Friday 31 October 2014 S&P Summary

Sales by Buyers Location Sales by Type

Europe, 7.6

Unknown, 40.65 China 98.5 Tankers, 100.30

Greece 49.7 Bulkers, 148.85

Hong Kong, 52.7

Sales

DRY Name Type DWT Yard Built USD mill Comments VesselsValue.com Buyer Seller ER Beilun Capesize 179,400 Hyundai HI 2010 49.25 TCB to sellers 43.7 Sinotrans Shipping ER Schiffahrt ER Brazil Capesize 179,400 Hyundai HI 2010 49.25 TCB to sellers 43.7 Sinotrans Shipping ER Schiffahrt Mandarin Wisdom Ultramax 64,000 Hantong 2015 28.7 Resale 26.9 Erasmus Shipinvest Dasin Holdings Pte Darya Bhakti Supramax 56,000 Mitsui 2005 16.8 16.7 Unknown Chellaram Shipping Nestor Handysize 28,600 Hudong 1997 4.85 At auction in Piraeus 5.6 Unknown Tsangaris Bros

WET Name Type DWT Yard Built USD mill Comments VesselsValue.com Buyer Seller Amin 2 Suezmax 158,000 Hyundai Samho 2009 52.7 At auction in Xiamen, after being laid up 1 year 56.0 HK based Irano Hind Shipping Risanger MR 46,300 Daedong 2000 10.5 En bloc 10.6 IMS Westfal Larsen Ravnanger MR 46,300 Daedong 2000 10.5 En bloc 10.6 IMS Westfal Larsen Nord Star MR 46,000 Shin Kurushima 2009 19 22.2 Unknown Torm Clipper Leander Small Clean 10,100 Yardimci Deniz 2006 7.6 9.3 European Nordic Tankers

CONTAINER Name Type TEU Yard Built USD mill Comments VesselsValue.com Buyer Seller SCI Nhava Sheva Panamax 5,042 Hyundai HI 2005 17.5 En bloc 16.5 Lomar Shipping Offen Claus-Peter Santa Priscilla Panamax 5,042 Hyundai HI 2005 17.5 En bloc 16.5 Lomar Shipping Offen Claus-Peter HS Livingstone Panamax 4,990 Hanjin HI 2004 15.5 En bloc 14.5 Lomar Shipping Hansa Treuhand KG HS Humboldt Panamax 4,990 Hanjin HI 2004 15.5 En bloc 14.5 Lomar Shipping Hansa Treuhand KG Gabriel Schulte Panamax 3,554 Chengxi 2007 11.5 12.6 Borealis Schulte Bernhard ER Copenhagen Sub Panamax 2,474 Volkswerft 1999 6.4 En bloc 6.7 Goldenport ER Schiffahrt ER Stralsund Sub Panamax 2,474 Volkswerft 1999 6.4 En bloc 6.7 Goldenport ER Schiffahrt 31/10/2014

Newbuildings

DRY Units Type DWT Yard Delivery USD mill Comments Buyer 2 Kamsarmax 84,000 Imabari 2015 undisc Safety Bulkers

WET Units Type DWT Yard Delivery USD mill Comments Buyer 1 + 1 Suezmax 160,000 Sungdong 2017 64 Meandros 2 + 2 Suezmax 157,500 New Times 2016 60 Transport Recovery Fund 4 + 2 LR1 74,000 Sungdong 2016-2017 47 Tsakos Energy Navigation

CONTAINER Units Type TEU Yard Delivery USD mill Comments Buyer 3 ULCV 19,200 Daewoo 2017 155 Size unconfirmed European

GAS Units Type CBM Yard Delivery USD mill Comments Buyer 2 Large LNG 173,400 Daewoo 2017 205 Fredriksen Group 2 Large LNG 174,000 Samsung 2017 207 SK Shipping

Period

DRY Name Type DWT Yard Built Rate $/day Comments Charterer Period Fulvia Post Panamax 92,500 Yangfan Zhoushan 2010 10,250 Azure Services Inc 6 months Rosco Litchi Kamsarmax 82,200 Tsuneishi Zhoushan 2011 10,000 EDF Trading 1 year Triton Panamax 75,300 Hyundai Samho 2001 9,250 Glencore International 1 year

WET Name Type DWT Yard Built Rate $/day Comments Charterer Period Smiti VLCC 281,400 IHI 2005 28,000 HMM 2 years Pink Stars LR2 114,700 Samsung 2010 20,500 Reliance Industries 1 year Maersk Pelican LR2 109,600 Dalian Shipbuilding 2008 18,000 Trafigura Beheer BV 1 year Blue River Aframax 106,600 Tadotsu Tsuneishi 2002 19,000 Teekay Tankers 3 years Horizon Dimitra LR1 73,700 STX 2007 15,850 Trafigura 1 year United Carrier LR1 73,700 New Century 2007 15,850 ST Shipping 6 months Ariel LR1 71,500 STX 2004 18,400 Penfield Marine LLC 1 year Prisco Alexandra MR 51,000 STX 2008 14,000 Koch Logistics 1 year Pyxis Loucas MR 50,700 SPP 2009 14,500 Vitol 1 year Luctor MR 50,000 Onomichi Dockyd 2011 14,500 Golden Stena Weco 1 year Nave Lucida MR 48,700 Iwagi Zosen 2005 14,000 Morgan Stanley 1 year Nave Dorado MR 48,700 Iwagi Zosen 2005 14,000 Morgan Stanley 1 year Undine MR 48,000 Iwagi Zosen 2004 13,750 Trafigura 1 year Maersk Misumi MR 47,200 Onomichi Dockyd 2008 13,650 Koch Logistics 1 year

CONTAINER Name Type TEU Yard Built Rate $/day Comments Charterer Period OOCL Tianjin Post Panamax 8,063 Samsung 2005 34,500 OOCL 39 months DS National Post Panamax 6,500 Hyundai HI 2001 12,500 MSC 6 months Guenther Schulte Panamax 3,554 Chengxi 2008 8,500 Hapag Lloyd 8 months Sanya Handysize 1,560 Imabari 1999 7,300 COSCO HK 6 months Kuo Hung Handysize 1,367 CSBC Kaohsiung 1997 8,700 OOCL 7 months Alexander B Feedermax 1,221 Hegemann Rolandwerft 2006 10,500 Maersk Line Ltd 9 months Alice Feedermax 1,043 Dae Sun 2005 8,300 Hanjin Shipping 1 year 31/10/2014

S & P Trends $250 Wet Sales by Type $225 Dry Sales by Type $250

$200 Handysize MR $200 $175 Handymax 20 $150 Supramax Handysize Small Clean Handysize Supramax $150 MR $125 19 September Ultramax 6.9 $100 Handysize Handysize $100 MR Small Tanker HandymaxHandysize MR $75 MR Supramax LR 2 LR 1 MR MR Capesize LR 2 LR 2 $50 Capesize Handysize Capesize $50 Panamax Supramax Handysize Capesize Aframax Aframax $25 Supramax Aframax Suezmax Suezmax Capesize VLCC Small Clean $0 Capesize Panamax $0 LR 2 12 September 19 September 26 September 03 October 10 October 17 October 24 October 31 October 12 September 19 September 26 September 03 October 10 October 17 October 24 October 31 October Indices

CHARTERING Baltic Dry 30/10/2014 23/10/2014 Up Down 5 Year High Date 5 Year Low Date Index 1,424 1,155 269 4,661 19/11/09 647 03/02/12 Capesize $ 24,176 14,780 9,396 88,560 18/11/09 2,644 21/08/12 Panamax $ 9,788 8,801 987 37,099 20/05/10 3,336 27/09/12 Supramax $ 9,315 9,471 156 32,528 19/05/10 6,277 06/02/12 Handysize $ 6,903 7,190 287 22,026 24/05/10 5,337 01/08/14

Baltic Wet 30/10/2014 23/10/2014 Up Down 5 Year High Date 5 Year Low Date Dirty Index 795 699 96 1,243 23/01/14 577 28/06/13 Clean Index 743 655 88 908 23/12/11 435 05/11/09

VesselsValue.com Indices 30/10/2014 23/10/2014 Up Down Bulker $/dwt 237.66 238.11 0.5 Container $/teu 5161.49 5206.67 45.2 Tanker $/dwt 283.44 282.89 0.6 LPG $/cbm 1,057.27 1,058.13 0.9

Currencies & Commodities

USD GBP EUR JPY KOR RMB 31/10/2014 1.60 1.26 111.24 1066.42 6.11 5 YR HIGH 1.70 - 20/06/2014 1.50 - 30/11/09 111.24- 31/04/14 1265.73 - 18/08/09 6.60 - 11/03/11 5 YR LOW 1.38 - 12/03/09 1.19 - 09/06/10 75.72 - 28/10/11 1008.55 - 03/07/11 6.05 - 24/01/14

31/10/2014 24/10/2014 Up Down 5 Year High Date 5 Year Low Date Light Crude 81.12 82.09 0.97 108.8 30/08/2013 78 06/11/2009 Gold 1,198.60 1,229.10 30.5 1,822 19/08/2011 1093 30/10/2009 Corn 374 359.75 14.25 823.75 10/08/2012 353 17/10/2014 Demo $/t (tanker) 490 515 25 555 10/08/2011 270 18/05/2009 Demo $/t (bulker) 470 505 35 535 03/08/2011 235 05/05/2009 FTSE 100 6,512.80 6,398.53 114.27 6,843 21/02/2014 4,838 28/06/2010 Dow Jones 17,195.42 16,677.90 517.52 17,195 31/10/2014 9,686 28/06/2010 Nikkei 16,413.76 15,291.64 1122.12 16,413 31/10/2014 8,160 21/11/2011 SSEC, China 2,420.18 2,302.28 117.9 3,317 30/11/2009 1,980 26/11/2012 SEASURE SHIPPING LTD Richard Rivlin DIRECT +44 (0) 203 142 6501 MOBILE +44 (0) 7836 210 210 Sales Europe - Georgina Gavin DIRECT +44 (0) 203 142 6549 VESSELSVALUE LTD S&P +44 (0) 208 995 4375 Matthew Freeman DIRECT +44 (0) 203 142 6504 MOBILE +44 (0) 7795 416 873 Sales USA - Adrian Economakis DIRECT +44 (0) 203 142 6505 SALES TEAM +44 (0) 208 995 4364 [email protected] Tom Evans DIRECT +44 (0) 203 142 6500 MOBILE +44 (0) 7787 421 301 Sales Asia - Junko Abe DIRECT +44 (0) 203 142 6548 RESEARCH TEAM +44 (0) 203 142 6522 www.seasure.co.uk Sales UK - Paddy Stern DIRECT +44 (0) 203 142 6535 [email protected] Research - Oliver Barclay DIRECT +44 (0) 203 142 6503