WEEKLY SHIPPING

MARKET REPORT WEEK 29

- 16th July – to 23rd July 2013

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

Greek shipowners commit to $5.5bn of newbuilds in 6 months

Greek shipowners committed at least $5.5bn to ship newbuilding projects in the first six months of 2013. Some $3.634bn has been invested in signed projects with $1.3bn committed to options and contracts set to be signed. Though it is becoming increasingly difficult to keep tabs on the number of ships being ordered by Greek interests, it can be confirmed the pace of contracting is increasing. With shipbuilders keen to report negotiations “as business concluded” and ship owners usually far more reticent, information can be confusing, especially about penned contracts. But there is no doubt Greeks are once again interested in new buildings and have pushed their way to the front of project holders, despite the debate along Piraeus' Akti Miaouli regarding the benefits of building eco-friendly tonnage against retro-fitting existing ships. Cash rich Greeks and those which have the backing of their bankers have long been a driving force behind the shipbuilding industry and the present seems to be no different. In the six months to 30 June, according to Newsfront, Greek Shipping Intelligence, Greek interests confirmed orders for some 131 ships. In May alone, 43 ships worth just on $2bn were ordered, and in June, 19 ships worth $1.1bn were contracted, admittedly two heavy months. Not included are a number of multiple ship orders under negotiation, the most interesting being one which could run to 10 container ships of 9,000 teu each, and cost NYSE-listed Costamare Shipping, $800m. Further, there are up to 34 options held in parallel to the firm orders. Ordering a ship means having to wait for delivery. So to this new ship spree we can add 19 vessels worth $533.7m, which have been purchased by Greek interests off the berth, or before commissioning, in the first six months of the year. Despite the spurt of activity in the spring and run into summer, the present total orderbook of just on 300 vessels is a fraction of the 690 ships on order end 2010 and the 480 end 2011 and the 370 on order end 2012. Some 70 ships were delivered by shipbuilders to Greek owners in the first six months of the year, so the rate of ordering is running at double the rate of deliveries. Like the deliveries, the ships being ordered cover most ship-types. In all some 32 different companies ordered ships, of which 11 have access to funds raised in the equity markets. The 2013 ordering kicked-off with Greece’s largest owner, John Angelicoussis setting the pace, confirming the group’s gas shipping arm, Maran Gas Maritime had contracted four 174,000 cu m LNG carriers, with options for two more, at Hyundai Samho HI, a deal which could commit another $1.26bn by the Athens-based company. It lifted Maran’s gas carrying orderbook of 17 ships for delivery by 2016. There was more to come. The period ended with Angelicoussis announcing it had gone to Hyundai’s rival Daewoo and placed a $411.2m order for two LNG carriers with delivery by the second half of 2016. The Hyundai options still stand. Just to add to the mix, in the first six months of 2013, Greece’s Allied Shipbroking records Greeks have invested $2.2bn on confirmed secondhand purchases, involving 164 ships. This reflects a far greater activity in the s&p ring than any other national group. As well, it’s certain Greeks also comprise the largest chunk of the second most active group of buyers, the “unknown” which has taken 152 ships, for an investment of at least $1.24bn.( Seatrade Global)

Four-week rally in US crude rekindles ‘flash crash’ fears

The risk of a disorderly decline in benchmark U.S. crude futures is growing after a four-week rally sent prices to 16-month highs and money managers amassed record bullish bets, defying an economic slowdown in China and the North American shale energy supply boom. WTI (West Texas Intermediate, the oil grade underpinning the U.S. crude futures benchmark) on Friday flipped to a slight premium over its Brent counterpart for the first time in three years, reflecting stronger refiner demand, U.S. economic optimism and efforts to drain the supply glut at the WTI oil storage hub of Cushing, Oklahoma. Brent held a mere seven cents a barrel premium over its U.S. rival at $108.39 early on Monday morning. Although bullish momentum may continue to favor U.S. crude, WTI appears over-priced at current levels near $110 a barrel and a well-overdue reversal should bring the market closer in line with fundamentals, according to traders, strategists and analysts contacted by CNBC. Any softness in scheduled U.S. or China economic data releases this week may be the catalyst for the pullback, they added. "Any commodity that has a fundamental value shift can correct quite dramatically," said Thomas McMahon, director and CEO of Pan Asia Clearing Enterprise and the former CEO of the Singapore Mercantile Exchange. Exactly half of those polled in CNBC's weekly sentiment survey (15 out of 30) believe a correction is coming this week, more than a third (11 out of 30) remain bullish while four respondents are 'neutral'. Should a correction take place, some in the market fear high-frequency computer trading programs may trigger a disorderly price decline over a relatively short duration of time: a so-called 'flash crash'.

Apply that scenario to the oil market and a "quick and precipitous fall in prices, say $10 a barrel in one day...is entirely possible," said Warren Gilman, Chairman and CEO of investment firm CEF Holdings. "Volatility in all markets seems to have increased in recent years becoming almost the norm when direction changes occur." Others are less pessimistic, ruling out an outright price collapse. "A 'flash crash' is an unlikely outcome but a slide is on the cards as WTI is massively overbought," Eugen Weinberg, head of commodity research and senior commodity analyst at Commerzbank told CNBC on Friday. Importantly, Weinberg highlighted that CFTC (U.S. Commodity Futures Trading Commission) data shows "net length" – or the number of bullish bets accumulated by non-commercial participants such as hedge fund managers – is at an all-time high, strongly suggesting "a likely reversal soon." The speculative wagers in the U.S. crude futures market Weinberg referred to stood at a record in the week to July 16, according to latest Commission data released late on Friday. The sheer weight of top-heavy positioning makes the market particularly vulnerable to a sharp downleg should investors chose to liquidate those holdings – a possible scenario if downbeat economic data break or if the dollar strengthens. Recent history is a guide. Speculators piled into oil market longs, or bets that prices will rise, pushing them to a record just before the oil market's last 'flash crash' on September 17 last year when Brent plunged more than $5 a barrel in a wave of late, high-volume selling that surprised even veteran traders. Respondents in this week's survey targeted $109-$110 a barrel as a critical level where WTI oil bulls may capitulate. "WTI has enjoyed the perfect storm on the upside: U.S. summer driving season, reports of declining U.S. inventories, all-time highs in equities and free money chasing return," said James Cordier, founder of Optionsellers.com in Tampa, Florida. "I feel WTI ends here at $109, however. Long term resistance here is enormous and likewise so will be supply in the U.S. in coming months. We expect to see WTI trading back below $100 in August," he said, adding that the decline will likely begin thisweek.(CNBC)

Arctic shipping set to grow as sea ice melts

Arctic shipping is set for a record year, as melting sea ice raises the prospect of an important new route for trade between Asia and Europe that shaves thousands of kilometres off the trip. By Friday, the administrators of the Northern Sea Route — which follows the north coast of Russia — had granted permission to 204 ships to sail this year. Last year, only 46 ships sailed the entire length from Europe to Asia, up from four vessels just two years earlier. Experts are forecasting a further large rise in Arctic shipping in coming decades, but say it will take several years before it is a commercially viable alternative to the southern route through the Suez Canal. Valentin Davydants, captain of Russia’s Atomflot fleet of nuclear-powered icebreakers based in Murmansk, forecast a more than tenfold increase between Asia and Europe by 2021, by which time the route could be open eight months a year. South Korea’s Maritime Institute estimates the Northern Sea Route, previously known as the Northeast Passage, could account for a quarter of Asia-Europe trade by 2030. "It is a given that the activity will increase and increase massively. But we believe the commercial potential will be limited for quite a few years," said Sturla Henriksen, director-general of the Norwegian shipowners’ association at a conference on the Arctic. Jong-Deog Kim, division director of the Korean Maritime Institute, said: "If some conditions are met the Northern Sea Route will become an attractive option in terms of time and money. I think it will be more used if the current problems of the established routes get worse." The sailing time from Rotterdam to Kobe, in Japan, or Busan, in South Korea, with ships crossing between the Arctic and Pacific via the Bering Strait between Siberia and Alaska, should be 23 days compared with 33 days via the canal, according to Mr Davydants. From the northern Russian port of Murmansk the journey would take 18 days using the Northern Sea Route as opposed to 37 with the canal. Mr Davydants forecasts that, by 2021, 25-million metric tons of liquefied natural gas and oil could be transported out of the Russian Arctic on top of 15-million tons of Asia-Europe trade, up from the 1.26-million tons transported between the two continents last year via the Northern Sea Route. The potential for Arctic shipping is also drawing intense interest from European nations. Iceland is weighing up whether to build an Arctic port in the country’s northeast, according to Germany’s Bremenports. After discussions with Iceland’s president, the German group is looking at the viability of a project at Finna Fjord, which would be ice-free all year. The surge in Arctic shipping is already prompting fears over safety and accidents.(Financial Times)

Shipping , Commodities & Financial News

2

Kamsarmaxes and Panamaxes back in the game

Moden kamsarmaxes and panamaxes have returned in our lives, as far as reported sales are concerned. This week we are

reporting 2 kamsarmax bulkers blt 2005 and 2008 sold, as well as a 2009 Japanese built panamax, which was very quietly

sold to Greek interests for an interesting price of $19.250.000. Other than that, what is worth mentioning is the sale of the

2000 Imabari blt handy “Princess Aliel”, which fetched a price of high $10.000.000, confirming that serious interest is still

there for such units, especially when fitted with 3 generators, and prices remain at good levels. In the wet sector, for yet

another week buying appetite is there for modern MR tankers, with 3 modern units sold to Greek and Far Eastern interests,

as well as a 1999 blt unit sold to Greeks.

Shiptrades’ enquiry index is slightly increased compared to last week, however summer mood seems to have heavily

affected s&p activity and, as a result, purchase enquiries. In the dry sector, interest for handysize vessels is still there. It

seems though, that enquiries for Handymaxes as well as Supramaxes have almost doubled this week, with buying

interesting mostly focusing on units blt mid 90’s onwards. The situation is almost the same with Panamax enquiries.

European interests seem to focus on modern units, while Far Eastern interests could consider older vessels as well, whereas

capesizes are not attractive at all. Enquiries for tankers faced a decrease of about 25 % in total. Interest for MRs is still there,

however enquiries have decreased about 30% since last week. Virtually same with last week is the number of enquiries for

aframax and suezmax tankers, still barely touching single-digit numbers though. ers.

NEWBUILDINGS

In the newbuilding market we have seen 12 vessels to have been contracted.

12 Bulk Carriers (VLOC, Capesize, Kamsarmax)

DEMOLITION

Overall negativity remains in the demolition market, however the government has assisted somehow the currency to

stabilize and steel plate prices seem to have been increasing during the last week, thus putting an end to the continuous

downward trend of recent weeks and stability starting to make its’ appearance. However, prices for bulkers are still

hovering below $ 400/ldt or barely touching those levels in the sub-continent. Add to this the Ramadan holidays and the

monsoon season in Pakistan and Bangladesh as well as the traditional slowdown due to summer mood and, there you have

it. On the other hand, Chinese demo levels have increased, with prices well excess $ 300/ldt and Chinese demolition yards

seem to come again in the foreground, adding an option worth to be taken into consideration from owners of vintage units

trading in that part of the world.

Sale & Purchase

3

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

Bulk Carriers

Week 29 Week 28 Change %

Capesize 30 30 0.00

Panamax 20.5 20.5 0.00

Supramax 19 19 0.00

Handysize 15 15 0.00

Tankers

VLCC 52 52 0,00

Suezmax 39 39 0,00

Aframax 27 27 0,00

Panamax 25 25 0,00

MR 23 23 0,00

Weekly Purchase Enquiries

SHIPTRADE P/E WEEKLY INDEX

0

50

100

150

200

250

300

350

400

2-8

/5/2

01

29-1

5/5

/20

12

16-2

2/5

/2012

23-2

9/5

/2012

30/5

-5/6

/2012

6-1

2/6

/20

12

13-1

9/6

/2012

20-2

6/6

/2012

27/6

-3/7

/2012

4/7

-10/7

/2012

11/7

-17/7

/2012

18-2

4/7

/2012

25-3

1/7

/2012

1-7

/8/2

01

28-1

4/8

/20

12

15-2

1/8

/2012

22-2

8/8

/2012

29/8

-4/9

/2012

5-1

1/9

/20

12

12-1

9/9

/2012

19-2

5/9

/2012

26/9

-2/1

0/2

012

3-9

/10/2

012

10-1

6/1

0/1

217-2

3/1

0/1

224-3

0/1

0/1

231/1

0-6

/11/1

27-1

3/1

1/1

214-2

0/1

1/1

221-2

7/1

1/1

228/1

1-4

/12/1

25-1

1/1

2/1

212-1

8/1

2/1

2

19/1

2/1

2-8

/1/1

39-1

5/1

/13

16-2

2/1

/13

23-2

9/1

/13

30/1

-5/2

/13

6-1

2/2

/13

13-1

9/2

/13

20-2

6/2

/13

27/2

-5/3

/13

6-1

2/3

/13

13-1

9/3

/13

20-2

6/3

/13

27/3

-2/4

/13

3-9

/4/1

310-1

6/4

/13

17-2

3/4

/13

24-3

0/4

/13

1-7

/5/2

01

38-1

4/5

/20

13

15-2

1/5

/13

22-2

8/5

/13

29/5

-4/6

/13

5-1

1/6

/13

12-1

8/6

/13

19-2

5/6

/2013

26/6

-2/7

/2013

Korea China Spore KCS

Greece Other SUM

Sale & Purchase

4

Reported Second-hand Sales

Bulk Carriers Name Dwt DoB Yard SS Engine Gear Price Buyer

Spring Ocean 82.962 2005 Tsuneishi, Jpn 11/2015 B&W - $18.200.000 Undisclosed

Fortune Island 81.900 2008 Oshima. Jpn - B&W - $22.000.000 Greek

Euro Trader 76.595 2009 Shin Kasado, Jpn 09/2014 B&W - $19.250.000

(previous deal failed)

Greek

Robert Schulte 48.225 1997 Oshima, Jpn 08/2017 Mit. 4 X 25 T $8.500.000 Greek

Sea Miror 42.025 1990 Oshima, Jpn 09/2015 Sulzer 4 X 30 T $4.300.000 Syrian

Princess Aliel 28.463 2000 Imabari. Jpn 10/2015 B&W 4 X 30 T $10.800.000 Undisclosed

Sea Bell 24.997 2000 Iwagi, Jpn 04/2015 B&W 3 X 30 T $6.100.000 Undisclosed

Spring Ocean 82.962 2005 Tsuneishi, Jpn 11/2015 B&W - $18.200.000 Undisclosed

Tankers Name Dwt DoB Yard SS Engine Hull Price Buyer

Pacific Polaris 47.999 2004 Iwagi, Jpn 08/2014 B&W DH $17.000.000 Far Eastern

UACC Marwan 45.500 2012 Shinas, Kr - B&W DH $33.500.00 (each en bloc)

Navios UACC Muharraq 45.500 2012 Shinas, Kr - B&W DH

Atlantic Livadia 35.841 1999 Daedong, Kr 07/2014 Sulzer DH $7.000.000 Greek

STX Jaguar 15.091 2010 STX, Rom 12/2014 B&W DH $12.700.000 (each en bloc)

Middle Eastern STX Night 15.091 2010 STX, Rom 12/2014 B&W DH

Laguna Swan 5.897 2010 Chongqing, Chn 06/2015 Mak DH $12.000.000 (each en bloc)

Dutch Diamond Star 5.897 2010 Chongqing, Chn 06/2015 Mak DH

LPG

Name Dwt DoB Yard SS Engine Hull Price Buyer

Eleonora Lembo 4.026 2007 Pesaro, It 01/2017 B&W - $12.000.000 (each en bloc via

auction) Undisclosed

Margherita Iuliano 4.026 2007 Pesaro, It 06/2017 B&W -

Sale & Purchase

5

Newbuilding Orders

No Type Dwt / Unit Yard Delivery Owner Price 3 BC 250.000 HHI 2015/16 Polaris 52

1 BC 207.000 HHI 2014 Polaris 49

4 BC 180.000 SWS 2015 U-Ming 46.8

2 BC 180.000 SWS 2015/16 Star Bulk -

2 BC 82.000 Simopacific - Greek -

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

Newbuilding Resale Prices

Bulk Carriers

Capesize 48 39

Panamax 32 29

Supramax 25 24

Handysize 20 19

Tankers

VLCC 88 78

Suezmax 56 53

Aframax 45 37

Panamax 40 36

MR 33 32

Newbuilding Resale Prices

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

Newbuildings

6

Demolition Sales

Vessel Type Built Dwt Ldt Buyer Country Price OSX 4 VLCC 1994 301.862 41.261

As is Indonesia 395 (en bloc) OSX 5 VLCC 1995 301.862 41.261

Hoegh Transit RO-RO 1981 17.650 13.480 China 320

Irini BC 1988 69.734 9.988 Bangladesh 407

Canarsie Princess BC 1985 42.842 7.655 Bangladesh 420 (with 400 T bunkers)

Minaland GC 1978 17.160 6.970 Bangladesh 409

Morning Star BC 1983 21.353 5.118 Bangladesh 380

Trinidad BC 1977 19.508 5.029 India 390

Baltic Pearl BC 1982 38.787 - Bangladesh 418

Demolition Prices ($ / Ldt)

Bangladesh China India Pakistan

Dry 390 300 390 390

Wet 410 310 410 420

Demolition Prices

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

Demolitions

7

In Brief: Capes: Atlantic decreased and Pacific improved The Cape market fell down and did not continue the positive feeling from the, better, week before with the BCI ending up at 1987 points decreased by 71points. In Atlantic, the Tubarao/Qingdao route was paying half a dollar less closing at USD 20.00 pmt at the end of the week. Similar pattern for the transantlantic round voyage which was fixed at around USD 15,000 per day, much less than the previous week but still higher than couple of week before. Decrease for the fronthauls as well with trips ex Continent/Med fixed at around USD 25,500. In the pacific market, the round voyage was done at USD 12,000 and the Dampier / Qingdao route remained at USD 7.75 pmt. As for the Aussie round trips were fixed at around USD 13,500, bit higher than last week, and the NOPAC was done at USD 12,000. Panamax: Positive sentiment in both basins. BPI index at the beginning of the week was at 1118 points to finally close up by 54 points at 1172 on Friday. Atlantic region remained active this week also with some fresh requirements especially ex US Gulf and fixing rates were reported at slightly higher levels. Transatlantic trips were reported fixing at USD 10000-11000 levels whilst there were some rumors for some fixtures of 2ll redelivery Atlantic at USD 12000-12500 levels daily. We also faced some activity at fronthauls ex ECSA with rates reported at USD 15000-15750 levels plus 475-550 ballast bonus respectively whilst there were some fixtures basis delivery passing Cape of Good Hope at USD 10000-10500 plus 550k ballast bonus In the Pacific basin there was quite some activity especially due to Indian exports to China. Indonesian round trips were reported fixing at the region of USD 8000-9250 dop S. China basis redelivery China. Nopac activity was slow with some fixtures closing at USD mid-high 6’s dop Japan and redelivery Singapore/Japan range. EC Aussie market was remained fairly active with some fixtures reported at USD mid-high 8’s dop S.China basis redelivery China or India. As of short period activity, there were some fixtures reported for 4/6, 4/7 months at USD 7500-8000 levels about. Supramax: No significant change overall BSI index at the beginning of the week was at 894 points and at the end of the week closed at 898, increasing by 4 points. Fronthauls from USG were fixed at about USD 19,500 and from USEC to China we have seen fixtures at around USD 17,500. Trips from ECSA to FEAST were fixed at about USD 13,500 plus USD 350,000 bb and trips with delivery ECSA and redelivery West Africa were fixed at around USD 17,500. Regarding short period in the Atlantic remained at the same level close to USD 10,750. In the Pacific, the round voyage was done at around USD 8,750 and the NOPAC decreased by USD 300 at around USD 7,500. Usual INDO-INDIA coal cargoes were fixed at about USD 9,000 basis delivery S.China and at about USD 12,000 basis delivery Singapore. Handysize: Bad market continues The average of the 4 T/C routes fell at USD 7,977, decreased by 234 points. The transatlantic round was fixed at lower levels of USD 9,250. ECSA was lacking of cargo volume to cover the abundance of open tonnage and we heard of a vessel getting mid teens to Red Sea and another fixing USD 12,000 to Med direction. Black Sea remained stable with fixtures at about USD 9,500 for West Africa, USD 5,250 for USG/ECSA and also we noticed similar numbers ex Continent as well. The Pacific round voyage was done at USD 6,250 levels while the NOPAC remained at USD 6,750 levels. Owners could get around USD 7,000 for trips ex S.China/Taiwan range to Colombo and USD 6/6,500 for short trips at SEASIA. PG was not particularly strong with rates at around USD 6,5/7,000 daily while Iran trade did not have enough volume to drive the market upwards. Short periods were fixed at USD 8,750 per day basis Atlantic delivery/redelivery and USD 8,000 in the Pacific.

Dry Bulk - Chartering

Dry Bulk - Chartering

Dry Bulk - Chartering

Dry Bulk - Chartering

8

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

Index Week 29 Week 28 Change (%)

BDI 1138 1149 -0,96

BCI 1987 2058 -3,45

BPI 1172 1097 6,84

BSI 898 897 0,11

BHSI 544 561 -3,03

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

Type Size Week 29 Week 28 Change (%)

Capesize 160 / 175,000 12500 13000 -3,85

Panamax 72 / 76,000 8000 7750 3,23

Supramax 52 / 57,000 9250 8850 4,52

Handysize 30 / 35,000 8250 7750 6,45

Average Spot Rates

Type Size Route Week 29 Week 28 Change %

Capesize 160 / 175,000

Far East – ATL 1250 1900 -34,21

Cont/Med – Far East 25500 26400 -3,41

Far East RV 12000 12650 -5,14

TransAtlantic RV 15000 15750 -4,76

Panamax 72 / 76,000

Far East – ATL -100 -150 -

ATL / Far East 15500 15250 1,64

Pacific RV 8000 6500 23,08

TransAtlantic RV 10500 10000 5,00

Supramax 52 / 57,000

Far East – ATL 4000 4000 0,00

ATL / Far East 19500 20000 -2,50

Pacific RV 8750 8500 2,94

TransAtlantic RV 12500 12600 -0,79

Handysize 30 / 35,000

Far East – ATL 5000 5250 -4,76

ATL / Far East 12750 13000 -1,92

Pacific RV 6250 6000 4,17

TransAtlantic RV 9250 9750 -5,13

Dry Bulk - Chartering

9

ANNUAL

MAY 2013 – JULY 2013

Dry Bulk - Chartering

10

Dry Bulk - Chartering

Capesize Routes – Atlantic 2012 / 13

$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 49 52 55

C2 TUB/ ROT

C4RBAY /ROTC7 BOL/ ROT

C8 T/ARV

AVGALL TC

Capesize Routes – Pacific 2012 / 13

$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 49 52 55

C3 TUB /PRC

C5 WAUST /PRC

C9 CONT /FE

C10 FE R/V

Panamax Routes – Atlantic 2012 / 13

0

5000

10000

15000

20000

25000

30000

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55

P1A T/A RV

P2ACONT/FE

11

Dry Bulk - Chartering

Panamax Routes – Pacific 2012 /13

$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 52 55

P3A FE R/V

P4 FE/CON

AVG ALL TC

Supramax Routes – Atlantic 2012 /13

0

5000

10000

15000

20000

25000

30000

35000

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55

S1A CON / FE

S1B BSEA / FE

S4A USG /CONT

S4B CONT /USG

S5 WAFR / FE

Supramax Routes – Pacific 2012 / 13

$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 49 52 55

S2 FE R/V

S3 FE / CON

AVG ALL TC

12

VLCC: Rates on Middle East – Far East reduced last week and concluded at ws42.5, in the Atlantic route rates

also decreased and concluded as well at ws47.5, and the AG-USG concluded at ws25.

Suezmax: WAFR-USAC route remained stable ws60. The B.SEA-MED increased by another 2.5 points and

concluded at ws55.

Aframax: The AG-East was stable and concluded at ws95, the NSEA-UKC route gained 10 points and concluded

at ws90. The MED-MED increased and concluded at ws110.

Panamax: The CBS-USG route gained as well 20 points and concluded at ws100.

Products: USG-Cont route gained another 2.5 points at concluded at ws112.5. The CONT-TA route was reduced

by 5 points and concluded at ws135.

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

Index Week 29 Week 28 Change (%)

BCTI 595 574 3.66

BDTI 650 612 6.21

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

Type Size Week 29 Week 28 Change (%)

VLCC 300.000 18.250 18.250 0,00

Suezmax 150.000 15.750 15.750 0,00

Aframax 105.000 13.500 13.500 0,00

Panamax 70.000 14.000 14.500 -3,45

MR 47.000 14.000 14.000 0,00

Tanker - Chartering

13

Crude Tanker Average Spot Rates

Type Size (Dwt) Route Week 29 WS

Week 28 WS

Change %

VLCC

280,000 AG – USG 25 28.5 -12,28

260,000 W.AFR – USG 42.5 47.5 -10,53

260,000 AG – East / Japan 42.5 47.5 -10,53

Suezmax

135,000 B.Sea – Med 55 52.5 4,76

130,000 WAF – USAC 60 60 0,00

Aframax

80,000 Med – Med 110 72.5 51,72

80,000 N. Sea – UKC 90 80 12,50

80,000 AG – East 95 95 0,00

70,000 Caribs – USG 100 80 25,00

Product Tanker Average Spot Rates

Type Size (Dwt) Route Week 29 WS

Week 28 WS

Change %

Clean

75,000 AG – Japan 69.5 70 0,71

55,000 AG – Japan 79 77.5 1,94

38,000 Caribs – USAC 145 155 -6,45

37,000 Cont – TA 135 140 -3,57

Dirty

55,000 Cont – TA 112.5 110 2,27

50,000 Caribs – USAC 120 112.5 6,67

Tanker - Chartering

14

VLCC Trading Routes 2012 / 13

0,00

10,00

20,00

30,00

40,00

50,00

60,00

70,00

80,00

1 3 5 7 9 1113 15 17 1921 23 25 2729 31 33 35 3739 41 43 4547 49 51 5355 57 59 6163 65

AG EAST JAPAN

AG - USG

WAFR - USG

Suezmax Trading Routes 2012 / 13

0,00

20,00

40,00

60,00

80,00

100,00

120,00

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65

B. SEA - MED

WAF - USAC

Aframax Trading Routes 2012 / 13

0,00

20,00

40,00

60,00

80,00

100,00

120,00

140,00

160,00

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65

MED - MED

N.SEA - UKC

AG - EAST

CARIBS USG

Tanker - Chartering

15

Clean Trading Routes – 2012 / 13

0,00

50,00

100,00

150,00

200,00

250,00

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65

AG - JAPAN (75,000)

AG - JAPAN (55,000)

CARIBS - USAC (37,000)

CONT - TA (37,000)

Dirty Trading Routes – 2012 / 13

0

20

40

60

80

100

120

140

160

180

200

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65

CONT - TA (50,000)

CARIBS - USAC(50,000)

Tanker - Chartering

16

Shipping Stocks

Commodities

Commodity Week 29 Week 28 Change (%) Brent Crude (BZ) 108,38 107,46 0,86

Natural Gas (NG) 3,75 3,64 3,02

Gold (GC) 1334 1249 6,81

Copper 319,60 303,95 5,15

Wheat (W) 306,90 300,93 1,98

Dry Bulk

Company Stock Exchange Week 29 Week 28 Change % Baltic Trading Ltd (BALT) NYSE 3,77 3,72 1,34

Diana Shipping Inc (DSX) NASDAQ 10,75 10,01 7,39

Dryships Inc (DRYS) NASDAQ 2,00 1,91 4,71

Euroseas Ltd (ESEA) NASDAQ 1,14 1,03 10,68

Excel Maritime Carriers (EXM) NYSE 0,05 0,05 0,00

Eagle Bulk Shipping Inc (EGLE) NASDAQ 4,00 3,41 17,30

Freeseas Inc (FREESE) NASDAQ 0,32 0,39 -17,95

Genco Shipping (GNK) NYSE 1,84 1,73 6,36

Navios Maritime (NM) NYSE 5,74 5,49 4,55

Navios Maritime PTN (NMM) NYSE 14,91 14,94 -0,20

Paragon Shipping Inc (PRGN) NASDAQ 4,14 4,05 2,22

Star Bulk Carriers Corp (SBLK) NASDAQ 5,56 5,50 1,09

Seanergy Maritime Holdings Corp (SHIP) NASDAQ 1,33 1,40 -5,00

Safe Bulkers Inc (SB) NYSE 5,21 5,10 2,16

Golden Ocean (GOGL) Oslo Bors (NOK) 6,31 6,42 -1,71

Tankers Capital Product Partners LP (CPLP) NASDAQ 9,97 9,67 3,10

TOP Ships Inc (TOPS) NASDAQ 1,60 1,55 3,23

Tsakos Energy Navigation (TNP) NYSE 5,19 4,67 11,13

Other

Aegean Maritime Petrol (ANW) NYSE 10,00 8,86 12,87

Danaos Corporation (DAC) NYSE 4,30 4,38 -1,83

StealthGas Inc (GASS) NASDAQ 10,55 11,25 -6,22

Rio Tinto (RIO) NYSE 44,35 42,16 5,19

Vale (VALE) NYSE 13,82 13,29 3,99

ADM Archer Daniels Midland (ADM) NYSE 36,60 36,31 0,80

BHP Billiton (BHP) NYSE 62,60 60,68 3,16

Financial Market Data

17

Currencies

Week 29 Week 28 Change (%) EUR / USD 1,31 1,30 0,77

USD / JPY 100,63 99,25 1,39

USD / KRW 1121 1124 -0,27

USD / NOK 5,96 6,06 -1,65

Bunker Prices

IFO 380 IFO 180 MGO Piraeus 625 655 940

Fujairah 590 645 975

Singapore 595 607 920

Rotterdam 600 625 897

Houston 590 635 995

Port Congestion*

Port No of Vessels

China Rizhao 19

Lianyungang 41

Qingdao 84

Zhanjiang 29

Yantai 36

India

Chennai 15

Haldia 14

New Mangalore 6

Kakinada 11

Krishnapatnam 18

Mormugao 16

Kandla 22

Mundra 23

Paradip 15

Vizag 38

South America

River Plate 384

Paranagua 98

Praia Mole 21

* 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 29 of year

2013.

Financial Market Data / Bunker Prices / Port Congestion