WEEKLY SHIPPING

MARKET REPORT WEEK 38

- 18th September – to 25th September 2012 -

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

India expects smaller summer grain crop; exports seen unaffected

A delay in India's monsoon rains is likely to reduce summer-sown rice, corn and other grain crops by 10 percent from a year ago, the farm minister said, a drop traders said was too slight to trigger a government ban on exports. Farm Minister Sharad Pawar's forecast was the first of four estimates the government will issue during the 2012/13 crop season, which began in July. Summer-sown crops include rice, corn, other cereals and pulses. Output of summer-planted grain is expected to total 117.18 million tonnes, Pawar told reporters, down 9.8 percent from the previous season. But India has plentiful stocks of rice and corn as a result of two consecutive bumper harvests, and traders said this means any decrease in this year's crop is unlikely to reverse the government's export policy. "There were uncertainties about the monsoon as rains were delayed," Pawar said. "As a result, our estimates may be lower than last year but they are better than expected. "These are just preliminary estimates and I'm confident that production will be substantially higher as has been the case earlier," he added. India is the world's second largest producer of rice and a major exporter of the grain. It is also a significant corn exporter, accounting for about 3 percent of global trade. India relies on the annual monsoon to irrigate more than half of its farmland. The rains were well-below average in the first half of the June-to-September season, including during the key planting month of July, causing drought in cereal and pulse growing regions and raising fears about the fate of other crops. The threat of widespread drought abated, however, after the monsoon staged a revival during the last week of August, improving output prospects for winter crops such as wheat and rapeseed. Pawar urged farmers to take advantage of the late-landing rain and plant their winter crops early. "We must take advantage of revival in rains and improvement in soil moisture and encourage farmers to go for early sowing of winter crops and more than make up for the loss in kharif (summer-sown)," he said. Pawar estimated India's total grain output for the year may fall by 3.3 percent from a year ago to 249 million tonnes, but added that production of rice, wheat, corn and other cereals would still be more than demand. India's summer-sown rice output in 2012/13 is expected to fall 6.5 percent from a year ago to 85.59 million tonnes, Pawar said. Corn is expected to decline 8.2 percent to 14.89 million tonnes while pulses production is also expected to be 14.6 percent lower at 5.26 million tonnes, the minister added. He estimated summer sugar cane output at 335.33 million tonnes, down 6.2 percent and the summer cotton output at 33.4 million bales, down 5.1 percent. (Reuters)

Japan reportedly to ease approval for coal plants

With Japan seeking to move permanently away from nuclear power, the government is looking to ease enivronmental approvals for the construction and upgrade of coal power plants, the Nikkei reported Tuesday. Tokyo officials are hoping to draft guidelines by the end of this year for implentation in 2013 that would speed up the approval process for coal plants, as well as wind and geothermal projects, the report said.

Japan, which hasn't approved a coal-fired plant since 2009, relied significantly on nuclear power before the 2011 Fukushima nuclear disaster turned public opinion sharply against it as a power source. The owner of the now-shuttered Fukushima plant, Tokyo Electric Power Co., hopes to get approval next year under the new guildelines to build a coal plant, the report said. (MarketWatch)

Ukrainian Grain Exports Seen Increasing 63% by UkrAgroConsult

Ukrainian grain exports jumped 63 percent from 12 months earlier so far in the current marketing year begun July 1, UkrAgroConsult said, citing the Agriculture Ministry. Shipments were 4.68 million metric tons as of Sept. 21, the Kiev-based researcher said today in an e-mailed note. Wheat exports came to 2.24 million tons, including 1.67 million tons of milling quality and 580,000 tons of feed grain, it said. The country shipped 960,000 tons of barley and 1.29 million tons of corn, the note showed. (Bloomberg)

Asia Naphtha-Indian Oil sells Chennai vol to PetroChina

Indian Oil Corporation Ltd (IOC) has sold a naphtha cargo out of Chennai for the first time in four months, traders said. The 35,000-tonne cargo, scheduled for Oct. 15-17 loading, was sold late on Friday to PetroChina at premiums of nearly $39 a tonne to its own formula on a free-on-board (FOB) basis. IOC had previously sold a June 4-6 cargo from Chennai, also to PetroChina, at premiums of about $43.50. IOC is the parent company of Chennai Petroleum which had scheduled a maintenance at its 190,000 barrels per day (bpd) Manali plant from July to end September. (Reuters)

Nigerian oil exports to hit 6-month high in Nov

Nigeria's crude oil exports are due to hit a six-month high in November as almost all its oilfields pump near recent peak levels, provisional loading programmes showed. Africa's biggest oil producer is to due sell around 2.12 million barrels per day (bpd) of crude oil in November, up from 2.05 million bpd scheduled to load in October and 1.84 million bpd in September. Provisional loading schedules are subject to minor changes but the programme indicates Nigeria plans to ship its highest volume since May, when it sold just under 2.13 million bpd. Scheduled maintenance work and some acts of sabotage on oil production facilities in the onshore Niger Delta have reduced output over the last few months. A total of 72 full or part cargoes of crude oil will load from 17 different production streams in November, the schedule shows, with several streams close to recent highs. Six full cargoes and three part cargoes will load over 230,000 bpd of distillate-rich Forcados crude in November, up from 194,000 bpd in October, reflecting strong demand for crudes which can produce large quantities of heating oil ahead of the northern hemisphere winter. Nigeria will export around 380,000 bpd of Qua Iboe crude oil in November, up from 368,000 bpd in October. (Reuters)

Shipping , Commodities & Financial News

2

In Brief: Market volatility stable Capes: Notable increase in rates. Rated increased notably with the BCI closing at 1584 improved by 380 points and the average of the 4 TC routes ending up at USD 7,664 whilst the last week had closed around at USD 3,660 levels! In the Atlantic market, fronthaul trips lead the market and fixed around at USD 25,000 reported a rise of USD 5,000 whereas transantlantic round trips ended up around at USD 7,500 increased more than USD 4,000 compared to last week. Same positive sentiment in the Pacific basin with the Australian iron ore trade producing cargoes and covering the available tonnage leading the round trips fixed around at USD 8,000 / USD 8,250 surged by USD 4,500. Period activity closed around at USD 9,500 / USD 10,000 levels for one year period. Panamax: Steadily negative sentiment in both hemispheres. This was also a very slow week in both regions. In the Atlantic basin lots of spot tonnage tended to keep rates in low levels. Transatlantic round voyages were seen fixing at USD 2000 even below in some cases. Fronthauls were fixed at USD 12000 -13000 with a ballast bonus of USD 200K-300K ex US Gulf and East Coast South America respectfully. In the Pacific basin the panamax market remained in rather low levels in general. However there were some exceptionally increased Nopac round requirements and rates were seen slightly higher than last week closing at USD 6000 basis redelivery China. Australian and Indonesian rounds fixtures remained at USD 4500-5000 levels basis delivery Singapore. Short period market also remained at low levels with some reported fixtures for 4-6 months at USD around 6000 daily. Supramax: Slight increase for Supras Rates marginally improved but still at low levels in Atlantic whereas Pacific was firm with the BSI closed at 847 points increased by 13 points. In the Atlantic basin, rates marginally increased but remained at low levels due to oversupply of tonnage. Fronthaul trip ex USG has been reported at USD 18,500 whereas ex Continent at USD 17,000 with redel India. Ex NCSA to Emed has been reported at USD 12,000 levels. ECSA didn’t have enough fresh requirements therefore rates produced only a small increase and remained at low levels. In the pacific market, fresh requirements have been produced with round trips closed around at USD 8,000. Fixture reported Ex Indonesia to ECI basis delivery Singapore at USD 12,000 whereas basis delivery Tuticorin at USD 6,000. Nopac round trips closed around at USD 8,000/ USD 8,250 and Indonesia-China route fixed at USD 8,000 basis delivery South China. Short period fixed around at USD 9,500 / USD 10,000 levels. Handysize: Another week with low rates The oversupply of vessels at ECSA forced the transatlantic round to be done at around USD 6-6.500 levels. Sugar ex Brazil to Black Sea was fixed at USD 31 pmt which makes no sense for ballasters from West Africa where owners felt lucky if they could find rates of USD 10-11.000 aps Recalada for trips to Cont/Med/Bsea. Med/Black Sea kept up the spirit in the Atlantic with a 34k dwt opening West Med, the worst position in this region, seeing around 11k aps Canakkale for WAfrica and around 5k dop for Brazil and USG. In Pacific, negativity continued with vessels preferring to stay at the area with the round voyage paying USD 6,000 compared to the backhaul which was paying USD 3-4,000 involving such long duration. Positions at ECI were doomed to extremely low rates of around USD 3,000 for trips to SEASIA and China while the Aussie round was not better than 5k bss aps and a bb On the period front a modern handy got USD 8,250 for 4/6 mos with delivery N. China while 29k dwt was fixed for 5/7 mos at USD 7,250 basis delivery WCI.

Dry Bulk - Chartering

3

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

Index Week 38 Week 37 Change (%)

BDI 774 662 16,92

BCI 1584 1204 31,56

BPI 467 502 -6,97

BSI 847 834 1,56

BHSI 484 477 1,47

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

Type Size Week 38 Week 37 Change (%)

Capesize 160 / 175,000 9000 9000 0,00

Panamax 72 / 76,000 6750 7000 -3,57

Supramax 52 / 57,000 10000 9750 2,56

Handysize 30 / 35,000 8000 7250 10,34

Average Spot Rates

Type Size Route Week 38 Week 37 Change %

Capesize 160 / 175,000

Far East – ATL -10000 -12750 -

Cont/Med – Far East 25000 20000 25,00

Far East RV 8250 3750 120,00

TransAtlantic RV 7500 3250 130,77

Panamax 72 / 76,000

Far East – ATL -2250 -2500 -

ATL / Far East 11000 12250 -10,20

Pacific RV 4500 4000 12,50

TransAtlantic RV 1750 2500 -30,00

Supramax 52 / 57,000

Far East – ATL 4250 3750 13,33

ATL / Far East 15350 15750 -2,54

Pacific RV 8500 8000 6,25

TransAtlantic RV 7350 7500 -2,00

Handysize 30 / 35,000

Far East – ATL 3000 3500 -14,29

ATL / Far East 12000 13000 -7,69

Pacific RV 5000 5250 -4,76

TransAtlantic RV 6750 6500 3,85

Dry Bulk - Chartering

4

ANNUAL

JULY 2012 – SEPTEMBER 2012

Dry Bulk - Chartering

5

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

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

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

P1A T/A RV

P2ACONT/FE

6

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

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

S2 FE R/V

S3 FE / CON

S7 ECI / CHI

AVG ALL TC

7

VLCC: The Middle East fixtures showed some positive signs and October program does not show much

oversupply of units until today. The Atlantic market also provided some gains for owners.

Suezmax: The general feeling was positive throughout the week with the October west Africa program making

the Atlantic Suezmax market creating some gains for owners.

Aframax: The Atlantic market showed some stability this week, with the existing units being enough to cover

demand, thus not showing further gains but a sense of stability.

Panamax: The Caribbean market did not show any gains as many vessels opened in the region, thus the CBS –

USAC route lost about 15 points The European market posted some profits which where about 2.5 points for the

Cont-USAC route.

Products: -

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

Index Week 38 Week 37 Change (%)

BCTI 639 592 7,94

BDTI 642 634 1,26

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

Type Size Week 38 Week 37 Change (%)

VLCC 300.000 19,750 19,750 0,00

Suezmax 150.000 17,000 17,000 0,00

Aframax 105.000 13,750 13,750 0,00

Panamax 70.000 13,000 13,000 0,00

MR 47.000 13,250 13,250 0,00

Tanker - Chartering

8

Crude Tanker Average Spot Rates

Type Size (Dwt) Route Week 38 WS

Week 37 WS

Change %

VLCC

280,000 AG – USG 27 28 -3,57

260,000 W.AFR – USG 42.5 42.5 0,00

260,000 AG – East / Japan 40 40 0,00

Suezmax

135,000 B.Sea – Med 55 55 0,00

130,000 WAF – USAC 60 55 9,09

Aframax

80,000 Med – Med 75 75 0,00

80,000 N. Sea – UKC 85 85 0,00

80,000 AG – East 117.5 115 2,17

70,000 Caribs – USG 90 85 5,88

Product Tanker Average Spot Rates

Type Size (Dwt) Route Week 38 WS

Week 37 WS

Change %

Clean

75,000 AG – Japan 97 95 2,11

55,000 AG – Japan 112 118 -5,08

38,000 Caribs – USAC 105 102.5 2,44

37,000 Cont – TA 147.5 130 13,46

Dirty

55,000 Cont – TA 110 107.5 2,33

50,000 Caribs – USAC 107.5 122.5 -12,24

Tanker - Chartering

9

VLCC Trading Routes 2011 / 12

Suezmax Trading Routes 2011 / 12

Aframax Trading Routes 2011 / 12

Tanker - Chartering

10

Clean Trading Routes – 2011 / 12

Dirty Trading Routes – 2011 / 12

Tanker - Chartering

11

Waiting for market Signs

The BIFFEX is located in historical lows and some buyers are presently keeping a “wait and see” stance as no one knows

where the market bottom is. Add to this the fact that ships of 20-30 years old represent an approximate 20% of the global

fleet and are going or will be going for demolition eventually and a similar percentage represents ships entering the waters

from the shipyards within the next 2 – 3 years and this can provide an equilibrium point in ship supply. The problem though

remains in the global financial markets as both Developing Markets and Emerging ones have not yet found their rhythm in

anticipation of the Western Economies Global financial problems being faced and resolved. We may have the right amount

of ships but we need the development pace to rise also if we are to see any positive results.

This weeks’ Shiptrade enquiry Index is showing increased interest for Handysize tonnage built from mid nineties up to

modern. Handymaxes continue to show some interest and Panamax buyers seem to not be so firm for the time being; and

neither does interest for capes. Regarding wet tonnages, interest for aframaxes is firming with ages ranging from late

nineties up to resales, VLCC’s have seen an increased interest as well mostly from Greek and Far east based owners. Some

owners have been stirring up the market for Panamax tankers 10 – 15 years old. MR tankers continue being of strong

interest with ages ranging from late nineties built tonnages up to modern ones.

One of the notable sale of this week was the “New Alliance” (27.900 dwt Built 1996 Hakodate JPN) was sold to Chinese

buyers for USD 6.5 mill and “Clipper Grace” (30.500 built Shanhaiguan CHN 2007) which was reported sold for 11.3 mill to

Greek buyers. Also Mr Tanker Rainbow Quest (47.200 Built Onomichi JPN 1999 pumproom fitted) was reported sold for usd

11.75 mill to Indian buyers.

NEWBUILDINGS

In the newbuilding market, we have seen 7 vessels reported to have been contracted.

1 Bulk carriers (Panamax)

2 Tankers (Suezmax)

DEMOLITION

The demo market is at its lowest levels, Bangladesh is facing problems, as banks are not able to provide Letters of Credit for

further purchases of Dry or Wet tonnages, although it seems that for Container vessels they are indicating levels of USD 380

/ LT. India seems to be the only destination with regard to some availability for end buyers with finance, although we are

hearing that there are not many around and offering levels are on the lower side, even below the USD 400 / LT mark. China

is also on its lowest levels with no any actual activity.

Sale & Purchase

12

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

Bulk Carriers

Week 38 Week 37 Change %

Capesize 34 34 0.00

Panamax 22 22 0.00

Supramax 19 19 0.00

Handysize 17 17 0.00

Tankers

VLCC 58 58 0.00

Suezmax 44 44 0.00

Aframax 27 27 0.00

Panamax 27 27 0.00

MR 23 23 0.00

Weekly Purchase Enquiries

SHIPTRADE P/E WEEKLY INDEX

0

50

100

150

200

250

300

350

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

KOREA CHINA SPORE

KCS GREECE OTHER

SUM

Sale & Purchase

13

Reported Second-hand Sales

Bulk Carriers Name Dwt DoB Yard SS Engine Gear Price Buyer

Rubin Hope 170.409 1999 IHI, JPN 07/2014 Sulzer - 15.25 mill Sinokor

Warrior 243.850 1990 IHI, JPN 12/2013 Sulzer - Undisclosed Undisclosed

General 238.818 1992 Hitachi, JPN 05/2014 B&W - Undisclosed Undisclosed

Lara Rickmers 44.600 1997 Szcezecinska, CRO 04/201 Sulzer 3 X 40T 5.3 mill China

Clipper Grace 30.548 2007 Shanhaiguan, CHN 10/2012 B&W 4 X 30 T 11.3 mill Greek

New Alliance 27.904 1996 Hakodate, JPN 07/2016 MIT 4 X 30 T 6.5 mill Chinese

Koper 22.150 1993 Saiki, JPN 04/2013 MIT 4 X 30 T 4.3 mill Middle East

Tankers Name Dwt DoB Yard SS Engine Hull Price Buyer

Yiomaral 299.085 1993 Daewoo, KOR 03/2016 Sulzer DH 25.5 mill Greek

Crete 298.432 1995 Daewoo, KOR 07/2015 Sulzer DH 27 mill Greek

Hellespont Trader 147.916 1996 Samsung, KOR 05/2016 B&W DH 11.7 mill Undisclosed

Rainbow Quest 47.221 1999 Onomichi, JPN 10/2014 B&W DH 11.75 mill

(pumproom type)

Indian

Samho Spinel 5.627 2008 Samho, KOR 07/2013 Hanshin DH 7.8 mill

(via auction) Undisclosed

Budi Jasa 12.000 2006 Fujian, CHN 09/2016 B&W DH 7.8 Chinese

Containers Name TEU DoB Yard SS Engine Gear Price Buyer

Mare 974 2009 Hegemann, GER 03/*2014 MAK - 12.75 US Buyers

Sale & Purchase

14

Newbuilding Orders

No Type Dwt / Unit Yard Delivery Owner Price 1 BC 78.000 Sasebo 2013 DST -

1 + 1 Tanker 130.000 Samsung 2014 AET -

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

Newbuilding Resale Prices

Bulk Carriers

Capesize 45 42

Panamax 31 29

Supramax 29 27

Handysize 23 21

Tankers

VLCC 93 85

Suezmax 60 58

Aframax 47 42

Panamax 40 37

MR 34 31

Newbuilding Resale Prices

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

Newbuildings

15

Demolition Sales

Vessel Type Built Dwt Ldt Buyer Country Price KS Ace BC 1983 28.234 7.842 India 400

Vivian BC 1983 41.829 7.952 India 415

Yuan Cheng BC 1986 18.030 7.630 India 405

Demolition Prices ($ / Ldt)

Bangladesh China India Pakistan

Dry 375 290 390 390

Wet 400 320 415 415

Demolition Prices

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

Demolitions

16

Shipping Stocks

Commodities

Commodity Week 38 Week 37 Change (%) Brent Crude (BZ) 110,19 113,47 -2,89

Natural Gas (NG) 2,88 2,84 1,41

Gold (GC) 1765 1773 -0,45

Copper 375,65 376,60 -0,25

Wheat (W) 355,77 349,52 1,79

Dry Bulk

Company Stock Exchange Week 38 Week 37 Change % Baltic Trading Ltd (BALT) NYSE 3,45 3,43 0,58

Diana Shipping Inc (DSX) NASDAQ 6,96 7,04 -1,14

Dryships Inc (DRYS) NASDAQ 2,53 2,59 -2,32

Euroseas Ltd (ESEA) NASDAQ 1,16 1,15 0,87

Excel Maritime Carriers (EXM) NYSE 0,63 0,48 31,25

Eagle Bulk Shipping Inc (EGLE) NASDAQ 3,98 3,67 8,45

Freeseas Inc (FREESE) NASDAQ 0,24 0,23 4,35

Genco Shipping (GNK) NYSE 4,04 3,87 4,39

Navios Maritime (NM) NYSE 3,95 3,94 0,25

Navios Maritime PTN (NMM) NYSE 14,96 14,99 -0,20

Paragon Shipping Inc (PRGN) NASDAQ 0,48 0,44 9,09

Star Bulk Carriers Corp (SBLK) NASDAQ 0,62 0,53 16,98

Seanergy Maritime Holdings Corp (SHIP) NASDAQ 2,18 2,06 5,83

Safe Bulkers Inc (SB) NYSE 6,15 6,13 0,33

Golden Ocean (GOGL) Oslo Bors (NOK) 4,42 4,24 4,25

Tankers Capital Product Partners LP (CPLP) NASDAQ 7,96 7,69 3,51

TOP Ships Inc (TOPS) NASDAQ 1,15 1,22 -5,74

Tsakos Energy Navigation (TNP) NYSE 5,64 6,05 -6,78

Other

Aegean Maritime Petrol (ANW) NYSE 6,49 7,31 -11,22

Danaos Corporation (DAC) NYSE 3,27 3,25 0,62

StealthGas Inc (GASS) NASDAQ 6,87 6,79 1,18

Rio Tinto (RIO) NYSE 49,39 53,08 -6,95

Vale (VALE) NYSE 18,63 19,35 -3,72

ADM Archer Daniels Midland (ADM) NYSE 27,02 27,19 -0,63

BHP Billiton (BHP) NYSE 69,95 72,21 -3,13

Financial Market Data

17

Currencies

Week 38 Week 37 Change (%) EUR / USD 1,29 1,31 -1,53

USD / JPY 78,18 78,23 -0,06

USD / KRW 1119 1116 0,27

USD / NOK 5,73 5,68 0,88

Bunker Prices

IFO 380 IFO 180 MGO Piraeus 640 675 980

Fujairah 655 680 1035

Singapore 65 665 955

Rotterdam 635 663 965

Houston 640 685 1025

Port Congestion*

Port No of Vessels

China Rizhao 17

Lianyungang 41

Qingdao 76

Zhanjiang 30

Yantai 29

India

Chennai 7

Haldia 10

New Mangalore 10

Kakinada 10

Krishnapatnam 18

Mormugao 11

Kandla 51

Mundra 19

Paradip 15

Vizag 40

South America

River Plate 257

Paranagua 46

Praia Mole 17

* 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 38 of year

2012.

Financial Market Data / Bunker Prices / Port Congestion