WEEKLY S&P MARKET REPORT

Week Ending: January 15th 2021 (Week 02 Report No: 02.21)

(Given in good faith but without guarantee)

This Report/Analysis is distributed for the primary use of GOLDEN DESTINY’S subscribers and should not be redistributed to any third parties without the written
consent of GOLDEN DESTINY. An extraction of market information from GOLDEN DESTINY’S Reports/Analysis is allowed only when GOLDEN DESTINY is
mentioned as a source.

WEEKLY S&P ACTIVITY

VESSELTYPE SECOND HAND DEMOLITION TOTAL %w-o-w
Units ($) Invested Capital Units in DWT Units SH DEMO
Bulkcarriers 20 214,350,000 6 712,974 26 -55% 50%
Tankers 18 391,350,000 5 795,664 23 38%
Gas Tankers 1 37,000,000 3 82,351 4
General Cargo 0 0 2 34,847 2
Containers 12 155,000,000 1 38,656 13 140%
Reefers 0 0 0 0 0
Passenger / Cruise 0 0 0 0 0
Ro - Ro 0 0 0 0 0
Car Carrier 0 0 0 0 0
Combined 0 0 0 0 0
Special Projects 0 0 0 0 0
TTL VSLS/Demo 51 797,700,000 17 1,664,492 68 -18% 325%
6 S&P deal(s) reported at an undisclosed price

WEEKLY NEWBUILDING ACTIVITY

Vessel Type Units in DWT Invested Capital P&C %w-o-w

Bulkcarriers 7 380,130 0 7 -46%
Tankers 4 643,000 242,000,000 0 0%
Gas Tankers 20 1,744,000 199,000,000 17 186%
General Cargo 2 24,000 62,000,000 0
Containers 0 0 0 0 -100%
Reefers 0 0 0 0
Passenger / Cruise 0 0 0 0
Ro-Ro 0 0 0 0
Car Carrier 0 0 0 0
Combined 0 0 0 0
Special Projects 0 0 0 0
TOTAL 33 2,791,130 503,000,000 24 -8%

 The estimated invested capital does not include deals reported at an undisclosed secondhand sale or newbuilding price.
 P&C: deals reported as private and confidential with no disclosed details for the secondhand sale or newbuilding price.
RESEARCH & VALUATION snv@goldendestiny.com

BULK CARRIERS US$/Dwt

AZUL VICTORIA 206,291 DWT BLT 06 JPN 9 HO HA MAN-B&W 25,329 BHP
SOLD FOR ABT US $14.25 MIL TO CHINESE BYRS.BBHP DEAL 69.08

UNIQUE CARRIER 177,876 DWT BLT 07 CHR 9 HO HA MAN-B&W 22,923 BHP

SOLD FOR ABT US $11.7 MIL TO NORWEGIAN BYRS 65.78

LIN JIE 177,600 DWT BLT 03 JPN 9 HO HA MITSUBISHI 22,923 BHP

SOLD FOR ABT US $8.8 MIL TO UNDISCLOSED BYRS. DD DUE 05/2021 49.55

CAPE ISTANBUL 175,607 DWT BLT 11 PHI 9 HO HA MAN-B&W 25,370 BHP

SOLD FOR ABT US $19.1 MIL TO UK BYRS. 108.77

YM EFFORT 81,702 DWT BLT 08 JPN 7 HO HA MAN-B&W 16,451 BHP

SOLD FOR ABT US $11.5 MIL TO GREEK BYRS 140.76

CYL 81,212 DWT BLT 17 CHR 7 HO HA MAN-B&W 13,504 BHP

SOLD FOR ABT US $20.6 MIL TO SWISS BYRS 253.66

SBI LIBRA 63,679 DWT BLT 17 CHR 5 HO HA CR 4 x 30 T MAN-B&W 10,945 BHP

SOLD FOR ABT US $18.65 MIL TO NORWEGIA BYRS.SALE AND LEASEBACK DEAL 292.88

AMSTEL OSPREY 61,330 DWT BLT 14 JPN 5 HO HA CR 4 x 30 T MAN-B&W 11,230 BHP

SOLD FOR ABT US $16.3 MIL TO UNDISCLOSED BYRS 265.78

AMSTEL SEAGULL 61,268 DWT BLT 15 JPN 5 HO HA CR 4 x 30 T MAN-B&W 11,230 BHP

SOLD FOR AN UNDISCLOSED PRICE TO UK BYRS N/A

WESTERN SEATTLE 57,700 DWT BLT 14 CHR 5 HO HA CR 4 x 30 T MAN-B&W 11,529 BHP

SOLD FOR ABT US $14.5 MIL TO GREEK BYRS. 251.30

PORT CANTON 56,745 DWT BLT 12 CHR 5 HO HA CR 4 x 30 T MAN-B&W 12,889 BHP

SOLD FOR ABT US $9.75 MIL TO UNDISCLOSED BYRS 171.82

GLOVIS MADONNA 56,708 DWT BLT 13 CHR 5 HO HA CR 4 x 30 T MAN-B&W 12,916 BHP

SOLD FOR ABT US $9.65 MIL TO CHINESE BYRS.DD DUE 02/21 170.17

GLOBAL LEGEND 52,223 DWT BLT 06 JPN 5 HO HA CR 4 x 30 T MITSUBISHI 10,939 BHP

SOLD FOR ABT US $7.2 MIL TO UNDISCLOSED BYRS 137.87

ERO L 50,493 DWT BLT 03 CHR 5 HO HA CR 4 x 36 T B&W 12,889 BHP

SOLD FOR ABT US $5.25 MIL TO CHINESE BYRS.DD DUE 06/2021 103.97

BELFORT 50,292 DWT BLT 08 IDA 5 HO HA CR 4 x 35 T MAN-B&W 12,889 BHP

SOLD FOR ABT US $6.2 MIL TO UNDISCLOSED BYRS 123.28

SEACON NINGBO 45,713 DWT BLT 98 JPN 5 HO HA CR 4 x 30 T B&W 9,751 BHP

SOLD FOR ABT US $3.4 MIL TO CHINESE BYRS. DD DUE 02/2021 74.38

LA LOIRAIS 39,919 DWT BLT 18 CHR 5 HO HA CR 4 x 30 T MAN-B&W 8,226 BHP

SOLD FOR ABT US $16.2 MIL TO UNDISCLOSED BYRS 405.82

SAKURA OCEAN 38,239 DWT BLT 11 JPN 5 HO HA CR 4 x 30 T MAN-B&W 10,686 BHP

SOLD FOR ABT US $10.9 MIL TO UNDISCLOSED BYRS 285.05

JUPITER ACE 32,527 DWT BLT 09 CHR 5 HO HA CR 4 x 30 T MAN-B&W 8,810 BHP

SOLD FOR ABT US $5.9 MIL TO UNDISCLOSED BYRS 181.39

ALBANY SOUND 28,379 DWT BLT 02 JPN 5 HO HA CR 4 x 30.5 T MAN-B&W 7,954 BHP
SOLD FOR ABT US $4.5 MIL TO UNDISCLOSED BYRS 158.57

57 AKTI MIAOULI 18536, PIRAEUS GREECE TEL: +30 210 4295000

EMAIL: snv@goldendestiny.com WEBSITE: www.goldendestiny.com
RESEARCH & VALUATION snv@goldendestiny.com

TANKERS US$/Dwt
PANTARISTE 309,287 DWT BLT 02 KRS DH 15 TNKS OIL CAP. 333,225 CBM B&W 34,652 BHP
SOLD FOR ABT US $23.25 MIL TO GREEK BYRS 75.17

NAVE CELESTE 298,717 DWT BLT 03 KRS DH 15 TNKS OIL CAP. 337,418 CBM MAN-B&W 34,626 BHP
SOLD FOR ABT US $25 MIL TO UNDISCLOSED BYRS.PROMPT DELIVERY. 83.69

TOVE KNUTSEN 152,601 DWT BLT 20 KRS DH 12 TNKS OIL CAP. 159,600 CBM MAN-B&W 24,962 BHP
SOLD FOR ABT US $117.8 MIL TO UK BYRS.SHUTTLE TANKER 771.95

CRIMSON 147,435 DWT BLT 98 KRS DH 12 TNKS COATED - COILED OIL CAP. 168,114 CBM B&W 22,921 BHP
SOLD FOR ABT US $11.5 MIL TO CHINESE BYRS 78.00

FSL HONG KONG 115,940 DWT BLT 07 KRS DH 12 TNKS COILED OIL CAP. 123,643 CBM MAN-B&W 18,436 BHP
SOLD FOR ABT US $17.1 MIL TO INDONESIAN BYRS 147.49

MAERSK PELICAN 109,647 DWT BLT 08 CHR DH 12 TNKS COATED - COILED OIL CAP. 117,921 CBM WARTSILA 20,747 BHP
SOLD FOR AN UNDISCLOSED PRICE TO INDONESIAN BYRS N/A

SAINT NICHOLAS 105,541 DWT BLT 02 KRS DH 12 TNKS COILED OIL CAP. 117,963 CBM MAN-B&W 15,400 BHP
SOLD FOR AN UNDISCLOSED PRICE TO INDIAN BYRS N/A

AMALFI 105,483 DWT BLT 03 JPN DH 12 TNKS COATED - COILED OIL CAP. 115,572 CBM SULZER 16,315 BHP
SOLD FOR ABT US $11.3 MIL TO UNDISCLOSED BYRS 107.13

STAVANGER FALCON 105,419 DWT BLT 09 JPN DH 10 TNKS COATED - COILED OIL CAP. 98,688 CBM MAN-B&W 16,791 BHP
STAVANGER EAGLE 105,355 DWT BLT 09 JPN DH 10 TNKS COILED OIL CAP. 98,688 CBM MAN-B&W 16,791 BHP

SOLD ENBLOC FOR ABT US $36.5 MIL TO GREEK BYRS 173.17

ECO SANTA MONICA 50,000 DWT DELY 21 KRS DH 12 TNKS OIL CAP. 51,942 CBM MAN-B&W 9,762 BHP
ECO VAN NUYS 50,000 DWT DELY 21 KRS DH 12 TNKS OIL CAP. 51,942 CBM MAN-B&W 9,762 BHP
ECO VENICE BEACH 50,000 DWT DELY 21 KRS DH 12 TNKS OIL CAP. 51,942 CBM MAN-B&W 9,762 BHP

SOLD ENBLOC FOR ABT US $35.00 MIL EACH TO GREEK BYRS 700.00

FS SINCERITY 48,045 DWT BLT 09 JPN DH 18 TNKS COATED - COILED OIL CAP. 52,666 CBM MAN-B&W 12,889 BHP
SOLD FOR ABT US $13.8 MIL TO BDESHI BYRS 287.23

ARDMORE SEAMARINER 45,726 DWT BLT 06 JPN DH 12 TNKS COATED - COILED OIL CAP. 52,280 CBM MAN-B&W 11,665 BHP
SOLD FOR ABT US $10 MIL TO UNDISCLOSED BYRS. 218.69

NORDIC HANNE 38,396 DWT BLT 07 CHR DH 10 TNKS COATED - COILED OIL CAP. 37,963 CBM MAN-B&W 12,889 BHP
SOLD FOR ABT US $7.8 MIL TO GERMAN BYRS 203.15

ADFINES SKY 19,118 DWT BLT 11 CHR DH 12 TNKS COATED - COILED OIL CAP. 21,379 CBM MAK 8,565 BHP
SOLD FOR ABT US $9.2 MIL TO UK BYRS.MARINE LINE COATING 481.22

OCEAN HAWK 9,010 DWT BLT 07 CHR DH 10 TNKS COATED - COILED OIL CAP. 9,590 CBM YANMAR 3,500 BHP
SOLD FOR ABT US $ 3.1 MIL TO FAR EASTERN BYRS.SS/DD DUE 03/2021.PHENOLIC EPOXY COATING 344.06

57 AKTI MIAOULI 18536, PIRAEUS GREECE TEL: +30 210 4295000

EMAIL: snv@goldendestiny.com WEBSITE: www.goldendestiny.com
RESEARCH & VALUATION snv@goldendestiny.com

CONTAINERS US$/Teu
MSC ROMA 110,633 DWT BLT 06 KRS 9,178 TEU MAN-B&W 93,119 BHP
SOLD FOR AN UNDISCLOSED PRICE TO UNDISCLOSED BYRS N/A

ANTON SCHULTE 90,443 DWT BLT 09 KRS 7,241 TEU MAN-B&W 77,633 BHP
SOLD FOR ABT US $35 MIL TO TAIWANESE BYRS 4,834

MOL PACE 72,968 DWT BLT 06 JPN 8 HO 6,350 TEU MAN-B&W 85,546 BHP
SOLD FOR ABT US $27 MIL TO TAIWANESE BYRS.SS/DD DUE 03/2021 4,252

ITAL MELODIA 53,697 DWT BLT 07 KRS 4,363 TEU MAN-B&W 49,680 BHP
SOLD FOR ABT US $15.5 MIL TO HONG KONG BASED BYRS 3,553

NORO 44,164 DWT BLT 07 KRS 3,398 TEU MAN-B&W 35,279 BHP
SOLD FOR ABT US $11.3 MIL TO NORWEGIAN BYRS 3,325

SELENITE 37,933 DWT BLT 06 GEU 5 HO 11 HA 2,742 TEU MAN-B&W 29,597 BHP
SOLD FOR ABT US $11.2 MIL TO UNDISCLOSED BYRS 4,085

ANGOL 35,445 DWT BLT 10 CHR 2,797 TEU MAN-B&W 29,598 BHP
ANGELES 35,376 DWT BLT 10 CHR 2,797 TEU MAN-B&W 29,598 BHP

SOLD ENBLOC FOR ABT US $20.00 MIL EACH TO UK BYRS 7,151

NIKOLAS 32,391 DWT BLT 00 KRS 6 HO 10 HA CR 3 x 45 - CR 1 x 35 T 2,506 TEU SULZER 28,456 BHP
MAIRA 32,308 DWT BLT 00 KRS 6 HO 10 HA CR 3 x 45 - CR 1 x 35 T 2,506 TEU SULZER 28,456 BHP

SOLD ENBLOC FOR AN UNDISCLOSED PRICE TO ITALIAN BYRS N/A

MAX KUDO 23,844 DWT BLT 08 GEU 5 HO 9 HA 1,706 TEU MITSUBISHI 21,461 BHP
SOLD FOR ABT US $7.5 MIL TO ASIAN BASED.DD DUE 05/021 4,396

MAX KING 23,840 DWT BLT 08 GEU 5 HO 1,702 TEU MITSUBISHI 21,461 BHP
SOLD FOR ABT US $7.5 MIL TO ASIAN BASED. DD DUE 06/021 4,407

GAS TANKERS US$/Cbm

LNG PIONEER 77,712 DWT BLT 05 KRS DH GAS CAP. 135,359 CBM KAWASAKI
SOLD FOR ABT US $37 MIL TO CHINESE BYRS 273.35

57 AKTI MIAOULI 18536, PIRAEUS GREECE TEL: +30 210 4295000

EMAIL: snv@goldendestiny.com WEBSITE: www.goldendestiny.com
RESEARCH & VALUATION snv@goldendestiny.com

NEWBUILDING MARKET ORDERS

BULK CARRIERS
Units Dwt Contractor Country Builder Country Dely Price($)/unit
1 87,000 Safe Bulkers GR Oshima JPN 2023 N/A

1 64,000 Kumiai Navigation SPORE Oshima JPN 2023 N/A

eco design
1 61,530 Dojima Marine Co. JPN Nantong COSCO KHI PRC 2022 N/A

2 +1 49,800 Ningbo Marine PRC CMCL Nanjing PRC 2022 N/A

2 34,000 Fednav CAN Oshima JPN 2021 N/A

TANKERS
Units Dwt Contractor Country Builder Country Dely Price($)/unit
2 300,000 Latsco GR HHI SKR 2022 $91 mil

2 +2 21,500 Continental Bitumen FR Whu Xinlian PRC 2023 $30 mil

Asphalt carriers, battery equipped, LNG dual fuelled

GAS TANKERS-LPG
Units Dwt Contractor Country Builder Country Dely Price($)/unit
2 +2 58,000 Oriental Energy PRC Jiangnan PRC 2023 $76 mil
93,000 cbm.LPG dual fuelled
1 +1 38,000 Union Maritime UK HHI SKR 2022 $48 mil
40,000 cbm.Conventional fuel.Option to upgrade vessel to run on LPG.Against TC

GAS TANKERS-LNG
Units Dwt Contractor Country Builder Country Dely Price($)/unit
9 94,000 Mozambique LNG MOZ Hyundai Samho SKR 2024 N/A
174,000 cbm.Ownership will be split between MOL,NYK, K-Line, Maran. Price between $183mil-$187 mil
8 94,000 Mozambique LNG MOZ Samsung SKR 2024 N/A
174,000 cbm.Ownership will be split between MOL,NYK, K-Line, Maran. Price between $183mil-$187 mil

GENERAL CARGO
Units Dwt Contractor Country Builder Country Dely Price($)/unit
2 12,000 Tiger Clean Energy PRC Jiangsu New Yangzijiang PRC 2022 $31 mil
Options declared.LNG fuelled.Total 4 order at this yard. 692 TEU

57 AKTI MIAOULI 18536, PIRAEUS GREECE TEL: +30 210 4295000

EMAIL: snv@goldendestiny.com WEBSITE: www.goldendestiny.com
RESEARCH & VALUATION snv@goldendestiny.com

DEMOLITION MARKET

WEEKLY DEMOLITION ACTIVITY PER VESSEL TYPE

VESSEL TYPE WEEK 02-2021 WEEK 01-2021 DEMOLITION ACTIVITY

%w-o-w
Units in DWT Units in DWT in No. of Units
Bulkcarriers 6 712,974 4 884,000 50%
Tankers 5 795,664 0 0
Gas Tankers 3 82,351 0 0
General Cargo 2 34,847 0 0
Containers 1 38,656 0 0
Reefers 0 0 0 0
Passenger / Cruise 0 0 0 0
Ro-Ro 0 0 0 0
Car Carrier 0 0 0 0
Combined 0 0 0 0
Special Projects 0 0 0 0
TOTAL 17 1,664,492 4 884,000 325%

WEEKLY DEMOLITION ACTIVITY PER DEMO COUNTRY

DEMO COUNTRY WEEK 02-2021 WEEK 01-2021 DEMOLITION ACTIVITY

%w-o-w
Units in DWT Units in DWT in No. of Units
Bangladesh 8 581,300 0 0
India 1 69,594 3 618,184 -67%
Pakistan 2 312,787 0 0
China 0 0 0 0
Turkey 0 0 0 0
Unknown 6 700,811 1 265,816 500%
TOTAL 17 1,664,492 4 884,000 325%

57 AKTI MIAOULI 18536, PIRAEUS GREECE TEL: +30 210 4295000

EMAIL: snv@goldendestiny.com WEBSITE: www.goldendestiny.com
RESEARCH & VALUATION snv@goldendestiny.com

TONNAGE SOLD FOR DEMOLITION

Price Scrap Price Demo
Name Dwt Built Country LDT
($) $/ldt Country
BULK CARRIERS
SINOTRADER 267,906 1993 JAPAN 38,705 38,705 440 BANGLADESH

AN LI 170,387 2000 JAPAN 24,604 24,604 415 N/A

AS IS SPORE
CAROL HK 77,549 1991 KOREA, SOUTH 13,401 13,401 478 BANGLADESH

BERNI HK 77,548 1991 KOREA, SOUTH 13,450 13,450 478 BANGLADESH

WUYI HK 75,460 1995 DENMARK 11,750 11,750 478 BANGLADESH

JIAN HUI 44,124 1997 JAPAN 7,586 7,586 470 BANGLADESH

TANKERS
MERLION M 308,571 1999 KOREA, SOUTH 43,308 43,308 427 N/A
AS IS MALAYSIA.FSO
EURODESTINY 303,896 2003 JAPAN 39,803 39,803 440 PAKISTAN

ATAULFO ALVES 153,071 2000 KOREA, SOUTH 22,110 22,110 430 N/A
AS INDONESIA.SHUTTLE TANKER
KNIGHT 19,084 1987 JAPAN 6,070 6,070 395 N/A
AS IS SPORE
COUNT 11,042 1997 KOREA, SOUTH 3,307 3,307 395 N/A
AS IS SPORE

GAS TANKERS
SENSHU MARU 69,594 1984 JAPAN 30,296 30,296 523 INDIA
GREEN RECYCLING
GURUPI 8,891 1987 GERMANY 5,057 5,057 430 PAKISTAN

GAS STELLAR 3,866 1991 JAPAN 2,265 2,265 450 BANGLADESH

CONTAINERS
LIHUE 38,656 1971 USA 15,585 15,585 221 N/A

GENERAL CARGO
DALIAN 29,827 2004 CHINA 12,291 12,291 480 BANGLADESH

LIZA 5,020 1988 U.S.S.R. 3,120 3,120 400 BANGLADESH

Note: The reported demolition sales might not reflect the current demolition market

57 AKTI MIAOULI 18536, PIRAEUS GREECE TEL: +30 210 4295000

EMAIL: snv@goldendestiny.com WEBSITE: www.goldendestiny.com
RESEARCH & VALUATION snv@goldendestiny.com

SHIPPING & FINANCIAL INDICES

SHIPPING NEWS
previous FRI MON TUES WED THUR actual change % weekly actual change % change Week 02
week 8/1/2021 11/1/2021 12/1/2021 13/1/2021 14/1/2021 of the week change since 4/1/2021 since 4/1/2021 17/1/2020
DRY INDICES
BDI 1,448 1,606 1,761 1,849 1,856 1,792 344 23.76% 418 30.42% 754
Handy 661 656 652 650 650 651 -10 -1.51% -18 -2.69% 379
BHSI TC AVERAGE 11,894 11,805 11,744 11,695 11,698 11,726 -168 -1.41% -314 -2.61% 6,825
Supramax 1,023 1,029 1,039 1,055 1,067 1,080 57 5.57% 52 5.06% 560
BSI 58 TC AVERAGE 11,255 11,322 11,430 11,602 11,742 11,878 623 5.54% 573 5.07% 6,156
Kamsarmax 1,504 1,559 1,620 1,645 1,645 1,618 114 7.58% 254 18.62% 870
BPI 82k TC AVERAGE 13,533 14,031 14,581 14,803 14,802 14,562 1,029 7.60% 2,290 18.66% 6,494
Capesize 2,122 2,548 2,955 3,186 3,194 3,012 890 41.94% 1,004 50.00% 712
BCI TC AVERAGE 17,598 21,131 24,507 26,421 26,489 24,979 7,381 41.94% 8,323 49.97% 8,352
WET INDICES
BCTI 446 447 445 441 450 456 10 2.24% 22 5.07% 710
BDTI 524 520 511 505 500 496 -28 -5.34% -47 -8.66% 1,241
CURRENCY EXCHANGE
previous FRI MON TUES WED THUR for the
% change
week 8/1/2021 11/1/2021 12/1/2021 13/1/2021 14/1/2021 week
Y/$ 103.8307 103.8701 104.1562 104.1218 103.9077 103.6651 -0.1656 -0.16% Japanese Yen
$/GBP 1.3549 1.3584 1.3522 1.3633 1.3634 1.3689 0.0140 1.03% Pound Sterling
INR/$ 73.4282 73.3185 73.5054 73.2718 73.0893 73.1103 -0.3179 -0.43% Indian Rupee
$/Euro 1.2264 1.2254 1.2170 1.2163 1.2159 1.2155 -0.0109 -0.89% Euro
COMMODITIES BRENT-WTI
previous FRI MON TUES WED THUR for the
% change
week 8/1/2021 11/1/2021 12/1/2021 13/1/2021 14/1/2021 week
$ / US Bbl 54.38 55.35 55.66 56.44 56.05 56.30 1.92 3.53% BRENT
$ / US Bbl 50.83 51.59 52.25 53.21 52.91 53.61 2.78 5.47% WTI
BALTIC EXCHANGE SALE & PURCHASE ASSESSMENTS 15/01/2021
Shipping Markets Vessel Type Description Size (MT) Price (in $m) Change(in $m)
VLCC 5 years old 305,000 63.977 -0.054
SUEZMAX 5 years old 158,000 43.737 -0.056
TANKER AFRAMAX 5 years old 115,000 34.035 -0.102
MR PRODUCT TANKER 5 years old 51,000 25.659 -0.073
CAPESIZE 5 years old 180,000 32.051 0.089
DRY BULK KAMSARMAX 5 years old 82,500 21.291 0.163
SUPRAMAX 5 years old 58,328 15.271 0.144
HANDYSIZE 5 years old 38,200 14.739 0.031

Disclaimer:

All the information contained in this report is given in good faith, but without any guarantee from our part, and is based on our
Database and Insight Market Information provided and/or collected from various sources. This report is presented for the sole and
exclusive information of its recipients and whilst every care has been taken in the preparation of this report, no representation or
warranty, express or implied, is made by Golden Destiny S.A. in respect of the accuracy, completeness or correctness of the
information contained herein. Neither our company nor its directors or employees assumes or accepts any liability whatsoever for
any loss or damage incurred by any person whatsoever in relation to and/or as a result of the use of and/or due to any person’s
reliance on the information contained in this report. Furthermore, no responsibility is accepted in respect of any errors or
inaccuracies which may be contained in this report.

57 AKTI MIAOULI 18536, PIRAEUS GREECE TEL: +30 210 4295000

EMAIL: snv@goldendestiny.com WEBSITE: www.goldendestiny.com