WEEKLY SHIPPING

MARKET REPORT WEEK 4

- 22nd January – to 29th January 2013 -

Legal Disclamer

The information contained herein has been obtained by various sources. Although every effort has been made to ensure that this information is accurate, complete and up to date, Shiptrade Services S.A. does not accept any responsibility whatsoever for any loss or damage occasioned or claimed, upon reliance on the information, opinions and analysis contained in this report.

Researched and compiled by: Shiptrade Services SA, Market Research on behalf of the Sale & Purchase, Dry Cargo Chartering and Tanker Chartering Departments. For any questions please contact: market-research@shiptrade.gr

Shiptrade Services SA Tel +30 210 4181814 snp@shiptrade.gr 1st Floor, 110/112 Notara Street Fax +30 210 4181142 chartering@shiptrade.gr 185 35 Piraeus, Greece www.shiptrade.gr tankerchartering@shiptrade.gr

1

Christofias: Shipping sector is a driving force for further economic development

The Cyprus government gives the highest priority to the shipping sector as a driving force for the further economic development, President Christofias said in his address at the Cyprus Shipping Chamber Official Dinner held last night. In his address, read out by Minister of Communications and Works Efthymios Flourentzou, Christofias noted that shipping is an important pillar of our economy in its capacity to act as a wide gateway of foreign investments to our island. Cyprus is already a well-established maritime cluster and it is among the Government's priorities to maintain its attractiveness and leading position in the world scene.” He said that during the last few years, though, the unprecedented economic crisis has shaken the foundations of the world economy, which could not leave Cyprus untouched. Two thousand twelve was a challenging year for both the shipping industry and our maritime administration. Nevertheless, through hard and persistent work and collaboration between the public and private sector, we managed to maintain the strength of our flag and maritime cluster. In order to navigate through the economic crisis, and maintain our shipping industry's competitiveness, we moved ahead with the adoption and implementation of the piracy law and the accession of new shipping companies in our tonnage tax system, he added. I am confident, he noted, that the wealth of knowledge and expertise of our shipping sector will steer the ship in calm waters soon and recalled that during the Cyprus Presidency of the Council of the EU, the Limassol Declaration was adopted. He noted that this year will be marked by another Maritime Cyprus Conference, a conference which has been established world-wide as one of the key shipping events of the year. For a week, Cyprus will be in the spotlight of the world shipping industry providing the opportunity to further enhance the image of our flag and shipping industry, he noted.(Famagusta Gazette)

Dollar May Rise to 100 Yen on Bullish Trend

The dollar may strengthen to 100 yen by the end of this year as it continues its bullish trend, said James Chen, chief technical strategist at FX Solutions LLC, citing trading patterns. The U.S. currency has appreciated 18 percent from its September low of 77.13 yen with “very few major pullbacks,” Chen said today in an interview with Guy Johnson

on Bloomberg Television’s “The Pulse.” The dollar’s advance has taken it past Chen’s previous target of 90 yen, he said. “Within this year, I am looking at 95-100 yen,” he said. “Dollar-yen has been the biggest story in the past several months. It has been a straight upshot. There will be pullbacks and corrections but for the time being, what I’m looking at is a continuation of the upshot.” The dollar fell 0.1 percent to 90.82 yen at 7:17 a.m. in New York after rising to 91.26 yen, the strongest since June 21, 2010. The greenback last traded at 100 yen in April 2009. In technical analysis, investors and analysts study charts of trading patterns to forecast changes in a security, commodity, currency or index. (Bloomberg) South Africa November carbon and alloy steel imports up by 10.6%

According to the customs and excise data released by South African Iron and Steel Institute, South Africa's primary carbon and alloy steel product imports (excluding semi finished steel, stainless steel and drawn wire) amounted to 86,840 tonne in November 2012, increasing 10.6% compared to October last year and up 13.4% compared to the same month of the previous year. The country's primary carbon and alloy steel product imports during the first 11 months of 2012 amounted to 781,343 tonne, decreasing by 5.4% compared to the 825,724 tonne of primary carbon and alloy steel products imported during the corresponding period of 2011. Of South Africa's total primary carbon and alloy steel product imports in November last year, 54,800 tonne consisted of flat steel products, down 1.3% MoM, while 32,000 tonne consisted of profile steel products, up 39.2% compared to the previous month. (Steel Orbis) China crude oil output in December up by 5.6%

China Knowledge reported that China, the world's second largest oil consumer, saw its crude oil output grow 5.6% YoY to 17.94 million tonne in December 2012. According to the figures released by the National Statistics Bureau, China's natural gas output hit 10.2 billion cubic meters last month, reflecting a YoY increase of 5.6%.In December 2012, China produced 14.97 million metric tons of diesel, 8.47 million metric tonnes of gasoline, 1.87 million metric tons of fuel oil and 1.9 million metric tonnes of kerosene, up 2.2%, 17.6%, 18.4% and 15.9%YoY,respectively. In whole year of 2012, the country saw its crude oil output amount to 207.48 million metric tonnes or equivalent to 4.16 million barrels of crude oil per day, 1.9% more than it realized in 2011. (China Knowledge)

Shipping , Commodities & Financial News

2

Market Slowing down

Last week the Sales & Purchase activities have continued as per previous period. Considering the fact that the appetite for

second hand tonnages still remains firm and the fact that we are just a couple of weeks away from the Chinese New Year,

only few modern vessels have been reported sold, and buyers are shifting their interest for even younger vessels. In the

wet sector there is a quite encouraging amount of buyers for all types and sizes of vessels. Though not many vessels were

sold last week presenting that buyers are patient. After all the following days maybe significant to see whether the asset

prices will decline or stay at the same market levels.

Shiptrade’s enquiry index after a small increase last week presents a small depreciation. Handysize and Handymax vessels

built 90ies up to very modern 2000s’ are still attractive for buyers as low risk investment. On Panamaxes there seems to be

an interest for late 90ies up to late 2000s’ built vessels due to the falling prices. In the wet sector there is a serious interest

for 90ies up to early 2000s’ small tankers. The MR and modern Aframax Tankers are still of firm interest. Finally modern

LR2 vessels seem to catch the attention of the buyers.

NEWBUILDINGS

In the newbuilding market, we have seen 11 vessels reported to have been contracted.

3 Bulk Carriers (2 Supramax and 1 Kamsarmax)

4 LNG (Handysize)

4 Tankers (MR)

DEMOLITION

After more than a month of increase in the demolition market, this week was the time for a fall. Just in a couple of days the

market has dropped more than $10 per LDT to subcontinent. While in China and Turkey the demolition rates remain stable.

The drop of the metal prices in combination with the difference between the $ and rupees has led the demolition market

into this fall. This sudden effect of the market will probably take buyers in consideration and renegotiations, something

very unpleasant for the sellers that had obtained a firm price during the last couple of days before the drop.

Sale & Purchase

3

Indicative Market Values – ( 5 yrs old / Mill $ )

Bulk Carriers

Week 4 Week 4 Change %

Capesize 27 27 0.00

Panamax 19 19 0.00

Supramax 19 19 0.00

Handysize 15 15 0.00

Tankers

VLCC 56 56 0.00

Suezmax 40 40 0.00

Aframax 24 24 0.00

Panamax 25 25 0,00

MR 23 23 0.00

Weekly Purchase Enquiries

SHIPTRADE P/E WEEKLY INDEX

0

50

100

150

200

250

300

350

400

27/1

2/2

011-9

/1/2

01

210-1

6/1

/2012

17-2

3/1

/2012

24-3

0/1

/2012

31/1

-6/2

/2012

7-1

3/2

/20

12

14-2

0/0

2/2

012

21-2

7/0

2/2

012

28/2

-5/0

3/2

012

6-1

2/0

3/2

012

13-1

9/0

3/2

012

20-2

6/0

3/2

012

27/3

-2/4

/2012

3-9

/4/2

01

210-1

6/4

/2012

17-2

3/4

/2012

24/4

-1/5

/2012

2-8

/5/2

01

29-1

5/5

/20

12

16-2

2/5

/2012

23-2

9/5

/2012

30/5

-5/6

/2012

6-1

2/6

/20

12

13-1

9/6

/2012

20-2

6/6

/2012

27/6

-3/7

/2012

4/7

-10/7

/2012

11/7

-17/7

/2012

18-2

4/7

/2012

25-3

1/7

/2012

1-7

/8/2

01

28-1

4/8

/20

12

15-2

1/8

/2012

22-2

8/8

/2012

29/8

-4/9

/2012

5-1

1/9

/20

12

12-1

9/9

/2012

19-2

5/9

/2012

26/9

-2/1

0/2

012

3-9

/10/2

012

10-1

6/1

0/1

217-2

3/1

0/1

224-3

0/1

0/1

231/1

0-6

/11/1

27-1

3/1

1/1

214-2

0/1

1/1

221-2

7/1

1/1

228/1

1-4

/12/1

25-1

1/1

2/1

212-1

8/1

2/1

2

19/1

2/1

2-8

/1/1

39-1

5/1

/13

16-2

2/1

/13

23-2

9/1

/13

KOREA CHINA SPORE

KCS GREECE OTHER

SUM

Sale & Purchase

4

Reported Second-hand Sales

Bulk Carriers Name Dwt DoB Yard SS Engine Gear Price Buyer

Torm Saltholm 83.685 2008 Sanoyas, JPN 05/2013 B&W - 19.600.000 Greek

Archon 75.121 2001 Hitachi, JPN 02/2016 B&W - 12.200.000 Greek

Vanda Colossus 55.863 2006 Kawasaki JPN 10/2016 B&W 4X30 T 16 Mill Each Undisclosed

Aranda Colossus 55.814 2006 Kawasaki, JPN 07/2016 B&W 4X30 T

Seaparos 39.055 1984 Ihi, JPN 08/2013 SUL 4X25 T 2.900.000 Undisclosed

Cs Savannah 28.685 2000 Imabari, JPN 01/2015 B&W 4X30 T 9.000.000 Greek

Global Glory 45.769 1998 Tsuneishi, JPN 03/2013 B&W 4X25 T 7.500.000 Greek

Scan Bulker 27.308 1995 Mitsubishi, JPN 01/2015 B&W 4X30 T Rgn 6 Mill Middle Eastern

Siti Kadija 8.523 2000 Higaki, JPN 07/2015 MIT D 2x30, 2x25t

2.500.000 Undisclosed

Tankers Name Dwt DoB Yard SS Engine Hull Price Buyer

Ursula 16.927 2008 Jiujiang,CHN 06/2013 B&W DH 6.500.000

(Via Auction) Undisclosed

Valor 12.300 1994 Fincantieri ,ITA 06/2014 SUL DH Undisclosed Undisclosed

Emre -T 4.804 2004 Turkter, TUR 03/2014 BV DH 4.500.000 Middle Eastern

Containers Name TEU DoB Yard SS Engine Gear Price Buyer

Apl Ireland 5.928 2003 Koyo, JPN 04/2013 B&W - 20.000.000 Greek

Mabel Rickmers 1.162 1997 Szczencinska, POL 05/2016 B&W 3X40 T 3.900.000 Undisclosed

Sale & Purchase

5

Newbuilding Orders

No Type Dwt / Unit Yard Delivery Owner Price 1 BC 82.000 COSCO 2014 Golden Union -

2 BC 58.000 Tsuneishi Cebu 2014/2015 Um Bulk 26 Mill Each

2 TANKER 50.000 GSI 2014 Stena -

4 LNG 27.500 Sinopacific 2015 Evergas -

2 TANKER 50.000 HMD 2014/2015 Scorpio Tankers 32.5

Newbuilding Prices (Mill $) – Japanese/ S. Korean Yards

Newbuilding Resale Prices

Bulk Carriers

Capesize 45 36

Panamax 31 26

Supramax 29 25

Handysize 23 20

Tankers

VLCC 88 82

Suezmax 56 55

Aframax 45 38

Panamax 40 36

MR 32 31

Newbuilding Resale Prices

Bulk Carriers (2008 – Today) Tankers (2008 – Today)

Newbuildings

6

Demolition Sales

Vessel Type Built Dwt Ldt Buyer Country Price Asphodel BC 1985 28.303 6.352 Bangladesh 435

Hua Fa BC 1992 149.477 18.486 Bangladesh 425

Tenora CONTAINER 1993 22.281 7.625 Bangladesh 442

Major Hubal BC 1985 33.725 8.470 India 407

Bicas TANKER 1985 91.671 16.722 Pakistan 345

As is Rio with 200 T Bunkers ROB

Hoegh Traveller PCC 1983 15.370 12.164 China 380

Kunisaki Maru BC 1988 227.960 29.263 China 410

With approx 500T bunkers on delivery

Mega Progress BC 1986 69.561 9.759 China 415

With 250T bunkers ROB upon delivery

Demolition Prices ($ / Ldt)

Bangladesh China India Pakistan

Dry 430 410 425 420

Wet 440 415 445 435

Demolition Prices

Bulk Carriers (2008 – Today) Tankers (2008 – Today)

Demolitions

7

In Brief: Negative sentiment for all sizes

Capes: Downward trend for Capes Market followed a downward trend throughout the week at both basins with the BCI closing at 1520 reporting a reduction of 85 points. In the Atlantic basin, even though some fresh cargoes hit the market, rates for Tubarao/Qingdao route declined, yielding TCE of about USD 19,500, USD 1,250 less than last week. Same sentiment for transantlantic round trips ending up at around USD 10,000, decreased by USD 750 compared to last week’s levels whereas fronthaul ex Cont/Med were closed at around USD 22,500 / 22,750. In the pacific market, the awful weather conditions caused many problems in the Australian iron ore trade. In this respect, round trips were closed at around USD 6,500 decreased by USD 1,250. Period levels at around USD 10,500 / USD 10,750 for one year. Panamax: Slow and quite week in both hemispheres. BPI index at the beginning of the week was at 736 points to finally close down by 18 points at 718 on Friday. We faced a rather quite week in the Atlantic market probably due to the US Holiday. Although there was limited activity, rates did not change dramatically. Thus transatlantic round trips were reported fixing at around USD 6,000-6,500 levels whilst there were some fixtures for Baltic rounds at a bit higher levels. Fronthaul fixtures ex USG were very limited for this time of year and some were reported ex ECSA at about USD 14,000 with a ballast bonus of about USD 400K. Another quite week in the Pacific basin also with some NOPAC round trips reported fixing at USD 5,000-6,000 levels for prompt dates with a ballast bonus of USD 300k whilst Aussie remained almost inactive. Indonesian rounds, also for prompt dates, were reported at USD 5,000-5,500 with a ballast bonus of USD 50-55k. However more and more owners are willing to do a quick Indonesian round to reposition while ECSA market is firming up and they are aiming about USD 7,000 levels and hopefully a tick more basis delivery passing Singapore. Last but not least the short period market was also fairly quite with very few fixtures reported at about USD 7,000-8,000 daily basis 12/24 months.

Supramax: Atlantic stable and Pacific weak

After two weeks of positive trend, the Atlantic market lost its pace but kept steady rates as the proportion of cargoes/tonnage remained equal. Trips ex USG have been at reasonable levels without any significant difference compared to last week. Some activity with scrap cargoes from the Continent to East Med has been observed with rates around USD 11,000 but owners prefer to avoid calling East Med/Black Sea as there is not much activity over there to support the reposition. However, trips to Far East from East Med/Black Sea are expected to pay around USD 9,250. The West Africa market has been on the downside with not much activity. ECSA is still performing well with vessels being fixed at levels around mid teens plus USD 250k BB for trips to Far East and a tick better for redelivery PG/WCI. The Pacific market had another inactive week as the Chinese New Year holiday is coming, with Indo coal being fixed at around USD 8,000 aps plus USD 40k BB basis redelivery ECI and around USD 7,000 basis redelivery China. In addition, there is strong tendency from charterers’ side for aps deliveries as NOPAC rounds are still not very active but some requirements were seen and rate wise talking around USD 6,000 + 300 BB. Some interest from charterers has been observed for short period and rates were around USD 8,500 depending on size and delivery point. Handysize: Stability at low levels After a very minor improvement on specific areas the downfall continued further and the handy market suffered very poor rates across the globe. The Transatlantic round remained at levels of USD 7,750 while trips to ECSA were done at around USD 4,000 ex Continent, and tick less ex East Med/Black Sea, as some owners decided to reposition there in respect of the imminent grain season. We saw some fresh sugar parcels to Black Sea fixed at low USD 30’s. Continent was short of good paying cargoes for one more week with trips to Med at around USD 6/6,500 and East Med/Black Sea were paying USD 5/6,000 for med and USD 6/7,000 for PG/India direction. The Pacific market was dead as the upcoming Chinese holiday has put things in a halt. Trips ex North China/Korea to ECI were done at USD 6,5/7,000 and USD 6,000 to SEASIA while the NOPAC round voyage was fixed at USD 7,500. PG produced some orders with the best reported done at USD 8,500 ex Iran to ECI. Period activity was weak with 2/3 lls being fixed at USD 7,500 per day basis delivery SEASIA and redelivery Far East.

Dry Bulk - Chartering

8

Baltic Indices – Dry Market (*Friday’s closing values)

Index Week 4 Week 3 Change (%)

BDI 798 837 -4,66

BCI 1520 1605 -5,30

BPI 718 740 -2,97

BSI 711 730 -2,60

BHSI 475 470 1,06

T/C Rates (1 yr - $/day)

Type Size Week 4 Week 3 Change (%)

Capesize 160 / 175,000 10500 11000 -4,55

Panamax 72 / 76,000 7000 7000 0,00

Supramax 52 / 57,000 8500 9000 -5,56

Handysize 30 / 35,000 6500 6750 -3,70

Average Spot Rates

Type Size Route Week 4 Week 3 Change %

Capesize 160 / 175,000

Far East – ATL -7750 -7000 -

Cont/Med – Far East 22750 24500 -7,14

Far East RV 6500 7750 -16,13

TransAtlantic RV 10000 10750 -6,98

Panamax 72 / 76,000

Far East – ATL -1600 -1400 -

ATL / Far East 14000 14000 0,00

Pacific RV 5000 5500 -9,09

TransAtlantic RV 6500 6500 0,00

Supramax 52 / 57,000

Far East – ATL 4250 4600 -7,61

ATL / Far East 11600 11500 0,87

Pacific RV 6500 6500 0,00

TransAtlantic RV 7500 7800 -3,85

Handysize 30 / 35,000

Far East – ATL 6500 6500 0,00

ATL / Far East 9500 9250 2,70

Pacific RV 7250 7000 3,57

TransAtlantic RV 7750 7500 3,33

Dry Bulk - Chartering

9

ANNUAL

NOVEMBER 2012 – JANUARY 2013

Dry Bulk - Chartering

10

Dry Bulk - Chartering

Capesize Routes – Atlantic 2011 / 12

$0,00

$5.000,00

$10.000,00

$15.000,00

$20.000,00

$25.000,00

$30.000,00

$35.000,00

$40.000,00

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49

C2 TUB/ ROT

C4RBAY /ROTC7 BOL/ ROT

C8 T/ARV

AVGALL TC

Capesize Routes – Pacific 2011 / 12

$0,00

$10.000,00

$20.000,00

$30.000,00

$40.000,00

$50.000,00

$60.000,00

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49

C3 TUB /PRC

C5 WAUST /PRC

C9 CONT /FE

C10 FE R/V

Panamax Routes – Atlantic 2011 / 12

0

5000

10000

15000

20000

25000

30000

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49

P1A T/A RV

P2ACONT/FE

11

Dry Bulk - Chartering

Panamax Routes – Pacific 2011 /12

$5.000,00

$0,00

$5.000,00

$10.000,00

$15.000,00

$20.000,00

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49

P3A FE R/V

P4 FE/CON

AVG ALL TC

Supramax Routes – Atlantic 2011 /12

0

5000

10000

15000

20000

25000

30000

35000

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49

S1A CON / FE

S1B BSEA / FE

S4A USG /CONT

S4B CONT /USG

S5 WAFR / FE

Supramax Routes – Pacific 2011 / 12

$0,00

$2.000,00

$4.000,00

$6.000,00

$8.000,00

$10.000,00

$12.000,00

$14.000,00

$16.000,00

$18.000,00

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49

S2 FE R/V

S3 FE / CON

S7 ECI / CHI

AVG ALL TC

12

VLCC: Rates from Middle east to far east where the largest part of the fixtures showing a drop of ws6.9

points.Timecharters dropped about USD 10.000/ day. Rates to the USG lost ws3.5 points, averaging at ws19.5. in

the Atlantic basin, the WAFR-FEAST route lost 5.6 points averaing ws 34.8

Suezmax: The suezmax market lost more ground this week due with the WAFR-USAC route dropping 5 points to

conclude ws52.5

Aframax: Despite the activity in the Caribbean the aframax market followed the general sentiment mostly due

to oversupply of tonnages. CBS-USG lost 2.5 points concluding at ws82.5. The Northe European market was

positive this week because of the Ice. Balt-UKC improve by 27.5 points to conclude at ws100 and with the TC

rates at USD 45.000 / day. NSEA-UKC gained 7.5 points to conclude at ws90.

Panamax: The CBS-USG route improved by 5 points to conclude ws115 and in the European market the gains

improved by .5 points as well to conclude at ws105.

Products: MR’s from the Caribbean market continues showing gains with the USG-TA route concluding ws105

improved by 5 points. CBA-USAC showed a 15 point improvement in the weeks end at ws140.

Baltic Indices – Wet Market (*Friday’s closing values)

Index Week 4 Week 3 Change (%)

BCTI 646 630 2,54

BDTI 694 690 0,58

T/C Rates (1 yr - $/day)

Type Size Week 4 Week 3 Change (%)

VLCC 300.000 19.750 20.250 -2,47

Suezmax 150.000 16.500 16.500 0,00

Aframax 105.000 13.750 13.750 0,00

Panamax 70.000 13.500 13.500 0,00

MR 47.000 13.500 13.500 0,00

Tanker - Chartering

13

Crude Tanker Average Spot Rates

Type Size (Dwt) Route Week 4 WS

Week 3 WS

Change %

VLCC

280,000 AG – USG 19,5 23 -15,22

260,000 W.AFR – USG 37,5 43.5 -13,79

260,000 AG – East / Japan 30,25 40 -24,38

Suezmax

135,000 B.Sea – Med 60 60 0,00

130,000 WAF – USAC 52,5 57.5 -8,70

Aframax

80,000 Med – Med 77,5 77.5 0,00

80,000 N. Sea – UKC 90 82.5 9,09

80,000 AG – East 85 85 0,00

70,000 Caribs – USG 82,5 85 -2,94

Product Tanker Average Spot Rates

Type Size (Dwt) Route Week 4 WS

Week 3 WS

Change %

Clean

75,000 AG – Japan 81,5 82 -0,61

55,000 AG – Japan 99,75 107.5 -7,21

38,000 Caribs – USAC 140 135 3,70

37,000 Cont – TA 165 160 3,13

Dirty

55,000 Cont – TA 105 97.5 7,69

50,000 Caribs – USAC 115 110 4,55

Tanker - Chartering

14

VLCC Trading Routes 2011 / 12

Suezmax Trading Routes 2011 / 12

Aframax Trading Routes 2011 / 12

Tanker - Chartering

15

Clean Trading Routes – 2011 / 12

Dirty Trading Routes – 2011 / 12

Tanker - Chartering

16

Shipping Stocks

Commodities

Commodity Week 4 Week 3 Change (%) Brent Crude (BZ) 113,88 111,63 2,02

Natural Gas (NG) 3,25 3,54 -8,19

Gold (GC) 1664 1692 -1,65

Copper 367,90 368,50 -0,16

Wheat (W) 336,02 341,25 -1,53

Dry Bulk

Company Stock Exchange Week 4 Week 3 Change % Baltic Trading Ltd (BALT) NYSE 3,40 3,44 -1,16

Diana Shipping Inc (DSX) NASDAQ 8,85 8,46 4,61

Dryships Inc (DRYS) NASDAQ 2,13 2,13 0,00

Euroseas Ltd (ESEA) NASDAQ 1,04 1,03 0,97

Excel Maritime Carriers (EXM) NYSE 0,47 0,57 -17,54

Eagle Bulk Shipping Inc (EGLE) NASDAQ 2,15 2,25 -4,44

Freeseas Inc (FREESE) NASDAQ 0,20 0,22 -9,09

Genco Shipping (GNK) NYSE 3,79 4,02 -5,72

Navios Maritime (NM) NYSE 3,74 3,70 1,08

Navios Maritime PTN (NMM) NYSE 14,67 14,30 2,59

Paragon Shipping Inc (PRGN) NASDAQ 3,70 3,94 -6,09

Star Bulk Carriers Corp (SBLK) NASDAQ 7,11 7,20 -1,25

Seanergy Maritime Holdings Corp (SHIP) NASDAQ 1,74 1,44 20,83

Safe Bulkers Inc (SB) NYSE 3,90 3,77 3,45

Golden Ocean (GOGL) Oslo Bors (NOK) 5,33 5,19 2,70

Tankers Capital Product Partners LP (CPLP) NASDAQ 7,95 8,03 -1,00

TOP Ships Inc (TOPS) NASDAQ 1,10 1,12 -1,79

Tsakos Energy Navigation (TNP) NYSE 4,22 4,08 3,43

Other

Aegean Maritime Petrol (ANW) NYSE 6,75 6,32 6,80

Danaos Corporation (DAC) NYSE 4,05 3,51 15,38

StealthGas Inc (GASS) NASDAQ 9,85 9,90 -0,51

Rio Tinto (RIO) NYSE 55,80 55,85 -0,09

Vale (VALE) NYSE 19,55 20,02 -2,35

ADM Archer Daniels Midland (ADM) NYSE 28,97 28,64 1,15

BHP Billiton (BHP) NYSE 77,34 76,87 0,61

Financial Market Data

17

Currencies

Week 4 Week 3 Change (%) EUR / USD 1,34 1,33 0,75

USD / JPY 90,85 90,10 0,83

USD / KRW 1075 1058 1,61

USD / NOK 5,52 5,60 -1,43

Bunker Prices

IFO 380 IFO 180 MGO Piraeus 636 672 990

Fujairah 626 656 998

Singapore 626 636 935

Rotterdam 618 642 948

Houston 630 710 1015

Port Congestion*

Port No of Vessels

China Rizhao 21

Lianyungang 32

Qingdao 81

Zhanjiang 37

Yantai 69

India

Chennai 9

Haldia 53

New Mangalore 10

Kakinada 45

Krishnapatnam 48

Mormugao 49

Kandla 38

Mundra 15

Paradip 13

Vizag 62

South America

River Plate 214

Paranagua 60

Praia Mole 21

* The information above exhibits the number of vessels, of various types and sizes, that are at berth, awaiting anchorage, at

anchorage, working, loading or expected to arrive in various ports of China, India and South America during Week 4 of year

2013.

Financial Market Data / Bunker Prices / Port Congestion