Shipping Newsletter Week35

Capital Link Shipping Weekly Markets Report
Tuesday, September 6, 2011 (Week 35)
IN THE NEWS
Latest Company News 3rd Annual Global Derivatives Forum Interview with Dale Ploughman, Chairman & CEO of Seanergy Maritime Holdings Corp. Select Dividend Paying Shipping Stocks Weekly China Update
CAPITAL MARKETS DATA
Currencies, Commodities & Indices Shipping Equities - Weekly Review Weekly Trading Statistics, by Knight Capital Shipping Bonds - Weekly Review, by Knight Capital The Week In Review, by Golden Destiny Dry Bulk Market - Weekly Highlights, by Intermodal Shipbrokers Tanker Market - Weekly Highlights, by Charles R. Weber Company Weekly Tanker Market Opinion, by Poten & Partners Weekly Freight Rate & Asset Trends, by Intermodal Shipbrokers Container Market - Weekly Highlights, by Braemar Seascope S&P Secondhand, Newbuilding & Demolition Markets, by Golden Destiny Forward Freight Agreements - FFAs, by SSY Futures
SHIPPING MARKETS
TERMS OF USE & DISCLAIMER CONTENT CONTRIBUTORS
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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.
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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.
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IN THE NEWS
1:30pm EDT in New York City to discuss the Companys recent developments and dry bulk sector. Registration will begin at 1:00pm EDT. Goldenport Holdings Announces Interim Results for the Six Months to 30 June 2011 Goldenport Holdings Inc. (LSE: GPRT) announces its Interim results for the six months ended 30 June, 2011 reporting an interim dividend for 2011 of 2.0 pence per share an increase of 11.1% compared to the 2010 interim dividend. It reported revenue of US$ 52,091, an increase of 22.4% compared to US$ 42,543 during same period last year. EBITDA was US$ 25,685, up 24.4% compared to same period last year. Thursday, Sept 1, 2011 Costamare Inc. Announces 2011 Annual Meeting of Stockholders Costamare Inc.(NYSE: CMRE) announced that its Board of Directors has called an annual meeting of the stockholders to be held in Athens, Greece on Tuesday, October 25, 2011. Stockholders of record at the close of business on Monday, September 12, 2011 will be entitled to receive notice of, and to vote at, the annual meeting and at any adjournments or postponements thereof. Star Bulk Announces Simos Spyrou to Succeed George Syllantavos as Chief Financial Officer Star Bulk Carriers Corp.(NASDAQ: SBLK) announced that Mr. Simos Spyrou has been appointed as Chief Financial Officer, to succeed Mr. George Syllantavos, effective as of September 1, 2011. Mr. Simos Spyrou joined Star Bulk Carriers Corp. as Deputy Chief Financial Officer earlier this year. From 1997 to 2011, Mr. Spyrou worked at the Hellenic Exchanges (HELEX) Group, the public company which operates the Greek equities and derivatives exchange, the clearing house and the central securities depository. From 2005 to 2011, Mr. Spyrou held the position of Director of Strategic Planning, Communication and Investor Relations at the Hellenic Exchanges Group and he also served as a member of the Strategic Planning Committee of its Board of Directors. From 1997 to 2002, Mr. Spyrou was responsible for financial analysis at the research and technology arm of the Hellenic Exchanges Group. dAmico Executes Buy-Back Program In accordance with the authorization issued by the Shareholders meeting of 29 March 2011 and following the Board of Directors resolution of 5 July 2011, dAmico International Shipping S.A. - as provided by the Consob Resolution n. 16839 of 19 March 2009 and of article 4.4, therein recalled, of the Commission Regulation (CE) n.2273/2003 of 22 December 2003 - hereby discloses that during the period between August 25 and August 31, 2011, repurchased, on the regulated market managed by Borsa Italiana S.p.A., nr. 46,538 own shares, representing the 0.0310% of the outstanding share capital of the Company, at the average price of Euro 0.686, for a total consideration of Euro 31,904. As at August 31, 2011, dAmico International Shipping S.A. holds nr. 4,769,288 own shares, representing the 3.1806% of the outstanding share capital. Navios Maritime Partners L.P. to Present at Jefferies 2011 Global Shipping Conference Navios Maritime Partners L.P. (NYSE: NMM) announced that members of its management team will be presenting at Jefferies 2011 Global Shipping Conference in New York City on Wednesday, September 7, 2011 at 10:30am local time.
Latest Company News

Monday, August 29, 2011 Nautilus Marine Acquisition Corporation Announces Separate Trading of Common Stock and Warrants as of Today, August 29, 2011 Nautilus Marine Acquisition Corporation (NASDAQ: NMARU) announced that pursuant to its initial public offering, which was consummated on July 20, 2011, the units issued in the initial public offering automatically separate as of today, August 29, 2011, into the common stock and warrants underlying the units. Upon commencement of trading today, the common stock and warrants will trade separately on the Nasdaq Capital Market under the symbols NMAR and NMARW, respectively. The units, which were listed on the Nasdaq Capital Market under the symbol NMARU, will no longer be listed on the Nasdaq Capital Market following the separation. Maxim Group LLC acted as the sole book-running manager and sole representative for the underwriters. EarlyBirdCapital, Inc. and Chardan Capital Markets, LLC acted as co-managers of the offering. DryShips Inc. Announces Exchange Offer of Common Shares by Ocean Rig UDW Inc. DryShips Inc. (NASDAQ: DRYS) announced the commencement of an offer by its majority-owned subsidiary, Ocean Rig UDW (Ocean Rig), to exchange up to 28,571,428 new shares of Ocean Rig common stock (the Exchange Shares) that have been registered under the U.S. Securities Act of 1933, as amended (the Securities Act) for an equivalent number of common shares of Ocean Rig previously sold in a private offering in December 2010 (the Original Shares). The exchange offer is being conducted upon the terms and subject to the conditions set forth in the prospectus dated August 26, 2011, and the related letter of transmittal. The Exchange Shares are identical to the Original Shares, except that the Exchange Shares have been registered under the Securities Act and, therefore, will not bear legends restricting their transfer. Tuesday, August 30, 2011 DryShips Inc. Reports Financial and Operating Results for Q2 2011 DryShips Inc. (NASDAQ: DRYS) announced its unaudited financial and operating results for the second quarter and six month period ended June 30, 2011. For the second quarter of 2011, the Company reported a net loss of $114.1 million, or $0.33 basic and diluted loss per share. Included in the second quarter 2011 results are infrequently occurring and non-cash items, totaling $131.5 million, or $0.37 per share. Excluding infrequently occurring and non-cash items, the Companys net results would have amounted to a net income of $17.4 million or $0.04 per share. In the drilling sector this quarter, three of our four units commenced new contracts which required mobilization before they were in a position to earn the full contractual daily operating rate. As such, earnings from drilling operations this quarter do not reflect the full earnings capacity of its drilling fleet. Wednesday, August 31, 2011 Seanergy Maritime Holdings Corp. to Host an Investor Day on September 9, 2011 in New York City Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) announced that the Companys Chairman and Chief Executive Officer, Dale Ploughman, and the Chief Financial Officer, Christina Anagnostara, will host an Investor Day Event on Friday, September 9, 2011 at
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IN THE NEWS
Euroseas Ltd to Present at the Jefferies 2011 Global Shipping Conference in New York City Euroseas Ltd (NASDAQ: ESEA) announced that Aristides Pittas, the Chairman and CEO of Euroseas, will be presenting at the Jefferies 2011 Global Shipping Conference in New York on Wednesday, September 7, 2011 at 2:00pm EDT. Monday, Sept 5, 2011 Nordic American Tankers Limited (NYSE: NAT) Announces Acquisition of Its Twentieth Vessel Nordic American Tankers Limited (NYSE: NAT) announced that the Company has agreed to acquire its twentieth vessel, a doublehull suezmax tanker built at Samsung Heavy Industries, Korea. The agreed purchase price is $24.45 million. This first class vessel is expected to be delivered to us no later than October 5, 2011. The acquisition will be financed from the financial resources of the Company. Nordic American has a modern fleet of vessels at an average age of about 9.5 years. The newly acquired vessel is built in the same year and at the same yard as the sister vessel, the Nordic Sprite (1999).
Latest Company News

Danaos Corporation to Participate at the Jefferies 2011 Global Shipping Conference Danaos Corporation (NYSE: DAC) announced that Dr. John Coustas, the companys President and Chief Executive Officer, will be participating at the Jefferies 2011 Global Shipping Conference on Wednesday, September 7, 2011 at 1:00 p.m. ET. The conference will be held in New York City. Friday, Sept 2, 2011 Seanergy Maritime Holdings Corp. to Present at Jefferies 2011 Global Shipping Conference on September 7, 2011 Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) (NASDAQ: SHIPW) announced that the Companys management team will be presenting at the Jefferies 2011 Global Shipping Conference in New York City on Wednesday, September 7, 2011 at 8:00am local time.
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rd Annual Global Derivatives Forum

Commodities Energy Freight
Thursday, September 8, 2011 New York City
As the global derivatives market undergoes further economic and regulatory changes, the ability to effectively manage risks is becoming paramount, whether you are a risk manager, investor, trader, broker, or analyst. The program will feature a distinguished list of speakers, providing a unique and insightful global perspective on FFAs, commodities, energy, and freight derivatives. We will also identify, analyze, and evaluate the investment and financing opportunities in these global derivatives.
Target Audience Forum Topics
Commodity & Shipping Risk Managers Financial Analysts Risk Advisors Commodity Traders Hedge Fund Managers Shipping Fund Investors Commercial Bankers Ship Owners & CEOs Ship Operators & Managers Charterers Shipbrokers Maritime Lawyers Financial Media FFAs and Legal Challenges: FFAs (cleared/uncleared) Under the Legal Microscope - ISDA Round Up & Regulatory World Energy Derivatives: Crude Oil/Oil Products Derivatives Coal Derivatives Commodity Derivatives: Iron, Ore, Steel & Fertilizers Dry Bulk Freight Derivatives Roundtable Tanker Derivatives: The Role of Participants, Volumes, Liquidity, and Volatility Tanker Derivatives Roundtable Analyst Roundtable: The Global Economy & the State of the Commodities and Shipping Markets
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IN THE NEWS
Interview with Dale Ploughman, Chairman & CEO of Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp. is a Marshall Islands corporation with its executive offices in Athens, Greece. The Company is engaged in the transportation of dry bulk cargoes through the ownership and operation of dry bulk carriers. The Companys current fleet consists of 20 drybulk carriers (four Capesize, three Panamax, two Supramax, one Handymax and ten Handysize vessels) with a total carrying capacity of approximately 1,295,594 dwt and an average fleet age of 13.5 years. The Companys common stock and warrants trade on the NASDAQ Global Market under the symbols SHIP and SHIP.W, respectively. Q) Please highlight for us Seanergys recent developments. A) We reported our second quarter 2011 earnings with an increase in revenues and net income compared to the same period last year as a result of a number of factors. First, we had an increase in the size of our wholly owned fleet to 20 vessels from the successful acquisitions of the remaining minority interests in Maritime Capital Shipping Limited and Bulk Energy Transport which were completed in the second half of 2010. Second, our fleet employment strategy was important. We maintained a portfolio of both fixed rate and profit sharing agreements or floating rate contracts that provided us with cash flow stability and protection against the volatile freight rate environment which has hampered the industry in 2011. I want to note that our high charter coverage for the next two years should result in high vessel utilization while minimizing the effects of short term freight rate volatility on our cash flows. As of today, our vessels have secured period employment of 93% for 2011 and 64% for 2012 all with credible and reliable counterparties. In addition, 12 of our charter contracts are subject to profit-sharing agreements or floating rate contracts. Third, our significant exposure to the Handysize segment has experienced less volatility than that of the other vessel classes. We expect these factors to continue to benefit our revenues in the future. Company developments include our announcement in May 2011 of the reorganization of our Hong Kong office, as it offers advantages for further growth in the Far East, a region of critical significance for drybulk shipping. We expect that an annual cost saving of approximately US$2 million will be realized for Seanergy. We also announced a 1-for-15 Reverse Stock Split in June 2011 that became effective on June 27th, in order to comply with the NASDAQ minimum bid requirement. Following the stock split, the number of outstanding shares were reduced from 109,773,980 to 7,318,263. With regards to the warrants, the exercise price did not change following the reverse stock split and, accordingly, the price at which a whole share of the Companys common stock may be purchased at the time warrants are exercised increased by a multiple of fifteen. Q) What is the exercise price of Seanergys warrants and when they will expire? A) The exercise price for the warrants is $6.50 per share and they expire on September 28, 2011. Because they are set to expire this month and our share price is trading well below the exercise price we will make a decision in the coming weeks on whether we are going to extend them and/or reduce the exercise price or just let the warrants expire. Q) Can you provide color on Seanergys Balance Sheet? A) As of June 30th our cash reserves, inclusive restricted cash, were $45.1 million and our total assets amounted to $660.4 million. For the six months ended June 30th our principal payments amounted to approximately $26.2 million. At the end of June 2011 our debt was comprised of six facilities totaling $373.4 million. Our net debt to book cap was 55% and our debt to book cap was 58%. As of today, our total outstanding debt is $363.8 million As of June 2011 we were in compliance with all our covenants, with the exception of the following: since the First Quarter 2011 we did not comply with the financial covenant relating to the minimum quarterly cash balance requirement Seanergy is obliged to maintain under the loan agreement with Marfin Egnatia Bank. Marfin has indicated its willingness to accommodate our request to waive the breach and will ((commence?? introduce?)) certain financial and other covenants of the particular loan agreement. In addition, as of June 30, 2011, our subsidiary, Bulk Energy Transport, did not comply with the covenant relating to the market value of the fleet and the minimum equity ratio requirement under the Citibank facility. We are in discussions with the bank to receive waivers and amendments of certain financial and other covenants of the particular loan agreement. We expect that all the requests will be granted. We expect that our lenders will not demand payment of our loans before their maturity. Q) What are your plans for Seanergy moving forward? A) We anticipate that the following months are going to be characterized by volatile conditions, as there are a multitude of factors that can affect the market, which are hard to predict. Looking beyond short term uncertainty however, it is our firm belief that we have proved our ability to deal with unfavorable market fundamentals, and we believe we are poised to benefit from any future recovery in dry bulk shipping and continue our growth. Asset values continue to decline and we are looking at opportunities that will only be accretive to our earnings. We are committed to our goal to strengthen our position in the global shipping industry by building Seanergy into a leading player. Q) What is your opinion on the world economy and dry bulk trade? A) In the past quarter we have not seen a marked change in global economic conditions, as economic growth in most developed countries continued to be lackluster and has even fallen below
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IN THE NEWS
expectations, while risks to the stability of the financial system remain elevated. This has been especially pronounced as most developed economies have started to emphasize deleveraging and fiscal restraint, which is taking a toll on short term growth. It is in fact stipulated by many leading economic policy makers, such as the IMF and the Federal Reserve, that if world political leaders fail to enact measures to promote investments and broad based employment gains, even the longer term economic prospects of Europe and the US will be at risk of falling short of expectations for a gradual rebound in activity At the same time economic growth in emerging markets continues to be strong, although there are still downside risks, as worries about inflationary pressures and the stability of major trading partners in Europe and the U.S. are likely to keep a lid on the stellar growth rates we have seen in the past. Be that as it may, the economic performance of large emerging economies such as China, Brazil and India continues to be strong, which is an important driver of demand for our industry. At the same time, we are confident that the monetary tightening taking place in these countries is likely to contribute to more stable economic growth going forward, both on a domestic and international level. Against this economic backdrop, the growth in demand for dry bulk transportation continues to be resilient, although to a lesser extent than before. This has exacerbated the negative pressure on the dry bulk market caused by the oversupply of tonnage. Despite this, the past weeks, have seen a sustained increase in the spot rates for larger vessels, as Chinese demand for Brazilian iron ore has made for an increased level of activity translating in a healthier operating environment for Capesize owners. I think it would be safe to say that for the rest of the year we are likely to see increased volatility in shipping rates as even small periods of weaker growth in demand can have a large negative effect on freight rates. As far as Handysize vessels are concerned, it is only natural that the generally depressed market sentiment is likely to keep rates low by historical standards, on the other hand the operational versatility of these vessels coupled with better demand and supply dynamics is contributing to a considerably less volatile environment than for larger vessel types. Q) What about the supply side? The oversupply of vessels has been the main factor keeping the dry bulk market depressed, in the face of a relatively healthy demand. In 2011 the size of the dry bulk fleet in terms of tonnage is projected to grow by 12.8%. It is therefore evident that demand increasing at a pace of 5% or so is not going to be enough to cause rates to firm. As a result, we expect that the rate environment will remain soft for the next 18 months. However, there will be pockets that will offer some reasonable relief during this period, as the smaller segments of the dry bulk market is not as unbalanced as the larger segment. On a positive note, we are seeing a very robust demolition market, as prices of scrap metal continue to be high and the vessel owners concern due to the low freight rates has resulted in limited newbuilding ordering activity in the sector compared to earlier years. This would suggest that we should see a gradual stabilization of the demand and supply dynamics going forward. The supply picture is worse for larger vessels, as the outstanding order book for Capes and Panamax vessels stands at around 50% of existing global capacity, while the supply for Supramax and Handymax vessels is also on an increasing trend. At the same time the total order book for the Handy size vessels, representing the smallest category, is just below 27%. Along with the fact that we expect increased withdrawals of Handys from the market due to their old age, we are faced with what we would like to believe is a rather healthy market for Handy sized tonnage. The more favorable picture for Handy sized vessels is also aided by their operational versatility which makes them less reliant on a single route or cargo. In this respect we believe that Seanergys significant exposure to the Handy size segment should prove beneficial to our ability to generate cash flows going forward. In practice, the favorable dynamics presented in the Handy size segment can be seen by the considerably lower volatility in the Handy size freight rates compared to that of larger vessels.
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IN THE NEWS
Fleet Profile: Vessel Name M/V Bremen Max M/V Hamburg Max M/V Davakis G. M/V Delos Ranger M/V African Zebra M/V African Oryx M/V BET Commander M/V BET Fighter M/V BET Prince M/V BET Scouter M/V BET Intruder M/V Fiesta M/V Pacific Fantasy M/V Pacific Fighter M/V Clipper Freeway M/V African Joy M/V African Glory M/V Asian Grace M/V Clipper Glory M/V Clipper Grace Total Vessel Class Panamax Panamax Supramax Supramax Handymax Handysize Capesize Capesize Capesize Capesize Panamax Handysize Handysize Handysize Handysize Handysize Handysize Handysize Handysize Handysize 20 Capacity (DWT) 73,503 73,498 54,051 54,057 38,632 24,112 149,507 173,149 163,554 172,173 69,235 29,519 29,538 29,538 29,538 26,482 24,252 20,138 30,570 30,548 1,295,594 Year Built 1993 1994 2008 2008 1985 1997 1991 1992 1995 1995 1993 1997 1996 1998 1998 1996 1998 1999 2007 2007 13.5
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IN THE NEWS
Select Dividend Paying Shipping Stocks

Company Name Ticker Quarterly Dividend Annualized Dividend Last Closing Price (Sept-02, 2011) $15.04 $9.37 Annualized Dividend Yield
Containers Costamare Inc Box Ships Inc Dry Bulk Globus Maritime Ltd Navios Maritime Holdings Inc Navios Maritime Partners Safe Bulkers Inc Star Bulk Carriers Corp Tankers Tsakos Energy Navigation Ltd Capital Product Partners Lp Navios Maritime Acquisition Corp Mixed Fleet Euroseas Ltd London Listed Companies (GBp) ESEA Ticker $0.07 2010 Total Dividend 7.60 5.40 $0.28 Last Closing Price (Sept-02, 2011) 54.50 72.88 $3.75 Annualized Dividend Yield 13.94% 7.41% 7.47% TNP CPLP NNA $0.15 $0.233 $0.05 $0.60 $0.93 $0.20 $6.11 $6.06 $3.33 9.82% 15.35% 6.01% GLBS NM NMM SB SBLK $0.16 $0.06 $0.44** $0.15 $0.05 $0.64 $0.24 $1.76 $0.60 $0.20 $7.00 $3.58 $14.80 $6.92 $1.42 9.14% 6.70% 11.89% 8.67% 14.08% CMRE TEU $0.25 * $0.15 $1.08* $0.60 7.18% 6.40%
Hellenic Carriers Ltd Goldenport Holdings
HCL GPRT
*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. **Dividend increased 2.3% over the prior quarters $0.43 per unit.
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IN THE NEWS
is expected to stabilize and rebound in the next few months on weaker hydro power supply, higher demand from thermal power generations and inflation factors. Iron Ore Chinas spot iron ore import prices have continued to strengthen, climbing by another $3/tonne over the past week on persisting solid demand. As of 31 August, average transaction prices for Indian-origin 63.5%/63% Fe fines stood at $187-188/tonne cfr China, according to Chinese and Indian traders surveyed by Steel Business Briefing. Chinas demand for iron ore has remained steady over the past week and market prospects for September and October still appear positive. But with import prices now edging very close to the peak of around $190/t cfr approached several times this year, market concerns about a possible decline in the coming weeks have been renewed. Chinas iron ore market has witnessed a lot of volatility this year. For much of this year Chinas iron ore import prices have travelled through the $170-190/t range about every 2-3 weeks even during June-August when traditional low seasonal demand should have seen prices decline. Oil Chinas investment in the oil-refining industry jumped 17.1% year on year to RMB 69.6 billion in the first seven months of this year, according to the latest statistics released by the National Development and Reform Commission. In July, the industry received RMB 11.8 billion of investment, 25.8% less than in June. The output value of the oil-refining industry reached RMB 257 billion in July, up 32.6% year on year. The country started the construction on 395 oil-refining projects in the first seven months, 14.1% less than in the same period of 2010, and completed 204 projects during the period, up 2.5% year on year. The oil refining sector processed 34.49 million metric tons of crude oil in July, 5.9% more than in the corresponding period of last year. The output of oil products climbed 4.4% year on year to 22.16 million metric tons in July. The figure included 6.54 million metric tons of gasoline and 13.99 million metric tons of diesel, up 3.4% and 4.3% year on year, respectively. The country produced 1.63 million metric tons of kerosene in Jul. In July, refined oil exports and imports reached 1.03 million metric tons and 490,000 metric tons, respectively. Gasoline net exports reached 300,000 metric tons. Sugar China has inked contracts to import around 2.33 million metric tons of raw sugar to meet its demand. Some traders expected China to import more sugar this year to make up reserves after it sold all the 200,000 metric tons from state reserves in a second auction this month. The Chinese government expected to cover a deficit and limit fast-growing domestic price during the peak consuming season. As of Aug. 26, China has bought 400,000 metric tons of raw sugar from Cuba, 225,000 metric tons from Thailand, 1.2 million metric tons from Brazil. China saw its sugar output reach 10.45 million metric tons in the 2010/11 sugar season, according to figures released by the China Sugar Association. The figure was 284,100 metric tons less than the 10.74 million metric tons in the previous season. The sugar demand in China is likely to exceed 13.5 million metric tons this year, estimated by Guangdong Sugar Association, down from an estimated 13.78 million metric tons a year earlier, as surging prices resulted in more use of cheaper replacements such as corn syrup and eroded affordability for low-income consumers.
Weekly China Update

Major Economic Indicators The Development Project for New Material Industry during the 12th Five-year Project Period will be disclosed officially on Sept 7. It was said to make breakthroughs in the essential techniques that were needed in national construction urgently and would lead the future development by 2015. It is expected to lift the self-sufficiency ratio of essential new materials to 70% by 2015. Currently the new material industry includes three parts including new-type functional material, advanced structural material and composite materials. Rare earth functional materials took the leading position among the products that were greatly encouraged to develop. Also according to Chinas 12th Five-year Plan, the Chinese government targets to expand the total length of oil and gas pipelines in use to 150,000km in 2015, from approximately 77,000km in 2010, representing a CAGR of 14%. This translates into 5mn tonnes of steel pipes demand each year, assuming 350 tonnes of steel pipes are required per km. Meanwhile, regional pipeline network will also be significantly expanded in the coming years. The expected demand for oil and gas pipes will see a strong growth in the coming years. In addition, China is planning to increase the penetration rate of natural gas consumption, as it is more environmentally friendly than coal burning. While steadily increasing, natural gas only accounted for 3.9% of total energy consumption in 2009, much lower than the world average of 24%. The Chinese government aims to increase natural gas consumption to 8% and 10% of total energy consumed by 2015 and 2020 respectively. As such, China will increase its natural gas imports to satisfy the growing demand, prompting the speed up of pipeline constructions in the coming years. China securities market on last Friday declined with fluctuation. All sectors underperformed. Only rare earth& permanent magnet sector rose. Touch screen, and medical equipment sectors outperformed. Textile sector plunged. Water conservancy, petroleum& chemical, coal, and food sectors all plunged. SSE Composite Index ended at 2528.28, down by 1.08%. The market trading amount was 55.97 billion Yuan. SZSE Component Index ended at 11228.3, down by 1.09%. The market trading amount was 49.18 billion Yuan. The market trading amount in SSE and SZSE continued seeing low. Coal Steam coal price fell on slower inventory consumption due to weaker demand for thermal power generation. Steam coal price at Qinhuangdao Port has been falling for 6 consecutive weeks, with its price dropping 2.8% or RMB25/tonne, which could be attributed to seasonal factors. Given a stronger hydropower generation in Summer due to higher rainfall in Northern China, Hubei and Hunan, power generators were reluctant to purchase steam coals as demand for thermal power generation declined, leading to a slight retreat in steam coal price at the ports. Meanwhile, due to the rapid growth in iron and steel demand brought by the construction of affordable housing, coking coal price stood firm with the price growing strongly in some regions. Despite a fall in thermal coal price, the magnitude of fall was small and the price maintained at a high level. Coal inventory at Qinhuangdao Port reported a bigger fall during the period and it now stays at the same level as that of the corresponding period last year. Coal inventory of major power plants remained high with steady consumption. The steam coal is likely to drop further in the next 2 weeks given its adequate supply. However, the price
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IN THE NEWS
Weekly China Update

Shipping Indices
Shanghai Containerized Freight Index closed at 1057.11 for the week ended Sept 02, losing 0.67% week-on-week. While China Coastal Bulk Freight Index gained 2.53% to 1381.04 during the same period.
Articles compiled by Capital Link, Inc with information provided by Jeff Yuan, Senior Manager at Guotai Junan Securities Co., Ltd. China.
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Week ending Friday, September 2, 2011
Currencies, Commodities & Indices

KEY CURRENCY RATES Rate 3-Month LIBOR 10-Yr US Treas. Yield USD/EUR USD/GBP USD/JPY USD/CNY Current Price 0.3306 1.9866 0.7043 0.6169 76.7600 6.3826 Price Last Week 0.3228 2.1881 0.6897 0.6105 76.9500 6.3872 % Change 2.40% -9.21% 2.12% 1.05% -0.25% -0.07% PRECIOUS METALS Current Price Gold Silver Platinum Copper Palladium 1,851.93 42.31 1,859.50 411.50 780.10 Price Last Week 1,786.45 41.06 1,823.25 411.75 762.70 % Change 3.67% 3.04% 1.99% -0.06% 2.28% YTD %Chg 30.96% 37.85% 5.09% -7.22% -2.07% 52 Week High $1,913.50 $49.79 $1,916.75 $460.60 $848.00 52 Wk Low $1,241.32 $19.56 $1,540.00 $340.85 $705.50 YTD %Chg 9.17% -40.45% -5.94% -4.49% -6.08% -3.31% 52 Week High 0.53925 3.3190 $0.79 $0.65 $85.94 $6.80 52 Wk Low 0.28438 2.3833 $0.67 $0.60 $76.25 $6.38
KEY AGRICULTURAL & CONSUMER COMMODITIES Current Price Corn Soybeans Wheat Cocoa Coffee Cotton Sugar #11 760.00 1,445.75 775.50 3,098.00 288.05 105.89 29.18 Price Last Week 767.00 1,423.50 797.00 3,075.00 279.20 104.32 30.22 % Change -0.91% 1.56% -2.70% 0.75% 3.17% 1.50% -3.44% KEY FUTURES Commodities Gas Oil WTI Crude Natural Gas Heating Oil Gasoline RBOB Current Price 943.75 86.69 3.86 300.40 284.50 Price Last Week 946.00 85.44 3.96 300.35 293.33 % Change -0.24% 1.46% -2.53% 0.02% -3.01% YTD %Chg 19.12% -5.39% -16.63% 17.40% 17.03% 52 Week High $1,061.25 $115.55 $4.98 $336.90 $311.67 52 Wk Low $724.00 $76.15 $3.21 $223.50 $205.55 YTD %Chg 22.48% 4.84% -3.72% 2.08% 19.77% -25.53% -9.15% 52 Week High $779.00 $1,465.00 $986.75 $3,600.00 $313.75 $144.66 $31.85 52 Wk Low $447.00 $998.50 $639.00 $2,695.00 $170.95 $80.35 $17.75
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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 11,240.26 4,445.32 2,480.33 2,072.97 1,173.97 683.36 1,123.37 5,292.03 Last Week 11,284.54 4,460.19 2,479.85 2,091.20 1,176.80 691.79 1,114.49 5,129.92 % Change -0.39% -0.33% 0.02% -0.87% -0.24% -1.22% 0.80% 3.16% YTD % Change -3.69% -14.10% -7.85% -20.28% -7.70% -14.43% -8.36% -12.00% 3-Jan-11 11,444.61 4,693.59 2,532.41 2,151.96 1,199.38 714.63 1,148.91 5,246.99
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 02-September-11 1,747.25 1,745.24 672.28 1,083.91 3,069.70 1,464.29 2,599.40 26-August-11 1,703.14 1,671.86 669.57 1,062.39 2,949.49 1,453.17 2,528.75 % Change 2.59% 4.39% 0.40% 2.03% 4.08% 0.77% 2.79% 3-Jan-11 2,031.89 2,355.67 894.91 2,182.51 3,004.87 1,943.64 2,963.32 YTD % Change -14.01% -25.91% -24.88% -50.34% 2.16% -24.66% -12.28%
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 02-September-11 1,740 2,975 1,630 1,379 670 677 674 26-August-11 1,541 2,346 1,651 1,387 667 693 695 % Change 12.91% 26.81% -1.27% -0.58% 0.45% -2.31% -3.02% 4-Jan-11 1,693 2,285 1,798 1,421 807 842 635 YTD % Change 2.78% 30.20% -9.34% -2.96% -16.98% -19.60% 6.14%
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Shipping Equities: The Week in Review

SHIPPING EQUITIES OUTPERFORMED THE BROADER MARKET TANKER STOCKS THE BEST PERFORMERS
During last week, shipping equities outperformed the broader market. The Capital Link Maritime Index (CLMI), a composite index of all US listed shipping stocks gained 2.59% compared to the S&P 500 sliding 0.24%, and the Dow Jones Industrial Average (DJII) losing 0.39%. Year-to-date, the CLMI has lost 14.01% versus the losses of 3.69% for the DJII and 7.70% for the S&P 500. The broader markets remain volatile during last week, while each of our shipping universes outperformed. Tanker stocks performed the best during last week, with the Capital Link Tanker Index increasing 4.39%, compared to the gains of 4.08% for the Capital Link LNG/LPG Index, 2.79% for the Capital Link MLP Index, 2.03% for the Capital Link Container Index, 0.77% for Capital Link Mixed Fleet Index and 0.40% for Capital Link Dry Bulk Index. Year-to-date, the best performing sector has been LNG/LPG stocks, with the Capital Link LNG/LPG Index gaining 2.16%, followed by Capital Link MLP Index decreasing 12.28% and Capital Link Mixed Fleet Index sliding 24.66%. The top three largest weekly trading gainers are Globus Maritime Limited (GLBS), Seanergy Maritime Holdings (SHIP), and Genco Shipping (GNK), with stock prices increasing 33.84%, 17.33% and 13.68%, respectively. During last week, dry bulk stocks underperformed the physical shipping market, as the Baltic Dry Index (BDI) increased 12.91% compared London Listed Friday Price Last % YTD 52 Week 52 Week 1 to a gain of 0.40% for the Capital Link Dry Bulk Index. Year-to-date, the BDI has gained 2.78% compared to a loss of 24.88% for theMonth Ticker Companies (GBp) Close Week Low Average Volume Capital Link Dry Bulk Index. The Capesize rates surged lastCarriers Ltd the highest levels since 54.50 beginning-29.68% week to the Change %Chg of 2011. High Hellenic $54.50 $54.50 0.00% 81.50 52.00 5,746.10 Tanker stocks outperformed the physical tanker shipping market during last week, with the Baltic Dirty Tanker Index (BDTI) slipping 2.31% 1 Month % YTD 52 Week 52 Week Milan Listed Company (Euro) and the Baltic Clean Tanker Index (BCTI) losing 3.02% compared to a gain of Ticker for the Capital Link Tanker Index. High 4.39% Friday Price Last Change %Chg Year-to-date, theAverage Close Week Low BDTI has lost 19.60% and the BCTI has gained 6.14%, while the Capital Link Tanker Index has lost1.49% -31.31% 25.91%. Brent Crude Oil0.67 gained Volume dAmico International Shipping DIS 0.68 0.67 1.15 N/A 3.33% for the week, and 22.90% year-to-date. VLCC rates dropped into negative territory despite higher fixing activity. 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 50 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 (3 MONTHS)* Goldenport Holdings $72.88 $72.88 73.13 -0.34% -37.44% 132.00 70.00
64,864.33
1.10 1.00 0.90 0.80 0.70 1/14/11 2/14/11 3/14/11 4/14/11 5/14/11 6/14/11 7/14/11 8/14/11
*SOURCE: BLOOMBERG CAPITAL LINK TANKER INDEX DAILY COMPARISON CHARTS (3 MONTHS)*
Capital Link Maritime Index S&P 500
Russell 2000
1.90 1.70 1.50 1.30 1.10 0.90 0.70 0.50 1/14/11
3/14/11
5/14/11
*SOURCE: BLOOMBERG
7/14/11
Capital Link Tanker Index Baltic Clean Tanker Index Baltic Dirty Tanker Index
CAPITAL LINK DRY BULK INDEX DAILY COMPARISON CHARTS (3 MONTHS)*
1.40 1.25 1.10 0.95 0.80 0.65 0.50 0.35 1/14/11 2/14/11 3/14/11 4/14/11 5/14/11 6/14/11 7/14/11 8/14/11
*SOURCE: BLOOMBERG
Capital Link Drybulk Index
Baltic Dry Index
Page 14

% Change 7.88% 4.88% 8.06% -6.77% 6.86% 2.57% 13.50% 33.84% 0.28% -1.79% 0.88% -0.78% 1.17% 17.33% 3.65% -2.21% % Change 11.75% -6.91% 1.31% 5.68% 5.86% -2.26% 8.89% -0.46% -15.15% 3.04% 1.46% 3.94% 6.06% -0.82% -4.43% -1.13% % Change 10.37% -0.07% 3.01% -2.53% 1.32% -21.09% 2.78% % Change 5.40% 3.48% 5.99% 2.53% % Change -12.73% Page1.63% 15 -11.33% YTD %Chg -54.12% -24.57% -43.16% -64.13% -67.31% -68.00% -54.30% -28.06% -34.07% -25.06% -14.03% -63.08% -22.07% -73.19% -47.60% -69.76% YTD %Chg -48.03% -36.94% -49.52% -42.12% -73.58% -88.72% -17.78% -34.39% -79.10% -54.57% -39.65% -5.07% -21.40% -51.94% -72.94% -39.32% YTD %Chg -14.82% 4.52% -3.83% -67.15% -39.21% -87.67% 1.99% YTD %Chg 108.37% 3.02% -47.79% -13.63% YTD %Chg 12.68% -2.09% -24.81% 52 Week High $12.69 $13.71 $6.44 $5.75 $6.63 $5.35 $18.08 $13.59 $6.29 $21.56 $23.00 $4.04 $9.78 $20.25 $3.23 $6.07 52 Week High $18.61 $11.39 $18.40 $5.19 $29.47 $4.98 $5.95 $27.50 $1.54 $38.32 $12.18 $31.50 $37.93 $13.30 $8.00 $13.87 52 Week High $12.00 $18.48 $7.87 $15.50 $7.75 $5.95 $21.33 52 Week High $39.90 $29.74 $8.80 $41.50 52 Week High $7.56 $5.28 $25.80 52 Week Low $3.64 $7.52 $2.19 $1.62 $1.63 $1.01 $4.15 $4.58 $2.88 $11.06 $5.22 $1.20 $6.20 $2.71 $1.00 $0.83 52 Week Low $3.89 $4.85 $5.93 $2.60 $6.10 $0.34 $3.00 $16.02 $0.13 $14.77 $5.74 $22.01 $21.37 $5.87 $1.94 $6.09 52 Week Low $7.29 $10.55 $2.65 $4.61 $2.56 $0.49 $10.97 52 Week Low $10.65 $22.41 $3.40 $28.81 52 Week Low $2.65 $3.38 $16.09 1 Month Average Volume 226,660 979,083 11,967,929 903,503 569,441 21,772 1,090,966 13,582 960,227 598,615 61,503 315,246 161,630 6,439 488,028 86,603 1 Month Average Volume 661,709 330,974 182,906 578,983 2,432,276 2,097,463 64,660 494,736 77,118 886,505 119,487 223,734 505,348 607,156 22,007 190,880 1 Month Average Volume 84,632 61,811 55,019 150,437 95,843 493,131 429,829 1 Month Average Volume 807,111 95,477 93,149 193,993 1 Month Average Volume 1,784 48,089 187,976
Shipping Equities
Dry Bulk Baltic Trading Ltd Diana Shipping Inc DryShips Inc Eagle Bulk Shipping Inc Excel Maritime Carriers FreeSeas Inc Genco Shipping Globus Maritime Navios Maritime Hldgs Navios Maritime Ptns OceanFreight Inc Paragon Shipping Inc Safe Bulkers Inc Seanergy Maritime Hldg Star Bulk Carriers Corp TBS International PLC Tankers Aegean Marine Petrol Capital Product Ptns Crude Carriers Corp DHT Holdings Inc Frontline Ltd General Maritime Corp Navios Maritime Acq. Nordic American Tanker Omega Navigation Ent. Overseas Shipholding Scorpio Tankers Inc Teekay Corp Teekay Offshore Ptns Teekay Tankers Ltd Torm A/S Tsakos Energy Nav. Containers Box Ships Inc Costamare Inc Danaos Corp Diana Containerships Global Ship Lease Inc Horizon Lines Inc Seaspan Corp LNG/LPG Golar LNG Ltd Golar LNG Partners LP StealthGas Inc Teekay LNG Partners Mixed Fleet B+H Ocean Carriers Ltd Euroseas Ltd Knightsbridge Tankers Ticker BALT DSX DRYS EGLE EXM FREE GNK GLBS NM NMM OCNF PRGN SB SHIP SBLK TBSI Ticker ANW CPLP CRU DHT FRO GMR NNA NAT ONAVQ.PK OSG STNG TOO TK TNK TRMD TNP Ticker TEU CMRE DAC DCIX GSL HRZ SSW Ticker GLNG GMLP GASS TGP Ticker BHO ESEA Friday Close $4.79 $8.81 $2.95 $1.79 $1.87 $1.20 $6.64 $7.00 $3.58 $14.80 $15.99 $1.27 $6.92 $3.86 $1.42 $0.88 Friday Close $5.42 $6.06 $8.50 $2.79 $6.86 $0.38 $3.33 $17.25 $0.28 $16.29 $6.24 $26.40 $26.07 $6.06 $1.94 $6.11 Friday Close $9.37 $15.04 $3.76 $5.01 $3.07 $0.55 $13.30 Friday Close $31.82 $25.60 $4.25 $32.88 Friday Close $4.80 $3.75 $17.06 Prev. Week Close $4.44 $8.40 $2.73 $1.92 $1.75 $1.17 $5.85 $5.23 $3.57 $15.07 $15.85 $1.28 $6.84 $3.29 $1.37 $0.90 Price Last Week $4.85 $6.51 $8.39 $2.64 $6.48 $0.39 $3.06 $17.33 $0.33 $15.81 $6.15 $25.40 $24.58 $6.11 $2.03 $6.18 Price Last Week $8.49 $15.05 $3.65 $5.14 $3.03 $0.70 $12.94 Price Last Week $30.19 $24.74 $4.01 $32.07 Price Last Week $5.50 $3.69 $19.24
VLCCF
Global Ship Lease Inc Horizon Lines Inc Seaspan Corp LNG/LPG
Capital Link Shipping Weekly Markets Report Friday Price Last Ticker
GLNG GMLP GASS TGP Close $31.82 $25.60 $4.25 $32.88
GSL HRZ SSW
$3.07 $0.55 $13.30
$3.03 $0.70 $12.94
1.32% -21.09% 2.78% % Change 5.40% 3.48% 5.99% 2.53% % Change -12.73% 1.63% -11.33% 8.86% 8.05% -14.17% % Change 0.00% -0.34%
-39.21% -87.67% 1.99% YTD %Chg 108.37% 3.02% -47.79% -13.63% YTD %Chg 12.68% -2.09% -24.81% -65.60% -30.57% -80.75% YTD %Chg -29.68% -37.44% YTD %Chg -31.31%
$7.75 $5.95 $21.33 52 Week High $39.90 $29.74 $8.80 $41.50
$2.56 $0.49 $10.97 52 Week Low $10.65 $22.41 $3.40 $28.81
95,843 493,131 429,829
Golar LNG Ltd Golar LNG Partners LP StealthGas Inc Teekay LNG Partners Mixed Fleet
Shipping Equities
Ticker BHO ESEA
VLCCF
Week $30.19 $24.74 $4.01 $32.07
1 Month Average Volume 807,111 95,477 93,149 193,993
B+H Ocean Carriers Ltd Euroseas Ltd Knightsbridge Tankers NewLead Holdings Ltd Ship Finance Intl TOP Ships Inc London Listed Companies (GBp) Hellenic Carriers Ltd Goldenport Holdings
NEWL SFL TOPS
Friday Close $4.80 $3.75 $17.06 $0.86 $15.17 $2.06 Friday Close $54.50 $72.88 Ticker DIS
Price Last Week $5.50 $3.69 $19.24 $0.79 $14.04 $2.40 Price Last Week 54.50 73.13
52 Week High $7.56 $5.28 $25.80 $5.67 $23.07 $11.60 52 Week High 81.50 132.00
52 Week Low $2.65 $3.38 $16.09 $0.60 $11.44 $1.62 52 Week Low 52.00 70.00
1 Month Average Volume 1,784 48,089 187,976 6,063 570,413 10,757 1 Month Average Volume 5,746.10 64,864.33 1 Month Average Volume N/A
Ticker HCL.L GPRT.L
Milan Listed Company (Euro) dAmico International Shipping
Friday Close 0.68
Price Last Week 0.67
% Change 1.49%
52 Week High 1.15
52 Week Low 0.67
MARITIME INDEX DAILY COMPARISON CHARTS (3 MONTHS)*
1.10 1.00 0.90 0.80
0.70 1/14/11 2/14/11 3/14/11 4/14/11 5/14/11 6/14/11 7/14/11 8/14/11

*SOURCE: BLOOMBERG
Capital Link Shipping
Capital Link Maritime Index S&P 500
Russell 2000
CAPITAL LINK TANKER INDEX DAILY COMPARISON CHARTS (3 MONTHS)*
Track all U.S. & European listed Shipping companies and access: earnings *SOURCE: BLOOMBERG & conference call calendar, media interviews, press releases, news, blogs, stock prices/charts & presentations DAILY COMPARISON CHARTS (3 MONTHS)* CAPITAL LINK DRY BULK INDEX Visit CapitalLinkShipping.com 1.40
1.25 1.10 0.95
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1.90 1.70 1.50 1.30 1.10 0.90 0.70 0.50 1/14/11
3/14/11
5/14/11
7/14/11
Capital Link Tanker Index Baltic Clean Tanker Index Baltic Dirty Tanker Index
Capital Link Drybulk Index
Weekly Trading Statistics

Custom Statistics Prepared Weekly for Capital Link Shipping BROAD MARKET
Percent Change of Major Indexes for the Week Ending Friday, September 02, 2011
Name Amex Networking Index Nasdaq-100 Index Nasdaq Composite Index Russell 1000 Index S&P 500 Index Russell 3000 Index Dow Jones Transportation Index Dow Jones Industrial Average Index Nasdasq Transportation Index Russell 2000 Index Symbol NWX NDX COMPX RUI SPX RUA TRAN INDU TRANX RUT Close 239.83 2167.83 2480.33 649.3 1173.96 694.57 4445.32 11240.26 2072.97 683.49 Net Gain 12.22 5.86 0.48 -1.24 -2.84 -1.89 -14.87 -44.28 -18.23 -8.30 Percent Gain 5.37% 0.27% 0.02% -0.19% -0.24% -0.27% -0.33% -0.39% -0.87% -1.20%
Index Data: INDU (Dow Jones Industrial Average Index. The INDU closed today at 11,240.26 for a weekly loss of -44.28 pts (-0.3924%). The high of the week was 11,739.39 while the low was 11,211.35 (close = 5.47% of high/low range). The INDU closed 13.06% from its 52 week high (12,928.45) and 9.08% from its 52 week low (10,304.44).
INDU Important Moving Averages

50 Day: 11,886.70 100 Day: 12,134.79 200 Day: 11,996.08
SHIPPING INDUSTRY DATA (50 Companies)

Moving Averages
55.10% closed > 10D Moving Average. 10.20% closed > 50D Moving Average. 4.08% closed > 100D Moving Average. 6.12% closed > 200D Moving Average
Top Upside Momentum (Issues with the greatest 100 day upside momentum*)
Symbol Close OCNF BHO GLNG CMRE 15.99 4.8 31.82 15.09 Weekly % Change 0.88% -12.73% 5.40% 0.27% 50-Day % Change 142.27% 37.14% -2.63% -7.59%
Top Downside Momentum (Issues with the greatest 100 day downward momentum*)
Symbol Close GMR HRZ TRMD FRO TOPS PRGN NEWL GSL TNP TNK 0.39 0.55 1.94 6.87 2.06 1.28 0.86 3.07 6.14 6.07 Weekly % Change 0.00% -21.43% -4.43% 6.02% -14.17% 0.00% 8.86% 1.32% -0.65% -0.65% 50-Day % Change -72.34% -50.45% -52.68% -55.59% -42.78% -36.32% -52.49% -46.23% -38.48% -32.48%
*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 - sort names that have a negative value in ascending order - report the top 10.
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Top Consecutive Lower Closes
Symbol Close Down Streak ALEX OCNF NMM STNG TGP GNK GMR FRO CRU TNP 40.37 15.99 14.81 6.26 32.88 6.65 0.39 6.87 8.5 6.14 Friday Close 0.55 2.06 4.8 17.06 6.06 1.79 1.94 5.01 0.88 14.81 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 Net Change -0.15 -0.34 -0.70 -1.68 -0.45 -0.13 -0.09 -0.13 -0.02 -0.26 % Change -21.43% -14.17% -12.73% -8.96% -6.91% -6.77% -4.43% -2.53% -2.22% -1.73%

Top Consecutive Higher Closes
Symbol GLBS ESEA TOPS Close Up Streak 7 3.75 2.06 4 2 2
Top Largest Weekly Trading Gains

Symbol GLBS SHIP GNK ANW TEU NEWL NNA BALT DRYS SFL Close One Week Ago 5.23 3.29 5.85 4.85 8.49 0.79 3.06 4.44 2.73 14.04 Friday Close 7 3.86 6.65 5.4 9.43 0.86 3.33 4.82 2.95 15.17 Net % Change Change 1.77 33.84% 0.57 17.33% 0.80 13.68% 0.55 11.34% 0.94 11.07% 0.07 0.27 0.38 0.22 1.13 8.86% 8.82% 8.56% 8.06% 8.05% HRZ TOPS BHO VLCCF CPLP EGLE TRMD DCIX TBSI NMM
Top Largest Weekly Trading Losses

Symbol Close One Week Ago 0.7 2.4 5.5 18.74 6.51 1.92 2.03 5.14 0.9 15.07
Top Largest Monthly Trading Gains (A month has

been standardized to 20 trading days) Prior Friday Net Symbol % Change Close Close Change GNK BHO GLBS SFL NMM ANW OCNF SSW GASS TK Symbol TOO GMLP CMRE TGP TEU GLNG SB ALEX ESEA NMM 4.64 3.5 5.52 12.38 12.22 4.58 14.25 12.1 3.95 24.39 6.65 4.8 7 15.17 14.81 5.4 15.99 13.3 4.25 26.09 52W High 30.45 29.74 17.95 40.10 11.80 39.90 9.39 54.78 5.11 20.53 2.01 1.30 1.48 2.79 2.59 0.82 1.74 1.20 0.30 1.70 43.32% 37.14% 26.81% 22.54% 21.19% 17.90% 12.21% 9.92% 7.59% 6.97% % Away -13.20% -13.92% -15.93% -18.01% -20.11% -20.25% -26.28% -26.30% -26.59% -27.85%
Top Largest Monthly Trading*Losses (A month has

Symbol GMR TRMD HRZ TBSI NEWL OSG STNG FRO DHT TNP Symbol TNK TBSI PRGN DHT VLCCF STNG DCIX NAT OSG EGLE been standardized to 20 trading days) Prior Net Friday Close Close Change 0.74 3.45 0.83 1.26 1.15 20.63 7.82 8.39 3.23 7.01 0.39 1.94 0.55 0.88 0.86 16.29 6.26 6.87 2.8 6.14 52W Low 5.87 0.83 1.20 2.60 15.67 5.74 4.58 15.76 14.77 1.62 -0.35 -1.51 -0.28 -0.38 -0.29 -4.34 -1.56 -1.52 -0.43 -0.87 % Change -47.30% -43.77% -33.73% -30.16% -25.22% -21.04% -19.95% -18.12% -13.31% -12.41%
Stocks Nearest to 52-Week Highs
Stocks Nearest To 52-Week Lows

% Away 3.41% 6.02% 6.67% 7.69% 8.87% 9.06% 9.37% 9.59% 10.29% 10.49%
Top Stocks with Highest Weekly Volume Run Rate* > 1

Page 18

Symbol TOPS SHIP TRMD FRO NM DHT OCNF TNP SFL ESEA Close 2.06 3.86 1.94 6.87 3.58 2.8 15.99 6.14 15.17 3.75 Net % Change -14.17% 17.33% -4.43% 6.02% 0.28% 6.06% 0.88% -0.65% 8.05% 3.59% Run Rate 7.8659 2.8483 2.5645 2.1524 1.4371 1.4319 1.3985 1.3642 1.3138 1.2862
*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 GLNG BHO SSW CMRE ESEA GMLP ALEX DAC TOO YTD Gain % 117.05% 12.94% 10.83% 9.27% 6.84% 3.02% 2.96% 0.53% 0.19% GMR HRZ TOPS FRO TRMD SHIP TBSI FREE DCIX EXM
Top Year-To-Date Decliners

Symbol YTD Decline % -88.00% -87.41% -81.10% -72.66% -72.25% -72.03% -69.66% -67.91% -66.93% -66.61%
ANW - Aegean Marine Petroleum Network Inc; BALT - Baltic Trading Ltd; BHO - B+H Ocean Carriers Ltd; CPLP Capital Product Partners LP; CRU - Crude Carriers Corp; 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; GMR - General Maritime Corp; GNK - Genco Shipping & Trading Ltd; GSL - Global Ship Lease Inc; HRZ - Horizon Lines 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; OCNF - OceanFreight Inc; ONAV - Omega Navigation Enterprises Inc; 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; TBSI - TBS International Ltd; 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 Notes These symbols were ignored in some analysis (i.e. 200 day moving average) due to the lack of historical data: BALT, CMRE, CRU, GLBS and STNG. 0 DISCLAIMER This communication has been prepared by Knight Equity Markets, 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. Copyright 2011 Knight Equity Markets, L.P. Member NASD/SIPC. All rights reserved.
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The following are the 50 members of this group: Symbol Name: ALEX - Alexander & Baldwin Inc;

Contributed by
Shipping Bonds
Month to date high yield deal volume is $0.0 billion in 0 deals. The year to date high yield deal volume is $211.154 billion in 471 deals. The current quarter to date high yield deal volume is $19.232 billion in 38 deals. There are currently no high yield deals being marketed.
Page 20
Shipping Bonds
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Knight Corporate Access is an unbiased service for issuers to connect with institutional investors. Through a combination of strategic investor introductions, thought leadership initiatives and market insight, Knight can help strengthen and diversify a companys investor base.
Knight is the leading source of o -exchange liquidity in U.S. equities and has a greater share volume than any U.S. exchange.
For additional information, please contact:
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September 2010 Knight Capital Group, Inc. All rights reserved. Knight Equity Markets, L.P. and Knight Capital Markets LLC are o -exchange liquidity providers and members of FINRA and SIPC. To learn about Knight Capital Group, Inc. (NYSE Euronext: KCG) go to knight.com.
SHIPPING MARKETS
Dry Bulk Market - Weekly Highlights

The dry bulk market continues for yet another week on its recovery Contributed by path, fueled by the increased activity seen in the Pacific as there was a plethora of coal and iron ore cargoes, especially for Capesize Intermodal vessels. With tonnage lists swiftly tightening for Capesize vessels, Intermodal Shipbrokers Co. owners were able to quickly capitalize on this and push for an 17th km Ethniki Odos Athens-Lamia & 3 Agrambelis Street, increase in freight levels on most routes. Panamaxes on the other 145 64 N. Kifisia, hand noted a small drop from their previous weeks levels despite Athens - Greece the good volume of activity reported throughout the week. This seems to be mainly due to poor sentiment and bad position lists Phone: +30 210 6293300 as most of the reported activity seen was in the Pacific basin, while Website: www.intermodal.gr it was the Atlantic basin that was swamped with open vessels. Similarly Supras also closed in the red this week due to a poorly performing Atlantic, with a notable drop this week in the number of fixtures reported coming out of ECSA and US Gulf. Unlike Panamxes however there seemed to also be minimal activity in the Pacific leading to a significant increase in open vessels all around. Handies are still holding fairly stable while showing signs of a slight improvement as activity continues to be firm while we are still seeing a constant inflow of stems emerge powering the market for a further improvement in rates.
Baltic Indices / Dry Bulk Spot Rates

Week 35 02/09/2011 Index BDI BCI BPI BSI BHSI 1,740 2,975 1,630 1,379 670 $23,899 $13,061 $14,415 $9,945 $/day Week 34 26/08/2011 Index 1,541 2,346 1,651 1,387 667 $16,716 $13,214 $14,508 $9,870 $/day 12.9% 26.8% -1.3% -0.6% 0.4% % Point Diff 199 629 -21 -8 3 2011 Avg Index 1,377 1,746 1,724 1,360 728 2010 Avg Index 2,758 3,480 3,115 2,148 1,124
Despite the recent upward movement in rates, there are still many in the market that fear that this recovery path cannot be sustained as there is still a significant number of vessels being delivered every day and an overwhelming orderbook which is scheduled for delivery within the next 16 months. The trade growth trend observed since the start of the year has already shown difficulty in dealing with this oversupply in vessels, while there are now worries that this growth in demand may start to slowdown as troubles in the world economy continue. Despite this, coal continues to show promise of further growth as demand for this energy commodity remains high especially from advanced economies such as Japan which have switched a significant portion of the energy needs, due to its cheaper price and price stability. At the same time steel producers in most of Asia are holding a bullish outlook on future demand pushing their production and in turn import needs for both coking coal and iron ore.
4,500 4,000 3,500
Index
p The Baltic Dry Index closed on Friday the 2nd of September at 1,740 points with a weekly gain of 199 points or 12.9% over previous weeks closing. (Last Fridays the 26th of August closing value was recorded at 1,541 points).
6,000 5,000
Index
Capesize
35 30 25 20 15 10 5 0
no. Fixtures
4,000 3,000 2,000 1,000
Baltic Dry
180 160 140 120 100 80 60 40 20 0
3,000 2,500 2,000 1,500 1,000 500
on-week comparison, as Last Fridays the 26th of August closing value was 2,346 points). It is worth noting that the annual average of 2011 for the Cape Index is currently calculated at 1,746 points, while the average for the year 2010 was 3,480 points.
CAPESIZE MARKET - p The Baltic Cape Index closed on Friday the 2nd of September at 2,975 points with a weekly gain of 629 points. For this week we monitor a 26.8% change on a week-
no. Fixtures
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SHIPPING MARKETS
For Week 35 we have recorded a total of 52 timecharter fixtures in the Panamax sector, 11 for period charter averaging $13,045 per day, while 41 trip charters were reported this week with a daily average of $13,860 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 improved, and this weeks fixture that received the lowest daily hire was the M/V GRAND RODOSI, 68788 dwt, built 1990, dely Zhoushan spot , redely China, $7000, Chokang, for a trip via Indonesia -2000$ reduced from last week, and the fixture with the highest daily hire was the M/V IRON MAN, 72861 dwt, built 1995, dely Constanza 3/6Sept , redely India, $30000, Chart Not Rep, for a trip via Black Sea 5000$ improved from last week. The BPI is showing a -1.3% decrease on a weekly comparison, a 10.1% increase on a 1 month basis, a -9.0% decrease on a 3 month basis, a -10.0% decrease on a 6 month basis and a -47.8% decrease on a 12 month basis.

Week this week last week Week this week last week No. of Fixtures 12 11 Period Charter $15,625 $14,750 Highest Fixture $43,000 $38,000 Lowest Fixture $14,000 $12,000 Trip Charter $21,735 $21,688
For Week 35 we have recorded a total of 12 timecharter fixtures in the Capesize sector, 2 for period charter averaging $15,625 per day, while 10 trip charters were reported this week with a daily average of $21,735 per day. This weeks fixture that received the lowest daily hire was the M/V CIC ELLI S, 171448 dwt, built 2003, dely Dalian 6/10 Sept, redely worldwide, $14000, Cargill, for a 4/6 months trading 2000$ improved from last week, and the fixture with the highest daily hire was the M/V SALT LAKE CITY, 171670 dwt, built 2005, dely Moneypoint 20/22 Sept , redely China, $43000, Rio Tinto, for a trip via Seven Islands 5000$ improved from last week. The BCI is showing a 26.8% increase on a weekly comparison, a 67.6% increase on a 1 month basis, a 53.9% increase on a 3 month basis, a 126.2% increase on a 6 month basis and a -24.4% decrease on a 12 month basis.
3,500 3,000
Index
Supramax
60 50
no Fixtures
2,500 2,000 1,500 1,000
40 30 20 10 0
Panamax
5,000 4,000
Index
100 90 80 70 60 50 40 30 20 10 0
no. Fixtures
500
3,000 2,000 1,000
lost -21 points on a weekly comparison. It is worth noting that last Fridays the 26th of August saw the Panamax index close at 1,651 points. The week-on-week change for the Panamax index is calculated to be -1.3%, while the yearly average for the Baltic Panamax Index for this running year is calculated at 1,724 points while the average for 2010 was 3,115 points. Week this week last week Week this week last week No. of Fixtures 52 46 Period Charter $13,045 $12,705 Highest Fixture $30,000 $25,000 Lowest Fixture $7,000 $9,000 $13,860 $13,683
PANAMAX MARKET - q The Baltic Panamax Index closed on Friday the 2nd of September with a loss at 1,630 points having
SUPRAMAX & HANDYMAX MARKET - q The Baltic Supramax Index closed on Friday the 2nd of September at 1,379 points down with a weekly loss of -8 points or -0.6% . The Baltic Supramax index on a weekly comparison is with a downward trend as last Fridays the 26th of August closing value was 1,387 points. The annual average of the BSI is recorded at 1,360 points while the average for 2010 was 2,148 points.
Week this week last week Week this week last week No. of Fixtures 16 26 Period Charter $14,750 $16,875 Highest Fixture $27,000 $31,000 Lowest Fixture $8,500 $6,900 Trip Charter $15,214 $14,738
Trip Charter
For Week 35 we have recorded a total of 16 timecharter fixtures in the Supramax & Handymax sector, 2 for period charter averaging $14,750 per day, while 14 trip charters were reported this week with a daily average of $15,214 per day. The minimum vs maximum daily rate differential as analyzed from
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SHIPPING MARKETS
Highest Fixture $13,500 $18,000 Lowest Fixture $8,000 $7,500 Trip Charter $11,829 $11,957

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 AMOY DREAM, 57000 dwt, built 2011, dely Jintang 1/3 Sept, redely EC India, $8500, WBC, for a trip via Indonesia 1600$ improved from last week, and the fixture with the highest daily hire was the M/V NASCO JADE, 57000 dwt, built 2011, dely Houston spot, redely China approx, $27000, ABT, for a trip int petcoke -4000$ reduced from last week. The BSI is showing a -0.6% decrease on a weekly comparison, a 10.1% increase on a 1 month basis, a -3.2% decrease on a 3 month basis, a -0.4% decrease on a 6 month basis and a -30.8% decrease on a 12 month basis. Week this week last week Week this week last week No. of Fixtures 8 8 Period Charter $12,000 $11,100
1,750 1,500
Index
Handysize
20 18 16 14 12 10 8 6 4 2 0
For Week 35 we have recorded a total of 8 timecharter fixtures in the Handysize sector, 1 for period charter averaging $12,000 per day, while 8 trip charters were reported this week with a daily average of $11,829 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 CATCH 22, 29142 dwt, built 2009, dely Ghent 2/6 Sept, redely Venezuela approx, $8000, Ultrabulk, for a trip via Continent 500$ improved from last week and the fixture with the highest daily hire was the M/V BLUE PRINCESS, 36913 dwt, built 1986, dely Brazil prompt, redely east Mediterranean/Black Sea, $13500, Chart Not Rep, for a trip -4500$ reduced from last week. The BHI is showing a 0.4% change on a weekly comparison, a 0.9% increase on a 1 month basis, a -12.0% decrease on a 3 month basis, a -2.6% decrease on a 6 month basis and a -37.1% decrease 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
no. Fixtures
1,250 1,000 750 500
HANDYSIZE MARKET - p The Baltic Handysize Index closed on Friday the 2nd of September with an upward trend at 670 points with a weekly gain of 3 points and a percentage change of 0.4%. It is noted that last Fridays the 26th of August closing value was 667 points and the average for 2011 is calculated at 728 points while the average for 2010 was 1,124 points.
BDI BCI BPI BSI BHI
3.4% 6.0% 0.4% -0.1% -0.1%
12.9% 26.8% -1.3% -0.6% 0.4%
1 WEEK
1 MONTH
38.1%
3 MONTHS
17.3% -9.0% -3.2%
6 MONTHS
1 YEAR
39.8%
-39.5% -24.4% -47.8% -30.8% -37.1%
67.6% 10.1% 10.1% 0.9%
53.9%
126.2% -10.0% -0.4% -2.6%
-12.0%
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SHIPPING MARKETS
The Week In Review

ECONOMIC ENVIRONMENT The astonished U.S. debt downgrade seems to have been left behind and the economy has started to show some evidence of strength. The Hurricane Irene failed to shut the financial markets and the week begun with a positive note in the U.S. stocks market. The S&P 500 index experienced the biggest increase in almost two months following Federal Reserve Chairman Ben S. Bernanke positive announcements that the economy isnt weak enough to warrant immediate stimulus via a third round of quantitative easing. Furthermore, the U.S. consumer spending has shown its biggest growth in the last five months climbing in July by 0.8% with the U.S. savings rate falling to a four month low of 5%, according to figures from the Commerce Department in Washington. The rebound of U.S. consumer spending in July alters the weak outlook of the U.S. GDP growth for the second half of the year since the consumer spending accounts almost 70% of the economic activity. The sentiment changed also in Greece with the benchmark General Index of the Athens Stock Exchange ending 14.4% higher from the strategic announcement between the countrys second and third largest lenders, Eurobank and Alpha Bank to merge and create the Greeces biggest bank and eurozones 25th biggest bank with assets of EUR 150bn and EUR 80bn of deposits. Finance Minister Evangelos Venizelos welcomed the movement stating that the decision by the two banks to proceed with a merger is a positive development and demonstrates that todays crisis could serve as a corrective opportunity and provide a boost in the financial sector as well as in the real economy. The deal includes a capital injection of EUR 500mil convertible bonds by the Qatar Investment Authority, which already holds 5% stake in Alpha Bank since 2008. The terms of the merger agreement include an exchange ratio of 5 new Alpha Bank ordinary shares for every 7 Eurobank EFG ordinary shares. Even the positive outlook created in financial markets this week, the International Monetary Fund cut its growth forecasts for U.S. and eurozone. The Fund slashed its U.S. growth forecast for 2011 to 1.6% from 2.5% two months ago and for the eurozone to 1.9% from 2%, stating that the Federal Reserve and the European Central Bank must be ready to easy policy. The fund warned that with growth faltering and inflation risks diminishing in the eurozone, the European Central Bank should avoid raising interest rates and have room to ease monetary policy if downside growth risks persist. Furthermore, business and consumer optimism in the eurozone fell in August reinforcing fears for a weak growth in the forthcoming months as political leaders struggle to smooth the government debt crisis. The overall weak environment in US and eurozone and the high inflation in both countries have also influenced the pace of growth of the worlds two largest emerging countries, China and India. The faltering growth of Chinas top three trading partners, United States, European Union and Japan, has made the U.S. investment bank JP Morgan to revise its growth forecast for China below 9% with prediction for further reduction to 8.5% in 2012, after enjoying a double digit growth for more than a decade. On the other hand, Indias economy grew by 7.7% in the second quarter, the slowest growth for 18 months compared with an 8.8% growth in the same period a year ago. The higher interest rates applied by Indian Central Bank to battle near double digit inflation have hit the expansion of one of the worlds fastest growing economies after China.
Contributed by
Golden Destiny S.A.

Golden Destiny S.A. 57 Akti Miaouli, Piraeus, 18536, Greece Phone: +30 210 4295000 Website: www.goldendestiny.gr
SHIPPING MARKET It is worth highlighting that the announced merger agreement between Greeks largest banks, Alpha Bank and EFG Eurobank, creates new opportunities for the Greek ship financing industry and enhance its competitiveness in the shipping finance industry. Experts of the sector commented on Lloyds List that the shipping portfolios of the two banks are likely to be complimentary, with the two banks generally having a different clientele from each other and the combined portfolio would currently surpassed only by Royal Bank of Scotland, Deutsche Schiffsbank and Credit Suisse in terms of lending to Greek owners. In the dry market, a high level of iron ore fixtures from Brazil and West Australia contributes to the recent rally of the market with the BDI jumping in mid-week at levels above 1,600 points mark and surpassing even the 1,700 points level, posting a 38%growth since the end of July. Capesize earnings have been in a positive trend due to firm amount of iron ore Chinese demand, but there is still hesitation about the solidness of the market as Chinas port stockpiles are still high, despite signs of decrease the last weeks. According to Commodore Research, approximately 92.2 million tons of iron ore are currently stockpiled at Chinese ports, 500,000 tons (-0.5%) less than a week ago, but the amount remains close to the all time record of 94,4mt that was stockpiled at the beginning of August. Spot and period chartering activity has shown signs of strength with earnings for all vessel sizes floating at levels above operating expenses. According to Commodore Research, a weekly average of 26 iron ore fixtures came to the market in August, 9 more than Julys average of 17 iron ore fixtures. Capesizes are expected to be the most beneficiaries as Indian iron ore exports will be far below the 2010 levels due to ongoing mining bans in the states of Karnataka and Goa and Indias government goal to boost its domestic steel production. This implies that more iron ore will be exported from Australia and Brazil, primarily carried in capesize vessels with panamaxes and supramaxes loosing ground. It worth mentioning that last weeks iron ore prices hit a three month high above $180/tonne due to strong Chinese demand and supply outages, according to Platts data. Despite the recent rally of the market and stronger signs on the demand side in terms of Chinese thermal coal and iron ore imports, there is still a pessimistic outlook on the market due to the dry bulk fleet growth. The second half of the year, particularly the third quarter, is usually the peak season but the industry is being prepared for a renewed pressure on the market. According to a recent BIMCO Report, the active dry bulk fleet has grown by 7.4% so far in 2011 with a delivery of 52.5mdwt vessels and predicts that another 450 newbuilding dry bulk vessels with an average size of 84,000 dwt will enter the fleet during the remaining part of the year.
Page 26
SHIPPING MARKETS
second quarter of 2011 due to the lost nuclear power from the March 11th earthquake and tsunami. Japans LNG import were up 8% year on year in H1 2011, or equivalent to 2,64 million mt/year of additional demand compared with the first half of 2010. Korea also recorded a 8% year on year increase in imports for the same period, or equivalent to 1.33 million mt/year of additional demand compared with H2 2010. Asian LNG demand growth, averaging 9% year on year in H1 2011, was the strongest in India and China, where LNG imports were up 26% and 10% year on year, respectively, the analysts said. Europe saw a 15% increase in LNG imports in H1 2011 compared with the corresponding period of 2010, with the UK, in particular, posting a 76% rise, which was equivalent to 4.73 million mt/year of incremental demand. The UK, Japan, Korea, India, China and emerging markets in Latin America such as Brazil and Chile would support the near-term demand outlook, the Bernstein report said. On the longer term, it is expected that the global LNG demand will grow from 218 million mt/year in 2010 to 310 million mt/year by 2015 and 410 million mt/year by 2020 In the container market, the secondhand ship purchasing activity is significantly subdued as it seems that there is big gap between sellers and buyers price expectations. The Shanghai Container Freight Index remained flat last week with the European route posting 0.8% week-onweek change. Europe normally imports more goods during the end of the third quarter, September, as shops begin stockpiling for the December holidays. However, the ongoing European sovereign debt is going to curb the amount of imports as consumer spending has been hurt also by a high rate of unemployment. Container trade on the Asia-Europe route, one of the busiest container routes, will expand by an average of 4%-6% this year, compared with a 15% growth in fleet capacity, according to Morgan Stanley. In the shipbuilding industry, Chinese shipbuilding industry faces reduced ordering activity for the period January-July 2011 comparing with a similar period in 2010. Despite the low newbuilding prices offered by Chinese yards, the demand for newbuilding vessels in the main vessel segments, bulk carriers and tankers, has dropped significantly due to pessimistic outlook that the industry holds for both sectors given the overflow of newbuilding deliveries through 2013. South Korean yards have dropped their interest to more sophisticated newbuilding vessels, offshore units, LNG carriers, mega size containerships creating fuel efficiency technology for the shipowners to reduce operational costs and being more competitive in the industry under the current market fundamentals. According to the China Association of National Shipbuilding Industrys recent statistical data, newbuilding orders decreased 29.2% to 23.58m dwt during the seven month period, with many yards reporting not a single order thus far in 2011. Statistics data from IHS suggest that South Korean shipyards have won 231 ships (17,9 mil gt), in the January-June period, up 37% from the same period last year, taking the biggest share of large containership and LNG carrier orders. In the shipping finance, even Chinas active participation in the industry from the 2008 financial crisis, its share of global ship finance deals is only about 5%, according to Ulrich Zhou, Deputy General Manager and Shipping Finance boss at the Bank of China in a Shipping Finance China Summit. He also added that even though Chinese banks hold a strong position among other global banks; their main focus is still the domestic business. He emphasized that this year is not a good year for foreign enterprises seeking Chinese money, because of the high cost involved from the appreciation of the Yuan and the dream of Chinese funding for shipping has to be put on ice.
The Week In Review

The BDI closed today at 1,740 points, which is the highest level that the market has experienced since the beginning of the year. The index is up by 13% from last weeks closing and down by 39.5 % from a similar week closing in 2010 when it was 2,876 points. The highest rate increase has been in the capesize segment, BCI up 27%w-o-w, BPI down 1.3% w-o-w, BSI down 0.6% w-o-w, BHSI up 0.4% w-o-w Capesizes are currently earning $23,899/day, an increase of $7,183/ day from a week ago, while panamaxes are earning $13,061/day, an increase of $153/day. At similar week in 2010, capesizes were earning more than $39,000/day, while panamaxes were earning more than $25,000/day. Supramaxes are trading at lower levels than capesizes by earning $14,415/day, down by $93/day from last weeks closing, but are still 10.4% higher than panamax earnings. At similar week in 2010, supramaxes were getting region $20,800/day, hovering at discounted levels from capesize and panamax earnings. Handysizes are trading at $ 9,945/day, up by $75/day from last week, when at similar week in 2010 were earning $15,702/day. In the wet market, the outlook remains pessimistic with crude freight rates hovering below operating expenses and asset values being squeezed at lower levels. The geopolitical events have influenced dramatically the tanker environment in conjunction with oversupply issues and the hopes for an early recovery of the industry are limited even now that the Libyas civil war has ended. Libyas oil industry will need at least $25 billion in investment to increase its oil production to two million barrels per day, said the chairman of drilling rig operator Challenger Ltd, since the Libyan oil industry needs a lot of revamping after the civil war. The armed conflict in Libya has reduced the nations output to 100,000 barrels/day in July from the 1,6 million barrels/day before the uprising started in February. The current environment pushes tanker owners for more lay-ups and scrapping to ease the ample available list of tonnage. Furthermore, owners have to be very selective in choosing voyages so as to increase wait time between cargo voyages and push the charter rates upwards. According to market sources from Tradewinds Press, there has been a large increase of VLCCs layups enquiries in Southeast Asia as owners consider putting their large tankers on ice in Asian lay up anchorages. Most of the enquiries are coming from independent tanker owners rather than oil majors. Returns from shipping Middle East crude oil to Asia, the worlds busiest route for supertankers fall to the lowest level in seven days this week with daily rental income for VLCCs on the benchmark Saudi Arabia-Japan voyage falling to minus $207, according to the Baltic Exchange in London. According to a median estimate in a Bloombergs News Survey there are 14% more very large crude carriers to hire over the next 30 days than there are likely cargoes. A major operator, Frontline has already reported second quarter net losses of $35,2mil in 2q 2011that were worse than expected, compared to net profits of $85,6 mil in the same period last year. Revenues fell to $219.4M from $356.1M over the same period. The company announced that that will aim to optimize its fleet utilization in the current weak market through super-slow steaming. In the gas market, prospects seem very positive in terms of demand as the LNG demand recorded a 8.5% year on year in the first half of 2011 and is expected to grow by 12% for the whole year, driven by incremental demand from Japan, the United Kingdom and India, and continued growth from traditional buyer South Korea, according to Bernstein Research. Japanese LNG demand rose strongly in the
Page 27
SHIPPING MARKETS
Tanker Market - Weekly Highlights

Middle East August production hike to boost September VLCC cargo count?
VLCC owners grappling with further depressed earnings will certainly be eyeing the development of the September Middle East VLCC program. In one of the few positive developments presently playing out, there are reasons to believe that the September program will match or possibly exceed the high 2011 tally recorded in June of 125. According to surveys conducted by Reuters and Bloomberg, OPEC oil production is forecast by analysts to have risen to a near-three year high, mostly led by a production hike in Nigeria and to a lesser extent by Saudi Arabia and other Gulf states. Given the usual lag between production hikes and ultimate export dates, this would suggest a stronger September VLCC cargo program. According to EIA data, Middle East OPEC members collectively produced 21.8 mb/d. Assuming Saudi Arabia hiked oil production by 0.15 mb/d and other Gulf OPEC members added a further 0.15 mb/d, the August total would be 22.1 mb/d. Although a portion of the increased Middle East output will likely go towards meeting domestic seasonal demand and therefore not be exported there likely remains a seasonally-adjusted excess production for export. Moreover, despite the fact that EIA production figures show a loose correlation between production and the VLCC program observed during the following month, this broke down during August. The June VLCC program of 125 cargoes followed May production of 21.1 mb/d and the July program of 124 cargoes followed June production of 21.8 mb/d. Despite production during July being on par with June, the August program declined drastically to 111 cargoes (the lowest level since Januarys 108 cargoes, which followed December production of 19.8 mb/d). This possibly suggests a pullback on sales and exports from the Middle East after fresh fears brought down global equities and commodities prices during August. With oil prices having strongly pared the earlier August losses, it is worth noting that some 66 Middle East VLCC cargoes have been covered for the first half September. A continuation at the same level would imply a total of 132 cargoes. Whether or not this will materialize remains to be seen, but the basis for healthier demand levels is already apparent. Unfortunately for VLCC owners, even with 132 September cargoes there would be some 16 spillover units into the October program which may prohibit much by way of rate gains in the near term. However, a resumption of stronger long-haul activity could well create a better trading environment during Q4 particularly if the 10.3% YTD y/y demand growth rate on the long-haul Middle EastWest routes holds.
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 Rates Trade VLCC TD1 TD2 TD3 TD4 TD15 SUEZMAX TD5 TD6 AFRAMAX TD7 TD8 TD9 TD11 PANAMAX TD10 TD12 CPP TC2 MR TC3 MR TC4 MR TC1 LR2 TC5 LR1 CONT>TA CBS>USAC SPOR>JPN AG>JPN AG>JPN CBS>USAC CONT>TA N.SEA>UKC AG>SPORE CBS>USG NAFR>MED WAFR>USAC B.SEA>MED AG>USG AG>SPORE AG>JPN WAFR>USG WAFR>CHINA
Cargo 280,000 MT 260,000 MT 260,000 MT 260,000 MT 260,000 MT 130,000 MT 135,000 MT 80,000 MT 80,000 MT 70,000 MT 80,000 MT 50,000 MT 55,000 MT 37,000 MT 38,000 MT 30,000 MT 75,000 MT 55,000 MT 3 Years $30,750 $21,000 $18,250 $16,500 $15,000
WS 34.0 46.0 46.0 47.5 43.0 65.0 70.0 97.5 90.0 85.0
TCE $/day -$6,600 $4,900 $5,500 $4,800 -$700 $5,000 $4,700 $12,200 -$100 $4,300
107.5 $11,700
125.0 $7,200 115.0 $9,200
130.0 $1,500 145.0 $5,700 125.0 $2,300 150.0 $18,300 155.0 $16,200 5 Years $34,500 $25,750 $19,750 $17,500 $17,000
Time Charter Rates 1 Year $/day (theoretical) VLCC Suezmax Aframax Panamax MR $20,000 $16,500 $14,500 $15,000 $14,000
Page 28
SHIPPING MARKETS
rate of $2.85m is being resisted by owners, but the fundamentals imply a steadying at this level during the coming week. As with the Middle East market, rising bunker prices will likely limit further rate erosion across the Atlantic basin. Suezmax The Atlantic Suezmax market commenced the week with fundamentals appearing to have weakened. However, with bunker prices rising and the market relatively active, rates on the TD5 benchmark held generally stable at ws65. The present rate is likely to hold steady through to the week ahead. Aframax The Caribbean Aframax market continued to decline this week, posting a strong correction as market participants came to terms with the oversupply of tonnage, allowing charterers to obtain much lower rates. The TD9 benchmark route shed 7.5 points over the course of the week to conclude at ws90. Rates have stabilized at this level as voyage returns are below OPEX due to rising bunker prices. Following the holiday weekend in the US, the potential remains for an uptick in inquiry which, combined with the specter of delays owing to the tropical depression hitting Gulf ports, rates could well see an uptick during the week ahead. Panamax Delays owing to Hurricane Irene last weekend were nominal and had little affect on the Caribbean Panamax market. However, following a week of steady inquiry some late gains were posted, bringing the TD10 benchmark route up 5 points to ws125. The European market was unchanged with TD12 hovering around ws115. CPP With little impact due to Hurricane Irene and a growing list of available tonnage in the Caribbean market due to the recent lull in activity in Europe, the TC3 benchmark route saw a sharp correction this week. By late in the week, with several owners keen to fix ahead of the holiday weekend, rates reached as low as ws145, representing a 15 points decline, w/w. Due to the lackluster returns on TC2, the backhaul trans-Atlantic route saw rates remain generally stable in the ws110-115 range. Although some potential for firming remains, this could be offset during the week ahead by the increasing likelihood of units coming free off the US Atlantic Coast ballasting towards the US Gulf in hope of finding cargoes bound for Latin America (and thereby avoiding trans-Atlantic voyages altogether). The European market saw further easing with the TC2 benchmark route declining to ws130 as the list of available tonnage continued to outpace inquiry. However, as noted above, the growing disinterest by owners to trade across the Atlantic should see a stabilization of rates as fundamentals fail to further erode accordingly.
Tanker Market - Weekly Highlights

THE TANKER MARKETS
VLCC The VLCC market was little changed this week as continued weakness in fundamentals was counterbalanced by rising bunker prices, yielding rates which essentially held earnings stable. Although a rising number of owners are holding firm in their refusal to trade in the present earnings environment, these efforts have consistently been offset by the number of relet units in the market particularly those from Asian charterers who seem perpetually willing to repeat last done (if not accept lower). This remains one of the greatest obstacles owners are facing; despite the poor fundamentals and level of overhang tonnage, the past two weeks have seen rising inquiry in the Middle East market which would generally prompt at least minor gains due to the psychological aspects of robust inquiry. There are a total of 30 Middle East fixtures to report this week, an increase of seven from last week. Of the fresh fixtures, 29 were concluded for discharge in the East and one in the West. China led the Eastbound discharge profile, with 16 fixtures (and a healthy number of these on non-COA business). Eastbound rates averaged ws46.3, representing a 0.4-point w/w decline. Earnings in this direction were off by $300/day, w/w, at an average of $6,500/ day. Rates to the West were softer, with the assessment trading around ws34; the one fixture was concluded at ws38, with the premium owing to several discharge options being included in the fixture. At the assessed rate of ws34, earnings on the TD1 benchmark averaged -$5,800/day, a decline of $1,700/day from last weeks observed average. Triangulated Westbound trade earnings declined $1,400/day, w/w, to an average of $11,000/day. A total of 80 September Middle East cargoes have been covered thus far, with 66 of these for loading through the first half of the month. Accordingly, the more robust first half program implies that the August lull (at 111 cargoes) is unlikely to prevail during September. Several reports suggest that OPEC Middle East oil production rose to a near-three year high in August, led by increases in Saudi Arabia and the UAE, which appears to correlated with the stronger September program to-date. However, full exports of stated oil production levels in the Middle East have failed to materialize a number of times this year, making it difficult to ascertain the extent of the September program. The 66 first-half cargoes would imply ~132 September cargoes, and although this is not a certainty, something in excess of 125 could be expected. Against this, however, some 68 units are projected to be available through the end of the month (including some prompt units). Accordingly, the ability for a stronger program to impart strength to rates during the coming weeks is unlikely; during the week ahead rates are expected to largely trail movements in bunker prices. The Atlantic Basin presided over one of the quietest weeks in recent memory. Just one fresh fixture was reported: a West AfricaIndia voyage on private terms. Trans-Atlantic business remains limited to the Suezmax class, for which rates were steady this week in the low/mid ws60s. Caribbean-East activity has been limited, expanding the list of units available in the US Gulf/Caribbean range, putting rates under negative pressure and further eroding earnings on the triangulated Westbound trade. To Singapore, the last done
Page 29
SHIPPING MARKETS
Weekly Tanker Market Opinion

Rock U.S. Like a Hurricane
Hurricane Irene made its way up the eastern seaboard over the course of last week, hitting some of the densest population centers in the United States. In the days leading up to the storm, governments and businesses took preemptive measures to mitigate any lasting damage, including closure of refineries, terminals, ports, and mass transit. The precautions taken indicate that the United States leaders have learned from past mistakes. Still, this is likely to be of little comfort for people in some affected communities who, almost a week after the storm, were still stranded and facing localized fuel shortages. The events following Irene have underscored how hiccups in regional supply networks can create a sense of scarcity, even when markets are theoretically amply supplied.
Contributed by
Poten & Partners, Inc.

805 Third Avenue New York, NY 10022 Phone: (212) 230-2000 Website: www.poten.com
Shut it Down
The East Coast saw temporary closure of 477 kbd as a result of Irene, amounting to about 30% of total PADD I capacity, as seen in the table below.
Status of Major PADD I Refineries Following Irene Company Sunoco ConocoPhillips ConocoPhillips Hess Sunoco Location Marcus Hook, PA Trainer, PA Linden, NJ Port Reading, NJ Philadelphia, PA Girard Point PBF Energy PBF Energy Total Source: Poten, Reuters Delaware City Paulsboro, NJ Total Capacity (kbd) 194 185 238 70 335 90 90 190 160 1,372 Capacity Closure (kbd) 54 45 238 140 90 50 477 Crude unit shut by flooding FCC cut to 40 kbd Normal Normal Status Restarting after cut to 140 kbd Restarting after cut to 140 kbd Shut Normal (FCC Capacity)
As a precaution, ConocoPhillips shut its 238 kbd Bayway refinery in Linden, New Jersey, as well as its terminals prior to the storm. The refinery remained shut the beginning of this week, however news reports have stated that they began the restart process almost immediately after the storm. Philadelphia refiner Sunoco also cut rates ahead of Irene, and closed a 90 kbd unit at the Gerard Point section of its 335 kbd Philadelphia refinery following flooding of its crude charge pumps. As would be expected, pipeline systems appeared to be much less affected by the storm. Operations on the southern portion of Colonials system, which runs north from the US Gulf to markets along the east coast, were not affected. The company stated that the storms impact on its northwestern refined oil system was less than expected, although some stub-line operations were shut down for safety reasons.
Even with a slight reduction in PADD I gasoline inventories over the past few weeks, stocks appear sufficient to make up for any production lost as result of last weeks closures. However, the past week has shown that despite adequate stores of petroleum product, regional shortages can result from crimps in the supply chain. Severe localized gasoline shortages have been reported over the past week as deliveries were put on hold from regional distribution centers. These shortages were not for a lack of product, but rather an inability to bring product to retail markets. As marine terminals shut down, tankers and barges retreated to anchorages to ride out the weather. Depending on location, barging was put on hold for two to three days. Resumption of operations has varied from terminal to terminal. In addition to terminal closures, bad roads and widespread power outages also wreaked havoc on regional supply networks. Numerous roads, including portions of major interstate highway systems, were closed due to flooding and storm debris, disrupting trucking operations to retailers. Gas stations with product but without electricity were unable to pump gasoline, further adding to the frustration. In the coming weeks, marine transportation demand along the US Atlantic Coast will resume as petroleum infrastructure comes back online and the US East coast fully returns to normalcy. Despite the actions governments and private entities took to minimize Irenes impacts, the storm has highlighted major shortcomings of the utility infrastructure to run smoothly during emergencies. Let us hope that we continue to learn and adapt, and are even more prepared for any storms that may lie ahead.
Quick on the Draw?
Generally, we would expect a drawing on stocks as refineries restart. As of August 26, East Coast gasoline stocks stood at 54 million barrels, as seen in the chart below.
PADD I Gasoline Stocks 2005-2011 YTD
Gasoline Stocks (bbls, million)
70 65 60 55 50 45 40
nJa l Ju nJa l Ju 1 l-1 Ju 11 nJa 0 l-1 Ju 10 nJa 9 l-0 Ju 09 nJa 8 l-0 Ju 08 nJa 7 l-0 Ju 07 nJa 6 -0 -0 05 06 5
PADD I Gasoline Stocks
Five Year Average
Page 30
SHIPPING MARKETS
Weekly Freight Rate & Asset Trends

FREIGHT RATES
Vessel 265k 280k 260k 130k 130k 130k 80k 80k 80k 70k 75k Clean 55k 37K 30K Dirty 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 35 WEEK35 - 2011
Contributed by
Tanker Spot Rates

WS points
46 34 48 70 65 75 105 83 95 95 123 155 135 138 118 118 123
Intermodal
%
-2% -3% 0% 0% 0% 0% -5% -6% 0% -5% 0% 0% -8% 0% 2% 2% -11%
Week 34 $/day
8,750 -983 13,916 10,377 3,657 10,510 11,848 7,412 10,759 5,455 13,276 15,336 6,513 10,567 7,071 5,810 11,212
2011 $/day
19,673 3,807 25,812 23,227 12,553 15,847 13,894 11,467 17,028 8,875 11,526 8,587 11,323 18,259 11,988 10,347 11,583
2010 $/day
41,620 20,959 45,311 36,316 26,222 26,910 15,716 19,835 24,225 17,047 14,544 10,784 10,531 19,933 16,419 14,358 14,117
$/day
6,517 -3,530 11,790 9,695 2,883 10,065 9,667 4,659 10,292 2,524 12,741 14,858 3,744 10,261 6,900 5,723 6,380
WS points
47 35 48 70 65 75 110 88 95 100 123 155 148 138 115 115 138
VLCC
Intermodal Shipbrokers Co. 17th km Ethniki Odos Athens-Lamia & 3 Agrambelis Street, 145 64 N. Kifisia, Athens - Greece Phone: +30 210 6293300 Website: www.intermodal.gr
WEEK35 - 2011
Suezmax
Aframax
ASSET VALUES
Secondhand Indicative Market Values ($ Million) - Tankers
Vessel 5yrs old VLCC Suezmax Aframax Panamax MR 300KT DH 150KT DH 105KT DH 70KT DH 45KT DH Sep-11
76.0 52.0 37.0 35.0 29.3
Aug-11
79.0 52.8 37.8 35.5 29.3
%
-3.8% -1.4% -2.0% -1.4% 0.0%
2011
83.9 57.7 40.4 36.2 28.6
2010
87.2 62.6 44.7 38.8 26.5
2009
84.3 59.2 43.2 37.5 29.2
Secondhand Indicative Market Values ($ Million) - Bulk Carriers
Tanker Time Charter Rates

$/day VLCC Suezmax Aframax Panamax MR Handysize 300k 1yr TC 300k 3yr TC 150k 1yr TC 150k 3yr TC 105k 1yr TC 105k 3yr TC 70k 1yr TC 70k 3yr TC 45k 1yr TC 45k 3yr TC 36k 1yr TC 36k 3yr TC Week 35 Week 34 %
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -1.9% -1.8%
Vessel 5yrs old
Sep-11 170k 73K 52k 29K 39.0 27.5 24.0 22.0
Aug-11 39.5 29.1 23.6 22.5
% -1.3% -5.6% 1.6% -2.2%
2011 45.7 33.3 26.3 23.9
2010
57.4 39.0 30.2 26.2
2009
49.0 30.3 26.1 21.1
Diff
0 0 0 0 0 0 0 0 0 0 -250 -250
2011
27,721 33,529 20,864 25,093 16,307 18,836 15,493 16,821 13,943 14,850 12,571 13,479
2010
38,288 38,671 28,712 27,642 19,014 20,282 16,865 17,700 13,423 14,388 11,808 12,008
Capesize Panamax Supramax Handysize
22,000 31,000 17,500 22,500 15,750 18,250 15,250 16,500 14,250 15,250 12,750 13,750
22,000 31,000 17,500 22,500 15,750 18,250 15,250 16,500 14,250 15,250 13,000 14,000
New Building Indicative Market Prices (million$)

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 Week 35
50.5 30.8 29.5 23.5 100.5 62.5 52.5 43.5 35.0 72.5 62.5 46.0
Week 34
51.0 30.8 29.5 23.8 101.0 63.5 53.5 43.5 35.0 72.5 62.5 46.0
%
-1.0% -0.2% 0.0% -1.1% -0.5% -1.6% -1.9% 0.0% 0.0% 0.0% 0.0% 0.0%
2011
53 33 30 24 100 63 53 43 35 71 62 45
2010
58 35 31 25 103 66 55 46 36 72 65 46
2009
67 36 34 27 121 70 59 52 40 81 73 49
WEEK35 - 2011
Dry Bulker Time Charter Rates

$/day
Capesize
170K 6mnt TC 170K 1yr TC 170K 3yr TC 70K 6mnt TC 70K 1yr 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
25,000 19,500 17,250 14,750 13,500
20,250 17,500 16,250 15,125 13,500
23% 11% 6% -2% 0%
4,750 2,000 1,000 -375 0
15,186 15,698 17,621 17,293 15,502
36,483 33,167 29,153 28,879 24,759
www.intermodal.gr TC Shipbrokers - Capital Link - Dry Bulk Market Report Week 35 05 SEPT 2011 13,875 0% 0 15,000 19,735 70K 3yr Intermodal 13,875
16,000 14,250 13,750 13,500 12,250 12,250 11,750 11,750 12,000 15,500 14,250 13,750 13,250 12,250 12,250 11,500 11,500 12,000 3% 0% 0% 2% 0% 0% 2% 2% 0% 500 0 0 250 0 0 250 250 0 15,904 14,704 14,329 13,786 12,936 12,745 12,246 12,186 12,254 24,569 21,047 17,502 21,372 18,530 15,568 16,908 15,862 14,143
Handysize Handymax Supramax Panamax
Gas
Week 35
Week 34
Diff
2011
2010
Tankers
Bulkers
www.intermodal.gr Intermodal Shipbrokers - Capital Link - Dry Bulk Market Report Week 35 05 SEPT 2011
Page 31
SHIPPING MARKETS
Container Market - Weekly Highlights

Chartering Vessel (Teu/Hmg) 510/285 Teu (gl) 15.5 k 700/440 Teu (gl) 17.5 k 750/415 Teu (g) 16 k 1000/650 Teu (g) 17.5 k 1100/715 Teu (g) 19 k 1350/925 Teu (g) 20 k 1600/1150 Teu (gl) 18 k 1700/1125 Teu (g) 19.5 k 1740/1300 Teu (g) 20.5 k 2000/1600 Teu (g) 21 k 2500/1900 Teu (g) 22 k 2800/2000 Teu (gl) 22 k 3500/2500 Teu (gl) 23 k 4250/2800 Teu (gl) 24 k Index ToTal Index 4.61 5.25 5.68 6.85 8.56 6.16 8.09 7.30 7.64 3.14 5.96 5.78 4.14 2.92 82.07 +/ 0.00 0.00 0.00 0.15 0.11 0.00 0.13 0.07 0.07 0.07 0.22 0.07 0.16 0.41 1.48
Contributed by
Braemar Seascope
35 Cosway Street London NW1 5BT United Kingdom Phone: +44 (0) 20 7535 2650 Website: www.braemarseascope.com
The next couple of months will reveal a lot; early autumn being one of the two main windows for extensions and redeliveries means there is every chance of an acceleration in the growth of idle tonnage, rate falls and layups. However, looking back at historical trends for this time of the year, there is also the chance of a pick-up in activity which might have a positive effect on rates, at least in the short term.
170 150 130 110 90 70 50 30 The Box Inde x (BO Xi)
82.07
Apr 10
Apr 11
Oct 09
Oct 10
Having recently maintained relatively firm levels, it was the 2500teu size that saw a big drop in levels this week, with one vessel fixing as low as US$11250 for the initial 3 months of a flexible 2-10 month period, with the rate escalating up to US$12,250 only after six months for the balance of charter. Such a structure adds an interesting dimension to the concept of the flexi-period but still weighs heavily in the charterers favour, allowing them to tender redelivery and renegotiate should the market continue to fall rather than pickup over the coming months. The notable return of the flexible period to being the norm rather than the exception is another sure sign of charterers dominating negotiations and is an all too obvious reminder of the bear market of 2008/9. The pressure in this sector was somewhat inevitable after the considerable declines recently seen in the larger sizes, meaning the 2500teu slot cost was beginning to look rather high. The theme was more consolidatory in the mid sizes where rates were just a touch down on last week and the smaller feeders saw very little change if any, though activity here was limited, partly due to Eid celebrations.
Page 32
Oct 11
Jan 10
Jan 11
Jul 10
Jul 11
Despite approaching what is traditionally a busier season in the charter market, activity has remained on a par with that seen over preceding weeks, with just a handful of fixtures concluded, the majority of which were extensions.
year and certainly a return to normality compared to the flat-lining market of 2009 at the peak of the crisis and the rocketing early summer market of last year.
Oct 09
Apr 10
Oct 10
Apr 11
Jul 09
Jul 10
Jan 10
Container Market - Weekly Highlights

REPRESENTATIVE FIXTURES
BUNGA SEROJA ENAM
struggle to control capacity affects their ability to impose rate increases and this is impacting on results. Indeed as a result it would seem that charterers are currently holding back to a certain extent to see how their services perform
name
NAME
dwT
DWT
89,100
8,540
Teu
TEU
BLT 11
RepResenTaTIVe FIxTuRes
SPD 25
BlT 97 01
09 94 02 07 96 92 07
spd 24 26
CONS 222
Cons 115 228

122
gR
GL
GR
CHaRTeReR
MAERSK
CHARTERER
NE Asia
dely
DELY
Hansa aFRICa E.R. CANADA

NORTHERN DEMOCRAT
42,954 67,500
41,986 34,625
3,424 5,762
3,534 2,959
GL GL
GL GL GL GL
emIRaTes APL
TS LINES
NE Asia NE Asia
NE Asia SE Asia
maRe CaspIum Cape moss
95 11
22.5
22
82
CsCl CCnI
STX
HANJIN LIMA
ANTJE WULFF
38,500 33,800 23,579
45,455 39,300 33,800 20,084 12,576
2,747
2,732 2,546 1,511 1,016
3,025
21 21 22 20 17 17
20 22 21 20 19 17 18 15
93.5
87 88 55 29 22
90
G
G G G
CMA CGM MAERSK
SE Asia
SE Asia US Gulf
NE Asia
e.R. CuxHaVen CaTena

HELVETIA
HAMMONIA BEROLINA
2,496 1,740 1,341 706 1,118 1,054 974 508
02 09 07 05 93 09 96
88 68 52 39
G G
GL
msC
PIL
MED
HANSA LONDON
Cma Cgm
CMA CGM SINOKOR
SE Asia
SE Asia NE Asia
SE Asia
magaRI O.M. AUTUMNI HamBuRg TRadeR maRe adRIaTICum Ines BolTen doRnBusCH
17,350 8,200 13,760 12,721 10,700 5,220
G G
apl
USWC USG
ZIss sITC Bg FReIgHTlIne gReen FeedeRs
Oct 11 Sep 11 Sep11 Sep 11
Jul 11 Sep Dec 11 Jun Sep 11 11 Jun 11 Sep 11 Jul 11 Jun Sep 11 11 Jun 11 Sep Jun 11 11 Sep Jun 11 11
daTe
DATE
PERIOD
Jan 11
12 mos
peRIod
RATE $ 50,000
RaTe $
40 days 24 mos
12 mos 3 mos
12,250 29,000
19,000 17,000 (s) 12,700 17,800 15,750 12,400 8,300 5,550
4 mos
11,800
30 days 22 mos 12 mos 4 mos
50 days
6-8 mos 2-3 mos 6 mos
12,000 10,300 10,500 7,500 6,800 5,800 3,250
4-5 mos
6 mos 2-3 mos 6 mos 4-5 mos
30.5 34.5 17.5
GL GL GL
SE Asia UKC UKC
Every effort has been made to ensure the information contained within this report is accurate, but Braemar Seascope Containers can accept no responsibility for any error, omission or consequence therefrom.
BRAEMAR SEASCOPE CONTAINERS
LONDON SINGAPORE SHANGHAI

CHARTERING:- teu@braemarseascope.com
S&P:- containers@braemarseascope.com
L ONDON - C HARTERIN G : P H IL W O ODINGTON , G RAHAM B OOTH , R ICHARD W ETZK I , B E N J EANS , R ANULF S WALLOW S&P: P E YTO N B R OER , S EBASTIAN D AVE NPORT -T HOMAS , J EREM Y D AVIES , B ILL P R ICE S INGAPORE - J AMES B UCK , R OY E DK INS S HANGHAI - A XEL H UANG R ESEAR CH - J O NATHAN R OACH
WWW . BRAEMARSEASCOPE . COM
Page 33
Jul 11
Capital Link Shipping Results within the second quarter so Report Weekly Markets far have generally been poorer than expected for most of the lines as the
110 90 70 50 30
SHIPPING MARKETS
S&P Secondhand, Newbuilding & Demolition Markets

In the shipping finance, even Chinas active participation in the industry from the 2008 financial crisis, its share of global ship finance deals is only about 5%, according to Ulrich Zhou, Deputy General Manager and Shipping Finance boss at the Bank of China in a Shipping Finance China Summit. He also added that even though Chinese banks by a strong position among other Contributed hold global banks; their main focus is still the domestic business. He emphasized that this year is not a good year for foreign enterprises Week Ending: 2nd September 2011 Golden Destiny S.A. seeking Chinese money, because of the high cost involved from the appreciation of the Yuan and the dream of Chinese funding for shipping has to be putgood faith but without guarantee) (Given in on ice. Golden Destiny S.A. GDSA WEEKLY SECONDHAND / DEMOLITION / NEW BUILDING MARKET ANALYSIS 57 Akti Miaouli, Piraeus, 18536, Greece
In the shipbuilding industry, Chinese shipbuilding industry faces reduced ordering activity for the period January-July 2011 comparing with a similar period in 2010. Despite the low newbuilding prices offered by Chinese yards, the demand for newbuilding vessels in the main vessel segments, bulk carriers and tankers, has dropped significantly due to pessimistic outlook that the industry holds for both sectors given the overflow of newbuilding deliveries through 2013. South Korean yards have dropped their Tuesday, interest to more sophisticated newbuilding vessels, offshore units, LNG carriers, mega size containerships creating fuel efficiency September 6, 2011 (Week 35) technology for the shipowners to reduce operational costs and being more competitive in the industry under the current market fundamentals. According to the China Association of National Shipbuilding Industry's recent statistical data, newbuilding orders decreased 29.2% to 23.58m dwt during the seven month period, with many yards reporting not a single order thus far in 2011. Statistics data from IHS suggest that South Korean shipyards have won 231 ships (17,9 mil gt), in the January-June period, up 37% from the same period last year, taking the biggest share of large containership and LNG carrier orders.
SHIPPING MARKETS
Phone: +30 210 4295000 Website: www.goldendestiny.gr
with previous years weekly S&P activity when 17 vessels induced buyers interest with bulk carriers grasping 53% share of the total volume of S&P activity. Notable deal of the week is the sale of another VLCC, the MT SAGA CHELSEA built 1995 that was acquired for $ 25 mil. In terms of invested capital the most overweight sector of this week appears to be the tanker segment, grasping 53.4% of the total invested capital.
Key: (*) Incl. Crude Oil, Clean & Dirty Products, Chemical, Asphalt & Veg. NEWBUILDING MARKET Key: Oil, (*) Incl. Crude Oil, Clean & Dirty Products, Chemical, Asphalt & Veg. Oil, (**) incl. LPG, LNG, (***) incl. Multi-purpose and Tweendeckers, WEEKLY NEWBUILDING ACTIVITY (**) incl. LPG, LNG, (***) incl. Multi-purpose and Tweendeckers, (*****) incl. Bulk-Ore, Ore-Oil and Bulk-Oil carriers, Vessel Type Units in DWT Invested Capital (*****) incl. Ro-Ro Cargo, Ro-Ro and Bulk-Oil carriers, (*****) incl. Bulk-Ore, Ore-Oil Passenger, Bulkcarriers 10 1.118.000 219.500.000 (*****) incl. Ro-Ro Cargo, Ro-Ro Passenger, (******) incl. Oil & Drilling Rigs, Tugs, Livestock, Trawlers, Cable/Exploration/Navy/Support Vessels, Tankers 4 378.000 92.000.000 (******) incl. Oil & Drilling Rigs, Tugs, Livestock, Trawlers, Cable/Exploration/ 0 0 0 The secondhand ship emerging in Navy/Support Vessels,purchasing momentum remains weak with more opportunitiesGas Tankers the demolition market for potential Liners 0 0 0 scrap candidates as freight earnings in the bulk carrier and tanker segment are still distressed and owners are now realizing even Containers 0 0 0 more that an early recovery is high unlikely. The secondhand ship purchasing momentum remains weak with
P&C
3 2 0 0 0 0 0 0 0 0 8
% w-o-w
43% 300% -100% N/A -100% N/A N/A N/A N/A N/A N/A
more opportunities emerging in is updemolition comparison with the buying Passenger / Cruise secondhand market, while the 0 0 0 Overall, the newbuilding business the by 59% in market for potential momentum in the scrap candidates is standing at similar levels with thecarrier and tanker and 55% Ro - Ro than the volume of S&P activity. The 0 0 0 demolition activity as freight earnings in the bulk newbuidling activity higher Car market, 0 segment are still distressed and owners are now realizing even demolition Carrier posting a 11.5%0increase from0a week closed with 29 transactions reported worldwide in the secondhand and Combined 0 0 0 similar week early when 26 is high unlikely. more that anin 2010 recoverytransactions had been reported and secondhand ship purchasing activity was standing 17.6% higher
Reefers
Overall, the newbuilding business is up by 59% in comparison with the buyingMARKET SECONDHAND momentum in the secondhand market, while the Key:/ * The total invested capital does not include deals reported with demolition activity is standing at similar levels with the newbuidling undisclosed contract price In the and 55% segment, asset values has started to follow a negative activitybulk carrier higher than the volume of S&P activity. The week trend for capesizes andreported as while a senseconfidential (not revealed ** Deals panamaxes, private and of stability has closed with been maintained for supramaxes that have experienced the smallest volatility in the freight market from the beginning 29 transactions reported worldwide in the secondhand contract price) of the year. In the tanker, the buying momentum for larger size vessels, crude carriers, is very limited with smaller size units and demolition appealing purchase candidates increase currenta similar The last two weeks we have witnessed more intense activity in appearing more market, posting a 11.5% under the from market conditions. week in 2010 when 26 transactions had been reported and the bulk carrier segment, but overall the newbuilding business Overall, 9 vessels purchasing activity was standing 17.6% higher secondhand shipreported to have changed hands this week at a total invested capital inat lower levels from the end of July. The week closed with remains the region of US$ 162 million. In terms of the the ordering business. The highest activity is one week more comparable with thanreported number of transactions, the S&P activity fordown by 50% from last weeks activity and down by 47%worldwide at a total deadweight of 22 revealed orders reported has been recorded in the newbuilding market with 22 revealed 1,509,200 tons, posting a 53% week-on-week increase due to more orders reported worldwide. robust bulk carrier newbuilding business with 6 fresh bulk carriers SECONDHAND MARKET In the bulk carrier segment, asset values has started to follow a negative trend for capesizes and panamaxes, while a sense of stability has been maintained for supramaxes that have experienced the smallest volatility in the freight market from the beginning of the year. In the tanker, the buying momentum for larger size vessels, crude carriers, is very limited with smaller size units appearing more appealing purchase candidates under the current market conditions. Overall, 9 vessels reported to have changed hands this week at a total invested capital in the region of US$ 162 million. In terms of the reported number of transactions, the S&P activity is down by 50% from last weeks activity and down by 47% comparable
Special the newbuilding market with 22 revealed 8 13.200 0 than the ordering business. The highest activity for one week more has been recorded inProjects TOTAL 22 1.509.200 311.500.000 orders reported worldwide.
13
47%
reported in contrast with 4 tanker units ordered. This weeks total newbuilding business is up by 64% from similar weeks closing in 2010, when 14 orders had been reported with tankers being in the frontline grasping 50% share of the total ordering activity. In terms of invested capital, it is not clear which sector is again the most overweight since a large number of offshore support vessels has been reported at an undisclosed contract price, while bulk carries hold this weeks lion share, 45% of the total ordering activity. In the bulk carrier segment, notable order of this week has been the placement of 3 newcastlemax type units of 205,000dwt by Kumiai Navigation of Spore in Chinas Dalian Cosco yard at an undisclosed contract price for delivery in 2013. Despite the distressed outlook of this segment, some operators are still considering the placement of such size units.
Page 34
SHIPPING MARKETS
GREEK PRESENCE This week Greek investors made their movements in the tanker second hand and in the newbuilding markets. In the newbuilding market, despite the pessimistic outlook of the crude freight markets, Hellespont has placed an aframax order for two units of 115,000dwt at a price region $46mil in Chinas Shanghai Waigaoqiao Shipyard for delivery in the second half of 2013. In addition, Navios Shipmanagement has placed an LR1 order for two units of 74,000dwt in Sungdong of South Korea for delivery in 2012 at an undisclosed contract price. Lastly, in the bulk carrier segment, Grecomar has placed an order for 1+1 option 35,000dwt units in Daesun Shipbuilding of South Korea at a price below $25-$26 mil each for delivery mid-2013. In the secondhand market, the Greek presence was evident only in the wet sector with 2 reported s&p transactions, one for a VLCC unit and one for an MR unit. The total invested capital in the second hand market has been $ 60.5 mil, while in the newbuilding market $ 117.5 mil with two transactions reported at an undisclosed contract price. NEWBUILDING MARKET ORDERS BULKCARRIERS 205,000 DWT 3 units ordered by Kumiai Navigation of Singapore (SPORE) at Dalian COSCO shipbuilding Industry- DACOS (PRC) Price undisclosed. Dely between 3/2013-9/2013.82,000 DWT 2 units ordered by Nisshin Shipping (JPN) at Sungdong (SKR) Price rumoured to be below usd $ 35 mil each. Dely 2h/2012.76,000 DWT 4 units ordered by China Merchant Leasing Bank (PRC) at Guangzhou Zhonghuan Huangpu Shipyard (PRC) Price region usd $ 31 mil each. Dely 2012 (The vessels will be bareboat chartered to COSCO Hunan with purchase options. Old deal).35,000 DWT 2 units ordered by Grecomar Shipping (GR) at Daesun Shipbuilding (SKR) Price rumoured to be in the region of $ 25-26 mil each. Dely mid 2013 (Option for one more) TANKERS 115,000 DWT 2 units ordered by Hellespont Group (GR) at Shanghai Waigaoqiao Shipyard (PRC) Price region usd $ 46 mil each. Dely 2half 2013 (Option for two more).74,000 DWT (LR1) 2 units ordered by Navios Shipmanagement (GR) at Sungdong (SKR) Price undisclosed. Dely 9/2012-10/2012 (Options exercised) SPECIAL PROJECTS Semi submersible Offshore Construction ships 2 units ordered by Offshore Installation group (SPORE) at S+S Werften (GER) Price undisclosed. Dely mid 2013 (the vessels will be 172m and will be fitted with 3 cranes of 400tonnes capacity and a cargo hold of 100m length and 18m wide and will have a stern ramp for rolling cargo).3,200 DWT Platform Supply 2 units ordered by Fratelli DAmato (ITL) at Rosetti (ITL) Price undisclosed. Dely 10/2013-12/2013 (UT 755XL DESIGN.X-BOW).1,700 DWT Offshore Support 4 units ordered by Bourbon Offshore SURF (FR) at Zhejiang Shipyard (PRC) Price undisclosed. Dely 2012-2013 (SPP 17 PSV DESIGN BY SINOPACIFIC SHIPBUILDING.DP2) Key: PRC: China, SKR: South Korea, HK: Hong Kong, SPORE: Singapore, GR: Greece, NOR: Norway, Dely: Delivery
Page 35
S&P Secondhand, Newbuilding & Demolition Markets

In the tanker segment, the Greek presence has monopolized the activity of this week with the placement of two aframax units of 115,000dwt in Chinas Shanghai Waigaoqiao shipyard at a cost of $46 mil each and two MR units of 74,000dwt in Sungdong of South Korea at an undisclosed contract price. In the meantime, it comes as surprise the news that China Merchants Energy Shipping aims to boost its tanker fleet over the next three years by adding 10 ships, including VLCCs to increase its fleet amid the adverse market conditions in the very large crude carrier segment. In the offshore segment, we have witnessed firm activity this week with 8 fresh orders reported worldwide that implies that nonconventional ship types continue to be appealing newbuilding investments with platform supply ships being on the front run. DEMOLITION MARKET In the demolition market, the scrapping momentum remains at a high pace with the oversupply of vessels urging shipowners for more disposals in the future. The top cash buyer Wirana Shipping Corp expects the market to stay buoyant for another four to five years due to the excessive number of newbuildings ordered during the boom and the minimal level of scrapping between 2003 and 2008. Meanwhile, scrapping activity in Bangladesh has been silent since July with scrap buyers and owners waiting the potential closure of the market on October. In terms of scrap prices there has been a sharp volatility recently in the Indian subcontinent region with levels still hovering at lower levels. India is now paying $505/ ldt for dry/general cargo and $525/ldt for wet cargo, while there is optimism for a spike in levels offered after the end of the Eid holidays and the monsoon season. Pakistan remains weak due to the levels offered and weak demand from the month of Ramadan and there are expectations for a firmer rebound. China despite its price gap with the Indian subcontinent region has shown a stability in the levels offered and demand gaining every week more solid position in the ship recycling industry. The week ended with 20 vessels reported to have been headed to the scrap yards of total deadweight 825,859 tons. In terms of the reported number of transactions, the demolition activity has been marked with a slight increase of 11.1% from previous weeks high levels, while there has been also a similar increase in terms of the total deadweight sent for scrap. In terms of scrap rates, the highest scrap rate has been achieved this week for a handy tanker vessel M/T CARIBIC of 17,079dwt built 1988 with 6,000tons of lightweight at region $590/ldt in India, however the said vessel contained stainless steel. Bulk carriers continue to be the most popular scrap candidates grasping 45% of the total recorded demolition activity, in contrast with 20% of the interest that the tanker segment attracted. At a similar week in 2010, demolition activity was standing at 55% lower levels, in terms of the reported number of transactions, when 9 vessels had been reported for scrap of total deadweight 309,133 tons with zero reported activity in the bulk carrier segment. India and Pakistan were offering $395 -$400/ldt for dry/general cargo and $430-$435/ldt for wet cargo, while Bangladesh market was inactive.
SHIPPING MARKETS
Forward Freight Agreements - FFAs

DRYBULK
DATE SECTOR VESSEL Capesize Capesize Capesize Capesize Handysize Handysize Handysize Handysize Panamax Panamax Panamax Panamax Panamax Panamax Panamax Panamax Panamax Panamax Supramax Supramax Supramax Supramax ROUTE Cape 4 TC Cape 4 TC Cape 4 TC Cape 4 TC BHSI Average BHSI Average BHSI Average BHSI Average Avg 4 TC Panamax Avg 4 TC Panamax Avg 4 TC Panamax Avg 4 TC Panamax P2A Skaw-Gib / Far East P2A Skaw-Gib / Far East P2A Skaw-Gib / Far East P3A Japan-SK / NoPac RV P3A Japan-SK / NoPac RV P3A Japan-SK / NoPac RV BSI BSI BSI BSI PERIOD FROM Q Q4 11 Y Cal 12 Y Cal 13 Y Cal 14 Q Q4 11 Y Cal 12 Y Cal 13 Y Cal 14 Q Q4 11 Y Cal 12 Y Cal 13 Y Cal 14 M M 11-Sep 11-Oct 1-Oct-11 1-Jan-12 1-Jan-13 1-Jan-14 1-Oct-11 1-Jan-12 1-Jan-13 1-Jan-14 1-Oct-11 1-Jan-12 1-Jan-13 1-Jan-14 1-Sep-11 1-Oct-11 1-Oct-11 1-Sep-11 1-Oct-11 1-Oct-11 1-Oct-11 1-Jan-12 1-Jan-13 1-Jan-14 TO 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 30-Sep-11 31-Oct-11 31-Dec-11 30-Sep-11 31-Oct-11 31-Dec-11 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 RATE 19400 14850 15600 16350 10150 9500 9750 10000 13100 11900 12600 13000 22500 22250 20675 12250 11750 11250 13850 12150 12500 12600 2-Sep-11 Dry 2-Sep-11 Dry 2-Sep-11 Dry 2-Sep-11 Dry 2-Sep-11 Dry 2-Sep-11 Dry 2-Sep-11 Dry 2-Sep-11 Dry 2-Sep-11 Dry 2-Sep-11 Dry 2-Sep-11 Dry 2-Sep-11 Dry 2-Sep-11 Dry 2-Sep-11 Dry 2-Sep-11 Dry 2-Sep-11 Dry 2-Sep-11 Dry 2-Sep-11 Dry 2-Sep-11 Dry 2-Sep-11 Dry 2-Sep-11 Dry 2-Sep-11 Dry
Q Q4 11 M M 11-Sep 11-Oct
Q Q4 11 Q Q4 11 Y Cal 12 Y Cal 13 Y Cal 14
TANKER
DATE SECTOR VESSEL Clean Tanker BITR Clean Clean Tanker BITR Clean Clean Tanker BITR Clean Clean Tanker BITR Clean Clean Tanker BITR Clean Clean Tanker BITR Clean Clean Tanker BITR Clean Clean Tanker BITR Clean Clean Tanker BITR Clean Dirty Tanker BITR Dirty Dirty Tanker BITR Dirty Dirty Tanker BITR Dirty ROUTE TC2_37 Cont/USAC TC2_37 Cont/USAC TC2_37 Cont/USAC TC4 Sing/Japan TC4 Sing/Japan TC4 Sing/Japan TC5 TC5 TC5 TD3 MEG/JAPAN TD3 MEG/JAPAN Page 36 TD3 MEG/JAPAN M PERIOD FROM 11-Sep 1-Sep-11 1-Oct-11 1-Jan-12 1-Sep-11 1-Oct-11 1-Jan-12 1-Sep-11 1-Oct-11 1-Jan-12 1-Sep-11 1-Oct-11 1-Jan-12 Q Q4 11 Y Cal 12 M 11-Sep TO 30-Sep-11 31-Dec-11 31-Dec-12 30-Sep-11 31-Dec-11 31-Dec-12 30-Sep-11 31-Dec-11 31-Dec-12 30-Sep-11 31-Dec-11 31-Dec-12 RATE 142 162 150.49 159.5 163.33 135.58 139 136 120.17 48.75 53.83 49.08 2-Sep-11 Wet 2-Sep-11 Wet 2-Sep-11 Wet 2-Sep-11 Wet 2-Sep-11 Wet 2-Sep-11 Wet 2-Sep-11 Wet 2-Sep-11 Wet 2-Sep-11 Wet 2-Sep-11 Wet 2-Sep-11 Wet 2-Sep-11 Wet
Q Q4 11 Y Cal 12 M 11-Sep
Q Q4 11 Y Cal 12
2-Sep-11 Wet Clean Shipping Capital LinkTanker BITR Clean TC4 Sing/Japan 2-Sep-11 Wet Clean Tanker BITR Clean TC4 Sing/Japan Weekly Markets Report 2-Sep-11 Wet Clean Tanker BITR Clean TC5
2-Sep-11 Wet
Clean Tanker BITR Clean
TC4 Sing/Japan
11-Sep
1-Sep-11 1-Oct-11 1-Jan-12 1-Sep-11 1-Oct-11 1-Jan-12
30-Sep-11
159.5
Forward Freight Agreements - FFAs

2-Sep-11 Wet Clean Tanker BITR Clean TC5 Q Q4 11 2-Sep-11 Wet Clean Tanker BITR Clean Dirty Tanker BITR Dirty Dirty Tanker BITR Dirty Dirty Tanker BITR Dirty Dirty Tanker BITR Dirty Dirty Tanker BITR Dirty Dirty Tanker BITR Dirty Dirty Tanker BITR Dirty Dirty Tanker BITR Dirty Dirty Tanker BITR Dirty TC5 Y Cal 12 M 2-Sep-11 Wet 2-Sep-11 Wet 2-Sep-11 Wet 2-Sep-11 Wet 2-Sep-11 Wet 2-Sep-11 Wet 2-Sep-11 Wet 2-Sep-11 Wet 2-Sep-11 Wet TD3 MEG/JAPAN TD3 MEG/JAPAN TD3 MEG/JAPAN TD5 WAF/USAC TD5 WAF/USAC TD5 WAF/USAC TD7 NSEA/CONT. TD7 NSEA/CONT. TD7 NSEA/CONT. 11-Sep 1-Sep-11 1-Oct-11 1-Jan-12 1-Sep-11 1-Oct-11 1-Jan-12 1-Sep-11 1-Oct-11 1-Jan-12 Q Q4 11 Y Cal 12 M 11-Sep Q Q4 11 Y Cal 12 M 11-Sep
SHIPPING MARKETS 30-Sep-11 139

31-Dec-11 31-Dec-12 30-Sep-11 31-Dec-11 31-Dec-12 30-Sep-11 31-Dec-11 31-Dec-12 30-Sep-11 31-Dec-11 31-Dec-12 136 120.17 48.75 53.83 49.08 67.5 73.5 65.6 101 109 98.05
31-Dec-11 163.33 Tuesday, September 6, 2011 (Week 35) 31-Dec-12 135.58
Q Q4 11 Y Cal 12
Contributed by
SSY
SSY Futures Ltd Lloyds Chambers, 1, Portsoken Street, London, El 8PH Phone: +44(0)2072651871 (Dry) +44(0)2079777501 (Wet) Website: www.ssyonline.com
Page 37
Terms of Use & Disclaimer

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Tuesday, September 6, 2011 (Week 35)

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Capital Link Shipping Weekly Markets Report

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Currencies, Commodities & Indices

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Tuesday, September 6, 2011 (Week 35)

CAPITAL MARKETS DATA

Shipping Equities: The Week in Review

Capital Link Maritime Index S&P 500

1.90 1.70 1.50 1.30 1.10 0.90 0.70 0.50 1/14/11

CAPITAL LINK DRY BULK INDEX DAILY COMPARISON CHARTS (3 MONTHS)*

Capital Link Drybulk Index

Baltic Dry Index

Capital Link Shipping Weekly Markets Report

Tuesday, September 6, 2011 (Week 35)

CAPITAL MARKETS DATA

GSL HRZ SSW

$3.07 $0.55 $13.30

$3.03 $0.70 $12.94

$7.75 $5.95 $21.33 52 Week High $39.90 $29.74 $8.80 $41.50

$2.56 $0.49 $10.97 52 Week Low $10.65 $22.41 $3.40 $28.81