MONTHLY MARKET OVERVIEW

MONTHLY MARKET OVERVIEW 1st 31st May 217 SUMMARY OF CONTENT Value analysis Second hand S&P activity Newbuilding activity Demolition activity Charter rate analysis

BULKER VALUES THROUGH MAY 217 BULKERS Bulker values have softened this month. Most significantly for Supramax Bulkers. This table shows the monthly % change in value from 1 st to the 31 st May 217 for Bulker vessels, by year of build. YEAR OF BUILD 217 216 215 214 213 212 211 21 29 28 27 26 25 24 23 22 CAPE PMAX SUPRA HANDY D WT DWT DWT DWT -2.8% -1.3% -4.% -2.3% 8k -2.7% -1.4% -4.4% -2.2% 8k -2.7% -4.7% -2.1% 8k -2.6% -5.1% -2.% 8k -2.5% -1.8% -5.5% -1.9% 8k -2.5% -1.9% -5.9% -1.8% 8k -2.5% -2.% -6.2% 8k -2.5% -2.% -5.2% -1.4% 8k 55k -2.6% -2.% -5.5% -1.3% 8k 55k -2.7% -2.1% -5.5% -1.% 8k 55k -3.% -2.1% -5.5% -.8% 55k -3.4% -2.1% -5.4% -.6% 55k -3.9% -2.2% -5.4% -.5% 55k -4.6% -2.1% -5.% -.4% 55k -5.4% -2.2% -1.1% +.% 1-6.5% -2.% -.4% +.2% 1

BULKER VALUES THROUGH MAY 217 Capesize Values have softened throughout May. 4 sales have been concluded this month. Navios Maritime Partners LP have bought 3 vessels this month: Aristofanis (178,9 DWT, Nov 211, Sungdong) sold by Capital Maritime and Trading for USD 31.1 mil, VV value USD 32.8 mil. The deal includes a charter at USD 11,7 per day until Feb 218. Hyundai Talent (18, DWT, Apr 212, Sungdong) sold by HMM for USD 3.5 mil, VV 32.22 mil. Triton Condor (18,3 DWT, Oct 29, Koyo Dock) sold for USD 28.3 mil, VV value 28.88 mil. Panamax Values have softened a small amount. 6 sales have taken place this month. Frontier Hero (81, DWT, Jul 214, Japan Maritime United) sold for USD 24. mil, VV value USD 24.76 mil. Hanjin Paradip (82,2 DWT, Jan 213, Tsuneishi Zosen) was bought by JP Morgan for USD 21.3 mil, VV value USD 21.62 mil. Santa Paula (77,2 DWT, Sep 29, Oshima) sold by Mitsubishi Corp for USD 15. mil, VV value USD 15.76 mil. Supramax Values have softened. 12 sales have taken place this month. Crystal Palace (58,5 DWT, Jun 28, Tsunieshi Cebu) was bought by Thoresen for USD 13.4 mil, VV value USD 13.18 mil. Ocean Diamond (53,5 DWT, Jun 27, Iwagi Zosen) sold for USD 9.8 mil, VV value USD 12.4 mil. V Gannet (51,5 DWT, Jan 22, STX Offshore) has been sold for USD 6.6 mil, VV value USD 6.77 mil. Handy Values have softened a small amount. 4 sales have taken place this month. Global Peace (31,9 DWT, Aug 211, Hakodate Dock) sold by United Ocean Group for USD 1. mil, VV value USD 11.21 mil. CS Ocean (32,3 DWT, Feb 28, Kanda) sold for USD 8.5 mil, VV value USD 8.64 mil. In older tonnage the Acacia Bulker (32,8 DWT, May 25, Kanda) sold for USD 7.3 mil, VV value USD 6.49 mil.

TANKER VALUES THROUGH MAY 217 TANKERS Tanker values have firmed for modern tonnage and softened for older tonnage. This table shows the monthly % change in value from 1 st to the 31 st May 217 for Tanker vessels, by year of build. YEAR OF BUILD 217 216 215 214 213 212 211 21 29 28 27 26 25 24 23 22 VLCC SUEZ AFRA LR1 MR D WT DWT DWT DWT DWT +.7% +1.3% +1.8% +.1% -.4% 3 1 +.7% +1.2% +1.7% +.% -.4% 3 1 +.6% +1.2% +1.6% -.1% -.5% 3 1 +.4% +1.3% +1.5% -.2% -.6% 3 1 +.2% +1.3% +1.4% -.4% -.7% 3 1 -.5% +1.4% +1.2% -.5% -.8% 31k 1 -.7% +1.5% +1.% -.7% -1.% 31k 1-1.% +1.6% +.9% -.8% -1.1% 31k 1-1.3% +1.7% +.7% -1.% -1.3% 31k 1 +1.7% +.5% -1.2% 31k 1-2.% +1.7% +.3% -1.4% 31k 1-2.3% +1.6% +.1% -2.3% -2.% 31k 1 7k 45k -2.7% +1.6% -.1% -2.5% -2.2% 31k 1 7k 45k -3.3% +1.4% -.4% -2.7% -2.5% 35k 155k 15k 7k 45k -3.6% +1.2% -.6% -2.9% -2.6% 35k 155k 15k 7k 45k -4.% +.9% -.7% -3.% -3.% 35k 155k 15k 7k 45k

TANKER VALUES THROUGH MAY 217 VLCC Values have firmed in modern tonnage and softened in older. 6 sales have occurred this month. Dalian Venture (297, DWT, Aug 211, Dalian Shipbuilding) was bought by Zodiac Maritime for USD 53.5 mil, VV value USD 5.49 mil. Irene SL (319,2 DWT, Oct 24, Hyundai Samho HI) was bought by Sinkor Merchant for USD 3. mil, VV value USD 29.59 mil. TI Topaz (319, DWT, Oct 22, Hyundai Samho HI) was bought by New Shipping for USD 21. mil SS due, VV value USD 24.43 mil. Suezmax Values have firmed this month. 5 sales have taken place this month. Arcadia Ship management has offloaded the Aegean Fighter (159, DWT, Jun 217, HHI) and Aegean Fighter (15, DWT, May 217, HHI) for USD 56. mil each, VV value USD 54.95 mil each. In older tonnage the Gener8 Orion (16,3 DWT, Mar 22, Samsung) has sold SS due to Indian buyers for USD 13.3 mil, VV value USD 14.53 mil. Aframax Values have firmed a small amount. Nissos Santorini (115,7 DWT, Mar 212, Samsung) sold for USD 3.3 mil, VV value USD 29.78 mil to Zodiac Maritime. 3 Ratna vessels have been bought by Centrofin in an en bloc deal for USD 65. mil. Ratna Shruti, Shradha, Namrata (15,8 DWT, Apr, Jun, Jul 28, HHI) VV value USD 61.73 mil. In addition, Ratna Shalini (15,8 DWT, Mar 21, HHI) sold for USD 25. mil, VV value USD 24.61 mil. LR1 Values have remained stable this month. En bloc deal of the Mare Pacific and Atlantic (68,5 DWT, Jan, Feb 21, Koyo Dock) both LR1 vessels have sold for USD 6.8 mil each, VV value USD 7.62 and 7.73 mil respectively. MR Values have softened throughout the month. 16 sales have taken place this month. STI Sapphire and Emerald (52, DWT, Jan, Mar 213, Hyundai Mipo) sold for USD 56.4 mil en bloc, VV value USD 55.1 mil. The en bloc bank sale of 5 MR1 tankers from Interorient to Advantage Tankers for USD 6. mil, VV value USD 68.18 mil.

CONTAINER VALUES THROUGH MAY 217 CONTAINERS Container values have firmed most significantly for Post Panamax and Panamax Containers. Handy and Feedermax values have remained stable. This table shows the monthly % change in value from 1 st to the 31 st May 217 for Container vessels, by year of build. YEAR OF BUILD POST PMAX PMAX HANDY FMAX TE U TEU TEU TEU +.% +.9% +.4% +.4% +.% +.9% +.3% +.4% +.% +1.8% +.2% +.3% +.1% +3.5% +.1% +.2% +.1% +6.3% +.% +.1% +2.9% +1.1% -.1% +.% +7.2% +14.7% -.1% -.1% +12.3% +13.7% -.2% -.3% +17.9% -3.9% -.2% -.4% +23.9% -.3% -.4% +28.5% -9.8% -.3% -.6% +6.1% -9.8% +2.5% +2.% +2.1% +2.8% +1.9% +3.6% +1.7% +4.6% 65 4 +7.3% -.4% 65 4 217 216 215 214 213 212 211 21 29 28 27 26 25 24 23 22

CONTAINER VALUES THROUGH MAY 217 Post PMax Values have firmed most significantly in mid age tonnage. There have been no sales this month. Container charter rates have been firming throughout the month. Panamax Values have firmed throughout the month particularly for modern tonnage. 3 sales have taken place this month. Barbados (4,36 TEU, Feb 21, Hanjin Subic) sold for USD 9.5 mil, VV value USD 7.11 mil. Nansen Strait (5,47 TEU, Jul 25, HHI) sold to Cyprus Sea Lines for USD 7.6 mil, VV value USD 7.36 mil. Handy Values have firmed in older tonnage. 4 sales have taken place this month. Hull 66 (1,8 TEU, Jul 217, Dae Sun) sold for USD 2.4 mil, VV USD 17.63 mil. Sunshine Bandama (1,7 TEU, Jul 27, Imabari) sold for USD 9. mil, VV value USD 8.85 mil. Aja IPSA (1,858 TEU, Jul 24, Jiangsu Yangzijiang) sold for USD 5.3 mil, USD 4.86 mil. Feedermax Values have remained stable. 5 sales have been confirmed this month. Contrail Sky (97 TEU, Feb 29, Kyokuyo) sold for USD 6.5 mil, VV value USD 6.68 mil. Shippan Island (1,118 TEU, Oct 25, Jiangdong) sold for USD 5.5 mil, VV value USD 5.21 mil.

LPG VALUES THROUGH MAY 217 LPG LPG values have softened across all vessel types. This table shows the monthly % change in value from 1 st to the 31 st May 217 for LPG vessels, by year of build. YEAR OF BUILD 217 216 215 214 213 212 211 21 29 28 27 26 25 24 23 22 VLGC LGC MGC SP FR LARGE SP FR SMALL FULL PRESS LEG CBM CBM C BM C BM C BM C BM C BM -4.7% -6.4% -3.4% -1.4% 84k 3 12k -4.2% -5.9% -3.5% 84k 3 12k -3.7% -5.4% -3.6% -1.4% 84k 3 12k -3.2% -5.% -3.9% -3.6% 84k 3 12k -2.9% -4.5% -3.9% -3.6% 82k 12k -2.5% -4.% -3.7% 82k 9k -2.1% -4.% -3.6% 82k 9k -1.8% -3.4% -4.% -3.7% 82k 9k -3.2% -1.8% 82k 9k -1.3% -3.% 82k 9k -1.2% -2.9% 82k -1.2% -2.9% -6.2% -3.7% 82k -2.9% -6.2% -3.7% -3.9% 7-3.1% -6.4% -3.7% 7-1.9% -3.3% -6.6% 7-2.3% -4.% -6.8% -3.7% -5.6% -5.6% 7 57k

LPG VALUES THROUGH MAY 217 VLGC Values have softened. Gas Miracle (84,27 CBM, Mar 1996, Kawasaki) sold for USD 19. mil, VV value USD 25.9 mil. Rates have softened dramatically over the past month, causing a softening in values. SPFR Values have softened over May 217. No sales have been concluded this month. Fully Pressurised Values have softened over the past month. Rates have softened over throughout the month which has caused a softening in values.

OFFSHORE VALUES THROUGH MAY 217 OSV Values have softened for all PSV vessels. Small and Medium AHTS values have also softened. This table shows the monthly % change in value from 1 st to the 31 st May 217 for OSV vessels, by year of build. YEAR OF BUILD 217 216 215 214 213 212 211 21 29 28 27 26 25 24 23 22 LARGE PSV MEDIUM PSV SMALL PSV SUPER AHTS MEDIUM AHTS SMALL AHTS D WT D WT DWT BHP BHP BHP -1.9% -6.6% -11.5% +.4% +4.2% -5.3% 3.6k 1.7k 8.2k 5.5k -1.9% -6.7% -11.4% +.4% +3.% -7.2% 3.6k 1.7k -1.8% -6.6% -11.4% +.4% +1.4% -8.7% 3.6k 1.7k -1.9% -7.1% -11.3% +.3% -11.1% 3.4k 1.7k -2.2% -7.4% -11.3% +.4% -5.6% -15.1% 5.1k 1.7k -3.2% -7.5% -11.4% +.3% -1.2% -19.2% 4. 1.7k -3.5% -7.8% -11.7% +.3% -15.4% -23.9% 4. -8.4% -12.4% +.3% -2.7% -28.9% 4. 5.1k -5.% -9.2% -13.% +.2% -25.8% -33.2% 4. 5.1k -6.% -1.2% -14.3% +.3% -3.2% -37.5% 4. 5.1k -7.5% -11.6% -15.4% +.3% -34.6% -41.1% 4. 5.1k -9.% -13.1% -17.1% +.2% -38.4% -44.4% 4. 5.1k -11.% -14.7% -18.6% +.1% -4.9% -47.7% 4. 5k -13.1% -16.9% -2.2% +.1% -43.6% -49.4% 4. 5k -15.4% -19.1% -22.6% +.2% -45.5% -51.5% 4. 5k -17.9% -21.3% -25.2% +.2% -47.1% -52.7% 4.7k 5k NB. Large % fluctuations are a product of historically low OSV values.

OFFSHORE VALUES THROUGH MAY 217 PSV Continued softening in PSV values this month. 2 PSV sales have been concluded this month. The Trom Artemis (4,9 DWT, Nov 211, Hellesoy) was sold for undisc price to Vestland Offshore. The NSO Spirit (2,5 DWT, Mar 1983, Ulstein Verft) was sold by Nor Supply Offshore to unknown buyer for USD.18 mil, VV value USD.25 mil. AHTS & AHT Softening in Small and Medium AHTS this month. Super AHTS remain stable due to limited S&P activity. 4 AHTS/AHT sales have been concluded in May. The Jaya Seal (5,5 BHP, Sept 24, Jaya Asiatic) was sold by MMA Offshore. The MMA Carver (4,693 BHP, Jun 21, Guangdong Hope Yue) was also sold by MMA Offshore. Mermaid Vanquish (5,15 BHP, Apr 27, Fujian Fishery) was sold for USD 1.1 mil, VV value USD.95 mil. The Lion King (5,218 BHP, Jul 212, Yuexin Shipbuilding Co) was sold by Arendals Dampskibssel to Global Marine Services SS/DD due for USD 2.25 mil. Buyer upon completion of the sale had to pay additional 2k reactivation cost and 8k DD/SS costs.

2ND HAND S&P ACTIVITY MAY 217 S&P $ Value of 2nd hand sales in May 217 vs May 216. 2 May 217 $1,871 May 216 18 Value (M USD) 16 14 12 $1,3 1 8 $513 $473 6 $379 $333 4 2 $51 Bulker Tanker $3 $2 Container Gas $ OSV Total activity by transaction value is more than 3 times higher in May 217 compared to May 216, due to fewer disclosed prices in May 216. Container transaction values a considerable amount higher in May 217, this is due to a large en bloc deal of 14 ULCV Containers bought by COSCO. Gas values are significantly higher due to the sales on two Large LNG vessels bought by Flex LNG for USD 18. mil each. S&P No. Number of 2nd hand sales taken place in May 217 vs May 216. May 217 6 May 216 48 5 No. Vessels 41 4 31 3 26 3 2 13 1 7 6 3 1 Bulker Tanker Container Gas OSV Total sales by number count are up 6% for May 217 compared to May 216. Bulker sales by number are down by 45% compared to this time last year. A higher number of sales have taken place in May 217 within the Tanker, Container and Gas sectors compared to May 217.

NEWBUILDING ACTIVITY MAY 217 VS 216 Newbuilding No. Number of newbuilding orders taken place in May 217 vs May 216. May 217 3 No. New Buildings 25 2 15 May 216 24 16 15 13 1 6 5 5 2 2 Bulker Tanker Container Gas OSV Overall there is an increased number of NB orders in 217 for the Bulker and Tanker industry compared to year to date 216. Container NB are a considerable amount lower due to the oversupply of tonnage we are experiencing.

DEMOLITION ACTIVITY MAY 217 VS 216 Demolition No. Number of demolition sales per ship type, taken place in May 217 vs May 216. May 217 45 39 4 May 216 No. Demo sales 35 3 25 24 22 2 15 1 1 4 5 6 6 1 Bulker Tanker Container 1 Gas OSV Scrap rates have softened throughout May having a knock-on effect of reducing the number of demolition sales. Total demolition sales for all ship types are down 34% for May 217 compared to May 216 due to the closure of Pakistan for Tankers. Both Bulker, Tanker and Container sales are lower for this May 217. 6 OSV vessels have been scrapped this May, all with undisclosed prices.

CHARTER RATES Dry Baltic Exchange daily market spot rates for Capesize, Panamax, Supramax and Handy Bulkers from 1st May 216-31st May 217. Source: Baltic Exchange Capesize Panamax Supramax Handy 25, (USD per day) 2, 15, 1, 5, Jul 216 Oct 216 Jan 216 Apr 217 Capesize rates have varied this month. Rates have fluctuated between USD 11,88/day and USD 9, 989/day which has also contributed in the softening of Bulker values. Panamax rates have softened significantly over May 217 from USD 9,162/day to USD 6,658/day showing a distinct availability on tonnage. Supramax and Handysize Bulker values have softened slightly towards the end of the month. Wet Baltic Exchange daily market spot rates for VLCC, Suezmax and Aframax Tankers from 1st May 216-31st May 217. Source: Baltic Exchange VLCC Suezmax Aframax 6, (USD per day) 5, 4, 3, 2, 1, Jul 216 Oct 216 Jan 216 Apr 217 Tanker rates have softened throughout May 217. A slow start to the month saw Suezmax rates softening however spot rates began to firm towards the end of the month. Aframax rates firmed significantly from USD 8,571/day to USD 15,584/day at the beginning of the month however rates began to soften towards the end of the month to USD 1,8/day.

CHARTER RATES Container Contex daily time charter rates for Panamax, Handysize and Feedermax Containers from 1st May 216-31st May 217. Source: Contex, VHSS Panamax Handy Feedermax 12, (USD per day) 1, 8, 6, 4, 2, Jul 216 Oct 216 Jan 216 Apr 217 Panamax rates have firmed significantly throughout May. Rates have nearly doubled since the beginning of the year. Rates in May 216 were seen at USD 7,25/day compared May 217 where we have seen rates as high as USD 1,59/day. Handy and Feedermax rates have remained stable throughout the month. LPG Fearnleys weekly market spot rates for VLGC, MGC and LEG Gas ships from 1st May 216-31st May 217. Source: Fearnleys VLGC MGC LEG (Thousand USD per month) 9 8 7 6 5 4 3 2 1 Jul 216 Oct 216 Jan 216 Apr 217 VLGC rates have continued to soften throughout May 217 from USD 655,/month to USD 395,/month. MGC and LEG rates remain stable with a slight softening in values, MGC and LEG rates have now reached similar prices.