Weekly Market Report Sale & Purchase Newbuilding Secondhand Demoli on Chartering Week 20 Tuesday 24th May 2011

For any further queries please do not hesitate to contact our Research Department. The informa on contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such informa on to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the produc on of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the informa on and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior wri en authoriza on of Intermodal Shipbrokers Co. Intermodal Shipbrokers Co. 17th km Ethniki Odos Athens-Lamia & 3 Agrambelis Street, 145 64 N. Kifisia, Athens - Greece Tel: +30.210.6293300 Fax: +30.210.6293333 www.intermodal.gr Weekly Market Report Sale & Purchase Newbuilding Secondhand Demoli on Chartering Week 20 Tuesday 24th May 2011 Broker s insight by George Lazaridis Despite the ba ering the large crude oil carriers have received in the last couple of months, the smaller clean products tankers have been fairing considerably well in both the chartering and sale and purchase markets. On the chartering front, a number of global events such as the ongoing poli cal unrest in the Middle East and the Earthquake and Tsunami in, have helped create a significant posi ve influence on the market. Due to these events, the ton-mile demand has increased considerably as oil products are sourced from refineries located at further distances from their final consump- on. One only needs to consider the case of, were the shu ng down of some of its refining capacity caused an increase in imports sourced from loca- ons as far off as the Middle East and the Med. At the same me, demand for oil products has followed on a similar path if not be er to the one seen in the crude oil market. A significant growth in the number of fixtures concluded this year is the result of increased demand for refined products from developing countries which do not have enough refining capacity close to home. Unlike the large crude carriers however, the growth of the fleet has been sustained at more healthy levels over the past couple of years. Firstly thanks to a more moderate newbuilding ordering appe te, and secondly due to the notable volume of tonnage that has been heading for the scrap yards due to the strict single hull phase out regula ons. $/day 22,000 20,000 18,000 16,000 14,000 12,000 10,000 47k dwt product tanker 1yr TC rates Prices for 5yr old Newbuilding prices All this has brought about a new appe te for investment from owners, as this sector shows that it has considerable promise for the next couple of years. We have seen this materialize in both the secondhand and newbuilding markets were a much greater ac vity is observed compared to 2010. At the same me this extra momentum has led to a slow but gradual rise in asset prices, especially since the end of January this year. In that me span we have seen prices for a 5 year old MR tanker increase by 15%, while over the same period 1 year me charter rates for MR tankers have risen by 10%. Timing might be everything when it comes to shipping investment, however one can never predict what world events will influence the market in a posi- ve or nega ve way. What is considerably more important when it comes to the acquisi ons of such expensive assets is the long term trend and to that account the MR tanker market con nues to show promise. Most recent forecasts point to good growth levels in demand while at the same me the orderbook to fleet ra o has already dropped to way below the average seen amongst not only in the tanker sector but also in the shipping industry as a whole. 50 45 40 35 30 25 20 million $ Chartering (Wet: Stable- / Dry: Stable+ ) Dry bulkers were able to see things pick up slightly towards the end of the week thanks to a slight increase in demand in the Atlan c basin for all size segments. The BDI today (24/05/2011) closed at 1,398points, an increase of 29 points compared to Tuesday s (23/05/2011) closure, and up by 124 points compared to last Tuesday s levels (17/05/2011). Crude tankers remain at their lackluster levels despite the very good fixture volumes concluded these past months. The BDTI Monday (23/05/2011), was at 781, 52 points down and the BCTI at 772, a drop of 10 points compared to the previous Monday s levels (16/05/2011). Sale & Purchase (Wet: Stable- / Dry: Stable- ) The fairly quiet condi ons in the SnP market con nue, as most buyers seem to be holding a wait and see a tude in order to pick up bargain units when the me is right. On the Tankers side, the most notable deal reported this week was that of the Aframax tanker Dubai Legend (112,661dwt-blt 02 S.Korea) which reportedly went to Greek buyers Thenamaris for a price of $ 32.0m. While on the dry bulker of interest was the sale of the panamax Michele Bo glieri (75,413dwtblt 01 ) which was reportedly sold to Chinese buyers for a price of $ 26.0m basis freshly passed special survey and dry dock surveys. Newbuilding (Wet: Stable+ / Dry: Stable+ ) Although main interest remains in the Container sector for yet another week, were most of the highest deals have been concluded in the past couple of months, we have started to see some renewed interest the tanker and dry bulk segments, with main interest revolving around the MR sizes for tankers and panamax/kamsarmax size dry bulkers. South Korean yards con nue to receive the lion share of new orders up to now, with Chinese yards following closely behind, while ese shipbuilders have remained fairly absent from most of the reported ac vity. Worth men oning this week is the order placed by Greece s Technomar Shipping for two firm plus two op onal post-panamax (6,600teu) containers at South Korea s Hyundai Heavy Industries for delivery in 2013 and at a price of $ 72.5m each. Demoli on (Wet: Stable- / Dry: Stable- ) A further so ening in the market was seen this week as the number of demo candidates increased considerably, while demo buyers seemed to be in no rush to secure tonnage having plenty on their plate as it is. Although this so ening in prices is seasonal many owners were caught off guard, likely expec ng a lot firmer levels then what the market levels are right now. As most of the Indian sub con nent is expected to remain fairly inac ve in the next couple of weeks, we are likely to see a further downward pressure on prices brought about from the significant supply of vessels in the market. Nevertheless there is good indica on that steel prices will remain firm throughout this period and once the monsoon season is over, we should see prices on the rise once again. Prices have so ened, with wet tonnages at levels of around 465-525$/ldt, while prices for dry tonnage are in the region of 445-500$/ldt. Compiled by: Intermodal Research Department Mr George Lazaridis E-mail: research@intermodal.gr On behalf of: Intermodal Sale & Purchase and Newbuilding Departments E-mail: snp@intermodal.gr

Wet Market Dirty Clean Aframax Suezmax VLCC Vessel $/day Routes WS points Spot Rates Week 20 Week 19 2011 2010 $/day $/day ±% $/day $/day TC Rates WS points 265k AG-JAPAN 50 15,412 50 15,125 0% 24,110 41,620 280k AG-USG 37 3,021 38 3,956-1% 5,762 20,959 260k WAF-USG 58 26,802 55 23,525 5% 32,761 45,311 130k MED-MED 85 23,174 88 24,536-3% 31,460 36,316 130k WAF-USAC 80 14,781 85 16,112-6% 18,034 26,222 130k AG-CHINA 85 18,715 85 18,900 0% 18,407 26,910 80k AG-EAST 115 15,111 115 15,272 0% 13,745 15,716 80k MED-MED 105 16,103 88 7,787 20% 14,731 19,835 80k UKC-UKC 108 19,572 108 19,682 0% 19,255 24,225 70k CARIBS-USG 100 5,332 100 5,332 0% 10,637 17,047 75k AG-JAPAN 125 15,684 128 16,431-2% 10,800 14,544 55k AG-JAPAN 130 9,300 140 12,025-7% 8,498 10,784 37K UKC-USAC 160 9,412 213 18,695-25% 14,463 10,531 30K MED-MED 205 28,149 220 31,879-7% 23,174 19,933 55K UKC-USG 135 13,828 140 15,468-4% 15,156 16,419 55K MED-USG 135 12,286 140 13,528-4% 13,485 14,358 50k CARIBS-USAC 125 8,043 135 10,191-7% 15,008 14,117 Week 20 Week 19 ±% Diff 2011 2010 WS points WS points - 3 yrs - 'Bunga Kastouri Tiga' 2006 300k dwt - $ 32,000/day - chinese - 5/8 mos - 'Seavalour' 2007 47k dwt - $ 16,250/day - TMM 180 160 140 120 100 80 60 40 20 240 220 200 180 160 140 120 100 80 60 40 Indicative Period Charters TD3 TD5 TD8 TD4 TC2 TC4 TC6 TC1 DIRTY -WS RATES CLEAN -WS RATES VLCC Suezmax Aframax Panamax MR Handy size 300k 1yr TC 27,500 27,500 0.0% 0 29,800 38,288 300k 3yr TC 33,500 34,000-1.5% -500 34,650 38,671 150k 1yr TC 22,000 22,000 0.0% 0 22,150 28,712 150k 3yr TC 26,500 26,500 0.0% 0 25,825 27,642 105k 1yr TC 16,250 16,250 0.0% 0 16,800 19,014 105k 3yr TC 19,000 19,000 0.0% 0 19,250 20,282 70k 1yr TC 16,250 16,250 0.0% 0 15,500 16,865 70k 3yr TC 17,250 17,250 0.0% 0 16,963 17,700 45k 1yr TC 14,750 14,750 0.0% 0 13,650 13,423 45k 3yr TC 15,500 15,500 0.0% 0 14,663 14,388 36k 1yr TC 13,000 13,000 0.0% 0 12,450 11,808 36k 3yr TC 14,000 14,000 0.0% 0 13,325 12,008 Chartering Indicative Market Values ($ Million) - Tankers Vessel 5yrs old May-11 Apr-11 ±% 2011 2010 2009 VLCC 300KT DH 83.0 84.6-1.9% 85.7 87.2 84.3 Suezmax 150KT DH 59.0 59.0 0.0% 59.3 62.6 59.2 Aframax 105KT DH 41.0 40.5 1.2% 41.1 44.7 43.2 Panamax 70KT DH 36.0 36.0 0.0% 36.3 38.8 37.5 MR 45KT DH 29.3 28.5 2.8% 27.9 26.5 29.2 Sale & Purchase The VLCC market s ll remains fairly subdued, especially in the MEG region were rates remain at their rock bo om levels. The WAF saw a slight improvement this week thanks to some increased inquiry levels coupled with the fewer number of vessels open there. Overall we are s ll seeing a fari increase in the volume of fixtures concluded compared to last year, however, as long as there con nues to be such a firm supply of vessels in the market we cannot see any possibility for a recovery to more profitable freight levels. Despite a slight increase in rates midweek for Suezmaxes, freight levels were once again on the decline before the close of business Friday, closing with a week-on-week loss. The WAF market seemed to have suffered more than the Black Sea/Med, due to the significant number of open vessels coupled with the poor market sen ment spilling over from the VLCC s. An overall flat week for the Afras who did not see much ac vity. The excep- on was that of the Black Sea/Med region which saw a significant boost in demand pushing freight levels by as much as 20% higher then their previous week s closing levels. This is not likely to con nue for long however as we start more and more ballasters head towards there in order to benefit from the much be er market condi ons. Most notable deal reported this week was that of the Aframax tanker Dubai Legend (112,661dwt-blt 02 S.Korea) which reportedly went to Greek buyers Thenamaris for a price of $ 32.0m. Also of note was the charter with purchase op on by US listed Double Hull Tankers which took the VLCC tanker Venture Spirit (298,330dwt-blt 03 S.Korea) on me charter for 16 to 18 months at a rate of $ 27,000 per day including a con nues purchase op on at $ 65.0m for the first 6 months period, $ 66.0m for the second 6 months period and $ 67.0m for the final 6 months period. Intermodal Research 2 24/05/2011

Dry Market Capesize Panamax Supramax Handymax Handysize Baltic Indices Week 20 Week 19 2011 2010 20/05/2011 13/05/2011 Point ±% Diff Index $/day Index $/day Index Index BDI 1,349 1,306 3.3% 43 1,353 2,758 BCI 1,633 $7,754 1,494 $6,002 9.3% 139 1,575 3,480 BPI 1,666 $13,364 1,720 $13,797-3.1% -54 1,766 3,115 BSI 1,413 $14,770 1,392 $14,552 1.5% 21 1,389 2,148 BHSI 786 $11,662 788 $11,694-0.3% -2 747 1,124 Period $/day Week Week 20 19 ±% Diff 2011 2010 170K 6mnt TC 12,750 12,750 0% 0 15,813 36,483 170K 1yr TC 13,250 13,250 0% 0 17,063 33,167 170K 3yr TC 15,500 17,500-11% -2,000 19,275 29,153 70K 6mnt TC 17,250 17,250 0% 0 18,594 28,879 70K 1yr TC 15,625 15,625 0% 0 16,893 24,759 70K 3yr TC 15,125 15,250-1% -125 15,819 19,735 52K 6mnt TC 16,500 16,500 0% 0 16,544 24,569 52K 1yr TC 14,750 15,000-2% -250 15,306 21,047 52K 3yr TC 14,500 14,750-2% -250 14,850 17,502 45k 6mnt TC 14,500 14,500 0% 0 14,425 21,372 45k 1yr TC 13,500 13,500 0% 0 13,431 18,530 45k 3yr TC 13,250 13,250 0% 0 13,141 15,568 30K 6mnt TC 13,000 13,000 0% 0 12,494 16,908 30K 1yr TC 12,750 12,750 0% 0 12,475 15,862 30K 3yr TC 12,750 12,750 0% 0 12,400 14,143 Chartering Despite their slow start to the week, Capes were able to see some significant gains on Thursday and Friday which proved to be sufficient enough to boost to a significant week-on-week gain. Most of these gains were witnessed in the Atlan c basin were the oversupply issue was less evident these past weeks and we witnessed a significant increase in demand. The Pacific on the other hand remained under pressure with the only gains achieved a ributed to the improved sen ment amongst traders. Smilarly, the Panamax market started the week fairly quiet and with dropping freight levels. However by mid week things started to firm, mainly off the back of increase grain and coal cargoes from ECSA and USEC respec vely. All this lead to a much decreased tonnage list in the Atlan c basin helping increase freight levels slightly. The Pacific on the other hand, did not show much response to this improvement, remaining fairly quiet Throughout the week. All this lead to an overall loss in average fright levels compared to a week prior. Index $/day 6,000 5,000 4,000 3,000 2,000 1,000 0 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 Capesize Panamax Supramax Handysize Baltic Indices BCI BPI BSI BHSI BDI Average T/C Rates AVR 4TC BCI AVR 4TC BPI AVR 5TC BSI AVR 6TC BHSI Indicative Market Values ($ Million) - Bulk Carriers Vessel 5 yrs old Indicative Period Charters - 4/6 mos - 'Atlantic Breeze' 2004 76,267dwt - dely Xingang 5/15 Jun - $ 13,250/day - cnr - 4/6 mos - 'Emmanuel C' 2008 58,837dwt - dely F.East end May/early Jun - $ 14,500/day - EBC May-11 Apr-11 ±% 2011 2010 2009 170k 47.0 47.0 0.0% 48.7 57.4 49.0 73K 32.7 33.6-2.8% 34.9 39.0 30.3 52k 25.0 24.8 0.8% 27.2 30.2 26.1 29K 23.0 22.5 2.2% 24.3 26.2 21.1 Sale & Purchase Most noteworthy deal this week was the sale of the panamax Michele Bo glieri (75,413dwt-blt 01 ) which was reportedly sold to Chinese buyers for a price of $ 26.0m basis freshly passed special survey and dry dock surveys. Also worth men oning is the sale of the supramax Lepta Galaxy (52,378dwt-blt 02 ) which went to Greek buyers for a competa ve price of $ 23.0m. The Supras and Handies witnessed a more modest change in freight levels this week. The main driver seemed to be a much improving Atlan c basin thanks to a number of fresh inquiries from the USEC, Med and ECSA. This was less evident in the smaller Handies which witnessed mixed messages throughout the week leading to an almost zero change in rates. The Pacific remained fairly unchanged for both size segments with minimal change in both ac vity and tonnage availability. Intermodal Research 3 24/05/2011

Secondhand Sales Tankers Size Name Dwt Built Yard M/E SS due Hull Price Buyers Comments VLCC VENTURE SPIRIT 298,330 2003 UNIVERSAL, MAN-B&W Jun-13 DH $ 65.0m US (DHT) TC at $ 27,000/day for 16-18mos with P/opt AFRA DUBAI LEGEND 112,661 2002 SAMHO HI, S.Korea B&W Feb-12 DH $ 32.0m Greek (Thenamaris) CHEM VALERIE 19,819 2002 QINGSHAN, China B&W Dec-12 DH $ 14.0m undisclosed StSt CHEM SAMHO LEADER 17,589 2010 SAMHO HI, S.Korea MAN-B&W Jan-15 DH undisclosed CHEM SAMHO VALENCIA 17,567 2010 SAMHO HI, S.Korea MAN-B&W Jan-15 DH undisclosed Irish (Ardmore) Epoxy coated, vessels will trade in Navig8 pool Epoxy coated, vessels will trade in Navig8 pool PROD OCEAN SKY 6,744 1984 KOCHI JYUKO, B&W May-13 SH $ 4.0m UAE based Epoxy coated PROD SUN INVESTOR 6,575 1997 MURAKAMI, Mitsubishi May-12 DH $ 4.0m Far Eastern Zinc coated Gas/LPG/LNG Name Dwt Built Yard M/E SS due Cbm Price Buyers Comments CLEARSKY 96,100 2011 DAEWOO, S.Korea Wartsila 171,800 $ 240.0m CRYSTALSKY 96,100 2011 DAEWOO, S.Korea Wartsila 166,600 $ 240.0m BLUESKY 84,363 2006 DAEWOO, S.Korea Kawasaki Aug-11 142,988 $ 180.0m Swedish (Stena) LNG, Bluesky has 18mos TC Remaining To Gazprom at $ 43,000/day TRINITY ARROW 79,556 2008 KOYO MIHARA, Kawasaki Mar-13 152,655 undisclosed ese (Tokyo Electric Power) DIAMOND STAR 3,444 1991 POLI PELLESTRINA, Italy Wartsila 2,943 undisclosed undisclosed via auction in Gibraltar Intermodal Research 4 24/05/2011

Secondhand Sales Bulk Carriers Size Name Dwt Built Yard M/E SS due Gear Price Buyers Comments PMAX MICHELE BOTTIGLIERI 75,413 2001 HITACHI ZOSEN, MAN-B&W Mar-11 $ 26.0m Chinese SS/DD freshly passed PMAX TRIDENT PROTECTOR 66,916 1984 MITSUBISHI, Sulzer Dec-13 $ 6.8m Greek SMAX LEPTA GALAXY 52,378 2002 TSUNEISHI SHBLDG, B&W Jun-12 CR4x30T $ 23.0m Greeks HANDY MERIDA 31,217 1984 NKK CORP, Sulzer - CR4x20T $ 4.5m undisclosed as is' Vietnam,with certs expired HANDY CORAL 26,977 1980 NAIKAI, B&W May-13 CR4x20T, DR1x25T $ 3.6m Singaporean Containers Size Name Teu Built Yard M/E SS due Gear Price Buyers Comments SUB PMAX MATE 2,681 2004 GDYNIA, Poland B&W Apr-14 $ 33.0m undis clos ed on subs SUB PMAX TAICANG DRAGON 2,578 2008 XIAMEN, China Wartsila Aug-13 CR3x40T $ 32.0m (Seachang Maritime) HANDY CCNI MAGALLANES 1,728 1996 SZCZECINSKA, Poland Sulzer May-11 CR3x40T $ 12.8m European HANDY MERKUR 1,129 1996 GDYNIA, Poland B&W Jun-11 CR2X45T $ 10.0m undis clos ed HANDY HC MARIA 1,129 1996 GDYNIA, Poland B&W Aug-11 CR2X45T $ 10.0m HANDY JADE TRADER 1,131 1995 VOLKSWERFT, Germany Sulzer Dec-15 CR2X40T $ 10.0m undis clos ed Intermodal Research 5 24/05/2011

Demoli on Market $/ldt Wet Dry 600 550 500 450 400 350 300 250 Indicative Demolition Prices ($/ldt) Markets Week Week 20 19 ±% 2011 2010 2009 Bangladesh 525 525 0.0% 520 424 316 India 525 535-1.9% 507 428 292 Pakistan 510 520-1.9% 500 427 297 China 465 465 0.0% 462 384 258 Bangladesh 500 500 0.0% 494 378 269 India 500 505-1.0% 478 395 265 Pakistan 490 500-2.0% 471 389 266 China 445 445 0.0% 440 365 240 Wet Demolition Prices Bangladesh India Pakistan China A further so ening in the market was seen this week as the number of demo candidates increased considerably, while demo buyers seemed to be in no rush to secure tonnage having plenty on their plate as it is. Although this so ening in prices is seasonal many owners were caught off guard, likely expec ng a lot firmer levels then what the market levels are right now. As most of the Indian sub con nent is expected to remain fairly inac ve in the next couple of weeks, we are likely to see a further downward pressure on prices brought about from the significant supply of vessels in the market. Nevertheless there is good indica on that steel prices will remain firm throughout this period and once the monsoon season is over, we should see prices on the rise once again. Prices have so ened, with wet tonnages at levels of around 465-525$/ldt, while prices for dry tonnage are in the region of 445-500$/ldt. Most notable price paid this week was by Indian breakers for the bulker Eternal Sea (150,561dwt-23,847ldt-blt 84) which reportedly went for $ 555/Ldt basis delivery as is Mundra and including 1,800T of IFO bunkers remaining on board. Dry Demolition Prices $/ldt 600 550 500 450 400 350 300 250 Bangladesh India Pakistan China Demolition Sales Name Size Ldt Built Yard Type $/ldt Breakers Comments ALFRED N 260,826 34,493 1991 FINCANTIERI, Italy BULK $ 525/Ldt Bangladeshi MITSUI CHIBA, SEALINK MAJESTY 177,754 24,184 1982 BULK $ 455/Ldt Chinese JIA FU STAR 170,603 23,425 1985 HYUNDAI HI, S.Korea BULK $ 545/Ldt Indian incl 1,600T IFO bunkers ROB ETERNAL SEA 150,561 23,847 1984 CHINA SHIPBLDNG, 'as is' Mundra, incl 1,800T IFO BULK $ 555/Ldt Indian China bunkers ROB GLORY SHENZHEN 149,581 18,382 1984 KAWASAKI HI, S.Korea BULK $ 550/Ldt Indian incl 2,000T bunkers ROB ETERNAL STAR 81,783 16,518 1978 ITALCANTIERI. Italy BULK $ 530/Ldt Indian VENUS 62,023 10,445 1980 NKK CORP, BULK $ 518/Ldt Indian India - Bangladesh region BEKALANG 51,579 22,000 1973 L'ATLANTIQUE, France GAS $ 450/Ldt Chinese BELAIS 51,579 22,000 1974 L'ATLANTIQUE, France GAS $ 450/Ldt Chinese LEVANTES 27,540 5,794 1977 AUSTIN & P, UK BULK $ 463/Ldt Chinese CAP NAZEH 26,814 6,950 1980 TSUNEISHI, BULK $ 500/Ldt Bangladeshi HARRIETTE 25,952 6,102 1978 HITACHI ZOSEN, BULK $ 516/Ldt Bangladeshi EMERALD SEA 19,943 10,900 1984 VALMET OY, Finland GC $ 445/Ldt Indian 'as is' Capetown NICETEC 17,420 7,100 1985 WARNOWWERFT, Germany GC $ 518/Ldt Bangladeshi SKOGALAND 16,740 7,413 1977 HYUNDAI HI, S.Korea GC $ 470/Ldt Bangladeshi NASSER 3,250 2,385 1981 VISENTINI, Italy RORO $ 493/Ldt Indian Intermodal Research 6 24/05/2011

New Building Market Bulkers Tankers Gas Indicative Newbuilding Prices (million$) Vessel Week Week 20 19 ±% 2011 2010 2009 Capesize 170k 53.5 53.5 0.0% 54 58 67 Panamax 75k 33.0 33.0 0.0% 33 35 36 Supramax 57k 31.0 31.0 0.0% 30 31 34 Handysize 30k 24.6 24.6 0.0% 24 25 27 VLCC 300k 101.5 101.5 0.0% 101 103 121 Suezmax 150k 63.5 63.5 0.0% 63 66 70 Aframax 110k 53.5 53.5 0.0% 54 55 59 LR1 70k 43.5 43.5 0.0% 44 46 52 MR 47k 35.0 35.0 0.0% 35 36 40 LPG M3 80k 72.0 72.0 0.0% 71 72 81 LPG M3 52k 62.5 62.5 0.0% 62 65 73 LPG M3 23k 46.0 46.0 0.0% 44 46 49 Although main interest remains in the Container sector for yet another week, were most of the highest deals have been concluded in the past couple of months, we have started to see some renewed interest the tanker and dry bulk segments, with main interest revolving around the MR sizes for tankers and panamax/kamsarmax size dry bulkers. South Korean yards con nue to receive the lion share of new orders up to now, with Chinese yards following closely behind, while ese shipbuilders have remained fairly absent from most of the reported ac vity. Most notable deal reported this week was the order placed by Greece s Technomar Shipping for two firm plus two op onal post-panamax (6,600teu) containers at South Korea s Hyundai Heavy Industries for delivery in 2013 and at a price of $ 72.5m each. Tankers Newbuilding Prices (m$) Bulk Carriers Newbuilding Prices (m$) million $ 120 105 90 75 60 45 30 15 VLCC Suezmax Aframax LR1 MR million $ 80 70 60 50 40 30 20 Capesize Panamax Supramax Handysize Newbuilding Orders Units Type Size Yard Delivery Buyer Price Comments 1+1 Tanker 123,000 dwt Hyundai HI, S.Korea 07-2013 Norwegian (Knutsen NYK) undisclosed 5+3 Tanker 52,000 dwt Hyundai Mipo, S.Korea 2012-2013 Italian (Scorpio Tankers) $ 36.3m 1+1 Tanker 52,000 dwt Hyundai Mipo, S.Korea 2012-2013 Greek $ 37.0m 2+2 Tanker 51,000 dwt STX, S.Korea 2013 Greek (Thenamaris) $ 36.0m shuttle tanker, fixed on long term TC to Eni 1 Bulker 82,000 dwt Sungdong S.B., S.Korea 05/2012 Greek (Kyla Shpg) $ 35.5m 1+1 Bulker 81,500 dwt Jinhai HI, China 2012-2013 Singaporean (Wilmar Holdings) undisclosed 2+2 Bulker 75,750 dwt Jiangsu Rongsheng, China 2013 Greek (Golden Union) undisclosed 4 Bulker 47,500 dwt CIC (Jiangsu), China 2012-2013 China (Taihang Shpg) undisclosed 7 Bulker 40,000 dwt Nantong Mingde, China 2013 Canadian (Algoma) undisclosed 10 Container 8,000 teu CSBC, Taiwan 2013-2014 Taiwanese (Evergreen) $ 103.0m 2+2 Container 6,600 teu Hyundai HI, S.Korea 2013 Greek (Technomar) $ 72.5m 2 Container 1,700 teu Guangzhou Wenchong, Singaporean (Soo Fong 2013 China Shpg) $ 28.8m 1+1 Offshore 63,190 grt Hyundai HI, S.Korea 04/2014 U.S. (Diamond Offshore) $ 600.0m geared Intermodal Research 7 24/05/2011

Commodi es & Financial Market Currencies Stock Exchange Data Market Data 20-May-11 19-May-11 18-May-11 17-May-11 16-May-11 W-O-W Change % 10year US Bond 3.150 3.170 3.170 3.120 3.150-1.3% S&P 500 1,333.27 1,343.60 1,340.68 1,328.98 1,329.47-0.3% Nasdaq 2,803.32 2,823.31 2,815.00 2,783.21 2,782.31-0.9% Dow Jones 12,512.04 12,605.32 12,560.18 12,479.58 12,548.37-0.7% FTSE 100 5,948.49 5,955.99 5,923.49 5,861.00 5,923.69 0.4% FTSE All-Share UK 3,099.97 3,102.99 3,085.15 3,055.52 3,087.44 0.3% CAC40 3,990.85 4,027.74 3,978.00 3,941.58 3,989.82-0.7% Xetra Dax 7,266.82 7,358.23 7,303.53 7,256.65 7,387.54-1.8% Nikkei 9,607.08 9,620.82 9,662.08 9,567.02 9,558.30-0.4% Hang Seng 23,199.39 23,163.38 23,011.14 22,901.08 22,960.63-0.3% Dow Jones 223.31 223.00 221.62 216.92 220.37-0.3% / $ 1.42 1.43 1.42 1.42 1.41-0.3% / $ 1.62 1.62 1.62 1.62 1.62-0.2% / $ 0.88 0.88 0.88 0.87 0.87-0.1% $ / 81.67 81.90 81.15 81.64 80.85 1.1% $ / Au$ 1.07 1.07 1.06 1.06 1.06-0.3% $ / NoK 0.18 0.18 0.18 0.18 0.18 0.1% $ / SFr 0.88 0.88 0.88 0.89 0.89-1.2% Yuan / $ 6.49 6.50 6.50 6.51 6.51-0.1% Won / $ 1,082.79 1,086.44 1,087.76 1,094.26 1,091.85-0.4% $ INDEX 75.44 75.12 75.48 75.40 75.47-0.4% World Economy News British Airways, Air France-KLM (AF) Group and a dozen other carriers canceled more than 250 flights and U.S. President Barack Obama curtailed his visit to Ireland after ash from an Icelandic volcano drifted over the northern U.K. While limits on flying have since been loosened, ash densities after the eruption of the Grimsvotn volcano on May 21 are such that some areas of airspace have still been closed. (Bloomberg) 120 115 110 oil105 MDO 380cst 180cst 100 95 90 Basic Commodities Weekly Summary Oil WTI $ Oil Brent $ Gold $ Energy & Commodi es 1,505 1,500 1,495 1,490 gold Goldman Sachs has called a bottom to the correction in commodity markets, advising clients to buy oil, copper and zinc after a 9 per cent price fall since the start of May. Last month, the bank caused a stir when it recommended cutting exposure to commodity markets, arguing that oil prices had pushed ahead of where fundamentals currently suggest. (Financial Times) 1,485 1,480 1,475 Bunker Prices W-O-W 20-May-11 13-May-11 Change % Rotterdam 917.0 954.0-3.9% Houston 942.5 965.0-2.3% Singapore 930.0 960.0-3.1% Rotterdam 609.5 606.0 0.6% Houston 627.5 627.5 0.0% Singapore 629.5 627.5 0.3% Rotterdam 644.0 645.0-0.2% Houston 687.5 697.5-1.4% Singapore 657.5 662.5-0.8% Company Maritime Stock Data Stock W-O-W Curr. 20-May-11 13-May-11 Exchange Change % Max 20wk Min 20wk AEGEAN MARINE PETROL NTWK NYSE USD 8.85 8.71 1.6% 9.06 8.81 BALTIC TRADING NYSE USD 6.52 6.74-3.3% 6.68 6.30 BOX SHIPS INC NYSE USD 10.03 10.16-1.3% 10.20 10.01 CAPITAL PRODUCT PARTNERS LP NASDAQ USD 9.74 9.98-2.4% 10.05 9.74 COSTAMARE INC NYSE USD 17.17 17.25-0.5% 17.25 16.96 CRUDE CARRIERS NYSE USD 14.38 14.47-0.6% 14.69 14.20 DANAOS CORPORATION NYSE USD 6.72 7.20-6.7% 7.11 6.70 DIANA SHIPPING NYSE USD 11.40 11.31 0.8% 11.48 11.14 DRYSHIPS INC NASDAQ USD 3.82 4.40-13.2% 4.09 3.82 EAGLE BULK SHIPPING NASDAQ USD 2.61 3.11-16.1% 3.03 2.61 EUROSEAS LTD. NASDAQ USD 4.60 4.51 2.0% 4.67 4.58 EXCEL MARITIME CARRIERS NYSE USD 3.13 3.85-18.7% 3.60 3.13 FREESEAS INC NASDAQ USD 2.47 2.57-3.9% 2.54 2.45 GENCO SHIPPING NYSE USD 9.74 9.98-2.4% 10.05 9.74 GENERAL MARITIME CORP NYSE USD 7.20 7.83-8.0% 7.67 7.20 GLOBUS MARITIME LIMITED NASDAQ USD 8.99 8.95 0.4% 8.99 8.88 GOLDENPORT HOLDINGS INC LONDON GBX 109.00 110.00-0.9% 113.50 109.00 HELLENIC CARRIERS LIMITED LONDON GBX 64.00 63.93 0.1% 64.00 63.00 NAVIOS MARITIME ACQUISITIONS NYSE USD 3.86 3.83 0.8% 3.88 3.82 NAVIOS MARITIME HOLDINGS NYSE USD 5.10 5.41-5.7% 5.32 5.10 NAVIOS MARITIME PARTNERS LP NYSE USD 19.23 19.98-3.8% 20.02 18.98 NEWLEAD HOLDINGS LTD NASDAQ USD 2.24 2.24 0.0% 2.26 2.15 OCEANFREIGHT INC NASDAQ USD 0.41 0.47-12.8% 0.46 0.40 OMEGA NAVIGATION ENTERPRISES INC NASDAQ USD 0.81 0.82-1.2% 0.84 0.81 PARAGON SHIPPING INC. NYSE USD 2.89 3.06-5.6% 3.01 2.89 SAFE BULKERS INC NYSE USD 7.76 8.28-6.3% 8.17 7.70 SEANERGY MARITIME HOLDINGS CORP NASDAQ USD 0.42 0.50-16.0% 0.47 0.42 STAR BULK CARRIERS CORP NASDAQ USD 2.20 2.35-6.4% 2.30 2.20 STEALTHGAS INC NASDAQ USD 5.55 5.60-0.9% 5.59 5.48 TSAKOS ENERGY NAVIGATION NYSE USD 10.47 10.40 0.7% 10.47 10.33 TBS INTERNATIONAL NASDAQ USD 1.12 1.32-15.2% 1.31 1.12 Finance News Shipping must adjust its business model and prove its abilities to capital markets in order to access finance this century, Navios group chairman and chief executive Angeliki Frangou has said. We need to face facts we make our living in a cyclical industry that is affected, for good and bad, by global economic and other conditions, said Ms Frangou, addressing Informa s Greek Shipping and Ship Finance conference in Athens. Shipping companies needed to be genetically prepared to withstand change due to the cyclical nature of the business. But while risk appetite had returned to global markets, significant new investment in shipping was absent. In the boom of 2004 to 2008, many shipping companies made false assumptions that lofty markets would continue unabated and capital would continue to be abundant. Many companies failed to remember the volatility of our industry and failed to be good stewards of capital and failed to innovate when the markets required it, said Ms Frangou. (Lloyd s List) Intermodal Research 8 24/05/2011