WEEKLY SHIPPING MARKET REPORT WEEK 45

Week 45 (30th Oct to 6th Nov 2020)

Bulkers Baltic Indices

Defender Holding have sold their “True Dream” 181/2014 Bulkers Tsuneishi Cebu, Philippines (SS/DD 04/2022) for USD 27 mill. Remind you 5.000 that a month ago, the two years older sister vessel “Huge Hakata” 181/2012 4.000 Tsuneishi Cebu, Philippines (SS 09/2021, DD 05/2021) was sold at USD 23 mill. Moreover, Noble Group committed their “Aqua Vision” 180/2011 3.000 Dalian, China (SS/DD 09/2021) to Greek buyers Lavinia for region USD 15,75 2.000 mill, while CSSC Shipping’s “CSSC Wan Mei” 176/2012 SWS, China (SS/DD 11/2022) was committed to Berge Bulk for USD 18,3 mill. 1.000 0 The BWTS fitted Kamsarmax “Mild Sea” 82/2013 Qingdao Beihai, China (SS 01/2023, DD 12/2020) was committed to undisclosed buyers for USD 14 mill, with last similar sale the two years younger “SBI Conga” 81/2015 B.D.I B.C.I B.P.I. B.S.I. B.H.S.I. Hudong-Zhonghua, China which was sold a month ago at USD 18,4 mill basis SS/DD passed and BWTS fitted. In addition, MC Shipping’s “Gemini Ocean” 81/2017 JMU, Japan (SS/DD 02/2022) was sold for region USD 25 mill. Last INDEX 6-Nov 30-Oct ± (%) done for the latter was a month ago, the one year younger sister vessel “BTG BDI 1.196 1.283 -6,78% Eiger” 81/2016 JMU, Japan (SS/DD 01/2021) at USD 23,5 mill. BCI 1.739 1.875 -7,25%

Further to the sale reported last week of “Nautical Georgia” 63/2017 Jiangsu BPI 1.190 1.289 -7,68% New Hantong, China (SS/DD 07/2022) at USD 17 mill, Nautical Bulk Holding BSI 901 949 -5,06% apparently sold another aswell to Oman Shipping, the one year younger BHSI 583 591 -1,35% sister vessel “Nautical Madison” 63/2018 Jiangsu New Hantong, China (SS 02/2023, DD 02/2021) for USD 18,5 mill basis BTWS & Scrubber installed. Daily T/C Avg 6-Nov 30-Oct ± (%) Santoku Senpaku have sold their Supramax “Shinano” 57/2008 IHI Marine United, Japan (SS 04/2024, DD 05/2023) to undisclosed buyers for USD 8,9 Capesize $ 14.421 $ 15.550 -7,26% mill, while Alma Maritime sold the BWTS fitted “Neraida” 55/2005 Oshima, Kamsarmax $ 10.711 $ 11.604 -7,70% Japan (SS 01/2025, DD 04/2023) to Turkish buyers for USD 7,8 mill. $ 9.375 $ 10.268 -8,70%

A busy week in the sector with several Japanese built vessels Supramax $ 9.914 $ 10.438 -5,02% being sold. The BWTS fitted “Indigo Imabari” 38/2010 Imabari, Japan (SS Handysize 38 $ 10.490 $ 10.647 -1,47% 09/2024, DD 09/2022) was sold to European buyers in a BBHP deal for USD 10,6 mill, whilst AEC’s “AEC Ability II” 37/2006 Saiki, Japan (SS/DD 03/2021) achieved USD 6,6 mill. Furthermore, the “Star Aqua” 28/2011 Imabari, Japan (SS/DD 02/2021) was committed at USD 6,4 mill to Middle Eastern Tankers buyers, while the two years younger sister vessel “Glorious Sunlight” 1.600 28/2013 Imabari, Japan (SS 07/2023, DD 07/2021) was committed at USD 7,2 mill to Greek buyers. 1.200 800

Tankers 400 0 Onassis Group sold two of their VLCC’s, the “Olympic Legend” 309/2003 Samsung, Korea (SS 09/2023, DD 11/2021) to Chinese buyers for USD 26 mill and the “Olympic Loyalty II” 307/2005 Samsung, Korea (SS 03/2025, DD BDTI BCTI 09/2023) to Greek buyers for USD 32,7 mill. Note that same owners sold a couple of weeks ago the “Olympic Liberty” 309/2003 Samsung, Korea (SS 02/2023, DD 07/2021) for USD 25,8 mill. INDEX 6-Nov 30-Oct ± (%)

BDTI 403 411 -1,95% The BWTS fitted MR “Glafkos” 50/2013 Stx, Korea (SS 05/2023, DD 06/2021) of Pleiades Shipping was reported sold to Spanish buyers Marflet Marine for BCTI 309 312 -0,96% USD 22,7-23 mill. WEEKLY SHIPPING MARKET REPORT - pg. 1

DRY BULK COMMENTARY

Week 45 (30th Oct to 6th Nov 2020)

Capesize Capesize 35.000 Week 45 saw iron ore rates on the West Australia / China route continued 30.000 at the level of high usd 6,00’s fio range. No period activity to report here. 25.000 20.000 15.000

$/day 10.000 Kamsarmax / Panamax 5.000 0 A number of Indonesian and Australian trips into China were reported fixed in the usd 9,000/10,000 pd range. A number of Indonesian and Australian trips into India were reported at the level of usd 9,000/10,000 pd. Indian trips into China via Black Sea were fixed around usd 11,000/12,000 pd. Indian trips via South Africa into India were reported at the level of usd 8,000 pd. West African trips via West Africa into Continent with bauxite were fixed Panamax around usd 11,750 pd. Inter-Continental trips via Baltic were reported at the 16.000 level of usd 13,000/14,000 pd. Continental trips via Baltic into West Africa were fixed around usd 14,000 pd. Inter-Mediterranean via Baltic were 12.000 reported at the level of usd 11,000 pd. US Gulf trips into China were fixed 8.000 around usd 15,350 pd plus ballast bonus at the usd 535K. South American trips into China were reported at the level of usd 13,300 pd plus ballast $/day 4.000 bonus at the usd 330K. No period activity to report here. 0

Ultramax / Supramax

A number of Indonesian and Australian trips into China were reported fixed in the usd 8,000/10,000 pd range. Continental trips via Baltic into Supramax Mediterranean with scrap were reported at the level of usd 18,000 pd. US 12.000 Gulf trips into Mediterranean with petcoke were fixed around usd 15,000 10.000 pd. No period activity to report here. 8.000

6.000

Handymax / Handysize $/day 4.000 2.000

0 A number of Red Sea trips into India via Black Sea were reported fixed in the usd 11,000 pd. Continental trips into West Africa were reported at the level of usd 22,000 pd. Mediterranean trips into Continent were fixed around usd

11,500 pd. Black Sea trips into South East Asia with soda ash were reported at the level of usd 15,700 pd. No period activity to report here. Handysize 38k 12.000 10.000 8.000

6.000 day

$/ 4.000 2.000 0

WEEKLY SHIPPING MARKET REPORT - pg. 2

REPORTED SALES

Week 45 (30th Oct to 6th Nov 2020)

Bulk Carriers Type Name Dwt YoB Yard SS M/E Gear Price Buyer Comments Olympic BWTS fitted, Capesize 182.644 2016 JMU, Japan 04/2021 MAN-B&W - Harmony $ 38m Scrubber fitted Undisclosed Olympic each BWTS fitted, Capesize 182.631 2016 JMU, Japan 02/2021 MAN-B&W - Hope Scrubber fitted Tsuneishi Capesize True Dream 180.694 2014 Cebu, 04/2022 MAN-B&W - $ 27m Undisclosed Philippines Region Greek Capesize Aqua Vision 180.353 2011 Dalian, China 09/2021 MAN-B&W - $ 15,75m (Lavinia) Tiger Qingdao Capesize 180.099 2011 01/2021 MAN-B&W - Guangdong Beihai, China Qingdao Capesize Tiger Jiangsu 180.096 2010 10/2020 MAN-B&W - Beihai, China $ 64m Greek On subs Tiger Qingdao enbloc (Thenamaris) Capesize 180.091 2011 05/2021 MAN-B&W - Shandong Beihai, China Qingdao Capesize Tiger Liaoning 180.082 2011 09/2021 MAN-B&W - Beihai, China Namura & Greek BWTS fitted, Capesize King Ore 176.944 2010 Sasebo, 07/2022 MAN-B&W - $ 19,2m (Golden Scrubber fitted Japan Union) CSSC Wan Singaporean Capesize 176.460 2012 SWS, China 11/2022 MAN-B&W - $ 18,3m Mei (Berge Bulk) Tsuneishi Pacific Region Kamsarmax 82.177 2011 Zhoushan, 11/2021 MAN-B&W - Undisclosed BWTS fitted Kindness $ 15m China Qingdao BWTS fitted, Kamsarmax Mild Sea 81.684 2013 01/2023 Wartsila - $ 14m Undisclosed Beihai, China DD 12/2020 Gemini Region Kamsarmax 80.982 2017 JMU, Japan 02/2022 MAN-B&W - Undisclosed Ocean $ 25m Guangzhou Panamax Dewi Parwati 75.700 2011 Huangpu, 05/2021 MAN-B&W - $ 9,4m Chinese China Hitachi Panamax Seaeagle 71.663 1998 01/2023 B&W - $ 4,1m Chinese Zosen, Japan Jiangsu Omani BWTS fitted, Nautical Ultramax 63.372 2018 Hantong, 02/2023 MAN-B&W 4x30T $ 18,5m (Oman Scrubber fitted, Madison China Shipping) DD 02/2021 IHI Marine Supramax Shinano 56.676 2008 04/2025 Wartsila 4x30T $ 8,9m Undisclosed United, Japan Oshima, Supramax Neraida 55.567 2005 01/2025 B&W 4x30T $ 7,8m Turkish BWTS fitted Japan Yangzhou Supramax Genco Loire 53.100 2009 Dayang, 03/2024 MAN-B&W 4x35T $ 7,7m Undisclosed BWTS fitted China Oshima, Supramax V Petrel 52.307 2004 07/2024 Mitsubishi 4x30T $ 6,5m Chinese Japan Oshima, Rubyred 48.225 1997 08/2022 Mitsubishi 4x25T $ 3,3m Undisclosed Japan WEEKLY SHIPPING MARKET REPORT - pg. 3

REPORTED SALES

Week 45 (30th Oct to 6th Nov 2020)

Bulk Carriers (Continued) Type Name Dwt YoB Yard SS M/E Gear Price Buyer Comments Indigo Imabari, BWTS fitted, Handysize 38.271 2010 09/2024 MAN-B&W 4x30,5T $ 10,6m European Imabari Japan BBHP deal Jiangsu Handysize Rook 37.852 2010 Eastern, 09/2020 Wartsila 4x30T $ 6m Danish China

Handysize AEC Ability II 37.504 2006 Saiki, Japan 03/2021 Mitsubishi 4x36T $ 6,6m Undisclosed

Rainbow Shanhaiguan, Handysize 34.627 2011 06/2021 MAN-B&W 4x30T $ 7m Undisclosed Quest China Hakodate, Handysize Baltic Hare 31.887 2009 07/2024 Mitsubishi 4x30T $ 7,7m Undisclosed BWTS fitted Japan Shimanami Handysize Fair Winds 28.434 2009 09/2024 MAN-B&W 4x30,5T $ 6,5m Greek Zosen, Japan Imabari, Handysize Thetis 28.432 2004 07/2024 B&W 4x30,5T $ 4,9m Vietnamese Japan Imabari, Middle Handysize Star Aqua 28.225 2011 02/2021 MAN-B&W 4x30,5T $ 6,4m Japan Eastern Glorious Imabari, Handysize 28.202 2013 07/2023 MAN-B&W 4x30,5T $ 7,2m Greek Sunlight Japan Stellar Kurinoura, UAE Handysize 23.186 2011 04/2021 MAN-B&W 3x30T $ 6,8m Hudson Japan (ADNOC)

Tankers Type Name Dwt YoB Yard SS M/E Price Buyer Comments Olympic VLCC 309.270 2003 Samsung, Korea 09/2023 B&W $ 26m Chinese Legend Olympic MAN- VLCC 306.999 2005 Samsung, Korea 03/2025 $ 32,7m Greek Loyalty II B&W MAN- Greek (Delta VLCC Trf Horten 297.638 2018 HHIC, Philippines 10/2023 $ 71-72m B&W Tankers) MAN- Bonny 159.152 2005 Hyundai, Korea Overdue $ 19m Undisclosed B&W Delos Namura & Sasebo, MAN- Middle 105.850 2003 01/2023 $ 12,5m Voyager Japan B&W Eastern MAN- Aframax Bergina 105.839 2007 Tsuneishi, Japan 08/2022 $ 17,2m Vietnamese B&W Spanish MAN- MR Glafkos 49.997 2013 Stx, Korea 05/2023 $ 22,7-23m (Marflet BWTS fitted B&W Marine)

WEEKLY SHIPPING MARKET REPORT - pg. 4

REPORTED SALES

Week 45 (30th Oct to 6th Nov 2020)

Containers Type Name Teu YoB Yard SS M/E Gear Price Buyer Comments Hyundai Post E. R. Excess 8.533 2006 Samho, 05/2021 MAN-B&W - Panamax Tianping $ 28,5m Korea Hyundai Post E. Excess 8.533 2006 Samho, 04/2021 MAN-B&W - Panamax R.Tianshan $ 28,5m Korea Hyundai Post Excess E. R. Tokyo 8.533 2006 Samho, 09/2021 MAN-B&W - Panamax $ 28,5m Korea Swiss (MSC)

Hyundai Post Excess E. R. Texas 8.465 2006 Samho, 10/2021 MAN-B&W - Panamax $ 28,5m Korea

Post E. R. Hyundai, 7.849 2004 11/2024 Sulzer - $ 22m Panamax Vancouver Korea Post E. R. Hyundai, 7.849 2004 12/2024 Sulzer - $ 22m Panamax Yokohama Korea Post CSBC, Maullin 6.589 2010 05/2025 Wartsila - $ 26m Undisclosed Panamax Taiwan Post Hyundai, Greek Rio Barrow 5.447 2001 01/2021 Sulzer - Undisclosed Panamax Korea (Technomar) German Guangzhou, Feeder Gluecksburg 1.740 2008 09/2023 MAN-B&W 2x45T $ 5,1m (Okee China Maritime)

Gas Type Name Dwt YoB Yard SS M/E Cbm Price Buyer Comments Dutch Bach Dang, LPG Excalibur 5.312 2012 04/2022 Wartsila 4.410 $ 11m (Anthony Vietnam Veder)

WEEKLY SHIPPING MARKET REPORT - pg. 5

DEMOLITION

Week 45 (30th Oct to 6th Nov 2020)

Indicative Demolition Prices

Price Bulkers Tankers Country 460 460 $/ldt 440 440 420 420 400 400 India 340 380 380 360 360

340 340

/ldt

/ldt $

$ 320 320

s Bangladesh 350 300 300 280 280 260 260

Bulker Pakistan 360

India Bangladesh Pakistan India Bangladesh Pakistan Turkey 195 Bulkers Tankers 300 300 India 350 280 280 260 260

240 240

s Bangladesh 360 220 220 /ldt

200 /ldt 200

$ $ 180 180

Tanker Pakistan 370 160 160 140 140

Turkey 205 Turkey Turkey

Demolition Sales Type Vessel Dwt YoB Ldt Price $/ldt Country Comments

Bulker Stellar Liberty 291.435 1993 39.941 393 Undisclosed Indian subcontinent

Bulker Stellar Ocean 305.846 1994 38.687 393 Undisclosed Indian subcontinent

Pax Karnika 6.261 1990 30.213 386 India “As Is” Mumbai, Auction sale “As Is” Brazil, Gas free for Offshore Dynamic Producer 111.567 1987 21.697 285 Undisclosed man entry General Cargo Amina H 7.250 1989 2.302 440 India

WEEKLY SHIPPING MARKET REPORT - pg. 6

NEWBUILDING

Week 45 (30th Oct to 6th Nov 2020)

Bulk Carriers Units Dwt Yard Delivery Price Owner Comments Chinese 2 59.000 Jiangsu Yangzijiang, China 2022 Undisclosed (Baosteel Shipping)

Tankers

Units Dwt Yard Delivery Price Owner Comments Norwegian LR2, dual fuelled, 2 110.000 GSI, China 2023 $ 59m (Viken Shipping) 7years T/C to Total

Gas Units Cbm Yard Delivery Price Owner Comments

3+3 93.000 Jiangnan, China 2022 $ 75m Singaporean (Petredec) LPG dual fuelled

WEEKLY SHIPPING MARKET REPORT - pg. 7

INDICATIVE PRICES

Week 45 (30th Oct to 6th Nov 2020)

Bulkers Tankers Week Week Week Week Size Age ± % Size Age ± % 45 44 45 44 Capesize 180k Resale 49 49 0,00% VLCC 310k Resale 90 90 0,00% Capesize 180k 5 years 26,5 26,5 0,00% VLCC 310k 5 years 65 65 0,00% Capesize 180k 10 years 19,5 19,5 0,00% VLCC 300k 10 years 43 43 0,00% Capesize 170k 15 years 12,5 12,5 0,00% VLCC 300k 15 years 30 30 0,00% Kamsarmax 82k Resale 29,5 29,5 0,00% Suezmax 160k Resale 60 60 0,00% Kamsarmax 82k 5 years 22 22 0,00% Suezmax 160k 5 years 45 45 0,00% Panamax 76k 10 years 13,5 13,5 0,00% Suezmax 150k 10 years 30 30 0,00% Panamax 74k 15 years 8,5 8,5 0,00% Suezmax 150k 15 years 18 18 0,00% Ultramax 63k Resale 26,5 26,5 0,00% Aframax 110k Resale 46 46 0,00% Ultramax 61k 5 years 18 18 0,00% Aframax 110k 5 years 33 33 0,00% Supramax 58k 5 years 15,5 15,5 0,00% Aframax 105k 10 years 21,5 21,5 0,00% Supramax 56k 10 years 10,5 10,5 0,00% Aframax 105k 15 years 14 14 0,00% Supramax 52k 15 years 7 7 0,00% MR 52k Resale 36 36 0,00% Handysize 38k Resale 20,5 20,5 0,00% MR 51k 5 years 26 26 0,00%

Handysize 37k 5 years 14,5 14,5 0,00% MR 47k 10 years 17 17 0,00% Handysize 32k 10 years 8,5 8,5 0,00% MR 45k 15 years 11 11 0,00% Handysize 28k 15 years 5 5 0,00%

49 Bulkers 50 Capesize 40 Kamsarmax 29,5 26,5 26,5 30 22 Panamax 20,5 18 19,5 15,5 14,5 Ultramax 20 13,5 12,5 10,5 8,5 8,5 7 Supramax Million US$ Million 10 5 Handysize 0 Prompt Resale 5 years 10 years 15 years

Tankers 90 100 VLCC 80 60 65 Suezmax 60 46 45 43 Aframax 36 33 30 30 40 26 21,5 17 18 14 MR Million US$ Million 20 11 0 Prompt Resale 5 years 10 years 15 years

WEEKLY SHIPPING MARKET REPORT - pg. 8

KEY INDICATORS

Week 45 (30th Oct to 6th Nov 2020)

Currencies Currency 5-Nov 29-Oct ± (%) EUR / USD 1,1826 1,1674 1,30% USD / JPY 103,49 104,61 -1,07% USD / KRW 1.128,30 1.131,40 -0,27% NOK / USD 0,1091 0,1048 4,10%

EUR / USD 1,20 1,18 1,16 1,14 1,12 1,10 1,08 1,06

Commodities Commodity 5-Nov 29-Oct ± (%) Brent Crude (BZ) 40,93 37,65 8,71% WTI Crude Oil (WTI) 38,79 36,17 7,24% Natural Gas (NG) 2,94 3,30 -10,91% Gold (GC) 1.946,80 1.868,00 4,22% Copper (HG) 3,11 3,05 1,97% Wheat (W) 609,25 603,75 0,91%

Oil Prices Brent Crude 60 WTI Crude 50

40

30

/bbl $ 20

10

0

WEEKLY SHIPPING MARKET REPORT - pg. 9

SHIPPING INDICATIVE SHARE VALUE

Week 45 (30th Oct to 6th Nov 2020)

Stock Prices – Shipping Companies Company Stock Exchange 5-Nov 29-Oct ± (%) Diana Shipping Inc (DSX) NYSE 1,37 1,36 0,74% Euroseas Ltd (ESEA) NASDAQ 2,71 3,07 -11,73% Eagle Bulk Shipping Inc (EGLE) NASDAQ 14,75 14,11 4,54% Navios Maritime Holdings Inc (NM) NYSE 1,51 1,53 -1,31% Navios Maritime Partners LP (NMM) NYSE 6,48 5,85 10,77% Star Bulk Carriers Corp (SBLK) NASDAQ 6,35 6,25 1,60% Seanergy Maritime Holdings Corp (SHIP) NASDAQ 0,42 0,46 -8,70% Safe Bulkers Inc (SB) NYSE 0,95 0,90 5,56% Golden Ocean Group Ltd (GOGL) NASDAQ 3,40 3,29 3,34%

Stock Prices - Wet Company Stock Exchange 5-Nov 29-Oct ± (%) Capital Product Partners LP (CPLP) NASDAQ 7,44 7,26 2,48% TOP Inc (TOPS) NASDAQ 1,04 1,04 0,00% Tsakos Energy Navigation Ltd (TNP) NYSE 7,60 7,81 -2,69%

Stock Prices - Other Company Stock Exchange 5-Nov 29-Oct ± (%) Danaos Corp (DAC) NYSE 9,21 8,51 8,23% StealthGas Inc (GASS) NASDAQ 2,08 2,22 -6,31% Rio Tinto PLC (RIO) NYSE 58,78 56,65 3,76% Vale SA (VALE) NYSE 11,33 10,77 5,20% Archer-Daniels-Midland Co (ADM) NYSE 47,91 49,92 -4,03% BHP Group Ltd (BHP) NYSE 50,06 48,11 4,05%

WEEKLY SHIPPING MARKET REPORT - pg. 10

CONTACT DETAILS

Week 45 (30th Oct to 6th Nov 2020)

ADVANCED SHIPPING & TRADING S.A.

Vouliagmenis Avenue 168, 1st Floor, E-mail: [email protected]

Glyfada 16674, Greece E-mail: [email protected]

Tel: +30 210 30 03 000 E-mail: [email protected]

Fax: +30 210 30 01 305 E-mail: [email protected]

Sale & Purchase Department: Dry Cargo Chartering Department: Cpt. Fountoglou Michalis Mob: +30 6947 70 07 18 Pittas Jordan Mob: +30 6944 05 27 46 Thermos Stavros Mob: +30 6944 24 20 20 Benetos Kostas Mob: +30 6943 29 32 13

Harrington James Mob: +44 7768 10 45 33 Filippis Dimitris Mob: +30 6949 19 58 96

Papoutsis George Mob: +30 6951 00 51 65 Veronikis Spyros Mob: +30 6946 28 07 21

Balpakakis Manolis Mob: +30 6955 47 77 72 Paraskevopoulou Mina Mob: +30 6949 37 47 06

Chrousalas Thanasis Mob: +30 6955 47 77 73 Dienis Angelos Mob: +30 6951 82 94 48

Landrakis Stelios Mob: +30 6955 47 77 74 Ploumpis Stefanos Mob: +30 6951 00 24 36

Bilias Tasos Mob: +30 6955 47 77 71 Petrou Viky Mob: +30 6983 32 55 69

Kontaratos Alkis Mob: +30 6949 19 11 79

Markoutsa Nela Mob: +30 6959 99 85 10 Research Department:

Grigoriou Nikos Mob: +30 6946 85 89 29 Avdikos Alexandros Mob: +30 6979 49 91 78

Liadi Ioanna Mob: +30 6946 75 59 10 Liadi Artemis Mob: +30 6956 58 41 49

Operations Department: Accounting Department: Katsouli Fotini Mob: +30 6942 54 23 57 Stergiou Kostas Mob: +30 6942 09 73 10

Chief Executive Consultant: Administration Department: Cpt. Galonis Dimitrios Mob: +30 6945 55 36 81 Simou Chrysa Mob: +30 6970 55 31 28

“ THINK BIG ”

Legal Disclaimer The information contained herein has been obtained by various sources. Although every effort has been made to ensure that this information is accurate, complete and up-to-date, Advanced Shipping & Trading S.A. does not accept any responsibility whatsoever for any loss or damage occasioned or claimed, upon reliance on the information, opinions and analysis contained in this report. Research compiled by: Advanced Shipping & Trading S.A. Market Research on behalf of the Sale & Purchase, Dry Cargo Chartering and Chartering Departments. For any questions, please contact: [email protected] WEEKLY SHIPPING MARKET REPORT - pg. 11