S&P MONTHLY REPORT SEPTEMBER 2010files.irwebpage.com/reports/shipping/GaPohY32AN/COTZIAS... –...

www.cotzias.gr – visit our constantly updated website SEPTEMBER 2010

Ship sale volume: Sep-10 Aug-1099 93 last month

73 59 last month

26 34 last month

Scrap volume:

87 89 last month

$985 /ton INDIA incl 1500 tns Stainless

Newbuilding Ships Prices 30/09/2010 (in mil USD)Dry Cargo CAPE 30/9/2009 PMX 30/9/2009 HMAX 30/9/2009

NEWBUILDING $72.0 $64.3 $44.0 $40.0 $36.0 $33.4Tanker Ships VLCC 30/9/2009 SUZ 30/9/2009 AFR 30/9/2009

NEWBUILDING $108.0 $102.0 $71.2 $69.0 $58.0 $49.0PAN 30/9/2009 PROD 30/9/2009

$45.5 $45.2 $36.5 $35.0Average Dry cargo T/C Earnings (worldwide routes):

Sep-10 Aug-10 Jul-10 Jun-10$35,929 $28,253 $16,750 $35,022$24,800 $21,854 $16,630 $24,455$25,952 $25,770 $20,621 $28,452$24,738 $22,919 $19,638 $26,033$22,360 $22,756 $20,064 $25,432$19,995 $21,990 $16,729 $22,592$16,833 $15,800 $16,000 $17,000$16,063 $15,682 $13,641 $16,550

Scrap Prices for SEPTEMBER 2010

CHINA HIGH $407 AVERAGE $407 SEPTEM 2010 AVERAGE $458 INDIA HIGH $985 AVERAGE $488 AUGUST 2010 AVERAGE $399

BANGLADESH HIGH $0 AVERAGE #DIV/0! JULY 2010 AVERAGE $393 PAKISTAN HIGH $450 AVERAGE $431 JUNE 2010 AVERAGE $373

TURKEY HIGH $295 AVERAGE $295 MAY 2010 AVERAGE $399 345.07BALTIC INDICES 30-Sep-10 31-Aug-10 31-Jul-10 30-Jun-10

2446 -9.84% 2713 1967 24063370 -4.15% 3516 1922 27112462 -16.54% 2950 2632 27481847 -10.60% 2066 1760 20661039 -3.53% 1077 1010 1155624 -8.10% 679 796 785686 -4.06% 715 796 855

COMMENTS:

It is very important that Chinese Banks are making a great move into the Western World providing finance for ships being built in Chinese Yards. This way they allocate their cash

reserves that are plenty, they generate momentum for the Chinese shipbuilding industry, provide secure job positions for a great number of Chinese workers actively involved in

building ships, and at the same time, will get orders from Greek owners that will share their experiences, their specifications and give them a flavour of their abilities and

capabilities that have made Greeks the leading worldwide nation in Shipping both in the Dry and Tanker market. One other major point we would like to stress is that Chinese

Banks providing Greek Ship‐Owners with the necessary financing options to build ships in China, reduces competition from other neighbouring nations like Korea, Vietnam, Japan

and possibly India that want's to rise up eventually as a shipbuilding nation.

Baltic Panamax Index

SEPTEMBER 2010

GENERAL SCRAP PRICE AVERAGE

Highest Scrap Price paid this month:

Baltic Clean Tanker Index

Capes >131,000 dwt:

Baltic Dry Index

% change since LAST MONTH

S&P MONTHLY REPORT

Baltic Dirty Tanker Index

Wet cargo Ships sold this month:

Ships scrapped this month:

Baltic Supramax Index

This was a month of major events for our nation. Greece and China bonded their trade relations. China's Prime Wen Jiabao visited Greece after 24 years, and signed a series of

Memorandums actively providing the world with a firm vote of confidence about our country's ability to grow stronger out of this financial crisis. It is important to stress that

although Greek Ship‐Owners may have felt threatened by China's emergence as a Shipping Nation, this visit made us all realise that Greece and China teaming up as traditional

seaborne nations from ancient times, may just become a strong alliance that will both gain from each other. It is not far from reality that Greece may provide the knowledge in

Shipping while China may well provide the much needed and much awaited finance together with Chinese built good quality ships. In any way two giants team up, form an alliance

and together have more to share than to separate. Together the two nations may share synergies and one can assist the other in fulfilling each other nation’s growth plans.

Handies 39,000 – 30,000 dwt: Small Bulkers 29,000 – 12,000 dwt:

Post Panamax 130,000 – 87,000 dwt:

Panamax 79,000 – 60,000 dwt: Supramax 59,000 – 50,000 dwt:Handymax 49,000 – 40,000 dwt:

Kamsarmax 86,000 – 80,000 dwt:

Executive Summary

Dry cargo Ships sold this month:

Total number of Ships sold this month:

Baltic Handymax Index

Topping on this we also recon, that the next step will be Chinese shipping companies opening up their appetite to get listed in the Western Capital markets, in form of IPO's, SPAC's

or even Mini‐SPAC's, ad why not also the healthy Chinese Stock Exchange, the Hang Sheng, be able to attract possible listings of Greek and other leading Shipping nations

companies that could well benefit from the safety, liquidity and large volumes that are traded in the Asian stock‐markets. Maybe the time is mature enough for such thoughts, and

maybe the finance options that Chinese Banks may have to offer could pose not just as an attractive alternative, but instead as THE most lucrative possibility. In any way Greece

welcomes the Chinese helping hand that is here ready to invest and show the trust in our abilities! Well Done China... well done Wen Jiabao..!!!

Baltic Cape Index

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]


2010

NAME TYPE YEAR BUILT DWT GEAR PRICEBUYERS

NAMEBUYERS NATION

NOTES IMO

CAECILIE BULKER BC 2009 HYUNDAI HI 179,362 $62.60mKOREAN BUYERS

KOREADELY OCT 2010 - ALSO

REPORTED SOLD IN MAY 2010 AT $71MIL

9455959

DONG-A RHEA BC 1993 CHINA 149,505 $21.50mUNDISCLOSED

BUYERS-

SELLERS ARE STX POS SHIP MANAGEMENT

KOREA9035424

EAST SUNRISE 88 BC 2010 JIANGZHEJIANG 93,172 $40.80mCLIENTS OF

DIANA SHIPPING

GREECE

JIANGSU NEW YZJ RESALE - SEA STAR

SHIPS MANAGEMENT CO CHINA ARE SELLERS

9568586

SUSY BC 2010 JIANGZHEJIANG 92,500 $42.00mCLIENTS OF

DRYBULKGREECE

JIANGSU NEW YZJ RESALE. SOLD AT AUCTION IN ITALY -

SELLERS ARE D'AMATO NAVIGAZIONE SPA ITALY

9426116

ANASTASIA C BC 2004SASEBO SASEBO 76,830 $39.00m PNOC PAKISTAN

SELLERS ARE TARGET MARINE S.A., GREECE.

DELY NOV 2010 INCL T/C UNTIL JAN/FEB 2011 TO NORDEN AT $21,500 P/D

9304198

SASEBO RESALE BC 2010SASEBO SASEBO 76,000 $44.00m

UNDISCLOSED BUYERS

- -

OCEAN BARON BC 2002 NAMURA IMARI 74,193 $35.00m GREEK BUYERS GREECESELLERS ARE FIRST

MARINE SERVICE CO LTD,JAPAN

9267211

MING MAY BC 1997TSUNEISHI

CEBU 74,009 $27.85m 9138501

CHIA MAY BC 1997TSUNEISHI

CEBU 74,009 $27.85m 9138496

ELERANTA BC 1995 SAMSUNG HI 73,222 2X30T $24.50mUNDISCLOSED

BUYERS-

SELLERS ARE V SHIPS (UK) LTD, UK 9081198

RUBIN CAMELLIA BC 1995 NAMURA 71,332 $23.50mUNDISCLOSED

BUYERS-

SELLERS ARE MO MARINE CONSULTING

JAPAN9124172

MASTROGIORGIS BC 1984 POLAND 69,461 $9.20mCHINESE

GOVERNMENTCHINA

SELLERS ARE MASTROGIORGIS SHIPPING CO LTD

GREECE - REPORTED SOLD IN OCT 2007 FOR

$35MIL

7915656

GOOD FRIEND BC 1982 KOYO MIHARA 61,315 4X25T $6.50mCHINESE BUYERS

CHINASELLERS ARE STX POS SHIP MANAGEMENT CO

KOREA 8000472

WUHAN BC 2011QINGSHAN SHIPYARD 57,015 $33.00m KOMROWSKI GERMANY

OTHER REPS SAY THAT BUYERS ARE CLIEMTS OF

VILMARIS9492402

STAR POLARIS BC 1995DAEWOO

SHIPBUILDING 56,667 4X30T $22.00mUNDISCLOSED

BUYERS-

SELLERS ARE PEGASUS MARITIME ENTERPRISES

GREECE (RETHYMNIS AND KULUKUNDIS

LONDON)

9125566

DAYANG RESALE BC 2010 CHINA 53,000 $36.00mNORWEGIAN

BUYERSNORWAY DELY OCT 2010 -

YASA H. MEHMET BC 2002TSUNEISHI

CEBU 52,407 $31.00m 9222510

YASA H. MULLA BC 2001TSUNEISHI

CEBU 52,407 $32.00m 9238466

CAPTAIN GEORGE II

BC 1994 OKEAN 52,370 4X25T $17.00m INDIAN BUYERS INDIA

SELLERS ARE EFNAV COMPANY LTD, GREECE.

OTHER REPORT SAYS BAHRAIN BUYERS

9071715

THAI THORESEN THAILAND

SOLD ENBLOC YASA H. MEHMET AND YASA H. MULLA TO THAI BASED BUYERS FOR $63m FOR BOTH UNITS. SELLERS

ARE YASA SHIPPING INDUSTRY TURKEY

FAR EAST BUYERS

FAREAST

SOLD ENBLOC TO FAR EASTERN BUYERS FOR

$27.85m EACH UNIT. SELLERS ARE

FOREMOST MARITIME CORP, USA.

SEPTEMBERDRY CARGO SHIPS SOLD DURING THIS MONTH




CMA CGM AFRICA TWO

CONT 2010 PHILIPPINES 50,700 3600 TEU 9451927

CMA CGM AFRICA ONE


CMA CGM AFRICA THREE


CMA CGM AFRICA FOUR


BASIC ARROW BC 2001 IHI 48,907 4X30T $26.50m

ATHENS DIVERSIFIED

SHIPPING (CLIENTS OF

KRITSAS SHIPPING)

GREECE

SELLERS ARE MK SHIPMANAGEMENT CO LTD JAPAN. SOLD BASIS

DELIVERY OCT-DEC 2010 PREVIOUS REPORTED PRICE OF$27.5MIL IN

JUNE 2010 FAILED

9226671

FAIR SKY BC 2000 SANOYAS 48,369 4X25T $26.30mUS BASED BUYERS

USA

SELLERS ARE FIRST MARINE SERVICE CO LTD,JAPAN. OTHER REP SAYS

$26.5MIL AND $26.1m

9208370

MARITIME DIAMOND

BC 1995 JAPAN 47,574 4X12T 4X30T $21.50m GREEK BUYERS GREECE OTHER REPS SAY $22m 9050292

JAPAN SEA CONT 1991HDW-GAARDEN

GMBH 47,230 3032 TEU $11.00m 8906731

ZIM ISRAEL CONT 1992HDW-GAARDEN

GMBH 47,230 3030 TEU $11.00m 8906755

ANDAMAN SEA CONT 1990HDW-GAARDEN

GMBH 47,230 3029 TEU $11.00m 8806802

ZIM HONG KONG CONT 1992HDW-GAARDEN

GMBH 47,230 3029 TEU $11.00m 8906743

ETERNAL ATHENA BC 2003 OSHIMA ZOSEN 46,710 4X30T $29.50mPAKISTAN NATIONAL SHIPPING

PAKISTAN

SELLERS ARE ZEST SHIPMANAGEMENT HONG

KONG, CHINA. DELY OCT/NOV 2010 - OTHER REP SAYS $30MIL AND

$31.5m

9272876

STAR POLLUX BC 1996 JAPAN 43,769 4X30T $22.00m GREEK BUYERS GREECE

SELLERS ARE PEGASUS MARITIME ENTERPRISES

GREECE (RETHYMNIS AND KULUKUNDIS)

9125542

GLORIUS MORNING BC 1983MITSUBISHI NAGASAKI 41,796 4X45T $6.90m

UNDISCLOSED BUYERS

-SELLERS ARE DORIKO

LTD, KOREA 8200462

FOUNTAIN 5 BC 1987 MITSUI CHIBA 41,574 4X25T $13.00mUNDISCLOSED

BUYERS-

SELLERS ARE HORIZON DENIZCILIK, TURKEY.

OTHER REPS SAY $13.5m8309294

TASSOS N BC 1986CHINA

SHIPBUILDING CORPORATION

41,343 4X25T $12.40mBANGLADESH

BUYERSBANGLADESH

SELLERS ARE TRANSWORLD A.M. NOMIKOS GREECE .

OTHER REPS SAY $11.5m

8412778

ALAM SELAMAT BC 1992 IHI 39,110 4X25T $15.90mUNDISCLOSED

BUYERS-

SELLERS ARE JP ALLIANCE SHIP MANAGEMENT

PHILIPPINES

9006643

SMART BC 1982IMABARI

MARUGAME 36,205 4X25T $5.90mUNDISCLOSED

BUYERS-

SELLERS ARE MARYVILLEMARITIME, GREECE. 8202070

THOR LOTUS BC 1985 KOREA 35,458 4X25T $7.30mUNDISCLOSED

BUYERS-

SELLERS ARE THORESENTHAI AGENCIES THAILAND 8308070

BROADGATE BC 1984 JAPAN 35,287 4X25T $6.25mINDONESIAN

BUYERSINDONESIA

SELLERS ARE ZODIAC MARITIME AGENCIES LTD,

UK8213847

YUAN SHENG 36 BC 2010 CHINA 35,000 4X30TP&C

TERMSNINGBO JOYSON

CHINA

INTRA CHINESE DEAL, CHINESE SELLERS

(Taizhou Xinglongzhou Shipping )

9564956

MAERSK NAIROBI CONT 2001 HYUNDAI HI 34,771 3550 TEU 4X45T 9231494

LAMBERT SCHULTE

CONT 2005GUANGZHOU

WENCHON 23,679 1718 TEU 2X45T 9338967

LEOPOLD SHULTE CONT 2007GUANGZHOU

WENCHON 23,579 1740 TEU 2X45T 9403413

GREECE$75.00m

ENBLOC MAERSK NAIROBI, LAMBERT SHULTE, LEOPOLD

SCHULTE FOR $75MIL ALL3

CHARTWORLD GREECE

SOLD ENBLOC TO GREEK BUYERS FOR AN

UNDISCLOSED PRICE. AFRICA 1 & 2 HAVE

ALREADY DELIVERED. VSLS HAVE A 5 YR BB

BACK WITH A 3 YR CHARTERERS OPTION

EUROSEAS

COSTAMARE GREECE

SOLD ENBLOC JAPAN SEA, ZIM ISRAEL,

ANDAMAN SEA AND ZIM HONG KONG TO

COSTAMARE FOR $11m EACH UNIT. SELLERS ARE

ZIM INTEGRATED SHIPPING SERVICES

ISRAEL




MILTIADIS JUNIOR II BC 2003 CHINA 34,683 4X30T $26.00mUNDISCLOSED

BUYERS-

SELLERS ARE CAPITAL MARITIME & TRADING

GREECE9260146

SHINAN H1006 BC 2011 SHINAN HEAVY 34,000 $28.00m 9542831

SHINAN H1005 BC 2010 SHINAN HEAVY 34,000 $28.00m 9542829

THOR PILOT BC 1986A WARSKIEGO SZCZECINSKA 33,700 4X25T $5.60m

UNDISCLOSED BUYERS

-SELLERS ARE THORESEN

& CO (BANGKOK) THAILAND

8219358

TIMBERLAND BC 1981 KANDA KURE 32,514 5X25T, 1074 TEU $5.50m GREEK BUYERS GREECESELLERS ARE ASP SHIP

MANAGEMENT UK 7921954

PINE HURST BC 1999 HAKODATE 31,784 4X30T $20.50m GREEK BUYERS GREECE

SELLERS ARE MK SHIPMANAGEMENT CO

LTD, JAPAN. OTHER REP SAYS $21MIL TURKISH

BUYERS

9209087

HANSA FREYBURG CONT 2003 CHINA 23,508 1740 TEU 2X40T - 9256389

HANSA MAGDEBURG

CONT 2003 CHINA 23,454 1740 TEU 2X40T - 9256377

POLYDEFKIS P BC 1982 MITSUBISHI 22,713 3X25T $4.25mUNDISCLOSED

BUYERS-

SELLERS ARE COMMON PROGRESS, GREECE.

SOLD WITH SS PASSED8122608

SIR CHARLES PARSONS

BC 1985 GOVAN (B.S.) 22,350 $3.50mTURKISH BUYERS

TURKEY

SELLERS ARE MERIDIAN MARINE MANAGEMENT UK. SOLD WITH SS/DD

OVERDUE

8402840

LAUT MAS CONT 1991 JAPAN 22,215 1308 TEU $6.20mCHINESE BUYERS

CHINASOLD WITH SS/DD DUE - REPORTED SOLD IN MAR

2009 FOR $3.75MIL9014107

BEATRIZ BC 1993 JAPAN 22,145 4X30T $11.00mUNDISCLOSED

BUYERS-

SELLERS ARE OLDENDORFF E

GERMANY9044011

RICHWAY BC 1980TOHOKU

SHIPBUILDING 21,939 4X25T $2.20mCHINESE BUYERS

CHINA

SELLERS ARE SHANGHAI PACIFIC KING

SHIPMANAGEMENT SINGAPORE

7914080

THOR SKIPPER MPP 1986 AETA SESTAO 16,210 4X12.5T 519 TEU $3.50mUNDISCLOSED

BUYERS-

SELLERS ARE THORESEN& CO (BANGKOK)

THAILAND8311431

BF CHALLENGER MPP 1995 ROMANIA 16,1276X12.5T, 526

TEU

P&C TERMS

UNDISCLOSED BUYERS

-

SOLD AT AUCTION WITH SS/DD OVERDUE. SELLERS ARE BF

SHIPPING BVI

9037018

GENIUS CONT 2008JIANGSU EASTERN 13,777 2X45T, 1118 TEU $20.00m

GERMAN BUYERS

GERMANYSELLERS ARE MANSHIP

PTE LTD, SINGAPORE 9499010

SEA VENTURE CONT 2008JIANGSU EASTERN 13,716 1118 TEU $20.00m

GERMAN BUYERS

GERMANYSELLERS ARE MANSHIP

PTE LTD, SINGAPORE 9499022

MARITIME QUEEN MPP 1998 JAPAN 9,727 D3X25T $6.80mKOREAN BUYERS

KOREA

SELLERS ARE OCEAN MARITIME CO LTD KOREA- REPORTED SOLD IN FEB

2008 FOR $13.4MIL

9191644

DONG HO MPP 1990IWAGI ZOSEN

CO LTD 6,868 D4X25T, 202 TEU

P&C TERMS

UNDISCLOSED BUYERS

-SELLERS ARE DONG HO

MARINE JOINT STOCK CO (VISERITRANS) VIETNAM

9016181

ORANGE HORIZON RORO 1982 IMAI 5,804 6000 BHPUNDISCLOSED

BUYERS-

SELLERS ARE NORTHSTAR SHIP

MANAGEMENT HK CHINA8223361

MIYARABI RORO 1995 ONOMICHI 5,690 -KOREAN BUYERS

KOREASELLERS ARE RYUKYU KAIUN KAISHA JAPAN 9105487

NEW NAGATO RORO 1991KANDA

KAWAJIRI 5,155 32402 BHPPHILIPPINO

BASED BUYERSPHILIPPINES

SELLERS ARE HANKYU FERRY CO LTD, JAPAN 9001291

DUEODDE PAX 2005VOLHARDING SHIPYARDS 4,168

400 PAX, 280 CARS, 1235 LM $28.00m

STRAIT SHIPPING

NEW ZEALANDSELLERS ARE

BORNHOLMSTRAFIKKEN AS, DENMARK

9323704

GERMAN BUYERS

GERMANY

ENBLOC HANSA FREYBURG, HANSA MAGDEBURG FOR

UNDISCLOSED PRICE

GREEK BUYERS GREECE

SOLD ENBLOC FOR $28m EACH UNIT. BUYERS

RUMORED TO BE GREEK. SELLERS ARE SUISSE-

ATLANTIQUE SOCIETE DE NAVIGACION MARITIME

SWITZERLAND




CEC DAISY MPP 1993 DENMARK 4,111 2X50T, 247 TEU $3.80m 9011947

CEC DELTA MPP 1991 DENMARK 4,110 2X50T, 247 TEU $3.80m 8913863

ARAFURA ENDEAVOUR

MPP 1992 DENMARK 4,111 2X50T, 247 TEU

P&C TERMS

UNDISCLOSED BUYERS

-SELLERS ARE THOR REDERI A/S NORWAY 9000780

BOA ROVER OTHER 2001 AKER TULCEA 3,848 14196 BHP $45.00mMIDDLE

EASTERN BUYERS

MIDDLE EASTAHTS. SELLERS ARE

TAUBATKOMPANIET AS, NORWAY.

9255115

NORTH TRAVELLER OTHER 1998BREVIK

CONSTRUCTION AS

3,100 5452 BHP $18.50mNORWEGIAN

BUYERSNORWAY

PLATFORM SUPPLY VESSEL. SELLERS ARE

GULF OFFSHORE NORGE AS, NORWAY.

9165906

STELLA MARIS MPP 2008ANANDA

SHIPYARD & SLIP

2,639 136 TEU $3.50mGERMAN BUYERS

GERMANYSOLD IN AUCTION IN

MIAMI - SELLERS ARE FABRICIUS J. DENMARK

9390381

SPIRIT OF OCEANUS

PAX 1991 APUANIA NUOVI 645114 PASS 52

CABINS

P&C TERMS

DANISH BUYERS

DENMARKSELLERS ARE WEST TRAVEL INC (CRUISE

WEST) USA8022868

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

COUNTRY BUILT BC

JAPAN 247

CHINA 112

KOREA 62

BRAZIL 8

DENMARK 5

POLAND 4

SPAIN 3

ITALY 3

NORWAY 3

GERMANY 2

UK 2

UKRAINE 2

YUGOSLAVIA 2

ROMANIA 1

PHILIPPINES 1

SINGAPORE 1

CROATIA 1

INDIA 1

BULGARIA 1

RUSSIA 1

Grand Total 462

COUNTRY BUILT CONT

GERMANY 41

KOREA 23

CHINA 22

JAPAN 20

POLAND 11

PHILIPPINES 4

DENMARK 3

ROMANIA 3

TURKEY 3

NETHERLANDS 2

CROATIA 1

ARGENTINA 1

Grand Total 134

ARGO CORAL MARITIME LTD

ISRAEL

SOLD ENBLOC CEC DAISYAND CEC DELTA FOR $3.8

EACH UNIT TO ISRAELI BUYERS. SELLERS ARE

CLIPPER DENMARK

BC - SOLD IN 2010 (BY COUNTRY OF BUILD)247

112

62

8 5 4 3 3 30

50

100

150

200

250

300

JAPAN CHINA KOREA BRAZIL DENMARK POLAND SPAIN ITALY NORWAY

BC

CONTAINER SHIPS - SOLD IN 2010 (BY COUNTRY OF BUILD)41

23 2220

11

4 3 3 3

0

5

10

15

20

25

30

35

40

45

GERMANY KOREA CHINA JAPAN POLAND PHILIPPINES DENMARK ROMANIA TURKEY

BC




DRY CARGO 2ND HAND MARKET STATISTICS

country units %

2010 UNITS OUTLAY$ DWT GREECE 124 16.82%

JANUARY 84 $1,297.44m 3,952,288 GERMANY 90 12.21%

FEBRUARY 82 $1,383.07m 3,896,685 CHINA 80 10.85%

MARCH 161 $3,532.12m 7,367,241 JAPAN 73 9.91%

APRIL 71 $1,087.61m 3,404,042 FRANCE 37 5.02%

MAY 72 $1,104.90m 3,048,860 SINGAPORE 30 4.07%

JUNE 79 $1,957.37m 4,042,023 KOREA 24 3.26%

JULY 56 $1,248.85m 2,270,439 TURKEY 23 3.12%

AUGUST 59 $946.55m 2,032,025 USA 22 2.99%

SEPTEMBER 73 $1,181.40m 2,981,538 NORWAY 21 2.85%

OCTOBER 0 $0.00m 0 ITALY 21 2.85%

NOVEMBER 0 $0.00m 0 DENMARK 21 2.85%

DECEMBER 0 $0.00m 0 UK 16 2.17%

TOTAL 737 $13,739.31m 32,995,141 THAILAND 13 1.76%

CYPRUS 11 1.49%

VIETNAM 10 1.36%

COUNTRY UNITS % OUTLAY ($) % DWT % RUSSIA 9 1.22%

GREECE 185 25.10% $4,602 33.50% 9,787,154 29.66% SWITZERLAND 8 1.09%

CHINA 147 19.95% $2,135 15.54% 9,750,701 29.55% ALL OTHER 85 11.53%

TURKEY 33 4.48% $227 1.65% 582,112 1.76% UNDISCL 19 2.58%

USA 29 3.93% $1,437 10.46% 683,028 2.07% TOTAL 737 100.00%

NORWAY 28 3.80% $753 5.48% 1,203,540 3.65%

GERMANY 28 3.80% $378 2.75% 958,541 2.91%

INDIA 16 2.17% $365 2.66% 900,645 2.73%

INDONESIA 15 2.04% $157 1.14% 446,333 1.35%

KOREA 14 1.90% $250 1.82% 564,931 1.71%

RUSSIA 13 1.76% $164 1.19% 308,722 0.94%

VIETNAM 13 1.76% $147 1.07% 305,784 0.93%

SYRIA 12 1.63% $38 0.28% 226,214 0.69%

ISRAEL 9 1.22% $123 0.90% 425,533 1.29%

SINGAPORE 9 1.22% $207 1.51% 633,131 1.92%

UNDISCL 94 12.75% $1,298 9.45% 3,360,080 10.18%

ALLOTHER 92 12.48% $1,664 12.11% 3,491,823 10.58%

TOTAL 737 100.00% $13,739 100.00% 32,995,141 100.00%

2010 BC SD CONT MPP TWEEN REEFER PASS RORO OTHER TOTAL

JANUARY 59 0 15 3 0 0 0 5 2 84

FEBRUARY 59 0 3 9 0 0 0 4 7 82

MARCH 89 0 35 14 0 0 0 4 19 161

APRIL 47 0 12 6 1 0 0 5 0 71

MAY 43 0 19 8 0 0 0 1 1 72

JUNE 60 0 15 3 0 0 0 1 0 79

JULY 28 0 14 6 0 0 0 4 4 56

AUGUST 35 0 5 5 0 0 0 3 11 59

SEPTEMBER 42 0 16 8 0 0 0 3 4 73

OCTOBER 0 0 0 0 0 0 0 0 0 0

NOVEMBER 0 0 0 0 0 0 0 0 0 0

DECEMBER 0 0 0 0 0 0 0 0 0 0

TOTAL 462 0 134 62 1 0 0 30 48 737

SELLERS - Greek sellers are still increasing their lead in thesale stats table. Greeks are 1st with 124 units (114 last) while

German sellers are 2nd with 90 units (84 last), Chinese sellers 3rd with 81 units (76 last) and Japanese sellers 4th with 72

units (65 last). French sellers mainly due to Bourbon's selling spree of 3 month's ago, have kept 5th place with 37 units.

& Handysize vessels that were in the Greek Owners purchase list. Chinese concentrated on Panamax bulkers and Handies while they acquired one Container vessel.It seems that the

secondhand market is not providing owners with great opportunities and the NB orders are still considered as the best

option. It is no surprise that we continued to see more NB orders especially for dry Bulkers and it is still the Kamsarmax

that shows steady interest. It is worth noting that 27 more Kamsaramax units were added to the world Orderbook, while another 10 Panamax vesssels and 6 Capes were also ordered

this month, with increased interest for Handymaxes too.

SELLERS STATS 2010

MONTHLY UNIT SALE ACTIVITY

2010 DRY CARGO STATISTICS - BUYERS

This month there was an increased momentum in the Sale and Purchae market where Greeks once more made some good investment moves acquiring 21 more units. Out of these 11 were container ships, and that is mainly where the focus of

attention was emphasised, with 16 container ships that changed hands this month being Chartworld, Costamare and

Euroseas the Greek shipping companies that made these acquisitions. In the Bulker sectors, 10 more ships were bought

by Greeks with Post Panamax of 92k being the pick of the month. Otherwise it was Handymaxes,

DRY CARGO UNITS SOLD - BREAKDOWN PER MONTH 2010

BUYERS - Despite the overall subdued sale and purchase activity, Greek buyers are very active and have increased

the lead over their Chinese counterparts!!! Today with 3/4's of 2010 way past us, Greeks have acquired 21 more units this month and have a total of 185 units (164 last) and are

topping the table. In Sep 2010, China acquired only 4 more units and have purchased 146 units in total (142 last) and

are left 2nd for more than 4 months now. Turkish buyers are3rd with 33 units (32 last) with USA based buyers 4th with 29 units bought. Norwegian buyers are sharing 5th place with German buyers having both acquired 28 units.India

and Indonesia are leaping up in the scalers as both have 16and 15 units with India adding approxinmately 1mil dwt

tones of carrying capacity.




CHANGE

FROM 30/9/2009

NB CAPESIZE $96.5 $64.3 $66.0 3%NB PANAMAX $54.5 $40.0 $43.0 8%

NB HANDYMAX $45.5 $33.4 $34.0 2%NB HANDYSIZE $50.0 $27.0 $29.0 7%

CHANGE

FROM 30/9/2009

5y CAPESIZE $125.0 $50.5 $54.0 7%5y PANAMAX $81.0 $34.0 $38.0 12%

5y HANDYMAX $62.0 $28.0 $29.0 4%5y HANDYSIZE $42.0 $22.0 $25.5 16%

CHANGE

FROM 30/9/2009

10y CAPESIZE $98.0 $42.0 $40.5 -4%10y PANAMAX $66.0 $27.0 $30.0 11%


CHANGE

FROM 30/9/2009



CHANGE

FROM 30/9/2009



30/09/2010

1990 built (20Y) OLD BULKERS PRICE COMPARISON

30/09/2009


NB BULKERS PRICE COMPARISON

30/09/2010

30/09/2008


30/09/2010

30/09/2009

Tables above compare prices from SEPTEMBER 2008, SEPTEMBER 2009, with today

30/09/2010

30/09/2010

30/09/2009

TYPE 30/09/2008

In the table on the top we see monthly number of dry cargo ships sold as of SEPTEMBER 2010, compared to 2009's monthly activity.

In the table on the top we see the MONTHLY dry cargo capital expenditure for SEPTEMBER 2010 compared to 2009's monthly activity.

TYPE 30/09/2009

30/09/200930/09/2008TYPE

TYPE

30/09/2008


TYPE 30/09/2008

Dry cargo units sold 2010 vs 2009

5972

100

75

109 108

71

104 100

80

161

59

93

5256

8482

7172

79 73

30

50

70

90

110

130

150

170

JANUARY

FEBRUARY

MARCHAPRIL

MAYJUNE

JULY

AUGUST

SEPTEMBER

OCTOBER

NOVEMBER

DECEMBER

units 2009 2010 Dry cargo - Capital expend. 2010 vs 2009

$970

$1,656

$681$1,018

$913$739

$1,350$1,123

$710

$1,528

$1,083$1,189

$1,181

$1,105

$3,532

$1,249

$947$1,088

$1,297$1,383 $1,957

$150m

$650m

$1,150m

$1,650m

$2,150m

$2,650m

$3,150m

$3,650m

JANUARY

FEBRUARY

MARCHAPRIL

MAYJUNE

JULY

AUGUST

SEPTEMBER

OCTOBER

NOVEMBER

DECEMBER

2009 2010

DRY CARGO (2000 - 2010) NB VSL PRICES

$16

$31

$46

$61

$76

$91

Sep-0

0

Mar

-01

Sep-0

1

Mar

-02

Sep-0

2

Mar

-03

Sep-0

3

Mar

-04

Sep-0

4

Mar

-05

Sep-0

5

Mar

-06

Sep-0

6

Mar

-07

Sep-0

7

Mar

-08

Sep-0

8

Mar

-09

Sep-0

9

Mar

-10

Sep-1

0

CAPE 170K

PANAMAX 70K

HANDYMAX 45K

HANDYSIZE 30K

DRY CARGO (2000 - 2010) 5Y OLD VSL PRICES

$10$25$40$55$70$85

$100$115$130$145$160

Sep-0

0

Mar

-01

Sep-0

1

Mar

-02

Sep-0

2

Mar

-03

Sep-0

3

Mar

-04

Sep-0

4

Mar

-05

Sep-0

5

Mar

-06

Sep-0

6

Mar

-07

Sep-0

7

Mar

-08

Sep-0

8

Mar

-09

Sep-0

9

Mar

-10

Sep-1

0

CAPE 170K

PANAMAX 70K

HANDYMAX 45K

HANDYSIZE 30K


$5$20$35$50$65$80$95

$110$125

Sep-0

0

Mar

-01

Sep-0

1

Mar

-02

Sep-0

2

Mar

-03

Sep-0

3

Mar

-04

Sep-0

4

Mar

-05

Sep-0

5

Mar

-06

Sep-0

6

Mar

-07

Sep-0

7

Mar

-08

Sep-0

8

Mar

-09

Sep-0

9

Mar

-10

Sep-1

0

CAPE 170K

PANAMAX 70K

HANDYMAX 45K

HANDYSIZE 30K


$5$15$25$35$45$55$65$75$85$95

$105

Sep-0

0

Mar

-01

Sep-0

1

Mar

-02

Sep-0

2

Mar

-03

Sep-0

3

Mar

-04

Sep-0

4

Mar

-05

Sep-0

5

Mar

-06

Sep-0

6

Mar

-07

Sep-0

7

Mar

-08

Sep-0

8

Mar

-09

Sep-0

9

Mar

-10

Sep-1

0

CAPE 170K

PANAMAX 70K

HANDYMAX 45K

HANDYSIZE 30K


$0$10$20$30$40$50$60$70$80$90

Sep-0

0

Mar

-01

Sep-0

1

Mar

-02

Sep-0

2

Mar

-03

Sep-0

3

Mar

-04

Sep-0

4

Mar

-05

Sep-0

5

Mar

-06

Sep-0

6

Mar

-07

Sep-0

7

Mar

-08

Sep-0

8

Mar

-09

Sep-0

9

Mar

-10

Sep-1

0

CAPE 170K

PANAMAX 70K

HANDYMAX 45K

HANDYSIZE 30K




2010

NAME TYPE YEAR BUILT DWT PRICEPRICE NOTE

BUYERS NAME

BUYERS NATION

NOTES IMO

BW SORO TANKER 1993DAEWOO

SHIPBUILDING 302,377 P&C TERMSUNDISCLOSED

BUYERS-

SELLERS ARE BW MARITIME PTE LTD,

SINGAPORE9039638

PERICLES G.C. TANKER 1990 JAPAN 275,993 $16.00mFAR EASTERN

BUYERSFAR EAST

SELLERS ARE MARINE MANAGEMENT SERVICES

GREECE8906793

ALDAWHA TANKER 1997 HYUNDAI 153,044 $20.00mUNDISCLOSED

BUYERS-

SHE WAS REPORTED SOLD IN MAY 2008 FOR

$78MIL!!!!9127148

ATLANTIC SPIRIT TANKER 2008NEW TIMES

SHIPBUILDING 114,000 $52.25mSCORPIO SHIP MANAGEMENT

ITALY 9409259

DELTA SAILOR TANKER 2005HYUNDAI SAMHO 112,900 9288722

DELTA CAPTAIN TANKER 2005HYUNDAI SAMHO 112,900 9288710

PELAGOS TANKER 2005HYUNDAI SAMHO 112,900 9299898

DEEP BLUE TANKER 2005HYUNDAI SAMHO 111,808 9299903

DELTA PIONEER TANKER 2004HYUNDAI SAMHO 111,013 9288693

DELTA VICTORY TANKER 2005HYUNDAI SAMHO 111,006 9288708

NORTHERN DAWN TANKER 2003 JAPAN 47,994 $23.50mUNDISCLOSED

BUYERS-

SELLERS ARE IINO KAIUNKAISHA LTD JAPAN.

OTHER REPS SAY $23m 9275995

SUMMIT ASIA TANKER 2009NEW TIMES

SHIPBUILDING 73,410 $43.00m 9550694

SUMMIT AFRICA TANKER 2009NEW TIMES

SHIPBUILDING 73,000 $43.00m 9550709

SUMMIT AUSTRALIA

TANKER 2009NEW TIMES

SHIPBUILDING 73,000 $43.00 9550682

ST. GEORG TANKER 2002 ONOMICHI 47,141 $21.75m ARDMORE IRISHSELLERS ARE FAIRFIELD-

MAXWELL LTD USA 9240847

PORT UNION TANKER 2003STX

SHIPBUILDING 46,256 $22.00mUNDISCLOSED

BUYERS-

SELLERS ARE STELLA MARINE SERVICES GMBH

GERMANY9246451

NIZON TANKER 2002 KOREA 45,780 $30.00mUNDISCLOSED

BUYERS-

INCL 18 MONTHS BB BACK AT APPROX

USD9000/DAY PLUS 6 MONTHS OPTION

9278507

FORMOSA FOURTEEN

TANKER 2005SHIN

KURUSHIMA 45,694 $26.00m 9272694

FORMOSA THIRTEEN

TANKER 2005SHIN

KURUSHIMA 45,400 $26.00m 9272503

FORMOSA FIFTEEN TANKER 2005 JAPAN 45,663 $25.50mMIDDLE EAST

BUYERSMIDDLE

EAST

SELLERS ARE FORMOSA PLASTICS MARINE CORP

TAIWAN. CHEMICAL9272709

PORT ARTHUR TANKER 1992 JAPAN 41,490 $6.00mCHINESE BUYERS

CHINASHE IS NOT MARPOL 13G COMPLIANT PHASE OUT

FOR 20129035632

RAFFLES PARK TANKER 1992 JAPAN 41,315 $8.70mTANKER PACIFIC

SINGAPORE OTHER REP SAYS $8.5MIL 9032666

PAYAL TANKER 2007 HYUNDAI MIPO 37,159 $30.00mUNDISCLOSED

BUYERS-

SELLERS ARE MOTIA, ITALY. VESSEL WAS

BOUGHT BY PRESENT SELLERS FOR USD $51m

IN MARCH 2008

9352195

GLOBAL VENUS TANKER 1995 JAPAN 9,273 $4.30m IMO II/IIIINDONESIAN

BUYERSINDONESIA

SHE WAS REPORTED SOLD IN MAY 2010 FOR

$5.2MIL TO ASIAN BUYERS . SELLERS ARE

GLOBAL MARINE SERVICECO JAPAN. SOLD WITH DD

SUE

9132612

OW LAS PALMAS TANKER 2008 CHINA 6,876 $3.45mUNDISCLOSED

BUYERS-

SOLD IN AUCTION IN HJOERRING COURT DENMARK - LAID UP

CONDITION IN DENMARK

9402665

SUNRISE PEONY TANKER 2002 SHITANOE 6,535 $8.50m IMO IIIKOREAN BUYERS

KOREASELLERS ARE TAIHEIYO

KAIUN CO LTD JAPAN 9262106


SEPTEMBER

GLENCORE USA

RUMOURED SOLD ON SUBJECTS FOR $43m TO GLENCORE. 2 OF THE 3

VESSELS IN BUYERS OPTION

ENBLOC FORMOSA

FOURTEEN, FORMOSA

THIRTEEN FOR $52MIL ALL 2

UNITS

E-SHIPS

TANKER SHIPS SOLD DURING THIS MONTH

GROTON PACIFIC

CARRIERS INC USA

SOLD ENBLOC TO GROTON PACIFIC FOR IPO

(SUBJECT TO A SUCCESSFUL IPO).

SELLERS ARE DELTA TANKERS LTD, GREECE. OTHER REPS SAY $288m

RUMOURED SOLD ON

SUBJECTS FOR $43m TO GLENCORE. 2

OF THE 3 VESSELS IN

BUYERS OPTION

$340.00

SOLD ENBLOC TO GROTON PACIFIC FOR

IPO (ON SUBJECTS)

UAESELLERS ARE FORMOSA PLASTICS MARINE CORP

TAIWAN




TANKER 2ND HAND MARKET STATISTICS

COUNTRY UNITS %

2010 UNITS OUTLAY$ DWT GREECE 60 19.48%

JANUARY 57 $1,096.58m 3,446,410 JAPAN 35 11.36%

FEBRUARY 33 $691.20m 2,470,891 SINGAPORE 25 8.12%

MARCH 37 $608.05m 2,798,832 CHINA 23 7.47%

APRIL 37 $1,085.30m 2,768,206 TURKEY 18 5.84%

MAY 45 $1,729.10m 5,133,688 GERMANY 16 5.19%

JUNE 17 $578.62m 1,607,662 KOREA 14 4.55%

JULY 22 $831.15m 3,225,816 ITALY 13 4.22%

AUGUST 34 $735.65m 1,972,639 UAE 13 4.22%

SEPTEMBER 26 $749.95m 2,203,927 NORWAY 13 4.22%

OCTOBER 0 $0.00m 0 CYPRUS 10 3.25%

NOVEMBER 0 $0.00m 0 USA 10 3.25%

DECEMBER 0 $0.00m 0 CANADA 8 2.60%

TOTAL 308 $8,105.59m 25,628,071 UK 8 2.60%

MALAYSIA 5 1.62%

TAIWAN 4 1.30%

COUNTRY UNITS OUTLAY ($) % DWT % DENMARK 4 1.30%

GREECE 47 $2,596 32.03% 7,282,949 28.42% LATVIA 3 0.97%

USA 24 $1,227 15.13% 2,452,132 9.57% ALL OTHER 22 7.14%

INDONESIA 17 $184 2.27% 686,222 2.68% UNDISCL 4 1.30%

CHINA 16 $270 3.33% 1,348,917 5.26% TOTAL 308 100.00%

NORWAY 16 $522 6.44% 1,484,866 5.79%

UAE 11 $330 4.07% 478,901 1.87%

INDIA 9 $143 1.77% 749,193 2.92%

SINGAPORE 9 $122 1.50% 670,401 2.62%

DENMARK 7 $184 2.27% 289,092 1.13%

BRAZIL 6 $133 1.63% 1,787,302 6.97%

FAR EAST 6 $35 0.43% 310,148 1.21%

THAILAND 6 $60 0.75% 762,088 2.97%

NIGERIA 6 $23 0.28% 147,921 0.58%

UNDISCL 58 $881 10.87% 3,867,640 15.09%

ALL OTHER 70 $1,398 17.24% 3,310,299 12.92%

TOTAL 308 $8,106 100.00% 25,628,071 100.00%

2010VLCC & ULCC

SUEZMAXAFRAMAX

110KPANAMAX

70KPROD 45K < 40,000 OBO LPG & LNG TOTAL

JANUARY 3 6 4 2 15 21 1 5 57

FEBRUARY 3 0 7 5 8 10 0 0 33

MARCH 5 3 5 0 2 21 0 1 37

APRIL 4 2 4 4 8 10 0 5 37

MAY 9 8 4 2 8 13 0 1 45

JUNE 2 4 2 1 1 4 0 3 17

JULY 9 0 3 0 3 6 0 1 22

AUGUST 2 0 4 4 8 14 0 2 34

SEPTEMBER 2 1 7 3 9 4 0 0 26

OCTOBER 0 0 0 0 0 0 0 0 0

NOVEMBER 0 0 0 0 0 0 0 0 0

DECEMBER 0 0 0 0 0 0 0 0 0

TOTAL 39 24 40 21 62 103 1 18 308

It would have been another dull tanker activity month, had it not been for James Drakos Groton Pacific Carriers that have bought six modern Greek-owned aframax tankers in the lead-up to an intial public offering. It is said that the 6 Aframax Tankers all belonging to Diamantides Delta Tankers Ltd, are subject to a succesful IPO. The price of these 6 units are either $58 mil per ship or $48mil per ship. It seems that due to the validity period of the subjects a markup price may have been agreed which could justify the $10mil/per ship gap in various reports. Appart from this deal the secondhand tanker market this month is rather dull, with the enbloc deal of Glencore that snatched 3 2009 built LR's for $43mil each and have a weird subject that they will choose 2 of these 3 units sold by Donnelly Tanker Management of Cyprus!

SELLERS STATS 2010

TANKER UNITS SOLD - BREAKDOWN PER SIZE AND MONTH 2010

MONTHLY UNIT SALE ACTIVITY

BUYERS - Greek buyers are firmly leading the tanker buyers league. They have not acquired any tankers this month and tally a total of 47units (47 last) of 7.3million DWT carrying capacity, and have forked out a massive $2.6billion USD. USA based buyers are in 2nd place with 24 units (|15 last), and Indonesian buyers are 3rd with a total of 17 units. Chinese and Norwegian buyers are sharing 4th place both with 16 units with the Norwegians however spending more money for obtaining nearly the same carrying capacity, 1.3 vs 1.5mil tonnes dwt.

SELLERS - Table on the RIGHT shows the nationality of theSellers. Greek Sellers sold 7 more units in Sep 2010 and are in

number one position seling-off 60 units (53 last).

2010 TANKER buyer STATISTICS Japanese sellers are well 2ndwith 35 units (32 last), while

Singapore sellers are 3rd with26 units, and Chinese sellers

are 4th unchanged with 23 ships, sold during the period

Jan-Sep 2010.




CHANGE

FROM 30/9/2009

VLCC $162.3 $102.0 $114.0 12%SUEZMAX $97.5 $69.0 $74.0 7%AFRAMAX $81.5 $49.0 $59.0 20%PANAMAX $65.0 $45.2 $50.0 11%MR PROD $55.3 $35.0 $38.0 9%

CHANGE

FROM 30/9/2009

VLCC $160.0 $77.2 $90.0 17%SUEZMAX $106.5 $60.8 $63.0 4%AFRAMAX $77.0 $39.6 $47.0 19%PANAMAX $59.5 $37.5 $40.0 7%MR PROD $52.5 $27.6 $28.0 1%

CHANGE

FROM 30/9/2009

VLCC $133.0 $59.0 $63.0 7%SUEZMAX $78.0 $43.0 $45.0 5%AFRAMAX $64.0 $30.0 $33.0 10%PANAMAX $49.0 $27.2 $27.0 -1%MR PROD $42.0 $22.0 $19.0 -14%

CHANGE

FROM 30/9/2009

VLCC $100.0 $40.0 $40.0 0%SUEZMAX $62.0 $27.0 $25.0 -7%AFRAMAX $40.0 $15.0 $18.0 20%PANAMAX $34.0 $14.0 $16.0 14%MR PROD $31.0 $11.0 $13.0 18%

CHANGE

FROM 30/9/2009

VLCC $34.5 $17.1 $16.0 -6%SUEZMAX $27.5 $14.6 $12.5 -14%AFRAMAX $20.5 $9.4 $9.0 -4%PANAMAX $15.0 $7.7 $7.0 -9%MR PROD $11.5 $6.0 $4.6 -23%

1995 built (15Y old) TANKERS PRICE COMPARISON

TYPE 30/09/2008 30/09/2009

30/09/2009

30/09/2009

30/09/2009

NB TANKERS PRICE COMPARISON

TYPE

30/09/201030/09/2008

Tables above compare prices from 2008, SEPTEMBER 2009, with today

In the table on the top we see the MONTHLY tanker capital expenditure for SEPTEMBER 2010 compared to 2009's monthly activity.


TYPE 30/09/2008

TYPE


30/09/2008

30/09/201030/09/2008

30/09/2009 30/09/2010


In the table on the top we see monthly number of tanker ships sold as of SEPTEMBER 2010, compared to 2009's monthly activity.

30/09/2010

TYPE

30/09/2010

NEWBUILDING TANKER PRICES 2000 - 2010

$24

$44

$64

$84

$104

$124

$144

$164

Sep-0

0

Mar

-01

Sep-0

1

Mar

-02

Sep-0

2

Mar

-03

Sep-0

3

Mar

-04

Sep-0

4

Mar

-05

Sep-0

5

Mar

-06

Sep-0

6

Mar

-07

Sep-0

7

Mar

-08

Sep-0

8

Mar

-09

Sep-0

9

Mar

-10

Sep-1

0

VLCC 300K

SUEZ 150K

AFRA 110K

PANAMAX 70K

PROD 45K

5 YEAR OLD TANKER PRICES 2000 - 2010

$20

$40

$60

$80

$100

$120

$140

$160

Sep-0

0

Mar

-01

Sep-0

1

Mar

-02

Sep-0

2

Mar

-03

Sep-0

3

Mar

-04

Sep-0

4

Mar

-05

Sep-0

5

Mar

-06

Sep-0

6

Mar

-07

Sep-0

7

Mar

-08

Sep-0

8

Mar

-09

Sep-0

9

Mar

-10

Sep-1

0

VLCC 300K

SUEZ 150K

AFRA 110K

PANAMAX 70K

PROD 45K

Tanker units sold 2010 vs 2009

16

3734

0 0

2724

1622

17181916

35

21

45

26

17

4537

33

57

0

22

0

10

20

30

40

50

60

JANUARY

FEBRUARY

MARCHAPRIL

MAYJUNE

JULY

AUGUST

SEPTEMBER

OCTOBER

NOVEMBER

DECEMBER

units 2009 2010 Tankers - Capital expend. 2010 vs 2009

$320 $310$386

$657

$282

$798

$415

$759

$1,375

$229

$435$407

$0 $0

$579$691

$1,097 $1,085

$736$831

$608

$1,729

$750

$0$0m

$200m

$400m

$600m

$800m

$1,000m

$1,200m

$1,400m

$1,600m

$1,800m

$2,000m

JANUARY

FEBRUARY

MARCHAPRIL

MAYJUNE

JULY

AUGUST

SEPTEMBER

OCTOBER

NOVEMBER

DECEMBER

2009 2010


$0

$20

$40

$60

$80

$100

$120

$140

$160

Sep-0

0

Mar

-01

Sep-0

1

Mar

-02

Sep-0

2

Mar

-03

Sep-0

3

Mar

-04

Sep-0

4

Mar

-05

Sep-0

5

Mar

-06

Sep-0

6

Mar

-07

Sep-0

7

Mar

-08

Sep-0

8

Mar

-09

Sep-0

9

Mar

-10

Sep-1

0

VLCC 300K

SUEZ 150K

AFRA 110K

PANAMAX 70K

PROD 45K


$0

$20

$40

$60

$80

$100

$120

Sep-0

0

Mar

-01

Sep-0

1

Mar

-02

Sep-0

2

Mar

-03

Sep-0

3

Mar

-04

Sep-0

4

Mar

-05

Sep-0

5

Mar

-06

Sep-0

6

Mar

-07

Sep-0

7

Mar

-08

Sep-0

8

Mar

-09

Sep-0

9

Mar

-10

Sep-1

0

VLCC 300K

SUEZ 150K

AFRA 110K

PANAMAX 70K

PROD 45K


$0$5

$10$15$20$25$30$35$40$45$50

Sep-0

0

Mar

-01

Sep-0

1

Mar

-02

Sep-0

2

Mar

-03

Sep-0

3

Mar

-04

Sep-0

4

Mar

-05

Sep-0

5

Mar

-06

Sep-0

6

Mar

-07

Sep-0

7

Mar

-08

Sep-0

8

Mar

-09

Sep-0

9

Mar

-10

Sep-1

0

VLCC 300K

SUEZ 150K

AFRA 110K

PANAMAX 70K

PROD 45K




NEWBUILDING ORDERS SEPTEMBER 2010UNITS TYPE TONNAGE YEAR PRICE

4 BC 205,000 2012‐13 56.5$

2 BC 205,000 2013

1 BC 180,000 2012 65.0$

2 BC 180,000 8/2011 10/2011 58.0$

1 BC 180,000 2012 54.0$

2 BC 82,500 2012‐13

1 BC 82,300 2012

1 BC 82,300 2012

1 BC 82,300 2012

1 BC 82,000 2011 37.0$

2 BC 82,000 2012 34.0$

3 BC 82,000 2012 32.2$

2 BC 82,000 2012‐2013 39.9$

2 BC 82,000 2011‐2012 35.0$

2 BC 82,000 2012 35.0$

4 BC 82,000 2012

2 BC 82,000 2011 35.5$

2 BC 82,000 2011‐12 34.5$

2 BC 82,000 2012 34.0$

2 BC 76,500 2012 ‐

4 BC 70,000 2013 40.0$

4 BC 70,000 2013 40.0$

2 BC 58,000 2012 30.5$

1 BC 57,000 2012 30.0$

1 BC 57,000 2011 30.0$

4 BC 57,000 2011

1 BC 57,000 2012

2 BC 48,000 2013‐14 46.4$

4 BC 45,000 2012 30.0$

2 BC 37,300 2011

1 BC 35,000 2012 23.0$

1 BC 35,000 2012

2 BC 34,000 2012 24.4$

2 BC 28,000 2011‐12

2 BC 2013 46.5$

3 CONT 108,000 2012‐13 100.0$

3 CONT 108,000 2012‐13 100.0$

8 CONT 60,000 2012‐2013 50.0$

4 CONT 47,000 2013

FINANCED BY CENTRAL BANK OF CHINA.

OPTION THREE MORE. 9000 TEU ‐

$1.2BIL DEAL OF 12 UNITS IN TOTAL 6

FOR EITHER PARTY

3500 TEU, DELY 3 IN 2012 AND 5 IN 2013

‐ 40% DOWNPAYMENT ‐ THIS IS 1ST

GERMAN CONTAINER COMPANY THAT

PLACES A NB ORDER AFTER OCT 2008

COLLAPSE

NOT CONFIRMED. 3800 TEU

OPEN HATCH

FINANCED BY CENTRAL BANK OF CHINA.

OPTION THREE MORE. 9000 TEU ‐

$1.2BIL DEAL OF 12 UNITS IN TOTAL 6

FOR EITHER PARTY

ENBLC PRICE $51m FOR BOTH

ENBLC PRICE $51m FOR BOTH

OPTION 2 MORE. FIRST WOODCHIP TO

BE BUILT IN CHINA

OPTION 2 MORE. FIRST WOODCHIP TO

BE BUILT IN CHINA

DELY MARCH 2012 JUNE 2012

DELY DEC 2012 AND FEB 2013

DELY DEC 2011 AND FEB 2012 ‐ BEIBU HK

IS A STATE OWNED SUBSIDIARY OF

GUANGXI BEIBU GROUP AND THESE

VESSELS ARE PARTLY OWNED BY PACIFIC

BULK HK

DELY 2012 ‐ BEIBU HK IS A STATE

OWNED SUBSIDIARY OF GUANGXI BEIBU

GROUP AND THESE VESSELS ARE PARTLY

OWNED BY PACIFIC BULK HK

DELIVERY 6/2013 AND 9/2013.

CONTRACT SIGNED IN APRIL 2010. VSL

WILL BE BUILT IN QIDONG DRY DOCK.

REFUND GUARANTEES SECURED. FOUR

NOW ORDERED.

DELY AUG 2011 AND OCT 2011

DELY 12/2012, OPTION 1 MORE. 20 YEAR

COA KOREA ELECTRIC POWER

ALAINZA

GRIEG SHIPPING

BERNHARD SCHULTE

COSTAMARE SHIPPING CO

HAMBURG SUD

COSCO CORP SINGAPORE

EUROPEAN BUYERS

FREESEAS

SHIN WEI NAVIGATION

EUROPEAN BUYERS

GRIEG SHIPPING

CHANGJIANG SHIPPING

PACIFIC CARRIERS

BEKS SHIPPING

COSCO CORP SINGAPORE

NINGBO JOYSON GRAND SEA

TRANS

TIANJJIN CENTRANS SHIPPING

OETKER

SEA STARS SHIPS MANAGEMENT

CHINA

NOVA SHIPPING & LOGISTICS

NOVA SHIPPING & LOGISTICS

BEIBU GULF HONG KONG

LIBERTY MARINE

SINOKORMERCHANT

SAMMOK SHIPPING

OETKER

SOUTH OCEAN SHIPPING

DENSA TURKEY

BEIBU GULF HONG KONG

POLEMBROS SHIPPING

DENSA SHIPPING

LINER PLAYER PACIFIC INT LINES

SINGAPORE

SAMSUN LOGIX

WUHU XINLIAN

MITSUI OSK

MIYAZAKI SANGYO

ISUI KAIUN CO

GESTION

JIANGNAN CHANGXING

SHANGHAI SHIPYARD

SHANGHAI SHIPYARDS

YANGZIJIANG

KITANIHON

JIANGNAN CHANGXING

BOHAI

SHANDONG HUANGHAI

COSCO GUANGDONG

COSCO GUANGDONG

QINGSHAN

COSCO GUANGDONG

HYUNDAI MIPO

HYUNDAI MIPO

JIANGSU NEW YANGZIJIANG

STX DALIAN

COSCO GUANGDONG

ZHEJIANG ZHENGHE

JIANGSU EASTERN

KOUAN SHIPBUILDING

HUDONG ZHONGHUA

NANTONG MINGDE

QINGDAO BEIHAI

WUCHANG

DAEWOO

SUNGDONG

SUNGDONG SHIPBUILDING

KOUAN

XIAMEN

STX SHIPBUILDING

DAODA SHIPYARD

YARD NOTESBUYER’S NAME

TSUNEISHI

POLEMBROS SHIPPING

TSUNEISHI

DALIAN SHIPBUILDING

JIANGSU EASTERN

BERTLING FH GERMANY

TSUNEISHI

STX SHIPBUILDING

QIDONG DAOLA




4 CONT 34,300 2012‐2013 40.0$

2 MPP 26,800 2012

1 MPP 4,000 2011

2 PAX 10,000 2012‐13

1 PAX 750 2012

1 OTHER 4,800 2012 62.5$

2 OTHER 4,100 2012 71.7$

1 OTHER 5,000 2012 62.5$

2 TANKER 320,000 2012‐2013 100.0$

2 TANKER 320,000 2013 105.0$

2 TANKER 317,000 2012‐2013 108.0$

2 TANKER 159,000 2013 68.0$

2 TANKER 157,000 2012‐2013 ‐

5 TANKER 105,000 2012‐13 92.0$

6 TANKER 74,500 2012‐13 45.0$

2 TANKER 74,000 2012 40.0$

2 TANKER 50,000 2012‐13 37.5$

4 TANKER 15,000 2012‐13 30.0$

1 TANKER 1,500 2011 1.2$

1 TANKER 1,305 2011

1 TANKER 1,200 2011 1.2$

6 TANKER 2012‐13 40.0$


2010 ORDERS UNITS BC MPP CONT TANKER LNG/LPG ALL OTHER

JANUARY 35 68 42 0 0 12 6 8

FEBRUARY 39 75 35 0 0 18 4 18

MARCH 44 121 71 0 5 29 3 13

APRIL 18 49 32 0 0 16 1 0

MAY 34 88 63 0 0 20 2 3

JUNE 42 122 75 10 1 32 0 4

JULY 57 156 70 9 15 51 8 6

AUGUST 57 147 93 3 8 32 8 3

SEPTEMBER 60 138 68 3 22 38 0 7OCTOBER 0 0 0 0 0 0 0 0

NOVEMBER 0 0 0 0 0 0 0 0

DECEMBER 0 0 0 0 0 0 0 0

TOTAL 386 964 549 25 51 248 32 62

DRY BULK ORDERS 2010CAPES +P PMAX 101 UNITS

KAMSARMAX 177 UNITSPANAMAX 47 UNITS

SUPRAMAX 69 UNITSHANDYMAX 42 UNITS

HANDIES 111 UNITS547 TOTAL

TANKER ORDERS 2010VLCC 52 UNITS

SUEZMAX 74 UNITSAFRAMAX 20 UNITS

LR 24 UNITSMR 26 UNITS

196 TOTAL

DELY DEC 2012 AND FEB 2013‐ OPTIONS

FOR 2 MORE UNITS

DELY DEC 2012 AND FEB 2013 OPTIONS

2 MORE

PLATFORM SUPPLY SHIP ‐ OPTION ONE

MORE UNIT DELY JUNE 2012 ICE CLASS C

PLATFORM SUPPLY SHIP ‐ 6TH & 7TH

UNIT IN A SERIES ‐ LNG POWERED

PLATFORM SUPPLY. LNG POWERED

VIKEN SHIPPING

MARINE CROSS

JO TANKERS

ARDMORE SHIPPING

FRONTLINE

ATHENIAN SEA CARRIERS GREECE

CARDIFF MARINE GREECE

CARDIFF MARINE GREECE

USUKI

KLEVEN NORWAY

STX BREVIK

STX AUKRA

GUANGZHOU LONGXUE

JINHAI HI

HYUNDAI

SAMSUNG HI

1382 TEU

ICE CLASS 1A. OPTION 1 MORE

LETTER OF INTENT THIS STAGE. OPTION

1 MORE. COST EURO 500‐600m EACH

12,000 CBM. ETHYLENE CARRIERS

OPTIONS EXERCISED 5 TOTAL ON ORDER

‐ DELY DEC 2012 MARCH 2013

THE VESSELS ARE TO BE EMPLOYED ON

BB BY TRANSPETRO ‐ 5‐10 YR BB

CHARTER TO TRANSPETRO BRAZIL FOR

SHUTTLE DUTIES AT $30K/DAY

MARINE CROSS IS OWNED BY RUSSIAN

INVESTORS ‐ DEEPWELL PUMP DESIGN

BITUMEN. OPTION 2 MORE

2500 TEU ‐ DELY 12/2012 2013 OPTIONS

FOR 2 MORE

PADMA OIL BANGLADESH

TORVALD KLAVENESS

PACIFIC CARRIERS

ATOBATC SHIPPING

JACCAR HOLDINGS LUXENBOURG

NORWEGIAN CRUISE LINE

WISBY TANKERS SWEDEN

JAMUNA OIL BANGLADESH

RIX J.R. & SONS UK

KOKUDO JYUSHI FERRY KK

OLYMPIC SHIPPING NORWAY

ISLAND OFFSHORE NORWAY

OLYMPIC SHIPPING NORWAY

NANJING TANKER CORP

WESTERN MARINE

HEPWORTH SB

WESTERN MARINE

JAINGSU YANGZIJIANG

SINOPACIFIC

KOUAN SHIPBUILDING

BODEWES HOOGEZAND

MEYER WERFT GERMANY

TRECI MAJ

JIANGSU RONG SHENG

SAMSUNG HI

STX SHIPBUILDING

NEW TIMES SHIPBUILDING

SPP PLANT & SHIPBUILDING

NEWBUILDING ORDERS BREAKDOWN by TYPE PER MONTH, for YEAR 2010

NEW BUILDING ORDERS PER SHIPTYPES IN 2010

BC, 549, 57%

MPP, 25, 3%CONT, 51,

5%

TANKER, 248, 26%

LNG/LPG, 32, 3%

ALL OTHER, 62, 6%

DRY BULK ORDERS 2010

42 35

71

32

6375 70

93

68

0

10

20

30

40

50

60

70

80

90

100

Jan-

10

Feb-1

0

Mar

-10

Apr-10

May

-10

Jun-1

0

Jul-1

0

Aug-10

Sep-1

0

BULKERS




2010NAME TYPE YEAR BUILT DWT LDT PRICE BREAKER IMO

IRON MONGER 9 TANKER 1989MITSUBISHI

NAGASAKI 146,270 16,777 450$ INDIA 8617196

GOVIND PRASAD BC 1981 MITSUI TAMANO 129,237 24,555 407$ CHINA 7926112

EAGLE MILWAUKEE TANKER 1987HYUNDAI HEAVY

INDS ‐ U 104,385 15,725 435$ PAKISTAN 8607799

JAG LAMHA TANKER 1987 KOYO MIHARA 98,214 13,904 445$ AS IS 8700436

ADITYA TANKER 1984HYUNDAI HEAVY

INDS ‐ U 67,227 13,061 ‐ PAKISTAN 8224121

COLONEL ARDESHIR

BURZORJITANKER 1985

HYUNDAI HEAVY

INDS ‐ U 67,124 13,153 ‐ INDIA 8316637

FRIENDLY ZHEJIANG BC 1985 2 MAI 65,289 17,370 ‐ INDIA 8214061

SEALAND INTEGRITY CONT 1984DAEWOO

SHIPBUILDING 58,943 ‐ ‐ 8212659

KRITI CHAMPION TANKER 1987 BRODOSPLIT 47,618 10,709 455$ AS IS 8420270

IRAN SARBAZ BC 1984 AESA SEVILLA 34,859 7,835 405$ INDIA 8113011

OAKLEAF TANKER 1981UDDEVALLAVARVE

T 34,800 ‐ ‐ TURKEY 7915814

SELAY CHALLENGER TANKER 1986 ATLANTIQUE CHS 31,990 8,287 460$ INDIA 8504105

TRAKYA CONT 1978 SASEBO SASEBO 31,292 13,516 375$ INDIA 7708273

JOLLY SMERALDO RORO 1978 SASEBO SASEBO 31,254 13,516 396$ INDIA 7722231

MARLINA XV TANKER 1983HELLENIC

SHIPYARDS 29,930 7,460 450$ PAKISTAN 7925778

ESTERE TANKER 1989 KHERSONSKIY SSZ 28,610 9,732 440$ PAKISTAN 8820896

PUMPURI TANKER 1987 KHERSONSKIY SSZ 28,537 9,630 463$ INDIA 8623963

FRONTIER RORO 1988FINCANTIERI

MONFALCONE 25,450 15,796 ‐ ‐ 8521206

BORA I TANKER 1975ERIKSBERGS

LINDHOLM 25,097 6,625 440$ PAKISTAN 7388865

MSC SICILY CONT 1978 IHI ‐ AIOI 24,355 9,255 ‐ INDIA 7718034

CARIBBEAN CARRIER I BC 1962 BRODOSPLIT 23,783 8,063 440$ INDIA 5336911

NILEDUTCH KWANZA RORO 1979 LA CIOTAT CIOTAT 22,138 ‐ INDIA 7702877

ATLANTIS RORO 1980LA CIOTAT CHS

NAVS 22,138 14,797 ‐ INDIA 7702889

JING FENG BC 1980 NIPPONKAI H.I. 21,012 ‐ ‐ INDIA 7909114

TALUGA TANKER 1944BETHLEHEM‐

SPARROWS 18,604 ‐ ‐ AS IS 7737119

DESPINA BC 1977LENINA STOCZNIA

GDA 17,982 7,761 ‐ INDIA 7428809

SEA BREEZE MPP 1983WARNOWWERFT

WARNEMU 17,330 7,019 435$ INDIA 8120832

HACI FATMA SARI BC 1977 KURUSHIMA ONISHI 16,104 46,660 390$ PAKISTAN 7600079

SANTA SURIA MPP 1977MITSUBISHI

HIROSHIMA 15,745 5,333 ‐ INDIA 7610220

SIGLOO FINN GAS 1998 MOSS ROSENBERG 11,665 5,550 ‐ INDIA 8000989

LADY MARIALAURA TANKER 1993ESERCIZIO

VIAREGGIO 11,628 4,832 985$ INDIA 8903947

SEABOARD VOYAGER RORO 1985SCHICHAU‐

UNTERWESER 11,294 5,834 380$ INDIA 8412869

BICE A. TANKER 1992ESERCIZIO

VIAREGGIO 10,774 4,189 985$ INDIA 8903959

FISHER MPP 1973 KOCHI JYUKO 10,393 3,056 ‐ INDIA 7352787

ANGELIM TANKER 1985LA ROCHELLE‐

PALLICE 10,260 5,444 800$ INDIA 8201507

VARADERO REEFER 1979 KOYO MIHARA 9,996 ‐ INDIA 7808906

HIYO TANKER 1979 KOCHI JYUKO 9,679 ‐ ‐ CHINA 7818078

CAPE NAVARIN REEFER 1981MATHIAS‐THESEN‐

WERF 9,606 7,263 407$ INDIA 8131556

PATRIOT STATE SD 1964BETHLEHEM STL

SP.PT 9,382 ‐ ‐ AS IS 5422409

CROWLEY AMBASSADOR RORO 1980 MEYER PAPENBURG 9,140 5,413 370$ INDIA 7920390

VESSEL WAS CONVERTED TO CEMENT IN

NORWAY 1974. SELLERS ARE SEABULK

SHIPPING S.A. GREECE

SELLERS ARE HANSEATIC SHIPPING CYPRUS

SELLERS ARE HELLAS MARINE SERVICES

GREECE

SELLERS ARE M E MARITIMA EMILIANA,

ITALY. INCL 1800 TONS STAINLESS AS IS

ITALY REGION

SELLERS ARE EMS SHIP MANAGEMENT

NORWAY

GENERAL CARGO SHIP

PRODUCTS TANKER ‐ AS IS USA ESCO

MARINE

GENERAL CARGO SHIP

SELLERS ARE LSC SHIPMANAGEMENT SIA,

LATVIA. CHEMICAL TANKER. SOLD BASIS GAS

WORKS DELIVERY INDIA. PREMIUM PAID

FOR VESSEL BEING BUILT IN THE KHERSON

YARD

SELLERS ARE MAPLE LEAF TRADING OPCO,

NETHERLANDS ANTILLES. SOLD ON PRIVATE

TERMS

SELLERS ARE MARIKA INVESTMENTS

NIGERIA

SELLERS ARE SHANGHAI COSTAMARE

SHIPMANAGEMENT CHINA

SELLERS ARE NIKOMEDYA DENIZCILIK VE

GEMI SANAYI LTD, TURKEY. AS IS TEKIRDAG

TURKEY ‐ CONT/RORO

RO‐RO CARGO SHIP

SELLERS ARE PT SUKSES OSEAN

KHATULISTIWA LINE INDONESIA.

INDIA/PAKISTAN IN BUYERS OPTION ‐ OTHER

REP SAY $435 PERLDT

SELLERS ARE LSC SHIPMANAGEMENT SIA,

LATVIA. OTHER REP SAYS INDIA SAME PRICE

PER LDT

SELLERS ARE AVIN INTERNATIONAL, GREECE.

AS IS SINGAPORE

SELLERS ARE ISLAMIC REPUBLIC OF IRAN

REPLENISHMENT TANKER

SELLERS ARE SELAY DENIZCILIK, TURKEY

CRUDE OIL TANKER

SELLERS ARE THE SHIPPING CORPORATION

OF INDIA

SELLERS ARE ZHEJIANG OCEAN SHIPPING

CHINA

SELLERS ARE A P MOLLER SINGAPORE. SOLD

ON PRIVATE TERMS

SELLERS ARE NOS SHIPMANAGEMENT PTE

SINGAPORE

SELLERS ARE ESSAR SHIPPING PORTS AND

LOGISTICS LTD, INDIA

SELLERS ARE AET SHIPMANAGEMENT

SINGAPORE

SELLERS ARE THE GREAT EASTERN SHIPPING

CO, INDIA. BASIS AS IS DELIVERY COLOMBO

INCLUDING BUNKERS ROB FOR VOYAGE. NO

SPARES.

SELLERS ARE SUDOSERVICE UKRAINE LTD

SELLERS ARE T VE O DENIZCILIK LTD STI,

TURKEY

RO‐RO CARGO SHIP

NOTESSEPTEMBERREPORTED DEMOLITION DEALS

SELLERS ARE SEABOARD SHIP

MANAGEMENT USA

SELLERS ARE M E MARITIMA EMILIANA,

ITALY. INCL 1500 TONS STAINLESS AS IS

ITALY REGION

GENERAL CARGO SHIP

SELLERS ARE FLUMAR TRANSPORTES DE

QUIMICOS E GASES LTDA, BRAZIL. INCL 426

TONS STAINLESS STEEL

SELLERS ARE MARINE SHIPPING OU,

ESTONIA

PRODUCTS TANKER

SELLERS ARE LASKARIDIS SHIPPING GREECE

AS IS USA

SELLERS ARE INTERORIENT MARINE

SERVICES, CYPRUS. RORO CARGO SHIP




STENA TRANSFER PAX 1977HYUNDAI

SHIPBUILDIN 8,672 ‐ CHINA 7528570

MORNING BREEZE RORO 1977MITSUBISHI

NAGASAKI 8,545 7,622 405$ AS IS 7608382

NINH BINH MPP 1975 SETOUCHI 8,443 ‐ ‐ ‐ 7429750

MAXIMOS CONT 1989 GALATI 8,435 4,389 ‐ AS IS 8501725

NAM DINH MPP 1976 SETOUCHI 8,309 ‐ ‐ ‐ 7429762

AN SAN MPP 1976 SETOUCHI 8,010 3,064 ‐ ‐ 7618533

TINA CONT 1982SIETAS

SCHIFFSWERFT 7,752 4,444 390$ INDIA 8121020

STENA PARTNER PAX 1978HYUNDAI HEAVY

INDS ‐ U 6,594 ‐ CHINA 7528635

KOBZAR 1 MPP 1971 OKA NAVASHINO 4,999 1,780 295$ TURKEY 7115969

SREDETZ PAX 1975 CASSARO 4,931 2,344 ‐ TURKEY 7319670

GARNIA BC 1979CONSTRUCCIONES

MEIR 4,907 1,033 ‐ TURKEY 7627601

SVETI NIKOLAY BC 1976 OKA NAVASHINO 4,680 1,045 ‐ TURKEY 7630311

EDARTE I BC 1971 LUIGI ORLANDO 4,302 ‐ ‐ TURKEY 7033123

KARADENIZ‐M SD 1974CANTABRICO RIERA

RI 3,943 ‐ ‐ TURKEY 7363516

SEA RUNNER RORO 1978DUBIGEON‐

NORMANDIE 3,884 3,884 398$ INDIA 7606645

ZAKARIA J SD 1975LENINA STOCZNIA

GDA 3,699 ‐ ‐ TURKEY 7383944

AL SALMY 2 RORO 1977NIIGATA

ENGINEERING 3,416 4,638 392$ INDIA 7533161

NIKA BC 1968KRASNOYE

SORMOVO 3,353 1,222 ‐ TURKEY 6919502

RIGA‐4 BC 1969KRASNOYE

SORMOVO 3,338 1,032 ‐ TURKEY 6919954

ZEHRA I SD 1969 ZTS 2,907 ‐ ‐ TURKEY 8866084

ARGONI SD 1976 IMAMURA 2,767 ‐ ‐ TURKEY 7525580

DAPHNE SD 1968LENINA STOCZNIA

GDA 2,658 ‐ ‐ TURKEY 6824422

NADOS SD 1962 LANGESUNDS 2,579 ‐ ‐ TURKEY 5342661

DIAMOND PAX 1967LUEBECKER

FLENDER 2,287 ‐ ‐ TURKEY 6704402

IOANNIS K SD 1957AARHUS FLYDEDOK

& M 2,180 ‐ ‐ TURKEY 5364683

ALI M SD 1965 YANTAR 2,121 ‐ ‐ TURKEY 6703795

CAPTAIN G. KOVAL TRAWLER 1981VOLKSWERFT

STRALSUN 2,118 ‐ ‐ ‐ 8131829

LAYLA I SD 1965 KRISTIANSANDS 2,100 ‐ ‐ TURKEY 6602290

ADVANTA SD 1967 ZTS 2,086 ‐ ‐ TURKEY 8892538

GLORIYA OTHER 1968MATHIAS‐THESEN‐

WERF 2,020 4,843 295$ TURKEY 6726929

STEFANOS SD 1970SIETAS

SCHIFFSWERFT 2,020 ‐ ‐ TURKEY 7018575

OSKAR SD 1972 ORENS 1,936 ‐ ‐ TURKEY 7222279

NANI TANKER 1978SIETAS

SCHIFFSWERFT 1,623 ‐ ‐ TURKEY 7803528

BUFFALO EXPRESS OTHER 1983COOK J.W.

WIVENHOE 1,600 ‐ ‐ TURKEY 8124424

TAE YANG BC 1976DAEDONG

SHIPBUILDIN 1,584 ‐ ‐ INDIA 7417707

MIYA SD 1969 KRASNOYARSKIY 1,365 ‐ ‐ TURKEY 7005669

LADY MALAK SD 1969 PETERS H. 1,355 ‐ ‐ TURKEY 6910867

SALIH TURAN SD 1984 AT ISTANBUL 1,350 ‐ ‐ TURKEY 8878025

SOFIA TANKER 1967 HITZLER JG ‐ GFR 1,226 ‐ ‐ TURKEY 6723783

SAFETY OTHER 1949 URAGA DOCK 1,000 ‐ ‐ TURKEY 5133876

FISSA TANKER 1973NAKAMURA

MATSUE 959 ‐ ‐ TURKEY 7323334

SHAMROCK FALCON TUG 1975KREMER

ELMSHORN 758 1,272 378$ INDIA 7401318

REDENTORE PRIMO PAX 1965 MEYER JL ‐ GFR 407 ‐ ‐ TURKEY 6504773

INAARA OTHER 1972 KOCHI JYUKO 377 ‐ ‐ AS IS 7950357

NORTH EAST TUG 1960 GALATI 212 543 367$ INDIA 6802448

VANGA PAX 1968ANKERLOKKEN

VERFT 200 ‐ TURKEY 6812871

SULAN OTHER 1967ANKERLOKKEN

VERFT GLOM 200 ‐ ‐ AS IS 6810237

Note1: With Red color are indicated all Greek interest Sales

SELLERS ARE JADROLINJA CROATIA

AS IS TO BE RECYCLED IN NETHERLANDS ‐

VAN HEYGHEN RECYCLING ‐ SELLERS ARE

SULAN ICELAND

ANCHOR HANDLING TUG

PAX RORO ‐ HISAR GEMI SOKUM AS

FISHING VESSEL ‐ AS IS SPAIN

BROKEN UP

GENERAL CARGO SHIP

BERKET IHRACAT‐ITHALAT GEMI ‐ SELLERS

ARE HELLENIC GROUP OF COMPANIES SA

GREECE

STANDBY SAFETY VESSEL ‐ BERKET IHRACAT‐

ITHALAT GEMI

BERKET IHRACAT‐ITHALAT GEMI

DORTEL GEMI SOKUM DEMIR VE CEL ‐

SELLERS ARE KLAUDIO SHPK ALBANIA

DEMTAS DENIZCILIK TURIZM SANAY

SIMSEKLER GEMI SOKUM ‐ ALIAGA

SOK DENIZCILIK TIC LTD STI

FACTORY STERN TRAWLER

HISAR GEMI SOKUM AS

IZMIR GERI DONUSUM LTD

HISAR GEMI SOKUM AS

KURSAN GEMI SOKUM LTD

DEMTAS DENIZCILIK TURIZM SANAY ‐

SELLERS ARE NADOS SHIPPING CO SA

LEBANON

AVSAR GEMI SOKUM LTD

SELLERS ARE SALEM AL MAKRANI CARGO

CO, UAE

BROKEN UP

CEMSAN GEMI SOKUM SAN LTD

SELLERS ARE TRAIS SHIPPING LTD, UKRAINE

KALKAVANLAR GEMI SOKUM TICARET

EGE CELIK GEMI SOKUM AS

DORTEL GEMI SOKUM DEMIR VE CEL

PASSENGER/RO‐RO SHIP

RO‐RO CARGO SHIP

SOK DENIZCILIK TIC LTD STI

DORTEL GEMI SOKUM DEMIR VE CEL

SIMSEKLER GEMI SOKUM ‐ ALIAGA ‐ SELLERS

ARE AMARANTE MARITIME LTD GREECE

SELLERS ARE VIVAL MARINE LTD, UKRAINE.

RESEARCH VESSEL

GENERAL CARGO SHIP

GEMI YAN SANAYI VE TICARET AS

VEGETABLE OIL TANKER

LIVESTOCK CARRIER ‐ IZMIR GERI DONUSUM

LTD

PAX RORO ‐ IZMIR GERI DONUSUM LTD

SELLERS ARE CIDO SHIPPING HK, CHINA. AS

IS MALAYSIA

GENERAL CARGO SHIP


GENERAL CARGO SHIP

SELLERS ARE KOREAN ANSAN SHIPPING,

KOREA. ON PRIVATE TERMS

SELLERS ARE NORDENHAMER

BEREEDERUNGS GMBH, GERMANY





DEMOLITION STATISTICS: 2010 UNITS DWT LDT

January 115 3,955,206 1,005,289 UNITS LDT TAKEN AV. SCRP PRICE

February 104 2,616,428 735,515 142 1,211,315 $372March 131 4,638,388 1,059,123 368 2,628,523 $395

April 145 2,689,620 772,054 92 1,123,467 $399May 115 2,193,221 577,318 141 219,261 $213

June 113 2,150,003 680,861 90 784,803 $404July 67 2,117,858 525,766 133 433,843

August 89 2,710,263 644,011 966 6,401,212 $357September 87 1,553,341 401,275

October 0 0 0

November 0 0 0

December 0 0 0

TOTAL 966 24,624,328 6,401,212

TOTAL DRY&WET

UNITS LDT TAKEN av $ UNITS LDT UNITS LDT DWT142 1,211,315 371.6 122 1,087,356 15 123,959 4,245,558

368 2,628,523 394.9 254 1,796,517 110 832,006 8,447,876

92 1,123,467 399.2 34 271,056 58 852,411 5,854,232

141 219,261 213.0 102 184,765 15 34,496 699,119

90 784,803 403.9 36 184,645 53 600,158 3,682,549

133 433,843 21.9 36 135,373 12 99,390 815,685

966 6,401,212 356.5 584 3,659,712 263 2,542,420 23,745,019

COUNTRY UNITS % rankGREECE 125 12.9% 1

CHINA 66 6.8% 2UAE 61 6.3% 3

SINGAPORE 48 5.0% 4USA 43 4.5% 5

JAPAN 38 3.9% 6NORWAY 37 3.8% 7

SYRIA 36 3.7% 8TURKEY 35 3.6% 9RUSSIA 28 2.9% 10INDIA 24 2.5% 11

UKRAINE 19 2.0% 12LEBANON 18 1.9% 13

UK 18 1.9% 13VIETNAM 17 1.8% 15DENMARK 16 1.7% 16

ITALY 16 1.7% 16GERMANY 15 1.6% 18

LATVIA 14 1.4% 19BULGARIA 11 1.1% 20ALL OTHER 270 28.0%

UNDISCL 11 1.1%

TOTAL 966 100.0%

UN

IT IN

TA

KE

PE

R S

CR

AP

C

OU

NT

RY

FO

R 2

01

0

PAKISTAN

INDIA

TOTAL

OTHER/CASH/AS IS

BANGLADESH

TURKEY

WET

CHINA

DRY

OTHER/CASH/AS IS

TOTAL

LD

T IN

TA

KE

PE

R S

CR

AP

C

OU

NT

RY

FO

R 2

01

0

BANGLADESH

INDIA

BREAKER

TURKEY

PAKISTAN

2010 DEMOLITION SELLERS STATISTICS

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

CHINA

BREAKER

BREAKER – STATS ‘2010

DETAILED BREAKER REGION - STATISTICS FOR 2010

Average Scrap Price & No of Ships Scrapped 2005-2010

87

812 14

19 1924

22212317

10

13

16

17

13

25

16

2119

11

17

1617

17

18

20

15

17

7

12

510

16

011

1824

29 29

27

39

50 67

125

104

131

115

94

6263

75

91

101

95

112

7379

134

115

145

113

89

129

125

$100

$200

$300

$400

$500

$600

$700

$800

May

-05

Jul-0

5

Sep-0

5

Nov-05

Jan-0

6

Mar

-06

May

-06

Jul-0

6

Sep-0

6

Nov-06

Jan-0

7

Mar

-07

May

-07

Jul-0

7

Sep-0

7

Nov-07

Jan-0

8

Mar

-08

May

-08

Jul-0

8

Sep-0

8

Nov-08

Jan-0

9

Mar

-09

May

-09

Jul-0

9

Sep-0

9

Nov-09

Jan-1

0

Mar

-10

May

-10

Jul-1

0

Sep-1

0

-5

15

35

55

75

95

115

135

155

Average Scrap PriceNumber of Ships

DEMO STATS 2005-2010

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

5,000,000

May

-05

Jul-0

5

Sep-0

5

Nov-05

Jan-0

6

Mar

-06

May

-06

Jul-0

6

Sep-0

6

Nov-06

Jan-0

7

Mar

-07

May

-07

Jul-0

7

Sep-0

7

Nov-07

Jan-0

8

Mar

-08

May

-08

Jul-0

8

Sep-0

8

Nov-08

Jan-0

9

Mar

-09

May

-09

Jul-0

9

Sep-0

9

Nov-09

Jan-1

0

Mar

-10

May

-10

Jul-1

0

Sep-1

0

-15

5

25

45

65

85

105

125

145

DWTLDTNUMBER

CHINA, 1,211,315, 19%

INDIA, 2,628,523, 41%

BANGLADESH, 1,123,467, 18%

TURKEY, 219,261, 3%

PAKISTAN, 784,803, 12%

OTHER/CASH/AS IS,433,843, 7%

CHINA, 142, 15%

INDIA, 368, 37%

BANGLADESH, 92,

10%

TURKEY, 141, 15%

PAKISTAN, 90, 9%

OTHER/CASH/AS

IS, 133,14%




BULKERS / SDTANK/

OBO/GASCONT/

TWEEN/MPP REEFER

RORO PAX CRUISE, OTHER

VEHICLES CARRIERS

TRAWLER TUG OTHER TOTAL

278 281 152 42 94 42 77 966 SHIPS

28.8% 29.1% 15.7% 4.3% 9.7% 4.3% 8.0% 100.0%

1,313,497 2,653,222 1,057,024 217,118 556,125 423,716 180,510 6,401,212

5,670,376 13,722,869 2,774,966 352,092 796,559 539,130 768,336 24,624,328

$303,143,958 $893,866,894 $256,389,337 $67,922,018 $124,144,119 $33,505,593 $47,891,155 $1,726,863,074

32.1 Years 27.9 Years 29.3 Years 29.2 Years 35.7 Years 27.3 Years 32.6 Years 30.6 YearsUSD PAID

Demolition DATA for 2010

AVERAGE AGE

STATS

DWT

LDT

%

UNITS

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

AVERAGE MONTHLY SCRAP PRICE 2009 ‐ 2010 CHINA

$228$243

$215 $209$226

$251 $255$268 $279

$266$286

$312 $319$343

$375

$411$382

$381

$431$426$438

205

255

305

355

405

455

Jan‐09

Feb‐09

Mar‐0

9Apr‐09

May‐0

9Jun

‐09Jul‐09

Aug‐0

9Sep

‐09Oct‐09

Nov‐0

9Dec‐0

9Jan

‐10Feb

‐10

Mar‐1

0Apr‐10

May‐1

0Jun

‐10Jul‐10

Aug‐1

0Sep

‐10

AV

ER

AG

E S

CR

AP

PR

ICE

U$

/LD

T

AVERAGE MONTHLY SCRAP PRICE 2009 ‐ 2010 INDIA

$267 $262 $272 $259$234

$258 $249

$309$327

$291

$340$324

$362$344

$387

$457

$410

$370

$488

$407

$405

220

270

320

370

420

470

Jan‐09

Feb‐09

Mar‐0

9Apr‐09

May‐0

9Jun

‐09Jul‐09

Aug‐0

9Sep

‐09Oct‐09

Nov‐0

9Dec‐0

9Jan

‐10Feb

‐10

Mar‐1

0Apr‐10

May‐1

0Jun

‐10Jul‐10

Aug‐1

0Sep

‐10

AV

ER

AG

E S

CR

AP

PR

ICE

U$

/LD

T

AVERAGE MONTHLY SCRAP PRICE 2009 ‐ 2010 PAKISTAN

$271 $265 $261 $266$248

$282

$315

$273

$313 $312$293

$265

$379$353

$377

$464

$427

$392

$407

$371

$362

220

270

320

370

420

470

Jan‐09

Feb‐09

Mar‐0

9Apr‐09

May‐0

9Jun

‐09Jul‐09

Aug‐0

9Sep

‐09Oct‐09

Nov‐0

9Dec‐0

9Jan

‐10Feb

‐10

Mar‐1

0Apr‐10

May‐1

0Jun

‐10Jul‐10

Aug‐1

0Sep

‐10

AV

ER

AG

E S

CR

AP

PR

ICE

U$

/LD

T

AVERAGE MONTHLY SCRAP PRICE 2009 ‐ 2010 BANGLADESH

$274 $269

$311

$277

$240

$296 $289$300

$342$322 $322

$335

$362

$393 $392

$445$433

$400

$345$384

$384

220

270

320

370

420

Jan‐09

Feb‐09

Mar‐0

9Apr‐09

May‐0

9Jun

‐09Jul‐09

Aug‐0

9Sep

‐09Oct‐09

Nov‐0

9Dec‐0

9Jan

‐10Feb

‐10

Mar‐1

0Apr‐10

May‐1

0Jun

‐10Jul‐10

Aug‐1

0Sep

‐10

AV

ER

AG

E S

CR

AP

PR

ICE

U$

/LD

T

AVERAGE MONTHLY SCRAP PRICE 2009 ‐ 2010 TURKEY

$218

$183 $186

$202

$172

$155

$174 $179 $177 $181 $184 $179$187 $187 $193

$242

$216$205

$270

$225 $245

140

160

180

200

220

240

260

280

Jan‐09

Feb‐09

Mar‐0

9Apr‐09

May‐0

9Jun

‐09Jul‐09

Aug‐0

9Sep

‐09Oct‐09

Nov‐0

9Dec‐0

9Jan

‐10Feb

‐10

Mar‐1

0Apr‐10

May‐1

0Jun

‐10Jul‐10

Aug‐1

0Sep

‐10

AV

ER

AG

E S

CR

AP

PR

ICE

U$

/LD

T




DATE BDI % frm 1/1/2010 BCI% frm

1/1/2010 BPI% frm

1/1/2010 BSI% frm

1/1/2010 BHI% frm

1/1/2010

31/08/2010 2,713 ‐14% 3,516 ‐16% 2,950 ‐23% 2,066 ‐7% 1,077 ‐6%01/09/2010 2,741 ‐13% 3,643 ‐13% 2,955 ‐23% 2,029 ‐9% 1,070 ‐7%02/09/2010 2,835 ‐10% 3,900 ‐7% 3,032 ‐21% 1,998 ‐10% 1,067 ‐7%03/09/2010 2,876 ‐8% 3,973 ‐5% 3,121 ‐18% 1,992 ‐10% 1,066 ‐7%06/09/2010 2,881 ‐8% 3,857 ‐8% 3,222 ‐16% 1,999 ‐10% 1,066 ‐7%07/09/2010 2,918 ‐7% 3,901 ‐7% 3,307 ‐13% 2,010 ‐10% 1,067 ‐7%08/09/2010 2,975 ‐5% 4,024 ‐4% 3,359 ‐12% 2,023 ‐9% 1,071 ‐7%09/09/2010 2,988 ‐5% 4,017 ‐4% 3,396 ‐11% 2,036 ‐8% 1,075 ‐7%10/09/2010 2,995 ‐5% 4,019 ‐4% 3,394 ‐11% 2,046 ‐8% 1,078 ‐6%13/09/2010 2,976 ‐5% 3,991 ‐5% 3,362 ‐12% 2,043 ‐8% 1,081 ‐6%14/09/2010 2,940 ‐6% 3,933 ‐6% 3,293 ‐14% 2,042 ‐8% 1,083 ‐6%15/09/2010 2,840 ‐10% 3,748 ‐11% 3,151 ‐18% 2,040 ‐8% 1,084 ‐6%16/09/2010 2,737 ‐13% 3,594 ‐14% 2,985 ‐22% 2,029 ‐9% 1,084 ‐6%17/09/2010 2,676 ‐15% 3,481 ‐17% 2,928 ‐23% 2,012 ‐10% 1,085 ‐6%20/09/2010 2,628 ‐16% 3,389 ‐19% 2,902 ‐24% 1,987 ‐11% 1,082 ‐6%21/09/2010 2,562 ‐18% 3,248 ‐23% 2,881 ‐25% 1,964 ‐12% 1,074 ‐7%22/09/2010 2,486 ‐21% 3,108 ‐26% 2,825 ‐26% 1,941 ‐13% 1,078 ‐6%23/09/2010 2,461 ‐22% 3,104 ‐26% 2,763 ‐28% 1,909 ‐14% 1,074 ‐7%24/09/2010 2,444 ‐22% 3,121 ‐26% 2,719 ‐29% 1,879 ‐16% 1,069 ‐7%27/09/2010 2,451 ‐22% 3,197 ‐24% 2,673 ‐30% 1,861 ‐16% 1,065 ‐7%28/09/2010 2,504 ‐20% 3,431 ‐18% 2,607 ‐32% 1,852 ‐17% 1,057 ‐8%29/09/2010 2,468 ‐21% 3,393 ‐19% 2,524 ‐34% 1,846 ‐17% 1,049 ‐9%30/09/2010 2,446 ‐22% 3,370 ‐20% 2,462 ‐36% 1,847 ‐17% 1,039 ‐10%

BALTIC DRY BULK MARKET INDICES until 30th SEPTEMBER 2010

All Baltic DRY indices 2005 - 2010

3002300430063008300

1030012300143001630018300

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

Sep-09

Dec-09

Mar-10

Jun-10

Sep-10

BPI

BCIBDI

BSI

BALTIC DRY 2005 - 2010

400

2400

4400

6400

8400

10400

Sep-05Dec-05

Mar-06Jun-06

Sep-06Dec-06

Mar-07Jun-07

Sep-07Dec-07

Mar-08Jun-08

Sep-08Dec-08

Mar-09Jun-09

Sep-09Dec-09

Mar-10Jun-10

Sep-10

BDI

BALTIC PMAX 2005 - 2010

300

2300

4300

6300

8300

10300

Sep-05Dec-05

Mar-06Jun-06

Sep-06Dec-06

Mar-07Jun-07

Sep-07Dec-07

Mar-08Jun-08

Sep-08Dec-08

Mar-09Jun-09

Sep-09Dec-09

Mar-10Jun-10

Sep-10

BPI

BALTIC CAPE 2005 - 2010

400

2900

5400

7900

10400

12900

15400

17900

Sep-05Dec-05

Mar-06Jun-06

Sep-06Dec-06

Mar-07Jun-07

Sep-07Dec-07

Mar-08Jun-08

Sep-08Dec-08

Mar-09Jun-09

Sep-09Dec-09

Mar-10Jun-10

Sep-10

BCI

BALTIC SUPMAX 2006 - 2010

3001300230033004300530063007300

Mar-06Jun-06

Sep-06Dec-06

Mar-07Jun-07

Sep-07Dec-07

Mar-08Jun-08

Sep-08Dec-08

Mar-09Jun-09

Sep-09Dec-09

Mar-10Jun-10

Sep-10

BSI

CAPITAL LINK MARITIME INDEX 2005-2010

400

1400

2400

3400

4400

5400

Sep-05Dec-05

Mar-06Jun-06

Sep-06Dec-06

Mar-07Jun-07

Sep-07Dec-07

Mar-08Jun-08

Sep-08Dec-08

Mar-09Jun-09

Sep-09Dec-09

Mar-10Jun-10

Sep-10

CL Maritime Index (CLMI)

CAPITAL LINK DRYBULK INDEX 2005-2010

400

1400

2400

3400

4400

5400

6400

7400

Sep-05Dec-05

Mar-06Jun-06

Sep-06Dec-06

Mar-07Jun-07

Sep-07Dec-07

Mar-08Jun-08

Sep-08Dec-08

Mar-09Jun-09

Sep-09Dec-09

Mar-10Jun-10

Sep-10

CL Drybulk Index (CLDBI)

CAPITAL LINK CONTAINER INDEX 2005-2010

400

1400

2400

3400

4400

5400

Sep-05Dec-05

Mar-06Jun-06

Sep-06Dec-06

Mar-07Jun-07

Sep-07Dec-07

Mar-08Jun-08

Sep-08Dec-08

Mar-09Jun-09

Sep-09Dec-09

Mar-10Jun-10

Sep-10

CL Container Index (CLCI)

CAPITAL LINK MLP INDEX 2005-2010

400

1400

2400

3400

4400

Sep-05Dec-05

Mar-06Jun-06

Sep-06Dec-06

Mar-07Jun-07

Sep-07Dec-07

Mar-08Jun-08

Sep-08Dec-08

Mar-09Jun-09

Sep-09Dec-09

Mar-10Jun-10

Sep-10

CL MLP Index (CLMLP)




DATE CLEAN % frm 2/1/10 DIRTY % frm 2/1/1031/08/2010 433 ‐17% 500 ‐30%

01/09/2010 442 ‐17% 487 ‐31%

02/09/2010 449 ‐17% 474 ‐31%

03/09/2010 452 ‐18% 471 ‐31%

06/09/2010 454 ‐18% 469 ‐32%

07/09/2010 457 ‐19% 469 ‐32%

08/09/2010 458 ‐19% 468 ‐33%

09/09/2010 459 ‐20% 471 ‐33%

10/09/2010 470 ‐20% 487 ‐33%

13/09/2010 487 ‐20% 496 ‐33%

14/09/2010 479 ‐19% 497 ‐33%

15/09/2010 483 ‐18% 503 ‐33%

16/09/2010 484 ‐18% 510 ‐34%

17/09/2010 478 ‐18% 523 ‐34%

20/09/2010 482 ‐19% 529 ‐34%

21/09/2010 487 ‐19% 544 ‐34%

22/09/2010 495 ‐19% 555 ‐34%

23/09/2010 501 ‐19% 560 ‐34%

24/09/2010 509 ‐20% 565 ‐33%

27/09/2010 516 ‐20% 565 ‐33%

28/09/2010 518 ‐21% 574 ‐33%

29/09/2010 519 ‐23% 570 ‐33%

30/09/2010 518 ‐24% 557 ‐33%

DISCLAIMER: All information & data contained in this report, has been carefully obtained from a variety of sources, as reported freely in the market. All necessary care has been taken in the collection, validation, production and editing of this report, however, N. Cotzias Shipping Group and/or any of it's subsidiary companies makes no guarantee for accuracy & shall not be held liable for any loss

incurred in any way whatsoever by any person, individual or company that relies on the information contained herein. All data, info, charts, views and news contained in this report are property of NCS Group, but can be freely reproduced by any third party in any media, press, tv, radio, internet provided that the source being NCS is clearly identified, labelled and respected.

BALTIC TANKER MARKET INDICES until 30th SEPTEMBER 2010

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

ALL BALTIC WET Indices 2006-2010

300

800

1300

1800

2300

Sep-06Dec-06

Mar-07Jun-07

Sep-07Dec-07

Mar-08Jun-08

Sep-08Dec-08

Mar-09Jun-09

Sep-09Dec-09

Mar-10Jun-10

Sep-10

BCTI

BDTI

BALTIC DIRTY TANKER INDEX 2005 - 2010

400

900

1400

1900

2400

Sep-05Dec-05

Mar-06Jun-06

Sep-06Dec-06

Mar-07Jun-07

Sep-07Dec-07

Mar-08Jun-08

Sep-08Dec-08

Mar-09Jun-09

Sep-09Dec-09

Mar-10Jun-10

Sep-10

BDTI

BALTIC CLEAN TANKER INDEX 2005 - 2010

300

700

1100

1500

1900

Sep-05Dec-05

Mar-06Jun-06

Sep-06Dec-06

Mar-07Jun-07

Sep-07Dec-07

Mar-08Jun-08

Sep-08Dec-08

Mar-09Jun-09

Sep-09Dec-09

Mar-10Jun-10

Sep-10

BCTI

Brent OIL (2001 - 2010)

162636465666768696

106116126136146

Sep-0

1

Dec-0

1

Mar

-02

Jun-

02

Sep-0

2

Dec-0

2

Mar

-03

Jun-

03

Sep-0

3

Dec-0

3

Mar

-04

Jun-

04

Sep-0

4

Dec-0

4

Mar

-05

Jun-

05

Sep-0

5

Dec-0

5

Mar

-06

Jun-

06

Sep-0

6

Dec-0

6

Mar

-07

Jun-

07

Sep-0

7

Dec-0

7

Mar

-08

Jun-

08

Sep-0

8

Dec-0

8

Mar

-09

Jun-

09

Sep-0

9

Dec-0

9

Mar

-10

Jun-

10

Sep-1

0

Brent Oil

ALL CAPITAL LINK WET Indices 2006-2010

400

1400

2400

3400

4400

5400

Sep-06Dec-06

Mar-07Jun-07

Sep-07Dec-07

Mar-08Jun-08

Sep-08Dec-08

Mar-09Jun-09

Sep-09Dec-09

Mar-10Jun-10

Sep-10

CL Tanker Index (CLTI)

CL LNG/LPG Index (CLLG)

CAPITAL LINK TANKER INDEX 2005-2010

400.00

1400.00

2400.00

3400.00

4400.00

5400.00

Sep-05Dec-05

Mar-06Jun-06

Sep-06Dec-06

Mar-07Jun-07

Sep-07Dec-07

Mar-08Jun-08

Sep-08Dec-08

Mar-09Jun-09

Sep-09Dec-09

Mar-10Jun-10

Sep-10

CL Tanker Index (CLTI)

CAPITAL LINK LNG/LPG INDEX 2005-2010

400.00

800.00

1200.00

1600.00

2000.00

2400.00

2800.00

3200.00

Sep-05Dec-05

Mar-06Jun-06

Sep-06Dec-06

Mar-07Jun-07

Sep-07Dec-07

Mar-08Jun-08

Sep-08Dec-08

Mar-09Jun-09

Sep-09Dec-09

Mar-10Jun-10

Sep-10

CL LNG/LPG Index (CLLG)

WTI SPOT PRICE (2001 - 2010)

162636465666768696

106116126136146

Sep-0

1

Dec-0

1

Mar

-02

Jun-

02

Sep-0

2

Dec-0

2

Mar

-03

Jun-

03

Sep-0

3

Dec-0

3

Mar

-04

Jun-

04

Sep-0

4

Dec-0

4

Mar

-05

Jun-

05

Sep-0

5

Dec-0

5

Mar

-06

Jun-

06

Sep-0

6

Dec-0

6

Mar

-07

Jun-

07

Sep-0

7

Dec-0

7

Mar

-08

Jun-

08

Sep-0

8

Dec-0

8

Mar

-09

Jun-

09

Sep-0

9

Dec-0

9

Mar

-10

Jun-

10

Sep-1

0

WTI Spot Price



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