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www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009 MARITIME ECONOMETRICS GBP£/US$ (2003 - 2009) US$/JAP Yen (2003 - 2009) US$/JAP Yen (2003 - 2009) 85.00 90.00 95.00 100.00 105.00 110.00 115.00 120.00 125.00 Jun - 03 S ep - 03 Dec- 03 M ar- 04 Jun - 04 S ep - 04 Dec- 04 M ar- 05 Jun - 05 S ep - 05 Dec- 05 M ar- 06 Jun - 06 S ep - 06 Dec- 06 M ar- 07 Jun - 07 S ep - 07 Dec- 07 M ar- 08 Jun - 08 S ep - 08 Dec- 08 M ar- 09 Jun - 09 US$-Yen GBP£/US$ (2003 - 2009) 1.3300 1.4300 1.5300 1.6300 1.7300 1.8300 1.9300 2.0300 2.1300 Jun - 03 S ep - 03 Dec- 03 M ar- 04 Jun - 04 S ep - 04 Dec- 04 M ar- 05 Jun - 05 S ep - 05 Dec- 05 M ar- 06 Jun - 06 S ep - 06 Dec- 06 M ar- 07 Jun - 07 S ep - 07 Dec- 07 M ar- 08 Jun - 08 S ep - 08 Dec- 08 M ar- 09 Jun - 09 £ - $ GBP£/US$ (1971 - 2009) 1.0300 1.2300 1.4300 1.6300 1.8300 2.0300 2.2300 2.4300 2.6300 Jun - 71 Jun - 72 Jun - 73 Jun - 74 Jun - 75 Jun - 76 Jun - 77 Jun - 78 Jun - 79 Jun - 80 Jun - 81 Jun - 82 Jun - 83 Jun - 84 Jun - 85 Jun - 86 Jun - 87 Jun - 88 Jun - 89 Jun - 90 Jun - 91 Jun - 92 Jun - 93 Jun - 94 Jun - 95 Jun - 96 Jun - 97 Jun - 98 Jun - 99 Jun - 00 Jun - 01 Jun - 02 Jun - 03 Jun - 04 Jun - 05 Jun - 06 Jun - 07 Jun - 08 Jun - 09 £ - $ US$/JAP Yen (1971 - 2009) 80.00 130.00 180.00 230.00 280.00 330.00 Jun - 71 Jun - 72 Jun - 73 Jun - 74 Jun - 75 Jun - 76 Jun - 77 Jun - 78 Jun - 79 Jun - 80 Jun - 81 Jun - 82 Jun - 83 Jun - 84 Jun - 85 Jun - 86 Jun - 87 Jun - 88 Jun - 89 Jun - 90 Jun - 91 Jun - 92 Jun - 93 Jun - 94 Jun - 95 Jun - 96 Jun - 97 Jun - 98 Jun - 99 Jun - 00 Jun - 01 Jun - 02 Jun - 03 Jun - 04 Jun - 05 Jun - 06 Jun - 07 Jun - 08 Jun - 09 US$-Yen N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893 ) Page 1 of 19
Transcript
Page 1: COTZIAS MARKET ECONOMIC OUTLOOK JUNE …files.irwebpage.com/reports/shipping/GaPohY32AN... · COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009 MARITIME ECONOMETRICS GBP£/US$ (2003 - 2009)

www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009MARITIME ECONOMETRICS

GBP£/US$ (2003 - 2009)

US$/JAP Yen (2003 - 2009)

US$/JAP Yen (2003 - 2009)

85.00

90.00

95.00

100.00

105.00

110.00

115.00

120.00

125.00

Jun-0

3

Sep-0

3

Dec-0

3

Mar

-04

Jun-0

4

Sep-0

4

Dec-0

4

Mar

-05

Jun-0

5

Sep-0

5

Dec-0

5

Mar

-06

Jun-0

6

Sep-0

6

Dec-0

6

Mar

-07

Jun-0

7

Sep-0

7

Dec-0

7

Mar

-08

Jun-0

8

Sep-0

8

Dec-0

8

Mar

-09

Jun-0

9

US$-Yen

GBP£/US$ (2003 - 2009)

1.3300

1.4300

1.5300

1.6300

1.7300

1.8300

1.9300

2.0300

2.1300

Jun-0

3

Sep-0

3

Dec-0

3

Mar

-04

Jun-0

4

Sep-0

4

Dec-0

4

Mar

-05

Jun-0

5

Sep-0

5

Dec-0

5

Mar

-06

Jun-0

6

Sep-0

6

Dec-0

6

Mar

-07

Jun-0

7

Sep-0

7

Dec-0

7

Mar

-08

Jun-0

8

Sep-0

8

Dec-0

8

Mar

-09

Jun-0

9

£ - $

GBP£/US$ (1971 - 2009)

1.0300

1.2300

1.4300

1.6300

1.8300

2.0300

2.2300

2.4300

2.6300

Jun-7

1

Jun-7

2

Jun-7

3

Jun-7

4

Jun-7

5

Jun-7

6

Jun-7

7

Jun-7

8

Jun-7

9

Jun-8

0

Jun-8

1

Jun-8

2

Jun-8

3

Jun-8

4

Jun-8

5

Jun-8

6

Jun-8

7

Jun-8

8

Jun-8

9

Jun-9

0

Jun-9

1

Jun-9

2

Jun-9

3

Jun-9

4

Jun-9

5

Jun-9

6

Jun-9

7

Jun-9

8

Jun-9

9

Jun-0

0

Jun-0

1

Jun-0

2

Jun-0

3

Jun-0

4

Jun-0

5

Jun-0

6

Jun-0

7

Jun-0

8

Jun-0

9

£ - $

US$/JAP Yen (1971 - 2009)

80.00

130.00

180.00

230.00

280.00

330.00

Jun-7

1

Jun-7

2

Jun-7

3

Jun-7

4

Jun-7

5

Jun-7

6

Jun-7

7

Jun-7

8

Jun-7

9

Jun-8

0

Jun-8

1

Jun-8

2

Jun-8

3

Jun-8

4

Jun-8

5

Jun-8

6

Jun-8

7

Jun-8

8

Jun-8

9

Jun-9

0

Jun-9

1

Jun-9

2

Jun-9

3

Jun-9

4

Jun-9

5

Jun-9

6

Jun-9

7

Jun-9

8

Jun-9

9

Jun-0

0

Jun-0

1

Jun-0

2

Jun-0

3

Jun-0

4

Jun-0

5

Jun-0

6

Jun-0

7

Jun-0

8

Jun-0

9

US$-Yen

N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 1 of 19

Page 2: COTZIAS MARKET ECONOMIC OUTLOOK JUNE …files.irwebpage.com/reports/shipping/GaPohY32AN... · COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009 MARITIME ECONOMETRICS GBP£/US$ (2003 - 2009)

www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009

Euro/US$ (2003 - 2009)

US$/AUSTRALIAN DOLLAR (2003 - 2009)

EUR€/US$ (1999 - 2009)

0.800.850.900.951.001.051.101.151.201.251.301.351.401.451.501.551.60

Mar

-99

Jun-9

9

Sep-9

9

Dec-9

9

Mar

-00

Jun-0

0

Sep-0

0

Dec-0

0

Mar

-01

Jun-0

1

Sep-0

1

Dec-0

1

Mar

-02

Jun-0

2

Sep-0

2

Dec-0

2

Mar

-03

Jun-0

3

Sep-0

3

Dec-0

3

Mar

-04

Jun-0

4

Sep-0

4

Dec-0

4

Mar

-05

Jun-0

5

Sep-0

5

Dec-0

5

Mar

-06

Jun-0

6

Sep-0

6

Dec-0

6

Mar

-07

Jun-0

7

Sep-0

7

Dec-0

7

Mar

-08

Jun-0

8

Sep-0

8

Dec-0

8

Mar

-09

Jun-0

9

Eur-US$

US$/AU$ (2003 - 2009)

0.5800

0.6300

0.6800

0.7300

0.7800

0.8300

0.8800

0.9300

0.9800

Jun-0

3

Sep-0

3

Dec-0

3

Mar

-04

Jun-0

4

Sep-0

4

Dec-0

4

Mar

-05

Jun-0

5

Sep-0

5

Dec-0

5

Mar

-06

Jun-0

6

Sep-0

6

Dec-0

6

Mar

-07

Jun-0

7

Sep-0

7

Dec-0

7

Mar

-08

Jun-0

8

Sep-0

8

Dec-0

8

Mar

-09

Jun-0

9

US$-AU$

EUR€/US$ (2003 - 2009)

1.0550

1.1050

1.1550

1.2050

1.2550

1.3050

1.3550

1.4050

1.4550

1.5050

1.5550

1.6050

Jun-0

3

Sep-0

3

Dec-0

3

Mar

-04

Jun-0

4

Sep-0

4

Dec-0

4

Mar

-05

Jun-0

5

Sep-0

5

Dec-0

5

Mar

-06

Jun-0

6

Sep-0

6

Dec-0

6

Mar

-07

Jun-0

7

Sep-0

7

Dec-0

7

Mar

-08

Jun-0

8

Sep-0

8

Dec-0

8

Mar

-09

Jun-0

9

Eur-US$

US$/AU$ (1971 - 2009)

0.5000

0.7000

0.9000

1.1000

1.3000

1.5000

Jun-7

1

Jun-7

2

Jun-7

3

Jun-7

4

Jun-7

5

Jun-7

6

Jun-7

7

Jun-7

8

Jun-7

9

Jun-8

0

Jun-8

1

Jun-8

2

Jun-8

3

Jun-8

4

Jun-8

5

Jun-8

6

Jun-8

7

Jun-8

8

Jun-8

9

Jun-9

0

Jun-9

1

Jun-9

2

Jun-9

3

Jun-9

4

Jun-9

5

Jun-9

6

Jun-9

7

Jun-9

8

Jun-9

9

Jun-0

0

Jun-0

1

Jun-0

2

Jun-0

3

Jun-0

4

Jun-0

5

Jun-0

6

Jun-0

7

Jun-0

8

Jun-0

9

US$-AU$

N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 2 of 19

Page 3: COTZIAS MARKET ECONOMIC OUTLOOK JUNE …files.irwebpage.com/reports/shipping/GaPohY32AN... · COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009 MARITIME ECONOMETRICS GBP£/US$ (2003 - 2009)

www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009

US$/AUS$ EXCH vs BALTIC DRY INDEX (2003 - 2009)

EUR€/US$ EXCH vs BALTIC DRY INDEX (2003 - 2009)

BALTIC DRY INDEX vs CLAYMORE DELTA GLOBAL ETF (2008 - 2009)

US$/AU$ VS BALTIC DRY INDEX (2003 - 2009)

0.5800

0.6300

0.6800

0.7300

0.7800

0.8300

0.8800

0.9300

0.9800

Jun-0

3

Sep-0

3

Dec-0

3

Mar

-04

Jun-0

4

Sep-0

4

Dec-0

4

Mar

-05

Jun-0

5

Sep-0

5

Dec-0

5

Mar

-06

Jun-0

6

Sep-0

6

Dec-0

6

Mar

-07

Jun-0

7

Sep-0

7

Dec-0

7

Mar

-08

Jun-0

8

Sep-0

8

Dec-0

8

Mar

-09

Jun-0

9

0

2000

4000

6000

8000

10000

12000

US$-AU$

BDI

EUR€/US$ VS BALTIC DRY INDEX (2003 - 2009)

1.0600

1.1600

1.2600

1.3600

1.4600

1.5600

Jun-0

3

Sep-0

3

Dec-0

3

Mar

-04

Jun-0

4

Sep-0

4

Dec-0

4

Mar

-05

Jun-0

5

Sep-0

5

Dec-0

5

Mar

-06

Jun-0

6

Sep-0

6

Dec-0

6

Mar

-07

Jun-0

7

Sep-0

7

Dec-0

7

Mar

-08

Jun-0

8

Sep-0

8

Dec-0

8

Mar

-09

Jun-0

9

0

2000

4000

6000

8000

10000

12000

Eur-US$

BDI

Baltic Dry Index Vs Claymore Delta Global ETF (2008-2009)

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

22.0

24.0

Sep-0

8

Sep-0

8

Sep-0

8

Sep-0

8

Oct-0

8

Oct-0

8

Oct-0

8

Oct-0

8

Nov-08

Nov-08

Nov-08

Nov-08

Dec-0

8

Dec-0

8

Dec-0

8

Dec-0

8

Dec-0

8

Jan-0

9

Jan-0

9

Jan-0

9

Jan-0

9

Feb-0

9

Feb-0

9

Feb-0

9

Feb-0

9

Mar

-09

Mar

-09

Mar

-09

Mar

-09

Mar

-09

Apr-09

Apr-09

Apr-09

Apr-09

May

-09

May

-09

May

-09

May

-09

Jun-0

9

Jun-0

9

Jun-0

9

Jun-0

9

Jun-0

9

SE

A E

TF

0

1000

2000

3000

4000

5000

6000SEA ETF

BDI

N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 3 of 19

Page 4: COTZIAS MARKET ECONOMIC OUTLOOK JUNE …files.irwebpage.com/reports/shipping/GaPohY32AN... · COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009 MARITIME ECONOMETRICS GBP£/US$ (2003 - 2009)

www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009

Brent OIL (2001 - 2009)

GOLD PRICE (2001 - 2009)

Brent OIL (2001 - 2009)

16.0026.0036.0046.0056.0066.0076.0086.0096.00

106.00116.00126.00136.00146.00

Jun-0

1

Sep-0

1

Dec-0

1

Mar

-02

Jun-0

2

Sep-0

2

Dec-0

2

Mar

-03

Jun-0

3

Sep-0

3

Dec-0

3

Mar

-04

Jun-0

4

Sep-0

4

Dec-0

4

Mar

-05

Jun-0

5

Sep-0

5

Dec-0

5

Mar

-06

Jun-0

6

Sep-0

6

Dec-0

6

Mar

-07

Jun-0

7

Sep-0

7

Dec-0

7

Mar

-08

Jun-0

8

Sep-0

8

Dec-0

8

Mar

-09

Jun-0

9

Brent Oil

Brent OIL (1987 - 2009)

8.0018.0028.0038.0048.0058.0068.0078.0088.0098.00

108.00118.00128.00138.00148.00

Jun-8

7

Jun-8

8

Jun-8

9

Jun-9

0

Jun-9

1

Jun-9

2

Jun-9

3

Jun-9

4

Jun-9

5

Jun-9

6

Jun-9

7

Jun-9

8

Jun-9

9

Jun-0

0

Jun-0

1

Jun-0

2

Jun-0

3

Jun-0

4

Jun-0

5

Jun-0

6

Jun-0

7

Jun-0

8

Jun-0

9

Brent Oil

GOLD (1970 - 2009)

20.00

220.00

420.00

620.00

820.00

1020.00

Jun-7

0

Jun-7

1

Jun-7

2

Jun-7

3

Jun-7

4

Jun-7

5

Jun-7

6

Jun-7

7

Jun-7

8

Jun-7

9

Jun-8

0

Jun-8

1

Jun-8

2

Jun-8

3

Jun-8

4

Jun-8

5

Jun-8

6

Jun-8

7

Jun-8

8

Jun-8

9

Jun-9

0

Jun-9

1

Jun-9

2

Jun-9

3

Jun-9

4

Jun-9

5

Jun-9

6

Jun-9

7

Jun-9

8

Jun-9

9

Jun-0

0

Jun-0

1

Jun-0

2

Jun-0

3

Jun-0

4

Jun-0

5

Jun-0

6

Jun-0

7

Jun-0

8

Jun-0

9

Gold

GOLD (2001 - 2009)

225.00

325.00

425.00

525.00

625.00

725.00

825.00

925.00

1025.00

Jun-0

1

Sep-0

1

Dec-0

1

Mar

-02

Jun-0

2

Sep-0

2

Dec-0

2

Mar

-03

Jun-0

3

Sep-0

3

Dec-0

3

Mar

-04

Jun-0

4

Sep-0

4

Dec-0

4

Mar

-05

Jun-0

5

Sep-0

5

Dec-0

5

Mar

-06

Jun-0

6

Sep-0

6

Dec-0

6

Mar

-07

Jun-0

7

Sep-0

7

Dec-0

7

Mar

-08

Jun-0

8

Sep-0

8

Dec-0

8

Mar

-09

Jun-0

9

Gold

N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 4 of 19

Page 5: COTZIAS MARKET ECONOMIC OUTLOOK JUNE …files.irwebpage.com/reports/shipping/GaPohY32AN... · COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009 MARITIME ECONOMETRICS GBP£/US$ (2003 - 2009)

www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009

BALTIC DRY INDEX 4/1/01 - 30/6/2009

BDI (ANNUAL AVG) vs GDP (1980-2014)

BALTIC DRY INDEX - incl Average Lines 4/1/85 - 30/6/2009

BALTIC DRY INDEX 4/1/85 - 30/6/2009

450

1950

3450

4950

6450

7950

9450

10950M

ay-8

5N

ov-8

5M

ay-8

6N

ov-8

6M

ay-8

7N

ov-8

7M

ay-8

8N

ov-8

8M

ay-8

9N

ov-8

9M

ay-9

0N

ov-9

0M

ay-9

1N

ov-9

1M

ay-9

2N

ov-9

2M

ay-9

3N

ov-9

3M

ay-9

4N

ov-9

4M

ay-9

5N

ov-9

5M

ay-9

6N

ov-9

6M

ay-9

7N

ov-9

7M

ay-9

8N

ov-9

8M

ay-9

9N

ov-9

9M

ay-0

0N

ov-0

0M

ay-0

1N

ov-0

1M

ay-0

2N

ov-0

2M

ay-0

3N

ov-0

3M

ay-0

4N

ov-0

4M

ay-0

5N

ov-0

5M

ay-0

6N

ov-0

6M

ay-0

7N

ov-0

7M

ay-0

8N

ov-0

8M

ay-0

9

BDIBDI

BDI Average from 1985 - 2003 is 1358 points

BDI Average from 2004 - today is 4647 points

BALTIC DRY INDEX 1/1/2001 - 30/6/2009

450

1950

3450

4950

6450

7950

9450

10950

Jun-

01S

ep-0

1D

ec-0

1M

ar-0

2Ju

n-02

Sep

-02

Dec

-02

Mar

-03

Jun-

03S

ep-0

3D

ec-0

3M

ar-0

4Ju

n-04

Sep

-04

Dec

-04

Mar

-05

Jun-

05S

ep-0

5D

ec-0

5M

ar-0

6Ju

n-06

Sep

-06

Dec

-06

Mar

-07

Jun-

07S

ep-0

7D

ec-0

7M

ar-0

8Ju

n-08

Sep

-08

Dec

-08

Mar

-09

Jun-

09

BDI

BDI Average from 1985 - today is 2088 points

BDI (ANNUAL AVERAGE) vs WORLD GDP 1980-2014

-4.5

0.5

5.5

10.5

15.5

20.5

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

-2000

0

2000

4000

6000

8000

10000

World Emerging and developing economies China, People's Republic ofDeveloping Asia Major advanced economies (G7) BDI ANNUAL AVERAGE

SOURCE: International Monetary Fund

N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 5 of 19

Page 6: COTZIAS MARKET ECONOMIC OUTLOOK JUNE …files.irwebpage.com/reports/shipping/GaPohY32AN... · COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009 MARITIME ECONOMETRICS GBP£/US$ (2003 - 2009)

www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009

BALTIC CAPE INDEX 1/3/99 - 30/6/2009

BALTIC PANAMAX INDEX 1/5/98 - 30/6/2009

BALTIC CAPE INDEX 1/1/03 - 30/6/2009

BALTIC PANAMAX INDEX 1/1/03 - 30/6/2009

BALTIC PANAMAX INDEX 1/5/1998 - 30/6/2009

350

1600

2850

4100

5350

6600

7850

9100

10350

11600Ju

n-98

Sep

-98

Dec

-98

Mar

-99

Jun-

99S

ep-9

9D

ec-9

9M

ar-0

0Ju

n-00

Sep

-00

Dec

-00

Mar

-01

Jun-

01S

ep-0

1D

ec-0

1M

ar-0

2Ju

n-02

Sep

-02

Dec

-02

Mar

-03

Jun-

03S

ep-0

3D

ec-0

3M

ar-0

4Ju

n-04

Sep

-04

Dec

-04

Mar

-05

Jun-

05S

ep-0

5D

ec-0

5M

ar-0

6Ju

n-06

Sep

-06

Dec

-06

Mar

-07

Jun-

07S

ep-0

7D

ec-0

7M

ar-0

8Ju

n-08

Sep

-08

Dec

-08

Mar

-09

Jun-

09

BPI

BALTIC CAPE INDEX 1/3/1999 - 30/6/2009

700

3200

5700

8200

10700

13200

15700

18200

Mar

-99

Jun-

99S

ep-9

9D

ec-9

9M

ar-0

0Ju

n-00

Sep

-00

Dec

-00

Mar

-01

Jun-

01S

ep-0

1D

ec-0

1M

ar-0

2Ju

n-02

Sep

-02

Dec

-02

Mar

-03

Jun-

03S

ep-0

3D

ec-0

3M

ar-0

4Ju

n-04

Sep

-04

Dec

-04

Mar

-05

Jun-

05S

ep-0

5D

ec-0

5M

ar-0

6Ju

n-06

Sep

-06

Dec

-06

Mar

-07

Jun-

07S

ep-0

7D

ec-0

7M

ar-0

8Ju

n-08

Sep

-08

Dec

-08

Mar

-09

Jun-

09BCI

BALTIC PANAMAX INDEX 1/1/2003 - 30/6/2009

350

1600

2850

4100

5350

6600

7850

9100

10350

11600

Mar

-03

Jun-

03

Sep

-03

Dec

-03

Mar

-04

Jun-

04

Sep

-04

Dec

-04

Mar

-05

Jun-

05

Sep

-05

Dec

-05

Mar

-06

Jun-

06

Sep

-06

Dec

-06

Mar

-07

Jun-

07

Sep

-07

Dec

-07

Mar

-08

Jun-

08

Sep

-08

Dec

-08

Mar

-09

Jun-

09

BPI

BALTIC CAPE INDEX 1/1/2003 - 30/6/2009

700

2700

4700

6700

8700

10700

12700

14700

16700

18700

Mar

-03

Jun-

03

Sep

-03

Dec

-03

Mar

-04

Jun-

04

Sep

-04

Dec

-04

Mar

-05

Jun-

05

Sep

-05

Dec

-05

Mar

-06

Jun-

06

Sep

-06

Dec

-06

Mar

-07

Jun-

07

Sep

-07

Dec

-07

Mar

-08

Jun-

08

Sep

-08

Dec

-08

Mar

-09

Jun-

09

BCI

N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 6 of 19

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www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009

BALTIC HANDY INDEX 1/5/06 - 30/6/2009

BALTIC SUPRAMAX INDEX 1/1/06 - 30/6/2009

BALTIC DRY INDEX (Monthly Average) vs WORLD TRADE VOLUME (Monthly Figures) 4/1/03 - 30/6/2009

BALTIC DRY INDEX vs BRENT CRUDE OIL 4/1/01 - 30/6/2009

BALTIC HANDY INDEX 1/5/2006 - 30/6/2009

200

600

1000

1400

1800

2200

2600

3000

3400

3800

May

-06

Jun-

06Ju

l-06

Aug

-06

Sep

-06

Oct

-06

Nov

-06

Dec

-06

Jan-

07Fe

b-07

Mar

-07

Apr

-07

May

-07

Jun-

07Ju

l-07

Aug

-07

Sep

-07

Oct

-07

Nov

-07

Dec

-07

Jan-

08Fe

b-08

Mar

-08

Apr

-08

May

-08

Jun-

08Ju

l-08

Aug

-08

Sep

-08

Oct

-08

Nov

-08

Dec

-08

Jan-

09Fe

b-09

Mar

-09

Apr

-09

May

-09

Jun-

09

BHI

BALTIC SUPRAMAX INDEX 1/1/2006 - 30/6/2009

250

1250

2250

3250

4250

5250

6250

7250Ja

n-06

Feb-

06M

ar-0

6A

pr-0

6M

ay-0

6Ju

n-06

Jul-0

6A

ug-0

6S

ep-0

6O

ct-0

6N

ov-0

6D

ec-0

6Ja

n-07

Feb-

07M

ar-0

7A

pr-0

7M

ay-0

7Ju

n-07

Jul-0

7A

ug-0

7S

ep-0

7O

ct-0

7N

ov-0

7D

ec-0

7Ja

n-08

Feb-

08M

ar-0

8A

pr-0

8M

ay-0

8Ju

n-08

Jul-0

8A

ug-0

8S

ep-0

8O

ct-0

8N

ov-0

8D

ec-0

8Ja

n-09

Feb-

09M

ar-0

9A

pr-0

9M

ay-0

9Ju

n-09

BSI

BDI vs BRENT CRUDE 1/1/2001 - 30/6/2009

450

1950

3450

4950

6450

7950

9450

10950

Mar

-01

Jun-

01S

ep-0

1D

ec-0

1M

ar-0

2Ju

n-02

Sep

-02

Dec

-02

Mar

-03

Jun-

03S

ep-0

3D

ec-0

3M

ar-0

4Ju

n-04

Sep

-04

Dec

-04

Mar

-05

Jun-

05S

ep-0

5D

ec-0

5M

ar-0

6Ju

n-06

Sep

-06

Dec

-06

Mar

-07

Jun-

07S

ep-0

7D

ec-0

7M

ar-0

8Ju

n-08

Sep

-08

Dec

-08

Mar

-09

Jun-

09

BDI

17.00

37.00

57.00

77.00

97.00

117.00

137.00BDIBrent Oil

BDI vs WORLD TRADE VOLUME 1/1/2003 - 30/6/2009

-28

-18

-8

2

12

22

Mar

-03

Jun-

03

Sep

-03

Dec

-03

Mar

-04

Jun-

04

Sep

-04

Dec

-04

Mar

-05

Jun-

05

Sep

-05

Dec

-05

Mar

-06

Jun-

06

Sep

-06

Dec

-06

Mar

-07

Jun-

07

Sep

-07

Dec

-07

Mar

-08

Jun-

08

Sep

-08

Dec

-08

Mar

-09

Jun-

09

BDI

450

1950

3450

4950

6450

7950

9450

10950TRADE VALUE BDI

SOURCE: International Monetary Fund

N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 7 of 19

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BALTIC INDICES MOVEMENT OVER THE PAST TWO MONTHS - BLOWUP GRAPHS

BALTIC DRY INDEX 30/4/2009 - 30/6/2009

12501425160017751950212523002475265028253000317533503525370038754050422544004575

01-M

ay-0

9

06-M

ay-0

9

11-M

ay-0

9

16-M

ay-0

9

21-M

ay-0

9

26-M

ay-0

9

31-M

ay-0

9

05-J

un-0

9

10-J

un-0

9

15-J

un-0

9

20-J

un-0

9

25-J

un-0

9

30-J

un-0

9

BDI

BALTIC CAPE INDEX 30/4/2009 - 30/6/2009

1700

2200

2700

3200

3700

4200

4700

5200

5700

6200

6700

7200

7700

8200

8700

01-M

ay-0

9

06-M

ay-0

9

11-M

ay-0

9

16-M

ay-0

9

21-M

ay-0

9

26-M

ay-0

9

31-M

ay-0

9

05-J

un-0

9

10-J

un-0

9

15-J

un-0

9

20-J

un-0

9

25-J

un-0

9

30-J

un-0

9

BCI

BALTIC PANAMAX INDEX 30/4/2009 - 30/6/2009

950

1150

1350

1550

1750

1950

2150

2350

2550

2750

2950

3150

3350

3550

3750

01-M

ay-0

9

06-M

ay-0

9

11-M

ay-0

9

16-M

ay-0

9

21-M

ay-0

9

26-M

ay-0

9

31-M

ay-0

9

05-J

un-0

9

10-J

un-0

9

15-J

un-0

9

20-J

un-0

9

25-J

un-0

9

30-J

un-0

9

BPI

BALTIC SUPRAMAX INDEX 30/4/2009 - 30/6/2009

1150

1250

1350

1450

1550

1650

1750

1850

1950

01-M

ay-0

9

06-M

ay-0

9

11-M

ay-0

9

16-M

ay-0

9

21-M

ay-0

9

26-M

ay-0

9

31-M

ay-0

9

05-J

un-0

9

10-J

un-0

9

15-J

un-0

9

20-J

un-0

9

25-J

un-0

9

30-J

un-0

9

BSI

BALTIC HANDYSIZE INDEX 30/4/2009 - 30/6/2009

620

670

720

770

820

870

920

01-M

ay-0

9

06-M

ay-0

9

11-M

ay-0

9

16-M

ay-0

9

21-M

ay-0

9

26-M

ay-0

9

31-M

ay-0

9

05-J

un-0

9

10-J

un-0

9

15-J

un-0

9

20-J

un-0

9

25-J

un-0

9

30-J

un-0

9

BHI

CLEAN TANKER INDEX 30/4/2009 - 30/6/2009

400

450

500

01-M

ay-0

9

06-M

ay-0

9

11-M

ay-0

9

16-M

ay-0

9

21-M

ay-0

9

26-M

ay-0

9

31-M

ay-0

9

05-J

un-0

9

10-J

un-0

9

15-J

un-0

9

20-J

un-0

9

25-J

un-0

9

30-J

un-0

9

BCTI

DIRTY TANKER INDEX 30/4/2009 - 30/6/2009

420440460480500520540560580600620640660680700720740760

01-M

ay-0

9

06-M

ay-0

9

11-M

ay-0

9

16-M

ay-0

9

21-M

ay-0

9

26-M

ay-0

9

31-M

ay-0

9

05-J

un-0

9

10-J

un-0

9

15-J

un-0

9

20-J

un-0

9

25-J

un-0

9

30-J

un-0

9

BDTI

N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 8 of 19

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CAPITAL LINK DRYBULK INDEX (CLDBI) vs BALTIC DRY INDEX (BDI)

DIRTY TANKER INDEX 1/1/01 - 30/6/2009

CLEAN TANKER INDEX 1/1/01 - 30/6/2009

CLEAN TANKER INDEX 1/1/2001 - 30/6/2009

340

540

740

940

1140

1340

1540

1740

1940M

ar-0

1Ju

n-01

Sep

-01

Dec

-01

Mar

-02

Jun-

02S

ep-0

2D

ec-0

2M

ar-0

3Ju

n-03

Sep

-03

Dec

-03

Mar

-04

Jun-

04S

ep-0

4D

ec-0

4M

ar-0

5Ju

n-05

Sep

-05

Dec

-05

Mar

-06

Jun-

06S

ep-0

6D

ec-0

6M

ar-0

7Ju

n-07

Sep

-07

Dec

-07

Mar

-08

Jun-

08S

ep-0

8D

ec-0

8M

ar-0

9Ju

n-09

BCTI BCTI

DIRTY TANKER INDEX 1/1/2001 - 30/6/2009

440

690

940

1190

1440

1690

1940

2190

2440

2690

2940

3190

Mar

-01

Jun-

01S

ep-0

1D

ec-0

1M

ar-0

2Ju

n-02

Sep

-02

Dec

-02

Mar

-03

Jun-

03S

ep-0

3D

ec-0

3M

ar-0

4Ju

n-04

Sep

-04

Dec

-04

Mar

-05

Jun-

05S

ep-0

5D

ec-0

5M

ar-0

6Ju

n-06

Sep

-06

Dec

-06

Mar

-07

Jun-

07S

ep-0

7D

ec-0

7M

ar-0

8Ju

n-08

Sep

-08

Dec

-08

Mar

-09

Jun-

09

BDTI BDTI

CAPITAL LINK DRYBULK INDEX vs BALTIC DRY INDEX 1/1/2005 - 30/6/2009

400.00

900.00

1400.00

1900.00

2400.00

2900.00

3400.00

3900.00

4400.00

4900.00

5400.00

5900.00

6400.00

6900.00

7400.00

Feb-

05

Apr

-05

Jun-

05

Aug

-05

Oct

-05

Dec

-05

Feb-

06

Apr

-06

Jun-

06

Aug

-06

Oct

-06

Dec

-06

Feb-

07

Apr

-07

Jun-

07

Aug

-07

Oct

-07

Dec

-07

Feb-

08

Apr

-08

Jun-

08

Aug

-08

Oct

-08

Dec

-08

Feb-

09

Apr

-09

Jun-

09

400

2400

4400

6400

8400

10400

12400

CL Drybulk Index (CLDBI)Baltic Dry Index (BDI)

N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 9 of 19

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ALL CAPITAL LINK INDICES (CLI'S) USED WITH THE EXPRESS PERMISSION OF CAPITAL LINK INC - NEW YORK

CAPITAL LINK MARITIME INDEX 1/1/2005 - 30/6/2009

1000.00

1500.00

2000.00

2500.00

3000.00

3500.00

4000.00

4500.00

5000.00

5500.00

Feb-

05

Apr

-05

Jun-

05

Aug

-05

Oct

-05

Dec

-05

Feb-

06

Apr

-06

Jun-

06

Aug

-06

Oct

-06

Dec

-06

Feb-

07

Apr

-07

Jun-

07

Aug

-07

Oct

-07

Dec

-07

Feb-

08

Apr

-08

Jun-

08

Aug

-08

Oct

-08

Dec

-08

Feb-

09

Apr

-09

Jun-

09

CL Maritime Index (CLMI)

CAPITAL LINK TANKER INDEX 1/1/2005 - 30/6/2009

1000.00

1500.00

2000.00

2500.00

3000.00

3500.00

4000.00

4500.00

5000.00

5500.00

Feb-

05

Apr

-05

Jun-

05

Aug

-05

Oct

-05

Dec

-05

Feb-

06

Apr

-06

Jun-

06

Aug

-06

Oct

-06

Dec

-06

Feb-

07

Apr

-07

Jun-

07

Aug

-07

Oct

-07

Dec

-07

Feb-

08

Apr

-08

Jun-

08

Aug

-08

Oct

-08

Dec

-08

Feb-

09

Apr

-09

Jun-

09

CL Tanker Index (CLTI)

CAPITAL LINK DRYBULK INDEX 1/1/2005 - 30/6/2009

400.00

900.00

1400.00

1900.00

2400.00

2900.00

3400.00

3900.00

4400.00

4900.00

5400.00

5900.00

6400.00

6900.00

7400.00

Feb-

05

Apr

-05

Jun-

05

Aug

-05

Oct

-05

Dec

-05

Feb-

06

Apr

-06

Jun-

06

Aug

-06

Oct

-06

Dec

-06

Feb-

07

Apr

-07

Jun-

07

Aug

-07

Oct

-07

Dec

-07

Feb-

08

Apr

-08

Jun-

08

Aug

-08

Oct

-08

Dec

-08

Feb-

09

Apr

-09

Jun-

09CL Drybulk Index (CLDBI)

N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 10 of 19

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ALL CAPITAL LINK INDICES (CLI'S) USED WITH THE EXPRESS PERMISSION OF CAPITAL LINK INC - NEW YORK

CAPITAL LINK CONTAINER INDEX 1/1/2005 - 30/6/2009

700.00

1200.00

1700.00

2200.00

2700.00

3200.00

3700.00

4200.00

4700.00

5200.00

5700.00

Feb-

05

Apr

-05

Jun-

05

Aug

-05

Oct

-05

Dec

-05

Feb-

06

Apr

-06

Jun-

06

Aug

-06

Oct

-06

Dec

-06

Feb-

07

Apr

-07

Jun-

07

Aug

-07

Oct

-07

Dec

-07

Feb-

08

Apr

-08

Jun-

08

Aug

-08

Oct

-08

Dec

-08

Feb-

09

Apr

-09

Jun-

09

CL Container Index (CLCI)

CAPITAL LINK LNG/LPG INDEX 1/1/2005 - 30/6/2009

400.00

900.00

1400.00

1900.00

2400.00

2900.00

3400.00

Feb-

05

Apr

-05

Jun-

05

Aug

-05

Oct

-05

Dec

-05

Feb-

06

Apr

-06

Jun-

06

Aug

-06

Oct

-06

Dec

-06

Feb-

07

Apr

-07

Jun-

07

Aug

-07

Oct

-07

Dec

-07

Feb-

08

Apr

-08

Jun-

08

Aug

-08

Oct

-08

Dec

-08

Feb-

09

Apr

-09

Jun-

09

CL LNG/LPG Index (CLLG)

CAPITAL LINK MIXED FLEET INDEX 1/1/2005 - 30/6/2009

330.00

830.00

1330.00

1830.00

2330.00

2830.00

Feb-

05

Apr

-05

Jun-

05

Aug

-05

Oct

-05

Dec

-05

Feb-

06

Apr

-06

Jun-

06

Aug

-06

Oct

-06

Dec

-06

Feb-

07

Apr

-07

Jun-

07

Aug

-07

Oct

-07

Dec

-07

Feb-

08

Apr

-08

Jun-

08

Aug

-08

Oct

-08

Dec

-08

Feb-

09

Apr

-09

Jun-

09

CL Mixed Fleet Index (CLMFI)

CAPITAL LINK MLP INDEX 1/1/2005 - 30/6/2009

400.00

900.00

1400.00

1900.00

2400.00

2900.00

3400.00

3900.00

Jun-

05

Aug

-05

Oct

-05

Dec

-05

Feb-

06

Apr

-06

Jun-

06

Aug

-06

Oct

-06

Dec

-06

Feb-

07

Apr

-07

Jun-

07

Aug

-07

Oct

-07

Dec

-07

Feb-

08

Apr

-08

Jun-

08

Aug

-08

Oct

-08

Dec

-08

Feb-

09

Apr

-09

Jun-

09

CL MLP Index (CLMLP)

N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 11 of 19

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DRY CARGO (1990-2009) NB PRICES

DRY CARGO (2002-2009) 5 YEAR OLD PRICES

DRY CARGO SHIP VALUES

DRY CARGO (1990-2009) NB PRICES

17

22

27

32

37

42

47

52

57

62

67

72

77

82

87

92

97

Feb-0

2

Jun-0

2

Oct-0

2

Feb-0

3

Jun-0

3

Oct-0

3

Feb-0

4

Jun-0

4

Oct-0

4

Feb-0

5

Jun-0

5

Oct-0

5

Feb-0

6

Jun-0

6

Oct-0

6

Feb-0

7

Jun-0

7

Oct-0

7

Feb-0

8

Jun-0

8

Oct-0

8

Feb-0

9

Jun-0

9

CAPE 170KPANAMAX 70KHANDY 50K

DRY CARGO (2002-2009) 5 YEAR OLD PRICES

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

$80.0

$90.0

$100.0

$110.0

$120.0

$130.0

$140.0

$150.0

Feb-0

2

Jun-0

2

Oct-0

2

Feb-0

3

Jun-0

3

Oct-0

3

Feb-0

4

Jun-0

4

Oct-0

4

Feb-0

5

Jun-0

5

Oct-0

5

Feb-0

6

Jun-0

6

Oct-0

6

Feb-0

7

Jun-0

7

Oct-0

7

Feb-0

8

Jun-0

8

Oct-0

8

Feb-0

9

Jun-0

9

CAPE 170KPANAMAX 70KHANDY 50K

N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 12 of 19

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www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009

DRY CARGO (2002-2009) 10 YEAR OLD PRICES

DRY CARGO (2002-2009) 20 YEAR OLD PRICESDUE TO THE NEVER FORESEEN MARKET CHANGES POST OCTOBER 2008, WE WANT TO CLARIFY THAT, DRY CARGO SECONDHAND SHIP PRICES FOR PERIOD OCT

2008 UNTIL DEC 2008, HAVE BEEN CALCULATED AND UPDATED BASED ON ALL NEGOTIATED DEALS EITHER CONCLUDED OR FAILED AND ON VARIOUS RENEGOTIATED OLD SALES. HOWEVER ACCURACY OF THESE QUOTED PRICES CAN NOT BE GUARANTEED IN ITS ENTIRETY. HOWEVER WE TRUST THAT THE

SECONDHAND DRY CARGO SHIP PRICES QUOTED ARE FAIRLY CLOSE TO THE PREVAILING REALISTIC MARKET PRICES.

DRY CARGO (2002-2009) 10 YEAR OLD PRICES

$7.0

$17.0

$27.0

$37.0

$47.0

$57.0

$67.0

$77.0

$87.0

$97.0

$107.0

$117.0

$127.0

Feb-0

2

Jun-0

2

Oct-0

2

Feb-0

3

Jun-0

3

Oct-0

3

Feb-0

4

Jun-0

4

Oct-0

4

Feb-0

5

Jun-0

5

Oct-0

5

Feb-0

6

Jun-0

6

Oct-0

6

Feb-0

7

Jun-0

7

Oct-0

7

Feb-0

8

Jun-0

8

Oct-0

8

Feb-0

9

Jun-0

9

CAPE 170KPANAMAX 70KHANDY 50K

DRY CARGO (2000-2009) 20 YEAR OLD PRICES

$3.0

$8.0

$13.0

$18.0

$23.0

$28.0

$33.0

$38.0

$43.0

$48.0

$53.0

$58.0

$63.0

$68.0

$73.0

$78.0

$83.0

Feb-0

2

Jun-0

2

Oct-0

2

Feb-0

3

Jun-0

3

Oct-0

3

Feb-0

4

Jun-0

4

Oct-0

4

Feb-0

5

Jun-0

5

Oct-0

5

Feb-0

6

Jun-0

6

Oct-0

6

Feb-0

7

Jun-0

7

Oct-0

7

Feb-0

8

Jun-0

8

Oct-0

8

Feb-0

9

Jun-0

9

CAPE 170KPANAMAX 70KHANDY 50K

N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 13 of 19

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www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009

LARGE BULKERS 149-85,000 DWT - AVERAGE EARNINGS 2002-9

CAPESIZE BULKERS 300-149,000 DWT - AVERAGE EARNINGS 2002-9

DRY CARGO SHIP AVERAGE EARNINGS

CAPESIZE 300-149,000 DWT - AVERAGE EARNINGS 2002-9

$4,000

$19,000

$34,000

$49,000

$64,000

$79,000

$94,000

$109,000

$124,000

$139,000

$154,000

$169,000

$184,000

Feb-

02

Jun-

02

Oct

-02

Feb-

03

Jun-

03

Oct

-03

Feb-

04

Jun-

04

Oct

-04

Feb-

05

Jun-

05

Oct

-05

Feb-

06

Jun-

06

Oct

-06

Feb-

07

Jun-

07

Oct

-07

Feb-

08

Jun-

08

Oct

-08

Feb-

09

Jun-

09

CAPESIZE

LARGE BULKERS 149-85,000 DWT - AVERAGE EARNINGS 2002-9

$4,500

$14,500

$24,500

$34,500

$44,500

$54,500

$64,500

$74,500

$84,500

$94,500

$104,500

$114,500

$124,500

Feb-

02

Jun-

02

Oct

-02

Feb-

03

Jun-

03

Oct

-03

Feb-

04

Jun-

04

Oct

-04

Feb-

05

Jun-

05

Oct

-05

Feb-

06

Jun-

06

Oct

-06

Feb-

07

Jun-

07

Oct

-07

Feb-

08

Jun-

08

Oct

-08

Feb-

09

Jun-

09

LARGE BULKERS

N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 14 of 19

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www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009

PANAMAX 85-59,000 DWT - AVERAGE EARNINGS 2002-8

HANDYMAX 59-48,000 DWT - AVERAGE EARNINGS 2002-2009

PANAMAX 85-59,000 DWT - AVERAGE EARNINGS 2002-9

$4,000

$11,000

$18,000

$25,000

$32,000

$39,000

$46,000

$53,000

$60,000

$67,000

$74,000

$81,000

$88,000

$95,000

Feb-

02

Jun-

02

Oct

-02

Feb-

03

Jun-

03

Oct

-03

Feb-

04

Jun-

04

Oct

-04

Feb-

05

Jun-

05

Oct

-05

Feb-

06

Jun-

06

Oct

-06

Feb-

07

Jun-

07

Oct

-07

Feb-

08

Jun-

08

Oct

-08

Feb-

09

Jun-

09

PANAMAX

HANDYMAX 59-48,000 DWT - AVERAGE EARNINGS 2002-2009

$6,000

$13,000

$20,000

$27,000

$34,000

$41,000

$48,000

$55,000

$62,000

$69,000

Feb-

02

Jun-

02

Oct

-02

Feb-

03

Jun-

03

Oct

-03

Feb-

04

Jun-

04

Oct

-04

Feb-

05

Jun-

05

Oct

-05

Feb-

06

Jun-

06

Oct

-06

Feb-

07

Jun-

07

Oct

-07

Feb-

08

Jun-

08

Oct

-08

Feb-

09

Jun-

09

HANDYMAX

N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 15 of 19

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www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009

BULKERS 40-30,000 DWT - AVERAGE EARNINGS 2002-9

HANDY 48-40,000 DWT - AVERAGE EARNINGS 2002-9

HANDY 48-40,000 DWT - AVERAGE EARNINGS 2002-9

$4,000

$10,000

$16,000

$22,000

$28,000

$34,000

$40,000

$46,000

$52,000

$58,000

$64,000

Feb-

02

Jun-

02

Oct

-02

Feb-

03

Jun-

03

Oct

-03

Feb-

04

Jun-

04

Oct

-04

Feb-

05

Jun-

05

Oct

-05

Feb-

06

Jun-

06

Oct

-06

Feb-

07

Jun-

07

Oct

-07

Feb-

08

Jun-

08

Oct

-08

Feb-

09

Jun-

09

HANDY

BULKERS 40-30,000 DWT - AVERAGE EARNINGS 2002-9

$4,000

$9,000

$14,000

$19,000

$24,000

$29,000

$34,000

$39,000

$44,000

$49,000

$54,000

$59,000

$64,000

Feb-

02

Jun-

02

Oct

-02

Feb-

03

Jun-

03

Oct

-03

Feb-

04

Jun-

04

Oct

-04

Feb-

05

Jun-

05

Oct

-05

Feb-

06

Jun-

06

Oct

-06

Feb-

07

Jun-

07

Oct

-07

Feb-

08

Jun-

08

Oct

-08

Feb-

09

Jun-

09

BULKERS

N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 16 of 19

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www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009

DRY CARGO - AVERAGE EARNINGS 2002-9 (ALL VSL TYPES)

SMALL BULKERS 30-12,000 DWT - AVERAGE EARNINGS 2002-9

SMALL BULKERS 30-12,000 DWT - AVERAGE EARNINGS 2002-9

$3,500

$7,500

$11,500

$15,500

$19,500

$23,500

$27,500

$31,500

$35,500

$39,500

$43,500

Feb-

02

Jun-

02

Oct

-02

Feb-

03

Jun-

03

Oct

-03

Feb-

04

Jun-

04

Oct

-04

Feb-

05

Jun-

05

Oct

-05

Feb-

06

Jun-

06

Oct

-06

Feb-

07

Jun-

07

Oct

-07

Feb-

08

Jun-

08

Oct

-08

Feb-

09

Jun-

09

SMALL BULKERS

DRY CARGO - AVERAGE EARNINGS 2002-9

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

$160,000

$180,000

Feb-

02

Jun-

02

Oct

-02

Feb-

03

Jun-

03

Oct

-03

Feb-

04

Jun-

04

Oct

-04

Feb-

05

Jun-

05

Oct

-05

Feb-

06

Jun-

06

Oct

-06

Feb-

07

Jun-

07

Oct

-07

Feb-

08

Jun-

08

Oct

-08

Feb-

09

Jun-

09

CAPESIZEVERY LARGE BCPANAMAXHANDYMAX

HANDYBULKERSSMALL BC

N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 17 of 19

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www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009

2009 UNITS DWT LDT average 2008 UNITS DWT LDT average

January 93 3,626,017 906,019 $262.7 JANUARY 13 392,137 125,125 $588.9

February 92 2,420,050 737,113 $255.8 FEBRUARY 21 681,495 172,214 $578.8

March 95 3,587,003 924,963 $279.2 MARCH 15 907,949 211,596 $670.2

April 69 1,870,020 565,688 $258.8 APRIL 20 855,210 235,828 $680.0

May 88 2,945,746 907,058 $233.4 MAY 24 489,924 175,189 $677.0

June 52 1,450,687 512,507 $257.9 JUNE 20 664,902 201,833 $710.2

July 0 0 0 $0.0 JULY 12 440,900 111,600 $693.2

August 0 0 0 $0.0 AUGUST 34 590,300 216,331 $755.6

September 0 0 0 $0.0 SEPTEMBER 15 725,048 201,589 $595.6

October 0 0 0 $0.0 OCTOBER 30 955,839 240,466 $373.4

November 0 0 0 $0.0 NOVEMBER 57 3,267,815 710,078 $228.1

December 0 0 0 $0.0 DECEMBER 59 1,871,104 583,509 $260.7TOTAL 489 15,899,523 4,553,348 $258.0 TOTAL 320 11,842,623 3,185,358 $567.6

2007 UNITS DWT LDT average 2006 UNITS DWT LDT average

JANUARY 29 707,496 183,790 $460.5 JANUARY 17 297,498 130,067 $332.1

FEBRUARY 21 746,256 184,078 $444.0 FEBRUARY 15 568,692 126,099 $306.0

MARCH 16 390,362 107,585 $410.5 MARCH 24 989,715 242,218 $319.8

APRIL 25 896,724 254,673 $439.3 APRIL 18 776,470 172,298 $361.5

MAY 13 446,308 126,539 $476.6 MAY 20 1,024,675 219,052 $352.4

JUNE 17 346,816 118,978 $453.1 JUNE 17 297,235 89,878 $376.3

JULY 16 430,191 105,861 $567.5 JULY 17 346,718 112,393 $315.7

AUGUST 13 400,320 127,092 $525.2 AUGUST 16 581,341 146,962 $393.5

SEPTEMBER 10 150,660 51,187 $461.1 SEPTEMBER 17 464,982 128,705 $353.2

OCTOBER 17 287,398 87,442 $492.5 OCTOBER 11 262,318 85,757 $391.1

NOVEMBER 23 427,000 149,569 $590.0 NOVEMBER 19 298,048 114,496 $412.8

DECEMBER 8 215,941 79,678 $536.1 DECEMBER 29 883,615 235,774 $460.5TOTAL 208 5,445,472 1,576,472 $488.0 TOTAL 220 6,791,307 1,803,699 $364.6

SCRAP STATISTICS 2005 - 2008

Average Scrap Price vs Number of units Scrapped (2005 - 2009)

1619 21

11

0

16 18

105

127

17 15

2418 20

17 17 16 1711

19

29 29

2116

25

1317 16

1310

1723

813

2115

2024

20

12

34

15

30

57 59

93 9295

69

88

52

$200.00

$250.00

$300.00

$350.00

$400.00

$450.00

$500.00

$550.00

$600.00

$650.00

$700.00

$750.00

Feb-0

5

Jun-0

5

Oct-0

5

Feb-0

6

Jun-0

6

Oct-0

6

Feb-0

7

Jun-0

7

Oct-0

7

Feb-0

8

Jun-0

8

Oct-0

8

Feb-0

9

Jun-0

9

-2

19

40

61

82

103Average Scrap Price

No SHIPS SCRAPPED

2,219,051

1,080,844

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

PAKISTAN 491,947

TURKEY 50,543

BANGLADESH 1,080,844

INDIA 2,219,051

CHINA 667,247

LDT TAKEN

255

100

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

PAKISTAN 56

TURKEY 9

BANGLADESH 100

INDIA 255

CHINA 64

UNITS$0

$50

$100

$150

$200

$250

$300

CHINA $227

INDIA $259

BANGLADESH $278

TURKEY $196

PAKISTAN $205

av $

7

N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 18 of 19

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www.cotzias.gr COTZIAS MARKET ECONOMIC OUTLOOK JUNE 2009

2009MONTH DRY WET TOTAL DRY WET TOTAL DRY WET TOTALJANUARY 62 36 98 $812.15m $1,380.95m $2,193.10m 2,505,893 2,829,769 5,335,662FEBRUARY 73 17 90 $682.50m $406.80m $1,089.30m 2,622,811 1,038,858 3,661,669MARCH 103 21 124 $1,026.38m $339.95m $1,366.33m 3,923,727 698,835 4,622,562APRIL 75 22 97 $913.02m $267.90m $1,180.92m 3,569,193 645,958 4,215,151MAY 97 46 143 $1,366.90m $760.50m $2,127.40m 5,231,800 3,078,127 8,309,927JUNE 113 17 130 $1,679.33m $309.55m $1,988.88m 5,680,789 1,035,385 6,716,174JULY 0 0 0 $0.00m $0.00m $0.00m 0 0 0AUGUST 0 0 0 $0.00m $0.00m $0.00m 0 0 0SEPTEMBER 0 0 0 $0.00m $0.00m $0.00m 0 0 0OCTOBER 0 0 0 $0.00m $0.00m $0.00m 0 0 0NOVEMBER 0 0 0 $0.00m $0.00m $0.00m 0 0 0DECEMBER 0 0 0 $0.00m $0.00m $0.00m 0 0 0

TOTAL 2009 523 159 682 $6,480.27m $3,465.65m $9,945.92m 23,534,213 9,326,932 32,861,145

2008MONTH DRY WET TOTAL DRY WET TOTAL DRY WET TOTALJANUARY 107 56 163 $1,918.17m $947.30m $2,865.47m 4,339,475 2,525,167 6,864,642FEBRUARY 82 50 132 $2,415.84m $1,048.25m $3,464.09m 4,321,835 2,891,251 7,213,086MARCH 108 31 139 $2,330.15m $789.55m $3,119.70m 4,558,081 2,165,966 6,724,047APRIL 122 50 172 $3,709.65m $1,478.00m $5,187.65m 7,205,104 3,221,021 10,426,125MAY 137 61 198 $3,051.04m $2,133.75m $5,184.79m 4,894,983 4,757,574 9,652,557JUNE 108 70 178 $2,030.60m $2,338.37m $4,368.97m 3,369,782 5,165,416 8,535,198JULY 163 34 197 $5,790.40m $1,430.55m $7,220.95m 8,463,283 2,520,864 10,984,147AUGUST 84 36 120 $2,823.13m $1,021.75m $3,844.88m 3,755,816 2,668,848 6,424,664SEPTEMBER 77 46 123 $2,051.65m $1,386.85m $3,438.50m 3,172,253 2,991,438 6,163,691OCTOBER 141 67 208 $4,315.81m $1,837.00m $6,152.81m 5,319,934 4,198,224 9,518,158NOVEMBER 145 40 185 $4,509.41m $1,214.55m $5,723.96m 6,035,362 2,614,259 8,649,621DECEMBER 66 56 122 $1,529.43m $2,828.80m $4,358.23m 1,889,853 7,295,600 9,185,453

TOTAL 2008 1340 597 1937 $36,475.28m $18,454.72m $54,930.00m 57,325,761 43,015,628 100,341,389

2007MONTH DRY WET TOTAL DRY WET TOTAL DRY WET TOTALJANUARY 107 56 163 $1,918.17m $947.30m $2,865.47m 4,339,475 2,525,167 6,864,642FEBRUARY 82 50 132 $2,415.84m $1,048.25m $3,464.09m 4,321,835 2,891,251 7,213,086MARCH 108 31 139 $2,330.15m $789.55m $3,119.70m 4,558,081 2,165,966 6,724,047APRIL 122 50 172 $3,709.65m $1,478.00m $5,187.65m 7,205,104 3,221,021 10,426,125MAY 137 61 198 $3,051.04m $2,133.75m $5,184.79m 4,894,983 4,757,574 9,652,557JUNE 108 70 178 $2,030.60m $2,338.37m $4,368.97m 3,369,782 5,165,416 8,535,198JULY 163 34 197 $5,790.40m $1,430.55m $7,220.95m 8,463,283 2,520,864 10,984,147AUGUST 84 36 120 $2,823.13m $1,021.75m $3,844.88m 3,755,816 2,668,848 6,424,664SEPTEMBER 77 46 123 $2,051.65m $1,386.85m $3,438.50m 3,172,253 2,991,438 6,163,691OCTOBER 141 67 208 $4,315.81m $1,837.00m $6,152.81m 5,319,934 4,198,224 9,518,158NOVEMBER 145 40 185 $4,509.41m $1,214.55m $5,723.96m 6,035,362 2,614,259 8,649,621DECEMBER 66 56 122 $1,529.43m $2,828.80m $4,358.23m 1,889,853 7,295,600 9,185,453

TOTAL 2007 1340 597 1937 $36,475.28m $18,454.72m $54,930.00m 57,325,761 43,015,628 100,341,389

2006MONTH DRY WET TOTAL DRY WET TOTAL DRY WET TOTALJANUARY 67 46 113 $915.92m $1,752.35m $2,668.27m 2,157,524 4,867,107 7,024,631FEBRUARY 68 48 116 $1,886.55m $1,689.43m $3,575.98m 3,715,192 3,580,338 7,295,530MARCH 75 69 144 $1,190.65m $2,516.33m $3,706.98m 3,587,131 5,346,521 8,933,652APRIL 57 31 88 $685.40m $915.20m $1,600.60m 2,040,481 1,662,012 3,702,493MAY 110 58 168 $2,789.55m $922.10m $3,711.65m 5,720,170 2,034,387 7,754,557JUNE 115 35 150 $1,889.17m $854.55m $2,743.72m 4,166,463 1,206,691 5,373,154JULY 80 26 106 $1,246.48m $615.30m $1,861.78m 3,272,657 1,440,814 4,713,471AUGUST 112 44 156 $2,163.89m $1,926.60m $4,090.49m 4,743,047 3,550,390 8,293,437SEPTEMBER 80 47 127 $1,747.32m $1,607.05m $3,354.37m 3,876,045 3,171,331 7,047,376OCTOBER 88 37 125 $1,743.89m $1,168.45m $2,912.34m 3,696,441 3,653,844 7,350,285NOVEMBER 104 26 130 $1,965.75m $680.55m $2,646.30m 3,224,100 1,267,516 4,491,616DECEMBER 104 43 147 $2,068.77m $1,020.25m $3,089.02m 4,745,371 3,316,483 8,061,854

TOTAL 2006 1060 510 1570 $20,293.34m $15,668.16m $35,961.50m 44,944,622 35,097,434 80,042,056

2005MONTH DRY WET TOTAL DRY WET TOTAL DRY WET TOTALJANUARY 73 44 117 $1,314.89m $1,609.90m $2,924.79m 3,069,052 4,534,640 7,603,692FEBRUARY 107 38 145 $2,193.49m $877.80m $3,071.29m 5,232,787 2,284,438 7,517,225MARCH 112 67 179 $2,550.43m $3,016.10m $5,566.53m 4,900,346 6,385,327 11,285,673APRIL 88 60 148 $1,648.45m $1,358.35m $3,006.80m 4,037,692 3,544,149 7,581,841MAY 75 42 117 $806.98m $896.90m $1,703.88m 1,762,023 2,065,302 3,827,325JUNE 42 50 92 $515.30m $1,292.60m $1,807.90m 1,003,905 2,979,077 3,982,982JULY 49 30 79 $652.05m $629.28m $1,281.33m 890,425 1,223,007 2,113,432AUGUST 52 35 87 $784.85m $722.80m $1,507.65m 2,231,040 1,997,151 4,228,191SEPTEMBER 79 50 129 $1,985.55m $1,892.80m $3,878.35m 3,650,377 4,004,091 7,654,468OCTOBER 59 59 118 $1,357.96m $1,775.20m $3,133.16m 3,047,547 4,804,991 7,852,538NOVEMBER 55 36 91 $682.28m $668.93m $1,351.21m 1,593,491 2,033,730 3,627,221DECEMBER 56 38 94 $894.40m $1,538.25m $2,432.65m 1,746,694 3,629,408 5,376,102

TOTAL 2005 847 549 1396 $15,386.63m $16,278.91m $31,665.54m 33,165,379 39,485,311 72,650,690

2006 - VESSELS SOLDDWT SOLD

UNITS SOLD CAPITAL OUTLAY2007 - VESSELS SOLD

DWT SOLD

UNITS SOLD CAPITAL OUTLAY

UNITS SOLD CAPITAL OUTLAY

2008 - VESSELS SOLDDWT SOLD

DWT SOLD2009 - VESSELS SOLD

UNITS SOLD CAPITAL OUTLAY

UNITS SOLD CAPITAL OUTLAY

2005 - VESSELS SOLDDWT SOLD

N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893) Page 19 of 19


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