ATHENIAN SHIPBROKERS S.A.

107-109, Vas. Pavlou Str., GR 166 73, Voula , Athens, Greece

Tel: 210 9659700 - Fax: 210 8996040
Internet Mail athenian@atheniansa.gr

November 2010
Monthly Report
Baltic Dry Index
12000

10000

8000

6000

4000

2000

0
Feb-01

Feb-02

Feb-03

Feb-04

Feb-05

Feb-06

Feb-07

Feb-08

Feb-09

Feb-10
Aug-01

Aug-02

Aug-03

Aug-04

Aug-05

Aug-06

Aug-07

Aug-08

Aug-09

Aug-10
Nov-00

Nov-01

Nov-02

Nov-03

Nov-04

Nov-05

Nov-06

Nov-07

Nov-08

Nov-09

Nov-10
May-01

May-02

May-03

May-04

May-05

May-06

May-07

May-08

May-09

May-10
PRICES TANKERS ($ MIO)
2005 2006 2007 2008 2009 Nov-10
VLCC 5Y 117 117,2 136 155,8 78 87.3
VLCC 10Y 90 95,8 114,5 131 59,5 60.6
SUEZMAX 5Y 75,3 81 95,5 106 57 59.8
AFRAMAX 5Y 63 65,3 70 76,8 40,5 43.6
AFRAMAX10Y 53,9 51,8 60 64,7 23,5 28.5
PANAMAX5Y 48,1 55,5 60,4 61 35,5 39
45K 5Y D/H 46,8 47,3 53 52,7 23,5 27
45K 10Y D/H 38 38,9 44,7 43,2 16 19
45K 20Y 10,1 13,2 12,8 16 4 7.5

PRICES BULKERS ($ MIO)

2005 2006 2007 2008 2009 Nov-10
CAPESIZE 5Y 56,8 81,2 148 45,5 54,5 54
CAPESIZE 10Y 38,2 61,8 103 30 45 39.6
CAPESIZE 15Y 28,2 43 88,5 21 28 23.5
CAPESIZE 20Y 18,5 21,3 60 79 16,5 14
PANAMAX 5Y 29,4 45,4 89 25,5 35 38.9
PANAMAX 10Y 23,8 37 71,5 19 27,5 30.6
PANAMAX 15Y 18,5 27,7 61 12,5 22 22.8
PANAMAX 20Y 10,6 16,1 44 9,2 12 14
SUPRAMAX 5Y 25,4 40 74,5 24 27,5 32.7
HANDYMAX10Y 20,7 32 60,5 18,2 22 25.2
HANDYMAX15Y 16,5 22,1 46 13 17,5 20.5
HANDYMAX20Y 10,1 15,4 36 7,4 11 12.5
2

Second Hand Tonnage Market

S&P Activity Dry AVAILABLE FOR SALE S&P Activity - Tankers AVAILABLE FOR SALE
(<5,000 Dwt) (<5,000 Dwt) REPORTED SOLD
REPORTED SOLD
PREVIOUS MONTH AV/BLE
PREVIOUS MONTH AV/BLE FOR SALE"
PREVIOUS MONTH SALES
PREVIOUS MONTH SALES

160
600
120
500 127 122
400
80
300 371 36
200
337 29
73 40
100 51
0 0
THIS MONTH - PREVIOUS MONTH THIS MONTH - PREVIOUS MONTH

*Excluding demolition sales

Sale and Purchase Market - Second Hand units

Ship Type Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Total
BULK 45 31 32 52 53 73 286
TANK 13 22 23 21 29 40 148
GAS 2 1 1 0 2 11 17
CONT 16 14 3 18 12 13 76
TWEEN 1 1 3 6 0 4 15
REEF 0 1 1 0 1 1 4
RORO 3 3 2 2 0 5 15
FERRY 1 1 1 3 1 3 10
CRUISE 0 0 1 0 0 0 1

Total 81 74 67 102 98 150 572

ATHENIAN SHIPBROKERS S.A.

3

Baltic Clean Tanker - Yearly Baltic Dirty Tanker - Yearly

1000 1250
893 1195
900 1150
826 1110
800 1050
950
700 637 931
692 850 777
600 644 780
750
500 650 733
400 550
48 51 2 5 8 11 14 17 20 23 26 29 32 35 38 41 44 47 48 51 2 5 8 11 14 17 20 23 26 29 32 35 38 41 44 47
2009 2010 2009 2010
WEEK NO WEEK NO

Baltic Clean Tanker - Monthly Baltic Dirty Tanker - Monthly

760 882
731 870
710 703 830 843 838
820
660
770 775
610
595
560 720
01/11/2010 08/11/2010 15/11/2010 22/11/2010 29/11/2010 01/11/2010 08/11/2010 15/11/2010 22/11/2010 29/11/2010

TANKER SALES
NAME DWT BLT PRICE $ BUYER
SAN GIORGIO 4661 1997 SINGAPORE DH 5 MIO SAUDI ARABIAN BASED
TRANS VIK 4739 1991 DENMARK DH * ENBLOC BSS▼
TRANS SUND 4794 1991 DENMARK DH 11 MIO GAZPROM, RUSSIA
PAN AGILITY 4836 2005 TURKEY DH 7.3 MIO GREEK
FORTH BRIDGE 5800 1992 GR. BRITAIN DH 2 MIO UNDISCLOSED
GOLDEN EMERALD 6436 2008 CHINA DH 6 MIO GREEK (AUCTION IN HONG KONG)
SUNRISE ROSA 8626 2004 JAPAN DH 11 MIO KOREAN
GOLDEN KAORI 9224 1998 JAPAN DH 5.5 MIO INDONESIAN
GOLDEN ELIZABETH 16322 1997 JAPAN DH 7.5 MIO EUROPEAN
VENUS 7 16933 1986 JAPAN DH 1.36 MIO UNDISCLOSED
CHEM TAURUS 19399 2000 JAPAN DH 15 MIO UNDISCLOSED
GOLDEN CHARLOTTE 19717 2006 JAPAN DH * ENBLOC BSS▼
GOLDEN IVY 23324 2008 JAPAN DH * ENBLOC BSS▼
GOLDEN LEGEND 23432 2009 JAPAN DH 90 MIO NORWEGIAN BUYERS
STOLT NANAMI 19932 2003 JAPAN DH 22.5 MIO MTMM , SINGAPORE
STOLT STRENGHT 33209 2005 JAPAN DH * ENBLOC BSS▼
STOLT GLORY 33302 2005 JAPAN DH 69 MIO STOLT NIELSEN, NORWAY
BOW CENTURY 37438 2000 NORWAY DH * ENBLOC BSS▼
BOW FAVOUR 37467 2001 NORWAY DH 105 MIO STOLT NIELSEN, NORWAY
MOUNT MCKINNEY 39997 2004 JAPAN DH 24.9 MIO UNDISCLOSED
TRUST RUNNER 47059 1992 KOREA DH 8 MIO UNDISCLOSED
SLS SHIPBUILDING 496 49700 2010 KOREA DH 38 MIO EGYPTIAN
SKIROPOULA 68232 1995 UKRAIN DH 12 MIO DUBAI BASED
SAGAMORE 68536 1991 JAPAN DH 7.4 MIO UNDISCLOSED
SUMMIT ASIA 73410 2009 CHINA DH 43.4 MIO NORWEGIAN (INCL 7 YRS TC BACK)

ATHENIAN SHIPBROKERS S.A.

4

TANKER SALES

NAME DWT BLT PRICE $ BUYER

GENMAR ALEXANDRA 102262 1992 JAPAN DH 11.5 MIO UNDISCLOSED
PRISCO MIZAR 166468 2007 KOREA DH 67 MIO MINERVA MARINE, GREECE
PRISCO ALCOR 166546 2007 KROEA DH 67 MIO MINERVA MARINE, GREECE
PACIFIC SUPERIOR 269605 1994 JAPAN 16.5 MIO UNDISCLOSED
ALPHARD STAR 301858 1995 DENMARK * ENBLOC BSS▼
SUHAIL STAR 301862 1994 DENMARK 54 MIO OGX PETROLEUM, BRAZIL (FOR CONVERSION)
PACIFIC LAGOON 305839 1999 JAPAN DH 55 MIO GRAND CHINA TANKERS, CHINA

GAS SALES

NAME DWT BLT CBM PRICE $ BUYER

JOYAMA 49999 1986 JAPAN 80863 10 Mio UNDISCLOSED
KINNA 3239 1989 KOREA 3932 3.2 Mio LUCKY MARINE, THAILAND
LADY BARBARA 3953 1990 JAPAN 3444 3.5 Mio UNDISCLOSED
SUNWAY 48980 1991 JAPAN 78476 14 Mio UNDISCLOSED
NOTO GLORIA 49412 1992 JAPAN 75203 15 Mio SIAM GAS, THAILAND
ORIENTAL SKY 3235 1995 JAPAN 3138 5.2 Mio KOREAN
IRIS GLORY 54707 2008 KOREA 83872 * ENBLOC BSS▼
THETIS GLORY 54789 2008 KOREA 81992 * ENBLOC BSS▼
VENUS GLORY 54474 2008 KOREA 83000 72 Mio AVANCE GAS, NORWAY

VLCC

Spot Market - Tankers SUEZMAX

AFRAMAX

73500
63500
53500
43500
36300
$/Day

33500
28950
23500
13500 12000
3500
Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10

VLCC

SUEZMAX
Period Market - Tankers 1 Year T/C
AFRAMAX

50000
45000
40000
35000
30000 31000
$/Day

25000 26000
20000
18000
15000
10000
5000
0
Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10

ATHENIAN SHIPBROKERS S.A.

5

Baltic Handysize Baltic Supramax

1100 1800
1050
1000 1700
950
1628
900 887 1600
850 828 1532
800 1500
750 2 796 2 1443
700 1400
650 1389
600 1300
01/11/2010 08/11/2010 15/11/2010 22/11/2010 29/11/2010 01/11/2010 08/11/2010 15/11/2010 22/11/2010 29/11/2010

Baltic Panamax Baltic Capesize

5000
2900
4500
2700
4011
2500 4000
2432
2300 3500 3593
2287 2330
2100 3612
4 3000 4 38 44 4
1900 2038 3095
2500
1700
1500 2000
01/11/2010 08/11/2010 15/11/2010 22/11/2010 29/11/2010 01/11/2010 08/11/2010 15/11/2010 22/11/2010 29/11/2010

BULKER SALES

NAME DWT BLT GEAR PRICE $ BUYER

SIROCCO 5196 1997 CHINA CR 2X40 2.7 Mio UNDISCLOSED
ARTNE 6262 1992 JAPAN CR 2X25 *ENBLOC BSS▼
CIC BELEM 6262 1992 JAPAN CR 2X25 6 Mio INDIAN
YASEMIN 6830 1996 JAPAN CR 2X15 4 Mio UNDISCLOSED
LEHMANN FORESTER 8500 2008 CHINA CR 2X35 4.23 Mio UNDISCLOSED
ID HARMONY 23712 1995 JAPAN CR 4X25 14.5 Mio UNDISCLOSED
LADYTRAMP 24765 2001 CHINA CR 4X30 15 Mio GREEK
GLOBAL DIAMOND 24834 1997 JAPAN CR 4X31 13.5 Mio TAIWANESE INCL TCB
FR 4+1YRS AT $10K PD
ROYAL CRYSTAL 24872 1984 JAPAN CR 4X25 6.25 Mio CHINESE
SANTA CHRISTINA 25378 1996 JAPAN CR 4X30 13.8 Mio UNDISCLOSED
IDEFIX BULKER 27348 1996 CHINA CR 4X30 15.5 Mio UNDISCLOSED
CR 4X25, CR
JAG VIKRAM 27463 1980 JAPAN 3 Mio UNDISCLOSED
1X15
BRAZILIAN CONFIDENCE 27939 1985 JAPAN CR 3X25 7.2 Mio UNDISCLOSED
ELIKON 28234 1980 JAPAN CR 5X15 3.1 Mio FAREASTERN
AGIOS MINAS 29002 1981 JAPAN CR 5X25 4.1 Mio CHINESE
ARGUS 29099 1984 JAPAN CR 4X25 6.5 Mio TURKISH
ORIENT SAORI 30835 1997 JAPAN CR 4X30 19.5 Mio NEGMAR, TURKEY
VOYAGER 33347 1985 JAPAN CR 4X25 8.5 Mio UNDISCLOSED
SHINAN H1008 34000 2010 JAPAN CR 4X25 32.5 Mio KOREAN

ATHENIAN SHIPBROKERS S.A.

6

NORTHERN DANCER 35000 2010 CHINA CR 4X30 * ENBLOC BSS▼

RAINBOW QUEST 35000 2010 CHINA CR 4X30 * ENBLOC BSS▼
LAST TYCOON 35000 2011 CHINA CR 4X30 * ENBLOC BSS▼
NAVIBULGAR,
SHANHAIGUAN 035 35000 2011 CHINA CR 4X30 112 Mio
BULGARIA
HYUNDAI MIPO 6018 37000 2011 KOREA CR 4X30 29 Mio GREEK
FEROI 37092 1983 JAPAN CR 5X25 6.3 Mio UNDISCLOSED
IONIAN WIND 37925 1984 JAPAN CR 4X25 8.5 Mio GREEK
EAST SUNRISE
38030 1984 JAPAN CR 4X25 7.5 Mio UNDISCLOSED
GUANGZHOU
UNDISCLOSED INCL
PAMAKARISTOS 38398 1986 JAPAN CR 4X25 10.5 Mio TC TILL 6/2011 AT USD
15.000PD
SILKY OCEAN 45665 1995 JAPAN CR 4X25 21.6 Mio GREEK
NEW ETERNITY 45741 1994 JAPAN CR 4X25 20.5 Mio GREEK
SAMMI SUPERSTARS 47208 1983 KOREA CR 4X25 6.1 Mio CHINESE
C. S. FORTUNE 47305 2002 JAPAN CR 4X30 29 Mio GREEK
SYRENA 48139 1997 POLAND CR 4X35 21.5 Mio BANGLADESHI
NORD BRAVE 53529 2007 JAPAN CR 4X30.5 37 Mio VOSCO, VIETNAM
MEDI CORK 53552 2004 JAPAN CR 4X30.5 33 Mio VOSCO, VIETNAM
DELMAR 53565 2006 CHINA CR 4X30 25 Mio UNDISCLOSED
UNDISCLOSED INCL
MATUMBA 53591 2005 CHINA CR 4X35 25 Mio TC TILL EARLY 2012 AT USD
16.000PD
UNDISCLOSED INCL
DELFA 53594 2005 CHINA CR 4X35 25 Mio TC TILL EARLY 2012 AT USD
16.000PD
CHANE NAVIGATOR 55000 2010 CHINA CR 4X36 30 Mio FAREASTERN
ZHEJIANG ZHENGHE 1019 57000 2010 CHINA * ENBLOC BSS▼
ZHEJIANG ZHENGHE 1020 57000 2010 CHINA 61 Mio NORWEGIAN INCL TC
FR 10 YRS
STEFANIA 64848 1981 JAPAN 6.2 Mio CHINESE
BRIGHT ZHEJIANG 67281 1983 GR BRITAIN 6.2 Mio CHINESE
TRADA MARITIME,
MERCURY K 72421 1997 JAPAN 27 Mio
INDONESIA
ETOILE 72424 1997 JAPAN 27 Mio INDONESIAN
MARITIME WISDOM 73657 1993 JAPAN CR 4X30 22 Mio CHINESE
GOLDEN SHADOW 73732 1997 JAPAN 26.7 Mio NORSUL, BRAZIL
ODYSEA CARRIERS,
RUBY STREAM 76728 2005 JAPAN 38 Mio
GREECE
ENERGY TRADE 77679 1998 JAPAN 25 Mio INDIAN
TORM TRADER 82181 2010 JAPAN * ENBLOC BSS▼
TORM ISLAND 82194 2010 JAPAN 90 Mio UNDISCLOSED
FAREASTERN INCL TC
BENEDETTA D'AMATO 92500 2010 CHINA 46 Mio FR 83-86 MOS AT USD
21.000PD
PEACE VOYAGE 93000 2010 CHINA 42 Mio UNDISCLOSED
PB EAGLE 94191 1992 JAPAN 18.5 Mio GREEK INCL TC TILL 6-
7/2011 AT USD 16.800PD
SONGA PEAK 151418 1990 JAPAN 20 Mio UNDISCLOSED
IRON BROTHERS 151511 1991 JAPAN 19 Mio UNDISCLOSED
KWK GENESIS 168404 1996 KOREA 28 Mio GREEK
GOLDEN CHANGI 170500 2011 KOREA 61 Mio KOREAN
CASTILLO DE SAN JUAN 173329 1990 BRAZIL 18 Mio CHINESE
SALAMON,
GOLDEN QUEEN 175918 2010 CHINA 84.9 Mio
GERMANY

ATHENIAN SHIPBROKERS S.A.

7

BLUE ANNAPURNA 180000 2010 CHINA 63.5 Mio GREEK

WINNING
CARPE DIEM I 181756 1985 JAPAN 15 Mio
SHIPPING, CHINA
HEBEI WISDOM 182212 1986 JAPAN 14 Mio UNDISCLOSED

CONTAINERS SALE

NAME DWT BLT GEAR TEU PRICE $ BUYER

XIN HAI YUAN 8616 1984 JAPAN GLESS 450 1.8 MIO MALAYSIAN
VSICO PROMOTE 8516 1999 JAPAN CR 2X36 566 7 MIO SINOKOR, KOREA
SIAM 1 15628 1996 JAPAN GLESS 1008 8 MIO FAREASTER
CARAVELLE 14643 1996 GERMANY CR 2X45 1122 8.6 MIO UNDISCLOSED
ORIENTAL BRIGHT 17468 1996 JAPAN CR 2X35 1228 9.5 MIO UNDISCLOSED
CR 2X40,
HARMONY 21480 1994 KOREA 1645 10.5 MIO S. AMERICAN
CR 1X10
NORDSTAR 23007 1998 POLAND CR 3X45 1728 14 MIO UNDISCLOSED
HAMMONIA,
POSITANO 22878 1996 POLAND CR 3X40 1730 39.9 MIO GERMANY (INCL 2 YRS
TC. DELY 4/2011)

FRISIA KIEL 33847 2004 GERMANY CR 3X45 2478 36 MIO UNDISCLOSED (DELY
1Q/2011)
COSCO KARACHI 38104 2005 GERMANY 2702 36 MIO UNDISCLOSED
CMA CGM TELOPEA 37125 2007 POLAND CR 3X45 2785 37.5 MIO EUROMAR, GREECE
(INCL TC TILL 3-4/2011)

NORDIC WARNEMUENDE HAMMONIA,

38670 2011 GERMANY 2790 39.9 MIO GERMANY (INCL 2 YRS
163
TC. DELY 4/2011)
GOLDENPORT,
CLIFTON BRIDGE 47539 1988 JAPAN 3720 8.1 MIO
GREECE

REEF SALE

NAME DWT BLT CBTF PRICE $ BUYER

WILSON ASA,
WILSON EXPRESS 5864 1983 NORWAY 319989 3.6 MIO NORWAY

ATHENIAN SHIPBROKERS S.A.

8

CAPESIZE

Spot Market - Bulkers PANAMAX

HANDYMAX

70000
60000
50000
40000
$/Day

30000 27700
20000
14000
10000
0
Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10

CAPESIZE

Period Market - Bulkers 1 Year T/C PANAMAX

HANDYMAX
45000
40000
35000
30000 30000
25000 4
20000 20500
$/Day

15000 15000
10000
5000
0
Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10

RORO SALES

NAME GT BLT LANEMTRS/CARS PRICE $ BUYER

MAGOSA 1890 1974 SPAIN 300 LM/114 CARS 0.7 MIO UNDISCLOSED
KANO 3641 1972 GERMANY 340 CARS 2.96 MIO UNDISCLOSED
KANO II 5877 1978 DENMARK 1028 LM/450CARS 2.8 MIO UNDISCLOSED
TURKISH (FOR
WEST EXPRESS 9368 1978 NORWAY 1272 LM/ 56 CARS 1.4 MIO
CONVERSION)

ATHENIAN SHIPBROKERS S.A.

9

New building Market and Reported Contracts

Tanker Prices VLCC Suezmax Bulker Prices Capesize Panamax

Aframax MR Handymax Handysize

160 100
90
140
80
120 70
100 1 60 57.3
105.5
50

$m
$m

80
67 40 34.5
60 31
57 30
40 5 26.5
36.5 20
3
20 10
0
0
Nov-08 Mar-09 Jul-09 Nov-09 Mar-10 Jul-10 Nov-10
Nov-08 Mar-09 Jul-09 Nov-09 Mar-10 Jul-10 Nov-10

Dry Bulk Orderbook

Ship Type 2010 (deliv) 2010 2011 2012 2013 2014 2015+ Total
VLOC 18 6 42 41 14 1 0 104
Capesize 151 41 252 108 39 3 1 444
Small Cape 71 18 182 67 13 0 0 280
Panamax 86 54 276 280 74 10 0 694
Supramax 252 111 390 231 50 1 0 783
Handys 191 92 314 157 40 6 0 609
Total 769 322 1456 884 230 21 1 2914

Tanker Orderbook
Ship Type 2010 (deliv) 2010 2011 2012 2013 2014 2015+ Total
ULCC/VLCC 59 13 77 63 32 9 0 194
Suezmax 32 16 56 57 21 4 0 154
Aframax 62 14 78 50 9 3 0 154
Panamax 30 6 41 17 10 2 0 76
MR 95 32 112 68 9 0 0 221
Handy 19 7 27 10 2 1 0 47
Total 297 88 391 265 83 19 0 846

LPG Tank Orderbook

Ship Type 2010 (deliv) 2010 2011 2012 2013 2014+ Total
VLGC 8 1 3 2 2 0 8
LGC 0 0 0 0 0 0 0
MR 3 0 6 2 0 0 8
Handy 9 2 8 9 10 1 30
Small 28 22 30 8 2 3 65
Total 48 25 47 21 14 4 111

ATHENIAN SHIPBROKERS S.A.

10

Newbuilding Sales Tankers >10,000 dwt Delivery Schedule Bulkers >10,000 dwt.
Bulkers >10,000 dwt
1000 Containerships Tankers >10,000 dwt
931 140
900 857 120,3 121,3
120
800
No. of Vessels

700 100

m. dwt
600 80
61,3
500 52,7
398 60
400
40 31,2
300
179 191 191 14,6
200 20
112
80
100 7 0
0 Nov-10 2011 2012+
2008 2009 Nov-10

VLCC Suezmax Bulker Newbuildings on Order

Tanker Newbuildings on Order Capesize Panamax
Aframax Panamax
Products Handymax Handysize
70 140 129,5
61,8
60 120

50 100
71,9

40 m. dwt 80
m. dwt

45,1
60
30 23,7 19,3
26,8
15,9 40
20
6,1
20
10
0
0
30/11/2010
30/11/2010

Newbuilding Historical Prices ($m)

Tankers 2010 2009 2008 2007 2006 2005 2004 2003 2001 1995 1990 1988 1985
2
310,000 DWT1 105.7 97.5 150 145 130 120 108 77.1 69.9 85.3 87.4 70.1 38.2
2
170,000 DWT 1
66.8 61 90 90 80 71.5 71 51.4 46.3 54 66.1 44.8 28.2
2 2
110,000 DWT1 56 49.5 74 72 65.5 58 60 41.4 36.3 43.3 53.2 35.2 18.1
3 3 3
47,000 DWT1 35.9 35 46.5 52 47 43 39 31.4 26.2 33.2 32.1 25.2 13.3

Bulkers
1
180,000 DWT 57.6 55.5 87 96 67 58.5 64.5 48.2 35.8 42.3 60.2 42.1 29.3
1
73,000 DWT 34.5 34.5 45.5 54 39.5 36 37 27.1 20.3 27.9 30 25.1 13.4
45,000 DWT 30.8 29 41 47.5 37 31 30 24.1 18.4 24.1 25.3 23.1 12.4
29,000 DWT 26.5 24.5 31 34 27.5 25.5 24 18.1 14.2 19.2 21.3 18.4 9.7
1 2 3
Before 2001 sizes to read 280,000 - 140,000 - 95,000 - 40,0000 respectively for tankers and 150,000 - 69,000 for Bulkers Single Hull 30,000 DWT

(note: above is for vessels built Japan / Korea, you should also consider US$ / Yen relation for the years mentioned)

ATHENIAN SHIPBROKERS S.A.

11

The Shipbuilding Market

TYPE DWT BUILDER DELIVERY PRICE $ OWNER NOTES

Bulk 34500 Zhejiang Yangfan 2012 John T.Essberger
Bulk 34500 Zhejiang Yangfan 2012 John T.Essberger
Bulk 35000 Jiangmen Nanyang 2012 25.5 Mio Pacific Basin Shpg.
Bulk 35000 Jiangmen Nanyang 2012 25.5 Mio Pacific Basin Shpg.
Bulk 35000 Jiangmen Nanyang 2012 25.5 Mio Pacific Basin Shpg.
Bulk 35000 Jiangmen Nanyang 2012 25.5 Mio Pacific Basin Shpg.
Bulk 35000 Zhejiang Yangfan 2013 26 Mio Cobelfret N.V.
Bulk 35000 Zhejiang Yangfan 2013 26 Mio Cobelfret N.V.
Bulk 35000 Jiangmen Nanyang 2013 25.5 Mio Pacific Basin Shpg.
Bulk 35000 Jiangmen Nanyang 2013 25.5 Mio Pacific Basin Shpg.
Bulk 35000 Jiangmen Nanyang 2013 25.5 Mio Pacific Basin Shpg. Option
Bulk 35000 Jiangmen Nanyang 2013 25.5 Mio Pacific Basin Shpg. Option
Bulk 36000 Hyundai Mipo 2012 Daiichi Chuo
Bulk 56000 Hyundai Mipo 2012 Ray Shipping
Bulk 56000 Hyundai Mipo 2012 Ray Shipping
Bulk 56000 Hyundai Mipo 2013 Ray Shipping
Bulk 56000 Hyundai Mipo 2013 Ray Shipping
Bulk 57000 COSCO Dalian Apr-12 Unknown
Bulk 57000 COSCO Dalian Sep-12 Unknown
Bulk 57000 COSCO Dalian Mar-13 Unknown
Bulk 58100 Tsuneishi Zhoushan 2013 32.85 Mio Pacific Basin Shpg.
Bulk 59800 Hyundai Vinashin Jan-12 Hyundai M.M.
Bulk 59800 Hyundai Vinashin Feb-12 Hyundai M.M.
Bulk 76000 Jiangnan SY Group May-12 China Shpg. Tramp
Bulk 81200 Dalian Shipbuilding Oct-12 Haibo Shipping
Bulk 81700 Wuchang S.Y. 2012 34 Mio Guangxi Beibu
Bulk 81700 Wuchang S.Y. 2012 34 Mio Guangxi Beibu
Bulk 81700 Wuchang S.Y. 2013 34 Mio Guangxi Beibu Option
Bulk 81700 Wuchang S.Y. 2013 34 Mio Guangxi Beibu Option
Bulk 82000 Beihai Shipyard Sep-12 34.5 Mio First S.S.
Bulk 82000 Beihai Shipyard Sep-12 34.5 Mio First S.S.
Bulk 82000 Beihai Shipyard Feb-13 34.5 Mio First S.S. Option
Bulk 82000 Beihai Shipyard Feb-13 34.5 Mio First S.S. Option
Bulk 95000 Imabari S.B. 2014 Nippon Yusen Kaisha
Bulk 95000 Imabari S.B. 2014 Nippon Yusen Kaisha
Bulk 95000 Imabari S.B. 2015 Nippon Yusen Kaisha
Bulk 105000 Oshima S.B. Co. 2014 Kawasaki Kisen
Bulk 105000 Oshima S.B. Co. 2014 Kawasaki Kisen
Bulk 180000 Hyundai H.I. 2012 Densa Shipping
Bulk 180000 Hyundai H.I. 2012 Densa Shipping Option
Bulk 180000 Shanghai Jiangnan Nov-12 53.08 Mio China Shpg. Tramp
Bulk 180000 Shanghai Jiangnan Nov-12 53.08 Mio China Shpg. Tramp
Bulk 180000 Dalian Shipbuilding Nov-12 Haibo Shipping
Bulk 180000 Shanghai Jiangnan Dec-12 53.08 Mio China Shpg. Tramp
Bulk 180000 Shanghai Jiangnan Dec-12 53.08 Mio China Shpg. Tramp
Bulk 180000 Dalian Shipbuilding Feb-13 Haibo Shipping
Bulk 207000 Daehan S.B Mar-12 63.5 Mio Golden Flame Shpg.
Bulk 207000 Daehan S.B Apr-12 63.5 Mio Golden Flame Shpg.
Cont 11850 Zhejiang Yangfan 2013 18.10 Mio Shandong Int. Trans. 1100 Teu
Cont 11850 Zhejiang Yangfan 2013 18.10 Mio Shandong Int. Trans. 1100 Teu
Cont 11850 Zhejiang Yangfan 2013 18.10 Mio Shandong Int. Trans. 1100 Teu
Cont 11850 Zhejiang Yangfan 2013 18.10 Mio Shandong Int. Trans. 1100 Teu
Cont 11850 Zhejiang Yangfan May-12 18.10 Mio Shandong Int. Trans. 1100 Teu
Cont 11850 Zhejiang Yangfan Aug-12 18.10 Mio Shandong Int. Trans. 1100 Teu
Cont 11850 Zhejiang Yangfan Nov-12 18.10 Mio Shandong Int. Trans. 1100 Teu

ATHENIAN SHIPBROKERS S.A.

12

The Shipbuilding Market

TYPE DWT BUILDER DELIVERY PRICE $ OWNER NOTES

Cont 12000 Dae Sun S.B. Nov-11 Shandong Int. Trans. 953 Teu
Cont 12500 Dae Sun S.B. Aug-12 Shandong Int. Trans. 1040 Teu
Cont 12500 Dae Sun S.B. Nov-12 Shandong Int. Trans. 1040 Teu
Cont 41500 Shanghai S.Y. 2012 51 Mio Nile Dutch Africa 3500 Teu
Cont 41500 Shanghai S.Y. 2012 51 Mio Nile Dutch Africa 3500 Teu
Cont 41500 Shanghai S.Y. 2012 51 Mio Nile Dutch Africa 3500 Teu
Cont 41500 Shanghai S.Y. 2012 51 Mio Nile Dutch Africa 3500 Teu
Cont 45000 SPP Plant & S/B 2013 53 Mio Metrostar Management 3500 Teu
Cont 45000 SPP Plant & S/B 2013 53 Mio Metrostar Management 3500 Teu
Cont 45000 SPP Plant & S/B 2013 53 Mio Metrostar Management 3500 Teu
Cont 45000 SPP Plant & S/B 2013 53 Mio Metrostar Management 3500 Teu
Cont 45000 SPP Plant & S/B 2014 53 Mio Metrostar Management 3500 Teu
Cont 45000 SPP Plant & S/B 2014 53 Mio Metrostar Management 3500 Teu
Cont 46000 HHIC-Phil Inc. 2013 Delfis N.V. 3800 Teu
Cont 46000 HHIC-Phil Inc. 2013 Delfis N.V. 3800 Teu
Cont 46000 HHIC-Phil Inc. 2013 Delfis N.V. 3800 Teu
Cont 46000 HHIC-Phil Inc. 2013 Delfis N.V. 3800 Teu
Cont 46000 HHIC-Phil Inc. 2013 Delfis N.V. 3800 Teu
Cont 46000 HHIC-Phil Inc. 2013 Delfis N.V. 3800 Teu
Cont 46000 HHIC-Phil Inc. 2013 Delfis N.V. 3800 Teu
Cont 46000 HHIC-Phil Inc. 2013 Delfis N.V. 3800 Teu
Cont 50000 Sungdong S.B. Sep-12 Unknown 3600 Teu
Cont 50000 Sungdong S.B. Dec-12 Unknown 3600 Teu
Cont 80000 STX Shipbuild. 2013 Shpg. Corp. of India 6500 Teu
Cont 80000 STX Shipbuild. 2013 Shpg. Corp. of India 6500 Teu
Cont 80000 STX Shipbuild. 2013 Shpg. Corp. of India 6500 Teu
Cruise Meyer Werft 2013 850 Mio Norw. Cruise Lines
Cruise Meyer Werft 2014 850 Mio Norw. Cruise Lines
Diving Spt ABG Shipyard 2012 65 Mio Halul Offshore
Gcargo 2500 Highspeed S.B. 2012 Shun Shine
Gcargo 2500 Highspeed S.B. 2012 Shun Shine
Gcargo 2500 Highspeed S.B. 2012 Shun Shine
Jackup Drill ABG Shipyard Jan-14 220 Mio M/s Drilling
Jackup Drill ABG Shipyard Jan-14 220 Mio M/s Drilling
MPP 20000 Hudong Zhonghua Jun-12 Beluga Shpg. GmbH 900 Teu
MPP 20000 Hudong Zhonghua Nov-12 Beluga Shpg. GmbH 900 Teu
MPP 20000 Hudong Zhonghua Mar-13 Beluga Shpg. GmbH 900 Teu
MPP 20000 Hudong Zhonghua Jul-13 Beluga Shpg. GmbH 900 Teu
Ore 300000 Universal S.B. 2012 Mitsui O.S.K. Lines
Ore 300000 Universal S.B. 2013 Mitsui O.S.K. Lines
Pass/Car F. STX Finnyards 2013 337.39 Mio Viking Line Abp
Pass/Car F. Remontowa 2013 36.5 Mio Torghatten Trafikk.
Pass/Car F. Remontowa 2013 36.5 Mio Torghatten Trafikk.
Pass/Car F. Remontowa 2013 36.5 Mio Torghatten Trafikk.
Pass/Car F. Remontowa 2013 36.5 Mio Torghatten Trafikk.
Pass/Car F. STX Finnyards 2014 337.39 Mio Viking Line Abp Option
Tanker 112000 Hyundai H.I. 2012 A.M.P.T.C.
Tanker 112000 Hyundai H.I. 2013 A.M.P.T.C.
Tanker 157000 Jiangsu Rongsheng 2013 Central Mare
Tanker 157000 Jiangsu Rongsheng 2013 Central Mare
Tanker 157000 Jiangsu Rongsheng 2013 61 Mio Top Ships Inc.
Tanker 157000 Jiangsu Rongsheng 2013 61 Mio Top Ships Inc.
Tanker 157000 Jiangsu Rongsheng 2014 Central Mare Option
Tanker 157000 Jiangsu Rongsheng 2014 Central Mare Option
Tanker 164730 Hyundai Samho 2012 Goulandris Bros.
Tanker 164730 Hyundai Samho 2012 Goulandris Bros.

ATHENIAN SHIPBROKERS S.A.

13

Demolition Market

Demolition Prices
Gen Cargo Tanker
India USD 440 /lt Ldt USD 465/lt Ldt
Bangladesh N/A N/A
Pakistan USD 430 /lt Ldt USD 460/lt Ldt
China USD 400 /lt Ldt USD 420/lt Ldt

Demolition historical average prices

2007 2008
Tankers 2009 2010
880
830
780
730
680
630
580
$ 530 440 432 437 448
480 413 415 425
430 380 378 383 387
380
330
280
230
180
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
2007 2008
Bulkers 2009 2010
730
680
630
580
530
480 411 402 410 423
$ 393 380 393
430 350 355 337 357
380
330
280
230
180
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

Total Demolition
2010 24
2009 28,9
2008 12
2007 5
2006 6,5
2005 5,5
2004 10
2003 27
2002 28,5
2001 28,4
2000 22,4
1999 30,5
1998 25
1997 15,6
Year

1996 18
1995 15,5
1994 18,9
1993 16,7
1992 15,9
1991 3,8
1990 4,6
1989 2,35
1988 4,9
1987 14,5
1986 25,6
1985 38
1984 26,9
1983 28,65
1982 27
1981 13,4

0 5 10 15 20 25 30 35 40
Million dwt

ATHENIAN SHIPBROKERS S.A.

14

India

TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS

RORO SPLIT 1700 1118 1966 3551 450
RORO ANCONA 1950 1966 6362 450
RORO DUCKY SYMPHONY 6906 1979 5669 430
TANK IMAN 6237 1986 3163 465
TANK STAR ORION 7089 1985 2305 445
TANK CM SPIRIT 27726 1970 6402 468 Enbloc with MT Phoenix, Torrent
TANK MT PHOENIX 29999 1977 7430 468 Enbloc with CM Spirit, Torrent
TANK TORRENT 15767 1975 3809 468 Enbloc with CM Spirit, MT Phoenix
TANK BOW PANTHER 39422 1986 9536 478
TANK ANNOULA 40490 1982 9749 450
TANK SOUTHWAY 152412 1988 21200 465
TANK SHINYO ALLIANCE 248034 1991 29264 445
GAS BERGE RACINE 63254 1985 460 Incl 70 tonnes St.St.
REEF SKIER STAR 12475 1981 7610 440
REEF STORM BAY 11720 1983 6384 420 Asis Fujairah
REEF BALAKLAVA II 3200 1978 3200 428
BULK OCEAN EXPRESS 2250 1978 1045 390
BULK MIKUE 7909 1980 2458
BULK BASIL 76440 1983 14158 435
BULK STAR CARRIER 35218 1983 9170 455
BULK PHUC HAI MOON 34227 1979 7732 435
CONT MSC VOYAGER 36433 1980 468

China

TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS

BULK GOLDEN LINE 8 6485 1982 2078 385
BULK SOUTHERN ARROW 6549 1984 2014 385
BULK OCEAN BEAUTY 24740 1977 6537 400
BULK STAG 27348 1978 6837 403
BULK JIANMAO 1 127907 1981 20109 405
BULK HS PIONEER 145229 1982 23620 410
PCC SUIJIN 17328 1984 12500 400

ATHENIAN SHIPBROKERS S.A.

15

Other

TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS

BULK PERLA ADIB 10890 1976 3500 310 TURKEY
BULK POLYHRONIS 37648 1980 9784 UNDISCLOSED
TANK OCEAN POWER 127800 1983 21415 470 BANGLADESH

Pakistan

TYPE NAME DWT BLT LDT PRICE $/LDT COMMENTS

TANK SEA PRINCE I 31000 1981 7760 470
TANK NIKI 39989 1988 8300 477 Asis Fujairah
TANK SWAT 86593 1985 15463 468
Asis Aqaba. Incl 900tns
RORO ASTRO VENUS 12464 1982 9508 455
ROB
BULK MAHA VIDYA 27451 1977 6542 455
TWEEN BOLAN 18145 1980 5635 448

ATHENIAN SHIPBROKERS S.A.

16

Market Indicators

USD-EURO
Currencies USD-YEN

1,80 115
1,60 110
1,40
105
1,20
1,00 100
0,80 95
0,60
90
0,40
0,20 85

0,00 80
01/12/09 01/02/10 01/04/10 01/06/10 01/08/10 01/10/10 01/12/10

Brent Oil
100

80

60
$/Barrel

40

20

0
01/12/09 01/02/10 01/04/10 01/06/10 01/08/10 01/10/10 01/12/10

GBP CAD EUR JPY CHF USD AUD

GBP 1 0.628 0.8376 0.007654 0.6394 0.6416 0.6172

CAD 1.593 1 1.3342 0.012191 1.0184 1.0218 0.983
EUR 1.1941 0.7498 1 0.009138 0.7634 0.766 0.7369
JPY 130.69 82.0676 109.459 1 83.558 83.8362 80.6515
CHF 1.5643 0.9823 1.3102 0.011972 1 1.0035 0.9654
USD 1.5589 0.9789 1.3057 0.01193 0.9967 1 0.962
AUD 1.6208 1.0177 1.3575 0.012403 1.0362 1.0397 1

* Values 02/12/2010

ATHENIAN SHIPBROKERS S.A.

17

Stock Watch

THIS LAST
NAME TICKER CHANGE % 52w HIGH 52w LOW
MONTH* MONTH

NewLead Holdings NEWL 2.58 3.96 -34.8 13.2 2.47

Capital Product
CPLP 8.41 8.85 -5 10.06 5.31
Partners

Diana Shipping DSX 13.49 13.65 -1.2 16.62 10.75

Dryships DRYS 5.17 4.12 25.5 6.95 3.28

Eagle Bulk EGLE 5 5.13 -2.5 6.08 3.91

Euroseas ESEA 3.87 4.03 -4 4.66 3.02

Excel Martime EXM 5.55 5.77 -3.8 7.68 4.59

Freeseas FREE 3.93 4.7 -16.4 7.95 3.91

Genco
GNK 14.68 16.55 -11.3 26.49 14.2
Shipping&Trading

General Maritime GMR 3.82 3.84 -0.5 8.82 3.58

Goldenport GPRT 120 123 -2.4 140 120

Navios NM 5.24 5.99 -12.5 7.55 4.38

Omega Navigation ONAV 1.28 1.21 5.8 3.63 1.14

Paragon PRGN 3.44 3.73 -7.8 5.22 3.4

Safe Bulkers SB 7.85 8.45 -7.1 9.25 6.5

Star Bulk SBLK 2.87 2.92 -1.7 3.23 2.21

Stealthgas GASS 5.08 4.79 6.1 6.6 3.93

TEN TNP 9.82 10.34 -5 18.34 8.96

TOP Ships TOPS 0.81 0.685 18.2 1.3 0.62

* 30/11/10 closing values

Disclaimer: Information and data that appear in this report have been obtained from various sources which are believed
to be correct and reliable. However, Athenian Shipbrokers S.A. does not guarantee their accuracy or completeness and
therefore cannot be held liable for any loss incurred as a result of reliance in any way whatsoever on the information
contained herein.

Kind Regards,
Athenian Shipbrokers S.A.

ATHENIAN SHIPBROKERS S.A.