Shipping Newsletter Week4

Capital Link Shipping Weekly Markets Report
Tuesday, January 22 , 2013 (Week 4)
IN THE NEWS
Latest Company News Select Dividend Paying Shipping Stocks
CAPITAL MARKETS DATA
Currencies, Commodities & Indices Shipping Equities - Weekly Review Weekly Trading Statistics, by Knight Capital Managed Service Market Report, by Cleartrade Dry Bulk Market - Week Highlights, by Intermodal Shipbrokers Weekly Tanker Market Opinion, by Poten & Partners Dry Bulk Market - Week Highlights, by Intermodal Shipbrokers Container Market - Weekly Highlights, by Braemar Seascope Tanker Market - Weekly Highlights, by Charles R. Weber Company S&P Secondhand, Newbuilding & Demolition Markets, by Golden Destiny
SHIPPING MARKETS
TERMS OF USE & DISCLAIMER CONTENT CONTRIBUTORS
Capital Link Shipping
...Linking Shipping and Investors Across the Globe
Capital Link is a New York-based Advisory, Investor Relations and Financial Communications firm. Capitalizing on our in-depth knowledge of the shipping industry and capital markets, Capital Link has made a strategic commitment to the shipping industry becoming the largest provider of Investor Relations and Financial Communications services to international shipping companies listed on the US and European Exchanges. Capital Link's headquarters are in New York with a presence in London and Athens.
Operating more like a boutique investment bank rather than a traditional Investor Relations firm, our objective is to assist our clients enhance long term shareholder value and achieve proper valuation through their positioning in the investment community. We assist them to determine their objectives, establish the proper investor outreach strategies, generate a recurring information flow, identify the proper investor and analyst target groups and gather investor and analyst feedback and related market intelligence information while keeping track of their peer group. Also, to enhance their profile in the financial and trade media.
Investor Relations & Financial Advisory
In our effort to enhance the information flow to the investment community and contribute to improving investor knowledge of shipping, Capital Link has undertaken a series of initiatives beyond the traditional scope of its investor relations activity, such as:
A web based resource that provides information on the major shipping and stock market indices, as well as on all shipping stocks. It also features an earnings and conference call calendar, industry reports from major industry participants and interviews with CEOs, analysts and other market participants.
www.CapitalLinkShipping.com
Weekly distribution to an extensive audience in the US & European shipping, financial and investment communities with updates on the shipping markets, the stock market and listed company news.
www.CapitalLinkWebinars.com
Sector Forums & Webinars: Regularly, we organize panel discussions among CEOs, analysts, bankers and shipping industry participants on the developments in the various shipping sectors (containers, dry bulk, tankers) and on other topics of interest (such as Raising Equity in Shipping Today, Scrapping, etc).
In New York, Athens and London bringing together investors, bankers, financial advisors, listed companies CEOs, analysts, and shipping industry participants.
Capital Link Investor Shipping Forums
Capital Link Maritime Indices: Capital Link developed and maintains a series of stock market maritime indices which track the performance of U.S. listed shipping stocks (CL maritime Index, CL Dry Bulk Index, CL Tanker Index, CL Container Index, CL LNG/LPG Index, CL Mixed Fleet Index, CL Shipping MLP Index Bloomberg page: CPLI. The Indices are also distributed through the Reuters Newswires and are available on Factset.
Capital Link - New York - London - Athens
www.MaritimeIndices.com
New York - 230 Park Avenue, Suite 1536, New York, NY, 10169 Tel.: +1 212 661 7566 Fax: +1 212 661 7526 London - Longcroft House,2-8 Victoria Avenue, London, EC2M 4NS, U.K Tel. +44(0) 203 206 1320 Fax. +44(0) 203 206 1321 Athens - 40, Agiou Konstantinou Str, Suite A 5, 151-24 Athens, Greece Tel. +30 210 6109 800 Fax +30 210 6109 801
www.capitallink.com www.capitallinkforum.com
Tuesday, January 22, 2013 (Week 4)
IN THE NEWS
Wednesday, January 16, 2013 Seaspan Signs Newbuilding Contracts for Fuel Efficient SAVER Design 14,000 TEU Class Vessels at HHI Seaspan Corporation announced that it has signed contracts for the construction of five 14,000 TEU class newbuilding containerships at Hyundai Heavy Industries Co., Ltd. The vessels are scheduled for delivery in 2015 and will be constructed using Seaspans fuel efficient SAVER design. Concurrently with executing the newbuilding contracts, Seaspan signed 10-year, fixed-rate time charters for the vessels with Yang Ming Marine Transport Corporation. After the initial 10-year charter periods, Yang Ming may extend the charter for each vessel up to an additional two years. Thursday, January 17, 2013 Nordic American Tankers Limited Declares the Dividend Nordic American Tankers Ltd. announced that its Board of Directors has declared a dividend of $0.16 for the fourth quarter of 2012. The Company is assessing expansion plans including ordering of new vessels from shipyards or buying second hand vessels at historically low prices. The level of the declared dividend should be seen in the context of a planned fleet expansion. Expansion is essentially the same as investing in the future. However, also yield is a priority as demonstrated by this payment of dividend for the 62nd consecutive quarter since the autumn of 1997. NewLead Holdings Ltd. Announces Signing Agreement to Acquire Properties with Estimated Coal Reserves of 18.6 Million Tons; Signing Agreement to Acquire Properties with Estimated Coal Reserves of 143.1 Million Tons and Securing 3-year Coal Supply Contracts Expected to Generate $873.5 million of Revenue NewLead Holdings Ltd. announced that the Company has entered into an agreement to acquire title and excavation rights in properties containing 18.6 million tons of estimated coal reserves for $11.0 million. NewLead also entered into an agreement to acquire ownership and leasehold interests in properties containing approximately 143.1 million tons of coal for $55.0 million. Costamare Inc. Declares Quarterly Dividend of $0.27 per Share Costamare Inc. has declared a quarterly dividend of $0.27 per share for the quarter ended December 31, 2012, payable on February 13, 2013 to stockholders of record at the close of trading of the Companys common stock on the New York Stock Exchange on January 30, 2013. The Company has 74,800,000 shares of common stock outstanding as of today. Friday, January 18, 2013 Teekay LNG Partners L.P. Declares Distribution Teekay GP LLC, has declared a cash distribution of $0.675 per unit for the quarter ended December 31, 2012. The cash distribution is payable on February 14, 2013 to all unit holders of record on February 1, 2013. Teekay Offshore Partners L.P. Declares Distribution Teekay Offshore GP LLC, has declared a cash distribution of
Latest Company News

Monday, January 14, 2013 DryShips Inc. Reports Sale of Two Newbuilding Suezmaxes DryShips Inc. announced the sale, via novation, of two of its tankers under construction at Samsung Heavy Industries, Esperona and Blanca, to a third-party buyer. Under the terms of the two novation agreements dated December 27, 2012, the buyer assumes all rights, benefits, liabilities and obligations under both shipbuilding contracts, in exchange for cash consideration of $21.4 million (that is, $10.7 million for each vessel) paid by the Company to the Buyer. As a result of this transaction, Dryships is released from all its obligations under the shipbuilding contracts, both as the contracting party and as a guarantor. Ocean Rig UDW Inc. Announces Signing of Contract for the Eirik Raude Ocean Rig UDW Inc. announced that it has signed definitive documentation, following the previously announced Letter of Intent, for one of its semi-submersible drilling rigs, the Eirik Raude, with an oil major. The drilling contract is for a one-well program, with an estimated duration of up to 6 months, for drilling offshore Ireland, with an estimated backlog of approximately $112 million, including mobilization and demobilization. The rig is scheduled to commence this contract in the second quarter of 2013, in direct continuation from its previous contract in West Africa. Teekay Offshore Repurchases a Portion of Existing Norwegian Bonds in Connection With New Norwegian Bond Issuance Teekay Offshore Partners L.P. announced that in connection with the recently completed NOK 1,300 million bond issuance in the Norwegian bond market, the Partnership repurchased NOK 388.5 million of the existing NOK 600 million Teekay Offshore bond issue TOP01 (ISIN:NO 001 059142.3) maturing 29 November 2013 at a price of 102.50 percent of the principal amount of the repurchased bonds. Tuesday, January 15, 2013 Diana Shipping Inc. Announces Time Charter Contract for m/v Nirefs With Intermare and m/v Myrto With Cargill Diana Shipping Inc. announced that it has entered into a time charter contract with Intermare Transport GmbH, Hamburg, through a separate wholly-owned subsidiary, for one of its Panamax dry bulk carriers, the m/v Nirefs. The gross charter rate is US$8,000 per day, minus a 5% commission paid to third parties, for a period of minimum eighteen (18) months to maximum twenty-four (24) months. The charter is expected to commence at the end of January 2013. Seaspan Declares Quarterly Dividends on Series C and Series D Preferred Shares Seaspan Corporation announced that the Companys Board of Directors has declared a cash dividend of $0.59375 per share on its Series C preferred shares for the period from October 30, 2012 to January 29, 2013, and a cash dividend of $0.25948 per share on its Series D preferred shares (NYSE:SSW.PR.D) for the period from December 13, 2012 to January 29, 2013. The dividends will be paid on January 30, 2013 to all Series C and Series D preferred shareholders of record as of January 29, 2013.
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IN THE NEWS
Tuesday, January 22, 2013 Navios Maritime Partners L.P. Announces Cash Distribution of $0.4425 per Unit Navios Maritime Partners L.P. announced that its Board of Directors has declared a cash distribution of $0.4425 per unit for the quarter ended December 31, 2012. This distribution represents an annualized distribution of $1.77 per unit. The cash distribution will be payable on February 14, 2013 to unit holders of record as of February 8, 2013.
Latest Company News

$0.5125 per unit for the quarter ended December 31, 2012. The cash distribution is payable on February 14, 2013 to all unit holders of record on February 1, 2013. NewLead Holdings Ltd. Announces Appointment of Michael Zolotas as Chairman NewLead Holdings Ltd. announced that Michael Zolotas, president and chief executive officer of NewLead, will assume the role and responsibilities of chairman of the Company following the recent resignation of Nicholas Fistes as chairman and director of the Company.
Capital Link Shipping

Providing investors with information on shipping (maritime industry) and the listed companies, featuring latest news, industry reports, interviews, article, industry reports and a shipping blog.
CapitalLinkShipping.com
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January 22, 2013 Week 4

Select Dividend Paying Shipping Stocks Stocks Select Dividend Paying Shipping
Stock Prices as of January 18, 2013
IN THE NEWS
Company Name Containers Costamare Inc Dry Bulk Navios Maritime Holdings Inc Navios Maritime Partners Safe Bulkers Inc Tankers Capital Product Partners Lp Navios Maritime Acquisition Corp Tsakos Energy Navigation Ltd Mixed Fleet Euroseas Ltd
Ticker CMRE
Quarterly Dividend $0.27 *
Annualized Dividend $1.08
Last Closing Annualized Price (Jan. 18, Dividend 2013) Yield $15.24 7.09%
NM NMM SB
$0.06 $0.4425** $0.05
$0.24 $1.77 $0.20
$3.70 $14.30 $3.77
6.49% 12.38% 5.31%
CPLP NNA TNP
$0.2325 $0.05 $0.05
$0.93 $0.20 $0.20
$8.03 $2.62 $4.08
11.58% 7.63% 4.90%
ESEA
$0.015
$0.06
$1.03
5.83%
*Board approved an eight percent (8%) dividend increase, beginning with the third quarter 2011 dividend, raising the quarterly dividend from $0.25 to $0.27 per common share. ** Board approved a 0.57% dividend increase, beginning with the second quarter 2012 dividend, raising the quarterly dividend from $0.44 to $0.4425 per unit.
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For additional advertising information and a media kit, please contact/email: Nicolas Bornozis at +1 212 661-7566, forum@capitallink.com
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January 22, 2013 January Week 4 Tuesday, 22, 2013 (Week 4)
Currencies, Commodities & Indices

Week ending Friday, January 18, 2013
KEY CURRENCY RATES Rate 3-Month LIBOR (USD) 10-Yr US Treasury Yield USD/CNY USD/EUR USD/GBP USD/JPY Current Price $0.3020 $1.8416 $6.2225 $0.7509 $0.6302 $89.8700 Price Last Week $0.3040 $1.8677 $6.2168 $0.7495 $0.6196 $88.9600 % Change -0.66% -1.40% 0.09% 0.19% 1.71% 1.02% PRECIOUS METALS Current Price Copper Gold Palladium Platinum Silver $367.90 $1,690.22 $722.75 $1,692.74 $31.81 Price Last Week $365.40 $1,669.47 $701.45 $1,626.45 $30.68 % Change 0.68% 1.24% 3.04% 4.08% 3.70% YTD %Chg 6.19% 5.55% 10.13% 18.87% 8.25% YTD %Chg -48.15% -6.85% -1.17% -2.80% -1.56% 17.23%
Currencies, Commodities & Indices

52 Week High $0.5393 $3.3190 $6.3964 $1.5295 $5.0050 $90.2700 52 Wk Low $0.2844 $2.3833 $6.1985 $0.7415 $0.6106 $76.0200
52 Week High $401.50 $1,796.05 $732.95 $1,737.25 $37.47
52 Wk Low $329.00 $1,526.97 $589.75 $1,379.25 $26.16
KEY AGRICULTURAL & CONSUMER COMMODITIES Current Price Cocoa Coffee Corn Cotton Soybeans Sugar #11 Wheat $2,285.00 $156.30 $727.50 $78.55 $1,429.25 $18.37 $791.25 Price Last Week $2,256.00 $153.35 $708.75 $75.62 $1,373.25 $19.17 $754.75 % Change 1.29% 1.92% 2.65% 3.87% 4.08% -4.17% 4.84% KEY FUTURES Commodities Gas Oil Futures Gasoline RBOB Future Heating Oil Current Price $948.75 $279.68 $305.25 $3.57 $95.56 Price Last Week $934.50 $273.95 $300.85 $3.33 $93.56 % Change 1.52% 2.09% 1.46% 7.18% 2.14% YTD %Chg 1.12% 5.68% 0.31% 15.18% -6.71% 52 Week High $1,026.25 $292.97 $333.46 $3.93 $109.43 52 Wk Low $800.50 $220.35 $255.66 $1.90 $80.06 YTD %Chg 6.13% -33.64% 23.36% -14.33% 17.22% -24.18% 9.63% 52 Week High $2,710.00 $237.50 $846.25 $98.50 $1,728.25 $25.13 $948.25 52 Wk Low $2,065.00 $141.25 $511.00 $66.85 $1,207.75 $18.25 $652.00
Future Natural Gas Future WTI Crude Future
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January 22, 2013 Week 4 Tuesday, January 22, 2013 (Week 4)
Currencies, Commodities & Indices CAPITAL MARKETS DAT

MAJOR INDICES Index Dow Jones Dow Jones Transp. NASDAQ NASDAQ Transp. S&P 500 Russell 2000 Index FTSE 100 Index Symbol INDU TRAN CCMP CTRN SPX RTY UKX Close 13,649.70 5,695.27 3,134.71 2,465.95 1,485.98 892.8 6,154.40 Last Week 13,488.43 5,572.62 3,125.64 2,415.90 1,472.05 880.77 6,121.60 % Change 1.20% 2.20% 0.29% 2.07% 0.95% 1.37% 0.54% YTD % Change 1.77% 4.77% 0.72% 5.81% 1.61% 2.22% 2.11% 2-Jan-13 13,412.55 5,435.74 3,112.26 2,330.45 1,462.42 873.42 6,027.40
CAPITAL LINK MARITIME INDICES Index Capital Link Maritime Index Tanker Index Drybulk Index Container Index LNG/LPG Index Mixed Fleet Index MLP Index Symbol CLMI CLTI CLDBI CLCI CLLG CLMFI CLMLP 18 -January-13 2,143.53 2,189.58 678.24 1,650.77 3,531.97 1,578.04 3,056.75 11 -January-13 2,086.16 2,142.41 664.74 1,639.89 3,452.87 1,555.55 3,027.13 % Change 2.75% 2.20% 2.03% 0.66% 2.29% 1.45% 0.98% 2-Jan-13 2,093.02 2,123.34 609.62 1,588.01 3,423.06 1,550.21 2,972.33 YTD % Change 2.41% 3.12% 11.26% 3.95% 3.18% 1.80% 2.84%
BALTIC INDICES Index Baltic Dry Index Baltic Capesize Index Baltic Panamax Index Baltic Supramax Index Baltic Handysize Index Baltic Dirty Tanker Index Baltic Clean Tanker Index Symbol BDIY BCIY BPIY BSI BHSI BDTI BCTI 18 -January-13 837 1605 740 730 470 630 690 11 -January-13 760 1,367 772 745 448 641 715 % Change 10.13% 17.41% -4.15% -2.01% 4.91% -1.72% -3.50% 2-Jan-13 698 1,237 685 737 446 696 694 YTD % Change 19.91% 29.75% 8.03% -0.95% 5.38% -9.48% -0.58%
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Shipping Equities: The Week in Review Shipping Equities: The Week in Review
SHIPPING EQUITIES OUTPERFORM THE BROADER MARKET LNG/LPG THE BEST PERFORMER
During last week, shipping equities outperformed the broader market, with the Capital Link Maritime Index (CLMI), a composite index of all US listed shipping stocks rising 2.75%, compared to the S&P 500 going up 0.95%, and the Dow Jones Industrial Average (DJII) gaining 1.20%. Stocks in all shipping sectors ended up higher last week. LNG/LPG stocks were the best performers during last week, with Capital Link LNG/LPG Index leaping 2.29%, followed by Capital Link Tanker Index rising 2.20%. Container equities were the last performer in last week, with Capital Link Container Index up 0.66%. The three biggest winners of shipping stocks were Newlead Shipping (NEWL), Knightsbridge Tankers Limited (VLCCF), and StealthGas, Inc. (GASS), up 35.45%, 12.03%, and 9.39%, respectively. During last week, Dry Bulk shipping stocks underperformed the physical market, with Baltic Dry Index (BDI) soaring 10.13%, compared to the Capital Link Dry Bulk Index rising 2.03%. Year-to-date, the BDI is up 19.91%, compared to the Capital Link Dry Bulk Index up 11.26%. Tanker shipping stocks outperformed the physical market during last week, with Capital Link Tanker Index increased 2.20%, compared to Baltic Dirty Tanker Index (BDTI) sliding 1.72%, and Baltic Product tanker down 3.50%. Year-todate, the BDTI lost 9.48% and the BCTI slipped 0.58%, and Capital Link Tanker Index went up 3.12%. The Trading Statistics supplied by Knight Capital provide details of the trading performance of each shipping stock and analyze the markets trading momentum and trends for the week and year-to-date. The objective of the Capital Link Maritime Indices is to enable investors, as well as all shipping market participants, to better track the performance of listed shipping stocks individually, by sector or as an industry. Performance can be compared to other individual shipping stocks, to their sector, to the broader market, as well as to the physical underlying shipping markets or other commodities. The Indices currently focus only on companies listed on US Exchanges providing a homogeneous universe. They are calculated daily and are based on the market capitalization weighting of the stocks in each index. In terms of historical data, the indices go back to January 1, 2005, thereby providing investors with significant historical performance. There are seven indices in total; the Capital Link Maritime Index comprised of all 45 listed shipping stocks, and six Sector Indices, the CL Dry Bulk Index, the CL Tanker Index, the CL Container Index, the CL LNG / LPG Index, the CL Mixed Fleet Index and the CL Maritime MLP Index. The Index values are updated daily after the market close and can be accessed at www.CapitalLinkShipping.com or at or www.MaritimeIndices.com. They can also be found through the Bloomberg page CPLI and Reuters.
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Shipping Equities: The Week in Review

MARITIME INDEX DAILY COMPARISON CHARTS (52 -WEEK )
1.15 1.10 1.05 1.00 0.95 0.90 0.85 0.80 0.75 0.70
Capital Link Maritime Index
S&P 500
Russell 2000
1.55 1.40 1.25 1.10 0.95 0.80 0.65 0.50 0.35
Capital Link Drybulk Index
Baltic Dry Index
1.90 1.70 1.50 1.30 1.10 0.90 0.70 0.50
Capital Link Tanker Index
Baltic Clean Tanker Index *SOURCE: BLOOMBERG
Baltic Dirty Tanker Index
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January 22, 2013 Week 4 CAPITAL MARKETS DATA
Weekly Trading Statistics

Custom Statistics Prepared Weekly for Capital Link Shipping
Net Gain 50.05 12.03 8.82 7.99 13.83 9.07 -5.02 Percent Gain 2.07% 1.37% 1.01% 0.98% 0.94% 0.29% -0.18%
BROAD MARKET Percent Change of Major Indexes for the Week Ending Friday, January 18, 2013 Name Symbol Close Nasdaq Transportation Index Russell 2000 Index Russell 3000 Index Russell 1000 Index S&P 500 Index Nasdaq Composite Index Nasdaq-100 Index SHIPPING INDUSTRY DATA (50 Companies) Moving Averages 69.77% closed > 10D Moving Average. 90.70% closed > 50D Moving Average. 69.77% closed > 100D Moving Average. 51.16% closed > 200D Moving Average. Top Upside Momentum (Issues with the greatest 100 day upside momentum*) Symbol Close NEWL GASS STNG GNK DCIX DAC CMRE SFL DSX 1.49 9.9 7.59 4.02 6.72 3.51 15.25 17.44 8.48 Weekly % Change 35.45% 9.39% 2.71% 3.61% 1.20% 2.03% 3.74% 0.75% 0.12% 50-Day % Change 170.91% 41.03% 23.41% 33.11% 14.09% 18.18% 9.71% 14.74% 11.73% TRANX RUT RUA RUI SPX COMPX NDX 2465.95 892.8 883.67 824.24 1485.88 3134.71 2743.24
Top Downside Momentum (Issues with the greatest 100 day downward momentum*) Symbol Close SB TRMD EGLE SHIP TNK NAT TNP DRYS ESEA 3.77 3.18 2.25 1.44 3.12 8.61 4.08 2.13 1.03 Weekly % Change -6.22% -0.31% -0.44% -3.36% -6.87% -5.90% -0.73% 0.47% -1.90% 50-Day % Change -31.58% -30.87% -22.95% -7.10% -9.83% 0.23% -8.93% -10.13% -6.36%
CPLP 8.03 4.42% 1.77% *Momentum: (100D % change) + 1.5*(50D % change) + 2.0*(10D % change) for each stock then sort group in descending order and report the top 10. Top Consecutive Higher Closes Symbol Close Up Streak VLCCF TK GLNG TGP STNG SSW PRGN GSL BALT DRYS 6.8 34.5 39.34 40.65 7.59 17.85 3.88 3.43 3.44 2.13 5 5 5 4 3 3 3 3 3 3
DHT 4.55 1.11% 8.08% *Momentum: (100D % change) + 1.5*(50D % change) + 2.0*(10D % change) for each stock - sort names that have a negative value in ascending order - report the top 10.
Top Consecutive Lower Closes Symbol Close Down Streak GLBS GLOG FREE TNK 2.45 12.5 0.22 3.12 -2 -2 -6 -6
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Symbol NEWL VLCCF GASS CPLP GLNG CMRE TK GNK GLOG STNG Top Largest Weekly Trading Gains Close One Friday Net % Week Ago Close Change Change 1.1 6.07 9.05 7.69 37.92 14.7 33.27 3.88 12.1 7.39 1.49 6.8 9.9 8.03 39.34 15.25 34.5 4.02 12.5 7.59 0.39 0.73 0.85 0.34 1.42 0.55 1.23 0.14 0.40 0.20 35.45% 12.03% 9.39% 4.42% 3.74% 3.74% 3.70% 3.61% 3.31% 2.71% Top Largest Weekly Trading Losses Close One Friday Net Symbol % Change Week Ago Close Change FREE EXM TOPS MATX TNK SB NAT SHIP FRO SBLK 0.34 0.73 1.3 29.8 3.35 4.02 9.15 1.49 3.51 7.39 0.22 0.57 1.12 26.91 3.12 3.77 8.61 1.44 3.41 7.2 -0.12 -0.16 -0.18 -2.89 -0.23 -0.25 -0.54 -0.05 -0.10 -0.19 -35.29% -21.92% -13.85% -9.70% -6.87% -6.22% -5.90% -3.36% -2.85% -2.57%
Top Largest Monthly Trading Gains (A month has been standardized to 20 trading days) Prior Friday Net Symbol % Change Close Close Change NEWL FREE PRGN EGLE GLBS DAC VLCCF TEU CPLP GASS 0.4 0.1 2.47 1.45 1.59 2.66 5.24 4.15 6.46 8.02 1.49 0.22 3.88 2.25 2.45 3.51 6.8 5.32 8.03 9.9 1.09 0.12 1.41 0.80 0.86 0.85 1.56 1.17 1.57 1.88 272.50% 120.00% 57.09% 55.17% 54.09% 31.95% 29.77% 28.19% 24.30% 23.44%
Top Largest Monthly Trading*Losses (A month has been standardized to 20 trading days) Prior Friday Symbol Net Change % Change Close Close FRO TRMD MATX NAT TNK 3.65 3.35 28.18 8.96 3.18 3.41 3.18 26.91 8.61 3.12 -0.24 -0.17 -1.27 -0.35 -0.06 -6.58% -5.07% -4.51% -3.91% -1.89%
Stocks Nearest to 52-Week Highs Symbol 52W High % Away CPLP SFL TK CMRE TOO DCIX GLOG SSW NMM NM 8.08 17.59 35.38 15.82 28.73 7.02 13.22 19.09 15.46 4.21 -0.62% -0.85% -2.50% -3.60% -3.96% -4.31% -5.46% -6.49% -7.48% -11.78%
Stocks Nearest To 52-Week Lows Symbol 52W Low % Away NAT TOO FRO MATX ESEA SB SBLK TGP GMLP NNA 7.94 24.55 3.02 23.39 0.86 3.12 5.88 33.12 25.52 2.05 8.42% 12.38% 12.91% 15.06% 19.77% 20.83% 22.45% 22.72% 24.14% 25.85%
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Top Stocks with Highest Weekly Volume Run Rate* > 1 Symbol NEWL FREE GASS SHIP TK NAT GNK DRYS PRGN TOPS Close 1.49 0.22 9.9 1.44 34.5 8.61 4.02 2.13 3.88 1.12 Net % Change 35.45% -35.29% 9.39% -3.36% 3.70% -5.90% 3.61% 0.47% -1.27% -13.85% Run Rate 11.5975 3.1975 2.1307 1.3306 1.3247 1.2519 1.1813 1.1021 1.0988 1.0933
*The Volume Run Rate is calculated by dividing the current week's volume by the average volume over the last 20 weeks. For example, a run rate of 2.0 means the stock traded twice its average volume. Symbol NEWL FREE PRGN EGLE GLBS SHIP DRYS EXM TEU VLCCF Top Year-To-Date Gainers YTD Gain % 272.50% 144.44% 73.21% 50.00% 44.97% 38.46% 33.12% 32.56% 29.76% 29.52% Top Year-To-Date Decliners Symbol YTD Decline % MATX NAT -8.38% -1.60%
The following are the 43 members of this group: Symbol - Name: ANW - Aegean Marine Petroleum Network Inc; BALT - Baltic Trading Ltd; CPLP - Capital Product Partners LP; CMRE- Costamere, Inc.; DAC - Danaos Corp; DCIX Diana Containerships; DHT - DHT Maritime Inc; DRYS - DryShips Inc; DSX - Diana Shipping Inc; EGLE - Eagle Bulk Shipping Inc; ESEA - Euroseas Ltd; EXM Excel Maritime Carriers Ltd; FREE FreeSeas; FRO - Frontline Ltd; GASS - StealthGas Inc; GLBS Globus Maritime Limited ; GLNG - Golar LNG Ltd; GMLP Golar LNG Partners; GNK - Genco Shipping & Trading Ltd; GSL - Global Ship Lease Inc; MATX Matson, Inc.; NAT - Nordic American Tanker Shipping; NEWL - NewLead Holdings Ltd; NM - Navios Maritime Holdings Inc; NMM Navios Maritime Partners LP; NNA - Navios Maritime Acquisition Corp; OSG - Overseas Shipholding Group Inc; PRGN - Paragon Shipping Inc; SB - Safe Bulkers Inc; SBLK - Star Bulk Carriers Corp; SFL - Ship Finance International Ltd; SHIP - Seanergy Maritime Holdings Corp; SSW - Seaspan Corp; STNG - Scorpio Tankers Inc; TGP - Teekay LNG Partners LP; TK - Teekay Corp; TNK - Teekay Tankers Ltd; TNP - Tsakos Energy Navigation Ltd; TOO - Teekay Offshore Partners LP; TOPS - TOP Ships Inc; TRMD - D/S Torm A/S; VLCCF - Knightsbridge Tankers Ltd DISCLAIMER This communication has been prepared by Knight Equity Markets, L.P. The information set forth above has been compiled from third party sources believed by Knight to be reliable, but Knight does not represent or warrant its accuracy, completeness or timeliness of the information and Knight, and its affiliates, are not responsible for losses or damages arising out of errors or omissions, delays in the receipt of this information, or any actions taken in reliance thereon. The information provided herein is not intended to provide a sufficient or partial basis on which to make an investment decision. The communication is for your general information only and is not an offer or solicitation to buy or sell any security or product. Knight and its affiliates most likely make a market in the securities mentioned in this document. Historical price(s) or value(s) are as of the date and, if applicable, time indicated. Knight does not accept any responsibility to update any information contained in this communication. Knight and/or its affiliates, officers, directors and employees, including persons involved in the preparation or issuance of this material, may, from time to time, have long or short positions in, or buy or sell (on a principal basis or otherwise) the securities mentioned in this communication which may be inconsistent with the views expressed herein. Questions regarding the information presented herein or a request for a copy of this document should be referred to your Knight representative. Copyright 2011 Knight Equity Markets, L.P. Member NASD/SIPC. All rights reserved.
Page 13
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SHIPPING MARKETS
Managed Service Market Report

FREIGHT
Capesize 4TC Average
Contract Ja n 13 Feb, Ma r 13 Ma r 13 Q1 13 Q2 13 Q3 13 Ca l Ca l 13 14 Average 6951 8370 8518 7570 8823 9538 10200 13065
BCI TC
Chg 330 701 na 126 319 117 224 465 Open 6150 7900 8050 7400 8500 9500 9950 12950 Close 7000 7700 8000 8150 8350 9250 10300 12900
Volume:
Chg 850 -200 -50 750 -150 -250 350 -50
5,015
Low 6150 7700 8000 7100 8350 9250 9950 12900
lots
High 7300 8800 8750 8300 9200 9875 10350 13200
Contributed by
Cleartrade
Cleartrade Exchange Pte. Ltd 6 Battery Road, #24-04B Singapore 049909 Phone: +65 637 29566 Website: thecleartrade.com
Panamax 4TC Average

Contract Ja n 13 Feb 13 Ma r 13 Q1 13 Q2 13 Q3 13 Ca l 14 Average 5600 6564 7566 6524 8039 6567 8200
BPI TC
Chg -300 -200 -56 -127 -199 5 67 Open 5700 6650 7500 6650 8000 6550 8250 Close 5500 6400 7400 6500 8000 6600 8150
Volume:
Chg -200 -250 -100 -150 0 50 -100
1,575
Low 5500 6400 7400 6400 7850 6550 8150
lots
High 5700 6750 7700 6650 8250 6600 8250
IRON ORE
TSI Iron Ore 62% Fines
Contract Ja n 13 Feb 13 Ma r 13 Q2 13 Q3 13 Average 149.14 139.12 132.24 130.62 126.45
TSIO 62
Volume:
Open 152.00 140.00 136.00 132.00 126.00 Close 149.50 143.00 139.00 134.00 128.00 Chg -2.50 3.00 3.00 2.00 2.00
7,757
Low 148.00 134.00 131.00 127.00 126.00
lots
High 152.00 143.50 139.00 134.00 129.00
Pana - Prices slipped across the curve at the start of the week with oversupply of tonnage kicking around in the East. Prices was generally traded in a tight range with the week ending a touch stronger on Panamax. Post index market was very quiet with more bids coming in towards the end pushing the market up on Friday. Iron Ore The iron ore market opened strongly for the week, however volumes are lower than what was seen last week as traders attempted to gauge the next directional move. The market was relatively quiet towards the end of the week with little physical news, but we see more buyers as sentiment began to shift slightly. Fertilizer Prices in the International Urea market continue to hold stable as participants gauge physical market direction and upcoming end user demand. We also saw some volume done on DAP Tampa contracts with highest done at 480, closing at 470 ending the week. Yuzhnyy Urea has been rather quiet this week, as participants are on a cautionary tone, awaiting signs from end user markets. Bunker Fuel Despite a growing appetite for fuel oil, power consumption in Japans power sector is expected to decline this year which caused projected demand to dip 2 to 3% from last year. Japan is expected to restart more nuclear power plants and reduce the use of oil to generate electricity. Cash differentials for 380 cst fuel oil continued to plunge over the past week as there is lower demand from Chinese teapot refiners and utility providers after weeks of stock piling ahead of the Lunar New Year.
Chg -1.72 -3.42 -2.83 0.23 -3.77
FERTILIZER
Urea Nola Contract Ma r 13 DAP Tampa Contract Ma r 13
Urea G N
Volume:
Open 423.00 Close 425.00 Chg 2.00 Low 423.00
lots
High 425.00
Average 424.33
Chg -0.44
Volume:
Average 470.75 Chg na Open 480.00 Close 470.00 Chg -10.00
32
Low 465.00
lots
High 480.00
BUNKER FUEL
Singapore 180cst Contract Ma y 12 Nov 13 Sep 12 Singapore 380cst Contract Feb 13 Ma r 12 Apr 13
S18
Volume:
Chg na na na Open 632 625 627 Close 632 625 627 Chg 0.00 0.00 0.00
3,000
Low 632 625 627
mt
High 632 625 627
Average 632 625 627

S38
Volume:
Chg 3.63 na na Open 630.00 627.50 625.50 Close 630.00 627.50 625.50 Chg 0.00 0.00 0.00
4,300
Low 630.00 627.50 625.50
mt
High 630.00 627.50 625.50
Average 630.00 627.50 625.50
Commentary Freight Cape - The week started with optimism as Capesize and Panamax saw support as increased demand from China for coal imports helped bolster demand. The curve was generally well supported till post index Thursday whereby prices started drifting down and traded in a tight range in the last day of the week. Legend Average Change (1) Open Close Change (2) Low High
Weighted average price of the contract period for the week Difference between the current week Average and the previous week Average Opening price of the week Closing price of the week Different between the weekly Open and Close Price Lowest price of the week Highest price of the week
Page 15
SHIPPING MARKETS
Dry Bulk Market - Weekly Highlights

The Dry Bulk market looks like its determined to cover for all the December losses as it closed positive for a third week in a row, with the index firming significantly from Wednesday onwards. The main driver behind this upward movement was the Cape Market, with rates firming on all main routes and with transatlantic fixtures offering the higher premium differences. Panamaxes didnt have a good week with freight rates for both basins feeling the pressure of tonnage oversupply. The Supra market also closed negative this week, with the only notable positive exception being that of rates offered for the Atwerp - Skaw route. Handies on the other hand managed to firm across both basins, with the most notable increase in rates offered for US Gulf to Skaw-Passero fixtures.
Contributed by
Intermodal
Intermodal Shipbrokers Co. 17th km Ethniki Odos Athens-Lamia &3 Agrambelis Street, 145 64 N. Kifisia, Athens - Greece Phone: +30 210 6293300 Website: www.intermodal.gr
Baltic Indices / Dry Bulk Spot Rates

BDI BCI BPI BSI BHSI Week 3 18/01/2013 Index 837 1,605 740 730 470 $8,990 $5,860 $7,635 $7,012 $/day Week 2 11/01/2013 Index 760 1,367 772 745 448 $6,213 $6,123 $7,791 $6,667 $/day 10.1% 17.4% -4.1% -2.0% 4.9% % Point Diff 77 238 -32 -15 22 2012 Avg Index 921 1,571 965 906 518 2011 Avg Index 1,549 2,237 1,749 1,377 718
We mentioned last week how expectations for more stimulus from central banks have uplifted the commodities markets. Today the Bank of Japan has started a policy meeting that is expected by the majority of analysts to result in the announcement of additional stimulus. China also announced that its GDP for the last quarter of 2012 rose by 7.9%. Iron ore prices softened last week but some correction downwards was almost expected as traders rushed to lock profits after the recent rally. At the same time coal prices are expected to remain low as production for 2013 is estimated to increase significantly, while demand that has been mainly supported by Asia, doesnt look like firming any time soon.
3,500 3,000 2,500
Index
5,000 4,000
Index
Capesize
25 20
no. Fixtures
3,000 2,000 1,000
15 10 5 0
Baltic Dry
160 140 120 100 80 60 40 20 0
no. Fixtures
2,000 1,500 1,000 500
238 points. For this week we monitor a 17.4% change on a weekon-week comparison, as Last Fridays the 11th of January closing value was 1,367 points). It is worth noting that the annual average of 2011 for the Cape Index is currently calculated at 1,571 points, while the average for the year 2010 was 2,237 points. Week No. of Fixtures Highest Fixture Lowest Fixture
CAPESIZE MARKET - p The Baltic Cape Index closed on Friday the 18th of January at 1,605 points with a weekly gain of
p The Baltic Dry Index closed on Friday the 18th of January at 837 points with a weekly gain of 77 points or 10.1% over previous
weeks closing. (Last Fridays the 11th of January closing value was recorded at 760 points).
this week last week Week this week last week
16 7
$27,000 $28,000
$6,500 $5,000
Period Charter
$9,708 $9,250
Trip Charter
$10,278 $14,700
Page 16
SHIPPING MARKETS
and this weeks fixture that received the lowest daily hire was the M/V ADRIATICA GRAECA, 74133 dwt, built 2007, dely Longkou 20/24 Jan , redely China , $3900, BHP Billiton, for a trip via EC Australia -100$ reduced from last week, and the fixture with the highest daily hire was the M/V NYON, 73035 dwt, built 1999, dely Immingham 17/22 Jan , redely Singapore-Japan int fertilizers, $15000, Chart Not Rep, for a trip via Baltic -500$ reduced from last week.

For Week 3 we have recorded a total of 16 timecharter fixtures in the Capesize sector, 7 for period charter averaging $9,708 per day, while 9 trip charters were reported this week with a daily average of $10,278 per day. This weeks fixture that received the lowest daily hire was the M/V CRYSTAL TIGER, 181569 dwt, built 2010, dely Continent ppt , redely Skaw-Cape Passero, $6500, Classic Maritime, for a transatlantic round 1500$ improved from last week, and the fixture with the highest daily hire was the M/V GENCO COMMODUS, 169098 dwt, built 2009, dely Ashkelon 22/24 Jan , redely Far East, $27000, Phaethon, for a trip via Black Sea -1000$ reduced from last week. The BCI is showing a 17.2% gain on a weekly comparison, a -2.8% loss on a 1 month basis, a -12.4% loss on a 3 month basis, a 21.6% gain on a 6 month basis and a 10.2% gain on a 12 month basis.
Index
loss on a 1 month basis, a -12.2% loss on a 3 month basis, a -38.4% loss on a 6 month basis and a -3.3% loss on a 12 month basis.
2,500 2,000 1,500 1,000 500
The BPI is showing a -4.4% loss on a weekly comparison, a -19.0%
Supramax
50 45 40 35 30 25 20 15 10 5 0
no Fixtures
Panamax
3,250
100 90 80 70 60 50 40 30 20 10 0
Index
2,250
no. Fixtures
1,250
250
points on a weekly comparison. It is worth noting that last Fridays the 11th of January saw the Panamax index close at 772 points. The week-on-week change for the Panamax index is calculated to be -4.1%, while the yearly average for the Baltic Panamax Index for this running year is calculated at 965 points while the average for 2010 was 1,749 points. Week this week last week Week this week last week No. of Fixtures Highest Fixture Lowest Fixture
PANAMAX MARKET - q The Baltic Panamax Index closed on Friday the 18th of January with a loss at 740 points having lost -32
SUPRAMAX & HANDYMAX MARKET - q The Baltic Supramax Index closed on Friday the 18th of January at 730 points down with a weekly loss of -15 points or -2.0% . The Baltic Supramax index on a weekly comparison is with a downward trend as last Fridays the 11th of January closing value was 745 points. The annual average of the BSI is recorded at 906 points while the average for 2010 was 1,377 points.
Week this week last week Week this week last week No. of Fixtures Highest Fixture Lowest Fixture
30 24
$18,750 $22,000
$5,000 $5,500
Period Charter
Trip Charter
54 52
Period Charter
$15,000 $15,500
$4,000 $4,000 $8,932 $8,048
$9,083 $8,500
$10,293 $11,055
Trip Charter
$5,738 $7,464
For Week 3 we have recorded a total of 30 timecharter fixtures in the Supramax & Handymax sector, 3 for period charter averaging $9,083 per day, while 27 trip charters were reported this week with a daily average of $10,293 per day. The minimum vs maximum daily rate differential as analyzed from our fixtures database was overall reduced and from the reported fixtures we see that this weeks fixture that received the lowest daily hire was the M/V GREAT PRAISE, 52424 dwt, built 2006, dely Jintang spot , redely Continent, $5000, Chart Not Rep, for a trip, 5000 daily 1st 65 days 8250 daily balance -500$ reduced from last week, and the fixture with the highest daily hire was the M/V SOPHIA, 45800 dwt, built 1996, dely aps Brazil 20/25 January , redely Singapore-India, $18750, Chart Not Rep, for a trip -3250$ reduced from last week.
For Week 3 we have recorded a total of 54 timecharter fixtures in the Panamax sector, 8 for period charter averaging $5,738 per day, while 46 trip charters were reported this week with a daily average of $8,932 per day. The daily earnings differential for the Panamaxes, that we calculate from all this weeks reported fixtures, i.e. the difference between the lowest and highest reported fixture for this week was reduced,
Page 17
SHIPPING MARKETS
No. of Fixtures Highest Fixture Lowest Fixture

The BSI is showing a -1.7% loss on a weekly comparison, a -2.8% loss on a 1 month basis, a -6.8% loss on a 3 month basis, a -43.3% loss on a 6 month basis and a 8.5% gain on a 12 month basis. Week this week last week Week this week last week
no. Fixtures
9 7
Period Charter
$16,250 $12,600 $0 $0
$3,500 $3,000 $10,122 $9,371
1,000
Handysize
18 16 14 12 10 8 6 4 2 0
Trip Charter
750
Index
500
For Week 3 we have recorded a total of 9 timecharter fixtures in the Handysize sector, 0 for period charter averaging $0 per day, while 8 trip charters were reported this week with a daily average of $10,122 per day. The minimum vs maximum daily rate differential as analyzed from our fixtures database was overall improved and this weeks fixture that received the lowest daily hire was the M/V KBS STAR, 30548 dwt, built 2007, dely aps Black Sea end Jan, redely South Africa, $3500, MUR, for a trip via Gibraltar 500$ improved from last week and the fixture with the highest daily hire was the M/V GREAT RIVER, 33745 dwt, built 2005, dely Recalada 25/30 Jan, redely Mediterranean approx, $16250, Chart Not Rep, for a trip 3650$ improved from last week. In the bar chart on the left we see that the BHI is showing a 4.2% change on a weekly comparison, a 5.1% gain on a 1 month basis, a 5.9% gain on a 3 month basis, a -32.1% loss on a 6 month basis and a 13.0% gain on a 12 month basis.
250
with a weekly gain of 22 points and a percentage change of 4.9%. It is noted that last Fridays the 11th of January closing value was 448 points and the average for 2011 is calculated at 518 points while the average for 2010 was 718 points.
HANDYSIZE MARKET - p The Baltic Handysize Index closed on Friday the 18th of January with an upward trend at 470 points
Page 18
SHIPPING MARKETS
Weekly Tanker Market Opinion

OPEC Moving to Tighten Market, as Demand Rebounds
In todays Oil Market Report (OMR), the International Energy Agency (IEA) provided a revised outlook that suggested a tighter oil market than orginally assumed, with rising demand estimates pushing against a decline in OPEC output. Indeed, with OPEC crude production having remained well above 31 mbpd during the first three quarters of 2012, global supply outpaced demand by 1.4 mbpd during that period. Those comfortable inventory builds are coming to an end for the moment, however, as the agency has hiked its oil demand forecasts, citing more rapid growth in Chinese oil demand. With OPEC already cutting its crude production by 0.65 mbpd since October, to 30.64 mbpd in December, the cartel has moved reduce supplies and cede market share to rising North American production. Additional OPEC cuts may pressure the tanker markets during 1h13, but rising demand expectations are suggesting a stronger end to the year, as dirty tanker fleet growth slows significantly.
Contributed by
Poten & Partners, Inc.

805 Third Avenue New York, NY 10022 Phone: (212) 230-2000 Website: www.poten.com
in Chinese economic indicators. As fears over OECD economic conditions have subsided and as Chinese growth has resumed, the IEA has boosted their estimates for 2012 and 2013 global demand growth by 0.30 mbpd and 0.10 mbpd, respectively, since the November 2012 OMR. This places the IEA 2012 demand estimate 0.24 mbpd higher, at 89.83 mbpd, and the 2013 outlook 0.34 mbpd higher, to 90.76 mbpd. Upwards revisions to Chinese demand growth estimates were responsible for 59% of this recent, two-month boost to global demand numbers, while other non-OECD Asian economies contributed another 27% share of the forecast revision. After signs of economic weakness in mid-2012, highlighted by flat yoy growth in crude runs and electricity generation, Chinese macroeconomic and oil statistics rebounded during 4q12, contributing much of the upside surprise in oil demand during the quarter.
IEA Global Oil Demand Growth Forecasts 2.0 1.8 1.6

yoy Change, mbpd
yoy Change by Report Date
1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0

2011 2012 2013
IEA Forecast Call on OPEC Crude 32.0 31.5 31.0 30.5

mbpd
by Report Date
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
30.0 29.5 29.0 28.5 28.0

Dec-09 Dec-10 Dec-11
Report Month 2011 2012 2013
Report Month
Source: IEA After being forced to cut their oil demand growth estimates during most of 2012, from concerns over global GDP growth, the IEA has begun to raise its demand forecasts during the past two months. Their growth outlook bottomed out during the Autumn, based upon continued concerns over the European sovereign debt and solvency crisis, chaotic US fiscal policy and apparent weakness
Dec-12
Source: IEA These higher global demand estimates for 2013 have only provided a modest uptick in the call on OPEC crude for the year, as rapidlyrising North American liquids production has partially offset the demand gains. For 2013, the IEA estimates for the call on OPEC crude has risen by only 0.11 mbpd since November, to 29.96 mbpd, as the non-OPEC supply forecast has increased by 0.23 mbpd. This small move in the expected call on OPEC crude, however, masks some seasonal shifts in crude demand that could influence the dirty tanker market. During the recent cycle in IEA forecasts,
Page 19
SHIPPING MARKETS
oil supply pain for the dirty tanker market is nearing its conclusion. Still, with an impulse of dirty tonnage supply during 1q13, from 2012 deliveries pushed into 2013, these remaining OPEC cuts and traditional seasonal weakness should heap additional punishment on the dirty tanker markets this spring. The recent start-up of the first 200 kbpd crude distillation unit at the Saudi Aramco-Total 400 kbpd joint venture refinery in Jubail should reduce Saudi Arabian crude export availability, as should the seasonal recovery in regional electricity demand.
Weekly Tanker Market Opinion

the agency expectation for the OPEC call during the seasonallyweak 2q13 have remained stable near 29.2 mbpd. This had always suggested trouble for the VLCC market, as a series of OPEC production cuts seemed necessary to balance the market and stem the global stock builds. Even allowing for a traditional build during 2q13, the previous OPEC crude production levels above 31 mbpd suggested more than 1 mbpd of output cuts. With OPEC already cutting to 30.65 mbpd in December, according to IEA statistics, the cartel has removed 0.60 mbpd of output since September and has moved partially towards a level that would stabilise inventories during the year. Meanwhile, much higher IEA global demand estimates have pushed up expectations for the 4q13 call by 0.5 mbpd since the November OMR, to 30.6 mbpd. This is significant, since earlier estimates as low as 30.1 mbpd for 4q13 would have implied OPEC crude production as low as 29.5 mbpd during the quarter to provide finally a seasonal stock draw. This would have suggested that OPEC reign in their crude production to this level in early-2013 and maintain well into 2014.
VLCC Spot TCE Earnings 100 90 80

US$000s/day
Daily Data
70 60 50 40 30 20 10 0
Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12
34 33 32
mbpd
OPEC Crude Output vs Call on OPEC Crude
31 30 29 28 27 1q06 1q08 1q10

Call on OPEC Crude
TD1 & WAFR-China
260 AG-Japan
Source: Poten After surging in November on a jump in AG fixture levels, VLCC TCE earnings have softened during the past two months, as the level of fixtures has slid. This has reflected the realities of lower production and export availability, as well as shifts in regional VLCC ownership. Lower OPEC crude production, led by swing producer Saudi Arabia, should continue to pressure VLCC earnings lower during the Spring. If this harsh rate environment encourages owners to scrap additional tonnage, then the improving demand environment in late-2013 could support the market just as fleet growth slows and possibly contracts. Conversely, if owners do not embrace demolition this year, then forward prospects will dim.
1q12
1q14F
OPEC Crude Output
Source: IEA This lower, 29.5 mbpd level of OPEC crude output would have placed additional, severe pressure on the dirty tanker markets. With the IEA boosting demand estimates, especially for late-2013, the OPEC crude demand outlook is appearing less dour now -although still hardly stellar. This would imply that OPEC could now cut production to 30.3 mbpd during 2013 and still achieve desired inventory balances, with small draws during the Northern Hemisphere winter months. Given the level of strategic inventory building in non-OECD countries, this level of global build should prompt sufficient tightness in OECD stocks. Then, additional demand gains into 2014 might allow some recovery in OPEC volumes. At the very least, this forecast environment provides a floor for the dirty tanker rate carnage. With OPEC already producing at 30.65 mbpd in December, the cartel is near the level at which it can stabilise production and achieve its goals -- suggesting that the
Page 20
SHIPPING MARKETS
Weekly Freight Rate & Asset Trends Dry Bulk Market Weekly Highlights
Tanker Spot Rates
Vessel 265k 280k 260k 130k 130k 130k 80k 80k 80k 70k 75k Clean 55k 37K 30K Dirty 55K 55K 50k Routes AG-JAPAN AG-USG WAF-USG MED-MED WAF-USAC AG-CHINA AG-EAST MED-MED UKC-UKC CARIBS-USG AG-JAPAN AG-JAPAN UKC-USAC MED-MED UKC-USG MED-USG CARIBS-USAC Week 03 WS points
40 24 48 60 58 73 80 73 85 85 80 105 160 170 105 105 108
Week 02 WS points
42 24 45 65 60 73 83 75 88 84 90 115 175 170 108 108 104
$/day
19,611 -4,460 33,412 14,538 11,142 25,708 11,057 9,678 13,510 8,772 8,305 11,848 18,832 26,559 14,290 12,740 12,117
$/day
21,846 -4,407 27,937 18,855 12,396 19,936 11,952 10,168 15,174 7,567 13,025 15,377 22,042 26,405 14,735 13,031 10,251
%
-4% -2% 6% -8% -4% 0% -3% -3% -3% 1% -11% -9% -9% 0% -2% -2% 4%
2012 $/day
21,835 1,604 31,457 22,121 13,373 22,181 14,182 13,700 18,517 12,325 11,258 10,867 9,251 19,062 16,571 14,735 13,028
2011 $/day
18,217 2,504 25,714 25,125 13,373 14,815 12,726 13,577 18,604 8,240 10,467 7,768 11,022 18,458 11,266 9,676 10,700
Contributed by
Intermodal
Intermodal Shipbrokers Co. 17th km Ethniki Odos Athens-Lamia &3 Agrambelis Street, 145 64 N. Kifisia, Athens - Greece Phone: +30 210 6293300 Website: www.intermodal.gr
Suezmax
VLCC
Aframax
Dry Bulk Market Weekly Highl
Secondhand Indicative Market Values ($ Million) - Tankers

Vessel 5yrs old VLCC Suezmax Aframax Panamax MR 300KT DH 150KT DH 105KT DH 70KT DH 45KT DH Jan-13
57.0 40.0 27.5 25.0 25.0
Dec-12
57.0 40.0 27.6 25.0 25.0
%
0.0% 0.0% -0.5% 0.0% 0.0%
2012
62.9 44.9 31.2 26.7 24.6
2011
77.6 54.4 39.1 35.2 28.4
2010
87.2 62.6 44.7 38.8 26.5
Tanker Time Charter Rates

$/day VLCC Suezmax Aframax Panamax MR Handysize 300k 1yr TC 300k 3yr TC 150k 1yr TC 150k 3yr TC 105k 1yr TC 105k 3yr TC 70k 1yr TC 70k 3yr TC 45k 1yr TC 45k 3yr TC 36k 1yr TC 36k 3yr TC Week 03
21,500 27,000 17,500 22,000 14,500 16,000 14,250 15,250 14,500 15,000 13,000 14,000
Secondhand Indicative Market Values ($ Million) - Bulk Carriers

Diff
0 0 0 0 0 0 -250 0 500 250 0 0
Week 02
%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -1.7% 0.0% 3.6% 1.7% 0.0% 0.0%
2012
22,375 27,195 17,606 21,152 13,889 16,070 13,245 14,368 13,764 14,589 12,567 13,378
2011
25,197 31,681 19,837 23,830 15,707 18,335 14,995 16,263 13,918 14,738 12,471 13,412
Vessel 5yrs old Capesize Panamax Supramax Handysize 170k 73K 52k 29K
Jan-13
32.7 18.0 19.5 15.5
Dec-12
32.5 18.0 19.8 15.8
%
0.5% 0.0% -1.3% -1.6%
2012
34.6 22.7 23.0 18.2
2011
43.5 31.3 28.1 23.5
2010
57.4 39.0 32.2 26.2
21,500 27,000 17,500 22,000 14,500 16,000 14,500 15,250 14,000 14,750 13,000 14,000
New Building Indicative Market Prices (million$)

Vessel Capesize Panamax Supramax Handysize VLCC Suezmax Aframax LR1 MR LPG M3 LPG M3 LPG M3 170k 75k 57k 30k 300k 150k 110k 70k 47k 80k 52k 23k Bulkers Week 03
45.5 25.3 24.3 21.0 91.5 56.0 47.0 40.5 33.5 184.5 69.5 61.5
Week 02
45.5 25.3 24.3 21.0 92.0 56.0 47.5 41.0 33.5 184.5 69.5 61.5
%
0.0% 0.0% 0.0% 0.0% -0.5% 0.0% -1.1% -1.2% 0.0% 0.0% 0.0% 0.0%
2012
46 26 25 21 94 57 49 41 33 182 70 61
2011
53 33 30 25 102 64 54 45 36 187 73 64
2010
58 35 31 27 103 66 55 46 36 187 72 65
Dry Bulker Time Charter Rates

$/day Capesize 170K 6mnt TC 170K 1yr TC 170K 3yr TC 70K 6mnt TC 70K 1yr TC 70K 3yr TC 52K 6mnt TC 52K 1yr TC 52K 3yr TC 45k 6mnt TC 45k 1yr TC 45k 3yr TC 30K 6mnt TC 30K 1yr TC 30K 3yr TC Week 03 12,500 12,750 14,000 10,000 8,625 9,250 9,750 9,250 10,000 8,250 8,000 8,750 7,500 7,750 9,000 Week 02 % 4% 9% 0% 0% 0% 0% 0% 0% -2% 0% 0% 0% 3% 0% 0% Diff 500 1,000 0 0 0 0 0 0 -250 0 0 0 250 0 0 2012 13,549 13,885 15,282 11,003 9,906 10,888 11,176 10,330 11,195 9,375 8,849 9,575 8,255 8,424 9,450 2011 18,474 17,138 17,599 17,238 14,863 14,500 15,587 14,308 14,046 13,416 12,450 12,403 11,712 11,787 12,044 12,000 11,750 14,000 10,000 8,625 9,250 9,750 9,250 10,250 8,250 8,000 8,750 7,250 7,750 9,000
www.intermodal.gr
Handysize Handymax Supramax Panamax
Intermodal Shipbrokers - Capital Link Weekly Dry Bulker Report
Gas
Tankers
Dry Bulk Market Weekly Highlights
www.intermodal.gr
Intermodal Shipbrokers - Capital Link Weekly Dry Bulker Report
Page 21
Braemar Seascope Containers

The Monday Morning Container Briefing Capital Shipping The Monday MorningLink Container Briefing
Vessel (TEU/HMG) Index +/510/285TEU (GL) 15.5 k 3.61 0.00 510/285TEU (GL) 15.5 k 3.61 0.00 700/440TEU (GL) 17.5 k 4.00 0.00 700/440TEU (GL) 17.5 k 4.00 0.00 750/415TEU (G) 16 k 4.71 0.00 750/415TEU (G) 16 k 4.71 0.00 1,000/650TEU (G) 17.5 k 5.00 0.00 1,000/650TEU (G) 17.5 k 5.00 0.00 1,100/715TEU (G) 19 k 6.06 0.11 The Monday Morning Container 1,100/715TEU (G) 19 k 6.06 Briefing 0.11 1,350/925TEU (G) 20 k 4.19 0.00 1,350/925TEU (G) 20 k 4.19 0.00 1,600/1,150TEU (GL) 18 k 5.15 0.00 1,600/1,150TEU (GL) 18 k 5.15 0.00 1,700/1,125TEU (G) 19.5 k 4.65 Vessel (TEU/HMG) Index 0.00 +/1,700/1,125TEU (G) 19.5 k 4.65 0.00 1,740/1,300TEU (G) 20.5 k 4.76 0.00 510/285TEU (GL) 15.5 k 3.61 0.00 1,740/1,300TEU (G) 20.5 k 4.76 0.00 2,000/1,600TEU (G)17.5 21 k k 1.80 0.00 700/440TEU (GL) 4.00 0.00 The Monday Morning (G) Container Briefing 2,000/1,600TEU 21 k 1.80 0.00 2,500/1,900TEU (G) 22 3.16 0.07 750/415TEU (G) 16 kk 4.71 0.00 2,500/1,900TEU (G) 22 k 3.16 0.07 2,800/2,000TEU (GL) 22 kk 2.70 0.00 1,000/650TEU (G) 17.5 5.00 0.00 2,800/2,000TEU (GL) 22 k 2.70 0.00 3,500/2,500TEU (GL) 23 2.23 0.00 Vessel (TEU/HMG) 1,100/715TEU (G) 19 kk Index 6.06 +/0.11 3,500/2,500TEU (GL) 23 k 2.23 0.00 4,250/2,800TEU (GL) 24 1.72 0.00 510/285TEU (GL) 15.5 k 1,350/925TEU (G) 20 kk 3.61 0.00 4.19 0.00 4,250/2,800TEU (GL) 24 k 1.72 0.00 Index Total 53.74 0.18 700/440TEU (GL) 17.5 k 18 k4.00 1,600/1,150TEU (GL) 0.00 5.15 0.00 Index Total 53.74 0.18 1,700/1,125TEU 750/415TEU (G) 16 k (G) 19.5 k 4.714.65 0.00 0.00 1,740/1,300TEU (G) 1,000/650TEU (G) 17.5 k 20.5 k
Weekly Markets Report Vessel (TEU/HMG) Index +/-
Chartering Chartering
21st January 2013 Tuesday, January 22, 2013 (Week 4)
21st January 2013
Container Market - Weekly Highlights Braemar Seascope Containers
Braemar Seascope Containers
The Mediterranean on the other hand is seeing relatively healthy enThe Mediterranean on the other isincreasingly seeing relatively healthy quiry for feeder vessels and as ahand result firm rates areenbeing quiry for feeder vessels and as a result increasingly firm rates are being commanded for vessels between 1000-1700teu. With the rate differencommanded for vessels between 1000-1700teu. With the rate differential to the Far East in the region of US$500 per day, which given the low tial to the Far East the region of US$500 in per day, which given the low rates of today is ain considerable premium percentage points. rates of today is a considerable premium in percentage points. Contributed by 21st January 2013 While the week has seen more potential forward enquiry being laid Braemar Seascope While the week has seen more potential forward enquiry being laidfare down in the East it is mostly dependant on how the fundamentals Chartering down in the East it is mostly dependant on how the fare in February. In the meantime one would expect thefundamentals charter market to 35 Cosway In Street in February. the meantime one would expect the charter market to continue somewhat in Limbo until liner operators are able get a clear London NW1 5BT The Mediterranean on the until other hand is seeing are relatively healthy encontinue somewhat Limbo liner operators able get a clear read onKingdom the year to in come. United quiry for feeder vessels and as a result increasingly firm rates are being read on the year to come. 21st January commanded for vessels between 1000-1700teu. With 2013 the rate differenPhone: +44 (0) 20 7535 2650 tial to the Far East in the region of US$500 per day, which given the low Website: www.braemarseascope.com Chartering rates of today is a considerable premium in percentage points. The While Mediterranean the other hand is seeing relatively healthy enthe week on has seen more potential forward enquiry being laid quiry for feeder vessels and as a result increasingly firm rates are being down in the East it is mostly dependant on how the fundamentals fare commanded for vessels between 1000-1700teu. With the rate differenin February. In the meantime one would expect the charter market to tial to the Far somewhat East in the in region ofuntil US$500 per day, which the continue Limbo liner operators are given able get alow clear rates of today is year a considerable read on the to come. premium in percentage points. While the week has seen more potential forward enquiry being laid down in the East it is mostly dependant on how the fundamentals fare in February. In the meantime one would expect the charter market to continue somewhat in Limbo until liner operators are able get a clear read on the year to come.
SHIPPING MARKETS
5.004.76 0.00 0.00 This week has seen a further pick up in enquiry as well as more forward This week has seen a further up in as well as more forward 2,000/1,600TEU (G) 21 kenquiry 1,100/715TEU (G)pick 19 k 0.00 6.061.80 0.11 projects making their way out of the woodwork. This has meant our projects making their way out of the woodwork. This has meant 2,500/1,900TEU (G) 22 k 1,350/925TEU (G) 20 k 0.07 4.193.16 0.00 BOXi has managed to post a small improvement of 0.18 points, our someBOXi has managed to post a small improvement 0.18 points, some2,800/2,000TEU (GL) k5.152.70 1,600/1,150TEU (GL) 18 k 22ground thing which was certainly thin on the in of the last months of 0.00 0.00 thing which was certainly thin on the ground in the last months of 2012. 1,700/1,125TEU (G) 19.5 3,500/2,500TEU (GL)k 23 k4.652.23 0.00 0.00 2012.
The Far Eastern market is still largely playing things cautiously, with 2,000/1,600TEU (G) 21 k playing 1.80 cautiously, 0.00 Index Total 53.74 0.18 with The Farplans Eastern market is still largely things many and key decisions on hold until it is clear how China in par2,500/1,900TEU (G) 22hold k until many plans and key decisions on it is clear how in par- it 3.16 of 0.07 ticular restarts after the Lunar New Year. In terms theChina spot market ticular restarts after the Lunar New Year. In terms of the spot market 2,800/2,000TEU (GL) 22 k 2.70 0.00 around last it is largely a continuation of last week with rates holding This week has seen a further pick up in rates enquiry as well as more forward is largely a continuation of last week with holding around last (GL) in 23the k East 2.23 0.00 done. That 3,500/2,500TEU said, feeder vessels will likely start to feel presprojects making their way out of the woodwork. This has meant our done. That said, feeder vessels inthemselves the East will likely start over to feel pressure build as a number will (GL) find the slack 4,250/2,800TEU 24 k 1.72 redelivered of 0.00 BOXi has managed to post a small improvement 0.18 points, somesure build as a number will find themselves redelivered over the slack period as carriers temporarily reduce feeder capacity. Index Total 53.74 0.18 thing which was certainly thin on the ground in the last months of period as carriers temporarily reduce feeder capacity. 2012.
1,740/1,300TEU (G) 20.5 4,250/2,800TEU (GL)k 24 k4.761.72 0.00 0.00
120 120
100 100 80 80
The BOX Index (BOXi) 53.74 The BOX Index (BOXi) 53.74
60 This The week has seen a further in enquiry asthings well as more forward Far Eastern market ispick still up largely playing cautiously, with 60 projects making their way out of the has how meant our in parmany plans and key decisions onwoodwork. hold until itThis is clear China 40 BOXi has managed post a small 0.18 points, someticular restarts to after the Lunar improvement New Year. In of terms of the spot market it 40 120 thing was certainly thin the ground the last months of last iswhich largely a continuation ofon last week within rates holding around 20 2012. done. That said, feeder vessels in the East will likely start to feel pres20 100 sure build as a number will find themselves redelivered over the slack The period Far Eastern market is still largely playing things cautiously, with as carriers temporarily reduce feeder capacity. many plans and key decisions on hold until it is clear how China in par80 ticular restarts after the Lunar New Year. In terms of the spot market it 120 is largely a continuation of last week with rates holding around last 60 Fixtures done. That said, feeder vessels in the East will likely start to feelRepresentative presRepresentative Fixtures 100 sure build as a number will find themselves redelivered over the slack 40 Name DwtreduceTeu 14T Blt Spd Cons GR period as carriers temporarily feeder capacity. Name Dwt Teu 14T Blt Spd Cons GR
Mar 2010
The BOX Index (BOXi) 53.74
Charterer Dely Date Period US$/day Charterer Dely Period US$/day Miramarin 85,523 6,574 4,864 2010 25.6 206.0 GL MSC NE As i a Date Ja n 12 mos 20,000 80 Miramarin 85,523 6,574 4,864 2010 25.6 206.0 GL MSC NE As ia nn 12 20,000 20 Mol Infinity 68,539 5,711 4,360 1996 25.6 202.0 GL HMM NE As i a Ja Ja 2 mos mos 13,500 Mol Infinity 68,539 5,711 4,360 1996 25.6 202.0 GL HMM NE As i a Ja nn 25 mos 13,500 OCL Eagle 39,000 2,824 2,029 2007 24.0 95.0 GL Oman Shipping PGI Ja mos 6,250 60 OCL Eagle 39,000 2,824 2,029 2007 24.0 95.0 GL Oman Shipping PGI nn 58-12 mos mos 6,250 Santa Bettina 39,418 2,824 2,030 2007 24.0 95.0 GL CMA CGM UK Cont Ja Ja 6,500 Santa 39,418 2,824 2,030 2007 24.0 95.0 GL CMA CGM UK Cont Ja nn 8-12 mos MetaBettina 2,708 2,708 2,200 2001 22.0 86.0 GL CMA CGM Med Ja 2-12 mos 6,500 5,900 Meta 2,708 2,708 2,200 2001 22.0 86.0 GL CMA CGM Med Ja nn 2-12 5,900 Sirius 25,107 1,617 1,212 1998 20.0 70.0 40 G CMA CGM Med Ja 3-5 mos mos 6,500 Sirius 25,107 1,617 1,212 1998 20.0 70.0 GG CMA CGM Shipping Med Ja nn 3-5 6,500 Mount Bokor 13,698 1,114 700 2005 19.0 41.0 Merchant SE As i a Ja 30 mos da ys 5,100 Mount 13,698 1,114 700 2005 19.0 41.0 GG Merchant Shipping SE As ia Ja nn 30 damos ys 5,100 IndianBokor Express 13,760 1,102 700 2008 19.6 42.0 20 MCC NE Asia Ja 2-4 5,350 Indian Express 13,760 1,102 700 2008 19.6 42.0 GGL MCC NE Ja nn 2-4 5,350 Representative Fixtures Mol Grace 17,700 1,032 920 1998 19.0 38.0 SITC SEAsia As i a Ja 24 mos mos 6,200 Mol Grace 17,700 1,032 920 1998 19.0 38.0 GL SITC SE As ia Ja nn 24 mos 6,200 Hohebank 11,500 966 604 2007 18.8 37.0 G MSC SE As ia Ja 12 mos 5,650 Name Dwt Teu 14T Blt Spd Cons GR Charterer Dely Date Period US$/day Hohebank 11,500 966 604 2007 18.8 37.0 G MSC SE As i a Ja n 12 mos 5,650 Miramarin 85,523 6,574 4,864 2010 25.6 206.0 GL MSC NE As i a Ja n 12 mos 20,000 Mol Infinity 68,539 5,711 4,360 1996 Containers 25.6 HMM - Shanghai NE As i a Ja n 2 mos 13,500 Braemar Seascope - 202.0 London -GL Singapore OCL Eagle 39,000 2,029 2007Containers 24.0 95.0 GL Oman Ja n 5 mos 6,250 Braemar Seascope - London - Singapore - Shipping Shanghai PGI S&P2,824 email : containers@braemarseascope.com Chartering email : teu@braemarseascope.com Santa Bettina 39,418 S&P email 2,824 : containers@braemarseascope.com 2,030 2007 24.0 95.0 GL : teu@braemarseascope.com CMA CGM UK Cont Ja n 8-12 mos 6,500 Chartering email London: Nick Hubbard, Phil Woodington, Graham Booth, Ben Jeans, Ranulf Swallow, Lily Gao, Peyton Broer, Bill Price and James Klonaris Representative Fixtures Meta 2,708 2,708 2,200 Graham 2001 22.0 86.0 Swallow, GL Lily Gao, CMA CGM Broer, Bill Med Ja n 2-12 mos 5,900 London: Nick Hubbard , Phil Woodington, Booth, Ben Jeans, Ranulf Peyton Price and James Klonaris Singapore : James Buck, Roy Edkins, Ming Xiang Ling and Tanja Friese Shanghai: Axel Huang Sirius 25,107 Singapore 1,617 : James 1,212 1998 20.0 Xiang Ling 70.0 and Tanja G Friese CMA CGM Axel Huang Med Ja n 3-5 mos 6,500 Buck, Roy Edkins, Ming Shanghai: Research:Cons Jonathan Roach Name Dwt Teu 14T Blt Spd GR Charterer Dely Date Period US$/day Mount Bokor 13,698 1,114 700 2005 Research: 19.0 Jonathan 41.0 Roach G Merchant Shipping SE As i a Ja n 30 da ys 5,100 www.braemarseascope.com Miramarin 85,523 6,574 4,864 2010 25.6 206.0 GL MSC NE As i a Ja n 12 mos 20,000 Indian ExpressEvery effort as been13,760 1,102 700 2008 42.0 Seascope G cannot accept MCC responsibility for error, NE Asia or Ja n 2-4 mos 5,350 www.braemarseascope.com made to5,711 ensure the information within this report19.6 is accurate, Braemar therefrom Mol Infinity 68,539 4,360 contained 1996 25.6 202.0 GL HMM NE As i aomission Ja n consequence 2 mos 13,500 to ensure 1,032 the information contained within this report is accurate, Braemar cannot accept responsibility for error, omission therefrom Mol Grace Every effort as been made 17,700 920 1998 19.0 38.0 SeascopeGL SITC SE As i a or consequence Ja n 24 mos 6,200 Page OCL Eagle 39,000 2,824 2,029 2007 24.0 95.0 22 GL Oman Shipping PGI Ja n 5 mos 6,250 Hohebank 11,500 966 604 2007 18.8 37.0 G MSC SE As i a Ja n 12 mos 5,650 Santa Bettina 39,418 2,824 2,030 2007 24.0 95.0 GL CMA CGM UK Cont Ja n 8-12 mos 6,500
Nov 2010
Nov 2011
May 2011
May 2012
May 2010
Mar 2011
Mar 2012
Nov 2012
Jul 2010
Jul 2011
Jul 2012
Nov 2010
Nov 2011
May 2011
May 2012
May 2010
Mar 2010
Mar 2011
Mar 2012
Nov 2012
Jul 2010
Jul 2011
Jul 2012
Mar 2013
Sep 2010
Sep 2012
Sep 2011
Jan 2011
Jan 2012
Jan 2013
Mar 2013
Sep 2010
Sep 2012
Sep 2011
Jan 2011
Jan 2012
Jan 2013
Mar 2010 Mar 2010 May 2010 May 2010 Jul 2010 Jul 2010 Sep 2010 Sep 2010 Nov 2010 Nov 2010 Jan 2011 Jan 2011 Mar 2011 Mar 2011 May 2011 May 2011 Jul 2011 Jul 2011 Sep 2011 Sep 2011 Nov 2011 Nov 2011 Jan 2012 Jan 2012 Mar 2012 Mar 2012 May 2012 May 2012 Jul 2012 Jul 2012 Sep 2012 Sep 2012 Nov 2012 Nov 2012 Jan 2013 Jan 2013 Mar 2013 Mar 2013
The BOX Index (BOXi) 53.74
SHIPPING MARKETS
Tanker Market - Weekly Highlights

VLCCs, Aframaxes lead 2012 tanker market improvement
Average earnings across the key tanker classes marked a return to year-on-year gains during 2012, paring losses observed during 2011. The key VLCC, Suezmax and Aframax segments recorded a 31% y/y rise in earnings, led by strong gains of 28% and 57% in the VLCC and Aframax classes, respectively. VLCCs benefitted from an early boost in ton-mile demand during 1H12 as Eastern nations reduced imports of crude from Iran ahead of mid-year sanctions implementation and a narrower Brent/Dubai price premium, stoking greater numbers of long-haul voyages on the WAFR-FEAST and CBS-FEAST routes. A simultaneous 1H12 rise in Middle East VLCC cargoes materialized on the back of renewed efforts by Saudi Arabia to allay fears over any prospective crude supply constraints resulting from reduced export volumes of Iranian crude also aided the market by prompting greater heavy crude imports at the USG area. Though during 1H12 the greater corresponding long-haul AG-USG chartering activity was largely attributed to inventory building at Port Arthur, TX, ahead of Motivas 325,000 b/d expansion, y/y demand gains on the route remained through 2H12 despite a halting of the expanded refining capacity during 2H12 due to corrosion issues. Overall, ton-mile demand growth in the VLCC sector expanded by 10.8%, y/y, following a 32.9% y/y growth rate during 2011. Net y/y fleet growth rates of 6.2% and 7.0% during 2012 and 2011, respectively, improved prevailing overall supply/demand ratios in the sector, as evidenced by the rise in earnings in the sector to $22,500/ day during 2012 from $17,600/day during 2011. Aframaxes earnings growth led the tanker sector, rising to an average of $15,700/day during 2012 from $14,500/day during 2011. Mediterranean market demand benefitted from a quicker than expected recovery of Libyan crude exports which expanded Libyadriven spot market activity in the region in excess of pre-war levels after charterers reduced period cover over the course of the war. In the Baltic Sea market, the inauguration of BPS-2 and its Ust-Luga terminus in the Gulf of Finland boosted monthly Aframax volumes in the region by as much as 144% from October, when phase 1 of the system progressed into full operations when compared to the months preceding the systems test phase between March and September. In the Caribbean market, total Aframax demand rose by 10.1%, y/y. The demand gain is inclusive of a 6.1% y/y gain in cargoes from the Caribbean area to points in the US, despite stronger competition from Suezmaxes, for which regional activity rose 36%, y/y. Tanker Earnings Progression
$120,000 VLCC $100,000 Suezmax $80,000 $60,000 $40,000 $20,000 $Aframax
Contributed by
Charles R. Weber Company, Inc.

Charles R. Weber Company, Inc. Greenwich Office Park One, Greenwich CT 06831 Phone: 203 629-2300 Website: www.crweber.com
Spot Market VLCC AG>USG 280 kMT AG>SPORE 270 kMT AG>JPN 265 kMT WAFR>USG 260 kMT WAFR>CHINA 260 kMT SUEZMAX WAFR>USAC 130 kMT B.SEA>MED 135 kMT CBS>USG 130 kMT AFRAMAX N.SEA>UKC 80 kMT AG>SPORE 70 kMT CBS>USG 70 kMT MED>MED 80 kMT PANAMAX CBS>USAC 50 kMT CONT>TA 55 kMT ECU>USWC 50 kMT CPP CONT>TA 37 kMT CBS>USAC 38 kMT USG>TA 38 kMT AG>JPN 35 kMT SPOR>JPN 30 kMT AG>JPN 75 kMT AG>JPN 55 kMT Time Charter Market $/day (theoretical) VLCC Suezmax Aframax Panamax MR
WS 01/11 24.5 42.0 42.0 43.5 42.5 62.5 67.5 67.5 85.0 85.0 85.0 80.0 105.0 102.5 151.0 170.0 140.0 110.0 125.0 140.0 88.0 115.0 1 Year
TCE $(3,100) $21,400 $21,300 $22,400 $21,300 $16,400 $14,400 $16,900 $14,200 $14,300 $7,700 $11,600 $8,500 $10,700 $25,200 $20,600 $15,300 $8,800 $9,400 $9,800 $15,800 $16,800
WS 01/18 23.0 40.0 40.0 43.5 40.25 57.5 60.0 67.0 82.5 85.0 85.0 77.5 110.0 97.5 152.5 160.0 135.0 100.0 125.0 137.0 82.0 107.5
TCE $(5,300) $18,400 $18,100 $22,800 $18,000 $12,800 $7,500 $16,700 $12,400 $14,400 $7,900 $10,100 $10,400 $10,000 $26,500 $18,300 $14,200 $6,400 $9,400 $9,300 $12,900 $14,200
3 Years $24,000 $20,000 $16,000 $14,500 $14,750
$20,250 $16,500 $13,750 $13,500 $13,500
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
$/day
Data: C R Weber
4Q12
Page 23
SHIPPING MARKETS
while those to Singapore were untested but are presently assessed at $4.33m (LS) a $50k gain, w/w. Suezmax The Atlantic Suezmax market was under continued negative pressure this week on slower activity and a further supply/demand imbalance. Rates on the WAFR-USAC route shed 5 points to conclude at ws57.5. In the Black Sea market, rates on the BSEAMED route shed 7.5 points to settle at ws60.0, despite weather related delays at Novorossiysk since Tuesday. The delays are reportedly expected to continue through the weekend, but only a small number of loadings appear to have been prevented from loading thus far. Assuming that cargo loading operations resume on Monday, an impact on rate progression is unlikely. Aframax The Caribbean Aframax market saw little movement this week as an oversupply of units continues to hamper owners ability to command higher rates on the back of continued weather and ullage delays at the USG area. The CBS-USG route was unchanged at the ws85 level throughout the week. Though an improvement in rates appears unlikely during the week ahead, with some units having disappeared from position lists towards the end of the week, negative pressure is also likely to be limited. The European Aframax market saw modest negative pressure this week as overall vessel availability prevented owners from holding on to earlier rates. The NSEA-UKC route eased 2.5 points and the MED-MED route shed 2.5 points to ws77.5, despite weather delays in the Black Sea. Panamax The Caribbean Panamax market saw an uptick in activity which allowed rates to pare the previous weeks losses. The CBS-USAC route gained 5 points to conclude at ws110. With owners remaining bullish, sustained activity during the week ahead should see rates extend this weeks gains. Despite gains in the Caribbean market, rates in the European market eased on a slower pace of fresh activity. The CONT-USG route dropped 5 points to conclude at ws97.5. With TCEs in the Caribbean and European markets now within ~$400/day of each other, ballasting between markets is unlikely. MR The Caribbean MR market remained active this week, led by sustained exports from the USG area. Some 18 units are presently on subjects for USG liftings after charterers made a late-week push to cover requirements ahead of the US holiday weekend. Some charterers were also looking at taking units on USG-FEAST voyages to capture a potential Naphtha arbitrage, but ultimately no fixtures materialized on the route. Rates on the USG-TA route were volatile, closing around ws100 but with recent fixtures having recently concluded both above and below this level. The European MR market was under negative pressure as units came free off voyages from the USG and an uncertain gasoline arbitrage. The Cont-USAC route dropped 10 points to conclude at ws160.
Tanker Market - Weekly Highlights

THE TANKER MARKETS VLCC The VLCC market was observably slower this week across all markets as charterers awaited stem confirmations before progressing more concertedly into the February Middle East program and West Africa cargoes were impacted by a slower Nigeria exports program. Mounting negative pressure on rates, which had been building through most of the week culminated towards the end of the week with rate declines on key Middle East and West Africa routes after a single Middle East cargo received upwards of 8 offers. Near term downside appears greatest on the AG-USG route as owners are keen on the onward triangulated trading prospects given present triangulated Westbound trade earnings of ~$25,900/day versus AG-East voyages which are presently yielding ~$18,800/day. We note that owners remain highly resistant to lower rates, which has provided some limit to downside. Historically, January is a relatively strong month, but with MTD earnings averaging some 25% below the January 2012 levels, owners remain keen to keep rates strong as forward rate progression remains uncertain with TD3 FFA indications presently in backwardation. Though the two recent months Middle East cargo programs have remained well below the 2012 monthly average of 127 and the 1H12 average of 132, the 26 observed VLCC fixtures from West Africa during December was well above the 2012 monthly average of 23. Given the fact that units coming free in the Far East tend to weigh on both Middle East and West Africa positions, the ability for the share of West Africa exports serviced by VLCCs to remain high will likely be a key driver of the market given the higher ton-mile demand relative to the AG-Far East route. Middle East There were 20 fresh fixtures reported in the Middle East market this week. Rates to the Far East shed 1.9 points, w/w, to an average of ws41.5. TCEs on the route averaged ~$20,900/day, a w/w loss of ~$3,300/day. Rates to the USG eased 1.6 points, w/w, to an average of ws41.5. Triangulated Westbound trade earnings dropped ~$1,400/day, w/w, to an average of ~$25,500/day. To date, 117 January and 18 February Middle East cargoes have been covered. With the January program now appearing to have likely concluded early at this level, some 10 units will carry over into February dates and be compounded by a further 28 units coming free through the first decade of the month. Against this, we project 20-22 cargoes through the same period of time. We expect that rates will remain under modest negative pressure through the coming week accordingly, though a faster pace of fresh cargoes as charterers progressing more aggressively into the February program could limit or delay negative movements. Atlantic Basin The Atlantic basin was much quieter this week with just 7 fresh fixtures reported and more than half of these emanating from West Africa, and all bound for points in the East. Rates on the WAFR-FEAST route eased 2.5 points to ws40.3. TCEs on the route averaged ~$18,300/day. In the Caribbean and North Sea markets, rates posted modest gains on the back of tighter position lists. In the former, positions were particularly tight for February dates prompting rates to West Coast India to rise to $3.8m (LS)
Page 24
SHIPPING MARKETS
S&P Secondhand, Newbuilding & Demolition Markets

Contributed by
Golden Destiny S.A.

Golden Destiny S.A. 57 Akti Miaouli, Piraeus, 18536, Greece Phone: +30 210 4295000 Website: www.goldendestiny.gr
Key: (*) Incl. Crude Oil, Clean & Dirty Products, Chemical, Asphalt & Veg. Oil, (**) incl. LPG, LNG, (***) incl. Multi-purpose and Tweendeckers, (*****) incl. Bulk-Ore, Ore-Oil and Bulk-Oil carriers, (*****) incl. Ro-Ro Cargo, Ro-Ro Passenger, (******) incl. Oil & Drilling Rigs, Tugs, Livestock, Trawlers, Cable/Exploration/ Navy/Support Vessels,
The newbuilding business remains hot for the first month of the year with investors being also willing to conclude S&P transactions in the secondhand market and dispose their vintage tonnage at the current favoring scrap prices. The third week of January ends with lower volume of newbuilding deals but with higher value contracts for the construction of large sized vessels, fewer reported demolition transactions at firm scrap prices and appetite for secondhand purchases in the bulk carrier and tanker segments. Overall, 19 transactions reported worldwide in the secondhand and demolition market, down by 61% week on week due to a 53% decrease of secondhand purchasing activity and 74% lower scrapping vessel removals. At similar week in 2012, the total S&P activity was standing 69% higher than the current levels, when 32 transactions had been reported and secondhand ship purchasing activity was 15% higher than the ordering business. The highest activity has been recorded in the newbuilding market with 30 new orders reported, while secondhand purchasing activity has been centered more on vintage tonnage than modern vessels. SECONDHAND MARKET The week ended with S&P transactions in all main vessel segments with focus on small vessel sizes of vintage tonnage. In the bulk carrier segment, there was an activity in the handymax segment for vessels of more than 15yrs old. The most modern S&P transaction took place in the handysize segment for a vessel of 32,400dwt built 2003 Japan for about $10,5mil with special survey passed. In the tanker segment, two S&P transactions reported in the very large crude carrier segment for vessels built 1993 and 1997 sold for about $21mil and $26,5mil respectively.
Overall, 14 vessels reported to have changed hands this week at a total invested capital in the region of US$ 146 mil , 5 S&P deals in the bulk carrier, 3 in the tanker, 2 in the gas tanker, 2 in the liner and 2 in the container segment. In terms of the reported number of transactions, the S&P activity is down by 53% from last weeks activity, due to a 58% weekly decrease in the purchase of bulk carriers and 81% decrease in tanker purchases. Comparable with previous years weekly S&P activity is almost at similar levels, when 15 vessels induced buyers interest at a total invested capital of about $219,02mil with tankers holding 53% of the total volume of S&P activity. In terms of invested capital, the tanker segment appears as the most overweight segment by attracting about 39% of the total amount of money invested with the purchase of 2 VLCCs and one handysize vessel.
NEWBUILDING MARKET
Key:/ * The total invested capital does not include deals reported with undisclosed contract price ** Deals reported as private and confidential (not revealed contract price)
In the newbuilding market, the third week of January concludes with slower business from previous weeks but with interesting news for the upcoming construction of large sized vessels under negotiations. In the container segment, Seaspan is sealing an agreement with Hyundai Heavy Industries for the construction of up to ten 14,000 TEU boxships including a time charter agreement
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SHIPPING MARKETS
at CSSC Jiangnan shipyard. The first very large crude carrier is scheduled to be delivered at the end of 2014 and the other two in the first and third quarter of 2015. In addition, US listed -Nordic American Tankers is under the process of ordering two suezmax tankers in Samsung Heavy Industries of South Korea for delivery from late 2014 at an expected cost of about $56-$57mil each, including option for further units. In the product segment, Stena Bulk of Sweden has declared an option for two more sophisticated vessels of 50,000dwt for construction at Guangzhou Shipyard International (GSI) for its vegoil activities, extending the series to eight sister vessels from its initial order of six vessels placed in May 2012. The newbuilding cost is estimated in the region of $40mil each with delivery in late 2015. In the gas tanker segment, Bonny Gas of Nigeria has reached an agreement with South Korean shipyards for the construction of six 170,000 cum LNG carriers, four will be built in Samsung and two in Hyundai for delivery in 2015-2016. In addition, Spore-based BW Maritime has signed a contract with Samsung Heavy Industries of South Korea for the construction of a LNG floating storage regacification unit of 170,000 cbm at an undisclosed contract price with delivery in 2015. A company official stated in Fairplay: We are not strangers to the LNG business. We want to increase LNG activities as this is our strategy going forward. BW noted that it has a good relationship with South Korean shipbuilders and that it chose Samsung, the second-biggest among South Koreas yard groups, because it offered an attractive proposition. SHI also has a proven track record in delivering LNG vessels to some of the worlds biggest LNG players, it added. BW has been investing in the LPG and LNG sectors. In the last 18 months, we have had six LPG acquisitions, and we ordered two LNG carrier newbuildings, BW explained. The Singaporean owner declines to reveal either the price of the newbuilding or future employment of the vessel. In the container segment, Hyundai Heavy Industries of South Korea has won the order for five 14,000 TEU containerships, including an option for five more, for Canadian shipowner Seaspan to be chartered on a long term contract with Taiwans Yang Ming Marine Transport Corp. The order is valued at about $600mil and vessels will be delivered from the beginning of 2015. The ships will measure 368m in length, 51m in width and 30m in depth, HHI said. The vessels will have electronically controlled main engines for fuel efficiency and HiBallast seawater treatment systems, HHI added. DEMOLITION MARKET In the demolition market, Bangladesh and India have remained very active for the first weeks of January with aggressive prices above $400/ldt, while China is in very close proximity with the Indian subcontinent region before the Chinese New Year. During 2012, 1291 vessels are estimated to have been sent to the scrap

for over ten years with Yangming Marine. In the gas LNG tanker segment, China Shipping Group and Mitsui OSK are expected to conclude an agreement for the construction of up to eight 174,000 cum LNG carriers before the Chinese New year with HudongZhonghua shipyard of China with a total value of about $1,5bn to service the Australia Pacific LNG project. In addition, Bonny Gas of Nigeria has reached an agreement with South Korean shipyards for the construction of six 170,000 cum LNG carriers, four will be built in Samsung and two in Hyundai for delivery in 2015-2016. One more interesting newbuilding deal emerged for South Korean shipyards under the current freight market recession and uncertainty of worldwide shipping demand for the construction of new vessels in the main vessel segment. Spore-based BW Maritime has signed a contract with Samsung Heavy Industries of South Korea for the construction of a LNG floating storage regacification unit of 170,000 cbm at an undisclosed contract price with delivery in 2015. Chinese yards are still benefiting from newbuilding deals in the very large crude carrier tanker segment under the countrys strategic plan to establish a giant VLCC pool of 50 very large crude carriers. Following Decembers order of last year from China Ocean Shipping Group for the construction two 308,000dwt tankers in Dalian Shipbuilding, China Merchant Energy is said to have now ordered three very large crude carriers with an option of three more at CSSC Jiangnan shipyard. Overall, the week closed with 30 fresh orders reported worldwide at a total deadweight of 2,252,500 tons, posting a 33 % week-on-week decline from previous week due to a 900% decline in contracting activity for bulk carriers and 1800% downfall in the demand for the construction of special projects. In the gas tanker segment, there has been a remarkable 700% week-on-week increase from strong LNG orders placed at South Korean Shipyards, while in the container segment the massive postpanax order from Seaspan lifted the weekly contracting activity by 600%. This weeks total newbuilding business is up by 131% from similar weeks closing in 2012, when 13 fresh orders had been reported, 2 for bulkers, 6 for tankers, 1 gas tanker and 4 special projects. In terms of invested capital, the total amount of money invested is estimated in the region of more than $2,25bn, 17 newbuidling deals reported at an undisclosed contract price, with a hefty amount invested in the offshore segment from the placement of a contract in Chinese yard, CIMCs Yantai Raffles for two semisubmersible drilling rigs from Frigstad Deepwater of Cyprus at a total cost of $1,3bn. In the bulk carrier segment, Ultrabulk of Denmark will build kamsarmax vessel of 81,000 dwt in Tsuneishi yard of Japan and it would charter the vessel for up to 13 years upon its delivery at end2014. In the handysize segment, Canadian CanForNav has order four 36,000dwt vessels in Yangfan yard of China, an eco design with an option for two more vessels. In the tanker segment, China Merchant Energy is said to have now ordered three very large crude carriers with an option of three more
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SHIPPING MARKETS
Yangfan (PRC) Price undisclosed. Dely 2014 (Eco design. Option for two more) TANKERS N/A DWT VLCC 3 units ordered by China Merchant Energy Shipping (PRC) at CSSC Jiangnan Shipyard (PRC) Price undisclosed. Dely for the first vessel at the end of 2014 and the other two will be delivered at the first and third quarter of 2015 (Option for 3 more) 50,000 DWT (MR Product) 2 units ordered by Stena Bulk (SWD) at Guangzhou Shipyard International (PRC) Price $40 mil each. Dely late 2015 (Declared option from an initial order placed in May for more six sister vessels) 5,700 DWT (chemical) 3 units ordered by Gefo Gesellschaft (GER) at Tersan (TRK) Price undisclosed. Dely 2014-2015 (Option for 3 more) GAS TANKERS 110,000 DWT (LNG) 4 units ordered by Bonny Gas (NIG) at Samsung (SKR) Price undisclosed. Dely 20152016 110,000 DWT (LNG) 2 units ordered by Bonny Gas (NIG) at Hyundai H.I. (SKR) Price undisclosed. Dely 2015-2016 LNG -FSRU 1 unit ordered by BW Maritime (SPORE) at Samsung H.I. (SKR) Price undisclosed. Dely 2015 (170,000 cum) CONTAINERS ABT 155,000 DWT 5 units ordered by Seaspan Corp. (SKR) at Hyundai H.I. (SKR) Price enbloc us $ 600mil. Dely from 2015 (14,000 TEU. Option for 5 more. The vessels will be chartered to Taiwans Yang Ming Marine Transport at $46,000 a day for 10 years. The ships will measure 368m in length, 51m in width and 30m in depth, HHI said. The vessels will have electronically controlled main engines for fuel efficiency and HiBallast seawater treatment systems) ABT 12,000 DWT 1 unit ordered by Namsung Shipping (SKR) at Hyundai Mipo Dockyard (SKR) Price us $ 17,5mil. Dely 2014 (1,00 TEU. Option for 1 more) SPECIAL PROJECTS Drill Ships 2 units ordered by Opus Offshore (SPORE) at Shanghai Shipyard (PRC) Price undisclosed. Dely 1H & 2H/2014 (Options exercised) Semi Submersible Drilling Rig 2 units ordered by Frigstad Deepwater (CYP) at CIMCs Yantai Raffles (PRC) Price us $ 1.3 bil. Dely end 2015 and 2q/2016 Key: DEN: Denmark, CAN: Canada, JPN: Japan, PRC: China, SWD: Sweden, GER: Germany, TRK: Turkey, NIG: Nigeria, SKR: South Korea, SPORE: Singapore, CYP: Cyprus, Dely: Delivery

yards, 529 bulkers, 158 tankers, 169 containers, with an ongoing trend for further intensive scrapping in 2013. Compared with 2011 levels, demolition activity increased by 49% year-on-year, when 869 vessels were scrapped, 321 bulkers, 147 tankers, 42 containers. The week ended with 5 vessels reported to have been headed to the scrap yards of total deadweight 130,077 tons. In terms of the reported number of transactions, the demolition activity has been marked with a 74% week-on-week decline, due to 78% and 72% lower volume of demolition transactions in the bulk carrier and container segment respectively. In terms of deadweight sent for scrap, there has been 86% decrease with no activity in the disposal Iarge sized vessels. India won 3 of the 5 total demolition transactions and China 2 demo deals. At a similar week in 2012, demolition activity was up by 240% from the current levels, in terms of the reported number of transactions, 17 vessels had been reported for scrap of total deadweight 1,009,630 tons with bulk carriers grasping 41% of the total number of vessels sent for disposal. India and Pakistan had been offering $470-$475/ldt for dry and $495-$500/ldt for wet cargo. GREEK PRESENCE The third week of January ends with weak investments of Greek owners. In the newbuilding market, there were no contracts reported by Greek owners, while in the secondhhand market, they reported to have purchased one handymax bulker of 46,641dwt built 1995 Japan for about $6,5mil with drydock due this month and one handy containership built 1997 South Korea for about $2,8mil with special survey due.
NEWBUILDING MARKET ORDERS BULKCARRIERS 81,000 DWT 1 unit ordered by Ultrabulk (DEN) at Tsuneishi (JPN) Price undisclosed. Dely 2014 (The Danish operator will charter the vessel for 13years upon its delivery at end 2014) 36,000 DWT 4 units ordered by CanForNav (CAN) at
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Shipping Newsletter Week4

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Capital Link Shipping Weekly Markets Report

Tuesday, January 22 , 2013 (Week 4)

Latest Company News Select Dividend Paying Shipping Stocks

CAPITAL MARKETS DATA

TERMS OF USE & DISCLAIMER CONTENT CONTRIBUTORS

Capital Link Shipping

...Linking Shipping and Investors Across the Globe

Investor Relations & Financial Advisory

Capital Link Shipping Weekly Markets Report

Capital Link Investor Shipping Forums

Capital Link Shipping Weekly Markets Report

Tuesday, January 22, 2013 (Week 4)

Latest Company News

Capital Link Shipping Weekly Markets Report

Tuesday, January 22, 2013 (Week 4)

Latest Company News

Capital Link Shipping

Capital Link Shipping Weekly Markets Report

January 22, 2013 Week 4

Quarterly Dividend $0.27 *

Annualized Dividend $1.08

$0.06 $0.4425** $0.05

$0.24 $1.77 $0.20

$3.70 $14.30 $3.77

6.49% 12.38% 5.31%

CPLP NNA TNP

$0.2325 $0.05 $0.05

$0.93 $0.20 $0.20

$8.03 $2.62 $4.08

11.58% 7.63% 4.90%

Capital Link Shipping Weekly Markets Report

January 22, 2013 January Week 4 Tuesday, 22, 2013 (Week 4)

CAPITAL MARKETS DATA

Currencies, Commodities & Indices

Currencies, Commodities & Indices

52 Week High $401.50 $1,796.05 $732.95 $1,737.25 $37.47

52 Wk Low $329.00 $1,526.97 $589.75 $1,379.25 $26.16

Future Natural Gas Future WTI Crude Future

Capital Link Shipping Weekly Markets Report

January 22, 2013 Week 4 Tuesday, January 22, 2013 (Week 4)

CAPITAL MARKETS DATA

Currencies, Commodities & Indices CAPITAL MARKETS DAT

Capital Link Shipping Weekly Markets Report

January 22, 2013 Week 4

CAPITAL MARKETS DATA

Capital Link Shipping Weekly Markets Report

Tuesday, January 22, 2013 (Week 4)

CAPITAL MARKETS DATA

January 22, 2013 Week 4

Shipping Equities: The Week in Review

Capital Link Maritime Index

1.55 1.40 1.25 1.10 0.95 0.80 0.65 0.50 0.35

Capital Link Drybulk Index

Baltic Dry Index

1.90 1.70 1.50 1.30 1.10 0.90 0.70 0.50

Capital Link Tanker Index

Baltic Clean Tanker Index *SOURCE: BLOOMBERG

Baltic Dirty Tanker Index

360 DEGrEES OF ShippinG

Capital Link Shipping Weekly Markets Report

Tuesday, January 22, 2013 (Week 4)

January 22, 2013 Week 4 CAPITAL MARKETS DATA

Weekly Trading Statistics

Capital Link Shipping Weekly Markets Report