 2012 $ 60.0 DONG A TANKER CO EXCESS $60MIL 2 BC 179,600 HYUNDAI HI 2011 12 $ 55.0 2 BC 176,000 SHANGHAI WAIGAOQIAO 2011 $ 39.0 1 BC 95,000 JIANGSU EASTERN 2012 $ 38.0 1 BC 95,000 JIANGSU EASTERN 2012 $ 38.0 1 BC 95,000 JIANGSU EASTERN 2012 $ 38.0 2 BC 92,500 COSCO DALIAN SHIPYARD 2011 12 $ 70.0 4 BC 92,500 JANGSU NEW YANGZIJIANG 2011 2012 $ 39.0 5 BC 82,100 3Q 2012 3Q 2014 4 BC 82,000 HUYNDAI MIPO 2012 1 BC 82,000 SPP PLANT & SHIPBUILDING 2012 8 BC 82,000 JIANGSU HANTONG () 2012 $ 34.0 1 BC 82,000 SUNGDONG SHIPBUILDING 2011 $ 35.5 2 BC 82,000 SUNGDONG SHIPBUILDING 2011 $ 35.5 1 BC 82,000 HYUNDAI SAMHO 2011 2 BC 81,500 HYUNDAI 2011 4 BC 81,500 HYUNDAI SAMHO 2011 1 BC 80,000 JINHAI HI 2011 $ 34.5 2 BC 76,000 HUDONG ZHONGHUA 2012 1 BC 60,000 OSHIMA 2013 4 BC 58,400 TSUNEISHI ZHON 2012 13 2 BC 57,000 XIAMEN $ 48.0 6 BC 46,000 CHENGXI SY 2012 $ 29.5 4 BC 46,000 BOHAI SHIPYARD 2012 $ 29.5 4 BC 45,000 WUCHANG 2012 4 BC 40,000 TAIZHOU SANFU 2012 13 $ 25.0 2 BC 37,000 SAIIKI HEAVY IND 2013 $ 28.0 1 BC 37,000 SAIKI HI 2012 $ 27.5 2 BC 37,000 HYUNDAI MIPO DOCK 1H 2012 $ 27.0 2+2 BC 35,000 JIANGDONG 2012 $ 26.0 2 BC 34,000 8/2011 11/2011 4 BC 32,000 HAKODATE DOCK 2013 14 2 BC 17,500 MTG DOLPHIN OLG BULGARIA 2012 2 CONT 125,000 DAEWOO 2014 $ 112.5 2 CONT 33,000 JIANGSU YANGZJIANG 2012 $ 40.0 2 CONT 25,000 JIANGSU YANGZJIANG 2012 $ 30.0 2 CONT 14,000 TSUNEISHI FUKUYAMA SHIPBUILDING DAESUN DAESUN 2/2012 4/2012 2 GAS 82000CBM HYUNDAI HEAVY INDUSTRIES 4Q2012 $ 107.5 DONG A TANKER CO NEU SEESCHIFFAHRT BLUE PLANET SHIPPING Z&G HALCOUSSIS THIRD MILLENIUM SHIPPING HONG KONG BASED ORIENTAL OCEAN SHIPPING UNITED OCEANS SINGAPORE KYLA SHIPPING ANGLO SWISS MARITIME JIMEI HUA SHIPPING GREEK SINOKORMERCHANT MEADWAY SHIPPING AND TRADING INC CHANG MYUNG SHIPPING BLUE MARINE (SOUTH KOREA) PL SHIPPING IOLCOS HELLENIC TATA NYK KAMBARA KISEN LANYUE ENERGY DEVELOPMENT SHENHUA ZHONGHAI SHIPPING TIANJIN ZHONGHAI HUARUN SHANGHAI TIME SHIPPING GERMAN OWNERS SHIH WEI NAV CO (TAIWAN) DAICHI CHUO CHELLARAM SHIPPING GRAIG SHIPPING COSMOSHIP MANAGEMENT GREECE DAIICHI CHUO KISEN JPN NAVIBULGAR NEPTUNE ORIENT LINES THENAMARIS THENAMARIS COSMOSHIP MANAGEMENT GREECE PETREDEC BERMUDA OPTION EXCERCISED TWO NOW ORDERED $272 MIL TOTAL 60/40 PAYMENT TERMS 3 ORDERED PLUS 1 OPTION DELIVERY EARLY 2012 JOINT VENTURE BETWEEN TATA STEEL OF INDIA AND NYK JAPAN 6 UNITS SHALLOW DRAFT FOR INTRA TRADING 4.5METERS DRAFT 1ST QUARTER 2012 DELY CRANES 4X30T REPLACEMENT FOR CANCELLATION OF 2 25K DWT CHEMICAL TANKER VESSELS 10700 TEU 2500 TEU. LETTER OF INTENT SIGNED AT THIS STAGE OPTION FOR TWO MORE 1800 TEU. LETTER OF INTENT SIGNED AT THIS STAGE. OPTION 2 MORE REPLACEMENT FOR CANCELLATION OF 2 25K DWT CHEMICAL TANKER VESSELS 1043 TEU PAGE 11 of 18

6 GAS 11,000 DAEWOO 2012 2013 3 MPP 14,000 HIGAKI ZOSEN 2011 12 1 OTHER 15,000 DAEWOO 2011 $ 150.0 1 OTHER COSCO DALIAN SHIPYARD 2012 $ 500.0 1 RORO 11,000 MITSUBISHI 2012 5 TANKER 319,000 HYUNDAI HI 2012 $ 107.5 2 TANKER 318,000 SHANGHAI WAIGAOQIAO 2013 $ 98.0 4+2 TANKER 163,000 BOHAI 2013 2015 $ 61.0 2 TANKER 159,000 HHI 2012 2 TANKER 157,000 JIANGSU RONGSHENG 2013 $ 61.0 2 TANKER 157,000 JIANGSU RONGSHENG 2013 $ 61.0 2 TANKER 157,000 JIANGSU RONGSHENG 2013 $ 63.0 1 TANKER 115,000 SAMSUNG 2012 2 TANKER 105,000 SAMSUNG HI 2012 $ 70.0 2 TANKER 80,000 SAMSUNG 2013 14 $ 200.0 3 TANKER 50,000 HYUNDAI MIPO 2013 OFER SHIPS HOLDINGS ISRAEL SHIH WEI NAV CO (TAIWAN) RWE INNOGY DALIAN DEEPWATER DEVELOPMENT LTD KAWASAKI KISEN (JAPAN) BRIGHTOIL WAH KWONG SHIPPING CINER DENIZCILIK DENSA SHIPPING GOLDEN ENERGY NAVIGATION THENAMARIS AKTIF TURKEY UNISEA SHIPPING AMERICAN EAGLE TANKERS CERES LNG SERVICES MITSUI OSK LINES OPTION FOR TWO MORE UNITS OF 12,000CBM 1ST LPG CARRIERS IN OFER FLEET CONSTRUCTION VESSEL. OPTION ONE MORE. SELF ELEVATING. SELF PROPELLED PLATFORM ABLE TO TRANSPORT & INSTALL THE LARGEST AVAILABLE OFFSHORE WIND TURBINES INCLUDING FOUNDATIONS. TWO NOW ORDERED DRILL SHIP. DP3. INTERNATIONAL OPERATIONS. DRILLING DEPTH UP TO 9.159 METERS IN DEEP WATER DEPTHS UP TO 3050 METERS. ENHANCED WELL INTERVENTION CAPABILITIES. VESSEL WAS ORIGINALLY CONTRACTED BY MPF CORP, NORWAY BUT ACQUIRED BY COSCO DALIAN SHIPYARD IN AN ENFORCED ASSET SALE BY MPF 5 UNITS CRUDE OIL TANKER 1 PLUS 1 OPTION DELY 2ND HALF 2013 2015 CRUDE OIL TANKER OPTION 2 CRUDE OIL TANKER EXCESS 70m LNG 155000 CUM OPTION TWO MORE TRI FUEL OPERATIONAL OWNER IS GASLOG 3 TANKER 6,500 2011 12 $ 31.0 Note1: With Red color are indicated all Greek interest Buyers or Sellers 2010 ORDERS UNITS BC MPP CONT TANKER LNG/LPG ALL OTHER JANUARY 35 68 42 0 0 12 6 8 FEBRUARY 39 75 35 0 0 18 4 18 MARCH 44 121 71 0 5 29 3 13 APRIL 18 49 32 0 0 16 1 0 MAY 34 88 63 0 0 20 2 3 JUNE 42 122 75 10 1 32 0 4 JULY 57 156 70 9 15 51 8 6 AUGUST 57 147 93 3 8 32 8 3 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 326 826 481 22 29 210 32 55 DRY BULK ORDERS 2010 CAPES 95 UNITS KAMSARMAX 150 UNITS PANAMAX 35 UNITS SUPRAMAX 62 UNITS HANDYMAX 36 UNITS 378 TOTAL TANKER ORDERS 2010 VLCC 46 UNITS SUEZMAX 70 UNITS AFRAMAX 15 UNITS LR 16 UNITS MR 16 UNITS 163 TOTAL DINGHENG JIANGSU ANTHONY VEDER 6500 CBM LPG/ETHYLENE NEWBUILDING ORDERS BREAKDOWN by TYPE PER MONTH, for YEAR 2010 TANKER, 210, 25% CONT, 29, 3% NEW BUILDING ORDERS SHIPTYPES FOR 2010 LNG/LPG, 32, 4% MPP, 22, 3% ALL OTHER, 55, 7% BC, 481, 58% 70 60 50 40 30 20 10 0 CAPES KAMSARMAX PANAMAX SUPRAMAX DRY BULK ORDERS 2010 12 10 14 27 24 23 9 6 24 1 10 9 14 7 1 3 4 14 4 17 7 7 9 12 4 1 3 10 20 Jan10 Mar10 Apr10 May10 Jun10 Jul10 29 2 7 PAGE 12 of 18

REPORTED DEMOLITION DEALS AUGUST 2010 NAME TYPE YEAR BUILT DWT LDT PRICE BREAKER NOTES IMO MITSUBISHI SHINYO ALLIANCE TANKER 1991 248,034 31,800 $ 445 PAKISTAN SELLERS ARE VANSHIP HONGKONG 8919130 NAGASAKI FPSO, OIL SELLERS ARE VIETSOVPETRO JV CHI LANG TANKER 1976 GOTAVERKEN 155,505 23,444 7389077 FIVE STARS GLORY BC 1989 KRITI EPISKOPI TANKER 1992 INTEGRA DUCKLING BC 1981 KAWASAKI HEAVY INDS 146,387 18,803 370 HARLAND & WOLFF BEL 145,242 19,720 465 KAWASAKI HEAVY INDS 134,828 18,014 425 VENTURER BC 1981 HYUNDAI HI 127,907 20,016 437 OCEAN POWER TANKER 1983 STELLA TANKER 1990 SEA JAGUAR TANKER 1985 ORIENTAL HOPE BC 1984 BW RAGNHILD TANKER 1986 ARAMIS TANKER 1983 SCOTT LITHGOW SELLERS ARE MSI SHIP MANAGEMENT PTE, $ SINGAPORE. PREMIUM PAID DUE TO 8715613 INTERNAL SALE SELLERS ARE AVIN INTERNATIONAL $ PAKISTAN GREECEVESEL WAS SOLD IN JUNE 2008 FOR 8904472 32m $ PAKISTAN SELLERS ARE TMT CO LTD, CHINESE TAIPEI. OLD SALE 7921837 $ INDIA INCL ABT 800 TS IFO ROB SELLERS ARE AUGUSTEA GROUP ITALY 7917850 SELLERS ARE HIN LEONG TRADING SINGAPORE PGLS 127,800 21,415 7925728 SUMITOMO HI OPPAMA 96,668 13,203 285 KAWASAKI HEAVY INDS 89,600 14,120 325 TSUNEISHI SHBLDG $ INDIA CRUDE/OIL PRODUCT TANKER SELLERS ARE AK SHIPPING & TRADING GREECE 8900490 SELLERS ARE SEA PRODUCTION MANAGER $ AS IS AS, NORWAY. SOLD AS IS MALAYSIA UNDER 8307129 TOW SELLERS ARE NIPPON YUSEN KAISHA JAPAN 87,221 14,555 8315308 NORD ET MED LA CIOT 63,258 21,610 420 ONOMICHI DOCKYARD CO L 59,459 14,176 470 EGYPT GAS TANKER 1977 FRANCE 54,158 19,779 435 JAG PRANAM TANKER 1984 ODENSE LINDO 50,600 10,137 435 GAS TANKER. SELLERS ARE BW GAS AS $ INDIA 8302985 NORWAY SELELRS ARE TSAKOS SHIPPING & TRADING $ PAKISTAN 8117081 SA GREECE $ INDIA LPG SELLERS ARE GALAXY MARITIME GREECE 7359876 $ INDIA SELLERS ARE THE GREAT EASTERN SHIPPING CO, INDIA. AS IS KAKINADA 8321383 ITB PHILADELPHIA TANKER 1984 HALTER 47,247 7,888 AS IS 8641719 COLORADO VOYAGER TANKER 1976 FMC CORP 39,842 10,293 7391238 KRITI FILOXENIA TANKER 1986 BRODOSPLIT 39,449 10,650 $ 465 INDIA SELLERS ARE AVIN INTERNATIONAL GREECE 8420256 SHOGUN TANKER 1985 JAPAN 39,016 8,640 $ 430 PAKISTAN SOLD AS IS MEXICO TO BE TOWED TO 8419025 IRENE E.M. BC 1980 EMAQ 35,023 8,913 370 JEANNIE III BC 1977 TOBA CAR 1979 TAPIOLA CAR 1978 SUMITOMO HI URA 34,537 7,822 338 MITSUBISHI SELLERS ARE CHIAN SPIRIT MARITIME $ INDIA 7433593 GREECE. BASIS DELIVERY INDIA UNDER TOW. $ SELLERS ARE COURAGE MARINE TECH 7426215 VEHICLES CARRIER SELLERS ARE WILSHIP NORWAY KOBE 31,396 18,990 7705972 MITSUBISHI MORNING GLORY TANKER 1988 JAPAN 29,999 6,037 405 SELLERS ARE U.S. SHIPPING PARTNERS LP TANK BARGE PRODUCTS TANKER SELLERS ARE CHEVRON PAKISTAN SELLERS ARE UAE BASED VEHICLES CARRIER SELLERS ARE WILSHIP 30,464 19,800 7705934 NAGASAKI NORWAY $ AS IS MALAYSIA ENBLOC MORNING GLORY AND GRACE STAR SELLERS ARE CHINESE 8806369 CASUALTY AS IS MEXICO ON TOW TO BREAKERS SELLERS ARE NACHIPA CHILE LAUREL BC 1985 JAPAN 26,528 5,672 AS IS 8316352 NORSUL SOBRAL BC 1982 CCN MAUA 26,500 7,296 BANGLADESH SELLERS ARE NORSUL NAVEGACAO BRAZIL 7433098 VIETNAM FREE DESTINY BC 1982 GEORGI DIMITROV SHI 25,321 7,790 418 SELLERS ARE FREE BULKERS SA GREECE. OLD $ INDIA 8128157 SALE TALARA TANKER 1978 SIMA CALLAO 25,244 6,000 PRODUCTS TANKER 7406289 GRACE STAR TANKER 1985 FRANCE 23,353 7,082 405 AS IS MALAYSIA ENBLOC MORNING GLORY $ 8128200 AND GRACE STAR SELLERS ARE CHINESE SUPREME GAS 1971 CNIM 21,945 9,888 INDIA 7035494 SIMA TINA CONT 1982 FLENSBURGER 20,758 7,088 398 NANA TANKER 1981 KOREA 19,999 6,111 418 LUEBECKER CONTAINER SHIP (FULLY CELLULAR) SELLERS $ INDIA ARE SIMATECH SHIPPING & FORWARDING 8026036 UAE 1152 TEU $ PAKISTAN SELLERS ARE SEAFORCE SHIPPING NIGERIA 7925039 MSC SARISKA CONT 1971 18,909 8,500 INDIA SELLERS ARE CHINESE 7107780 FLENDER UWAIIMA SELLERS ARE GLORY SHIP MANAGEMENT DYNASTY MPP 1977 18,434 4,784 $ 395 INDIA 7718383 ZOSENSHO PTE LTD, SINGAPORE. OLD SALE DESPINA BC 1982 POLAND 18,234 8,002 $ 430 INDIA INCLUDING 250MT BUNKERS 8030881 GREEN CYPRESS TANKER 1985 PACIFIC BREEZE CAR 1986 PIYA BHUM MPP 1985 UWAJIMA ZOSENSHO 17,722 5,432 406 KANASASHI SELLERS ARE CHUNG FAI TRADING CO $ 8505161 CHEMICAL/PRODUCT TANKER 17,271 14,000 8507626 ZOSEN T WALLENIUS LINES SWEDEN KOREA SHBLDG & ENG 16,356 5,046 295 LNG TANKER SELLERS ARE ARGO SYSTEMS FZE UAE VEHICLES CARRIER SELLERS ARE SELLERS ARE RCL SHIPMANAGEMENT $ INDIA SINGAPORE. OLD SALE. IT IS NOTEWORTHY THAT THIS VSL WAS PURCHASED IN DEC 8406975 2008 FOR $5.9m. PAGE 13 of 18

ORIENT II TWEEN 1975 MADURA TANKER 1985 WESER SEEBECKWERFT 16,265 4,813 420 KURINOURA DOCKYARD CO 15,114 4,176 590 PAYING BROKERAGE COMMISSION $ INDIA SELLERS ARE GULF OF ADEN SHIPPIN G LLC 7360760 UAE OTHER REP SAYS $424 PER LDT CHEM TANKER. INCL 125T SOLID STAINLESS $ INDIA STEEL. SELLERS ARE GLORY SHIP 8418277 MANAGEMENT PTE LTD SINGAPORE GLOBAL MACEIO TANKER 1986 VIANA DO 15,089 4,712 8220577 CASTELO TRADING UAE KAWASAKI SELLERS ARE NORBULK SHIPPING AB, TOR BELLONA RORO 1980 13,996 9,450 $ 380 AS IS 7822213 HEAVY INDS NORWAY. AS IS PORT SAID OLD SALE SUPER STAR III BC 1980 B&W 12,905 4,333 INDIA 7818107 NATASHA BC 1980 CHIJIN CAR 1982 UWAJIMA 12,697 4,126 INDIA SELLERS ARE STARCO FREIGHT UAE 8021311 ZOSENSHO TSUNEISHI SHBLDG 12,582 9,320 360 $ INDIA VEHICLES CARRIER PLUS EXTRA FOR 500 TS FO SELLERS ARE TSUNEISHI GROUP JAPAN 8123054 SELLERS ARE ATLAS MARINE CA, VENEZUELA. AS IS CURACAO ABT 287T STAINLESS STEEL ON BOARD $ INDIA CHEMICAL/PRODUCTS SELLERS ARE SALHUS SHIPPING NORWAY 8103925 PICO EL AGUILA TANKER 1982 SHIMODA 12,467 4,464 INDIA 8122971 PICO ESPEJO TANKER 1982 SHIMODA 12,444 4,414 310 VAN PHONG BC 1985 ASTARSA 11,450 11,450 SELLERS ARE VINALINES VIETNAM 8012889 OAK RORO 1984 VOYAGER RORO 1985 BALTIC WIND REEFER 1975 GENERAL EDWIN D. PATRICK OTHER 1945 BALTIC MERIDIAN REEFER 1980 KOREA SHBLDG & ENG 11,425 6,025 298 SCHICHAU $ INDIA SELLERS ARE TRANSATLANTIC FLEET SERVICES AB, SWEDEN. AS IS SWEDEN 8305949 RO RO CARGO SHIP 11,294 6,050 INDIA 8412869 UNTERWESER SMITH'S DOCK 11,093 6,200 $ 405 INDIA SELLERS ARE AQUACHART SIA LATVIA 7342988 S.BNK BETHLEHEM 10,102 4,666 AS IS 8332849 ALAMEDA SELELRS ARE US GOVNMT BOELWERF 9,852 5,748 $ 418 INDIA 7710927 TEMSE HAYASHIKANE SELLERS ARE SEATRADE GRONINGEN BV PIONEER BAY REEFER 1982 8,676 4,811 INDIA 8129852 SHBLDG NETHERLANDS TOWA BOSTON BAY REEFER 1983 8,538 4,504 $ 392 INDIA SELLERS ARE ROSWELL NAVIGATION GREECE 8313283 SHIMONOS YAMANISHI SELLERS ARE PELMAR SHIPPING AND MAI BC 1977 8,538 4,273 $ 198 TURKEY 7525889 SHIPBUILD ENGINEERING INDIA NOKIA TANKER 1981 TAIHEI AKITSU 7,781 2,788 PAKISTAN CHEMICAL/PRODUCTS TANKER 8025434 GENERAL JOHN POPE OTHER 1943 FEDERAL 7,598 AS IS 8332851 JURONG STAR 8 TANKER 1995 6,902 2,400 PRODUCTS TANKER 9114854 SHIPYARD LTD SELLERS ARE DEL MONTE INTERNATIONAL ALHAMBRA CARRIER REEFER 1984 JAPAN 6,788 4,200 8313219 SIDONIA CARRIER REEFER 1983 JAPAN 6,688 4,100 8223385 CORONA TANKER 1985 HIGAKI 6,594 2,226 470 CHEMICAL TANKER SELLERS ARE DTA SHIP TROOPSHIP AS IS ESCOMARINE TROOPSHIP AS IS ESCOMARINE SELELRS ARE US GOVNMT SELLERS ARE DEL MONTE INTERNATIONAL CHEMICAL TANKER SELLERS ARE GLORY $ INDIA 8502731 SHIP MANAGEMENT SINGAPORE SUPPAVAN 1 TANKER 1979 KURINOURA DOCKYARD CO 6,135 1,815 417 PRODUCTS TANKER SELLERS ARE THAI $ INDIA 7815155 PETROCHEMICAL INDUSTRY THAILAND PIONER BELORUSSII BC 1978 VYBORGSKIY 6,070 3,937 INDIA 7733656 HAI SHUN REEFER 1979 JAPAN 5,696 4,230 SELLERS ARE HUA HENG REEFER 7823633 INLACO SPRING SD 1983 PALANA REEFER 1986 ORSKOV 5,223 1,990 SELLERS ARE VINALINES VIETNAM 8302935 CHRISTENSENS 61 KOMMUNAR S/Y 4,900 4,527 433 DANAI 1 TANKER 1981 KOCHI JYUKO 3,990 1,460 410 DALIA BC 1970 HDW AG KIEL 3,739 2,264 406 DUCKY SOVEREIGN CAR 1980 TAIHEI AKITSU 2,449 3,496 398 SELLERS ARE YUGREFTRANSFLOT UKRAINE $ INDIA 8723397 INCL 40TS ALUMINIUM $ INDIA SELLERS ARE SB TANKERS CO LTD THAILAND 8025020 $ INDIA CEMENT CARRIER 7016929 $ BANGLADESH VEHICLES CARRIER SELLERS ARE TMT CO LTD TAIWAN 7927465 TOKUSHIMA TAIYO SD 1985 2,348 1,200 8514409 KOMAT'MA TETRA I SD 1980 MIURA SAIKI 2,225 7920807 MINERAL SD 1971 ROLANDWERFT 2,140 1,200 TURKEY SELLERS ARE NIMONT LTD MONTENEGRO 7113313 BERNE UKHTA TANKER 1964 ZALIV 1,660 SELLERS ARE ECOLOGIA DV CO LTD RUSSIA 6503688 ASSOS I SD 1967 TRADER TUG 1981 SMIT E.J. SCHEEPS W 1,330 900 TURKEY 6706773 AVONDALE SELLERS ARE NORTHERN SHIPPING CO RUSSIA PUSHER TUG SELLERS ARE STOLT NIELSEN 877 INDIA 7821207 WESTWEGO Note1: With Red color are indicated all Greek interest Sales PAGE 14 of 18

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 2,616,428 735,515 131 1,181,269 $370 March 131 4,638,388 1,059,123 INDIA 333 2,437,346 $388 April 143 2,622,609 772,054 BANGLADESH 91 1,092,348 $400 May 110 2,014,814 577,318 TURKEY 106 205,962 $205 June 109 2,140,176 680,922 PAKISTAN 81 655,367 $403 July 60 2,111,287 525,766 OTHER/CASH/AS IS 105 392,479 August 75 2,515,874 608,784 TOTAL 847 5,964,771 $353 September 0 0 0 October 0 0 0 November 0 0 0 December 0 0 0 TOTAL 847 22,614,782 5,964,771 DETAILED BREAKER REGION STATISTICS FOR 2010 DRY WET TOTAL DRY&WET BREAKER UNITS LDT TAKEN av $ UNITS LDT UNITS LDT DWT 131 1,181,269 369.9 111 1,051,273 15 129,996 3,853,126 INDIA 333 2,437,346 387.8 230 1,658,193 99 779,153 7,850,533 BANGLADESH 91 1,092,348 399.7 34 271,056 57 821,292 5,605,195 TURKEY 106 205,962 204.9 71 171,466 11 34,496 583,654 PAKISTAN 81 655,367 402.7 34 137,985 46 517,382 3,251,435 OTHER/CASH/AS IS 105 392,479 18.4 24 123,362 10 88,897 709,630 TOTAL 847 5,964,771 353.0 504 3,413,335 238 2,371,216 21,853,573 2010 DEMOLITION SELLERS STATISTICS COUNTRY UNITS % rank GREECE 119 14.0% 1 59 7.0% 2 UAE 57 6.7% 3 SINGAPORE 46 5.4% 4 JAPAN 38 4.5% 5 NORWAY 36 4.3% 6 35 4.1% 7 SYRIA 34 4.0% 8 TURKEY 28 3.3% 9 RUSSIA 27 3.2% 10 INDIA 21 2.5% 11 LEBANON 17 2.0% 12 DENMARK 16 1.9% 13 UK 16 1.9% 13 UKRAINE 15 1.8% 15 VIETNAM 14 1.7% 16 GERMANY 14 1.7% 16 ITALY 13 1.5% 18 LATVIA 12 1.4% 19 BULGARIA 11 1.3% 20 ALL OTHER 210 24.8% UNDISCL 9 1.1% TOTAL 847 100.0% INDIA, 2,437,346, 41% BANGLADESH TURKEY,, 1,092,348, 18% 205,962, 3% PAKISTAN, 655,367, 11% $800 $700 $600 $500 $400 $300 $200 $100 21 11 0 16 18 10 Apr05 Jun05 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 LDT INTAKE PER SCRAP COUNTRY FOR 2010 500,000 0 5 12 7 Average Scrap Price & No of Ships Scrapped 20052010 17 15 Oct05 Dec05 Apr05 Jun05 Average Scrap Price Number of Ships 24 18 20 17 DWT LDT NUMBER 17 17 19 16 11 Apr06 Jun06 Oct06 29 29 21 16 25 13 17 Dec06 Apr07 Jun07 Oct05 Dec05 Apr06 Jun06 Oct06 Dec06 UNIT INTAKE PER SCRAP COUNTRY FOR 2010 16 23 21 22 17 13 19 19 24 8 12 14 10 Oct07 Dec07 DEMO STATS 20052010 50 27 73 112 39 129 79 Apr08 Jun08 Oct08 Dec08 Apr07 Jun07 Oct07 Dec07 Apr08 Jun08 Oct08 TURKEY, 106, 13% 95 125 OTHER/CASH/A S IS, 105, 12% PAKISTAN, 81, 10% 101 75 125 91 134 63 94 115 62 131 104 143 110 109 60 75 Apr09 Jun09 Oct09 Dec09 Apr10 Jun10 Dec08 Apr09 Jun09 Oct09 Dec09 Apr10, 131, 15% Jun10 155 135 115 95 75 55 35 15 5 145 125 105 85 65 45 25 5 15, 1,181,269, 20% BANGLADESH, 91, 11% INDIA, 333, 39% source of data: N. COTZIAS SHIPPING CONSULTANTS (NCSC) PAGE 15 of 18

STATS UNITS % LDT DWT USD PAID AVERAGE AGE Demolition DATA for 2010 BULKERS / SD TANK/ OBO/GAS CONT/ TWEEN/MPP REEFER RORO PAX CRUISE, OTHER VEHICLES CARRIERS TRAWLER TUG OTHER TOTAL 237 256 140 39 79 41 55 847 SHIPS 28.0% 30.2% 16.5% 4.6% 9.3% 4.8% 6.5% 100.0% 1,196,921 2,482,018 1,005,126 209,855 488,331 408,668 173,852 5,964,771 5,025,538 12,779,089 2,570,960 320,015 643,994 522,104 753,082 22,614,782 $265,532,258 $835,070,093 $246,055,557 $64,965,977 $108,121,215 $33,505,593 $45,782,373 $1,599,033,066 32.1 Years 27.9 Years 29.3 Years 29.2 Years 35.7 Years 27.3 Years 32.6 Years 30.6 Years AVERAGE SCRAP PRICE U$/LDT 455 405 355 305 255 205 $228 $243 $215 $209 AVERAGE MONTHLY SCRAP PRICE 2009 2010 $312 $319 $268 $279 $286 $251 $255 $266 $226 $343 $375 $411 $381 $382 $442 $438 Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 AVERAGE SCRAP PRICE U$/LDT 470 420 370 320 270 220 $267 $262 $272 $259 AVERAGE MONTHLY SCRAP PRICE 2009 2010 INDIA $340 $327 $324 $309 $291 $258 $249 $234 $362 $345 $387 $460 $410 $373 $407 $404 Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 AVERAGE SCRAP PRICE U$/LDT 470 420 370 320 270 220 AVERAGE MONTHLY SCRAP PRICE 2009 2010 PAKISTAN $315 $313 $312 $282 $293 $271 $265 $261 $266 $273 $265 $248 $379 $353 $377 $464 $427 $380 $362 $380 Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 AVERAGE SCRAP PRICE U$/LDT 420 370 320 270 220 $274 $269 $311 $277 AVERAGE MONTHLY SCRAP PRICE 2009 2010 BANGLADESH $362 $342 $335 $322 $322 $296 $300 $289 $240 $393 $392 $445 $433 $400 $345 $398 Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 AVERAGE SCRAP PRICE U$/LDT 260 240 220 200 180 160 140 $218 $183 $186 $202 AVERAGE MONTHLY SCRAP PRICE 2009 2010 TURKEY $179 $172 $174 $177 $181 $184 $187 $187 $179 $155 $207 $242 $216 $205 $189 $189 Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 source of data: N. COTZIAS SHIPPING CONSULTANTS (NCSC) PAGE 16 of 18

BALTIC DRY BULK MARKET INDICES until 31st AUGUST 2010 DATE BDI % frm 1/1/2010 BCI 1/1/2010 BPI 1/1/2010 BSI 1/1/2010 BHI 1/1/2010 30/07/10 1,967 37% 1,922 54% 2,632 31% 1,760 21% 1,010 12% 02/08/10 1,977 37% 1,922 54% 2,677 30% 1,756 21% 1,004 13% 03/08/10 1,964 37% 1,892 55% 2,665 30% 1,750 21% 996 13% 04/08/10 1,957 38% 1,939 54% 2,607 32% 1,738 22% 987 14% 05/08/10 1,957 38% 1,939 54% 2,607 32% 1,738 22% 987 14% 06/08/10 2,030 35% 2,194 48% 2,581 32% 1,731 22% 974 15% 09/08/10 2,114 33% 2,485 41% 2,607 32% 1,722 23% 973 15% 10/08/10 2,212 30% 2,724 35% 2,666 30% 1,729 22% 976 15% 11/08/10 2,378 24% 3,152 25% 2,749 28% 1,750 21% 983 15% 12/08/10 2,437 22% 3,212 23% 2,829 26% 1,787 20% 995 14% 13/08/10 2,468 21% 3,210 24% 2,864 25% 1,831 18% 1,014 12% 16/08/10 2,488 21% 3,194 24% 2,883 25% 1,874 16% 1,022 11% 17/08/10 2,515 20% 3,207 24% 2,920 24% 1,908 14% 1,032 10% 18/08/10 2,558 19% 3,225 23% 2,969 22% 1,972 11% 1,044 9% 19/08/10 2,644 16% 3,363 20% 3,031 21% 2,034 9% 1,056 8% 20/08/10 2,756 12% 3,578 15% 3,089 19% 2,076 7% 1,068 7% 23/08/10 2,841 10% 3,777 10% 3,122 18% 2,102 5% 1,073 7% 24/08/10 2,861 9% 3,795 10% 3,128 18% 2,127 4% 1,080 6% 25/08/10 2,773 12% 3,503 17% 3,087 19% 2,142 4% 1,084 6% 26/08/10 2,703 14% 3,362 20% 3,025 21% 2,118 5% 1,081 6% 27/08/10 2,712 14% 3,449 18% 2,978 22% 2,109 5% 1,079 6% 31/08/10 2,713 14% 3,516 16% 2,950 23% 2,066 7% 1,077 6% 10400 8400 6400 4400 2400 400 Nov05 10300 8300 6300 4300 2300 300 5400 4400 3400 2400 1400 400 Nov05 Nov05 5400 4400 3400 2400 1400 400 Nov05 18300 16300 14300 12300 10300 8300 6300 4300 2300 300 Nov05 BALTIC DRY 2005 2010 May06 BALTIC PMAX 2005 2010 May06 CAPITAL LINK MARITIME INDEX 20052010 CL Maritime Index (CLMI) May06 CL Container Index (CLCI) May06 May06 May08 May09 Nov09 May10 All Baltic DRY indices 2005 2010 BDI BPI May08 May09 Nov09 May10 CAPITAL LINK CONTAINER INDEX 20052010 May08 May09 Nov09 May10 May08 May09 Nov09 May10 17900 15400 12900 10400 7900 5400 2900 400 7300 6300 5300 4300 3300 2300 1300 May08 Nov05 300 Nov05 7400 6400 5400 4400 3400 2400 1400 400 Nov05 4400 3900 3400 2900 2400 1900 1400 900 400 Nov05 BALTIC CAPE 2005 2010 May06 BALTIC SUPMAX 2006 2010 May06 CAPITAL LINK DRYBULK INDEX 20052010 May06 CAPITAL LINK MLP INDEX 20052010 CL MLP Index (CLMLP) May06 BPI BCI BDI BSI May09 Nov09 May10 BCI May08 May09 Nov09 May10 May08 May09 Nov09 May10 BSI CL Drybulk Index (CLDBI) May08 May09 Nov09 May10 May08 May09 Nov09 May10 PAGE 17 of 18

BALTIC TANKER MARKET INDICES until 31st AUGUST 2010 DATE CLEAN % frm 2/1/10 DIRTY % frm 2/1/10 30/07/10 465 4% 648 17% 02/08/10 463 2% 623 18% 03/08/10 462 1% 604 19% 04/08/10 463 0% 593 20% 05/08/10 462 0% 589 20% 06/08/10 458 0% 571 21% ALL BALTIC WET Indices 20062010 09/08/10 451 0% 555 21% 2300 10/08/10 449 0% 538 22% 1800 11/08/10 448 1% 533 23% 12/08/10 446 0% 526 24% 1300 13/08/10 441 1% 507 23% 800 16/08/10 436 3% 501 21% 17/08/10 433 2% 493 19% 300 18/08/10 429 2% 482 18% 19/08/10 429 2% 479 17% 20/08/10 426 2% 476 16% 5400 ALL CAPITAL LINK WET Indices 20062010 4400 23/08/10 423 3% 478 17% 3400 24/08/10 431 3% 479 16% 25/08/10 444 3% 477 16% 2400 CL Tanker Index (CLTI) 26/08/10 444 1% 476 18% 1400 CL LNG/LPG Index (CLLG) 27/08/10 450 0% 474 20% 400 31/08/10 453 1% 476 21% 1900 1500 1100 700 300 Nov05 5400.00 4400.00 3400.00 2400.00 1400.00 400.00 May06 Nov05 May06 CL Tanker Index (CLTI) BALTIC CLEAN TANKER INDEX 2005 2010 CAPITAL LINK TANKER INDEX 20052010 May08 BCTI May08 May09 Nov09 May10 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 Aug01 Nov01 Feb02 May02 Aug01 Nov01 Feb02 May02 Brent Oil Aug02 Nov02 Feb03 May03 Aug03 Nov03 Feb04 May04 WTI Spot Price May09 Nov09 May10 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. 2400 1900 1400 900 400 Nov05 Brent OIL (2001 2010) Aug04 Nov04 Feb05 May05 Nov05 3200.00 2800.00 2400.00 2000.00 1600.00 1200.00 800.00 400.00 May06 WTI SPOT PRICE (2001 2010) Aug02 Nov02 Feb03 May03 Aug03 Nov03 Feb04 May04 Aug04 Nov04 Feb05 May05 Nov05 May06 BALTIC DIRTY TANKER INDEX 2005 2010 May06 Nov05 May06 CL LNG/LPG Index (CLLG) CAPITAL LINK LNG/LPG INDEX 20052010 Nov05 May06 May08 May09 Nov09 May10 May08 May09 Nov09 May10 BCTI BDTI May08 May09 Nov09 May10 May08 May09 Nov09 May10 BDTI May08 May09 Nov09 May10 May08 May09 Nov09 May10 PAGE 18 of 18