Market insight By Vassilis Logothetis Research Analyst

For some time now the Dry Bulk market has been severely affected by Chi-na’s slowing GDP growth rate that occurs in the background of increased supply of dry bulk tonnage. Daily rates for Capes are now well below $10,000 from over $200,000 in 2008, while the BCI index reached its historic low at 311 points during January 2015.

Hence, it comes as no surprise that numerous shipowners consider the dem-olition market as a possible solution to dispose of old large sized vessels that fail to cover their operating expenses at market’s current levels. But to con-clude a perfect storm, the steel market, that is the main driving force behind prices offered by cash buyers and recycling yards for the acquisition of vin-tage tonnage for demolition, is currently under strong pressure as well. The latter stem from increased exports of cheap Chinese steel that is not ab-sorbed domestically and has flooded the Indian sub-continent. Moreover, prices offered by recycling yards are also negatively affected by the large volume of bulkers that are available to be sold for scrap.

The aforementioned situation has resulted in prices offered nowadays for wet tonnage to range from 210 to 390, depending on the destination, and for dry tonnage from 210 to 370. Just a year ago prices ranged from 310 to 500 for the dry tonnage and 325 to 510 for the wet, a difference of more than 100 dollars per ltd.

Nevertheless, the situation in the Dry Bulk market for the Capes is so difficult that we have seen a large number of vessels finding their way to recycling yards even at these low price levels. In May alone, 15 Capes have been sold for scrap, while the same number of Capesize vessels went for scrap during the entire first five months of last year. This is something that generally characterizes the market as demo activity across all segments is higher to the one observed last year.

At this point in time and given the situation in the Dry Bulk market one should expect the increased trend of vintage bulkers heading for demolition to continue up to the point where the freight market reaches a more viable equilibrium regarding supply and demand of tonnage. Having in mind the large volume of the Dry sector orderbook this will definitely take some time and at the same time it will come as no surprise if current demo price levels slide further. Nonetheless, and despite any additional price softening that could be due, the demo market is expected to continue witnessing healthy activity, as long as the situation in the Dry Bulk market remains tricky.

Chartering (Wet: Soft- / Dry: Stable + )

The Dry Bulk market moved sideways last week with the geared sizes still performing better compared to the bigger segments. The BDI closed today (02/06/2015) at 591 points, up by 2 points compared to Monday’s levels (01/06/2015) and an increase of 7 points when compared to pre-vious Tuesday’s closing (26/05/2015). Softer enquiry in both the Middle East and W. Africa regions pushed rates for the crude carriers market down last week, while we expect things to stabilize in the following days. The BDTI Monday (01/06/2015) was at 848 points, a decrease of 53 points and the BCTI at 692, an increase of 37 points compared to previous Friday’s (22/05/2015) levels .

Sale & Purchase (Wet: Soft- / Dry: Soft- )

SnP activity noted an impressive slowdown across all sectors last week, signalling that this summer season we might be due to witness even softer activity than what we usually do throughout this period every year. On the tanker side, we had the resale of CarVal’s New Times Hull 0315819 (158,000dwt-blt 16, China), which was sold to Greek buyers for a price in the region of $59.5m. On the dry bulker side we had the sale of the “SMARTY” (45,499dwt-blt 00, Japan), which was sold to for a price in the region of $6.0m.

Newbuilding (Wet: Stable - / Dry: Stable - )

The end of spring season found the newbuilding market in the same unchanged stage of the past months, with weak activity and non-existent dry bulk ordering prevailing, while conversions and options are still making up a good part of the most recent reported deals. Prices appear to have momentarily stopped their downward movement but we reiterate our opinion that there is more room for further corrections during the summer season, where slower activity usually prevails. At the same time, the trend of converting bulker orders seems to be holding strong. Orders that were placed following the good market the sector enjoyed back in the end of 2013, continue to trouble owners behind them and it seems that a big part of those who still can, will opt for con-verting their order usually to a tanker one, while without trying to sound too pessimistic, we hope history won’t repeat itself and whatever tanker orders - original ones or conversions - are currently being placed, won’t come back to haunt their owners a couple of years down the line as it is currently happening with big bulkers. In terms of recently reported deals, China Shipping Development placed an order for four firm LR2s (115,000dwt) at Dalian, in China, for a price of $52.0m each and delivery set between 2017 and 2018.

Demolition (Wet: Soft - / Dry: Soft - )

Demolition prices in the Indian subcontinent appear to have stabilized for now, following a month of significant discounts that have left the market with a lower new normal in terms of activity volume and price levels matching the year’s lows back in the beginning of March. Wheth-er the summer season will continue in the same mood is too soon to tell. Breakers in Bangladesh and Pakistan will focus on the outcome of their countries’ respective budgets, both due before the end of the week. Should rumors for increased tax on the industry are announce, this will normally affect both prices and breakers’ appetite to acquire tonnage. On the other hand things in India seem to be slightly better, and this is evident in the presence of sales involving Indian breakers, who now seem a bit encouraged by the revival of both local steel prices and the Indian Rupee. Prices this week for wet tonnage were at around 225-385 $/ldt and dry units received about 210-370 $/ldt.

Weekly Market Report

Issue: Week 22 | Tuesday 2nd June 2015

© Intermodal Research 02/06/2015 2

2014 2013

WS

points$/day

WS

points$/day $/day $/day

265k MEG-JAPAN 62 60,888 72 75,068 -18.9% 30,469 21,133

280k MEG-USG 40 52,107 47 66,932 -22.1% 17,173 7,132

260k WAF-USG 75 71,309 78 76,734 -7.1% 40,541 26,890

130k MED-MED 100 56,805 105 61,019 -6.9% 30,950 17,714

130k WAF-USAC 87.5 40,570 112 55,593 -27.0% 24,835 13,756

130k BSEA-MED 100 58,544 102 62,612 -6.5% 30,950 17,714

80k MEG-EAST 132.5 44,697 125 38,145 17.2% 19,956 11,945

80k MED-MED 140 51,241 139 49,420 3.7% 28,344 13,622

80k UKC-UKC 122.5 41,883 140 57,777 -27.5% 33,573 18,604

70k CARIBS-USG 117.5 27,761 121 30,073 -7.7% 25,747 16,381

75k MEG-JAPAN 110 33,725 104.5 29,414 14.7% 16,797 12,011

55k MEG-JAPAN 142.5 29,674 125.5 25,032 18.5% 14,461 12,117

37K UKC-USAC 155 22,880 178 26,522 -13.7% 10,689 11,048

30K MED-MED 160 23,035 141 18,020 27.8% 18,707 17,645

55K UKC-USG 130 28,019 123 25,436 10.2% 23,723 14,941

55K MED-USG 130 26,254 122.5 23,905 9.8% 21,089 12,642

50k CARIBS-USAC 145 26,073 140 24,884 4.8% 25,521 15,083

Vessel Routes

Week 22 Week 21$/day

±%

Dir

tyA

fram

axC

lean

VLC

CSu

ezm

ax

Spot Rates

May-15 Apr-15 ±% 2014 2013 2012

300KT DH 80.6 81.0 -0.5% 73.6 56.2 62.9

150KT DH 58.9 58.1 1.3% 50.2 40.1 44.9

110KT DH 45.0 45.0 0.0% 38.6 29.2 31.2

75KT DH 34.4 35.6 -3.4% 32.8 28.0 26.7

52KT DH 26.6 27.0 -1.5% 27.2 24.7 24.6

VLCC

Suezmax

Indicative Market Values ($ Million) - Tankers

Vessel 5yrs old

MR

Aframax

LR1

Chartering

It’s been a while since we last saw rates across the crude carriers market witnessing similar discounts in just a week’s time, as one of the main char-acteristics of the past months has been the strong sentiment, which has been lifting the market up even at times when favourable enquiry was not there. As the number of Middle East cargoes significantly reduced last week, rates in the region followed course, with the spillovers quickly weigh-ing down on the rest of the market as well, pushing rates south across al-most all key trading routes. Bunker prices on the other hand kept siding with owners, while activity in the period market remained evidence of the still strong fundamentals of the market despite this recent decline.

The VL market closed off on Friday with further reductions being noted and despite the fact that rates for both the Eastbound and Westbound voyages kicked off the week with signs of a stronger market, while we expect the market to stabilize in the following days.

The W. Africa Suezmax market also remained on a downward slope last week, with even less fresh business circulating compared to the week prior, while this in the Med also slowed down mid-week onwards.

With minor exceptions, the Aframax market was also under pressure last week, with cross-Med and cross-UKC activity slowing down following a busy end of April and the Caribs Afra softening on the back of limited business.

Sale & Purchase

In the Suezmax sector we had the resale of CarVal’s New Times Hull 0315819 (158,000dwt-blt 16, China), which was sold to Greek buyers for a price in the region of $59.5m.

In the chemical sector we had the sale of the “CHEM ORION” (10,307dwt-blt 98, Japan), which was sold for $6.5m.

Wet Market

Indicative Period Charters

-12 mos - 'COSGRAND LAKE' 2006 299,100 dwt

- - $45,000/day - Unipec

-24 mos - 'SEA FALCON' 2007 110,300 dwt

- - $23,500/day -Trafigura

20

70

120

170

220

WS

po

ints

DIRTY - WS RATESTD3 TD4 TD6 TD9

Week 22 Week 21 ±% Diff 2014 2013

300k 1yr TC 45,000 43,000 4.7% 2000 28,346 20,087

300k 3yr TC 41,500 40,500 2.5% 1000 30,383 23,594

150k 1yr TC 34,000 34,000 0.0% 0 22,942 16,264

150k 3yr TC 32,500 32,500 0.0% 0 24,613 18,296

110k 1yr TC 26,000 25,000 4.0% 1000 17,769 13,534

110k 3yr TC 24,000 23,500 2.1% 500 19,229 15,248

75k 1yr TC 21,500 21,500 0.0% 0 16,135 15,221

75k 3yr TC 19,250 19,250 0.0% 0 16,666 15,729

52k 1yr TC 17,250 17,000 1.5% 250 14,889 14,591

52k 3yr TC 16,000 16,000 0.0% 0 15,604 15,263

36k 1yr TC 15,500 15,000 3.3% 500 14,024 13,298

36k 3yr TC 14,750 14,250 3.5% 500 14,878 13,907

Panamax

MR

Handy

size

TC Rates

$/day

VLCC

Suezmax

Aframax

60

90

120

150

180

210

240

270

WS

po

ints

CLEAN - WS RATESTC1 TC2 TC5 TC6

© Intermodal Research 02/06/2015 3

0500

1,0001,5002,0002,5003,0003,5004,0004,500

Ind

ex

Baltic Indices

BCI BPI BSI BHSI BDI

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000$

/da

y

Average T/C Rates

AVR 4TC BCI AVR 4TC BPI AVR 5TC BSI AVR 6TC BHSI

Chartering

This has been another week that the Dry Bulk market failed to offer any

positive surprises, while the BDI, which is still faring below 600 points, hard-

ly moved compared to the week prior. The smaller size segments once

more outperformed the market, while on the period front we saw slightly

improved enquiry across all size segments. The summer season is not kick-

ing off with too much promise for a positive reversal in the market and

despite the fact that there has been a lot of talk in regards to China’s iron

ore inventories, with reports seeing opportunity for Capesize rates, we still

maintain the view that a more dramatic fall in Chinese iron ore stockpiles

needs to take place before we start talking about changing fundamentals

for the segment.

The Capesize market moved sideways last week, with both the spot and the

period market seeing improved levels of activity, but rates seemed stuck

around last dones, with no significant improvements being noted as the

market slid into the weekend and holidays taking place as this week kicked

off slowing down things further.

The Panamax market remained very quiet last week with rates moving

downwards across both basins, while fresh orders from the ECSA during the

second half of the week managed to improve sentiment just before the

week came to a close.

The Atlantic Handysize/ Handymax/ Supramax business was moving side-

ways last week, with certain owners becoming a bit more optimistic on the

back of fresh enquiry out of the USG, while the positive sentiment was also

supported by some decent fixtures reported in the Far East.

Sale & Purchase

In the Panamax sector, we had the sale of the “DOMINA” (73,593dwt-blt 07, China), which was reported being sold for a price of $9.3m.

In the Handymax sector we had the sale of the “SMARTY” (45,499dwt-blt 00, Japan), which was sold to for a price in the region of $6.0m.

May-15 Apr-15 ±% 2014 2013 2012

180k 33.2 34.8 -4.5% 47.3 35.8 34.6

76K 16.9 16.6 1.7% 24.5 21.3 22.7

56k 15.5 16.1 -3.9% 24.7 21.5 23.0

30K 13.5 13.9 -2.7% 19.5 18.2 18.2

Capesize

Panamax

Supramax

Indicative Market Values ($ Million) - Bulk Carriers

Vessel 5 yrs old

Handysize

Indicative Period Charters

- 4 to 7 mos - 'KM OSAKA ' 2012 180,650dwt

- Dalian early June - $ 8,000/day -Pacific Bulk

- 3 to 6 mos - 'ABML GRACE' 2002 172,300 dwt

- Singapore prompt - $ 6,850/day -E.On

Dry Market

Index $/day Index $/day Index Index

BDI 589 586 3 1,097 1,205

BCI 810 $5,517 816 $5,458 -6 1.1% 1,943 2,106

BPI 524 $4,191 549 $4,391 -25 -4.6% 960 1,186

BSI 647 $6,768 627 $6,559 20 3.2% 937 983

BHSI 331 $4,869 327 $4,825 4 0.9% 522 562

22/05/2015

Baltic IndicesWeek 22

29/05/2015Week 21

Point

Diff

2014 2013$/day

±%

170K 6mnt TC 8,000 7,750 3.2% 250 22,020 17,625

170K 1yr TC 8,250 8,250 0.0% 0 21,921 15,959

170K 3yr TC 9,750 9,750 0.0% 0 21,097 16,599

76K 6mnt TC 6,250 6,250 0.0% 0 12,300 12,224

76K 1yr TC 6,250 6,250 0.0% 0 12,259 10,300

76K 3yr TC 7,750 7,750 0.0% 0 13,244 10,317

55K 6mnt TC 7,500 7,500 0.0% 0 12,008 11,565

55K 1yr TC 7,250 7,250 0.0% 0 11,589 10,234

55K 3yr TC 7,750 7,750 0.0% 0 11,585 10,482

30K 6mnt TC 6,000 6,000 0.0% 0 9,113 8,244

30K 1yr TC 6,250 6,250 0.0% 0 9,226 8,309

30K 3yr TC 6,750 6,750 0.0% 0 9,541 8,926Han

dys

ize

Period

2013

Pan

amax

Sup

ram

ax

Week

22

Week

21

Cap

esi

ze

2014$/day ±% Diff

© Intermodal Research 02/06/2015 4

Secondhand Sales

Size Name Dwt Built Yard M/E SS due Hull Price Buyers Comments

SUEZNEW TIMES

0315819158,000 2016

NEW TIMES

SHIPBUILDING,

China

DH $ 59.5m Greek

PROD/

CHEMCHEM ORION 10,307 1998 ASAKAWA, Japan B&W Sep-18 DH $ 6.5m undisclosed

Tankers

Size Name Dwt Built Yard M/E SS due Gear Price Buyers Comments

PMAXSTAR

CHRISTIANNA74,577 1998

SASEBO SASEBO,

JapanB&W Mar-18 $ 4.5m undisclosed

PMAX DOMINA 73,593 2007

JIANGNAN

SHIPYARD GROU,

China

MAN-B&W May-17 $ 9.3m undisclosed

HMAX SMARTY 45,499 2000

IMABARI

MARUGAME,

Japan

MAN-B&W Jun-154 X 30,5t

CRANES$ 6.0m undisclosed

HANDY GOURNIATI 28,387 1996IMABARI

IMABARI, JapanB&W May-16

4 X 30,5t

CRANES$ 3.6m Turkish

HANDY FREE HERO 24,318 1995SHIN KURUSHIMA

ONISHI, JapanMitsubishi Sep-15

3 X 25t

CRANESundisclosed

BB back at

$1,100/day

HANDY FREE GODDESS 22,051 1995

SAIKI HEAVY

INDUSTRIES,

Japan

Mitsubishi Jun-154 X 30t

CRANESundisclosed

BB back at

$1,100/day

Norwegian

Bulk Carriers

© Intermodal Research 02/06/2015 5

The end of spring season found the newbuilding market in the same un-changed stage of the past months, with weak activity and non-existent dry bulk ordering prevailing, while conversions and options are still making up a good part of the most recent reported deals. Prices appear to have momen-tarily stopped their downward movement but we reiterate our opinion that there is more room for further corrections during the summer season, where slower activity usually prevails. At the same time, the trend of converting bulker orders seems to be holding strong. Orders that were placed following the good market the sector enjoyed back in the end of 2013, continue to trouble owners behind them and it seems that a big part of those who still can, will opt for converting their order usually to a tanker one, while without trying to sound too pessimistic, we hope history won’t repeat itself and whatever tanker orders - original ones or conversions - are currently being placed, won’t come back to haunt their owners a couple of years down the line as it is currently happening with big bulkers.

In terms of recently reported deals, China Shipping Development placed an order for four firm LR2s (115,000dwt) at Dalian, in China, for a price of $52.0m each and delivery set between 2017 and 2018.

Newbuilding Market

20

60

100

140

180

mil

lion

$

Tankers Newbuilding Prices (m$)

VLCC Suezmax Aframax LR1 MR

Week

22

Week

21±% 2014 2013 2012

Capesize 180k 50.0 50.0 0.0% 55.8 49 47

Kamsarmax 82k 27.5 27.5 0.0% 30.4 27 28

Panamax 77k 26.5 26.5 0.0% 29.2 26 27

Ultramax 63k 25.5 25.5 0.0% 27 25 25

Handysize 38k 21.5 21.5 0.0% 23 21 22

VLCC 300k 96.0 96.0 0.0% 98.6 91 96

Suezmax 160k 64.5 64.5 0.0% 65 56 58

Aframax 115k 53.0 53.0 0.0% 54 48 50

LR1 75k 46.0 46.0 0.0% 45.9 41 42

MR 50k 36.5 36.5 0.0% 36.9 34 34

190.0 190.0 0.0% 186.0 185 186

77.0 77.0 0.0% 78.4 71 71

68.0 68.0 0.0% 66.9 63 62

46.0 46.0 0.0% 44.3 41 44

LNG 160k cbm

LGC LPG 80k cbm

MGC LPG 55k cbm

SGC LPG 25k cbm

Gas

Bu

lke

rsTa

nke

rs

Vessel

Indicative Newbuilding Prices (million$)

10

30

50

70

90

110

mil

lion

$

Bulk Carriers Newbuilding Prices (m$)

Capesize Panamax Supramax Handysize

Units Type Yard Delivery Buyer Price Comments

4 Tanker 115,000 dwtDalian Shipbuilding,

China2017-2018

China Shipping

Development Co.$ 52.0m LR2

2 Tanker 115,000 dwtDalian Shipbuilding,

China2017

Singapore based (Cara

Shipping)$ 52.0m

LR2, Capes ize order

convers ion

2 Tanker 111,000 dwt New Times, China 2017 Norwegian (Frontline2012) $ 50.0m LR2

2 Tanker 34,500 dwt Taizhou Sanfu, China 2017Singapore based (Nova

Shpg & Logist.)undisclosed option

1 Gas 84,000 cbm Hyundai, S. Korea 3/2017 Mexican (Tomza Group) undisclosed LPG

2 Container 11,000 teu Yangzijiang, China 2017 Greek (Cardiff Marine) $ 93.0mNewcastlemax order

conversion

Newbuilding Orders Size

© Intermodal Research 02/06/2015 6

Demolition prices in the Indian subcontinent appear to have stabilized for now, following a month of significant discounts that have left the market with a lower new normal in terms of activity volume and price levels match-ing the year’s lows back in the beginning of March. Whether the summer season will continue in the same mood is too soon to tell. Breakers in Bangla-desh and Pakistan will focus on the outcome of their countries’ respective budgets, both due before the end of the week. Should rumors for increased tax on the industry are announce, this will normally affect both prices and breakers’ appetite to acquire tonnage. On the other hand things in India seem to be slightly better, and this is evident in the presence of sales involv-ing Indian breakers, who now seem a bit encouraged by the revival of both local steel prices and the Indian Rupee. Prices this week for wet tonnage were at around 225-385 $/ldt and dry units received about 210-370 $/ldt.

The highest price amongst recently reported deals, was that paid by Indian breakers for the Container vessel “AT 14” (9,868dwt-4,539ldt-blt 92), which received $385/ldt.

Demolition Market

Week

22

Week

21±% 2014 2013 2012

Bangladesh 380 380 0.0% 469 422 441

India 380 380 0.0% 478 426 445

Pakistan 385 390 -1.3% 471 423 444

China 225 225 0.0% 313 365 384

Bangladesh 370 370 0.0% 451 402 415

India 370 370 0.0% 459 405 419

Pakistan 365 370 -1.4% 449 401 416

China 210 210 0.0% 297 350 365

Dry

Indicative Demolition Prices ($/ldt)

Markets

We

t

200

250

300

350

400

450

500

550

$/l

dt

Wet Demolition Prices

Bangladesh India Pakistan China

200

250

300

350

400

450

500

550

$/ld

tDry Demolition Prices

Bangladesh India Pakistan China

Name Size Ldt Built Yard Type $/ldt Breakers Comments

ADVANTAGE 27,750 9,250 1977 NKK CORP - TSU, Japan GC $ 380/Ldt Indian

BASHUNDHARA-1 46,874 8,650 1985KAWASAKI HEAVY INDS -,

JapanBULKER - Bangladeshi

GREAT PEACE 45,259 7,922 1996TSUNEISHI SHBLDG -

FUK, JapanBULKER - Chinese

YAKIMA PRINCESS 42,475 6,572 1990OSHIMA SHIPBUILDING,

JapanBULKER - Indian

AT 14 9,868 4,539 1992ORSKOV CHRISTENSENS,

DenmarkCONT $ 385/Ldt Indian

Demolition Sales

The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without mak-ing guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.

Compiled by Intermodal Research & Valuations Department | research@intermodal.gr Ms. Eva Tzima | e.tzima@intermodal.gr

Mr. Vassilis Logothetis | v.logothetis@intermodal.gr

Finance News

“Bahri wins sukuk OK

The National Shipping Company of Saudi Arabia (Bahri) has won approval of its latest fund-raising effort.

The country’s Capital Market Authority (CMA) an-nounced that it has approved a sukuk, the Islamic finance equivalent of the bond, for the shipowner.

“The total offering size will be determined at a later stage by the company,” the authority said.

However, executives said last month that it was plan-ning a SAR 3.9bn ($1.04bn) Islamic bond offering, according to Reuters.

The cash grab comes after Bahri announced last week that it is ordering five VLCCs at South Korea’s Hyundai Samho Heavy Industries. The deal, first reported by TradeWinds in April, includes options for five more vessels.

The Saudi shipowner said the firm VLCC newbuildings are due for delivery during 2017. No financial terms were disclosed.

77-ship fleet

Led by chief executive Ibrahim Abdulrahman Al-Omar, Bahri controls a fleet of 77 tankers, bulkers and ro-ros.

The company has recently signed a 10-year agree-ment with South Korea’s S-Oil Corporation.

Under this agreement, it will transport crude oil car-goes on VLCCs from the Arabian Gulf and the Red Sea to Ulsan in South Korea.” (Eric Martin, Trade Winds)

Commodities & Ship Finance

29-May-15 28-May-15 27-May-15 26-May-15 25-May-15W-O-W

Change %

10year US Bond 2.120 2.130 2.140 2.140 2.210 -4.1%

S&P 500 2,107.39 2,120.79 2,123.48 2,104.20 2,126.06 -0.9%

Nasdaq 5,070.03 5,097.98 5,106.59 5,032.75 5,089.36 -0.4%

Dow Jones 18,010.68 18,126.12 18,162.99 18,041.54 18,232.02 -1.2%

FTSE 100 6,984.43 7,040.92 7,033.33 6,948.99 7,031.72 -0.7%

FTSE All-Share UK 3,797.12 3,824.67 3,821.13 3,779.30 3,818.84 -0.6%

CAC40 5,007.89 5,137.83 5,182.53 5,083.54 5,117.17 -2.6%

Xetra Dax 11,413.82 11,677.57 11,771.13 11,625.13 11,815.01 -3.4%

Nikkei 20,563.15 20,551.46 20,472.58 20,437.48 20,413.77 0.7%

Hang Seng 27,424.19 27,454.31 28,081.21 28,249.86 27,992.83 -2.0%

DJ US Maritime 251.80 255.48 257.28 255.51 264.83 -4.9%

$ / € 1.09 1.10 1.09 1.09 1.10 -0.9%

$ / ₤ 1.53 1.53 1.53 1.54 1.55 -1.3%

¥ / $ 124.17 123.83 123.74 122.99 121.61 2.2%

$ / NoK 0.13 0.13 0.13 0.13 0.13 -1.6%

Yuan / $ 6.20 6.21 6.20 6.20 6.20 0.1%

Won / $ 1,113.10 1,109.40 1,109.45 1,107.60 1,097.25 1.4%

$ INDEX 87.28 87.32 87.25 87.19 86.35 1.2%

Market Data

Cu

rre

nci

es

Sto

ck E

xch

ange

Dat

a

1,100

1,150

1,200

1,250

1,300

1,350

40

45

50

55

60

65

70

goldoil

Basic Commodities Weekly Summary

Oil WTI $ Oil Brent $ Gold $

29-May-15 22-May-15W-O-W

Change %

Rotterdam 562.5 583.5 -3.6%

Houston 636.0 651.5 -2.4%

Singapore 560.0 579.5 -3.4%

Rotterdam 323.5 336.0 -3.7%

Houston 335.6 342.5 -2.0%

Singapore 374.5 367.5 1.9%

Bunker Prices

MD

O3

80

cst

CompanyStock

ExchangeCurr. 29-May-15 22-May-15

W-O-W

Change %

AEGEAN MARINE PETROL NTWK NYSE USD 14.22 14.23 -0.1%

BALTIC TRADING NYSE USD 1.52 1.52 0.0%

BOX SHIPS INC NYSE USD 0.92 0.91 1.1%

CAPITAL PRODUCT PARTNERS LP NASDAQ USD 9.11 8.94 1.9%

COSTAMARE INC NYSE USD 19.60 19.98 -1.9%

DANAOS CORPORATION NYSE USD 6.52 6.39 2.0%

DIANA SHIPPING NYSE USD 6.42 6.89 -6.8%

DRYSHIPS INC NASDAQ USD 0.73 0.81 -9.9%

EAGLE BULK SHIPPING NASDAQ USD 9.05 10.41 -13.1%

EUROSEAS LTD. NASDAQ USD 0.74 0.75 -1.3%

FREESEAS INC NASDAQ USD 0.05 0.08 -37.5%

GLOBUS MARITIME LIMITED NASDAQ USD 1.40 1.43 -2.1%

GOLDENPORT HOLDINGS INC LONDON GBX 115.76 115.75 0.0%

HELLENIC CARRIERS LIMITED LONDON GBX 20.00 20.00 0.0%

NAVIOS MARITIME ACQUISITIONS NYSE USD 3.57 3.65 -2.2%

NAVIOS MARITIME HOLDINGS NYSE USD 3.42 3.56 -3.9%

NAVIOS MARITIME PARTNERS LP NYSE USD 10.88 10.87 0.1%

PARAGON SHIPPING INC. NYSE USD 0.73 0.81 -9.9%

SAFE BULKERS INC NYSE USD 3.33 3.54 -5.9%

SEANERGY MARITIME HOLDINGS CORP NASDAQ USD 0.67 0.72 -6.9%

STAR BULK CARRIERS CORP NASDAQ USD 3.04 3.19 -4.7%

STEALTHGAS INC NASDAQ USD 6.84 6.57 4.1%

TSAKOS ENERGY NAVIGATION NYSE USD 9.56 9.90 -3.4%

TOP SHIPS INC NASDAQ USD 1.07 1.04 2.9%

Maritime Stock Data

© Intermodal Shipbrokers Co

8

02/06/2015

Select Price in US$

Weekly Publications

Weekly Market Report Annual Subscription □ Free

Monthly Publications

Shipping Monthly Recap - free summary Annual Subscription - 12 issues □ Free

Shipping Monthly Recap - full report Annual Subscription - 12 issues □ Please contact our

department

Your Contact Details

Full Name: Title:

Company: Position:

Address:

Country: Post code:

E-mail: Telephone:

Company Website: Fax:

You can contact us directly by phone or by e-mailing, faxing or posting the

below form completed with all your details:

Tel: +30 210 6293 300

Fax:+30 210 6293 333-4

Email: research@intermodal.gr

Intermodal Shipbrokers Co.

17th km Ethniki Odos Athens-Lamia & 3 Agrambelis street,

145 64 N.Kifisia,

Athens - Greece