Weekly Market Report Sale & Purchase Newbuilding Secondhand Demoli on Chartering Week 39 Tuesday 04th October 2011

For any further queries please do not hesitate to contact our Research Department. The informa on contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such informa on to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the produc on of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the informa on and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior wri en authoriza on of Intermodal Shipbrokers Co. Intermodal Shipbrokers Co. 17th km Ethniki Odos Athens-Lamia & 3 Agrambelis Street, 145 64 N. Kifisia, Athens - Greece Tel: +30.210.6293300 Fax: +30.210.6293333 www.intermodal.gr Weekly Market Report Sale & Purchase Newbuilding Secondhand Demoli on Chartering Week 39 Tuesday 04th October 2011 Broker s insight by George Derma s Is shipping finally ge ng detached from the financial markets anchor? Through this space not so long ago we argued about the paradox of the current "shipping crisis" compare to previous ones. High commodity prices, low interest rates, low infla on in the western world and s ll below double digit figures in most of the emerging economies, high energy costs and ever growing trade volumes were never (historically speaking) the basis for a dropping BDI nor for a decrease in asset values; at least not as steep as the one evident over the past 3years and more specifically over the past 9 months. One explana on offered was the increasing dependence of the shipping industry on the financial markets, which aligned the sector's performance with that of the world's stock markets. Freight deriva ves, lower cost of capital and high profit margins a racted serious amounts of capital in an industry which is not so used to accommoda ng so much a en on. Of course a small me lag can be observed due to a series of reasons which, however, are not the subject of this analysis. The most important aspect of the below graph is that shipping, especially over the past 10yrs (with a few excep ons), stopped working on a counter-cyclical fashion to world changing events such as wars, financial crises, natural disasters, etc. Over the past 9 months, the dry cargo market has had to ba le against droughts which destroyed the grain season in China and Russia, a catastrophic flooding in Australia stripping the market of iron ore and coal cargoes, a devasta ng earthquake in, a highly "contagious" revolu on spree and extensive warfare in North Africa within a stone's throw from the Suez Canal and several other major events... All of this would have propelled freight rates in a second according to our previous understanding of the markets. Excuses of oversupply and low cargo demand would not be sufficient to conceal (at least some) skewing in data! However, it seems that over the same period some changes in pa ern "are cooking"... Leaving aside arguments such as "higher ton-miles due to piracy in Aden", which in my opinion have not given us solid evidence of any increase in rates, it is important to focus our a en on on the stockpiling of commodi es that are evident these days. With the European economy in rumbles, the USD is rising and bringing down commodity values with it. Emerging economies are using this opportunity to quench their winter energy demand at a discount, stock up on iron ore and other commodi es before the markets turn on them and fill traders and producers' lungs with op mism... Check out the graph below which shows that par cular "break-up in the correla on between the financial markets and the physical (shipping) market. S&P500 Index 1850 1600 1350 1100 850 600 S&P500 BDI 12,500 10,000 7,500 5,000 2,500 0 One more thought for this scenario. 4th quarter slippage usually intensifies due to end of year and owners' unwillingness to write the vessels in their books so late in the year; low market rates don't make sense for them to do so since they have to depreciate them shortly a er. How much will supply slip over the next 3 months and what will its net effect on the market be? Baltic Index Chartering (Wet: Stable+ / Dry: Stable- ) Dry bulkers witnessed a drop in the overall index this week due to the strong correc on noted in the Capes market, despite the posi ve movement seen in all other size segments. The BDI today (04/10/2011) closed at 1,885points, a decrease of 1 point compared to Monday s (03/10/2011) closure, and up by 90 points compared to last Tuesday s levels (27/09/2011). Things got even worse for large crude carriers this week as rates dropped further in most regions. The BDTI Monday (03/10/2011), was at 704, 11 point up and the BCTI at 721, an increase of 30 points compared to the previous Monday s levels (26/09/2011). Sale & Purchase (Wet: So er- / Dry: So er- ) S ll no notable increase in ac vity this week, with few reported deals. On the Tankers side, the most noteworthy deal reported this week was the sale of the stainless steel Chemical tanker Golden Marine (19,741dwt-blt 10 ) which went to MTMM for a price of $ 28.5m. While on the dry bulker of interest was the sale of the geared panamax Magne c Isle (68,461dwt-blt 96 ) which reportedly went to Chinese buyers for a price in the region of $ 14.5-15.4m. Newbuilding (Wet: Stable- / Dry: Stable- ) Things are s ll sluggish in the newbuilding market, while we expect a further slowdown these next couple of days due to holidays in Asia which are likely going to cause most shipbuilders to so en their ac ve marke ng campaigns. Having said that, compe on will start to heat up further as we get closer to the end of the year, as many shipyards, especially in China, s ll have a large orderbook capacity to fill. At the same me foreign exchange movements this week seemed to be favouring S. Korean and ese builders which finally saw the dollar strengthen against their respec ve currencies. This however will not be enough to push owners for further new orders. The oversupply issues are s ll cas ng a very large shadow over the market and un l fleet growth starts to ease considerably we will unlikely see a rush for further newbuildings. Worth men oning this week is the reported order placed by s TUI Cruises for one firm plus one op onal cruise vessel (2,500pass) at Finland s STX Finnyards for delivery between 2014 and 2015 and at a reported price of around $ 607.5m each. Demoli on (Wet: So er- / Dry: So er- ) Poor sen ment con nued to take its toll on the market, especially as rumors started to circulate of poten al Bangladesh market closure on the 12th of October. With so many dry units circula ng the market, it was the dry sector that felt the brunt of the price drop, while at the same me prices for tankers held slightly more stable. With such a big price drop noted the past two weeks, it was inevitable that a lot of deals would fall through. At the same me the significant number of very large vessels which have headed to the breakers yards this past month has meant that breakers already have a lot on their plate and are not so ac ve as they were at the end of the Summer. Demo prices fell considerably for yet another week, with Wet tonnages now at levels of around 450-525$/ldt, while dry tonnages fell to about 430-500$/ldt. Compiled by: Intermodal Research Department Mr George Lazaridis E-mail: research@intermodal.gr On behalf of: Intermodal Sale & Purchase and Newbuilding Departments E-mail: snp@intermodal.gr

Wet Market Dirty Clean Aframax Suezmax VLCC Vessel $/day Routes WS points Spot Rates Week 39 Week 38 2011 2010 $/day $/day ±% $/day $/day TC Rates WS points 265k AG-JAPAN 41 1,174 45 5,822-9% 18,058 41,620 280k AG-USG 33-2,767 34-2,143-3% 3,136 20,959 260k WAF-USG 48 14,688 48 13,392 0% 24,456 45,311 130k MED-MED 80 18,589 88 24,210-9% 22,612 36,316 130k WAF-USAC 73 9,123 75 10,312-3% 12,002 26,222 130k AG-CHINA 80 14,809 80 14,333 0% 15,498 26,910 80k AG-EAST 100 8,647 100 8,358 0% 13,380 15,716 80k MED-MED 85 6,563 85 6,353 0% 10,783 19,835 80k UKC-UKC 98 13,365 98 12,782 0% 16,535 24,225 70k CARIBS-USG 90 2,301 90 1,603 0% 8,124 17,047 75k AG-JAPAN 120 12,827 123 13,150-2% 11,668 14,544 55k AG-JAPAN 125 7,024 133 8,641-6% 8,651 10,784 37K UKC-USAC 180 12,941 165 9,788 9% 10,910 10,531 30K MED-MED 150 13,839 143 11,797 5% 17,578 19,933 55K UKC-USG 110 6,187 115 7,027-4% 11,436 16,419 55K MED-USG 110 4,678 115 5,716-4% 9,814 14,358 50k CARIBS-USAC 125 8,123 125 7,658 0% 11,162 14,117 Week 39 Week 38 ±% Diff 2011 2010 WS points WS points - 12 mos - 'Nataly' 1993 149k dwt - $16,000/day - Norvic - 36 mos - 'Ocean Unicorn' 1998 105k dwt - $ 17,500/day - ENOC 180 160 140 120 100 80 60 40 20 260 240 220 200 180 160 140 120 100 80 60 Indicative Period Charters TD3 TD5 TD8 TD4 TC2 TC4 TC6 TC1 DIRTY -WS RATES CLEAN -WS RATES VLCC Suezmax Aframax Panamax MR Handy size 300k 1yr TC 21,000 21,000 0.0% 0 27,045 38,288 300k 3yr TC 29,500 29,500 0.0% 0 33,155 38,671 150k 1yr TC 18,750 18,750 0.0% 0 20,583 28,712 150k 3yr TC 22,000 22,000 0.0% 0 24,745 27,642 105k 1yr TC 15,500 15,500 0.0% 0 16,199 19,014 105k 3yr TC 18,250 18,250 0.0% 0 18,745 20,282 70k 1yr TC 14,750 15,250-3.3% -500 15,429 16,865 70k 3yr TC 16,000 16,500-3.0% -500 16,745 17,700 45k 1yr TC 14,500 14,500 0.0% 0 13,962 13,423 45k 3yr TC 15,000 15,000 0.0% 0 14,841 14,388 36k 1yr TC 12,500 12,500 0.0% 0 12,545 11,808 36k 3yr TC 13,750 13,750 0.0% 0 13,476 12,008 Chartering Indicative Market Values ($ Million) - Tankers Vessel 5yrs old Sep-11 Aug-11 ±% 2011 2010 2009 VLCC 300KT DH 74.4 79.0-5.8% 82.9 87.2 84.3 Suezmax 150KT DH 49.6 52.8-6.0% 56.8 62.6 59.2 Aframax 105KT DH 37.0 37.8-2.0% 40.0 44.7 43.2 Panamax 70KT DH 34.6 35.5-2.5% 36.0 38.8 37.5 MR 45KT DH 29.1 29.3-0.8% 28.7 26.5 29.2 Sale & Purchase VLCC freight rates were once again on a downhill fall, despite the ample fixtures reported, especially in the MEG. The vast number of open tonnage in the area is pushing things further down while providing leverage for charterers to prevent an real recovery. Bunker prices may have so ened slightly, providing a temporary cushion for the fall, however this was minimal comparedto the drop seen in overall eanrings. With the West s ll showing minimal demand and most of the the increased ac vity provided by the Far East, it looks as though it will be a very poor performing October. Despite the posi ve movement seen a week prior, Suezmaxes witnessed a slow down a drop this week especially in the Black Sea/Med region were we saw minimal fresh enquiries emerge. The WAF dint fair much be er, as most of the fixtures reported were for later October dates, while at the same me there is a large number of vessels expected to arrive in the area by then. No interes ng movements this week in the Aframax sector, with most regions showing on par freight levels with a week prior. The North Sea/Bal c region s ll shows good signs of promise for the next couple of days. The Black Sea/Med region is s ll at disappoin ng levels due to the large number of tonnage in the area, while things look even worse in the Caribs and MEG. The most noteworthy deal reported this week was the sale of the stainless steel Chemical tanker Golden Marine (19,741dwt-blt 10 ) which went to MTMM for a price of $ 28.5m. Also worth men oning is the sale of the products/chemical tanker Sichem Peace (8,801dwt - blt 05 ) which went to undisclosed buyers for a price of $ 10.0m. Intermodal Research 2 04/10/2011

Dry Market Baltic Indices Week 39 Week 38 2011 2010 30/09/2011 23/09/2011 Point ±% Diff Index $/day Index $/day Index Index BDI 1,899 1,920-1.1% -21 1,428 2,758 BCI 3,136 $26,601 3,335 $28,888-6.0% -199 1,895 3,480 BPI 1,726 $13,813 1,641 $13,142 5.2% 85 1,720 3,115 BSI 1,499 $15,678 1,479 $15,460 1.4% 20 1,369 2,148 BHSI 740 $10,851 687 $10,194 7.7% 53 724 1,124 Capesize Panamax Supramax Handymax Handysize Period $/day Week Week 39 38 ±% Diff 2011 2010 170K 6mnt TC 22,250 25,750-14% -3,500 16,059 36,483 170K 1yr TC 18,000 20,000-10% -2,000 16,006 33,167 170K 3yr TC 16,500 17,250-4% -750 17,553 29,153 70K 6mnt TC 16,625 16,375 2% 250 17,133 28,879 70K 1yr TC 14,000 13,875 1% 125 15,308 24,759 70K 3yr TC 14,000 14,000 0% 0 14,867 19,735 52K 6mnt TC 16,250 16,250 0% 0 15,908 24,569 52K 1yr TC 14,500 14,500 0% 0 14,646 21,047 52K 3yr TC 14,000 14,000 0% 0 14,264 17,502 45k 6mnt TC 14,000 14,000 0% 0 13,777 21,372 45k 1yr TC 12,500 12,750-2% -250 12,873 18,530 45k 3yr TC 12,250 12,250 0% 0 12,663 15,568 30K 6mnt TC 12,000 12,000 0% 0 12,203 16,908 30K 1yr TC 12,000 12,000 0% 0 12,142 15,862 30K 3yr TC 12,000 12,000 0% 0 12,197 14,143 Chartering We finally saw the an cipated correc on in the Capes market. The slight drop in ac vity was enough to pull the market back to more reasonable levels, as the current number of open vessels in both basins could not allow any further increases. With China remaining fairly quiet in the first half of the week, the Pacific market felt a considerable blow in freight levels. While in the Atlan c things are s ll sluggish due to minimal demand compared to the supply of vessels there. With tonnage lists already very ght from two weeks ago, Panamax owners were finally able to push for a considerable increase in freight rates. In the Atlan c we saw considerable interest for cargoes heading to the Con nent from the US. The Pacific was quieter than a couple of weeks back, however with so few candidates available for fixing charterers had no choice but to allow for a slight increase in freight levels. If the level of enquiries picks up these next couple of days, we should see further rises occur before Friday s close. Index $/day 6,000 5,000 4,000 3,000 2,000 1,000 0 Indicative Period Charters - 4/6 mos - 'Garima Prem' 2007 74,465dwt - dely Dhamra 25/30 Sept - $ 12,350/day - Bunge - 4/6 mos - 'Jiu Hua Hai' 2008 53,393dwt - dely dop Beira 28/29 Spet - $ 14,500/day - cnr 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 Capesize Panamax Supramax Handysize Baltic Indices BCI BPI BSI BHSI BDI Sale & Purchase Average T/C Rates AVR 4TC BCI AVR 4TC BPI AVR 5TC BSI AVR 6TC BHSI Indicative Market Values ($ Million) - Bulk Carriers Vessel 5 yrs old Sep-11 Aug-11 ±% 2011 2010 2009 170k 39.0 39.5-1.3% 45.1 57.4 49.0 75K 27.2 29.1-6.6% 32.7 39.0 30.3 52k 24.0 23.6 1.6% 26.1 30.2 26.1 29K 22.0 22.5-2.2% 23.8 26.2 21.1 Most noteworthy deal this week was that of the geared panamax Magne c Isle (68,461dwt-blt 96 ) which reportedly went to Chinese buyers for a price in the region of $ 14.5-15.4m. Another interes ng deal was the sale of the panamax Trident Endeavor (68,788dwt-blt 90 S.Korea) which went to European buyers for a price of $ 10.5m. Supras witnessed a slight upward movement, though fairly minimal due to holidays in Asia. Handies on the other hand outperformed every other size segment this week, no ng the largest week-on-week gain thanks to strong ac vity in the Con nent and Black Sea/Med region as well as increased inquiries coming out of Inida. Things also looked to be firming up in ECSA and West Africa, while there was also ample stems in the US Gulf. Intermodal Research 3 04/10/2011

Secondhand Sales Tankers Size Name Dwt Built Yard M/E SS due Hull Price Buyers Comments VLCC TITAN SEEMA 275,546 1993 HITACHI ZOSEN - NAGASU, B&W Sep-13 SH $ 25.0m Brazilian (Petrobras) for conversion to FPSO MR PAFOS 41,354 1993 MINAMI-NIPPON USUKI, B&W Jul-13 DH undisclosed undisclosed CHEM GOLDEN MARINE 19,741 2010 FUKUOKA FUKUOKA, Mitsubishi Apr-15 DH $ 28.5m US based (MTMM) StSt tanks CHEM SPRING URSA 16,026 1997 SHIN KURUSHIMA AKITSU, B&W Mar-12 DH $ 8.7m undisclosed StSt tanks PROD/ CHEM SICHEM PEACE 8,801 2005 USUKI SHIPYARD, B&W Aug-15 DH $ 10.0m undisclosed StSt/Epoxy coated CHEM KILSTRAUM 4,618 1988 AUKRA INDUSTRIER AS, Norway Wartsila Nov-11 DH $ 3.5m Russian StSt tanks Gas/LPG/LNG Name Dwt Built Yard M/E SS due Cbm Price Buyers Comments KONSEP MAJU 5,996 1995 WATANABE ZOSEN KK - HA, Mitsubishi Apr-15 5,007 undisclosed Barbados based (Petredec) Intermodal Research 4 04/10/2011

Secondhand Sales Bulk Carriers Size Name Dwt Built Yard M/E SS due Gear Price Buyers Comments TRIDENT ENDEAVOR 68,788 1990 HYUNDAI HEAVY INDS - U, S. Korea B&W Mar-15 $ 10.5m European MAGNETIC ISLE 68,461 1996 IMABARI MARUGAME, Sulzer Jun-16 4 X 30t $ 14.5-15.4m Chinese geared SMAX ATLANTIC ADVENTURE 55,709 2006 OSHIMA SHIPBUILDING, MAN-B&W Mar-16 4 X 30t $ 28.8m undisclosed SMAX SANKO SUMMIT 50,655 1999 NAMURA IMARI, Mi tsubis hi Oct-13 4 X 30t $ 16.50m undisclosed open hatch, 8/8 Ho/Ha HANDY DE SHAN 37,489 1984 MITSUBISHI NAGASAKI, Japa n Sulzer Nov-14 3X30t CR, 2X15t CR $ 5.2m Taiwanese HANDY SUNRISE 86 23,987 1981 IMABARI IMABARI, Japa n B&W Nov-13 4 X 25t $ 2.9m Chinese Containers Size Name Teu Built Yard M/E SS due Gear Price Buyers Comments POST OOCL CALIFORNIA 5,344 1995 MITSUBISHI NAGASAKI, Sulzer Aug-15 $ 31.0m incl 4yrs BB back at $ 16,000/day POST POST OOCL AMERICA 5,344 1995 OOCL HONG KONG 5,344 1995 MITSUBISHI NAGASAKI, SAMSUNG HEAVY INDUSTRI, S. Korea Sulzer Nov-15 $ 31.0m Sulzer Dec-15 $ 31.0m Greek (Diana Shpg) incl 4yrs BB back at $ 16,000/day incl 4yrs BB back at $ 16,000/day POST OOCL CHINA 5,344 1996 SAMSUNG HEAVY INDUSTRI, S. Korea Sulzer Mar-16 $ 31.0m incl 4yrs BB back at $ 16,000/day SUB NEDLLOYD JULIANA 2,556 2003 HYUNDAI HEAVY INDS - U, S. Korea Sulzer Oct-13 4 X 40t $ 30.0m undis clos ed on subs, incl 2yrs TC to Maersk at $ 19,000/day Intermodal Research 5 04/10/2011

Secondhand Sales Name Loa(m) Pass Cars Built Yard M/E SS due Price Buyers Comments CORSICA SERENA SECONDA 118.67 1,284 375 1974 NOBISKRUG WERFT - GFR, Ferries MaK May-15 undi scl osed Italian Passengers Name Loa Pass Built Yard M/E SS due Price Buyers Comments RIO 163.38 980 1971 TIRRENO RIUNITI R.T, Italy Fiat Apr-15 $ 4.8m undisclosed via a uction in Haifa Reefers Name Dwt Built Yard M/E Cu Ft Gear SS due Price Buyers Comments PAMYAT ILICHA 11,714 1988 MATHIAS-THESEN, MAN 13,326 2X10t DR, 7X5t DR Apr-14 PAMYAT KIROVA 11,713 1987 MATHIAS-THESEN, MAN 13,326 2X10t DR, 7X5t DR Oct-12 SAN PAULO 10,021 1986 MATHIAS-THESEN, MAN 13,306 8X5t DR Jul-12 $ 24.5m Greek (Laskaridis Shpg) SALVADOR 9,942 1993 MTW, MAN 13,326 2X10t DR, 6X5t DR Feb-13 SAN ANTONIO 9,360 1988 MATHIAS-THESEN, MAN 13,327 2X10t DR, 7X5t DR Oct-14 Offshore Type Name Dwt Built Yard M/E Bhp SS due Price Buyers Comments PSV FUJIAN MAWEI 619-16 5,188 2012 MAWEI, China Cummins 9,332 $ 32.0m (Tidewater) PSV FUJIAN MAWEI 619-15 5,188 2011 MAWEI, China Cummins 9,332 $ 32.0m (Tidewater) PSV MALAVIYA THIRTY ONE 3,300 2010 BHARATI SHIPYARD - RAT, India MaK 5,310 Dec-15 $ 32.0m (POSH Semco) Intermodal Research 6 04/10/2011

Demoli on Market Wet Dry Indicative Demolition Prices ($/ldt) Markets Week Week 39 38 ±% 2011 2010 2009 Bangladesh 525 520 1.0% 523 424 316 India 525 525 0.0% 516 428 292 Pakistan 515 515 0.0% 506 427 297 China 450 460-2.2% 463 384 258 Bangladesh 500 500 0.0% 499 378 269 India 500 505-1.0% 490 395 265 Pakistan 490 490 0.0% 481 389 266 China 430 440-2.3% 443 365 240 Poor sen ment con nued to take its toll on the market, especially as rumors started to circulate of poten al Bangladesh market closure on the 12th of October. With so many dry units circula ng the market, it was the dry sector that felt the brunt of the price drop, while at the same me prices for tankers held slightly more stable. With such a big price drop noted the past two weeks, it was inevitable that a lot of deals would fall through. At the same me the significant number of very large vessels which have headed to the breakers yards this past month has meant that breakers already have a lot on their plate and are not so ac ve as they were at the end of the Summer. Demo prices fell considerably for yet another week, with Wet tonnages now at levels of around 450-525$/ldt, while dry tonnages fell to about 430-500$/ldt. Most notable this week was the price paid by Pakistani breakers for the MR tanker Jag Pari (29,139dwt-8,775ldt-blt 82) which reportedly went for a firm price of $ 540/Ldt basis delivery as is Colombo including 300T of IFO and 50T of MGO remaining on board. Wet Demolition Prices Dry Demolition Prices $/ldt 600 550 500 450 400 350 300 250 Bangladesh India Pakistan China $/ldt 600 550 500 450 400 350 300 250 Bangladesh India Pakistan China Name Size Ldt Built Yard Type $/ldt Breakers Comments JAG PARI 29,139 8,775 1982 NKK CORP, TANK $ 540/Ldt Pakistani WALES II 27,419 6,360 1975 LUCKY OCEAN 22,225 5,437 1980 MWAFAK 14,763 4,891 1977 JOLLAS 14,534 6,756 1979 GLOBAL FREIGHTER 8,911 5,960 1977 HAKODATE DOCK, UWAJIMA ZOSENSHO, HELSINGOR VAERFT, Denmark JULIANA GIJON, Spain HYUNDAI SHIPBUILDING, S.Korea Demolition Sales BULK $ 505/Ldt Indian GC $ 450/Ldt Chinese GC $ 515/Ldt Indian GC $ 515/Ldt Indian RORO $ 510/Ldt Indian SMALL WOOD 4,625 12,242 1989 MIL DAVIE, Canada RO-PAX $ 490/Ldt Indian bss 'as is' Colombo incl 300T IFO & 50T MGO ROB CARIBOU 3,662 12,952 1986 VERSATILE DAVIE, Canada RO-PAX $ 490/Ldt Indian Intermodal Research 7 04/10/2011

New Building Market Bulkers Tankers Gas Indicative Newbuilding Prices (million$) Vessel Week Week 39 38 ±% 2011 2010 2009 Capesize 170k 50.5 50.5 0.0% 53 58 67 Panamax 75k 29.5 29.5 0.0% 32 35 36 Supramax 57k 28.3 28.5-0.9% 30 31 34 Handysize 30k 23.3 23.3 0.0% 24 25 27 VLCC 300k 100.0 100.0 0.0% 100 103 121 Suezmax 150k 62.0 62.0 0.0% 63 66 70 Aframax 110k 52.5 52.5 0.0% 53 55 59 LR1 70k 43.5 43.5 0.0% 43 46 52 MR 47k 35.0 35.0 0.0% 35 36 40 LPG M3 80k 72.5 72.5 0.0% 71 72 81 LPG M3 52k 62.5 62.5 0.0% 62 65 73 LPG M3 23k 46.0 46.0 0.0% 45 46 49 Things are s ll sluggish in the newbuilding market, while we expect a further slowdown these next couple of days due to holidays in Asia which are likely going to cause most shipbuilders to so en their ac ve marke ng campaigns. Having said that, compe on will start to heat up further as we get closer to the end of the year, as many shipyards, especially in China, s ll have a large orderbook capacity to fill. At the same me foreign exchange movements this week seemed to be favouring S. Korean and ese builders which finally saw the dollar strengthen against their respec ve currencies. This however will not be enough to push owners for further new orders. The oversupply issues are s ll cas ng a very large shadow over the market and un l fleet growth starts to ease considerably we will unlikely see a rush for further newbuildings. Most noteworthy deal reported this week was the order placed by s TUI Cruises for one firm plus one op onal cruise vessel (2,500pass) at Finland s STX Finnyards for delivery between 2014 and 2015 and at a reported price of around $ 607.5m each. Tankers Newbuilding Prices (m$) Bulk Carriers Newbuilding Prices (m$) million $ 120 105 90 75 60 45 30 15 VLCC Suezmax Aframax LR1 MR million $ 80 70 60 50 40 30 20 Capesize Panamax Supramax Handysize Units Type Size Yard Delivery Buyer Price Comments 2 Tanker 115,000 dwt Aker, USA 2014 US (SeaRiver Maritime) $ 200.0m 2 Container 875 teu Rongcheng Shenfei, China Newbuilding Orders 2013 Icelandish (Eimskip) $ 25.0m 1+1 Cruise 2,500 pass STX, Finland 2014-2015 German (Tui Cruises) $ 607.5m ice classed, 2x40T CR 1+1 Gas 160,000 cbm STX, S.Korea 02-05/2015 Greek (Alpha Tankers) undisclosed LNG Ferus Smit, 6 MPP 7,700 dwt 2013-2014 Irish (Arklow Shpg) undisclosed Netherlands 2+2 MPP - Tsuji HI, China 2013-2014 Norwegian (DSD Group) undisclosed LNG powered Intermodal Research 8 04/10/2011

Commodi es & Financial Market Currencies Stock Exchange Data Market Data 30-Sep-11 29-Sep-11 28-Sep-11 27-Sep-11 26-Sep-11 W-O-W Change % 10year US Bond 1.920 1.960 2.000 2.020 1.900 6.1% S&P 500 1,131.42 1,160.40 1,151.06 1,175.38 1,162.95-0.4% Nasdaq 2,415.40 2,480.76 2,491.58 2,546.83 2,516.69-2.7% Dow Jones 10,913.38 11,153.98 11,010.90 11,190.69 11,043.86 1.3% FTSE 100 5,128.48 5,196.84 5,217.63 5,294.05 5,089.37 1.2% FTSE All-Share UK 2,654.38 2,690.44 2,701.64 2,738.53 2,637.46 1.0% CAC40 2,981.96 3,027.65 2,995.62 3,023.38 2,859.34 6.1% Xetra Dax 5,502.02 5,639.58 5,578.42 5,628.44 5,345.56 5.9% Nikkei 8,700.29 8,701.23 8,615.65 8,609.95 8,374.13 3.9% Hang Seng 17,592.41-18,011.06 18,130.55 17,407.80-0.4% Dow Jones 179.11 184.85 183.89 190.62 187.20-2.7% $ / 1.35 1.36 1.36 1.36 1.35 0.5% $ / 1.56 1.56 1.56 1.56 1.55 1.2% / 0.87 0.87 0.87 0.87 0.87-0.7% / $ 76.86 76.72 76.46 76.46 76.33 0.9% $ / Au$ 0.97 0.98 0.99 0.99 0.98 0.3% $ / NoK 0.17 0.17 0.17 0.17 0.17 0.1% $ / SFr 0.90 0.90 0.90 0.90 0.90-0.7% Yuan / $ 6.38 6.40 6.39 6.40 6.40-0.1% Won / $ 1,181.16 1,178.08 1,166.06 1,169.51 1,180.10 1.3% $ INDEX 78.55 78.03 77.85 77.51 78.36 0.1% Company World Economy News China has warned of a potential trade war with the US if Washington lawmakers decide to pass a proposed anti-china currency bill. The bill, if passed, would allow Washington to impose duties on Chinese goods imported to the US to punish Beijing for allegedly undervaluing its currency. The bill could be passed later this week after the Senate voted late on Monday to move ahead with a debate on the matter. The Chinese government blasted the currency bill in statements released by the foreign ministry, the central bank and the ministry of commerce (Financial Times) Maritime Stock Data Stock W-O-W Curr. 30-Sep-11 23-Sep-11 Exchange Change % Max 39wk Min 39wk AEGEAN MARINE PETROL NTWK NYSE USD 4.51 4.40 2.5% 4.60 4.39 BALTIC TRADING NYSE USD 4.65 4.74-1.9% 5.03 4.65 BOX SHIPS INC NYSE USD 7.90 7.58 4.2% 8.03 7.83 CAPITAL PRODUCT PARTNERS LP NASDAQ USD 6.39 6.03 6.0% 6.39 6.05 COSTAMARE INC NYSE USD 12.35 12.99-4.9% 13.00 12.35 CRUDE CARRIERS NYSE USD 9.62 9.13 5.4% 9.62 9.11 DANAOS CORPORATION NYSE USD 3.32 3.21 3.4% 3.32 3.20 DIANA SHIPPING NYSE USD 7.42 7.94-6.5% 8.11 7.42 DRYSHIPS INC NASDAQ USD 2.34 2.66-12.0% 2.66 2.34 EAGLE BULK SHIPPING NASDAQ USD 1.57 1.69-7.1% 1.83 1.57 EUROSEAS LTD. NASDAQ USD 3.16 2.99 5.7% 3.25 2.95 EXCEL MARITIME CARRIERS NYSE USD 2.08 2.03 2.5% 2.32 2.08 FREESEAS INC NASDAQ USD 0.92 0.89 3.4% 0.94 0.82 GENCO SHIPPING NYSE USD 7.81 8.21-4.9% 7.96 7.66 GENERAL MARITIME CORP NYSE USD 0.26 0.23 13.0% 0.33 0.25 GLOBUS MARITIME LIMITED NASDAQ USD 5.20 5.35-2.8% 5.42 5.05 GOLDENPORT HOLDINGS INC LONDON GBX 71.88 73.00-1.5% 72.17 71.00 HELLENIC CARRIERS LIMITED LONDON GBX 47.00 46.50 1.1% 48.00 46.00 NAVIOS MARITIME ACQUISITIONS NYSE USD 3.39 3.44-1.5% 3.45 3.39 NAVIOS MARITIME HOLDINGS NYSE USD 3.17 3.38-6.2% 3.51 3.17 NAVIOS MARITIME PARTNERS LP NYSE USD 13.30 14.21-6.4% 13.86 13.30 NEWLEAD HOLDINGS LTD NASDAQ USD 0.80 0.77 3.9% 0.80 0.80 OCEANFREIGHT INC NASDAQ USD 17.75 17.80-0.3% 17.85 17.64 OMEGA NAVIGATION ENTERPRISES INC NASDAQ USD 0.28 0.24 16.7% 0.29 0.24 PARAGON SHIPPING INC. NYSE USD 0.79 0.96-17.7% 0.91 0.79 Bunker Prices W-O-W 30-Sep-11 23-Sep-11 Change % Rotterdam 920.0 926.0-0.6% Houston 950.5 972.0-2.2% Singapore 908.0 911.0-0.3% Rotterdam 616.5 635.0-2.9% Houston 614.5 631.5-2.7% Singapore 646.5 654.5-1.2% Rotterdam 638.5 658.0-3.0% Houston 649.5 661.5-1.8% Singapore 656.5 634.5 3.5% SAFE BULKERS INC NYSE USD 6.19 6.46-4.2% 6.58 6.19 SEANERGY MARITIME HOLDINGS CORP NASDAQ USD 3.19 3.90-18.2% 3.66 3.19 STAR BULK CARRIERS CORP NASDAQ USD 1.29 1.26 2.4% 1.33 1.28 STEALTHGAS INC NASDAQ USD 3.92 3.81 2.9% 4.05 3.78 TSAKOS ENERGY NAVIGATION NYSE USD 5.58 5.69-1.9% 5.89 5.58 TOP SHIPS INC NASDAQ USD 1.45 1.50-3.3% 1.45 1.32 Intermodal Research 9 04/10/2011 100 oil 90 MDO 380cst 180cst 120 110 80 70 Basic Commodities Weekly Summary Oil WTI $ Oil Brent $ Gold $ Energy & Commodi es 1,700 1,680 1,660 gold 1,640 Commodities declined to the lowest level in 10 months as European policy makers were still to reach an agreement on the region s rescue fund, deepening concern that slower economic growth may curb demand for raw materials. The Standard & Poor s GSCI Spot Index fell as much as 2.2 percent to 572.92, the lowest level since Nov. 26, and was at 578.59 at 3:42 p.m. in London. Crude lost as much as 3.4 percent and copper dropped as much as 4 percent after tumbling to a 14- month low yesterday on the London Metal Exchange. (Bloomberg) Finance News 1,620 1,600 We ve never seen anything as atomic as this, Norton Rose transport head warns A tectonic shift in shipping could emerge from a prolonged downturn, one in which the traditional avenues of funding to the shipping industry are too weak to sustain the industry s stability, while new money from China and global private equity has not fully entered the arena, according to a leading shipping lawyer. Norton Rose head of transport Harry Theochari said: We know the industry is cyclical, but we ve never seen anything as atomic as this. Speaking to Lloyd s List in Hong Kong, Mr Theochari cited the combination of persistent low rates, cash-strapped shipowners and ship finance banks in Europe being under greater capital constraints, with possible liquidity problems. He said the most vulnerable owners will be publicly listed companies. Mr Theochari told Reuters on Monday: I would be astonished if we didn t see within the next 12 months, four or possibly even five Chapter 11s of listed companies. He did not name any possible candidates, but said that those in the tanker and dry sectors were most vulnerable. (Lloyd s List)