WEEKLY MARKET REPORT May 6th, 2011 / Week 18

WEEKLY MARKET REPORT May 6th, 2011 / Week 18 The BPI once more outperformed all other sectors posting a 22% increase to end the week 319 points higher. All other sectors ended up practically where they finished off on Thursday last week however, all but the smaller handies finished the week in a positive tone. It remains to be seen whether the market will be able to maintain its present momentum and make positive gains in the coming weeks. The BDI ended the week just over 5.5% higher to close at 1,340. The misery for the CAPESIZES continued this week with average spot earnings hovering just below opex levels. Low demand coupled with the high number of newbuildings hitting the water is having its effect. Freshly delivered vessels are getting a miserable mid 12,000's for one year's time charter. The PANAMAX market has been lifted by the continued activity in thermal coal and the grain trades in the Atlantic. In addition, there is a slow but noticeable increase in iron ore trades. The SUPRA/HANDY sector remains flat but there are some fresh enquiries entering the market and we hope that with the lack of spot tonnage in the Atlantic we may see some good gains from next week. Supramaxes leaving the Atlantic for the Far East are able to command rates between US$ 22-25,000 per day. The Pacific is far more quiet and lacking any direction. In the TANKER SECTOR, the overall picture remains weak. On the VLCC front, the supply of tonnage is exceeding by far demand for transportation and therefore rates remained this week at their rock-bottom range, hovering around an average of mid/high $9,000's, basis round trip voyage. Though the Suezmaxes have performed better than the VLCCs, charterers have plenty of options for tonnage and with cargoes being drip-fed into the market owners have little chances of pushing for slightly better rates. In the Aframax class; markets all around the globe are quiet and offer no particular excitement. The Caribbean and Mediterranean markets offer the lowest returns to owners, hovering at the mid/high $3,000s, whereas Eastern Aframax returns are hovering in the low teens. For sure activity in the second hand S&P market is strong with many enquiries and deals reported. The price gap between sellers and buyers is still there and ships tend to stay in the market for long periods whilst at the same time more and more ships are being offered for sale. This oversupply should imply lower prices however, this does not seem to be the case (especially in the smaller dwt sectors, as evidenced from some of the sales reported. For example, the handy ORIENT BULKER (32,776 dwt / blt 2005 Japan) has fetched a firm price of US$ 24 WeberSeas, Weekly Market Report Page 1 of 12

million to M.U.R. Shipping whilst the supramax SHANGHAI VENTURE (53,410 dwt / blt 2007 China) achieved US$ 26 million from Ership. We note that the sistership Bulk Navigator / Bulk Voyager (same details built in 2006/2005 same yard) achieved about US$ 22 million each only one month ago. After the recent sale of the 2009 blt Kamsarmax Erica, this week Greek buyers purchased a Tsuneishi Japan resale scheduled for prompt delivery for a firm US$ 42.50 million, whilst a decent price has also been achieved by the panamax GEOSAND (74,432 dwt / blt 2005 China) which has also been sold to Greek buyers for US$ 31.40 million. Many small dwt tankers and gas carriers have been reported sold but the tanker sale that stands out is that of the auctioned LR-1 EAGLE HOPE (73,965 dwt / blt 2008 Japan) sold to German buyers for US$ 38 million. At auction, one would have thought that a more realistic price would have been achieved however, this does not seem to be the case. No real change in the demolition market where prices remain firm and in excess of the 500 level in the India subcontinent. China is the only market lagging behind at the moment both in terms of volume and prices. TANKERS EAGLE HOPE 73,965/08 - ONOMICHI - B&W 18,436 - COATED - COILED - SBT - IGS - COW - DH SS/DD 02/2013 Sold at an auction for $38 mill. to German buyers (Oldendorff). GOLDEN VENUS 19,887/04 - USUKI - B&W 8,362 - ST.ST. COATING - SBT - DH - SS 12/2014 DD 07/2012 Sold for $25 mill. to Malaysian buyers (Ace Tankers). HELLESPONT CHAMPION 17,000/11 - SEKWANG - B&W 7,614 - SBT - DH HELLESPONT CAPTAIN 17,000/11 - SEKWANG - B&W 7,614 - SBT - DH Sold en bloc on private terms to Irish buyers (Armor Shipping) basis delivery between April and July 2012. GLOBAL FLORA 9,273/96 - HIGAKI - B&W 5,281 - SBT - DH - SS/DD 11/2011 Sold for $5 mill. to Thai buyers. QUEENIE 8,831/03 - MURAKAMI - B&W 5,279 - ST.ST. COATING - COILED - SBT - DH Sold for $11 mill. to undisclosed buyers. LPG SAPPHIRE STAR 4,825/91 - ITALY - WARTSILA 7,380 - ST.ST. COATING - SBT - IGS - DH 6,777 CBM - SS/DD 05/2011 Sold on private terms to Peruvian buyers (Transgas). LPG GAS SHANGHAI 3,361/99 - SHITANOE - B&W 3,270 - SBT - DB - 3,500 CBM SS 04/2014, DD 05/2012 Sold for $9 mill. to Chinese buyers. LPG BORAL GAS 3,000/91 - BELGIUM - WARTSILA 2,045 - SBT - DB - 2,300 CBM - SS 01/2016 DD 02/2014 LPG PACIFIC GAS 2,136/91 - BELGIUM - WARTSILA 2,780 - SBT - DB - 2,190 CBM - SS/DD 04/2011 Sold en bloc on private terms to Bermuda based buyers (Petredec). Sale includes t/c attached to Australian charterers for 2 years at undisclosed rate. WeberSeas, Weekly Market Report Page 2 of 12

LPG PERNAS BUTANE 2,213/92 - KURUSHIMA - HANSHIN 1,800 - SBT - 2,214 CBM - SS/DD 01/2012 Sold for $2.9 mill. to undisclosed buyers. SEREFE 3,600/08 - HANGZHOU - WARTSILA 2,121 - COATED - COILED - SBT - DH Sold for $9.2 mill. to undisclosed buyers. BULKERS CAPE AGAMEMNON 179,221/10 - SUNGDONG - B&W 25,370-9HH Sold for $98.5 mill. to Greek buyers. Sale includes t/c attached for 9 years in total to Cosco Bulk, at $50,455/day net for the first 5 years and $31,455/day net for the remaining 4. TSUNEISHI FUKUYAMA 1453 82,600/11 - TSUNEISHI - B&W 18,436-7HH Sold for $42.5 mill. to Greek buyers. GEOSAND 74,432/05 - HUDONG - B&W 12,223-7HH - SS 11/2015, DD 11/2013 Sold for $31.4 mill. to Greek buyers (Globus Maritime). Sale includes t/c back for 2 years at $18,000/day net. CHIOS JOY 68,762/89 - HYUNDAI - B&W 10,193-7HH - C 4X25T - SS 07/2014, DD 07/2012 Sold for $14 mill. to Chinese buyers. M. P. PANAMAX 1 60,973/81 - HITACHI - SUL 13,499-7HH - C 4X25T - SS 11/2013, DD 11/2011 Sold for $7 mill. to Chinese buyers. SHANGHAI VENTURE 53,410/07 - CHENGXI - B&W 12,889-5HH - C 4X36T - SS/DD 04/2012 Sold for $26 mill. to Spanish buyers (Ership). ORIENT BULKER 32,776/05 - KAWAJIRI - MIT 9,001-5HH - C 4X30.5T - SS 06/2015, DD 05/2013 Sold for $24 mill. to U.K. based buyers (MUR Shipping). SUSANGO 13,537/85 - IMAI - B&W 4,095-2HH - D 4X15T - SS 04/2015, DD 08/2013 Sold for $3.3 mill. to undisclosed buyers. CONTAINERS SINAR BANDUNG 14,984/05 - HAKATA - B&W 13,580 - C 2X40T - 1,060 TEU Sold for $15.2 mill. to Indonesian buyers. MPP/TWEENDECKERS THOR NEPTUNE 20,377/89 - GERMANY - SUL 10,809-4HO 9HA - C 1X40T, 3X25T - SS 03/2014 DD 12/2011 THOR NAUTILUS 18,100/88 - GERMANY - SUL 9,251-4HO 7HA - C 1X40T, 2X25T - SS 04/2013 DD 07/2011 Sold en bloc for $5.1 mill. each to undisclosed buyers. OCEAN BABY 17,249/84 - IHI - PIELSTICK 5,400-5HH - C 5X20T - SS 11/2013, DD 11/2011 Sold for $2.4 mill. to undisclosed buyers. WeberSeas, Weekly Market Report Page 3 of 12

RO-RO/PASSENGER BALTICA 13,772/90 - HYUNDAI - 2 x WARTSILA 18,451-2,170 LM - 174 TRAILERS - 504 TEU SS 08/2015, DD 08/2013 Sold for 7 mill. to Finnish buyers (Lillbacka Shipping) FASTCAT-SHANKLIN 50/96 - SINGAPORE - 2 x MTU 5,488-360 PASS - SS 01/2015, DD 01/2013 RAPPAREE 46/96 - SINGAPORE - 2 x MTU 5,438-370 PASS - SS 07/2015, DD 05/2013 Sold en bloc for $23.5 mill. each to Russian buyers (Rosmorport). FRESH FOR SALE BULK CARRIERS CAPE GULF 143,496/90 - SPAIN - B&W 18,296-8HH Vessel promptly inspectable in Qingdao, China. EMPEROR 38,870/86 - IHI - SUL 7,948-5HH - C 4X25T Vessel inspectable in Nuhport, Turkey on 11th May. DILER 4 37,732/85 - HITACHI - B&W 8,722-5HH - C 4X25T Vessel inspectable in Itacoatiara, Brazil between 8th and 11th May. ANSAC ASIA 33,945/98 - KAWAJIRI - B&W 9,701-5HH - C 4X30T Vessel inspectable in Taichung, Korea 20th May. POLARQUEEN 24,993/99 - IMABARI - B&W 8,371-4HH - C 3X30.5T Vessel inspectable in Puerto Questzal, Guatemala on 17th May. STAR SAVANNAH 18,764/83 - UWAJIMA - MIT 5,200-5HH - C 2X22.3T - open hatch Vessel inspectable in Port Arthur, U.S.A. on 7th May. OBO FRONT BREAKER 169,146/91 - DAEWOO - B&W 20,965-9HH Vessel inspectable in Rizhao, China where awaiting orders. (trading dry for the last 7 years) WeberSeas, Weekly Market Report Page 4 of 12

DEMOLITION DEMOLITION STATISTICS TYPE OF SHIP THIS DATE 2011 THIS DATE 2010 2010 TOTAL 2009 TOTAL ULCC/VLCC 3 10 14 10 SUEZMAX 0 4 10 5 AFRAMAX 5 5 14 12 PANAMAX TANKER 0 4 10 8 CAPE/COMBO (100,000 dwt +) 24 3 15 5 PANAMAX/KAMSARMAX BULKER 15 2 6 21 LOCATION TANKERS BULK CARRIERS CHINA 465 445 INDIA 550 520 BANGLADESH 550 515 PAKISTAN 530 500 DEMOLITION: INDIA M/V TINA M M/V MINOS M/V SEALO I M/T WASEL M/V KING FORTUNE (tween) M/V JAN DLUGOSZ (tween) M/V MISS KIKAKI (tween) M/V LIBERATOR T (tween) (Sale includes 150 tonnes of bunkers ROB) M/V HAJ KHALIL (tween) 60,158/82-12,273 LDT - USD 527/LDT 54,686/76-10,880 LDT - USD 507/LDT 38,353/63-10,628 LDT - USD 515/LDT 28,750/83-9,680 LDT - USD 568/LDT 24,080/78-8,495 LDT - USD 520/LDT 15,622/84-8,011 LDT - USD 505/LDT 15,416/76-4,272 LDT - USD 510/LDT 13,105/83-5,415 LDT - USD 495/LDT - as is Yangoon 8,230/79-3,540 LDT - USD 522/LDT BANGLADESH M/V ALSTER N (OBO) M/V BAO TONG HAI 305,893/88-41,500 LDT - USD 505/LDT 139,609/82-19,790 LDT - USD 515/LDT WeberSeas, Weekly Market Report Page 5 of 12

M/T OCEAN CAMAR 46,100/88-10,730 LDT - USD 575/LDT CHINA RO-PAX MORNING SHINE 7,396/73-7,432 LDT - USD 435/LDT WeberSeas, Weekly Market Report Page 6 of 12

TYPE OF SHIP NEWBUILDING STATISTICS 2011 2012 2013 2014 * TOTAL ORDERBOOK ULCC/VLCC 83 58 35 13 189 SUEZMAX 61 59 28 2 150 AFRAMAX 77 50 18 2 147 PANAMAX 39 15 24 7 85 MR 115 76 34 5 230 10-35,000 DWT 189 77 14 280 CAPESIZE/ MINI CAPE / VLOC 80-100,000 DWT 344 216 65 13 638 253 291 81 25 650 PANAMAX 109 87 36 232 SUPRAMAX / HANDYMAX 459 310 93 862 HANDYSIZE 395 258 86 14 753 * Includes ALL vessels on order NEWBUILDING CONTRACTS No Size Type Yard Delivery Price (mill) Owners Comments 2 205,000 dwt Bulker 2 82,000 dwt Bulker Qingdao Yangfan Daewoo Mangalia 2012/13 $50 Hongxiang Shipping 2012/13 $35 KC Maritime 2 36,000 dwt Bulker Samjin 2013 $25 Everlast Shipping +2+2+2 options + 2 options 2 160,000 cbm LNG Daewoo 2013 $200 Awilco LNG + 2 options 2 160,000 cbm LNG Daewoo 2014/15 $200 Maran Gas Maritime switched order from VLCCs WeberSeas, Weekly Market Report Page 7 of 12

BALTIC DRY EXCHANGE RATES THIS WEEK LAST WEEK CHANGE CHANGE % Baltic Dry Index 1340 1269 71 5.59% Baltic Capesize 1566 1564 2 0.13% Baltic Panamax 1769 1450 319 22.00% Baltic Supramax 1386 1390-4 -0.29% Baltic Handysize 792 797-5 -0.63% 14000 12000 10000 8000 6000 4000 2000 0 4-Jan-05 4-Apr-05 25000 20000 15000 10000 5000 0 4-Jan-05 4-Apr-05 14000 12000 10000 8000 6000 4000 2000 0 18-Jan-05 18-Apr-05 4-Jul-05 4-Oct-05 4-Jan-06 4-Apr-06 4-Jul-06 4-Oct-06 4-Jan-07 4-Apr-07 4-Jul-07 4-Oct-07 4-Jan-08 4-Apr-08 4-Jul-05 4-Oct-05 4-Jan-06 4-Apr-06 4-Jul-06 4-Oct-06 4-Jan-07 4-Apr-07 4-Jul-07 4-Oct-07 4-Jan-08 4-Apr-08 4-Jul-08 4-Oct-08 4-Jan-09 4-Apr-09 4-Jul-09 4-Oct-09 4-Jan-10 4-Apr-10 4-Jul-10 4-Oct-10 4-Jan-11 4-Apr-11 WeberSeas, Weekly Market Report Page 8 of 12 BCI 18-Jul-05 18-Oct-05 18-Jan-06 18-Apr-06 18-Jul-06 18-Oct-06 18-Jan-07 18-Apr-07 18-Jul-07 18-Oct-07 18-Jan-08 18-Apr-08 BPI BDI 4-Jul-08 4-Oct-08 4-Jan-09 4-Apr-09 18-Jul-08 18-Oct-08 18-Jan-09 18-Apr-09 4-Jul-09 4-Oct-09 4-Jan-10 4-Apr-10 4-Jul-10 4-Oct-10 4-Jan-11 4-Apr-11 18-Jul-09 18-Oct-09 18-Jan-10 18-Apr-10 18-Jul-10 18-Oct-10 18-Jan-11 18-Apr-11

BALTIC WET EXCHANGE RATES THIS WEEK LAST WEEK CHANGE CHANGE % Baltic Clean Tanker 866 892-26 -2.91% Baltic Dirty Tanker 796 829-33 -3.98% 2,500 2,000 1,500 1,000 500 0 4-Jan-05 8-Mar-05 13-May-05 2,500 2,000 1,500 1,000 500 0 10-Jan-05 14-Mar-05 19-May-05 18-Jul-05 20-Sep-05 22-Nov-05 1-Feb-06 5-Apr-06 13-Jun-06 15-Aug-06 18-Oct-06 20-Dec-06 1-Mar-07 3-May-07 5-Jul-07 7-Sep-07 9-Nov-07 21/01/2008 27-Mar-08 2-Jun-08 22-Jul-05 26-Sep-05 28-Nov-05 7-Feb-06 11-Apr-06 19-Jun-06 21-Aug-06 24-Oct-06 3-Jan-07 7-Mar-07 9-May-07 11-Jul-07 13-Sep-07 15-Nov-07 25/01/2008 2-Apr-08 6-Jun-08 11-Aug-08 14-Oct-08 BCT I 15-Aug-08 20-Oct-08 BDT I 23-Dec-08 4-Mar-09 11-May-09 14-Jul-09 16-Sep-09 18-Nov-09 29-Jan-10 6-Apr-10 10-Jun-10 12-Aug-10 15-Oct-10 17-Dec-10 28-Feb-11 2-May-11 6-Jan-09 10-Mar-09 15-May-09 20-Jul-09 22-Sep-09 24-Nov-09 4-Feb-10 12-Apr-10 16-Jun-10 18-Aug-10 21-Oct-10 23-Dec-10 4-Mar-11 6-May-11 WeberSeas, Weekly Market Report Page 9 of 12

MAJOR CAPITAL MARKETS INDEX THIS WEEK* LAST WEEK* CHANGE CHANGE % 52 WEEKS HIGH 52 WEEKS LOW DOW JONES 12,723.58 12,690.96 32.62 0.26% 12,928.50 9,596.04 NASDAQ 2,814.72 2,872.53-57.81-2.01% 2,887.75 2,061.14 AIM 893.80 921.10-27.30-2.96% 968.30 648.50 NIKKEI 10,004.20 9,691.84 312.36 3.22% 10,891.60 8,605.15 NAME SYMBOL PUBLIC COMPANIES DRY-CARGO SECTOR THIS WEEK* LAST WEEK* CHANGE CHANGE % 52 WEEK HIGH 52 WEEK LOW DIANA DSX 11.12 11.35-0.23-2.03% 14.77 10.75 DRYSHIPS DRYS 4.56 4.67-0.11-2.36% 6.44 3.28 EAGLE BULK EGLE 3.09 3.39-0.30-8.85% 5.78 3.07 EXCEL MARITIME EXM 3.93 4.03-0.10-2.48% 6.63 3.87 GENCO GNK 7.92 8.25-0.33-4.00% 22.38 7.60 GOLDENPORT HOLDINGS GPRT.L 108.00 108.00 0.00 0.00% 140.00 102.50 NAVIOS HOLDINGS NM 5.37 5.29 0.08 1.51% 6.80 4.38 NAME SYMBOL TANKER/ENERGY SECTOR THIS WEEK* LAST WEEK* CHANGE CHANGE % 52 WEEK HIGH 52 WEEK LOW CAPITAL PRODUCT PARTNERS CPLP 9.97 11.15-1.18-10.58% 11.39 5.31 GENERAL MARITIME GMR 2.07 2.18-0.11-5.05% 8.04 1.75 OMEGA NAVIGATION ONAV 0.74 0.83-0.09-10.84% 2.87 0.68 STEALTHGAS GASS 5.77 6.00-0.23-3.83% 8.80 3.93 TEN TNP 10.33 10.28 0.05 0.49% 15.83 8.96 CONTAINER SECTOR NAME SYMBOL 52 52 THIS LAST CHANGE CHANGE WEEK WEEK WEEK* WEEK* % HIGH LOW DANAOS DAC 6.74 6.20 0.54 8.71% 7.87 3.50 * Prices reflect Thursday s closing values. Prices in US$ except for Goldenport Holdings which is in GBP. WeberSeas, Weekly Market Report Page 10 of 12

RATES OF EXCHANGE THIS WEEK LAST WEEK CHANGE CHANGE % Euro / $ 1.4503 1.4856-0.0353-2.38% Sterling / $ 1.6422 1.6657-0.0235-1.41% $ / Yen 80.305 81.345-1.040-1.28% $ / Nok 5.4831 5.2434 0.2397 4.57% $ / Won 1,084.85 1,068.80 16.05 1.50% Brent Crude 108.80 125.04-16.24-12.99% LIBOR (3-month) 0.27% 0.27% 0 0.00% ESTIMATED VALUES* TANKERS PROMPT RESALE 5 YEARS 10 YEARS 20 YEARS VLCC $110.0m $82.0m $63.0m (DH) $20.0m Suezmax $70.0m $60.0m $43.0m (DH) $12.5m Aframax $50.0m $43.0m $34.5m (DH) $9.0m Panamax $45.0m $33.0m $20.0m (DH) $7.0m Product $39.0m $25.0m $17.0m (DH) $4.5m BULK CARRIERS PROMPT RESALE 5 YEARS 10 YEARS 20 YEARS Capesize $62.0m $50.0m $38.0m $20.0m Panamax/Kamsarmax $41.0m $35.0m $29.0m $16.0m Supramax/Handymax $33.0m $31.0m $23.0m $13.0m * The above values are based and adjusted according only to recent reported sales and are subject to weekly changes. TANKER T/C RATES* 1 YR 3 YRS 5 YRS VLCC (300,000 dwt) 28,750/D 33,000/D 36,000/D SUEZMAX (150,000 dwt) 21,000/D 25,000/D 27,000/D AFRAMAX (110,00 dwt) 16,000/D 18,500/D 20,000/D PANAMAX (72,000 dwt) 15,000/D 16,750/D 17,500/D MR (45-50,000 dwt) 13,500/D 14,500/D 15,000/D * The above figures are representative rates for modern tankers only. BUNKER PRICES FUEL GRADES ROTTERDAM FUJAIRAH PIRAEUS SINGAPORE 380cst: $590.00 $635.50 $633.00 $623.50 180cst: $612.50 $670.00 $663.50 $641.50 MGO: $902.50 $1027.50 $949.00 $940.50 WeberSeas, Weekly Market Report Page 11 of 12

WEBERSEAS CONTACTS SALE & PURCHASE MOBILE PHONE NUMBER Bobby Mitropoulos 6936-530005 Tom Protonotarios 6936-530006 Nicholas Sfinias 6944-343488 Spyros Karamassis 6945-776757 George Tzavellas 6973-780780 TANKER CHARTERING Basil Mavroleon 6932-644983 Dionysios Mitsotakis 6936-800320 George Karalis 6948-753725 ADMINISTRATION Yannis Mitropoulos 6936-530007 Urania Savvaki 6934-257746 Very Truly Yours, W E B E R S E A S (H E L L A S) S.A. The information contained in this report has been obtained from various market sources. WEBERSEAS (HELLAS) S.A. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. WSH will not be held responsible for any action or failure to take action upon reliance on information contained in this report. 2011 WEBERSEAS (HELLAS) S.A. All Rights Reserved WeberSeas, Weekly Market Report Page 12 of 12