WEEKLY MARKET REPORT

Week Ending: 26th November 2010 (Week 47, Report No: 47/10) (Given in good faith but without guarantee)

SUMMARY OF SALES

VESSEL TYPE TTL SALESNo. of Vessels in DWT No. of Vessels Invested Capital No. of Vessels in DWT

Bulkcarriers 30 2.619.102 10 173.850.000 1 38.250 11Tankers * 10 171.150 4 243.250.000 4 235.466 8Liners ** 0 0 2 4.000.000 4 39.089 6

Containers 3 39.000 1 9.500.000 0 0 1Reefers 0 0 0 0 0 0 0

Passenger / Cruise 0 0 0 0 0 0 0Ro - Ro***** 3 30.000 1 0 1 4.100 2Car Carrier 0 0 0 0 0 0 0

Combined *** 0 0 0 0 0 0 0Special Projects **** 4 12.400 0 0 0 0 0TTL VSLS/Demo 50 2.871.652 18 430.600.000 10 316.905 28

TOTAL WEEKLY S&P ACTIVITYSECOND HAND DEMOLITIONNEWBUILDING

Key:/ * incl. Crude Oil, Clean & Dirty Products, LPG, LNG, Chemical, Asphalt and Veg-Oil ** incl. Multi-Purpose and Tweendeckers *** incl. Bulk-Ore, Ore-Oil and Bulk-Oil Carriers **** incl. Oil & Drilling Rigs, Tugs, Livestock, Trawlers, Cable/Exploration/Navy/Support vsls **** incl. Ro-Ro Cargo, Ro-Ro Passenger

SECONDHAND TONNAGE SOLD FOR FURTHER TRADING

GDS A S&P INDEX

DRY BULK CARRIERS US$/Dwt

CARPE DIEM I 181,756 DWT BLT 85 JPN 9 HO HA B&W 16,800 BHP SOLD FOR ABT US $15 MIL TO CHINESE BYRS 82.53 SONGA PEAK 151,418 DWT BLT 90 JPN 9 HO HA B&W 16,302 BHP SOLD FOR ABT US $20 MIL TO UNDISCLOSED BYRS INCL TC TILL EARLY 2011 AT REGION $ 23,000/D 132.08 AUSTIN 75,473 DWT BLT 95 ITL 7 HO HA SULZER 14,684 BHP TRENTON 71,119 DWT BLT 95 ITL 7 HO HA SULZER 14,684 BHP SOLD ENBLOC FOR ABT US $45 MIL TO INDONESIAN BYRS 306.97 KONMAX 72,270 DWT BLT 00 JPN 7 HA B&W 13,297 BHP SOLD FOR ABT US $31 MIL TO CHINESE BYRS 428.95 NEW ETERNITY 45,741 DWT BLT 94 JPN 5 HO HA CR 4 x 25 T B&W 11,301 BHP SOLD FOR XS US $20 MIL TO GREEK BYRS N/A SILKY OCEAN 45,665 DWT BLT 95 JPN 5 HO HA CR 4 x 25 T B&W 9,751 BHP SOLD FOR ABT US $21,6 MIL TO GREEK BYRS 473.01 VOYAGER 33,347 DWT BLT 85 JPN 5 HO HA CR 4 x 25 T MITSUBISHI 7,729 BHP SOLD FOR ABT US $8,5 MIL TO GREEK BYRS 254.90 ARGUS 29,099 DWT BLT 84 JPN 4 HO HA CR 4 x 25 T SULZER 8,500 BHP SOLD FOR ABT US $6,5 MIL TO TU RKISH BYRS 223.38 NISSAKI 24,941 DWT BLT 84 JPN 4 HO HA CR 4 x 25 T MITSUBISHI 8,000 BHP SOLD FOR ABT US $6,25 MIL TO CHINESE BYRS 250.59

TANKERS US$/Dwt TRUST RUNNER 47,059 DWT BLT 92 KRS DH 8 TNKS CTD / CLD OIL CAP. 54,079 CBM B&W 10,151 BHP SOLD FOR ABT US $8 MIL TO UNDISCLOSED BYRS 170.00 SOUTHERN ORCHIS 8,336 DWT BLT 99 JPN DH 15 TNKS CTD / CLD OIL CAP. 7,213 CBM MITSUBISHI 4,200 BHP SOLD REGION US $8 – 8.5 MIL TO SOUTH KOREAN BYRS - FULLY ST.ST. N/A GOLDEN EMERALD 6,435 DWT BLT 08 CHR DH 12 TNKS COATED - COILED OIL CAP. 7,300 CBM MAK 4,038 BHP SOLD FOR ABT US $6 MIL TO GREEK BUYER AT AUCTION 932.40 SAN GIORGIO 4,400 DWT BLT 97 SNG DH 11 TNKS COILED OIL CAP. 4,000 CBM WARTSILA 3,345 BHP SOLD FOR ABT US $5 MIL TO SAUDI BASED BYRS 1136.36

GAS TANKERS US$/Dwt THETIS GLORY 54,789 DWT BLT 08 KRS DB GAS CAP. 81,992 CBM MAN-B&W 18,436 BHP IRIS GLORY 54,707 DWT BLT 08 KRS SH GAS CAP. 83,782 CBM MAN-B&W 18,436 BHP VENUS GLORY 54,474 DWT BLT 08 KRS SH GAS CAP. 83,000 CBM MAN-B&W 18,436 BHP SOLD ENBLOC FOR ABT US $72.00 MIL EACH TO NORWEGIAN BYRS 1,321.73

LINERS US$/Dwt LEHMANN FORESTER 8,500 DWT BLT 08 CHR 3 HO HA CR 2 x 35 T 462 TEU PIELSTICK 5,199 BHP SOLD FOR AN UNDISCLOSED PRICE TO CYPRUS BYRS - SOLD AT AUCTION N/A

YASEMIN 6,830 DWT BLT 96 JPN 3 HO HA CR 2 x 15 T B&W 3,800 BHP SOLD FOR ABT US $4 MIL TO UNDISCLOSED BYRS 585.65

CONTAINERS US$/Dwt ORIENTAL BRIGHT 17,468 DWT BLT 96 JPN 5 HO 16 HA CR 2 x 35 T 1,228 TEU B&W 13,581 BHP SOLD FOR ABT US $9,5 MIL TO KOREAN BYRS 543.85

RO - RO US$/Dwt ILHA AZUL 1,188 DWT BLT 80 SPN DEUTZ 8,800 BHP SOLD FOR AN UNDISCLOSED PRICE TO CAPE VERDE BASED BYRS N/A

NEWBUILDING MARKET - ORDERS

DRY BULK CARRIERS 297,351 DWT 2 units ordered by Japanese (JPN) at Universal Shipbuilding (JPN) Price undisclosed. Dely 3/2012-5/2013 207,000 DWT 2 units ordered by Golden Flame Shipping (GR) at Daehan Shipbuilding (SKR) Price usd $ 63.5 Mmil each. Dely 3/2012-4/2012 205,000 DWT 1 unit ordered by Japanese (JPN) at Universal Shipbuilding (JPN) Price undisclosed. Dely 6/2012 105,700 DWT 2 units ordered by Kawasaki Kisen (JPN) at Oshima (JPN) Price undisclosed. Dely 1/2014-3/2014 82,000 DWT 2 units ordered by Dalnave Navigation (GR) at Daewoo Mangalia (ROM) Price undisclosed. Dely 1H/2012 82,000 DWT 1 unit ordered by Safe Bulkers (GR US listed) at Zhejiang Ouhua (PRC) Price USD $ 34 mil. Dely 4Q/2011 70,000 DWT 5 units ordered by N.Y.K. Line (JPN) at Oshima (JPN) Price undisclosed. Dely 2012-2013 (Five more are expected to be ordered in 2011) 58,100 DWT 4 units ordered by Pacific Basin (HK) at Tsuneishi (Zhoushan) (PRC) Price USD $ 32.8 mil each. Dely 3/2013-6/2013-9/2013-12/2013 37,200 DWT 2 units ordered by Fednav Limited (CAN) at Zhejiang Ouhua (PRC) Price undisclosed. Dely 3/2013-4/2013 (Six now ordered) 35,000 DWT 6 units ordered by Pacific Basin (HK) at Jiangmen Nanyang (PRC) Price USD $ 25.5 mil each. Dely 7/2012-9/2012-10/2012-12/2012-3/2013-6/2013 (Option for two more) 29,100 DWT 1 unit ordered by Nakanishi Kikai (JPN) at Yangzhou Nakanishi (PRC) Price undisclosed. Dely 2012 29,100 DWT 1 unit ordered by Japanese (JPN) at Yangzhou Nakanishi (PRC Price undisclosed. Dely Late 2011 & 2012 23,000 DWT 1 unit ordered by Fukusei Sangyo (JPN) at Hakata (JPN) Price undisclosed. Dely 10/2011

TANKERS 40,400 DWT 2 units ordered by Histria Shipmanagement (ROM) at Constanza (ROM) Price undisclosed. Dely 3/2012-9/2012 40,400 DWT 1 unit ordered by Novella Ottavio (ITL) at Constanza (ROM) Price undisclosed. Dely 7/2012 13,800 DWT (Chemical) 1 unit ordered by Daiichi Tanker Co. (JPN) at Shitanoe (JPN) Price undisclosed. Dely 9/2011 12,700 DWT (Chemical) 1 unit ordered by Yilmar Shipping & Trading (TRK) at Marmara Tersanesi (TRK) Price undisclosed. Dely 6/2013

8,500 DWT (Chemical) 2 unit ordered by Yilmar Shipping & Trading (TRK) at Marmara Tersanesi (TRK) Price undisclosed. Dely 5/2013 – 10/2013 4,450 DWT 1 unit ordered by Turkmenian Sea & River Shpg Co.(TURKMENISTAN) at Reval Shipbuilding OU (ESTONIA) Price USD $10.8 mil. Dely 2011

GAS TANKERS 1,000 DWT (LPG) 1 unit ordered by Hiyoshi Kisen (JPN) at Miura (JPN) Price undisclosed. Dely 9/2011 1,000 DWT (LPG) 1 unit ordered by Shosei Kisen (JPN) at Miura (JPN) Price undisclosed. Dely 10/2011

CONTAINERS 2 x 1,040 teu & 1 x 953 teu geared ordered by SITC (PRC) at Dae Sun Shipbuilding & Engineering (SKR) Enbloc price USD $ 57.3 mil. Dely 4Q/2011-4Q/2012 5 x 1,000 teu ordered by Norse Management (NOR) at Taizhou Kouan (PRC) Price Enbloc in the region USD $ 95 mil. Dely from middle 2012-2013 (Option for two more to be exercised by early next year)

RO-RO 12,000 DWT 2 units ordered by DFDS A/S (DEN) at P&S Werften (GER) Enbloc Price USD 172 mil. Dely 3/2012-6/2012 (342 teu. 3000 Lane meters. The vessels will be made available for military use by Denmark and Germany when required) 6,000 DWT 1 unit ordered by A Line Ferry Co. Ltd (JPN) at Mitsubishi (JPN) Price undisclosed. Dely 2013

SPECIAL PROJECTS 3,100 DWT (PSV) 4 unit ordered by Farstad Shipping (NOR) at 2 x STX Langsten (NOR) & 2 x STX Vietnam Offshore (VTM) Price undisclosed. Dely 2012 – 2013 (3 of the vessels will be of STX PSV 08 CD design, out of which 2 will be built at STX in Vietnam and the third at Langsten yard of STX in Norway. THE 4th vessel will be a UT 754 WP design by Rolls Royce and will be built at STX LANGSTEN yard in Norway. The newbuildings are part of Farstad’s fleet renewal programme and represent an investment of $223,72 mil excluding the option for 3 more.)

DEMOLITION $/LDT & DEMO COUNTRY

TNK "OCEAN POWER" 127,800 DWT BLT 83 GBI LDT 21,286 470 BANGLADESH TNK "BERGE RACINE" 63,254 DWT BLT 85 FRA 455 INDIA TNK "BOW PANTHER" 39,422 DWT BLT 86 KRS LDT 9,689 475 INDIA BC "FEDON" 38,250 DWT BLT 80 USR LDT 9,425 N/A INDIA-PAKISTAN RANGE GENERAL CARGO "BOLAN" 18,145 DWT BLT 80 JPN LDT 5,635 448 PAKISTAN GENERAL CARGO "MIKUE" 7,909 DWT BLT 80 SNG LDT 2,458 N/A INDIA GENERAL CARGO "SOUTHERN ARROW" 6,550 DWT BLT 84 KRS LDT 2,014 385 CHINA GENERAL CARGO "GOLDEN LINE 8" 6,485 DWT BLT 82 KRS LDT 2,078 385 CHINA TNK "CUSTOM" 4,990 DWT BLT 81 JPN LDT 2,675 460 PAKISTAN RO-RO CARGO "CORAL MOON" 4,100 DWT BLT 85 RUM LDT 5,630 N/A INDIA

SHIPPING & FINANCIAL NEWS

previous FRIDAY MON TUES WED THUR actual change % weekly actual change % change Week 47week 19/11/2010 22/11/2010 23/11/2010 24/11/2010 25/11/2010 of the week change since 4/1/2010 since 4/1/2010 2009

BDI 2.164 2.155 2.179 2.199 2.213 2.200 36 1,66% -940 -29,94% 4.119Handy 795 788 780 779 781 785 -10 -1,26% -366 -31,80% 1.132

BHSI TC AVERAGE 11.586 11.484 11.371 11.354 11.388 11.454 -132 -1,14% -5.313 -31,69% 16.387Supramax 1.431 1.389 1.369 1.370 1.392 1.443 12 0,84% -781 -35,12% 2.461

BSI TC AVERAGE 14.958 14.519 14.311 14.327 14.553 15.088 130 0,87% -8.165 -35,11% 25.730Panamax 2.063 2.038 2.061 2.112 2.194 2.290 227 11,00% -1.533 -40,10% 4.036

BPI TCAVERAGE 16.622 16.420 16.600 16.999 17.655 18.408 1.786 10,74% -12.272 -40,00% 32.463Capesize 3.496 3.526 3.585 3.593 3.539 3.381 -115 -3,29% -816 -19,44% 6.699

BCI TC AVERAGE 33.128 33.537 34.542 34.839 34.405 32.607 -521 -1,57% -7.371 -18,44% 70.618

BCTI 684 703 718 721 720 726 42 6,14% -97 -11,87% 508BDTI 875 882 874 853 843 844 -31 -3,54% -180 -17,58% 695

previous FRIDAY MON TUES WED THURweek 19/11/2010 22/11/2010 23/11/2010 24/11/2010 25/11/2010

11.181,20 11.203,60 11.178,60 11.036,40 11.187,30 11.187,30 6,10 0,05%1.196,69 1.199,73 1.197,84 1.180,73 1.198,35 1.198,35 1,66 0,14%2.134,77 2.135,27 2.150,86 2.116,61 2.160,52 2.160,52 25,75 1,21%1.999,35 2.011,66 2.019,14 1.988,60 1.999,80 1.999,80 0,45 0,02%931,78 921,51 918,98 898,56 909,19 909,19 -22,59 -2,42%

2.407,38 2.443,95 2.441,61 2.392,76 2.384,95 2.384,95 -22,43 -0,93%10.013,60 10.022,40 10.115,20 CLOSED 10.030,10 10.079,80 66,20 0,66%5.768,71 5.732,83 5.680,83 5.581,28 5.657,10 5.698,93 -69,78 -1,21%6.832,11 6.843,55 6.822,05 6.705,00 6.823,80 6.879,66 47,55 0,70%3.867,97 3.860,16 3.818,89 3.724,42 3.747,61 3.760,42 -107,55 -2,78%

23.637,40 23.605,70 23.524,00 22.896,10 23.023,90 23.054,70 -582,70 -2,47%1.927,86 1.940,96 1.944,34 1.928,94 1.925,98 1.927,68 -0,18 -0,01%1.502,83 1.492,67 1.460,33 1.451,45 1.450,81 1.440,64 -62,19 -4,14%

83,50 83,45 83,28 83,16 83,55 83,57 0,07 0,08%1,6045 1,5948 1,5957 1,5778 1,5770 1,5759 -0,03 -1,78%45,24 45,25 45,45 45,54 45,71 45,56 0,31 0,70%1,3644 1,3684 1,3625 1,3371 1,3329 1,3361 -0,028 -2,07%

1.353,45 1.353,00 1.365,80 1.376,80 1.374,50 1.374,12 20,67 1,53%

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