Thank you all S&P MONTHLY REPORT JUNE 2009files.irwebpage.com/reports/shipping/GaPohY32AN... ·...

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

Nico J. Cotzias OBE (1928-2009)

Ship sale volume: JUN 09 MAY 09

130 143 last month

113 97 last month

17 46 last month

Scrap volume:

50 88 last month

$323/ldt BANGLADESH

Newbuilding Ships Prices (30/6/2009) (in mil USD)Dry Cargo CAPE 4/7/2008 PMX 4/7/2008 HMAX 4/7/2008

NEWBUILDING $62.0 $96.8 $38.0 $57.3 $31.0 $49.4

Tanker Ships VLCC 4/7/2008 SUZ 4/7/2008 AFR 4/7/2008

NEWBUILDING $109.4 $157.0 $77.0 $96.5 $58.5 $78.0

PAN 4/7/2008 PROD 4/7/2008

$51.0 $65.0 $40.0 $55.5

Average Dry cargo T/C Earnings (worldwide routes):Jun-09 May-09 Apr-09 Mar-09

$39,066 $22,337 $26,146 $32,045

Large Bulkers 144,000 – 85,000 dwt: $18,287 $12,892 $19,500 $18,000

Panamax 82,000 – 59,000 dwt: $17,270 $13,752 $15,798 $11,532

Handymax 59,000 – 48,000 dwt: $16,847 $15,082 $15,832 $12,329

Handy 48,000 – 40,000 dwt: $14,770 $13,864 $15,629 $10,931

Bulkers 40,000 – 30,000 dwt: $13,074 $13,575 $13,585 $10,225

Small Bulkers 30,000 – 12,000 dwt: $11,773 $8,900 $11,230 $7,543

Scrap Prices for JUNE2009

CHINA HIGH $265 AVERAGE $248 JUNE 2009 AVERAGE $258.6

INDIA HIGH $272 AVERAGE $257 MAY 2009 AVERAGE $233.4

BANGLADESH HIGH $323 AVERAGE $296 APR 2009 AVERAGE $258.8

PAKISTAN HIGH $296 AVERAGE $282 MAR 2009 AVERAGE $279.2

TURKEY HIGH $140 AVERAGE $140 FEB 2009 AVERAGE $255.8 262.6933BALTIC INDICES % since

30-Jun-09change since LAST MONTH 29-May-09 30-Apr-09 31-Mar-09

3757 7.53% 3494 1786 1615

2904 0.14% 2900 1523 1374

1701 -7.10% 1831 1427 1288

7241 18.22% 6125 2348 2066

465 -3.33% 481 403 372

648 34.44% 482 477 540

Nico J. Cotzias' list of achievements and contributions to shipping were surely long and important, but the kind words of comfort that we have received from all our friends and associates around the world has been extraordinary. Deep-heartedly, we thank you all and promise that his legacy will remain our inspiration for the years to follow.

Thank you all

JUNE 2009John N. Cotzias - CEO S&P MONTHLY REPORT

Baltic Dirty Tanker Index

GENERAL SCRAP PRICE AVERAGE

Baltic Clean Tanker Index

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

Baltic Panamax Index

Baltic Supramax Index

Total number of Ships sold this month:

Executive Summary

Dry cargo Ships sold this month:

N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893 ) PAGE 1 of 18


2009

NAME TYPE YEAR BUILT DWT GEAR PRICEBUYERS

NAMEBUYERS NATION

NOTES IMO

RHINE ORE BC 1989 JAPAN 233,016 - $25.00m VALE BRAZILSELLERS ARE NIPPON YUSEN KAISHA JAPAN 8802923

SUNGDONG 1061 BC 2010SUNGDONG

SHIPBUILDING KOREA

180,000 - $81.00m 9451276


SHIPBUILDING KOREA

180,000 - $81.00m 9481233


SHIPBUILDING KOREA

180,000 - $81.00m 9481348


SHIPBUILDING KOREA

180,000 - $81.00m 9489302

SHANGHAI JIANGNAN

CHANGXING SB RESALE

BC 2009SHANGHAI JIANGNAN

CHANGXING177,000 - $65.00m ANGELICOUSIS GREECE

SELLERS ARE SEACRESTSHIPPING (REMI

MARITIME GREECE). BUYERS ARE NOT FIVE

STAR GLOBAL SHIPPING OF CHINA BUT

ANGELICOUSSIS GREECEDELIVERY NOVEMBER 09

9469924

LOWLANDS SUNRISE

BC 2003 JAPAN 176,298 - $54.00mOCEAN

FREIGHTERSGREECE

SELLERS ARE COBELFRET NV BELGIUM 9254680

JIN TAI BC 2004 SHANGHAI 173,880 - $55.10m GREEK BUYERS GREECE

SELLERS ARE JINHUI SHIPPING & TRANS LTD

CHINA - SHE WAS SOLD INDEC 2007 FOR $155MIL USD AND NOW $55.1MIL

(65% PRICE REDUCTION) ACTUAL PRICE HISTORY: SOLD FEB 2005 @ $80MIL,JAN 2006 @ $60MIL, DEC 2007 @ $155MIL & JUN

2009 @ $55.1MIL

9272345

COTSWOLD BC 1986 CHINA SBX 151,016 - $14.00mCHINESE BUYERS

CHINASELLERS ARE ZODIAC

MARITIME AGENCIES LTDUK

8503498

ZETLAND BC 1985 HYUNDAI 145,905163959 CBM

GR$12.00m

CHINESE BUYERS

CHINASELLERS ARE ZODIAC

MARITIME AGENCIES LTD UK

8412649

SEA BREEZE BC 2009 SUNDONG 91,800 - $40.50mUNDISCL BUYERS

-

SISTER VSL RE-SOLD IN NOV 2007 FOR $74MIL USD - SELLERS ARE

ARNE BLYSTAD NORWAY

9436654

C S OLIVE BC 2010 JAPAN 82,60097000 CBM

GRAIN$37.00m

ITALIAN BUYERS

ITALY

TSUNEISHI FUKUYAMA 1427 RESALE - SELLERS ARE MITSUI OSK LINES

LTD JAPAN

9461075

JIN HE BC 2006 OSHIMA 77,250 $39.00mFIVE STAR SHIPPING

INDIASELLERS ARE JINHUI

SHIPPING & TRANS LTD, CHINA. SS/DD 04/2011

9355484

FORTUNE OCEAN BC 2006SASEBO SASEBO 76,801 $38.80m

KOREAN BUYERS

KOREASELLERS ARE CIDO

SHIPPING HONG KONG, CHINA

9304576

BONITA BC 2001IMABARI

MARUGAME 76,623 $25.50mMODION

MARITIMEGREECE

SELLERS ARE EIKO KISENCO LTD, JAPAN.

UNDERSTAND VESSEL IS IN POOR CONDITION

9231286

MAPLE VALLEY BC 2005IMABARI

MARUGAME 76,608 $30.00m EAST MED GREECE

SELLERS ARE FEDNAV LTD, CANADA. SHE WAS REPORTED SOLD IN AUG 08 AT $63m TO DRYSHIPS AND IN APRIL 09 AT $40m

TO KOREAN BUYERS.

9342877

BELISLAND BC 2003IMABARI

MARUGAME 76,602 P&C DEALUNDISCL BUYERS

-

SELLERS ARE KOWA MARINE SERVICE CO LTD JAPAN. SALE REPORTED

IN JAN 09 AT $30m FAILED.

9272917

BOOMERANG BC 2004 SUMITOMO 76,39088361 CBM

GRAIN$36.00m

ADELFIA SHIPPING

GREECE

SELLERS ARE ORION BULKERS GMBH & CO KG GERMANY - ORION HAD BOUGHT THE VESSEL IN

MAR 2007 FOR $50MIL (MYKALI)

9291779

DRY CARGO SHIPS SOLD DURING THIS MONTH JUNE

SOLD ENBLOC SUNGDONG 1062, SUNGDONG 1061, SUNGDONG 1074,

SUNGDONG 1075 FOR $384MIL USD, INCL 10-

12YEAR T/C @ $29,500/DAY. THERE IS A PROFIT SHARE OPTION

50/50 FOR RATE GREATER THAN

$38,000/DAY - SELLERS ARE ALBA MARITIME SERVICES GREECE

(INITIAL CONTRACT PRICE$109MIL EACH UNIT)

GREECENAVIOS



TORM TINA BC 2001 TSUNEISHI 75,966 - $30.00mCHINESE BUYERS

CHINA

SELLERS ARE TORM DENMARK - OTHERS

REPORT BUYERS ARE GREEK

9207778

EFROSSINI BC 2003TSUNEISHI

JAPAN 75,932

-$34.00m GREEK BUYERS GREECE

SELLERS ARE SAFETY MANAGEMENT

OVERSEAS GREECE9252412

VICTORIA BC 1984

VEROLME ESTALEIROS

REUNIDOS DO BRASIL

75,524 - $4.00mCHINESE BUYERS

CHINA

SELLERS ARE A.M. NOMICOS TRANSWORLD OTHER REP SAYS $6.4MIL

USD

7925558

MADDALENA D'AMATO

BC 2001 HUDONG 74,716 - $25.00mOCEAN

FREIGHTERSGREECE

SOLD WITH TC ATTACHEDAT $13,150/DAY UNTIL 4Q09. SELLERS ARE

D'AMATO, ITALY

9225196

FAR EASTERN MARINA

BC 1997JIANGNAN SHIPYARD 73,596 - $17.00m VOGEMANN GERMANY

SELLERS ARE EASTERN MEDIA INTERNATIONAL

CORP, TAIWAN. SS 11/2012, DD 05/2010. OLD SALE - OTHER REP SAYS

$19MIL USD

9162590

SPRING PEACOCK BC 2004 IMABARI 72,497 - $25.20mUNDISCL BUYERS

-SELLERS ARE MITSUI OSK

LINES LTD JAPAN 9170262

MARATHA MESSENGER

BC 1995 JAPAN 71,252 $19.60mCHINESE BUYERS

CHINASELLERS ARE

CHOWGULE STEAMSHIPSLTD INDIA

9086980

FOUR COAL BC 1999 TSUNEISHI 69,997 - $27.50m EUROSEAS GREECE

SOLD WITH TC ATTACHEDTO COSCO AT

$25200/DAY UNTIL JAN 2010. SELLERS ARE

PREMUDA ITALY - OTHER REP SAYS $28MIL USD

9207730

FAR EASTERN SILO BC 1990IMABARI

MARUGAME 69,338 - $12.00mUNDISCL BUYERS

-SELLERS ARE EASTERN MEDIA INTERNATIONAL

CORP, TAIWAN. 9003108

JUPITER APPLAUSE BC 1997 IMABARI 69,123 - $20.00mCHINESE BUYERS

CHINASELLERS ARE TOKAI

SHIPPING CO LTD JAPAN 9161479

GIANNI D BC 1998 OKEAN 69,100 - $20.00m

INTRIGUE SHIPPING INC, NOMINEES OF

NOVOSHIP

RUSSIA

SELLERS ARE GOLDENPORT HOLDINGS INC, GREECE. SELLERS

HAVE MADE A PROFIT OF $11.1m ON HER SALE. C/FREE DELIVERY MID

AUG 2009

9120322

BARCELONA BRIGHT

BC 1981 IHI AIOI 67,485 - $5.00mCHINESE BUYERS

CHINASELLERS ARE PIONEER

SHIP MANAGEMENT UAE 8010881

SVYATOY IOAN BC 1981 HYUNDAI 65,419 - $5.50mEUROPEAN

BUYERSEUROPE

SELLERS ARE FEDCOMINVEST MONACO

SAM MONACO - SS DUE 6/2013, DD DUE 6/2011

7922104

AKRONEOS BC 1981 JAPAN 65,015 - $3.90mHUA MING

SHIPPING CO LTD

CHINASS/DD PASSED JULY 2008- SELLERS ARE ODYSEA CARRIERS SA GREECE

8009375

MITSA BC 1981 JAPAN 64,896 $4.00mCHINESE BUYERS

CHINASELLERS ARE ALLSEAS

MARINE SA GREECE 7929255

NIKOS O BC 1982 TAIWAN 63,179 - $3.75mUKRAINE BUYERS

UKRAINE

PREVIOUS REPORT SOLDFOR $4MIL TO CHINESE FAILED - SELLERS ARE

OMICRON SHIP MANAGEMENT GREECE

8020575

ANASSA BC 1983 HITACHI 63,170 4X25T $6.90mCHINESE BUYERS

CHINASELLERS ARE DALNAVE

NAVIGATION GREECE 8106733

MOL MOSEL CONT 1995 KOYO MIHARA 61,489 4723 TEU $9.65mUNDISCL BUYERS

-SELLERS ARE TOYO

SANGYO CO LTD JAPAN 9122605

TAIZHOU KOUAN TK102

BC 2009 TAIZHOU KOUAN 57,000 4X30T $28.00m 9453212

TAIZHOU KOUAN TK103

BC 2010 TAIZHOU KOUAN 57,000 4X30T $28.00m 9453224

SOLD ENBLOC FOR $56m FOR BOTH UNITS.

SELLERS ARE AHRENKIELCF GERMANY

WILMAR SINGAPORE



GLEAMRAY RESALE NANTONG

COSCO KHIBC 2010 NACKS 55,000 4X30T $33.00m

COSCO NANJING (NOSCO)

CHINASELLERS ARE GLEAMRAYGREECE - DELIVERY JAN

2010-

JIN KANG BC 2003TSUNEISHI

CEBU 52,454 4X30T $26.80mSHIPPING

ASSET MANAGEMENT

SWITZERLAND

SELLERS ARE JINHUI SHIPPING & TRANS LTD,

CHINA. SS 04/2013 DD 04/2011

9254513

DARYA DHYAN BC 2001MITSUI CHIBA

ICHIHARA 50,149 4X30T $24.50mJME

NAVIGATIONGREECE

SELLERS ARE CHELLARAM SHIPPING

(HONG KONG) LTD, CHINA.

9230139

ORFEAS BC 1983 JAPAN 48,891 4X25T $6.45mCHINESE BUYERS

CHINA

SELLERS ARE PARAGON SHIPPING (ALLSEAS) GREECE - CHINESE

BUYERS WAIVED INSPECTION.

8103664

BAUHINIA BRIDGE CONT 1993KAWASAKI

HEAVY INDUSTRY

47,500 3720 TEU $7.50m 9043653

AKASHI BRIDGE CONT 19891993HASHIHAMA

ZOSEN 47,425 3720 TEU $7.50m 9043782

CHANG JIANG BRIDGE

CONT 1992HASHIHAMA

SHIPBUILDING 47,425 3720 TEU $6.00mCYPRUS

MARITIMEGREECE

SELLERS ARE KAWASAKI KISEN JAPAN 9043770

NEW SEA STAR 6 BC 1985 HASHIHAMA 45,877 4X25T $7.25mFAR EASTERN

BUYERSFAR EAST

SELLERS ARE SEA STAR SHIPS MANAGEMENT

CHINA8324397

LONDON BRIDGE BC 1994 TSUNEISHI 45,708 4X25T $16.00m ZHOUSAN CHINASELLERS ARE BRITISH

MARINE PLC UK - COMMITTED

9082764

PATMOS II CONT 1992 GERMANY 45,696 2680 TEU $4.80m 9008550

CIFIC CONT 1992 GERMANY 45,696 2680 TEU $4.80m 9008562

ZSQ STAR BC 1986 BRAZIL 45,470 3X25T P&C DEALUNDISCL BUYERS

-SELLERS ARE CHINESE

GOVERNMENT 8204834

MIRANDA ROSE BC 1984 TSUNEISHI 43,296 4X25T $5.00m ITC VIETNAM

SELLERS ARE BRITISH MARINE PLC UK. FYI

VESSEL WAS REPORTED LAST MONTH AT $4.7m TO

UNDISCLOSED BUYERS

8307973

GULF GLOBE BC 1994 HYUNDAI HI 43,246 4X25T $16.00m GREEK BUYERS GREECESELLERS ARE GLOBUS

MARITIME GREECE. 9070773

JAG RANI BC 1984 MITSUI TAMANO 41,545 4X25T $4.10mTAIWANESE

BUYERSTAIWAN

SELLERS ARE FIVE STARS SHIPPING CO

INDIA. SALE REPORTED INDEC 08 AT $4.25m FAILED

8307557

ENGIADINA CONT 2002 KOREA 39,418 2824 TEU $17.00mUNDISCL BUYERS

-SELLERS ARE SUISSE-ATLANTIQUE SWISS.

SOLD FOR CONVERSION9235581

ORIENTAL KEY BC 1980 KASADO 38,323 5X25T $2.80mSINGAPOREAN

BUYERSSINGAPORE

SELLERS ARE SHL MARITIME CO LTD KOREA 7916222

EPIPHANY BC 1985 HITACHI 37,722 4X25T $6.80mCHINESE BUYERS

CHINA

SELLERS ARE ANBROS MARITIME SA GREECE -

SHE WAS BOUGHT IN JAN2006 FOR $9.75MIL USD

8308898

CENK KAPTANOGLU

BC 1983 KOREA 36,7884X25T, 750

TEU$4.00m

INDONESIAN BUYERS

INDONESIA

SELLERS ARE KAPTANOGLU

SHIPMANAGEMENT TURKEY - OTHER REP

SAYS CHINESE BUYERS

8124955

GO PRIDE BC 1982 JAPAN 35,055 D5X25T $2.50mCHINESE BUYERS

CHINA

SELLERS ARE GLOBAL OCEANIC CARRIERS LTD

GREECE - SHE WAS ACQUIRED IN MAY 2005 FOR $10.2MIL IN A 3 VSL

ENBLOC DEAL

8018015

CYPRUS MARITIME

GREECE

SOLD ENBLOC BAUHINIA BRIDGE AND AKASHI

BRIDGE FOR $15m FOR BOTH UNITS. SELLERS

ARE K LINE SHIP MANAGEMENT (KLSM),

JAPAN

CYPRUS MARITIME

GREECE

SOLD ENBLOC PATMOS II AND CIFIC FOR $9.6m FOR

BOTH UNITS. SELLERS ARE HAMBURGISCHE

SEEHANDLUNG GERMANY



EURUS OTTAWA CONT 1989HDW AG - KIEL -

GFR 34,380 2097 TEU 8716095

EURUS OSLO CONT 1989HDW AG - KIEL -

GFR 34,380 2097 TEU 8716083

SAFMARINE ASIA CONT 1985HDW AG - KIEL -

GFR 31,290 1893 TEU 8413887

EURUS SINGAPORE CONT 1989FINCANTIERI

STABIA 26,674 1555 TEU 8618396

EURUS LISBON CONT 1991TSUNEISHI

SHIPBUILDING 15,6462X32T, 950

TEU8902400

EURUS PARIS CONT 1983 ISHIKAWAJIMA 9,649 580 TEU 8220046

EFESSOS BC 1982 USUKI 33,554 2X25T $3.50m GURITA LINTAS INDONESIASELLERS ARE

MARMARAS NAVIGATION LTD GREECE

8117196

ANGEL ACCORD BC 2003 KANDA 32,379 4X30.5T $22.00mUNDISCL BUYERS

-SELLERS ARE KEYMAX

GROUP JAPAN. SS 05/2013, DD 05/2011

9266152

DARIN NAREE BC 1984 HASHIHAMA 30,898 4X25T $4.20m GREEK BUYERS GREECESELLERS ARE PRECIOUS

SHIPPING THAILAND - SS/DD 06/2009

8313386

MOL OUEME CONT 1999 IMABARI 29,2662X40T,

D1X3.5T, 1697 TEU

$8.00m SEACHANGE USA

SELLERS ARE MITSUI OSKLINES LTD JAPAN -

OTHER REP SAYS 11MIL USD

9187344

DARYA RAAG BC 1997 SNG 28,968 4X30T $14.00m GREEK BUYERS GREECESELLERS ARE

CHELLARAM SHIPPING HONG KONG

9112351

ANTIKERI BC 1984 JAPAN 28,791 4X25T $5.30mUNDISCL BUYERS

-SELLERS ARE OLOF

BRODIN CHARTERING SWEDEN

8200503

OPAL NAREE BC 1982 JAPAN 28,780 5X25T $3.10mUNDISCL BUYERS

-SELLERS ARE PRECIOUS

SHIPPING, THAILAND. 8210388

NEW GUARDIAN BC 1995 NKK CORP 28,615 4X25T $13.50mUNDISCL BUYERS

-SELLERS ARE HSIN CHIEN

MARINE CHINA 9105463

SEA HONESTY BC 1997 KANDA 28,564 4X30T $12.00mUNDISCL BUYERS

-SELLERS ARE SANTOKU

SENPAKU CO LTD JAPAN SS 10/2011, DD 10/2009

9142100

EASTWIND BC 1981 JAPAN 27,4934X25T, 224

TEU$2.90m 8014796

TRADEWIND BC 1981 JAPAN 27,4724X25T, 224

TEU$2.90m 8014801

ATLANTIC ACACIA BC 1993 HAKODATE 26,472 4X30.4T $11.30m GREEK BUYERS GREECESELLERS ARE NIPPON YUSEN KAISHA JAPAN 9065572

HILAL II BC 1981 OSAKA 25,845 4X25T $2.00mHONG KONG

SHUN XIN MARINE LTD

CHINASELLERS ARE BUYUK

CAMLICA DENIZ TURKEY 7921801

OOCL ACCLAIM CONT 1997 JAPAN 24,328 1560 TEU $6.00mCHINESE BUYERS

CHINASELLERS ARE TOKAI

SHIPPING CO LTD JAPAN 9159854

AMMON ACE BC 1996 KANDA 24,157 3X30T $12.00m GREEK BUYERS GREECE

SELLERS ARE KAWASAKI KISEN KAISHA JAPAN -

OTHER REP SAYS VIETNAMESE BUYERS

9143049

IST BC 1981 JAPAN 24,0303X25T, D1X25T

$1.90mCHINESE BUYERS

CHINASELLERS ARE JADROPLOV

INTERNATIONAL KROATIA8024923

CYNTHIA CONT 2008WADAN

SHIPYARD 23,870 1690 TEU $21.00mBRIESE

SCHIFFAHRTSGERMANY

SOLD FOR 15MIL EURO - VESSEL WAS ORIGINALLY

CONTRACTED BY THE WINTER BROTHERS FOR

AROUND EURO32m. SOLDBY THE RECEIVERS OF

GERMAN SHIPYARD WADAN.

9348182

VIKING HAWK CONT 2009 CHINA 23,6901740 TEU

2X40T$22.00m

CARSTEN REHDER

GERMANYSELLERS ARE NORSE

MANAGEMENT CO PTE LTD SINGAPORE

9436068

DUCK FORTUNE BC 1981 JAPAN 22,525 5X22T $1.50mUNDISCL BUYERS

-

SOLD ON AS IS TEMA GHANA BASIS - SELLERS

ARE AQUACHART SIA LATVIA

7929334

SELLERS ARE EASTWIND GROUP USA

DRAFTEN SHIPPING/OFER

GROUP MONACO

SYRIAN BUYERS SYRIA

SELLERS ARE ATLANTIC BULK CARRIERS GREECE

SOLD ENBLOC TRADEWIND AND

EASTWIND TO SYRIAN BUYERS FOR $2.9m EACHUNIT - OTHER REP SAYS $2.9MIL TO SINGAPORE

BUYERS



OCEAN BIRD CONT 2008 CSBS 22,3142X40T 1713

TEU

OCEAN SPICA CONT 2008 CSBS 22,3142X40T 1713

TEU9357547

OCEAN MERMAID CONT 2008 CSBS 22,3142X40T 1803

TEU9357523

OCEAN EMERALD CONT 2008 CSBS 22,3142X40T 1713

TEU9351218

SUERTE BC 1980 JAPAN 22,2602X25T, D2X25T

$1.82mFAR EASTERN

BUYERSFAR EAST

SELLERS ARE MARITEAM SERVICES GREECE 8021323

MONTANIA CONT 1996 POLAND 22,148 1550 TEU $6.90mIRANIAN BUYERS

IRANSELLERS ARE KONIG &

CIE GMBH & CO KG GERMANY

9117181

PAWITRA NAREE BC 1985 JAPAN 21,6543X25T, D1X25T

$4.10mUNDISCL BUYERS

-SELLERS ARE PRECIOUS

SHIPPING THAILAND 8503682

MANISAMUT NAREE

BC 1983WATANABE

ZOSEN 21,3413X25T,D1X2

5T$3.70m GREEK BUYERS GREECE

SELLERS ARE PRECIOUS SHIPPING, THAILAND. SS

10/2013, DD 11/20118222020

TALTY BC 1979 UK 16,728 3X8T P&C DEALUNDISCL BUYERS

-SELLERS ARE POLSKA ZEGLUGA MORSKA PP

POLAND7725673

TOUGH TRADER MPP 1980 UK 15,200

D1X26T, D3X22T,

D2X5T, 110 TEU

P&C DEAL UAE BUYERS UAESELLERS ARE

MARACHART SHIPPING GREECE

7614771

RIOMARE BC 1983 JULIANA SPAIN 11,702D2X30T,

D3X22T, 566 TEU


-SELLERS ARE BAYAZID

SHIPPING CO SYRIA 8012243

ABOUDI V CONT 1985 GDR 9,3272X35T, 754

TEU$2.10m

UNDISCL BUYERS

-SELLERS ARE OSMAN

SHIPPING LLC UAE 8405921

KIND FAITH SD 2009 CHINA 9,300 2X40T $13.20mUNDISCL BUYERS

- 9528407

HAN LORD MPP 1983 JAPAN 9,1202X25T,

D2X15T, 210 TEU


-

SELLERS ARE SHANGHAI ZHENGDONG SHIPPING CO CHINA - SHE WAS

BOUGHT IN NOV 2006 FOR$3.2MIL USD

8301242

PLORI MPP 1983 BARRERAS 8,556D4X25T, 160

TEU$1.10m 8206284

LADO MPP 1984 JULIANA SPAIN 8,522D4X25T, 160

TEU$1.20m 8113140

LUBEY ALICE MPP 1983 GDR 8,0602X35T, 582

TEU$0.85m GREEK BUYERS GREECE

SELLERS ARE SHIPMATES

INTERNATIONAL SA GREECE - SHE WAS

ACQUIRED IN FEB 2008 FOR $5MIL USD - SOLD AT

AUCTION WITH DELY GREECE - OTHER REP

SAYS GERMAN BUYERS

8203610

VENTO DI TRAMONTANA

MPP 1983 RICKMERS 8,0352X35T 582

TEUS$1.10m

UNDISCL BUYERS

-SELLERS ARE

BROINTERMED LINES LTDUK

8203622

WHITE SAGA MPP 1999 SEIBU 7,950D2X30T, D1X25T

$6.20mVIETNAMESE

BUYERSVIETNAM

SELLERS ARE NARASAKI SANGYO KK JAPAN 9216341

JONA MPP 1979VEB NEPTUN

GDR 7,810D4X22.5T 294 TEU

P&C DEALEGYPTIAN BUYERS

EGYPT

SELLERS ARE EGYPT TRADE MARITIME

SERVICES EGYPT - WAS SOLD IN NOV 2007 FOR

$3.65MIL

7932692

BBC GDANSK MPP 2008 REMONTOWA 7,5002X120T, 532

TEU$18.18m

SCHNAPPCHENFONDS I

GERMANY

SOLD FOR 12.9 MIL EURO SELLERS ARE BRIESE SCHIFFAHRTS GMBH &

CO GERMANY

9436965

ATOZ MPP 1990 JAPAN 6,926 D4X15T $3.60mSOUTH

EASTERN BUYERS

SOUTH EASTSELLERS ARE BOGO LINE

CO LTD KOREA 9009085

$79.00mGERMAN BUYERS

GERMANY

SOLD ENBLOC OCEAN BIRD, OCEAN EMERALD,

OCEAN SPICA AND OCEAN MERMAID FOR

$79m FOR ALL 4 UNITS TOGERMAN BUYERS. SELLERS ARE CIDO

SHIPPING HONG KONG, CHINA

SYRIAN BUYERS SYRIASELLERS ARE COSMOS MARINE MANAGEMENT

SA GREECE



STENA TRANSPORTER

RORO 1978 HYUNDAI 5,455151.01M LOA,

1860LM 220 TEUP&C DEAL STRADA BLUE ITALY

SELLERS ARE STENA AB SWEDEN 7528659

COOL STAR RORO 1990 JAPAN 5,228 $11.50m DALIAN JIFA CHINAVEHICLES CARRIER - SELLERS ARE FUYOH

SHIPPING JAPAN8911267

ORANGE SKY RORO 1993 JAPAN 5,184 $8.00m DALIAN JIFA CHINAVEHICLES CARRIER -

SELLERS ARE PRINCE KAIUN JAPAN

9052898

JAKOB MPP 1977 POLAND 4,028 P&C DEALUNDISCL BUYERS

-SELLERS ARE HH

BROTHERS MARITIME BULGARIA

7405663

BALTIC TERN CONT 1989 KOREA 3,754357 TEU 224

REEF$1.20m

UNDISCL BUYERS

-SELLERS ARE CMA CGM

HOLDING FRANCE 8714114

OCEAN SCOTSMAN PSV 1982SINGAPORE

SLIPWAY 2,910 $6.50m BARD GERMANYSELLERS ARE HOYLAND

NORWAY 8016110

CIUDAD DE VALENCIA

ROPAX 1984 SPAIN 2,500 $2.98mUNDISCL BUYERS

-VEHICLES CARRIER -

SELLERS ARE ACCIONA TRANSMED SPAIN

7915802

VAN GOGH PASS 1975FINLAND - WARTSILA 2,452

156.26 LOA, 727 PAX


-

SOLD VIA AUCTION - SELLERS ARE CLUB

CRUISE ENTERTAINMENTNETHERLANDS

7359400

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

DRY CARGO 2ND HAND MARKET STATISTICS

country units %2009 UNITS OUTLAY$ DWT GREECE 110 21.03%

JANUARY 62 $812.15m 2,505,893 JAPAN 97 18.55%

FEBRUARY 73 $682.50m 2,622,811 CHINA 42 8.03%

MARCH 103 $1,026.38m 3,923,727 SINGAPORE 26 4.97%

APRIL 75 $913.02m 3,569,193 UK 25 4.78%

MAY 97 $1,366.90m 5,231,800 GERMANY 22 4.21%

JUNE 113 $1,679.33m 5,680,789 KOREA 19 3.63%

JULY 0 $0.00m 0 NORWAY 18 3.44%

AUGUST 0 $0.00m 0 DENMARK 17 3.25%

SEPTEMBER 0 $0.00m 0 THAILAND 16 3.06%

OCTOBER 0 $0.00m 0 TURKEY 15 2.87%

NOVEMBER 0 $0.00m 0 ITALY 10 1.91%DECEMBER 0 $0.00m 0 USA 7 1.34%

TOTAL 523 $6,480.27m 23,534,213 INDIA 7 1.34%

UAE 6 1.15%

SWEDEN 6 1.15%

COUNTRY UNITS % OUTLAY ($) % DWT % NETHERLANDS 6 1.15%

CHINA 107 20.46% $1,251 19.26% 6,018,083 25.55% PHILIPPINES 5 0.96%

GREECE 93 17.78% $1,717 26.44% 5,136,287 21.81% ALL OTHER 67 12.81%

GERMANY 20 3.82% $300 4.62% 531,049 2.25% UNDISCL 2 0.38%

FAR EAST 14 2.68% $92 1.41% 564,526 2.40% TOTAL 523 100.00%

TURKEY 13 2.49% $130 2.00% 354,837 1.51%

JAPAN 13 2.49% $374 5.76% 1,439,613 6.11%

SYRIA 12 2.29% $32 0.50% 268,101 1.14%

INDONESIA 10 1.91% $65 1.00% 312,795 1.33%

VIETNAM 10 1.91% $75 1.15% 257,420 1.09%

TAIWAN 9 1.72% $159 2.45% 683,190 2.90%

ITALY 9 1.72% $190 2.92% 302,305 1.28%

BRAZIL 8 1.53% $201 3.09% 1,526,447 6.48%

MONACO 7 1.34% $14 0.22% 179,384 0.76% COUNTRY UNITS % rank

KOREA 7 1.34% $161 2.48% 337,218 1.43% JAPAN 291 78.4% 1

UNDISCL 130 24.86% $1,080 16.63% 3,902,464 16.57% KOREA 31 8.4% 2

ALLOTHER 61 11.66% $814 12.54% 2,074,743 8.81% CHINA 16 4.3% 3

TOTAL 523 100.00% $6,494 100.00% 23,551,244 100.00% POLAND 8 2.2% 4

UK 6 1.6% 5

SPAIN 3 0.8% 6SINGAPORE 1 0.3% 7

ALL OTHER 15 4.0%

TOTAL 371 100.0%

BUYERS - China during the past 3 months, has taken the lead strongly and has bought a total of 107 units. If we add also the ships of Taiwan ( 9), and Hong Kong (2) and some of the Far East undisclosed deals ( 14), we see that China is clearly the undisputed buyer leader of secondhand tonnage. Greeks follow much improved with 93 units, while German Buyers have come up strong with 20 units.

MONTHLY UNIT SALE ACTIVITY

2009 DRY CARGO STATISTICS - BUYERS

SELLERS - Greek Sellers have disposed 110 units (85 last) so far in 2009, while Japanese Sellers have

sold 97 units (78 last). In 3rd place follow the Chinese sellers with 42 units (28 last), while

Singapore based sellers are 4th with 26 units (25 last).

Out of a total of 371 DRY BULK vessels sold during the first 6 months of 2009, it is interesting to see that 291 vessels (78.4% of total) are built in JAPANese Shipyards. This is a very interesting trend that we noted from last month and that scenario, was definitely not occuring before Oct 2008. It seems that post Oct Crisis, the buying criteria of most cash buyers changed and they must have felt more secure going for mid 80's, and 90's secondhand Japanese built tonnage. 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 "!!!

SELLERS STATS 2009

2009 BULKER VSLS SOLD - COUNTRY OF BUILT



2009 BC SD CONT MPP TWEEN REEFER PASS RORO OTHER TOTALJANUARY 48 0 3 4 0 0 1 4 2 62

FEBRUARY 42 0 13 11 0 0 0 1 6 73MARCH 73 1 3 13 2 0 2 2 7 103

APRIL 58 3 2 3 3 0 2 1 3 75MAY 82 0 4 6 0 0 1 1 3 97

JUNE 68 1 24 11 0 0 1 3 5 113JULY 0 0 0 0 0 0 0 0 0 0

AUGUST 0 0 0 0 0 0 0 0 0 0SEPTEMBER 0 0 0 0 0 0 0 0 0 0

OCTOBER 0 0 0 0 0 0 0 0 0 0NOVEMBER 0 0 0 0 0 0 0 0 0 0DECEMBER 0 0 0 0 0 0 0 0 0 0

TOTAL 371 5 49 48 5 0 7 12 26 523

CHANGE CHANGEFR0M 4/7/08 FR0M 4/7/08

NB CAPE $83.0 $96.6 $65.0 -33% 5y CAPE $102.0 $150.3 $50.0 -67%NB PMX $42.0 $56.5 $40.5 -28% 5y PMX $59.0 $86.5 $33.0 -62%

NB HANDY $39.0 $48.5 $32.0 -34% 5y HANDY $54.5 $72.5 $27.0 -63%

CHANGE CHANGE

FR0M 4/7/08 FR0M 4/7/08

10y CAPE $82.1 $131.0 $41.0 -69% 20y CAPE $35.0 $83.0 $20.0 -76%10y PMX $50.0 $76.0 $25.2 -67% 20y PMX $27.0 $48.0 $11.2 -77%

10y HANDY $42.0 $62.0 $20.0 -68% 20y HANDY $23.0 $41.0 $9.8 -76%

NB BULKERS PRICE COMPARISON

26/6/2009

Tables above compare prices from 6th July 2007 and 4th Jul 2008 with today

6/7/2007

4/7/2008 26/6/2009

4/7/2008

6/7/2007

1988 built (20Y) OLD BULKERS PRICE COMPARISON

TYPE

26/6/20094/7/20086/7/2007

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

26/6/2009TYPE

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

TYPE


DRY CARGO UNITS SOLD - BREAKDOWN PER MONTH 2009

4/7/2008TYPE 6/7/2007


Dry cargo units sold 2009 vs 2008

79 7783

95 96

74

52

33

44 42

103110

71

62

7375

97

113

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

$1,339

$2,675 $2,660

$1,340

$3,950

$2,027

$3,615

$2,172

$1,602

$809 $567 $351

$1,367

$1,026

$913$812 $682

$1,679

$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

Feb-

00

Jun-

00

Oct-0

0

Feb-

01

Jun-

01

Oct-0

1

Feb-

02

Jun-

02

Oct-0

2

Feb-

03

Jun-

03

Oct-0

3

Feb-

04

Jun-

04

Oct-0

4

Feb-

05

Jun-

05

Oct-0

5

Feb-

06

Jun-

06

Oct-0

6

Feb-

07

Jun-

07

Oct-0

7

Feb-

08

Jun-

08

Oct-0

8

Feb-

09

Jun-

09

CAPE 170KPANAMAX 70KHANDY 50K

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

$10

$33

$55

$78

$100

$123

$145

Feb-

00

Jun-

00

Oct-0

0

Feb-

01

Jun-

01

Oct-0

1

Feb-

02

Jun-

02

Oct-0

2

Feb-

03

Jun-

03

Oct-0

3

Feb-

04

Jun-

04

Oct-0

4

Feb-

05

Jun-

05

Oct-0

5

Feb-

06

Jun-

06

Oct-0

6

Feb-

07

Jun-

07

Oct-0

7

Feb-

08

Jun-

08

Oct-0

8

Feb-

09

Jun-

09



$8

$28

$48

$68

$88

$108

$128

Feb-

00

Jun-

00

Oct-0

0

Feb-

01

Jun-

01

Oct-0

1

Feb-

02

Jun-

02

Oct-0

2

Feb-

03

Jun-

03

Oct-0

3

Feb-

04

Jun-

04

Oct-0

4

Feb-

05

Jun-

05

Oct-0

5

Feb-

06

Jun-

06

Oct-0

6

Feb-

07

Jun-

07

Oct-0

7

Feb-

08

Jun-

08

Oct-0

8

Feb-

09

Jun-

09



$2

$15

$27

$40

$52

$65

$77

Feb-

00

Jun-

00

Oct-0

0

Feb-

01

Jun-

01

Oct-0

1

Feb-

02

Jun-

02

Oct-0

2

Feb-

03

Jun-

03

Oct-0

3

Feb-

04

Jun-

04

Oct-0

4

Feb-

05

Jun-

05

Oct-0

5

Feb-

06

Jun-

06

Oct-0

6

Feb-

07

Jun-

07

Oct-0

7

Feb-

08

Jun-

08

Oct-0

8

Feb-

09

Jun-

09




2009

NAME TYPE YEAR BUILT DWT PRICEPRICE NOTE

BUYERS NAME

BUYERS NATION

NOTES IMO

SONGA CHELSEA TANKER 1995 DAEWOO 298,432 $54.00mIRANIAN BUYERS

IRAN

SELLERS ARE ARNE BLYSTAD NORWAY - SHE

WAS ACQUIRED BY A.BLYSTAD/SONGA

SHIPPING FOR $100MIL IN JAN 2008

9077850

STARLIGHT VENTURE

TANKER 2004 HYUNDAI 291,768 $80.00m U-MING TAIWAN

SELLERS ARE. WAH KWONG SHIPPING

HOLDINGS JAPAN SOLD INCLUDING A TC FOR 3 YEARS AT $35000/DAY

9297539

ASHKINI SPIRIT TANKER 2003 KOREA 165,187 $57.00mTEEKAY

TANKERSCANADA

SELLERS ARE TEEKAY CORPORATION CNADA 9239484

CHEMTRANS LYRA TANKER 1993 KOREA 97,097 $16.50mINDONESIAN

BUYERSINDONESIA

SELLERS ARE DIVAG (DEUTSCHE

INVESTITIONS- UND VERMOGENS- TREUHANDAKTIENGESELLSCHAFT)

GERMANY

9006899

ANGEL NO 6 TANKER 1988SHIN

KURUSHIMA40,509 $5.00m WINSON OIL HONG KONG

SELLERS ARE WINSON TANKER PTE LTD

SINGAPORE8806383

SITEAM ANABEL TANKER 1986ULJANIK BRODOG

40,158 $27.00m 8301204

SICHEM ANNE TANKER 1997 HIGAKI 9,202 $27.00m 9168257

SICHEM PROVENCE TANKER 1996 USUKI 8,758 $27.00m 9142320

SICHEM PRINCESS MARIE-CHANTAL

TANKER 2003 NOKBONG 8,016 $27.00m 9268291

CHEMSTAR HERO TANKER 2002 FUKUOKA 19,836 $17.50m MTMM USASELLERS ARE IINO KAIUN

KAISHA LTD JAPAN 9264465

ADRIATIC WIND TANKER 1984 SPLIT 17,600 $3.40mUNDISCL BUYERS

OTHER REP SAYS SOLD FOR SCRAP - SELLERS

ARE TROUBLED/COLLAPSED EASTWIND GROUP USA

8207018

FRANCESCO D'ALESIO

TANKER 1993 ITALY 11,328 $9.00m P&CATLANTIC OIL MARITIME SA

GREECESELLERS ARE D'ALESIO

ITALY 9030711

EMIRATES SWAN TANKER 2006 SASAKI 8,636 $12.85m IMO IIIVIETNAMESE

BUYERSVIETNAM

SOLD SUB INSPECTION. SS/DD 022011 - SELLERS

ARE FLEET MANAGEMENT LTD-HKG

HONG KONG

9333125

GLOBAL MARS TANKER 2001 JAPAN 7,786 $11.50mMALAYSIAN

BUYERSMALAYSIA

SELLERS ARE GLOBAL MARINE SERVICE CO LTD

JAPAN9236925

WOO YEON TANKER 1995 JAPAN 4,897 $3.00mKOREAN BUYERS

KOREASELELRS ARE KEOJE

MARINE CO LTD KOREA 9118757

OCEAN PRIMATE GAS 1993 YSSELWERFT 3,566 $6.20m 3200 CBM TRANSGAS VENEZUELALPG - SELLERS ARE

ALLOCEAN LTD GREECE 9031985

GAS SOPHIE GAS 1995 KITANIHON 2,609 $6.60m 3516 CBMINDONESIAN

BUYERSINDONESIA

LPG - SELLERS ARE STEALTH GAS GREECE 9125401


JUNETANKER SHIPS SOLD DURING THIS MONTH

UNDISCL BUYERS

-

SOLD EN BLOC SITEAM ANABEL, SICHEM

PROVENCE, SICHEM ANNE, AND SICHEM PRINCESS MARIE-

CHANTAL FOR $27m FOR ALL FOUR UNITS.

SELLERS ARE EITZEN CHEMICAL, SINGAPORE.

SOLD EN BLOC SITEAM

ANABEL,SICHEM ANNE, SICHEM

PROVENCE. SICHEM

PRINCESS MARIE-

CHANTAL TO UNDISCLOSED BUYERS FOR $27m FOR ALL

UNITS



TANKER 2ND HAND MARKET STATISTICS

COUNTRY UNITS %

2009 UNITS OUTLAY$ DWT JAPAN 23 14.47%

JANUARY 36 $1,380.95m 2,829,769 SINGAPORE 23 14.47%

FEBRUARY 17 $406.80m 1,038,858 GREECE 18 11.32%

MARCH 21 $339.95m 698,835 NORWAY 15 9.43%

APRIL 22 $267.90m 645,958 USA 12 7.55%

MAY 46 $760.50m 3,078,127 CHINA 10 6.29%

JUNE 17 $309.55m 1,035,385 UK 6 3.77%

JULY 0 $0.00m 0 TURKEY 6 3.77%

AUGUST 0 $0.00m 0 UAE 5 3.14%

SEPTEMBER 0 $0.00m 0 ITALY 6 3.77%

OCTOBER 0 $0.00m 0 CYPRUS 5 3.14%

NOVEMBER 0 $0.00m 0 KOREA 6 3.77%

DECEMBER 0 $0.00m 0 INDONESIA 3 1.89%

TOTAL 159 $3,465.65m 9,326,932 BULGARIA 3 1.89%

RUSSIA 3 1.89%

SOUTH AFRICA 2 1.26%

COUNTRY UNITS OUTLAY ($) % DWT % MALAYSIA 2 1.26%

GREECE 24 $426 12.29% 1,195,117 12.81% GIBRALTAR 1 0.63%

USA 13 $547 15.78% 1,107,652 11.88% ALL OTHER 6 3.77%

NORWAY 10 $415 11.98% 739,770 7.93% UNDISCL 4 2.52%

CHINA 6 $97 2.78% 1,365,200 14.64% TOTAL 159 100.00%

LIBYA 6 $251 7.24% 381,770 4.09%

JAPAN 6 $248 7.17% 899,892 9.65%

TURKEY 5 $38 1.08% 46,988 0.50%

VIETNAM 5 $92 2.64% 109,325 1.17%

SINGAPORE 4 $202 5.83% 184,000 1.97%

FAR EAST 4 $16 0.46% 119,980 1.29%

ASIA 3 $6 0.17% 16,388 0.18%

INDONESIA 5 $35 1.02% 155,089 1.66%

GERMANY 3 $69 1.99% 45,801 0.49%

UNDISCL 32 $475 13.70% 1,281,311 13.74%

ALL OTHER 33 $550 15.86% 1,678,649 18.00%

TOTAL 159 $3,466 100.00% 9,326,932 100.00%

2009VLCC & ULCC

SUEZMAXAFRAMAX

110KPANAMAX

70KPROD 45K < 40,000 OBO

LPG & LNG

TOTAL

JANUARY 2 5 9 0 7 13 0 0 36

FEBRUARY 1 1 3 2 0 8 0 2 17

MARCH 0 0 4 0 3 14 0 0 21

APRIL 1 0 0 0 4 16 0 1 22

MAY 6 2 3 0 8 26 0 1 46

JUNE 2 1 1 0 2 9 0 2 17

JULY 0 0 0 0 0 0 0 0 0

AUGUST 0 0 0 0 0 0 0 0 0

SEPTEMBER 0 0 0 0 0 0 0 0 0

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 12 9 20 2 24 86 0 6 159

SELLERS STATS 2009

2009 TANKER buyer STATISTICS

BUYERS - Greek buyers are holding the lead, having acquired 24 units (21 LAST), with USA buyers 2nd with 13 units (12 last) and Norwegian buyers 3rd with 10 units (unchanged). Chinese buyers have acquired 6 ships (unchanged) and together with Japanese and Libyan buyers are sharing 4th place with 6 units each.

TANKER UNITS SOLD - BREAKDOWN PER SIZE AND MONTH 2009

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

sharing 1st place as sellers, selling 23 units (20 last) together with Singapore sellers who have disposed 23

units (18 last). Greek Sellers are 3rd with 18 units (same - 18 last), followed by Norwegian sellers who

sold 15 units (14 last.

MONTHLY UNIT SALE ACTIVITY We see that the number of ships sold during June 2009 shows a serious "slowdown" of the tanker secondhand market. Only 17 tanker ships were sold this month. With Capital Outlay being very low with only $310million USD being spent and a mere 1million DWT changing hands.




VLCC $130.3 $155.5 $109.0 -30% VLCC $123.0 $149.0 $76.0 -49%SUEZMAX $81.0 $95.0 $77.0 -19% SUEZMAX $89.0 $99.0 $60.0 -39%AFRAMAX $66.0 $77.9 $53.0 -32% AFRAMAX $67.0 $75.0 $42.0 -44%PANAMAX $56.0 $65.0 $47.0 -28% PANAMAX $55.5 $61.0 $37.0 -39%MR PROD $47.0 $54.0 $39.5 -27% MR PROD $49.5 $52.4 $30.0 -43%


VLCC $101.0 $125.0 $59.0 -53% VLCC $29.5 $39.2 $18.0 -54%SUEZMAX $72.1 $81.9 $43.0 -47% SUEZMAX $22.0 $34.2 $15.0 -56%AFRAMAX $56.1 $61.0 $30.0 -51% AFRAMAX $15.5 $25.2 $10.0 -60%PANAMAX $45.6 $50.5 $28.0 -45% PANAMAX $13.6 $23.0 $7.0 -70%MR PROD $41.5 $45.0 $23.5 -48% MR PROD $12.5 $17.5 $6.2 -65%

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

20Y TANKERS PRICE COMPARISON

6/7/20076/7/2007TYPE 4/7/2008

6/7/2007

4/7/2008 26/6/2009

Tables above compare prices from 6th July 2007 and 4th Jul 2008 with today


6/7/2007 4/7/2008 26/6/2009

26/6/2009

4/7/2008


TYPE26/6/2009

NB TANKERS PRICE COMPARISON

TYPE

TYPE

TANKER units sold 2009 vs 2008

22

17

3943

11

36

1721

46

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

units 2009 2008

NEWBUILDING TANKER PRICES 2000 - 2009

24

44

64

84

104

124

144

164

Jan-

00

May

-00

Sep-0

0

Jan-

01

May

-01

Sep-0

1

Jan-

02

May

-02

Sep-0

2

Jan-

03

May

-03

Sep-0

3

Jan-

04

May

-04

Sep-0

4

Jan-

05

May

-05

Sep-0

5

Jan-

06

May

-06

Sep-0

6

Jan-

07

May

-07

Sep-0

7

Jan-

08

May

-08

Sep-0

8

Jan-

09

May

-09

VLCC 300K

SUEZ 150K

AFRA 110K

PANAMAX 70K

PROD 45K

5 YEAR OLD TANKER PRICES 2000 - 2009

20

40

60

80

100

120

140

160

Jan-

00

May

-00

Sep-0

0

Jan-

01

May

-01

Sep-0

1

Jan-

02

May

-02

Sep-0

2

Jan-

03

May

-03

Sep-0

3

Jan-

04

May

-04

Sep-0

4

Jan-

05

May

-05

Sep-0

5

Jan-

06

May

-06

Sep-0

6

Jan-

07

May

-07

Sep-0

7

Jan-

08

May

-08

Sep-0

8

Jan-

09

May

-09

VLCC 300K

SUEZ 150K

AFRA 110K

PANAMAX 70K

PROD 45K


13

33

53

73

93

113

133

Jan-

00

May

-00

Sep-0

0

Jan-

01

May

-01

Sep-0

1

Jan-

02

May

-02

Sep-0

2

Jan-

03

May

-03

Sep-0

3

Jan-

04

May

-04

Sep-0

4

Jan-

05

May

-05

Sep-0

5

Jan-

06

May

-06

Sep-0

6

Jan-

07

May

-07

Sep-0

7

Jan-

08

May

-08

Sep-0

8

Jan-

09

May

-09

VLCC 300K

SUEZ 150K

AFRA 110K

PANAMAX 70K

PROD 45K


3

8

13

18

23

28

33

38

43

Jan-

00

May

-00

Sep-0

0

Jan-

01

May

-01

Sep-0

1

Jan-

02

May

-02

Sep-0

2

Jan-

03

May

-03

Sep-0

3

Jan-

04

May

-04

Sep-0

4

Jan-

05

May

-05

Sep-0

5

Jan-

06

May

-06

Sep-0

6

Jan-

07

May

-07

Sep-0

7

Jan-

08

May

-08

Sep-0

8

Jan-

09

May

-09

VLCC 300K

SUEZ 150K

AFRA 110K

PANAMAX 70K

PROD 45K



NEWBUILDING ORDERS JUNE 2009

UNITS TYPE TONNAGE YEAR PRICE

4 BC 92,500 DWT 2012/2013 $60.00

18 BC 176,000 DWT

14 BC 92,000 DWT

1 BC 176,000 DWT 2010 $63.00

1 MPP 7,500 DWT 2009 $18.00

4 TANKER 50,400 DWT 2011 $42.00

2 TANKER 105,400 DWT 2010

1 FRUIT JUICE 37,500 DWT 2010

1 AHTS 1,996 DWT 2011 $157.00

4 TUG 2011


2009 ORDERS UNITS BC MPP CONT TANKER LNG/LPG ALL OTHER

JANUARY 9 25 6 0 6 6 2 5

FEBRUARY 25 90 8 12 0 46 0 24

MARCH 28 63 14 6 1 31 0 11

APRIL 17 36 0 4 0 14 0 18

MAY 7 17 3 4 0 6 0 4

JUNE 10 50 37 1 0 6 0 6

JULY 0 0 0 0 0 0 0 0

AUGUST 0 0 0 0 0 0 0 0

SEPTEMBER 0 0 0 0 0 0 0 0

OCTOBER 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 96 281 68 27 7 109 2 68

DAMEN ASD 3213 DESIGN

350 T BOLLARD PULL

CENTRANS INTERNATIONQAL HK

OLTMAN

GREEK BUYERS

POLNOCNA

SWS

GRAND CHINA

YARD BUYER’S NAME NOTES

NEWBUILDING ORDERS BREAKDOWN by TYPE PER MONTH, for YEAR 2009

LAMNALCO UAE

JINLING

GRAND CHINA

SONG CAM

JINHAIWAN ARE TRYING TO SELL 50% OF THEIR SHARES.

HAVYARD LEIRVIK NORWAY

JINHAIWAN

JINHAIWAN

OLDER BUSINESS

PLUS OPTION 4 MORE

HAVYARD LEIRVIK

STX

SUMITOMO

BRODOSPLIT

STANDARD DEVELOPMENT (GREEK)

CIDO SHIPPING HK

ATLANSHIP

NEW BUILDING ORDER TYPES FOR 2009

BC; 68; 24%

MPP; 27; 10%

CONT; 7; 2%

TANKER; 109; 39%

LNG/LPG; 2; 1%

ALL OTHER; 68; 24%

BCMPPCONTTANKERLNG/LPGALL OTHER



2009NAME TYPE YEAR BUILT DWT LDT PRICE BREAKER IMO

EASTWAY

TANKER 1989DAEWOO

SHIPBUILDING 152,740 20,797 $290 PAKISTAN 8703103

ARENDALTANKER 1986 JAPAN 106,722 15,309 $323 BANGLADESH 8419740

STAR LANSHANOBO 1984

AESA PUERTO REAL 76,324 16,951 $240 CHINA 8023278

AUGUSTABC 1981 JAPAN 70,637 17,411 $262 INDIA 8022509

HUA GUANBC 1977 JAPAN 53,521 11,073 $245 CHINA 7621047

MSC MANUCONT 1978

BOELWERF TEMSE 49,217 22,553 $262 INDIA 7505138

KASHMIR

TANKER 1988 JAPAN 45,003 8,771 $240 INDIA 8800248

HUGO NGAS 1980

BOELWERF TEMSE 43,354 15,530 $270 INDIA 7723869

LOVESTARBC 1988 JAPAN 41,051 8,222 $260 INDIA 7375600

MOL COLUMBUSCONT 1991 TSUNEISHI 40,331 15,204 $265 CHINA 9012288

MOL LIBERTYCONT 1986

MITSUI CHIBA ICHIHARA 38,512 15,420 $268 INDIA 8600583

HUA GUANGBC 1982

MITSUBISHI YOKOHAMA 37,404 11,195 $245 CHINA 8103248

ANL EXPLORER CONT 1985 JAPAN 34,194 12,487 $265 CHINA 8506098

DONGHAIBC 1978

KANASASHI ZOSEN 33,663 8,021 - INDIA 7522655

KASCOTANKER 1981

SANOYASU MIZUSHIMA 31,745 9,091 $291 BANGLADESH 7913816

AKTORTANKER 1986

KANDA KAWAJIRI 29,990 7,280 $296 PAKISTAN 8323367

SIMA YAZDCONT 1982

HAKODATE MURORAN 26,674 8,019 $260 INDIA 8100820

YONG XING MENBC 1979

UWAJIMA ZOSENSHO 22,526 5,437 - INDIA 7908938

TAIPANTANKER 1981

UWAJIMA ZOSENSHO 22,255 6,389 $290 BANGLADESH 8105911

BALEARESCONT 1978

MITSUBISHI KOBE 20,832 9,422 $251 INDIA 7714349

MSC KATHERINE ANN

CONT 1985 POLAND 20,169 9,683 - INDIA 8300975

KANDALAKSHARORO 1984 FINLAND 19,943 10,816 $245 CHINA 8119156

MORNING LIGHTRORO 1978 JAPAN 19,931 9,121 $243 CHINA 7727530

NAYAB IITWEEN 1981

WARSKIEGO STOCZNI 19,035 8,858 $260 PAKISTAN 7826893

APL TULIPCONT 1984 CHINA 18,436 6,736 $269 INDIA 8207903

MORNING QUEENRORO 1978 JAPAN 18,426 12,905 $240 CHINA 7801609

AQUILO TWEEN 1979 JAPAN 18,186 7,060 $260 INDIA 7716220

DZINTARITANKER 1984 3MAJ 17,585 6,200 $287 BANGLADESH 8207276

SINAITWEEN 1977

MITSUBISHI YOKOHAMA 16,746 7,204 $261 INDIA 7628148

PURE CAR CARRIER - SELLERS ARE CIDO SHIPPING HONG KONG

SELLERS ARE PRIME INTERNATIONAL INVESTORS PAKISTAN

SELLERS ARE NEPTUNE ORIENT LINES SINGAPORE

PURE CAR CARRIER - SELLERS ARE CIDO SHIPPING HONG KONG

SELLERS ARE BOGAZZI & FIGLI SPA ITALY

SELLERS ARE LATVIAN SHIPPING CO

SELLERS ARE RED SEA NAVIGATION CO EGYPT

SELLERS ARE PIONEER SHIP MANAGEMENT SERV UAE

SELLERS ARE TARGET MARINE SA GREECE

SELLERS ARE MSC SHIP MANAGEMENT HK LTD CHINA - 1100 TEU

SELLERS ARE MIURMANSK SHIPPING CO - RUSSIA

SELLERS ARE DELFI S.A., GREECE

PRE BUDGET DELIVERY. SELLERS ARE CAPITAL SHIP MANAGEMENT CORP., GREECE

SELLERS ARE SIMATECH SHIPPING & FORWARDING UAE - 1210 TEU

SOLD ON PRIVATE & CONF DEAL - SELLERS ARE COSCO CHINA

SELLERS ARE TIANJIN HEBEI SHIPPING CO LTD, CHINA

SELLERS ARE MITSUI OSK LINES LTD, (MOL) JAPAN

SELLERS ARE MITSUI OSK LINES LTD, (MOL) JAPAN

SELLERS ARE CHINESE GOVERNMENT CHINA

SELLERS CMA CGM HOLDING FRANCE

SELLERS ARE DND MANAGEMENT INC GREECE

SELLERS ARE GLORY WEALTH SHIPPING CHINA

OBO - SELLERS ARE DND MANAGEMENT INC GREECE

SELLERS ARE GUANGZHOU UNIOCEAN INTL SHIP CHINA

SELLERS ARE MARTINOLI CONSULTING SRL ITALY - SOLD AS IS FUJAIRAH DAMAGED BY

FIRE

LPG - SELELRS ARE MARU SHIPPING CO INC USA

SELLERS ARE MSC MEDITERRANEAN SHIPPING CO SWISS

PRE BUDGET DELIVERY - SELLERS ARE TANKER PACIFIC MANAGEMENT SINGAPORE

SELLERS ARE POLYAR TANKERS AS

NOTES

JUNEREPORTED DEMOLITION DEALS



FAIR TRADER TANKER 1984 ITALY 16,685 6,103 $265 INDIA 8211318

ADRIATIC WIND

TANKER 1984 CROATIA 16,354 6,071 $288 BANGLADESH 8207018

GLOBAL HIGHWAYRORO 1982 JAPAN 15,148 12,345 - CHINA 8117184

JUPITER DIAMONDRORO 1978

MITSUBISHI NAGASAKI 14,687 12,320 - CHINA 7718462

MINABC 1981 UKRAINE 14,550 5,615 $247 INDIA 7942829

SUN ACERORO 1981 JAPAN 13,051 11,980 - CHINA 8025484

LORETTA D MPP 1979NEPTUNE

SCHIFFSWERFT 12,685 6,053 $248 INDIA 7824039

I KALMPP 1982 NAMPO 12,633 6,105 - INDIA 8976891

SIGLOO NORSEGAS 1982 NORWAY 11,665 5,550 $272 INDIA 8008474

TRANS PACIFIC 3 RORO 1981 JAPAN 11,167 10,890 - CHINA 8025214

RITA DEL MARRORO 1978

KURUSHIMA ONISHI 10,890 10,780 - CHINA 7701304

OCEAN LADY IRORO 1973 SCHELDE NV 10,414 8,265 $252 INDIA 7325215

EURASIAN BRILLIANCE

RORO 1985 JAPAN 9,763 7,383 $244 INDIA 8400397

SANTA MARINA REEFER 1978 JAPAN 9,321 5,915 $235 INDIA 7800318

CONTA CONT 1984 BULGARIA 9,141 5,358 $265 INDIA 8313532

GALA DCONT 1982 SPAIN 8,640 5,500 $140 TURKEY 8012255

TELO RORO 1983 A. ZHDANOV 5,500 6,000 $267 INDIA 8226519

GRANDREEFER 1986 IMAI 4,939 6,150 $250 INDIA 8603171

ALBARORO 1977 A. ZHDANOV 4,610 6,016 $250 INDIA 7645500

BRIGHT ANGELRORO 1977 NIPPON KAI 4,514 5,989 $250 INDIA 7632917

SUN RISERORO 1980 JAPAN 3,179 5,131 $240 CHINA 8000513

Note1: With Red color are indicated all Greek interest OrdersDEMOLITION STATISTICS:

2009 UNITS DWT LDT

January 93 3,626,017 906,019 UNITS LDT TAKEN AV. SCRP PRICE

February 92 2,420,050 737,113 63 655,977 $227March 95 3,587,003 924,963 254 2,196,498 $259

April 69 1,870,020 565,688 100 1,080,844 $278May 88 2,945,746 907,058 9 50,543 $196

June 50 1,364,688 478,684 56 491,947 $205July 0 0 0 5 43,716 $135

August 0 0 0 487 4,519,525 $217September 0 0 0

October 0 0 0

November 0 0 0December 0 0 0

TOTAL 487 15,813,524 4,519,525

UNITS LDT TAKEN av $ UNITS LDT UNITS LDT

63 655,977 227.3 59 614,704 4 41,273

254 2,196,498 258.7 233 1,937,740 21 258,758

100 1,080,844 278.4 73 761,968 27 318,876

9 50,543 196.0 8 49,443 1 1,100

56 491,947 205.0 50 421,611 6 70,336

5 43,716 135.4 3 32,357 2 11,359

487 4,519,525 216.8 426 3,817,823 61 701,702

SELLERS ARE DONBASS UKRAINE

RORO CARGO SHIP WITH CONT FACILITIES - SELLERS ARE SOMAP UK

SELLERS ARE LATVIAN SHIPPING COMPANY

SELLERS ARE HYO MYUNG CONSTRUCTION KOREA

PURE CAR CARRIER - OLD SALE - SELLERS ARE HESNES SHIPPING NORWAY

RORO CARGO SHIP - SELLERS ARE ALLTRANSSHIPPING AND TRADING UAE

PURE CAR CARRIER - SELLERS ARE VROON BV NETHERLANDS

SELLERS ARE SAMSKIP HF ICELAND

SELLERS ARE OCEANSTAR MANAGEMENT INC, GREECE

SELLERS ARE KOREA IKAL SHIPPING, KOREA

LPG - SELLERS ARE EITZEN GROUP NORWAY

PURE CAR CARRIER - OLD SALE - SELLERS ARE TOYOFUJI SHIPPING CO LTD JAPAN

PURE CAR CARRIER - OLD SALE - SELLERS ARE KAWASAKI KISEN KAISHA LTD JAPAN

VEHICLES CARRIER - OLD SALE - SELLERS ARE NIPPON YUSEN KAISHA JAPAN

SELLERS ARE MARTI DENIZCILIK TURKEY

PURE CAR CARRIER - OLD SALE - SELLERS ARE MITSUI OSK LINES LTD JAPAN

SELLERS ARE FAIRDEAL GROUP MANAGEMENT GREECE

SELLERS ARE EASTWIND GROUP USA - ALSO REPORTED IN THE TANKER SALES SECTION

AS IT IS UNCLEAR IF SHE IS SOLD FOR SCRAP OR FURTHER TRADING

TOTAL

CHINA

TURKEY

BREAKER

INDIA

OTHER/CASH/AS IS

BANGLADESH

BREAKER – STATS ‘2009

PAKISTAN

RORO CARGO SHIP - SELLERS ARE DONBASS UKRAINE

PURE CAR CARRIER - SELLERS ARE BRIGHT SHIPPING CO, KOREA

RORO/PAX - SELLERS ARE DORIKO LTD KOREA

OTHER/CASH/AS IS

TOTAL

DETAILED BREAKER REGION - STATISTICS FOR 2009 DRY

INDIA

BANGLADESH

TURKEY

PAKISTAN

WETBREAKER

CHINA



COUNTRY UNITS % rankGREECE 88 18.1% 1

CHINA 57 11.7% 2

INDIA 29 6.0% 3

JAPAN 29 6.0% 3

UAE 26 5.3% 5

KOREA 22 4.5% 6

SINGAPORE 18 3.7% 7

NORWAY 18 3.7% 7

USA 15 3.1% 9

TURKEY 13 2.7% 11

ITALY 14 2.9% 10

NETHERLANDS 10 2.1% 12

RUSSIA 10 2.1% 12

BULGARIA 8 1.6% 17

UK 9 1.8% 15

SWITZERLAND 10 2.1% 12

UKRAINE 9 1.8% 15

SPAIN 7 1.4% 18

GERMANY 5 1.0% 19

ISRAEL 5 1.0% 19

ALL OTHER 82 16.8%

UNDISCL 3 0.6%

TOTAL 487 100.0%

186 61 167 13 60 487 SHIPS38.2% 12.5% 34.3% 2.7% 12.3% 100.0%

1,742,481 701,702 1,449,840 95,272 530,230 4,519,5258,144,513 3,062,607 3,789,978 143,244 673,182 15,813,524$381,720,064 $185,648,188 $321,401,231 $18,329,355 $90,801,109 $997,899,94730.8 Years 26.9 Years 29.4 Years 27.5 Years 29.7 Years 28.9 Years

2009 DEMOLITION SELLERS STATISTICS

TOTALCONT/ TWEEN/

MPPTANK/

OBO/LPG REEFERRORO PAX

CRUISE

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

DWT

STATS BULKERS / SD

USD PAID

AVERAGE AGE

Demolition DATA for 2009

UNITS

%

LDT

Average Scrap Price & No of Ships Scrapped 2005-2009

1619 21

11

0

1618

10

5

127

17 15

24

18 2017 17 16 17

11

19

29 29

21

16

25

1317 16

1310

17

23

813

21

1520

2420

12

34

15

30

5759

93 9295

69

88

50

$100

$200

$300

$400

$500

$600

$700

$800

$900

Feb-0

5

Apr-05

Jun-0

5

Aug-05

Oct-0

5

Dec-0

5

Feb-0

6

Apr-06

Jun-0

6

Aug-06

Oct-0

6

Dec-0

6

Feb-0

7

Apr-07

Jun-0

7

Aug-07

Oct-0

7

Dec-0

7

Feb-0

8

Apr-08

Jun-0

8

Aug-08

Oct-0

8

Dec-0

8

Feb-0

9

Apr-09

Jun-0

9

-5

15

35

55

75

95

115

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

Feb-0

5

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

-15

5

25

45

65

85

105DWTLDTNUMBER

LDT INTAKE PER SCRAP COUNTRY FOR 2009

CHINA; 655,977; 15%

INDIA; 2,196,498; 48%BANGLADESH; 1,080,844; 24%

TURKEY; 50,543; 1%

PAKISTAN; 491,947; 11%

OTHER/CASH/AS IS; 43,716; 1%

CHINA

INDIA

BANGLADESH

TURKEY

PAKISTAN

OTHER/CASH/AS IS

AVERAGE SCRAP PRICE per REGION FOR 2009

120

170

220

270

320

370

Jan‐09 Feb‐09 Mar‐09 Apr‐09 May‐09 Jun‐09

AVERAGE SCRAP PRICE U$/LDT CHINA

INDIA

PAKISTAN

TURKEY

BANGLADESH



DATE BDI % frm 1/1/2009 BCI% frm

1/1/2009 BPI% frm

1/1/2009 BSI% frm

1/1/2009 BHI% frm

1/1/2009

29/5/2009 3,494 352.0% 6,125 350.0% 2,900 437.0% 1,831 345.5% 864 209.7%

1/6/2009 3,681 376.2% 6,549 381.2% 3,093 472.8% 1,835 346.5% 870 211.8%

2/6/2009 4,106 431.2% 7,724 467.5% 3,330 516.7% 1,843 348.4% 876 214.0%

3/6/2009 4,291 455.1% 8,147 498.6% 3,505 549.1% 1,862 353.0% 879 215.1%

4/6/2009 4,093 429.5% 7,561 455.5% 3,431 535.4% 1,856 351.6% 880 215.4%

5/6/2009 3,809 392.8% 6,812 400.5% 3,252 502.2% 1,832 345.7% 880 215.4%

8/6/2009 3,646 371.7% 6,523 379.3% 3,027 460.6% 1,804 338.9% 873 212.9%

9/6/2009 3,518 355.1% 6,382 368.9% 2,772 413.3% 1,781 333.3% 864 209.7%

10/6/2009 3,452 346.6% 6,354 366.9% 2,615 384.3% 1,758 327.7% 850 204.7%

11/6/2009 3,483 350.6% 6,465 375.0% 2,643 389.4% 1,738 322.9% 836 199.6%

12/6/2009 3,583 363.5% 6,715 393.4% 2,754 410.0% 1,722 319.0% 827 196.4%

15/6/2009 3,763 386.8% 7,227 431.0% 2,881 433.5% 1,702 314.1% 810 190.3%

16/6/2009 3,951 411.1% 7,648 461.9% 3,108 475.6% 1,699 313.4% 796 185.3%

17/6/2009 4,026 420.8% 7,825 474.9% 3,176 488.1% 1,714 317.0% 789 182.8%

18/6/2009 4,073 426.9% 7,980 486.3% 3,162 485.6% 1,735 322.1% 783 180.6%

19/6/2009 4,070 426.5% 7,996 487.5% 3,125 478.7% 1,749 325.5% 780 179.6%

22/6/2009 4,029 421.2% 7,909 481.1% 3,068 468.1% 1,758 327.7% 777 178.5%

23/6/2009 3,874 401.2% 7,441 446.7% 3,021 459.4% 1,757 327.5% 774 177.4%

24/6/2009 3,751 385.3% 7,115 422.8% 2,939 444.3% 1,754 326.8% 772 176.7%

25/6/2009 3,703 379.0% 7,034 416.8% 2,868 431.1% 1,750 325.8% 768 175.3%

26/6/2009 3,703 379.0% 7,106 422.1% 2,817 421.7% 1,734 321.9% 764 173.8%

29/6/2009 3,734 383.1% 7,216 430.2% 2,837 425.4% 1,715 317.3% 758 171.7%

30/6/2009 3,757 386.0% 7,241 432.0% 2,904 437.8% 1,701 313.9% 754 170.3%

BALTIC DRY BULK MARKET INDICES until 30th JUNE 2009

All Baltic DRY indices 2005 - 2009

300

2300

4300

6300

8300

10300

12300

14300

16300

18300

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

BPIBCIBDIBSI

BALTIC DRY 2005 - 2009

400

2400

4400

6400

8400

10400

Feb-05Apr-0

5Jun-05

Aug-05Oct-0

5Dec-05

Feb-06Apr-0

6Jun-06

Aug-06Oct-0

6Dec-06

Feb-07Apr-0

7Jun-07

Aug-07Oct-0

7Dec-07

Feb-08Apr-0

8Jun-08

Aug-08Oct-0

8Dec-08

Feb-09Apr-0

9Jun-09

BDIBALTIC CAPE 2005 - 2009

400

2900

5400

7900

10400

12900

15400

17900

Feb-05Apr-0

5Jun-05

Aug-05Oct-0

5Dec-05

Feb-06Apr-0

6Jun-06

Aug-06Oct-0

6Dec-06

Feb-07Apr-0

7Jun-07

Aug-07Oct-0

7Dec-07

Feb-08Apr-0

8Jun-08

Aug-08Oct-0

8Dec-08

Feb-09Apr-0

9Jun-09

BCI



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

29/5/2009 481 -21.3% 482 -42.0%1/6/2009 479 -21.6% 482 -42.0%2/6/2009 475 -22.3% 490 -41.0%3/6/2009 472 -22.7% 496 -40.3%4/6/2009 469 -23.2% 503 -39.5%5/6/2009 466 -23.7% 507 -39.0%8/6/2009 462 -24.4% 512 -38.4%9/6/2009 462 -24.4% 520 -37.4%

10/6/2009 458 -25.0% 539 -35.1%11/6/2009 455 -25.5% 563 -32.3%12/6/2009 454 -25.7% 601 -27.7%15/6/2009 452 -26.0% 634 -23.7%16/6/2009 451 -26.2% 656 -21.1%17/6/2009 448 -26.7% 669 -19.5%18/6/2009 448 -26.7% 701 -15.6%19/6/2009 443 -27.5% 719 -13.5%22/6/2009 441 -27.8% 725 -12.8%23/6/2009 442 -27.7% 731 -12.0%24/6/2009 450 -26.4% 721 -13.2%25/6/2009 455 -25.5% 705 -15.2%26/6/2009 466 -23.7% 689 -17.1%29/6/2009 468 -23.4% 673 -19.0%30/6/2009 465 -23.9% 648 -22.0%

BALTIC TANKER MARKET INDICES until 30th JUNE 2009

BALTIC PMAX 2005 - 2009

300

2300

4300

6300

8300

10300

Feb-05Apr-0

5Jun-05

Aug-05Oct-0

5Dec-05

Feb-06Apr-0

6Jun-06

Aug-06Oct-0

6Dec-06

Feb-07Apr-0

7Jun-07

Aug-07Oct-0

7Dec-07

Feb-08Apr-0

8Jun-08

Aug-08Oct-0

8Dec-08

Feb-09Apr-0

9Jun-09

BPIBALTIC SUPMAX 2006 - 2009

300

1300

2300

3300

4300

5300

6300

7300

Feb-06Apr-0

6Jun-06

Aug-06Oct-0

6Dec-06

Feb-07Apr-0

7Jun-07

Aug-07Oct-0

7Dec-07

Feb-08Apr-0

8Jun-08

Aug-08Oct-0

8Dec-08

Feb-09Apr-0

9Jun-09

BSI

ALL BALTIC WET Indices 2005-9

300

800

1300

1800

2300

Feb-05Apr-05

Jun-05Aug-05

Oct-05Dec-05

Feb-06Apr-06

Jun-06Aug-06

Oct-06Dec-06

Feb-07Apr-07

Jun-07Aug-07

Oct-07Dec-07

Feb-08Apr-08

Jun-08Aug-08

Oct-08Dec-08

Feb-09Apr-09

Jun-09

BCTI

BDTI

ALL CAPITAL LINK WET Indices 2005-9

-200.00

800.00

1800.00

2800.00

3800.00

4800.00

5800.00

Feb-06Apr-06

Jun-06Aug-06

Oct-06Dec-06

Feb-07Apr-07

Jun-07Aug-07

Oct-07Dec-07

Feb-08Apr-08

Jun-08Aug-08

Oct-08Dec-08

Feb-09Apr-09

Jun-09

CL Tanker Index (CLTI)

CL LNG/LPG Index (CLLG)

CAPITAL LINK MARITIME INDEX 2005-9

400.00

1400.00

2400.00

3400.00

4400.00

5400.00

Feb-06Apr-06

Jun-06Aug-06

Oct-06Dec-06

Feb-07Apr-07

Jun-07Aug-07

Oct-07Dec-07

Feb-08Apr-08

Jun-08Aug-08

Oct-08Dec-08

Feb-09Apr-09

Jun-09

CL Maritime Index (CLMI)

CAPITAL LINK DRYBULK INDEX 2005-9

400.00

1400.00

2400.00

3400.00

4400.00

5400.00

6400.00

7400.00

Feb-06Apr-06

Jun-06Aug-06

Oct-06Dec-06

Feb-07Apr-07

Jun-07Aug-07

Oct-07Dec-07

Feb-08Apr-08

Jun-08Aug-08

Oct-08Dec-08

Feb-09Apr-09

Jun-09

CL Drybulk Index (CLDBI)

CAPITAL LINK CONTAINER INDEX 2005-9

400.00

900.00

1400.00

1900.00

2400.00

2900.00

3400.00

3900.00

4400.00

4900.00

Feb-06Apr-06

Jun-06Aug-06

Oct-06Dec-06

Feb-07Apr-07

Jun-07Aug-07

Oct-07Dec-07

Feb-08Apr-08

Jun-08Aug-08

Oct-08Dec-08

Feb-09Apr-09

Jun-09

CL Container Index (CLCI)

CAPITAL LINK MLP INDEX 2005-9

400.00

900.00

1400.00

1900.00

2400.00

2900.00

3400.00

3900.00

4400.00

Feb-06Apr-06

Jun-06Aug-06

Oct-06Dec-06

Feb-07Apr-07

Jun-07Aug-07

Oct-07Dec-07

Feb-08Apr-08

Jun-08Aug-08

Oct-08Dec-08

Feb-09Apr-09

Jun-09

CL MLP Index (CLMLP)



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.

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

BALTIC DIRTY TANKER INDEX 2005 - 2009

400

900

1400

1900

2400

Feb-05Apr-0

5Jun-05

Aug-05Oct-0

5Dec-05

Feb-06Apr-0

6Jun-06

Aug-06Oct-0

6Dec-06

Feb-07Apr-0

7Jun-07

Aug-07Oct-0

7Dec-07

Feb-08Apr-0

8Jun-08

Aug-08Oct-0

8Dec-08

Feb-09Apr-0

9Jun-09

BDTIBALTIC CLEAN TANKER INDEX 2005 - 2009

300

500

700

900

1100

1300

1500

1700

1900

2100

Feb-05Apr-0

5Jun-05

Aug-05Oct-0

5Dec-05

Feb-06Apr-0

6Jun-06

Aug-06Oct-0

6Dec-06

Feb-07Apr-0

7Jun-07

Aug-07Oct-0

7Dec-07

Feb-08Apr-0

8Jun-08

Aug-08Oct-0

8Dec-08

Feb-09Apr-0

9Jun-09

BCTI

Brent OIL (2001 - 2009)

16

26

36

46

56

66

76

86

96

106

116

126

136

146

Jun-

01

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

Brent Oil

CAPITAL LINK TANKER INDEX 2005-9

400.00

1400.00

2400.00

3400.00

4400.00

5400.00

Feb-06Apr-06

Jun-06Aug-06

Oct-06Dec-06

Feb-07Apr-07

Jun-07Aug-07

Oct-07Dec-07

Feb-08Apr-08

Jun-08Aug-08

Oct-08Dec-08

Feb-09Apr-09

Jun-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

Feb-06Apr-06

Jun-06Aug-06

Oct-06Dec-06

Feb-07Apr-07

Jun-07Aug-07

Oct-07Dec-07

Feb-08Apr-08

Jun-08Aug-08

Oct-08Dec-08

Feb-09Apr-09

Jun-09

CL LNG/LPG Index (CLLG)

WTI SPOT PRICE (2001 - 2009)

16

26

36

46

56

66

76

86

96

106

116

126

136

146

Jun-

01

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

WTI Spot Price


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