WEEKLY MARKET REPORT October 3rd, 2008 / Week 40

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1 LY MARKET REPORT October 3rd, 28 / Week 4 FED ANNOUNCED TO BAILOUT THE BDI! THERE IS STILL HOPE. Today the BDI closed at 3.2, up 12 points from yesterday, however points or 74,5% down from the points the index was on the 2th of May 28. So far, this has affected the values of the bulk carrier vessels, approximately 2% for the modern tonnage and over 5% for the 8s built vessels. Despite this correction we are reporting very few sales, since Buyers are waiting for the market to stabilize and Sellers' price ideas to reflect current freight market and financial market conditions. However, the sharp drop in the vessels' values has put a lot of existing sales in jeopardy and we understand that several transactions are being re-negotiated, as well as several others are failing. Rumors suggest that the sale of the M/V Custodia Athena (41,84 dwt / built 1985) at USD 35 m at the end of August has failed. It is worth noticing that today similar vessels are available for sale at substantially lower levels. The deterioration of the capital markets and the credit quake in combination with the poor performance of the freight market had a direct impact in the shipping public companies which resulted to a sharp decrease of their stocks. In just one week, most of the large companies lost around 1/3 of their value, see table enclosed. We surely expect and hope that the current sentiment will change once Chinese holidays are over and discussions between Chinese and Brazilians will reach a positive outcome. WeberSeas, Weekly Market Report Page 1 of 9

2 BULKERS GREAT PESCADORES 7,9/98 - SANOYAS - SULZER 12, - 7HH SPRING DRAKE 46,64/99 - MITSUI - B&W 1,1-5HH - C 4X3T Sold for $66.6 & 57 mill. respectively to Danish buyers (ID Shipping). Sale includes t/c arrangements to Norden for both vessels (old sale). MARIGOLD 46,745/82 - PUSAN - SULZER 1,665-6HH - C 3X2T, 2X15T Sold for $16 mill. to Taiwanese buyers. BRUSSEL 41,1/79 - BELGIUM - SULZER 14,41-7HH - C 1X35T (Gantry crane) Sold on private terms Dubai based buyers. ARUBA PEARL 36,243/83 - IMABARI - MITSUBUSHI 8,5-5HH - C 2X22T (Gantry cranes, open hatch/box shapped) Sold for $17 mill. to undisclosed buyers. CONTAINERS MSC BRAZILIA 43,27/86 - DAEWOO - SULZER 31,52-7HO 26HA - 3,74 TEU MSC LONDON 43,27/86 - DAEWOO - SULZER 31,52-7HO 26HA - 3,74 TEU MSC SARDINIA 43,27/86 - DAEWOO - SULZER 31,52-7HO 26HA - 3,74 TEU MSC BALI 36,314/8 - MITSHUBISHI - SULZER 3,15-8HO 14HA - 2,816 TEU MSC ZANZIBAR 33,86/86 - HYUNDAI - B&W 17,222-5HO 1HA - 1,923 TEU CNNI MEJILONES 24,37/95 - IMABARI - MITSUBISHI 18,4 - C 2X4T, 1X3T - 1,625 TEU KUO FU 18,595/95 - CSBC - B&W 11,5-4HH - 1,295 TEU KUO TAI 18,586/95 - CSBC - B&W 11,5-4HH - 1,295 TEU KUO HUNG 18,585/97 - CSBC - B&W 11,5-4HH - 1,295 TEU KUO LUNG 18,581/98 - CSBC - B&W 11,5-4HH - 1,295 TEU Sold en bloc for $262 mill. to spac company - Arcade Acquisition Corp. Sale is subject to shareholders approval. FRESH FOR SALE BULKERS HELEN B. 69,42/83 - POLAND - SULZER 16,889-7HH Inspectable in Hadong, South Korea where ETA 8th October. YELLOWKNIFE 29,651/84 - CROATIA - MAN 11,225-5HH - C 3X22T Inspectable promptly in Tunisia. ECO PROSPERITY 18,233/95 - SHIKOKU - B&W 6,775-4HH - C 3X3T Currently inspectable in Geraldton, Australia. PORTO LEONE 17,11/93 - XINGANG - B&W 5,9-4HH - C 3X16T Regularly trading in U.S.A./U.S. Gulf/Caribs/Central America. WeberSeas, Weekly Market Report Page 2 of 9

3 TYPE OF SHIP NEWBUILDING STATISTICS * TOTAL ORDERBOOK ULCC/VLCC SUEZMAX AFRAMAX PANAMAX MR , DWT CAPESIZE , DWT PANAMAX SUPRAMAX HANDYSIZE * Includes ALL vessels on order NEWBUILDING CONTRACTS No Size Type Yard Delivery Price (mill) Owners Comments 2 5, dwt Tanker STX 211 $53 Unknown owner 6 2, dwt Tanker Modest Infrastructure 211/12 $3.83 Cineanpo Group 2 19,8 dwt Tanker Kitanihon 212 n/a Zodiac Maritime 4 181, dwt Bulker STX 212 $94.1 Shipping Corp of India 2 115, dwt Bulker Jiangnan 211 n/a Thomas Schulte 2 8, dwt Bulker New Times 211 n/a Thomas Schulte 2 8, dwt Bulker Cosco Dalian 21 $54 German owner 1 55, dwt Bulker Kawasaki 211 n/a Kawasaki Kisen 8 37, dwt Bulker STX Dalian 212/13 $4 STX Pan Ocean 1 35, dwt Bulker SPP 212 $4 Iran Shipping Line 1 34, dwt Bulker Daesun 211 $38 Leros Management 3 33, dwt Bulker Onomichi 211 $4 Inui S.S. 2 now on order 9 now on order 3 now on order 2 5,6 dwt Ro-Ro Bharati S.Y. 21 n/a Sea-Cargo AS 1,15 m lanes WeberSeas, Weekly Market Report Page 3 of 9

4 DEMOLITION DEMOLITION STATISTICS TYPE OF SHIP THIS DATE 28 THIS DATE TOTAL 26 TOTAL ULCC/VLCC SUEZMAX AFRAMAX PANAMAX TANKER CAPE/COMBO (1, dwt +) 3 PANAMAX/KAMSARMAX BULKER LOCATION TANKERS BULK CARRIERS CHINA INDIA 55 5 BANGLADESH PAKISTAN DEMOLITION: BANGLADESH Cont INDIA LOTUS Cont MELITON 39,967/81-15,366 LDT - USD 535/LDT 33,185/81-12,348 LDT - Sold on PnC terms INDIA M/V RIO BUENO (Pure Car Carrier) 11,984/8-7,978 LDT - Sold on PnC terms PAKISTAN M/T AKSINIYA 4,763/84-1,5 LDT - USD 535/LDT WeberSeas, Weekly Market Report Page 4 of 9

5 BALTIC DRY EX RATES THIS LAST % Baltic Dry Index ,86% Baltic Capesize ,56% Baltic Panamax ,4% Baltic Supramax ,18% Baltic Handysize ,44% /1/25 11/3/25 11/5/25 11/7/ 25 11/9/25 11/11/25 11/1/26 11/3/26 11/5/ 26 11/7/26 11/9/26 11/11/26 11/1/27 11/3/ 27 11/5/27 11/7/27 11/9/27 11/11/27 11/1/ 28 11/3/28 11/5/28 11/7/28 11/9/28 BDI /1/25 4/3/25 4/5/25 4/7/25 4/9/25 4/11/25 4/1/26 4/3/26 4/5/26 4/7/26 4/9/26 4/11/26 4/1/27 4/3/27 BCI 4/5/27 4/7/27 4/9/27 4/11/27 4/1/28 4/3/28 4/5/28 4/7/28 4/9/ /1/25 4/3/25 4/5/25 4/7/25 4/9/25 4/11/ 25 4/1/26 4/3/26 4/5/26 4/7/26 4/9/26 4/11/ 26 4/1/27 4/3/27 BPI 4/5/27 4/7/27 4/9/27 4/11/ 27 4/1/28 4/3/28 4/5/28 4/7/28 4/9/28 WeberSeas, Weekly Market Report Page 5 of 9

6 BALTIC WET EX RATES THIS LAST % Baltic Clean Tanker ,27% Baltic Dirty Tanker ,63% Ιαν-5 16-Φεβ-5 4-Απρ Ιαν-5 16-Φεβ-5 4-Απρ-5 18-Μαϊ-5 1-Ιουλ-5 15-Αυγ-5 28-Σεπ-5 1-Νοε εκ-5 14-Φεβ-6 29-Μαρ-6 16-Μαϊ-6 29-Ιουν-6 11-Αυγ-6 26-Σεπ-6 8-Νοε εκ-6 18-Μαϊ-5 1-Ιουλ-5 15-Αυγ-5 28-Σεπ-5 1-Νοε εκ-5 14-Φεβ-6 29-Μαρ-6 16-Μαϊ-6 29-Ιουν-6 11-Αυγ-6 26-Σεπ-6 8-Νοε εκ-6 12-Φεβ-7 27-Μαρ-7 BCTI 12-Φεβ-7 27-Μαρ-7 BDTI 9-Μαϊ-7 21-Ιουν-7 3-Αυγ-7 18-Σεπ-7 31-Οκτ-7 13/12/27 5-Φεβ-8 19-Μαρ-8 6-Μαϊ-8 19-Ιουν-8 8-Αυγ-8 23-Σεπ-8 9-Μαϊ-7 21-Ιουν-7 3-Αυγ-7 18-Σεπ-7 31-Οκτ-7 13/12/27 5-Φεβ-8 19-Μαρ-8 6-Μαϊ-8 19-Ιουν-8 8-Αυγ-8 23-Σεπ-8 WeberSeas, Weekly Market Report Page 6 of 9

7 MAJOR CAPITAL MARKETS INDEX THIS LAST % S HIGH S LOW NYSE 5.86, ,57-729,72-12,55% 7.963, ,95 NASDAQ 1.976, ,57-29,85-9,6% 2.861,51 2.7,22 AIM 615,54 674,92-59,38-8,8% 1.151,12 615,54 NIKKEI , ,16-738,4-6,21% , ,8 NAME SYMBOL PUBLIC COMPANIES DRY-CARGO SECTOR THIS LAST % HIGH LOW DIANA DSX 18,82 21,59-2,77-12,83% $45.15 $17.73 DRYSHIPS DRYS 33,59 43,48-9,89-22,75% $ $3. EAGLE BULK EGLE 11,65 17,58-5,93-33,73% $36.24 $11.53 EXCEL MARITIME EXM 14,16 19,73-5,57-28,23% $81.99 $12.6 GENCO GNK 26,54 4, -13,98-34,5% $84.51 $25.67 NAVIOS HOLDINGS NM 4,3 6,72-2,42-36,1% $19.76 $4.28 TBS INTERNATIONAL TBSI 11,82 17,55-5,73-32,65% $71.15 $11.55 NAME CAPITAL PRODUCT PARTNERS SYMBOL TANKER/ENERGY SECTOR THIS LAST % HIGH LOW CPLP 9,87 12,73-2,86-22,47% $27.75 $9.35 GENERAL MARITIME GMR 17,28 21,81-4,53-2,77% $31. $17.12 OMEGA NAVIGATION ONAV 11,72 12,57 -,85-6,76% $22.2 $6.53 STEALTHGAS GASS 12,5 13,54-1,4-7,68% $18.22 $12.34 TEN TNP 27,77 31,43-3,66-11,64% $39.48 $27.5 NAME SYMBOL CONTAINER SECTOR THIS LAST % HIGH LOW DANAOS DAC 11,79 17,3-5,24-3,77% $37.5 $11.47 * Prices reflect Thursday s closing values. Prices in US$ WeberSeas, Weekly Market Report Page 7 of 9

8 RATES OF EX THIS LAST % Euro / $ 1,3864 1,4574 -,71-4,87% Sterling / $ 1,7687 1,8354 -,667-3,63% $ / Yen 15,17 15,36 -,19 -,18% $ / Nok 5,9898 5,6744,3154 5,56% $ / Won 1.222, ,6 65,1 5,62% Brent Crude 94,5 15,8-11,3-1,5% LIBOR (3-month) 4.5% 3.21% % TANKERS NB ESTIMATED VALUES PROMPT RESALE 5 YEARS 1 YEARS 2 YEARS 12 MONTH T/C VLCC $163.m $195.m $162.m $135m (DH) $35.m $9, PD Suezmax $98.m $12.m $18.m $79.m (DH) $28.m $, PD Aframax $82.m $86.m $78.m $66.m (DH) $21.m $4, PD Panamax $65.m $72.m $6.m $5.m (DH) $15.m $3, PD Product $56.m $62.m $53.5m $43.m (DH) $11.m $25, PD BUNKER PRICES FUEL GRADES ROTTERDAM FUJAIRAH PIRAEUS SINGAPORE 38cst: $1. $549. $533.5 $ cst: $537.5 $576. $564.5 $557.5 MGO: $882.5 $13. $868. $842.5 WeberSeas, Weekly Market Report Page 8 of 9

9 WEBERSEAS CONTACTS SALE & PURCHASE MOBILE PHONE NUMBER Bobby Mitropoulos Tom Protonotarios Nicholas Sfinias John Stamatakis Spyros Karamassis TANKER CHARTERING Basil Mavroleon Christos Kalogeras Lefteris Mystriotis Dionysios Mitsotakis TANKER OPERATIONS Kimon Polikratis ADMINISTRATION Yannis Mitropoulos Ourania Savvaki Very Truly Yours, W E B E R S E A S (H E L L A S) S.A. The information contained in this report has been obtained from various market sources. WEBERSEAS (HELLAS) S.A. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. WSH will not be held responsible for any action or failure to take action upon reliance on information contained in this report. 28 WEBERSEAS (HELLAS) S.A. All Rights Reserved WeberSeas, Weekly Market Report Page 9 of 9