WEEKLY SHIPPING MARKET REPORT

WEEKLY SHIPPING MARKET REPORT WEEK 37-12 TH September to 16 th September 2011 - Legal Disclamer The information contained herein has been obtained by various sources. Although every effort has been made to ensure that this information is accurate, complete and up to date, Shiptrade Services S.A. does not accept any responsibility whatsoever for any loss or damage occasioned or claimed, upon reliance on the information, opinions and analysis contained in this report. Researched and compiled by: Shiptrade Services SA, Market Research on behalf of the Sale & Purchase, Dry Cargo Chartering and Tanker Chartering Departments. For any questions please contact: market-research@shiptrade.gr Shiptrade Services SA Tel +30 210 4181814 snp@shiptrade.gr 1st Floor, 110/112 Notara Street Fax +30 210 4181142 chartering@shiptrade.gr 185 35 Piraeus, Greece www.shiptrade.gr tankerchartering@shiptrade.gr

Shipping, Commodities & Financial News Brazilian Raw-Sugar Premium Falls 38%, Swiss Sugar Brokers Says The premium buyers are prepared to pay for sugar from top global producer Brazil fell 38 percent last week as supplies of the sweetener in the country improved, according to Swiss Sugar Brokers. Raw sugar for loading this month at Santos, the country s largest port, was at a premium of 0.5 cent a pound to the October contract on ICE Futures U.S. in New York, the brokerage said in a report dated yesterday. The premium was 0.8 cent on Sept. 13, it said in a report that day. Suddenly it seems there is more sugar coming out of Brazil, Naim Beydoun, a broker at the Rolle, Switzerland-based company, said by phone today. The crop remains bad, but more cane has been converted into sugar. The sugar-cane crop in Center South, Brazil s main producing region, will fall for the first time in a decade to 510.2 million metric tons, according to industry group Unica. Cane is used to make ethanol in the country as well as sugar. Traders who were unwilling to unleash some of their longs until they have a clear view on the Center South final output are now hoping not to have missed the opportunities of last week s premiums, Beydoun said in the report. Premiums also slid on weak demand, he said. Prices were too high, Beydoun said by phone. Demand got pushed forward. Fewer Ships While sugar supply isn t abundant, neither is demand, he said. As many as 32 vessels were waiting at Santos and the ports of Recife and Paranagua to load 905,648 tons of sugar on Sept. 14, down from 63 ships and 1.94 million tons a week earlier, according to data from Williams Servicos Maritimos Ltda. If Brazil would catch up with a better final output, this sugar might be the start of the kick in surplus for next year, he said in the report. Brazil s season usually starts in April. Sugar supplies will outpace demand by 4.2 million tons in the season starting in October, the London-based International Sugar Organization estimates. Raw sugar for March delivery rose 0.11 cent, or 0.4 percent, to 26.42 cents a pound by 7 a.m. on ICE Futures U.S. in New York. Prices plunged 6.6 percent, the most since April, on Sept. 16. (Bloomberg) Libyan Council Prepares for Government Libya s National Transitional Council prepared to form a government to replace Muammar Qaddafi s leadership as fighters battled to oust loyalists from Bani Walid and his hometown of Sirte. Sirte may fall in two or three days, according to the former rebels military council in Misrata. At least 44 fighters have been killed and 213 wounded in the area since Sept. 15, according to the council, which has been leading the assault. NTC-allied forces have struggled to overrun the mountain town of Bani Walid, 140 kilometers (90 miles) south of Tripoli, the capital. Loyalists have been shooting at residents of Bani Walid who attempt to revolt, Ahmed Bani, a military spokesman for the NTC, said yesterday at a news conference in the capital. Anti-Qaddafi units deployed around the town after talks for a peaceful surrender collapsed on Sept. 4. Members of the NTC are in talks to form a Cabinet, interim Prime Minister Mahmoud Jibril told reporters on Sept. 18. Since moving to Tripoli from its eastern base in Benghazi, where the uprising began in February, the council has been working to establish its authority over different factions that rebelled against Qaddafi, including the opposition council in Misrata, which was the main rebel stronghold in western Libya during the seven-month conflict. U.S. Embassy Reopens The U.S. will reopen its embassy in Tripoli this week, President Barack Obama said today after meeting with NTC Chairman Mustafa Abdel Jalil. Our ambassador is on his way back to Tripoli, and this week, the American flag that was lowered before our embassy was attacked will be raised again, over a reopened American Embassy, Obama said in New York at a meeting of nations that supported the North Atlantic Treaty Organization-backed campaign in Libya. This is how the international community should work in the 21st century -- more nations bearing the responsibility and costs of meeting global challenges, said Obama, who is in New York for a meeting of the UN General Assembly. In fact, this is the very purpose of this United Nations. The NTC has establishing diplomatic and commercial ties abroad, hosting the leaders of the U.K., France and Turkey in the past week in Tripoli. The African Union today became the latest body to recognize the council as the representative of the Libyan people, according to a statement on the website of the South African president s office. Companies Return Several foreign companies including BP Plc and Total SA (FP) have said they are also preparing to return to Libya. Qatar National Bank Group said today in an e-mailed statement that it is reopening its representative office in the North African nation, six months after its closure due to the conflict. PT Medco Energi Internasional, an Indonesian energy company, also plans to resume operation of its Area 47 oil block next month, Director Lukman Mahfoedz said in Jakarta today. Three of the five oil refineries in Libya, holder of Africa s largest crude reserves, have restarted operations, according to local officials. The Tobruk, Sarir and Zawiya facilities are producing a total of about 60,000 barrels a day. Libya s five plants have a total production capacity of 378,000 barrels of crude a day, according to the International Energy Agency. (Bloomberg) 1

Dry Bulk - Chartering In Brief: Market continued the upward movement but mid-week it declined, driven by the sharp drop of the Capesize. All in all, BDI lost 62 points, BCI lost 262 points, BPI gained 51 points, BSI gained 38 points, and BHSI lost 8 point. Capes: Week began in a positive tone, but on Friday rates declined steeply. Atlantic market began strongly, until Thursday when we noticed a downfall. Charterers appeared not being in rush, and Owners with prompt tonnage had to lower their ideas. At week s closing fixtures reported at USD 23.000 per day Transatlantic round, while on the Front haul trade rates remained at the same levels, i.e. USD 45.000 per day. On the cargoes ex ECSA, rates were fluctuating between USD 27.80pmt - 29.75pmt basis Tubarao/Qingdao. In the Pacific region, activity remained at high levels with iron ore majors covering about 15-20 vessels, but rates slightly declined. At week s closing, rates for pacific round voyage concluded at USD 24.000 per day, just USD 1.000per day since last week. On the Australia/China trade, levels were fluctuating between USD 10.50pmt 11.80pmt. Panamax: Week began with mixed feelings, as rates in the Atlantic were increasing but Pacific slightly declined. In the Atlantic region things picked up as many new cargoes emerged into the market, combined with an increase of Front haul cargoes ex USG, which eventually pushed both rated for Transatlantic round and Front haul levels to increase. At week s closing, rates for Transatlantic round concluded at USD 13.400 per day. On the Front haul trade rates declined for cargoes ex ECSA, but USG remains strong. Fixtures reported at USD 25.500 per day + 550.000 ballast bonus on a BPI type vessel for a trip to F.East. Market in the Pacific region remained more or less the same, or slightly declined. There was not much volume of cargo, and we could see more and more vessels opening up. At week s closing, rates for Pacific round concluded around USD 13.800per day, while rates for trips Ex NOPAC slided around USD 13.500 per day basis N.china/Japan range (M/V POS Glory 76508/05 ). Supramax: Activity remained good and rates moved upwards across both basins. In the Atlantic basin, rates improved with USG region keeping the league. Rates ex USG for trip to continent reported at USD high 20 s per day, while for trip East Mediterranean rates concluded at USD upper 20 s per day. There was an increase on the enquiries for trips to F.East, with fixtures reported ex USG at USD 32.500 per day (M/V K.Opal 55800/06 ), and levels for trip ex Med/Bl.Sea to F.East via Aden close to USD 30.000per day. In the pacific region, activity remained at good levels. Many enquiries were coming out from NOPAC to direction China, or Indonesia to direction India. At week s closing, some fixtures reported for trips via NOPAC at levels around USD 13.000 per day. For positions opening S.China/S.E.Asia willing to go to India, levels concluded around USD 17.000 per day. Handysize: Physical market followed the same trend. In the Atlantic region we noticed an increase at cargoes ex Continent to any direction, including Mediterranean, ECSA, and F.East. Rates for trips ex Continent to ECSA/USG were at USD 5.000per day, while rates for trip to East Mediterranean were at USD 15.000 per day. Those who could consider G.O.A transit, rates for trip ex Continent/Med/Bl.sea were close to USD 17.000per day with the usual cargoes being fertilizers and steels. ECSA lost its steam with not many enquiries on the market to cover the available tonnage. In the Pacific basin, Indonesia was a bit quiet but was replaced by parcels steels, pet coke and fertilizers to India/Bangladesh or S.E Asia. Rates for trip via Indonesia to China were at USD 12.000per day for positions open S.China/S.E.Asia. Vessels opening N.China/Korea/Japan range were more keen to load coal ex CIS, or steels to S.E.Asia direction. 2

Dry Bulk - Chartering Baltic Indices Dry Market (*Friday s closing values) Index Week 37 Week 36 Change (%) BDI 1814 1838-1,31 BCI 3008 3185-5,56 BPI 1746 1685 3,62 BSI 1446 1401 3,21 BHSI 677 683-0,88 T/C Rates (1 yr - $/day) Type Size Week 37 Week 36 Change (%) Capesize 160 / 175,000 16500 17000-2,94 Panamax 72 / 76,000 13500 13500 0,00 Supramax 52 / 57,000 13700 13750-0,36 Handysize 30 / 35,000 12000 12200-1,64 Average Spot Rates Type Size Route Week 37 Week 36 Change % Capesize 160 / 175,000 Panamax 72 / 76,000 Supramax 52 / 57,000 Handysize 30 / 35,000 Far East ATL 4500 6500-30,77 Cont/Med Far East 45000 45000 0,00 Pacific RV 24000 25000-4,00 TransAtlantic RV 25000 26000-3,85 Far East ATL 5300 5000 6,00 ATL / Far East 22400 22000 1,82 Pacific RV 13800 13800 0,00 TransAtlantic RV 13400 14000-4,29 Far East ATL 8500 8200 3,66 ATL / Far East 20000 21000-4,76 Pacific RV 13000 12700 2,36 TransAtlantic RV 15000 16000-6,25 Far East ATL 5700 5800-1,72 ATL / Far East 17200 17000 1,18 Pacific RV 9300 9200 1,09 TransAtlantic RV 11800 11000 7,27 3

Dry Bulk - Chartering ANNUAL JUNE 2011 SEPTEMBER 2011 4

Dry Bulk - Chartering Capesize Routes Atlantic 2010 / 11 $60.000,00 $50.000,00 $40.000,00 $30.000,00 $20.000,00 $10.000,00 C2 TUB / ROT C4 RBAY / ROT C7 BOL / ROT C8 T/A RV AVG ALL TC $0,00 Capesize Routes Pacific 2010 / 11 $80.000,00 $70.000,00 $60.000,00 $50.000,00 $40.000,00 $30.000,00 $20.000,00 C3 TUB / PRC C5 W AUST / PRC C9 CONT / FE C10 FE R/V $10.000,00 $0,00 Panamax Routes Atlantic 2010 / 11 $40.000,00 $35.000,00 $30.000,00 $25.000,00 $20.000,00 $15.000,00 $10.000,00 P1A T/A RV P2A CONT/FE $5.000,00 $0,00 5

Dry Bulk - Chartering Panamax Routes Pacific 2010 /11 $30.000,00 $25.000,00 P3A FE R/V $20.000,00 $15.000,00 $10.000,00 P4 FE/CON AVG ALL TC $5.000,00 $0,00 Supramax Routes Atlantic 2010 /11 $40.000,00 $35.000,00 $30.000,00 $25.000,00 $20.000,00 $15.000,00 $10.000,00 $5.000,00 $0,00 1 4 7 10 Supramax Routes Pacific 2010 / 11 $35.000,00 $30.000,00 $25.000,00 $20.000,00 $15.000,00 $10.000,00 $5.000,00 13 16 19 22 25 28 31 34 37 40 43 46 49 52 S1A CON / FE S1B BSEA / FE S4A USG / CONT S4B CONT / USG S5 WAFR / FE S2 FE R/V S3 FE / CON S6 FE / INDI S7 ECI / CHI AVG ALL TC $0,00 6

Tanker - Chartering In Brief: The struggle continues for Europe to contain its debt crisis with the rest of the world concerned more than ever about the ripple effect. Last week the Eurogroup excluded the possibility of any tax cuts or extra spending to boost the European economy even though it is expected to grow only slightly. US economic data was not any better as housing starts hit record low in three months while today the IMF cut its forecast for global economic growth. VLCC: Supply/demand ratio changed for the worse in the Middle East Gulf and the large number of available vessels expected to spillover to October doesn t leave room for much optimism. In West Africa demand was stronger than last week, leading to a small upward tick in rates. Suezmax: A good week for Suezmax owners as both the Black Sea and West African markets performed well. Particularly, in the Black Sea rates soared as strong activity cleared a big part of the tonnage list, putting some upward pressure in the Atlantic as well. Aframax: Overall, the Aframax market had its good and bad moments during the week, but rates didn t change dramatically. In the Mediterranean things were a bit quiet, causing rates to lose a couple of worldscale points. Rates also slipped in the Middle East Gulf. Although demand improved slightly, there were more than enough available units to push rates further down. The long tonnage list prevented any rise in the Caribbean, while in the North Sea activity picked up and rates turned upward. Products: There was a drop in demand for clean cargo movements AG/Japan. LR1s lost more than ten worldscale points while LR2s slid a bit more in the low 120 s. The latter, however, are expected to pose more resistance as there are now fewer vessels available. MRs in the North Sea gained a few worldscale points on the back of thinning tonnage, whereas in the Caribbean rates dropped due to weak demand. For yet another week, not much has changed in the Panamax market where supply and demand are expected to maintain current levels in the short term. Baltic Indices Wet Market (*Friday s closing values) Index Week 37 Week 36 Change (%) BCTI 646 659-1,97 BDTI 681 672 1,34 T/C Rates (1 yr - $/day) Type Size Week 37 Week 36 Change (%) VLCC 300.000 20250 20250 0,00 Suezmax 150.000 16500 16500 0,00 Aframax 105.000 14500 14500 0,00 Panamax 70.000 14750 14750 0,00 MR 47.000 14000 14000 0,00 7

Tanker - Chartering Crude Tanker Average Spot Rates Type Size (Dwt) Route Week 37 WS Week 36 WS Change % 280,000 AG USG 34 34 0,00 VLCC 260,000 W.AFR USG 47 46 2,17 260,000 AG East / Japan 44 45.5-3,30 Suezmax 135,000 B.Sea Med 85 70 21,43 130,000 WAF USAC 69 64 7,81 80,000 Med Med 85 88-3,41 Aframax 80,000 N. Sea UKC 97.5 95 2,63 80,000 AG East 97.5 100-2,50 70,000 Caribs USG 90 90 0,00 Product Tanker Average Spot Rates Type Size (Dwt) Route Week 37 WS Week 36 WS Change % 75,000 AG Japan 121 125-3,20 Clean 55,000 AG Japan 132.5 145-8,62 38,000 Caribs USAC 131 137-4,38 37,000 Cont TA 132.5 128 3,52 Dirty 55,000 Cont TA 115 115 0,00 50,000 Caribs USAC 125 127.5-1,96 8

Tanker - Chartering VLCC Trading Routes 2010 / 11 90 80 70 60 50 40 30 20 10 AG - USG WAFR - USG AG EAST JAPAN 0 Suezmax Trading Routes 2010 / 11 160 140 120 100 80 60 40 B. SEA - MED WAF - USAC 20 0 Aframax Trading Routes 2010 / 11 200 180 160 140 120 100 80 60 40 MED - MED N.SEA - UKC AG - EAST CARIBS USG 20 0 9

Tanker - Chartering Clean Trading Routes 2010 / 11 300 250 AG - JAPAN (75,000) 200 150 100 AG - JAPAN (55,000) CARIBS - USAC (38,000) 50 CONT - TA (37,000) 0 Dirty Trading Routes 2010 / 11 250 200 150 CONT - TA (55,000) 100 CARIBS - USAC (50,000) 50 0 10

Sale & Purchase Activity picking up.. Highlights of the weeks are: Capesize Begonia was reported sold for USD 36 million to Chinese buyers while another Sanko owned capesize resale has been reported sold for USD 48.5 million to undisclosed buyers. The 2007 built Kamsarmax Triton Osprey has been reported sold to Mykonos shipping of Greece for USD 28.5 million. On the tanker sector three VLCC s built early 90ies have been reported sold en bloc to Petrobras for USD 72.7 mill. Purchase Interest for handies and handymaxes built mid 80ies has increased from the far east. European buyers continue to look for modern and 90ies built tonnage of all sizes in the dry sector, while modern MR, LR1, Aframax tankers are of continued interest in the wet sector. NEWBUILDNGS In the newbuldings market, we have seen 20 vessels reported to have been contracted. 10 Bulk Carriers (Handysize and Capesizes) 6 Tankers (19.800 dwt) 4 General Cargo (13.000 dwt and 26.000 dwt) DEMOLITION The Bangladeshi market remained inactive this week with cash buyers waiting for the extension of 12th October. Indian market was offering firm prices and Pakistan acquired two high profile tonnages. Chinese remained stable for one more week. 11

Sale & Purchase Indicative Market Values ( 5 yrs old / Mill $ ) Bulk Carriers Week 37 Week 36 Change % Capesize 40 40 - Panamax 27 27 - Supramax 26 26 - Handysize 21 21 - Tankers VLCC 80 80 - Suezmax 54 54 - Aframax 41 41 - Panamax 34 34 - MR 26 26 - Weekly Purchase Enquiries 350 300 250 200 150 100 50 SHIPTRADE P/E WEEKLY INDEX Series1 Series2 Series3 Series4 Series5 Series6 Series7 0 28/12-3/12011 4/1-10/1/2011 11/1-17/1/2011 18/1-24/1/2011 25-31/1/2011 1-7/2/2010 8-14/2/2011 15-21/2/2011 22-28/2/2011 01-07/3/2011 08-14/3/2011 15-21/03/2011 22-28/03/2011 29/03-4/4/2011 5/4/-11/4/2011 12-18/4/2011 19-25/4/2011 26/4-2/5/2011 3-9/5/2011 10-16/5/2011 17-23/5/2011 24-30/5/2011 31/5-6/6/2011 7-13/6/2011 14-20/6/2011 21-27/6/2011 28/6-4/7/2011 5-11/7/2011 12-18/7/2011 19-25/7/2011 26/7-1/8/2011 2-8/8/2011 9-15/8/2011 16-21/8/2011 22-29/8/2011 30/8-05/9/2011 06-12/9/2011 13-19/9/2011 12

Sale & Purchase Reported Second-hand Sales Bulk Carriers Name Dwt DoB Yard SS Engine Gear Price Buyer Begonia 180.265 2005 Imabari, JPN 01/2015 B&W - 36 mill Chinese Sanko Partner 180.200 2011, JPN - B&W - 48.5 mill Undisclosed Triton Osprey 81.448 2007 Universal, JPN 11/2012 B&W - 28.5 mill Mykonos Shipping Young Spring 53.023 2002 Oshima, JPN 07/2012 B&W 4 X 30 T 22.5 mill Indonesian Poseidon V 41.373 1984 Nipponkai, JPN 01/2014 B&W 5 X 25 T 5.5 Indonesian Shandong Huaihai P1001 37.000 2011 Shandong, CHN - MIT 4 X 30 T 23.6 mill Oldendorff Aladdin Rainbow 32.260 1999 Setouchi, JPN 03/2014 MIT 4 X 30 T 16 mill Greek Tankers Name Dwt DoB Yard SS Engine Hull Price Buyer Titan Aries 302.493 1993 Daewoo, KR 09/2015 Sulzer DH Ticen Ocean 284.497 1991 Hyundai, KR 12/2014 B&W SH Titan Orion 284.480 1992 Hyundai, KR 10/2014 B&W SH 72.7 mill En Bloc Petrobras High Century 48.676 2006 Iwagi, JPN 07/2016 B&W DH 28 mill Thailand Tula 40.584 1997 3 Maj, CRO 01/2012 Sulzer DH 10.5 mill Timashevsk 40.557 1996 3 Maj, CRO 10/2011 Sulzer DH Each En bloc Rmeil 6.174 2010 Rongcheng, CHN 03/2015 Himsen DH Brixham 5.500 2009 Rongcheng, CHN 07/2014 Himsen DH Mumbai 5.500 2009 Rongcheng, CHN 11/2014 Himsen DH Kiel 5.500 2010 Rongcheng, CHN 01/2015 Himsen DH 6 mil Each Enbloc Champion UK Based Harlington 5.500 2009 Rongcheng, CHN 09/2014 Himsen DH Containers Name TEU DoB Yard SS Engine Gear Price Buyer Torge S 2.483 2003 Naikai, JPN 8/2012 B&W 3 X 40 T 24 mill Greek OOCL Britain 5.344 1996 Mitsubishi, JPN 03/2016 Sulzer - 32 million OOCL Japan 5.344 1996 Mitsubishi, JPN 02/2016 Sulzer - OOCL Netherlands 5.390 1996 Mitsubishi, JPN 10/2012 Sulzer - OOCL Singapore 5.390 1996 Mitsubishi, JPN 08/2012 Sulzer - Each, En bloc (Including 4 yrs TC Back @ USD 27,800 pd Technomar MPP / Tweens Name Dwt DoB Yard SS Engine Gear Price Buyer Hal Admiralty 8.160 1996 Mawei, CHN 12/2011 B&W 2 X 40 T 7 mill Indonesian 13

April-08 August-08 April-09 August-09 April-10 August-10 April-11 April-08 August-08 April-09 August-09 April-10 August-10 December- December- December- December- December- December- April-11 Newbuildings Newbuilding Orders No Type Dwt / Unit Yard Delivery Owner Price 2 + 4 BC 205.000 Qingdao 2013 Norwegian 60 mill 2 BC 190.000 HHI 2014 Fednav - 2 BC 35.000 Chengxi 2013 CSL - 6 Tanker 19.800 Kitanihon 2013/2014 Zodiac Rgn 35 mill (ST.ST.) 2 General Cargo 26.000 Hyundai Mipo 2014 National Shipping Co of Saudi Arabia - 2 General Cargo 13.000 Shandong 2013 NS United Kaiun Kaisha - Newbuilding Prices (Mill $) Japanese/ S. Korean Yards Newbuilding Resale Prices Bulk Carriers Capesize 50 51 Panamax 34 37 Supramax 31 34 Handysize 24 26 Tankers VLCC 98 100 Suezmax 65 66 Aframax 47 48 Panamax 45 46 MR 34 36 Newbuilding Resale Prices Bulk Carriers (2008 Today) Tankers (2008 Today) $180,00 $160,00 $140,00 $120,00 $100,00 $80,00 $60,00 $40,00 $20,00 $0,00 CAPESIZE PANAMAX SUPRAMAX HANDYSIZE $250,00 $200,00 $150,00 $100,00 $50,00 $0,00 VLCC SUEZMAX AFRAMAX LR 1 MR 14

$ / Ldt $ / Ldt Demolitions Demolition Sales Vessel Type Built Dwt Ldt Buyer Country Price Estrecho De Magallanes Tanker 1991 68.000 15.991 India 445 / LDT (as is Quintero Chile) Salema S BC 1981 25.826 6.324 India 529/ LDT Tarpon Clipper Tween 1979 23.220 8.139 India Undisclosed V Australia BC 1984 166.058 27.124 India 515/ LDT (as is Singapore) Iron Monger Tanker 1990 98.624 16.125 Pakistan 546/ LDT Skipjack Tanker 1988 83.962 14.898 Pakistan 542 / LDT (as is Fujairah with 400 Tons IFO ROB) Sunhill Tanker 1986 38.653 10.172 China 465/ LDT Win Express BC 1977 27.606 6.049 China 445/ LDT Demolition Prices ($ / Ldt) Bangladesh China India Pakistan Dry 510 455 515 485 Wet 535 465 540 515 Demolition Prices Bulk Carriers (2008 Today) Tankers (2008 Today) 800 800 700 600 Bangladesh 700 600 Bangladesh 500 400 300 China India 500 400 300 China India 200 100 Pakistan 200 100 Pakistan 0 0 April 08 Aug 08 Dec 08 April 09 Aug 09 Dec 09 Apr 10 Aug 10 Dec 10 April 11 April 08 Aug 08 Dec 08 April 09 Aug 09 Dec 09 Apr 10 Aug 10 Dec 10 April 11 15

Financial Market Data Shipping Stocks Dry Bulk Company Stock Exchange Week 37 Week 36 Change % Baltic Trading Ltd (BALT) NYSE 5,27 5,03 4,47 Crude Carriers Corp (CRU) NYSE 9,48 9,24 2,60 Diana Shipping Inc (DSX) NASDAQ 8,75 8,55 2,34 Dryships Inc (DRYS) NASDAQ 3,13 2,91 7,56 Euroseas Ltd (ESEA) NASDAQ 3,37 3,59-6,13 Excel Maritime Carriers (EXM) NYSE 2,48 1,88 31,91 Eagle Bulk Shipping Inc (EGLE) NASDAQ 2,07 1,81 14,36 Freeseas Inc (FREE) NASDAQ 1,04 1,15-9,57 Genco Shipping (GNK) NYSE 7,86 7,80 0,77 Navios Maritime (NM) NYSE 3,69 3,46 6,65 Navios Maritime PTN (NMM) NYSE 14,49 14,15 2,40 Paragon Shipping Inc (PRGN) NASDAQ 1,26 1,25 0,80 Star Bulk Carriers Corp (SBLK) NASDAQ 1,42 1,32 7,58 Seanergy Maritime Holdings Corp (SHIP) NASDAQ 4,35 4,21 3,33 Safe Bulkers Inc (SB) NYSE 6,74 6,74 0,00 Golden Ocean Oslo Bors (NOK) 4,45 4,29 3,73 Tankers Capital Product Partners LP (CPLP) NASDAQ 6,50 6,35 2,36 General Maritime (GMR) NYSE 0,32 0,35-8,57 Omega Navigation Enterprises (ONAV) NASDAQ 0,29 0,28 3,57 TOP Ships Inc (TOPS) NASDAQ 1,53 1,70-10,00 Tsakos Energy Navigation (TNP) NYSE 6,08 5,81 4,65 Other Aegean Maritime Petrol (ANW) NYSE 5,65 5,38 5,02 Danaos Corporation (DAC) NYSE 3,78 3,65 3,56 StealthGas Inc (GASS) NASDAQ 4,19 4,19 0,00 Rio Tinto (RTP) NYSE 57,60 59,40-3,03 Vale (VALE) NYSE 27,14 26,68 1,72 ADM Archer Daniels Midland (ADM) NYSE 28,62 27,11 5,57 BHP Billiton (BHP) NYSE 78,86 77,17 2,19 Commodities Commodity Week 37 Week 36 Change (%) Brent Crude (BZ) 110 112-1,79 Natural Gas (NG) 3,83 3,93-2,54 Gold (GC) 1792 1830-2,08 Copper (LME) 3,81 3,92-2,81 Wheat (W) 314 325-3,38 16

Financial Market Data / Bunker Prices / Port Congestion Currencies Week 37 Week 36 Change (%) EUR / USD 1,37 1,36 0,74 USD / JPY 76,77 77,55-1,01 USD / KRW 1112 1077 3,25 USD / NOK 5,56 5,53 0,54 Bunker Prices IFO 380 IFO 180 MGO Piraeus 638 668 949 Fujairah 655 680 1050 Singapore 645 655 918 Rotterdam 637 657 940 Houston 635 670 955 Port Congestion* Port No of Vessels China Rizhao 20 Lianyungang 30 Qingdao 36 Zhanjiang 16 Yantai 16 India Chennai 6 Haldia 8 New Mangalore 4 Kakinada 5 Krishnapatnam 3 Mormugao 10 Kandla 3 Mundra 8 Paradip 6 Vizag 26 South America River Plate 264 Paranagua 67 Praia Mole 16 * The information above exhibits the number of vessels, of various types and sizes, that are at berth, awaiting anchorage, at anchorage, working, loading or expected to arrive in various ports of China, India and South America during week 37 of year 2011. 17