Shipping Rates: Rates are on the rise. The chart of the Baltic index (see link) demonstrates this.

Additionally, more specific rates on the Dryships (DRYS) we site, which are reported daily and can e fo!nd here, are showin" the same trend. Executive Commentary: #$% commentary is worth considerin". &or years the comments in the earnin"s releases ha'e een som er as the companies ha'e een foc!sed on cost c!ttin", de t restr!ct!rin", and !ltimately s!r'i'al. B!t now thin"s appear to e chan"in" and the tone has shifted to ca!tio!s optimism. (e hi"hli"ht the followin" )!otes from recent $*S releases+ , DryShips, Inc (DRYS)+ -The dry !lk market contin!es its reco'ery lately in the lar"er asset classes and as a res!lt, asset prices across the oard are risin". (e are ca!tio!sly optimistic, expectin" a s!staina le reco'ery in ./01 and eyond., Eagle Bulk Shipping, Inc ($23$)+ -D!rin" the third )!arter the dry !lk market remained in a cyclical tro!"h characteri4ed y steady demand offset y excess tonna"e capacity. (hile we see si"ns that this im alance is impro'in" o'er time, $a"le B!lk5s foc!s remains !nchan"ed+ operational excellence, a flexi le and re'en!e6maximi4in" charterin" strate"y and a di'ersified car"o mix that promotes sta ility thro!"h a ran"e of market conditions., Globus aritime !t"# (23BS)+ As we approach ./01, the f!ndamentals of the dry !lk market impro'ed si"nificantly and the market has already shown some si"ns of a potential reco'ery. (e witnessed the Baltic Dry 7ndex (BD7) record its hi"hest )!arterly a'era"e since the fo!rth )!arter of ./00, d!e in lar"e part to the r!n6!p in #apesi4e rates, lar"ely as a res!lt of an increase in Bra4ilian iron ore exports., $sakos Energy %avigation !t" (T8*)+ -(ith rates on the mend and operatin" expenses on the decline, o!r ottom line for another )!arter exhi ited a si"nificant shift for the etter when compared to the same )!arter of ./0.. The same "oes for the nine month period of ./09., &r"more Shipping Corp (AS#)+ -(e are pleased with the #ompany5s third )!arter res!lts, as the market contin!ed to trend !p and the 'essels deli'ered year6to6date contri !ted to $B7TDA "rowth., Euroseas !t" 'ESE&(+ -D!rin" the third )!arter and thro!"h %cto er of ./09, the containership market showed some si"ns of impro'ement, especially, in the small 'essel si4es that we operate, howe'er the market sho!ld still e characteri4ed as depressed. %n the contrary, dry !lk rates increased si"nificantly in Septem er and early %cto er dri'en y the stren"th of the #apesi4e market only to decline later !t they remain at hi"her le'els than earlier in the year, especially, for *anamax si4e 'essels like o!rs. (e expect to enefit from the hi"her rates as o!r 'essels roll6o'er their existin" charters.-(e are

"!ardedly optimistic for ./01 for oth sectors, as we see s!pply press!res moderatin" and the foc!s shiftin" to demand and economic "rowth., )irby Corp (:$;)+ -&or oth o!r inland and coastal marine transportation markets, stron" demand, hi"h tank ar"e !tili4ation le'els and fa'ora le pricin" trends contin!ed d!rin" the third )!arter.8ot all exec!ti'es ha'e een as positi'e !t these comments demonstrate a t!rn has certainly e"!n, whether or not it is s!staina le remains to e seen.