World Shipyard Monitor

World Shipyard Monitor Volume 11, No.5 May-2004 ISSN: 1358-8788 Highlights Orderbook The orderbook at end April reached 187.0m dwt, up 14.3m dwt since end 2003.p.2/3. New Orders During April, 143 contracts of around 8.2m dwt were reported placed... 4/5. Deliveries Only nine tankers and products carriers were delivered in April..... p.6/7. Newbuilding Prices The fall in the drybulk freight market may cause localised weakness in bulker pricing...p.8. Investment 2004 investment activity is still ahead of record 2003.....p.9. Contracting by Region Japanese yards attracted 6.9m dwt of new contracts in the first quarter.....p.12. Deliveries by Region 235 ships of 16m dwt are scheduled for delivery from Japanese yards in the remainder of 2004.. p.14/15. Shipyard Capacity The orderbook of I.H.I (Kure) reached 50 vessels of 1.9m cgt in April....... p.16. Demolition Demolition in April was driven in part by expectations about the Bangladesh budget..... p.20. Shipbuilding Focus We investigate the relationship between freight market cycles and lead times in the newbuilding market 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." Join the SIN Club 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) 1.6% 5.7% 0.0% 0.0% 5.8% 5.8% Bulk Vessel Orderbook No. end Orderbook by Vessel Type m.cgt, end: Orderbook, Delivery in: 2003 Apr* 2003 Apr* 2000 2001 2002 2003 Apr* 2004 2005 2006+ VLCC > 200,000 74 86 3.5 4.1 27.1 26.1 18.4 22.5 26.1 6.4 9.7 10.0 Suezmax 120-200,000 79 85 2.5 2.7 9.3 9.7 8.2 12.5 13.5 2.5 4.0 7.0 Aframax 80-120,000 153 154 3.6 3.6 7.0 12.9 13.9 16.5 16.7 3.1 6.4 7.2 Panamax 60-80,000 118 122 2.6 2.7 0.8 2.1 4.5 8.5 8.8 1.7 3.1 3.9 Products 10-60,000 305 339 5.8 6.3 4.0 7.0 8.6 13.0 14.1 3.4 4.9 5.7 Chemical 10-60,000 144 139 2.0 2.0 2.2 2.9 3.5 3.6 3.4 1.2 1.3 0.9 Specialised 10-60,000 5 2 0.1 0.0 0.3 0.2 0.2 0.2 0.1 0.0 0.1 0.0 Tankers > 10,000 878 927 20.2 21.3 50.7 60.9 57.4 76.8 82.7 18.5 29.5 34.7 Tankers < 10,000 130 140 0.8 0.8 0.3 0.5 0.7 0.7 0.8 0.4 0.3 0.1 Capesize > 80,000 144 164 3.6 4.0 10.5 8.9 13.3 22.2 24.4 4.7 7.2 12.5 Panamax 60-80,000 187 172 3.8 3.4 12.0 5.7 6.9 14.1 13.0 4.1 4.6 4.3 Handymax 40-60,000 207 196 3.3 3.1 9.6 7.1 7.7 11.0 10.4 3.0 4.0 3.5 Handysize 10-40,000 141 139 1.6 1.6 2.9 2.6 3.1 4.2 4.2 1.2 1.8 1.2 Bulkers > 10,000 679 671 12.2 12.2 35.0 24.2 31.1 51.5 52.0 13.0 17.6 21.4 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 1687 1738 33.2 34.3 86.0 85.7 89.5 129.0 135.4 31.8 47.4 56.2 Special Vessel Orderbook Orderbook, Delivery in: 2003 Apr* 2003 Apr* 2000 2001 2002 2003 Apr* 2004 2005 2006+ LNG Carriers 56 61 4.8 5.4 1.9 3.5 4.0 4.1 4.6 0.9 1.7 2.0 LPG Carriers 33 42 0.6 1.0 0.9 1.1 1.1 0.9 1.5 0.2 0.3 0.9 Reefers 5 4 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 Containers > 3,000 teu 355 423 15.9 19.0 13.5 12.6 10.7 26.4 31.6 4.6 8.0 19.0 Containers < 3,000 teu 285 338 4.1 4.9 5.1 4.7 3.6 6.3 7.8 1.6 3.0 3.2 Other Dry > 5,000 dwt 273 298 5.9 6.9 2.9 2.6 2.9 3.4 3.6 1.3 1.2 1.1 Offshore & Other 245 258 1.5 1.6 1.6 2.5 3.4 2.2 2.3 1.3 0.6 0.4 Cruise Vessels 20 19 2.2 2.0 0.3 0.3 0.2 0.1 0.1 0.1 0.0 0.0 Ro-Ro Ferries 47 49 1.2 1.3 0.3 0.2 0.1 0.1 0.1 0.1 0.0 0.0 Total Special Vessels 1,319 1,492 36.5 42.2 26.7 27.5 26.1 43.7 51.6 10.2 14.8 26.6 Total Orderbook 19.8% 21.0% 27.3% 27.7% 30.4% 28.5% 20.6% 17.8% 18.0% 19.2% 16.8% 18.7% 24.2% 22.6% 16.9% 13.8% 33.9% 32.0% No. end 55.6% 56.6% End Apr 04 End 2003 67.0% 58.0% 0% 10% 20% 30% 40% 50% 60% 70% Source: Clarkson Research Studies m.cgt, end: Orderbook, Delivery in: 2003 Apr* 2003 Apr* 2000 2001 2002 2003 Apr* 2004 2005 2006+ All Vessels Types 3,006 3,230 69.6 76.5 112.7 113.3 115.6 172.7 187.0 42.0 62.2 82.8 Clarkson Research Studies Page 2 m. DWT, end: m. DWT, end: No. end m.cgt, end: m. DWT, end: Summary April 2004 The orderbook at the end of April 2004 reached 187.0m dwt, an increase of around 4.0m dwt since the end of March and 14.3m dwt since the end of 2003. Thus, the trend of an increasing orderbook continues, due to still-strong contracting activity (8.2m dwt in April) and relatively moderate levels of deliveries (around 4.3m dwt in April). The containership orderbook expanded by another 1.7m dwt to 39.4m dwt. The dry bulk carrier orderbook increased by around 0.6m dwt in April to 52m dwt. The Capesize orderbook again saw the largest increase to 164 vessels of 24.4m dwt, representing 24.2% of the current fleet in dwt terms, compared to 157 vessels of 23.2m dwt at the end of March. The Panamax orderbook decreased slightly, to 172 vessels of 13.0m dwt. The total tanker orderbook (10,000 dwt+) was also on the increase, from 910 vessels of 81.1m dwt at the end of March to 927 vessels of 82.7m dwt in April. Another three VLCCs were added to the orderbook, which now stands at 86 vessels of 26.1m dwt. 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) 8.00 m. cgt 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00 Tankers Combos Container Bulkers Gas 11-2003 1-2004 3-2004 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 Source: Clarkson Research Studies 3-2007 5-2007 7-2007 9-2007 11-2007 1-2008 3-2008 5-2008 7-2008 9-2008 Bulk Vessel Orderbook Orderbook, Delivery in: 1996 1997 1998 1999 2000 2001 2002 2003 Apr* 2004 2005 2006+ VLCC > 200,000 4.1 10.2 12.6 11.8 14.2 13.7 9.6 11.7 13.6 3.4 5.0 5.2 Suezmax 120-200,000 2.3 3.8 3.6 2.9 4.9 5.0 4.3 6.5 7.0 1.3 2.1 3.6 Aframax 80-120,000 2.6 4.4 4.2 1.9 3.9 7.1 7.6 9.0 9.1 1.7 3.5 3.9 Panamax 60-80,000 0.0 0.4 1.0 0.8 0.5 1.2 2.5 4.7 4.9 1.0 1.8 2.2 Products 10-60,000 1.8 2.3 1.9 1.5 2.6 4.5 5.4 8.0 8.7 2.2 3.0 3.5 Chemical 10-60,000 1.3 1.8 1.6 1.3 1.4 1.8 2.2 2.2 2.1 0.8 0.8 0.6 Specialised 10-60,000 0.1 0.1 0.2 0.2 0.2 0.1 0.1 0.1 0.0 0.0 0.0 0.0 Tankers > 10,000 12.3 23.2 25.1 20.5 27.6 33.4 31.7 42.3 45.4 10.3 16.2 18.9 Tankers < 10,000 0.3 0.4 0.3 0.2 0.2 0.3 0.5 0.5 0.5 0.2 0.2 0.0 Capesize > 80,000 4.8 4.2 5.0 6.3 5.4 4.5 6.8 11.3 12.4 2.4 3.7 6.4 Panamax 60-80,000 4.7 4.5 4.1 6.6 6.4 3.0 3.7 7.5 6.9 2.2 2.4 2.3 Handymax 40-60,000 4.4 3.5 2.0 3.7 5.7 4.2 4.6 6.4 6.1 1.8 2.3 2.0 Handysize 10-40,000 2.5 2.1 1.5 1.5 1.9 1.6 2.0 2.6 2.5 0.7 1.1 0.7 Bulkers > 10,000 16.4 14.3 12.7 18.1 19.4 13.4 16.9 27.8 28.0 7.1 9.5 11.4 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 29.2 38.2 38.3 38.8 47.1 47.3 49.3 70.6 73.9 17.6 25.9 30.4 Special Vessel Orderbook Million GT Orderbook, Delivery in: 1997 1997 1998 1999 2000 2001 2002 2003 Apr* 2004 2005 2006+ LNG Carriers 1.8 2.3 2.0 1.8 2.5 4.6 5.5 5.7 6.3 1.3 2.3 2.8 LPG Carriers 0.4 0.6 0.9 0.7 0.8 1.0 0.9 0.8 1.2 0.2 0.3 0.8 Reefers 0.3 0.5 0.4 0.2 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 Containers > 3,000 teu 6.4 4.2 4.4 8.0 12.2 11.4 9.8 24.3 29.0 4.2 7.3 17.5 Containers < 3,000 teu 5.5 4.2 2.6 2.5 4.0 3.7 2.8 5.0 6.1 1.2 2.4 2.5 Other Dry > 5,000 dwt 3.9 5.8 6.1 4.8 4.2 3.6 4.3 5.9 6.8 1.9 2.4 2.6 Offshore & Others 0.8 1.2 1.8 1.2 1.3 1.8 2.4 1.6 1.6 0.9 0.5 0.3 Cruise Vessels 1.7 1.8 2.4 3.3 4.0 3.4 2.4 1.8 1.6 0.5 0.4 0.7 Ro-Ro Ferries 0.6 0.5 0.6 1.2 1.4 0.8 0.6 0.7 0.7 0.4 0.2 0.1 Total Special Vessels 21.4 21.1 21.1 23.8 30.5 30.3 28.7 45.7 53.5 10.6 15.6 27.2 Total Orderbook Million GT Million GT Orderbook, Delivery in: 1996 1997 1998 1999 2000 2001 2002 2003 Apr* 2004 2005 2006+ All Vessels Types 50.6 59.2 59.4 62.6 77.7 77.5 78.0 116.3 127.4 28.2 41.5 57.6 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 3Q96 1Q97 3Q97 1Q98 3Q98 1Q99 3Q99 1Q00 3Q00 1Q01 3Q01 1Q02 3Q02 1Q03 3Q03 1Q04 Bulk Vessel Contracting New Orders by Vessel Type 2003 Apr* 2003 Apr* 2000 2001 2002 2003 Apr* This Year v. Last VLCC > 200,000 51 20 2.4 0.9 17.0 6.8 4.6 15.5 6.1 UP BY. 18% Suezmax 120-200,000 51 17 1.6 0.5 7.2 2.8 2.3 8.0 2.8 STEADY AT. 3% Aframax 80-120,000 101 25 2.4 0.6 5.8 7.3 4.8 10.9 2.7 DOWN BY.. -24% Panamax 60-80,000 77 20 1.7 0.4 0.5 1.6 3.1 5.5 1.5 DOWN BY.. -19% Products 10-60,000 181 68 3.4 1.1 2.8 4.3 3.7 7.6 2.4 STEADY AT. -4% Chemical 10-60,000 83 11 1.1 0.1 1.2 1.4 1.6 1.9 0.2 DOWN BY.. -63% Specialised 10-60,000 2 0 0.0 0.0 0.1 0.0 0.1 0.1 0.0 DOWN BY.. -100% Tankers > 10,000 546 161 12.6 3.7 34.6 24.4 20.2 49.5 15.8 STEADY AT. -5% Tankers < 10,000 89 29 0.5 0.2 0.2 0.4 0.6 0.5 0.2 DOWN BY.. -6% Capesize > 80,000 97 34 2.3 0.8 4.4 3.8 8.6 14.3 4.5 DOWN BY.. -6% Panamax 60-80,000 114 7 2.3 0.1 3.6 2.0 5.5 8.6 0.5 DOWN BY.. -82% Handymax 40-60,000 122 10 1.9 0.2 5.0 2.5 5.0 6.6 0.5 DOWN BY.. -76% Handysize 10-40,000 78 16 0.9 0.2 1.8 1.3 2.1 2.4 0.5 DOWN BY.. -37% Bulkers > 10,000 411 67 7.5 1.3 14.8 9.5 21.2 31.9 6.1 DOWN BY.. -43% Combos > 10,000 0 0 0.0 0.0 0.0 0.2 0.0 0.0 0.0 Total Bulk Vessels 1,046 257 20.6 5.2 49.7 34.5 41.9 81.9 22.0 DOWN BY.. -20% Special Vessel Contracting 2003 Apr* 2003 Apr* 2000 2001 2002 2003 Apr* This Year v. Last LNG Carriers 15 16 1.3 1.4 1.5 1.6 1.3 1.2 1.2 UP BY. 218% LPG Carriers 23 15 0.4 0.4 0.6 0.7 0.3 0.6 0.6 UP BY. 192% Reefers 0 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Containers > 3,000 teu 268 92 12.4 4.0 8.7 4.7 3.9 20.6 6.8 STEADY AT. -1% Containers < 3,000 teu 221 72 3.2 1.1 4.0 2.1 1.3 5.0 1.9 UP BY. 12% Other Dry > 5,000 dwt 147 58 3.6 1.5 1.8 0.8 1.5 1.8 0.7 UP BY. 17% Offshore & Others 131 49 0.7 0.3 1.2 1.5 1.6 0.5 0.5 UP BY. 174% Cruise Vessels 5 3 0.6 0.3 0.1 0.0 0.0 0.0 0.0 UP BY. 10% Ro-Ro Ferries 26 7 0.6 0.2 0.1 0.0 0.1 0.1 0.0 DOWN BY.. -98% Total Special Vessels 836 312 22.9 9.4 17.9 11.5 10.1 29.7 11.7 UP BY. 18% 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 Apr* 2003 Apr* 2000 2001 2002 2003 Apr* This Year v. Last All Vessels Types 1,882 569 43.5 14.5 67.5 46.0 52.0 111.7 33.6 DOWN BY.. -10% Clarkson Research Studies Page 4 Summary April 2004 During April, a total of 143 contracts of around 8.2m dwt were placed. This is up from 125 contracts in March. The contracting of containerships is still going strong, with 48 orders reported placed in April. A total of 13 contracts for crude tankers were reported in April. AP Moeller is reported to have ordered four 310,000 dwt VLCCs from Dalian New Yard for delivery in 2007/08. Primorsk Shipping Corp is reported to have ordered two 166,000 dwt Suezmax tankers at Hyundai Heavy Industries. K-Line and MOL ordered one 300,000 dwt ore carrier each from Universal Shipbuilding of Japan for delivery towards the end of 2008. The ships were contracted against long-term timecharters, as such ships nearly always are due to their relative inflexibility with regards to trading routes. A total of 15 contracts for standard bulk carriers were reported in April, bringing the year-to-date figure to 67 contracts of 6.1m dwt. This is down by an annualised 43% compared to the record-setting pace in 2003. 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 Apr* This Year v. Last VLCC > 200,000 3.0 7.7 4.4 3.9 8.9 3.6 2.4 8.1 3.1 UP BY. 16% Suezmax 120-200,000 1.3 2.4 1.4 0.6 3.7 1.5 1.2 4.2 1.4 STEADY AT. 2% Aframax 80-120,000 1.6 2.9 1.7 0.5 3.2 4.0 2.6 5.9 1.5 DOWN BY.. -25% Panamax 60-80,000 0.0 0.4 0.6 0.2 0.3 0.9 1.7 3.1 0.8 DOWN BY.. -21% Products 10-60,000 0.9 1.1 0.4 0.7 1.8 2.6 2.3 4.7 1.5 DOWN BY.. -5% Chemical 10-60,000 0.6 0.9 0.5 0.5 0.8 0.9 1.0 1.2 0.1 DOWN BY.. -63% Specialised 10-60,000 0.0 0.1 0.1 0.1 0.1 0.0 0.1 0.0 0.0 DOWN BY.. -100% Tankers > 10,000 7.5 15.5 9.2 6.6 18.8 13.6 11.3 27.2 8.5 DOWN BY.. -6% Tankers < 10,000 0.2 0.3 0.2 0.1 0.1 0.3 0.4 0.3 0.1 DOWN BY.. -11% Capesize > 80,000 1.4 3.2 2.0 3.5 2.2 1.9 4.3 7.3 2.3 DOWN BY.. -6% Panamax 60-80,000 2.0 2.6 1.9 5.0 1.9 1.0 2.8 4.6 0.3 DOWN BY.. -82% Handymax 40-60,000 2.2 1.3 0.6 2.8 3.0 1.5 2.9 3.8 0.3 DOWN BY.. -75% Handysize 10-40,000 1.3 1.2 0.6 1.1 1.2 0.8 1.3 1.5 0.3 DOWN BY.. -38% Bulkers > 10,000 6.8 8.2 5.0 12.4 8.4 5.2 11.4 17.2 3.2 DOWN BY.. -44% 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 23.9 14.2 18.9 27.2 18.9 22.7 44.4 11.7 DOWN BY.. -21% Special Vessel Contracting 1996 1997 1998 1999 2000 2001 2002 2003 Apr* This Year v. Last LNG Carriers 0.6 0.9 0.1 0.5 1.9 2.1 2.0 1.6 1.6 UP BY. 216% LPG Carriers 0.1 0.4 0.5 0.2 0.5 0.6 0.2 0.5 0.5 UP BY. 205% 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 7.7 4.2 3.6 19.0 6.2 STEADY AT. -2% Containers < 3,000 teu 3.3 1.5 1.4 1.4 3.1 1.7 1.0 3.9 1.4 UP BY. 8% Other Dry > 5,000 dwt 2.1 3.2 2.6 1.5 2.5 1.1 2.4 3.5 1.5 UP BY. 29% Offshore & Others 0.6 0.9 1.1 0.5 0.9 1.1 1.1 0.5 0.3 UP BY. 105% Cruise Vessels 0.4 0.5 1.3 1.5 1.3 0.2 0.1 0.5 0.3 UP BY. 72% Ro-Ro Ferries 0.4 0.2 0.5 0.8 0.5 0.2 0.4 0.3 0.1 UP BY. 16% Total Special Vessels 10.0 8.8 10.9 11.4 18.5 11.1 10.9 29.7 12.0 UP BY. 21% Total Contracting Recently Confirmed Shipbuilding Contracts Date Type Dwt Unit Delivery Builder Hull No. $m. Owner Apr-04 Aframax 115,000 1 2006 Samsung S.B. 55.00 Premuda S.P.A.N. Apr-04 Aframax 115,000 1 2006 Samsung S.B. ChevronTexaco Shpg. Apr-04 Aframax 115,000 1 2006 Samsung S.B. 55.00 Premuda S.P.A.N. Apr-04 Aframax 115,000 1 2007 Samsung S.B. ChevronTexaco Shpg. Apr-04 Handy Prod 51,000 1 2007 Shina S.B. Fullship S.r.l. Apr-04 Handy Prod 40,000 1 2006 Shina S.B. Intrigue Shpg. Apr-04 Handy Prod 40,000 1 2006 Shina S.B. Intrigue Shpg. Apr-04 Small/Spec 3,400 1 2005 Third Internat. 10.00 Svithoid Tankers Apr-04 Small/Spec 3,400 1 2006 Third Internat. 10.00 Svithoid Tankers Apr-04 Small/Spec 3,400 1 2007 Third Internat. 10.00 Svithoid Tankers Apr-04 Small/Spec 3,400 1 2006 Third Internat. 10.00 Svithoid Tankers Apr-04 Handymax 53,000 1 2005 New Century S/Y 28.50 Unknown Owner Apr-04 Handymax 53,000 1 2005 New Century S/Y 28.50 Unknown Owner Apr-04 Panamax 67,500 5,100 TEU 1 2007 Hanjin H.I. 65.00 Schoeller Holdings Apr-04 Panamax 67,500 5,100 TEU 1 2007 Hanjin H.I. 65.00 Schoeller Holdings Apr-04 Panamax 67,500 5,100 TEU 1 2007 Hanjin H.I. 65.00 Schoeller Holdings Apr-04 Panamax 67,500 5,100 TEU 1 2007 Hanjin H.I. 65.00 Schoeller Holdings Apr-04 Panamax 66,800 5,042 TEU 1 2005 Hyundai H.I. Reederei C.-P. Offen Apr-04 Panamax 66,800 5,042 TEU 1 2005 Hyundai H.I. Reederei C.-P. Offen Apr-04 Panamax 59,000 4,300 TEU 1 2007 Hyundai H.I. E.R. Schiffahrt Apr-04 Panamax 67,500 3,380 TEU 1 2007 Hanjin H.I. 50.00 Niki Group Apr-04 Panamax 67,500 3,380 TEU 1 2007 Hanjin H.I. 50.00 Niki Group Apr-04 Sub-Panamx 30,000 2,890 TEU 1 2006 Kvaerner Phil. 004 Builders Account 1996 1997 1998 1999 2000 2001 2002 2003 Apr* This Year v. Last All Vessels Types 24.6 33.0 25.3 30.4 45.8 30.3 34.0 74.4 23.8 STEADY AT. -4% 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 Dec-96 Jun-97 Dec-97 Quarterly Deliveries (DWT) Tankers Bulkers Gas Container Other Jun-98 Dec-98 Jun-99 Dec-99 Jun-00 Dec-00 Deliveries by Vessel Type Jun-01 Dec-01 Jun-02 Source: Clarkson Research Studies Dec-02 Jun-03 Dec-03 Summary April 2004 Tankers Tanker deliveries in April were down on the previous month, with a total of six crude oil tankers and three product carriers reported delivered. Deliveries were evenly distributed across sizes, with two VLCCs, two Suezmaxes and two Aframaxes coming into the fleet. In the Product carrier sector, Klauss Oldendorff took delivery of the 75,000 dwt Panamax tanker NORDMARS from Hyundai Heavy Industries, Ulsan. Dry Bulk Carriers Deliveries of bulk carriers in April were down significantly on March, with only nine vessels of 0.5m dwt reported delivered compared to 13 in March. No Capesize vessels were reported to have hit the water in April, while the Panamax, Handymax and Handysize sectors saw three new vessels each. 4.7m dwt of Capesizes are scheduled for delivery in the remainder of the year, compared to 2.3m dwt delivered in the first four months of the year. The situation is similar for the Panamax sector, where 1.6m dwt out of an estimated 5.4m dwt has been delivered. Bulk Vessel Deliveries No. end m.cgt, end: m. DWT, end: 2003 Apr* 2003 Apr* 2000 2001 2002 2003 Apr* 2004 2005 2006 VLCC > 200,000 37 8 1.8 0.4 12.2 7.8 12.3 11.4 2.4 8.4 9.5 4.2 Suezmax 120-200,000 24 11 0.8 0.3 3.3 2.5 3.8 3.8 1.7 4.1 3.9 3.4 Aframax 80-120,000 77 24 1.8 0.6 2.3 1.5 3.8 8.3 2.6 5.5 6.1 4.4 Panamax 60-80,000 22 16 0.5 0.3 1.1 0.3 0.6 1.6 1.2 2.8 3.1 2.6 Products 10-60,000 80 34 1.6 0.6 1.2 1.2 2.1 3.3 1.4 4.7 4.9 3.3 Chemical 10-60,000 67 16 1.0 0.2 1.2 0.7 1.1 1.8 0.4 1.6 1.3 0.6 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 > 10,000 309 112 7.5 2.6 21.5 14.2 23.7 30.2 9.8 27.3 28.7 18.5 Tankers < 10,000 77 19 0.5 0.1 0.2 0.2 0.3 0.5 0.1 0.5 0.3 0.1 Capesize > 80,000 33 14 0.9 0.4 6.1 5.4 4.1 5.4 2.3 6.8 7.1 7.5 Panamax 60-80,000 19 22 0.4 0.4 4.0 8.4 4.2 1.4 1.6 5.4 4.5 2.3 Handymax 40-60,000 65 21 1.0 0.3 1.8 5.1 4.4 3.3 1.1 3.9 3.9 2.6 Handysize 10-40,000 50 18 0.6 0.2 1.4 1.6 1.5 1.4 0.5 1.6 1.7 0.9 Bulkers > 10,000 167 75 2.8 1.3 13.3 20.5 14.2 11.6 5.6 17.7 17.2 13.3 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 555 206 11.0 4.1 34.9 34.9 38.1 42.5 15.5 45.5 46.3 31.8 Special Vessel Deliveries 2003 Apr* 2003 Apr* 2000 2001 2002 2003 Apr* 2004 2005 2006 LNG Carriers 15 11 1.2 0.8 0.8 0.1 0.8 1.1 0.7 1.6 1.6 1.3 LPG Carriers 31 6 0.6 0.1 0.5 0.5 0.3 0.8 0.1 0.3 0.3 0.4 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 24 3.0 1.0 3.9 5.5 5.8 4.9 1.6 6.1 7.9 11.9 Containers < 3,000 teu 106 19 1.5 0.3 2.0 2.5 2.5 2.2 0.4 1.9 3.0 2.3 Other Dry > 5,000 dwt 81 33 1.7 0.5 2.1 1.1 1.2 1.3 0.5 1.7 1.2 0.8 Offshore & Others 146 36 1.2 0.2 1.3 0.7 0.7 1.7 0.4 1.6 0.6 0.4 Cruise Vessels 15 4 1.4 0.5 0.1 0.1 0.1 0.1 0.0 0.1 0.0 0.0 Ro-Ro Ferries 24 5 0.6 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.0 0.0 Total Special Vessels 496 140 11.0 3.6 10.9 10.7 11.5 12.2 3.7 13.5 14.7 17.0 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 Apr* 2003 Apr* 2000 2001 2002 2003 Apr* 2004 2005 2006 All Vessels Types 1051 346 21.9 7.6 45.8 45.6 49.6 54.6 19.3 59.0 61.1 48.7 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 Elizabeth I. Angelicoussi GR. 306,000 Apr 2004 Daewoo S.B. Kristen Navigation VLCC Nichioh PA. 302,900 Apr 2004 Universal S.B. Nissho Shpg. Co. Ltd Aframax Minerva Nike GR. 105,000 Apr 2004 Hyundai Samho Minerva Marine Inc. Handy Prod Garonne M.I. 37,000 Apr 2004 Hyundai Mipo OMI Marine Services Handy Prod Mount Rainier CY. 39,500 Mar 2004 Saiki Hvy. Ind. Intership Nav. Co. Handy Chem Eken SW. 13,700 Apr 2004 Jiangnan S/Yard Ektank AB Small/Spec Mencey SP. 6,750 Mar 2004 RMK Marine Petrogas Maritima Small/Spec Ecem Kalkavan TU. 7,100 Mar 2004 Sedef Gemi End. Kasif Kalkavan Group LNG Golar Frost LI. 70,000 138,000 cbm Apr 2004 Hyundai H.I. Golar LNG ltd. Capesize Corona Kingdom PA. 88,000 Apr 2004 Imabari S.B. Kawasaki Kisen Handymax Cemara H.K. 45,000 Mar 2004 P.T. PAL Indon. Fairmont Shpg. H.K. Handysize Sun Ruby H.K. 32,600 Apr 2004 Kanda S.B. Co. Pacific Basin Agen. Post Panamax Busan Express PA. 79,500 6,750 TEU Apr 2004 Daewoo S.B. NVA Norddeutsche Panamax MSC Ornella GE. 55,000 4,900 TEU Apr 2004 Hanjin H.I. Mediterranean Shpg. Panamax Zim Barcelona MA. 54,760 4,800 TEU Apr 2004 Hyundai H.I. Ofer Bros. (Mngmt.) MPP > 5K DWT PAC Alnath SG. 25,000 Apr 2004 Kouan S.B. Pacific Carriers MPP > 5K DWT Hikmet K TU. 5,500 2004 Gisan Shipyard Irem Denizcilik Ro-Ro > 5K DWT Tor Primula DIS 10,070 Apr 2004 Flensburger S.B DFDS Tor line Other Dry > 5K DWJumbo Javelin NE. 10,975 Apr 2004 Damen Galati Kahn Scheepvaart Offshore Pacific Steel SG. 2,200 2,061 GT Mar 2004 Pan United Pacific Richfield Offshore Mary Frances Candies AM. 1,925 1,125 GT Feb 2004 Houma Fabricat. Otto Candies Cruise Caribbean Princess BS. 9,000 120,000 GT Mar 2004 Fincantieri Princess Cruises Inc Cruise Westerdam PA. 7,200 84,000 GT Apr 2004 Fincantieri Holland America Line 1996 1997 1998 1999 2000 2001 2002 2003 Apr* 2004 2005 2006 VLCC > 200,000 3.6 1.6 2.0 4.7 6.4 4.1 6.4 6.0 1.3 4.4 4.9 2.2 Suezmax 120-200,000 0.7 0.9 1.7 1.3 1.8 1.3 2.0 2.0 0.9 2.1 2.0 1.8 Aframax 80-120,000 0.8 1.0 2.0 2.8 1.3 0.9 2.1 4.5 1.4 3.0 3.4 2.4 Panamax 60-80,000 0.1 0.0 0.0 0.4 0.6 0.2 0.4 0.9 0.6 1.5 1.7 1.5 Products 10-60,000 1.0 0.5 0.9 1.2 0.7 0.8 1.3 2.1 0.9 3.0 3.0 2.0 Chemical 10-60,000 0.4 0.5 0.7 0.8 0.7 0.4 0.7 1.1 0.2 1.0 0.8 0.4 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 12.9 16.6 5.4 15.1 15.8 10.2 Tankers < 10,000 0.2 0.2 0.3 0.2 0.1 0.1 0.2 0.3 0.1 0.3 0.2 0.0 Capesize > 80,000 4.1 3.8 1.1 2.2 3.1 2.8 2.1 2.8 1.2 3.5 3.6 3.8 Panamax 60-80,000 1.7 2.8 2.3 2.5 2.1 4.4 2.2 0.8 0.9 2.9 2.4 1.2 Handymax 40-60,000 2.6 2.2 2.1 1.1 1.0 2.9 2.6 2.0 0.6 2.3 2.3 1.5 Handysize 10-40,000 1.4 1.6 1.2 1.1 0.9 1.0 1.0 0.9 0.3 1.0 1.0 0.5 Dry Bulk > 10,000 9.7 10.4 6.7 6.9 7.2 11.2 7.9 6.4 3.0 9.6 9.3 7.1 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 21.0 23.4 8.5 25.1 25.3 17.3 Special Vessel Deliveries 1996 1997 1998 1999 2000 2001 2002 2003 Apr* 2004 2005 2006 LNG Carriers 0.7 0.5 0.4 0.7 1.2 0.1 1.0 1.4 1.0 2.2 2.3 1.8 LPG Carriers 0.4 0.3 0.2 0.3 0.4 0.4 0.3 0.7 0.1 0.3 0.3 0.3 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 1.5 5.6 7.2 10.9 Containers < 3,000 teu 2.1 2.9 2.9 1.5 1.5 2.0 1.9 1.7 0.3 1.5 2.3 1.8 Other Dry > 5,000 dwt 1.0 1.3 2.4 2.8 3.2 1.7 1.7 1.9 0.6 2.3 2.3 1.8 Offshore & Others 0.4 0.5 0.6 1.0 0.9 0.6 0.6 1.2 0.3 1.1 0.5 0.2 Cruise Vessels 0.6 0.4 0.7 0.6 0.7 0.8 1.1 1.1 0.4 0.9 0.4 0.5 Ro-Ro Ferries 0.5 0.3 0.3 0.2 0.3 0.8 0.6 0.3 0.1 0.4 0.2 0.1 Total Special Vessels 8.3 9.3 10.9 8.8 11.8 11.4 12.5 12.7 4.2 14.4 15.5 17.5 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 Apr* 2004 2005 2006 All Vessels Types 25.2 24.7 25.2 27.3 30.8 30.6 33.5 36.1 12.7 39.4 40.7 34.5 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

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 VLCC Aframax Handy Apr-99 Jul-99 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 Shipbuilding Price Trends Price $ million, end Price Developments Summary April 2004 Newbuilding prices continued up strongly in April. While we quoted $85.5m for a VLCC contract in March, buyers in April would have had to part with around $86.5m. The situation was similar for bulk carriers, with Capesize contracting prices up from around $52.5m in March to around $56m in April. However, with drybulk freight markets turning down sharply compared to previous highs, there was a rather different tone to the bulk carrier newbuilding market in early May. Before assuming that this signals a generally weaker tone, it is worth keeping in mind that contracting prices in other sectors remain strong and show no sign of weakening. The key fact is that the yards still have significant forward orderbook cover, making them resistant to price pressure in the short to medium term. Still, there are signs of nerves at the yards, since the opportunity to lock dry bulk ships in at peak prices seems to be slipping away, at least for now. Although this may cause localised weakness in pricing, most of the deals being negotiated today are for 'additional' berths, which the yards do not necessarily need to sell as they are otherwise full. Price Trend Against a 1996 1997 1998 1999 2000 2001 2002 2003 Apr* Year Ago Is VLCC 300,000 dwt 82.00 83.00 72.50 69.00 76.50 70.00 63.50 77.00 86.50 STRONGER.. 30.1% Suezmax 150,000 dwt 51.00 52.00 44.00 42.50 52.50 46.50 43.75 51.50 58.50 STRONGER.. 25.8% Aframax 110,000 dwt 40.50 41.00 34.50 33.00 41.50 36.00 34.75 41.50 48.00 STRONGER.. 29.7% Panamax 70,000 dwt 37.00 31.00 31.00 36.00 32.00 31.25 37.50 41.00 STRONG... 24.2% Handy 47,000 dwt 31.50 31.50 26.00 26.00 29.50 26.25 27.00 31.50 36.50 STRONGER.. 27.0% Capesize 170,000 dwt 39.00 40.50 33.00 35.00 40.50 36.00 36.25 48.00 56.00 STRONGER.. 45.5% Panamax 75,000 dwt 26.50 27.00 20.00 22.00 22.50 20.50 21.50 27.00 35.00 STRONGER.. 57.3% Handymax 51,000 dwt 23.00 22.50 18.00 20.00 20.50 18.50 19.00 24.00 29.00 STRONGER.. 46.8% Handysize 30,000 dwt 19.00 18.00 14.25 15.50 15.00 14.50 15.00 18.00 20.50 STRONGER.. 30.2% Price Index 133 131 111 107 114 108 106 119 133 STRONG... 21.5% % change -2% -15% -4% 7% -5% -3% 12% 12% Other Vessel Prices Suezmax Panamax Source: Clarkson Research Studies Price $ million, end Price Trend Against a 1996 1997 1998 1999 2000 2001 2002 2003 Apr* Year Ago Is LNG 138,000 m 3 220.0 230.0 190.0 165.0 172.5 165.0 150.0 155.0 169.0 STRONG... 11.9% LPG 78,000 m 3 68.00 62.00 58.00 56.00 60.00 60.00 58.00 63.00 70.00 STRONG... 16.7% Container 725 teu 17.00 13.50 14.00 14.00 13.00 13.00 17.50 19.00 STRONGER.. 35.7% Container 1,000 teu 20.00 18.00 17.50 18.00 15.50 15.50 18.50 22.00 STRONGER.. 33.3% Container 1,700 teu 29.00 24.50 23.00 25.00 21.50 21.00 25.50 30.00 STRONGER.. 36.4% Container 2,000 teu 33.00 29.00 28.00 31.50 28.00 27.00 30.50 33.00 STRONG... 17.9% Container 2,750 teu 38.00 31.00 33.00 37.50 31.00 29.50 37.00 42.00 STRONGER.. 31.3% Container 3,500 teu 50.00 42.00 38.00 41.50 36.00 33.00 42.50 48.00 STRONGER.. 33.3% Container 4,600 teu 52.00 45.00 56.50 65.00 STRONGER.. 38.3% Container 6,200 teu 72.00 60.00 71.00 82.00 STRONGER.. 30.2% Ro-Ro 1,2-1,300 Lm 19.50 21.50 20.00 19.00 18.50 22.00 24.00 STRONGER.. 28.0% Ro-Ro 2,3-2,700 Lm 30.00 32.50 33.00 31.00 31.00 33.00 36.00 STRONG... 14.3% 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

60 50 40 30 20 10 0 7.7 1.3 5.3 6.6 Shipbuilding Investment & Key Ratios Investment in Bulk Vessels ($bn.) 3.1 2.3 5.7 11.5 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 12.3 3.6 5.3 12.0 10.6 6.2 4.2 4.1 2.9 3.1 6.2 8.6 22.6 2.9 10.5 20.2 3.3 2.3 6.6 1996 1997 1998 1999 2000 2001 2002 2003 2004 Source: Clarkson Research Studies 8.3 Investment Scene This Month Newbuilding Investment Summary April 2004 Total investment in newbuildings reached an estimated $20.8 billion in the first four months of 2004, up more than 8% on an annual basis. This puts shipping investment in 2004 on course to another record year, at an annualised $61.2 billion. We see little change in the sector-wise breakdown in investment, with bulk carriers down an annualised 35.4% by value, tankers steady (-2% on an annualised basis) and specialised shipping up sharply (+33% annualised). Investment in the latter is still driven primarily by midsize containerships and gas carriers. Indeed, investment in the LNG sector year to date, at $2.6 billion, has already overtaken the invested amount in all of 2003. As a result of the all-time high seen in the drybulk freight market in the first quarter of 2004, April saw the five-year-old second-hand price exceed the contracting price in all four sub-sectors. The Capesize market saw the most heated second-hand prices at 108% of the contracting price. However, with the recent slide in freight rates this ratio may also have seen its peak for now. Investment Trends 1996 1997 1998 1999 2000 2001 2002 2003 Apr VLCC > 200,000 1.6 4.0 2.1 1.7 4.1 1.6 1.0 3.5 1.5 UP BY. 27.5% Suezmax 120-200,000 0.9 1.5 0.8 0.3 2.2 0.9 0.7 2.4 0.9 UP BY. 6.9% Aframax 80-120,000 1.2 2.0 1.1 0.3 2.1 2.8 1.5 3.8 1.0 DOWN BY.. -19.5% Panamax 60-80,000 0.0 0.4 0.5 0.1 0.2 0.8 1.3 2.6 0.7 DOWN BY.. -17.0% Handy 10-60,000 3.0 3.5 1.6 1.6 3.4 4.5 4.2 7.8 2.5 STEADY. -4.5% Total Tankers 6.6 11.5 6.2 4.0 12.0 10.6 8.6 20.2 6.6 STEADY. -2.0% Capesize > 80,000 0.6 1.6 0.9 1.4 1.1 0.9 1.8 4.0 1.5 UP BY. 17.1% Panamax 60-80,000 1.4 1.8 1.1 2.6 1.1 0.6 1.5 2.7 0.2 DOWN BY.. -79.0% Handymax 40-60,000 1.9 1.0 0.4 1.8 2.1 1.0 1.8 2.5 0.2 DOWN BY.. -72.5% Handysize 10-40,000 1.5 1.3 0.5 1.0 1.0 0.7 1.1 1.3 0.3 DOWN BY.. -33.5% Total Bulk Carriers 5.3 5.7 3.0 6.8 5.3 3.1 6.2 10.5 2.3 DOWN BY.. -35.4% LNG 1.3 2.1 0.2 0.8 3.3 3.8 2.8 2.4 2.6 UP BY. 227.6% LPG > 60,000m³ 0.0 0.3 0.5 0.1 0.4 0.4 0.1 0.5 0.7 UP BY. 307% Container > 3,000 teu 2.8 1.1 3.7 4.6 7.9 4.2 3.1 17.8 6.2 UP BY. 5.2% Container 1-3,000 teu 4.8 2.0 1.8 1.8 4.4 2.0 1.1 4.8 2.1 UP BY. 31.2% Container < 1,000 teu 2.0 0.7 0.6 0.2 0.5 0.8 0.5 1.5 0.3 DOWN BY.. -36.8% Total Specialised 11.0 6.1 6.8 7.6 16.4 11.1 7.6 27.0 12.0 UP BY. 33.0% Total 22.9 23.3 16.0 18.4 33.7 24.8 22.5 57.7 20.8 UP BY. 8.3% % Change 2% -31% 15% 84% -27% -9% 157% Price Ratios for Investors Value $ billion Price Ratios (Secondhand/Newbuilding) 1996 1997 1998 1999 2000 2001 2002 2003 Apr v. End last Year VLCC 5 Yr. Old 71% 78% 69% 77% 93% 83% 85% 91% 91% STEADY. 0.5% Suezmax 5 Yr. Old 83% 85% 83% 82% 93% 84% 87% 91% 87% STEADY. -4.5% Aframax 5 Yr. Old 85% 88% 68% 79% 96% 83% 83% 87% 89% STEADY. 2.1% Panamax 5 Yr. Old n/a 88% 81% 79% 85% 73% 64% 75% 80% UP BY. 7.8% Handy 5 Yr. Old 78% 86% 81% 77% 83% 78% 72% 74% 64% DOWN BY.. -13.7% Tanker Average 79% 85% 76% 79% 90% 80% 78% 84% 82% STEADY. -1.5% Capesize 5 Yr. Old 72% 85% 78% 83% 75% 75% 80% 92% 108% UP BY. 17.9% Panamax 5 Yr. Old 74% 81% 70% 76% 71% 68% 79% 104% 101% STEADY. -2.2% Handymax 5 Yr. Old 82% 80% 69% 80% 74% 72% 75% 83% 102% UP BY. 22.1% Handysize 5 Yr. Old 68% 76% 65% 74% 80% 76% 75% 81% 107% UP BY. 33.2% Bulk Carrier Average 74% 81% 71% 78% 75% 73% 77% 90% 105% UP BY. 16.5% 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 13.1% Other Asia 2.8% Europe 15.9% South Korea 48.0% P.R. China 15.8% Others 1.3% Japan 32.8% Other Asia 3.3% South Korea 39.8% Source (all graphs): Clarkson Research Studies Japan 27.2% Spain 4% European Orderbook 2004 by cgt Poland 16% Italy 12% Germany 20% Croatia 12% 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 26.54 28.67 36.06 36.20 34.47 37.87 39.01 41.53 62.70 63.02 16.00 22.37 24.65 South Korea 12.90 22.26 23.07 31.19 33.94 36.67 50.39 46.63 45.02 65.36 72.61 13.64 23.43 35.55 Taiwan 1.46 2.05 1.64 1.28 1.74 2.28 1.98 1.47 1.53 2.72 2.59 0.70 0.74 1.15 P.R. China 2.10 4.56 5.64 5.17 4.02 7.75 9.44 11.74 14.30 26.55 30.90 6.02 9.82 15.06 Other Asia 0.63 0.77 1.01 1.02 0.85 0.89 0.87 0.81 1.64 1.83 2.09 0.49 0.70 0.90 TOTAL ASIA 37.32 56.18 60.03 74.72 76.75 82.06 100.54 99.65 104.03 159.16 171.21 36.85 57.05 77.31 Germany 1.42 2.02 2.08 1.67 1.47 1.28 1.99 1.99 1.45 2.44 3.00 0.85 1.31 0.84 Denmark 1.09 1.54 1.07 0.94 0.80 0.91 0.49 1.13 0.64 1.10 1.84 0.30 0.28 1.27 France 0.23 0.21 0.13 0.07 0.10 0.07 0.07 0.06 0.08 0.14 0.14 0.05 0.09 0.00 Italy 0.22 1.19 1.00 0.95 0.88 0.52 0.55 0.54 0.51 0.33 0.30 0.21 0.05 0.05 Netherlands 0.07 0.17 0.35 0.43 0.51 0.37 0.36 0.48 0.58 0.58 0.68 0.28 0.28 0.11 Spain 0.89 1.21 0.76 1.23 1.02 0.45 0.40 0.78 0.84 0.41 0.33 0.24 0.07 0.02 Finland 0.39 0.38 0.23 0.07 0.06 0.05 0.08 0.06 0.06 0.06 0.04 0.03 0.00 0.01 Norway 0.24 0.38 0.35 0.44 0.31 0.23 0.36 0.40 0.26 0.05 0.05 0.03 0.01 0.00 Turkey 0.29 0.36 0.42 0.40 0.43 0.27 0.35 0.34 0.31 0.33 0.32 0.15 0.16 0.01 Poland 1.32 2.47 2.00 1.67 1.40 1.40 2.90 2.33 1.91 2.41 2.40 0.61 0.85 0.94 Ukraine 0.47 0.85 0.67 0.53 0.49 0.44 0.44 0.45 0.46 0.50 0.55 0.34 0.18 0.03 Croatia 0.57 0.68 0.93 1.25 0.91 0.74 1.57 2.29 1.94 2.43 3.16 0.68 0.88 1.60 Other Europe 1.07 1.58 1.40 1.37 1.26 1.16 0.99 1.03 0.84 1.24 1.47 0.57 0.56 0.34 TOTAL EUROPE 8.26 13.03 11.37 11.03 9.65 7.88 10.56 11.87 9.87 12.02 14.29 4.35 4.72 5.22 Brazil 0.25 0.18 0.08 0.18 0.06 0.06 0.05 0.11 0.21 0.23 0.21 0.16 0.05 0.01 USA 0.32 0.43 0.67 1.10 1.00 0.84 1.47 1.60 1.43 1.17 1.19 0.60 0.37 0.22 Others 0.07 0.07 0.08 0.08 0.08 0.06 0.03 0.04 0.07 0.11 0.11 0.04 0.01 0.06 TOTAL OTHERS 0.63 0.68 0.84 1.36 1.14 0.95 1.55 1.74 1.71 1.51 1.52 0.80 0.44 0.28 GLOBAL TOTAL 46.22 69.89 72.24 87.11 87.54 90.90 112.66 113.26 115.61 172.68 187.01 42.00 62.21 82.81 *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 12.3 12.7 14.3 20.9 20.8 5.3 7.3 8.2 South Korea 3.9 7.2 7.4 9.0 9.9 11.4 15.8 15.3 15.6 26.1 30.4 5.2 9.1 16.2 Taiwan 0.5 0.5 0.7 0.5 0.7 0.8 0.7 0.6 0.5 1.1 1.1 0.2 0.4 0.5 P.R. China 0.8 1.9 2.5 2.5 2.1 3.1 3.9 4.9 5.5 9.1 10.0 2.2 3.5 4.3 Other Asia 0.3 0.4 0.5 0.6 0.5 0.4 0.5 0.5 0.8 0.9 1.0 0.3 0.4 0.3 TOTAL ASIA 12.7 19.9 22.7 26.1 25.1 26.9 33.2 34.0 36.7 58.0 63.4 13.3 20.7 29.4 Germany 1.3 2.1 1.9 1.6 2.0 2.4 3.0 2.4 1.7 2.2 2.5 0.8 1.0 0.6 Denmark 0.7 0.9 0.7 0.6 0.5 0.5 0.3 0.7 0.4 0.6 1.1 0.2 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 0.2 Italy 0.5 1.7 2.1 2.5 2.4 2.4 2.9 2.3 1.9 1.6 1.5 0.5 0.5 0.5 Netherlands 0.1 0.3 0.5 0.4 0.6 0.5 0.4 0.5 0.5 0.4 0.5 0.2 0.2 0.1 Spain 0.4 0.7 0.6 0.9 0.7 0.4 0.6 0.8 0.9 0.5 0.5 0.4 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 0.4 0.2 0.0 0.2 Norway 0.3 0.5 0.5 0.7 0.5 0.4 0.5 0.6 0.4 0.1 0.1 0.1 0.0 0.0 Turkey 0.2 0.2 0.3 0.3 0.3 0.2 0.3 0.3 0.2 0.3 0.3 0.2 0.1 0.0 Poland 0.8 1.4 1.1 0.9 0.9 1.0 1.8 1.4 1.3 1.8 1.9 0.5 0.7 0.7 Ukraine 0.3 0.5 0.4 0.3 0.3 0.2 0.2 0.2 0.3 0.3 0.3 0.2 0.1 0.0 Croatia 0.3 0.3 0.5 0.7 0.6 0.4 0.8 1.0 0.8 1.1 1.5 0.3 0.4 0.8 Other Europe 0.5 0.8 0.8 0.9 1.0 0.9 0.9 0.9 0.8 0.9 1.0 0.5 0.3 0.2 TOTAL EUROPE 6.9 10.9 10.4 10.7 10.9 11.1 13.7 12.9 10.3 10.7 12.2 4.2 3.9 4.1 Brazil 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.1 0.1 0.0 USA 0.3 0.5 0.7 1.1 0.9 0.7 0.8 0.8 0.7 0.5 0.5 0.3 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 0.0 0.1 TOTAL OTHERS 0.5 0.7 0.9 1.3 1.1 0.9 1.0 1.0 1.0 0.8 1.0 0.5 0.2 0.2 GLOBAL TOTAL 20.2 31.5 34.0 38.1 37.2 38.9 47.9 47.9 48.0 69.6 76.5 17.9 24.9 33.7 Major Shipbuilders Numbers of Vessels For Delivery in: 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004* 2004 2005 2006+ Japan 336 489 595 657 533 502 536 519 611 850 818 235 299 284 South Korea 153 298 292 312 317 364 513 474 480 778 897 162 276 459 Taiwan 22 27 38 32 36 33 30 24 19 38 41 8 13 20 P.R. China 58 151 217 210 180 208 243 302 344 552 601 150 228 223 Other Asia 34 42 50 61 50 35 41 51 76 94 110 45 44 21 TOTAL ASIA 603 1007 1192 1272 1116 1142 1363 1370 1530 2312 2467 600 860 1007 Germany 64 112 116 98 90 78 105 107 82 111 123 44 53 26 Denmark 31 32 29 24 19 12 11 15 7 14 21 6 3 12 France 7 9 8 10 15 17 13 8 8 6 7 2 3 2 Italy 14 56 64 74 69 46 49 45 43 41 38 22 10 6 Netherlands 8 23 54 68 93 71 62 68 84 76 87 41 37 9 Spain 29 44 44 51 33 23 22 28 35 24 29 18 7 4 Finland 16 13 10 9 8 6 10 10 6 6 4 2 1 1 Norway 22 36 44 64 44 24 42 60 46 19 19 11 6 2 Turkey 17 25 35 29 35 26 38 41 39 47 49 27 20 2 Poland 62 97 76 63 59 60 91 66 47 68 74 21 27 26 Ukraine 17 25 19 17 14 13 13 14 21 27 33 15 15 3 Croatia 14 18 26 35 28 22 35 47 38 53 68 16 19 33 Other Europe 59 82 88 106 139 122 99 104 95 115 121 67 43 11 TOTAL EUROPE 360 572 613 648 646 520 590 613 551 607 673 292 244 137 Brazil 6 5 4 5 7 7 7 12 22 26 23 13 8 2 USA 9 22 32 87 64 36 29 58 62 46 47 33 12 2 Others 16 15 13 13 14 9 7 9 10 15 20 8 6 6 TOTAL OTHERS 31 42 49 105 85 52 43 79 94 87 90 54 26 10 GLOBAL TOTAL 994 1621 1854 2025 1847 1714 1996 2062 2175 3006 3230 946 1130 1154 *after a year indicates data are the latest year to date figures. Clarkson Research Studies Page 11

Contracting by Country/Region Tanker 29% Japanese Contracts in 2004 (GT) Other Dry 12% Container 37% Gas 6% Container 17% Korean Contracts in 2004 (GT) Bulk 1% L.N.G. 16% Chemical 0% Others 5% Bulk 36% Other 0% Tanker 41% Summary April 2004 Japan Thus far in 2004, Japanese yards have attracted 6.9m dwt of new contracts, a decrease of 50.0% on an annualised basis compared to 2003. Contracting in 2004 is heavily weighted toward bulk shipping, with bulk carriers accounting for 36% and tankers accounting for 29% of total new orders measured by GT. Aside from a general global decrease in contracting levels (in dwt terms rather than value), the fall in contracting in Japan can be attributed mainly to the Haneda Megafloat airport project, which suggests that no large rebound in order intake should be expected for the remainder of the year. Korea With Japanese yards less active for domestic reasons, Korean yards have grabbed the opportunity to dominate the global newbuilding scene thus far in 2004. Year-to-date contracting in South Korea stood at 16m dwt at the end of April, up by an annualised 12.1%. Hence, this year s order intake at Korean yards represents nearly half (48%) of the global additions to the orderbook. New contracts (by GT) are heavily skewed toward tankers (41%), container ships (37%), and LNG (16%). Hence, South Korean yards have continued to shy away from bulk carriers despite their recent strong increase in newbuilding prices, and this vessel type only constitutes about 1% of 2004 orders. However, this may ultimately turn out to be a blessing for the drybulk market, as the bulk carrier orderbook might otherwise have been a lot larger. Major Shipbuilders Million DWT Trends This Year vs. Last Year 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004* Japan 17.7 17.1 17.7 22.8 14.9 16.3 22.3 20.7 22.0 41.6 6.9 DOWN BY -50.0% South Korea 9.0 11.5 10.7 21.0 14.7 18.2 32.7 14.3 19.1 42.7 16.0 UP BY. 12.1% Taiwan 1.3 1.1 0.7 0.8 1.1 1.2 0.5 0.1 1.1 2.3 0.2 DOWN BY -76.4% P.R. China 1.9 2.7 2.4 1.7 1.4 5.6 4.2 5.2 6.2 17.9 6.3 UP BY. 6.1% Other Asia 0.4 0.3 0.5 0.2 0.4 0.5 0.3 0.4 1.3 0.8 0.5 UP BY. 75.4% TOTAL ASIA 30.3 32.6 32.1 46.5 32.3 41.8 60.2 40.8 49.6 105.4 29.9 DOWN BY -14.9% Germany 1.4 1.3 1.3 0.8 1.0 0.6 1.6 0.8 0.6 1.9 0.7 UP BY. 16.2% 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. 185.6% France 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 DOWN BY -100.0% Italy 0.2 1.0 0.2 0.4 0.2 0.1 0.2 0.1 0.1 0.1 0.0 UP BY. 33.2% Netherlands 0.1 0.1 0.3 0.3 0.3 0.1 0.3 0.3 0.4 0.2 0.2 UP BY. 140.1% Spain 0.8 0.4 0.4 0.8 0.3 0.0 0.3 0.4 0.1 0.1 0.0 UP BY. 43.9% Finland 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 DOWN BY -100.0% Norway 0.1 0.2 0.1 0.3 0.1 0.1 0.3 0.2 0.1 0.0 0.0 UP BY. 48.4% Turkey 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.2 0.1 DOWN BY -21.8% Poland 1.3 1.5 0.3 0.5 0.6 0.7 2.2 0.2 0.2 0.9 0.2 DOWN BY -44.1% Ukraine 0.4 0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.1 UP BY. 311.3% Croatia 0.6 0.1 0.7 0.5 0.1 0.2 1.1 1.1 0.2 1.0 1.2 UP BY. 255.0% Other Europe 0.2 0.6 0.4 0.4 0.5 0.1 0.2 0.3 0.2 0.7 0.3 UP BY. 54.5% TOTAL EUROPE 5.6 6.5 3.8 4.4 3.7 2.7 6.6 4.8 2.1 6.2 3.7 UP BY. 79.2% Brazil 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.1 0.1 0.0 0.0 DOWN BY -100.0% USA 0.1 0.1 0.2 0.5 0.3 0.1 0.8 0.4 0.1 0.0 0.0 UP BY. 160.0% 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 -92.2% TOTAL OTHERS 0.1 0.1 0.3 0.7 0.3 0.1 0.8 0.5 0.3 0.2 0.0 DOWN BY -29.2% GLOBAL TOTAL 36.0 39.2 36.2 51.7 36.3 44.6 67.5 46.0 52.0 111.7 33.6 DOWN BY -9.7% *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 8.2 13.3 2.4 DOWN BY -45.6% South Korea 2.9 4.3 3.4 5.6 4.6 6.0 10.3 5.7 6.8 17.5 7.1 UP BY. 22.0% Taiwan 0.5 0.3 0.4 0.3 0.5 0.3 0.3 0.1 0.3 0.9 0.1 DOWN BY -62.0% P.R. China 0.7 1.2 1.2 0.9 0.8 2.0 2.0 2.1 2.2 6.0 1.6 DOWN BY -18.7% Other Asia 0.2 0.2 0.0 0.2 0.2 0.2 0.3 0.3 0.5 0.4 0.2 UP BY. 37.7% TOTAL ASIA 10.2 12.7 12.3 15.0 11.2 14.2 20.5 14.8 17.9 38.2 11.5 DOWN BY -9.8% Germany 1.2 1.4 0.9 0.7 0.0 1.2 1.3 0.7 0.5 1.5 0.5 STEADY. -3.5% 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. 198.2% France 0.2 0.1 0.1 0.2 0.6 0.6 0.3 0.2 0.1 0.1 0.2 UP BY. 393.2% Italy 0.4 1.3 0.7 0.8 0.8 0.9 1.1 0.2 0.3 0.6 0.2 UP BY. 17.3% Netherlands 0.1 0.3 0.3 0.3 0.4 0.2 0.4 0.3 0.3 0.2 0.2 UP BY. 175.3% Spain 0.4 0.3 0.2 0.5 0.1 0.1 0.4 0.4 0.2 0.1 0.1 UP BY. 434.2% Finland 0.5 0.1 0.3 0.1 0.3 0.3 0.7 0.1 0.2 0.2 0.0 DOWN BY -100.0% Norway 0.2 0.2 0.3 0.5 0.1 0.3 0.4 0.3 0.2 0.1 0.0 UP BY. 31.2% Turkey 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.2 0.1 DOWN BY -13.4% Poland 0.8 0.8 0.2 0.3 0.4 0.6 1.3 0.1 0.4 0.7 0.3 UP BY. 11.0% 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. 261.4% Croatia 0.3 0.1 0.3 0.3 0.1 0.1 0.5 0.5 0.2 0.5 0.5 UP BY. 196.6% Other Europe 0.2 0.4 0.3 0.4 0.4 0.1 0.3 0.3 0.2 0.4 0.2 UP BY. 51.8% TOTAL EUROPE 4.8 5.7 3.8 4.3 3.6 4.7 6.8 3.8 2.6 5.1 2.9 UP BY. 67.0% 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 -100.0% USA 0.1 0.2 0.3 0.5 0.2 0.2 0.3 0.3 0.2 0.1 0.0 UP BY. 95.0% Others 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.1 UP BY. 346.8% TOTAL OTHERS 0.3 0.3 0.4 0.7 0.4 0.3 0.4 0.3 0.4 0.2 0.2 UP BY. 132.2% GLOBAL TOTAL 15.3 18.8 16.5 20.0 15.3 19.2 27.8 19.0 20.9 43.5 14.5 STEADY. 0.0% Major Shipbuilders Number of Vessels 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004* Trends This Year % Japan 338 417 437 436 278 312 350 330 404 568 81 DOWN BY -57.2% South Korea 125 198 131 199 156 208 337 177 227 528 211 UP BY. 19.9% Taiwan 21 16 22 15 22 13 12 4 10 32 8 DOWN BY -25.0% P.R. China 50 103 111 75 68 118 127 136 148 353 87 DOWN BY -26.1% Other Asia 26 23 28 26 20 17 25 29 48 51 23 UP BY. 35.3% TOTAL ASIA 560 757 729 751 544 668 851 676 837 1532 410 DOWN BY -19.7% Germany 62 93 77 47 64 40 78 48 32 80 24 DOWN BY -10.0% Denmark 18 12 14 9 9 7 4 12 0 12 8 UP BY. 100.0% France 4 3 3 5 10 10 2 2 3 2 2 UP BY. 200.0% Italy 9 46 23 27 19 13 20 13 11 18 4 DOWN BY -33.3% Netherlands 8 21 46 45 67 24 51 45 56 31 25 UP BY. 141.9% Spain 24 21 20 24 6 4 12 17 15 8 8 UP BY. 200.0% Finland 10 2 4 4 7 3 6 3 3 2 0 DOWN BY -100.0% Norway 18 21 30 45 13 14 36 38 24 18 8 UP BY. 33.3% Turkey 12 13 14 10 17 8 23 21 15 33 10 DOWN BY -9.1% Poland 64 54 14 19 27 36 62 4 8 33 11-0.0% Ukraine 11 10 0 2 0 0 0 4 11 6 7 UP BY. 250.0% Croatia 14 4 19 14 4 5 23 23 8 27 21 UP BY. 133.3% Other Europe 28 45 39 57 79 23 23 35 26 51 18 UP BY. 5.9% TOTAL EUROPE 282 345 303 308 322 187 340 265 212 321 146 UP BY. 36.4% Brazil 0 0 1 2 5 0 2 6 11 11 0 DOWN BY -100.0% USA 6 15 15 71 30 15 18 45 34 7 7 UP BY. 200.0% Others 13 10 9 9 9 5 6 5 7 11 6 UP BY. 63.6% TOTAL OTHERS 19 25 25 82 44 20 26 56 52 29 13 UP BY. 34.5% GLOBAL TOTAL 861 1127 1057 1141 910 875 1217 997 1101 1882 569 DOWN BY -9.3% *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 April 2004 235 ships of around 16m dwt are scheduled for delivery from Japanese shipyards in the remainder of 2004. Measured in deadweight terms, bulk carriers comprise the largest category with 104 ships of around 7.9m dwt, followed by crude tankers (20 ships of around 4.5m dwt), product carriers (27 ships of 1.1m dwt), and chemical carriers (30 ships of 0.56m dwt). Looking closer at the bulk carrier sector, we currently have 19 Capesize vessels of 3.1m dwt due for delivery from Japanese yards in the remainder of 2004. There are also 36 Panamax bulk carriers of 2.7m dwt scheduled for delivery. Japanese yards are also active builders of crude tankers, with 11 VLCCs of 3.3m dwt due in the last eight months of the year, five Suezmax tankers of 0.78m dwt and four Aframax tankers of 0.42m dwt. 10 5 0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Source: Clarkson Research Studies 2005 2006 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 m. CGT 1993 1994 1995 1996 1997 Japan Output 1998 1999 2000 2001 2002 2003 Source: Clarkson Research Studies 2004 2005 2006 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 6.6 STEADY. -2.8% South Korea 6.9 10.2 11.9 12.9 11.9 15.5 19.0 18.1 20.7 22.4 8.7 UP BY. 16.9% Taiwan 1.0 0.8 1.1 1.2 0.6 0.7 0.8 0.6 1.0 1.1 0.3 DOWN BY -17.5% P.R. China 1.6 1.6 1.5 2.2 2.5 1.9 2.5 2.9 3.6 5.7 2.0 STEADY. 4.9% Other Asia 0.1 0.2 0.4 0.2 0.5 0.4 0.4 0.5 0.5 0.6 0.2 STEADY. 3.8% TOTAL ASIA 22.6 27.3 30.9 32.0 30.3 36.5 41.7 41.7 45.3 50.2 17.8 UP BY. 6.6% Germany 1.2 1.2 1.3 1.2 1.2 0.8 0.9 0.8 1.1 1.0 0.2 DOWN BY -42.1% Denmark 1.1 1.8 0.6 0.5 0.5 0.5 0.4 0.4 0.5 0.4 0.1 DOWN BY -25.4% 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 -74.1% 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 -13.7% Netherlands 0.1 0.2 0.2 0.2 0.3 0.3 0.3 0.2 0.3 0.2 0.1 UP BY. 13.2% Spain 0.2 0.3 1.1 0.3 0.5 0.6 0.3 0.2 0.1 0.5 0.1 DOWN BY -34.1% Finland 0.0 0.1 0.2 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 UP BY. 156.4% 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 -70.6% Turkey 0.0 0.0 0.1 0.1 0.1 0.2 0.1 0.1 0.1 0.2 0.1 DOWN BY -13.3% Poland 0.8 0.6 0.9 0.8 0.9 0.7 0.7 0.8 0.6 0.4 0.2 UP BY. 28.1% Ukraine 0.3 0.3 0.3 0.2 0.0 0.0 0.0 0.0 0.1 0.0 0.0 - Croatia 0.4 0.2 0.6 0.2 0.5 0.4 0.3 0.4 0.6 0.5 0.5 UP BY. 170.0% Other Europe 0.6 1.0 1.0 0.5 0.6 0.2 0.4 0.3 0.3 0.3 0.1 UP BY. 27.4% TOTAL EUROPE 5.7 6.4 7.0 4.9 5.1 4.5 3.9 3.6 4.1 4.0 1.4 UP BY. 5.1% Brazil 0.5 0.3 0.3 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 UP BY. 50% USA 0.1 0.1 0.1 0.2 0.4 0.2 0.2 0.3 0.3 0.3 0.0 DOWN BY -87.1% 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 -98.9% TOTAL OTHERS 0.5 0.4 0.4 0.3 0.5 0.3 0.2 0.3 0.3 0.4 0.0 DOWN BY -77.6% GLOBAL TOTAL 28.9 34.1 38.2 37.2 36.0 41.3 45.8 45.6 49.6 54.6 19.3 UP BY. 5.9% *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 2.5 UP BY. 9.2% South Korea 2.1 3.0 3.7 4.1 3.6 4.5 5.9 6.1 6.6 7.0 2.8 UP BY. 22.0% Taiwan 0.3 0.3 0.2 0.4 0.3 0.3 0.3 0.2 0.3 0.3 0.1 UP BY. 5.4% P.R. China 0.6 0.6 0.6 1.0 1.2 1.0 1.2 1.1 1.6 2.4 0.7 DOWN BY -16.2% Other Asia 0.1 0.2 0.0 0.1 0.3 0.3 0.2 0.2 0.3 0.3 0.1 DOWN BY -17.4% TOTAL ASIA 8.1 9.5 10.3 11.7 12.3 12.4 14.2 14.1 15.3 16.8 6.2 UP BY. 10.3% Germany 0.8 1.1 1.2 1.0 0.0 0.8 0.8 1.2 1.2 0.9 0.2 DOWN BY -27.2% 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 -23.5% France 0.2 0.2 0.3 0.2 0.2 0.2 0.3 0.4 0.3 0.5 0.0 DOWN BY -95.2% Italy 0.4 0.3 0.5 0.5 0.9 1.0 0.6 0.7 0.7 0.8 0.3 UP BY. 17.5% 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 -30.1% Spain 0.2 0.2 0.4 0.2 0.3 0.3 0.3 0.2 0.1 0.4 0.1 DOWN BY -24.5% Finland 0.1 0.3 0.5 0.3 0.3 0.1 0.3 0.2 0.5 0.3 0.2 UP BY. 75.7% Norway 0.2 0.2 0.3 0.3 0.3 0.4 0.2 0.2 0.4 0.4 0.0 DOWN BY -59.1% Turkey 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 STEADY. -0.3% Poland 0.4 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.3 0.1 UP BY. 55.4% 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 0.1 UP BY. 37.3% Other Europe 0.3 0.5 0.5 0.4 0.4 0.3 0.3 0.2 0.3 0.3 0.1 UP BY. 8.6% TOTAL EUROPE 3.5 4.1 5.2 4.3 3.8 4.6 4.2 4.7 5.3 4.7 1.4 DOWN BY -9.9% 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. 55.4% USA 0.0 0.1 0.1 0.2 0.5 0.3 0.3 0.3 0.3 0.3 0.0 DOWN BY -69.3% 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 -75.8% TOTAL OTHERS 0.3 0.3 0.3 0.3 0.7 0.5 0.4 0.3 0.3 0.4 0.1 DOWN BY -54.1% GLOBAL TOTAL 11.9 13.8 15.8 16.3 16.8 17.5 18.8 19.1 20.9 21.9 7.6 STEADY. 4.8% Major Shipbuilders Number of Vessels Trends This Year % 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004* Japan 276 330 345 380 409 345 319 349 312 329 114 STEADY. 4.0% South Korea 102 137 157 180 151 162 188 216 221 230 92 UP BY. 20.0% Taiwan 9 13 12 21 18 16 15 10 15 13 5 UP BY. 15.4% P.R. China 42 41 50 94 111 90 97 78 107 145 38 DOWN BY -21.4% Other Asia 18 26 28 17 42 32 19 20 23 33 7 DOWN BY -36.4% TOTAL ASIA 447 547 592 692 731 645 638 673 678 750 256 STEADY. 2.4% Germany 60 76 78 68 72 52 51 46 57 51 12 DOWN BY -29.4% Denmark 22 22 20 15 14 14 5 8 8 5 1 DOWN BY -40.0% France 3 2 5 3 5 8 6 7 3 4 1 DOWN BY -25.0% Italy 22 14 19 18 24 37 17 17 13 20 7 UP BY. 5.0% Netherlands 22 30 29 40 45 48 61 44 43 39 14 UP BY. 7.7% Spain 10 9 21 17 24 16 13 13 8 19 3 DOWN BY -52.6% Finland 3 6 7 5 9 5 2 3 7 2 2 UP BY. 200.0% Norway 16 12 22 25 34 34 18 22 39 45 8 DOWN BY -46.7% Turkey 4 7 7 16 11 18 11 18 18 25 8 STEADY. -4.0% Poland 25 32 38 33 31 35 31 29 27 12 5 UP BY. 25.0% Ukraine 9 9 9 4 3 1 0 3 4 0 1 - Croatia 9 4 14 5 11 11 10 11 17 12 6 UP BY. 50.0% Other Europe 39 59 57 52 50 43 48 31 36 31 12 UP BY. 16.1% TOTAL EUROPE 244 282 326 301 333 322 273 252 280 265 80 DOWN BY -9.4% Brazil 8 7 7 2 3 0 2 1 1 7 3 UP BY. 28.6% USA 5 5 10 24 66 43 29 19 32 23 6 DOWN BY -21.7% Others 12 13 12 10 8 10 8 3 6 6 1 DOWN BY -50.0% TOTAL OTHERS 25 25 29 36 77 53 39 23 39 36 10 DOWN BY -16.7% GLOBAL TOTAL 716 854 947 1029 1141 1020 950 948 997 1051 346 STEADY. -1.2% *after a year indicates data are the latest year to date figures. Clarkson Research Studies Page 15