Baltic Dry Index. December 2017 PRICES TANKERS ($ MIO)

25 2 17-19, Vas. Pavlou Str., GR 166 73, Voula, Athens, Greece Tel: 21 96597 - Fax: 21 89964 Internet Mail: athenian(at)atheniansa(dot)gr MONTHLY REPORT Baltic Dry Index December 217 15 1 5 Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 PRICES TANKERS ($ MIO) * Prices reflect Year s End 211* 212* 213* 214* 215* 216* Dec-17 VLCC 5Y 55.6 56. 55.8 77.1 8 6 64 VLCC 1Y 34.1 35. 35. 52.1 55 4 41 SUEZMAX 5Y 45.6 4.2 39.5 56.8 6 4 43 AFRAMAX 5Y 34.7 28. 27.8 41.9 46 29 32 AFRAMAX1Y 19.3 16.3 16.3 26.8 31 18 22 PANAMAX5Y 3.9 24.3 24.3 33.4 35 28 28 47K 5Y D/H 25.8 23. 23.3 23.8 28.9 22 25 45K 1Y D/H 15.8 15.5 15.7 15.2 19.6 15.5 17.5 45K 2Y 6. 6.2 6.2 6.5 8.5 5.1 5.5 PRICES BULKERS ($ MIO) * Prices reflect Year s End 211* 212* 213* 214* 215* 216* Dec-17 CAPESIZE 5Y 36.3 32. 43.9 39.5 25 24 33 CAPESIZE 1Y 26.8 2.5 31. 27.8 13.6 15 2.5 CAPESIZE 15Y 15.2 12.7 18.2 16.3 8.5 8 13 CAPESIZE 2Y 1.5 9.3 1.1 9. 5.6 5.5 7 KAMSARMAX 5Y 26.4 18. 25.6 2.1 14 14 22.5 PANAMAX 1Y 18.6 12.5 17.9 14.6 8.5 8.5 14.5 PANAMAX 15Y 12.4 8.3 12. 1. 5 5.4 11 PANAMAX 2Y 8.1 5.4 7.5 5.4 3.6 3.6 6.5 SUPRAMAX 5Y 26.4 23.3 24.3 2.8 13.6 14 17.5 SUPRAMAX 1Y 18. 13. 17.4 13.8 8 9.5 13.5 HANDYMAX15Y 11.1 8.7 1.9 9.1 4.5 5.8 9.5 HANDYMAX2Y 7.9 6.3 6.4 6.2 3.5 2.8 6.5

2 Prior 217 76-78k dwt SECOND HAND SALES & CHARTER FIXTURE TRENDS 9. Monthly Tanker Market Trend 7 Monthly 1 Yr TC Rates 8. 6 7. 6. 5 5. 4 Price (USD Mio) 4. 3. 2. 1. Price (USD) 3 2 1. VLCC 5Y VLCC 1Y SMAX 5Y AMAX 5Y VLCC 1 Yr T/C SMAX 1 Yr T/C AMAX 1 Yr T/C AMAX 1Y PMAX 5Y 47K 5Y D/H 45K 1Y D/H PMAX 1 Yr T/C MR 1 Yr T/C 6. Monthly Bulk Carrier Market Trend 35 Monthly 1 Yr TC Rates 5. 3 Prices (USD Mio) 4. 3. 2. Price (USD) 25 2 15 1 1. 5. CAPE 5Y CAPE 1Y CAPE 15Y KMAX 5Y PMAX 1Y PMAX 15Y SUPRA 5Y SUPRA 1Y HMAX 15Y CAPE 1 Yr T/C SUPRA 1 Yr T/C PMAX 1 Yr T/C HMAX 1 Yr T/C

3 SECOND HAND TONNAGE MARKET S&P Activity Dry (>5, Dwt) AVAILABLE FOR SALE REPORTED SOLD PREVIOUS MONTH A/BLE FOR SALE PREVIOUS MONTH SALES S&P Activity Tankers (>5, Dwt) AVAILABLE FOR SALE REPORTED SOLD PREVIOUS MONTH A/BLE FOR SALE PREVIOUS MONTH SALES 3 2 2 1 29 49 259 53 15 1 5 139 23 148 16 THIS MONTH - PREVIOUS MONTH THIS MONTH - PREVIOUS MONTH *Excluding demolition sales Sale and Purchase Market Ship Type Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Total BULK 31 41 46 58 53 49 278 TANK 21 13 13 2 16 23 16 GAS 1 3 1 1 1 2 9 CONT 23 6 12 21 9 13 84 TWEEN/MPP 5 5 1 2 13 REEF RORO FERRY CRUISE Total 81 68 72 11 81 87 49

4 Baltic Clean Tanker - Yearly 92 82 857 72 62 52 539 42 32 1 4 7 1 13 16 19 22 25 28 31 34 37 4 43 46 49 52 216 WEEK NO 217 11 1 9 8 7 6 5 4 216 Baltic Dirty Tanker - Yearly 619 97 1 4 7 1 13 16 19 22 25 28 31 34 37 4 43 46 49 52 WEEK NO 217 Baltic Clean Tanker -Monthly 74 72 7 72 68 66 685 64 62 6 1/12/217 8/12/217 15/12/217 22/12/217 Baltic Dirty Tanker -Monthly 835 83 825 82 815 824 82 81 85 8 1/12/217 8/12/217 15/12/217 22/12/217 TANKER SALES NAME DWT BLT PRICE $ BUYER COPENHAGEN 2945 23 TURKEY DH 3.2 MIO UNDISCLOSED (Epoxy) SHICHEM ANELINE 8941 1998 SPAIN DH 5 MIO RUSSIAN (Epoxy, IMO II) NORDPORT 13127 28 KOREA DH 8.3 MIO UNDISCLOSED EK-SKY 13786 1999 CHINA DH 7 MIO UNDISCLOSED TERRY 15441 1999 GERMANY DH 8.3 MIO UNDISCLOSED CHEMSTAR SEVEN 1987 25 JAPAN DH 12 MIO S.KOREAN (STST, DD passed) FAIRCHEM YUKA 19961 21 JAPAN DH 18.5 MIO ACE TANKERS (STST) HIGH PRESENCE 487 25 JAPAN DH 14.1 MIO UNDISCLOSED (Incl 6 years TCB) PRETTY SCENE 51255 26 KOREA DH 12 MIO CHINESE (Auction, class suspended) CENITO 53116 29 CHINA DH * ENBLOC BSS POSILIPO 53116 21 CHINA DH 37 MIO UNDISCLOSED (Ttl price) BM BREEZE 15387 28 JAPAN DH * ENBLOC BSS BM BONANZA 15614 27 JAPAN DH 39 MIO FAR EASTERN (Ttl price) NISSOS SERIFOS 115688 212 KOREA DH 3 MIO NAVIGARE (5 yrs BB) FLANDRE 35688 24 KOREA DH 45 MIO UNDISCLOSED (Long subs,fpso conversion project) ARION 3946 21 KOREA DH 22.5 MIO UNDISCLOSED MEANDROS 39498 2 KOREA DH 19.5 MIO GREEK GENER8 STRENGTH 319 215 CHINA DH * ENBLOC BSS GENER8 SUPREME 319 216 CHINA DH * ENBLOC BSS GENER8 CHIOTIS 319 216 CHINA DH * ENBLOC BSS GENER8 MILTIADES 319 216 CHINA DH * ENBLOC BSS GENER8 SUCCESS 319 216 CHINA DH * ENBLOC BSS GENER8 ANDRIOTIS 319 216 CHINA DH 434 MIO INTERNATIONAL SEAWAYS (Ttl price)

5 GAS SALES NAME DWT BLT CBM PRICE $ BUYER ODYN GAS 5174 1995 JAPAN 6556 4.1 MIO SIAM GAS ECHIGO MARU 67219 1983 JAPAN 125568 15 MIO SINOKOR (Laid up for 2 years) Spot Market - Tankers VLCC SUEZMAX AFRAMAX $/Day 7 6 5 4 3 2 1 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 1316 1556 99 Period Market -Tankers 1 Year T/C VLCC SUEZMAX AFRAMAX $/Day 35 3 25 2 15 1 2475 175 1525 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17

6 64 635 Baltic Handysize 637 1 98 Baltic Supramax 63 625 62 626 96 94 92 944 933 615 1/12/217 8/12/217 15/12/217 22/12/217 9 1/12/217 8/12/217 15/12/217 22/12/217 Baltic Panamax Baltic Capesize 18 45 17 1643 4 4293 16 15 1564 35 3 3216 14 25 13 1/12/217 8/12/217 15/12/217 22/12/217 2 1/12/217 8/12/217 15/12/217 22/12/217 BULKER SALES NAME DWT BLT GEAR PRICE $ BUYER SUNROAD MITOYA 23186 211 JAPAN CR 4X3 8.5 MIO EUROPEAN PATRIA 2421 1998 JAPAN CR 4X3 4.15 MIO UNDISCLOSED LAKE DEER 28225 211 JAPAN CR 4X3.5 9.2 MIO UNDISCLOSED MORNING ORCHID 2831 29 JAPAN CR 4X3.5 8.2 MIO GREEK CLIPPER IYO 28451 28 JAPAN CR 4X3.5 8.2 MIO GREEK JUDI MERAY 28458 1995 JAPAN CR 4X3 3.9 MIO CHINESE LAZEEZ 31651 2 JAPAN CR 4X3 5.8 MIO LEBANESE CLIPPER PANORAMA 32353 211 CHINA CR 4X3.5 1.1 MIO ENBLOC BSS CLIPPER SELO 32389 211 CHINA CR 4X3.5 1.1 MIO PACIFIC BASIN (Price each) GLOBAL HORIZON 33633 21 JAPAN CR 4X3 11.95 MIO UNDISCLOSED CIELO DI VENEZIA 37313 28 JAPAN CR 4X3.5 1.9 MIO UNDISCLOSED LONG CHEER 37393 213 CHINA CR 4 X3 * ENBLOC BSS LONG LUCKY 3746 212 CHINA CR 4X3 2 MIO CYPRIOT (Ttl price) JIANGMEN NANYANG 152 393 217 CHINA CR 4X3 2 MIO ENBLOC BSS JIANGMEN NANYANG 153 393 217 CHINA CR 4X3 2 MIO LOUIS DREYFUS (Price each) THEOXENIA 42648 1997 JAPAN CR 4X25 2.45 MIO UNDISCLOSED (Via auction) CY THUNDER 4546 1995 JAPAN CR 4X25 4.5 MIO UNDISCLOSED RESOUNDER 45724 2 JAPAN CR 4X25 7.4 MIO CHINESE AYSENAZ S 4678 21 JAPAN CR 4X3 7.75 MIO CHINESE TRUMPET 5619 24 CHINA CR 4X36 5.9 MIO UNDISCLOSED TOMINI DIGNITY 53414 21 VIETNAM CR 4X36 9.8 MIO FAR EASTERN ORIENT ORCHID 55598 212 JAPAN CR 4X3,5 17.4 MIO DRYLOG ORIENT JASMINE 56124 212 JAPAN CR 4X3 17.4 MIO DRYLOG

7 U LUCKY 57 211 CHINA CR 4X3 11.4 MIO GREEK KING FREIGHT 58163 29 PHILIPPINES CR 4X3 14.6 MIO GREEK CANARY K 58223 212 JAPAN CR 4X3.5 16.8 MIO GREEK ALBION 58732 28 CHINA CR 4X3 13.3 MIO UNDISCLOSED ESSENCE OF SEATREK 635 215 CHINA CR 4X36 21.5 MIO EAGLE BULK SHIPPING SILVER ONE 72917 2 KOREA GLESS 7.9 MIO CHINESE ZAGORA 73435 21 JAPAN GLESS 8.8 MIO CHINESE SEAWING I 7391 25 CHINA GLESS 9.5 MIO CHINESE AEOLIAN BREEZE 74255 21 JAPAN GLESS 9.5 MIO CHINESE EVANTHIA 74297 21 KOREA GLESS 8.5 MIO UNDISCLOSED AFOVOS 74297 21 KOREA GLESS 9 MIO CHINESE FRIEDRICH OLDENDORFF 74483 26 CHINA GLESS 1.7 MIO CHINESE ALPHA HARMONY 74492 21 KOREA GLESS 9.6 MIO CHINESE POSEIDON 75 22 KOREA GLESS 9.2 MIO UNDISCLOSED VARVARA 75321 21 KOREA GLESS 8.8 MIO CHINESE VOGE ENTERPRISE 7941 211 CHINA GLESS 14.9 MIO UNDISCLOSED UBC ORISTANO 118467 211 CHINA GLESS 2 MIO ENBLOC BSS UBC OLIMBUS 118472 211 CHINA GLESS 18 MIO ENBLOC BSS UBC ODESSA 118585 211 CHINA GLESS 2 MIO ENBLOC BSS UBC OTTAWA 118625 211 CHINA GLESS 2 MIO OLDENDORF (Price each) OCEAN CELEBRITY 177638 23 JAPAN GLESS 12.4 MIO UNDISCLOSED CPO EUROPE 179448 21 KOREA GLESS 23.6 MIO GERMAN CPO ASIA 179558 211 ROMANIA GLESS 25.5 MIO UNDISCLOSED (Bank Sale) CPO AMERICA 17957 21 ROMANIA GLESS 24.5 MIO UNDISCLOSED ( Incl T/C til 5/18) MAIRAKI 181483 211 KOREA GLESS 27.5 MIO GREEK CHANCY 182571 215 JAPAN GLESS 43 MIO JP MORGAN

8 $/Day 3 25 2 15 1 5 Spot Market - Bulkers 24 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 1142 954 CAPESIZE PANAMAX HANDYMAX $/Day 21 181 161 141 121 11 81 61 41 Period Market -Bulkers 1 Year T/C 185 1185 175 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 CAPESIZE PANAMAX HANDYMAX CONTAINER SALES NAME DWT BLT GEAR TEU PRICE $ BUYER ANNIKA 11814 28 KOREA GLESS 982 8.75 MIO GERMAN ANTIGONI 1279 28 KOREA GLESS 149 8.1 MIO MPC CONTAINER SHIPS KRETA 12238 1998 TURKEY CR 2 X 4 1145 3.6 MIO LUBECA UAFL ZANZIBAR 22386 1996 POLAND CR 3X45 1684 4 MIO UNDISCLOSED RYUJIN NAKIRA 33632 27 JAPAN CR 3X4 2553 1 MIO NORWEGIAN PASSAT SUMMER 398 25 POLAND GLESS 2732 8.8 MIO WAN HAI LINES VILANO 37882 26 GERMANY CR 3X45 2742 1.6 MIO MPC CONTAINER SHIPS CAP BLANCHE 37882 26 GERMANY CR 3X45 2742 1.6 MIO MPC CONTAINER SHIPS CAP PASADO 37882 26 GERMANY CR 3X45 2742 1.7 MIO MPC CONTAINER SHIPS PENELOPE 38635 28 POLAND CR 3X45 2745 1.6 MIO GERMAN NILEDUTCH HIPPO 46 213 CHINA CR 3X45, CR 1X35 3421 13 MIO UNDISCLOSED ALS FORTUNA 51733 29 KOREA GLESS 4275 15 MIO CHINESE BONAIRE 5236 21 PHILIPPINES GLESS 433 12 MIO SM LINES

9 NEW BUILDING MARKET AND REPORTED CONTRACTS $m 1 Tanker Prices VLCC Suezmax Aframax MR 8 81.5 6 55 44 4 33.8 2 Dec-15 Apr-16 Aug-16 Dec-16 Apr-17 Aug-17 Dec-17 $m 5 45 4 35 3 25 2 15 Bulker Prices Capesize Panamax Supramax Handysize 1 Dec-15 Apr-16 Aug-16 Dec-16 Apr-17 Aug-17 Dec-17 44 25.5 24 22 Ship Type 217 218 219+ Total Capesize 3 63 85 151 Panamax 17 65 79 161 Supra/Hmax 19 94 51 164 Handies 17 16 53 176 Total 56 328 268 652 Ship Type 217 218 219+ Total ULCC/VLCC 1 51 4 92 Suezmax 1 43 18 62 Aframax 5 69 54 128 Panamax 4 23 8 35 MR+Small 16 156 13 32 Total 27 342 25 619 Ship Type 217 218 219+ Total VLGC 12 18 3 LGC MR 14 8 22 Handy 11 2 13 Small 4 2 6 Total 41 3 71

1 Newbuilding Sales No. of Vessels 5 4 3 2 1 398 235 28 79 47 8 Tankers >1, dwt Bulkers >1, dwt Containerships 25 248 215 216 Dec-17 14 Delivery Schedule m. dwt Bulkers >1, dwt. Tankers >1, dwt 4 35 31.1 3.5 33.5 3 25 2.1 2 15 1 5 4.1 1 Dec-17 218 219+ m. dwt 35 3 25 2 15 1 5 VLCC Aframax Products 28.7 14.4 9.6 1.3 2.6 December 217 Tanker Newbuildings on Order Suezmax Panamax Bulker Newbuildings on Order Capesize Panamax m. dwt Handymax Handysize 45 4 39.4 35 3 25 2 15 13.4 1 1 6 5 December 217 Tankers Newbuilding Historical Prices ($m) Dec-17 216 215 214 213 212 211 21 28 25 2 1995 199 1985 32, DWT 1 81.5 84.5 93.7 97.3 93.8 93.2 98.9 14.8 15 12 76.5 85.3 87.4 17, DWT 1 55 54.5 63 65.5 59.6 57.1 6.3 66.3 9 71.5 52.5 54 66.1 115, DWT 1 44 44.5 52 53.6 52.2 48.5 52.2 56 74 58 41.5 43.3 53.2 47, DWT 1 33.8 32.5 35.4 36.8 34.6 33.8 35.2 36.1 46.5 43 29.5 33.2 Bulkers 18, DWT 1 44 42 46 54.2 53.6 45.7 48.4 57.2 87 58.5 4.5 42.3 6.2 29.3 81, DWT 1 25.5 24.5 25.7 29 27.8 25.6 28.7 34.3 45.5 36 22.5 27.9 3 13.4 62, DWT 24 22.3 24.1 27.2 26.5 23.7 26.7 31.1 41 31 2.5 24.1 25.3 12.4 35, DWT 22 19.5 2.3 22.8 22.2 2.5 22.2 26.3 31 25.5 15 19.2 21.3 9.7 1 Before 21 sizes to read 28, - 14, - 95, - 4, respectively for tankers and 15, - 69, for Bulkers 2 Single Hull 3 3, DWT Prior 217 to read 73 76k dwt, 45k dwt & 3k dwt (note: above is for vessels built Japan / Korea, you should also consider US$ / Yen / Won relation for the years mentioned) 3 32.1 2 38.2 2 28.2 2 18.1 3 13.3

11 The Shipbuilding Market TYPE DWT BUILDER DELIVERY PRICE $ OWNER NOTES Bulk 28 Jiangsu New YZJ 219 CDB Leasing Bulk 28 Jiangsu New YZJ 219 CDB Leasing Bulk 28 Jiangsu New YZJ 219 CDB Leasing Bulk 28 Jiangsu New YZJ 22 CDB Leasing Bulk 28 Jiangsu New YZJ 22 CDB Leasing Bulk 28 Jiangsu New YZJ 22 CDB Leasing Option Bulk 28 Jiangsu New YZJ 22 CDB Leasing Option Bulk 28 Jiangsu New YZJ 22 CDB Leasing Option Bulk 28 Jiangsu New YZJ 221 CDB Leasing Option Bulk 28 Jiangsu New YZJ 221 CDB Leasing Option Bulk 25 Fujian Southeast SB 219 Fujian Anda Shpg Bulk 25 Fujian Southeast SB 219 Fujian Anda Shpg Bulk 65 Sasebo HI 22 Ugland Marine Bulk 65 New Times SB 22 FrontMarine Bulk 65 New Times SB 22 FrontMarine Bulk 65 New Times SB 22 FrontMarine Bulk 65 New Times SB 22 FrontMarine Bulk 65 New Times SB 221 FrontMarine Bulk 65 New Times SB 221 FrontMarine Bulk 65 New Times SB 221 FrontMarine Bulk 65 New Times SB 221 FrontMarine Bulk 65 New Times SB 221 FrontMarine Option Bulk 65 New Times SB 221 FrontMarine Option Bulk 65 New Times SB 221 FrontMarine Option Bulk 65 New Times SB 221 FrontMarine Option Bulk 28 New Times SB 219 44.7 Mio 22 Bulkers Bulk 28 New Times SB 22 44.7 Mio 22 Bulkers Bulk 28 Shanghai Waigaoqiao 22 Foremost Maritime Bulk 28 Shanghai Waigaoqiao 22 Foremost Maritime Chem & Oil 52 GSI Nansha 219 Formosa Plastics Co Chem & Oil 52 GSI Nansha 22 Formosa Plastics Co Chem & Oil 52 GSI Nansha 22 Formosa Plastics Co Chem & Oil 24 Fujian Mawei SB 219 Heng Tong Fuels Chem & Oil 24 Fujian Mawei SB 219 Heng Tong Fuels Chem & Oil 14 Wuchang SB Group 219 Marnavi Chem & Oil 14 Wuchang SB Group 22 Marnavi Container 2 Huangpu Wenchong 219 Cosmoship Management Container 2 Huangpu Wenchong 219 Cosmoship Management Container 2 Huangpu Wenchong 219 Cosmoship Management Container 2 Huangpu Wenchong 219 Cosmoship Management Container 25 Jiangsu New YZJ 219 CMA-CGM Container 25 Jiangsu New YZJ 22 CMA-CGM Container 25 Jiangsu New YZJ 22 CMA-CGM Container 37 Jiangsu New YZJ 219 SITC Container 37 Jiangsu New YZJ 219 SITC Container 37 Jiangsu New YZJ 219 SITC Option Container 37 Jiangsu New YZJ 219 SITC Option Container 25 Jiangsu New YZJ 219 CMA CGM Container 25 Jiangsu New YZJ 22 CMA CGM Container 25 Jiangsu New YZJ 22 CMA CGM Cruise Fincantieri Monfalcone 221 Eur.m 9 MSC Cruises Cruise Fincantieri Monfalcone 223 Eur.m 9 MSC Cruises Cruise VARD Soeviknes 221 Viking Ocean Cruises Cruise 364 Fincantieri Ancona 222 Viking Ocean Cruises Cruise 364 Fincantieri Ancona 223 Viking Ocean Cruises L.P.G. 5 Unknown 22 Exmar L.P.G. 5 Unknown 22 Exmar L.P.G. 54 Kawasaki HI Sakaide 219 Phoenix Tankers LNG 946 Daewoo (DSME) 22 Maran Gas Maritime LNG/Regas 95 Daewoo (DSME) 22 Maran Gas Maritime

12 Open Hatch 62 COSCO Dalian SY 219 COSCO Shpg Spec Pass/Car F. Tianjin Xingang HI 219 COSCO Qingdao Products 199 GSI Nansha 22 COSCO Shpg Energy Products 199 GSI Nansha 221 COSCO Shpg Energy Shuttle 12922 Samsung HI 22 Teekay Shuttle Shuttle 12922 Samsung HI 22 Teekay Shuttle Tanker 319 Dalian Shipbuilding 22 COSCO Shpg Energy Tanker 319 Dalian Shipbuilding 22 COSCO Shpg Energy Tanker 319 Dalian Shipbuilding 22 COSCO Shpg Energy Tanker 319 Dalian Shipbuilding 221 COSCO Shpg Energy Tanker 158 Dalian Shipbuilding 22 COSCO Shpg Energy Tanker 158 Dalian Shipbuilding 22 COSCO Shpg Energy Tanker 319 Hyundai HI (Ulsan) 219 Olympic Shpg & Mngt Tanker 318 Daewoo (DSME) 22 Aeolos Management Tanker 649 GSI Nansha 22 COSCO Shpg Energy Tanker 649 GSI Nansha 22 COSCO Shpg Energy Tanker 114 GSI Nansha 219 COSCO Shpg Energy Tanker 114 GSI Nansha 22 COSCO Shpg Energy TSH Dredger Huangpu Wenchong 22 RMB m 479.8 Changjiang Waterway Bureau

13 DEMOLITION MARKET Demolition Prices Gen Cargo Tanker India USD 425 /lt Ldt USD 44 /lt Ldt Bangladesh USD 415 /lt Ldt USD 43 /lt Ldt Pakistan USD 415 /lt Ldt USD 43 /lt Ldt China USD 21 /lt Ldt USD 23 /lt Ldt Demolition Historical Data USD/ton USD/ton 58 53 48 43 38 33 28 23 18 58 53 48 43 38 33 28 23 18 33 325 365 395 Price Tankers* 355 35 38 45 415 214 215 216 217 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC *India month's end prices 315 315 35 38 34 335 355 385 395 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC *India month's end prices Price Bulkers* 4 38 42 214 215 216 217 4 44 425

14 Million dwt 6 5 4 3 2 1 25.6 14.5 4.9 2.35 4.6 3.8 15.916.7 18.9 15.5 18 15.6 Total Demolition (Dwt) 3.5 28.428.5 25 27 22.4 1 5.5 6.5 5 12 28.9 25.7 31.58 5.3 41.8 44.6 38.8 34.3 34.2 6 5 * Bss reported sales Historical Demolition Prices (India Year's End) USD/ton 4 3 2 TANKERS BULKERS Avg. Trend 1 HISTORICAL DEMOLITION PRICES (*Indian Year s End) 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 CURR. TANK 136 174 135 174 262 362 32 45 57 287 338 485 482 45 435 425 3 3 44 BULK 143 17 135 181 267 381 332 392 472 268 328 437 456 375 41 4 285 28 425 India TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK KRAKOW 6948 1982 1599 43 BULK ORE FABRICA 28448 1993 44362 44 (Basis green recycling-hkc SOC) TANK NEW NAXOS 1656 1997 1726 43 (Basis"as is" Khor Fakkan) Bangladesh TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK OCEAN DREAM 2292 1989 937 248 BULK ZARAH SOFIA 9234 1985 692 422 TANK FALCON STAR 37642 1985 7774 426 China TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS N/A N/A N/A Pakistan TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS N/A N/A N/A

15 Turkey TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS N/A N/A N/A Other TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS COMBO KARADENIZ POWERSHIP EROL BEY 19891 1996 18581 419 (Indian Sub-Cont delivery) CONT MSC FORTUNATE 68363 1996 22872 467 (Indian Sub-Cont) TANK NIREAS 331 1995 123 375 (As is Bandar Abbas) TANK CASSENDRA 4584 1996 9597 375 (As is Bandar Abbas) TANK ADMIRAL L 478 199 8 43 (Indian Sub-Cont) TANK NEW VISION 147916 1996 22444 421 (Basis"as is" Fujairah) TANK PLATA GLORY 3133 1999 38975 438 (Indian Sub-Cont)

16 8 7 6 USD/ton 5 4 3 2 1 HISTORICAL BUNKER PRICES Bunkers Cost (38 cst) Rotterdam Fujeirah Houston Average Trend 12 1 USD/ton 8 6 4 2 Bunkers Cost (MGO) Rotterdam Fujeirah Houston Average Trend HISTORICAL BUNKER PRICES Rotterdam Fujeirah Houston 38 cst MGO 38 cst MGO 38 cst MGO 1993 67 15.5 7 22.5 71.1 16.6 1994 86 133.2 8.9 182.6 8.8 148.8 1995 97 14.6 94.6 175.8 93.2 148 1996 17 175.1 14.4 27.5 15.8 186 1997 92 155.4 99.3 25.6 97.3 179.9 1998 66.5 112.2 69.2 152.2 67.2 136.9 1999 94 133 98.5 157.2 93.3 143.9 2 139 231.6 155.3 263.5 136 255.7 21 116 192.4 129.7 244.7 112.8 227.5 22 135 188.2 145.9 222.8 134 196 23 151 23.4 166.3 265.2 16.2 265.1 24 154 313.4 176.7 359.3 167.3 328.7 25 236 458.4 256.6 5.1 248.3 58.5 26 195 524.1 31.9 631.8 33 562.3 27 347 571.3 373.7 664.7 351.8 68.6 28 469 85.7 59.4 137.7 496.8 933.2 29 355 49.6 372.8 657 36.7 525 21 452 667.1 468.2 712.9 449.3 683 211 548 848.6 587.5 897.5 542.1 862.4 212 585 92 66 15 61 15 213 585 92 62 11 58 985 214 31 57 35 88 315 695 215 14 311 17 56 14 36 216 37 472 34 546 31 525 Dec-17 367 579 376 627.5 356 612

17 MARKET INDICATORS USD-EUR 1.8 1.6 1.4 1.2 1..8.6.4 Currencies USD-EUR USD-JPY 13 12 11 1 9 8 7 6 USD-JPY $/Barrel 16. 14. 12. 1. 8. 6. 4. 2.. Brent Oil GBP CAD EUR JPY CHF USD AUD GBP 1.593.888.66.7585.7442.5674 CAD 1.6934 1 1.54.112 1.2847 1.264.9663 EUR 1.1258.6647 1.74.8541.8379.6437 JPY 151.717 89.5731 134.758 1 115.11 112.912 85.869 CHF 1.3179.7781 1.176.87 1.988.7519 USD 1.3436.7933 1.1933.89 1.193 1.7626 AUD 1.7244 1.182 1.5316.114 1.382 1.2835 1 * 28/12/217 values

18 STOCK WATCH NAME TICKER THIS MONTH* LAST MONTH CHANGE % 52w HIGH 52w LOW Capital Product Partners CPLP 3.36 3.17 6 4. 3.1 Diana Shipping Inc. DSX 4.7 3.95 3 6.2 3. Dryships Inc. DRYS 3.54 4.12-14.1 3198.86.98 Dynagas LNG Partners LP DLNG 11.7 13.31-16.8 17.93 1.66 Eagle Bulk Shipping Inc. EGLE 4.54 4.38 3.7 7.61 4.18 Euroseas Ltd. ESEA 1.74 1.73.6 2.73 1.13 Costamare Inc. CMRE 5.84 5.66 3.2 8.18 5.7 Navios Maritime Holdings NM 1.27 1.34-5.2 2.26.95 GasLog Ltd. GLOG 22.3 18.7 23.4 22.35 12.75 Safe Bulkers Inc. SB 3.18 3.4 4.6 3.79 1.15 Star Bulk Carriers Corp. SBLK 11.17 9.81 13.9 13.4 5.2 Stealthgas Inc. GASS 4.38 3.96 1.6 4.78 2.9 TEN Inc. TNP 3.96 4.14-4.3 5.27 3.82 TOP Ships Inc. TOPS.26.45-42.9 8918.4.24 Box Ships Inc. TEUFF.1.1-4.8.93. Diana Containerships Inc. DCIX 4.31 7.44-42.1 23147.7 1.56 Danaos Corporation DAC 1.5 1.5 3.2 1.25 Aegean Marine Petroleum ANW 4.25 4.1 3.7 13. 3.2 * 28/12/217 closing values ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Disclaimer: Information and data that appear in this report have been obtained from various sources which are believed to be correct and reliable. However, Athenian Shipbrokers S.A. does not guarantee their accuracy or completeness and therefore cannot be held liable for any loss incurred as a result of reliance in any way whatsoever on the information contained herein. Kind Regards,