Shipping Newsletter Week26

Capital Link Shipping Weekly Markets Report
Monday, June 25, 2012 (Week 26)
IN THE NEWS
Latest Company News Select Dividend Paying Shipping Stocks
CAPITAL MARKETS DATA
Currencies, Commodities & Indices Shipping Equities - Weekly Review Weekly Trading Statistics, by Knight Capital Dry Bulk Market - Weekly Highlights, by Intermodal Shipbrokers Weekly Tanker Market Opinion, by Poten & Partners Weekly Freight Rate & Asset Trends, by Intermodal Shipbrokers Tanker Market - Weekly Highlights, by Charles R. Weber Company Container Market - Weekly Highlights, by Braemar Seascope S&P Secondhand, Newbuilding & Demolition Markets, by Golden Destiny
SHIPPING MARKETS
TERMS OF USE & DISCLAIMER CONTENT CONTRIBUTORS
Capital Link Shipping
...Linking Shipping and Investors Across the Globe
Capital Link is a New York-based Advisory, Investor Relations and Financial Communications firm. Capitalizing on our in-depth knowledge of the shipping industry and capital markets, Capital Link has made a strategic commitment to the shipping industry becoming the largest provider of Investor Relations and Financial Communications services to international shipping companies listed on the US and European Exchanges. Capital Link's headquarters are in New York with a presence in London and Athens.
Operating more like a boutique investment bank rather than a traditional Investor Relations firm, our objective is to assist our clients enhance long term shareholder value and achieve proper valuation through their positioning in the investment community. We assist them to determine their objectives, establish the proper investor outreach strategies, generate a recurring information flow, identify the proper investor and analyst target groups and gather investor and analyst feedback and related market intelligence information while keeping track of their peer group. Also, to enhance their profile in the financial and trade media.
Investor Relations & Financial Advisory
In our effort to enhance the information flow to the investment community and contribute to improving investor knowledge of shipping, Capital Link has undertaken a series of initiatives beyond the traditional scope of its investor relations activity, such as:
A web based resource that provides information on the major shipping and stock market indices, as well as on all shipping stocks. It also features an earnings and conference call calendar, industry reports from major industry participants and interviews with CEOs, analysts and other market participants.
www.CapitalLinkShipping.com
Weekly distribution to an extensive audience in the US & European shipping, financial and investment communities with updates on the shipping markets, the stock market and listed company news.
www.CapitalLinkWebinars.com
Sector Forums & Webinars: Regularly, we organize panel discussions among CEOs, analysts, bankers and shipping industry participants on the developments in the various shipping sectors (containers, dry bulk, tankers) and on other topics of interest (such as Raising Equity in Shipping Today, Scrapping, etc).
In New York, Athens and London bringing together investors, bankers, financial advisors, listed companies CEOs, analysts, and shipping industry participants.
Capital Link Investor Shipping Forums
Capital Link Maritime Indices: Capital Link developed and maintains a series of stock market maritime indices which track the performance of U.S. listed shipping stocks (CL maritime Index, CL Dry Bulk Index, CL Tanker Index, CL Container Index, CL LNG/LPG Index, CL Mixed Fleet Index, CL Shipping MLP Index Bloomberg page: CPLI. The Indices are also distributed through the Reuters Newswires and are available on Factset.
Capital Link - New York - London - Athens
www.MaritimeIndices.com
New York - 230 Park Avenue, Suite 1536, New York, NY, 10169 Tel.: +1 212 661 7566 Fax: +1 212 661 7526 London - Longcroft House,2-8 Victoria Avenue, London, EC2M 4NS, U.K Tel. +44(0) 203 206 1320 Fax. +44(0) 203 206 1321 Athens - 40, Agiou Konstantinou Str, Suite A 5, 151-24 Athens, Greece Tel. +30 210 6109 800 Fax +30 210 6109 801
www.capitallink.com www.capitallinkforum.com
IN THE NEWS
period for an additional 11 to 14 months at a gross daily rate of $15,500. The new time charter contract is anticipated to contribute a minimum of about $8.5 million of gross revenues to the Company. Based on the latest redelivery dates, the Companys contracted revenue days currently stand at 94% in 2012, at 68% in 2013 and at 35% in 2014. Wednesday, June 20, 2012 TOP Ships Inc. Announces New Charter for M/V EVIAN TOP Ships Inc. announced that it entered into a bareboat agreement to charter out the M/V EVIAN up to 15 December 2014 at a daily rate of US$ 7,000. Eagle Bulk Shipping Inc. Reaches Comprehensive Agreement With Lenders Eagle Bulk Shipping Inc. announced that it has reached an agreement with a syndicate of its lenders led by Royal Bank of Scotland plc. This agreement resolves all outstanding issues with the Companys lenders and significantly improves the Companys position amid the ongoing, cyclical downturn in the shipping markets. Highlights of the agreement include the following: 1) Permanently waives any purported defaults or events of defaults. 2) $1,129,478,742 presently outstanding under the existing revolver will convert into a term loan, with a maturity set to December 31, 2015. Subject to certain conditions, the amendment provides an option to the Company to extend the maturity date an additional 18 months to June 30, 2017. 3) Eagle Bulk will receive a new liquidity facility in the aggregate amount of $20,000,000. 4). The amendment requires no fixed repayments of principal until maturity, and is subject to a quarterly sweep of cash in excess of $20,000,000. Thursday, June 21, 2012 Paragon Shipping Inc. Reports First Quarter 2012 Results Paragon Shipping Inc. announced its results for the three months ended March 31, 2012. Gross time charter revenue for the first quarter of 2012 was $13.2 million, compared to $29.0 million for the first quarter of 2011. Net income was $0.7 million, or $0.01 per basic and diluted share. EBITDA for the first quarter of 2012 was $6.6 million, compared to $17.7 million for the first quarter of 2011. The Company operated an average of 10.0 vessels during the first quarter of 2012, earning a TCE rate of $13,490 per day, compared to an average of 13.0 vessels during the first quarter of 2011, earning an average TCE rate of $24,109 per day. NewLead Holdings Ltd. Announces $75.0 Million Debt Reduction and $18.1 million Conversion of Debt to Equity NewLead Holdings Ltd. announced that the Company entered into an agreement with Piraeus Bank S.A. (Piraeus Bank) to proceed with the sale of the two tanker vessels, Hiona and Hiotissa, for an aggregate amount of $57.0 million and to convert, subject to satisfaction of certain conditions precedent bythe Company,$18.1 million debt into 22.1 million shares of NewLeads common stock. As a result of this transaction, NewLeadwill bereleased from all obligations under the Piraeus Bank credit facility. These transactions are expected to occur in the third quarter of 2012 and
Latest Company News

Monday, June 18, 2012 Navios Maritime Partners L.P. Purchases Capesize Vessel With Eight Year Charter Navios Maritime Partners L.P., announced that it has purchased from Navios Maritime Holdings Inc. the Navios Buena Ventura, a 2010 South-Korean-built Capesize vessel of 179,259 dwt for $67.5 million cash consideration of which $22.0 million are debt financing and the $45.5 million cash from balance sheet. The vessel is chartered out at $29,356 (net) per day until December 2020 with 50/50 profit sharing which commences when the Baltic Exchange Capesize TC Average exceeds $38,500. The Navios Buena Ventura is expected to generate annual base EBITDA of approximately $8.3 million and aggregate base EBITDA of approximately $70.8 million over the life of the charter contract. The charter contract is insured by an AA rated insurance company in the European Union. Navios Maritime Holdings Inc. Announces Sale of Navios Buena Ventura Navios Maritime Holdings Inc., announced that it has sold the Navios Buena Ventura, a 2010-built Capesize vessel of 179,259 dwt, to Navios Maritime Partners L.P. (Navios Partners) for a $67.5 million cash consideration. Navios Holdings has used $26.8 million out of the proceeds of the transaction for debt repayment. Navios Holdings intends to use the balance of the proceeds from the sale of the vessel for operating purposes. Tuesday , June 19, 2012 Euroseas Ltd. Announces Rights Offering Euroseas Ltd. announced the results of its previously announced rights offering to shareholders of the Company. The rights offering expired on June 15, 2012 and was oversubscribed, including the exercise of basic subscription privileges and oversubscription privileges, at a price of $1.10 per share for 13,852,094 shares of common stock of the Company. Since shareholders exercised oversubscription privileges for more shares than were available to be purchased under the rights offering pursuant to their oversubscription privileges, the shares of our common stock to be issued pursuant to the exercise of the oversubscription privileges will be allocated pro rata among those oversubscribing holders as described in the offering materials. The Company strengthened its balance sheet through the rights offering generating total net proceeds of approximately $14.9 million. The Company intends to use the proceeds of the rights offering to renew and expand its fleet, to participate in joint ventures with the objective of acquiring vessels and for general corporate purposes. Paragon Shipping Announces Delivery Of Its Second Handysize Newbuilding Vessel Paragon Shipping Inc. announced that it has taken delivery of the M/V Precious Seas, a 37,205 dwt Handysize vessel, from the Zhejiang Ouhua Shipbuilding Co. in China. The vessel has been chartered out to Cargill International S.A. (the Charterers) for a period of 23 to 26 months at a gross daily rate of $12,125. In addition, the Charterers have the option to extend the charter
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IN THE NEWS
amount of up to US$26.450 million. The purpose of this increase in the facility is to partially finance the acquisition cost of the m/v Melia, which was delivered to the Company on May 1, 2012. The initial purpose of the facility was to partially finance the acquisition cost of the m/v Leto, which was delivered to the Company on January 16, 2012. Diana Shipping Inc.s fleet currently consists of 28 dry bulk carriers (17 Panamax, 1 Post-Panamax, 8 Capesize and 2 Newcastlemax), as well as 2 new-building Ice Class dry bulk Panamax vessels expected to be delivered to the Company during the fourth quarter of 2013. As of today, the combined carrying capacity of our current fleet, excluding the two vessels not yet delivered, is approximately 3.2 million dwt with a weighted average age of 5.9 years.
Latest Company News

are subject to certain conditions.Michael Zolotas, President and Chief Executive Officer of NewLead, stated, The sale of the two vessels is one more step forward in the completion of NewLeads restructuring. Todays agreement with PiraeusBank to convert debt to equity demonstrates the confidence of our lenders in NewLeads prospects post restructuring. As a result of this transaction, it is expected that NewLead will have a total of 306,943,428 shares of common stock outstanding. NewLead is currently discussing a similar arrangement with Lemissoler Maritime Company W.L.L. Under the agreement with Piraeus Bank (as well as under the terms of the previously announced transaction with Cyprus PopularBank), any such conversion of debt to equity must be on substantially the same terms. Monday, June 25, 2012 Diana Shipping Inc. Announces Drawdown of US$10.325 Million From an Increased Term Loan Facility With Nordea Bank Diana Shipping Inc. announced that on June 22, 2012, it completed the drawdown of US$10.325 million through a supplemental loan agreement with Nordea Bank Finland Plc, London Branch. This drawdown increased the size of the previously announced term loan facility from the original amount of US$16.125 million to an
The leading specialist in international transport finance

www.dvbbank.com
Frankfurt/Main Hamburg London Cardiff Rotterdam Bergen Oslo Piraeus Zurich Singapore Tokyo New York Curaao
0611_DVB-Anz_half-page_quer.indd 1
07.06.11 13:25
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IN THE NEWS
Last Closing Price (JUNE 22, 2012) $13.46 Annualized Dividend Yield 8.02%
Select Dividend Paying Shipping Stocks

Company Name Containers Costamare Inc Dry Bulk Globus Maritime Limited Navios Maritime Holdings Inc Navios Maritime Partners Safe Bulkers Inc Star Bulk Carriers Corp Tankers Capital Product Partners Lp Navios Maritime Acquisition Corp Tsakos Energy Navigation Ltd Mixed Fleet Euroseas Ltd Ticker CMRE Quarterly Dividend $0.27 * Annualized Dividend $1.08
GLBS NM NMM SB SBLK
$0.085 $0.06 $0.44 $0.15 $0.015
$0.34 $0.24 $1.76 $0.60 $0.06
$3.13 $3.24 $13.49 $6.09 $0.73
10.86% 7.41% 13.05% 9.85% 8.22%
CPLP NNA TNP
$0.2325 $0.05 $0.15
$0.93 $0.20 $0.60
$7.38 $2.41 $4.90
12.60% 8.30% 12.24%
ESEA
$0.04
$0.16
$1.19
13.45%
London Listed Companies (Great British Pence) Goldenport Holdings
Ticker GPRT
Last Closing 2011 Total Price (JUNE 22, Annualized Dividend 2012) Dividend Yield 6.00 63.75 9.41%
*Board approved an eight percent (8%) dividend increase, beginning with the third quarter 2011 dividend, raising the quarterly dividend from $0.25 to $0.27 per common share.
Get your message across to 36,000 weekly recipients around the globe
Join a select group of shipping & financial industrys advertisers by promoting your brand with Capital Links Shipping Weekly Markets Report.
For additional advertising information and a media kit, please contact/email: Nicolas Bornozis at +1 212 661-7566, forum@capitallink.com
Page 5

Week ending Friday, June 22, 2012
Currencies, Commodities & Indices

KEY CURRENCY RATES Rate 3-Month LIBOR (USD) 10-Yr US Treasury Yield USD/CNY USD/EUR USD/GBP USD/JPY Current Price 0.4616 1.6708 6.3653 0.7959 0.6417 80.34 Price Last Week 0.4679 1.5773 6.3709 0.7914 0.6363 78.74 % Change -1.35% 5.93% -0.09% 0.57% 0.85% 2.03% PRECIOUS METALS Current Price Copper Gold Palladium Platinum Siver 332.25 1,568.35 609.80 1,420.50 26.82 Price Last Week 339.05 1,625.22 630.4 1,492.75 28.71 % Change -2.01% -3.50% -3.27% -4.84% -6.59% YTD %Chg -5.84% -2.06% -8.09% -0.25% -8.75% 52 Week High 450.5 1,921.15 725 1,916.75 44.25 52 Wk Low 309.15 1,485.70 586.3 1,344.25 26.07 YTD %Chg -20.76% -14.20% 1.09% 3.88% 0.44% 4.80% 52 Week High 0.5393 3.3190 6.4893 0.8137 0.6563 84.19 52 Wk Low 0.2844 2.3833 6.2715 0.686 0.6018 75.38
KEY AGRICULTURAL & CONSUMER COMMODITIES Current Price Cocoa Coffee Corn Cotton Soybeans Sugar #11 Wheat 2,102.00 155.90 555.50 69.12 1,372.50 19.75 687.00 Price Last Week 2,247.00 152.00 506.00 71.02 1,314.00 20.01 651.25 % Change -6.45% 2.57% 9.78% -2.68% 4.45% -1.30% 5.49% KEY FUTURES Commodities Gas Oil Futures Gasoline RBOB Future Heating Oil Future Natural Gas Future WTI Crude Future Current Price 814.75 259.13 255.18 2.63 80.17 Price Last Week 851.50 270.17 264.65 2.47 84.03 % Change -4.32% -4.09% -3.58% 6.40% -4.59% YTD %Chg -13.94% -5.72% -16.01% -12.20% -22.13% 52 Week High 1,045.75 332.18 331.93 4.61 111.49 52 Wk Low 810 246.5 256.31 1.9 77.4 YTD %Chg -0.61% -31.38% -15.64% -27.85% 11.81% -19.42% 4.57% 52 Week High 3,300.00 288.85 673.5 103 1,400.00 26.04 871 52 Wk Low 2,031.00 150.1 499 64.61 1,115.75 19.24 629.5
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MAJOR INDICES
Currencies, Commodities & Indices

Index Dow Jones Dow Jones Transp. NASDAQ NASDAQ Transp. S&P 500 Russell 2000 Index Amex Oil Index FTSE 100 Index Symbol INDU TRAN CCMP CTRN SPX RTY XOI UKX Close 12,640.78 5,083.22 2,892.42 2,188.22 1,335.02 775.16 1,116.34 5,513.69 Last Week 12,767.17 5,091.24 2,872.80 2,197.07 1,342.84 771.32 1,150.32 5,478.81 % Change -0.99% -0.16% 0.68% -0.40% -0.58% 0.50% -2.95% 0.64% YTD % Change 1.96% 0.35% 9.20% 0.00% 4.54% 3.04% -11.46% -3.27% 4-Jan-12 12,720.48 5,280.75 2,786.70 2,297.32 1,315.38 784.62 1,273.79 5,728.55
CAPITAL LINK MARITIME INDICES Index Capital Link Maritime Index Tanker Index Drybulk Index Container Index LNG/LPG Index Mixed Fleet Index MLP Index Symbol CLMI CLTI CLDBI CLCI CLLG CLMFI CLMLP 22-June-12 1,995.96 1,909.29 640.74 1,212.20 3,378.34 1,315.41 2,783.26 15-June-12 1,979.29 1,857.23 642.25 1,136.59 3,362.64 1,343.20 2,769.21 % Change 0.84% 2.80% -0.24% 6.65% 0.47% -2.07% 0.51% 4-Jan-12 2,185.20 1,888.57 661.81 1,112.58 3,810.14 1,030.58 2,755.12 YTD % Change -8.66% 1.10% -3.18% 8.95% -11.33% 27.64% 1.02%
BALTIC INDICES Index Baltic Dry Index Baltic Capesize Index Baltic Panamax Index Baltic Supramax Index Baltic Handysize Index Baltic Dirty Tanker Index Baltic Clean Tanker Index Symbol BDIY BCIY BPIY BSI BHSI BDTI BCTI 22-June-12 978 1,155 1,048 1,179 705 661 571 15-June-12 924 1,148 1,065 1,061 653 682 575 % Change 5.84% 0.61% -1.60% 11.12% 7.96% -3.08% -0.70% 4-Jan-12 1,624 2,955 1,619 1,158 570 783 762 YTD % Change -39.78% -60.91% -35.27% 1.81% 23.68% -15.58% -25.07%
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Shipping Equities: The Week in Review

SHIPPING EQUITIES OUTPERFORM THE BROADER MARKET CONTAINER THE BEST PERFORMER During last week, shipping equities outperformed the broader market, with the Capital Link Maritime Index (CLMI), a composite index of all US listed shipping stocks went up 0.84%, compared to the S&P 500 slipped 0.58%, and the Dow Jones Industrial Average (DJII) down 0.99%. Container stocks performed the best with Capital Link Container Index rose 6.65%, followed by Tanker Index increasing 2.80%. Mixed fleet equities were the worst last week, with Capital Link Mixed Fleet Index down 2.07%. The three biggest winners of shipping stocks are Tops Ships (TOPS), Newlead (NEWL), and Eagle Bulk (EGLE), up 35.71%, 26.36% and 25.35%, respectively. Dry Bulk shipping stocks underperformed the physical market last week, with the Capital Link Dry Bulk Index went down 0.24%, compared to the Baltic Dry Index (BDI) gained 5.84%. Year-to-date, the BDI is now losing 39.78% compared to the Capital Link Dry Bulk Index down 3.18%. Tanker shipping stocks outperformed the physical market last week, with Capital Link Tanker Index climbing 2.80%, compared to Baltic Dirty Tanker Index (BDTI) sliding 3.08% and Baltic Clean Tanker Index (BCTI) losing 0.70%. Year-to-date, the BDTI lost 15.58% and the BCTI down 25.07%, while Capital Link Tanker Index stays positive with a gain of 1.10%. The Trading Statistics supplied by Knight Capital provide details of the trading performance of each shipping stock and analyze the markets trading momentum and trends for the week and year-to-date. The objective of the Capital Link Maritime Indices is to enable investors, as well as all shipping market participants, to better track the performance of listed shipping stocks individually, by sector or as an industry. Performance can be compared to other individual shipping stocks, to their sector, to the broader market, as well as to the physical underlying shipping markets or other commodities. The Indices currently focus only on companies listed on US Exchanges providing a homogeneous universe. They are calculated daily and are based on the market capitalization weighting of the stocks in each index. In terms of historical data, the indices go back to January 1, 2005, thereby providing investors with significant historical performance. There are seven indices in total; the Capital Link Maritime Index comprised of all 44 listed shipping stocks, and six Sector Indices, the CL Dry Bulk Index, the CL Tanker Index, the CL Container Index, the CL LNG / LPG Index, the CL Mixed Fleet Index and the CL Maritime MLP Index. The Index values are updated daily after the market close and can be accessed at www.CapitalLinkShipping.com or at or www.MaritimeIndices.com. They can also be found through the Bloomberg page CPLI and Reuters.
MARITIME INDEX DAILY COMPARISON CHARTS (52 WEEK)*
1.15 1.10 1.05 1.00 0.95 0.90 0.85 0.80 0.75 0.70
Capital Link Maritime Index
S&P 500
Russell 2000
CAPITAL LINK TANKER INDEX DAILY COMPARISON CHARTS
1.55 1.40 1.25 1.10 0.95 0.80 0.65 0.50 0.35
Capital Link Drybulk Index
Baltic Dry Index
CAPITAL LINK DRY BULK INDEX DAILY COMPARISON CHARTS
1.90 1.70 1.50 1.30 1.10 0.90 0.70 0.50
Capital Link Tanker Index
Baltic Clean Tanker Index
Baltic Dirty Tanker Index
*SOURCE: BLOOMBERG
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Weekly Trading Statistics

Custom Statistics Prepared Weekly for Capital Link Shipping BROAD MARKET
Name Phlx Semiconductor Sector Index Nasdaq Composite Index Nasdaq-100 Index Russell 2000 Index Dow Jones Transportation Index Nasdasq Transportation Index Russell 3000 Index Russell 1000 Index S&P 500 Index Dow Jones Industrial Average Index Index Data: INDU (Dow Jones Industrial Average Index. The INDU closed today at 12,644.41 for a weekly loss of -122.76 pts (-0.9615%). The high of the week was 12,917.37 while the low was 12,554.77 (close = 24.72% of high/low range). The INDU closed 5.35% from its 52 week high (13,359.62) and 22.02% from its 52 week low (10,362.26).
Percent Change of Major Indexes for the Week Ending Friday, June 22, 2012
Symbol SOX COMPX NDX RUT TRAN TRANX RUA RUI SPX INDU Close 378.65 2892.42 2585.53 775.07 5083.05 2188.22 787.06 735.68 1335.02 12644.41 Net Gain 3.50 19.62 14.30 3.75 -8.19 -8.85 -3.44 -3.78 -7.82 -122.76 Percent Gain 0.93% 0.68% 0.56% 0.49% -0.16% -0.40% -0.44% -0.51% -0.58% -0.96%
INDU Important Moving Averages

50 Day: 100 Day: 200 Day: 12,734.85 12,863.08 12,350.19
SHIPPING INDUSTRY DATA (50 Companies)

Moving Averages
60.47% closed > 10D Moving Average. 16.28% closed > 50D Moving Average. 16.28% closed > 100D Moving Average. 32.56% closed > 200D Moving Average.
Top Upside Momentum (Issues with the greatest 100 day upside momentum*)
Symbol Close NEWL DCIX GSL DAC GASS CPLP 1.39 7.4 3.19 4.35 5.9 7.38 SFL 14.92 Weekly % Change 26.36% -1.19% -0.67% -1.85% -3.97% 5.92% 10.21% 4.83% 50-Day % Change -61.81% 14.34% 29.00% -5.62% 14.78% 1.72% 7.34% -3.86%
Top Downside Momentum (Issues with the greatest 100 day downward momentum*)
Symbol Close EXM EGLE GNK ESEA VLCCF TRMD DHT TNP GLBS FRO 0.57 3.61 2.93 1.1 8.16 0.34 0.62 4.9 3.13 4.23 Weekly % Change -10.94% 25.35% -8.44% -7.56% -1.57% 6.25% -4.62% -2.39% 9.44% 1.93% 50-Day % Change -67.61% -87.18% -46.82% -39.62% -32.47% -39.29% -22.55% -35.41% -35.89% -39.57%
SSW 17.48
*Momentum: (100D % change) + 1.5*(50D % change) + 2.0*(10D % change) for each stock then sort group in descending order and report the top 10.
*Momentum: (100D % change) + 1.5*(50D % change) +

2.0*(10D % change) for each stock then sort all names that have a negative value in ascending order and report the top 10.
Top Consecutive Higher Closes

Symbol Close Up Streak GLBS 3.13 2
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Top Consecutive Lower Closes

Symbol FRO Close Down Streak 4.23 -2

NM OSG TNK 3.24 10.16 4.27 -2 -2 -2

NEWL SHIP TRMD GLBS NEWL SHIP TRMD GLBS NEWL 1.39 2.49 0.34 3.13 1.39 2.49 0.34 3.13 1.39 2 2 2 2 2 2 2 2 2
Top Largest Weekly Trading Gains

Symbol TOPS NEWL EGLE STNG SHIP SSW BALT GLBS ANW TRMD Close One Week Ago 1.26 1.1 2.88 5.34 2.18 15.86 3.3 2.86 4.77 0.32 Friday Close 1.71 1.39 3.61 6.14 2.49 17.48 3.63 3.13 5.09 0.34 Net % Change Change 0.45 35.71% 0.29 26.36% 0.73 25.35% 0.80 14.98% 0.31 14.22% 1.62 10.21% 0.33 10.00% 0.27 0.32 0.02 9.44% 6.71% 6.25%
Top Largest Weekly Trading Losses

Symbol EXM GNK ESEA DHT DAC TEU NM GMLP TNP GSL Close One Week Ago 0.64 3.2 1.19 0.65 4.53 8.1 3.34 30.28 5.02 3.25 Friday Close 0.57 2.93 1.1 0.62 4.35 7.82 3.24 29.38 4.9 3.19 Net % Change Change -0.07 -0.27 -0.09 -0.03 -0.18 -0.28 -0.10 -0.90 -0.12 -0.06 -10.94% -8.44% -7.56% -4.62% -3.97% -3.46% -2.99% -2.97% -2.39% -1.85%
Top Largest Monthly Trading Gains (A month has
been standardized to 20 trading days) Prior Friday Net Symbol % Change Close Close Change TOPS STNG DAC TEU SSW SFL DCIX GASS NMM SBLK 1.47 5.55 4 7.29 16.45 14.26 7.09 5.67 13.09 0.71 Symbol DCIX TOO ALEX SFL SSW GASS CPLP TGP SB CMRE 1.71 6.14 4.35 7.82 17.48 14.92 7.4 5.9 13.49 0.73 52W High 7.73 29.79 52.79 16.49 19.68 6.72 8.55 42.26 7.40 16.73 0.24 0.59 0.35 0.53 1.03 0.66 0.31 0.23 0.40 0.02 16.33% 10.63% 8.75% 7.27% 6.26% 4.63% 4.37% 4.06% 3.06% 2.80% % Away -4.27% -5.87% -8.22% -9.52% -11.16% -12.20% -13.71% -14.39% -17.66% -19.53%
Top Largest Monthly Trading*Losses (A month has

Symbol EXM GLBS NEWL FRO VLCCF ESEA DSX GMLP SB BALT
been standardized to 20 trading days) Prior Friday Net Change % Change Close Close 0.91 3.85 1.7 4.98 9.58 1.26 7.98 31.87 6.52 3.87 Symbol VLCCF EXM ESEA DHT GNK SBLK TNP DSX PRGN BALT 0.57 3.13 1.39 4.23 8.16 1.1 7.28 29.38 6.09 3.63 -0.34 -0.72 -0.31 -0.75 -1.42 -0.16 -0.70 -2.49 -0.43 -0.24 52W Low 8.10 0.56 1.08 0.60 2.78 0.69 4.55 6.59 0.52 3.11 -37.36% -18.70% -18.24% -15.06% -14.82% -12.78% -8.77% -7.81% -6.60% -6.20% % Away 0.74% 1.79% 1.85% 3.33% 5.40% 5.67% 7.69% 10.47% 13.46% 16.72%
Stocks Nearest to 52-Week Highs
Stocks Nearest To 52-Week Lows
Top Stocks with Highest Weekly Volume Run Rate* > 1

Page 11

Symbol EGLE BALT NNA EXM ESEA STNG GLNG Close 3.61 3.63 2.41 0.57 1.1 6.14 34.61 Net % Change 25.35% 10.00% -1.67% -10.94% -7.56% 14.98% 1.23% Run Rate 5.6567 2.0712 1.7851 1.6857 1.6079 1.3339 1.2719
*The Volume Run Rate is calculated by dividing the current week's volume by the average volume over the last 20 weeks. For example, a run rate of 2.0 means the stock traded twice its average volume.
Top Year-To-Date Gainers

Symbol NEWL GSL SFL FREE GASS DCIX TNK CPLP SSW DAC YTD Gain % 202.17% 76.24% 75.93% 55.81% 52.85% 52.69% 38.02% 35.41% 34.98% 29.85%
Top Year-To-Date Decliners

Symbol EGLE EXM GNK ESEA TRMD VLCCF GLNG BALT SBLK PRGN YTD Decline % -76.00% -60.69% -56.66% -48.48% -47.69% -31.81% -19.26% -17.44% -12.16% -7.81%
ANW - Aegean Marine Petroleum Network Inc; BALT - Baltic Trading Ltd; CPLP - Capital Product Partners LP; CMRE- Costamere, Inc.; DAC - Danaos Corp; DCIX Diana Containerships; DHT - DHT Maritime Inc; DRYS DryShips Inc; DSX - Diana Shipping Inc; EGLE - Eagle Bulk Shipping Inc; ESEA - Euroseas Ltd; EXM - Excel Maritime Carriers Ltd; FREE FreeSeas; FRO - Frontline Ltd; GASS - StealthGas Inc; GLBS Globus Maritime Limited ; GLNG - Golar LNG Ltd; GMLP Golar LNG Partners; GNK - Genco Shipping & Trading Ltd; GSL - Global Ship Lease Inc; NAT - Nordic American Tanker Shipping; NEWL - NewLead Holdings Ltd; NM - Navios Maritime Holdings Inc; NMM - Navios Maritime Partners LP; NNA - Navios Maritime Acquisition Corp; OSG - Overseas Shipholding Group Inc; PRGN - Paragon Shipping Inc; SB - Safe Bulkers Inc; SBLK - Star Bulk Carriers Corp; SFL Ship Finance International Ltd; SHIP - Seanergy Maritime Holdings Corp; SSW - Seaspan Corp; STNG - Scorpio Tankers Inc; TEU - Box Ships Inc; TGP - Teekay LNG Partners LP; TK - Teekay Corp; TNK - Teekay Tankers Ltd; TNP - Tsakos Energy Navigation Ltd; TOO - Teekay Offshore Partners LP; TOPS - TOP Ships Inc; TRMD - D/S Torm A/S; VLCCF - Knightsbridge Tankers Ltd
The following are the 43 members of this group: Symbol Name: ALEX - Alexander & Baldwin Inc;
DISCLAIMER This communication has been prepared by Knight Capital Group, L.P. The information set forth
above has been compiled from third party sources believed by Knight to be reliable, but Knight does not represent or warrant its accuracy, completeness or timeliness of the information and Knight, and its affiliates, are not responsible for losses or damages arising out of errors or omissions, delays in the receipt of this information, or any actions taken in reliance thereon. The information provided herein is not intended to provide a sufficient or partial basis on which to make an investment decision. The communication is for your general information only and is not an offer or solicitation to buy or sell any security or product. Knight and its affiliates most likely make a market in the securities mentioned in this document. Historical price(s) or value(s) are as of the date and, if applicable, time indicated. Knight does not accept any responsibility to update any information contained in this communication. Knight and/or its affiliates, officers, directors and employees, including persons involved in the preparation or issuance of this material, may, from time to time, have long or short positions in, or buy or sell (on a principal basis or otherwise) the securities mentioned in this communication which may be inconsistent with the views expressed herein. Questions regarding the information presented herein or a request for a copy of this document should be referred to your Knight representative. Member NASD/SIPC. For additional information about Knight Capital Group, Inc. (NYSE Euronext: KCG), please visit www.knight.com.
Page 12
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SHIPPING MARKETS
Dry Bulk Market - Weekly Highlights

With activity continuing strong for yet another week in the dry bulk sector, the index was able to make a noticeable gain this week. Capes saw a slight correction in freight levels as demand recovered slightly compared to the activity levels witnessed the previous weeks. This is still not enough to really lead to a full on recovery due to the large number of open vessels circulating in the market, while at the same time it looks to only be a temporary burst in fresh inquiries and this are likely to settle down again soon. On the Panamax side, things started to take a downward slide this week as activity was inefficient to cover the large availability of vessels. Despite the slightly softer demand witnessed, Supras and Handies were able to keep on a more positive note thanks to the good position lists left over from a week prior. We will need demand to remain firm however for things to remain positive overall in the dry bulk market, something which is already proving difficult as we enter start off the week.
Contributed by
Intermodal
Intermodal Shipbrokers Co. 17th km Ethniki Odos Athens-Lamia & 3 Agrambelis Street, 145 64 N. Kifisia, Athens - Greece Phone: +30 210 6293300 Website: www.intermodal.gr
Baltic Indices / Dry Bulk Spot Rates

BDI BCI BPI BSI BHSI Week 25 22/06/12 Index 978 1,155 1,048 1,179 705 $3,570 $8,345 $12,323 $10,247 $/day Week 24 15/06/12 Index 924 1,148 1,065 1,061 653 $3,471 $8,469 $11,097 $9,549 $/day 5.8% 0.6% -1.6% 11.1% 8.0% % Point Diff 54 7 -17 118 52 2012 Avg Index 942 1,516 1,104 938 533 2011 Avg Index 1,549 2,237 1,749 1,377 718
Index
With Chinese stockpiles still holding at fairly high levels for both coal and iron ore, things are looking fairly difficult for the long-term for the large vessel size segments. Things were a touch more optimistic for the smaller sizes which are likely to benefit from the positive demand expectations of grain shipments as many countries such as India already show a firm interest in increasing their import volumes this year.
3,500 3,000 2,500
Index
5,000 4,000 3,000 2,000 1,000
Capesize
25 20
no. Fixtures
15 10 5 0
Baltic Dry
160 140 120 100 80 60 40 20 0
no. Fixtures
2,000 1,500 1,000 500
closing. (Last Fridays the 15th of June closing value was recorded at 924 points).
p The Baltic Dry Index closed on Friday the 22nd of June at 978 points with a weekly gain of 54 points or 5.8% over previous weeks
week comparison, as Last Fridays the 15th of June closing value was 1,148 points). It is worth noting that the annual average of 2011 for the Cape Index is currently calculated at 1,516 points, while the average for the year 2010 was 2,237 points.
CAPESIZE MARKET - p The Baltic Cape Index closed on Friday the 22nd of June at 1,155 points with a weekly gain of 7 points. For this week we monitor a 0.6% change on a week-on-
Page 14
SHIPPING MARKETS
No. of Fixtures Highest Fixture Lowest Fixture

Week this week last week Week this week last week No. of Fixtures Highest Fixture Lowest Fixture Week this week last week Week this week last week
6 3
Period Charter
$11,100 $9,500
$4,250 $2,000
Trip Charter
37 47
Period Charter
$17,000 $21,500
$5,750 $5,000 $11,391 $10,295
Trip Charter
$10,050 $9,500
$4,250 $3,500
$12,750 $7,925
For Week 25 we have recorded a total of 6 timecharter fixtures in the Capesize sector, 5 for period charter averaging $10,050 per day, while 1 trip charters were reported this week with a daily average of $4,250 per day. This weeks fixture that received the lowest daily hire was the M/V MINERAL CHINA, 171448 dwt, built 2003, dely Gijon ppt , redely Fos, $4250, Hanjin, for a trip via Port Cartier 2250$ improved from last week, and the fixture with the highest daily hire was the M/V NAVIOS ANTARES, 160053 dwt, built 2010, dely PG in d/c 3/7 July , redely worldwide, $11100, Vitol, for a 5/9 months trading 1600$ improved from last week. The BCI is showing a 0.6% rise on a weekly comparison, a -25.0% loss on a 1 month basis, a -15.6% loss on a 3 month basis, a -67.7% loss on a 6 month basis and a -43.5% loss on a 12 month basis.
For Week 25 we have recorded a total of 37 timecharter fixtures in the Panamax sector, 2 for period charter averaging $12,750 per day, while 35 trip charters were reported this week with a daily average of $11,391 per day. The daily earnings differential for the Panamaxes, that we calculate from all this weeks reported fixtures, i.e. the difference between the lowest and highest reported fixture for this week was reduced, and this weeks fixture that received the lowest daily hire was the M/V PONTOVREMON, 76318 dwt, built 2001, dely Lianyungang 22/28 July , redely Indonesia, $5750, Oceans 21, for a trip via NoPac 750$ improved from last week, and the fixture with the highest daily hire was the M/V SHIN YO, 76863 dwt, built 2006, dely US Gulf end June/ely July , redely Singapore-Japan, $17000, Golden Ocean, for a trip, 700000 bb -4500$ reduced from last week. The BPI is showing a -1.6% loss on a weekly comparison, a -11.6% loss on a 1 month basis, a 1.2% rise on a 3 month basis, a -41.0% loss on a 6 month basis and a -34.1% loss on a 12 month basis.
Panamax
3,500
100 90 80 70 60 50 40 30 20 10 0
Index
2,500
2,500 2,000
Index
Supramax
50 45 40 35 30 25 20 15 10 5 0
no. Fixtures
1,500
no Fixtures
500
1,500 1,000 500
points on a weekly comparison. It is worth noting that last Fridays the 15th of June saw the Panamax index close at 1,065 points. The week-on-week change for the Panamax index is calculated to be -1.6%, while the yearly average for the Baltic Panamax Index for this running year is calculated at 1,104 points while the average for 2010 was 1,749 points.
PANAMAX MARKET - q The Baltic Panamax Index closed on Friday the 22nd of June with a loss at 1,048 points having lost -17
SUPRAMAX & HANDYMAX MARKET - p The Baltic Supramax Index closed on Friday the 22nd of June at 1,179 points up with a weekly gain of 118 points or 11.1% . The Baltic Supramax index on a weekly comparison is with an upward trend as last Fridays the 15th of June closing value was 1,061 points. The annual average of the BSI is recorded at 938 points while the average for 2010 was 1,377 points.
Page 15
SHIPPING MARKETS
No. of Fixtures Highest Fixture Lowest Fixture

Week this week last week Week this week last week No. of Fixtures
28 30
Period Charter
$26,000 $28,000
Highest Fixture
Lowest Fixture
Week this week last week Week this week last week
$4,000 $2,000
2 6
Period Charter
$12,500 $25,000 $0 $0
$11,000 $7,000 $11,750 $12,667
Trip Charter
$11,180 $11,217
$12,685 $13,479
Trip Charter
For Week 25 we have recorded a total of 28 timecharter fixtures in the Supramax & Handymax sector, 5 for period charter averaging $11,180 per day, while 23 trip charters were reported this week with a daily average of $12,685 per day. The minimum vs maximum daily rate differential as analyzed from our fixtures database was overall reduced and from the reported fixtures we see that this weeks fixture that received the lowest daily hire was the M/V SHROPSHIRE, 57000 dwt, built 2009, dely Tianjin spot , redely SE Asia, $4000, Chart Not Rep, for a trip 2000$ improved from last week, and the fixture with the highest daily hire was the M/V NAVIOS APOLLON, 52073 dwt, built 2000, dely USEC spot , redely Passero, $26000, Pacbasin, for a trip via E Med -2000$ reduced from last week. The BSI is showing a 11.1% rise on a weekly comparison, a 5.3% rise on a 1 month basis, a 13.9% rise on a 3 month basis, a -1.2% loss on a 6 month basis and a -9.7% loss on a 12 month basis.
For Week 25 we have recorded a total of 2 timecharter fixtures in the Handysize sector, 0 for period charter averaging $0 per day, while 8 trip charters were reported this week with a daily average of $11,750 per day. The minimum vs maximum daily rate differential as analyzed from our fixtures database was overall reduced and this weeks fixture that received the lowest daily hire was the M/V THOMAS C, 34372 dwt, built 2011, dely Indonesia spot , redely China, $11000, Chart Not Rep, for a trip 3000$ improved from last week and the fixture with the highest daily hire was the M/V THOMAS C, 34372 dwt, built 2011, dely Indonesia spot , redely China, $11000, Chart Not Rep, for a trip -14000$ reduced from last week. The BHI is showing a 8.0% change on a weekly comparison, a 8.6% rise on a 1 month basis, a 27.9% rise on a 3 month basis, a 19.9% rise on a 6 month basis and a -1.0% loss on a 12 month basis.
All Baltic Dry Indices, 1 day, 1week , 1 month, 3 months, 6 months and 12 months % changes based on last Fridays closing figures.
INDEX 1 DAY 1 WK 1 MO 3 MO 6 MO 1Y
1,000
Handysize
18 16 14 12 10 8 6 4 2 0
750
Index
no. Fixtures
BDI BCI BPI BSI BHI
0.0% 0.3% -2.3% 1.0% 0.6%
5.8% 0.6% -1.6% 11.1% 8.0%
-11.1% -25.0% -11.6% 5.3% 8.6%
7.7% -15.6% 1.2% 13.9% 27.9%
-48.2% -67.7% -41.0% -1.2% 19.9%
-31.2% -43.5% -34.1% -9.7% -1.0%
500
250
HANDYSIZE MARKET - p The Baltic Handysize Index closed on Friday the 22nd of June with an upward trend at 705 points with a weekly gain of 52 points and a percentage change of 8.0%. It is noted that last Fridays the 15th of June closing value was 653 points and the average for 2011 is calculated at 533 points while the average for 2010 was 718 points.
Page 16
SHIPPING MARKETS
Weekly Tanker Market Opinion

US Crude Stock Build Continues
Six weeks ago, we observed that a surprise US crude inventory build was consistent with seasonal patterns, risk aversion ahead of Iran sanctions, trapped Cushing storage and Motiva stock building. We suggested that these rising inventories, driven by surging US shale oil production, poised a threat to crude tanker demand on any normalisation of inventory levels in a weakening demand environment. Since then, US crude stocks have continued to rise against historical seasonal patterns -- despite strong crude runs -thus raising the stakes in the prospects for the tanker market
U.S. Crude Oil Inventories
Contributed by
Poten & Partners, Inc.

805 Third Avenue New York, NY 10022 Phone: (212) 230-2000 Website: www.poten.com
US Crude Runs
2,500 2,000 1,500
kbpd
400 375 350 325 300 275 250

5-yr Range 2012 2011 5-yr Avg
MB
yoy Change
1,000 500 0 -500
Jan Feb
Mar Apr
May Jun
Jul
Aug
Sep
Oct
Nov
Dec
-1,000 Jan-09
Jan-10
PADD3
Jan-11
PADD2 Other
Jan-12
Source: EIA, Poten As shown in the above chart, US crude inventories have continued to rise in May and June versus normal seasonal patterns, in which crude stocks peak in early-May, before higher summer crude runs and stable imports allow inventories to decline at an average 200 kbpd rate (or 26 MB overall). This week, however, crude prices extended losses after the US Energy Information Agency (EIA) reported that commercial crude inventories rose by 2.9 MB, to 387.3 MB, versus market expectations for a 1.1 MB draw. The stock levels are at 22-year highs and 40 MB above the five-year average, exaggerated by the 1.0 MB (34 kbpd) rise in Cushing stocks during the past month, to 47.8 MB, despite the mid-May start-up of the 150 kbpd reversal of the Seaway pipeline. Although US product demand year-to-date through May has been 337 kbpd lower year-over-year (yoy), US crude runs have actually risen, jumping by 312 kbpd yoy during the first five months of 2012. As shown in the chart on the following page, USG refiners in PADD3 have led this refining growth, showing a 210 kbpd yoy rise, partially on higher gasoil export demand. Midwest (PADD2) refiners, enjoying higher margins on depressed WTI prices, have also supported crude runs, by lifting their inputs by 178 kbpd yoy through May.
Source: EIA, Poten Still, crude stocks continue to rise, despite virtually no annual increase in crude imports. The culprit, of course, is the dramatic rise in US crude production, with surging shale oil output contributing to a 642 kbpd yoy jump in total production during 1q12. North Dakota production was 210 kbpd higher yoy during the first quarter, driven by rising Bakken output, but onshore Texas production leapt by 418 kbpd yoy during the period, from the Eagle Ford shale and other fields. With rising active oil rig counts, the market anticipates additional gains from shale oil, while offshore Gulf of Mexico output continues to recover from the 234 kbpd yoy declines of 2011 and should no longer serve as a drag on US output. With US production poised to rise from todays 6.3 mbpd level to 6.5 mbpd by year end, inventories would continue to grow without some corrective action to crude imports. Some of this action is coming from an unexpected source, as Saudi Arabia has halted shipments of crude to Motivas Port Arthur, Texas refinery, which has shut down its recent 325 kbpd expansion for several months due to corrosion problems. Motiva would have built up at least 25 days worth of crude inventories before the start-up of the expansion, or 8 MB. Indeed, the 112 kbpd yoy jump in Saudi Arabian imports to Port Arthur during 1q12 and the larger-thanseasonal jump in overall PADD3 crude stocks were consistent with this. Following the start-up issues and fire at the new unit during early-June, PADD3 crude inventories could be carrying as much as 5 MB of unexpected crude that Motiva should have processed. Although the 190 MB of PADD3 crude inventories are at a threeyear high and are 7% above five-year averages, they are not excessive relative to increased crude runs. As illustrated in the chart below, PADD3 crude inventories, at 24.7 days of forward
Page 17
SHIPPING MARKETS
stocks will continue until Seaway and other outlets develop. In the near-term, however, the US refiners annual practice of cutting year-end stocks for tax and accounting purposes could influence import demand. During the past three years, year-end crude stocks have closed near 22 days of forward crude runs. If year-end PADD2 stocks remain at an elevated 30 days and total US crude inventories finish 2012 at a higher level of 23 days, then crude imports would have to drop dramatically under the current crude production and crude run regime. In fact, crude runs would need to drop to 8.5-8.6 mbpd during 2h12, or 300 kbpd lower yoy, but would still leave crude stocks at 354 MB, or 7% higher yoy, by year end. This drop in US imports would drive an 8% yoy plunge in US crude tonne-mile demand during 2h12. After all, excess oil inventories cannot continue forever and will achieve some sort of mean reversion. Tanker market participants have been anticipating a negative tonne-mile impact from rising US shale oil production, but have been sheltered from its effects through inventory building. That will not continue.

crude runs, are not outside historical patterns, even when Motivas expansion is excluded from forward demand. As suspected, the sharp rise in Cushing stocks within PADD2 are distorting US crude inventories, when expressed as days crude runs.
US Crude Inventories 34 32 30
Days Crude Input
Days Crude Runs
28 26 24 22 20 18 16
Jan-07 Jan-08
USG (PADD3)
Jan-09
Jan-10
Midwest (PADD2)
Jan-11
Jan-12
Total US
Source: EIA, Poten Ultimately, refiners will resolve this inventory rise by moving trapped PADD2 barrels to PADD3 for processing, but elevated Cushing
Poten Tanker Market Opinions are published by the Commodity Consulting & Analytics department at Poten & Partners. For feedback on this opinion or to receive this via email every week please send an email to tankerresearch@poten.com. For information on the services and research products offered by our Marine Projects & Consulting department or to contact our tanker brokers please visit our website at www.poten.com.
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Page 18
SHIPPING MARKETS
Page 19

WEEK25 - 2012
SHIPPING MARKETS
Weekly Freight Rate & Asset Trends

Tanker Spot Rates
Vessel 265k 280k 260k 130k 130k 130k 80k 80k 80k 70k 75k 55k 37K 30K 55K 55K 50k Routes AG-JAPAN AG-USG WAF-USG MED-MED WAF-USAC AG-CHINA AG-EAST MED-MED UKC-UKC CARIBS-USG AG-JAPAN AG-JAPAN UKC-USAC MED-MED UKC-USG MED-USG CARIBS-USAC Week 25 WS points
44 30 45 70 65 78 90 98 95 100 95 105 120 138 125 125 128
Week 24 $/day
16,760 6,365 25,060 26,737 18,787 27,346 13,670 30,756 24,137 18,638 10,675 7,786 7,900 16,588 19,838 17,875 22,117
$/day
23,145 6,429 26,585 23,308 15,750 27,084 14,772 22,397 24,830 14,224 13,767 10,227 8,439 16,217 20,696 18,746 17,182
WS points
41 31 45 75 70 80 90 115 95 113 90 100 120 140 125 125 145
%
7% -3% 0% -7% -7% -3% 0% -15% 0% -11% 6% 5% 0% -2% 0% 0% -12%
2012 $/day
32,943 8,336 42,286 29,069 18,445 23,343 13,427 15,376 20,402 14,569 5,123 5,672 11,091 16,978 16,545 14,382 15,684
2011 $/day
18,217 2,504 25,714 25,125 13,373 14,815 12,726 13,577 18,604 8,240 10,467 7,768 11,022 18,458 11,266 9,676 10,700
Contributed by
Intermodal
Intermodal Shipbrokers Co. 17th km Ethniki Odos Athens-Lamia & 3 Agrambelis Street, 145 64 N. Kifisia, Athens - Greece Phone: +30 210 6293300 Website: www.intermodal.gr
WEEK25 - 2012
Aframax
Suezmax
VLCC
Secondhand Indicative Market Values ($ Million) - Tankers

Vessel 5yrs old VLCC Suezmax Aframax Panamax MR 300KT DH 150KT DH 105KT DH 70KT DH 45KT DH Jun-12
65.0 47.0 32.0 26.0 26.0
May-12
65.0 46.0 31.0 26.0 26.0
%
0.0% 2.2% 3.2% 0.0% 0.0%
2012
64.5 46.4 33.0 28.0 25.7
2011
77.6 54.4 39.1 35.2 28.4
2010
87.2 62.6 44.7 38.8 26.5
Dirty
Clean
Tanker Time Charter Rates

$/day VLCC Suezmax Aframax Panamax MR Handysize 300k 1yr TC 300k 3yr TC 150k 1yr TC 150k 3yr TC 105k 1yr TC 105k 3yr TC 70k 1yr TC 70k 3yr TC 45k 1yr TC 45k 3yr TC 36k 1yr TC 36k 3yr TC Week 25 Week 24 %
0.0% 0.0% 2.7% 0.0% 0.0% 0.0% 0.0% 0.0% -1.8% 0.0% 0.0% 0.0%
Secondhand Indicative Market Values ($ Million) - Bulk Carriers

Diff
0 0 500 0 0 0 0 0 -250 0 0 0
2012
22,290 27,470 17,030 20,680 13,960 16,220 13,010 14,330 14,330 14,870 12,600 13,300
2011
25,197 31,681 19,837 23,830 15,707 18,335 14,995 16,263 14,738 12,471 13,412 13,918
Vessel 5yrs old Capesize Panamax Supramax Handysize 170k 73K 52k 29K
Jun-12
35.0 23.5 21.5 18.0
May-12
35.0 23.5 21.5 18.0
%
0.0% 0.0% 0.0% 0.0%
2012
36.2 24.8 22.5 19.9
2011
43.5 31.3 25.6 23.5
2010
57.4 39.0 30.2 26.2
26,500 29,500 19,000 21,500 14,000 16,250 13,000 14,500 14,000 15,000 13,000 13,750
26,500 29,500 18,500 21,500 14,000 16,250 13,000 14,500 14,250 15,000 13,000 13,750
New Building Indicative Market Prices (million$)

Vessel Capesize Panamax Supramax Handysize VLCC Suezmax Aframax LR1 MR LPG M3 LPG M3 LPG M3 170k 75k 57k 30k 300k 150k 110k 70k 47k 80k 52k 23k Bulkers Week 25
46.0 26.8 25.3 21.6 95.5 58.0 50.0 42.0 34.0 71.0 62.0 44.0
Week 24
46.0 26.8 25.3 21.6 95.5 58.0 50.0 42.0 34.0 71.0 62.0 44.0
%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2012
46 27 25 22 95 58 50 42 33 70 61 44
2011
53 33 30 25 102 64 54 45 36 73 64 46
2010
58 35 31 27 103 66 55 46 36 72 65 46
WEEK25 - 2012
Dry Bulker Time Charter Rates

$/day
Capesize
170K 6mnt TC 170K 1yr TC 170K 3yr TC 70K 6mnt TC 70K 1yr TC
12,000 13,875 15,750 11,875 10,250
12,500 13,500 15,750 12,125 10,500
-4% 3% 0% -2% -2%
-500 375 0 -250 -250
14,025 15,475 16,630 12,620 11,060
18,474 17,138 17,599 17,238 14,863
www.intermodal.gr Intermodal 11,375 Shipbrokers - Capital -2% Link - Dry Bulk Report Week 25 25 June 2012 11,625 -250 Market 11,845 14,500 70K 3yr TC
52K 6mnt TC 52K 1yr TC 52K 3yr TC 45k 6mnt TC 45k 1yr TC 45k 3yr TC 30K 6mnt TC 30K 1yr TC 30K 3yr TC
13,500 11,000 11,500 11,000 9,750 10,250 9,500 9,250 9,750 13,250 11,000 11,500 10,500 9,500 10,250 9,000 9,000 9,750 2% 0% 0% 5% 3% 0% 6% 3% 0% 250 0 0 500 250 0 500 250 0 11,960 11,160 12,010 9,990 9,410 10,170 8,565 8,684 9,960 15,587 14,308 14,046 13,416 12,450 12,403 11,712 11,787 12,044
Handysize Handymax Supramax Panamax
Gas
Week 25
Week 24
Diff
2012
2011
Tankers
www.intermodal.gr Intermodal Shipbrokers - Capital Link - Dry Bulk Market Report Week 25 25 June 2012
Page 20
SHIPPING MARKETS
Tanker Market - Weekly Highlights

OPEC to the rescue? Against falling oil prices and soaring US crude inventories, conventional wisdom suggests that the outcome meeting of OPEC ministers would be the citation of an oversupplied oil market and a cut production target for the group. Instead, OPEC left its production target unchanged at 30 Mb/d. The move possibly indicates that despite a backdrop of pessimism surrounding Europe and concerns over growth in India and China the group views falling oil prices as the silver lining which will prevent the onset of demand destruction or perhaps that a move to cut production now would be the wild card even that triggers another global economic shock. The move appears to have allayed fears that a slowdown in tanker demand could be expected during 2H12, largely to do the fact that recent monthly Middle East VLCC cargo programs will be sustained. Whilst OPEC production targets have become largely symbolic in recent years with varying member compliance rates, we view the move as indicative of an ongoing attempt to maintain high rates of production to temper oil prices and fend of demand destruction. Such has already been observed in terms of Middle East VLCC cargo programs, which have appeared to be sustained by Saudi Arabia tapping into their spare production capacity. Incidentally, ahead of the meeting the Saudi oil minister said in an interview with the Gulf Oil Review that OPEC required a higher ceiling than the 30 Mb/d quotas, despite calls by other members for a downward revision.
Contributed by
Charles R. Weber Company, Inc.

Charles R. Weber Company, Inc. Greenwich Office Park One, Greenwich CT 06831 Phone: 203 629-2300 Website: www.crweber.com
Spot Market VLCC AG>USG 280 kMT AG>SPORE 270 kMT AG>JPN 265 kMT WAFR>USG 260 kMT WAFR>CHINA 260 kMT SUEZMAX WAFR>USAC 130 kMT B.SEA>MED 135 kMT CBS>USG 130 kMT AFRAMAX N.SEA>UKC 80 kMT CBS>USG 70 kMT TRK>MED 80 kMT PANAMAX CBS>USAC 50 kMT CONT>TA 55 kMT ECU>USWC 50 kMT CPP CONT>TA 37 kMT CBS>USAC 38 kMT USG>TA 38 kMT AG>JPN 35 kMT SPOR>JPN 30 kMT
WS 30.0 40.0 40.0 42.5 41.5 70.0 75.0 70.0 95.0 110.0 115.0 135.0 120.0 175.0 120.0 115.0 62.5 118.0 118.0 90.0 100.0
TCE $4,300 $14,800 $14,600 $17,800 $16,200 $19,200 $19,800 $16,200 $20,700 $16,500 $31,000 $19,300 $16,100 $30,300 $7,100 $7,500 $(3,500) $6,600 $4,400 $14,100 $9,400
WS 30.0 42.0 42.0 43.0 43.0 62.5 70.0 67.5 95.0 97.5 95.0 125.0 122.5 170.0 110.0 115.0 60.0 119.0 121.0 91.0 103.0
TCE $6,700 $20,000 $20,000 $20,900 $20,800 $15,700 $16,700 $15,900 $21,900 $12,700 $20,100 $17,200 $18,300 $29,700 $5,800 $8,300 $(3,100) $7,800 $5,500 $16,000 $11,600
WEEK 24
WEEK 25
Maintaining Middle East cargo programs in the excess 130/ month region remains imperative in limiting further VLCC earnings downside during 2H12 due to impact of Middle East positions on both ex-Middle East and ex-West Africa rates (with the latter tending to track sentiment in the former). With the unchanged target implying a median between those who called for a reduction and Saudis calls for a hike, one expectation can be that Saudi Arabia will maintain recent production rates, to the benefit of VLCC earnings.
AG>JPN 75 kMT AG>JPN 55 kMT Time Charter Market $/day (theoretical) VLCC Suezmax Aframax Panamax MR
1 Year $23,500 $16,500 $13,500 $13,500 $14,000
3 Years $27,250 $19,500 $16,000 $14,500 $14,750
Page 21
SHIPPING MARKETS
correction from the last done rate. The recent lack of activity in the Caribbean/USG area has led to a longer list of natural positions, which has formed the basis of eroded rates. Stronger activity will be necessary in the region to clear through tonnage and allow rates to pare recent losses. Suezmax The Atlantic Suezmax market was under negative pressure this week on the back of slower fresh activity and a gain in available tonnage. The WAFR-USAC route dropped 7.5 points to ws62.5. Rates could come under further negative pressure during the week ahead in the absence of a pickup in fresh activity.
Tanker Market - Weekly Highlights

THE TANKER MARKETS VLCC Though overall activity across the VLCC sector showed only a modest improvement this week, the market remained mired in an activity lull. Despite this, over the course of the week, rates had ended their descent. The slow progression by charterers into the July Middle East VLCC program saw owners take a slightly more bullish stance in anticipation of a more robust pace of activity in the upcoming week. Indeed, just 27 July Middle East VLCC cargoes have been fixed to-date, compared with 35 June cargoes covered up to this time a month ago. Forward prospects, however, appear to have been further undermined this week by news that Motivas new 325,000 b/d CDU at its Port Arthur, TX, refinery, which was shut last week was due to widespread corrosion problems with repair time now potentially extending to a year. As we previously estimated, normal operations of the 325,000 b/d expansion are expected to augment AG-USG VLCC activity by up to three additional cargoes per month. In the Middle East market, there were 23 fresh fixtures reported; all but one of these bound for destinations in the East. Rates to the Far East averaged ws42.37, representing a 0.5 point w/w decline. The corresponding average TCE to the Far East was ~$18,900/day unchanged from last weeks average. Rates on the route presently stand at ws43, yielding a TCE of ~$20,700/day. Assessed rates to the West averaged ws30, unchanged from last weeks observed average. Triangulated Westbound trade earnings averaged ~$25,100/day a decline of ~$6,100/day, w/w. As mentioned above, 27 July Middle East cargoes have been covered to-date, leaving a further 39 as reasonably expected through the first half of the July program. Against this, some 57 units are projected to be available through the same space of time. Though some of these units may ultimately ballast to the Atlantic basin, the imbalanced supply/demand positioning may hamper owners bullishness during the week ahead, even despite an accelerated pace of fresh activity. The Atlantic basin remained quiet this week, with just 6 fresh fixtures reported. The continued softness of the Middle East market kept negative pressure on rates for West Africa liftings given interest from ballast units, though this eased modestly as the week progressed. Ballast interest remains, however, and although TCE returns are now closely aligned between the Middle East and West Africa markets, some owners are more interested in locking into the longer voyages offered by ex-West Africa fixtures. Caribbean-Singapore rates remain largely untested, though a failed USG-Singapore fixture this week at $3.4m implies a $750,000
Aframax Rates in the Caribbean Aframax market opened the week with a correction swift correction in rates. The CBS-USG route ultimately declined 12.5 points to conclude at ws97.5. With both charterers and owners now seemingly content with present levels, there is little to suggest a change in direction during the start of the week ahead. Panamax The Caribbean Panamax market was under negative pressure this week on the back of a modest expansion in availability and a generally lacklustre pace of fresh activity. The CBS-USAC route concluded the week down 10 points at ws125. CPP The Caribbean MR market saw a lackluster week whilst rates generally held stable at the ws115 level for CBS-USAC voyages which after accounting for lower bunker prices offered owners an 11% gain in TCE returns. Ex-USG activity levels were sustained this week and ultimately saw only modest rate losses which, after factoring for lower bunker prices offered only modestly unchanged returns. USG positions remain out of step with fresh demand whilst forward prospects have been recently undermined by issues at Motivas Port Arthur refinery. The European market was under negative pressure with rates correcting by 10 points to conclude at ws110. Units coming free off voyages from the USG outweighed fresh demand which failed to experience an uptick in demand for cargoes to Latin America to replace those previously contracted from Motivas Port Arthur refinery.
Page 22
Braemar Seascope Containers Container MarketContainers - Weekly Highlights Braemar Seascope Chartering Chartering The Monday Morning Container Briefing
The Monday MorningMorning Container Briefing Briefing The Monday Container
+/Index +/4.30 0.00 0.00 4.82 0.00 +/ 0.00 0.00 0.00 0.00 0.00 Vessel (Teu/Hmg) Index Vessel (Teu/Hmg) 510/285 teu (GL) 15.5 k Morning 510/285 teu (GL) 15.5 3.61 k The Monday Vessel (Teu/Hmg) 700/440 teu (GL) 17.5 k (GL)Index 700/440 teu 17.5 k 4.30 3.61 0.00 0.00 Container Briefing 510/285teu teu (GL) 15.5 k (G) 16 750/415 (G) 16 k teu 3.61 750/415 k 4.82 700/440 teu (GL) 1,000/650 teu (G) 17.5 k 4.30 0.00 1,000/650 teu (G)5.20 17.5 k +/Vessel (Teu/Hmg) Index 0.00 5.20 750/415 (G) 16 k k teu3.61 1,100/715 teu (G) 19 4.82 0.00 1,100/715 (G)6.22 19 k 0.00 510/285 teu teu (GL) 15.5 k 0.00 6.22 1,000/650 teu (G)20 17.5 k 4.30 1,350/925 teu (G) 5.20 0.00 1,350/925 (G)4.62 20 k 0.00 700/440 teu (GL) 17.5 k k teu 0.00 4.62
London NW1 5BT United Kingdom
Capital Link Shipping Weekly Markets Report Braemar Seascope Containers Braemar Seascope Containers
SHIPPING MARKETS
18th June 2012 18th June 2012 18th June 2012
Contributed becoming by increasingly divided between older less economical tonnage, ton becoming increasingly divided between older less economical Chartering
18th June 2012 and modernand higher specification more economical units. modern higher specification more economical units. Braemar Seascope
with the glut of tonnage lying spot in the spot Far East. Enquiry here on thehere o with the glut of tonnage lying in the Far East. Enquiry Braemar Seascope Containersbecoming whole remains low with the only significant respite emanating from increasingly divided between older less economical tonnage, whole remains low with the only significant respite emanating The 1,700teu sector continues to pose problems to owners specifically
The 1,700teu sector continues pose economical problems to owners to specifically Chartering The 1,700teu sectorto continues to pose problems owners specif 35 Cosway Street and modern higher specification more units.
becoming increasingly divided between older less economical tonnage,
1,100/715 teu 1918 kMorning The Briefing 1,600/1,150 teu kteu 6.22 0.00 1,600/1,150 (GL) 18Container k 0.00 750/415 teu Monday (G) 16(G) k(GL) 5.41 0.00 5.41 0.00 4.82 1,350/925 (G) 20 k teu 1,700/1,125 teu (G) 19.5 k5.20 4.62 0.00 1,700/1,125 (G) 19.5 k 1,000/650 teu teu (G) 17.5 k 4.92 0.00 4.92 0.00 0.00 1,600/1,150 teu (GL) 18 k 1,740/1,300 teu (G) k6.22 5.41 0.00 1,740/1,300 teu (G) 20.5 k 0.00 1,100/715 teu (G) 19 k 20.5 5.14 0.00 5.14 0.00 Vessel (Teu/Hmg) +/1,700/1,125 teu (G) 19.5 k4.62 2,000/1,600 teu (G) kIndex 4.92 0.00 2,000/1,600 teu (G) 21 k 1,350/925 teu (G) 20 k 21 1.97 0.00 1.97 0.00 0.00 510/285 teu (GL) 15.5 k 1,740/1,300 teu (G) 20.5 k5.41 3.61 0.00 2,500/1,900 teu (G) 5.14 0.00 2,500/1,900 (G) 22 k 1,600/1,150 teu (GL) 1822 k k teu 3.65 0.00 3.65 0.00 0.00 700/440 teu (GL) 17.5 k 21 2,000/1,600 teu (G) 4.30 2,800/2,000 teu 22 kteu 1.97 0.00 2,800/2,000 (GL) 22 k 0.00 1,700/1,125 teu (G) (GL) 19.5 kk 3.31 0.00 3.31 0.00 4.92 0.00 750/415 teu (G) 16 k (GL) 2,500/1,900 teu (G) 22 4.82 0.00 3,500/2,500 teu 23 kteu 3.65 0.00 3,500/2,500 (GL) 23 k 1,740/1,300 teu (G) 20.5 kk 2.94 0.00 2.94 0.00 5.14 0.00 1,000/650 teuteu (G) 17.5 k k 24 2,800/2,000 teu (GL) 22k k 5.20 4,250/2,800 teu (GL) 3.31 0.00 4,250/2,800 teu (GL) 24 k 0.00 2,000/1,600 (G) 21 2.76 0.00 2.76 0.00 1.97 0.00 1,100/715 teu (G) teu 19 k 3,500/2,500 (GL) 6.22 0.00 2.94 0.00 2,500/1,900 teu (G) 22 k 23 k Index Total 58.87 0.00 Index Total 58.87 0.00 3.65 0.00 1,350/925 teuteu (G) teu 20 k 4,250/2,800 (GL) 24 k 4.62 0.00 2.76 0.00 2,800/2,000 (GL) 22 k 3.31 0.00 1,600/1,150 teu (GL) 18 k 5.41 0.00 Index Total 58.87 3,500/2,500 teu (GL) 23 k 2.94 0.00 Themonths BOX Index (BOXi) 58.87 The container market continued much 0.00 the pace week, The BOX Index (BOXi) 58.87 The container marketat continued atsame much the this same pace with this week, with With the quieter summer very quickly approaching, it would 120 1,700/1,125 teu (G) 19.5 k 120 4.92 0.00 4,250/2,800 teu (GL) 24 k our BOXi showing no movement at all as fixing appear to be 2.76 no 0.00 our BOXi showing movement at alllevels as fixing levels appear to be that the market will continue along this subdued pattern even appear 1,740/1,300 teu (G) 20.5 k 5.14 0.00 moving sideways. moving sideways. lines pushing for further freight increases Index 58.87 at 0.00 The BOX Indexrate (BOXi) 58.87during the coming The Total container market continued much the same pace this week, with with 100 100 120 2,000/1,600 teu (G) 21 k no 1.97 at 0.00 our BOXi showing movement all as fixing levels appear to be weeks.
some Asian Liners coming forth with some interest for interest bangkokmax and modern higher more economical units. some Asian Liners coming forth some forthe bangko with the glut of specification tonnage lying spot in the Far with East. Enquiry here on type vessels. Phone: +44 (0) 20 7535 2650 type vessels. whole remains low with the only significant respite emanating from Website: www.braemarseascope.com The 1,700teu sector continues pose with problems owners specifically 18th June 2012 some Asian Liners comingtoforth someto interest for bangkokmax With the quieter summer quickly approaching, it would with the glut of tonnage lyingmonths spot in very themonths Far East. Enquiry here on the With the quieter summer very quickly approaching, it w type vessels. appear thatappear the willonly continue along this subdued pattern even whole remains lowmarket with significant respite emanating from that the market will continue along this subdued pattern Chartering with lines pushing forpushing further freight rate increases during the it coming some Asian coming forth with some interest for bangkokmax with lines for further freight rate increases during With the Liners quieter summer months very quickly approaching, wouldthe co type vessels. weeks. becoming increasingly divided between older less economical tonnage, weeks. appear that the market will continue along this subdued pattern even and modern higher specification more economical units. during the coming with lines pushing for further freight rate increases With the quieter summer months very quickly approaching, it would weeks. appear that the market will continue along this pattern even The 1,700teu sector continues to pose problems to subdued owners specifically withthe lines pushing for further freight rate increases duringhere the on coming with glut of tonnage lying spot in the Far East. Enquiry the weeks. whole remains low with the only significant respite emanating from some Asian Liners coming forth with some interest for bangkokmax type vessels.
and supply is outpaced by demand in the short term. We have ourdries BOXi showing no movement at all as levels appear to beand dries and supply is outpaced by demand in the short term. We have Post-panamax tonnage continued with afixing fair amount of enquiry 3,500/2,500 teu (GL) 23 k operator 2.94 reportedly 0.00 subletting moving sideways. noted one Taiwanese a 6,500teu unit for a unit for 60 noted one Taiwanese operator reportedly subletting a 6,500teu a 60 80 daily hire rates rose gently upwards in this sector as tonnage availability 100 4,250/2,800 (GL) 24 kat period of teu 10 months period of 10US$27,500/day. months US$27,500/day. 2.76 by at 0.00in the short term. We have dries and supply is outpaced demand Post-panamax tonnage continued with a fair amount aof enquiry and 40 Index Total 58.87 reportedly 0.00 noted one Taiwanese operator subletting 6,500teu unit for a 40 60 80 a The consensus for second half 2012 seems to be a mixed bag, with abag, with daily hire rates rose gently upwards in this sector as tonnage availability The consensus for second half 2012 seems to be a mixed period of 10 months at US$27,500/day. dries and supply is outpaced byto demand into the short term. We have number of owners looking get firm periods well into 2013, the with the number of owners looking get firm periods well with into 2013, 20 20 40 hope of securing higher rates for longer periods, whilst charterers are noted one Taiwanese operator reportedly subletting a 6,500teu unit for a The BOX Index (BOXi) 58.87 The container market continued at much the same pace this week, with hope of securing higher rates for longer periods, whilst charterers are 60 The consensus for second half 2012 seems to be a mixed bag, with a 120 still pushing for flexibility in their charters. period of 10 months at US$27,500/day. our BOXi showing no looking movement at all as fixing levels appear towith be the pushing for flexibility inperiods their charters. number of still owners to get firm well into 2013, 20 moving sideways. 40 hope of securing higher rates for longer periods, whilst charterers are 100 of Enquiry into feeder sectors has picked up this week, with a number of The consensus for second half 2012 seems to be a mixed bag, with a Enquiry into feeder sectors has picked up this week, with a number still pushing for flexibility in their charters. 1,100teu fixtures recorded, notable that a 2013, two tier market is market is number of owners looking to however get firm it periods well into with Post-panamax tonnage continued with a is fair amount of enquiry and 1,100teu fixtures recorded, however it is notable that a the two tier 20 80 hope of securing higher rates for longer periods, whilst charterers are daily hire rates rose gently upwards in this sector as tonnage availability Enquiry into feeder sectors has picked up this week, with a number of still pushing for flexibility in their charters. dries1,100teu and supply is outpaced by demand short term. We have fixtures recorded, howeverin it the is notable that a two tier market is noted one Taiwanese operator reportedly subletting a 6,500teu unit for a 60 Representative Fixtures Fixtures Enquiry into feederat sectors has picked up this week, with a number of Representative period of 10 months US$27,500/day. 1,100teu fixtures recorded, however it is notable that a two tier market is Name Dwt Teu 14T Blt Spd Cons GR Charterer Dely Date Name Dwt Teu 14T Blt Spd Cons GR Charterer Dely 40 The YM consensus for second half 2012 seems to be4,700 a mixed bag, with 24 a Mandate YM Mandate 83,200 6,570 2010 210 GL Evergreen NE Asia Jul-12 83,200 6,570 4,700Representative 2010 24 Fixtures 210 GL Evergreen NE Asia number of owners looking to get firm periods well into 2013, with the 20 Name Dwt Teu 14T Blt Spd Cons GR Charterer Dely Date Anguila 67,970 5,527 4,200 2006 25.6 217 GL Maersk UK Cont Jul-12 Anguila 67,970 5,527 4,200 2006 25.6 217 GL Maersk UK Cont hope of securing higher rates for longer periods, whilst charterers are YM Mandate 83,200 6,570 4,700 2010 24 210 GL Evergreen NE Asia Jul-12 Erato 34,200 2,504 1,882 2011 22 84.5 G Gold Star Line NE Asia Jul-12 Representative Fixtures Erato 34,200 2,504 1,882 2011 22 84.5 G Gold Star Line NE Asia still pushing for flexibility in their charters.
Anguila 67,970 Teu 1,740 5,527 4,200 2006 25.6 Hansa Brandenburg Hansa Brandenburg 23,508 14T 1,330 1,740 Blt 2003 1,330 Spd 21 2003 Name Dwt23,508 Enquiry into feeder sectors has picked up this week, with a number of Erato 34,200 2,504 1,882 2011 22 Camilla Rickmers 23,000 6,570 1,728 1,125 1996 Camilla Rickmers 23,000 4,700 1,728 2010 1,125 24 18 1996 YM Mandate 83,200
continued with a fair with amount of amount enquiry of and Post-panamax Post-panamax tonnage continued a fair enquiry and 2,500/1,900 teu (G)tonnage 22 k moving sideways. 3.65 0.00 80 daily hire rates rose gently upwards in upwards thissame sector as tonnage availability The container market continued at gently much the pace this week, with availability daily hire rates rose in this sector as tonnage 100 2,800/2,000 teu (GL) 22 k 120 3.31 0.00
80
The BOX Index (BOXi) 58.87
Period Date 10 mos Jul-12 Period 12 mos Jul-12
US$/day Period 27,500 (s) 10 mos US$/day 22,300 12 mos
US$/d
27,50
22,30
1,100teu fixtures recorded, however it is notable that a two tier market is

Hansa Brandenburg 23,508 5,527 1,740 1,330 Victoria TraderVictoria Trader 18,480 1,296 957 18,480 4,200 1,296 Anguila 67,970 Camilla Rickmers 23,000 2,504 1,728 1,125 Chattanooga 11,800 1,100 630 Chattanooga 34,200 11,800 1,882 1,100 Erato Victoria TraderMOL Aspiration 18,480 1,740 1,296 957 MOL Aspiration 13,600 1,060 770 13,600 1,330 1,060 Hansa Brandenburg 23,508 Chattanooga 11,800 1,100 630 Camilla Rickmers 23,000 1,728 1,125 Name Dwt MOL Aspiration 13,600 Teu 1,060 14T Victoria Trader 18,480 1,296 957 770 YM Mandate Chattanooga Anguila MOL Aspiration Erato 83,200 11,800 67,970 13,600 34,200 23,508 23,000 18,480 11,800 13,600 6,570 1,100 5,527 1,060 2,504 1,740 1,728 1,296 4,700 630 4,200 770 1,882 1,330 1,125 2003 2008 957 2006 1996 2012 630 2011
217 54 21 Cons 84.5 18 210 42
21 2008 25.619.6 18 2012 22 18
54 19.6 217 45 42 18 84.530.5
GL 54 GR G G 42 GL G G 45 GL GL
2008 19.6 45 2005 770 2005 54 37 19.5 2003 21 19.5 Representative Fixtures 2012 18 30.5 1996 18 42 G GL Blt Spd Cons GR 2005 19.5 37 2008 19.6 45 GL GL 2010 24 210 GL 2012 18 30.5 GL 2006 2005 2011 2003 1996 25.6 19.5 22 21 18 217 37 84.5 54 42 GL GL G G G
G 30.5 G GL GL 37 G GL
10 mos 27,500 (s) 8-10 mos 7,750 Jul-12 8-10 mos Maersk UK Cont Jul-12 12 mos 22,300 Wan Hai NE Asia Jun-12 2-4 6,500 G Wan Hai Date NE Asia Period Jun-12 US$/day 2-4 mos Charterer Dely Gold NE Asia Jul-12 Jul-12 8-10 mos 27,500 7,750 Maersk Med Jun-12 7-10 mos 6,900 G Star Line Maersk Med 10 mos Jun-12 7-10 Evergreen NE Asia (s) mos Wan NE Asia Jul-12 Jun-12 2-4 mos 22,300 6,500 OOCL SE Asia Jul-12 3 mos 6,400 GL Hai OOCL SE Asia 12 mos Jul-12 3 mos Maersk UK Cont Maersk Med Jun-12 7-10 6,900 SITC NE Asia Jul-12 Jun-12 mosmos 7,750 7,500 GL Line NE SITC NE Asia 8-106 Jun-12 6 mos Gold Star Asia mos SE Asia Jun-12 Jul-12 3Jun-12 mos 6,400 NE Jun-12 8-9 mos 6,500 5,800 KMTC NE Asia 2-4 mos 8-9 mos NE Asia NE Asia Jun-12 6 mos 7,500 Med Jun-12 7-10 mos 6,900 Dely NE Asia Date Jun-12 Period 8-9 mosUS$/day 5,800 SE Asia Jul-12 3 mos 6,400 NE Asia Jul-12 10 mos 27,500 NE Asia Jun-12 6 mos 7,500 (s) UK Cont NE Asia NE Asia NE Asia Med Jul-12 Jun-12 Jul-12 Jun-12 Jun-12 Jul-12 12 mos 8-9 mos 8-10 mos 2-4 mos 7-10 mos 3 mos 22,300 5,800 7,750 6,500 6,900 6,400 7,500 5,800
7,750
6,500
6,900
6,400
7,500
OOCL GL WanKMTC Hai SITC Maersk Charterer KMTC OOCL Evergreen SITC Maersk KMTC Wan Hai Maersk
5,800
Gold Star Line
Hansa Brandenburg Camilla Rickmers Victoria Trader Chattanooga MOL Aspiration
1,100 630 2012 18 30.5 GL email NE Asia Jun-12 6 mos Page 23Chartering S&P email : containers@braemarseascope.com : SITC teu@braemarseascope.com S&P email : containers@braemarseascope.com Chartering email: teu@braemarseascope.com London: Phil Woodington, Graham Booth, Ben Ranulf Swallow, Peyton Broer and Bill Price Phil Woodington, Graham Booth, Ben Ranulf Swallow, Peyton Broer and Bill Price 1,060 770London: 2005 19.5 37 Jeans, GL Jeans, KMTC NE Asia Jun-12 8-9 mos
957 2008 19.6 45 Braemar Seascope Containers
Braemar Seascope Containers - London - Singapore - Shanghai
GL - Singapore OOCL - Shanghai SE Asia London
Braemar Seascope Containers - London - Singapore - Shanghai
SHIPPING MARKETS
S&P Secondhand, Newbuilding & Demolition Markets

ECONOMIC ENVIRONMENT The week opened with world leaders and International Monetary Fund targeting growth to restore confidence from EU debt crisis at a Group of 20 (G20) summit in Los Cabos, Mexico. The International Monetary Fund increased its firewall by $456 billion as a response to the contagion of the Eurozone debt crisis with 12 more nations, including Brazil, Russia, India, China and South Africa, adding new money to protect the global economy from further side effects. China led the nations in boosting the firewall with a contribution of $43 billion, India, Russia and Brazil agreed to provide $10 billion each, while South Africa offered $2 billion and Mexico $10 billion. In April, G20 nations agreed to boost the IMF firewall by $430 billion. IMF managing director Christine Lagarde welcomed the new contributions and said that there will be only used as a second line of defense. As a further movement to European turmoil, the European Central Bank will continue its crucial role of providing liquidity to sound banks against appropriate collateral, according to ECB President Mario Draghi. The ECB is standing ready to answer international calls by easing monetary conditions in the 17-nation euro zone as risks to the financial system intensify. Mario Draghi said that inflation expectations in the eurozone are well anchored and there are no inflationary threats in other euro zone states. The ECB has left its main interest rate on hold at a record low of 1.0%, while Mario Draghi unveiled that some members of the governing council wanted to cut rates suggesting that lower rates may be on horizon. In the meantime, fears for EUs debt crisis expansion pushed Spanish and Italian borrowing costs to record highs, while the Bank of England reacted to the escalating turmoil in Europe by unveiling a 100bn stimulus package to boost the short-term liquidity of UK banks. In a further effort to counter worsening market conditions, the Bank of England will also activate an emergency scheme that offers six month liquidity to banks in tranches of no less than 5bn a month. In addition, Russia has set aside up to $40 billion for this year and next to protect the economy from contagion in the event of eurozone crisis deepens, according to an interview of the Russian Finance Minister Anton Siluanov in Financial Times. The Russian government is planning to create a reserve mechanism worth 500 billion rouble ($15,41 billion) for the next year to provide for the direct financing of anti crisis measures. In Greece, negotiations for the conclusion of a New Greek coalition government concluded after the general elections of June 17th , while the world economy has still fears on a potential exit of Greece from euro with EU officials weighing how much to revise Greeces loan terms. The New Democracy party has joined with the Socialialist Pasok and the smaller Democratic Left in order to commit to euro and push ahead with Greeces EUR174billion bailout. The winner of elections, New Democracy promised that there will be no new adventures or political games and they will work out with European partners by adding to their obligations the needed policies for growth
Contributed by
Golden Destiny S.A.

Golden Destiny S.A. 57 Akti Miaouli, Piraeus, 18536, Greece Phone: +30 210 4295000 Website: www.goldendestiny.gr
and combating unemployment. According to Eurogroup Chief, Jean Claude Juncker, there can be no discussions about changing the substance of agreements, but he noted that the recession in Greece is much deeper than originally foreseen and they could talk about extending the timeframe on the basis of Greece not wishing to revisit the entire program. German Chancellor Angela Merkel, during the G20 summit, stated clearly that she will not speak about a new aid package and it is important the New Greek government to stick to its commitments towards the international community and its partners in the European Union. In U.S., the Federal Reserve decided to extend a program known as Operation Twist to push down long term interest rates and boost the economy. The Fed said in a statement that while the economy has been expanding modestly throughout the year, growth in employment has slowed recently and unemployment remains elevated. It expects economic growth to continue to grow moderately over coming quarters and then to pick up gradually and projects a growth for the GDP at a maximum rate of 2.4% rather than 2.9% pace it predicted in April. Regarding the unemployment, it expects the jobless rate to be in the range of 8.0-8.2% from its April projection of around 7.8- 8.0%. The Fed also voted to keep interest rates unchanged at historic lows at least until the end of 2014. In China, there are worries that the countrys slowdown could persist for the second half of the year with Chinese bankers expecting Beijing to loosen its monetary policy further in the third quarter and stimulate growth for the worlds second largest economy. The fresh signs on a weaker Chinese economy are being reflected in a slower industrial activity as HSBC Flash Purchasing Managers Index, the earliest monthly indicator of Chinas industrial activity, fell to a seventh month low of 48.1 in June from 48.4 in May. Chinas central bank could rely on cutting the amount of cash that banks must hold as reserves to bolster growth, but it could be cautious on further interest rate cuts unless the economy continues to slow at a pace faster than expected, economists familiar with Beijings policy making process said. Chinas annual economic growth is expected to dip below 8% in the second quarter, the sixth straight quarter of slowing expansion, although analysts are divided on whether it will bottom out during the first half of the year. Chinas gross domestic product growth is expected to be at around 7.5% in the second quarter, while it will rise to 8% in the third quarter and 8.4% in the fourth quarter, according to Zhu Baoliang, chief economist of the
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SHIPPING MARKETS
maximum capacity of 18,000 TEUs. In the dry market, the outlook remains negative with capesize vessels struggling and panamax with supramax units showing a stronger performance and pushing the Baltic Dry Index upwards since June 8th. The BDI is now averaged below 1,000 points mark, at 941 points, compared with more than 1,300 points last year. Most market players believe that the BDI needs to be at least 3000 points for operators to cover running expenditures and maintain their operations. The capesize segment, the main key factor, lying behind the overall positive performance of the BDI, faces tremendous supply issues with average time charter earning floating at levels in region of $3,500/day. During the Lehman crisis of 2008, capesize average time charter earnings have dipped to $2,318/day on the beginning of December of 2008, from the peak of $233,988/day on June 5th 2008. The levels of 2008 belong in a forgettable past with dry bulk operators finding ways to adjust their operational results in the current weak freight market. The recent slide of bunkering costs, the record scrapping activity of this year and the low ordering activity have eased at some level the pain of the market, but the dry cargo demand is not yet at levels that could remedy the imbalance of the freight markets between vessels supply and demand. There is a positive outlook on the rebound of Chinese iron ore demand in the coming month due to governments stimulus measures in the industrial sector, which will contribute in a firmer capesize performance. The China Iron and Steel Association (CISA) reported that daily crude steel production in China averaged 1.999mt during the first 10 days of June. This is up slightly from the average of 1.960mt produced during the last 10 days in May. Chinese demand for thermal coal remains also low as China imported a record 26.17 million tons of coal in May compared with 15.3mt of 2011s monthly average, as per government data showed, which caused coal stockpiles to climb and bring the recent lull in coal chartering activity. However, the Chinese coal demand is expected to be again robust as peak electricity demand is approaching and the government is waiting daily electricity consumption at a record of 15.5 to 16 billion kilowatt hours this summer. Panamax vessels have recently found some support with average time charter earning reaching levels at more than $8,000/day, but they are still below $10,000/day, with fears about their long term stability on the basis of their outstanding orderbook and the upcoming deliveries in 2013. According to Commodore Research, for the second half of this year, the orderbook for panamax vessels stands at roughly 355 vessels, while the orderbook for capesize vessels stands at roughly 145 vessels. For 2013, the orderbook for panamax vessels stands at roughly 240 vessels, while the orderbook for capesizes at around 90 vessels. Supramax and handysize rates are also showing firmer signs from an increased spot chartering activity with levels at more than $12,000/day for supramax units and near to more than $10,000/day for handysizes

economic prediction department of the State Information Center, a think tank under the countrys economic planning agency. For the full year, GDP growth is estimated at around 8.1% and consumer price index growth at around 3%. SHIPPING MARKET Under the current Greeces turmoil for the formation of a coalition government, Chinese shipping giant COSCO group is eyeing in further port investments after succeeding in the operation of various parts of the struggling Piraeus Port. According to Fu Chengqiu, managing director of Piraeus Container Terminal SA, COSCO officials have already instructed him to carry out a feasibility study into financing various projects believed to be worth around 300 million euros, and 200 million euros of debt. Apart from further investment, Fu said his company has also been working on various financial plans in the event of the worst-case scenario of Greece exiting the eurozone. We have completed several packages of solutions, which are prepared for the worst situation, said Fu, who couldnt provide any further details. We are waiting for the formation of a new government to make further decisions, he told China Daily. After running various parts of Greeces largest port for the past two years, Fu said that the Greek authorities have already expressed their interest in further investment by COSCO, and by other Chinese companies, in their plans to privatize a variety of state-owned assets, believed to be worth around 50 billion euros ($63 billion). Many of the countrys top business figures have also suggested that COSCOs success could be just the beginning of future Chinese-Greek economic and business cooperation, he added. Fu said COSCO has already shown interest in building a logistics center, for instance, at an estimated cost of 280 million euros, being planned 30 kilometers from Piraeus. Another project attracting interest from officials is the privatization of Piraeus Port Authority, which would give it further opportunities to become involved in cruise liner operations, ship maintenance, coastal real estate, port management, and Piraeuss No 1 pier. COSCO has operated Piraeuss No 2 pier since June 2010 and built its No 3 pier. It signed a 35-year lease and pays 100 million euros to the Greek government every year for its presence at the port. Business figures from COSCOs running of Piraeus make impressive reading. We have not only survived but also broken historic records in handling containers, said Fu. Despite Greece still being in deep crisis, Fu added that he still considers Piraeus as a vital gateway for shipping heading to Europe. The ports geographic advantages, and the quality services offered by us, have helped deliver rapid progress, in a crisis era, he said. He added that his goal is to boost Piraeuss annual capacity to 3.7 million TEUs and transform the port into the leading Mediterranean and even European transshipment hub. COSCO is busy transforming No 3 pier into a deep-sea port, which will be able to host the worlds largest cargo vessels with a
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worldwide crude demand with a positive influence on the earnings of very large crude carriers. According to Poten & Partners, the rapid growth of Chinese oil product demand, refining capacity and crude imports has been a supportive factor of crude tanker demand for years and is poised to continue this trend. Although the 3.8% average annual growth in the VLCC fleet during 20062011 has presented challenges to the sector, the 11.8% average annual surge in Chinese crude imports over the period and the growing contribution of Chinese crude import tonne-mile demand have supported VLCC demand. In 2011, more than one fifth of total VLCC employment was dedicated to Chinese crude imports and this proportion has doubled since 2005. The figure is impressive, but over the same period the VLCC fleet also grew by more than 25%. This trend in the Chinese share of VLCC demand should continue, as Chinese refiners lift an additional 1.1 mbpd of AG crudes, 0.4 mbpd of Latin American grades and 0.8 mbpd of WAF cargoes during 2011-16. In fact, this forecast pattern of Chinese imports would imply that VLCCs capture 83% of incremental Chinese tonne-mile demand during the period. This figure is impressive, but implies approximately 70 VLCCs worth of incremental demand from 2011 to 2016. With the current VLCC orderbook near 100 vessels, other importing regions need to add to VLCC demand to ease the imbalance between supply and demand. The Paris based International Energy Agency keeps a positive position on the future oil demand. The Eurozone crisis may be worsening and the European refining operations may be constrained by weak margins, but the June Oil Market Report (OMR) of International Energy Agency (IEA) predicts there will be a sharp rise in crude oil demand in the coming months. According to June OMR, summer power generation demand and potential continued non-OECD stockpiling could boost crude demand further. In the gas market, strong Asian LNG demand continues to divert cargo from Europe shifting vessel demand. LNG cargoes to Asia grew 18% year-on-year by mid-June, while European imports are weakening with Northern Europe imports dropping by 45% year-on-year and Southern Europe by 9% year-on-year. Japan, the worlds largest LNG importer, remains the key driver of the euphoria seen in LNG shipping rates as the country is using more gas instead of nuclear sources to generate electric energy since the Fukushima accident. LNG period rates are currently estimated at $164,000/day, the highest level since early December. According to the Federation of Electric Power Companies, LNG consumption in Japans 10 largest power utilities grew 22.2% year-on-year to 4.41m mt in May. However, there were first signs that Japan is near to end its nuclear shutdown that will have a direct negative impact on the current high LNG demand and spot rates. Japan is said to have given final approval for the restart of two nuclear reactors that will end a total shutdown of the atomic power sector due to safety fears raised from last years crisis at the Fukushima Daiichi plant. Currently, all of the 54 reactors that supply nearly one third of Japans electricity

The BDI stayed the last three days unchanged at 978 points, up by 4.2% from last weeks closing and down by 30.4% from a similar week closing in 2011 when it was 1,406 points. BCI follows a downward decline with a small upward movement, BPI lost ground this week from previous firm performance, while BSI records the highest gains and BHSI continues its stable performance. The highest rate increase has been in the supramax segment, BCI up 0.6% w-o-w, BPI down 1.5% w-o-w, BSI up 11.1% w-o-w, BHSI up by 7.9% w-o-w. Capesize average time charter earnings showed an increase of 5.7% from last week, panamax earnings are down by 1.4%, supramax are up by 11% and handysize up by 7.3%. Capesizes are currently earning $3,570/day, an increase of $99/ day from a week ago, while panamaxes are earning $8,345/day, a decrease of $124/day. At similar week in 2011, capesizes were earning $10,453/day, while panamaxes were earning $14,580/day. Supramaxes are trading at $12,323/day, up by $1,226/day from last weeks closing, 245% and 48% higher than capesize and panamax earnings respectively. At similar week in 2011, supramaxes were getting $13,789/day, hovering at 32% higher levels than capesizes versus 245% todays levels. Handysizes are trading at $ 10,247/ day; up by $698/day from last week, when at similar week in 2011 were earning $10,738/day. In the wet market, the prospects for the crude tankers are deteriorating as we enter 2h2012 with OPEC viewing that ongoing challenges to world economic recovery have led to even larger uncertainties for oil demand in 2h2012. Slower activity in the AG pushed VLCC rates downwards, while increased activity in West Africa and Mediterranean supported suezmax and aframax spot rates respectively. Brent crude spot price has fallen below $95/ barrel, while crude oil for July delivery fell $2.23 to $81.80 a barrel on the New York Mercantile Exchange on Wednesday, the lowest settlement since October, implying that the downward oil price sentiment will persist in the coming days and benefitting tanker operators through lower bunkering costs. In addition, brent oil for August declined by 3.2% to $92.69/barrel on the London based ICE Futures Europe Exchange, the lowest sentiment since December 17th, 2010. The downward direction of oil prices is being supported by the recent announcement from the Energy Department reporting that US crude inventories climbed to the highest level in 22 years. The department said that US supplies rose by 2.86 million barrels to 387.3 million last week, the highest level since 1990. Furthermore, US crude production climbed 117,000 barrels a day to 6.35 million for the week ending June 15th, which is the highest levels since February 1999, while crude imports increased 328,000 barrels a day to 9,45 million last week, the highest level since March. The increased US production with a record high import activity may have a direct impact on US oil demand that will drive the brent crude price sentiment at even lower levels. The Chinese demand will continue to be a supportive factor on the
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various clients. In a statement, Hyundai HI said it received a $400 million order for a 35,000tons offshore oil platform with delivery by August 2015 without disclosing the identity of the oil contractor or the region where the platform will be deployed. Hyundai also won an order for the construction of a semi-submersible drilling rig worth $100mil, with an option for one more unit, by US exploration company LLOG to be delivered early 2014. The third order was from another undisclosed US based oil major to build six land plant modules capable of producing 200 million cubic feet of natural gas and 10,000 barrels of oil a day with scheduled delivery in June 2015. Hyundai HI said it has secured new orders for 14 vessels, 4 LNG carriers, three LPG carriers, three tankers, two PCTCs, one drillship and one semi submersible rig, all worth $2,75 billion in May 2012. In Europe, German authorities have finally agreed to provide up to 152.4M ($192.3M) in loan guarantees to rescue German yard P+S Werften. The loan guarantees will be provided half each by the federal government and the regional state government of Mecklenburg-Vorpommern where the yard is based, the Mecklenburg-Vorpommern government said. The condition is that the yards suppliers - as requested by the EU - make a firm commitment to take shareholdings in the yard. The state government supports the yards in their current difficult situation as we wish to retain them as the core of the maritime industry in our state, state Prime Minister Erwin Sellering said. This is about 1,750 jobs in the yards and around a further 5,000 at supply companies. In the shipping finance, French bank Societe Generale is said to have offloaded part of its shipping portfolio with Citibank ready to take on about a third of the $6billion book at a surprisingly strong price as Societe Generales portfolio is supposed to be in good shape. Sources suggest that Citibank agreed to purchase a $2billion tranche of Societe Generales shippiph book, approximately 33% of its $6billion exposure, for a price reportedly in the low 90s as a percentage of face value. The bank has been now left with shipping loans worth $4billion, while there is no formal announcement from the two sides explaining which parts of the portfolio Citibank decided to take and on what grounds. Societe Generale was seeking for a long time to downside its exposure to shipping by concentrating instead in shipping capital markets after eurozone crisis drove banks share price down by more than half in 2011. In terms of ship financing deals, Chiles biggest container shipping company, Cia. Sud Americana de Vapores SA, has secured a $90 million 12-year loan from DVB Bank SE (DVB) (Frankfurt-based lender specializing in transport finance) to complete the financing of the last two container ships from the total seven ships ordered at Samsung Heavy Industries of South Korea.

before last years tsunami are offline, but utilities insist that they have learnt the lessons of the disaster and can ensure future safety. In the container market, the Shanghai Container Freight Index rose for a second consecutive week by standing 35 points above (3% up) from previous weeks closing, with spot rate plus surcharges from Shanghai to base ports of Europe and Mediterranean posing small declines of 3% and 4% respectively. The highest rate increase has been seen in secondary trading routes from Shanghai to Persian Gulf (Dubai) of 18%, Shanghai to South Americas (Santos) of 19% and intra Asian Shanghai to Taiwan (Kaohsiung) of 21%. The Shanghai Container Freight Index closed on Friday 15th at 1450 from 1414 points and is standing up by 50% from February 10th, when it was at 965 points, with the Asia-Europe paying $1587/ TEU from $1634/TEU and Asia-Mediterranean route $1720/TEU from $1783/TEU. Despite the slip of rates the volume of trade in Europe is at relative good levels with the average spot utilization rate staying around 85%. Spot rate plus surcharges from Shanghai to Europe are now 123% above the bottom low of $711/TEU on February 17th of this year and 134% above of $735/teu on Shanghai to Mediterranean. In transpacific routes, Asia-USWC and Asia-USEC, spot rates plus surcharges have posed a small rise of 3% and 2% respectively, with the volume of trade in America service holding up as average spot utilization of the USWC and USEC is keeping at about 90%. The week ended with rates of $2739/FEU from $2658/FEU, $81/ FEU up, from Asia-USWC and $3831/FEU from $3774/FEU, $57/ FEU more, from Asia-USEC. The SCFI Shanghai-USWC rate now stands up by 93% from December last year partially due to carriers success in applying the Transpacific Stabilization Agreements recommended peak season surcharge of $600/FEU from June 10th. While the spot freight market sentiment has improved, S&P downgraded French container line CMA CGM to CCC+ from B, citing vulnerability to default following deterioration in liquidity. The SCFI for the second quarter of the year shows an increase by 34.4% from the previous quarter with liners profitability being restored as demand for containerships reduces the size of the idle fleet. According to Alphaliner figures, the laid up tonnage has fallen to 438,000 TEU or 3% of the total existing fleet, the lowest in seven months, while the containership orderbook has dropped to 23% of the global fleet from 60% in the first quarter of 2008. Only nine boxships of over 5,000 TEU are estimated to be idle, from 50 in March, while there is still a large number of a smaller vessel size that remains laid up, over 100 ships in the range of 1,000TEU3,000TEU are without employment. The noteworthy is that larger vessels above 7,500 TEU are all employed with only two being idle in this category that are shortly will join in the active fleet. In the shipbuilding industry, Hyundai Heavy Industries of South Korea, the worlds largest shipbuilder, has won three orders worth a combined value of $600 million to build oil and gas rigs from
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Notable sale in the tanker segment the sale of M/T SHAMROCK VENUS of 19,908dwt built 2006 Japan for excess $20mil, when in October last year sister vessel was reported to have changed hands for a price in the region of $24 mil. In the bulk carrier segment, the sale of M/V CAPSTONE of about 76,000dwt built 2000 Japan for about $13,6 mil underlines the sharp fall of asset prices for dry units, as in July last year a similar sized and aged vessel built in Japan was reported sold for a price in the region of $22,4mil. Overall, 28 vessels reported to have changed hands this week at a total invested capital in the region of US$ 434,5 mil with all vessel types, bulk carriers, tankers, containers and liners being on the centre of investors focus, while the offshore segment held the lions share of S&P activity due to the enbloc sale of 10 platform supply vessels for a total sale price of about $250mil. In terms of the reported number of transactions, the S&P activity is up by 55.5% from last weeks activity, and up by 75% comparable with previous years weekly S&P activity, when 16 vessels induced buyers interest at a total invested capital of about $180,15 million, with bulk carriers holding 50% of the total volume of S&P activity and tankers 44%. In terms of invested capital, the offshore segment appears the most overweight by attracting about 63% from the relevant enbloc sale to US buyers, while containers to follow by holding 17% share. NEWBUILDING MARKET

GDSA WEEKLY SECONDHAND / DEMOLITION / NEW BUILDING MARKET ANALYSIS
TOTAL WEEKLY S&P ACTIVITY SECOND HAND DEMOLITION Units Invested Capital Units in DWT Bulkcarriers 4 54.100.000 8 612.310 Tankers * 4 18.600.000 2 119.024 Gas Tankers ** 0 0 0 0 Liners *** 3 12.200.000 2 38.125 Containers 5 74.620.000 1 20.275 Reefers 0 0 3 26.454 Passenger / Cruise 0 0 0 0 Ro - Ro***** 0 0 0 0 Car Carrier 0 0 0 0 Combined ***** 0 0 0 0 Special Projects ****** 12 275.000.000 0 0 TTL VSLS/Demo 28 434.520.000 16 816.188 VESSELTYPE
3 deals have been reported sold on private terms
TOTAL Units 12 6 0 5 6 3 0 0 0 0 12 44
Key: (*) Incl. Crude Oil, Clean & Dirty Products, Chemical, Asphalt & Veg. Oil, (**) incl. LPG, LNG, (***) incl. Multi-purpose and Tweendeckers, (*****) incl. Bulk-Ore, Ore-Oil and Bulk-Oil carriers, (*****) incl. Ro-Ro Cargo, Ro-Ro Passenger, (******) incl. Oil & Drilling Rigs, Tugs, Livestock, Trawlers, Cable/Exploration/Navy/ Support Vessels Newbuilding business surpassed this week the secondhand and demolition momentum as offshore support vessels segment seems the most promising for investing in the construction of new units. There has been a relative quiet week in the purchase of secondhand dry units with the BDI sending signals for a further correction downwards in asset prices, while the crude tanker segment remains unattractive. Scrapping momentum has been relative stable in June with no more than 10 vessels being headed to the scrap yards on an average per week. Overall, 44 transactions reported worldwide in the secondhand and demolition market, up by 69.23% week on week due to a 55.5% increase of activity in the secondhand market and 100% rise on the scrapping business At similar week in 2011, the total S&P activity was 15% lower, when 33 transactions had been reported and secondhand ship purchasing activity was 27% lower than the ordering business. SECONDHAND MARKET Potential buyers seem to wait further cuts in asset prices before buying due to dire conditions in the dry and wet freight markets and the dark near term outlook. In the tanker segment, MR sizes continue to be in the frontline with limited crude carriers purchasing activity from sharp falls in vessels earnings. In the bulk carrier segment, capesize vessels are not in the top preference list of investors as the spot freight market remains below covering vessels operating expenses with owners scrapping their overaged vessers rather than buying new ones. Surpamax and handies are more popular purchase candidates with stronger performance and stability in the freight markets.
Key:/ * The total invested capital does not include deals reported with undisclosed contract price ** Deals reported as private and confidential (not revealed contract price)
Overall, the week closed with a remarkable record activity from a continued increased volume of newbuilding contracts for specialized units. There has been also a noticeable fresh business for bulk carriers, tankers and containers. There has been a 160% and 67% rise in bulk carriers and tankers newbuilding activity from last week, while in the tanker segment 6 new units have been ordered. In the offshore segment, there has been a 67% rise with 30 new contracts reported worldwide from 18 last week, with Norwegian owners placing strong volume of order for platform supply vessels. The week ended with 55 fresh orders reported worldwide at a
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this year. A Yang Ming spokesman stated in Lloyds List that they are planning to make purchases of five 14,000 TEU-16,000 TEU boxships by the end of this year and are now assessing details, but the time is not exactly set in stone. The order will be placed when they are sure that the market favors. Yang Ming has yet to decide how will finance the order and it plans to raise $T8bn ($267.9m) from sales of convertible bonds to build working capital that could limit its requirement to borrow. On the other hand, Evergreens order for 10 13,800 TEU boxship units is in doubt as owner is said to have been unable to raise financing. The order has been placed by Korea Infrastructure Investments Asset Management Co. to be chartered to Evergreen for 10 years at around $50,000/day with a purchase option on the vessels at the end of the charter. In the large panamax segment, London based Zodiac Maritime Agencies is said to have finalized a 10 boxships order of 5,000 TEU at STX Offshore & Shipbuilding Chinese facility in Dalian at the price of $40mil each for delivery in early 2014. However, market sources suggest that the contract price may be even lower in the region of $40mil each and Zodiac has penned a letter of intent for five plus five 5,000 TEU boxships. In the handy segment, Avin International of Greece has placed an order for two 1,700 units in Zhejiang Ouhua of China for delivery in 2013-2014 at a price of $25mil each, the contract includes the option for two more units. DEMOLITION MARKET In the demolition market, Japanese giant Mitsui OSK Lines has scrapped its 180,972dwt capesize unit built 1988 in a Chinese green recycling facility with 400tons of bunkers on board at $370/ ldt, while at the end of April similar sized vessels were fetching levels of more than $450/ldt. The downward scrap price momentum seems that has not impaired owners decision for scrapping their overaged capesize units as the current freight market does not support their operating expenses and the near term outlook remains negative. Scrap price levels are still below $400/ldt for dry/general cargo units with India offering almost the similar levels of Chinas. Bangladesh has stepped in more dynamic during the second quarter of the year with India facing the biggest currencys problem over the last months. The week ended with 16 vessels reported to have been headed to the scrap yards of total deadweight 816,188 tons. In terms of the reported number of transactions, the demolition activity has doubled from previous weeks business with dry bulk carrier disposals attracting 50% of scrapping business, while In terms of total deadweight sent for scrap there has been an increase of 162.5%. India is on the frontline by winning 6 of the 16 total demolition transactions, with Bangladesh and China to follow. At a similar week in 2011, demolition activity was at similar levels in terms of the reported number of transactions, 17 vessels had been reported for scrap of total deadweight 709,194 tons with bulk carriers and tankers grasping 30% and 17% respectively of the total number of vessels sent for disposal. Scrap prices were floating at

total deadweight of 1,789,700 tons, posting a 57% week-on-week increase. Amid the economic turmoil, the slump of the freight market and the distressed ship financing, the low newbuilding prices attract owners for their expansion of their fleet through the construction of new units with large sized vessel units in the main conventional vessel segments, bulk carriers and tankers, being out of their spotlight. This weeks total newbuilding business is up by 150% from similar weeks closing in 2011, when 22 fresh orders had been reported with bulk carriers grasping again the lion share, 32% of the total newbuilding business, and special projects were holding 23% of the business compared with 55% share todays levels. In terms of invested capital, the total amount of money invested is estimated at region $1,74 billion with 35% of the total number of orders being reported at an undisclosed contract price. The offshore segment appears again the most overweight by holding 54% of this weeks total amount of money invested and containers follow with a 50% share. Notable order of this week has been the placement for a ten units order of 5,000 TEU boxships by Zodiac Maritime Agencies at a total contract value in the region of $450 mil. In the bulk carrier segment, Nanjing Hengrui Shipping has ordered a 51,000dwt bulker at domestic yard Nanjing Wujiazui Shipbuilding for delivery in 2014, with option for one more unit, to be used for domestic trading. In addition, Chinese owner Jiangsu Steamship has placed an order for four ultramax bulkers of 64,000dwt in a Singapore listed Yangzijiang Shipbuilding for delivery in May, July, September and December 2014. The contract price is not revealed, but sources suggest that the owner is paying around $26-$27mil each vessel. The order is said to be Yangzijiangs first contract for ultramax bulkers. In the tanker segment, two aframax tankers of 110,000dwt reported to have been ordered by Dalian Shipbuilding Industry of China by Seatankers Management of Cyprus at a price of region $44mil with delivery in 2014. CHEVRON Shipping of the US has added one suezmax shuttle tanker unit of 160,000 dwt at Samsung Heavy Industries from its previous order placed in summer last year for delivery in June 2014 at a cost in the region of $100 mil. In the MR size, Greek owner Pleiades Shipping has added two more units of 51,000dwt in STX Shipbuilding of South Korea for delivery in 20132014 from its initial order for four similar sized units last year. In the gas tanker segment, Georgas Maritime SAS has ordered one more LPG carrier of 35,000 cu.m in Hyundai Mipo of South Korea for delivery in the beginning of 2014 at a contract price of $50mil, two units are now ordered. Furthermore, LPG player Unigas is said to be sealing an order for up to six 12,000 cbm ethylene carriers in STX Offshore & Shipbuilding of South Korea at a price believed to be below $32mil. The three partners in Unigas, Othello Shipping, Schulte and Sloman Neptune are expected to initially sign up for one vessel each with an option for a second. In the container segment, Taiwanese carrier Yang Ming Marine Transport plans to order five ultra large boxships by the end of
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(5000teu) 23,500 DWT 2 units ordered by Avin International (GR) at Zhejiang Ouhua (PRC). Price usd $ 25 mil each. Dely 12/20133/2014 (1700teu. Option two more. CV Topaz 1700 design. Neptun ship design. First container order for this owner) SPECIAL PROJECTS 50,000 DWT (Heavy load carriers) 2 units ordered by Da Sin Shipping (SPORE) at Jiangsu Hantong Ship HI (PRC). Price undisclosed. Dely 1Q+3Q/2013. The vessels have been ordered to service a long-term contract for the shipment of wind farm plant from China to Europe. The design has been based on a modified version of the Dolphin 57 type bulk carrier and features a 42m wide open deck) 20,000 DWT (Heavy lifting) 2 units ordered by Spliethoffs Bevracht (NTH) at Zhejiang Ouhua (PRC). Price undisclosed. Dely 2013-2014 5,700 DWT (Platform Supply) 2 units ordered by Farstad Shipping (NOR) at STX OSV (NOR). Price usd 117.4 mil each. Dely 3q/2014-4q/2014 (PSV07. Loa 94.5m, beam 21m and the vessels have been ordered to service a six year charter to Statoil with an option for extension 1/1/1 years) 4,800 DWT (Platform Supply) 1 unit ordered by Vestland Rederi SA (NOR) at Hellesoy (NOR). Price usd 55.5mil each. Dely 12/2012 (VS-485 design. Two now ordered) 4,700 DWT (Platform Supply) 8 units ordered by Deep Sea Supply ASA (NOR) at Zhejiang Shipyard (PRC). Price usd 38mil each. Dely 2013-2014 (Ulstein PX-105CD design. Options exercised. 12 now ordered) 2,000 DWT (Anchor Handling) 5 units ordered by Viko Offshore (SKR) at Onishigumi (JPN). Price undisclosed. Dely end 2012-2013 1,475 DWT (Anchor Handling) 4 units ordered by Martens Group (USA) at Yuexin (PRC). Price undisclosed. Dely within 2014 (68tons bollard pull. 14 now ordered) Platform Supply 2 units ordered by Halul Offshore (QATAR) at Larsen & Toubro (INDIA). Price usd $ 22 mil. Dely 2014 (DP2) Anchor handling 2 units ordered by Halul Offshore (QATAR) at Larsen & Toubro (INDIA). Price usd $ 22 mil. Dely 2014 Jack up drilling rig 1 unit ordered by Perisai Petroleum (MAL) at PPL Shipyard (SPORE). Price $ 208mil. Dely 6/2014 Semisubmersible Drilling rig 1 unit ordered by LLOG (US exploration company) at Hyundai Heavy Industries (SKR). Price $ 100mil. Dely early 2014 (option for 1 more) Key: PRC: China, CYP: Cyprus, SKR: South Korea, GR: Greece, SWISS: Switzerland, GER: Germany, PHIL: Philippines, NOR: Norway, SPORE: Singapore, MAL: Malaysia, Dely: Delivery
stronger levels with Bangladesh and India offering $480-$495/ldt for dry and $510-$520/ldt for wet cargo. GREEK PRESENCE Greek investors showed some fresh signs of business after two weeks of zero reported activity. In the newbuilding market, Pleiades Shipping has added two more units of 51,000dwt in STX Shipbuilding of South Korea for delivery in 2013-2014 from its initial order for four similar sized units last year. Furthermore, Avin International ordered its first containership units of 1,700 TEU for two units plus two more in Zhejiang Ouhua of China with delivery in 2013-2014 at a price of $25mil each. In the secondhand market, Greek owners reported to have bought a panamax dry bulk carrier vessels built 2000 for about $13,6 mil and two large panamax containerships of 5,334TEU built 1995-1996 for $31,15mil each including three years time charter back at $26,800/day. NEWBUILDING MARKET ORDERS BULK CARRIERS 64,000 DWT 4 units ordered by Jiangsu Steamship (PRC) at Yangzijiang Shipbuilding (PRC). Price around usd $ 108 mil enbloc. Dely 5-7-9-12/2014 50,000 DWT 1 unit ordered by Nanjing Hengrui Shipping (PRC) at Nanjing Wujiazui (PRC). Price undisclosed. Dely 2014 (option for 1 more) TANKERS 160,000 DWT (Shuttle) 2 units ordered by Chevron (US) at Samsung Heavy Industries (SKR). Price undisclosed. Dely 2014 110,000 DWT 2 units ordered by Seatankers Mgmt (CYP) at Dalian Shipbuilding Industry (PRC). Price usd $ 44 mil each. Dely 12/2013-3/2014 51,000 DWT 2 units ordered by Pleiades Shipping Agents (GR) at STX Shipbuilding (SKR). Price undisclosed. Dely 2013-2014 (This order follows the initial order of last year for 4 vessels) GAS TANKERS LPG 35,000 DWT 1 unit ordered by Geogas Maritime SAS (SWISS) at Hyundai Mipo (SKR). Price $ 50 mil. Dely 1/2014 ( 35,000cbm. Two now on order) CONTAINERS 50,000 DWT 1 unit ordered by Tamke Dietrich (GER) at Jinling (PRC). Price undisclosed. Dely 12/2014 (4800teu) 50,000 DWT 10 units ordered by Zodiac Maritime (UK) at Hanjin Subic Bay (PHIL). Price usd $ 45 mil. Dely 2014-2016
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This Newsletter is published by Capital Link Media, a division of Capital Link, a New York based Investor Relations and Financial Capital Link Shipping Communications Firm with strategic focus in shipping. Capital Weekly Markets Report Link may work for several shipping companies listed in this Newsletter. This Newsletter may include facts, views, opinions and Published by Capital Link Media, a division of Capital Link, Inc. recommendations of individuals and organizations deemed to be of interest. Neither Capital Link and its affiliates nor the information 230 Park Avenue - Suite 1536 providers or companies presented guarantee the accuracy, New York, N.Y. 10169 - USA completeness or timeliness of, or otherwise endorse these views, Phone +1-212-661-7566 opinions or recommendations, nor do they give investment, Fax +1-212-661-7526 financial, legal, accounting, tax advice or any advice of any kind whatsoever, or advocate the purchase or sale of any security or E-mail: shipping@capitallink.com investment. Any user of this Newsletter cannot and should not rely www.capitallink.com - www.CapitalLinkShipping.com in any way partially or totally upon the information provided herein as the basis for any investment, financial, legal, tax or accounting decision. Any errors or omissions in the write up, translation, presentation, transposition or transmission of this information shall not and cannot be made the basis for any claim whatsoever against any officer or employee of Capital Link and its affiliates or any of its content providers. The user of this Newsletter agrees not to imitate, copy, or alter the template and method of presentation and its contents, reproduce, retransmit, disseminate, sell, distribute, publish, broadcast, circulate or commercially exploit the information in any manner without the express consent of Capital Link and its affiliates and content providers; nor to use the information in any illegal manner or for any unlawful purpose. The Newsletter, or parts of it, is not intended for dissemination of information or utilization in jurisdictions where it is inappropriate to access and use the information herein. When in such jurisdictions, it is the responsibility of the users to satisfy themselves that it is permissible for them to access and receive this information and comply with the local regulations.
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Shipping Newsletter Week26

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Capital Link Shipping Weekly Markets Report

Monday, June 25, 2012 (Week 26)

Latest Company News Select Dividend Paying Shipping Stocks

CAPITAL MARKETS DATA

TERMS OF USE & DISCLAIMER CONTENT CONTRIBUTORS

Capital Link Shipping

...Linking Shipping and Investors Across the Globe

Investor Relations & Financial Advisory

Capital Link Shipping Weekly Markets Report

Capital Link Investor Shipping Forums

Capital Link Shipping Weekly Markets Report

Monday, June 25, 2012 (Week 26)

Latest Company News

Capital Link Shipping Weekly Markets Report

Monday, June 25, 2012 (Week 26)

Latest Company News

The leading specialist in international transport finance

Capital Link Shipping Weekly Markets Report

Monday, June 25, 2012 (Week 26)

Select Dividend Paying Shipping Stocks

GLBS NM NMM SB SBLK

$0.085 $0.06 $0.44 $0.15 $0.015

$0.34 $0.24 $1.76 $0.60 $0.06

$3.13 $3.24 $13.49 $6.09 $0.73

10.86% 7.41% 13.05% 9.85% 8.22%

CPLP NNA TNP

$0.2325 $0.05 $0.15

$0.93 $0.20 $0.60

$7.38 $2.41 $4.90

12.60% 8.30% 12.24%

London Listed Companies (Great British Pence) Goldenport Holdings

Capital Link Shipping Weekly Markets Report

Monday, June 25, 2012 (Week 26)

CAPITAL MARKETS DATA

Currencies, Commodities & Indices

Capital Link Shipping Weekly Markets Report

Monday, June 25, 2012 (Week 26)

CAPITAL MARKETS DATA

Currencies, Commodities & Indices

Capital Link Shipping Weekly Markets Report

Monday, June 25, 2012 (Week 26)

CAPITAL MARKETS DATA

Shipping Equities: The Week in Review

MARITIME INDEX DAILY COMPARISON CHARTS (52 WEEK)*

Capital Link Maritime Index

CAPITAL LINK TANKER INDEX DAILY COMPARISON CHARTS

1.55 1.40 1.25 1.10 0.95 0.80 0.65 0.50 0.35

Capital Link Drybulk Index

Baltic Dry Index

CAPITAL LINK DRY BULK INDEX DAILY COMPARISON CHARTS

1.90 1.70 1.50 1.30 1.10 0.90 0.70 0.50

Capital Link Tanker Index

Baltic Clean Tanker Index

Baltic Dirty Tanker Index

360 DEGREES OF SHIPPING

Capital Link Shipping Weekly Markets Report

Monday, June 25, 2012 (Week 26)

CAPITAL MARKETS DATA

Weekly Trading Statistics

INDU Important Moving Averages

SHIPPING INDUSTRY DATA (50 Companies)

*Momentum: (100D % change) + 1.5*(50D % change) +

Top Consecutive Higher Closes

Momentum: (100D % change) + 1.5(50D % change) +