Shipping Intelligence Weekly

Shipping Intelligence Weekly Issue No. 550 20--2002 ISSN: 1358-8028 25 20 $000/day ClarkSea Index The Atlantic ket This Week Capesize: Steady Panamax: Steady Handy: Steady 15 10 5 May-98 Oct-98 Apr-99 Oct-99 Apr-00 Oct-00 Apr-01 Oct-01 Apr-02 Oct-02 Highlights VLCC Owner confidence may be waning, although rates remain firm.p.2 Suezmax Explosion in rates as West Africa fills the Venezuelan shortfall..p.2 Aframax Earnings rose sharply for US bound short haul cargoes......p.2 Products ket Tight tonnage, cheap product pricing, and strong crude oil market pushes up product tanker rates... p.3 Capesize ket Sustained level of enquiry despite the coming holiday period keeps rates strong..p.4 Panamax ket BPI exceeds level last seen in the 2000 boom. ket expected to remain strong well into 2003..p.4 Handymax ket Atlantic market continued to ease though Pacific has steadied.....p.5 S & P ket Dry cargo ends year with some Panamax sales of note.p.i Newbuilding A relatively busy week in newbuilding...p.10 Demolition A busy week with buyers and sellers in end-year scramble for last minute deals p.11. Selection of ports covered by the various market sectors in this report The Pacific ket This Week Capesize: Firm Panamax: Firm Handy: Steady Shipping Intelligence Network... "represents a giant leap forward in the information technology development in shipping." SIN 2002 Relaunch www.clarksons.net "Shipping Intelligence Weekly.. a welcome example of the professionalism the shipping industry is capable of and should be recognised for."

100 90 80 70 60 50 40 30 20 10 '00 Crude Tanker Spot Earnings ($,000's/day) Feb Apr Jun Aug Jan Crude Tanker Spot ket May VLCC Suezmax Aframax Jul Crude Tanker Highlights VLCC's: The strong sentiment of owners continued from last week into the early part of this with fixtures concluded for both US Gulf discharge and UK Cont in the high WS90s. Several liftings from Al Bakr on older units were concluded at substantially discounted levels. However the optimism about the pace of enquiry continuing once charterers stem dates for January were confirmed has not been realized and it appear owners confidence may now be waning with reports that a level fractionally under W90 for US Gulf discharge may have been concluded. Suezmaxes: The Caracas Crisis caused an explosion in Suezmax rates as West Africa stepped in to fill the gap. W. Africa/US Atlantic earnings are up 60% on last week, but how long this is sustainable is unknown. At these rates more VLCCs will be attracted into this trade, increasing local supply. Aframaxes: Aframax earnings rose sharply for US bound cargoes as the lack of short haul cargoes from Venezuela began to bite. VLCC Single WS 2002 Average earnings $ per day VLCC Earnings Voyage... 13 20 2002 2000 2001 2002 13 20 This Week... 1 320,000t Gulf - USGulf 65 65 38 33,172 26,306 10,246 30,158 28,481 SOFTER -6% 2 275,000t Gulf - Europe 98 100 44 47,564 36,429 19,756 59,979 60,997 STEADY 2% 2 260,000t Gulf - S.Korea 128 140 51 52,429 33,436 22,006 75,369 83,415 FIRMER 11% 2 260,000t Gulf - Japan 128 140 51 58,190 35,951 22,136 79,837 88,631 FIRMER 11% 2 275,000t Gulf - US Gulf 95 98 42 46,259 35,954 19,782 58,667 59,485 STEADY 1% 2 260,000t WAF - US Gulf 100 125 52 58,067 42,284 24,893 58,250 74,255 FIRMER 27% 2 260,000t WAF - East 95 105 45 48,698 36,662 19,856 55,058 61,299 FIRMER 11% 2 280,000t Gulf - Red Sea 135 150 53 60,721 41,011 26,158 86,309 96,639 FIRMER 12% 2 280,000t Med - UK/Cont 110 130 56 71,199 51,671 26,959 67,373 81,537 FIRMER 21% 2 Ave. Earnings, 2000/01-built 55,440 38,829 22,609 68,665 77,042 FIRMER 12% 3 Ave. Earnings, 1990/91-built 50,661 35,639 21,300 62,420 70,079 FIRMER 12% Suezmax Single WS 2002 Average earnings $ per day Suezmax Earnings Voyage... 13 20 2002 2000 2001 2002 13 20 This Week... 4 135,000t Med - Med 148 148 88 51,937 36,666 20,136 46,197 45,641 STEADY -1% 4 130,000t W.Africa - USAC 120 178 79 39,074 31,065 18,434 32,804 52,519 FIRMER 60% 5 130,000t Gulf - S.China* 135 150 86 35,985 29,378 19,818 35,911 40,590 FIRMER 13% 4 Ave. Earnings, 1998/99-built 45,506 33,865 19,285 39,500 49,080 FIRMER 24% 5 Ave. Earnings, 1990/91-built 39,565 30,219 18,297 35,862 43,224 FIRMER 21% * Route not included in Average Earnings for most modern vessels. Aframax Single WS 2002 Average earnings $ per day Aframax Earnings Voyage... 13 20 2002 2000 2001 2002 13 20 This Week... 680,000t Gulf - East 183 185 108 26,633 28,378 15,592 31,020 31,204 STEADY 1% 680,000t Med - Med 220 230 120 34,385 31,192 19,876 44,577 46,587 FIRM... 5% 680,000t Med - USAC 170 180 118 32,970 30,802 20,291 34,216 36,287 FIRM... 6% 680,000t UK/Cont-UK/Cont 215 205 115 46,045 34,021 19,404 57,694 53,340 SOFTER -8% 680,000t UK/Cont - USAC 200 220 125 35,772 33,874 20,764 39,854 44,350 FIRMER 11% 680,000t Carib - US Gulf 93 118 114 32,043 27,873 17,352 12,486 17,504 FIRMER 40% 680,000t Carib - Europe 88 110 104 32,185 31,684 22,734 18,215 24,532 FIRMER 35% 680,000t Indo - Japan 195 190 109 29,552 30,936 16,974 37,231 35,741 SOFTER -4% 6 Ave. Earnings, 1999/00-built 33,698 31,095 19,177 34,412 36,193 FIRM... 5% 7 Ave. Earnings, 1990/91-built 33,247 30,639 18,726 33,649 35,394 FIRM... 5% "Average Earnings" are timecharter equivalents of spot freight rates, excluding waiting time off-hire etc., for standard routes/ships, for which see the "Sources & Methods" document on our web-site, SIN 2002. Standard ships are indicated by the figure on the left 0 0 0 0 0 0 0 0 0 Clarkson Research Studies Page 2 20 02

48 44 40 36 32 28 24 20 16 12 8 4 '00 Product Tanker Spot Earnings ($,000's/day) Feb Apr Jun Aug Jan Product Tanker Spot ket Dirty May Jul Clean Product Tanker Highlights Clean Products: The LR2 market hit new heights with 75,000 tonnes AG/Japan being fixed at WS240. The LR market looks set to climb on the back of tight tonnage, cheap product pricing and strong crude oil market. The rate of WS230 for 75,000 tonnes AG/Japan was last touched at the end of June 2001, and as can be seen from the graph earnings have accelerated upward far faster than in the dirty market. Indeed clean and dirty product tanker earnings have been closely coupled in the past, and we would expect to see dirty product tanker rates to follow suit fairly soon. Dirty Products: Due to the continued Venezuelan strike we have seen an increase in transatlantic fuel oil movements and a tightening of tonnage, with charterers asking well into the New Year. The consequence for the Caribs player is a softening market due to a reduction in cargoes moving Caribs up. Clean Product WS 2002 Average earnings $ per day Clean Earnings Single Voyage... 13 20 2002 2000 2001 2002 13 20 This Week... 8 75,000t Gulf - Japan 195 230 135 29,599 40,296 19,454 31,995 39,231 FIRMER 23% 9 55,000t Gulf - Japan 230 245 155 22,773 30,065 15,852 26,125 28,004 FIRM... 7% 10 33,000t Med - USAC 250 250 189 16,940 23,025 13,851 20,020 19,713 STEADY -2% 10 33,000t UKC - USAC 250 240 186 15,590 21,329 12,182 17,725 16,441 SOFTER -7% 10 30,000t Gulf - Japan 300 305 190 15,101 19,431 10,876 19,632 19,865 STEADY 1% 10 30,000t Sing - Japan 270 265 192 17,005 21,124 11,487 18,140 17,545 SOFTER -3% 10 30,000t Caribs - USAC 210 210 180 16,585 19,505 11,381 14,018 13,665 STEADY -3% 10 30,000t Gulf - WC India 275 320 189 19,259 21,417 12,827 21,284 25,584 FIRMER 20% 10 30,000t Med - UK/Cont 300 295 184 13,482 21,869 11,574 22,957 22,227 SOFTER -3% 10 30,000t Black Sea - Med 300 310 172 15,984 33,146 34,278 FIRM... 3% 10 30,000t Baltic - UKC 230 235 159 12,923 23,013 23,505 STEADY 2% 10 28,000t Med - Med 300 310 186 17,818 27,444 14,620 31,648 33,011 FIRM... 4% 11 20,000t UK/Cont-UK/Cont 240 260 204 22,822 24,270 15,605 19,768 22,197 FIRMER 12% 11 20,000t Med - Med 300 305 217 17,205 24,759 11,985 19,962 20,300 STEADY 2% Clean Product Ave. Earnings 18,682 24,778 13,697 22,975 24,104 FIRM... 5% Dirty Product WS 2002 Average earnings $ per day Dirty Earnings Single Voyage... 13 20 2002 2000 2001 2002 13 20 This Week... 12 50,000t Caribs - USAC 195 185 142 24,514 21,919 12,446 19,070 17,439 WEAKER -9% 12 50,000t UK/Cont - US Gulf 230 235 152 26,779 22,928 14,727 25,221 25,548 STEADY 1% 12 50,000t UK/Cont-UK/Cont 240 245 161 26,915 25,583 17,443 29,832 30,343 STEADY 2% 12 50,000t Med - US Gulf 230 235 151 21,168 23,166 14,356 24,560 24,894 STEADY 1% Dirty Products Ave. Earnings 24,844 23,399 14,743 24,671 24,556 STEADY 0% VLCC Spot Monthly Fixture Record VLCC Spot ket ket Activity... Average No. Number Last This Week... 2001 2002 Jul Aug Oct 4 Wks Fixtures: AG-West 31 24 21 25 19 25 32 25 DOWN BY... -22% AG-East/Japan 55 45 41 44 47 52 60 48 DOWN BY... -20% AG-Red Sea 5 5 2 7 7 3 5 1 DOWN BY... -80% Others 32 33 30 35 30 30 50 29 DOWN BY... -42% Total Number of Fixtures 124 106 94 111 103 110 147 103 DOWN BY... -30% Vessels due to arrive in AG* 52 66 67 43 80 60 33 41 UP BY... 24% VLCC's Spot in Gulf* No. 4 10 13 19 11 18 13 6 DOWN BY... -54% Dwt 1,212 3,246 4,924 7,157 4,338 6,569 5,057 2,264 DOWN BY... -55% * As at the beginning of the month for historical data; for the next 4 weeks (vessels due) or this week (vessels spot) for current week's data. Clarkson Research Studies Page 3 20 02

27 22 17 12 7 2 '00 Bulkcarrier Spot Earnings ($,000's/Day) May Jul Jan Large Bulk Carrier ket May Capesize Panamax Handymax Jul Bulkcarrier Highlights Capesize: A busy end to the year with markets continuing to maintain current strong levels despite indications of softening midweek. There has been a reasonable volume of enquiry for the nearby market despite the holiday season. Recent increases in bunker prices, however, have eaten into potential gains for operators. Panamax: The Panamax market remains strong apart from a slight softening around the north coast of South America. The BPI has exceeded the level seen in the 2000 boom. Though a weakening Handymax market could put pressure on Panamax rates in the months ahead, factors such as expected Chinese soybean purchases from Brazil for Q2 2003 and ongoing raised Japanese steam coal demand in the context of minimal supply growth continue to provide support. Handymax: Pacific enquiry remains strong enough to sustain a continued rise in rates, though of a smaller magnitude than previous weeks. The Atlantic market, however, has continued to weaken as there are plenty of prompt vessels and charterers continue to stand off. Capesize Single $ Per Ton Average Earnings $ Per Day Capesize ket Voyage... 13 20 2002 2000 2001 2002 13 20 This Week... Iron Ore Trades 13 165,000 Tubarao/Rotterdam 8.10 8.35 5.31 23,900 15,431 13,359 26,593 27,111 STEADY 1.9% 13 165,000 Tubarao/Japan 18m 13.00 12.85 8.33 25,592 17,035 14,965 29,206 28,114 SOFTER -3.7% 13 165,000 Tub/Beilun.Baoshan 13.50 13.35 8.61 23,577 15,084 14,754 29,003 27,972 SOFTER -3.6% 13 165,000 Dampier/Rotterdam 10.25 10.55 7.14 22,957 14,579 11,143 20,189 20,845 FIRM... 3.2% 13 165,000 Dampier/Japan 18m 6.25 6.25 4.07 28,667 18,371 12,516 25,670 25,391 STEADY -1.1% 13 165,000 Dampier/Beilun.Bao. 6.50 6.50 4.30 11,505 22,994 22,617 STEADY -1.6% 13 165,000 SaldanhaB./Beilun.Bao. 11.00 11.00 7.33 14,520 26,596 25,984 STEADY -2.3% Coal Trades 13 150,000 Bolivar/Rotterdam 8.25 8.50 5.33 21,519 13,557 12,138 24,610 25,103 STEADY 2.0% 13 150,000 Hay Pt./Rotterdam 12.00 13.00 8.68 21,703 13,775 9,417 16,392 18,453 FIRMER 12.6% 13 150,000 R.Bay/Rotterdam 10.00 10.25 6.47 21,051 12,751 10,949 21,858 22,003 STEADY 0.7% 13 150,000 Rizhao/Rotterdam 10.50 11.00 7.67 9,527 16,310 17,193 FIRM... 5.4% 13 150,000 Hay Pt./Japan 17m 7.00 7.20 4.86 25,435 15,573 12,283 22,189 22,931 FIRM... 3.3% 13 Ave. Earnings, 1999/00-built 24,414 15,234 13,157 24,333 24,677 STEADY 1.4% 14 Ave. Earnings, 1990/91-built 19,974 12,352 11,194 20,371 20,727 STEADY 1.7% Panamax Single $ Per Ton Average Earnings $ Per Day Panamax ket Voyage... 13 20 2002 2000 2001 2002 13 20 This Week... Grain Trades 15 55,000 USGulf/Rott(Lights) 15.50 16.00 12.51 12,008 10,472 8,417 12,198 12,522 STEADY 2.7% 15 60,000 USGulf/Rott(HSS) 13.80 14.25 11.14 12,139 10,498 8,459 12,248 12,581 STEADY 2.7% 15 54,000 USGulf/Japan(HSS) 25.00 25.25 20.98 10,603 9,040 10,131 13,656 13,785 STEADY 0.9% 15 54,000 Nopac/Japan 18.25 19.00 12.44 8,906 6,565 7,138 14,336 15,175 FIRM... 5.9% Coal Trades 15 70,000 H.Rds/ARA 7.50 7.45 5.91 11,013 9,299 6,592 10,470 10,008 SOFTER -4.4% 15 70,000 Bolivar/ARA 9.00 8.90 7.10 7,311 11,355 10,863 SOFTER -4.3% 15 70,000 Newcastle/Cont 15.00 16.00 10.83 11,685 9,398 5,790 9,929 10,810 FIRMER 8.9% 15 70,000 Richards B./Rott 11.20 11.90 7.48 6,477 12,490 13,414 FIRM... 7.4% 15 65,000 Roberts Bank/Japan 10.00 10.10 6.60 10,708 8,114 6,685 12,869 12,911 STEADY 0.3% 15 65,000 Newcastle/Japan 10.10 10.25 6.71 11,245 8,597 6,736 12,839 12,976 STEADY 1.1% 15 55,000 Roberts Bank/Rotterdam 15.70 16.50 11.54 5,005 9,393 10,156 FIRMER 8.1% 15 Ave. Earnings, 1997/98-built 10,843 8,826 7,194 11,842 12,069 STEADY 1.9% 16/17 Ave. Earnings, 1980's-built 9,989 8,096 6,321 10,755 10,938 STEADY 1.7% "Average Earnings" are timecharter equivalents of spot freight rates, excluding waiting time off-hire etc., for standard routes/ships, for which see the "Sources & Methods" document on our our website, "SIN 2002" (www.clarksons.net). Standard Ships are indicated by the figures on the left, e.g. Modern Capesize = Standard Ship no.13. Clarkson Research Studies Page 4 20--02

Tripcharter ket, Freight Futures, & Bunkers 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Panamax Average Earnings $ Per Day Panamax ket Tripcharter... 2000 2001 2002 22 29 06 13 20 This Week... Cont/Far East 10,203 9,468 9,226 12,000 12,000 12,000 12,250 12,250 STEADY 0.0% TransPacific R/V 9,751 8,224 7,132 9,950 11,000 12,000 12,750 13,500 FIRM... 5.9% Far East/Cont 9,594 7,944 5,965 7,950 9,000 10,250 11,000 11,750 FIRM... 6.8% TransAtlantic R/V 9,519 9,116 8,164 10,200 10,400 10,750 11,000 11,250 STEADY 2.3% Average Panamax Earnings 9,767 8,688 7,622 10,025 10,600 11,250 11,750 12,188 FIRM... 3.7% Clarkson P'max Trip Index 118 105 92 122 128 136 142 148 FIRM... 3.7% *The Panamax standard vessel is now based on a 70,000 dwt size, with data backdated to 2nd Jan 2001. Handymax Average Earnings $ Per Day Handymax ket Tripcharter * 2000 2001 2002 22 29 06 13 20 This Week... Cont/Far East 9,983 9,085 10,603 13,300 13,350 13,300 13,150 12,800 STEADY -2.7% TransPacific R/V 8,889 7,824 6,505 8,500 9,050 9,300 9,650 9,750 STEADY 1.0% Far East/Cont 8,527 7,373 5,576 6,400 6,700 7,100 7,500 7,550 STEADY 0.7% TransAtlantic R/V 8,482 8,542 8,560 10,400 10,500 10,650 10,650 10,500 STEADY -1.4% Average Earnings 8,970 8,206 7,811 9,650 9,900 10,088 10,238 10,150 STEADY -0.9% Average Earnings 52,000 dwt new series 8,622 10,988 11,188 11,350 11,463 11,425 STEADY -0.3% Clarkson Handymax Index 120 102 103 127 130 133 135 133 STEADY -0.9% * 45,000 dwt unless stated Baltic Freight Indices BPI BCI BHMI BDI 1,700 1,600 Baltic Panamax Index Trends 21-1422 1,843 9,776 1451 22-1436 1,850 9,814 1459 1,500 25-1450 1,861 9,855 1469 1,400 26-1460 1,904 9,923 1489 1,300 27-1479 1,950 10,010 1514 1,200 2000 28-1498 1,999 10,083 1540 1,100 2001 29-1517 2,035 10,127 1560 02-1529 2,056 10,185 1573 1,000 2002 03-1556 2,059 10,170 1582 900 04-1581 2,064 10,170 1592 800 Week No. 05-1594 2,078 10,198 1602 700 06-1607 2,088 10,249 1612 09-1620 2,112 10,272 1625 10-1628 2,141 10,282 1637 FFA Indications at close.. 19-11- 1643 2,169 10,270 1651 Basis Closing Mid Price 12-1654 2,195 10,256 1663 Index Jan Feb Cal'03 13-1,668 2,258 10,253 1689 Routes 16-1,680 2,295 10,234 1704 BPI 2 USGulf/Jap $/ton 25.26 25.75 25.75 17-1,689 2,320 10,186 1714 BPI 2A USGulf/Far East, $/day 12,583 13,525 13,500 18-1,703 2,354 10,133 1728 BPI 3A TransPacific R/V, $/day 13,254 14,150 13,900 19-1,712 2,372 10,069 1735 BPI 1A R.Bay/Holl-Belg $/ton 12.08 0.00 0.00 Max Value 1712 2,372 10,282 1735 BCI 4 R.Bay/Rott $/ton 10.39 9.70 9.20 Min Value 1422 1,843 9,776 1451 P'max TC Average $/day 12,243 12,000 Avg Value 1577 2,095 10,120 1599 H'max TC Average $/day 10,133 9,800 1 7 12 19 25 31 37 42 48 Regional Bunker MDO 380cst Bunkers kets... Avg. To Date Avg. To Date This Week... 2001 2002 13 20 2001 2002 13 20 (380cst) Rotterdam 191 187 205 225 117 133 126 139 HIGHER 10.4% Genoa - - - - 131 146 139 151 HIGHER 8.7% Philadelphia 304 266 258 268 123 142 148 165 HIGHER 11.9% Houston 228 195 223 228 113 134 132 150 HIGHER 13.7% Cristobal 299 241 259 263 127 145 149 153 HIGHER 2.7% Los Angeles 254 233 248 253 125 142 152 146 LOWER -3.6% Japan 296 258 258 260 160 170 184 190 HIGHER 3.3% Singapore 207 196 218 238 132 149 159 166 HIGHER 4.4% Fujairah 244 222 235 240 129 146 148 157 HIGHER 6.1% Clarkson Research Studies Page 5 20--02

Gas & Chemical kets LPG Average LPG ket ket. 2000 2001 Oct 20 Trends Voyage Rates ($/mt) 43,000mt AG/Japan* 38.50 31.95 25.38 27.90 25.50 WEAKER -9% T/C Equivalent, $/day 78,000m³ modern 34,842 28,480 20,096 23,573 20,220 WEAKER -14% 75,000m³ late 70's 29,286 23,862 15,452 19,102 15,617 WEAKER -18% 12 mths T/C, $/day 78,000m³ modern 25,660 26,896 19,069 17,754 16,439 SOFTER -7% 75,000m³ late 70's 22,233 23,539 15,781 14,466 13,151 WEAKER -9% 57,000m³ modern 24,383 25,736 19,726 19,726 21,370 FIRMER 8% 52,000m³ 21,996 22,505 15,781 16,669 18,083 FIRMER 8% 35,000m³ 22,246 23,406 21,453 21,699 22,192 STEADY 2% 30,000m³ 19,885 19,872 18,740 18,740 18,740 STEADY 28,000m³ 20,473 19,941 18,740 18,740 18,740 STEADY 24,000m³ 17,526 17,374 15,124 15,124 15,452 STEADY 2% 15,000m³ Semi-Ref 15,525 16,164 13,151 13,480 14,795 FIRMER 10% 7-8,000m³ Ethylene 12,241 11,785 10,192 10,192 10,521 FIRM... 3% 3,200m³ Semi-Ref 7,130 6,196 4,932 4,932 4,932 STEADY 2002 LPG Charter Rates, $'000/month 1,400 1,200 1,000 800 600 400 200 0 '00 Feb Apr 78,000m³, 1 Yr t/c Jun Aug Oct Feb Apr 78000m³ TCE, AG - Japan Jun Aug Oct As 2002 draws to a close, we can reflect on a record year for LPG carrier scrapping with 22 ships of 670,057 cbm sold for demolition so far this year. By contrast, 33 ships totalling 1,692,495 cbm were delivered - no more remain on the orderbook for 2002. With these statistics, combined with 5 small ships miscellaneously removed from the fleet and another 4 miscellaneously added, Clarkson Research can provisionally advise a year-end LPG fleet of 986 vessels totalling 13.9 million cbm. That s a net increase of one vessel, but a net decrease of 214,736 cbm over last year. Interestingly, this is the first annual decrease in capacity terms since 1987. Rates are drifting lower in most areas as the Holiday season takes hold. Chemicals Average 2002 Chem ket Chemical Freight Rates, $/mt kets. 2000 2001 Oct 20 Trends 70 Voyage Rates ($/mt) 65 Rott/Taiwan 35000* AG/USWC 43.08 52.55 35.50 35.00 48.00 FIRMER 37% 60 Houston/Far E. 15000 ' AG/Far E. 26.42 35.00 31.50 31.60 31.00 STEADY -2% 55 15000 ' AG/Med 31.08 39.27 30.25 30.00 29.00 SOFTER -3% 5,000 Rott/Houston 24.35 34.31 26.38 27.40 34.00 FIRMER 24% 50 10,000 Rott/Houston 29.09 22.00 22.80 30.00 FIRMER 32% 45 1000 ~ Rott/Far E. 63.75 64.00 60.50 61.00 65.00 FIRM... 7% 2000 ~ Rott/Far E. 54.25 53.91 58.00 58.00 62.00 FIRM... 7% 40 3,000 Rott/Far E. 52.18 55.52 54.75 54.50 59.00 FIRMER 8% 35 5,000 Rott/Far E. 46.17 51.91 50.00 50.50 56.00 FIRMER 11% 30 2000 ~ Houston/Rott 38.00 33.50 34.60 35.00 STEADY 1% 3,000 Houston/Rott 33.21 34.13 28.50 29.60 30.00 STEADY 1% 25 basis 5,000mt Easychems 5,000 Houston/Rott 27.00 22.63 23.90 23.00 SOFTER -4% 20 2000 ~ Houston/Far E. 51.36 50.25 50.20 55.00 FIRMER 10% 5,000 Houston/Far E. 32.08 38.46 38.50 39.40 42.00 FIRM... 7% 10,000 Houston/Far E. 30.83 34.80 36.00 36.60 39.00 FIRM... 7% Easychems except for: * MTBE ' Chemicals ~ Stainless Steel Stolt have sold another 1970s chemical tanker for demolition. The 30,899 dwt STOLT VIKING has gone to Indian breakers for $219 per LDT. The firm price reflects the vessel s stainless steel tank construction. 96 This is only the 6 th stainless steel carrier to be scrapped in 2002 - including two other Stolt vessels. However, 19 chemical carriers of all types (416,901 dwt in total) have hit the beaches this year so far. Jun 97 97 Jun 98 98 Jun 99 99 Jun 00 00 Jun 01 01 Jun 02 02 In stark contrast, 95 ships of 2,144,335 dwt have been delivered so far in 2002, although this does include some 34 IMO III-only vessels totalling 1,124,727 dwt, which are primarily designed for products trades. Clarkson Research Studies Page 6 20--02

16 12 8 4 '99 c.1,700 teu, geared cellular containership Jun '99 '99 Liner ket Rates ($,000's/day) '99 '00 1,000 teu geared containership Jun '00 '00 725 teu geared containership '00 Liner & Offshore kets Liner ket News End-year sees the usual crosscurrent of activities in the liner arena. The Carlyle Group is paying $300m for CSX Lines, a US domestic carrier with revenues protected by Jones Act legislation. P&O Ports intends to concentrate on terminal activity in smaller Indian ports, outside the jurisdiction of the Major Port Tariff Authority. Hong Kong s government is initiating proceedings against the River Trade Terminal for breaching its land lease conditions and handling ocean-going vessels. China s Ministry of Communications intends to play a more positive role in determination of where THCs should be paid. A.P. Moller proposes to merge its two parent companies and to increase corporate transparency. CP Ships will relinquish its presence in the Far East/Europe trade. Senator will make staff cuts in the New Year as the line reduces exposure to main lane trades. Carriers are looking for a better and, with luck, a Good New Year. Container / MPP / Average 2002 Liner kets... Short Sea kets 1998 1999 2000 2001 Oct Trends * Container Vessels ($/Day) Feedermax, 725 teu grd. 6,783 5,346 6,392 6,200 5,900 6,000 5,800 5,500 SOFTER -3% Handy, 1,000 teu grd. 7,483 6,100 8,325 7,442 6,750 6,850 6,700 6,400 STEADY -1% Handy, 1,700 teu grd. 10,242 8,983 13,742 9,513 9,500 9,500 8,950 8,500 STEADY -2% Sub-P'max, 2,000 teu g'less 9,663 9,946 16,396 10,858 8,700 9,000 8,750 8,500 STEADY 1% Sub-P'max, 2,750 teu g'less 16,450 15,475 22,188 16,771 12,800 12,850 12,250 11,350 SOFTER -6% Panamax, 3,500 teu g'less 20,650 22,083 25,833 19,625 16,000 16,500 16,000 14,850 SOFTER -4% MPP Tonnage ($/Day) 17,000 dwt, grd. 1 yr. t/c(liner) 6,427 5,698 6,829 7,204 6,350 6,300 6,350 6,350 STEADY 0% 16,000 dwt, 1 yr. t/c (tramp) 4,378 4,304 4,608 4,418 5,150 5,275 5,620 5,700 STEADY 1% European Short Sea 3,000dwt($/t) ECUK/ARAG - N.Spain 13.50 15.25 17.60 18.50 FIRM... 5% French Bay - ECUK new time series 9.25 10.75 12.60 11.50 WEAKER -9% Lower Baltic - ARAG 12.50 14.00 16.50 14.50 WEAKER -12% UK/ARAG - W.Med 21.38 23.25 26.00 25.00 SOFTER -4% W.Med - UK/ARAG 15.00 16.50 18.40 18.50 STEADY 1% *3 mth trend for Container + MPP markets, Change since previous month for Short Sea. See www.hcship.co.uk for Short Sea market report Offshore Vessel Average 2002 Offshore ket ket 1998 1999 2000 2001 Oct 20 This Month AHTS 7-12,000 Bhp 12,240 5,152 7,840 10,875 5,999 10,544 8,672 5,125 WEAKER!! -41% AHTS 12,000+ Bhp 19,444 7,662 11,377 18,443 10,545 17,516 10,485 5,895 WEAKER!! -44% PSV < 3,000 Dwt 7,400 3,420 6,234 8,456 4,891 7,139 6,908 3,609 WEAKER!! -48% PSV > 3,000 Dwt 11,400 4,171 9,321 17,223 7,182 11,082 9,119 6,014 WEAKER!! -34% Note: Rates are based on the averages of reported fixtures in the North Sea in /day, supplied by One Offshore UK Ltd. Offshore Fleet No. Vessels, beginning AHTS Freight Rates & Orderbook. 2000 2001 2002-02 Fleet: Anchor Handling Tug/Supply 1,464 1,484 1,518 1,542 PSV/Supply 886 909 924 960 Crew/Workboat 330 331 350 358 Other Types 809 819 828 842 All Offshore Vessels 3,489 3,543 3,620 3,702 Orderbook: Anchor Handling Tug/Supply 31 39 70 38 PSV/Supply 25 42 73 48 Crew/Workboat 1 9 8 Other Types 24 16 29 75 All Offshore Vessels 80 98 181 169 Jun c.17,000 dwt MPP Jun Clarkson Research Studies Page 7 20--02 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 /day AHTS >12,000BHP Jun-99 Aug-99 Oct-99-99 Feb-00 Apr-00 Jun-00 Aug-00 Oct-00-00 Feb-01 Apr-01 Jun-01 Aug-01 Oct-01-01 Feb-02 Apr-02 Jun-02 Aug-02 Oct-02

Secondhand Prices Oil Tanker End Year, $m. Three Month Asset Play in Focus Prices 1999 2000 2001 Trend 300,000 dwt d/h 5 yrs 53.0 71.0 58.0 54.0 STEADY -1% Index, Start 2000 = 100 150 300,000 dwt d/h 10 yrs 45.0 40.0 STEADY Bulkers 250,000 dwt s/h 10 yrs 25.0 24.0 STEADY 250,000 dwt s/h 15 yrs 18.0 15.0 FIRM... 7% 150,000 dwt d/h 5 yrs 35.0 49.0 39.0 38.0 STEADY -1% 130 150,000 dwt s/h 10yrs 26.0 22.0 STEADY 95-97,000 dwt d/h 5 yrs 26.0 40.0 30.0 29.0 STEADY -2% 95-97,000 dwt d/h 10 yrs 24.5 24.0 STEADY 2% 86,000 dwt s/h 10 yrs 17.0 24.0 18.5 18.0 STEADY -2% 110 86,000 dwt s/h 15 yrs 12.0 10.0 STEADY ` 86,000 dwt s/h 20 yrs 6.0 4.5 SOFTER -5% 70,000 dwt d/h 5 yrs 24.5 30.6 23.5 20.0 STEADY -2% 65,000 dwt s/h 10 yrs 16.0 14.5 STEADY 90 65,000 dwt s/h 20 yrs 6.0 4.5 STEADY -3% 45,000 dwt * 5 yrs 20.0 24.5 21.0 20.0 STEADY 45,000 dwt 10 yrs 16.0 15.0 STEADY 70 45,000 dwt 15 yrs 12.0 10.5 STEADY 45,000 dwt 20 yrs 5.5 4.5 STEADY '96 '96 '97 '97 '98 '98 '99 '99 '00 '00 30,000 dwt 5 yrs 16.0 18.5 17.0 15.5 STEADY -2% 30,000 dwt 10 yrs 11.5 14.0 11.5 10.5 SOFTER -3% 5-y-o Tanker Index 100 129 108 101 STEADY 0% 12 month Change -1% 29% -19% -7% 35% % Year on Year * 40,000 dwt before Bulkcarrier End Year, $m. Three Month 25% Prices... 1999 2000 2001 Trend 170,000 dwt 5 yrs 29.2 30.3 27.0 29.0 STEADY 15% 150,000 dwt 10 yrs 17.5 19.0 16.5 20.5 STEADY 2% 150,000 dwt 15 yrs 10.0 11.0 FIRM... 6% 120-130,000 dwt 20 yrs 5.8 4.5 STEADY 5% 73,000 dwt 5 yrs 16.8 16.0 14.0 17.0 FIRM... 4% 69,000 dwt 10 yrs 12.0 11.8 9.5 11.5 STEADY 69,000 dwt 15 yrs 6.5 8.5 FIRM... 3% -5% 60,000 dwt 20 yrs 3.5 4.5 STEADY 5-year-old Tanker Price 52,000 dwt 3 yrs 16.5 16.8 STEADY -15% Index 45,000 dwt 5 yrs 16.0 15.3 13.3 14.3 STEADY 2% Percentage Change 42-45,000 dwt 10 yrs 11.5 12.0 9.8 10.5 FIRM... 3% Year-On-Year 42-45,000 dwt 15 yrs 5.5 7.0 FIRM... 8% -25% MayJul JanMayJul Jan 42-45,000 dwt 20 yrs 3.2 4.0 FIRM... 7% '00 '00 '00 '00 25-30,000 dwt 5 yrs 11.5 12.0 11.0 11.3 STEADY 25-30,000 dwt 10 yrs 8.0 9.0 7.8 8.5 FIRM... 6% 25-30,000 dwt 15 yrs 4.5 6.0 STEADY 2% % Year on Year 20% 27,000 dwt 20 yrs 2.5 3.0 STEADY 1% 5-y-o Bulker Index 100 100 85 90 STEADY 1% 12 month Change 23% 0% -14% 9% 15% Container & End Year, $m Three Month Ro-Ro Prices 1999 2000 2001 Trend 3,500 teu 10 yrs 20.0 26.0 20.8 22.5 STEADY 1,700 teu 10 yrs 12.0 15.5 10.5 11.0 FIRM... 3% 725 teu 10 yrs 6.5 8.5 5.8 6.0 STEADY 3% 10-y-o Container Index 58.7 74.8 59.4 60.9 Ro-Ro 2,500 lm 10 yrs 20.0 18.9 18.0 15.5 SOFTER -5% Ro-Ro 1,250 lm 10 yrs 10.8 9.5 8.5 6.8 SOFTER -7% Clarkson End Year, $m Three Month Index 1999 2000 2001 Trend ALL VESSELS 121 131 113 109 STEADY 0% Long Term Price Trends The 3 month trend is the average of the last three months over the previous three months. All bulk indices have been re-based to start 2000 = 100. Clarkson Research Studies Page 8 20--02 10% 5% 0% -5% -10% -15% Short Term Tanker Trends Tankers MayJul Short Term Bulk Trends 5-year-old Bulker Price Index Percentage Change Year-On-Year -20% MayJul JanMayJul JanMayJul '00 '00 '00 '00

Sale & Purchase ket 1,600 1,400 $m. Sales Volumes & Values Value No. 120 100 Tankers: The flurry of activity we reported last week has not been repeated this week. The strong end of year performance of the tanker market together with the additional pressure on single hull tankers has however improved sentiment markedly. 1,200 1,000 800 600 80 60 40 The epoxy coated double hull Product carrier m/t MELODIA, 41,450 dwt built 1992 Imabari is likely to be sold shortly at a price in excess of $13 million. There are also unsubstantiated reports circulating that the double hull m/t BALTIC SEA, 97,045 dwt built 1993 Samsung is working closely at in excess of $25 million. A number of older Aframax tankers have been sold. The m/t SEABORN 87,500 dwt, built 1979 Mitsubishi (ldt 15,121) has been sold to trading buyers in excess of $3 million. 400 200 0 Jan-98 Jul-98 Jan-99 Jul-99 Jan-00 Jul-00 Jan-01 Jul-01 Jan-02 Volume Jul-02 20 0 The modern Product carrier m/t ST PETRI, 47,228 dwt, built 2000 Onomichi is reported sold to a German buyer at $28 million with charter back to Oetker. The double bottomed product carrier m/t CAPTAIN HELEN, 40,406 dwt built 1991 has been sold to Socomar for $11.9 million. The Andromeda controlled m/t SCARLET STAR 29,994 dwt built 1982 Naikai has been sold at $3.2 million to the Egyptian buyer Naggar. Tanker To Date Sales*... 2001 2002 2002 Type: VLCC 39 18 4 Suezmax 48 28 3 Aframax 31 26 1 Handysize 68 40 6 Total No. Sales 186 112 14 Total DWT (,000) 22,039 12,522 1,850 Total Value ($ m) 4,620 1,523 263 Suezmax = 100-200k dwt, Aframax = 60-100k dwt Bulker To Date Sales*... 2001 2002 2002 Type: Capesize 20 29 4 Panamax 58 77 7 Handymax 28 81 13 Handysize 108 164 13 Total No. Sales 214 351 37 Total DWT (,000) 11,345 18,065 2,154 Total Value ($ m) 1,545 2,346 302 Other To Date Sales... 2001 2002 2002 Total No. Sales 353 419 42 Total dwt (,000s) 5,137 6,359 494 Total Value ($ m) 3,185 3,200 233 Total To Date Sales... 2001 2002 2002 Buyers: Greece 171 308 35 China P.R. 47 70 3 Norway 52 30 3 Singapore 17 30 5 Germany 44 29 5 Netherlands 4 24 3 Total No. Sales 753 953 93 Total Dwt (,000) 38,521 40,718 4,498 Total Value ($m.) 9,351 7,727 798 Average $/Dwt 243 190 177 Andhika Lines are said to have sold their Higaki-built 6,900 dwt ANDHIKA ADIPARWA, built 1985 to Far Eastern buyers at $1.7 million. The m/t TIIRA, 16,683 dwt built 1977 Werft Nobiskrug has been sold to Canadian interests at $3.10 million. Dry Cargo: The year ends with some Panamax sales of note, and more Capes, too. The freight market continues to firm and this should mean continued interest in sale and purchase in the New Year. Capesize and Panamax Following their purchase last week of the MINERAL COLOMBIA, clients of Lykiardopolou have now purchased the "BULK HELLAS" about 151,053 dwt built 1995 Kawasaki for $23.00 million nett. Her sister vessel, also built 1995, was sold for $22.50 million in late October. The Worldwide controlled "WORLD PLACE" about 150,973 dwt built 1995 Daewoo has been sold for $24.60 million to clients of maras Navigation. It is interesting to note the difference in price on these two ships. Clients of BHP have committed their 1985 built Capesize "MAGANDANG ILOG" about 174,000 dwt built 1985 Hitachi for circa $11.70 million to clients of Eastern Mediterranean itime basis dry-docking due in the first quarter of 2003. The Navitas controlled "GEORGIOS M" about 148,581 dwt built 1982 Hyundai has been sold to Koreans for $6.90 million. Docenave have committed on subjects their two Hyundai built Panamaxes "DOCELAKE" and "DOCEISLAND" both about 72,900 dwt built 1997 for $34.50 million en bloc. The buyers are believed to be Greek. The Taiwanese controlled "JASPER" about 74,012 dwt built 1996 Imabari has been committed for $16.00 million nett to unknown buyers. Clients of Hadley Shipping have bought the CORONA BRAVE about 69,043 dwt built 1994 Imabari for $13.30 million. The post-panamax "FORTUNE LIGHT" about 88,309 dwt built 1987 Sanoyas has been sold for $8.30 million to clients of GOLDEN UNION. The Croatian managed "CITY OF DUBROVNIK about 62,297 dwt built 1983 Spain has been sold for a firm $4.50 million. ALL DATA AND INFORMATION IN THIS REPORT IS AS REPORTED UP TO NOON ON THE DATE OF PUBLICATON * Includes vessels over 10,000 dwt only. Sales of bulk vessels under 10,000 dwt and of non-bulk vessels are included in "Other Sales". Clarkson Research Studies i 20--02

Recent Ship Sales by Vessel Type Vessel Type Vessel name Dwt/Unit Blt. Yard Date Price $m. Buyers Tanker D/Hull Front Eagle 308,200 2002 Samsung S.B. 29-13yr BB@$22,500 75.00 Clients of Dr. Peters Tanker D/Hull Berge Tokyo 298,677 2000 Hitachi Zosen 13-61.00 Clients of Eastern Med. Tanker D/Hull Berge Fuji 298,522 2000 Hitachi Zosen 13- undisclosed Undisclosed interests Tanker S/Skin Tohzan 266,072 1995 Hitachi Zosen 13-7yr BB@$12,950 27.70 Clients of Tsakos Tanker S/Skin Flinders 146,878 1982 I.H.I. 15-9.00 Clients of Liquimar Tanker S/Skin Paris II 88,723 1980 Uddevallavarvet 18-Oct 4.00 Clients of PT Equinox Tanker D/Hull Yannis M. 96,125 1995 Samsung S.B. 13-29.50 Clients of PetroVietnam Tanker S/Skin Seaborn 87,500 1979 Mitsubishi H.I. 20-3.20 Greek interests Tanker D/Hull Sacha 31,102 1974 Rauma-Repola OY 29-1.70 Clients of Petromar Tanker D/Hull St. Petri 46,500 1999 Onomichi Dockyd 20-28.00 German interests Tanker D/Bottom Captain Helen 40,432 1991 Shin Kurushima 20-12.00 Clients of Socomar Tanker S/Skin Campodola 36,520 1976 Empresa Bazan 20-1.45 Undisclosed interests Tanker S/Skin Scarlet Star 29,994 1982 Naikai S.B. 20-3.40 Egyptian interests Tanker D/Hull Tiira 16,683 1977 Werft Nobiskrug 20-3.10 Canadian interests Tanker D/Hull Acada Dolphin 6,155 1996 Guang. Wenchong 06-3.50 Clients of Eldrima. Tanker D/Bottom Sarabelle II 6,608 1990 Cant. Ferrari 13- undisclosed Undisclosed interests TankChem IMO III Kohzan u II 19,997 1989 Minami Nippon 21- undisclosed Clients of Kokuka Sangyo TankChem IMO II FS Diane 10,000 2002 Yardimci Deniz 20-17.00 French interests TankChem IMO II/III Pacific Glory 7,111 1988 Kurinoura Dock 28- undisclosed Greek interests TankChem IMO III Andhika Adiparwa 6,924 1985 Higaki Zosen 20-1.70 Far Eastern interests Ro-Ro Black Bart 2,181 1970 Adelaide Ship 21-0.17 Clients of Reef Ro-Ro 800m Lane Shinka u* 5,720 1990 Hakodate Dock 12-4.60 Taiwanese interests Ro-Ro 800m Lane Shinsei u* 5,705 1990 Hakodate Dock 12- # Taiwanese interests Ro-Ro 1324 cars Tor Scandia* 20,786 1981 Kockums M/V AB 20-5yrBB @ $7,250 26.00 Clients of Dyvi Group Ro-Ro 1324 cars Tor Flandria* 20,786 1981 Kockums M/V AB 20-5yrBB @ $7,250 # Clients of Dyvi Group Reefer 527,422 cu.ft Ivory Eagle 10,621 1992 Shikoku Dock. 15-11.50 Clients of Seatrade Reefer 527,399 cu.ft Ivory Dawn 10,713 1991 Shikoku Dock. 20- undisclosed Undisclosed interests Offshore 7,400 bhp Wave Alert 6,200 1983 Fosen M/V A/S 13-10.90 Clients of Torch Inc. Offshore 1,130 bhp Seabulk Eagle 1981 Hudson S.B. 13-1.80 Clients of Uksnoy Mini Bulk Gorgulho 1,375 1976 Schloemer S.B. 06- undisclosed Clients of Splitska Plov. Mini Bulk 2x25t cr. Siti Hajar 6,397 1984 Imabari S.B. 13-1.20 Chinese interests Mini Bulk 2x25t cr. Uglegorsk 4,168 1990 Sedef Gemi End. 20-2.50 Undisclosed interests Gas C'rier 3500 cu.m Gas Rosario 3,045 1995 Fukuoka S.B. 15-5.00 Clients of M.I.S.C. Dry MPP 261 teu. Sovgavan 4,162 1991 Sedef Gemi End. 22-2.10 Greek interests Dry MPP 1024 teu. Niver Flame 22,035 1982 Mathias Thesen 13-2.00 Undisclosed interests Dry MPP 542 teu. Emirate Star II 19,755 1978 Hakodate Dock 13-1.35 Clients of Sany Shpg. Dry Genl 154 teu. Christopher Meeder 2,200 1976 Hugo Peters 05- undisclosed Clients of Weco Shpg. Dry Genl 4x25t cr. Chief of Cherokee 9,013 1991 Honda Zosen K.K 13- TCB 3.80 Chinese interests Container 1399 teu. Ligwa 35,241 1985 Hashihama Zosen 06-7.40 Clients of yville. Container 2602 teu. CMA CGM Claudel 32,695 2002 STX Shipbuild. 20- TC @ $16,600 33.00 Clients of Schulte Group Container 2728 teu. LT Globe* 43,285 1984 Onomichi Dockyd 20-5yrTCB@$12,500 13.00 Clients of Technomar Container 2728 teu. LT Glory* 43,285 1984 Onomichi Dockyd 20-5yrTCB@$12,500 13.00 # Clients of Technomar Container 2728 teu. LT Grand* 43,289 1984 Onomichi Dockyd 20-5yrTCB@$12,500 13.00 # Clients of Technomar Container 1005 teu. Shalamar 14,436 1983 Werft Nobiskrug 05- undisclosed Clients of TMSC Container 976 teu. Colleen Sif 9,788 1991 Orskovs Staal. 06-9.35 European interests Combo D/Bottom Bear G. 77,673 1981 Fredriksstad 19- B/B HP 4.25 Turkish interests Bulk Str. Hvy Angelo Della Gatta 127,774 1982 Hyundai H.I. 06- undisclosed Clients of Di Maio Bulk Str. Hvy Partagas 152,065 1990 Mitsui S.B. 19- undisclosed Clients of Orient Steamship Bulk Str. Ore Magandang Ilog 174,004 1985 Hitachi Zosen 20-9.50 Clients of Eastmed Bulk Str. Hvy Bulk Hellas 151,053 1995 Kawasaki H.I. 20-23.40 Clients of Lykiardopulo Bulk Str. Hvy World Place 150,790 1995 Daewoo S.B. 20-24.60 Clients of maras Nav. Bulk Str. Hvy Georgios M 148,629 1982 Hyundai H.I. 20-6.90 Korean interests Bulk Str. Hvy Fortune Light 88,309 1987 Sanoyas 20-8.30 Clients of Golden Union Bulk Str. Ore Alfios 63,408 1981 Namura Zosensho 12-4.00 Greek interests Bulk Str. Hvy Oinoussian Seaman 64,239 1987 Hyundai H.I. 13-8.00 Clients of Golden Union Bulk Str. Hvy Corona Brave 69,043 1994 Imabari S.B. 20-13.20 Clients of Hadley Shpg. Bulk 4x30t cr. Eternal Spirit 45,888 1996 Imabari S.B. 12-13.60 Clients of Seaworld Mngmn Bulk 4x25t cr. Clio Ocean 45,212 1994 Kanasashi K.K. 13-12.30 Clients of Ikarus Shpg. Bulk 5x25t cr. Sanmar Pioneer 40,836 1986 Sanoyas 13-6.50 Greek interests Bulk 4x25t dr. Paulina 20,752 1977 Shin Kochi H.I. 12-0.95 Chinese interests Bulk 4x30t cr. Tinker Bell 23,569 1995 Saiki Hvy. Ind. 13-5yr BB 8.00 Clients of Egon Oldendorff Bulk 4x30t cr. Golden Duke 28,730 1995 Kanasashi K.K. 20-10.35 Undisclosed interests Bulk 4x30t cr. Oriental Harmony 28,499 1993 Kanda Zosensho 20-9.28 Clients of Tiger Shpg. * En bloc Sales. #En Bloc price shown under under first ship of bloc Clarkson Research Studies ii 20--02

Bulk Fleet Changes Bulk Fleet Oil Tanker Fleet Bulk Carrier Fleet Combo Fleet Changes... 2001 2002 to date 2001 2002 to date 2001 2002 to date (No. Vessels,000dwt) No. Dwt No. Dwt No. Dwt No. Dwt No. Dwt No. Dwt Fleet 1st January 3,418 294,172 3,414 290,623 5,366 274,735 5,475 286,240 147 14,742 136 13,638 Changes: Deliveries 124 13,925 176 20,579 300 19,774 209 13,333 Sold For Scrap 117 15,654 145 17,000 190 7,932 129 5,523 8 820 13 1,263 Losses 3 283 1 81 6 498 3 178 Misc. Additions 7 348 8 687 10 386 15 879 1 65 1 108 Misc. Removals 18 3,300 15 2,519 8 409 11 429 4 382 4 446 Net Change During Year -7-4,964 23 1,666 106 11,321 81 8,083-11 -1,138-16 -1,601 Fleet End Yr/ Yr to Date 3,414 290,623 3,437 292,289 5,475 286,240 5,556 294,323 136 13,638 120 12,037 Vessels over 10,000 dwt only are included in the analysis in this table. Great Lakes Only vessels are excluded. Deliveries & Other Additions.. Type Date Vessel Name Flag Year Dwt Owner Shipyard & Yard No. Contracted Built Price Chem & Oil Admiral GE. 2002 23,400 Carl Buttner Brod. 3 Maj 680 $m 24.50 Chem & Oil Cliffwater NE. 2002 3,731 Clearwater Group Breko Shipyard Container Cap Ferrato GE. 2002 34,100 NSB Niederelbe Aker MTW Werft 015 $m 31.80 Container Delmas Kerguelen LI. 2002 23,580 Leonhardt & Blumberg Guang. Wenchong 290 Container Euro Snow GE. 2002 8,000 Global Hanseatic Peters S.B. 673 MPP Rickmers Tokyo M.I. 2002 34,500 Rickmers Reederei Xiamen Shipyard MX439D Chem & Oil Elka Glory M.I. 2002 44,900 European Navigation Brod. Split 428 $m 29.90 Chem & Oil Chemroad a PA. 2002 30,407 Iino Kaiun Kaisha Shin Kurushima 5143 Container Contship Australis BR. 2002 51,000 Contship Cont. Lines Daewoo S.B. 4083 $m 55.00 Container NYK Apollo PA. 2002 78,000 Nippon Yusen Kaisha I.H.I. 3155 Container Norasia Valparaiso GE. 2002 56,900 Rickmers Reederei Stocznia Gdynia 8234/1 $m 45.00 Container Hatsu Ethic BR. 2002 75,000 Evergreen. Corp. Mitsubishi H.I. 1255 Container MSC Ulsan LI. 2002 51,020 Oltmann, D. Samho S.B. S160 MPP Westerscheldeborg NE. 2002 5,000 Wagenborg Shpg. B.V. Peters Schpsw. 802 Chem & Oil Woolim Dragon PA. 2002 7,968 Woo Lim Shipping Nokbong S.B. 384 Container Leyla Kalkavan TU. 2002 12,000 Kasif Kalkavan Group Sedef Gemi End. 122 Tanker Four Moon IT. 2002 65,000 Premuda S.P.A.N. Misc. Add. Conv. In Asp.& Bit. Liang Zhou PRC 1984 3,752 Nanjing Changjiang Misc. Add. Conv. In Asp.& Bit. An Da Jiang PRC 1986 5,021 COSCO Guangzhou Misc. Add. Conv. In Tanker Oct Navion Odin BS. 2001 91,676 Navion Shipping AS Misc. Add. Conv. In Cement Oct Tarjun BS. 1985 13,180 Tri Manggada Lines Misc. Add. Prev. Excl. Chem & Oil Oct Phoenix II PA. 1986 1,118 Unknown Owner Misc. Add. Prev. Excl. Scrapping & Other Removals.. Type Date Vessel Name Flag Year Dwt Owner Breakers Ldt Price Built $/ldt $m. Tanker Polaris Voyager Bd. 1976 413,160 ChevronTexaco Shpg. PRC 56,776 166.5 9.45 Tanker Galapagos Cy. 1975 36,243 Tsakos Shpg. & Trad. India 8,148 177.0 1.44 Chem & Oil Stolt Viking Li. 1978 30,899 Stolt Parcel Tankers India 8,051 219.0 1.76 Products Sea Nautilus Li. 1979 64,900 Sea Oil Inc. Bangladesh 12,427 175.0 2.17 Tanker Burgas Rs. 1981 54,589 orossiysk Shpg. PRC 11,848 175.0 2.07 Bulk Tupi Ponta Negra Bz. 1980 26,500 Tupinave S.A. India 7,296 42.0 0.31 GCargo The Beneficient Li. 1977 15,059 Gemstar Shpg. & Trdg Bangladesh 4,079 159.0 0.65 GC Liner iam 1 Al. 1977 16,727 Unknown Owner India 6,463 Tanker Da Qing 30 PRC 1972 15,150 China Shpg. Tankers PRC Log Midas Hope Pa. 1976 19,374 Unknown Chinese PRC 5,198 160.0 0.83 Bulk Saturn II Pa. 1981 64,534 Chrimar Shpg. Ent. India 11,201 GC Liner Sea Spirit Pa. 1977 21,406 Franser Shipping India 6,984 MPP African Warrior Pa. 1978 13,450 Naviera Siglo XXI India 7,060 140.0 0.99 Tanker Fal XVIII UAE 1964 20,795 Fal Shipping Co. India 6,220 Tanker Histria Moon Ma. 1974 85,867 Petromin Shpg. Co. Bangladesh 16,756 172.0 2.88 Tanker Falcon Gr. 1979 54,052 Aran Shpg. & Tradg. PRC 10,509 180.0 1.89 Tanker Prestige BS. 1976 81,259 Universe itime Misc. Rem. Total Loss Bulk/Oil Four Stars BS. 1984 54,500 Premuda S.P.A.N. Misc. Rem. Conv. Out Ethy/LPG Capo Rosso IT. 1967 1,318 Premuda S.P.A.N. Misc. Rem. Prev. Demol. Tanker Felipe Camarao BZ. 1980 279,688 Petrobras Misc. Rem. Conv. Out L.P.G. Danish Arrow DIS 1976 759 BP Gas Tankers A/S Misc. Rem. Conv. Out L.P.G. Danish Dart DIS 1976 759 BP Gas Tankers A/S Misc. Rem. Conv. Out Clarkson Research Studies iii 20--02

Timecharter Fixture Record Latest Tanker Timecharter Fixtures... Reported Charterer Vessel Name D / Year Dwt Spd Cons. Period Rate Delivery C Built $ per Day Date Place 07- K Line Genmar Leonidas D 1991 97,002 14 39 12 months $15,500 08- Fortum Nordic Akarita D 1991 107,223 15 2 years (Offshore Loader) $26,000 18- Alpine Jag Leela D 1999 105,148 14 12 months $16,000 02 - Jan 03 18- Tanker Pacific Irving Galloway D 1997 300,955 16 82 4 years $30,000 01--02 18- Tanker Pacific Irving Primrose D 1997 300,955 16 82 4 years $30,000 01--02 19- Agip Paros D 2002 150,709 3 years $18,000 /Apr-03 21- Pertamina Agate D 1985 88,038 16 44 12/6/6 months $13,500 01--02 21- Agip Atlantis D 1998 150,812 15 53 3 years $17,500 01-Jan-03 25- BHP Abul Kalam Azad D 1999 92,687 14 6 months $15,250 01--02 26- St Shipping/Glencore/Alpine Noda Star D 1985 28,750 13 28 3/3/3 months RNR 01--02 26- St Shipping/Glencore/Alpine Mirza D 1986 28,610 15 3/3/3 months RNR 01--02 26- Chevtex Dongola C 1995 39,645 13 26 3 months $11,500 01--02 26- Weco Antares C 1984 29,954 15 30 12 months $10,000 01--02 28- K Line CSK Valiant D 2003 107,000 2 years $16,000 01--03 02- Frontline Front Eagle D 2002 308,200 B/B 13 years $22,500 02 - Jan 03 03- Pemex Alexandra Park C 1992 41,327 15 12 months $13,875 05--02 03- Irving Uranus C 1988 40,085 15 38 12 months $12,500 03--02 03- Irving Neptune C 1989 40,085 15 12/6/6 months $12,500-02 03- Andromeda Gemini 1 C 1994 32,396 15 6/6/12 months RNR 01--02 04- Pertamina Clovely D 1989 248,034 14 65 12/6/6 months $22,000-02 06- Pertamina Strimon D 1981 88,335 15 44 6/6 months $12,000-02 06- Heidmar Sun River D 1993 62,242 15 12/6/6 months $14500/$15k/$15k -02 10- Hyundai Tohzan D 1995 266,072 16 81 BB 7 years $12,500-02 11- TTMI Latgale D 2001 68,467 3 months $18,500-02 13- SK Corp Berge Fuji D 2000 298,522 16 BB 8 years RNR -02 16- St Shipping Berana D 1985 79,999 15 28 1 year $15,000 Jan-03 16- Adam Primar D 1988 39,000 14 6 months $11,250-02 16- Famm Petromar D 2001 35,770 15 12 months $12,750 01--02 Latest Dry Bulk Timecharter Fixtures... Reported Charterer Vessel Name Year Dwt Spd Cons. Period Rate Delivery Built $ per Day Date Place 05- Armada United Resolve 1995 151,049 16 57 11/13 months $14,800 15/20 Jan Worldwide 05- Transfield Giuseppe Bottiglieri 1999 75,265 11/13m opt 11/13m $11k opt $11750 20/30 Nagoya 05- Pioneer Alpha Harmony 2001 74,492 15 12 months $11,000 13/12 Ningbo 05- Navios Endless 1999 73,400 14 34 3/5 months $12,000 16/17 Inchon 06- Stet Pacific Vitality 1996 165,794 14 53 12 months $16,500 20/21 Qingdao 06- ABT Seamaid 1999 74,500 14 2/4 months $12,000 9/10 Gibraltar 06- CNR Ocean Bird 1996 71,393 14 6/8 months $11,625 15/20 Xingang 09- Transfield Gran Trader 2001 172,517 14 54 9/11 months $19,100 10/20 Jan Passero 09- Cargill Anangel Venture 1989 69,406 14 28 7/9 months $10,750 12/14 Antwerp 09- Cetragpa Giovanni Della Gatta 1987 64,850 15 3/5 months $11,750 11/18 PMO 10- Transfield Vitali 1982 62,343 14 38 4/6 months $10,000 10--02 North China 10- Korea Line Sabrina Venture 1997 45,736 15 25 1/1 years $9000/$9500 end Philippines 12- Cobelfret Carol 1999 75,608 15 33 3/4 months $12,750 13/17 Jan iveles 13- Swiss ine Yukon 1996 149,228 14 12 months BCI - $2850 12/25 Jan Algeciras 13- Swiss ine Anangel Omonia 1996 73,519 15 5/7 months $12,500 29 / 3 Jan South Japan 16- K Line Sea Azalea 1999 171,000 15 8/10 months $19,250 1/10 Feb Passero 17- NSS Nike 1995 151,738 14 44 3/5 months $21,000 10/12 Jan Pusan 17- Eastern Rich Australian Fame 1982 146,347 13 56 3/5 months $14,500 14/18 Shanghai 17- Cargill Pythagoras 2002 75,162 4/6 months $13,000 22/24 Bilbao 17- Cargill Euro Trader 1999 73,880 12 months $11,400 10/20 Jan Med 17- Bottiglieri President G 1988 69,344 14 27 2/4 months $11,500 7/10 Jan Japan 17- Noble Despina 2000 52,000 15 3/5 months $11,250 20/31 South Korea 18- Armada Lake Sequoia 2001 75,955 15 7/8 months $11,750 24/26 Barcelona 18- Cargill Anna 1999 75,592 14 31 8/10 months $11,850 21/24 Reihoku 18- Cargill Naftilos 2001 73,311 15 32 12 months $11,700 30 / 2 Jan Kobe 18- NYK Fivos 1994 69,959 14 2/3 months $12,750 26/28 Kobe 18- Bottiglieri Christina III 1993 69,634 14 3/5 months $12,000 end South Korea Clarkson Research Studies iv 20--02

The Timecharter ket Tanker Timecharter ket 1 Year T/C... Average Rate $/day To Date T/C Activity & The Freight ket 1999 2000 2001 2002 20 VLCC (early 1990's) 300,000 Dwt Modern 43,650 40,490 25,664 35,000 150,000 Dwt Modern 33,100 33,115 18,936 29,000 105,000 Dwt Modern 23,464 25,019 17,373 20,000 70,000 Dwt Modern 18,021 22,798 16,451 18,000 47,000 Dwt Modern 18,870 13,292 15,000 280,000 Dwt Early '90s 26,571 38,125 38,654 24,275 33,500 140,000 Dwt Early '90s 18,189 28,712 31,245 17,598 28,000 95,000 Dwt* Early '90s 13,127 20,260 23,317 15,926 19,000 30,000 Dwt 9,939 12,771 15,784 11,402 12,000 3 Year T/C... Average Rate $/day To Date 1999 2000 2001 2002 20 300,000 Dwt Modern 28,667 27,230 29,500 150,000 Dwt Modern 20,667 19,510 25,000 105,000 Dwt Modern 18,167 17,794 19,000 70,000 Dwt Modern 17,931 17,000 47,000 Dwt Modern 17,115 13,407 14,500 30,000 Dwt 11,066 13,284 14,736 11,627 11,500 T/C Activity... Total Fixtures To Date...over 1 year. 1998 1999 2000 2001 2002 VLCC 200,000 + 11 8 15 21 26 Suezmax 100-200,000 29 15 12 38 22 Aframax 60-100,000 37 26 30 34 25 Handy 45-60,000 10 8 8 11 12 Handy 20-45,000 22 16 8 16 18 Total No. Fixtures 107 73 73 118 103 Total in m. dwt 10.9 7.3 9.7 14.4 16.1 Modern is taken to mean no more than 10 years old. * Previously 87,000 dwt. Bulk Carrier Timecharter ket 1 Year T/C... Average Rate $/day To Date T/C Activity & The Freight ket 1999 2000 2001 2002 20 Capesize Capesize Modern 11,600 14,597 18,625 Panamax Modern 8,977 8,829 11,250 Handymax Modern 8,319 9,850 Handymax Modern 6,595 8,759 8,141 7,503 9,200 Handy Modern 5,574 7,112 6,807 6,732 7,500 Capesize "CSBC" 10,865 17,101 12,784 12,271 15,500 Capesize 1980s 7,885 12,582 7,523 8,005 12,250 Panamax 1980s 7,013 9,763 7,499 7,220 9,250 3 Year T/C... Average Rate $/day To Date 1999 2000 2001 2002 20 Capesize Modern 13,500 15,285 15,750 Panamax Modern 9,123 9,227 10,000 Handymax Modern 7,044 8,480 8,411 7,931 8,300 Handy Modern 6,324 7,572 7,286 7,200 7,200 Capesize "CSBC" 12,566 14,994 12,750 12,593 14,350 Panamax 1980s 7,283 8,868 7,275 7,066 7,250 T/C Activity... Total Fixtures To Date...over 1 year. 1998 1999 2000 2001 2002 Capesize 120,000 + 20 33 24 32 37 Capesize 80-120,000 2 1 1 2 6 Panamax 50-80,000 20 30 44 27 45 Handymax 35-50,000 16 11 2 4 3 Handy 10-35,000 1 5 3 Total No. Fixtures 59 80 71 68 91 Total in m. dwt 5.5 8.0 7.1 7.3 9.8 Modern is taken to mean no more than 10 years old. 11 No. fixtures Clarkson Research Studies Page 9 20--02 10 9 8 7 6 5 4 3 2 1 0 Jan May 1 Year t/c Spot $/day Jul Jan May Jul $,000/day Tanker timecharter activity this week An indication of how things are shaping up in the post- Prestige era is the report that global bunker supplier FAMM has fixed the double-hull 35,770dwt, 2001-built PETROMAR for 12 months at $12,750/day, presumably for the carriage of dirty product cargoes. 18 16 14 12 10 8 6 4 2 0 No. fixtures Jan May Jul Jan 1 Year t/c Spot $/day May $,000/day Jul Bulk carrier timecharter activity this week.. This year has been the most active for timecharters exceeding 1-year since 1995. A further 14 timecharter fixtures were recorded this week, though underestimating real activity. Strong levels for long period for Capesize and Panamax market underline sentiment. 96 88 80 72 64 56 48 40 32 24 16 8 27 24 21 18 15 12 9 6 3

The Shipbuilding ket What's Been Ordered... S Type Spec. Date Dwt/Unit Delivery Builder Price Owner/Manager* 5 Tanker -02 105,000 Jan 2005 Samsung S.B. Minerva ine Inc. 5 Tanker Products -02 72,000 2004 Samsung S.B. Euroceanica 5 Tanker Products -02 72,000 2004 Samsung S.B. Euroceanica 5 Bulk -02 77,000 2004 CSBC U-Ming ine Tran. 5 Bulk -02 77,000 2004 CSBC U-Ming ine Tran. 5 Other Dry Container -02 100,000 7,500 2005 Hyundai H.I. Conti Reederei 5 Other Dry Container -02 100,000 7,500 2005 Hyundai H.I. Conti Reederei 17 Other Dry Container -02 100,000 7,500 2005 Hyundai H.I. Conti Reederei 5 Tanker Products -02 74,000 2005 Stx Shipbuild. Rederi AB Swan 5 Tanker Products -02 74,000 2005 Stx Shipbuild. Rederi AB Swan 17 Tanker Products -02 74,000 2005 Stx Shipbuild. Rederi AB Swan 17 Tanker Products -02 74,000 2005 Stx Shipbuild. Rederi AB Swan 5 Bulk -02 75,500 Jun 2005 Stx Shipbuild. Efnav Co. Ltd. 5 Bulk -02 75,500 2005 Stx Shipbuild. Efnav Co. Ltd. 17 Bulk -02 75,500 2005 Stx Shipbuild. Efnav Co. Ltd. 17 Bulk -02 75,500 2005 Stx Shipbuild. Efnav Co. Ltd. 5 Other Dry Container -02 100,000 7,800 2004 Hyundai H.I. E.R. Schiffahrt 5 Other Dry Container -02 100,000 7,800 2004 Hyundai H.I. E.R. Schiffahrt 5 Other Dry Container -02 100,000 7,800 2004 Hyundai H.I. E.R. Schiffahrt 5 Other Dry Container -02 100,000 7,800 2004 Hyundai H.I. E.R. Schiffahrt 5 Other Dry Container -02 100,000 7,800 2004 Hyundai H.I. E.R. Schiffahrt 17 Other Dry Container -02 100,000 7,800 2005 Hyundai H.I. E.R. Schiffahrt 17 Other Dry Container -02 100,000 7,800 2005 Hyundai H.I. E.R. Schiffahrt S = Status, where: 5= confirmed order, 16 = unconfirmed order, 17 = option. Other units are: teu for containerships, cbm for gas vessels, numbers of cars or passengers * The Primary Reference Company, as used in the Clarkson Fleet Database i.e. the company with the main commercial responsibility for the ship Newbuilding Year End, $m. Three Month Shipbuilding News Prices... 1999 2000 2001 Trend... Tankers VLCC 300,000 dwt 69.0 76.5 70.0 63.5 WEAKER... -0.8% Suezmax 150,000 dwt 42.5 52.5 46.5 43.8 FIRM... 0.2% Aframax 110,000 dwt 33.0 41.5 36.0 34.8 FIRM... 0.2% Handy 47,000 dwt 26.0 29.5 26.3 27.0 FIRM... 0.6% Bulk Carriers Capesize* 170,000 dwt 35.0 40.5 36.0 36.3 FIRM... 4.6% Panamax 75,000 dwt 22.0 22.5 20.5 21.5 FIRM... 1.2% Handymax 51,000 dwt 20.0 20.5 18.5 19.0 SAME... Handysize 30,000 dwt 15.5 15.0 14.5 15.0 SAME... Gas Vessels LPG 78,000m³ 56.0 60.0 60.0 58.0 SAME... LNG 138000m³ 165.0 172.5 165.0 150.0 WEAKER... -1.5% Dry Cargo Container 3,500 teu 38.0 41.5 36.0 33.0 SAME... Container 1,100 teu 17.5 18.0 15.5 15.5 SAME... Clarkson Index 107 114 108 105 FIRM... 0.2% Newbuilding Vessels Contracted Year-on-Year Newbuilding Price Index Activity... 1999 2000 2001 2002 Trend.. Oil Tankers 119 299 322 197 WEAK -38% Chemical & Spec. Tankers 69 69 98 125 FIRMER 30% Combined Carriers 0 0 2 WEAK -100% LPG Carriers 17 35 39 13 WEAK -66% LNG Carriers 5 19 24 20 WEAK -15% Bulk Carriers 360 279 153 274 FIRMER 83% Containerships 171 328 208 116 WEAK -43% General Cargo vessels 101 86 83 75 WEAKER!! -8% Ro-Ro Vessels 38 34 32 37 FIRMER 18% Refrigerated Vessels 2 7 0 1 SAME... Offshore Vessels 24 77 121 78 WEAK -34% FPSO/FSU 2 3 4 5 FIRMER 27% Passenger & Cruise Ships 61 53 29 39 FIRMER 37% Other Misc. Vessels 47 114 67 39 WEAK -41% TOTAL CONTRACTING 1016 1403 1182 1019 WEAK -12% The trend of the last few weeks has continued with the competition for berths increasing and prices rising accordingly as buyers compete for the scarce remaining early berths. ket sentiment has focused on the levels of demand in the tanker market after the Prestige, it is really the container market that has created the scarcity of capacity. There have been a number of large deals - involving multiple units - concluded in recent weeks. The conclusion of the ER Schiffahrts 5 unit series of 7800teu vessels for COSCO at HHI has absorbed the remaining 2004 capacity at Hyundai whilst the 5 unit Seaspan order for CSG have done the same at Samsung. These container sizes compete directly with Aframax and Suezmax tankers for dock space and the greatest intensity of demand in the tanker market has focused on these sizes. Note: Newbuilding prices vary as to country of build, delivery and ship specification. Prices here are end year/latest and from June '98 assume a "European spec", 10/10/10/70% payments and "first class competitive yards" quotations. The 3-month trend is the change of the last 3 months over the previous 3 months. *Double-hull from 20 tember 2002. Clarkson Research Studies Page 10 20--02 170 160 150 140 130 120 110 100 90 '92 Index, Jan'88 = 100 Ten year trend in newbuilding prices '93 '94 '95 '96 '97 '98 '99 '00