S&P MONTHLY REPORT DECEMBER 2009files.irwebpage.com/reports/shipping/GaPohY32AN/COTZIAS...75,590 D2...

www.cotzias.gr – visit our constantly updated website NOVEMBER 2009

Ship sale volume: Dec-09 Nov-0996 128 last month

80 100 last month

16 28 last month

Scrap volume:

55 104 last month

$459 usd/ldt INDIA (stainless)

Newbuilding Ships Prices (30/9/2009) (in mil USD)Dry Cargo CAPE 2/1/2009 PMX 2/1/2009 HMAX 2/1/2009

NEWBUILDING $68.3 $50.0 $41.0 $35.0 $33.0 $27.0

Tanker Ships VLCC 2/1/2009 SUZ 2/1/2009 AFR 2/1/2009

NEWBUILDING $97.0 $114.0 $68.0 $91.0 $49.0 $74.0

PAN 2/1/2009 PROD 2/1/2009

$41.0 $60.0 $33.0 $51.0

Average Dry cargo T/C Earnings (worldwide routes):

Dec-09 Nov-09 Oct-09 Sep-09$55,769 $66,080 $40,072 $35,266$30,800 $34,781 $19,136 $13,150$29,500 $30,026 $22,526 $19,372$26,308 $25,973 $21,562 $19,525$26,800 $24,306 $18,514 $17,966$20,292 $16,646 $14,250 $16,933$16,379 $14,217 $14,236 $11,965

Scrap Prices for DECEMBER 2009

CHINA HIGH $337 AVERAGE $312 DEC 2009 AVERAGE $297 INDIA HIGH $459 AVERAGE $298 NOV 2009 AVERAGE $304

BANGLADESH HIGH $370 AVERAGE $322 OCT 2009 AVERAGE $282 PAKISTAN HIGH $340 AVERAGE $240 SEP 2009 AVERAGE $291

TURKEY HIGH $179 AVERAGE $179 AUG 2009 AVERAGE $250 275.64

BALTIC INDICES % since

30-Dec-09change since LAST MONTH 30-Nov-09 31-Oct-09 30-Sep-09

3005 -22.69% 3887 3103 22203887 -37.20% 6189 5047 28463567 -5.06% 3757 3150 22762224 -7.95% 2416 1820 19661159 1.85% 1138 867 974634 22.16% 519 444 519814 19.88% 679 593 570

COMMENTS:

Baltic Handymax Index

Large Bulkers 144,000 – 85,000 dwt:

Panamax 82,000 – 59,000 dwt:

Handymax 59,000 – 48,000 dwt:

Handy 48,000 – 40,000 dwt:

Bulkers 40,000 – 30,000 dwt:

Small Bulkers 30,000 – 12,000 dwt:

Baltic Panamax Index

Baltic Supramax Index

Executive Summary

Dry cargo Ships sold this month:

Total number of Ships sold this month:

Wet cargo Ships sold this month:

Ships scrapped this month:

Baltic Cape Index

Highest Scrap Price paid this month:

Capes >144,000 dwt:

Baltic Dry Index

GENERAL SCRAP PRICE AVERAGE

Baltic Clean Tanker Index

Baltic Dirty Tanker Index

2009, is over and that was finally a good year for the Sale and purchase market. Despite the fears and worries of a collapsed market, activity was there, and in total 1305 units changed hands in both dry and wet sectors.more than 20 billion usd was used up for these deals.Bulkers mainly were the hot pick of the year and mainly Japanese built units.Greeks have acquired 215 units in both sectors while Chinese buyers 296 units. In terms of capital Greeks have outspent the Chinese with 4.3billion vs 4.2billion. In terms of tonnage Chinese have outweighed the Greeks with 19million tonnes vs 12million tonnes. What is worth mentioning is the total collapse of the Newbuilding industry. “Bob the builder” should apply for the “dole”…!! Yards have faced the worst year in their history as new orders were practically

non-existent all through this year. We understand and have reports of few orders that were placed this year but the total number of 230 orders of 720 units is not just

few… it is simply very-very-very low!!! Last year in 2008, we had 1157 orders of 3500 new units and in 2007 we had 1500 orders of 4800 new units!

S&P MONTHLY REPORTDECEMBER 2009

This was the year to be a “scrapper”!!! 1244 units were scrapped in 2009. This number represents a never seen before record figure. To understand its size, just by summing up the units scrapped in 2004+2005+2006+2007 & 2008 we end up with a total figure close to what just exited the market alone in 2009. If we see the totals per sector we can say that 600 dry cargo units were scrapped this past year, 206 containers, 103 car carriers, 42 reefers and 204 tankers of which 28 were gas carriers. 34.6million tones of carrying capacity were removed from the active fleet and 10.2million tones of steel was cut for recycling. For 2009, India got the Lion’s share in terms of units taken with 473 units, China 2nd with 271 units, Bangladesh 3rd with 211 units and Turkey 4th with 105 units. Scrap activity was really strong this year and this was a great help for our industry. Ship values during 2009, remained severely lower from the over inflated and extravagantly high levels we had seen to reach a peak by the end of first half of 2008.

N. COTZIAS SHIPPING CO. LTD.7-9 AKTI MIAOULI - 185 35 PIRAEUS TEL:+30 210 4222660/5 FAX:+30 210 4222678/9

PAGE 1 of [email protected], [email protected]


2009

NAME TYPE YEAR BUILT DWT GEAR PRICEBUYERS

NAMEBUYERS NATION

NOTES IMO

ALBA RESALE BC 2010STX

SHIPBUILDING 180,000 $62.00mCHINESE BUYERS

CHINA -

ORIENTAL BAY BC 2010SASEBO SASEBO 179,764 $71.50m

FIVE STAR SHIPPING

CHINASELLERS ARE CIDO SHIPPING

CHINA 9402299

AZUL GLORY BC 1998DAEWOO

HEAVY INDUSTRIES

178,000 $40.50mCHINESE BUYERS

CHINA

SELLERS ARE BERNHARD SCHULTE SHIPMANAGEMENT,

GERMANY. C/F DELIVERY FEB/MARCH 2010

9157612

CAPE VICTORY BC 2003 NAMURA IMARI 177,313 $52.00mCHINESE BUYERS

CHINASELLERS ARE FUYO KAIUN CO

LTD, JAPAN 9271389

ALAMEDA BC 2001SAMHO HEAVY

INDUSTRIES 170,726 $45.00mCHINESE BUYERS

CHINASELLERS ARE CARDIFF MARINE INC, GREECE. 9228174

CHS STAR BC 1991HYUNDAI HEAVY

INDUSTRIES150,149 $17.50m

CHINESE BUYERS

CHINASELLERS ARE COSCO (HK)

SHIPPING, CHINA 8907905

SUNLIGHT OCEAN BC 2008 JAPAN 82,331 $41.00mCHINESE BUYERS

CHINASELLERS ARE DOUN KISEN KK

JAPAN 9336878

FORTUNE OCEAN BC 2006 SASEBO H.I. 76,801 - 9304576

FORTUNE PRINCESS BC 2006 OSHIMA 76,635 - 9343326

NORD SATURN BC 2005 JAPAN 76,620 $36.30mCHINESE BUYERS

CHINA

SELLERS ARE SEA JUSTICE S.A., GREECE. SELLERS HAD PURCHASED VESSEL IN NOV

2008 FOR $30m.

9330898

NAVIOS ORION BC 2005IMABARI

MARUGAME 76,602 $36.50mUNDISCLOSED

BUYERS-

SELLERS ARE NISSEN KAIUN CO LTD, JAPAN. SOLD WITH

SS/DD DUE9302748

THERESA HEBEI BC 2004 TSUNEISHI 76,436 $35.25mEUROPEAN

BUYERSEUROPE

SHE WAS SOLD IN MAY 09 FOR $31MIL AND NOW 7 MONTHS LATER SOLD FOR $35.25MIL

NET - SELLERS ARE SINGAPORE BASED

9284881

NAVDHENU TRUST BC 1983BREMER VULKAN 75,590 D2 $6.75m MEDNAV ITALY

SELLERS ARE ACCORD MANAGEMENT PVT LTD., INDIA.VESSEL WAS BUILT AS AN OBO

8111697

ERNST SALAMON BC 1999IMABARI

MARUGAME 74,002 $26.50m GREEK BUYERS GREECE

SELLERS ARE EMI SCHIFFAHRTS GMBH

GERMANY. PREVIOUS SALE REPORTED LATE NOV FAILED.

9193850

JUNO ISLAND BC 1997 JAPAN 72,080 P&C DEALUNDISCLOSED

BUYERS-

SELLERS ARE IINO KAIUN KAISHA LTD - JAPAN 9142978

LIONS GATE BRIDGE CONT 2001HYUNDAI HEAVY

INDUSTRIES71,395 5610 TEU $21.00m

UNDISCLOSED BUYERS

- SELLERS ARE K LINE JAPAN 9224518

PIERRE BC 1996 SANOYAS 70,316 $22.00mCHINESE BUYERS

CHINADELIVERY MARCH 2010 -

SELLERS ARE OCCEANFREIGHT INC GREECE

9109483

NOBLE JADE BC 1988 SANOYAS CORP 70,227 $11.50mCYPRUS MARITIME

GREECESELLERS ARE FLEET MANAGEMENT CHINA 8708232

SEJAHTERA BC 1994IMABARI

MARUGAME 69,073 $20.00mCHINESE BUYERS

CHINA

SELLERS ARE K LINE, SINGAPORE. SHE WAS

REPORTED SOLD IN OCT 2009 AT $18.5 TO CHINESE BUYERS

9087740

HAINA WEALTH BC 1989HYUNDAI HEAVY

INDUSTRIES68,772 $12.00m

CHINESE BUYERS

CHINA

SOLD WITH SS/DD DUE - SHE WAS SOLD IN MAR 09 FROM

VOGEMANN FOR 9.5 MIL USD, AND SOLD TO OTHER CHINESE

BUYERS FOR $12MIL ($2.5MIL PROFIT IN 8 MONTHS) - SELLERS ARE HAIDE

INTERNAITONAL HK CHINA

8800303

SANTOS SUCCESS BC 1984 JAPAN 66,894 $5.50mUNDISCLOSED

BUYERS- SELLERS ARE ETA DUBAI 8220175

HEBEI DIAMOND BC 1984 CHINESE TAIPEI 66,786 $20.00mCHINESE BUYERS

CHINASELLERS ARE HEBEI OCEAN

SHIPPING CHINA 8025800

VITATRADER BC 1983 SUMITOMO H I 66,764 $6.00mUNDISCLOSED

BUYERS-

SELLERS ARE VITA MANAGEMENT S.A., GREECE 8103482

$75.50mCLIENTS OF FARENCO

CHINA

SELLERS ARE CIDO SHIPPING HONG KONG, CHINA - SALE

ENBLOC FORTUNE PRINCESS, FORTUNE OCEAN FOR $75.5m

TO CLIENTS OF FARENCO. (SALE TO DRYSHIPS GREECE AND PREVIOUS REP SALES TO GREEKS AS WELL AS CHINESE AT SLIGHTLY HIGHER RATES, HAVE ALL FAILED AT SUBS)

DRY CARGO SHIPS SOLD DURING THIS MONTH DECEMBER




GEM OF AQABA BC 1982 NKK 65,159 8018194

GEM OF HALDIA BC 1982HASHIHAMA

TADOSU 64,930 8005927

GEM OF COCHIN BC 1982 TSUNEISHI 64,976 $5.00mCHINESE BUYERS

CHINASELLERS ARE MSI SHIP

MANAGEMENT SINGAPORE. 8015192

SAGALAND BC 1982 HITACHI 64,931 $5.10mCHINESE BUYERS

CHINA

SELLERS ARE ASP SHIP MANAGEMENT UK. VESSEL

HAD BEEN REPORTED SOLD TO HER PRESENT SELLERS

FOR $30m BACK IN JUNE 2008.

8021804

SB KING BC 1982 JAPAN 61,659 P&C DEALTCT MARITIME

COKOREA

SELLERS ARE KC LINE CO LTD KOREA 8024260

SPP RESALE BC 2010 SPP 59,000 $31.80m GOLDENPORT GREECE -

FORESTAL ESPERANZA

BC 1990 JAPAN 53,680 3X14.5T $9.70m ASIAN BUYERS ASIA

WOODCHIP CARRIER LICENSED FOR GRAINS - SELLERS ARE SANTOKU

SHIPPING JAPAN

9000326

ORIENTOR 2 BC 2002NANTONG

OCEAN 49,502 4X30T $24.70mUNDISCLOSED

BUYERS- SOLD WITH DD DUE 6/2010 9259848

PINDOS BC 1994 DANYARD 48,218 4X25T $17.90mCHINESE BUYERS

CHINASELLERS ARE HELIKON

SHIPPING ENTERPRISES UK. 9100217

ZSQ STAR BC 1986 ISHIBRAS 45,470 3X25T P&C DEALCHINESE BUYERS

CHINASELLERS ARE CHINESE

GOVERNMENT 8204834

SARONIKOS BRIDGE CONT 1990 SAMSUNG HI 44,044 2700 TEU 8814512

MSC SEINE CONT 1990 SAMSUNG HI 43,939 2700 TEU 8814524

GINGKO BC 1984HASHIHAMA

TADOSU 43,366 4X25T $7.50mSINGAPORE

BUYERSSINGAPORE

SELLERS ARE SHANGHAI VASTEAST INTERNATIONAL

CHINA8318623

GREGOS BC 1984 KOYO MIHARA 38,434 4X25T $7.90m GREEK BUYERS GREECESELLERS ARE TRANSBULK MANAGEMENT INC GREECE 8307210

ZRIN CONT 1993 CROATIA 35,100 4X40T, 2275 TEU $4.70mUNDISCLOSED

BUYERS-

AS IS CAGLIARI - SELLERS ARE JADROPLOV CROATIA 9005429

BOHINJ BC 1984 SPAIN 34,942 $4.45mUNDISCLOSED

BUYERS- 8112964

JIANMAO 18 BC 1984 AESA BILBAO 34,750 4X25T $5.30mEUROPEAN

BUYERSEUROPE

SELLERS ARE COSCO HK SHIPPING CHINA. VESSEL WAS

PURCHASED A YEAR AGO (DEC 2008) FROM EUROBULK

AT $2.8m

8026684

DISCOVERER BC 1983MITSUBISHI

KOBE 34,110 4X25T $5.20mUNDISCLOSED

BUYERS-

SELLERS ARE KRISTEN MARINE SA GREECE. SALE INCL A TC ATTACHED FOR 2

YEARS AT $10500/DAY

8209028

KRITIKA NAREE BC 1982 MITSUBISHI 34,072 4X25T $4.35mMALAYSIAN

BUYERSMALAYSIA

SELLERS ARE PRECIOUS SHIPPING PUBLIC THAILAND 8029088

LODESTAR FOREST BC 2005HAKODATE HAKODATE 31,923 4X30T $23.50m

PACIFIC BASIN HK

CHINA

SELLERS ARE IMABARI SENAPAKU CO LTD., JAPAN. TC FREE DELIVERY END Q1

2010

9295153

CALYPSO I BC 1977 YUGOSLAVIA 30,880 $2.00mAL AHLIA

MARINE CO LTDKUWAIT

SOLD TO KUWAIT CEMENT TRADING INTERESTS AT AUCTION IN SINGAPORE

7413751

BASIC RELIANCE BC 2002SHIKOKU

SHIPYARD 29,887 4X30T $19.70m GREEK BUYERS GREECESELLERS ARE DOUN KISEN KK

JAPAN 9254745

WRESTLER BC 2009NANTONG

NIKKA 29,000 4X30T $23.50m GREEK BUYERS GREECE -

CLIPPER LAKE BC 2001IMABARI IMABARI 28,492 4X30.5T $19.00m

UNDISCLOSED BUYERS

-CLIPPER BULK (PORTLAND)

LTD, USA 9253404

FGM ACHIEVER BC 1978 UK 28,492 1X25T, 4X15T $2.57mUNDISCLOSED

BUYERS-

SELLERS ARE AL FAHEL SHIPPING - SYRIA 7343231

HANJIN ISTANBUL BC 1997HANJIN HI CO

LTD 27,369 4X30T $15.80mTURKISH BUYERS

TURKEY

SELLERS ARE HANJIN SHIPPING CO LTD KOREA.

SALE REPORTED IN JUNE 2009 AT $15m TO UNDISCLOSED

BUYERS FAILED.

9128116

MARITIME MASTER BC 1984 JAPAN 26,320 2X26T, 2X25T $3.83mCHINESE BUYERS

CHINASOLD ON SUBS WITH SS/DD

DUE - SELLERS ARE IMC SINGAPORE

8405220

HILDA BC 1984 KURUSHIMA 24,928 4X25T $4.20mUNDISCLOSED

BUYERS-

SELLERS ARE ETERNITY SHIPPING AGENCIES CHINA 8323692

PACIFIC WINNER RORO 1987 ITALY 23,845 P&C DEALABOU MERHI

LINES SALLEBANON

VEHICLE CARRIER - SELLERS ARE CSAV CHILE 8511691

$10.50mCHINESE BUYERS

$11.40mUNDISCLOSED

BUYERS

CHINA

SOLD ENBLOC GEM OF AQABA AND GEM OF HALDIA FOR

$10.5m FOR BOTH UNITS TO CHINESE BUYERS

-

SOLD ENBLOC SARONIKOS BRIDGE ANDMSC SEINE FOR

$11.4m FOR BOTH UNITS. SELLERS ARE GRANDUNION

INC GREECE




MERLION ACE RORO 1984 JAPAN 17,090 $4.00mJORDAN BASED

BUYERSJORDAN

VEHICLE CARRIER - SELLERS ARE SSC CARRIERS PRIVATE

SINGAPORE8303989

SINAR BANGKA CONT 2000 HAKATA ZOSEN 14,000 1060 TEU P&C DEALJAPANESE

BUYERSJAPAN 9220304

TOR NERINGA RORO 1975ANKERLOKKEN

VERFT FLO 10,32012000 BHP, 182

CARS 380 TEU$3.60m

ITALIAN BUYERS

ITALY

SOLD FOR EURO 2.5m. SELLERS ARE BRAX

SHIPHOLDING REDERI SWEDEN

7411387

TEOS MPP 1979 NAIKAI SETODA 10,082D1X80T,

D1X22T, 2X16T$1.60m

SYRIAN BUYERS

SYRIASELLERS ARE TROY SHIPPING

TURKEY 7800306

ATTIKA BC 2001 CONSTANTA 7,511 $5.00mGERMAN BUYERS

GERMANYSELLERS ARE PETER DOHLE SCHIFFAHRTS-KG, GERMANY 9218193

ALKA BC 1991NERVION SA

BILBAO 7,365 4X20T, 294 TEU $4.45mSAKHALIN

SHIPPING CORUSSIA

SELLERS ARE LITHUANIAN SHIPPING CO 8711306

ICE KING MPP 1994NERVION SA

BILBAO 7,365 4X20T P&C DEALUNDISCLOSED

BUYERS-

SELLERS ARE ELMAR SHIPPING GREECE 8711320

SUPERFAST V PAX 2001 HDW AG KIEL 6,515 $120.00mFRENCH BUYERS

FRANCE

SELLERS ARE SUPERFAST FERRIES GREECE. SOLD FOR

ABT EURO 81.5m FOR DELIVERY FEB 2010

9198927

ST.ELIZABETH MPP 1983 NISHI 6,509 D4X15T P&C DEALUNDISCLOSED

BUYERS- 8313104

ZEYA CONT 1995KROEGERWERF

T 4,868 366 TEU $1.62mRUSSIAN BUYERS

RUSSIASELLERS ARE SAKHALIN

SHIPPI NG RUSSIA 9118355

STX BREVIK NB OFFSHORE 2010 STX BREVIK 4,250 $31.30m JJ UGLAND NORWAY -

SAGA MOON RORO 1984SCHLICHTING

WERFT 4,011134.8 LOA, 948

LM$2.63m

MEXICAN BUYERS

MEXICO 8411267

MOONDANCE RORO 1978RICKMERS RICKMERS 3,046 $0.75m

STAR LINE MARITIME CO

LTD

TURKEYSELLERS ARE SEATRUCK FERRIES SHIPHOLDING UK 7800112

PACIFIC OCEAN 1392 SUPPLY 2009JIANGJIANG NANYANG 3,000 4000 BHP $16.00m

UNDISCLOSED BUYERS

- -

JAYA VOYAGER TUG 2009TONGFANG JIANGXIN 3,000 $18.00m

SUPREME VOYAGER PTE

SINGAPORE 9527582

BLUE STAR OFFSHORE 2009JINGJIANG

NANYA 2,998 4400 BHP $16.00mUNDISCLOSED

BUYERS-

SELLERS ARE P[ACIFIC OCEAN ENGINEERING SINGAPORE 9561239

SUMISE MARU NO. 21 BC 1984SHINHAMA

ANAN 2,955 P&C DEALUNDISCLOSED

BUYERS-

SELLERS ARE SUMISE KAIUN KK, JAPAN. CEMENT CARRIER 8317370

BLUE MONARCH PAX 1966 L'ATLANTIQUE 2,931150,09 LOA, 548

PAX$2.40m

UNDISCLOSED BUYERS

- 6604834

BLUE OCEAN OFFSHORE 2008 CHINA 2,866 $15.00mUNDISCLOSED

BUYERS- 9539717

SIBARI RORO 1970ITALCANTIERI

STABIA 2,154141.5 LOA, 430

LMP&C DEAL

UNDISCLOSED BUYERS

-PASSENGER RORO - SELLERS

ARE RETE FERROVIARIA ITALIANA - ITALY

6919758

FUTURE ONE AHTS 1979 CANADA 1,971 P&C DEALVIETNAM UNION SALVAGE CORP

VIETNAMSELLERS ARE VROON BV

NETHERLANDS 7623899

THE IRIS PAX 1982A WARSKIEGO SZCZECINSKA 1,762 P&C DEAL

KRISTINA CRUISES

FINLANDSELLERS ARE MANO

MARITIME LTD, ISRAEL 7625811

AUTOTRANSPORTER RORO 1983 KAMBARA 1,566 8200577

AUTOLINE RORO 1983 KAMBARA 1,550 8200565

FUJIAN SOUTHEAST RK035

AHTS 2009FUJIAN

SOUTHEAST 1,349 $10.50mMERMAID MARITIME

THAILAND 9552628

FUJIAN SOUTHEAST RK036

AHTS 2009FUJIAN

SOUTHEAST 1,349 P&C DEALUNDISCLOSED

BUYERS- -

CAPE HATTERAS AHTS 1990 USA 1,200 P&C DEALUNDISCLOSED

BUYERS-

SELLERS ARE PYTHON ENGINEERING - NOGERIA 8305547

WILLOW RIVER SUPPLY 1987 HALTER 1,194 $2.50m GAC MARINE UAESELLERS ARE EASTERN

MARINE SERVICES LTD HONG KONG

8216461

Note1: With Red color are indicated all Greek interest Buyers or Sellers

-SYRIAN BUYERS

SYRIA

SOLD EN BLOC AUTOTRANSPORTER AND

AUTOLINE FOR UNDISCLOSED PRICE. ALREADY HANDED TO

NEW OWNERS.




DRY CARGO 2ND HAND MARKET STATISTICS

country units %

2009 UNITS OUTLAY$ DWT GREECE 176 17.20%

JANUARY 59 $739.15m 2,375,492 JAPAN 168 16.42%

FEBRUARY 72 $680.70m 2,602,913 CHINA 102 9.97%

MARCH 100 $969.73m 3,850,508 GERMANY 63 6.16%

APRIL 75 $913.02m 3,569,193 SINGAPORE 52 5.08%

MAY 93 $1,349.70m 5,114,776 KOREA 47 4.59%

JUNE 109 $1,656.33m 5,550,060 UK 38 3.71%

JULY 108 $1,123.31m 4,361,485 NORWAY 37 3.62%

AUGUST 71 $1,017.58m 2,816,776 DENMARK 31 3.03%

SEPTEMBER 52 $709.83m 1,622,423 THAILAND 25 2.44%

OCTOBER 104 $1,527.82m 3,907,517 USA 24 2.35%

NOVEMBER 100 $1,082.70m 3,821,706 TURKEY 22 2.15%

DECEMBER 80 $1,189.25m 3,609,471 RUSSIA 18 1.76%

TOTAL 1023 $12,959.11m 43,202,320 UAE 17 1.66%

INDIA 15 1.47%

NETHERLANDS 15 1.47%

COUNTRY UNITS % OUTLAY ($) % DWT % ITALY 15 1.47%

CHINA 272 26.59% $3,593 27.73% 14,994,587 34.71% BELGIUM 10 0.98%

GREECE 172 16.81% $3,285 25.35% 9,051,279 20.95% ALL OTHER 126 12.32%

TURKEY 49 4.79% $642 4.95% 1,470,194 3.40% UNDISCL 22 2.15%

GERMANY 30 2.93% $487 3.76% 911,618 2.11% TOTAL 1023 100.00%

SYRIA 28 2.74% $57 0.44% 517,392 1.20%

VIETNAM 23 2.25% $226 1.75% 672,390 1.56%

MONACO 20 1.96% $14 0.11% 485,841 1.12%

ITALY 19 1.86% $272 2.10% 578,742 1.34%

INDONESIA 18 1.76% $106 0.82% 441,275 1.02%

JAPAN 17 1.66% $444 3.43% 1,611,513 3.73%

RUSSIA 16 1.56% $136 1.05% 369,580 0.86%

SINGAPORE 16 1.56% $209 1.61% 576,533 1.33%

KOREA 16 1.56% $203 1.57% 722,492 1.67%

TAIWAN 13 1.27% $197 1.52% 827,829 1.92% COUNTRY UNITS % rank

UNDISCL 147 14.37% $1,302 10.05% 4,371,201 10.12% JAPAN 483 73.0% 1

ALLOTHER 167 16.32% $1,980 15.28% 6,427,683 14.88% KOREA 65 9.8% 2

TOTAL 1023 100.00% $12,959 100.00% 43,202,320 100.00% CHINA 50 7.6% 3

POLAND 10 1.5% 5

UK 11 1.7% 4

SPAIN 7 1.1% 6

SINGAPORE 1 0.2% 7

ALL OTHER 35 5.3%

TOTAL 662 100.0%

2009 BC SD CONT MPP TWEEN REEFER PASS RORO OTHER TOTAL

JANUARY 45 0 3 4 0 0 1 4 2 59FEBRUARY 42 0 12 11 0 0 0 1 6 72

MARCH 71 0 5 12 2 3 2 2 3 100APRIL 58 3 2 3 3 1 2 1 2 75

MAY 81 0 4 4 0 1 1 1 1 93JUNE 67 0 22 11 0 0 1 4 4 109JULY 54 1 17 19 4 5 0 6 2 108

AUGUST 43 1 7 10 1 0 0 7 2 71SEPTEMBER 26 0 10 9 0 1 0 1 5 52

OCTOBER 72 1 11 9 0 5 0 3 3 104NOVEMBER 53 0 13 20 1 9 2 1 1 100DECEMBER 50 0 6 3 0 0 0 8 13 80

TOTAL 662 6 112 115 11 25 9 39 44 1,023

SELLERS - Greek Sellers have disposed 176 units (165 last) in 2009, while Japanese Sellers have sold 168 units (157 last). In 3rd place follow the Chinese sellers with 102 units (89 last), while German sellers have sold 63 units,

Singapore sellers 52 units, Korean sellers 47 units and UK sellers are in 7th place in the list with 38 units.

Dec 2009 was lower in volume than the hottest months of 2009. Activity slowed down after Oct and Nov 2009 where we had more than 100 units per month sold. This month

we had 80 units of 1 billion usd worth and 3.6million tonnes of carrying capacity traded. A total of 1024 units were sold

during 2009, and this is a very large number of units considering that the 13billion usd spent was mainly

investors equity as Banks finance was limited in quanitity as well as the percentage new investors could borrow.

BUYERS - China has not slowed down their intake of secondhand ships, as the balance between Chinese buyers and Greeks became for once more is bigger. Chinese have bought 27 more ships this month while Greeks 7 units. Chinese have got so far a total of 272 units (245 last). Greeks follow "seriously challenged" but still strong in 2nd place with 172 units (165 last), but the gap as mentioned has widened even more, while Turkish Buyers have come up strong finishing the year 3rd with 49 units (43 last), with German buyers keeping 4th place with 30 units (29 last).

DRY CARGO UNITS SOLD - BREAKDOWN PER MONTH 2009

2009 DRY CARGO STATISTICS - BUYERS

Out of a total of 662 DRY BULK CARRIERS sold during 2009, it is interesting to see that 483 vessels (73% of total) are built in JAPAN based Shipyards. This is a very interesting trend that we noted over the past months and following it closely for this current year we see that the percentage achieved is very stable and remains unchanged never dropping below the 70% mark. 65 units or 9.8% of all vessels traded in the second-hand market are built in Korea, with China to follow with 50 units or 7.6% of the total. So it is clearly obvious as 3 out of 4 Bulkers sold are "BIG IN JAPAN" it goes without saying that if a ship wants to stand a good chance of finding quickly a new owner then she "better be built in JAPAN"!!!

MONTHLY UNIT SALE ACTIVITY

SELLERS STATS 2009

2009 BULKER VSLS SOLD - COUNTRY OF BUILT




CHANGE CHANGE

FR0M 11/7/08 FR0M 1/9/08

NB CAPE $97.0 $96.7 $68.0 -30% 5y CAPE $149.0 $150.5 $51.5 -66%

NB PMX $51.7 $57.0 $41.0 -28% 5y PMX $88.5 $88.0 $33.0 -63%

NB HANDY $44.0 $49.0 $33.0 -33% 5y HANDY $77.6 $73.6 $26.7 -64%

CHANGE CHANGE

FR0M 1/9/08 FR0M 1/9/08

10y CAPE $111.0 $131.0 $42.1 -68% 20y CAPE $79.0 $82.0 $17.8 -78%

10y PMX $76.0 $76.0 $26.5 -65% 20y PMX $49.9 $47.0 $11.3 -76%

10y HANDY $61.5 $62.0 $21.0 -66% 20y HANDY $42.7 $41.0 $9.9 -76%

2004 built (5Y) OLD BULKERS PRICE COMPARISON

TYPE

28/12/07

TYPE

28/12/07

24/12/09

11/07/08

11/07/0828/12/07

In the table on the top we see monthly number of dry cargo ships sold as of December 2009, compared to 2008's monthly activity.

In the table on the top we see the MONTHLY dry cargo capital expenditure for December 2009 compared to 2008's monthly activity.


TYPE

24/12/09

11/07/08 01/04/89

11/07/08


TYPE

Tables above compare prices from 28th Dec 2007 and 11th Jul 2008 with today

NB BULKERS PRICE COMPARISON

24/12/09

28/12/07

Dry cargo units sold 2009 vs 2008

79 7783

95 96

74

52

33

44 42

100

71

100

80

110

71

108 104

59

7275

93

109

52

30

40

50

60

70

80

90

100

110

JANUARY

FEBRUARY

MARCHAPRIL

MAYJUNE

JULY

AUGUST

SEPTEMBER

OCTOBER

NOVEMBER

DECEMBER

units 2008 2009 Dry cargo - Capital expend. 2009 vs 2008

$2,675 $2,660

$1,528$1,339 $1,340

$3,950

$2,027

$3,615

$2,172$1,602

$809

$567 $351

$1,189

$710

$1,350

$970$1,123

$1,018

$913$739 $681

$1,656$1,083

$150.00m

$650.00m

$1,150.00m

$1,650.00m

$2,150.00m

$2,650.00m

$3,150.00m

$3,650.00m

$4,150.00m

JANUARY

FEBRUARY

MARCHAPRIL

MAYJUNE

JULY

AUGUST

SEPTEMBER

OCTOBER

NOVEMBER

DECEMBER

2008 2009

DRY CARGO (2000 - 2009) NB vsl PRICES

$16

$31

$46

$61

$76

$91

Jun-0

0

Dec-0

0

Jun-0

1

Dec-0

1

Jun-0

2

Dec-0

2

Jun-0

3

Dec-0

3

Jun-0

4

Dec-0

4

Jun-0

5

Dec-0

5

Jun-0

6

Dec-0

6

Jun-0

7

Dec-0

7

Jun-0

8

Dec-0

8

Jun-0

9

Dec-0

9

CAPE 170KPANAMAX 70KHANDY 50K

DRY CARGO (2000 - 2009) 5y OLD vsl PRICES

$10

$33

$55

$78

$100

$123

$145

Jun-0

0

Dec-0

0

Jun-0

1

Dec-0

1

Jun-0

2

Dec-0

2

Jun-0

3

Dec-0

3

Jun-0

4

Dec-0

4

Jun-0

5

Dec-0

5

Jun-0

6

Dec-0

6

Jun-0

7

Dec-0

7

Jun-0

8

Dec-0

8

Jun-0

9

Dec-0

9



$8

$28

$48

$68

$88

$108

$128

Jun-0

0

Dec-0

0

Jun-0

1

Dec-0

1

Jun-0

2

Dec-0

2

Jun-0

3

Dec-0

3

Jun-0

4

Dec-0

4

Jun-0

5

Dec-0

5

Jun-0

6

Dec-0

6

Jun-0

7

Dec-0

7

Jun-0

8

Dec-0

8

Jun-0

9

Dec-0

9

CAPE 170K

PANAMAX


$2

$15

$27

$40

$52

$65

$77

Jun-0

0

Dec-0

0

Jun-0

1

Dec-0

1

Jun-0

2

Dec-0

2

Jun-0

3

Dec-0

3

Jun-0

4

Dec-0

4

Jun-0

5

Dec-0

5

Jun-0

6

Dec-0

6

Jun-0

7

Dec-0

7

Jun-0

8

Dec-0

8

Jun-0

9

Dec-0

9





2009NAME TYPE YEAR BUILT DWT PRICE

PRICE NOTE

BUYERS NAME

BUYERS NATION

NOTES IMO

EFFIE MAERSK TANKER 2000 HYUNDAI HI 307,190 $65.00mUNDISCLOSED

BUYERS-

SELLERS ARE A P MOLLER, DENMARK. SALE REPORTED IN SEPT 09 TO SOECHI LINES, SUB TO PERTAMINA TENDER

AT $64m FAILED.

9200835

BRITISH PROGRESS TANKER 2000 SAMSUNG HI 306,397 P&C TERMS FRONTLINE NORWAYSELLERS ARE BP SHIPPING

LTD ISLE OF MAN 9180152

HAMAL STAR TANKER 1994 KOREA 301,550 $20.00mKOREAN BUYERS

KOREASOLD FOR CONVERSION - SELLERS ARE VELA UAE 9060326

CONCORD TANKER 1988 KOREA 276,052 $16.00mCHINESE BUYERS

CHINA

SOLD FOR STORAGE - SELLERS ARE DYNACOM TANKERS MANAGEMENT

GREECE

8614417

VIKING CRUX TANKER 1991 KOREA 145,200 $7.97mPRATIBHA

SHIPPING CO LTD

INDIA

SOLD AT AUCTION IN SINGAPORE PLUS BUNKERS - ON SUBS (OUT OF CLASS AND

SS DUE)

9000558

ROSI I TANKER 2009 JAPAN 107,500 $52.00m BRIGHTOIL CHINASELLERS ARE POLYAR TANKERS AS, NORWAY 9398278

VANGUARD VIKING 1 TANKER 1991DALIAN NEW

SHIPBUILDING 99,320 $7.78m GREEK BUYERS GREECE

SELLERS ARE THOME SHIP MANAGEMENT SINGAPORE.

SOLD AT AUCTION IN SINGAPORE PLUS SGD 207100

FOR BUNKERS ON BOARD. OUT OF CLASS AND IN NEED

OF SOME STEEL REQ

8901626

CHEMTRANS LYRA TANKER 1993SAMSUNG

HEAVY INDUSTRIES

97,097 $12.00mFRED OLSEN PRODUCTION

NORWAY

SELLERS ARE DIVAG (DEUTSCHE INVESTITIONS-

UND VERMOGENS- TREUHAND AKTIENGESELLSCHAFT)

GERMANY. IN NOV 2009 SHE WAS REPORTED SOLD TO CHINESE BUYERS AT $12m

AND IN JUNE 2009 AT $16.5m TO INDONESIAN BUYERS

9006899

SCIROCCO TANKER 2009NEW TIMES

SHIPBUILDING 73,382 9407835

CONSTANTINOS TANKER 2009NEW TIMES


MAISTROS TANKER 2009NEW TIMES


MELTEMI TANKER 2009NEW TIMES


GAN-VICTORY TANKER 2007 HYUNDAI HI 46,702 $26.50m USA BUYERS USASELLERS ARE DUNYA

DENIZCILIK VE TICARET AS TURKEY

9315783

PACIFIC HORIZON TANKER 1999SHIN

KURUSHIMA 44,370 $6.00mUNDISCLOSED

BUYERS-

SELLERS ARE BERNHARD SCHULTE SHIPMANAGEMENT

GERMANY. 9183312

THAIOIL 1 TANKER 1989SINGAPORE

SLIPWAY 5,200 $1.25mUNDISCLOSED

BUYERS-

SELLERS ARE THAI OIL CO LTD THAILAND 8900880

EISHIN MARU NO.17 TANKER 1999 IMABARI 4,998 $1.50mUNDISCLOSED

BUYERS-

SELLERS ARE KOEI KAIUN CO LTD JAPAN 9209984

Note1: With Red color are indicated all Greek interest Buyers or Sellers

DECEMBERTANKER SHIPS SOLD DURING THIS MONTH

$52.00m

SOLD ENBLOC MELTEMI,

SCIROCCO, MAISTROS

AND CONSTANTINOS BASIS BBHP FOR 10 YEARS

(15% PAYMENT ON

DEL, $11m BALOON

PAYMENT) @$27750/DAY FOR FIRST 3

YRS AND $16350/DAY

FOR THE BALANCE 7

YRS

PDVSA/JOINT VENTURE WITH

VITOLVENEZUELA

SOLD ENBLOC MELTEMI, SCIROCCO, MAISTROS AND CONSTANTINOS BASIS BBHP

FOR 10 YEARS (15% PAYMENT ON DEL, $11m BALOON

PAYMENT) @$27750/DAY FOR FIRST 3 YRS AND $16350/DAY

FOR THE BALANCE 7 YRS. SELLERS ARE DTNACOM

TANKERS GREECE




TANKER 2ND HAND MARKET STATISTICS

COUNTRY UNITS %

2009 UNITS OUTLAY$ DWT SINGAPORE 41 14.54%

JANUARY 35 $1,375.35m 2,820,931 JAPAN 41 14.54%

FEBRUARY 17 $406.80m 1,038,858 GREECE 38 13.48%

MARCH 20 $334.25m 669,943 NORWAY 20 7.09%

APRIL 22 $267.90m 645,958 KOREA 13 4.61%

MAY 44 $752.00m 2,915,942 CHINA 13 4.61%

JUNE 16 $306.15m 1,020,289 USA 12 4.26%

JULY 22 $414.55m 1,775,156 ITALY 10 3.55%

AUGUST 17 $535.85m 1,520,727 UK 10 3.55%

SEPTEMBER 21 $796.70m 2,981,831 TURKEY 9 3.19%

OCTOBER 24 $281.65m 1,820,881 UAE 9 3.19%

NOVEMBER 28 $657.10m 2,844,259 CYPRUS 7 2.48%

DECEMBER 16 $424.00m 2,034,861 MALAYSIA 6 2.13%

TOTAL 282 $6,552.30m 22,089,636 GERMANY 4 1.42%

SWISS 3 1.06%

RUSSIA 3 1.06%

COUNTRY UNITS OUTLAY ($) % DWT % BULGARIA 3 1.06%

GREECE 43 $1,051 16.04% 2,625,084 11.88% SOUTH AFRICA 3 1.06%

CHINA 24 $577 8.81% 3,881,474 17.57% ALL OTHER 26 9.22%

USA 20 $778 11.87% 1,712,659 7.75% UNDISCL 11 3.90%

NORWAY 18 $667 10.18% 1,563,724 7.08% TOTAL 282 100.00%

SINGAPORE 17 $283 4.31% 543,898 2.46%

VIETNAM 14 $173 2.64% 433,690 1.96%

INDONESIA 12 $188 2.87% 885,484 4.01%

LIBYA 8 $391 5.97% 711,620 3.22%

TURKEY 7 $45 0.69% 84,064 0.38%

JAPAN 7 $263 4.02% 906,392 4.10%

KOREA 6 $52 0.79% 584,709 2.65%

VENEZUELA 5 $214 3.27% 296,851 1.34%

BRAZIL 4 $79 1.20% 1,137,164 5.15%

UNDISCL 39 $774 11.81% 2,986,672 13.52%

ALL OTHER 58 $1,017 15.52% 3,736,151 16.91%

TOTAL 282 $6,552 100.00% 22,089,636 100.00%

2009VLCC & ULCC

SUEZMAXAFRAMAX

110KPANAMAX 70K PROD 45K < 40,000 OBO LPG & LNG TOTAL

JANUARY 2 5 9 0 7 12 0 0 35

FEBRUARY 1 1 3 2 0 8 0 2 17

MARCH 0 0 4 0 3 13 0 0 20

APRIL 1 0 0 0 4 16 0 1 22

MAY 6 1 3 0 8 25 0 1 44

JUNE 2 1 1 0 2 8 0 2 16

JULY 1 7 2 1 1 8 0 2 22

AUGUST 2 3 3 0 1 8 0 0 17

SEPTEMBER 8 0 3 1 5 1 0 3 21

OCTOBER 3 3 0 1 5 9 0 3 24

NOVEMBER 4 2 5 0 9 6 0 2 28

DECEMBER 4 1 3 4 2 2 0 0 16TOTAL 34 24 36 9 47 116 0 16 282

TANKER UNITS SOLD - BREAKDOWN PER SIZE AND MONTH 2009

2009 TANKER buyer STATISTICS

BUYERS - Greek buyers have kept the lead at least in the tankers...!! They have acquired 43 unitsthis year, with Chinese buyers 2nd with 24 units while USA buyers are 3rd with 20 units and Norwegian buyers 4th with 18 units. Singapore buyers in 5th place having acquired 17 units while 6th place is for Vietnam with 14 units. Indonesian buyers have moved up and snatched 7th place with 12 units.

A great decrease in number of sales in Dec 2009. We reached the same lowest figure we had in June 09, that

of 16 deals only. Capital spent is low at 424 millino usd. A Total of only 282 Tanker deals took place in

2009. and that is low compared to 423 deals of 2008, and abt 600 of 2007. The tanker market has seriously

slowed down this year.

MONTHLY UNIT SALE ACTIVITY

SELLERS - The table on the RIGHT shows the nationality of the Sellers. Japanese Sellers are sharing

the 1st place of our sellers list, with Simngapore Sellers. Both ahave sold off, 41 units during 2009. In

3rd place Greek sellers having sold 38 units (33 last). They are followed by Norwegian sellers who sold 20 units followed by Chinese sellers and Korean sellers

with 13 units both.

SELLERS STATS 2009




CHANGE CHANGE

01/09/08 01/09/08

VLCC $142.7 $156.5 $97.0 -38% VLCC $130.5 $155.0 $77.0 -50%SUEZMAX $87.5 $96.0 $68.0 -29% SUEZMAX $96.0 $101.0 $59.0 -42%AFRAMAX $69.7 $78.0 $49.0 -37% AFRAMAX $69.2 $76.0 $39.0 -49%PANAMAX $63.0 $65.0 $41.0 -37% PANAMAX $57.0 $61.0 $33.0 -46%MR PROD $52.0 $55.0 $33.0 -40% MR PROD $53.9 $52.5 $23.5 -55%

CHANGE CHANGE01/09/08 01/09/08

VLCC $107.0 $128.0 $59.0 -54% VLCC $39.5 $39.5 $16.3 -59%SUEZMAX $76.5 $82.0 $41.5 -49% SUEZMAX $34.6 $34.5 $12.6 -63%AFRAMAX $56.0 $63.0 $26.0 -59% AFRAMAX $25.5 $25.5 $8.8 -65%PANAMAX $49.0 $50.5 $21.0 -58% PANAMAX $19.0 $24.0 $6.2 -74%MR PROD $42.5 $45.0 $18.5 -59% MR PROD $17.0 $18.0 $4.5 -75%

TYPE

11/07/08

5Y TANKERS PRICE COMPARISON

TYPE24/12/09 11/07/08

NB TANKERS PRICE COMPARISON

11/07/08

28/12/07

11/07/08 24/12/09

Tables above compare prices from 28th Dec 2007 and 11th Jul 2008 with today


28/12/07

24/12/09

24/12/09TYPE

TYPE


28/12/0728/12/07

shipsale activity in volume (number of ships sold per month 2009-2008)

TANKER units sold 2009 vs 2008

22

16

3943

11

35

1720

44

22

1721

2428

16

49

4848

4542

37

23

15

23

5

10

15

20

25

30

35

40

45

50

55

JANUARY

FEBRUARY

MARCHAPRIL

MAYJUNE

JULY

AUGUST

SEPTEMBER

OCTOBER

NOVEMBER

DECEMBER

units2009 2008

NEWBUILDING TANKER PRICES 2000 - 2009

24

44

64

84

104

124

144

164

Jun-0

0

Dec-0

0

Jun-0

1

Dec-0

1

Jun-0

2

Dec-0

2

Jun-0

3

Dec-0

3

Jun-0

4

Dec-0

4

Jun-0

5

Dec-0

5

Jun-0

6

Dec-0

6

Jun-0

7

Dec-0

7

Jun-0

8

Dec-0

8

Jun-0

9

Dec-0

9

VLCC 300K

SUEZ 150K

AFRA 110KPANAMAX 70K

PROD 45K

5 YEAR OLD TANKER PRICES 2000 - 2009

20

40

60

80

100

120

140

160

Jun-0

0

Dec-0

0

Jun-0

1

Dec-0

1

Jun-0

2

Dec-0

2

Jun-0

3

Dec-0

3

Jun-0

4

Dec-0

4

Jun-0

5

Dec-0

5

Jun-0

6

Dec-0

6

Jun-0

7

Dec-0

7

Jun-0

8

Dec-0

8

Jun-0

9

Dec-0

9

VLCC 300K

SUEZ 150K

AFRA 110K

PANAMAX 70K

PROD 45K


13

33

53

73

93

113

133

Jun-0

0

Dec-0

0

Jun-0

1

Dec-0

1

Jun-0

2

Dec-0

2

Jun-0

3

Dec-0

3

Jun-0

4

Dec-0

4

Jun-0

5

Dec-0

5

Jun-0

6

Dec-0

6

Jun-0

7

Dec-0

7

Jun-0

8

Dec-0

8

Jun-0

9

Dec-0

9

VLCC 300K

SUEZ 150K

AFRA 110K

PANAMAX 70K

PROD 45K


3

8

13

18

23

28

33

38

43

Jun-0

0

Dec-0

0

Jun-0

1

Dec-0

1

Jun-0

2

Dec-0

2

Jun-0

3

Dec-0

3

Jun-0

4

Dec-0

4

Jun-0

5

Dec-0

5

Jun-0

6

Dec-0

6

Jun-0

7

Dec-0

7

Jun-0

8

Dec-0

8

Jun-0

9

Dec-0

9

VLCC 300K

SUEZ 150K

AFRA 110K

PANAMAX 70K

PROD 45K




NEWBUILDING ORDERS DECEMBER 2009UNITS TYPE TONNAGE YEAR PRICE

2 BC 95,000 DWT 20102 BC 82,000 DWT 2011 35.50

1 BC 82,000 DWT 2011 35.00

2 BC 81,000 DWT 2010 35.50

2 BC 76,000 DWT 20118 BC 76,000 DWT 20111 BC 75,700 DWT 2010 34.00

1 BC 58,000 DWT 2011 32.00

5 BC 57,000 DWT 2010 28.20

2 BC 57,000 DWT 2012 27.00

3 BC 56,300 DWT 20126 BC 37,300 DWT 2011 25.00

2 BC 37,000 DWT 2011 27.00

2 BC 35,000 DWT 2011 24.00

2 BC 35,000 DWT 2011 24.00

4 BC 35,000 DWT 2011 27.50

4 BC 34,000 DWT 2011 25.00

2 LPG 23,000 DWT 20113 LPG 8,800 DWT 20127 MPP 28,000 DWT 20111 MPP 9,000 DWT 2010

2 OFFSHORE 2011 300.00

1 PAX/CRUISE 13,500 DWT 2012 738.00

2 PROJECT 4,700 DWT 2012 88.00

3 TANKER 159,000 DWT 2011 62.002 TANKER 158,000 DWT 2011 62.00

10 TANKER 158,000 DWT 2011 64.002 TANKER 158,000 DWT 2011 68.003 TANKER 45,000 DWT 20122 TANKER 41,500 DWT 2011

1 TANKER 11,750 DWT 20122 TANKER 6,000 DWT 2011 18.00

6 TANKER 5,000 DWT 2011 22.003 TANKER 4,500 DWT 2011

2 TANKER 3,600 DWT 2011 17.25

2 TANKER 3,200 DWT 2010Note1: With Red color are indicated all Greek interest Buyers or Sellers

2009 ORDERS UNITS BC MPP CONT TANKER LNG/LPG ALL OTHERJANUARY 9 25 6 0 6 6 2 5

FEBRUARY 25 90 8 12 0 46 0 24MARCH 28 63 14 6 1 31 0 11APRIL 17 36 0 4 0 14 0 18MAY 7 17 3 4 0 6 0 4JUNE 10 50 37 1 0 6 0 6JULY 18 79 52 2 10 12 0 3

AUGUST 29 93 33 0 12 38 2 8SEPTEMBER 19 48 16 0 0 26 0 6

OCTOBER 18 67 27 15 2 8 0 15NOVEMBER 21 53 39 0 2 11 0 1DECEMBER 36 105 49 8 0 38 5 5

TOTAL 237 726 284 52 33 242 9 106

BITUMEN CARRIER

LPG- 5000 CUM

OPTION 1 MORE. DEDICATED MOLTEN SULPHUR CARRIEROCEAN REX SHIPPING CO

SEACOAST SHIPPING (PHIL)

HEAVY LIFT

PLUS 1 OPTION

3690 PAX

NATIONAL IRANIAN TANKER CO

VROON BV

JACCAR HOLDINGS LUXENBOURG

SAO MIGUEL NAVIGATIONSAO MIGUEL SHIPYARD

SEKWANG HI

21C SHIPBUILDING CO (KOREA)

LATVIAN SHIPPING

ELCANO

ETHIOPIAN SHIPPING

UNDISCLOSED CONTRACTOR

RWE INNOGY

CARNIVAL CORP

SIEM CONSUB BRAZIL

UNDISCLOSED

YANGZHOU DAYANG

HYUNDAI MIPO

DAJIAN SHIPBUILDING

DAEWOO HI

DAEWOO

SAMSUNG HI

BRAZILIAN YARD

STX CHINHAE

NANTONG DAODA

DAO DA SHIPYARD

SAMHO

JIANGSU NANTONG

XIAMEN SB

IHI MARINE UNITED (JAPAN)

NANJING HUATAI HI

IMABARI

SPP

GUANGZHOU LONGXUE

SPP SHIPBUILDING

HUDONG

JIANSU RONGSHENG

JIANGNAN CHANGXING

TSUNEISHI (ZHOUSHAN)

NEWBUILDING ORDERS BREAKDOWN by TYPE PER MONTH, for YEAR 2009

HONG KONG QINFA SHIPPING

POLEMBROS SHIPPING

NINGBO RONGSHENG SHIPPING

SHANGHAI FUJIAN

CHINESE BUYERS

JJ UGLAND

CHINA DALIAN INTERNATIONAL

FUTURE 56 DESIGN. ELEVEN NOW ORDERED FOR THIS OWNER

TWO MORE ORDERED IN ADDITION TO ONE ALREADY ON ORDER. THE TOTAL PRICE FOR THE 3 UNITS $153m. THE

TWO NEW UNITS AT LOW $40m. DELIVERY 1 IN 2010, 1 IN 2011 AND 1 IN

2012SAFE BULKERS

SEA JUSTICE

PIONEER SHIP MANAGEMENT UAE

CHINESE BUYERS

PLUS OPTION 2 MORE

PRODUCT

OPTION EXERCISED 9500CBM. TWO NOW ORDERED

30% DOWN PAYMENT

OPTION 6 MORE. REPLACEMENTS FOR 4 SIMILAR VSLS CANCELLED AT NOKBONG,

CINER GROUP

GERMAN BUYERS

CENTROFIN MGT

SONANGOL

ALMI TANKERS

STENA BULK AB

GLOBAL TRANSOCEANICO

ETHIOPIAN SHIPPING

MARINE CAPITAL

TAIWANESE BUYERS

HANZEVAST SHIPPING

HANZEVAST SHIPPING

NOTESYARD BUYER’S NAME

DELIVERY END 2010/ EARLY 2011

SEKO HI

HYUNDAI MIPO

ITAJAI SHIPYARD

TAIZHOU KOUAN

ZHEJIANG AOLIDAEWOO SHIPBUILDING AND

MARINE ENGINEERING

FINCANTIERI

STX BRAZIL OFFSHORE SA

SAMSUNG HI

NEW BUILDING ORDER TYPES FOR 2009

BC, 284, 39%

MPP, 52, 7%CONT, 33, 5%

TANKER, 242, 33%

LNG/LPG, 9, 1%

ALL OTHER, 106, 15%




2009NAME TYPE YEAR BUILT DWT LDT PRICE BREAKER IMO

AKER SMART 3 TANKER 1982 HITACHI ZOSEN 180,377 27,385 $270 BANGLADESH 8124747

VEMAOCEAN TANKER 1986 KOREA 107,175 16,340 - BANGLADESH 8325078

GIOVANNA TANKER 1991 JAPAN 96,117 14,222 $370 BANGLADESH 8907541

MOL ELBE CONT 1990 IHI KURE 59,045 19,267 $337 CHINA 8912247

SVYATAYA MARIYA BC 1975 GERMANY 54,612 10,812 $318 INDIA 7361128

MERAKLIS BC 1975RHEINSTAHL

NORDSEE53,836 10,880 $305 CHINA 7361130

OCEAN GRACE TANKER 1985 ODENSE LINDO 50,600 10,100 $363 INDIA 8321395

KRITI PALM TANKER 1986 YUGOSLAVIA 47,763 10,709 $357 AS IS 8420268

ATTALYA TANKER 1986GDANSKA

LENINA46,825 11,432 $90 PAKISTAN 7907790

HELSINKI EXPRESS CONT 1987MITSUBISHI

KOBE44,966 17,171 - INDIA 8413239

OSLO EXPRESS CONT 1987 TAMANO 44,966 17,171 $328 INDIA 8413289

MSC SERENA CONT 1977FLENDER WERFT

40,849 16,750 $323 INDIA 7502904

MOL DISCOVERY CONT 1991 MIHARA 40,499 15,542 $337 CHINA 9021253

SAMOS SKY BC 1981 BALTIYSKIY 38,250 9,276 $315 CHINA 7945417

ATLANTIC HURON MPP 1984 COLLINGWOOD 36,920 6,634 $310 CHINA 8025680

ANOOSH BC 1979 JAPAN 35,839 8,065 - INDIA 7632838

MSC ZANZIBAR BC 1985 HYUNDAI HI 33,860 8,485 $330 INDIA 8408856

UNIWERSYTET SLASKI BC 1979 A. WARSKIEGO 33,740 8,405 $310 BANGLADESH 7637852

IRAN MODARES BC 1977 JAPAN 33,667 7,559 - INDIA 7618985

ACCORD TANKER 1980MITSUI CHIBA

ICHIHARA31,374 7,676 $338 BANGLADESH 7612199

ARTEMIS CONT 1987ULJANIK

BRODOGRADIL 29,693 11,020 $287 INDIA 8505824

FLAG INVESTORS BC 1967 URAGA HI 27,616 8,453 $306 INDIA 6714017

EURUS SINGAPORE CONT 1989 ITALY 26,674 11,421 $361 INDIA 8618396

KAMINA CONT 1982L'ATLANTIQUE

FRANCE26,288 9,950 $320 INDIA 8002573

THOR COMMANDER BC 1984HOWALDT SWERKE HAMBU

26,140 7,780 $261 - 8306670

ZAVEN MPP 1979 DENMARK 23,720 7,750 - INDIA 7602194

MONCHEGORSK RORO 1983 FINLAND 23,128 10,816 $316 CHINA 8013039

MSC EAGLE CONT 1978 POLAND 23,047 13,530 $340 INDIA 7711555

MSC FEDERICA CONT 1974WARTSILA AB -

TURKU21,101 12,181 $330 INDIA 7347512

ESRAA TANKER 1982 PORTUGAL 18,732 6,076 $340 PAKISTAN 8001103

BRIGHT DREAM MPP 1987 WARNOWERFT 17,850 8,920 - INDIA 8715273

GEMINI 1 TWEEN 1979SHIN

KURUSHIMA17,806 5,405 $290 PAKISTAN 7825033

NILEDUTCH PROMINENCE

RORO 1982 POLAND 17,773 10,200 $308 INDIA 8107282

NILEDUTCH PRODIGY RORO 1985 POLAND 17,773 10,200 $308 INDIA 8500666

MSC GABRIELLA TWEEN 1983 WARNOWERFT 17,330 7,100 $330 INDIA 8120820

GALAXY TANKER 1985 BRODOSPLIT 17,109 6,042 $360 INDIA 8207056

OCEAN SPIRIT CAR 1985HITACHI

INNOSHIMA16,770 10,999 $305 CHINA 8321747

LILY GLORY BC 1974KASADO

KUDAMATSU 16,220 5,671 $280 CHINA 7377830

MSC IMMACOLATA CONT 1979 WARNOWERFT 14,719 8,220 $327 INDIA 764367

NOTESDECEMBERREPORTED DEMOLITION DEALS

SELLERS ARE AKER FLOATING PRODUCTION ASA, NORWAY

SELLERS ARE QUEENSWAY NAVIGATION GREECE

SELELRS ARE TOMASOS BROTHERS INC GREECE

SELLERS ARE MITSUI OSK LINES LTD JAPAN

SELLERS ARE FEDCOM SHIPPING UKRAINE

SELLERS ARE NAVEGADORA TRANSPACIFICAGREECE

SELLERS ARE BLUE LINE SHIPMANAGEMENT CO, GREECE

SELLERS ARE AVIN INTERNATIONAL SA GREECE - AS IS SINGAPORE

SELLERS ARE PROJECT SHIPPING INC, GREECE. AS IS BASIS WEST AFRICA- FIRE

DAMAGE

SELLERS ARE ANGLO-EASTERN SHIPMANAGEMENT, HONG KONG, CHINA

SELLERS ARE MSC SHIPMANAGEMENT, HK, CHINA. 2602 TEU

SELLERS ARE MITSUI OSK LINES LTD JAPAN

SELLERS ARE SAMOS ISLAND MARITIME CO, GREECE

SELLERS ARE CSL GROUP IN CANADA

SELLERS ARE IRISL IRAN

SELLERS ARE CONBULK SHIPPING SA, GREECE

SELLERS ARE POLSKA ZEGLUGA MORSKA (POLSTEAM) POLAND

SELLERS ARE IRAN SHIPPING LINES

SELLERS ARE PT CAKRA BAHANA INDONESIA

SELLERS ARE EUROBULK LTD, GREECE. AS IS PHILIPPINES. 2098 TEU

SELLERS ARE SEKUR HOLDINGS INC

SELLERS ARE ZODIAC MARITIME AGENCIES SINGAPORE

SELLERS ARE MIDOCEAN (IOM) LTD, ISLE OF MAN

SELLERS ARE THORESEN THAILAND

SELLERS ARE IRISL IRAN

SELLERS ARE BONMAR SA SWITZERLAND

SELLERS ARE DANAOS SHIPPING GREECE

SELLERS ARE MSC SHIPMANAGEMENT SINGAPORE

SELLERS ARE EMIRATES TRADING AGENCY UAE

SELLERS ARE BRIGHT SHIPPING, KOREA. $2,180,000 INDIA AS IS DURBAN INCL $392000

BUNKERS ON BOARD.

RORO WITH CONTAINER CAPACITY

RORO WITH CONTAINER CAPACITY

SELLERS ARE MSC SHIPMANAGEMENT HK, CHINA

SELLERS ARE RIGA TRANSPORT FLEET LATVIA

SELLERS ARE WORLD MARINE CO LTD, JAPAN. - VEHICLES CARRIER

SELLERS ARE GLORY CEMENT CARRIER CORP, CHINA

SELLERS ARE MSC SHIPMANAGEMENT HONG KONG, CHINA. 873 TEU




YURIY SAVINOV MPP 1976GDANSKA

LENINA14,134 5,468 $278 INDIA 7531979

UNIVERSAL SPIRIT RORO 1985KANASASHI ZOSEN - T

13,025 13,770 $305 CHINA 8400919

CELTIC SEA REEFER 1970 DENMARK 11,902 6,117 $355 INDIA 7000190

EQUINE RORO 1979ORESUNDSVAR

NE8,100 6,751 $258 INDIA 7800760

BLUE SEA MPP 1973HASHIHAMA

SHBLDG - 7,417 2,318 $285 INDIA 7371654

SIRI BHUM CONT 1981 JAPAN 6,994 3,292 - INDIA 7925986

NOOR AL HASAN BC 1976 JAPAN 6,516 2,016 $305 INDIA 7530327

SRI KANCHANA TANKER 1980 JAPAN 4,999 1,832 - BANGLADESH 7929906

OCEAN EXPRESS I MPP 1979 HONDA SAIKI 4,559 4,500 - INDIA 7815698

RAMLAH SD 1968 SWEDEN 4,190 INDIA 6806511

ORION TANKER 1982BUESUMER

BREMEN3,926 1,600 $459 INDIA 8105002

MAYA MPP 1982MAN GHH GERMANY

3,344 1,543 $270 INDIA 8128858

OCEAN PROJECT II BC 1972 GERMANY 2,906 INDIA 7227188

ORION OTHER 1979STERKODER

MEK2,564 2,925 - INDIA 7807392

EYLUL SD 1967 ZTS 2,190 1,230 $179 TURKEY 8874328

SRI CHUMPORN TANKER 1981 JAPAN 1,798 688 $320 BANGLADESH 8115083

Note1: With Red color are indicated all Greek interest Sales

DEMOLITION STATISTICS:

2009 UNITS DWT LDT

January 112 3,982,038 1,026,714 UNITS LDT TAKEN AV. SCRP PRICE

February 129 3,300,306 1,016,869 273 2,679,878 $251

March 127 4,045,306 1,136,289 473 3,852,612 $273

April 97 2,258,486 738,739 208 2,343,087 $299

May 104 3,085,685 968,167 104 243,993 $181

June 76 1,647,842 572,299 86 717,666 $271

July 92 2,124,680 766,300 96 382,689

August 128 3,556,281 1,157,227 1240 10,219,925 $255

September 135 3,296,111 896,669

October 81 2,127,580 565,458

November 104 3,208,300 895,529

December 55 1,609,333 479,665

TOTAL 1240 34,241,948 10,219,925

UNITS LDT TAKEN av $ UNITS LDT UNITS LDT

273 2,679,878 250.6 261 2,589,616 12 90,262

473 3,852,612 273.5 418 3,326,149 55 526,463

208 2,343,087 299.4 123 1,211,417 85 1,131,670

104 243,993 181.3 94 225,396 10 18,597

86 717,666 271.4 69 540,902 17 176,764

96 382,689 28.3 63 222,310 17 79,315

1240 10,219,925 255.2 1028 8,115,790 196 2,023,071

SELLERS ARE E&S LTD TURKEY

SELLERS ARE THAVORN MARINE CO LTD - THAILAND

CHEMICAL. SELLERS ARE SOYSAY DENIZCILIK TURKEY. VSL HAS ABT 190 TS ST

STEEL

SELLERS ARE UNITED MARINE MANAGEMENT ESTONIA

SELLERS RAE CGGVERITAS FRANCE - RESEARCH VESSEL

TURKEY

PAKISTAN

CHINA

BREAKER

OTHER/CASH/AS IS

TOTAL

PAKISTAN

INDIA

TOTAL

OTHER/CASH/AS IS

BANGLADESH

INDIA

DRY

BANGLADESH

TURKEY

BREAKER – STATS ‘2009

BREAKER

CHINA

DETAILED BREAKER REGION - STATISTICS FOR 2009 WET

SELLERS ARE SAKHALIN SHIPPING RUSSIA.

SELLERS ARE FUYOH SHIPPING CO, JAPAN. 4435 CARS

PREMIUM PAID DUE TO VSL'S ALUMINIUM GRATINGS AND MINIMUM 200 TS BUNKERS

ON BOARD

SELLERS ARE EUROSHIP SERVICES LTD, UK

SELLERS ARE ALFA MARINA LTD, EGYPT

SELLERS ARE REGIONAL CONTAINER LINES SINGAPORE

SELLERS ARE MARITA SHIPPING AGENCY GREECE

SELLERS ARE THAVORN MARINE CO LTD - THAILAND

SELLERS ARE LIAONING PROVINCE DALIAN OCEAN FISHERY GROUP CHINA




COUNTRY UNITS % rank

GREECE 203 16.4% 1

CHINA 156 12.6% 2

JAPAN 96 7.7% 3

NORWAY 55 4.4% 4

UAE 54 4.4% 5

USA 50 4.0% 6

RUSSIA 50 4.0% 6

TURKEY 45 3.6% 8

SINGAPORE 43 3.5% 9

INDIA 40 3.2% 10

UK 39 3.1% 11

KOREA 32 2.6% 12

SYRIA 29 2.3% 13

UKRAINE 26 2.1% 14

SWITZERLAND 21 1.7% 15

GERMANY 18 1.5% 16

ITALY 17 1.4% 17

NETHERLANDS 17 1.4% 17

BULGARIA 15 1.2% 19

SPAIN 15 1.2% 19

ALL OTHER 217 17.5%

UNDISCL 2 0.2%

TOTAL 1240 100.0%

BULKERS / SDTANK/

OBO/GASCONT/

TWEEN/MPP REEFER

RORO PAX CRUISE, OTHER

VEHICLES CARRIERS

TRAWLER TUG OTHER TOTAL

414 198 387 42 67 103 29 1,240 SHIPS

33.4% 16.0% 31.2% 3.4% 5.4% 8.3% 2.3% 100.0%

2,925,923 2,041,970 3,525,397 252,575 440,385 988,374 45,301 10,219,925

12,759,811 9,839,639 9,215,205 411,971 503,772 1,341,703 169,847 34,241,948

$528,138,100 $446,198,561 $635,967,544 $43,473,613 $71,967,478 $82,822,597 $11,706,305 $1,820,274,198

UNITS

%

USD PAID

STATS

DWT

LDT

Demolition DATA for 2009

2009 DEMOLITION SELLERS STATISTICS

source of data: N. COTZIAS SHIPPING CONSULTANTS (NCSC)

Average Scrap Price & No of Ships Scrapped 2005-2009

21

11

0

1618

105

127

1715

241820

1717161711

19

2929

2116

25

131716

1310

1723

812

21

1419

2319

26

52

28

38

68

79

112

97

104

76

92

128

135

81

104

55

129

127

$100

$200

$300

$400

$500

$600

$700

$800

Apr-0

5

Jun-0

5

Aug-0

5

Oct-0

5

Dec-0

5

Feb-0

6

Apr-0

6

Jun-0

6

Aug-0

6

Oct-0

6

Dec-0

6

Feb-0

7

Apr-0

7

Jun-0

7

Aug-0

7

Oct-0

7

Dec-0

7

Feb-0

8

Apr-0

8

Jun-0

8

Aug-0

8

Oct-0

8

Dec-0

8

Feb-0

9

Apr-0

9

Jun-0

9

Aug-0

9

Oct-0

9

Dec-0

9

-5

15

35

55

75

95

115

135

155

Average Scrap PriceNumber of Ships

DEMO STATS 2005-2009

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

4,500,000

May

-05

Jul-0

5

Sep-0

5

Nov-0

5

Jan-

06

Mar

-06

May

-06

Jul-0

6

Sep-0

6

Nov-0

6

Jan-

07

Mar

-07

May

-07

Jul-0

7

Sep-0

7

Nov-0

7

Jan-

08

Mar

-08

May

-08

Jul-0

8

Sep-0

8

Nov-0

8

Jan-

09

Mar

-09

May

-09

Jul-0

9

Sep-0

9

Nov-0

9

0

20

40

60

80

100

120

140DWTLDTNUMBER

LDT INTAKE PER SCRAP COUNTRY FOR 2009

OTHER/CASH/AS IS, 382,689,

4%

PAKISTAN, 717,666, 7%

TURKEY, 243,993, 2%

BANGLADESH, 2,343,087, 23%

INDIA, 3,852,612, 38%

CHINA, 2,679,878, 26%

UNIT INTAKE PER SCRAP COUNTRY FOR 2009

CHINA, 273, 22%

INDIA, 473, 38%

BANGLADESH, 208, 17%

TURKEY, 104, 8%

PAKISTAN, 86, 7%

OTHER/CASH/AS IS, 96, 8%




source of data: N. COTZIAS SHIPPING CONSULTANTS (NCSC)

AVERAGE MONTHLY SCRAP PRICE 2009 ‐ CHINA

$228

$243

$215$226

$251 $255$268

$279$266

$286

$312

210

230

250

270

290

310

330

Jan‐09 Feb‐09 Mar‐09 Apr‐09 May‐09 Jun‐09 Jul‐09 Aug‐09 Sep‐09 Oct‐09 Nov‐09 Dec‐09

AV

ER

AG

E S

CR

AP

PR

ICE

U$/

LD

T

AVERAGE MONTHLY SCRAP PRICE 2009 ‐ INDIA

$267 $262$272

$259

$234

$258$249

$309

$327

$291

$340

$324

210

230

250

270

290

310

330


AV

ER

AG

E S

CR

AP

PR

ICE

U$/

LD

T

AVERAGE MONTHLY SCRAP PRICE 2009 ‐ PAKISTAN

$271$265 $261 $266

$248

$282

$315

$273

$313 $312

$293

$265

210

230

250

270

290

310

330


AV

ER

AG

E S

CR

AP

PR

ICE

U$/

LD

T

AVERAGE MONTHLY SCRAP PRICE 2009 ‐ BANGLADESH

$274 $269

$311

$277

$240

$296 $289$300

$342

$322 $322$335

210

230

250

270

290

310

330

350


AV

ER

AG

E S

CR

AP

PR

ICE

U$/

LD

T

AVERAGE MONTHLY SCRAP PRICE 2009 ‐ TURKEY

$218

$183 $186

$202

$172

$155

$174 $179 $177 $181 $184 $179

120

140

160

180

200

220

240


AV

ER

AG

E S

CR

AP

PR

ICE

U$/

LD

T




DATE BDI % frm 1/1/2009 BCI % frm 1/1/2009 BPI 1/1/2009 BSI 1/1/2009 BHI 1/1/2009

30/11/09 3,887 403% 6,189 355% 3,757 596% 2,416 488% 1,138 308%01/12/09 3,836 396% 6,127 350% 3,635 573% 2,376 478% 1,143 310%02/12/09 3,918 407% 6,352 367% 3,677 581% 2,364 475% 1,156 314%03/12/09 4,062 425% 6,640 388% 3,830 609% 2,368 476% 1,170 319%04/12/09 4,107 431% 6,655 389% 3,928 627% 2,382 480% 1,182 324%07/12/09 4,036 422% 6,370 368% 3,981 637% 2,395 483% 1,197 329%08/12/09 3,902 405% 5,948 337% 3,989 639% 2,414 487% 1,210 334%09/12/09 3,791 390% 5,679 317% 3,900 622% 2,429 491% 1,222 338%10/12/09 3,761 387% 5,387 296% 3,795 603% 2,432 492% 1,234 342%11/12/09 3,579 363% 5,193 282% 3,673 580% 2,429 491% 1,240 344%14/12/09 3,530 357% 5,132 277% 3,574 562% 2,420 489% 1,239 344%15/12/09 3,518 355% 5,154 279% 3,505 549% 2,413 487% 1,233 342%16/12/09 3,474 349% 5,123 276% 3,444 538% 2,366 476% 1,227 340%17/12/09 3,376 337% 4,875 258% 3,436 536% 2,340 469% 1,213 335%18/12/09 3,258 321% 4,566 235% 3,448 539% 2,322 465% 1,199 330%21/12/09 3,154 308% 4,284 215% 3,460 541% 2,297 459% 1,193 328%22/12/09 3,063 296% 4,041 197% 3,498 548% 2,264 451% 1,186 325%23/12/09 3,023 291% 3,917 188% 3,544 556% 2,246 446% 1,173 320%24/12/09 3,005 289% 3,887 186% 3,567 561% 2,224 441% 1,159 315%

BALTIC DRY BULK MARKET INDICES until 30th NOVEMBER 2009

All Baltic DRY indices 2005 - 2009

300

2300

4300

6300

8300

10300

12300

14300

16300

18300

Feb-05

May-05

Aug-05

Nov-05

Feb-06

May-06

Aug-06

Nov-06

Feb-07

May-07

Aug-07

Nov-07

Feb-08

May-08

Aug-08

Nov-08

Feb-09

May-09

Aug-09

Nov-09

BPIBCIBDIBSI

BALTIC DRY 2005 - 2009

400

2400

4400

6400

8400

10400

Jun-05Sep-05

Dec-05Mar-0

6Jun-06

Sep-06Dec-06

Mar-07Jun-07

Sep-07Dec-07

Mar-08Jun-08

Sep-08Dec-08

Mar-09Jun-09

Sep-09Dec-09

BDI

BALTIC PMAX 2005 - 2009

300

2300

4300

6300

8300

10300

Jun-05Sep-05

Dec-05Mar-0

6Jun-06

Sep-06Dec-06

Mar-07Jun-07

Sep-07Dec-07

Mar-08Jun-08

Sep-08Dec-08

Mar-09Jun-09

Sep-09Dec-09

BPI

BALTIC CAPE 2005 - 2009

400290054007900

10400129001540017900

Jun-05Sep-05

Dec-05Mar-0

6Jun-06

Sep-06Dec-06

Mar-07Jun-07

Sep-07Dec-07

Mar-08Jun-08

Sep-08Dec-08

Mar-09Jun-09

Sep-09Dec-09

BCI

BALTIC SUPMAX 2006 - 2009

3001300230033004300530063007300

Apr-06

Jul-06

Oct-06

Jan-07Apr-0

7Jul-0

7Oct-0

7Jan-08

Apr-08

Jul-08

Oct-08

Jan-09Apr-0

9Jul-0

9Oct-0

9Jan-10

BSI

CAPITAL LINK MARITIME INDEX 2005-9

400

1400

2400

3400

4400

5400

Jun-05Sep-05

Dec-05Mar-06

Jun-06Sep-06

Dec-06Mar-07

Jun-07Sep-07

Dec-07Mar-08

Jun-08Sep-08

Dec-08Mar-09

Jun-09Sep-09

Dec-09

CL Maritime Index (CLMI)

CAPITAL LINK DRYBULK INDEX 2005-9

400

1400

2400

3400

4400

5400

6400

7400

Jun-05Sep-05

Dec-05Mar-06

Jun-06Sep-06

Dec-06Mar-07

Jun-07Sep-07

Dec-07Mar-08

Jun-08Sep-08

Dec-08Mar-09

Jun-09Sep-09

Dec-09

CL Drybulk Index (CLDBI)

CAPITAL LINK CONTAINER INDEX 2005-9

400

1400

2400

3400

4400

5400

Jun-05Sep-05

Dec-05Mar-06

Jun-06Sep-06

Dec-06Mar-07

Jun-07Sep-07

Dec-07Mar-08

Jun-08Sep-08

Dec-08Mar-09

Jun-09Sep-09

Dec-09

CL Container Index (CLCI)

CAPITAL LINK MLP INDEX 2005-9

400

1400

2400

3400

4400

Jun-05Sep-05

Dec-05Mar-06

Jun-06Sep-06

Dec-06Mar-07

Jun-07Sep-07

Dec-07Mar-08

Jun-08Sep-08

Dec-08Mar-09

Jun-09Sep-09

Dec-09

CL MLP Index (CLMLP)




DATE CLEAN % frm 2/1/08 DIRTY % frm 2/1/08

30/11/09 519 -15.1% 679 -20.0%01/12/09 528 -13.6% 671 -21.0%02/12/09 538 -11.9% 687 -19.1%03/12/09 549 -10.1% 704 -17.1%04/12/09 557 -8.8% 720 -15.2%07/12/09 570 -6.7% 722 -15.0%08/12/09 576 -5.7% 720 -15.2%09/12/09 578 -5.4% 724 -14.7%10/12/09 587 -3.9% 730 -14.0%11/12/09 595 -2.6% 741 -12.7%14/12/09 601 -1.6% 752 -11.4%15/12/09 608 -0.5% 765 -9.9%16/12/09 613 0.3% 782 -7.9%17/12/09 619 1.3% 798 -6.0%18/12/09 621 1.6% 803 -5.4%21/12/09 623 2.0% 804 -5.3%22/12/09 629 2.9% 810 -4.6%23/12/09 633 3.6% 815 -4.0%24/12/09 634 3.8% 814 -4.1%

ALL CAPITAL LINK INDICES ARE USED WITH THE EXPRESS KIND PERMISSION OF CAPITAL LINK INC - NEW YORK

DISCLAIMER: INFORMATION & DATA CONTAINED IN THIS MONTHLY MARKET REPORT HAVE BEEN CAREFULLY OBTAINED FROM VARIOUS MARKET SOURCES. ALTHOUGH

ALL IS BELIEVED TO BE CORRECT, N. COTZIAS SHIPPING GROUP MAKES NO GUARANTEE FOR ACCURACY, AND SHALL NOT BE LIABLE FOR ANY LOSS INCURRED IN ANY WAY WHATSOEVER BY ANY PERSON RELYING ON THE INFORMATION CONTAINED HEREIN.

BALTIC TANKER MARKET INDICES until 31st DECEMBER 2009

ALL BALTIC WET Indices 2006-9

300

800

1300

1800

2300

Feb-06May-06

Aug-06Nov-06

Feb-07May-07

Aug-07Nov-07

Feb-08May-08

Aug-08Nov-08

Feb-09May-09

Aug-09Nov-09

BCTI

BDTI

BALTIC DIRTY TANKER INDEX 2005 - 2009

400

900

1400

1900

2400

Jun-05Sep-05

Dec-05Mar-0

6Jun-06

Sep-06Dec-06

Mar-07Jun-07

Sep-07Dec-07

Mar-08Jun-08

Sep-08Dec-08

Mar-09Jun-09

Sep-09Dec-09

BDTIBALTIC CLEAN TANKER INDEX 2005 - 2009

300

700

1100

1500

1900

Jun-05Sep-05

Dec-05Mar-0

6Jun-06

Sep-06Dec-06

Mar-07Jun-07

Sep-07Dec-07

Mar-08Jun-08

Sep-08Dec-08

Mar-09Jun-09

Sep-09Dec-09

BCTI

Brent OIL (2001 - 2009)

162636465666768696

106116126136146

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

Sep-0

9

Dec-0

9

Brent Oil

ALL CAPITAL LINK WET Indices 2006-9

400

1400

2400

3400

4400

5400

May-05Aug-05

Nov-05Feb-06

May-06Aug-06

Nov-06Feb-07

May-07Aug-07

Nov-07Feb-08

May-08Aug-08

Nov-08Feb-09

May-09Aug-09

Nov-09

CL Tanker Index (CLTI)

CL LNG/LPG Index (CLLG)

CAPITAL LINK TANKER INDEX 2005-9

400.00

1400.00

2400.00

3400.00

4400.00

5400.00

Jun-05Sep-05

Dec-05Mar-06

Jun-06Sep-06

Dec-06Mar-07

Jun-07Sep-07

Dec-07Mar-08

Jun-08Sep-08

Dec-08Mar-09

Jun-09Sep-09

Dec-09

CL Tanker Index (CLTI)

CAPITAL LINK LNG/LPG INDEX 2005-9

400.00

800.00

1200.00

1600.00

2000.00

2400.00

2800.00

3200.00

Jun-05Sep-05

Dec-05Mar-06

Jun-06Sep-06

Dec-06Mar-07

Jun-07Sep-07

Dec-07Mar-08

Jun-08Sep-08

Dec-08Mar-09

Jun-09Sep-09

Dec-09

CL LNG/LPG Index (CLLG)

WTI SPOT PRICE (2001 - 2009)

162636465666768696

106116126136146

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

Sep-0

9

Dec-0

9

WTI Spot Price



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S&P MONTHLY REPORT DECEMBER 2009files.irwebpage.com/reports/shipping/GaPohY32AN/COTZIAS...75,590 D2...

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