Weekly Market Report Sale & Purchase Newbuilding Secondhand Demoli on Chartering Week 02 Tuesday 18th January 2010

Weekly Market Report Sale & Purchase Newbuilding Secondhand Demoli on Chartering Week 02 Tuesday 18th January 2010 by Yannis Olziersky Broker s insight The Bal c Index has tumbled to its lowest point in nearly two years and dry bulk markets are showing no signs of improvement in neither of the 3 major trades (iron ore, coal and grains), despite the fact that they are predicted to see a 7% growth in 2011, a level that will likely prove to be insufficient to absorb the over-supply tonnage in the market. Shipping rates are on a con nuous fall with the capesize segment to be the gold medal winner. In this difficult era, floods in Australia are disrup ng shipping ac vity at a me when the dry bulk industry is already under heavy pressure. A fresh wave of vessels which are coming onto the market and looking for employment could only be supported by a recommencement of exports from Australia. However the floods have halted millions of tons of coal produc on which was due for export mostly towards Asia and therefore many ships which were ballas ng towards the Australian coast are le wai ng for cargoes. Sources were repor ng that there were about 132 vessels which were wai ng outside Australia to load coal and despite the fact that increased conges on would normally boost rates; forced mine closures are obliging ship owners to order their ships to leave and compete for other cargoes which results in more and more ships open in the market and pu ng further downward pressure on spot rates. In some cases ship owners are even paying from their pockets in order to win charters for their vessels on voyages to the Atlan c from the Pacific! While the Queensland flooding is increasing the supply of ships in the spot market, the oversupply of ships due to the heavy orderbook which will con nue pouring tonnage in the market at a pace never before seen, is bound to keep freight rates from flying as high as in recent year. Pundits are expec ng the BDI to decline as a result of a weaker market balance in 2011 and 2012. However this prospec ve has a gleam of hope as a weak freight market will definitely push second hand values downwards which is something that many ship owners with cash have been an cipa ng for a while now in order to start buying tonnage. Moreover, approximately 44% of the exis ng fleet is over 25 years old and therefore a weaker market will push many of them to the scrap yards which is something that can decompress the market from oversupply. So despite all bearish predic ons for the forthcoming one or two years, shipping should not lose its faith as it is a tramp industry driven by the demandside; hence there will also be moments even in 2011 where rates will spike due to inefficiencies in loading and discharging ports. Therefore even at adverse mes a solid and conserva ve investment could s ll be profitable. Chartering (Wet: Stable- / Dry: So - ) We con nue to see poor condi ons for Dry Bulkers, with the Capes and Panamaxes heavily effected by the drop in ac vity due to the flood problems in Australia. Supramaxes seemed to be the only excep on, holding slightly be er with increased ac vity and slightly firming rates. The BDI today (18/01/2011) closed at 1,432 points, down by 7 points compared to Monday s (17/01/2011) closure, and a decrease of 48 points compared to last Tuesday s levels (11/01/2011). S ll no improvement in sight for tankers, as the market con nues to receive strong downward pressure from the overwhelming number of vessels available. The BDTI Monday (17/01/2011), was at 706, 57 points down and the BCTI at 633, an increase of 16 points compared to the previous Tuesday s levels (10/01/2011). Sale & Purchase (Wet: Stable+ / Dry: So - ) Despite the bad market condi ons seen in the charter market for both wet and dry, prices have been able to s ll hold fairly firm, so ening slightly from the levels seen before the Christmas holidays. On the tanker side, worth men oning is the sale of the VLCC Grand Sea (310,444dwt-blt 08 Japan) which went to Hong Kong based buyers Sinotrans for a very firm price of $ 100.0m in a structured deal which included 5 years me charter at a rate of $ 25,800 per day with a purchase op on therea er at a price $ 80.0. While on the dry bulker side, noteworthy was the reported sale of the resale capesize Pacific Spirit (180,300dwt-blt 11 China) which went to undisclosed buyers for a compe ve price of $ 55.0m. Newbuilding (Wet: Stable- / Dry: Stable- ) Li le ac vity was seen this week, with most interest s ll looking to be focused in the container and offshore sectors. What was interes ng this week however, was the op mism most of the major shipyards showed for the prospects of this year, with many increasing their order targets considerably compared to the levels they secured in 2010. This shows that we are likely to con nue to see intense compe on from yards, keeping newbuilding prices under pressure. Worth men oning this week is the reported order placed by Chinese newcomer owners Rewood Ocean Shipping for six panamax (76,000) bulkers at China s Yangzijiang Shippbuilding at a price of $ 36.0m and for delivery between 2012 and 2013. Demoli on (Wet: Firm+ / Dry: Firm+ ) Price levels con nued to push forward for another week largely thanks to improved steel prices in the Indian sub con nent and Far East, helping further feed market sen ment and specula on. This will likely be further increased, as rumors start to circulate once again that Bangladeshi breakers are set to enter the market. We should however start to see a downward pressure created on prices as the number of demo candidates starts to rise. Prices have increased by as much as $ 15/ldt this week, with wet tonnage increasing to about $ 450-510$/ldt, while prices for dry tonnage has risen to about 425-485$/ldt. 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 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 VLCC Suez max Dirty Clean Aframax Vessel Routes Week 02 Week 01 2010 2009 $/day $/day ±% $/day $/day WS points Spot Rates WS points 265k AG-JAPAN 45 16,255 50 23,798-10% 41,620 30,977 280k AG-USG 30 1,135 30 2,340 0% 20,959 19,010 260k WAF-USG 53 28,509 53 30,186 0% 45,311 42,513 130k MED-MED 65 14,140 73 20,188-10% 36,316 31,407 130k WAF-USAC 60 7,550 60 8,567 0% 26,222 25,036 130k AG-CHINA 75 18,049 83 23,554-9% 26,910 22,242 80k AG-EAST 90 9,776 95 12,188-5% 15,716 14,335 80k MED-MED 70 5,243 73 6,480-3% 19,835 16,692 80k UKC-UKC 83 8,224 85 10,052-3% 24,225 15,085 70k CARIBS-USG 128 19,589 138 24,057-7% 17,047 13,135 75k AG-JAPAN 110 14,717 95 9,205 16% 14,544 16,531 55k AG-JAPAN 120 10,675 115 9,467 4% 10,784 13,623 37K UKC-USAC 145 9,710 125 6,285 16% 10,531 8,544 30K MED-MED 135 12,800 150 16,761-10% 19,933 8,855 55K UKC-USG 143 20,593 153 24,211-7% 16,419 14,091 55K MED-USG 143 19,179 153 22,679-7% 14,358 12,790 50k CARIBS-USAC 155 20,022 175 26,161-11% 14,117 11,359 $/day TC Rates Week 02 Week 01 ±% 2010 2009 2008 WS points WS points 180 160 140 120 100 80 60 40 20 240 220 200 180 160 140 120 100 80 60 40 Indicative Period Charters - 6 mos - 'Pretty Jewleryg' 2006 51,000dwt - $ 13,500/day - Navig8-12+12 mos - 'Kuldigag' 2003 37,000dwt - $ 11,750-13,750/day - Norient TD3 TD5 TD8 TD4 TC2 TC4 TC6 TC1 DIRTY -WS RATES CLEAN -WS RATES VLCC Suez max Aframax Panamax MR Handy size 300k 1yr TC 31,500 31,500 0.0% 38,156 39,850 73,750 300k 3yr TC 36,000 36,000 0.0% 38,615 37,700 58,800 150k 1yr TC 25,500 25,500 0.0% 28,646 30,850 47,350 150k 3yr TC 27,500 27,500 0.0% 27,634 29,300 41,100 105k 1yr TC 18,500 18,500 0.0% 19,000 20,350 35,950 105k 3yr TC 20,000 20,000 0.0% 20,271 20,900 30,700 70k 1yr TC 15,250 15,250 0.0% 16,830 19,650 29,450 70k 3yr TC 17,750 17,750 0.0% 17,695 20,200 26,700 45k 1yr TC 13,500 13,500 0.0% 13,420 15,450 23,650 45k 3yr TC 14,750 15,000-1.7% 14,393 16,100 22,500 36k 1yr TC 12,500 12,500 0.0% 11,816 13,950 22,150 36k 3yr TC 13,500 13,500 0.0% 12,030 14,200 20,600 Chartering Indicative Market Values ($ Million) - Tankers Vessel 5yrs old Jan-11 Dec-10 ±% 2010 2009 2008 VLCC 300KT DH 86.5 85.2 1.5% 87.2 84.3 147.8 Suezmax 150KT DH 59.0 59.6-1.0% 62.6 59.2 97.6 Aframax 105KT DH 40.0 41.6-3.8% 44.7 43.2 72.9 Panamax 70KT DH 36.0 37.2-3.2% 38.8 37.5 59.0 MR 45KT DH 25.4 25.4 0.0% 26.5 29.2 50.4 Sale & Purchase Despite VLCCs being able to hold freight rates at rela vely stable levels this week, condi ons con nue to worsen in both the MEG and WAF regions as most January fixtures have now been covered, while there is s ll a large number of vessels available for fixing. Market sen ment also looks to be at an all me low as owners fear that things will only get worse through the coming days as more and more newbuildings get delivered from yards. Despite the good ac vity levels seen for Suezmaxes this past week, we were not able to see any improvement in rates as the vast supply of vessels in both the WAF and Black Sea/Med regions halted any real gains. With few inquiries now remaining in the market, and s ll a plethora of vessels available things are expected to remain lacklustre for the next couple of days. Aframax business looked to see healthy ac vity levels, helping reduce tonnage list all around. Nevertheless, this was not enough to help boost rates in the least, as we con nued to see levels so en further. With posi on list now looking to be slightly be er, things should look to improve in the coming days. Most notable sale this week was that of the VLCC Grand Sea (310,444dwtblt 08 Japan) which went to Hong Kong based buyers Sinotrans for a very firm price of $ 100.0m in a structured deal which included 5 years me charter at a rate of $ 25,800 per day with a purchase op on therea er at a price $ 80.0. Also worth men oning is the sale of the modern aframax Southern Spirit (113,043dwt-blt 09 China) which has been reported sold to Italian buyers Scorpio Tankers for a price of $ 51.0m, represen ng a significant drop from last done. Intermodal Research 2 18/01/2011

Dry Market Baltic Indices Week 02 Week 01 14/01/2011 07/01/2011 ±% 2010 2009 2008 Index $/day Index $/day Index Index Index BDI 1,439 1,519-5.3% 2,999 2,867 6,663 BCI 1,595 9,692 1,865 12,897-14% 4,433 1,624 9,577 BPI 1,923 15,341 1,936 15,416-1% 4,073 790 6,342 BSI 1,393 14,570 1,341 14,023 4% 2,474 661 4,225 BHSI 765 11,129 770 11,196-1% 1,401 529 2,257 Capesize Panamax Supramax Handymax Handysize Period $/day Week Week 02 01 ±% 2010 2009 2008 170K 6mnt TC 21,000 21,000 0% 36,096 39,900 117,000 170K 1yr TC 21,000 22,250-6% 32,936 33,500 111,700 170K 3yr TC 22,000 22,500-2% 29,011 27,900 82,400 70K 6mnt TC 20,500 20,500 0% 28,672 21,800 57,600 70K 1yr TC 17,875 18,000-1% 24,639 18,300 55,800 70K 3yr TC 16,750 17,000-1% 19,707 15,700 44,600 52K 6mnt TC 17,250 17,250 0% 24,442 17,500 47,100 52K 1yr TC 15,750 15,750 0% 20,976 14,900 45,700 52K 3yr TC 15,750 15,750 0% 17,502 13,700 38,000 45k 6mnt TC 15,000 15,000 0% 21,259 15,000 41,700 45k 1yr TC 14,000 14,000 0% 18,469 13,000 38,800 45k 3yr TC 14,000 14,000 0% 15,558 12,300 28,400 30K 6mnt TC 13,000 13,000 0% 16,856 11,600 30,500 30K 1yr TC 13,250 13,250 0% 15,838 10,900 29,700 30K 3yr TC 13,250 13,250 0% 14,162 10,800 22,000 Chartering Capes witnessed yet another week of dropping rates as the combina on of seasonal slowing, increased newbuilding deliveries and closure of most Australian coal and iron ore exporters le li le possibility for a recovery in the market. With the Australian floods now looking to be under control and several ports re-commencing opera ons, we should see a slight improvement as demand starts to picks up once again. Panamaxes showed mixed messages this past week, with the Pacific looking to hold steady thanks to several vessels being caught in the port conges- ons in Australia. The Atlan c, on the other hand, suffered from a low number of inquiries and a number of ballasters coming in from the East adding to the already large tonnage lists in the area. Supras were able to show signs of recovery this week with rates firming on most major routes as ac vity picked up. Handys, on the other hand, were not able to capitalise from any increased ac vity this week, with rates holding at rela vely steady levels. Things should start to get more difficult however, as the number of fresh inquiries starts to dry up, especially in the Pacific were we already saw decreased ac vity towards the end of the week. Index $/day 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 120,000 110,000 100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 Indicative Period Charters - 4/6 mos -'Meteor' 2010 82,300dwt - dely Huangpu 16/22 Jan - $ 16,750/day - BHP Billiton - 3/5 mos - 'Helga' 2008 28,358dwt - dely passing Gibraltar 16/22 Jan - $ 12,000/day - Falcon Capesize Sale & Purchase Baltic Indices BCI BPI BSI BHSI BDI 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 Panamax Supramax Handysize Jan-11 Dec-10 ±% 2010 2009 2008 170k 49.0 51.9-5.6% 57.1 49.0 134.3 73K 35.0 37.8-7.4% 38.8 30.3 78.3 52k 28.0 28.4-1.4% 30.2 26.1 67.7 29K 24.5 25.0-2.0% 26.1 21.1 45.7 Most noteworthy deal this week was the reported sale of the resale capesize Pacific Spirit (180,300dwt-blt 11 China) which went to undisclosed buyers for a compe ve price of $ 55.0m. Also worth men oning is the sale of the resale supramax Jin Feng (57,700dwt-blt 11 China) which reportedly went to undisclosed Thai based buyers for a price of $ 32.0m. Intermodal Research 3 18/01/2011

Secondhand Sales Tankers Size Name Dwt Built Yard M/E SS due Hull Price Buyers Comments VLCC GRAND SEA 310,444 2008 MITSUI, Japa n MAN-B&W Ma r-13 DH $ 100.0m Hong Kong based (Sinotrans) Structured deal sale incl 5yrs TC at $ 25,800/day AFRA SOUTHERN SPIRIT 113,043 2009 NEW TIMES, China MAN-B&W Oct-14 DH $ 51.0m Italian (Scorpio) AFRA OPAL QUEEN 107,181 2001 IMABARI, Japan B&W Ma r-11 DH $ 34.0m Egyptian (Egyptian Tanker Co) MR FREJA SCANDIA 53,540 2010 SHIN KURUSHIMA, Japan Mitsubishi Feb-15 DH $ 40.0m Danish (Kirk Ka pital) CHEM HELLESPONT CREDO 13,201 2007 SEKWANG, S.Korea MAN-B&W Apr-13 DH epxoy coated CHEM HELLESPONT CHIVALRY $ 43.0m 13,185 2006 KY HEAVY, S.Korea MAN-B&W Aug-11 DH UK based epxoy coated enbloc CHEM HELLESPONT CREATION 13,097 2007 SEKWANG, S.Korea MAN-B&W Jul-12 DH epxoy coated PROD GALP MARINE 2,779 2005 BENGBU SHENZHOU MACHIN, China Caterpillar Ma r-15 DH 4.5m UK based Intermodal Research 4 18/01/2011

Secondhand Sales Bulk Carriers Size Name Dwt Built Yard M/E SS due Gear Price Buyers Comments CAPE PACIFIC SPIRIT 180,300 2011 DALIAN, China MAN-B&W $ 55.0m undis clos ed SMAX JIN FENG 57,700 2011 STX DALIAN, China MAN-B&W $ 32.0m Thai bas ed HMAX ANTONIS 45,090 1984 GOVAN (B.S.), U.K. Sulzer Jun-14 CR4x25T $ 8.25m Banglades hi HANDY SIAM PEARL 38,023 1983 HYUNDAI, S.Korea B&W Apr-11 CR4x25T $ 5.0m undis clos ed HANDY OCEAN WALKER 18,040 1981 SASEBO, Japan Mits ubishi Apr-11 DR4x25T $ 2.1m undis clos ed MPP/General Cargo Name Dwt Built Yard M/E SS due Gear Price Buyers Comments BLANDINE DELMAS 33,660 1986 ATLANTIQUE, France B&W Apr-11 CR2x40T, CR3x25T MPP/feeder, CAROLINE DELMAS 33,611 1986 ATLANTIQUE, France B&W Apr-11 DELPHINE DELMAS 33,520 1986 3 MAJ, Yugoslavia Sulzer Jun-11 CR2x40T, CR3x25T CR2x40T, CR3x25T $ 6.5m each Hong Kong MPP/feeder, MPP/feeder, ADELINE DELMAS 33,504 1986 3 MAJ, Yugoslavia Sulzer Feb-11 CR2x40T, CR3x25T MPP/feeder, LINA 23,245 1987 MATHIAS-THESEN, Germany MAN CR4x25T $ 7.0m Chines e Intermodal Research 5 18/01/2011

Secondhand Sales Containers Size Name Teu Built Yard M/E SS due Gear Price Buyers Comments SUB PMAX TAICANG DRAGON 2,578 2008 XIAMEN, China Wartsila Aug-13 CR3x45T $28.8m undisclosed HANDY NORDRIVER 1,684 1997 SZCZECINSKA, Poland Sulzer Jul-12 CR3x45T undisclosed undisclosed HANDY SINAR BINTAN 1,060 2002 HAKATA, Japan B&W Mar-12 CR3x45T $ 13.6m Singapore listed (Samudera Shipping) Roros Name Loa(m) LM Built Yard M/E SS due Price Buyers Comments OMO WONZ 105.62 870 1981 FREDERIKSHAVN,D enmark MaK Dec-10 $ 1.4m Russian bss SS/DD overdue Passengers Name Loa Pass Built Yard M/E SS due Price Buyers Comments ATLANTIC STAR 240.39 1,585 1984 NORD ET MED LA SEYN, France General Electric Nov-13 undisclos ed undisclosed Offshore Type Name Dwt Built Yard M/E Bhp SS due Price Buyers Comments AHTS NOR SKY 1,842 2008 JAYA ASIATIC, Indonesia Wa rtsila 11,012 Feb-13 undisclosed (Airi Jaya Marine) Intermodal Research 6 18/01/2011

Demoli on Market Wet Dry Indicative Demolition Prices ($/ldt) Markets Week Week 02 01 ±% 2010 2009 2008 Bangladesh - - 0.0% 424 316 591 India 510 495 3.0% 428 292 566 Pakistan 500 490 2.0% 427 297 555 China 450 465-3.2% 384 258 385 Bangladesh - - 0.0% 378 269 538 India 485 465 4.3% 395 265 522 Pakistan 465 460 1.1% 389 266 506 China 425 440-3.4% 365 240 339 Price levels con nued to push forward for another week largely thanks to improved steel prices in the Indian sub con nent and Far East, helping further feed market sen ment and specula on. This will likely be further increased, as rumors start to circulate once again that Bangladeshi breakers are set to enter the market. We should however start to see a downward pressure created on prices as the number of demo candidates starts to rise. Prices have increased by as much as $ 15/ldt this week, with wet tonnage increasing to about $ 450-510$/ldt, while prices for dry tonnage has risen to about 425-485$/ldt. The highest reported price paid this week was by Indian breakers for the general cargo ship Panama Express (22,312dwt-9,091ldt-blt 83) which went for $ 520/Ldt. Of interest was also the firm priced paid by Indian breakers for the Ro-Ro Charlo enborg (24,223dwt-15,154ldt-blt 81) which went for $ 513/Ldt. Wet Demolition Prices Dry Demolition Prices $/ldt 550 500 450 400 350 300 250 200 Bangladesh India Pakistan China $/ldt 500 450 400 350 300 250 200 150 Bangladesh India Pakistan China Demolition Sales Name Size Ldt Built Yard Type $/ldt Breakers Comments KYUSHU STAR 142,936 18,690 1982 KAWASAKI, Japan BULKER $ 489/Ldt Indian ANGELO DELLA India / Pakistan dely 127,774 20,178 1982 HYUNDAI, S.Korea BULKER $ 505/Ldt Indian GATTA incl 670T bunkers ROB MALAGA 30,499 6,595 1976 AESA SEVILLA, Spain BULKER $ 460/Ldt Pakistani KOMUNY PARYSKIEJ, CHARLOTTENBORG 24,223 15,154 1981 RORO $ 513/Ldt Indian India / Pakistan Dely Poland PANAMA EXPRESS 22,312 9,091 1983 MITSUBISHI, Japan GC $ 520/Ldt Indian THOR SUN 16,223 4,950 1986 AESA SESTAO, Spain GC $ 453/Ldt Indian 'as is' Indonesia ALKAWTER 15,260 3,796 1980 AUSTIN & P, U.K. GC $ 464/Ldt Indian ASANO NO. 18 10,267 3,100 1974 TOHOKU, Japan BULKER $ 406/Ldt Chinese MERDIF 2 4,210 9,100 1972 SETODA, Japan RO-PAX $ 475/Ldt Indian Intermodal Research 7 18/01/2011

New Building Market Bulkers Tankers Gas Indicative Newbuilding Prices (million$) Vessel Week Week 02 01 ±% 2010 2009 2008 Capesize 170k 55.5 56.0-0.9% 57 67 96 Panamax 75k 34.0 34.0 0.0% 34 36 54 Supramax 57k 31.0 31.0 0.0% 30 34 48 Handysize 30k 25.3 25.3 0.0% 25 27 37 VLCC 300k 103.5 103.5 0.0% 101 121 155 Suezmax 150k 65.5 65.5 0.0% 65 70 96 Aframax 110k 55.0 55.5-0.9% 54 59 78 LR1 70k 45.0 45.0 0.0% 45 52 66 MR 47k 35.5 35.5 0.0% 35 40 52 LPG M3 80k 72.3 72.3 0.0% 70 81 94 LPG M3 52k 62.5 62.5 0.0% 63 73 85 LPG M3 23k 44.5 44.5 0.0% 44 49 55 Li le ac vity was seen this week, with most interest s ll looking to be focused in the container and offshore sectors. What was interes ng this week however, was the op mism most of the major shipyards showed for the prospects of this year, with many increasing their order targets considerably compared to the levels they secured in 2010. This shows that we are likely to con nue to see intense compe on from yards, keeping newbuilding prices under pressure. Worth men oning this week is the reported order placed by Chinese newcomer owners Rewood Ocean Shipping for six panamax (76,000) bulkers at China s Yangzijiang Shippbuilding at a price of $ 36.0m and for delivery between 2012 and 2013. Another notable deal is the order placed by German owner D. Oltmann for two firm plus one op onal panama (4,500teu) boxships at South Korea s Dae Sun Shipbuilding at an undisclosed price and for delivery between 2012 and 2013. million $ 120 105 90 75 60 45 30 15 Tankers Newbuilding Prices (m$) VLCC Suezmax Aframax LR1 MR million $ 80 70 60 50 40 30 20 Bulk Carriers Newbuilding Prices (m$) Capesize Panamax Supramax Handysize Units Type Size Yard Delivery Buyer Price Comments Yangzijiang Shipbldg, Chinese (Rewood Ocean 6 Bulker 76,000 2012-2013 $ 36.0m China Shpg) 2 Bulker 57,300 STX, S.Korea 2Q2013 Greek (Helikon Shipping) $ 32.0m options placed Jiangsu Hongming, Chinese (Huasheng 1 Bulker 31,000 2011 undisclosed China Jiangquan Shpg) 2+1 Container 4,500teu Hyundai, S.Korea 2012-2013 German (D. Oltmann) undisclosed 2 Container 1,040teu Dae Sun S.B., S.Korea 2013 Chinese (Shandong Int. Trans.) $ 19.5m 1 Cruise 40,000gt STX, France 2013 1 Ro-Ro 2,100 Damen Shipyard, Netherlands Newbuilding Orders Germany (Hapag-Lloyd Cruises) undisclosed 2013 Swedish undisclosed Intermodal Research 8 18/01/2011

Commodi es & Financial Market Stock Exchange Data Currencies Commoditites Market Data 14-Jan-11 13-Jan-11 12-Jan-11 11-Jan-11 10-Jan-11 W-O-W Change % Dow Jones 11,787.4 11,731.9 11,755.4 11,671.9 11,637.5 1.0% Nasdaq 2,755 2,735 2,737 2,717 2,708 1.9% S&P 500 1,293 1,284 1,286 1,274 1,270 1.7% FTSEurofirst 300 1,156.1 1,157.3 1,163.9 1,147.2 1,133.2 1.0% DJ Euro Stoxx 50 2,920 2,916 2,879 2,797 2,761 4.0% FTSE 100 6,002 6,024 6,051 6,014 5,956 0.3% FTSE All-Share UK 3,115 3,126 3,138 3,120 3,088 0.4% CAC40 3,983 3,975 3,945 3,862 3,802 3.0% Xetra Dax 7,076 7,075 7,069 6,942 6,857 1.8% Nikkei 10,499 10,590 10,513 10,511 - -0.4% Hang Seng 24,283 24,239 24,126 23,760 23,527 2.5% FTSE All World $ 222.35 221.90 220.86 217.95 217.90 2.0% / $ 1.34 1.33 1.31 1.29 1.29 3.2% / $ 1.59 1.59 1.57 1.56 1.56 2.0% / 0.84 0.84 0.83 0.83 0.83 1.2% $ / 82.80 82.80 83.30 83.40 82.70 0.1% / 131.50 131.30 130.80 129.90 128.80 2.1% $ INDEX 80.50 80.50 81.20 81.70 81.60-1.3% / SFr 1.29 1.29 1.27 1.26 1.26 2.6% Oil Brent $ 91.54 91.40 91.86 91.11 89.25 2.6% Oil WTI $ 98.68 98.06 98.12 97.61 95.70 3.1% Gold $ 1,373.25 1,387.66 1,381.45 1,374.95 1,369.30 0.3% World Economy News China has lent more money to other developing countries over the past two years than the World Bank, a stark indication of the scale of Beijing s economic reach and its drive to secure natural resources. China Development Bank and China Export-Import Bank signed loans of at least $110bn ( 70bn) to other developing country governments and companies in 2009 and 2010, according to Financial Times research. The equivalent arms of the World Bank made loan commitments of $100.3bn from mid-2008 to mid-2010, itself a record amount of lending in response to the financial crisis. (Financial Times) 96 oil MDO 380cst 180cst 100 92 88 Basic Commodities Weekly Summary Oil Brent $ Oil WTI $ Gold $ 1,420 1,410 1,400 1,390 gold 1,380 1,370 1,360 Bunker Prices 14-Jan-11 7-Jan-11 W-O-W Change % Rotterdam 812.0 795.0 2.1% Houston 823.0 805.5 2.2% Singapore 808.0 784.0 3.1% Rotterdam 514.0 511.5 0.5% Houston 519.0 497.0 4.4% Singapore 537.5 526.5 2.1% Rotterdam 522.0 519.0 0.6% Houston 562.5 552.5 1.8% Singapore 543.5 532.5 2.1% Energy & Commodi es Gold gained for a second day in New York as a price drop in the past two weeks spurred physical buying in Asia and on concerns that Europe s sovereign-debt crisis may linger. Investors said the euro zone s woes are likely to persist, even after finance ministers pledged to strengthen a safety net for debt-strapped countries. Gold futures have dropped 3.5% this year. Prices are starting to look attractive to Asian buyers, said an analyst at VTB Capital in London. While successful sovereign debt auctions in Europe removed some support from prices last week, economic uncertainty in the monetary union remains, he added. (Bloomberg) Company Maritime Stock Data Stock W-O-W Curr. 14-Jan-11 07-Jan-11 Exchange Change % Max 02wk Min 02wk AEGEAN MARINE PETROL NYSE USD 10.63 10.35 2.7% 12.82 10.79 NEWLEAD HOLDINGS NASDAQ USD 2.69 2.51 7.2% 2.75 2.57 CAPITAL PRODUCT PARTNERS L.P. NASDAQ USD 9.48 9.87-4.0% 10.03 9.81 COSTAMARE INC NYSE USD 13.33 14.73-9.5% 15.16 14.56 DANAOS CORP NYSE USD 3.82 3.96-3.5% 4.88 4.10 DIANA SHIPPING NASDAQ USD 12.80 12.48 2.6% 12.43 12.31 DRYSHIPS INC(IPO) NASDAQ USD 5.97 5.40 10.6% 5.50 5.33 EUROSEAS LTD NASDAQ USD 3.73 3.85-3.1% 3.81 3.64 EXCEL MARITIME CARRIERS NYSE USD 5.65 5.69-0.7% 5.64 5.59 FREESEAS INC NASDAQ USD 4.00 3.78 5.8% 3.76 3.53 GENCO SHIPPING NYSE USD 14.46 14.91-3.0% 14.62 14.10 GENERAL MARITIME NYSE USD 3.51 3.64-3.6% 3.66 3.30 GLOBUS MARITIME LTD NASDAQ USD 9.78 10.11-3.3% 10.00 9.80 GOLDENPORT HOLDINGS INC LONDON GBX 120.00 115.00 4.3% 120.00 116.00 HELLENIC CARRIERS LTD LONDON GBX 72.00 75.50-4.6% 76.00 72.00 NAVIOS MARITIME CORP NYSE USD 5.25 5.39-2.6% 5.53 5.45 OCEANFREIGHT INC NASDAQ USD 0.93 0.94-1.1% 0.93 0.93 OMEGA NAVIGATION ENTERPRISES INC NASDAQ USD 1.28 1.40-8.6% 1.39 1.33 PARAGON SHIPPING INC NASDAQ USD 3.46 3.40 1.8% 3.38 3.31 SEANERGY MARITIME HOLDINGS CORP NASDAQ USD 0.93 0.92 1.1% 0.95 0.93 STAR BULK CARRIERS CORP NASDAQ USD 2.72 2.75-1.1% 2.79 2.73 STEALTHGAS INC NASDAQ USD 6.90 8.25-16.4% 8.23 7.06 TOP SHIPS INC NASDAQ USD 1.06 1.07-0.9% 1.08 1.05 TSAKOS ENERGY NAVIGATION INC NYSE USD 10.24 10.29-0.5% 10.06 9.91 Finance News Norway s DnB NOR has emerged victorious in a fight to secure the title of 2010 s top bookrunner of syndicated shipping loans, according to data compiled by Dealogic. The London-based monitor says the Norwegian banking giant clinched the win with market share in the region of 11% linked to $5.7bn worth of bookrunning business on 39 deals. DnB NOR also took the top spot on Dealogic s list of mandated lead arrangers with 59 deals weighing in at around $4.9bn. In both segments, Nordic firm Nordea Bank took the second place trophy while Japan's Mitsubishi UFJ Financial Group fell to third. In the fourth quarter, Dealogic says syndicated shipping loan volume fell to $13.5bn, a 43% drop from the previous quarter but nearly double the amount handed out in the final quarter of 2009. New money rang in at $11.9bn during the period while club deals hit $2.6bn. The largest deal to date was tied to Danish shipping giant AP Moller Maersk with a $6.8bn facility arranged by a team of ten banks including runnerups Nordea and Mistsubishi UFJ Financial. (Tradewinds) Intermodal Research 9 18/01/2011