World Shipyard Monitor

World Shipyard Monitor Volume 11, No.11 November-2004 ISSN: 1358-8788 Highlights Orderbook The global orderbook increased to 3,861 vessels of 213.1m dwt by the end of October p.2/3. New Orders 171 vessels of 6.6m dwt were ordered during October. p.4/5. Deliveries An exceptionally low number of deliveries were reported across all sectors... p.6/7. Newbuilding Prices Continuing imbalances between supply and demand caused prices to rise once more....p.8. Investment Investment in new ships has now overtaken the 2003 total, reaching the $60bn mark..p.9. Contracting by Region Chinese shipbuilding now accounts for 13.4% of the global orderbook by CGT...p.12. Deliveries by Region 152 vessels of 2.03m dwt are scheduled for delivery from European yards in the remainder of 2004........ p.14/15. Shipyard Capacity Stocznia Gdynia yard in Poland currently has the largest of the European orderbooks.... p.16. Demolition No change in the demolition market high rates have caused a dearth of tonnage..... p.20. Shipbuilding Focus The sleeping giant awakes: a focus on the emergence of the Chinese shipbuilding industry as a world force...... p.24. 7 2 1.Damen, Hoogezand, Neth. 2.AESA, Puertoreal, Spain 3.Fincantieri, Monfalcone, Italy 4.AESA, Sestao, Spain 5.HDW, Kiel, Germany 6.Odense, Lindo, Denmark 4 JAPAN 1.Mitsubishi, Nagasaki 2.Hitachi, Ariake 3.Imabari,Marugame 4.Namura, Imari 5.Mitsui, Chiba 6.Kawasaki, Sakaide 7.Sumitomo, Oppama 8.Oshima, Oshima 9.I.H.I., Kure 10.Nippon Kokan, Tsu 4 8 S.KOREA Major European Shipyards 14 6 1 5 12 9 3 10 17 13 MAIN SHIPYARDS 7.Harland & Wolff, Belfast, UK 8.Ch. de L'Atl., St.Nazaire, France 9.Stocznia Szczecin, Poland 10.Brod. 3 Maj, Rijeka, Croatia 11.Kvaerner Masa, Turku, Finland 12.Meeres Technik, Wismar, Ger. 18 16 Major Far Eastern Shipyards 6 1 5 3 2 MAIN SHIPYARDS 11.Shin Kurushima, Onishi 12.Koyo, Mihara 13.Tsuneishi, Numakuma SOUTH KOREA 1.Hyundai, Ulsan 2.Daewoo, Okpo 3.Samsung, Koje 4.Samho, Samho 5.Hanjin, Busan 6.STX, Chinhae 4 8 1 2 9 12 13 3 6 1 7 15 CHINA 1.Dalian New Yard, Dalian 2.Jiangnan, Shanghai 3.Hudong, Shanghai 4.Shanghai, Shanghai 5.Guangzhou, Guangzhou 6.Xingang, Tianjin 10 1 TAIWAN 1.China Sb., Kaohsiung 2.China Sb., Keelung 13.Brod. Split, Split, Croatia 14.MeyerWerft, Papenburg, Ger. 15.Stocznia Gdynia, Poland 16.Varna Shipyard, Bulgaria 17.Fincantieri, Marghera, Italy 18.Galatz Shipyard, Romania JAPAN 5 Shipping Intelligence Network... "represents a giant leap forward in the information technology development in shipping." Want your information faster go to Shipping Intelligence Network on www.clarksons.net "With shipping's first 'need to know' information portal, Clarkson has made shipping intelligence better than ever before."

Specialised Chemical Products Panamax Aframax Suezmax VLCC Handysize Handymax Panamax Capesize Combos FCC<3Kteu FCC>3Kteu Orderbook As % Of Fleet (DWT) 2.1% 5.8% 0.0% 0.0% 6.4% 6.2% Bulk Vessel Orderbook No. end Orderbook by Vessel Type m.cgt, end: Orderbook, Delivery in: 2003 Oct* 2003 Oct* 2000 2001 2002 2003 Oct* 2004 2005 2006+ VLCC > 200,000 74 89 3.5 4.2 27.2 26.2 18.7 22.6 27.1 2.5 9.8 14.9 Suezmax 120-200,000 80 83 2.6 2.6 9.3 9.6 8.2 12.6 13.2 0.7 4.1 8.4 Aframax 80-120,000 156 162 3.7 3.8 7.1 12.9 14.2 16.8 17.6 1.0 6.7 9.9 Panamax 60-80,000 117 138 2.6 3.1 0.8 2.1 4.5 8.4 10.0 0.4 3.1 6.4 Products 10-60,000 308 364 5.8 6.6 4.2 7.3 8.7 13.1 15.0 1.0 5.4 8.6 Chemical 10-60,000 152 209 2.1 2.8 2.0 2.7 3.4 3.7 4.9 0.5 1.6 2.8 Specialised 10-60,000 5 3 0.1 0.0 0.3 0.2 0.2 0.2 0.1 0.0 0.1 0.0 Tankers > 10,000 892 1,048 20.4 23.1 50.8 60.9 57.9 77.5 88.0 6.0 30.9 51.0 Tankers < 10,000 155 192 0.9 1.1 0.3 0.5 0.8 0.9 1.1 0.3 0.6 0.2 Capesize > 80,000 156 202 3.9 5.0 10.5 8.9 13.6 23.8 30.4 1.6 8.5 20.4 Panamax 60-80,000 197 192 4.0 3.9 12.1 5.5 7.3 14.9 14.5 1.5 5.4 7.6 Handymax 40-60,000 245 265 3.8 4.2 9.6 7.1 8.0 13.0 14.2 1.4 5.4 7.5 Handysize 10-40,000 146 160 1.7 1.8 2.9 2.5 3.0 4.5 4.7 0.5 2.2 2.0 Bulkers > 10,000 744 819 13.4 14.8 35.1 24.0 32.0 56.2 63.9 5.0 21.4 37.5 Combos > 10,000 0 0 0.0 0.0 0.0 0.2 0.2 0.0 0.0 0.0 0.0 0.0 Total Bulk Vessels 1791 2059 34.7 39.1 86.2 85.6 90.8 134.6 152.9 11.3 52.8 88.8 Special Vessel Orderbook Orderbook, Delivery in: 2003 Oct* 2003 Oct* 2000 2001 2002 2003 Oct* 2004 2005 2006+ LNG Carriers 56 102 4.8 9.3 1.9 3.5 4.0 4.1 8.0 0.5 1.6 5.9 LPG Carriers 36 62 0.7 1.2 0.9 1.1 1.1 0.9 1.7 0.0 0.3 1.4 Reefers 3 7 0.0 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 Containers > 3,000 teu 350 474 15.8 20.6 13.2 12.4 10.5 26.1 34.3 1.5 8.2 24.6 Containers < 3,000 teu 294 436 4.2 6.0 5.1 4.7 3.6 6.5 9.4 0.6 3.4 5.4 Other Dry > 5,000 dwt 279 345 5.9 7.9 2.8 2.5 2.7 3.4 4.2 0.7 1.5 2.1 Offshore & Other 254 299 1.6 1.9 1.6 2.5 3.4 2.2 2.2 0.5 0.8 0.9 Cruise Vessels 20 27 2.2 3.0 0.3 0.3 0.2 0.1 0.2 0.0 0.0 0.1 Ro-Ro Ferries 46 50 1.3 1.4 0.3 0.2 0.1 0.1 0.1 0.0 0.0 0.0 Total Special Vessels 1,338 1,802 36.4 51.5 26.3 27.2 25.7 43.6 60.2 3.8 15.9 40.4 Total Orderbook 28.3% 28.3% 28.9% 28.9% 20.8% 17.9% 23.8% 22.8% 18.1% 19.7% 29.1% 24.2% 20.1% 14.2% 27.7% 22.1% 34.5% 32.0% No. end 60.5% 56.1% End Oct 04 End 2003 57.3% 68.3% 0% 10% 20% 30% 40% 50% 60% 70% 80% Source: Clarkson Research Studies m.cgt, end: Orderbook, Delivery in: 2003 Oct* 2003 Oct* 2000 2001 2002 2003 Oct* 2004 2005 2006+ All Vessels Types 3,129 3,861 71.1 90.6 112.5 112.9 116.5 178.2 213.1 15.1 68.7 129.2 Clarkson Research Studies Page 2 m. DWT, end: m. DWT, end: No. end m.cgt, end: m. DWT, end: Summary October 2004 The global orderbook increased to 3,861 vessels of 213.1m dwt by the end of October, up from 3,718 vessels of 208.6m dwt at the end of September. Contracting remained strong at 6.6m dwt whilst deliveries were exceptionally low when compared to recent months, just 1.6m dwt. The boom in new orders shows no immediate sign of letting up, and we expect the global orderbook to increase further in the coming months. The bulk carrier orderbook increased for the first time in three months, up from 798 vessels of 62.2m dwt at the end of September to 819 vessels of 63.9m dwt. This is due to a resurgence in bulker ordering coupled with very low levels of deliveries. The containership orderbook continues to strengthen, reaching 43.7m dwt by the end of October. For comparison, the end of 2002 figure was just 14.1m dwt, demonstrating the scale of the insatiable demand for containership newbuilds in the last two years. The tanker orderbook also grew, notably in the Panamax size which now totals 60.5% of the current fleet. N.B. Details of special cargo ships orderbook, in terms of special units of measurement e.g. cbm, teu,,000 cuft. etc. may be found in the blue centre pages. - denotes figure unavailable.

Orderbook by Vessel Type Monthly Forward Orderbook by Shiptype (m. cgt) 3.00 m. cgt 2.50 2.00 Tankers Combos Container Bulkers Gas 1.50 1.00 0.50 0.00 5-2004 7-2004 9-2004 11-2004 1-2005 3-2005 5-2005 7-2005 9-2005 11-2005 1-2006 3-2006 5-2006 7-2006 9-2006 11-2006 1-2007 3-2007 5-2007 7-2007 Source: Clarkson Research Studies 9-2007 11-2007 1-2008 3-2008 5-2008 7-2008 9-2008 11-2008 1-2009 3-2009 Bulk Vessel Orderbook Orderbook, Delivery in: 1996 1997 1998 1999 2000 2001 2002 2003 Oct* 2004 2005 2006+ VLCC > 200,000 4.1 10.2 12.6 11.8 14.2 13.7 9.8 11.7 14.0 1.3 5.1 7.7 Suezmax 120-200,000 2.3 3.8 3.6 2.9 4.9 5.0 4.3 6.6 6.9 0.3 2.1 4.4 Aframax 80-120,000 2.6 4.5 4.2 2.0 3.9 7.1 7.7 9.2 9.6 0.5 3.7 5.4 Panamax 60-80,000 0.0 0.4 1.0 0.8 0.5 1.2 2.5 4.7 5.6 0.2 1.8 3.6 Products 10-60,000 1.8 2.3 2.0 1.5 2.7 4.6 5.4 8.1 9.2 0.6 3.3 5.3 Chemical 10-60,000 1.4 1.8 1.5 1.3 1.3 1.7 2.1 2.3 3.0 0.3 1.0 1.7 Specialised 10-60,000 0.1 0.1 0.2 0.2 0.2 0.1 0.2 0.1 0.0 0.0 0.0 0.0 Tankers > 10,000 12.3 23.2 25.1 20.6 27.7 33.5 32.0 42.7 48.3 3.3 17.0 28.0 Tankers < 10,000 0.3 0.4 0.3 0.2 0.2 0.3 0.5 0.6 0.7 0.2 0.4 0.1 Capesize > 80,000 4.8 4.2 5.0 6.3 5.4 4.5 6.9 12.1 15.5 0.8 4.3 10.4 Panamax 60-80,000 4.7 4.5 4.1 6.6 6.4 2.9 3.9 7.9 7.7 0.8 2.8 4.1 Handymax 40-60,000 4.4 3.6 2.1 3.7 5.7 4.2 4.7 7.5 8.2 0.8 3.1 4.4 Handysize 10-40,000 2.6 2.1 1.5 1.6 1.9 1.6 1.9 2.7 2.9 0.3 1.3 1.2 Bulkers > 10,000 16.5 14.3 12.7 18.1 19.4 13.3 17.4 30.3 34.3 2.7 11.5 20.0 Combos > 10,000 0.3 0.3 0.3 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.0 Total Bulk Vessels 29.4 38.3 38.4 38.9 47.3 47.2 50.0 73.6 83.3 6.2 28.9 48.2 Special Vessel Orderbook Million GT Orderbook, Delivery in: 1997 1997 1998 1999 2000 2001 2002 2003 Oct* 2004 2005 2006+ LNG Carriers 1.8 2.3 2.0 1.8 2.5 4.5 5.5 5.7 11.0 0.7 2.2 8.1 LPG Carriers 0.4 0.6 0.9 0.7 0.8 1.0 0.9 0.8 1.4 0.0 0.2 1.2 Reefers 0.3 0.5 0.3 0.2 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 Containers > 3,000 teu 6.4 4.2 4.4 8.0 11.9 11.1 9.6 24.0 31.3 1.3 7.5 22.5 Containers < 3,000 teu 5.5 4.2 2.6 2.5 4.0 3.7 2.8 5.1 7.4 0.5 2.7 4.2 Other Dry > 5,000 dwt 3.9 5.9 6.1 4.8 4.2 3.5 4.1 5.9 7.9 0.8 2.5 4.6 Offshore & Others 0.8 1.3 1.8 1.3 1.3 1.8 2.4 1.6 1.6 0.3 0.7 0.6 Cruise Vessels 1.7 1.8 2.4 3.3 4.0 3.4 2.4 1.8 2.4 0.2 0.4 1.8 Ro-Ro Ferries 0.6 0.5 0.6 1.3 1.5 0.9 0.7 0.7 0.8 0.2 0.3 0.3 Total Special Vessels 21.4 21.1 21.1 23.8 30.3 30.0 28.3 45.6 63.9 4.1 16.6 43.3 Total Orderbook Million GT Million GT Orderbook, Delivery in: 1996 1997 1998 1999 2000 2001 2002 2003 Oct* 2004 2005 2006+ All Vessels Types 50.8 59.4 59.5 62.7 77.6 77.3 78.4 119.2 147.2 10.3 45.5 91.4 N.B. Details of special cargo ships orderbook, in terms of special units of measurement e.g. cbm, teu,,000 cuft. etc. may be found in the blue centre pages. - denotes figure unavailable. Clarkson Research Studies Page 3

14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 m. cgt Quarterly Contracting by m. cgt Tankers Bulkers Gas Container Other 1Q97 3Q97 1Q98 3Q98 1Q99 3Q99 1Q00 3Q00 1Q01 3Q01 1Q02 3Q02 1Q03 3Q03 1Q04 3Q04 Bulk Vessel Contracting New Orders by Vessel Type 2003 Oct* 2003 Oct* 2000 2001 2002 2003 Oct* This Year v. Last VLCC > 200,000 51 36 2.4 1.7 17.0 6.8 4.6 15.6 10.9 DOWN BY.. -16% Suezmax 120-200,000 52 26 1.7 0.8 7.1 2.8 2.3 8.2 4.2 DOWN BY.. -39% Aframax 80-120,000 102 51 2.4 1.2 5.8 7.3 5.0 11.0 5.6 DOWN BY.. -38% Panamax 60-80,000 77 55 1.7 1.2 0.5 1.6 3.0 5.5 4.1 DOWN BY.. -12% Products 10-60,000 184 147 3.4 2.5 3.0 4.4 3.6 7.8 5.7 DOWN BY.. -12% Chemical 10-60,000 93 107 1.2 1.4 1.1 1.3 1.6 2.0 2.4 UP BY. 42% Specialised 10-60,000 2 1 0.0 0.0 0.1 0.0 0.1 0.1 0.0 DOWN BY.. -70% Tankers > 10,000 561 423 12.8 8.8 34.6 24.4 20.3 50.2 32.9 DOWN BY.. -21% Tankers < 10,000 113 96 0.7 0.5 0.2 0.4 0.6 0.6 0.5 STEADY AT. 4% Capesize > 80,000 105 84 2.5 2.2 4.4 3.8 8.8 15.6 13.0 STEADY AT. 0% Panamax 60-80,000 119 54 2.4 1.1 3.7 1.8 6.0 9.0 4.1 DOWN BY.. -45% Handymax 40-60,000 155 80 2.4 1.3 5.0 2.5 5.3 8.4 4.3 DOWN BY.. -38% Handysize 10-40,000 92 62 1.1 0.7 1.8 1.2 2.0 2.8 1.6 DOWN BY.. -30% Bulkers > 10,000 471 280 8.4 5.2 14.9 9.4 22.2 35.8 23.1 DOWN BY.. -23% Combos > 10,000 0 0 0.0 0.0 0.0 0.2 0.0 0.0 0.0 Total Bulk Vessels 1,145 799 21.9 14.5 49.7 34.4 43.1 86.6 56.5 DOWN BY.. -22% Special Vessel Contracting 2003 Oct* 2003 Oct* 2000 2001 2002 2003 Oct* This Year v. Last LNG Carriers 15 62 1.3 5.8 1.4 1.7 1.3 1.1 5.0 UP BY. 429% LPG Carriers 26 43 0.4 0.8 0.6 0.7 0.3 0.7 1.1 UP BY. 102% Reefers 0 5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Containers > 3,000 teu 268 193 12.4 7.6 8.4 4.7 3.9 20.6 12.9 DOWN BY.. -25% Containers < 3,000 teu 230 206 3.3 2.7 4.0 2.1 1.3 5.1 4.2 STEADY AT. -2% Other Dry > 5,000 dwt 166 150 3.7 3.7 1.7 0.8 1.3 2.0 1.9 UP BY. 14% Offshore & Others 149 141 0.8 0.9 1.2 1.5 1.6 0.5 1.1 UP BY. 153% Cruise Vessels 5 14 0.6 1.6 0.1 0.0 0.0 0.0 0.1 UP BY. 435% Ro-Ro Ferries 25 22 0.6 0.5 0.1 0.0 0.1 0.1 0.0 DOWN BY.. -66% Total Special Vessels 884 836 23.2 23.8 17.6 11.6 9.9 30.1 26.3 STEADY AT. 5% Total Contracting Source: Clarkson Research Studies No. end m.cgt, end: m. DWT, end: No. end m.cgt, end: No. end m.cgt, end: m. DWT, end: 2003 Oct* 2003 Oct* 2000 2001 2002 2003 Oct* This Year v. Last All Vessels Types 2,029 1,635 45.1 38.3 67.3 45.9 53.0 116.7 82.9 DOWN BY.. -15% Clarkson Research Studies Page 4 Summary October 2004 171 vessels of 6.6m dwt were ordered during October, an increase of 14 vessels from the previous month but a drop in deadweight terms of 1.9m dwt. This highlights the increasing trend for ordering smaller ships, as building capacity is very tight at the major yards for larger vessel sizes. 25 crude tankers of 2.2m dwt were ordered last month along with 28 chemical and smaller specialised tankers of 0.7m dwt. These include two VLCCs, seven Aframaxes, five Panamaxes, 11 Handy product tankers, 19 Handy chemical tankers and nine specialised tankers of less than 10,000 dwt. 26 orders of 1.4m dwt were placed for bulk carriers including seven Capesizes, 11 Handymaxes and eight Handysizes. Last month there were 23 orders of 2.4m dwt, highlighting the more general trend for smaller vessels being ordered this month. The high demand for containerships shows no signs of abating, with a further 41 contracts totalling 1.7m dwt signed in October including eight of post-panamax size. m. DWT, end: Ordering Trends Ordering Trends Ordering Trends N.B. Details of special cargo ships orderbook, in terms of special units of measurement e.g. cbm, teu, '000 cuft. etc. may be found in the blue centre pages. - denotes figure unavailable.

Bulk Vessel Contracting New Orders by Vessel Type 1996 1997 1998 1999 2000 2001 2002 2003 Oct* This Year v. Last VLCC > 200,000 3.0 7.7 4.4 4.0 8.9 3.6 2.4 8.1 5.6 DOWN BY.. -16% Suezmax 120-200,000 1.3 2.4 1.4 0.6 3.7 1.5 1.2 4.3 2.2 DOWN BY.. -39% Aframax 80-120,000 1.6 2.9 1.7 0.5 3.2 4.0 2.7 6.0 3.0 DOWN BY.. -39% Panamax 60-80,000 0.0 0.4 0.6 0.2 0.3 0.9 1.7 3.1 2.2 DOWN BY.. -13% Products 10-60,000 0.9 1.1 0.5 0.8 1.9 2.7 2.3 4.8 3.5 DOWN BY.. -12% Chemical 10-60,000 0.6 0.9 0.5 0.5 0.7 0.8 1.0 1.3 1.5 UP BY. 40% Specialised 10-60,000 0.0 0.1 0.1 0.1 0.1 0.0 0.1 0.0 0.0 DOWN BY.. -57% Tankers > 10,000 7.5 15.6 9.2 6.6 18.8 13.6 11.4 27.5 18.0 DOWN BY.. -21% Tankers < 10,000 0.2 0.3 0.2 0.1 0.1 0.3 0.4 0.4 0.3 STEADY AT. -1% Capesize > 80,000 1.4 3.2 2.0 3.5 2.3 1.9 4.5 8.0 6.6 STEADY AT. -1% Panamax 60-80,000 2.0 2.6 1.9 5.0 2.0 0.9 3.1 4.8 2.2 DOWN BY.. -46% Handymax 40-60,000 2.2 1.3 0.6 2.8 3.0 1.5 3.1 4.8 2.5 DOWN BY.. -37% Handysize 10-40,000 1.3 1.2 0.6 1.2 1.2 0.8 1.3 1.7 1.0 DOWN BY.. -29% Bulkers > 10,000 6.8 8.3 5.0 12.4 8.4 5.1 11.9 19.3 12.3 DOWN BY.. -23% Combos > 10,000 0.1 0.1 0.0 0.0 0.0 0.1 0.0 0.0 0.0 Total Bulk Vessels 14.7 24.3 14.4 19.1 27.4 19.1 23.7 47.2 30.7 DOWN BY.. -22% Special Vessel Contracting 1996 1997 1998 1999 2000 2001 2002 2003 Oct* This Year v. Last LNG Carriers 0.6 0.9 0.1 0.5 1.9 2.1 2.0 1.6 6.8 UP BY. 423% LPG Carriers 0.1 0.4 0.5 0.2 0.5 0.6 0.2 0.5 0.9 UP BY. 109% Reefers 0.2 0.3 0.1 0.0 0.0 0.0 0.0 0.0 0.0 Containers > 3,000 teu 2.3 0.8 3.4 5.0 7.5 4.2 3.6 18.9 11.6 DOWN BY.. -26% Containers < 3,000 teu 3.3 1.5 1.4 1.4 3.1 1.7 1.0 4.1 3.3 STEADY AT. -2% Other Dry > 5,000 dwt 2.1 3.2 2.6 1.5 2.6 1.1 2.3 3.7 3.8 UP BY. 23% Offshore & Others 0.6 0.9 1.1 0.5 0.9 1.1 1.1 0.5 0.8 UP BY. 98% Cruise Vessels 0.4 0.5 1.3 1.5 1.3 0.2 0.1 0.5 1.3 UP BY. 238% Ro-Ro Ferries 0.4 0.2 0.5 0.8 0.5 0.2 0.4 0.3 0.3 UP BY. 5% Total Special Vessels 10.0 8.8 10.9 11.4 18.3 11.1 10.8 30.0 28.8 UP BY. 15% Total Contracting Recently Confirmed Shipbuilding Contracts Date Type Dwt Unit Delivery Builder Hull No. $m. Owner Oct-04 Aframax 110,000 1 2006 Mitsui S.B. 1667 Unknown Owner Oct-04 Handy Chem 45,000 1 2007 Sevmash SMP 41.00 Odfjell ASA Oct-04 Handy Chem 45,000 1 2007 Sevmash SMP 41.00 Odfjell ASA Oct-04 Handy Chem 45,000 1 2007 Sevmash SMP 41.00 Odfjell ASA Oct-04 Handy Chem 45,000 1 2007 Sevmash SMP 41.00 Odfjell ASA Oct-04 Handy Chem 45,000 1 2008 Sevmash SMP 41.00 Odfjell ASA Oct-04 Handy Chem 45,000 1 2008 Sevmash SMP 41.00 Odfjell ASA Oct-04 Handy Chem 45,000 1 2008 Sevmash SMP 41.00 Odfjell ASA Oct-04 Handy Chem 45,000 1 2008 Sevmash SMP 41.00 Odfjell ASA Oct-04 Handysize 22,500 1 2005 Bach Dang S/Y 19.00 Vinalines Oct-04 Handysize 22,500 1 2005 Bach Dang S/Y 19.00 Vinalines Oct-04 Handysize 22,500 1 2006 Bach Dang S/Y 19.00 Vinalines Oct-04 Handysize 22,500 1 2006 Bach Dang S/Y 19.00 Vinalines Oct-04 Sub-Panamx 32,000 2,750 TEU 1 2007 Zhou Shan S/Y 41.00 MPC Steamship Oct-04 Sub-Panamx 32,000 2,750 TEU 1 2008 Zhou Shan S/Y 41.00 MPC Steamship Oct-04 Ro-Ro > 5K DWT 9,300 1 2006 Fincantieri Finnlines Plc Oct-04 Ro-Ro > 5K DWT 9,300 1 2007 Fincantieri Finnlines Plc Oct-04 Other Dry > 5K DWT 10,100 1 2005 Higaki Zosen 581 Unknown Owner Oct-04 Other Dry > 5K DWT 10,100 1 2006 Higaki Zosen 585 Unknown Owner Oct-04 Offshore 4,500 3,485 GT 1 2006 Aker Brattvaag 75.50 Prisco Swire Offsh. Oct-04 Offshore 4,500 3,485 GT 1 2006 Aker Brattvaag 75.50 Prisco Swire Offsh. Oct-04 Offshore 4,500 3,485 GT 1 2006 Aker Brattvaag 75.50 Prisco Swire Offsh. Oct-04 Offshore 2,500 2,000 GT 1 2005 Aker Brattvaag Remoy Shipping 1996 1997 1998 1999 2000 2001 2002 2003 Oct* This Year v. Last All Vessels Types 24.7 33.1 25.3 30.5 45.6 30.2 34.5 77.2 59.5 DOWN BY.. -8% Clarkson Research Studies Page 5 Million GT Ordering Trends Million GT Ordering Trends Million GT Ordering Trends N.B. Details of special cargo ships orderbook, in terms of special units of measurement e.g. cbm, teu, '000 cuft. etc. may be found in the blue centre pages. - denotes figure unavailable.

20.0 18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 Jun-97 Dec-97 Jun-98 Quarterly Deliveries (DWT) Tankers Bulkers Gas Container Other Dec-98 Jun-99 Dec-99 Jun-00 Dec-00 Jun-01 Deliveries by Vessel Type Dec-01 Jun-02 Dec-02 Source: Clarkson Research Studies Jun-03 Dec-03 Jun-04 Summary October 2004 Tankers The number of reported deliveries during October was extremely low across all sectors with just eight crude and three chemical tankers totalling 0.7m dwt leaving the yards. When you compare this to the 29 crude and 14 chemical tankers totalling 2.2m dwt delivered last month you can see just how little activity there was. Kyoei Tanker Co. of Japan took delivery of the 300,000 dwt VLCC KAI-EI from I.H.I. whilst Arcadia Ship Management received the 159,000 dwt Suezmax vessel AEGEAN DIGNITY from Hyundai H.I. Dry Bulk Carriers Delivery of bulkers was similarly sluggish, just five vessels of 0.4m dwt delivered compared to 29 vessels of 2.0m dwt during September. Of these, one was a Capesize, three were Handymax and one Handysize. It is difficult to know why there were so few deliveries last month, but it could be that there were many more which have not been reported yet, so these figures may well be higher by next month. Bulk Vessel Deliveries No. end m.cgt, end: m. DWT, end: 2003 Oct* 2003 Oct* 2000 2001 2002 2003 Oct* 2004 2005 2006 VLCC > 200,000 38 21 1.8 1.0 12.2 7.8 12.0 11.8 6.4 8.6 9.3 5.1 Suezmax 120-200,000 24 23 0.8 0.7 3.3 2.5 3.7 3.8 3.6 4.2 3.9 3.7 Aframax 80-120,000 77 45 1.8 1.1 2.3 1.5 3.8 8.3 4.8 5.7 6.3 5.0 Panamax 60-80,000 22 34 0.5 0.8 1.1 0.3 0.6 1.6 2.5 2.9 3.0 3.2 Products 10-60,000 83 91 1.6 1.7 1.2 1.3 2.2 3.4 3.8 4.8 5.3 4.6 Chemical 10-60,000 64 50 1.0 0.7 1.1 0.6 0.9 1.7 1.2 1.7 1.5 1.2 Specialised 10-60,000 2 3 0.0 0.1 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.0 Tankers > 10,000 310 267 7.6 6.1 21.4 14.2 23.4 30.5 22.5 28.1 29.5 22.8 Tankers < 10,000 79 59 0.5 0.4 0.2 0.2 0.3 0.5 0.3 0.6 0.6 0.2 Capesize > 80,000 33 38 0.9 1.0 6.1 5.4 4.1 5.4 6.4 7.9 8.1 9.9 Panamax 60-80,000 19 59 0.4 1.2 4.0 8.4 4.2 1.4 4.5 5.8 5.0 3.7 Handymax 40-60,000 65 60 1.0 0.9 1.8 5.1 4.4 3.3 3.1 4.4 5.2 4.0 Handysize 10-40,000 51 48 0.6 0.6 1.4 1.6 1.5 1.4 1.4 1.9 2.0 1.4 Bulkers > 10,000 168 205 2.8 3.7 13.3 20.5 14.2 11.6 15.4 20.1 20.3 19.1 Combos > 10,000 2 0 0.2 0.0 0.0 0.0 0.0 0.2 0.0 0.0 0.0 0.0 Total Bulk Vessels 559 531 11.1 10.1 34.9 34.9 37.9 42.8 38.2 48.8 50.4 42.0 Special Vessel Deliveries 2003 Oct* 2003 Oct* 2000 2001 2002 2003 Oct* 2004 2005 2006 LNG Carriers 15 16 1.2 1.3 0.8 0.1 0.8 1.1 1.1 1.6 1.6 1.6 LPG Carriers 31 17 0.6 0.2 0.5 0.5 0.3 0.8 0.3 0.3 0.3 0.6 Reefers 3 2 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Containers > 3,000 teu 75 69 3.0 2.8 3.9 5.5 5.8 4.9 4.7 6.1 8.1 11.8 Containers < 3,000 teu 106 64 1.5 0.9 2.0 2.5 2.5 2.2 1.3 1.9 3.3 3.3 Other Dry > 5,000 dwt 84 84 1.7 1.6 2.1 1.1 1.2 1.3 1.1 1.7 1.4 1.3 Offshore & Others 148 96 1.2 0.6 1.3 0.7 0.7 1.7 1.2 1.7 0.8 0.5 Cruise Vessels 15 7 1.4 0.8 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0 Ro-Ro Ferries 24 18 0.6 0.4 0.1 0.1 0.1 0.1 0.0 0.1 0.0 0.0 Total Special Vessels 501 373 11.1 8.7 10.9 10.7 11.5 12.2 9.8 13.5 15.5 19.1 Deliveries No. end m.cgt, end: m. DWT, end: Total No. end m.cgt, end: m. DWT, end: Delivery Trends Delivery Trends Delivery Trends 2003 Oct* 2003 Oct* 2000 2001 2002 2003 Oct* 2004 2005 2006 All Vessels Types 1060 904 22.1 18.8 45.8 45.6 49.4 55.0 48.0 62.2 66.0 61.1 N.B. Specialised ships deliveries in terms of other units of measurement (e.g. cbm, teu) are in the blue centre pages. * denotes data for year to date. Deliveries are those reported Clarkson Research Studies Page 6

Bulk Vessel Deliveries Deliveries by Vessel Type Type Vessel Name Flag Dwt Unit Delivery Builder Owner VLCC Kai-ei PA. 300,000 Sep 2004 I.H.I. Kyoei Tanker Co. Suezmax Aegean Dignity GR. 159,000 Oct 2004 Hyundai H.I. Arcadia Shipmngt. Aframax Stavanger Viking NIS 105,200 Oct 2004 Sumitomo H.I. DSD Shipping A/S Handy Prod Jag Pahel IN. 45,000 Oct 2004 Hanjin H.I. Great Eastern Shpg. Handy Prod Seashark GE. 32,310 Oct 2004 Lindenau German Tanker Shpg. Handy Prod Jeanette M.I. 46,000 Oct 2004 Hyundai Mipo OMI Marine Services Small/Spec Sichem Palace SG. 8,807 Sep 2004 Usuki Zosensho Eitzen (Singapore) VLGC LPG Polar Viking NIS 45,000 60,000 cbm Oct 2004 Hyundai H.I. Yara International <8K cu.m. LPG Shunho Maru JA. 1,405 1,830 cbm Jun 2004 Shitanoe Zosen Hikari Marine Handymax Seaboss GR. 55,500 Oct 2004 Nantong S.B. Thenamaris (Mgmt.) Handymax Angela PA. 52,300 Oct 2004 Tsuneishi Cebu Portline S.A. Handymax Rainbow GR. 52,000 Sep 2004 I.H.I. A.M. Nomikos Post Panamax Monte Olivia GE. 64,730 5,552 TEU Oct 2004 Daewoo S.B. Hamburg-Sud. Post Panamax CMA CGM Verdi FR. 65,800 5,770 TEU Oct 2004 Samsung S.B. CMA-CGM Sub-Panamx Cabo Prior LI. 33,900 2,478 TEU Oct 2004 Aker Ostsee Hartmann Schiff. Sub-Panamx Theodor Storm AT. 30,700 2,512 TEU Oct 2004 Jurong S/Yard Karl Schluter MPP > 5K DWT Nadja AT. 10,500 Oct 2004 Damen Shipyards Intersee Schiff. MPP > 5K DWT BBC Ontario AT. 13,000 Oct 2004 Qingshan S.Y. Beluga Shpg. GmbH. MPP < 5K DWT Muhlenau AT. 3,680 Oct 2004 SLKB Komarno Erwin Strahlmann MPP < 5K DWT BBC Aramis AT. 3,490 Oct 2004 SLKB Komarno Erwin Strahlmann PCC > 5K DWT Morning Calm PA. 21,300 Oct 2004 Stocznia Gdynia Ray Shipping Other Dry < 5K DWT Ulus Prime MA. 3,800 Sep 2004 Ceksan Shipyard Albros Denizcilik Offshore Pacific Patriot SG. 1,200 1,184 GT Oct 2004 Labroy S.B. Swire Pacific 1996 1997 1998 1999 2000 2001 2002 2003 Oct* 2004 2005 2006 VLCC > 200,000 3.6 1.6 2.0 4.7 6.4 4.1 6.3 6.2 3.3 4.5 4.8 2.6 Suezmax 120-200,000 0.7 0.9 1.7 1.3 1.8 1.3 2.0 2.0 1.9 2.2 2.0 2.0 Aframax 80-120,000 0.8 1.0 2.0 2.8 1.3 0.9 2.1 4.5 2.6 3.1 3.5 2.7 Panamax 60-80,000 0.1 0.0 0.0 0.4 0.6 0.2 0.4 0.9 1.4 1.6 1.7 1.8 Products 10-60,000 1.0 0.5 0.9 1.2 0.8 0.8 1.4 2.1 2.4 3.0 3.3 2.8 Chemical 10-60,000 0.4 0.5 0.7 0.8 0.7 0.4 0.6 1.1 0.8 1.1 1.0 0.8 Specialised 10-60,000 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0 Tankers > 10,000 6.8 4.6 7.4 11.1 11.7 7.8 12.8 16.8 12.5 15.6 16.2 12.6 Tankers < 10,000 0.2 0.2 0.3 0.2 0.1 0.1 0.2 0.3 0.2 0.4 0.4 0.1 Capesize > 80,000 4.1 3.8 1.1 2.2 3.1 2.8 2.1 2.8 3.3 4.0 4.1 5.1 Panamax 60-80,000 1.7 2.8 2.3 2.5 2.1 4.4 2.2 0.8 2.4 3.1 2.7 2.0 Handymax 40-60,000 2.6 2.2 2.1 1.1 1.0 2.9 2.6 2.0 1.8 2.5 2.9 2.3 Handysize 10-40,000 1.4 1.6 1.2 1.1 0.9 1.0 1.0 0.9 0.9 1.2 1.2 0.9 Dry Bulk > 10,000 9.7 10.4 6.7 6.9 7.2 11.2 7.9 6.4 8.3 10.9 11.0 10.2 Combos > 10,000 0.2 0.2 0.0 0.3 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 Total Bulk Vessels 16.9 15.4 14.3 18.6 19.0 19.2 20.9 23.6 21.0 26.8 27.6 23.0 Special Vessel Deliveries 1996 1997 1998 1999 2000 2001 2002 2003 Oct* 2004 2005 2006 LNG Carriers 0.7 0.5 0.4 0.7 1.2 0.1 1.0 1.4 1.5 2.1 2.1 2.2 LPG Carriers 0.4 0.3 0.2 0.3 0.4 0.4 0.3 0.7 0.3 0.3 0.2 0.5 Reefers 0.1 0.2 0.2 0.2 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Containers > 3,000 teu 2.6 3.0 3.2 1.5 3.5 5.0 5.2 4.5 4.3 5.6 7.4 10.8 Containers < 3,000 teu 2.1 2.9 2.9 1.5 1.5 2.0 1.9 1.7 1.0 1.5 2.6 2.6 Other Dry > 5,000 dwt 1.0 1.3 2.4 2.8 3.2 1.7 1.7 1.9 1.7 2.4 2.4 2.7 Offshore & Others 0.4 0.5 0.6 1.0 0.9 0.6 0.6 1.2 0.8 1.1 0.6 0.3 Cruise Vessels 0.6 0.4 0.7 0.6 0.7 0.8 1.1 1.1 0.7 0.9 0.4 0.6 Ro-Ro Ferries 0.5 0.3 0.3 0.2 0.3 0.8 0.6 0.3 0.2 0.4 0.3 0.2 Total Special Vessels 8.3 9.3 10.9 8.8 11.8 11.5 12.5 12.8 10.4 14.3 16.1 20.0 Total Deliveries Recent Shipbuilding Deliveries Million GT Million GT Million GT Delivery Trends Delivery Trends Delivery Trends 1996 1997 1998 1999 2000 2001 2002 2003 Oct* 2004 2005 2006 All Vessels Types 25.2 24.7 25.2 27.3 30.8 30.6 33.4 36.4 31.4 41.1 43.5 42.6 N.B. Specialised ships deliveries in terms of other units of measurement (e.g. cbm, teu) are in the blue centre pages. * denotes data for year to date. Deliveries are those reported Clarkson Research Studies Page 7

110.0 105.0 100.0 95.0 90.0 85.0 80.0 75.0 70.0 65.0 60.0 55.0 50.0 45.0 40.0 35.0 30.0 25.0 20.0 $m Bulk Vessel Prices Tanker Newbuilding Prices Shipbuilding Price Trends Price Developments Summary October 2004 Continued imbalance between supply and demand is causing newbuild prices to rise steadily month-bymonth, and October was no exception. The bulk vessel newbuilding price index rose to 146.3 by the end of October, the highest level since October 1993. This is definitely a seller s market at the moment as demand for all types and sizes of vessels is extremely high, but many yards orderbooks are full through to 2008 deliveries. We do not anticipate this to change any time soon, as the degree of tightness means that it only needs very thin demand to keep prices rising. Further price increases can be expected in the near future. VLCC prices continue to show the biggest price hikes due to the phenomenal rates being earned. By the end of October it was not unusual for prices upwards of $200,000/day on some routes. We are now quoting $105m for a VLCC, an increase of 46.9% from the end of 2003 and $5m more than last month. Newbuild prices were up across all other tanker sectors with Suezmax and Panamax sizes quoted at $4m more than in September, Aframaxes up by $3.5 and Handys up by $2m. The price of gas carriers also rose on the back of the boom in LNG carrier ordering. Price $ million, end Price Trend Against a 1996 1997 1998 1999 2000 2001 2002 2003 Oct* Year Ago Is VLCC 300,000 dwt 82.00 83.00 72.50 69.00 76.50 70.00 63.50 77.00 105.00 STRONGER.. 46.9% Suezmax 150,000 dwt 51.00 52.00 44.00 42.50 52.50 46.50 43.75 51.50 68.00 STRONGER.. 38.8% Aframax 110,000 dwt 40.50 41.00 34.50 33.00 41.50 36.00 34.75 41.50 57.50 STRONGER.. 47.4% Panamax 70,000 dwt 37.00 31.00 31.00 36.00 32.00 31.25 37.50 47.00 STRONGER.. 32.4% Handy 47,000 dwt 31.50 31.50 26.00 26.00 29.50 26.25 27.00 31.50 38.50 STRONGER.. 26.2% Capesize 170,000 dwt 39.00 40.50 33.00 35.00 40.50 36.00 36.25 48.00 63.00 STRONGER.. 44.8% Panamax 75,000 dwt 26.50 27.00 20.00 22.00 22.50 20.50 21.50 27.00 35.00 STRONGER.. 42.9% Handymax 51,000 dwt 23.00 22.50 18.00 20.00 20.50 18.50 19.00 24.00 29.00 STRONGER.. 31.8% Handysize 30,000 dwt 19.00 18.00 14.25 15.50 15.00 14.50 15.00 18.00 22.60 STRONGER.. 29.1% Price Index 133 131 111 107 114 108 106 119 146.3 STRONGER.. 28.6% % change -2% -15% -4% 7% -5% -3% 12% 23% Other Vessel Prices VLCC Aframax Handy Suezmax Panamax Oct-99 Jan-00 Apr-00 Jul-00 Oct-00 Jan-01 Apr-01 Jul-01 Oct-01 Jan-02 Apr-02 Jul-02 Oct-02 Jan-03 Apr-03 Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Source: Clarkson Research Studies Price $ million, end Price Trend Against a 1996 1997 1998 1999 2000 2001 2002 2003 Oct* Year Ago Is LNG 138,000 m 3 220.0 230.0 190.0 165.0 172.5 165.0 150.0 155.0 182.0 STRONG... 21.3% LPG 78,000 m 3 68.00 62.00 58.00 56.00 60.00 60.00 58.00 63.00 80.00 STRONGER.. 31.1% Container 725 teu 17.00 13.50 14.00 14.00 13.00 13.00 17.50 19.00 STRONG... 15.2% Container 1,000 teu 20.00 18.00 17.50 18.00 15.50 15.50 18.50 22.00 STRONGER.. 25.7% Container 1,700 teu 29.00 24.50 23.00 25.00 21.50 21.00 25.50 31.50 STRONGER.. 37.0% Container 2,000 teu 33.00 29.00 28.00 31.50 28.00 27.00 30.50 35.00 STRONG... 20.7% Container 2,750 teu 38.00 31.00 33.00 37.50 31.00 29.50 37.00 45.50 STRONGER.. 28.2% Container 3,500 teu 50.00 42.00 38.00 41.50 36.00 33.00 42.50 51.50 STRONGER.. 27.2% Container 4,600 teu 52.00 45.00 56.50 70.00 STRONGER.. 32.1% Container 6,200 teu 72.00 60.00 71.00 88.00 STRONGER.. 31.3% Ro-Ro 1,2-1,300 Lm 19.50 21.50 20.00 19.00 18.50 22.00 29.00 STRONGER.. 31.8% Ro-Ro 2,3-2,700 Lm 30.00 32.50 33.00 31.00 31.00 33.00 40.00 STRONG... 21.2% Sources: Clarksons. Ro-Ro prices for 1997 are averages not end year. All historial data refers to standard vessel sizes published at the time. The dwt sizes quoted refer to the latest spec. in that vessel sector, and new vessel sizes are introduced from time to time. Tanker and Capesize prices are for double-hull vessels; VLCCs from 1992, Suezmax & Aframax from 1990. Panamax and Handy Tankers are coated. Price data assumes a "European spec", with 10/10/10/70% payments, basis "first class competitive yards". Price data latest available at time of press. NB Price Index is value at the end of the previous month. Clarkson Research Studies Page 8

70 60 50 40 30 20 10 0 7.7 1.3 5.4 6.6 Shipbuilding Investment & Key Ratios Investment in Bulk Vessels ($bn.) 3.1 2.3 5.7 11.6 Total Container Total Gas Total Bulk Carriers Total Tankers 6.5 5.5 1.0 0.7 3.0 6.8 6.2 4.0 12.1 3.6 5.3 6.2 4.2 4.1 2.9 3.1 6.5 12.0 10.6 8.6 22.7 2.9 12.4 11.8 20.7 19.1 9.7 18.4 1996 1997 1998 1999 2000 2001 2002 2003 2004 Source: Clarkson Research Studies Investment Scene This Month Newbuilding Investment Summary October 2004 Investment in new ships overtook the 2003 total during October reaching $60.6 billion, $0.8 billion more than last year. From looking at the graph it is evident that gas carrier investment is the main difference between this year and last, with $12.4 billion spent as of end-october 2004 compared to $2.9 billion in 2003. It may seem curious to some that owners are prepared to invest so much money in newbuildings when prices are at near-record levels. It is true that rates have been sky-high in 2004 (and still rising), but with many yards not being able to deliver until 2008 there is a risk that all these expensive ships will hit the water at a time when rates have fallen back to more normal, or even depressed levels. However, with so much cash floating around as a result of the incredible earnings made this year, many owners find it more desirable to plough the money back into new investments in order to stay in the game rather than let the money sit in banks. Second hand tanker prices rose during October on the backs of increasing freight rates with Panamaxes proving particularly hot, increasing to 103% the cost of a newbuild Investment Trends 1996 1997 1998 1999 2000 2001 2002 2003 Oct VLCC > 200,000 1.6 4.0 2.1 1.7 4.1 1.6 1.0 3.5 3.2 UP BY. 8.1% Suezmax 120-200,000 0.9 1.5 0.8 0.3 2.2 0.9 0.7 2.5 1.5 DOWN BY.. -25.9% Aframax 80-120,000 1.2 2.1 1.1 0.3 2.1 2.8 1.6 3.9 2.5 DOWN BY.. -22.8% Panamax 60-80,000 0.0 0.4 0.5 0.1 0.2 0.8 1.2 2.6 2.2 STEADY. 2.7% Handy 10-60,000 3.0 3.5 1.6 1.6 3.4 4.5 4.1 8.2 9.0 UP BY. 31.0% Total Tankers 6.6 11.6 6.2 4.0 12.0 10.6 8.6 20.7 18.4 UP BY. 6.7% Capesize > 80,000 0.6 1.6 0.9 1.4 1.1 0.9 1.9 4.3 4.6 UP BY. 28.3% Panamax 60-80,000 1.4 1.8 1.1 2.6 1.1 0.5 1.7 2.8 1.7 DOWN BY.. -27.3% Handymax 40-60,000 1.9 1.1 0.4 1.8 2.1 1.0 1.9 3.2 2.1 DOWN BY.. -20.7% Handysize 10-40,000 1.5 1.3 0.5 1.1 1.0 0.7 1.0 1.5 1.2 STEADY. -2.3% Total Bulk Carriers 5.4 5.7 3.0 6.8 5.3 3.1 6.5 11.8 9.7 STEADY. -2.1% LNG 1.3 2.1 0.2 0.8 3.3 3.8 2.8 2.4 11.4 UP BY. 477.5% LPG > 60,000m³ 0.0 0.3 0.5 0.1 0.4 0.4 0.1 0.5 1.0 UP BY. 126% Container > 3,000 teu 2.8 1.1 3.7 4.6 7.7 4.2 3.1 17.8 13.8 DOWN BY.. -6.8% Container 1-3,000 teu 4.8 2.0 1.8 1.8 4.4 2.0 1.1 4.9 5.2 UP BY. 28.0% Container < 1,000 teu 2.0 0.7 0.6 0.2 0.5 0.8 0.5 1.7 1.2 DOWN BY.. -16.4% Total Specialised 11.0 6.1 6.8 7.6 16.2 11.1 7.6 27.3 32.6 UP BY. 43.5% Total 22.9 23.4 16.0 18.4 33.5 24.7 22.7 59.8 60.6 UP BY. 21.7% % Change 2% -32% 15% 82% -26% -8% 163% Price Ratios for Investors Value $ billion Price Ratios (Secondhand/Newbuilding) 1996 1997 1998 1999 2000 2001 2002 2003 Oct v. End last Year VLCC 5 Yr. Old 71% 78% 69% 77% 93% 83% 85% 91% 97% UP BY. 6.9% Suezmax 5 Yr. Old 83% 85% 83% 82% 93% 84% 87% 91% 103% UP BY. 12.8% Aframax 5 Yr. Old 85% 88% 68% 79% 96% 83% 83% 87% 97% UP BY. 12.3% Panamax 5 Yr. Old n/a 88% 81% 79% 85% 73% 64% 75% 83% UP BY. 11.1% Handy 5 Yr. Old 78% 86% 81% 77% 83% 78% 72% 81% 82% STEADY. 2.3% Tanker Average 79% 85% 76% 79% 90% 80% 78% 85% 93% UP BY. 9.1% Capesize 5 Yr. Old 72% 85% 78% 83% 75% 75% 80% 92% 90% STEADY. -1.3% Panamax 5 Yr. Old 74% 81% 70% 76% 71% 68% 79% 104% 100% STEADY. -3.6% Handymax 5 Yr. Old 82% 80% 69% 80% 74% 72% 75% 83% 93% UP BY. 11.7% Handysize 5 Yr. Old 68% 76% 65% 74% 80% 76% 75% 81% 87% UP BY. 8.5% Bulk Carrier Average 74% 81% 71% 78% 75% 73% 77% 90% 93% STEADY. 3.3% NB: The SH/NB ratios have been altered as above. The end 2001 figures have been adjusted in the same manner and the percentage change represents the gain/loss over the end 2001 value. Clarkson Research Studies Page 9 Investment Trends This Year Price Ratio Trends

Orderbook by Country/Region Global Orderbook 2004 by cgt Asian Orderbook 2004 by cgt P.R. China 13.4% Other Asia 3.3% Europe 16.4% Others 1.0% South Korea 46.0% P.R. China 16.2% Japan 33.7% Other Asia 4.0% South Korea 38.0% Japan 27.9% Source (all graphs): Clarkson Research Studies Spain 3% European Orderbook 2004 by cgt Poland 15% Italy 16% Croatia 11% Germany 19% Other Europe 36% Major Shipbuilders Million DWT For Delivery in: 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004* 2004 2005 2006+ Japan 20.23 26.59 28.77 36.16 36.25 34.51 37.94 39.02 42.62 67.85 76.56 5.62 26.99 43.94 South Korea 12.90 22.26 23.07 31.18 33.94 36.66 50.41 46.73 45.68 66.10 77.71 3.97 24.01 49.74 Taiwan 1.46 2.05 1.64 1.28 1.74 2.28 1.98 1.47 1.53 2.73 3.17 0.25 0.72 2.20 P.R. China 2.10 4.60 5.68 5.18 4.02 7.77 9.44 11.59 13.86 26.25 34.53 2.67 9.80 22.06 Other Asia 0.63 0.77 1.02 1.02 0.85 0.89 0.87 0.81 1.58 1.88 3.64 0.16 1.14 2.28 TOTAL ASIA 37.32 56.27 60.18 74.82 76.79 82.11 100.63 99.61 105.27 164.81 195.61 12.68 62.66 120.22 Germany 1.40 2.01 2.06 1.66 1.45 1.26 1.97 1.98 1.44 2.46 3.07 0.30 1.41 1.36 Denmark 1.09 1.54 1.07 0.94 0.80 0.91 0.49 1.15 0.66 1.11 1.73 0.13 0.34 1.27 France 0.23 0.21 0.13 0.07 0.10 0.07 0.07 0.06 0.08 0.14 0.21 0.05 0.09 0.08 Italy 0.22 1.20 1.00 0.95 0.88 0.52 0.55 0.51 0.49 0.31 0.32 0.12 0.07 0.13 Netherlands 0.07 0.18 0.35 0.43 0.52 0.38 0.37 0.49 0.60 0.64 0.76 0.15 0.33 0.28 Spain 0.89 1.21 0.76 1.33 1.11 0.55 0.49 0.77 0.80 0.39 0.22 0.10 0.09 0.04 Finland 0.39 0.38 0.23 0.07 0.06 0.05 0.08 0.06 0.06 0.06 0.12 0.03 0.00 0.09 Norway 0.26 0.40 0.36 0.46 0.32 0.25 0.38 0.42 0.27 0.07 0.16 0.03 0.10 0.03 Turkey 0.29 0.36 0.42 0.41 0.44 0.27 0.36 0.35 0.32 0.41 0.66 0.13 0.36 0.17 Poland 1.32 2.47 2.00 1.67 1.40 1.40 2.61 2.04 1.64 2.22 2.65 0.22 0.88 1.55 Ukraine 0.38 0.76 0.59 0.45 0.40 0.36 0.36 0.36 0.36 0.36 0.54 0.02 0.32 0.20 Croatia 0.61 0.72 0.97 1.29 0.95 0.78 1.59 2.31 1.96 2.48 3.73 0.41 0.86 2.45 Other Europe 1.07 1.60 1.45 1.38 1.26 1.16 0.99 1.00 0.81 1.21 2.13 0.36 0.74 1.03 TOTAL EUROPE 8.22 13.02 11.39 11.10 9.71 7.95 10.32 11.50 9.50 11.87 16.30 2.04 5.59 8.67 Brazil 0.33 0.26 0.13 0.18 0.06 0.06 0.06 0.11 0.22 0.24 0.23 0.16 0.06 0.02 USA 0.32 0.55 0.79 1.11 1.01 0.84 1.47 1.60 1.43 1.16 0.82 0.21 0.39 0.22 Others 0.07 0.07 0.08 0.08 0.08 0.06 0.03 0.04 0.07 0.11 0.12 0.01 0.04 0.07 TOTAL OTHERS 0.72 0.88 1.00 1.36 1.15 0.96 1.56 1.75 1.72 1.51 1.17 0.38 0.49 0.30 GLOBAL TOTAL 46.26 70.17 72.57 87.29 87.65 91.02 112.52 112.86 116.49 178.19 213.07 15.09 68.74 129.19 *after a year indicates data are the latest year to date figures. Clarkson Research Studies Page 10

Major Shipbuilders Orderbook by Country/Region Million CGT For Delivery in: 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004* 2004 2005 2006+ Japan 7.2 9.9 11.6 13.5 11.8 11.2 12.4 12.7 14.6 22.3 25.3 2.0 8.6 14.6 South Korea 3.9 7.2 7.4 9.0 9.9 11.4 15.8 15.4 15.7 26.3 34.4 1.5 9.3 23.7 Taiwan 0.5 0.5 0.7 0.5 0.7 0.8 0.7 0.6 0.5 1.1 1.4 0.0 0.4 1.0 P.R. China 0.8 1.9 2.6 2.5 2.1 3.1 4.0 4.9 5.4 9.0 12.2 1.0 3.7 7.5 Other Asia 0.3 0.4 0.5 0.6 0.5 0.4 0.5 0.5 0.7 1.0 1.6 0.2 0.7 0.8 TOTAL ASIA 12.7 19.9 22.8 26.2 25.1 26.9 33.3 34.1 36.9 59.6 74.9 4.7 22.6 47.6 Germany 1.2 2.1 1.9 1.6 2.0 2.4 3.0 2.4 1.7 2.2 2.9 0.2 1.2 1.5 Denmark 0.7 0.9 0.7 0.6 0.5 0.5 0.3 0.7 0.4 0.6 1.0 0.1 0.2 0.8 France 0.4 0.5 0.4 0.4 0.8 1.1 1.1 0.8 0.6 0.3 0.5 0.1 0.1 0.3 Italy 0.5 1.8 2.1 2.5 2.4 2.4 2.9 2.3 1.9 1.6 2.3 0.4 0.6 1.4 Netherlands 0.1 0.3 0.5 0.4 0.6 0.5 0.4 0.5 0.5 0.5 0.6 0.1 0.3 0.2 Spain 0.4 0.7 0.6 0.9 0.7 0.5 0.6 0.8 0.8 0.5 0.4 0.1 0.1 0.1 Finland 1.1 0.9 0.7 0.5 0.5 0.7 1.1 0.9 0.6 0.5 0.8 0.2 0.0 0.6 Norway 0.3 0.5 0.5 0.7 0.5 0.4 0.6 0.6 0.4 0.1 0.3 0.0 0.2 0.1 Turkey 0.2 0.2 0.3 0.3 0.3 0.2 0.3 0.3 0.3 0.4 0.6 0.1 0.3 0.1 Poland 0.8 1.4 1.1 0.9 0.9 1.0 1.7 1.3 1.1 1.6 2.2 0.2 0.8 1.2 Ukraine 0.2 0.4 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.0 0.2 0.1 Croatia 0.3 0.4 0.5 0.7 0.6 0.5 0.8 1.0 0.9 1.1 1.6 0.1 0.4 1.0 Other Europe 0.5 0.9 0.9 0.9 1.0 1.0 0.9 0.9 0.8 0.9 1.4 0.3 0.5 0.6 TOTAL EUROPE 6.9 10.9 10.5 10.7 10.9 11.2 13.7 12.8 10.0 10.6 14.9 1.9 5.0 8.0 Brazil 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.3 0.3 0.1 0.1 0.0 USA 0.3 0.5 0.8 1.1 0.9 0.7 0.8 0.8 0.7 0.4 0.3 0.1 0.1 0.1 Others 0.1 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.3 0.1 0.1 0.2 TOTAL OTHERS 0.5 0.8 1.0 1.4 1.1 0.9 1.0 1.0 1.0 0.9 0.9 0.3 0.3 0.3 GLOBAL TOTAL 20.2 31.6 34.3 38.3 37.2 39.0 48.0 47.8 48.0 71.1 90.6 7.0 27.8 55.8 Major Shipbuilders Numbers of Vessels For Delivery in: 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004* 2004 2005 2006+ Japan 336 491 603 664 535 505 538 519 627 953 1047 96 401 550 South Korea 153 299 293 312 317 364 513 474 483 786 997 41 294 662 Taiwan 22 27 38 32 36 33 30 24 19 38 52 2 12 38 P.R. China 58 154 236 220 180 212 244 302 331 544 717 73 248 396 Other Asia 34 43 52 72 50 36 42 51 74 108 170 33 73 64 TOTAL ASIA 603 1014 1222 1300 1118 1150 1367 1370 1534 2429 2983 245 1028 1710 Germany 63 111 115 97 89 77 104 105 80 111 138 14 69 55 Denmark 31 32 29 24 19 12 11 15 7 14 20 4 4 12 France 7 9 8 10 15 17 13 8 8 6 8 1 4 3 Italy 14 56 64 74 69 46 49 44 42 40 44 12 17 15 Netherlands 8 24 56 69 94 74 65 71 88 85 100 24 48 28 Spain 29 44 44 52 35 24 23 28 33 23 22 5 10 7 Finland 17 14 11 10 8 6 10 10 6 6 11 2 1 8 Norway 23 37 45 66 45 25 46 61 47 22 45 8 29 8 Turkey 17 25 35 30 36 26 38 42 39 63 89 22 49 18 Poland 62 97 76 63 59 60 86 61 42 64 81 9 27 45 Ukraine 16 22 16 14 11 10 10 11 17 17 23 3 14 6 Croatia 15 19 27 36 29 23 36 48 39 54 76 8 20 48 Other Europe 59 87 97 108 138 122 99 98 88 108 140 40 63 37 TOTAL EUROPE 361 577 623 653 647 522 590 602 536 613 797 152 355 290 Brazil 8 7 5 5 7 7 8 13 23 31 28 12 12 4 USA 9 27 39 101 70 41 32 53 55 40 28 10 14 4 Others 16 15 13 13 14 9 7 9 10 16 25 6 10 9 TOTAL OTHERS 33 49 57 119 91 57 47 75 88 87 81 28 36 17 GLOBAL TOTAL 997 1640 1902 2072 1856 1729 2004 2047 2158 3129 3861 425 1419 2017 *after a year indicates data are the latest year to date figures. Clarkson Research Studies Page 11

Contracting by Country/Region Chemical 2% Container 34% Chinese Contracts in 2004 (GT) Bulk 22% European Contracts in 2004 (GT) Chemical 6% Tanker 36% Other Dry 3% Tanker 17% Other Dry 21% Container 34% Others 3% Others 3% Pass/ Cruise 19% Summary October 2004 China The Chinese shipbuilding industry continues to develop and now accounts for 13.4% of the global orderbook by CGT. Chinese orders are down by 7.8% in deadweight terms from 2003 and 5.7% in numbers of vessels, but up by 0.8% in CGT terms, indicating that the yards are starting to build more complex ship types. Compared to this time last year Chinese yards are taking less orders for bulkers (22% of all orders this year by CGT compared to 43% at this time last year) and more orders for containerships (34% this year compared to 13% last). Hudong yard in Shanghai recently took the first ever Chinese orders for LNG carriers, 2x147,000 CBM vessels from China LNG Ship Mngt. Europe European contracting continues to benefit from the tight availability in the Far East and the recent trend for ordering smaller types of vessels. More vessels have been ordered already from European yards in 2004 than in the whole of 2003, and in CGT terms orders are up by 69.4% on an annualised basis. A recent slew of cruise ship orders has boosted a small number of European yards, especially in Finland and Italy where orders are up by over 100% from last year. With European yards struggling to remain competitive against lower costs in Asia it is vital that orders for ship types in which they are particularly strong continue to be placed specifically for cruise ships, passenger ferries, small containerships and chemical tankers. Major Shipbuilders Million DWT Trends This Year vs. Last Year 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004* Japan 17.7 17.2 17.8 22.9 14.9 16.3 22.4 20.7 23.0 45.7 27.3 DOWN BY -28.2% South Korea 9.0 11.5 10.7 21.0 14.7 18.2 32.7 14.4 19.3 43.1 30.5 DOWN BY -15.2% Taiwan 1.3 1.1 0.7 0.8 1.1 1.2 0.5 0.1 1.1 2.3 1.2 DOWN BY -38.3% P.R. China 1.9 2.7 2.5 1.7 1.4 5.6 4.2 5.1 5.9 18.1 13.9 DOWN BY -7.8% Other Asia 0.4 0.3 0.5 0.2 0.4 0.5 0.3 0.4 1.3 0.9 2.2 UP BY. 191.8% TOTAL ASIA 30.3 32.7 32.2 46.6 32.3 41.8 60.2 40.7 50.6 110.1 75.1 DOWN BY -18.1% Germany 1.4 1.3 1.3 0.8 1.0 0.6 1.6 0.8 0.6 2.0 1.3 DOWN BY -20.1% Denmark 0.3 0.7 0.1 0.4 0.4 0.6 0.0 1.1 0.0 0.9 0.8 UP BY. 14.3% France 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 UP BY. 16.9% Italy 0.2 1.0 0.2 0.4 0.2 0.1 0.2 0.1 0.1 0.1 0.1 UP BY. 111.4% Netherlands 0.1 0.1 0.3 0.3 0.3 0.1 0.3 0.3 0.4 0.3 0.4 UP BY. 57.9% Spain 0.8 0.4 0.4 0.9 0.3 0.0 0.3 0.4 0.1 0.1 0.1 UP BY. 33.2% Finland 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 UP BY. 560.0% Norway 0.1 0.2 0.1 0.3 0.1 0.1 0.3 0.2 0.1 0.1 0.1 UP BY. 174.7% Turkey 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.3 0.4 UP BY. 63.3% Poland 1.3 1.5 0.3 0.5 0.6 0.7 1.9 0.2 0.2 1.0 0.9 STEADY. 5.0% Ukraine 0.3 0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.2 UP BY. Croatia 0.6 0.1 0.7 0.5 0.1 0.2 1.1 1.1 0.2 1.0 2.0 UP BY. 133.1% Other Europe 0.2 0.6 0.4 0.4 0.5 0.1 0.2 0.3 0.1 0.7 1.2 UP BY. 109.1% TOTAL EUROPE 5.5 6.5 3.9 4.5 3.7 2.7 6.2 4.7 2.1 6.4 7.7 UP BY. 43.6% Brazil 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.1 0.1 0.1 0.0 DOWN BY -70.5% USA 0.1 0.2 0.2 0.5 0.3 0.1 0.8 0.4 0.1 0.0 0.1 UP BY. 45.1% Others 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 DOWN BY -86.2% TOTAL OTHERS 0.1 0.2 0.3 0.7 0.3 0.1 0.8 0.5 0.3 0.2 0.1 DOWN BY -48.8% GLOBAL TOTAL 35.9 39.5 36.3 51.8 36.3 44.6 67.3 45.9 53.0 116.7 82.9 DOWN BY -14.8% *after a year indicates data are the latest year to date figures. Clarkson Research Studies Page 12

Major Shipbuilders Contracting by Country/Region Million CGT Trends This Year % 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004* Japan 6.0 6.7 7.3 8.0 5.2 5.7 7.6 6.7 8.4 14.5 9.2 DOWN BY -23.4% South Korea 2.9 4.3 3.4 5.7 4.6 6.0 10.4 5.7 6.9 17.5 14.8 STEADY. 1.4% Taiwan 0.5 0.3 0.4 0.3 0.5 0.3 0.3 0.1 0.3 0.9 0.6 DOWN BY -26.5% P.R. China 0.7 1.2 1.2 0.9 0.8 2.0 2.1 2.0 2.1 6.1 5.1 STEADY. 0.8% Other Asia 0.2 0.2 0.0 0.2 0.2 0.2 0.3 0.3 0.5 0.5 0.9 UP BY. 96.2% TOTAL ASIA 10.2 12.8 12.4 15.0 11.2 14.2 20.6 14.8 18.2 39.5 30.6 DOWN BY -7.1% Germany 1.2 1.4 0.9 0.7 0.0 1.2 1.3 0.7 0.5 1.5 1.4 UP BY. 13.8% Denmark 0.2 0.4 0.1 0.2 0.2 0.4 0.0 0.6 0.0 0.5 0.5 UP BY. 19.3% France 0.2 0.1 0.1 0.2 0.6 0.6 0.3 0.2 0.1 0.1 0.3 UP BY. 174.4% Italy 0.4 1.3 0.7 0.8 0.8 0.9 1.1 0.2 0.3 0.6 1.2 UP BY. 140.5% Netherlands 0.1 0.3 0.3 0.3 0.4 0.2 0.4 0.3 0.3 0.2 0.3 UP BY. 75.9% Spain 0.4 0.3 0.2 0.5 0.1 0.1 0.4 0.4 0.2 0.1 0.2 UP BY. 223.4% Finland 0.5 0.1 0.3 0.1 0.3 0.3 0.7 0.1 0.2 0.2 0.4 UP BY. 117.4% Norway 0.2 0.2 0.3 0.5 0.1 0.3 0.4 0.3 0.2 0.1 0.3 UP BY. 169.4% Turkey 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.3 0.4 UP BY. 43.1% Poland 0.8 0.8 0.2 0.3 0.4 0.6 1.2 0.1 0.3 0.7 1.0 UP BY. 59.5% Ukraine 0.2 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.1 UP BY. Croatia 0.3 0.1 0.3 0.3 0.1 0.1 0.6 0.5 0.2 0.5 0.8 UP BY. 92.7% Other Europe 0.2 0.4 0.3 0.4 0.4 0.2 0.3 0.2 0.2 0.4 0.7 UP BY. 89.2% TOTAL EUROPE 4.8 5.7 3.9 4.4 3.6 4.8 6.7 3.8 2.5 5.3 7.5 UP BY. 69.4% Brazil 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.0 DOWN BY -74.9% USA 0.1 0.3 0.3 0.5 0.3 0.2 0.3 0.2 0.2 0.1 0.1 UP BY. 26.7% Others 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.2 UP BY. 114.2% TOTAL OTHERS 0.3 0.4 0.4 0.7 0.4 0.3 0.4 0.3 0.4 0.3 0.3 UP BY. 18.8% GLOBAL TOTAL 15.3 18.9 16.6 20.1 15.3 19.3 27.7 18.9 21.1 45.1 38.3 STEADY. 2.0% Major Shipbuilders Number of Vessels 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004* Trends This Year % Japan 338 419 443 438 279 315 352 330 420 656 396 DOWN BY -27.6% South Korea 125 199 131 199 156 208 337 177 229 534 434 STEADY. -2.5% Taiwan 21 16 22 15 22 13 12 4 10 32 25 DOWN BY -6.3% P.R. China 50 106 127 77 68 122 128 136 138 360 283 DOWN BY -5.7% Other Asia 26 24 29 37 20 18 25 29 46 67 86 UP BY. 54.0% TOTAL ASIA 560 764 752 766 545 676 854 676 843 1649 1224 DOWN BY -10.9% Germany 62 93 77 47 64 40 78 47 32 82 66 STEADY. -3.4% Denmark 18 12 14 9 9 7 4 12 0 12 8 DOWN BY -20.0% France 4 3 3 5 10 10 2 2 3 2 4 UP BY. 140.0% Italy 9 46 23 27 19 13 20 12 11 18 18 UP BY. 20.0% Netherlands 8 22 47 46 68 26 51 45 57 36 48 UP BY. 60.0% Spain 24 21 20 25 7 4 12 17 13 9 11 UP BY. 46.7% Finland 10 2 4 4 7 3 6 3 3 2 7 UP BY. 320.0% Norway 18 21 30 46 13 14 39 38 24 20 37 UP BY. 122.0% Turkey 12 13 14 11 17 8 23 22 15 49 53 UP BY. 29.8% Poland 64 54 14 19 27 36 57 4 8 34 31 UP BY. 9.4% Ukraine 9 9 0 2 0 0 0 4 10 0 9 UP BY. Croatia 14 4 19 14 4 5 23 23 8 27 37 UP BY. 64.4% Other Europe 28 50 43 57 78 24 23 29 25 52 57 UP BY. 31.5% TOTAL EUROPE 280 350 308 312 323 190 338 258 209 343 386 UP BY. 35.0% Brazil 0 0 1 2 5 0 3 6 11 15 3 DOWN BY -76.0% USA 6 20 17 85 36 17 20 40 36 10 10 UP BY. 20.0% Others 13 10 9 9 9 5 6 5 7 12 12 UP BY. 20.0% TOTAL OTHERS 19 30 27 96 50 22 29 51 54 37 25 DOWN BY -18.9% GLOBAL TOTAL 859 1144 1087 1174 918 888 1221 985 1106 2029 1635 STEADY. -3.3% *after a year indicates data are the latest year to date figures. Clarkson Research Studies Page 13

Deliveries by Country/Region 30 25 20 15 m.cgt Scheduled Output by Region Other Europe China S Korea Japan Summary October 2004 152 vessel of 2.03m dwt are scheduled for delivery from European yards in the remainder of 2004. No less than 25 vessel types are represented amongst this total including 37 multi-purpose vessels of 0.24m dwt, 39 chemical and specialised tankers of 0.37m dwt and 21 containerships of 0.55m dwt. The containership deliveries include 2x4,500 TEU post-panamax ships from the Odense Lindo yard in Denmark and two cruise ships from Fincantieri and Sestri-Cantiere in Italy of 110,000 and 101,350 GT respectively. Deliveries from European yards are slightly down from 2003 levels, and the likelihood is that this trend will continue despite the spate of recent orders. This is indicative of the general decline in European shipbuilding in the face of stiff competition from Asia. 10 6.0 5.0 m. CGT Europe Output 4.0 5 3.0 2.0 0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Source: Clarkson Research Studies 2005 2006 1.0 0.0 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Source: Clarkson Research Studies 2005 2006 2007 Major Shipbuilders Million DWT Trends This Year vs. Last Year 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004* Japan 12.9 14.5 16.0 15.5 14.8 18.0 19.0 19.6 19.4 20.4 18.6 UP BY. 9.3% South Korea 6.9 10.2 11.9 12.9 11.9 15.5 19.0 18.1 20.4 22.7 18.9 STEADY. -0.3% Taiwan 1.0 0.8 1.1 1.2 0.6 0.7 0.8 0.6 1.0 1.1 0.8 DOWN BY -19.9% P.R. China 1.6 1.6 1.5 2.2 2.5 1.9 2.5 2.9 3.6 5.7 5.6 UP BY. 18.5% Other Asia 0.1 0.2 0.4 0.2 0.5 0.4 0.4 0.5 0.5 0.6 0.5 DOWN BY -7.4% TOTAL ASIA 22.6 27.3 30.9 32.0 30.3 36.5 41.7 41.8 45.0 50.6 44.3 UP BY. 5.1% Germany 1.2 1.2 1.3 1.2 1.2 0.8 0.9 0.8 1.1 1.0 0.7 DOWN BY -10.9% Denmark 1.1 1.8 0.6 0.5 0.5 0.5 0.4 0.4 0.5 0.4 0.2 DOWN BY -40.3% France 0.2 0.1 0.1 0.1 0.0 0.1 0.0 0.0 0.0 0.0 0.0 DOWN BY -64.8% Italy 0.7 0.5 0.6 0.4 0.3 0.5 0.2 0.1 0.1 0.3 0.1 DOWN BY -35.3% Netherlands 0.1 0.2 0.2 0.2 0.3 0.3 0.3 0.2 0.3 0.2 0.2 UP BY. 22.6% Spain 0.2 0.3 1.1 0.3 0.5 0.6 0.4 0.2 0.1 0.5 0.2 DOWN BY -41.6% Finland 0.0 0.1 0.2 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 STEADY. 2.6% Norway 0.2 0.1 0.2 0.2 0.2 0.2 0.1 0.1 0.2 0.3 0.0 DOWN BY -81.6% Turkey 0.0 0.0 0.1 0.1 0.1 0.2 0.1 0.1 0.1 0.2 0.2 DOWN BY -6.2% Poland 0.8 0.6 0.9 0.8 0.9 0.7 0.7 0.8 0.6 0.4 0.4 UP BY. 28.6% Ukraine 0.3 0.3 0.3 0.2 0.0 0.0 0.0 0.0 0.1 0.0 0.1 - Croatia 0.4 0.2 0.6 0.2 0.5 0.4 0.3 0.4 0.6 0.5 0.8 UP BY. 77.1% Other Europe 0.6 1.0 1.0 0.5 0.6 0.2 0.4 0.3 0.3 0.3 0.2 UP BY. 7.5% TOTAL EUROPE 5.7 6.4 7.0 4.9 5.1 4.5 3.9 3.6 4.1 4.0 3.2 STEADY. -3.9% Brazil 0.5 0.3 0.3 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 DOWN BY -7% USA 0.1 0.1 0.1 0.2 0.4 0.3 0.2 0.3 0.3 0.3 0.4 UP BY. 54.2% Others 0.0 0.0 0.0 0.1 0.0 0.0 0.1 0.0 0.0 0.0 0.0 DOWN BY -99.1% TOTAL OTHERS 0.5 0.4 0.4 0.3 0.5 0.3 0.2 0.3 0.3 0.4 0.4 UP BY. 36.2% GLOBAL TOTAL 28.9 34.1 38.2 37.2 36.0 41.3 45.8 45.6 49.4 55.0 48.0 STEADY. 4.7% *after a year indicates data are the latest year to date figures. Clarkson Research Studies Page 14

Major Shipbuilders Deliveries by Country/Region Million CGT Trends This Year % 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004* Japan 5.0 5.4 5.7 6.1 6.9 6.4 6.5 6.4 6.5 6.8 6.3 UP BY. 10.3% South Korea 2.1 3.0 3.7 4.1 3.6 4.5 5.9 6.1 6.5 7.0 6.6 UP BY. 13.4% Taiwan 0.3 0.3 0.2 0.4 0.3 0.3 0.3 0.2 0.3 0.3 0.3 UP BY. 6.7% P.R. China 0.6 0.6 0.6 1.0 1.2 1.0 1.2 1.1 1.6 2.5 1.9 DOWN BY -6.3% Other Asia 0.1 0.2 0.0 0.1 0.3 0.3 0.2 0.2 0.3 0.3 0.2 DOWN BY -10.7% TOTAL ASIA 8.1 9.5 10.3 11.7 12.3 12.4 14.2 14.1 15.3 16.9 15.3 UP BY. 8.7% Germany 0.8 1.1 1.2 1.0 0.0 0.8 0.8 1.2 1.2 0.9 0.7 DOWN BY -6.3% Denmark 0.3 0.4 0.4 0.4 0.3 0.3 0.2 0.2 0.3 0.3 0.1 DOWN BY -42.2% France 0.2 0.2 0.3 0.2 0.2 0.2 0.3 0.4 0.3 0.5 0.1 DOWN BY -76.6% Italy 0.4 0.3 0.5 0.5 0.9 1.0 0.6 0.7 0.7 0.8 0.5 DOWN BY -33.6% Netherlands 0.2 0.3 0.2 0.3 0.3 0.3 0.4 0.3 0.3 0.3 0.1 DOWN BY -31.5% Spain 0.2 0.2 0.4 0.2 0.3 0.3 0.3 0.2 0.1 0.4 0.3 DOWN BY -11.9% Finland 0.1 0.3 0.5 0.3 0.3 0.1 0.3 0.2 0.5 0.3 0.2 DOWN BY -29.7% Norway 0.2 0.2 0.3 0.3 0.3 0.4 0.2 0.2 0.4 0.4 0.1 DOWN BY -69.2% Turkey 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 UP BY. 17.6% Poland 0.4 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.3 0.4 UP BY. 82.5% Ukraine 0.1 0.1 0.2 0.1 0.0 0.0 0.0 0.0 0.1 0.0 0.0 - Croatia 0.2 0.1 0.3 0.1 0.2 0.2 0.2 0.2 0.3 0.3 0.3 UP BY. 40.1% Other Europe 0.3 0.5 0.5 0.4 0.4 0.3 0.3 0.2 0.3 0.3 0.2 STEADY. -4.8% TOTAL EUROPE 3.5 4.1 5.2 4.3 3.8 4.6 4.2 4.7 5.3 4.7 3.2 DOWN BY -18.3% Brazil 0.2 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 UP BY. 8.0% USA 0.0 0.1 0.1 0.2 0.5 0.4 0.3 0.3 0.3 0.3 0.2 DOWN BY -28.0% Others 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 DOWN BY -76.2% TOTAL OTHERS 0.3 0.3 0.3 0.3 0.7 0.5 0.4 0.3 0.4 0.4 0.2 DOWN BY -31.8% GLOBAL TOTAL 11.9 13.8 15.8 16.3 16.8 17.5 18.8 19.1 20.9 22.1 18.8 STEADY. 2.2% Major Shipbuilders Number of Vessels Trends This Year % 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004* Japan 276 330 345 380 409 345 320 349 312 330 303 UP BY. 10.2% South Korea 102 137 157 180 151 162 188 216 220 231 223 UP BY. 15.8% Taiwan 9 13 12 21 18 16 15 10 15 13 11 STEADY. 1.5% P.R. China 42 41 50 95 111 90 97 78 109 147 110 DOWN BY -10.2% Other Asia 17 26 29 17 43 32 19 21 24 34 24 DOWN BY -15.3% TOTAL ASIA 446 547 593 693 732 645 639 674 680 755 671 UP BY. 6.6% Germany 60 76 78 68 72 52 51 46 57 51 39 DOWN BY -8.2% Denmark 22 22 20 15 14 14 5 8 8 5 2 DOWN BY -52.0% France 3 2 5 3 5 8 6 7 3 4 2 DOWN BY -40.0% Italy 22 14 19 18 24 37 17 17 13 20 14 DOWN BY -16.0% Netherlands 22 30 30 40 45 48 61 44 43 39 33 STEADY. 1.5% Spain 10 9 21 17 24 16 13 13 8 19 12 DOWN BY -24.2% Finland 3 6 7 5 9 5 2 3 7 2 2 UP BY. 20.0% Norway 17 12 22 25 34 34 18 23 38 45 14 DOWN BY -62.7% Turkey 4 7 7 16 11 18 11 18 18 25 27 UP BY. 29.6% Poland 25 32 38 33 31 35 31 29 27 12 14 UP BY. 40.0% Ukraine 9 10 9 4 3 1 0 3 4 0 3 - Croatia 9 4 14 5 11 11 10 11 17 12 15 UP BY. 50.0% Other Europe 39 59 57 52 50 43 48 31 36 32 25 DOWN BY -6.3% TOTAL EUROPE 245 283 327 301 333 322 273 253 279 266 202 DOWN BY -8.9% Brazil 8 7 7 2 3 0 2 1 1 7 6 STEADY. 2.9% USA 5 5 10 24 66 48 29 19 34 25 22 UP BY. 5.6% Others 12 13 12 10 8 10 8 3 6 7 3 DOWN BY -48.6% TOTAL OTHERS 25 25 29 36 77 58 39 23 41 39 31 STEADY. -4.6% GLOBAL TOTAL 716 855 949 1030 1142 1025 951 950 1000 1060 904 STEADY. 2.3% *after a year indicates data are the latest year to date figures. Clarkson Research Studies Page 15