WEEKLY SHIPPING MARKET REPORT

WEEKLY SHIPPING MARKET REPORT WEEK 13-26 th March to 30 th March 2012 - Legal Disclamer The information contained herein has been obtained by various sources. Although every effort has been made to ensure that this information is accurate, complete and up to date, Shiptrade Services S.A. does not accept any responsibility whatsoever for any loss or damage occasioned or claimed, upon reliance on the information, opinions and analysis contained in this report. Researched and compiled by: Shiptrade Services SA, Market Research on behalf of the Sale & Purchase, Dry Cargo Chartering and Tanker Chartering Departments. For any questions please contact: market-research@shiptrade.gr Shiptrade Services SA Tel +30 210 4181814 snp@shiptrade.gr 1st Floor, 110/112 Notara Street Fax +30 210 4181142 chartering@shiptrade.gr 185 35 Piraeus, Greece www.shiptrade.gr tankerchartering@shiptrade.gr

Shipping, Commodities & Financial News Brazil Feb Iron Ore Exports Fell To 16.61 Million Tons Sinferbase Brazilian mining companies exported 16.61 million metric tons of iron ore and pellets in February, down from 21.89 million tons in the same month of 2011, the country's iron ore producers' association Sinferbase said Monday. The steel making raw material was exported by Vale SA (VALE, VALE5.BR), Samarco, which is a pelletizing joint venture between Vale and BHP Billiton plc (BHP), and MMX Mineracao e Metalicos SA (MMXM3.BR), Sinferbase said in a statement. Sales by the three companies to the domestic market dipped to 2.36 million tons in the month, from 2.42 million tons a year earlier, Sinferbase said. Vale and MMX said in recent conference calls that their output and transport of ore was affected by heavier than usual rains in Minas Gerais state in January. The rains led Vale to declare a force majeure on some contracts for 13 days in January, leading to a backlog in some shipments. (Dow Jones) Ukraine s Monthly Grain Exports Fell 4% in March, ProAgro Says Ukrainian grain exports declined 4 percent month-on-month in March, agricultural researcher ProAgro said, citing preliminary port data. Shipments fell to 1.83 million metric tons in March from 1.91 million in February, the Kiev-based researcher, said in an e- mailed statement today, without providing a reason for the decline. Corn exports fell to 1.2 million tons from 1.4 million tons, according to the statement. The crop went to South Korea, Egypt, Spain, Iran and other countries. Wheat exports declined to 385,300 tons from 447,930 tons, ProAgro said. It was shipped to Egypt, Spain, Israel and other countries. Barley exports rose to 199,870 tons from 14,420 tons, the researcher said. Most of it was exported to Saudi Arabia. (Bloomberg) Oil Declines After U.S. Factory Orders Gained Less Than Expected Oil fell for the first time in three days as U.S. factory orders climbed less than expected in February. Crude dropped as much as 1 percent after the Commerce Department reported factory bookings rose 1.3 percent. The median of 60 economists projections in a Bloomberg News survey called for a 1.5 percent advance. Oil pared losses earlier as gasoline rallied and U.S. stocks rebounded from today s lows. The factory orders are negative and there is nothing to get very excited about, said Tom Bentz, a director with BNP Paribas Prime Brokerage Inc. in New York. We are still rangebound. Oil for May delivery slipped 51 cents, or 0.5 percent, to $104.72 a barrel at 11:59 a.m. on thenew York Mercantile Exchange. Oil climbed 2.1 percent yesterday after U.S. manufacturing in March expanded at a faster pace than estimated. Oil is 6 percent higher this year. Brent crude for May settlement slid 9 cents to $125.34 a barrel on the London-based ICE Futures Europe exchange. The European benchmark contract s premium to New York-traded West Texas Intermediate was at $20.62, widening from $20.20 yesterday, the biggest spread since October. The gain in February orders followed a revised 1.1 percent decline in January, figures from the Commerce Department showed. Slower growth in Europe and China indicate that sales overseas remain a risk. Rising Supply Futures also dropped after a Bloomberg News survey showed stockpiles probably gained 0.7 percent last week to 355.9 million. That would be the highest level since August. An increase in inventories would be bearish, said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. After the big run-up yesterday people are selling off a little bit. The Energy Department will release its inventory report at 10:30 a.m. tomorrow in Washington. Crude inventories grew by 7.1 million barrels to 353.4 million in the week ended March 23, the largest increase since July 2010, the Energy Department said March 28. Supplies have gained in five of the past six reports. There s no immediate shortage of supplies, said Andrey Kryuchenkov, an analyst at VTB Capital in London, who predicts U.S. oil will struggle to rally beyond $107 a barrel. Today there s small-scale profit-taking after last night s rally. The upside is also limited on demand concerns. Fuel Demand U.S. fuel demand dropped 0.1 percent to 18.2 million barrels a day in the four weeks ended March 23, according to the Energy Department. It was down 5.3 percent from the same period a year earlier. The American Petroleum Institute will release separate inventory data today. The API collects stockpile information on a voluntary basis from operators of refineries, bulk terminals and pipelines. The government requires that reports be filed with the Energy Department for its weekly survey. Oil pared losses earlier as gasoline futures rallied as much as 1.4 percent and stocks climbed. The market is very responsive to the equity market, said Rich Ilczyszyn, chief market strategist and founder of Iitrader.com in Chicago. With higher prices of gasoline, oil is going to be a follower. Gasoline rose as prices in Europe increased to a record, weakening the incentive to export cargoes of the motor fuel to the U.S. The Eurobob grade of gasoline traded at $1,202 to $1,210 a metric ton for immediate loading in Amsterdam-Rotterdam- Antwerp, according to a survey of brokers and traders monitoring the Argus Bulletin Board. It s the highest price for Eurobob, which was introduced in 2010, according to data compiled by Bloomberg. (Bloomberg) 1

Dry Bulk - Chartering In Brief: Sentiment remained stable with Capes/Panamaxes rising and Supras/Handys declining marginally. Capes: Finally an increase in rates for the Capes Modest increase in rates for Capes this week with the BCI improving by 43 points closing at 1369. The weekly average of 4 TC routes also went upwards by USD 642 closing at USD 5,188. In the Atlantic basin although some fresh requirements came into the market, oversupply of tonnage halted rates from sufficient improvement. As a result the week closed with the fronthaul been done at USD 22,500 levels and NCSA/FEAST coal at USD 26 for second half April dates. Similar was the sentiment for the T/A round which closed at USD 3,250 recording an increase of USD 300. The Pacific market has pulled the rates up and the main reason of this improvement was the Australia iron ore trade which continued to cover some of the many available vessels at the area. Period activity went upwards by USD 500 closing at USD 10,500. Panamax: ECSA keeps booming followed by USG The Atlantic market was considerably improved during this week. The USG seems booming as much coal coming out lately and the demand from Turkey for coal has driven T/A rates upwards. The rates for this kind of trips stabilized around 10500 aps plus around 400,000 balast bonus. ECSA grains charterers still entering the market with fresh requirements to PG-Japan range and the rates for Sing-Japan are now above 17 000 daily plus ballast bonus of 650-700,000 USD. In the Pacific Basin Far East / Aussie rounds closed at USD 7,5 K basis delivery South-Mid China. Sulphur charterers entered the market with requirements from North Pacific and the Nopac rounds closed at USD 8,000 region. The short period rates closed tic below 10,000 whereas one year period rates closed at usd 10,5 k for LME vessels. Supramax: Coal requirements reduced, whereas much of demand for Nickel ore traders. In the Atlantic Basin the fronthaul rates stabilized at USD mid-high teens from Med. For clean cargoes the rates were within 15-16 k depending on delivery/size etc whereas vessels able to carry dirties such as HBI got more than 17 k for trips out. From Continent the fronthaul rates are much lower. We heard that a tess 57 type got 13 k for grains biz via French Bay to Sing-Japan rge. In the Pacific Basin we noted much fewer coal requirements out of Indonesia and consequently the rates dropped 1-1,5 k since last week. On the contrary the Nickel Ore charterers pay more than 15 k basis delivery North China for round trips which is a considerable premium for ows who are reluctant to carry this commodity. Besides Many coal/nickel ore charterers entered the market looking for short period vessels with ows asking 12.5 k for tess 53 type against charterers high 11 k. Handysize: Market remained stable with Pacific leading the rates In spite the fact that the Transatlantic round increased a bit, the Atlantic basin continued to underperform with few cargoes paying up. ECSA is not producing large volume as in respective weeks during past years and owners facing low rates and not strong incentive to reposition there. Same applies for the USG as well, while Mediterranean and Black Sea have risen up on rates only marginally. Continent remains also low and the whole Atlantic market sentiment is negative. On the contrary, Pacific kept on offering rates that make sense to owners with the round paying USD 10,250 levels. SEASIA range was particularly strong as coal and nickel ore to China and bagged rice ex Thailand to West Africa were thriving for one more week. Persian Gulf and West Coast India demonstrated movement on volume but charterers had problems to firm their cargoes. 2

Dry Bulk - Chartering Baltic Indices Dry Market (*Friday s closing values) Index Week 13 Week 12 Change (%) BDI 934 908 2,86 BCI 1412 1369 3,14 BPI 1051 1036 1,45 BSI 1030 1035-0,48 BHSI 565 551 2,54 T/C Rates (1 yr - $/day) Type Size Week 13 Week 12 Change (%) Capesize 160 / 175,000 10500 10000 5,00 Panamax 72 / 76,000 10000 10500-4,76 Supramax 52 / 57,000 12000 11000 9,09 Handysize 30 / 35,000 9250 9750-5,13 Average Spot Rates Type Size Route Week 13 Week 12 Change % Capesize 160 / 175,000 Panamax 72 / 76,000 Supramax 52 / 57,000 Handysize 30 / 35,000 Far East ATL -10200-10000 - Cont/Med Far East 22500 20500 9,76 Far East RV 5250 5000 5,00 TransAtlantic RV 3250 3000 8,33 Far East ATL 750 800-6,25 ATL / Far East 17250 17000 1,47 Pacific RV 7750 8250-6,06 TransAtlantic RV 7750 7250 6,90 Far East ATL 6800 7000-2,86 ATL / Far East 14500 14000 3,57 Pacific RV 11250 11750-4,26 TransAtlantic RV 11500 10500 9,52 Far East ATL 5000 5000 0,00 ATL / Far East 13500 14000-3,57 Pacific RV 10250 10000 2,50 TransAtlantic RV 9000 8750 2,86 3

Dry Bulk - Chartering ANNUAL JANUARY 2012 MARCH 2012 4

Dry Bulk - Chartering Capesize Routes Atlantic 2011 / 12 $40.000,00 $35.000,00 $30.000,00 $25.000,00 $20.000,00 $15.000,00 $10.000,00 $5.000,00 $0,00 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 C2 TUB / ROT C4 RBAY / ROT C7 BOL / ROT C8 T/A RV AVG ALL TC Capesize Routes Pacific 2011 / 12 $60.000,00 $50.000,00 $40.000,00 $30.000,00 $20.000,00 $10.000,00 C3 TUB / PRC C5 W AUST / PRC C9 CONT / FE C10 FE R/V $0,00 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 Panamax Routes Atlantic 2011 / 12 30000 25000 20000 15000 10000 P1A T/A RV P2A CONT/FE 5000 0 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 5

Dry Bulk - Chartering Panamax Routes Pacific 2011 /12 $20.000,00 $15.000,00 P3A FE R/V $10.000,00 P4 FE/CON $5.000,00 AVG ALL TC $0,00 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 -$5.000,00 Supramax Routes Atlantic 2011 /12 35000 30000 25000 20000 15000 10000 5000 0 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 S1A CON / FE S1B BSEA / FE S4A USG / CONT S4B CONT / USG S5 WAFR / FE Supramax Routes Pacific 2011 / 12 $20.000,00 $18.000,00 $16.000,00 $14.000,00 $12.000,00 $10.000,00 $8.000,00 $6.000,00 $4.000,00 $2.000,00 $0,00 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 S2 FE R/V S3 FE / CON S6 FE / INDI S7 ECI / CHI AVG ALL TC 6

Tanker - Chartering VLCC: The MEG VLCC market had a strong activity this week with 41 fixtures reported Rates escalated to WS 70 for AG-FEAST route. The impact on ex-wafr rates was positive as well as there was increased competion on ballasting units towards the Atlantic. The Atlantic market as the CBS FEAST route is concerned activity was steady whilst less units prompted to ballast to West Africa due to the increased activity in the Middle East. As a result, there was an increase in rates for eastbound fixtures Suezmax: On the Suezmax front, despite a decent activity which was in line with last week rates had a downward trend concluded at WS 75 on the WAFR USAC route. A driver for this decline has been the oversupply of tonnages which piled up in the region. Aframax: The Caribbean Aframax declined further this week, a continuation of its negative trend. On the benchmark CBS USG route rates concluded as WS, some 5 points down from last week. In consideration of the better rates of offered in the European, it is likely to see some ballasting units towards this area. Products: The Panamax sector suffered yet another loss despite the steady rates in the beginning of the week. As Aframax tonnages became more attractive Panamax rates concluded at WS 135 on the benchmark CBS USAC route. On the other hand the MR sector had a volatile week despite some positive activity. To begin with the Caribbean market rates went upwards to conclude at WS 165. Nevertheless, towards the end of the week some failures on fixtures resulted in a retreat of rates. Ex-USG rates declined despite the increased activity. On the benchmark USG TA route rates concluded at WS 115 as the region was oversupplied by available vessels. Finally, the European market was not positive this week with rates declining by 2,5 points to WS 137,5.. Baltic Indices Wet Market (*Friday s closing values) Index Week 13 Week 12 Change (%) BCTI 642 650-1.23 BDTI 818 809 1.11 T/C Rates (1 yr - $/day) Type Size Week 13 Week 12 Change (%) VLCC 300.000 20250 20250 0,00 Suezmax 150.000 16000 16000 0,00 Aframax 105.000 13250 13250 0,00 Panamax 70.000 13500 13500 0,00 MR 47.000 14000 14000 0,00 7

Tanker - Chartering Crude Tanker Average Spot Rates Type Size (Dwt) Route Week 13 WS Week 12 WS Change % 280,000 AG USG 36 37,5-4,00 VLCC 260,000 W.AFR USG 65 70-7,14 260,000 AG East / Japan 60 65-7,69 Suezmax 135,000 B.Sea Med 97,5 100-2,50 130,000 WAF USAC 85 100-15,00 80,000 Med Med 102,5 125-18,00 Aframax 80,000 N. Sea UKC 90 100-10,00 80,000 AG East 84 84 0,00 70,000 Caribs USG 105 120-12,50 Product Tanker Average Spot Rates Type Size (Dwt) Route Week 13 WS Week 12 WS Change % 75,000 AG Japan 84 84 0,00 Clean 55,000 AG Japan 100 100 0,00 38,000 Caribs USAC 155 160-3,13 37,000 Cont TA 140 157,5-11,11 Dirty 55,000 Cont TA 120 120 0,00 50,000 Caribs USAC 145 150-3,33 8

Tanker - Chartering VLCC Trading Routes 2011 / 12 Suezmax Trading Routes 2011 / 12 Aframax Trading Routes 2011 / 12 9

Tanker - Chartering Clean Trading Routes 2011 / 12 Dirty Trading Routes 2011 / 12 10

Sale & Purchase Activity continues firm! Notwithstanding the present economic indicators and lack of finance, activity in the SNP market was firm for another week. Dry bulkers held the majority of reported sales with Greek buyers being in the spotlight. In Shiptrade s enquiry index there was a surge in volume across all sectors. In the dry Handymaxes led the way followed by an increase in Panamax enquiry. As tankers are concerned, MR continued to dominate interest. Aframax tanker enquiries made an impact as well; with a noticeable rise in volume. M/V Amalia (75,100 DWT built in 2000 in Hitachi, JPN) is reported sold for the firm price USD 16,2 Mill to Greek buyers. The vessel was originally contracted by present owners for USD 23 Mill. Previous reported sales where M/V Washington Trader (74,247 DWT built in 2000 in Sasebo, JPN) / Goldbeam Trader (74,247 DWT built in 2001 in Sasebo, JPN) which were sold for USD 15,5 Mill each on an enbloc deal. Japanese owned Handymax M/V Salvia (48,265 DWT built in 2000 in Oshima, JPN) is reported sold for the fair price of USD 14 Mill to Greek buyers. LR1 tanker M/V Torm Ugland (73,708 DWT built in 2007 in New Century, CHN) is reported sold for USD 22,4 Mill to South East Asian buyers. M/V Marcela Lady (46,683 DWT built in 2004 in 3 Maj, CRO) is reported committed for USD 21,5 Mill to Chilean buyers. The sale is in line with what Chileans as well paid for M/T Ebony (46,938 DWT built in 2004 in 3 Maj, CRO) two weeks ago. NEWBUILDNGS In the newbuilding market, we have seen 9 vessels reported to have been contracted. 2 Bulk Carrier (Supramax) 1 Tanker (MR) 6 Containers (2.200 TEU) DEMOLITION Buyers in Bangladesh started to show some interest. India had a quiet week because of the ending of their financial year, although some more Reefers seem to have been fixed. Pakistan continued to absorb large tanker tonnages. China shows signs of firming with buyers bidding on larger tonnages. 11

Sale & Purchase Indicative Market Values ( 5 yrs old / Mill $ ) Bulk Carriers Week 13 Week 12 Change % Capesize 35 35 0,00 Panamax 24 24 0,00 Supramax 23 23 0,00 Handysize 19 19 0,00 Tankers VLCC 58 58 0,00 Suezmax 44 44 0,00 Aframax 33 33 0,00 Panamax 31 31 0,00 MR 25 25 0,00 Weekly Purchase Enquiries 350 300 250 200 150 100 50 SHIPTRADE P/E WEEKLY INDEX KOREA CHINA SPORE KCS GREECE OTHER SUM 0 01-07/3/2011 08-14/3/2011 15-21/03/2011 22-28/03/2011 29/03-4/4/2011 5/4/-11/4/2011 12-18/4/2011 19-25/4/2011 26/4-2/5/2011 3-9/5/2011 10-16/5/2011 17-23/5/2011 24-30/5/2011 31/5-6/6/2011 7-13/6/2011 14-20/6/2011 21-27/6/2011 28/6-4/7/2011 5-11/7/2011 12-18/7/2011 19-25/7/2011 26/7-1/8/2011 2-8/8/2011 9-15/8/2011 16-21/8/2011 22-29/8/2011 30/8-05/9/2011 06-12/9/2011 13-19/9/2011 20-26/9/2011 27/9-3/10/2011 4-10/10/2011 11-17/10/2011 18-24/10/2011 25-31/10/2011 1-7/11/2011 8-14/11/2011 15-21/11/2011 22-28/11/2011 29/11-5/12/2011 6-12/12/2011 13-19/12/2011 20-26/12/2011 27/12/2011-9/1/2012 10-16/1/2012 17-23/1/2012 24-30/1/2012 31/1-6/2/2012 7-13/2/2012 14-20/02/2012 21-27/02/2012 28/2-5/03/2012 6-12/03/2012 13-19/03/2012 20-26/03/2012 27/3-2/4/2012 12

Sale & Purchase Reported Second-hand Sales Bulk Carriers Name Dwt DoB Yard SS Engine Gear Price Buyer Vogesailor 164.188 1996 AEASA, SPN 11/2016 B&W - 11.6 mill Undisclosed Amalia 75.100 2000 Hitachi, JPN 01/2015 B&W - 16.2 mill Greek Energy Prometheus 74.083 1998 Imabari, JPN 03/2013 B&W - 12 mill Undisclosed Salvia 48.265 2000 Oshima, JPN 01/2015 B&W 4 X 25 T Region 14 mill Greek Feyza 47.882 1984 Namura, JPN 05/2013 Sulzer 3 X 25 T 3.8 mill Middle Eastern Ocean Belle 32.130 1999 Saiki, JPN 10/2014 Mit 4 X 30 T 10 mill Undisclosed Diamond Glory 28.515 1997 Tsuneishi, JPN 08/2014 B&W 4 X 30 T 8.6 mill Syrian Tankers Name Dwt DoB Yard SS Engine Hull Price Buyer Torm Ugland 73.708 2007 New Century 03/2012 B&W DH 22.4 mill Tanker Pacific Marcela Lady 46.683 2004 3 Maj, CRO 06/2014 Sulzer DH 21.8 mill Chilean Friendship T 40.395 1991 Brodomosor, SER 07/2015 B&W DB 4 mill SC Chelsia 26.707 2000 Fincantieri, ITA 10/2015 Wartsila DH 12.25 mill Eleousa Trikoukiotisa 4.509 2000 Celiktanker, TRK 04/2015 Wartsila DH 3.4 mill Undisclosed At auction Tunisian At auction Undisclosed At auction 13

Newbuildings Newbuilding Orders No Type Dwt / Unit Yard Delivery Owner Price 2 BC 58.000 Samjin 2014 Asia Pacific - 1 Tanker 52.000 HDM 2013 Scorpio 36 mill 6 Container 2.200 Guangzhou 2014 Lomar - Newbuilding Prices (Mill $) Japanese/ S. Korean Yards Newbuilding Resale Prices Bulk Carriers Capesize 45 44 Panamax 31 30 Supramax 29 29 Handysize 23 22 Tankers VLCC 93 85 Suezmax 60 58 Aframax 47 44 Panamax 40 39 MR 34 34 Newbuilding Resale Prices Bulk Carriers (2008 Today) Tankers (2008 Today) 14

Demolitions Demolition Sales Vessel Type Built Dwt Ldt Buyer Country Price Al Mirqab Container 1983 35.615 12.861 India 488 ( as is Khor Fakkan with sufficient fuel for voyage to WC India) Eiger Reefer 1991 6.809 4.179 India 440 Nagoya Bay Reefer 1983 12.181 6.140 India 445 Northern Bell Tanker 1990 83.651 16.283 India 488 ( as is Colombo with 200 T bunkers ROB) Overseas 485 Tanker 1994 94.853 17.045 India Rebecca ( as is Singapore with 350 T ROB) 475 Seacrest Tanker 1991 154.970 20.179 Pakistan ( as is Singapore with 400 T bunkers ROB) Seawave Tanker 1991 154.970 20.179 Pakistan 475 ( as is Fujairah with 150 T bunkers ROB) Demolition Prices ($ / Ldt) Bangladesh China India Pakistan Dry 455 420 455 450 Wet 485 435 485 480 Demolition Prices Bulk Carriers (2008 Today) Tankers (2008 Today) 15

Financial Market Data Shipping Stocks Dry Bulk Company Stock Exchange Week 13 Week 12 Change % Baltic Trading Ltd (BALT) NYSE 4,15 3,98 4,27 Diana Shipping Inc (DSX) NASDAQ 8,95 8,68 3,11 Dryships Inc (DRYS) NASDAQ 3,48 3,38 2,96 Euroseas Ltd (ESEA) NASDAQ 2,28 2,34-2,56 Excel Maritime Carriers (EXM) NYSE 2,00 1,91 4,71 Eagle Bulk Shipping Inc (EGLE) NASDAQ 1,94 1,80 7,78 Freeseas Inc (FREE) NASDAQ 1,05 1,08-2,78 Genco Shipping (GNK) NYSE 6,36 6,46-1,55 Navios Maritime (NM) NYSE 4,20 4,22-0,47 Navios Maritime PTN (NMM) NYSE 16,67 16,61 0,36 Paragon Shipping Inc (PRGN) NASDAQ 0,82 0,84-2,38 Star Bulk Carriers Corp (SBLK) NASDAQ 0,90 0,94-4,26 Seanergy Maritime Holdings Corp (SHIP) NASDAQ 3,32 3,55-6,48 Safe Bulkers Inc (SB) NYSE 6,68 6,62 0,91 Golden Ocean Oslo Bors (NOK) 5,30 5,18 2,32 Tankers Capital Product Partners LP (CPLP) NASDAQ 8,11 8,01 1,25 Omega Navigation Enterprises (ONAV) NASDAQ 0,38 0,37 2,70 TOP Ships Inc (TOPS) NASDAQ 2,33 2,17 7,37 Tsakos Energy Navigation (TNP) NYSE 8,68 7,78 11,57 Other Aegean Maritime Petrol (ANW) NYSE 6,91 6,81 1,47 Danaos Corporation (DAC) NYSE 3,94 3,56 10,67 StealthGas Inc (GASS) NASDAQ 5,90 6,14-3,91 Rio Tinto (RTP) NYSE 55,35 52,60 5,23 Vale (VALE) NYSE 23,33 22,85 2,10 ADM Archer Daniels Midland (ADM) NYSE 31,66 31,86-0,63 BHP Billiton (BHP) NYSE 72,40 71,58 1,15 Commodities Commodity Week 13 Week 12 Change (%) Brent Crude (BZ) 125 125 0,00 Natural Gas (NG) 2,19 2,18 0,46 Gold (GC) 1670 1685-0,89 Copper (LME) 3,84 3,84 0,00 Wheat (W) 282 286-1,40 16

Financial Market Data / Bunker Prices / Port Congestion Currencies Week 13 Week 12 Change (%) EUR / USD 1,33 1,32 0,76 USD / JPY 82,41 82,55-0,17 USD / KRW 1133 1133 0,00 USD / NOK 5,73 5,77-0,69 Bunker Prices IFO 380 IFO 180 MGO Piraeus 720 752 1045 Fujairah 745 760 1060 Singapore 735 745 1020 Rotterdam 710 735 1024 Houston 725 760 1045 Port Congestion* Port No of Vessels China Rizhao 15 Lianyungang 36 Qingdao 85 Zhanjiang 33 Yantai 19 India Chennai 5 Haldia 11 New Mangalore 29 Kakinada 5 Krishnapatnam 9 Mormugao 18 Kandla 29 Mundra 12 Paradip 14 Vizag 50 South America River Plate 324 Paranagua 39 Praia Mole 18 * The information above exhibits the number of vessels, of various types and sizes, that are at berth, awaiting anchorage, at anchorage, working, loading or expected to arrive in various ports of China, India and South America during week 13 of year 2012. 17