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Jan-6 May-6 Sep-6 Jan-7 May-7 Sep-7 Jan-8 May-8 Sep-8 Jan-9 May-9 Sep-9 Jan-1 May-1 Sep-1 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 12 1 8 6 4 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 M O N T H L Y R E P O R T Baltic Dry Index January 216 PRICES TANKERS ($ MIO) * Prices reflect Year s End 21* 211* 212* 213* 214* 215* Jan-16 VLCC 5Y 87.8 55.6 56. 55.8 77.1 8 81 VLCC 1Y 64.3 34.1 35. 35. 52.1 55 57.8 SUEZMAX 5Y 62.8 45.6 4.2 39.5 56.8 6 59 AFRAMAX 5Y 44.5 34.7 28. 27.8 41.9 46 45 AFRAMAX1Y 3.7 19.3 16.3 16.3 26.8 31 3 PANAMAX5Y 39. 3.9 24.3 24.3 33.4 35 36.9 45K 5Y D/H 27.3 25.8 23. 23.3 23.8 28.9 3 45K 1Y D/H 19.7 15.8 15.5 15.7 15.2 19.6 2 45K 2Y 6.7 6. 6.2 6.2 6.5 8.5 8.5 PRICES BULKERS ($ MIO) * Prices reflect Year s End 21* 211* 212* 213* 214* 215* Jan-16 CAPESIZE 5Y 57. 36.3 32. 43.9 39.5 25 23 CAPESIZE 1Y 43. 26.8 2.5 31. 27.8 13.6 13.2 CAPESIZE 15Y 26. 15.2 12.7 18.2 16.3 8.5 7 CAPESIZE 2Y 16.4 1.5 9.3 1.1 9. 5.6 5 PANAMAX 5Y 38.5 26.4 18. 25.6 2.1 14 13 PANAMAX 1Y 31.6 18.6 12.5 17.9 14.6 8.5 8 PANAMAX 15Y 23.1 12.4 8.3 12. 1. 5 4 PANAMAX 2Y 13.8 8.1 5.4 7.5 5.4 3.6 2.8 SUPRAMAX 5Y 31.9 26.4 23.3 24.3 2.8 13.6 13

Prices (USD Mio) Price (USD) Price (USD Mio) Price (USD) 2 S E C O N D H A N D S A L E S & C H A R T E R F I X T U R E T R E N D S 1. Monthly Tanker Market Trend 7 Monthly 1 Yr TC Rates 9. 8. 6 7. 5 6. 5. 4 4. 3 3. 2 2. 1. 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 7. Monthly Bulk Carrier Market Trend 4 Monthly 1 Yr TC Rates 6. 35 5. 3 4. 3. 2. 1.. 25 2 15 1 5 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 S E C O N D H A N D T O N N A G E M A R K E T 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 1 254 41 197 46 15 1 5 173 23 128 2 THIS MONTH - PREVIOUS MONTH THIS MONTH - PREVIOUS MONTH *Excluding demolition sales Sale and Purchase Market Ship Type Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Total BULK 27 41 36 41 46 41 232 TANK 31 32 19 29 2 26 157 GAS 1 1 8 1 2 2 15 CONT 13 12 12 9 6 4 56 TWEEN 1 1 2 1 2 7 REEF 1 1 2 RORO 2 2 FERRY 1 1 CRUISE 1 Total 74 87 77 83 78 73 472

4 Baltic Clean Tanker - Yearly 95 835 85 75 65 55 592 45 458 35 5 8 11 14 17 2 23 26 29 32 35 38 41 44 47 5 1 4 215 WEEK NO 216 11 1 9 8 7 6 5 4 215 Baltic Dirty Tanker - Yearly 152 61 823 5 8 11 14 17 2 23 26 29 32 35 38 41 44 47 5 1 4 WEEK NO 216 Baltic Clean Tanker - Monthly 74 718 72 7 68 688 66 64 664 62 6 4/1/216 11/1/216 18/1/216 25/1/216 Baltic Dirty Tanker - Monthly 115 15 165 95 85 75 812 65 4/1/216 11/1/216 18/1/216 25/1/216 TANKER SALES NAME DWT BLT PRICE $ BUYER CARBONIAN FRONTIER 2114 212 JAPAN DH 6.5 MIO FAR EASTERN (SUS34) SINAR TOKYO 2949 24 JAPAN DH 4.5 MIO UNDISCLOSED (STST) MAR ISA 4816 23 TURKEY DH 3 MIO UNDISCLOSED SERRA MERT 5384 21 TURKEY DH 8.3 MIO UNDISCLOSED (Marineline) OSMAN BEY 638 27 TURKEY DH 6 MIO TURKISH (Marineline - via auction) CHULAN 2 7 211 MALAYSIA DH 5.7 MIO ENBLOC BSS CHULAN 3 7299 211 MALAYSIA DH 5.7 MIO ENBLOC BSS CHULAN 1 7299 211 MALAYSIA DH 5.7 MIO JASA MERIN (Marineline Price Each) KENZA 16456 21 JAPAN DH 8.5 MIO KOREAN (epoxy/zinc) SCARLET RAY 1995 216 JAPAN DH 32.8 MIO CHINESE RICHARD MAERSK 34826 21 CHINA DH 11.5 MIO FAR EASTERN ELBTANK GERMANY 3547 1999 KOREA DH 9.75 MIO UNDISCLOSED ALPINE HIBISCUS 37857 21 KOREA DH 24.5 MIO GREEK H. ISMAIL KAPTANOGLU 4112 24 CROATIA DH 11 MIO UNDISCLOSED (epoxy) TRF OSLO 45 214 KOREA DH 37.5 MIO UAE ALAM BUDI 4765 21 JAPAN DH 13 MIO UNDISCLOSED GENER8 CONSUL 47171 24 CROATIA DH 17.5 MIO UNDISCLOSED CPO KOREA 51747 29 KOREA DH 27.5 MIO ENBLOC BSS CPO JAPAN 51747 21 KOREA DH 28.5 MIO GREEK (Price each) EAGLE RAY 74999 2 KOREA DH 15.5 MIO UK BASED CONCERTINA 96835 1992 JAPAN DH 4 MIO INDONESIAN PETROKREPOST 15657 1999 KOREA DH 15 MIO UNDISCLOSED DHT TRADER 152923 2 KOREA DH 26.5 MIO UNDISCLOSED FAMENNE 298412 21 JAPAN DH 38.4 MIO UNDISCLOSED VOSS SPIRIT 314 21 KOREA DH * ENBLOC BSS HEMSEDAL SPIRIT 314 21 KOREA DH 155 MIO UNDISCLOSED (Ttl Price)

$/Day $/Day 5 GAS SALES NAME DWT BLT CBM PRICE $ BUYER LIZZIE KOSAN 3696 1996 JAPAN 414 2.7 MIO UNDISCLOSED ROYAL JADE 949 1991 GERMANY 8239 4.3 MIO GREEK Spot Market - Tankers VLCC SUEZMAX AFRAMAX 11 1 9 8 7 6 5 4 3 2 1 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 6225 373 297 Period Market - Tankers 1 Year T/C VLCC SUEZMAX AFRAMAX 7 6 5 4 3 2 1 55 39 3 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16

6 Baltic Handysize 3 28 26 24 25 22 237 2 225 2 4/1/216 11/1/216 18/1/216 25/1/216 Baltic Supramax 5 45 465 4 35 2 327 3 4/1/216 11/1/216 18/1/216 25/1/216 Baltic Panamax 48 466 43 38 33 4 33 28 4/1/216 11/1/216 18/1/216 25/1/216 Baltic Capesize 5 472 45 4 35 3 25 4 38 235 2 15 185 4/1/216 11/1/216 18/1/216 25/1/216 BULKER SALES NAME DWT BLT GEAR PRICE $ BUYER ASIAN TIDE 7365 28 CHINA GLESS 1.3 MIO UAE (Laid up/via auction) SHUEI 19968 212 JAPAN CR 3X3 9 MIO UNDISCLOSED ORIENTE VICTORIA 2392 1998 JAPAN CR 4X3 2.4 MIO UNDISCLOSED ZINI 28412 1998 JAPAN CR 4X3 2.8 MIO CHINESE VOGE FANTASY 29538 1996 CHINA CR 5X3 2.6 MIO UNDISCLOSED LAURA BULKER 3189 28 JAPAN CR 4X3 7.5 MIO CANBAZ OCEAN JEWEL 37186 212 KOREA CR 4X3 9 MIO UNDISCLOSED STOVE TRANSPORT 46223 1998 JAPAN CR 4X3 3.5 MIO UNDISCLOSED (semi-boxed) CELESTE 46667 1999 JAPAN CR 4X3 3.8 MIO GREEK ASTON TRADER II 55496 28 JAPAN CR 4X3 7.1 MIO UNDISCLOSED BIANCO DAN 55628 24 JAPAN CR 4X3 5.3 MIO UNDISCLOSED FALCON TRADER I 55699 26 JAPAN CR 4X3 6.4 MIO GREEK GMT PHOENIX 56763 212 JAPAN CR 4X3 7.9 MIO CHINESE CMB MAXIME 57982 21 PHILIPPINES CR 4X3 1 MIO NORDEN (Swap deal with Nord Energy) HUDSON TRADER I 58129 29 CHINA CR 4X3 7.8 MIO GREEK KESARI PREM 69186 1997 JAPAN CR 4X25 2.9 MIO UNDISCLOSED DEEP SEAS 72891 1999 KOREA GLESS 2.9 MIO CHINESE SRI PREM APARNA 73461 21 JAPAN CR 4X3 4.5 MIO UNDISCLOSED GAURI PREM 7445 27 CHINA GLESS 7.4 MIO UNDISCLOSED ETERNITY ISLAND 8135 212 KOREA GLESS 13.6 MIO UNDISCLOSED CANON TRADER I 81761 213 CHINA GLESS 14.5 MIO S AMERICAN ABYO OPRAH 82551 26 JAPAN GLESS 7.8 MIO UNDISCLOSED NISSHIN TRADER 172517 21 JAPAN GLESS 6.1 MIO KARADENIZ (for conversion) KORYU 172549 2 JAPAN GLESS 6 MIO UNDISCLOSED CAPE CENTURY 172683 21 JAPAN GLESS 6.4 MIO KARADENIZ (for conversion)

$/Day $/Day 7 BULK PEACE 175858 21 CHINA GLESS 18.5 MIO EUROPEAN NORD POWER 176346 25 JAPAN GLESS 12.2 MIO GREEK FAUSTINA 177775 21 CHINA GLESS 19 MIO GREEK SBI CAMACHO 179318 215 KOREA GLESS 33 MIO ENBLOC BSS SBI MONTESINO 17945 215 KOREA GLESS 33 MIO ENBLOC BSS SBI MAGNUM 179445 215 KOREA GLESS 33 MIO GREEK (Price each) SBI MONTERREY 18 215 KOREA GLESS 34 MIO ENBLOC BSS SBI BEHIKE 18491 215 KOREA GLESS 34 MIO FREDRIKSEN (Price each) BRUNO MARKS 18 215 CHINA GLESS 37 MIO ENBLOC BSS JENMARK 18 215 CHINA GLESS 37 MIO ENBLOC BSS STAR ARIES 18 215 CHINA GLESS 37 MIO ENBLOC BSS STAR TAURUS 18 215 CHINA GLESS 37 MIO GREEK (Price each) NORD ENERGY 1831 24 JAPAN GLESS 11 MIO BOCIMAR (Swap deal with CMB Maxime) JOLANDA 18378 214 KOREA GLESS 33.5 MIO UNDISCLOSED RED IVY 186 215 JAPAN GLESS 35.5 MIO BOCIMAR MEGALODON 182 216 JAPAN GLESS 35.5 MIO EASTERN PACIFIC 18 16 14 12 1 8 6 4 2 Spot Market - Bulkers Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 47 39 34 CAPESIZE PANAMAX HANDYMAX 135 125 115 15 95 85 75 65 55 45 Period Market - Bulkers 1 Year T/C Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 62 5 5 CAPE PMAX HANDYMAX

8 CONTAINER SALES NAME DWT BLT GEAR TEU PRICE $ BUYER MOHEGAN 785 1994 DENMARK CR 2X4 73 2 MIO PHILIPPINO NORDIC PHILIP 1331 21 CHINA GLESS 136 11 MIO ENBLOC BSS NORDIC STANI 132 21 CHINA GLESS 136 11 MIO SEACON (Price each) PACIFIC TRADER 1376 28 CHINA CR 2X45 1118 5.8 MIO UNDISCLOSED

$m $m 9 N E W B U I L D I N G M A R K E T A N D R E P O R T E D C O N T R A C TS Tanker Prices VLCC Suezmax Aframax MR Bulker Prices Capesize Panamax Handymax Handysize 12 1 8 6 4 2 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 93.4 63 52 35.4 7 6 5 4 3 2 46 25.7 24.1 2.3 1 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 Ship Type 216 217 218+ Total Capesize 18 37 23 24 Panamax 243 69 21 333 Supra/Hmax 447 136 18 61 Handies 253 93 48 394 Total 1123 335 11 1568 Ship Type 216 217 218+ Total ULCC/VLCC 66 46 24 136 Suezmax 4 56 11 17 Aframax 69 71 35 175 Panamax 32 28 1 7 MR+Small 254 146 57 457 Total 461 347 137 945 Ship Type 216 217 218+ Total VLGC 52 26 11 89 LGC 2 2 MR 32 37 4 73 Handy 22 11 1 34 Small 7 1 1 9 Total 115 75 17 27

m. dwt m. dwt No. of Vessels m. dwt 1 Newbuilding Sales 7 6 5 4 3 2 1 142 66 128 398 235 28 Tankers >1, dwt Bulkers >1, dwt Containerships 214 215 Jan-16 3 1 4 Delivery Schedule Bulkers >1, dwt. Tankers >1, dwt 1 92.5 9 8 7 6 5 45.7 38.6 4 3 25 2 16 9 1 Jan-16 217 218+ 45 4 35 3 25 2 15 1 5 VLCC Aframax Products 42.1 19.6 16.8 17 5.2 January 216 Tanker Newbuildings on Order Suezmax Panamax Bulker Newbuildings on Order Capesize Panamax Handymax Handysize 6 5 48.5 36.6 4 3 27.4 14.1 2 1 January 216 Newbuilding Historical Prices ($m) Tankers Jan-16 215 214 213 212 211 21 29 28 25 1995 199 1985 31, DWT 1 93.4 93.7 97.3 93.8 93.2 98.9 14.8 97.5 15 12 85.3 87.4 2 38.2 17, DWT 1 63 63 65.5 59.6 57.1 6.3 66.3 61 9 71.5 54 66.1 2 28.2 11, DWT 1 52 52 53.6 52.2 48.5 52.2 56 49.5 74 58 43.3 53.2 2 18.1 47, DWT 1 35.4 35.4 36.8 34.6 33.8 35.2 36.1 35 46.5 43 33.2 3 32.1 3 13.3 Bulkers 18, DWT 1 46 46 54.2 53.6 45.7 48.4 57.2 55.5 87 58.5 42.3 6.2 29.3 73, DWT 1 25.7 25.7 29 27.8 25.6 28.7 34.3 34.5 45.5 36 27.9 3 13.4 45, DWT 24.1 24.1 27.2 26.5 23.7 26.7 31.1 29 41 31 24.1 25.3 12.4 29, DWT 2.3 2.3 22.8 22.2 2.5 22.2 26.3 24.5 31 25.5 19.2 21.3 9.7 1 Before 21 sizes to read 28, - 14, - 95, - 4, respectively for tankers and 15, - 69, for Bulkers 2 Single Hull 3 3, DWT (note: above is for vessels built Japan / Korea, you should also consider US$ / Yen / Won relation for the years mentioned)

11 The Shipbuilding Market TYPE DWT BUILDER DELIVERY PRICE $ OWNER NOTES Accom. Unit 25 Damen Galati 217 Bibby Marine Asp.&Bitu 17 Huangpu Wenchong 218 Tianjin Southwest Asp.&Bitu 78 Guangzhou Hangtong 217 Tianjin Southwest Asp.&Bitu 78 Guangzhou Hangtong 217 Tianjin Southwest Chem & Oil 263 Xinle S.B. 217 Prime Shipping Chem & Oil 263 Xinle S.B. 217 Prime Shipping Chem & Oil 263 Xinle S.B. 218 Prime Shipping Option Chem & Oil 263 Xinle S.B. 218 Prime Shipping Option Chem & Oil 13 Dae Sun S.B. 218 Viken Crude AS Chem & Oil 13 Dae Sun S.B. 218 Viken Crude AS Chem & Oil 539 Xiamen Shipbuilding 218 Xiamen C&D Chip 65 Oshima SB Co 218 Nippon Yusen Kaisha Container 235 Zhejiang Ouhua SB 217 CMA-CGM Container 235 Zhejiang Ouhua SB 217 CMA-CGM Container 122 Jiangsu New YZJ 218 Pacific Intl Lines Container 122 Jiangsu New YZJ 218 Pacific Intl Lines Container 122 Jiangsu New YZJ 219 Pacific Intl Lines Container 122 Jiangsu New YZJ 219 Pacific Intl Lines Cruise Meyer Werft 219 Saga Cruises Cruise Meyer Werft 221 Saga Cruises Option PCC 21 Zhejiang Yangfan 218 Grimaldi Group PCC 21 Zhejiang Yangfan 218 Grimaldi Group

Million dwt USD/ton USD/ton 12 Demolition Historical Data D E M O L I T I O N M A R K E T Demolition Prices Gen Cargo Tanker India USD 26 /lt Ldt USD 28 /lt Ldt Bangladesh USD 25 /lt Ldt USD 27 /lt Ldt Pakistan USD 255 /lt Ldt USD 275 /lt Ldt China USD 125 /lt Ldt USD 135 /lt Ldt 58 53 48 43 38 33 28 23 18 58 53 48 43 38 33 28 23 18 6 5 4 3 2 1 28 Price Tankers* 213 214 215 216 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC *India month's end prices 26 Price Bulkers* 213 214 215 216 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC *India month's end prices 38 25.6 14.5 4.9 2.35 4.6 3.8 15.9 16.7 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 38.8 34.3 3.8 * Bss reported sales

USD/ton 13 6 Historical Demolition Prices (India Year's End) 5 4 3 2 TANKERS BULKERS Avg. Trend 1 HISTORICAL DEMOLITION PRICES (*Indian Year s End) 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 CURR. TANK 115 136 174 135 174 262 362 32 45 57 287 338 485 482 45 435 425 3 28 BULK 112 143 17 135 181 267 381 332 392 472 268 328 437 456 375 41 4 285 26 India TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK DONA MARIA 27995 1983 882 278 BULK MAHMUT SAKA 2999 1984 6124 255 BULK KHOLMSK 33618 1988 8421 26 BULK STEEL WISDOM 46641 1995 777 263 BULK SPAR SIRIUS 4751 1996 7779 263 BULK CONSUL POPE 68591 1995 98 28 BULK ANNOULA K 6946 1989 9535 28 BULK SAMOS LEGEND 7231 1996 9191 277 BULK KG BARITO 738 1996 12415 255 BULK TAROKO 12231 1996 16516 259 BULK CAPE OLIVE 169963 1996 2175 284 Full sub-cont option CONT COMMODORE 3577 21 12861 323 CONT ELBWOLF 39232 1999 1362 272 As is Singapore incl abt 15T ROB CONT EVER RADIANT 58912 1994 2244 272 As is Kaohsiung incl 11T ROB CONT EVER RESPECT 58912 1995 2244 272 As is Shanghai incl 13T ROB RORO MARINE RELIANCE 11676 1987 9612 283 Full sub-cont option Bangladesh TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK FORTUNE STAR 16312 198 45 231 BULK LANCELOT V 162 1996 9521 272 BULK C YOUNG 69344 1988 99 282 BULK FENGLI 9 744 1994 12161 272 Incl 6T ROB BULK HANJIN NEW ORLEANS 7337 1994 9996 275 BULK DRIN 7387 1996 1741 281 Full sub-cont option BULK RIRUCCIA 742 1997 9733 283 BULK ELITE 75473 1996 11376 265 BULK ZOSCO ZHOUSHAN 14939 1994 18148 274 BULK SILVER MASTER 158387 1996 19244 29 Incl 13T ROB BULK ALPHA FRIENDSHIP 161524 1996 19525 28 BULK JOHN OLDENDORFF 169229 21 22439 259 As is Singapore incl abt 8T ROB

14 BULK RUTLAND 1713 1997 2 286 BULK MINERAL WATER 1721 1999 2297 267 As is Singapore with 175T ROB BULK ORE TIMBOPEBA 199999 1986 24286 267 Incl 1T ROB RORO OMARRASHEED 575 1985 1843 272 Incl abt 6T ROB TANK BUKHTA SLAVYANKA 17125 1977 7445 289 China TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS N/A N/A N/A Pakistan TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK MIGHTY CHRISTOS 71678 1997 9759 257 TANK VISTA I 6798 1984 165 29 Turkey TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS N/A N/A N/A Other TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS BULK CAPTAIN EVANGELOS N.M. 71662 1997 9939 262 CONT PRAHA 5875 21 192 3 As is Korea

USD/ton USD/ton 15 8 7 6 5 4 3 2 1 H I S T O R I C A L B U N K E R P R I C E S Bunkers Cost (38 cst) Rotterdam Fujeirah Houston Average Trend 12 1 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 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 21 452 667.1 468.2 712.9 449.3 683 211 548 848.6 587.5 897.5 542.1 862.4 212 585 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 Jan-16 143 275 162 45 13 335

$/Barrel USD-EUR USD-JPY 16 M A R K E T I N D I C A T O R S 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 16. 14. 12. 1. 8. 6. 4. 2.. Brent Oil GBP CAD EUR JPY CHF USD AUD GBP 1.49523.75944.59.68719.69861.49132 CAD 2.1858 1 4.53317.1191 1.38728 1.4141.99191 EUR 1.31643.6523 1.777.9479.9198.6469 JPY 169.48 83.94 128.73 1 116.48 118.42 83.28 CHF 1.45474.7251 1.1497.858 1 1.1641.71482 USD 1.4312.7888 1.874.844.9836 1.7328 AUD 2.3457 1.773 1.5454.12 1.39828 1.42159 1 * 28/1/216 values

17 S T O C K W A T C H NAME TICKER THIS MONTH* LAST MONTH CHANGE % 52w HIGH 52w LOW Capital Product Partners CPLP 4.23 5.22-19 1.6 3.2 Diana Shipping Inc. DSX 2.62 4.13-36.6 8.27 2.5 Dryships Inc. DRYS.12.18-32.95.1 Dynagas LNG Partners LP DLNG 9.4 9.18 2.4 2.95 6.7 Eagle Bulk Shipping Inc. EGLE 1.38 3.45-6 11.85 1.38 Euroseas Ltd. ESEA 2.15 2.74-21.5 8.8 2.15 Freeseas Inc. FREE.15.2 81.7 7.84.13 Costamare Inc. CMRE 6.78 9.38-27.7 2.5 6.1 Goldenport Holdings Inc. GPRT 14. 29.81-53 217.36 16. Navios Maritime Holdings NM.91 1.55-41.3 4.68.69 GasLog Ltd. GLOG 7.17 8.69-17.5 23.84 5.24 Paragon Shipping Inc. PRGN.1.18-42.2 2.8.8 Safe Bulkers Inc. SB.42.88-52.1 4.13.3 Star Bulk Carriers Corp. SBLK.4.59-32.2 4.8.31 Stealthgas Inc. GASS 2.91 3.46-15.9 7.1 2.39 TEN Inc. TNP 5.78 7.28-2.6 1.5 5.12 TOP Ships Inc. TOPS.26.35-25.7 1.41.13 Box Ships Inc. TEU.12.16-26.7 1.7.1 Diana Containerships Inc. DCIX.6.77-22.1 2.7.45 Danaos Corporation DAC 4.96 4.82 2.9 6.7 4.26 Aegean Marine Petroleum ANW 6.93 8.28-16.3 15.71 5.52 * 27/1/216 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,