Baltic Dry Index. July 2012 PRICES TANKERS ($ MIO)

12 1 8 6 4 2 17-19, 19, Vas. Pavlou Str., GR 166 73, Voula, Athens, Greece Tel: 21 96597 - Fax: 21 89964 Internet Mail: athenian@atheniansa.gr MONTHLY REPORT Baltic Dry Index July 212 Jul-2 Nov-2 Mar-3 Jul-3 Nov-3 Mar-4 Jul-4 Nov-4 Mar-5 Jul-5 Nov-5 Mar-6 Jul-6 Nov-6 Mar-7 Jul-7 Nov-7 Mar-8 Jul-8 Nov-8 Mar-9 Jul-9 Nov-9 Mar-1 Jul-1 Nov-1 Mar-11 Jul-11 Nov-11 Mar-12 Jul-12 PRICES TANKERS ($ MIO) * Prices reflect Year s End 27* 28* 29* 21* 211* July-12 VLCC 5Y 136. 155.8 78. 87.8 55.6 6. VLCC 1Y 114.5 131. 59.5 64.3 34.1 36.2 SUEZMAX 5Y 95.5 16. 57. 62.8 45.6 45.1 AFRAMAX 5Y 7. 76.8 4.5 44.5 34.7 33.2 AFRAMAX1Y 6. 64.7 23.5 3.7 19.3 18.5 PANAMAX5Y 6.4 61. 35.5 39. 3.9 25.5 45K 5Y D/H 53. 52.7 23.5 27.3 25.8 25.5 45K 1Y D/H 44.7 43.2 16. 19.7 15.8 17. 45K 2Y 12.8 1. 4. 6.7 6. 6. PRICES BULKERS ($ MIO) * Prices reflect Year s End 27* 28* 29* 21* 211* July-12 CAPESIZE 5Y 148. 45.5 54.5 57. 36.3 34.3 CAPESIZE 1Y 13. 3. 45. 43. 26.8 24. CAPESIZE 15Y 88.5 21. 28. 26. 15.2 14.1 CAPESIZE 2Y 6. 15.2 16.5 16.4 1.5 9.7 PANAMAX 5Y 89. 25.5 35. 38.5 26.4 23. PANAMAX 1Y 71.5 19. 27.5 31.6 18.6 17.1 PANAMAX 15Y 61. 12.5 22. 23.1 12.4 1.5 PANAMAX 2Y 44. 9.2 12. 13.8 8.1 7. SUPRAMAX 5Y 74.5 24. 27.5 31.9 26.4 25.2 HANDYMAX1Y 6.5 18.2 22. 24.7 18. 14.8 HANDYMAX15Y 46. 13. 17.5 2. 11.1 9.8 HANDYMAX2Y 36. 7.4 11. 12. 7.9 7.5

2 SECOND HAND SALES & CHARTER FIXTURE TRENDS 18. Monthly Tanker Market Trend 1 Monthly 1 Yr TC Rates 16. 9 14. 8 Price (USD Mio) 12. 1. 8. 6. 4. Price (USD) 7 6 5 4 3 2 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 45K 5Y D/H 45K 1Y D/H PMAX 1 Yr T/C MR 1 Yr T/C 16. Monthly Bulk Carrier Market Trend 18 Monthly 1 Yr TC Rates 14. 16 12. 14 Prices (USD Mio) 1. 8. 6. Price (USD) 12 1 8 6 4. 4 2. 2. CAPE 5Y CAPE 1Y CAPE 15Y PMAX 5Y PMAX 1Y PMAX 15Y SUPRA 5Y HMAX 5Y HMAX 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 6 3 4 2 391 453 34 25 THIS MONTH - PREVIOUS MONTH 2 1 194 197 26 15 THIS MONTH - PREVIOUS MONTH *Excluding demolition sales Sale and Purchase Market - Second Hand units Ship Type Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Total BULK 24 3 52 5 25 34 215 TANK 16 21 25 32 15 21 13 GAS 2 3 2 2 7 1 17 CONT 4 21 12 22 14 1 83 TWEEN 1 1 1 3 REEF 2 2 4 RORO 1 2 1 1 5 FERRY 1 3 4 CRUISE 1 1 Total 48 79 93 18 66 68 462

4 Baltic Clean Tanker - Yearly 1 98 9 8 72 7 683 6 65 653 5 555 4 31 34 37 4 43 46 49 52 3 6 9 12 15 18 21 24 27 3 211 WEEK NO 212 Baltic Dirty Tanker - Yearly 1 93 9 842 851 8 7 784 6 674 623 5 31 34 37 4 43 46 49 52 3 6 9 12 15 18 21 24 27 3 211 WEEK NO 212 Baltic Clean Tanker -Monthly 8 7 6 5 558 553 4 27/6/212 4/7/212 11/7/212 18/7/212 564 Baltic Dirty Tanker -Monthly 7 682 68 66 64 654 62 628 621 6 27/6/212 4/7/212 11/7/212 18/7/212 627 TANKER SALES NAME DWT BLT PRICE $ BUYER MELISA-D 1231 22 TURKEY DH 2.6 MIO EUROPEAN NST LEONI 458 26 CHINA DH 4.93 MIO DANISH (Via Auction, partly Marineline coated) JEMBAWATI 6685 1999 JAPAN DH 5 MIO UNDISCLOSED SEMUA BERJAYA 88 28 CHINA DH * ENBLOC BSS SEMUA BAHAGIA 88 28 CHINA DH * ENBLOC BSS SEMUA SEJATI 88 28 CHINA DH * ENBLOC BSS SEMUA SELAMAT 88 28 CHINA DH * ENBLOC BSS SEMUA GEMBIRA 88 29 CHINA DH * ENBLOC BSS SEMUA GEMILANG 834 29 CHINA DH * ENBLOC BSS SEMUA MUHIBBAH 11134 21 CHINA DH * ENBLOC BSS SEMUA MUTIARA 11134 21 CHINA DH * ENBLOC BSS SEMUA PERKASA 1353 29 S.KOREA DH * ENBLOC BSS SEMUA PERDANA 1362 29 S.KOREA DH 11 MIO MIDDLE EASTERN (Enbloc Bss) GOLDEN MERMAID 12693 27 JAPAN DH 15.25 MIO UNDISCLOSED GOLDEN JANE 16476 2 JAPAN DH 9 MIO FAR EASTERN (Stst Tanker) CHEMSTAR DUKE 19441 2 JAPAN DH 12.25 MIO MUSIM MAS, INDONESIA (Stst Tanker) SIVA ROTTERDAM 199 212 JAPAN DH 3 MIO UNDISCLOSED (Stst Tanker) BALLAD 44999 1996 S.KOREA DH 1.5 MIO UNDISCLOSED KIRSTEN 8366 1988 YUGOSLAVIA DH 8 MIO DUBAI BASED INTREPID RELIANCE 1443 22 JAPAN DH 33 MIO PALMALI, TURKEY (1 % Bank Finance) CHAMPION POWER 1583 1999 S.KOREA DH 12 MIO BAKRI NAVIGATION CAPE AKROTIRI 15176 1998 S.KOREA DH * ENBLOC BSS CAPE AVILA 15237 1998 S.KOREA DH * ENBLOC BSS CAPE ASPRO 15337 1998 S.KOREA DH * ENBLOC BSS

5 CAPE ANCONA 15337 1998 S.KOREA DH 42 MIO FAR EASTERN (Enbloc Bss) LA ESPERANZA 2997 1993 DENMARK DH 21 MIO UNDISCLOSED GAS SALES NAME DWT BLT CBM PRICE $ BUYER PACIFIC HARMONY 4971 199 JAPAN 73879 19.5 MIO GREAT EASTERN SHIPPING, INDIA Spot Market - Tankers VLCC SUEZMAX AFRAMAX $/Day 5 4 3 2 1 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 16892 1342 4515 Period Market -Tankers 1 Year T/C VLCC SUEZMAX AFRAMAX $/Day 3 25 2 15 1 5 2321 18988 135 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12

6 75 7 719 Baltic Handysize 74 687 135 13 125 1257 Baltic Supramax 1293 1299 1277 65 647 12 115 1173 6 27/6/212 4/7/212 11/7/212 18/7/212 11 27/6/212 4/7/212 11/7/212 18/7/212 Baltic Panamax Baltic Capesize 125 12 115 11 15 1 95 968 1129 122 1214 1134 155 145 135 125 115 124 1493 151 132 4 44 1276 9 27/6/212 4/7/212 11/7/212 18/7/212 15 27/6/212 4/7/212 11/7/212 18/7/212 BULKER SALES NAME DWT BLT GEAR PRICE $ BUYER NOVOMAR 475 1999 BULGARIA GLESS 2.45 MIO UNDISCLOSED SINAR TUBAN 569 26 INDONESIA GLESS 2.8 MIO UNDISCLOSED ASIAN FORTUNE 582 1998 JAPAN CR 2X3 2.9 MIO INDONESIAN KLOSTERTAL 7 1996 RUSSIA GLESS 1.75 MIO TURKISH BERND 8874 1998 CHINA CR 2X15 3.5 MIO UT BANK, GHANA WELL RICH 12349 1985 JAPAN DR 4X15 1.97 MIO UNDISCLOSED AYYILDIZ-5 1686 1996 CHINA CR 2X25 4.1 MIO UNDISCLOSED GLOBAL NEXTAGE 2483 1996 JAPAN CR 4X31 8 MIO UNDISCLOSED (Incl 3 Yrs TC Back at USD 85 Pd) OCEAN HAWTHORN 24999 1999 JAPAN CR 4X31 7 MIO GREEK MARIA A 26648 1986 JAPAN CR 4X3 2.8 MIO EGYPTIAN BARCELONA 27573 1984 JAPAN CR 4X25 1.9 MIO CHINESE RANUNCULUS 29678 25 JAPAN CR 4X3.5 15 MIO GREEK KEN ANN MARU 32115 1997 JAPAN CR 4X3 8.5 MIO TURKISH AZURITE OCEAN 32178 22 JAPAN CR 4X3 12 MIO UNDISCLOSED GOLD STAR 3685 1984 JAPAN CR 4X25 3.7 MIO CHINESE CORDELIA 4763 1986 JAPAN CR 4X25 3 MIO CHINESE ATLANTIC 45263 1986 JAPAN CR 4X15 3.95 MIO CHINESE MONTERREY FURIA R 46664 1996 JAPAN CR 4X3.5 1.5 MIO BANGLADESHI AMBER K 47282 2 JAPAN CR 4X3 13 MIO GREEK MARITIME CUATE 5244 22 JAPAN CR 4X3.5 16.3 MIO UNDISCLOSED VEGA ETERNITY 52466 22 JAPAN CR 4X3 16.8 MIO OLDENDORFF (SS/DD Due 9/212) LINDOS 5254 199 USSR CR 4X3 5.4 MIO UNDISCLOSED

7 HYUNDAI VINASHIN S1 55783 212 VIETNAM CR 4X3 2.3 MIO PRECIOUS SHIPPING PRISCO ABAKAN 57334 29 S.KOREA CR 4X3 * ENBLOC BSS PRISCO UDOKAN 57337 29 S.KOREA CR 4X3 42 MIO GREEK (Enbloc With Prisco Abakan) KAWASAKI SAKAIDE 1692 58 212 JAPAN CR 4X3.5 27 MIO GREEK HELLENIC SEA 65434 1991 CHINA GLESS 4.87 MIO CHINESE OCEAN TIANJIN 76635 27 JAPAN GLESS 22 MIO UNDISCLOSED GAIA 169963 1999 S.KOREA GLESS 15.2 MIO UNDISCLOSED CAPE WISTERIA 172846 1997 JAPAN GLESS 15 MIO JAPANESE (Incl 2-3 Yrs TC Back) ALBERTA DELLA GATTA 176 212 CHINA GLESS 38 MIO UNDISCLOSED CHRISTINA BULKER 17943 211 S.KOREA GLESS 39 MIO GREEK SANKO POWER 181196 21 JAPAN GLESS 35.5 MIO ISRAELI BAOSTEEL 228527 29 JAPAN GLESS 45 MIO MITSUI OSK LINES, JAPAN EDUCATION (Purchase option declared) $/Day 35 3 25 2 15 1 5 Spot Market - Bulkers 133 6622 188 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 CAPESIZE PANAMAX HANDYMAX $/Day 23 21 19 17 15 13 11 9 7 5 Period Market -Bulkers 1 Year T/C 13 15 1 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 CAPE PMAX HANDYMAX

8 CONTAINER SALES NAME DWT BLT GEAR TEU PRICE $ BUYER ELEVATION 6449 1994 GERMANY GLESS 538 1 MIO UNDISCLOSED (Via Auction) ELATION 6449 1994 GERMANY GLESS 538 1 MIO UNDISCLOSED (Via Auction) PIONEER BUZZARD 7957 22 GERMANY GLESS 735 5.5 MIO UNDISCLOSED ACACIA 8853 1993 JAPAN CR 2X35 495 2 MIO FUJIAN ORIENT, CHINA EMILIA SCHULTE 1131 1999 CHINA GLESS 834 4 MIO S.KOREAN HYNDAI CONCORD 1867 22 JAPAN GLESS 132 9.1 MIO S.KOREAN R. PARTNER 2255 1994 POLAND CR 3X45 1354 2.7 MIO DUBAI BASED BUNGA TERATAI DUA 24554 1998 S.KOREA GLESS 1725 6 MIO MALAYSIAN PEMBROKE 34167 1997 GERMANY CR 3X4 2442 7 MIO GREEK AKINADA BRIDGE 71366 21 S.KOREA GLESS 561 34 MIO REEFER SALES GREEK (Incl TC at USD 23 Pd) NAME DWT BLT GEAR CBFT PRICE $ BUYER ORIONIS 3944 1985 JAPAN DR 6X3 159482 2.3 MIO UNDISCLOSED ATLANTIC HOLLYHOCK 11788 1999 JAPAN CR 2X36, C2X8 5451 7.5 MIO UNDISCLOSED

9 NEW BUILDING MARKET A ND REPORTED CONTRACTS Tanker Prices VLCC Suezmax Aframax MR Bulker Prices Capesize Panamax Handymax Handysize 12 7 $m 1 8 6 4 2 95.4 58.2 49.3 34 $m 6 5 4 3 2 1 46 27 25 21.8 Jul-1 Nov-1 Mar-11 Jul-11 Nov-11 Mar-12 Jul-12 Jul-1 Nov-1 Mar-11 Jul-11 Nov-11 Mar-12 Jul-12 Dry Bulk Orderbook Ship Type 212 (deliv) 212 213 214 215 216 217+ Total VLOC 2 29 15 1 2 56 Capesize 112 7 97 16 8 191 Small Cape 7 6 42 12 1 115 Panamax 15 27 231 58 2 561 Supramax 217 28 232 5 3 565 Handys 176 193 215 48 6 462 Total 745 92 832 194 22 195 Tanker Orderbook Ship Type 212 (deliv) 212 213 214 215 216 217+ Total ULCC/VLCC 28 38 48 1 96 Suezmax 33 31 37 9 5 3 85 Aframax 3 27 3 11 68 Panamax 7 16 16 3 35 MR 25 53 7 34 6 4 2 169 Handy 5 11 5 1 17 Total 128 176 26 68 11 7 2 47 LPG Tank Orderbook Ship Type 212 (deliv) 212 213 214 215 216+ Total VLGC 1 1 13 2 16 LGC MR 2 5 5 1 Handy 12 9 7 1 29 Small 2 35 12 6 3 56 Total 23 48 39 2 4 111

1 Newbuilding Sales No. of Vessels 1 9 8 7 6 5 4 3 2 1 215 972 121 163 44 225 Tankers >1, dwt Bulkers >1, dwt Containerships 79 14 21 211 Jul-12 35 Delivery Schedule m. dwt Bulkers >1, dwt. Tankers >1, dwt 9 8.4 8 7 65 6 5 4 3.5 3 22.8 22 2 1.2 1 Jul-12 213 214+ Tanker Newbuildings on Order 35 3 3 VLCC Aframax Products Suezmax Panamax Bulker Newbuildings on Order Capesize Panamax Handymax Handysize 7 64.5 6.3 6 m. dwt 25 2 15 1 5 15 7.1 2.9 12.2 m. dwt 5 4 3 2 1 3.5 16.4 July 212 July 212 Newbuilding Historical Prices ($m) Tankers Jul-12 211 21 29 28 27 26 25 24 2 1995 199 1985 31, DWT 1 95.4 98.9 14.8 97.5 15 145 13 12 18 76.5 85.3 87.4 2 38.2 17, DWT 1 58.2 6.3 66.3 61 9 9 8 71.5 71 52.5 54 66.1 2 28.2 11, DWT 1 49.3 52.2 56 49.5 74 72 65.5 58 6 41.5 43.3 53.2 2 18.1 47, DWT 1 34 35.2 36.1 35 46.5 52 47 43 39 29.5 33.2 3 32.1 3 13.3 Bulkers 18, DWT 1 46 48.4 57.2 55.5 87 96 67 58.5 64.5 4.5 42.3 6.2 29.3 73, DWT 1 27 28.7 34.3 34.5 45.5 54 39.5 36 37 22.5 27.9 3 13.4 45, DWT 25 26.7 31.1 29 41 47.5 37 31 3 2.5 24.1 25.3 12.4 29, DWT 21.8 22.2 26.3 24.5 31 34 27.5 25.5 24 15 19.2 21.3 9.7 1 Before 21 sizes to read 28, - 14, - 95, - 4, respectively for tankers and 15, - 69, for Bulkers 2 Single Hull 3 3, DWT (note: above is for vessels built Japan / Korea, you should also consider US$ / Yen / Won relation for the years mentioned)

11 The Shipbuilding Market TYPE DWT BUILDER DELIVERY PRICE $ OWNER NOTES BULK 36 Weihai Samjin 213 Egon Oldendorff BULK 36 Weihai Samjin 213 Egon Oldendorff BULK 816 Jiangnan Changxin 214 27.5 Mio Sincere Navigation BULK 816 Jiangnan Changxin 214 27.5 Mio Sincere Navigation BULK 28 Guangzhou Wenchong 214 21.25 Mio Seaboard Marine BULK 28 Guangzhou Wenchong 214 21.25 Mio Seaboard Marine BULK 38 Imabari S.B. 214 Ultrabulk Shipping BULK 38 Oshima S.B. Co. 214 Ultrabulk Shipping BULK 64 Hantong Shipyard 214 26 Mio HI Investments BULK 64 Hantong Shipyard 214 26 Mio HI Investments BULK 36 Weihai Samjin 214 21 Mio Ultrabulk Shipping BULK 57 Tsuneishi Zhoushan 214 LT Ugland Bulk Ltd. BULK 57 Tsuneishi Zhoushan 214 LT Ugland Bulk Ltd. Bunkering 17 Akdeniz Gemi 213 Pallas Shipping AB Chem & Oil 5 Guangzhou S.Y. Int. 214 38 Mio Stena Bulk AB Chem & Oil 5 Guangzhou S.Y. Int. 214 38 Mio Stena Bulk AB Chem & Oil 5 Guangzhou S.Y. Int. 214 38 Mio Stena Bulk AB Chem & Oil 5 Guangzhou S.Y. Int. 214 38 Mio Stena Bulk AB CONT 6 STX Dalian 214 43 Mio Zodiac Maritime Agy. CONT 6 STX Dalian 214 43 Mio Zodiac Maritime Agy. CONT 6 STX Dalian 214 43 Mio Zodiac Maritime Agy. CONT 6 STX Dalian 215 43 Mio Zodiac Maritime Agy. CONT 6 STX Dalian 215 43 Mio Zodiac Maritime Agy. CONT 6 STX Dalian 215 43 Mio Zodiac Maritime Agy. CONT 6 STX Dalian 215 43 Mio Zodiac Maritime Agy. CONT 6 STX Dalian 215 43 Mio Zodiac Maritime Agy. CONT 6 STX Dalian 215 43 Mio Zodiac Maritime Agy. CONT 6 STX Dalian 216 43 Mio Zodiac Maritime Agy. CONT 25 Jiangnan Changxin 214 17.25 Mio Shanghai Jinjiang CONT 25 Jiangnan Changxin 214 17.25 Mio Shanghai Jinjiang CONT 25 Jiangnan Changxin 214 17.25 Mio Shanghai Jinjiang CONT 25 Jiangnan Changxin 214 17.25 Mio Shanghai Jinjiang CONT 141 Hyundai H.I. 213 114 Mio Enesel S.A. CONT 141 Hyundai H.I. 213 114 Mio Enesel S.A. CONT 141 Hyundai H.I. 213 114 Mio Enesel S.A. CONT 141 Hyundai H.I. 213 114 Mio Enesel S.A. CONT 141 Hyundai H.I. 214 114 Mio Enesel S.A. CONT 141 Hyundai H.I. 214 114 Mio Enesel S.A. CONT 141 Hyundai H.I. 214 114 Mio Enesel S.A. CONT 141 Hyundai H.I. 214 114 Mio Enesel S.A. CONT 141 Hyundai H.I. 214 114 Mio Enesel S.A. CONT 141 Hyundai H.I. 214 114 Mio Enesel S.A. Crew/Fast Supply 45 ETP Brazil 213 Baru Offshore Crew/Fast Supply 45 ETP Brazil 213 Baru Offshore Crew/Fast Supply 45 ETP Brazil 213 Baru Offshore Crew/Fast Supply 45 ETP Brazil 213 Baru Offshore Crew/Fast Supply 45 ETP Brazil 214 Baru Offshore Crew/Fast Supply 45 ETP Brazil 214 Baru Offshore FSRU/LNG Unknown 215 Golar LNG Hvy Dk Cargo 17 Samsung Ningbo 213 S&P Marine Co., Ltd. Lift Boat Lamprell Dubai 214 12.9 Mio Seajacks LNG 75 Mitsubishi H.I. 214 Mitsui O.S.K. Lines LNG 85 STX Shipbuilding 215 2 Mio Alpha Tankers & Frt, LNG 791 Kawasaki H.I. 216 Mitsui O.S.K. Lines

12 LPG 28 Hyundai H.I. 213 48.5 Mio Negmar Denizcilik LPG 28 Hyundai H.I. 214 48.5 Mio Negmar Denizcilik PCC 115 Hyundai Mipo 213 Neptune Shipping PCC 115 Hyundai Mipo 214 Neptune Shipping PCC 23 Hyundai Samho 213 Glovis Group PCC 23 Hyundai Samho 213 Glovis Group PCC 23 Hyundai Samho 214 Glovis Group PCC 235 Hyundai H.I. 214 Eukor Car Carriers PCC 235 Hyundai H.I. 214 Eukor Car Carriers PSV 36 Yeuxin S.B. 213 Undisclosed PSV 38 STX Brevik 213 41.5 Mio Island Offshore Mngt PSV 38 STX Brevik 214 41.5 Mio Island Offshore Mngt PSV 49 Myklebust Verft 214 58.5 Mio Sartor Offshore PSV Kleven Werft 214 65.7 Mio Remoy Shipping PSV 4 Honghua Offshore 214 Undisclosed RORO/CONT 45 STX Shipbuilding 214 73.5 Mio Ignazio Messina RORO/CONT 45 STX Shipbuilding 214 73.5 Mio Ignazio Messina RORO/CONT 45 STX Shipbuilding 214 73.5 Mio Ignazio Messina RORO/CONT 45 STX Shipbuilding 214 73.5 Mio Ignazio Messina

13 Demolition Historical Data DEMOLITION MARKET Demolition Prices Gen Cargo Tanker India USD 375 /lt Ldt USD 4 /lt Ldt Bangladesh USD 38 /lt Ldt USD 45 /lt Ldt Pakistan USD 375 /lt Ldt USD 45 /lt Ldt China USD 33 /lt Ldt USD 35 /lt Ldt USD/ton 58 53 48 43 38 33 28 23 18 48 479 473 464 Average Price Tankers 29 21 211 212 434 386 39 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC USD/ton 58 53 48 43 38 33 28 23 18 Average Price Bulkers 29 21 211 212 456 451 448 444 41 365 365 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 4 38 Total Demolition (Dwt) Million dwt 35 3 25 2 15 1 5 27 28.65 26.9 13.4 25.6 25 15.9 14.5 16.718.9 15.5 18 15.6 4.9 4.6 3.8 2.35 3.5 22.4 28.428.5 27 1 5.5 6.5 5 12 31.58 28.9 25.7 25.23

14 6 Historical Demolition Prices 5 USD/ton 4 3 2 TANKERS BULKERS Avg. Trend 1 HISTORICAL DEMOLITION PRICES (*Year s End) 1994 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 CURR. TANK 178 186 182 172 115 136 174 135 174 262 362 32 45 57 287 338 485 482 39 BULK 183 166 153 152 112 143 17 135 181 267 381 332 392 472 268 328 437 456 365 India TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK TULOMA 29785 1984 7777 4 Full Spares BULK HENG SHUN DA 32442 1983 93 375 BULK AMAGISAN 157998 1993 23 38 CONT BAKO-LINER 3 21771 1984 914 365 CONT TIGER 23724 1989 776 41 CONT MSC UKRAINE 26132 1989 1319 422 TANK UNION BRAVE 18732 1983 5591 425 TANK GULF STAR 4541 1989 8931 435 Incl 8 T Stst TANK STAR HERO 148341 1991 33393 411 Bangladesh TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK FRIO HAMBURG 6538 1988 323 33 BULK OCEAN RANGER 3249 1983 7244 396 BULK SIN OCEAN 3589 1981 7569 375 BULK B INDIA 41427 1983 9535 383 BULK FLOURISH 5254 1988 1335 392 BULK ANDROS R 64843 1985 1838 435 Incl 84 T RoB BULK ELEFTHERIA K 214263 1985 25367 39 REEF ANTARCTIC STAR 8298 1983 382 33 TANK MESSENGER 2998 1992 9115 41 Asis Spore TANK BONITO 83987 1988 14898 43 TANK UNITY 96173 1994 183 388

15 China TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK ODIGITRIA 3337 1985 728 347 BULK ALEXA M 41762 1984 8926 354 BULK COURAGE 66754 1984 12248 36 Incl 4 T RoB BULK TAHAROA EXPRESS 145842 199 192 352 BULK STELLAR FORTUNE 151283 1995 17519 355 BULK SHAGANG SUNRISE 17294 1997 24896 355 RORO JOSHU MARU 2494 1978 974 33 TANK SEBASTIAN LERDO DE TEJADA 56746 1976 11195 357 TWEEN AZTEC MAIDEN 19777 1984 5655 355 Pakistan TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK VSP DIAMOND 638 1984 12759 383 TANK COUGAR 46538 1989 955 41 Incl 28 T RoB TANK DELAWARE TRADER 5921 1982 1115 43 USA Flag/built TANK L ELEPHANT 25894 1992 32182 415 Asis Labuan Incl 1249 IFO and TANK APOLLO 16 259995 1985 34673 37 25 T MGO Turkey TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK SIDER PROCIDA 1165 1976 3932 35 BULK KHUDOZHNIK KRAYNEV 2415 1986 7755 31 BULK TURHAN BEY 26636 1978 6855 31 BULK UNIVERSAL CHALLENGER 638 1983 9875 321 CONT FRESENA 2983 1997 746 295 CONT NORDSTRAND 3479 1993 137 325 REEF VIVIANA 9388 1983 5698 32 REEF PISANG 9867 199 572 3 Undisclosed TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK SAKHALIN 2568 1985 7814 34 Asis Hong Kong incl RoB BULK ESTHER 16113 1999 6942 26 COMBO BIC CLARE 1323 1992 16817 425 RORO SEABOARD COSTA RICA 14466 1984 9248 23 Asis Jamaica Asis Freeport (Bahamas), Via TANK OMNIMAR HOUSTON 3249 1996 1659 175 Auction TANK ZHEN HUA 8 44926 198 15488 31 Asis East Africa TWEEN LORCON DAVAO 743 1978 316 25 Asis Manila (Philippines)

16 HISTORICAL BUNKER PRICES USD/ton 8 7 6 5 4 3 2 1 Bunkers Cost (38 cst) Rotterdam Fujeirah Houston Average Trend 12 1 USD/ton 8 6 4 2 Bunkers Cost (MDO) Rotterdam Fujeirah Houston Average Trend HISTORICAL BUNKER PRICES Rotterdam Fujeirah Houston 38 cst MDO 38 cst MDO 38 cst MDO 199 15 191.2 14 233.1 14.6 199.6 1991 82 17.8 78.6 26.1 75.3 161.1 1992 83 161.9 81.5 28.2 78.4 165.2 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 Jul-12 57 86 597 95 58 93

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 1.633.7812.8253.655.6452.6621 CAD 1.583 1 1.2344.134 1.279 1.195 1.461 EUR 1.283.813 1.1565.8327.826.8475 JPY 121.21 76.796 94.6747 1 78.8315 78.1931 8.2327 CHF 1.5377.9732 1.211.12689 1.992 1.18 USD 1.55.981 1.218.12791 1.82 1 1.261 AUD 1.519.9562 1.182.12467.9827.9747 1 * 25/7/212 values

18 STOCK WATCH NAME TICKER THIS MONTH* LAST MONTH CHANGE % 52w HIGH 52w LOW NewLead Holdings NEWL 1.14 1.17-2.6 5.23.4 Capital Product Partners CPLP 7.81 7.38 5.8 8.8 4.85 Diana Shipping DSX 6.5 7.36-11.7 1.19 5.89 Dryships DRYS 2.15 2.3 5.9 3.86 1.75 Eagle Bulk EGLE 2.88 3.4-5.3 1.2 2.51 Euroseas ESEA 1.13 1.9 3.7 4.36 1.1 Excel Martime EXM.42.56-25.4 3.3.4 Freeseas FREE.64.64 2.27.36 Genco Shipping&Trading GNK 2.45 2.86-14.3 1.14 2.34 Costamare Inc. CMRE 12.99 13.37-2.8 17.34 1.93 Goldenport GPRT 6. 61.5-2.4 98. 58.62 Navios NM 3.35 3.25 3.1 4.76 2.88 GasLog LNG Services GLOG 9.86 9.8.6 13.34 8.76 Paragon PRGN.51.57-1.5 1.76.51 Safe Bulkers SB 6.14 6.2 2 7.73 5.28 Star Bulk SBLK.61.73-16.4 1.61.56 Stealthgas GASS 5.86 5.81.9 6.72 3.4 TEN TNP 5.49 4.78 14.9 9.48 4.71 TOP Ships TOPS 1.46 1.64-11 5.2 1. * 25/7/212 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,