Weekly Market Report

Week 15&16 Tuesday 21st April 29 Weekly Market Report Sale & Purchase Newbuilding Secondhand Demolition Chartering World Economy News Worldwide losses tied to rotten loans and securitized assets may reach $4.1 trillion by the end of 21 as the recession and credit crisis exact a higher toll on financial institutions, the International Monetary Fund said. Banks will shoulder about 61% of the writedowns, with insurers, pension funds and other nonbanks assuming the rest, the Washington-based lender said in a report released today on the state of the global financial system. The fund projected losses of $2.7 trillion at U.S. financial institutions, an increase from its estimates of $2.2 trillion in January and $1.4 trillion in October. Without fiscal stimulus and other government action, banks will probably curtail lending in coming months, worsening the most severe global slump in six decades, the IMF said. Even with forceful state policies, the deleveraging process will be slow and painful, the fund said. Stabilizing the financial system remains a key priority and, although progress is being made, further policy efforts will be required, the fund said in its report. Without a thorough cleansing of banks balance sheets of impaired assets, accompanied by restructuring and, where needed, recapitalization, risks remain that banks problems will continue to exert downward pressure on economic activity. (Bloomberg) Energy & Commodities Base metals fell on Tuesday, extending their recent correction, while oil dropped by more than $1 a barrel after a sharp fall in the previous session but gold rose amid renewed uncertainty about the health of the banking sector. The International Monetary Fund warned that the global financial sector faced total losses of $4,1bn as a result of the credit crisis and urged governments to take bolder steps to shore up institutions, including bank nationalisations where necessary. Risk appetite weakened after the IMF s warning which had an impact across the entire commodities spectrum. Among the base metals, copper dropped 3.5% to $4,415 a tonne while aluminium eased.6% at $1,433 a tonne and nickel lost 4.4% to $11,498 a tonne, lead fell 2.5% to $1,425 a tonne, zinc slipped 2.8% to $1,435 a tonne and tin traded 1.2% lower at $11,9 a tonne. In energy markets, crude oil prices resumed their retreat after sharp falls in Monday s session which were prompted by concerns about elevated stock levels in the US and the impact of the global economic recession on demand. ICE June Brent lost $1.3 at $48.83 a barrel. Nymex May West Texas Intermediate, which expires at the close on Tuesday, sank 41.33 to $44.55 a barrel. The June WTI contract, the benchmark from tomorrow, dropped $1.11 to $47.4 a barrel. (Finanacial Times) Shipping News beginning of 29, Hellenic interests controlled about 15% of the global shipping fleet in terms of numbers, while one third of the vessels are flying the domestic Registry s flag. But, the most interesting is the huge orderbook which stands for 55% of the existing fleet and 16% of the global orderbook said the Bank. (Hellenic Shipping News) Chartering (Wet: Stable- / Dry: Stable) For the past week, on the Dry market, the BDI was on Friday (17/4/29) 1,682, +24 points up from end of previous week s levels. On the Wet market, the BDTI on Friday (17/4/29) was 457, -5 points down and the BCTI at 348, -1 point down from end of previous week s levels. Sale & Purchase (Wet: Weaker / Dry: Stable) The Sale and Purchase market has been very active for the past week. On the tanker side, the DH IMO II/III Golden Elizabeth (16,322dwtbuilt 1997) was sold for 11$m and the DH IMO II/III Nora (16,dwt-built 21) fetched 22$m. On the dry bulkers side, the kamsarmax Cse Fortune (76,634dwt-built 22) was bought by Datong for 25$m, the panamax Ocean Senang (73,652dwt-built 2) is rumoured bought by a Chinese Power Company for 24.2$m, the panamax Etoile (72,424dwt-built 1997) was sold to Chinese for 21$m, the supramax Nordflex (52,344dwt-built 22) was sold to Turks for 22.7$m, the Sanko Phoenix (46,61dwt-built 1997) was acquired by Chinese for 17$m, the handysize Maria Bulker (38,852dwt-built 1995) was sold for 13$m, including 18 months TC at 19,, the Orient Carp (35,366dwt-built 1999) was bought by the Taiwanese Unison for 15.2$m, the Marilia (34,6dwt-built 1982) fetched 2.5$m, the very modern Ivs Hunter (31,812dwt-built 21) fetched 18.5$m and the Hanjin Calcutta (27,365dwt-built 1997) was sold for 14$m. Newbuilding (Wet: Weaker / Dry: Weaker) The Newbuilding market remains inactive, there is almost total lack of demand and prices continue to fall. Demolition (Wet: Weaker / Dry: Weaker) The demolition market shows signs of weakening, as supply is growing and prices are falling. This week, Bangladeshi breakers have acquired the aframax tanker Kourion (87,219dwt-14,389ldt-built 1985) for 3 $/ldt. Indian breakers have acquired the handysize bulker Blue Master (28,876dwt-9,88ldt-built 1971) for 265$/ldt, the mini bulk Crystal Ace (1,538dwt-8,112ldt-built 1983) for 237$/ldt, the Roro Rio Enco (7,246dwt-7,374ldt-built 1978) for 235-24$/ldt and the Roro Morning Sonata (7,45dwt-6,352ldt-built 1984) for 22$/ldt. Pakistani breakers have bought the handysize bulker Dorset (23,22dwt-5,528ldt-built 1978) for 275$/ldt and the mini bulk Ormiston (16,62dwt-7,125ldt-built 1979) for 261$/ldt. Chinese breakers have purchased the handysize bulker Ocean Crown (24,74dwt-6,534ldt-built 1977) for 21$/ldt and the con- In its annual report on the country s economy, released recently, the Bank of Greece affirmed that the shipping industry will remain a leader worldwide, thanks to the large orderbook in place. About 5% of it is consisted by dry bulk carriers, while tankers account for 35% of the orderbook currently in place from Greek ship owners. By the tainer Mercosul Manaus (1,779teu-6,537ldt-built 1983) for 2$/ldt. Intermodal Research 1 21/4/29

Wet Market Week 16 Week 15 1q29 1q28 Vessel Routes WS WS ±% points points 265k AG-JAPAN 28 14,161 28 14,588 % 49,66 14,17 VLCC Suez max Aframax Clean Dirty VLCC Suez max Aframax Panamax MR Handy size Spot Rates 28k AG-USG 22 1,926 2 8,754 1% 39,143 74,14 26k WAF-USG 38 31,77 43 39,395-12% 62,221 81,759 13k MED-MED 55 18,928 5 15,292 1% 45,431 67,935 13k WAF-USAC 53 2,33 5 19,77 6% 4,935 49,138 13k AG-CHINA 6 25,881 55 22,41 9% 32,398 45,13 8k AG-EAST 65 13,736 6 11,784 8% 22,427 27,78 8k MED-MED 6 9,796 55 7,839 9% 24,336 43,13 8k UKC-UKC 7 17,512 7 17,765 % 28,51 45,839 7k CARIBS-USG 53 4,387 6 7,525-12% 25,8 25,584 75k AG-JAPAN 53 6,265 53 6,541 % 22,52 23,39 55k AG-JAPAN 48 1,432 53 3,134-9% 2,212 22,433 37K UKC-USAC 75 4,685 7 3,928 7% 14,314 22,842 3K MED-MED 85 3,296 85 3,481 % 14,416 23,935 55K UKC-USG 7 9,54 8 13,21-13% 24,232 31,433 55K MED-USG 7 8,336 8 11,988-13% 22,675 29,5 5k CARIBS-USAC 68 6,333 65 5,852 5% 19,393 22,287 TC Rates Week 16 Week 15 ±% 29 28 27 3k 1yr TC 38,25 45,25-15.5% 52, 73,798 55,798 3k 3yr TC 4,2 42,2-4.7% 44,2 58,844 48,585 15k 1yr TC 32,25 34,25-5.8% 38,625 47,442 44,72 15k 3yr TC 3,7 31,7-3.2% 35,356 41,123 38,777 15k 1yr TC 2,25 21,25-4.7% 25,281 36,43 33,394 15k 3yr TC 21,2 22,7-6.6% 24,934 3,7 29,83 7k 1yr TC 19,25 19,25.% 24,313 29,471 29,567 7k 3yr TC 21,2 21,2.% 23,2 26,686 27,113 45k 1yr TC 16,75 16,75.% 18,688 23,731 26,154 45k 3yr TC 17,2 17,2.% 18,466 22,527 23,488 36k 1yr TC 15,25 15,75-3.2% 17,719 22,22 23,519 36k 3yr TC 15,2 15,2.% 17,263 2,585 21,517 WS points WS points 4 35 3 25 2 15 1 5 4 35 3 25 2 15 1 5 DIRTY - WS RATES TD3 TD8 TD5 TD4 2-Jan-7 2-Feb-7 2-Mar-7 2-Apr-7 2-May-7 2-Jun-7 2-Jul-7 2-Aug-7 2-Sep-7 2-Oct-7 2-Nov-7 2-Dec-7 2-Jan-8 2-Feb-8 2-Mar-8 2-Apr-8 2-May-8 2-Jun-8 2-Jul-8 2-Aug-8 2-Sep-8 2-Oct-8 2-Nov-8 2-Dec-8 2-Jan-9 2-Feb-9 2-Mar-9 2-Apr-9 2-May-9 CLEAN - WS RATES TC2 TC6 TC4 TC1 2-Jan-7 2-Feb-7 2-Mar-7 2-Apr-7 2-May-7 2-Jun-7 2-Jul-7 2-Aug-7 2-Sep-7 2-Oct-7 2-Nov-7 2-Dec-7 2-Jan-8 2-Feb-8 2-Mar-8 2-Apr-8 2-May-8 2-Jun-8 2-Jul-8 2-Aug-8 2-Sep-8 2-Oct-8 2-Nov-8 2-Dec-8 2-Jan-9 2-Feb-9 2-Mar-9 2-Apr-9 2-May-9 1, 9, 8, 7, 6, 5, 4, 3, 2, 1, 8, 7, 6, 5, 4, 3, 2, 1, Tankers 1YR TC RATES VLCC Suezmax Aframax Panamax MR 5-Jan-7 5-Feb-7 5-Mar-7 5-Apr-7 5-May-7 5-Jun-7 5-Jul-7 5-Aug-7 5-Sep-7 5-Oct-7 5-Nov-7 5-Dec-7 5-Jan-8 5-Feb-8 5-Mar-8 5-Apr-8 5-May-8 5-Jun-8 5-Jul-8 5-Aug-8 5-Sep-8 5-Oct-8 5-Nov-8 5-Dec-8 5-Jan-9 5-Feb-9 5-Mar-9 5-Apr-9 5-May-9 Tankers 3YR TC RATES VLCC Suezmax Aframax Panamax MR 5-Jan-7 5-Feb-7 5-Mar-7 5-Apr-7 5-May-7 5-Jun-7 5-Jul-7 5-Aug-7 5-Sep-7 5-Oct-7 5-Nov-7 5-Dec-7 5-Jan-8 5-Feb-8 5-Mar-8 5-Apr-8 5-May-8 5-Jun-8 5-Jul-8 5-Aug-8 5-Sep-8 5-Oct-8 5-Nov-8 5-Dec-8 5-Jan-9 5-Feb-9 5-Mar-9 5-Apr-9 5-May-9 $m 18 16 14 12 1 8 6 4 2 Tankers SH Values (5yrs) VLCC Suezmax Aframax Panamax MR 1-Jan-7 1-Feb-7 1-Mar-7 1-Apr-7 1-May-7 1-Jun-7 1-Jul-7 1-Aug-7 1-Sep-7 1-Oct-7 1-Nov-7 1-Dec-7 1-Jan-8 1-Feb-8 1-Mar-8 1-Apr-8 1-May-8 1-Jun-8 1-Jul-8 1-Aug-8 1-Sep-8 1-Oct-8 1-Nov-8 1-Dec-8 1-Jan-9 1-Feb-9 1-Mar-9 1-Apr-9 1-May-9 The Tankers Sale and Purchase market continues to be quite passive in terms of sales volumes. The challenging chartering environment as well as the overall shipping, economic and financial fundamentals are placing both sellers and buyers in a wait and see mode. This week, the DH MR tanker Atrotos (47,876dwt-built 27) and the Assos (47,872dwt-built 26) were sold en bloc to Mexicans for an undisclosed price, the deal was backed by Pemex Tender. The DH IMO III handy tanker Chem Marigold (33,1dwt-built 1995) is rumoured sold to an undisclosed buyer. In the small tankers sizes, the DH IMO II/III Golden Elizabeth (16,322dwt-built 1997) was sold for 11$m, the DH IMO II/III Nora (16,dwtbuilt 21) fetched 22$m, the DS IMO II/III Vijay Doot (7,313dwt-built 1984) was sold to Indonesians for 2.5$m and finally the SH IMO II/III Sari Marina (6,5dwt-built 1991) was acquired by Perseco at 3.6$m. Intermodal Research 2 21/4/29

Dry Market Handysize Handymax Supramax Panamax Capesize Baltic Indices Week 16 Week 15 17/4/29 1/4/29 ±% 29 28 27 Index Index Index Index Index BDI 1,682 1,478 14% 1,89 6,663 7,321 BCI 2,29 19,989 2,24 18,86 9% 1,624 9,577 1,172 BPI 1,555 12,54 1,144 9,217 36% 79 6,342 7,283 BSI 1,241 13,76 1,153 12,157 8% 661 4,225 4,788 BHSI 637 9,23 635 9,194 % 529 2,257 2,469 Week 16 Period Week 15 ±% 29 28 27 17K 6mnt TC 28,25 24, 18% 25,318 117,43 118,66 17K 1yr TC 26,7 23,45 14% 26,382 111,729 17,118 17K 3yr TC 23,75 23,5 1% 25,23 82,429 76,58 7K 6mnt TC 15,45 13,7 13% 13,382 57,623 58,996 7K 1yr TC 13,75 12,75 8% 13,761 55,887 52,567 7K 3yr TC 13,7 13,2 4% 14,836 44,556 39,974 52K 6mnt TC 14,5 12,75 14% 1,977 47,159 48,822 52K 1yr TC 12,2 11,2 9% 11,69 45,71 45,92 52K 3yr TC 12,25 11,9 3% 12,636 34,38 34, 45k 6mnt TC 12,45 11,45 9% 9,382 41,681 43,639 45k 1yr TC 1,75 9,75 1% 1,91 38,923 4,12 45k 3yr TC 1,95 1,6 3% 11,41 28,431 29,63 3K 6mnt TC 1,5 9,75 8% 8,45 3,547 31,596 3K 1yr TC 9,45 8,7 9% 8,518 29,686 28,32 3K 3yr TC 9,75 1,15-4% 1,45 22,87 22,113 Index 2, 18, 16, 14, 12, 1, 8, 6, 4, 2, 2, 15, 1, 5, 2-Jan-5 2-Apr-5 2-Jul-5 2-Oct-5 2-Jan-6 2-Apr-6 Baltic Indices BCI BPI BSI BHSI BDI 2-Jul-6 2-Oct-6 2-Jan-7 2-Apr-7 2-Jul-7 2-Oct-7 2-Jan-8 2-Apr-8 2-Jul-8 Average T/C Rates for Baltic Indices AVR 4TC BCI AVR 4TC BPI AVR 5TC BSI AVR 6TC BHSI 25, 2-Jan-5 2-Apr-5 2-Jul-5 2-Oct-5 2-Jan-6 2-Apr-6 2-Jul-6 2-Oct-6 2-Jan-7 Dry Bulkers 1 Year Period Rates Capesize Panamax Handymax Supramax Handysize 2, 18, 16, 14, 12, 1, 8, 6, 4, 2, 2-Apr-7 5-Jan-7 5-Feb-7 5-Mar-7 5-Apr-7 5-May-7 5-Jun-7 5-Jul-7 5-Aug-7 5-Sep-7 5-Oct-7 5-Nov-7 5-Dec-7 5-Jan-8 5-Feb-8 5-Mar-8 5-Apr-8 5-May-8 5-Jun-8 5-Jul-8 5-Aug-8 5-Sep-8 5-Oct-8 5-Nov-8 5-Dec-8 5-Jan-9 5-Feb-9 5-Mar-9 5-Apr-9 5-May-9 2-Jul-7 2-Oct-7 2-Jan-8 2-Apr-8 2-Jul-8 2-Oct-8 2-Oct-8 2-Jan-9 2-Jan-9 2-Apr-9 2-Apr-9 $m 16 14 12 1 8 6 4 2 Bulk Carriers SH Values (5yrs) Capesize Panamax Handymax Handysize 1-Jan-8 16-Jan-8 31-Jan-8 15-Feb-8 1-Mar-8 16-Mar-8 31-Mar-8 15-Apr-8 3-Apr-8 15-May-8 3-May-8 14-Jun-8 29-Jun-8 14-Jul-8 29-Jul-8 13-Aug-8 28-Aug-8 12-Sep-8 27-Sep-8 12-Oct-8 27-Oct-8 11-Nov-8 26-Nov-8 11-Dec-8 26-Dec-8 1-Jan-9 25-Jan-9 9-Feb-9 24-Feb-9 11-Mar-9 26-Mar-9 1-Apr-9 25-Apr-9 14, 12, 1, 8, 6, 4, 2, Dry Bulkers 3 Year Period Rates Capesize Panamax Handymax Supramax Handysize 5-Jan-7 5-Feb-7 5-Mar-7 5-Apr-7 5-May-7 5-Jun-7 5-Jul-7 5-Aug-7 5-Sep-7 5-Oct-7 5-Nov-7 5-Dec-7 5-Jan-8 5-Feb-8 5-Mar-8 5-Apr-8 5-May-8 5-Jun-8 5-Jul-8 5-Aug-8 5-Sep-8 5-Oct-8 5-Nov-8 5-Dec-8 5-Jan-9 5-Feb-9 5-Mar-9 5-Apr-9 5-May-9 The Dry Bulkers Sale and Purchase market continues to be very active, with several deals concluded for the past 2 weeks. The very modern kamsarmax Cse Fortune (76,634dwtbuilt 22) was bought by Datong for 25$m. Also, the similar size and age kamsarmax Yomoshio (75,921dwt-built 21) was acquired by Vita Management for 25.5$m. The panamax Ocean Senang (73,652dwt-built 2) is rumoured bought by a Chinese Power Company for 24.2$m. Moreover, the panamax Etoile (72,424dwt-built 1997) was sold to Chinese for 21$m and the 1 year older panamax Kletoneos (64,82dwt-built 1987) fetched 5.5$m. The supramax Nordflex (52,344dwt-built 22) was sold to Turks for 22.7$m. In the handymax sector, the Sanko Phoenix (46,61dwt-built 1997) was acquired by Chinese for 17$m, the Grand Glory (41,61dwt-built 1984) was also sold to Chinese for 4$m and the similar Gulser Ana (4,835dwt-built 1985) was bought by Far Easterns for 6$m. In the handysize sector, the Maria Bulker (38,852dwt-built 1995) was sold to an undisclosed buyer for 13$m, including 18 months TC at 19,, the Orient Carp (35,366dwt-built 1999) was bought by the Taiwanese Unison for 15.2$m, the Marilia (34,6dwt-built 1982) fetched 2.5$m, the Centaurus (32,244dwt-built 1983) was sold for 3.2$m, the very modern Ivs Hunter (31,812dwt-built 21) fetched 18.5$m and the Galata Star (31,793dwt-built 1982) was sold for 3.25$m. Furthermore, the Sirorat Naree (29,125dwt-built 1984) was bought by an undisclosed buyer for 3.2$m, the Spar Ruby (28,259dwt-built 1985) fetched 5.1$m and the similar Spar Opal (28,215dwt-built 1984) was bought by Chinese for 3.3$m, the Hanjin Calcutta (27,365dwt-built 1997) was sold for 14$m and the 2 years older Lake Aru (26,435dwt-built 1995) was acquired by Lori Shipping for 1$m, also the similar Lustrus Pearl (24,345dwt-built 1995) was sold to Hong Kong based buyers for 11.1$m. Intermodal Research 3 21/4/29

Secondhand Sales Intermodal Research 4 21/4/29

Secondhand Sales Intermodal Research 5 21/4/29

New Building Market Tankers NB Prices (m$) Bulk Carriers NB Prices (m$) million $ 18 16 14 12 1 8 6 4 2 VLCC Suezmax Aframax LR1 MR 11 1 9 8 7 6 5 4 3 2 1 1-Jan-6 1-Apr-6 1-Jul-6 1-Oct-6 1-Jan-7 1-Apr-7 1-Jul-7 1-Oct-7 1-Jan-8 1-Apr-8 1-Jul-8 1-Oct-8 1-Jan-9 1-Apr-9 million $ Capesize Panamax Supramax Handysize Bulkers 1-Jan-6 1-Apr-6 1-Jul-6 1-Oct-6 1-Jan-7 1-Apr-7 1-Jul-7 1-Oct-7 1-Jan-8 1-Apr-8 1-Jul-8 1-Oct-8 1-Jan-9 1-Apr-9 Tankers Gas Indicative Newbuilding Prices (million$) Vessel Week Week 16 15 ±% 29 28 27 Capesize 17k 72. 72..% 76 96 87 Panamax 75k 37. 37..% 39 54 47 Supramax 57k 35. 35..% 36 48 43 Handysize 3k 27.3 27.3.% 28 37 33 VLCC 3k 13. 13.5 -.4% 135 155 138 Suezmax 15k 73.5 73.5.% 78 96 86 Aframax 11k 65. 65..% 67 78 69 LR1 7k 56. 56..% 57 66 61 MR 47k 44. 44..% 44 52 5 LPG M3 75k 84. 84..% 85 94 92 LPG M3 52k 75. 75..% 76 85 78 LPG M3 23k 5. 5..% 5 55 52 Please note that due to the lack of new newbuilding orders in most of the above sectors, the prices are estimates. The Newbuilding market remains almost standstill, with only three newbuildings orders for specialized vessels to report. Intermodal Research 6 21/4/29

Demolition Market The demolition market continues to weaken, with prices falling to even lower levels. The oversupply of tonnage gives buyers an advantage in negotiations. On the other hand, the available capacity at yards is at record low levels and there are more ships chasing very few open yards. Overall, it is safe to assume that it is a buyers market at the moment. For the last couple of weeks, Bangladesh has faced the most dramatic fall in prices, offering now around 29$/ldt for wet and 24$/ldt for dry tonnage. The only sale reported this week in Bangladesh was the aframax tanker Kourion (87,219dwt-14,389ldt-built 1985), which fetched 3$/ ldt. Should the sale of ships in to Bangladesh remain limited, we can expect some improvement in demand and prices in early May. Wet Dry Indicative Demolition Prices ($/ldt) Markets Week Week 16 15 ±% 29 28 27 Bangladesh 29 3-3.3% 38 591 43 India 275 28-1.8% 284 566 372 Pakistan 28 29-3.4% 29 555 368 China 21 18 16.7% 223 385 254 Bangladesh 24 26-7.7% 267 538 373 India 235 24-2.1% 256 522 35 Pakistan 24 25-4.% 261 56 342 China 18 16 12.5% 25 339 229 India continues to dominated in terms of sale volumes, winning the majority of demo tonnage coming into the market. However, the overwhelming supply of tonnage and lack of competition from neighboring countries meant that local recyclers have little incentive to compete for tonnage and offer higher prices. This week Indian breakers have acquired the handysize bulker Blue Master (28,876dwt-9,88ldt-built 1971) for 265$/ldt, the mini bulk Crystal Ace (1,538dwt-8,112ldt-built 1983) for 237$/ldt, the Roro Rio Enco (7,246dwt-7,374ldt-built 1978) for 235-24$/ldt and the Roro Morning Sonata (7,45dwt-6,352ldt-built 1984) for 22$/ldt. After several weeks of offering rather firm demolition prices, this week Pakistani ship breakers have made a price adjustment seeing their demo prices down to about 28$/ldt for wet and 24$/ldt for dry tonnage. This week, Pakistani breakers have bought the handysize bulker Dorset (23,22dwt-5,528ldt-built 1978) for 275$/ldt and the mini bulk Ormiston (16,62dwt-7,125ldt-built 1979) for 261$/ldt. China seems to be the only market this week that actually showed prices improvements, offering now around 21$/ldt for wet and 18$/ldt for dry tonnage. This week, Chinese breakers have purchased the handysize bulker Ocean Crown (24,74dwt-6,534ldt-built 1977) for 21$/ ldt and the container Mercosul Manaus (1,779teu-6,537ldt-built 1983) for 2$/ldt. $/ldt 8 7 6 5 4 3 2 1 Wet Demolition Prices Bangladesh India Pakistan China 1-Jan-5 1-Apr-5 1-Jul-5 1-Oct-5 1-Jan-6 1-Apr-6 1-Jul-6 1-Oct-6 1-Jan-7 1-Apr-7 1-Jul-7 1-Oct-7 1-Jan-8 1-Apr-8 1-Jul-8 1-Oct-8 1-Jan-9 1-Apr-9 $/ldt 8 7 6 5 4 3 2 1 Dry Demolition Prices Bangladesh India Pakistan China 1-Jan-5 1-Apr-5 1-Jul-5 1-Oct-5 1-Jan-6 1-Apr-6 1-Jul-6 1-Oct-6 1-Jan-7 1-Apr-7 1-Jul-7 1-Oct-7 1-Jan-8 1-Apr-8 1-Jul-8 1-Oct-8 1-Jan-9 1-Apr-9 Intermodal Research 7 21/4/29

Stock Exchange Data Currencies Commo ditites Market Data 2-Apr-9 17-Apr-9 16-Apr-9 15-Apr-9 14-Apr-9 W-O-W Change % Dow Jones 7,841.73 8,131.33 8,125.43 8,29.62 7,92.18-2.7% Nasdaq 1,68.21 1,673.7 1,67.44 1,626.8 1,625.72-2.7% S&P 5 832.39 869.6 865.3 852.6 841.5-3.1% FTSEurofirst 3 786.12 814.69 82.2 788.21 789.95 1.% DJ Euro Stoxx 5 2,249.44 2,341.15 2,3.51 2,262.96 2,278.65.1% FTSE 1 3,99.86 4,92.8 4,52.98 3,968.4 3,988.99.2% FTSE All-Share UK 2,41.24 2,96.6 2,75.6 2,33.91 2,43.86.3% CAC4 2,969.4 3,91.96 3,38.18 2,985.74 3,.22 -.2% Xetra Dax 4,486.3 4,676.84 4,69.46 4,549.79 4,557.1 -.1% Nikkei 8,924.75 8,97.58 8,755.26 8,742.96 8,842.68.% Hang Seng 15,75.91 15,61.27 15,582.99 15,669.62 15,58.16 5.7% FTSE All World $ 14.76 145.69 145.1 143.14 142.96-1.9% / $ 1.29 1.3 1.32 1.32 1.33-3.% / $ 1.45 1.48 1.49 1.5 1.49-1.8% / $.89.88.89.88.89-1.2% $ / 98.3 99. 99.2 99.4 99.2-1.7% / 143. 146.5 147.8 149. 147.8-3.6% $ INDEX 92.4 91.7 91.2 91.3 91.2.4% / SFr 1.51 1.52 1.51 1.51 1.51 -.3% Oil Brent $ 45.88 5.33 49.98 49.25 49.41-8.3% Oil WTI $ 49.86 53.35 53.6 51.79 51.96-4.4% Gold $ 884. 868.1 879.4 89.95 879.2.5% Company Maritime Stock Data Commodities & Financial Market 54. 53. 52. 51. 5. 49. 48. Basic Commodities Weekly Summary 13-Apr Oil Brent $ Oil WTI $ Gold $ Stock Exchange Curr. 2-Apr-9 17-Apr-9 16-Apr-9 15-Apr-9 14-Apr-9 13-Apr-9 W-O-W Max 52wk Min 52wk Change % AEGEAN MARINE PETROL NYSE USD 16.66 17.84 17.41 16.47 16.25 16.3 2.2% 44.17 7.93 ARIES MARITIME TRANSPORT NASDAQ USD.59.7.43.4.4.41 43.9% 6.25.32 CAPITAL PRODUCT PARTNERS L.P. NASDAQ USD 7.13 7.75 7.5 7.22 7. 7.5 1.1% 21.83 5.23 DANAOS CORP NYSE USD 4.28 5. 4.56 3.81 3.75 3.79 12.9% 27.18 3.7 DIANA SHIPPING NASDAQ USD 14.13 15.13 14.38 13.89 13.97 14.5.6% 68.78 7.24 DRYSHIPS INC(IPO) NASDAQ USD 6.27 7.17 5.55 5.27 5.59 5.7 23.7% 11.74 2.79 EUROSEAS LTD NASDAQ USD 4.41 4.79 4.67 4.72 4.68 4.5-2.% 16.8 3.12 EXCEL MARITIME CARRIERS AMEX USD 6.5 7.54 6.98 6.78 7.25 6.92-6.1% 57.72 3.17 FREESEAS INC NASDAQ USD 1.3 1.39 1.33 1.27 1.33 1.24 4.8% 7.97.54 GENCO SHIPPING NYSE USD 16.56 19.8 16.46 15.4 15.68 15.33 8.% 84. 1.66 GENERAL MARITIME NYSE USD 9.4 9.54 9.25 9.9 9.14 9.38-3.6% 3.64 6.47 GLOBUS MARITIME LTD LONDON GBX 54.5 6.4 5. 59. 53. 53. 2.8% 555. 42.89 HELLENIC CARRIERS LTD LONDON GBX 6. 52.5 5. 54.5 53. 52.5 14.3% 25. 48.5 NAVIOS MARITIME CORP NYSE USD 3.6 3.49 3.7 2.83 2.91 2.59 18.1% 14.67 1.21 OCEANFREIGHT INC NASDAQ USD 1.24 1.6 1.45 1.42 1.55 1.36-8.8% 26.7.82 OMEGA NAVIGATION ENTERPRISES INC NASDAQ USD 3.86 4.33 4.2 4.13 4.29 3.9-1.% 21.66 3.4 PARAGON SHIPPING INC NASDAQ USD 3.66 3.99 3.62 3.68 3.74 3.37 8.6% 21.8 2.37 STEALTHGAS INC NASDAQ USD 4.69 4.94 4.99 4.97 4.98 5.7-7.5% 17.67 2.72 TOP SHIPS INC NASDAQ USD 1.51 1.65 1.49 1.5 1.46 1.34 12.7% 1.28.77 TSAKOS ENERGY NAVIGATION INC NYSE USD 15.87 16.37 16.39 15.68 17.46 17.68-1.2% 38.59 12.43 For any further queries please do not hesitate to contact our Research Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production 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 information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co. MDO 38cst 18cst 14-Apr 15-Apr 16-Apr 17-Apr Bunker Prices W-O-W 17-Apr-9 1-Apr-9 Change % Rotterdam 421.5 42..4% Houston 427.5 452.5-5.5% Singapore 457. 441. 3.6% Rotterdam 289. 281. 2.8% Houston 283.5 279. 1.6% Singapore 34.5 296.5 2.7% Rotterdam 316.5 34.5 3.9% Houston 292. 287.5 1.6% Singapore 315.5 36.5 2.9% 895 89 885 88 875 87 865 Intermodal Shipbrokers Co. 17th km Ethniki Odos Athens-Lamia & 3 Agrambelis Street, 145 64 N. Kifisia, Athens - Greece Tel: +3.21.62933 Fax: +3.21.6293333 www.intermodal.gr Compiled by: Intermodal Research Department Ms. Mariana Skiadopoulou E-mail: research@intermodal.gr On behalf of: Intermodal Sale & Purchase and Newbuilding Departments Mr. K. Dermatis, Mr D. Evdemon, Mr. C. Goudis, Mr. A. Poulopoulos, Mr. T. Ntalakos, Ms. N. Anomitri, Mr. G. Dermatis, Mr. T. Papadopoulos, Mr. P. Manesis E-mail: snp@intermodal.gr Intermodal Research 8 21/4/29