Shipping Intelligence Weekly

Shipping Intelligence Weekly Issue No. 1,24 8-Jun-212 ISSN: 1358-828 ClarkSea Index $11,466 55 5 45 4 35 3 25 2 15 1 5 $,/day Jun-6 Oct-6 Feb-7 Jun-7 Oct-7 Feb-8 Jun-8 Oct-8 Feb-9 Jun-9 Oct-9 Feb-1 Jun-1 Oct-1 Feb-11 Jun-11 Oct-11 Feb-12 Highlights VLCC Market Limited activity and high levels of available tonnage in the MEG led to rates declining in both directions..p.2 Suezmax Market Average Suezmax earnings declined by 1% w-o-w to stand at $2,846/day..p.2 Aframax Market Despite an increase in activity in the UKC, rates in the region continued to decline this week. p.2 Products Market Average MR earnings increased by 13% w-o-w despite a decline in the rate on the UKC-USAC route.p.3 Capesize Market Sentiment weakened further and rates declined in both basins..p.4-5 Panamax Market The Pacific market remained comparatively weak p.4-5 Handymax Market Supramax tripcharter rates in the Pacific were affected by a build up of open tonnage there...p.4-5 S & P Market It has been a quiet week in both the tanker and dry cargo S&P markets...p.i Newbuilding With the festivities in Posidonia, newbuilding activity remains subdued...p.1 Demolition The new Pakistani budget has been negatively received by local breakers p.11 The Atlantic Market This Week Capesize: Weaker Panamax: Softer Handy: Firm Selection of ports covered by the various market sectors in this report The Pacific Market This Week Capesize: Weaker Panamax: Firm Handy: Softer An unrivalled source of information about the shipping industry whose range and depth is unsurpassed Shipping Intelligence Network A powerful, web-based shipping information system the most comprehensive of its kind www.clarksons.net Common sense & modern technology providing fast & efficient access to the information you want

8 7 6 5 4 3 2 1 Jun Crude Tanker Spot Earnings ($,'s/day) Aug Oct Dec Feb Apr Jun Crude Tanker Spot Market Aug Oct VLCC Suezmax Aframax Dec Mar '12 May '12 Crude Tanker Highlights VLCCs: It was a very quiet week in the MEG this week, with the British Jubilee celebrations and Posidonia keeping activity to a minimum. As a result of the limited levels of enquiry, the list of available ships for June far outweighs the expected remaining cargoes, leading to sentiment softening. Rates eastbound ex-meg fell to WS 45 this week, with the rate to the US also declining to WS 32. Suezmaxes: Weak enquiry and falling bunker prices led to a slide in rates this week. The rate on the WAF-USAC route declined to WS 67.5 this week from WS 72.5 last week, with the rate unlikely to increase in the week ahead. Aframaxes: An increase in activity in the UKC this week was not enough to lift rates, with the available tonnage able to absorb the extra cargoes. However, the rate on the Caribs- US Gulf route did increase to WS 112.5 this week. VLCC Single WS 212 Average earnings $ per day VLCC Earnings Voyage... Jun 1 Jun 8 212 21 211 212 Jun 1 Jun 8 This Week... 2 28,t Gulf - Europe 37. 34.5 38 26,676 3,38 1,431 14,922 13,561 WEAKER -9% 2 28,t Gulf - US Gulf * 37. 32. 37 2,944 2,489 8,55 13,747 7,93 WEAKER!! -42% 2 265,t Gulf - Japan * 49. 45. 57 41,615 18,212 34,85 26,694 23,236 WEAKER -13% 2 265,t Gulf - S.Korea * 49. 45. 57 4,219 18,364 32,855 26,139 22,429 WEAKER -14% 2 27,t Gulf - Sing 51. 47.5 58 42,981 2,197 36,918 31,91 28,235 WEAKER -9% 2 28,t Gulf - Red Sea 57.5 52.5 67 54,93 38,261 55,62 45,135 4,76 WEAKER -11% 2 26,t WAF - East * 52.5 48.5 59 41,56 19,58 38,336 34,34 3,42 WEAKER -11% 2 26,t WAF - US Gulf * 55. 48.5 62 45,36 25,79 43,73 38,474 3,346 WEAKER -21% 2 28,t Med - UKC 65. 62.5 73 67,535 5,685 74,214 67,18 65,223 STEADY -3% 2 26,t WAF - WC India^ 3.75 3.5 4.31 43,522 25,134 38,453 31,952 28,93 WEAKER -9% 2 VLCC Ave. Earnings * 37,929 16,856 31,52 27,879 22,872 WEAKER -18% ^ WAF - WC India route quoted in WS until 11-Aug-6; quoted as a lump-sum figure thereafter (in $ million). Suezmax Single WS 212 Average earnings $ per day Suezmax Earnings Voyage... Jun 1 Jun 8 212 21 211 212 Jun 1 Jun 8 This Week... 4 13,t Gulf - S.China 8. 8. 83 26,895 14,8 23,3 25,46 27,837 FIRMER 9% 4 13,t WAF - USAC * 7. 67.5 78 26,217 13,324 18,555 16,748 16,668 STEADY % 4 13,t WAF - Med 72.5 67.5 8 28,959 15,673 21,926 2,544 17,879 WEAKER -13% 4 13,t Med - Med * 75. 72.5 84 36,31 25,11 29,417 25,531 25,23 STEADY -2% 4 Suezmax Ave. Earnings * 31,259 19,217 23,986 21,14 2,846 STEADY -1% Aframax Single WS 212 Average earnings $ per day Aframax Earnings Voyage... Jun 1 Jun 8 212 21 211 212 Jun 1 Jun 8 This Week... 68,t Gulf - East * 92.5 92.5 1 15,711 12,72 13,361 13,169 14,825 FIRMER 13% 68,t Med - Med * 82.5 82.5 91 19,82 13,562 14,395 12,774 14,18 FIRMER 1% 68,t Med - USAC 95. 95. 12 19,678 13,926 16,22 15,943 17,47 FIRMER 1% 68,t UKC - UKC * 97.5 95. 95 24,22 18,599 2,51 24,97 24,21 SOFTER -4% 68,t UKC - USAC 12.5 12.5 18 19,384 12,924 17,18 17,751 19,199 FIRMER 8% 68,t UKC - Med 92.5 9. 89 14,354 9,215 1,449 16,8 16,65 STEADY % 6 1,t Baltic - UKC 75. 75. 88 24,889 2,343 2,974 15,46 16,743 FIRMER 8% 68,t Indo - Japan * 82.5 82.5 89 14,652 8,7 7,739 8,254 9,866 FIRMER 2% 67,t Carib - US Gulf * 15. 112.5 113 17,315 8,225 14,454 14,289 18,538 FIRMER 3% 68,t Black Sea - Med * 85. 82.5 94 27,31 2,55 2,63 18,258 18,79 STEADY -1% 6 Aframax Ave. Earnings * 19,792 13,528 15,1 15,285 16,573 FIRMER 8% "Earnings" are timecharter equivalents of spot freight rates (see footnote on page 4); */# Indicates constituent routes of "Average Earnings". Clarkson Research Services Page 2 8-Jun-12

35 3 25 2 15 1 5 Jun Product Tanker Spot Earnings ($,'s/day) Aug Oct Dec Feb Apr Product Tanker Spot Market Dirty Clean - MR Clean - Handy Jun Aug Oct Dec Mar '12 May '12 Clean Product WS 212 Average earnings $ per day Clean Earnings Single Voyage... Jun 1 Jun 8 212 21 211 212 Jun 1 Jun 8 This Week... 8 75,t Gulf - Japan 85. 87.5 88 14,539 1,462 4,55 6,292 9,44 FIRMER 5% 9 55,t Gulf - Japan 1. 15. 17 1,769 7,753 5,37 5,931 9,449 FIRMER 59% 13 35,t Gulf - Japan * 125. 125. 122 5,259 5,88 2,227 5,18 6,28 FIRMER 25% 13 35,t Gulf - E.Africa * 165. 17. 188 11,327 9,637 1,39 628 2,467 FIRMER 293% 13 37,t UKC - USAC * 137.5 125. 15 1,526 11,17 11,344 1,788 8,95 WEAKER -17% 13 38,t Caribs - USAC * 122.5 122.5 14 7,411 1,262 1,1 7,938 8,685 FIRMER 9% 13 3,t Sing - Japan * 12. 122. 131 2,715 1,929 1,2 1,352 2,714 FIRMER 11% 14 3,t Med - USAC # 177.5 165. 183 12,738 12,697 12,994 13,862 12,443 WEAKER -1% 14 3,t Med - UKC # 155. 15. 158 11,762 9,979 1,19 11,432 11,282 STEADY -1% 14 3,t Med - Med 145. 14. 148 19,918 18,443 17,16 17,635 16,754 SOFTER -5% 14 3,t Black Sea - Med 145. 14. 149 17,647 16,327 15,183 16,31 15,61 STEADY -3% 14 3,t Baltic - UKC # 14. 132.5 163 14,944 15,257 17,613 13,679 12,459 WEAKER -9% 14 3,t UKC - UKC 14. 132.5 162 16,52 15,648 2,58 15, 13,18 WEAKER -12% Clean 'MR' Ave. Earnings * 7,213 7,587 5,234 5,145 5,819 FIRMER 13% Clean 'Hdy' Ave. Earnings # 13,148 12,644 13,599 12,991 12,61 SOFTER -7% See footnote on page 2. Dirty Product WS 212 Average earnings $ per day Dirty Earnings Single Voyage... Jun 1 Jun 8 212 21 211 212 Jun 1 Jun 8 This Week... 12 55,t Med - US Gulf * 137.5 132.5 126 14,343 9,661 14,26 21,313 2,819 STEADY -2% 12 55,t UKC - US Gulf * 137.5 132.5 127 16,414 11,249 16,218 23,211 22,578 STEADY -3% 12 5,t Caribs - USAC * 155. 145. 136 14,111 1,694 15,336 24,238 22,1 WEAKER -9% 13 45,t Med - UKC 127.5 125. 148 15,218 12,982 19,744 15,887 16,95 STEADY 1% Dirty Ave. Earnings * 14,956 1,535 15,194 22,921 21,833 SOFTER -5% VLCC Spot Monthly Fixture Record VLCC Spot Market Market Activity... Average No. Number Last This Week... 21 211 Jan '12 Feb '12 Mar '12 Apr '12 May '12 4 Wks Fixtures: Gulf-West 15 2 24 17 27 2 39 25 DOWN BY... -36% Gulf-East/Japan 83 95 83 15 123 93 14 85 DOWN BY... -18% Gulf-Red Sea 2 1 #DIV/! #DIV/! Others 45 45 57 54 52 52 54 33 DOWN BY... -39% Total Number of Fixtures 144 161 164 177 22 165 197 143 DOWN BY... -27% Vessels due to arrive in Gulf ~ 82 83 9 96 95 56 86 87 UP BY... 1% VLCCs Spot in Gulf ~ No. 7 8 2 2 1 2 #DIV/! #DIV/! Dwt 2,29 2,216 63 6 317 68 #DIV/! #DIV/! ~ As at the beginning of the month for historical data; for the next 4 weeks (vessels due) or this week (vessels spot) for current week's data. Clarkson Research Services Page 3 Product Tanker Highlights Clean Products In the LR market, the week finished strongly following the UK holidays and Posidonia. An increase in enquiry led to the rate on the LR1 Gulf-Japan naphtha route increasing to WS 15 this week from WS 1 last week. Elsewhere, average clean MR earnings increased by 13% w-o-w this week to $5,819/day. This was driven by the rate on the Gulf-East Africa route, which increased to WS 17. However, the rate on the key UKC-USAC route declined to WS 125 this week, as tonnage increased significantly in the North Sea throughout the week. In the Handy market, average earnings declined by 7% w-o-w to $12,61/day Dirty Products Average dirty earnings declined by 5% w-o-w to $21,833/day. This was driven by an increase in vessels ballasting into the Caribbean, which caused a lengthening in the tonnage list and a decline in the Caribs-US Gulf rate to WS 145 this week from WS 155 last week. 8-Jun-12

5 45 4 35 3 25 2 15 1 5 Jun Bulkcarrier Spot Earnings ($,'s/day) Aug Oct Dec Feb Capesize Single $ Per Ton Average Earnings $ Per Day Capesize Market Voyage... Jun 1 Jun 8 212 21 211 212 Jun 1 Jun 8 This Week... 16 165,t ore Tubarao/Rotterdam 7.5 7.3 8.66 32,667 12,746-857 -2,238-1,6 WEAKER!! -28.5% 16 165,t ore Tubarao/El Dekheila 8. 7.6 9.9 39,611 16,941 2,462 1,381 1,224 WEAKER -11.4% 16 165,t ore Tub/Beilun.Baoshan 18.45 17.25 2.33 47,932 29,572 2,635 18,937 17,12 WEAKER -9.6% 16 165,t coal Bolivar/Rotterdam 8.55 8.3 9.58 35,532 17,837 4,985 3,96 4,29 FIRMER 8.3% 16 165,t ore Dampier/Beilun.Bao. 7.3 7. 7.7 29,611 14,88 4,728 5,74 5,79 WEAKER -11.% 16 165,t ore Saldanha/Beilun.Bao. 14. 12.9 14.47 31,564 17,681 1,798 12,757 1,758 WEAKER -15.7% 16 165,t ore Dampier/Japan 18m 7.25 6.85 7.58 29,633 15,428 4,755 6,261 5,671 WEAKER -9.4% 16 15,t coal Hay Pt./Rotterdam 15. 15. 14.61 11,664-777 -8,176-3,362-1,279 WEAKER!! -62.% 16 15,t coal Indonesia/Rotterdam 8.3 7.5 9.35 11,674-1,63-1,556-9,968-11,8 FIRMER 11.2% 16 15,t coal Hay Pt./China 8.2 8. 9.4 23,544 7,94-694 -954-785 WEAKER -17.7% 16 15,t coal R.Bay/Rotterdam 7.45 6.9 8.65 11,289-1,357-1,425-1,378-1,492 STEADY 1.1% 17 15,t coal R.Bay/EC India 1.58 1. 11.98 31,18 21,68 13,323 1,238 9,34 WEAKER -8.8% 16 Ave. Earnings, 1999/-built 3,587 14,433 4,65 4,573 4,261 SOFTER -6.8% Panamax Single $ Per Ton Average Earnings $ Per Day Panamax Market Voyage... Jun 1 Jun 8 212 21 211 212 Jun 1 Jun 8 This Week... 18 7,t coal H.Rds/ARA 12.6 12. 12.8 25,951 14,43 7,858 9,422 8,816 SOFTER -6.4% 18 7,t coal USGulf/ARA 18. 16.5 18.14 23,14 15,622 9,485 11,175 9,467 WEAKER -15.3% 18 7,t coal Bolivar/ARA 14.5 13.3 14.77 24,965 13,651 6,619 8,59 6,576 WEAKER -18.4% 18 7,t coal Rob. Bank/N. China 14.75 14.55 16.9 22,67 11,93 8,238 6,295 7,14 FIRMER 11.4% 18 7,t coal Dalrymp. B./N. China 11.95 11.8 13.76 29,851 11,866 8,44 6,232 6,938 FIRMER 11.3% 18 55,t coal Roberts Bank/Rott 23. 22.5 23.7 14,549 4,874 67 2,772 2,891 FIRM... 4.3% 18 7,t coal Indonesia/Rotterdam 16. 15.15 16.69 14,13 4,46-7 1,423 977 WEAKER!! -31.3% 18 7,t coal Dalrymple B./Rott. 2. 19.2 2.53 16,183 5,184 798 2,759 2,685 STEADY -2.7% 18 7,t coal Richards B./Rott 12. 11.2 12.92 13,33 2,766-1,631-1,123-1,288 FIRMER 14.7% 18 72,t coal Richards B./WC India 17. 15.5 17.52 32,571 2,113 12,24 12,859 11,116 WEAKER -13.5% 18 Ave. Earnings, 1997/98-built 2,221 11,34 6,554 6,768 6,26 WEAKER -8.3% Supramax Single $ Per Ton Average Earnings $ Per Day Supramax Market Voyage... Jun 1 Jun 8 212 21 211 212 Jun 1 Jun 8 This Week... 22 49,t grain USGulf/Jap.(HSS) 52.5 51.5 51.24 35,96 23,462 18,98 21,816 21,837 STEADY.1% 22 5,t coal Richards B./WC India 22.17 2.5 23.3 28,415 18,16 1,92 11,176 1,21 WEAKER -1.3% 22 Ave. Earnings, 1997/98-built 3,37 18,867 13,332 14,343 13,767 SOFTER -4.% Clarkson Research Services Apr Jun Large Bulk Carrier Market Capesize Average Spot Panamax Average Spot Handymax Tripcharter Aug Oct Dec Mar '12 May '12 Bulkcarrier Highlights Capesize: Sentiment in the Capesize market weakened further this week, and many spot rates declined. Several tripcharter rates also fell, with the fronthaul tripcharter rate declining by 5.6% w-o-w to reach $17,/day, down from $28,/day four weeks previously. Panamax: The Pacific market remained comparatively weak due to the high availability of spot ships there, leading more vessels to begin ballasting towards the Atlantic. While all featured spot rates fell w-o-w, decreases in bunker prices helped spot earnings on some routes to rise. Overall, average spot earnings fell by 8.3% w-o-w to $6,26/day. Handymax: The Atlantic market remained firm, particularly in the US Gulf and off the East Coast of South America. In the Pacific, the Supramax tripcharter rate softened slightly as ballasting vessels built up in the basin. An improvement in rates in the Pacific is unlikely until this tonnage thins. "Average Earnings" are timecharter equivalents of spot freight rates, excluding waiting time off-hire etc., for standard routes/ships, for which see the "Sources & Methods" document on our website, "SIN 21" (www.clarksons.net). Standard Ships are indicated by the figures on the left e.g. Modern Capesize = Standard Ship No. 13 Page 4 8-Jun-12

Tripcharter Market, Freight Indices & Futures Capesize Average Earnings $ Per Day Capesize Market Tripcharter... 21 211 212 May 11 May 18 May 25 Jun 1 Jun 8 This Week... Cont/Far East 51,321 31,471 23,87 28, 28, 25, 18, 17, SOFTER -5.6% TransPacific R/V 28,991 13,798 5,87 6,5 7,5 6, 5,5 4,75 WEAKER -13.6% Far East/Cont 14,797 534-9,391-7, -1, -12, -12, -12, STEADY.% TransAtlantic R/V 34,72 16,913 4,957 6, 7,5 3, 4,5 4,5 STEADY.% Average Capesize Earnings 32,453 15,679 6,13 8,375 8,25 5,5 4, 3,563 WEAKER -1.9% Panamax Average Earnings $ Per Day Panamax Market Tripcharter... 21 211 212 May 11 May 18 May 25 Jun 1 Jun 8 This Week... Cont/Far East 35,75 23,74 17,424 18,5 17,75 17,25 15,5 16,5 FIRM... 6.5% TransPacific R/V 22,913 11,92 8,135 9,5 8,75 7, 5,5 5, WEAKER -9.1% Far East/Cont 14,623 4,649 345 1,5 1,5 75-1, #DIV/! #DIV/! TransAtlantic R/V 26,533 15,288 8,652 13,5 12,25 1, 8, 8, STEADY.% Average Panamax Earnings 24,955 13,895 8,639 1,75 1,63 8,75 7,25 7,125 STEADY -1.7% Supramax Average Earnings $ Per Day Supramax Market Tripcharter... 21 211 212 May 11 May 18 May 25 Jun 1 Jun 8 This Week... Cont/Far East 31,28 21,663 15,84 18, 18,5 19,5 19, 19, STEADY.% TransPacific R/V 19,554 11,197 8,196 9,75 8,75 7,5 5,5 5, WEAKER -9.1% Far East/Cont 12,86 7,471 4,272 5,75 5,25 4,5 3, 3, STEADY.% TransAtlantic R/V 23,844 14,923 9,575 13, 13,5 13,75 12, 13, FIRMER 8.3% EC India-China 23,241 11,894 7,533 8,75 8,25 7, 5,25 5,25 STEADY.% Average Supramax Earnings* 21,867 13,814 9,462 11,625 11,5 11,313 9,875 1, STEADY 1.3% * Does not include EC India-China Handysize Average Earnings $ Per Day Handysize Market Tripcharter... 21 211 212 May 11 May 18 May 25 Jun 1 Jun 8 This Week... Cont/ECSA 12,67 7,293 4,289 4,75 5, 5, 5, 5,5 FIRMER 1.% Cont/USEC-USG 12,398 7,48 4,424 5, 5,25 5,25 5,25 5,75 FIRMER 9.5% ECSA/Cont 22,137 15,933 14,63 17, 17,25 18, 17,75 17,25 STEADY -2.8% USEC-USG/Cont 23,311 15,962 11,42 12,5 14,5 15,75 15,75 15,75 STEADY.% SEAsia/Australia R/V 15,22 9,818 7,28 9, 9, 9, 7,5 7,5 STEADY.% TransPacific R/V 11,879 9,25 6,786 8,5 8,5 8,5 7,2 7,2 STEADY.% Average Handysize Earnings 12,798 1,884 8,135 9,458 9,917 1,25 9,742 9,825 STEADY.9% Note: Vessels based on Baltic standards. 21 Average Handysize earnings 15-Oct to end year. Baltic Freight Indices Date BCI BPI BSI BHSI BDI 25-May 1424 183 1118 651 134 28-May 144 149 118 646 112 29-May 1377 18 19 644 986 3-May 1342 969 154 635 95 31-May 1319 923 134 629 923 1-Jun 1298 897 123 621 94 6-Jun 1252 877 18 62 878 7-Jun 1232 882 11 62 872 Max Value 1424 183 1118 651 134 Min Value 1232 877 11 62 872 Avg Value 1331 961 155 629 945 FFA Indications* $/day 7-Jun Index Jun-12 Q3 12 Cal 13 BCI 7 Bolivar-Rott. 8.341 8.75 9.5 1.25 BCI 4 R.Bay-Rott. 6.791 7.5 8.75 9.93 BPI 2A USG/F.East 15,993 16,788 16,55 18,45 BPI 3A T/P R/V 4,895 6,4 7,25 - Cape TC Avg. 4,383 5,55 8,35 11,775 P'max TC Avg. 7,18 8,1 8,5 9,5 S'max TC Avg. 1,466 1,125 9,35 9,575 *FFA Indications basis closing mid-price 5, 4,5 4, 3,5 3, 2,5 2, 1,5 1, Clarkson Research Services Page 5 Baltic Panamax Index Trends 21 211 5 212 Week No. 1 3 6 8 11 13 16 18 21 23 26 28 31 33 36 38 4 43 45 48 5 8-Jun-12

Gas & Chemical Markets LPG Average LPG Market Market. 21 211 Apr May 8 Jun Trends Voyage Rates ($/mt) 44/46K mt Gulf/Jap* 35.8 54.81 48.75 68.38 7.5 FIRM... 3% T/C Equivalent, $/day 82,m³ modern 17,66 3,797 2,14 44,738 51,124 FIRMER.. 14% 78,m³ modern 16,478 29,643 19,48 43,349 48,987 FIRMER.. 13% 12 mths T/C, $/day 82,m³ modern 18,796 26,36 28,357 31,63 31,234 STEADY... -1% 78,m³ modern 18,594 25,71 28,151 31,398 31,69 STEADY... -1% 59,m³ modern 2,179 23,656 28,521 28,686 28,768 STEADY... % 57,m³ 18,867 21,367 24,1 24,411 24,658 STEADY... 1% 35,m³ 19,832 21,794 26,96 25,69 25,48 STEADY... 2% 22,5m³ modern 19,69 17,425 23,261 22,644 23,14 STEADY... 2% 2,5m³ Semi-Ref^ 2,74 22,71 26,754 26,55 27,124 FIRM... 4% 15,m³ Semi-Ref 15,558 17,457 2,589 19,726 2,548 FIRM... 4% 8,25m³ Ethylene 16,212 18,44 17,795 17,548 17,425 STEADY... -1% 3,5m³ Pressure (East) 7,28 7,77 8,55 8,55 7,726 SOFTER... -4% 3,2m³ Semi-Ref 8,89 9,487 9,26 9,26 9,41 STEADY... -2% *44K mt for 78K vessel/46k mt for 82K vessel. ^22, cbm before Jan-12. Less than one week after Avance reportedly bought Maran s only two VLGCs they were again creating a stir with news of further consolidation. The acquisition of Transpetrol s two VLGCs will take their fleet to eight owned ships, plus one time chartered, and the cheque book is out and ready for at least two more acquisitions. It s a good sign for this segment which has 212 LPG Charter Rates, $'/month Chemicals Average 212 Chem Market Chemical Freight Rates, $/mt Markets. 21 211 Apr May 8 Jun Trends 125 Voyage Rates ($/mt) 1, Gulf/WCIndia 24.89 33.31 33.5 31.75 29. WEAKER. -9% 15, Gulf/MPFE 46.22 52.5 48.75 49. 49. STEADY... % 115 15 Rott/Far E. Houston/Far E. 15, Gulf/Med 46.22 52.5 58. 56.25 54. SOFTER... -4% 95 basis 5,mt Easychems 5, Rott/Houston 33.93 41.2 46.25 42.75 42. STEADY... -2% 85 1, Rott/Houston 29.17 36. 41. 38.5 37. SOFTER... -4% 1, ~ Rott/MPFE 98.4 13.54 16.5 12. 12. STEADY... % 75 2, ~ Rott/MPFE 87.68 92.75 11.25 94. 94. STEADY... % 3, Rott/MPFE 82.4 86.93 95. 88.25 88. STEADY... % 65 5, Rott/MPFE 76.13 8.19 88.25 85.25 85. STEADY... % 55 2, ~ Houston/Rott 56.8 68.4 74.5 7. 68. STEADY... -3% 3, Houston/Rott 52.11 62.37 68.5 65. 63. SOFTER... -3% 45 5, Houston/Rott 45.17 54.86 54. 52. 49. SOFTER... -6% 35 2, ~ Houston/MPFE 82.85 92.4 99.38 87.5 87.5 STEADY... % 5, Houston/MPFE 55.28 67.39 74. 65. 62. SOFTER... -5% 1, Houston/MPFE 52.11 64.7 7. 62. 6. SOFTER... -3% Easychems except for: ~ Stainless Steel. MPFE= Main Port Far East The dull market has caused many owners to sail light over the past week and freight rates have consequently come off by a couple of dollars on some routes. However, many rates have remained flat and, on the upside for owners, bunker prices continue to decrease. Low levels of activity continue on the eastbound transatlantic trade 1,75 1,5 1,25 1, 75 5 25 shown little reasonable earning potential in the last four years - despite the currently buoyant spot market. Speaking of which, this week has seen a moderate, if steady, flow of enquiries but, strangely, owners seem hesitant to push rates up while the momentum is behind them. The result flat rates hovering around the $7/mt mark on the Ras Tanura-Chiba route provoked lane, as ethanol enquiries remain quiet. Rates have softened for 3kmt and 5kmt easychems parcels, by 3.1% and 5.8% from $65/mt to $63/mt and $52/mt to $49/mt respectively. Movements on the transatlantic westbound route remain sluggish, with 5kmt and 1kmt rates for easychems parcels at $42/mt and $37/mt respectively. 78,m³, 1 Yr t/c 78m³ TCE, Gulf - Japan Jun-1 Jul-1 Sep-1 Oct-1 Nov-1 Jan-11 Feb-11 Apr-11 May-11 Jun-11 Aug-11 Sep-11 Oct-11 Dec-11 Jan-12 Mar-12 Apr-12 May-12 a lot of head scratching from the puzzled chartering community. Spot chartering this week centred around the East. Indian charterers were the most active and a handful of trips were worked in the West out of W. Africa against tender cargoes at a premium to the Baltic. The outlook for the next few weeks looks promising considering the list of available vessels. Jun-1 Jul-1 Sep-1 Oct-1 Nov-1 Jan-11 Feb-11 Apr-11 May-11 Jun-11 Aug-11 Sep-11 Oct-11 Dec-11 Jan-12 Mar-12 Apr-12 May-12 On the US Gulf to MPFE trade lane, rates have dropped as product prices continue to decrease. Rates for 5kmt and 1kmt easychems parcels have fallen by 4.6% and 3.2% respectively, to $62/mt and $6/mt. Despite numerous enquiries by traders on routes ex-asia, any optimism that the BTX arbitrage window may open further has been stifled. Clarkson Research Services Page 6 8-Jun-12

25 2 15 1 5 Jun-8 Sep-8 Dec-8 Liner Market Rates ($,'s/day) Mar-9 Jun-9 Sep-9 Dec-9 Mar-1 Jun-1 Sep-1 Liner & Offshore Markets Dec-1 1,7 teu FCC 725 teu FCC 1, teu FCC 17, dwt MPP Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Liner Market News The US House of Representatives homeland security committee has approved a bill retaining a clause stipulating that from 1 st July all containers entering the US must be scanned at their port of origin. This comes despite widespread lobbying from shippers, who claimed the 1% scanning requirement was impractical, costly, and could trigger foreign government retaliation against cargoes originating from the US. Maersk Line is this month launching a service connecting the Far East to Peru and Chile by extending its Far East-Mexico- Balboa-Colombia loop to Callao, Inquique, San Antonio and San Vicente. The extended AC-3 service will encompass the current Peru and Chile relay services, acting as a Balboa-WCSA feeder service for Maersk s other major WCSA based routes, including those to Europe and North America. The new service will deploy 12x4,-6,2 TEU containerships, turning a full rotation in 12 weeks. Container / MPP / Average 212 Liner Markets... Short Sea Markets 28 29 21 211 Mar Apr May Jun Trends * Container Vessels ($/Day) Feedermax, 725 teu grd. 7,563 3,558 4,535 5,479 4,3 4,5 4,5 4,5 FIRM... 5% Handy, 1, teu grd. 1,346 4,75 6,133 7,729 5,4 5,5 5,6 5,6 FIRM... 7% Handy, 1,7 teu grd. 14,18 4,754 6,8 1,142 6,4 6,5 6,5 6,5 FIRM... 3% Sub-P'max, 2, teu g'less 16,313 5,54 7,467 1,688 6,5 6,7 6,7 6,7 FIRM... 6% Sub-P'max, 2,75 teu g'less 21,958 5,638 9,942 13,388 7,1 7,1 7,25 7,25 STEADY... 2% Panamax, 3,5 teu g'less 26,125 6,575 13,25 14,871 7,5 8, 8,15 8,15 FIRMER... 22% MPP Tonnage ($/Day) 17, dwt, grd. 1 yr. t/c (liner) 17,792 9,529 9,64 9,729 9, 9, 9, 9, STEADY... -2% 9, dwt, 1 yr. t/c (liner) 8,763 9,747 6,425 6,425 5,5 5,5 5,5 5,5 SOFTER... -5% European Short Sea 3,dwt($/t) ECUK/ARAG - N.Spain 32.67 17.43 24.17 22.31 2.75 21.63 21.81 21. SOFTER... -4% French Bay - ECUK 18.5 12.57 14.93 15.72 16.25 16.44 16.25 16.5 STEADY... 2% Lower Baltic - ARAG 28.8 16.32 19.95 2.42 2.5 2.6 19.38 19. STEADY... -2% UK/ARAG - W.Med 44.85 26.75 33.5 3.71 3.95 31.6 32. 32.5 STEADY... 2% W.Med - UK/ARAG 37.8 22.94 25.11 24.91 26.45 25.38 24.81 25. STEADY... 1% *3-mnth trend for Container/MPP; current month shows latest end month data. Change since previous month for Short Sea; see www.hcshipping.co.uk for market report. Offshore Vessel Average 212 Offshore Market Market 28 29 21 211 Mar Apr May 8 Jun This Month AHTS, Large, /Day 24,66 11,645 13,59 22,152 25,748 3,83 13,645 8,5 WEAKER!!... -38% AHTS, Very Large, /Day 51,533 18,956 18,717 35,114 39,886 34,634 21,437 16,215 WEAKER... -24% PSV, Small, /Day 15,535 6,95 1,871 9,278 4,8 6,25 7,63 6,25 WEAKER... -12% PSV, Large, /Day 19,855 6,929 13,84 11,518 17,664 19,621 13,435 13,515 STEADY... 1% AHTS, Large = 13-18, Bhp, Very Large = 18,+ Bhp. PSV, Small = <6m 2, Large = >8m 2. New size ranges adopted Aug. Offshore Fleet No. Vessels, end & Orderbook. 29 21 211 May-12 15,/day AHTS Freight Rates Fleet:* 12 18,+ BHP Anchor Handling Tug/Supply 2,49 2,75 2,947 2,996 PSV/Supply 2,148 2,263 2,337 2,367 Crew/Workboat 1,52 1,15 1,16 1,164 9 3-week moving average Other Types 3,773 3,91 4,16 4,152 6 All Offshore Vessels 9,463 1,19 1,46 1,679 Orderbook: 3 Anchor Handling Tug/Supply 583 454 315 255 PSV/Supply 25 289 349 333 Crew/Workboat 37 73 43 38 Other Types 39 298 298 248 All Offshore Vessels 1179 1114 15 874 Jun-8 Sep-8 Dec-8 Mar-9 Jun-9 Sep-9 Dec-9 Mar-1 Jun-1 Sep-1 Dec-1 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 The Offshore Fleet published above has been expanded as of 1st September 21 to include all vessels >1 GT. This adds 2,3 smaller vessels to CRS's fleet coverage. Clarkson Research Services Page 7 8-Jun-12

Secondhand Prices Oil Tanker End Year, $m Three Month Asset Play in Focus Prices 29 21 211 Jun Trend 31, dwt d/h Resale 98. 18. 9. 9. STEADY... 2% 31, dwt d/h * 5 yrs 79. 85. 58. 65. STEADY... 2% 55 Index, Start 2 = 1 3, dwt d/h 1 yrs 59. 6. 36. 4. STEADY... 3% 5 Bulkers 3, dwt d/h' 15 yrs 38. 25. 27. STEADY... % 45 Tankers 16, dwt d/h Resale 7. 69. 62. 62. FIRM... 3% 16, dwt d/h # 5 yrs 56.5 59. 47. 47. STEADY... 2% 4 15, dwt d/h 1 yrs 43. 4. 32. 3. STEADY... 1% 35 15, dwt d/h Resale 53. 52. 5. 45. STEADY... -2% 15, dwt d/h 5 yrs 41.5 4. 35. 32. SOFTER... -5% 3 15, dwt d/h ^ 1 yrs 24. 28. 2. 18. WEAKER.. -8% 25 95, dwt d/h 15 yrs 13. 15. 12.5 9. WEAKER.. -16% 73, dwt d/h Resale 45. 46. 41. 36. SOFTER... -5% 2 73, dwt d/h ~ 5 yrs 35. 36. 31. 26. SOFTER... -7% 15 7, dwt d/h 1 yrs 22. 24.5 2.5 17. WEAKER.. -8% 51, dwt d/h Resale 32. 36. 36. 36. STEADY... 1% 1 47, dwt d/h 5 yrs 23. 26. 26. 26. STEADY... % 5 45, dwt d/h 1 yrs 15.5 18.5 16. 17. STEADY... % 45, dwt d/h 15 yrs 1. 11. 9. 9. SOFTER... -7% 37, dwt d/h 5 yrs 19.5 24.5 22. 24. STEADY... 1% 35, dwt d/h 1 yrs 14. 15.5 12. 15. FIRM... 3% 5-y-o Tanker Index 133 147 132 131 STEADY... -1% 12 month Change -32% 1% -1% -16% % 3% % Year on Year Pre Feb-1: *3k dwt #15k dwt ^95-97k dwt s/h ~7k dwt 65k dwt. Pre Jan-11: '265k. Bulkcarrier End Year, $m Three Month 2% Prices... 29 21 211 Jun Trend 1% 18, dwt Resale 73. 64. 48. 44. SOFTER... -6% % 18, dwt 17, dwt * 5 yrs 15 yrs 55. 27.5 5. 23. 36. 16. 35. SOFTER... 15. WEAKER.. -4% -11% 17, dwt 76, dwt 1 yrs Resale 44. 41. 38. 43. 26.5 34.5 24. WEAKER.. 31. SOFTER... -1% -4% -1% -2% 76, dwt 5 yrs 36. 36. 26.5 23.5 WEAKER.. -1% -3% 75, dwt " 58, dwt ** 1 yrs Resale 27.5 36.5 28. 37. 2. 32. 18. SOFTER... 28.5 SOFTER... -6% -6% 73, dwt ^ 56, dwt 15 yrs 5 yrs 21.5 27. 23. 29. 13. 24.5 12. SOFTER... 23.5 STEADY... -8% -3% -4% -5% 52, dwt # 1 yrs 21.5 24. 17. 17. STEADY... -2% -6% 45-48, dwt ^^ 15 yrs 17. 19. 12. 11. SOFTER... -4% 42-45, dwt 2 yrs 11. 12. 9. 8.5 STEADY... -2% 33, dwt ~ Resale 26.5 3. 24.5 22. WEAKER.. -8% 32, dwt ~ 5 yrs 22. 25. 21. 18. WEAKER.. -11% 32, dwt ~ 1 yrs 17. 21.5 16. 14. SOFTER... -5% 28, dwt ~ 15 yrs 12.5 15. 11. 8. WEAKER.. -13% Pre Jan-12 (dwt): 17k *15k "72k ^69k **57k #45-48k ^^42-45k ~28-3k. 5-y-o Bulker Index 175 185 149 135 SOFTER... -8% 12 month Change 16% 6% -2% -22% 6% 4% % Year on Year 2% Container & End Year, $m Three Month Ro-Ro Prices 29 21 211 Jun Trend % 1,7 teu 1 yrs 8.5 16.3 12.3 1.5 STEADY... -2% 1-y-o Container Index 49.2 86.2 65.8 52.1 SOFTER... -5% 4,5 teu Ro-Ro 2,5 lm* 5 yrs 1 yrs. 22.5 48. 22.3 38. 22. 27. SOFTER... 22. STEADY... -6% % 2,75 teu Ro-Ro 1,25 lm* 5 yrs 1 yrs 21. 1.75 36.5 1.3 23. 1. 2.5 SOFTER... 1. STEADY... -7% % -2% -4% -6% *Ro-Ro prices in euros, historical data converted using historical exchange rates Clarkson End Year, Index Three Month -8% Index 29 21 211 Jun Trend ALL VESSELS 127 148 119 111 SOFTER... -4% Long Term Price Trends 3-month trend is the average of the last three months over the average of the previous three months. See SIN 21 for full details of standard ship size history. Clarkson Research Services Page 8 8-Jun-12 Jun '3 Jun '4 Jun '5 Jun '6 Jun '7 Jun '8 Jun '9 Jun Short Term Tanker Trends Jun 5-year-old Tanker Price Index Percentage Change Year-On-Year Jun '12 Jun '9 Sep '9 Dec '9 Mar Jun Sep Dec Mar Jun Sep Dec Mar '12 Jun '12 Short Term Bulk Trends 5-year-old Bulker Price Index Percentage Change Year-On-Year Jun '9 Sep '9 Dec '9 Mar Jun Sep Dec Mar Jun Sep Dec Mar '12 Jun '12

Sale & Purchase Market 7, 6,5 6, 5,5 5, 4,5 4, 3,5 3, 2,5 2, 1,5 1, 5 $m. Sales Volumes & Values Volume Value Jun-7 Oct-7 Feb-8 Jun-8 Oct-8 Feb-9 Jun-9 Oct-9 Feb-1 Jun-1 Oct-1 Feb-11 Jun-11 Oct-11 Feb-12 No. 22 2 18 16 14 12 1 Tanker Y-t-d May Sales*... 211 212 212 Type: VLCC 31 4 1 Suezmax 1 5 2 Aframax 48 16 6 Handy/Pmax 135 55 12 Total No. Sales 224 8 21 Total DWT (,) 2,567 5,642 1,715 Total Value ($ m) 5,72 1,13 256 Revised: Suezmax = 12-2k dwt, Aframax = 8-12k dwt Bulker Y-t-d May Sales*... 211 212 212 Type: Capesize 41 19 5 Panamax 68 44 13 Handymax 16 45 1 Handysize 15 64 8 Total No. Sales 365 172 36 Total DWT (,) 21,621 1,424 2,54 Total Value ($ m) 5,714 2,124 467 Other Y-t-d May Sales... 211 212 212 Total No. Sales 5 233 69 Total dwt (,s) 8,741 3,115 1,116 Total Value ($ m) 7,789 1,819 588 Total Y-t-d May Sales... 211 212 212 Buyers: Greece 184 7 2 Norway 42 11 6 Germany 3 11 China P.R. 117 43 11 UK 19 1 1 South Korea 35 1 2 Total No. Sales 1,89 486 126 Total Dwt (,) 5,929 19,284 5,371 Total Value ($m.) 18,574 5,57 1,311 Average $/Dwt 365 262 244 8 6 4 2 Tankers: With the events of Posidonia drawing the who's who of shipping to Greece this week, it comes as no surprise that we have seen few confirmed S&P transactions. The coming weeks may well be different as the outcomes of the week's discussions are put into motion. As one would expect, the continuing uncertainty surrounding European politics, twinned with the difficulties of sourcing finance and dire charter rates have been the key themes of debate throughout the week. Nevertheless, in spite of these issues making life difficult, there are still factions of the shipping fraternity who see opportunities given the depressed nature of both the second-hand and new building markets and their concern is more of timing as opposed to a lack of finance. As values have fallen sharply across most tanker sectors, so too has the perceived downside risk and on this basis we expect to see further activity as we head into Q3. Dry Cargo: With depressed freight rates, holidays in Europe at the beginning of the week and Posidonia taking place in Greece, it has been a quiet week for the dry S&P market. In the Capesize sector, three bidders took part in the auction sale of ROAD RUNNER (147,48 dwt, built Harland & Wolff, 1993) which was conducted by the Singaporean admiralty sheriff. The vessel was originally arrested by financiers, Piraeus Bank of Greece, in February this year due to an outstanding debt, which was rumoured to be in the low $3 millions. In the end, the winning bid was made by buyers, Sea Lion Marine, at a scrap related price of $9.55 million. Offers were invited on the Japanese controlled 36.5m beam Post-Panamax ENERGY ANGEL (77,697 dwt, built Mitsui, 1998). Although undisclosed Greek interests are rumoured to be in negotiations to purchase the vessel for a price in the mid $12 millions, the vessel it is not yet reported as having been committed. In the Handysize segment, Japanese sellers invited offers on their logs-fitted Handysize SUSAKI WING (31,82 dwt, built Hakodate Dock, 1997, C4X3T) during the course of the week, and have reportedly committed the vessel to Chinese buyers for a price in the low to mid $7 millions. The vessel has her special survey/dry docking due in November 212. This represents a softening on price from last done, following the sale last month of the ATLANTIC KING (27,797 dwt, built Naikai S.B., 1998, C4X3T), for $8.3 million with her special survey/dry docking due in November 213. Greek sellers have committed their early 199 s built Handysize VERA I (28,25 dwt, built Stocz. Szczecin, 1992, C3X3T, 8,218 LDT) to Turkish interests for $4.6 million. The vessel was originally built as a double hulled tanker at the Polish shipyard, but later converted to a bulker in 28 at a Chinese shipyard. Lastly, Syrian buyers have purchased the overaged Handysize NIKOLAOS (34,544 dwt, built Mitsubishi H.I., 1984, C4X25T) for $3.2 million from Greek owners. The vessel has her special survey/dry docking due in July 212. Baltic Sale & Purchase Assessments (weekly) (Based on max. 5-year old vessels, as published by the Baltic Exchange) As of the 6th June 212. VLCC (35, DWT): $57.438m Aframax (15, DWT): $3.341m MR Product tanker (45, DWT): $22.926m Capesize (172, DWT): $33.857m Panamax (74, DWT): $23.33m Super Handy (52, DWT): $22.668m Note: H. Clarkson brokers did not contribute to the above Baltic Sale & Purchase Assessment rates. ALL DATA AND INFORMATION IN THIS REPORT ARE AS REPORTED UP TO NOON ON THE DATE OF PUBLICATION * Includes vessels over 1, dwt only. Sales of bulk vessels under 1, dwt and of non-bulk vessels are included in "Other Sales". Clarkson Research Services i 8-Jun-12

Recent Ship Sales by Vessel Type Vessel Type Vessel name Dwt/Unit Blt. Yard Date Price $m. Buyers Tanker D/Hull Raffles River* 17,113 24 Koyo Dock K.K. 31-May 2.75 Greek interests Tanker D/Hull Temasek River* 17,113 25 Koyo Dock K.K. 31-May 23.75 Greek interests Tanker D/Hull Ruby River 17,81 24 Koyo Dock K.K. 31-May 22 Clients of Thenamaris Tanker D/Hull Eagle Charlotte 17,169 1997 Koyo Dock K.K. 28-May 9.6 Undisclosed interests Tanker D/Hull Freja Fiona 53,714 27 Shin Kurushima 24-May 21.5 Clients of Thenamaris Tanker D/Hull Hero I 38,571 1999 Hyundai H.I. 21-May for storage 26 Clients of Sentek TankChem IMO II Weserstern* 1,965 1992 Meeres-Technik 3-May 4.5 Russian interests TankChem IMO II Oderstern* 9,3 1992 Meeres-Technik 3-May 4.5 Russian interests TankChem IMO II N/B RESALE HULL* 45, 212 ShinaSB Yard Co. 28-May undisclosed Clients of UACC TankChem IMO II N/B RESALE HULL* 45, 212 ShinaSB Yard Co. 28-May undisclosed Clients of UACC TankChem IMO III Maersk Cassandra 45,999 1995 Halla Eng. 24-May 11 Undisclosed interests TankChem IMO II Sidsel Knutsen 22,625 1993 A.E.S.A. 17-May 9.5 West African interests TankChem IMO II Angimar 5,841 21 Sahin Celik 16-May 7.25 European interests Offshore AHT N/B Pacific Ocean 1475 2,5 212 Jingjiang Nanyang 24-May 14 Clients of Miclyn Express Offshore AHTS N/B Pacific Ocean 1474 1,5 212 Jingjiang Nanyang 24-May 14.5 Clients of Global Marine Services Offshore Utility Jaya Puffin 2 494 24 Tuong Aik (Sarawak) 24-May region 2-3 Clients of PT Logindo Offshore AHTS N/B RESALE HULL 61 2,835 212 Keihin Shipyard 24-May undisclosed Clients of Go Offshore Offshore Supply Viking Surf* 3,8 22 Westcon A/S 17-May 32 Clients of Petro Santos Offshore Supply Viking Thaumas* 3,4 25 Westcon A/S 17-May 32 Clients of Petro Santos Offshore Supply Orion Pioneer 1,2 1981 Halter Marine 17-May undisclosed Undisclosed interests Offshore PSV Malaviya Nineteen 3,32 24 Aker Aukra AS 17-May 24 Clients of Eidesvik Offshore AHTS Neftegaz 66 1,393 199 Stocznia Gdynia 17-May 2.5 Clients of JD Contractors Offshore AHTS Sanko Bay* 2,43 29 Keihin Shipyard 15-May undisclosed Clients of Bumi Armada Offshore AHTS Sanko Beauty* 2,546 29 Keihin Shipyard 15-May undisclosed Clients of Bumi Armada Gas C'rier 84,14 cu.m Maran Gas Vergina* 54,783 28 Daewoo 31-May region 73 Clients of Avance Gas Gas C'rier 84,14 cu.m Maran Gas Knossos* 54,783 29 Daewoo 31-May region 73 Clients of Avance Gas Gas C'rier 22,931 cu.m Jag Viraj 17,577 1991 Hyundai H.I. 31-May 11 Clients of Negmar Gas C'rier 3,28 cu.m Umm Shaif 4,315 1991 Kanrei Zosen KK 14-May approx 2.5 Clients of Benelux Dry MPP 34 teu. Transnjord 4,55 1995 J. J. Sietas 6-Jun 1.5 Undisclosed interests Dry MPP 678 teu. Atlasgracht 12,2 1991 Frisian Shyd. 6-Jun 7.5 Undisclosed interests Dry MPP 39 teu. Blexen* 4,695 1996 ENVC 31-May 1.85 Undisclosed interests Dry MPP 39 teu. Karin* 4,766 1995 ENVC 31-May 1.85 Undisclosed interests Dry MPP 312 teu. Hilde K 6,375 1997 Vulcano S.A. 15-May undisclosed Undisclosed interests Dry Genl 2x15t cr. Balsa 73 6,687 1999 Sasebo H.I. 6-Jun 2.9 Turkish interests Dry Genl 2x25t cr. Hai Young 9,77 1996 Shin Kurushima 14-May undisclosed Chinese interests Container 1,157 teu. Sumida 17,25 1997 Shin Kochi H.I. 8-Jun excess 6 Indonesian interests Container 1,388 teu. CS Christine 2,27 1992 Kv. Warnowwerft 7-Jun excess 3.5 Indonesian interests Container 66 teu. Elusive 8,1 1995 J. J. Sietas 31-May as is rotterdam EUR.9 Dutch interests Container 1,12 teu. R.C. Rickmers 12,38 1992 Stocz. Szczecin 31-May 3.5 Clients of MTT Shipping Container 1,613 teu. Izu 24,376 1997 Shin Kurushima 25-May 6.1 Clients of OEL Container 1,684 teu. Marlene S. 23,32 1995 Meeres-Technik 25-May excess 5 Greek interests Container 5,7 teu. CMA CGM Verdi** 73,235 24 Samsung H.I. 18-May high 3 Greek interests Container 5,7 teu. CMA CGM Strauss** 73,235 24 Samsung H.I. 18-May high 3 Greek interests Container 1,74 teu. Cape North* 23,6 29 Guangzhou Wenchon 17-May 22.5 Undisclosed interests Container 1,74 teu. Cape Nelson* 23,6 29 Guangzhou Wenchon 17-May 22.5 Undisclosed interests Container 1,328 teu. Yin He* 25,925 1984 HDW 17-May 12mthsTCB@$8k 4.5 Chinese interests Container 1,328 teu. Xing He* 25,925 1984 HDW 17-May 12mthsTCB@$8k 4.5 Chinese interests Container 1,318 teu. Qiu He* 25,88 1984 Flensburger S.B 17-May 12mthsTCB@$8k 4.5 Chinese interests Container 1,322 teu. Chao He* 25,955 1985 Seebeckwerft 17-May 12mthsTCB@$8k 4.5 Chinese interests Container 1,322 teu. Chun He* 25,955 1984 Seebeckwerft 17-May 12mthsTCB@$8k 4.5 Chinese interests Container 1,68 teu. Warnow Trader 22,525 1996 Meeres-Technik 14-May EUR5 Clients of Technomar Bulk 4x3t cr. Susaki Wing 31,82 1997 Hakodate Dock 8-Jun low / mid 7 Chinese interests Bulk Str. Hvy. Vera I 28,25 1992 Stocz. Szczecin 8-Jun 4.6 Turkish interests Bulk 3x14t cr. Road Runner 147,48 1993 Harland & Wolff 8-Jun at auction 9.55 Clients of Sea Lion Marine Bulk 3x14t cr. Nikolaos 34,544 1984 Mitsubishi H.I. 6-Jun 3.2 Syrian interests Bulk 3x14t cr. Ocean Trader 39,84 1987 Hanjin H.I. 31-May 4.2 Hong Kong interests Bulk 3x14t cr. Nena C. 43,188 1994 Hyundai H.I. 25-May high 9 European interests Bulk 3x14t cr. Solar Asia 46,658 1998 Mitsui SB 24-May 12.5 Chinese interests Bulk 3x14t cr. Eastgate 27,877 199 Kanasashi K.K. 24-May region 5.7 Ukrainian interests Bulk 3x14t cr. Xiao Xiao 76,98 211 Hudong Zhonghua 24-May 24 Chinese interests Bulk 3x14t cr. African Camellia 8,991 198 Shimoda Dockyd. 24-May undisclosed Undisclosed interests Bulk 3x14t cr. Atlantic King 27,797 1998 Naikai S.B. 21-May 8.3 Chinese interests Bulk 3x14t cr. Treasure Island 52,489 25 Tsuneishi Cebu 18-May 19.8 Greek interests * En bloc Sales. #En Bloc price shown under first ship of bloc.**basis 5 Years TCB@ Region $23, Per Day Clarkson Research Services ii 8-Jun-12

Cargo Fleet Changes & Bunkers Cargo Fleet Oil Tanker Fleet Bulk Carrier Fleet Containership Fleet Changes... 211 212 to date 211 212 to date 211 212 to date (No. Vessels,dwt/teu) No. Dwt No. Dwt No. Dwt No. Dwt No. Teu No. Teu Fleet 1st Janu 5,467 452,432 5,671 476,16 8,154 535,417 8,89 611,342 4,968 14,163 5,93 15,299 Changes: Deliveries 36 39,258 118 15,698 1,147 95,93 571 48,361 187 1,189 93 684 Sold For Scrap 122 9,499 58 5,799 362 22,152 233 14,192 49 75 64 117 Losses 1 15 8 371 3 6 1 3 Misc. Additions 1 526 6 497 63 5,562 61 5,87 7 42 5 25 Misc. Removals 43 6,686 9 1,247 14 3,17 56 2,18 17 15 1 Net Change During Year 24 23,583 57 9,149 736 75,925 343 37,958 125 1,136 32 589 Fleet End Yr/ Yr to Date 5,671 476,16 5,728 485,165 8,89 611,342 9,233 649,3 5,93 15,299 5,125 15,888 Tankers and bulkcarriers over 1, dwt only are included in the analysis in this table. Great Lakes Only vessels are excluded. Deliveries to the Cargo Fleet Type Date Vessel Name Flag Year Dwt Owner Shipyard & Yard No. Contracted Built Price Chem & Oil Jun'12 Alhena BS. 212 52,42 Tomasos Brothers Guangzhou S.Y. Int. 813112 $m 51. Bulk Jun'12 Chang Ming PA. 212 1,76 Chang An Ship Mngt Unknown Yard JTG17 GCargo Jun'12 Deryoung Success H.K. 212 11,493 Deryoung Maritime Higaki Zosen 658 Tanker Jun'12 San Saba M.I. 212 158,28 Diamond S Shpg. Hyundai H.I. 244 Bulk Jun'12 BK Alice PA. 212 82, Sammok Shipping Co. Jiangsu Eastern 1-21 Products Jun'12 FS Endeavor H.K. 212 15,5 Unknown Taiwanese Namura Shipbuilding 324 MPP Jun'12 MSM Dolores CY. 212 6,5 Intership Nav. Co. Shandong Rongcheng 25 Bulk Jun'12 Eva Bulker I.M. 212 37,8 Lauritzen Bulkers Naikai S.B. 751 RoPax Jun'12 Chang Shan Dao PRC 212 7,67 China Shpg. Pass. Guangzhou S.Y. Int. 8134 $m 79. Bulk Jun'12 Navios Lyra PA. 212 35, Navios Holdings SPP Shipbuilding H429 Crew Boat Jun'12 Aishah Aims 1 MY. 212 Aims-Global MSET S.B. Corp. PSV Jun'12 Lewek Aquarius SG. 212 5,2 Lewek Shpg Pte Remontowa 2473/2 Maintenance Jun'12 Oranda 2 TV. 212 2,827 Otto Industrial Zhejiang Shenzhou PSV Jun'12 Troms Sirius NIS 212 4,868 Troms Offshore AS STX Soeviknes 773 Bulk Jun'12 Teamworth No. 2 LI. 212 22,5 Peter Dohle Schiff. Jiangsu Yangzijiang YJZ26- Products Jun'12 VF Tanker 1 RS. 212 6,98 VF Tanker Krasnoy Sormovo 1 L.P.G. Jun'12 Gas Attaka PA. 212 3,5 Pertamina Direktorat Taizhou Wuzhou WZL12 Bulk Jun'12 Shandong Hai Tong H.K. 212 57, Shandong Shipping Jinling Shipyard JLZ9114 Bulk Jun'12 Prabhu Sumat IN. 212 81,34 Tolani Group of Shpg Hyundai H.I. 2425 Bulk Jun'12 Darya Lok H.K. 212 81,874 KC Maritime Ltd. Daewoo 1215 Tanker Jun'12 Brightoil Glory H.K. 212 319, Brightoil Petroleum Hyundai H.I. 2585 $m 17.5 Bulk Jun'12 Jo Jin Maru PA. 212 98,697 Glocal Japan Inc. Tsuneishi Zhoushan SS-116 Pass/Car F. Jun'12 Tanit TN. 212 6,1 COTUNAV Daewoo 7511 $m 262. Tanker Jun'12 Agistri LI. 212 158, Dynacom Tankers Mngt Hyundai H.I. 2463 Ore Jun'12 Vale Carajas SG. 212 42,33 Vale Daewoo 1212 Bulk Jun'12 Theresa Shandong H.K. 212 82, Wilmar Holdings Jiangsu Eastern 1C-18 Cruise Jun'12 MSC Divina PA. 212 1, MSC Cruises STX France U32 MPP Jun'12 Sea Prospect CY. 212 9,6 Sea Shipping Holdg. Penglai Bohai PBZ7-9 Regional MGO MDO 38 cst LS 38 cst This Bunkers Jun Jun Jun Jun To date Jun Jun Avg. To date Jun Jun Week $/tonne 1 8 1 8 212 1 8 211 212 1 8 (38cst) Rotterdam 895 857 886 861 722 648 618 62 68 68 576 DOWN -5.3% Antwerp 89 857 899 829 72 651 619 622 68 61 577 DOWN -5.5% Hamburg 91 91 - - 741 672 645 632 693 626 59 DOWN -5.7% Great Belt 92 89 896 896 751 678 643 638 695 624 59 DOWN -5.4% Falmouth 927 9 - - 765 694 661 655 715 645 614 DOWN -4.8% Genoa 945 911 - - - - - 645 76 644 62 DOWN -3.7% Philadelphia - - 912 88 - - - 649 7 622 589 DOWN -5.3% Houston - - 918 885 - - - 627 685 61 583 DOWN -4.4% Cristobal 113 998 119 112 - - - 65 74 626 59 DOWN -5.8% Los Angeles - - 158 123 - - - 658 723 663 637 DOWN -4.% Japan - - 945 98 - - - 699 756 683 64 DOWN -6.2% Singapore 93 91 88 838 - - - 648 71 625 594 DOWN -4.9% Fujairah 145 13 - - - - - 654 716 648 65 DOWN -6.6% LS : Low sulphur. Clarkson Research Services iii 8-Jun-12

Timecharter Fixture Record Latest Tanker Timecharter Fixtures... Reported Charterer Vessel Name D / Year Dwt Spd Cons. Period Rate Delivery C Built $ per Day Date Place 8-Jun Morgan Stanley Maersk Marmara C 26 49,884 12 Mths $13,5 24-May Panamax International Sunlight Venture D 23 7,2 6 Mths $12,7 24-May Panamax International Stena Chiron D 25 72,825 6 Mths $12,7 24-May Panamax International Stena Chronos D 24 72,829 6 Mths $12,7 18-May PDVSA St. Gabriel C 26 51,266 12 Mths $15,65 18-May PDVSA Atlantic Mirage C 29 51,149 12 Mths $15,1 16-May Shell Front Chief D 1999 311,224 2 Yrs/1 Yrs $15,+PS 16-May Shell Front Commander D 1999 311,286 2 Yrs/1 Yrs $15,+PS 16-May Shell Front Crown D 1999 311,168 2 Yrs/1 Yrs $15,+PS 14-May Petrobras Almi Horizon D 211 158, 3 Yrs $19,75 9-May Navig8 V8 Stealth D 29 112,871 1 Yr $12,+PS 8-May BP Bw Seine C 28 76,564 1 Yr RNR 8-May IOC Swarna Kalash C 29 47,878 9 Mths/3 Mths $12, 8-May Total Cielo Di Parigi C 21 36,32 12 Mths/12 Mths $12,5/$13,8 4-May Nidas Center D 211 156, 1 Yr/1 Yr $16,5/RNR 3-May Oman Shipping Alpine Endurance C 29 46, 5 Yrs RNR BareBoat 2-May Petrobras Fsl Hamburg C 26 47,261 3 Yrs $14, 3-Apr OSG Skamandros D 212 158, PNR RNR 25-Apr Shell Andromeda Glory D 21 32, 1 Yr/1 Yr $15, 2-Apr Clearlake Prisco Alcor D 27 166,546 6 Mths $17, 2-Apr Clearlake Ns Bravo D 21 156,572 6 Mths $17, 2-Apr Clearlake Ns Burgos D 29 156,572 6 Mths $17, 2-Apr Cargill Lichtenstein C 29 5, 6 Days/18 Days $13, 2-Apr D'Amico Torm Hellerup C 28 46, 12 Mths/12 Mths $13,5/$14,5 2-Apr D' Amico Eastern Force C 29 48, 12 Mths/12 Mths $13,/$13,5 19-Apr PTT Eagle San Diego D 212 157, 1 Yr/1 Yr $17,/$19, Jul12 18-Apr Shell Marika C 28 74, 1 Yr/1 Yr/1 Yr 11,75 Firm Perio 18-Apr Oetker Nb Tbn C 213 5, 5 Yr $14,75 +PS Sep13 Latest Dry Bulk Timecharter Fixtures... Reported Charterer Vessel Name Year Dwt Spd Cons. Period Rate Delivery Built $ per Day Date Place 7-Jun Oldendorff Darya Shakti 24 56,5 3-5 Months $8,5 9Jun-14Jun Inchon 7-Jun Norden Navios Celestial 29 58,63 4-6 Months $1, 4Jun-15Jun Ec India 7-Jun Klaveness Fortune Rainbow 28 82,372 5-8 Months $7,5 9Jun-1Jun Qingdao 7-Jun CNR JOSCO Taizhou 25 55,561 4-6 Months $8,5 Prompt North China 1-Jun Swiss Marine Pacific Resource 21 18,9 5-8 Months BCI-linked 3Jun Qingdao 1-Jun Norden Anassa Ioanna 22 53,125 3-5 Months $9, 5Jun N China 1-Jun Hudson Kalliopi L 21 76,529 4-6 Months $1, 5Jun-1Jun Taishan 1-Jun European charterer Fortune Clover 26 77,43 5-8 Months $8,5 2Jun-5Jun Rizhao 31-May HMM Meteora 27 58,48 3-5 Months $1,5 Prompt Chengxi 3-May CNR Blue Marlin I 28 57, 3-7 Months $9,5 Prompt Karachi 29-May CNR Great Friendship 1999 23,62 3-5 Months $7,5 31May-2Jun Novorossiysk 25-May Klaveness CS Sonoma 21 56,74 4-6 Months $1, Prompt Taiwan 25-May IVS Great Legend 26 52,385 3-6 Months $11 + 35K GBB 15Jun Se Africa 25-May Norden Nirefs 21 75,311 3-6 Months $8,5 3May-31May Mizushima 24-May TRANSGRAIN Kanishka 25 76,286 3-5 Months $1,5 Prompt Quanzhou 24-May Mina Shipping DmcChristina 27 77,53 4-6 Months $1, 29May-31May Shanghai 24-May Glencore Conti Saphir 21 75,2 4-6 Months $9,25 29May-3May Kaohsiung 23-May Norden Rosco Olive 21 74,979 2-6 Months $9, 24May-29May Qingdao 23-May CNR Navios Ulysses 27 55,728 4-7 Months $11, Prompt Kohsichang 23-May STX Pan Ocean Chang Hang Jiang Hai 21 57,124 3-5 Months $18,5 3May Ec Mexico 22-May CNR Mairouli 25 53,26 3-5 Months $1,6 Prompt Japan 22-May Quadra Rena 211 8,333 4-6 Months $1,25 29May Surabaya 18-May Chinese charterer Shandong Hai Chang 211 75,2 4-6 Months $11, 4May Jintang 18-May United Rosco Palm 211 82,153 3-6 Months $1,25 Prompt Rizhao 18-May Chinese charterer Bulk Chile 29 55,486 4-6 Months $11,1 Prompt Tianjin 18-May STX Pan Ocean NB 212 57, 1 Years $1,5 Prompt Cjk 18-May Norden Arethusa 27 73,593 5-7 Months $9,25 17May-25May Qingdao Clarkson Research Services iv 8-Jun-12

The Timecharter Market Tanker Timecharter Market Timecharter Rates Average Rate $/day To Date Jun T/C Activity & The Freight Market 29 21 211 212 8 VLCC (Modern) One Year Timecharter 31, Dwt Modern 39,577 37,962 24,947 21,696 26, 15, Dwt Modern 3,577 28,377 19,587 16,652 18, 11, Dwt Modern 2,77 18,731 15,457 13,728 13,5 74, Dwt Modern 19,375 16,64 14,745 12,783 12,5 47-48, Dwt Modern 15,231 13,16 13,668 14,12 13,75 37, Dwt Modern 13,72 11,528 12,221 12,337 12,5 Three Year Timecharter 31, Dwt Modern 37,538 38,32 31,481 27,12 29, 15, Dwt Modern 29,16 27,387 23,63 2,435 21, 11, Dwt Modern 2,678 2,52 18,135 16,43 15,5 74, Dwt Modern 19,957 17,495 16,63 14,141 14, 47-48, Dwt Modern 15,87 14,175 14,538 14,685 14,5 37, Dwt Modern 13,94 11,783 13,212 13,87 13,25 Five Year Timecharter 31, Dwt * Modern 37,38 37,594 33,899 3,522 31,5 11, Dwt* Modern 21,635 2,887 2,24 18,957 18, 47-48, Dwt* Modern 15,785 14,82 15,77 15,38 15,25 Total Fixtures To Date T/C Activity...over 1 year 28 29 21 211 212 VLCC 2, + 14 29 25 14 13 Suezmax 12-2, 27 12 17 14 1 Aframax 8-12, 52 31 45 11 2 Panamax 6-8, 9 7 18 7 4 Handy 1-6, 53 31 29 48 26 Total No. Fixtures 155 11 134 94 55 Total in m. dwt 16.9 15.8 17.8 1.4 5.8 Estimated owners' rates. Modern=no more than 1 years old. * Timeseries for all sizes available at www.clarksons.net. Bulk Carrier Timecharter Market Timecharter Rates Average Rate $/day To Date Jun T/C Activity & The Freight Market (Average Pac/Atl Delivery) 29 21 211 212 8 Capesize (Modern) One Year Timecharter Capesize Modern 33,276 32,967 16,938 15,457 13, Panamax Modern 18,151 24,559 14,663 1,946 1, Supramax Modern 14,678 2,847 14,18 11, 1,5 Handymax Modern 12,827 18,33 12,25 9,217 9, Handysize Modern 1,678 15,662 11,587 8,482 8,5 Three Year Timecharter Capesize Modern 27,721 28,953 17,399 16,533 15,25 Panamax Modern 15,531 19,547 14,3 11,71 11,125 Supramax Modern 13,556 17,32 13,846 11,88 11, Handysize Modern 1,69 13,939 11,844 9,84 9,25 Five Year Timecharter Capesize Modern 26,57 27,585 18,726 18,326 16,25 Panamax Modern 15,125 18,49 14,428 12,435 12, Supramax Modern 13,745 16,387 14,82 12,587 11,75 Handysize Modern 1,813 13,538 12,115 1,891 1,5 T/C Activity Total Fixtures...over 1 year 28 29 21 211 212 Capesize 1, + 91 53 39 32 7 Panamax 6-1, 188 146 149 73 29 Handymax 4-6, 66 68 64 35 1 Handysize 1-4, 8 2 12 7 2 Total No. Fixtures 353 269 264 147 48 Total in m. dwt 33.5 23.7 21.9 13.6 4.1 To Date Tanker and bulk carrier T/C activity size ranges reflect existing CRSL ship type definitions. Modern is taken to mean no more than 1 years old. Clarkson Research Services Page 9 8-Jun-12 7 6 5 4 3 2 1 May-1 No. fixtures Jul-1 Sep-1 Nov-1 Jan-11 Mar-11 May-11 Jul-11 Spot $/day 1 Year t/c Sep-11 Nov-11 Jan-12 $,/day Tanker timecharter activity this week Another quiet week this week, with only one timecharter reported. The 26-built 49,884 dwt Handy tanker MAERSK MARMARA was chartered by Morgan Stanley for twelve months at a rate of $13,5/day. 1 8 6 4 2 May-1 No. fixtures Jul-1 Sep-1 Nov-1 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Mar-12 May-12 $,/day 1 Year t/c Spot $/day Bulk carrier timecharter activity this week No bulkcarrier timecharter fixtures of one year or more in duration were reported this week. Reported shorter-term fixtures included the 28-built, 82,372 dwt FORTUNE RAINBOW, which was chartered by Klaveness for 5-8 months at a rate of $7,5/day. Jan-12 Mar-12 May-12 7 6 5 4 3 2 1 5 4 3 2 1