WEEKLY SHIPPING

MARKET REPORT WEEK 35

- 27th August – to 3rd September 2012 -

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

1

Brazilian Raw Sugar Discount Widens on Slowdown in Global Demand

Buyers of raw sugar from Brazil, the world’s largest producer, are getting a bigger discount for the sweetener as demand slows, according to Swiss Sugar Brokers. Raw sugar for loading this month at the port of Santos, the country’s biggest, was at a discount of 0.2 cent a pound to the price of the October contract on ICE Futures U.S. in New York, the Rolle, Switzerland-based broker said in a report e-mailed Sept. 1. That compares with a discount of 0.1 cent on Aug. 26. “The physical values have been eroding with the time span,” Naim Beydoun, a broker at the company, wrote in the report. “The market is still not fully convinced that there is enough demand.” Sugar cane processing in Brazil’s center south, the main growing region, jumped 14 percent to 44.2 million metric tons in the first half of August, helped by dry weather, according to industry group Unica. Harvesting will accelerate with dry weather forecast for the next three weeks, said Celso Oliveira, a weather forecaster at Sao Paulo-based Somar Meteorologia. In Thailand, the world’s second-biggest shipper, raw sugar from the new season that starts in November was offered at a premium, Swiss Sugar Brokers data showed. The raw sweetener for loading from Jan. 15 to Feb. 15 was at a premium of 0.8 cent a pound to the price of the March contract on ICE, unchanged from last week. Sugar futures fell 13 percent last month to 19.78 cents a pound as a forecast surplus became available to the market, with the harvest accelerating in Brazil. Option bets on a “counter- trend rally” next year provided some of the support to futures prices, broker and researcher Kingsman SA said in a report e- mailed today. “The market looks confined to a range of 19.5 cents a pound to 20.5 cents a pound,” Beydoun said. (Bloomberg)

Germany's 2012 grains likely to rise by 6.7 percent

Germany's 2012 crop of all types of grain is likely to rise by 6.7 percent on the year to around 44.7 million tonnes, the agriculture ministry said, welcoming the forecast as a counter to tight world supply and high prices. German grain prices are about 25 percent higher than this time in 2011 because of the rise in international prices caused by the drought in the US Midwest, the ministry said. US corn and soybean prices hit record highs this summer as scorching temperatures and a relentless drought ravaged crops in the US Wheat has also surged with the Black Sea drought and poor rains in Australia adding to supply worries. The ministry also said in its provisional 2012 crop forecast Germany is likely to harvest 22.5 million tonnes of wheat, down 1.5 percent on the year. The wheat harvest forecast compares with 22.8 million tonnes estimated by Germany's leading grain trading house Toepfer International, 21 million tonnes estimated by the German farmers' association and 22.3 million tonnes forecast by the agricultural co-operatives association. Germany's grain harvest has been completed except for a few very minor areas, the ministry said in its first harvest report. German wheat plants suffered from an exceptionally cold winter which damaged about 12 percent of the planted area of winter wheat, the ministry said. Much wheat was then replanted as spring grains. The good development of spring grains helped raise the overall crop total despite the drop in the crop of winter wheat, the key bread grain, the ministry said. The harvest start was delayed by repeated rain this summer. But dryer weather in past weeks has enabled the crop to be gathered, it said. Quality of bread grain including wheat is "overall satisfactory" although wheat in some areas has lower protein content than hoped, it said. The winter rapeseed crop of 4.8 million tonnes was 25.3 percent above last year's last year's crop which in turn had been exceptionally reduced

by bad weather, it said. The ministry later said the winter barley crop, used for animal feed, would rise 6.4 percent on the year to 7.1 million tonnes. The spring barley crop, used for both animal feed and beer production, would rise a hefty 57.8 percent to 3.2 million after damaged winter grains were replanted with spring crops. The corn (maize) crop will fall 3.4 percent to 5.01 million tonnes. The ministry continued to intensely monitor price developments in international markets. (Reuters)

Oil price rises as dollar softens

A weaker dollar boosted oil prices Tuesday even as a resumption of refinery operations in the Gulf of Mexico in the aftermath of Hurricane Isaac eased concerns over supply disruptions. Benchmark crude for October delivery was up 89 cents to $97.36 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose $1.85 to finish at $96.47 Friday. There was no closing price Monday because of a public holiday in the U.S. Brent crude was up $1.58 at $116.15 on the ICE Futures exchange in London. Hopes that the European Central Bank will play a more crucial role in resolving the continent's debt crisis have helped support the euro against the dollar. After dropping to near two-year lows below $1.20, the euro has pushed back above $1.26. That pushes up the price of oil, which is traded in dollars and becomes cheaper for holders of other currencies when the dollar drops. Oil analyst Stephen Schork said in a report that oil prices could see "increased volatility this week" due to the loss of a trading day Monday because of a holiday in the U.S. The release Friday of U.S. nonfarm payrolls for August, a closely watched gauge of employment in the world's No. 1 economy, also could impact prices, Schork said. He attributed recent swings in the oil price to the conflicting influences of a lower dollar and refinery disruptions in the U.S. Gulf Coast that resulted from the hurricane. While a substantial amount of oil and gas production remains offline, production is coming back as expected. No major damage to oil platforms or refineries has been reported. In other energy futures trading, heating oil rose 3.4 cents to $3.21 a gallon and wholesale gasoline was up 2.7 cents at $2.999 a gallon. Natural gas rose 0.9 cents to $2.79 per 1,000 cubic feet. (Associated Press)

Iran’s crude steel output climbs 8.8%

Iran produced over 6.25 million tons of crude steel during the first five months of this Iranian year, which began on March 20, showing an 8.8 percent growth year on year, the Mehr news agency reported. Some 7.2 million tons of steel products were also manufactured in the five-month period, almost equal to the previous year’s total output, according to the report. Deputy Industry Minister Vajihollah Jafari said on April 9 that the country’s annual crude steel output is projected to reach 55 million tons by 2025. Iran will become one of the world’s main steel exporters by March 2016, Industry, Mine and Trade Minister Mehdi Ghazanfari said in May 2011. Iran will be a self-sufficient steel producer in the next three years, the vice chairman of the Association of Iranian Steel Producers Hamidreza Taherizadeh said on July 31. He added that despite global economic sanctions, the country’s steel output increased by 5 million tons during the past two years, reaching 17 million tons. (Tehran Times)

Shipping , Commodities & Financial News

2

In Brief: Another negative week Capes: Rates increased but remained at low levels. Rates increased notably at the beginning but remained steady with downward trend at the end of the week. The BCI ended up at 1172 increased by 48 points whereas the average of the 4 TC routes closed around at USD 3,200 levels. In the atlantic market, the fronthaul rose by USD 750 fixed around at USD 19,250 due to fresh requirements ex ECSA, while the transantlantic round trips closed around at USD 4,000. The same sentiment applied in Pacific basin with the Australian iron ore trade kept covering available vessels, leading the round trips closing around at USD 3,000, increased compared to last week’s levels but far apart from decent levels. Period activity fixed around at USD 9,000-USD 9,250 levels for one year period. Panamax: Steadily negative sentiment in both hemispheres. This week started with a holiday in UK, but the market yet did not improve its slow negative movement. In the Atlantic region the lack of fresh requirements continuous and available cargoes are still outnumbered by spot ballasters from Far East. Transatlantic rounds were seen closing at USD 5500 and Fronthauls basis delivery Continent, were fixed at USD 16500-17500 levels, somewhat increased than last week. In the Pacific region this week also kept its negative sentiment. Indonesian rounds were mostly fixed at USD 5000 levels and Nopac round trips closed at about USD 5000-5500 respectfully. Short period market remains very quite with quite a few fixtures at extremely low levels below USD 8000 for 4/6 months. Supramax: Both basins remain quite. Supramax market remained rather steady as the BSI index closed at 857 increased 4 points than last week. Transatlantic rounds were seen closing at USD 7750 levels whilst there were some fixtures ex USG basis delivery Continent at USD 10500-11000 levels. Most fronthaul trips were fixed at USD 17000-17500 levels In the pacific basin, market was still very slow due to large amount of spot positions. Thus we saw some fixtures for Indonesian rounds basis delivery Singapore at USD 7000-7500 levels. NOPAC rounds were seen closing at USD 7000 mostly basis APS + USD 250K ballast bonus. India as far as iron ore market is concerned, remained quite. Fixtures ex India to China were closed at USD 7000 and USD 5000 for WCI and ECI respectfully. Red Sea fixtures with fertilisers to India were closed at USD high teens. Short period was also quite with some fixtures at USD 9000. Handysize: Similar low levels worldwide Atlantic did not produce firm orders ex ECSA for one more week and this led the transatlantic round to a further decrease at around USD 6,5/7,000 levels. Vessels opening at West Africa kept on ballasting to West Med/Continent where at least some fresh cargoes were put in the market, still at low levels though. Black Sea showed the most activity for this week with lot of grain cargoes which brought a positive sentiment and expectation for this trade for the weeks to come. In the Pacific there were too many spot vessels and in combination with lack of fresh and firm orders the bad sentiment was preserved for this week as well. The round voyage remained at USD 5/6,000 levels while the backhaul trips were paying around USD 3,000. Period activity was nonexistent as the rates are not appealing to owners.

Dry Bulk - Chartering

3

Baltic Indices – Dry Market (*Friday’s closing values)

Index Week 35 Week 34 Change (%)

BDI 703 717 -1,95

BCI 1172 1124 4,27

BPI 735 828 -11,23

BSI 857 853 0,47

BHSI 459 474 -3,16

T/C Rates (1 yr - $/day)

Type Size Week 35 Week 34 Change (%)

Capesize 160 / 175,000 9000 9000 0,00

Panamax 72 / 76,000 9000 8250 9,09

Supramax 52 / 57,000 9000 9250 -2,70

Handysize 30 / 35,000 7250 7250 0,00

Average Spot Rates

Type Size Route Week 35 Week 34 Change %

Capesize 160 / 175,000

Far East – ATL -11000 -13250 -

Cont/Med – Far East 19250 18500 4,05

Far East RV 4000 3750 6,67

TransAtlantic RV 3000 2750 9,09

Panamax 72 / 76,000

Far East – ATL -2000 -1500 -

ATL / Far East 15250 16000 -4,69

Pacific RV 5000 5750 -13,04

TransAtlantic RV 5500 6000 -8,33

Supramax 52 / 57,000

Far East – ATL 3000 2750 9,09

ATL / Far East 17500 18000 -2,78

Pacific RV 7500 7000 7,14

TransAtlantic RV 7750 7750 0,00

Handysize 30 / 35,000

Far East – ATL 3000 3000 0,00

ATL / Far East 13750 14000 -1,79

Pacific RV 5500 5500 0,00

TransAtlantic RV 6750 7750 -12,90

Dry Bulk - Chartering

4

ANNUAL

JULY 2012 – SEPTEMBER 2012

Dry Bulk - Chartering

5

Dry Bulk - Chartering

Capesize Routes – Atlantic 2011 / 12

$0,00

$5.000,00

$10.000,00

$15.000,00

$20.000,00

$25.000,00

$30.000,00

$35.000,00

$40.000,00

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46

C2 TUB/ ROT

C4RBAY /ROTC7 BOL/ ROT

C8 T/ARV

AVGALL TC

Capesize Routes – Pacific 2011 / 12

$0,00

$10.000,00

$20.000,00

$30.000,00

$40.000,00

$50.000,00

$60.000,00

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46

C3 TUB /PRC

C5 WAUST /PRC

C9 CONT /FE

C10 FE R/V

Panamax Routes – Atlantic 2011 / 12

0

5000

10000

15000

20000

25000

30000

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46

P1A T/A RV

P2ACONT/FE

6

Dry Bulk - Chartering

Panamax Routes – Pacific 2011 /12

$5.000,00

$0,00

$5.000,00

$10.000,00

$15.000,00

$20.000,00

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49

P3A FE R/V

P4 FE/CON

AVG ALL TC

Supramax Routes – Atlantic 2011 /12

0

5000

10000

15000

20000

25000

30000

35000

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46

S1A CON / FE

S1B BSEA / FE

S4A USG /CONT

S4B CONT /USG

S5 WAFR / FE

Supramax Routes – Pacific 2011 / 12

$0,00

$2.000,00

$4.000,00

$6.000,00

$8.000,00

$10.000,00

$12.000,00

$14.000,00

$16.000,00

$18.000,00

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46

S2 FE R/V

S3 FE / CON

S7 ECI / CHI

AVG ALL TC

7

VLCC: Generally unchanged. The September cargoes have been favouring charterers as about 25 units are

expected be the tonnage oversupply in the Middle East. The Atlantic basin has remained also unchanged with

vessels ballasting for West Africa Cargoes creating a strong supply of tonnage, vessels present in the USG are

enough to cover demand.

Suezmax: Stability for Suezmaxes. In the Atlantic basin the WAFR-USAC route remained almost unchanged.

While the med – black sea charters have been correcting due to oversupply. However the West African October

program seems promising.

Aframax: While charterers where almost absent in the previous week, the huricanes have assisted in leaving the

rates unaffected for CBS-USG.

Panamax: In view of upcoming requirements from the Caribbean the CBS-USAC route showed an improvement.

Some are optimistic regarding the next weeks requirement keeping in mind the Labor day and the Huricane

Isaac.

Products: In view of the tropical storms and problems caused in PDVSA refinery, the expectations for

improvement in the CONT-TA route are high, however in the previous week rates have been slowing down.

Baltic Indices – Wet Market (*Friday’s closing values)

Index Week 35 Week 34 Change (%)

BCTI 581 579 0,35

BDTI 627 618 1,46

T/C Rates (1 yr - $/day)

Type Size Week 35 Week 34 Change (%)

VLCC 300.000 19,750 19,750 0,00

Suezmax 150.000 16,750 16,750 0,00

Aframax 105.000 13,500 13,500 0,00

Panamax 70.000 12,750 12,750 0,00

MR 47.000 13,250 13,250 0,00

Tanker - Chartering

8

Crude Tanker Average Spot Rates

Type Size (Dwt) Route Week 35 WS

Week 34 WS

Change %

VLCC

280,000 AG – USG 22 23 -4,35

260,000 W.AFR – USG 41.5 41.5 0,00

260,000 AG – East / Japan 35 36 -2,78

Suezmax

135,000 B.Sea – Med 55 57.5 -4,35

130,000 WAF – USAC 57.5 57.5 0,00

Aframax

80,000 Med – Med 80 80 0,00

80,000 N. Sea – UKC 85 85 0,00

80,000 AG – East 110 92.5 18,92

70,000 Caribs – USG 92.5 90 2,78

Product Tanker Average Spot Rates

Type Size (Dwt) Route Week 35 WS

Week 34 WS

Change %

Clean

75,000 AG – Japan 98 99 -1,01

55,000 AG – Japan 120 118 1,69

38,000 Caribs – USAC 105 115 -8,70

37,000 Cont – TA 112.5 115 -2,17

Dirty

55,000 Cont – TA 110 110 0,00

50,000 Caribs – USAC 120 110 9,09

Tanker - Chartering

9

VLCC Trading Routes 2011 / 12

Suezmax Trading Routes 2011 / 12

Aframax Trading Routes 2011 / 12

Tanker - Chartering

10

Clean Trading Routes – 2011 / 12

Dirty Trading Routes – 2011 / 12

Tanker - Chartering

11

Buyers Re-Engaging

The market started to show more interest mostly because of the comeback of Owners from their summer vacations, which

when combined with a poorer market that creates opportunities, places many in an advanced position. Many buyers have

been inspecting and offering on tonnages at lower levels than previously obtained.

Shiptrade’s enquiry Index has seen a joyful blast this week with requirements having almost doubled. For the dry sector,

interest for Handies remained strong both for nineties and modern tonnages, handymaxes and panamaxes built in the

nineties have seen an increasing interest, something that is also seen by the number of inspections taking place worldwide.

Buyers for Supramaxes have also established a well seen presence especially since the latest sales of very modern tonnages

at low 20ies. On the wet sector we have seen an increasing interest for MR tankers together with an astonishing increase

together with modern and some late nineties Aframax tankers. Buyers for smaller sized chemical tankers are also

continuing and firming their presence.

Handysize Bulk carrier “IVS Kestrel” (about 32.000 dwt built Kanda JPN 2002) has been reported sold to Clients of Pacfic

basin for USD 10.8 – 11 million, where as the next interesting sale in the Handysize segment is that of Sanko Vega (31.500

dwt built Hakodate JPN 2012) reported sold for USD 22 mill to Taiwanese buyers.

Also on the Supramax segment M/V Rossana D. (58.000 dwt built Yangzhou CHN 2012) have been reported sold for USD 22

million following the recent sales of the Korean Built Thalassini Kyra and Thalassii Niki (58.000 dwt built SPP KOR 2010)

NEWBUILDINGS

In the newbuilding market, we have seen 16 vessels reported to have been contracted.

10 Bulkers (Kamsarmax, Capesize)

6 Containers (3.800 TEU)

DEMOLITION

The general feeling created is of a firmer market following some recent sales at opportunistic levels. Signs although, in the

form of indications, are showing that the market may be stabilizing. Despite recent market sales, levels seem to be

stabilizing at levels of USD 420 / LT in the Subcontinent for Dry cargo vessels and about USD 430+ / LT for tankers. China

seems to be keeping coping to retain the 300 levels for bulkers, paying a slight extra of USD 310 – 320 for tankers.

Sale & Purchase

12

Indicative Market Values – ( 5 yrs old / Mill $ )

Bulk Carriers

Week 35 Week 34 Change %

Capesize 34 34 0.00

Panamax 22 22 0.00

Supramax 19 19 0.00

Handysize 17 17 0.00

Tankers

VLCC 58 58 0.00

Suezmax 44 44 0.00

Aframax 27 27 0.00

Panamax 27 27 0.00

MR 23 23 0.00

Weekly Purchase Enquiries

SHIPTRADE P/E WEEKLY INDEX

0

50

100

150

200

250

300

350

27/12/2011-9/1/2012

10-16/1/2012

17-23/1/2012

24-30/1/2012

31/1-6/2/2012

7-13/2/2012

14-20/02/2012

21-27/02/2012

28/2-5/03/2012

6-12/03/2012

13-19/03/2012

20-26/03/2012

27/3-2/4/2012

3-9/4/2012

10-16/4/2012

17-23/4/2012

24/4-1/5/2012

2-8/5/2012

9-15/5/2012

16-22/5/2012

23-29/5/2012

30/5-5/6/2012

6-12/6/2012

13-19/6/2012

20-26/6/2012

27/6-3/7/2012

4/7-10/7/2012

11/7-17/7/2012

18-24/7/2012

25-31/7/2012

1-7/8/2012

8-14/8/2012

15-21/8/2012

22-28/8/2012

29/8-4/9/2012

KOREA CHINA SPORE

KCS GREECE OTHER

SUM

Sale & Purchase

13

Reported Second-hand Sales

Bulk Carriers Name Dwt DoB Yard SS Engine Gear Price Buyer

Bulk Loyalty 176.000 2012 Jinhai, CHN - B&W - 37 mill Undisclosed

Dong-A-Ares 151.400 1994 CSBC, CHN 08/2014 B&W - 8 mill Samsun Logix

Rosanna D 58.000 2012 Yangzhou, CHN 10/2017 B&W 4 X 35 T 22 mill Undisclosed

Rotterdam Trader 51.356 1998 HHI, KOR 03/2016 B&W 3 X 15 T 9 mill Undisclosed

IVS Kestrel 32.537 2002 Kanda, JPN 09/2017 MIT 4 X 30 T 10.8 mill Pacific Basin

Sanko Vega 31.570 2012 Hakodate, JPN 10/2017 MIT 4 X 30 T 22 mill Shih Wei

Tankers Name Dwt DoB Yard SS Engine Hull Price Buyer

Tajimare 265.539 1996 IHI, JPN 09/2016 Sulzer DH 25 mill Greek

Sale & Purchase

14

Newbuilding Orders

No Type Dwt / Unit Yard Delivery Owner Price 1 + 1 BC 180.000 Beihai 2014 Emirates Shipping Inv. 44 mill

4 BC 82.000 Yangzijiang 2013/2014 Everbright 26 mill

2 + 2 BC 82.000 Jinhai 2014 Nisshin 26 mill

4 + 2 Container 3.800 Dalian 2014/2015 Pacific Int. Lines 41 mill

Newbuilding Prices (Mill $) – Japanese/ S. Korean Yards

Newbuilding Resale Prices

Bulk Carriers

Capesize 45 42

Panamax 31 29

Supramax 29 27

Handysize 23 21

Tankers

VLCC 93 85

Suezmax 60 58

Aframax 47 42

Panamax 40 37

MR 34 31

Newbuilding Resale Prices

Bulk Carriers (2008 – Today) Tankers (2008 – Today)

Newbuildings

15

Demolition Sales

Vessel Type Built Dwt Ldt Buyer Country Price Athanasios G.

Callitsis BC China 28.035 7.990 Bangladesh 415

Cape Madras BC Korea 150.977 18.954 Bangladesh 433

CS Christine Container Germany 20.270 6.930 Bangladesh 435

Dong-A-Rhea BC Chinese Taipei 149.505 18.458 Bangladesh 428

with 250T ROB

PSU Third BC Chinese Taipei 149.383 18.580 Bangladesh 426

Subic Star BC Korea 64.964 11.899 Bangladesh 430

Al amal bellah BC Japan 24.733 5.725 India 420

Ailsa Craig FSU Germany 211.641 32.450 Pakistan 430

Narova Tanker Japan 143.895 23.939 Pakistan 440

Nysiros Tanker Japan 143.932 24.323 Pakistan 440

Demolition Prices ($ / Ldt)

Bangladesh China India Pakistan

Dry 420 310 410 405

Wet 425 330 435 425

Demolition Prices

Bulk Carriers (2008 – Today) Tankers (2008 – Today)

Demolitions

16

Shipping Stocks

Commodities

Commodity Week 35 Week 34 Change (%) Brent Crude (BZ) 114,67 112,51 1,92

Natural Gas (NG) 2,86 2,65 7,92

Gold (GC) 1696 1671 1,50

Copper 346,50 347,40 -0,26

Wheat (W) 347,13 345,48 0,48

Dry Bulk

Company Stock Exchange Week 35 Week 34 Change % Baltic Trading Ltd (BALT) NYSE 3,08 3,03 1,65

Diana Shipping Inc (DSX) NASDAQ 6,63 6,79 -2,36

Dryships Inc (DRYS) NASDAQ 2,19 2,31 -5,19

Euroseas Ltd (ESEA) NASDAQ 1,10 1,16 -5,17

Excel Maritime Carriers (EXM) NYSE 0,48 0,51 -5,88

Eagle Bulk Shipping Inc (EGLE) NASDAQ 2,86 2,99 -4,35

Freeseas Inc (FREESE) NASDAQ 0,30 0,29 3,45

Genco Shipping (GNK) NYSE 2,90 3,10 -6,45

Navios Maritime (NM) NYSE 3,9 3,54 10,17

Navios Maritime PTN (NMM) NYSE 14,44 14,17 1,91

Paragon Shipping Inc (PRGN) NASDAQ 0,42 0,46 -8,70

Star Bulk Carriers Corp (SBLK) NASDAQ 0,52 0,51 1,96

Seanergy Maritime Holdings Corp (SHIP) NASDAQ 1,99 1,90 4,74

Safe Bulkers Inc (SB) NYSE 6,06 6,21 -2,42

Golden Ocean (GOGL) Oslo Bors (NOK) 3,97 4,00 -0,75

Tankers Capital Product Partners LP (CPLP) NASDAQ 7,70 7,71 -0,13

TOP Ships Inc (TOPS) NASDAQ 1,24 1,25 -0,80

Tsakos Energy Navigation (TNP) NYSE 5,37 5,71 -5,95

Other

Aegean Maritime Petrol (ANW) NYSE 6,79 7,29 -6,86

Danaos Corporation (DAC) NYSE 3,66 4,06 -9,85

StealthGas Inc (GASS) NASDAQ 6,23 6,23 0,00

Rio Tinto (RIO) NYSE 43,90 46,06 -4,69

Vale (VALE) NYSE 16,36 17,00 -3,76

ADM Archer Daniels Midland (ADM) NYSE 26,74 26,36 1,44

BHP Billiton (BHP) NYSE 65,93 68,76 -4,12

Financial Market Data

17

Currencies

Week 35 Week 34 Change (%) EUR / USD 1,25 1,25 0,00

USD / JPY 78,39 78,74 -0,44

USD / KRW 1133 1135 -0,18

USD / NOK 5,79 5,85 -1,03

Bunker Prices

IFO 380 IFO 180 MGO Piraeus 674 709 1020

Fujairah 697 720 1040

Singapore 685 698 1005

Rotterdam 665 690 1002

Houston 670 705 1055

Port Congestion*

Port No of Vessels

China Rizhao 21

Lianyungang 45

Qingdao 72

Zhanjiang 23

Yantai 28

India

Chennai 8

Haldia 14

New Mangalore 9

Kakinada 13

Krishnapatnam 17

Mormugao 7

Kandla 16

Mundra 12

Paradip 14

Vizag 70

South America

River Plate 256

Paranagua 57

Praia Mole 13

* 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 35 of year

2012.

Financial Market Data / Bunker Prices / Port Congestion